Full text of Business Conditions Digest : September 1988
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SINESS
DITIONS
MEMBER 1988
U.S. DEPARTMENT OF COMMERCE
C. William Verity, Secretary
Robert Ortner, Under Secretary for Economic Affairs
BUREAU OF ECONOMIC ANALYSIS
Allan H. Young, Director
Carol S. Carson, Deputy Director
Edward K. Smith, Associate Director for
National Analysis and Projections
George R. Green, Editor
This report is prepared in the Statistical Indicators Division of the Bureau of Economic
Analysis. Technical staff and their responsibilities for the publication a r e Barry A. Beckman—Technical supervision and review
Brian D. Kajutti—Composite indexes
Mary D. Young—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
John H. Auten, U.S. Department of the Treasury
Andrea Kusko, Board of Governors of the Federal Reserve System
Edward K. Smith, Bureau of Economic Analysis, U.S. Department of Commerce
Peter M. Taylor, Council of Economic Advisers
Charles A. Waite, Bureau of the Census, U.S. Department of Commerce
ABOUT THIS REPORT
BUSINESS CONDITIONS DIGEST (BCD) provides
a monthly look at many of the economic time
series found most useful by business analysts
and forecasters.
The original BCD, which began publication
in 1961 under the title Business Cycle Developments, emphasized the cyclical indicators approach to the analysis of business conditions
and prospects. The report's contents were based
largely on the list of leading, roughly coincident,
and lagging indicators maintained by the
National Bureau of Economic Research, Inc.
In 1968, BCD was expanded to increase its
usefulness to analysts using other approaches to
business conditions analysis. Principal additions
to the report were series from the national income and product accounts and series based on
surveys of businessmen's and consumers' anticipations and intentions. The composite indexes were added at that time, and the report's
present title was adopted.
The dominant feature of the current BCD is
the cyclical indicators section, in which each
business cycle indicator is assigned a three-way
timing classification according to its behavior at
peaks, at troughs, and at all turns. This section is
supplemented by a section containing other important economic measures. The method of
presentation is explained in the introductory text
which begins on page 1.
Most of the data contained in this report
also are published by their source agencies. A
series finding guide and a complete list of series
titles and sources can be found at the back of the
report.
Annual subscription price: $44.00 domestic,
$55.00 foreign. Single copy price: $4.00 domestic, $5.00 foreign. Foreign airmail rates are
available on request. Address correspondence
concerning subscriptions to Superintendent of
Documents, U.S. Government Printing Office,
Washington, D.C. 20402. Make checks payable
to Superintendent of Documents.
Cyclical Indicators are economic time series
which have been singled out as leaders, coinciders, or laggers based on their general conformity to cyclical movements in aggregate
economic activity. In this report, cyclical indicators are classified both by economic process
and by their average timing at business cycle
peaks, at business cycle troughs, and at peaks
and troughs combined. These indicators have
been selected primarily on the basis of their
cyclical behavior, but they also have proven
useful in forecasting, measuring, and interpreting short-term fluctuations in aggregate
economic activity.
Other 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
Composite Indexes: Latest Release
iii
v
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
BCD
Volume 28, Number 9
PART I.
CYCLICAL INDICATORS
Al
A2
A3
A4
C O M P O S I T E INDEXES A N D
THEIR C O M P O N E N T S
Composite Indexes
Leading Index Components
Coincident Index Components
Lagging Index Components
Bl
B2
B3
B4
B5
B6
B7
CYCLICAL INDICATORS
BY ECONOMIC PROCESS
Employment and Unemployment
Production and Income
Consumption, Trade, Orders, and Deliveries .
Fixed Capital Investment
Inventories and Inventory Investment
Prices, Costs, and Profits
Money and Credit
Chart
10
12
14
15
Table
60
—
—
—
16
19
21
23
26
28
31
61
63
64
65
68
69
71
36
—
39
74
77
—
DIFFUSION INDEXES
AND RATES OF CHANGE
Cl
C2
C3
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.
KCII
PART II.
OTHER IMPORTANT
ECONOMIC MEASURES
NATIONAL INCOME
Al
A2
A3A4
A5
A7
Aft
AND PRODUCT
GNP and Personal Income
Personal Consumption Expenditures
Gross Private Domestic Investment
Government Purchases of Goods and Services
Foreign Trade
National Income and Its Components
Saving
Shares of GNP and National Income
Chart
40
41
42
43
44
45
46
47
Table
80
80
81
81
82
82
82
83
48
49
84
87
51
89
52
53
90
90
56
57
92
93
58
59
59
94
95
96
PRICES, WAGES,
AND PRODUCTIVITY
Bl
B2
Price Movements
Wages and Productivity
LABOR FORCE, EMPLOYMENT,
AND UNEMPLOYMENT
Civilian Labor Force and Major Components
GOVERNMENT ACTIVITIES
Receipts and Expenditures
Defense Indicators
U.S. INTERNATIONAL TRANSACTIONS
Merchandise Trade
Goods and Services Movements
INTERNATIONAL COMPARISONS
Industrial Production
Consumer Prices
Stock Prices
PART III. APPENDIXES
A. MCD and Related Measures of Variability (See 1984 Handbook of Cyclical Indicators)
QCD and Related Measures of Variability (See 1984 Handbook of Cyclical Indicators)
B. Current Adjustment Factors
C. Historical Data for Selected Series
97
98
D. Descriptions and Sources Of Series (See "Alphabetical Index—Series Finding Guide")
E. Business Cycle Expansions and Contractions (July 1988 issue)
F. Specific Peak and Trough Dates for Selected Indicators (April 1988 issue)
G. Experimental Data and Analyses
Alphabetical Index—Series Finding Guide
Titles and Sources of Series
106
108
112
Readers are invited to submit comments and
suggestions concerning this publication.
Address them to Business Conditions Digest,
Statistical Indicators Division, Bureau of
Economic Analysis, U.S. Department of Commerce,
Washington, DC 20230
NEW FEATURES
AND CHANGES
FOR THIS ISSUE
A limited number of
changes am made from
time to time to incorporate recent findings of economic
research, newiy avail*
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
Changes in this issue are as follows:
series in relation to
1. The series on manufacturing and trade sales and inventories in current dollars (series 31, 56, and 71) have been
revised by the source agency from 1982 forward. These revisions reflect revised data on wholesale inventories (see item
2 on page iii of the April 1988 BCD) and revised data from the
M3-1 survey (see item 1 on page iii of the August 1988 BCD).
The series on manufacturing and trade sales in constant
dollars (series 57) and the ratio of manufacturing and trade
inventories to sales in constant dollars (series 77) have been
revised from 1985 forward to incorporate the above revisions
and recent revisions in the national income and product accounts. (See item 1 on page iii of the July 1988 BCD.)
Revised data for the constant-dollar series based wholly
or in part on these data (series 36 and 70) will be included
in a future issue.
Further information concerning these revisions may be
obtained from the U.S. Department of Commerce, Bureau of the
Census, Industry Division, and Bureau of Economic Analysis,
Statistical Indicators Division.
(Continued on page iv.)
The October issue of BUSINESS CONDITIONS DIGEST is scheduled
for release on November 7.
in
other series, changes
in composition of
indexes, etc
2. The series on new plant and equipment expenditures by business (series 61, 100,
and 970) have been revised by the source agency from 1985 forward to reflect the application of new seasonal adjustment factors. In addition, the constant-dollar series
(series 100) has been revised from 1985 forward due to recent revisions in the national
income and product accounts, from which the price deflators are derived.
Further information concerning these revisions may be obtained from the U.S. Department of Commerce, Bureau of Economic Analysis, Business Outlook Division.
3. The index of industrial production for Canada (series 723) has been revised by
the source agency from 1982 forward. This revision reflects the annual updating of the
basic statistics and the application of new seasonal adjustment factors.
Further information concerning this revision may be obtained from Statistics Canada,
Industry Product Division, Ottawa K1A 0V5, Canada.
4. Appendix C contains historical data for series 6-8, 10, 20, 24, 25, 27, 51-53,
62, 69, 96, 223, 548, 559, 561, 588, and 964.
IV
COMPOSITE INDEXES OF LEADING, COINCIDENT, AND LAGGING
INDICATORS: AUGUST 1988
The composite index of leading indicators increased 0.4 percent in August to 193.4
(1967=100)/ according to preliminary estimates released September 30 by the Commerce
Department• s Bureau of Economic Analysis.
On the basis of more complete data, the index decreased 0.6 percent in
increased 1.5 percent in June. A month ago, the Bureau reported estimates
the index decreased 0.8 percent in July and increased 1.4 percent in June.
workweek was the major contributor to the July revision. Change in credit
was the major contributor to the June revision.
July and
that showed
Average
outstanding
Five of 9 indicators available for August contributed to the increase in the index.
They were, ordered from the largest positive contributor to the smallest: average
weekly initial claims for state unemployment insurance, manufacturers1 new orders for
consumer goods and materials in 1982 dollars, contracts and orders for plant and
equipment in 1982 dollars, building permits, and change in sensitive materials prices.
Four of 9 indicators made negative contributions. They were, ordered from the
largest negative contributor to the smallest: vendor performance (i.e., companies
receiving slower deliveries from vendors), average workweek, stock prices, and money
supply in 1982 dollars.
The composite index of coincident indicators, a monthly approximation of aggregate
economic activity, was unchanged in August at 178.1 (1967=100). On the basis of
more complete data, the index increased 0.2 percent in July and 0.7 percent in
June.
The composite index of lagging indicators increased 0.3 percent in August to 148.0
(1967=100). On the basis of more complete data, the index decreased 0.2 percent in
July and increased 1.1 percent in June.
The leading index is designed to predict monthly movements in aggregate economic
activity, which is approximated by the coincident index. The lagging index is expected
to move, after a time lag, in the same direction as the coincident index and thus to
confirm the movements in the coincident index.
These concepts are explained more fully in the 1984 edition of Handbook of
Cyclical Indicators (price $5.50, stock number 003-010-00127-5), which is available
from the Superintendent of Documents, U.S. Government Printing Office, Washington, DC
20402.
More data on the composite indexes can be found on pages 10, 60, and 107 of this
issue of Business Conditions Digest.
A recorded telephone message on (202) 898-2450 provides information on the composite indexes and their components immediately upon their release. The message is
updated weekly to include recently available data for composite index components that
will be incorporated into the next release.
This and other news releases are available electronically at the time of public
release through the Cormierce Department' s Economic Bulletin Board at a nominal charge
to users. For information, call (202) 377-1986.
Next release date: November 1 for the September composite indexes.
METHOD OF PRESENTATION
This report is organized into two major parts.
Part I, Cyclical Indicators, includes about 150 time
series which have been found to conform well to
broad fluctuations in comprehensive measures of
economic activity. Nearly three-fourths of these are
individual indicators, the rest are related analytical
measures: Composite indexes, diffusion indexes,
and rates of change. Part II, Other Important
Economic Measures, covers over 140 series which
are valuable to business analysts and forecasters
but which do not conform well enough to business
cycles to qualify as cyclical indicators. (There are a
few exceptions: Four series which are included in
part I are also shown in part II to complete the
systematic presentation of certain sets of data,
such as real GNP and unemployment.) The largest
section of part II consists of quarterly series from
the national income and product accounts; other
sections relate to prices, labor force, government
and defense-related activities, and international
transactions and comparisons.
The two parts are further divided into sections
(see table of contents), and each of these sections
is described briefly in this introduction. Data are
shown both in charts and in tables. Most charts
begin with 1962, but those for the composite
indexes and their components (part I, section A)
begin with 1952, and a few charts use a two-panel
format which covers only the period since 1976.
Except for section F in part II, charts contain
shading which indicates periods of recession in
general business activity. The tables contain data
for only the last few years. The historical data for
the various time series are contained in the 1984
Handbook of Cyclical Indicators.
In addition to the charts and tables described
above, each issue contains a summary table which
shows the current behavior of many of the series.
Appendixes present seasonal adjustment factors,
measures of variability, specific cycle turning
dates, cyclical comparison charts, and other
information of analytical interest. An index appears
at the back of each issue. It should be noted that
the series numbers used are for identification
purposes only and do not reflect precise
relationships or order. However, all series
considered as cyclical indicators are numbered in
the range 1 to 199.
Seasonal Adjustments
Adjustments for average seasonal fluctuations
are often necessary to bring out the underlying
trends of time series. Such adjustments allow for
the effects of repetitive intrayear variations
resulting primarily from normal differences in
weather conditions and from various institutional
arrangements. Variations attributable to holidays
are usually accounted for by the seasonal
adjustment process; however, a separate holiday
adjustment is occasionally required for holidays
with variable dates, such as Easter. An additional
adjustment is sometimes necessary for series
which contain considerable variation due to the
number of working or trading days in each month.
As used in this report, the term "seasonal
adjustment" includes trading-day and holiday
adjustments where they have been made.
Most of the series in this report are presented in
seasonally adjusted form and, in most cases, these
are the official figures released by the source
agencies. However, for the special purposes of this
report, a number of series not ordinarily published
in seasonally adjusted form are shown here on a
seasonally adjusted basis.
MCD Moving Averages
Month-to-month changes in a series are often
dominated by erratic movements. MCD (months for
cyclical dominance) is an estimate of the appropriate span over which to observe cyclical
movements in a monthly series. (See appendix A.)
It is the smallest span of months for which the
average change in the cyclical factor is greater than
that in the irregular factor. The more erratic a
series is, the larger the MCD will be; thus, MCD is 1
for the smoothest series and 6 for the most erratic.
MCD moving averages (that is, moving averages of
the period equal to MCD) tend to have about the
same degree of smoothness for all series. Thus, a
5-term moving average of a series with an MCD of 5
will show its cyclical movements about as clearly
as the seasonally adjusted data for a series with an
MCD of 1.
The charts in this report generally include
centered MCD moving averages for those series
with an MCD greater than 4. The seasonally
adjusted data are also plotted to indicate their
variation about the moving averages and to provide
observations for the most recent months.
Reference Turning Dates
The historical business cycle turning dates used
in this report are those designated by the National
Bureau of Economic Research, Inc. (NBER). They
mark the approximate dates when, according to
NBER, aggregate economic activity reached its
cyclical high or low levels. As a matter of general
practice, neither new reference turning dates nor
the shading for recessions will be entered on the
charts until after both the new reference peak and
the new reference trough bounding the shaded area
have been designated.
The historical reference turning dates are subject
to occasional reviews by NBER and may be changed
as a result of revisions in important economic
time series. The dates shown in this publication
for the 1948-70 time period are those determined
by a 1974 review. Since then, NBER has designated
turning points for recessions in 1973-75, 1980, and
1981-82.
Part I. CYCLICAL INDICATORS
Business cycles have been defined as sequences
of expansion and contraction in various economic
processes that show up as major fluctuations in aggregate economic activity—that is, in comprehensive measures of production, employment,
income, and trade. While recurrent and pervasive,
business cycles of historical experience have been
definitely nonperiodic and have varied greatly in
duration and intensity, reflecting changes in
economic systems, conditions, policies, and
outside disturbances.
One of the techniques developed in business
cycle research and widely used as a tool for analyzing current economic conditions and prospects is
the cyclical indicators approach. This approach
identifies certain economic time series as tending
to lead, coincide with or lag behind the broad
movements in aggregate economic activity. Such
indicators have been selected and analyzed by
NBER in a series of studies published between
1938 and 1967. During the 1972-75 period, a new
comprehensive review of cyclical indicators was
carried out by the Bureau of Economic Analysis
(BEA) with the cooperation of the NBER research
staff. The present format and content of part I of
BCD are based on the results of that study.
Section A. Composite Indexes and
Their Components
All cyclical indicators have been evaluated according to six major characteristics: Economic
significance, statistical adequacy, consistency of
timing at business cycle peaks and troughs,
conformity to business expansions and
contractions, smoothness, and prompt availability
(currency). A formal, detailed weighting scheme
was developed and used to assess each series by all
of the above criteria. (See articles in the May and
November 1975 issues of BCD.)
The resulting
scores relate to cyclical behavior of the series
during the period 1947-70. This analysis, produced
a new list of indicators classified by economic
process and typical timing at business cycle peaks
and troughs. (See tables on page 2 and text below
relating to section B.)
This information, particularly the scores relating
to consistency of timing, served as a basis for the
selection of series to be included in the composite
indexes. The indexes incorporate the best-scoring
series from many different economic-process
groups and combine those with similar timing
behavior, using their overall performance scores as
weights. Because they use series of historically
tested usefulness and given timing characteristics
(for example, leading at both peaks and troughs),
with diversified economic coverage and a minimum
of duplication, composite indexes give more
reliable signals over time than do any of the
individual indicators. Furthermore, much of the
Cross-Classification of Cyclical Indicators by Economic Process and Cyclical Timing
A. Timing at Business Cycle Peaks
Economic
1.
II.
III.
IV.
V.
VI.
VII.
Process
EMPLOYMENT AND
PRODUCTION
CONSUMPTION,
FIXED CAPITAL
INVENTORIES
PRICES, COSTS,
MONEY AND
UNEMPLOYMENT
AND INCOME
TRADE, ORDERS,
INVESTMENT
AND INVENTORY
AND PROFITS
CREDIT
( 1 5 series)
( 1 0 series)
AND DELIVERIES
( 1 9 series)
INVESTMENT
( 1 8 series)
( 2 8 series)
Stock prices
(1 series)
Sensitive commodity
prices (2 series)
Profits and protit
margins (7 series)
Cash tlows (2 series)
Money (5 series)
Credit flows
(5 series)
Credit difficulties
(2 series)
Bank reserves
(2 series)
Interest rates
(1 series)
Cyclical
Timing
( 1 3 series)
LEADING ( L )
INDICATORS
( 6 1 series)
ROUGHLY
COINCIDENT (C)
INDICATORS
( 2 4 series)
LAGGING (Lg)
INDICATORS
( 1 9 series)
TIMING
UNCLASSIFIED (U>
(8 series)
(9 series)
Marginal employment
adjustments
(3 series)
Job vacancies
(2 series)
Comprehensive
employment
(1 series)
Comprehensive
unemployment
(3 series)
Capacity utilization
(2 series)
Orders and deliveries
(.6 series)
Consumption and
trade (2 series)
Formation of business
enterprises
(2 series)
Business investment
commitments
(5 series)
Residential
construction
(3 series)
Comprehensive
employment
(1 series)
Comprehensive
output and income
(4 series)
Industrial
production
(4 series)
Consumption and
trade (4 series)
Business investment
commitments
(1 series)
Business investment
expenditures
(6 series)
Business investment
expenditures
11 series.)
Comprehensive
unemployment
(2 series)
Comprehensive
employment
(3 series)
Consumption and
trade (1 series)
Business investment
commitments
(1 series)
Inventory
investment
(4 series)
Inventories on
hand and on
order
(1 series)
Velocity of money
(2 series)
Interest rates
(2 series)
Inventories on
hand and on
order
(4 series)
Unit labor costs
and labor share
(4 series)
Interest rates
(4 series)
Outstanding debt
(4 series)
Sensitive commodity
prices (1 series)
Profits and profit
margins (1 series)
Interest rates
(1 series)
B. Timing at Business Cycle Troughs
•
Economic
Process
Cyclical
Timing
1
I,
III.
IV.
V.
VI.
VII.
EMPLOYMENT AND
PRODUCTION
CONSUMPTION,
FIXED CAPITAL
UNEMPLOYMENT
AND INCOME
TRADE, ORDERS,
INVESTMENT
( 1 0 series)
AND DELIVERIES
(19 series)
PRICES, COSTS,
AND PROFITS
(18 series)
CREDIT
( 1 5 series)
INVENTORIES
AND INVENTORY
INVESTMENT
(9 series)
Inventory
investment
(4 series)
Stock prices
(1 series)
Sensitive commodity
prices (3 series)
Profits and profit
margins (6 series)
Cash flows (2 series)
Money (4 series)
Credit flows
(5 series)
Credit difficulties
(2 series)
Profits and profit
margins (2 series)
Money (1 series)
Velocity of money
(1 series)
Unit labor costs
and labor share
(4 series)
Velocity of money
(1 series)
Bank reserves
(1 series)
Interest rates
(8 series)
Outstanding debt
(4 series)
( 1 3 series)
Marginal employment
adjustments
(1 series)
Industrial
production
(1 series)
Orders and deliveries
(5 series)
Consumption and
trade (4 series)
Formation of business
enterprises
(2 series)
Business investment
commitments
(4 series)
Residential
construction
(3 series)
Marginal employment
adjustments
(2 series)
Comprehensive
employment
(4 series)
Comprehensive
output and income
(4 series)
Industrial
production
(3 series)
Capacity utilization
(2 series.)
Consumption and
trade (3 series)
Business investment
commitments
(1 series)
Orders and deliveries
(1 series)
Business investment
commitments
(2 series)
Business investment
expenditures
(7 series)
LEADING ( U
INDICATORS
(47 series)
ROUGHLY
COINCIDENT (C)
INDICATORS
( 2 3 series)
LAGGING (Lg)
INDICATORS
( 4 1 series)
Job vacancies
(2 series)
Comprehensive
employment
(1 series)
Comprehensive
unemployment
(5 series)
TIMING
UNCLASSIFIED (U)
( 1 series)
Inventories on
hand and on
order
(5 series)
MONEY AND
( 2 8 series)
Bank reserves
(1 series)
independent measurement error and other "noise"
in the included series are smoothed out in the
index as a whole. The indexes include only monthly
series that are acceptable in terms of relatively
prompt availability and reasonable accuracy.
The main composite indexes are distinguished by
their cyclical timing. Thus, there is an index of
leading indicators, series which historically reached
their cyclical peaks and troughs earlier than the
corresponding business cycle turns. There is an
index of roughly coincident indicators, consisting
of series which historically reached their turning
points at about the same time as the general
economy, and an index of lagging indicators, which
includes series that typically reached their peaks
and troughs later than the corresponding business
cycle turns.
The leading index contains series with long as
well as short leads, but each series leads on the
average over time and shows a frequency of leads
at the individual turns exceeding that attributable
to chance, given the historical distribution of
cyclical timing. (An analogous statement applies to
the components of the lagging index.) Since 1948,
leads were generally more frequent and longer at
peaks than at troughs of business cycles, while lags
were generally more frequent and longer at troughs
than at peaks. The adopted system of scoring and
classifying the indicators takes into account these
well-established differences in timing.
Consequently, rough coincidences include short
leads (-) and lags ( + ) as well as exact
coincidences (0). (For monthly series, the range is
from -3 through + 1 at peaks and from -1 through
+ 3 at troughs, where minus denotes leads and
plus denotes lags in months.)
For purposes of constructing a composite index,
each component series is standardized: The monthto-month percent changes in a given series are
divided by the long-run average (without regard to
sign) of those changes. Thus, the more volatile
series are prevented from dominating the index.
The coincident index is calculated so that its longterm trend (since 1948) equals the average of the
trends of its four components. This trend, which is
similar to that of GNP in constant dollars, can be
viewed as a linear approximation to the secular
movement (at an average growth rate) in aggregate
economic activity. The indexes of leading and lagging indicators have been adjusted so that both
their trends and their average month-to-month
percent changes (without regard to sign) are approximately equal to those of the coincident index.
(For a more detailed description of the method of
constructing the composite indexes, see the 1984
Handbook of Cyclical Indicators.)
In addition to these principal composite indexes,
differentiated according to cyclical timing, there
are other indexes based on leading indicators that
have been grouped by economic process. Taken
together, these additional indexes include many
component series of the overall leading index, plus
a few related series. Also shown in this section is
the ratio of the index of roughly coincident
indicators to the index of lagging indicators, a
series known to have a useful pattern of early
cyclical timing. Numbers entered on the charts of
the composite indexes show the length, in months,
of leads (-) and lags ( + ) at each of the reference
turning dates covered.
The next set of data consists of series included
in the principal composite indexes. These are the
11 components of the leading index, the 4
components of the coincident index, and the 6
components of the lagging index. Following the title
of each series, its typical timing is identified by
three letter symbols in a small box. The first of
these letters refers to the timing of the given
indicator at business cycle peaks, the second to its
timing at business cycle troughs, and the third to
its timing at all turns, i.e., at peaks and troughs
combined. " L " denotes a tendency to lead, "C" a
tendency to roughly coincide with the business
cycle turns (as represented by the NBERdesignated reference dates), and "Lg" a tendency
to lag. Since these series have been selected for the
consistency of their timing at peaks and troughs,
all but one component of the leading index are
denoted "L,L,L," all components of the coincident
index "C,C,C," and all components of the lagging
index "Lg,Lg,Lg." It should be remembered that
these classifications are based on limited evidence,
namely the performance of the indicators during
the business cycles of the 1948-70 period, which
included five peaks and five troughs. While the
timing classifications are expected to agree with
the patterns prevailing in the near future, they will
not necessarily hold invariably in every instance.
The timing of the series in the period since 1970
can be determined by inspection of the charts,
where the recessions of 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 112 individual time series,
including the 21 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 18
series at all turns (of the 18, 14 have definite but
different timing at peaks and at troughs). No series
that is classified as U both at peaks and at troughs
is included in the list of cyclical indicators.
The classification scheme which groups the
indicators of this section by economic process and
cyclical timing is summarized in the two
tabulations on page 2. Cross-classification A is
based on the observed behavior of the series at five
business cycle peaks (November '48, July '53,
August '57, April '60, and December '69); crossclassification B, on their behavior at five business
cycle troughs (October '49, May '54, April '58,
February '61, and November 70). Each tabulation
distinguishes seven major economic processes and
four types of cyclical timing. The titles in the cells
identify subgroups of the given economic process
with the given timing characteristic. The number of
series in each such group is given in parentheses
following the title. Complete information on how
individual indicators are classified by timing at
peaks, troughs, and all turns, along with selected
measures and scores, is provided in the 1984
Handbook of Cyclical Indicators.
Section C. Diffusion Indexes and Rates of Change
Many series in this report are aggregates
compiled from numerous components. How the
individual components of an aggregate move over a
given timespan is summarized by a diffusion index
which indicates the percentage of components that
are rising (with half of the unchanged components
considered rising). Cyclical changes in these
diffusion indexes tend to lead those of the
corresponding aggregates. Since diffusion indexes
are highly erratic, they are computed from changes
measured over 6- or 9-month (or 3- or 4-quarter)
spans, as well as 1-month (or 1-quarter) spans.
Longer spans help to highlight the trends underlying the shorter-term fluctuations. Diffusion indexes
are shown for the component series included in
each of the three composite indexes and for the
components of some of the aggregate series shown
in section B.
Diffusion measures can be derived not only from
actual data but also from surveys of anticipations
or intentions. Indexes based on responses of
business executives about their plans and
expectations for several operating variables are
presented, along with the corresponding indexes
based on actual data, as the last set of diffusion
series.
This section also records rates of change for the
three composite indexes (leading, coincident, and
lagging) and for four indicators of aggregate
economic activity: GNP in constant dollars
(quarterly), industrial production, employee hours
in nonagricultural establishments, and personal
income less transfers in constant dollars. Rates of
change are shown for 1- and 3-month spans or for
1-quarter spans.
Although movements in diffusion indexes and in
rates of change for the same aggregates are
generally positively correlated, these two measures
present information about two related but distinct
aspects of economic change. Diffusion indexes
measure the prevailing direction or scope of
change, while rates of change measure the degree
as well as the overall direction. As is the case for
diffusion indexes, cyclical movements in the rates
of change tend to lead those of the corresponding
indexes or aggregates, and thus, they tend to lead
at the business cycle turns as well.
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
capital goods purchased by private business and
nonprofit institutions and the value of the change
in the physical volume of inventories held by
private business. The former include all private
purchases of dwellings, whether purchased for
tenant or owner occupancy. Net purchases of used
goods are also included.
Government purchases of goods and services
(A4) is the compensation of government employees
and purchases from business and from abroad. It
excludes transfer payments, interest paid by
government, and subsidies. It includes gross
investment by government enterprises but excludes
their current outlays. It includes net purchases of
used goods and excludes sales and purchases of
land and financial assets.
Net exports of goods and services (A5) is exports
less imports of goods and services. Exports are part
of the national production; imports are not, but are
included in the components of GNP and are
therefore deducted. More detail on U.S.
international transactions is provided in section E.
National income (A6) is the incomes that
originate in the production of goods and services
attributable to labor and property supplied by
residents of the United States. Thus, it measures
the factor costs of the goods and services produced. It consists of the compensation of
employees, proprietors' income, rental income of
persons, corporate profits, and net interest.
Saving (A7) is the difference between income
and expenditures during an accounting period.
Total gross saving includes personal saving,
business saving (mainly undistributed corporate
profits and capital consumption allowances), and
government surplus or deficit.
Shares of GNP and national income (A8).—The
major expenditure components of GNP
(consumption, investment, etc.) are expressed as
percentages of GNP, and the major income
components of national income (compensation of
employees, corporate profits, etc.) are expressed as
percentages of national income.
Section 6. 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 1976.
The group of series on wages and productivity
consists of data on average hourly earnings and
average hourly compensation (including earnings
and other benefits) in current and constant dollars,
output per hour of work in the business sector, and
rates of change for most of these measures.
Section C. Labor
Unemployment
Force, Employment, and
This section contains measures of the civilian
labor force and its major components: Total
numbers of employed and unemployed persons.
The number of unemployed is subdivided into
selected categories defined by sex, age, and class
of worker. Also included are data on participation
rates for a few principal segments of the labor
force.
Section D. Government Activities
Receipts, expenditures, and their balance (surplus or deficit) are shown quarterly on two levels:
(1) Federal Government and (2) State and local
government. Also shown is a selection of series
from the discontinued Defense
Indicators.
These series measure defense activities which
influence short-term changes in the national
economy. Included are series relating to
obligations, contracts, orders, production,
shipments, inventories, outlays, and employment.
These series are grouped according to the time at
which the activities they measure occur in the
defense order-production-delivery process. Series
measuring activities which usually precede production, such as contract awards and new orders,
are classified as "advance measures of defense
activity." Series measuring activities which tend to
coincide with production, such as employment, and
activities which usually follow production, such as
shipments, are classified as "intermediate and final
measures of defense activity."
Section E. U.S. International Transactions
This group includes monthly series on exports
(excluding military aid) and general imports, plus a
few selected components of these aggregates. Also
shown are the balances between receipts and
expenditures for goods and services, merchandise,
and investment income.
Section F. International Comparisons
This section is designed to facilitate a quick
review of basic economic conditions in six of the
nations with which we have important trade
relationships. The U.S. business cycle shading has
been omitted from these charts. Data on industrial
production, consumer prices, and stock prices for
Canada, the United Kingdom, France, West Germany, Japan, and Italy are compared with the corresponding U.S. series. Also included is an industrial production index for the European
countries in the Organization for Economic
Cooperation and Development (OECD). The industrial production series provide cyclically sensitive output measures for large parts of the
economies covered. Changes in consumer price indexes (plotted for the period since 1976) provide
important measures of the rates of inflation in the
major industrialized countries. Stock prices (also
shown beginning in 1976) tend to be significant as
leading indicators.
HOW TO READ CHARTS
Basic Data
Peak (P) of cycle indicates
end of expansion and beginning of recession (shaded
area) as designated by NBER.
Arabic number indicates latest
month for which data are
plotted. ( " 9 " = September)
Solid line indicates monthly
data. (Data may be actual
monthly figures or moving
averages.)
Dotted line indicates anticipated data.
Broken line indicates actual
monthly data for series where
a moving average is plotted.
Roman number indicates
latest quarter for which data
are plotted. ( " I V " = 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.
Broken line with plotting _
points indicates quarterly
data over 1-quarter spans.
Trough (T) of cycle indicates
end of recession and beginning of expansion as designated by NBER.
y^/^
yv
X
*' V
Arabic number indicates latest
month for which data are
used in computing the indexes.
.Bll.
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.
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.
Dotted line indicates anticipated quarterly data over
various spans.
Rates of Change
Solid line indicates percent
changes over 3- or 6-month
spans.
Arabic number indicates latest
month used in computing
the changes.
Broken line indicates percent
changes over 1-month spans.
Broken line with plotting
points
indicates
percent
changes over 1-quarter spans.
Solid line with plotting points
indicates percent changes over
3- or 4-quarter spans.
Roman number indicates
latest quarter used in computing the changes.
HOW TO LOCATE A SERIES
See ALPHABETICAL INDEX-SERIES FINDING GUIDE at
the back of the report where series are arranged alphabetically
according to subject matter and key words and phrases of the
series titles, o r -
2. See TITLES AND SOURCES OF SERIES at the back of
the report where series are listed numerically according to
series numbers within each of the report's sections.
Basic data2
Unit
of
Series title and timing classification1
Percent change
Annual average
1986
1987
June
4th Q
1987
1st Q
1988
2dQ
1988
June
1988
July
1988
Aug.
1988
July
1988
July
to
Aug.
1988
0.4
0.
0.3
-0.3
4th Q
to
1st Q
1988
1st Q
to
2dQ
1988
5 number 1
Table 1. Summary of Recent Data and Current Changes for Principal Indicators
1. CYCLICAL INDICATORS
A l . Composite Indexes
179.3
164.7
141.9
116.1
189.5
169.7
142.4
119.2
191.1
173.4
142.8
121.4
191.1
174.9
145.2
120.5
192 . 4
176.7
146.9
120.3
193.8
177.7
147.9
120.1
192.7
178.1
147.6
120.7
193.4
178.1
148.0
120.3
-0.6
0.2
-0.2
0.5
109.5
103.4
119.0
143.9
NA
106.3
121.7
145.8
NA
107.6
119.5
146.7
NA
106.8
119.5
147.7
NA
105.6
NA
150.9
NA
105.8
NA
150.6
NA
105.3
NA
149.9
NA
105.6
NA
NA
NA
-0.5
NA
-0.5
40.7
3.4
370
41.0
3.7
320
41.1
3.9
296
41.0
3.8
325
41.1
3.9
298
41.1
3.9
292
41.2
3.9
325
41.0
3.8
298
L,Lg,U.... Ratio
L,Lg,U.... 1967 = 100
O.5OO
138
0.615
153
0.671
160
0.669
156
0 . 7 09
158
0.719
156
0.714
159
U,C,C... A.r., bil. hrs
U,C,C... Millions
do
C,C,C...
L,C,U.... Thousands
185.15
106.43
99.52
24,558
190.14
109.23
102.31
24,784
192.99
110.27
103.68
25,116
194.51
110.97
104.67
25,260
196.52
111.53
105.61
25,498
197.14
111.93
106.06
25,592
198.23
112.01
106.2 6
25,655
197.68
112.03
106.48
25,647
59.94
60.77
61.10
61.33
61.44
61.59
61.56
8,237
7.0
2.8
15.0
1.9
7,425
6.2
2.4
14.5
1.7
7,082
5.9
2.1
14.1
1.5
6,928
5.7
2.3
14.2
1.4
6,616
5.4
2 .1
13.4
1.3
6,455
5.3
2 .1
12.9
1.2
3721.7
3088.3
3847.0
3163.5
3923.0
3214.6
3956.1
3233.6
3985.2
3246.5
2632.5
2704.1
2756.4
2762.0
543.9
544.8
549.9
554.1
Industrial Production:
*47 Industrial production
73. Industrial production, durable mfrs
74 Industrial production nondurable mfrs
AQ Valnp nf onnrk nntmit in IQft? Hollars
125.1
1977 = 100... .
CC C
128.4
do
C,C,C...
130.1
do
C,L,L...
C C C A r bil dol
1599 0
129.8
133.1
136.8
1663.3
133.2
136.9
139.7
1713.9
134.5
138.4
Capacity Utilization:
82 Capacity utilization rate mfg3
84. Capacity utilization rate, materials3
L C U Percent
do
L.C.U....
79.7
78.6
81.0
80.5
L,L,L... Bil. dol
L,L,L...
do
100.12
93.12
do
LL L
80.67
do
L,L,I
0.19
L,Lg,U... Bil. dol., EOP ... 3 7 0 . 7 0
L,L,I Percent
52
910
920.
930.
940.
1967 = 100.
L.L.I
do
C,C,C...
do
Lg,Lg,Lg....
do
L,L,I—
Eleven leading indicators
Four roughly coincident indicators
Six lagging indicators
Ratio> coincident index to lagging index
Leading Indicator Subgroups:
914 Capital investment commitments
915. Inventory investment and purchasing
916 Profitabilitv
917 Money and financial flows
LL L
L,L,L...
LL L
L,L,L...
do
do
do
do
NA
0.3
NA
NA
0.
0.9
1.7
-0.7
0.7
1.0
1.2
-0.2
910
920
930
940
NA
-0.7
0.
0.7
NA
-1.1
NA
2.2
914
915
916
917
B. Cyclical Indicators by Economic Process
B l . Employment and Unemployment
Marginal Employment Adjustments:
* 1 Average weekly hours mfg
21 Average weekly overtime hours mfg 3
*5 Average weekly initial claims (inverted4)
.
L,L,I Hours
do
LCL .
.. .. L,C L . Thousands
Job Vacancies:
60. Ratio, help-wanted advertising to unemployment3
46. Help-wanted advertising in newspapers
Comprehensive Employment:
48. Employee hours in nonagricultural establishments
42. Persons engaged in nonagricultural activities
*41 Employees on nonagricultural payrolls
40 Employees in goods-producing industries
90. Ratio, civilian employment to population
of working age3
U,Lg,U.... Percent
Comprehensive Unemployment:
37. Number of persons unemployed (inverted4)
L,Lg,U....
43. Unemployment rate (inverted4)3
L,Lg,U....
4 3
45. Avg. weekly insured unemployment rate (inv. ) ........ L,Lg,U....
* 9 1 . Average duration of unemployment (inverted4)
Lg,Lg,Lg....
44. Unemployment rate, 15 weeks and over (inv.4)3
Lg,Lg,Lg....
Thousands
Percent
....do
Weeks
Percent
0.2
0.1
8.3
1
21
5
-0.002
-2.5
0.040
1.3
60
46
-0.3
0.
0.2
0.
0.8
0.6
1.0
0.6
1.0
0.5
0.9
0.9
48
42
41
40
-0.03
0.02
0.23
0.11
90
6,851
5.6
2.1
13.7
1.4
-2.6
-0.1
0.
-5.4
-0.1
-3.4
-0.2
0.
-0.7
-0.1
2.2
0.2
-0.2
-0.7
0.1
4.5
0.3
0.2
5.6
0.1
37
43
45
91
44
3262.3
3255.0
0.3
-0.2
0.8
0.6
0.7
0.4
50
52
2784.6
2792.5
2786.0
0.3
-0.2
0.2
0.5
51
560.7
562.3
560.3
0.3
-0.4
0.8
0.7
53
136.5
141.7
142.7
137.9
142.9
144.1
138.2
143.3
144.2
1.0
0.8
1.0
0.2
0.3
0.1
1748 . 1
136.0
141.0
142.4
1762.4
1.0
1.1
1.2
2 .0
1.1
1.9
0.7
0.8
47
73
74
49
82.3
82.9
82.7
82.6
83.2
83.0
83.3
83.2
83.9
84.4
83.8
84.5
0.6
1.2
-0.1
0.1
0.4
-0.3
0.5
0.4
82
84
107.72
112.39
113.43
119.22
125.44
116.14
123.14
-7.4
6.0
0.9
5.1
6
98.26
101.25
100.92
105.12
110.13
101.79
107.64
84.56
2.50
400.72
61
86.44
3.13
400.72
69
84.68
2.86
409.31
68
87.18
4.62
423.16
66
87.79
85 . 2 1
89.34
3.02
4.98
8.92
42 3 . 1 6 4 2 6 . 1 8 4 3 1 . 1 6
68
64
70
-2.9
-5.90
0.7
-2
4.8
1.96
1.2
-4
-2.0
-0.27
2.1
-1
3.0
1.76
3.4
-2
8
25
96
32
NA
NA
134.0
133.47
116.57
-0.2
-0.8
0.5
0.1
-0.2
NA
NA
0.2
-0.2
-0.6
2.7
1.2
1.0
1.8
0.7
4.4
1.4
56
57
75
54
59
55
-1.0
-3.2
12
13
0.2
0.
-11.3
-0.5
-0.1
8.3
0.695 - 0 . 0 0 5
160
1 .9
-0.019
0.6
0.6
0.1
0.2
0.2
61.58
6,625
5.4
2.1
13.6
1.3
3254.1
2776.1
558.1
-0.2
-0.1
-9.8
B2. Production and Income
Comprehensive Output and Income:
50. Gross national product in 1982 dollars
C,C,C... A.r., bil. dol
do
52 Personal income in 1982 dollars
CC C
* 5 1 . Personal income less transfer payments
do
in 1982 dollars
C.C.C...
53. Wages and salaries in 1982 dollars, mining, mfg.,
do
and construction
. . C C C.
141.4
B3. Consumption, Trade, Orders, and Deliveries
Orders and Deliveries:
6. Mtrs.' new orders, durable goods
7. Mfrs.' new orders in 1982 dollars, durable goods
*8. Mfrs.' new orders in 1982 dollars, consumer goods
and materials
25. Change in mfrs.' unfilled orders, durable goods3
96. Mfrs.' unfilled orders, durable goods5
*32 Vendor performance slower deliveries3 ( u )
Consumption and Trade:
56. Manufacturing and trade sales
*57 Manufacturing and trade sales in 1982 dollars
75 Industrial production, consumer goods
54 Sales of retail stores
59. Sales of retail stores in 1982 dollars
55 Personal consumption expenditures automobiles
58. Index of consumer sentiment ( u )
C,C,C...
C,C,C...
C,L,C...
CL U
U.L.U....
LC C
L,L,L...
Bil. dol
do
1977 = 100
Bil dol
do
A.r., bil. dol ...
IQ 1966=100.
424.06
419.56
124.0
119.79
112.20
136 3
94.8
451.41 462.96
435.37 439.45
127.8
129.4
125.88 127.56
113.49 113.72
130 0
128.0
86.4
90.6
470.12 482.81
444.66 449.78
132.5
131.2
130.38 132.72
116.34 117.11
139.8
133 9
93.6
92 .3
488.79
452.24
133.0
133.62
117.52
487.71
448.62
133.7
133.80
117.27
94.7
93.4
97.4
-1.4
4.3
1.5
1.2
1.4
2.2
2.3
4.6
6.8
L,L,I
L,L,I
1967 = 100
Number
120.4
58,474
121.2
57,074
122.6
55,287
124.7
57,927
123.5
56,049
123.5
54,947
120.7
NA
121.3
NA
-2.3
NA
0.5
NA
1.7
4.8
58
B4. Fixed Capital Investment
Formation of Business Enterprises:
12. Net business formation
13. New business incorporations
Business Investment Commitments:
10. Contracts and orders for plant and equipment
*20. Contracts and orders for plant and equipment
in 1982 dollars
24. Mfrs.' new orders, nondefense capital goods
27. Mfrs.' new orders in 1982 dollars, nondefense
capital goods
L,L,L... Bil. dol
31.16
34.55
36.05
37.6C
38.00
40.19
40.57
43.10
0.9
6.2
4.5
0.9
10
LL L
L,L,L...
do
do
33.94
26.50
38.54
29.66
40.63
31.30
42 . 7 2
33.20
43.65
33.58
45.66
35.46
45.94
36.22
48.16
38.16
0.6
2.1
4.8
5.4
5.1
6.1
2.2
1.1
20
24
LL L
do
29.80
34.28
36.52
38.93
39.91
41.68
42.29
44.02
1.5
4.1
6.6
2.5
27
Table 1. Summary of Recent Data and Current Changes for Principal Indicators—Continued
Basic data2
Series title and timing classification
Unit
of
measure
1
Percent change
Annual average
1986
1987
4th Q
1987
1st Q
1988
80.83
35.91
7 8.06
78.41
32.03
78.93
2dQ
1988
June
1988
July
1988
Aug.
1988
81.82
76.46
June
to
July
1988
July
to
Aug.
1988
4th Q
to
1st Q
1988
1st Q
to
2dQ
1988
I. CYCLICAL INDICATORS—Con.
B4. Fixed Capital Investment—Con.
Business Investment Commitments—Con.:
9. Construction contracts awarded for commercial and
industrial buildings, floor space
L,C,U... Mil. sq.ft
11. Newly approved capital appropriations, mfg
U,Lg,U... Bil. dol
5
97. Backlog of capital appropriations, mfg.
C,Lg,Lg... Bil. dol., EOP .
Business Investment Expenditures:
61. Expenditures for new plant and equipment
69. Mfrs.' machinery and equipment sales and business
construction expenditures
76. Industrial production, business equipment
86. Nonresidential fixed investment in 1982 dollars
77.06
21.42
69.72
80.73
29.79
78.06
C,Lg,Lg... A.r., bil. dol..
379.47
389.67
C,Lg,Lg...
do
C,Lg,U... 1977 = 100...
C,Lg,C... A.r., bil. dol...
390.46
139.5
404.67 419.11 4 3 2 . 0 1
144.5
148.9
152.3
445 .1 4 6 4 . 8
473.4
Residential Construction Commitments and Investment:
28. New private housing units started
*29. Building permits, new private housing units
89. Residential fixed investment in 1982 dollars
L,L,L... A.r., thousands
L,L,L... 1967 = 100
L,LrL... A.r., bil. dol
433.1
1,805
141.2
195 .0
1,620
123.0
195.2
406.82 4 1 2 . 0 2
1,533
113.9
192 .7
1,477
110.4
189 .5
71.76
NA
NA
75.49
-10.8
1.1
426.94
449.62 4 5 2 . 4 8 4 5 5 . 0 3
156.6
158.4
159.3
490.2
1,481
116.4
189.6
1,465
119.1
1,485
113.2
NA
159.7
1,436
116.7
0.6
NA
0.3
1.4
-5.0
-3.3
3.1
0.6
NA
NA
9
11
97
1.3
3.6
61
3.1
2 .3
1.9
4.1
2.8
3.5
69
76
86
0.3
5.4
0.1
28
29
89
-1.1
-30.7
30
2.13
36
31
-3.7
-3.1
-1.7
B5. Inventories and Inventory Investment
Inventory Investment:
30. Change in business inventories in 1982 dollars3
*36. Change in mfg. and trade inventories on hand and on
order in 1982 dollars (smoothed6)3
31. Change in mfg. and trade inventories3
38. Change in mfrs.' inventories, materials and supplies
on hand and on order3
Inventories on Hand and on Order:
71. Mfg. and trade inventories5
70. Mfg. and trade inventories in 1982 dollars5
65. Mfrs.' inventories, finished goods5
*77. Ratio, mfg. and trade inventories to sales in
1982 dollars3
78. Mfrs.' inventories, materials and supplies on hand
and on order5
L,L,L...
15.4
34.4
67.1
66.0
35.3
9.57
-1.1
32.17
52.3
47 .57
82.4
49.7 0
39.7
19.80
56.9
14.57
67.8
11.53
26.5
NA
NA
-3.04
-41.3
NA
NA
-42.7
-29.90
17.2
-0.13
1.48
1.41
1.79
2.52
2.21
1.40
NA
-0.81
NA
0.38
0.73
38
Lg,Lg,Lg.... Bil. dol., EOP . 6 5 5.06 707.33 707.33 717.25 731.48 731.48 733.69
Lg,Lg,Lg....
do
6 4 4 . 7 4 674.91 6 7 4 . 9 1 684.90 689.75 689.75 688.46
Lg,Lg,Lg....
do
102.60 106.82 106.82 108.08 109.02 109.02 109.87
NA
NA
NA
0.3
-0.2
0.8
NA
NA
NA
1.4
1.5
1.2
2.0
0.7
0.9
71
70
65
1.53
NA
0.
NA
0.02
-0.01
77
L,Lg,Lg.... Bil. dol., EOP . 237.40 255.11 255.11 260.49 268.04 2 6 8 . 0 4 269.45
NA
0.5
NA
2.1
2.9
78
-0.07
309.9
0.56
1.32
-0.2
0.09
-1.76
0.3
0.03
-0.59
-0.7
-0.84
-1.01
4.0
0.11
98
23
99
2 3 6 . 3 4 286.83 255.38 258.12 2 6 3 . 1 4 2 7 0 . 6 8 269.05 263.73
-0.6
-2.0
1.1
1.9
L,L,L...
L,L,L....
..do..
..do-
L,L,I Bil. dol
Lg,Lg,Lg.... Ratio
1.54
1.51
1.52
1.54
1.53
1.53
B6. Prices, Costs, and Profits
Sensitive Commodity Prices:
98. Change in producer prices, sensitive materials3
23. Spot market prices, raw industrial materials©
*99. Change in sensitive materials prices (smoothed6)3
Stock Prices:
*19. Stock prices, 500 common stocks (u)
Profits and Profit Margins:
16. Corporate profits after tax
18. Corporate profits after tax in 1982 dollars
79. Corporate profits after tax with IVA and CCAdj
80
do
, in 1982 dollars
15. Profits after taxes per dollar of sales, mfg.3
26. Ratio, price to unit labor cost, nonfarm business
Cash Flows:
34. Corporate net cash flow
35. Corporate net cash flow in 1982 dollars
L,L,L... Percent
U,L,L... 1967 = 100
L,L,L... Percent
. L,L,L... 1941-43 = 10.
0.43
228.9
0.16
1.37
274.5
0.98
1.36
293.2
1.06
0.77
291.2
0.22
-0.24
302.8
0.33
0.37
309.5
0.44
1.69
309.0
0.53
L,L,I A.r., bil. dol..
L,L,L...
do
L,C,L...
do
L,C,L
do
L,L,L... Cents
L,L,t 1977 = 100...
129.8
118.6
192 .3
181.2
3.7
99.6
142.9
127. 1
176.6
160.7
4.8
99.3
145.7
128.2
179.9
162.4
4.4
99.1
149.4
131.2
179.3
161.3
6.3
99 . 1
162.7
143.1
183.2
163.7
5.8
98.7
2 .5
2 .3
-0.3
-0.7
1.9
0.
8.9
9 .1
2 .2
1.5
-0.5
-0.4
16
18
79
80
15
26
L,L,L. A,r., bil. dol..
L,L,L.
....do
378.2
379.0
396 .6
396.7
402 .4
402 .6
407 .3
405 .0
420.8
418.7
1.2
0.6
3 .3
3 .4
34
35
63
Unit Labor Costs and Labor Share:
63. Unit labor cost, business sector
Lg,Lg,Lg.... 1977 = 100...
68. Labor cost per unit of real gross domestic product,
nonfinancial corporations
Lg,Lg,Lg.... Dollars
62. Labor cost per unit of output, mfg.
a) Actual data
Lg,Lg,Lg.... 1977 = 100...
*b) Actual data as percent of trend3
Lg,Lg,Lg... Percent
64. Compensation of employees as percent of
3
national income
Lg,Lg,Lg...
166 .3
17 1.5
173.5
173.5
176.7
0.
1.8
0.719
0.732
0.738
0.736
0.747
-0.3
1.5
68
138.0
100.6
136.7
99.6
136.2
99.2
136.7
99.7
136.8
99.7
0.4
0.5
0.1
0.
62
62
73.0
73,0
72.9
73.1
73.2
0.2
0.1
0.39
0.52
0.41
0.1
0.9
0.05
-0.21
-0.08
0.3
0.7
85
102
104
105
106
0 .022
0.033
0.005 - 0 . 0 0 1 - 0 . 0 0 7 - 0 . 0 0 2
107
108
137.2
100.0
136.9
99.8
136.6
99.6
-0.2
-0.2
-0.2
-0.2
B7. Money and Credit
Money:
85. Change in money supply Ml 3
102. Change in money supply M23
104. Change in total liquid assets3
105. Money supply M l in 1982 dollars
*106. Money supply M2 in 1982 dollars
Velocity of Money:
107. Ratio, GNP to money supply Ml 3
108. Ratio, personal income to money supply M23
Credit
33.
112.
113.
•111.
110.
Flows:
Net change in mortgage debt3
Net change in business loans3
Net change in consumer installment credit3
Change in business and consumer credit outstanding3
Funds raised by private nonfinancial borrowers
Credit Difficulties:
39. Delinquency rate, installment loans (inverted4)3
L,L,L.
L,C,U
L,L,L
L,L,L
L,L,L
.do.
.do.
.do.
Bil. dol.
C,C,C... Ratio
do..,
C,Lg,C...
L,L,L... A.r., bil. dol..
...do
L,L,I
...do
L,L,L...
L,L,I A.r., percent..
L,L,I A.r., bil. dol...
.. L,L,L.
Percent, EOP ...
1.32
0.54
0.29
0.15
0.82
0.76
0.59
0.01
0.76
0.76
0.27
0.24
0.48
0.30
0.55
0.19
0.65
0.32
0.73
0.38
0.65
0.31
0.92
NA
630.5
587.0
631.4
631.8
634.9
633.5
637.1
634.6
2425.2
2366.1 2430.3
2446.4 2463.7 2466.6 2 46 4 . 0 2458.8
6.370
1.315
6.084
1.321
6.191
1.348
6.2 13
1.341
NA
NA
NA
NA
10.67
8.73
34.68
43.60
41.19
54.08
40.17
65.85
5.9
6.6
8.8
9.8
6 2 5 . 7 0 532.18 642.96 466.36
2.26
2.47
2 .47
2.19
6.246
1.339
-0.06
-0.18
0.61
0.3
-0.1
-0.75
-0.11
NA
-0.4
-0.2
1.341
1.346
1.345
NA
43.94
59.54
9.3
NA
NA
2.93
96.64
9.2
NA
54.55
30.89
9.3
NA
NA
NA
-4.88
51.62 - 5 9 . 4 3
NA
NA - 6 5 . 7 5
NA
NA
0.1
2.34
2.34
NA
NA
NA
NA
NA
8.92
25.68
1.0
-27 .5
NA
0.34
-6.31
-0.5
NA
0.28
-0.15
33
112
113
111
110
Table 1. Summary of Recent Data and Current Changes for Principal Indicators—Continued
Basic data2
Series title and timing classification
Unit
of
measure
1
Percent change
Annual average
4th Q
1987
2d Q
1st Q
July
1988
June
to
July
Aug.
1988
July
to
4th Q
to
1st Q
1988
1st Q
2dQ
1988
I. CYCLICAL INDICATORS—Con.
B7. Money and Credit-Con.
Bank Reserves:
93. Free reserves (inverted 4 ) 3 ©
94. Borrowings from the Federal Reserve3 ©
Interest Rates:
119. Federal funds rate3 ©
114. Discount rate on new Treasury b i l l s 3 ©
116. Yield on new high-grade corporate b o n d s 3 ©
115. Yield on long-term Treasury bonds3 ©
117. Yield on municipal bonds3 ©
118. Secondary market yields, FHA mortgages 3 ©
67. Bank rates on short-term business loans3 ©
*109. Average prime rate charged by banks 3 ©
Outstanding Debt:
66. Consumer installment credit outstanding5
72. Commercial and industrial loans outstanding
*101. Commercial and industrial loans outstanding in
1982 dollars
*95. Ratio, consumer installment credit to
personal income3
L,U,U.... Mil. dol
L,Lg,U....
L,Lg,Lg.... Percent
...do...
C,Lg,Lg....
do...
Lg,Lg,Lg....
do...
C,Lg,Lg....
do...
U,Lg,Lg....
Lg.Lg.Lg....
do...
Lg,Lg,Lg....
do...
do..
Lg.Lg.Lg....
Lg.Lg.Lg.... Bil. dol., EOP .
Lg,Lg,Lg.... I. dol
Lg.Lg.Lg. •-
do
Lg.Lg.Lg.... Percent
93
836
241
756
245
7 82
6.80
5.97
9.23
8.14
7.32
9.91
8.11
8.33
6.66
5.83
9.69
8.63
7.64
10.16
8.09
8.20
6.92
6.00
10.37
9.24
8.20
10.76
8.47
8.87
571.83 613.02
349.71 364.12
613.02
364.46
349.15
354.26
15.59
15.64
113.9
109.6
O.I
109.0
1O0.2
238
357
-140
-199
203
295
1,998
1,808
93
94
0.24
0.23
0.04
0.16
-0.02
0.01
0.26
0.29
0.15
0.13
0.03
0.08
9.84
0 . 2 9
0.55
-0.26
-0.24
-0.73
-0.63
-0.56
-0.66
-0.10
-0.28
0.50
0.47
0.44
0.45
0.19
0.55
0.12
0.19
119
114
116
115
117
118
67
109
629.48 6 4 4 . 3 7
376.49 3 8 9 . 4 1
NA
644.37 646.94
389.88 394.42 394.02
0 . 4
1 . 2
NA
-0.1
2 .7
3.3
2.4
3.4
66
72
349.88
359.36
365.43
363.02 365.89
0.8
-0.3
2.7
1.7
101
15.60
15.80
15.86
15.93
15.89
NA
-0.04
NA
0.20
0.06
95
117.7
113.6
0.4
113.5
102.8
102 . 6
93.7
101.5
111.7
103.6
118.9
115.4
0.3
114.9
104.2
104.1
95.2
103,
112,
104.3
119.4
116.1
0.3
115.5
104.8
104.6
94.2
104.5
113.0
104.4
121.0
117.5
0.3
117.1
106.6
106.1
96.4
106.3
113.8
105.6
1 1 8 . 0
0
117
107
106
97
107
114.2
106.0
118.5
0.4
118.9
107.8
106.7
96.6
107.9
114.3
106.7
119.0
0.4
119.6
108.0
107.1
97.7
108.3
114.8
107.3
0
0
0.6
0
0
1
0.4
0.4
0.6
0.4
0.6
0.
0.5
0.6
0.5
-1.1
1.0
0.8
0.1
1.3
1.2
0
1.4
1.7
1.4
2.3
310
320
320
322
330
335
331
332
333
334
42 - 1 , 9 5 6
1,077
2,885
6.66
5.76
9.64
8.61
7.64
10.10
8.37
8.59
7.16
6.23
10.08
9.06
7.83
10.65
8.49
8.78
- 2 , 1 9 5
3 , 0 8 3
-2,433 - 2 , 2 9 3
3,440
3 , 2 4 1
7 . 5 1
6 . 5 0
10.08
9.04
7.78
1 0 . 6 5
7 . 7 5
6 . 7 3
10.12
9.20
7.76
1 0 . 6 6
9.00
9,29
8
7
1 0
9
7
1 0
.
.
.
.
.
.
0
0
2
3
7
7
1
2
7
3
9
4
364.83
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 for gross national product
Consumer price index for all urban consumers (CPI-U) © . . . .
Change in CPI-U (S/A) 3
Consumer price index for all urban consumers, food
Producer price index (PPI), all commodities ©
PPI, industrial commodities ©
PPI, crude materials for further processing
PPI, intermediate materials, supplies, and components
PPI, capital equipment
PPI, finished consumer goods
1982=100
1982-84=100
Percent
1982-84=100
1982=100
..do...
...do..,
...do..
..do...
99.1
109.7
0
0
1
0
0
- 1
0
0
0
.
.
.
.
.
.
.
.
.
4
1
0
4
2
1
7
1
7
1.1
B2. Wages and Productivity
340. Average hourly earnings of production or nonsupervisory
workers on private nonagricultural payrolls
341. Real average hourly earnings of production or
nonsupervisory workers on private nonagricultural payrolls
345. Average hourly compensation, nonfarm business sector
346. Real average hourly compensation, nonfarm business sector
370. Output per hour, business sector
358. Output per hour, nonfarm business sector
1977 = 100...
169.4
173.5
175.4
176.8
178.4
178.6
179.3
179.4
..do..
do
do
....do
....do
95.0
181.5
100.4
110.1
108.2
94.0
188.5
100.6
111.0
109.0
93.7
192.1
101.0
111.8
109.9
93.7
193.7
101.0
112.8
110.8
93.5
195.8
100.9
112.1
110.4
93.2
93.2
92.8
0.4
0.
0.1
0.8
0.9
340
-0.4
0
0
0
0.9
0.8
-0.2
1.1
-0.1
-0.6
-0.4
341
345
346
370
358
C. Labor Force, Employment, and Unemployment
441.
442.
37.
444.
445.
446.
447.
Civilian labor force
Civilian employment
Number of persons unemployed
Number unemployed, males 20 years and over
Number unemployed, females 20 years and over
Number unemployed, both sexes 16-19 years of age
Number unemployed, full-time workers
Civilian Labor Force Participation Rates:
451. Males 20 years and over3
452. Females 20 years and over3
453. Both sexes 16-19 years of age3
Millions...
....do
Thousands..
....do
....do....
do....
....do....
Percent
do...
do...
117.83
109.60
8,237
3,751
3,032
1,454
6,708
78.1
55.5
54.7
119.86 1 2 0 . 5 7 1 2 1 . 1 4 1 2 1 . 2 6 121.47 1 2 1 . 6 8 122.03
112.44 1 1 3 . 4 9 1 1 4 . 2 1 1 1 4 . 6 4 115.02 1 1 5 . 0 6
115.18
7,425
7,082
6,928
6,616
6 , 6 2 5
6,455
6,851
3,369
3,124
3,105
2,950
2,870 2 , 8 1 5
3,090
2 ,709 2 , 6 1 5
2,542
2,465
2 ,468
2,473 2 , 5 7 6
1,347
1,342
1 , 2 3 4
1,282
1 ,200
1,293
1,112
5,979 5 , 6 7 0
5
, 1 7 4 5,517
5 ,550 5,277
5,111
7 8 . 0
5 6 . 2
5 4 . 7
77.9
56.5
55.1
78.0
56.7
54.9
78.0
56.6
54.8
77.8
56.6
56.2
77.9
56.7
56.0
78.0
56.8
56.4
0.2
0.
2 .6
-1 9
4.2
11.0
1.2
0.3
0.1
3.4
9
-4.2
4
6.6
0
0.6
-2.2
-0.6
-2.8
-4.:
-2.
0.1
0.4
-4.5
-5.0
-3.0
-6.4
-4.9
441
0.1
0.1
-0.2
0.1
0.1
0.4
0.1
0.2
-0.2
0
-0.1
-0.1
451
452
453
5.3
0
0
6.1
2
2.0
21
3.4
0.9
0.4
1.9
2.0
500
501
5 02
510
511
512
13.5
-3.3
-3.6
0.6
0.1
-0.3
5.9
46.2
23.9
-2
-0.5
0.1
517
525
548
557
570
564
9.5
15.1
3.4
0.7
0.7
-14.7
5.1
11.3
2.3
-0.1
-2.1
6 02
6 04
6 06
612
614
616
442
37
444
445
446
447
D. Government Activities
D l . Receipts and Expenditures
500.
501.
502.
510.
511.
512.
Federal Government surplus or deficit3
Federal Government receipts
Federal Government expenditures
State and local government surplus or deficit3...
State and local government receipts
State and local government expenditures
517.
525.
548.
557.
570.
564.
Defense Department gross obligations incurred
Defense Department prime contract awards
Mfrs.' new orders, defense products
Industrial production, defense and space equipment..
Employment, defense products industries
Federal Government purchases for national defense .
A.r., bil. dol..
....do
....do
....do
....do
....do
- 2 0 5 . 6 - 1 5 7 . 8 -160.4 - 1 5 5 . 1 - 1 3 3 . 3
944.4
828.3
9 5 1 . 0
983.0
9 1 6 . 5
1 0 3 3 . 9 1 0 7 4 . 2 1104.9 1 1 0 6 . 1 1 1 1 6 . 3
61.2
52.9
49.7
55.8
56.2
698.4
623.0
6 5 5 . 7
666.9
6 85.5
642.1
561.9
602.8
617 .2 629.7
Mil. dol..,
..do..
do
1977 = 100..
Thousands....
A.r., bil. dol..
29,988
11,998
9,176
182.0
1,583
277.5
Mil. dot..,
..do..
do..
do..
do..
1 8 , 9 3 0 2 1 , 1 7 6 2 3 , 1 0 7 25 ,294 26,596 2 6 , 2
2,164
2 ,400 2,491
2,867
3,192
3 , 2 2
3,907
4,428
5 , 0 5 0 5 ,220 5 ,338 5 , 3 5
30,453 33,853 35,956 36,210 3 6 , 1 6 8 3 7 , 9 4
3,471
2,894
3,434
3,410
3,06
3 , 3 6 3
5 ,896
5,578
5,592
5 , 3 5
6,559
5 , 6 9 3
D2. Defense Indicators
30,812
12,032
9,145
188.9
1,589
295.3
28,186
10,636
8,908
189.3
1,592
299.2
3 1 ,
1 0 ,
8 ,
1 9
1 ,
2 9
9
2
5
0
5
8
9
8
8
.
9
.
8
4
9
5
4
4
33,878 3 6 , 1 6 7
15,034 1 4 , 5 8 0
10,638 1 3 , 8 2 9
1 8 6 . 0
1 8 4 . 6
1 , 5 8 6
1,584
298.8
29,691
18,794
6,999
185.4
1,578
NA
NA
8,071
184.9
NA
-17.9
28.9
-49.4
0.4
-0.4
8 3 26 ,465
0
3,266
3
5,457
8 34,533
0
3,122
1
5,378
NA
NA
NA
NA
NA
NA
0.7
1.4
1.9
-9.0
2.0
0.5
NA
NA
15.3
-0.3
NA
E. U.S. International Transactions
El. Merchandise Trade
602.
604.
606.
612.
614.
616.
Exports, excluding military aid shipments
Exports of domestic agricultural products
Exports of nonelectrical machinery
General imports
Imports of petroleum and petroleum products...
Imports of automobiles and parts
Table 1. Summary of Recent Data and Current Changes for Principal Indicators—Continued
Basic data2
Unit
of
measure
Series title
Percent change
1985
1986
_§
E
Annual average
1987
1st Q
1987
2d Q
1987
3d Q
1987
4th Q
1987
1st Q
1988
2d Q
1988
3dQ
to
4th Q
1987
4th Q
to
1st Q
1988
1st Q
to
2dQ
1988
II. OTHER IMPORTANT ECONOMIC MEASURES-Con.
E2. Goods and Services Movements Except
Transfers Under Military Grants
667.
668.
669.
622.
618.
620.
651.
652.
Balance on goods and services3
Exports of goods and services
Imports of goods and services
Balance on merchandise trade3
Merchandise exports, adjusted
Merchandise imports, adjusted
Income on U.S. investment abroad
Income on foreign investment in the United States
Bil dol
do
do
do
do
do
do
do
-25.02 -30.88 -35.13 -34.66 -37.73 -38.99
90.14
93.76 106.21
9 8 . 9 1 100.35 106.32
115.17 124.64 141.34 133.56 138.08 1 4 5 . 3 0
-30.54 -36.14 -40.07 -39.87 -39.55 -39.66
53.98
55.99
62.39
56.79
59.86
64.90
84.52
9 2 . 1 3 102.46
96.66
9 9 . 4 2 104.57
22.21
22.53
25.94
24.79
22.43
23.29
15.72
16.74
20.84
19.72
20.74
22.22
-29.15 -33.82 -30.43
119.25 121.12 123.28
1 4 8 . 4 0 154.94 1 5 3 . 7 1
-41.19 -35.18 -29.94
68.01
75.30
79.66
1 0 9 . 2 0 110.48 1 0 9 . 6 0
33.25
26.55
23.43
20.71
25.40
25.18
A.r., bil. dol
do
A.r., dollars
Ar bil dol
do
do
A.r., dollars
4014.9
3618.7
15,120
3609.6
2838.7
2542.8
10,625
4526.7
3847.0
15,770
3812.6
3209.7
2686.3
11,012
4391.8
3776.7
15,537
3746.9
3143.9
2679.6
11,024
4484.2
3823.0
15 ,693
3795.2
3154.1
2652.8
10,889
4662.8
3923.0
16,022
3855.9
3315.8
2728.9
11,145
Ar bil dol
do
do
do
do
do
do
do
2629.0 2807.5 3012.1
2354.8 2455.2 2521.0
372.2
406.5
421.9
355.1
385.0
390.9
911.2
943.6
997.9
847.4
879.5
890.5
1345.6 1457.3 1592.3
1 1 5 2 . 3 1190.7 1239.5
2921.7
2490.2
403.5
378.3
977.5
889.9
1540.7
1222 .0
9.84
12.2
2.1
-1.53
4.8
4.4
42.8
-6.8
-4.67
1.6
4.4
6.01
10.7
1.2
-20.2
22.6
3.39
1.8
-0.8
5.24
5.8
-0.8
-11.8
-0.9
667
668
669
622
618
620
651
652
4823.8
3985.2
16,213
3949.9
3421.5
2762.2
11,237
2.1
1.5
1.2
0.1
2.8
1.7
1.4
1.3
0.8
0.6
0.9
1.8
1.2
1.0
2.1
0.7
0.5
1.5
1.4
0.
-0.2
200
50
217
213
224
225
227
2992.2 3058.2 3 0 7 6 . 3 3 1 2 8 . 1 3 1 9 4 . 6
2516.6 2545.2 2531.7 2559.8 2579.0
441.4
420.5
449.8
422.0
437.8
406.5
391.3
410.6
387.6
401.1
9 9 5 . 3 1006.6 1012.4 1016.2 1036.6
891.9
889.8
893.6
890.5
892.7
1576.4 1610.2 1641.9 1 6 7 4 . 1 1708.2
1235.5 1246.8 1253.6 1265.9 1274.8
0.6
-0.5
-4.4
-4.6
0.6
-0.2
2.0
0.5
1.7
1.1
3.7
3.5
0.4
0.2
2.0
1.0
2.1
0.8
2.7
2.4
2.0
0.1
2.0
0.7
230
231
232
233
236
238
237
239
A. National Income and Product
A l . GNP and Personal Income
200.
50.
217.
213
224
225
227.
Gross national product
Gross national product in 1982 dollars
Per capita gross national product in 1982 dollars
Final sales in 1982 dollars
Disposable personal income
Disposable personal income in 1982 dollars
Per capita disposable personal income in 1982 dollars
230
231.
232.
233.
236.
238.
237.
239.
Total
Total in 1982 dollars
Durable goods
Durable goods in 1982 dollars
Nondurable goods
Nondurable goods in 1982 dollars
Services
:.
Services in 1982 dollars
4240.3
3721.7
15,401
3706.3
3019,6
2640.9
10,929
4568.0
3865.3
15,826
3852.2
3224.9
2683.9
10,989
4724.5
3956.1
16,126
3890.1
3375.6
2762.3
11,260
A2. Personal Consumption Expenditures
A3. Gross Private Domestic Investment
240
241.
242.
243
245
30.
Total
.
Total in 1982 dollars
Fixed investment
Fixed investment in 1982 dollars
Change in business inventories3
Change in business inventories in 1982 dollars3
. ..
do
do
do
do
do
do
643.1
637.0
631.8
627.9
11.3
9.1
665.9
643.5
650.4
628.1
15.5
15.4
712.9
674.8
673.7
640.4
39.2
34.4
685.5
646.4
647.8
616.6
37.7
29.8
698,5
660.1
665.8
632.3
32.7
27.8
702.8
667.9
688.3
654.9
14.5
13.0
764.9
724.7
692.9
657.6
72.0
67.1
763.4
728.9
698.1
662.9
65.3
66.0
758.1
715.1
714.4
679.7
43.7
35.3
8.8
8.5
0.7
0.4
57.5
54.1
-0.2
0.6
0.8
0.8
-6.7
-1.1
-0.7
-1.9
2.3
2.5
-21.6
-30.7
240
241
242
243
245
30
do
do
do
do
do
do
820.8
731.2
355.2
326.0
465.6
405.2
871.2
760.5
366.2
333.4
505.0
427.1
924.7
780.2
382.0
339.0
542.8
441.2
903.8
772. 9
372.7
334.0
531.1
438.9
915.7
772.2
377.5
332.1
538.2
440.1
932.2
782.9
386.3
342.1
546.0
440.8
947.3
7 92.6
391.4
347.7
555.9
444.9
945.2
776.4
377.7
327.8
567.5
448.7
961.6
783.8
382.2
331.6
579.4
452.2
1.6
1.2
1.3
1.6
1.8
0.9
-0.2
-2.0
-3.5
-5.7
2.1
0.9
1.7
1.0
1.2
1.2
2.1
0.8
260
261
262
263
266
267
do
do
do
do
do
do
-78.0 -104.4 -123.0 -119.1 -122.2 -125.2 -125.7 -112.1
-104.3 -137.5 -128.9 -132.8 -126.0 -130.7 -126.0 -109.0
370.9
378.4
428.0
395.3
416.8
440.4
459.7
487.8
367.2
378.4
427.8
394.9
416.4
440.9
459.2
486.2
448.9
482.8
551.1
514.4
539.0
565.6
585.4
599.9
471.4
515.9
556.7
527.7
542.3
57 1.6
585.2
595.1
-90.4
-92 .6
5 07.1
496.9
597.5
589.5
-0.5
4.7
4.4
4.2
3.5
2 .4
13.6
17.0
6.1
5.9
2.5
1.7
21.7
16.4
4.0
2.2
-0.4
-0.9
250
255
252
256
253
257
do
do
do
do
do
do
3 2 3 4 . 0 3 4 3 7 . 1 3678.7 3 5 7 3 . 0 3 6 3 1 . 8 3 7 0 8 . 0 3 8 0 2 . 0 3 8 5 0 . 8 3928.8
2367.5 2 5 0 7 . 1 2 6 8 3 . 4 2 6 0 8 . 9 2 6 5 2 . 0 2 7 0 2 . 8 2 7 6 9 . 9 2 8 1 6 . 4 2 8 7 4 . 0
255.9
286.7
312.9
310.1
308.9
306.8
323.9
326.0
328.8
9.2
12.4
18.4
17.4
17.8
18.1
20.5
20.5
19.1
282.3
298.9
310.4
298.3
305.2
322.0
316.2
316.1
326.5
319.0
331.9
353.6
338.3
348.1
358.3
373.9
369.5
380.6
2.5
2.5
6.3
13.3
-1.8
3.1
1.3
1.7
-0.6
0.
0.
1.2
2.0
2.0
1.5
-6.8
3.3
1.8
220
280
282
284
286
288
8.4
0.1
98.3
-25.2
2.0
3.9
1.1
4.1
11.5
0.1
1.1
1.2
-14.7
22.1
-0.7
290
295
292
298
293
A4. Government Purchases
of Goods and Services
260.
261.
262.
263.
266.
267.
Total
Total in 1982 dollars
Federal Government
Federal Government in 1982 dollars
State and local government
State and local government in 1982 dollars
250
255
252
256.
253.
257.
Net exports of goods and services3
Net exports of goods and services in 1982 dollars3
Exports of goods and services
Exports of goods and services in 1982 dollars
Imports of goods and services
Imports of goods and services in 1982 dollars
A5. Foreign Trade
A6. National Income and Its Components
220
280.
282.
284.
286.
288
National income
Compensation of employees
Proprietors' income with IVA and CCAd]
Rental income of persons with CCAdj
Corporate profits before tax with IVA and CCAdj
Net interest
290.
295.
292.
298.
293.
Gross saving
Business saving
Personal saving
Government surplus or deficit3
Personal saving rate3
A7. Saving
do
do
do
do
Percent
533.5
560.4
537.2
539.2
539.8
561.0
560.0
549.0
125.4
104.2
121.7
130.8
-131.8 -144.4 -104.9 -140.6
4.4
3.2
4.0
4.2
NOTE: Series are seasonally adjusted except for those, indicated by ©, that appear to contain no seasonal
movement. Series indicated by an asterisk (*) are included in the major composite indexes. Dollar values are in
current dollars unless otherwise specified. For complete series titles and sources, see "Titles and Sources of
Series" at the back of this issue. NA, not available, a, anticipated. EOP; end of period. A.r., annual rate. S/A,
seasonally adjusted (used for special emphasis). IVA, inventory valuation adjustment. CCAdj, capital consumption
adjustment.
1
The three-part timing code indicates the timing classification of the series at peaks, at troughs, and at all
turns: L, leading; C, roughly coincident; Lg, lagging; U, unclassified.
542.4
555.5
69.5
-82.6
2.2
556.8
603.4
569.6
570.0
72.6
144.0
-85.5 -110.7
2.3
4.3
627.0
576.4
149.9
-99.2
4.4
634.1
583.3
127.8
-77.1
3.7
2
For a few series, data shown here are rounded to fewer digits than those shown elsewhere in BCD. Annual
figures published by the source agencies are used if available.
3
Differences rather than percent changes are shown for this series.
4
Inverted series. Since this series tends to move counter to movements in general business activity, signs of
the changes are reversed.
5
End-of-period series. The annual figures (and quarterly figures for monthly series) are the last figures for the
period.
6
This series is a weighted 4-term moving average (with weights 1, 2, 2, 1) placed on the terminal month of
the span.
CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS
Chart A l . Composite Indexes
J a n . l(i!v !i!!v N . v
IllU M.iy
¥^1967^100]
200-
910. Index of eleven leading iraWlors1
(series 1, 5r 8, 19, 20, 2 9 K , 36, 99,
190180170160150 140 130120110100 -
190 180170160150 140-
110-
160 -
930. Index of six laggi
(series 62, 77, 9
150140130120110-
100 -
80-
50
* '
1952 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 1989
NOTE
Numbers
indicate length >f l e a d s ! - i a n d l a f . s i
ir,
1 H 8 4
in. lu.i
• ., t / . , M f t h
lonths f r o m reference turning dates.
• empmn
Current data for
SEPTEMBER 1988
J
CYCLICAL INDICATORS
A
I
COMPOSITE INDEXES AND THEIR COMPONENTS—Continued
Chart A l . Composite Indexes—Continued
July May
P T
Aug. Apr.
P T
Apr. Feb.
P T
Dec. Nov.
P T
Nov.
P
Mar.
T
Jan. July July
P T P
Nov
T
Index: 1967^1301
915. Inventory investment and purcpsmg (senes
120-j
110 100 90-
140 -
916. Profitability (series 19, 26, 80)
nt
130 120 1101009080-
160-i
917. Money and financial flows (
15014013012011010090-
70
140-
940. Ratio, coinciderrt index liiJagging index
130120110100-
1952 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 881989
NOTE: Numbers entered on the chart indicate length of leads (-) and lags ( + ) in months from reference turning dates.
Current data for these series are shown on page 60.
Wito
SEPTEMBER 1988
J
CYCLICAL INDICATORS
A
C O M P O S I T E I N D E X E S A N D THEIR C O M P O N E N T S — C o n t i n u e d
Chart A2. Leading Index C o m p o n e n t s
'it Averag||reekJy hours of production or nonsupervis^iwonVers, mafljjji&ring (hours)
42 •
41 -
40 -
initial daimsforunemployment
ands—inverted $ale) L<1&
500 •
600 700 -
8. »nufacturers' new orders in 19S2
materials industries (bit dot
32jatndor performance, percent of
SO —
45 40-
Contracts and orders for plant and
1982 dollars (bit dol)
15-
59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 1989
SEPTEMBER 1988
CYCLICAL INDICATORS
A
I
COMPOSITE INDEXES AND THEIR COMPONENTS —Continued
Chart A2. Leading Index Components — Continued
p r
29. Utt* private housing units authorized by tool
tjgfdtng permits (index: 1967 = 100)
1 1 36. Change
bj$hg and trade inventories on hand and on ofer in 1982 dd^fik
ratjbil- doi.) I
]
^"*
$ 9 . Chanjjp in sensitive inateriais prices, smoothed1 {(JBrcent)
19. Stock (Sices, 500 common stocks$ndex: 1 9 4 1 - 4 ^ * 1 0 )
106. Money supply M2 in 1982 <*$rs (bil. dol.) f i
111. Change in business «Rd consumer cmip art standing
(ami. rate, percent) f i , L , L | f
1952 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 1989
weights 1.2.2.1i placed
67. 68. 69. 71. and 72.
ItCIt
SEPTEMBER 1988
CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS —Continued
Chart A3. Coincident Index Components
F'
T
41. Employees on nonagn
CXC
51. Persona) income M § transfer paypass in
1982 drfiars (aflate, biL &tr
57. Manufactunn|H tratte s^es i
1982doDars«dol)
C,C,C'
64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 1989
14
SEPTEMBER 1988
CYCLICAL INDICATORS
A
COMPOSITE INDEXES AND THEIR COMPONENTS —Continued
Chart A4. Lagging Index Components
FT
F1
T
91. Average duration of unei^pyment (wed^NAverted scate)
•
77. Ratio, manufacturing and trade irigptories to sate
1.61.5 1.4 -
110105100 95 -
. Averse prime rate charged by b a r f p percent)
1311-
450400 -
300 •
, Commerciai and industnai loam
250 •
credf fPtanding to personal mmne ( £ § f | i t )
14 -
1952 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 1989
Current data fo
SEPTEMBER 1988
15
CYCLICAL INDICATORS
CYCLICAL I N D I C A T O R S BY E C O N O M I C PROCESS
C h a r t B l . E m p l o y m e n t and U n e m p l o y m e n t
[Marginal Employment Adjustment
reduction or non$n)ervi$ory
tion or nonsupcrvisory fjniers, %
ver age weekly i
tatepros-aros (
B for unemployment insur
—inverted scate)
ivertcanf in newspapers to n
ed(rati
newspapers (index: 1%7 « ) )
1962 63
64
65
66
16
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88 1989
SEPTEMBER 1988
ItCIt
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS —Continued
Chart B l . Employment and Unemployment — Continued
200 •
190 180 -
4Pibipioyee hours in iiiilMI Illlhil estahlisfrnentx
170 -
160 -
115110-
105100-
95-
42. PersomMBged in nonagricuNilmiritJes (millions)
9085-
65-J
26 2524 -
6160 -
5857 -
1962 63
64
65
66
67
SEPTEMBER 1988
68
69
70
71
72
73
74
75
76
77
78
79
81
82
83
84
85
86
87
88 1989
17
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS —Continued
Chart B l . Employment and Unemployment — Continued
r
F
:
F
[Comprehensive Unemployment
li-J
45. Average warn* insured unemptoj
10141620-
44. Unerrptoyrii&ate, persons u
4-
51962 63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88 1989
SEPTEMBER 1988
licit
CYCLICAL INDICATORS
B I
CYCLICAL INDICATORS BY ECONOMIC PROCESS —Continued
Chart B2.
P r o d u c t i o n and
Income
4400 -
DEI
[Comprehensive Output and income
400 0 -
3600-
50. Gros^fcnal product in 19||jj>ars, Q (am. rate, bil. doi.)
3200-
52. M M M income in 198£|Mbs (am. rate, bti. dol.)
53. Wages |||^lanes in 1982 ck)t)4^p9ung, manufacturing,
^M:
and c o f i i ^ t o n (am. rate, bit<#j|f i | c c , C |
1962 63
64
65
66
67
SEPTEMBER 1988
68
69
70
71
72
73
74
75
76
77
78
79
81
82
83
84
85
86
87
88 1989
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS —Continued
Chart B2. Production and Income —Continued
manufacturing (percent) H C U
1962 63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88 1989
SEPTEMBER 1988
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS — C o n t i n u e d
Chart B3. C o n s u m p t i o n , Trade, Orders, and Deliveries
[Orders and Dettve
S i Manufacturers' m>
in 1982 dollars, durable
100-
80-
60-
6. Manufacturers' new "dlgfe current dollars,
durable goods i n d u s t r i e d dot)
anufacturers' new orders in
ami materials industries
110100-
IXX
90807060-
goods industries
25. Change in m a i u j » e n ' unfilled
A, •
(fait, doi; MCP r f l f c ayf.-4-term) .
460 -
420380 340 -
300260-
unfilled order^
220 -
LrLg,U
180 -
140-
60
e, percent of companies
deliveries ( j w w n t )
J
IX
50 25 •
1962 63
64
65
66
67
SEPTEMBER 1988
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
1989
CYCLICAL INDICATORS
B
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B3. Consumption, Trade, Orders, and Deliveries — Continued
550
[Consumption and Trade
500 •
450
400'
n 1982 dollars ( b |
350'
300
250
200 -
56. Manufacturing aid
150 -
140
120 •
100
80
140
120 •
in 13&?ridiarR (hi!
100
80-
54. Sates of retail stores
80-
20
110
(1st Q 1966-100)
100
90
8070 60 -
1962
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
1989
SEPTEMBER 1988
ItCII
CYCLICAL INDICATORS
B
CYCLICAL INDICATORS BY ECONOMIC PROCESS —Continued
Chart B4. Fixed Capital Investment
Formation of Business Enterprises
140
120
(index: 1967 = 100)
40-
454035-
Business Investment Commitments
30 25-
15
J
10. Contracts
in current
20. Contracts and orders for
in 1982 doHars (bll. doi.)
50 •
45 •
40 -
w orders in 1982
tes (bil. dot.)
35 •
1524. Manufactur
capital goods
rrent date's, nondefense
•>(TH
(ion contracts awarded for
(mil. sq. ft. of floor space
100 90 80-
1962 63
1
T h i s
64
65
66
i ^, i . i p v r i : : h t ^ d si.'r u.'s u s f d l r ,
67
SEPTEMBER 1988
68
p.T ini^siijtv.
69
i
1
r ni
n
70
71
t |> i
[irudix
72
>:-d w i t h o u t
73
74
.•. r i t t e n
p w
75
76
m i s s i o n
f n n n
77
78
79
80
M >: G r . i /, - H i l l I n f o r m a t i o n
81
S, sterns
82
C o m p . i n v .
83
F.W.
84
D o d ^ e
85
D i v i s i o n .
86
87
88 1989
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS —Continued
Chart B4. Fixed Capital Investment — Continued
usiness Investment Commitments—
approved capital appr
0 ( H . dot)
1982 d o b * for new plant an
qui
[Business Investment Expenditure
saies and
expenditures
69. Machinery and
business const
( a m . rate, bilj
trial production, bimness equi
x:lS77-100) CU
1962 63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
1989
ries an: shown on pa yes 66 and t:
24
SEPTEMBER 1988
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS —Continued
Chart B4. Fixed Capital Investment —Continued
Business Investment Expenditures—Cort-A
550500-
Gross private nonresidentiaJ fir<i&»vestment jn 19S2 dipi^ann. rate, bii. dol)
450400350-
250-
. P$N|ers' durable equi
200 -
150-
100 -
[Residential Construction Commitments 1H|Investment
28. New privat
g units staled (am. rate,
2.01.81.61.4-
0.8 J
200 •
ISO 160 •
140 -
240 -
^jp. Gross private re^MMtfixed investment in
'% 1982 dollars, Q ( W e , Oil.«.)
220200 -
18016 0 -
140 -
120-
1962 63
64
65
66
67
SEPTEMBER 1988
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88 1989
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS —Continued
Chart B5. Inventories and Inventory Investment
Inventory Investment
30 flange in business inyi§j*l5 in 1982 dollars, Q (ann. rate, bit
Hih
L,L,L
0-
trade inventories on hand an&vflfi
, bit doL; moving avg.-4-t^h 1 )
36.a»Bnge in manufac
r in 1982 dollars
r/\ii/
in manufactui
rate, bit. dot; M
yv ,7
trade inventories
avg.—6-term)
ies, materiais and supplte|.«i
ICO moving avg>—4-term)
1962 63
64
65
66
f d weiL'.htrf
t dMa for th
26
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
1989
s 1,2.2.11 pl.iced
shown on p a ^ 68.
SEPTEMBER 1988
IN It
CYCLICAL INDICATORS
B
I
CYCLICAL I N D I C A T O R S BY E C O N O M I C PROCESS — C o n t i n u e d
C h a r t B5.
I n v e n t o r i e s and I n v e n t o r y I n v e s t m e n t — C o n t i n u e d
Inventories on Hand and on Order
800700 -
Manufacturing antffcafe inventories in 1982 dollars (
600 -
Lg,Lg,L
500-
400-
. Manufacturing antfwadfc inventories
/ , \ in current doilars-|8it gol.) X
300 -
130 120 11010090 80 70 60-
65. iBfacturers1 inventoeifipfed goods
SJR. Ratio, manufactasiy&id trade inventories to sales tn
i <ratw) B R
4
V
JF 1.4 J
7rafenufacturers'
on order f bi
1962 63
ItCIt
64
65
66
67
SEPTEMBER 1988
69
70
71
72
materials and supplies
73
74
75
76
77
78
79
80
81
82
83
84
85
87
88
1989
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS —Continued
Chart B6. Prices, Costs, and Profits
intermediate materials
in producer prices for sennve
(percent; MO)movin®vg.—I
Change in sensitive materf! pric
; moving avg.—4-ternf)
iATW
H
23. Spot market pricnaw industrial mat
cks (index: 1941^43—10)
19, Mm prices, 500
after tax in 1982 dofors,Q
18. Corpora*
(annra
Profits and Profit Margins]
16. Corporate profits
(ana rate, bit dol) 8 L L
1962 63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88 1989
SEPTEMBER 1988
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS —Continued
Chart B6. Prices, Costs, and Profits — Continued
[Profits and Profit Margins—Con
280240200-
ate profits aftW Ui with (VA and CCAdj in
160 120-
x
79. Corporate profits after W with
current dollars, Q (am j f t e , bit
s after tax to corporate donptiG
corporate doro*
^(percent)':
t *,&
10-
/
1SE/
81. Rate, corporate {Jomesbc prwts after
to corporate domtstic income, Q (perc
Profits after taxe$N£i|llar of sates, manufacturing c
d ( | i p unit labor cost, nonfarm
35. C o t d K I net cash flow in W f t t y l a r s , Q
' \St$u: 34. Corporate net cash flow
1962 63
64
65
66
67
Iff .11 SEPTEMBER 1988
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88 1989
2fl
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS —Continued
Chart B6. Prices, Costs, and Profits—Continued
[Unit Labor Costs and Labor ShaTe
1962 63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
1989
SEPTEMBER 1988
ItO
CYCLICAL INDICATORS
B I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B7. Money and Credit
> P»ss n« t ^ r f i r t ^ to money apply Ml,
C
1962 63
64
65
66
67
68
C u r r e n t d . i t a lot t h e s e s e r i e s a r e s h o w n o n p . i ^ e 7 1 .
ISCII
SEPTEMBER 1988
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
1989
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS — C o n t i n u e d
Chart B7. Money and Credit — C o n t i n u e d
byfinancialinstitutions
rate, btL dot)
111. Change siiSHfess and consume
1962 63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88 1989
shown on pa-os 71 and 7
32
SEPTEMBER 1988
ItCI*
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS —Continued
Chart B7. Money and Credit — Continued
Credit Difficulties
business fartures ( H dot
aie; MCO moving avg.—6LLL
100 -
2003004006008001000150020003000-
of consumer)
cent—inverted
400050006000-
t bam delinquent 30 days | B over
2.0-
-6-5-
tki—inverted scaie)
- 4-
the Fedef^ Reserve (by.
b a * borrowi
L,Lf,U
1962 63
64
65
66
67
SEPTEMBER 1988
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88 1989
33
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS —Continued
Chart B7. Money and Credit—Continued
Interest Rates
161514 -
I funds rate (percent)
li
11109-
x\
-£
\
114. Discount |
1
m
m
•'MS- Yield on new c
(percent) fiTj
es of 91-day Treasury biits
I
1
w
16-
1 /
15-
m ifh-trade corporate bonds M1/I MB
A
A
141312-
/
• • • • • •
\A\A
11-
/V
1 B / '
ws
V
K
A
fy|
10-
Yield ontonfi-termTreasory t & s (p
18-1
16-
' markets
±
mortg^es
1413-
IV7
\ ew% munirinal 1
81
34
82
83
84
85
86
87
88 1989
SEPTEMBER 1988
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS —Continued
Chart B7. Money and Credit —Continued
4f
[interest Rates—Con.
*tD9. Average prime fe
by hyks (percentV
4 Si i
400
[Outstanding Debt
outstandng in 1982
tnlol
\
instafoent cre#£jfl|*tfne (bil. dot.)
t
atio, consumer i
percent)
1962 63
64
65
66
67
SEPTEMBER 1988
68
69
70
71
72
73
creit outst^Klw to
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88 1989
35
CYCLICAL INDICATORS
C
I
DIFFUSION INDEXES AND RATES OF CHANGE
Chart C l . Diffusion Indexes
100 n
50-
lOO-i
50-
0-1
lOO-i
o-i
ft1if f
'hi[i\f'* 'j'Wm \fkwH\\\
p
50-
H
raurance, State projrams, 5
span—
100 n
50-
0-1
100'
50-
1962 63
1
Values
of
this
64
index
65
prior
66
to
36
67
J a n u a r y
68
1 9 8 4
69
include
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88 1989
,
SEPTEMBER 1988
CYCLICAL INDICATORS
C
I
DIFFUSION INDEXES AND RATES OF CHANGE — C o n t i n u e d
Chart C l . Diffusion Indexes — C o n t i n u e d
nufacturers' new
-mo. span—, 1
,34-35 durable goods industrifjjfe
lOO-i
tkms in 1982 daHars, 17
-Q moving avg*^* 1-Q
wfy approved c
ufacturing
807060 5040 30 •
%6. j m n a i product**!, 2 4 § R $ e s (6-mo. span
, 1-mo. s
100-i
50-
3 raw industrial matwiak
100 -
50-
0-
stocks, 40-32 Industrie
span—-)
100 -
50-
Si/^fUKf! ?
0-
about 600 conpai^ 1 (4-0 ttn)
90 •
80 •
70 80 5040-
1962 63
KCII
64
65
66
67
SEPTEMBER 1988
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
1989
37
CYCLICAL INDICATORS
C
I
DIFFUSION INDEXES AND RATES OF CHANGE — C o n t i n u e d
Chart C l . Diffusion Indexes — Continued
Actual
Anticipated
Percent rising I fU
974. Nunfcer of empayees,
$ JPptunng and trade (4-Qspan)
1
50-
W
oJ
40 -J
1
975. Level of inv&tipes, mM^pring and trade (4-Q span)
80 -i
II /•"^
,/yf
A
1 it
50-
bring (4-Q span)1
976. Seltins
100
T
80-
1 ffi
trade (4-Q span)1
977. SetHtq;
60
J
(4^3 span)1
978.
100-,
1976 77
This
78
i s ,i c o p y r i g h t e d
79
series
80
used
00
)O
00
81
82
b yp e r m i s s i o n :
83
84
85
86
i t m a y n o tb or e p r o d u c e d
87 1988
w i t h o u t
written
1976 77
p e r m i s s i o n
f r o m
D u n &
78
Bradstreet.
79
80
81
I n c .D u n i v B r a d s t r e e t
82
diffusion
83
84
85
86
87 1988
i n d e x e s a r e b a s e d o n s u r v e y s o fa b o u t 1 . 4
SEPTEMBER 1988
licit
CYCLICAL INDICATORS
C
I
DIFFUSION INDEXES AND RATES OF CHANGE —Continued
Chart C3. Rates of Change
1-month spans
3-montn spans
+ 40 •
+ 30 + 20 + 10 0 -
-10 -20 -30 -
• Composite m d f a n u r roughly coincident i
+ 30 + 20 + 10 0-
-10-
-20 -
+ 40+ 30 + 20 + 100 -
-10- 20 -
-30-
47c.
tode*^•W
production
+ 30+ 20 + 10 0-
-10-20-30-
+ 10 0-
-10-
1962 63
64
65
69
66 67
N O T E : D d t r i f u r tM»_• s-• p ^ P ^ n t ,. h.Trv : '->s r u > ' b
1
V . i l u . s ,,f t h i s
iiU]r,
p M , , r tM J.itiu.-if, 1
SEPTEMBER 1988
(
70
71
72
73
74
75
n d i • C . Th>.' • ' A l p t i d b r t h a l I n d . :
npoii.-'nt.
serins
1 2 .;'.hn:h
76
77
78
b o r U's F i n d m - ; (
79
80 81
83
84
85
86 87
latest i s s u " in w h i c h t h e data for oach series were
1989
published.
h a sI M ^ P s u s p e n d e d •
39
OTHER IMPORTANT ECONOMIC MEASURES
A
I
NATIONAL INCOME AND PRODUCT
Chart A l . G N P and Personal Income
200. Gross m
l product m cu
Q (arvt rate, bit. doi.)
223. Persona income in cu
(am. rate, biL dot)
bfe personal income in cu
rt, Q (am. rate, biL dot)
product in 1982 dollars,
H 9 8 2 doltars, Q (ara. rate,
225. Disposabte
(Wfars.Q
S notion^ product in 19S2
rcaptta dbposabie persona) t
82 dollars, Q (arm, rate,
1962
63
64
65
66
40
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88 1989
SEPTEMBER 1988
OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT —Continued
C h a r t A 2 . Personal C o n s u m p t i o n E x p e n d i t u r e s
Personal consumption expendtures—
1962 63
64
65
66
67
SEPTEMBER 1988
68
69
70
71
72
73
74
75
76
77
78
79
80
81
83
84
85
86
87
1989
OTHER IMPORTANT ECONOMIC MEASURES
A
I
NATIONAL I N C O M E AND PRODUCT — C o n t i n u e d
Chart A3. Gross Private Domestic Investment
900800700-
Gross private domestic investment—
600500-
200-J
+ 40+ 2 (j -
-40-60-
$ f l j n u a l rate,faftondollars (1982)1
800700600-
1962 63
64
65
66
42
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
SEPTEMBER 1988
Ml)
OTHER IMPORTANT ECONOMIC MEASURES
A
I
NATIONAL INCOME AND PRODUCT — C o n t i n u e d
Chart A4. G o v e r n m e n t Purchases of Goods and Services
Government purchases of goods and
1962 63
64
65
66
67
SEPTEMBER 1988
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88 1989
43
OTHER IMPORTANT ECONOMIC MEASURES
IA
I
NATIONAL INCOME AND PRODUCT —Continued
Chart A5. Foreign Trade
1962 63
64
65
66
44
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88 1989
SEPTEMBER 1988
OTHER IMPORTANT ECONOMIC MEASURES
A
I
NATIONAL INCOME AND PRODUCT —Continued
Chart A6. National Income and Its Components
[ftlfttti rate, bfaidoiars (curent)|
4000 3500 -
\
3000 2500 -
1500 -
Cttftat conwjmptwn adj&fcwnts, Q
1962 63
64
65
66
67
SEPTEMBER 1988
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
1989
45
OTHER IMPORTANT ECONOMIC MEASURES
A
I
NATIONAL INCOME AND PRODUCT—Continued
Chart A7. Saving
1962 63
64
65
66
46
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88 1989
SEPTEMBER 1988
OTHER IMPORTANT ECONOMIC MEASURES
A
I
NATIONAL INCOME AND PRODUCT — C o n t i n u e d
Chart A8. Shares of GNP and National Income
notion expendtoires, 0
65-
60-1
te and local government pur
15-.
Net exports of goods and $ * • » , Q
-5-
80-,
15
T
tax with inventory valuation
adjustments, Q
283. Proprietors' income with hwtnlwy
and capita* consumptoi adjustnunts, Q
| 2 8 9 . Net interest, Q
285. Rental income of persons
SEPTEMBER 1988
47
OTHER IMPORTANT ECONOMIC MEASURES
B
PRICES, WAGES, AND PRODUCTIVITY
Chart B l . Price Movements
Crude materials for
further processiitt
1976 77
78
79
80
81
82
83
84
85
81
82
83
84
85
86
87 1988
Current data for these series are shown on pages 84, 85. and 86.
48
SEPTEMBER 1988
OTHER IMPORTANT ECONOMIC MEASURES
B
I
PRICES, WAGES, AND PRODUCTIVITY —Continued
Chart Bl. Price Movements — Continued
Wex: 1982-84=100
Consumer price indexes—
322. All tfMfsumers, food
Percent cbanp at annual rate
Alt urban consumers (6-monwtoan)
All urban consumers, food (
C h a r t B 2 . Wages a n d P r o d u c t !
age hourly earnings of
ivate nonapicuftural
bmmess sectored
345. Averafe hourfy
nonfarm bosmw
1962 63
1
64
Adjusted for overtime
65
66
67
n nm a n u f a c t u r i n g
SEPTEMBER 1988
68
69
70
only) a m ) interindustry
71
72
e m p l o y m e n t
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88 1989
shifts a n d seasonality.
49
OTHER IMPORTANT ECONOMIC MEASURES
P R I C E S , WAGES, A N D P R O D U C T I V I T Y
Chart B2.
—Continued
Wages a n d P r o d u c t i v i t y — C o n t i n u e d
Vages—Con.
| Percent change |
i woriers on private j
Change in average hourly^gfipngs ofj
15-
340c. CurTent-dollaf earnin
I/.
+ 10-
i
+ 50-
6-n
1-month J
, (aim. rate)
341c. Real earnings
»« .IT
0 -
;
H r ry»s
- 5 -
Chance in average hourly compensate
nonfami business sector, Q—
345c. C u r r f K h l a r conpensatBn
_ ru_. J'VI'.-
n
i
4-quart«r spans
J
V—
lH
' m
(aftn, rat»)
346c. R
+ 10-
•
5Y
(ann.fa^)
+ 50-
- sNegotiated wage and benefit i
34^. ftyyage to-yeif <
Nte)
movefile of
Q (aorurate)
1 index: 1977 = 1001
120-
| Productivity]
110 —
35& Output per tour, all i
nonfarm business s«tct30f I
100 —
business i
| Percent change |
jf, ail persons, busmess \
I . Change in outpi
A\\
1962 63
1
64
65
66
67
68
69
70
71
72
73
74
75
A d j u s t e d for o v e r t i m e (in m a n u f a c t u r i n g o n l y ) a n d i n t e r i n d u s t r y e m p l o y m e n t s h i f t s a n d s e a s o n a l l y .
w i t h the a n n u a l i z e d 6 - m o n t h chanp.es.
76
2
77
78
79
80
81
82
83
84
85
86
87
O n e - m o n t h p e r c e n t c h a n g e s h a v e b e e n m u l t i p l i e d by a c o n s t a n t ( 1 2 ) t o m a k e t h e m
I'M
88 1989
comparable
See p a g e 8 7 f o r a c t u a l 1 - m o n t h p e r c e n t c h a n g e s .
C u r r e n t data for these series are s h o w n on pages 87 and 8 8 .
50
SEPTEMBER 1988
OTHER IMPORTANT ECONOMIC MEASURES
C
LABOR FORCE, E M P L O Y M E N T , AND U N E M P L O Y M E N T
Chart C l . Civilian Labor Force and Major Components
130 •
120 -
110100-
442.
80-
70-
Civifon labor force participation rates <
>N
* " *-'
• • 1
20 yes? and over
SB?
c=————r-7—
1
85-
J5il'
Ui
"^—m—SW*< -
„, , ; . ,
m
8075-
7065-
m
m
exes 16-19 wart oiface 11 1 i l l
««*
!
?
»
S
—Vv^»-^ffl^P
60-
irir
^
555045-
452. FematejJ
40-
14 -
Number unemployed (mttltens)—
ll
37. Persons!
•A
445, Femates&y*
|444. Males 20 ye
and over
U. Both sexes IS-19 years <
10 -
-443. Number of persons t i j j | y e d ( H H I for economic
reasons (rntftions)
LIP
SEPTEMBER 1988
OTHER IMPORTANT ECONOMIC MEASURES
£) I
GOVERNMENT ACTIVITIES
Chart D l . Receipts and Expenditures
PI
P
T
i rate, bfton dolars (current)]
ft
1962 63
64
65
66
52
67
68
69
70
71
72
73
74
75
76
77
78
79
81
140012001000 -
X
82
83
84
85
86
87
88 1989
SEPTEMBER 1988
OTHER IMPORTANT ECONOMIC MEASURES
'J ) I
G O V E R N M E N T ACTIVITIES — C o n t i n u e d
Chart D2. Defense Indicators
40 -
[Advance Measures of Defense"Activity11
35302520-
gross obligations incurred
ing avg.—6-term)
517. Defense
(bit dol.;
15 J
2018161412 •
10-
DeftmeDep
(Mdd.;MC0
240 220200180160140 120100 J
igattons outstandng (W.
1412-
f.
1962
63
64
65
66
67
SEPTEMBER 1988
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
.1 iS.
83
84
85
Li
86
87
88
1989
53
OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES —Continued
Chart D2. Defense Indicators — Continued
220200180160 ^
ntermediate and Final Measures of Defim Activity
140120 -
1004238343026-
1814J
180160-
120100-
343026-
1962 63
64
65
66
54
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88 1989
SEPTEMBER 1988
Milt
OTHER IMPORTANT ECONOMIC MEASURES
J) I
GOVERNMENT ACTIVITIES —Continued
Chart D2. Defense Indicators — Continued
e^e products industries (
2.0 •
1.81.61.4-
t personnel (mtfiiens)
3.5 n
3.0-
ii&try personnel on active du
2.5-
2.0-
1.5-
vftian perform, Artel tire
400350300-
I National Defense Purchases
250-
200 -
Government p
, Q ( m ratej
of goods and servm,
150-
100 -
as a percent of GNP, Q (
9 8 -
6 54 -
1962 63
64
65
66
67
SEPTEMBER 1988
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88 1989
55
OTHER IMPORTANT ECONOMIC MEASURES
E
I
U.S. INTERNATIONAL TRANSACTIONS
Chart E l . Merchandise Trade
604. Exports of domestic
(bil. dol.)
Exports of oowtectricat ntmnefy
614 bnportsof petrt^|aodpetro*etj[ji
products (Wl
anddKfliLdol)
1962 63
64
65
66
56
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88 1989
SEPTEMBER 1988
ItCIt
OTHER IMPORTANT ECONOMIC MEASURES
U.S. INTERNATIONAL TRANSACTIONS —Continued
Chart E2. Goods and Services Movements
Excess of receipts
{xcess of payments
SSI)
450
Goods and services—
Balance on goods Ja$[||&ces. Q
Exports, Q
1962 63
ItCIt
64
65
66
67
SEPTEMBER 1988
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
1989
OTHER IMPORTANT ECONOMIC MEASURES
F
I
INTERNATIONAL COMPARISONS
Chart F l . Industrial Production
F1
[
F1
Industrie
1976 77
78
79
80
Current data for theses
58
81
82
83
84
85
86
87 1988
1976 77
78
79
80
81
82
83
84
85
86
87 1988
shown on paye 94.
SEPTEMBER 1988
ItO
OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS —Continued
Chart F2. Consumer Prices
Chart F3. Stock Prices
f
r
Percent change at annual rate
Consumer prices—
1976 77
78
79
80
81
82
83
84
85
86
87 1988
1976 77
78
79
80
81
82
83
84
85
86
87 1988
shown on pa^es 95 and 96.
SEPTEMBER 1988
59
CYCLICAL INDICATORS
A
I
COMPOSITE INDEXES AND THEIR COMPONENTS
Q l
910. Index of
eleven leading
indicators (series
1, 5, 8, 19, 20,
29, 32, 36, 99,
106, 111)1
Year
and
month
(1967 = 100)
920. Index of
four roughly
coincident indicators (series
41, 47, 51, 57)
(1967 = 100)
930. Index of
six lagging indicators (series
62, 77, 91, 95,
101, 109)
(1967 = 100)
COMPOSITE INDEXES
940. Ratio,
coincident index
to lagging index2
Leading indicator subgroups
914. Capital
investment
commitments
(series 12, 20,
29) 2
(1967 = 100)
(1967 = 100)
915. Inventory
investment and
purchasing
(series 8, 32, 36,
99)
916. Profitability (series
19, 26, 80)
917. Money and
financial flows
(series 104, 106,
111)
(1967 = 100)
(1967 = 100)
(1967 = 100)
3
C)
1986
174.1
175.0
176.4
162.9
163.4
162.9
140.5
141.1
142.3
115.9
115.8
114.5
108.9
110.2
109.9
103.3
103.3
103.5
117.3
119.0
119.8
142.2
140.3
140.0
April
May
June
178.1
178.5
178.3
165.6
164.3
163.7
140.5
141.4
141.6
117.9
116.2
115.6
110.4
109.5
109.6
103.8
103.5
103.0
119.9
119.7
120.4
140.3
142.4
142.6
July
August
September
179.9
180.3
179.9
164.4
164.8
165.8
141.8
142.2
141.6
115.9
115.9
117.1
109.8
108.8
108.9
103.3
102.9
102.8
120.0
120.4
118.9
144.9
145.6
145.5
October
November
December
181.2
182.7
186.7
165.4
165.8
167.4
143.7
143.4
142.4
115.1
115.6
117.6
108.4
108.6
111.0
102.8
103.6
104.9
117.8
117.4
117.9
147.3
146.8
149.2
January
February . . . . . . . .
March
185.5
186.0
187.6
165.6
168.2
168.0
144.6
142.1
108.9
(NA)
141.3
114.5
118.4
118.9
104.4
104.6
105.3
119.3
120.8
121.5
148.9
147.0
145.4
April
May
June
187.6
188.6
190.5
168.0
167.6
168.2
141.8
142.0
142.6
118.5
118.0
118.0
105.3
106.0
106.7
121.3
121.3
122.9
144.5
144.1
145.6
July
August
September
190.9
191.7
191.9
169.8
170.6
170.7
141.8
141.6
143.0
119.7
120.5
119.4
107.1
106.4
106.6
124.2
!>126.0
124.7
144.5
144.2
192.1
190.2
190.9
173.1
172.6
121.5
120.4
rl22.3
107.2
107.4
121.7
118.6
rl74.5
142.5
143.3
142.7
H>ioa.2
118.3
rl47.1
rl46.7
rl46.3
rl90.0
191.5
191.8
rl73.7
rl75.0
176.1
rl44.7
rl45.1
145.7
rl20.0
rl20.6
120.9
107.1
106.7
106.6
119.0
119.5
rll9.9
rl46.6
rl47.7
rl48.9
rl92.4
rl91.0
Drl93.8
176.0
rl76.5
rl77.7
rl46.6
rl46.3
rl47.9
rl20.1
120.6
rl20.1
105.5
rlO5.6
rlO5.8
rll9.5
rll8.9
(NA)
E>rl51.5
rl50.5
rl50.6
147.6
rl20.7
pl20.3
105.3
plO5.6
January
February
March
: . . ..
1987
October
November
December
......
rl45.4
1988
January
February
March
April
May
June
July
August
September
A192.7
178.1
H> S 178.1
E> 6 148.0
pl49.9
(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 [H); for series that move counter to movements
in general business activity, current low values are indicated by 0 ) . Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are listed at the back
of this issue. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 10 and 11.
x
Values of this index prior to January 1984 include a twelfth component, series 12, which has been suspended from the current index.
The following series reached their high values before 1986: series 940 (130.0) in January 1984, and series 914 (111.5) in February 1984.
3
See "New Features and Changes for This Issue," page iii of the March 1987 issue. '•Excludes series 36 and 111, for which data are not
available. 5Excludes series 57, for which data are not available. 6Excludes series 77 and 95, for which data are not available.
2
60
SEPTEMBER 1988
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS
MAJOR ECONOMIC
PROCESS
Q j
Minor Economic
Process
Marginal Employment Adjustments
Timing Class
Year
and
month
EMPLOYMENT AND UNEMPLOYMENT
L, L, L
L, C, L
L. C. L
1. Average weekly hours
of production or nonsupervisory workers, manufacturing
L, Lg, U
21. Average weekly overtime hours of production
or nonsupervisory workers,
manufacturing
5. Average weekly initial
claims for unemployment
insurance, State programs1
(Hours)
(Thous.)
(Hours)
Comprehensive
Employment
Job Vacancies
60. Ratio, help-wanted
advertising in newspapers
to number of persons
unemployed
U.C.C
L, Lg, U
46. Index of help-wanted
advertising in newspapers
(Ann. rate,
bil. hours)
(1967 = 100)
(Ratio)
48. Employee hours in
nonagricultural establishments
1986
January
February
March
40.8
40.6
40.7
3.5
3.4
3.5
375
384
393
0.519
0.484
0.486
137
137
136
184.60
183.90
184.36
April
May
June
40.8
40.7
40.6
3.4
3.5
3.4
374
378
378
0.487
0.476
0.504
137
135
143
184.45
184.53
184.48
July
August
September
40.6
40.8
40.8
3.5
3.5
3.5
370
379
369
0.492
0.506
0.502
137
138
140
184.78
185.34
185.77
October
November
December
40.7
40.8
40.8
3.5
3.5
3.6
343
342
356
0.503
0.525
0.518
139
145
138
186.12
186.62
186.86
January
February
March
40.9
41.1
41.0
3.6
3.6
3.7
359
361
341
0.508
0.528
0.573
136
140
150
187.56
188.63
188.57
April
May
June
40.7
41.0
41.0
3.5
3.8
3.7
324
326
327
0.587
0.601
0.619
149
153
152
187.58
189.74
190.02
July
August
September
41.0
41.0
40.6
3.8
3.8
3.7
327
297
286
0.628
0.660
0.663
153
161
158
190.69
191.40
188.46
October
November
December
41.2
41.2
41.0
3.9
3.9
3.8
H>284
293
312
0.672
0.680
0.661
162
H>162
155
192.76
192.99
193.22
January
February
March
41.1
41.0
40.9
3.9
3.7
3.7
351
321
304
0.646
0.669
0.691
153
156
158
193.56
195.04
194.92
April
May
June
41.2
41.0
41.1
3.9
3.9
3.9
296
307
292
0.707
0.702
E>0.719
157
160
156
196.33
196.09
197.14
H>r41.2
p41.0
0)3.9
325
298
0.714
p0.695
159
pl60
0)rl98.23
pl97.68
1987
1988
July
August
September
p3.8
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.
RCII SEPTEMBER 1988
61
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
MAJOR ECONOMIC
PROCESS
Q
Minor Economic
Process
Comprehensive Employment—Continued
Timing Class
Year
and
month
EMPLOYMENT AND UNEMPLOYMENT-Continued
U,C,C
42. Number
of persons
engaged in nonagricultural
activities
(Thous.)
CCC
41. Employees
on nonagricultural payrolls
L,CU
40. Employees
on nonagricultural payrolls,
goodsproducing
industries
(Thous.)
(Thous.)
Comprehensive Unemployment
U, Lg, U
90. Ratio,
civilian employment to population of
working age
(Percent)
L, Lg, U
37. Number of
persons unemployed
L, Lg, U
L, Lg, U
43. Unemployment rate
45. Average
weekly insured
unemployment
rate, State
programsx
(Percent)
(Percent)
(Thous.)
Lg, Lg, Lg
91. Average
duration of
unemployment
(Weeks)
Lg, Lg, Lg
44. Unemployment rate,
persons unemployed 15
weeks and over
(Percent)
1986
January
February
March
105,597
105,427
105,640
98,788
98,887
98,973
24,832
24,752
24,688
59.87
59.61
59.74
7,847
8,427
8,330
6.7
7.2
7.1
2.8
2.8
2.8
15.0
15.4
14.6
1.8
2.0
1.9
April
May
June
105,793
105,938
106,495
99,136
99,262
99,170
24,679
24,587
24,499
59.74
59.73
60.02
8,373
8,444
8,441
7.1
7.2
7.1
2.8
2.8
2.8
14.6
14.7
15.1
1.8
1.9
1.9
July
August
September
106,710
106,929
106,883
99,457
99,608
99,963
24,476
24,457
24,429
60.05
60.10
60.05
8,278
8,115
8,298
7.0
6.9
7.0
2.8
2.8
2.8
15.2
15.5
15.4
1.9
1.9
2.0
October
November
December
107,052
107,224
107,504
100,120
100,349
100 571
24,428
24,429
24 471
60.07
60.15
60.20
8,230
8,214
7,919
6.9
6.9
6.7
2.7
2.7
2.6
15.2
15.0
15.0
1.9
1.9
1.9
January
February
March
107,840
108,119
108,218
100,795
101,016
101,260
24,501
24,533
24,536
60.30
60.43
60.43
7,964
7,886
7,791
6.7
6.6
6.5
2.6
2.6
2.6
15.0
14.8
14.9
1.8
1.8
1.7
April
May
June
108,556
109,065
109,108
101,615
101,829
102,078
24,596
24,653
24,684
60.57
60.79
60.72
7,557
7,573
7,308
6.3
6.3
6.1
2.5
2.4
2.4
14.8
14.8
14.7
1.7
1.7
1.7
July
August
September
109,427
109,907
109,688
102,430
102,672
102,906
24,788
24,851
24,902
60.84
61.02
60.87
7,251
7,256
7,091
6.0
6.0
5.9
2.3
2.3
2.2
14.2
14.3
14.2
1.6
1.6
1.6
October
November
December
109,961
110,332
110,529
103,371
103,678
104,001
25,025
25,123
25,201
61.00
61.11
61.19
7,177
7,090
6,978
6.0
5.9
5.8
2.1
2.1
2.1
14.1
14.0
14.2
1.5
1.5
1.5
January
February
March
110,836
111,182
110,899
104,262
104,729
105,020
25,180
25,271
25,330
61.33
61.44
61.23
7,046
6,938
6,801
5.8
5.7
5.6
2.3
2.3
2.2
14.4
14.4
13.7
1.4
1.4
1.4
April
May
June
111,485
111,160
111,933
105,281
105,489
61.52
61.20
0)61.59
6,610
6,783
5.4
5.6
0)6,455
0)5.3
2.1
2.1
2.1
13.4
13.8
0)12.9
1.3
rl06,057
25,435
25,466
r25,592
rlO6,257
0)plO6,476
0)r25,655
p25,647
61.56
61.58
6,625
6,851
5.4
5.6
2.1
0)2.1
13.6
13.7
1987
1988
July
August
September
112,014
0)112,029
October
November
December
See note on page 60.
Graphs of these series are shown on pages 14, 15, 17, and 18.
*Data exclude Puerto Rico, which is included in figures published by the source agency.
62
SEPTEMBER 1988
H>li2
1.3
1.4
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
MAJOR ECONOMIC
PROCESS
PRODUCTION AND INCOME
Minor Economic
Process
Timing Class . .
Year
and
month
Industrial Production
Comprehensive Output and Income
C, C,C
50. Gross national product
in 1982 dollars
C, C, C
(Ann. rate,
bil. dol.)
52. Constant
(1982) dollars
51. Personal
income less
transfer payments in 1982
dollars
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
Personal income
223. Current
dollars
(Ann. rate,
bil. dol.)
C,C,C
C, C, C
53. Wages and
salaries in 1982
dollars, mining,
mfg., and construction
(Ann. rate,
bil. dol.)
C, C, C
47. Index of
industrial
production
(1977 = 100)
c, c, c
73. Index of
industrial
production,
durable manufactures
(1977 = 100)
C.L.L
74. Index of
industrial
production,
nondurable
manufactures
(1977 = 100)
C.C.C
49. Value of
goods output
in 1982 dollars
(Ann. rate,
bil. dol.)
1986
January
February
March
3,719.3
3,439.3
3,459.8
3,483.0
3,022.2
3,053.7
3,079.6
2,575.6
2,604.1
2,626.5
540.3
539.8
548.0
126.4
125.5
123.9
129.8
128.9
127.4
128.6
128.2
127.3
1,604!7
April
May
June
3,7li!(5
3,516.5
3,514.5
3,521.0
3,109.2
3,093.8
3,088.6
2,654.6
2,638.3
2,632.5
545.2
544.9
541.4
124.7
124.3
124.1
128.5
127.7
126.9
128.9
129.7
130.2
1,598.0
July
August
September
3,721.3
3,532.9
3,545.4
3,561.7
3,090.9
3,093.7
3,091.8
2,629.0
2,636.0
2,634.2
542.5
544.0
542.7
124.8
124.9
124.5
128.1
127.9
128.4
130.6
131.1
130.3
1,595.3
October
November
December
3,734.7
3,579.6
3,595.5
3,623.6
3,101.9
3,107.6
3,126.5
2,643.2
2,649.2
2,666.8
548.2
544.9
545.0
125.3
125.7
126.8
128.6
129.0
129.7
131.2
131.7
133.4
1,597!8
January
February
March
3,776.7
3,641.3
3,683.5
3,703.4
3,114.9
3,142.9
3,143.8
2,655.8
2,682.5
2,685.4
543.0
542.4
545.6
126.2
127.1
127.4
129.3
130.8
131.5
132.7
132.9
133.7
1,616.'2
April
May
June
3,823.0
3,725.0
3,736.3
3,747.1
3,146.1
3,142.4
3,138.3
2,687.1
2,678.7
2,678.7
539.8
541.7
542.1
127.4
128.2
129.1
130.9
131.4
132.0
134.6
135.7
136.9
1,645.6
July
August
September
3,865 '.3
3,778.6
3,803.7
3,820.8
3,159.4
3,167.1
3,162.9
2,698.7
2,707.8
2,705.4
542.5
544.3
546.5
130.6
131.2
131.0
133.5
133.8
133.7
138.5
138.8
138.6
1,677.5
October
November
December
3,923.6
3,897.2
3,884.1
3,939.0
3,212.9
3,194.2
3,236.6
2,754.2
2,736.8
2,778.2
549.0
551.3
549.5
132.5
133.2
133.9
136.8
136.7
137.3
138.1
139.6
141.3
1,713.9
3,956!l
3,921.8
3,946.7
3,985.9
3,214.6
3,235.0
3,251.1
2,745.6
2,764.0
2,776.3
550.2
552.7
559.4
134.4
134.4
134.7
137.9
138.4
138.8
141.4
141.1
141.7
l,748!l
E)r3,985.2
r4,001.0
r4,021.4
r4,044.9
r3,242.3
r3,243.1
r3,254.1
r2,770.0
r2,773.7
r2,784.6
556.7
557.0
r560.7
135.4
136.1
rl36.5
139.7
141.5
141.7
rl42.1
rl42.7
r4,071.3
H>p4,078.5
0>r3,262.3
p3,255.0
0>r2,792.5
p2,786.0
[H>r562.3
p560.3
rl37.9
[H>pl38.2
1987
1988
January
February
March
April
May
June
July
August
September
rl42.9
E>pl43.3
142.3
H>rl,762.4
rl44.1
E>pl44.2
October
November
December
See note on page 60.
Graphs of these series are shown on pages 14, 19, 20, and 40.
ItCII SEPTEMBER 1988
63
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
PRODUCTION AND
INCOME—Continued
MAJOR ECONOMIC
PROCESS
Minor Economic
Process
Capacity Utilization
Timing Class .
Year
and
month
CONSUMPTION, TRADE, ORDERS, AND DELIVERIES
L, C, U
82. Capacity
utilization rate,
manufacturing
Orders and Deliveries
L, C, U
84. Capacity
utilization rate,
materials
L.L.L
Manufacturers' new orders,
durable goods industries
6. Current
dollars
(Percent)
(Percent)
L, L, L
7. Constant
(1982) dollars
(Bil. dol.)
(Bil. dol.)
,
L, L, L
8. Manufacturers' new
orders in 1982
dollars, consumer goods
and materials
(Bil. dol.)
L, Lg, U
L.L.L
25. Change in
manufacturers'
unfilled orders,
durable goods
industries1
(Bil. dol.)
96. Manufacturers' unfilled
orders, durable
goods industries
(Bil. dol.)
L,L,L
32. Vendor
performance,
companies receiving slower
deliveries1©
(Percent
reporting)
1986
January
February
March
80.7
80.2
79.2
80.5
79.8
78.5
102.61
101.12
100.45
95.98
94.59
93.88
82.62
80.40
78.35
1.92
1.75
3.54
370.35
372.10
375.64
46
48
50
April
May
June
79.9
79.6
79.3
78.7
78.3
78.0
99.04
97.27
97.29
92.38
90.65
90.59
81.10
78.36
80.38
-2.12
-1.63
-2.62
373.52
371.89
369.27
50
55
50
July
August
September
79.7
79.6
79.4
78.1
77.9
77.7
99.72
96.40
102.20
92.77
89.59
94.89
79.04
79.86
82.49
-0.13
-2.22
2.02
369.13
366.91
368.93
54
51
52
October
November
December
79.5
79.6
80.2
77.9
78.5
79.1
100.06
100.74
104.53
92.56
93.02
96.52
81.32
79.47
84.68
-0.44
1.34
0.87
368.49
369.83
370.70
54
56
56
January .
February
March
79.6
80.0
80.3
78.7
78.7
78.7
97.34
102.40
104.78
89.71
94.38
96.40
79.69
84.12
84.78
-3.28
-1.26
1.19
367.42
366.16
367.35
55
52
55
April
May
June
80.2
80.4
80.8
79.1
79.3
79.8
107.64
107.92
108.77
98.93
99.01
99.70
83.80
83.47
85.72
4.55
5.26
4.24
371.90
377.16
381.40
57
60
57
July
August
September
81.5
81.5
81.3
80.6
81.1
81.2
109.94
106.99
109.68
100.49
97.44
99.34
84.03
83.87
85.94
6.04
2.58
1.30
387.44
390.02
391.32
62
60
69
October
November
December
82.0
82.2
82.6
82.1
82.9
83.6
112.02
111.96
113.19
101.28
100.87
101.61
86.76
85.78
86.79
3.71
3.67
2.01
395.04
398.71
400.72
70
66
71
82.7
82.6
82.7
83.0
82.3
82.4
113.07
114.16
113.06
100.78
101.56
100.41
83.26
85.44
85.35
3.94
4.33
0.32
404.66
408.99
409.31
68
66
69
82.9
r83.3
r83.3
82.9
r83.0
r83.2
116.84
115.37
[H>rl25.44
rlO3.39
101.83
H>rll0.13
r85.78
87.96
r87.79
4.32
0.62
r8.92
413.62
414.24
r423.16
62
66
70
E>r83.9
p83.8
r84.4
(H)p84.5
rll6.14
pl23.14
rlO1.79
plO7.64
r85.21
DP89.34
r3.02
p4.98
r426.18
B>p431.16
68
64
1987
1988
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, 20, and 21.
1
The following series reached their high values before 1986:
64
series 25 (9.31) and series 32 (72) in March 1984.
SEPTEMBER 1988
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
MAJOR ECONOMIC
PROCESS
| Q
Minor Economic
Process
Timing Class
ccc
ccc
CL,C
57. Constant
(1982) dollars
56. Current
dollars
(Mil. dol.)
1986
Revised
(Mil. dol.)
2
Revised
75. Index of
industrial
production,
consumer
goods
(1977 = 100)
CL, U
U, L, U
Sales of retail stores
54. Current
dollars
(Mil. dol.)
FIXED CAPITAL
INVESTMENT
Formation of Business Enterprises
Consumption and Trade
Manufacturing and trade sales
Year
and
month
• •
l i l
CONSUMPTION, TRADE, ORDERS, AND DELIVERIES—Continued
59. Constant
(1982) dollars
(Mil. dol.)
L.C.C
55. Personal
consumption
expenditures,
automobiles
L, L, L
58. Index of
consumer
sentiment1©
L, L, L
12. Index of
net business
formation
(Ann. rate,
bil. dol.)
(1st Q
1966 = 100)
(1967 = 100)
L, L, L
13. Number of
new business
incorporations
(Number)
2
January
February
March
426,129
419,385
414,543
412,651
410,176
409,478
123.6
122.9
121.4
117,524
116,599
116,184
108,718
108,971
109,504
124!l
95.6
95.9
95.1
119.3
120.8
121.5
57,580
58,799
58,365
April
May
June
420,984
416,635
421,122
418,301
414,113
418,444
123.8
123.8
123.7
116,905
118,259
118,314
110,810
111,670
111,407
129.2
96.2
94.8
99.3
122.4
120.7
120.3
58,937
58,257
57,558
July
August
September
420,333
422,468
434,978
417,515
420,580
432,602
124.5
125.0
123.6
118,821
120,308
127,115
111,779
112,754
0)118,467
0)151.9
97.7
94.9
91.9
120.7
119.3
120.4
58,002
56,541
58,002
October
November
December
426,853
427,284
438,060
423,097
424,320
433,420
124.8
125.0
126.6
120,778
120,470
126,011
112,877
112,589
116,893
139.8
95.6
91.4
89.1
119.7
118.3
121.9
57,410
56,924
0)65,318
January
February
March
425,169
442,039
442,633
420,569
434,812
433,419
125.5
126.4
126.7
117,246
123,292
123,680
108,360
113,424
113,053
120.1
90.4
90.2
90.8
118.1
120.5
122.0
r55,071
r58,868
r60,248
April
May
June
444,300
446,897
451,532
432,710
431,990
435,135
125.5
127.3
127.2
124,609
124,797
126,461
113,384
113,041
114,032
92.8
91.1
91.5
120.7
119.8
120.3
r57,736
r56,627
r57,517
July
August
September
453,508
458,880
463,058
436,259
439,283
441,942
128.9
129.4
127.7
rl27,122
rl29,930
127,815
rll4,524
rll6,634
114,325
144.4
93.7
94.4
93.6
120.4
121.5
rl22.8
r57,494
r57,767
r57,697
October
November
December
463,257
461,244
464,394
440,980
437,629
439,754
129.0
129.4
129.8
126,808
127,248
128,615
113,120
113,412
114,630
128.0
89.3
83.1
86.8
rl21.8
rl22.8
rl23.2
r55,508
r55,901
r54,451
464,772
468,675
476,922
440,040
444,041
449,906
131.2
131.3
131.2
128,769
130,121
132,259
114,767
116,491
117,773
133^
90.8
91.6
94.6
rl24.2
rl24.5
E>rl25.3
r55,782
r57,574
r60,426
477,768
481,874
H> 488,787
448,136
448,952
0)452,240
131.9
rl32.7
133.0
131,717
132,833
rl33,617
116,667
117,137
rll7,517
rl39!8
91.2
94.8
94.7
rl22.8
rl24.2
rl23.5
r54,821
r58,379
p54,947
p487,714
(NA)
p448,618
(NA)
rl33.7
0)rl33,8OO
pl33,470
rll7,266
pll6,568
r93.4
97.4
rl20.7
pl21.3
(NA)
0)pl34.O
1987
1988
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.
x
2
Series 58 reached its high value (101.0) in March 1984.
See "New Features and Changes for This Issue," page iii.
BCD SEPTEMBER 1988
65
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
MAJOR ECONOMIC
PROCESS
I Q
Minor Economic
Process
FIXED CAPITAL INVESTMENT—Continued
Business Investment Commitments
Timing Class
L, L, L
L, L, L
20. Constant
(1982) dollars
10. Current
dollars
(Bil. dol.)
L, L, L
Manufacturers' new orders,
nondefense capital goods industries
Contracts and orders for
plant and equipment
Year
and
month
L, L, L
(Bil. dol.)
24. Current
dollars
(Bil. dol.)
U, Lg, U
L, C. U
9. Construction contracts awarded for
commercial and industrial buildingsx 2
27. Constant
(1982) dollars
Square feet of
floor space
(Bil. dol.)
(Millions)
Square meters of
floor space3
(Millions)
11. Newly
approved capital
appropriations,
1,000 manufacturing corporations
(Bil. dol.)
C, Lg, Lg
97. Backlog of
capital appropriations, 1,000
manufacturing
corporations2
(Bil. dol.)
1986
January
February
March
30.19
32.52
31.14
32.16
35.95
33.88
25.70
27.36
26.84
28.13
31.33
30.05
72.89
82.65
73.01
6.77
7.68
6.78
23.39
April
May
June
30.64
30.10
30.29
32.90
32.88
33.67
25.86
25.67
25.61
28.66
28.95
29.53
82.17
78.06
76.57
7.63
7.25
7.11
19.99
July
August
September
30.64
30.02
31.05
33.22
33.15
33.81
26.07
25.53
26.35
29.18
29.18
29.66
73.43
76.48
76.51
6.82
7.10
7.11
20.20
6.83
7.71
7.10
22.10
October
November
December
92.22
85.77
80.71
31.76
32.03
33.50
34.03
35.11
36.56
27.31
27.31
28.36
30.07
30.91
31.97
73.54
83.00
76.45
January
February
March
31.71
32.18
27.20
27.28
26.88
30.47
31.10
30.66
80.75
73.72
77.18
7.50
6.85
7.17
2K44
31.91
34.45
35.41
35.08
April
May
June
33.44
34.97
35.54
37.33
38.97
39.40
28.73
30.63
29.75
33.19
35.17
34.35
78.14
76.74
84.28
7.26
7.13
7.83
32^6
July
August
September
37.50
r34.89
34.30
41.82
r39.17
38.94
32.28
29.85
29.39
37.29
34.81
34.69
84.76
84.70
85.96
7.87
7.87
7.99
29.56
October
November
December
35.03
35.17
37.96
39.88
39.62
42.40
30.22
30.66
33.03
35.70
35.73
38.14
82.21
75.90
84.37
7.64
7.05
7.84
[H>35.91
37.67
38.90
36.40
42.89
43.91
41.35
33.87
33.82
31.92
39.63
39.59
37.56
69.43
91.89
73.91
6.45
8.54
6.87
p32.03
37.76
36.04
r40.19
r43.76
r41.53
r45.66
33.75
31.52
r35.46
r40.33
r37.72
r41.68
69.80
69.98
75.49
6.48
6.50
7.01
(NA)
r40.57
H)p43.10
r45.94
[H>p48.16
r36.22
E>p38.16
r42.29
H)p44.02
81.82
76.46
7.60
7.10
69.72
1987
69.17
74^4
74.55
78.06
1988
January
February
March
.
April
May
June
July
August
September
p78.93
(NA)
October
November
December
See note on page 60.
Graphs of these series are shown on pages 12, 23, and 24.
lr
This is a copyrighted series used by permission; it may not be reproduced without written permission from McGraw-Hill Information Systems Company, F. W. Dodge Division. 2 The following series reached their high values before 1986: series 9 (93.19 square feet and 8.66
square meters) in September 1985, and series 97 (99.88) in 2d quarter 1985. 'Converted to metric units by the Bureau of Economic Analysis.
66
SEPTEMBER 1988
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
MAJOR ECONOMIC
PROCESS
FIXED CAPITAL INVESTMENT-Continued
Minor Economic
Process
Timing Class .
C, Lg, Lg
C, Lg, Lg
Expenditures for new plant
and equipment
Year
and
month
1986
Residential Construction
Commitments and Investment
Business Investment Expenditures
61. Current
dollars
100. Constant
(1982) dollars
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
Revised2
Revised2
C Lg, Lg
69. Machinery
and equipment
sales and
business
construction
expenditures
(Ann. rate,
bil. dol.)
C Lg, U
C Lg, C
76. Index of
industrial production, business equipment
(1977 = 100)
Lg, Lg, Lg
C Lg, C
28. New private housing
units started1
Gross private nonresidential
fixed investment in 1982 dollars
86. Total
(Ann. rate,
bil. dol.)
87. Structures x
(Ann. rate,
bil. dol.)
L, L, L
88. Producers'
durable equipment
(Ann. rate,
bil. dol.)
(Ann. rate,
thous.)
L, L, L
L, L, L
29. Index of
new private
housing units
authorized by
local building
permits *
89. Gross private residential
fixed investment
in 1982 dollars
(1967 = 100)
(Ann. rate,
bil. dol.)
January
February
March
381*33
384.62
392.50
399.19
393.40
142.1
141.3
139.2
446.8
145*1
301*7
1,938
1,869
1,873
147.3
140.9
141.9
185*5
April
May
June
377.91
375.87
395.79
384.77
391.06
139.6
138.6
137.2
432.8
126.7
306.1
1,947
1,847
1,845
148.2
143.3
142.7
195*7
July
August
September
375*66
369.21
385.28
387.20
381.72
139.4
139.1
139.6
425.6
121*7
303*9
1,789
1,804
1,685
141.9
137.6
134.4
199*0
October
November
December
383.05
375^34
391.92
388.64
394.05
139.4
138.8
139.5
427*3
123*8
303.5
1,683
1,630
1,837
133.6
131.1
151.8
0)199*7
January
February
March
376.73
370*67
380.86
390.75
389.03
138.6
141.7
141.9
418*2
121 !6
297*2
1,804
1,809
1,723
134.9
134.6
134.1
198.4
April
May
June
380.66
374*67
394.44
393.13
402.72
142.1
141.7
144.2
434.8
120*9
313*8
1,635
1,599
1,583
127.3
119.9
122.7
197*6
July
August
September
394*54
391.18
412.08
411.20
424.48
145.6
145.6
146.3
462*8
128*0
334*7
1,594
1,583
1,679
120.4
120.7
119.7
192.1
October
November
December
406*82
403*05
416.93
416.55
423.85
148.7
148.3
149.8
464*8
132 ! l
332.7
1,538
1,661
1,399
115.9
116.3
109.4
192*7
412.02
408.91
430.32
429.21
436.50
151.2
152.4
153.3
473.4
124*0
349*4
1,382
1,519
1,529
99.5
114.0
117.7
189.5
April
May
June
H>426*94
[H)425!i4
443.27
r453.10
r452.48
154.6
rl56.9
E>r490'.2
rl25.0
H)r365!i
1,584
1,393
rl,465
115.6
114.5
119.1
rl89.6
July
August
September
ra440*42
ra438.83
E>p455.03
(NA)
rl59.3
@}pl59.7
rl,485
pi,436
113.2
116.7
October
November
December
ra444*40
ra444.53
1987
1988
January
February
March
rl58.4
See note on page 60.
Graphs of these series are shown on pages 13, 24, and 25.
'The following series reached their high values before 1986;
(158.5) in February 1984.
2
See "New Features and Changes for This Issue/' page iii.
ItCII
SEPTEMBER 1988
series 87 (151.4) in 2d quarter 1985, and series 28 (2,260) and series 29
67
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
MAJOR ECONOMIC
PROCESS
NVENTORIES AND INVENTORY INVESTMENT
Minor Economic
Inventory Investment
Process
L, L, L
Timing Class
30. Change in
business invenYear
L, Lf L
L, L, L
tories in 1982
dollars 1
36. Change in mfg. and trade
inventories on hand and on
order in 1982 dollars1
Actual
and
Inventories on Hand and on Order
L, L, L
38. Change in
31. Change
in mfg. and
mfrs.' inven-
trade inven-
tories, mate-
tories
rials and sup-
Smoothed 2
month
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
(Ann. rate,
(Ann. rate,
bil. dol.)
bil. dol.)
Revised
Lg, Lg, Lg
Manufacturing and trade
inventories
plies on hand
71. Current
and on order
dollars
(Bil. dol.)
3
Lg, Lg, Lg
70. Constant
(1982) dollars
(Bil. dol.)
(Bil. dol.)
Revised
Lg, Lg, Lg
Lg, Lg, Lg
L, Lg, Lg
65. Manu-
77. Ratio,
78. Mfrs.'
facturers' in-
mfg. and
inventories,
ventories,
trade inven-
materials and
finished
tories to
supplies on
goods
sales in
hand and on
1982 dollars
order
(Bil. dol.)
(Bil. dol.)
(Ratio)
3
Revised
3
1986
24.56
27.68
52.16
15.84
20.58
29.61
9.0
-3.6
22.1
-0.60
1.35
-0.82
656.91
656.62
658.46
639.74
641.72
646.48
105.25
104.86
104.60
1.55
1.56
E>1.58
238.30
239.65
238.83
25.76
-40.28
10.64
35.00
23.87
5.63
7.2
-30.7
8.8
-1.21
-1.01
-1.15
659.06
656.50
657.24
649.07
647.07
648.17
104.54
104.34
103.52
1.55
1.56
1.55
237.62
236.61
235.46
3'.6
21.02
-20.50
-21.92
-2.08
0.42
-1.71
30.0
-9.1
-18.2
-0.58
-0.70
1.24
659.74
658.98
657.46
650.88
649.15
646.21
103.92
103.36
102.43
1.56
1.54
1.49
234.89
234.19
235.43
-16I5
19.81
-8.17
1.94
-7.34
-5.48
0.55
25.3
-6.2
-47.8
-0.86
0.91
1.92
659.57
659.05
655.06
647.49
646.69
644.74
102.42
103.44
102.60
1.53
1.52
1.49
234.57
235.47
237.40
2^8
34.87
7.33
46.87
7.04
12.13
22.20
74.2
19.2
37.7
-1.06
-0.59
1.82
661.25
662.85
665.99
649.35
649.72
651.98
103.41
103.02
103.23
1.54
1.49
1.50
236.33
235.74
237.56
27^8
19.90
54.35
46.36
27.20
32.54
40.29
26.5
74.4
40.5
2.82
1.09
2.71
668.20
674.40
677.78
652.61
656.22
657.99
102.94
103.23
102.57
1.51
1.52
1.51
240.38
241.47
244.17
1316
33.66
-5.96
46.16
42.50
34.74
24.65
39.8
15.3
52.2
2.76
1.75
2.20
681.09
682.37
686.72
659.44
658.09
660.52
103.84
104.66
104.04
1.51
1.50
1.49
246.94
248.68
250.88
67 ! i
82.87
43.50
64.86
32.82
49.27
60.63
H>97.1
70.5
79.7
2.18
1.02
1.04
694.81
700.69
707.33
666.42
669.88
674.91
105.04
105.86
106.82
1.51
1.53
1.53
253.06
254.08
255.11
66.6
40.56
47.59
11.38
56.69
50.32
42.09
51.1
37.9
30.0
H>3.81
0.25
1.32
711.59
714.75
717.25
679.86
683.23
684.90
107.42
108.16
108.08
1.55
1.54
1.52
258.92
259.18
260.49
r35.3
r5.05
r24.92
rl6.10
r27.26
rl7.56
rl4.57
45.2
57.8
67.8
r2.52
2.83
r2.21
721.02
725.83
731,48
r686.17
r687.95
E)r689.75
108.09
108.43
rlO9.O2
1.53
1.53
1.53
263.01
265.83
r268.04
p-17.90
(NA)
pll.53
(NA)
p26.5
(NA)
pi.40
(NA)
B)p733.69
(NA)
p688.46
(NA)
H)plO9.87
pi.53
(NA)
0>p269.45
(NA)
January
February
March
April
May
23^6
June
July
August
September
October
November
December
1987
January
February
March
April
May
June
July
August
September
October
November
December
IQfifi
17OO
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 13, 15, 26, and 27.
lf
The following series reached their high values before 1986: series 30 (83.4) in 1st quarter 1984, series 36 actual (91.94) in February
1984, and series 36 smoothed (79.42) in May 1984. 2 This series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the
terminal month of the span. 3 See "New Features and Changes for This Issue," page iii.
SEPTEMBER 1988
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
MAJOR ECONOMIC
PROCESS
Q |
Minor Economic
Process
Stock
Prices
Sensitive Commodity Prices
Timing Class
L, L, L
98. Change in
producer prices
for sensitive
crude and
intermediate
materials1
Year
and
month
(Percent)
U, L, L
23. Index of
spot market
prices, raw
industrial,
materials 2 (u)
(1967 = 100)
PRICES, COSTS, AND PROFITS
L, L, L
L, L, L
99. Change in sensitive materials
prices
Smoothed3
Actual
(Percent)
(Percent)
19. Index of
stock prices,
500 common
stocks ©
(1941-43 = 10)
Profits and Profit Margins
L, L,L
L, L,L
Corporate profits after tax
16. Current
dollars
18. Constant
(1982) dollars1
L,C,L
L, C, L
Corporate profits after tax
with IVA and CCAdj **
79. Current
dollars
80. Constant
(1982) dollars
L, L,L
22. Ratio, corporate domestic profits after
tax to corporate domestic
income1
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
(Percent)
1986
0.37
-0.92
0.93
236.9
233.3
223.1
0.29
-0.68
-0.99
-0.05
-0.05
-0.28
208.19
219.37
232.33
123.*2
113.7
H>204.'6
H)196)6
4.#4
1.29
0.82
0.45
219.9
221.3
225.0
0.00
0.50
0.69
-0.51
-0.36
0.12
237.98
238.46
245.30
125^4
115)6
192'.2
181.9
4)8
July
August
September
0.99
-2.14
1.18
227.6
212.0
221.2
0.69
-2.83
1.71
0.51
0.07
-0.31
240.18
245.00
238.27
132)6
120.7
193.3
180.7
4.9
October
November
December
1.17
1.16
-0.18
235.5
243.7
247.5
2.27
1.35
0.38
0.12
1.08
1.56
237.36
245.09
248.61
137)9
124.9
179.6
166.1
5)l
0.35
0.26
0.88
252.8
247.2
246.3
0.76
-0.57
0.19
1.08
0.51
0.16
264.51
280.93
292.47
135.5
121.5
172.0
157.6
4.8
-0.26
2.52
1.78
253.8
272.6
276.4
0.85
E>3.00
1.00
0.14
0.75
1.48
289.32
289.12
301.38
141.1
125!7
172)6
157)0
5)6
1.92
1.55
3.38
284.2
288.3
292.4
1.53
0.98
1.58
EH.73
1.51
1.27
310.09
K>329.36
318.66
14915
133.2
182.1
165)8
5.2
2.57
1.44
0.07
294.6
292.0
293.1
1.13
0.26
0.17
1.30
1.11
0.76
280.16
245.01
240.96
145)7
128.2
179)9
162)4
4)7
0.67
0.52
1.11
292.5
288.9
292.3
0.17
-0.17
0.77
0.36
0.13
0.16
250.48
258.13
265.74
149.4
131.2
179.3
161.3
5.3
April
May
June
-1.02
-0.07
0.37
297.3
301.6
309.5
0.08
0.42
0.84
0.24
0.32
0.44
262.61
256.12
270.68
0>rl62'.7
rl43*.i
rl83*.2
rl63".7
5'.5
July
August
September
1.69
-0.07
309.0
H)309.9
5
306.7
0.58
0.08
0.53
0.56
January
February
March
April
May
June
1987
January
February
March
April
May
June
July
August
September
October
November
December
:.
1988
January
February
March
6
269.05
263.73
268.60
October
November
December
See note on page 60.
Graphs of these series are shown on pages 13, 28, and 29.
lf
The following series reached their high values before 1986: series 98 (3.55) in July 1983; and series 18 (149.4) and series 22 (6.9) in
1st quarter 1984. 2 This is a copyrighted series used by permission; it may not be reproduced without written permission from Commodity
Research Bureau, Inc. 3 See footnote 2 on page 68. 4 See footnote 1 on page 70. 5 Average for September 1 through 27. 6 Average for
September 7, 14, 21, and 28.
I M J I SEPTEMBER 1988
69
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
MAJOR ECONOMIC
PROCESS
| 3
Minor Economic
Process
Year
and
month
Cash Flows
Profits and Profit Margins—Continued
Timing Class
U, L, L
L, L, L
81. Ratio, corporate domestic profits after
tax with IVA
and CCAdj to
corp. domestic
income1 2
15. Profits after
taxes per dollar
of sales, manufacturing corporations
(Percent)
(Cents)
PRICES, COSTS, AND PROFITS-Continued
L, L, L
26. Ratio, implicit price deflator to unit
labor cost,
nonfarm business sector
(1977 = 100)
L, L, L
Unit Labor Costs and Labor Share
L, L, L
Corporate net cash flow
34. Current
dollars
Lg, Lg, Lg
63. Index of
unit labor cost,
business sector
35. Constant
(1982) dollars
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
(1977 = 100)
Lg, Lg, Lg
Lg, Lg, Lg
68. Labor cost
per unit of real
gross domestic
product, nonfinancial corporations
(Dollars)
Lg, Lg, Lg
62. Index of labor cost per unit
of output, manufacturing
Actual data
Actual data
as a percent
of trend
(1977 = 100)
(Percent)
64. Compensation of employees as a
percent of national income
(Percent)
1986
January
February
March
SA
3.7
DlOO.l
373*.7
375'.7
163.3
0.71.6
136.7
137.2
|H>140.2
99.6
100.0
0)102.2
72*.8
April
May
June
8!l
4.3
99.9
373!i
374'.3
164.9
O.n7
137.5
138.1
138.3
100.2
100.7
100.8
72^6
July
August
September
i'.9
3^
99.7
37^6
380.5
167.3
0.722
137.5
138.1
138.2
100.2
100.7
100.7
73!6
October
November
December
7.2
3.5
98.5
386'.2
385'.7
169.6
0.725
139.2
138.0
136.9
101.5
100.6
99.8
1)73'.4
January
February
March
6.5
4.6
98*. 8
385'.9
386.4
170.5
0.730
138.1
137.6
137.9
100.7
100.3
100.5
73!6
April
May
June
6^
k'.9
99^4
393^9
393^8
170.8
0.730
136.9
136.6
136.2
99.8
99.6
99.3
73^6
July
August
September
6^7
99.9
404! 2
404.3
171.1
0.729
135.2
135.8
137.4
98.5
99.0
100.1
72^9
October
November
December
6.2
4.4
99.1
402'.4
402^6
173.5
0.738
136.4
136.5
135.6
99.4
99.5
98.8
72*.9
6*.6
E>6'.3
99.1
407'.3
405.0
173.5
0.736
135.9
136.4
137.9
99.1
99.4
100.5
73.1
136.8
p5!8
98.7
[H>r426.'8
|H>r418.'7
@>rl76.'7
0>rO.747
rl36.4
rl37.2
99.7
r99.4
rlOO.O
r73.2
rl36.9
pl36.6
r99.8
p99.6
1987
1988
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 15, 29, and 30.
^VA, inventory valuation adjustment; CCAdj, capital consumption adjustment.
2
Series 81 reached its high value (8.6) in 3d quarter 1985.
70
SEPTEMBER 1988
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
MAJOR ECONOMIC
PROCESS
Q |
Minor Economic
Process
Money
Timing Class
Year
and
month
MONEY AND CREDIT
L, L,L
85. Change
in money
supply M l
(Percent)
L, C, U
102. Change
in money
supply M2 1
(Percent)
L, L, L
Velocity of Money
L, L,L
L, L, L
104. Change
in total liquid
assetsl
105. Money
supply Ml in
1982 dollars
106. Money
supply M2 in
1982 dollars
(Percent)
(Bil. dol.)
(Bil. dol.)
C,C,C
107. Ratio,
gross national
product to
money supply
Ml 1
(Ratio)
C Lg, C
108. Ratio,
personal income
to money supply
M21
(Ratio)
Credit Flows
L, L, L
33. Net change
in mortgage debt
held by financial
institutions and
life insurance
companies1
(Ann. rate,
bil. dol.)
L, L, L
112. Net change
in business loans
(Ann. rate,
bil. dol.)
1986
January
February
March
0.26
0.56
1.41
0.35
0.44
0.79
0.69
0.62
0.63
546.8
551.3
562.1
2,261.7
2,277.7
2,307.9
6.667
1.337
1.340
1.338
-23.17
57.40
43.56
62.84
-32.09
-14.94
April
May
June
1.14
1.64
1.47
0.93
0.95
0.94
0.68
0.70
0.63
569.4
577.7
583.2
2,333.5
2,351.4
2,361.0
6.459
1.338
1.325
1.315
52.58
30.83
(NA)
-56.35
20.84
-7.87
July
August
September
1.44
1.45
1.01
0.95
0.84
0.66
0.78
0.66
0.70
591.5
599.0
603.5
2,383.5
r2,399.2
2,408.8
6.281
1.307
1.301
1.298
-7.43
40.57
-15.14
October
November
December
1.09
1.65
r0.47
0.52
rO.72
609.0
618.0
633.0
r2,424.2
r2,434.5
r2,450.0
6.072
0)2.69
0.82
0.60
0.90
1.294
1.292
1.291
24.23
20.02
93.40
January
February
March
0.83
-0.01
0.40
0.71
0.05
0.18
0.70
0.30
-0.03
633.8
631.0
630.8
r2,450.3
r2,441.0
r2,434.9
5.997
1.288
1.302
1.307
0)126.83
-19.49
-33.82
April
May
June
1.43
0.24
-0.59
0.46
0.06
0.09
0.38
0.67
0.35
637.0
636.4
631.0
r2,435.6
r2,428.8
r2,424.7
6.024
1.308
1.311
1.314
3.54
-5.56
-7.10
July
August
September
0.20
0.39
0.13
0.23
0.40
0.40
0.07
r0.55
rO.62
630.7
630.5
629.2
r2,424.1
r2,423.4
r2,424.9
6.124
1.322
1.326
1.326
-51.73
-34.25
22.25
October
November
December
1.16
-0.46
-0.25
0.48
0.07
0.16
r0.68
0.26
0.02
634.4
629.9
627.2
r2,428.3
r2,423.8
2,423.6
6.i91
1.346
1.341
1.358
38.02
5.00
61.02
January
February
March
1.07
0.09
0.45
r0.83
0.72
0.72
r0.86
r0.74
0.60
631.8
631.3
631.0
r2,435.6
r2,449.0
r2,454.5
6.2i3
1.341
1.340
1.343
54.84
65.56
10.39
April
May
June
0.94
0.01
0.82
r0.79
r0.38
r0.48
r0.96
rO.67
r0.31
633.8
631.8
634.9
r2,461.6
r2,462.8
[H)r2,466.6
r6.246
rl.338
1.339
1.341
rl0.86
r2.93
0.76
pO.Ol
-0.08
rO.3O
p0.19
p0.92
(NA)
H>637.1
p634.6
r2,464.0
p2,458.8
1.346
pi.345
r54.55
p-4.88
1987
1988
July
August
September
2
118.04
October
November
December
See note on page 60.
Graphs of these series are shown on pages 13, 31, and 32.
x
The following series reached their high values before 1986: series 102 (2.66) in January 1983, series 104 (1.20) in March 1984, series
107 (7.035) in 4th quarter 1984, series 108 (1.373) in March 1984, and series 33 (143.70) in September 1984. 2Average for weeks ended
September 5 and 12.
SEPTEMBER 1988
71
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
MAJOR ECONOMIC
PROCESS
I l l
Minor Economic
Process
Year
and
month
Credit Difficulties
Credit Flows-Continued
Timing Class
L, L, L
113. Net change
in consumer
installment
credit1
(Ann. rate,
bil. dot.)
L, L, L
111. Change in
business and
consumer credit
outstanding1
MONEY AND CREDIT—Continued
L,L,L
110. Funds
raised by private
nonfinancial
borrowers in
credit marketsl
(Ann. rate,
percent)
(Ann. rate,
mil. dol.)
L,L,L
14. Current
liabilities of
business
failures1©
(Mil. dol.)
Bank Reserves
L.L.L
39. Percent
of consumer
installment
loans delinquent 30 days
and over1
(Percent)
Interest Rates
L, U, U
L, Lg, U
93. Free
reserves1©
94. Member
bank borrowings from the
Federal
Reserve x @
119. Federal
funds rate 1 ©
(Mil. dol.)
(Percent)
(Mil. dol.)
L, Lg, Lg
C Lg, Lg
114. Discount
rate on new
issues of 91-day
Treasury bills 1 ©
(Percent)
1986
January
February
March
75.25
78.84
35.45
12.4
5.6
4.7
411,284
3,238.9
3,252.2
3,278.8
2.27
2.29
2.41
341
214
135
770
884
761
8.14
7.86
7.48
7.04
7.03
6.59
April
May
June
60.43
59.93
51.44
2.2
7.7
3.6
575,340
1,766.8
3,572.8
3,467.6
2.44
2.52
2.53
-92
-38
127
893
876
803
6.99
6.85
6.92
6.06
6.12
6.21
July
August
September
62.69
54.25
73.09
6.4
6.9
3.7
738,552
7,464.6
2,748.4
5,126.7
2.22
2.33
2.24
169
-132
-282
741
872
1,008
6.56
6.17
5.89
5.84
5.57
5.19
October
November
December
75.35
21.72
0.50
8.6
4.7
13.3
777,632
2,870.8
2,170.2
4,326.8
2.25
2.34
2.26
-96
225
542
841
752
827
5.85
6.04
6.91
5.18
5.35
5.49
-10.39
31.74
22.08
7.0
1.9
2.1
334,'456
3,351.9
3,636.6
3,357.6
2.43
2.40
2.28
488
656
388
580
556
5?7
6.43
6.10
6.13
5.45
5.59
5 .56
April
May
June
55.44
13.93
79.74
6.7
4.6
7.9
591,436
3,201.2
p2,872.4
p2,742.3
2.36
2.43
2.35
-166
44
414
993
1,035
776
6.37
6.85
6.73
5.76
5.75
5.69
July
August
September
67.61
56.14
57.46
1.6
4.1
8.9
559,868
p2,142.7
pi,907.4
p2,026.2
2.34
2.37
2.35
89
385
-147
672
647
940
6.58
6.73
7.22
5.78
6.00
6.32
October
November
December
47.39
21.59
51.54
9.1
5.8
11.4
642,964
p3,151.6
pi,610.6
p5,512.2
2.66
2.54
2.47
186
298
252
943
625
111
7.29
6.69
6.77
6.40
5.81
5.80
74.83
60.42
62.29
13.2
10.1
6.2
p466,356
p4,101.8
p4,093.3
p3,370.9
2.44
2.32
2.19
213
737
-823
1,082
396
1,752
6.83
6.58
6.58
5.90
5.69
5.69
April
May
June
46.21
35.78
r96.64
rl2.5
6.2
r9.2
(NA)
p2,892.8
(NA)
2.31
2.32
2.34
-2,134
-1,538
-2,195
2,993
2,578
3,083
6.87
7.09
7.51
5.92
6.27
6.50
July
August
September
p30.89
(NA)
p9.3
(NA)
r-2,433
p-2,293
3,440
p3,241
1987
January
February
March
1988
January
February
March
(NA)
2
7.75
8.01
8.15
3
6.73
7.02
7.22
October
November
December
See note on page 60.
Graphs of these series are shown on pages 13, 32, 33, and 34.
lr
The following series reached their high values before 1986: series 113 (132.08) in September 1985; series 111 (22.6) in June 1984; series 110 (948,376) in 4th quarter 1985; series 14 (829.2) in July 1983; series 39 (1.78) in February 1984; and series 93 (-7,328), series
94 (8,017), series 119 (11.64), and series 114 (10.49) in August 1984. 2Average for weeks ended September 7, 14, and 21. 3Average for
weeks ended September 1, 8, 15, and 22.
72
SEPTEMBER 1988
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
MAJOR ECONOMIC
PROCESS
Q
Minor Economic
Process
Outstanding Debt
Interest Rates—Continued
Timing Class
Year
and
month
MONEY AND CREDIT-Continued
Lg, Lg, Lg
116. Yield on
new issues of
high-grade
corporate
C Lg, Lg
115. Yield on
long-term
Treasury
bonds1©
bonds1®
(Percent)
(Percent)
U, Lg, Lg
117. Yield on
municipal
bonds, 20bond average1©
(Percent)
Lg, Lg, Lg
Lg, Lg, Lg
118. Secondary
market yields
onFHA
mortgages1©
67. Bank rates
on short-term
business
loans1©
(Percent)
(Percent)
Lg, Lg, Lg
Lg, Lg, Lg
109. Average
prime rate
charged by
banks 1 ©
66. Consumer
installment
credit outstanding
(Percent)
(Mil. dol.)
Lg, Lg, Lg
Lg, Lg, Lg
Commercial and industrial
loans outstanding
72. Current
dollars
101. Constant
(1982) dollars
(Mil. dol.)
(Mil. dol.)
Lg, Lg, Lg
95. Ratio,
consumer installment credit
outstanding
to personal
income
(Percent)
1986
10.33
9.76
8.95
9.51
9.07
8.13
8.08
7.44
7.08
10.78
10.59
9.77
9.*29
9.50
9.50
9.10
524,025
530,595
533,549
353,832
351,158
349,913
342,860
345,288
348,866
15.24
15.34
15.32
April
May
June
8.71
9.09
9.39
7.59
8.02
8.23
7.20
7.54
7.87
9.80
10.07
9.98
8!l3
8.83
8.50
8.50
538,585
543,579
547,866
345,217
346,954
346,298
346,603
346,954
346,645
15.32
15.47
15.56
July
August
September
9.11
9.03
9.28
7.86
7.72
8.08
7.51
7.21
7.11
10.01
9.80
9.90
7^3
8.16
7.90
7.50
553,090
557,611
563,702
345,679
349,060
347,798
347,766
351,521
349,897
15.66
15.73
15.83
October
November
December
9.29
8.99
8.87
8.04
7.81
7.67
7.08
6.85
6.86
9.80
9.26
9.21
7.*28
7.50
7.50
7.50
569,981
571,791
571,833
349,817
351,485
359,268
350,870
352,189
360,349
15.92
15.90
15.78
January
February
March
8.59
8.58
8.68
7.60
7.69
7.62
6.61
6.61
6.66
8.79
8.81
8.94
7^46
7.50
7.50
7.50
570,967
573,612
575,452
369,837
368,213
365,395
0)367,997
364,567
361,062
15.68
15.57
15.54
April
May
June
9.36
9.95
9.64
8.31
8.79
8.63
7.55
8.00
7.79
10.02
10.61
10.33
8.24
7.75
8.14
8.25
580,072
581,233
587,878
365,690
365,227
364,635
358,871
355,972
354,015
15.57
15.56
15.69
July
August
September
9.70
10.09
10.63
8.70
8.97
9.58
7.72
7.82
8.26
10.38
10.55
11.22
8^20
8.25
8.25
8.70
593,512
598,190
602,978
360,324
357,470
359,324
348,139
344,383
346,503
15.71
15.73
15.78
October
November
December
10.80
10.09
10.22
9.61
8.99
9.12
8.70
7.95
7.96
10.90
10.76
10.63
8.*47
9.07
8.78
8.75
606,927
608,726
613,021
362,492
362,909
367,994
348,215
348,281
353,161
15.57
15.67
15.56
9.81
9.43
9.68
8.82
8.41
8.61
7.69
7.49
7.74
10.17
9.86
10.28
8.37
8.75
8.51
8.50
619,258
624,294
629,485
372,564
378,027
378,893
356,180
360,713
361,194
15.79
15.82
15.79
9.92
10.25
10.08
8.91
9.24
9.04
7.81
7.91
7.78
10.46
10.84
10.65
8.49
8.50
8.84
9.00
633,336
636,318
r644,372
388,730
r389,635
r389,879
367,420
r365,854
r363,016
rl5.83
rl5.82
[H>rl5.93
7.76
7.79
7.66
10.66
10.74
9.29
9.84
10.00
R)p646,945
(NA)
H)r394,425
p394,018
r365,886
p364,831
pl5.89
(NA)
January
February
March
1987
1988
January
February
March
April
May
June
July
August
September
2
10.12
10.27
10.05
2
9.20
9.33
9.09
3
9^75
4
October
November
December
See note on page 60.
Graphs of these series are shown on pages 15, 34, and 35.
x
The following series reached their high values before 1986: series 116 (14.49), series 115 (13.00), and series 117 (10.67) in June 1984;
series 118 (15.01) in May 1984; series 67 (13.29) in 3d quarter 1984; and series 109 (13.00) in August 1984. 2Average for weeks ended
September 2, 9, 16, and 23. 3Average for weeks ended September 1, 8, 15, and 22. ^Average for September 1 through 27.
SEPTEMBER 1988
73
CYCLICAL INDICATORS
C
DIFFUSION INDEXES AND RATES OF CHANGE
Q |
Year
and
month
950. Eleven leading
indicator components
(series 1, 5, 8, 19, 20,
29,32,36,99, 106, 111)1
1-month
span
6-month
span
951. Four roughly
coincident indicator
components (series
41, 47, 51, 57)
1-month
span
DIFFUSION INDEXES
952. Six lagging
indicator components
(series 62, 77, 91, 95,
101, 109)
6-month
span
1-month
span
6-month
span
961. Average weekly
hours of production or
nonsupervisory workers,
20 manufacturing
industries
1-month
span
9-month
span
962. Initial claims for
unemployment insurance,
State programs, 51
areas 2
1-month
span
963. Employees on
private nonagricultural
payrolls, 186
industries
9-month
span
1-month
span
6-month
span
1986
January
February
March
59.1
45.5
59.1
59.1
50.0
54.5
75.0
75.0
50.0
100.0
75.0
75.0
58.3
75.0
66.7
50.0
66.7
50.0
32.5
17.5
80.0
80.0
50.0
37.5
58.8
52.9
64.7
49.0
39.2
51.0
57.0
47.3
49.5
48.1
47.3
43.8
April
May
June
63.6
50.0
59.1
54.5
63.6
63.6
100.0
25.0
37.5
75.0
75.0
100.0
0.0
66.7
33.3
41.7
50.0
33.3
45.0
42.5
45.0
65.0
50.0
40.0
25.5
74.5
56.9
56.9
56.9
67.6
50.8
51.9
46.8
42.7
43.2
47.0
July
August
September
59.1
50.0
50.0
68.2
72.7
90.9
87.5
100.0
75.0
75.0
100.0
100.0
50.0
50.0
41.7
50.0
41.7
50.0
40.0
80.0
65.0
75.0
55.0
67.5
34.3
78.4
17.6
92.2
45.1
90.2
51.9
54.1
51.4
46.5
50.0
55.9
October
November
December
54.5
81.8
81.8
72.7
81.8
90.9
75.0
87.5
100.0
75.0
100.0
100.0
91.7
41.7
25.0
75.0
33.3
58.3
47.5
77.5
45.0
90.0
77.5
55.0
71.6
80.4
7.8
70.6
70.6
94.1
53.0
58.9
58.9
53.2
55.9
58.4
January
February
March
36.4
45.5
63.6
72.7
72.7
63.6
25.0
100.0
50.0
100.0
100.0
50.0
66.7
25.0
25.0
50.0
58.3
50.0
72.5
72.5
22.5
70.0
75.0
85.0
88.2
35.3
52.0
69.6
82.4
78.4
50.8
59.2
61.1
64.6
64.3
63.0
April
May
June
40.9
45.5
59.1
72.7
63.6
72.7
62.5
50.0
87.5
100.0
100.0
100.0
75.0
50.0
58.3
50.0
66.7
50.0
7.5
95.0
50.0
77.5
42.5
77.5
73.5
78.4
15.7
80.4
94.1
90.2
62.4
62.4
61.6
70.3
72.4
77.3
July
August
September
50.0
45.5
45.5
72.7
72.7
r63.6
100.0
100.0
50.0
100.0
100.0
100.0
41.7
41.7
83.3
50.0
66.7
50.0
62.5
52.5
25.0
55.0
62.5
87.5
64.7
84.3
37.3
92.2
59.8
62.7
70.8
62.2
68.1
78.4
79.7
82.7
October
November
December
81.8
22.7
50.0
54.5
59.1
40.9
75.0
50.0
100.0
100.0
100.0
100.0
66.7
75.0
25.0
83.3
83.3
83.3
87.5
35.0
25.0
35.0
50.0
60.0
86.3
23.5
5.9
27.5
62.7
80.4
67.3
67.8
68.4
77.8
77.0
76.5
January
February
March
45.5
54.5
54.5
31.8
50.0
63.6
75.0
87.5
100.0
100.0
100.0
100.0
75.0
58.3
50.0
83.3
r75.0
r91.7
55.0
30.0
52.5
45.0
65.0
30.0
80.4
29.4
60.8
49.0
41.2
r31.4
61.6
61.6
62.2
73.5
70.3
r70.3
April
May
June
63.6
31.8
81.8
77.3
83.3
50.0
100.0
100.0
100.0
75.0
25.0
83.3
100.0
r94.1
r31.4
r29.4
p25,5
63.8
58.1
r68.9
r72.4
p71.1
r75.0
82.5
22.5
r60.0
p27.5
loo.o
41.7
25.0
r57.5
p25.0
1987
1988
July
August
September
3
36.4
55.6
3
75.0
"66.7
5
5
r68.6
p22.5
r60.8
p56.5
October
November
December
NOTE: Figures are the percent of series components rising. (Half of the unchanged components are counted as rising.) Data are centered within the spans: 1-month indexes are placed on the 2d month, 6month indexes on the 4th month, and 9-month indexes on the 6th month of the span; 1-quarter indexes are placed on the 1st month of the 2d quarter and 4-quarter indexes on the 2d month of the 3d quarter.
Series are seasonally adjusted except for those, indicated by (§), that appear to contain no seasonal movement. Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are listed at the back of this issue. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on page 36.
1
Values of this index prior to January 1984 include a twelfth component, series 12, which has been suspended from the current index.
Figures are the percent of components declining.
3
Excludes series 36 and 111, for which data are not available.
^Excludes series 57, for which data are not available.
5
Excludes series 77 and 95, for which data are not available.
2
74
SEPTEMBER 1988
B
CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Continued
Q
Year
and
month
964. Manufacturers'
new orders, 34
durable goods industries
1-month
span
9-month
span
965. Newly approved
capital appropriations
in 1982 dollars, 17
manufacturing
industries
1-quarter
span
DIFFUSION INDEXES-Continued
967. Spot market
prices, 13 raw
industrial materials @
966. Industrial production, 24 industries
4-Q moving
average
1-month
span
6-month
span
1-month
span
968. Stock prices, 500
common stocks 1 ©
9-month
span
1-month
span
9-month
span
960. Net profits,
manufacturing, about
600 companies2 (u)
(4-quarter span)
1986
January
February
March
47.1
44.1
42.6
44.1
41.2
41.2
36
April
May
June
67.6
47.1
55.9
47.1
24
33.8
58.8
July
August
September
47.1
45.6
73.5
47.1
64.7
44.1
59
October
November
December
47.1
50.0
58.8
64.7
70.6
76.5
65
January
February
March
41.2
70.6
47.1
91.2
73.5
89.7
42
April
May
June
54.4
48.5
61.8
80.9
73.5
82.4
83
July
August
September
67.6
44.1
58.8
82.4
73.5
73.5
59
October
November
December
52.9
44.1
55.9
76.5
73.5
73.5
65
47.1
55.9
41.2
73.5
85.3
r76.5
April
May
June
57.4
55.9
r55.9
p76.5
July
August
September
r38.2
p66.2
85.4
37.5
61.5
38.5
34.6
46.2
50.0
57.7
60.5
81.0
94.0
90.5
90.5
88.1
70
43
16.7
75.0
41.7
58.3
47.9
50.0
58.3
53.8
61.5
65.4
42.3
50.0
50.0
61.9
50.0
77.4
88.1
90.5
81.0
70
*46
75.0
35.4
52.1
47.9
75.0
79.2
50.0
50.0
65.4
50.0
65.4
73.1
35.7
67.9
42.9
81.0
71.4
78.6
'74
*48
58.3
47.9
31.2
72.9
87.5
87.5
73.1
61.5
65.4
65.4
80.8
76.9
34.5
76.2
50.0
95.2
100.0
92.9
'74
62
70.8
70.8
75.0
91.7
89.6
75.0
84.6
42.3
30.8
88.5
96.2
80.8
98.8
95.2
83.3
87.8
92.7
92.5
'74
62
31.2
64.6
60.4
75.0
87.5
83.3
61.5
88.5
57.7
73.1
96.2
80.8
39.3
46.3
93.9
97.5
97.5
62.5
*76
62
50.0
70.8
70.8
91.7
91.7
95.8
73.1
76.9
61.5
88.5
88.5
76.9
81.3
95.0
8.8
10.0
12.5
10.0
78
p64
70.8
62.5
50.0
75.0
79.2
66.7
83.3
79.2
83.3
53.8
46.2
50.0
53.8
69.2
69.2
0.0
0.0
53.8
17.5
8.0
12.8
77
(NA)
p48
52.1
54.2
70.8
83.3
75.0
70.8
42.3
34.6
65.4
69.2
61.5
61.5
75.0
88.8
37.0
5.1
7.7
52.6
(NA)
79.2
r60.4
r62.5
79.2
p79.2
57.7
65.4
65.4
61.5
61.5
37.2
3.8
97.4
84.6
1987
1988
January
February
March
r79.2
p54.2
3
42.3
46.2
38.5
3
30.8
28.2
October
November
December
See note on page 74.
Graphs of these series are shown on page 37.
l
Based on 43 industries through January 1986, on 42 industries through April 1987, on 41 industries through June 1987, on 40 industries
through March 1988, and on 39 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 6, 13, 20, and 27.
SEPTEMBER 1988
75
CYCLICAL INDICATORS
C
DIFFUSION INDEXES AND RATES OF CHANGE—Continued
Q |
970. Expenditures for new plant and equipment,
21 industries
Year
and
quarter
a. Actual
expenditures
1985
First quarter
Second quarter
Third quarter
Fourth quarter
b. Later
projections
c. Early
projections
DIFFUSION INOEXES-Continued
971. New orders, manufacturing 1 ©
972. Net profits, manufacturing
and trade' ©
Actual
Actual
Anticipated
(4-Q span)
(4-Q span)
(1-Qspan)
(1-Q span)
(1-Q span)
Revised 2
Revised 2
Revised 2
973. Net sales, manufacturing
and trade l @
(4-Q span)
(4-Q span)
(4-Q span)
(4-Q span)
Anticipated
Actual
Anticipated
76.2
78.6
61.9
45.2
61.9
76.2
69.0
42.9
66.7
76.2
71.4
33.3
74
74
76
75
82
84
82
80
70
69
70
70
81
81
78
76
74
75
74
84
84
84
81
....
19.0
57.1
28.6
71.4
47.6
66.7
40.5
76.2
76.2
66.7
45.2
38.1
76
76
74
75
82
83
84
78
70
71
70
70
78
81
81
78
72
73
74
74
81
84
83
80
50.0
69.0
52.4
88.1
85.7
76^2
61.9
76.2
78
83
80
83
74
74
78
81
E7
1
0/ . 1
Qp
Oc.
oc
78
80
82
....
7c
/ D
po
OO
OD
47.6
82
86
76
82
oc
83
95.2
69.0
71.4
71.4
57.1
50.0
52.4
82
82
84
84
86
84
76
76
82
82
82
84
80
80
85
84
86
85
....
....
80
1986
First quarter
Second quarter
Third quarter
Fourth quarter
....
1987
First quarter
Second quarter
Third quarter
Fourth quarter
OO . J
....
69.0
83
86
1988
First quarter
Second quarter
Third quarter
Fourth quarter
81.0
73.8
....
....
Q
Year
and
quarter
DIFFUSION INDEXES-Continued
974. Number of employees,
manufacturing and trade' ©
975. Level of inventories,
manufacturing and trade1 ©
976. Selling price >, manufacturing1 ©
Actual
Actual
Actual
Anticipated
(4-Q span)
(4-Q span)
Anticipated
(4-Q span)
(4-Q span)
trade1©
Anticipated
(4-Q span)
978. Selling prices, retail
977. Selling price*>, wholesale
trade1©
Anticipated
Actual
Anticipated
Actual
(4-Q span)
(4-Q span)
(4-Q span)
(4-Q span)
(4-Q span)
70
70
64
54
50
59
50
68
66
60
66
63
66
62
65
70
67
62
1985
First quarter
Second quarter
Third quarter
Fourth quarter
60
....
58
....
58
59
60
62
59
66
63
60
64
66
58
61
58
62
65
62
61
61
62
66
1986
First quarter
Second quarter
Third quarter
Fourth quarter
58
59
62
65
62
59
64
60
58
60
57
59
60
58
63
59
60
59
58
62
61
62
60
58
59
60
58
59
58
52
64
62
62
62
66
62
62
62
64
64
....
60
61
64
....
64
60
59
62
62
64
65
66
68
60
60
61
62
64
64
68
70
60
66
67
66
63
70
72
70
63
68
66
69
67
67
72
72
64
64
68
70
....
63
62
63
62
62
61
67
70
62
64
62
63
74
74
70
69
74
72
74
73
72
72
71
68
70
70
68
71
70
72
....
....
1987
First quarter
Second quarter
Third quarter
Fourth quarter
1988
First quarter
Second quarter
Third quarter
Fourth quarter
....
NOTE: Figures are the percent of series components rising. (Half of the unchanged components are counted as rising.) Data are placed at the end of the span. Series are seasonally adjusted except for those,
indicated by(u), that appear to contain no seasonal movement. The " r " indicates revised; " p " , preliminary; and "NA", not available.
Graphs of these series are shown on page 38.
1
This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun § Bradstreet, Inc.
Bradstreet diffusion indexes are based on surveys of about 1,400 business executives.
2
See "New Features and Changes for This Issue," page iii.
76
SEPTEMBER 1988
Dun §
CYCLICAL INDICATORS
C
I
DIFFUSION INDEXES AND RATES OF CHANGE—Continued
SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change
Diffusion index components
1988
January
February
March
April
June r
May
August p
Julyr
961. AVERAGE WEEKLY HOURS OF PRODUCTION OR NONSUPERVISORY WORKERS, MANUFACTURING *
(Hours)
All manufacturing industries
+
Percent rising of 20 components
41.1
41.0
40.9
(55)
(30)
(52)
40.3
39.5
40.1
39.3
+
41.2
41.0
(82)
(22)
+
41.1
+
(60)
41.2
41.0
(58)
(25)
40.5
39.6
40.2
39.0
Durable goods industries:
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products
Primary metal industries
-
0
40.2
39.6
+
42.0
43.4
+
o
+
42.3
43.3
42.5
43.5
41.6
42 6
o
41.6
42 5
42.0
42 8
41.2
43.0
41.8
42 7
Electric and electronic equipment
Transportation equipment
41.1
42 0
o
40.9
42.0
o
+
40.9
42.1
41.8
39.1
41.3
39.3
+
+
41.4
39.2
•
40.6
39.5
42.3
43.1
Fabricated metal products
Machinery except electrical
Instruments and related products
Miscellaneous manufacturing
+
+
0
40.1
39.5
42.3
43.6
-
n
41.8
39.4
41.9
42 6
41.0
43.0
+
0
+
o
40.2
39.4
42.4
43.6
+
-
42.2
43.5
+
42.6
43.1
o
41.8
42 4
42.0
42 5
-
41.8
43 0
41.1
43.0
-
41.0
42.6
40.7
42.3
41.8
39.3
41.6
39.2
41.4
39.2
41.3
39.3
40.1
39.5
40.3
39.8
0
Nondurable goods industries:
Food and kindred products
Tobacco manufacturers2
+
Textile mill products
Apparel and other textile products
0
Paper and allied products
Printing and publishing
Chemicals and allied products
Petroleum and coal products2
Rubber and miscellaneous plastics products
Leather and leather products
40.6
39.2
40.3
38.6
+
40.1
39.3
0
40.1
38.5
0
41.6
37.4
-
0
41.5
36.8
+
+
41.6
37.0
o
41.2
37.0
I
43.4
38.1
o
43.3
38.1
o
43.2
38.1
+
43.3
38.2
0
42.5
44.2
42.4
43.3
+
+
42.5
43.7
+
42.1
44.4
41.7
38.0
41.6
37.8
+
+
41.7
37.9
42.0
37.3
0
+
964. MANUFACTURERS' NEW ORDERS, DURABLE GOODS INDUSTRIES
40.8
36.8
+
40.7
36.9
43.3
37.7
43.2
38.0
-
42.0
44.1
42.4
45.1
0
41.7
37.3
+
0
+
+
41.6
36.9
0
rll5,369
125,442
-
(56)
(56)
-
40.5
39.2
o
41.1
36.9
43.3
38.1
40.9
36.8
+
o
42.3
45.5
41.6
37.1
40.4
39.2
43.4
38.1
42.1
45.4
o
+
41.6
37.7
1 3
(Millions of dollars)
All durable goods industries
-
Percent rising of 34 components
113,069
+
(47)
114,155
-
(56)
10,813
10,669
+
+
11,074
11,918
+
_
Machinery except electrical
Electrical machinery
19,997
19,133
-
19,815
18,082
+
+
30,050
22,407
+
+
30,486
22,780
-
+
+
116,836
-
(57)
(41)
Primary metals
Fabricated metal products
Transportation equipment
Other durable goods industries
113,063
116,143
+ 123,139
(38)
(66)
11,553
11,775
_
11,200
11,640
+
12,348
12,038
-
12,271
11,958
_
12,115
11,483
+
11,920
11,584
20,097
17,839
+
21,051
18,417
20,969
18,865
+
+
22,018
18,461
+
21,386
19,043
+
-
22,277
18,972
29,266
22,850
+
+
35,380
23,006
29,664
22,135
NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers:
preliminary; and "NA", not available.
31,435
23,093
28,313
r22,836
37,735
22,999
( + ) = rising, (o) = unchanged, and ( - ) = falling.
-
The "r" indicates revised; "p",
HJnless otherwise noted, data are seasonally adjusted by the source agency.
Not seasonally adjusted.
3
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
ItCII SEPTEMBER 1988
77
CYCLICAL INDICATORS
C
I
DIFFUSION INDEXES AND RATES OF CHANGE—Continued
Q g j SELECTED DIFFUSION INDEX COMPONENTS: Basic Data andDirections of Change-Continued
1988
Diffusion index components
January
February
June r
May r
April
March
August p
July**
966. INDEX OF INDUSTRIAL PRODUCTION '
(1977 = 100)
+
All industrial production
Percent rising of 24 components
134.4
o
(52)
2
134.4
+
(54)
134.7
+
135.4
+
(79)
(71)
136.1
+
(60)
136.5
+
(62)
137.9
+
138.2
(79)
(54)
(NA)
(NA)
Durable manufactures:
Lumber and products
Furniture and fixtures
+
136.3
158.0
+
+
139.0
158.3
+
137.8
159.4
+
-
138.0
159.2
+
+
139.8
160.5
+
136.2
161.2
+
134.4
163.2
Clay, glass, and stone products
Primary metals
+
120.4
86.5
+
121.6
86.4
+
122.5
85.1
+
121.4
85.3
+
+
121.5
89.2
+
123.3
87.5
+
+
123.8
91.4
+
(NA)
93.0
Fabricated metal products
Nonelectrical machinery
+
+
117.1
162.9
+
+
117.6
163.6
+
+
118.8
164.6
o
+
118.8
167.2
+
+
119.8
170.3
+
+
120.6
171.3
+
+
122.4
172.6
+
o
122.8
172.6
Electrical machinery
Transportation equipment
+
+
177.4
128.6
+
-
177.8
128.4
+
176.6
130.0
+
+
178.7
130.4
+
+
179.1
133.1
+
-
179.5
132.8
+
-
181.3
132.4
+
-
181.7
132.3
Instruments
Miscellaneous manufactures
+
148.2
105.0
+
-
149.2
104.4
+
+
149.7
105.1
+
+
150.5
105.9
+
+
151.3
106.0
+
+
152.8
107.6
+
+
155.7
108.4
+
157.0
(NA)
Foods
Tobacco products
+
141.2
105.8
+
+
141.9
107.0
+
141.1
107.2
o
140.3
107.2
+
o
141.0
107.2
+
141.5
104.5
+
142.8
(NA)
(NA)
(NA)
Textile mill products
Apparel products
+
116.2
108.7
-
115.3
108.5
+
+
117.0
108.7
+
+
117.3
109.2
-
114.6
108.6
+
+
116.1
109.3
+
116.4
(NA)
(NA)
(NA)
Paper and products
Printing and publishing
149.9
177.5
+
148.0
178.7
+
+
149.1
180.4
+
+
149.2
181.8
+
+
149.5
180.7
+
148.5
182.0
+
+
151.3
182.9
+
(NA)
183.5
Chemicals and products
Petroleum products
o
+
147.9
96.3
145.4
95.9
+
+
146.4
98.4
+
+
148.9
98.5
+
150.4
94.1
+
+
153.2
94.3
+
(NA)
94.8
Rubber and plastics products
Leather and products
+
170.5
58.3
172.3
59.7
-
172.2
59.5
+
172.3
58.0
+
174.4
58.9
+
176.2
56.9
(NA)
(NA)
83.9
133 7
+
84.9
129 1
+
+
86.9
136 0
92.4
134.3
+
+
94.8
136.9
+
+
95.5
141.2
Nondurable manufactures:
+
+
149.1
95.2
+
173.4
57.1
+
+
Mining:
Metal mining
Coal
Oil and gas extraction
Stone and earth minerals
91.5
140 2
-
93.1
132.1
+
86.0
127 8
-
94.6
140.1
+
82.3
126 9
+
(NA)
141 5
(NA)
138 4
95.3
137.4
+
94.4
142.9
(NA)
(NA)
NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: ( + ) •= rising, (o) = unchanged, and ( —) = falling.
preliminary; and "NA", not available.
x
Data are seasonally adjusted by the source agency.
2
Where actual data for separate industries are not available, estimates are used to compute the percent rising.
78
The "r" indicates revised; "p"
SEPTEMBER 1988
CYCLICAL INDICATORS
C
I
DIFFUSION INDEXES AND RATES OF CHANGE—Continued
j ^ J
SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Direct ons of Change—Continued
1988
Diffusion index components
January
967. INDEX OF SPOT
Raw industrials price index (1967 = 100) . . . .
-
292.5
-
(42)
Percent rising of 13 components
288.9
April
March
February
+
MARKET PRICES RAW INDUSTRIALS
292.3
+
297.3
(65)
(35)
June
May
+
(58)
August
July
September1
2
301.6
+
309.5
-
(65)
(65)
309.0
+
(42)
309.9
-
306.7
(46)
(38)
Dollars
Copper scrap.
+
0.938
2.068
-
0.785
1.731
-
0.770
1.698
-
0.748
1.649
+
0.768
1.693
+
0.820
1.808
-
0.776
1.711
-
0.773
1.704
+
0.875
1.731
-
0.252
0.556
-
0.230
0.507
-
0.214
0.472
-
0.210
0.463
+
0.215
0.474
+
0.230
0.507
+
0.232
0.511
o
0.232
0.511
+
0.246
0.542
- 100.000
110.230
+
115.000
126.765
- 103.000
113.537
+ 106.500
117.395
+
120.000
132.276
-
3.860
8.510
-
3.792
8.360
+
3.836
8.457
-
3.828
8.439
+
3.852
8.492
+
4.008
8.836
+
+
0.458
1.010
+
0.469
1.034
+
0.492
1.085
+
0.542
1.195
+
0.579
1.276
+
0.651
1.435
o
0.275
0.301
+
0.276
0.302
+
0.277
0.303
+
0.281
0.307
+
0.282
0.308
-
(pound)..
(kilogram)..
-
0.595
1.312
-
0.574
1.265
+
0.594
1.310
+
0.597
1.316
+
0.619
1.365
(yard).,
(meter)..
-
0.620
0.678
-
0.590
0.645
-
0.536
0.586
0.550
0.601
-
(pound)..
+
4.750
10.472
+
5.000
11.023
+
5.420
11.949
6.208
13.686
-
0.928
2.046
0
0.928
2.046
+
1.065
2.348
+
(100 pounds)..
(100 kilograms)..
-
48.125
106.096
-
47.500
0
47.500
104.719
0
(pound)..
(kilogram)..
+
0.547
1.206
-
0.536
1.182
(pound)..
+
0.173
0.381
-
0.168
0.370
(pound)..
(kilogram)..
Lead s c r a p . . .
Steel scrap
..
(pound)..
(kilogram)..
(U.S. t o n ) . ,
(metric t o n ) . .
Tin
(pound)..
(kilogram)..
(pound)..
Zinc
(kilogram)..
Burlap
(yard).,
(meter)..
Cotton
Print cloth . . .
Wool tops
...
(kilogram)..
Hides
(pound)..
(kilogram)..
Rosin
Rubber
Tallow
(kilogram)..
NOTE: To facilitate interpretation, the month-to-month
- 109.000
120.151
104.719
- 108.750
- 117.000
128.969
- 115.000
126.765
4.058
8.946
+
4.176
9.206
+
4.222
9.308
+
0.684
1.508
o
0.684
1.508
+
0.699
1.541
0.281
0.307
-
0.277
0.303
+
0.285
0.312
-
0.281
0.307
+
0.633
1.396
-
0.574
1.265
-
0.549
1.210
-
0.513
1.131
0.530
0.580
-
0.500
0.547
-
0.498
0.545
+
0.508
0.556
-
0.500
0.547
+
7.100
15.653
-
6.575
14.495
-
6.500
14.330
o
6.500
14.330
o
6.500
14.330
1.100
2.425
-
1.089
2.401
-
0.969
2.136
-
0.941
2.075
+
1.026
2.262
-
0.980
2.161
47.500
104.719
o
47.500
104.719
o
47.500
104.719
0
47.500
104.719
o
47.500
104.719
o
47.500
104.719
-
0.662
1.459
0.640
1.411
-
0.599
1.321
0.174
0.384
-
0.154
0.340
119.875
+
0.549
1.210
+
0.555
1.224
+
0.593
1.307
+
0.710
1.565
+
0.170
0.375
-
0.165
0.364
-
0.158
0.348
+
0.172
0.379
directions of change are shown along with the numbers:
( ( )
rising, (o)
unchanged, and
+
0.179
0.395
-
falling.
The " r " indicates revised: " p "
preliminary: and "NA", not available.
The index is the average for September 1 through 27 ; component prices are averages for September 6, 13, 20, and 27.
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 1988
79
OTHER IMPORTANT ECONOMIC MEASURES
I A I
NATIONAL INCOME AND PRODUCT
M |
Year
and
quarter
200. Gross national product in current dollars
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
217. Per capita
gross national
product in 1982
dollars
50. Gross national product in 1982 dollars
c. Percent
change at
annual rate
b. Difference
a. Total
GNP AND PERSONAL INCOME
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 1982 dollars
(Ann. rate,
bil. dol.)
1985
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
3,925.6
3,979.0
4,047.0
4,107.9
73.8
53.4
68.0
60.9
7.9
5.6
7.0
6.2
3,577.5
3,599.2
3,635.8
3,662.4
42.3
21.7
36.6
26.6
4.9
2.4
4.1
3.0
15,004
15,061
15,173
15,244
3,561.7
3,582.3
3,639.8
3,654.7
4,180.4
4,207.6
4,268.4
4,304.6
72.5
27.2
60.8
36.2
7.2
2.6
5.9
3.4
3,719.3
3,711.6
3,721.3
3,734.7
56.9
-7.7
9.7
13.4
6.4
-0.8
1.0
1.4
15,447
15,380
15,381
15,397
3,673.6
3,688.0
3,718.3
3,745.2
4,391.8
4,484.2
4,568.0
4,662.8
87.2
92.4
83.8
94.8
8.4
8.7
7.7
8.6
3,776.7
3,823.0
3,865.3
3,923.0
42.0
46.3
42.3
57.7
4.6
5.0
4.5
6.1
15,537
15,693
15,826
16,022
3,746.9
3,795.2
3,852.2
3,855.9
4,724.5
r4,823.8
61.7
r99.3
5.4
3,956.1
r3,985.2
33.1
r29.1
3.4
16,126
r8.7
r3.0
rl6,213
3,890.1
r3,949.9
1986
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1987
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1988
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
^ J
Year
and
quarter
0 1
GNP AND PERSONAL INCOME-Continued
230. Total in current
dollars
Disposable personal income
224. Current dollars
(Ann. rate,
bil. dol.)
225. Constant
(1982) dollars
(Ann. rate,
bil. dol.)
PERSONAL CONSUMPTION EXPENDITURES
231. Total in 1982
dollars
232. Durable goods
in current dollars
233. Durable goods
in 1982 dollars
227. Per capita in
1982 dollars
(Ann. rate,
dollars)
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
1985
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
2,764.6
2,850.7
2,840.0
2,899.5
2,509.4
2,563.5
2,535.4
2,562.8
10,524
10,727
10,581
10,667
2,554.9
2,599.3
2,661.4
2,700.4
2,319.1
2,337.4
2,375.9
2,386.9
361.4
367.1
387.2
373.2
344.8
350.3
369.1
356.4
2,965.1
3,016.3
3,032.4
3,064.7
2,614.5
2,655.9
2,643.9
2,649.4
10,858
11,006
10,928
10,923
2,739.0
2,772.1
2,842.8
2,876.0
2,415.1
2,440.9
2,478.6
2,486.2
381.4
393.0
429.9
421.8
363.3
374.2
405.1
397.3
3,143.9
3,154.1
3,224.9
3,315.8
2,679.6
2,652.8
2,683.9
2,728.9
11,024
10,889
10,989
11,145
2,921.7
2,992.2
3,058.2
3,076.3
2,490.2
2,516.6
2,545.2
2,531.7
403.5
420.5
441.4
422.0
378.3
391.3
406.5
387.6
3,375.6
r3,421.5
2,762.3
r2,762.2
11,260
rll,237
3,128.1
r3,194.6
2,559.8
r2,579.0
437.8
r449.8
r410.6
1986
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1987
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1988
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
401.1
NOTE: Series are seasonally adjusted except for those, indicated by (u), that appear to contain no seasonal movement. Series numbers are for identification only and do not reflect series relationships or order.
Complete titles and sources are listed at the back of this issue. The " r " indicates revised; " p " , preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 40 and 41.
SEPTEMBER 1988
OTHER IMPORTANT ECONOMIC MEASURES
A
I
NATIONAL INCOME AND PRODUCT—Continued
^ H
Year
and
quarter
236. Nondurable
goods in current
dollars
(Ann. rate,
bil. dol.)
PERSONAL CONSUMPTION EXPENDITURES-Continued
238. Nondurable
goods in 1982
dollars
(Ann. rate,
bil. dol.)
237. Services in
current dollars
(Ann. rate,
bil. dol.)
^ R
239. Services in
1982 dollars
(Ann. rate,
bil. dol.)
240. Total in
current dollars
(Ann. rate,
bil. dol.)
GROSS PRIVATE DOMESTIC INVESTMENT
241. Total in
1982 dollars
242. Fixed investment in current
dollars
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
243. Fixed investment in 1982
dollars
(Ann. rate,
bil. dol.)
1985
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
890.9
905.6
915.7
932.7
838.2
843.0
850.0
858.3
1,302.7
1,326.6
1,358.5
1,394.5
1,136.2
1,144.1
1,156.8
1,172.2
639.3
652.3
626.7
654.1
634.3
647.5
618.1
648.0
621.5
632.8
626.0
646.8
618.6
630.6
622.1
640.4
938.4
937.2
944.7
954.1
870.4
880.9
881.4
885.3
1,419.2
1,441.9
1,468.2
1,500.1
1,181.4
1,185.8
1,192.0
1,203.6
686.6
667.8
653.0
656.4
678.0
652.1
627.6
616.5
642.6
648.3
652.3
658.4
632.4
628.5
624.6
627.0
977.5
995.3
1,006.6
1,012.4
889.9
889.8
891.9
890.5
1,540.7
1,576.4
1,610.2
1,641.9
1,222.0
1,235.5
1,246.8
1,253.6
685.5
698.5
702.8
764.9
646.4
660.1
667.9
724.7
647.8
665.8
688.3
692.9
616.6
632.3
654.9
657.6
1,016.2
rl.036.6
892.7
r893.6
1,674.1
rl,708.2
1,265.9
rl,274.8
763.4
r758.1
728.9
r715.1
698.1
r714.4
662.9
r679.7
1986
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1987
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1988
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
• •
GROSS PRIVATE
• S I DOMESTIC INVEST.-Con.
Year
and
quarter
245. Change in
business inventories in current
dollars
30. Change in
business inventories in 1982
dollars
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
GOVERNMENT PURCHASES OF GOODS AND SERVICES
260. Total in
current dollars
(Ann. rate,
bil. dol.)
261. Total in
1982 dollars
(Ann. rate,
bil. dol.)
262. Federal
Government in
current dollars
(Ann. rate,
bil. dol.)
263. Federal
Government in
1982 dollars
(Ann. rate,
bil. dol.)
266. State and
local government
in current dollars
(Ann. rate,
bil. dol.)
267. State and
local government
in 1982 dollars
(Ann. rate,
bil. dol.)
1985
17.8
19.5
0.7
7.2
15.8
16.9
-4.0
7.7
784.4
801.7
840.2
856.7
705.5
716.7
749.8
752.7
336.1
339.6
368.4
376.6
309.0
313.3
340.9
340.6
448.3
462.1
471.8
480.1
396.4
403.4
408.9
412.1
44.0
19.5
0.7
-2.0
45.7
23.6
3.0
-10.5
847.8
868.8
881.8
886.5
741.8
758.8
766.9
774.5
356.6
368.7
372.7
366.7
322.7
333.6
336.7
340.5
491.2
500.2
509.1
519.7
419.1
425.2
430.2
434.0
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
37.7
32.7
14.5
72.0
29.8
27.8
13.0
67.1
903.8
915.7
932.2
947.3
772.9
772.2
782.9
792.6
372.7
377.5
386.3
391.4
334.0
332.1
342.1
347.7
531.1
538.2
546.0
555.9
438.9
440.1
440.8
444.9
1988
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
65.3
r43.7
66.0
r35.3
945.2
r961.6
776.4
r783.8
377.7
r382.2
327.8
r331.6
567.5
579.4
448.7
r452.2
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1986
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1987
See note on |
Graphs of these series are shown on pages 41, 42, and 43.
SEPTEMBER 1988
81
OTHER IMPORTANT ECONOMIC MEASURES
A
NATIONAL INCOME AND PRODUCT—Continued
Q |
Year
and
quarter
Net exports of goods and services
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
256. Constant
(1982) dollars
252. Current
dollars
253. Current
dollars
280. Compensation of
employees
257. Constant
(1982) dollars
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
NATIONAL INCOME
AND ITS COMPONENTS
220. National income in current
dollars
Imports of goods and services
Exports of goods and services
255. Constant
(1982) dollars
250. Current
dollars
• ( •
H I
FOREIGN TRADE
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
1985
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
-53.1
-74.3
-81.2
-103.2
-81.4
-102.4
-107.9
-125.3
376.8
372.6
365.1
369.2
371.2
367.6
362.6
367.4
429.9
446.9
446.2
472.4
452.6
470.0
470.5
492.6
3,161.5
3,209.2
3,252.4
3,312.8
2,314.8
2,347.5
2,381.2
2,426.7
-93.0
-101.2
-109.1
-114.3
-115.7
-140.2
-151.8
-142.4
376.9
373.9
377.8
385.2
374.5
372.1
379.1
387.8
469.9
475.1
486.9
499.4
490.2
512.4
530.9
530.2
3,378.9
3,421.8
3,450.9
3,496.6
2,461.0
2,483.4
2,518.2
2,565.8
-119.1
-122.2
-125.2
-125.7
-132.8
-126.0
-130.7
-126.0
395.3
416.8
440.4
459.7
394.9
416.4
440.9
459.2
514.4
539.0
565.6
585.4
527.7
542.3
571.6
585.2
3,573.0
3,631.8
3,708.0
3,802.0
2,608.9
2,652.0
2,702.8
2,769.9
-112.1
-109.0
r-90.4
r-92.6
487.8
r507.1
486.2
r496.9
599.9
r597.5
595.1
r589.5
3,850.8
r3,928.8
2,816.4
2,874.0
1986
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1987
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1988
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
E
Year
and
quarter
282. Proprietors'
income with IVA
and CCAdj *
(Ann. rate,
bil. dol.)
1
Q j SAVING
NATIONAL INCOME AND ITS COMPONENTS-Continued
284. Rental income
of persons with
CCAdjx
(Ann. rate,
bil. dol.)
286. Corporate
profits before tax
with IVA and
CCAdj1
288. Net interest
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
290. Gross saving
(Ann. rate,
bil. dol.)
292. Personal
saving
295. Business
saving
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
1985
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
253.2
257.3
248.8
264.2
9.0
11.2
8.9
7.8
266.0
275.8
296.1
291.4
318.4
317.4
317.4
322.7
550.9
553.3
509.4
520.3
518.4
532.4
554.1
554.5
128.7
167.8
93.3
111.7
273.1
294.6
285.0
294.2
10.6
12.5
13.1
13.4
303.2
297.1
301.2
293.9
331.1
334.1
333.3
329.3
571.2
537.5
517.7
522.5
565.6
5S7.7
562.3
554.3
136.9
154.1
98.8
96.8
310.1
308.9
306.8
326.0
17.4
17.8
18.1
20.5
298.3
305.2
322.0
316.1
338.3
348.1
358.3
369.5
539.2
542.4
556.8
603.4
549.0
555.5
569.6
570.0
130.8
69.5
72.6
144.0
323.9
r328.8
20.5
rl9.1
316.2
r326.5
373.9
r380.6
627.0
r634.1
576.4
r583.3
rl27.8
1986
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1987
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1988
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
See note on page 80.
Graphs of these series are shown on pages 44, 45, and 46.
^VA,
inventory valuation adjustment; CCAdj, capital consumption adjustment.
82
SEPTEMBER 1988
149.9
OTHER IMPORTANT ECONOMIC MEASURES
A
I
NATIONAL INCOME AND PRODUCT—Continued
^m
293. Personal
saving rate
298. Government
surplus or deficit
Year
and
quarter
J J
SAVING-Continued
(Ann. rate,
bil. dol.)
SHARES OF GNP AND NATIONAL INCOME
Percent of gross national product
235. Personal consumption expenditures
(Percent)
(Percent)
248. Nonresidential
fixed investment
(Percent)
249. Residential
fixed investment
247. Change in
business inventories
(Percent)
(Percent)
(Percent)
251. Net exports of
goods and services
1985
First quarter
Second quarter
Third quarter
Fourth quarter
....
....
-96.3
-146.9
-138.0
-145.9
4.7
5.9
3.3
3.9
65.1
65.3
65.8
65.7
11.1
11.2
10.8
11.0
4.7
4.7
4.7
4.8
0.5
0.5
0.0
0.2
-1.4
-1.9
-2.0
-2.5
-131.4
-174.3
-143.5
-128.5
4.6
5.1
3.3
3.2
65.5
65.9
66.6
66.8
10.5
10.3
10.1
10.1
4.9
5.1
5.2
5.2
1.1
0.5
0.0
0.0
-2.2
-2.4
-2.6
-2.7
-140.6
-82.6
-85.5
-110.7
4.2
2.2
2.3
4.3
66.5
66.7
66.9
66.0
9.6
9.8
10.1
10.0
5.1
5.1
5.0
4.9
0.9
0.7
0.3
1.5
-2.7
-2.7
-2.7
-2.7
-99.2
r-77.1
4.4
r3.7
66.2
66.2
10.0
10.1
4.8
4.7
1.4
0.9
1986
First quarter
Second quarter
Third quarter
Fourth quarter
....
....
1987
First quarter
Second quarter
Third quarter
Fourth quarter
....
1988
First quarter
Second quarter
Third quarter
Fourth quarter
....
-2.4
r-1.9
....
g |
SHARES OF GNP AND NATIONAL INCOME-Continued
Percent of GNP—Continued
Year
and
quarter
265. Federal Government purchases of
goods and services
(Percent)
Percent of national income
268. State and local
government purchases
of goods and services
(Percent)
64. Compensation of
employees
283. Proprietors'
income with IVA
and CCAdjx
(Percent)
(Percent)
285. Rental income
of persons with
CCAdj1
(Percent)
287. Corporate profits
before tax with
IVA and CCAdjl
289. Net interest
(Percent)
(Percent)
1985
First quarter
Second quarter
Third quarter
Fourth quarter
8.6
8.5
9.1
9.2
11.4
11.6
11.7
11.7
73.2
73.1
73.2
73.3
8.0
8.0
7.6
8.0
0.3
0.3
0.3
0.2
8.4
8.6
9.1
8.8
10.1
9.9
9.8
9.7
8.5
8.8
8.7
8.5
11.8
11.9
11.9
12.1
72.8
72.6
73.0
73.4
8.1
8.6
8.3
8.4
0.3
0.4
0.4
0.4
9.0
8.7
8.7
8.4
9.8
9.8
9.7
9.4
12.1
12.0
12.0
11.9
73.0
73.0
72.9
72.9
8.7
8.5
8.3
8.6
0.5
0.5
0.5
0.5
8.3
....
8.5
8.4
8.5
8.4
9.5
9.6
9.7
9.7
8.0
7.9
12.0
12.0
73.1
r73.2
8.4
....
r8.4
0.5
0.5
8.2
r8.3
....
....
1986
First quarter
Second quarter
Third quarter
Fourth quarter
....
....
1987
First quarter
Second quarter
Third quarter
Fourth quarter
....
8.4
8.7
8.3
1988
First quarter
Second quarter
Third quarter
Fourth quarter
9.7
9.7
....
See note on page 80.
Graphs of these series are shown on pages 46 and 47.
X
IVA, inventory valuation adjustment; CCAdj, capital consumption adjustment.
SEPTEMBER
1988
83
OTHER IMPORTANT ECONOMIC MEASURES
B
I
PRICES, WAGES, AND PRODUCTIVITY
m
Implicit price deflator for
gross national product
Year
and
month
310. Index
(1982 = 100)
310c. Change
over 1-quarter
spans x
(Ann. rate,
percent)
PRICE MOVEMENTS
Fixed-weighted price index,
gross domestic business product
311. Index
(1982 = 100)
311c. Change
over 1-quarter
spans1
(Ann. rate,
percent)
Consumer price index for
all urban consumers, food
Consumer price index
for all urban consumers
320. Index @
(1982-84=100)
320c. Change
over 1-month
spansx
320c. Change
over 6-month
spansx
(Percent)
(Ann. rate,
percent)
(1982-84=100)
322. Index
322c. Change
over 1-month
spansx
(Percent)
322c. Change
over 6-month
spans1
(Ann. rate,
percent)
1986
January
February
March
112.4
April
May
June
113.4
July
August
September
114.7
October
November
December
115.3
0.7
1.9
109.6
109.3
108.8
0.3
-0.3
-0.4
0.6
-0.2
0.0
107.4
107.0
107.3
0.2
-0.4
0.3
3.0
2.6
1.9
2.1
108.6
108.9
109.5
-0.3
0.2
0.5
-0.5
0.4
1.7
107.6
108.0
108.2
0.3
0.4
0.2
3.4
5.9
6.1
2.8
109.5
109.7
110.2
0.0
0.2
0.3
2.6
2.8
2.2
109.2
110.1
110.5
0.9
0.8
0.4
5.8
5.8
5.8
2.3
110.3
110.4
110.5
0.2
0.3
0.2
3.7
4.1
4.4
110.7
111.1
111.3
0.2
0.4
0.2
5.0
3.7
3.3
3.7
111.2
111.6
112.1
0.7
0.4
0.4
5.0
5.1
5.3
111.9
112.1
112.3
0.5
0.2
0.2
3.6
4.0
4.7
4.0
112.7
113.1
113.5
0.4
0.4
0.3
4.4
4.5
4.1
112.7
113.3
113.9
0.4
0.5
0.5
3.4
3.2
4.0
3.5
113.8
114.4
115.0
0.3
0.4
0.3
3.9
3.7
3.6
113.8
113.9
114.5
-0.1
0.1
0.5
3.6
2.7
2.5
3.5
115.3
115.4
115.4
0.3
0.3
0.2
3.7
3.2
3.7
114.7
114.8
115.3
0.2
0.1
0.4
3.2
2.5
2.1
3.0
115.7
116.0
116.5
0.3
0.2
0.5
3.9
4.0
4.4
115.6
115.3
115.7
0.3
-0.3
0.3
3.2
3.9
4.2
r5.0
117.1
117.5
118.0
0.4
0.3
0.3
4.5
5.1
116.5
117.0
117.7
0.7
0.4
0.6
5.8
7.6
118.5
119.0
0.4
0.4
118.9
119.6
1.0
0.6
112.7
3.6
113*3
4.7
114.1
2.1
114.8
1987
January
February
March
116.3
April
May
June
117.3
July
August
September
118.2
October
November
December
118.9
3.5
115.8
3.5
117.0
3.1
118.0
2.4
119.0
1988
January
February
March
April
May
June
1.7
119.4
119-9
r5.5
rl21.*6
July
August
September
rl21.*3
October
November
December
See note on page 80.
Graphs of these series are shown on pages 48 and 49.
C h a n g e s are centered within the spans: 1-month changes are placed on the 2d month, 6-month changes are placed on the 4th month, and
1-quarter changes are placed on the 1st month of the 2d quarter.
SEPTEMBER 1988
OTHER IMPORTANT ECONOMIC MEASURES
B
I
PRICES, WAGES, AND PRODUCTIVITY—Continued
| f l
Producer price index, all commodities
Year
and
month
330. Index @
(1982 = 100)
(Ann. rate,
percent)
(Percent)
Producer price index, crude materials
for further processing
Producer price index, industrial commodities
330c. Change
over 6-month
spans 1 ©
330c. Change
over 1-month
spans1©
PRICE MOVEMENTS-Continued
335. Index ©
(1982 = 100)
335c. Change
over 1-month
spans 1 ©
(Percent)
335c. Change
over 6-month
spans 1 ©
(Ann. rate,
percent)
331. Index
331c. Change
over 1-month
spans1
(1982 = 100)
(Percent)
331c. Change
over 6-month
spans1
(Ann. rate,
percent)
1986
100.3
-0.4
-1.5
-1.4
-6.3
-6.5
-7.0
103.7
102.1
100.5
-0.4
-1.5
-1.6
-7.6
-7.9
-8.1
94.2
90.4
88.3
-1.2
-4.0
-2.3
-17.8
-17.4
-18.2
99.6
100.0
99.9
-0.7
0.4
-0.1
-7.2
-4.7
-1.8
99.8
99.8
99.8
-0.7
0.0
0.0
-9.2
-6.7
-3.4
85.4
86.8
86.2
-3.3
1.6
-0.7
-15.9
-8.2
-4.0
July
August
September
99.4
99.3
99.4
-0.5
-0.1
0.1
0.2
-0.4
-0.4
98.8
98.6
98.8
-1.0
-0.2
0.2
-1.4
-1.2
-1.2
86.4
86.6
86.5
0.2
0.2
-0.1
5.0
1.4
0.9
October
November
December
99.7
99.8
99.7
0.3
0.1
-0.1
2.2
3.5
3.7
99.1
99.2
99.2
0.3
0.1
0.0
3.3
4.5
4.7
87.5
87.4
86.6
1.2
-0.1
-0.9
6.3
7.8
9.7
January
February
March
100.5
101.0
101.2
0.8
0.5
0.2
4.5
5.7
6.7
100.4
100.8
101.1
1.2
0.4
0.3
5.1
5.5
6.6
89.1
89.9
90.6
2.9
0.9
0.8
11.3
16.4
19.3
April
May
June
101.9
102.6
103.0
0.7
0.7
0.4
6.1
5.6
5.0
101.6
101.9
102.4
0.5
0.3
0.5
5.5
5.8
4.8
92.3
94.3
94.6
1.9
2.2
0.3
15.1
15.7
12.3
July
August
September
103.5
103.8
103.7
0.5
0.3
-0.1
4.4
3.1
2.3
103.1
103.7
103.5
0.7
0.6
-0.2
4.8
4.6
3.5
95.6
96.7
96.0
1.1
1.2
-0.7
8.4
1.3
0.2
October
November
December
104.1
104.2
104.2
0.4
0.1
0.0
2.1
1.9
2.3
104.0
104.2
104.2
0.5
0.2
0.0
2.5
1.7
2.3
96.1
94.9
94.7
0.1
-1.2
-0.2
-3.5
-4.3
-3.7
January
February
March
104.6
104.8
104.9
0.4
0.2
0.1
3.3
4.5
6.2
104.4
104.6
104.7
0.2
0.2
0.1
3.1
3.7
4.5
93.9
94.6
94.2
-0.8
0.7
-0.4
r-1.9
3.2
6.4
April
May
June
105.8
106.5
107.4
0.9
0.7
0.8
6.2
6.2
105.6
106.1
106.5
0.9
0.5
0.4
4.5
4.8
r95.2
96.4
97.7
rl.l
rl.3
1.3
5.8
6.7
July
August
September
107.8
108.0
0.4
0.2
106.7
107.1
0.2
0.4
96.6
97.7
-1.1
1.1
January
February
March
103.2
101.7
April
May
June
1987
1988
October
November
December
See note on page 80.
Graphs of these series are shown on page 48.
1
Changes are centered within the spans:
SEPTEMBER 1988
1-month changes are placed on the 2d month, and 6-month changes are placed on the 4th month.
85
OTHER IMPORTANT ECONOMIC MEASURES
B
|
PRICES, WAGES, AND PRODUCTIVITY—Continued
Q
Producer price index, intermediate
materials, supplies, and components
Year
and
month
332. Index
332c. Change
over 1-month
spansx
(1982 = 100)
Producer price index, capital equipment
332c. Change
over 6-month
spans1
(Ann. rate,
percent)
(Percent)
PRICE MOVEMENTS-Continued
333. Index
(1982 = 100)
Producer price index, finished consumer goods
333c. Change
over 1-month
spans1
333c. Change
over 6-month
spans1
(Percent)
(Ann. rate,
percent)
334. Index
(1982 = 100)
334c. Change
over 1-month
spans1
(Percent)
334c. Change
over 6-month
spans1
(Ann. rate,
percent)
1986
102.3
101.1
99.9
-0.6
-1.2
-1.2
-6.5
-7.3
-8.0
108.6
108.7
108.9
0.1
0.1
0.2
1.9
1.7
2.0
104.5
102.6
101.2
-0.8
-1.8
-1.4
-6.8
-6.9
-7.8
April
May
June
99.0
98.8
98.7
-0.9
-0.2
-0.1
-8.2
-6.0
-2.6
109.2
109.3
109.6
0.3
0.1
0.3
2.0
1.8
2.0
100.4
101.0
101.1
-0.8
0.6
0.1
-8.1
-3.7
-0.2
July
August
September
98.0
98.0
98.6
-0.7
0.0
0.6
-1.6
-1.0
-0.6
109.7
109.7
110.0
0.1
0.0
0.3
2.4
2.8
2.2
100.2
100.7
101.1
-0.9
0.5
0.4
0.8
0.6
October
November
December
98.2
98.3
98.4
-0.4
0.1
0.1
2.1
3.3
2.4
110.5
110.8
110.8
0.5
0.3
0.0
2.8
2.4
2.0
101.4
101.4
101.4
0.3
0.0
0.0
3.2
2.8
3.0
99.0
99.6
99.8
0.6
0.6
0.2
4.1
5.2
6.0
111.2
111.0
111.1
0.4
-0.2
0.1
1.6
1.3
1.1
101.8
102.1
102.6
0.4
0.3
0.5
3.8
4.4
4.6
April
May
June
100.2
100.8
101.3
0.4
0.6
0.5
5.9
5.7
5.9
111.4
111.5
111.4
0.3
0.1
-0.1
0.7
1.6
2.5
103.3
103.6
103.7
0.7
0.3
0.1
4.6
4.4
4.1
July
August
September
101.9
102.4
102.7
0.6
0.5
0.3
6.1
5.6
5.0
111.6
111.9
112.5
0.2
0.3
0.5
1.1
1.1
1.6
104.1
104.3
104.7
0.4
0.2
0.4
2.3
1.7
0.6
October
November
December
103.2
103.6
103.8
0.5
0.4
0.2
4.6
3.9
4.3
112.0
112.1
112.3
-0.4
0.1
0.2
2.2
2.0
1.2
104.5
104.5
104.0
-0.2
0.0
-0.5
0.6
-0.6
0.0
January
February
March
104.2
104.4
104.9
0.4
0.2
0.5*
4.7
5.1
6.7
112.8
113.0
113.2
0.4
0.2
0.2
2.5
3.1
3.4
104.4
104.0
104.7
0.4
-0.4
0.7
rl.3
2.1
3.9
April
May
June
105.6
106.2
107.2
0.7
0.6
0.9
7.2
7.6
113.4
113.8
114.2
0.2
0.4
0.4
2.7
3.2
rlO5.2
105.6
106.0
rO.5
r0.4
0.4
4.5
6.4
July
August
September
107.9
108.3
0.7
0.4
114.3
114.8
0.1
0.4
106.7
107.3
0.7
0.6
January
February
March
2.0
1987
January
February
March
1988
October
November
December
See note on page 80.
Graphs of these series are shown on page 48.
Changes are centered within the spans:
1
1-month changes are placed on the 2d month, and 6-month changes are placed on the 4th month.
SEPTEMBER 1988
ICO
OTHER IMPORTANT ECONOMIC MEASURES
B
I
PRICES, WAGES, AND PRODUCTIVITY—Continued
Q |
WAGES AND PRODUCTIVITY
Average hourly earnings of production or nonsupervisory
workers on private nonagncultural payrolls'
Year
and
month
(1977 = 100)
340c. Change
over 1-month
spans2
(Percent)
Current-dollar compensation
Real earnings
Current-dollar earning
340. Index
Average hourly compensation, all employees,
nonfarm business sector
340c. Change
over 6-month
spans2
(Ann. rate,
percent)
341. Index
(1977 = 100)
341c. Change
over 1-month
spans2
341c. Change
over 6-month
spans2
(Percent)
(Ann. rate,
percent)
345. Index
(1977 = 100)
345c. Change
over 1-quarter
spans2
345c. Change
over 4-quarter
spans2
(Ann. rate,
percent)
(Ann. rate,
percent)
1986
4.4
January
February
March
167.5
168.2
168.5
-0.2
0.4
0.2
2.6
2.4
1.7
93.6
94.3
95.0
-0.6
0.8
0.7
2.9
2.9
2.2
179!6
April
May
June
168.5
168.8
169.3
0.0
0.2
0.2
2.1
1.6
1.6
95.5
95.3
95.2
0.5
-0.1
-0.2
3.4
2.0
0.3
180.'4
July
August
September
169.2
169.6
169.8
0.0
0.2
0.2
2.2
2.8
2.3
95.2
95.3
95.1
0.0
0.1
-0.2
-0.4
0.3
0.2
182! 3
October
November
December
170.3
171.2
171.2
0.3
0.5
0.0
2.5
2.8
2.7
95.3
95.5
95.3
0.1
0.2
-0.2
-1.1
-1.3
-1.6
18^6
January
February
March
171.3
171.9
172.1
0.1
0.4
0.1
2.6
2.0
2.1
94.7
94.7
94.4
-0.7
0.0
-0.3
-2.4
-3.1
-3.3
185.6
April
May
June
172.5
172.9
172.9
0.3
0.2
0.1
2.3
2.6
2.9
94.1
94.0
93.7
-0.3
-0.1
-0.3
-2.1
-2.0
-1.5
187 ! l
July
August
September
173.2
174.1
174.6
0.2
0.5
0.3
2.8
3.3
3.3
93.7
93.8
93.7
-0.1
0.1
-0.1
-1.3
-0.5
-0.1
189.2
October
November
December
174.9
175.6
175.7
0.2
0.4
0.1
4.0
3.0
2.8
93.5
93.8
93.7
-0.2
0.3
-0.1
0.2
-0.1
-0.4
192!l
January
February
March
176.6
176.7
177.0
0.5
0.1
0.2
3.6
3.5
3.3
93.8
93.7
93.5
0.1
-0.1
-0.2
0.1
-0.5
-1.0
19^7
April
May
June
178.0
178.7
178.6
0.6
0.4
-0.1
r3.1
p3.1
93.6
93.6
93.2
0.1
0.0
-0.4
r-1.2
p-1.8
195.8
rl79.3
pl79.4
r0.4
pO.l
r93.2
p92.8
rO.O
p-0.4
4^2
3.2
4.*2
4.3
3.7
5.1
3*.7
1987
2.1
3.*8
3.4
4.0
4.4
4.4
6.2
1988
July
August
September
3.5
r4.5
October
November
December
See note on |
Graphs of these series are shown on pages 49 and 50.
Adjusted for overtime (in manufacturing only) and interindustry employment shifts.
2
Changes are centered within the spans: 1-month changes are placed on the 2d month, 6-month changes are placed on the 4th month, 1-quarter changes are placed on the 1st month of the 2d quarter, and 4-quarter changes are placed on the middle month of the 3d quarter.
SEPTEMBER 1988
87
OTHER IMPORTANT ECONOMIC MEASURES
B
I
PRICES, WAGES, AND PRODUCTIVITY—Continued
| Q
Negotiated wage and
benefit decisions
Average hourly compensation, all employees,
nonfarm business sector—Continued
Year
and
month
348. Average
first-year
changes ©
Real compensation
346. Index
(1977 = 100)
WAGES AND PRODUCTIVITY—Continued
346c. Change
over 1-quarter
spans *
346c. Change
over 4-quarter
spans1
(Ann. rate,
percent)
(Ann. rate,
percent)
(Ann. rate,
percent)
358. Index of
output per hour,
Output per hour, all persons, business sector
349. Average
changes over
life of
contract @
(Ann. rate,
percent)
370. Index
(1977 = 100)
all persons,
nonfarm business sector
370c. Change
over 1-quarter
spans1
370c. Change
over 4-quarter
spans1
(Ann. rate,
percent)
(Ann. rate,
percent)
(1977 = 100)
['.6
108!6
1.2
108!i
-CK6
108 .'6
0.2
107*.8
1.5
10^8
i!9
108.'6
1.1
109.6
ri".3
109^9
1986
0.6
2.7
January
February
March
99*.2
April
May . . .
June
100.3
July
August
September
100.8
October
November
December
ioi!i
1.2
2.5
0.7
4.6
1.6
2.9
-o'.i
-0.4
1.2
-1.4
no!o
1.4
2.4
7.7
11CL4
0.7
1.9
Il6'.5
2.7
2.4
-0.8
109.8
1987
January
February
March
100! 6
April
May
June
100.2
July
August
September
100.4
October
November
December
ioi!6
-3.1
-1.4
-6!i
-o'.i
1.1
4.1
3.9
n6!6
2.1
0.4
3.4
2.5
0.3
10^9
2.5
0.6
2.1
ni'.i
2.4
2.7
3.9
0.6
111.8
0.7
1988
0.1
January
February
March
ioi'.6
April
May
June
ioo!9
pi.8
3.5
pi.8
Il6l8
112!8
-0.3
p3.4
p2.4
rll2*.i
r-2.5
riio!i
July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on pages 49 and 50.
1
Changes are centered within the spans: 1-quarter changes are placed on the 1st month of the 2d quarter, and 4-quarter changes are
placed on the middle month of the 3d quarter.
SEPTEMBER 1988
OTHER IMPORTANT ECONOMIC MEASURES
C
I
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
Q
|
CIVILIAN LABOR FORCE AND MAJOR COMPONENTS
447. Number
unemployed,
full-time
workers
Civilian labor force
Year
441. Total
and
442. Civilian
employment
Number unemployed
month
37. Persons
unemployed
444. Males
20 years
and over
(Thous.)
(Thous.)
(Thous.)
(Thous.)
116,751
116,951
117,183
108,904
108,524
108,853
7,847
8,427
117,334
117,481
118,112
445. Females
20 years
and over
(Thous.)
448. Number
employed
part time
for economic
reasons
Civilian labor force participation rates
451. Males
20 years
and over
452. Females
20 years
and over
453. Both
sexes 16-19
years of age
446. Both
sexes 16-19
years of age
(Thous.)
(Thous.)
(Thous.)
(Percent)
(Percent)
(Percent)
1986
8,330
3,521
3,766
3,778
2,920
3,180
3,109
1,406
1,481
1,443
6,447
6,825
6,861
5,301
5,209
5,307
78.3
78.1
78.1
55.0
55.1
55.1
53.4
54.5
54.9
108,961
109,037
109,671
8,373
8,444
8,441
3,724
3,836
3,791
3,102
3,116
3,133
1,547
1,492
1,517
6,814
6,926
6,792
5,564
5,600
5,381
78.0
78.0
78.2
55.2
55.3
55.7
55.5
55.1
55.4
118,115
118,150
118,345
109,837
110,035
110,047
8,278
8,115
8,298
3,820
3,661
3,831
3,025
3,005
2,991
1,433
1,449
1,476
6,691
6,553
6,792
5,149
5,288
5,337
78.1
77.9
78.1
55.7
55.8
55.7
54.6
54.9
54.9
118,424
118,671
118,576
110,194
110,457
110,657
8,230
8,214
7,919
3,817
3,807
3,728
3,007
2,971
2,826
1,406
1,436
1,365
6,704
6,672
6,481
5,438
5,270
5,324
77.9
78.2
78.3
55.8
55.8
55.6
54.9
54.4
53.4
118,978
119,230
119,246
111,014
111,344
111,455
7,964
7,886
7,791
3,691
3,606
3,553
2,877
2,858
2,832
1,396
1,422
1,406
6,473
6,397
6,248
5,211
5,458
5,180
78.2
78.2
78.1
55.8
55.9
55.9
54.3
54.7
54.3
June
119,363
119,907
119,608
111,806
112,334
112,300
7,557
7,573
7,308
3,454
3,456
3,422
2,733
2,700
2,634
1,370
1,417
1,252
6,083
6,053
6,000
5,104
5,058
4,979
78.1
78.2
78.0
56.0
56.2
56.2
54.2
55.2
53.6
July
August
September
119,890
120,306
119,963
112,639
113,050
112,872
7,251
7,256
7,091
3,323
3,258
3,118
2,680
2,661
2,671
1,248
1,337
1,302
5,852
5,812
5,636
5,154
5,016
4,986
78.0
77.9
77.9
56.3
56.3
56.2
54.0
56.3
54.4
October
120,387
120,594
120,722
113,210
113,504
113,744
7,177
7,090
6,978
3,174
3,135
3,063
2,615
2,620
2,611
1,388
1,335
1,304
5,725
5,684
5,601
5,067
5,241
5,004
78.0
78.0
77.8
56.4
56.5
56.6
55.1
54.8
55.5
121,175
121,348
120,903
114,129
114,409
114,103
7,046
6,938
6,801
3,154
3,071
3,089
2,581
2,635
2,411
1,312
1,232
1,301
5,603
5,549
5,498
5,145
5,254
5,106
77.9
78.2
77.9
56.7
56.8
56.6
56.0
54.9
53.9
121,323
120,978
121,472
114,713
114,195
115,018
6,610
6,783
6,455
2,909
3,072
2,870
2,442
2,481
2,473
1,259
1,230
1,112
5,302
5,418
5,111
4,924
4,623
5,076
78.2
77.9
77.8
56.7
56.4
56.6
54.2
54.0
56.2
121,684
122,031
115,059
115,180
6,625
6,851
2,815
3,090
2,576
2,468
1,234
1,293
5,174
5,517
5,185
4,959
77.9
78.0
56.7
56.8
56.0
56.4
January
February
March
April
May
June
July
August
September
October
November
December
1987
January
February
March
April
May
November
December
1988
January
February
March
April
May
June
July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on page 5 1 .
SEPTEMBER 1988
.
OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES
Q |
State and local government1
1"ederal Governmenti
Year
and
month
500. Surplus
or deficit
(Ann. rate,
bil. dol.)
Q
RECEIPTS AND EXPENDITURES
501. Receipts
502. Expenditures
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
510. Surplus
or deficit
(Ann. rate,
bil. dol.)
DEFENSE INDICATORS
Advance measures of defense activity
511. Receipts
512. Expenditures
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
517. Defense
Department
gross obligations incurred
(Mil. doi.)
525. Defense
Department
prime contract awards
543. Defense
Department
gross unpaid
obligations
outstanding
548. Manufacturers'
new orders,
defense
products
(Mil. dol.)
(Mil. dol.)
(Mil. dol.)
1986
January
February
March
-198i6
806! 7
1,005.3
6^2
613.1
545! 9
28,411
30,247
30,969
12,843
9,715
13,822
185,822
188,008
190,756
9,975
9,449
11,858
April
May
June
-234.'i
816.3
l,05CL7
6o!i
616!6
55^5
29,758
30,267
33,056
13,136
11,052
12,949
188,903
189,004
193,207
8,514
9,012
7,845
July
August
September
-206!i
833'.6
l,039!7
62.*7
629.6
566.9
31,199
29,968
30,678
13,810
11,432
12,315
196,185
198,635
199,295
10,091
7,709
9,968
October
November
December
-183.3
856.8
i,o4o!i
5^8
632 '.9
578*. 1
28,383
30,341
26,583
9,450
11,866
11,581
198,408
198,337
197,769
7,508
10,426
7,763
January
February
March
-188.3
871.3
l,059!(5
47.7
637!5
58^9
25,911
34,669
28,986
10,617
12,546
12,167
196,585
199,440
199,308
6,129
7,650
9,769
April
May
June
-144.0
920.0
1,06416
6l!i
65^3
597'.9
33,794
32,801
30,475
12,138
12,103
12,748
200,411
202,504
204,177
11,265
9,907
10,128
July
August
September
-138i3
93C)!i
1,068.4
52.9
659^1
606! 2
31,867
32,619
34,065
13,667
12,881
13,609
207,148
209,556
215,074
9,882
9,179
9,102
October
November
December
-160.4
944.4
1,10419
49*.7
66^9
617.2
29,233
30,794
24,532
10,613
9,383
11,912
212,355
212,086
205,974
9,864
9,824
7,036
-155.1
951.0
l,106*.i
5^8
685.5
62917
31,157
33,243
31,595
7,871
11,080
11,901
208,366
210,637
212,335
9,223
8,480
8,065
r-133.3
r983.0
rl,116.3
56.2
r698.4
r642*.l
33,172
32,294
36,167
16,222
14,301
14,580
210,520
214,223
219,469
9,871
8,215
rl3,829
p29,691
(NA)
pl8,794
(NA)
p219,349
(NA)
r6,999
p8,071
1987
1988
January
February
March
April
May
June
July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on pages 52
1
Based on national income and p
90
and 53.
oduct ace
SEPTEMBER 1988
OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES—Continued
^ J
DEFENSE INDICATORS—Continued
National defense
purchases
Intermediate and final measures of defense activity
Year
and
month
557. Index of
industrial
production,
defense and
space equipment
(1977 = 100)
559. Manufacturers' inventories, defense
products
561. Manufacturers' unfilled
orders, defense
products
(Mil. dol.)
(Mil. dol.)
580. Defense
Department
net outlays,
military
(Mil. dol.)
588. Manufacturers' shipments, defense
products
570. Employment, defense
products industries
(Mil. dol.)
(Thous.)
Defense Department
personnel
577. Military
on active
duty (u)
(Thous.)
578. Civilian,
direct hire
employment
. (Thous.)
564. Federal
purchases of
goods and
services,
national
defense
(Ann. rate,
bil. dol.)
565. National
defense purchases as a
percent of
GNP
(Percent)
1986
January
February
March
178.9
178.0
178.6
31,682
31,148
31,963
159,414
160,355
164,278
20,152
21,586
23,342
8,272
8,508
7,935
1,570
1,572
1,572
2,157
2,160
2,160
1,103
1,087
1,084
266.8
6.*4
April
May
June
179.8
180.2
180.7
32,072
32,089
32,156
164,153
164,405
163,323
22,101
22,921
21,954
8,639
8,760
8,927
1,581
1,588
1,564
2,150
2,150
2,143
1,081
1,072
1,060
27^2
^6
July
August
September
182.4
183.7
184.6
31,800
31,648
31,684
164,192
163,058
164,078
22,538
21,714
23,886
9,222
8,843
8,948
1,592
1,589
1,590
2,150
2,161
2,169
1,059
1,052
1,072
288.0
6.7
October
November
December
185.6
185.5
186.2
31,578
31,369
30,762
162,570
163,442
161,459
22,324
21,168
22,512
9,016
9,554
9,746
1,592
1,591
1,590
2,177
2,181
2,178
1,069
1,063
1,059
278.1
e'.5
January
February
March
187.3
188.9
188.6
31,122
31,233
31,169
158,833
157,779
158,084
22,243
24,096
23,259
8,755
8,704
9,464
1,593
1,591
1,588
2,179
2,172
2,168
1,061
1,067
1,070
287!3
6.*5
April
May
June
189.2
189.3
188.6
31,597
31,624
31,709
160,358
160,898
161,816
23,593
22,760
24,046
8,991
9,367
9,210
1,584
1,587
1,585
2,158
2,153
2,151
1,072
1,068
1,070
294.8
6.6
July
August
September
188.7
189.1
189.8
32,174
32,553
32,668
162,605
162,741
162,316
22,858
24,340
21,513
9,093
9,043
9,527
1,588
1,589
1,590
2,158
2,167
2,174
1,074
1,076
1,090
299.8
6.6
October
November
December
190.3
188.7
188.9
33,171
33,936
33,504
163,247
164,130
161,860
25,816
21,276
26,329
8,933
8,941
9,306
1,593
1,592
1,592
2,172
2,174
2,167
1,090
1,087
1,083
299^2
e'.A
190.6
191.0
189.9
33,656
33,859
33,945
162,206
162,089
160,841
20,786
23,441
23,752
8,877
8,597
9,313
1,599
1,596
1,587
2,166
2,162
2,142
1,077
1,071
1,067
298^4
6.3
April
May
June
187.9
rl85.5
rl84.6
34,069
34,695
r35,328
162,171
162,009
8,541
8,377
r8,721
1,588
1,585
1,584
2,108
2,100
2,104
1,059
1,053
1,041
r298.'8
6*.2
rl67,117
26,548
20,130
23,765
July
August
September
rl85.4
pl84.9
p34,864
(NA)
rl65,446
pl64,456
r24,243
p23,390
r8,670
p9,061
pi,578
(NA)
r2,lll
p2,123
pi,031
(NA)
1987
1988
January
February
March
October
November
December
See note on page 80.
Graphs of these series are shown on pages 54 and 55.
SEPTEMBER 1988
91
OTHER IMPORTANT ECONOMIC MEASURES
E
U.S. INTERNATIONAL TRANSACTIONS
Q [
602. Exports, excludir i
military aid shipments
604. Exports of domestic
agricultural products
MERCHANDISE TRADE
606. Exports of nonelectrical machinery
612. General imports
Year
and
month
(Mil. dol.)
(Mil. dol.)
(Mil. dol.)
(Mil. dol.)
614. Imports of petroleum and petroleum
products
(Mil. dol.)
616. Imports of automobiles and parts
(Mil. dol.)
1986
January
February
March
18,357
18,520
17.J99
2,320
2,283
2,135
3,854
4,294
3,740
30,600
28,866
29,124
4,978
4,254
3,578
5,044
5,378
5,018
April
May
June
18, '62
19, )23
20,)38
2,043
1,960
1,819
3,981
3,644
3,582
30,287
29,390
29,960
2,084
2,718
2,731
5,044
5,054
5,535
July
August
September
19,'31
17, )70
18, !82
2,062
2,231
2,111
3,585
4,091
3,812
30,969
30,122
31,738
2,483
2,225
2,435
6,242
6,280
4,909
October
November
December
19, '28
19,195
19, !55
2,447
2,204
2,352
3,932
4,138
4,227
30,953
32,666
30,762
2,155
2,788
2,299
5,790
7,156
5,483
January
February
March
18,::99
19,;;27
2 0 , 71
1,926
2,047
2,157
3,452
4,404
4,098
31,666
31,825
32,271
2,269
3,598
3,513
4,882
6,322
5,329
April
May
June
20,'02
20,; 60
2 1 , . 07
2,234
2,410
2,445
4,122
4,176
4,338
31,978
32,514
34,418
2,842
3,685
3,375
5,516
6,093
5,823
July
August
September
22,00
20,* 83
2 1 , * 10
2,956
2,520
2,625
4,260
4,420
4,717
34,625
34,492
34,582
4,125
4,574
3,439
5,800
6,008
5,307
October
November
December
22,(74
23,(94
24,152
2,593
2,409
2,472
4,407
5,371
5,371
35,966
35,316
36,586
3,780
3,292
3,158
6,776
6,342
6,560
24,'88
24,^18
26,£76
2,634
2,936
3,030
5,040
5,177
5,442
34,258
37,729
36,644
3,541
3,536
3,225
5,441
5,659
5,677
26,C26
27,'78
r26,2 83
3,030
3,327
3,220
5,288
5,374
5,353
34,825
35,732
r-37,948
3,226
3,802
3,060
6,220
5,507
5,351
26,'65
(I>A)
3,266
(NA)
5,457
(NA)
34,533
(NA)
3,122
(NA)
5,378
(NA)
1987
1988
January
February
March
April
May
June
July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on page 56.
92
SEPTEMBER 1988
OTHER IMPORTANT ECONOMIC MEASURES
E
U.S. INTERNATIONAL TRANSACTIONS—Continued
| Q
GOODS AND SERVICES MOVEMENTS (EXCLUDING TRANSFERS UNDER MILITARY GRANTS)
Merchandise, adjusted]
Goods and services
Year
and
month
667. Balance
(Mil. dol.)
668. Exports
(Mil. dol.)
669. Imports
(Mil. dol.)
622. Balance
(Mil. dol.)
618. Exports
(Mil. dol.)
Income on investment
620. Imports
(Mil. dol.)
651. U.S. investment abroad
(Mil. dol.)
652. Foreign
investment in
the United States
(Mil. dol.)
1986
January
February
March
-29,485
93,067
122,552
-35,433
54,113
89,546
24,352
17,357
April
May
June
-29,629
94,088
123,717
-33,861
56,946
90,807
22,248
17,533
July
August
September
-31,288
93,493
124,781
-36,721
56,268
92,989
21,845
15,729
October
November
December
-33,118
94,408
127,526
-38,532
56,642
95,174
21,667
16,350
January
February
March
-34,657
98,907
133,564
-39,871
56,791
96,662
24,791
19,715
April
May
June
-37,727
100,353
138,080
-39,552
59,864
99,416
22,429
20,737
July
August
September
-38,987
106,318
145,305
-39,665
64,902
104,567
23,289
22,222
October
November
December
-29,150
119,247
148,397
-41,192
68,013
109,205
33,248
20,709
January
February
March
r-33,817
rl21,122
rl54,939
-35,184
75,300
110,484
r26,554
r25,395
April
May
June
p-30,429
pl23,284
pl53,713
p-29,937
p79,665
pl09,602
p23,429
p25,176
1987
1988
July
August
September
October
November
December
See note on |
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).
IN:
SEPTEMBER 1988
93
OTHER IMPORTANT ECONOMIC MEASURES
F I
INTERNATIONAL COMPARISONS
Q |
Year
and
month
47. United States,
index of industrial production
(1977 = 100)
721. OECD1
European countries, index of
industrial
production
(1977 = 100)
728. Japan,
index of industrial production
(1977 = 100)
INDUSTRIAL PRODUCTION
726. France,
index of industrial production
725. West
Germany, index
of industrial
production
(1977 = 100)
727. Italy, index
of industrial
production
722. United
Kingdom, index
of industrial
production
(1977 = 100)
(1977 = 100)
(1977 = 100)
723. Canada,
index of industrial production
(1977 = 100)
Revised 2
1986
January
February
March
126.4
125.5
123.9
112
113
112
144.6
144.8
144.8
113
113
113
107
105
105
108
110
109
108.4
110.9
113.8
126.2
126.3
123.3
April
June
124.7
124.3
124.1
115
111
114
144.4
144.2
144.5
117
112
116
109
104
108
111
109
109
114.9
108.7
113.9
128.1
124.8
123.0
July
August
September
124.8
124.9
124.5
115
114
114
144.2
141.9
145.8
117
114
114
109
109
109
111
111
111
111.1
110.0
109.8
124.3
123.9
124.3
October
November
December
125.3
125.7
126.8
114
114
113
143.8
141.9
142.0
114
114
112
109
107
107
111
111
110
111.0
112.2
111.1
125.1
124.9
126.8
January
February
March
126.2
127.1
127.4
112
115
115
141.3
140.8
142.8
111
114
114
105
109
109
110
112
112
111.8
115.2
117.6
126.2
127.6
128.8
April
May
June
127.4
128.2
129.1
115
116
116
141.7
139.5
144.7
116
116
114
108
110
111
112
112
112
115.5
119.7
116.2
128.9
129.6
130.3
July
August
September
130.6
131.2
131.0
rll5
115
116
145.9
145.9
148.2
113
117
116
110
110
111
113
115
113
115.6
110.8
115.1
130.9
133.6
134.1
October
November
December
132.5
133.2
133.9
117
118
117
150.7
151.1
152.9
117
117
117
111
111
112
115
115
115
120.1
118.7
114.0
135.5
136.5
136.9
134.4
134.4
134.7
118
117
118
153.5
157.7
158.0
117
118
118
112
112
112
rll6
rll4
rll6
124.2
118.9
119.2
137.9
138.1
137.9
April
May
June
135.4
136.1
rl36.5
rll8
pl20
(NA)
156.8
rl53.2
pl57.2
117
rll8
111
112
pl2O
pll4
116
rll8
pll7
121.5
pll8.5
(NA)
137.9
139.5
pl39.9
July
August
September
rl37.9
pl38.2
(NA)
(NA)
(NA)
(NA)
May
1987
1988
January
February
March
(NA)
October
November
December
See note on page 80.
Graphs of these series are shown on page 58.
O r g a n i z a t i o n for Economic Cooperation and Development.
2
See "New Features and Changes f o r This I s s u e , " page i i i .
94
SEPTEMBER 1988
ItO
OTHER IMPORTANT ECONOMIC MEASURES
F
I
INTERNATIONAL COMPARISONS—Continued
Q
United States
320. Index ©
Year
CONSUMER PRICES
Japan
320c. Change
738. Index
©
West Germany
738c. Change
735. Index
©
United Kingdom
France
735c. Change
736. Index
©
736c. Change
and
over 6-month
over 6-month
over 6-month
over 6-month
month
1
1
1
1
spans
spans
(Ann. rate,
(1982-84 = 100)
percent)
spans
(Ann. rate,
(1982-84=100)
percent)
spans
percent)
©
(1982-84 = 100)
732c. Change
over 6-month
spans1
(Ann. rate,
(Ann. rate,
(Ann. rate,
(1982-84 = 100)
732. Index
percent)
(1982-84=100)
percent)
1986
109.6
109.3
108.8
January
February
March
April
May
June
July
August
September
October
November
December
0.6
-0.2
0.0
108.6
108.9
109.5
-0.5
109.5
109.7
110.2
2.6
110.3
110.4
110.5
3.7
111.2
111.6
112.1
5.0
0.4
1.7
2.8
2.2
4.1
4.4
105.0
104.9
104.8
1.2
0.4
0.0
105.1
105.4
104.9
-0.6
104.6
104.4
104.9
-1.7
105.0
104.5
104.3
-1.9
103.9
103.9
104.3
2.3
0.0
-0.6
-0.4
-0.6
-2.3
-0.2
105.5
105.2
104.9
-0.4
104.9
104.9
105.0
-1.9
104.5
104.2
104.4
-1.1
104.1
104.0
104.2
0.0
104.6
104.7
104.7
1.2
104.9
105.0
105.2
1.7
105.2
105.1
104.9
0.8
105.0
105.0
105.2
-0.2
-0.8
-1.3
-1.1
-0.6
-1.5
-0.8
0.2
0.0
116.1
115.9
116.1
116.6
116.9
117.2
1.4
1.2
1.2
1.6
2.4
3.3
117.4
117.5
118.0
2.9
118.2
118.4
118.5
4.5
119.6
119.8
120.0
4.1
2.9
3.1
4.3
3.6
113.1
113.5
113.7
3.2
114.8
115.0
114.9
1.1
114.6
114.9
115.5
115.7
116.7
117.1
2.9
1.8
1.1
2.1
2.8
4.2
5.9
6.8
6.9
5.6
1987
January
February
March
April
May
June
July
August
September
5.1
5.3
112.7
113.1
113.5
4.5
113.8
114.4
115.0
3.7
4.4
4.1
3.9
3.6
-0.9
1.0
0.0
-1.7
104.8
104.6
105.0
-0.2
3.9
117.1
117.5
4.5
May
June
118.0
105.5
105.6
105.4
July
118.5
119.0
105.2
(NA)
3.7
1.9
105.7
105.2
105.1
115.7
116.0
116.5
December
3.2
2.1
3.3
104.7
104.8
105.7
3.7
November
1.3
105.2
105.4
105.2
115.3
115.4
115.4
October
0.4
0.0
-0.4
1.5
1.2
1.7
1.0
0.4
0.8
0.0
1.0
4.1
117.5
118.0
3.8
3.4
118.2
2.4
120.6
120.9
121.1
2.4
119.6
119.7
119.7
2.2
121.4
121.7
121.7
2.3
122.0
122.2
122.2
2.2
2.7
2.5
2.3
2.8
2.1
2.5
119.6
120.0
120.3
120.9
121.5
121.4
5.4
2.0
2.7
3.7
4.6
4.8
4.2
4.2
4.0
1988
January
February
March
April
August
4.0
4.4
5.1
1.3
0.2
0.8
(NA)
105.4
105.6
105.7
106.0
106.2
106.3
106.2
106.3
1.1
1.7
1.3
1.9
2.3
122.4
122.7
123.0
123.6
123.9
124.3
124.7
(NA)
2.6
2.6
2.5
3.3
(NA)
121.4
121.9
122.3
124.3
124.8
125.3
3.8
3.8
4.6
5.7
(NA)
125.4
(NA)
September
October
November
December
See note on page 80.
Graphs of these series are shown on page 59.
1
Changes
over
6-month spans
SEPTEMBER 1988
are centered
on the 4th
month.
95
OTHER IMPORTANT ECONOMIC MEASURES
F
I
INTERNATIONAL COMPARISONS—Continued
Q
CONSUMER PRICES—Continued
Italy
Year
and
month
737. Index ©
1982-84=100)
| Q
733c. Change
over 6-month
spans1
19. United
States, index
of stock
prices, 500
common
stocks @
748. Japan,
index of
stock
prices ©
745. West
Germany,
index of
stock
prices ©
746. France,
index of
stock
prices ©
742. United
Kingdom,
index of
stock
prices ©
747. Italy,
index of
stock
prices ©
743. Canada,
index of
stock
prices ©
(Ann. rate,
percent)
(1967 = 100)
(1967 = 100)
(1967 = 100)
(1967 = 100)
(1967 = 100)
(1967 = 100)
(1967 = 100)
Canada
737c. Change
over 6-month
spans1
(Ann. rate,
percent)
733. Index ©
1982-84=100)
STOCK PRICES
1986
January
February
March
125.9
126.8
127.2
6.8
6.6
5.3
111.4
111.8
112.1
4.4
4.8
2.9
226.5
238.6
252.7
936.5
964.8
1,052.8
327.1
320.8
329.6
438.3
468.6
514.8
647.8
690.0
755.0
303.8
343.9
430.2
321.2
322.7
344.3
April
May
June
127.6
128.1
128.6
5.5
5.5
4.8
112.2
112.8
112.9
3.2
3.6
3.6
258.9
259.4
266.8
1,116.7
1,144.6
1,203.9
345.8
318.7
313.8
590.3
600.2
537.2
780.6
756.2
764.9
512.3
580.0
485.1
347.9
352.8
348.6
July
August
September
128.6
128.8
129.2
4.0
3.3
3.4
113.8
114.1
114.1
4.5
4.5
5.4
261.3
266.5
259.2
1,262.7
1,354.5
1,361.4
293.2
316.3
327.2
580.0
605.1
603.4
755.5
750.0
767.2
483.2
562.7
554.7
331.7
342.2
336.6
October
November
December
129.9
130.4
130.8
3.9
3.0
3.7
114.7
115.3
115.5
4.3
4.1
4.8
258.2
266.6
270.4
1,280.3
1,297.0
1,406.4
322.1
325.2
331.9
609.7
616.6
652.2
750.7
774.1
779.4
557.1
546.3
514.8
343.4
344.3
346.5
January
February
March
131.6
132.1
132.6
4.2
4.7
4.5
115.8
116.3
116.8
4.4
4.7
4.2
287.7
305.6
318.1
1,492.7
1,577.3
1,675.5
308.8
285.2
288.5
642.1
660.1
708.1
841.0
917.9
973.1
526.7
502.9
501.9
378.4
395.4
422.5
April
May
June
132.9
133.4
133.9
4.8
5.9
6.5
117.3
118.0
118.3
5.1
5.2
4.7
314.7
314.5
327.8
1,856.7
1,937.3
1,965.7
304.2
302.3
313.7
725.9
703.6
664.6
957.2
1,042.0
1,098.5
533.2
533.4
p521.5
420.0
416.4
422.6
July
August
September
134.3
134.6
135.6
6.8
6.4
5.5
119.2
119.3
119.3
4.5
3.8
4.1
337.3
358.3
346.6
1,806.9
1,902.6
1,888.0
327.7
340.7
330.0
691.9
704.9
729.8
1,155.7
1,102.2
1,121.9
494.8
466.0
451.9
455.4
451.3
440.9
October
November
December
136.8
137.2
137.4
5.1
4.0
3.4
119.7
120.2
120.3
3.1
2.9
3.5
304.8
266.5
262.1
1,831.8
1,676.8
1,654.9
306.1
234.2
224.2
632.8
508.5
484.6
1,028.6
795.0
810.9
450.0
366.9
361.0
341.2
336.5
357.1
January
February
March
138.1
138.5
139.1
3.5
3.5
4.0
120.5
121.0
121.6
3.5
4.4
4.0
272.5
280.8
289.1
1,654.9
1,797.4
1,909.4
213.0
223.3
237.7
465.0
501.6
510.3
864.2
859.2
889.1
349.1
334.1
377.2
345.4
362.1
374.4
April
May
June
139.6
140.0
140.4
4.5
(NA)
122.0
122.8
122.9
4.5
5.2
285.7
278.6
294.4
1,960.5
1,962.2
1,978.5
235.9
230.4
246.1
523.5
545.7
609.1
880.3
879.1
907.5
383.5
359.7
r372.8
377.4
367.1
388.9
July
August
September
140.8
(NA)
292.7
286.9
p292.2
1,971.2
rpl,990.8
pi,960.5
253.2
(NA)
632.2
618.6
p630.7
933.1
(NA)
399.9
416.6
p409.4
381.6
371.3
p368.8
1987
1988
123.7
124.1
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.
96
SEPTEMBER 1988
APPENDIXES
B. Current Adjustment Factors
Feb.
Mar.
Apr.
May
1988
June July
Aug.
Sept.
144.5 104.2
91.4
92.1
82.7
89.1
85.6
81.4
91.5 103.7 128.0
93.3 100.9
96.2
96.4
91.7 104.6
100.5 100.4 101.3 100.9 100.8 100.3
99.5
98.9
98.6
99.0
99.7 100.2
517. Defense Department
gross obligations
incurred1
. .
....
107.2
92.7 107.0
91.2
80.2
87.3
91.5
91.0 132.0
99.8 105.3 115.4
525. Defense Department prime contract awards
117.1
95.8 117.9
81.1
69.1
84.7
86.2
92.0 205.4.
54.2
543. Defense Department gross unpaid
obligations outstanding
103.5 103.4 103.0 102.6 100.4
98.3
97.0
95.1
99.9
100.0
Series
Jan.
5. Average weekly initial claims, State
unemployment insurance
13 New business incorporations
1
95.8
72. Commercial and industrial loans 2
outstanding in current dollars
99.2 113.5 104.2 102.0 107.1
105.8
570. Employment, defense products industries . . 100.1
99.8
99.7
99.7
578. Defense Department civilian personnel,
direct hire employment
.
.
99.4
99.5
99.6
99.8 100.3 100.8 101.5 101.0
580. Defense Department net outlays1
92.5
98.4 108.3
604. Exports of domestic agricultural products .
606. Exports of nonelectrical machinery
614. Imports of
petroleum and petroleum
products1
616. Imports of automobiles and parts
1
....
98.4 100.7 103.4
109.2 107.5 109.8 100.8
98.1
95.0 111.6
92.3
98.4
91.4
100.8 102.9 107.5
99.5
97.6
Oct.
Nov.
Dec.
92.6 102.8
98.1 100.2 100.9
99.9 100.2 100.2 100.4 100.5
99.0
99.5
99.8
98.4 101.9 102.0
93.3
98.7 107.7
99.9
89.3
83.1
80.3
85.9
88.9 106.8 119.3 119.7
101.3 103.1
102.8
95.3
95.8
96.9 104.2
94.5
95.4 107.7
99.8 108.6
114.2
98.6
97.4
99.8 100.8 103.2 105.4 107.9 103.4
93.2
87.9
89.0
99.5
103.1
96.3
NOTE: These series are seasonally adjusted by the Bureau of Economic Analysis rather than by the source agency. Seasonally adjusted data prepared by the source agency will be used in BUSINESS CONDITIONS DIGEST whenever they are available. For a description
of the method used to compute these factors, see Bureau of the Census Technical Paper No. 15, THE X-ll VARIANT OF THE CENSUS METHOD
II SEASONAL ADJUSTMENT PROGRAM.
factors are the products of seasonal and trading-day factors.
2
These factors apply only to the loans portion of this series.
97
C. Historical Data for Selected Series
Year
Jan
Feb.
6.
Mar.
June
May
Ap
M A N U F A C T U R ERS'
1960.. .
196 1...
1962. . .
1963. . .
1964...
9. 99
13. 48
15. 72
15. 16
12. 94
15. 68
15. 54
14. 09
17. 46
18. 19
20. 40
10. 31
13. 92
14. 61
15. 64
12. 47
16. 97
15. 97
14. 68
17. 81
18. 82
20. 03
9. 72
14. 96
15 . 04
15. 14
12. 50
16. 65
15. 2 1
14. 49
17. 05
19. 0
19. 75
10. 17
14. 24
15. 69
14. 11
80
16. 84
15. 02
15. 25
16. 67
18. 66
20. 46
9. 75
14. 51
1 5.16
14. 58
12. 20
16 . 02
15. 22
15. 46
16. 89
18. 99
20. 59
10. 29
14. 84
15. 06
14. 73
13. 30
16. 86
15. 52
15. 80
16. 76
18. 20
20. 63
1966.. .
25. 51
25. 80
26. 83
26. 29
26 . 00
26. 76
1968...
1969...
1970.. .
197 1.. .
27 .41
27 . 30
27 . 57
77 .
29. 99
27 .69
31. 52
26. 86
31
29. 80
27 . 80
2 8 . 75
27 . 41
29. 26
27 . 92
2 9 . 85
28. 90
30. 08
27. 43
1973...
40. 60
41.
42
45
40
50
59
71
78
75
87
80
33
96
86
42
52
10
10
25
68
24
74
48. 83
40. 74
51 . 01
59. 80
71. 61
80. 66
69. 32
86 89
77 . 32
4 2 . 41
4 8 . 44
40. 52
5 1.3 5
62. 06
72. 1 1
80. 11
71 15
86 86
77 . 07
1954...
1955...
1956. . .
1957 . . .
1 9 5 8 . ..
1959...
July
Sept.
Aug.
Oct
29. 14
2 8 . 02
29.
0. 50
14. 98
14. 75
13. 43
13. 17
15. 79
15. 28
15. 72
17. 03
18. 86
21. 62
2 3 37
26. 28
30. 02
42 . 36
45 . 37
45 . 94
37 . 91
49. 30
46. 72
43 . 26
52. 32
56 . 02
60. 18
67 32
78. 14
30. 21
43. 59
45. 91
42. 92
37. 30
49. 72
45. 76
46. 51
50. 32
55. 85
61. 68
68
79. 05
32. 64
45. 76
47. 26
41. 10
40. 37
46. 76
47 . 06
48. 53
51. 88
56 . 46
62. 98
30. 04
30. 13
25. 43
29. 03
29. 7 1
26. 12
29. 14
29. 55
29. 04
82. 29
90. 46
82. 68
87 .16
102 37
45 . 96
4 3 . 32
143. 23
122. 12
152 .78
181. 38
2 1 4 . 82
238. 87
2 1 5 . 72
2 6 1 . 43
2 3 4 . 63
27
29
27
29
34
11
60
68
61
2 1
27. 44
29. 39
26 . 90
29.
34 9 2
28. 64
30. 67
27 . 83
30.
36 9 1
49
43
53
61
7 1
78
78
86
78
65
88
45
51
14
70
00
97
41
50. 90
43. 27
51. 76
61. 76
73. 93
76. 61
75.62
84 76
74 00
48. 74
43. 98
52. 16
63. 63
75. 93
80. 24
83. 39
84 40
76. 84
30
83. 61
89. 33
83. 04
89. 74
98 59
75.20
45 58
44 35
54 29
64 28
79 56
78. 16
83 57
79 48
73 56
41. 49
44. 27
56. 86
67. 02
77. 74
78. 54
86. 12
76. 52
78. 48
136. 23
120. 17
142 . 93
170. 94
197. 45
244 23
246 74
250 03
248 14
96. 02
32
100 62
96 47
97. 78
101. 91
02
111 96
113. 19
44. 51
52. 30
10
52 11
44 07
54 20
36
97 56
1 0 2 . 07
99 92
97. 78
104 29
96 88
96 73
96 45
99 69
98 40
95 55
102 25
99 57
99 20
98 58
102 05
95 94
101 87
101.
102 40
104 78
107 64
107 92
108 77
109 94
106 99
109 68
112.
1987...
1988...
34
7.
M A N U F A C T U R I.RS '
NEW ORDERS IN
IV
Annual
TOTAL FOR PERIOD
12. 60
16. 42
15. 73
12. 54
14. 59
15. 96
14. 89
17 . 59
18. 62
18. 66
22. 04
25
25. 54
1984...
42.
III Q
ii. 14
15. 74
15. 78
13. 58
15. 34
14. 73
14. 72
17. 01
17. 70
18. 90
20. 84
24 54
25. 64
40. 47
47 . 77
56. 00
66. 02
81. 28
83. 11
82 . 88
79. 14
102
97
ll Q
12. 64
15. 74
14. 84
12. 96
14. 13
15. 77
14. 54
16. 32
17. 82
18. 98
20. 43
2 3 85
25. 99
41. 23
45 . 53
56. 12
62. 69
78. 45
83. 51
82. 55
87. 18
1985 . . .
I Q
ii. 69
15. 74
14. 78
13. 64
13. 63
16. 04
15. 95
16. 30
17. 82
18. 93
2 1 . 15
23 74
27 . 25
1975...
1976...
1977. ..
1978...
1979...
1980. . .
1981...
1982 .. .
42.
Dec.
10.45
15. 04
17. 73
14. 03
13. 57
14. 93
15. 83
16. 51
17. 03
18. 67
20. 21
23 2 1
25. 86
69
20
3 8 . 47
49 . 68
58. 82
68. 74
84 50
80. 12
84 60
81 82
15
Nov.
NEW ORDERS IN CURRENT DOLLARS, DURABLE GOODS INDU TRIES
(BILLIONS OF D O L L A R S )
67
52. 38
64. 55
78. 81
79. 38
85. 25
80. 17
37
87
39
301
296
304
304
77
73
18
52
291
297
293
324
97
10
60
33
79. 39
36. 38
47. 90
46. 35
39. 08
44. 06
46. 46
44. 15
50. 92
54.14
56 . 54
63. 31
73. 54
77. 17
129. 25
179. 6 1
184. 89
169. 04
159. 64
192. 24
183. 69
189. 22
208. 66
224. 87
248. 15
37
313. 75
83. 19
89 66
82 41
89 83
88. 2 1
89. 39
80. 59
93. 17
337 . 30
358. 84
328. 72
359. 90
106
127
149.
131.
157
186
221
235
237
256
229
05
29
13
37
90
00
55
01
13
25
294 09
303 12
2 9 8 32
326 6 1
133. 67
133. 03
131. 94
163. 53
195. 85
236. 11
236. 08
2 5 4 . 94
236. 17
Ill 24
512. 64
561. 78
505. 36
616 .6 1
735. 07
869. 38
954. 73
954. 41
1003 76
939 26
29h 42
299 70
1182 25
1196 65
337 17
1292 63
1982 DOLLARS, DURABLE GOODS INDUSTR IES
TOTAL FOR PERIOD
1954...
1955...
35 44
hi 13
1957...
1958...
hi
39
47
45
42
1959 . . .
I960.. .
1961...
1963...
1964...
1965. . .
1966. . .
1967...
1968. ..
1969. . .
1970...
197 1. . .
1972...
1973...
1974...
1975...
1976. ..
1977...
1978...
1979...
1980. . .
1981 . . .
1982...
1983...
1984...
1985...
1986 . . .
24
46
08
97
20
54 64
60 73
65 05
94
69 79
75 31
77 40
70 87
73 16
75 70
92 48
95 22
71 09
74 64
86 .20
89 .56
101 89
96 .43
88 29
.98
80 .85
93 80
96 .47
95 .98
.71
36 56
48 52
48
38
50
47
43
58
02
87
25
94
34 48
52 12
46
38
49
44
43
88
1 1
84
99
38
56 52
59 43
65 81
57 10
58 60
70 26
74 79
78 93
70 29
73 40
76 87
93 10
93 63
69 29
77 84
85 .76
93 5?
104 48
94 .87
88 .17
79
75 .89
95 .71
92 .24
94 .59
94
68 87
78 96
78 74
69 28
72 30
77 22
95 .29
91 .69
65 66
80 64
89 .39
96 .67
107 65
91 .36
89 .62
82
78 .94
99 .51
91 .31
93 .88
.40
55
35 92
49 27
34 46
50 04
36 73
51 00
36 99
50 96
36 81
50 83
41 16
52 64
43
35
50
44
45
45 00
37 7 0
47 69
45 1 5
43
40
50
46
91
56
04
05
47
18
18
43 05
41.24
44 31
47 11
49 29
50
55 73
59 78
67
41
41
47
47
48
53
56
62
69
67
97
27
43
66
.92
56 02
60 .53
75 .54
69 .83
75 .12
82 .52
67 .65
70 .33
78 .10
93 .64
91 .37
69 .62
81 .59
90 .05
99 . 16
98 .49
85 .61
92 .10
80 .73
81 .81
92 . 13
90 .82
92 .38
98 .93
84
31
60
77
64
35
50
40
39
42
46
43
48
53
56
60
76
70
79
42
85
37
48
08
39
38
43
47
44
52
55
55
64
73
23
82
37
58
67
75
54
81
11
142
115
147
138
129
156
168
178
197
78
77
75
71
74
89
92
72
72
87
96
102
92
92
77
82
29
20
36
93
72
02
16
69
60
29
0?
95
40
45
208
229 06
235 07
210 44
218 86
229 79
280 87
280 .5 4
206 04
233 12
26 1 .35
279 .75
314 .02
282 .66
266 .08
95 .38
90 .24
93 .02
93 .65
92 .60
95.24
96 52
50 58
57 0 3
60 91
63
50
54 48
61 03
73 13
74 22
77 81
69 67
69 11
79 86
93 94
94 26
69 29
82 28
89 .93
99 .05
100 .95
78 .69
90 79
75 10
74 29
76 08
69 88
70 41
79 37
93 22
91 .56
68.80
82 16
93 .05
98 78
99 .64
79 .94
90 .20
71 .86
73 .26
77 .08
69 .03
70 .50
79 .01
92 .86
91 .77
74 .38
85 .12
91 .27
96 .91
97 .04
86 .86
89 .84
73
73
76
66
69
80
92
92
38
97
35
91
88
46
52
21
7 3 22
82 03
91 .09
99 .63
94 .12
83 .56
87 .12
71 40
77 00
79 26
69 07
72 48
84 65
92 8 3
87 04
73 92
81 89
92 .89
101 78
97 .38
91 .64
86 .38
71
80
77
62
70
84
96
81
72
81
93
105
95
92
81
49
32
46
48
92
30
18
06
20
7 1
82
08
18
66
72
72 90
77 40
75 .98
64 .19
73 70
86 66
98 .48
79 .69
73 .43
84 .31
92 .89
104 .97
93 .16
90 .54
80 .52
80 .89
95 .04
92 .40
90 .65
86 .20
90 .92
95 .83
90 .59
85 .04
94 .74
92 .97
92 .77
85 .09
93 .62
95 .55
89 .59
89 .13
91 .03
93
91
94
92
52
27
78
56
9 3 .56
14
95 .74
94 .89
70
59
74
21
52
65
26
1b
59
52
22
7?
06
93
01
25
29
35
41
46
43
44
50
53
56
61
7 1
41 33
40 16
46 .85
45 .48
hi .07
50
56 .30
63 .96
46
106 48
147 77
106 61
150 31
114 96
154 43
127 68
158 61
132
113
148
135
138
150
167
182
199
22
71
76
36
145 00
155 32
168 53
186 14
205 03
51
74
88
06
45
16 2 1 3
168 27
186 18
214 00
455
611
591
521
484
572
546
565
6 24
672
733
816
21
01
64
03
55
68
2 86 68
232 91
218 3 2
253 62
283 00
312 07
281 29
275 60
239 69
866
911
932
820
86 1
971
1126
106 1
853
981
1092
1187
1 182
1064
1042
280 73
279 25
280 ?6
2 82 10
1024 57
1125 .75
112 3 5 9
1117 .42
58
73
00
63
98
68
53
47
60
126
122
138
140
63
41
20
85
33
80
19
71
03
03
99
08
24
09
224 23
232 69
205 01
212 .86
244 .12
278 .2 1
271 02
221 52
249 .04
275 .25
298 .32
288 .54
262 .06
263 34
235 .68
289 .02
280 .02
284 .45
248 90
278 09
279 05
259 .76
279 .39
284 .76
277 .25
223
236
207
209
237
280
111
207
246
273
296
299
244
273
273
62
119
132
137
132
152
223
235
228
198
219
260
73
12
37
01
77
38
26
95
7 8
59
55
22
83
93
81
68
12
92
56
66
59
81
63
13
93
56
20
1988...
8 . MA fUFACTUR ERS 1
NEW ORDERS IN 198 2 DOLLARS, CONSUMER GOODS
(BI
AND
MATERIALS
INDUSTRIES
TOTAL FOR PERIOD
32 .86
33 .00
33 .00
34 .69
33 .17
34 .15
35 .92
36 35
38 .52
41 .29
96 .72
100 .69
103 .24
.45
42 .06
40 .61
39 .56
40 .86
53 .49
.99
33 .32
44 .88
39 .79
40 .13
36 .42
43 .77
+ 0 .04
33 .85
47 .65
40 .74
39 .79
34 .38
43 .48
37 .66
+ 3 .03
38 .42
40 .50
39 .54
42 .34
39 .37
40 .86
41
35
41
.02
.99
.30
39 .83
126 . 14
123 .91
103 .03
122 .59
119
104 . 12
132 . 13
120
116
115
.2 1
.66
.62
125 .87
116 . 1 6
133 .03
123 .28
107 .39
121 .6?
123 .50
416 .81
534
492 .22
467 .85
444 .39
518 .39
42 .88
44 .64
49 .00
52 .15
44 .01
43 .83
47 .50
52 .52
.55
45 .32
49 .46
54 .36
44 .28
45 .88
47 .78
52 .69
43 .76
46 .30
48 .28
55 .56
43 .79
46 .83
50 .09
52 .52
46 .29
46 .80
50 .02
54 .00
41 .40
33 .94
40 .95
42 .81
.55
47 .91
45 .73
49 .94
56 .32
.64
178 .43
128 41
131 .37
146 .54
157 .50
170 .95
186 .30
180 .60
130 5Q
137 .50
145 .52
162 .61
111 .95
184 .05
184 .20
137 9 9
139 .36
150 .05
162 .84
179 .55
182 .97
188 .45
513 .88
547 .31
587 .74
636 .98
696 .00
740 .96
731 .68
1954...
31 .11
32 .75
1956...
195 7
1958...
1959...
42 .97
40
35 .69
43 .25
41 .72
• 1
136 .89
1961. . .
1962...
1963...
38 .04
hi .01
hi .08
38 .27
46 .45
49 .16
L»0 .58
+ 5 .62
49 .39
.80
41 .52
42 .90
50 .04
52 .83
1966. . .
1967...
1968. ..
1969...
1970...
197 1.. .
1972...
1973...
1974...
1975. . .
1976. . .
197 7
1978. ..
1979. ..
1980...
1981...
60 .98
59 .93
64
68 .24
63 .68
65 .86
68 .86
82 .52
79
61 .08
69 .34
77 9 1
80 . 10
88 .38
8 1 .11
73 .26
62 .17
59 .48
64 .49
59 .02
62 . 16
59 .34
61 .80
60 .42
62 .34
60 .84
61 .2 1
60.46
6 1.49
63 .13
6 1.35
60 .61
6 1.91
59 .61
60 .81
62 .31
60 .2 5
66 .53
67 .97
.36
65
70 .10
82 .37
78 .17
60 .55
7 1.02
7 7 87
82 .34
86 .04
80 .57
76 .43
67 .94
67 .59
67 .18
68 .69
67 .01
68 .21
68 .48
69 .94
80
71 .21
73 .71
.39
75 .81
81 .28
6 1.30
72 .62
7 9 96
87 .06
84 .26
69 .85
77 .72
61 .90
73 .58
80 6 9
86 .74
86 .96
67 . 11
77 .67
62 .83
74 .01
82 0 1
86 .07
85 .18
66 .94
77 .78
66 .43
74 .7 1
81 41
84 .53
83 .00
69 .96
76 .40
.70
66 .40
73 .30
81 29
86 .31
80 .58
70 .82
73 .47
67 .28
72 .77
81 73
85 . 14
81 .81
75 .43
72 .27
67 .67
71 .17
80
87 .15
81 .04
78 .35
70
65 .78
63 .28
.08
78 .66
77 .99
.16
67 .58
76 .89
204 .15
188 . 10
.12
208 .72
248 .05
235 .00
180 .07
212 .88
202 .22
187 .66
189 .37
212 .02
241 .96
234 .61
186 .03
220 .2 1
200 .50
178 .78
.69
75 .11
.50
66 .24
57 .74
.39
77 .58
82 . 16
203 .91
184 .69
69 .76
83 .16
77 .06
58 .44
72 .52
81 3 9
83 .51
88 .20
75 .56
75 .94
67 .45
.29
63
70 .36
220 .03
239 .07
223 .16
200 .1 1
220 .78
232 .05
241 .43
199 .93
202 .66
223 .10
810 .78
739 .23
772 .78
872 .82
970 .51
892 .70
768 .87
876 .97
1983. . .
1984...
1985...
1986...
68 .77
82 .32
82 .56
82 .62
79 .69
70 .21
82 .66
78 .55
80 .40
84 .12
70 .42
80 .79
77 .94
78 .35
84 .78
71 .23
81 . 11
78 .hi
81 . 10
83 .80
7 3 .44
75 .22
78 .85
78 .90
80 .38
85 .72
75 .61
81 .15
78 .60
79 .04
84 .03
76 .94
80 .76
80 .12
79 .86
83 .87
77 .17
77 .88
80 .21
82 .49
85 .94
79 .76
79 .25
80 .43
81 .32
86 .76
89 .07
78 .48
77 .55
.81
65 .22
81 .86
79 .44
79 .97
84 .68
86 .79
245 .95
262 .62
237 .24
225 .63
204 .60
209 .40
245 .77
239 .05
241 .37
248 .59
259 .87
256 .40
203 .90
233 .17
2 06 .49
219 .89
241 .57
236 .86
239 .84
252 .99
255 .OR
245 .39
216 .2 1
222 .14
204 .01
229 .7?
239 .79
238 .93
241 .39
253 .84
264 .53
239 .30
233 .69
207 .29
195 .21
242 .18
238 .35
240 .63
245 .47
259 .33
1026 .33
1003 .71
891 .04
888 .23
810 .37
901 . 19
965 .48
955 .47
968 .07
1014 .75
1987 . . .
1988. . .
81 .61
79 .49
78 .36
83 .47
ons beginning with 1977.
71 .72
+
2
67 .41
75 .04
88 .31
79 .78
77 .79
65 .09
80 .56
79 .66
80 .23
79 .47
85 .78
116 89
139 .08
145 .63
154 .03
172
187
(SEPTEMBER
1988)
C. Historical Data for Selected Series—Continued
Jan.
Year
Feb.
Mar.
Apr.
May
June
July
Aug. Sept.
Oct.
Nov. Dec.
IV Q
I Q
10. CONTRACTS AND OHDERS FOR PLANT AND EQUIPMENT IN CURRENT DOLLARS
(BILLIONS OF DOLLARS)
1954.
1955 .
2.24
2.72
2.20
2.50
1957.
1958.
1959.
1960.
1961.
1962.
1963.
1964.
1965.
1966.
1967.
1968.
1969.
1970.
1971.
1972.
1973.
1974.
19
1976.
1977 .
1978.
1979.
1980.
1981.
1982.
1983.
1984.
1985.
1986.
1987.
1988.
3.65
2.77
3 .09
3.27
3.48
3.62
3.80
4.70
4.89
5.81
5 .30
7.74
8.98
9.20
8.21
8.75
11.26
13.88
3.55
2.67
3 .19
3.35
3.40
3.94
3.91
4.24
4.93
6.28
5.69
7.81
9.33
8.86
8.94
9.23
11.95
14.27
14.47
16.36
19.75
25.28
28.44
29.05
31.89
14.15
16.60
22.45
27.39
26.02
26.37
30.05
23.28
29.77
32.98
32.52
32.18
2 9 .' 3 8
29.27
30.19
31.7 1
20.
1954
1955
1956
1957
1958
1959
1960
1961
1962,
1963
1964
1965
1966
1967
1968
1969
1970
197 1
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
198:
198
198
1985
198'
1.91
3.15
3.52
2 .66
3.73
3.27
3.25
3.65
3 .88
4.43
5.22
6 . 14
5 .81
9 .63
8.69
8.37
9.02
9 .94
12.01
14.64
12.03
14.90
15.88
20.52
30.01
26.52
28.76
27 .64
23.67
30.50
32.95
31.14
31.91
1.96
2.93
2.69
3.35
3.52
3.27
2.00
2.80
2.85
3.54
3.41
3.41
3.61
3.22
3.68
4.36
4.82
5.25
6.41
5.70
7 .97
9.93
8.00
8 .89
9.81
12.16
13.93
13.77
14.81
17.54
20.63
27.49
25.86
30.47
26 .49
25 .52
29.57
30.28
30.64
33.44
2.05
2.99
5.18
6.34
5.88
7 .32
9.35
8.10
8.65
10.79
12.85
15.34
14.34
13.66
19.04
22 .75
24.61
22.82
27 .97
23.96
26 . 16
32.70
30.52
30.10
34.97
3.99
4.Q5
5.10
6.21
6.11
7 .24
8.85
7.80
9.73
9.39
12.73
14.17
14.15
15 .97
18.88
21.30
26.23
25.05
28.57
23.71
26 . 3 8
30.68
31.87
30.29
35.54
2.15
2 .97
2.75
3.6 1
3.41
3.49
3.65
3.96
4.64
5.27
6.64
6.05
8.30
3.83
r>.15
8.00
10.47
13.04
16 .64
13.24
17.16
17 . 14
23.25
26 .88
26.90
28.7 1
24.77
25.07
32.16
31.93
30.64
37.50
2.15
3.15
2.31
3.33
3.13
3.22
3.41
3.67
3.66
4.07
4.69
5.08
6 .22
6 .26
8.39
8.75
7.72
8.88
9.69
13.11
15.12
14.63
15.32
19.07
24.04
25.21
26 . 0 0
27.88
23.07
26.32
29.82
31.63
30.02
34.89
TAL FOR PERIOD
2.43
3.20
3.04
3.50
3.34
3.51
3.73
4.28
4.79
5.51
6.20
6.19
9.29
8.84
7 .04
2.25
3.45
6.35
8.37
9.89
6.01
8.72
10.56
6.61
9.45
10. 17
2.91
3.49
3.49
3.43
.08
4,
5.17
5.82
6 . 14
6.40
8.75
8.10
10.01
9.89
10.13
11.2 1
11.59
13.37
15.04
18.23
16 .80
25.18
27.00
26 . 4 3
26 . 17
27.92
35.22
42.79
37 .86
43.52
48.84
62.72
82.68
80.98
84.18
89.58
70.64
89.65
95.20
93.85
95.80
8.26
10.35
10.44
9.90
11.14
12.33
14.23
15.53
18.96
17.69
22.53
28.13
23.90
27 .27
29.99
37.74
43.44
42.26
44.44
55.46
64.68
78.33
73.73
87 .01
74.16
78.06
92.95
92 .67
91.03
103.95
9.02
10.46
10.26
10.59
10.95
12.23
14.08
15.84
19.65
18.40
24.46
27.51
23.81
26.27
31.23
39.17
47.37
40.40
49.03
56.76
72.48
78.73
79.57
83.94
72.25
79.35
92.25
97 .34
91.71
106.69
24.13
31.55
34.96
35.00
25.45
31.07
30.19
31.24
34.48
35.33
40.67
45.21
22.86
32.74
36.41
30.93
25.88
31.92
32.05
30.49
34.14
37.71
43.07
46 .49
25.16
34.80
34.49
28.79
28.34
32.01
31 .67
32.44
33.59
37 .09
42 .69
47.21
2 7.05
36 . 2 8
35.17
27 . 16
27 .89
31.53
31.00
32.74
36.21
40.75
45.75
49.58
99.20
135.37
141.03
121.88
107 .56
126.53
124.91
126.91
138.42
150.88
172.18
188.49
47 .54
68.55
.52
.18
.36
.83
81 .56
.92
> .34
K83
75.22
90.29
107.12
49.76
60.91
73.53
60.09
66.10
69.29
86.14
89.92
71.41
7 1.46
83.87
90.23
100.62
51.47
66.10
71.09
59.47
62.82
72.64
88.02
90.74
67.63
77 .77
83.94
98.57
99 .45
52.23
69.34
68.03
59.56
64.87
76.41
95 .34
77.41
61.47
77 .29
84.38
101.43
99.90
90.91
90.36
70.80
92.28
102.08
101.99
104.94
9 2 . 13
74.29
79.17
96.11
98.56
99 .45
115.70
87 .10
71.99
81.17
95.77
104.45
100.18
119.93
81.81
72.91
86.02
95.79
105.30
105.70
121.90
201.00
264.90
284.17
246.30
258.15
283.17
351.06
350.99
265.85
297.35
327.41
380.52
407.09
361.32
351.95
309.55
317.16
379.95
410.39
407.32
462.47
5.20
4.91
5.43
5.71
7 .95
8.75
6.65
8.38
8.34
8.26
9.25
9 .84
11.23
8.83
7.77
6.79
8.71
8.66
8.20
9.19
0. 17
2.07
8.45
7.50
7.31
8.86
8.31
8.93
9 .05
10.36
11 .76
15.21
13.85
21.88
22.28
21.04
21.55
23.70
29.93
37 . 7 4
33.07
34.56
41.52
5 1.30
71.11
72.49
72.87
73.47
59.27
77.75
81.28
79.90
81.36
6.01
4.69
9.26
24.03
19.43
22.60
25.25
32.29
37.61
32.57
37.32
45.28
56.26
67.80
65.78
74.07
63.57
65.38
79.70
78.16
77.14
89.11
16.23
15.36
20.01
23.47
19.66
21.82
26 .52
32.89
41.15
33.28
40.30
46.84
60.93
69.11
69.26
72.96
60.63
67 .46
78.81
82.19
77.95
91.52
9 .16
6.85
7.53
8.63
8.15
8.86
9.60
10.60
12.22
14.40
15.70
15.56
21.68
22.15
20.47
23.18
27 .92
36.46
35.49
33.24
41 .35
49.75
64.49
70.64
71.10
67.81
61.69
72.60
77 . 7 9
82 .49
82.98
93 . 9 1
10.65
14.41
14.94
12.52
16.98
18.55
28.64
27.03
27.28
27.59
24.60
29.49
30.74
33.43
31 .76
35 .03
8.78
12.20
11.10
8.95
9.86
11.14
10.64
10.50
11.13
12.72
14.42
16.42
9.32
11.55
11.04
9 .21
9.55
10.75
10.33
10.75
11.38
12.99
14.50
16.37
8.60
12.44
12.44
9 . 19
9.32
10.11
9.91
11.47
12.22
13.82
15.52
16.07
9.13
12.29
11 .
17 .06
20.91
25.49
19.89
22.5 1
25.77
2 9 . 12
29.06
20.84
26 .06
30.29
34.08
33.44
29.85
28.19
24.31
28.75
31.57
36.37
33.81
38.94
17.31
24.89
22.74
17.47
2 0 . 18
24.79
32.30
27 .06
20.78
26.40
26 .88
38.32
33.40
30.46
28.22
24.48
3 0 . 12
31.98
36.08
34.03
39.88
17.29
21.20
22.46
20.08
22.02
25.50
32.26
2 4 . 18
21.05
25.38
26.95
32.92
33.11
29.29
27.38
23.49
27 .94
32.35
32.78
35.11
39.62
17.
23.25
22.83
22.01
22.67
26.12
30.78
26 . 17
19.64
25.51
30.55
30.19
33.39
30.97
26.21
24.94
27 .96
3 1.46
36.44
36.56
42.40
5.49
6.79
6.09
7.77
9 .93
7 .94
9.39
1 1 .07
13.02
15.61
12.53
16.55
20.55
25.19
26.64
26.67
27.35
24.41
27 .96
30.27
33.78
31.05
34.30
8.49
8.95
8.90
9.54
11.21
13.90
14.7 1
12.04
16.49
20.93
22.71
27.4 5
28.21
25.81
25 .05
27 . 17
30.29
33.88
33.50
37.96
CONTRACTS AND ORDERS FOR PLANT AND EQUIPMENT IN 1982 DOLLARS
(BILLIONS OF DOLLARS)
8.38
9.46
11.90
11 .99
8.70
9.59
10.01
10.83
11.09
11.57
14
14.69
17.23
14.98
8.50
10.25
11.56
11.55
8.40
9.87
10.23
10.50
12.11
11.94
7.25
11.84
11.50
11 .46
8.35
11.61
9.95
9.91
11 .28
11.82
7.41
11.10
11.81
10.18
8.42
10.40
10.80
10.07
11.78
12.14
7.62
10.52
12 .24
10.65
8.50
10.66
10.81
9.93
11.29
13.41
7.83
11.12
12.36
10.10
8.96
10.86
10.44
10.49
1 1 .07
12.16
8. 17
11.01
11.80
9.82
8.60
11 .06
10.53
10.68
11.21
12.02
8.21
11.59
11.59
10.02
9.88
9.81
10.50
11 .26
11.25
12.35
14.86
18.53
16.09
15.66
18.03
16.47
15.78
18.74
16 .04
15.56
18.35
16.53
24.61
22.60
22.03
21.39
27.76
30.92
21.53
22.7 0
25 .54
32.26
35.71
30.97
28.45
30.27
23.25
30.67
36.52
35.95
22.86
21.08
22.23
22 .99
27.82
31.7 1
20.48
24.51
24.29
25.89
20.19
21.68
22 .6 1
28.10
29.7 1
23.45
23.73
26.76
24.56
20.39
20.88
25.12
29.38
31.57
24.19
22 .03
28.74
38.02
31.35
30.79
27 .79
23.94
31.45
35.24
33.88
35.60
30.20
32.43
26.59
25.91
30.52
31.56
32.90
37.33
31.68
26 . 3 3
29.63
24.03
26 .40
33.78
32.70
32.88
38.97
15.70
19
16.91
22.41
22.93
20.44
19.09
24.23
29.43
32.79
22 . 3 0
27.41
25.51
31.89
34.12
15.09
24.05
23.50
20.10
20.45
25.98
30.29
23.33
23.62
25.39
28.82
33.39
34.10
31.67
32.30
23.61
3 0 . 16
30.32
32.16
15.15
17.89
17 . 19
19.66
23.08
19 .5 1
23.54
21 .56
28.66
28.64
23.77
25.70
28.37
29.42
33.34
28.41
30.07
23.67
26.86
31.81
34.30
33.67
39.40
17.50
22.78
22 .67
19 .14
2 1.22
22.64
29.47
28.89
24.49
24.30
28.14
32.60
31.89
29^8
24.71
25.65
33.17
33.95
33.22
41.82
28!93
22.97
26.77
31.03
34.13
33.15
39.17
7.08
10.10
10.71
8.52
8.95
10.29
10.03
10.66
11.81
13.34
15.06
16.78
18.48
18.81
26.02
26 . 6 0
24.05
27.28
32.84
42.86
43.17
37.32
49.70
57.78
75.88
81.67
81.92
80.28
73.30
84.10
91.68
97 .45
97.29
108.16
2 .40
3.45
3.58
3.20
3.72
4.00
4.50
5.10
5.45
6 .14
6 .22
7.98
8.81
8.11
9.25
10.98
14.55
13.52
12 .76
16.23
18.30
24.53
27.19
26.43
26 .88
23.65
27 .44
30.65
3 0 . 14
32.03
35 .17
3.64
4.20
4.75
Annual
26 . 0 5
36.64
41.33
37.83
34.33
41.11
40.62
41.28
45.11
49.49
56.74
63.19
75.32
71.70
98.19
109.24
98.19
106.99
121.98
154.99
176.77
157.84
186.69
218.84
275.76
321.41
316.20
335.41
309.29
312.15
366.53
382.66
373.88
414.60
TOTAL FOR PERIOD
10.
10.
15.
17.
1988.
24.
1954...
1955...
1956. . .
1957...
1958...
1959...
1960...
196 1. . .
1962...
1963...
1964...
1965...
1966.. .
1967...
1968...
1969. . .
1970...
197 1...
1972. . .
1973...
1974...
1975.. .
1976. . .
1977...
1978...
1980...
1981...
1982 . . .
1983 . . .
1984...
1985 . . .
1986...
1987 . . .
1988...
NOTE:
MANUFACTURERS' NEW ORDERS If
2.28
2.62
2.74
3.06
3.21
3.94
4.13
CURRENT DOLLARS, NONDEFENSE CAPITAL GOODS INDUSTRIES
(BILLIONS OF DOLLARS)
1 .86
1 .56
1.61
2.55
2 .96
2.16
2.70
2.83
2 .76
3.27
2.68
2 .83
2.2 1
3.06
2.78
2 .76
2 .92
2 .99
2.63
2 .26
2 .92
2.89
2 .66
3.02
3.52
3.77
3.72
6.85
7.18
6 .81
7.28
9.49
12.26
11.94
11.25
13.89
16.10
5.25
4.69
6.7 1
7.99
7.09
7 .36
8.05
10.04
12.51
10.83
11.62
13.79
17.76
5 .17
4.73
8.43
7 .44
6.77
7.38
8.37
10.40
12.97
10.30
11.69
13.84
17.44
5 .33
4.78
7 .27
8.88
6.28
7.22
25 .40
25.41
26 .98
20.91
25.62
24.83
25.70
27 .20
23.45
22.48
23.09
18.39
25 .80
28.54
27.36
27 .28
23.64
24.98
23.40
19.97
26.33
27 .91
26.84
26 .88
8.19
10.80
12 .6 1
11.16
12 .37
14.65
18.58
22.17
23.37
25.92
23.06
21.71
25.64
25.46
25.86
28.73
.02
.53
1.74
1.93
2.77
2.52
2.29
3.03
2.78
2 .94
3.00
2 .84
2 .56
2 .46
2.79
2.78
3.08
2 .99
2 .88
2.36
2.48
2 .93
2 .69
2 .94
3.11
4.12
4.23
3.90
3.94
3.92
.37
5.31
5.03
.06
.64
.80
.21
.12
.96
.58
.83
.46
.73
18.88
22.41
20.50
5.93
5.57
5.13
6 .99
5.20
5.24
6.65
7 .49
6.36
7.12
8.30
10.74
13.39
11 .07
12.86
15.32
20.12
22.65
21.67
24.48
18.99
2 1.92
25.45
5.46
4.99
6.37
8.56
6.62
8.02
9.33
11.15
13.42
10.85
13.36
16.46
21 .45
23.64
23.51
23.73
20.35
24.05
26 .00
28.53
26.35
29.39
23.92
20.28
21.09
27.73
25.43
25.67
30.63
7.51
6.35
8.17
7.94
10.53
12 .42
10.58
12 .49
15 .90
18.80
23.22
21.91
24.23
20.23
22.58
26.33
27.27
25 .6 1
29.75
These series contain revisions beginning with 1977.
1.75
7 .42
6.68
6.68
8.89
11.00
14.34
11.36
14.08
15.06
19 .36
22.82
24.08
24.75
21.29
21.49
27.36
26.68
26.07
32.28
26 . 9 8
25.53
29.85
4.01
6.20
7 .26
9.01
12.04
12.00
11.07
13.94
16.71
23.07
23.75
23.85
23.16
21.30
25.59
26 . 0 3
27 .90
27.31
30.22
TOTAL FOR PERIOD
.33
.58
3.07
2.16
2.47
.04
.34
2.88
3.15
4.06
4.15
5.15
5.12
6.73
7.66
6.79
7.77
9.35
12.31
11.88
11.45
13.31
15.90
21.47
23.04
22.52
5.19
5 .40
7 .27
7.20
7.48
8.15
9.56
12.11
11.61
10.72
14.10
17 .14
23.36
19.96
23.20
26 . 0 6
25.28
27.31
30.66
19.95
23.85
24.73
21.29
20.43
23.81
25.70
29.31
28.36
33.03
21.25
29.95
34.39
30.87
28.28
34.58
33.46
34.25
37.09
40.97
47 .28
53.24
63.15
59.46
82 . 8 3
91 .93
80.60
89.15
103.39
131.57
151.99
1 3 2 . 16
153.53
183.39
232.98
278.66
278.63
287.71
259.36
264.71
314.05
3 2 4 . 12
317.97
355.90
(SEPTEMBER 1988)
99
C. Historical Data for Selected Series—Continued
Year
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
IQ
ll Q
III Q
IV Q
-1.19
0.81
1.48
-1.73
0.14
-0.03
-0.43
0.41
0.03
0.00
1.59
0.79
1.78
0.63
-1.19
-0.04
-1.00
-0.76
0.63
1.80
4.27
0.04
1.71
1.80
4.09
1.82
3.87
1.28
-2.94
2.68
2.76
0.96
-0.13
6 .04
-1.00
0.65
1.90
-1.70
0.00
0.11
0.45
0.43
-0.42
0.11
0.61
0.75
1 .08
0.36
0.74
-0.25
-1.39
-0.05
0.74
2.52
5.34
-0.85
-0.45
2.04
4.68
0.82
1.52
-0.70
-4.99
0.30
1.18
0.12
-1.41
-0.26
1.16
0.32
0.15
0.55
0.59
1.15
1.42
2.38
0.31
1.18
0.78
-0.68
0.95
2.39
2.79
2 .67
-0.84
1.00
2.96
6 .08
3.97
4.23
0.50
-2.08
1.31
1.47
-0.16
-1.91
0.10
0.81
-0.83
0.04
0.48
0.06
1.19
1.31
0.73
1.01
1.50
-0.11
-1.32
0.32
1.21
3.48
-0.84
-1.54
1.62
3.08
7.65
1.88
3.50
-2.29
-0.41
-0.82
1.16
0.25
-1.45
0.78
-0.02
-0.40
0.33
0.13
0.21
0.88
1.33
0.47
0.46
0.44
0.02
-0.19
0.72
1.50
3.98
-0.72
-0.12
1.03
2.76
6.75
1 .99
1.22
-1.90
-1.92
-0.06
1.87
0.07
-1 .44
-0.08
-0.57
-0.30
0.57
1.54
-0.16
1.02
1.45
0.31
1 .08
1.00
-0.06
0.66
0.53
2.28
2.86
-2.32
-0.92
1.72
3.90
3.63
2 .14
3.77
-3.42
2.92
0.34
1.40
-2.22
2.58
-0.26
2.68
2 .02
1.30
-2.23
0.72
-0.44
3.71
1.7 1
-3.92
1.34
3.67
-1.56
3.15
0.87
2.01
-2.2 1
0.86
0.65
-0.38
-1.34
1.02
-1.21
-0.16
0.18
1.11
0.85
1.01
2.03
-0.07
0.62
0.53
-0.93
0.68
0.49
3.24
3.74
-2 . 7 3
-0.21
0.50
2.90
6 .00
2.91
0.28
-0.77
0.63
5.98
0.82
2 .40
-1.12
-1.76
0.42
0.68
-0.92
-0.32
0.12
-0.65
0.14
-0.44
0.43
1.06
0.90
1.80
0.93
-0.06
1.13
-0.99
-1.07
0.79
3.20
3.93
-2.12
0.72
1.98
4.57
4.04
-1.14
1.18
-3.15
2 .26
1.60
0.69
-2.12
4.68
-0.63
0.88
1.17
-1.61
-0.04
0.41
0.11
0.33
0.05
0.23
1.12
0.99
1.75
0.43
0.24
0.16
-1.02
0.05
1.25
2 .37
4.09
-0.55
0.75
2.27
4.95
2.20
3.21
0.36
-3.34
2.79
0.95
1.68
-0.11
3.31
0.14
1.50
0.05
-1.60
0.27
0.07
-0.51
0.31
0.72
0.04
1.03
1.36
0.50
0.85
0.98
-0.05
-0.28
0.52
1.66
3.44
-1.29
-0.86
1.46
3.25
6.01
2.00
2.83
-2.54
0.20
5 .05
-0.69
-0.02
0.59
3.13
Annual
is)
1954.
1955...
1956...
1957 . . .
1958. . .
1959...
1960.. .
1961...
1962...
1963...
1964...
1965...
1966 . . .
1967...
1968...
1969...
1970...
197 1. . .
1972...
1973...
1974...
1975...
1976...
1977 . . .
1978...
1979...
1980...
1981...
1982 . . .
1983...
1984...
1985...
1986...
1987 . . .
1988...
0.78
1.31
-0.25
-2.39
0.73
-1.54
-0.34
0.40
0.93
1.07
1.00
1.82
-0.06
0.00
0.18
-0.82
1.18
0.37
2.78
4.27
-2.47
-1.45
0.89
1.22
4.00
3.51
0.08
-0.70
2.88
3.60
3.43
1.92
-3.28
27.
0.62
0.23
-0.02
-1.12
1.45
-0.86
0.17
0.62
1 .04
0.71
1.18
1 .84
0.28
0.26
0.66
-1.07
0.88
0.67
2.83
3.74
-2.63
-0.15
0.03
2.70
6.70
2.68
0.12
-2.11
-1.39
5.04
0.24
1.75
-1.26
1.19
0.41
-0.87
-0.51
0.89
-1.24
-0.31
-0.48
1.36
0.78
0.84
2.43
-0.43
1.60
0.75
-0.89
-0.02
0.43
4.11
3.21
-3.08
0.96
0.57
4.77
7.31
2.53
0.64
0.51
0.40
9.31
-1.21
3.54
1.19
0.36
1.22
-0.86
-0.85
0.52
-1.07
0.18
-0.78
0.60
0.85
0.89
1.76
0.16
0.32
2.32
-1.27
-0.55
0.35
3.46
3.22
-2.45
0.94
1.72
4.02
5.00
0.17
1.93
-0.74
2.49
2.01
-1.10
-2.12
4.55
0.34
0.55
-0.64
-0.34
-0.40
-0.61
0.16
-0.39
0.84
1.13
0.88
1 .51
1.06
-0.35
1.08
-0.89
-1.27
1.04
3.40
4.92
-1.68
0.60
1.41
5.07
2.50
-3.06
1.31
-4.65
0.87
3.70
-0.34
-1.63
5 .26
0.56
0.26
-1.25
0.22
0.24
-0.26
0.09
- 0 . 16
-0.14
1.21
0.92
2 .14
1.57
-0.14
-0.02
-0.82
-1.38
0.99
2.75
3.66
-2.23
0.61
2.82
4.63
4.61
-0.54
0.31
-4.05
3.42
-0.90
3.52
-2.62
4.24
MANUFACTURERS' NEW ORDERS IN 1982 DOLLARS, NONDEFENSE CAPITAL GOODS INDUSTRIES
(BILLIONS OF DOLLARS)
6.08
8.94
10.04
7.86
6.89
6.47
8.74
9.21
7.81
6.94
20.08
22.05
8.88
8.46
8.29
8.75
9.77
12.35
12.63
14.89
13.66
15.57
19.21
15.68
19 .69
18.13
23.84
25.45
17.77
20.06
23.81
28.93
23.73
25.40
20.34
21.42
2 9 . 10
28.06
29.63
24.96
25.57
20.23
23.16
27 .74
30.14
8.93
8.18
8.67
8.82
9 .86
11.36
12.87
15.57
13.91
18.32
18.88
16.53
15.82
20.52
24.99
28.66
19.15
22.43
22.31
26.52
29.11
27.00
25.91
21.24
22.18
28.68
29.20
1954...
1955...
1956 . . .
1957 . . .
1958. . .
19 5 9 . . .
1960...
1961...
1962...
1963...
1964...
1965...
1966...
1967. . .
1968...
1969...
1970.. .
1971...
1972...
1973...
1974...
6.58
7.68
9.38
9.35
6.93
7.89
8.03
8.06
9.03
9.45
11.55
11.99
13.72
12.11
17.96
17.72
17 .86
16.46
16.95
22.02
27.00
6.88
8.40
8.72
9.30
6.56
8.12
8.31
8.10
9.65
9.71
10.29
11.78
14.96
12.78
17.84
20.64
17.65
17 .98
18.56
23.49
27.44
5.74
9.55
9.15
8.84
6.72
9.18
8.18
8.10
8.59
9.88
11.03
12.75
14.68
12.88
22.38
19.18
16.66
18.10
19.26
24.24
28.51
6.07
8.37
9.50
8.14
6.81
8.34
8.50
8.05
9.40
9.89
10.83
12.58
15.08
13.01
19.22
22.83
15.51
17.48
18.78
25.11
27.17
5.94
8.41
9.98
8.19
6.85
8.70
8.50
7.85
8.87
10.29
12.01
12.23
15.12
13.26
15.94
19.63
16.89
17 . 2 8
2 1.17
25.23
26.38
1976...
1977...
1978...
1979...
1980...
1981...
1982...
1983...
1984.. .
1985...
1986. . .
1987 . . .
1988...
18.29
21.45
18.50
21.08
19.20
21.05
19.72
22.20
27.97
30.56
27 .81
27.38
20.88
26 .54
26.24
2 8 . 13
30.47
31.32
28.05
24.33
23.27
18.43
26.86
32.45
31.33
31.10
32.84
28.76
26.87
23.52
20.28
27.46
30.61
27.69
23.12
22.12
26.79
27.14
37 .29
TOTAL FOR PERIOD
24.47
26 .36
26.65
30.41
34.26
38.31
45 . 2 4
41.59
52.33
59.47
48.45
51.91
61.68
74.51
79.69
55.64
63.62
68.82
82.76
87 .69
77.94
75.87
60.39
69.66
83.18
90.76
21.09
28.79
29.25
20.85
22.75
2 5.42
24.08
26.14
28.26
31.04
35.59
41.38
43.20
41.79
56.26
55.50
50.19
54.95
65.24
81.94
64.02
54.67
63.90
72.42
86.28
86.86
79.08
69.21
61.32
74.91
82.92
91 .89
78.46
107.13
113.80
95.62
85 .67
102.63
98.53
100.95
109.20
120.44
137.91
153.65
176.89
161.08
217.50
234.18
198.89
213.85
239.77
300.38
305.66
102.71
106.79
109.57
411.30
943.7
974.1
1044.6
1075.2
1064.6
1109.9
1152.6
1156.5
936.2
993.9
1055.7
1078.6
106 3 . 0
1129.4
1159.0
1172.1
948.3
1015.7
1059.4
1083.8
1086.9
1126.3
1156.2
1182.8
1281.4
1359.9
948.3
1004.4
1058.0
1078.0
1079.2
1125.2
1154.8
1179.4
1236.2
1276.1
1348.8
1431.1
1508.4
1564.8
16 3 7 .2
6.43
9.23
9.36
7 .88
7 .44
7.18
9.02
9.21
7 .40
7.78
7.15
9.24
9.27
7 . 19
7.52
6.75
9.63
10.24
7 .08
7 .80
7.19
9.92
9.74
6.58
7.43
19.20
25.63
27 .25
27.49
20.21
18.09
25.72
29.52
24.19
20.55
20.08
26.99
27.78
23.09
22.16
8.19
9.10
8.81
10.20
11.48
12.50
14.49
14.18
17.41
19.03
15.53
16.93
19.40
24.38
25.82
7.94
8.67
9 . 14
10.38
11.70
13.33
14.81
13.59
19 .96
18.37
15.26
17 . 2 0
21.03
27.31
21.90
18.35
21.50
24.11
30.86
7.69
8.96
9.84
10.11
11.81
13.56
14.16
13.76
17 .44
19.21
16.62
18.43
21.80
27.58
2 1.32
8.45
8.51
9 .28
10.55
12.08
14.49
14.23
14.44
18.86
17 .92
18.31
19.32
22.41
27.05
20.80
2 0! 7 0
23.38
28.86
2 1'. 7 0
24.93
26.56
24.52
24.26
27.27
29.04
32.87
36.52
43.36
37.77
58.18
57 .54
52.17
52.54
54.77
69.75
82.95
57.09
55.99
63.58
73.47
28.78
24.55
25.46
18.89
22.52
26 .94
29.93
8.10
8.59
9.02
10.35
11.42
12.94
15.18
13.50
16.60
21.56
16.39
19.16
21.76
25.14
25.2 1
18.02
20.89
24.11
28.98
29.80
26.39
24.50
20.26
24.96
27 .56
31.63
26.74
23.74
21.17
26.36
27.61
31.12
25.10
23.83
19.81
23.84
28.09
28.42
86.67
79.01
7 4 . 17
59.59
80.86
89.30
34.81
34.69
35.7 0
35.73
27.24
2 1.64
20.34
24.71
27 .22
32.35
31.97
3 8 . 14
25.46
24.19
27 .02
29.95
35.19
37.44
45.09
39.93
50.73
61.67
48.08
54.45
58.08
74.18
79.00
54.97
59.86
68.06
78.27
87 .32
76.06
78.66
63.69
66.70
83.63
85.34
92 .23
20.30
22.40
-1.12
0.92
0.64
-1.13
-0.36
0.41
-0.56
0.16
0.13
0.45
1.02
1.06
1.52
0.54
0.45
0.44
-0.81
0.05
1.05
3.06
2.62
-1.56
0.68
2.00
4.61
3.56
1.95
-0.18
-1.76
2.68
1.96
0.79
0.19
2.50
243^37
272.88
320.78
354.00
319.75
302.75
259.57
270.86
330.59
357 .29
1
5 1 . PERSONAL INCOME LESS TRANSFER PAYMENTS IN 1982 DOLLARS
1954...
1955...
1956. . .
1957...
1958...
1959. . .
1960...
1961. . .
196 2 . . .
1963...
1964...
1965.. .
1966...
1967 . . .
1968. . .
1969. . .
1970...
1971. . .
1972...
1973...
1974...
1975...
1976...
1977...
1978...
946.7
971.0
1040.6
1070.1
1065.4
1106.0
1154.0
1155.3
945.2
972.8
1045.8
1077.2
1062.5
1108.8
1150.5
939.3
978.5
1047.5
1078.4
1066.0
1115.0
1153.4
1157.8
934.2
987.9
1055.5
1076.4
1059.7
124.6
153.8
165.3
935.8
995.9
1054.2
1077.0
1061.6
1129.8
1161.6
117 1.9
938.7
997.9
1057.3
1082.3
1067 .8
1133.7
116 1.6
1179.2
941.1
1013.3
1050.8
1083.9
1086 .6
1135.3
1159.6
949.1
1012.8
1061.3
1085.9
1084.2
1122.8
1155.8
954.6
1020.9
1066.0
1081.5
1090.0
1120.9
1153.2
958.8
1026 .7
1073.4
1077.2
1091.7
1119.3
1157.4
968.4
1035 . 1
1070.2
1076.7
1106.6
1137.7
1150.9
967.8
1040.4
1073.7
1069.6
1108.2
1148.5
1145.6
1304.9
1390.4
1480.1
1541.6
1318.1
1394.1
1482.1
1546.0
1325.0
1397.7
1488.2
1549.3
334.8
1340.1
495.3
549.7
1502.2
1556.1
1344.0
1429.2
1511.7
1564.5
1351.4
1436.5
1516.9
1571.0
1362.6
1439.2
1518.7
1573.3
1365.8
1446.9
1517.8
1574.9
1371.4
1463.1
1526 .4
1572.9
1378. 1
1471.3
1530.1
1582.7
1389.8
1479.7
1531.7
1595.8
1256.9
1316.0
1394.1
1483.5
1545.6
1268.3
1339.6
1418.1
1503.1
1556.8
1517.8
1573.1
965.0
1034.1
1072.4
1074.5
1102.2
1135.2
1151.3
1206.0
125 0.5
1297.9
1379.8
147 1.4
1529.4
1583.8
1670. 1
1735.0
1747.7
1804.6
1729.8
1745.2
1816.3
1738.8
1753.3
1824.2
743.5
756.9
836.7
1741.2
1762.4
1840.9
1738.1
1761.2
1824.2
1745.9
1763.8
1853.7
1745.9
1766.2
1869.9
1730.7
1749.8
1769.8
1736.1
1732.9
1769.2
1736.2
1733.0
1778.9
1737.7
1736.1
1793.0
1678.3
1734.5
1748.7
1699.2
1740.9
1760.2
1724.5
1747.2
1766.6
1736.7
1734.0
1780.4
1739^
1764.0
1969.3
1883.8
1940.9
2 02 7.6
2119.4
1949.2
1873.1
1953.6
2029.2
2131.5
1928.1
1873.7
1957.8
2038.2
2154.5
920.5
877.4
968.9
2 042.3
2176.1
1925.1
1880.1
1975.8
2053.4
2183.5
1931.2
1881.7
1979.0
2060.4
2192.7
1937.0
1883.2
1984.8
2074.3
2197.1
1930.1
1902.3
1987 .9
2082.6
2202.8
1992.8
1916.7
1921.9
2011.9
2110.8
2240.2
1961.6
1930.6
1894.4
1981.5
2 06 9.9
2191.3
2245.3
2264.7
2271.4
2262.7
2436.5
2532.1
2626.5
2685.4
2223.3
2266.9
2278.5
2272.8
2431.4
2546.4
2654.6
2687.1
2208.4
226 1 .8
2281.2
2284.9
2429.2
2528.8
2638.3
2678.7
2210.6
2272.1
2266.0
2295.0
2445 .0
2536.1
2632.5
2678.7
2204.6
2283.4
2255.5
2300.6
2460.4
2529.6
2629.0
2698.7
2212.7
2296.3
2250.7
2289.8
2462.5
2533.8
2636.0
27 07 .8
1991.7
1902 .6
1923.1
2025.5
2117.1
2250.9
2255.3
2269.8
2268.3
2259.2
2383.3
2517 .2
2588.3
2666 .8
2778.2
1969.1
1931.1
1898.9
1988.6
2085.2
2205.7
2253.1
2262.3
2265.9
2254.9
2425.0
2528.5
2604.1
2682.5
2000.0
191 1 .5
1921.5
2015.3
2107.2
2237.2
2257.3
2254.1
2276.8
2251.5
2360.2
2487 .7
2554.2
2649.2
2736.8
1948.7
1925.6
1879.7
1974.6
2052.0
2184. 1
2258.9
2266.5
2258.9
2257.9
2400. 1
2511.6
2575.6
2655.8
1986.8
1936. 1
1921.2
1995.0
2 108.1
2232.5
2253.2
2239.4
2285.2
2246.9
2344.3
2475.3
2553.9
2643.2
2754.2
1935.9
1948.9
1876.9
1950.8
2031.7
2135.1
1980...
1981...
1982 . . .
1983...
1984...
1985...
1986. . .
1987...
1988...
1975.3
1926 .2
1911.3
1993 .0
2098.8
2217 .2
2247.4
2213.0
2295.9
2244.9
2308.5
2480.6
2537.4
2634.2
2705.4
2255.8
2252.4
2264.5
2265.4
2258.5
2420.5
2524.1
26 02. 1
2674.6
2 249.6
2214.1
2266.9
2275.2
2284.2
2435.2
2537.1
2641.8
2681.5
2 251.1
2210.1
2291.9
2250.4
2299.6
2467.8
2533.6
2633.1
2704.0
2 25 5 . 3
2254.4
2276.8
2252.5
2362.6
2493.4
2565 .5
2653.1
2756.4
2 252.9
2232.8
2275.0
2260.9
2301.2
2454.2
2540.1
2632.5
2704.1
NOTE:
Unless otherwise noted, these series contain revisions beginning with 1977.
1
This series contains revisions beginning with 1985.
100
(SEPTEMBER 1988)
C. Historical Data for Selected Series—Continued
Year
Jan.
51C.
Feb.
Mar.
Apr.
May
June
(ANNUAL
RATE,
Oct.
Nov.
Dec.
IQ
ll Q
IV Q
III Q
Annual
AVE RAGE FOR PERIOD
12.7
10.3
-3.5
-0.6
17.7
2 1.6
-6.5
9.1
-0.7
6.3
4.0
-7.6
1.7
12.0
-5.4
7.0
-4.5
4.5
2.8
1.9
-1.3
2 .5
1.8
4.4
-0. 1
8.3
3.9
1.5
0.8
6 .9
2.9
7.6
.3
.9
5.0
5 .0
0.3
6.0
11.9
10.7
1.8
6.1
3.4
5.9
).7
.2
7.0
-1.5
4.5
0.0
1.6
11.0
3.7
-4.2
12.9
.4
.7
2.5
6 .3
3.9
-2.4
5.8
3.8
-11.0
-0.4
14.6
7.2
6.3
6 .4
2.9
7.7
2 7
0.1
0.1
6.8
13.5
8.3
-14.2
0.2
1.3
10.4
7 5
1.0
2.2
9.9
12.4
-4.9
-5.4
1.0
2.3
4.7
4 4
3.5
0.4
4.1
7 .1
-0.3
-12.2
- 5 .8
6.5
4.0
6 2
4.5
-0.1
1.8
0.3
4.3
0.7
1.7
4.9
3.2
-1.2
4.5
7.0
-2.5
- 5 .5
1 .0
2.0
3.2
4.1
-2.8
9.7
8. 1
-2.3
0.2
-0.2
-3.0
10.3
9 .2
1 .7
-0.8
-1.1
5.4
8.6
3.1
15.3
- 5 .5
1.1
20.3
-2.5
8.1
4.2
23.9
-0.5
2.6
2.2
8.2
-4.3
2.5
8.4
6.2
0.1
2.8
-7.3
5.8
7.6
-1.1
8.7
-4.4
4.2
12.4
15.2
17.3
8.3
19.7
2.6
7 .4
2.4
-1.7
-0.9
0.6
0.6
9 .3
2.5
6.4
3.1
0.2
4 .4
7 .4
-2.2
-5.9
1.4
-0.8
5.8
1.5
0.8
1.3
-1.0
1 .2
-4.9
4.5
4.3
2.3
-2.9
3.4
2.1
3 .3
5.2
2.5
7.7
-0.4
9.6
1.8
1.4
3.6
6.2
2.9
6.1
4.3
3.8
5.9
6.8
7.3
5.0
).2
.4
-L . 1
.9
.0
.0
.9
6 .4
7.5
1 .7
-4.0
6.9
9.5
- 1 .7
7 .2
2 .9
4.4
5.8
2.0
7.2
3.2
0.0
3.5
3.8
0.4
5.1
3.6
3.9
6.5
3.2
3.7
6 .0
4. 1
.9
.6
3.6
4.3
.2
).3
1.3
-0.8
3.9
3.6
5.0
4.0
0.2
,9
7 .8
2 9
-4.3
1 .6
4.9
4.6
6 2
0.6
2.5
6 .8
5.9
10.4
5.7
5.1
7 .9
6.7
4.2
5.1
1 .4
1.8
0.8
3.3
2.5
8.5
-1.4
-4.6
2.4
8.1
-1.6
3.8
2.8
10.4
2.9
1.7
4.6
-2.1
-0.8
-10.4
3.9
3.9
1.0
8.1
5.5
1.8
2 1.2
2 .9
3.7
1.0
2.4
12.7
-7.5
-11.1
1.2
3.8
5.5
-2.5
7.0
13.6
0.8
-2.7
6.7
4.2
-0.3
-7.8
-2.7
1.4
6.6
-1.1
-8.0
-7.1
-3.7
1.6
4.2
5.2
1.3
1 .2
5 .6
-7.7
5 .4
8. 1
3.5
-2.6
0.0
4.8
8.4
2.4
1.6
-3.2
6 .1
-5.4
3.0
7 .8
-3.0
- 1 .6
9.3
3.5
-7.2
7.3
2.0
1.3
4.0
6.9
3.1
1.4
-6.3
12.2
9.6
-2.2
-6.9
10.8
0.4
8.1
2.1
10.2
-1.5
0.7
2.2
5.7
8.4
7.0
1963. . .
1964...
-4.0
-1.1
4.9
12.8
4.6
6.5
1.2
9.2
6.6
4.9
1966.
..
1967 . . .
1968...
1969...
1970...
1971...
1972...
1973.
..
1974.
..
1975. . .
0.3
8.0
1.6
3.5
5.1
2.6
5.9
0.3
-3.1
-1.8
8.3
8.0
-4.8
-12.7
-11.2
4.5
-3.5
-1.7
8.1
3.8
-11.6
-6.6
9.2
6.4
5.7
5.3
0.2
-12.2
0.4
1977 . . .
1978...
1979...
1980...
1981...
1982...
1983...
1984...
1985...
1986 . . .
1987...
1988.
..
1.3
1.3
-2.5
1.9
-1.7
-4.9
-0.7
8.8
-2.6
- 5 .7
-4.8
-13.2
1.0
7.1
6.3
-3.0
-2.2
3.8
-1.6
13.2
8.4
14.1
12.8
8.3
5.5
13.7
3.3
-4.1
1.3
3.0
4.2
5.8
1.7
10.8
1.3
5.5
3.8
2 .4
3.6
6.1
7.2
4.2
0.0
7 .7
5 .8
7 .9
3. 1
5.4
7.0
8.7
-4.7
1.9
-1.7
4.5
12.5
2.4
3.5
-1.9
2.2
6.2
8.3
-3.2
3.1
-3.6
1.3
7.2
10.0
5.4
-i f . 8
-:
_
.6
.0
.7
.3
7.0
9 .9
3.7
-0.3
9.1
-4.2
-2.9
2 .4
1.3
5.2
6 .7
5.1
1.6
2.7
5 5
5 .7
2 .7
2.0
12.8
3.5
- .0
6.6
7.7
4.6
-0.6
0.5
4.3
-3.6
2.6
6 .0
0.2
0.3
4.1
2.0
7.6
3 .4
-0.3
3.9
4.0
-0. 1
6.0
-4.3
7.1
10.6
-2.5
9.5
4.9
5.7
7.2
9.4
3.7
5.5
3 9
4.0
6.5
6.5
3.6
4.2
5 0
3.8
0.0
3.3
8.4
2.8
-4.2
1.2
1.6
-2 .9
5.4
13.5
3.5
-4.4
2.5
4.6
6 .4
0.2
0.9
0.0
-0.3
5.7
5.8
3.0
3.3
4.6
3.6
6 .3
1.4
10.7
-4.7
2.6
13.7
6.3
8.5
5.1
12.1
CHANGE IN PERSONAL INCOME LESS TRANSFER PAYMENTS IN 1982 DOLLARS OVER 3-MONTH S PANS !
(ANNUAL
RATE,
AVERAGE FOR PERIOD
PERCENT)
5.6
7.9
2.9
-4.3
6.8
10.2
-2.6
5.2
5.5
-1.2
-4.3
5.3
13.0
-0.7
1.0
6.0
8.4
9.1
3.4
-3.3
8.5
5 .4
-1.7
8 6
1 .6
4.1
4.9
5.6
2.2
3.5
1.6
2.7
2.5
0.5
3.0
2 .4
3.7
5.4
4.0
5.1
5.6
2 .7
4.2
-2.9
2.7
-2.9
1.6
-3.1
-0.3
3.5
3.7
0.3
5.8
1.0
13.5
6.7
-4.8
2.5
-10.4
4.2
2.2
7.7
1 4
-10.5
- 5 .0
6 .7
2.7
3.1
4 3
-0.3
1.5
4.1
5.2
1.4
1.0
2 .2
-1.0
0.0
10.5
2 1
-6 .3
3.6
6 .3
3.5
5 0
1.1
-4.7
2.6
13.6
-4.5
2.0
9.9
0.2
0.7
1.3
1 .4
-0.7
5.4
3.6
-3.5
3.7
-4.2
1 .6
12.1
0.2
-0.5
5.6
3.4
1.9
-1.2
4.9
8.9
4.2
2 .4
-0.7
0.8
0.0
2.0
1.6
0.7
5.6
5.0
3.0
4.8
2.7
3.4
3.7
3 .0
10.7
-1.8
2.8
10.5
3.9
2.0
5.8
7.0
2.7
3.3
8.8
-2.5
-2.0
6.9
9.5
3 .3
-0.3
8.6
-4.4
-2.9
7.7
5.4
8.9
- 2 .4
1.9
-5.5
-0.8
3.8
3.8
3.8
3.6
1.2
5.2
8.6
5.9
5.6
6.2
4.5
4.5
4.5
-0.2
6 .9
0.6
5.7
1.1
5.5
3.0
-4.9
1.5
0.0
4.2
0.6
1.7
3.8
5.7
3.5
1.2
6 .5
12.7
10.6
11.4
1 .0
4.8
-1.0
6 .4
-0.2
8.3
-3.8
4.1
2.9
4.9
4.4
6 .4
5.8
7 .7
6.7
4.8
3.5
2.3
0.5
-1.6
-2.2
0.9
0.6
-0.6
-0.1
1 .0
-0.9
0.5
0.6
0.1
3.5
2.7
-0.1
2.7
5.4
1.3
-0.9
5.8
2 .9
-4.0
5.0
6 .2
-5.2
0.9
4.3
-3.7
2 .4
0.3
-1.5
7 .8
-3.4
0.1
12 .9
5.7
12.8
4.8
3.6
0.0
5.4
-0.6
1.4
0.6
0.9
-1.0
1.2
-2.6
-3.8
1.7
3.3
0.8
-0.3
4.4
1.8
0.2
0.3
4.0
3.9
2.2
8.5
3.3
2.0
4.4
8.3
5.0
11.2
-4.5
4.5
2.8
1.8
-1.3
2.5
1.7
4.3
3.9
1.7
5.9
2.3
2.3
4.7
-5.2
7.1
5.9
2.4
-2.1
6.9
-0.1
-3.9
9.8
3.3
-0.1
-0.3
7.8
3.9
-0.3
8.2
3.8
1.5
0.7
6.9
2.9
1962...
1963...
1964...
1965...
1966.
..
1967...
-4.9
1.8
4.2
2.6
-5.2
0.8
4.6
2.0
4.0
2.3
7.7
4.7
3.0
4.2
7.6
3.6
9.5
5.0
4.2
2.1
5.0
4.1
6.8
6.9
5.5
2.6
4.1
3.4
5.9
9.3
6.5
4.0
1969.
..
1970...
2.8
-1.5
3.4
0.3
4.8
2.0
6.0
2.7
1972...
1973...
1974...
1975.
..
1976...
1977 . . .
8.7
7.1
-9.8
-7.8
6.9
2.8
-12.2
-5.9
7.4
2.5
7.3
0.9
-9.5
-1.4
1979...
3.7
1981 . . .
1982 . . .
1983...
1.5
-1.9
0.6
1985 . . .
1986...
1987 . . .
1988...
6.7
8.0
5.1
4.0
2.4
6.0
2.8
-0.3
1954...
998.2
998.6
1956 . . .
1957 . . .
1958...
1959...
1960...
1961...
1962. . .
1102.2
1135.7
1143.4
1190.0
1239.6
1251.1
1310.4
L107.4
L143.6
1140.0
193.4
L236.4
L257.4
L319.9
1964...
1965...
1966. . .
1967...
1968...
1969. . .
1419.5
15 0 9 . 6
1601.9
1681.8
1745.2
1840.0
L426.7
1505.9
L689.0
L760.4
L848.1
1696.5
1772.2
1861.1
1694.9
1782.5
1862.4
1702.4
1790.3
1874.0
197 1 . . .
1972...
1973.. .
1974...
1975...
1976...
1959.8
2035.9
1959.3
2054.4
2236.6
2184.2
.216.5
2183.7
1969.1
2063.2
2199.2
2194.4
2187.0
1973.3
2072.1
2195.7
2195.5
2196.9
1978.
..
1979.
..
1980...
1981 . . .
2461.0
2591.0
2622.0
2650.8
.599.7
2614.7
2646.3
2496.4
2606.6
2602.3
2650.5
1983 . . .
1984.
..
1985...
1986...
2681.7
2822.8
2682.5
2846.7
3022.2
3053.7
1988.
Sept.
PERCENT)
10.7
-0.6
12.7
2 .2
-2.6
-12.4
-3.9
1.8
-4.3
4.0
0.2
-4.0
-4.6
-2.4
5.9
10.6
1954. . .
1955...
1956...
1957 . . .
1958. . .
1959...
1960...
Aug.
3.1
20.2
-7.1
1.8
23.3
1.7
-2.0
1 .0
1954...
1955...
1956...
1957...
1958.
..
1959.
..
1960...
1961...
>1C.
July
CHANGE IN PERSONAL INCOME LESS TRANSFER PAYME^?TS IN 1982 DOLLARS OVER L-MONTH SPANS
f
0
_
.s
6.7
BILLIONS OF DOLL/ RS)
(ANNUAL
RATE,
989.2
991.1
994.1
998.1
1005.8
10 2 . 0
1018.6
1027.5
1027.1
997.0
991.5
1005.3
1109.6
1145.7
1146.3
1117.5
1145.2
1143.5
1116.7
1148.2
1147.3
1120.0
1153.2
1152 . 1
1125.2
1156 .4
117 0.3
1129.7
1152.0
1175.7
1137.5
1150.7
1177.3
1133.8
1151.1
1189.9
1 137.8
1 145.5
1 191.5
1241.1
1257.8
1327.6
1241.0
1264.0
1332.0
1249.7
1273.7
1334.9
1250.9
1283.4
1339.3
1378.3
1113.6
1154.7
117 1.8
1219.8
1248.9
1285.3
1344.7
1380.6
1246 . 1
1282.6
1348.2
1387.2
1244.7
1285.9
1343.4
1395.4
1248.9
1297.6
1350.6
1401.2
1244.0
1306.6
1353.7
1401.2
1 240.5
1 314.6
1 359.8
1415.3
1106.4
1141.7
1143.2
1194.2
1239.0
1255.4
1319.3
1365.6
1118.1
11 + 8.9
11 + 7 . 6
12 1 3 . 6
12 + 7 . 2
12 7 3 . 7
13 3 5 . 4
13 7 4 . 0
1122.8
1154.4
1172.6
1211.1
1246.6
284.6
345 .4
387.7
1509.9
1520.6
1530.3
1542.4
1550.6
155 1 .8
1588.8
1581.6
16 5 9 . 0
1591.1
994.1
1024.4
1094.8
1136.4
1149.1
1186.2
1222.0
1244.5
1306.3
1354.7
1405 .9
1004.5
]
1508.5
15
1689.1
1759.3
1849.7
1915.7
1702.9
1790.9
1872.1
1944.5
721.8
L815 .7
L 899 . 1
951.2
1591.0
1665.5
1734.7
1834.3
1914.2
1945 .5
120.9
148.5
162.4
210.2
244.3
280.0
338.7
383.3
459.5
548.6
635.4
7 12.1
1800.0
1883.8
1939.2
+9.5
31.1
1991.3
2091.4
2222 .8
2220.9
2214.8
2325.2
1816.2
1899.0
1949.0
1993.2
1825.0
1905.8
1957.6
2001.5
1827.9
1912.8
1944.1
1998.5
1832.0
1913.2
1943.6
2011.4
] 600.3
670.7
747 .4
1 843 . 0
1 916.5
] 948.9
2
2231.8
2213.5
2234.7
2326.8
2239.0
2210.4
2244.2
2331.1
2251.0
2224.2
2256 .6
2330.3
2264.3
2201.6
2251 .6
2355.2
2 253.7
2 198.9
2 256 . 1
2 366.2
2196.2
2215.8
2185.0
2287 .4
2209.5
2201.1
2212.3
2306.8
.231.2
214.9
.231.2
.327 .7
2179.7
2256 . 3
2208.2
2254.8
2350.6
.101.7
2223.3
2210.0
2220.8
2318.1
2527.0
2589.5
2573.5
2540.6
2609.3
2595.3
2547 .2
2606 .8
2600.0
2559.5
26 0 1 . 0
2604.4
2574.5
2608.6
2628.7
2580.3
26 13.7
2638.5
2 593.5
2 6 12 .6
2 657.4
2476.8
2599.1
2613.0
2520.9
2592.2
2574.8
2649.7
2867.2
2882.1
2885.5
2902 .8
2914.0
1 936.5
3093.8
3088.6
3090.9
3093.7
3091.8
2900.5
2994.0
3101.9
3107.6
3126.5
2842.7
2 96 1 9
3051.8
2582.8
2611.6
2641.5
2670.2
2680.1
2784.1
2917.0
3 005 4
3112.0
2532.4
2602.2
2607 . 3
2663.9
2716.6
2851.4
2549.1
2605.7
2599 .9
2686.6
2665.9
2721.6
2890.1
2 97 3 8
3092.1
1800.0
1879.8
1805.8
1892.5
197 9 . 2
2077.0
2214.5
2200.9
2201.5
2016.5
2060.9
2218.2
2207.0
2238.4
2311.7
2513.1
2594.8
2581.5
2649.6
2522.7
2592.2
2569.3
2644.8
2693.7
2858.5
2701.4
2854.4
3079.6
3109.2
2714.0
2857.7
2974 4
3097.2
563.7
2726.4
2876.9
2 97 8 9
3088.3
..
NOTE: Unless otherwise noted, these series contain revisions beginning with 1985. Percent changes are centered within the spans: 1-month
changes are placed on the 2d month and 3-month changes are placed on the 3d month. Quarterly and annual figures are averages of the centered
changes.
1
This series contains revisions beginning with 1984.
(SEPTEMBER 1988)
101
C. Historical Data for Selected Series—Continued
Year
Jan.
Feb.
Mar.
299.6
.99 .6
297.5
296.4
297 . 5
296.4
295.3
342.1
356.3
331.1
343.9
368. 1
347.9
370.4
385.1
396.9
429.1
341.9
356.9
322.9
346.2
367 .9
346.9
373.4
385.1
+ 04.1
+33.1
343.7
355.0
32 1.5
354.2
365.9
348.5
377.2
384.8
406.9
433.3
348.6
353.6
315.4
356.5
364.7
351.1
381.2
386.7
409.7
430.8
346 . 4
350 . 7
315 . 4
361 . 1
366 . 0
354 .7
380 .2
390 .5
411 .2
435 .7
346.5
351 .9
319.1
362.6
362.2
359.5
380.5
391.8
411 . 8
436. 1
487.8
512.7
511.7
486 .7
501.6
+ 93.8
> 1 0 .2
>09.9
+ 84 . 3
3 06 . 1
496.1
515.C
511.6
486 . C
5 11.4
498.0
515.2
504.0
488.0
5 13.5
50C . 8
517 . 5
498
49: , 1
514 . 8
544.4
541.6
537.2
536.8
536 .7
504.8
519.4
507.4
524.3
5 5 0.4
584.0
557.9
537.5
522.1
487.7
522.4
536.0
539.8
542.4
510.C
528.2
514
53*
56 C
58C
536
53c
51
.0
.0
586.9
550.9
539.7
520.2
512.7
532.5
569.8
578.8
543.3
539.4
514.8
523.]
544.:
548.(
545 .6
526.2
536.0
545.2
539.8
Apr.
June
May
Sept.
Oct.
Nov.
Dec.
1Q
II Q
295.7
294.6
300.4
3 05.8
308.3
298.9
296 . 8
295 .2
304. t
298.9
339.9
350.0
348.8
350.2
352.1
347.1
355.4
344.4
354.7
341.8
359.1
337.1
342.6
356.1
347 .2
352.1
346.9
349.1
356./
341.
1958. . .
1959...
1960. . .
1961...
1962...
1963...
1964...
1965...
3 22.4
361.6
361.8
359.7
382.1
350.8
358.6
362.3
380.9
349.7
356 .0
357.6
382.5
414.6
438.7
418.4
439.8
420.5
441.9
347.2
354.7
364.3
381.3
395.6
414.9
446 .0
351.1
351.1
369.8
383.2
396.9
420.7
450.9
362.0
344.7
372 .0
383.5
399.4
428.2
453 .6
348.1
367.3
347.8
373.7
385.0
402 .6
431.8
360.1
364.3
355.1
380.6
389.7
410.9
434.2
354.0
358.8
359.9
381.8
393.4
417 .8
440.1
353./
350.
368.
3 82 .
397. 3
421. 3
450. 2
348.3
349.6
326.5
353.9
360.1
357.9
379.7
391.3
413.2
439.1
1967 . . .
1968.. .
1969...
1970...
197 1 . . .
1972...
1973...
1974...
197 5 . . .
1976. . .
1977. . .
500.0
519.0
500.0
519 .9
500.0
500.3
521.1
497.8
504.1
522.4
489.2
5 06.3
520.4
479.7
509.8
516.5
476 . 1
511.4
516.9
484.0
492.6
512.6
511.1
499.6
517.2
500.8
501.5
521.1
495.7
515.3
513.2
537.5
534.4
5 17.9
543.1
533.5
522 .2
547.5
530.2
527 .2
5 46.1
525.5
531.4
549.4
509.4
506.4
542.4
541.1
514.5
545.0
537.0
515.9
549.8
576.6
572.0
536.8
532.1
491 .6
5 06.4
533.1
539.9
542 .7
5 46.5
521.9
552.8
507 .*4
524.0
5 12 !7
538.0
569.4
539.1
531.2
485.6
509.3
532.2
542.8
548.2
549.0
566.8
543.3
526 .9
484. 1
529.8
537.7
541.4
542.1
516.5
544.5
574.2
572.1
534. 1
538.0
495 .6
499.6
532.4
538.9
544.0
544.3
514.7
552.2
526
536 .6
54^ . 9
54 . 7
514.0
543.7
573.9
578.7
526 . 8
537.8
499.3
497.4
531.1
536.8
542 .5
542.5
517 .8
547.4
532.7
484.0
515.5
546.0
.4
.0
.2
.8
511.4
543.5
571.8
580. 1
529.7
539.2
503.9
534.5
549.7
501.7
496.7
523.1
549.5
567.5
545.3
522 .8
487.2
5 16 .0
538.0
541 .4
545.0
549.5
585.2
557.2
541.0
521.4
488.8
521.6
540.2
542.7
543.7
579.8
536.3
538.9
5 10.2
491.8
527.4
536.8
543.8
541.2
574.3
532.6
536.0
495 .5
501.1
532.2
538.5
543.1
544.4
509. 2
517. ?
479. ?
492 . )
531. 0
548.
512. 2
493. 1
519. 9
551. 5
581. 2
567. 9
542 . 6
527. 0
485. 6
512. 8
535. 1
541. 5
5 46 . 0
549. 9
479.0
500.7
517.2
496.9
488.5
517.4
545.8
530.7
486.2
5 13.9
539.9
569.4
576.8
542 .2
535.7
503.2
498.6
529.1
539.3
543.9
544.8
5 84! 8
562.7
545.7
521.9
1979!!!
1980. . .
1981...
1982...
519.2
540.4
540.3
543.0
1985...
1986...
1987 . . .
1988...
59.7
59.0
6 1.2
63.7
62.8
6 4.8
65.3
63.0
63.3
62.2
61.8
61.0
63.3
63.7
66.8
7 0.4
72.9
72.2
72.9
77.0
59.3
58.2
61.5
64. 1
63.4
6 2.7
65.1
62.6
63.4
62.7
61.8
60.2
58.1
58.9
61.3
65.0
59.3
57.9
61.3
61.9
63.7
59.
58.
61.
63.
63.
5
65.6
63.3
63.0
62.4
60.0
57.5
59.8
61.7
64.7
61.9
64.2
64.4
64.1
62.0
62.3
64^
63.3
63.7
62.5
62.5
65.
62.
63.
62.
62.
0
8
4
4
0
9
1 96 5 . . .
1966. . .
1967...
1968...
1969. . .
1970...
1971...
1972...
1973...
6 1.3
63.4
65.0
67.2
72.3
73.2
72.5
74.3
80.6
92.4
97 .9
104.8
110.0
119.0
129.5
141.4
140.6
134.6
138.0
61.9
63.8
65.8
68.3
72.5
73.3
72.8
75.3
82.0
93.6
99.3
104.6
112.3
124.5
131.5
143.0
138.2
134.8
136.8
62.5
64.5
66.5
69.2
72.7
73.3
73.0
75.7
84.0
93.4
197 4 . . .
1975. . .
1976...
1977 . . .
1978...
197 9 . . .
1980. . .
1981...
1982...
1983. . .
1984. . .
1985...
1986 . . .
1987 . . .
1988. . .
114.6
126.3
132.5
143.2
135.2
135.0
137.1
136.6
136.1
62.
1954. . .
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963. . .
1964. . .
1965...
1966...
1967...
1968...
1969. . .
1970. . .
1971. . .
1972...
1973...
1974...
1975.. .
1976.. .
1977 . . .
1978...
1979...
1980...
1981...
1982 . . .
1983...
1984...
1985...
1986 . . .
1987...
1988. . .
535.2
540.4
544.9
551.3
63.9
64.7
63.9
61.9
62.2
59.5
57.5
60.2
61.6
63.7
6 2.1
64.5
64.2
64.4
62.0
62.4
59.4
57.7
62.3
61.8
63.9
6 3.3
64.2
63.6
63.7
62.7
62.2
59.7
57 .9
60.8
62.0
63.5
6 4.2
64.2
63.3
63.6
62 .4
62.5
58.9
58.1
60.8
61.9
63.6
6 4.6
64.5
63.0
63.7
62.5
62.7
59.4
58.0
61.3
62.6
62.9
6 4.7
64.7
62.9
63.6
62.3
62.5
6 1.8
63.5
65.7
67.8
72.5
73.2
72.4
75.2
6 1.8
63.8
65.6
68.5
72.3
7 3.5
72.9
75.4
62.1
64.2
66.0
68.6
72.6
73.3
73.1
75.2
62.1
64.7
66.4
68.8
72.7
73.2
73.1
75.6
62.7
64.6
66.3
69.2
72.8
74.1
72.9
75.6
62.6
64.3
66.8
69.6
72.7
72.7
73.1
75.8
62.4
63.8
67.3
69.9
72.7
72.2
72.8
76.3
81.6
93.2
96.0
98.5
104.3
81.9
94.1
95.6
99.3
104.7
82.5
93.4
96.2
100.0
104.7
93.1
96.2
100.4
105.1
93.5
93.7
93.9
94.0
62.9
63.9
67.1
7 1.0
72.7
72.8
73.2
79.0
90.0
94.6
100.2
105 .2
101.2
105 .8
101.8
106 .5
102.2
107. 1
102.6
107 .6
112.1
122.0
131.0
142.2
138.9
135.0
136.8
111.9
125.0
131.5
143.3
138.1
134.9
136.3
126.6
132.0
143.6
137.7
134.4
137 .2
126.3
130.9
143.2
136.4
134.3
137 . 4
137.5
126.6
132.5
143. 1
134.8
134.8
136.9
138.1
126 . 1
134.0
143.3
134.4
135.8
136.9
127 .1
135.6
143 .8
134.9
135 .9
139.1
127 .0
137.3
143.5
136.0
136. 1
137.6
128.5
138.9
144. 1
136.3
137 .0
138.1
136.9
136.6
102.8
96.6
98.3
99.8
103.1
97.5
100.4
1 0ft**
10
99.7
101.6
98.5
9 8.0
99.1
100.4
102.1
104.3
102.3
97.0
98.6
106.0
101.4
99.1
98.1
98.4
103.3
102.7
106.5
101.4
98.4
99.3
100.7
99.6
58.2
58.5
61.5
64.5
57."
59.6 1.4
65..
60.3
57.6
59.4
61.7
65.6
62.1
65.6
63.5
63.2
62.0
62.8
65.7
63.2
63.0
62.4
63..
65..
63. 3
62.
62.
6 1.0.
63.1
64.7
67.3
72.3
73.1
71.9
73.9
8 0.1
91.3
95.2
97.3
103.5
109.4
118.5
129.7
142.5
141.5
134.5
138.1
136.7
138.1
61.7
63.3
65.1
67 . 0
72.0
73.2
72.7
74.4
61.
63.
65.
67.
72.
73.
73.
74.
3
)
3
3
8 0.8
8 0.
94. 3
5
3
3
1
91.8
97.9
105 .2
110.0
118.7
129.1
140.6
140.6
134.7
137.0
137.2
137.6
110.
119.
129.
141.
139.
134.
138.
140.
137.
103.3
98.4
97 .0
99.7
103.1
99.1
97.2
103.5
98.4
97.4
98.9
103.6
98.4
98.2
103. 4
97. 2
97 . 9
99. 3
104. 4
98. 3
99. 2
99.8
100.7
100.8
100.0
97.6
98.7
99.5
101.4
105 .5
103.1
97.1
99 .4
100.6
101 .6
100. 1
98.4
98.9
100.0
100.7
104.7
103.0
97.8
99. 6
100. 3
102 . 2
99. 2
97. 6
99. 6
100. 2
100. 9
105. 3
102. 8
97. 8
103.2
96.9
97.9
99.6
104.5
97 . 4
99.8
101 1
100.6
99.2
101.5
99.0
98.2
98.8
100.7
101.4
104.9
102.3
96 .7
98.6
104.9
103.0
99.2
99.1
98.3
100.0
103.2
107.3
104.1
98.3
100.7
99 .6
100.7
98.9
104.9
101.6
99.3
100.2
98.3
99.6
102 .2
105.5
103.4
98.4
99.9
100.0
100.3
98. 5
106. 9
102. 4
99. 2
100. 0
98. 4
99. 9
102 . 3
105. 6
102 . 6
98. 2
101 . 2
102. 2
100. 5
98.8
105.5
102.3
98.8
98.3
99.1
101.4
102.8
106.0
102.0
98.6
99.7
100.2
99.8
98.
105 .
3
2
D
)
3
1
INDEX 0
62[8
(I ERCENT)
:ontain revisions beginning with 1985.
102
101 .6
96.4
98.8
99.2
101.2
97 .7
100.7
100.5
1 0 1." 5
99.7
102.0
98.5
98.3
99.6
100.9
102.0
104.5
101.7
96 .9
95.2
98.8
104.6
101.5
99.3
97 .6
98.8
104.1
102.6
106.3
101.1
98.0
100.0
100.8
99.3
IV Q
Annual
AVE RAGE FOR PERIOD
6
5" . 5
5< . 8
6 .9
6/
m 9
6
6/+ . 3
6 + .0
6 ..1
62.2
60.3
58.3
58.9
61.1
64.9
III Q
AVERAGE FOR PERIOD
INDEX OF LABOR COST PER UNIT OF OUTPUT , MANUFACTURING--ACTUAL DATA
( 1977 = 100)
62.
1954...
1955...
1956 . . .
1957...
1958...
1959...
1960...
196 1. . .
1962...
1963...
1964...
Aug.
BILLIONS OF DOLLA RS)
(ANNUAL RATE,
1954...
1955...
1956...
1957...
July
100.6
105.4
3
5
0
62.
63. 8
67. 1
70. 4
72. 8
72. 4
73. 0
77. 4
87 . 6
94. 2
97. 0
102. 2
107. 1
116. 7
127. 5
137. 3
143. 8
135. 7
136. 3
138. 3
138.
136. 2
59.8
58.0
60.3
62.1
64.1
64.1
64.0
63.6
62.5
62.3
60.8
62.1
63.9
66.1
68.8
72.6
73.1
72.8
75.7
83 .6
93.4
96.2
100.0
105.4
113.4
124.3
132.7
142.9
137.4
135.2
137.5
138.0
136.7
AVERAGE FOR PERIOD
101.3
96.6
102.1
99.4
101.5
99.5
100.2
99.6
lOo!4
101.1
• 101.7
97.5
98.2
100.2
101.4
102.0
104.3
101.2
96.5
95.3
99.5
103.8
101.0
99.2
97.5
99.2
103.4
101.2
105 .7
100.1
97 .9
100.1
100.2
98.5
101.7
96 .8
99.4
99.6
100.7
100.9
100. 1
9 9.2
lOo!4
100.8
102 . 1
97 .8
98.9
99.9
101.1
102 .3
104.2
102.0
95.9
95.0
99.5
103.7
101 .2
98.5
97 .0
99.0
103. 1
102.0
105 .6
98.8
98.3
99.8
100.7
99.0
100.3
96.9
99.2
99.4
100.8
101.4
100.6
9 8.8
101! 1
102.4
97 .8
98.6
99.2
101.7
102 .6
103.8
99.7
95 .8
94.9
99.3
103.4
100.8
99.0
97 .1
99.4
102 .2
102.7
105.7
98.5
99.0
99.8
100.7
100.1
101.0
96 .6
99.9
100.4
99 .6
101.5
100.9
9 8.7
100.8
100.9
102.0
97.8
98. 1
98.3
102.3
102.8
103.5
98.7
95.0
95.1
100.2
103.1
100.1
99.0
97 .2
99.0
102 .6
103.4
106 .0
98.8
99. 1
101.4
101.5
99.4
101.3
98. 1
99 .5
102.0
99.4
101.6
101.8
9 8.9
lOo!5
100.9
100.9
98.0
99 .4
98.1
101.2
103.3
103.5
98.3
94.8
95.6
101.1
102.7
100.0
98.9
97 .2
99.5
102.0
104.2
105.7
99.5
99.2
100.3
100.6
99.5
100.4
96 .6
99.9
102.5
100.2
98.2
101.6
9 8.4
100.8
101.9
100.8
97.6
98.6
98.3
101.4
103.8
102.9
98.7
94.8
103'.9
102.9
99.6
98.7
97 .2
99.9
102.7
105.0
106.1
99.7
99.9
100.7
99.8
98.8
103.4
98.0
97 .4
99 . 3
103.7
98.6
98.2
102 .4
99.6
100.5
101.5
99.8
97.9
99.1
99 .9
101.0
105.2
103.0
97.6
95.5
98.7
105.6
102.3
99.2
99.8
98.3
99 .8
102.6
106.1
103.4
98.3
100.6
100.6
100.5
102.5
96 .6
98.3
99.5
102.9
97.5
100.3
100.7
roi.o
99.5
101.7
98.7
98.2
99.2
100.7
101.8
104.6
102 . 1
96.9
9 5.6
98.7
105.4
101.7
99.1
98.0
98.8
102 .9
102.7
106 .3
101.5
98.3
99 .7
100.6
99.6
101.1
96 .8
100.2
99.5
101.0
100.6
100.3
99.2
100.5
101.0
102.1
97.7
98.6
99.8
101.4
102.3
104.1
101.0
96.1
9 5.1
99.4
103.6
101.0
98.9
97.2
99.2
102 .9
102.0
105 .7
99.1
98.4
99.9
100.5
99.2
100. 9
97 . 1
99. 8
101. 6
99. 7
100. 4
101. 4
98.
100. 7
101. 2
101. 2
97. 8
98. 7
98. 2
101. 6
103. 3
103. 3
98. 6
94. 9
96 . 2
101. 7
102. 9
99. 9
98. 9
97. 2
99. 5
102. 4
104. 2
105. 9
99. 3
99. 4
100. 8
100. 6
99. 2
102 .0
97.1
98.9
100.0
101.8
99.3
100.1
100.3
100.4
100.6
101.6
98.5
98.3
99.1
100.9
102 .1
104.3
101.2
96.3
9 5.6
9 9." 6
104.4
101.2
99.0
98.0
98.9
102.0
102 .9
106.0
100.8
98.6
100.2
100.6
99.6
(SEPTEMBER 1988)
C. Historical Data for Selected Series—Continued
Year
Jan.
Feb.
Mar.
Apr.
May
June
31.49
29.70
34.51
41.77
38.04
30.46
31.14
35.07
42.65
36.64
29.39
31.75
35.56
41.47
36.47
28.90
31.60
38.02
41.29
35.24
28.48
32.37
38.5 1
40.89
34.63
28.27
32.82
39.99
40.68
35.45
41.00
40.60
42.41
44.34
50.23
57.33
67.78
40.62
40.81
43.51
45 . 16
50.04
58.12
67.62
41.20
40.27
44.23
44.72
50.57
59.95
70.45
41.62
40.42
44.82
46.07
51.32
60.67
70.60
41.92
40.07
45.51
46.87
52.58
60.82
70.86
9 4.67
97.66
103.16
101.47
114.28
125.44
151.09
164.03
91.65
99.90
105 .99
101.95
113.74
124.03
153.01
164.23
92 .59
102.45
104.72
103.46
114.87
127.84
153.04
159.61
93 .90
101.35
105.25
101.79
114.97
132.27
154.28
160.46
1977.
1978.
1979.
1980.
1981.
1982.
1983.
182.57
209.99
266.69
313.89
336.39
350.58
316.70
184.67
214.61
266.66
319.14
332.71
359.09
305.36
188.71
218.41
279.84
315.97
343.95
353.80
310.73
191.65
230.38
276.44
311.72
348.91
342.64
314.91
91.69
101.65
104.91
103.23
115.20
133.44
156 .28
159.70
170.60
194.58
226.82
281.56
311.35
346.87
346.91
304.07
1985.
1986.
1987.
1988.
383.08
392 .50
380.86
392.77
399. 19
390.75
404.72
393.40
389.03
393.93
395 .79
394.44
397.68
384.77
393.13
41.59
40.58
45.66
46.60
53.35
60.91
72.42
72.81
91.34
102 .92
101.86
104.85
115.25
135.94
161.95
159.34
170.05
191.47
235.37
280.78
309.62
350.02
338.03
324.08
375.00
403.73
391.06
402.72
1954.
1955.
1956.
1957 .
1958.
1959.
1960.
1961.
1962.
1963.
1964.
1965.
1966.
19
1968.
1969.
1970.
1971.
1972.
1973.
1974.
1975.
July
Aug.
Sept. Oct.
Nov. Dec.
.53
.90
. 10
.58
.65
.04
.44
.22
.55
10
103.86
102.98
114.70
140.74
159.60
158.94
170.88
198.04
238.7 1
292.31
315.16
350.15
336 .41
319.03
372.49
397.49
385 .28
412.08
28.29
33.24
39.5 1
41.24
35.16
28.36
34.2 1
39.34
40.39
35.26
40.26
41.69
46 . 17
47.82
53.98
61.59
74.67
74.04
92.42
105.15
103.13
104.14
116.65
139.88
159.53
159 .52
173.76
201.65
244.65
298.30
305.85
360.48
326 .53
318.45
376.01
404.23
387 . 2 0
411.20
41.31
42.16
45 .30
48.18
54.64
63.68
74.58
74.13
93.96
107 .83
101.22
106.02
115.40
142 .47
164.83
158.88
173.20
202.57
25 1 .42
294.89
319.94
356.53
325.03
324.04
387.46
395.41
381 .72
424.48
IV Q
IQ
MANUFACTURERS' MACHINERY AND EQUIPMENT SALES AND BUSINESS CONSTRUCTION1
EXPENDITURES
(ANNUAL RATE, BILLIONS OF DOLLARS)
69.
AVERAGE FOR PERIOD
27 .34
34.20
40.62
40.62
35.07
40.50
40.97
42.58
45 . 12
48.91
55.26
64.94
75.42
73.20
95.40
107.10
100.38
105.56
116 .57
145.33
168.28
161 .93
175.04
207.83
252.68
301.19
322.46
350.27
319 .85
323.82
384.94
402.83
391.92
416.93
28.22
34.39
41.84
40.01
36.04
40.17
40.65
42.90
45.16
48.45
55.67
66.29
73.90
74.27
96 . 6 6
106.32
100.98
106 . 7 8
119.32
150.63
169.02
160.27
178.03
208.36
257 .25
296 . 10
322 .47
356.10
317.16
334.65
390.93
404.22
388.64
416.55
29.06
34.93
42.51
38.09
35.74
41.08
41.08
43.17
4 4 . 10
48.65
57.16
68.53
74.72
77 .66
94.18
106.30
102.38
113.33
120.90
149.53
163.26
158.80
185.00
210.59
260.19
303.50
322 .90
349.34
309.38
344.25
396.55
406.99
394.05
423.85
46 . 13
53.21
63.56
53.24
43.30
49.48
42.79
43 . 0 8
43.83
50.92
61.24
73.13
93.37
99.04
104.50
111.29
101.10
100.87
110.94
144.67
185.96
165.19
169.52
189.58
241.14
290.14
312.68
320.85
302 .19
327 . 9 1
358.75
369.20
368.49
395.04
45 . 3 1
54.37
63.81
51.79
44.08
49.45
42.40
43.41
43.96
51.12
62.13
74.46
93.84
99.50
104.95
111.31
100.91
101.59
112.44
148.64
185 .24
165.06
170.55
192 .34
247.89
292 . 13
313.91
318.95
300.27
333.24
360.46
365.28
369.83
398.71
45.25
56.24
63.88
50.35
43.99
48.88
42.10
43 .98
45.51
50.96
6 3 . 15
75.90
94.16
100.58
105.95
111.25
101 .57
102. 12
114.72
151.50
182 .92
164. 14
172.27
196 . 2 4
251.52
294.27
317.68
315.53
303.19
335.37
358.90
368.43
370.70
400.72
30.45
30.86
35.05
41 .96
37.05
37.42
40.94
40.56
43.38
44.74
50.28
58.47
68.62
72.28
92.97
100.00
104.62
102.29
114.30
125 .77
152.38
162.62
41.71
40.36
45 .33
46.51
52.42
60.80
71.29
7 1.82
92.31
101.97
104.01
103.29
115.14
133.88
157.50
159 .83
28.64
33.24
39.45
40.54
34.91
40.76
41.37
41.25
45 .52
47 .86
54.76
62.44
74.23
73.80
92.64
105.95
102.74
104.38
115.58
141.03
161.32
159.11
185.32
214.34
27 1.06
316.33
337.68
354.49
310.93
348.78
393.52
395.03
386.88
192 .57
230.86
279.59
310.90
348.60
342.53
314.35
368.68
398.45
390.54
396.76
200.75
244.93
295.17
313 .65
355.72
329.32
320.51
378.65
399.04
384.73
415 .92
52.00
47 .84
58.19
2.7 4
4.28
7 .06
5 .23
41.63
4.53
46 . 7 1
49.10
60.22
59.99
43.32
47.42
43.29
42.05
43.20
50.15
56.71
68.86
87 .40
96.74
102 .26
110.91
105 .48
100.40
105.98
134.06
174.53
168.38
165.64
179.71
44.82
51.74
63.72
55.15
43.20
48.66
43.62
43.04
43.36
50.86
60.06
71.81
92 . 6 4
98.04
103.00
111.40
102.42
100.55
109.73
141.18
186.81
166.73
167 .90
186.50
45 .25
56 . 2 4
63.88
50.35
43 .99
48.88
42.10
43.98
45.51
50.96
63.15
75.90
94.16
100.58
105.95
111.25
101.57
102 . 12
114.72
151.50
182.92
164.14
172.27
196.24
281.65
299.56
322.06
312.62
311.85
358.14
363.44
369.27
381 .40
288.26
309.18
323.14
302.60
320.23
360.98
368.48
368.93
391.32
294.27
317.68
315.53
303.19
335.37
358.90
368.43
370.70
400.72
28.55
32.26
38.84
40.95
35.11
39.23
96. MANUFACTURERS' UNFILLED ORDERS, DURABLE GOODS INDUSTRIES2
.ARS)
1954.
1955 .
1956.
56.18
46.03
57.55
57.78
1958.
1959.
1960.
1961.
1962.
1963.
1964.
1965.
1966.
1967.
1968.
1969.
1970.
1971.
1972.
1973.
1974.
1975.
1976.
1977.
1978.
1979.
1980.
1981.
1982.
1983.
1984.
1985.
1986.
1987.
1988.
45.91
44.72
47 . 3 4
41 .76
44.38
46 .44
52.03
6 4 . 15
77 .72
94.10
100.58
106.13
110.43
102.74
102.49
117.50
155.77
180.46
162.69
173.16
197 .46
255.53
297.78
317.75
323.67
306.07
338.97
362.33
370.35
367.42
44.79
46.17
46 . 4 8
41.93
45.01
47 . 4 8
52.74
65.32
79.56
94.37
100.83
106.79
109.36
103.62
103.16
120.33
159.52
177.82
162.54
173.19
2 0 0 . 16
262.23
300.47
317.88
321.56
304.68
344.01
362.57
372.10
366 . 16
52.00
58.19
62.74
28
06
5.23
1 .63
4.53
48.84
53.52
66 . 17
81.99
93.94
102 .43
107.54
108.46
103.60
103.59
124.44
162.72
174.75
163.49
173.76
204.93
269.54
303.00
318.52
322.06
305.08
353.32
361.36
375.64
367.35
50.17
59.41
61.88
43.44
47.58
4 4 . 16
41.81
43.75
49.45
54.37
67 .06
83.74
94.10
102 .75
109.86
107. 19
103.05
103.94
127.91
165.94
172 . 3 0
164.44
175.49
208.95
274.54
303.16
320.44
321.32
307.57
355.33
360.26
373.52
37 1.90
59.96
1.24
10
18
,55
,96
,36
50.29
55.50
67 . 9 4
85.25
9 5 . 16
102 .40
110.93
106 . 3 0
101.78
104.98
131.31
170.86
170.61
165.03
176.89
214.02
277.04
300.11
321.75
316 .67
308.44
359.03
359.92
371.89
377 .16
46.71
45.52
44.52
44.82
60.22
59.99
43.32
47 . 4 2
43 .29
42.05
43.20
50.15
56.71
68.86
87 .40
96 . 7 4
102 .26
110.91
105.48
100.40
105 .98
134.06
174.53
168.38
165 . 6 4
179.71
218.65
281.65
299 .56
322.06
312.62
311 .85
358.14
363.44
369.27
381 . 4 0
61.70
58.26
43.46
47.39
42.86
42.46
43.23
50.16
58.30
69.65
89.17
97.36
101.08
110.87
104.48
99.64
106.6 1
135.86
178.80
168.42
167 .35
181.51
222.74
283.48
303.43
323.34
309.67
314.53
360.90
364.40
369.13
387.44
63.60
56.56
43.45
47 . 5 0
43.31
42.90
42.81
50.26
58.90
70.40
90.2
97.7
101.8
110.6
103.09
99.60
63.72
5 5.15
43.20
48.66
43.62
43.04
43.36
50.86
60.06
7 1.81
92.64
98.04
103.00
111.40
102.42
100.55
109.73
141 . 18
186.81
166.73
167 .90
186 . 5 0
233.50
288.26
309.18
323.14
302.60
320.23
360.98
368.48
368.93
391.32
107.3
138.3
184. 1
167.5
166.90
183.54
221 .hi
284.30
304.95
322 .64
304.68
316.40
361.24
365.80
366.91
390.02
28.21
34.51
41 .66
39.57
35.62
40.58
40.90
42.88
44.79
48.67
56.03
66.59
74.68
75.04
95.41
106.57
101.25
108.56
118.93
148.50
166.85
160.33
179.36
208.93
256 .7 1
300.26
322 .61
351.90
315.46
334.24
390.81
404.68
391.54
419.11
53.52
6 6 . 17
81.99
93.94
102.43
107.54
108.46
103.60
103.59
124.44
162.72
174.75
163.49
173.76
204.93
269.54
303.00
318.52
322.06
305.08
353.32
361.36
375.64
367.35
1958. . .
1959. . .
1960. . .
359.4
379.6
04. 1
359. 1
381.9
404.3
361.1
384.9
404.6
360.2
388.1
408.3
361 .4
390.8
409.9
363.3
393.4
410.3
369.9
394.0
410.9
369.8
391.1
411.2
371.9
392.1
412.0
372.8
392.8
413.4
1962...
1963. . .
19
1965. . .
1966 . . .
1967 . . .
1968...
1969...
1970...
1971...
1972...
1973. . .
1974...
1975. . .
1976...
1977...
1978...
1979. . .
1980...
1981...
1982 . . .
1983...
1984. . .
1985...
1986 . . .
1987...
1988. . .
• 40.3
67.8
443 .5
465.8
447 .4
467.5
451 .2
47 1.8
5 06 . 1
532.9
578.3
627 .3
67 1.9
739.7
804.2
862.3
936.5
1047.6
1167.5
1255 .9
1396.4
1524.1
1695.6
1935.6
2168.5
2420.2
2600.8
2748.7
3003.5
3237.0
3439.3
3641.3
533.1
584.0
628.3
536.0
588.0
632.8
450.2
469.3
502 .8
539.8
590.5
633 .9
544.8
593.2
636.7
452 .7
475.5
508.8
549.1
598.1
641.8
454.5
476 .3
511.7
552.0
601.5
646.6
455.7
478.6
515.6
554.0
6 07 .0
651.2
458.1
481.4
518.3
568.8
612.1
653.2
679
744.8
808.3
866.0
947.1
1057.2
1170.3
1260.0
751.9
812.8
872.3
953.2
1066 .6
1171.8
1264.1
758.0
831.8
878. 1
959.4
107 1.5
1179.0
1272.0
764.6
828.1
884.7
965.8
1085.1
1192.9
1285.7
770.7
829.0
905.4
960.4
1095 .8
1202.8
1318.4
777.8
835.3
896.1
976 .7
1100.3
1219.3
1315.6
784.3
840.0
902.9
989.3
1115.9
1228.5
1334.1
789.0
845 .7
906.7
997.4
1124.0
1237.8
1346.5
1541.3
1713.8
1952.4
2180.8
2439.9
2616.0
2746.9
3037 .4
3264.1
3459.8
3683.5
1557.6
1740.0
1975 .8
2193.8
2462.3
2626 .1
2763.7
3061.4
3287.9
3483.0
3703.4
1570.2
1769.2
1982 .5
2 191.8
2472.1
2642.4
2790.5
306 5 .6
3307.2
3516.5
3725.0
1583.5
1788.6
1998.7
2199 .4
2480.8
2660.7
2817.1
3068. 1
3298.3
3514.5
3736 .3
1595.8
1806.8
2014.7
2215.9
2500.6
2664.7
2830.1
3090.8
3317.2
3521.0
3747 .1
1616 .2
1826.7
2048.3
2252 .7
2543.5
2679.9
2839.1
3118.4
3323.1
3532.9
3778.6
1631.5
1841 .6
2064.6
2277.7
2572.5
2681.4
2836.9
3133.7
3328.9
3545 .4
3803.7
1646 .6
1858.2
2078.3
2305.0
2586.6
2689.6
2864.3
3161.2
3343.0
356 1.7
3820.8
459.2
484.8
518.9
566.2
6 15 .5
654.8
727 .5
793.8
845.7
909.3
1017.6
1139.0
1250.0
1360.7
1484.4
1660.3
1884.5
2100.0
2342 .3
2586 .3
2708.4
2910.6
3164.4
3374.2
3579.6
3897.2
377 .2
397 . 1
413.0
378.9
402 .8
410.6
46 1.6
486 . 2
522.5
571.2
620.1
660.5
732.8
797.8
847 .4
917.2
1033.0
1154.8
1248.3
1369.0
1505.0
1675.5
1901.7
2119.8
2372.1
2593 .9
2732.3
2942.2
3185.0
3386.3
3595 .5
3884.1
463.7
491.1
528.6
576.1
621.5
667 .5
737.2
803.0
853.6
927.3
1042.4
1162.9
1253.4
1378.5
1519.1
1687.0
192 1.8
2137.2
2402 .4
2592 .6
2746.9
2972.8
3215.5
3436.8
3623.6
3939.0
303.4
310.8
318.3
350.5
359.9
. 1
04.3
355.
361 .
390.
409.
359.9
370.5
392 .4
411 .4
324.1
346.5
359.8
376 .3
397 .6
412 .4
451.
456 . 1
478.8
515.2
558.3
6 06.9
650.3
717.2
783.7
840.3
901.9
987.8
1113.4
1228.5
1332.1
1465.7
1631 .4
1842.2
2 06 3.7
2278.4
2567.5
2683.6
2846.8
3137.8
3331.7
3546 .7
3801.0
461 .5
487 .4
523.4
57 1.1
619.1
660.9
732.5
798.2
848.9
918.0
1031.0
1152 .2
1250.6
1369.4
1502.8
1674.3
1902.7
2118.9
2372.2
2590.9
2729.2
2941.8
3188.3
3399.1
3599.6
3906 .8
7 .2
45 .25
56 . 2 4
63.88
50.35
43.99
48.88
42.10
43.98
45.51
50.96
63.15
75.90
94.16
100.58
105.95
111.25
101.57
102 .12
114.72
151.50
182.92
164.14
172.27
196.24
251.52
294.27
317.68
315.53
303.19
335.37
358.90
368.43
370.70
400.72
AVERAGE FOR PERIOD
1954...
1955...
1956 . . .
series contains revisions beginning with 1982.
series contains revisions beginning with 1977.
This series contains revisions beginning with 1985.
28.96
32.72
38.75
40.76
35.67
39.50
41.23
41.26
44.76
46 .95
53.37
62.07
72.20
73.24
93.33
103.62
103.15
104.63
115.99
137.30
159.51
160.48
17 1.24
196.89
236.71
286.52
315.87
348.48
335.45
320.01
371.73
398.92
390.46
404.67
END OF PERIOD
2 2 3 . PERSONAL INCOME IN CURRENT DOLLARS3
(ANNUAL RATE, BILLIONS OF DOLLARS)
1
This
2
This
3
Annual
.7
.0
96.5
534.0
583.4
629.5
679.6
745.5
808.4
866.9
945.6
1057.1
1169.9
1260.0
1405.2
1541.0
1716.5
1954.6
2180.9
2440.8
2614.3
2753.1
3034.1
3263.0
3460.7
3676.1
472.
505.
544.
593.
637.
699.
764.
829.
889.
961.
1084.
1191.
1292 .0
1431.8
1583.2
1788.2
1998.6
2202.3
2484.5
2655.9
2812.6
3074.8
3307.6
3517.3
3736.1
293.0
314.2
337 .2
356 . 3
367 . 1
390.7
409.4
426.0
453.2
476 .3
510.2
552.0
600.8
644.5
7 07 .2
772 .9
831.8
894.0
981.6
1101.7
1210.1
1313.4
1451.4
1607.5
1812.4
2034.0
2258.5
2520.9
2670.8
2838.6
3108.7
3325.3
3531.1
3780.0
(SEPTEMBER 1988)
103
C. Historical Data for Selected Series—Continued
Year
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug. Sept.
Oct.
Nov.
2 ,037
2 , 129
1,656
1,692
1,676
2 ,494
2,445
2 ,047
2,799
3,206
4,437
3 ,393
4,781
IV Q
Dec. I Q
Annual
MANUFACTURERS' NEW ORDERS, DEFENSE PRODUCTS
(MILLIONS OF DOLLARS)
1954...
1955...
1956 . . .
1957...
1958...
1959...
1960...
1961. . .
1962...
1963. . .
1964...
1965...
1966...
1967...
1968...
1969. ..
1970...
1971...
1972. . .
1973. . .
1974...
1975. . .
1976...
1977...
1978...
1979. . .
1980.. .
1981...
1982...
1983...
1984...
1985. ..
1986...
1987...
1988...
1,957
2 ,200
1,499
2,050
2 , 154
1 ,820
2,419
1 ,561
1,630
2,532
2,908
2 ,319
3,781
4,306
10,150
10,154
7 ,048
11,170
9,975
6,129
1 ,884
2 ,463
1,875
1,393
1 ,473
2,067
1,348
2 ,008
2 ,967
2,715
4,569
2,655
5,072
4 , 100
7,265
7,856
13,439
7,517
11,858
9,769
2 , 2 06
1 ,870
1,862
1,958
1,668
1,605
2,383
2,473
2 ,223
2,117
2,592
3,352
3,689
4,885
6,936
6,382
8,649
6,679
9,449
7,650
559.
2,270
2 ,636
1,689
1,531
1,825
2,173
1,847
2 ,267
2,925
3,056
3,386
2 ,604
4,933
4 ,254
6,653
8,531
6,865
8,164
8,514
11,265
2 ,825
2,164
1,939
1,451
1 ,625
1,941
2,453
2,122
2,543
2,479
3,355
2,676
4,198
5,062
5 ,460
6,351
7,420
9,356
9,012
9,907
2,962
1,692
1,900
1,181
1,915
1 ,668
2,156
1,966
2 ,898
1 ,844
1,769
1,690
3,110
1,532
2,141
1,659
2,198
1,934
1,888
2 ,462
2,840
3,687
2,382
4,556
4,472
5,669
8,320
7,420
11 , 9 1 9
7 ,845
10,128
1,682
1,504
2 ,490
1,818
2,830
2,873
2,916
6,170
5 ,07 1
5 ,240
8,033
7,992
9,652
10,091
9,882
2,124
3,612
2,091
2 ,033
2,464
3,191
2,741
4,925
1,871
2,257
2 ,682
2,617
2,921
3,753
3,821
6 ,794
2,523
2 ,087
1,868
1,763
1,536
1,933
1,381
1 ,325
2,823
4,018
3,599
2 ,665
4,901
6,155
6,246
8,501
10,526
7,709
9,179
5,685
7,959
9,217
9,321
9,968
9 , 102
6,692
8,870
7,351
8,541
7,508
9 ,864
6,237
10,287
11 , 6 6 7
7,582
10,426
9,824
2,065
2 ,469
1 ,796
1,554
2 ,063
1,761
2 ,034
1,828
3,700
4 , 181
3,288
2 ,484
4,779
10,434
8,630
9,197
9,047
7,763
7 ,036
6,047
6,533
5,236
5,401
5,295
5,492
6,150
6,042
6,820
7,364
10,069
8,326
12 , 5 4 2
13,291
8,057
6 ,492
5,528
4, 163
5,643
6,312
6,234
6 ,277
7 ,930
8,375
10,428
7 ,662
13,687
13,788
24,392
29,136
25 ,366
31,282
23 ,548
2 3 , 2 02
2 1 , 7 05
29,439
25,371
31,300
MANUFACTURERS' INVENTORIES, DEFENSE PRODUCTS1
(MILLIONS OF DOLLARS)
7 ,923
5 ,044
6,066
5,315
4,763
5 ,677
7,373
7 ,263
6,468
8,215
9,817
9 ,478
17,889
17,174
17 , 0 8 0
22,238
2 5 , 7 10
29 , 4 9 9
27,768
28,163
6 ,625
6,685
5,320
5 ,009
5,275
6 , 188
5,860
5,200
9 ,322
11,405
11,324
8 ,542
14,461
14,829
23 , 3 6 3
27 , 7 8 7
28,215
25,170
25,697
26 , 7 2 4
28,652
24,754
22,150
19,888
20,976
23 , 6 6 9
25,617
24,782
30,540
35,359
41,638
34,008
58,579
59,082
82 , 5 7 6
97 , 6 1 9
104,766
109 , 4 7 4
110,118
109,735
END OF PERIOD
1954.
1955.
1957.
1958.
1960...
1961...
1962...
1963...
1964...
1965. . .
1966...
1967...
1968...
1969...
1970.. .
1971...
1972...
1973...
1974. . .
1975...
1976...
1977...
1978...
1979. . .
1980...
1981. . .
1982...
1983. . .
1984...
1985 . . .
1986 . . .
1987...
1988...
,058
,811
,113
,610
,039
6,991
7,934
6,999
4,565
4,113
7,159
7,709
6,778
4,590
7,178
7 ,687
6,590
4,475
4 ,078
7,423
7 ,823
6,361
4,012
4,114
7 ,135
8,027
6,267
3,916
4,110
7,332
7,986
6,048
3 , 7 44
4,176
7,431
7,948
5 ,761
3,849
4,208
7 ,397
7,907
5,394
3,889
4,263
7,394
7,814
5,231
3,923
4,280
7 ,556
7,713
4,999
4,051
4,253
6,991
7,934
6,999
4,565
4,113
7 ,423
7 ,823
6,361
4,012
4,114
7 ,431
7,948
5,761
3,849
4 ,208
7,556
7 , 7 13
4,999
4,051
4,253
7 ,556
7 ,713
4,999
4,051
4,253
»,576
5,034
> ,77 1
6,464
4,638
5,076
5,993
6,276
4,645
5,136
6,068
6,203
4,672
5,205
6 , 126
6 , 163
4 , 7 07
5,304
6,272
6,201
4 ,776
5,414
6,346
6,175
4,850
5,435
6,365
6,225
4,872
5,577
6,458
6,192
4 ,888
5 ,653
6,535
5 ,997
4,884
5,693
6,665
6,037
4,920
5,737
6,458
6,094
4,638
5,076
5,993
6,276
4,707
5 ,304
6,272
6,201
4,872
5,577
6,458
6,192
4,920
5,737
6 ,458
6,094
6 ,738
8,907
11,523
16,415
19,494
22 ,393
28,500
31,963
31 , 169
6,740
9,120
11,825
16,679
19,723
22,760
28,953
32 ,072
31,597
6,971
9 ,290
11,948
16,751
20,221
23,406
28,911
32,089
31 ,624
7,120
9 ,433
12,377
16,955
20,420
24,003
29,739
32,156
3 1 , 7 09
7 ,193
9,731
12,391
17,004
20,486
24,890
30,216
31 , 8 0 0
32,174
7,356
10,066
12,466
17,302
21,023
25 ,467
30,671
31,648
32,553
7,668
10,123
12,748
17 , 6 0 7
20,601
26 , 2 4 1
30,951
31 , 6 8 4
32 , 6 6 8
7,908
10,384
12,876
17 , 9 9 2
20,485
26 , 8 0 4
31,013
31,578
33,17 1
8,212
10,495
13,284
18,373
20,879
27,082
31,255
31 , 3 6 9
33,936
8,370
10,680
13,387
18,779
21,562
27,605
31,529
30,762
33,504
6,738
8,907
11,523
16,415
19 , 4 9 4
22 , 3 9 3
28,500
31 , 9 6 3
31 , 169
7,120
9,433
12,377
16,955
20,420
24,003
29,739
32,156
31 ,709
7,668
10, 123
12,748
17 ,607
20,601
26,241
30,951
31 ,684
32,668
8,370
10,680
13,387
18,779
21 ,562
27 ,605
31,529
30,762
33,504
4,920
5,737
6,458
6,094
440
8,370
10,680
13,387
18,779
21 ,562
27 ,605
31,529
30,762
33 ,504
7,507
4,752
4,012
4,520
5,'6 99
6,546
6,133
6,660
8,562
11,126
16,125
19,195
21,193
27 , 8 9 4
31,682
31,122
6 ,697
8,571
11,288
16,317
19,284
21,729
28,372
31,148
31 , 2 3 3
561.
1954...
1955...
1956 . . .
1957 ...
1958...
1959. . .
1960...
1961...
1962. . .
1963...
1964...
1965...
1966...
1967...
1968...
1969...
1970...
1971. . .
1972...
1973...
1974.. .
1975...
1976...
1977...
1978...
1979...
1980...
1981...
1982 . . .
1983. . .
1984...
1985...
1986 . . .
1987...
1988...
22,797
23,526
20,949
19 ,572
19,541
19,828
22,667
25,957
27,611
31,939
37,661
47 ,407
49,642
67,599
83,732
104,559
123,735
148,139
159,414
158,833
22,495
23,096
20,769
19,774
19,632
19,770
23,331
26,536
27 ,703
31,514
37,684
48,209
50,223
68,691
86, 189
105,173
125,712
147 , 154
160,355
157,779
MANUFACTURERS' UNFILLED ORDERS, DEFENSE PRODUCTS
(MILLIONS OF DOLLARS)
21,954
23,261
20,573
19,449
19,518
20, 126
22,935
26,644
28,538
31,759
39 ,627
48,099
52,147
68,806
88,835
107,155
132,600
146,964
164,278
158,084
21,935
23,520
20,152
19,331
19,692
20,573
23,005
22,414
23,430
20,055
19,048
19,684
20,740
23,736
23,158
22,969
19 ,912
18,158
20,273
21,189
23,869
29,295
32,401
40,364
48,089
53,838
69 , 162
90 ,982
109,641
132,476
147,555
164,153
160,358
29,630
32,389
41,106
48,139
54,679
70,330
91,457
109,930
133, 112
149,263
164,405
160,898
29,993
32 , 7 3 4
42 , 190
47 , 7 6 4
55,906
70,829
91 , 8 7 2
112,096
133 , 7 5 2
153,121
163 , 3 2 3
161 , 8 1 6
22,516
22,430
20,098
18,471
19,835
20,887
23,630
27 , 9 3 5
29,619
33 , 0 2 3
42,537
48,036
58,653
7 1 ,822
91 , 9 2 9
113,616
134,780
155,015
164,192
162,605
NOTE: Unless otherwise noted, these series contain revisions beginning \
U h i s series contains revisions beginning with 1982.
104
23,250
21,972
19,819
18,429
19,575
2 1 , 136
25 , 5 2 2
28,030
29,378
33,036
43,159
47 , 9 7 0
60,237
72 , 9 4 9
92 , 9 5 7
113,501
136 , 136
157,245
163 , 0 5 8
162,741
24,119
21,333
19 , 9 5 9
18,602
19,743
21,183
25,959
28 , 8 8 0
29,787
33,418
44,263
49,086
63,374
75 , 6 5 9
93,205
115,066
1 3 8 , 2 14
158,325
164,078
162 , 3 1 6
END OF PERIOD
24,053
2 1 , 2 10
19 , 4 9 7
18,911
19,405
21,953
26,173
23,741
21,446
19 , 3 8 8
18,956
19,696
21,966
26,271
28,084
31,969
30,264
30,743
37 , 2 5 9
34,959
3 5 , 6 19
47 ,7 12
45,217
47,114
48,828
48,913
49,366
66,920
64,621
65,705
77,849
76 , 4 4 1
77,795
94,507
95,380 100,215
117,436 121,286 123,443
138,284 142,802 144,548
1 5 8 , 2 5 1 1 5 7 , 1 8 1 157 , 7 1 1
1 6 2 , 5 7 0 1 6 3 , 4 4 2 161 , 4 5 9
1 6 3 , 2 4 7 164 , 130 161 , 8 6 0
24,304
21,301
19,776
18,826
19,519
21,264
25,512
21,954
23,261
20,573
19 , 4 4 9
19 ,5 18
23,158
22 , 9 6 9
19,912
18,158
20,273
24,119
21,333
19,959
1 8 , 6 02
19,743
23,741
21,446
19,388
18,956
19,696
22 , 9 3 5
26,644
28,538
31,759
39,627
48,099
52,147
68,806
88,835
107,155
132 , 6 0 0
146,964
164,278
158,084
23,869
27,298
25,959
28,880
32,734
42,190
47 , 7 6 4
55,906
70,829
91,872
112,096
133,752
153 , 121
163,323
161,816
33,418
44,263
49,086
63,374
75,659
93,205
26,271
28,084
31,969
37,259
47,712
48,828
66 ,920
77,849
100,215
138,214
158,325
164,078
162 , 3 1 6
144,548
157 ,7 11
161,459
161 ,860
23,741
21,446
19,388
18,956
19 , 6 9 6
21,966
26,271
28,084
31,969
37,259
47 , 7 1 2
48,828
66 , 9 2 0
77,849
100,215
123,443
144,548
157,711
161,459
161,860
(SEPTEMBER 1988)
C. Historical Data for Selected Series—Continued
Year
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Q
IQ
Annual
IV Q
MANUFACTURERS' SHIPMENTS, DEFENSE PRODUCTS 1
(MILLIONS OF DOLLARS)
1954...
1955 . . .
1956 . . .
1957. . .
1958...
1959...
1960...
1961...
1962...
1963. . .
1964...
1965...
1966. ..
1967 . . .
1 9 6 8 . . .
1 9 6 9 . . .
1970...
1971...
1972. . .
1973. . .
1974...
1975. . .
1976 . . .
1 9 7 7 . ..
1978...
1979...
1980...
1981...
1982...
1983...
1984. ..
1985...
1986...
1987 . ..
1988. ..
2,392
2,415
1,997
1,866
1,569
1,687
1,717
1,875
2,104
2,561
2 , 5 06
2 ,624
2,967
3,627
4,267
5,810
6 ,756
7,579
8,272
8,755
964.
1954...
1955...
1956 . . .
1957. . .
1958...
1959...
1960. . .
1961...
1962...
1963. . .
1964...
1965...
1966. . .
1967...
1968. . .
1969...
1970. . .
1971...
1972...
1973...
1974...
1975...
1976...
1977. . .
1978...
1979...
1980...
1981...
1982...
1983...
1984. . .
1985...
1986...
1987...
1988. . .
1954...
1955 . . .
1956 . . .
1957...
1958...
1959. . .
1960...
1961...
1962. . .
1963. . .
1964...
1965...
1966...
1967...
1968...
1969...
1970...
197 1 . . .
1972. . .
1973...
1974...
1975.. .
1976
1977...
1978...
1979...
1980...
1981 . ..
1982...
1983...
1984...
1985 . . .
1 9 8 6 . . .
1 9 8 7 . . .
1 9 8 8 . . .
1
2
3
6,963
6 ,680
6,018
4,870
5,293
5,684
5,2 84
5,681
6 ,674
7,531
7 ,744
8,156
10,421
12,344
15 ,747
19,268
22,950
2 4 , 7 15
26,923
2 3,2 82
26 ,326
27,568
24,295
27,013
27 , 6 6 3
46 .7
72.4
39.0
45.7
40.0
68.6
40.5
52.9
51.9
61.9
59.5
51.4
64.3
45.7
48.1
57.6
46.7
52.4
60.0
62.8
60.8
44.1
66.7
58.4
52.9
62.3
53.9
53.8
60.0
56.2
43.3
56.2
47 . 1
47.1
65.7
52.8
59.5
60.5
55.2
51.0
59 .5
48.6
45.2
54.3
53.8
59.1
48.0
62.8
60.3
56.4
58.3
66.2
51.0
38.7
53.9
44.1
61.7
44. 1
55.9
53.4
54.9
2,425
2,299
2 ,07 1
1,718
1 ,588
1,712
1,7 44
1 ,900
2,132
2,470
2,626
2 ,765
3,148
3 ,985
2,289
2,376
2,110
1 ,649
1,651
1,726
1,778
1,927
2,169
2,414
2,346
2,255
2 ,035
1,733
1,633
1,775
2,217
2,153
2 ,044
2 ,07 1
1,604
1,748
2,558
2 , 2 07
1,969
1 ,653
1 ,786
1,984
,163
,302
. ,048
,732
,749
,875
2,242
2,171
2 ,001
1,485
1,758
1,825
2,338
2,119
2,051
1 ,539
1,761
1,852
2,289
2,219
1,935
1,6 07
1,789
1,805
2,377
2,233
1,904
1,508
1,772
1,749
1,813
2 ,208
2,491
1,882
2,099
2,495
1,853
2 , 192
2,541
,996
,274
,451
1,832
2 ,208
2,539
2,031
2 ,346
2 ,477
2 ,047
2,321
2 , 5 46
1,917
2 ,474
2,541
2,614
3 ,242
3 ,898
2,626
3,357
3,894
2,757
3 ,329
3,973
2 ,644
3 ,423
4,078
,807
3,341
it , 191
2 ,705
3,657
4,075
2,838
3 ,654
4,145
2,940
3,697
4,196
3,022
3 ,564
4,298
7,326
7,014
6,110
5,340
4,734
5,062
5,180
5,668
6 ,367
7,573
7,701
7 ,939
9,223
11,405
5,768
6,672
7,664
8 ,508
8 ,704
5,874
6,551
6 ,045
6,989
6 ,062
6,784
6 , 154
6 ,780
8 ,061
8 ,927
9,210
6,513
6 ,964
7,758
9 ,222
9,093
7,145
8,296
8,843
9,043
7,139
8,241
8,948
9,527
8,615
9,016
8,933
8 ,652
9,554
8,941
8,517
9 ,746
9 , 3 06
7 1.4
45.7
38.6
14.3
38.6
67.1
54.3
40.0
40.0
57.1
58.6
7 1.4
51.4
7,935
9 ,464
8,639
8,991
8,760
9,367
DIFFUSION INDEX OF MANUFACTURERS' NEW ORDERS--34-35 DURABLE GOODS INDUSTRIES 2
(PERCENT RISING OVER 1-MONTH SPANS)
65.7
67.1
28.6
60.0
28.6
67 . 1
48.6
58.6
60.0
70.0
32.9
37.1
72.9
45 .7
38.6
64.3
55.7
51 . 4
62.9
61.8
64.7
44.1
70.6
6 1.8
73.5
61.8
55.9
52.9
47.1
42.9
77.1
31.4
38.6
54.3
70.0
28.6
37.1
57.1
62.9
80.0
54.3
48.6
48.6
48.6
54.3
50.0
57.1
57 . 1
55 .9
58.8
52.9
66.2
41 .2
29.4
50.0
67.6
38.2
61.8
6 1.8
58.8
41.2
47 . 1
41.2
964.
17,452
6,852
6 ,784
6,189
5 ,453
4,888
5 ,249
5,301
5 ,622
6 ,476
7,400
7,865
7 ,997
9,928
11,765
14,745
18,261
2,509
2,300
2 ,042
1,756
1,577
1,663
1,719
1 ,893
2,131
2,542
2,569
2,550
3,108
3,793
44. 1
70.6
31.4
72.9
57.1
38.6
37 . 1
68.6
44.3
62.9
38.6
52.9
65.7
62.9
71.4
42 .9
57.1
54.3
34.3
48.6
60.0
70.6
58.8
35.3
63.2
72.1
55.9
75.0
38.2
42.6
44.1
58.8
50.0
52.9
42.6
47.1
51.4
35.7
67.1
20.0
45.7
25.7
55.7
65.7
54.3
65.7
61.4
55.7
40.0
48.6
44.3
55 .7
54.3
54.3
62.9
38.2
64.7
79.4
55.9
58.8
85.3
41.2
20.6
69.1
41.2
73.5
44. 1
50.0
67.6
54.4
44.3
57.1
51.4
60.0
54.3
48.6
40.0
62.9
57.1
6 1 .4
60.0
42.9
50.0
61.4
47.1
37. 1
57.1
60.0
54.3
61.8
76.5
52.9
61.8
58.8
45.6
67.6
39.7
48.5
50.0
52 .9
58.8
58.8
33.8
48.5
65.7
87.1
50.0
50.0
68.6
67 . 1
45.7
68.6
47.1
51.4
60.0
67.1
62.9
68.6
54.3
42.9
51.4
47 . 1
60.0
44.1
47.1
48.5
51.5
57.4
67.6
44.1
55.9
44. 1
41.2
58.8
29.4
58.8
58.8
61.8
77.
45.
25.
55.
42.
51.4
55.7
54.3
52.9
58.8
79.4
69.1
52.9
44.1
50.0
70.6
41 .2
50.0
50.0
70.6
45.6
47.1
67.6
58.6
65.7
68.6
57.1
67 . 1
25.7
54.3
68.6
55.7
48.6
41.4
45.7
57.1
7 1.4
51.4
42.9
41.4
38.2
47.1
44.1
67.6
64.7
50.0
55.9
32.4
23.5
73.5
38.2
51.5
45.6
44.1
57.1
40.0
40.0
52.9
57.1
84.3
64.3
64.3
52.9
40.0
78.6
72.9
71.4
42 .9
65.7
52.9
44.1
52.9
55.9
6 1.8
58.8
64.7
76.5
47 . 1
61.8
67.6
38.2
50.0
73.5
58.8
79.4
35.3
5
94
34
67
6 0
7 0
92
88
91
1.4
3
3
1
0
0
.9
.6
.4
.
.
.
.
.
20.0
68.6
91.4
85.3
79.4
26 .5
86.8
91 .2
97.1
76.5
32.4
82.4
35.3
76.5
73.5
7 0.6
34.3
25.7
61.4
78.6
34.3
62.9
57.1
7 1.4
74.3
82.9
85.7
42.9
74.3
60.0
34.3
75.7
91.4
86 .8
67.6
44. 1
94.1
85.3
76.5
73.5
35.3
61.8
41 .2
79.4
70.6
64.7
89.7
65 .7
9 4.3
40.0
17.1
74.3
68.6
51.4
48.6
58.6
80.0
44.3
82.9
30.0
38.6
51.4
62.9
50.0
57.1
42.9
42.9
55.7
80.0
42.9
65.7
50.0
5.7
44.3
42.9
64.7
29.4
6 1.8
47.1
50.0
70.6
41.2
76.5
29.4
38.2
6 1.8
58.8
52.9
47.1
52.9
42.9
42.9
62.9
60.0
71.4
64.7
27 .
54.
67.
37.
62.
62.
74.
81.
62.
62.
72.
62.
31.
94.
7 1.
64.
17 .
68.
51.4
44.3
67.
55.
50.0
51.5
39.7
61.8
58.8
61.8
38.2
50.0
44.1
23.5
50.0
70.6
67.6
55 .9
58.8
52.9
38.2
38.2
55.9
54.4
48.5
58.8
55.9
44.6
53.0
31.4
68.6
77. 1
80.0
85.7
40.0
78.6
77.1
31.4
57 . 1
82.9
82.4
67.6
35.3
73.5
76 .5
70.6
67.6
73.5
75.0
41.2
41.2
91.4
68.6
41 . 4
28.6
85.7
22.9
42.9
64.3
6 1.4
74.3
91 . 4
34.3
72.9
84.3
34.3
80.0
77.1
77.1
94.3
34.3
68.6
82.9
34.3
60.0
82.9
88.2
75.0
17.6
91.2
82.4
79.4
88.2
52.9
82.4
32.4
55.9
85.3
70.6
29.4
85.3
85.3
94.1
88.2
29.4
79.4
32.4
63.2
82 .4
35.3
70.6
73.5
50.0
76.5
73.5
85.7
79.4
64.7
6 1.8
79.4
76.5
76.5
64.7
44.1
50.0
41.2
79.4
85.
80.
47.
64.
85 .
88.
100.0
76.5
52.9
44.1
23.5
91.2
8.6
65.7
8.6
2.9
0.0
8.6
0.0
5.0
1.2
9.4
85.3
91.2
88.2
58.8
52.9
26.5
35.3
95.6
55.9
50.0
64.7
61.8
55.9
50.0
54.4
73.5
82.4
82.4
73.5
73.5
76.5
60.0
62.9
80.0
82.9
31.4
80.0
74.3
80.0
88.6
64.7
32.4
76.5
82 . 4
91.2
88.2
50.0
67.6
20.6
29.4
82.4
91.2
79.4
17.6
79.4
76
91.2
82.4
67.6
88.2
38.2
38.2
97.1
64.3
50.5
44.8
50.5
59.5
55.2
47.6
55.7
55.2
58.6
58.1
57 . 1
52.4
49.5
60.5
53.8
54.7
51.9
65.7
51.9
47 . 0
59.8
56.4
60.8
55.9
54.9
67.7
40.2
45.1
63.7
49.0
49.0
55.4
56.8
59.5
57.6
64.8
31.4
56 .7
44.7
45.7
49.0
51.4
54.3
54.8
69.5
45.7
6 1.0
51.9
48.1
44.8
57 .6
61.0
55.9
26.9
55.4
61.8
61.7
60.8
50.0
60.3
35.8
46.1
58.8
58.3
46.5
52.0
51.0
56.1
60.1
51.2
42.7
53.1
53.9
45.2
55.8
52.8
58.6
58.2
58.3
53.3
53.9
52.3
51.2
50.1
53.9
61.4
54.6
49.4
54.9
60.3
59.8
58.9
54.5
55.2
43.6
46 .6
60.0
52.1
49.1
51.3
53.9
AVERAGE FOR PERIOD
94.3
6 8.6
54.3
28.6
85.7
42 .9
37 . 1
65 .
7 1.
85.
80.
68.
51.
52.
74.
34.
57.
80.0
77.9
61.8
58.8
100.0
82.4
85.3
64.7
6 1.8
38.2
50.0
91.2
62.9
68.6
80.0
80.0
81.4
58.6
54.3
This series contains revisionsbeginningwith 1982.
This series contains revisions beginning with 1977.
This series contains revisions beginning with 1976.
5.7
4.3
8.6
0.0
5 .7
7.1
4.3
28,145
27,049
24,207
20,317
20,237
21 , 4 0 1
21,311
22 , 9 6 6
26,658
30,068
31,185
32,892
40,487
4 8 , 153
6 0 , 2 10
74,391
83,661
96,311
106,370
109,334
AVERAGE FOR PERIOD
58.6
68.6
75.
35.
48.
37.
44.
55.
DIFFUSION INDEX OF MANUFACTURERS' NEW ORDERS--34-35 DURABLE GOODS INDUSTRIES 3
(PERCENT RISING OVER 9-MONTH SPANS)
34.3
94.3
64.3
37.1
31.4
91.4
44. 3
48.6
68.6
81.4
91 .4
78.6
97.1
42 .9
58.6
68.6
40.0
68.6
91.4
88.2
82 .4
23.5
91.2
94. 1
88.2
82.4
7,004
6,571
5,890
4,654
5,322
5 ,406
5,546
5 ,995
7,141
7,564
7,875
8 ,800
10,915
12,639
16,353
19 , 4 1 0
21 , 8 8 1
25,784
28,316
27 , 1 8 0
44.8
89.5
55.7
36.2
48. 1
88. 1
37 .6
59.5
61.9
74.3
86.2
83.4
91.4
43.4
68.1
67.6
31.4
71.0
91.4
86.8
76.5
31.4
90.7
90.2
87.3
77.5
74.3
87 .6
37.6
16.7
77.1
76.2
41.9
79.1
63.8
67.6
80.0
80.5
71.0
57 .6
60.0
65.7
29.5
74.5
37 .3
78.4
63.3
83.8
79.4
57.9
61.8
88.
82 .
87.
68.
52.
44.
38.
87 .
60.8
hi.2
84.8
56.9
50.0
78.9
82.9
77.6
57.2
20.9
79.1
46 .6
36.7
73.3
63.8
61.4
77.1
86.7
40.0
74.8
73.3
46.2
56.7
77.2
83.7
69.1
36.3
76.5
81.4
84.3
81.3
60.8
65.2
29.4
35.3
88.7
52.4
55.9
52.0
76.5
91 .4
69.5
49.0
27.6
88.6
33.4
47.1
80.0
73.8
72.8
77.1
94.3
36.2
71.0
86.2
30.5
58.1
84.8
90.2
75.0
21.5
85.3
81.4
88.2
86.3
50.0
83.3
34.3
52.4
88.3
45.1
46.6
70.6
74.5
(SEPTEMBER
73.3
81.1
49.9
25.4
73.2
61.1
40.8
73.0
65.8
69.0
80.1
86.2
59.6
61.7
71.9
52.5
43.9
74.0
87.3
77.6
48.0
63.7
85.4
86.3
85 .5
64.2
57.7
45 .6
40.8
85.7
56 .8
55.0
53.7
78.7
1988)
105
G. Experimental Data and Analyses
Foreign currency per U.S. dollar
Year
and
month
Japan
West
Germany
France
United
Kingdom
(Yen)
(D. mark)
(Franc)
(Pound)
111111111II1111111111111111
Foreign currency per U.S. dollar—
I
I
Japan (yen)
1987
Jan...
Feb...
Mar...
Apr...
May...
June..
July..
Aug...
Sept..
Oct...
Nov...
Dec..
154.83
153.41
151.43
143.00
140.48
144.55
150.29
147.33
143.29
143.32
135.40
128.24
1.8596
1.8239
1.8355
1.8125
1.7881
1.8189
1.8482
1.8553
1.8134
1.8006
1.6821
1.6335
6.2007
6.0750
6.1091
6.0332
5.9748
6.0739
6.1530
6.1934
6.0555
6.0160
5.7099
5.5375
0.6643
0.6545
0.6280
0.6135
0.6000
0.6139
0.6215
0.6252
0.6081
0.6017
0.5633
0.5468
127.69
129.17
127.11
124.90
124.79
127.47
133.02
133.77
2
134.32
1.6537
1.6965
1.6770
1.6710
1.6935
1.7579
1.8466
1.8880
21.8629
5.5808
5.7323
5.6893
5.6704
5.7348
5.9310
6.2241
6.3919
2
6.3378
0.5553
0.5688
0.5456
0.5324
0.5349
0.5628
0.5865
0.5894
20.5935
Germany (d. mark)
1988
Jan...
Feb...
Mar...
Apr...
May...
June..
July..
Aug...
Sept..
Oct...
Nov...
Dec...
Foreign currency per U.S. dollar
Year
and
month
Italy
Canada
Exchange value
of the U.S.
dollar1
(Lira)
(Dollar)
(March 1973=100)
United Kingdom (pound)
1987
Jan...
Feb...
Mar...
Apr...
May...
June..
July..
Aug...
Sept..
Oct...
Nov...
Dec...
1317.17
1297.74
1305.90
1292.96
1290.80
1316.50
1337.96
1344.18
1310.86
1302.58
1238.89
1203.74
1.3605
1.3340
1.3194
1.3183
1.3411
1.3387
1.3262
1.3256
1.3154
1.3097
1.3167
1.3075
101.13
99.46
98.99
97.09
96.05
97.78
99.36
99.43
97.23
96.65
91.49
88.70
1216.88
1249.62
1240.67
1240.99
1258.81
1305.56
1367.26
1397.93
2 139 o.69
1.2855
1.2682
1.2492
1.2353
1.2373
1.2176
1.2075
1.2237
2
1.2290
89.29
91.09
89.73
88.95
89.74
92.58
96.53
98.29
2
97.80
1988
Jan...
Feb...
Mar...
Apr...
May...
June..
July..
Aug...
Sept..
Oct...
Nov...
Dec...
Exchange value of the U.S. dollar
(index: March 1973 = 100)
-
75 76 77 78 79 80 81 82 83 84 8586
87 88
1
This index is the weighted-average exchange value of the U.S. dollar against the currencies of the other G- 10 countries
plus Switzerland. Weights are the 1972-76 global trade of each of the 10 countries. For a description of this index, see
the August 1978 FEDERAL RESERVE BULLETIN (p. 700).
2
Average f o r September 1 through 23.
Source: Board of Governors of the Federal Reserve System.
106
1
60
G. Experimental Data and Analyses—Continued
Net Contributions of Individual Components to the Leading, Roughly Coincident, and Lagging Composite Indexes
Net c o n t r i b u t i o n to index
Basic data
Series t i t l e
(and u n i t of measure)
LEADING INDICATORS
1. Average weekly hours of production or nonsupervisory workers, manufacturing ( h o u r s ) . .
5. Average weekly i n i t i a l claims f o r unemployment insurance, State programs 1 ( t h o u s . ) . . .
8. M f r s . 1 new orders i n 1982 d o l l a r s , consumer
goods and m a t e r i a l s i n d u s t r i e s ( b i l . d o ! . ) - •
32. Vendor performance, percent of companies
r e c e i v i n g slower d e l i v e r i e s (percent)
20. Contracts and orders f o r p l a n t and equipment
i n 1982 d o l l a r s ( b i l . d o l . )
29. New p r i v a t e housing u n i t s authorized by
l o c a l b u i l d i n g permits (index: 1967=100). . .
36. Change i n i n v e n t o r i e s on hand and on order i n
1982 d o ! . , smoothed2 (ann. r a t e , b i l . d o l . ) .
99. Change in s e n s i t i v e m a t e r i a l s p r i c e s ,
smoothed2 (percent)
19. Stock p r i c e s , 500 common stocks
(index* 1941-43=10)
106. Money supply M2 i n 1982 d o l l a r s
(bil
dol )
111. Change i n business and consumer c r e d i t
outstanding (ann. r a t e , percent)
910. Composite index of leading i n d i c a t o r s 3
(index* 1967=100)
.
41.0
41.1
.
307
292
May
to
June
1988
Aug.
1988
July
1988
June
1988
May
1988
r41.2
325
p41.0
298
June
to
July
1988
July
to
Aug.
1988
0.08
0.08
-0.20
0.15
-0.32
0.32
87.96
r87.79
r85.21
p89.34
-0.01
-0.16
0.31
66
70
68
64
0.18
-0.09
-0.21
r41.53
r45 .66
r45 . 9 4
p48.16
0.23
0.01
0.14
.
114.5
119.1
113.2
116.7
0.13
-0.16
0.12
.
rl7.56
rl4.57
pll.53
NA
-0.08
-0.08
NA
0.32
0.44
0.53
0.56
0.05
0.04
0.02
256 . 12
270.68
269.05
263.73
0.38
-0.04
-0.16
r2 , 4 6 2 . 8
r2 ,466 .6
r2 , 4 6 4 . 0
p2 , 4 5 8 . 8
0.05
-0.04
-0.09
r9.2
p9.3
NA
0.17
0.01
NA
rl91.0
rl93.8
rl92.7
pl93.4
1.47
-0.57
0.36
105,489
rl06,057
rlO6,257
plO6,476
0.45
0.16
0.22
r2,773.7
r2,784.6
r 2 , 7 9 2 .5
p2,7 86.0
0.20
0.14
-0.15
136.1
rl36.5
rl37.9
pl38.2
0.08
0.28
0.08
r448,952
r452,240
p448,618
NA
0.16
-0.18
NA
rl76.5
r l 7 7 .7
rl78.1
pl78.1
0.68
0.23
0.00
13.8
12.9
13.6
13.7
0.49
-0.38
-0.08
rl.53
1.53
pi.53
NA
0.00
0.00
NA
r99.4
rlOO.O
r99.8
p99.6
0.22
-0.07
-0.11
8.84
9.00
9.29
9.84
0.11
0.20
0.57
r365,854
r363,016
r365,886
P364,831
-0.21
0.21
-0.11
rl5.82
rl5.93
pl5.89
NA
0.42
-0.15
NA
rl46.3
rl47.9
rl47.6
pl48.0
1.09
-0.20
0.27
•
ROUGHLY COINCIDENT INDICATORS
41. Employees on n o n a g r i c u l t u r a l p a y r o l l s
(thous )
. .
.
.
. .
. . .
51. Personal income less t r a n s f e r payments i n
1982 d o l l a r s (ann. r a t e , b i l . d o l . )
47. I n d u s t r i a l production
(index: 1977=100)
57. Manufacturing and trade sales i n 1982
d o l l a r s (mil
dol )
.
920. Composite index of roughly c o i n c i d e n t
3
indicators
(index: 1967=100)
LAGGING INDICATORS
91. Average d u r a t i o n of unemployment1
(weeks)
77. R a t i o , manufacturing and trade i n v e n t o r i e s
to sales in 1982 d o l l a r s ( r a t i o )
62. Labor cost per u n i t of o u t p u t , manufacturing-actual data as a percent of trend (percent) . .
109. Average prime r a t e charged by banks
(percent)
101. Commercial and i n d u s t r i a l loans outstanding
in 1982 d o l l a r s ( m i l . d o l . )
95. R a t i o , consumer i n s t a l l m e n t c r e d i t
outstanding to personal income ( p e r c e n t ) . . . .
930. Composite index of lagging i n d i c a t o r s 3
(index: 1967=100)
6.2
NOTE: The net contribution of an individual component is that component's share in the composite movement of the group. It is
computed by dividing the standardized and weighted change for the component by the sum of the weights for the available components
and dividing that result by the index standardization factor. See the February 1983 BUSINESS CONDITIONS DIGEST (pp. 108-109) or
the 1984 HANDBOOK OF CYCLICAL INDICATORS (pp. 67-68) for the weights and standardization factors. NA, not available, p, preliminary, r, revised, e, estimated.
x
This series is inverted in computing the composite index; i.e., a decrease in this series is considered an upward movement.
2
This series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
3
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.
107
ALPHABETICAL INDEX—SERIES FINDING GUIDE
(See complete titles in "Titles and
Sources of Series," following this index)
Current issue
Series (page n u m b e r s )
number Charts Tables
Historical
data
(issue date)
Series
description
(*)
A
Agricultural products, exports
Anticipations and intentions
Consumer sentiment, index
Employees, manufacturing and trade, Dl
Inventories, manufacturing and trade, Dl
New orders, manufacturing, Dl
Plant and equipment expenditures, constant dollars
Plant and equipment expenditures, current dollars
Plant and equipment expenditures, Dl
Prices, manufacturing, Dl
Prices, retail trade, Dl
Prices, wholesale trade, Dl
Profits, manufacturing and trade, Dl
Sales, manufacturing and trade, Dl
Automobiles
Imports of automobiles and parts
Personal consumption expenditures
604
56
92
10/87
58
974
975
971
100
61
970
976
978
977
972
973
22
38
38
38
24
24
38
38
38
38
38
38
65
76
76
76
67
67
73
76
76
76
76
76
6/87
8/87
8/87
8/87
11/87
11/87
11/87
8/87
8/87
8/87
8/87
8/87
20
37
37
37
616
55
56
22
92
65
10/87
8/88
56
39
23
23
37
37
37
37
37
B
Balance of payments—See International transactions.
Bank loans—See Business Loans.
Bank rates—See Interest rates.
Bank reserves
Free reserves
Member bank borrowings from the Federal Reserve
Bonds—See Interest rates.
Borrowing—See Credit.
Budget—See Government.
Building—See Construction.
Building permits, new private housing
Business equipment, industrial production
Business expenditures—See Investment, capital.
Business failures, current liabilities
Business formation, index
Business incorporations
Business inventories—See Inventories.
Business loans
Loans outstanding, constant dollars
Loans outstanding, current dollars
Loans outstanding, net change
Business saving
C
Canada—See International comparisons.
Capacity utilization
Manufacturing
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
Labor force
Unemployed
Coincident indicators, four
Composite index
Composite index, rate of change
Diffusion index
Ratio to lagging indicators, composite index
Commercial and industrial buildings, contracts awarded
Commercial and industrial loans
Loans outstanding, constant dollars
Loans outstanding, current dollars
Loans outstanding, net change
Compensation—See also Income.
Compensation, average hourly, nonfarm
business sector
Compensation of employees
Compensation of employees, percent of
national income
Compensation, real average hourly, nonfarm
business sector
Earnings, average hourly, private nonfarm
economy
Earnings, real average hourly, private nonfarm
economy
Wage and benefit decisions, first year
Wage and benefit decisions, life of contract
Wages and salaries in mining, manufacturing,
and construction
Composite indexes
Coincident indicators
Four coinciders, index
Four coinciders, rate of change
Ratio to lagging indicator index
Lagging indicators
Six laggers, index
Six laggers, rate of change
Leading indicators
Capital investment commitments
Eleven leaders, index
Eleven leaders, rate of change
Inventory investment and purchasing
Money and financial flows
Profitability
See notes at end of index.
108
93
94
33
33
72
72
2/88
2/88
35
35
29 13,25
76
24
67
67
5/88
12/87
24
12
14
12
13
72
65
65
6/87
1/88
1/88
34
21
21
33
23
23
101 15,35
72
35
112 32
295 46
73
73
71
82
7/88
7/88
7/88
1/88
32
32
32
26
82
84
20
20
64
64
11/87
11/87
14
14
97
11
965
333
24
24
37
48
66
66
75
86
5/88
5/88
5/88
3/88
22
22
22
51
29
29
60
70
70
1/86
8/88
8/88
5
26
26
89
62
89
62,89
2/88
2/88
2/88
2/88
9
9
9
9
60
5
60
66
5/88
5/88
12/87
11/87
5/88
"5
5
21
101 15,35
72
35
112 32
73
73
71
7/88
7/88
7/88
32
32
32
345
280
49
45
87
82
10/87
1/88
46
46
64
30,47
70,83
9/87
46
346
49
88
10/87
46
340
49
87
8/88
5
341
348
349
49
50
50
87
88
88
8/88
7/87
7/87
5
53
53
53
19
63
9/88
11
920
920c
940
10
39
11
60
5/88
5/88
11/87
5
930
930c
10
39
914
910
910c
915
917
916
10
39
11
11
11
914
35
34
442
51
90
17
441 51
37 18,51
920
920c
10
39
951
36
940
9
11
23
•74'
60"
"5
60
10/87
10/87
5
60
60
1/86
6/88
6/88
1/88
1/88
1/88
5
5
60'
60
60
"5
5
5
q p r j p . tjHp
(See complete titles in "Titles and
Sources of Series," following this index)
Current issue
Series ( P * e numbers)
number Charts Tables
Construction
Building permits, new private housing
Contracts awarded, commercial and
industrial buildings
Expenditures, plus machinery and equipment sales
Gross private fixed investment
Nonresidential, constant dollars.
Nonresidential, percent of GNP
Nonresidential structures, constant dollars
Residential, constant dollars
Residential, percent of GNP
Housing starts
Consumer finished goods, producer price index
Consumer goods and materials, new orders
Consumer goods, industrial production
Consumer installment credit
Credit outstanding
Net change
Ratio to personal income
Consumer installment loans, delinquency rate
Consumer prices—See also International comparisons.
All items
Food
Consumer sentiment, index
Consumption expenditures—See Personal
consumption expenditures.
Contract awards, Defense Department
Contracts and orders, plant and equipment,
constant dollars
Contracts and orders, plant and equipment,
current dollars
Corporate bond yields
Corporate profits—See Profits.
Costs—See Labor costs and Price indexes.
Credit
Borrowing, total private
Business loans
Loans outstanding, constant dollars
Loans outstanding, current dollars
Loans outstanding, net change
Consumer installment credit
Credit outstanding
Net change
Ratio to personal income
Consumer installment loans, delinquency rate
Credit outstanding, percent change
Mortgage debt, net change
Crude and intermediate materials, change in
producer prices
Crude materials, producer price index
Historical
data
(issue date)
29
13,25
67
5/88
9
69
23
24
66
67
5/88
86
248
87
89
249
28
334
8
75
25
47
25
25
47
25
48
12,21
22
67
83
67
67
83
67
86
64
65
66
113
95
39
35
32
15,35
33
320
322
58
Series
description
C)
21
17
12/87
5/88
3/88
9/88
12/87
40
40
40
40
40
24
51
15
12
73
72
73
72
5/88
5/88
5/88
2/88
33
33
33
34
49
49
22
84,95
84
65
3/88
3/88
6/87
49
49
20
525
53
90
7/87
55
20
12,23
66
10
116
23
34
66
73
5/88
110
32
72
10/87
101
72
112
15,35
35
32
73
73
71
7/88
7/88
7/88
32
32
32
66
113
95
39
111
33
35
32
15,35
33
13,32
32
73
72
73
72
72
71
5/88
5/88
5/88
2/88
7/88
9/86
33
33
33
34
31
31
98
331
28
48
69
85
4/88
3/88
51
50
557
54
91
12/87
517
543
580
578
577
525
53
53
54
55
55
53
90
90
91
91
91
90
7/87
10/87
10/87
7/87
7/87
7/87
55
55
56
56
56
55
559
548
588
561
570
564
565
54
53
54
54
55
55
55
91
90
91
91
91
91
91
9/88
9/88
9/88
9/88
8/88
8/88
8/88
17
15
17
15
5
43
43
39
32
33
12,21
72
64
2/88
1/88
34
17
965
974
963
966
37
36
38
36
37
5/88
12/87
8/87
7/88
12/87
22
5
37
5
12
962
975
952
950
964
36
38
36
36
37
2/88
8/87
12/87
6/87
9/88
8
37
5
5
15
971
970
960
972
967
38
38
37
38
37
8/87
11/87
5/88
8/87
1/88
37
23
37
37
25
973
976
978
977
968
961
38
38
38
38
37
36
75
74
76
74
75
78
74
76
74
74
75
77
76
76
75
76
75
79
76
76
76
76
75
74
77
8/87
8/87
8/87
8/87
2/87
7/88
37
37
37
37
25
5
12/87
21
21
35
D
Debt-See Credit.
Defense and space equipment, industrial production
Defense Department
Gross obligations incurred
Gross unpaid obligations
Net outlays
Personnel, civilian
Personnel, military
Prime contract awards
Defense products
Inventories, manufacturers'
New orders, manufacturers'
Shipments, manufacturers'
Unfilled orders, manufacturers'
Defense products industries, employment
Defense purchases, goods and services
Defense purchases, percent of GNP
Deficit—See Government.
Deflators—See Price indexes.
Delinquency rate, consumer installment loans
Deliveries, vendor performance
Diffusion indexes
Capital appropriations, manufacturing
Coincident indicators
Employees, manufacturing and trade
Employees on private nonagncultural payrolls
Industrial production
Industrial production, components.
Initial claims, State unemployment insurance
Inventories, manufacturing and trade
Lagging indicators
Leading indicators
New orders, durable goods industries
New orders, durable goods industries, components
New orders, manufacturing
Plant and equipment expenditures
Profits, manufacturing
Profits, manufacturing and trade
Raw industrials, spot market prices
Raw industrials, spot market prices, components
Sales, manufacturing and trade
Selling prices, manufacturing
Selling prices, retail trade .
Selling prices, wholesale trade
Stock prices, 500 common stocks
Workweek, manufacturing.
Workweek, manufacturing, components
Disposable personal income—See income.
:
951
ALPHABETICAL INDEX—SERIES FINDING GUIDE—Continued
Series title
(See complete titles in "Titles and
Sources of Series," following this index)
Earnings—See Compensation.
Employment and unemployment
Civilian labor force
Defense Department personnel, civilian
Defense Department personnel, military
Employee hours in nonagricultural establishments
Rate of change
Total
Employees in goods-producing industries
Employees, manufacturing and trade, Dl.
Employees on nonagricultural payrolls
Employees on private nonagricultural payrolls, Dl
Employment, civilian
Employment, defense products industries
Employment, ratio to population
Help-wanted advertising in newspapers
Help-wanted advertising, ratio to unemployment
Initial claims, State unemployment insurance
Initial claims, State unemployment insurance, Dl,
Overtime hours, manufacturing
Participation rate, both sexes 16-19 years of age
Participation rate, females 20 years and over
Participation rate, males 20 years and over.
Part-time workers for economic reasons
Persons engaged in nonagricultural activities
Unemployed, both sexes 16-19 years of age.
Unemployed, females 20 years and over
Unemployed, full-time workers
Unemployed, males 20 years and over
Unemployment, average duration
Unemployment, civilian
Unemployment rate, 15 weeks and over
Unemployment rate, insured
Unemployment rate, total
Workweek, manufacturing
Workweek, manufacturing, components
Workweek, manufacturing, Dl
Equipment—See Investment, capital.
Exports—See International transactions.
Federal funds rate
Federal Government—See Government.
Federal Reserve, member bank borrowings from
Final sales in constant dollars
Financial flows, 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
G
Goods output in constant dollars
Government budget
Federal expenditures.
Federal receipts
Federal surplus or deficit
State and local expenditures
State and local receipts
State and local surplus or deficit
Surplus or deficit, total
Government purchases of goods and services
Federal, constant dollars
Federal, current dollais
Federal, percent of GNP
National defense
National defense, percent of GNP
State and local, constant dollars
State and local, current dollars
State and local, percent of GNP
Total, constant dollars
Total, current dollars.
Gross domestic business product, fixed-weighted
price index
Gross domestic product, labor cost per unit
Gross national product
GNP, constant dollars
GNP, constant dollars, differences
GNP, constant dollars, percent changes
GNP, current dollars..
GNP, current dollars, differences
GNP, current dollars, percent changes
GNP, ratio to money supply M l
Goods output in constant dollars
Implicit price deflator
Per capita GNP, constant dollars
.?
Gross private domestic investment—See Investment, capital.
H
Help-wanted advertising in newspapers
Help-wanted advertising ratio to unemployment
Hours, manufacturing
Average weekly hours
Average weekly hours components
Average weekly hours, Dl
Average weekly overtime
Current issue
(page numbers)
Serjes
number Charts Tables
441
578
577
51
55
55
48c
48
40
974
41
963
442
570
90
46
60
5
962
21
453
452
451
448
42
446
445
447
444
91
37
44
45
43
1
39
17
17
38
14,17
36
51
55
17
16
16
12,16
36
16
51
51
51
51
17
51
51
51
51
15,18
18,51
18
18
18
12,16
961
36'
89
91
91
6l'
62
76
62
74
89
91
62
61
61
61
74
61
89
89
89
89
62
89
89
89
89
62
62,89
62
62
62
61
77
74
Historical
data
(issue date)
2/88
7/87
7/87
7/88
7/88
7/88
8/87
7/88
7/88
2/88
8/88
2/88
12/87
2/88
2/88
2/88
7/88
2/88
2/88
2/88
2/88
2/88
2/88
2/88
2/88
2/88
2/88
2/88
2/88
5/88
2/88
7/88
Series
description
(•)
9
56
56
5
5
37
5
5
9
5
9
9
9
7/88
Series title
(See complete titles in "Titles and
Sources of Series," following this index)
Housing
Housing starts
Housing units authorized by local building permits..
Residential GPDI, constant dollars
Residential GPDI, percent of GNP
Implicit price deflator, GNP
Imports—See International transactions.
Income
Compensation, average hourly, nonfarm
business sector
Compensation of employees
Compensation of employees, percent of
national income
Compensation, real average hourly, nonfarm
business sector
Consumer installment credit, ratio to personal income
Corporate profits with IVA and CCAdj
Corporate profits with IVA and CCAdj, percent
of national income
Disposable personal income, constant dollars
Disposable personal income, current dollars
Disposable personal income, per capita,
constant dollars
Earnings, average hourly, private nonfarm
economy
Earnings, real average hourly, private nonfarm
economy
Income on foreign investment in the United States
Income on U.S. investment abroad
lnterest.net
Interest, net, percent of national income
National income
Personal income, constant dollars
Personal income, current dollars
Personal income less transfer payments, constant dollars
Rate of change
Total
119
34
72
6/88
35
94
213
917
33
40
11
72
80
60
2/88
10/87
1/88
35
38
5
311
48
84
8/88
49
93
33
72
2/88
35
49
20
63
8/88
14
502
501
500
512
511
510
298
52
52
52
52
52
52
46
90
90
90
90
90
90
83
8/88
8/88
8/88
8/88
8/88
8/88
1/88
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
1/88
1/88
1/88
8/88
8/88
1/88
1/88
1/88
1/88
1/88
43
43
43
43
43
43
43
43
43
43
311
68
48
30
84
70
8/88
8/88
49
28
50
50b
50c
200
200b
200c
107
49
310
217
19,40
31
20
48
40
63,80
80
80
80
80
80
71
63
84
80
9/87
9/87
9/87
10/87
10/87
10/87
8/88
8/88
8/88
10/87
38
38
38
38
38
38
30
14
38
38
46
60
16
16
61
61
12/87
2/88
9
9
1
12,16
5
36
16
61
77
74
61
7/88
961
21
7/88
7/88
5
5
39
40
Personal income, ratio to money supply M2
Proprietors' income with IVA and CCAdj
Proprietors' income with IVA and CCAdj, percent
of national income
Rental income of persons with CCAdj
Rental income of persons with CCAdj, percent
of national income
Wage and benefit decisions, first year
Wage and benefit decisions, life of contract
Wages and salaries in mining, manufacturing,
and construction
Incorporations, new businesses
Industrial commodities, producer price index
Industrial production—See also International comparisons.
Business equipment
Consumer goods..
Defense and space equipment
Durable manufactures
Nondurable manufactures
Total
Total, components
Total, Dl
Total, rate of change
Industrials, raw, spot market prices
Components
Diffusion index
Spot market index
Installment credit—See Credit.
Insured unemployment
Average weekly initial claims
Average weekly initial claims, Dl
Average weekly insured unemployment rate
Interest, net
Interest, net, percent of national income
Interest rates
Bank rates on short term business loans
Corporate bond yields
Federal funds rate
Mortgage yields, secondary market
Municipal bond yields
Prime rate charged by banks
Treasury bill rate..
Treasury bond yields
Intermediate materials, producer price index
International comparisons
Consumer prices
Canada
France
Italy
Japan
United Kingdom
United States
West Germany
Industrial production
Canada
France
Italy
Japan
OECD, European countries
United Kingdom
United States
West Germany
Current issue
Series (page numbers)
number Charts Tables
28
29
89
249
25
13,25
25
47
67
67
67
83
310
48
84
345
280
49
45
87
82
Historical
data
(issue date)
Series
description
(*)
5/88
5/88
12/87
24
24
40
40
10/87
1/88
46
46
64
30,47
70,83
9/87
46
346
95
286
49
15,35
45
88
73
82
10/87
5/88
1/88
46
33
26
287
225
224
47
40
40
83
80
80
1/88
10/87
10/87
26
11
11
10/87
227
40
80
340
49
87
341
652
651
288
289
220
52
223
49
57
57
45
47
45
19
40
87
93
93
82
83
82
63
63
51c
39
8/88
8/88
8/88
1/88
1/88
10/87
9/88
9/88
5
57
57
47
47
46
11
11
51
14,19
63
108
282
31
45
71
82
9/88
9/88
5/88
1/88
30
47
283
284
47
45
83
82
1/88
1/88
47
47
285
348
349
47
50
50
83
88
88
1/88
7/87
7/87
47
53
53
53
13
335
19
23
48
63
65
85
9/88
1/88
3/88
11
21
51
67
65
91
63
63
63,94
78
75
12/87
12/87
12/87
12/87
12/87
12/87
12
12
13
12
12
12
12/87
12/87
"l2
76
24
75
22
557
54
73
20
74
20
47 14,20,58
ii
966
47c
37
39
967
23
37
28
79
75
69
1/88
1/88
25
25
5
962
45
288
289
12,16
36
18
45
47
61
74
62
82
83
2/88
2/88
5/88
1/88
1/88
8
8
8
47
47
67
116
119
118
117
109
114
115
332
35
34
34
34
34
35
34
34
48
73
73
72
73
73
73
72
73
86
1/88
5/88
6/88
6/88
5/88
2/88
5/88
5/88
3/88
35
35
35
35
35
35
35
35
50
733
736
737
738
732
320
735
59
59
59
59
59
49
59
96
95
96
95
95
84,95
95
4/88
4/88
4/88
4/88
4/88
3/88
4/88
60
61
61
61
60
49
61
94
94
94
94
94
94
63,94
94
6/88
6/88
6/88
6/88
6/88
6/88
12/87
6/88
59
59
59
59
58
58
12
59
723
58
726
58
727
58
728
58
721
58
722
58
47 14,20,58
725
58
See notes at end of index.
109
ALPHABETICAL INDEX—SERIES FINDING GUIDE—Continued
c . ....
Series title
(See complete titles in "Titles and
Sources of Series," following this index)
International comparisons—Continued
Stock prices
Canada
France
Italy
Japan
United Kingdom
United States
West Germany
International transactions
Balance on goods and services
Balance on merchandise trade
Exports, excluding military aid
Exports, merchandise, adjusted, excluding military
Exports of domestic agricultural products
Exports of goods and services, constant dollars
Exports of goods and services, current dollars
Exports of goods and services, excluding military
Exports of nonelectrical machinery
Imports, general
Imports, merchandise, adjusted, excluding military
Imports of automobiles and parts
Imports of goods and services
Imports of goods and services, constant dollars
Imports of goods and services, current dollars
Imports of petroleum and petroleum products
Income on foreign investment in the United States
Income on U.S. investment abroad
Net exports of goods and services,
constant dollars
Net exports of goods and services,
current dollars
Net exports of goods and services, percent of GNP
Inventories
Business inventories, change, constant dollars
Business inventories, change, current dollars
Business inventories, change, percent of GNP
Defense products, manufacturers'
Finished goods, manufacturers'
Inventories to sales ratio, manufacturing and trade
Inventory investment and purchasing, Cl
Manufacturing and trade
Manufacturing and trade, change
Manufacturing and trade, constant dollars
Manufacturing and trade, Dl
Manufacturing and trade, on hand and
on order, change
Materials and supplies on hand and on order,
manufacturers'
Materials and supplies on hand and on order,
manufacturers', change
Investment, capital
Capital appropriations, manufacturing, backlog
Capital appropriations, manufacturing, new
Capital appropriations, manufacturing, new, Dl
Capital investment commitments, Cl
Construction contracts, commercial and industrial
Construction expenditures, business, plus machinery
and equipment sales
Gross private domestic investment
Business inventories, change—See Inventories.
Fixed investment, constant dollars
Fixed investment, current dollars
Nonresidential, constant dollars
Nonresidential, percent of GNP
Nonresidential producers' durable equipment,
constant dollars
Nonresidential structures, constant dollars
Residential, constant dollars
Residential, percent of GNP
Total, constant dollars
Total, current dollars
New orders, nondefense capital goods,
constant dollars
New orders, nondefense capital goods,
current dollars
Plant and equipment
Contracts and orders, constant dollars
Contracts and orders, current dollars
Expenditures by business, constant dollars
Expenditures by business, current dollars
Expenditures by business, Dl
Investment, foreign
Income on foreign investment in the United States
Income on U.S. investment abroad
Italy—See International comparisons.
Current issue
/naoo n i i m k o r < .\
Series lpage numDers^
number Charts Tables
Historical
data
(issue date)
Series
description
(*)
743
746
747
748
742
19
745
59
59
59
59
59
59
59
96
96
96
96
96
96
96
7/87
7/87
7/87
7/87
7/87
7/87
7/87
63
63
63
63
63
25
63
667
622
602
618
604
256
252
668
606
612
620
616
669
257
253
614
652
651
57
57
56
57
56
44
44
57
56
56
57
56
57
44
44
56
57
57
93
93
92
93
92
82
82
93
92
92
93
92
93
82
82
92
93
93
8/88
57
57
56
57
56
44
44
57
56
56
57
56
57
44
44
56
57
57
255
44
82
12/87
250
251
44
47
82
83
12/87
12/87
44
44
30
26,42
245
42
247 47
559 54
65
27
77 15,27
915
11
71
27
31
26
70
27
975 38
68,81
81
83
91
68
68
60
68
68
68
76
9/87
12/87
12/87
9/88
5/87
11/87
1/88
11/87
6/87
11/87
8/87
40
40
40
17
17
17
5
17
17
17
37
36 13,26
68
10/87
12/87
12/87
8/88
10/87
10/87
8/88
12/87
12/87
10/87
4/88
17
78
27
5/87
17
38
26
5/87
17
97
11
965
914
9
24
24
37
23
66
66
75
60
66
5/88
5/88
5/88
1/86
5/88
22
22
22
5
21
69
24
67
243
242
86
248
42
42
25
47
81
81
67
83
11/87
11/87
8/88
12/87
40
40
40
40
88
87
89
249
241
240
25
25
25
47
42
42
67
67
67
83
81
81
8/88
8/88
8/88
12/87
11/87
11/87
40
40
40
40
40
40
27
23
66
9/88
15
24
23
66
9/88
15
20 12,23
10
23
100 24
61
24
970 38
66
66
67
67
76
9/88
9/88
11/87
11/87
11/87
21
21
652
651
93
93
57
57
23
23
57
57
J
Japan—See International comparisons.
L
Labor cost per unit of gross domestic product
Labor cost per unit of output, business sector
Labor cost per unit of output, manufacturing
Actual data
Actual data as percent of trend
Labor cost, price per unit of, nonfarm business
Labor force—See Employment.
Lagging indicators, six
Composite index
Composite index, rate of change
Diffusion index
See notes at end of index.
110
68
63
30
30
70
70
10/87
62
62
26
30
15
29
70
70
70
9/88
10/87
930
930c
952
10
39
36
60
74'
10/87
10/87
12/87
28
28
28
Series title
(See complete titles in "Titles and
Sources of Series," following this index)
Leading indicators, eleven
Composite index
Composite index, rate of change
Diffusion index
Liabilities of business failures
Liquid assets, change in total
Loans—See Credit.
( n a o ™ ^
Series vpage numpers^
number Charts Tables
Historical
SerieS
data
(issue date)
description
(*)
910
910c
950
14
104
10
39
36
33
31
60
74
72
71
6/88
6/88
6/87
6/87
5/88
78
27
68
5/87
38
84
8
26
20
12,21
68
64
64
5/87
11/87
9/88
917
11
60
1/88
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
5/88
5/88
5/88
5/88
5/88
8/88
5/88
9/86
6/88
5/88
29
29
29
30
29
30
30
31
35
35
27
24
8
23
23
12,21
66
66
64
9/88
9/88
9/88
15
15
15
20
12,23
66
9/88
21
10
548
7
6
23
53
21
21
9/88
9/88
9/88
9/88
21
15
15
15
964
971
37
38
66
90
64
64
77
75
76
88
87
86
248
25
25
25
47
67
67
67
83
8/88
8/88
8/88
12/87
37
40
40
40
40
517
543
721
53
53
58
90
90
94
7/87
10/87
6/88
55
55
58
580
54
91
10/87
49
20
63
8/88
62
62
370
358
82
84
21
30
15
50
50
20
20
16
70
70
88
88
64
64
61
9/88
9/88
10/87
10/87
11/87
11/87
7/88
28
28
52
52
14
14
5
453
452
451
51
51
51
89
89
89
2/88
2/88
2/88
9
9
9
55
233
232
238
236
239
237
231
230
235
22
41
41
41
41
41
41
41
41
47
65
80
80
81
81
81
81
80
80
83
8/88
11/87
11/87
11/87
11/87
11/87
11/87
11/87
11/87
11/87
39
39
39
39
39
39
39
39
39
39
292
293
614
46
46
56
82
83
92
1/88
1/88
10/87
48
48
56
5
34
29
M
Materials and supplies on hand and on order,
manufacturers' inventories
Materials and supplies on hand and on order,
manufacturers'inventories, change
Materials, capacity utilization rate
Materials, new orders for consumer goods and
Materials prices—See Price indexes.
Merchandise trade—See International transactions.
Military-See Defense.
Money and financial flows, Cl
Money supply
Liquid assets, change in total
Money supply Ml, constant dollars
Money supply M l , percent changes
Money supply M2, constant dollars
Money supply M2, percent changes
Ratio, GNP to money supply Ml
Ratio, personal income to money supply M2
Mortgage debt, net 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
Producers' durable equipment, constant dollars
Structures, constant dollars
Total, constant dollars
Total, percent of GNP
9/88
8/87
17
14
15
is
0
Obligations incurred, Defense Department
Obligations unpaid, Defense Department
OECD, European countries, industrial production
Orders—See New orders and Unfilled orders.
Outlays, Defense Department
Output—See also Gross national product and
Industrial production.
Goods output, constant dollars
Labor cost per unit of
Actual data
Actual data as percent of trend
Per hour, business sector
Per hour, nonfarm business sector
Ratio to capacity, manufacturing
Ratio to capacity, materials
Overtime hours, manufacturing
P
Participation rates, civilian labor force
Both sexes 16-19 years of age
Females 20 years and over
Males 20 years and over
Personal consumption expenditures
Automobiles
Durable goods, constant dollars
Durable goods, cunent dollars
Nondurable goods, constant dollars
Nondurable goods, current dollars
Services, constant dollars
Services, current dollars
Total, constant dollars
Total, current dollars
Total, percent of GNP
Personal income—See Income.
Personal saving
Personal saving rate..
Petroleum and petroleum products, imports
ALPHABETICAL INDEX—SERIES FINDING GUIDE—Continued
Series title
(See complete titles in "Titles and
Sources of Series," following this index)
Plant and equipment—See also Investment, capital.
Contracts and orders, constant dollars
Contracts and orders, current dollars
Expenditures by business, constant dollars
Expenditures by business, current dollars
Expenditures by business, Dl
Population, civilian employment as percent of
Price indexes
Consumer prices—See also International comparisons.
All items
Food
Deflators
Fixed-weighted, gross domestic business product
Implicit price deflator, GNP
Labor cost, price per unit of, nonfarm business
Producer prices
All commodities
Capital equipment
Crude materials
Finished consumer goods
Industrial commodities
Intermediate materials
Sensitive crude and intermediate materials
Raw industrials, spot market prices
Components
Diffusion index
Spot market index
Sensitive crude and intermediate materials, change
in producer prices
Sensitive materials prices, percent change
Stock prices—See also International comparisons.
500 common stocks
500 common stocks, Dl
Price to unit labor cost, nonfarm business
Prices, selling
Manufacturing, Dl
Retail trade, Dl
Wholesale trade, Dl
Prime contract awards, Defense Department
Prime rate charged by banks
Producer prices—See Price indexes.
Producers' durable equipment, nonresidential, GPDI
Production—See Gross national product and
Industrial production.
Productivity
Output per hour, business sector
Output per hour, nonfarm business sector
Profitability, Cl
Profits
Corporate profits after tax
Constant dollars
Current dollars
With IVA and CCAdj, constant dollars
With IVA and CCAdj, current dollars
Corporate profits before tax
With IVA and CCAdj
With IVA and CCAdj, percent of national income
Manufacturing and trade, Dl
Manufacturing, Dl
Per dollar of sales, manufacturing
Profitability, Cl
Ratio, profits to corporate domestic income
Ratio, profits with IVA and CCAdj to corporate
domestic income
Proprietors' income with IVA and CCAdj
Proprietors' income with IVA and CCAdj, percent of
national income
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...
Current issue
Series (page numbers)
number Charts Tables
Historical
data
(issue date)
Series
description
21
21
20
10
100
61
970
90
12,23
23
24
24
38
17
66
66
67
67
76
62
9/88
9/88
11/87
11/87
11/87
320
322
49
49
84,95
84
3/88
3/88
311
310
26
48
48
29
84
84
70
330
333
331
334
335
332
98
48
48
967
23
37
28
79
75
69
28
13,28
976
978
977
525
109
C)
*23"
23
9
49
49
10/87
3/88
3/88
3/88
3/88
3/88
3/88
4/88
50
51
50
51
51
50
51
/
1/88
25
25
69
69
4/88
51
25
13,28
37
29
69
75
70
7/87
2/87
10/87
25
25
28
38
38
38
53
35
76
76
76
90
73
8/87
8/87
8/87
7/87
2/88
37
37
37
55
35
48
28
Series title
(See complete titles in "Titles and
Sources of Series," following this index)
Residential fixed investment, percent of GNP
Residential structures—See Housing.
Retail sales, constant dollars
Retail sales, current dollars
S
Salaries—See Compensation.
Sales
Final sales, constant dollars
Machinery and equipment sales and business
construction expenditures
Manufacturing and trade sales, constant dollars
Manufacturing and trade sales, current dollars
Manufacturing and trade sales, Dl
Ratio, inventories to sales, manufacturing and trade...
Retail sales, constant dollars
Retail sales, current dollars
Saving
Business saving
Government surplus or deficit
Gross saving
Personal saving
Personal saving rate
Selling prices—See Prices, selling
Sensitive crude and intermediate materials, change
in producer prices
Sensitive materials prices, percent change
Shipments of defense products
Spot market prices, raw industrials
Components
Diffusion index
Spot market index
State and local government—See Government.
Stock prices—See also International comparisons.
500 common stocks
500 common stocks, Dl
Surplus—See Government.
50
50
11
88
88
60
10/87
10/87
1/88
52
52
5
18
16
80
79
28
28
29
29
69
69
69
69
8/88
8/88
8/88
8/88
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
1/88
1/88
8/87
5/88
1/88
1/88
8/88
26
26
37
37
27
5
26
81
282
29
45
70
82
8/88
1/88
26
47
283
47
1/88
967
23
284
37
28
45
79
75
69
82
1/88
1/88
1/88
25
25
47
285
93
89
47
33
25
83
72
67
1/88
2/88
8/88
47
35
40
Historical
data
(issue date)
249
47
83
12/87
59
54
22
22
65
65
5/88
5/88
213
40
69
57
56
973
77
59
54
24
14.22
22
38
15,27
22
22
295
298
290
292
293
46
46
46
46
46
98
99
28
13,28
54
967
23
Series
description
(*)
20
20
10/87
11/87
11/87
8/87
11/87
5/88
5/88
17
17
17
37
17
20
20
1/88
1/88
1/88
1/88
1/88
26
48
48
48
48
69
69
91
4/88
4/88
9/88
51
25
17
37
28
79
75
69
1/88
1/88
25
25
13,28
37
69
75
7/87
2/87
25
25
114
115
34
34
72
73
5/88
5/88
35
35
91
60
5
962
15,18
16
12,16
36
62
61
61
74
2/88
2/88
2/88
2/88
446
445
447
444
37
51
51
51
51
18,51
89
89
89
62,89
2/88
2/88
2/88
2/88
2/88
44
45
43
18
18
18
62
62
62
2/88
5/88
2/88
561
96
25
54
21
21
91
64
64
9/88
Velocity of money
GNP to money supply M l , ratio
Personal income to money supply M2, ratio....
Vendor performance, slower deliveries
107
108
32
31
31
12,21
71
71
64
8/88
5/88
1/88
Wages and salaries—See Compensation.
West Germany—See International comparisons.
Wholesale (producer) prices—See Price indexes.
Workweek, manufacturing
Average weekly hours
Components
Diffusion index
1
12,16
36'
61
77
74
7/88
961
Treasury bill rate
Treasury bond yields
370
358
916
Current issue
Series (page numbers)
number Charts Tables
U
Unemployment
Duration of unemployment, average.
Help-wanted advertising, ratio to unemployment
Initial claims for unemployment insurance
Initial claims for unemployment insurance, Dl
Number unemployed
Both sexes 16-19 years of age
Females 20 years and over
Full-time workers
Males 20 years and over
Total unemployed
Unemployment rates
15 weeks and over
Insured unemployment.
Total
Unfilled orders, manufacturers'
Defense products..
Durable goods industries
Durable goods industries, change
United Kingdom—See International comparisons.
67
65
65
76
68
65
65
30
30
17
7/88
NOTE: CCAdj, capital consumption adjustment; Cl, composite index; Dl, diffusion index; GNP, gross national product; GPDI, gross private domestic investment; IVA, inventory valuation adjustment.
* The number shown is the page of the Handbook of Cyclical Indicators (1984) on which the series description appears.
111
TITLES AND SOURCES OF SERIES
Series are listed below according to the sections of this
report in which they appear. Series numbers are for
identification only and do not reflect relationships or
order among the series. " M " following a series title
indicates monthly data; " Q " indicates quarterly data.
Data apply to the whole period except when indicated by
"EOM" (end of month) or "EOQ" (end of quarter).
To save space, the commonly used sources listed below
are referred to by number:
Source 1—U.S. Department of Commerce, Bureau of
Economic Analysis; Source 2—U.S. Department of Commerce, Bureau of the Census; Source 3—U.S. Department
of Labor, Bureau of Labor Statistics; Source 4—Board of
Governors of the Federal Reserve System.
Following the source for each series is an indication of
the pages on which that series appears. The "Series
Finding Guide" also lists chart and table page numbers
for each series.
I-A. Composite Indexes
910. Composite index of eleven leading indicators (includes series 1, 5, 8, 19, 20, 29, 32, 36, 99, 106,
111) ( M ) . - S o u r c e 1
(10,39,60)
10. Contracts and orders for plant and equipment in
current dollars (M).—Sources 1, 2, and McGrawHill Information Systems Company; seasonal adjustment by Bureau of the Census and Bureau of Economic Analysis
(23,66)
11. Newly approved capital appropriations, 1,000 manufacturing corporations (Q).—The Conference
Board
(24,66)
12. Index of net business formation (M).—Source 1;
seasonal adjustment by Bureau of Economic Analysis and National Bureau of Economic Research,
Inc.
(23,65)
13. Number of new business incorporations (M).—Dun &
Bradstreet, Inc.; seasonal adjustment by Bureau of
Economic Analysis and National Bureau of Economic Research, Inc.
(23,65)
33. Net change in mortgage debt held by financial
institutions and life insurance companies (M).—
Sources 1; 4; American Council of Life Insurance;
Federal National Mortgage Association; U.S. Department of Housing and Urban Development, Government National Mortgage Association; National Association of Mutual Savings Banks; and Federal Home
Loan Bank Board; seasonal adjustment by Bureau of
Economic Analysis
(32,71)
34. Corporate net cash flow in current dollars (Q).—
Source 1
(29,70)
35. Corporate net cash flow in 1982 dollars (Q).-Source
1
(29,70)
36. Change in manufacturing and trade inventories on
hand and on order in 1982 dollars (M).—Sources 1
and 2
(13,26,68)
14. Current liabilities of business failures ( M ) . - D u n
& Bradstreet, Inc.
(33,72)
37. Number of persons unemployed (M).—Source 3
15. Profits after taxes per dollar of sales, manufacturing corporations (Q).—Source 2 and Federal Trade
Commission; seasonal adjustment by Bureau of Economic Analysis
(29,70)
38. Change in manufacturers' inventories, materials
and supplies on hand and on order (M).—Source
2
(26,68)
(18,51,62,89)
16. Corporate profits after tax in current dollars (Q).—
Source 1
(28,69)
39. Percent of consumer installment loans delinquent
30 days and over (EOM).—American Bankers
Association
(33,72)
18. Corporate profits after tax in 1982 dollars ( Q ) . Source 1
(28,69)
40. Employees on nonagricultural payrolls, goodsproducing industries (M).-Source 3
(17,62)
19. Index of stock prices, 500 common stocks ( M ) . Standard & Poor's Corporation
(13,28,59,69,96)
41. Employees on nonagricultural payrolls (M).—Source
42. Number of persons engaged in nonagricultural activities (M).-Source3
(17,62)
917. Composite index of money and financial flows
(includes series 104, 106, 111) ( M ) . - S o u r c e
1
(11,60)
20. Contracts and orders for plant and equipment in
1982 dollars (M).-Sources 1, 2, and McGraw-Hill
Information Systems Company; seasonal adjustment
by Bureau of the Census and Bureau of Economic
Analysis
(12,23,66)
920. Composite index of four roughly coincident indicators (includes series 41, 47, 51, 57) (M).-Source
1
(10,39,60)
21. Average weekly overtime hours of production or
nonsupervisory workers, manufacturing ( M ) . —
Source 3
(16,61)
930. Composite index of six lagging indicators (includes
series 62, 77, 91, 95, 101, 109) ( M ) . - S o u r c e
1
(10,39,60)
22. Ratio, corporate domestic profits after tax to total
corporate domestic income (Q).—Source 1
(29,69)
914. Composite index of capital investment commitments
(includes series 12, 20, 29) (M).-Source 1 (11,60)
915. Composite index of inventory investment and purchasing (includes series 8, 32, 36, 99) (M).-Source
1
(11,60)
916. Composite index of profitability (includes series
19,26,80) (M).-Source 1
(11,60)
940. Ratio, coincident composite index (series 920) to
lagging composite index (series 930) (M).—Source
1
(11,60)
I-B. Cyclical Indicators
1. Average weekly hours of production or nonsupervisory workers, manufacturing (M).—Source 3
(12,16,61,77)
5. Average weekly initial claims for unemployment
insurance, State programs (M).—U.S. Department
of Labor, Employment and Training Administration;
seasonal adjustment by Bureau of Economic Analysis
(12,16,61)
23. Index of spot market prices, raw industrial materials (M).—Source 3 and Commodity Research Bureau,
Inc. (Used by permission. Beginning with June 1981,
this series may not be reproduced without written
permission from Commodity Research Bureau, Inc.)
(28,69,79)
24. Manufacturers' new orders in current dollars, nondefense capital goods industries (M).—Source 2
(23,66)
25. Change in manufacturers' unfilled orders, durable
goods industries (M).-Source 2
(21,64)
26. Ratio, implicit price deflator to unit labor cost,
nonfarm business sector (Q).—Sources 1 and 3
3
(14,17,62)
43. Unemployment rate (M).-Source 3
(18,62)
44. Unemployment rate, persons unemployed 15 weeks
and over ( M ) . - S o u r c e 3
(18,62)
45. Average weekly insured unemployment rate, State
programs (M).—U.S. Department of Labor, Employment and Training Administration
(18,62)
46. Index of help-wanted advertising in newspapers
(M).—The Conference Board
(16,61)
47. Index of industrial production (M).—Source 4
(14,20,39,58,63,78,94)
48. Employee hours in nonagricultural establishments
(M).-Source3
(17,39,61)
49. Value of goods output in 1982 dollars (Q).—Source
1
(20,63)
50. Gross national product in 1982 dollars (Q).-Source
1
(19,39,40,63,80)
51. Personal income less transfer payments in 1982
dollars (M).-Source 1
(14,19,39,63)
52. Personal income in 1982 dollars (M).—Source 1
(29,70)
(19,63)
6. Manufacturers' new orders in current dollars, durable
goods industries (M).-Source 2
(21,64,77)
27. Manufacturers' new orders in 1982 dollars, nondefense capital goods industries (M).—Sources 1
and 2
(23,66)
53. Wages and salaries in 1982 dollars, mining, manufacturing, and construction (M).—Source 1
(19,63)
7. Manufacturers1 new orders in 1982 dollars, durable goods industries (M).-Sources 1 and 2
(21,64)
28. New private housing units started (M).—Source
2
(25,67)
8. Manufacturers' new orders in 1982 dollars, consumer goods and materials industries (M).—Sources
land 2
(12,21.64)
29. Index of new private housing units authorized by
local building permits (M).-Source 2
(13.25,67)
9. Construction contracts awarded for commercial
and industrial buildings, floor space (M).—McGrawHill Information Systems Company; seasonal adjustment by Bureau of Economic Analysis (Used by
permission. This series may not be reproduced without
written permission from the source.)
(23,66)
112
30. Change in business inventories in 1982 dollars (Q).—
Source 1
(26,42,68,81)
31. Change in manufacturing and trade inventories
(M).-Sources 1 and 2
(26.68)
32. Vendor performance, percent of companies receiving slower deliveries (M). — Purchasing Management Association of Chicago
(12.21.64)
54. Sales of retail stores in current dollars (M).—Source
2
(22,65)
55. Personal consumption expenditures, automobiles
(Q).-Source 1
(22,65)
56. Manufacturing and trade sales in current dollars
(M).-Sources 1 and 2
(22,65)
57. Manufacturing and trade sales in 1982 dollars
( M ) . - S o u r c e s l and 2
(14,22,65)
58. Index of consumer sentiment (Q,M).—University
of Michigan, Survey Research Center
(22,65)
59. Sales of retail stores in 1982 dollars (M)-Sources 1
and 2
(22,65)
TITLES AND SOURCES OF SERIES-Continued
60. Ratio, help-wanted advertising in newspapers to
number of persons unemployed (M).—Sources 1,
3, and The Conference Board
(16,61)
88. Gross private nonresidential fixed investment in
1982 dollars, producers' durable equipment ( Q ) . Source 1
(25,67)
61. New plant and equipment expenditures by business
in current dollars(Q).-Source 1
(24,67)
89. Gross private residential fixed investment in 1982
dollars (Q).-Source 1
(25,67)
62. Index of labor cost per unit of output, manufacturing (M).-Sourcesl and 4
(15,30,70)
90. Ratio, civilian employment to population of working age (M).-Sources 1 and 3
(17,62)
63. Index of unit labor cost, business sector (Q).—Source
3
(30,70)
Average duration of unemployment in weeks (M).—
Source 3
(15,18,62)
64. Compensation of employees as a percent of national
income (Q).-Source 1
(30,47,70,83)
93.
Free reserves (M).-Source 4
(33,72)
I-C. Diffusion Indexes
950. Diffusion index of eleven leading indicator components (M).-Source 1
(36,74)
951. Diffusion index of four roughly coincident indicator
components (M).-Source 1
(36,74)
952. Diffusion index of six lagging indicator components
(M).-Sourcel
(36,74)
960. Diffusion index of net profits, manufacturing—about
600 companies (Q).-Dun & Bradstreet, Inc. (Used
by permission. This series may not be reproduced
without written permission from the source.)
(37,75)
94.
65. Manufacturers' inventories, finished goods (EOM) .—
Source 2
(27,68)
Member bank borrowings from the Federal Reserve
(M).-Source4
(33,72)
95.
66. Consumer installment credit outstanding (EOM).—
Source 4
(35,73)
Ratio, consumer installment credit outstanding to
personal income (M).—Sources 1 and 4
(15,35,73)
96.
67. Bank rates on short-term business loans (Q).—Source
4
(35,73)
Manufacturers' unfilled orders, durable goods industries (EOM).-Source2
(21,64)
97.
68. Labor cost in current dollars per unit of gross
domestic product in 1982 dollars, nonfinancial corporations (Q).-Source 1
(30,70)
Backlog of capital appropriations, 1,000 manufacturing corporations (EOQ).—The Conference Board
(24,66)
962. Diffusion index of initial claims for unemployment
insurance, State programs, 51 areas (M).—Source
1 and U.S. Department of Labor, Employment and
Training Administration; seasonal adjustment by
Bureau of Economic Analysis
(36,74)
98.
69. Manufacturers' machinery and equipment sales and
business construction expenditures (M).—Source
2
(24,67)
Percent change in producer prices for sensitive
crude and intermediate materials (M).—Sources 1
and 3
(28,69)
963. Diffusion index of employees on private nonagricultural payrolls, 172-186 industries (M).—Source
3
(36,74)
99.
70. Manufacturing and trade inventories in 1982 dollars (EOM).-Sourcesl and 2
(27,68)
Change in sensitive materials prices (M).—Sources 1,
3, and Commodity Research Bureau, Inc.
(13,28,69)
100.
71. Manufacturing and trade inventories in current
dollars (EOM).-Sources 1 and 2
(27,68)
New plant and equipment expenditures by business
in 1982 dollars (Q).-Source 1
(24,67)
964. Diffusion index of manufacturers' new orders, 34-35
durable goods industries (M).—Sources 1 and 2
(37,75,77)
101.
Commercial and industrial loans outstanding in 1982
dollars (M).—Sources 1, 4, and The Federal Reserve
Bank of New York
(15,35,73)
102.
Change in money supply M2 (M) — Source 4
104.
Change in total liquid assets (M).—Sources 1 and
4
(31,71)
105.
Money supply Ml in 1982 dollars (M).-Sources 1
and 4
(31,71)
106.
Money supply M2 in 1982 dollars (M).-Sources 1
and 4
(13,31,71)
107.
Ratio, gross national product to money supply Ml
(Q).-Sourcesl and 4
(31,71)
108.
Ratio, personal income to money supply M2 (M).—
Sources 1 and 4
(31,71)
109.
Average prime rate charged by banks (M).—Source
4
(35,73)
110.
Funds raised by private nonfinancial borrowers in
credit markets (Q).-Source 4
(32,72)
72. Commercial and industrial loans outstanding in current dollars (M).—Sources 1, 4 and The Federal
Reserve Bank of New York
(35,73)
73. Index of industrial production, durable manufactures (M).-Source4
(20,63)
74. Index of industrial production, nondurable manufactures (M).-Source4
(20,63)
75. Index of industrial production, consumer goods
(M)-Source 4
(22,65)
76. Index of industrial production, business equipment
(M).-Source4
(24,67)
77. Ratio, manufacturing and trade inventories to sales in
1982 dollars (M).-Sources 1 and 2
(15,27,68)
78. Manufacturers' inventories, materials and supplies
on hand and on order (EOM).-Source 2 (27,68)
79. Corporate profits after tax with inventory valuation and capital consumption adjustments in current dollars (Q).-Source 1
(29,69)
80. Corporate profits after tax with inventory valuation and capital consumption adjustments in 1982
dollars (Q).-Source 1
(29,69)
81. Ratio, corporate domestic profits after tax with
inventory valuation and capital consumption adjustments to total corporate domestic income (Q).—
Source 1
(29,70)
Change in business and consumer credit outstanding
(M).—Sources 1, 4, Federal Home Loan Bank Board,
and The Federal Reserve Bank of New York (13,32,72)
112.
114.
Discount rate on new issues of 91-day Treasury
bills (M).-Source4
(34,72)
115.
Yield on long-term Treasury bonds (M).-U.S. Department of the Treasury
(34,73)
Yield on new issues of high-grade corporate bonds
(M).—Citibank and U.S. Department of the Treasury
(34.73)
84. Capacity utilization rate, materials (M).—Source
4
(20,64)
(31,71)
117.
86. Gross private nonresidential fixed investment in
1982 dollars (Q).-Source 1
(25,67)
87. Gross private nonresidential fixed investment in
1982 dollars, structures (Q).—Source 1
(25,67)
Net change in business loans (M).—Sources 1, 4,
and The Federal Reserve Bank of New York (32,71)
Net change in consumer installment credit (M).—
Source 4
(32,72)
82. Capacity utilization rate, manufacturing (M).—
Source 4
(20,64)
85. Change in money supply Ml (M)-Source 4
(31,71)
Yield on municipal bonds, 20-bond average (M).—The
Bond Buyer
(34,73)
Secondary market yields on FHA mortgages (M).—
U.S. Department of Housing and Urban Development,
Federal Housing Administration
(34,73)
119.
Federal funds rate (M).-Source 4
(34.72)
961. Diffusion index of average weekly hours of production or nonsupervisory workers, 20 manufacturing
industries (M).-Sources 1 and 3
(36,74,77)
965. Diffusion index of newly approved capital appropriations in 1982 dollars, 17 manufacturing industries (Q).-The Conference Board
(37,75)
966. Diffusion index of industrial production, 24 industries (M).-Sources 1 and 4
(37,75,78)
967. Diffusion index of spot market prices, 13 raw industrial materials (M).—Sources 1, 3, and Commodity
Research Bureau, Inc.
(37,75,79)
968. Diffusion index of stock prices, 500 common stocks,
40-82 industries (M).—Source 1 and Standard &
Poor's Corporation
(37,75)
970. Diffusion index of expenditures for new plant and
equipment by U.S. nonfarm business, 22 industries
(Q).-Sourcel
~ (38,76)
971. Diffusion index of new orders, manufacturing—about
600 businessmen reporting (Q).—Dun & Bradstreet,
Inc. (Used by permission. This series may not be
reproduced without written permission from the
source.)
(38,76)
972. Diffusion index of net profits, manufacturing and
trade—about 1,400 businessmen reporting (Q).—
Dun & Bradstreet, Inc. (Used by permission. This
series may not be reproduced without written
permission from the source.)
(38,76)
973. Diffusion index of net sales, manufacturing and
trade—about 1,400 businessmen reporting (Q).—
Dun & Bradstreet, Inc. (Used by permission. This
series may not be reproduced without written
permission from the source.)
(38,76)
974. Diffusion index of number of employees, manufacturing and trade—about 1,400 businessmen reporting
(Q).—Dun & Bradstreet, Inc. (Used by permission.
This series may not be reproduced without written
permission from the source.)
(38,76)
975. Diffusion index of level of inventories, manufacturing and trade—about 1,400 businessmen reporting
(Q).—Dun & Bradstreet, Inc. (Used by permission.
This series may not be reproduced without written
permission from the source.)
(38,76)
113
TITLES AND SOURCES OF SERIES-Continued
976. Diffusion index of selling prices, manufacturing—
about 600 businessmen reporting (Q) —Dun &
Bradstreet, Inc. (Used by permission. This series
may not be reproduced without written permission
from the source.)
(38,76)
977. Diffusion index of selling prices, wholesale tradeabout 400 businessmen reporting (Q).—Dun &
Bradstreet, Inc. (Used by permission. This series
may not be reproduced without written permission
from the source.)
(38,76)
243.
Gross private domestic fixed investment in 1982
dollars (Q)-Source 1
(42,81)
289. Net interest as a percent of national income (Q).—
Source 1
(47,83)
245.
Change in business inventories in current dollars
(Q).-Sourcel
(42,81)
290. Gross saving (Q).-Source 1
247.
Change in business inventories as a percent of
gross national product (Q).-Source 1
(47,83)
248.
(46,82)
292. Personal saving (Q).-Source 1
(46,82)
293. Personal saving rate (Q).-Source 1
(46,83)
295. Business saving (Q).-Source 1
(46,82)
Gross private nonresidential fixed investment as a
298.
Government
surplus
or
deficit
(Q).—Source
1
percent of gross national product (Q).—Source
1
(47,83)
(46,83)
Gross private residential fixed investment as a
percent of gross national product (Q).—Source II—B. Prices, Wages, and Productivity
1
(47,83) 310. Implicit price deflator for gross national product
(Q).-Sourcel
(48,84)
Net exports of goods and services in current dollars
(Q).-Sourcel
(44,82)
311. Fixed-weighted price index, gross domestic business product (Q).—Source 1
(48,84)
251. Net exports of goods and services as a percent of
gross national product (Q).-Source 1
(47,83)
320. Consumer price index for all urban consumers
978. Diffusion index of selling prices, retail trade-about 249.
400 businessmen reporting (Q).—Dun & Bradstreet,
Inc. (Used by permission. This series may not be
reproduced without written permission from the 250.
source.)
(38,76)
II—A. National Income and Product
30. Change in business inventories in 1982 dollars (Q)—
Source 1
(26,42,68,81)
252.
Exports of goods and services in current dollars
(Q).-Source 1
(44,82)
(M).-Source 3
(49,59,84,95)
322. Consumer price index for all urban consumers,
food (M).-Source3
(49,84)
50. Gross national product in 1982 dollars (Q).—Source
1
(19,39,40,63,80)
253.
Imports of goods and services in current dollars
(Q).-Source 1
(44,82)
64. Compensation of employees as a percent of national
income (Q).-Source 1
(30,47,70,83)
255.
Net exports of goods and services in 1982 dollars
(Q).-Source 1
(44,82)
200. Gross national product in current dollars (Q).—
Source 1
(40,80)
256.
Exports of goods and services in 1982 dollars
(Q).-Source 1
(44,82)
213. Final sales in 1982 dollars (Q).-Source 1
(40,80)
257.
217. Per capita gross national product in 1982 dollars
(Q).-Sourcesland2
(40,80)
Imports of goods and services in 1982 dollars
(Q).-Source 1
(44,82)
260.
220. National income in current dollars (Q).—Source
1
(45,82)
Government purchases of goods and services in
current dollars (Q).-Source 1
(43,81)
261.
223. Personal income in current dollars (M).—Source
1
(40,63)
Government purchases of goods and services in
1982 dollars (Q).-Source 1
(43,81)
262.
224. Disposable personal income in current dollars (Q).—
Source 1
(40,80)
Federal Government purchases of goods and services in current dollars (Q).—Source 1
(43,81)
263.
225. Disposable personal income in 1982 dollars ( Q ) . Source 1
(40,80)
Federal Government purchases of goods and services in 1982 dollars (Q).-Source 1
(43,81)
340. Index of average hourly earnings of production or
nonsupervisory workers on private nonagricultural
payrolls (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)
341. Index of real average hourly earnings of production
or nonsupervisory workers on private nonagricultural payrolls (M).-Source 3
(49,87)
230. Personal consumption expenditures in current dollars (Q).-Sourcel
(41,80)
266.
State and local government purchases of goods and
services in current dollars (Q).—Source 1
(43,81)
345. Index of average hourly compensation, all employees,
nonfarm business sector (Q).—Source 3
(49,87)
231. Personal consumption expenditures in 1982 dollars
(Q).-Sourcel
(41,80)
267.
State and local government purchases of goods and
services in 1982 dollars (Q).-Source 1
(43,81)
232. Personal consumption expenditures in current dollars, durable goods (Q).—Source 1
(41,80)
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)
227. Per capita disposable personal income in 1982 dollars (Q).—Sources 1 and 2
(40,80)
233. Personal consumption expenditures in 1982 dol280.
lars, durable goods (Q).-Source 1
(41,80)
282.
235. Personal consumption expenditures as a percent of
gross national product (Q).-Source 1
(47,83)
236. Personal consumption expenditures in current dollars, nondurable goods (Q).—Source 1
(41,81)
237. Personal consumption expenditures in current dollars, services (Q).-Source 1
(41,81)
283.
284.
238. Personal consumption expenditures in 1982 dollars, nondurable goods (Q).-Source 1
(41,81) 285.
239. Personal consumption expenditures in 1982 dollars, services (Q).-Source 1
(41,81)
240. Gross private domestic investment in current dollars (Q).-Source 1
(42,81)
241. Gross private domestic investment in 1982 dollars
(Q).-Source 1
(42,81)
242. Gross private domestic fixed investment in current
dollars (Q).-Source 1
(42,81)
286.
287.
288.
330. Producer price index, all commodities (M).—Source
3
(48,85)
331. Producer price index, crude materials for further
processing (M).-Source 3
(48,85)
332. Producer price index, intermediate materials, supplies, and components (M).—Source 3
(48,86)
333. Producer price index, capital equipment (M).—
Source 3
(48,86)
334. Producer price index, finished consumer goods
(M).-Source3
(48,86)
335. Producer price index, industrial commodities
(M).-Source3
(48,85)
348. Negotiated wage and benefit decisions, average
first year changes (Q).—Source 3
(50,88)
Compensation of employees (Q).—Source 1 (45,82)
349. Negotiated wage and benefit decisions, average
changes over life of contract (Q).—Source 3 (50,88)
Proprietors' income with inventory valuation and
capital consumption adjustments (Q)—Source
358. Index of output per hour, all persons, nonfarm busi1
(45,82)
ness sector (Q).—Source 3
(49,88)
Proprietors' income with inventory valuation and
370.
Index
of
output
per
hour,
all
persons,
business
capital consumption adjustments as a percent of
sector (Q).—Source 3
(49,88)
national income (Q).—Source 1
(47,83)
Rental income of persons with capital consumption
adjustment (Q).-Source 1
(45,82)
Rental income of persons with capital consumption
adjustment as a percent of national income (Q).—
Source 1
(47,83)
Corporate profits before tax with inventory valuation and capital consumption adjustments (Q).—
Source 1
(45,82)
II—C- Labor Force, Employment, and
Unemployment
37. Number of persons unemployed (M).—Source 3
(18,51,62,89)
441. Civilian labor force (M).-Source 3
(51,89)
442. Civilian employment (M).-Source 3
(51,89)
Corporate profits before tax with inventory valua- 444. Number unemployed, males 20 years and over
tion and capital consumption adjustments as a
(M) -Source 3
(51,89)
percent of national income (Q).—Source 1
(47,83)
445. Number unemployed, females 20 years and over
(M).-Source3
(51,89)
Net interest (Q).-Source 1
(45,82)
114
*U.S.
G.P.O.
1988-201-^70:80009
TITLES AND SOURCES OF SERIES-Continued
446. Number unemployed, both sexes 16-19 years of
age (M).-Source3
(51,89)
447. Number unemployed, full-time workers ( M ) . —
Source 3
(51,89)
448. Number of persons employed part time for economic reasons (M).-Source3
(51,89)
451. Civilian labor force participation rate, males 20
years and over (M).-Source 3
(51,89)
452. Civilian labor force participation rate, females 20
years and over (M).-Source 3
(51,89)
453. Civilian labor force participation rate, both sexes
16-19 years of age (M)-Source 3
(51,89)
Il-D. Government Activities
500. Federal Government surplus or deficit (Q).—Source
1
(52,90)
570. Employment, defense products industries (M).—
Source 3; seasonal adjustment by Bureau of Economic Analysis
(55,91)
577. Defense Department military personnel on active
duty (EOM).—U.S. Department of Defense, Office
of the Assistant Secretary of Defense (Comptroller), Washington Headquarters Services, Directorate for Information Operations and Reports
(55,91)
578. Defense Department civilian personnel, direct hire employment (EOM)—U.S. Department of Defense, Office
of the Assistant Secretary of Defense (Comptroller),
Washington Headquarters Services, Directorate for
Information Operations and Reports
(55,91)
580. Defense Department net outlays, military functions
and military assistance (M).—U.S. Department of
Defense, Office of the Assistant Secretary of Defense
(Comptroller), Directorate for Program and Financial Control; seasonal adjustment by Bureau of Economic Analysis
(54,91)
47. United States, index of industrial production ( M ) . Source4
(14,20,39,58,63,78,94)
320. United States, consumer price index for all urban
consumers (M).—Source 3
(49,59,84,95)
721. Organization for Economic Cooperation and Development, European countries, index of industrial
production (M).—Organization for Economic Cooperation and Development (Paris)
(58,94)
722. United Kingdom, index of industrial production
(M) .-Central Statistical Office (London)
(58,94)
723. Canada, index of industrial production ( M ) . —
Statistics Canada (Ottawa)
(58,94)
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)
501. Federal Government receipts (Q).—Source 1
(52,90)
588. Manufacturers' shipments, defense products (M).—
Source 2
(54,91)
502. Federal Government expenditures (Q).—Source
1
(52,90)
727. Italy, index of industrial production (M).-lstituto
Centrale di Statistica (Rome)
(58,94)
II—E. U.S. International Transactions
510. State and local government surplus or deficit (Q) Source 1
(52,90)
728. Japan, index of industrial production (M)-Ministry
of International Trade and Industry (Tokyo)
(58,94)
602. Exports, excluding military aid shipments ( M ) . Source 2
(56,92)
511. State and local government receipts (Q).—Source
1
(52,90)
604. Exports of domestic agricultural products (M).—
Source 2; seasonal adjustment by Bureau of Economic Analysis
(56,92)
512. State and local government expenditures (Q).—
Source 1
(52,90)
606. Exports of nonelectrical machinery (M).—Source
2; seasonal adjustment by Bureau of Economic
Analysis
(56,92)
517. Defense Department gross obligations incurred
(M).—U.S. Department of Defense, Office of the
(56,92)
Assistant Secretary of Defense (Comptroller), Direc- 612. General imports (M).-Source 2
torate for Program and Financial Control; seasonal 614. Imports of petroleum and petroleum products
adjustment by Bureau of Economic Analysis
(53,90)
(M).—Source 2; seasonal adjustment by Bureau of
Economic Analysis
(56,92)
525. Defense Department prime contract awards for work
performed in the United States (M).-U.S. Department of Defense, Office of the Assistant Secretary of
Defense (Comptroller), Washington Headquarters
Services, Directorate for Information Operations
and Reports; seasonal adjustment by Bureau of Economic Analysis
(53,90)
616. Imports of automobiles and parts (M).—Source 2;
seasonal adjustment by Bureau of Economic Analysis
(56,92)
618. Merchandise exports, adjusted, excluding military
(Q).-Source 1
(57,93)
620. Merchandise imports, adjusted, excluding military
543. Defense Department gross unpaid obligations
outstanding (EOM).—U.S. Department of Defense,
Office of the Assistant Secretary of Defense (Comptroller), Directorate for Program and Financial Control; seasonal adjustment by Bureau of Economic
Analysis
(53,90)
651. Income on U.S. investment abroad (Q).-Source
1
(57,93)
548. Manufacturers' new orders, defense products (M).—
Source 2
(53,90)
652. Income on foreign investment in the United States
(Q).-Sourcel
(57,93)
557. Index of industrial production, defense and space
equipment (M).-Source 4
(54,91)
667. Balance on goods and services (Q).—Source 1
(57,93)
559. Manufacturers' inventories, defense products (EOM).
-Source 2
(54,91)
561. Manufacturers' unfilled orders, defense products
(EOM).-Source 2
(54,91)
564. Federal Government purchases of goods and services, national defense (Q).—Source 1
(55,91)
565. National defense purchases as a percent of gross
national product (Q).-Source 1
(55,91)
(Q).-Source 1
(57,93)
622. Balance on merchandise trade (Q).—Source 1
(57,93)
668. Exports of goods and services, excluding transfers
under U.S. military grants (Q).-Source 1
(57,93)
669. Imports of goods and services (Q).—Source 1
(57,93)
II—F. International Comparisons
19. United States, index of stock prices, 500 common
stocks (M).—Standard & Poor's Corporation
(13,28,59,69,96)
732. United Kingdom, consumer price index ( M ) . —
Department of Employment (London); percent
changes seasonally adjusted by Bureau of Economic
Analysis
(59,95)
733. Canada, consumer price index (M).—Statistics
Canada (Ottawa); percent changes seasonally adjusted
by Bureau of Economic Analysis
(59,96)
735. West Germany, consumer price index ( M ) . —
Statistisches Bundesamt (Wiesbaden); percent
changes seasonally adjusted by Bureau of Economic Analysis
(59,95)
736. France, consumer price index (M).—Institut National
de la Statistique et des Etudes Economiques (Paris);
percent changes seasonally adjusted by Bureau of
Economic Analysis
(59,95)
737. Italy, consumer price index (M).-lstituto Centrale di
Statistica (Rome); percent changes seasonally adjusted by Bureau of Economic Analysis
(59,96)
738. Japan, consumer price index (M).—Bureau of Statistics, Office of the Prime Minister (Tokyo); percent
changes seasonally adjusted by Bureau of Economic
Analysis
(59,95)
742. United Kingdom, index of stock prices (M).-Central
Statistical Office (London)
(59,96)
743. Canada, index of stock prices (M).-Toronto Stock
Exchange (Toronto)
(59,96)
745. West Germany, index of stock prices ( M ) . —
Statistisches Bundesamt (Wiesbaden)
(59,96)
746. France, index of stock prices (M) .-Institut National
de la Statistique et des Etudes Economiques (Paris)
(59,96)
747. Italy, index of stock prices (M).-Banca d'ltalia
(Rome)
(59,96)
748. Japan, index of stock prices (M).—Bank of Japan
(Tokyo)
(59,96)
@FedFRASER