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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

60
—
—
—

16
19
21
23
26
28
31

61
63
64
65
68
69
71

36
—
39

,

Table

10
12
14
15

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

80
80
81
81
82
82
82
83

48
49

84
87

PRICES, WAGES,

Bl I
B2

Table

40
41
42
43
44
45
46
47

AND PRODUCTIVITY
Price Movements
Wages and Productivity

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.

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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)

Business
Investment
commitments
(1 series)

m

IV.
FIXED
CAPITAL
INVESTMENT
(18 series)

V.

I nventory
Investment
(4 series)

Unit labor costs
and labor share
(4 series)

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

Commodity
prices
(1 series)
Profit share
(1 series)

Inventories on
hand and on
order
(4 series)

Trade
(1 series)

8 series)

MONEY
AND CREDIT

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)

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 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)

Business
investment
commitments
(1 series)

INVENTORIES
AND
INVENTORY
INVESTMENT
(9 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

July
1984

June
to
July
1984

4th Q
to
IstQ
1984

July
to
Aug.
1984

302.70

1983

June
1984

Aug.
1984

Series number

1

Table 1.

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

1.1

1,877
142 .8

1,763
126.4

-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

4th Q
to
IstQ

Aug.
1984

IstQ

1984

to

July
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

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

. ..

294.3
305.9

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
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

4.8
1.4
2.7
2.9
2.7

764,9

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

54.5

478.2

616.7

-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.

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.

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

dol

.

-0.28

-8.23

93.93
90.65

87.36
87.65

83.05

-7.00

.do.

to

52.80

21.60
13.09

do
do.

-9.12

59.27
66.27

.do.

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
p*

/w^V

' ' S£

*

90-

, 4

-3

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



l d
t
)

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.


38


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.


40


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-

4003603201
1

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 B J
l l

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.

54



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.

 SEPTEMBER 1984
l d
t
)


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.

56



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, 1 1
1)

(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

0
1 EMPLOYMENT AND UNEMPLOYMENT-Continued

Minor Economic
Process
Timing Class

Comprehensive Employment— Continued

Comprehensive Unemployment

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.)

Year
and
month

U, C , C

(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

0
1 PRODUCTION AND INCOME-Contmued

Minor Economic
Process

Capacity Utilization

Timing Class

Year
and
month

0 CONSUMPTION, TRADE, ORDERS, AND DELIVERIES
1

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

72!9

January
February
March

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

3.83

73'.8

October .
November . . . .
December

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.)

U, Lg, U

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)

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

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.)

Year
and
month

Residential Construction
Commitments and Investment

Business Investment Expenditures

(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

Q| PRICES, COSTS, AND PROFITS-Continued

U.L, L

L, L, I

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

(Percent)

Year
and
month

81. Ratio,
profits (after
taxes) with IVA
and CCAdj to
corp. domestic
income '

(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

(NA)

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

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)

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

33.3
75.0
31.3

0.0

*40

12.5
33.3

42.3
34.6
38.5

*52

20.8
41.7
54.2

41.7
37.5
33.3

"SO

1 -quarter
span

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)
+

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

+

Percent rising of 20 components

40.9

40.7

(78)

All manufacturing industries

(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

+

165.8

+

166.2

(77)

(71)

(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

6,603
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

10.0
-0.5

-20.8

-5.4

-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

2.5

35.6
-1.8
10.4

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

6.0

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

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.)

Year
__j
ana
quarter

(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

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 c
£OO . 9

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

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

387. 1
r396!e

1,124.4
rl,153*.7

Adfi . 9
HtD C.
457.3
ACC
too .pc.
462.8

??n . A
C.C.\J *T

204.7
200! 4

4R3 .9c.
t >?o

?1
f. 1114. t

442.1

AIR .Qy
*ta.vJ

1Q4 .°,J
1;7*T

dOI 0
*rO 1 • O

376.2

177.8

437.3

204.5
pnn /
C.\J\J . 7
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 »7
L.O<J . R
r283.9

r576.4

220.5

ppi . U
n
£.£. 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 U
«J3U . 0

PCO Q

CD 3 . J

r263.7

0
1 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

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

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

NATIONAL INCOME
AND ITS COMPONENTS

•

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

(Percent)

(Percent)

247. Change in
business inventories

251. Net exports of
goods and services

(Percent)

249. Residential
fixed investment

(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
n1
-U. i

-0.2

£C 0
O3 . L.

m .fi
1U O

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 £
-U. b

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

| | PRICE MOVEMENTS
y
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

322c. Change
over 1-month
spans!

(Percent)

(1967 = 100)

322c. Change
over 6-month
spans '

(Ann. rate,
percent)

1982

4.6

January
February
March

204*. 6

April
May
June

206.8

5.3

211.7

6.2
6.2
6.6

292.2
292.8
293.3

0.5
0.3
0.0

6.6
4.7
1.8

294.1
293.6
292.4

0.4
0.0

1.4
0.7
0.8

3.7

2 18*. 9

-0.3

3.7
4.8
5.8

-0.2

287.6
286.8
287.2

217.0
3.4

0.9
0.6

283.4
285.3
287.2

5.6

3.4

210.*3

281.8
283.4
282.7

0.4
0.9
1.1

.

October
November
December

-0.1

3.5
4.4
6.0

284.3
287.1
290.6

214.1

208!5

0.4
0.2

4.4

5.6

July
August
September

282.5
283.4
283.1

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

. .
3.1

July
August
September

215.9

October .
November
December

218.2

0.3

295.5
297.1
298.1

3.9

2.6

214.2

293.1
293.2
293.4

1.4
2.3
3.3

220.4

4.5

225.0
4.4

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

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

r3.5

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

1.4
0.7
0.7
rO.7

5.4
165 '.9
3.6

p-1.2

p-1.5

IS'J'A

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

H
H 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*6

6.2

l.*3

1.2

4.8

10CL 3

3.3

106! 5

3*4

ioi!e

3.1

io3!e

3'.5

104! i

3.1

106! 9

3.3

99*4

104! 4

2.4

4.7

2.0

99!8

-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 nine un page 80.
oee note on page ou.
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
Italy
Year
and
month

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.

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

5

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

id
NOTE: Percent changes are centered within the spans: 1-month changes are placed on the 2d month an 3-month changes
are placed on the 3d month. Quarterly and annual figures are averages of the centered changes.
ig with
'This series contains revisions beginning with 1981. 2 This series contains revisions beginning wit 1980.




8.6
4 .0
3 .7

4.8
11 .6
-3.1

11.4

2.1
5.4
7 .0
3.1
-0.7
8.8
-5.3
5.2
6.0

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

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...

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

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

389.7
403.8
449.7
449.8
467.2

406.7

419.3
448.1
449.6
466.0
500.0

398.8
407.2

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

548.3
562.5
576.6
602.2

561.6

561.2

577.4
604.3
622.6
659.4
699.4

577.9
605.2
624.8
664.6

739.1
771.9
816.1

741.8
775.8

744.5
779.3

719.4
748.1
780.1

821.6

825 .2

852.0
878.2

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

600.3

616.5

618.9

622.1

650.5
687.5

654.0

656.6
696.6

731.9

734.9
769.3

768.0
805.8

848.1
886.4

892 .6

1974. . .

1009 .4

1975...
1976...
1977...
1978...
1979...
1980...
1981...
1982...
1983...
1984...

989.9
1035.3
1075.4
1133.3
1189.6
1217.3
1236.1
1246.4
1264.1

1044.7
1080.5
1137.7
1190.5
1210.0
1237.4
1256.2
1260.9

1047.3
1089.1
1197.3
1206.4
1241.0
1255.0
1265.7

940.7
1000.4
1001.8
994.3
1050.6
1091.2
1153.8
1194.1
1200.1
1238.8
1260.4
1268.0

VANNU

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

1973...

991.3

220.6

69.

991.6

1145 .6

19.9.8
205.8

213.7

231.0
206.8

237.7

231.6
222.7

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

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

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

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...

1972. . .

583.5
607.3

205.4

811 .3

888.2
932.9
998.9
1003.2

561.7

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

693.1

849.8
879.0
895.0
943.6
1001.8
1005.3
1003.3
1052.8

501.5

491 .3
512.3
522.1

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

204.3

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

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
(Nov.)

Implicit price
deflator, gross
nonfarm business
product
(Index: 1977=100)

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
146.5
148.6
149.3
150.2

151.4
154.2
155.6
157.1

151.9
152.7
153.8
155.2

I Q....
II Q...
Ill Q..
IV Q...

T

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

(Mar.)

P

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

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

2.0

1.36
1.38
1.35
1.35
1.33
1.31
1.31
1.33
1.32
1.32
1.32
1.31

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
10
11
12

3.4 12/83
3.5 1 / 8 4
3.5 2 / 8 4
3.5
3/84

17
18
19
20

4.5

3.2 9 / 8 3
3.3 10/83
3.3
11/83

13
14
15
16

3.7 4 / 8 4
3.3 5 / 8 4
3.3 6 / 8 4
3.3
7/84

4.0

3.5

Actual
data
for
current
cycle

3.2

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

59

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

0 + 6

+12 +18 +24 +30

9
1.18
10
1.17
11 1.48
12
1.61
1.62
1.97
2.05
2.15

2.60 9 . 0 4 5 / 8 4
5
2.805 9 . 2 4 6 / 8 4
2.55
58.99 7 / 8 4
2.265 8 . 7 0 8 / 8 4

1.0

58.06 1 / 8 4
58.41 2 / 8 4
58.493 / 8 4
58.59 4 / 8 4

Months from reference troughs

NOTE:

1.5

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

• 59.0

2.0

SERIES 90
PERCENT

17
18
19
20

55

2.5

MONTHS DEVIFROM ATIONS CURRENT MONTH
SPEC.
FROM ACTUAL
AND
TROUGH 12/82
DATA YEAR

56

-12 -6

Actual

-I 3.0

57.62 9/83
57.61
10/83
5 7 . 9 2 11/83

13
14
15
16

90. Ratio, civilian employment to total
population of working age

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

• 0

6/84
7/84

-J -30
MONTHS DEVIFROM ATIONS CURRENT MONTH
REF.
FROM ACTUAL
AND
TROUGH
7/81
DATA YEAR

- 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

SERIES 57
MIL. DOL.

> 165,000

• 150,000
-8

• 145,000

-12

-12

-6

0 + 6

+12 +18 +24 +30

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

• 155,000

> 170,000

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.
9
10
11
12

+ 25
+ 20
• 40

+15

8/83
9/83
10/83
11/83

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

+ 30

35.04
35.53
36.00
36.73

13
14
15
16

Percent

2.9
4.4
5.8
7.9

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
1.324
1.319
1.323
1.327

17
18
19
20

1.329
1.35

10

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

2
3
4

0.006
0.008
0.008

• 1.34

1.297
1.299
1.299

9/83
10/83
11/83

0.04

0.02

5

1.25

-J 1.20

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

0 + 8

+12 +18 +24 +30

Months from reference troughs

• 32

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

12/83
1/84
2/84
3/84

11

1.40

• 34

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

Series
description

8/81
1/83

2
604

Historical
data
(issue date)

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

89
91
91

Historical
data
(issue date)

8/81
2/84
1/84
1/84

51
51
51
15,18
18
18
18
18,51
12,16

961

119

33
40
11

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
7/84

34

94
213
917

7
9
56
56

5/84
5/84

77
74

'si'

Series
description
C)

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

Series
description
(*)

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............ ................................................................ 14,19
51
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

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
64

6/84
4/84

64

26
12,21

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)

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POSTAGE & FEES PAID
USDC
PERMIT No. G-56


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102