Full text of Business Conditions Digest : September 1989

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

fx';.?M
. ' * -'I'"*

BUSINESS
CONDITIONS
DIGEST
SEPTEMBER 1989




>';^
•:>#"«




U.S. DEPARTMENT OF COMMERCE
Robert A. Mosbacher, Secretary
Michael R. Darby, Under Secretary for Economic Affairs
BUREAU OF ECONOMIC ANALYSIS
Allan H. Young, Director
Carol S. Carson, Deputy Director
George R. Green, Editor

This report is prepared by the Business Outlook Division of the Bureau of Economic Analysis.
(Telephone: 202-523-0800) Technical staff and their responsibilities for the publication
are as follows:
Barry A. Beckman—Technical supervision and review
Brian D. Kajutti—Composite indexes
Mary D. Young—Data collection and compilation
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
Frank de Leeuw, Bureau of Economic Analysis, U.S. Department of Commerce
Andrea Kusko, Board of Governors of the Federal Reserve System
Peter M. Taylor, Council of Economic Advisers
Charles A. Walte, 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.

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

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.
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.

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

BUSINESS CONDITIONS DIGEST

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

iii
v

BCII

METHOD OF PRESENTATION
Seasonal Adjustments
MCD Moving Averages
Reference Turning Dates
Part I. Cyclical Indicators
Part II. Other Important Economic Measures
How To Read Charts
How To Locate a Series
Summary of Recent Data and Current Changes

1
1
1
1
4
5
5
6

SEPTEMBER 1989
Data Through August
Volume 29, Number 9

PART I.
CYCLICAL INDICATORS
COMPOSITE INDEXES AND
THEIR COMPONENTS

Al
~A2~~
_A3__
A4

Composite Indexes
Leading Index Components
Coincident Index Components
Lagging Index Components

Chart

Table

10
12
14
15

60
—
—
—

16
19
21
23
26
28
31

61
63
64
65
68
69
71

36
—
39

74
77
—

CYCLICAL INDICATORS
BY ECONOMIC PROCESS
Bl
B2
B3
B4
B5
B6
B7

Employment and Unemployment
Production and Income
Consumption, Trade, Orders, and Deliveries
Fixed Capital Investment
Inventories and Inventory Investment
Prices, Costs, and Profits
Money and Credit

DIFFUSION INDEXES
AND RATES OF CHANGE
Cl I
C2
C3 I

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.

BCII




PART II.
OTHER IMPORTANT
ECONOMIC MEASURES
NATIONAL INCOME
AND PRODUCT

Al I
A2
A3_
A4_
A5__
A6
A7__
^8~J

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

pl|

PRICES, WAGES,
AND PRODUCTIVITY

B2

Price Movements
Wages and Productivity

Chart

Table

40
41
42
43
44
45
46
47

80
80
81
81
82
82
82
83

48
49

84
87

51

89

52
53

90
90

56
57

92
93

58
59
59

94
95
96

LABOR FORCE, EMPLOYMENT,
A N D UNEMPLOYMENT
Cl j

Civilian Labor Force and Major Components

GOVERNMENT ACTIVITIES
I Dl
|_D2j

Receipts and Expenditures
Defense Indicators

U.S. INTERNATIONAL TRANSACTIONS
E2 |

Merchandise Trade
Goods and Services Movements

INTERNATIONAL COMPARISONS
Industrial Production
Consumer Prices
Stock Prices

PART III. APPENDIXES
Cyclical Indicators: New Composite Index Components
Current Adjustment Factors (August 1989 issue)
Historical Data for Selected Series . . .
Business Cycle Expansions and Contractions (July 1989 issue)
Specific Peak and Trough Dates for Selected Indicators (May 1989 issue)
Supplemental Data and Analyses
Alphabetical Index—Series Finding Guide
Titles and Sources of Series

97
98

105
108
112

Readers are invited to submit comments and
suggestions concerning this publication. Address
them to Editor, Business Conditions Digest,
Business Outlook Division (BE-52), Bureau of
Economic Analysis, U.S. Department of Commerce,
Washington, DC 20230.

NEW FEATURES
AND CHANGES
FOR THIS ISSUE

Revision of the Composite Indexes
Revised estimates of the composite indexes of leading,
coincident, and lagging indicators from January 1984
through August 1989 will be shown in the October BCD along
with preliminary estimates for September 1989. These
revisions do not involve changes in the components of the
indexes or changes in the standardization or trend
factors. They are the first of the annual revisions
(announced early this year at the time of the overall
revision of the indexes) that will incorporate revised
data for component series.

Changes in this issue are as follows:

1. The series on new plant and equipment expenditures by
business (series 61, 100, and 970) have been revised by the
source agency from 1986 forward to reflect the application of
new seasonal adjustment factors. In addition, the constantdollar series (series 100) has been revised from 1986 forward
due to recent revisions in the national income and product
accounts, from which the price deflators are derived. (See
item 1 on page iii of the July 1989 BCD.)
Further information concerning these revisions may be
obtained from the U.S. Department of Commerce, Bureau of the
Census, Industry Division.
(Continued on page iv.)
The October issue of BUSINESS CONDITIONS DIGEST is scheduled
for release on November 6.
in



2. The series on funds raised by private nonfinancial borrowers in credit markets
(series 110) has been revised by the source agency from 1952 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 the Board of Governors
of the Federal Reserve System, Division of Research and Statistics, Flow of Funds Section.
3. Historical data for series 15, 16, 18, 22, 29-31, 34-36, 49, 50, 55, 64, 67, 68,
70, 71, 79-81, 86-89, 618, 620, 622, 651, 652, and 667-669 are shown in appendix C (pages
98-104).

Availability of Data
Data for the composite indexes, their components, and other economic
time series shown in Business Conditions Digest are available in several
forms — printout, diskette, computer tape, and electronic bulletin board.
For information about these products, write to the Business Outlook Division (BE-52), Bureau of Economic Analysis, U.S. Department of Commerce,
Washington, DC 20230 or call (202) 523-0800.




IV

COMPOSITE INDEXES OF LEADING, COINCIDENT, AND LAGGING
INDICATORS: AUGUST 1989

The composite index of leading indicators increased 0.3 percent in August to 144.4
(1982=100), according to preliminary estimates released September 29 by the Commerce
Department's Bureau of Economic Analysis.
On the basis of revised estimates, the index increased 0.1 percent in July and
decreased 0.1 percent in June. A month ago, the Bureau reported estimates that showed
the index increased 0.2 percent in July and was unchanged in June. Manufacturers' new
orders for consumer goods and materials in 1982 dollars was the major contributor to the
July revision. Change in manufacturers' unfilled orders in 1982 dollars was the major
contributor to the June revision.
Five of 11 indicators contributed to the August increase in the index. They were,
ordered from the largest positive contributor to the smallest: manufacturers' new
orders for consumer goods and materials in 1982 dollars, stock prices, money supply in
1982 dollars, average weekly initial claims for State unemployment insurance, and
building permits.
Six of 11 indicators made negative contributions. They were, ordered from the
largest negative contributor to the smallest: index of consumer expectations, change
in sensitive materials prices, change in manufacturers' unfilled orders in 1982 dollars,
contracts and orders for plant and equipment in 1982 dollars, vendor performance (slower
deliveries diffusion index), and average workweek.
The composite index of coincident indicators, a monthly approximation of aggregate
economic activity, increased 0.4 percent in August to 133.9 (1982=100). The index was
unchanged in July and increased 0.2 percent in June.
The composite index of lagging indicators increased 0.9 percent in August to 122.3
(1982=100). The index decreased 0.5 percent in July and increased 0.2 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.
More data on the composite indexes can be found on pages 10, 60, and 106 of this
issue of Business Conditions Digest.

Next release date: October 31 for the September composite indexes,

A recorded telephone message on (202) 898-2450 provides information on the composite
indexes and their components immediately upon their release. The message is updated
weekly to include recently available data for composite index components that will be
incorporated into the next release.
This and other news releases are available electronically at the time of public
release through the Commerce Department's Economic Bulletin Board at a nominal charge
to users. For information, call (202) 377-1986.




COMPUTER USERS: YOU AREINVITED TO TAP-IN TO

OF THE U.S. DEPARTMENT OF COMMERCE
A one-stop source for CURRENT ECONOMIC INFORMATION
For access to the latest releases from the Bureau of Economic Analysis, the Bureau of the Census,
the Bureau of Labor Statistics and other Federal agencies on such topics as:
•
•
•
•

Gross National Product
The Employment Situation
Personal Income
Consumer Price Index

Also available are
• Summaries of economic news from
the Department of Commerce
• Economic Indicators
• Foreign trade data
• Special economic studies and reports

• Listings of new publications and data
bases from the Office of Business
Analysis, Bureau of Economic Analysis, Bureau of the Census, National
Technical Information Service.
The Bulletin Board number is (202) 3773870. Call using your personal computer , computer terminal, or word processor. Set the communications switches
to no parity, 8-bit words, and 1 stop bit.
Available 24 hours a day.

Tap-in to THE ECONOMIC BULLETIN
BOARD.
Use the order form below to start your
subscription today.
(A free service limited to short bulletins
is available for those who would like to
try the system before subscribing. Call
the bulletin board number directly for
this service.)

A Service of the Office of Business Analysis and Economic Affairs, U.S. Department of Commerce.
For more information call (202) 377-1986.

ORDER CARD

D YES!

Please start my one year subscription to
THE ECONOMIC BULLETIN BOARD.
Registration fee $25.00
I understand this entitles me to two hours of connect
time on the system after which I will be billed at the
rate of 10 cents ($.10) per minute.*
* 5 cents ($.05) per minute for nighttime (6 PM to 8:30
AM EST) and weekend use.

Name
Organization
Address
Citv, State, ZIP
NTIS will use the information you furnish on this form to
process your request or order and to inform you about
other NTIS products and services. The collection of this
information is authorized by U.S.C. 1151-1157.



Occupation
Telephone

METHOD OF PAYMENT
D Enclosed is my check to NTIS for $
D Enclosed is Purchase Order No. _
D Charge my NTIS Deposit Account No.
Charge to:
Card No.
Signature

D American Express

D VISA D MasterCard
Exp. Date

(Required to Validate Order)

Bank card and NTIS Deposit Account holders may register
for immediate access by calling 703-487-4630
OR RETURN THIS FORM TO:
U.S. DEPARTMENT OF COMMERCE
National Technical Information Service
5285 Port Royal Road
Springfield, VA 22161

BBC

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 1977.
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.

Part I, CYCLICAL INDICATORS
Business cycles have been defined as sequences
of expansion and contraction in various economic
processes that show up as major fluctuations in aggregate economic activity—that is, in comprehensive measures of production, employment,
income, and trade. While recurrent and pervasive,
business cycles of historical experience have been
definitely nonperiodic and have varied greatly in
duration and intensity, reflecting changes in
economic systems, conditions, policies, and
outside disturbances.
One of the techniques developed in business
cycle research and widely used as a tool for analyzing current economic conditions and prospects is
the cyclical indicators approach. This approach
identifies certain economic time series as tending
to lead, coincide with or lag behind the broad
movements in aggregate economic activity. Such
indicators have been selected and analyzed by
NBER in a series of studies published between
1938 and 1967. During the 1972-75 period, a new
comprehensive review of cyclical indicators was
carried out by the Bureau of Economic Analysis
(BEA) with the cooperation of the NBER research
staff. The present format and content of part I of
BCD are based on the results of that study.
Section A. Composite Indexes and
Their Components

All cyclical indicators have been evaluated according to six major characteristics: Economic
significance, statistical adequacy, consistency of
timing at business cycle peaks and troughs,
c o n f o r m i t y to b u s i n e s s e x p a n s i o n s 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
Reference Turning Dates
scores relate to cyclical behavior of the series
The historical business cycle turning dates used during the period 1947-70. This analysis produced
in this report are those designated by the National a new list of indicators classified by economic
Bureau of Economic Research, Inc. (NBER). They process and typical timing at business cycle peaks
mark the approximate dates when, according to and troughs. (See tables on page 2 and text below
NBER, aggregate economic activity reached its relating to section B.)
cyclical high or low levels. As a matter of general
This information, particularly the scores relating
practice, neither new reference turning dates nor to consistency of timing, served as a basis for the
the shading for recessions will be entered on the selection of series to be included in the composite
charts until after both the new reference peak and indexes. The indexes incorporate the best-scoring
the new reference trough bounding the shaded area series from many different economic-process
have been designated.
groups and combine those with similar timing
The historical reference turning dates are subject behavior, using their overall performance scores as
to occasional reviews by NBER and may be changed weights. Because they use series of historically
as a result of revisions in important economic tested usefulness and given timing characteristics
time series. The dates shown in this publication (for example, leading at both peaks and troughs),
for the 1948-70 time period are those determined with diversified economic coverage and a minimum
by a 1974 review. Since then, NBER has designated of duplication, composite indexes give more
turning points for recessions in 1973-75, 1980, and reliable signals over time than do any of the
1981-82.
individual indicators. Furthermore, much of the

1

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

LEADING (L)
INDICATORS
(61 series)

ROUGHLY
COINCIDENT (C)
INDICATORS
(24 series)

1.
EMPLOYMENT AND
UNEMPLOYMENT
(15 series)

II.
PRODUCTION
AND INCOME
(10 series)

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

IV.
FIXED CAPITAL
INVESTMENT
(19 series)

V.
INVENTORIES
AND INVENTORY
INVESTMENT
(9 series)

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

VII.
MONEY AND
CREDIT
(28 series)

Marginal employment
adjustments
(3 series)
Job vacancies
(2 series)
Comprehensive
employment
(1 series)
Comprehensive
unemployment
(3 series)

Capacity utilization
(2 series)

Orders and deliveries
(6 series)
Consumption and
trade (2 series)

Formation of business
enterprises
(2 series)
Business investment
commitments
(5 series)
Residential
construction
(3 series)

Inventory
investment
(4 series)
Inventories on
hand and on
order
(1 series)

Stock prices
(1 series)
Sensitive commodity
prices (2 series)
Profits and profit
margins (7 series)
Cash flows (2 series)

Money (5 series)
Credit flows
(5 series)
Credit difficulties
(2 series)
Bank reserves
(2 series)
Interest rates
(1 series)

Comprehensive
employment
(1 series)

Comprehensive
output and income
(4 series)
Industrial
production
(4 series)

Consumption and
trade (4 series)

Business investment
commitments
(1 series)
Business investment
expenditures
(6 series)

LAGGING (Lg)
INDICATORS
(19 series)

Comprehensive
unemployment
(2 series)

TIMING
UNCLASSIFIED (U)
(8 series)

Comprehensive
employment
(3 series)

Business investment
expenditures
(1 series)
Consumption and
trade (1 series)

Business investment
commitments
(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
\v
Economic
\Process
Cyclical^
Timing
N.

LEADING (L)
INDICATORS
(47 series)

ROUGHLY
COINCIDENT (C)
INDICATORS
(23 series)

LAGGING (Lg)
INDICATORS
(41 series)

1.
EMPLOYMENT AND
UNEMPLOYMENT
(15 series)

It.
PRODUCTION
AND INCOME
(10 series)

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

IV.
FIXED CAPITAL
INVESTMENT
(19 series)

V.
INVENTORIES
AND INVENTORY
INVESTMENT
(9 series)

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

VII.
MONEY AND
CREDIT
(28 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)

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)

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)

Profits and profit
margins (2 series)

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

Orders and deliveries
(1 series)

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

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)

Bank reserves
(1 series)

independent measurement error and other "noise"
in the included series are smoothed out in the
index as a whole. The indexes include only monthly
series that are acceptable in terms of relatively
prompt availability and reasonable accuracy.
The main composite indexes are distinguished by
their cyclical timing. Thus, there is an index of
leading indicators, series which historically reached
their cyclical peaks and troughs earlier than the
corresponding business cycle turns. There is an
index of roughly coincident indicators, consisting
of series which historically reached their turning
points at about the same time as the general
economy, and an index of lagging indicators, which
includes series that typically reached their peaks
and troughs later than the corresponding business
cycle turns.
The leading index contains series with long as
well as short leads, but each series leads on the
average over time and shows a frequency of leads
at the individual turns exceeding that attributable
to chance, given the historical distribution of
cyclical timing. (An analogous statement applies to
the components of the lagging index.) Since 1948,
leads were generally more frequent and longer at
peaks than at troughs of business cycles, while lags
were generally more frequent and longer at troughs
than at peaks. The adopted system of scoring and
classifying the indicators takes into account these
w e l l - e s t a b l i s h e d d i f f e r e n c e s in timing.
Consequently, rough coincidences include short
leads (-) and lags ( + ) as well as exact
coincidences (0). (For monthly series, the range is
from -3 through +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 r e s o u r c e s ; g o v e r n m e n t
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 product—personal consumption
expenditures, gross private domestic investment,
government purchases of goods and services, and
net exports of goods and services—are presented in
sections A2 through A5. Most of the series in
section A are presented in current as well as
constant dollars. There are also a few per capita
series. The national income and product accounts,
briefly defined below, are described more fully in
the Survey of Current Business, Part I,
January 1976.
Gross national product (GNP) is the market
value of final goods and services produced by the
labor and property supplied by residents of the
United States, before deduction of allowances for
the consumption of fixed capital goods. It is the
most comprehensive measure of aggregate
economic output. Final sales is GNP less change in
business inventories.
Personal income is the income received by
persons (individuals, owners of unincorporated
businesses, nonprofit institutions, private trust
funds, and private noninsured welfare funds) from
all sources. It is the sum of wage and salary
disbursements, other labor income, proprietors'
income, rental income of persons, dividends,
personal interest income, and transfer payments,
less personal contributions for social insurance.
Disposable personal income is the personal
income available for spending or saving. It consists
of personal income less personal taxes and nontax
payments to government.
Personal consumption expenditures (A2) is
goods and services purchased by individuals,
operating expenses of nonprofit institutions, and
the value of food, fuel, clothing, rent of dwellings,
and financial services received in kind by individuals. Net purchases of used goods are also included.




Gross private domestic investment (A3) is fixed Section C. Labor Force, Employment, and
capital goods purchased by private business and Unemployment
nonprofit institutions and the value of the change
This section contains measures of the civilian
in the physical volume of inventories held by
private business. The former include all private labor force and its major components: Total
purchases of dwellings, whether purchased for numbers of employed and unemployed persons.
tenant or owner occupancy. Net purchases of used The number of unemployed is subdivided into
selected categories defined by sex, age, and class
goods are also included.
Government purchases of goods and services of worker. Also included are data on participation
(A4) is the compensation of government employees rates for a few principal segments of the labor
and purchases from business and from abroad. It force.
excludes transfer payments, interest paid by
Section D. Government Activities
government, and subsidies. It includes gross
investment by government enterprises but excludes
Receipts, expenditures, and their balance (surtheir current outlays. It includes net purchases of plus or deficit) are shown quarterly on two levels:
used goods and excludes sales and purchases of (1) Federal Government and (2) State and local
land and financial assets.
government. Also shown is a selection of series
Net exports of goods and services (A5) is exports from the discontinued Defense Indicators.
less imports of goods and services. Exports are part These series measure defense activities which
of the national production; imports are not, but are influence short-term changes in the national
included in the components of GNP and are economy. Included are series relating to
therefore deducted. More detail on U.S. obligations, contracts, orders, production,
international transactions is provided in section E. shipments, inventories, outlays, and employment.
National income (A6) is the incomes that These series are grouped according to the time at
originate in the production of goods and services which the activities they measure occur in the
attributable to labor and property supplied by defense order-production-delivery process. Series
residents of the United States. Thus, it measures measuring activities which usually precede prothe factor costs of the goods and services pro- duction, such as contract awards and new orders,
duced. It consists of the compensation of are classified as "advance measures of defense
employees, proprietors' income, rental income of activity." Series measuring activities which tend to
persons, corporate profits, and net interest.
coincide with production, such as employment, and
Saving (A7) is the difference between income activities which usually follow production, such as
and expenditures during an accounting period. shipments, are classified as "intermediate and final
Total gross saving includes personal saving, measures of defense activity."
business saving (mainly undistributed corporate
profits and capital consumption allowances), and Section E. U.S. International Transactions
government surplus or deficit.
This group includes monthly series on exports
Shares of GNP and national income (A8).—The
major e x p e n d i t u r e c o m p o n e n t s of GNP (excluding military aid) and general imports, plus a
(consumption, investment, etc.) are expressed as few selected components of these aggregates. Also
percentages of GNP, and the major income shown are the balances between receipts and
components of national income (compensation of expenditures for goods and services, merchandise,
employees, corporate profits, etc.) are expressed as and investment income.
percentages of national income.
Section F. International Comparisons
Section B. Prices, Wages, and Productivity
The important data on price movements include
the monthly consumer and producer price indexes
and their major components. Based largely on
these series are the quarterly price indexes from
the national income and product accounts, notably
the GNP implicit price deflator (with weights
reflecting the changing proportions of different
expenditure categories in GNP) and the fixedweighted price index for the gross business product. Data on both levels and percent changes are
presented for the period since 1977.
The group of series on wages and productivity
consists of data on average hourly earnings and
average hourly compensation (including earnings
and other benefits) in current and constant dollars,
output per hour of work in the business sector, and
rates of change for most of these measures.

This section is designed to facilitate a quick
review of basic economic conditions in six of the
nations with which we have important trade
relationships. The U.S. business cycle shading has
been omitted from these charts. Data on industrial
production, consumer prices, and stock prices for
Canada, the United Kingdom, France, West Germany, Japan, and Italy are compared with the corresponding U.S. series. Also included is an industrial production index for the European
countries in the Organization for Economic
Cooperation and Development (OECD). The industrial production series provide cyclically sensitive output measures for large parts of the
economies covered. Changes in consumer price indexes (plotted for the period since 1977) provide
important measures of the rates of inflation in the
major industrialized countries. Stock prices (also
shown beginning in 1977) tend to be significant as
leading indicators.

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

Basic Data

Arabic number indicates latest
month for which data are
plotted. ("9" = September)

Solid line indicates monthly
data. (Data may be actual
monthly figures or moving
averages.)

Dotted line indicates anticipated data.

Broken line indicates actual
monthly data for series where
a moving average is plotted.

Roman
number indicates
latest quarter for which data
are plotted. ("IV" = fourth
quarter)

Solid line with plotting points
indicates quarterly data.
Parallel lines indicates a break
in continuity (data not available, extreme value, etc.).

Diffusion Indexes

Solid line indicates monthly
data over 6- or 9-month
spans.
Broken line indicates monthly
data over 1-month spans.

Various scales are used to
highlight the patterns of the
individual series. "Scale A"
is an arithmetic scale, "scale
L-1" is a logarithmic scale
with 1 cycle in a given distance, "scale L-2" is a logarithmic scale with two cycles
in that distance, etc.
Arabic number indicates latest
month for which data are
used in computing the indexes.

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

Roman
number indicates
latest quarter for which data
are used in computing the indexes.

Solid line with plotting points
indicates quarterly data over
various spans.
Diffusion indexes and rates
of change are centered within
the spans they cover.

Trough (T) of cycle indicates
end of recession and beginning of expansion as designated by NBER.

Dotted line indicates anticipated quarterly data over
various spans.

Rates of Change

Solid line indicates percent
changes over 3- or 6-month
spans.

Arabic number indicates latest
month used in computing
the changes.

Broken line indicates percent
changes over 1-month spans.

Broken line with plotting
points
indicates
percent
changes over 1-quarter spans.

Solid line with plotting points
indicates percent changes over
3- or 4-quarter spans.

Roman
number indicates
latest quarter used in computing the changes.

HOW TO LOCATE A SERIES
1. See ALPHABETICAL INDEX-SERIES FINDING GUIDE at
the back of the report where series are arranged alphabetically
according to subject matter and key words and phrases of the
series titles, or-




2. See TITLES AND SOURCES OF SERIES at the back of
the report where series are listed numerically according to
series numbers within each of the report's sections.

Summary of Recent Data and Current Changes for Principal Indicators
1

Table 1.

Basic data2
Of

Percent change

Annual average
1987

4th Q

IstQ

2dQ

June

July

1988

1989

1989

1989

1989

1988

June
to
July

Aug.
1989

July
to
Aug.
1989

1989

4th Q
to
IstQ

IstQ
to
2dQ

1989

1989

Series number

Series title and timing classification 1

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

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

L,L,L... 1982 = 100
do
C,C,C....
do
Lg,Lg,Lg....
do
L,L,L...

139.6
122.7
111.6
110.0

142.5
128.6
115.9
110.9

144.3
130.9
117 .5
111.4

145 .5
132.5
120.4
110. 1

1967 = 100
L LL
do
L,L,L...
do
L,L,L...
do
L,L,L...

NA
106.3
121.7
145.8

NA
105.8
NA
NA

NA
105.2
NA
NA

NA
NA
NA
NA

L,L,L... Hours
do
L,C,L...
L C L Thousands

41.0

41.1

41.1

3.7
320

3.9
305

3.9
296

3.9
306

3.8
313

3.8
328

3.9
338

3.8
316

L,Lg,U.... Ratio
L,Lg,U.... 1967 = 100

0.615
153

0.701
158

0.727
160

0.718
154

0.699
153

0.667
147

0.687
150

0.686
148

189.99 196.44
1 0 9 . 2 3 111.80
102.20 105.58
24,708 25,249

198.69
112.62
106.80
25,452

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

144.4
133.3
121.3
109.9

NA
NA
NA
NA

143.7
133.4
121.8
109.5

NA
NA
NA
NA

143.9
133.4
121.2
110.1

NA
NA
NA
NA

144.4
133.9
122 .3
109.5

NA
NA
NA
NA

0.1
0.
-0.5

0.5
NA
NA
NA
NA

0.3
0.4
0.9
-0.5

NA
NA
NA
NA

0.8
1.2
2.5
-1.2

NA
NA
NA
NA

-0.8

0.6
0.7
-0.2

NA
NA
NA
NA

910
920
930
940

914
915
916
91?

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

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

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

U,C,C.... A.r., bil. hrs
U,C,C.... Millions
do
C,C,C....
L,C,U.... Thousands
D

ercent

Thousands
Percent
do
Weeks
Percent

41.1

41.1

41.0

2 0 0 . 3 2 201.44 2 0 1 . 3 7
113.66 114.18 114.44
107 .68 1 0 8 . 3 4 1 0 8 . 6 1
25,634 25,664 25,648

41.0

40.9

202.65 201.99
114.24 1 1 4 . 2 9
108.79 108.90
25,683 25,724

0.
0.1
-3.0

0.2
0.1

62.26

62.35

62.26

62.28

-0.09

7 ,425
6.2
2.4

6,701
5.5
2. 1

6,545
5.3
2 .0

6,391
5.2
2.1

6,501
5.3
2 .1

6,561
5.3
2.1

6,497
5.2
2.2

6,421
5 .2
2.1

-0.1

14.5

13.5

12.9

12.4

11.9

11.1

12.0

11.3

-8.1

3853.7
3153.7

4024.4
3264.5

4069.4
3308.5

4106.8
3371.4

do

2696.0

2794.8

2839.1

do

544.5

560.8

566.1

129.8
133.1
136.8
1669.0

137.2
141.9
143.9
177 1.6

139.9
145 .2
146.7
17 89 .4

-3.4

-2.3

0.6
0.5
0.6
0.1

62.19

1.1

-0.1

0.8
0.9
0.8
0.7

0.6
-0.2

61.79

1.2

6.5

1.0
0.1

-0.3

0.
0. 1
0.2
0.02

1.2
0.
0.1
5.8
0.1

48
42
41
40

-1.7

3.9
0.1

0.
4.0
0.

37
43
45
91
44

0.9
1.9

0.6
0.6

50
52

0.6

51

2 .4
0.1
-0.1

4132.5
3390.9

3398.1

3412.7

3430.3

0.4

0.5

2890.2

2 9 0 7 .9

2912.8

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

0.5

0.5

1.8

568.4

565.0

565.3

567.0

570.6

0.3

0.6

0.4

140.7
146.0
148.4
1823.2

141.7
147.1
149.8
1843.9

141.9
147.3
150.4

142.0
146.9
150.9

142.4
147.5
150.9

0.1
-0.3

0.3
0.4
0.

0.6
0.6
1.2
1.9

-0.2

-0.2

60
46

90

1.2

1.1

-0.6

1
21
5

0.07

0.40

1.0

1.1

0.

0.
0.

-0.019

61.54

1.3

-0.1

0.020 -0.001 -0.009
-3.7
-1.3
2.0

60.77

1.7

-0.2

-0.1

B2. Production and Income
Comprehensive Output and Income:
50. Gross national product in 1982 dollars.
52 Personal income in 1982 dollars
*5i. Personal income (ess transfer payments
in 1982 doiiars
53. Wages and salaries in 1982 dollars, mining, mfg.,
and construction

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

industrial Production:
*47 industrial production
73 Industrial production durable mfrs
74. Industrial production, nondurable mfrs
49. Value of goods output in 1982 dollars

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

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

L,C,U.... Percent
do
L,C,U....

81.0

83.6

84.4

84.4

84.4

84.3

84.1

84.0

80.5

83.7

84.9

84.1

83.8

83.5

83.8

84.0

0.3

0.3

-0.6

0.7
0.8
0.9
1. 1

47
73
74
49

82
84

0.

0.

0.2

-0.8

-0.3

3.8
3.7

-1.3

-0.1

53

B3, Consumption, Trade, Orders, and Deliveries
Orders and Deliveries:
6 Mfrs.' new orders, durable goods
7. Mtrs.' new orders in 1982 dollars, durable goods
*8. Mfrs.' new orders in 1982 dollars, consumer goods
and materials
25. Change in mfrs. 1 unfilled orders, durable goods3
96. Mfrs.' unfilled orders, durable goods5
*32. Vendor performance, slower deliveries3
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. Persona! consumption expenditures, automobiles
58 index of consumer sentiment (u)

L,L,L... Bil. dol
do
L,L,L...

107 . 7 2
98.28

119.51 1 2 5 . 9 9
104.76 108.79

125.99
107.38

126 .01 1 2 5 . 1 4
106.88 105.87

122.07
103.27

126.74
107.04

84.57
87.20
90.12
88.70
do
88.19
86.93
82 .82
92.19
ILL
2.50
3.93
5.16
4.34
3.34
3.42
do
4.89
-1.62
L,L,L...
L,lg,U.... Bil. dol., EOP ... 4 0 0 . 7 2 4 4 7 . 8 7 447 .87 4 6 0 . 9 0 4 7 0 . 9 2 4 7 0 . 9 2 4 7 5 . 8 0 4 7 4 . 1 8
57.4
57.7
52.8
52.9
50.0
47.5
46.9
44.9
L,L,L... Percent

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

Bil. dol

do
1977 = 100
Bil. dol

do
A.r., bil. dol
IQ 1966 =100.

449.21
434.31
127.8
126.78
114.88
131.7
90.6

484.98 502.14
450.10 457.46
133.9
137.1
135.76 138.85
119.12 1 2 0 . 7 4
144.2
146.6
93.7

93.0

508.92
454.89
138.5
139.66
120.26
142.7
95.9

517.18
457.49
139.4
142.15
120.71
144.5
90.9

5 1 5 . 7 0 511.08
456.22 452.13
139.6
138.9
142.50 143.27
1 2 0 . 8 6 121.52

NA
NA
139.0
144.28
122.80

-2.5
-2.5
-4.7
1.47

1.0
-0.6

-0.9
-0.9
-0.5

0.5
0.5

0.

11.3

-1.6

-0.6

-6.51
-0.3

-0.82
2.9

-1.00
2.2

-2.0

-0.1

-2.8

NA
NA
0.1
0.7
1.1

1.4
-0.6

1.0
0.6
-0.4
-2.7

90.6

0.
-0.5

1.6
0.6
0.6
1.8
0.4
1.3

92.0

89.6

1.5

-2.6

3.1

-5.2

2.5
4.6

-0.8

6
7
8
25
96
32

56
57
75
54
59
55
58

B4. Fixed Capital Investment
Formation of Business Enterprises:
1? 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. Mtrs.' new orders, nondefense capital goods
27, Mfrs.' new orders in 1982 dollars, nondefense
ranital annds




1967 = 100
ILL
L,L,L... Number

L,L,L... Bil. dol

121.2
57,113

124.1
124.4
127 .5
5 6 , 9 4 5 5 6 , 5 3 4 59 ,119

126.5
56 , 8 2 6

126.9
57 , 4 9 5

127.0
NA

126.0
NA

0.1
NA

-0.8

NA

-3.9

12
13

34.67

39.79

40.73

43.05

43.51

44.07

46.01

41.93

4.4

-8.9

5.7

1 .1

10

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

do
do

39.51
29.66

44.91
35.01

45 .31
36.62

47 .19
38.56

47.70
38.94

47 .96
39.15

49.89
41.46

46.69
37.38

4.0
5.9

-6.4
-9.8

4.1
5.3

1.1
1 .0

20
24

L.L.L..

do

35.15

40.89

41.89

43.52

44.00

43.98

46.22

43.02

5.1

-6.9

3.9

1. 1

27

Table 1.

Summary of Recent Data and Current Changes for Principal Indicators—Continued
Basic data 2

Percen change
1

Series title and timing classification

1

of

Annual average
1987

1988

4th Q
1988

June
to
July
1989

July
to
Aug.
1989

-14.0

4th Q
to
IstQ
1989

IstQ
1989

2dQ
1989

June
1989

73.62
50.01
114.55

74.43
NA
NA

78.18

77.79

66.89

-0.5

490.85
169.4

485.48
168.9

NA
169.9

-1.1
-0.3

1,406
104.3

1,424
102.2

1,353
105.9

1.3
-2.0

-5.0
3.6

July
1989

Aug.
1989

IstQ
to
2dQ
1989

1. 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. dot., 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

C Lg Lg

A.r., bil. dol

C Lg Lg
do
C Lg U
1977 = 100
C,Lg,C.... A.r., bil. dol

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
A r bil dol
L LL

80.65
29.79
78.06

75.76
72.83
39.30
45.28
100.20 100.20

3 8 9 . 6 7 4 3 0 . 7 6 4 4 2 . 1 1 459 .47 4 7 0 . 8 6
404.67

453.10 463.99 478.60 488.34
157.6
144.5
161.3
165.0
168.8
455 .5 4 9 3 . 8 4 9 2 . 7 501.0
511.4

1,620
122.9
194.8

1,488
116.0
194.1

1,559
121.0
198.1

1,517
109.5
195.6

1,352
106.0
189.3

NA
0.6

1.1
10.4
14.3

1.1
NA
NA

9
11
97

3.9

2.5

61

3.1
2.3
1.7

2.0
2 .3
2.1

69
76
86

-10.9
-3.2
-3 .2

28
29
89

-5.4

30

- 2 4 . 2. 4
14.1

36
31

-2.7
-9.5
-1.3

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 inventories 3
38. Change in mfrs.' inventories, materials and supplies
on hand and on order 3
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 order 5

L,L,L....

do

23.7

27 .9

18.3

24.5

L,L,L...
L LL

do
do

25.10
46.9

20.34
53.0

18.00
38.6

22.31
47.1

-1.93
61.2

3.73
32.5

11.75
56 .5

NA
NA

8.02
24.0

NA
NA

4.31
8.5

1.48

1.79

0.21

1.22

-0.25

-0.12

3.15

NA

3.27

NA

1.01

NA
NA
NA

0.6
0.5
1.0

NA
NA
NA

1.6
0.4
1.3

NA

0.02

-0.01

77

NA

1.3

-0.3

78

0.57
-0.5
-0.24

0.79
6.1
0.51

-0.81
0.6
-0.42

98
23
99

4.4

5.7

7.8

19

-7.2
-9 .7
0.6
-0.3
-1.1
-0.1

16
18
79
80
15
26

-3.4
-3.5

34
35

LLL

Bil. dol

19.1

6.2

LgLgLg
Bil. dol., EOP ... 7 0 0 . 7 6 7 5 3 . 7 2 7 5 3 . 7 2 7 6 5 . 5 0 7 8 0 . 8 0 7 8 0 . 8 0 7 8 5 . 5 1
664.72 687.97 687.97 690.50 694.54 694.54 697.81
Lg,Lg,Lg....
do
1 0 6 . 8 2 113.93 113.93 115.36 117.85 117.85 119.06
Lg,Lg,Lg....
do
1.50

Lg.Lg.Lg.... Ratio

1.50

1.50

1.52

1.51

1.52

1.54

L,Lg,Lg.... Bil. dol., EOP ... 2 5 5 . 1 1 2 7 6 . 5 6 2 7 6 . 5 6 2 8 0 . 2 2 2 7 9 . 4 8 2 7 9 . 4 8 2 8 2 . 6 2

NA
NA

0.02
1.1

-1.47

2.0
0.6
2 .2

38

71
70
65

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 (smoothed7)

3

L,L,L.... Percent
U,L,L... 1967 = 100
L,L,L... Percent

1.36
274.5
1.09

0.31
303.3
0.45

0.07
310.6
0.40

0.86
329.5
0.91

0.05
331.5
0.49

-0.63
329.1
0.13

-0.78
326.7
-0.23

-0.21
325.0
-0.47

-0.15
-0.7
-0.36

Stock Prices:
*19. Stock prices, 500 common stocks (u)

L,L,L... 1941-43 = 10... 2 8 6 . 8 3 2 6 5 . 7 9 2 7 4 . 9 8 2 9 0 . 7 1 3 1 3 . 3 0

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

L,L,L.... A.r., bil. dol
L,L,L...
do
L,C,L...
do
L CL
do
LLL
Cents
L,L,L.... 1977 = 100

142.0
126.8
174.0
159.6
4.8
98.7

168.9
148.0
190.7
170.1
6.0
98.7

175.6
151.1
196.9
172.3
5.9
99.1

173.6
147.5
171.9
145.8
5.9
98.2

161.1
133.2
172.9
145.0
4.8
98.1

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

L LL
L LL

A.r., bil. dol
do

397 .3
392.8

427 .0
419.9

431.6
421.8

426.9
416.5

412.2
401.9

-1 .1
-1.3

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) Index
Lg,Lg,Lg.... 1977 = 100
*b) Percent change3 '
Lg,Lg,Lg.... A.r., percent
64. Compensation of employees as percent of
national income3
Lg,Lg,Lg.... Percent

3 2 3 . 7 3 331.93

346.61

2.5

-1.1
-2.4
-12,7
-15.4
0.
-0.9

171.9

177.2

180.2

181.9

184.3

0.9

1.3

63

0.730

0.744

0.756

0.768

0.778

1.6

1.3

68

137.2
-0.9

138.3
1.5

139.0
1.9

139.6
1.6

139.3
1.8

0.4
-0.3

-0.2
0.2

62
62

73.4

73.2

73.1

73.2

73.4

0.1

0.2

64

.do.

0.30
0.29
0.40
631.6
2430.0

0.41
0.45
0.62
632.7
2453.7

0.28
0.38
0.61
631.3
2450.9

-0.84
-0.35
NA
0.1
0.6

-0.45
-0.28
-0.26
-1.4
-0.8

-0.51
0.
-0,21
-2.9
-1.3

85
102
104
105
106

C,C,C.... Ratio
C,Lg,C....
do

6.078
1.319

6.289
1.350

6.372
1.369

-0.005 -0.002

0.127
0.037

0.208
0.023

107
108

139.5
1.2

140.0
1.4

140.6
2.0

0.4
0.2

0.4
0.6

B7. Money and Credit
Money:
85. Change in money supply Ml3
102. Change in money supply M23
104. Change in total liquid assets3
105. Money supply Ml in 1982 dollars
*106. Money supply M2 in 1982 dollars
Velocity of Money:
107. Ratio, GNP to money supply Ml3
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 (inverted') 3 5




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

.do.
.do.
.do.

Bil dol

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

L,L,L.... Percent, EOP ...

-0.17
-0.68
-0.39
0.90
0.06
0.10
0.10
0.52
0.96
0.61
0.35
0.14
0.08
0.64
NA
622.7
604.4
598.5
602.5
602.9
2431.0 2400.2 2399.4 2416.7 2431.5

6.499
1.406

6.707
1.429

NA
NA
NA
NA
NA
8.30
37.84
44.23
73.57
70.65
35.67
51.79
51.80
NA
38.75
6.1
8.3
8.2
NA
7.8
5 5 3 . 2 0 615.22 628.07 585.93 546.28
2.47

2.49

2.49

2,39

2.30

1.29
0.44
0.56
0.7
0.7

1.431

1.426

1.424

NA
34.01
32.60
5.1

NA
7.02
-3.36
2.1

NA
NA
83.92 -26.99
NA - 3 5 . 9 6
NA
-3.0

NA
76.90
NA
NA

NA
29.34
NA
NA
-6.7

NA
-2.92
NA
NA
-6.8

33
112
113
111
110

NA

NA

0. 10

0.09

39

2.30

NA

NA

Summary of Recent Data and Current Changes for Principal Indicators—Continued
1

Table 1.

Basic data2

Percen change

Series number

Series title and timing classification

Unit

1

of

Annual average

measure
1987

1988

4th Q
1988

IstQ
1989

June
1989

2dQ
1989

July
1989

June
to
July
1989

Aug.
1989

July
to
Aug.
1989

IstQ
to
2dQ
1989

4th Q
to
IstQ
1989

1. CYCLICAL INDICATORS-Con.
B7. Money and Credit-Con.
Bank Reserves:
93 Free reserves (inverted*) 3 ©
94. Borrowings from the Federal Reserve 3 ©
Interest Rates:
119 Federal funds rate 5 @
114. Discount rate on new Treasury bills3©
116. Yield on new high-grade corporate bonds3 (u)
115. Yield on long-term Treasury bonds3 ©
117. Yield on municipal bonds3 ©
118. Secondary market yields, FHA mortgages3 ©
67. Bank rates on short-term business loans3 ©
*109. Average prime rate charged by banks3©
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

Mil. dol
LUU
L,Lg,U....
do

L Lg Lg Percent
C,Lg,Lg....
do
Lg.Lg.Lg....
do
C,Lg,Lg....
do
U,Lg,Lg....
do
do
Lg,Lg,Lg....
Lg,Lg,Lg....
do
do
Lg.Lg,Lg....
Lg,Lg,Lg.... Bil. dol., EOP ...
Lg,Lg,Lg.... Bil. dol
Lg Lg Lg

do

Lg,Lg,Lg.... Percent

241 - 1 , 3 3 2 - 1 , 2 1 8
756
2,357
2,292

6.66
5.83
9.69
8.63
7 .64
10.16
8.09
8.20

7.57
6.67
9.96
8.98
7 .68
10.49
9.18
9.32

8.47
7 .70
9.96
9.03
7 .51
10.56
10.11
10.18

-569
1 ,654

-929
1,833

-585
1,490

272
694

206
675

9.44
8.53
10.12
9.19
7 .46
10.91
10.97
10.98

9.73
8.44
9.72
8.84
7.25
10.50
11.89
11.36

9.53
8.22
9.24
8.40
7.02
10.08

9.24
7.92
9.20
8.19
6.96
9 .61

8.99
7 .91
9.08
8.26
7.06
9.95

11.07

10.98

10.50

607 .72 6 5 9 . 5 1 6 5 9 . 5 1 691.16 7 0 0 . 8 5 7 0 0 . 8 5
364.07 390.32 399.99 418.54 435.60 440.97

700.57
NA
441.55 448.55

354.19 364.95 368.65 3 7 7 . 2 8 386.39 390.93

391.80 400.49

15.57

15.69

15.64

15.91

15.86

15.87

15.75

117.4
113.6
0.4
113.5
102.8
102.6
93.7
101.5
111.7
103.6

121.3
118.3
0.3
118.2
106.9
106.3
96.0
107.1
114.3
106.2

123.3
120.3
0.3
120.9
108.5
107 .6
96.4
109.0
115.9
107 .8

124.5
121.7
0.5
122.8
110.9
110.1
102.3
111.3
117 .3
110.4

125.9
123.7
0.5
124.8
112.7
112.2
104.2
112.5
118.0
112.7

124.1
0.2
125.3
112.8
112.3
103.0
112.4
118.7
112.8

124.4
0.2
125.7
112.7
112.2
103.2
112.2
118.7
112.1

173.5

179.0

181.5

NA

NA

NA

NA

94.0
188.9
100.8
111.1
108.9

93.3
197.9
101.4
113.1
111.2

92.9
202 .3
101.9
113.6
112.1

NA
204.8
101.8
113.9
111.8

NA
207 .6
101.6
114.3
112.0

NA

NA

119.86 121.67 1 2 2 . 3 9 1 2 3 . 2 9 1 2 3 . 7 9 124.10 1 2 3 . 9 6 124.02
112.44 1 1 4 . 9 7 115.84 116.90 1 1 7 . 2 9 1 1 7 . 5 4 117.46 1 1 7 . 6 0
7,425
6,701
6 ,545
6 ,391 6 , 5 0 1
6,561
6,497
6,421
3,369
2 ,987
2,953
2,826
2,798
2,737
2,734
2,790
2 ,709
2,487
2,427
2,376
2 ,499
2,570
2,613
2 ,468
1,347
1,226
1,165
1,188
1,203
1,254
1,150
1,163
5 ,979
5,357
5,116
5,255
5,161
5 ,131 5 , 2 1 8
5 ,183

NA

-857
-796

-0.29
-0.30
-0.04
-0.21
-0.06
-0.47
-0.09

66
-19

-649
-638

0.97
-0.25
-0.01
0.83
-0.12
0.16
0.07
0.16
0.10
-0.05
0.34 .
0.35
0.86
-0.48
0.80

0.
0.1

NA
1.6

0.2

2.2

2.3

NA

0.27

-0.12

4.8
4.6

360
179

0.29
-0.09
-0.40
-0.35
-0.21
-0.41
0.92
0.38

93
94
119
114
116
115
117
118
67
109

1.4
4.1

66
72

2.4

101

-0.05

95

II. OTHER IMPORTANT ECONOMIC MEASURES
B. Prices, Wages, and Productivity
81. Price Movements
^10
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 ail urban consumers, food
Producer price index (PPI), all commodities ©
PPI industrial commodities ©
PPI crude materials for further processing
PP!, 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
do

0.2
0.
0.3
-0.1
-0.1
0.2
-0.2
0.
-0.6

0.2
-0.2
0.2
-0.6
-0.7
-1.9
-0.3
0.3
-0.5

1.0
1.2
0.2
1.6
2.2
2.3
6.1
2.1
1.2
2.4

1.1
1.6
0.
1.6
1.6
1.9
1.9
1.1
0.6
2.1

310
320
320
322
330
335
331
332
333
334

NA

NA

NA

NA

NA

340

NA

NA

NA

NA
1.2
-0.1
0.3
-0.3

NA
1.4
-0.2
0.4
0.2

341
345
346
370
358

-0.1
-0.1
-1.0
-0.1
1.7
-8.3
1.7

0.
0.1
-1 .2
2.0
-5.5
1.1
-0.7

0.7
0.9
-2.4
-4.3
-2.1
2.0
-2.6

0.4
0.3
1. 7
-1.0
5.2
1.3
0.9

441
442
37
444
445
446
447

-0.3
0.2
-1.4

-0.1
-0.1
1.3

0.3
0.4
0.

0.
0.1
0.8

451
452
453

20.1
4.2
1.9
3.1
2.2
1.9

2.1
1.6
1.3
-1.3
1.4
1.7

500
501
502
510
511
512

124.6
0.
125.9
112.0
111.4
101.2
111.9
119.0
111.5

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

do
do
do
do
do

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 over 3
452. Females 20 years and over 3
453. Both sexes 16-19 years of age3.

Millions

do
Thousands

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

78.0
56.2
54.7

77.9
56.8
55.3

77 .8
57 .2
55.2

78.1
57.6
55.2

78.1
57.7
56.0

78.2
57.7
56.6

77 .9
57 .9
55.2

77 .8
57 .8
56.5

D. Government Activities
Dl. Receipts and Expenditures
500.
501
502
510.
511.
512

Federal Government surplus or deficit 3
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

-161.4 - 1 4 5 . 8 - 1 6 7 . 6 - 1 4 7 . 5 -145 .4
911.4
972.4
994.6 1036.2 1053.2
1 0 7 2 . 8 1118.3 1162.1 1183.7 1198.6
51.3
49.7
45.7
48.8
47.5
656.1
701.6
732.6
742.6
716.5
604.8
651.9
670.8
683.8
695.1

Mil. dol

NA
NA
7,772
181.2
NA

3.8
NA
-14.7
0.3
-0.3

NA
NA
1.9
-0.3
NA

A.r., bil. do!

30,812 31,783 32,474 30,832 30,315 29,495 30,604
11 , 9 7 7
NA
NA
NA
NA
NA
NA
9,145
9,140
8,478
9,831
8,354
8,938
7,624
188.9
185.8
182.2
179.3
180.6
181.7
181.1
1,580
1,550
1,533
1,528
1,522
1,529
1,526
294.8
298.0
300.5
298.7
301.3

-5.1
NA
-13.8
-1.6
-0.3
-0.6

-1.7
NA
-1.5
0.7
-0.1
0.9

517
525
548
557
570
564

Mil dol
do
do
do
do
do

2 1 , 1 7 6 26 , 8 6 8 2 8 , 0 9 7 2 9 , 2 9 4 3 0 , 8 3 3 3 1 , 2 8 5 3 0 , 7 3 5
3,114
2,400
2,998
3,548
3,337
3,638
3,657
4,428
5,933
5 ,549
5,830
5,823
6,382
6,371
3 3 , 8 5 4 36,746 3 8 , 2 9 2 3 8 , 5 4 9 3 9 , 6 2 4 39,293 38,317
2,903
3,471
3,209
3,680
4,470
4,001
4,130
5,942
5 ,896
6,078
5 ,643
6,609
5 ,621
5 ,289

NA
NA
NA
NA
NA
NA

-1.8
0.5
-0.2
-2.5
3.2
6.3

NA
NA
NA
NA
NA
NA

4.3
11.3
-1.7
0.7
26.8
-8.0

5.3
6.3
-0.1
2.8
21.5
-7.2

602
604
606
612
614
616

D2. Defense Indicators

do
do
1977 = 100
Thousands

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
Imoorts of automobiles and carts




Table 1.

Summary of Recent Data and Current Changes for Principal Indicators—Continued
Basic data 2

Series title

P ercent chang e
.S

Unit
of
measure

E

A nnual averag
1986

1987

1988

1st Q

2d Q

3dQ

4th Q

1st Q

2d Q

1988

1988

1988

1988

1989

1989

3dQ
to
4th Q

4th Q
to
IstQ

IstQ
to
2dQ

1988

1989

1989

1

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 services 3
Exports of goods and services
Imports of goods and services
Balance on merchandise trade 3
Merchandise exports, adjusted
Merchandise imports, adjusted
Income on U.S. investment abroad
income on foreign investment in the United States

5.0

5 .0
0.5
-19.1
2.0

3.4
2.0
0.4
9.2

667
668
669
622
618
620
651
652

5201.7
4132.5
16,633
4113.5
3747.7
2887.6
11,622

1.8
0.7
0.4
1.1
2.2
1.1
0.8

1.9
0.9
0.7
0.8
2.8
1.6
1.4

1.7
0.6
0.4
0.8
1.6
0.2
0.

200
50
217
213
224
225
227

3381.4
2641.0
466.4
419.3
1098.3
915.0
1816.7
1306.7

3444.1
2653.7
471.0
424.9
1121.5
909.7
1851.7
1319.0

1.9
0.8
3.3
2.4
1.1
0.2
1.9
0.6

1.7
0.5

1.9
0.5
1.0
1.3
2.1

230
231
232
233
236
238
237
239

-3 .3
1.0

-29.37
97.99
127.36
-36.26
55.84
92.11
22.15
16.74

-32.37
111.54
143.91
-39.88
62.57
102.44
26.18
20.60

-27.97 -28.68 -30.59
132.45 127.81 126.80
160.42 156.49 1 5 7 . 3 9
-31.80 -33.45 -31.41
79.81
76.45
78.47
111.62 109.89 109.88
26.94
26.75
23.15
23.96
26.39
25.61

-28.96
131.57
160.54
-30.34
80.60
110.94
24.72
27 . 3 1

-23.66 -26.86 -27.89
143.63 142.17 145.86
167.28 169.03 173.76
-32.02 -28.38 -27.72
87.92
90.87
83.73
115.75 116.30 118.58
33.16
26.83
26.93
28.67
31.95
29.25

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

4231.6
3717 .9
15,385
3712.4
3013.3
2635.3
10,905

4524.3
3853.7
15,794
3830.0
3205.9
2676.6
10,970

4880.6
4024.4
16,334
3996.5
3477.8
2793.2
11,337

4926 .9
4042.7
16,388
4005.2
3511.7
2806.4
11,377

5017.3 5113.1
4069.4 4106.8
16,452 16,567
4 0 5 1 . 0 4 0 8 2 .3
3587.4 3689.5
2835.9 2881.7
11,466 11,625

A.r., bil. dol.

2 7 9 7 .4 3010.8 3 2 3 5 . 1 3148.1 3 2 0 4 . 9
2 4 4 6 .4 2 5 1 3 . 7 2 5 9 8 . 4 2 5 7 0 . 8 2 5 8 6 . 8
406.0
421.0
455.2
446.4
454.6
384.4
408.4
389.6
413.6
414.8
9 9 8 . 1 1052.3 1022.2 1042.4
942.0
878.1
890.4
896.6
899.2
904.5
1 4 4 9 . 5 1 5 9 1 . 7 1 7 2 7 . 6 1 6 7 9 . 5 1707 .9
1183.8 1233.7 1280.2 1265.9 1272.8

Bil. dol
.do.

do
.do.

.do
do.
do
.do.

5.30

-3.20

9.2
4.2
-1.68
3.9
4.3

-1.0

34.1

1.0
3.64

-1.03
2.6
2.8
0.66

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

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

4739.8
3974.8
16,192
3940.5
3376.4
2 7 5 7 .2
11,232

4838.5
4010.7
16,303
3989.2
3435.9
2773.3
11,273

A2, Personal Consumption Expenditures
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

740
241
242.
243.
245.
30

Total ...
Total in 1982 dollars
Fixed investment
Fixed investment in 1982 dollars
Change in business inventories 3
Change in business inventories in 1982 dollars3

.do.
.do.
.do.
.do.
.do.
.do.

do

3263.4 3324.0
2 6 0 8 . 1 2627 .7
467.4
452.5
410.7
420.5
1066.2 1078.4
912.0
910.3
1744.7 1778.2
1287.0 1295.2

-0.2
-0.3

1.8
0.3
2.2
0.9

-0.6

1.9
0.9

A3. Gross Private Domestic Investment
do
do
do
do
do
do

659.4
639.6
652.5
634.1
6.9
5 .6

699.9
674.0
670.6
650.3

do
do
do
do
do
do

872.2
761.6
366.5
334. 1
505 .7
427 .5

926 . 1
781.8
381.6
339.6
544 .5
442 . 1

- 9 7 . 4 -112.6
- 1 2 9 . 7 -115 .7
396 .5
448.6
397.1
450.9
493.8
561.2
566.6
526 .9

750.3
715.8
719.6
687.9

728.8
7 07 . 0
698.7
672.7

29.3

30.6

23.7

27 .9

748.4
713.5
719.1
692.0

771.1
733.6
726.5
696.1

752.8
709 . 1
734.1
690.8

769.6
721.1
742.0
696.6

775.0
719.8
747.6
700.7

30.0

29.3

44.6

18.7

27.7

27.4

34.3

21.5

37 .5

18.3

24.5

19 .1

968.9
785.1
381.3
328.9
587.6
456.2

945 .7
775.1
374.1
323.8
571.6
451.3

960.1
783.0
377.1
327 .9
583.0
455.1

958.6
775.9
367.5
319.8
591.0
456.1

1011.4
806.4
406.4
343 .9
6 04.9
462.5

1016.0
799.7
399.0
335.5
617.0
464.2

-73.7
-74.9
547 .7
530.1
621 .3
605.0

-82.8
-78.2
5 2 1 .6
517 .4
604.3
595 . 6

-74.9
-72.6
532.5
519.7
607 .5
592.3

-66.2
-74.9
556 . 8
531.9
623 . 0
606 .9

-70.8
-73 .8
579.7
551.4
650.5
625 . 2

-54.0
-55 . 0
605 .6
569.7
659.6
624.6

.do.
.do.
.do.
.do.
.do.
.do.

3412.6 3665.4 3972.6
2511.4 2690.0 2907.6
282 .0
311.6
327.8

3853.6
2819.4
324.0

3933.6
2878.9
331.8

.do.
.do.
.do.
.do.

553.8
525.3
544.6
562.0
101.8
124.9
-144.1 -110.1
3.2
4.1

-2.4

-0.8

-25.9
-19.2

2.2
1. 7
1.1
0.8
9.0
6 .2

-5 .4

240
241
242
243
245
30

1.7
1.3
1.8
2 .4
1 .7
0.5

260
261
262
263
266
267

3.4
3.8
3.4
3.1
2.6
2.3

250
255
252
256
253
257

1.5
1.8

220
280
282
284
286
288

0.7
-0.2

0.8
0.6
-0.3

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 services 3
Net exports of goods and services in 1982 dollars 3
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

220.
280.
282.
284.
286.
288.

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

1033.2
810.3
406.0
343 .6
627 . 2
466.7

5 .5
3.9
10.6

7 .5
2 .4
1.4

0.5
-0.8
-1.8
-2.4

2 .0
0.4

A5. Foreign Trade
do
do
do
do
do
do

-50.6
- 5 1 .2
626 . 1
587.5
676 .6
638.7

-4.6

1. 1
4.1
3.7
4.4
3.0

16.8
18.8

4.5
3.3
1.4
-0.1

A6 National Income and Its Components
4005.7 4097.4
2935.1 2997.2
327.0
328.3

11.6

13.4

15.7

15.6

14.6

16.3

16.1

282 .1
331.9

298.7
353.6

328.6
391.5

318.1
376.6

325.3
383.0

330.9
396.4

340.2
415.7

642.4
619.1
593.8
588.1
144.7
131.9
-96.1
-101.0
4.2
3.9

633.4
588.5
134.0
-89.1
3.9

647.4
669.8
592.8
605.8
149.6
163.4
- 7 2 . 7 - 1 2 1 .9
4.3
4.6

4249.6
3118.2
355.5
11.8
9.8
307.8
316.3
458.4
436.1

.2
3061.7
359.3

4185

2.3
2.1
0.4
-1.2

2.8
4.9

2.1
2.2
9.4
-26.7

-16.9

-7.0

-2.7

4.9

-1.1

5.1

A7. Saving
290.
295.
292.
298.
293.

Gross saving
Business saving
Personal saving.
Government surplus or deficit 3
Personal saving rate 3

Percent

NOTE: Series are seasonally adjusted except for those, indicated by (u), 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.
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.
}
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

693.5
586.4
205.7
-98.7
5.6

695.8
593.0
200.7
-97.9
5.4

-3.3

2.2
9.2
-49.2
0.3

7.1
-3.2
25.9
23.2

1.0

0.3
1.1
-2.4

0.8
-0.2

290
295
292
298
293

Differences rather than percent changes are shown for this series.
inverted series. Since this series tends to move counter to movements in general business activity, signs of
the changes are reversed.
5
End-of-penod 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.
7
This series is smoothed by an autoregressive-moving-average filter developed by Statistics Canada.
4

CYCLICAL INDICATORS
A

I

COMPOSITE INDEXES AND THEIR COMPONENTS

Chart Al. Composite Indexes
Aug A p r .
P T

Apr. Feb.

P

T

Dec. Nov.
P T

1 Index: 1982=1001
60

8

.50

yV^
S

910. Index of eleven leading indicators
(Series 1, 5, 8, 19, 20, 29, 32, 83, 92, 99, 106)

.40
.30

j-^+r

.20

15

-8

r\ s
* / V

t
/
^^^ ^ 1

110
100

- Y *£

SO

»n

-t
-10

_

920. hdex of four roughly coincident indicators
(Series 41, 47, 51, 57)

s*/

s

930. Index of seven lagging indicators
(Series 62,77,91,95,101,109,120)

\

X

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 88198')
NOTE: Numbers entered on the chart indicate length of leads (-) and lags ( + ) in months from reference turning dates.
Current data for these series are shown on page 60.

10



SEPTEMBER 1989

IICII

CYCLICAL INDICATORS
lAJ

COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

Chart Al. Composite Indexes—Continued
Aug. Apr

P

A p r , Feb.

T

P

T

I Index: 1967=1001
915. inventory investment and purchasing (series 8,32,36,99)
-8

140

916. Profitability (series 19, 26, 80)

130
120
110

-4

100-

V

90-

-3

-3
80-

Hi

917 Money and financial flows (series i HA, 10fi, HI)

;

-

-^

^~^j~

A\
/

-12

—*»r

sS^S
.. fe -/^
.-

-25

-2

"""

**,

rS
^\f

V/

./^

150-

^/^^ ^

-20

fj/**™^

E3

V-AW^MM»A/

140130120-

;

~4Z

110100-

~

9080-

"*~ ~±/*'
/A^K

?n -

Hex: 1982=100J

-I*

130-

940. Ratio, coincident index to lagging index
120-

-11

Y\ A

110

-,,

^ VV r
-5

j

_

100

J*^s*^

^/ _
^

195253 54 55 56 57 58 59 60 61 62 63 64 t>

^

-

^ ? /3 '

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.

KCII SEPTEMBER 1989



11

A

COMPOSITE INDEXES AND THEIR COMPONENTS— Continued

Chart A2. Leading Index Components
A

u« Api
P T

Api
P

i Average weekly hours of production or nonsupervisory workers, manufacturing (hours)

5. Average weekly initial claims for unemployment insurance, State programs (thousands—inverted scale)

8. Manufacturers' new orders in 1982 dollars, consumer goodr
and materials industries (bil. doi.) I

32. Vendor performance—slower deiveries diffusion index (percent)

20. Contracts and orders for plant and equipment in
1982 dollars (bil. doi.)

195253 54 55 56 57 58 59 60 61 02 63 64 65 66 ^7 68 69 70 71 72

73 7-4 75

76 77 78 79 80 81 82 83 84 85 86

87 881989

Current data for these series are shown on pages 61, 64, and 66.

12



SEPTEMBER 1989

!!€!»

CYCLICAL INDICATORS
A

COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

Chart A2. Leading Index Components—Continued

29. New private housing units authorized by toc$

LJA/

hniiHinp nprmitc. flnrfmf; 19fi7=:100V

biidii&B if! inaiiuidUUH GTS uiiiincu orders in LJQL
durable goods industries, smoothed1 (fail, dot.)
h'.,
/v

rv
\/

99. Change in sensitive materials prices, smoothed1 (percent)

|L,L,L|

;

— "^v ™
A/

/S^M/Vv

f~\f

yV^s^S

^^^J

^^s/

_r-^jA_r

^^^

_o.

\ /

^^^^^i

V***

\«^f

7"

\

+J\

\

I

^ y

TT—

•"

*/\s\.

f\

^ \r\ f\V/
» " • /\\,-

y

-%XN

A/
V"^

VV

IP

\X^\

*

",

HJ
19. Stock prices, 500 common docks (index: 1941-43= 10)

106. Money supply M2jrj 1982 dollars (bil. dol.)

83. Index of consumer expectations2 (index: 1st Q 1966=100)

Jiffl

195253 54 55 56 57 58 59 60 61 62 63 84 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 881989
'This series is smoothed by an autoregressive-moving-average filter developed by Statistics Canada.
2
This is a copyrighted series used by permission; it may not be reproduced without written permission from the University of Michigan's Survey Research Center.
Current data for these series are shown on pages 67, 69, 71, and 97.

ltd* SEPTEMBER 1989



13

c-..
A

COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

Chart A3. Coincident Index Components
July May
P T

Nov. Mar.
P
T

41. Employees on nonagricultural payrolls (millions)

51. Personal income less transfer payments in
1982 dollars (ami. rate, bil. dd)

47. Industrial production (index: 1977=100)

57. Manufacturing and trade sales in
1982 dollars (bil. dol.)
C,C,C

1952 53 54

55

-»{••

<

i

68 69 70 71 72 73 74 75 76 77 78 79

83 36 87 881989

Current data for these series are shown on pages 62, 63, and 65.

14



SEPTEMBER 1989

CYCLICAL IM>K:.-'. X'i
A

COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

Chart A4. Lagging Index Components
Ju'.v k 1 ...

'

'•

N o v . M.-< :

Dec. Nov.

P I

P

T

P

j-JH

- >y

!

.! = )

I

91. Average duration of unemployment (weeks—
inverted scale) IT»M»»M» 1
;
^* V»T \

\

J*^"S

\r

jv

Aus

X"**

^fllli
"^rV

?r- •
jHivn

—

i4| S*A_y/?^\

A^rWl

'1^

\nlf^
V*

^^r^

;;v\ \

'^
»

^y"
Tj|(ir^rf^
^^

:" ' • * • •

ii

\V^
\

A

/

i-V'V^^

w^»

\s >

to sales in

77. Ratio, manufacturing and trade i
1982 dollars (ratio) lu.u.U

62. Change in index of labor cost per
manufacturing, smoothed
ITfl'W

"^W

181
jfe

AV^X.

t

\s

Jll

•V

109. Average prime rate charged by banks (percent)

'm

p

SOIL

/:/\.

&h

I

\A ^

101. Commercial and industrial loans outstanding in 1982 dollars (bil. dol.)

\
95. Ratio, consumer installment credit outstanding to personal income (percent)
~

'

1?

"

120. Change in consumer price index for sendees, smoothed1
(arm. rate, perce

195253 54 55 56 57 58 5,

64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84

46 87 881989

'This series is smoothed by an autoregressive-moving-average filter developed by Statistics Canada.
Current data for these series are shown on pages 62, 68, 73, and 97.

ItCII SEPTEMBER

1989




15

CYCLICAL INDICA7Oil.
CYCLICAL INDICATORS BY ECONOMIC PROCESS

Chart Bl. Employment and Unemployment

P

T

P

[Marginal Employment Adjustments)
1. Average weekly hours of production or nonsupervisory workers,
manufacturing (hours) In L

41-

4)-

39-

3§J

21. Average weekly overtime hours of production or nonsupervisory workers,
manufacturing (hours)
|LCL]

X
5. Average weekly initial claims for unemployment insurance,
State programs (thousands—inverted scale) fTcTl
203-1

300-

400-

|Job Vacancies |

//"\*

A

Jv

U-l

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

\

1.0-

0.6-

46. Help-wanted advertising in newspapers (index: 1967-100)

EM!

f
^~*~*t

~\

r"

r^\

\

J

^* .

'

/

\

f

r-^V

\A^V «A r
A /

J.

:

\*S

\r

j/

180-

.-\

_M

•** ^nrrt n

LU

'•

123- c
103- •

c

^kJ

'

160143-

83-

1JS
63-

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

Current data for these series are shown on page 61.

16



SEPTEMBER 1989

IICII

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart Bl. Employment and Unemployment—Continued

| Comprehensive Employment |
hours in nonagricultural establishments
rate, hK, hour$

in nonagricultural activities (millions)

41. Employees on nonagricultural payrolls (millions)

1962

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

Current data for these series are shown on pages 61 and 62.

KCII

SEPTEMBER 1989




17

CYCi,-/ '

-•• ,

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart Bl. Employment and Unemployment—Continued

[Comprehensive Unemployment|

37. Number of persons unemployed (millions—inverted scale)
~-V
gv A Af****

U.U.UI
V.

S-

43. Unemployment rate (percent—inverted scale)

^

H

A

^JVlT

AacxA£±_

^Air\Mi

¥I
45. Average weekly insured unemployment rate, State programs (percent—inverted scale)

\91. Average duration of unemployment (weeks— inverted scale)
|Lg,Lg,Lg|
32-

44. Unemployment rate, persons unemployed 15 weeks and over (percent—inverted scale)

H

IU.l8.Lgl

30V

12-

1962 63

64

65

K

•

81

82

83

84

85

86

87

88 1989

Current data for these series are shown on page 62.

18



SEPTEMBER 1989

ItCII

' " < O A L INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B2. Production and Income

| Comprehensive Output and Income |

50. Gross national product in 1982 dollars, Q (ann. rate, bil. dol.)

52. Personal income in 1982 dollars (ann. rate, bil. dol.)

51. Personal income tea transfer payments in 1982 dollars
(aim. rate, biL«tt.); nr^
-*—

53. Wages and salaries in 1982 dollars, mining, manufacturing,
i (am. rate, bil. f|fc|^ f i Q Q Q I

H;>

66

67

68

69

\

7f>

76

Ti

'6

/9

80

81

82

S3

84

85

86

Current data for these series are shown on page 63.

BCII

SEPTEMBER

1989




19

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B2. Production and Income—Continued
Dec.
P

Nov
T

74. Industrial production, nondurable manufactures

7-*^

of foods output in 1982 dollars, Q
" . rate, bii. dd)

?W^

10)0-

9)0-

[Capacity Utilization |
82. Capacity utilization rate, manufacturing (percent) |l,C,U

$4. Capacity utilization rate, materials (percent) | L,C,U

1962 63

64

65

66

67

20



68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

SEPTEMBER 1989

!!€!»

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B3. Consumption, Trade, Orders, and Deliveries

[Orders and Deliveries

in 1982 dollars, durable goods

7. Manufacturers' ne
industries (bil.

6. Manufacturers' new orders in current dollars,
durable goods industries (bil. dot.)
acturers' new orders in 1982 dollars, consumer
and materials industries (Ml. doJ.)
•,

lie goods Industries ;\

25. Change in manufacturers' unfilled
(bil. dol.; MCD nwving avg.-4-term)
LLL

96. Manufacturers' unfilled orders,
(bil.d#)

—slower deliveries diffusion index (percent)

1962

63

64

65

66

67

68

69

72

73

74

75

76

77

79

BO

81

82

83

84

85

86

87

88 1989

Current data for these series are shown on page 64.

BCD

SEPTEMBER 1989




21

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B3. Consumption, Trade, Orders, and Deliveries—Continued
Jan July
F
T

July
P

Nov.
T

81

82

| Consumption and Trade]
57. Manufacturing and trade sales
in 1982 dollars (bil. doi.)

[MIX

56. Manufacturing and trade sales in current dollars
(ML dot)
[c^cl X

75. Industrial production, consumer goods

59. Sates of retail stores in 1982 dollars (bil. dol.)

si® X

54. Sales of retail stores in current dollars (bil. dot)

cu

X

55. Personal consumption expenditures,
automobiles, Q (ann. rate, bil. dol.)

58. Index of consurt^ntiment (1st Q1966=100)

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

83

84

85

86

87

88

1989

Current data for these series are shown on page 65.

22



SEPTEMBER

1989

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B4. Fixed Capital Investment

I Formation of Business Enterprises |

Net business formation (index: 1967=100) u.L

New business incorporations (thousands)

I Business Investment Commitments |

10. Contracts and orders for plait and equipment
in current ddlarsfijil. doL) fFfT

Contracts and orders for
1982 dollars (bil. dd)

27. Manufacturers' new orders in 1982 dollars. noraJfefense
capital goods industries (bit dot.)

24. Manufacturers' new orders in current dollars, nondefense
capital goods industries (bil. dol.)

9. Construction contracts awarded for commercial and industrial
buildings (mil. sq. ft. of floor space; MCD moving avg.—5-term)
LCJJ

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

^his is a copyrighted series used by permission; it may not be reproduced without written permission from McGraw-Hill Information Systems Company, F.W. Dodge Division.
Current data for these series are shown on pages 65 and 66.

BCD

SEPTEMBER 1989




23

CAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS— Continued

Chart B4. Fixed Capital Investment— Continued

[Business Investment Commitments—Coti.]
97. Backlog of capital appropriations, 1,000 manufacturing
corporations, Q (bil. dol.)

11. Newly approved capital appropriations, 1,000 manufacturing
corporatkm
(Ml. dol.)

100. Expenditures In 1982 doiars for new plant and equipment,
Q (m rate, i»il. dol.) |c.Lg.Lg

I Business investment Expenditures

-S
61. Expenditures in current doiars for new
w plant and
and '.^^
equipment, Q (ann. rate, bil. dol.)

S

iff

'

-M

s;
li

%*rjr

/
s*

".;?
,'^{

*s~* V
.j-^-vv

'^^v*"

_/*"

330-

S"*

•7t n -

it •
•&.

/in-

HI
S

:')

,'-

66

67

68

69

70

71

75

76

77

78

79




140-

80-

80

81

63

84

85

86

87

88 1989

Current data for these series are shown on pages 66 and 67.

24

130160-

120-

76. Industrial production, business equg
x: 1977-100) fcjpl I

63

430350-

NVV'

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

1962

5)0/i > n -

SEPTEMBER 1989

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B4. Fixed Capital Investment—Continued
Jan. July
P T

July
P

Nov.
T

[Business Investment Expenditures—Coa|
Gross private nonresktentia! fixfcd investment in 1982 dote (ann. rate, bil. dol.)

I

88. P&teers' durable equipment, Q |C,Lg,C

£
~

150-

100-

Residential Construction Commitments arid InvestmenFI
28. New private housing units started (arm. rate,

±f\

£

7?r\

?

t

29. New private housing units authorized by local building permits
(index: $67=100)

M -mi

r

^

^zt

^

89. Gross private residential fixed investment in
1982 dollars, Q (ann. rate, bil. dol.)

V
1962

63

64

6?

66

67

68

69

70

71

78

79

80

81

82

83

84

85

86

87

88 1989

Current data for these series are shown on page 67.

IICII

SEPTEMBER 1989




25

:CAI
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B5. Inventories and Inventory Investment

| Inventory Investment]
30. Change in business inventories in 1982 dollars, Q (ann. rate, bil. dol.)

36. Change in manufacturing and trade inventories on hand and on
order in 1982 dollars (aim. rate, bil. dol.; moving avg.—4-term1)

i

'

'~-'J

31. Change in manufacturing and trade inventories
(ann. rate, bil. dol.; MCD moving avg.—6-term)

38. Change in manufacturers' inventories, materials and supplies on
hand and on order (bil. dol.; MCD moving avg.—4-term)

66

67

68

69

70

71

73

74

75

76

77

78

79

$C

81

84

85

86

1

This is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
Current data for these series are shown on page 68.

26



SEPTEMBER 1989

ItCIt

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B5. Inventories and Inventory Investment—Continued

800-

I Inventories on Hand and on Order |

700-

70. Manufacturing and trade inventories in 1982 dollars (bil. dol.)

600500400-

71. Manufacturing and trade inventories
in current dollars (bit dol.)
300-

|Lg,Lgtlg|

200-

130-1
120110100908070-

65, Manufacturers' inventories, finished goods

6050-

40-

30-

77. Ratio, manufacturing and trade inventories to sates in 1982 dollars
(ratio)
1.71.61.5-

300260-

78. Manufacturers' inventories, materials and supplies on hand
and on order (bil. dol.) .h LgfLgl

220180140-

100-

60 J

1962 63

64

65

66

67

68

69

70

71

?0

8]

82

83

84

85

86

87

88

1989

Current data for these series are shown on page 68.

ItCII

SEPTEMBER

1989




27

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B6. Prices, Costs, and Profits

i 98. Change in producer prices for sensitive crude and intermediate materials
/;
j
(percent; MCD^ moving avg.-^laii) |"[JJ|

| Sensitive Commodity Prices |

! 99. Change in sensitive materials prices, smoothed1 (percent)

23. Spot market prices, raw industrial materials2 (index: 1967=100)

19. Stock prices, 500 common stocks (index: 1941-43=10)

18. Corporate profits after tax in 1982 dollars, Q

[Profits and Profit Margins]

16. Corporate profits after tax in current dollars, Q
(ann.rate,bil.dol.)

1962 63

64

65

66

67

68

69

72

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

'This series is smoothed by an autoregressive-moving-average filter developed by Statistics Canada.
2
Beginning with data for June 1981, this is a copyrighted series used by permission; it may not be reproduced without written permission from Commodity Research Bureau, Inc.
Current data for these series are shown on page 69.

28




SEPTEMBER 1989

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B6. Prices, Costs, and Profits—Continued

[Profits and Profit Margins—Con.|

280240200-

80. Corporate profits after tax with IVA and CCAdj in
1982 dollars, Q (m fate, Ml. dol.)
v\

160120-i
80-

79. Corporate profits after tax with IVA and CCAdj in
current dollars, Q (arm. rate, bil. <UL)
40-

IMUI
22. Ratio, corporate domestic profits after tax to corporate domestic
income, Q (percent) |yyj \T
1210-

\

81. Ratio, corporate domestic profits after tax with IVA and CCAdj \ /
to corporate
coroorate domestic income,
income. Q
0 (oer^ii
(percent) [y^
In i 1 1
M

15. Profits after taxes per dollar of sales, manufacturing corporations, Q (cents) |L,L,L|

3J

26. Ratio, implicit price deflator to unit labor cost, nonfarm business
lictor, Q (index: 1971*

[Cash Flows]

500^

35. Corporate net cash flow in 1912 dollars, Q
(aftrffijto, ML doL)
\

400^

300200<r

34. Corporate net cash flow in current dollars, Q

100-

. rate, on. CKM.;

1962

63

64

65

66

67

68

69

70

Current data for these series are shown on pages 59 and 70.

BCD

SEPTEMBER




1989

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88

1989

CVtL

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B6. Prices, Costs, and Profits—Continued

[Unit Labor Costs and Labor Share

63. Unit labor cost, business sector. Q

0.8C0.75-

0,70 -

o.650.60-

0.55 -

68,>. Labor cost in current dollars per unit of gross domestic product

/

0.50 -

in 1982 dollars, nonfinancial corporations, Q (dollars)

0.450.40-

160-,

15C140130-

62. Labor cost per unit of output, manufacturing
lLE.LE.Ul

120-

j^

11( -

>

1009(8( 7C-

64. Compensation of employees as a percent of national income,
Q (percent)
luuul
7674-

70-

1962

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

85

86

87

88

1989

Current data for these series are shown on page 70.

30



SEPTEMBER 1989

ItCII

CYCLICAL
CYCLICAL INDICATORS BY ECONOMIC PROCESS— Continued
Chart B7. Money and Credit

85. Change in money supply Ml
(percent; MOttiling avg.-6-term)

+ 2.0
+ 1.6
+ 1.2+ 0.8+ 0.4

104. Change in total liquid assets (percent; MCD moving avg.-6-term)
-H.2-1
+ 0.8+ 0.40.0-0.4
700650-

105. Money si^y Ml in 1982 dollars (bil. dol.)
WED

600550500450270025002300-

106. Money supply M2 in 1982 dollars (bil. dol.)

21001900170015007.5-!

107. Ratio, gross national product to money supply Ml, Q (ratio)

7.0'
6.5'
6.05.55.0

1.501.451.401.351.30
1.25
1.20 J

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

1962

63

64

65

66

67

6h

/2

73

74

75

76

_/

77

78

79

80

81

82

83

84

85

86

87

88

1989

Current data for these series are shown on page 71.

ItCII

SEPTEMBER 1989




31

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B7. Money and Credit—Continued

l CreditFlows l

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

112. Net change in business loans (ann. rate, bii. dol.;
MCO moving avg.—6-term)

+1CO -

113. Net change in consumer installment credit (am. rate, bil. dol.;
MCD moving avg.—6-term) [g^f]

111. Change in business and consumer credit outstanding

110. Funds raised by private nonfinancial borrowers in credit
markets* Q (ann. rate, bil. dol) \LJLtl\

1962

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88

1989

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

32



SEPTEMBER 1989

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B7. Money and Credit—Continued
Dec.

Nov.

P

T

Nov.

Ma;

P

T

[Credit Difficulties |
14. Current liabilities of business failures (mil. dol.
inverted scale; MCD moving avg.-6-terrn)

ron

39. Percent of consumer instaihient loans delinquent 30 days and over

94. Member bank borrowings from the Federal Reserve (bil. dol.J

1962

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

32

83

84

85

86

87

88

1989

Current data for these series are shown on page 72.

ItCII

SEPTEMBER

1989




33

CYCLICAL l,NDiC,^;;:>
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B7. Money and Credit—Continued

[Interest Rates]
119. Federal funds rate (percent)

114. Discount rate on new issues or 91-day treasury DIHS
(percent) [F

116. Yield on new Issues of high-grade corporate bonds
(percent) I

li. Yield on long-term Treasury bonds (percent)
|C.Lg,Lg|

118. Secondary market yields on ma mortgages (percent;

117. Yield on municipal bonds, 20-bond average (percent)

1962

63

64

65

66

67

h..

76

77

82

83

84

85

86

87

88 1989

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

34



SEPTEMBER 1989

ItCII

evCUCAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B7. Money and Credit—Continued
P

T

P

I interest Rates—Con. |
109. Average prime rate charged by banks (percent

67. Bank rates on short-term business loans, Q (percent)

| Outstanding Debt [
101. Commercial and industrial loans outstanding in 1982 dollars
(ML dot)
-./r fuj^N^

72. Commercial and industrial loans outstanding in current

66. Consumer installment credit outstanding (bil. dol.)

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

1982

63

54

65

66

67

68

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

Current data for these series are shown on page 73.

BCII SEPTEMBER

1989




35

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE

Chart Cl. Diffusion Indexes
Nov.
P

Dec. Nov.
P
T

Mar.
T

950. Eleven leading indicator

(6-mo. span—, 1-mo. span—

if " urn
m »f

*l*

(6-mo. span—, 1-mo, span—.)

or nonsupervisory workers, 20
1-mo. span—)

imsfor
declining; 9

, State programs, 51 areas
1-mo, span—-)

9S3. Employees on private nonagricultura! payrolls, 349 industries
(6-mo. span—,

1962

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88

1989

Current data for these series are shown on page 74.

36



SEPTEMBER 1989

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Chart Cl. Diffusion Indexes—Continued

14-35 durable goods industries

964. Manufacturers' new
(9-mo. span—, 1

lOO-i

?U/»n ? v

I*

50-

0-

in 1982 dollars, 17
moving avg»««, 1-Q span***)

961; Newly approved
manufacturing!

80706050403020-

(6-mo. span_, 1-mo. span—~
100-

50-

lOO-i

MWM

50-

stoats, 43-az industries
span—-)
100 T

50-

0J
1

bout 600 companies (4-Q span)
908070605940-

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

SO

81

82

83

84

85

86

87

88 1989

i This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun & Bradstreet, Inc.
Current data for these series are shown on page 75.

BCII

SEPTEMBER 1989




37

CYCLICAL INDICATORS
C I

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Chart Cl. Diffusion Indexes—Continued

Actual
Anticipated
970, Expenditures for new plant and

industries (1-Q span)

971. New orders, manufacturing (4-Q span)1

972. Net profits, manufacturing and trade (4-Q span)1

973. Net sales, manufacturing and trade (4-Q span)1

1977 78

79

80

81

82

83

84

85

86

87

88 1989

1977

78

79

80

81

82

83

84

85

86

87

88 1989

i This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun & Bradstreet, Inc. Dun & Bradstreet diffusion indexes are based on surveys of about 1,400

business executives.
Current data for these series are shown on page 76.

38



SEPTEMBER 1989

BCII

CYCLICAL INDICATORS
C

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Chart C3. Rates of Change
Dec.
P

Nov
T

1-month spans
3-4iionth spans "•*•mm

I Percent change at annual rate]
910c. Composite index of eleven leading indicators

of four roughiy coincident indicators

930c. Composite index of seven lagging indicators

47c. Index of industrial production

m

<

V/VVAV^J^\

^r

^H*^
!

^

+ 30-I
+ 20+ 100-

-10-20-30-

50c. Gross national prodict in 1982 dollars (1-Q span)
+ 20-1

! 48c. Employee hours in nonagricidtural establishments

51c. Personal income less transfer payments in 1982 dollars

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

NOTE: Data for these percent changes are shown occasionally in appendix C. The "Alphabetical Index— Series Finding Guide" indicates the latest issue in which the data for each series were published.

BCII

SEPTEMBER 1989




39

OTHER IMPORTANT ECONOMIC
NATIONAL INCOME AND PRODUCT

Chart Al. GNP and Personal Income
Dec.

SiiOO5dOO 41)004000 31.003000-

200. Gross national product in current dollars, Q (am. rate, bil. dol.)

2< OOZC 00-

1500-

223. Personal income in current dollars
(ann. rate, bil. dol.)

icoo-J
224. Disposable personal income in current
dollars, Q (ann. rate, bil. dd)

50. Gross national product in 1982 dollars, Q
(ana rale, bil. dol)

213. Final sates in 1982 dollars, Q (arm. rate, oil. dol.)

225. Disposable personal income in 1982
dollars, Q (ann. rate, bil. dol.)

217. Per capita gross national product in 1982 dollars, Q
(ann. rate, thous. dol.)—

227, Per capita disposable personal income in
1982 dollars, Q (am. rate, thous. dol.)

1962 63

64

65

66

67

68

69

70

71

7?

73

74

75

76

77

78

79

80

81

«2

83

84

85

86

87

88

1989

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

40



SEPTEMBER 1989

BCII

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued
Chart A2. Personal Consumption Expenditures
Ian. July
F T

July
P

Nov.
T

Personal consumption expenditures—

1962

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

82

83

84

85

86

87

88 1989

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

ItCII

SEPTEMBER 1989




41

jWIPORTANT ECONOMIC
A)

NATIONAL INCOME AND PRODUCT—Continued

Chart A3. Gross Private Domestic Investment

[ Annual rate, biffion doiars (current))

Gross private domestic investment—

240. Total, Q -*/

242. Fixed investment, Q

245. Change in business inventories, Q

I Annual rate, biflion doflars (1982)|

30. Change in business inventories, Q

•.- -

b5

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

8?

83

84

85

86

Current data for these series are shown on page 81.

42



SEPTEMBER 1989

OTHER IMPORTANT

?;

NATIONAL INCOME AND PRODUCT— Continued
Chart A4. Government Purchases of Goods and Services

| Annual rate, billion dollars (current) |

Government purchases of goods and services—

200-

266. State and local
government, Q

100 J

Annual rate, billion doHars (1982)1

267. State and local government, Q

300-

200-

1962

63

64

65

66

67

68

69

70

7.1

80

84

85

86

87

88

1989

Current data for these series are shown on page 81.

BCII

SEPTEMBER




1989

43

'"I HER IMPORTANT

MEASURES

NATIONAL INCOME AND PRODUCT—Continued
Chart A5. Foreign Trade

[ Annual rate, bion dolars (current)!

7)06)06)05!iO5UO4iO41)031.0 3DO21.02dO-

252. Exports of goods and services, Q

253. Imports of goods and services, Q
1HO-

250. Net exports of goods and services, Q

| Annual rate, bion doiars (1982)|

7(0-1
6C06(05CO-

41:04CO3*0-

257. Imports of goods and services, §

3CO-

• 256. Exports of goods and services, Q
2502CO-

150 J

255. Net exports of goods and services, Q
*-53-

-5)- •

-15) -J
I

'--

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88

1989

Current data for these series are shown on page 82.

44



SEPTEMBER

1989

BCII

OTHER
A

I

ECONOMIC MEASURES

NATIONAL INCOME AND PRODUCT—Continued

Chart A6. National Income and Its Components

I Annual rate, bilon dolars (curcent)|__.r^

4500 .
4000-

220. National income, Q

280. Compensation of employees, 0

Corporate profits before tax with inventory valuation
and capital consumption adjustments, Q

i

*-288. Net interest, Q

282. Proprietors' income with inventory valuation and jf
capital consumption adjustments, (|

284. Rental income of persons with capital
consumption adjustment, Q

1962

63

64

f?5

66

67

68

6S

70

73

74

75

76

77

7,

84

85

86

87

88 1989

Current data for these series are shown on page 82.

BCII

SEPTEMBER 1989




45

OTHtIA

I

•

• . .

vjRES

NATIONAL INCOME AND PRODUCT—Continued

Chart A7. Saving

Annual rate, billion dollars (current)
8(07(06(0500-

400 -

3002^02001'iO-

10030-

50-

40-

298. Government surplus or deficit, Q

1962

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

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

46



SEPTEMBER 1989

IMi>G'' • As'4
A I

. ^vMiC MEASURES

NATIONAL INCOME AND PRODUCT—Continued

Chart A8. Shares of GNP and National Income

I Percent of GNPI
70-1

65-

60 J

and local government purchases
services. 0

15-1

265. Federal Government purchases of goods and services, Q
P—

10-

248. Nonresidential fixed investment, Q

249. Residential fixed investment, Q
0-

247. Change in business inventories, 0

Net exports of goods and services, Q
-5-

I Percent of National Income
80 -|

75-

65 J

&/. corporate
and capital

15

tax with inventory valuation
adjustments, Q
X

1

10-

283. Proprietors' income with inventory valuation
and capital consumption adjustments, Q
5-

289. Net interest, Q

0-

285. Rental income of persons with capital consumption
1962

63

64

AS

t>&

t>7

••.<•.

73

74

75

76

77

78

79

60

81

82

83

84

85

86

87

88

1989

Current data for these series are shown on page 83.

ItCII

SEPTEMBER 1989




47

•RES
PRICES, WAGES, AND PRODUCTIVITY

Chart Bl. Price Movements

1 Index: 1982= 1001

310c. Implicit price deflator for gross I Percent change at annual rate |
natinnilfvndirMIJispan)
—

+ 15<

310. Implicrt price deflator for
national product,
311c. Fixed-weighted price index, gross domestic business product
O-Qspan)

L5J

311. Fixed-weighted pice index,
gross domestic business prnriurt, Q

45'

Producer price indexes—

6-month spans

330c. All commodities

V

Producer price indexes—

v.

-io«

335c. Industrial commodities
+ 20'

\j

-10'

331c. Crude materials for
further processing

332c. Intermediate materials, supplies, and components
331. Crude material for further pfTORWf'

_v:

\^^:
Intermediate materials.
IT /

\/

-10'

333c. Capital equipment

334. Finished consumer
334c. Finished consumer goods

^yv.
^^ ~

1977

78

79

80

81

82

83

^

1977

78

HZU-

-no-

" ^x^V^^-v ^ ^ ' y^X-x^'X

\y

79

30

81

62

83

84

85

H6

B

87

0-in-

88 1989

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

48



SEPTEMBER 1989

itcn

OTHER IMPORTANT ECONOMIC MEASURES
B I

PRICES, WAGES, AND PRODUCTIVITY—Continued

Chart Bl. Price Movements—Continued

Consumer price indexes-

AII urban consumers (6-montti span)

[Percent change at annual rate |

322c. All urban consumers, food (6-month span)

Chart B2. Wages and Productivity
llndex: 1977=1001

341. Real average hourly earnings of production or nonsupervisory
workers on private nonagriculturaJ payrolls1

340. Average hourly earnings of production or nonsupervisory workers
on private nonagricurtural payrolls (current dollars)1

346. Real average hourly compensation, ail employees,
nonfarm business sector, Q ^r—-—

345. Average hourly compensation, all employees,
nonfarm business sector, Q (current dollars)

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

1

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

KCII

SEPTEMBER 1989




49

OTHER IMPOR r A^ « i: Xr.'GfvIsC MtASURES
B I

PRICES, WAGES, AND PRODUCTIVITY—Continued

Chart B2. Wages and Productivity—Continued

[Wages—Con.

Change in average hourly earnings of production or nonsupervisory workers on private nonagricuttural payrolls1—

340c. Current-dollar earnings

t

;'

^
I*

.' ' !

6-month spans (ann. rate)
\
341c. Real earnings

i >

—

~T'

Otfr-

ff

1-month spans2

\

LJMUMAyiu , L , f c E
-H -

Change in average hourly compensation, all employees,
nonfarm business sector, Q—
, 345c. Current-dollar compensation

4-quarter spans

346c. Real compensation
,

1-quarter spans (arm. rate)

4-quarter spans
Negotiated wage and benefit decisions—

348. Average first-year changes, Q (arm. rate)

349. Average changes over life of
contract, Q (ann. rate)
I Productivity |
358. Output per hour, all persons,
nonfarm business sector, Q
X
370. Output per hour, ail persons,
•
business sector, Q
—
I Percent change I

370c. Change in output per hour, all persons, business sector, Q

+ 10-

, -*• 1-quarter spans (ann. rate)
;

,

,

fl

, ; tf\

t\

+ 50-5-

1962 63

64

65

66

67

&>.

.-3

/4

75

76

77

Bu

81

82

83

84

85

86

87

88 1989

1

Adjusted for overtime (in manufacturing only) and interindustry employment shifts and seasonality. 2 One-month percent changes have been multiplied by a constant (12) to make them comparable
with the annualized 6-month changes. See page 87 for actual 1-month percent changes.
Current data for these series are shown on pages 87 and 88.

50




SEPTEMBER 1989

HCII

IMPORTAJW tU.-v.'fMH;
C I

LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT

Chart Cl. Civilian Labor Force and Major Components

130120110-

441. Civilian labor force (millions)

10090-

442. Civilian emptoymfj (mi

SO-

Civilian labor force participation rates (percent)—
80757065-

453. Both sexes 16-19 years of age

605550 45-

452. Females 20 years and over

40141210-

864-

2-

446. Both sexes 16-19 years of age

447. Number unemployed, full-time workers
6-

Number of persons enptoyed part time for economic
reasons (millions)

1962

63

84

S5

66

8?

68

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

Current data for these series are shown on page 8

BCII

SEPTEMBER 1989




51

OTHER IMPORTANT ECONOMIC MEASURES

D

GOVERNMENT ACTIVITIES

Chart Dl. Receipts and Expenditures
Nov.

Mar

| Annual rate. bikKidolars (current)

1962

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

Current data for these series are shown on page 90.

52



SEPTEMBER 1989

ItCII

OTHER IMPORTANT I

C MEASURES

GOVERNMENT ACTIVITIES—Continued
Chart D2. Defense Indicators

40-

[Advance Measures of Defense Activity]

3530-

25-

gross obligations incurred
ing avg.—6-term)
15 J

2218-

8-

.-70 ,'00 -

isn't fin-

1962

63

64

65

66

67

68

69

73

74

75

76

77

78

79

SO

81

82

83

84

85

86

87

Current data for these series are shown on page 90.

SEPTEMBER 1989



53

OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES—Continued
Chart D2. Defense Indicators—Continued
Jar;. Juiv
F T

July
P

Nov.
T

[intermediate and Final Measures of Defense Activity]
defense and space equipment
(index: JPf^lOO)

561. Manufacturers'unfilled orders,
(bil. doi.)

defense products (bit dol.)

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88

1989

Current data for these series are shown on page 91.

54



SEPTEMBER

1989

BCII

IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES—Continued
Chart D2. Defense Indicators—Continued
Dec.
P

Nov.
T

| Intermediate and Final Measures of De^j|| Activity—Con. |
'CJ4'<

'

Igg

" ''

570. EmployRifg, defense products industries (ifiions)

2.0^
1.81.61.4-

Defense Department personnel (millions)—
3.53.0-

577. Military personnel on active duty

2.52.0-

1.5-

578. Civilian personnel, direct hire employment
1.0-

350300-

[National Defense Purchases)

250200-

1 Government purchases of goods and services, national
a, Q (arm. rate,

150-

100-

National defense purchases as a percent of GNP, Q (percent)
109-

1962

83

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

Current data for these series are shown on page 91.

ItCII

SEPTEMBER 1989




55

IMPORTANT ECGfvJ

.

;

.>URES

U.S. INTERNATIONAL TRANSACTIONS

Chart El. Merchandise Trade
Dec
P

No-,
!
353025-

2015-

602. Experts, excluding military aid shipments
(Ml. doL)
'
109876543-

604. Exports of domestic agricirftural products
(NLdoL)
I"
N
—606. Exports of nonelectrical machinery (bil. dol.)
45 n
4035302520-

10987654-

2-

614. btpxts of petroleum and petroleum
products

1-

0.8-

616. imports of automobiles and parts (bil. dol.)

0.60.4-

0.2-

196.

f5

66

67

68

69

70

71

73

74

75

76

77

78

79

80

84

85

86

87

88 1989

Current data for these series are shown on page 92.

56



SEPTEMBER

1989

u J HER IMPORTANT

MEASURES

u s

- - INTERNATIONAL TRANSACTIONS— Continued

Chart E2. Goods and Services Movements
Jan. July
P T

July
P

Nov.
T

Goods and services—

1S62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88

1989

Current data for these series are shown on page 93.

BCD

SEPTEMBER 1989




57

MEASURES
F I

INTERNATIONAL COMPARISONS

Chart Fl. Industrial Production

I Index: 1977=1001

[Index: 1977=100]

Industrial production—

Industrial production—
140-

47. United States

120-

/

11010090-

180170160'
150'
140

728. Japan

722. United Kingdom

130-

10090-

140130'
120

725. West Germany

no
100
90

1977

78

79

SO

81

82

83

84

85

86

6?

88

1989

Current data for these series are shown on page 94.

58



SEPTEMBER 1989

BCII

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

P

I

July

Nov.

P

T

Chart F3. Stock Prices

P i
I 6-month spans [

(Index: 1967-1001

Stock prices—

Consumer prices—
j*+S
320c. United States

s
r\.rS
V/^~

19. United States ^f

GO

f^r*

HO-

nw 350300250200150-

100-1
1977 78

79

80

81

82

83

84

85

86

87

88 1989

1977

78

79

80

81

82

83

84

85

86

87

88 1989

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

KCII

SEPTEMBER




1989

59

CYCLICAL INDICATORS
A

I

COMPOSITE INDEXES AND THEIR COMPONENTS

gQ COMPOSITE INDEXES

Year
and
month

910. Index of
eleven leading
indicators (series
1, 5, 8, 19, 20,
29, 32, 83, 92,
99, 106)

920. Index of
four roughly
coincident indicators (series
41,47,51,57)

930. Index of
seven lagging
indicators (series
62, 77, 91, 95,
101, 109, 120)

940. Ratio,
coincident index
to lagging index 1

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

(1982 = 100)

(1982 = 100)

(1982 = 100)

(1982 = 100)

(1967 = 100)

January
February
March

136.2
137.0
137.6

119.4
121.3
121.3

112.2
111.2
110.9

106.4
109.1
109.4

108.9
(NA)

April
May
June

138.1
138.7
140.2

121.4
121.4
121.8

111.1
111.3
111.3

July
August
September

141.5
142.9
142.5

122.9
123.4
123.6

October
November
December

141.8
139.3
138.8

January
February
March . . . . . . . . .

915. Inventory
investment and
purchasing
(series 8, 32, 36,
99)

(1967 = 100)

916. Profitability (series
19, 26, 80)

(1967 = 100)

917. Money and
financial flows
(series 104, 106,
111)

(1967 = 100)

1987
104.4
104.6
105.3

119.3
120.8
121.5

148.9
147.0
145.4

109.3
109.1
109.4

105.3
106.0
106.7

121.3
121.3
122.9

144.5
144.1
145.6

111.1
111.0
111.9

110.6
111.2
110.5

107.1
106.4
106.6

124.2
0)126.0
124.7

144.5
144.2
145.4

125.2
124.8
126.2

112.1
112.7
112.5

111.7
110.7
112.2

107.2
107.4
[H)108.2

121.7
118.6
118.3

147.1
146.8
146.6

138.7
140.3
140.8

125.6
126.5
127.3

114.0
114.4
114.7

110.2
110.6
111.0

107.1
106.7
106.5

119.0
119.5
119.9

146.9
147.9
149.0

April
May
June . . .

141.5
141.5
143.9

127.3
127.6
128.5

115.6
115.3
116.0

110.1
110.7
110.8

105.5
105.6
105.9

119.5
118.9
120.0

H>151.7
150.7
151.1

July
August
September

142.7
144.1
143.7

128.9
129.3
129.3

115.8
116.4
116.4

111.3
111.1
111.1

105.5
105.5
105.6

119.9
119.5
(NA)

150.3
150.1
147.4

October
November .
December

143.9
144.0
145.0

130.6
130.6
131.4

116.5
117.8
118.1

112.1
110.9
111.3

105.1
104.9
105.6

D 146.1
145.7
144.7

132.3
132.6
132.6

119.3
120.5
121.3

110.9
110.0
109.3

(NA)

April
May
June

145.6
r!43.8
143.7

133.4
133.1
r!33.4

120.5
121.5
r!21.8

110.7
109.5
r!09.5

July
August
September

r!43.9
p!44.4

133.4
[H> 2 133.9

121.2
!>3122.3

110.1
p!09.5

1988

146.9
146.6
(NA)

1989
January
February
March

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 (fi). 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.
^hese series reached high values before 1987: series 940 (115.9) in January 1984 and series 914 (111.5) in February 1984.
2
Excludes series 57, for which data are riot available.
3
Excludes series 77 and 95, for which data are not available.

60



SEPTEMBER 1989

ltd*

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS

MAJOR ECONOMIC
PROCESS

gQ EMPLOYMENT AND UNEMPLOYMENT

Minor Economic
Process

Marginal Employment Adjustments

Timing Class

Year
and
month

L, L, L

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

(Hours)

Comprehensive
Employment

Job Vacancies

1, C, L

L,C,L

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

5. Average weekly initial
claims for unemployment
insurance, State programs1

(Hours)

(Thous.)

U, C, C

L, Lg, U

L, Lg, U

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

(Ratio)

46. Index of help-wanted
advertising in newspapers

48. Employee hours in
nonagricultural establishments

(Ann. rate,
bil. hours)

(1967 = 100)

1987

January
February
March

40.9
41.1
41.0

3.6
3.6
3.7

355
350
338

0.512
0.531
0.572

136
140
150

187.54
188.59
188.56

April
May
June

40.6
41.0
41.0

3.5
3.8
3.7

329
325
325

0.583
0.601
0.614

149
153
152

187.66
189.72
189.97

July
August
September

41.0
41.1
40.6

3.8
3.8
3.7

321
299
293

0.626
0.663
0.661

153
161
158

190.41
191.22
188.29

October
November
December

41.2

41 . 2

3.9
•3 . qy
o

294
300

4l!l

3.8

311

0.669
0 .682
0.662

162
[R)162
155

192.23
192.77
192.93

January
February
March

41.1

3.9
3.7

348
314

153
156

3.8

303

0.652
0.673
o!691

158

193.12
194.48
194.35

April
May
June

41.2
41.1
41.1

3.9
3.9
3.9

299
305
294

0.701
0.700
0.711

157
160
156

195.81
195.44
196.43

July
August
September

41.1
41.0
41.1

3.9
3.9
3.9

321
298
290

0.714
0.700
0.688

159
160
153

197.24
196.77
197.53

October
November
December

41.2
41.2
41.0

4.0
3.9
3.9

0)290
297
301

IH>0.735
0.716
0.731

161
158
161

198.76
198.14
199.16

41.1
41.1
41.0

3.9
3.9
[H>4.0

296
303
318

0.691
0.729
0.733

156
155
151

200.31
200.32
200.33

3.9
3.8
3.8

299
312
328

0.723
0.707
0.667

159
152
147

202.10
200.85
r201.37

3.9
p3.8

338
316

rO.687
pO.686

r!50
p!48

(H)r202.65
p201.99

1988

41 0
4l'.0

1989

January
February
March
April
May
June

D41.3
41.0
41.0

July
August
September

41.0

p40.9

October
November
December
See note on page 60.
Graphs of these series are shown on pages 12, 16, and 17.
x
Data exclude Puerto Rico, which is included in figures published by the source agency.

SEPTEMBER

1989




61

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

Q EMPLOYMENT AND UNEMPLOYMENT-Continued

Minor Economic
Process . . . . . . . .
Timing Class

Year
and
month

Comprehensive Employment— Continued
U.C.C

42. Number
of persons
engaged in nonagricultural
activities

(Thous.)

C, C, C

41. Employees
on nonagncultural payrolls

(Thous.)

L,C, U

40. Employees
on nonagncultural payrolls,
goodsproducing
industries
(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

Lg, Lg, Lg

43. Unemployment rate

45. Average
weekly insured
unemployment
rate, State
programs x

(Percent)

(Percent)

(Thous.)

91. Average
duration of
unemployment

(Weeks)

Lg, Lg, Lg

44. Unemployment rate,
persons unemployed 15
weeks and over
(Percent)

1987

January
February
March

107,823
108,066
108,238

100,798
101,015
101,254

24,473
24,532
24,551

60.28
60.39
60.43

7,904
7,848
7,804

6.6
6.6
6.5

2.6
2.6
2.5

14.9
14.5
15.0

1.8
1.8
1.7

April
May
June

108,566
109,180
109,065

101,582
101,777
101,956

24,573
24,617
24,616

60.56
60.90
60.72

7,605
7,578
7,360

6.4
6.3
6.2

2.5
2.4
2.4

15.0
14.8
14.9

1.8
1.7
1.7

July
August
September

109,377
109,890
109,704

102,293
102,525
102,683

24,701
24,759
24,794

60.83
61.00
60.88

7,271
7,226
7,112

6.1
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

109,998
110,320
110,528

103,213
103,470
103,791

24,896
24,966
25,021

61.01
61.09
61.19

7,204
7,067
6,961

6.0
5.9
5.8

2.1
2.1
2.2

14.0
14.1
14.2

1.5
1.5
1.5

January
February
March

110,799
111,073
110,948

103,970
104,414
104,682

24,935
25,033
25,098

61.29
61.36
61.24

6,980
6,892
6,807

5.8
5.7
5.6

2.3
2.2
2.2

14.2
14.1
13.8

1.4
1.4
1.4

April
May
June

111,473
111,293
111,880

104,901
105,091
105,561

25,161
25,179
25,265

61.49
61.31
61.58

6,668
6,800
6,523

5.5
5.6
5.4

2.1
2.1
2.1

13.5
13.8
13.2

1.3
1.3

July
August
September

111,974
112]061
112,194

105,768
105,954
106,207

25,323
25,303
25,313

61.54
61.60
61.64

6,624
6,797
6,614

5.4
5.6
5.4

2.1
2.1
2.0

13.5
13.5
13.5

1 .3
1-3
1.3

October
November
December

112,335
112,709
112,816

106,475
106,824
107,097

25,384
25,460
25,513

61.69
61.85
61.83

6,518
6,563
6,554

5.3
5.4
5.3

2.0
2.0
2.0

13.4
12.6
12.8

1.3
1.2
1.2

113,411
113,630
113,930

107,442
107,711
107,888

25,626
25,629
25,646

62.13
62.16
62.27

6,716
6,328
|H>6,128

5.4
5.1
K>5.0

2.0
2.1
2.1

12.7
12.1
12.4

1.2
1.1
1.1

114,009
114,102
[H>114,445

108,101
108,310
r!08,607

25,671
25,672
r25,648

62.22
62.22
0)62.35

6,546
6,395
6,561

5.3
5.2
5.3

2.1
E>2.0
2.1

12.7
11.8

1.2
1.1

114,240
114,290

r!08,791
[H)pl08,901

r25,683
H>p25,724

62.26
62.28

6,497
6,421

5.2
5.2

2.2
2.1

1988

1..3

1989

January
February
March
April
May
June
July
August
September .

E)ii.i

SDi.o
1.2
1.1

12.0
11.3

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

1989

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

^3 PRODUCTION AND INCOME

Minor Economic
Process
Timing Class

Year
and
month

Industrial Production

Comprehensive Output and Income

c, c, c

C, C, C

50. Gross national product
in 1982 dollars

(Ann. rate,
bil. dol.)

52. Constant
(1982) dollars

51. Personal
income less
transfer payments in 1982
dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

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

C, C, C

C.C.C

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

C,C,C

47. Index of
industrial
production

(1977 = 100)

C.C.C

73. Index of
industrial
production,
durable manufactures

(1977 = 100)

C, L, L

74. Index of
industrial
production,
nondurable
manufactures

(1977 = 100)

C.C.C

49. Value of
goods output
in 1982 dollars

(Ann. rate,
bil. dol.)

1987

January
February
March

3,783!6

3,640.8
3,680.2
3,699.8

3,109.1
3,129.4
3,132.8

2,650.6
2,670.7
2,675.2

542.4
541.6
544.6

126.2
127.1
127.4

129.3
130.8
131.5

132.7
132.9
133.7

l,62z!6

April
May
June

3,823.5

3,718.5
3,734.1
3,745.4

3,132.7
3,132.6
3,129.0

2,674.8
2,670.5
2,670.9

538.5
540.3
540.4

127.4
128.2
129.1

130.9
131.4
132.0

134.6
135.7
136.9

1,645.9

July
August
September

3,872^8

3,770.5
3,798.7
3,817.4

3,144.7
3,152.4
3,152.3

2,685.9
2,695.7
2,696.5

541.3
544.3
547.0

130.6
131.2
131.0

133.5
133.8
133.7

138.5
138.8
138.6

1,679,'i

October
November
December

3,935.6

3,894.3
3,886.8
3,944.9

3,205.2
3,188.5
3,236.2

2,748.8
2,733.2
2,779.3

549.4
551.8
552.1

132.5
133.2
133.9

136.8
136.7
137.3

138.1
139.6
141.3

1,728.5

January
February
March

3,974*.8

3,921.9
3,944.2
3,979.5

3,209.4
3,225.0
3,240.6

2,741.2
2,755.9
2,767.1

551.3
553.9
561.5

134.4
134.4
134.7

137.9
138.4
138.8

141.4
141.1
141.7

1,746!?

April
May
June

4,010.7

4,007.1
4,023.3
4,049.4

3,244.6
3,244.6
3,260.4

2,773.4
2,776.2
2,791.2

558.8
558.0
561.5

135.4
136.1
136.5

139.7
141.5
141.7

142.3
142.1
142.6

1,76?!9

July
August
September

4,042!7

4,079.8
4,094.2
4,118.6

3,271.7
3,275.4
3,276.5

2,802.0
2,805.0
2,808.2

562.4
560.9
562.8

138.0
138.5
138.6

142.9
143.2
143.8

144.6
145.1
145.3

1,782!3

October
November
December

4,069*.4

4,180.4
4,168.9
4,206.3

3,312.5
3,298.2
3,314.7

2,843.3
2,828.6
2,845.3

569.0
565.5
563.9

139.4
139.9
140,4

144.6
145.2
145.7

146.3
146.7
147.1

1,789!4

4,106.8

4,273.1
4,319.5
4,360.7

3,346.2
3,377.2
3,390.9

2,868.0
2,897.0
2,905.5

566.1
566.7
0)572.3

140.8
140.5
140.7

146.2
145.9
145.8

148.5
148.1
148.6

1,823!2

E>r4,132".5

r4, 387.1
r4,396.3
r4,417.5

r3,390.3
r3,384.4
r3, 398.1

r2,908.2
r2,902.8
r2,912.8

566.4
563.4
565.3

141.7
141.6
r!41.9

146.9
r!47.1
r!47.3

149.6
r!49.5
r!50.4

H>rl,843'.9

r4,446.7
0}p4,466.2

r3,412.7
[H)p3,430.3

r2,927.4
[H)p2,942.9

r567.0
p570.6

r!42.0
B)P142.4

r!46.9
[H>pl47.5

r!50.9
DP150.9

1988

1989

January
February
March
April
May
June
July
August
September
October
November
December

See note on page 60.
Graphs of these series are shown on pages 14, 19, 20, and 40.

SEPTEMBER 1989




63

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

H

Minor Economic
Process
Timing Class

Year
and
month

PRODUCTION AND
INCOME-Continued

Q| CONSUMPTION, TRADE, ORDERS, AND DELIVERIES

Capacity Utilization

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

(Bil. dol.)

7. Constant
(1982) dollars

(Bil. dol.)

L,L,L

L, L, L

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

25. Change in
manufacturers'
unfilled orders,
durable goods
industries1

(Bil. dol.)

(Bil. dol.)

ILL

L Lg, U

96. Manufacturers' unfilled
orders, durable
goods industries

32. Vendor
performanceslower deliveries
diffusion index *

(Bil. dol.)

(Percent)

1987

January
February
March

79.6
80.0
80.3

78.7
78.7
78.7

97.34
102.40
104.78

89.79
94.46
96.40

79.68
84.09
84.78

-3.28
-1.26
1.19

367.42
366.16
367.35

51.5
51.2
51.9

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

83.76
83.48
85.66

4.55
5.26
4.24

371.90
377.16
381.40

52.8
54.0
56.8

July
August
September

81.5
81.5
81.3

80.6
81.1
81.2

109.94
106.99
109.68

100.40
97.44
99.34

84.02
83.84
85.98

6.04
2.58
1.30

387.44
390.02
391.32

58.9
60.3
61.5

October
November
December

82.0
82.2
82.6

82.1
82.9
83.6

112.02
111.96
113.19

101.28
100.96
101.61

86.81
85.89
86.86

3.71
3.67
2.01

395.04
398.71
400.72

62.2
64.9
62.7

January
February
March

82.7
82.6
82.7

83.0
82.3
82.4

113.07
114.16
113.06

100.86
101.56
100.41

83.26
85.42
85.34

3.94
4.33
0.32

404.66
408.99
409.31

62.4
61.3
56.9

April
May
June

82.9
83.3
83.3

82.9
83.0
83.2

116.84
115.37
125.44

103.39
101.74
110.23

85.73
87.82
87.78

4.32
0.62
8.92

413.62
414.24
423.16

59.2
56.6
65.6

July
August
September

84.0
84.0
84.0

84.4
84.3
84.1

116.11
122.81
119.32

101.67
107.25
103.58

85.15
87.58
87.98

2.99
4.94
1.29

426.15
431.09
432.38

59.0
57.7
55.1

October
November
December

84.3
84.4
84.4

84.7
84.9

122.79
123.04
0)132.15

106.50
106.25
0)113.63

87.86
89.81
0)92.68

4.35
3.16
7.97

436.73
439.90
447.87

54.6
51.6
52.6

84.6
84.0
83.7

128.48
124.11
125.38

109.81
105.71
106.61

90.76
89.02
86.32

4.90
3.18
4.94

452.77
455.95
460.90

54.0
53.3
51.2

84.5

84.2

r84.3
r84.3

r83.8
r83.5

129.37
123.52
r!25.14

rllO.Ol
104.77
r!05.87

r89.69
87.94
r86.93

6.04
0.56

r3.42

466.94
467.50
r470.92

53.2
49.3
47.5

r83.8
p84.0

r!22.07
p!26.74

r!03.27
p!07.04

r82.82
p92.19

r4.89
p-1.62

0)r475.80
p474.18

46.9
44.9

1988

0)85.1

1989

January
February
March

0)84.7

April
May
June
July
August
September

84.3
84.1

r84.1
p84.0

October
November .December
See note on page 60.
Graphs of these series are shown on pages 12, 20, and 21.
1
These series reached high values before 1987

64



series 25 (9.31) in March 1984 and series 32 (67.5) in November 1983.

SEPTEMBER

1989

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS
Minor Economic
Process
Timing Class

C,C,C

56. Current
dollars

(Mil. dol.)

C, L, C

C,C,C

57. Constant
(1982) dollars

(Mil. dol.)

75. Index of
industrial
production,
consumer
goods
(1977-100)

C, L, U

IU.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

H

|Q CONSUMPTION, TRADE, ORDERS, AND DELIVERIES-Continued

59. Constant
(1982) dollars

(Mil. dol.)

L, C, C

55. Personal
consumption
expenditures,
automobiles *
(Ann. rate,
bil. dol.)

L.L.L

58. Index of
consumer
sentiment 1@

(IstQ
1966 = 100)

L, L, L

12. Index of
net business
formation

(1967 = 100)

L, L, L

13. Number of
new business
incorporations 1

(Number)

1987
January
February
March

424,210
441,092
441,073

419,538
433,469
431,581

125.5
126.4
126.7

117,819
124,126
124,455

109,294
114,507
114,179

iisis

90.4
90.2
90.8

119.1
120.5
122.0

55,348
58,495
60,248

April
May
June

442,281
445,174
448,931

431,209
432,439
433,700

125.5
127.3
127.2

125,353
125,520
127,263

114,478
114,317
115,274

129.3

92.8
91.1
91.5

120.7
119.8
120.3

57,471
56,226
57,613

July
August
September

450,906
455,157
460,280

434,938
437,381
440,943

128.9
129.4
127.7

128,110
130,390
129,427

115,937
117,574
116,391

145!8

93.7
94.4
93.6

120.4
121.5
122.8

57,330
57,650
57,568

October
November
December

460,066
459,261
462,059

439,739
437,546
439,273

129.0
129.4
129.8

128,235
128,541
129,870

115,112
115,180
116,267

132*.6

89.3
83.1
86.8

121.8
122.8
123.2

55,504
56,681
55,226

January
February
March ,

462,173
466,052
474,260

439,102
442,538
448,078

131.2
131.3
131.2

130,364
131,846
133,797

116,709
118,036
119,249

143*.6-

90.8
91.6
94.6

124.0
124.1
125.4

56,108
56,475
60,655

April
May
June

475,218
478,467
486,226

446,585
447,726
451,956

131.9
132.7
133.0

133,077
134,003
135,060

118,081
118,482
119,311

145.7

91.2
94.8
94.7

122.7
124.3
123.7

54,670
58,046
55,620

r486,289
r492,173
492,478

r449,198
r452,635
450,960

134.2
135.0
134.8

r!35,741
r!35,732
135,751

rl!9,490
rl!9,168
118,663

140 !9

93.4
97.4
97.3

123.3
124.5
124.2

56,911
59,472
55,778

498,846
501,400
506,186

455,745
456,937
1)459,688

136.4
136.8
138.2

137,842
139,529
139,189

120,071
121,435
120,719

146\6

94.1
93.0
91.9

124.6
123.2
125.5

56,557
54,530
58,516

511,881
507,328
507,555

458,846
454,219
451,603

138.5
138.7
138.4

140,040
139,428
139,516

120,724
120,300
119,756

142 '.7

97.9
95.4
94.3

126.4
127.1
H>129.0

58,499
58,724
60,133

517,745
D518,088
r515,695

r458,774
r457,465
r456,223

139.5
r!39.2
@)rl39.6

141,413
142,543
r!42,500

120,351
120,902
r!20,865

r!44.5

91.5
90.7
90.6

126.0
126.6
126.9

p511,085
(NA)

p452,133
(NA)

138.9
p!39.0

r!43,271
[H>pl44,285

r!21,519
[H>pl22,796

92.0
89.6

r!27.0
p!26.0

1988

July
August . . .
September
October
November
December

1989
January
February
March
April
May
June
July
August
September

55,245
57,738
p57,495

(NA)

October
November
December
See note on page 60.
Graphs of these series are shown on pages 14, 22, and 23.
^hese series reached high values before 1987:
in December 1986.

SEPTEMBER 1989




series 55 (149.1) in 3d Q 1986, series 58 (101.0) in March 1984 and series 13 (65,318)

65

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

lU FIXED CAPITAL IIWESTMENT-Continued

Minor Economic
Process
Timing Class

Business Investment Commitments

L.L.L

LL, L

Contracts and orders for
plant and equipment
Year
and
month

10. Current
dollars

(Bil. dol.)

20. Constant
(1982) dollars

(Bil. dol.)

L, L, L

Manufacturers' new orders,
nondefense capital goods industries
24. Current
dollars

(Bil. dol.)

L, C T U

L, L, L

U, Lg, U

9. Construction contracts awarded for
commercial and industrial buildings1 2

27. Constant
(1982) dollars

Square feet of
floor space

(Bil. dol.)

(Millions)

Square meters of
floor space 3

(Millions)

11. Newly
approved capital
appropriations,
1,000 manufacturing corporations

C, Lg, Lg

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

(Bil. dol.)

(Bil. dol.)

1987

January
February
March

31.78
31.99
31.99

35.45
36.31
36.21

27.20
27.28
26.88

31.40
32.18
31.73

82.42
73.52
77.97

7.66
6.83
7.24

21.44

April
May
June

33.63
34.90
35.47

38.58
39.88
40.28

28.73
30.63
29.75

34.29
36.16
35.30

79.93
78.82
83.17

7.43
7.32
7.73

32!26

July
August
September

37.49
35.01
34.52

42.82
40.28
40.00

32.28
29.85
29.39

38.32
35.82
35.57

83.00
83.56
84.70

7.71
7.76
7.87

29.56

October
November
December

35.60
35.44
38.27

41.11
40.29
42.96

30.22
30.66
33.03

36.45
36.19
38.44

82.21
76.89
81.64

7.64
7.14
7.58

35.91

January
February
March

38.31
39.54
36.82

43.68
44.64
41.78

33.87
33.82
31.92

39.89
39.79
37.65

77.27
91.15
75.85

7.18
8.47
7.05

3o!85

April
May
June

38.95
36.29
40.68

44.85
41.88
46.20

33.75
31.52
35.46

40.45
37.85
41.78

71.02
71.69
75.36

6.60
6.66
7.00

40.69

July
August
September

41.18
r44.39
39.12

46.51
E>r49.91
43.54

36.21
38.81
34.86

42.35
45.25
39.99

79.51
75.38
73.37

7.39
7.00
6.82

40!38

October
November
December

38.55
39.98
43.67

43.43
44.53
47.97

34.62
35.82
39.43

40.16
41.07
44.44

70.06
69.90
78.53

6.51
6.49
7.30

45.28

45.03
41.48
42.64

49.10
44.81
47.67

40.35
37.19
38.14

45.24
41.31
44.02

78.61
70.87
71.37

7.30
6.58
6.63

H>p5o;6i

44.55
41.90
r44.07

48.86
46.27
r47.96

40.39
37.29
r39.15

45.48
42.54
r43.98

69.66
75.44
78.18

6.47
7.01
7.26

H)r46.22
p43.02

77.79
66.89

7.23
6.21

69.17

74.64

74.55

78.06

1988

78.71

87.46

9l'.57

100 ! 20

1989

January
February
March
April
May
June
July
August
September

[H>r46.01
p41.93

r49.89
p46.69

H>r41.46
p37.38

|B>pH4!55

(NA)

(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. 2Series 9 reached its high value (93.19 square feet and 8.66 square meters) in September 1985. Converted to metric units by the Bureau of Economic Analysis.

66



SEPTEMBER

1989

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

Q| FIXED CAPITAL INVESTMENT-Continued

Minor Economic
Process
Timing Class

C, Lg, Lg

C, Lg, Lg

Expenditures for new plant
and equipment
Year
and
month

Residential Construction
Commitments and Investment

Business Investment Expenditures

61. Current
dollars

100. Constant
(1982) dollars

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 proness equipment

Lg, Lg, Lg

Gross private nonresidential
fixed investment in 1982 dollars
86. Total

87. Structures 1

L, L, L

28. New private housing
units started1

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

L, L, L

29. Index of
new private
authorized by
local building
permits x

L, L, L

89. Gross private residential
fixed investment
in 1982 dollars1

(Ann. rate,
bil. dol.)

(Ann. rate,
thous.)

(1967 = 100)

3l6'.7

1,840
1,787
1,715

134.8
134.7
135.9

197.3

117.7

327 '.9

1,622
1,607
1,583

127.7
119.6
121.4

197*.8

472 '.8

125.5

347 '.3

1,592
1,587
1,685

120.9
120.5
120.7

192.1

148.7
148.3
149.8

472.7

125.7

347.0

1,535
1,659
1,391

115.4
116.2
107.3

191/9

432.80
432.06
438.93

151.2
152.4
153.3

483^6

IZl'.Q

361.8

1,391
1,511
1,528

100.8
115.2
119.6

189.1

431.35

445.06
454.15
456.32

154.6
156.9
158.1

497.8

122.5

375.3

1,576
1,392
1,463

114.1
115.5
118.4

194 .*2

435.61

436 '.04

458.73
463.23
463.95

159.3
160.2
160.8

5oi.'o

123.0

378.0

1,478
1,459
1,463

113.6
116.9
114.2

195!i

442 !ii

433.51

463.94
462.23
465.80

160.2
161.2
162.6

492.7

121.4

371.3

1,532
1,567
1,577

121.7
120.3
121.1

198'. 1

459.47

451.35

475.20
475.31
485.30

163.8
165.0
166.3

soi'.o

izi'.i

379'.9

1,678
1,465
1,409

118.5
111.9

195*.6

1,343
1,308
rl,406

106.4
107.4
104.3

rl,424
pi, 353

102.2
105.9

(Ann. rate,

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

Revised 2

Revised 2

January
February
March

377*.09

380.62

381.31
391.14
387.97

138.6
141.7
141.9

430.9

120.1

April
May
June

380 ! 08

383.55

394.77
393.41
402.62

142.1
141.7
144.2

445 '.6

July
August
September

393.05

401.61

412.10
410.61
424.92

145.6
145.6
146.3

October
November
December

403.96

41l'.07

416.91
417.04
423.21

January
February
March

413.34

417.63

April
May
June

427.54

July
August
September
October
November
December

1987

C, Lg, C

(1977 = 100)

bil. dol.)

(Ann. rate,
bil. dol.)

1988

1989

January
February
March
April
May
June

[H)47o'86

H)463'.i6

July
August
September

a48l!24

a471.11

October
November . . . . . . .
December

a483.04

a47o!25

487.06
r487.10
[H)r490.85

167.8
r!69.1
r!69.4

p485.48

r!68.9
Dpl69.9

(NA)

|H)r511.4

rllS.l

[H>r393.2

98.1

r!89.3

See note on page 60.
Graphs of these series are shown on pages 13, 24, and 25.
1
These series reached high values before 1987: series 87 (151.4) in 2d Q 1985, series 28 (2,260) and series 29 (158.5) in February 1984,
and series 89 (200.3) in 4th Q 1986.
2
See "New Features and Changes for This Issue," page iii.

SEPTEMBER 1989




67

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

Q| INVENTORIES AND INVENTORY INVESTMENT

Minor Economic
Process
Timing Class

Year
and
month

Inventory Investment

30. Change in
business inventories in 1982
dollars x

(Ann. rate,
bit. dol.)

L, L, L

L, L, L

L, L,L

36. Change in mfg. and trade
inventories on hand and on
order in 1982 dollars 1
Smoothed 2

Actual
(Ann. rate,
bil. dol.)

Inventories on Hand and on Order

(Ann. rate,
bil. dol.)

31. Change
in mfg. and
trade inventories

(Ann. rate,
bil. dol.)

U L, L

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

(Bil. dol.)

Lg, Lg, Lg

Lg, Lg, Lg

Manufacturing and trade
inventories
71. Current
dollars

(Bil. dol.)

70. Constant
(1982) dollars

(Bil. dol.)

Lg, Lg, Lg

Lg, Lg, Lg

65. Manufacturers' inventories,
finished
goods

77. Ratio,
mfg. and
trade inventories to
sales in
1982 dollars1
(Ratio)

(Bil. dol.)

L, Lg, Lg

78. Mfrs.'
inventories,
materials and
supplies on
hand and on
order
(Bil. dol.)

1987

16.15

-2.36

1.92

64.1
21.3
35.1

-1.06
-0.59

32.38

0.48
9.83

is!s

14.81
47.64
35.65

16.59
23.99
32.16

July
August
September

e'.Q

31.80
-3.77
44.10

October
November
December

56.6

January
February
March

34^3

37.39

April
May
June

Zl'.b

July
August
September

37\5

October
November
December

1.82

659.20
660.97
663.90

644.61
644.61
645.70

103.41
103.02
103.23

1.54
1.49
1.50

236.33
235.74
237.56

26.7
69.3
34.0

2.82
1.09
2.71

666.12
671.89
674.73

645.85
648.83
649.82

102.94
103.23
102.57

1.50
1.50
1.50

240.38
241.47
244.17

35.53
29.80
22.64

32.7
3.9
44.9

2.76
1.75
2.20

677.45
677.78
681.52

651.04
649.93
652.18

103.84
104.66
104.04

1.50
1.49
1.48

246.94
248.68
250.88

75.32
41.99
51.71

31.30
46.18
55.07

90.8
64.5
75.5

2.18
1.02
1.04

689.09
694.47
700.76

657.41
660.63
664.72

105.04
105.86
106.82

1.50
1.51
1.51

253.06
254.08
255.11

3.24

44.33
31.55
22.94

39.3
46.2
36.6

3.81
0.25
1.32

704.03
707.89
710.94

666.50
669.06
670.20

107.42
108.16
108.08

1.52
1.51
1.50

258.92
259.18
260.49

22.64
22.33

15.38
13.19
13.68

43.8
47.0
72.1

2.52
2.83
2.21

714.59
718.51
724.52

671.42
673.13
675.32

108.09
108.43
109.02

1.50
1.50
1.49

263.01
265.83
268.04

-8.81
39.50
35.16

14.34
14.86
19.81

r63.3
[H>r93.3

1.43

r729.79
737.56
744.05

674.74
678.75
681.92

109.82
110.78
111.62

1.50
1.50
1.51

269.47
273.45
275.93

1B.3

-17.99
23.03
59.40

24^5

r!9!l

January
February
March

is!i

April
May
June

1988

4.68
4.88

ED3.98

77.9

2.48

20.42
16.14
17.44

-6.1
38.5
83.5

-0.42
-0.84

743.54
746.76
753.72

681.28
683.35
687.97

112.07
112.69
113.93

1.49
1.50
1.50

277.82
277.41
276.56

18.66
-6.58
-20.08

27.59
28.76
10.58

73.0
39.0
29.4

1.74
0.31
1.61

759.80
763.05
765.50

691.10
690.75
690.50

115.38
115.66
115.36

1.51
1.52
1.53

278.30
278.61
280.22

r5.66
r7.20
r!6.73

r-4.83
r-4.70
r3.73

70.0
81.0

0.14

r32.5

-0.77
r-0.12

771.34
778.09
r 780. 80

r691.15
r693.00
r694.54

115.92
117.05
rl!7.85

1.51
1.51
1.52

280.36
279.59
r279.48

p!7.00

pll.75

p56.5

p3.15

DP785.51

DP697.81

Dpll9.06

(NA)

(NA)

pi. 54
(NA)

H)p282.62
(NA)

1.90

1989

January
February
March
April
May
June
July
August
September

(NA)

(NA)

(NA)

(NA)

(NA)

October
November .December
See note on page 60.
Graphs of these series are shown on pages 15, 26, and 27.
lr
These series reached high values before 1987: series 30 (83.4) in 1st Q 1984, series 36 actual (92.33) in February 1984, series 36
smoothed (79.84) in May 1984, and series 77 (1.58) in March 1986. 2This series is a weighted 4-term moving average (with weights 1,2,2,1)
placed on the terminal month of the span.




SEPTEMBER

1989

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

iQj PRICES, COSTS, AND PROFITS

Minor Economic
Process

Stock
Prices

Sensitive Commodity Prices

Timing Class

Year
and
month

L, L, L

L, L, L

U, L, L

L, L, L

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

23. Index of
spot market
prices, raw
industrial,
matenals2(u)

99. Change in sensitive materials
prices 1

(Percent)

(1967 = 100)

Smoothed 3

Actual

(Percent)

(Percent)

19. Index of
stock prices,
500 common
stocks ©

(1941-43 = 10)

Profits and Profit Marg ns

L, L , L

L, L, L

Corporate profits after tax
16. Current
dollars
(Ann. rate,
bit. dol.)

18. Constant
(1982) dollars
(Ann. rate,
bii. dol.)

L, C, L

L, C, L

Corporate profits after tax
with IVA and CCAdj A
79. Current
dollars

80. Constant
(1982) dollars1

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

L, L, L

22. Ratio, corporate domestic profits after
tax to corporate domestic
income1
(Percent)

1987

January
February
March

0.44
0.53
0.79

252.8
247.2
246.3

1.12
-0.25
0.76

1.27
1.07
0.92

264.51
280.93
292.47

131.4

117.8

164.9

151.8

4.6

April
May
June

0.43
2.25
1.69

253.8
272.6
276.4

2.09
2.30
1.11

0.98
1.20
1.31

289.32
289.12
301.38

139!4

124'.7

169!8

155\5

iis

July
August
September

1.66
1.47
3.31

284.2
288.3
292.4

1.43
1.10
0.72

1.39
1.40
1.32

310.09
329.36
318.66

148.3

133.6

180 '. 3

166.1

5.0

October
November
December

2.65
1.06
0.00

294.6
292.0
293.1

0.30
-1.28
0.49

1.13
0.70
0.41

280.16
245.01
240.96

148^9

13K9

180.9

164!9

4^7

0.90
0.89
1.11

292.5
288.9
292.3

0.78
0.36
1.19

0.30
0.24
0.33

250.48
258.13
265.74

159^9

14K8

189.1

171.'/

5!2

April
May
June

-0.22
-0.22
0.00

297.3
301.6
309.5

0.80
0.41
1.25

0.45
0.51
0.65

262.61
256.12
270.68

166'.9

147!3

187!6

Ibl'.Q

5*.4

July
August
September

1.47
-0.22
-0.22

309.0
309.9
306.4

0.05
0.15
-0.14

0.65
0.58
0.44

269.05
263.73
267.97

173.2

H>15l!8

189.7

168.6

s!i

October
November
December

-0.36
0.36
0.22

305.0
309.7
317.2

-0.25
1.96
0.94

0.27
0.40
0.54

277.40
271.02
276.51

E)175.6

15l!i

E>196'.9

172*.3

b'.3

1.52
0.36
0.71

324.7
329.3
334.6

1.41
1.40
0.69

0.75
0.95
1.04

285.41
294.01
292.71

nsie

147^5

17l!9

145!s

5!2

April
May
June

rO.21
rO.56
-0.63

[H)335.0
330.5
329.1

r-0.80
r-0.89
-0.66

rO.84
rO.49
0.13

302.25
313.93
323.73

rl61.1

r!33.2

r!72.9

r!45!6

4^7

July
August
September

-0.78
-0.21

326.7
325.0
327.0

-0.98
-0.45

r-0.23
-0.47

331.93
D346.61
6
346.57

1988

January
February
March

. .

1989

January
February
March

5

October
November
December
See note on page 60.
Graphs of these series are shown on pages 13, 28, and 29.
l
These series reached high values before 1987: series 98 (3.55) in July 1983, series 99 actual (3.21) in Aug. 1983 and smoothed (2.09) in
Nov. 1983, series 22 (6.9) in 1st Q 1984, and series 80 (190.3) in 3d Q 1985. 2This is a copyrighted series used by permission; it may not
be reproduced without written permission from Commodity Research Bureau, Inc. 3This series is smoothed by an autoregressive-moving-average
filter developed by Statistics Canada. 4See footnote 1 on p. 70. 5Average for Sept. 1-26. 6Average for Sept. 6, 13, 20, and 27.

SEPTEMBER 1989



69

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS
Minor Economic
Process
Timing Class

Year
and

month

|JJ PRICES, COSTS, AND PROFITS— Continued

Cash Flows

Profits and Profit Margins— Continued

U.L.L

L, L, L

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

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

(Percent)

(Cents)

L,L, L

26. Ratio, implicit price deflator to unit
labor cost,
nonfarm business sector 2
(1977 = 100)

L, L, L

Unit Labor Costs and Labor Share

L, L, L

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

Lg, Lg, Lg

63. Index of
unit labor cost,
business sector

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

(1977 = 100)

Lg, Lg, Lg

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 2

(Percent)

1987

e'.z

i!s

98*1

383.2

378!6

171.2

0.731

138.6
138.0
138.3

101.0
100.6
100.8

73!7

6.2

5.0

98.8

394!l

389 '.1

171.3

0.727

137.2
136.9
136.6

100.0
99.8
99.6

73!5

July
August
September

6.5

5*.5

99'.3

404.7

400 '.8

171.6

0.726

135.6
136.6
138.0

98.8
99.6
100.6

73.3

October
November
December

6.1

i!i

98.6

407! 6

403 !l

173^5

0.734

137.1
137.3
136.8

99.9
100.1
99.7

73!l

e!i

Deiz

98*.9

419.6

412'.5

173*.5

0.732

137.2
137.7
139.2

100.0
100.4
101.5

n.2

6.3

5^9

98.' 3

426^2

419.9

176.9

0.740

138.1
137.7
138.5

100.7
100.4
100.9

Jl'.Z

July
August
September

6.1

5!9

98.6

431 !i

[H)424.9

178.1

0.746

137.7
137.6
138.4

100.4
100.3
100.9

73*.3

October
November
December

6\2

5^9

99.1

H>43i;6

42K8

180.2

0.756

139.9
138.9
138.2

102.0
101.2
100.7

73!i

5.1

r5.9

98.2

426 '.9

416.5

181.9

0.768

i>i4i.i

138.4
139.2

100.9
101.5
|H)102.8

73^2

r5.2

p4.8

98.1

r412.2

r401.9

139.2
r!39.2
r!39.5

101.5
rl01.5
rl01.7

73A

r!40.0
p!40.6

r!02.0
p!02.5

January
February
March
April
May

June

1988

January
February
March
April
May

June

1989

January
February
March
April
May

June
July
August
September

0}rl84.3

E>r0.778

October
November .
December
See note on page 60.
Graphs of these series are shown on pages 29 and 30.
4
IVA, inventory valuation adjustment; CCAdj, capital consumption adjustment.
2
These series reached high values before 1987: series 81 (8.6) in 3d Q 1985, series 26 (99.8) in 3d Q 1985, and series 64 (74.0) in
4th Q 1986.

70



SEPTEMBER 1989

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

Q| MONEY AND CREDIT

Minor Economic
Process

Money

Timing Class

Year
and
month

L, L,L

L,C,U

85. Change
in money
supply Ml1

102. Change
in money
supply M2 x

(Percent)

(Percent)

Velocity of Money

L.L.L

104. Change
in total liquid
assets x

(Percent)

L.L.L

L, L, L

105. Money
supply Ml in
1982 dollars

106. Money
supply M2 in
1982 dollars

(Bil. dol.)

(Bil. dol.)

C, C, C

107. Ratio,
gross national
product to
money supply
Ml1

(Ratio)

Credit Flows

C, Lg, C

108. Ratio,
personal income
to money supply
M2

(Ratio)

L, L, L

L, L,L

33. Net change
in mortgage debt
held by financial
institutions and
life insurance
companies1
(Ann. rate,
bil. dol.)

112. Net change
in business loans

(NA)

97.22
-19.66
-16.76

(Ann. rate,
bil. dol.)

1987

January
February
March

0.68
0.16
0.38

0.65
0.01
0.12

0.69
0.27
0.00

632.7
631.0
630.7

2,449.7
2,439.5
2,432.0

5.992

1.287
1.301
1.306

April
May
June

1.40
0.20

0.25
0.66
0.39

0)636.8
635.9
629.8

2,431.2
2,423.8
2,419.7

1.307
1.312
1.315

-5.75

6.014

-0.71

0.40
0.04
0.09

July
August
September

0.20
0.38
0.31

0.29
0.47
0.55

0.13
0.59
0.72

629.5
629.2
629.5

2,420.5
2,421.6
2,428.7

6.126

1.320
1.324
1.323

-22.62
-29.33
28.15

October
November
December

1.26

0.60
0.07
0.18

0.80

-0.36
-0.30

rO.23

2,435.2
r2,428.6
r2, 429.0

6.182

0.07

635.3
630.9
628.0

1.342
1.338
1.356

29.58
-8.88
34.34

0.81
0.22
0.49

0.71
0.69
0.63

0.85
0.69
0.68

630.4
630.8
631.8

2,436.0
2,448.8
2,456.0

6.230

1.338
1.337
1.340

63.36
73.18
19.81

0.97

0.71
0.32
0.44

0.87

rO.64

634.7
632.0
634.4

2,461.2
2,458.9
0)2,461.7

6.260

1,340
1.341
1.344

94.69
15.76
28.42

636.7
634.5
633.0

2,460.5
2,457.2
2,451.5

6.293

1.349
1.351
1.357

33.38
14.70
-21.98

631.4
630.8
631.7

r2,445.6
r2,453.4
r2,453.6

6.372

1.374
1.363
1.370

36.38
15.43
80.89

2,437.0
r2,430.2
r2,425.8

6.499

1.394
1.407
rl.417

89.27
91.34
40.09

r6.707

1.424
1.431
0)1.431

52.54
0>rl25.41
r34.01

rl.426
pi. 424

r7.02
p83.92

2.48

10.79

1988

January
February
March
April
May
June

-0.01

July
August
September

-0.01

October
November
December

0.70

0.38

rO.98

0.17

0.36
0.19
0.17

0.22
0.15
0.47

0.24
0.56
0.33

rO.46
rO.57

January
February
March

-0.51
0.14

-0.12
rO.12

0.07
0.26

-0.14

0.29

rO.73

625.0
623.4
619.6

April
May
June

-0.41
-1.25
-0.39

rO.07
r-0.28
rO.52

rO.38
r-0.03
rO.08

612.8
601.8
598.5

r2,410.5
r2,390.7
r2,399.4

July
August . . .'
September

rO.90
pO.06
2
0.21

rO.96
pO.61

pO.64

r602.5
p602.9

r2,416.7
p2,431.5

0.77

0.41
0.18

0.79

1989

(NA)

October
November
December
See note on page 60.
Graphs of these series are shown on pages 13, 31, and 32.
lr
The following series reached their high values before 1987: series 85 (2.66) in December 1986, series 102 (2.67) in January 1983,
series 104 (1.20) in March 1984, series 107 (7.034) in 4th quarter 1984, and series 33 (143.70) in September 1984.
2
Average for weeks ended September 4 and 11.

SEPTEMBER

1989




71

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

^H MONEY AND CREDIT-Continued

Minor Economic
Process

Timing Class

Year
and
month

Credit Flows— Continued

L,L, L

113. Net change
in consumer
installment
credit 1

(Ann. rate,
bil. dol.)

L, L , L

111. Change in
business and
consumer credit
outstanding 1

(Ann. rate,
percent)

L, L, L

L, L, L

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

Revised

1987

Bank Reserves

Credit Difficulties

14. Current
liabilities of
business
failures 1 ®

(Mil. dol.)

L, L, L

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

Interest Rates

L, U, U

L, Lg, U

93. Free
reserves1©

94. Member
bank borrowings from the
Federal
Reserve 1(u)

(Mil. dol.)

(Mil. dol.)

L, Lg, Lg

119. Federal
funds rate x @

(Percent)

C, Lg, .g

114. Discoint
rate on new
issues of 9 .-day
Treasury bils x @

(Percert)

2

-19.58
19.61
27.43

3.6
1.5
3.8

409,432

3,220.7
3,586.0
3,249.5

2.43
2.40
2.28

488
656
388

580
556
527

6.43
6.10
6.13

5.45
5.59
5.56

April
May
June

48.20
20.78
66.72

5.5
5.4
8.1

633,288

3,222.5
2,488.5
3,332.4

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

62.99
36.48
61.64

4.8
2.8

566,400

2,036.1
1,968.2
2,967.2

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

25.76
14.66
63.38

603,688

3,004.2
1,663.5
3,985.0

2.66
2.54
2.47

186
298
252

943
625
777

7.29
6.69
6.77

6.40
5.81
5.80

520,240

3,894.1
4,625.5
3,291.7

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

717,684

3,065.6
2,316.5
2,453.4

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

594,880

p4,582.8
p2,291.2
p3, 533.0

2.45
2.38
2.42

-2,433
-2,288
-1,867

3,440
3,241
2,839

7.75
8.01
8.19

6.73
7.02
7.23

628,072

pi, 825. 5
p2,047.5
p2,026.8

2.62
2.48
2.49

-1,237
-1,742
-676

2,299
2,861
1,716

8.30
8.35
8.76

7.34
7.68
8.09

585,932

p2, 100.0
p2, 316.1
p2, 948.0

2.32
2.42
2.39

-517
-333
-856

1,662
1,487
1,813

9.12
9.36
9.85

8.29
8.48
8,83

546,276

p6,145.6
pi, 873. 2
p2, 186.0

2.35
2.34
2.30

-1,513
-689
-585

2,289
1,720
1,490

9.84
9.81
9.53

8.70
8.40
8.22

(NA)

272
p206

694
p675

9.24
8.99
8.99

7.92
7.91
"7.72

January
February
March

10.1

6.9
5.0
16.2

1988
January
February
March

86.20
65.77
57.44

April
May
June

40.96
46.15
64.86

July
August
September

16.45
65.51
22.68

October
November
December

30.91
63.37
61.13

7.2
10.6

6.7
11.3

7.4
8.3
8.3
11.1

4.2
7.3
6.8
10.6

1989
January
February
March

(NA)
64.52
45.18

(NA)
11.8

7.2
8.1

April
May
June

32.99
50.65
r32.60

10.1
r5.1

July
August
September

p-3.36
(NA)

p2.1
(NA)

(NA)

3

October
November .
December

See note on page 60.
Graphs of these series are shown on pages 32, 33, and 34.
1
The following series reached their high values before 1987: series 113 (132.08) in September 1985; series 111 (23.2) in June 1984, series 110 (897,756) in 4th quarter 1985; series 14 (829.2) in July 1985; 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. 2See "New Features arid Changes for This Issue," page iii.
3
Average for weeks ended September 6, 13, and 20. A Average for weeks ended September 7, 14, and 21.

72



SEPTEMBER

1989

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

Qj MONEY AND CREDIT-Contmued

Minor Economic
Process
Timing Class

Year
and
month

Outstanding Debt

Interest Rates— Continued

Lg, Lg, Lg

C, Lg, Lg

U, Lg, Lg

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

115. Yield on
long-term
Treasury
bonds1®

117. Yield on
municipal
bonds, 20bond average1©

(Percent)

(Percent)

(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 '©

66. Consumer
installment
credit outstanding

(Percent)

(Mil. dol.)

Lg, Lg, Lg

Lg, Lg, Lg

Commercial and industrial
loans outstanding
72. Current
dollars

(Mil. dol.)

101. Constant
(1982) dollars

(Mil. dol.)

Lg, Lg, Lg

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

1987

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

570,415
572,049
574,335

366,883
365,245
363,848

365,058
361,629
359,534

15.67
15.54
15.52

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

578,352
580,084
585,644

363,369
363,576
364,475

356,594
354,363
353,859

15.55
15.53
15.64

9.70

July
August
September

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

590,893
593,933
599,070

362,590
360,146
362,492

350,329
346,961
349,558

15.67
15.64
15.69

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

601,217
602,439
607,721

364,957
364,217
367,079

350,583
349,536
352,283

15.44
15.50
15.41

9.81
9.43
9.68

8.82
8.41
8.61

7.69
7.49
7.74

10.17
8.37

8.75
8.51
8.50

614,904
620,385
625,172

372,359
378,457
380,108

355,984
361,123
362,353

15.68
15.73
15.71

9.92

8.50
8.84
9.00

628,585
632,431
637,836

387,999
389,312
391,680

366,729
365,551
365,373

15.69
15.72
15.75

9.29
9.84

10.00

639,207
644,666
646,556

394,462
395,687
393,855

365,581
366,377
364,343

15.67
15.75
15.70

1988

January
February
March

9.86

10.28

April
May
June

10.25
10.08

8.91
9.24
9.04

7.81
7.91
7.78

10.46
10.84
10.65

s!49

July
August
September

10.12
10.27
10.03

9.20
9.33
9.06

7.76
7.79
7.66

10.66
10.74
10.58

9!75

October
November
December

9.86
9.98

8.89
9.07
9.13

7.47
7.46
7.61

10.23
10.63
10.81

lo'.ii

10.05

10.00
10.05
10.50

649,132
654,413
659,507

396,887
398,173
404,914

366,809
367,657
371,481

15.53
15.70
15.68

9.07
9.16
9.33

7.35
7.44
7.59

10.69
10.88
11.16

10.97

10.50
10.93
11.50

682,020
687,397
691,162

412,353
419,965
423,306

373,170
379,030
379,647

Ej>15.96
15.91
15.85

9.18
8.95
8.40

7.49
7.25
7.02

10.88
10.55
10.08

1K89

11.50
11.50
11.07

693,911
698,132
E>r700,849

427,684
r438,135
r440,969

380,841
r387,387
r390,930

15.82
15.88
r!5.87

6.96
7.06

9.61
9.95

10.98
10.50

p700,569

r441,554
[H)p448,547

r391,796
[H)p400,488

p!5.75

1989

January
February
March

9.92

10.11
10.33

April
May
June

10.11
9.82
9.24

July
August
September

9.20
9.08
2

9.28

8.19
8.26
2

8.30

3

7.21

lo!78

no. 50

(NA)

(NA)

October
November
December
See note on page 60.
Graphs of these series are shown on pages 15, 34, and 35.
'The following series reached their high values before 1987: 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 1, 8, 15, and 22. 3Average for weeks ended September 7, 14, and 21. ''Average for September 1 through 26.

SEPTEMBER 1989




73

CYCLICAL INDICATORS
C I

DIFFUSION INDEXES AND RATES OF CHANGE

Q| DIFFUSION INDEXES

Year
and
month

950. Eleven leading
indicator components
(series 1, 5, 8, 19, 20, 29,
32, 83, 92, 99, 106)

951. Four roughly
coincident indicator
components (series
41, 47, 51, 57)

1-month
span

6-month
span

January
February
March

40.9
54.5
54.5

77.3
63.6
81.8

100.0

April
May
June

59.1
54.5
81.8

July
August
September
October
November
December

1-month
span

952. Seven lagging
indicator components
(series 62, 77, 91, 95,
101, 109, 120)

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 i

1-month
span

9-month
span

963. Employees on
private nonagricultural
payrolls, 349
industries

1-month
span

6-month
span

1987

75.0

100.0
100.0
100.0

78.6
35.7
42.9

57.1
64.3
57.1

57.5
80.0
17.5

67.5
72.5
85.0

88.2
35.3
52.0

69.6
82.4
78.4

55.6
59.3
61.0

67.3
65.8
64.8

81.8
63.6
72.7

62.5
50.0
87.5

100.0
100.0
100.0

64.3
57.1
28.6

50.0
71.4
64.3

10.0
92.5
45.0

77.5
42.5
77.5

73.5
78.4
15.7

80.4
94.1
90.2

61.9
58.6
59.7

66.8
67.6
69.5

72.7
72.7
36.4

72.7
63.6
59.1

100.0
100.0

100.0
100.0
100.0

42.9
50.0
71.4

64.3
78.6
71.4

57.5
72.5
25.0

57.5
67.5
87.5

64.7
84.3
37.3

92.2
59.8
62.7

65.3
60.6
63.0

71.3
73.5
73.2

45.5
22.7
31.8

36.4
40.9
36.4

75.0
50.0

100.0
100.0
100.0

85.7
57.1
28.6

92.9

100.0

37.5
50.0
60.0

86.3
23.5

85.7

90.0
40.0
27.5

5.9

27.5
62.7
80.4

67.8
64.5
60.7

71.5
71.8
72.2

January
February
March

45.5
63.6
54.5

31.8
45.5
90.9

100.0

100.0
100.0
100.0

71.4
78.6
42.9

85.7
92.9
92.9

37.5
32.5
62.5

42.5
65.0
32.5

80.4
29.4
60.8

45.1
41.2
33.3

60.7
63.5
63.0

69.9
70.2
71.5

April
May
June

63.6
27.3
86.4

77.3
86.4
72.7

100.0
100.0

100.0
100.0
100.0

64.3
28.6
71.4

71.4
57.1
71.4

77.5
30.0
57.5

20.0
42.5
57.5

94.1
29.4
31.4

23.5
86.3
96.1

62.8
61.3
67.2

73.9
73.9
69.1

July
August
September

31.8
54.5
45.5

59.1
63.6
45.5

100.0
100.0
100.0

28.6
71.4
57.1

42.9
78.6
64.3

52.5
27.5
80.0

62.5
47.5
32.5

70.6
20.6
76.5

66.7
82.4
25.5

63.6
58.0
55.4

70.2
74.6
73.5

October
November
December

36.4
40.9
68.2

77.3
50.0
36.4

100.0

100.0
100.0
100.0

64.3
78.6
42.9

78.6

52.5
45.0
22.5

45.0
35.0
60.0

72.5

100.0
100.0

70.6

40.2
37.3
68.6

63.9
68.2
64.6

73.9
74.5
75.8

January
February
March

72.7
22.7
18.2

54.5
36.4

100.0

100.0
100.0

71.4
85.7
71.4

70.0
55.0
40.0

32.5

85.7
85.7

r32.5
r22.5

29.4
41.2
45.1

43.1
30.4
17.6

68.3
60.5
61.0

75.1
69.5
68.2

April
May
June

72.7
18.2
40.9

71.4

85.0

p35.0

92.2

p47.1

60.0

5.0
r70.0

7.8

58.2
55.6

r65.3
p63.8

56.9

r59.7

July
August
September

50.0

r27.5
p47.5

r64.7
p34.3

r54.9
p58.5

25.0

50.0

100.0

1988
75.0
87.5

50.0

75.0

100.0
75.0

75.0

100.0

5.9

1989

p45.5

50.0
75.0

r!8.2
r!8.2
p36.4

75.0

100.0
25.0

2

21.4
57.1

75.0
2

100.0

r75.0

r42.9

75.0

57.1

100.0

3

60.0

100.0

3

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 2<1 quarter and 4-quarter indexes on the 2d month of the 3d quarter.
Series are seasonally adjusted except for those, indicated by (u), that appear to contain no seasonal movement. Series numbers are for identification only and do not reflect series relationships or order Complete titles and sources are listed at the back of this issue. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on page 36.
figures.are the percent of components declining.
2
Excludes series 57, for which data are not available.
3
Excludes series 77 and 95, for which data are not available.

74



SEPTEMBER

1989

CYCLICAL INDICATORS
C

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Q| DIFFUSION INDEXES-Continued

Year
and
month

964. Manufacturers'
new orders, 34
durable goods industries

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

1-month
span

9-month
span

January
February
March

41.2
70.6
47.1

91.2
73.5
89.7

41

April
May
June

54.4
48.5
61.8

80.9
73.5
82.4

82

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

January
February
March

47.1
55.9
41.2

73.5
85.3
76.5

44

April
May
June

57.4
55.9
55.9

73.5
70.6
79.4

65

July
August
September

41.2
67.6
50.0

79.4
79.4
82.4

41

October
November
December

52.9
64.7
64.7

61.8
58.8
82.4

53

January
February
March

55.9
35.3
44.1

54.4

r66.2
r52.9

p47

April
May
June

72.1
35.3

1-quarter
span

966. Industrial production, 24 industries

967. Spot market
prices, 13 raw
industrial materials (u)

968. Stock prices, 500
common stocks x @

960. Net profits,
manufacturing, about
600 companies 2 ©

1-month
span

6-month
span

1-month
span

9-month
span

1-month
span

9-month
span

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

*61

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

10.0
12.5
10.0

78

*63

70.8
62.5
50.0

83.3
79.2
83.3

53.8
46.2
50.0

53.8
69.2
69.2

0.0
0.0

17.5

58

75.0
79.2
66.7

53.8

12.8

'54

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

91.7
87.5
79.2

57.7
65.4
65.4

61.5
61.5
61.5

37.2

51

79.2
60.4
58.3

p51

83.3
60.4
56.3

79.2
83.3
91.7

42.3
46.2
38.5

75.0
75.0
66.7

91.7
70.8
68.8

64.6
29.2
60.4

75.0
62.5

4-Q moving
average

(4-quarter span)

1987

8.8

8.0

'77

1988

(NA)

5.1
7.7

*80

52.6

'"77

97.4

84.6
91.0
92.3

57.7
53.8
65.4

30.8
28.2
69.2

79.5
64.1
84.6

72

42.3
69.2
76.9

57.7
69.2
61.5

84.6
23.1
74.4

97.4
78.9
86.8

*72

69.2
65.4
57.7

46.2
53.8
53.8

100.0

94.7

92.3
39.5

100.0

53.8
61.5

89.5
78.9
81.6

97.4

3.8

1989

July
August
September

p61.8

(NA)

79.2

r45.6

r50.0
r75.0

r36.8
p64.7

r58.3
p64.6

r60.4
r60.4
p70.8

53.8
38.5
38.5
38.5
50.0
46.2

97.4

76.3
94.7

October
November
December
See note on page 74.
Graphs of these series are shown on page 37.
^•Based on 42 industries through April 1987, on 41 industries through June 1987, on 40 industries through March 1988, on 39 industries
through February 1989, and on 38 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.

SEPTEMBER 1989




75

CYCLICAL INDICATORS
C

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Ql DIFFUSION INDEXES-Continued

Year
and
quarter

1986

970. Expenditures for new plant and equipment,
21 industries
a. Actual
expenditures

b. Later
projections

c. Early
projections

971. New orders, manufacturing i@

972. Net profits, manufacturing
and trade 1 ©

Actual

Actual

Anticipated

973. Net sales, manufacturing
and trade 1 ©

Anticipated

Anticipated

Actual

(1-Q span)

(1-Q span)

(1-Q span)

Revised 2

Revised 2

Revised 2

21.4
59.5
31.0
71.4

52.4
64.3
38.1
81.0

71.4
57.1
47.6
47.6

76
76
74
75

82
83
84
78

70
71
70
70

78
81
81
78

72
73
74
74

81
84
83
80

40.5
69.0
81.0
71.4

54.8
90.5
85.7
81.0

59.5
85.7
61.9
52.4

78
83
82
82

80
83
85
86

74
74
75
76

78
81
83
82

78
80
82
83

82
83
85
86

88.1
85.7
71.4
64.3

95.2
76.2
66.7
42.9

71.4
66.7
54.8
52.4

82
82
82
83

84
84
86
84

76
76
76
78

82
82
82
84

80
80
82
84

85
84
86
85

59.5
73.8

66.7
61.9
57.1

71.4
52.4
66.7
52.4

80
75

82
86
81
78

72
73

80
84
80
77

80
76

84
87
84
80

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

(4-Q span)

(4-Q span)

(4-Q span)

(4-Q span)

(4-Q span)

(4-Q span)

1987
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1988
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1989
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

Q[ DIFFUSION INDEXES-Continued

Year
and
quarter

974. Number of employees,
manufacturing and trade 1(u)

975. Level of inventories,
manufacturing and trade1 ©

Actual

Actual

Anticipated

Anticipated

Anticipated

Actual

Anticipated

Actual

Anticipated

Actual

978. Selling prices, retail
trade1©

977. Selling prices, wholesale
trade1©

976. Selling prices, manufacturing a ©

(4-Q span)

(4-Q span)

(4-Q span)

(4-Q span)

(4-Q span)

59
60
58
63

62
65
62
59

59
59
58
62

64
64
62
62

60
62
66
62

62
62
64
64

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

67
70
69
68

62
64
62
63

74
74
74
75

70
69
74
72

74
73
74
72

72
72
71
68

70
70
73
70

68
71
70
72

66
65

63
64
60
60

72
72

70
74
68
67

74
71

72
72
69
66

73
71

70
72
73
69

(4-Q span)

(4-Q span)

(4-Q span)

(4-Q span)

58
59
60
58

59
60
59
58

62
61
62
60

58
58
60
57

60
61
64
64

60
59
62
62

64
65
66
68

63
62
62
63

63
62
62
61

62
60

62
62
61
58

(4-Q span)

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 . . . .
1989
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 b y © , that appear to contain no seasonal movement. The "r" indicates revised; "p", preliminary; and "NA", not available.
Graphs of these series are shown on page 38.
1
This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun § Bradstreet, Inc. Dun $
Bradstreet diffusion indexes are based on surveys of about 1,400 business executives.
2
See "New Features and Changes for This Issue," page iii.

76



SEPTEMBER 1989

g

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Q| SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change
Diffusion index components

1989

January

April

March

February

Julyr

June1"

May

August p

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

+

41.0

41.3

(70)

(28)

(48)

+
o

39.8
39.4

39.6
39.3

+
+

40.1
39.4

41.9
43.2

+
+

42.2
43.3

+

42.4
43.0

+

42.7
42.5

41.9
42.7

41.7
42.5

41.5
42.5

+

41.6
42.3

o

o

41.6
42.1

+

41.0
42.8

40.7
42.5

o
o

40.7
42.5

o
+

40.7
42.6

+

40.8
42.5

41.1
39.5

+
+

41.5
39.8

41.1
39.6

+

41.3
39.4

o

41.3
39.3

40.4
36.3

+
+

40.7
38.1

40.5
39.5

+
+

40.7
40.1

+

(70)

(55)

(40)

o
+

40.3
39.8

39.6
39.7

+
+

40.0
39.8

+
+

40.5
39.9

39.7
39.4

Stone, clay, and glass products
Primary metal industries

+
+

42.5
43.6

42.2
43.4

o
+

42.2
43.5

+

42.5
43.3

Fabricated metal products
Machinery, except electrical

+
o

41.9
42.5

o
+

41.9
42.6

41.8
42.5

+
+

Electric and electronic equipment
Transportation equipment

+
o

40.9
42.8

o
+

40.9
43.1

o

40.6
43.1

Instruments and related products
Miscellaneous manufacturing

+
+

41.5
39.4

o
+

41.5
39.5

o

40.1
38.0

+

40.3
37.8

+

Percent rising of 20 components

o

40.9

41.0

41.1

o

41.0

41.1

+

All manufacturing industries

(85)

(5)

41.0

Durable goods industries:
Lumber and wood products
Furniture and fixtures .

.

+

41.0
39.8

Nondurable goods industries:
Food and kindred products
Tobacco manufacturers 2

+

41.1
37.8

40.8
37.7
40.9
36.9

Textile mill products
Apparel and other textile products

+
+

40.9
37.0

40.8
37.1

+

+

41.1
36.9

+
+

41.7
37.6

41.4
37.1

o
o

41.4
37.1

41.2
37.0

Paper and allied products
Printing and publishing

43.1
38.0

+
o

43.2
38.0

+

+

43.3
37.9

+
o

43.4
37.9

43.3
37.7

o
+

43.3
37.8

43.1
37.6

+
+

43.3
37.8

42.3
43.5

o
+

42.3
44.0

o

42.3
43.2

+
+

42.6
44.3

42.1
43.9

+
+

42.5
44.6

42.5
44.3

+

42.4
44.5

41.7
38.0

o
+

41.7
38.6

41.6
38.0

o
+

41.6
38.3

41.5
37.4

o
+

41.5
37.9

41.4
37.7

+

41.3
38.2

Chemicals and allied products
Petroleum and coal products 2

o

Rubber and miscellaneous plastics products
Leather and leather products

+
+

o

964. MANUFACTURERS' NEW ORDERS, DURABLE GOODS INDUSTRIES 1 3
(Millions of dollars)
All durable goods industries

- 128,479

- 124,107

+ 125,377

(56)

(35)

(44)

Percent rising of 34 components

+ 129,372

- 123,524

(72)

+ 125,137

(35)

- 122,070

+ 126,735
(65)

(37)

(46)

Primary metals
Fabricated metal products

+

13,079
12,983

+

12,602
13,377

-

11,885
12,910

+
+

12,865
13,007

-

12,481
12,792

+

11,770
13,435

-

11,509
12,864

+

11,293
13,227

Machinery, except electrical
Electrical machinery

+
-

22,384
19,563

+

21,921
19,573

+
-

22,255
18,272

+
+

22,731
19,890

-

22,288
18,677

+
+

23,348
19,593

+

20,914
19,770

+
-

22,834
19,585

Transportation equipment
Other durable goods industries

-

36,133
24,337

-

33,381
23,253

+
-

37,050
23,005

o
+

37,062
23,817

o

33,470
23,816

-

33,414
23,577

+
-

34,006
23,007

+
+

36,289
23,507

NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: ( + ) = rising, (o) = unchanged, and (-) = falling.
The "r" indicates revised; "p",
preliminary; and "NA", not available.
1
Unless otherwise noted, data are seasonally adjusted by the source agency.
2
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.

ItUI SEPTEMBER

1989




77

CYCLICAL INDICATORS
C

i

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

2Q| SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change-Continued

1989

D i f f u s i o n i n d e x components

January

February

966. I N D E X OF I N D U S T R I A L PRODUCTION
(1977-100)

+ 140.8

All i n d u s t r i a l p r o d u c t i o n
Percent rising of 24 components

2

-

(65)

140.5

+

+

140.7

(60)

(29)

June r

May r

Apri 1

March

July r

Augustp

l

141.7

-

(79)

141.6

+

141.9

+

(75)

(50)

142.0

+

142.4

(58)

(65)

(NA)
(NA)

Durable manufactures:
Lumber and products
Furniture and fixtures

139.9
166.3

-

+

132.8
164.8

+
+

133.4
165.8

+
+

135.1
168.0

+
+

135.5
170.2

+
+

137.1
170.6

-

136.0
170.3

Clay, glass, and stone products
P r i m a r y metals

+
+

126.6
93.2

-

125.4
91.1

+

125.5
88.4

124.7
90.1

-

+

123.9
87.2

+
+

124.1
87.3

+

123.8
89.1

+

(NA)
89.5

Fabricated metal products
Nonelectrical machinery

+

124.5
178.7

o
+

124.5
180.8

+

123.8
183.0

+

123.1
184.7

+
+

124.8
186.5

+
+

125.4
187.0

+

126.1
186.1

+
-

126.4
186.0

Electrical m a c h i n e r y
Transportation e q u i p m e n t

o
-

180.9
136.7

+
-

181.7
136.4

-

181.6
134.8

+
+

182.2
136.4

-

181.6
135.5

+
-

182.0
134.2

-

180.9
131.9

+
+

181.6
133.7

Instruments
Miscellaneous manufactures

+
+

161.0
112.2

+
-

161.3
110.0

+
+

161.8
112.5

+
+

163.0
115.3

+
+

164.3
117.1

+
+

165.5
118.8

+
+

166.8
119.7

+

167.0
(NA)

Foods
Tobacco products

+
-

146.6
105.0

-

146.3
104.7

145.4
101.5

+
+

146.6
109.2

+
-

147.2
105.9

+

-

147.7
(NA)

Textile m i l l products
Apparel products

+
+

120.2
110.2

o

119.4
110.2

+
-

119.7
109.9

+
+

122.5
111.3

+
+

123.6
111.5

+
+

124.5
112.2

Paper and products
P r i n t i n g and p u b l i s h i n g

+
+

153.8
193.0

+

151.7
194.6

o
+

151.7
198.5

+

150.7
200.1

-

150.1
199.0

+

Chemicals and products
Petroleum products

+
o

159.0
98.0

-

158.5
96.3

+
+

159.2
97.0

+
+

159.3
97.3

-

158.2
96.9

R u b b e r and plastics products
Leather and products

+

175.9
62.6

175.0
62.9

+

176.4
61.2

+
+

178.0
61.4

+

+

Metal m i n i n g
Coai

-

106.9
144.7

-

98.6
134.7

+

98.1
137.7

+

96.8
145.5

Oil and gas extraction
Stone and earth m i n e r a l s

o
+

89.5
142.5

+
+

89.6
143.5

+

89.1
144.5

Nondurable manufactures:

147.6
(NA)

(NA)
(NA)

+

125.9
(NA)

(NA)
(NA)

149.5
200.9

+
-

151.5
200.3

+
+

159.4
97.9

+
+

160.2
98.9

(NA)
98.0

180.5
60.3

+

182.5
60.2

+
+

183.8
60.9

(NA)
(NA)

94.0
137.1

+

-

100.6
129.2

+

(NA)
130.2

+
+

90.5
146.6

90.3
150.0

+

90.2
151.0

+

(NA)
202.0

Mining:

88.9
150.8

+

NOTE: To f a c i l i t a t e interpretation, the month-to-month directions of change are shown along with the numbers:
preliminary; and "NA", not available.

(

+

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

= falling.

+

(NA)
141.5
(NA)
(NA)

The "r" indicates revised: "p"

*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



SEPTEMBER 1989

ltd)

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

R| SELECTED D I F F U S I O N I N D E X COMPONENTS: Basic Data and Direct ons of Change-Continued
D i f f u s i o n i n d e x components

1989
January

967. I N D E X OF SPOT MARKET PRICES. RAW INDUSTRIALS
Raw i n d u s t r i a l s price index (1967 = 100) . . . .

+

324.7

+

(69)

Percent rising of 13 components

329.3

+

334.6

+

335.0

-

August

July

September 1

2

330.5

-

329.1

-

326.7

-

325.0

+

327.0

(46)

(50)

(38)

(38)

(38)

(54)

(58)

(65)

June

May

April

March

February

Dollars
Copper scrap

(pound) . .
(kilogram). .

-

0.962
2.121

-

0.910
2.006

+

1.032
2.275

+

1.058
2.332

-

0.969
2.136

Lead scrap

(pound) . .
(kilogram). .

-

0.284
0.626

-

0.239
0.527

-

0.217
0.478

+

0.218
0.481

o

0.218
0.481

Steel scrap

(U.S. ton) . .
(metric ton) . .

+

0.940
2.072

-

0.901 +
1.986

0.952
2.099

+

1.012
2.231

0.228
0.503

+

0.231
0.509

+

0.242
0.534

+

0.260
0.573

+ 114.800
126.544

- 113.000
124.560

0 113.000
124.560

o 113.000
124.560

- 112.200
123.678

- 111.000
122.355

- 108.000
119.048

- 105.000
115.741

- 102.250
112.710
-

4.535
9.998

Tin

(pound) . .
(kilogram). .

+

4.248
9.365

+

4.528
9.982

+

5.022
11.072

+

5.750
12.676

+

5.822
12.835

-

5.685
12.533

-

5.290
11.662

-

4.786
10.551

Zinc

(pound) . .
(kilogram) . .

+

0.811
1.788

+

0.901 +
1.986

0.954
2.103

-

0.879
1.938

-

0.854
1.883

-

0.809
1.784

-

0.804
1.772

+

0.829
1.828

Burlap

(yard) . .
(meter) . .

+

0.281
0.307

+

0.282
0.308

o

0.282
0.308

+

0.283
0.309

-

0.282
0.308

+

0.284
0.311

+

0.286
0.313

-

0.284
0.311

o

0.284
0.311

Cotton

(pound) . .
(kilogram) . .

+

0.556
1.226

-

0.554
1.221

+

0.578
1.274

+

0.614
1.354

+

0.635
1.400

+

0.638
1.407

+

0.670
1.477

+

0.698
1.539

-

0.686
1.512

Print cloth

(yard). .
(meter) . .

+

0.532
0.582

+

0.610
0.667

+

0.630
0.689

+

0.650
0.711

+

0.708
0.774

+

0.768
0.840

+

0.815
0.891

-

0.784
0.857

Wool tops

(pound) . .
(kilogram) . .

-

7.070
15.587

+

7.075
15.598

-

6.650
14.661

-

6.250
13.779

-

5.570
12.280

-

5.400
11.905

5.200
11.464

+

5.220
11.508

+

5.250
11.574

Hides

(pound) . .
(kilogram) . .

+

0.936
2.064

+

0.976
2.152

+

1.048
2.310

-

0.975
2.149

-

0.954
2.103

-

0.948
2.090

+

1.000
2.205

+

1.020
2.249

+

1.052
2.319

Rosin

(100 pounds) . .
(100 k i l o g r a m s ) . .

+

65.000
143.299

o

65.000
143.299

o

65.000
143.299

o

65.000
143.299

o

65.000
143.299

-

64.500
142.197

-

63.000
138.890

o

63.000
138.890

o

63.000
138.890

Rubber

(pound) . .
(kilogram) . .

+

0.564
1.243

+

0.592
1.305

-

0.566
1.248

-

0.553
1.219

-

0.520
1.146

-

0.494
1.089

-

0.492
1.085

-

0.473
1.043

-

0.462
1.019

Tallow

(pound) . .
(kilogram) . .

-

0.146
0.322

+

0.147
0.324

0.145
0.320

-

0.143
0.315

+

0.144
0.317

+

0.150
0.331

-

0.142
0.313

-

0.131
0.289

+

0.138
0.304

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

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

0.822
1.812

0.782
0.855

The "r" indicates revised; "p",

1

The index is the average for September 1 through 26.
v* by permission; they may not be reproduced without
Data are not seasonally adjusted. These series are based on copyrighted data used
written permission from Commodity Research Bureau, Inc. Components are converted to metric units by the Bureau of Economic Analysis.
2

SEPTEMBER 1989




79

OTHER IMPORTANT ECONOMIC MEASURES
IA

1

NATIONAL INCOME AND PRODUCT

HH GNP AND PERSONAL INCOME

Year
and
quarter

b. Difference

a. Total
(Ann. rate,
bil. dol.)

(Ann. rate.
bil. dol.)

217. Per capita
gross national
product in 1982
dollars

50. Gross national product in 1982 dollars

200. Gross national product in current dollars

b. Difference

a. Total

c. Percent
change at
annual rate

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

c. Percent
change at
annual rate

213. Final sales
in 1982 dollars

(Ann. rate,
bil. dol )

(Ann. rate,
dollars)

1986

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

4,181.3
4,194.7
4,253.3
4,297.3

73.4
13.4
58.6
44.0

7.3
1.3
5.7
4.2

3,721.1
3,704.6
3,712.4
3,733.6

-16.5
7.8

4,388.8
4,475.9
4,566.6
4,665.8

91.5
87.1
90.7
99.2

8.8
8.2
8.4
9.0

4,739.8
4,838.5
4,926.9
5,017.3

74.0
98.7
88.4
90.4

5,113.1
r5,201.7

r88.6

6.6

21.2

0.8
2.3

15,455
15,351
15,343
15,391

3,679.2
3,697.6
3,718.3
3,754.4

3,783.0
3,823.5
3,872.8
3,935.6

49.4
40.5
49.3
62.8

5.4
4.4
5.3
6.6

15,562
15,693
15,854
16,068

3,764.9
3,810.1
3,866.0
3,8 7 9.0

6.5
8.6
7.5
7.5

3,974.8
4,010.7
4,042.7
4,069.4

39.2
35.9
32.0
26.7

4.0
3.7
3.2
2.7

16,192
16,303
16,388
16,452

3,940.5
3,989.2
4,005.2
4,051.0

7.9

4,106.8
r4,132.5

3.7

r25.7

16,567
r!6,633

4,082.3
r4,113.5

58.7

-1.8

1987

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

First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1989

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

95.8

r7.1

37.4

Q| GNP AND PERSONAL INCOME-Continued
Year
and
quarter

Qj PERSONAL CONSUMPTION EXPENDITURES
230. Total in current
dollars

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

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

r2.5

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.)

1986

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

2,959.2
3,006.5
3,024.3
3,063.4

2,609.2
2,648.6
2,637.3
2,646.2

10,837
10,975
10,900
10,909

2,734.3
2,761.0
2,826.0
2,868.5

2,410.9
2,432.4
2,464.4
2,477.8

381.8
393.6
426.4
422.0

363.7
374.5
401.9
397.5

3,142.8
3,138.1
3,223.5
3,319.4

2,672.3
2,632.5
2,675.6
2,726.2

10,993
10,805
10,953
11,130

2,914.7
2,989.4
3,055.9
3,083.3

2,478.3
2,507.7
2,536.5
2,532.3

401.2
419.2
439.3
424.5

376.1
389.3
403.8
389,4

3,376.4
3,435.9
3,511.7
3,587.4

2,757.2
2,773.3
2,806.4
2,835.9

11,232
11,273
11,377
11,466

3,148.1
3,204.9
3,263.4
3,324.0

2,570.8
2,586.8
2,608.1
2,627.7

446.4
454.6
452.5
467.4

408.4
414,8
410.7
420.5

3,689.5
r3,747.7

2,881.7
r2,887.6

11,625
rll,622

3,381.4
r3, 444.1

2,641.0
r2,653.7

466.4
471.0

419.3
424.9

1987

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

First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1989

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

NOTE: Series are seasonally adjusted except for those, indicated by (u), that appear to contain no seasonal movement. Series numbers are for identification only and do not reflect series relationships ot 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

1989

OTHER IMPORTANT ECONOMIC MEASURES
A

I

NATIONAL INCOME AND PRODUCT—Continued

JQ PERSONAL CONSUMPTION EXPENDITURES-Continued
Year
and
quarter

236. Nondurable
goods in current
dollars

(Ann. rate,
bil. dol.)

238. Nondurable
goods in 1982
dollars

(Ann. rate,
bil. dol.)

RR GROSS PRIVATE DOMESTIC INVESTMENT

237. Services in
current dollars

239. Services in
1982 dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

240. Total in
current dollars

(Ann. rate,
bil. dol.)

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.)

1986

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

939.0
935.4
941.4
952.1

870.1
879.8
879.1
883.5

1,413.4
1,432.0
1,458.2
1,494.4

1,177.1
1,178.0
1,183.4
1,196.8

683.8
657.2
647.7
648.8

676.1
642.3
625.1
615.2

643.1
651.8
654.2
660.9

634.2
635.2
631.0
636.0

976.4
994.3
1,006.0
1,015.4

887.7
889.0
891.8
892.9

1,537.1
1,575.8
1,610.6
1,643.3

1,214.5
1,229.5
1,240.9
1,250.0

673.1
684.1
692.8
749.7

646.3
656.7
671.7
721.1

647.7
665.3
683.2
686.3

628.2
643.4
664.9
664.6

1,022.2
1,042.4
1,066.2
1,078.4

896.6
899.2
910.3
912.0

1,679.5
1,707.9
1,744.7
1,778.2

1,265.9
1,272.8
1,287.0
1,295.2

728.8
748.4
771.1
752.8

707.0
713.5
733.6
709.1

698.7
719.1
726.5
734.1

672.7
692.0
696.1
690.8

1,098.3
rl,121.5

915.0
r909.7

1,816.7
rl,851.7

1,306.7
rl, 319.0

769.6
r775.0

721.1
r719,8

742.0
r747.6

696.6
r700.7

1987

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

First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1989

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

B
Year
and
quarter

GROSS PRIVATE
DOMESTIC INVEST.-Con.

245. Change in
business inventories in current
dollars

30. Change in
business inventories in 1982
dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

^M 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.)

1986

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

40.7

41.9

5.4

7.1

-6.4

-5.9

-12.2

-20.8

25.4
18.8

18.1
13.3

9.5

6.8

850.3
869.3
880.3
888.9

744.1
761.2
765.2
776.0

358.5
368.7
369.9
368.8

324.4
335.4
334.2
342.4

491.8
500.6
510.4
520.1

419.6
425.7
430.9
433.6

776.6
774.9
783.5
792.1

375.6
378.2
384.5
388.1

338.1
334.7
340.7
344.9

531.4
538.6
548.7
559.4

438.5
440.1
442.8
447.2

1987

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

63.3

56.6

906.9
916.8
933.2
947.5

30.0
29.3
44.6
18.7

34.3
21.5
37.5
18.3

945.7
960.1
958.6
1,011.4

775.1
783.0
775.9
806.4

374.1
377.1
367.5
406.4

323.8
327.9
319.8
343.9

571.6
583.0
591.0
604.9

451.3
455.1
456.1
462.5

27.7

24.5

r27.4

r!9.1

1,016.0
rl,033.2

799.7
r810.3

399.0
r406.0

335.5
r343.6

617.0
r627.2

464.2
r466.7

1988

First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1989

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

See note on page 80.
Graphs of these series are shown on pages 41, 42, and 43.

SEPTEMBER 1989




81

OTHER IMPORTANT ECONOMIC MEASURES
A

I

NATIONAL INCOME AND PRODUCT—Continued

B

Qj FOREIGN TRADE

Year
and
quarter

Net exports of goods and services

280. Compensation of
employees

257. Constant
(1982) dollars

253. Current
dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

256. Constant
(1982) dollars

252. Current
dollars

255. Constant
(1982) dollars

250. Current
dollars

220. National income in current
dollars

Imports of goods and services

Exports of goods and services

NATIONAL INCOME
AND ITS COMPONENTS

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

1986

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

-87.1
-92.7
-100.8
-108.9

-110.0
-131.2
-142.3
-135.4

395.5
390.7
397.3
402.4

392.9
389.6
399.6
406.5

482.7
483.4
498.0
511.3

502.9
520.7
541.9
541.9

3,363.4
3,394.5
3,419.3
3,473.1

2,463.8
2,487.2
2,523.3
2,571.2

-106.0
-114.4
-115.3
-114.6

-118.2
-115.9
-118.9
-109.8

416.5
437.4
458.0
482.6

418.7
439.5
461.3
484.1

522.5
551.8
573.4
597.2

536.9
555.4
580.2
593.9

3,550.5
3,616.4
3,694.8
3,799.9

2,615.0
2,656.6
2,709.8
2,778.7

-82.8
-74.9
-66.2
-70.8

-78.2
-72.6
-74.9
-73.8

521.6
532.5
556.8
579.7

517.4
519.7
531.9
551.4

604.3
607.5
623.0
650.5

595.6
592.3
606.9
625.2

3,853.6
3,933.6
4,005.7
4,097.4

2,819.4
2,878.9
2,935.1
2,997.2

-54.0
r-5U.6

-55.0
r-51.2

605.6
r626.1

569.7
r587.5

659.6
r676.6

624.6
r638.7

4,185.2
r4,249.6

3,061.7
r3,118.2

1987

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

First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1989

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

i

Qj SAVING

J NATIONAL INCOME AND ITS COMPONENTS-Continued

Year
and
quarter

282. Proprietors'
income with IVA
and CCAdj 1

(Ann. rate,
bil. dol.)

284. Rental income
of persons with
CCAdj 1

(Ann. rate,
bil. dol.)

286. Corporate
profits before tax
with IVA and
CCAdj L

288. Net interest

290. Gross saving

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

295. Business
saving

(Ann. rate,
bil. dol.)

292. Personal
saving

(Ann. rate,
bil. dol.)

1986

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

269.4
289.5
279.7
289.2

9.6
11.5
11.7
13.5

292.7
280.9
279.7
275.2

327.9
325.4
324.9
324.0

559.6
523.0
508.8
510.0

550.8
542.8
545.5
539.3

135.9
155.0
106.6
102.0

306.7
305.8
305.2
328.7

14.7
13.0
11.5
14.3

279.9
293.7
313.0
308.2

334.2
347.2
355.3
370.0

529.5
535.0
551.1
599.5

546.8
556.4
571.0
573.9

135.9
55.9
73.6
141.8

324.0
331.8
327.0
328.3

15.6
14.6
16.3
16.1

318.1
325.3
330.9
340.2

376.6
383.0
396.4
415.7

619.1
633.4
669.8
647.4

588.1
588.5
592.8
605.8

131.9
134.0
149.6
163.4

359.3
r355.5

11.8
r9.8

316.3
r307.8

436.1
r458.4

693.5
r695.8

586.4
r593.0

205.7
r200.7

1987

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

First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . .
1989

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

See note on |
Graphs of these series are shown on pages 44, 45, and 46.
1
IVA, inventory valuation adjustment; CCAdj, capital consumption adjustment.

82



SEPTEMBER 1989

ltd*

OTHER IMPORTANT ECONOMIC MEASURES
|A

I

NATIONAL INCOME AND PRODUCT—Continued

JJ SHARES OF GNP AND NATIONAL INCOME

Qj SAVING-Continued

Year
and
quarter

298. Government
surplus or deficit

293. Personal
saving rate

Percent of gross national product
235. Personal consumption expenditures

(Ann. rate,
bil. dot.)

(Percent)

(Percent)

248. Nonresidential
fixed investment

247. Change in
business inventories

249. Residential
fixed investment
(Percent)

(Percent)

251. Net exports of
goods and services
(Percent)

(Percent)

1986

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

1.0
0.1

-127.2
-174.7
-143.4
-131.3

4.6
5.2
3.5
3.3

65.4
65.8
66.4
66.8

10.5
10.4
10.1
10.1

4.9
5.2
5.2
5.2

-153.2
-77.3
-93.5
-116.3

4.3
1.8
2.3
4.3

66.4
66.8
66.9
66.1

9.7
9.8

5.1
5.1
5.0
4.9

0.6
0.4
0.2
1.4

-2.4
-2.6
-2.5
-2.5

-101.0
-89.1
-72.7
-121.9

3.9
3.9
4.3
4.6

66.4
66.2
66.2
66.3

10.0
10.1
10.0

9.9

4.8
4.8
4.7
4.8

0.6
0.6
0.9
0.4

-1.7
-1.5
-1.3
-1.4

-98.7
r-97.9

5.6
r5.4

66.1
66.2

9.8
9.9

4.7
4.5

0.5
0.5

-1.1
-1.0

-0.2
-0.3

-2.1
-2.2
-2.4
-2.5

1987

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

10.0

9.8

1988

First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1989

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

Q| SHARES OF GNP AND NATIONAL INCOME-Continued
Year
and
quarter

Percent of GNP— Continued
265. Federal Government purchases of
goods and services
(Percent)

Percent of national income

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

64. Compensation of
employees

285. Rental income
of persons with
CCAdj x

283. Proprietors'
income with IVA
and CCAdj l

(Percent)

(Percent)

(Percent)

287. Corporate profits
before tax with
IVA and CCAdjl

289. Net interest

(Percent)

(Percent)

1986

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

8.6
8.8
8.7
8.6

11.8
11.9
12.0
12.1

73.3
73.3
73.8
74.0

8.0
8.5
8.2
8.3

0.3
0.3
0.3
0.4

8.7
8.3
8.2
7.9

9.7
9.6
9.5
9.3

8.6
8.4
8.4
8.3

12.1
12.0
12.0
12.0

73.7
73.5
73.3
73.1

8.6
8.5
8.3
8.7

0.4
0.4
0.3
0.4

7.9
8.1
8.5
8.1

9.4
9.6
9.6
9.7

7.9
7.8
7.5
8.1

12.1
12.0
12.0
12.1

73.2
73.2
73.3
73.1

8.4
8.4
8.2
8.0

0.4
0.4
0.4
0.4

8.3
8.3
8.3
8.3

9.8
9.7
9.9

7.8
7.8

12.1
12.1

73.2
73.4

8.6
8.4

0.3
0.2

r7.2

1987

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

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

10.1

1989

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

7.6

10.4
10.8

See note on page 80.
Graphs of these series are shown on pages 46 and 47.
L
IVA, inventory valuation adjustment; CCAdj, capital consumption adjustment.

SEPTEMBER 1989




83

OTHER IMPORTANT ECONOMIC MEASURES
B I

PRICES, WAGES, AND PRODUCTIVITY

Q| PRICE MOVEMENTS
Implicit price deflator for
gross national product
Year
and
month

310. Index

(1982 = 100)

310c. Change
over 1-quarter
spans i

(Ann. rate,
percent)

Consumer price index
for all urban consumers

Fixed-weighted price index,
gross domestic business product
311. Index

(1982 = 100)

31 Ic. Change
over 1-quarter
spans 1

(Ann. rate,
percent)

320. Index ©

(1982-84=100)

320c. Change
over 1-month
spans1

(Percent)

Consumer price index for
all urban consumers, food

320c. Change
over 6-month
spans *

(Ann. rate,
percent)

322. Index

322c. Change
over 1-month
spans l

(1982-84 = 100)

(Percent)

322c. Change
over 6-month
spans1

(Ann. rate,
percent)

1987

January
February
March

neio

April
May
June

117!i

July
August
September

11?!9

October .
November
December

naie

3.2

3.7

111.2
111.6
112.1

0.7
0.4
0.4

5.0
5.1
5.3

112.1
112.3
112.5

0.6
0.2
0.2

4.0
4.2
4.9

3.9

112.7
113.1
113.5

0.4
0.4
0.3

4.4
4.5
4.0

112.8
113.4
114.1

0.3
0.5
0.6

3.1
2.7
3.2

3.7

113.8
114.4
115.0

0.3
0.4
0.2

3.8
3.7
3.6

113.8
113.8
114.3

-0.3

0.0
0.4

3.0
2.3
2.1

3.6

115.3
115.4
115.4

0.3
0.3
0.2

3.9
3.3
3.7

114.5
114.7
115.3

0.2
0.2
0.5

3.4
3.0
3.0

3.3

115.7
116.0
116.5

0.4
0.2
0.3

3.9
4.0
4.4

115.7
115.5
116.0

0.3
0.4

3.7
4.2
4.4

5.0

117.1
117.5
118.0

0.4
0.4
0.3

4.4
4.7
4.9

116.6
117.1
117.8

0.5
0.4
0.6

5.6
7.0
7.6

5.5

118.5
119.0
119.8

0.4
0.3
0.4

4.8
4.5
4.5

118.9
119.5
120.3

0.9
0.5
0.7

7.0
6.4
5.9

4.3

120.2
120.3
120.5

0.4
0.3
0.3

4.8
4.9
5.1

120.6
120.8
121.2

0.2
0.2
0.3

5.5
5.3
5.6

4.1

121.1
121.6
122.3

0.6
0.4
0.5

5.6
6.2
5.9

122.1
122.6
123.6

0.7
0.4
0.8

6.1
7.1
6.9

5.3

123.1
123.8
124.1

0.7
0.6
0.2

5.2
4.3

124.2
125.0
125.3

0.5
0.6
0.2

6.0
5.5

124.4
124.6

0.2
0.0

125.7
125.9

0.3
0.2

115.*7

3.8

iieig

2.8

11?!9
2.4

119.6

1988

2.0

January
February
March

119i2

April
May
June

12CL6

July
August
September

121.9

iziii

4.4

October

November
December

4.8

iigig

123!6
4.7

123 '.3

124^4

-0.2

1989

January
February
March

124.'5

April
May
June

125 '.9

4.0
125^6

4.6

July
August
September

127*.2

October
November
December
See note on page 80.
Graphs of these series are shown on pages 48 and 49.
1
Changes are centered within the spans: 1-month changes are placed on the 2d month, 6-month changes are placed on the 4th month, and
1-quarter changes are placed on the 1st month of the 2d quarter.

84



SEPTEMBER 1989

OTHER IMPORTANT ECONOMIC MEASURES
BI

PRICES, WAGES, AND PRODUCTIVITY—Continued

EH
Producer price index, all commodities
Year
and
month

330. Index ©

(1982=100)

330c. Change
over 1-month
spans1©

(Percent)

PRICE MOVEMENTS-Continued
Producer price index, crude materials
for further processing

Producer price index, industrial commodities

330c. Change
over 6-month
spans x ©

(Ann. rate,
percent)

335. Index ©

(1982 = 100)

335c. Change
over 1-month
spans1©

(Percent)

335c. Change
over 6-month
spans1©

(Ann. rate,
percent)

331. Index

331c. Change
over 1-month
spans 1

(1982 = 100)

(Percent)

331c. Change
over 6-month
spans1

(Ann. rate,
percent)

1987

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

89.3
90.1
90.8

2.8
0.9
0.8

12.5
14.9
17.8

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

92.6
93.9
94.3

2.0
1.4
0.4

14.4
14.7
11.5

July
August
September

103.5
103.8
103.7

0.5
0.3

4.4
3.1
2.3

103.1
103.7
103.5

0.7
0.6

4.8
4.6
3.5

95.5
96.5
95.9

1.3
1.0
-0.6

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

95.8
95.0
94.8

-0.1
-0.8
-0.2

-2.9
-3.1
-2.7

January
February
March

104.6
104.8
104.9

0.4
0.2
0.1

3.3
4.5
5.8

104.4
104.6
104.7

0.2
0.2
0.1

3.1
3.7
4.3

94.1
95.0
94.6

-0.7

-0.4

April
May
June

105.8
106.5
107.2

0.9
0.7
0.7

6.4
6.2
6.2

105.6
106.1
106.4

0.9
0.5
0.3

4.7
4.6
4.1

95.6
96.0
96.9

July
August
September

107.9
108.0
108.1

0.7
0.1
0.1

4.6
3.4
3.4

106.8
107.0
106.8

0.4
0.2

2.9
2.7
3.2

96.6
97.2
97.1

-0.3

96.6
94.8
97.8

-0.5
-1.9

101.8
101.5
103.7

-0.3

r!04.5
105.1
103.0

rO.8
rO.6
-2.0

103.2
101.2

-1.9

-0.1

-0.2

7.0
2.4
1.1

1988

October
November
December

-0.2

108.2
108.3
109.0

0.1
0.1
0.6

4.9
5.3
6.4

107.1
107.5
108.1

0.3
0.4
0.6

5.3
5.9
7.0

January
February
March

110.5
110.8
111.5

1.4
0.3
0.6

7.7
9.1
7.1

109.6
110.1
110.5

1.4
0.5
0.4

r9.0

April
May
June

112.3
113.1
112.8

0.7
0.7

4.0
2.2

-0.3

rill. 8
112.4
112.3

rl.2
rO.5
-0.1

July
August
September

112.7
112.0

-0.1
-0.6

112.2
111.4

-0.1
-0.7

1.0
-0.4

1.1
0.4
0.9
0.6
-0.1

2.1
4.5
5.4
4.7
5.4
2.1
-2.5

1.9
11.1

9.0

3.2

14.1

4.1

r!7.0

1989

9.3
7.9
4.8
2.4

2.2

22.9
10.9

2.8
-0.6

0.2

October
November
December
See note on page 80.
Graphs of these series are shown on page 48.
1
Changes are centered within the spans:

SEPTEMBER 1989




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 I

PRICES, WAGES, AND PRODUCTIVITY—Continued

Q| PRICE MOVEMENTS-Continued
Producer price index, intermediate
materials, supplies, and components
Year
and
month

332. Index

(1982 = 100)

Producer price index, capital equipment

332c. Change
over 6-month
spans 1

332c. Change
over 1-month
spans l

(Ann. rate,
percent)

(Percent)

333. Index

333c. Change
over 1-month
spans1

(1982 = 100)

(Percent)

Producer price index, finished consumer goods

333c. Change
over 6-month
spans *

(Ann. rate,
percent)

334. Index

(1982 = 100)

334c. Change
over 1-month
spans *

334c. Change
over 6-month
spans x

(Ann. rate,
percent)

(Percent)

1987

0.1

1.6
1.3
1.3

102.0
102.6
102.9

0.7
0.6
0.3

4.2
4.6
4.8

111.4
111.5
111.5

0.3
0.1
0.0

0.7
1.6
2.4

103.4
103.6
103.7

0.5
0.2
0.1

3.8
2.6
3.1

5.7
5.2
4.6

111.6
111.9
112.4

0.1
0.3
0.4

1.1
1.1
1.3

103.9
103.9
104.5

0.2
0.0
0.6

1.7
1.2
0.4

0.5
0.3
0.2

5.0
4.5
4.7

112.0
112.1
112.2

0.1
0.1

2.2
2.2
1.4

104.3
104.2
103.9

104.3
104.6
105.0

0.7
0.3
0.4

5.1
5.7
6.9

112.8
113.1
113.2

0.5
0.3
0.1

2.5
2.9
3.2

104.6
104.6
105.0

0.7
0.0
0.4

1.9
2.7
3.7

April
May
June

105.7
106.3
107.1

0.7
0.6
0.8

7.0
7.0
7.0

113.4
113.7
114.0

0.2
0.3
0.3

2.7
2.8
4.5

105.3
105.6
105.8

0.3
0.3
0.2

3.7
4.3
4.4

July
August
September

107.9
108.2
108.6

0.7
0.3
0.4

5.6
5.1
4.5

114.3
114.7
115.7

0.3
0.3
0.9

3.9
3.7
3.9

106.5
106.8
107.3

0.7
0.3
0.5

4.0
4.2
4.6

October
November
December

108.6
109.0
109.5

0.0
0.4
0.5

5.4
5.8
6.2

115.6
115.8
116.2

0.2
0.3

4.6
4.8
3.1

107.4
107.8
108.2

0.1
0.4
0.4

5.7
7.2
7.4

January
February
March

110.8
111.3
111.9

1.2
0.5
0.5

7.3
6.7
5.4

116.9
117.4
117.5

0.6
0.4
0.1

3.1
3.7
4.3

109.5
110,6
111.2

1.2
1.0
0.5

April
May
June

112.5
112.6
112.4

0.5
0.1

2.5
1.1

3.1
2.7

112.0
113.2
112.8

0.7
1.1

-0.2

117.4
117.9
118.7

-0.4

July
August
September

112.2
111.9

-0.2
-0.3

118.7
119.0

112.1
111.5

-0.6
-0.5

100.0

0.8
0.7
0.2

4.3
5.4
6.2

111.2
111.0
111.1

April
May
June

100.3
100.8
101.3

0.3
0.5
0.5

5.5
5.1
5.3

July
August
September

101.8
102.3
102.6

0.5
0.5
0.3

October
November
December

103.1
103.4
103.6

January
February
March

January
February
March

99.1
99.8

0.4
-0.2

-0.4

-0.2
-0.1
-0.3

1.4
1.4
1.0

1988

-0.1

1989

-0.1

0.4
0.7
0.0
0.3

8.7
10.3

8.7
4.8
1.6

October
November
December
See note on page 80.
Graphs of these series are shown on page 48.
Changes are centered within the spans:




1-month changes are placed on the 2d month, and 6-month changes are placed on the 4th month.

SEPTEMBER 1989

OTHER IMPORTANT ECONOMIC MEASURES
B I

PRICES, WAGES, AND PRODUCTIVITY—Continued

HJJ WAGES AND PRODUCTIVITY
Average hourly compensation, all employees,
nonfarm business sector

Average hourly earnings of production or nonsupervisory
workers on private nonagricultural payrolls1
Year
and
month

Current-dollar earnings
340. Index

340c. Change
over 1-month
spans 2

(1977 = 100)

(Percent)

Current-dollar compensation

Real earnings
340c. Change
over 6-month
spans 2
(Ann. rate,
percent)

341. Index

341c. Change
over 1-month
spans 2

(1977 = 100)

(Percent)

341c. Change
over 6-month
spans 2
(Ann. rate,
percent)

345. Index

(1977 = 100)

345c. Change
over 1 -quarter
spans 2
(Ann. rate,
percent)

345c. Change
over 4-quarter
spans 2
(Ann. rate,
percent)

1987

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

April
May
June

172.5
172.9
172.9

0.3
0.2
0.1

2.3
2.6
2.9

July
August
September

173.2
174.1
174.6

0.2
0.5
0.3

October
November
December

174.9
175.6
175.7

January
February
March

1.4

186.2

-0.3

-2.4
-3.1
-3.3

94.1
94.0
93.7

-0.3
-0.1
-0.3

-2.1
-2.0
-1.5

187!i

2.8
3.3
3.3

93.7
93.8
93.7

-0.1

-1.3
-0.5
-0.1

189!6

0.2
0.4
0.1

4.0
3.0
2.8

93.5
93.8
93.7

-0.2

176.6
176.7
177.0

0.5
0.1
0.2

3.6
3.5
3.3

93.8
93.7
93.5

April
May
June

178.0
178.7
178.6

0.6
0.4

3.1
3.2
3.8

93.6
93.6
93.2

July"
August
September

179.3
179.5
180.3

4.0
3.0

93.2
92.9
93.0

October
November
December

181.5
181.4
p!81.7

-0.1
pO.2

93.1
92.9

-0.2

p92.7

p-0.2

(3)

(3)

(3)

(3)

0.0

0.1
-0.1

0.3
-0.1

2.6

i!6

4.8
4.3
7.2

0.2
-0.1
-0.4

3^5

192^9

5.1

1988

-0.1

0.4
0.1
0.5

P 3.5

0.6

i3)

0.1
-0.1
-0.2

0.1
0.0
-0.4

0.0
-0.4

2.6

0.1
-0.5
-1.0
-1.2
-1.8
-1.1
-1.0
-1.3

0.2

p-1.0

0.1

(3)

194*.2

5*.2

5.8
4i9

196!9
5.3

5^5

199.5
5.9

5^4

202 '.3

1989

January
February
March

5.1
204 '.8

April
May
June

r5.6

207!6

July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on pages 49 and 50.
1
Adjusted for overtime (in manufacturing only) and interindustry employment shifts.
2
Changes are centered within the spans: l-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.
3
This series has been discontinued by the source agency.

licit

SEPTEMBER 1989




87

OTHER IMPORTANT ECONOMIC MEASURES
B I

PRICES, WAGES, AND PRODUCTIVITY—Continued

199 WAGES AND PRODUCTIVITY-Continued
Negotiated wage and
benefit decisions

Average hourly compensation, all employees,
nonfarm business sector— Continued
Year
and

348. Average
first-year
changes (u)

Real compensation
346. Index

(1977 = 100)

346c. Change
over 1-quarter
spans x

346c. Change
over 4-quarter
spans 1

(Ann. rate,
percent)

(Ann. rate,
percent)

(Ann. rate,
percent)

Output per hour, all persons, business sector

349. Average
changes over
life of
contract ©

(Ann. rate,
percent)

370. Index

(1977 = 100)

370c. Change
over 1-quarter
spans x

370c. Change
over 4-quarter
spans 1

(Ann. rate,
percent)

(Ann. rate,
percent)

358. Index of
output per hour,
all persons,
nonfarm business sector

(1977 = 100)

1987

-3.8

January
February
March

100.8

April
May
June

100 la

July
August
September

iocL5

October
November
December

10K4

1.1

2.1

-2.1

-6!4

0.5

109!9

-6'.7

4.1

3.9

11CL7

2.6
.. .

i*.9

107 '.7

2*.5

108.6

3*.6

109*.5

i!a

noli

i.'e

ni!i

i!6

Il6'.7

6!6

111.6

rl.'i

112!!

...
2.5

1.1

2.1

0.3

3.4

3.4

iii'.i

3.9

2.9

2.4

112.5

1.2

...

1988

-1.0

January
February
March

101.1

April
May
June

101.4

July
August
September

loils

1.8

October
November
December

113!3

3.1

1.2

-2.0

2.4

112.7

0.5

3.4

0.5

2.7

1.8

1.6

3.1

3.2

113.6

0.7

...

...

ioi!9

1.4

o'.'z

3.5

2.1

113*.6

0.2
.. .

1989

January
February
March

ioi!s

April
May
June

lOi',6

-0.4

p3.2

1.0

p3.4

nils

113!9

r-0.8

p5.0

p3.4

riiiis

rl.3

rllZ.O

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 1989

OTHER IMPORTANT ECONOMIC MEASURES
C

I

LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT

Qj CIVILIAN LABOR FORCE AND MAJOR COMPONENTS
Civilian labor force
Year
and
month

441. Total

442. Civilian
employment

Number unemployed
37. Persons
unemployed

444. Males
20 years
and over

(Thous.)

(Thous.)

445. Females
20 years
and over

446. Both
sexes 16-19
years of age

(Thous.)

(Thous.)

447. Number
unemployed,
full-time
workers

448. Number
employed
part time
for economic
reasons

(Thous.)

(Thous.)

Civilian labor force participation rates
451. Males
20 years
and over

(Percent)

452. Females
20 years
and over

453. Both
sexes 16-19
years of age

(Percent)

(Percent)

(Thous.)

(Thous.)

January
February
March

118,873
119,119
119,263

110,969
111,271
111,459

7,904
7,848
7,804

3,649
3,594
3,532

2,864
2,822
2,870

1,391
1,432
1,402

6,430
6,382
6,231

5,187
5,326
5,168

78.2
78.1
78.1

55.7
55.8
55.9

54.2
54.8
54.4

April
May
June

119,394
120,102
119,647

111,789
112,524
112,287

7,605
7,578
7,360

3,482
3,443
3,440

2,757
2,708
2,640

1,366
1,427
1,280

6,110
6,039
6,043

5,122
5,098
4,979

78.1
78.2
78.0

56.0
56.3
56.2

54.5
55.6
53.6

July
August
September

119,884
120,245
120,008

112,613
113,019
112,896

7,271
7,226
7,112

3,340
3,259
3,165

2,674
2,662
2,666

1,257
1,305
1,281

5,895
5,814
5,664

5,103
5,046
5,050

78.0
77.9
77.9

56.3
56.4
56.3

53.8
56.0
54.1

October
November
December

120,429
120,527
120,701

113,225
113,460
113,740

7,204
7,067
6,961

3,194
3,114
3,061

2,620
2,602
2,605

1,390
1,351
1,295

5,756
5,655
5,562

5,142
5,287
4,979

78.0
78.0
77.8

56.4
56.4
56.5

55.1
54.8
55.4

January
February
March

121,035
121,165
120,936

114,055
114,273
114,129

6,980
6,892
6,807

3,106
3,053
3,064

2,568
2,596
2,450

1,306
1,243
1,293

5,550
5,526
5,473

5,113
5,101
5,087

77.9
78.1
77.9

56.6
56.7
56.6

55.9
55.0
54.1

April
May
June

121,328
121,203
121,524

114,660
114,403
115,001

6,668
6,800
6,523

2,941
3,065
2,889

2,471
2,492
2,485

1,256
1,243
1,149

5,338
5,413
5,163

4,953
4,676
5,073

78.1
78.0
77.8

56.6
56.5
56.6

54.5
54.5
56.2

July
August
September

121,658
122,000
121,984

115,034
115,203
115,370

6,624
6,797
6,614

2,832
3,077
2,905

2,565
2,467
2,456

1,227
1,253
1,253

5,215
5,491
5,293

5,102
4,972
4,862

77.8
78.0
77.9

56.7
56.8
56.8

55.9
56.1
56.0

October
November
December

122,091
122,510
122,563

115,573
115,947
116,009

6,518
6,563
6,554

2,911
2,996
2,953

2,413
2,445
2,422

1,194
1,122
1,179

5,176
5,273
5,317

4,727
4,819
5,033

77.8
77.8
77.8

57.0
57.4
57.3

55.2
55.1
55.2

January
February
March

123,428
123,181
123,264

116,711
116,853
117,136

6,716
6,328
6,128

2,938
2,853
2,688

2,455
2,306
2,367

1,323
1,168
1,073

5,295
5,024
5,028

4,837
4,697
4,709

78.1
78.1
78.1

57.7
57.5
57.5

56.0
54.8
54.9

April
May
June

123,659
123,610
124,102

117,113
117,215
117,541

6,546
6,395
6,561

2,952
2,705
2,737

2,448
2,480
2,570

1,146
1,210
1,254

5,247
5,104
5,131

4,930
4,609
4,801

78.3
77.9
78.2

57.6
57.7
57.7

55.7
55.8
56.6

July
August
September

123,956
124,018

117,459
117,597

6,497
6,421

2,734
2,790

2,613
2,468

1,150
1,163

5,218
5,183

4,505
4,553

77.9
77.8

57.9
57.8

55.2
56.5

1987

1988

1989

October
November
December
See note on page 80.

Graphs of these series are shown on page 51.

SEPTEMBER 1989



OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES

QH RECEIPTS AND EXPENDITURES
State and local government l

Federal Government 1
Year
and
month

500. Surplus
or deficit

(Ann. rate,
bil. dol.)

RI DEFENSE INDICATORS
Advance measures of defense activity

501. Receipts

502. Expenditures

510. Surplus
or deficit

511. Receipts

512. Expenditures

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

517. Defense
Department
gross obligations incurred

(Mil. dol.)

525. Defense
Department
prime contract awards

543. Defense
Department
gross unpaid
obligations
outstanding

(Mil. dol.)

(Mil. dol.)

548. Manufacturers'
new orders,
defense
products

(Mil. dol.)

1987

January
February
March

-199.4

860 ! 7

i,06o!i

46/3

637!i

590.8

25,911
34,669
28,986

11,166
13,121
12,272

196,585
199,440
199,308

6,129
7,650
9,769

April
May
June

-13?!7

926 '.2

l,063!s

6CL4

658!9

598 '.5

33,794
32,801
30,475

11,359
11,782
12,104

200,411
202,504
204,177

11,265
9,907
10,128

July
August
September

-143.9

921.5

1,065.5

50.5

659.6

609.1

31,867
32,619
34,065

12,913
13,595
13,683

207,148
209,556
215,074

9,882
9,179
9,102

October
November
December

-164.4

937^4

1,101.7

48.6

668 '.9

620.9

29,233
30,794
24,532

10,555
9,353
11,820

212,355
212,086
205,974

9,864
9,824
7,036

January
February
March

-15K8

944! 7

1,096^5

5CL8

684.8

634!6

31,157
33,243
31,595

8,289
11,821
12,096

208,366
210,637
212,335

9,223
8,480
8,065

April
May
June

-141.5

973!2

l.lli!?

52!i

699 '.2

646 ! 7

33,172
32,294
36,167

15,035
13,958
13,721

210,520
214,223
219,469

9,871
8,215
13,829

July
August
September

-122.5

977'.3

1,099.8

49*.8

706 ! 6

656!2

29,691
29,004
27,652

17,438
9,758
10,980

219,349
219,239
220,134

6,995
8,037
7,472

October
November
December

-167!e

994 '.6

1,162.1

45.7

716.5

670.8

31,118
34,783
31,522

217,720
222,122
223,937

10,695
8,391
10,407

-14/!5

1,036!2

1,183.7

48.8

732^6

683.8

31,580
30,058
30,859

226,193
224,553
219,856

6,815
8,159
10,461

r-145.4

rl,053.2

rl,198.6

r47.5

r742.6

r695.1

31,395
30,056
29,495

222,194
221,337
216,120

8,551
7,572
r8,938

p30,604

p220,028

r7,624
p7,772

1988

(NA)

1989

January
February
March
April
May
June
July
August
September

(NA)

(NA)

October
November
December
See note on page 80.
Graphs of these series are shown on pages 52 and 53.
1
Based on national income and product accounts.

90



SEPTEMBER 1989

OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES—Continued

Qj DEFENSE INDICATORS-Continued
National defense
purchases

Intermediate and final measures of defense activity
Year
and
month

557. Index of
industrial
production,
defense and
space equipment
(1977 = 100)

559. Manufacturers' inventories, defense
products

561. Manufacturers' unfilled
orders, defense
products

(Mil. dol.)

(Mil. dol.)

580. Defense
Department
net outlays,
military

(Mil. dol.)

588. Manufacturers' shipments, defense
products

(Mil. dol.)

570. Employment, defense
products industries

(Thous.)

Defense Department
personnel
577. Military
on active
duty @
(Thous.)

578. Civilian,
direct hire
employment
(Thous.)

564. Federal
purchases of
goods and
services,
national
defense
(Ann. rate,
bil. dol.)

565. National
defense purchases as a
percent of
GNP

(Percent)

1987

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

1,590
1,589
1,590

2,179
2,172
2,168

1,060
1,066
1,069

288 .'6

6.*6

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

1,583
1,584
1,577

2,158
2,153
2,151

1,070
1,070
1,076

294^6

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

1,577
1,576
1,574

2,158
2,167
2,174

1,078
1,080
1,088

300 '.2

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

1,574
1,572
1,569

2,172
2,174
2,167

1,086
1,085
1,082

296*.8

6^4

January
February
March

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

1,570
1,566
1,558

2,166
2,162
2,142

1,076
1,071
1,067

297^4

6.3

April
May
June

187.9
185.5
184.6

34,069
34,695
35,328

162,171
162,009
167,117

26,548
20,130
23,765

8,541
8,377
8,721

1,559
1,557
1,556

2,108
2,100
2,104

1,060
1,054
1,045

298*. 6

6'.2

July
August
September

184.9
184.9
184.5

34,799
34,071
34,839

165,449
164,451
163,092

24,243
23,321
20,636

8,663
9,035
8,830

1,550
1,548
1,542

2,111
2,122
2,138

1,034
1,039
1,048

296*. 1

e!6

October
November
December

184.0
182.2
180.5

35,410
35,351
35,373

165,356
165,087
165,397

27,027
24,443
26,357

8,431
8,660
10,097

1,536
1,534
1,530

2,130
2,130
2,122

1,044
1,044
1,048

300 '.5

6!6

January
February
March

180.0
179.3
178.7

35,777
35,793
36,416

163,482
163,238
165,250

20,843
23,426
26,053

8,730
8,403
8,449

1,530
1,529
1,529

2,124
2,123
2,116

1,054
1,058
1,058

298'. 7

5*. 8

April
May
June

179.9
180.7
181.1

36,362
36,786
r36,776

165,168
164,043
r!63,756

21,035
24,087
26,829

8,633
8,697
r9,225

1,528
1,530
rl,526

2,110
2,111
2,115

1,061
1,063
1,059

r301.3

5.8

181.7
p!81.2

p37,034

r!63,185
p!62,033

21,068
p23,889

r8,195
p8,924

pi, 522

p2,116

pi, 055

(NA)

(NA)

1988

1989

July
August
September

(NA)

(NA)

October
November
December
See note on page 80.
Graphs of these series are shown on pages 54 and 55.

SEPTEMBER 1989




91

OTHER IMPORTANT ECONOMIC MEASURES
E

U.S. INTERNATIONAL TRANSACTIONS

Qj MERCHANDISE TRADE
602. Exports, excluding
military aid shipments

604. Exports of domestic
agricultural products

606. Exports of nonelectrical machinery

612. General imports

Year
and
month

(Mil. dot.)

(Mil. dol.)

(Mil. dol.)

614. Imports of petroleum and petroleum
products

(Mil. dol.)

(Mil. dol.)

616. Imports of automobiles and parts

(Mil. dol.)

1987

January
February
March

18,377
19,371
19,981

1,926
2,047
2,157

3,452
4,404
4,098

32,189
31,186
32,247

2,269
3,598
3,513

4,882
6,322
5,329

April
May
June

20,250
20,111
21,381

2,234
2,410
2,445

4,122
4,176
4,338

32,317
33,484
34,141

2,842
3,685
3,375

5,516
6,093
5,823

July
August
September

22,472
20,845
21,669

2,956
2,520
2,625

4,260
4,420
4,717

34,927
34,506
34,015

4,125
4,574
3,439

5,800
6,008
5,307

October
November
December

22,136
23,327
24,187

2,593
2,409
2,472

4,407
5,371
5,371

36,253
35,219
35,758

3,780
3,292
3,158

6,776
6,342
6,560

January
February
March

24,669
24,839
26,762

2,759
2,893
3,033

5,040
5,177
5,442

35,165
36,325
36,338

3,541
3,536
3,225

5,441
5,659
5,677

April
May
June

26,040
27,446
26,706

3,027
3,382
3,120

5,288
5,374
5,353

35,360
36,137
37,304

3,226
3,802
3,060

6,220
5,507
5,351

July
August
September

26,612
27,478
27,578

3,311
3,357
3,493

5,457
5,778
5,876

35,074
37,623
36,750

3,122
3,360
2,927

5,378
5,888
6,354

October
November
December

27,889
27,538
28,864

3,090
2,909
2,995

5,698
5,709
6,393

37,121
38,087
39,668

2,718
2,645
3,347

6,589
6,291
6,946

28,980
28,839
30,064

3,143
3,201
3,666

5,338
5,990
6,162

37,877
38,220
39,549

3,619
3,326
4,095

5,627
6,326
6,282

30,758
30,455
r31,285

3,387
3,618
3,638

6,150
4,937
r6,382

39,045
40,534
r39,293

4,730
4,680
4,001

5,869
5,770
5,289

30,735

3,657

6,371

38,317

4,130

5,621

(NA)

(NA)

(NA)

(NA)

1988

1989

January
February
March
April
May
June
July
August
September

(NA)

(NA)

October
November
December
See note on page 80.
Graphs of these series are shown on page 56.

92



SEPTEMBER 1989

ItO

OTHER IMPORTANT ECONOMIC MEASURES
E

U.S. INTERNATIONAL TRANSACTIONS—Continued

Qj GOODS AND SERVICES MOVEMENTS (EXCLUDING TRANSFERS UNDER MILITARY GRANTS)
Merchandise, adjustedl

Goods and services
Year
and
month

667. Balance

(Mil. dot.)

668. Exports

(Mil. dot.)

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.)

1987

January
February
March

-31,i90

104, 3i5

135,505

-38,661

57,255

95,9ie

25J17

19,755

April
May
June

-35,555

105,694

141,249

-39,819

60,615

99,834

22,744

20,554

July
August
September

-36,687

110,922

147,609

-40,606

64,297

104,903

23,578

21,904

October
November
December

-26,055

125, 2.11

151,266

-40,4l4

68,699

109, ii3

33,265

20,207

January
February
March

-28,682

127,810

156,492

-33,446

76,447

109,893

26,750

23,955

April
May
June

-30,586

126,800

157,386

-31,411

78,471

109,882

23,148

25,613

July
August
September

-28,964

131,573

160,537

-30,339

80,604

110,943

24,720

27,310

October
November
December

-23,659

143,626

167,285

-32,019

83,729

115,748

33,159

28,670

January
February
March

r-26,864

r!42,169

r!69,033

-28,378

87,9i9

116,297

r26,83(J

r29,246

April
May
June

p-27,894

p!45,865

p!73,759

p-27,718

p90,866

p26,932

p31,947

1988

1989

pl!8,584

July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on page 57.
Balance of payments basis: Excludes transfers under military grants and Department of Defense sales contracts (exports) and Department
of Defense purchases (imports).

ltd*

SEPTEMBER 1989




93

OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS

QH INDUSTRIAL PRODUCTION

Year
and
month

47. United States,
index of industrial production

(1977-100)

721.0ECD 1
European countries, index of
industrial
production

(1977-100)

728. Japan,
index of industrial production

725. West
Germany, index
of industrial
production

726. France,
index of industrial production

722. United
Kingdom, index
of industrial
production

727. Italy, index
of industrial
production

723. Canada,
index of industrial production

(1977 = 100)

(1977 = 100)

(1977 = 100)

(1977 = 100)

(1977 = 100)

(1977 = 100)

1987
January
February
March

126.2
127.1
127.4

113
116
116

142.2
141.5
143.6

112
113
113

105
109
110

110
113
112

114.2
117.6
120.2

126.2
127.6
128.8

April
May
June

127.4
128.2
129.1

116
117
116

142.5
140.2
145.5

116
117
114

109
110
111

113
114
112

117.9
122.3
118.7

128.9
129.6
130.3

July
August
September

130.6
131.2
131.0

117
116
117

146.7
146.7
149.0

114
117
116

111
111
111

115
116
114

118.1
113.2
117.5

130.9
133.6
134.1

October
November
December

132.5
133.2
133.9

119
119
118

151.4
152.0
153.7

117
117
116

111
112
112

117
116
117

122.7
121.2
116.5

135.5
136.5
136.9

January
February
March

134.4
134.4
134.7

120
119
120

154.4
158.5
157.9

117
117
117

112
112
113

117
115
117

126.9
121.5
124.1

137.9
137.4
137.9

April
May
June

135.4
136.1
136.5

120
120
122

157.8
156.4
159.2

117
118
120

112
113
115

117
118
119

124.8
123.1
125.4

138.2
139.4
140.0

July
August
September

138.0
138.5
138.6

122
123
122

157.9
162.3
162.5

118
122
121

116
116
117

119
119
120

128.5
126.0
124.1

139.5
140.8
141.0

October
November
December

139.4
139.9
140.4

123
124
125

160.6
165.2
165.7

121
120
122

113
118
117

119
120
119

127.6
129.1
132.2

140.3
139.2
140.1

140.8
140.5
140.7

125
124
124

167.4
164.4
173.2

122
122
122

118
117
117

118
rl!8
118

127.9
130.3
r!26.9

138.8
139.5
139.1

April
May
June

141.7
141.6
r!41.9

p!27
(NA)

167.0
r!68.0
170.7

126
120
r!25

120
118
p!20

rl!8
116
pl!7

127.0
125.2
p!28.3

139.9
140.0
P140.0

July
August
September

r!42.0
p!42.4

p!67.8
(NA)

(NA)

(NA)

(NA)

(NA)

(NA)

1988

1989
January
February
March

October
November
December
See note on page 80.

Graphs of these series are shown on page 58.

Organization for Economic Cooperation and Development.

94



SEPTEMBER 1989

OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS—Continued

Q CONSUMER PRICES
United States
Year
and
month

320. Index ©

(1982-84 = 100)

320c. Change
over 6-month
spans 1

(Ann. rate,
percent)

738. Index ©

(1982-84=100)

738c. Change
over 6-month
spans *

(Ann. rate,
percent)

735. Index ©

(1982-84=100)

United Kingdom

France

West Germany

Japan

735c. Change
over 6-month
spans l

(Ann. rate,
percent)

736. Index ©

(1982-84 = 100)

736c. Change
over 6-month
spans 1

(Ann. rate,
percent)

732. Index ©

(1982-84 = 100)

732c. Change
over 6-month
spans x

(Ann. rate,
percent)

1987

January
February
March

111.2
111.6
112.1

5.0
5.1
5.3

103.9
103.9
104.3

2.5
0.6
1.5

104.6
104.7
104.7

1.3
1.5
1.2

119.6
119.8
120.0

4.1
3.9
3.4

117.5
118.0
118.2

5.4
3.8
2,6

April
May
June

112.7
113.1
113.5

4.4
4.5
4.0

105.3
105.5
105.3

2.1
3.3
2.1

105.0
105.0
105.2

1.7
1.7
1.0

120.6
120.8
121.1

2.2
2.5
2.5

119.6
119.7
119.7

2.2
2.0
2.7

July
August
September

113.8
114.4
115.0

3.8
3.7
3.6

104.7
104.8
105.8

-0.9
1.0
-0.2

105.2
105.1
104.9

0.6
0.4
0.8

121.3
121.6
121.7

2.3
2.3
2.8

119.6
120.0
120.3

3.7
4.6
4.8

October
November
December

115.3
115.4
115.4

3.9
3.3
3.7

105.8
105.3
105.1

0.0
-1.7
-0.6

105.0
105.0
105.2

-0.2
0.0
1.0

122.0
122.1
122.2

2.3
2.2
2.5

120.9
121.5
121.4

4.2
4.0
4.0

January
February
March

115.7
116.0
116.5

3.9
4.0
4.4

104.8
104.6
105.0

1.3
-0.2
0.4

105.4
105.6
105.7

1.1
1.7
1.3

122.4
122.6
123.0

2.6
2.8
2.3

121.4
121.8
122.3

3.8
3.8
4.5

April
May
June

117.1
117.5
118.0

4.4
4.7
4.9

105.6
105.7
105.5

1.0
2.3
1.3

106.0
106.2
106.3

2.1
2.3
1.9

123.6
123.9
124.2

3.3
3.4
3.6

124.3
124.8
125.2

5.7
7.7
8.3

July
August
September

118.5
119.0
119.8

4.8
4.5
4.5

105.3
105.6
106.4

1.3
2.5
1.9

106.3
106.3
106.3

1.5
1.7
1.9

124.7
125.0
125.3

3.3
3.3
3.7

125.4
126.8
127.4

9.5
8.9
8.7

October
November
December

120.2
120.3
120.5

4.8
4.9
5.1

106.9
106.5
106.2

1.7
-0.2
0.9

106.4
106.7
106.9

3.2
3.2
3.8

125.6
125.8
126.0

3.4
3.2
3.5

128.7
129.2
129.6

8.8
7.9
7.2

January
February
March

121.1
121.6
122.3

5.6
6.2
5.9

106.0
105.7
106.2

3.0
3.4
4.0

108.1
108.4
108.6

4.6
4.5
4.3

126.5
126.8
127.2

3.9
4.2
3.7

130.4
131.4
131.9

6.9
7.9
8.3

April
May
June

123.1
123.8
124.1

5.2
4.3

108.1
108.7
108.6

4.4
(NA)

109.2
109.5
109.6

2.8
(NA)

128.0
128.5
128.7

3.3
(NA)

134.3
135.1
135.6

8.1
7.0

July
August
September

124.4
124.6

1988

1989

108.4
(NA)

109.5
(NA)

129.0
(NA)

135.7
136.1

October
November
December
See note on page 80.
Graphs of these series are shown on page 59.
Changes over 6-month spans are centered on the 4th month.

ItUI SEPTEMBER 1989



95

OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS—Continued

Q CONSUMER PRICES-Continued
Italy
Year
and
month

737. Index ©

(1982-84 = 100)

Q[ STOCK PRICES
19. United
States, index
of stock
prices, 500
common
stocks ©

748. Japan,
index of
stock
prices ©

745. West
Germany,
index of
stockprices ©

746. France,
index of
stock
prices ©

742. United
Kingdom,
index of
stock
prices ©

747. Italy,
index of
stock
prices ©

743. Canada,
index of
stock
prices ©

(Ann. rate,
percent)

(1967 = 100)

(1967 = 100)

(1967 = 100)

(1967 = 100)

(1967 = 100)

(1967 = 100)

(1967 = 100)

Canada

737c. Change
over 6-month
spans 1

(Ann. rate,
percent)

733. Index © 733c. Change
over 6-month
spans 1

(1982-84 = 100)

1987

January
February
March

131.6
132.1
132.6

4.2
4.8
4.5

115.8
116.3
116.8

4.2
4.6
4.4

287.7
305.6
318.1

1,493.7
1,577.6
1,676.0

302.0
278.9
282.4

642.3
660.4
708.3

840.5
916.9
972.3

526.4
502.8
501.8

378.4
395.4
422.5

April
May
June

133.0
133.5
133.9

4.8
6.0
6.5

117.3
118.0
118.4

5.1
5.2
4.7

314.7
314.5
327.8

1,857.4
1,937.7
1,966.6

297.5
295.7
306.9

726.4
703.9
664.8

956.1
1,040.9
1,097.5

533.0
519.3
507.5

420.0
416.4
422.6

July.
August
September

134.3
134.7
135.6

6.7
6.3
5.6

119.2
119.3
119.3

4.5
3.8
3.9

337.3
358.3
346.6

1,807.8
1,903.4
1,889.0

320.4
333.3
322.8

692.1
705.0
730.1

1,154.7
1,101.1
1,121.0

494.6
459.7
451.7

455.4
451.3
440.9

October
November
December

136.9
137.2
137.5

5.3
3.9
3.6

119.7
120.2
120.3

3.2
2.9
3.5

304.8
266.5
262.1

1,833.0
1,677.8
1,655.2

299.4
229.2
219.4

633.1
508.5
484.9

1,027.7
794.1
810.4

449.8
366.8
361.1

341.2
336.5
357.1

January
February
March

138.2
138.5
139.2

3.4
3.5
4.0

120.6
121.0
121.6

3.5
4.4
4.2

272.5
280.8
289.1

1,656.1
1,797.8
1,910.6

208.4
218.4
232.4

465.0
501.8
510.3

863.3
858.5
888.0

348.9
334.0
377.1

345.4
362.1
374.4

April
May
June

139.6
140.0
140.5

4.5
6.0
5.8

122.0
122.8
123.0

4.4
5.2
4.7

285.7
278.6
294.4

1,961.2
1,963.0
1,979.2

230.8
225.4
240.6

523.6
546.1
609.5

879.6
878.4
906.7

383.2
359.7
372.7

377.4
367.1
388.9

July
August
September

140.9
141.5
142.2

6.0
7.1
7.0

123.7
124.1
124.2

4.8
3.6
3.6

292.7
286.9
291.5

1,972.0
1,988.3
1,924.2

247.6
248.1
254.8

632.4
618.7
636.1

932.0
908.5
872.4

399.7
416.5
392.9

381.6
371.3
371.0

October
November
December

143.3
144.5
145.0

6.9
6.7
7.0

124.8
125.1
125.1

4.4
4.2
4.6

301.8
294.8
300.8

1,923.3
2,008.1
2,084.8

266.3
266.5
273.7

682.9
698.4
746.7

908.5
899.5
865.1

431.9
432.9
426.4

383.7
372.3
383.0

January
February
March

146.1
147.3
148.0

7.8
6.9
7.4

125.7
126.6
127.2

4.5
6.2
7.2

310.5
319.8
318.4

2,207.6
2,237.4
2,188.6

284.2
284.2
287.3

799.8
814.5
810.8

926.6
1,007.8
1,029.5

433.8
411.7
409.6

408.7
403.6
404.3

April
May
June

149.0
149.6
150.3

r7.0
6.4

127.6
128.9
129.6

6.4
5.8

328.8
341.5
352.2

2,231.0
2,284.3
2,241.9

295.9
295.9
309.7

838.9
847.3
885.0

1,023.5
1,053.6
1,065.6

r426.8
422.2
447.0

409.9
418.9
425.0

361.1
377.0
p377.0

2,287.9
2,382.7
p2,358.4

313.4
(NA)

890.5
rp934.3
p974.8

(NA)

476.9
rp505.7
p511.6

448.7
453.1
p446.7

1988

1989

July
August
September

r!50.7
150.9

130.4
130.5

October
November
December
See note on page 80.
Graphs of these series are shown on page 59.
Changes over 6-month spans are centered on the 4th month.

96



SEPTEMBER 1989

ItO

CYCLICAL INDICATORS

Selected lagging index components

Selected leading index components

Year
and
month

92. Change in manufacturers'
unfilled orders in 1982 dollars,
durable goods industries 1

(Bil. dol.)

(Bil.

62. Change in index of labor
cost per unit of output,
manufacturing 1

®

Smoothed3

Actual

83. Index of
consumer expectations 1 2

Smoothed 3

Actual

dol.)

120. Change in consumer price
index for services 1

Smoothed 3

Actual

(Ann. rate,
percent)

(Ann. rate,
percent)

80.9
81.6
83.3

11.0
-5.1

2.6

-0.3
-0.6
-0.3

5.2
4.1
4.1

3.9
4.0
4.0

-1.4
-2.1
-2.6

5.2
4.1
2.0

4.2
4.4
4.1

-3.7
-2.6

3.9
4.2
4.1

(1st Q
1966=100)

(Ann. rate,
percent)

(Ann. rate,
percent)

1987

January
February
March

-3.66
-1.17
0.78

-0.79
-1.01
-0.90

April
May
June

4.20
3.89
3.58

-0.15
0.84
1.78

84.7
80.6
80.8

-9.1
-2.6
-2.6

July
August
September

4.90
2.04

83.3
85.8
84.2

-8.4

-0.12

2.75
3.23
3.05

13.0

0.1

4.1
6.2
3.0

October
November
December

2.40
1.37
1.16

2.87
2.55
2.18

80.4
72.7
76.7

-7.6

0.7
1.2
0.7

5.1
5.0
4.0

4.2
4.4
4.4

2.58
2.24

2.02
1.95
1.38

80.9
81.9
85.2

0.8
1.4
3.4

6.0
5.0
4.0

4.7
4.9
4.8

1.25
0.99
1.59

82.4
87.3
85.7

-9.1
-3.4

2.9
1.8
1.8

3.9
4.9
3.9

4.7
4.7
4.5

82.3
88.8
89.5

-6.7
-0.9

0.7
0.3

3.9
5.9
3.9

4.4
4.5
4.5

13.8
-8.2
-5.9

2.4
2.2
1.0

5.3
5.8
5.8

4.6
4.9
5.2

0.4
1.0
3.5

4.8
5.7
5.7

5.3
5.4
5.5

9.2

1.8
-4.3

1988

January
February
March

-2.01

April
May
June

2.86

-0.10
6.59

3.6
4.5
13.9

7.2

July
August
September

-0.20

1.90
2.24
2.11

October
November
December

2.81
0.43
6.58

2.12
1.91
2.41

87.0
86.3
85.5

2.56
1.06
1.88

2.72
2.68
2.55

89.9
88.8
87.6

3.80

2.64
2.31

-15.0

2.6

rO.O
r2.6

rl.6
rl.2

2.8
5.7
3.7

5.2
5.1
4.8

r4.4
P 5.3

rl.4
p2.0

6.6
3.7

4.9
4.8

1.32
3.02

7.2

-0.2

1989

January
February
March
April
May
June
July
August
September

-0.20
r2.91

r2.20

83.2
80.1
82.0

r3.13
p-2.40

r2.26
pi. 67

85.5
80.3

1.8
7.2
17.7

October
November
December

See note on page 60.
Graphs of these series are shown on pages 13 and 15.
^hese series reached high values before 1987: series 92 actual (8.31), series 92 smoothed (4.40), and series 83 (97.7) in March 1984;
series 62 actual (29.6) in March 1986 and smoothed (5.2) in March 1985; and series 120 actual (8.4) in July 1984 and smoothed (5.8) in Se
tember 1984.
2
This is a copyrighted series used by permission; it may not be reproduced without written permission from the University of Michigan's
Survey Research Center.
3
This series is smoothed by an autoregressive-moving-average filter developed by Statistics Canada.

SEPTEMBER 1989



C. Historical Data for Selected Series
Year

Jan.

Feb.
29.

Mar.

Apr.

June

May

July

Aug.

Sept.

I N D E X OF NEW PRIVATE H O U S I N G U N I T S AUT i O R I Z E D BY LOCAL B U I L D I N G

Oct.

Nov.

Dec.

IQ

ll Q

132.1
107 .0
92.8
89.3
115.8
108.2
109.2
116.2
128.8
105.3
119.1
67.2
115.3
121.8
101.3
154.9

102.7
138.9
108.8
89.7
85 .8
119.8
98.3
91.9
108.2
112.2
122.3
110.5
112.2
83.5
113.6
128.3
96.8

110.9
130.9
103.8
89.9
96.9
117.4
94,9
97 .2
110.7
120.2
116.0
109.0
96 .0
95.9
13.5
20.4
13.2

120.2
123.1
97.0
90.2
112.7
111.9
93.3
104.7
113.3
122.1
117.0
112.1
78.0
107.7
121.7
112 .7
121.1

131.4
110.8
93.2
89.6
122.7
104.7
90.9
107.7
114.5
126.6
110.1
117 .7
66.9
113.7
124.1
104.1
141.3

1957...
1958...

1959. ..
1960. ..
1961...
1962...
1963...
1964...
1965...

1966 . . .
1967...
1968...
1969...

1970. . .
1971. ..
1972...
1973...

1974. . .

83.5
169.2
99,9
78.3
101.0
146 .0
153.4
132.5
75.1
89.9
74.2
134.7
141.7
135.3
144.7
122.9
116.0

196.8
153.2
79,3
88.4
115.9
147.7
140.8
128.2
110.7
7 1.9
81 .1
137 . 1
123.8
144.1
138.0
120.7
114.9

201.3
117.8
71.1
94.7
128.3
151.8
145.3
108.0
107 .6
61.3
100.4
134.9
126.5
139.0
138.8
113.0
121.0

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

1984. . .
1985 . . .
1986 . . .
1987...

1988. . .

1957...
1958...
1959...

1960. . .
1961. . .
1962 . . .
1963...
1964...

1965. . .
1966...
1967...
1968...
1969...
1970...
1971...

1 9 7 2 . ..
1973. ..
1974. . .
1975...
1976...

1977. . .
1978. . .
1979...
1980...

1981 .. .
1982...
1983...
1984...
1985...

1986. ..
1987 . . .
1988...

151.0
106 .8
90.9
78.7
119.6

129.3
109 .8
91.7
87.2
125.0

132.9
109.5
86.7
91.9
119 .4

133.6
101.9
90.5
96.2
117.4

126 .2
100.1
92.5
102.7
115.5

126 .7
99.4
86.2
111.9
112.6

122 .2
97 .0
92.1
111.7
113.7

120.4
94.5
92.4
114.5
109.5

117 .9
93.1
91.1
118.2
105.3

90.4
112.3
109.7
130.6

94.0
106 .7
113.9
118.8

94.2
116.2
116.6
114.5

96.6
107.4
122.2
117.6

100.7
108.5
121.8
115.8

120.0
87.2
103.3

104.9
79.5
117.6

111.8
83.7
120.0

103.7
90.8
112.8

97.7
94.3
113.7

86.6
102.5
114.0

101.9
111.9
119.6
118.1
112.0
84.4
103.2
117.9

109.0
112.9
118.6
118.3
113.1
79.4
107.8
118.9

103.2
115.0
128.0
114.5
111.1
70,2
112.1
128.4

105.6
111.1
128. 1
111.5
115.8
66.9
112.2
124.6

108.3
116.2
122.9
113.5
118.3
66 .6
113.7
125.9

93.1
144.0
192.9
195.7
114.7

98.0
139.2

99.2
154.2

107 .3
153.0

116 .5
172.9

31.7

164.5
108.1

103.0
124.6
140.6
118.0
103.4

102.6
134.5
140.2
120.5
96.9

100.3
143. 1
145.3
138.9
79.8

97.6
143. 1
157.4
129.0
65.3

166.4
98.1
78,8
102.9
143,8
142.7
136.0
69.6

122 .2
175.7
195 .1
155 .9
79.0
85.7
112.9
153.4
136.6

137 .2

177.7
124.1

116.1
181.4
189.2
156.8
86 .4
87.9
107.3
145.4
144.3

125 .0

191.9
117.2

115.8
166.8
188. 1
176.7
93.6
81.5
102.4
151.0
160.2

146 .9
72.4
91.7
127.6
144.3
141.4

121.7
71.0
94.4
122.8
151.5
143.9

20.8
67.5
95.6
132.0
152 .7
145.0

90.3

101.7

110.4

119.9

110.3

111.7

111.0
74.9
94.0
130.2
151.2
146.9
101.3
100.9

64.1
115.2
144.8
132.4
147.3
134.8
100.8

65,3
118.8
158.5
132.5
140.9
134.7
115.2

72.0
119.2
137.6
137.7
141.9
135 .9
119.6

71.7
126 .5
141.6
132.7
148.2
127 .7
114.1

77 .0
134.8
138.8
136.3
143.3
119 .6
115.5

73.8
142 .9
144.7
136.8
142.7
121.4
118.4

84.3
145.0
128.0
135.3
141.9
120.9
113.6

74.8
138.4
122.0
144.2
137 .6
120.5
116.9

84.2
128.0
121.5
152.8
134.4
120.7

92 .8
138.6
1 18.8
139.0
133.6
115.4
121.7

99 .3
134.7
131.0
134.9
131.1
116.2
120.3

109. 1
131.4
129.7
143. 1
151.8
107.3
121.1

187.1
188.4
118.7
62 .2
102.0
134. 1
142 .0
125 .8
9 .4
9 .0
6 .1
11 .7
14 .0
134.2
143.4
135.1
111.9

4.2
7.0

-0.3
7.3

-4.0
5.1

-4.3
4.9

-3.5
6.8

0.0
8.5

7 .7
12.5
19.4
24.0
64.7
17.0
50.1
45.8
41.4
16.4
30.5

-3.8
11.3
5 .0
-8.6
3.8
3.5
-1.0
1 .9
6.2
9.1
-0.2
5 .7
18.6
0.1
15.3
13.7
2.1
5.5
15.3
23.8
62.1
17.7
24.2
18.9
52.9
58.1
28.9

-2. 1
3.5
-1.1
0.6
7 .3
0.5
4.9
9 .0
9. 1
17.0
13.8
8.0
8.4
10.0
-1.0
18.8
40.4
54.5
-2.6
25.7
37.9
57 . 1
37.6
30.7

0.8
6.5
11.9
-13.6
1 .2
1.3
0.5
8.9
9.7
14.2
13.4
8.1
13.4
3.0
14.9
16.1
53.9
57.7
4.6
28.0
40.6
62.6
47.2
45.7

3.6
-6.4
3.2
10.4
-4.2
7 .3
2.9
5.4
11.1
14.0
9.6
9.2
14.3
7.1
12.3
8.3
29.7
44.6
-0.9
24.8
33.4
46 .7
54.0
61.2

-4.5
58.8
49.7

-15.2
19.3
28.0

-49.2
54.1
34.5

-33.4
7.1
3.4

-22 .7
-35.3
64.2

1.5
-6.0
10.4
3.2
0.0
5.6
4. 1
5.7
8.6
17.2
4.9
13.5
13.5
9.2
10.4
14.4
31.2
50.3
-6.8
36.1
31.7
48.5
60.2
44.2
32.8
-0.9
14.6
63.9

-19.8
44.9
77.9

23.8
90.8
-6.1

-6.0
64.5
38.5

- 0.6
5.5
83.5

11.7
40.2
40.7

-6.0
43.3
54.3

5.2
0.0
1.8
1.4
4.2
6.4
5.9
7.1
9.8
15.7
8.4
10.4
14.9
11.6
11.6
17.3
24.9
57.3
12.5
33.8
32.9
39.5
45.4
29.8
38.0
2.3
44.0
62.4
1.7
0.3
27.2
78.2

-3.3
4.6
4.8
-4.7
3.5
2.7
4.8
5.9
8.2
16.6
9.1
10.5
11.8
5.0
6.5
16.7
39.4
58.1
6.6
26 .0
32.5
57.5
47.6
35.1
20.6
-32.6
40.2
25.3
23.2
-10.9
76.9
38.6

-39.32

-33.18

17.82
17.25
-8.81

16.18
21.30
-5.34

-4.7
4.5
9.1
6.6
-16.5
0.5
9 .5
-3.5
7.0
2 .2
6.5
11.5
10.2
12.9
11.3
11.0
0.5
10.2
7.0
32.2
43. 1
17.4
20.9
32.7
38.5
60.7
70.0
45.7
-37.1
-51.9
29.3
3.2
7.8
64.1
39.3

5.64

-4.6
8.0
6.4
0.9
-1.7
10.8
2.5
-1.1
5 .9
5 .6

-4.2
6 .6
5 .7
3.0
-2.4
8.4
4.5
2 .4
4.6
5.3

-5.4
8.9
5 .4
7.0
-1.8
1 .9
-2.1
5 .4
5 .8
5.8

8.2

10.3

12 .5

12.0
17 .2

16.1

3.0
10.0

6.0

15.1

-3.8
7 .6
5 .1
1.9
-5 .7
5 .3
9.2
-6 .4
7 .8
2.7

-4.6
0.8
13.1
3.7
-9.5
14.2
0.2
0. 1
1 ,8
1.2

-3.8
6 .0
8.0
-0.1
-6.8
6.1
6 .8
0.9
9.0
5 .4

6.4

15,4

7 .4

7 .1
9.6
16 .1
12.7
11.5
7.7
28.9
38.8
-8.2
27 .2
32.9
38.4
5 .7
5 .9
5 .1
-4 .5
- .9
8 .3
27.8
3.2
21.3
46.2

8.9
6.8

-3.5
3.2
12.7
2.4
2 .9
3.7
12.5
-2.6
7 .0
3.7

11.82

208.5

C H A N G E I N M A N U F A C T U R I N G A N D TRADE I N V E N T O R I ES2
( A N N U A L RATE, BILLIONS OF DOLLARS)

8.1
15.3
10.2
28.0
51.9
-11.9
26.4
34.6
63.3
43.5
56.8
29.3
11.6
-44.1
76.9
-3.9
24.2
35. 1
36.6

36. C H A N G E I N M A N U F A C T U R I N G
1954...
1955...

36.01

14.5
15.2
12.2
15.2
26.7
34.7
-0.8
29 .1
39.0
63.1
69.2
78.8
11.7
19.1
4.4
89.1
8.8
6.3
26 .7
43.8

-0.5
13.6
20.4
34.9
57.3
-13.8
30.2
29.6
40.8
52.3
30.9
44.2
-54.3
21.8
78.9
-5.2
-28.5
69.3
47 .0

12.8
5.4
7 .6
32.0
58.9
-5.7
8.9
6 .4
1.7
9.0

14.7
9.0
7 .6
26.6
60.4
5.9
31.8
18.9
34.6
85.8
35.5

2.6
7.6
23.8
23.8
4.3
34.0
72.1

25.2
24.7
56.0
0.4
32.1
32.7
63.3

12.3
13.2
24.8
24.0
46.7
14.5
19.6
34.1
42.5
34.1
23.5
33.0
-13.9
48.6
81.5
-5.6
-11.5
3.9
93.3

A V E R A G E FOR P E R I O D

-0.9
5.0
8.0
5.6
4.3
-4.8
1 .9
4.9
8.7
6.7
13.9
4.8
13.8
6.9
10.1

1960. ..
1961 . . .
1962. . .
1964. . .
1965. . .

-6.47

-6.58

-75.30
37.92

-46.10
68.09

-5 .82
-15.26

42.61

-6.49

40.54
63.50

-13.38
-30.85

2.83
-27 .55

-8.17

-32.12

-44.06

-16.97
24.28

-4.91
5. 14

-31.15

14.30
33.17

19.02
35.74

1966...

1967. . .
1968. . .
1969...

1970. . .
197 1. . .
1972.,.

1 9 7 3 . ..
1974. . .
1 9 7 5 . ..
1976, .,

50.35
36.37
24.52
-20.81

25.96
-14.10

1.78
10.58
28.13
-6.19

30.68

8.63

12.11

31.60

33.92
-86.59
28.28

31.92
- 7 7 .09

-62.84

2.26

1977...
1978...
1979.. .

34.33
35.47
46.24

1980. . .

-7.94

1981...
1982...
1983.. .

-22.70
-55.37
-35.22

10.38
12.06

18.42
30.70

30.17
-20.38
30.25
-61.33

-7.69

1984. . .

59.11

92.33

1985...
1986...

27.67

5.60

21.19
16.15
3.24

32.20

1987 . . .
1988...

1.92
37.39

24.50
20.03
74.83

19.58
13.64
-4.62
-4.42
-33.43
67.03
-23.77
50.64
32.38

4.68

19 .74

13.51

-6.98
-12.44
-10.69
20.74

2.50

9.70
19 .20
21 .42
27.17

35.88

53.34

17.60

9 .46
26 .35

25.39

22.42
24.96

25.16
-6.19
15.02
25.30
-44.47
20.69
32.60
65.44
5TK75

6.78

35.86

-34.69
35.28

-8.99
0.34

-4.58
31.12

-54.08

9.86

-0.14
12.29
8.71
- 2 4 . 18
17 .09

-0.05
14.02
7.73
8.38

-1.19

-23.62

-7.33

18.82

5.57
17.88
17.58
4.06

24.40
35.77
43.54
24.80
-15.66
37.57

32.36
28.50
60.08
60.36
44.23
30.32

-3.92
14.59
41.23

-5.68
10,61
8.47
20.16
22.01

6.05
13.92
14.32
21.96
13.13

-34.55

-30.82

22 .13

17 .44

2 .7 1

31.73

1.07
-15.00

10.88
0.26
3. 18
29.50
27.96

53.5 1
-0.84
-3.88
12.58

-22.72

13.51

30.89
20.44

50.80

48.00

4.34
39.37

30.14

34.85

20.2 1

11.53

60.96

60.37

37.21

58.55
-59.32
29.52

50.60
-50.68
39.96
29.23
39.55

-8.12
-7.38

-23.08
-19.08

27 .14

-12.86

-16.18

4.22

40.10
59.70
25.68
-18.61

-13.57

31.06

-7.38
4.81

-74.00

84.98

82.66
-15.13
-48.83
47.64
22.64

-6.61
25 .93
14.81
4.88

-11.86

37.82

33.20
30.85
38.54

36.14
0.32

24.83

0.13
-14.56

27 . 17

-50.75

50.21

12.08

-54.42
35.65

-15.37
-12.38

-23.25

9.53
-0.22

24.01

34.36
40.09

28.46
24.62

-12.97

19.61

25.21
-50.16
25.52

-1.56
16.66
-4.36
11.36
8.16
35.65
22.33

29.02
32.99
36.83
33.77
-17.62

2.63
-8.82
30.48
56.76

-7.28
15.62
31.80
-8.81

4.28

53.87

56.15

42.31

36.40
-41.77

50.02
-10.79

-7 .32
11.05

-2.51

-10.34
-22.31

-2.72
-45.17
44.46
55.74
-10.66
-18.54

-15.23
33.26

-3.77

44.10
35.16

39.50

28.51
16.13
-21.28

-23.22
-37.97
40.39

17 .59
18.43
13.25
75.32
-17.99

-2.53
43.2 1
-16.10
-18.02
52,70
63.73
-23.88

4.19
12.52
-70.02
60.77

-20.91
23.36

-2.59
-9.14
19.14

32.48
-75.51

42.83

24.26
47.00
32.00

44.82
-51.49
30.06
33.98
54.90
33.88
-20.66

-34.22
-41.63

41.99

40,18
1.30
19.45
-9.54
51.71

23.03

59.40

18.18
6.19
-12.24

-4.89
0.98

14.34

-40.37
-25.45
72.82

-27.65

3.17
34.68

16.82
15.10

12.52
9.68
16.20
29.61

28.81
31.73

40.14
17.14

6.16

27.58
-16.41

32.52

24.47

67 .24

-7.67

18.04
17.83

19.53

19.67

-25.86

-28.46

35.85

26.20

18.35

14.99
30.19
1.44

25.44

18.01
13.39
22.16

17 .76
16.24
-14.30

26.51
6.51
9.56

53.22

25.85

2.10

15.25
10.42

19.21
47 .58
8.74
14.96

44.14

22.95
-30.94

20.93

60.03
20.84

16.34

14.09
24.31
-12.10

15.04
-7.06
16.34

5.17

^This series contains revisions beginning with 1987.
2
This series contains revisions beginning with 1983.
3
This series contains revisions beginning with 1984.




-2.9
6.4
7 .8
1.8
-1.9
5.0
2.6
0.9
5.5
4.4
6,0
9.4
15.9
8.0
10.9
13.6
8.2
10.2
14.2
31.3
52.6
2.8
30.2
32.6
48.1
51.8
42.6
33.8
-13.5
15.9
54.0
10.8
-1.2
46.9
53.0

A N D TRADE I N V E N T O R I E S O N H A N D A N D O N ORDER IN 1982 D O L L A R S ,
( A N N U A L RATE, B I L L I O N S OF DOLLARS)

1956 . . .
1957...
1958...
1959...

116.3
125.9
100.7
89.9
104.5
113.5
94.4
100.4
111.7
120.3
116.3
112.3
88.3
100.2
118.2
116 ,4
118.1
167.4
192 .2
157 ,2
92 .2
80.9
111.8
144.9
145.4
123.6
96.7
80.0
80.7
131.1
134.8
138.1
141 ,2
122.9
116.0

136.4
109.8
86.5
91.5
114.7
102 .8
91.2
105.5
113.0
117.4

135,9
107 .5
93 .7
88,5
134.1
100.7

31.

1954. . .
1955 . . .
1956. . .

Annual

IV Q

AVERAGE FOR P E R I O D

( 1967 = 100)
1954...

1955. ..
1956 . . .

III Q

PERMITS1

38.08

31.21
16.24
2 .97
.52
.32
4 .29
4 .96
- .35
-1 .21
2 .05

32.03

27.92
44.35
23.20

31.17
14.62
1.79
10.96

20.51
23.81
-0.05
9.13

35.42
58.06
-10.52

30.05
58.23

-7.65
19.67

-37.21
23.03
34.79

38.51
-6.11

33.27
60.33
-20.18

-15.75

2.61

47.67

3.65
-23.07
36.07

-14.97
-49.87

16.36

50.18
9.90
-9.67
1.00
-35.24

17.86

-3.46
-4.91

47 .00
-0.60
-8.07

47.11
12.36
14.69
-2.84

32.70

24.04

56.34

32.48

16.62

21.95

21 .48

18.79

13.69
54.43

46.65

3.45
4.71

(SEPTEMBER 1989)

C. Historical Data for Selected Series—Continued
Year
36.

CHANGE

1954...
1955. . .
1956. . .
1957...
1958...
1959...
1960. . .
1961,. .
1962. ..
1963...
1964. . .
1965...
1966. ..
1967...
1968...
1969...
1970.. .
1971...
1972. . .
1973...
1974. . ,
1975. ..
1976...
1977...
1978...
1979...
1980...
1981...
1982...
1983. . .
1984...
1985...
1986...
1987 . . .
1988...

Jan.

Feb.

Mar.

Apr.

May

June

1982...
1983...
1984. . .
1985. . .
1986., .
1987...
1988...

IN

Sept.

Oct.

1982 D O L L A R S ,

Nov.

III Q

II Q

IV Q

Annual

Dec.

1 Q
-41.12
6.08
22.35
-2.29
-41.40
35.30
4.02
-24.99
32.71
15.43
17.86
42.79
45.61
28.16

-36.15
15.73
19.03
-6.21
-30.10
34.98
-25.46
2.77
0.82
26.57
22.18
25.76
53.65
11.44

-30.95
21 .93
23.16
-12.37
2.23
18.03
-8.30
17.26
6.49
11.25
28.17
26.81
48.44
19.74

-3.97
17.13
9.77
-23.89
16.55
24.17
-9.46
20.86
12.46
11.13
35.74
16.57
34.76
24.38

-28.05
15.22
18.58
-11.19
-13.18
28.12
-9.80
3.98
13.12
16.10
25.99
27.98
45.62
20.93

S M O O T H E D DATA 1
A V E R A G E FOR P E R I O D

-40.32
4.10
23.48
-1.76
-41.67
35.89

-38.07
11 .96
21.48
-6.56
-48.04
47.30

-37.59
15.80
18.88
-7.26
-42.79
49.34

-36.11
15.10
18.92
-5.78
-29.22
36.89

-34.76
16.30
19.30
-5.59
-18.29
18.70

-33.01
20.95
21.67
-9.60
-6.13
11.26

-33.10
25.33
23.34
-14.19
2.84
16.47

-26.74
19.52
24.47
-13.31
9.98
26.35

-13.36
15.69
17 .44
-17.32
14.38
29.69

-1.48
16.44
8.05
-25.08
16.56
24.25

-27 .06
32. 6G
7 .87
13.93
39.44
35.24
32.12
37.37
28.70
6.13
14.17
13.87
41.93
55.50
-18.85
-7.97

-27.28
36.44
14.41
18.25
45.02
46.21
29.10
38.30
24.53
-4.77
28.81
18.63
52.09
50.22
-38.93
-0.58

-20.63
29.10
24.02
21.41
43.91
55.39
23.26

-7.59
11.72
29.22
22.10
33.97
57.39
15.38

3.49
-3.01
28.66
20.76
22.80
53.57
9.77

12.41
-6.25
21.84
23.69
20.51
49.98
9.18

15.13
-0.58
13.30
25.27
24.76
48.85
9.94

16.90
7.69
10.19
26.93
30.52
51.25
19.62

19.76
12.36
10.27
32.30
25.14
45.23
29.66

19.60
16.28
11.41
35.45
15.76
38.82
27.80

19.43
13.25
11 .70
36.52
12.77
34.69
20.75

2.94
19.26
3.82
-29.28
18.70
18.57
-18.46
23.54
7.85
10.28
35.26
21.18
30.78
24.58

24.52
-10.44
35.61
18.82
64.57
39.99
-63.09
12.74

26.28
-6.04
29.10
14.53
71.06

28.00
1.04
10.86
16.29
67.22

27.06
2.82
-8.62
22 .01
62.60

26.57
3.36
-21.66
22.78
57.85

27.75
8.86
-16.09
26.55
50.21

28.40
11.35
-1.72
37.59
43.09

28.73
1.77
10.32
48.57
41.07

22.49
-5.01
10.15
49.89
45.20

16.05
-2.63
8.47
41.18
54.14

25.92
-3.03
26.20
17.11
52.86

27.11
-0.73
10.45
17.61
66.96

27.57
7.86
-13.16
28.97
50.38

22.42
-1.96
9.65
46.55
46.80

25 .76
0.54
8.28
27 .56
54.25

-72.45
21.42

-64.84
24.70

-55.89
27.48

-45.31
31.45

-32.42
27.17

-19.96
22.78

-12.28
23.06

-10.17
25.62

-8.82
24.41

-40.29
1.40

-64.39
24.53

38.47
59.70
-19.70
-0.75
-20.33
-49.42
50.23
14.04

40.00
53.48
-18.64
0.23
-38.00
-38.57
58.61
13.62

41.67
39.94
-11.48
2.77
-45 .34
-26.81
68.35
7 .34

52.00
32.75
-2.44
2.50
-32.38
-18.77
77.14
-2.55

61.82
32.75
0.31
4.15
-26.4
-7.5
79.8
-11.7

60.78
32.94
-10.03
9.31
-28.12
5.34
66.32
-9.31

0.48
31.55

9.83
22 .94

16.59
15.38

23.99
13.19

32.16
13.68

42.46
22.22
-29.41
14.11
-23.32
26.39
40.53
-2.94
-3.30
29.80
14.86

39.04
5.05
-22.89
6.06
-20.80
33.30
41 .52
-1.40
-3.16
22.64
19.81

40.71
-13.54
-13.23
-0.66
-27.93
37.72
40.48
3.68
-8.46
31.30
20.42

46.48
-23.22
-6.30
-2.42
-36.93
42.09
27.69
10.78
-7.81
46 . 18
16.14

55.19
-22.83
0,37
-7.43
-45.47
45.96
16.89
14.14
-4.80
55 .07
17.44

40.05
51.04
-16.61
0.75
-34.56
-38.27
59.06

-2.36
44.33

50.13
31.05
-24.73
17.04
-27 .89
17.97
49.72
-3.57
-6.63
35.53
14.34

21.52
2.65
32.94

58.20
3 .81
- .05
.32
-2 .00
- .99
7 .43
- .86
20.13
24.25
14.08

-32.56
27.13
37.87
43.88
19.44
-25.68
12 .40
-24.00
25.89
43.92
-2.64
-4.36
29.32
16.34

-10.42
24.36
38.76
47 ,46
-19.86
-6.39
-3.50
-36.78
41.92
28.35
9.53
-7.02
44.18
18.00

- 6.92
9.36
1.91
7 .40
20.86
-13.18
3.74
-31.08
5.64
51.44
2 .68
7.57
25 .10
20.34

233.37
235.93
249.41
254.90

230.76
238.31
252.72
257.66

230.16
240.43
253.94
254.82

230.16
240.43
253.94
254.82

MANUF
( B I L L I O N S OF

1974...
1975...
1976...
1977...
1978. . .
1979...
1980...

Aug.

- 4 .97
.18
2 .10
.45
-34.48
22.72

70.

1954. ..
1955...
1956...
1957 . . .
1958...
1959...
1960...
1961...
1962...
1963...
1964...
1965...
1966...
1967...
1968. . .
1969...
1970. . ,
197 1. ..
1972...

July

I N M A N U F A C T U R I N G A N D T *ADE I N V E N T O R I E S ON H A N D A N D O N ORDER
( A N N U A L RATE, B I L L I O N S OF DOLLARS)

238.34
230.88
241.78
254.46
251.27
250.91
265.84
267 . 5 3

231.04
2 4 4 . 14
254.04
250.14
251.49
267.63
266.69

232.62
244.57
253.97
249.41
252 . 8 0
269.04
265.77

285.10
297.48
312.90
332.44
368.68
385.94
403.19
421.02
430.16

285.65
298.29
313,86
335.71
3 7 0 . 17
386.23
405.08
421 .97
430.92

286.71
299 .21
316.83
338.33
371.56
386.60
406.67
422 .56
433.37

512.88
497.73
523.49
549.50
581.30
590.59

509.76
500.09
524.58
551.85
583.32
590.50

598.65
579.38
587 .38
631.89
639.27
644.61
*

DOLLARS)

END OF P E R I O D

232.36
246.93
254.59
248.25
255.64
268.64
265.71

233.78
248.30
254.56
247.16
256.80
269.74
265.86

233.37
235.93
249.41
254.90
246 .69
258.55
269.88
265.69

300.35
318.03
340.18
373.22
389.03

301. 4
319. 8
343. 1
373. 9
391.89

302.18
320.97
346.56
373.45
392.72

302.60
323.72
349.12
374.89
394.27

424.63
434.79

423.72
436.41

424.81
436.41
447.45

427.14
437.90
447.78

490.34
506 .46
501.83
526 .01
556 .52
584.07
591.84

492.86
505.99
503.70
528.29

497.00
502.60
505.94
530.46

500.19
499.65
509.42
531.98

586.11
595.94

588.84
596.82

596.19
577.82

596.26
574.30

598.06
573.86

633.28
641.68
644.61

632.71
646.34
645.70

633.06
648.86
645.85

71.

238.62
251.46
256.76

238.31
252.72
257.66

239.50
252.90
255.28

239.76
254.07
254.69

240.43
253.94
254.82

259.70
270.55
265.98

260.79
270.93
267.91

259.58
271.94
269.19

259.56
271.38
269.42

259.56
271.42
270.88

262.97
268.08
27 1.7 1

252.80
269.04
265.77

2
2
2

8.55
9.88
5.69

259.58
27 1.94
269.19

262.97
268.08
271.71

262.97
268.08
271.71

292.90
304.44

305.91

294,56
305.95

295.40
308.13

295.26
309.92

286.71
299.21

289.74
302.18

293.52
305.91

353.54
378.74
398.34

354.40
378.77
398.52

358.01
378.64
400.75

361.47
381 .44
401.81

364.18
383.85
01.91

338.33
37 1.56
386.60

346.56
373.45
392.72

429.72
440.34

428.76
440.74

428.32
441.41

428.83
440.28
457.27

27.85
41.63
57.57

22.56
33.37
42.88

424.81
436.41

354.40
378.77
398.52
416.70
428.76
440.74
453.64

295 .26
309.92
329.92
364.18
383.85
401.91
421 .83
427.85
441.63
457.57

295 .26
309.92
329.92
364.18
383.85
401.91
421.83
427.85
441.63
457.57

501.14
498.90
512.00
534.21

497.87
512.54
537.45

503.97
497.83
516.55
541.18

498.78
518.69
541.57

496.94
519.91
543.94

96.48
521.58
546 .92

589.55
595.21

593.83
594.64

593.44
593.05

590.30
592.21

591.46
590.95

590.42
590.94

589.1
590.9

593.36
574.34

594.33
574.05

594.88
574.33

593.50
575.78

592.56
577.32

590.08
578.00

58
58

582 .3
584.4

506.46
501.83
526.01
556.52
584.07
591.84
594.23
596.26
574.30

632.79
646.19
648.83

634.04
647.19
649.82

634.08
649.46
651.04

633.57
647.83
649.93

635.14
644.95
652.18

636.75
645.69
657.41

63 .64
64 .46
660.63

638.4
641.56
664.72

632.71
646.34
645.70
670.20

499.65
509.42
531.98
564.00
589.55
595.21
596.99
594.33
574.05
611.22
634.04
647.19
649.82
675.32

497.83
516.55
541.18
569.03
590.30
592.21
601.35
592.56
577.32
623.92
635.14
644.95
652.18
681.92

496.48
521.58
546 .92
578.40
589.14
590.97
601.52
582.36
584.40
631.16
638.42
641 .56
664.72
687.97

496 .48
521.58
546 .92
578.40
589.14
590.97
601.52
582.36
584.40
631.16
638.42
641.56
664.72
687.97

*

"

*

237.22
250.60
255.42

236.66
232.62
244.57
253.97

.96
.44

"

*

*

*

*

74.04
75.69
84.04
88.58
85.94

73.70
76.24
84.52
88.83

73.24
76.98
84.96
89.42

73.17
77.39
85.63
89.88

72.85
78.33
86.05
89.16

73.20
78.91
86.94
88.99

73.18
79.52
87.30
89.05

75.12
74.45
81.75
88.2 1
87.44

74.04

73.17

73.18

73.18

84.04
88.58
85.94

85 .63
89.88
85.95

87.30
89.05
87.09

87.30
89.05
87.09

93.87
99.19
103.23
108.48
117.48
130.06
140.92

95.72
94.32
99.67
103.72
108.86
118.48
131 .49
141.94

95,88
94.72
100.39
104.28
110.02
118.88
132.64
142 .52

95.80
94.88
100.91
105.04
110.01
119.35
134.19
142.52

95.85
95.50
100.95
105.44
110.76
120.11
135.60
143.68

94.72
95.60
101.06
105.48
11.50
20.91
36.79
44.80

94.73
93.68
97.41
101.78
106.82
114.28
124.42
139.19

95.52
93.66
98.81
102.80
108.25
116.44
128.72
140.43

95.88
94.72
100.39
104.28
110.02
118.88
132.64
142.52

69.34
77.56
187 .76
2 0 1 .95
233.24
285 .81
288.65
318.83
351 .46
399.56
451.35
493.96
527.74
574.49
590.36
644.31
655.07
653.85
700.76
753.72

159.26
171,12
180.64
189.84
209.37
244.39
285.59
294.86
327.19
363.15
413.05
466.66
504.89
582 .30
565.67
606.40
646.56
658.00
663.90

162.65
173.41
183.25
193.45
217.17
256.96
283.90
303.88
335.10
375.29
428.09
477.72
513.09
582.08
569.31
622.38
648.84
656.51
674.73

166.38

94.72
95.60
101.06
105.48
111.50
120.91
136.79
144.80
155.70
169.34

94.72
95.60
101.06
105.48
111.50
120.91
136.79
144.80
155.70
169.34

186.14
197 .76
223.40
271.29
287.02
312.34
343.34
385.17
439.45
485.19
522.59
582 .65
580.32
637.98
649.27
656.58
681.52

187.76
201.95
233.24
285 .81
288.65
318.83
351.46
399.56
451.35
493.96
527.74
574.49
590.36
644.31
655 .07
653.85
700.76

187.76
2 0 1 .95
233.24
285 .81
288.65
318.83
351.46
399.56
4 5 1 .35
493.96
527.74
574.49
590.36
644.31
655 . 0 7
653.85
700.76

MANUF
END O F

1954...
1955. . .
1956.. ,
1957...
1958...
1959...
1960...
1961. . .

75.73
73.55
80.27
87.85
87.67

75.44
73.82
81.33
88.05
87.92

75.12
74.45
81.75
88.21
87.44

74.74
74.52
82.84
88.52
86.65

74.42
75.02
83.51
88.51
86.08

94.43

94.21

94.73
93.68

93.68

93.75

1963. . .
1964. ..
1965. . .
1966...
1967...
1968...
1969. ..
1970. . .
1971. . .
1972. . .
1973...
1974. . .
1975...
1976...
1977 . . ,
1978...

101.24
106 .02
112.46
121.76
137.86

101.56
106.40
112.99
123.24
138.45

101.78
10 .82
11 .28
12 .42
13 .19

10
10
11
12
13

.88
.39
.89
.44
.74

102.33
107.78
115.58
127.02
140.18

95.52
93.66
98.81
102.80
108.25
116.44
128.72
140.43

156 .61
169.39
178.41
188.35
204.63
236.83
287.26
290.39
321.56
354.67

157.95
170.44
179.36
188.99
207.04
240.06
286.58
292 .66
324.30
357 .87

159.2
171.1
180.6
189.8
209.3
244.3
285.5
294.8
327.19
363.15

160.28
172.38
181.66
191.11
211.60
247.28
285.52
297.29
330.43
368.41

161.67
172.34
182.80
192.81
214.50
252.06
284.38
299.81
332.90
371.81

162.65
173.41
183.25
193.45
217.17
256 .96
283.90
303.88
335.10
375.29

163.85
174.64
184.00
194.08
219.39
262.00
284.40
306 .53
336.68
378.18

165.00
175.67
185.10
196.15
221 .40
2 6 5 .89
285.60
308. 16
339.52
381.72

166.38
176.30
186.14
197.76
223.40
27 1 .29
287.02
312.34
343.34
385.17

167.52
176.48
186.60
199.04
225.38
276.46
288.49
314.35
344.92
389.58

168.22
177.31
186.52
200.61
228.74
281 .00
288.27
316.50
348.07
394.34

1980. . .
1981...
1982...
1983...
1984. . .
1985...
1986...
1987. ..
1988...

457 .19
497.77
584.88
570.16
592.80
644.57
655.72
659.20
704.03

461.93
502.45
581.33
569.34
599.99
646.88
655.99
660.97
707.89

466.66
504.89
582.30
565.67
606.40
646.56
658.00
663.90
710.94

473.23
505.86
583.89
566.03
613.83
647.29
658.53
666.12
714.59

475.81
509.54
579.36
567.85
620.40
646.86
656. 6
671.89
718.51

477.72
513.09
582.08
569.31
622.38
648.84
656.51
674.73
724.52

480.68
515.95
584.18
571.37
627.05
648.87
659.19
677.45
729.79

482 .64
518.70
583.03
575.42
633.84
648,40
658.23
677.78
737.56

485.19
522.59
582.65
580.32.
637.98
649.27
656 .58
681.52
744.05

487.59
524.08
581.38
581.92
640.31
651.40
658.56
689.09
743.54

490.15
528.02
577.28
586.43
643.19
653.79
658.07
694.47
746.76




PERIOD

(SEPTEMBER 1989)

99

C. Historical Data for Selected Series—Continued
Year

1Q
15

II Q

III Q

IV Q

Annual

Year
16

P R O F I T S A F T E R TAXES PER DOLLAR OF SALFS

I Q
COJ

( A N N U A L RATE,

1954
1955
1956
1957
1958
1959
I960...
1961
1962
1 9 6 3 .
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
18.

1954
1955
1956
1957
1958
1959
I960.
1961
1962..
1963
1964...
1965
.
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976.
.
1977
1978
1979.
1980
1981
1982
1983
1984
1985
1986
1987
1988

4.3
5.2
5.4
5.3
3.6
5.0
5.0
3.8
4.6
4.4
5.1
5.6
5.8
5.0
5.1
5.1
4.1
4.0
4.2
4.7
5.9
4.0
55
5.3
5.0
5.9
5.6
5.0
40
3.3
4.9
4.2
3.7
4.5
6.2

4.6
5.4
5.4
4.9
3.7
5.3
4.4
4.2
4.4
4.7
5.2
5.5
5.7
5.0
5.0
4.9
4.2
4.2
4.2
4.7
5.6
4.4
5.5
5.4
5.4
5.7
4.5
4.9
36
3.9
4.8
3.6
4.4
5.0
5.9

4.5
5.5
5.0
4.7
4.4
.6
.3
.4
.5
.7
.3
.6
.6
.9
.1
.8
.0
.2
.3
.7
5.7
4.8
5.3
5.0
5.4
5.6
4.5
4.7
35
4.4
4.5
3.7
3.3
5.5
5.9

4.7
5.6
5.1
4.3
.8
.4
.9
.7
.7
.0
5.3
5.
5.
5.
5.
4.
3.
4.
4.
5.
5.
5.
5.
5.1
5.8
5.4
5.0
4.4
28
4.6
4.2
3.6
3.5
4.4
5.9

4.5
5.4
5.2
.8
.1
.8
.4
.3
.6
4.7
5.2
5.6
5.6
5.0
5.1
4.8
.0
.1
.3
.0
.6
.6
.4
.2
5.4
5.6
4.9
4.8
35
4.0
4.6
3.8
3.7
4.8
6.0

.

..

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.

C O R P O R A T E P R O F I T S A F T E R T A X I N 1982 D O L L A R S
( A N N U A L RA E, B LL ONS 0
OLL

.
.

1954
1955
1956
1957
1958
1959
I 9 6 0 ....
1961
1962
1963

73.0
98.3
98.9
95.3
68.0
93.7
94.3
78 3
95 2
97.0
116.7
133.4
146.7
131.2
132.1
129.8
103.4
108.3
126.9
163.1
172.4
125.1
172.3
183.5
193.6
217.8
206.0
169.4
109.2
109.0
149.4
116.2
103.0
117.8
141.8

75.6
99.2
99.6
91.0
68.9
101.3
86.9
82.2
94.9
102.2
116.3
138.3
145.5
130.6
133.6
123 6
101.4
110.5
126.7
165.4
172.3
130.8
171.9
193.4
210.6
220.1
165.9
152.4
107.5
124.8
147.2
116.8
100.6
124.7
147.3

80.2
100.4
92.1
88.4
76.6
89.8
83.3
86.5
97.5
104.7
118.8
138.9
143.4
132.5
132.6
117.4
102.1
117.3
131.1
163.8
176.5
156.2
170.9
198.5
213.0
220.2
170.1
152.0
106.5
138.9
136.4
121.3
104.0
133.0
151.8

86.0
103.4
95.7
80.1
87.3
87.6
79.8
93.1
99.5
106.7
117.6
145.7
138.7
137.8
134.3
113.0
95.3
119.4
141.5
167.7
149.9
163.2
167.6
193.3
221.4
210.7
169.3
145.3
102.8
140.6
133.6
126.6
108.2
131.9
151.1

78.7
100.3
96.6
88.7
75.2
93.1
86.1
85.0
96.8
102.6
117.4
139.1
143.6
133.0
133.1
121.0
100.6
113.9
131.6
165.0
167.8
143.8
170.7
192.2
209.6
217.2
177.8
154.8
106.5
128.3
141.8
120.2
104.0
126.8
148.0

-7.2
11.7
17.1
6.5
-15.2
14.6
26.7
-7.1
22.0
17.0
16.9
32.3
35.7
36 6
19.1
26.6
5.8
31.7
8.1
34.1
35.3
-21.8
24.4
24.2
31.6
23.9
4.1
27.3
-24.0
-42.3
83.4
15.8
41.9
18.1
34.3

-7.7
17.8
12.3
6.1
-12.8
27.6
7.3
1.7
16.7
18.6
15.3
23.9
33.8
18 1
31.4
22.9
10.0
25.2
25.6
39.6
37.5
-30.3
29.0
25.9
41.1
32.8
2.3
21.8
-5.4
-9.3
63.2
16.9
7.1
13.3
21.5

-5.8
16.4
11.2
7.3
1.5
4.5
10.8
17.1
18.4
20.2
13.8
25.4
33.9
311
23.2
29.2
16.1
20.6
32.4
30.1
18.8
-3.4
23.7
44.7
33.1
10.9
-29.5
35.7
-9.4
-1.0
60.9
-4.0
-5.9
6.8
37.5

1.6
19.4
11.1
-7.8
12.9
19.3
-13.9
17.4
7.5
10.7
16.9
19.2
44.0
29 3
10.5
21.9
1.0
1.0
21.0
56.3
41.5
4.4
11.6
21.7
41.3
-7.6
-4.5
10.6
-59.3
27.0
41.7
7.7
-20.8
56.6
18.3

-4.8
16.3
12.9
3.0
-3.4
16.5
7.7
7.3
16.2
16.6
15.7
25.2
36.9
28.8
21.0
25.1
8.2
19.6
21.8
40.0
33.3
-12.8
22.1
29.1
36.8
15.0
-6.9
23.9
-24.5
-6.4
62.3
9.1
5.6
23.7
27.9

RATIO,

1954
1955
1956
1957
1958
1959
1960
1961..
1962
1963
1964 .
1965
1966
1967 .
1968
1969.
1970.
1971
1972
1973
1974
1975
1976
197 7 .....
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988

19.6
26.2
27 .7
28.4
20.7
28.9
29.6
24.8
30.5
31.7
38.3
44.3
50.0
46.3
48.4
49.9
42.2
46.2
56.8
75.2
85.0
71.1
104.3
118.4
133.9
164.0
170.4
154.3
107 .5
110.6
152.5
122.8
112 .9
131.4
159.9

NOTE: Unless otherwise noted, these series contain revisions beginning with 1986.
'This series contains revisions beginning with 1985.

100



1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969 ...
1970
1971
1972
1973
1974
1975
1976 ..
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988

III Q

IV Q

1C IN C U R R E N T D O L L A R S
B I L L I O N S OF D O L L A R S )

20.2
26.6
28.2
27.3
21.0
31.3
27.5
26 .1
30.5
33.3
38.3
46.0
50. 1
46 .4
49.6
48.3
42.0
47.8
57.3
77.5
87.4
75.6
106.0
127 . 1
149.0
169.7
140.7
141 .8
107 .0
126.6
151.2
124.2
111.2
139.4
166.9

21.4
2 ' ,t
26. D
26.8
23.4
28.1
26.5
27.6
31.4
34.1
39.3
46.6
49.7
47.5
49.8
46.6
42.5
51.
59.
77.
93.
91.
107.
132.5
153.8
173.8
147.8
144.4
107.3
141.0
141.4
129.2
115.9
148.3
173.2

23. 0
28. 5
28. 1
24.4
26. 7
27.4
25. 3
29. 7
32. 3
35. 0
38. 9
49. 1
48. 7
49. 7
51. 0
45. 4
40. 1
52. 8
64. 7
80. 9
82. 4
97. 3
106. 7
131. 7
163. 1
169. 5
150. 2
141. 0
104. 3
143. 4
139. 2
135. 2
121. 0
148. 9
175. 6

C O R P O R A T E D O M E S T I C P R O F I T S AFTER TAX TO TOTAL
CORPORATE DOMESTIC INCOME
(PERCENT)

10.9
13.2
12.7
12.1
9 .2
11.8
11.0
9.3
10.4
10.1
11.3
12 .1
12.5
10.8
10.5
9.6
7.4
7 .8
8.7
10.0
9.8
8.2
10.9
11.1
11.0
11.5
10.1
8.8
5.5
5 .4
6.9
5.0
3.9
4.6
5.2
( A N N U A L RATE,

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

II Q

25.2
33.2
36. 1
37.3
31.7
40.4
42.1
38.2
46 .8
48.3
56.0
62.7
69.6
69.6
74.2
79.3
75.4
82.7
98.5
121 .2
135.0
128.9
166.2
185 .6
211.9
252.0
273.0
281 .4
254.7
287 .9
349.3
355 .9
362.8
383.2
419 .0

11.1
13.0
12.7
11.5
9.4
12,3
10.3
9.6
10.2
10.5
11.2
12.4
12.3
10.9
10.3
9.0
7.3
7 .8
8.5
10.0
10.1
8.7
10.8
11.4
12.0
11.4
8.2
8.0
5.3
6 .2
6.7
4.9
4.1
4.8
5.4

11.7
13.1
11.8
11.2
10.3
11.1
9.9
9.9
10.4
10.6
11.3
12.3
12.0
10.8
10.1
8.4
7.3
8.4
8.6
9.5
10.9
10.2
10.7
11.4
11.8
11.0
8.7
7.9
5.3
6.7
6.0
5.1
4.1
5.0
5.4

12. 1
13. 2
12. 3
10. 5
11. 3
10. 6
9. 5
10. 4
10. 3
10. 6
11. 0
12. 7
11. 5
11. 1
10. 0
8. 1
7. 0
8.
9
9.
9
10
10
11
11 8
10 5
8 9
7 3
5
6
5
5
4
4
5

27.8
35.4
35.0
36.9
34.5
39.8
39.2
41.3
47.9
51.6
57.0
65.6
71.7
72.0
76.3
78.1
77.6
90.5
103.9
125.0
147.0
153.2
169.9
206.1
236.0
271.2
259.9
278.4
270.7
333.7
353.0
379.8
363.2
404.7
431.1

AVERAGE

21.1
27 .2
27 .6
26 .7
2 2 .9
28.9
27.2
27.1
31.2
33.5
38.7
46.5
49.6
47.5
49.7
47.5
41.7
49.6
59.6
77.9
87 .1
83.9
106.0
127.4
150.0
169.2
152.3
145.4
106.5
30.4
46 .1
27 .8
15.3
42 .0
68.9
AVERAGE

11.4
13.1
12.4
11.3
10.0
11.4
10.2
9.8
10.3
10.4
11.2
12.4
12.1
10.9
10.2
8.8
7.
8.
8.
9.
10.
9.
10.
11.3
11.6
11.1
9.0
8.0
5.3
6.2
6.4
5 .0
4.1
4.8
5 .3
AVERAGE

B I L L I O N S OF D O L L A R S )
26 .7
34.1
36.6
36.8
31.7
43.3
40.1
39.9
46 .6
50.6
55.7
64.6
71.1
70.0"
75.8
78.7
76 .2
85.9
102 .3
124.7
138.8
135.9
167.6
198.1
229.7
262.1
247.8
272.3
262.6
312.6
353 .9
367 .6
358.7
394.1
426 .2

Annual

29 9
36 5
36 4
35 3
38 4
39 5
38 4
43 2
48 9
52 8
56 5
67 9
72 4
75 9
78 5
77 5
7 6 .3
93 4
110 .3
129 9
137 .6
159 .8
171 .4
2 0 7 .7
2 4 8 .1
2 6 8 .6
268 .2
2 8 0 .5
2 7 3 .4
340 .0
3 6 0 .9
388 .2
3 7 0 .0
407 .0
431 . 6

27 .4
34.8
36.0
36.6
34.1
40.8
40.0
40.6
47.5
50.8
56.3
65.2
71.2
71.8
76.2
78.4
76.4
88. 1
103.7
125.2
139.6
144.5
168.8
199.4
231.4
263.5
262.2
278.1
265.4
318.6
354.3
372.9
363.7
397.3
427.0

(SEPTEMBER 1989)

C. Historical Data for Selected Series—Continued
Year

1Q

II Q

IV Q

ill Q

Year

Annual

I Q
49

(At

AVERAGE

164.7
179.2

111.7
138.1
126 .4
127 .0
117 .8
133.2
130.1
137.2
157.4
167.8
182.5

118.7
140.1
129.5
120.8
130.3
131.9
127.8
142.9
160.0
170.7
180.6

215.7

216.6

.05.8

205.4

209.2

.10.3
14.3
195.8
.03.7

212.0
210.7
194.6
208.1

211.0
207 .0
196.9
216.8

215.5
218.3
214.2

211.9

203.6

208.9

237.0

238.7

191.5
221.1
2 5 1 .9
282 .9

194.7
212.4

.30.4
287.8

285.8

288.0

278.2
290.9
308.2
336.2
334.8
312.7
258.7
287.3
350.9
356.3
362.9
378.0

275.3
305.0
326.6
341.7
296.9
294.8
263.6
314.3
354.6
368.3
356.8
389.1

274.6

+ 12.5

419.9

1954
1955
1956
1957
1958
1959
1960
1961
1962
1963 . . .
1964

01.3
32.6
35.0
30.1
10.3
36.7
39.8
27.5
54.5

107.2
135.4
135.1
127.4
109.3
145.6
133.2
132.8
154.0

L57.5
L80.6

.14.6

109.
136.
131.
126 .
116.
136.8
132.7
135.1
156.5
165.2
180.7

1954
1955
1956
1957
1958
1959

650.1
659. 1

I960. . .

740.8
708.2
769.2
787.0

697.4
707.6
655.9

706. 1

1961 . . .
1962
1963
1964

...
...

1974

1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
19 86
1987
1988

...
.

.....
.

50.

311.8

269.1
335.9
352.9
380.9
359.8
400.8
424.9

1 +06.8
i +69.6
1 315.7
i 353.3
1 506.1
i 306.4
1 371.6
1 J71.3
1 77.9
1 334.6
1 J48.7
2 336.9
2 190. 1
2 .41.8
2 327.3

1970
1971
1972
1973
1974
1975
1976
1977
.
1978
1979 . .
1980. ...
1981 ...
1982
1983
1984
1985
1986
1987

2 + 08.6
21+ 7 8 . 6
2 45.6
2 34.0
2' 4 7 .
2( 4 2 .
2 304.
2 396.
3 320.
3 181.
3 233.
3 261.
3 170.
3 186.
3 +51.
3 ?77.
3 21.
3 83.0
)74.8

1401.2
1485.7

152 .6
155 .4

151 .2
163 .0

166 .8
169 .1
1796.4
1860.0
1965.4
2066.4
2195.8
2255.2
2366.9
2406.5
2478.4
2595.1
2741.0
2755.2
2669.6
2816.9
2942.7
3115.9
3178.7
3157.0
3250.2
3179.9
3258.3
3498.0
3599.2
3704.6
3823.5
4010.7

1418.0
1505.5
1523.7
1561.5
1550.0
1629.5
1668.4

17 16 .3
1813.1

1892 .5
1985.2
2099.3
2218.3
2287.7
2 3 8 5 .3
2435.8
2491.1
2622.1
2738.3
2719.3
2714.9
2828.6
3001.8
3142.6
3207 .4
3159.1
3264.6
3154.5
3306.4
3520.6
3635.8
3712.4
3872.8

-5.4
8.9
0.8
3.3
-7.9
5.1
7.0
4.2
5.3
5.5
9.2
9.0
8.2
2.3
4.7
5.7
-2.4
11.2
9.1
9.7
-2.2
-7.6
7.7
5.6
3.6
0.0
4.1
8.0
-5.9
3.5
10.7
4.9
6.6
5.4
4.0

-1.6
4.4
1.8
-0.2
2.2
7.8
-1.1
5.1
4.2
5.7
3.5
5.9
1.0
2.4
7.0
0.5
-0.3
0.0
8.0
1.0
1.1
4.1
1.8
6.6
13.2
-0.4
-9.1
-1.3
1.2
9.3
5.5
2.4
-1.8
4.4
3.7

4.9
5.4
0.3
2.4
9.8
-1.8
0.4
5.8
3.8
7.2
4.1
6.5
4.2
5 .9
3.1
2.2
5.0
2. 1
4.2
-0.4
-5.1
7.0
1.7
8.3
3.5
3.7
0.3
1.8
-3.2
6 .0
2.6
4.1
0.8
5.3
3.2

310.4
297.8
265.4

319.9
354.7
373.7

361.2
392.8

419.9

SOB.

1438.8
1518.7
1540.6
1537.3
1586.7
1643.4
1654.1
1754.9
1810.1
1906.1
1993.7
2147.6
2229.2
2300.6
2383.0
2423.5
2413.8
2491.0
2671.3
2762.8
2695.4
2752.7
2856.8
2994.1
3181.6
3201.3
3199.2
3219.0
3159.3
3365.1
3535.2
3662.4
3733.6
3935.6

1270.5
1366.7
1372.4
1400.6
1327.7
1312.3
1484.7
1537.5
1605.2
1622.6
1746.7
C H A N G E IN

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

1416.2
1494.9
1525.6
1551.1
1539.2
1629.1
1665.3
1708.7
1799.4
1873.3
1973.3
2087.6
2208.3
2271.4
2365.6
2423.3
2416.2
2484.8
2608.5
2744.1
2729.3
2695.0
2826.7
2958.6
3115.2
3192.4
3187.1
3248.8
3166.0
3279.1
3501.4
3618.7
3717.9
3853.7
4024.4
PERCENT
CHANGE

6.0
3.6
4.5
-6. 1
9.8
3.5
-3.4
9.3
-0.7
2.9
1.7
9.5
2 .0
2.3
-0.4
-1.6
3 .6
0.0
7 .7
3.6
-3.5
5.7
4.0
-1.0
5.1
-0.8
5 .2
-5.5
0.6
7.3
1.7
3.0
2.3
6.6
2.7

NOTE: These series contain revisions beginning with 1986.
'Year-to-year differences and percent changes are computed from annual data.




1221 .9

AVERAGE

IN 1982

1954
1955
1956
1957 .
1958
1959
1960
1961
1962
1963
1964
1965 . .
1966 . .
1967
1968
1969
1970
1971
1972
197 3
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988

239.5
277.8
279.9
252.3
275.2
303.7
325.5
340.4

403.1
421.8

G R O S S N A T I O N A L P R O D U C T IN 1982 D O L L A R S
( A N N U A L R A T E , B I L L I O N 3 OF D O L L A R S )

1954
...
1955
1956
1957
.
1958 ...
1959
1960 ...
196 1
1962
1963
1964
1965 . . . .
1966
1967
1968

209.7

258.0
272.0
272.5
307.3
338.6
337.3
306.2
289.3
269.9
342.3
360.4
389.7
364.7

328.8
346.5
303.6
294.2

1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988

215.6

-1.3
5 .6
2. 1
1 .7
-0.8
5.8
2.2
2.6
5.3
4.1
5.3
5.8
5.8
2.9
4.1
2.4
-0.3
2.8
5.0
5.2
-0.5
-1.3
4.9
4.7
5.3
2.5
-0.2
1.9
-2.5
3.6
6.8
3.4
2.7
3.7
4.4

831. 6,
886.7
965.4
989.6
1006.6
1052.2
1027.7
1055.3
1048.9
1172.3
1170.3
1096.4
1187.2

204.6

1966
1967
1968
1969
1970
197 1
1972

II Q

III Q

IV Q

VALUE OF GOODS OUTPUT IN 1982 DOLLARS
( A N N U A L RATE, BILLIONS OF DOLLARS)
633.3
680.5
696.7
702.2
657.7
725.5
732.9
722.5
770.8
792.0
840.0
889.0
969.0
987.8
1028.3
1044.7
1034.2
1035.8
1091.5
1176.8
1174.1
1110.0
1194.0
1245.0
1331.4
1347.5
1336.9
1380.2
1335.0
1358.0
1511.6
1547.5
1587.5
1645.9
1767.9

GROSS N A T I O N A L P R O D U C T
, o L,L,i\jna ur

-19.8
30.8
-3.0
12.7
-31.2
19.7
28.2
17.2
23.0
24.5
42.6
43.2
42.5
12.6
26.7
33.5
-14.9
64.8
54.6
62.7
-15.4
-52.7
51.7
39.2
26.4
0.1
32.1
61.9
-48 6
27.3
86.6
42.3
58.7
49.4
39.2

638.1
693.2
695.5
706.6
681.1
711.2
730.8
736.4
780.7
803.4
852.0
907.9
974.7
999.7
1039.0
1051.7
1046.7
1036.5
1108.3
1161.5
1151.0
1136.4
1197.9
1282.7
1341.4
1359.7
1323.3
1400.3
1316.0
1373.9
1520.2
1564.7
1582.1
1679.1
1782.3

AVERAGE
652.4
702.7
698.6
680.7
702.3
723.7
702.9
753.8
773.1
807.5
857.1
932.3
989.7
995.2
1025.3
1045.3
1011.2
1022.5
1126.5
1189.3
1141.3
1157.1
1199.6
1275.4
1373.2
1344.6
1344.1
1363.0
1297.9
1423.8
1520.2
1564.7
1595.7
1728.5
1789.4

IN 1982 D O L L A R S
u\jL,L,i\D.a i

-5.6
16.1
6.9
-0.9
8.1
306
4.8
20.8
18.5
25.4
16.7
29.5
5.7
13.4
39.6
3.3
-2.1
-0.2
49.5
7.0
7 .8
26 .9
12.5
46.7
95.4
-3.0
-76.4
-10.9

16.8
19.8
1.1
9.1
35.8
-7.5
16
24.2
16.7
32.5
19.8
32.9
22.5
32.5
18.4
13.4
29.3
12.7
27.0
-2.7
-35 .9
45 .3
11.7
59.1
26.7
28.7
2.1
14.4

Annual
643.5
683.9
697.1
699.3
674.2
716.6
726.8
730.2
773.5
797.5
845.2
904.0
974.7
993.1
1024.8
1048.5
1030.0
1037.6
1093.8
1175.0
1159.2
1125.0
1194.7
1256.2
1329.1
1354.6
1344.2
1386.0
1319.1
1367.0
1509.2
1553.6
1592.6
1669.0
1771.6

u j. r r u n t i l v^r,

20.8
13.2
16.9
-24.2
36.7
139
143
38.6
-3.0
13.6
8.5
48.3
10.9
12.9
-2.3
-9.7
-22.0
-0.1
49.2
24.5
-23 .9
37.8
28.2
-7.7
39.0
-6.1
40.1
-45.6

-9.1
8.7
0.7
5.5
- 1.9
99
62
3.4
90.7
73.9
100.0
114.3
120.7
3.1
4.2
7.7
7.1
8.6
1 3.7
1 5.6
- 4.8
- 4.3
131.7
131.9
156.6
77.2
-5.3
61.7

71.7

48. 1

58.7

113.1

46.3

22.6

14.6

222.3

21.7
-16.5
40.5
35.9

36.6
7.8
49.3
32.0

26.6
21.2
62.8
26.7

117.3
99.2
135.8
170.7

55. PE I S O N A L C O N S U M P T I O N E X P E N D I T U R E S ,

AUTOMOBILES

]

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

11.1
1 .2
1 .0
1 .4
1 .3
1 .3
1 .4
13.6
17.0
19.8
21.6
25.5
26.8
22.7
27.9
30.5
27.6
32.6
35.9
43.8
33.8
34.3
47.9
55.9
55.8
65.8
68. 1
72.7
70.0
76.8
103.0
117.6
125.4
119.5
143.6

11.6
16.0
13.2
15.0
12.0
16.4
16.9
14.2
17.9
20.5
21.8
24.7
23.9
25.3
28.4
29.8
28.8
33.5
37.1
42.8
34.2
34.3
48.7
56.0
64.5
61.7
52.2
65.7
70.2
86.6
107.8
120.5
130.2
129.3
145.7

10.8
16.9
12.9
14.1
11.9
17.1
17.1
14.8
17.7
20.6
22.9
25.3
24.6
24.9
30.4
30.3
28.9
34.0
38.3
40.7
37.6
40.1
49.2
57.3
63.7
65.8
60.8
72.8
72.6
90.1
108.8
134.7
149.1
145.8
140.9

11.8
15.7
14.1
14.4
12.7
14.8
15.9
16.3
19.1
21.0
20.5
25.3
24.5
24.5
29.9
29.8
23.1
35.4
40.6
36.6
32.0
42.5
51.3
57.4
64.9
62.9
64.2
62.8
79.1
97.4
111.2
117.4
140.0
132.0
146.6

11.3
15.7
13.5
14.7
12.2
15.9
16.6
14.7
17.9
20.5
21.7
25.2
25.0
24.4
29.1
30.1
27.1
33.9
38.0
40.9
34.4
37.8
49.3
56.6
62.2
64.1
61.3
68.5
73.0
87.7
107.7
122.5
136.2
131.7
144.2

(SEPTEMBER 1989)

101

C. Historical Data for Selected Series—Continued
Year

1Q
64.

1954
1955
joey

fiQ

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 . .
C PRO U

1954
1955

II Q

III Q

IV Q

68 7
671

68 1
673

67 7
674

0

690

69*0

69 6

69.6
68 1
69 9
69.7
69.4
69.0
68.9
68.2
68.8
70 1
707
72 0
74.1
73 4
73.6
72.6
74 1
74.1
73 3
72 7
72.0
72.6
75.0
74 1
75.5
74 3
73 0
73.1
73 3
735
73 2

69.2
69.1
70 0
69.5
69.3
69.0
69.0
68.3
69.4
70.2
711
72 7
74.1
73 4
72.9
72.5
74 3
72.8
73 6
721
72.1
72.8
74.7
73 6
75.9
74.3
73.3
73.2
73.8
733
73 3

68.5
69 3
70 3
69.0
69.1
69.0
69.3
68.3
69.6
70 3
714
73 5
74.3
73 2
72.3
71.2
74 7
72.8
73 8
729
71.9
73.5
74.2
74 5
75.8
73.4
73 4
73.3
74.0
73 1
73 1

N 1982 D O L L A R S , N O N F I N A N C I A L

0 P.

Year

(DOLLARS)

68 4
672
f)Q*2

69.3
68 8
69 8
69.6
69.2
69.1
69.0
68.3
69.0
70 2
710
72 4
74 2
73 4
73.0
72.4
74 0
73.6
73 4
728
72.3
72 8
74.4
74 0
75.7
74 4
73 1
73.2
73 6
734
73 2

3 72
3 54
3 93
4 38
4.49
4.53
5 34
4.97
4.98
5.00
4.99
4.97
5.55
613
6 36
7 32
8 86
6 59
5.52
6.52
9 91
9.94
7.54
7 50
8.90
12 27
15.67
19 91
17.13
10 20
11 06
10.10
9 29
7 46
8.37

1954
1 9 5 5 . . ..
1 9 5 6 . .
1957
1958
1959
1960
1961
1962
1963
1964.. .
1965
1966
1967
1968.. .
1969
1970
1971
1972
1973
1974.. .
1975
1976
1977
1978
1979...,.
1980
1981
1982
1983
1984
1985
1986 ...
1987
1988

17 6
24 3
243
24.1
19 6
27.1
28 4
24.8
33.9
35.9
42 6
48.8
54.3
51.2
49.2
50.8
39.3
46.8
56.3
65.7
57.7
54.1
83.3
86.4
103.0
115.8
96.6
106.0
85.7
111.5
61.5
72 6
89 4
64.9
89.1

A S

AVERAGE

0 195
0 191

0 193
0 193

0 193
0 196

0 194
0 192

1956
1957

0 199
0 207

0 201
0.209

0.203
0.210

0.206
0.213

0.203
0.210

1958
1959
1960
1961
1962
1963

0 216
0.213
0 218
0 222
0 220
0 221

0 215
0.212
0 221
0 221
0 222
0 218

0 215
0.218
0 221
0 222
0 221
0 218

0 213
0.216
0 222
0 219
0 221
0 219

0 215
0.215
0 221
0 221
0 221
0 219

0.221
0.225

0.221
0 229

0.222
0.232

0.222
0.235

0.222
0.230

...
...

0*247
0.260
0.282
0.289
0.304
0 311
0 343
0 379
0.403
0.432
0.463
0 501
0.558
0 612
0.666
0.682
0.681

024Q
0.265
0.284
0.295
0.305
0 319
0 356
0 391
0.410
0.436
0 466
0 515
0 578
0 625
0.672
0.676
0 682

0*252
0.270
0.286
0.298
0.307
0.325
0 372
0.391
0.418
0.438
0.477
0 530
0.587
0.636
0.679
0.676
0.691

0*256
0.276
0.291
0.301
0.308
0.334
0 382
0.399
0.427
0.451
0.486
0 546
0.603
0.653
0.685
0.680
0.694

0*25?
0.268
0.286
0.295
0.306
0.322
0 363
0.390
0.414
0.439
0.473
0 523
0.581
0.632
0.676
0.679
0.687

1986
1 9 8 7 . ...
1988

0 712
0 731
0.732

0 719
0.727
0.740

0 726
0.726
0.746

0 727
0.734
0.756

0 721
0.730
0.744

1954
1955
1956
1957
1958
1959
1960
1961
1962
1963

64.9
90 6
86 3
80.9
64 3
87 9
90 3
77 9
106 3
110 7

67.5
93 5
83 2
80.7
64 9
96 1
83 6
86 7
104 5
115 3

70.5
92 3
82 1
80.4
70 9
86 2
84 3
88 5
105 8
116 7

78.2
918
7 9 0
73.6
79 6
88 2
80 0
93 3
111 6
117 8

70.3
92 0
82 6
78.9
69 9
89 6
84 6
86 6
107 0
115 1

1965
1966
1967

147.3
159 7
145 4

150.9
153 3
142 1

151.2
148 4
144 1

155.7
152 0
146 0

151.3
153 4
144 4

1969

132.1

125.7

120.7

107.2

121.4

1971
1972

109.6
125 8

109.5
124 9

114.5
131 8

118.8
136 8

113.1
129 8

1954
1955
1956
1957
1958
1959
I960
1961.
1962.
1963
1964
1965
1966
967
968.
969
970
971
972

1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988

115.2
94.9
137 2
133.8
148.8
153.7
116.5
116.1
87.1
109.9
158.6
167.1
181.2
151.8
171.7

102 2
108.2
129 3
154.7
161.0
149.0
111.9
111.8
86.1
130.0
171.7
177.1
167.1
155.5
167.8

80.3
123.3
128 7
170.4
161.9
143.8
102.3
115.1
89.2
140.3
171.3
190.3
162.7
166.1
168.6

81.5
129.3
126 1
154.1
164.1
129 4
99.6
111.1
85.1
157.9
175.1
184.2
149.3
164.9
172.3

94.8
113.9
130 3
153.2
159.0
144 0
107.6
113.5
86.9
134.5
169.2
179.7
165.1
159.6
170.1

1973.
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988

1965
1966
7q!?o
1969
1970
1971
1972
1973.
1974
1975
1976
1977.
1978
1979
1980
1981
1982
1983.
1984.

. ..
..

..
.
...
..
..
.

AL

.




III Q

IV Q

3 60
3 56
4 14
4 40
4.17
4.87
5 35
4.97
5 01
5 01
4.99
4.99
5.82
5 95
6 84
7 86
8.49
6 01
5.59
7.35
11.15
8.16
7.44
7.40
8.96
12.34
17.75
19 99
17.11
10.31
12.45
9.90
8.13
8 24
8.49

NN.

3 56
3 77
4 35
4 83
4 21
5 27
4 97
4 99
4 99
5 01
4.98
5 00
6 30
5 95
6 89
8 82
8 50
6 51
5.84
9.24
12 40
8.22
7.80
7.80
9.92
12.31
11.56
21 11
13.27
11.09
13.29
9.27
7.73
8 20
9.75

,

18 3
25.2
23.6
24.3
19.8
29.7
26.5
27.5
33.4
37.4
42.5
50.1
52.7
50.5
52 1
49.2
42.7
47.5
56.5
61.8
52 9
62.7
79.9
101.7
114.0
114.8
95.2
104.2
85.6
131.8
75.2
83.0
76 9
69.8
87.0

L.

..

Annual

<u)
AVERAGE
3 55
3 93
38
85
50
36
99
96
02
5 00
5.00
5 27
6 31
5 96
661
8 83
8 07
6 18
6.33
10.08
11 64
8.29
7.28
8.64
11.44
15 81
15.71
17 23
11.26
10 95
11.29
9.68
7 28
8 47
10.11

OL.)

19 0
25 3
238
24.4
21 7
26.8
26 8
28.2
33.8
37.9
42 9
50.6
51.5
51.5
52 1
47.9
41.2
50.2
60.0
64.5
43 6
72.7
80.7
113.8
117.0
113.5
89.1
109.4
90.0
142.4
75.4
96 5
74 7
80.3
89.7

CCADJ T O TOTAL C O R P O R A T E D O M E S T I C I N C O M E

T , B LL ON

toOTF II 1
th
H th
'
t '
' '
h
' t h 1 Qftfi
' T h i s series c o n t a i n s no r e v i s i o n s but is reprinted for the convenience of the user.

102

II Q

B A N K RATES ON SHORT-TERM B U S I N E S S L O A N S 1
(PERCENT)

1954
1955
956
957. . .
958
959... .
960. .
961... .
962
963
964
965.....
966
1967
1968
1969.
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981. .
1982
1983
1984.....
1985
1986
1987 . . .
1988

0 196
0 189

.

1Q

AVERAGE

68 9
66 9

69,8
68 5
69 2
70.3
69.0
69.3
68.7
68.4
68.1
70 0
708
71 6
74.4
73 6
73.3
72.3
73 1
74.8
72 8
73 3
73.3
72.4
73.6
73 7
75.7
75 4
72 7
73.2
73.3
737
73.2

Annual

67.

C O M P E N S A T I O N OF E M P L O Y E E S AS A P E R C E N T
OF NATIONAL INCOME
(PERCENT)

61
70
20
62
34
00
16
97
00
00
.99
5 06
6 00
6 00
6 68
821
8.48
6 32
5.82
8.30
11 28
8.65
7.52
7.84
9.80
13.18
15.17
19 56
14.69
10.64
12 02
9.74
8 11
8 09
9.18

VERAGE
211
25 5
233
22 5
24 4
27.5
25 4
29.8
36.0
38.5
42 6
52.4
53.3
52.5
52 2
43.1
38.2
52.8
62.5
64.3
45 4
77.5
80.2
105.1
120.9
104.2
88.8
107.7
86.3
160.4
179.9
191 5
162 1
180.9
196.9

(PERCENT)

19 0
25 1
238
23.8
214
27.8
26 8
27.6
34.3
37.4
42 7
50.4
52.9
51.4
51.4
47.7
40.3
49.3
58.8
64.1
49 9
66.7
81.0
101.8
113.7
112.1
92.4
106.8
86.9
136.5
173.0
185 9
175 8
174.0
190.7

AVERAGE

9.6
12.2
11.0
10.1
8 7
11.1
10.5
9 2
11 7
11.6
12 8
13.5
13.7
12 1
10 6
9.8
6.8
7.9
8.6

10.0
12.3
10.5
10.0
8.8
11.6
9.8
10.1
11.3
11.9
12 6
13.6
13.0
11.9
10 9
9.2
7.4
7.8
8.4

10.3
12.0
10.4
10.1
9.4
10.6
10.0
10.1
11.2
11.9
12 5
13.5
12.5
11.8
10 6
8.7
7.0
8.2
8.7

11.0
11.7
9.9
9.6
10.2
10.6
9.5
10 4
11.7
11.8
12 2
13.6
12.7
11.8
10 3
7.6
6.6
8.4
8.7

10.2
12.0
10.4
10.0
9.3
11.0
10.0
10.0
11.5
11.8
12 5
13.6
13.0
11.9
10 6
8.8
7.0
8. 1
8.6

85
5.8
5.7
8.3
7.6
7.9
7.5
4.4
5.4
4.0
5.5
7.5
7.6
7.7
6.2
6.4

75
5.1
6.9
7.7
8.8
8.7
6.8
4.6
5.4
3.9
6.5
8.1
8.0
7.4
6.2
6.3

74
3.8
7.7
7.6
9.5
8.5
6.1
4.2
5.6
4.1
6.8
7.9
8.6
7.0
6.5
6.1

7?
4.4
7.8
7.4
8.7
8.2
5.3
4.4
5.1
3.9
7.5
8.1
8.0
6.3
6.1
6.2

76
4.8
7.0
7.8
8.6
8.3
6.4
4.4
5.4
4.0
6.6
7.9
8.0
7.1
6.2
6.2
(SEPTEMBER 1989)

C. Historical Data for Selected Series—Continued
Year

1Q

1954
1955
1956.
1957
1958
1959
I960
1961
1962
1963
1964
1965

.

1967
1968
1969
1970
1971.....
1972
1973
.
1974
1975
1976 * .
1977
1978 . ..
1979 .
.
1980
1981.. .
1982
1983
1984
1985
1986.. .
1987
1988

II Q

III Q

IV Q

Annual

245.0
254.5
269.7
264.0
258.4
277.0
317.3
317.8
281.2
290.6
324.0
362.1
389.4
379.2
395.2
366.7
361.2
425.2
453.5
438.4
455.5
493.8

0
4
3
3
5
5
4
6
7
5
5
2
8
5
5
8
1
3
8
2
2
4
0
0
4
0
5
0
3
8
8
6
0
5
0

64.8
71.8
6.0
5.0
9.4
2.7
8.6
7.3
81.4
83.4
90.8
107.7
106.0
105.3
108.9
114.9
110.2
105.5
111.7
120.4
110.5
102.3
105.2
109.8
123.8
138.7
136.2
152.2
138.3
131.6
147.1
149.9
123.4
125.7
121.4

64.
69.
75 .
75.
70.
71.
76.
77 .
81.
81.
87.
101.8
108.0
105.4
108.0
112.9
111.1
107.3
109.5
117.7
115.2
102.8
104.4
108.3
119.3
130.6
136.2
148.8
143.3
127.2
143.8
149.5
130.1
122.3
122.2

72.7
81.7
84.9
85.9
73.3
81.7
83.3
80.5
88.9
95.1
107.0
125.8
142.4
139.6
146.5
156.8
152.9
151.0
167.5
199 6
202.7
178.4
186.2
215.7
242.8
258 8
243.0
246.4
223 4
233.9
281.4
304.0
308.3
333.2
371 6

1954
1955
1956
1957
1958
1959
I960
1961
1962
1963
1964.....
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978.....
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988

72.7
93.6
86.1
81.1
76.2
99.2
100.9
90.2
100.2
106.1
121.3
1150
113.3
87.6
112.9
119.4
108.2
126.1
163.6
177.1
141.4
106.9
135.4
156 .3
172.9
174.6
154.9
139.3
101.2
127.8
170.5
1703
185 .7
1973
189.1

77.4
94.8
85 .5
79.2
76 . 1
102.8
92.7
90.5
103.1
114.0
116.0
116.4
105.8
99.3
115.8
118.3
102.1
139.3
164.5
165.3
134.4
110.8
139 .1
172.7
179.8
172.4
124.1
134.1
103.4
147.4
173.1
1729
196 .5
1978
194.2

82 0
92 7
83 7
78 3
815
100 9
89 8
95 4
102 9
116 0
112 9
113 3
102 3
104 3
116 8
116 5
107 6
147 7
165 6
158 7
130 6
118 2
136 3
174 4
180 8
170 6
126 8
122 3
100 1
161 9
170 3
175 0
200 1
192 1
195 1

87.1
88.6
82.4
78.6
90.2
98.0
89.9
98.4
102.7
119.4
111.0
111.9
91.4
111.3
119.3
107.5
119.2
152.2
172.8
152.5
114.4
123.6
152.4
169.1
178.6
165.7
142.2
110.4
115.8
159.9
169.6
179.4
200.3
191.9
198.1

79.8
92.4
84.4
79.3
81.0
100.2
93.3
93.6
102.2
113.9
115.3
114.2
103.2
100.6
116.2
115.4
109.3
141.3
166.6
163.4
130.2
114.9
140.8
168.1
178.0
170.8
137.0
126.5
105.1
149.3
170.9
174.4
195.7
194.8
194.1

137.5
151.0
160.4
161.1
143.9
153.6
159.4
158.2
170.2
176.6
194.9
227.6

244.5
255 7
266.0
265.9
257.7
267.9
304 5
324.
285.
284.
311.
339.
383.
397.
385.
387.0
341 6
401.3
448.2
448.5
430.9
483.6

244.
250
267.
264.
258.6
272.2
316.7
324.7
277.6
286.8
320.4
363.6
384.9
372.9
395.3
369.5
348.8
422.0
457.8
438.7
445.6
497.8

243.4
252 1
273.8
266.9
257.6
275.9
322.6
316.0
279.6
292.8
327.8
369.4
394.2
370.4
402.7
358.0
363 9
433.0
447.1
430.9
472.8
501.0

247.8
260 4
271.1
259.0
259.6
292.2
325 5
306.2
282 1
297.9
336.4
376 0
394 8
375.8
397.0
352.3
390 4
444.4
460.9
435 7
472.7
492.7

.

71.6
79.8
84.4
84.9
72.1
80.8
86.6
79.6
89.7
92.4
104.7
121.5
143.8
139,8
142.4
156.6
153.0
151.0
163.1
199 8
205.8
176.2
183.1
212.2
243.8
256.8
238.0
246.0
224 9
225.5
277.7
306.4
309.8
327.9
375 3

.

,

.

73.7
84.8
85.8
88.3
70.7
83.5
82.3
80.4
89.7
96.9
108.4
129.0
143.1
138.0
145.6
158.0
155.8
150.3
167.0
202 4
203.8
177.2
187.9
216.8
247.1
261.2
236.9
249.7
218.7
238.1
287.2
301.5
306.8
347.3
378.0

.

Annual

65
70
76
75
68
73
75
77
83
82
89
102
109
105
106
115
111
107
108
120
112
102
105
111
122
133
133
153
139
125
45
45
24
25
23

137.0
160.9
160 3
159.6
143.4
156.9
157.6
162.6
170.5
183.9
202.9
240.6

y

IV Q

III Q

65.1
68.4
76.0
53
08
1.9
4.8
7.4
81.6
81.8
87 6
102.5
107.5
104.5
107.6
111.3
111.3
107.5
109.1
116.9
118.9
101.4
103.7
108.2
119.9
1281
134.9
149 .3
144.7
123.3
144.3
151.4
128.9
117.7
122.5

138.7
155.2
162 1
163.6
139.2
156.9
157.7
158.0
173.4
179.4
197.9
231.1

73.1
72.9
85.1
85.7
76.2
78.2
85.3
76.9
86.9
90.4
102.7
119.8
139.1
138.3
146.6
156.6
154.0
148.6
159.3
191 0
205.5
180.5
181.1
207.2
228.2
260.9
257.5
245.0
235.9
213.4
263.5
297.1
304.5
310.7
361.8

II Q

64.5
66.9
73.7
75
73.
69.
75.
78.
78.
78.5
83.9
95.0
108.8
106.2
109.1
109.5
111.9
109.1
108.5
13.6
19.0
05.0
03.8
04.4
11.3
227
40.2
40 7
51.0
28.2
37.7
51.1
44.0
20.1
121.8

136.8
148.2
160.5
160.1
142.9
152.7
161.4
157.0
171.3
174.
192.
224.

,

1Q

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

137.7
139.8
158.8
161.1
149.9
147.9
161.1
155.3
165.5
168.9
186.5
214.7

1954
1955
1956
1957
1958
1959
I960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973..
1974.....
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988....

Year

;

72 2
89.1
84.3
84.6
74.0
84.1
79.0
85.3
89.1
100.5
112.2
133.0
143.7
142.5
151.5
156.2
148.8
154.1
180.5
205 1
195.7
179.8
192 7
226.6
252.1
256 2
239.6
244.8
214 1
258 8
297.3
311.1
312.3
347.0
371 3

620. MERCHANDISE IMPORTS, ADJUSTED,

EXCLUDI G MILITARY
TOTAL

1954
1955
1956
1957
1958
1959
1960
1961
1962

...
...
...
...
...
...
4,685
5,095
5,077

...
...
...
...
...
...
4,916
4,806
5,336

1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
197*4
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988

6,242
5,768
7,242
7,751
7,998
7,468
10,258
10,920
11,833
15,474
22,614
27,480
27,575
29,668
30,856
41,822
54,404
60,737
55,416
49,317
53,240
55,067
53,899
57,255
76,447

6,199
6,876
7,169
7 693
8,324
9,536
10,744
10,878
11,618
17,112
24,500
25,866
28,256
30,852
35,659
43,639
55,720
59,905
55,166
49,224
54,656
54,197
56,796
60,015
78,471

...
...
...
...
...
...
5,031
5,038
5,331
6,423
6,643
7,290
7 530
8,745
9,400
10,665
11,548
12,351
18,271
24,629
26,109
29,056
30,752
36,537
47,384
56,328
58,427
52,592
50,824
56,170
53,434
56,182
64,297
80,604

NOTE: These series contain revisions beginning with 1986.




...
...
...
...
..
...
5,018
5,169
5,037
6,637
7,174
7,609
7 692
8,559
10,010
10,802
9,973
13,579
20,553
26,563
27,633
29,858
29,544
39,002
51,628
57,817
58,016
48,024
52,455
55,834
53,237
56,490
68,699
83,729

12,929
14,424
17,556
19,562
16 414
16,458
19,650
20,108
20,781
25,501
26,461
29,310
30 666
33,626
36,414
42,469
43,319
49,381
71,410
98,306
107,088
114,745
120,816
142,054
184,473
224,269
237,085
211,198
201,820
219,900
215,935
223,367
250,266
319,251

1954
1955
1956
..
1957 ....
1958
1959
I960.
1961
1962

3812
,394
,966

1964
1965.
1966
1967
1968
1969
1970
1971.,...
1972
1973

,416
711
6 012
6,708
7 ,796
7,444
9,587
10 600
13,501
16,285

1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988

...
...
...

24,980
28,176
36,585
42,044
46,810
64,905
66,052
62,954
59,488
79,635
80,770
89,549
95,916
109,893

. .
...
...

3 858
3,438
4,080
4,598
5428
6195
6,475
8,051
9,527
9,766
11 614
13,254
17,168
22,832
30,182
38,063
43,431
50,608
62,037
66,896
60,306
64,406
83,332
83,843
90,812
99,834
109,882

...

3 6 +8
3 , 8 39
4,1 6
4,7 )6
5 5 16
6 5 6
6 ,5 .6
8,6 12
9 , 3 30
1 0 , 0 +9
2 1 1
4 , 0 12
7 , 6 33
>8
4 , 4 37
2 , 2 13
3 8 , 0 35
4 4 , 6 37
5 4 , 7 >1
59,8. 1
6 5 , 3 J3
6 4 , 2 ^t9
70,8 9
84,3 9
8 4 , 0 52
9 2 , 9 33
104,9 )3
110, 9 ^*3

3,440
3,896
4,098
4,930
5,855
6,710
7,157
8,532
9,456
10,464
11,194
15,020
19,363
28,145
25,886
33,657
39,254
45,839
59,840
62,956
66,782
60,133
74,167
85,116
89,438
95,081
109,113
115,748

10,353
11,527
12,803
13,291
12,952
15,310
14,758
14,537
16,260
18,700
21,510
25,493
26,866
32,991
35,807
39,866
45,579
55,797
70,499
103,811
98,185
124,228
151,907
176,001
212,009
249,749
265,063
247,642
268,900
332,422
338,083
368,425
409,766
446,466

(SEPTEMBER 1989)

103

C. Historical Data for Selected Series—Continued
Year

II Q

IQ

III

Q

Annual

IV Q

652.

INCOMI

1954
1955
1956
1957
1958
1959 . . .
I960..
196 1 ....
1962
1963
1964
1965
1966
1967
1968
1969. . .
197 0. .
197 i. . .
1972 ....
1973
1974
1975
1976 . . .
1977 .....
1978
1979
1980
1981
1982
1983
1985
1986
1987 .
1988.

873
1,701
1,111
999
1,826
1,057
1,230
1,043
202
24
671
320
-1,668
-811
662
2,500
-601
-6,917
-11,188
-4,988
-10,501
-5,315
-7,538
-10,171
-26,395
-25,703
-35,650
-38,661
-33,446

1,058
1,368
1,256
1,373
1,601
1,448
974
1 ,218
273
9
978
-736
-1,636
-56
-1,846
3,034
-1,926
-7,211
-7,772
-6 , 9 6 9
-6,317
-6,991
-5,140
-15,182
-28,676
-29,646
-34,016
-39,819
-31,411

TOTAL

1,383
,229
,215
,299
,667
,127
714
1 ,004
133
20
616
-623
-1,671
588
-2,739
1,622
-3,157
-7 253
-8,150
-7,367
-3,523
-6,906
-11,657
-20,015
-28,169
-30,598
-36,801
-40,606
-30,339

578
273
939
553
707
319
899
535
27
554
338
- , 221
- , 441
190
- , 582
, 747
-3, 7 9 9
-9 710
-6, 837
-8, 212
- 5 , 139
-8, 766
-12, 109
-21, 7 1 2
- 2 9 , 282
-36, 2 0 1
-38, 5 9 1
-40, 4 1 4
-32, 019

ON F O R E I G N I N V E S T M E N T I N T H E U N I T E D STATES 3
( M I L L I O N S OF D O L L A R S )

331
293
319
357
426
497
573
674
778
1,004
1,422
1,227
1,479
2,102
2,706
3,237
3,405
3,099
4,372
7,260
10,336
, 98
, 33
, 22
, 35
, 59
, 57
19,755
23,955

314
299
330
382
439
511
594
675
844
1,148
1,405
1,283
1,623
2,392
3,005
3,143
3,332
3,398
5,326
7 ,845
10,262
3,383
4,426
2 ,799
7 ,196
6,670
7,533
0,554
25,613

307
317
334
399
440
528
643
677
870
1,324
1,377
1,428
1,650
2,518
3,276
3,212
3,293
3,612
5,630
8,525
10,505
3,796
3,994
3,527
7,978
6,055
5,729
21,904
27,310

287
336
343
422
478
554
671
721
887
392
311
497
, 821
, 643
098
973
, 281
107
, 352
330
1 , 017
1 , 752
1 , 131
1 , 829
1 , 809
1 , 818
16, 3 5 0
20, 207
28, 670

2,576
2 ,897
4,753
6,271
3,462
1,148
4,892
5,571
4,521
5,224
6,801
4,951
3,817
3,800
635
607
2,603
-2,260
-6,416
911
-5,505
8,903
-9,483
-31,091
-33,947
-27,536
-25,480
-27,978
-36,444
-67,080
-112,522
-122,148
-145,058
-159,500
-127,215

1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988

. ..

7,177
7 ,230
8,093
8,566
9,451
10,596
10,942
11,695
12,957
14,753
16,680
17 ,288
18,445
26,259
36,730
37,473
42,200
46,699
54,086
67,983
82,733
95,446
91,880
82,602
92 ,436
92,932
98,115
105,694
126,800

7,380
7,509
8,077
8,638
9,795
10,351
11,141
11,713
13,573
14,871
16,532
17,943
19,498
28,544
37,033
38,292
43,644
47,049
55,940
74,405
86,126
94,759
88,269
86,311
94,014
93,947
98,322
110,922
131,573




_

Annual

7 , 380
7, 697
8 , 009
9 , 031
1 0 , 005
10, 825
11, 5 7 2
12, 0 2 2
13, 3 8 8
15, 4 6 9
16, 5 6 1
16, 508
21, 0 3 9
31, 479
3 8 , 609
40, 705
44, 674
4 5 , 692
60, 873
79, 715
88, 6 5 9
93, 913
81, 3 6 1
86, 2 1 3
9 2 , 733
9 3 , 800
9 8 , 109
125, 211
143, 6 2 6

TOTAL

,127
,251
,272
,516
,721
,874
1,824
1,957
2,202
2,569
2,968
3,012
3,451
4,628
6,895
6,113
7,031
7,714
9 ,612
13,474
19,949
20,701
20,773
18,077
22,798
18,543

,131
,209
,379
,495
,688
,939
,852
,916
2,317
2,673
3,030
3,198
3,576
5,187
7,104
6,002
7,371
7 ,999
9 ,704
14,929
15,933
21,736
22 , 184
18,732
21,148
22 , 0 9 2

1,166
1,251
1,397
1,541
1,735
1,862
1,879
2,064
2,411
2,794
2,977
3,156
3,803
5,913
7,123
6 ,352
7,429
8,337
10,465
17,445
17,807
22,088
21,428
20,684
21,491
24,310

1,193
1 ,288
1,569
1 ,605
1,680
1,763
1 ,972
2,083
2,438
2 ,875
2,773
3,340
3,933
6,080
6 ,464
6 ,884
7,455
8, 129
12,465
18,285
18,818
21,887
19,164
19,758
20,470
23,886

1987
1988

25,117
26,750

22 ,744
23 ,148

23,578
24,720

33,265
33, 159

.. .

TOTAL
420
489
568
639
669
828
1,237
1,245
1,324
1,561
1,784
2,088
2,481
2,747
3,378
4,869
5,516
5,436
6,572
9,655
12,084
12,564
13,311
14,217
21,680
32,960
42,120
52,329
54,883
52,376
67,419
62,901
66,968
82,420
105,548

876
1,904
1,371
1,503
2,595
1,922
1,840
1 ,636
877
806
1 ,444
1 ,546
-641
958
4,650
5,463
3,648
-1,523
-4,932
1,973
-607
4,773
2,618
-1,464
-18,083
-22,976
-28,280
-31,190
-28,682

1985 .
1986
1987
1988

669.
17 ,889
19,948
23,772
26 , 6 5 3
23,217
23,652
28,861
29,937
31,803
34,214
38,826
41,087
44,562
47,314
52,363
57,522
65,674
68,838
77,495
110,241
146,666
155,729
171,630
184,276
219,994
286,796
342,485
378,697
352,127
337,380
371,101
371,212
391,958
446,138
529,806

2,227
2,444
2,662
2,817
2,845
3 ,043
4,616
4,999
5,618
6,157
6,824
7,437
7,528
8,020
9,368
10,912
11,747
12,707
14,764
1,808
7 ,587
5,351
9,286
2 , 179
2,245
64,132
72 , 5 0 6
86 ,411
83,549
77,251
85,908
88,832
88,615
104,703
107 , 7 7 6
TOTAL

1954
1955
1956
. .
1957
. .
1958
1959
1960
1961
1962
1963
1964
1965
1966
.....
1967
196 8
1969
1970
1971
1972
1973
1974..
1975 ...
1976
1977
1978
1979
1980
1981
1982
1983

1954
1955
1956
1957
1958 .
1959
I 9 6 0 . ...
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988

NOTE: Unless otherwise noted, these series contain revisions beginning 1980.
'This series contains revisions beginning with 1986. 2 This series contains revisions beginning with 1985.
contains revisions beginning with 1987. 4 This series contains revisions beginning with 1981.

104

IV Q

Q

( M I L L I O N S OF DOLLARS)

TOTAL

6,926
7,503
7,627
7,981
9,577
9,317
10,908
11,884
12,448
12,428
15,902
17,097
18,512
23,958
34,293
39,260
41,112
44,837
49,096
64,693
84,969
94,581
90,619
82,257
91,913
90,532
97,413
104,315
127,810

III

1954
1955
1956
1957 . ...
1958
1959
I960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985

S

1954
1955
1956
1957
1958
1959 .
1960
1961
1962 ... .
1963. . .
1964
1965
1966
196 7
1968
1969. ....
1970

ll Q

65

(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
83
84
85
86
87
88

IQ

Year

,

1,099
1,571
1 ,691
1 ,892
2,272
2 ,388
1,552
1,559
1,072
775
1,819
524
-660
1,958
2,020
6,189
2,706
-1,702
-2,439
569
328
3,722
5,178
-7,087

,455
,483
,622
,745
,446
,044
,229
,451
962
799
1,391
483
-269
3,703
1,029
5 ,214
,907
- ,462
- ,625
,800
,478
,396
- ,672
-1 , 0 7 3

1,761
1,526
1 ,442
2,105
2,411
2,023
1,474
1,189
784
1,140
1,118
-131
-173
4,624
1,691
6,117
1,258
-4,803
121
794
3,926
2 ,920
-3,930
-14,889

-24,465
-27,653
-35,555
-30,586

-22 975
-29,210
-36,687
-28,964

-26 ,844
-32,330
-26,055
-23,659

I M P O R T S OF GOODS A N D S E R V I C E S
RS)

6,050
5 ,599
6 ,256
6,478
6,982
7,395
9,068
10,248
11,571
11,622
14,458
15,551
19,153
23,000
29,643
33,797
37 , 4 6 4
46,360
54,028
62,720
85,576
89,808
88,001
83,721
109,996
113,508
125,693
135,505
156,492

1,959
2,153
4,145
5,901
2 ,356
310
5,191
6,484
6 , 127
7 ,244
9 ,724
8,378
6,095
5,838
3,693
3,524
5,773
2 ,423
-1,74
11 , 2 4
9 ,39
22 ,98
9,52
-9,488
-9,875
5,138
9 , 125
15,811
2,191
-34,510
-91,718
-97,256
-117,470
-129,488
-111 ,892
TOTAL

6,078
5,659
6 ,402
6 ,674
7,179
8,208
9,390
10,136
11,885
13,978
14,861

5,925
6,026
6,455
6,893
7,349
8,307
9,912
10,262
12,611
14,072
15,141

5,619
6,171
6 ,567
6,926
7,594
8,802
10,098
10,833
12,604
14,329
15,443

19,105
24,301
34,710
31,284
39,494
48,401
56,525
67,414
82,405
91,724
86 , 7 0 2
89,689
116,095
117,397
125,768
141,249
157,386

19,767
24,841
36,004
33,078
41,737
48,511
58,565
72,605
80,648
90,363
89,941
97,384
118,335
116 , 9 2 2
127,532
147,609
160,537

21,212
26,855
36,918
34,588
43,416
50,495
60,752
78,921
84,733
90,993
85,291
101,102
118,391
120,644
130,439
151,266
167,285

15,930
17,795
19,627
20,752
20,861
23,342
23,670
23,453
25 , 6 7 6
26 , 9 7 0
29,102
32,708
38,468
41,476
48,671
53,998
59,901
66,414
79,237
98,997
137,274
132,745
162,109
193,764
229,869
281,659
333,360
362,887
349,936
371,890
462,818
468,468
509,428
575,626
641,698

(SEPTEMBER 1989)

G. Supplemental Data and Analyses

III
Foreign currency p e r U . S . d o l l a r
Year
and
month

Japan

West
Germany

France

(Yen)

(D. mark)

(Franc)

III

III

127.69
129.17
127.11
124.90
124.79
127.47
133.02
133.77
134.32
128.68
123.20
123.61

1.6537
1.6965
1.6770
1.6710
1.6935
1.7579
1.8466
1.8880
1.8668
1.8165
1.7491
1.7563

1 O

United
Kingdom
(Pound)

5.5808
5.7323
5.6893
5.6704
5.7348
5.9310
6.2241
6.3919
6.3515
6.1975
5.9746
5.9994

^V

127.36
127.74
130.55
132.04
137.86
143.98
140.42
141.35
2
146. 40

1.8356
1.8505
1.8686
1.8697
1.9461
1.9789
1.8901
1.9271
2
1.9714

6.2538
6.3004
6.3321
6.3223
6.5815
6.7135
6.4105
6.5089
2
6.6503

0.5553
0.5688
0.5456
0.5324
0.5349
0.5628
0.5865
0.5894
0.5938
0.5751
0.5529
0.5477

^\\

V.1 1

Year
and
month

Italy
(Lira)

1988
J a n . . ..
Feb....
Mar
Apr. . . .
May
J u n e . ..
July...
Aug. . , .
Sept...
Oct . . . .
Nov
Dec....
1989
Jan. . ..
Feb....
Mar
Apr
May....
J u n e . ..
July...
Aug
Sept...
Oct....
Nov. . ..
Dec

Canada
(Dollar)

1.2855
1.2682
1.2492
1.2353
1.2373
1.2176
1.2075
1.2237
1.2267
1.2055
1.2186
1.1962

89.29
91.09
89.73
88.95
89.74
92.58
96.53
98.29
97.91
95.10
91.91
91.88

1345.12
1355.28
1372.50
1371.80
1415.83
1434.40
1367.39
1384.22
2
1416.23

1.1913
1.1891
1.1954
1.1888
1.1925
1.1986
1.1891
1.1756
2
1.1845

95.12
95.77
96.99
97.24
100.81
103.09
99.12
100.44
2
102.78

rS\>

A

>

..

s

J*

III III

III III

III

rS

^

\ •'x /v/ A

r*

/

r^

v^

> y*

v

1

J
f*

Ital y

^V •"V^

]

^^-w^

^/
\
\\ ^

\ ^y\

7/

A-

\
\V
\s

(lir

A

y

\r

\

10
8

A

*wXV

D
J^

fJ

El
u

\

^

III
76

III

77

^v
\^y

J
•*\^\ /Av/

III III
78 79

11
80

III
81

7
6
5
0.9

V

"

0.8
0.7
0.8

0.5
2000
1800

t

\

^^

iM^MI^

>\ S

s—

2.0
1.8

.^^^ El
—»

1600
1400
1200

III

82

II III
83 84

III

Ill

1.2

140
120

VV.

/^
f

800
1.6
1.4

1.0
160

t\
Exchange value of the U.S. dollar ^ \
(index: March 1973 = 100) ^ s/ \
/*
J
'

2.4

1000

^r v-~ s^s —'*x

"-Vv
>

120
2.8

S*

^> ^\ y\ *

r

160

9

X
\* A

Canada (dollar)
r~*
S~
^y\^
^*

r^

> r*

Q

^

//

V

200

i
V
\j

A

^

r

240

^\

Uni t e d K i ngdorn (po und)

r

^

280

r

f
/> J

—vv

Ratio scale
320

*

France> (fra nc) ,

Exchange v a l u e
of the U . S .
dollar1

1216.88
1249.62
1240.67
1240.99
1258.81
1305.56
1367.26
1397.93
1393.15
1353.36
1300.22
1295.61

/I

We<>tGer many ( d . rnark) f*
-j V
V

0.5638
0.5703
0.5836
0.5880
0.6132
0.6439
0.6147
0.6271
2
0.6420

( M a r c h 1973=100)

\ J

/*r
\v / \

* 'X

S
Foreign currency p e r U . S . d o l l a r

III II II
1

J

Japan (vpn^

A

1989
J a n . . ..
Feb
Mar
Apr
May....
J u n e . ..
J u l y . ..
A u g . . ..
Sept...
Oct....
Nov
Dec

II

II

i
_ n.
r u r e g n currency per u.o. aonar—

1988
J a n . . ..
Feb....
Mar
Apr. . . .
May....
J u n e . ..
July...
Aug . . . .
Sept...
Oct....
Nov
Dec

III III

100

/v
^\ J^

^

III III

III

80

85 86 87 88 89

"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 for September 1 through 22.

Source: Board of Governors of the Federal Reserve System.




105

G. Supplemental Data and Analyses—Continued

Net Contributions of Individual Components to the Leading, Roughly Coincident, and Lagging Composite Indexes
Net contribution to index

Basic data
Series title
(and unit of measure)

May
1989

LEADING INDICATORS
1. Average weekly hours of production or nonsupervisory workers, manufacturing (hours). . .
41.0
5. Average weekly initial claims for unemploy1
ment insurance, State programs ( t h o u s . ) . . . .
312
8. Mfrs.' new orders in 1982 dollars, consumer
goods and materials industries (bil. d o ! . ) . . .
87.94
32. Vendor performance—slower deliveries
49.3
diffusion index (percent)
20. Contracts and orders for plant and equipment
46.27
in 1982 dollars (bil dol )
29. New private housing units authorized by
local building permits (index: 1967=100). . . .
107.4
92. Change in m f r s . 1 unfilled orders in 1982
2
dollars, durable goods, smoothed ( b i l . d o l . ) .
2.31
99. Change in sensitive materials prices,
smoothed 2 (percent)
r.49
19. Stock prices, 500 common stocks 3
313.93
(index: 1941-43=10)
106. Money supply M2 in 1982 dollars
r2/390.7
(bil. d o l . )
83. Index of consumer expectations 3
80. 1
(index- 1st Q 1966=100)
910. Composite index of leading indicators^
r 143.8
(index- 1982=100)
ROUGHLY COINCIDENT INDICATORS
41. Employees on nonagri cultural payrolls
(thous.)
51. Personal income less transfer payments in
1982 dollars (ann rate, bil dol )
47. Industrial production
(index- 1977=100)
57. Manufacturing and trade sales in 1982
dollars (mil. dol.) --.
920. Composite index of roughly coincident'*
indicators (index- 1982=100) .
LAGGING INDICATORS
91. Average duration of unemployment 1
(weeks)
.
.
. . . .
. . . .
77. Ratio, manufacturing and trade inventories
to sales in 1982 dollars (ratio)
62. Change in index of labor cost per unit of
output, mfg., smoothed 2 (ann. rate, percent). .
109. Average prime rate charged by banks
(percent)
101. Commercial and industrial loans outstanding
in 1982 dollars (mil dol )
95. Ratio, consumer installment credit
outstanding to personal income (percent). . . .
120. Change in consumer price index for services,
smoothed 2 (ann. rate, percent)
930. Composite index of lagging indicators'*
(index: 1982=100)

June
1989

41.0

July
1989

41.0

May
to
June
1989

Aug.
1989

-.07

.00

.00

-.14

-.08

. 19

-.06

-.26

.58

-.08

-.03

.09

.09

338

316

r86.93

r82.82

p92.19

46.9

July
to
Aug.
1989

p40.9

328

47.5

June
to
July
1989

44.9

-.08

r47.96

r49.89

p46.69

104.3

102.2

105.9

-.08

r2.20

r2.26

pi .67

-.03

.13

r-.23

-.47

-.30

323.73

331 .93

346.61

.17

.14

.24

12,399. 4

r- 2 , 4 16. 7

p2,431.5

.12

.24

. 20

85.5

80.3

. 14

.26

-.39

143.7

r!43.9

p!44.4

-.07

.14

.35

108,310

1:108,607

r!08, 791

p!08, 901

.22

. 13

. 11

r2,902.8

r2,912.8

r 2, 92 7. 4

p27942.9

.18

.26

.37

p!42.4

.06

.02

. 10

141.6
r457,465

82.0

r 141 .9

r 1 42 .0

r456,223

p 4 5 2 , 133

NA

133.1

r!33.4

rl33.4

p!33.9

11.8

11.1

12.0

1 .51

1 .52

pi .54

rl.6

rl.2

11 .50

11 .07

r387,387

r390,930

r391,796

p400,488

.20

rl5.87

p!5.75

NA

-.03

4.8

4.9

4.8

r!21.8

r!21.2

p!22.3

15.88
5.1

121.5

r 1 .4
10.98

11.3

NA

-.07
.23

.37
.13

p2.0

-.07

10.50

-.25

- . 14
.25

-.06
.02

-.30

-.22
.00

-.47

-. 16
. 10
-.19
-.20

NA
.37

.51

.26

NA

.03

. 14

-.05
.05

-.37
.05

-.49

-.39
.69

NA
-.07
.91

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 change for the component by the number of components and dividing that result by the index
standardization factor. See the January 1989 BUSINESS CONDITIONS DIGEST (pp. 97-102) for the standardization factors.
NA, not available, p, preliminary, r, revised.
J
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 smoothed by an autoregressive-moving-average filter developed by Statistics Canada.
3
This is a copyrighted series used by permission; it may not be reproduced without written permission from the source: stock
prices, Standard & Poor's Corporation; consumer expectations, University of Michigan's Survey Research Center.
^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 0.142; for the coincident index, -0.186; for the lagging index, 0.030.

106



G. Supplemental Data and Analyses—Continued
CIBCR Composite Indexes of Leading Indicators
Ratio scale
240

- 100

- 80

60

48 49 SO 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 89 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88

CIBCR long-leading index (1967=100)

CIBCR short-leading index (1967=100)

Month

January
February. . .
March. .
Apri 1 . .
May
June. .
July. .
August
September. .
October
November. . .
December. . .

1985

1986.

1987

171.8
174.9
173.2
175.8
179.0
181.6
182.3
184.5
186.2
183.2
185.8
187.9

188.8
188.3
186.6
192.4
193.3
193.7
195.2
195.5
197.4
197.2
199.4
204.6

203.2
205.0
204.8
205.5
204.1
205.1
207.5
206.7
205.0
205.1
206.1
r206.0

1988

206.3
210.5
210.8
212.8
213.9
214.3
216.0
217.3
217.1
215.6
218.0
219.7

1989

1985

1986

219.5
218.5
215.3
r219.5
r220.3
r221.5
r222.3
p223.0

172.2
171.3
172.2
171.7
173.0
173.6
173.9
175.1
176.1
177.1
176.0
178.6

179.8
179.7
180.2
181.5
181.9
182.6
182.5
184.2
185.6
186.1
187.3
190.3

1987

189.9
191.4
191.8
191.7
194.3
196.8
196.6
197.8
r!97.2
r!96.6
r!95.1
194.0

1988

1989

193.4
194.6
195.0
196.1
r!96.2
r!99.1
r!97.8
r!98.2
r!98.3
r!98.6
r!99.0
r201.3

r201.9
201.9
r202.5
r203.7
r202.2
r202.6
r202.0
p201.9

NOTE: These indexes are compiled by Columbia University's Center for International Business Cycle Research (CIBCR).
The components of each index are listed below, and the source is indicated for each component not shown in BCD.
Long-leading index: Building permits for new private housing units (BCD 29), bond prices (Dow-Jones & Company), ratio
of price to unit labor cost in manufacturing (CIBCR), and deflated M2 money supply (BCD 106).
Short-leading index: Average weekly hours in manufacturing (BCD 1), average weekly initial claims for unemployment
insurance (BCD 5), layoff rate under 5 weeks (CIBCR), deflated new orders for consumer goods and materials (BCD 8), vendor performance (BCD 32), change in business population (CIBCR), deflated contracts and orders for plant and equipment
(BCD 20), inventory change (National Association of Purchasing Management), change in industrial materials prices (Journal of Commerce), stock prices (BCD 19), and change in deflated total debt (CIBCR).
Further information about these indexes and their non-BCD components may be obtained from the Center for International
Business Cycle Research, Graduate School of Business, Columbia University, New York, NY 10027.




107

ALPHABETICAL INDEX—SERIES FINDING GUIDE
Series title
(See complete titles in "Titles and
Sources of Series," following this index)

Agricultural products, exports
Anticipations and intentions
Consumer expectations, index
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

Series
number

Current issue
>
Charts Tables
(page numbers

604

56

83
58
974
975
971
100
61
970
976
978
977
972
973

13
22
38
38
38
24
24

616
55

Historical
data
(issue date)

Series
description
(*)

7/89

38
38
38

97
65
76
76
76
67
67
76
76
76
76
76
76

2/89
12/88
7/89
7/89
7/89
10/88
10/88
10/88
7/89
7/89
7/89
7/89
7/89

'23'
23
37
37
37
37
37

56
22

92
65

7/89
9/89

56
39

20
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 loans
Loans outstanding, constant dollars
Loans outstanding, current dollars
Loans outstanding, net change
Business saving

Canada—See International comparisons.
Capacity utilization
Manufacturing
Materials
Capital appropriations, manufacturing
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
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,

93
94

33
33

72
72

Index

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



35
35

29
76

13,25
24

67
67

9/89
1/89

24
12

14
12
13

33
23
23

72
65
65

7/89
1/88
7/89

34
21
21

15,35
35
32
46

73
73
71
82

4/89
4/89
4/89
11/88

32
32
32
26

20
20

64
64

1/89
1/89

14
14

24
24
37
48

66
66
75

5/88
5/88
5/88
5/89

22
22
22
51

914
35
34

29
29

60
70
70

1/86
9/89

5
26
26

442
90
441
37

51
17
51
18,51

62
89
62,89

3/89
3/89
3/89
3/89

9
9
9
9

920
920c
951
940
9

10
39
36
11
23

74
60
66

2/89
5/88
2/89
2/89
5/88

5
5
21

101
72
112

15,35
35
32

73
73
71

4/89
4/89
4/89

32
32
32

345
280

49
45

87
82

11/88
11/88

46
46

64

30,47

70,83

9/89

46

101
72
112
295

97
11
965
333

346

49

11/88

46

340

49

87

5

341
348
349

49
50
50

87

7/89
7/89

5
53
53

and construction

Composite indexes
Coincident indicators
Index
Rate of change
Ratio to lagging indicator index
Lagging indicators

11/88
11/88

4/89
920
920c
940

10
39
11

930
930c

10
39

914
910
910c
915
917
916

10
39
11
11
11

60

'60'

2/89
5/88
2/89

60

2/89
10/87

60
60

1/86
2/89
6/88
1/88
1/88
1/88

60
60

Series title
(See complete titles in "Titles and
Sources of Series," following this index)
Construction
Building permits, new private housing
Contracts awarded, commercial and
industrial buildings
Expenditures, plus machinery and equipment sales...
Gross private fixed investment
Nonresidential, constant dollars
Nonresidential, percent of GNP
Nonresidential structures, constant dollars
Residential, constant dollars
Residential, percent of GNP.
Housing starts
Consumer expectations, index
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
Services
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.
Credit
Borrowing, total private
Business loans
Loans outstanding, constant dollars
Loans outstanding, current dollars
Loans outstanding, net change
Consumer installment credit
Credit outstanding
Net change
Ratio to personal income
Consumer installment loans, delinquency rate
Credit outstanding, percent change
Mortgage debt, net change
Crude and intermediate materials, change in
producer prices
Crude materials, producer price index

Debt-See Credit.
Defense and space equipment, industrial production
Defense Department
Gross obligations incurred
Gross unpaid obligations
Net outlays
Personnel, civilian

Personnel, military
Prime contract awards
Defense products
Inventories, manufacturers'
New orders, manufacturers'
Shipments, manufacturers'
Unfilled orders, manufacturers'
Defense products industries, employment
Defense purchases, goods and services
Defense purchases, percent of GNP
Deficit—See Government.
Deflators—See Price indexes.
Delinquency rate, consumer installment loans
Deliveries, vendor performance
Diffusion indexes
Capital appropriations, manufacturing
Coincident indicators
Employees, manufacturing and trade
Employees on private nonagricultural payrolls
Industrial production
Industrial production, components
Initial claims, State unemployment insurance
Inventories, manufacturing and trade
Lagging indicators
Leading indicators
New orders, durable goods industries
New orders, durable goods industries, components..
New orders, manufacturing
Plant and equipment expenditures
Profits, manufacturing
Profits, manufacturing and trade
Raw industrials, spot market prices
Raw industrials, spot market prices, components ....
Sales, manufacturing and trade
Selling prices, manufacturing
Selling prices, retail trade
Selling prices, wholesale trade
Stock prices, 500 common stocks
Workweek, manufacturing
Workweek, manufacturing, components

Series
number

Current issue
"umbers)
Charts Tables
(page

Historical
data
(issue date)

Series
description
(*)

29

13,25

67

9/89

9

23
24

66
67

5/88
9/88

21
17

86
248
87
89
249
28
83
334

25
47
25
25
47
25
13
48
12,21
22

67
67
83
67
97
86
64
65

9/89
10/88
9/89
9/89
10/88
4/89
2/89
5/89
4/89
1/89

40
40
40
40
40
24

66
113
95
39

35
32
15,35
33

73
72
73
72

8/89
8/89
8/89
2/88

33
33
33
34

320
322
120
58

49
49
15
22

84,95
84
97
65

3/89
3/89
2/89
12/88

49
49

525

53

90

6/89

55

20

12,23

66

9/88

21

10
116

23
34

66
73

9/88
5/88

21
35

'si'
15
12

11/88

110

32

101
72
112

15,35
35
32

73
73
71

4/89
4/89
4/89

32
32
32

66
113
95
39
111
33

35
32
15,35
33
32
32

73
72
73
72
72
71

8/89
8/89
8/89
2/88
8/89
9/86

33
33
33
34
31
31

331

28
48

8/89
5/89

51
50

557

54

12/87

517
543
580
578
577
525

53
53
54
55
55
53

90
90
91
91
91
90

6/89
6/89
7/89
6/89
6/89
6/89

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
6/89
8/88
8/88

17
15
17
15
5
43
43

39
32

33
12,21

72
64

2/88
2/89

34
17

965
951
974
963
966

37
36
38
36
37

5/88
2/89
7/89
4/89
12/87

22
5
37
5
12

962
975
952
950
964

36'
38
36
36
37

2/88
7/89
2/89
2/89
9/88

37
5
5
15

971
970
960
972
967

38
38
37
38
37

7/89
10/88
5/88
7/89
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

7/89
7/89
7/89
7/89
12/88
7/88

37
37
37
37
25
5

ALPHABETICAL INDEX—SERIES FINDING GUIDE—Continued
Series title
(See complete titles in "Titles and
Sources of Series," following this index)
Earnings—See Compensation.
Employment and unemployment
Civilian labor force
Defense Department personnel, civilian
Defense Department personnel, military
Employee hours in nonagricultural establishments
Rate of change
Total
Employees in goods-producing industries
Employees, manufacturing and trade, Dl.
Employees on nonagricultural payrolls
Employees on private nonagricultural payrolls, Dl
Employment, civilian
Employment, defense products industries.
Employment, ratio to population
Help-wanted advertising in newspapers.
Help-wanted advertising, ratio to unemployment
Initial claims, State unemployment insurance
Initial claims, State unemployment insurance, Dl
Overtime hours, manufacturing
Participation rate, both sexes 16-19 years of age
Participation rate, females 20 years and over
Participation rate, males 20 years and over
Part-time workers for economic reasons.
Persons engaged in nonagricultural activities
Unemployed, both sexes 16-19 years of age.
Unemployed, females 20 years and over
Unemployed, full-time workers
Unemployed, males 20 years and over
Unemployment, average duration
Unemployment, civilian
Unemployment rate, civilian
Unemployment rate, 15 weeks and over
Unemployment rate, insured
Workweek, manufacturing
Workweek, manufacturing, components,
Workweek, manufacturing, Dl
Equipment—See Investment, capital.
Expectations—See Anticipations and intentions.
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
Foreign trade—See International transactions.
France—See International comparisons.
Free reserves

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
43
44
45
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"

119

34

94
213
917

33
40
11

311

48

89
91
91
61
62
76
62
74
89
91
62
61
61
61
74
61
89
89
89
89
62
89
89
89
89
62
62,89
62
62
62
61
77
74

72
80
60

3/89
6/89
6/89
8/89
8/89
8/89
7/89
8/89
4/89
3/89
6/89
3/89
3/89
3/89
4/89
2/88
8/89
3/89
3/89
3/89
3/89
3/89
3/89
3/89
3/89
3/89
3/89
3/89
3/89
3/89
8/89
8/89

9
56
56
5
5
37
5
5
9
5
9
9
9

7/88

11/88
10/88

35
38
5

9/89

Government budget

502
501
500
512
511
510
298

52
52
52
52
52
52
46

90
90
90
90
90
90
83

11/88

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

11/88
11/88
11/88
8/88
8/88
11/88
11/88
11/88
11/88
11/88

43
43
43
43
43
43
43
43
43
43

311

48
30

8/88
70

49
28

9/89
9/89
9/89
10/88
10/88
10/88
8/88
9/89
8/88
10/88

38
38
38
38
38
38
30
14
38
38

50
50b
50c
200
200b
200c
107
49
310
217

19,40

46
60

39
40

63,80
80
80
80

31
20

71
63

16
16

61
61

3/89
3/89

12,16

61
77
74
61

8/89

H
Help-wanted advertising in newspapers
Help-wanted advertising, ratio to unemployment..
Hours, manufacturing
Average weekly hours
Average weekly hours, components
Average weekly hours, Dl
Average weekly overtime

Series
description
(*)

11/88

G
Goods output in constant dollars
Federal expenditures
Federal receipts
Federal surplus or deficit
State and local expenditures
State and local receipts
State and local surplus or deficit
Surplus or deficit, total
Government purchases of goods and services
Federal, constant dollars
Federal, current dollars
Federal, percent of GNP
National defense
National defense, percent of GNP
State and local, constant dollars
State and local, current dollars
State and local, percent of GNP
Total, constant dollars
Total, current dollars
Gross domestic business product, fixed-weighted
price index
Gross domestic product, labor cost per unit
Gross national product
GNP, constant dollars
GNP, constant dollars, differences
GNP, constant dollars, percent changes
GNP, current dollars
GNP, current dollars, differences
GNP, current dollars, percent changes
GNP, ratio to money supply Ml
Goods output in constant dollars
Implicit price deflator
Per capita GNP, constant dollars
Gross private domestic investment—See Investment, capital.

Historical
data
(issue date)

961
21

36
16

7/88
8/89

Series title
(See complete titles in "Titles and
Sources of Series," following this index)
Housing
Housing starts
Housing units authorized by local building permits
Residential GPDI, constant dollars
Residential GPDI, percent of GNP

Current issue
Series (page numbers)
number Charts Tables

Historical
data
(issue date)

Series
description
(*)

28
29
89
249

25
13,25
25
47

67
67
67
83

4/89
9/89
9/89
10/88

24
24
40
40

310

48

345
280

49
45

87
82

11/88
11/88

46
46

70,83

9/89

73
82

11/88
8/89
11/88

46
33
26
26
11
11

I
Implicit price deflator, GNP
Imports—See International transactions.
Income
Compensation, average hourly, nonfarm
business sector
Compensation of employees
Compensation of employees, percent of
national income
Compensation, real average hourly, nonfarm
business sector
Consumer installment credit, ratio to personal income
Corporate profits with IVA and CCAdj
Corporate profits with IVA and CCAdj, percent
of national income
Disposable personal income, constant dollars
Disposable personal income, current dollars
Disposable personal income, per capita,
constant dollars
Earnings, average hourly, private nonfarm
economy
Earnings, real average hourly, private nonfarm
economy
Income on foreign investment in the United States
Income on U.S. investment abroad
Interest, net
Interest, net, percent of national income
National income
Personal income, constant dollars
Personal income, current dollars
Personal income less transfer payments, constant dollars
Rate of change
Total
Personal income, ratio to money supply M2
Proprietors' income with IVA and CCAdj
Proprietors' income with IVA and CCAdj, percent
of national income
Rental income of persons with CCAdj
Rental income of persons with CCAdj, percent
of national income
Wage and benefit decisions, first year
Wage and benefit decisions, life of contract
Wages and salaries in mining, manufacturing,
and construction
Incorporations, new businesses
Industrial commodities, producer price index
Industrial production—See also International comparisons.
Business equipment
Consumer goods
Defense and space equipment.
Durable manufactures
Nondurable manufactures
Total
Total, components.
Total, Dl
Total, rate of change.
Industrials, raw, spot market prices
Components ....
Diffusion index.
Spot market index
Installment credit-See Credit.
Insured unemployment
Average weekly initial claims
Average weekly initial claims, Dl
Average weekly insured unemployment rate

Interest, net
Interest, net, percent of national income
Interest rates
Bank rates on short-term business loans
Corporate bond yields
Federal funds rate
Mortgage yields, secondary market
Municipal bond yields
Prime rate charged by banks
Treasury bill rate
Treasury bond yields
Intermediate materials, producer price index
International comparisons
Consumer prices
Canada
France
Italy
Japan
United Kingdom.
United States.
West Germany
Industrial production
Canada
France
Italy
Japan
OECD, European countries
United Kingdom.
United States.
West Germany.

64

30,47

346
95
286

49
15,35
45

287
225
224

47
40
40

11/88
10/88
10/88

227

40

10/88

340

49

341
652
651
288
289
220
52
223

49
57
57
45
47
45
19
40

87
93
93
82
83
82
63
63

8/88
9/89
9/89
11/88
11/88
10/88
9/88
9/88

5
57
57
47
47
46
11
11

51c
51
108
282

39
14,19
31
45

63
71
82

9/88
9/88
4/89
11/88

11
30
47

283
284

47
45

83
82

11/88
11/88

47
47

285
348
349

47
50
50

11/88
7/89
7/89

47
53
53

53
13
335

19
23

4/89
7/89
5/89

11
21
51

1/89
1/89
12/87
1/89
1/89
6/89

12
12
13
12
12
12

63
65
85

67
24
22
65
54
91
20
63
63
20
47 14,20,58 63,94
78
966
37
75
47c
39

76
75
557
73
74

79
75
69

967
23

12/87
12/87
1/88
1/88

25
25

4/89
2/88
8/89
11/88
11/88

47
47

5
962
45
288
289

12,16
36
18
45
47

61
74
62

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

9/89
5/88
6/88
6/88
5/88
2/88
5/88
5/88
5/89

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
3/89
4/88

60
61
61
61
60
49
61

94
58
723
94
58
726
94
58
727
94
58
728
94
58
721
94
58
722
47 14,20,58 63,94
725
58
94

6/89
6/89
6/89
6/89
6/89
6/89
6/89
6/89

59
59
59
59
58
58
12
59

See notes at end of index.




109

ALPHABETICAL INDEX—SERIES FINDING GUIDE—Continued
Current issue
Series . (page numbers)
number Charts Tables

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, 01
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.

,.

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

6/89
6/89
6/89
6/89
6/89
6/89
6/89

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

9/89
9/89
7/89
9/89
7/89

7/89
9/89
9/89

57
57
56
57
56
44
44
57
56
56
57
56
57
44
44
56
57
57

255

44

82

10/88

44

250
251

44
47

82
83

10/88
10/88

44
44

30
245
247
559
65
77
915
71
31
70
975

26,42
42
47
54
27
15,27
11
27
26
27
38

68,81
81
83
91
68
68
60
68
68
68
76

9/89

8/89
1/88
9/89
9/89
9/89
7/89

40
40
40
17
17
17
5
17
17
17
37

36

26

68

9/89

17

78

27

68

12/88

17

38

26

68

12/88

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

9/88

17

243
242
86
248

42
42
25
47

81
81
67
83

10/88
10/88

40
40
40
40

88
87
89
249
241
240

25
25
25
47
42
42

67
67
67
83
81
81

9/89
9/89
9/89

10/88
10/88
10/88

40
40
40
40
40
40

27

23

66

9/88

15

10/88
10/88
9/89
7/89
7/89
9/89
7/89
9/89

11/88
10/88

10/88
10/88
9/88

12/88

9/89

10/88

24

23

66

9/88

15

20
10
100
61
970

12,23
23
24
24
38

66
66
67
67
76

9/88
9/88

21
21

10/88
10/88
10/88

23
23

652
651

57
57

93
93

9/89
9/89

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
p
. .
Labor cost, price per unit of, nonfarm business
Labor force— See Employment.
Lagging indicators
Composite index
Composite index rate of change
Diffusion index
See notes at end of index.

110



68
63

30
30

70
70

62
62
26

30
15
29

70
97
70

930
930c
952

10
39
36

60

9/89

10/88

28
28

2/89
2/89

28

10/88

'28'

2/89

5

10/87
74'

2/89

5

Current issue
Series . (page numbers)
number Charts Tables

Series title
(See complete titles in "Titles and
Sources of Series," following this index)
Leading indicators
Composite index
Composite index, rate of change .
Diffusion index
Liabilities of business failures
Liquid assets, change in total
Loans— See Credit.

Historical
data
(issue date)

Series
description
(*)

5

10
39
36
33
31

60

950
14
104

74
72
71

2/89
6/88
2/89
7/89
4/89

78

27

68

12/88

17

38
84
8

26
20
12,21

68
64
64

12/88

17
14
15

917

11

60

1/88

5

104
105
85
106
102
107
108
33
118
117

31
31
31
13,31
31
31
31
32
34
34

71
71
71
71
71
71
71
71
73
73

4/89
4/89
4/89
4/89
4/89
8/88
4/89
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
4/89

15
15
15

20

12,23

66

9/88

21

10
548

23
53
21
21

9/88
9/88
4/89
4/89

21
15
15
15

9/88
7/89

37

9/89
9/89
9/89

910
910c

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 Ml, percent changes
Money supply M2, constant dollars
Money supply M2, percent changes
Ratio, GNP to money supply Ml
Ratio, personal income to money supply M2
Mortgage debt, net change
Mortgage yields, secondary market
Municipal bond yields

1/89
4/89

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,
Contracts and orders, plant and equipment,
Defense products
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

964
971

'37'

38

66
90
64
64
77
75
76

88
87
86
248

25
25
25
47

67
67
67
83

10/88

40
40
40
40

517
543
721

53
53
58

90
90
94

6/89
6/89
6/89

55
55
58

580

54

91

7/89

56

49

20

63

9/89

14

62
62
370
358
82
84
21

30
15
50
50
20
20
16

70
97
88
88
64
64
61

2/89
2/89

28

10/88
10/88
1/89
1/89
8/89

'52
52
14
14
5

453
452
451

51
51
51

89
89
89

3/89
3/89
3/89

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

9/89

10/88
10/88
10/88
10/88
10/88
10/88
10/88
10/88
10/88

39
39
39
39
39
39
39
39
39
39

292
293
614

46
46
56

82
83
92

6
1

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.
Labor cost per unit of
Index
Percent change
Per hour, business sector
Per hour, nonfarm business sector
Ratio to capacity, manufacturing
Ratio to capacity, materials
Overtime hours, manufacturing

is

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 current dollars
Nondurable goods, constant 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 petroieum products, imports

.

,.
.

11/88
11/88
7/89

48
48
56

ALPHABETICAL INDEX—SERIES FINDING GUIDE—Continued
Current issue
Series (page numbers)
number Charts Tables

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
Services
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

'.".".'.".

Historical
data
(issue date)

Series
description
C)

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
10/88
10/88
10/88
3/89

320
322
120

49
49
15

84,95
84
97

3/89
3/89
2/89

311
310
26

48
48
29

84
84
70

10/88

49
38
28

330
333
331
334
335
332

48
48
48
48
48
48
28

85
86
85
86
85
86
69

5/89
5/89
5/89
5/89
5/89
5/89
8/89

50
51
50
51
51
50
51

967
23

37
28

79
75
69

1/88
1/88

25
25

99

13,28

69
69

8/89
2/89

51
25

19
968
26

13,28
37
29

69
75
70

12/88
12/88
10/88

25
25
28

53
35

76
76
76
90
73

7/89
7/89
7/89
6/89
2/88

37
37
37
55
35

976
978
977
525
109

'23'
23
9
49
49

9/89

10/88
10/88

52
52
5

29
29

69
69
69
69

9/89
9/89
9/89
9/89

26
26
26
26

286
287
972
960
15
916
22

45
47
38
37
29
11
29

82
83
76
75
70
60
69

11/88
11/88
7/89
5/88
9/89
1/88
9/89

26
26
37
37
27
5
26

81
282

29
45

70
82

9/89
11/88

26
47

370
358
916

50
50
11

967
23
284

'37'

28
45

79
75
69
82

285
93
89

47
33
25

83
72
67

i/88
1/88

11/88
11/88
11/88
9/89

Residential fixed investment, percent of GNP
Residential structures—See Housing.
Retail sales, constant dollars
Retail sales, current dollars

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 tradeRetail sales, constant dollars
Retail sales, current dollars
Saving
Business saving
Government surplus or deficit
Gross saving
Personal saving
Personal saving rate
Selling prices—See Prices, selling
Sensitive crude and intermediate materials, change
in producer prices
Sensitive materials prices, percent change
Shipments of defense products
Spot market prices, raw industrials
Components
Diffusion index
Spot market index
State and local government—See Government.
Stock prices—See also International comparisons.
500 common stocks
500 common stocks, Dl
Surplus—See Government.
Treasury bill rate
Treasury bond yields....

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
Civilian
15 weeks and over
Insured unemployment
Unfilled orders, manufacturers'
Defense products
Durable goods industries, constant dollars, change ..
Durable goods industries, current dollars
Durable goods industries, current dollars, change....
United Kingdom—See International comparisons.
Velocity of money
GNP to money supply Ml, ratio
Personal income to money supply M2, ratio....

11/88

283

Series title
(See complete titles in "Titles and
Sources of Series," following this index)

'25'

25
47
47
35
40

W
Wages and salaries— See Compensation.
West Germany— See International comparisons.
Wholesale (producer) prices— See Price indexes.
Workweek, manufacturing
Components
Diffusion index

Current issue
Series (page numbers)
number Charts Tables
249
59
54

22
22

213

40

69
57
56
973
77
59
54

24
14.22
22
38
15,27
22
22

295
298
290
292
293

65
65

Historical
data
(issue date)

Series
description
(*)

10/88

40

8/89
8/89

20
20

10/88
67
65
65
76
68
65
65

9/88
8/89
8/89
7/89
8/89
8/89
8/89

17
17
17
37
17
20
20

46
46
46
46
46

26
48

82
83

11/88
11/88
11/88
11/88
11/88

99
588

28
13,28
54

69
69
91

8/89
2/89

51
25
17

967
23

37
28

79
75
69

1/88

25
25

19
968

13,28
37

12/88
12/88

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

3/89
3/89
4/89
2/88

446
445
447
444
37

51
51
51
51
18,51

89
89
89
89
62,89

3/89
3/89
3/89
3/89
3/89

43
44
45

18
18
18

62
62
62

3/89
3/89
8/89

561
92
96
25

54
13
21
21

91
97
64
64

9/88
2/89
9/88
9/88

107
108

31
31

i

961

1 ? 1fi

36

4/89

Cl

77
74

30
30

fi/8Q

7/88

5

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.

10. Contracts and orders for plant and equipment in
current dollars (M).—Sources 1, 2, and McGrawHill Information Systems Company
(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
and Dun & Bradstreet, Inc.
(23,65)
13. Number of new business incorporations (M).—Dun &
Bradstreet, Inc.; seasonal adjustment by Bureau of
Economic Analysis
(23,65)
14. Current liabilities of business failures (M).—Dun
& Bradstreet, Inc.
(33,72)

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
(26,68)
37. Number of persons unemployed (M).—Source 3
(18,51,62,89)
38. Change in manufacturers' inventories, materials
and supplies on hand and on order (M).—Source 2
(26,68)

15. Profits after taxes per dollar of sales, manufacturing corporations (Q).-Source 2
(29,70)

39. Percent of consumer installment loans delinquent
30 days and over (EOM).—American Bankers
Association
(33,72)

16. Corporate profits after tax in current dollars (Q).—
Source 1
(28,69)

40. Employees on nonagricultural payrolls, goodsproducing industries (M).-Source 3
(17,62)

I-A. Composite Indexes

18. Corporate profits after tax in 1982 dollars (Q).Source 1
(28,69)

41. Employees on nonagricultural payrolls (M).—Source
3
(14,17,62)

910. Composite index of eleven leading indicators
(includes series 1, 5, 8, 19, 20, 29, 32, 83, 92, 99,
106) (M).-Source 1
(10,39,60)

19. Index of stock prices, 500 common stocks (M).—
Standard & Poor's Corporation
(13,28,59,69,96)

42. Number of persons engaged in nonagricultural activities (M).-Source3
(17,62)

914. Composite index of capital investment commitments
(includes series 12, 20, 29) (M).-Source 1
(60)

20. Contracts and orders for plant and equipment in
1982 dollars (M).-Sources 1, 2, and McGraw-Hill
Information Systems Company
(12,23,66)

43. Unemployment rate (M).—Source3

915. Composite index of inventory investment and purchasing (includes series 8, 32, 36, 99) (M).-Source
1
(11,60)

21. Average weekly overtime hours of production or
nonsupervisory workers, manufacturing (M).—
Sources
(16,61)

916. Composite index of profitability (includes series
19,26,80) (M).-Sourcel
(11,60)

22. Ratio, corporate domestic profits after tax to total
corporate domestic income (Q).-Source 1
(29,69)

917. Composite index of money and financial flows
(includes series 104, 106, 111) (M).-Source
1
(11,60)

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)

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.

920. Composite index of four roughly coincident indicators (includes series 41, 47, 51, 57) (M).-Source
1
(10,39,60)
930. Composite index of seven lagging indicators (includes
series 62, 77, 91, 95, 101, 109, 120) (M).-Source
1
(10,39,60)
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)

24. Manufacturers' new orders in current dollars, nondefense capital goods industries (M).—Source 2
(23,66)
25. Change in manufacturers' unfilled orders, durable
goods industries (M).-Source 2
(21,64)
26. Ratio, implicit price deflator to unit labor cost,
nonfarm business sector (Q).—Sources 1 and 3
(29,70)
27. Manufacturers' new-orders in 1982 dollars, nondefense capital goods industries (M).—Sources 1
and 2
(23,66)
28. New private housing units started (M).—Source
2
(25,67)
29. Index of new private housing units authorized by
local building permits (M).-Source 2
(13,25,67)
30. Change in business inventories in 1982 dollars (Q).—
Source 1
(26,42,68,81)

6. Manufacturers' new orders in current dollars, durable
goods industries (M).-Source 2
(21,64,77)

31. Change in manufacturing and trade inventories
(M).-Sources 1 and 2
(26,68)

7. Manufacturers' new orders in 1982 dollars, durable goods industries (M).-Sources 1 and 2
(21,64)

32. Vendor performance, slower deliveries diffusion index
(M).—National Association of Purchasing Management and Purchasing Management Association of
Chicago
(12,21,64)

8. Manufacturers' new orders in 1982 dollars, consumer goods and materials industries (M).—Sources
1 and 2
(12,21,64)
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



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
(32,71)

(18,62)

44. Unemployment rate, persons unemployed 15 weeks
and over (M).-Source 3
(18,62)
45. Average weekly insured unemployment rate, State
programs (M).—U.S. Department of Labor, Employment and Training Administration
(18,62)
46. Index of help-wanted advertising in newspapers
(M).-The Conference Board
(16,61)
47. Index of industrial production (M).—Source 4
(14,20,39,58,63,78,94)
48. Employee hours in nonagricultural establishments
(M).-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
(19,63)
53. Wages and salaries in 1982 dollars, mining, manufacturing, and construction (M).—Source 1
(19,63)
54. Sales of retail stores in current dollars (M)—Source
2
(22,65)
55. Personal consumption expenditures, automobiles
(Q).-Source 1
(22,65)
56. Manufacturing and trade sales in current dollars
(M).-Sourcesland2
(22,65)
57. Manufacturing and trade sales in 1982 dollars
(M).-Sourcesl 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)
60. Ratio, help-wanted advertising in newspapers to
number of persons unemployed (M).—Sources 1,
3, and The Conference Board
(16,61)
61. New plant and equipment expenditures by business
in current dollars(Q).—Source 2
(24,67)
62. Index of labor cost per unit of output, manufacturing (M).-Sources 1 and 4
(15,30,70,97)

TITLES AND SOURCES OF SERIES-Continued
63. Index of unit labor cost, business sector (Q).— Source
3
(30,70)
64. Compensation of employees as a percent of national
income (Q). -Source 1
(30,47,70,83)
65. Manufacturers' inventories, finished goods
(EOM).-Source2
(27,68)
66. Consumer installment credit outstanding (EOM).—
Source 4
(35,73)
67. Bank rates on short-term business loans (Q).— Source
4
(35,73)
68. Labor cost in current dollars per unit of gross
domestic product in 1982 dollars, nonfinancial corporations (Q).— Source 1
(30,70)
69. Manufacturers' machinery and equipment sales and
business construction expenditures (M).— Source
2
(24,67)
70. Manufacturing and trade inventories in 1982 dollars (EOM). -Sources 1 and 2
(27,68)
71. Manufacturing and trade inventories in current
dollars (EOM). -Sources 1 and 2
(27,68)
72. Commercial and industrial loans outstanding in current dollars (M).— Sources 1, 4 and The Federal
Reserve Bank of New York
(35,73)
73. Index of industrial production, durable manufactures (M). -Source 4
(20,63)
74. Index of industrial production, nondurable manufactures (M).-Source4
(20,63)
75. Index of industrial production, consumer goods
(M).-Source4
(22,65)
76. Index of industrial production, business equipment
(M).-Source4
(24,67)

90. Ratio, civilian employment to population of working age (M).-Sources 1 and 3
(17,62)
91. Average duration of unemployment in weeks (M).—
Source 3
(15,18,62)
92 Change in manufacturers' unfilled orders in 1982
dollars, durable goods industries (M).— Sources 1,
2, and 3
(13,97)
Q*

tries (EOM).-Source2

(24,66)
98. Percent change in producer prices for sensitive

crude and intermediate materials (M).—Sources 1
and 3
(28,69)
99 Change in sensitive materials prices (M).—Sources 1,
3, and Commodity Research Bureau, Inc.
(13,28,69)
10Q
New plant and equipment expenditures by business
in 1982 dollars (Q).-Source 2
(24,67)
IQI Commercial and industrial loans outstanding in 1982
dollars (M).—Sources 1, 4, and The Federal Reserve
Bank of New York
(15,35,73)
Change
in
money
supply
M2
(M).-Source
4
(31,71)
1^104. 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)

107

82. Capacity utilization rate, manufacturing (M).—
Source 4
(20,64)
83. Index of consumer expectations (Q,M).— University
of Michigan, Survey Research Center (Used by permission. This series may not be reproduced without
written permission from the source.)
(13,97)
84. Capacity utilization rate, materials (M).— Source
4
(20,64)
85. Change in money supply Ml (M). -Source 4

(31,71)

(21,64)

97. Backlog of capital appropriations, 1,000 manufacturing corporations (EOQ).—The Conference Board

78. Manufacturers' inventories, materials and supplies
on hand and on order (EOM).-Source 2
(27,68)

81. Ratio, corporate domestic profits after tax with
inventory valuation and capital consumption adjustments to total corporate domestic income (Q).—
Source 1
(29,70)

Ratio, consumer installment credit outstanding to
personal income (M).-Sources 1 and 4
(15,35,73)

96. Manufacturers' unfilled orders, durable goods indus-

106

80. Corporate profits after tax with inventory valuation and capital consumption adjustments in 1982
dollars (Q). -Sou reel
(29,69)

(33,72)

Member bank borrowings from the Federal Reserve
(M).-Source4
(33,72)

95

77. Ratio, manufacturing and trade inventories to sales in
1982 dollars (M).-Sources 1 and 2
(15,27,68)

79. Corporate profits after tax with inventory valuation and capital consumption adjustments in current dollars (Q). -Sou reel
(29,69)

Free reserves (M).-Source 4

93

- Money supply M2 in 1982 dollars (M).-Sources 1
and 4
(13,31,71)

' Ratio, gross national product to money supply Ml
(Q).-Sourcesland4

(31,71)

Ratio, personal income to money supply M2 (M).—
Sources land 4
(31,71)

109. Average prime rate charged by banks (M).—Source
4
(15,35,73)
- Funds raised by private nonfinancial borrowers in
credit markets (Q).-Source 4
(32,72)
Change in business and consumer credit outstanding
(M).—Sources 1, 4, Federal Home Loan Bank Board,
and The Federal Reserve Bank of New York
(32,72)
112 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)
^- Discount rate on new issues of 91-day Treasury
bills (M).-Source4
(34,72)
11Sl Yield on long-term Treasury bonds (M).—U.S. Department of the Treasury
(34,73)

no

116

'

Yield on new issues of high-grade corporate bonds
(M).—Citibank and U.S. Department of the Treasury
(34,73)
Yield on municipal bonds, 20-bond average (M).—The
Bond Buyer
(34,73)

86. Gross private nonresidential fixed investment in
1982 dollars (Q). -Source 1
(25,67)

117

87. Gross private nonresidential fixed investment in
1982 dollars, structures (Q).-Source 1
(25,67)

118

88. Gross private nonresidential fixed investment in
1982 dollars, producers' durable equipment
(Q).Source 1
(25,67)

119. Federal funds rate (M).-Source 4

89. Gross private residential fixed investment in 1982
dollars (Q).-Source 1
(25,67)

120. Change in consumer price index for services (M).—
Sources 1 and 2
(15,97)




Secondary market yields on FHA mortgages (Mill.S. Department of Housing and Urban Development,
Federal Housing Administration
(34,73)
(34,72)

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 seven 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)
961. Diffusion index of average weekly hours of production or nonsupervisory workers, 20 manufacturing
industries (M).-Sources 1 and 3
(36,74,77)
962. Diffusion index of initial claims for unemployment
insurance, State programs, 51 areas (M).—Source
1 and U.S. Department of Labor, Employment and
Training Administration
(36,74)
963. Diffusion index of employees on private nonagricultural payrolls, 349 industries (M).—Source
3
(36,74)
964. Diffusion index of manufacturers' new orders, 34-35
durable goods industries (M).—Sources 1 and 2
(37,75,77)
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,
38-82 industries (M).—Source 1 and Standard &
Poor's Corporation
(37,75)
970. Diffusion index of new plant and equipment expenditures by business, 21 industries (Q).—Sources 1
and 2
(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.

977.

978.

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)
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)
Diffusion index of selling prices, retail trade-about
400 businessmen reporting (Q).—Dun & Bradstreet,
Inc. (Used by permission. This series may not be
reproduced without written permission from the
source.)
(38,76)

243. Gross private domestic fixed investment in 1982
dollars (Q).-Source 1
(42,81)
245
Change in business inventories in current dollars

(Q).-Source 1

247

Change in business inventories as a percent of
gross national product (Q).—Source 1
(47,83)

248. Gross private nonresidential fixed investment as a
percent of gross national product (Q).—Source
1
(47,83)
249. Gross private residential fixed investment as a
percent of gross national product (Q).—Source
1
(47,83)
250

251.

II-A. National Income and Product

(42,81)

Net exports of goods and services in current dollars
(Q).-Sourcel
(44,82)
Net exports of goods and services as a percent of
gross national product (Q).—Source 1
(47,83)

30. Change in business inventories in 1982 dollars (Q).—
Source 1
(26,42,68,81)

252

50. Gross national product in 1982 dollars (Q).-Source
1
(19,39,40,63,80)

253

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).-Sourcel
(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

257.

(40,80)

217. Per capita gross national product in 1982 dollars
(Q).-Sources 1 and 2
(40,80)

(45,82)

Imports of goods and services in current dollars

(Q).-Sourcel

260

220. National income in current dollars (Q).—Source

1

Exports of goods and services in current dollars
(Q).-Sourcel
(44,82)

(44,82)

Imports of goods and services in 1982 dollars
(Q).-Source 1
(44,82)
Government purchases of goods and services in
current dollars (Q).-Source 1
(43,81)

289.

Net interest as a percent of national income (Q).—
Source 1
(47,83)

290. Gross saving (Q).-Source 1

(46,82)

292.

Personal saving (Q).-Source 1

(46,82)

293.

Personal saving rate (Q).-Source 1

(46,83)

295. Business saving (Q).-Source 1

(46,82)

298. Government surplus or deficit ( Q ) . — S o u r c e 1

(46,83)

II-B. Prices, Wages, and Productivity
310. Implicit price deflator for gross national product
(Q).-Sourcel
(48,84)
311.

Fixed-weighted price index, gross domestic business product (Q).-Source 1
(48,84)

320. Consumer price index for all urban consumers
(M).-Source3
(49,59,84,95)
322. Consumer price index for all urban consumers,
food (M).-Source3
(49,84)
330. Producer price index, all commodities (M).—Source
3
(48,85)
331. Producer price index, crude materials for further
processing (M).-Source 3
(48,85)
332. Producer price index, intermediate materials, supplies, and components (M).—Source 3
(48,86)
333. Producer price index, capital equipment (M).—
Source 3
(48,86)
334. Producer price index, finished consumer goods
(M).-Source 3
(48,86)

261

Government purchases of goods and services in
1982 dollars (Q).-Source 1
(43,81)

(40,63)

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
(49,50,87)

265

227. Per capita disposable personal income in 1982 dollars (Q).-Sources land 2
(40,80)

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
(49,50,87)

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 (49,50,87)

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)

^68. 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
(49.50,88)

223. Personal income in current dollars (M).—Source

1

233. Personal consumption expenditures in 1982 dollars, durable goods (Q).—Source 1
(41,80)
235.

Personal consumption expenditures as a percent of
gross national product (Q).—Source 1
(47,83)

236. Personal consumption expenditures in current dollars, nondurable goods (Q).—Source 1
(41,81)

280.
282.

£83

237. Personal consumption expenditures in current dollars, services (Q).-Source 1
238.

(41,81)

Personal consumption expenditures in 1982 dollars, nondurable goods (Q).—Source 1
(41,81)

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).-Sourcel
(42,81)
242. Gross private domestic fixed investment in current
dollars (Q).-Source 1

114



(42,81)

Compensation of employees (Q) -Source 1

(45,82)

Proprietors' income with inventory valuation and
capital consumption adjustments ( Q ) . — S o u r c e
1
(45,82)
Proprietors' income with inventory valuation and
capital consumption adjustments as a percent of
national income (Q).-Source 1
(47,83)

284. Rental income of persons with capital consumption
adjustment (Q).-Soureel
(45,82)
285. Rental income of persons with capital consumption
adjustment as a percent of national income (Q).—
Source 1
(47,83)
286

287

335. Producer price index, industrial commodities
(M).-Source 3
(48,85)

348. Negotiated wage and benefit decisions, average
first year changes (Q).—Source 3
(50,88)
349. Negotiated wage and benefit decisions, average
changes over life of contract (Q).—Source 3 (50,88)
358. Index of output per hour, ail persons, nonfarm business sector (Q).—Source 3
(50,88)
370. Index of output per hour, all persons, business
sector (Q).-Source3
(50,88)

II-C. Labor Force, Employment, and
Unemployment
37. Number of persons unemployed (M).—Source 3

(18,51,62,89)

Corporate profits before tax with inventory valuation and capital consumption adjustments (Q).—
Source 1
(45,82)

441.

Corporate profits before tax with inventory valuation and capital consumption adjustments as a
percent of national income (Q).-Source 1
(47,83)

444. Number unemployed, males 20 years and over
(M).-Source3
(51,89)

288. Net interest (Q).-Source 1

(45,82)

Civilian labor force (M).-Source 3

442. Civilian employment (M).—Source3

(51,89)
(51,89)

445. Number unemployed, females 20 years and over
(M).-Source3
(51,89)

TITLES AND SOURCES OF SERIES-Continued
446. Number unemployed, both sexes 16-19 years of
age (M).-Source 3
(51,89)
447. Number unemployed, full-time workers (M).—
Source 3
(51,89)
448. Number of persons employed part time for economic reasons (M).-Source 3
(51,89)
451. Civilian labor force participation rate, males 20
years and over (M).-Source 3
(51,89)
452. Civilian labor force participation rate, females 20
years and over (M).-Source 3
(51,89)
453. Civilian labor force participation rate, both sexes
16-19 years of age (M)-Source 3
(51,89)

II-D. Government Activities
500. Federal Government surplus or deficit (Q).—Source
1
(52,90)
501. Federal Government receipts (Q).—Source 1

(52,90)
502. Federal Government expenditures (Q).—Source
1
(52,90)
110. State and local government surplus or deficit (Q).—
Source 1
(52,90)
511. State and local government receipts (Q).—Source
1
(52,90)
512. State and local government expenditures (Q).—
Source 1
(52,90)
517. Defense Department gross obligations incurred
(M).—U.S. Department of Defense, Office of the
Assistant Secretary of Defense (Comptroller), Directorate for Program and Financial Control; seasonal
adjustment by Bureau of Economic Analysis
(53,90)
525. Defense Department prime contract awards for work
performed in the United States (M).-U.S. Department of Defense, Office of the Assistant Secretary of
Defense (Comptroller), Washington Headquarters
Services, Directorate for Information Operations
and Reports; seasonal adjustment by Bureau of Economic Analysis
(53,90)
543. Defense Department gross unpaid obligations
outstanding (EOM).—U.S. Department of Defense,
Office of the Assistant Secretary of Defense (Comptroller), Directorate for Program and Financial Control; seasonal adjustment by Bureau of Economic
Analysis
(53,90)

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 Nre employment (EOM).—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
(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)
588. Manufacturers' shipments, defense products (M).Source 2
(54,91)

602. Exports, excluding military aid shipments (M).Source 2
(56,92)
604. Exports of domestic agricultural products (M).—
Source 2; seasonal adjustment by Bureau of Economic Analysis
(56,92)
606. Exports of nonelectrical machinery (M).—Source
2; seasonal adjustment by Bureau of Economic
Analysis
(56,92)
(56,92)

614. Imports of petroleum and petroleum products
(M).—Source 2; seasonal adjustment by Bureau of
Economic Analysis
(56,92)
616. Imports of automobiles and parts (M).—Source 2;
seasonal adjustment by Bureau of Economic Analysis
(56,92)
618. Merchandise exports, adjusted, excluding military

(Q).-Source 1

(57,93)

620. Merchandise imports, adjusted, excluding military
(Q).-Source 1
(57,93)
622. Balance on merchandise trade (Q).—Source 1

(57,93)
651. Income on U.S. investment abroad (Q).—Source
1
(57,93)

548. Manufacturers' new orders, defense products (M).—
Source 2
(53,90)

652. Income on foreign investment in the United States

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)

668. Exports of goods and services, excluding transfers
under U.S. military grants (Q).-Source 1
(57,93)

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

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).-lnstitut
National de la Statistique et des Etudes Economiques
(Paris)
(58,94)
727. Italy, index of industrial production (M).-lstituto
Centrale di Statistica (Rome)
(58,94)
728. Japan, index of industrial production (M).-Ministry
of International Trade and Industry (Tokyo)
(58,94)

II-E. U.S. International Transactions

612. General imports (M).-Source 2

47. United States, index of industrial production (M).Source4
(14,20,39,58,63,78,94)

(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
Statistisches Bundesamt (Wiesbaden);
changes seasonally adjusted by Bureau of
ic Analysis

(M).—
percent
Econom(59,95)

736. France, consumer price index (M).-lnstitut 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).-lnstitut 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)

Superintendent of Documents
U.S. Government Printing Office
Washington, D.C. 20402
OFFICIAL BUSINESS
Penalty for Private Use $300




FIRST-CLASS MAIL
POSTAGE & FEES PAID
USGPO
PERMIT No. G-26