Full text of Business Conditions Digest : September 1984
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IE ni T L984 U.S. DEPARTMENT OF COMMERCE Malcolm Baldrige, Secretary Sidney L. Jones, Under Secretary for Economic Affairs BUREAU OF ECONOMIC ANALYSIS George Jaszl, Director Allan H. Young, Deputy Director Edward K. Smith, Associate Director for National Analysis and Projections FeliksTamm, Editor This report is prepared in the Statistical Indicators Division of the Bureau of Economic Analysis. Technical staff and their responsibilities for the publication are— Barry A. Beckman—Technical supervision and review Brian D. Kajutti—Composite indexes Betty F. Tunstall—Data collection and compilation (Phone: 202-523-0541) The cooperation of Government and private agencies that provide data is gratefully acknowledged. Agencies furnishing data are indicated in the list of series titles and sources at the back of this report. This publication is prepared under the general guidance of a technical committee consisting of the following persons: Ronald E. Kutscher, Acting Chairman, Bureau of Labor Statistics, U.S. Department of Labor Ahmad Al-Samarrie, Office of Management and Budget Lincoln F. Anderson, Council of Economic Advisers John H. Auten, U.S. Department of the Treasury Edward K. Smith, Bureau of Economic Analysis, U.S. Department of Commerce Charles A. Waite, Bureau of the Census, U.S. Department of Commerce Helmut F. Wendel, Board of Governors of the Federal Reserve System ABOUT THIS REPORT BUSINESS CONDITIONS DIGEST (BCD) provides a monthly look at many of the economic time series found most useful by business analysts and forecasters. The original BCD, which began publication in 1961 under the title Business Cycle Developments, emphasized the cyclical indicators approach to the analysis of business conditions and prospects. The report's contents were based largely on the list of leading, roughly coincident, and lagging indicators maintained by the National Bureau of Economic Research, Inc. In 1968, BCD was expanded to increase its usefulness to analysts using other approaches to business conditions analysis. Principal additions to the report were series from the national income and product accounts and series based on surveys of businessmen's and consumers' anticipations and intentions: The composite indexes were added at that time, and the report's present title was adopted. The dominant feature of the current BCD is the cyclical indicators section, in which each business cycle indicator is assigned a three-way timing classification according to its behavior at peaks, at troughs, and at all turns. This section is supplemented by a section containing other important economic measures. The method of presentation is explained in the introductory text which begins on page 1. Most of the data contained in this report also are published by their source agencies. A series finding guide and a complete list of series titles and sources can be found at the back of the report. Annual subscription price: $44.00 domestic, $55.00 foreign. Single copy price: $4.00 domestic, $5.00 foreign. Foreign airmail rates are available on request. Address correspondence concerning subscriptions to Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402., Make checks payable to Superintendent of Documents. Cyclical Indicators are economic time series which have been singled out as leaders, coinciders, or laggers based on their general conformity to cyclical movements in aggregate economic activity. In this report, cyclical indicators are classified both by economic process and by their average timing at business cycle peaks, at business cycle troughs, and at peaks and troughs combined. These indicators have been selected primarily on the basis of their cyclical behavior, but they also have proven useful in forecasting, measuring, and interpreting short-term fluctuations in aggregate econgmic 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 New Features and Changes for This Issue BCIt iii METHOD OF PRESENTATION Seasonal Adjustments MCD Moving Averages Reference Turning Dates Part I. Cyclical Indicators Part II. Other Important Economic Measures How To Read Charts How To Locate a Series Summary of Recent Data and Current Changes : 1 1 1 1 4 5 5 6 SEPTEMBER 1984 Data Through August Volume 24, Number 9 PART I. CYCLICAL INDICATORS COMPOSITE INDEXES AND THEIR COMPONENTS Al A2 ,A3_ ~ Composite Indexes Leading Index Components Coincident Index Components Lagging Index Components , Chart 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 B2 B3 B4 B5 B6 B7 Employment and Unemployment Production and Income Consumption, Trade, Orders, and Deliveries Fixed Capital Investment Inventories and Inventory Investment Prices, Costs, and Profits Money and Credit DIFFUSION INDEXES AND RATES OF CHANGE Ci'j C2 C3J 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 I A2 A3 A4 A5 A6 A7 A8 1 Chart 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 rm PRICES, WAGES, Bl I B2 AND PRODUCTIVITY Price Movements Wages and Productivity Table 40 41 42 43 44 45 46 47 80 80 81 81 82 82 82 83 48 49 84 87 B LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT Cl I Civilian Labor Force and Major Components 51 89 Dl D2 I GOVERNMENT ACTIVITIES Receipts and Expenditures Defense Indicators 52 53 90 90 El I E2 1 U.S. INTERNATIONAL TRANSACTIONS Merchandise Trade Goods and Services Movements 56 57 92 93 Fl I F2 F3| INTERNATIONAL COMPARISONS Industrial Production Consumer Prices Stock Prices 58 59 59 94 95 96 PART III. APPENDIXES A. MCD and Related Measures of Variability (See 1984 Handbook of Cyclical Indicators) QCD and Related Measures of Variability (See 1984 Handbook of Cyclical Indicators) B. Current Adjustment Factors (July 1984 issue) C. Historical Data for Selected Series 97 D. Descriptions and Sources of Series (See "Alphabetical Index—Series Finding Guide') E. Business Cycle Expansions and Contractions (July 1984 issue) F. Specific Peak and Trough Dates for Selected Indicators (August 1984 issue) G. Experimental Data and Analyses Alphabetical Index—Series Finding Guide Titles and Sources of Series 105 110 114 Readers are invited to submit comments and suggestions concerning this publication. Address them to Feliks Tamm, Chief, Statistical Indicators Division, Bureau of Economic Analysis, U.S. Department of Commerce, Washington, D.C. 20230 NEW FEATURES AND CHANGES FOR THIS ISSUE A limited number of changes are made from time to time to incorporate recent find- NEW HANDBOOK AVAILABLE ings of economic research, newly avail- The 1984 edition of the HANDBOOK OF CYCLICAL INDICATORS is now available. This 190-page reference volume contains useful information on the economic time series in BUSINESS CONDITIONS DIGEST, including series descriptions, composite index methodology, historical data, and selected reference materials. The 1984 HANDBOOK is available for $5.50 (stock number 003-010-00127-5) from the Superintendent of Documents, U.S. Government Printing Office, Washington, DC 20402. able time series, and revisions made by source agencies in concept, composition, comparability, coverage, seasonal adjustment methods, benchmark data, etc. Changes may result in revisions of data, additions or deletions of series, changes in placement of series in relation to other series, changes in composition of Changes in this issue are as follows: 1. The series on funds raised by private nonfinancial borrowers in credit markets (series 110) has been revised for the period 1977 to date to reflect the source agency's annual updating of these statistics and the application of revised seasonal adjustment factors. 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. 2. Appendix C contains historical data for series 16, 18, 22, 30, 34, 35, 49, 51-53, 55, 64, 68, 69, 79-81, 86-89, 95, 107, 108, 223, 310, 311, 500-502, 510-512, 564, and 565. 3. Appendix G contains cyclical comparisons for series 8, 21, 36, 57, 90, and 108. The October issue of BUSINESS CONDITIONS DIGEST is scheduled for release on November 5. indexes, etc. INDISPENSABLE Economic Information from the Bureau of Economic Analysis SURVEY OF CURRENT BUSINESS BUSINESS CONDITIONS DIGEST The journal of record and research of the Bureau of Economic Analysis. Published monthly. The Wall Street Journal said it was t h the single most useful government publication, in the opinion of many analysts." (March 21, 1977) Published monthly. ENTER MY SUBSCRIPTION TO Survey of Current Business Annual subscription: second class mail—$30.00 domestic; $37.50 foreign. Single copy: $4.75 domestic; $5.95 foreign. Business Condition Digest Annual subscription: $44.00 domestic; $55.00 foreign. Single copy: $4.00 domestic; $5.00 foreign. ORDER FORM Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402 Credit Card Orders Only D check, Enclosed is $ D money order, or charge to my Deposit Account No. i i i i i i i i-n Order No Name—First, Last Credit Card No. PLEASE PRINT OR TYPE I I I Quantity I II i address line Company name5 or additional (or Country) rm i I Expiration Date p-.—•—•—, Month/Year I I I I I For Office Use Only. Street address City Fill in the boxes below. Total charges $ State 1 ZIP Code U I I I II M I Enclosed To be mailed Subscriptions Postage Foreign handling MMOB OPNR UPNS Discount Refund Charges METHOD OF PRESENTATION This report is organized into two major parts. Part I, Cyclical Indicators, includes about 150 time series which have been found to conform well to broad fluctuations in comprehensive measures of economic activity. Nearly three-fourths of these are individual indicators, the rest are related analytical measures: Composite indexes, diffusion indexes, and rates of change. Part II, Other Important Economic Measures, covers over 140 series which are valuable to business analysts and forecasters but which do not conform well enough to business cycles to qualify as cyclical indicators. (There are a few exceptions: Four series which are included in part I are also shown in part II to complete the systematic presentation of certain sets of data, such as real GNP and unemployment.) The largest section of part II consists of quarterly series from the national income and product accounts; other sections relate to prices, labor force, government and defense-related activities, and international transactions and comparisons. The two parts are further divided into sections (see table of contents), and each of these sections is described briefly in this introduction. Data are shown both in charts and in tables. Most charts begin with 1959, but those for the composite indexes and their components (part I, section A) begin with 1948, and a few charts use a two-panel format which covers only the period since 1972. Except for section F in part II, charts contain shading which indicates periods of recession in general business activity. The tables contain data for only the last few years. The historical data for the various time series are contained in the 1984 Handbook of Cyclical Indicators. In addition to the charts and tables described above, each issue contains a summary table which shows the current behavior of many of the series. Appendixes present seasonal adjustment factors, measures of variability, specific cycle turning dates, cyclical comparison charts, and other information of analytical interest. An index appears at the back of each issue. It should be noted that the series numbers used are for identification purposes only and do not reflect precise relationships or order. However, all series considered as cyclical indicators are numbered in the range 1 to 199. Seasonal Adjustments Adjustments for average seasonal fluctuations are often necessary to bring out the underlying trends of time series. Such adjustments allow for the effects of repetitive intrayear variations resulting primarily from normal differences in weather conditions and from various institutional arrangements. Variations attributable to holidays are usually accounted for by the seasonal adjustment process; however, a separate holiday adjustment is occasionally required for holidays with variable dates, such as Easter. An additional adjustment is sometimes necessary for series which contain considerable variation due to the number of working or trading days in each month. As used in this report, the term "seasonal adjustment" includes trading-day and holiday adjustments where they have been made. Most of the series in this report are presented in seasonally adjusted form and, in most cases, these are the official figures released by the source agencies. However, for the special purposes of this report, a number of series not ordinarily published in seasonally adjusted form are shown here on a seasonally adjusted basis. MOD Moving Averages Month-to-month changes in a series are often dominated by erratic movements. MCD (months for cyclical dominance) is an estimate of the appropriate span over which to observe cyclical movements in a monthly series. (See appendix A.) It is the smallest span of months for which the average change in the cyclical factor is greater than that in the irregular factor. The more erratic a series is, the larger the MCD will be; thus, MCD is 1 for the smoothest series and 6 for the most erratic. MCD moving averages (that is, moving averages of the period equal to MCD) tend to have about the same degree of smoothness for all series. Thus, a 5-term moving average of a series with an MCD of 5 will show its cyclical movements about as clearly as the seasonally adjusted data for a series with an MCD of 1. The charts in this report generally include centered MCD moving averages for those series with an MCD greater than 4. The seasonally adjusted data are also plotted to indicate their variation about the moving averages and to provide observations for the most recent months. Part I. CYCLICAL INDICATORS Business cycles have been defined as sequences of expansion and contraction in various economic processes that show up as major fluctuations in aggregate economic activity—that is, in comprehensive measures of production, employment, income, and trade. While recurrent and pervasive, business cycles of historical experience have been definitely nonperiodic and have varied greatly in duration and intensity, reflecting changes in economic systems, conditions, policies, and outside disturbances. One of the techniques developed in business cycle research and widely used as a tool for analyzing current economic conditions and prospects is the cyclical indicators approach. This approach identifies certain economic time series as tending to lead, coincide with or lag behind the broad movements in aggregate economic activity. Such indicators have been selected and analyzed by NBER in a series of studies published between 1938 and 1967. During the 1972-75 period, a new comprehensive review of cyclical indicators was carried out by the Bureau of Economic Analysis (BEA) with the cooperation of the NBER research staff. The present format and content of part I of BCD are based on the results of that study. Section A. Composite Indexes and Their Components All cyclical indicators have been evaluated according to six major characteristics: Economic significance, statistical adequacy, consistency of timing at business cycle peaks and troughs, c o n f o r m i t y to business e x p a n s i o n s and contractions, smoothness, and prompt availability (currency). A formal, detailed weighting scheme was developed and used to assess each series by all of the above criteria. (See articles in the May and Reference Turning Dates November 1975 issues of BCD.) The resulting scores relate to cyclical behavior of the series The historical business cycle turning dates used during the period 1947-70. This analysis produced in this report are those designated by the National a new list of indicators classified by economic Bureau of Economic Research, Inc. (NBER). They process and typical timing at business cycle peaks mark the approximate dates when, according to and troughs. (See tables on page 2 and text below NBER, aggregate economic activity reached its relating to section B.) cyclical high or low levels. As a matter of general This information, particularly the scores relating practice, neither new reference turning dates nor to consistency of timing, served as a basis for the the shading for recessions will be entered on the selection of series to be included in the composite charts until after both the new reference peak and indexes. The indexes incorporate the best-scoring the new reference trough bounding the shaded area series from many different economic-process groups and combine those with similar timing have been designated. The historical reference turning dates are subject behavior, using their overall performance scores as to occasional reviews by NBER and may be changed weights. Because they use series of historically as a result of revisions in important economic tested usefulness and given timing characteristics time series. The dates shown in this publication (for example, leading at both peaks and troughs), for the 1948-70 time period are those determined with diversified economic coverage and a minimum by a 1974 review. Since then, NBER has designated of duplication, composite indexes give more turning points for recessions in 1973-75, 1980, and reliable signals over time than do any of the 1981-82. individual indicators. Furthermore, much of the 1 Cross-Classification of Cyclical Indicators by Economic Process and Cyclical Timing A. Timing at Business Cycle Peaks 1. II. EMPLOYMENT AND UNEMPLOYMENT PRODUCTION AND INCOME (10 series) Marginal employment adjustments (6 series) Job vacancies (2 series) Comprehensive employment (1 series) Comprehensive unemployment (3 series) Capacity utilization (2 series) Comprehensive employment (1 series) Comprehensive output and real Income (4 series) industrial production (4 series) (18 series) LEADING (L) INDICATORS (62 series) ROUGHLY COINCIDENT(C) INDICATORS (23 series) LAGGING (Lg) INDICATORS (18 series) TIMING UNCLASSIFIED (U) ill. CONSUMPTION, TRADE, ORDERS, AND DELIVERIES IV. VI. VII. (17 series) (26 series) INVENTORIES AND INVENTORY INVESTMENT PRICES, COSTS, AND PROFITS 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) Stock prices (1 series) Commodity prices (1 series} Profits and profit margins (7 series) Cash flows (2 series) Consumption and trade (4 series) Backlog of Investment commitments (1 series) Business investment expenditures (5 series) (13 series) Duration of unemployment (2 series) Business investment expenditures (1 series) Comprehensive employment (3 series) V. FIXED CAPITAL INVESTMENT (18 series) (9 series) Money flows (3 series) Real money supply (2 series) Credit flows (4 series) Credit difficulties (2 series) Bank reserves (2 series) 1 nterest rates (1 series) Velocity of money (2 series) 1 nterest rates (2 series) Inventories on hand and on order (4 series) Trade (1 series) Business Investment commitments (1 series) m IV. FIXED CAPITAL INVESTMENT (18 series) V. I nventory Investment (4 series) 8 series) MONEY AND CREDIT Unit labor costs and labor share (4 series) interest rates (4 series) Outstanding debt (3 series) Commodity prices (1 series) Profit share (1 series) interest rates (1 series) B. Timing at Business Cycle Troughs >v Economic N^Process CyciicalX. Timing N, LEADING (L) INDICATORS (47 series) ROUGHLY COINCIDENT(C) INDICATORS (23 series) LAGGING (Lg) INDICATORS (40 series) 1. H. EMPLOYMENT AND UNEMPLOYMENT (18 series) PRODUCTION AND INCOME (10 series) CONSUMPTION, TRADE, ORDERS, AND DELIVERIES (13 series) Marginal employment adjustments (3 series) Industrial production {1 series) New and unfilled orders and deliveries (5 series) Consumption and trade (4 series) Formation of business enterprises (2 series) Business Investment commitments (4 series) Residential construction (3 series) Marginal employment adjustments (2 series) Com pre h en si ve employment (4 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) 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) INVENTORIES AND INVENTORY INVESTMENT (9 series) Inventories on hand and on order (5 series) VI. PRICES, COSTS, AND PROFITS MONEY AND CREDIT Stock prices (1 series) Commodity prices (2 series) Profits and profit margins (6 series) Cash flows (2 series) Money fiows (2 series) Reai 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 (1 series) Bank reserves (1 series) Interest rates (8 series) Outstanding debt (3 series) (17 series) VII. (26 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 w e l l - e s t a b l i s h e d d i f f e r e n c e s in timing. Consequently, rough coincidences include short leads (-) and lags ( + ) as well as exact coincidences (0). (For monthly series, the range is from -3 through -hi at peaks and from -1 through +3 at troughs, where minus denotes leads and plus denotes lags in months.) For purposes of constructing a composite index, each component series is standardized: The monthto-month percent changes in a given series are divided by the long-run average (without regard to sign) of those changes. Thus, the more volatile series are prevented from dominating the index. The coincident index is calculated so that its longterm trend (since 1948) equals the average of the trends of its four components. This trend, which is similar to that of GNP in constant dollars, can be viewed as a linear approximation to the secular movement (at an average growth rate) in aggregate economic activity. The indexes of leading and lagging indicators have been adjusted so that both their trends and their average month-to-month percent changes (without regard to sign) are approximately equal to those of the coincident index. (For a more detailed description of the method of constructing the composite indexes, see the 1984 Handbook of Cyclical Indicators.) In addition to these principal composite indexes, differentiated according to cyclical timing, there are five indexes based on leading indicators which have been grouped by economic process. Taken together, these additional indexes include all 12 component series of the overall leading index, plus a few related series. Also shown in this section is the ratio of the index of roughly coincident indicators to the index of lagging indicators, a series known to have a useful pattern of early cyclical timing. Numbers entered on the charts of the composite indexes show the length, in months, of leads (-) and lags (+) at each of the reference turning dates covered. The next set of data consists of series included in the principal composite indexes. These are the 12 components of the leading index, the 4 components of the coincident index, and the 6 components of the lagging index. Following the title of each series, its typical timing is identified by three letter symbols in a small box. The first of these letters refers to the timing of the given indicator at business cycle peaks, the second to its timing at business cycle troughs, and the third to its timing at all turns, i.e., at peaks and troughs combined. "L" denotes a tendency to lead, "C" a tendency to roughly coincide with the business cycle turns (as represented by the NBERdesignated reference dates), and "Lg" a tendency to lag. Since these series have been selected for the consistency of their timing at both peaks and troughs, all components of the leading index are denoted "L,L,L," all components of the coincident index "C,C,C," and all components of the lagging index "Lg,Lg,Lg." It should be remembered that these classifications are based on limited evidence, namely the performance of the indicators during the business cycles of the 1948-70 period, which included five peaks and five troughs. While the timing classifications are expected to agree with the patterns prevailing in the near future, they will not necessarily hold invariably in every instance. The timing of the series in the period since 1970 can be determined by inspection of the charts, where the recessions of 1973-75, 1980, and 1981-82 are shaded according to the dates of the NBER reference cycle chronology. Section B. Cyclical Indicators by Economic Process This section covers 111 individual time series, including the 22 indicators used in the construction of the composite indexes. The peak and trough timing classifications are shown on the charts in the same manner as described above, but this section includes series with different timing at peaks and at troughs, as well as series where the timing is not sufficiently consistent to be classified as either L,C, or Lg according to the probabilistic measures and scoring criteria adopted. Such series are labeled U, i.e., unclassified as to timing at turning points of the given type. Eight series are unclassified at peaks, one series at troughs, and 19 series at all turns (of the 19, 15 have definite but different timing at peaks and at troughs). No series that is classified as U both at peaks and at troughs is included in the list of cyclical indicators. The classification scheme which groups the indicators of this section by economic process and cyclical timing is summarized in the two tabulations on page 2. Cross-classification A is based on the observed behavior of the series at five business cycle peaks (November '48, July '53, August '57, April '60, and December '69); crossclassification B, on their behavior at five business cycle troughs (October '49, May '54, April '58, February '61, and November 70). Each tabulation distinguishes seven major economic processes and four types of cyclical timing. The titles in the cells identify subgroups of the given economic process with the given timing characteristic. The number of series in each such group is given in parentheses following the title. Complete information on how individual indicators are classified by timing at peaks, troughs, and all turns, along with selected measures and scores, is provided in the 1984 Handbook of Cyclical Indicators. Section C. Diffusion Indexes and Rates of Change Many series in this report are aggregates compiled from numerous components. How the individual components of an aggregate move over a given timespan is summarized by a diffusion index which indicates the percentage of components that are rising (with half of the unchanged components considered rising). Cyclical changes in these diffusion indexes tend to lead those of the corresponding aggregates. Since diffusion indexes are highly erratic, they are computed from changes measured over 6- or 9-month (or 3- or 4-quarter) spans, as well as 1-month (or 1-quarter) spans. Longer spans help to highlight the trends underlying the shorter-term fluctuations. Diffusion indexes are shown for the component series included in each of the three composite indexes and for the components of some of the aggregate series shown in section B. Diffusion measures can be derived not only from actual data but also from surveys of anticipations or intentions. Indexes based on responses of business executives about their plans and expectations for several operating variables are presented, along with the corresponding indexes based on actual data, as the last set of diffusion series. This section also records rates of change for the three composite indexes (leading, coincident, and lagging) and for four indicators of aggregate economic activity: GNP in constant dollars (quarterly), industrial production, employee hours in nonagricultural establishments, and personal income less transfers in constant dollars. Rates of change are shown for 1- and 3-month spans or for 1-quarter spans. Although movements in diffusion indexes and in rates of change for the same aggregates are generally positively correlated, these two measures present information about two related but distinct aspects of economic change. Diffusion indexes measure the prevailing direction or scope of change, while rates of change measure the degree as well as the overall direction. As is the case for diffusion indexes, cyclical movements in the rates of change tend to lead those of the corresponding indexes or aggregates, and thus, they tend to lead at the business cycle turns as well. Part II. OTHER IMPORTANT ECONOMIC MEASURES This part is divided into six sections which cover a wide range of quarterly and monthly time series measuring various aspects of economic activity. Some of these series are very comprehensive, pertaining to the U.S. economy as a whole, others have to do with particular sectors or markets, and still others relate to U.S. international transactions or to selected foreign countries. The represented variables include incomes, outputs, and expenditures; prices, earnings, and productivity; labor resources; government receipts, expenditures, and defense-related activities; exports and imports; and selected indicators for a few key foreign countries. Section A. National Income and Product The national income and product accounts, compiled by BEA, summarize both receipts and final expenditures for the personal, business, foreign, and government sectors of the economy. Section Al shows the gross national product, final sales, and personal and disposable personal income. The four major components of the gross national 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. Gross private domestic investment (A3) is fixed Section C. Labor Force, Employment, and capital goods purchased by private business and Unemployment nonprofit institutions and the value of the change This section contains measures of the civilian in the physical volume of inventories held by private business. The former include all private labor force and its major components: Total purchases of dwellings, whether purchased for numbers of employed and unemployed persons. tenant or owner occupancy. Net purchases of used The number of unemployed is subdivided into selected categories defined by sex, age, and class goods are also included. Government purchases of goods and services of worker. Also included are data on participation (A4) is the compensation of government employees rates for a few principal segments of the labor and purchases from business and from abroad. It force. excludes transfer payments, interest paid by Section D. Government Activities government, and subsidies. It includes gross investment by government enterprises but excludes Receipts, expenditures, and their balance (surtheir current outlays. It includes net purchases of plus or deficit) are shown quarterly on two levels: used goods and excludes sales and purchases of (1) Federal Government and (2) State and local land and financial assets. government. Also shown is a selection of series Net exports of goods and services (A5) is exports from the discontinued Defense Indicators. less imports of goods and services. Exports are part These series measure defense activities which of the national production; imports are not, but are influence short-term changes in the national included in the components of GNP and are economy. Included are series relating to therefore deducted. More detail on U.S. obligations, contracts, orders, production, international transactions is provided in section E. shipments, inventories, outlays, and employment. National income (A6) is the incomes that These series are grouped according to the time at originate in the production of goods and services which the activities they measure occur in the attributable to labor and property supplied by defense order-production-delivery process. Series residents of the United States. Thus, it measures measuring activities which usually precede prothe factor costs of the goods and services pro- duction, such as contract awards and new orders, duced. It consists of the compensation of are classified as "advance measures of defense employees, proprietors' income, rental income of activity." Series measuring activities which tend to persons, corporate profits, and net interest. coincide with production, such as employment, and Saving (A7) is the difference between income activities which usually follow production, such as and expenditures during an accounting period. shipments, are classified as "intermediate and final Total gross saving includes personal saving, measures of defense activity." business saving (mainly undistributed corporate profits and capital consumption allowances), and Section E. U.S. International Transactions government surplus or deficit. This group includes monthly series on exports 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 (excluding military aid) and general imports, plus a (consumption, investment, etc.) are expressed as few selected components of these aggregates. Also percentages of GNP, and the major income shown are the balances between receipts and components of national income (compensation of expenditures for goods and services, merchandise, employees, corporate profits, etc.) are expressed as and investment income. percentages of national income. Section F. International Comparisons 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 1972. The group of series on wages and productivity consists of data on average hourly earnings and average hourly compensation (including earnings and other benefits) in current and constant dollars, output per hour of work in the business sector, and rates of change for most of these measures. 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 1972) provide important measures of the rates of inflation in the major industrialized countries. Stock prices (also shown beginning in 1972) tend to be significant as leading indicators. HOW TO READ CHARTS Basic Data Peak (P) of cycle indicates end of expansion and beginning of recession (shaded area) as designated by NBER. Solid line indicates monthly _ data. (Data may be actual monthly figures or moving averages.) Arabic number indicates latest month for which data are plotted. ("9" = September) •^iJw,rvflV Jf&u 1 Dotted line indicates anticipated data. Broken line indicates actual monthly data for series where a moving average is plotted. Roman number indicates latest quarter for which data are plotted. ("IV" = fourth quarter) Solid line with plotting points indicates quarterly data. Parallel lines indicates a break in continuity (data not available, extreme value, etc.). Diffusion Indexes Solid line indicates monthly data over 6- or 9-month spans. Broken line indicates monthly data over 1-month spans. Various scales are used to highlight the patterns of the individual series. "Scale A" is an arithmetic scale, "scale L-1" is a logarithmic scale with 1 cycle in a given distance, "scale L-2" is a logarithmic scale with two cycles in that distance, etc. Arabic number indicates latest month for which data are used in computing the indexes. Broken line with plotting points indicates quarterly data over 1-quarter spans. Roman number indicates latest quarter for which data are used in computing the indexes. Solid line with plotting points indicates quarterly data over various spans. Diffusion indexes and rates of change are centered within the spans they cover. Trough (T) of cycle indicates end of recession and beginning of expansion as designated by NBER. Rates of Change Solid line indicates percent changes over 3- or 6-month spans. Dotted line indicates anticipated quarterly data over various spans. Arabic number indicates latest month used in computing the changes. Broken line indicates percent changes over 1-month spans. Broken line with plotting points indicates percent changes over 1-quarter spans. Solid line with plotting points indicates percent changes over 3-or4-quarterspans. 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. Summary of Recent Data and Current Changes for Principal Indicators Basic data2 Series title and timing classification Percent change Unit 1 of Annual average measure 4th Q 1983 IstQ 1984 2dQ 1984 June 1984 July 1984 Aug. 1984 June to July 1984 July to Aug. 1984 4th Q to IstQ 1984 IstQ to 2dQ 1984 Series number 1 Table 1. 1982 1983 136.8 136.3 123.0 110.9 156.0 139.9 111 .7 125 .4 162.8 146.1 110.2 132.6 166 .2 150.4 111 .0 135 .5 167.8 154.0 115 .8 133.0 166.7 155.5 117.2 132.7 163 .7 155 .7 118.6 131 .3 164.5 156 .0 119.9 130.1 -1.8 0.1 1.2 -1.1 0.5 0.2 1.1 -0.9 2.1 2.9 0.7 2.2 1 .0 2.4 4.3 -1 .8 910 920 930 940 NA 104.3 97.2 93.7 122.8 NA 108.8 102.8 104.7 130.7 NA 109.9 105.6 108.6 132.3 NA 111 .1 106.9 108.9 134.9 NA 110.8 107.3 NA 138.2 NA 110 .5 106 .0 NA 138.8 NA 109.3 104.6 NA 136.8 NA 109.7 103 .7 NA NA NA -1.1 -1 .3 NA -1 .4 NA 0.4 -0.9 NA NA NA 1.1 1 .2 0.3 2.0 NA -0.3 0.4 NA 2.4 913 914 915 916 917 38.9 2.3 578 40.1 3.0 426 40.6 3.3 382 40.8 40.8 40.6 40.5 40.4 352 353 350 365 -0.2 0. -4.3 -0.2 -0.1 1.9 0.5 0.2 7.9 0. -0.1 -0.3 1 21 5 0.243 86 0.271 96 0.362 115 0.421 125 0.449 128 0.491 134 0.481 138 0 . 4 4 7 -0.010 - 0 . 0 3 4 128 -7.2 3.0 0.059 8.7 0.028 2.4 60 46 1 .7 1.2 1.2 1.9 1.3 1 .3 1.1 1 .4 48 42 41 40 1. CYCLICAL INDICATORS A. Composite Indexes 910 920. 930. 940. ILL 1967 = 100 do C,C,C.... do Lg,Lg,Lg.... do L,L,L... Twelve leading indicators ... Four roughly coincident indicators Six lagging indicators Ratio, coincident index to lagging index Leading Indicator Subgroups: 913. Marginal employment adjustments 914. Capital investment commitments 915. Inventory investment and purchasing 916. Profitability 917 Money and financial flows . L,L,L... L,L,L... L,L,L... L,L,L... ILL do do do do do B. Cyclical Indicators by Economic Process Bl. Employment and Unemployment Marginal Employment Adjustments: *1. Average workweek, prod, workers, mfg 21. Avg. weekly overtime, prod, workers, mfg.3 *5 Avg weekly initial claims (inverted4) . . . . Job Vacancies: 60. Ratio, help-wanted advertising to unemployment3 46. Help-wanted advertising Comprehensive Employment: 48. Employee-hours in nonagri. establishments 42. Persons engaged in nonagri. activities *41. Employees on nonagri. payrolls 40. Employees in mining, mfg., construction 90. Ratio, civilian employment to total population of working age3 Comprehensive Unemployment: 37. Total unemployed (inverted4) 43. Unemployment rate, total (inverted 4 ) 3 45. Avg. weekly insured unemployment rate (inv.4)3 *91. Avg. duration of unemployment (inverted4) 44. Unemployment rate, 15 weeks and over (inv.4)3 L,L,L... Hours L,C,L... ...do L C L Thousands L,Lg,U.... Ratio L,Lg,U.... 1967 = 100 U,C,C.... A.r., bil. hrs U,C,C.... Millions do C,C,C.... L,C,U.... Thousands U Lg U L,Lg,U.... L,Lg,U.... L,Lg,U.... Lg,Lg,lg.... Lg,Lg,Lg.... 1 6 6 . 0 2 168.15 96.12 97.45 89.57 90.14 23,813 2 3 , 3 9 4 358 171.51 1 7 4 . 4 8 1 7 6 . 7 3 1 7 6 . 9 9 177 .27 1 7 7 . 4 6 99 .22 100.42 101 .75 1 0 2 . 3 4 102.05 101 .74 92 .76 91 .69 94.14 93.79 94.35 94.51 2 4 , 0 5 0 2 4 , 5 1 8 2 4 , 8 6 2 2 4 , 9 7 4 2 5 , 0 6 8 25 ,112 0.2 -0.3 0.2 0.4 0.1 -0.3 0.2 0.2 57.15 57.86 58.32 58.96 59.24 58.99 58.70 Weeks Percent 1 0 , 6 7 8 10,717 9.7 9.6 4.6 3.8 15 .6 20.0 3.2 3.8 9,507 8.5 3.2 20.0 3.1 8,866 7.9 2.9 19.4 2.7 8,496 7.5 2.7 18.5 2.4 8,130 7.1 2.7 18.6 2.3 8,543 7.5 2.7 18.1 2.4 8,526 7.5 2.6 17 .3 2.3 -5.1 -0.4 0. 2.7 -0.1 0.2 0. 0.1 4.4 0.1 A r bil dol do do 1 4 8 0 . 0 1 5 3 4 . 7 1 5 7 2 . 7 1610.9 1 6 3 8 . 8 1 2 5 4 . 5 1 2 8 4 . 6 1313.2 1 3 3 9 . 5 1361 .6 1371 .6 1 3 7 4 . 5 1 3 7 6 . 2 1 0 7 2 . 0 1 0 9 5 . 0 1123.9 1150.8 1 1 7 2 . 2 1181 .8 1185 .1 1 1 8 6 . 9 0.2 0.3 Percent Thousands Percent do 57.05 -0.25 0.64 90 6.7 0.6 0.3 3.0 0.4 4.2 0.4 0.2 4.6 0.3 37 43 45 91 44 0.1 0.2 2.4 2.0 2.4 1.7 1 .6 1.9 50 52 51 -0.29 0.46 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 Industrial Production: *47 Industrial production total 73 Industrial production durable mfrs 74 Industrial production,- nondurable mfrs 49. Value of goods output, 1972 dollars Capacity Utilization: 83. Capacity utilization rate, mfg., BEA3 82. Capacity utilization rate, mfg., FRB3 84. Capacity utilization rate, materials, FRB3 C CC C CC C CC do C,C,C.... C CC 1967-100 do C CC do CLL. C.C.C.... A.r., bil. dol Percent do do L.C.U.... L.C.U.... 215 .9 213.5 218.4 222.6 225 .0 225 .7 225 .8 225 .8 0. 0. 1.9 1.1 53 138.6 124.7 156.2 660.6 147.6 134.5 168.1 688.6 155.5 143.8 174.8 715 .5 159.8 150.2 176.7 744.9 163.1 153.6 180.0 767 . 4 164.3 154.9 180.9 165 .8 157.3 181 .8 166.2 157 .6 182.2 0.9 1.5 0.5 0.2 0.2 0.2 2.8 4.5 1.1 4.1 2.1 2.3 1 .9 3.0 47 73 74 49 70 71 .1 70.0 74 75.2 75.2 77 78.9 79.6 NA 80.7 81.6 NA 81 .8 82.7 NA 1.8 2.0 NA 1 .1 1.1 83 82 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. Change in unfilled orders, durable goods3 96. Mfrs.' unfilled orders, durable goods5 *32. Vendor performance3 @ L,L,L... Bil. dol 75 .00 87.85 9 7 . 0 7 102.32 99.92 9 9 . 1 7 101 .43 1 0 0 . 4 8 do L,L,L... 32.47 37.01 42.48 41 .12 40 .74 41 .72 40.59 41 .23 do L,L,L... 34.12 29.44 36.73 38.15 37.46 36.65 37 .92 37 .87 do L,L,L... -1 .81 2.69 4.46 6.13 0.13 2.35 3.18 0.26 L,Lg,U.... Bil. dol., EOP ... 2 8 7 . 0 1 3 1 9 . 3 0 3 1 9 . 3 0 3 3 7 . 7 0 3 4 4 . 7 6 3 4 4 . 7 6 347 .95 3 4 8 . 2 0 Percent L,L,L... 37 54 63 68 66 60 69 54 2.3 2.4 3.3 3.05 0.9 -6 -0.9 -1.2 0.1 -2.92 0.1 -6 5 .4 4.7 3.9 1.67 5.8 5 -2.3 -3.2 -1.8 -3.78 2.1 1 6 7 8 25 96 32 Consumption and Trade: 56 Manufacturing and trade sales *57. Manufacturing and trade sales, 1972 dollars 75. Industrial production, consumer goods 54. Sales of retail stores 59. Sales of retail stores, 1972 dollars 55. Personal consumption expenditures, automobiles 58. Index of consumer sentiment © C CC C.C.C.... C,L,C.... C.L.U.... U.L.U.... L,C,C.... L,L,L... Bil dol 3 4 3 . 3 4 3 6 7 . 0 6 3 8 8 . 2 3 4 0 0 . 6 2 4 1 0 . 9 1 414.12 4 1 0 . 9 6 NA do 1 5 2 . 4 9 161.70 1 6 8 . 8 9 1 7 2 . 6 7 1 7 6 . 6 5 1 7 8 . 4 2 176.16 NA 1967 = 100 142.6 151 .7 159.7 156.9 161.9 162.7 163 .2 163.9 Bil. dol 9 7 . 8 3 101.75 105 .32 108.35 109.32 107.14 106.23 89.55 do 44.67 47.75 50.68 49.35 52.21 52.81 51 .61 51 .10 A.r., bil. dol 73.6 88.3 96.3 101 .9 104.6 I Q 1966= 100 *8.0 87.5 99.5 91.5 96.6 95.5 96.6 99.1 -0.8 -1.3 0.7 -2.0 -2.3 NA NA -0.4 -0.8 -1.0 1.2 2.6 3.2 2.2 1.8 3.5 2.7 5.8 8.7 2.6 2.3 1.4 2.9 3.0 2.6 -2.9 56 57 75 54 59 55 58 ILL ILL 1967-100 Number 0.1 NA 2.3 NA 0.1 4.2 -0.9 NA 12 13 B4. Fixed Capital Investment Formation of Business Enterprises: *12 Net business formation 13 New business incorporations Business Investment Commitments: 10. Contracts and orders, plant and equipment *20. Contracts and orders, plant and equipment, 1972 dollars 24 New orders capital goods indus nondefense 27. New orders, capital goods industries, nondefense, 1972 dollars L,L,L... Bil. dol 113.2 114.8 117.4 117.5 4 7 , 1 5 3 5 0 , 1 6 2 51 ,213 5 3 , 3 5 3 116.4 NA 115 .2 NA 115 .3 NA 117 .9 NA 24.79 26 .77 28.84 30.12 31 .94 31 .80 32.35 30.25 -6.5 4.4 6.0 10 L,L,L... ILL do do 12.31 20.63 13 .44 22.73 14.20 25 .02 15 .23 26 .32 15.91 27 .62 15 .99 28.03 15 .18 27.34 14.98 25 .61 -5.1 -2.5 -1.3 -6.3 7.3 5.2 4.5 4.9 20 24 L,L,L... do 10.52 11 .72 12.58 13.65 14.11 14.41 13.08 13.04 -9.2 -0.3 8.5 3.4 27 1.7 Summary of Recent Data and Current Changes for Principal Indicators—Continued Basic data2 Series title and timing classification 1 of Percent change Annual average 1982 4th Q 1983 IstQ 1984 2dQ 1984 70.63 24.26 73.50 71 .28 26.82 78.65 79.49 37.09 92.41 2 6 9 . 2 2 283.96 293.15 302.70 1983 June 1984 July 1984 June to July 1984 Aug. 1984 July to Aug. 1984 Series number 1 Table 1. 4th Q to IstQ 1984 IstQ to 2dQ 1984 11 .5 38.3 17.5 9 11 97 1. CYCLICAL INDICATORS— Con. B4. Fixed Capital Investment — Con. Business Investment Commitments— Con.: 9. Construction contracts, commercial and industrial buildings, floor space 11. Newly approved capital appropriations, mfg 97. Backlog of capital appropriations, mfg.5 Business Investment Expenditures: 61. Business expend., new plant and equipment 69. Machinery and equipment sales and business construction expenditures 76. Industrial production, business equipment 86. Nonresid. fixed investment, total, 1972 dollars Residential Construction Commitments and Investment: 28. New private housing units started, total *29. New building permits, private housing 89. Fixed investment, residential, 1972 dollars 57.38 21 .28 70.76 63.86 22.00 73 .50 74.04 79.71 84.26 7.7 5 .7 0.9 10.6 7.0 C.Lg.Lg.... A.r., fail, dol 282.71 3.2 3.3 61 C,Lg,Lg.... do C,Lg,U.... 1967 = 100 C,Lg,C.... A.r., bil. dol 325 .69 3 2 0 . 5 7 3 3 9 . 8 1 3 5 0 . 4 8 3 7 3 . 3 7 3 8 6 . 0 1 3 7 2 . 4 5 157.9 153.3 164.2 171.6 180.8 176.9 184.1 166.9 171 .0 184.5 193 .3 202.9 NA 186.1 -3.5 1.8 NA 3.1 4.5 4.8 6.5 3.1 5.0 69 76 86 1,537 121 .6 -6.1 -11 .5 15 .8 10.7 4.8 -3.7 -2.9 0.3 28 29 89 24.4 -11 .3 30 8.91 44.3 0.43 6.90 -17.4 -1.38 36 31 38 2.6 1.9 4.4 71 70 65 L,C,U.... Mil. sq. ft U,Lg,U.... Bil. dol C,Lg,Lg.... Bil. dol., EOP .. L,L,L... A.r., thousands . L LL 1967-100 L.L.L.... A.r., bil. dol 1,062 80.7 37.9 1,703 129.4 53.7 1,699 132.0 57.8 1,968 146.1 60.6 1,895 141.9 60.8 7.2 31.6 20.3 16.51 29.4 2.23 25.42 73.7 2.66 32.32 56.3 1.28 1,877 142 .8 1,763 126.4 1.1 -12.8 -3.8 B5. Inventories and Inventory Investment Inventory Investment: 30 Change in business inventories 1972 dollars3 *36. Change in inventories on hand and on order, 1972 dollars (smoothed6)3 31. Change in mfg. and trade inventories3 38. Change in materials on hand and on order3 Inventories on Hand and on Order: 71. Mfg. and trade inventories, book value 5 70. Mfg. and trade inventories, 1972 dollars5 65. Mfrs.' inventories of finished goods5 *77. Ratio, constant-dollar inventories to sales, mfg. and trade3 78. Stocks of materials and supplies on hand and on order mfg 5 . do L LL -10.4 -16 .00 -18.1 -2.13 -3.6 1.91 8.8 1.46 26 .81 11.1 -0.98 18.48 53.2 2.16 NA NA NA lg,Lg,lg.... Bil. dol., EOP ... 5 0 5 . 5 5 5 1 4 . 3 4 5 1 4 . 3 4 5 3 2 . 7 7 5 4 6 . 8 3 546 .83 5 5 1 . 2 7 2 5 9 . 4 0 2 5 9 . 0 2 2 5 9 . 0 2 2 6 5 . 1 2 2 7 0 . 0 3 2 7 0 . 0 3 271 .94 Lg,Lg,Lg.... do. 85 .02 80.87 80.87 82.87 86.54 86.54 87.24 Lg,Lg,Lg.... do NA NA NA L,L,L... .do L,L,L... do L,L,L... Bil. dol 1.74 Lg.Lg.Lg.... Ratio L Lg Lg Bil dol EOP 1.59 1.53 1.52 1.52 191.12 2 0 8 . 5 9 2 0 8 . 5 9 2 1 6 . 5 9 2 2 0 . 4 4 1.51 220.44 1.54 222.61 NA NA -8.33 42.1 3.14 0.8 0.7 0.8 0.03 1.0 NA NA NA NA NA NA NA 3.6 2.4 2.5 -0.01 0. 77 NA 3.8 1.8 78 -0.64 2.5 -0.41 -0.89 0.9 -0.34 98 23 99 -3.3 -2.9 19 B6. Prices, Costs, and Profits Sensitive Commodity Prices: 98. Change in producer prices, sensitive materials3 23. Spot market prices, raw industrials (u) *99. Change in sensitive materials prices (smoothed6)3 L,L,L... Percent U,L,L... 1967 = 100 L,L,L... Percent Stock Prices: *19. Stock prices 500 common stocks © . . ILL Profits 16 18 79. 80 15. 26. ILL A r bil dol 1L L do do L.C.L.... L CL do L.L.L.... Cents L,L,L... 1977 = 100 104.8 50.6 98.4 47.6 3.4 96.2 ILL A r bil dol L,L,L... do and Profit Margins: Corporate profits after taxes Corporate profits after taxes 1972 dollars Corp. profits after taxes with IVA and CCAdj do 1972 dollars Profits (after taxes) per dollar of sales, mfg.' Ratio, price to unit labor cost, nonfarm business Cash Flows: 34 Net cash flow corporate 35. Net cash flow, corporate, 1972 dollars Unit Labor Costs and Labor Share: 63. Unit labor cost, private business sector 68. Labor cost per unit of real gross domestic product, nonfin. corporations 62. Labor cost per unit of output, manufacturing a) Actual data *b) Actual data as percent of trend 64. Compensation of employees as percent of national income3 -0.38 242.5 -0.67 1.23 258.5 1.03 0.96 278.5 0.93 0.32 285 .5 0.52 -0.57 288.1 0.18 1941-43 = 10... 119.71 160.41 1 6 5 . 7 5 160.36 155 .76 127.4 60.5 149 .4 71 .2 4.0 98.0 141 .1 66.4 175.5 83.0 4.5 98.8 150.6 71 .0 184.7 87 .5 4.9 98.7 150.2 70.3 195.2 92.1 4.9 99.5 6.7 6.9 5.2 5 .4 0.4 -0.1 -0.3 -1.0 5.7 5.3 0. 0.8 16 18 79 80 15 26 260.4 121.9 318.9 149 .3 345 .6 160.9 360.4 167.5 366.7 169.3 4.3 4.1 1.7 1.1 34 35 Lg,Lg,Lg.... 1977 = 100 153.6 156.0 156.8 157.7 156 .9 0.6 -0.5 63 Lg,Lg,Lg.... Dollars 1 .397 1 .409 1.408 1 .415 1.414 0.5 -0.1 68 Lg,Lg,Lg.... 1967 = 100 Lg,Lg,Lg.... Percent 226 .8 102.0 219.6 91.9 217.1 88.4 218.5 87.3 218.0 85 .6 0.6 -1.1 -0.2 -1 .7 62 62 do 76.2 75.0 74.3 73.5 73.3 -0.8 -0.2 64 L,L,L.... do L,C,U.... do L,L,L... do L,L,L... Bil. dol do L,L,L... 0.70 0.75 0.86 198.7 814.3 0.75 0.93 0.81 213.8 888.8 0.41 0.75 0.71 216.3 902.1 0.62 0.51 0.88 217 .6 906.6 0.69 0.62 1.00 218.9 913.8 0.96 0.60 1.01 220.7 918.0 -0.11 0.40 NA 219.8 919.1 0.15 0.37 NA 219.2 918.3 -1.07 -0.20 NA -0.4 0.1 0.26 -0.03 NA -0.3 -0.1 0.21 -0.24 0.17 0.6 0.5 C,C,C... Ratio do C,Lg,C.... 6.697 1.376 6.491 1 .297 6.558 1.300 6.670 1.316 6.739 1.322 1.323 1.327 1.329 0.004 0.002 NA 34.34 85 .27 14.0 NA NA 55 .14 -75 .59 -8.63 NA -8.6 NA Lg,Lg,Lg.... -0.65 286.2 -0.13 -1.40 275 .6 -1.05 -1.53 -2.1 -0.51 0.78 -1.6 -0.41 153.12 151.08 164.42 -1.3 8.8 217 .0 84.7 -2.18 280.1 -0.64 215 .6 83.6 216.2 83.3 -0.6 -1.1 0.3 -0.3 B7. Money and Credit Money: 85. Change in money supply (Ml)3 102. Change in money supply (M2) 3 104. Change in total liquid assets (smoothed6)3 105. Money supply (Ml), 1972 dollars *106. Money supply (M2), 1972 dollars Velocity of Money: 107. Ratio, GNP to money supply (Ml)3 108. Ratio, personal income to money supply (M2)3 Credit 33. 112. 113 *111 110. Flows: Change in mortgage debt3 Change in business loans3 Change in consumer installment credit3 Change in credit outstanding3 Total private borrowing Credit Difficulties: 14. Liabilities of business failures (inv.4) © 39. Delinquency rate, installment loans (inv. 4 ) 35 L.L.L... A.r., bil. dol L,L,L... do L LL do I L L . A.r., percent L,L,L... A.r., bil. dol L,L,L... Mil. dol L,L,L... Percent, EOP ... -5 .12 82.62 36.07 91 .51 130.40 115.63 17 .32 3.66 25 .66 39.28 93.51 109.93 13 .36 39.77 62.78 93.90 67.79 97.87 1.9 10.8 4.9 22.3 22.6 13.7 271 .41 3 9 0 . 9 9 527 .18 3 9 3 . 4 8 4 8 2 . 2 8 NA 2.18 NA 1 .94 NA 1.94 NA 1.85 NA 2.02 NA 2.02 NA NA NA NA NA NA 0.07 0.11 0.12 0.6 0.8 85 102 104 105 106 0.112 0.016 0.069 0.006 107 108 NA 20.80 NA NA 8.89 13 .62 5 .01 2.9 -25 .4 38.89 54.23 30.08 8.6 22.6 33 112 113 111 110 NA NA NA 0.09 NA -0.17 14 39 Table 1. Summary of Recent Data and Current Changes for Principal Indicators—Continued Basic data? 1 of Series title and timing classification Percent change Annual average 1982 1983 June 4th Q 1983 IstQ 1984 2dQ 1984 June July 1984 1984 Aug. 1984 July to to July 1984 Aug. 1984 4th Q to IstQ IstQ 1984 1984 to 2dQ j 1. CYCLICAL INDICATORS— Con. B7. Money and Credit — Con. Bank Reserves: 93 Free reserves (inverted^)3 ® 94. Borrowing from the Federal Reserve 3 ® Interest Rates: 119 Federal funds rate3 ® 114 Treasury bill rate3 ® 116. Corporate bond yields3® 115. Treasury bond yields3® 117 Municipal bond yields3 ® 118 Mortgage yields residential3® 67. Bank rates on sh.ort-term business loans3 ® *109. Average prime rate charged by banks3 ® do -692 1,052 -545 1,034 -300 831 . L.LgLg.... Percent do C,Lg,Lg.... do Lg,Lg,Lg.... do C,Lg,Lg.... do ULgLg do Lg,Lg,Lg... do Lg,Lg,Lg.... do Lg,Lg,Lg.... 12.26 10.72 14.68 12.23 11 .66 15 .30 14.69 14.86 9.09 8.62 12.25 10.84 9.51 13.11 10.64 10.79 9.43 8.79 12.76 11 .32 9.77 13.24 10.95 11.00 348.94 268.24 388.72 264.94 3 8 8 . 7 2 4 0 5 . 6 6 430.13 430.13 4 3 7 . 2 4 NA 265.41 270.96 293.82 302.02 304.88 309.48 106.74 104.13 103.35 104.33 13.10 13.34 13.51 13.68 14.12 207.4 215.3 289.1 0.3 285 .7 299 .3 312.3 319.5 310.4 298.4 218.2 303.1 0.3 220.6 306.4 222.4 309.7 0.4 301 .4 L,U,U.... L,Lg,U.... Outstanding Debt: 66 Consumer installment credit5 72. Commercial and industrial loans outstanding *101. Commercial and industrial loans outstanding, 1972 dollars *95. Ratio, consumer install, credit to pers. income3 Lg Lg Lg . Lg,Lg,Lg.... Mil. Bil. Bil. dol dol., EOP ... dol do Lg.Lg.Lg.... Lg,Lg,Lg.... Percent 10 -1,896 - 2 , 5 3 3 - 5 , 3 1 7 - 7 , 3 3 1 745 2,507 3,300 5,924 8,017 9.69 9.13 12.94 11 .54 9.73 13.32 11 .06 11 .07 10.56 9.84 14.18 12.69 10.37 14.57 12.45 12.31 112.34 2,784 2,624 2,014 2,093 11 .06 9.94 14.49 13.00 10.67 14.91 11 .23 10.13 14.25 12.82 10.42 14.58 11 .64 10.49 13.54 12 .23 9.99 14.21 0.17 0.19 0.41 0.36 -0.24 -0.18 -0.25 -0.33 -0.71 -0.59 -0.43 -0.37 12.60 13.00 13.00 0.40 115.50 116.37 118.57 0. 1.7 0.9 NA 1.5 0.8 1.9 NA -310 -86 0.26 0.34 0.18 0.22 -0.04 0.08 0.11 0.07 4.4 2.1 0.9 14.31 14.45 NA 0.3 301 .3 311 .5 310.7 0.2 301 .3 311.4 311 .7 0.3 313.0 0.5 304.1 310.9 323.3 323.9 324.0 334.1 331 .1 321 .6 323.5 327.2 320.5 296.2 290.7 -0.2 294.5 290.4 331.3 321.0 295 .2 291 .3 0.2 0.3 -0.2 1.1 1.1 0.1 2.4 1.1 0.7 1.1 0.4 0.9 1.2 160.3 160.8 160.6 0.3 -0.1 95.2 95.2 0. -1.2 0.14 0.17 1,906 1,762 93 94 0.87 0.71 1.24 1.15 0.64 1.25 1.39 1.24 119 114 116 115 117 118 67 109 6.0 8.4 66 72 7.7 101 95 0.44 II. OTHER IMPORTANT ECONOMIC MEASURES B. Prices, Wages, and Productivity Bl. Price Movements 310 320 320c 322 330 335 331 332 333 334 Implicit price deflator GNP Consumer price index (CPI) all items ® Change in CPI all items S/A 3 CPI food Producer price index (PPI) all commodities (§) PPI industrial commodities (§) PPI crude materials PPI intermediate materials PPI capital equipment PPI finished consumer goods 1972 = 100 1967-100 Percent 1967 = 100 do do do do do do . .. 0.3 291 .7 303.1 315 .8 323.6 312.4 294.3 305.9 318.4 331.1 316.6 289.1 309.3 320.5 334.7 318.0 291 .6 286.5 289.8 320.4 294.4 290.5 155.1 157.4 158.7 159.9 94.8 161 .6 98.3 103.7 103.4 94.7 163.7 98.1 104.7 104.4 94.9 165.9 98.2 105 .7 105 .2 95.2 167.4 98.1 106.8 106.4 279.6 280.9 287.3 284.6 = 100 148.3 do 93.4 154.1 96.8 100.9 100.0 302.2 312.0 0.3 0.1 0.3 0.2 0. 0.1 0.4 0.2 0.6 -0.4 -0.2 -1.2 -0.2 0.3 0.8 1.1 0.8 1.0 0.2 310 320 320 322 330 335 331 332 333 334 0.8 0.8 340 0.2 1.3 0.1 1.0 0.8 0.3 0.9 341 345 346 370 358 -0.1 0. 0.7 0.9 -0.2 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 business 346 Real average hourly compensation, nonfarm business 370. Output per hour, private business sector 358. Output per hour, nonfarm business sector 1977 do do do do 94.1 -0.1 1.0 1.1 C. Labor Force, Employment, and Unemployment 441 442 37 444 445 446 447 Labor 451 452 453 Total civilian labor force Total 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 Number unemployed full-time workers Millions do Thousands do do do do . ... Force Participation Rates: Males 20 years and over 3 Females 20 years and over 3 Both sexes 16-19 years of age3 Percent do do 110.20 111.55 9 9 . 5 3 100.83 1 0 , 6 7 8 10,717 5,089 5,257 3,613 3,632 112.01 112.61 113.64 113.88 1 0 2 . 5 0 1 0 3 . 7 4 105.15 1 0 5 , 7 5 9,507 8,866 8,496 8,130 4,599 4,149 3,904 3,755 3,254 3,088 3,149 2,955 113.94 105.40 8,543 3,906 1,977 1,829 1,654 1,568 1,503 1,419 9,006 9,075 7,959 7,372 6,993 6,524 3,173 1,464 7,061 78.7 52.7 54.1 78.5 53.1 53.5 78.4 53.2 53.3 78.3 54.0 54.5 78.4 54.0 54.7 78.3 54.1 54.4 A.r., bil. dol. do do do do do. -148.2 -178.6 -180.5 Mil. dol. 78.3 53.2 53.7 113.49 104.97 8,526 3,853 3,264 1,409 6,980 78.3 53.8 52.3 0.1 -0.3 5.1 4.0 7.4 3.2 8.2 -0.1 0.1 -0.3 -0.4 -0.4 -0.2 -1.4 0.5 1.2 -3.8 -1.1 -6.7 -9.8 -3.2 -5.2 -7.4 0. -0.1 2.9 -0.3 -2.1 0. 0.4 0.9 1.4 -4.2 -5.9 -1.9 -4.1 -5.1 0. 0.8 0.8 441 442 37 444 445 446 447 451 452 453 D. Government Activities Dl. Receipts and Expenditures 500. 501. 502. 510. 511. 512. Federal Government surplus or deficit3. Federal Government receipts Federal Government expenditures State and local government surplus or deficit3 State and local government receipts . State and local government expenditures. -161.3 - 1 6 3 . 7 686.4 704.3 847.6 868.0 32.9 441 .9 641 .1 819.7 44.1 655 .0 835 .5 51 .2 53.9 54.5 478.2 509.6 520.6 409.0 434.1 495.0 443.8 455 .7 466.1 18,908 20,635 10,718 1 0 , 7 8 7 6,256 6,772 21,882 9,474 7,723 22,419 14,380 8,479 19,769 10,834 6,306 119.9 1,355 124.2 1,372 133.4 1,420 200.5 207.2 129.3 1,391 213.4 616.7 764,9 4.8 1.4 2.7 2.9 2.7 2.6 2.4 0.6 2.2 2.3 500 501 502 510 511 512 2.5 51 .8 9.8 4.1 1 .4 3.0 -11 .8 -24.7 -25.6 3.2 2.1 3.5 517 525 548 557 570 564 -0.3 602 604 606 612 614 616 19.2 -2.4 D2. Defense Indicators 517. 525. 548. 557. 570. 564. Defense Department obligations incurred . Defense Department prime contract awards New orders, defense products Output of defense and space equipment Employment in defense products industries , National defense purchases .do. do 1967=100. Thousands. A.r., bil. dol. 109.4 1,367 179.5 19,781 2 0 , 9 8 8 11 , 6 4 4 10,101 6,990 7,215 NA NA 6,989 134.0 1,433 135.1 1,446 136.1 NA 17,633 19,442 3,236 3,790 31,883 NA NA NA NA NA NA 6.1 -13.3 3.2 0.8 0.9 NA NA -3.1 0.7 NA 220.8 E. U.S. International Transactions El. Merchandise Trade 602. 604 606 612 614 616 Exports, excluding military aid shipments, total Exports of domestic agricultural products Exports of nonelectrical machinery General imports total Imports of petroleum and products Imports of automobiles and parts Mil. dol do do do do .. do 17,694 3,053 4,007 20,329 ... . 4,964 2,442 16,722 3,011 3,536 21,513 4,383 2,935 17,131 1 7 , 7 5 5 1 7 , 7 0 2 3,088 3,330 2,997 3,686 3,874 3,844 2 3 , 4 7 5 26 ,501 2 6 , 4 3 1 4,660 4,667 5,267 3,434 3,774 3,609 2,715 3,746 25,356 4,671 3,630 5,103 4,010 10.3 19.2 1.2 25 .7 9.2 10.5 NA NA NA NA NA NA 3.6 7.8 5.1 12.9 0.2 5.1 -10.0 -0.8 -0.3 12.9 4.6 Table 1. Summary of Recent Data and Current Changes for Principal Indicators—Continued Basic data7 Percent chang £ A nnual averag of Series title 1981 1982 3dQ 1983 1983 1983 1983 1983 1984 1984 4th Q 1983 4th Q IstQ 1984 IstQ 2dQ 1984 E c= s X II. OTHER IMPORTANT ECONOMIC MEASURES— Con. E2. Goods and Services Movements Except Transfers Under Military Grants 667. Balance on goods and services3 Bil. dol do do... 622. 618. 620. 651. 652. Merchandise trade balance3 Merchandise exports Merchandise imports Income on U.S. investments abroad Income on foreign investments in the U,S. . .do. do do. .do. to 667 668 -6.45 4.1 12.0 18.8 7.3 -4.77 -2.2 2.6 0.12 1 .2 0.7 -11 .5 9.1 2261 4 2302 9 2 3 6 7 4 2428 .6 2 5 0 2 .2 2 5 5 4 3 1073 1 1082 0 1102 2 11 24 3 1147 .6 1165 3 4,694 4,776 4,591 4,619 4,865 4,930 2.5 1.5 1 .2 1.0 2 6 2 0 1.7 3.5 2.4 2.2 0.9 3 0 2 1 1.9 2.6 1.7 1.5 2.5 2 1 1 5 1.3 200 50 217 213 224 2141 .6 2181 .4 2 2 3 0 . 2 2 2 7 6 . 5 2 3 3 2 . 7 1 0 0 6 . 2 1015 .6 1 0 3 2 . 4 1044.1 1 0 6 4 . 2 276.1 284.1 299.8 310.9 320.7 156.2 159.6 167.2 157.5 146.8 173.7 178.6 801 .7 811 .7 823.0 775 .2 796.9 841 .3 858.3 376.3 383.2 368.8 374.9 378.5 387.1 396.6 1074.4 1035 .8 1068.6 1085 .7 1107.5 1124.4 1153.7 2.2 1.7 5 .5 4.8 1.4 1.2 2.0 2.1 1.1 3.7 3.9 2.2 1.0 1.5 2.5 1.9 3.2 2.8 2.0 2.5 2.6 230 231 232 233 236 238 237 0.2 -1.1 -1 .1 -2.2 1 .1 -0.3 1.9 0.2 0.5 -0.7 2.8 0.9 5.6 4.4 10.8 9.8 2.4 0.9 260 261 262 263 266 267 -9.9 1 .2 -10.3 3.7 -3.1 1.0 255 252 7.5 1.0 1.6 284 3.28 -0.28 -8.23 93.93 90.65 87.36 87.65 83.05 -7.00 -9.12 59.27 66.27 52.80 21.60 13.09 20.96 61.92 14.01 91 .28 -15 .26 50.06 65.33 19.25 13.37 -1.37 -7.71 -9 .70 -14.13 - 1 7 . 5 3 - 2 2 . 3 0 81.11 81.36 84.83 84.91 90.69 88.74 82 .48 89.07 94.53 9 9 . 0 4 1 0 8 . 2 2 111 .05 - 9 . 2 8 - 1 4 . 8 7 - 1 7 . 5 0 -19.41 - 2 5 . 8 6 - 2 5 . 7 4 48.74 50.44 51.83 53.94 49.25 54.60 58.52 63.62 67.94 71 .24 80.33 79.79 17.62 18.97 20.80 19.61 23 .30 20.62 12.38 13.00 13.63 14.49 15.55 16.96 -4.43 0.1 4.8 9.3 -1.91 2.8 4.9 -5.7 6.3 3173 .8 3 2 6 7 . 0 3 3 4 6 . 6 3431 .7 3 5 5 3 . 3 3 6 4 4 . 7 1491 .0 1 5 2 4 . 8 1 5 5 0 . 2 1 5 7 2 . 7 1610.9 1 6 3 8 . 8 6,602 6,379 6,510 6,681 6,829 6,933 -3.40 6.8 669 622 618 620 651 652 A. National Income and Product Al. GNP and Personal Income 200. 50. 217. 213. GNP, current dollars. GNP, 1972 dollars Per capita GNP, 1972 dollars. Final sales, 1972 dollars . A.r., bil. dol do A.r., dollars A.t., bil. dol do do... 227. Per capita disposable personal income, 1972 dollars A.r., dollars 2 9 5 7 . 8 3 0 6 9 . 3 3304.8 1512.2 1480.0 1 5 3 4 . 7 6,572 6,370 6,543 1500.9 1490.4 1 5 3 8 . 3 2041 .7 2180 .5 2 3 4 0 . 1 . 1049 .3 1 0 5 8 . 3 1095 .4 4,561 4,555 4,670 1507.5 1530.9 1549.3 1565.4 1579.3 1618.5 225 227 A2. Personal Consumption Expenditures 230. 231. 232. 233. 236. 238. 237. 239 Total, current dollars Total, 1972 dollars Durable goods, current dollars . Durable goods, 1972 dollars. Nondurable goods, current dollars. Nondurable goods, 1972 dollars. Services, current dollars. Services 1972 dollars A.r., bil. dol. 1849.1 1 9 8 4 . 9 2 1 5 5 . 9 2 0 7 0 . 4 950.5 9 6 3 . 3 1009.2 982.5 235.4 245 .1 279.8 259.4 .do. .do. .do. .do. .do. .do. ..do 140.9 140.5 730.7 360.8 883.0 363.1 757.5 982.2 448 8 A3. Gross Private Domestic Investment .do.. 241 Total 1972 dollars 242 Total fixed investment current dollars 243 Total fixed investment 1972 dollars ....do do do do do . 484 2 230 9 458 1 414 9 194 3 441 0 596.5 287.0 228.9 110.3 1 447 9 650.5 292.7 258.9 685 .5 291.9 682 .2 269.7 678.8 294.3 273.0 117 .0 391 .5 175.7 116.2 415 .8 175.7 119 .0 405 .8 175 .3 117 .2 411 .6 175.2 115 .6 176.4 266 .3 113.0 425.1 175 .8 22.9 13.6 328.1 11.9 342 .0 2.0 346.1 -8.3 -11 .4 358.9 362.4 56.2 60.4 61 .0 485 A4. Government Purchases of Goods and Services 260. 261. 262. 263. 266. 267. Total, current dollars Total, 1972 dollars Federal Government, current dollars . Federal Government, 1972 dollars . State and local governments, current dollars. State and local governments, 1972 dollars . .do. .do. .do. .do. .do. .do. 367.6 176.8 292.4 270.5 689.8 292.0 269.2 420.6 691 .4 288.8 704.4 289.5 267.6 743 .7 302.1 112.2 123 .2 447 .4 178.9 436.8 177.3 296.4 A5. Foreign Trade 255. Net exports of goods and services, 1972 dollars3 252. Exports of goods and services, current dollars 257 Imports of goods and services, 1972 dollars do. do do do do do 43.8 29.7 369.9 348.4 42.3 51 .5 12.6 336.2 328.5 58.3 57.7 A6. National Income and Its Components 282 Proprietors' income with IVA and CCAdj . 284. Rental income of persons with CCAdj 288 Net interest do do do. do do do. 59.0 62.0 A7. Saving 295 Business saving 292 Personal saving do do do do 6.1 NOTE: Series are seasonally adjusted except for those, indicated by © , that appear to contain no seasonal movement. Series indicated by an asterisk (*) are included in the major composite indexes. Dollar values are in current dollars unless otherwise specified. For complete series titles and sources, see "Titles and Sources of Series" at the back of this issue. NA, not available, a, anticipated. EOF, end of period. A.r., annual rate. S/A, seasonally adjusted (used for special emphasis). IVA, inventory valuation adjustment. CCAdj, capital consumption adjustment. 1 The three-part timing code indicates the timing classification of the series at peaks, at troughs, and at all turns: L, leading; C, roughly coincident; Lg, lagging; U, unclassified. 2 For a few series, data shown here are rounded to fewer digits than those shown elsewhere in BCD. Annual figures published by the source agencies are used if available, 1 Differences rather than percent changes are shown for this series. ' Inverted series. Since this series tends to move counter to movements in general business activity, signs of the changes are reversed, 4 End-of-period series. The annual figures (and quarterly figures for monthly series) are the last figures for the period. 'This series is a weighted 4-term moving average (with weights 1, 2, 2, 1) placed on the terminal month of the span. CYCLICAL INDICATORS A[ COMPOSITE INDEXES AND THEIR COMPONENTS Chart Al. Composite Indexes Nov. Oct. P T Aug. Apr. P T Apr. Feb. P T Dec. Nov. P T Nov. Mar. P T Jan July July P T P Nov. T I Indtt: 19^1001 910. Index of 12 leading indicators ,,^w ^.Vs/V-^/ -8 (series 1,5,8,12,19,20,29,32,36.99.106. Ill) 180170160150140130- ii 12011010090- -11 170160150- -23 -2 140- -2 920. Index of four roughly coticident indicators (series 41,47,51,57) -8 130- /L 120110100- -4 90- 80- -3 -2 140130- «**• 120- 93B. Index of six lagging Mcators -1 110- (series62,77,91,95,101,109](/ 1009080- 70- yy _jr 60- .. 50- 40- 194849 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 841985 NOTE: Numbers entered on the chart indicate length of leads {—) and lags (+) in months from reference turning dates. Current data for these series are shown on page 60. 10 SEPTEMBER 1984 CYCLICAL INDICATORS A | COMPOSITE INDEXES AND THEIR COMPONENTS—Continued Chart Al. Composite Indexes—Continued July May P Aug Apr. T Api Feb P T P T I Index: 1967=1001 914. Capital investment commitments (series 12,20,29) 120- 915. Inventory investment and purchasing (series 8,32,36,99) ~~2 -24 110- -12 . 100- -4— 90- 120- 916. ftefitaWty (series 19,26,80) —TJT 110- -10 100-11 /w^V p* ' ' S£ * , 4 -3 90- 150140130- 917. Money and financial flows (series 104,106, 111) -12 r 12011010090- -2 70-1 -M 150-1 140-21 -12 f Av. -13 ^-^ 130- -n 940. Ratb, coincident index to lagging index w J / ¥ V\ -3 -? 12011010090- 194849 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 841985 NOTE: Numbers entered on the chart indicate length of leads (-) and lags ( + ) in months from reference turning dates. Current data for these series are shown on page 60. not SEPTEMBER 1984 11 CYCLICAL INDICATORS [ A| COMPOSITE INDEXES AND THEIR COMPONENTS—Continued Chart A2. Leading Index Components Non. P Mar I Jan. July July F T P Nov T I. Average workweek, production workers, manufacturing (hours) ED 41 -I 4039 J 200300400- 500600700- (thousands—inverted scale) 454035- New orders for consumer goods and materials in 1972 dolars (M.dol.) l 30- 252015- 32. Vendor performance, percent of companies receiving slower deiveries (percent) 1007550- 25 • 140- It Net business formation (index: 1967=100) 12010020181614- 20. Contracts and orders for plant and equipment in i 137? rioters CH8 (inl.1 4-* 194849 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 841985 Current data lor these series are shown on pages 61,64,65, and 66. 12 SEPTEMBER 1984 ltd* CYCLICAL INDICATORS COMPOSITE INDEXES AND THEIR COMPONENTS—Continued Chart A2. Leading Index Components—Continued 29. New buklng permits, private housing units (index: 1967=1110). i i1 200180- 80- 36. Net change in inventories on hand and on order in 1972 dolars, smoothed1 (arm. rate, bi. dot.) 60-< 99. Change a sensitive materials prices, smoothed1 (percent) 19. Stock prices, 500 common stocks (index: 1941-43=10) L 106. Money supply M2 in 1972 dolars (bi. dol.) 111. Change in credit outstanding—busness and consumer borrowing (am. rate, percent) [pj 194849 50 51 52 53 54 55 56 57 5H 55 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 841985 ^his is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span. Current data for these series are shown on pages 67, 68, 69, 71, and 72. SEPTEMBER 1984 BCII 13 CYCLICAL INDICATORS A COMPOSITE INDEXES AND THEIR COMPONENTS—Continued Chart A3. Coincident Index Components 41. Employees on mnagricuftural payrofc (n*ons) 51. Personal income less transfer payments in 1972 dolars (am. rate, bl. doL) 57. Manufacturing and trade sales IB 1972 dotors (BOoT) 194849 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 841985 Current data for these series are shown on pages 62,63, and 65. 14 SEPTEMBER 1984 KCII CYCLICAL INDICATORS A COMPOSITE INDEXES AND THEIR COMPONENTS—Continued Chart A4. Lagging Index Components 91. Average duration of unemployment (weeks—inverted scale) 77. Ratio, constant-ddar inventories to sales, manufacturing and trade (ratio) fTTiTin 62. Labor cost per unit of output, manufacturing—actual data as percent of trend (percent); 109. Average prime rate charged by banks (percent) 101. Commercial and industrial loans outstanding in 1972 Wars (bi. doL) L 95. Ratio, consumer instalment credit to personal ncome (percent) 194849 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 841985 Current data for these series are shown on pages 62, 68, 70, and 73. IICII SEPTEMBER 1984 15 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS Chart Bl. Employment and Unemployment I Marginal Employment Adjustments | 42-i 1. Average workweek, production workers, manufacturing (hours) 41- 40- 39- 38- 21. Average weekly overtime hours, production workers, manufacturing (hours) |L,C,L| 4-1 5. Average weekly initial claims, State unemployment insurance (thousands—inverted scale) rj~FT| 60. Ratio, help-wanted advertising to number 0.2 J 46. Help-wanted advertising (index: 1967=100) "J/ / \ -/ r\7 1959 60 61 "W / M 180160140120100" 80- 60- 62 63 64 65 66 57 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 1986 Current data for these series are shown on page 61. 16 SEPTEMBER 1984 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart Bl. Employment and Unemployment—Continued Apr. Feb P T ensive Employment | 48. Employee-hours i (am. rate, bl. hours) fij X 105' 100. 95' 90 42. Persons engaged in nonagricultural activities (mions) /^ 85 80' 75' 41. Employees on nonagricultural payrofc (mions) 7065- 28-| 40. Employees in goods-producing industries—mining, manufacturing, and construction (mions) KC.UI 27 26 ^ 2524- J_ 23222120- jt-imiN. 90. Ratio, civian employment to total population of working age (percent) pS~ ^T . V-V-H *S*'**/T ^Vv^ A ^ ^s. \ y / AU/~ a 5958- ^\J/ 575655- •il- 1959 60 61 62 63 64 65 66 67 68 69 70 71 Ti 73 76 77 /8 79 80 81 82 83 84 85 1986 Current data for these series are shown on pages 61 and 62. ItCII SEPTEMBER 1984 17 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart Bl. Employment and Unemployment—Continued fyrjv T | Comprehensive Unemployment | 37. Number unemployed (mions—inverted scale) 3-1 5- 91113- 43. Unemployment rate, total (percent—inverted scale) 456- H 10- 11- 45. Average weekly insured unemployment rate (percent—inverted scale) 234Z^ ^ 1 567. 91. Average duration of unemployment (weeks—inverted scale) 8- ^ in 10121416182022J 44. Unemployment rate, persons unemployed 15 weeks and over (percent—inverted scale) nn A=^ 1959 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 2- 1986 Current data for these series are shown on page 62. 18 SEPTEMBER 1984 licit CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B2. Production and Income Nov P 1800170016001500- | Comprehensive Output and Income | 1400- 50. GNP h 1972 dolars, Q (ann. rate, bl. dol.) 1300120011001000J 1500140013001200- 52. Personal income in 1972 dotes (am. rate, M. dot.) 11001000900- 130012001100- 51. Personal income less transfer payments in 1972 dolars (am. rate, fit dol.) 1000900800700- 600- 53. Wages and salaries in mining, manufacturing, and construction in 1972 dolars (am. rate, bi. dol.) 260240220200180160- 140- 1959 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 1986 Current data for these series are shown on page 63. BCII SEPTEMBER 1984 19 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B2. Production and Income—Continued Dec. New >• | Industrial Production | ^*T~\ 47. Industrial production, total (index: 1967 = 100) ic,c,cl _ /^ j^\ \J \. ^ 8 f 160150- / 140- ^ s 1/ 170- 130- 200. 190' 180. 170' 160' 150 74. Industrial production, nondurable manufactures (index: 1967=100) 140' 130. 120- 73. Industriafproduction, durable manufactures (index: 1987=100) 110800. 750. 7_ 700. 650. 600' 550. 500- vawe n gooos output n VUL oosars, y (am. rate, bi. dol.') 450 400 83. Rate of capacity utfcation, manufacturing (BEA), Q (percent) [Capacity Utilization| 90 n s_ 7060- 82. Rate of capacity utifaation, manufacturing (FRB), Q (percent) 90n 70- 84. Rate of capacity utfcation, materials, Q (percent) 5 90-, 7060 J 1959 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 1986 Current data for these series are shown on pages 63 and 64. 20 SEPTEMBER 1984 ltd) CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B3. Consumption, Trade, Orders, and Deliveries 110-1 100908070- [Orders and Deliveries 6. New orders, durable goods industries, h ^^Af 2 X current ddars (bi. dot.) \ ^vT 6050- 7. New orders, durable goods industries, in 1972 dolars 40- w. 45- New orders for consumer goods and materials in 1972 dolars i 403530- 25. Change n untied orders, durable goods rdustries (bl. dol.; MCD moving avg.—4-term) + 6-1 +4+ 20-2-4- 380340300- 96. Manufacturers' untied orders, durable goods industries 260- / 220180140- 100- 60 J 32. Vendor performance, percent of companies receiving slower deiveries (percent) 1007550- 251959 60 61 62 63 64 65 66 67 68 69 70 71 72 74 75 76 77 78 79 80 81 82 83 84 85 1S86 Current data for these series are shown on page 64. ItCII SEPTEMBER 1984 21 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B3. Consumption, Trade, Orders, and Deliveries—Continued 500-. 450- | Consumption and Trade] 400350300- 250- 56. Manufacturing and trade sates n current dotos 200150- 57. Manufacturing and trade sates in 197? finlart /hi rinl ^ 100190170150- 75. Industrial production, consumer goods (index: 1967=100) 130- loci 1101201101009080- 54. Safes of retai stores in cutrmt dohrs (bl. del). 70- IC.L.U 6050- Salps nf ratal stores in 1972 dolars (hi doLL 40120110100908070- -£- 6050- T_ 40- 30- 55. Personal consumption expenditures, automoMes, Q (am. rate, bl. dot.) 20 J 58. Index of consumer senthwnt (1st Q 1966=100) 1959 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 1986 Current data for th«se seriec are shown on page 65. Digitized for 22 FRASER SEPTEMBER 1984 KCII CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B4. Fixed Capital Investment [Formation of Business Enterprises] 12. Net business formation (index: 1967=108)11111 ^^~*—*~ 13. New business incorporations (thousands) OS 10. Contracts and orders for pbrrtand equipment in current dolars (bl. dol)-ffefct I Business Investment Commitments | 20. Contracts and orders for plant and equipment in 1972 dolars (bi. dol.) r 24. Manufacturers' new orders, capital goods industries, nondefense, in current dolars (bi. dol.) LTI 27. Manufacturers' new orders, capital goods industries, nondefense, in 1972 dolars (bi. dol.) 9. construction contracts, commercial and nominal ouwngs jjytftff y (mi.sq.ft.offloorarea;Mfflmovinea¥g.-6-tenn)1 ' " ' " 1959 60 61 62 63 64 65 66 67 68 6S 71 72 ','': f,.f a-i 84 85 1986 '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. BCII SEPTEMBER 1984 23 CYCLICAL INDICATORS BI CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B4. Fixed Capital Investment—Continued 120-i 110100 908070- | Business Investment Commitments—Con. | s / \J 60- 97. Backlog of capital appropriations, manufacturing. 0 (ULdoL) [71 50- 40- 35 30- 2520- 11. New capital appropriations, manufacturing, Q(HLdoL) nnTu] 10-1 / r J V f N^ ~""^ 360- f / "" ~ ^f m *~ ,'" m ' V ^' 320- J* 280- ^^f^^^^^f 240- 61. Business expenditures for new plant and equipment, Q /* ^ann.raie.D,.™.;^^ ^/ 200- i6n. 400 360320 280- —j*r \ Business Investment Expenditures | _/_ 240- s ^ 200 160- '"eg. Machinery and equipment sates and business _/*"^ construction expenrijtures (aan. rate, hi. dol.) j 120J ft. Industrial production, business equipment (index: 1967=108), In i .111 _Jf^u _^" ^*~ ^S s* m 220-] 200180160- 140120100- /_ 80- 60- /^ ,959 60 61 62 63 64 6!i 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 1986 Current data for these series are shown on pages 66 and 67. Digitized for24 FRASER SEPTEMBER 1984 BCI» CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B4. Fixed Capital Investment—Continued Apr. Feb P T Nov. P Mar. T 220200180160- Investment Expenditures—Con. I Nonresidential fixed investment h 1972 dolars, Q (am. rate, bi. dol.) 86. Total, Q 140120100- . Producers' durable equipment, Q ntial Construction Commitments and Investment! 28. New private housing units started (am. rate, mSons) 29. New buWng permits, private housing uritj (index: 1967=100) Residential fixed investment in 1972 dobrs, Q (arm. rate, bi.dol.) 86TO- 1959 60 61 62 63 64 65 66 67 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 1986 Current data for these seriet are shown on page 67. ItCII SEPTEMBER 1984 25 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS— Continued Chart B5. Inventories and Inventory Investment | Inventory InvestmenT] 30. Change in business inventories in 1972 dotes, Q (am. rate, bi. dol.) + 20HO0- -10-20- 36. Net change in inventories on hand and on order in 1972 (Wars (am. rate, bl dol.; moving avg.—4-term1) H 31. Change in book value, manufacturing and trade inventories, Jfjjjj (am. rate, bl. dol.; MCD moving avg.—6-term) ~f\ 38. Change in stocks of materials and supples on hand and on order,_ manufacturing (bi. dol.; MCD moving avg.—4-term) + 4+ 3+ 2+ 1- 63 u9 /O 71 72 73 74 75 76 77 79 80 81 82 83 84 85 1986 'This is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span. Current data for these series are shown on page 68. 26 SEPTEMBER 1984 KCII CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B5. Inventories and Inventory Investment—Continued Nov. T I Inventories on Hand and on Order | 71. Manufacturing and trade jnventones. 70. Manufacturing and trade inventories h 1972 dolars \ 65. Book value of manufacturers' inventories of finished goodi (bl. dol.) 77. Ratio, constant-dobr inventories to sales, manufacturing and trade (ratio) i.i 1.7- LZJ 1.61.51.4- 78. Stocks of materials and supples on hand ana on order, manufacturing <M. dd.) |L,Lg.Lgr 1959 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 1986 Current data for these series are shown on page 68. KCII SEPTEMBER 1984 27 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS— Continued Chart B6. Prices, Costs, and Profits 98. Change in producer prices for 28 sensitive materials (percent; MCD moving avg.—6-term) | Sensitive Commodity Prices | . ./tiXs /! I /. .< I , Ah .4 99. Change in sensitive materiab prices (percent; moving avg.-4-term1) 23. Spot market prices, raw industrials2 (index: 1967=100) HUH 19. Stock prices, 500 common stocks (index: 1941-43=10) 200- [Profits and Profit Margins] 160120- 18. Corporate profits after taxes in 1972 dobrs, Q (arm. rate, bi. dol.) |i,L,l| 40J 16. Corporate profits after taxes in current dolars, Q (am. rate, bi. doL) 1959 60 61 52 63 64 65 66 67 68 69 70 71 72 73 74 75 76 78 79 80 SI 82 83 84 85 1986 'Thit it a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the tpan. 'Beginning with data for June 1981, this It 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 1984 licit CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B6. Prices, Costs, and Profits—Continued Nov. P Mar. T 240200- I Profits and Profit Margins—Con. | 160120- 79. Corporate profits after taxes with IVA and CCAdj in current doiars, Q (aim, rate, hi. dol.) 80- 80. Corporate profits after taxes with IVA and CCAdj in 1972 doiars, Q (arm. rate, M. dot.) rn 14- te profits after taxes to corporate domestic 121086- / . 81. Ratio, corporate profits after taxes with IVA and CCAdj to corporate domestic income, Q (percent) \\jn\ • 4- 15. Profits after taxes per doiar of sales, all manufacturing corporations, Q (cents) 7-| 53- 26. Ratio, price to unit labor cost, nonfarm business sector. Q (index: 1977=100) JLLL] 104102100989694- ^w^ 450400350- TCash Flows] 300250200- 34. Net cash flow, corporate, in current doiars, Q-^.f^f (am. rate, bl. dot.) 150100- 35. Net cash law, corporate, in 1972 doiars, Q (ann. rate, bl dol.) |rrn 50- 1959 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 1986 Current data tor these series are shown on pages 69 and 70. ItCII SEPTEMBER 1984 29 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B6. Prices, Costs, and Profits—Continued [Unit Labor Costs and Labor Sharel ™" n 170- 160- V^*****~" >^ y^ / / / 63. Unit labor cost, private business sector, Q j,*r (index: 19/y= 100) , , ' f*^ R0" 1.61.51.41.31.21.1- 68. Labor cost in current dolars per unit of real gross domestic product, nonfinancial corporations, Q (dolars) 62. Labor cost per unit of output, manufacturing (index: 1967=100) 160140- 120- 100J 64. Compensation of employees as a percent of national income, Q (percent) i-:..'i*- 6C <H h?. 63 64 65 71 72 7? 74 75 76 77 78 79 80 81 82 83 84 85 1986 Current data for then Uriel are shown on page 70. 30 SEPTEMBER 1984 ItCII CYCLICAL INDiCATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B7. Money and Credit 85. Change in money supply Ml (percent; MCD moving avg.—6-term) fL,L,L|' L; ! ft , 1 . A /w"' A 102. Change in money supply M2 (percent; MCD moving avg.—6-term) 104. Change in total Iquid assets (percent; moving avg.—4-term1) |L,L,L + 0.4 00- IDS. Money supply Ml in 1972 dobrs (tit. dol.) 250-j 230210190950900S50800- 106. Money supply M2 in 1972 dollars (Pi. dol.) ;so700650- 7.06.6- 107. Ratio, GNP to money supply Ml, Q (ratio) 6.05.55.0- 108. Ratio, personal income to money supply M2 (ratio) |C,Lg,C| 1959 60 61 62 63 64 65 66 67 68 S9 71 72 77 78 79 80 31 82 83 84 85 1986 'This it a weighted 4-term moving average (with weight! 1,2,2,1} placed on the terminal month of the span. Current data for these series are shown on page 71. SEPTEMBER 1984 ltd) 31 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B7. Money and Credit—Continued in mortgage debt (am. rate, bi. dot.) 112. Change in business loans (am. rate, bi. dol.; MCD moving avg.—Mem) 113. Change in consumer instalment credit (am. rate, M. dol.) 111. Change in credit outstanding—business and consumer borrowing (am. rate, percent) [ 1^11 . + 30+ 20+ 10 0 -10 £ V 110. Total private borrowing, Q (am. rate, bi. dol.)" fun 100 50 1959 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 1986 SEPTEMBER 1984 Current data for these series are shown on pages 71 and 72. 32 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B7. Money and Credit—Continued Apr. Feb. P T I Credit Difficulties | ,M i 14. Current labities of business fakes (mi. dol.twerted scale; MCD moving avg.—6-term) lL..il Ml nxn 100 -i 200- 39. Defnquency rate, 30 days and over, consumer instalment loans (percent—inverted scale) rjT~n _^» "' \ tt* 1.82.02.22.42.6- ^ 2.83.0-8-, —7. I Bank Reserves | -6-5- 93. Free reserves (bil. dol.—inverted scale) 76- 94. Member bank borrowing from the Federal Reserve (bl. dol.) 543- 1959 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 7S 77 78 80 81 82 83 84 85 1986 Current data for these series are shown on page 72. BCII SEPTEMBER 1984 33 CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B7. Money and Credit—Continued 1918171615- I Interest Rates] 141312- 119. Federal funds rate (percent)—— 111098761 7™ 161514131211- 116. Corporate bond yields (percent) 10- 181716- 115. Treasury bond yields (percent) |C,Lg,Lg| 15141312- 118. Secondary market yields on FHA mortgages (percent) 11- A ;\/ 10- V' f • \s-J 7- 117. Municipal bond yields (percent) 43- 19V.' 6C 61 62 63 64 b& 66 67 68 63 70 71 7z! 79 80 81 62 83 84 85 1986 Current data for these series are shown on pages 72 and 73. 34 SEPTEMBER 1984 not CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B7. Money and Credit—Continued 67. Bank rates on short-tmiii busiiess k)dm, Q (peaeiit) 109. Average prime rate charged by banks (percent) 300- Kfi frinamar JnttaiWrrt rrtuf/l I hi rinl ^ 380 34fl300 - 260220 - 72. Commercial and industrial loans outstanding in current defers (bi. dol.) 140- 100- 101. Commercial and industrial bans outstanding in 1972 dolars (bidoU i . ....... 95. Ratio, consumer instalment credit to personal income (percent) 1959 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 7'i 76 78 73 HO 81 ?2 83 84 85 1986 Current data for these series are shown on page 73. Bill SEPTEMBER 1984 35 CYCLICAL INDICATORS C I DIFFUSION INDEXES AND RATES OF CHANGE Chart Cl. Diffusion Indexes [Percent rising] 950. Twelve leading indicator components (6-mo. span—, 1-mo. span—) 100 -I 50- 951. Four roughly coincident indicator components (6-mo. span , 1-mo. span—) . lOO-i 111II sMiliii' ' 50- 952. Six lagging iidicator components (6-mo. span—, 1-mo. span—) 100 -i 50- 961. Average workweek, production workers, manufacturing—20 industries (9-mo. span , 1-mo. span—) 50- 962. Initial claims, State unemployment insurance-rfl areas (percent decWng; 9-mo. span—, 1-mo. span—) 50- 963. Employees on private nonagricultural payrok—172-186 industries (6-mo. span—, 1-mo. span—) lOO-i 50- 1959 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 1986 Current data for these series are shown on page 74. Digitized for36 FRASER SEPTEMBER 1984 DIFFUSION INDEXES AND RATES OF CHANGE—Continued Chart Cl. Diffusion Indexes—Continued 964. New orders, durable goods industries—34-35 industries (9-mo. span—, 1-mo. span—) i 1\ f*a<ki\ /'^JK/', t -. 50-1 -\ 50- t . 966. Industrial production—24 industries (6-mo. span—-, 1-mo. span—) 967. Spot market prices, raw industrials—13 industrial materials(9-mo. span—, 1-mo. span—) 968. Stock prices, 500 common stocks—46-82 industries (9-mo. span—, 1-mo. span—) 50' _J _JL™l!_J3(jyL.. I '.' 'M.!..,! ,JL.JLJ. 1 960. Net profits, manufacturing—about 600 companies (4-Q span) '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. http://fraser.stlouisfed.org/ SEPTEMBER 1984 Federal Reserve Bank of St. Louis BCII 37 CYCLICAL INDICATORS C I DIFFUSION INDEXES AND RATES OF CHANGE—Continued Chart Cl. Diffusion Indexes—Continued Actual Anticipated | Percentrising| Actual Anticipated I Percent ri^ —*— ••••••• 970. Business expendftures for new plant and equipment—21 industries (1-Q span) (a) Actual expenditures \ 974. Number of employees, manufacturing and trade (4-Q span)1 100 75 50- •** '••""-(b) Later anticipations 25 975. Level of inventories, manufacturing and trade (4-Q span)1 (a) Actual expenditures 100 1/\A. ,^l/frVua t 'v **&/*§•? f'^rJffT v' r\/ vf • V. 7550- < ^ (c) Early anticipations 250- 1 976. Sefeig prices, manufacturing (4-Q span)1 971. New orders, manufacturing (4-Q span) 100-j 90807050 J 60- 1 1 972. Met profits, manufacturing and trade (4-Q span) 977. Seing prices, wholesale trade (4-Q span) 100- 90-| 90- .JT* I. k .• 807060- 1 1 973. Net sales, manufacturing and trade (4-Q span) 1972 73 74 75 76 77 78 79 80 81 82 978. Seing prices, retai trade (4-Q span) 83 1984 1972 73 74 75 76 77 78 79 80 81 82 83 1984 'This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun & Bradstreet, Inc. Dun & Bradttreet diffusion indexes are based on surveys of about 1,400 business executives. Current data for these series are shown on page 76. Digitized for38 FRASER SEPTEMBER 1984 BCII CYCLICAL INDICATORS C DIFFUSION INDEXES AND RATES OF CHANGE—Continued Chart C3. Rates of Change 1-month spans - — 3-month spans ^— Potent change at annual rate I 910c. Composite index of 12 leading indicators' 920c. Composite index of four roughly coincident kidcators 930c. Composite index of six lagging indicators 47c. Index of industrial production 50c. GNP in 1972 dolars (1-Q span) 48c. Employee-hours in nonagricurtural estabishments 51c. Personal income less transfer payments in 1972 dolars 1959 60 61 62 63 64 65 66 67 68 69 ><) 71 72 73 /4 75 76 // 78 79 SO 8i 82 83 84 85 1986 NOTE: Data for these percent changes are shown occasionally In appendix C. The "Alphabetical Index—Series Finding Guide" indicates the latest issue in which the data for each series were published. BCII SEPTEMBER 1984 39 OTHER IMPORTANT ECONOMIC MEASURES A NATIONAL INCOME AND PRODUCT Chart Al. GNP and Personal Income DSL Nov 200. GNP h current ddars, Q (ami, rale, bi. dol.) 1500- 223. Personal income in current ddars (am. rate, bi. dol.) \ 10001 - 224. Disposable personal income in current ddars, Q (ann. rate, bi dol.) -«• m 50. GNP in 1972 ddars, Q (aim. rate, M. dol.) ^,.,~**.*~**»i+v*~' __ ,^, , _J^*~**"~ .— —" mnn- 213. Final sales in 1972 ddars, Q (ann. rate, bi. dol.) 225. Disposable personal income in 1972 ddars, Q (arm. rate, bi. dol.) 217. Per capita GNP in 1972 ddars, Q (am. rate, thous. dol.) 7654- 227. Per capita disposable personal income in 1572 i, Q (am. rate, thous. dol.) 1059 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 3- 80 81 82 83 84 85 1986 Current data for these series are shown on pages 63 and 80. Digitized for 40FRASER SEPTEMBER 1984 ltd* OTHER IMPORTANT ECONOMIC MEASURES IA I NATIONAL INCOME AND PRODUCT—Continued Chart A2. Personal Consumption Expenditures Apr. Feb. P T Nov. Mar. Personal consumption expendttures— Annual rate, blondolars (1972) | 1959 60 61 62 63 64 65 66 67 68 69 /O 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 1986 Current data for thata wriei ara shown on pagai 80 and 81. KCIt SEPTEMBER 1984 41 OTHER IMPORTANT ECONOMIC MEASURES A I NATIONAL INCOME AND PRODUCT—Continued 1 Chart A3. Gross Private Domestic Investment Annual rate, btton doJars (current) | Gross private domestic investment— 245. Change in business inventories, 0 | Annual rate, Mfon dolars (1972)| 140- 100+ 40+30+ 20+ 100-10-20- 30. Change in business inventories, I &s:, ? Z^ 71 72 77 73 79 80 81 82 83 84 85 1986 Current data for these series are shown on page 81. 42 SEPTEMBER 1984 BCII OTHER IMPORTANT ECONOMIC MEASURES NATIONAL INCOME AND PRODUCT—Continued Chart A4. Government Purchases of Goods and Services Apr. Feb. P T Nov P Mar. T [Annual rate, bfan doiars (current)] Government purchases of goods and services— 266. Stats and local governments, 0 | Annual rate, biondolars (1972) | 267. State and local governments, Q 150 - 100 J 263. Federal Government, Q 1959 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 1986 Current data for these series are shown on page 81. BCD SEPTEMBER 1984 43 OTIStK i.V^JfiiAIMT ECONOMIC MEAMJR? IA I NATIONAL INCOME AND PRODUCT—Continued Chart AS. Foreign Trade Annual rate, bfton defers (current)| 252. Exports of goods and services, Q 253. Imports of goods and services, Q 250. Net exports of goods and services, Q Annual rate, biion dolars (1972)1 . Imports of goods and services, Q 255. Net exports of goods and ! S'-..-: 50 61 c.? •!•• ••.- ' V: Current data for theie series are shown on page 82. 44 SEPTEMBER 1984 ItCII OTHER IMPORTANT ECONOMIC MEASURES NATIONAL INCOME AND PRODUCT—Continued Chart A6. National Income and Its Components [Annual rate, Man lairs (current)] 3400300026002200- 18001400- 1000800- —— 280, Compensation of employees, Q 600- 40036032011 280240- 286. Corporate profits witn inventory valuation and carnal consumption adjustments, Q 20018016014012010090807060- S*~ Hk flet interest, Q 50- Proprietors' income with inventory valuation and, 40- 284. Rental income of persons with capital / consumption adjustment, Q / 20- 1959 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 1986 Current data for these series are shown on page 82. BCII SEPTEMBER 1984 45 OTHER IMPORTANT ECONOMIC MEASURES IA I NATIONAL INCOME AND PRODUCT—Continued Chart A7. Saving [Annual rate, blon dotors (current)| 290. Gross saving (private and government), Q 298. Government surplus or deficit, Q 293. Personal saving rate, Q lO-i 1959 60 61 62 63 64 Pu 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 1986 Current data for these series are shown on pages 82 and 83. Digitized for 46 FRASER SEPTEMBER 1984 BCII OTHER IMPORTANT ECONOMIC MEASURES IA I NATIONAL INCOME AND PRODUCT—Continued Chart AS. Shares of GNP and National Income |Percent of GNP| 235. Personal consumption expendibles, Q 65- TV* 6020- 268. State and local government purchases of goods and services, Q 15- 265. Federal Government purchases of goods and services, 248. Nonresidential fixed investment, Q 249. Residential fixed investment, Q o^247. Change in business inventories, Q 251. Net exports of goods and services, Q _ C at I Percent of National Income | 80-| 64. Compensation of employees, Q XX 75- 287. Corporate profits with inventory valuation and capital consumption adjustments, Q 283. Proprietors' income with nventory valuation and capital consumption adjustments, Q 285. Rental income of persons with capital consumption adjustment, Q 1959 60 61 62 63 64 65 66 ft; 68 o> 71 12 73 74 75 76 77 73 79 80 81 82 83 84 85 1986 Current data for these uriel are shown on page 83. ItCII SEPTEMBER 1984 47 OTHER IMPORTANT ECONOMIC MEASURES B I PRICES, WAGES, AND PRODUCTIVITY Chart Bl. Price Movements 1 Index: 1972 =100 ^-^"•" R _S^^ 310. Impicit price deflator, GNP, Q ^>r 240220- 310c. knpftit price deflator, GNP(l-Qspan) +15- 200- + 10- 180+ 5- 160- ^s^ 0- i an - 311c. Fixed-weighted price index, gross business product (1-Q span) 240 3s 220 200 311. Meed-weighted price index, gross business product, Q 180 160- +10+ 5- Producer prices— 6-month spans I 140 J +30- 330c. Al commoolties +20- [Index: 1967=1001 + 10- 340 320 300 Producer prices— 0- 280 260 240 330. Al commoolties + 30- 335c. hdustrial commodities + 20- /\ 220 200- + 100- 180 340 320 300280260 335. Industrial commodities / 240 220200 180 ! 60 J 360 34032C 300. 280 260240- 331. Crude materials -Z>/ rs 220' : ft /^J~r *^ 200 . \f ^^^*^~~~ 332. Intermediate materials 180-1 320-| 300 280- 260 240220- 333. Capital equpment 200 180- 160- 334. Finished consumer goods 140 1201972 73 74 75 76 77 78 79 80 81 02 83 1984 1972 73 74 75 76 77 78 79 80 81 82 83 1984 Current data for these series are shown on pages 84, 85, and 86. SEPTEMBER 1984 IM:H OTHER IMPORTANT ECONOMIC MEASURES B I PRICES, WAGES, AND PRODUCTIVITY—Continued Chart Bl. Price Movements—Continued Apr. Fcb P T I Index: 1967=1001 Consumer prices— 322c. Food (6-month span) f HO0- -10- Chart B2. Wages and Productivity linden: 1977=1001 200180160- 341. Real average hourly earnings of production , workers, private nonfarm economy1 140- 346. Real average hourly compensation, al employees, nonfarm business sector, Q 12010080- 60- 34b. Average hourly compensation, aTempwyees, nonfarm bushess sector, Q (current dolars) 40- 1959 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 1986 '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. I SEPTEMBER 1984 49 OTHER IMPORTANT ECONOMiC MEASURES PRICES, WAGES, AND PRODUCTIVITY—Continued Chart B2. Wages and Productivity—Continued [Wages—Con. | | Percent change] 6-month spans (aim, rate) + 15- Change in average hourly earnings of production workers, private nonfarm economy1— + 10+ 5- 340c. Current-doBar earnings af? •^ « 5 iLl 0+ 10-1 + 50- Change in average hourly compensation, al employees, nonfarm business sector, Q— 1-quarter spans (arm. rate) 345c. Current-dolar compensation + 10' +5 + 10+ 5- 0-5' Negotiated wage and benefit decisions, al industries— 348. First year average changes, Q (arm. rate)——, 349. Average changes over life of contract, Q (am. rate) 358. Output per hour, al persons, nonfarm business sector, Q 370. Output per hour, al persons, private business sector, Q 370c. Change in output per hour, private business sector, Q I Percent change | + 5- / \l o- T"^"^ -5' ;.- •.•;; :•'? 78 79 SO 81 82 83 84 85 1986 'Adjusted for overtime (in manufacturing only) and interindustry employment shifts and seasonality. ^ne-month percent changes have been multiplied by a constant (12) to make them comparable with the annualized 6-month changes. See page 87 for actual 1-month percent changes. Current data for these series are shown on pages 87 and 88. 50 SEPTEMBER 1984 BlJl OTHER IMPORTANT ECONOMIC MEASURES C LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT Chart Cl. Civilian Labor Force and Major Components Labor force participation rates (percent)— 453. Both sexes 16-19 years of age 452. Females 20 years and over Ntmfaer unemployed (mions)— 444. Mates 20 years-^^ and over 446. Both sexes 16*19 years of age 447. Number unemployed, fut-flme workers (mBons) 448. Number employed part-time for economic reasons (mions) 1959 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 1986 Current data for these series are shown on page 89. BCII SEPTEMBER 1984 51 OTHER IMPORTANT ECONOMIC MEASURES GOVERNMENT ACTIVITIES Chart Dl. Receipts and Expenditures | Annual rate, bian dofars (current)| 1300-1 1100900700500- 502. Federal Government expendtures, Q 300- 501. Federal Government receipts, 0 500. Federal Government surplus or deficit, Q 700600500400- 511. State and local government recepts, Q 300200- 512. State and local government expenditures, Q +60- 510. State and local government surplus or deficit, Q •MO- + 20- 1959 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 1986 Current data for these series are shown on page 90. Digitized for 52 FRASER SEPTEMBER 1984 BCII OTHER IMPORTANT ECONOMIC MEASURES GOVERNMENT ACTIVITIES—Continued Chart D2. Defense Indicators 3026- [Advance Measures of Defense Activity| 221814- 517. Defense Department gross obligations incurred (bi. dol.; MCD moving avg.—6-term) 2018161412- 525. Defense Department nftvy prime contract awards (bi. dol.; MCD moving avg.—6-term) • " 4-1 180160140120- 12111098765- 548. Manufacturers' new orders, defense products (bl. dol; MCD moving avg.-6-temrt 2J 1959 60 61 62 63 64 65 66 67 68 6S 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 1986 Current data for these series are shown on page 90. not SEPTEMBER 1984 53 OTHER IMPORTANT ECONOMIC MEASURES I J) I GOVERNMENT ACTIVITIES—Continued Chart D2. Defense Indicators—Continued 160- | Intermediate and Final Measures of Defense Activity] m 557. Output of defense and space equipment (index: 1967=100) 140120100- EL 22-i 20181614- s 12- / 559. Manufacturers' inventories, defense products (bl. doL) 561. Manufacturers' unfled orders, defense products (bi. doL) 222018161412- 580. Defense Department net outlays, mitary functions andmitary assistance (bl. dot; MCD moving avg.-6-term) 10- 76- 54- 588. Manufacturers' shipments, defense products (fatdal.; MCD moving avt-4-temi) 2-J 68 09 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 1986 Current data for these series are shown on page 91. 54FRASER Digitized for SEPTEMBER 1984 BCII OTHER IMPORTANT ECONOMIC MEASURES GOVERNMENT ACTIVITIES—Continued Chart D2. Defense Indicators—Continued | Intermediate and Final Measures of Defense Activity—Con. | 570. Employment in defense products industries (mions) Defense Department personnel (mions)— 3.5-1 577. MJtary, active duty 3.0- 2.5- 578. Civian, direct hire employment 1.5- 1.0- 0.5- INational Defense Purchases! 240220200180160- 564. Federal Government purchases of goods and services for national defense, Q (arm. rate, bl.dol.) 140120100- 60- 40 J 565. National defense purchases as a percent of GNP, Q (percent) logs' 7654- 1959 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 7S 77 78 79 80 81 82 83 84 85 1986 Current data for these series are shown on page 91. ltd) SEPTEMBER 1984 55 OTHER IMPORTANT ECONOMIC MEASURES E I U.S. INTERNATIONAL TRANSACTIONS Chart El. Merchandise Trade P Jan. July P T F July P Nov. T 24201612- 602. Exports excluding military aid shipments (hi. dot.; MCD moving avg.-5-term) 604. Exports of domestic agricultural products (bil. dol.) 1- 606. Exports of nonelectrical machinery (bil. dol.) 343026221814- 612. General imports (bi. dol.; MCD moving avg.—4-term) 9.08.07.06.05.04.03.0- 614. Imports of petroleum and petroleum products (ba. dol.) 2.0- i.o- 616. Imports of automobiles and parts (bl. dol) 0.80.6- 0.4- 0.2 J 1959 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 1986 SEPTEMBER 1984 Current data for these series are shown on page 92. 56FRASER Digitized for BCD OTHER IMPORTANT ECONOMIC MEASURES E I U.S. INTERNATIONAL TRANSACTIONS—Continued Chart E2. Goods and Services Movements Apr. Feb P T Dec. P Nov. I Iftnnualrate.biondolarsl Excess of receipts IpO Excess of payments 667. Balance on goods and services, Q ; 668. Exports, Q 622. Mercharxise trad* balance, 651. Income on U.S. investments abroad, Q Income on foreign investments to the U.S., Q 1959 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 1986 Current data for these series are shown on page 93. ltd! SEPTEMBER 1984 57 OTHER IMPORTANT ECONOMIC MEASURES F I INTERNATIONAL COMPARISONS Chart Fl. Industrial Production I Index: 1967=1001 280 260 240 220 200 Industrial production— -«8r 180 721. OECD European countries 160 \ 140120 100 728. Japan 60J 725. West Germany 60 51 62 63 64 65 66 67 68 69 70 71 72 73 71 75 76 77 78 79 80 81 82 83 84 85 1986 Current data for these series are shown on page 94. 58 SEPTEMBER 1984 OTHER IMPORTANT' ?T QNQMIC MEASURES F I INTERNATIONAL COMPARISONS—Continued Chart F2. Consumer Prices Chart F3. Stock Prices | Percent change at annual rate Consumer prices- 1972 73 74 75 76 77 78 79 SO Current data for these series are shown on pages 95 and 96. SEPTEMBER 1984 IICII 59 CYCLICAL INDICATORS A I COMPOSITE INDEXES AND THEIR COMPONENTS Q COMPOSITE INDEXES Year and month 910. Index of 12 leading indicators (series 1, 5, 8, 12, 19, 20, 29, 32, 36, 99, 106, 111) (1967 = 100) 920. Index of 4 roughly coincident indicators (series 41, 47, 51, 57) (1967 = 100) 930. Index of 6 lagging indicators (series 62, 77, 91, 95, 101, 109) (1967 = 100) 940. Ratio, coincident index to lagging index (1967 = 100) Leading indicator subgroups 914. Capital investment commitments (series 12, 20, 29) (1967 = 100) 915. Inventory investment and purchasing (series 8, 32, 36, 99) (1967 = 100) 916. Profitability (series 19, 26, 80) 917. Money and financial flows (series 104, 106, 111) (1967 = 100) (1967 = 100) 1982 '135.1 135.7 134.7 138.4 139.9 139.2 126.1 125.3 125.1 109.8 111.7 111.3 104.2 104.2 104.0 96.7 96.5 96.6 94.5 93.2 92.6 123.3 122.1 122.2 April May June 136.0 136.2 135.5 138.0 138.8 137. .3 125.9 125.1 124.8 109.6 111.0 110.0 104.9 104.2 102.9 96.4 97.1 97.6 93.1 93.0 92.4 123.0 122.4 122.2 July August September 136.2 136.1 137.5 136.4 135.2 134.5 124.3 122.3 121.4 109.7 110.5 110.8 103.9 102.9 103.4 97.8 98.1 98.3 92.6 92.4 93.9 122.5 124.5 124.2 October November December 138.6 139.4 140.9 132.9 132.7 132.6 120.2 118.2 116.7 110.6 112.3 113.6 104.7 105.4 107.0 98.0 97.0 96.4 95.0 95.5 96.4 122.7 122.5 122.5 January February March 145.2 147.4 150.2 134.3 133.5 134.6 115.7 115.8 114.4 116.1 115.3 117.7 106.3 107.0 107.2 97.7 99.2 97.6 98.6 101.3 100.5 127.2 129.1 129.8 April May June 152.5 154.4 157.3 135.6 137.9 139.8 113.5 111.0 109.8 119.5 124.2 127.3 107.7 109.3 110.3 101.9 102.3 102.5 102.5 104.6 105.7 129.7 129.0 131.5 July August September 158.2 158.9 rieo.o 140.7 140.8 143.3 109.7 110.3 109.7 128.3 127.7 130.6 109.4 108.9 r!09.3 103.1 104.4 104.7 106.5 107.0 107.9 132.4 132.0 130.2 October November December r!62.4 r!62.5 1-163.4 145.0 145.9 147.5 109.6 110.0 110.9 132.3 132.6 133.0 rllO.4 rllO.O r!09.2 105.4 105.2 106.1 108.4 108.6 108.8 131.1 132.0 133.9 r!64.3 r!66.9 r!67.3 149.5 150.6 151.0 109.4 111.1 112.6 D136.7 135.6 134.1 rllO.3 0}rll2.1 rlll.O 106.1 106.9 107.6 109.2 108.4 r!09.1 133.2 135.0 136.4 r!68.2 U>rl68.6 r!66.7 152.6 r!53.9 r!55.5 114.3 rll6.0 rl!7.2 133.5 r!32.7 r!32.7 rlll.O rllO.9 rllO.5 107.9 H>108.0 106.0 r!09.8 DrllO.3 137.1 138.8 |H)rl38.8 163.7 "164.5 155.7 D3156.0 118.6 r!31.3 P130.1 r!09.3 P109.7 r!04.6 P103.7 January . . . February . . . March . . . 1983 1984 January February March April May June July August September K'ng.g (NA) P136.8 (NA) October November December NOTE: Series are seasonally adjusted except for those, indicated by ®, that appear to contain no seasonal movement. Current high values are indicated by 0); for series that move counter to movements in general business activity, current low values are indicated by 33). Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are listed at the back of this issue. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available. Graphs of these series are shown on pages 10 and 11. 'Includes a substitute value for series 1. See "New Features and Changes for This Issue" on page iii of the March 1982 issue. 2 Excludes series 36 and 111, for which data are not available. 3 Excludes series 57, for which data are not available. 'Excludes series 77 and 95, for which data are not available. 60 SEPTEMBER 1984 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS MAJOR ECONOMIC PROCESS Q| EMPLOYMENT AND UNEMPLOYMENT Minor Economic Process Timing Class Year and month L, L, L L,C,L L,C, L 1. Average workweek of production workers, manufacturing 21. Average weekly overtime hours, production workers, manufacturing (Hours) L, Lg, U 5. Average weekly initial claims, State unemployment insurance ' 60. Ratio, help-wanted advertising to persons unemployed (Ratio) (Thous.) (Hours) Comprehensive Employment Job Vacancies Marginal Employment Adjustments U, C, C L, Lg, U 48. Employee-hours in nonagricultural establishments 46. Index of helpwanted advertising in newspapers (1967=100) (Ann. rate, bit. hours) 1982 January February March . . 37.4 39.5 39.1 2.3 2.4 2.3 563 514 566 0.336 0.316 0.288 106 103 96 164.24 168.94 168.32 April May . June 39.0 39.1 39.1 2.4 2.3 2.3 566 585 551 0.254 0.250 0.241 88 87 85 167.52 167.63 166.55 July . . . August September . 39.1 39.0 38.8 2.3 2.3 2.3 533 605 653 0.227 0.213 0.193 83 78 73 165.91 165.52 165.14 October November . December . 38.9 39.0 39.1 2.3 2.3 2.3 651 616 531 0.196 0.195 0.208 76 78 83 164.36 163.50 164.61 January February March 39.5 39.1 39.7 2.4 2.4 2.6 507 478 479 0.214 0.215 0.216 83 83 83 165.75 164.04 165.06 April May June 40.1 39.9 40.1 2.9 2.7 2.9 470 453 406 0.212 0.232 0.245 81 87 92 166.67 167.07 167.47 July August September 40.2 40.3 40.7 3.0 3.0 3.2 380 408 387 0.281 0.272 0.282 100 97 98 168.29 168.25 170.68 October November December 40.6 40.6 40.6 3.3 3.3 3.4 386 381 378 0.334 0.360 0.392 111 114 121 171.12 170.69 172.73 40.9 40.9 40.7 3.5 3.5 3.5 364 S>345 348 0.406 0.436 0.421 123 129 124 174.01 175.02 174.40 r40.6 |H>3.7 3.3 3.3 360 348 350 0.418 0.437 |H>0.491 124 125 134 176.89 r!76.31 r!76.99 r40.5 p40.4 r3.3 p3.2 365 358 0.481 pO.447 |H>138 r!77.27 (H>pl77.46 1983 1984 January February March April May June E>41.1 40.6 July August . . . September . p!28 October . . . November December See note on page 60. Graphs of these series are shown on pages 12, 16, and 17. *Data exclude Puerto Rico, which is included in figures published by the source agency. SEPTEMBER 1984 61 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued MAJOR ECONOMIC PROCESS 01 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 1982 January February March 96,301 96,419 96,374 90,402 90,409 90,301 24,691 24,667 24,524 57.46 57.48 57.38 9,393 9,693 9,910 8.6 8.9 9.0 4.1 4.1 4.3 13.4 14.1 14.0 2.5 2.7 April May June 96,223 96,726 96,314 90,059 90,006 89,755 24,299 24,165 23,920 57.23 57.51 57.15 10,303 10,363 10,480 9.4 9.4 9.5 4.5 4.6 4 6 14.4 14.8 16.0 2.8 2.9 3.1 July August September 96,086 96,183 96,046 89,412 89,208 89,103 23,716 23,528 23,376 57.01 56.99 56.84 10,896 10,910 11,267 9.9 9.9 10.2 4.6 4 7 4 9 15.4 16.1 16.6 3.3 3.4 3.5 October November December 95,703 95,537 95,550 88,820 88,674 88,646 23,101 22 930 22 873 56.63 56.52 56.44 11,544 11,887 11,894 10.4 10.7 10.7 5.1 5.1 4.8 17.2 17.4 18.4 3.8 4.0 4.2 January February March 95,734 95,757 95,930 88,827 88,728 88,945 22,959 22,827 22,832 56.48 56.45 56.48 11,523 11,516 11,419 10.4 10.4 10.3 4.5 4.5 4.4 19.4 19.1 19.2 4.2 4.2 4.1 April May June 96,214 96,388 97,264 89,259 89,578 89,927 22,949 23,087 23,241 56.60 56.63 57.14 11,369 11,188 11,162 10.2 10.1 10.0 4.4 4.1 3.9 19.2 20.2 21.4 4.0 4.1 4.0 July August September 97,726 98,035 98,568 90,274 89,918 91,018 23,414 23,532 23,669 57.35 57.45 57.62 10,600 10,633 10,353 9.5 9.5 9.2 3.7 3.5 3.3 21.3 19.9 20.2 3.6 3.5 October November December 98,730 99,349 99,585 91,345 91,688 92,026 23,895 24,058 24,198 57.61 57.92 58.05 9,896 9,429 9,195 8.8 8.4 8.2 3.2 3.2 3.1 20.1 20.2 19.6 3 3 3.1 3.0 99,918 100,496 100,859 92,391 92 846 93 058 24,383 24 577 24 595 58.06 58.41 58 49 9,026 8,801 8,772 8.0 7.8 7.8 3.0 2 9 2 9 20.5 18.8 2.9 2 6 1Q 0 9 C 101,009 101 899 [H>102,344 93,449 r93,786 r94,135 24,760 24,851 r24,974 58.59 59.04 E>59.24 8,843 8,514 H>8,130 7.8 7 5 H>7.1 2.8 2 7 2.7 18.5 18 4 18.6 2.5 102,050 101,744 r94,351 [H)p94,510 r25,068 Dp25,112 58.99 58.70 8,543 8,526 7.5 7.5 2.7 B>2.6 18.1 D17.3 2.2 1983 3.9 1984 January February March April May June July August September October November December See note on page 60. Graphs of these series are shown on pages 14, 15, 17, and 18. x Data exclude Puerto Rico, which is included in figures published by the source agency. 62 SEPTEMBER 1984 2 5 2.3 2.4 H>2.3 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued MAJOR ECONOMIC Qj PRODUCTION AND INCOME PROCESS Minor Economic Comprehensive Output and Income Process Timing Class Year and month 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, bit. dot.) C, C, C C,C, C C, C, C (Ann. rate, bil. dol.) Industrial Production C, C, C 47. Index of industrial production, total (1967=100) C, C, C 73. Index of industrial production, durable manufactures (1967 = 100) C, L, L 74. Index of industrial production, nondurable manufactures (1967=100) C, C, C 49. Value of goods output in 1972 dollars (Ann. rate, bil. dol.) 1982 January February March 1,483.5 2,521.5 2,542.6 2,545.2 1,246.4 1,256.2 1,255.0 1,072.0 1,080.7 1,077.9 222.9 223.7 222.7 140.7 142.9 141.7 127.1 129.3 128.2 155.1 157.8 157.3 669.0 April May June 1,48C)!5 2,561.2 2,570.7 2,572.7 1,260.4 1,258.9 1,248.3 1,081.2 1,079.5 1,070.1 221.8 220.2 217.1 140.2 139.2 138.7 126.7 126.1 125.5 156.1 155.0 155.3 662! 6 July August . . September l,477!l 2,591.4 2,591.5 2,599.8 1,251.9 1,248.9 1,249.3 1,067.8 1,064.9 1,064.2 214.8 212.7 211.0 138.8 138.4 137.3 125.9 124.9 123.5 155.7 156.9 156.7 657 '.9 October . November December l,478!s 2,617.0 2,645.0 2,656.3 1,249.2 1,261.9 1,267.3 1,060.8 1,070.3 1,074.8 208.3 207.3 208.4 135.7 134.9 135.2 120.3 119.3 119.9 156.2 155.3 155.6 653!6 January February March l,49l!6 2,659.7 2,656.8 2,671.8 1,264.1 1,260.9 1,265.7 1,075.5 1,071.1 1,074.8 210.5 209.4 210.2 137.4 138.1 140.0 122.5 123.9 126.3 157.4 159.0 160.7 658^9 April May June . . 1,524'.8 2,693.2 2,715.8 2,734.4 1,268.0 1,275.6 1,282.6 1,077.6 1,083.0 1,091.3 210.6 210.9 212.2 142.6 144.4 146.4 129.1 131.0 133.2 163.3 165.4 167.8 68i!e July August September 1,55C)!2 2,744.9 2,759.9 2,785.0 1,283.3 1,284.9 1,291.1 1,094.2 1,096.8 1,104.1 213.3 213.6 216.0 149.7 151.8 153.8 136.8 138.8 141.6 170.6 172.9 174.6 698 !1 October November December 1,572".7 2,814.9 2,834.2 2,860.4 1,306.2 1,312.1 1,321.2 1,119.1 1,121.9 1,130.8 217.1 218.2 219.8 155.0 155.3 156.2 142.8 143.6 145.0 175.6 174.8 173.9 715.*5 1,610*.9 2,897.4 2,923.5 2,940.6 1,332.8 1,341.7 1,344.0 1,144.1 1,153.1 1,155.3 221.9 223.1 222.9 158.5 160.0 160.8 148.6 150.5 151.4 175.2 177.2 177.6 744.' 9 H>rl,638.8 r2,968.5 r2,978.8 r3,006.5 rl,354.2 rl,358.9 rl,371.6 rl, 165.0 rl,169.7 rl, 181.8 224.7 224.7 r225.7 162.1 r!62.8 r!64.3 152.6 r!53.3 r!54.9 179.1 r!79.9 r!80.9 n.ess'.i r3,026.7 Dp3,042.8 rl,374.5 H>pl.376.2 rl, 185.1 B)pl,186.9 r225.8 !>P225.8 r!65.8 [H>pl66.2 r!57.3 |H>pl57.6 181.8 DP182.2 1983 1984 January February March . . . April May June July August September October November December |H>r767.4 .... See note on page 60. Graphs of these series are shown on pages 14, 19, 20, and 40. ln Flash" estimate. SEPTEMBER 1984 63 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued MAJOR ECONOMIC PROCESS 01 PRODUCTION AND INCOME-Contmued Minor Economic Process Capacity Utilization Timing Class Year and month 01 CONSUMPTION, TRADE, ORDERS, AND DELIVERIES L, C, U 83. Rate of capacity utilization, manufacturing (BEA) (Percent) 82. Rate of capacity utilization, manufacturing (FRB) (Percent) Orders and Deliveries 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. dot.) 7. Constant (1972) dollars (Bil. dol.) L, L, L 8. New orders for consumer goods and materials in 1972 dollars (Bil. dol.) I L, L L, Lg, U L, L, L 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.) (Percent reporting) 1982 January February March 72!9 73*.6 76.13 77.37 78.60 33.29 33.83 34.31 29.04 29.50 30.48 -0.53 -1.34 -0.24 308.24 306.89 306.65 32 36 35 7l!e 70.*7 76.91 75.83 74.92 33.50 32.89 32.42 29.40 30.48 29.94 -1.04 -3.54 -3.64 305.61 302.08 298.44 31 30 38 7l!6 69!i 75.23 72.05 73.23 32.51 31.12 31.52 30.04 29.23 29.75 -3.24 -4.49 -3.22 295.20 290.71 287.49 37 40 40 69.'6 67 .'l 71.55 71.54 76.61 30.76 30.68 32.79 28.25 28.42 28.70 -1.64 -1.64 285.84 284.21 287.01 44 40 38 81.84 77.52 79.80 35.06 32.96 33.87 31.42 31.64 31.70 -0.38 0.15 290.85 290.47 290.61 41 42 50 *72 April May June 'n July ... . August September October . . November December *69 *68 2.81 1983 January February March 7Q.7 70.' i *70 April May June *73 July August September *76 October . November . . . . December 3.83 73'.8 73.S 82.86 83.29 89.46 35.16 35.19 37.64 32.02 33.56 33.86 2.74 1.28 3.87 293.36 294.63 298.50 52 52 52 77!i 77.*5 87.88 88.82 91.51 36.91 37.23 38.35 34.60 35.20 35.31 2.80 2.09 2.55 301.30 303.39 305.94 52 61 60 78.9 79.*6 94.78 97.99 98.44 39.72 40.95 41.09 36.09 36.60 37.49 5.60 5.68 2.09 311.53 317.21 319.30 64 59 67 80.*7 si.'e 99.44 102.34 D105.18 41.50 42.52 (H>43.43 K>38.59 38.38 37.49 4.15 6.06 323.46 329.51 337.70 63 68 D72 98.32 102.26 99.17 r40.49 42.13 40.74 r37.28 38.46 36.65 2.62 4.31 0.13 340.32 344.63 344.76 71 70 66 rl01.43 plOO.48 r41.72 P41.23 r37.87 P37.92 r3.18 pO.26 r347.95 E>p348.20 60 54 E>77 1984 January February March April May June (NA) Brsi.'s July August September . . . H>r82."7 D8.19 October November December See note on page 60. Graphs of these series are shown on pages 12, 20, and 21. 64 SEPTEMBER 1984 ItCII CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued MAJOR ECONOMIC PROCESS Minor Economic Process Timing Class C, C , C C, C, C 56. Current dollars (Mil. dot.) 57. Constant (1972) dollars (Mil. dol.) C, L, C 75. Index of industrial production, consumer goods (1967 = 100) C, L, U U, L, U Sales of retail stores 54. Current dollars (Mil. dol.) FIXED CAPITAL INVESTMENT Formation of Business Enterprises Consumption and Trade Manufacturing and trade sales Year and month D (H CONSUMPTION, TRADE, ORDERS, AND DELIVERIES-Continued 59. Constant (1972) dollars (Mil. dol.) L, C, C 55. Personal consumption expenditures, automobiles L, L, L 58. Index of consumer, sentiment ® (Ann. rate, bil. dol.) (IstQ 1966=100) L, L, L 12. Index of net business formation (1967 = 100) L, L, L 13. Number of new business incorporations (Number) 1982 January February March 341,593 347,076 346,824 151,294 154,569 154,775 139.6 141.8 141.5 86,468 88,846 87,882 43,539 44,826 44,340 11A 71.0 66.5 62.0 113.2 115.6 113.5 43,330 47,234 46,899 April May June 345,177 350,022 345,717 153,447 155,152 152,840 142.1 143.6 144.8 88,268 89,794 88,048 44,557 45,145 43,870 70.4 65.5 67.5 65.7 115.2 114.7 112.1 46,876 46,995 45,936 July August September 345,663 341,974 342,109 152,873 152,012 151,628 145.8 144.1 143.4 89,252 89,251 90,019 44,382 44,381 44,719 73.4 65.4 65.4 69.3 112.4 112.6 110.4 44,525 46,981 45,552 October November December 336,574 339,344 338,065 149,396 151,182 150,684 142.2 141.3 142.0 90,511 92,747 91,861 44,785 45,937 45,566 79.*1 73.4 72.1 71.9 111.5 112.9 114.4 45,530 48,474 1)57, 507 January . . . February . March 345,890 342,742 348,227 154,406 153,118 155,385 143.6 143.4 144.3 92,526 92,211 93,804 45,782 45,672 46,323 78.*4 70.4 74.6 80.8 111.4 113.3 112.7 49,999 48,296 48,032 April May June . . . 351,012 360,488 368,971 155,865 159,952 163,600 147.7 150.4 152.4 95,125 97,239 98,638 46,767 47,666 48,328 88.' i 89.1 93.3 92.2 112.0 114.8 116.4 48,903 50,211 50,992 July . . August September 370,181 373,283 379,229 162,835 163,471 165,070 154.8 156.3 157.3 98,832 98,277 99,537 48,258 47,847 48,366 90.*2 93.9 90.9 89.9 115.2 114.4 115.8 48,601 52,828 50,445 October November December 382,457 386,564 395,682 166,410 168,444 171,812 156.9 156.1 157.7 100,923 101,896 102,438 48,968 49,464 49,607 96.*3 89.3 91.1 94.2 118.0 117.8 116.3 50,441 51,642 51,557 401,133 398,815 401,905 173,478 172,113 172,420 159.5 159.4 160.2 106,602 105,482 103,873 51,300 50,810 49,915 10l!9 100.1 97.4 (H>101.0 115.9 E>119.1 117.6 53,044 53,591 53,424 405,880 412,725 H)r414,124 r!74,134 r!77,407 !>rl78,417 161.4 161.7 r!62.7 107,505 108,237 [H>rl09,322 51,660 52,162 [H>r52,813 E)104.'6 96.1 98.1 95.5 118.5 rl!5.6 rl!5.2 53,933 (NA) p410,957 (NA) p!76,160 (NA) Drl63.9 P163.2 r!07,142 p!06,232 r51,610 p51,098 96.6 99.1 rl!5.3 pl!7.9 1983 1984 January February March April May June July August September .. October November December See note on page 60. Graphs of these series are shown on pages 12, 14, 22, and 23. KCII SEPTEMBER 1984 65 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued MAJOR ECONOMIC Q| FIXED CAPITAL INVESTMENT-Continued PROCESS Minor Economic Business Investment Commitments Process Timing Class L, L, L I, 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 L, L, L Value of manufacturers' new orders, capital goods industries, nondefense 24. Current dollars (Bil. dol.) I, C, U 9. Construction contracts for commercial and industrial buildings ' 27. Constant (1972) dollars Square feet of floor space (Bil. dol.) (Millions) Square meters of floor space 2 (Millions) U, Lg, U C, Lg, Lg 11. Newly approved capital appropriations, 1,000 manufacturing corporations 97. Backlog of capital appropriations, 1,000 manufacturing corporations (Bil. dol.) (Bil. dol.) 1982 January February March 26.75 29.54 26.15 13.10 14.60 13.11 21.85 22.59 21.91 11.00 11.61 11.30 58.18 63.29 61.15 5.40 5.88 5.68 25! 18 April May June 25.88 23.81 23.10 13.54 11.74 11.13 22.45 20.13 19.62 12.07 10.16 9.64 58.93 53.71 64.87 5.47 4.99 6.03 20! 02 July August September 23.81 22.70 24.34 11.63 11.06 11.96 20.33 18.62 20.28 10.13 9.30 10.21 57.80 59.78 55.95 5.37 5.55 5.20 is! '44 October November December 23.23 23.70 24.47 11.71 11.58 12.58 19.93 20.01 19.84 10.29 9.99 10.60 54.65 50.69 49.55 5.08 4.71 4.60 2l'.49 January February March 23.26 24.07 23.83 11.62 11.77 12.59 20.48 19.17 20.13 10.44 9.67 11.01 66.89 57.77 52.65 6.21 5.37 4.89 20*07 April May June 25.77 28.31 27.24 13.14 13.84 14.07 21.96 21.85 23.83 11.52 11.09 12.61 54.32 61.20 65.40 5.05 5.69 6.08 20.87 25.59 r27.60 29.09 12.86 r!3.62 15.15 22.06 22.89 25.30 11.36 11.62 13.54 61.78 65.26 69.20 5.74 6.06 6.43 22.78 29.66 28.86 27.99 14.78 14.05 13.76 25.50 24.68 24.89 13.01 12.28 12.45 71.35 73.65 66.89 6.63 6.84 6.21 24.26 January February March 28.85 30.66 30.85 14.57 15.41 15.71 25.09 27.02 26.86 13.00 13.89 14.06 77.59 62.61 73.63 7.21 5.82 6.84 26! 82 April . . May June 29.55 0)34.47 31.80 14.62 1>17.11 15.99 25.88 E>28.96 28.03 13.11 E>14.82 14.41 80.03 |H)84.39 74.04 7.43 |H>7.84 6.88 |H)p37!o9 r32.35 P30.25 r!5.18 p!4.98 r27.34 P25.61 r!3.08 p!3.04 79.71 84.26 7.41 7.83 90*. 20 82 '.88 74*. 15 7o!76 1983 July August September . October November December 69.' 60 70.*58 72.57 73.50 1984 July . August September 78.*65 |H>p92!4i 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. 2 Converted to metric units by the Bureau of Economic Analysis. 66 SEPTEMBER 1984 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued MAJOR ECONOMIC PROCESS Q| FIXED CAPITAL INVESTMENT-Contmued 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, bit. dol.) (Ann. rate, bil. dol.) (1967 = 100) C, Lg, C Lg, Lg, Lg C, Lg, C Nonresidentia fixed investment in 1972 dollars 86. Total (Ann. rate, bil. dol.) 87. Structures (Ann. rate, bil. dol.) 88. Producers' durable equipment (Ann. rate, bil. dol.) L, L, L 28. New private housing units started, total (Ann. rate, thous.) L, L.L 29. Index of new private housing units authorized by local building permits (1967 = 100) L, L, L 89. Residential fixed investment, total, in 1972 dollars (Ann. rate, bil. dol.) 1982 January February March 293.46 335.85 345.85 343.90 172.2 171.6 169.0 175.2 55.4 119.8 April May June 288.' 04 329.13 335.67 329.55 164.9 159.9 156.7 166\9 53!7 July August September 279!ei 326.30 316.14 318.53 154.9 153.9 150.5 163!9 October November December 269 '.80 310.36 309.83 307.12 147.1 146.4 148.1 lei'.'s 853 880 920 64.1 65.3 72.0 36.2 113!2 935 1,020 913 71.7 77.0 73.7 37*.6 52!i lll!5 1,173 1,026 1,148 84.3 74.8 84.2 36*.8 5l'.9 109! 7 1,156 1,355 1,296 92.8 99.3 4o!s 109.1 1983 January February March 261.71 307.65 298.73 310.69 146.6 142.7 143.7 161.6 49.0 112.5 1,632 1,706 1,592 115.6 117.6 120.5 46.2 April May June 261.16 308.89 302.96 327.25 146.9 147.7 150.2 165.3 48.1 117.2 1,549 1,779 1,743 125.7 134.1 142.5 53.4 July August September 270.05 319.56 320.14 331.57 - 153.3 156.6 158.7 172.6 48.3 124.3 1,793 1,873 1,679 141.5 135.0 124.4 57.2 October November December 283!96 325.11 339.42 354.91 161.3 164.1 167.3 184 '.5 5L4 133ii 1,672 1,730 1,694 133.3 133.2 129.4 57^8 293! 15 343.03 345.94 362.47 170.7 171.9 172.1 193.3 54!l 1391 2 1,980 H>2,262 1,662 145.3 D153.6 139.5 60'.6 358.82 r375.29 |0)r386.01 173.5 176.5 r!80.8 !>r202.9 !>r56.8 Dr 146.0 2,015 1,794 rl,877 142.0 141.0 142.8 [H>r60.8 p372.45 r!84.1 H)pl86.1 rl 763 pi 537 126.4 121 6 1984 January February March April May June (H>302.70 July August September ra316.22 October November December . . . . . . . ra318.33 (NA) See note on page 60. Graphs of these series are shown on pages 13, 24, and 25. :n SEPTEMBER 1984 67 CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued MAJOR ECONOMIC PROCESS |U 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.) (Bil. dol.) Monthly data Smoothed data 1 Lg, Lg, Lg Lg, Lg, Lg Manufacturing and trade inventories 71. Book value 70. Constant (1972) dollars 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.) (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) January February March -6.*7 -26.80 -23.28 -5.68 -10.17 -17.89 -20.44 -28.7 -18.7 -3.0 -2.27 -2.71 -1.89 521.24 519.67 519.42 268.00 267.06 266.85 89.30 90.07 90.03 1.77 1.73 1.72 214.45 211.74 209.85 April May June -i.'o -9.73 -31.19 -5.84 -15.74 -14.22 -15.56 23.7 -52.7 13.8 -1.82 -2.08 -3.67 521.40 517.01 518.16 267.45 265.30 265.53 89.42 88.58 87.71 1.74 1.71 1.74 208.03 205.95 202.28 July August September -e!i -4.46 -24.55 -9.04 -14.71 -12.72 -12.15 2.8 -23.6 -18.3 -2.16 -2.35 -2.20 518.39 516.42 514.90 265.85 264.88 264.38 88.14 88.03 87.49 1.74 1.74 1.74 200.11 197.76 195.56 October November December -24.*6 -19.56 -36.52 -19.96 -15.20 -19.71 -23.53 -19.2 -66.8 -26.2 -1.72 -1.81 -0.92 513.30 507.73 505.55 263.25 260.61 259.40 87.18 85.98 85.02 1.76 1.72 1.72 193.85 192.04 191.12 -16.5 -13.50 3.06 -15.16 -24.34 -16.73 -9.33 -40.0 10.0 -44.1 0.08 0.97 0.69 502.21 503.04 499.37 257.82 257.60 256.06 83.84 83.63 82.34 1.67 1.68 1.65 191.19 192.16 192.85 -e!i 2.08 12.73 -2.32 -5.94 -1.73 2.02 10.7 9.3 -5.0 0.13 1.16 1.58 500.26 501.04 500.62 255.89 256.22 255.65 82.08 82.10 81.88 1.64 1.60 1.56 192.98 194.13 195.72 July August September CL9 16.86 16.97 13.01 6.63 9.80 13.06 9.2 34.9 32.4 1.64 0)2.92 1.64 501.38 504.28 506.98 255.86 256.31 256.78 82.23 82.14 81.72 1.57 1.57 1.56 197.36 200.27 201.91 October November December Y.2 18.91 18.14 15.34 15.96 16.49 17.08 26.2 27.4 34.6 2.47 1.77 2.44 509.17 511.45 514.34 257.29 258.06 259.02 81.54 81.72 80.87 1.55 1.53 1.51 204.38 206.15 208.59 January February March E>3L6 28.30 B>46.84 25.49 19.03 25.38 31.85 44.7 D109.8 66.6 2.86 2.71 2.42 518.06 527.22 532.77 260.17 263.23 265.12 80.77 81.87 82.87 1.50 1.53 1.54 211.45 214.16 216.59 April May . June r20.3 r38.32 r35.11 r-11.51 H)r35.21 r34.93 r26.81 99.5 58.2 rll.l 2.28 2.55 r-0.98 541.06 545.91 r546.83 r267.98 r270.03 r270.03 84.06 85.30 r86.54 1.54 1.52 1.51 218.87 221.42 r220.44 p25.33 (NA) p!8.48 (NA) p53.2 (NA) p2.16 (NA) E>p551.27 (NA) DP271.94 (NA) DP87.24 •na DP222.61 (NA) (Ann. rate, bil. dol.) (Bil. dol.) (Bil. dol.) 1982 1983 January February March April May June . 1984 July August September October November December See note on page 60. Graphs of these series are shown on pages 13, 15, 26, and 27. l This series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span. SEPTEMBER 1984 CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued MAJOR ECONOMIC PROCESS Qj PRICES, COSTS, AND PROFITS Minor Economic Process Timing Class . . . Year and month Stock Prices Sensitive Commodity Prices L, L, L 98. Change in producer prices for 28 sensitive materials (Percent) L,L,L U, L, L 23. Index of spot market prices, raw industrials1 ® (1967 = 100) L, L, L 99. Change in sensitive materials prices Smoothed data 2 Monthly data (Percent) (Percent) 19. Index of stock prices, 500 common stocks © (1941-43=10) Profits and Profit Margins L, L, L L, L, L Corporate profits after taxes 16. Current dollars 18. Constant (1972) dollars L, C, L L, C, L Corporate profits after taxes with IVA and CCAdj 3 79: Current dollars 80. Constant (1972) dollars (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) L, L, L 22. Ratio, profits (after taxes) to total corporate domestic income (Percent) 1982 January February March -0.21 -1.61 -0.62 263.4 261.0 254.5 -0.22 -1.10 -1.06 -1.06 -0.82 -0.76 117.28 114.50 110.84 104^7 5L2 97!6 47!6 5*. 7 April May June -0.62 -0.22 -0.63 247.4 245.5 232.2 -1.16 -0.32 -1.96 -0.95 -0.98 -1.00 116.31 116.35 109.70 106 1 9 5i'.7 98*.8 47^8 5i7 July . August September 0.11 237.0 236.2 239.0 0.65 -1.48 -0.88 -0.84 -0.64 -0.32 109.38 109.65 122.43 10716 5L5 4o\7 5^7 October . November December -0.15 -0.26 132.66 138.10 139.37 106! 8 48li 96*.6 46*. 1 5*. 3 0.09 -0.10 -0.28 -0.33 1.50 -0.07 144.27 146.80 151.88 102! 6 4£L9 120 '.6 S7\3 5^3 1.34 0.91 157.71 164.10 166.39 123A 58!9 14L9 67*.9 6*. 3 142 '.6 67^9 160 '.2 76*.5 7*.l 141 '.1 66\4 175!5 83.'6 6.*9 Y.i 0.26 0.90 235.5 230.4 227.4 0.51 -0.51 -0.79 10L4 1983 January February March 1.68 D2.75 2.00 April May June -0.18 1.76 2.55 232.1 241.3 248.8 D2.58 1.93 0.83 1.70 253.2 251.5 250.5 0.44 0.70 1.22 0.86 1.62 0.21 0.86 1.08 1.06 166.96 162.42 167.16 D1.83 July August September -0.20 256.0 265.2 267.9 October November December 0.96 1.12 0.81 273.4 279.8 282.4 1.09 1.29 0.70 0.94 0.92 0.94 B>167.65 165.23 164.36 January February March -0.94 283.6 283.6 289.2 -0.37 0.78 0.43 0.35 166.39 157.25 157.44 E>15b*.6 E>7l'.6 184 '.7 87*.5 April . May June -0.54 -0.51 -0.65 288.6 i>289.5 286.2 -0.32 -0.20 -0.65 0.40 0.27 rl50.*2 r70.*3 -0.13 157.60 156.55 153.12 [H>rl95.2 Dr92!i July August September -2.18 -1.40 280.1 275.6 "274.6 -1.79 -1.20 -0.64 -1.05 0.37 1.14 1984 1.17 0.74 0.61 0.93 S !>7.1 151.08 164.42 165.55 October November December . See note on page 60. Graphs of these series are shown on pages 13, 28, and 29. ^his is a copyrighted series used by permission; it may not be reproduced without written permission from Commodity Research Bureau, Inc. a 3 See footnote 1 on page 68. IVA, inventory valuation adjustment; CCAdj, capital consumption adjustment. "Average for September 1-25. 5 Average for September 5, 12, 19, and 26. SEPTEMBER 1984 69 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued MAJOR ECONOMIC PROCESS Minor Economic Process Timing Class Year and month Q| PRICES, COSTS, AND PROFITS-Continued U.L, L L, L, I 81. Ratio, profits (after taxes) with IVA and CCAdj to corp. domestic income ' 15. Profits (after taxes) per dollar of sales, all manufacturing corporations (Percent) (Cents) L, L,L Unit Labor Costs and Labor Share Cash Flows Profits and Profit Margins— Continued L, L, L L, L, L 26. Ratio, price Net cash flow, corporate to unit labor cost, nonfarm 35. Constant business sector 34. Current dollars (1972) dollars (1977 = 100) (Ann. rate, bil. dol.) (Ann. rate, bil. dot.) 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 (1977 = 100) (Dollars) Lg, Lg, Lg 62. Index of labor cost per unit of output, manufacturing Actual data (1967 = 100) Actual data as a percent of trend (Percent) 64. Compensation of employees as a percent of national income (Percent) 1982 January February March 5.'i 3\9 96*8 249.' 4 118*4 150.0 1.372 225.8 223.3 223.5 104.9 103.2 102.6 75*7 April May June 5*2 3*6 96.4 259.'6 121*6" 153*4 1.395 226.5 228.2 228.5 103.4 103 ..5 103.0 76.'6 July August September 5*. 3 3.*5 96.'6 266.' 6 124.' 3 155.3 1.404 226.9 226.2 226.4 1Q1.7 100.8 100.3 76 .*5 October November December 5*6 2*8 95!e 266 .*7 123*4 155*9 1.419 227.9 229.0 229.1 100.3 100.2 76*5 99.6 1983 January February March 6.5 3. 3 96\4 280 ! 6 130 .*9 156*8 H>1.42i 227.4 225.6 223.9 98.3 96.9 95.6 76*6 April May June 7*.5 4.'6 97*9 310*5 146.' 2 155*4 1.408 221.9 220.4 219.0 94.2 93.0 91.9 75*2 July August September s.'i 4.2 98.7 339.' 6 159*2 155. *i 1.400 216.4 214.7 214.4 90.2 89.0 88.3 74*5 October November December 8*9 4.5 98*8 345.* 6 160.' 9 156.8 1.408 215.0 217.1 219.2 88.0 88.4 88.7 74.*3 January February March 9*.i 4.' 9 98 '.7 360 ' 4 167! 5 E>157.*7 1.415 218.4 218.5 218.7 87.8 87.3 86.9 73 '.5 April . May June E>r9'6 E>p4i9 |H>99'.5 Drl69.3 156*9 rl.414 218.9 218.1 r217.0 86.4 85.6 r84.7 r215.6 p216.2 r83.6 p83.3 1984 (H)r366.7 July August September r73.3 October November December See note on page 60. Graphs of these series are shown on paces 15, 29, and 30. X IVA, inventory valuation adjustment; CCAdj, capital consumption adjustment. 70 SEPTEMBER 1984 BUI CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued MAJOR ECONOMIC Qjj MONEY AND CREDIT PROCESS Minor Economic Money Process Timing Class . . Year and month L.L.L 85. Change in money supply Ml (Percent) L, C, U 102. Change in money supply M2 (Percent) L, L, L 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 1972 dollars (Bit. dol.) L, L, L 106. Money supply M2 in 1972 dollars (Bil. dol.) C, Lg, C L, L, L 108. Ratio, personal income to money supply M2 33. Net change in mortgage debt held by financial institutions and life insurance companies (Ann. rate, bil. dol.) C, C , C 107. Ratio, gross national product to money supply Ml (Ratio) (Ratio) 1982 1.90 -0.49 -0.04 0.98 0.21 0.50 1.07 0.74 0.81 0.92 0.89 0.87 199.3 197.8 198.0 803.0 802.7 807.8 6.742 1.390 1.398 1.393 36.72 18.02 4.75 April May June 0.42 0,38 0.18 0.67 0.80 0.63 0.89 0.88 0.98 0.84 0.84 0.89 198.2 197.0 195.3 810.4 809.2 805.7 6.785 1.392 1.386 1.379 10.64 4.73 -7.61 July August September . . . . 0.18 1.02 1.27 0.66 1.01 0.88 0.93 0.81 0.84 0.92 0.92 0.88 194.6 196.1 198.5 806.8 812.8 819.6 6.724 1.380 1.366 1.358 -5.03 -5.84 -13.14 October November . . . . December 1.45 1.32 0.86 0.77 0.88 1.01 0.98 0.45 0.56 0.87 0.82 0.71 200.6 203.2 205.6 822.9 830.1 841.0 6.537 1.357 1.359 1.352 -50.09 -7.82 -46.81 0.96 1.24 1.08 0)2.66 1.81 0.65 0)1.34 0.83 0.70 0.72 0.85 0.93 207.0 209.7 211.8 860.7 876.9 882.0 6.465 1.318 1.293 1.292 45.85 34.37 -40.55 0.30 E>1.75 0.85 0.70 0.98 0.70 0.96 0.78 0.99 0.89 0.82 0.86 211.0 213.7 215.1 882.2 886.9 891.3 6.468 1.294 1.292 1.292 3.82 -32.22 31.43 July August September 0.78 0.49 0.29 0.45 0.41 0.59 0.88 0.50 0.74 0.90 0.84 0.75 216.0 216.2 216.1 892.1 892.4 894.4 6.472 1.291 1.293 1.297 65.16 71.27 5.84 October November December 0.52 0.27 0.44 0.90 0.69 0.65 0.52 0.99 1.06 0.65 0.67 0.80 216.3 216.1 216.6 898.9 901.8 905.5 6.558 1.299 1.299 1.302 62.30 75.52 110.05 0.89 0.55 0.41 0.48 rO.72 0.33 rO.60 0.94 rl.29 0.87 rO.88 0.90 217.2 217.6 218.0 904.2 907.4 908.3 6.670 1.313 1.315 1.319 r82.44 81.96 rllO.14 April May June rO.04 1.06 rO.96 rO.57 0.70 rO.60 0.81 0.97 rl.22 0.98 0)1.02 rl.Ol 217.1 T218.9 0)220.7 r909.4 r914.0 r918.0 0)r6.739 rl.324 rl.319 rl.323 133.54 0)142.03 pllB.63 July August September -0.11 pO.15 2 0.37 rO.40 pO.37 (NA) (NA) 219.8 p219.2 0)919.1 p918.3 1.327 B)pl.329 (NA) January February March 1983 January February March April May June 1984 January February March October . . . . November . December See note on page 60. Graphs of these series are shown on pates 13, 31, and 32. 1 This series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span. 2 Average for weeks ended September 3 and 10. SEPTEMBER 1984 71 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS-Continued MAJOR ECONOMIC PROCESS . . . Q| MONEY AND CREDIT-Continued Minor Economic Process Timing Class Year and month Credit Flows-Continued L, L, L 112. Net change 113. Net in business change in consumer inloans stallment credit (Ann. rate, bil. dol.) L, L, L L,L,L (Ann. rate, bil. dol.) 111. Change in credit outstandingbusiness and consumer borrowing (Ann. rate, percent) Credit Difficulties L, L, L L, L, L 110. Total private borrowing 14. Current liabilities of business failures ® (Ann. rate, mil. dol.) (Mil. dol.) Bank Reserves L, L, L L, U, U 39. Delinquency 93. Free rate, 30 days reserves ® and over, consumer installment loans (Percent) (Mil. dol.) Interest Rates L, Lg, U 94. Member bank borrowing from the Federal Reserve © (Mil. dol.) L, Lg, Lg 119. Federal funds rate ® (Percent) C, Lg, Lg 114. Treasury bill rate <§) (Percent) Revised* 1982 January February March 77.99 61.63 24.17 5.00 2.00 7.60 April May June 64.98 44.36 29.44 19.48 22.13 24.28 246,632 645.14 913.46 836.01 2.48 2.39 2.24 -1,101 -1,414 -1,254 1,526 1,713 1,611 13.22 14.78 14.68 12.41 13.78 12.49 1,309.33 2,850.45 1,020.25 2.20 2.21 2.16 -1,307 295,528 1,581 1,105 1,205 14.94 14.45 14.15 12.82 12.15 12.11 1,425.60 2,759.58 1,024.66 2.19 2.21 2.19 -378 -199 -592 669 510 976 12.59 10.12 10.31 11.91 268,224 275,268 1,299.04 733.27 794.00 2.24 2.23 2.18 -177 -197 455 579 697 9.71 9.20 8.95 7.75 8.04 8.01 263,148 2.24 2.23 2.22 -122 -415 500 557 852 8.68 8.51 8.77 7.81 8.13 8.30 389,164 5.3 2.07 2.00 1.92 993 902 1,714 8.80 8.63 8.98 8.25 8.19 8.82 8.0 8.8 1.0 384,480 1.95 1.90 1.88 -943 1,382 1,573 1,441 9.37 9.56 9.45 9.12 9.39 9.05 1.91 1.86 1.94 -332 -383 -184 837 912 745 9.48 9.34 9.47 8.71 8.71 8.96 1.84 -102 715 567 952 9.56 9.59 9.91 8.93 9.03 9.44 -2,411 -2,533 1,234 2,988 3,300 10.29 10.32 11.06 9.69 9.90 9.94 -5,317 E>p-7,331 5,924 E)p8,017 11.23 Dll.64 •11.56 10.13 H>10.49 ^10.45 10.7 8.2 3.0 6.8 4.8 3.0 July August September 3.13 2.54 10.07 14.87 15.07 0.8 October November December 11.80 -64.49 -62.64 -1.57 24.18 29.02 -3.1 -5.3 -4.1 38.41 -4.84 11.70 31.14 3.07 -2.2 -0.2 -745 -895 -51 9.01 8.20 1983 January February March April May June -36.02 -47.33 4.38 July August . . September October November December . . . -2.59 8.72 -5.54 0.26 8.1 0.8 35.24 -0.4 24.49 27.26 46.33 -0.6 -4.7 44.47 49.12 30.64 20.02 51.36 61.12 57.83 69.38 10.7 13.3 r~42.32 r43.70 B>rll6.45 53.63 79.30 70.44 6.2 r!4.4 r20.6 r95.18 75.43 r!09.93 76.90 [Ej>122. 80 93.90 E>24.3 r22.6 r34.34 p55.14 85.27 p!4.0 (NA) (NA) 5.59 (NA) 8.5 H> 527, 176 46 -517 -453 -1,234 -875 -1,127 1984 January February March April May June July August September 393,476 B>1.78 1.85 20.1 p482,280 2.06 1.96 2.02 (NA) 375 -243 -744 October November December See note on page 60. Graphs of these series are shown on pages 13, 32, 33, and 34. 1 See "New Features and Changes for This Issue," page iii. "Average for weeks ended September 5, 12, and 19. 3 Average for weeks ended September 6, 13, and 20. 72 SEPTEMBER 1984 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued MAJOR ECONOMIC Q| MONEY AND CREDIT-Continued PROCESS . Minor Economic Interest Rates— Continued Process Timing Class Year and month Lg, t-g- Lg C, Lg, Lg U, Lg, Lg Lg, Lg, Lg Outstanding Debt Lg, Lg, Lg 116. Corporate 115. Treasury 117. Municipal 118. Secondary 67. Bank rates bond yields (u) bond yields © bond yields © market yields on short-term on FHA business loans mortgages ® ® (Percent) (Percent) (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 101. Constant (1972) dollars 95. Ratio, consumer installment credit to personal income (Mil. dol.) (Percent) Commercial and industrial loans outstanding 72. Current dollars (Mil. dol.) Lg, Lg, Lg 1982 January February March 16.34 16.35 15.72 13.73 13.63 12.98 13.28 12.97 12.82 17.38 17.10 16.41 17*. 13 15.75 16.56 16.50 332,197 333,227 333,574 254,352 259,488 261,502 101,538 103,505 104,517 13.17 13.11 13.11 April May June 15.62 15.37 15.96 12.84 12.67 13.32 12.59 11.95 12.45 16.31 16.19 16.73 u'.ii 16.50 16.50 16.50 335,225 336,804 338,475 266,917 270,614 273,067 106,681 107,943 108,662 13.09 13.10 13.16 July August September 15.75 14.64 13.78 12.97 12.15 11.48 12.28 11.23 10.66 16.29 14.61 14.03 13 '.27 16.26 14.39 13.50 338,994 339,306 340,415 273,328 273,540 274,779 108,377 108,505 109,343 13.08 13.09 13.09 October November December 12.63 11.89 12.15 10.51 10.18 10.33 9.69 10.06 9.96 12.99 12.82 12.80 ll!26 12.52 11.85 11.50 341,293 342,852 348,944 275,762 270,388 265,168 109,560 107,254 105,017 13.04 12.96 13.14 January February March 12.04 12.11 11.81 10.37 10.60 10.34 9.50 9.58 9.20 12.87 12.65 12.68 10.' 20 11.16 10.98 10.50 351,539 351,561 354,498 268,369 267,966 268,941 106,580 106,083 106,553 13.22 13.23 13.27 April May June 11.58 11.24 11.90 10.19 10.21 10.64 9.05 9.11 9.52 12.50 12.41 12.96 lo'.Sl 10.50 10.50 10.50 356,539 358,811 362,672 265,939 261,995 262,360 105,364 103,514 103,332 13.24 13.21 13.26 July August September 12.46 12.89 12.68 11.10 11.42 11.26 9.53 9.72 9.58 14.23 13.78 13.55 ll!69 10.50 10.89 11.00 366,378 370,471 373,024 262,144 262,871 262,409 102,963 102,764 102,383 13.35 13.42 13.39 October November . . December 12.54 12.86 12.87 11.21 11.32 11.44 9.66 9.75 9.89 13.23 13.23 13.25 10.95 11.00 11.00 11.00 378,117 382,936 388,718 262,875 264,543 268,823 102,326 103,136 104,600 13.43 13.51 13.59 12.65 12.80 13.36 11.29 11.44 11.90 9.63 9.64 9.93 13.08 13.20 13.68 ii!6e 11.00 11.00 11.21 393,187 399,795 405,665 r265,296 r268,938 278,642 r!02,589 r!03,677 106,718 13.57 13.68 13.80 April . . . . May ... June . 13.64 14.41 [H>14.49 12.17 12.89 D13.00 9.96 10.49 D10.67 13.80 [H>15.01 14.91 (H>12!45 11.93 12.39 12.60 412,073 422,306 430,131 r286,574 r292,860 r302,021 r!09,630 rill, 907 rl!5,496 r!3.88 r!4.18 r!4.31 July August September 14.25 13.54 *13. 38 12.82 12.23 '12.00 10.42 9.99 2 10.08 14.58 14.21 [H>437,237 r 304, 883 rl!6,368 (NA) (H>p309,478 Dpll8,574 H>pl4.45 (NA) 1983 1984 January February March 13.00 E>13.00 3 13.00 October November December See note on page 60. Graphs of these series are shown on pages 15, 34, and 35. for weeks ended September 7, 14, and 21. Average for weeks ended September 6, 13, and 20. 3 Average for September 1 through 21. 1 Average 2 ICO SEPTEMBER 1984 73 CYCLICAL INDICATORS C I DIFFUSION INDEXES AND RATES OF CHANGE Qj DIFFUSION INDEXES 950. Twelve leading indicator components (series 1, 5, 8, 12, 19, 20, 29, 32, 36, 99, 106, Year and month 952. Six lagging indicator components (series 62, 77, 91, 95, 101, 109) 951. Four roughly coincident indicator components (series 41, 47, 51, 57) 961. Average workweek of production workers, manufacturing (20 industries) 111) 1 -month span 6-month span 1-month span January February March 45.8 58.3 33.3 41.7 41.7 45.8 87.5 37.5 50.0 50.0 April May June 66.7 37.5 37.5 66.7 50.0 45.8 25.0 75.0 25.0 July August September 58.3 58.3 62.5 50.0 41.7 62.5 25.0 October November December 75.0 58.3 66.7 83.3 87.5 91.7 January February March 75.0 70.8 66.7 100.0 100.0 100.0 April May June 87.5 70.8 87.5 91.7 87.5 100.0 100.0 100.0 July August September 62.5 62.5 66.7 91.7 83.3 66.7 October November December 75.0 45.8 62.5 January February March 58.3 70.8 50.0 April May June 58.3 41.7 962. Initial claims for State unemployment insurance, week including the 12th1 (51 areas) 963. Number of employees on private nonagricultural payrolls (186 industries) 9-month span 1-month span 9-month span 1-month span 6-month span 7.5 96.1 24.5 11.8 31.4 43.1 27.6 47.6 35.7 19.2 22.2 21.9 62.7 68.6 19.6 15.7 23.5 31.1 41.1 33.5 24.6 20.3 21.4 35.0 65.0 82.5 67.6 17.6 17.6 72.5 82.4 34.6 32.4 37.3 21.4 18.6 23.2 52.5 80.0 62.5 57.5 85.0 97.5 88.2 60.8 76.5 71.6 66.7 84.3 28.9 32.4 45.7 27.3 29.5 35.4 77.5 12.5 68.6 57.8 35.3 98.0 96.1 100.0 90.0 90.0 80.0 100.0 54.3 46.5 60.8 50.8 63.0 69.2 25.0 16.7 16.7 33.3 90.0 30.0 85.0 85.0 95.0 95.0 80.4 48.0 78.4 84.3 90.2 92.2 68.9 69.5 64.6 75.1 80.0 82.4 58.3 58.3 16.7 33.3 41.7 66.7 70.0 62.5 92.5 95.0 95.0 92.5 70.6 96.1 88.2 94.1 80.4 74.3 68.6 69.5 84.1 82.4 84.6 100.0 100.0 100.0 41.7 58.3 75.0 50.0 66.7 66.7 40.0 62.5 55.0 95.0 85.0 92.5 58.8 35.3 60.8 84.3 86.3 68.6 75.4 69.7 73.8 85.9 86.8 83.8 100.0 100.0 100.0 66.7 66.7 75.0 77,5 50.0 22.5 80.0 75.0 75.0 r30.0 r35.0 36.3 72.5 68.6 76.5 88.2 p58.8 71.1 73.2 67.0 r79.7 83.3 87.5 p!7.5 43.1 (NA) "75.0 7.5 r37.5 r29.4 63.8 64.1 r75.4 p70.5 90.2 r63.0 r30.0 p47.5 p23.5 r60.8 p57.3 6-month span 1 -month span 6-month span 1-month span 0.0 75.0 33.3 33.3 41.7 33.3 33.3 95.0 25.0 30.0 25.0 0.0 0.0 58.3 41.7 58.3 33.3 33.3 33.3 22.5 65.0 70.0 20.0 20.0 82.5 0.0 0.0 0.0 33.3 50.0 33.3 33.3 16.7 16.7 37.5 42.5 35.0 50.0 50.0 75.0 16.7 16.7 16.7 100.0 100.0 100.0 33.3 50.0 25.0 16.7 16.7 16.7 100.0 100.0 100.0 25.0 100.0 100.0 100.0 100.0 75.0 83.3 79.2 100.0 100.0 100.0 75.0 70.8 100.0 r54.2 100.0 25.0 100.0 100.0 100.0 1982 0.0 0.0 0.0 12.5 0.0 50.0 75.0 0.0 0.0 8.3 5.0 5.9 9.8 9.8 1983 100.0 25.0 100.0 91.7 75.0 75.0 8.3 7.8 1984 r20.8 July August September October November December 2 25.0 40.0 2 20.0 75.0 3 75.0 100.0 100.0 100.0 3 8.3 75.0 66.7 50.0 83.3 "62.5 (NA) 81.9 82.7 .. NOTE: Figures are the percent of series components rising. (Half of the unchanged components are counted as rising.) Data are centered within the spans: 1-month indexes are placed on the 2d month, 6month indexes on the 4th month, and 9-month indexes on the 6th month of the span; 1-quarter indexes are placed on the 1st month of the 2d quarter and 4-quarter indexes on the 2d month of the 3d quarter. Series are seasonally adjusted except for those, indicated by @, that appear to contain no seasonal movement. Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are listed at the back of this issue. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available. Graphs of these series are shown on page 36. 1 Figures are the Excludes series Excludes series "Excludes series 2 3 74 percent of components declining. 36 and 111, for which data are not available. 57, for which data are not available. 77 and 95, for which data are not available. SEPTEMBER 1984 CYCLICAL INDICATORS C I DIFFUSION INDEXES AND RATES OF CHANGE-Continued Qj DIFFUSION INDEXES-Continued 964. Value of manufacturers' new orders, durable goods industries (34 industries) Year and month 1-month span 9-month span 965. Newly approved capital appropriations, deflated (17 manufacturing industries) 1 -quarter span 966. Index of industrial production (24 industries) 967. Index of spot market prices, raw industrials ® (13 industrial materials) 968. Index of stock prices, 500 commonstocks l ® 960. Net profits, manufacturing 2 © (about 600 companies) 1-month span 9-month span 15.4 30.8 26.9 10.6 34.6 28.8 34.6 42.3 38.5 *50 30.8 34.6 23.1 26.9 19.2 19.2 88.5 54.8 11.5 18.0 56.0 79.6 *53 33.3 25.0 37.5 61.5 53.8 61.5 26.9 15.4 23.1 52.9 26.5 *58 100.0 87.8 87.8 89.8 *57 25.0 33.3 41.7 45.8 60.4 75.0 46.2 30.8 46.2 50.0 57.7 65.4 98.0 85.7 51.0 79.2 87.5 91.7 61.5 76.9 57.7 80.8 61.5 57.7 63.3 59.2 73.5 100.0 *56 75.0 58.3 75.0 91.7 95.8 95.8 65.4 46.2 46.2 80.8 96.2 88.5 81.6 "91.8 *52 83.3 91.7 79.2 *74 65.3 89.8 87.5 86.5 *59 87.5 83.3 75.0 95.8 91.7 81.3 57.7 73.1 57.7 88.5 80.8 73.1 52.0 30.6 85.4 91.5 80.9 72.3 *82 p59 62.5 56.3 70.8 79.2 83.3 87.5 69.2 76.9 42.3 80.8 80.8 73.1 47.9 57.4 61.7 38.3 40.4 34.0 87.5 79.2 68.8 89.6 r91.7 r83.3 38.5 61.5 65.4 73.1 65.4 42.3 52.1 10.6 60.6 41.5 25.5 58.7 34.6 43.6 36.2 36.2 30.4 4-Q moving average 1-month span 6-month span 1 -month span 0.0 *40 33.3 75.0 31.3 12.5 33.3 42.3 34.6 38.5 *52 20.8 41.7 54.2 41.7 37.5 33.3 "SO 60.4 52.1 41.7 9-month span (4-quarter span) 1982 January February March 35.3 52.9 38.2 20.6 20.6 35.3 53 April May June 38.2 58.8 32.4 23.5 23.5 38.2 24 July August September 47.1 27.9 67.6 26.5 26.5 52.9 53 October November December 35.3 70.6 44.1 39.7 50.0 73.5 77 January February March 67.6 52.9 55.9 88.2 88.2 83.8 April May June 70.6 73.5 67.6 86.8 88.2 88.2 53 July August September 47.1 58.8 64.7 91.2 88.2 85.3 50 October November December 64.7 67.6 55.9 94.1 91.2 88.2 59 January February March 61.8 47.1 55.9 85.3 73.5 71 April May June 29.4 67.6 35.3 89.8 98.0 *66 100.0 1983 45 98.0 93.9 "n (NA) 1984 July ... August September October . November December r58.8 p41.2 r82.4 p70.6 p56 62.5 r64.6 50.0 50.0 42.3 r81.3 p68.8 70.8 r77.1 p43.8 3 34.6 46.2 3 30.8 34.8 93.5 46.2 . . See note on page 74. Graphs of these series are shown on page 37. 1 Based on 52 industries through August 1982, on 50 industries in September 1982, on 49 industries through August 1983, on 48 industries through October 1983, on 47 industries through June 1984, and on 46 industries thereafter. Data for component industries are not shown in table C2 but are available from the source. 2 This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun $ Bradstreet, Inc. 3 Based on average for September 4, 11, 18, and 25. SEPTEMBER 1984 75 CYCLICAL INDICATORS C I DIFFUSION INDEXES AND RATES OF CHANGE—Continued DIFFUSION INDEXES-Continued Year and quarter a. Actual expenditures b. Later anticipations c. Early anticipations Anticipated Actual 973. Net sales, manufacturing and trade' ® 972. Net profits, manufacturing and trade' ® 971. New orders, manufacturing ' ® 970. Business expenditures for new plant and equipment (21 industries) Actual Anticipated Actual Anticipated (1-Q span) (1-Q span) (1-Q span) (4-Q span) (4-Q span) (4-Q span) (4-Q span) (4-Q span) (4-Q span) 69.0 69.0 81.0 38.1 57.1 33.3 54.8 66.7 61.9 61.9 85.7 76.2 68 70 62 62 74 74 76 76 60 66 60 60 70 69 74 72 70 74 71 68 78 76 80 80 52.4 26.2 23.8 21.4 47.6 23.8 33.3 57.1 47.6 57.1 66.7 71.4 52 50 52 56 60 68 64 60 53 52 52 54 61 66 66 60 63 58 57 60 65 70 72 65 38.1 38.1 76.2 81.0 57.1 40.5 90.5 81.0 52.4 38.1 66.7 76.2 66 74 78 84 66 77 82 85 62 66 71 74 64 73 80 81 66 74 74 80 68 78 84 86 76.2 71.4 78.6 61.9 78.6 54.8 76.2 66.7 61.9 90 (NA) 88 91 90 80 (NA) 84 86 88 85 1981 First quarter . . Second quarter Third quarter . Fourth quarter 1982 First quarter . . Second quarter Third quarter . Fourth quarter 1983 First quarter . . Second quarter Third quarter . Fourth quarter 1984 First quarter . . Second quarter Third quarter . Fourth quarter 90 90 DIFFUSION INDEXES-Continued Year and quarter 974. Number of employees, manufacturing and tradel ® Anticipated Actual (4-Q span) (4-Q span) 975. Level of inventories, manufacturing and trade! ® Anticipated Actual (4-Q span) (4-Q span) 976. Selling prices, manufacturing ' ® Anticipated Actual (4-Q span) (4-Q span) 977. Selling prices, wholesale trade' ® 978. Selling prices, retail trade' ® Actual Actual Anticipated (4-Q span) (4-Q span) Anticipated (4-Q span) (4-Q span) 1981 First quarter . . Second quarter Third quarter . Fourth quarter 51 53 52 52 56 54 56 55 62 64 62 63 63 61 66 64 88 86 84 82 88 90 89 84 90 88 84 82 90. 89 89 84 94 90 86 86 90 90 92 87 48 46 46 46 50 51 51 48 58 52 52 52 54 56 56 50 72 68 63 60 80 76 68 66 72 67 68 61 82 78 72 68 78 75 74 68 82 81 76 72 48 54 58 61 50 56 59 60 54. 59 62 68 52 58 62 64 61 60 65 68 65 66 70 69 63 62 68 70 68 64 68 72 68 72 69 72 69 67 70 71 65 (NA) 62 64 64 66 70 70 74 (NA) 74 76 76 73 (NA) 72 76 75 72 (NA) 70 74 74 1982 First quarter . . Second quarter Third quarter . Fourth quarter 1983 First quarter . . Second quarter Third quarter . Fourth quarter 1984 First quarter . . Second quarter Third quarter . Fourth quarter 72 (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. lr 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 1984 BCII CYCLICAL INDICATORS C DIFFUSION INDEXES AND RATES OF CHANGE—Continued Qj SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change Diffusion index components 1984 February January April March Julyr June May August13 961. AVERAGE WORKWEEK OF PRODUCTION WORKERS, MANUFACTURING ' (Average weekly hours) + All manufacturing industries Percent rising of 20 components o r40.6 40.5 40.4 (8) (38) (30) (48) 39.6 39.7 39.4 39.1 42.3 42.2 42.1 42.1 r41.8 r41.7 + 41.9 41.6 + + 41.8 42.3 41.4 41.9 41.3 42.0 + 41.4 41.8 + 41.2 41.9 41.0 42.9 + + 41.3 43.5 41.0 42.4 40.8 42.3 40.7 42.2 o + 40.7 42.5 41.4 39.5 40.7 39.3 + r41.3 r39.2 41.1 38.9 + 40.6 39.2 39.7 39.6 + + 39.8 r40.5 39.6 37.3 o + 39.6 39.3 o r40.0 + 40.9 40.7 (78) (50) (22) 40.6 40.0 40.4 39.9 40.1 39.6 + + 40.4 39.7 41.9 41.8 + + 41.3 41.9 40.9 40.6 41.1 (88) o Durable goods industries: Lumber and wood products Furniture and fixtures . + Stone clay and glass products Primary metal industries + + 42.1 41.9 + + 42.5 42.0 Fabricated metal products Machinery, except electrical + + 41.6 41.8 + + 41.8 41.9 Electric and electronic equipment Transportation equipment + + 41.2 43.2 o 41.2 43.1 Instruments and related products Miscellaneous manufacturing + 41.3 38.9 + o o 41.2 39.6 41.1 39.6 + o 39.7 36.4 + + 39.8 36.9 + + 40.1 39.5 40.6 36.7 + + 41.2 37.4 40.0 36.5 + + 39.2 39.7 + 39.3 38.8 41.3 41.4 Nondurable goods industries: Food and kindred products Tobacco manufacturers + + 39.7 38.1 o Textile mill products Apparel and other textile products o 40.6 36.6 + + 40.8 36.9 Paper and allied products Printing and publishing + + 43.2 37.9 o o 43.2 37.9 o 43.0 37.9 + + 43.2 38.2 43.1 38.0 Chemicals and allied products Petroleum and coal products + + 42.1 44.8 o 42.1 44.5 42.0 44.7 o 42.0 43.7 41.8 43.5 + + Rubber and miscellaneous plastics products Leather and leather products 42.0 37.3 o + 41.7 36.7 + + 42.1 37.5 41.7 36.5 + + 42.0 37.2 + 39.2 35.8 39.8 35.9 36.4 42.9 37.7 + o 43.3 37.7 o o 43.3 37.7 r41.9 o 41.9 42.9 + + 42.0 43.5 41.3 37.1 o + 41.3 36.5 99,171 + 101,426 - 43.1 r41.9 r36.7 964. VALUE OF MANUFACTURERS' NEW ORDERS, DURABLE GOODS INDUSTRIES ' 2 (Millions of dollars) + All durable goods industries . Machinery, except electrical Electrical machinery . . . Transportation equipment Other durable goods industries . . + (62) Percent rising of 34 components Primary^ metals Fabricated metal products 99,439 . . . . 102,345 + (47) 105,183 98,317 (56) + (29) 102,256 - (35) (68) (59) 100,481 (41) + 11,622 10,986 + 11,442 + 11,411 - 11,657 + 10,931 - 11,877 10,889 + 10,653 11,573 - 10,155 11,084 + - 11,183 + 11,024 + 11,493 11,722 + + 17,159 15,658 + - 17,215 16,143 + + 18,303 16,892 - 16,873 14,716 + + 18,797 17,535 - 18,512 15,988 + 17,841 16,267 + 17,035 16,345 + 24,931 + 19,083 + 26,702 19,432 + - 28,444 18,956 -i- 24,523 19,439 + 23,776 19,922 + - 24,055 19,377 + + 25,267 19,844 24,422 19,464 NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: preliminary; and "NA", not available. ( + ) = rising, (o) = unchanged, and (-) = falling. - The "r" indicates revised; "p", *Data are seasonally adjusted by the source agency. Data for most of the diffusion index components are not available for publication, but they are included in the totals and directions of change for the six major industry groups shown here. 2 IICII SEPTEMBER 1984 77 CYCLICAL INDICATORS C I DIFFUSION INDEXES AND RATES OF CHANGE—Continued Qj SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change-Continued 1984 Diffusion index components January February March Mayr April Juner Oulyr August*3 966. INDEX OF INDUSTRIAL PRODUCTION l (1967 = 100) All industrial production . . Percent rising of 24 components + 2 158.5 + 160.0 + (79) (88) 160.8 + 162.1 + (62) (69) 162.8 + (65) 164.3 + (71) 165.8 + 166.2 (77) (44) Durable manufactures: 145.6 185.6 + 149.3 184.6 + + + + 148.5 191.9 + 147.5 193.6 (NA) (NA) 160.6 159.5 + 160.7 98.2 97.6 (NA) 94.0 151.2 186.6 + 146.3 190.5 160.0 + Lumber and products Furniture and fixtures + + 146.0 183.8 Clay glass and stone products Primary metals + + 157.8 + + 160.4 160.2 93.2 98.4 97.5 + 99.3 Fabricated metal products Nonelectrical machinery + + 131.7 169.5 + + 132.8 170.9 + + 134.9 171.9 + + 135.5 174.9 + + 136.5 178.8 + + 138.7 + 182.1 + 139.5 185.7 + + 140.3 187.7 Electrical machinery Transportation equipment + + 206.2 134.9 + + 209.9 135.2 + + 212.0 135.8 + 214.6 134.5 o + 214.5 135.0 + + 216.6 137.2 + + 222.4 140.6 + 223.8 140.0 Instruments Miscellaneous manufactures + + 167.8 + 151.1 + 168.6 152.0 + + 169.7 152.3 + 171.0 152.1 + 171.8 151.5 + 173.7 149.9 + + 175.9 152.3 + 177.3 151.4 + + 159.4 116.4 + 160.0 110.9 + + 161.2 + 111.8 + 163.1 + 113.3 164.2 112.8 + + 165.2 117.7 143.9 142.3 + 143.5 140.0 + 140.5 + 140.7 (NA) (NA) (NA) (NA) + 96.9 Nondurable manufactures: Foods Tobacco products Textile mill products Apparel products Paper and products . Printing and publishing + + 172.3 163.4 + + 176.6 164.8 Chemicals and products Petroleum products + + 221.5 118.8 + + 224.8 127.6 + + 317.2 + + 318.5 Rubber and plastics products . . Leather and products .... 61.4 + 173.8 165.2 + (NA) + (NA) (NA) (NA) (NA) (NA) 141.9 (NA) (NA) (NA) 172.4 166.3 + + 174.1 + 167.5 + 174.6 168.8 + + 175.8 171.6 + 175.7 172.5 228.3 126.8 227.9 127.9 229.0 127.6 + + 231.9 125.4 + 127.6 + 334.1 + 341.0 o + 225.0 127.0 + + o 323.8 + 63.9 328.0 63.,5 + + 100.0 164.0 (NA) 151.4 + 153.9 + 161.5 + + 99.4 163.2 176.5 172.1 119.6 133.0 + 118.2 135.8 118.8 140.4 + + 120.4 144.0 + + 121.4 + 147.1 + 122.3 149.0 63.9 + 61.4 59.7 (NA) 341.1 (NA) (NA) 61.4 Mining: Metal mining Coal + + 151.5 Oil and gas extraction Stone and earth minerals + 123.1 134.8 89.4 + + 97.4 NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: preliminary; and "NA", not available. 98.5 + + 98.0 97.1 ( + ) = rising, (o) = unchanged, and (-) = falling. o *Data are seasonally adjusted by the source agency. Where actual data for separate industries are not available, estimates are used to compute the percent rising. 78 (NA) The "r" indicates revised; "p", 2 122.3 SEPTEMBER 1984 CYCLICAL INDICATORS C 1 DIFFUSION INDEXES AND RATES OF CHANGE—Continued Qj SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change-Continued Diffusion index components 1984 January February March Apri 1 May 967. INDEX OF SPOT MARKET PRICES, RAW INDUSTRIALS Raw industrials price index (1967 = 100) . . . . + 283.6 o (38) Percent rising of 13 components 283.6 + (62) 289.2 - (65) 288.6 + (50) June July August September 1 2 289.5 - (50) 286.2 - (42) 280.1 (35) 275.6 - 274.6 (46) (46) Dollars Copper scrap (pound) . . (kilogram) . . - 0.500 + 1.102 0.505 + 1.113 0.536 1.182 Lead scrap (pound) . . (kilogram).. + 0.156 0.344 0.146 + 0.322 0.149 + 0.328 Steel scrap (U.S. ton) . . (metric ton) . . + 104.400 115.080 - - 103.750 114.364 - 99.250 109.403 + - 0.546 1.204 - 0.508 1.120 0.479 1.056 - 0.459 + 1.012 0.460 1.014 - 0.435 0.959 0.150 o 0.331 0.150 + 0.331 0.158 + 0.348 0.188 0.414 0.171 0.377 0.143 0.315 95.750 + 98.600 105.545 108.687 - 94.250 103.892 - 85.000 + 93.696 86.000 94.798 + 92.000 101.412 - 5.882 12.967 - 5.772 12.725 - 5.680 12.522 - 5.585 12.313 - 0.502 1.107 - 0.491 1.082 0.476 1.049 Tin (pound) . . (kilogram).. - 5.754 + 12.685 5.765 + 12.710 5.840 + 12.875 Zinc (pound). . (kilogram) . . + 0.508 + 1.120 0.517 + 1.140 0.529 + 1.166 0.536 1.182 - 0.533 1.175 0.530 1.168 (yard) (meter) . . - 0.310 0.339 - 0.306 o 0.335 0.306 o 0.335 0.306 0.335 - 0.300 + 0.328 0.313 + 0.342 0.329 + 0.360 0.336 0.367 + 0.366 0.400 (pound) . . (kilogram) . . - 0.726 + 1.601 0.731 + 1.612 0.762 1.680 + 0.771 + 1.700 0.803 1.770 0.763 1.682 0.683 1.506 0.640 1.411 - 0.625 1.378 Print cloth (yard) . . (meter) . . - 0.846 0.925 0.845 0.924 0.820 0.897 - 0.815 0.891 0.784 0.857 - 0.762 + 0.833 0.768 0.840 - 0.762 + 0.833 0.779 0.852 Wool tops (pound) . . (kilogram) . . o 3.500 o 7.716 3.500 o 7.716 3.500 o 7.716 3.500 7.716 3.500 + 7.716 3.512 7.743 3.500 o 7.716 3.500 o 7.716 3.500 7.716 Hides (pound) . . (kilogram) . . - 0.646 + 1.424 0.671 + 1.479 0.720 1.587 0.712 + 1.570 0.744 1.640 0.748 + 1.649 0.766 1.689 + 0.771 + 1.700 0.795 1.753 Burlap . Cotton - 5.845 + 12.886 o 5.890 12.985 + o 47.000 o 47.000 103.616 103.616 o 47.000 o 47.000 103.616 103.616 (pound) . . (kilogram).. - 0.578 + 1.274 0.582 1.283 - 0.578 1.274 0.568 1.252 0.514 1.133 0.475 1.047 0.464 + 1.023 0.465 1.025 0.464 1.023 (pound) . . (kilogram). . + 0.193 + 0.425 0.197 + 0.434 0.219 0.483 0.218 + 0.481 0.249 0.549 0.259 0.571 0.208 0.459 0.201 + 0.443 0.218 0.481 Rosin . (100 pounds) (100 kilograms).. Rubber Tallow o 47.000 103.616 NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: ( + ) = rising, (o) = unchanged, and (-) o 47.000 o 47.000 o 47.000 103.616 103.616 103.616 + = falling. - o 47.000 103.616 The "r" indicates revised; "p", preliminary; and "NA", not available. 1 The index is the average for September 1 through 25; component prices are averages for September 4, 11, 18 and 25. Data are not seasonally adjusted. These series are based on copyrighted data used by permission; they may not be reproduced without written permission from Commodity Research Bureau, Inc. Components are converted to metric units by the Bureau of Economic Analysis. 2 SEPTEMBER 1984 79 OTHER IMPORTANT ECONOMIC MEASURES IA I NATIONAL INCOME AND PRODUCT RM GNP AND PERSONAL INCOME Year and quarter b. Difference a. Total (Ann. rate, bil. dol.) (Ann. rate, bit. dol.) 217. Per capita GNP in 1972 rinllarc Qoiiars 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.) 1981 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 2,875.8 2,918.0 3,009.3 3,027.9 139.8 22.1 42.2 91.3 18.6 13.1 3,026.0 3,061.2 3,080.1 3,109.6 -1.9 35.2 18.9 29.5 3,173.8 3,267.0 3,346.6 3,431.7 64.2 93.2 79.6 85.1 3,553.3 r3,644.7 X 3,703.6 121.6 r91.4 '58.9 1,513.5 1,511.7 1,522.1 1,501.3 6.0 2.5 6,603 6,580 6,607 6,500 1,505.4 1,499.4 1,504.6 • 1,494.0 0.5 6,408 6,381 6,349 6,341 1,490.3 1,484.5 1,483.5 1,503.4 3.3 9.4 6.8 5.9 6,379 6,510 6,602 6,681 1,507.5 1,530.9 1,549.3 1,565.4 10.1 r7.1 '3.6 6,829 r6,933 1,579.3 rl, 618.5 35.6 -1.8 10.4 10.0 -0.5 -20.8 -5.4 1,483.5 1,480.5 1,477.1 1,478.8 -17.8 -4.6 -0.8 -0.9 1.7 1,491.0 1,524.8 1,550.2 1,572.7 12.2 33.8 25.4 22,5 1,610.9 rl,638.8 '1,653.4 r27.9 2.8 1982 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . -0.2 4.7 2.5 3.9 -3.0 -3.4 1983 First quarter . Second quarter . . . . Third quarter Fourth quarter . . . . 8.5 12.3 10.1 10.6 1984 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . KM Year and quarter 14.9 rlO.7 '6.6 38.2 M4.6 Q PERSONAL CONSUMPTION EXPENDITURES GNP AND PERSONAL INCOME-Continued 230. Total in current dollars Disposable personal income 224. Current dollars (Ann. rate, bil. dol.) 225. Constant (1972) dollars (Ann. rate, bil. dol.) 231. Total in 1972 dollars 232. Durable goods in current dollars 233. Durable goods in 1972 dollars 227. Per capita in 1972 dollars (Ann. rate, dollars) (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) 1981 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 1,972.5 2,006.0 2,078.6 2,109.8 1,042.5 1,040.7 1,058.1 1,056.0 4,548 4,530 4,593 4,572 1,797.9 1,829.3 1,877.3 1,891.8 950.2 949.1 955.7 946.8 237.8 232.4 242.5 228.9 146.1 140.0 143.5 134.0 2,132.0 2,156.8 2,195.8 2,237.5 1,052.8 1,054.8 1,057.9 1,067.6 4,548 4,546 4,548 4,578 1,931.3 1,960.9 2,001.3 2,046.1 953.7 958.9 964.2 976.3 239.4 241.6 244.5 255.0 138.5 138.8 139.3 145.2 2,261.4 2,302.9 2,367.4 2,428.6 1,073.1 1,082.0 1,102.2 1,124.3 4,591 4,619 4,694 4,776 2,070.4 2,141.6 2,181.4 2,230.2 982.5 1,006.2 1,015.6 1,032.4 259.4 276.1 284.1 299.8 146.8 156.2 159.6 167.2 2,502.2 r2,554.3 1,147.6 rl,165.3 4,865 r4,930 2,276.5 r2,332.7 1,044.1 rl,064.2 310.9 r320.7 1982 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 1983 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 1984 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 173.7 r!78.6 NOTE: Series are seasonally adjusted except for those, indicated by (§), that appear to contain no seasonal movement. Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are listed at the back of this issue. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available. Graphs of these series are shown on pages 40 and 41. lM Flash" estimate. SEPTEMBER 1984 BUI OTHER IMPORTANT ECONOMIC MEASURES A NATIONAL INCOME AND PRODUCT-Continued Q PERSONAL CONSUMPTION EXPENDITURES-Continued Year __j ana quarter JQ GROSS PRIVATE DOMESTIC INVESTMENT 236. Nondurable goods in current dollars 238. Nondurable goods in 1972 dollars 237. Services in current dollars 239. Services in 1972 dollars (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) 240. Total in current dollars (Ann. rate, bil. dol.) 241. Total in 1972 dollars (Ann. rate, bil. dol.) 242. Fixed investment, -total, in current dollars 243. Fixed investment, total, in 1972 dollars (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) 1981 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 715.4 727.9 736.8 742.6 358.7 361.2 361.6 361.7 844.8 869!o 898.0 920. *3 445.4 447! 9 450.5 45L2 468. 1 ppo c C.C.O . y 481 !l RnR. OR 232.8 .JUJ poo . 9 c £OO 481.7 223.7 746.4 750.6 762.5 770.6 360.5 362 '.0 363.7 366 .*0 945.4 968 '.6 994.2 436.2 43L2 i,o2o!e 454.7 458 '.1 461.2 465 '.1 775.2 796.9 811.7 823.0 368.8 374.9 378.5 383.2 1,035.8 1,068.6 1,085.7 1,107.5 841.3 387. 1 r396!e 1,124.4 rl,153*.7 Adfi HtD . 9 C. 457.3 ACC p too . c. 462.8 ??n C.C.\J . A *T 204.7 200! 4 4R3 t >?o .9c. f.?11114. t 442.1 AIR .Qy *ta.vJ 1Q4 1;7*T .°,J dOI 0 *rO 1 • O 376.2 177.8 437.3 204.5 pnn . 7/ C.\J\J 202.4 466.8 475.1 477.6 482 !o 405.0 449.6 491.9 540 !o 191.3 212.6 230.6 249! 5 447.9 469.0 496.2 527!3 207.8 218.7 229.8 242! 2 483.4 r48s!9 623 8 r627*.0 PftR . R»7 L.O<J r283.9 r576.4 220.5 ppi .nU £.£. 1 216.4 1982 First quarter . . . Second quarter . . . . Third quarter . . . . Fourth quarter . . . . 1983 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 1984 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . r858.3 B Year Tcdi anri emu 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.) ccn . 0U «J3U PCO Q CD 3 . J r263.7 01 GOVERNMENT PURCHASES OF GOODS AND SERVICES 260. Total in current dollars (Ann. rate, bil. dol.) 261. Total in 1972 dollars (Ann. rate, bil. dol.) 262. Federal Government in current dollars 263. Federal Government in 1972 dollars (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) 266. State and local government in current dollars (Ann. rate, bil. dol.) 267. State and local government in 1972 dollars (Ann. rate, bil. dol.) 1981 First quarter Second quarter . . . . Third quarter . Fourth quarter . . . . 8.1 21.9 23.7 39.7 18.9 12.4 17.5 7.2 576.6 585.3 601.3 622.7 286.0 285.1 287.4 289.6 215.6 220.9 232.2 246.9 107.4 108.2 111.7 113.8 361.0 364.4 369. 1 375^8 178.6 176.9 175.7 175.*9 630.9 633.7 656.3 681.0 290.2 287.0 292.8 300.6 249.8 245.0 261.6 279.4 114.8 111.0 117.2 124.8 381.1 388.7 394.7 401.6 175.4 176.0 175.7 175.8 678.8 682.2 689.8 691.4 294.3 292.4 292.0 288.8 273.0 270.5 269.2 266.3 119.0 117.2 115.6 113.0 405.8 411.6 420.6 425.1 175.3 175.2 176.4 175.8 704.4 r743.7 289.5 r 302.1 267 6 r296.*4 112.2 r!23.*2 436.8 r447.*4 177.3 r!78.*9 1982 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . -17.0 -10.9 -15.3 -61.1 -6.7 -4.0 -6.4 -24.6 1983 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . -42.9 -19.4 -16.5 -6.1 0.9 7.2 -4.3 12.7 1984 First quarter . Second quarter . . . . Third quarter Fourth quarter . . . . 73.8 31.6 r50.6 r20.3 See note on page 80. Graphs of these series are shown on pages 41, 42, and 43. SEPTEMBER 1984 81 OTHER IMPORTANT ECONOMIC MEASURES A I NATIONAL INCOME AND PRODUCT—Continued Q FOREIGN TRADE Year and quarter 255. Constant (1972) dollars 250. Current dollars (Ann. rate, bil. dol.) Imports of goods and services Exports of goods and services Net exports of goods and services 256. Constant (1972) dollars 252. Current dollars (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) NATIONAL INCOME AND ITS COMPONENTS • 220. National income in current dollars 280. Compensation of employees 257. Constant (1972) dollars 253. Current dollars (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) 161.2 161.0 159.3 159.4 335.3 347.5 343.9 341.1 112.5 116.3 118.7 118.2 2,299.4 2,330.6 2,407.8 2,417.6 1,716.1 1,747.6 1,785.5 1,812.5 1981 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 33.1 22.4 24.8 31.7 48.8 44.8 40.6 41.2- 368.4 369.8 368.7 372.8 27.7 35.5 34.9 34.1 25.7 24.1 359.4 366.3 346.3 321.7 152.2 155.1 146.6 136.7 331.7 330.8 339.7 315.4 117.3 121.0 120.9 112.6 2,422.3 2,443.9 2,452.4 2,468.6 1,834.2 1,857.7 1,876.3 1,888.7 22.9 13.6 11.9 328.5 328.1 342.0 346.1 138.2 137.0 141.6 141.0 308.9 334.5 358.4 375.9 115.3 123.4 129.7 139.1 2,527.0 2,609.0 2,684.4 2,766.5 1,921.3 1,962.4 2,000.7 2,055.4 358.9 r362.4 144.9 r!44.7 410.4 r421.1 153.2 r!56.2 2,873:5 r2,944.8 2,113.4 r2,159.2 1982 First quarter . Second quarter . . . . Third quarter Fourth quarter . . . . 6.6 6.3 1983 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 19.6 -6.5 -16.4 -29.8 2.0 1984 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . -51.5 r-58.7 -8.3 r-11.4 Qj NATIONAL INCOME AND ITS COMPONENTS-Contmued 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.) 1981 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 127.8 123.9 129.7 119.1 38.7 40.8 42.9 46.8 194.8 184.3 195.7 184.9 222.0 233.9 253.9 254.4 469.0 475.9 503.0 489.5 355.8 364.1 380.3 390.2 121.8 122.1 145.0 160.6 116.8 107.7 102.2 117.6 47.8 48.3 52.9 57.0 159.9 161.7 163.3 151.6 263.6 268.5 257.7 253.8 447.0 445.4 397.9 344.8 378.3 386.2 393.8 393.9 142.6 136.7 134.5 130.2 114.7 116.9 123.3 131.9 57.7 59.0 56.2 60.4 179.1 216.7 245.0 260.0 254.2 254.2 259.2 258.9 393.4 414.7 455.2 485.7 417.0 441.4 469.7 486.4 128.0 119.0 128.7 154.9 r!49.8 61.0 r62.0 277.4 r291.1 266.8 r282.8 543.9 r551.0 498.8 r515.3 152.5 r!44.8 1982 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 1983 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 96.7 1984 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 1984 OTHER IMPORTANT ECONOMIC MEASURES NATIONAL INCOME AND PRODUCT—Continued JQ SHARES OF GNP AND NATIONAL INCOME Q SAVING-Continued Year and quarter 298. Government surplus or deficit, total (Ann. rate, bit. dol.) 293. Personal saving rate (percent of disposable personal income) Percent of gross national product 235. Personal consumption expenditures, total (Percent) (Percent) 248. Nonresidential fixed investment 249. Residential fixed investment (Percent) (Percent) 247. Change in business inventories 251. Net exports of goods and services (Percent) (Percent) 1981 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . -11.4 -23.3 -62.4 6.2 6.1 7.0 7.6 62.5 62.7 62.4 62.5 11.6 11.9 12.1 12.2 3.9 3.7 3.4 3.1 -73.8 -77.6 -130.4 -179.2 6.7 6.3 6.1 5.8 63.8 64.1 65.0 65.8 12.1 11.5 11.1 10.9 2.9 3.0 2.9 3.1 -0.6 -0.4 -0.5 -2.0 -151.7 -123.4 -133.5 -129!3 5.7 4.2 5.0 65.2 65.6 10.5 10.4 A 1 *K J -1.4 -0.6 ni -U. 1 -0.2 £C 0 O3 . L. m 1U .fiO 3.6 4.0 5.*3 65.0 11.2 4.2 0.4 -0.9 -107.4 r-109.2 6.1 5.7 64.1 11.2 r64.0 rll.5 4.3 4.3 -9.7 0.8 0.8 1.3 0.6 1.2 0*.8 0.8 1.0 1982 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 0.9 1.2 0.2 0.2 1983 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 0.6 n b£ -U. 1984 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 2.1 rl.4 -1.4 r-1.6 |M SHARES OF GNP AND NATIONAL INCOME-Continued Year and quarter Percent of GNP-Continued Percent of national income 265. Federal Government purchases of goods and services 268. State and local government purchases of goods and services 64. Compensation of employees (Percent) (Percent) (Percent) 283. Proprietors' income with IVA and CCAdj » 285. Rental income of persons with CCAdj ' (Percent) (Percent) 289. Net interest 287. Corporate profits with IVA and CCAdj ' (Percent) (Percent) 1981 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 7.5 7.6 7.7 8.2 12.6 12.5 12.3 12.4 74.6 75.0 74.2 75.0 5.6 5.3 5.4 4.9 1.7 1.8 1.8 1.9 8.5 7.9 8.1 7.6 10.0 10.5 10.5 8.3 8.0 8.5 9.0 12.6 12.7 12.8 12.9 75.7 76.0 76.5 76.5 4.8 4.4 4.2 4.8 2.0 2.0 2.2 2.3 6.6 6.6 6.7 6.1 10.9 11.0 10.5 10.3 8.6 8.3 8.0 7.8 12.8 12.6 12.6 12.4 76.0 75.2 74.5 74.3 4.5 4.5 4.6 4.8 2.3 2.3 2.1 2.2 7.1 8.3 9.1 9.4 10.1 7.5 12.3 12.3 73.5 r73.3 5.4 5.1 2.1 2.1 9.7 9.9 9.7 1982 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 1983 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 9.7 9.7 9.4 1984 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . r8.1 9.3 9.6 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 1984 83 OTHER IMPORTANT ECONOMIC MEASURES PRICES, WAGES, AND PRODUCTIVITY |y| PRICE MOVEMENTS Implicit price deflator, gross national product Year and month 310. Index (1972 = 100) 310c. Change over 1 -quarter spansl (Ann. rate, percent) Fixed-weighted price index, gross business product 311. Index (1972 = 100) 311c. Change over 1 -quarter spans ' (Ann. rate, percent) Consumer prices, food Consumer prices, all items 320. Index ® 320c. Change over 1 -month spans ' 320c. Change over 6-month spansl (1967 =100) (Percent) (Ann. rate, percent) 322. Index (1967 = 100) 322c. Change over 1-month spans! 322c. Change over 6-month spans ' (Percent) (Ann. rate, percent) 1982 4.6 January February March 204*. 6 April May June 206.8 5.3 211.7 5.6 3.4 208!5 October November December 210.*3 -0.1 3.5 4.4 6.0 281.8 283.4 282.7 284.3 287.1 290.6 0.4 0.9 1.1 6.2 6.2 6.6 283.4 285.3 287.2 5.6 292.2 292.8 293.3 0.5 0.3 0.0 6.6 4.7 1.8 287.6 286.8 287.2 294.1 293.6 292.4 0.4 0.0 1.4 0.7 0.8 217.0 3.4 0.4 0.2 4.4 214.1 . July August September 282.5 283.4 283.1 3.7 2 18*. 9 -0.3 0.9 0.6 3.7 4.8 5.8 -0.2 0.2 0.7 0.7 4.2 2.4 3.2 0.1 0.1 3.0 1.8 0.6 287.6 287.9 288.0 0.1 0.1 0.0 0.9 1.6 2.2 288.9 289.1 290.3 0.3 0.1 0.4 2.7 2.9 2.4 0.4 0.2 1.6 1.8 1.4 -0.3 1983 January . February March April . . . May June . . . . 5.0 212.9 2.7 0.1 0.7 0.4 0.2 3.4 4.3 5.0 291.5 292.1 291.5 299.3 300.3 301.8 0.4 0.4 0.4 4.4 4.2 4.3 291.2 291.7 292.3 3.5 302.6 303.1 303.5 0.4 0.4 0.2 4.8 4.8 4.5 4.2 305.2 306.6 307.3 0.6 0.4 0.2 308.8 309.7 310.7 0.5 0.2 0.2 311.7 313.0 0.3 0.5 222 '.5 214.2 . . 3.1 July August September 215.9 October . November December 218.2 4.5 225.0 4.4 0.3 295.5 297.1 298.1 3.9 2.6 293.1 293.2 293.4 1.4 2.3 3.3 220.4 226\9 -0.1 -0.2 0.2 0.2 1.4 1.4 2.7 293.5 294.1 295.4 0.4 0.2 0.4 6.3 7.3 6.6 4.6 4.3 4.1 300.2 302.2 301.8 1.6 0.7 5.7 4.7 4.0 3.4 3.6 301.7 300.9 301.3 -0.1 1984 January February March April May June July August September 4.4 220.6 229.3 4.1 r3.3 r222.4 231.6 2 2 224*.6 2.9 302.2 304.1 -0.1 1.3 1.3 0.0 -0.3 0.1 0.3 0.6 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. 2 "Flash" estimate. 84 SEPTEMBER 1984 OTHER IMPORTANT ECONOMIC MEASURES B I PRICES, WAGES, AND PRODUCTIVITY—Continued Qj PRICE 330. Index ® (1967 = 100) 330c. Change over 1-month spans ' @ 335. Index ® 335c. Change over 1 -month spans ' ® (1967 = 100) (Percent) 1.3 2.1 2.4 311.8 311.6 311.0 -0.1 -0.2 0.0 0.2 0.2 1.4 1.1 0.9 309.9 309.6 310.6 0.4 1.2 1.1 0.9 312.8 313.2 312.7 (Percent) Producer prices, crude materials Producer prices, industrial commodities Producer prices, all commodities Year and month MOVEMENTS-Continued 330c. Change over 6-month spans ' ® (Ann. rate, percent) 335c. Change over 6-month spans ' ® (Ann. rate, percent) 331. Index (1967 = 100) 33 Ic. Change over 1-month spans! (Percent) 331c. Change over 6-month spans ' (Ann. rate, percent) 1982 January . February March 298.3 298.6 298.0 April May June 298.0 298.6 299.3 . July August September 300.4 300.2 299.3 October November December 299.8 300.3 300.7 0.8 0.1 -0.2 -0.1 -0.3 0.2 0.2 0.1 0.6 -0.4 -0.1 0.3 0.7 0.1 -0.2 320.4 319.5 317.9 0.6 1.0 1.1 320.0 324.2 323.7 -0.2 -1.1 -1.3 2.9 3.5 3.0 320.8 317.8 315.8 -0.9 -0.9 -0.6 -2.9 -3.1 -3.7 0.7 0.4 0.5 315.4 319.1 317.7 -0.1 -2.8 0.5 0.9 314.3 315.0 315.2 0.5 0.8 1.1 313.9 313.9 313.5 -0.4 -0.1 0.1 316.2 318.5 320.2 -0.4 1.7 2.2 2.3 323.2 321.6 321.1 3.9 3.0 2.0 317.9 325.0 328.8 1.6 2.1 3.1 329.2 330.4 333.6 -0.3 0.5 0.2 0.1 1.3 0.6 0.2 0.4 -0.3 -0.5 0.7 1.3 1.2 -0.4 -2.2 3.0 4.8 0.2 0.4 2.8 1983 January February March 299.9 300.9 300.6 April May . . . June . 300.6 301.5 302.4 0.0 0.3 0.3 2.2 2.5 3.2 312.4 313.6 315.3 July . . . . August September 303.2 304.7 305.3 0.3 0.5 0.2 3.6 2.7 2.5 316.5 317.3 317.1 October . . November December 306.0 305.5 306.1 0.2 3.2 2.8 3.8 318.5 318.3 318.4 -0.3 0.3 -0.1 -0.2 0.2 0.0 0.4 0.5 0.4 0.3 -0.1 0.4 -0.1 0.0 -1.2 -0.9 -0.5 0.7 0.5 0.9 -0.5 -0.2 -1.0 2.2 1.2 5.0 1.6 2.2 1.1 4.1 5.4 3.7 5.5 7.9 0.1 0.4 1.0 11.7 0.7 r4.7 3.7 5.1 1984 January February . March 308.0 308.9 311.0 0.6 0.3 0.7 April May . . . . June r3ll.3 311.7 311.4 0.1 0.1 July August September 312.0 310.9 -0.1 0.2 -0.4 r3.5 4.1 3.5 2.6 1.3 319.1 320.6 321.9 0.2 0.5 0.4 r322.6 323.3 323.9 0.2 0.2 0.2 324.0 323.5 0.0 -0.2 r2.6 3.2 3.5 3.1 1.8 336.0 330.9 337.1 r336.9 334.3 331.1 331.3 327.2 -1.5 1.9 r-0.1 r-0.8 2.4 -1.5 -2.8 -2.2 -1.0 0.1 -1.2 October . . November December See note on page 80. Graphs of these series are shown on pace 48. l Changes are centered within the spans: BCII SEPTEMBER 1984 1-month changes are placed on the 2d month and 6-month changes are placed on the 4th month. 85 OTHER IMPORTANT ECONOMIC MEASURES PRICES, WAGES, AND PRODUCTIVITY—Continued EM Producer prices, capital equipment Producer prices, intermediate materials Year and month 332. Index 332c. Change over 1 -month spans ' (1967 = 100) (Percent) PRICE MOVEMENTS-Continued 332c. Change over 6-month spans ' (Ann. rate, percent) 333. Index (1967 = 100) 333c. Change over 1 -month spans * (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) 1982 January February March 311.6 311.1 310.1 April May June 309.0 309.1 309.8 July . August September 310.5 310.2 310.4 . October November December 310.3 311.1 311.3 0.3 -0.2 -0.3 -0.4 0.0 0.2 0.2 -0.1 0.1 0.0 0.3 0.1 -0.5 -0.7 -0.6 275.2 274.5 276.0 -0.7 -0.6 0.5 4.9 4.4 4.4 278.2 278.3 277.5 0.2 276.8 277.9 279.5 0.3 0.4 0.6 3.9 5.4 4.3 277.8 277.4 280.1 0.8 1.3 1.0 280.5 281.8 281.9 0.4 0.5 0.0 3.7 3.6 3.5 -0.5 -0.2 -0.8 281.9 282.8 284.3 0.0 0.3 0.5 -1.5 -1.3 0.6 -0.3 0.7 0.0 2.3 1.3 2.7 -0.3 1.0 2.3 3.1 3.8 281.4 282.6 282.7 0.5 0.4 0.0 4.4 6.0 4.3 2.6 2.3 2.8 283.8 285.6 286.1 0.4 0.6 1.4 0.6 0.0 0.3 0.3 2.9 2.6 1.9 283.4 283.4 282.7 0.1 -0.1 -0.2 1983 January February March 309.8 309.9 309.1 -0.5 -0.3 0.0 284.1 285.0 285.8 April May June 307.9 309.1 311.3 -0.4 0.4 0.7 1.6 2.3 4.1 285.9 286.5 287.0 0.0 0.2 0.2 2.4 2.7 1.9 282.6 283.5 284.7 0.0 0.3 0.4 0.8 1.5 2.4 July August September 312.2 313.4 315.3 0.3 0.4 0.6 5.5 4.9 3.8 287.5 288.8 288.5 0.2 0.5 1.9 1.8 2.0 284.6 285.5 286.1 0.0 0.3 0.2 2.9 2.0 1.4 October November December 316.2 316.6 317.1 0.3 0.1 0.2 3.1 2.7 2.6 288.6 289.0 289.8 0.0 0.1 0.3 2.1 2.0 2.8 286.6 286.3 286.7 0.2 2.9 3.0 3.5 317.0 317.6 319.3 0.0 0.2 0.5 290.5 291.7 292.5 0.2 0.4 0.3 r319.5 320.2 321.6 KU r294.3 294.4 294.5 ro.6 rO.O 0.0 295.2 296.2 0.2 0.3 0.0 -0.1 -0.1 -0.8 -1.5 -1.0 -0.9 0.0 -0.2 -0.1 0.1 1984 January February March April May June .. July August . September 321.0 320.5 rO.2 0.4 -0.2 -0.2 r2.1 2.3 2.9 2.5 1.8 r4.0 3.8 3.3 3.3 3.1 288.7 289.8 291.0 r290.6 290.6 290.4 291.3 290.7 0.7 0.4 0.4 r2.8 3.0 2.6 1.8 0.6 r-0.1 rO.O -0.1 0.3 -0.2 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. SEPTEMBER 1984 OTHER IMPORTANT ECONOMIC MEASURES PRICES, WAGES, AND PRODUCTIVITY—Continued Qj WAGES AND PRODUCTIVITY Average hourly compensation, all employees, nonfarm business sector Average hourly earnings, production workers, private nonfarm economy, adjusted l Year and month 340. Index (1977 = 100) 340c. Change over 1-month spans 2 (Percent) Current-dollar compensation Real earnings Current-dollar earnings 340c. Change over 6-month spans 2 341. Index 341c. Change over 1-month spans 2 (Ann. rate, percent) (1977 = 100) (Percent) -0.1 341c. Change over 6-month spans 2 (Ann. rate, percent) 345. Index (1977 = 100) 345c. Change over 1-quarter spans 2 345c. Change over 4-quarter spans 2 (Ann. rate, percent) (Ann. rate, percent) 1982 January February March 145.1 145.2 145.7 1.2 0.1 0.3 6.6 6.5 6.8 93.2 93.0 93.5 April May June 146.5 147.6 148.1 0.5 0.7 0.4 5.5 6.5 6.4 93.7 93.5 92.9 July August September 149.0 149.9 150.3 0.6 0.6 0.2 6.1 5.1 5.6 92.9 93.2 93.4 0.0 0.3 0.2 October November December 150.9 151.3 152.2 0.4 0.3 0.6 5.2 5.0 4.5 93.4 93.6 94.5 0.0 0.3 0.9 4.2 4.5 3.6 157!5 January February March 152.9 153.6 153.6 0.4 0.5 0.0 4.4 4.6 3.8 94.8 95.3 95.1 0.4 0.5 3.1 2.5 1.0 159!) April May June 154.2 154.7 155.1 0.4 0.3 0.2 3.7 2.4 3.4 94.8 94.8 94.9 July August September 155.6 155.4 156.2 0.4 3.7 3.2 3.5 94.9 94.4 94.5 -0.6 0.5 October November December 157.1 157.2 157.8 0.5 0.1 0.4 3.7 4.0 3.7 94.7 94.6 94.9 -0.2 January February March 158.4 158.5 159.1 0.4 0.1 0.4 3.6 3.1 94.8 94.8 95.1 -0.1 April May June 159.9 159.6 160.3 0.5 0.8 0.5 0.2 -0.2 -0.7 3.3 2.2 1.0 10.6 156!7 5.8 -0.6 0.4 Y.I 152!9 Y.2. -0.3 -0.6 0.3 3.5 7.4 155!6 e!6 5.0 5^3 1983 -0.1 -0.2 -0.2 0.3 0.0 0.1 -1.9 -1.1 0.0 0.2 -0.3 -0.5 -0.1 0.2 -0.3 0.3 0.8 1.2 5.7 iei!6 4.'l 3.3 3*.9 2.3 3!9 16U9 4.5 163 .*7 4*.0 1984 July August September r!60.8 p!60.6 -0.2 0.4 rO.4 p-0.2 r3.2 r3.0 p2.6 0.0 0.3 0.3 95.4 94.9 95.2 -0.5 rO.3 r95.2 p94.1 p-1.2 1.4 0.7 0.7 rO.7 p-1.5 5.4 165 '.9 IS'J'A 3.6 rO.O October November December See note on page 80. Graphs of these series are shown on pages 49 and 50. Adjusted for overtime (in manufacturing only) and interindustry employment shifts. Changes are centered within the spans: 1-month changes are placed on the 2d month, 6-month changes are placed on the 4th month, 1-quarter changes are placed on the 1st month of the 2d quarter, and 4-quarter changes are placed on the middle month of the 3d quarter. 2 SEPTEMBER 1984 87 OTHER IMPORTANT ECONOMIC MEASURES PRICES, WAGES, AND PRODUCTIVITY—Continued HH WAGES AND PRODUCTIVITY-Continued Average hourly compensation, all employees, nonfarm business sector— Continued Year and month Negotiated wage and benefit decisions, all industries © 348. First year average changes Real compensation 346. Index (1977 = 100) 346c. Change over 1 -quarter spans ' 346c. Change over 4-quarter spans ' (Ann. rate, percent) (Ann. rate, percent) (Ann. rate, percent) 349. Average changes over life of contract (Ann. rate, percent) Output per hour, all persons, private business sector 370. Index (1977 = 100) 370c. Change over 1-quarter spansl 370c. Change over 4-quarter spansl (Ann. rate, percent) (Ann. rate, percent) 358. Index of output per hour all persons, nonfarm business sector (1977 = 100) 1982 6.6 January February March 96*5 April May June 96l6 July August September 96.6 October November December 97*.4 i.'s 0.3 1.9 1.2 2.6 2.1 2.6 0.2 6.2 106! 9 3.3 4.8 99!8 l.*3 99*4 1.2 10CL 3 3.3 106! 5 3*4 ioi!e 3.1 io3!e 3'.5 104! i 3.1 104! 4 2.4 4.7 2.0 -6*6 -2.3 100 '.3 2.3 3.4 2.5 100.' 9 ioi',6 2.7 1983 January February March 98!? April May June 98*. 5 July August September 98!6 October November December 98*. 1 5.3 -1.0 i's 6!e -1.8 -6!e 0.1 -1.6 2.1 1.4 102!2 4.4 5.9 3.6 103!e 5.0 2.8 4.3 104! 3 4.9 3.1 -6'.3 1.4 104 '.7 1984 January February March 98!2 April May June 9s!i 0.4 5.2 4.8 4.0 105 '.7 -0.1 p3.6 p3.1 105!2 4.0 106*8 106*4 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: on the middle month of the 3d quarter. 1-quarter changes are placed on the 1st month of the 2d quarter and 4-quarter changes are placed SEPTEMBER 1984 OTHER IMPORTANT ECONOMIC MEASURES C I LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT Q CIVILIAN LABOR FORCE AND MAJOR COMPONENTS Civilian labor force Year and month Number unemployed Labor force participation rates 441. Total 442. Employed 451. Males 20 years and over 452. Females 20 years and over (Thous.) (Thous.) (Percent) (Percent) 453. Both 37. Total sexes, 16-19 years of age (Percent) (Thous.) 444. Males 20 years and over 445. Females 20 years and over 446. Both sexes, 16-19 years of age (Thous.) (Thous.) (Thous.) 447. Fulltime workers (Thous.) 448. N u m ber employed part-time for economic reasons (Thous.) 1982 January February March 109,075 109,503 109,664 99,682 99,810 99,754 78.6 78.7 78.7 52.2 52.4 52.6 54.2 54.8 54.2 9,393 9,693 9,910 4,374 4,427 4,615 3,117 3,293 3,405 1,902 1,973 1,890 7,820 7,989 8,335 4,961 5,413 5,591 April May June 109,901 110,542 110,133 99,598 100,179 99,653 78.8 79.0 78.8 52.6 52.9 53.0 54.5 55.5 52.4 10,303 10,363 10,480 4,766 4,787 5,065 3,571 3,568 3,550 1,966 2,008 1,865 8,605 8,739 8,914 5,756 5,781 5,696 July August September 110,399 110,473 110,679 99,503 99,563 99,412 78.8 78.6 78.9 53.0 53.0 52.8 53.2 53.9 54.1 10,896 10,910 11,267 5,207 5,245 5,563 3,682 3,668 3,693 2,007 1,997 2,011 9,128 9,188 9,580 5,627 5,886 6,436 October November December 110,690 110,923 110,873 99,146 99,036 98,979 78.8 78.8 78.6 52.7 52.9 53.0 54.2 54.5 53.7 11,544 11,887 11,894 5,710 5,847 5,836 3,814 3,995 4,026 2,020 2,045 2,032 9,907 10,115 10,171 6,445 6,344 6,367 January February March 110,677 110,688 110,735 99,154 99,172 99,316 78.2 78.2 78.2 53.0 52.9 52.9 53.5 53.1 53.2 11,523 11,516 11,419 5,623 5,717 5,595 3,979 3,933 3,891 1,921 1,866 1,933 9,811 9,865 9,744 6,678 6,362 6,169 April May June 110,975 110,950 111,905 99,606 99,762 100,743 78.4 78.4 78.7 52.9 52.8 53.2 53.0 52.6 54.7 11,369 11,188 11,162 5,682 5,583 5,352 3,780 3,748 3,837 1,907 1,857 1,973 9,727 9,514 9,332 6,077 5,965 5,886 July August September 111,825 112,117 112,229 101,225 101,484 101,876 78.7 78.6 78.6 53.1 53.3 53.4 53.7 54.4 53.8 10,600 10,633 10,353 5,217 5,150 5,065 3,524 3,598 3,512 1,859 1,885 1,776 8,985 8,964 8,747 5,700 5,866 6,027 October November December 111,866 112,035 112,136 101,970 102,606 102,941 78.4 78.4 78.3 53.2 53.2 53.2 52.8 53.3 53.7 9,896 9,429 9,195 4,809 4,596 4,392 3,366 3,215 3,181 1,721 1,618 1,622 8,319 7,900 7,658 5,724 5,848 5,712 January February March 112,215 112,693 112,912 103,190 103,892 104,140 78.3 78.4 78.3 53.0 53.3 53.4 53.0 53.9 54.2 9,026 8,801 8,772 4,300 4,128 4,020 3,182 3,120 3,144 1,543 1,553 1,608 7,532 7,283 7,301 5,943 5,808 5,463 April May June 113,245 113,803 113,877 104,402 105,288 105,748 78.3 78.3 78.4 53.7 54.2 54.0 54.4 54.4 54.7 8,843 8,514 8,130 4,095 3,861 3,755 3,186 3,124 2,955 1,562 1,529 1,419 7,398 7,058 6,524 5,593 5,353 5,491 July August September 113,938 113,494 105,395 104,969 78.3 78.3 54.1 53.8 54.4 52.3 8,543 8,526 3,906 3,853 3,173 3,264 1,464 1,409 7,061 6,980 5,300 5,324 1983 1984 October November December See note on page 80. Graphs of these series are shown on page 51. SEPTEMBER 1984 OTHER IMPORTANT ECONOMIC MEASURES GOVERNMENT ACTIVITIES Q| DEFENSE INDICATORS Q| RECEIPTS AND EXPENDITURES Federal Government l Year and month State and local governments ' 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.) January February March -106*3 622 '.9 729. *3 32*5 430.1 397.6 19,361 20,608 18,869 April May June -112*.6 625. *9 737 .*9 34 .*4 440 .'l 405. *7 -163*7 609! 9 773*6 33*3 445*9 -210*6 608.3 818.9 31.*5 January February March -185.'? 619*8 805*6 April May June -167*3 649! 3 -18CK9 517. Defense Department gross obligations incurred 525. Defense Department military prime contract awards 543. Defense Department gross unpaid obligations outstanding 548. Value of manufacturers' new orders, defense products (Mil. dol.) (Mil. dol.) (Mil. dol.) (Mil. dol.) 9,756 13,761 9,870 98,818 102,677 105,418 6,987 6,639 6,917 20,793 17,786 17,503 10,518 9,657 14,296 108,428 108,841 109,654 6,386 5,273 5,752 412.6 17,669 16,448 18,387 8,610 8,928 10,296 110,885 110,787 111,857 5,055 5,762 4,149 451.6 420.2 16,476 18,599 24,396 5,423 10,209 17,298 111,866 113-,647 119,788 5,978 5,769 10,410 34 .'l 458 .*3 424. *2 21,340 19,502 20,444 16,908 13,042 7,351 122,628 123,803 125,570 9,419 5,105 6,751 816*7 43*9 473.*5 429. *6 19,332 19,554 21,518 10,132 10,111 10,814 126,165 126,532 129,720 7,309 4,805 7,692 640 '.2 821*1 47*4 486. 'l 438.' 7 19,409 20,489 20,388 11,017 10,727 10,921 131,172 130,829 133,056 6,750 5,103 5,154 -180.5 655*. 6 835 '.5 5J.*2 495 '.6 443.' 8 17,201 24,242 24,204 2,820 16,140 9,463 131,130 139,062 141,820 6,566 9,004 7,600 -161*3 686 ! 4 847! 6 53*9 509*6 455*7 21,145 22,667 23,445 15,089 14,273 13,779 142,169 145,648 150,842 6,608 7,289 11,539 r868.0 r54.5 r520.6 r466.1 19,185 20,342 19,781 11,398 9,459 11,644 149,369 149,452 151,538 6,248 5,679 6,990 p20,988 plO,101 152,828 r7,215 p6,989 1982 July August September . .. .. October November December 1983 July August September October November December , i .. 1984 January February March April May June r-163.7 r704.3 July August September (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 1984 OTHER IMPORTANT ECONOMIC MEASURES GOVERNMENT ACTIVITIES—Continued Qj DEFENSE INDICATORS-Continued National defense purchases Intermediate and final measures of defense activity Year and month 557. Output of defense and space equipment 559. Manufacturers' inventories, defense products 561. Manufacturers' unfilled orders, defense products 580. Defense Department net outlays (1967 = 100) (Mil.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 <g) 578. Civilian, direct hire employment ® (Thous.) (Thous.) 564. Federal purchases of goods and services (Ann. rate, bil. dol.) 565. Federal purchases as a percent of GNP (Percent) 1982 105.2 106.5 107.0 13,677 13,841 14,024 81,014 83,275 85,687 14,152 14,689 15,075 4,110 4,378 4,505 1,386 1,380 1,377 2,104 2,109 2,107 1,008 1,013 1,018 168*.4 5.6 April May June 107.2 107.7 107.6 14,172 14,251 14,421 87,763 88,318 89,149 15,670 15,379 15,334 4,311 4,717 4,921 1,375 1,370 1,368 2,106 2,104 2,108 1,022 1,028 1,045 175.3 5^7 July August September 109.5 109.5 109.5 14,473 14,714 15,092 89,432 90,418 89,575 16,312 15,050 16,881 4,772 4,776 4,992 1,368 1,358 1,360 2,110 2,109 2,109 1,051 1,043 990 183*. 3 6.*6 October November December 111.9 113.6 115.9 15,402 15,594 15,938 90,534 91,326 96,654 15,972 17,087 16,779 5,020 4,977 5,082 1,356 1,354 1,350 2,108 2,114 2,113 1,016 1,024 1,027 191.0 e.'i January February March 116.4 116.1 117.0 16,545 16,458 16,774 100,886 100,716 102,234 17,058 16,772 16,804 5,187 5,275 5,233 1,344 1,346 1,342 2,120 2,122 2,127 1,024 1,028 1,030 194!7 e.'i April May June 118.2 117.6 118.0 16,782 17,185 17,295 104,234 103,804 106,114 17,529 16,854 17,189 5,309 5,235 5,382 1,345 1,349 1,354 2,123 2,120 2,116 1,029 1,040 1,049 199.3 e!i July August September 120.4 120.2 121.8 17,400 17,803 17,508 107,287 106,908 106,596 16,975 18,455 17,463 5,577 5,482 5,466 1,361 1,344 1,364 2,113 2,115 2,123 1,053 1,052 1,026 200 '.9 6.'6 October November December 122.9 124.0 125.7 17,358 17,363 17,759 107,522 110,839 112,761 17,781 17,329 18,726 5,640 5,687 5,678 1,369 1,369 1,378 2,120 2,126 2,124 1,034 1,040 1,045 207*. 2 6.'6 128.3 129.5 130.1 17,812 18,217 18,537 113,650 115,087 120,894 18,448 17,801 17,794 5,718 5,852 5,731 1,382 1,391 1,400 2,130 2,135 2,140 1,042 1,043 1,046 213.4 6.0 April May June 133.2 r!33.1 r!34.0 18,925 19,492 r!9,989 121,158 121,088 122,100 18,525 18,609 18,953 5,985 5,749 5,977 1,408 1,420 rl,433 2,138 2,141 2,143 1,049 1,061 1,071 r220.8 e!i July August September 135.1 p!36.1 p20,776 r!23,319 p!24,088 r!8,405 p!9,149 r5,993 p6,221 pi, 446 2,142 p2,144 pi, 079 January February March . .. .. 1983 1984 January February March (NA) (NA) (NA) October November December See note oee nine on un page page ou. 80. Graphs of these series are shown on pages 54 and 55. SEPTEMBER 1984 91 OTHER IMPORTANT ECONOMIC MEASURES U.S. INTERNATIONAL TRANSACTIONS Q MERCHANDISE TRADE Year and month 602. Exports, excluding military aid shipments, total 604. Exports of domestic agricultural products (Mil. dol.) (Mil. dol.) 606. Exports of nonelectrical machinery (Mil. dol.) 612. General imports, total (Mil. dol.) 614. Imports of petroleum and petroleum products 616. Imports of automobiles and part? (Mil. dol.) (Mil. dol.) 1982 January February March 18,584 18,614 18,462 3,258 3,590 3,225 4,346 4,054 3,997 22,573 19,570 20,018 6,810 4,396 4,290 2,389 2,135 2,596 April May June 18,005 18,124 18,823 3,400 3,527 3,332 3,932 3,957 4,211 17,714 20,477 21,187 3,894 4,180 4,855 2,389 2,785 2,626 July August . . , September 18,060 17,463 17,320 2,789 2,763 2,648 4,305 3,856 4,197 19,849 22,930 20,581 5,624 5,731 4,903 2, 455 2,795 2,370 October November December 16,671 15,852 16,347 2,681 2,783 2,637 3,829 3,686 3,719 21,006 18,892 19,154 5,433 4,757 4,694 2,444 2,130 2,189 January February March 17,232 16,312 16,690 3,128 2,985 2,811 3,644 3,359 3,499 20,127 18,804 19,528 4,166 2,859 3,261 2,329 3,019 2,676 April May June 16,095 15,655 16,959 2,891 2,715 2,977 3,513 3,433 3,265 19,914 21,446 20,916 3,252 5,284 4,203 2,746 3,001 2,851 July August September 16,486 16,582 17,257 3,072 2,973 3,322 3,655 3,290 3,718 21,828 22,714 22,451 5,220 4,828 5,538 2,988 2,762 2,547 October November December 17,033 17,063 17,298 2,979 3,109 3,175 3,689 3,686 3,683 24,333 23,115 22,976 5,232 5,036 3,713 3,154 3,425 3,724 January February . March 18,326 17,212 17,727 3,457 3,198 3,336 4,009 3,848 3,764 26,586 26,147 26,771 4,456 4,258 5,287 3,776 3,323 3,728 April May . . June . . 17,522 17,950 17,633 3,030 3,245 2,715 3,811 3,976 3,746 28,368 25,569 25,356 6,348 4,783 4,671 4,011 3,682 3,630 July . August September 19,442 3,236 3,790 31,883 5,103 4,010 (NA) (NA) (NA) (NA) 1983 1984 (NA) (NA) October November December See note on page 80. Graphs of these series are shown on page 56. 92 SEPTEMBER 1984 BCII OTHER IMPORTANT ECONOMIC MEASURES E U.S. INTERNATIONAL TRANSACTIONS—Continued Qj GOODS AND SERVICES MOVEMENTS (EXCLUDING TRANSFERS UNDER MILITARY GRANTS) Year and month 667. Balance (Mil.dol.) 668. Exports (Mil.dol.) Income on investments Merchandise, adjusted ' Goods and services 669. Imports (Mil.dol.) 622. Balance (Mil.dol.) 618. Exports (Mil. dol.) 620. Imports (Mil. dol.) 651. U.S. investments abroad (Mil. dol.) 652. Foreign investments in the United States (Mil.dol.) 1982 January February March 2,270 90,082 87,8i2 -7,064 55,482 62,546 20,889 13,653 April May June 3,729 91,274 87,545 -5,803 55,118 60, 92i 22,307 14,772 July August September -3,231 87,158 90,389 -12,363 52,079 64,442 21,505 14,390 October November December -3,908 80,936 84,844 -11,239 48,5i9 59,758 19,162 13,243 -1,370 81, 111 82,481 -9,277 49,246 58,523 17,618 12,380 -7,712 81,355 89,067 -14,870 48,745 63,615 18,973 12,995 -9,703 84,826 94,529 -17,501 50,437 67,938 20,802 13,630 -14,127 84,910 99,037 -19,407 51,829 71,236 19,609 14,490 January February March r-17,526 r90,689 r!08,215 r-25,855 r53,935 r79,790 r23,300 r!5,552 April . May June p-22,301 p88,745 pill, 046 rp-25,736 rp54,597 rp80,333 p20,618 p!6,956 1983 January February March April May June . . . July August . September October November December ... ... .... 1984 July August September October November December See note on page 80. Graphs of these series are shown on page 57. Balance of payments basis: Excludes transfers under military grants and Department of Defense sales contracts (exports) and Department of Defense purchases (imports). ItCII SEPTEMBER 1984 93 OTHER IMPORTANT ECONOMIC MEASURES INTERNATIONAL COMPARISONS ^| INDUSTRIAL PRODUCTION Year and month 47. United States, index of industrial production (1967 = 100) 721. OECD » European countries, index of industrial production 728. Japan, index of industrial production 725. West Germany, index of industrial production (1967 = 100) (1967 = 100) (1967 = 100) (1967 = 100) 726. France, index of industrial production 722. United Kingdom, index of industrial production (1967 = 100) 727. Italy, index of industrial production 723. Canada, index of industrial production (1967 = 100) (1967 = 100) 1982 January February March 140.7 142.9 141.7 153 154 154 232.7 231.4 233.4 153 154 156 157 155 155 118 118 118 161.9 169.9 165.6 155.5 153.8 152.2 April May June 140.2 139.2 138.7 153 153 151 230.5 228.2 231.4 154 153 151 157 157 157 119 120 119 164.7 162.7 154.9 149.4 150.2 147.0 July August September 138.8 138.4 137.3 150 148 150 230.5 230.7 231.8 148 150 148 154 154 154 119 120 120 159.6 146.4 154.0 142.4 148.6 144.6 October November December 135.7 134.9 135.2 148 150 148 225.7 230.7 228.4 146 146 145 155 157 154 120 118 120 149.8 155.4 151.9 140.5 141.1 140.3 January February March 137.4 138.1 140.0 150 150 150 229.5 228.0 232.7 146 148 150 157 155 155 122 122 120 152.0 152.2 149.4 147.7 147.6 148.3 April May June 142.6 144.4 146.4 150 151 151 233.0 235.2 235.9 150 150 154 155 160 157 122 123 120 142.1 r!44.4 r!44.4 150.0 151.7 155.0 July August September 149.7 151.8 153.8 r!53 r!53 153 236.4 242.3 245.0 150 151 153 160 160 157 124 124 124 r!53.8 r!48.9 r!48.3 156.9 159.1 162.0 October November December 155.0 155.3 156.2 153 156 154 244.5 247.7 250.9 153 156 156 155 160 160 125 125 127 r!50.2 r!54.0 r!49.3 162.7 164.1 165.3 158.5 160.0 160.8 158 r!58 r!56 251.4 260.2 256.4 156 159 154 160 157 160 127 125 124 r!51.9 r!50.4 r!55.9 168.4 163.2 165.3 April May June v 162.1 r!62.8 r!64.3 153 r!56 p!51 157 162 123 122 r!65.9 r!66.8 r!67.9 July August September r!65.8 p!66.2 p!74.6 1983 1984 January February March 153 (NA) 257.7 r263.9 p263.9 r!56 p!40 p!60 p!22 r!49.4 r!52.7 r!55.1 (NA) (NA) (NA) (NA) (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 SEPTEMBER 1984 OTHER IMPORTANT ECONOMIC MEASURES INTERNATIONAL COMPARISONS—Continued Q CONSUMER PRICES Japan United States Year and month 320. Index <g) (1967 = 100) 320c. Change over 6-month spans l (Ann. rate, percent) 738. Index ® West Germany 738c. Change over 6-month spans ' 735. Index ® 735c. Change over 6-month spans l 736. Index ® (Ann. rate, percent) (1967 = 100) 192.3 192.8 193.1 3.0 3.5 4.9 356.0 359.6 363.8 2.9 4.0 194.0 195.2 197.1 4.9 5.4 6.3 368.2 371.1 373.7 (1967 = 100) (Ann. rate, percent) 1.9 0.5 0.1 (1967 = 100) United Kingdom France 736c. Change over 6-month spans * 732. Index © 732c. Change over 6-month spans * (1967 = 100) (Ann. rate, percent) 499.0 499.1 503.5 8.4 7.3 6.0 9.9 8.2 7.2 513.6 517.3 518.9 6.0 6.0 4.7 5.8 6.9 7.3 518.9 519.0 518.7 5.3 5.3 4.2 9.5 (Ann. rate, percent) 1982 13.0 12.0 12.0 January February March 282.5 283.4 283.1 3.5 4.4 6.0 300.7 299.8 300.4 April May June 284.3 287.1 290.6 6.2 6.2 6.6 302.9 303.8 303.8 July August September 292.2 292.8 293.3 6.6 4.7 1.8 301.5 303.8 309.1 4.4 4.1 3.7 197.6 197.3 197.9 6.8 5.9 4.0 374.7 375.9 377.5 October November December 294.1 293.6 292.4 1.4 0.7 0.8 310.0 306.6 306.0 4.0 0.7 0.9 198.5 198.9 199.4 2.7 2.3 2.3 379.5 383.2 386.4 10.3 10.8 521.3 523.9 522.9 4.0 5.6 4.6 January February March 293.1 293.2 293.4 1.4 2.3 3.3 306.6 305.5 307.5 1.7 0.5 199.8 200.0 201.2 1.4 1.5 1.9 390.1 392.9 396.5 12.3 11.2 10.2 523.5 525.8 526.7 2.3 1.7 2.8 April . . . . May June . 295.5 297.1 298.1 3.4 4.3 5.0 308.6 312.0 309.7 0.7 1.7 0.3 201.7 202.2 202.9 3.4 4.8 4.5 401.8 404.5 406.9 9.8 9.7 9.6 534.1 536.4 537.7 4.5 4.3 6.1 July August September 299.3 300.3 301.8 4.4 4.2 4.3 308.3 307.4 311.4 3.2 1.9 3.1 203.6 204.3 204.9 5.0 4.4 4.4 410.4 412.8 416.0 8.6 8.3 8.4 540.6 543.0 545.4 7.7 7.4 7.7 October November December 302.6 303.1 303.5 4.8 4.8 4.5 314.2 312.2 311.4 3.0 4.2 4.5 204.9 205.2 205.7 3.4 2.6 1.8 419.2 420.9 422.4 8.3 8.2 7.5 547.3 549.2 550.7 6.0 5.0 4.6 January February March 305.2 306.6 307.3 4.6 4.3 4.1 312.3 314.2 315.1 1.7 2.3 1.1 206.6 207.1 207.3 1.2 1.6 1.5 425.4 428.0 431.0 6.8 7.0 7.1 550.4 552.6 554.4 3.3 2.9 2.9 April May June 308.8 309.7 310.7 3.4 3.6 315.9 318.2 315.6 2.3 207.7 207.8 208.6 1.0 433.6 436.2 438.4 561.8 563.9 565.3 3.2 5.1 July August September 311.7 313.0 -0.5 1983 -0.3 1984 316.2 (NA) (NA) 208.2 (NA) (NA) (NA) (NA) 564.7 570.0 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. SEPTEMBER 1984 95 OTHER IMPORTANT ECONOMIC MEASURES INTERNATIONAL COMPARISONS—Continued Q| STOCK PRICES Qj CONSUMER PRICES-Continued Year and month Italy Canada 737. Index <u) 737c. Change over 6-month spans ' 733. Index <g) 733c. Change over 6-month spans ' 19. United States, index of stock prices, 500 common stocks (g) 748. Japan, index of stock prices © 745. West Germany, index of stock prices © 746. France, index of stock prices (u) 742. United Kingdom, index of stock prices (u) 747. Italy, index of stock prices (u) 743. Canada, index of stock prices (u) (1967 = 100) (1967 = 100) (1967 = 100) (1967 = 100) (1967 = 100) (1967 = 100) (1967 = 100) (1967 = 100) (Ann. rate, percent) (1967 = 100) January February March 517.7 524.4 529.1 13.8 13.6 13.1 288.7 292.1 295.8 10.5 11.4 11.4 127.6 124.6 120.6 518.9 516.9 486.2 116.8 118.4 120.1 185.7 193.1 145.9 291.1 300.1 298.8 95.0 98.8 104.2 185.3 176.7 173.1 April May June 533.9 539.8 545.2 15.9 19.0 18.7 297.5 301.5 304.5 11.1 10.2 9.5 126.5 126.6 119.7 484.5 503.4 489.6 120.6 117.6 114.2 184.8 183.3 166.3 303.2 315.4 314.6 96.7 91.0 83.1 171.2 168.4 153.8 July August September 553.4 563.4 571.3 20.6 19.8 19.1 306.1 307.6 309.2 9.4 8.2 7.2 119.0 119.3 133.2 480.8 474.3 481.6 113.5 112.3 115.6 161.1 169.3 168.4 313.2 320.1 343.5 78.4 86.1 85.8 156.8 177.4 177.3 October November December 582.7 590.3 594.4 16.7 13.7 14.4 311.2 313.3 313.4 5.7 4.7 5.0 144.3 150.2 151.6 490.4 512.7 528.2 118.2 118.8 124.3 170.7 174.5 169.9 360.7 372.0 365.0 86.4 88.8 91.2 192.6 189.7 199.5 January February March 602.7 610.5 616.0 12.9 13.2 13.1 312.5 313.9 317.1 3.8 2.8 3.8 156.9 159.7 165.2 533.3 530.8 544.2 126.0 131.9 143.9 181.8 188.5 204.7 371.9 381.6 388.3 95.5 109.1 118.7 210.0 216.6 219.5 April May June 622.2 628.2 632.2 14.0 13.6 13.6 317.1 317.9 321.5 5.5 6.3 4.9 171.6 178.5 181.0 559.7 573.4 583.3 157.0 158.6 159.5 215.6 230.0 224.9 410.4 403.7 426.1 115.8 111.6 110.3 240.0 251.8 260.2 July August September 638.5 641.1 649.4 13.6 12.5 12.0 322.9 324.5 324.5 5.8 5.7 5.3 181.6 176.7 181.8 598.7 606.4 619.7 169.0 166.9 164.7 235.6 251.8 257.1 418.9 431.8 422.6 112.9 120.5 118.4 264.3 267.3 272.0 October November December 660.4 667.0 670.3 11.1 11.0 11.1 326.5 326.5 327.5 5.4 4.9 4.4 182.4 179.7 178.8 621.0 621.5 638.6 173.4 176.7 179.2 257.3 273.7 282.8 411.2 424.1 432.6 111.6 112.7 112.8 251.1 273.6 268.6 January February March 678.3 685.8 690.6 10.7 10.7 11.1 329.2 331.1 331.9 4.3 4.2 3.0 181.0 171.1 171.3 687.6 699.6 736.1 185.3 182.3 178.4 315.0 300.8 261.1 457.2 457.2 485.3 125.3 128.7 128.5 259.5 259.5 260.0 April May June 695.4 699.6 703.8 10.0 9.8 332.7 333.3 334.7 2.9 2.5 171.4 170.3 166.6 776.0 p750.3 p726.6 177.9 178.0 175.8 285.4 277.1 272.3 495.0 489.6 468.7 124.9 122.5 119.6 252.0 p245.6 p242.6 July August September 705.9 708.0 164.3 178.9 plSO.l p723.5 rp739.4 p749.3 167.2 172.0 p!79.4 256.5 rp260.3 p273.3 447.5 478.6 p495.0 121.4 rp!25.7 p!24.2 p234.0 rp252.5 p256.3 (Ann. rate, percent) 1982 1983 1984 336.6 336.6 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 1984 C. Historical Data for Selected Series Year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. IQ II Q 353.3 385 .7 404.2 428.8 425.1 441.6 472.8 486.8 479.0 499.6 363.8 395 .3 409.5 434.3 422.7 452.6 477.9 488.4 476.6 509.0 519.9 547.9 565.3 593.1 632 .1 673.4 701 .3 728.4 767 .1 787.3 796.3 829.6 884.0 888.0 857 .4 895 .3 933.2 988.1 1042.0 1052.2 1066.9 1076.9 1073.8 526.2 555 .4 571.9 604.7 642 .1 681.3 705.5 740.4 774.9 792.8 800.0 837 .5 889.6 885.6 861.5 906.0 947.6 1005.0 1043.2 1037.5 1069.7 1076.9 1084.0 III Q IV Q Annual 51 AVERAGE FOR PERIOD ( A N N U A L RATE, B I L L I O N S OF DOLLARS) 353.3 386.0 398.7 426.2 426.3 439.6 471.9 485 .0 479.1 496.6 520.4 519.2 544.5 563.6 588.1 630.3 670.2 700.7 723.6 763.1 785.2 794.8 824.9 878.7 893.5 860.0 888.6 927.1 982.3 1038.9 1056.7 1064.6 1072.0 1075.5 1950... 1951... 1952... 1953... 1954... 1955 ... 1956... 1957... 1958... 1959... 1960... 1961... 1962... 1963... 1964... 1965... 1966... 1967... 1968... 1969... 1970... 1971... 1972... 1973... 1974... 1975... 1976... 1977... 1978... 1979... 1980... 1981... 1982. . . 1983... 1984... 51C. 1950... 1951 ... 1952... 1953... 1954... 1955 ... 1956... 1957... 1958... 1959... 1960... 1961... 1962... 1963... 1964... 1965... 1966... 1967... 1968... 1969... 1970. . . 1971... 1972... 1973... 1974... 1975... 1976... 1977... 1978... 1979... 1980... 1981... 1982... 1983... 1984... 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 7 356.3 387.4 407 .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 5 767.4 786.7 795 .5 830.1 886.0 887.3 856.6 896.7 932.5 987.0 1040.3 1051.6 1066.4 1080.7 1071 .1 770.7 790.0 798.5 833.7 887.4 883.1 855 .7 900.6 940.0 995 .1 1046.8 1048.4 1069.7 1077.9 1074.8 360.0 393.9 405.6 432.6 421.2 364.8 394.1 410.5 434.8 423.3 366.5 398.0 412.4 435.4 423.6 371.8 396.9 408.5 434.2 423.7 378.8 401.6 418.2 431.4 427.6 379.7 399.2 423.8 430.3 430.8 3*82.3 402.1 423.7 432.5 432.5 385.1 402.1 421 .9 432.8 435.7 389.2 402.4 423 .4 430.1 438.3 478.6 488.4 474.4 507.0 519.9 522 .9 554.4 569.4 601.5 637.1 677.5 476.8 487.2 476.1 509.4 522.5 525.8 555 .0 571.7 604.9 642.9 680.9 478.3 489.6 479.3 510.5 522.3 529.8 556.7 574.5 607.7 646.4 685 .4 473.1 490.5 488.4 510.5 521.4 530.1 558.6 575.2 610.1 648.6 687.7 479.7 491.5 487.0 504.9 520.6 532.7 559.2 577.3 615 .3 651.2 688.7 483.3 490.0 490.0 504.1 519.5 533.7 559.4 580.9 617 .9 655.7 689.4 487.0 489.2 491 .2 504.9 520.5 538.7 560.3 583.8 617.9 661.9 692.4 487.0 487.1 497.7 510.0 517.5 544.2 562 .4 583.8 622.7 666.7 695 .1 487.3 483.5 498.7 518.0 735.5 773.0 740.5 774.6 745.3 777.0 750.2 781.2 752.9 784.9 755 .0 786.0 756.8 786.7 759.8 785.0 546.5 564.5 587.4 628.9 669.7 695 .1 724.8 762.8 787.0 799.0 839.2 887 .8 882.6 856.0 904.5 941.8 801 .4 841 .6 889.1 885 .8 863 .2 907.6 948.4 799.5 831.6 891 .8 888.4 865.4 906.0 952.5 1042.4 1041.1 1068.6 1081 .2 1077.6 1042.7 1035.6 1067.1 1079.5 1083.0 1044.4 1035.9 1073.5 1070.1 1091 .3 799.8 845.9 898.6 889.1 863.9 909.4 959.0 1016.3 1049.5 1033.5 1079.3 1067.8 1094.2 803.5 853.1 893.9 884.0 871.6 912.3 960.9 1019.6 1050.8 1033.7 1089.8 1064.9 1096 .8 803 .5 854.0 901 .2 879.3 875 .9 914.0 968.7 1022.1 1050.0 1034.1 1087.1 1064.2 1104.1 806.2 862.4 904.3 879.5 879.1 915.1 976.7 1029.3 1050.6 1044.1 1081.3 1060.8 1119.1 808.9 869.4 906.8 871.0 882.0 922.8 979.3 1033.4 1053.3 1050.5 1078.9 1070.3 1121 .9 817 .2 874.9 904.0 866.0 880.0 926.7 986.0 1044.4 1054.0 1056.4 1076.9 1074.8 1130.8 CHANGE IN PERSONAL I N C O M E , LESS TRANSFER P A Y M E N T S , IN 1 9 7 2 DOLLARS, OVER 1-MONTH SPANS 1 ( C O M P O U N D ANNUAL RATE, P E R C E N T ) 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 1050.3 1079.0 1068.6 1123.9 -9.7 -6.6 24.7 5.2 -1.7 22.6 11.9 4.8 12.1 -6.8 13.2 22.1 -6.0 1.4 -5.5 17 .2 0.6 5.7 12.5 18.8 -3.3 25.1 15.2 2.9 -6.9 8.5 9.1 9.2 0.0 13.6 0.9 12.2 -1.4 6.3 12.0 11.7 5.1 6.3 6.1 1.7 0.9 -3.3 0.3 -7.5 11.6 -3.0 9.4 6.3 4.8 9.2 3.9 5.3 0.5 4.9 -5.0 0.0 8.0 -0.8 2.7 -1.5 13.0 -3.9 5.2 7.0 14.9 0.5 -10.3 8.2 8.2 3.5 7.4 -4.4 -2.9 4.4 5.8 6.2 6.9 1.3 3.8 6.1 8.4 2.6 -0.5 9.5 3.7 -12.3 2.2 25 .3 0.0 -2.0 0.7 4.2 18.1 2.5 -3.4 -12.4 -1.8 6.0 1.3 9.4 -3.6 7.6 -1.9 -2.5 2.3 0.4 9.6 -1.9 3.0 1.9 2 .3 11 .8 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 3.1 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 -5.6 6.7 2.1 9.0 7.0 7.0 11.5 5.7 6.7 4.8 4.2 5.2 8.6 0.0 12.0 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 -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 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 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 -3.6 2.6 5.2 3.6 5.0 0.8 1.9 8.5 2.5 0.0 3.7 4.2 8.1 3.8 -1.7 -2.8 5.4 8.2 6.7 1.8 0.5 10.7 4.9 1.8 6.1 4.4 5.8 0.0 -5 .0 17.1 12.8 -6.7 13.0 4.6 0.0 9.7 9.1 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 1.9 3.4 1 .7 2.9 1 .1 4.9 -2.6 4.8 3.1 4.4 4.3 7.3 3.3 5.3 4.7 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 5.6 4.2 0.5 0.5 -0.7 0.4 5.3 2.3 12.2 -4.9 -8.0 1.8 4.4 3.7 3.6 9.5 0.9 5.7 10.7 -6.1 -6.7 0.0 1 .3 10.3 -6.2 4.1 12.5 4.2 0.3 4.1 10.2 3.4 -11.0 13.0 7.9 -3.6 -6.7 5 .7 8.3 5 .9 -8.9 0.6 -0.6 2.0 2.4 4.2 8.7 -2.5 0.3 -6 .2 -2.1 5.3 6.3 2.0 0.3 4.6 8.5 10.7 6.0 -2.7 3.9 2.4 4.0 1.5 0.2 2.3 10.2 3.0 -0.9 0.5 1.5 10.4 8.8 0.7 12.2 10.6 3.2 4.9 3.1 7.6 5.2 8.5 13.5 0.8 7.0 9.7 5.9 3.9 1.1 -2 .0 -5 .3 0.8 15.1 10.2 -4.8 9.9 -3.1 4.2 2.3 3.7 3.2 10.6 -1.9 6.2 5.0 -10.0 9.6 13.1 -2.5 3.2 3.4 -3.2 2.9 1.8 -0.8 8.3 -3.8 17.6 11.3 3.0 5.2 9.9 0.6 0.1 9.1 2.5 5 .4 5 .3 -0.9 -4.6 1.5 -2.7 6.3 9.6 2.1 11.6 4.6 -4.0 5.1 3.6 7 .0 5 .9 2 .2 -0.7 5 .4 -2.2 4.8 7 .1 10.2 1.3 -5.8 1.9 5.8 7 .4 9.1 1.5 8.9 -3.7 4.2 10.2 8.0 -1.3 4.0 5.9 11 .0 -1.8 5.4 8.5 7 .8 8.4 7.1 6.1 17.6 11 .2 4.4 6.5 4.7 2.9 0.1 5.8 0.3 0.7 8.5 12.0 2.8 0.7 6.6 4.1 -1.2 2.8 1.9 7 .2 6.4 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 -0.6 6.2 0.7 0.3 11.6 4.3 12.0 11.4 4.7 3.1 13.8 3.1 2.9 1.5 7.8 7.7 -3.1 1.2 11.5 -4.6 5.3 15.7 -1.6 0.5 3.6 1.3 3.2 -0.4 -0.2 -3.3 2.4 -5 .6 1.8 5.5 6 .8 0.1 1 .2 1.7 3.6 0.3 8.6 -0.4 8.9 3.4 5 .5 4.6 2.8 1.2 -5.2 7.3 11.5 -3.9 -8.0 4.5 12.9 -1.0 1.2 -4.7 4.5 1 .7 7.5 5 .2 4.1 3.1 -4.9 -2.1 3.0 2.0 -3.5 9.1 4.1 -2.4 3.4 -3.5 -1.4 5.4 3.1 -1.1 2.3 -4.3 -0.7 6.6 1.2 2.3 3.7 2 .4 6.8 3.0 9 .4 4.4 7.5 6.8 7 .2 8.4 5 .8 7 .4 7.1 6.9 5 .2 4.9 7.3 8.3 5.3 4,1 2.1 7 .1 4.2 -4.8 -1.8 7.4 6.5 9.4 1.4 -5 .8 1.5 3.5 0.8 7.5 3.8 3.3 3.0 5.7 1.4 -0.7 3.1 5.0 7.0 6.5 0.9 -5 .9 0.3 -0.4 4.5 5.9 3.3 1 .1 0.5 -1.0 2.0 2.4 4.6 2.4 5 .4 5.2 -0.9 -4.7 1.4 -2.9 6.3 9.5 4.3 0.1 0 .4 3.2 5.0 3.0 3 .7 2.2 7.5 4.7 2.8 -2.9 4.1 -4.9 6.3 7.1 5.4 0.8 1.1 5.6 2.2 -0.8 4.7 2.8 0.1 0.5 -0.8 2.0 11.2 4.3 -4.0 3.2 8.0 2.6 -4.2 2.7 7.9 5.9 -5 .8 3.6 7.0 5.8 2.2 -0.7 5.2 -2.2 4.8 2.5 7.6 5.2 0.4 4.2 0.7 -2.6 9.4 4.7 7.9 5.5 1.0 6.7 -3.9 2.0 9.5 7.0 10.2 1.2 -5.9 1.9 5.7 7.3 9.0 1.5 8.9 -3.7 4.0 10.0 9.6 7.8 -4.7 -8.6 4.4 5.3 2 .3 3.8 2.3 8.1 -3.4 5.7 9.2 2.1 5.4 7 .0 3.1 -0.7 8.8 -5.3 5.2 6.0 NOTE: Percent changes are centered within the spans: 1-month changes are placed on the 2d month anid 3-month changes are placed on the 3d month. Quarterly and annual figures are averages of the centered changes. with 1980. 'This series contains revisions beginning with 1981. 2 This series contains revisions beginningig wit 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 0.4 2.1 0.0 5.3 AVERAGE FOR P E R I O D ( C O M P O U N D ANNUAL RATE, P E R C E N T ) 4.2 1.5 5.6 8.3 5 .8 -8.9 -4.7 9.7 5.9 3.7 0.9 -2.1 5 .1 0.4 0.0 9.0 369.8 395 .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 1043.5 1075 .3 1072.0 1095 .0 AVERAGE FOR P E R I O D 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 5 1950. . . 1951... 1952... 1953... 1954... 1955... 1956... 1957... 1958. .. 1959... 1960... 1961... 1962... 1963... 1964.. . 1965... 1966... 1967... 1968... 1969... 1970... 1971... 1972... 1973... 1974... 1975... 1976... 1977... 1978... 1979.. . 1980... 1981... 1982... 1983... 1984... 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 1033.8 1085 .4 1065.6 1098.4 8.6 4 .0 3 .7 4.8 11 .6 -3.1 11.4 6.8 1.0 3 .4 5.7 3.1 0.9 7 .0 -4.2 -1.4 4.6 4.1 2.1 -5.6 7.0 9.5 -2.4 7.7 2.8 7.8 6.8 6.4 6.6 6.8 7.9 5.6 4.5 2.2 4.2 8.8 6.0 -7.3 -4.3 8.0 5.6 5.4 1 .7 -2.8 4.3 1.5 0.4 9.4 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 1.9 -2.7 5.7 7.5 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 0.9 4.9 -3.4 6.5 4.7 3.8 -0.1 -1.2 6.4 8.6 0.8 -6.8 3.7 5.2 5.8 6.1 1.6 7.9 -3.7 3.9 9.6 0.1 1 .9 -1.5 7.2 6.3 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 0.4 1.9 -0.2 5.5 (SEPTEMBER 1984) 97 C. Historical Data for Selected Series—Continued Year Jan. Feb. Mar. Apr. June May 52 . P E R S O N A L INCOM E , TOTAL, July Aug. Sept. Oct. Nov. Dec. IQ II Q III Q Annual IV Q I N 1 9 7 2 DOLLARS RS) 1950... 1951... 1952... 1953... 1954... 1955 ... 1956... 1957... 1958... 1959... 1960... 1961... 1962... 1963... 1964... 1965... 1966... 1967... 1968... 1969... 1970... 1971... 385 .7 406.7 419.3 448.1 449.6 466.0 500.0 389.7 403.8 398.8 407.2 449.7 449.8 467.2 454.1 514.9 514.2 501.4 517.3 514.4 534.3 558.9 562.4 590.0 536.7 556.9 564.5 593.4 615.3 611.8 639.4 683.6 724.4 642.5 682.4 728.7 764.2 763.1 795 .8 841.9 865.1 789.8 836.8 862.7 886.5 924.9 990.9 448.0 471.7 501.2 518.8 514.9 541 .8 555.7 566.3 596.9 614.1 645 .9 683.5 730.7 767.4 801 .9 845.4 868.9 892.0 936.8 999.9 998.8 390.4 389.9 390.5 393.2 391.4 390.3 397.5 414.0 414.9 419.2 417.7 422.6 420.0 423.3 422.7 422.3 405.9 416.0 420.1 454.6 446.2 475.7 506.8 456.6 448.3 480.5 505.2 457.8 448.6 482.9 506.7 456.3 449.4 488.8 452.4 456.7 456.0 459.7 495.3 455.4 462.3 497.5 453.2 450.6 449.1 500.6 516.0 515.9 468.3 500.9 519.6 514.6 547.1 562.1 571.4 521.9 517.2 522.7 526.8 548.5 525.7 542.7 528.6 542.5 560.7 578.4 605.0 628.7 667.4 522.9 529.8 543.5 520.9 535.2 549.4 559.4 456.3 447.7 479.7 506.2 520.4 454.2 465.1 519.6 512.1 453. 453. 489. 508. 523. 544.9 559.2 567.3 599.7 768.0 805.8 848.1 886.4 892 .6 849.8 879.0 895.0 943.6 1001.8 1005.3 1003.3 1052.8 VANNU RAT , 1950... 1951... 1952... 1953... 1954... 1955... 1956... 1957... 1958... 1959... 1960... 1961... 1962... 1963... 1964... 1965... 1966... 1967... 1968... 1969... 1970... 1971... 1972... 1973... 1974... 1975... 1976... 1977... 1978... 1979... 1980... 1981... 1982... 1983... 1984... 98.0 115.5 120.8 135.1 129.7 134.1 148.1 96.9 115.1 121.9 136.5 129.7 135.4 148.2 100.7 116.9 122.9 137.7 129.0 137.4 148.9 103.1 118.7 121.1 137.8 128.6 138.6 151.3 142.8 149.0 158.9 150.3 159.9 166.1 171.0 184.7 196.7 139.4 150.1 159.1 149.8 161.3 165.9 174.3 186.4 198.4 138.3 152.6 158.3 150.5 162.6 166 .2 175.3 186.9 136.0 154.4 157.5 151.8 164.5 167.1 176.6 185 .9 201.5 105.4 118.3 122.0 138.0 128.6 141.1 149.8 151.6 136.0 156.2 158.0 153.2 164.0 168.5 177.0 187.5 207.3 205.2 210.5 221.1 213.4 221.2 219.7 222.6 220.2 210.1 209.7 210.1 232.3 233.3 234.7 232.4 233.7 213.2 216.6 208.1 217.9 218.9 223.0 235.2 225.0 236.7 227.3 239.7 251.6 241.8 251.1 240.1 251.9 234.0 222.9 230.4 223.7 69. 206.8 237.7 231.6 222.7 825 .2 856.7 880.3 860.6 882.8 910.9 898.1 902.1 933.8 1004.3 1008.3 1021.1 1052.0 1097.7 1155.2 1194.0 1196.5 1243.5 1248.3 1282.6 948.3 1011.4 1012.8 1009.1 1058.7 1109.0 1167.8 811 .3 1197.3 1206.4 1241.0 1255.0 1265.7 231.0 821.6 852.0 878.2 734.9 769.3 1047.3 1089.1 220.6 775.8 744.5 779.3 731.9 1044.7 1080.5 1137.7 1190.5 1210.0 1237.4 1256.2 1260.9 213.7 741.8 656.6 696.6 693.1 989.9 1035.3 1075.4 1133.3 1189.6 1217.3 1236.1 1246.4 1264.1 19.9.8 205.8 739.1 771.9 816.1 719.4 748.1 780.1 622.1 654.0 1975... 1976... 1977... 1978... 1979... 1980... 1981... 1982... 1983... 1984... 1145 .6 577.9 605.2 624.8 664.6 618.9 940.7 1000.4 1001.8 994.3 1050.6 1091.2 1153.8 1194.1 1200.1 1238.8 1260.4 1268.0 991.6 577.4 604.3 622.6 659.4 699.4 650.5 687.5 1009 .4 991.3 561.2 616.5 1974. . . 1973... 561.6 600.3 888.2 932.9 998.9 1003.2 1972. . . 548.3 562.5 576.6 602.2 205.5 214.6 223 .0 217.8 210.8 234.2 230.5 205.7 220.0 1095 .6 1150.8 1193.6 1196.3 1236.5 1258.9 1275.6 501.5 491 .3 512.3 522.1 561.7 583.5 607.3 589.1 608.8 631.8 631.7 667.3 672.0 714.7 751.2 719.9 785 .1 827.2 779.3 829.2 861.7 863.1 861.3 878.3 1007.3 1017.1 1061.0 1110.9 1171.3 884.5 904.0 956.5 1015.2 1002.3 1021.7 1062.0 1118.8 1172.7 1207.7 1256.2 1251.9 1283.3 1206.0 1266.0 1248.9 1284.9 1262.8 1249.3 1291.1 1179.6 1207.7 1217.1 1256.6 1249.2 1306.2 876.7 909.5 983.3 1020.5 996.0 1026.7 1071.8 1130.6 1183.8 1210.8 1222.1 1254.9 1261.9 1312.1 106.7 119.4 120.6 137.0 128.2 141.8 150.2 152.1 137.5 156.9 156.7 155.3 164.4 169.1 177.6 188.0 204.1 109.4 119.6 115.9 137.6 127.6 142.7 147.1 151.3 112.0 119.4 112.1 119.0 115.0 117.9 116.3 118.6 136.6 127.7 142.9 150.9 151.3 134.2 127.7 143.4 152.5 149.8 134.3 130.1 145.0 153.8 148.8 133.0 132.7 146.9 153.2 147.5 156.1 156.4 155.4 165.0 169.1 178.8 188.5 151.6 154.1 154.7 165.2 170.5 181.5 190.5 205 .6 150.6 153.7 157.7 164.8 171.0 152.2 151.9 160.0 165.4 171.4 192.5 194.1 206.1 205.4 701.2 955.8 1006 .9 1207 .5 905 .6 972.8 1018.4 1003.8 1025.1 1062.4 1126 .9 755.4 832.3 516.4 517 .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 1227.9 1253.0 1267.3 1321.2 517.0 514.5 561.3 571.8 613.7 619.2 642.6 683.2 727.9 764.9 795.8 653.7 692.4 735.3 769.7 841.4 850.0 865.6 888.9 881.2 931.5 996.6 1003.8 990.9 1042.4 1081.7 1138.9 1192.5 1211.2 1238.2 1252.5 1263.6 ; 216.4 216.2 206.1 216.4 223.9 224.2 224.7 215.2 212.3 215.5 211.3 215.7 210.7 152.0 155.2 156.4 164.7 169.1 180.4 189.9 205. 207. 216. 225. 214. 210. 234.4 235.2 237 .2 233. 231.2 231.0 206.9 220.8 206.8 220.0 233.4 229.9 205.6 229.4 208.9 202.0 204.9 221.0 221.7 247.9 227.7 233.8 246.3 248.3 226.5 234.0 246.6 246.3 229.4 231.8 217.1 231 .1 214.8 231.0 212.7 229.1 231.2 244.2 249.5 233.6 244.0 248.6 230.2 245 .1 231.2 221.8 231.0 220.2 204.3 514.6 537.6 557.2 564.4 593.4 546.8 600.7 811.1 899.5 939.4 1002.2 1005.1 1006.2 1051 .8 1094.8 1153.3 1193.9 1197.6 1239.6 1255.9 1275.4 453.1 489.8 507.5 522.8 527.0 544.6 561.2 577.9 604.8 625.4 663.8 706.7 744.8 778.4 824.7 859.7 882.5 901.4 953.5 1011.2 1007.5 1016.0 1060.6 1112.9 1170.6 1207.3 1207.1 1261.7 1250.0 1286.4 406.3 422.8 454.9 462.4 497.8 516.1 520.6 533.8 550.0 559.3 588.2 608.9 633.2 672.7 719.3 754.4 785 .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 1222.4 1254.8 1259.5 1313.2 396.4 416.2 454.0 453.1 483.9 507.7 520.2 522.5 544.7 559.7 575.6 602.0 622.9 658.2 700.4 740.6 774.5 816.0 853.4 876.9 900.2 951.4 1007.2 1003.7 1009.7 1056.2 1105.2 1162.2 1201.0 1209.6 1248.6 1254.5 1284.6 A V E R A G E FOR P E R I O D 116.0 119.8 134.4 131.5 133.3 147.3 155.1 145 .3 147. 156. 148. 160. 165. 172. 217.6 225 .1 212.1 210.5 218.7 220.1 195. 206. 210.5 220 .6 224.8 206.8 222.6 205.3 223.0 208.9 211.1 211.5 214.4 235.0 227.6 235.4 226.6 228.8 236.2 230.0 236.2 210.2 221.8 210.8 221.3 219.7 211.2 235.9 247.5 246.7 230.4 228.5 236.9 248.0 244.6 216.5 213.2 225.1 236.1 251.1 242 .2 206.3 211 .0 205.8 205.9 208.9 98.5 115.8 121.9 136.4 129.5 135.6 148.4 153.9 140.2 150.6 158.8 150.2 161.3 166.1 173.5 186.0 198.3 206.1 212.5 221.6 220.2 210.0 218.5 233.6 232.2 217 .8 225.1 237 .2 251.5 105.1 118.8 121.2 111.2 119.3 123.3 128.5 140.5 150.4 152.1 136.5 155.8 157.4 153.4 164.3 168.2 177.1 187.1 127.7 143.0 150.2 150.8 141.1 153.2 155.2 155 .5 165.0 169.6 180.2 189.6 202.5 205.3 205.0 115.8 118.8 132.4 132.9 132.0 146.4 154.0 147.2 145.6 153.2 151.5 159.5 165.3 171.7 181.6 194.1 107.6 118.2 124.7 135.8 129.4 141.4 150.8 151.0 140.8 153.2 155.7 154.7 164.0 168.9 178.1 189.2 206.0 208.4 203.0 206.6 215.7 206 .7 216.8 223.7 225.0 216.2 211.5 214.2 210.5 222.0 234.6 230.9 223.2 235.2 229.0 228.7 235.9 220.9 220.3 221 .5 231.2 234.6 246.8 223.5 236.7 249.6 247.1 243.1 219.8 216.2 223.5 207.0 223.4 212.3 214.4 211.1 223.1 234.8 228.3 209.0 220.8 231.3 224.2 237.2 249.7 242.6 232.4 232.8 239.9 244.4 248.7 230.5 228.8 232.2 228.3 208.3 207.3 208.4 223.1 219.7 212.8 208.0 215.9 213.5 31.02 30.48 33.54 31.84 42.51 30.86 35.05 28.64 33.24 39.45 40.54 31.14 28.21 34.51 41.66 32!47 28.96 32.72 38.75 40.76 35.67 39.50 231.9 244.5 247.6 232.8 230.0 M A N U F A C T U R E R S ' M A C H I N E R Y A N D E Q U I P M E N T SALES A N D B U S I N E S S C O N S T R U C T I O N EXPENDITURES ( A N N U A L RATE, B I L L I O N S OF DOLLARS) 1951 ... 1953... 1954... 1955... 1956... 1957... 1958... 1959... 1960... 1961... 1962... 1963... 1964... 1965... 1966... 1967... 1968... 1969... 1970... 1971... 1972... 1973... 1974... 1975... 1976... 1977... 1978... 1979... 1980... 1981... 1982... 1983... 1984... NOTE: 33.49 33.85 33.28 34.04 32.31 33.70 32.82 31.30 31.39 31.93 38.09 35.74 41.96 33.35 28.55 32.26 38.84 40.95 37.05 35.11 34.91 41.08 41.08 43.17 44.10 37 .42 39.23 40.76 41.71 41.37 41.25 45 .52 31.49 29.70 31.14 34.51 41.77 35.07 42.65 36.64 37.56 40.62 38.04 36.71 41.00 40.60 42.41 44.34 50.23 57.47 68.12 73.16 94.67 97.66 103.16 101 .47 114.28 125 .44 151.09 164.03 160.01 182.57 209.79 266.09 312.93 334.28 335.85 307.65 40.81 43.51 45.16 50.04 58.39 68.05 72.80 91.65 99.90 105.99 101.95 113.74 124.03 153.01 164.23 164.79 184.67 215.32 267.49 319.92 332.30 345.85 298.73 35.56 38.0,2 38.51 41 .47 41.29 36.47 37.99 35.24 38.39 40.89 34.63 39.50 39.99 40.68 35.45 39.79 39.50 39.99 34.32 39.51 41.24 35.16 41.31 41.20 41.62 41.92 41.59 40.27 44.23 44.72 50.57 60.22 70.90 72.08 92.59 102.45 104.72 103.46 114.87 127.84 153.04 159.61 165.88 188.71 217.65 278.96 315.35 343.44 343.90 310.69 40.42 44.82 46.07 40.07 45.51 40.58 45.66 46.60 53.35 42.53 39.90 40.24 40.26 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 .65 230.04 275.68 310.17 346.37 329.13 308.89 46.87 52.58 61.24 71.24 71.89 91.69 101 .65 104.91 103.23 115.20 133.44 156.28 159.70 170.60 194.58 227.08 281.45 310.74 346.15 335.67 302.96 41.69 46.17 47.82 53.98 62.02 72.83 47.58 55.65 62.42 73.78 73.12 91.34 73.51 91.55 102.92 104.87 101 .86 103 .86 104.85 115.25 135.94 161.95 159.34 170.05 102.98 114.70 140.74 159.60 158.94 170.88 198.04 237.90 291.48 314.64 350.19 326.30 319.56 74.35 92.42 105.15 103.13 104.14 116.65 139.88 159.53 159.52 173.76 61.38 191 .47 234.77 280.52 309.87 351 .56 329.55 327.25 These series contain revisions beginning with 1981. 45.10 75.01 201 .65 245 .02 298.38 305.52 359.23 316.14 320.14 39.34 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 40.62 40.62 35.07 40.50 40.97 42.58 41 .84 40.01 45 .12 48.91 45.16 55.26 65.42 75.80 73.56 95.40 107 .10 100.38 105.56 116.57 142 .47 145 .34 164.83 158.88 173.20 202.57 168.28 161.93 175.04 251 .57 295.01 320.61 358.69 318.53 331.57 207 .83 253.87 302.51 324.14 350.92 310.36 325.11 36.04 40.17 40.65 42.90 48.45 55.66 66.65 74.33 74.63 96.66 106.32 100.98 106.78 119.32 150.63 169.02 160.27 178.03 208.36 257.12 296.21 323.35 357.37 309.83 339.42 48.65 57.15 68.95 75.05 77.93 94.18 106.30 102.38 113.33 120.90 149.53 163.26 158.80 185.00 210.59 260.90 304.69 324.08 350.90 307.12 354.91 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 .32 214.25 270.85 316.07 336.67 341.87 305.69 40.36 45.33 46.51 52.42 61.21 71.72 72.16 92.31 101.97 104.01 103.29 115.14 133.88 157.50 159.83 169.42 192.57 230.63 279.22 310.26 348.03 331.45 313.03 47.86 54.76 62.83 74.58 74.13 92.64 105.95 102.74 104.38 115.58 141.03 161.32 159.11 172.61 200.75 244.83 294.96 313.59 356.04 320.32 323.76 39.57 35.62 40.58 40.90 42.88 44.79 48.67 56.02 67.01 75.06 75.37 95.41 106.57 101.25 108.56 118.93 148.50 166.85 160.33 179.36 208.93 257.30 301 .14 323.86 353.06 309.10 339.81 41.23 41.26 44.76 46.95 53.37 62.44 72.59 73.58 93.33 103.62 103.15 104.63 115.99 137.30 159.51 160.48 171.24 196.89 236.75 286.54 315.94 348.45 325.69 320.57 (SEPTEMBER 1984) C. Historical Data for Selected Series—Continued Year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. IQ II Q 6.40 5.97 6.65 8.03 8.26 9.00 9.50 9.67 9.41 9.97 10.78 10.59 10.86 11.67 12.36 12.88 12.89 12.59 12.39 12.69 12.54 12.79 13.15 13.67 13.59 12.84 13.00 13.74 14.51 14.95 14.01 13.19 13.09 13.39 6.36 5.99 7.00 8.23 8.23 9.21 9.49 9.82 9.32 10.25 10.91 10.54 11.04 11.85 12.51 12.91 12.83 12.56 12.47 12.73 12.53 12.94 13.05 13.69 13.46 12.79 13.10 13.89 14.58 15.00 13.62 13.18 13.05 13.51 6.13 6.08 6.51 7.84 8.26 8.84 9.46 9.66 9.56 9.81 10.67 10.68 10.78 11 .56 12.27 12.82 12.91 12.66 12.42 12.68 12,56 12.76 13.00 13.56 13.62 13.02 12.93 13.64 14.40 14.95 14.28 13.30 13.10 13.34 1.138 1.193 1.215 1.216 1.191 1.257 1.320 1.334 1.308 1.316 1.302 1.285 1.255 1.219 1.213 1.227 1.267 1.240 1.273 1.324 1.327 1.260 1.247 1.297 1.333 1.296 1.252 1.259 1.320 1.364 1.393 1.411 1.356 1.300 .095 .185 .198 .223 .189 .228 .295 .332 .306 .310 .322 .286 .267 .228 .220 .222 .248 .251 .266 .303 .345 .285 .251 .273 .317 .304 .270 .248 .293 .345 .382 .416 .376 1.297 95 . RATIO, CONSUMER INSTALLMENT CREDIT TO PERSONAL I N C O M E 1 (PERCENT) 1950... 1951... 1952... 1953... 1954... 1955... 1956... 1957... 1958... 1959... 1960... 1961... 1962... 1963... 1964... 1965... 1966... 1967... 1968... 1969... 1970... 1971... 1972... 1973... 1974... 1975... 1976... 1977... 1978... 1979... 1980... 1981... 1982... 1983... 1984... .65 .31 .11 .28 .29 .32 .33 .57 .87 9.41 10.28 10.97 10.57 11.11 11.95 12.54 12.97 12.80 12.46 12.57 12.76 12.70 12.84 13.34 13.77 13.46 12.77 13.30 14.11 14.77 14.94 13.41 13.17 13.22 5.72 6.29 6.06 7.38 .26 .40 .37 .55 .86 .45 10.38 10.93 10.59 11.30 11.94 12.70 12.97 12.85 12.34 12.67 12.75 12.73 12.67 13.35 13.80 13.49 12.56 13.34 14.19 14.89 14.79 13.45 13.11 13.23 5.70 6.23 6.09 7.52 .27 .52 .45 .56 .76 .48 10.51 10.85 10.54 11.33 12.11 12.72 12.96 12.77 12.42 12.62 12.67 12.69 12.83 13.39 13.74 13.32 12.81 13.39 14.22 14.85 14.90 13.40 13.11 13.27 5.93 .12 .16 .64 .30 .61 .44 .59 .75 9.51 10.55 10.79 10.59 11.42 12.13 12.80 12.96 12.74 12.43 12.64 12.36 12.70 12.90 13.45 13.70 13.21 12.86 13.51 14.22 14.97 14.81 13.44 13.09 13.24 .06 .07 .30 .74 .27 .71 .50 .62 .69 9.57 10.59 10.70 10.67 11.47 12.20 12.83 12.97 12.70 12.40 12.69 12.45 12.70 12.96 13.55 13.64 13.05 12.88 13.61 14.37 15.03 14.60 13.47 13.10 13.21 6.02 6.50 7.80 8.28 8.86 9.49 9.60 9.60 9.64 10.68 10.60 10.74 11.50 12.26 12.85 12.92 12.66 12.40 12.71 12.52 12.49 13.25 13.60 13.61 12.76 12.96 13.68 14.48 15.02 14.38 13.38 13.16 13.26 5.97 6.67 7.93 .29 .86 .55 .63 .43 .77 10.73 10.57 10.80 11.61 12.32 12.91 12.93 12.60 12.40 12.69 12.55 12.74 13.12 13.66 13.56 12.91 12.96 13.67 14.46 14.92 14.11 13.24 13.08 13.35 5.95 6.60 8.04 8.26 9.02 9.49 9.64 9.42 10.01 10.78 10.59 10.87 11.68 12.34 12.98 12.89 12.58 12.39 12.67 12.54 12.77 13.13 13.68 13.61 12.82 12.99 13.75 14.52 14.93 14.04 13.15 13.09 13.42 5.98 6.67 8.12 8.24 9.13 9.47 9.73 9.39 10.14 10.83 10.61 10.90 11.73 12.42 12.75 12.84 12.60 12.39 12.70 12.53 12.85 13.19 13.67 13.59 12.79 13.05 13.80 14.56 15.00 13.88 13.19 13.09 13.39 III Q Annual IV Q AVERAGE FOR PERIOD 5 .95 .85 .14 .23 5.99 7.01 8.26 8.20 6.03 7.15 8.29 8.26 5.69 6.28 6.09 7.39 8.27 .44 .78 .36 10.27 10.83 10.56 10.97 11.80 12.52 12.91 12.82 12.59 12.43 12.72 12.57 12.91 13.06 13.69 13.49 12.77 13.12 13.82 14.53 15.00 13.73 13.23 13.04 13.43 9.52 9.81 9.28 10.27 10.90 10.52 11.04 11.88 12.51 12.91 12.81 12.56 12.46 12.77 12.52 12.96 13.02 13.69 13.48 12.78 13.06 13.90 14.59 15 .02 13.61 13.18 12.96 13.51 9.52 9.87 9.32 10.20 11.00 10.53 11.10 11.88 12.50 12.91 12.85 12.52 12.51 12.71 12.50 12.94 13.07 13.70 13.41 12.82 13.13 13.95 14.61 14.97 13.52 13.12 13.14 13.59 9.38 9.56 9.83 9.45 10.39 10.92 10.57 11.25 12.00 12.65 12.97 12.81 12.41 12.62 12.73 12.71 12.78 13.36 13.77 13.42 12.71 13.34 14.17 14.84 14.88 13.42 13.13 13.24 6.07 6 .07 6.32 7.73 8.28 8.73 9.48 9.60 9.68 9.57 10.61 10.70 10.67 11.46 12.20 12.83 12.95 12.70 12.41 12.68 12.44 12.63 13.04 13.53 13.65 13.01 12.90 13.60 14.36 15.01 14.60 13.43 13.12 13.24 1.125 1.197 1.219 1 .224 1.186 1.249 1.321 1.133 1.192 1.210 1.215 1.192 1.259 1.317 1.301 1.303 1.312 1.283 1.258 1.221 1.211 1.225 1.265 1.234 1.273 1.309 1.314 1.304 1.286 1.255 1.215 1.211 1.227 1.270 1.240 1.273 1.155 1.189 1.215 1.208 1.194 1.264 1.321 1.331 1.313 1.330 1.291 1.286 1.251 1.222 1.218 1.228 1.267 1.246 1.272 1.078 1.167 .184 .223 .200 .197 .272 .323 .320 .306 .331 .291 .277 .242 .222 1.215 1.230 1 .268 1.254 1.066 .191 .189 .229 .186 .218 .288 .331 .295 .316 .337 .285 .272 .229 .224 .219 .237 .253 .266 1.101 1.190 1.205 1.223 1.180 1.241 1.300 1.339 1.303 1.304 1.319 1.283 1.265 1.222 1.219 1.226 1.256 1.244 1.274 1.326 1.257 1.250 1.299 1.330 1.296 1.254 1.259 1 .320 1.366 1.390 1.412 1.359 1.299 1.323 1.263 1.247 1.296 1.332 1.292 1.248 1.263 1.327 1 .370 1 .403 1.400 1.352 1 .302 1.336 1.314 1.263 1.254 .292 .318 .289 .243 .263 .334 .377 .416 1.394 1.301 .365 .293 .252 .265 1.311 1.306 1.273 1.240 1.284 1.334 1 .379 1.407 1.386 1.293 1.351 1.272 1.240 1.279 1.332 1.297 1.267 1.249 1.304 1.348 1 .376 1.431 1.368 1.294 108. RATIO, PERSONAL INCOME TO MONEY SUPPLY M2 (RATIO) 1950... 1951... 1952... 1953... 1954... 1955... 1956... 1957... 1958... 1959... 1960... 1961... 1962... 1963... 1964... 1965... 1966... 1967... 1968... 1969... 1970... 1971... 1972... 1.064 1.157 1.177 1.217 1.203 1.194 1.266 1.316 1.333 1.303 1.332 1.294 1.278 1.253 1.222 1.219 1.225 1.273 1.249 1.271 1.324 1.325 1.264 1.168 1.188 1.223 1.203 1.193 1.273 1.326 1.316 1.305 1.332 1.291 1.277 1.239 1.221 1.213 1.231 1.267 1.252 1.277 1.339 1.313 1.266 1.175 1.188 1.229 1.195 1.204 1.276 1.327 1.312 1.310 1.329 1.288 1.277 1.235 1.222 1.212 1.233 1.264 1.260 1.283 1.346 1.305 1.260 1.067 1.187 1.182 1.227 1.191 1.213 1.284 1.327 1.299 1.316 1.338 1.283 1.275 1.230 1 .224 1.214 1.232 1.259 1.262 1.288 1.376 1.293 1.259 1.064 1.190 1.191 1.229 1.185 1.218 1.287 1.329 1.295 1.316 1.339 1.284 1.271 1.227 1.225 1.221 1.235 1.252 1.267 1.295 1.362 1.284 1.259 1974... 1975... 1976... 1977... 1978... 1979... 1980... 1981... 1982... 1983... 1984... 1.292 1.325 1.294 1.241 1.256 1.328 1.378 1.416 1.390 1.318 1.292 1.320 1.289 1.243 1.262 1.333 1.373 1.416 1.398 1.293 1.291 1.310 1.283 1.245 1.271 1.340 1.381 1.416 1.393 1.292 1.299 1.304 1.278 1.240 1.281 1.334 1.385 1.405 1.392 1.294 1.313 1.301 1.271 1.239 1.282 1.335 1.381 1.405 1.386 1.292 1.066 1.195 1.193 1.232 1.182 1.223 1.292 1.337 1.290 1.317 1.335 1.289 1.269 1.230 1.223 1.223 1.243 1.249 1.269 1.300 1.356 1.085 1 .186 1.185 1.227 1.178 1.238 1.286 1.339 1.308 1.313 1.327 1.289 1.267 1.223 1.220 1.220 1.251 1.247 1.273 1.309 1.356 1.104 1.195 1.212 1.221 1.178 1.239 1.305 1.342 1.299 1.298 1.317 1.282 1 .264 1.221 1.220 1.218 1.257 1.244 1.274 1.318 1.351 1.113 1.189 1.218 1.220 1.183 1.245 1.309 1.337 1.303 1.301 1.313 1.278 1.264 1.222 1.217 1.241 1.261 1.240 1.274 1.321 1.346 1.237 1.264 1.321 1.312 1.271 1.241 1.290 1.244 1.270 1.331 1.294 1.273 1.248 1.302 1.242 1.277 1.332 1.299 1.267 1.248 1.306 1.235 1 .289 1.333 1.297 1.261 1.251 1.305 1.372 1.412 1.379 1.292 1.377 1.428 1.380 1.291 1.375 1.433 1.366 1.293 1.377 1.432 1.358 1.297 1.332 1.259 1.244 1.295 1.338 1.301 1.253 1.256 1.314 1.357 1.386 1.420 1.357 1.299 223. PERSONAL INCOME IN CURRENT DOLLARS (ANNUAL RATE, BILLIONS OF DOLLARS) 1950... 1951... 1952... 1953... 1954... 1955... 1956... 1957... 1958... 1959... 1960... 1961... 1962... 1963... 1964... 1965... 1966... 1967... 1968... 1969... 1970... 1971... 1972... 1973... 1974... 1975... 1976... 1977... 1978... 1979... 1980... 1981... 1982... 1983... 1984... AVERAGE FOR PERIOD 216.4 244.0 261.2 282.3 287.3 297.8 219.4 246.7 265.0 284.2 288.3 299.5 224.5 249.2 265.6 287.0 219.8 252.1 265.2 287.3 220.3 253.5 268.2 288.6 221.4 255.3 269.7 289.8 225.7 254.8 268.7 289.3 230.1 257.8 276.2 288.6 232.2 258.3 279.0 288.6 235.3 261 .2 280.1 290 .5 262.1 279.4 288.7 301 .9 304.9 307.5 308.6 313.3 313.6 315.9 317.5 342.9 353.8 373.5 397.4 406.6 431.3 457.8 483.4 521.6 566.5 613.5 656.3 723.8 783.3 840.4 910.1 1011.7 1118.4 1208.7 1338.6 1460.4 1628.5 1853.4 2079.2 2322.7 2521.5 2659.7 346.1 353.4 375.7 397.6 408.7 434.4 455.8 485.7 522.0 572.0 614.4 663.7 729.9 788.1 843.8 921.7 1025.9 1124.6 1214.3 1350.8 1477.1 1642.9 1870.2 2089.7 2341.2 2542.6 2656.8 347.6 355.3 378.7 397.9 410.0 438.1 457.5 488.3 524.9 575.8 618.5 671.2 736.3 793.3 850.1 927.4 1034.9 1131.6 1219.7 1356.2 1493.1 1663.4 1891.8 2107.5 2364.2 2545.2 2671.8 348.1 354.4 382.0 401.5 410.7 440.8 349.7 355 .6 384.6 403.0 413.7 441.8 352.3 357.4 387.1 403.3 418.0 443.2 491.8 528.7 578.2 619.8 676.1 742.1 812.8 854.2 933.2 1042.4 1142.1 1228.0 1365.8 1502.6 1686.9 1902.2 2108.5 2374.8 2561.2 2693.2 495.1 533.7 580.6 622.4 683.1 747.0 808.7 859.2 938.9 1049.9 1157.1 1242.1 1375.0 1514.1 1700.9 1915.8 2116.2 2385.3 2570.7 2715.8 497.7 537.8 585.4 626.8 688.8 752.3 809.7 879.0 931.0 1058.5 1168.6 1272.3 1380.2 1526.9 1720.1 1931.9 2129.8 2408.6 2572.7 2734.4 353.9 364.0 387.8 403.8 419.8 444.8 466.3 500.5 540.6 589.0 631.5 695 .1 759.0 814.3 869.4 948.3 1068.0 1181.9 1269.5 1394.3 1548.2 1745.9 1965.3 2165.4 2452.2 2591.4 2744.9 355.5 363.8 384.8 404.1 420.1 446.0 468.6 504.4 542.7 594.1 635.9 700.6 765.1 819.2 875.9 958.7 1077.4 1186.6 1285.6 1404.8 1559.7 1761.6 1983.1 2184.0 2483.9 2591.5 2759.9 354.5 365.8 385.7 404.8 421.1 448.3 471.5 507.2 557.5 599.2 638.1 705.6 769.5 824.4 878.7 964.2 1088.3 1193.7 1295 .5 1413.5 1575.3 1777.8 1997.4 2208.5 2499.1 2599.8 2785.0 354.5 366.6 386.4 406.1 424.8 449.4 474.5 507 .8 554.6 639.8 710.6 773.3 823.0 882.1 982.5 1098.9 1204.5 1307.0 1422.6 1593.5 1801.2 2016.8 2239.4 2498.1 2617.0 2814.9 NOTE: Unless otherwise noted, these series contain revisions beginning with 1981. 'This series contains revisions beginning with 1980. 263.1 281.5 287.8 246.6 263.9 284.5 253.6 267.7 288.6 256.9 274.6 288.8 262.1 280.4 289.0 319.9 321.9 299.6 306 .9 314.2 354.7 370.9 390.6 405.6 353.7 372.7 396.2 403.2 345.5 354.2 376.0 397.6 451.7 475.7 511.4 559.4 453.7 480.3 517.3 564.2 646.1 715.8 776.0 825.0 888.6 996.1 1110.3 1204.2 1315.2 1440.5 1608.9 1819.5 2034.2 2264.5 2507.3 2645 .0 2834.2 653.2 720.4 781.8 831.2 900.0 1004.1 1115.9 1209.9 1321 .7 1452.1 1625.0 1843.3 2052.2 2291.2 2516.1 2656.3 2860.4 434.7 457.0 485.8 522.8 571.4 615 .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 2092.1 2342.7 2536.5 2662.8 350.0 355.8 384.6 402.6 414.1 441 .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 2118.2 2389.6 2568.2 2714.4 354.6 3.64.5 386.1 404.2 420.3 446.3 468.8 504.0 546.9 594.1 635.2 700.4 764.5 819.3 874.7 957.1 1077.9 1187.4 1283.5 1404.2 1561.1 1761.8 1981.9 2186.0 2478.4 2594.3 2763.3 319.7 341.6 354.2 370.1 391.1 405.0 428.4 451.6 476.9 512.1 559.4 605.7 646.4 715.6 777.0 826.4 890.3 994.2 1108.3 1206.2 1314.6 1438.4 1609.2 1821.3 2034.4 2265.0 2507.1 2639.5 2836.5 254.9 271.8 287.7 289.6 310.3 332.6 351 .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 2165.3 2429.5 2584.6 2744.2 (SEPTEMBER 1984) 99 C. Historical Data for Selected Series—Continued Year IQ 16. 1950.. 1951.. 1952.. 1953.. 1954.. 1955.. 1956.. 1 95 7 . 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.. 1983.. 1984.. II Q IIIQ IV Q CORPORATE PROFITS AFTER TAXES IN CURRENT DOLLARS (ANNUAL RATE, BILLIONS OF DOLLARS) .. .. .. .. .. .. .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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 69.4 100.7 114.9 129.6 161.2 166.2 150.2 104.7 102.6 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 38.1 45.9 49.8 46.1 49.3 48.0 41.6 47.3 56.6 76.8 85 .0 73.2 102.3 121.3 144.1 164.5 139.4 135.4 106.9 123.4 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 88.3 103.5 126.6 149.9 169.6 146.9 139.4 107.0 142.6 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 95.2 103.4 125.3 159.9 165.0 146.7 135.0 100.8 141.1 2 2 . RATIO OF PROFITS (AFTER TAXES) TO TOTAL CORPORATE DOMESTIC INCOME (PERCENT) 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962... 1963... 1964... 1965... 1966... 1967... 1968... 1969... 1970... 1971... 1972... 1973... 1974... 1975... 1976... 1977... 1978... 1979... 1980... 1981... 1982... 1983... 1984... . . . . . . . . . . . . . . . . . . . . . . . 34. 1950. 1951. 1952. 1953. 1954. 1955. 1956. 1957. 1958. 1959. 1960. 1961. 1962. 1963. 1964. 1965. 1966. 1967. 1968. 1969. 1970. 1971. 1972. 1973. 1974. 1975. 1976. 1977. 1978. 1979. 1980. 1981. 1982. 1983. 1984. ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 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 10.3 8.9 5.7 5.3 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 8.4 7.9 5.7 6.3 NET CASH FLOW, CORPORATE, IN CURRENT DOLLARS (ANNUAL RATE, BILLIONS OF DOLLARS) 19.3 26.7 23.8 26.3 24.6 32.9 35.4 36.8 31.1 40.1 41.6 37.8 46.3 47.9 55.5 62.1 69.1 68.9 73.4 78.4 74.5 81.6 97.2 118.9 131.8 125.5 159.6 179.0 204.7 244.5 264.2 271.1 249.4 280.0 23.0 23.2 22.4 26.1 26.2 33.8 36.0 36.1 31.2 42.8 39.7 39.5 46.1 50.1 55.2 64.0 70.4 69.3 75.0 77.9 75.2 84.6 101.0 123.3 135.8 131.5 159.9 189.6 221.4 252.6 241.3 261.3 259.0 310.5 27.5 21.8 22.7 26.3 27.5 35.1 34.5 36.1 34.1 39.4 38.8 40.8 47.4 51.1 56.4 65.0 71.1 71.3 75.5 77.2 76.6 89.3 102.5 123.3 143.4 147.8 161.9 197.9 228.2 262.8 253.3 269.9 266.6 339.6 NOTE: These series contain revisions beginning with 1981. 100 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 9.1 7.3 5.3 6.9 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 9.0 7.9 5.7 7.1 30.1 23.5 24.8 22.4 29.6 36.1 35.8 34.6 38.1 39.2 37.9 42.7 48.5 52.2 56.0 67.3 71.7 75.1 77.7 76.7 75.3 92.2 108.8 127.6 136.1 155.9 164.4 199.1 240.7 260.7 258.3 271.9 266.7 345.6 Annual Year IQ AVERAGE 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 9.2 8.0 5.6 6.4 1950... 1951... 1952... 1953... 1954... 1955... 1956... 1957... 1958... 1 95 9 ... 1960. .. 1961... 1962... 1963... 1964... 1965... 1966... 1967... 1968... 1969... 1970... 1971... 1972... 1973... 1974... 1975... 1976... 1977... 1978... 1979... 1980... 1981... 1982... 1983... 1984... 35.0 42.8 34.2 36.4 31.3 42.0 42.1 34.0 29.5 40.6 41.0 34.3 41.8 42.8 51.3 58.7 64.8 58.0 58.5 57.8 46.3 48.3 56.9 72.4 75.2 55.1 75.1 81.9 86.5 99.3 93.3 78.0 51.2 48.9 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 76.9 68.8 51.7 58.9 | IV Q 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 79.3 74.0 51.5 67.9 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 .... 1969..... 1970 1971 .... 1972 1973 1974 1975 .... 1976 1977 1978 1979 1980 1981 .... 1982 1983 1984 4.4 13.4 7.3 3.9 -3.4 5.9 7.5 2.5 -6.8 5.5 12.7 -4.1 10.4 7.4 6.9 14.8 15.6 14.5 5.4 11.7 2.1 11.2 6.3 16.0 13.2 -14.3 10.0 10.5 17.3 12.9 -0.5 8.1 -6.7 -16.5 7.7 19.9 -2.7 5.1 -4.1 8.0 5.5 2.9 -6.2 1 .6 .3 .8 .1 .9 .4 11.3 17.1 7.3 12.2 11.8 5.0 10.4 12.1 15.2 12.6 -11.3 11.3 13.8 18.4 13.7 -2.1 12.4 -4.0 -6.1 35. NET CASH FLOW, CORPORATE 1950.. 1951.. 1952.. 1953.. 1954.. 1955.. 1956.. 1957.. 1958.. 1959... 1960... 1961... 1962... 1963... 1964... 1965... 1966... 1967... 1968... 1969... 1970... 1971... 1972... 1973... 1974... 1975... 1976... 1977... 1978... 1979... 1980.. 1981.. 1982.. 1983.. 1984.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36.9 46.2 39.9 43.5 40.1 53.4 53.9 45.2 43.4 55.1 56.6 51.5 63.0 64.8 74.8 82.9 90.4 87.2 89.5 91.8 82.8 85.9 98.3 117.0 121.7 98.0 116.6 124.3 132.9 146.6 145.3 137.9 118.4 130.9 43.5 39.8 37.4 42.9 42.7 54.6 54.1 50.9 43.5 58.6 54.0 53.8 62.7 67.9 74.2 85.3 91.3 87.0 90.6 90.2 82.6 88.1 101.5 119.7 120.7 100.3 115.7 129.8 140.9 148.3 129.5 134.7 121.6 146.2 8.0 14.6 5.4 1.9 -2.7 7.8 4.9 3.7 0.3 1.4 3.4 6.5 7.5 8.0 5.5 11.0 13.6 11.8 9.8 13.7 6.5 7.0 12.8 13.8 7.7 1.0 7.3 18.7 13.3 4.8 -10.1 17.5 -6.4 0.9 22.1 7.0 7.2 -5.0 1.5 9.2 5.4 -3.0 5.3 8.7 -5.3 7.7 5.3 6.7 8.6 10.0 20.8 15.2 8.6 7.0 1.4 3.6 9.7 23.7 12.9 -2.3 2.4 10.1 15.2 -2.3 -4.7 7.2 -24.6 7.2 IN 1972 DOLLARS OF DOLLARS) 50.8 36.9 38.0 42.8 44.7 55.1 50.7 50.5 47.4 53.6 52.7 55.6 64.4 69.2 75.7 86.1 91.5 88.6 90.2 87.9 83.0 92.0 102.1 117.7 121.8 111.1 115.3 133.2 142.1 151.0 133.3 131.1 124.3 159.2 Annual AVERAGE 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 77.6 66.3 48.1 66.4 30. GROSS P RIVATE DOMESTIC INVESTMENT, CHANGE IN BUSINESS INVENTORIE » • «' AVERAGE 25.0 23.7 23.3 25.3 26.9 34.3 35.5 36.1 33.7 40.4 39.5 40.2 47.1 50.3 55.8 64.6 70.5 71.2 75.4 77.5 75.4 86.9 102.4 123.3 136.8 140.2 161.4 191.4 223.8 255.1 254.3 268.5 260.4 318.9 III Q (ANNUAL RATE, BILLIONS OF DOLLARS) AVERAGE 25.0 21.9 20.2 20.9 21.1 27.2 27.6 26.7 22.9 28.9 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 81.5 102.5 122.0 145.9 165.1 149.8 140.0 104.8 127.4 II Q 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 81.8 71.8 50.6 60.5 AVERAGE 10.6 13.7 4.3 1.5 -2.2 7.7 5.8 1.5 -1.8 7.0 3.5 3.0 7.8 7.5 7.1 11.8 16.8 12.2 9.0 11.1 3.8 8.1 10.2 17.2 11.6 -6.7 7.8 13.3 16.0 7.3 -4.4 11.3 -10.4 -3.6 AVERAGE 54.0 39.4 41.1 36.4 47.8 56.1 51.7 48.1 52.7 53.3 51.6 58.1 65.8 70.5 74.9 88.6 91.1 92.4 91.7 86.0 80.2 93.9 108.0 120.1 110.0 115.1 115.5 131.0 147.1 146.4 133.6 129.6 123.4 160.9 46.3 40.6 39.1 41.4 43.8 54.8 52.6 48.7 46.7 55.2 53.7 54.7 64.0 68.1 74.9 85.7 91.1 88.8 90.5 89.0 82.1 90.0 102.5 118.7 118.5 106.1 115.8 129.6 140.7 148.1 135.4 133.3 121.9 149.3 (SEPTEMBER 1984) C. Historical Data for Selected Series—Continued Year IQ II Q III Q 49. VALUE OF GOODS OUTPUT IN 1972 IV Q Annual DOLLARS Year 55. IQ II Q III Q IV Q AVERAGE AVERAGE 1950 1951 1952 1953 1954 1955 1956 195 7 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 ..... 1983 1984 250.1 275.4 289.1 306.2 294.3 304.4 321.8 324.6 302.9 327.1 342.9 325.3 358.5 366.5 387.2 412.8 451.6 459.5 471.4 495.6 487.2 497.3 508.4 570.7 566.2 530.0 581.3 612.9 636.9 681.4 684.6 696.0 669.0 658.9 255.7 281.4 286.4 310.2 287.0 315.1 321.0 322.8 303.6 337.5 338.3 335.1 360.1 369.4 392.6 415.5 453.3 461.6 482.9 496.8 489.2 494.1 526.3 568.7 567.8 540.2 587.0 625.2 662.2 671.9 661.2 693.2 662.0 681.6 266.8 288.8 290.9 307.6 290.4 321.6 319.4 325.0 314.8 330.0 336.5 341.0 363.4 374.0 396.5 423.9 456.8 464.5 489.7 498.3 492.7 497 .2 536.0 568.4 564.4 558.6 589.0 636.9 666.4 678.7 658.7 701.5 657.9 698.1 273.4 289.3 302.0 302.9 298.9 325.9 321.4 314.4 325.1 335.5 325.6 350.5 363.3 378.9 398.8 38.2 64.0 68.0 88.3 93.2 78.4 500.3 547.8 581.4 551.6 560.9 591.2 637.2 682.3 678.7 668.0 681.7 653.6 715.5 261.5 283.7 292.1 306.8 292.7 316.7 320.9 321.7 311.6 332.5 335.8 338.0 361.3 372.2 393.8 422.6 456.4 463 .4 483.1 496.0 486.9 497.2 529.6 572.3 562.5 547.4 587.2 628.1 662.0 677.7 668.1 693.1 660.6 688.6 64. AVERAGE 1950 1951 .... 1952 1953 1954 1955 1956 1957 ... 1958 1 95 9 I960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 .... 1977 1 978 1979 1980 1981 1982 1983 1984 65.8 65.6 67.6 68.4 69.8 67.7 69.3 70.0 71.0 69.5 70.2 71.5 70.2 70.4 69.8 69.4 69.0 71.1 71.7 72.4 75.5 74.8 74.5 73.5 74.8 76.6 74.4 74.9 74.8 73.7 74.9 74.6 75.7 76.0 65.5 66.1 67.9 69.0 69.6 67.9 69.6 70.1 70.8 69.0 71.0 70.9 70.6 70.1 70.0 69.1 69.8 71.2 71.7 73.1 75.3 74.9 74.9 73.9 75.2 75.5 75.1 74.3 73.9 73.9 76.0 75.0 76.0 75.2 64.7 66.2 67.9 69.4 69.0 68.2 69.9 70.1 70.3 70.2 71.2 70.7 70.5 70.1 70.1 69.3 70.4 71.2 72.0 73.8 75.4 75.0 74.4 73.9 76.0 74.3 75.4 73.7 73.7 74.1 75.8 74.2 76.5 74.5 64.8 66.1 68.3 70.6 68.5 68.4 70.2 70.7 69.6 70.3 71.5 70.3 70.2 70.2 70.4 69.3 70.5 71.3 72.3 74.7 75.8 74.6 74.1 73.8 76.3 74.3 75.7 74.4 73.4 74.8 75.6 75.0 76.5 74.3 1950 1951 1952 1953 ... 1954 1 955 1956 .... 1957 .... 1958 .... 1959 1960 .... 1961 1962 .... 1963 .... 1964 .... 1965 .,. 1966 1967 1968.... 1969 1970.... 1971.... 1972.... 1973.... 1974 1975 1976 1977.... 1978.... 1979.... 1980 1981 1982 1983 1984 14.7 11.9 17.4 17.7 16.2 22.9 22.3 22.1 17.6 25.1 26.6 23.2 32.1 34.4 41 .1 47.5 52.5 49.6 47.8 49.1 37.0 43.4 53.2 62.1 52.2 45.9 77.5 80.4 97.7 111.2 92.6 105.1 97.0 120.0 15.6 16.0 16.1 16.8 16.9 23.9 21 .7 22.3 18.0 27.9 24.7 25.6 31.6 36.0 41.1 48.9 51.2 49.0 50.7 46.9 39.2 43.6 53.3 57.1 47.2 55.6 72.9 94.5 109.4 109.0 93.5 104.9 98.8 141.9 16.4 18.6 15.7 16.0 17.5 23.8 21.8 22 .3 19.8 25.0 24.9 26.4 32.2 36.5 41.4 49.2 50.0 49.7 50.8 45.7 37.8 46.4 55 .6 58.2 35.0 65.7 73.7 107.2 112.8 109.7 88.6 112.8 101.4 160.2 17 .4 18.0 17.7 13.7 19.5 23.7 21.0 20.4 22.4 25.9 23.7 28.0 34.4 36.8 41.2 50.7 52.1 51.3 50.6 40.7 34.9 49.4 57.9 59.7 38.8 72.3 72.9 96.1 116 .6 98.9 87.9 112.3 96.6 175.5 65.2 66.0 67.9 69.4 69.2 68.0 69.8 70.2 70.4 69.8 71.0 70.8 70.4 70.2 70.1 69.3 69.9 71.2 71.9 73.5 75.5 74.8 74.5 73.8 75.6 75.2 75.2 74.3 74.0 74.1 75.6 74.7 76.2 75.0 AVERAGE NOTE: These series contain revisions beginning with 1981. 16 .0 16.1 16.7 16.0 17.5 23.4 21.8 21.8 19.5 26 .0 24.9 25.8 32.6 35.9 41.2 49.1 51.4 49.9 50.0 45 .6 37.2 45.7 55 .0 59.3 43.3 59.9 74.3 94.6 109.1 107.2 90.6 108.8 98.4 149.4 Annual PERSONAL CONSUMPTION EXPENDITURES, AUTOMOBILES 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 1 982 1983 1984 . . 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 68.3 73.8 71.4 78.4 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 52.6 66.4 70.4 88.1 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 61.0 74.3 73.4 90.2 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 65.1 63 .9 79.1 96.3 68. LABOR COST ( C U R R E N T DOLLARS) PER U N I T OF REAL GROSS DOMESTIC PRODUCT, N O N F I N A N C I A L CORPORATIONS (DOLLARS) 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1 968 1969 1970 1971 1972 1973 1974 1975 1976 1 977 1978 1979 1980 1981 1982 1983 1984 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 1.174 1.274 1.372 1.421 1972 DOLLARS 1950 1951 . 1 952 1953 1954 1955 1956 1957 195 8 1959 I960 1961 1962 . 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 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 1.215 1.294 1.395 1.408 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 1.227 1.313 1.404 1.400 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 .136 .255 .348 .419 .408 ( A N N U A L RATE, B I L L I O N S OF DOLLARS) 27 .0 19.9 28.7 28.7 25 .8 36.5 34.1 32.2 25 .3 35.2 36.9 32 .1 44.2 46.7 55 .3 63.2 68.4 62.5 58.1 57.1 41.0 45.8 53.9 60.8 47.3 36.8 58.1 57.7 65.7 69.0 52.7 54.8 47.6 57.3 28.3 27.0 26.4 26.8 26.9 37 .7 32.8 32.3 25.7 39.1 34.2 35 .5 43.4 48.9 55 .1 64.8 65.9 61 .2 61.1 53.9 42.9 45.4 53.5 55.0 41.4 43.6 54.4 66.6 71.8 66.1 52.0 53.6 47.8 67.9 28.9 31 .1 25.9 25.5 28.1 37 .2 32 .6 32.0 28.1 35.0 34.5 36.4 44 .2 49.4 55 .3 64.9 64.0 61.8 60.5 51.9 40.8 47.9 55 .4 55 .0 29.6 50.6 54.4 74.2 72.8 65.1 48.3 56.5 48.7 76.5 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 61.8 69.6 73.6 88.3 AVERAGE 0.383 0. 08 0. 30 0. 41 0. 46 0. 39 0. 67 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 1.218 1.307 1.397 1 .409 AVERAGE 30.5 29.7 28.9 21 .9 31.1 36.8 31.1 29.2 31.8 36.0 32.9 38.6 46.9 49.6 55 .0 66 .6 66.2 63.2 59.5 45.5 37.2 50.5 57.2 55 .6 32.1 54.8 53.1 65.4 73.9 57.6 47.0 55 .4 46.1 83.0 28.7 26.9 27.5 25.7 28.0 37.0 32 .6 31 .4 27 .7 36.3 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 50.0 55 .1 47 .6 71.2 (SEPTEMBER 1984) 101 C. Historical Data for Selected Series—Continued Year 81. | 1 Q II Q III Q IV Q RATIO OF PROFITS (AFTER TAXES) WITH IVA AHD CCADJ TO TOTAL CORPORATE DOMESTIC INCOME (PERCENT) 1950 1951 1952 1 95 3 1954 1955 1 95 6 1957 1958 1 95 9 1960 1961 1962 1 963 1964 1965 1 966 1967 1968 1969 1970 . . 1971 1972 1973 1974 1975 1976 1977 1978. . 1979 1980. . . . 1981 1982 1983 1984 . . 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 4.5 5.7 5.1 6.5 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 4.8 5.8 5.2 7.5 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 9.3 8.4 6.1 4.5 6.1 5.3 8.1 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 4.8 5.7 5.0 8.9 89. 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 50.9 50.4 55 .4 49.0 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 48.4 52.3 53 .7 48.1 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 42.1 45.9 43.9 43.0 44.0 48.3 41.8 38.3 39.8 41.3 45 .7 50.4 47.5 55 .0 52.4 48.3 20. 20. 21. 23. 23. 26. 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 48.3 55.1 51 .9 51.4 R E S I D E N T I A L FIXED I N V E S T M E N T , TOTAL, IN 1 972 DOLLARS ( A N N U A L RA1 DOLLARS; 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 1983 1984 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 53.0 48.8 36.2 46.2 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 42.4 47.0 37.6 53.4 35.0 25.3 26. 27. 30. 34. 31. 28. 30. 37. 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 42.8 36.8 57.2 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 44.5 58.2 65.7 57.4 42.4 45.9 55.0 61.9 61.8 56.7 49.0 39.5 40.8 57.8 NOTE: Unless otherwise noted, these series contain revisions beginning \ ^his series contains revisions beginning with 1963. 102 Year IQ DOLLARS AVERAGE 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 4.6 5.8 5.2 7.8 AVERAGE DO! 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1 961 1962 1963 1964 1965 1966 . . . 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 Annual 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 48.8 53.2 53.3 49.2 1950 1951 1952 1953 1954. 1955 1956 195 7 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 1983 1984 ( A N N U A L RATE, 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 91.7 106.7 105.8 109.9 115.1 115.4 110.8 117.3 132.8 140.3 120.7 122.0 134.5 148.5 168.0 171.8 171.6 175.2 161.6 Q IV Q 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 llfc.2 118.5 115.0 112.1 119.1 138.3 138.2 117.8 124.1 138.8 157.9 168.0 162.2 173.4 166.9 165.3 114.7 112.2 120.4 140.5 135.2 119.2 127.4 141.2 161.6 172.9 163.6 178.2 163.9 172.6 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 1 982 1983 1984 ... . . .. . . ... 107. R A T I O , 1950 1951 1952 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 86.0 103.4 108.2 106.3 112.3 117.4 110.3 113.6 127.2 140.7 129.1 119.6 128.9 146.5 165.2 170.9 165.7 176.9 161.5 184.5 2.784 .... 1956.... 1957.... 1958 1959 1960 2.816 2.919 2.857 2.959 3.097 3.270 3.265 3.400 3.598 1961.... 1962.... 1963.... 1964.... 1965.... 3.561 1966 .... 4.309 1967.... 4.461 1968 4.523 4.574 4.682 4.780 4.867 5.043 1969.... 1970 1971 1972.... 1973.... 1974.... 1975.... 1976.... 1977 1978..., 1979.... 1980 1981.... 1982.... 1983.... 1984.... 30.1 31.9 33.2 33.4 31.1 35.1 36. 37. 31. 35. 38. 36. 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 98.6 113.1 119.7 113.7 121.1 113,2 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 99.9 115.9 122.5 116.1 123.2 111.5 117..2 124.3 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 89.4 105.4 119.0 119.7 117.4 121.8 109.7 133.1 GROSS N A T I O N A L PRODUCT TO MONEY SUPPLY Ml1 (RATIO) 2.431 1953.... 1954.... 1955 26.9 31. 32. 33. 31. 32. 36. 37. 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 .3 120.9 121.2 119.8 112.5 3.770 3.875 4.016 4.113 5.172 5.313 5.681 5.816 5.977 6.390 6.525 6.833 6.742 6.465 Annual AVERAGE B I L L I O N S OF DOLLARS) 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 8 8 . N O N R E S I D E N T I A L F I X E D I N V E S T M E N T , P R O D U C E R S ' DURABLE E Q U I P M E N T , I N 1 9 7 2 DOLLARS ( A N N . RATE, BIL. D O L . ) AVERAGE 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 47.1 44.5 37.9 53.7 III II Q 2.479 2.825 2.795 2.92.7 2.848 3.002 2.609 2.846 2.812 2.915 2.856 3.053 2.689 2.831 2.882 2.870 2.894 3.095 3.132 3.168 3.217 3.286 3.257 3.470 3.598 3.611 3.802 3.896 4.043 4.167 4.328 4.443 4.564 4.618 4.715 4.768 4.911 5.074 5.258 5.363 5.679 5.906 6.159 6.358 6.612 6.799 6.785 6.468 3.336 3.320 3.432 3.577 3.650 3.849 3.928 4.033 4.208 4.402 4.442 4.568 4.685 4.734 4.764 4.912 5.131 5.311 5.479 5.719 5.990 6.216 6.398 6.508 6.956 6.724 6.472 3.316 3.377 3.503 3.557 3.716 3.862 3.961 4.020 4.256 4.474 4.467 4.552 4.681 4.676 4.804 4.942 5.215 5.328 5.585 5.753 5.971 6.329 6.461 6.575 6.921 6.537 6.558 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 97.4 108.0 105.6 109.5 116.8 113.8 112.2 121.0 138.1 135.7 119.3 125.6 140.3 158.3 169.9 165.8 175 .0 166.9 171.0 AVERAGE 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 99.9 113.7 120.8 117.0 121.8 113.5 121.8 AVERAGE 2.552 2.822 2.826 2.908 2.864 3.027 3.154 3.302 3.305 3.451 3.582 3.634 3.821 3.915 4.028 4.186 4.378 4.453 4.552 4.640 4.702 4.779 4.908 5.116 .267 .435 .708 .921 .170 .402 .555 .877 6.697 6.491 (SEPTEMBER 1984) C. Historical Data for Selected Series—Continued Year IQ II Q 5 0 2 . FEDERAL G O V E R N M E N T III Q IV Q Annual Year II Q 1 Q III Q Annual IV Q EXPENDITURES, NIPA AVERAGE AVERAGE 1950 1951 1952 . 1953 1954 1955 1956 1957 1958 .. . 195 9 I960 1961 1962 1963 1964 1965 ..... 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 . . 1982 1 983 . 1984 511. 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 .8 260.7 279.6 333.6 376.3 401.7 445.1 487.9 564.5 661.0 729.3 805.6 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 .6 375.7 412.4 451.1 493.4 587.7 671.2 737 .9 816.7 36 .5 61 .2 74.4 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 .6 465.6 518.0 616.5 701 .0 773.6 821 .1 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 .4 539.6 639.8 723.3 818.9 835.5 40.8 57.8 71 .1 77 .1 69.8 68.1 71.9 79.6 88.9 91.0 93.1 101.9 110.4 114.2 118.2 123.8 143.6 163.7 180.5 188.4 204.3 220.6 244.3 264.2 299.3 356.6 384.8 421.1 461.0 509.7 602.1 689.1 764.9 819.7 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 1983 1984 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 90.1 102.3 114.5 130.1 145.4 166.3 191.9 203.1 224.0 258.0 284.7 316.7 341.0 375.3 412.2 430.1 458.3 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 91.0 106.0 118.0 133.7 151.6 178.6 193.6 209.6 233.7 263.7 293.9 329.1 344.3 377.2 418.0 440.1 473.5 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 .2 175.8 194.8 214.2 243.7 269.5 304.0 327.8 356.3 389.4 423.7 445 .9 486.1 22.0 24.1 26.4 27.9 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 98.6 111.9 126.1 140.4 159.9 192.6 199.8 218.5 249.4 280.0 308.4 336.9 366.3 402.5 426.0 451 .6 495.0 5 6 4 . FEDERAL G O V E R N M E N T P U R C H A S E S OF G O O D S AND S E R V I C E S FOR NATIONAL D E F E N S E ( A N N U A L RATE, B I L L I O N S OF D O L L A R S ) 1950 . . . 1951 1952 . 1953 1 954 1955 1956 195 7 195 8 1959 I960 1961 1962 . 1963 1964 1965 1966 1967 1968 1969 1 970 . 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 -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 26.2 39.2 34.4 43.9 -0.8 -0.8 0.4 0.2 -1.4 -0.9 -0.7 -1.4 -2.9 0.7 0.0 0.1 0.6 0.6 1.3 -0.8 1.1 -0.7 0.0 2.0 1.0 3.3 9.9 11.5 5.7 7.7 17.4 32.0 25.7 30.9 30.0 39.8 33.3 47.4 -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 -0.1 3.6 -0.2 4.2 21.8 11.0 4.2 6.8 25.0 30.4 29.8 31.6 35.1 34.6 31.5 51.2 -1.2 -0.4 0.0 0.1 -1.1 -1.3 -0.9 -1.4 -2.4 -0.4 0.1 -0.4 0.5 0.5 1.0 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 30.6 37.6 32.9 44.1 STATE AND LOCAL G O V E R N M E N T R E C E I P T S, N I P A AVERAGE 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 1 981 1982 1 983 1984 ... -1.4 0.0 -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 0.0 3.5 0.4 5.7 16.7 9.5 1.7 10.1 23.7 31.6 32.3 30.9 36.8 32.5 34.1 12.4 24.0 42.4 49.1 44 .3 38.6 38.3 43.3 44 .5 46.1 43.9 46.0 50.9 50.2 49.8 47.1 55 .1 69.4 76.1 75.3 75.8 72.0 74.3 73.4 73.9 81 .3 84.8 90.6 95 .3 106.6 125.9 143.0 168.4 194.7 12.5 30.3 45.6 49.5 41 .9 38.1 40.3 43.9 45.4 45 .5 43.8 46.7 51.3 50.5 49.5 48.3 58.4 70.4 77.2 75.6 73.0 70.1 74.0 73.0 76.1 81 .0 83.7 92.7 99.7 109.0 129.1 151.3 175.3 199 .3 14.1 37.7 46.9 48.3 39.8 39.1 40.2 44.6 45.9 45 .6 44.8 46.8 51.1 50.2 48.9 49.3 62.7 72.5 76.7 77.2 72.8 68.9 71.8 71.3 77.1 83.7 86.3 93.5 101.7 112.7 130.8 154.9 183.3 200.9 NOTE: These series contain revisions beginning with 1981. 104 16 .9 42.0 48.5 47.5 38.4 38.0 41 .9 44.3 46.5 45 .1 45 .3 48.5 50 .9 50.3 47.9 53.1 65.0 73.5 77.4 77.1 72.7 70.0 72.5 73.6 81.0 86 .0 89.1 94.5 104.4 119.0 139.1 165.6 191.0 207 .2 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 .6 352.0 386.1 420.0 441 .9 478.2 AVERAGE 14.0 33.5 45.8 48.6 41.1 38.4 40.2 44.0 45 .6 45.6 44.5 47.0 51.1 50.3 49.0 49.4 60.3 71.5 76.9 76.3 73.6 70.2 73.1 72.8 77.0 83.0 86.0 92.8 100.3 111.8 131.2 153.7 179.5 200.5 AVERAGE ( A N N U A L RATE, B I L L I O N S OF D O L L A R S ) 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 1983 1984 ... . 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 91.3 102.1 114.5 126.6 145.0 160.6 175.2 193.6 222.3 247.8 261.0 285.1 308.7 344.4 375.5 397.6 424.2 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 93.3 105.8 117.6 130.6 149.2 162.0 179.1 201.8 228.0 249.9 267.8 295.1 317.5 351.0 378.7 405.7 429.6 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 95.4 108.9 120.2 136.4 151.9 166.0 183.3 208.5 235.9 252.1 272.0 302.1 325.4 359.4 383.9 412.6 438.7 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 .7 170.8 188.8 214.3 242.6 255.0 278.1 307.1 334.7 367.3 391.4 420.2 443.8 5 6 5 . NATIONAL D E F E N S E PURCHASES AS A PERCENT OF GROSS NATIONAL PRODUCT (PERCENT) 1950 1951 1952 1953 1954 1955 1956 .... 195 7 ... . 1958 1959 1960 1961 1962 1963 1 964 1965 1966 1967 1968 1 969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 4.6 7.5 12.4 13.4 12.2 9.9 9.3 9.8 10.2 9.7 8.7 9.1 9.2 8.6 8.0 7.0 7.5 8.9 9.0 8.2 7.8 6.9 6.5 5.7 5.3 5.5 5.1 4.9 4.7 4.6 4.9 5.0 5.6 6.1 4.5 9.2 13.3 13.4 11.6 9.6 9.6 9.9 10.3 9.3 8.7 9.0 9.1 8.5 7.8 7.1 7.8 8.9 8.9 8.1 7.4 6.6 6.3 5.6 5.3 5.3 4.9 4.9 4.7 4.6 5.0 5.2 5.7 6.1 4.8 11.3 13.5 13.1 10.9 9.7 9.5 9.9 10.1 9.3 8.8 8.9 9.0 8.3 7.6 7.1 8.2 9.0 8.7 8.1 7.3 6.3 6.0 5.3 5.3 5.3 5.0 4.8 4.6 4.6 5.0 5.1 6.0 6.0 5.5 12.4 13.5 13.1 10.2 9.2 9.7 10.0 10.0 9.1 9.0 8.9 8.9 8.2 7.4 7 .4 8.4 8.9 8.6 8.0 7.2 6.3 5.9 5.3 5.5 5.3 5.0 4.8 4.6 4.8 5.1 5.5 6.1 6.0 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 .6 204.6 232.2 251.2 269.7 297.3 321.5 355.5 382.4 409.0 434.1 AVERAGE 4.9 10.1 13.2 13 .2 11.2 9.6 9.5 9.9 10.1 9.3 8.8 9 .0 9.0 8.4 7.7 7.1 8.0 8.9 8.8 8.1 7.4 6.5 6.2 5.5 5.4 5.4 5.0 4.8 4.6 4.6 5.0 5.2 5.8 6.1 (SEPTEMBER 1984) C. Historical Data for Selected Series—Continued Year IQ 310 IMPLICIT PRICE (INDEX: 1950 1951 1952 1953 1954 1955 1 95 6 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 52.2 56.8 57.6 58.8 59.4 60.3 61.9 64.4 65.6 67.0 68.4 68.9 70.2 71.4 72.4 73.8 75.7 78.2 81.2 85.0 89.9 94.4 98.7 103.0 110.7 122.9 130.1 136.8 145 .1 158.6 171.9 190.0 204.0 212.9 . . .... ... .... .... PRODUCT 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 1983 1984 55.9 61.3 62.0 63.0 63.6 64.2 65 .8 68.5 69.7 73.2 74.1 75.0 75.5 76.2 76.6 77.6 79.0 81.2 83.7 87.2 91.4 95.3 98.9 102.8 111.6 123.8 131.4 138.7 147.6 162.5 179.0 197.0 211 .7 220.4 MQ IIIQ IV Q AVERAGE 1972-100) 52.6 57.0 57.6 58.8 59.6 60.6 62.4 64.6 65.8 67.6 68.6 69.2 70.5 71.5 72.6 74.1 76.6 78.5 82.1 86.1 91.1 95.7 99.4 104.8 113.5 124.4 131.3 139.0 148.9 161.9 176.5 193.0 206.8 214.2 (INDEX: 56.4 61.6 62.0 63.0 63.8 64.4 66.4 68.8 69.8 73.5 74.5 75.1 75.7 76.2 76.8 77.9 79.7 81.5 84.6 88.4 92.4 96.5 99.5 104.7 114.2 125.5 132.7 141.0 151.6 166.7 183.2 201 .2 214.1 222.5 54.2 57.0 57.9 59.0 59.4 61.0 63.1 65.3 66.2 67.8 68.9 69.5 70.6 71.7 73.0 74.6 77 .0 79.3 82.8 87.5 91.8 96.5 100.2 106.5 116.4 126.7 132.9 141.0 152.0 165.1 180.2 197.7 208.5 215.9 55.1 57.6 58.6 58.7 59.8 61.4 63.7 65.4 66 .5 68.0 69.0 69.6 71.1 72.2 73.2 75.0 77.8 80.1 84.0 88.6 93.0 97.4 101.5 108.7 119.8 129.0 135.0 143.2 155.4 168.1 185 .1 201 .7 210.3 218.2 58.0 61.4 62.4 63.2 63.5 64.9 67.2 69.4 70.1 73.8 74.7 75.2 75.8 76.3 77.0 78.2 80.3 82.3 85 .2 89.5 93.0 97.3 100.3 106.7 117.8 128.0 134.5 142.8 155.0 170.6 187.5 205 .6 217.0 225 .0 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 1983 1984 . . .... .... .... .... -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 -38.5 -46.5 -106.3 -185 .7 59.2 62.0 63.0 62.9 63.9 65.3 67.7 69.4 70.3 74.0 74.9 75.2 76.0 76.6 77.2 78.3 80.8 82.9 86.2 90.5 94.3 98.0 101.3 108.7 121.4 130.1 136.5 145.5 159.0 174.3 192.1 209.1 218.9 226.9 BILLIONS OF DOLLARS) 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 -64.3 -50.6 -112.0 -167.3 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 -73.3 -63.1 -163.7 -180.9 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 -69.0 -97.0 -210.6 -180.5 NOTE: These series contain revisions beginning with 1981. Wear-to-year percent changes are computed from annual data. 53.6 57.1 57.9 58.8 59.6 60.8 62.8 64.9 66.0 67.6 68.7 69.3 70.6 71.7 72.8 74.4 76.8 79.1 82.5 86.8 91.4 96.0 100.0 105.8 115.1 125.8 132.3 140.1 150.4 163.4 178.4 195.6 207.4 215.3 Year 57.4 61.6 62.4 63.0 63.7 64.7 66.8 69.0 70.0 73.6 74.5 75.1 75.7 76.3 76.9 78.0 79.9 82.0 84.9 88.9 92.8 96.8 100.0 105.7 116.2 126.8 133.8 142.1 153.5 168.7 185.5 203.4 215.5 223.5 1 950 .... 1951 1952 1953 1954 1955 1956 1957 1958 1959 I960 1 961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 -0.9 13.0 0.0 1.2 4.5 3.4 3.4 4.6 1.6 3.5 2.6 -0.4 3.4 1.8 1.1 3.4 4.1 2.6 5.1 4.7 5.8 6.0 5.6 5.7 7.5 10.7 3.6 5.5 5.3 8.5 9.6 11.0 4.6 5.0 PRICE 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 1983 1984 II Q III Q | IV Q INDEX -2.0 15.1 -0.1 0.1 4.9 2.2 3.1 4.6 1.3 3.4 0.5 0.6 1.6 0.8 0.4 1.8 3.3 1.7 3.8 4.7 4.1 4.6 3.7 5.8 11.2 8.0 3.8 6.5 5.9 9.1 11.0 10.8 5.3 2.7 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 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 .8 526.1 614.6 622.9 619.8 Annual PERCENT 1 CHANGE 3.4 1.6 -0.1 0.3 1.4 2.6 3.4 1.5 1.0 3.1 0.7 2.0 1.5 0.3 1.2 2.0 4.7 1.5 5.0 5.4 5.4 5.6 2.9 7.2 10.3 5.2 3.7 6.6 10.8 8.5 10.9 6.5 5.6 2.6 (ANNUAL RATE, 3.5 2.1 0.0 -0.2 1.1 1.4 3.3 1.5 0.9 1.6 1.9 0.3 0.8 0.1 0.7 1.8 3.5 1.7 4.4 5.3 4.5 5.0 2.5 7.5 9.9 5.6 4.2 6.8 11.4 10.8 9.7 8.6 4.4 3.9 12.4 -0.1 2.4 1.4 -0.9 2.6 4.6 4.0 2.3 1.5 1.8 1.8 0.8 1.1 2.2 2.4 2.1 3.9 3.4 6.6 3.2 3.5 3.4 7.0 10.8 7.4 4.9 5.9 8.7 8.3 8.9 10.1 3.4 3.1 6.5 4.2 4.7 -1.8 2.1 2.4 3.5 0.5 1.9 1.2 0.5 0.7 2.6 2.9 1.0 2.2 4.0 4.4 5.7 5.3 5.5 3.7 5.2 8.6 12.1 7.5 6.5 6.4 9.1 7.3 11.3 8.3 3.4 4.4 11.6 -1.2 2.5 1.8 -1.5 2.7 5.0 4.0 1.4 1.6 1.2 0.7 0.8 0.7 1.3 1.4 2.9 3.6 3.1 5.1 2.5 3.3 3.1 7.9 13.0 8.2 5.4 5.2 9.3 9.8 9.9 9.1 5.6 4.5 46.8 62.9 66.4 71.9 62.9 71.6 77.6 82.5 75.9 91.6 96.4 96.6 105.1 114.1 112.1 124.4 141.3 147.6 168.8 198.5 194.3 197.1 224.2 255.6 284.6 254.5 327.5 370.5 424.4 486.7 523.4 620.5 625.9 649.3 53.1 62.2 66.9 70.8 63.5 73.6 77.6 82.6 79.5 89.8 95.7 98.9 107.5 115.3 115.2 123.1 143.7 151.5 180.0 196.3 190.7 198.6 227.6 259.7 296.6 298.7 335.9 377.5 442.3 500.0 543.2 637.9 609.9 640.2 2.1 6.6 1.4 1.6 1.2 2.2 3.2 3.4 1.7 2.4 1.6 0.9 1.8 1.5 1.5 2.2 3.2 3.0 4.4 5.1 5.4 5.0 4.2 5.8 8.8 9.3 5.2 5.8 7.4 8.6 9.2 9.6 6.0 3.8 PERCENT CHANGE' PERCENT) 8.5 4.2 3.6 -2.4 2.1 2.7 3.4 0.1 1.2 1.2 1.1 0.1 1.1 1.3 1.0 0.9 3.0 3.1 4.9 4.8 5.6 2.9 4.4 7.6 12.9 7.0 6.3 7.9 10.7 8.8 10.1 6.9 3.7 3.5 501. FEDERAL GOVERNMENT RECEIPTS, NIPA AVERAGE 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 -61.2 -64.3 -148.2 -178.6 I Q 31 OC. CHANGE FROM PI DEFLATOR, GNI AVERAGE 1972-100) , NIPA (ANNUAL RAT E, Annual 1 .6 7.3 1.3 1.0 1.1 1.6 3.2 3.4 1.4 2.0 1.2 0.8 0.8 0.7 0.8 1.4 2.5 2.6 3.6 4.7 4.4 4.3 3.3 5.7 9.9 9.2 5.5 6.2 8.0 9.9 9.9 9 .7 5.9 3.7 AVERAGE 57.7 66.2 69.9 65.6 65.7 75.5 80.5 79.6 83.0 90.4 94.6 102.2 108.8 116.6 117.0 127.1 145.9 155.9 185.4 197.2 189.8 203.7 235.3 267.2 295.3 307.9 343.6 388.7 462.8 510.1 570.8 626.3 608.3 655.0 50.0 64.3 67.3 70.0 63.7 72.6 78.0 81.9 78.7 89.8 96.1 98.1 106.2 114.4 114.9 124.3 141.8 150.5 174.4 196.9 191.9 198.6 227.5 258.6 287.8 287.3 331.8 375.2 431.6 493.6 540.9 624.8 616.7 641.1 (SEPTEMBER 1984) 103 G. Experimental Data and Analyses Implicit price deflator, gross nonfarm business product (Index: 1977=100) T Unit labor cost, all persons, nonfarm business sector (Jan.)(July) (July) F T P (Nov.) T Components of BCD series 26— 11 i i i (Index: 1977=100) 1982 I Q.... II Q... Ill Q.. IV Q... (Mar.) P I IT ] M I | I M m m i l | l l i | M I | l l l | l l i m i | i m t H | l l l | l l l Components of BCD series 26 1 Year and quarter (Nov.) 146.5 148.6 149.3 150.2 151.4 154.2 155.6 157.1 151.9 152.7 153.8 155.2 157.6 155.9 155.9 157.1 Ratio scale 170 160 150 140 130 Implicit price deflator, gross nonfarm business product, Q (index: 1977 = 100) 120 110 170 160 150 140 130 1983 I Q.... II Q... Ill Q.. IV Q... Unit labor cost, all persons, nonfarm business sector, Q (index: 1977 = 100) 120 110 100 1984 156.3 157.2 I Q.... II Q... Ill Q.. IV Q... 90 158.3 158.0 Inventory-sales ratios in 1972 dollars 2 Year and month Manufacturing (Ratio) Merchant wholesalers (Ratio) Inventory-sales ratios in 1972 dollars (ratio)— Arithmetic scale 2.2 Retail trade (Ratio) 2.1 1983 Jan. . . . Feb.... Mar.... Apr. . . . May June. . . 1.96 1.96 1.91 1.90 1.87 1.81 1.44 1.47 1.45 1.46 1.38 1.34 1.36 1.38 1.35 1.35 1.33 1.31 July... Aug. . . . Sept... Oct.... Nov.... Dec 1.83 1.80 1.78 1.77 1.74 1.69 1.35 1.35 1.35 1.34 1.34 1.32 1.31 1.33 1.32 1.32 1.32 1.31 2.0 1.9 1.8 1.7 Merchant wholesalers 1.5 1.4 1984 y-V Jan. . . . Feb.... Mar Apr. . . . May June. . . 1.71 1.72 1.72 1.74 1.74 1.75 1.30 1.34 1.33 1.34 1.30 rl.29 1.29 1.33 1.36 1.34 1.32 1.30 July. . . Aug Sept... Oct.... Nov Dec pi. 78 (NA) pi. 31 (NA) pi. 32 (NA) 1.3 1.2 Retail trade u 1.5 1.4 1.3 1 11 i 11 Mi i 1 1 1 1 1 1 1 1 ii 1 1 1 1 i 1 M t3 m 1 1 1 1 1 1 1 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 NOTE: The "r" indicates revised; "p", preliminary; "e", estimated; anrd "NA", not available. 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 Net Contributions of Individual Components to the Leading, Roughly Coincident, and Lagging Composite Indexes Net contribution to index Basic data (and Series title unit of measure) LEADING INDICATORS 1. Average workweek, production workers, manuf acturino (hours) 5. Average weekly initial claims, State unemployment insurance 1 (thousands) 8. New orders for consumer goods and materials in 1972 dollars (billion dollars) 32. Vendor performance, companies receiving slower deliveries (percent) 12. Net business formation (index: 1967=100) 20. Contracts and orders for plant and equipment in 1972 dollars (billion dollars) . . . 29. New building permits, private housing units (index: 1967=100) 36. Change in inventories on hand and on order in 1972 do!., smoothed 2 (ann. rate, bil. do! . ) . 99. Change in sensitive materials prices, smoothed 2 (percent) 19. Stock prices, 500 common stocks (index- 1941-43=10) 106. Money supply (M2) in 1972 dollars (billion dollars) . . . . 111. Change in credit—business and consumer borrowing (annual rate, percent) 910. Composite index of 12 leading indicators 3 (index: 1967=100) ROUGHLY COINCIDENT INDICATORS 41. Employees on nonagricultural payrolls (thousands) 51. Personal income less transfers in 1972 dollars (annual rate, billion dollars). . . . 47. Industrial production, total (index: 1967=100) 57. Manufacturing and trade sales in 1972 dollars (million dollars) 920. Composite index of 4 roughly coincident indicators 3 (index: 1967=100) LAGGING INDICATORS 91. Average duration of unemployment1 (weeks) 77. Ratio, constant-dollar inventories to sales, manufacturing and trade (ratio) 62. Labor cost per unit of output, manufacturing-actual data as a percent of trend (percent) . 109. Average prime rate charged by banks (percent) . . . . . . 101. Commercial and industrial loans outstanding in 1972 dollar^ (million dollars) . . 95. Ratio, consumer installment credit to personal income (percent) 930. Composite index of 6 lagging indicators 3 (index: 1967=100) May to June 1984 June to July 1984 July to Aug. 1984 p40.4 0.00 -0.08 -0.09 365 358 -0.02 -0.12 0.06 36.65 r37.87 p37.92 -0.24 0.16 0.01 70 66 60 54 -0.16 -0.24 -0.29 rl!5.6 rl!5.2 rl!5.3 pl!7.9 -0.05 0.01 17.11 15.99 r!5.18 p!4.98 -0.15 -0.11 -0.03 141.0 142.8 126.4 121 .6 0.04 -0.36 -0.14 r34.93 r26.81 p!8.48 NA -0.45 -0.46 -0.13 -0.64 -1.05 -0.16 -0.20 -0.19 156.55 153.12 151 .08 164.42 -0.14 -0.08 0.63 r914.0 r918.0 919.1 p918.3 0.14 0.04 -0.03 r22.6 p!4.0 NA -0.09 -0.45 r!68.6 r!66.7 r!63.7 p!64.5 -1.13 -1.80 0.49 r93,786 r94,135 r94,351 p94,510 0.31 0.19 0.18 rl ,169.7 rl, 181.8 rl, 185.1 0.52 0.14 0.10 r!62.8 r!64.3 r!65.8 p!66.2 0.26 0.25 0.09 r!77,407 r!78,417 NA 0.13 -0.28 r!53.9 r!55.5 p!56.0 1.04 0.13 0.19 -0.08 0.20 0.48 May 1984 June 1984 July 1984 r40.6 r40.5 348 350 38.46 40.6 0.27 24.3 p ! 7 6 ,160 r!55.7 Aug. 1984 pi, 186. 9 0.37 NA NA NA 18.4 18.6 18.1 1.52 1.51 pi. 54 NA -0.13 0.40 85.6 r84.7 r83.6 p83.3 -0.33 -0.40 -0.16 12.39 12.60 13.00 13.00 0.15 0.28 0.00 rill, 907 rl!5,496 rl!6,368 pl!8,574 0.84 0.20 0.73 r!4.18 r!4.31 pl4.45 NA 0.50 0.54 rl!6.0 rl!7.2 rl!8.6 pl!9.9 1.03 1.19 17.3 NA NA 1.10 NOTE: The net contribution of an individual component is that component's share in the composite movement of the group. It is computed by dividing the standardized and weighted change for the component by the sum of the weights for the available components and dividing that result by the index standardization factor. See the February 1983 issue of BUSINESS CONDITIONS DIGEST (pp. 108-109) for the weights and standardization factors. NA, not available, p, preliminary, r, revised, e, estimated. x This 2 This 3 series is inverted in computing the composite index; i.e., a decrease in this series is considered an upward movement. series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span. Figures in the net contribution columns are percent changes in the index. The percent change is equal (except for rounding differences) to the sum of the individual components' contributions plus the trend adjustment factor. The trend adjustment factor for the leading index is 0.139; for the coincident index, -0.175; for the lagging index, 0.018. 106 G. Experimental Data and Analyses—Continued Cyclical Comparisons: Current and Selected Historical Patterns 111111111II11111II111111111111111111111111111 Actual data 21. Average weekly overtime hours, production workers, manufacturing MONTHS FROM REF. TROUGH uul CURRENT MONTH ACTUAL AND DATA YEAR "•I1"11!111"! |""'|'""| I'""] 21. Average weekly overtime hours, production workers, manufacturing Deviations from specific troughs S E R I E S 21 HOURS 4.5 10 11 12 3.2 9 / 8 3 3.3 10/83 3.3 11/83 13 14 15 16 3.4 12/83 3.5 1 / 8 4 3.5 2 / 8 4 3.5 3/84 17 18 19 20 3.7 4 / 8 4 3.3 5 / 8 4 3.3 6 / 8 4 3.3 7/84 4.0 3.5 3.2 Actual data for current cycle 8/84 MONTHS DEVIFROM ATIONS CURRENT MONTH SPEC. FROM ACTUAL AND TROUGH 12/82 DATA YEAR SERIES 21 HOURS 3.0 2.5 2.0 9 10 11 12 0 1 1 1 9 0 0 1 3 .2 3 .3 3 .3 3 .4 9/83 10/83 11/83 12/83 13 14 15 16 1 2 1 2 1 .2 1 .4 3 .5 3 .5 3 .5 3 .7 1/84 2/84 3/84 4/84 17 18 19 20 1 .0 1 .0 1 .0 0 .9 3 .3 3 .3 3 .3 3 .2 5/84 6/84 7/84 8/84 -j o.o MONTHS FROM REF. TROUGH 90. Ratio, civilian employment to total population of working age CURRENT MONTH ACTUAL AND DATA YEAR S E R I E S 90 PERCENT -1 60 10 11 12 57.62 9/83 57.61 10/83 5 7 . 9 2 11/83 59 13 14 15 16 58.05 1 2 / 83 58.06 1/84 58.41 2/84 58.49 3/84 58 17 18 19 20 58.59 59.04 59.24 58.99 4/84 5/84 6/84 7/84 58.70 8/84 57 54 -12 -6 0 + 6 +12 +18 +24 +30 2.5 9 1.18 10 1.17 11 1.48 12 1.61 5 7 . 6 29 / 8 3 57.61 10/83 5 7 . 9 2 11/83 5 8 . 0 5 12/83 13 14 15 16 1.62 1.97 2.05 2.15 58.06 1 / 8 4 58.41 2 / 8 4 58.493 / 8 4 58.59 4 / 8 4 17 18 19 20 2.605 9 . 0 4 5 / 8 4 2.805 9 . 2 4 6 / 8 4 2.55 58.99 7 / 8 4 2.265 8 . 7 0 8 / 8 4 • 59.0 2.0 1.5 SERIES 90 PERCENT Months from reference troughs NOTE: Actual -I 3.0 MONTHS DEVIFROM ATIONS CURRENT MONTH SPEC. FROM ACTUAL AND TROUGH 12/82 DATA YEAR 56 55 90. Ratio, civilian employment to total population of working age 1.0 0.5 • 57.5 • 57.0 -> 0.0 ...I -12 in...!.....In...I -6 0 + 6 Inn.in... +12 +18 +24 +30 Months from specific troughs For an explanation of these charts, see "How to Read Charts" on p. 106 of the July 1984 issue. 107 G. Experimental Data and Analyses—Continued Cyclical Comparisons: Current and Selected Historical Patterns—Continued Actual data 36. Net change in inventories on hand and on order, smoothed1 MONTHS FROM REF. TROUGH CURRENT MONTH ACTUAL AND DATA YEAR Deviations from specific troughs 36. Net change in inventories on hand and on order, smoothed * SERIES 36 ANN. RATE BIL. DOL. 9 10 11 12 9.80 13.06 15.96 16.49 9/83 10/83 11/83 13 14 15 16 17.08 19.03 25.38 31.85 12/83 1/84 2/84 3/84 17 18 19 20 35.21 34.93 26.81 18.48 4/84 5/84 6/84 7/84 +40 +30 +20 8/83 • + 20 MONTHS DEVIFROM ATIONS CURRENT MONTH SPEC. FROM ACTUAL AND TROUGH 1/83 DATA YEAR +10 Actual data for current cycle • -(-10 1 SERIES 36 ANN. RATE BIL. DOL. 34.14 9.80 8/83 37.40 13.06 9/83 -10 9 10 11 12 40.30 40.83 41 .42 43.37 15.96 16.49 17.08 19.03 10/83 11/83 12/83 1/84 -20 13 14 15 16 49.72 56.19 59.55 59.27 25.38 31.85 35.21 34.93 2/84 3/84 4/84 5/84 17 18 51.15 42.82 26.81 18.48 6/84 7/84 -J -30 MONTHS DEVIFROM ATIONS CURRENT MONTH REF. FROM ACTUAL AND TROUGH 7/81 DATA YEAR • 0 - 10 -J 0 57. Manufacturing and trade sales, 1972 dollars SERIES 57 MIL. DOL. 57. Manufacturing and trade sales, 1972 dollars 9 10 11 12 1.9 2.9 3.7 5.0 163471 165070 166410 168444 8/83 9/83 10/83 11/83 13 14 15 16 7.1 8.1 7.3 7.5 171812 173478 172U3 172420 12/83 1/84 2/84 3/84 • 180,000 17 18 19 20 8.5 10.6 11.2 9.8 174134 177407 178417 176160 4/84 5/84 6/84 7/84 M 75,000 • 190.000 + 16 + 12 M 85,000 •ISO,000 • 175.000 ~ 24 •185,000 +8 • 170,000 +4 MONTHS DEVIFROM ATIONS CURRENT MONTH SPEC. FROM ACTUAL AND TROUGH 10/82 DATA YEAR • 165,000 0 •160,000 • 155,000 • 150,000 -8 • 145,000 -12 -12 -6 0 + 6 +12 +18 +24 +30 > 170,000 SERIES 57 MIL. DOL. > 165,000 10 11 12 9.4 10.5 11.4 163471 8/83 165070 9/83 166410 10/83 13 14 15 16 12.8 15.0 16.1 15.2 168444 11/83 171812 12/83 173478 1/84 172113 2/84 17 18 19 20 15.4 16.6 18.7 19.4 172420 174134 177407 178417 3/84 4/84 5/84 6/84 17.9 176160 7/84 •155.000 -I 0 -12 -6 Months from reference troughs NOTE: For an explanation of these charts, see "How to Read Charts" on p. 106 of the July 1984 issue. ^his series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span. 108 0 + 6 +12 +18 +24 +30 Months from specific troughs G. Experimental Data and Analyses—Continued Cyclical Comparisons: Current and Selected Historical Patterns-Continued 8. New orders for consumer goods and materials, 1972 dollars, smoothed * Deviations from reference Actual data for MONTHS DEVIFROM ATIONS CURRENT MONTH REF. FROM ACTUAL AND TROUGH 7/81 DATA YEAR current cycle SERIES 8 'I 11111 ! 1111 Devi- Actual ations data from for specific current troughs cycle !. New orders for consumer goods and materials, 1972 dollars, smoothed1 BIL. DOL. Percent + 30 + 25 + 20 • 40 +15 9 10 11 12 2.9 4.4 5.8 7.9 35.04 35.53 36.00 36.73 8/83 9/83 10/83 11/83 13 14 15 16 10.3 12.1 12.1 10.8 37.56 38.15 38.15 37.72 12/83 1/84 2/84 3/84 17 18 19 20 10.9 10.0 10.6 10.1 37.74 37.46 37.66 37.48 4/84 5/84 6/84 7/84 Percent 50 • 42 40 MONTHS DEVIFROM ATIONS CURRENT MONTH SPEC. FROM ACTUAL AND TROUGH 10/82 DATA YEAR + 10 30 SERIES 8 BIL. DOL. >36 +5 10 21.6 12 23.3 25.0 0 13 14 15 16 27.5 30.4 32.4 32.4 17 18 19 20 21 -5 -10 -15 -20 11 8/83 9/83 10/83 36.73 37.56 38.15 38.15 11/83 12/83 1/84 2/84 30.9 31.0 30.0 30.7 37.72 37.74 37.46 37.66 3/84 4/84 5/84 6/84 30.1 37.48 7/84 MONTHS FROM REF. TROUGH -25 108. Ratio, personal income to money supply (M2) I 35.04 35.53 36.00 SERIES 108 RATIO 12 1.297 1.299 1.299 9/83 10/83 11/83 13 14 15 16 1.302 1.313 1.315 1.319 12/83 1/84 2/84 3/84 11 1.40 1.324 1.319 1.323 1.327 17 18 19 20 1.329 1.35 • 34 10 108. Ratio, personal income to money supply (M2) Actual 0.14 • 1.42 0.12 4/84 5/84 • 1.40 6/84 0.10 7/84 8/84 • 1.38 0.08 MONTHS DEVIFROM ATIONS CURRENT MONTH SPEC. FROM ACTUAL AND TROUGH 7/83 DATA YEAR 0.06 S E R I E S 108 RATIO 1.30 1.25 -J 1.20 2 3 4 0.006 0.008 0.008 0 + 8 +12 +18 +24 +30 Months from reference troughs • 1.34 1.297 1.299 1.299 9/83 10/83 11/83 0.04 0.02 5 0.011 6 7 8 0.022 0.024 0.028 1.302 1.313 1.315 1.319 12/83 1/84 2/84 3/84 9 10 11 12 0.033 0.028 0.032 0.036 1.324 1.319 1.323 1.327 4/84 5/84 6/84 7/84 1.329 -12 -6 • 32 C U R R E N T MONTH ACTUAL AND DATA YEAR 10 -i 1.45 20 0.00 8/84 ilniiili 11 n 1 1 1 1 1 1 1 1 1 1 1 1 n 1 1 1 I I I 1 1 1 ll 11 -12 -6 0 + 8 +12 +18 +24 +30 Months from specific troughs NOTE: For an explanation of these charts, see "How to Read Charts" on p. 106 of the July 1984 issue. series is an MCD moving average placed on the center month of the span. Specific trough dates used, however, are those for the actual monthly series. Numeral indicates latest month used in computing the series. x This 2 109 ALPHABETICAL INDEX—SERIES FINDING GUIDE Series title (See complete titles in "Titles and Sources of Series," following this index) Accession rate, manufacturing Agricultural products, exports Anticipations and intentions Business expenditures, new plant and equipment Business expenditures, new plant and equipment, Dl.. Consumer sentiment, index Employees, manufacturing and trade, 01 Inventories, manufacturing and trade, 01 New orders, manufacturing, Dl Prices, manufacturing, Dl Prices, retail trade, Dl Prices, wholesale trade, 01 Profits, manufacturing and trade, Dl Sales, manufacturing and trade, Dl Automobiles Imports of automobiles and parts Personal consumption expenditures Balance of payments—See International transactions. Bank loans—See Business Loans. Bank rates—See Interest rates. Bank reserves Free reserves Member bank borrowing from the Federal Reserve Bonds-See Interest rates. Borrowing—See Credit. Budget-See Government. Building—See Construction. Building permits, new private housing Business equipment, industrial production Business expenditures, new plant and equipment Business expenditures, new plant and equipment, Dl Business failures, current liabilities Business formation, index Business incorporations Business inventories—See Inventories. Business loans Loans outstanding, constant dollars Loans outstanding, current dollars Loans outstanding, net change Business saving Canada—See international comparisons. Capacity utilization Manufacturing (BEA) Manufacturing (FRB) Materials Capital appropriations, manufacturing Backlog Newly approved Newly approved, Dl Capital equipment, producer price index Capital investment—See Investment, capital. Capital investment commitments, Cl Cash flow, corporate, constant dollars Cash flow, corporate, current dollars Civilian labor force—See also Employment. Employment Employment as percent of population Total labor force Unemployed Coincident indicators, four Composite index.. Composite index, rate of change Diffusion index.. Ratio to lagging indicators, composite index Commercial and industrial buildings, contracts awarded Commercial and industrial loans Loans outstanding, constant dollars Loans outstanding, current dollars Loans outstanding, net change Compensation—See also Income. Compensation, average hourly, nonfarm business sector Compensation of employees, NIPA Compensation of employees, percent of national income Compensation, real average hourly, nonfarm business sector Earnings, average hourly, production workers, private nonfarm economy Earnings, real average hourly, production workers, private nonfarm economy.. Wage and benefit decisions, first year Wage and benefit decisions, life of contract Wages and salaries in mining, manufacturing, and construction Composite indexes Coincident indicators Four coinciders, index Four coinciders, rate of change Ratio to lagging indicator index Lagging indicators Six laggers, index Six laggers, rate of change Leading indicators Capital investment commitments Inventory investment and purchasing Margiodl employment adjustments Mont•• and financial flows See notes at end of index. 110 Current issue Series (page numbers) number Charts Tables 2 604 Historical data (issue date) Series description 8/81 1/83 7 56 61 970 58 974 975 971 976 978 977 972 973 24 38 22 38 38 38 38 38 38 38 38 67 76 65 76 76 76 76 76 76 76 76 8/84 8/84 1/84 5/83 5/83 5/83 5/83 5/83 5/83 5/83 5/83 23 23 20 37 37 37 37 37 37 37 37 616 55 56 22 92 65 1/83 9/84 56 93 94 33 33 72 72 6/83 6/83 35 35 29 76 61 970 14 12 13 13,25 24 24 38 33 12,23 23 67 67 67 76 72 65 65 7/84 8/84 8/84 8/84 5/83 2/83 5/83 24 12 23 23 34 21 21 101 72 112 295 15,35 35 32 46 73 73 72 82 6/84 6/84 6/84 11/83 32 32 32 26 83 82 84 20 20 20 64 64 64 12/83 8/83 8/83 14 14 14 97 11 965 333 24 24 37 48 66 66 75 86 12/83 12/83 12/83 3/84 22 22 22 51 914 35 34 11 29 29 70 70 7/84 9/84 9/84 5 26 26 441 37 51 17 51 18,51 89 62 89 62,89 2/84 2/84 2/84 2/84 920 920c 951 940 9 10 39 36 11 23 74 60 66 1/84 1/84 2/83 7/84 12/83 5 5 21 101 72 112 15,35 35 32 73 73 72 6/84 6/84 6/84 32 32 32 345280 49 45 87 82 12/83 11/83 46 46 442 90 9 9 9 9 64 30,47 70,83 9/84 46 346 49 88 12/83 46 340 49 87 8/84 5 341 348 49 50 50 87 8/84 12/83 12/83 5 53 53 53 19 920 920c 940 10 39 11 930 930c 10 39 60 1/84 1/84 914 915 913 917 11 11 60 60 7/84 7/84 2/83 7/84 11 9/84 60 '60' 1/84 1/84 7/84 Series title (See complete titles in "Titles and Sources of Series," following this index) Profitability Twelve leaders, index Twelve leaders, rate of change Construction Building permits, new private housing Contracts awarded, commercial and industrial buildings Expenditures, plus machinery and equipment sales.... Gross private domestic fixed investment Nonresidential, percent of GNP Nonresidential structures, constant dollars Nonresidential, total, constant dollars Residential, percent of GNP Residential, total, constant dollars Housing starts Consumer finished goods, producer price index Consumer goods and materials, new orders Consumer goods, industrial production Consumer installment credit Credit outstanding Net change '.'. !....' Ratio to personal income Consumer installment loans, delinquency rate Consumer prices—See also International comparisons. AH items Food Consumer sentiment, index Consumption expenditures—See Personal consumption expenditures. Contract awards, Defense Department Contracts and orders, plant and equipment, constant dollars Contracts and orders, plant and equipment, current dollars Corporate bond yields Corporate profits—See Profits. Costs—See Labor costs and Price indexes. Credit Borrowing, total private Business loans Loans outstanding, constant dollars Loans outstanding, current dollars Loans outstanding, net change Consumer installment credit Credit outstanding Net change ! Ratio to personal income Consumer installment loans, delinquency rate Credit outstanding, percent change Mortgage debt, net change Crude and intermediate materials, change in producer prices Crude materials, producer price index Debt-See Credit. Defense and space equipment, output Defense Department Gross obligations incurred Gross unpaid obligations Net outlays Personnel, civilian Personnel, military Prime contract awards Defense products Inventories, manufacturers' New orders, manufacturers' Shipments, manufacturers' Unfilled orders, manufacturers' Defense products industries, employment Defense purchases, goods and services, NIPA Defense purchases, percent of GNP Deficit—See Government. Deflators—See Price indexes. Delinquency rate, consumer installment loans Deliveries, vendor performance Diffusion indexes Business expenditures, new plant and equipment Capital appropriations, manufacturing Coincident indicators Employees, manufacturing and trade Employees on private nonagricultural payrolls Industrial production Industrial production, components Initial claims, State unemployment insurance Inventories, manufacturing and trade Lagging indicators Leading indicators New orders, durable goods industries New orders, durable goods industries, components.. New orders, manufacturing Profits, manufacturing Profits, manufacturing and trade Raw industrials, spot market prices Raw industrials, spot market prices, components.... Sales, manufacturing and trade Selling prices, manufacturing Selling prices, retail trade Selling prices, wholesale trade Stock prices, 500 common stocks Workweek, manufacturing production workers Workweek, manufacturing production workers, components Disposable personal income—See income. Current issue Series (PW "umbers) number Charts Tables Historical data (issue date) 11 10 39 7/84 1/84 1/84 916 910 910c 29 60 13,25 67 Series description (*) 7/84 23 24 66 67 12/83 9/84 21 17 28 334 47 25 25 47 25 25 48 83 67 67 83 67 67 86 64 65 11/83 9/84 9/84 11/83 9/84 4/84 3/84 4/84 8/84 40 40 40 24 51 15 12 66 113 95 39 35 32 15,35 33 73 72 73 72 6/84 6/84 9/84 11/83 33 33 33 34 320 322 58 49 49 22 84,95 84 65 4/84 4/84 1/84 49 49 20 525 53 90 4/83 55 20 12,23 66 6/84 21 10 116 23 34 66 73 6/84 8/83 21 35 110 32 248 87 249 12/83 101 15,35 72 35 112 32 73 73 72 6/84 6/84 6/84 32 32 32 66 113 95 39 111 33 35 32 15,35 33 73 72 73 72 72 71 6/84 6/84 9/84 11/83 6/84 5/84 33 33 33 34 31 31 98 331 28 48 3/84 3/84 51 50 557 54 7/82 517 543 580 578 577 525 53 53 54 55 55 53 91 91 91 90 1/84 4/83 7/83 1/84 1/84 4/83 55 55 56 56 56 55 559 548 588 561 570 564 565 54 53 54 54 55 55 55 91 90 91 91 91 91 91 6/84 6/84 6/84 6/84 7/84 9/84 9/84 17 15 17 15 5 43 43 39 32 33 12,21 72 64 11/83 5/83 34 17 970 965 951 974 963 966 38 37 36 38 36 37 8/84 12/83 2/83 5/83 7/84 8/84 23 22 5 37 5 12 962 975 952 950 964 "36" 38 36 36 37 5/83 5/83 2/83 2/83 6/84 37 5 5 15 971 960 972 967 38 37 38 37 5/83 12/83 5/83 6/83 '37' 37 37 25 973 976 978 977 968 961 '38' 38 38 38 37 36 76 75 74 76 74 75 78 74 76 74 74 75 77 76 75 76 75 79 76 76 76 76 75 74 5/83 5/83 5/83 5/83 6/83 7/84 '37' 37 37 37 25 5 ALPHABETICAL INDEX—SERIES FINDING GUIDE—Continued Series title (See complete titles in "Titles and Sources of Series," following this index) Earnings—See Compensation. Employment and unemployment Accession rate, manufacturing Civilian labor force, total Defense Department personnel, civilian Defense Department personnel, military Employee-hours in nonagricultural establishments Rate of change Total Employees in mining, manufacturing, and construction Employees, manufacturing and trade, Dl Employees on nonagricultural payrolls Employees on private nonagricultural payrolls, Dl Employment in defense products industries Employment, ratio to population Employment, total civilian Help-wanted advertising in newspapers Help-wanted advertising, ratio to unemployment Initial claims, State unemployment insurance Initial claims, State unemployment insurance, Dl Layoff rate, manufacturing Marginal employment adjustments, Cl Overtime hours, manufacturing production workers. Participation rate, both sexes, 16-19 years old Participation rate, females 20 years and over Participation rate, males 20 years and over Part-time workers for economic reasons Persons engaged in nonagricultural actrvities Quit rate, manufacturing Unemployed, both sexes, 16-19 years old Unemployed, females 20 years and over Unemployed, full-time workers Unemployed, males 20 years and over Unemployment, average duration Unemployment rate, 15 weeks and over Unemployment rate, insured, average weekly Unemployment rate, total Unemployment, total civilian Workweek, manufacturing production workers Workweek, manufacturing production workers, components Workweek, manufacturing production workers, Dl Equipment—See Investment, capital. Exports—See International transactions. Federal funds rate Federal Government—See Government. Federal Reserve, member bank borrowing from .... Final sales in constant dollars Financial flows, Cl Fixed investment—See Investment, capital. Fixed-weighted price index, gross domestic business product Food—See Consumer prices. Foreign trade—See International transactions. France—See International comparisons. Free reserves Goods output in constant dollars Government budget, NIPA Federal expenditures Federal receipts Federal surplus or deficit State and local expenditures State and local receipts State and local surplus or deficit Surplus or deficit, total Government purchases of goods and services Federal, constant dollars Federal, current dollars Federal, percent of GNP National defense National defense, percent of GNP State and local, constant dollars State and local, current dollars State and local, percent of GNP Total, constant dollars Total, current dollars Gross domestic business product, fixed-weighted price index Gross domestic product, labor cost per unit Gross national product GNP, constant dollars GNP, constant dollars, differences GNP, constant dollars, percent changes GNP, current dollars GNP, current dollars, differences GNP, current dollars, percent changes GNP, ratio to money supply Ml Goods output in constant dollars Implicit price deflator Per capita GNP, constant dollars Gross private domestic investment—See Investment, capital. H Help-wanted advertising in newspapers Help-wanted advertising, ratio to unemployment Hours of production workers, manufacturing Current issue Series (page numbers) number Charts Tables 2 441 578 577 51 55 55 48c 48 39 17 40 974 41 963 570 90 442 46 60 5 962 3 17 38 14,17 36 55 17 51 16 16 12,16 36 62 76 62 74 91 62 89 61 61 61 74 16 51 51 51 51 17 61 89 89 89 89 62 913 21 453 452 451 448 42 4 446 445 447 444 91 44 45 43 37 1 'si' 51 51 51 15,18 18 18 18 18,51 12,16 961 119 34 94 213 917 33 40 11 89 91 91 Historical data (issue date) 8/81 2/84 1/84 1/84 Series description C) 7 9 56 56 5/84 5/84 89 89 89 62 62 62 62 62,89 61 7/84 5/83 7/84 7/84 7/84 2/84 2/84 2/84 2/84 5/83 5/83 8/81 2/83 7/84 2/84 2/84 2/84 2/84 2/84 8/81 2/84 2/84 2/84 2/84 2/84 2/84 4/84 2/84 2/84 7/84 77 74 7/84 5 37 5 5 5 9 9 9 9 10/83 72 80 60 6/83 10/83 7/84 35 38 5 9/84 311 93 33 502 501 500 512 511 510 298 52 52 52 52 52 52 46 90 90 90 90 90 90 83 9/84 9/84 9/84 9/84 9/84 9/84 11/83 53 53 53 53 53 53 48 263 262 265 564 565 267 266 268 261 260 43 43 47 55 55 43 43 47 43 43 81 81 83 91 91 81 81 83 81 81 11/83 11/83 11/83 9/84 9/84 11/83 11/83 11/83 11/83 11/83 43 43 43 43 43 43 43 43 43 43 311 68 48 30 84 70 9/84 9/84 49 28 50 50b 50c 200 200b 200c 107 49 310 217 19,40 63,80 31 20 48 40 71 63 84 10/83 10/83 10/83 10/83 10/83 10/83 9/84 9/84 9/84 10/83 38 38 38 38 38 38 30 14 38 46 60 16 16 61 61 6/83 9/84 39 40 2/84 2/84 Series title (See complete titles in "Titles and Sources of Series," following this index) Average weekly overtime Average workweek ,. Average workweek, components Average workweek, Dl Housing Housing starts Housing units authorized by local building permits.. Residential GPDI, constant dollars Residential GPDI, percent of GNP Current issue Series (Page numbers) number Charts Tables 21 1 16 12,16 961 28 29 89 249 Historical data (issue date) 7/84 7/84 36 61 61 77 74 25 13,25 25 47 67 67 67 83 4/84 7/84 9/84 11/83 Implicit price deflator, GNP .................................................... 310 48 Imports— See International transactions. Income Compensation, average hourly, nonfarm business sector ................................................................ 345 49 Compensation of employees .............................................. 280 45 Compensation of employees, percent of national income ............................................................... 64 30,47 Compensation, real average hourly, nonfarm business sector ................................................................ 346 49 Consumer installment credit, ratio to personal income ..... 95 15,35 Corporate profits with IVA and CCAdj ................................ 286 45 Corporate profits with IVA and CCAdj, percent 287 of national income ........................................................... 47 225 Disposable personal income, constant dollars .................... 40 224 Disposable personal income, current dollars ...................... 40 Disposable personal income, per capita, 227 constant dollars ............................................................... 40 Earnings, average hourly, production workers, private nonfarm economy ................................................ 340 49 Earnings, real average hourly, production workers, 341 private nonfarm economy ................................................ 49 Income on foreign investments in the United States ......... 652 57 Income on U.S. investments abroad ................................... 651 57 Interest, net ....................................................................... 288 45 Interest, net, percent of national income ........................... 289 47 National income ................................................................. 220 45 Personal income, constant dollars ..................................... 52 19 Personal income, current dollars ....................................... 223 40 Personal income, less transfer payments, constant dollars Rate of change ............................................................... 51c 39 Total............ ................................................................ 51 14,19 Personal income, ratio to money supply M2 ...................... 108 31 Proprietors' income with IVA and CCAdj ............................ 282 45 Proprietors' income with IVA and CCAdj, percent of national income ........................................................... 283 47 Rental income of persons with CCAdj ................................ 284 45 Rental income of persons with CCAdj, percent of national income ........................................................... 285 47 Wage and benefit decisions, first year ............................... 348 50 349 Wage and benefit decisions, life of contract ...................... 50 Wages and salaries in mining, manufacturing, and construction .............................................................. 53 19 Incorporations, new businesses .............................................. 13 23 Industrial commodities, producer price index ......................... 335 48 Industrial production— See also International comparisons. Business equipment ........................................................... 76 24 Consumer goods ................................................................ 75 22 Durable manufactures ........................................................ 73 20 Nondurable manufactures .................................................. 74 20 Total .................................................................................. 47 14,20,58 Total, components .............................................................. Total, Dl ............................................................................. 966 37 Total, rate of change .......................................................... 47c 39 Industrials, raw, spot market prices Components ...................................................................... Diffusion index ................................................................... 967 37 Spot market index ............................................................. 23 28 Installment credit-See Credit. Insured unemployment Average weekly initial claims ............................................. 5 12,16 Average weekly initial claims, Dl ........................................ 962 36 Average weekly insured unemployment rate ...................... 45 18 Interest, net ........................................................................... 288 45 Interest, net, percent of national income ................................ 289 47 Interest rates Bank rates on short-term business loans ........................... 67 35 Corporate bond yields ........................................................ 116 34 Federal funds rate ............................................................. 119 34 Mortgage yields, secondary market .................................... 118 34 117 Municipal bond yields ......................................................... 34 Prime rate charged by banks ............................................. 109 35 Treasury bill rate ............................................................... 114 34 Treasury bond yields .......................................................... 115 34 Intermediate materials, producer price index .......................... 332 48 International comparisons Consumer prices Canada .......................................................................... 733 59 France . . ...... 736 59 ' 737 59 Japan 738 59 United Kingdom 732 59 United States 320 49 West Germany 735 59 Industrial production Canada 723 58 France 726 58 Italy 727 58 Japan 728 58 OECD, European countries 721 58 United Kingdom 722 58 United States 47 14,20,58 West Germany 725 58 Series description (*) 7/84 24 24 40 40 9/84 87 82 12/83 11/83 46 46 70,83 9/84 73 82 12/83 9/84 11/83 46 33 26 83 80 80 11/83 10/83 10/83 26 11 11 80 10/83 87 8/84 87 93 93 82 83 82 63 63 8/84 8/84 8/84 11/83 11/83 10/83 9/84 9/84 5 57 57 47 47 46 11 11 63 71 82 9/84 9/84 9/84 11/83 11 30 47 11/83 11/83 47 47 11/83 12/83 12/83 47 53 53 9/84 5/83 3/84 11 21 51 8/84 8/84 8/84 8/84 8/84 12 12 12 12 12 85 67 65 63 63 63,94 78 75 8/84 8/84 79 75 69 6/83 6/83 25 25 61 74 62 82 83 5/83 5/83 4/84 11/83 11/83 47 47 73 73 72 73 73 73 72 73 12/83 8/83 10/83 10/83 10/83 7/83 8/83 8/83 3/84 35 35 35 35 35 35 35 35 50 96 95 96 95 95 84,95 95 4/84 4/84 4/84 4/84 4/84 4/84 4/84 60 61 61 61 60 49 61 94 94 94 94 94 94 63,94 94 5/84 5/84 5/84 5/84 5/84 5/84 8/84 5/84 59 59 59 59 58 58 12 59 See notes at end of index. 111 ALPHABETICAL INDEX—SERIES FINDING GUIDE—Continued Series title (See complete titles in "Titles and Sources of Series," following this index) Stock prices Canada. France Italy Japan United Kingdom United States. West Germany International transactions Balance on goods and services Balance on merchandise trade, Exports, merchandise, adjusted, excluding military Exports, merchandise, total excluding military aid Exports of domestic agricultural products Exports of goods and services, constant dollars, NIPA .. Exports of goods and services, current dollars, NIPA Exports of goods and services, excluding military Exports of nonelectrical machinery Imports, merchandise, adjusted, excluding military Imports, merchandise, total Imports of automobiles and parts Imports of goods and services, constant dollars, NIPA.. Imports of goods and services, current dollars, NIPA .... Imports of goods and services, total Imports of petroleum and products Income on foreign investments in the United States Income on U.S. investments abroad Net exports of goods and services, constant dollars, NIPA Net exports of goods and services, current dollars, NIPA Net exports of goods and services, percent of GNP Inventories Business inventories, change, constant dollars, NIPA .... Business inventories, change, current dollars, NIPA Business inventories, change, percent of GNP Defense products, manufacturers' Finished goods, manufacturers' Inventories on hand and on order, net change Inventories to sales ratio, manufacturing and trade Inventory investment and purchasing, Cl Manufacturing and trade, book value Manufacturing and trade, change in book value Manufacturing and trade, constant dollars Manufacturing and trade, Dl Materials and supplies on hand and on order, manufacturing Materials and supplies on hand and on order, manufacturing, change Investment, capital Capital appropriations, manufacturing, backlog Capital appropriations, manufacturing, new Capital appropriations, manufacturing, new, Dl Capital investment commitments, Cl Construction contracts, commercial and industrial Construction expenditures, business, plus machinery and equipment sales Gross private domestic investment Business inventories, change—See Inventories. Fixed investment, constant dollars Fixed investment, current dollars Nonresidential, constant dollars Nonresidential, percent of GNP Producers' durable equipment, nonresidential, constant dollars Residential, constant dollars Residential, percent of GNP Structures, nonresidential, constant dollars Total, constant dollars Total, current dollars New orders, capital goods, nondefense, constant dollars New orders, capital goods, nondefense, current dollars Plant and equipment Business expenditures, new Business expenditures, new, Dl Contracts and orders, constant dollars Contracts and orders, current dollars Investment, foreign Income on foreign investments in the United States Income on U.S. investments abroad Italy—See International comparisons. Current issue Series (page numbers) number Charts Tables Historical Series data (issue date) description (*) 743 746 747 748 742 19 745 59 59 59 59 59 59 59 96 96 96 96 96 96 96 1/84 1/84 1/84 1/84 1/84 1/84 1/84 63 63 63 63 63 25 63 667 622 618 602 604 256 252 668 606 620 612 616 257 253 669 614 652 651 57 57 57 56 56 44 44 57 56 57 56 56 44 44 57 56 57 57 93 93 93 92 92 82 82 93 92 93 92 92 82 82 93 92 93 93 8/84 8/84 8/84 5/82 1/83 11/83 11/83 8/84 1/83 8/84 5/82 1/83 11/83 11/83 8/84 1/83 8/84 8/84 57 57 57 56 56 44 44 57 56 57 56 56 44 44 57 56 57 57 250 251 44 47 82 83 11/83 11/83 44 44 30 245 247 559 65 36 77 915 71 31 70 975 26,42 42 47 54 27 13,26 15,27 11 27 26 27 38 68,81 81 83 91 68 68 68 60 68 68 68 76 9/84 11/83 11/83 6/84 6/84 4/84 9/83 7/84 9/83 9/83 9/83 5/83 40 40 40 17 17 17 17 5 17 17 17 37 255 11/83 6/84 27 6/84 97 11 965 914 9 24 24 37 11 23 66 66 75 60 66 12/83 12/83 12/83 7/84 12/83 22 22 22 5 21 See notes at end of index. 112 Diffusion index Liabilities of business failures Liquid assets, change in total Loans-See Credit. . M Man-hours—See Employment. Marginal employment adjustments, Cl Materials and supplies on hand and on order, manufacturing Materials and supplies on hand and on order, manufacturing, change Materials, new orders for consumer goods and Materials prices—See Price indexes. Materials, rate of capacity utilization Merchandise trade—See International transactions. Military—See Defense. Money and financial flows, Cl Money supply Liquid assets, change in total Money supply Ml, constant dollars Money supply Ml, percent changes Money supply M2, constant dollars Money supply M2, percent changes Ratio, GNP to money supply Ml Ratio, personal income to money supply M2 Mortgage debt, net change Mortgage yields, secondary market Municipal bond yields N National defense—See Defense. National Government—See Government. National income—See Income. New orders, manufacturers' Capital goods industries, nondefense, constant dollars Capital goods industries, nondefense, current dollars.. Consumer goods and materials, constant dollars Contracts and orders, plant and equipment, constant dollars Contracts and orders, plant and equipment, current dollars Defense products Durable goods industries, constant dollars Durable goods industries, current dollars Components Diffusion index New orders, manufacturing, Dl Nonresidential fixed investment, GPDI Producers' durable equipment, constant dollars Structures, constant dollars Total, constant dollars Total, percent of GNP Series number 950 14 104 Current issue (Pa8e numbers) Charts Tables 36 33 31 74 72 71 913 2/83 5/83 5/84 Series description (*) 5 34 29 2/83 78 38 Historical data 6/84 26 12,21 64 6/84 4/84 64 8/83 17 15 7/84 917 11 104 105 85 106 102 107 108 33 118 117 31 31 31 13,31 31 31 31 32 34 34 71 71 71 71 71 71 71 71 73 73 5/84 5/84 5/84 5/84 5/84 9/84 9/84 5/84 10/83 10/83 29 29 29 30 29 30 30 31 35 35 27 24 23 23 12,21 66 66 64 6/84 6/84 4/84 15 15 15 20 12,23 66 6/84 10 548 7 6 23 53 21 21 6/84 6/84 6/84 6/84 21 15 15 15 964 971 '37' 38 66 90 64 64 77 75 76 6/84 5/83 'is' 248 25 25 25 47 67 67 67 83 9/84 9/8A 9/84 11/83 40 40 517 543 721 53 53 58 90 90 94 1/84 4/83 5/84 55 55 58 580 54 557 49 54 20 91 63 7/82 9/84 13 14 62 62 358 370 83 82 84 21 30 15 50 50 20 20 20 16 70 70 88 88 64 64 64 61 11/83 11/83 12/83 12/83 12/83 8/83 8/83 7/84 28 28 52 52 14 14 14 5 453 452 451 51 51 51 89 89 2/84 2/84 2/84 55 233 232 238 236 239 237 231 230 235 22 41 41 41 41 41 41 41 41 47 81 81 81 81 9/84 10/83 10/83 10/83 10/83 10/83 10/83 10/83 10/83 10/83 39 39 39 39 39 39 39 39 292 293 614 46 46 56 82 83 92 11/83 11/83 1/83 48 48 56 61 970 20 10 90 24 38 12,23 23 17 67 76 66 66 62 8/84 8/84 6/84 6/84 2/84 23 23 21 21 9 37 9/84 248 42 42 25 47 81 81 67 83 11/83 10/83 9/84 11/83 40 40 40 40 249 87 241 240 25 25 47 25 42 42 67 67 83 67 81 81 9/84 9/84 11/83 9/84 10/83 10/83 40 40 40 40 40 40 243 242 6/84 6/84 23 61 970 20 10 24 38 12,23 23 67 76 66 66 8/84 8/84 6/84 6/84 23 23 21 21 652 651 57 57 93 93 8/84 8/84 57 57 Japan—See International comparisons. Labor cost per unit of gross domestic product Labor cost per unit of output, manufacturing Actual data Actual data as percent of trend....: Labor cost per unit of output, private business sector... Labor cost, price per unit of, nonfarm business Labor force—See Employment. Lagging indicators, six Composite index Composite index, rate of change Diffusion index Layoff rate, manufacturing Leading indicators, twelve Composite index Composite index, rate of change Series title (See complete titles in "Titles and Sources of Series," following this index) 9/84 68 30 62 62 63 26 30 15 30 29 930 930c 952 3 10 39 36 1/84 1/84 2/83 8/81 910 910c 10 39 1/84 1/84 70 70 70 70 11/83 11/83 9/83 9/83 28 28 28 28 Obligations incurred, Defense Department Obligations unpaid, Defense Department OECD, European countries, industrial production Orders-See New orders and Unfilled orders. Outlays, Defense Department Output—See also Gross national product and Industrial production. Defense and space equipment, output Goods output, constant dollars Labor cost per unit of Actual data Actual data as percent of trend Per hour, nonfarm business sector Per hour, private business sector Ratio to capacity, manufacturing (BEA) Ratio to capacity, manufacturing (FRB) Ratio to capacity, materials Overtime hours, manufacturing production workers.. Participation rates, civilian labor force Both sexes, 16-19 years of age Females 20 years and over. Males 20 years and over. Personal consumption expenditures Automobiles Durable goods, constant dollars Durable goods, current dollars Nondurable goods, constant dollars Nondurable goods, current dollars, Services, constant dollars, Services, current dollars, Total, constant dollars, Total, current dollars Total, percent of GNP Personal income—See Income. Personal saving Personal saving rate Petroleum and products, imports Plant and equipment—See also Investment, capital. Business expenditures, new Business expenditures, new, Dl Contracts and orders, constant dollars Contracts and orders, current dollars Population, civilian employment as percent of 7/83 ALPHABETICAL INDEX—SERIES FINDING GUIDE—Continued Series title (See complete titles in "Titles and Sources of Series," following this index) Current issue Series . (page numbers) number Charts Tables Historical data (issue date) Series description (*) 49 49 84,95 84 4/84 4/84 49 49 Salaries—See Compensation. Sales 84 84 70 9/84 9/84 9/83 49 38 construction expenditures 85 86 85 3/84 3/84 3/84 3/84 3/84 3/84 3/84 50 51 50 51 51 50 51 320 Deflators, NIPA Fixed-weighted, gross domestic business product Implicit price deflator, GNP Labor cost, price per unit of, nonfarm business 311 310 26 48 29 330 333 331 334 335 332 98 48 48 48 48 48 48 28 967 23 37 28 79 75 69 6/83 6/83 25 25 98 99 28 13,28 69 69 3/84 3/84 51 25 19 968 26 13,28 37 29 75 70 1/84 6/83 9/83 25 25 28 976 978 977 525 109 38 38 38 53 35 76 76 76 90 73 5/83 5/83 5/83 4/83 7/83 37 37 37 55 35 Producer prices All commodities Capital equipment Crude materials Finished consumer goods Industrial commodities Intermediate materials Sensitive crude and intermediate materials Raw industrials, spot market prices Components Diffusion index Spot market index Sensitive crude and intermediate materials, change in producer prices Sensitive materials prices, percent change Stock prices—See also International comparisons. 500 common stocks 500 common stocks, Dl Price to unit labor cost, nonfarm business Prices, selling Manufacturing, Dl Retail trade, Dl Wholesale trade, Dl Prime contract awards, Defense Department Prime rate charged by banks Producer prices—See Price indexes. Producers' durable equipment, nonresidential, GPDI Production—See Gross national product and Industrial production. Productivity Output per hour, nonfarm business sector Output per hour, private business sector Profitability, Cl Profits Corporate profits after taxes Constant dollars Current dollars With IVA and CCAdj, constant dollars With IVA and CCAdj, current dollars Corporate profits, total With IVA and CCAdj With IVA and CCAdj, percent of national income Manufacturing and trade, Dl Manufacturing, Dl Per dollar of sales, manufacturing Profitability, Cl Ratio, profits to corporate domestic income Ratio, profits with IVA and CCAdj to corporate domestic income Proprietors' income with IVA and CCAdj Proprietors' income with IVA and CCAdj, percent of national income 322 88 9/84 358 370 916 50 50 11 88 88 60 12/83 12/83 7/84 52 52 5 18 16 80 79 28 28 29 29 69 69 69 69 9/84 9/84 9/84 9/84 26 26 26 26 286 287 972 960 15 916 22 45 47 38 37 29 11 29 82 83 76 75 70 60 69 11/83 11/83 5/83 12/83 5/83 7/84 9/84 26 26 37 37 27 5 26 81 282 29 45 70 82 9/84 11/83 26 47 283 47 11/83 Quit rate, manufacturing.. Raw industrials, spot market prices Components Diffusion index Spot market index Rental income of persons with CCAdj Rental income of persons with CCAdj, percent of national income Reserves, free Residential fixed investment, constant dollars, GPDI Residential fixed investment, percent of GNP Residential structures—See Housing. Retail sales, constant dollars Retail sales, current dollars Current issue Series . (page numbers) number Charts Tables Historical data (issue date) Series description (*) S Price indexes Consumer prices-See also International comparisons. All items Food Series title (See complete titles in "Titles and Sources of Series," following this index) 8/81 967 23 284 37 28 45 79 75 69 82 6/83 6/83 11/83 25 25 47 285 93 89 249 47 33 25 47 83 72 67 83 11/83 6/83 9/84 11/83 47 35 40 40 59 54 22 22 65 65 5/84 5/84 20 20 Final sales, constant dollars Machinery and equipment sales and business 10/83 213 40 69 24 9/84 9/83 9/83 5/83 9/83 5/84 5/84 17 17 17 37 17 20 20 Manufacturing and trade sales, constant dollars Manufacturing and trade sales, current dollars Manufacturing and trade sales, Dl Ratio, inventories to sales, manufacturing and trade Retail sales, constant dollars Retail sales, current dollars Saving Business saving Government surplus or deficit Gross saving, private and government Personal saving Personal saving rate Selling prices—See Prices, selling Sensitive crude and intermediate materials, change in producer prices Sensitive materials prices, percent change Shipments of defense products Spot market prices, raw industrials Components Diffusion index.. Spot market index State and local government—See Government. Stock prices—See also International comparisons. 500 common stocks 500 common stocks, Dl Stocks of materials and supplies on hand and on order Stocks of materials and supplies on hand and on order, change Surplus—See Government. 57 56 973 77 59 54 14,22 22 38 15,27 22 22 67 65 65 76 68 65 65 295 298 290 292 293 46 46 46 46 46 82 83 82 82 83 11/83 11/83 11/83 11/83 11/83 26 48 48 48 48 98 99 588 28 13,28 54 69 69 91 3/84 3/84 6/84 51 25 17 967 23 37 28 79 75 69 6/83 6/83 25 25 19 968 78 13,28 37 27 69 75 1/84 6/83 6/84 25 25 17 38 26 Treasury bill rate Treasury bond yields 114 115 34 34 72 73 8/83 8/83 91 60 5 962 3 15,18 16 12,16 36 62 61 61 74 2/84 2/84 5/83 5/83 8/81 446 445 447 444 51 51 51 51 89 89 89 89 2/84 2/84 2/84 2/84 2/84 8/81 44 45 43 18 18 18 62 62 62 2/84 4/84 2/84 9 8 9 561 96 25 54 21 21 91 64 64 6/84 6/84 6/84 15 15 15 Velocity of money GNP to money supply Ml, ratio Personal income to money supply M2, ratio Vendor performance, slower deliveries 107 108 32 31 31 12,21 71 71 64 9/84 9/84 5/83 30 30 17 Wages and salaries—See Compensation. West Germany—See International comparisons. Wholesale (producer) prices—See Price indexes. Workweek of manufacturing production workers Average workweek Consents Diffusion index 12,16 61 77 74 7/84 961 U Unemployment Duration of unemployment, average Help-wanted advertising, ratio to unemployment Initial claims for unemployment insurance Initial claims for unemployment insurance, Dl Layoff rate, manufacturing Number unemployed, civilian labor force Both sexes, 16-19 years of age Females 20 years and over Full-time workers Males 20 years and over Total unemployed Quit rate, manufacturing Unemployment rates 15 weeks and over Insured unemployment Total Unfilled orders, manufacturers' Defense products Durable goods industries Durable goods industries, change United Kingdom—See International comparisons. 37 4 6/84 18,51 62,89 36 35 35 7/84 NOTE: CCAdj, capital consumption adjustment; Cl, composite index; Dl, diffusion index; GNP, gross national product; GPDI, gross private domestic investment; IVA, inventory valuation adjustment; NIPA, national income and product accounts. * The number shown is the page of the Handbook of Cyclical Indicators (1984) on which the series description appears. 113 TITLES AND SOURCES OF SERIES Series are listed below according to the sections of this report in which they appear. Series numbers are for identification only and do not reflect relationships or order among the series. "M" following a series title indicates monthly data; "Q" indicates quarterly data. Data apply to the whole period except when indicated by "EOM" (end of month) or "EOQ" (end of quarter). To save space, the commonly used sources listed below are referred to by number: Source 1—U.S. Department of Commerce, Bureau of Economic Analysis; Source 2—U.S. Department of Commerce, Bureau of the Census; Source 3-U.S. Department of Labor, Bureau of Labor Statistics; Source 4-Board of Governors of the Federal Reserve System. Bureau of Economic Analysis (Used by permission. This series may not be reproduced without written permission from the source.) (23,66) 10. Contracts and orders for plant and equipment in current dollars (M).-Source 2 and McGraw-Hill Information Systems Company; seasonal adjustment by Bureau of the Census and Bureau of Economic Analysis (23,66) 11. Newly approved capital appropriations, 1,000 manufacturing corporations (Q).—The Conference Board (24,66) 12. Index of net business formation (M).—Source 1; seasonal adjustment by Bureau of Economic Analysis and National Bureau of Economic Research, Inc. (12,23,65) 33. Net change in mortgage debt held by financial institutions and life insurance companies (M).— American Council of Life Insurance; Federal National Mortgage Association; U.S. Department of Housing and Urban Development, Government National Mortgage Association; National Association of Mutual Savings Banks; U.S. Savings and Loan League; and source 4; seasonal adjustment by Bureau of Economic Analysis (32,71) 34. Net cash flow, corporate, in current dollars (Q).— Source 1 (29,70) 35. Net cash flow, corporate, in 1972 dollars (Q).-Source 1 (29,70) 36. Net change in inventories on hand and on order in 1972 dollars (smoothed) (M).-Sources 1, 2, and 3(13,26,68) Following the source for each series is an indication of the pages on which that series appears. The "Series Finding Guide" also lists chart and table page numbers for each series. 13. Number of new business incorporations (M).—Dun & Bradstreet, Inc.; seasonal adjustment by Bureau of Economic Analysis and National Bureau of Economic Research, Inc. (23,65) 37. Number of persons unemployed, labor force survey (M).-Sources 2 and 3 (18,51,62,89) I-A. Composite Indexes 14. Current liabilities of business failures (M).-Dun & Bradstreet, Inc. (33,72) 910. Composite index of twelve leading indicators (includes series 1, 5, 8, 12, 19, 20, 29, 32, 36, 99,106, 111) (M).-Source 1 (10,39,60) 15. Profits (after taxes) per dollar of sales, all manufacturing corporations (Q).—Federal Trade Commission; seasonal adjustment by Bureau of Economic Analysis (29,70) 39. Percent of consumer installment loans delinquent 30 days and over (EOM).—American Bankers Association (33,72) 913. Composite index of marginal employment adjustments (includes series 1, 2, 3, 5) (M).-Source 1 914. Composite index of capital investment commitments (includes series 12, 20, 29) (M).-Source 1 (11,60) 16. Corporate profits after taxes in current dollars (Q).— Source 1 (28,69) 915. Composite index of inventory investment and purchasing (includes series 8, 32, 36, 99) (M).-Source 1 (11,60) 916. Composite index of profitability (includes series 19,26, 80) (M).-Source 1 (11,60) 18. Corporate profits after taxes in 1972 dollars (Q).~ Source 1 (28,69) 38. Change in stocks of materials and supplies on hand and on order, manufacturing (M).—Source 2 (26,68) 40. Number of employees in nonagricultural goodsproducing industries—mining, manufacturing, and construction (M).-Source 3 (17,62) 41. Number of employees on nonagricultural payrolls, establishment survey (M).-Source 3 (14,17,62) 42. Number of persons engaged in nonagricultural activities, labor force survey (M).-Sources 2 and 3 (17,62) 43. Unemployment rate, total (M).-Sources 2 and 3(18,62) 19. Index of stock prices, 500 common stocks (M).— Standard & Poor's Corporation (13,28,59,69,96) 44. Unemployment rate, persons unemployed 15 weeks and over (M).-Sources 2 and 3 (18,62) 917. Composite index of money and financial flows (includes series 104, 106, 111) (M).-Source 1 (11,60) 20. Contracts and orders for plant and equipment in 1972 dollars (M).-Sources 1, 2, 3, and McGraw-Hill Information Systems Company (12,23,66) 45. Average weekly insured unemployment rate, State programs (M).-U.S. Department of Labor, Employment and Training Administration (18,62) 920. Composite index of four roughly coincident indicators (includes series 41, 47, 51, 57) (M).-Source 1 (10,39,60) 21. Average weekly overtime hours of production workers, manufacturing (M).-Source 3 (16,61) 46. Index of help-wanted advertising in newspapers (M).The Conference Board (16, 61) 930. Composite index of six lagging indicators (includes series 62, 77, 91, 95, 101, 109) (M).-Source 1 (10,39,60) 22. Ratio of profits (after taxes) to total corporate domestic income (Q)-Source 1 (29,69) 47. Index of industrial production, total (M).-Source 4 (14,20,39,58,63,78,94) 23. Index of spot market prices, raw industrial materials (M).—Source 3 and Commodity Research Bureau, Inc. (Used by permission. Beginning with June 1981, this series may not be reproduced without written permission from Commodity Research Bureau, Inc.) (28,69,79) 24. Value of manufacturer's new orders, capital goods industries, nondefense, in current dollars (M).—Source 2 (23,66) 48. Employee-hours in nonagricultural establishments (M).-Source 3 (17,39,61) 49. Value of goods output in 1972 dollars (Q).—Source 1 (20,63) 940. Ratio, coincident composite index (series 920) to lagging composite index (series 930) (M).—Source 1 (11,60) 1-6. Cyclical Indicators 1. Average workweek of production workers, manufacturing (M).-Source 3 (12,16,61,77) 2. Accession rate, manufacturing (M).-Source 3 3. Layoff rate, manufacturing (M).—Source 3 4. Quit rate, manufacturing (M).—Source 3 5. Average weekly initial claims for insurance, State programs (M).-U.S. Labor, Employment and Training seasonal adjustment by Bureau Analysis unemployment Department of Administration; of Economic (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) 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 (16,61) 61. Business expenditures for new plant and equipment, total (Q).-Source 1 (24,67) 62. Index of labor cost per unit of output, total manufacturing—ratio, index of compensation of employees in manufacturing (sum of wages, salaries, and supplements to wages and salaries) to index of industrial production, manufacturing (M).—Sources 1 and 4 (15,30,70) 63. Index of unit labor cost, private business sector (Q).Source 3 (30,70) 64. Compensation of employees as a percent of national income (Q).-Source 1 (30,47,70,83) 86. Gross private domestic fixed investment, total nonresidential, in 1972 dollars (Q).-Source 1(25,67) 87. Gross private domestic fixed investment, nonresidential structures, in 1972 dollars (Q).-Source 1 (25,67) 88. Gross private domestic fixed investment, nonresidential producers' durable equipment, in 1972 dollars (Q).Source 1 (25,67) 70. Manufacturing and trade inventories in 1972 dollars (EOM).-Sources 1, 2, and 3 (27,68) 71. Manufacturing and trade inventories, total book value (EOM).-Sources 1 and 2 (27,68) 72. Commercial and industrial loans outstanding in current dollars (M).-Sources 1 and 4 (35,73) 73. Index of industrial production, durable manufactures (M).-Source 4 (20,63) 74. Index of industrial production, manufactures (M).-Source 4 nondurable (20,63) 75. Index of industrial production, consumer goods (M).Source 4 (22,65) 76. Index of industrial production, business equipment (M).-Source 4 (24,67) 77. Ratio, constant-dollar inventories (series 70) to sales (series 57), manufacturing and trade, total (M).— Sources 1, 2, and 3 (15,27,68) 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 (Q).-Source 1 (29,69) 80. Corporate profits after taxes with inventory valuation and capital consumption adjustments in 1972 dollars (Q).-Source 1 (29,69) 81. Ratio of profits (after taxes) with inventory valuation and capital consumption adjustments to total corporate domestic income (Q).-Source 1 (29,70) 82. Rate of capacity utilization, manufacturing (Q).-Source 4 (20,64) 83. Rate of capacity utilization, manufacturing (EOQ).— Source 1 (20,64) 84. Rate of capacity utilization, materials (Q).—Source 4 (20,64) 85. Change in money supply Ml (M).-Source 4 (31,71) 951. Diffusion index of four roughly coincident indicator components (M).-Source 1 (36,74) 91. Average (mean) duration of unemployment in weeks {IVD.-Sources 2 and 3 (15,18,62) 960. Diffusion index of net profits, manufacturing—about 600 companies (Q).-Dun & Bradstreet, Inc. (Used by permission. This series may not be reproduced without written permission from the source.) (35,75) 93. Free reserves (member banks excess reserves minus borrowings) (M).-Source 4 (33,72) 961. Diffusion index of average workweek of production workers, manufacturing—20 industries (M).-Sources 1 and 3 (36,74,77) 95. Ratio, consumer installment credit to personal income (M).-Sources 1 and 4 (15,35,73) 69. Manufacturers' machinery and equipment sales and business construction expenditures (industrial and commercial construction put in place) (M).—Source 2 (24,67) 950. Diffusion index of twelve leading indicator components (M).-Source 1 (36,74) 90. Ratio, civilian employment to total population of working age (M).-Sources 1, 2, and 3 (17, 62) 66. Consumer instalment credit (EOM).-Source 4 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) 1-C. Diffusion Indexes 952. Diffusion index of six lagging indicator components (M).-Source 1 (36,74) 94. Member bank borrowings from the Federal Reserve (M).-Source 4 (33,72) 67. Bank rates on short-term business loans (Q).-Source 4 (35,73) (34,72) 89. Gross private domestic fixed investment, total residential, in 1972 dollars (Q).-Source 1 (25,67) 65. Manufacturers' inventories of finished goods, book value, all manufacturing industries (EOM).—Source 2 (27,68) (35,73) 119. Federal funds rate (M).-Source 4 96. Manufacturers' unfilled orders, durable goods industries (EOM).-Source 2 (21,64) 97. Backlog of capital appropriations, 1,000 manufacturing corporations (EOQ).-The Conference Board (24,66) 98. Change in producer prices for 28 sensitive crude and intermediate materials (M).-Sources 1 and 3 (28,69) 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) 99. Change in sensitive materials prices (smoothed) (M).— Sources 1, 3, and Commodity Research Bureau, Inc. (13,28,69) 101. Commercial and industrial loans outstanding in 1972 dollars (M).-Sources 1, 3, and 4 (15,35,73) 965. Diffusion index of newly approved capital appropriations, deflated—17 manufacturing industries (Q).-The Conference Board (37,75) 102. Change in money supply M2 (M).-Source 4 (31,71) 967. Diffusion index of spot market prices, raw industrials— 13 industrial materials (M).—Sources 1, 3, and Commodity Research Bureau, Inc. (35,75,79) 104. Change in total liquid assets (smoothed) (M).—Sources 1 and 4 (31,71) 105. Money supply Ml in 1972 dollars (M).-Sources 1,3, and 4 (31,71) 106. Money supply M2 in 1972 dollars (M).-Sources 1, 3, and 4 (13,31,71) 107. Ratio, gross national product to money supply Ml (Q).-Sources 1 and 4 (31,71) 108. Ratio, personal income to' money supply M2 (M).— Sources 1 and 4 (31,71) 109. Average prime rate charged by banks (M).—Source 4 (35,73) 110. Total funds raised by private nonfinancial borrowers in credit markets (Q).-Source 4 (32,72) 111. Change in credit outstanding (business and consumer borrowing) (M).—Sources 1, 4, and Federal Home Loan Bank Board (13,32,72) 112. Net change in business loans (M).—Sources 1 and 4 (32,72) 113. Net change in consumer installment credit (M).-Source 4 (32,72) 114. Discount rate on new issues of 91-day Treasury bills (M).-Source 4 (34,72) 115. Yield on long-term Treasury bonds (M).-U.S. Department of the Treasury (34,73) 116. Yield on new issues of high-grade corporate bonds (M).-Citibank and U.S. Department of the Treasury (34,73) 117. Yield on municipal bonds, 20-bond average (M).—The Bond Buyer (34,73) 118. Secondary market yields on FHA mortgages (M).-U.S. Department of Housing and Urban Development, Federal Housing Administration (34,73) 966. Diffusion index of industrial production-24 industries (M).-Sources 1 and 4 (37,75,78) 968. Diffusion index of stock prices, 500 common stocks— 46-82 industries (M).—Standard & Poor's Corporation (37,75) 970. Diffusion index of business expenditures for new plant and equipment, total—21 industries (Q).—Source 1 (38,76) 971. Diffusion index of new orders, manufacturing—about 600 businessmen reporting (Q).—Dun & Bradstreet, Inc. (Used by permission. This series may not be reproduced without written permission from the source.) (38,76) 972. Diffusion index of net profits, manufacturing and trade—about 1,400 businessmen reporting (Q).—Dun & Bradstreet, Inc. (Used by permission. This series may not be reproduced without written permission from the source.) (38,76) 973. Diffusion index of net sales, manufacturing and tradeabout 1,400 businessmen reporting (Q).-Dun & Bradstreet, Inc. (Used by permission. This series may not be reproduced without written permission from the source.) (38,76) 974. Diffusion index of number of employees, manufacturing and trade-about 1,400 businessmen reporting (Q).Dun & Bradstreet, Inc. (Used by permission. This series may not be reproduced without written permission from the source.) (38,76) 975. Diffusion index of level of inventories, manufacturing and trade-about 1,400 businessmen reporting (Q).Dun & Bradstreet, Inc. (Used by permission. This series may not be reproduced without written permission from the source.) (38,76) 976. Diffusion index of selling prices, manufacturing—about 600 businessmen reporting (Q).—Dun & Bradstreet, Inc. (Used by permission. This series may not be reproduced without written permission from the source.) (38,76) 115 TITLES AND SOURCES OF SERIES- Continued 977. Diffusion index of selling prices, wholesale trade—about 400 businessmen reporting (Q).—Dun & Brad street, Inc. (Used by permission. This series may not be reproduced without written permission from the source.) (38,76) 978. Diffusion index of selling prices, retail trade—about 400 businessmen reporting (Q).-Dun & Bradstreet, Inc. (Used by permission. This series may not be reproduced without written permission from the source.) (38,76) II-A. National Income and Product 30. Gross private domestic investment, change in business inventories, all industries, in 1972 dollars (Q).-Source 1 (26, 42, 68, 81) 50. Gross national product in 1972 dollars (Q).-Source 1 (19,39,40,63,80) 64. Compensation of employees as a percent of national income (Q).-Source 1 (30,47,70,83) 200. Gross national product in current dollars (Q).—Source 1 (40,80) 213. Final sales (series 50 minus series 30) in 1972 dollars (Q).-Source 1 (40,80) 217. Per capita gross national product in 1972 dollars (Q).Sources 1 and 2 (40,80) 220. National income in current dollars (Q).-Source 1 (45,82) 223. Personal income in current dollars (M).-Source 1 (40,63) 224. Disposable personal income in current dollars (Q).— Source 1 (40,80) 225. Disposable personal income in 1972 dollars (Q).— Source 1 (40,80) 227. Per capita disposable personal income in 1972 dollars (Q).-Sources 1 and 2 (40,80) 230. Personal consumption expenditures, total, in current dollars (Q).-Source 1 (41,80) 231. Personal consumption expenditures, total, in 1972 dollars (Q).-Source 1 (41,80) 232. Personal consumption expenditures, durable goods, in current dollars (Q).-Source 1 (41,80) 233. Personal consumption expenditures, durable goods, in 1972 dollars (Q).-Source 1 (41,80) 247. Gross private domestic investment, change in business inventories, all industries, as a percent of gross national product (Q).-Source 1 (47,83) 292. Personal saving (Q).-Source 1 248. Gross private domestic fixed investment, nonresidential, as a percent of gross national product (Q).—Source 1 (47,83) 295. Business saving—undistributed corporate profits plus capital consumption allowances with inventory valuation and capital consumption adjustments (Q).-Source 1 (46,82) 249. Gross private domestic fixed investment, residential, as a percent of gross national product (Q).—Source 1 (47,83) 250. Net exports of goods and services in current dollars; national income and product accounts (Q).-Source 1 (44,82) 251. Net exports of goods and services as a percent of gross national product (Q).-Source 1 (47,83) 252. Exports of goods and services in current dollars; national income and product accounts (Q).—Source 1 (44,82) 253. Imports of goods and services in current dollars; national income and product accounts (Q).-Source 1 (44,82) 255. Net exports of goods and services in 1972 dollars; national income and product accounts (Q).—Source 1 (44,82) 256. Exports of goods and services in 1972 dollars; national income and product accounts (Q).-Source 1 (44,82) 257. Imports of goods and services in 1972 dollars; national income and product accounts (Q).-Source 1 (44,82) 260. Government purchases of goods and services, total, in current dollars (Q).-Source 1 (43,81) 261. Government purchases of goods and services, total, in 1972 dollars (Q).-Source 1 (43,81) 262. Federal Government purchases of goods and services in current dollars (Q).-Source 1 (43,81) 263. Federal Government purchases of goods and services in 1972 dollars (Q).-Source 1 (43,81) (46,82) 293. Personal saving rate—personal saving as a percent of disposable personal income (Q).-Source 1 (46,83) 298. Government surplus or deficit, total (Q).-Source 1 (46,83) II-B. Prices, Wages, and Productivity 310. Implicit price deflator, gross national product (Q).Source 1 (48,84) 311. Fixed-weighted price index, gross business product (Q).-Source 1 (48,84) 320. Index of consumer prices, all items (M).-Source 3 (49,59,84,95) 322. Index of consumer prices, food (M).-Source 3(49,84) 330. Index of producer prices, all commodities (M).-Source 3 (48,85) 331. Index of producer prices, crude materials for further processing (M).-Source 3 (48,85) 332. Index of producer prices, intermediate materials, supplies, and components (M).-Source 3 (48,86) 333. Index of producer prices, capital equipment (M).Source 3 (48,86) 334. Index of producer prices, finished consumer goods (M).-Source 3 (48,86) 335. Index of producer prices, industrial commodities (M).Source 3 (48,85) 340. Index of average hourly earnings of production workers, private nonfarm economy—adjusted for overtime (in manufacturing only), interindustry employment shifts, and seasonality (M).-Source 3 (49,87) 265. Federal Government purchases of goods and services as a percent of gross national product (Q).—Source 1 (47,83) 266. State and local government purchases of goods and services in current dollars (Q).—Source 1 (43,81) 267. State and local government purchases of goods and services in 1972 dollars (Q).-Source 1 (43,81) 341. Index of real average hourly earnings of production workers, private nonfarm economy—adjusted for overtime (in manufacturing only), interindustry employment shifts, and seasonality (M).-Source 3 (49,87) 268. State and local government purchases of goods and services as a percent of gross national product (Q).— Source 1 (47,83) 346. Index of real average hourly compensation, all employees, nonfarm business sector (Q).—Source 3 (49,88) 280. Compensation of employees (Q).-Source 1 (45,82) 345. Index of average hourly compensation, all employees, nonfarm business sector (Q).—Source 3 (49,87) 237. Personal consumption expenditures, services, in current dollars (Q).-Source 1 (41,81) 283. Proprietors' income with inventory valuation and capital consumption adjustments as a percent of national income (Q).-Source 1 (47,83) 348. Negotiated wage and benefit decisions, all industriesaverage (mean) first year changes (Q).-Source 3 (50,88) 349. Negotiated wage and benefit decisions, all industriesaverage (mean) changes over life of contract (Q).Source 3 (50,88) 238. Personal consumption expenditures, nondurable goods, in 1972 dollars (Q).-Source 1 (41,81) 284. Rental income of persons with capital consumption adjustment (Q).-Source 1 (45,82) 358. Index of output per hour, all persons, nonfarm business sector (Q).-Source 3 (49,88) 239. Personal consumption expenditures, services, in 1972 dollars (Q).-Source 1 (41,81) 285. Rental income of persons with capital consumption adjustment as a percent of national income (Q).— Source 1 (47,83) 370. Index of output per hour, all persons, private business sector (Q).-Source 3 (49,88) 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) 240. Gross private domestic investment, total, in current dollars (Q).-Source 1 (42,81) 241. Gross private domestic investment, total, in 1972 dollars (Q).-Source 1 (42,81) 242. Gross private domestic fixed investment, total, in current dollars (Q).-Source 1 (42,81) 243. Gross private domestic fixed investment, total, in 1972 dollars (Q).-Source 1 (42,81) 245. Gross private domestic investment, change in business inventories, all industries, in current dollars (Q).Source 1 (42,81) 116 282. Proprietors' income with inventory valuation and capital consumption adjustments (Q).—Source 1 (45,82) 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) 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 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 domestic 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) 721. Organization for Economic Cooperation and Development, European countries, index of industrial production (M).—Organization for Economic Cooperation and Development (Paris) (58,94) 722. United Kingdom, index of industrial production (M).— Central Statistical Office (London) (58,94) 723. Canada, index of industrial production (M).—Statistics Canada (Ottawa) (58,94) 725. West Germany, index of industrial production (M).— Statistisches Bundesamt (Wiesbaden) (58,94) 726. France, index of industrial production (M).—Institut National de la Statistique et des Etudes Economiques (Paris) (58,94) 727. Italy, index of industrial production (M).—Istituto Centrale di Statistics (Rome) (58,94) 728. Japan, index of industrial production (M).—Ministry of International Trade and Industry (Tokyo) (58,94) 732. United Kingdom, index of consumer prices (M).— Department of Employment (London); percent changes seasonally adjusted by Bureau of Economic Analysis (59,95) 606. Exports of nonelectrical machinery (M).—Source 2; seasonal adjustment by Bureau of Economic Analysis (56,92) 733. Canada, index of consumer prices (M).—Statistics Canada (Ottawa); percent changes seasonally adjusted by Bureau of Economic Analysis (59,96) 612. General imports, total (M).-Source 2 735. West Germany, index of consumer prices (M).— Statistisches Bundesamt (Wiesbaden); percent changes seasonally adjusted by Bureau of Economic Analysis (56,92) 614. Imports of petroleum and petroleum products (M).— Source 2; seasonal adjustment by Bureau of Economic Analysis (56,92) 616. Imports of automobiles and parts (M).—Source 2; seasonal adjustment by Bureau of Economic Analysis (56,92) 618. Merchandise exports, adjusted, excluding military grants (Q).-Source 1 (57,93) 620. Merchandise imports, 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) (59,95) 736. France, index of consumer prices (M).—Institut National de la Statistique et des Etudes Economiques (Paris); percent changes seasonally adjusted by Bureau of Economic Analysis (59,95) 737. Italy, index of consumer prices (M).—Istituto Centrale di Statistics (Rome); percent changes seasonally adjusted by Bureau of Economic Analysis (59,96) 738. Japan, index of consumer prices (M).—Office of the Prime Minister (Tokyo); percent changes seasonally adjusted by Bureau of'Economic Analysis (59,95) 742. United Kingdom, index of stock prices (M).—Central Statistical Office (London) (59,96) 667. Balance on goods and services (Q).—Source 1(57,93) 743. Canada, index of stock prices (M).—Statistics Canada (Ottawa) (59,96) (54,91) 668. Exports of goods and services, excluding transfers under U.S. military grants (Q).-Source 1 (57,93) 745. West Germany, index of stock prices (M).—Statistisches Bundesamt (Wiesbaden) (59,96) 559. Value of manufacturers' inventories, defense products (EOM).-Source 2 (54,91) 669. Imports of goods and services, total (Q).—Source 1 (57,93) 746. France, index of stock prices (M).—Institut National de la Statistique et des Etudes Economiques (Paris) 561. Value of manufacturers' unfilled orders, defense products (EOM).-Source 2 (54,91) II-F. International Comparisons 747. Italy, index of stock prices (M).—Banca d' Italia (Rome) (59,96) 548. Value of manufacturers' new orders, defense products (M).- Source 2 (53,90) 557. Output of defense and space equipment (M).— Source 4 564. Federal Government purchases of goods and services for national defense (Q).-Source 1 (55,91) 19. United States, index of stock prices, 500 common stocks (M).-Standard & Poor's Corporation (13,28,59,69,96) (59,96) 748. Japan, index of stock prices (M).—Bank of Japan (Tokyo) (59,96) Superintendent of Documents U.S. Government Printing Office Washington, D.C. 20402 OFFICIAL BUSINESS Penalty for Private Use $300 FIRST-CLASS MAIL POSTAGE & FEES PAID USDC PERMIT No. G-56