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HANDBOOK OF
CYCLICAL
INDICATORS
A Supplement To The
Business Conditions Digest
BUREAU OF ECONOMIC ANALYSIS
George Jaszi, Director
Allan H. Young, Deputy Director
Beatrice N. Vaccara, Associate Director for
National Analysis and Projections
Feliks Tamm, Chief, Statistical
Indicators Division
This Handbook has been prepared under the direction of Feliks Tamm,
Chief, Statistical Indicators Division. Technical staff and their responsibilities
for the publication are:
Barry A. Beckman—Technical supervision and review.
Morton Somer—Selection of seasonal adjustment methods.
Betty F. Tunstall—Collection and compilation of basic data.
The cooperation of various government and private agencies which provide
data is gratefully acknowledged. Agencies furnishing data are indicated with the
series descriptions.
The Analytical Measures have been prepared in consultation with Professor
Victor Zarnowitz of the Graduate School of Business, University of Chicago, and
the National Bureau of Economic Research, Inc.
Editorial service has been provided by Sybella Clayton G'Schwend.
For sale by the Superintendent of Documents, U.S. Government Printing Office
Washington, D.C. 20402
Stock No. 003-010-00056-2
HANDBOOK OF
CYCLICAL
INDICATORS
A Supplement to
BUSINESS CONDITIONS DIGEST
MAY 1977
U.S. DEPARTMENT OF COMMERCE
Juanita M. Kreps, Secretary
Courtenay M. Slater, Chief Economist for
the Department of Commerce
BUREAU OF ECONOMIC ANALYSIS
George Jaszi, Director
HANDBOOK OF CYCLICAL INDICATORS
A Supplement to BUSINESS CONDITIONS DIGEST
Table of Contents
Page
I.
Introduction
1
Analytical Measures
3
Table 1.
Cyclical Indicators:
Series Scores
3
Table 2.
Cyclical Indicators:
Average Timing at Peaks, Troughs and All Turns
6
Table 3A. MCD and Related Measures of Variability
9
Table 3B. QCD and Related Measures of Variability
12
II.
Series Descriptions
15
III.
Composite Indexes:
IV.
Historical Data
V.
Appendixes:
VI.
A Brief Explanation and the Methods of Construction
73
77
(Reprints of Articles from May 1975 and November 1975 issues of BCD). . . . 169
1.
Cyclical Indicators: An Evaluation and New Leading Indexes
170
2.
New Composite Indexes of Coincident and Lagging Indicators
185
Index—Series Finding Guide
200
INTRODUCTION
This Handbook covers over 300 time series of particu
lar usefulness to business analysts and forecasters. These
series are regularly presented in both charts and tables in
BUSINESS CONDITIONS DIGEST (BCD), a monthly report
by the Bureau of Economic Analysis (BEA). A major re
vision of BCD was introduced in November 1976, at which
time the plan to publish this supplement was announced.
The revisron resulted from a comprehensive study of busi
ness cycle indicators initiated late in 1972 by BEA. The
research study was carried out in consultation with ex
perts from universities, the business community, and the
National Bureau of Economic Research, Inc., and bene
fitted from the advice of the BCD Technical Committee of
the Office of Management and Budget as well as from the
knowledge of preferences expressed by BCD subscribers
in a special survey conducted by BEA
Objectives
The Handbook is designed to collect in a single refer
ence volume vital descriptive and numerical information
about the economic time series included in BCD, with par
ticular attention being given to the cyclical indicators and
composite indexes. Much of the material is presented for
the first time; some has been published before in various
issues of BCD but is reproduced here to make it con
veniently accessible for the user.
Analytical Measures
This part includes three comprehensive tables with
measures of cyclical and other characteristics of the
series.
Table 1. Scores.—Six criteria are applied in assess
ing the indicators: economic significance, statistical ade
quacy, timing, conformity, smoothness, and currency. For
timing, three separate scores are computed for each
series, relating to peaks, troughs, and all turns, and so
there are three corresponding overall scores. The pro
cedures used to derive the component scores and the
detailed weighting schemes used to combine them into
total scores are described in the first of the two articles
from BCD reprinted in this Handbook.1 Table 1 lists eight
component scores and three overall scores for each of
the nine composite indexes and 111 individual series
1
Victor Zarnowitz and Charlotte Boschan, "Cyclical Indicators: An Evalua
tion and New Leading Indexes," BCD, May 1975, and "New Composite
Indexes of Coincident and Lagging Indicators," BCD, November 1975.
BCD 1977
shown in part I, sections A and B of BCD. The indicators
are classified by seven major "types of economic process"
and each of these classes is further subdivided into sev
eral "groups of variables." The period covered is 1948.
1970, the same as that used in the BEA evaluation of the
indicators and the composite indexes.
Table 2. Average Timing Measures.—Since a major
function of the indicators is to help predict or recognize
business cycle turning points, timing aspects—the length
and consistency of leads and lags at cyclical turning
points—play an especially important part in the evalua
tion of these series.
Table 2, which shows the medians, means, and stand
ard deviations of the leads or lags at peaks, troughs, and
all turns, provides additional information supplementing
the timing scores shown in table 1. The timing scores are
based mainly on the probability that the observed number
of timing comparisons of a given type will be equaled or
exceeded by chance. The series are classified as either
leading, roughly coincident, or lagging at peaks, troughs,
and all turns according to the type of timing that maxi
mizes their scores (except in those cases where their
timing at a given type of turn is not sufficiently regular
and they are said to be "unclassified").
Table 3. Average Variability Measures.—Other things
being equal, a smooth series is preferable to an erratic
one as a cyclical indicator. Measures of smoothness,
based on the relationship between the irregular and
trend-cycle components in individual time series, are
shown in table 3.2 These measures originate in a statis
tical decomposition procedure which is also the founda
tion of the current, widely adopted method of seasonal
adjustment. Table 3 follows a format used in past issues
of BCD and includes measures for the cyclical indicators
in part I of BCD and the "other important economic meas
ures" in part II. The period covered by the measures in
table 3 is 1948-1975.3
Series Descriptions
These are concise statements about the definitions,
sources, and methods of derivation of the individual series
published in BCD. More complete descriptions of the
methods of compiling the various series are available
from the source agencies.
2
For definitions of the various measures of variability shown, see foot
notes
to table 3.
3
Table 3 is thus more up-to-date than tables 1 and 2 which cover the
period 1948-1970. Measures of variability for the shorter period, as used
for scoring the indicators, will be presented in the forthcoming monograph
on the BEA research project. At a later date, timing measures and scores
covering the period 1948-1976 will be published in BCD.
1
Method of Constructing Composite Indexes
This section briefly describes the composite indexes
and offers a step-by-step account of the method of con
structing them. The procedure is designed to assure sym
metrical treatment of increases and decreases, prevent
domination of the index by the more volatile series, assign
more weight to the better performing cyclical indicators,
and equalize both the secular trends and the average
monthly changes in the three indexes.4
through 1975, thus providing the user with a complete,
reasonably up-to-date record conveniently assembled in a
single source. Data shown in this supplement reflect
revisions through February 1977, except for a few series
which include revisions through April 1977. Data for the
period since 1975 are shown in current issues of BCD. As
historical data are revised in the future, these revisions
will be published in the monthly BCD.
Series Finding Guide
Historical Data
The Handbook contains data for all BCD series, going
back to 1945 where possible and extending uniformly
This guide lists the BCD series in numerical order and
indicates the pages on which the series descriptions and
historical data can be found.
4
The procedures described in this Handbook differ from those employed
prior to November 1976 and which underlie the indexes and scores shown
in the May 1975 and November 1975 BCD articles. (The appendix to the
May 1975 article describes the details of the prior procedure.) Changes in
the method of constructing the indexes had only marginal effects on the
scores, t i m i n g , recent movements, and historical patterns of the indexes.
2
The Handbook of Cyclical Indicators
I. ANALYTICAL MEASURES
Table 1. Cyclical Indicators: Series Scores
Timing
Series title
Peaks
Troughs
(1)
(2)
All
turns
(3)
Conform
Smooth
ity
ness
(4)
(5)
Currency
(6)
Statis
tical
adequacy
(7)
Economic
signifi
cance
(8)
Peaks
(9)
A. COMPOSITE INDEXES
910.
920.
930.
940.
Twelve leading indicators
Four roughly coincident indicators
Six lagging indicators
Ratio, coincident index to lagging index
86
100
94
80
65
86
87
35
100
100
100
80
54
63
63
63
64
80
100
100
100
80
80
66
60
55
69
69
71
72
61
60
30
60
80
80
70
60
60
40
60
60
80
80
80
80
80
80
80
68
53
63
68
72
69
74
87
66
Leading Indicator Subgroups:
913.
914.
915.
916.
917.
Marginal employment adjustments
Capital investment commitments
Inventory investment and purchasing
Profitability
Money and financial flows
B. CYCLICAL INDICATORS BY ECONOMIC PROCESS
B1. Employment and Unemployment
Marginal Employment Adjustments:
* 1 . Average workweek of production workers, mfg
21. Average weekly overtime, production workers, mfg
2. Accession rate, mfg
5. Average weekly initial claims, State unemployment insurance (inverted 1 )
* 3 . Layoff rate, mfg. (inverted 1 )
4. Quit rate, mfg
81
49
80
64
79
69
Job Vacancies:
60. Ratio, help-wanted advertising to unemployment
46. Index of help-wanted advertising
68
67
80
100
Comprehensive Employment:
48. Employee hours in nonagricultural establishments
42. Persons engaged in nonagricultural activities . . .
* 4 1 . Employees on nonagricultural payrolls
40. Employees in goods-producing industries
90. Ratio, civilian employment to total population . .
Comprehensive Unemployment:
37. Number of persons unemployed (inverted 1 )
43. Unemployment rate, total (inverted 1 )
45. Average weekly insured unemployment rate (inverted 1 )
* 9 1 . Average duration of unemployment (inverted 1 )
44. Unemployment rate, 15 weeks and over (inverted 1 ) . . .
93
80
66
95
100
67
68
80
100
100
60
80
80
80
80
80
78
78
75
85
100
100
100
90
90
66
57
82
80
70
80
80
100
80
80
80
80
80
80
80
80
78
63
78
78
90
90
80
90
77
77
69
87
86
100
90
90
80
79
70
80
85
B2. Production and Income
Comprehensive Output and Income:
50. GNP, 1972 dollars
52. Personal income, 1972 dollars
* 5 1 . Personal income, less transfer payments, 1972 dollars
53. Wages and salaries in mining, mfg., and construction, 1972 dollars .
100
99
99
97
80
100
100
20
80
80
80
66
70
70
70
Industrial Production:
*47. Index of industrial production, total
73. Industrial production, durable manufactures . .
74. Industrial production, nondurable manufactures
49. Value of goods output, 1972 dollars
90
86
89
100
100
100
100
80
80
80
80
20
72
73
70
75
82
77
0
20
20
50
65
48
(NA)
60
55
60
60
60
20
100
60
80
80
80
80
80
80
80
80
75
80
80
75
71
71
69
66
75
64
80
54
54
80
80
80
20
20
65
65
70
80
75
66
84
78
73
72
76
53
42
52
80
61
54 1
90 1
Capacity Utilization:
83. Rate of capacity utilization, mfg. (BEA)
82. Rate of capacity utilization, mfg. (FRB)
84. Rate of capacity utilization, materials . .
(NA)
47
46
(NA)
95
30
(NA)
71
38
(NA)
54
51
81
B3. Consumption, Trade, Orders, and Deliveries
Orders and Deliveries:
6. New orders, durable goods industries, current dollars
7. New orders, durable goods industries, 1972 dollars
* 8 . New orders, consumer goods and materials, 1972 dollars
25. Change in unfilled orders, durable goods industries
96. Unfilled orders, durable goods industries
* 3 2 . Vendor performance, slower deliveries (u)
Consumption and Trade:
56. Mfg. and trade sales, current dollars . .
*57. Mfg. and trade sales, 1972 dollars . . .
75. Industrial production, consumer goods
54. Sales of retail stores, current dollars . .
59. Sales of retail stores, 1972 dollars . . .
55. PCE, automobiles
58. Index of consumer sentiment < § ) . , . .
75
75
55
61
22
39
47
80
60
60
60
59
4
80
60
B4. Fixed Capital Investment
Formation of Business Enterprises:
*12. Index of net business formation
13. Number of new business incorporations
BCD 1977
■
I
92
75 i
78
64
80
65
43
3
Table 1. Cyclical Indicators: Series Scores—Continued
Timing
Series title
Peaks
(1)
Troughs
(2)
All
turns
(3)
Conform
Smooth
ity
ness
(4)
(5)
Currency
(6)
Statis
tical
adequacy
(7)
Economic
signifi
cance
(8)
Peaks
(9)
B4. Fixed Capital Investment-Continued
Business Investment Commitments:
10. Contracts and orders, plant and equipment, current dollars
* 2 0 . Contracts and orders, plant and equipment, 1972 dollars
24. New orders, capital goods industries, nondefense, current dollars
27. New orders, capital goods industries, nondefense, 1972 dollars
9. Construction contracts, commercial and industrial
11. New capital appropriations, mfg
97. Backlog of capital appropriations, mfg
56
68
68
68
0
6
55
68
82
70
65
67
38
69
40
40
60
60
0
60
100
50
50
68
68
69
69
69
Business Investment Expenditures:
6 1 . Business expenditures, new plant and equipment
69. Machinery and equipment sales and business construction expenditures
76. Industrial production, business equipment
86. Nonresidential fixed investment, total, 1972 dollars
87. Nonresidential fixed investment, structures, 1972 dollars
88. Nonresidential fixed investment, producers'durable equipment, 1972 dollars
92
38
95
91
68
87
66
73
75
66
44
69
80
80
100
80
80
80
65
75
70
80
80
57
58
56
50
55
47
59
66
56
35
70
60
56
33
40
100
0
40
97
92
84
96
40
61
75
24
65
59
100
100
100
60
100
Sensitive Commodity Prices:
* 9 2 . Change in sensitive prices (smoothed 2 )
23. Index of industrial materials prices (u)
58
0
60
41
Stock Prices:
* 1 9 . Index of stock prices, 500 common stocks (§)
66
Profits and Profit Margins:
16. Corporate profits after taxes, current dollars
18. Corporate prof its after taxes, 1972 dollars
79. Corporate profits after taxes, with I V A and CCAdj, current dollars
80. Corporate prof its after taxes, with I V A and CCAdj, 1972 dollars
22. Ratio, profits (after taxes) to corporate domestic income
8 1 . Ratio, profits (after taxes), with I V A and CCAdj, to corporate domestic income
15. Prof its (after taxes) per dollar of sales, mfg
17. Ratio, price to unit labor cost index, mfg
60
53
32
32
53
0
47
53
. .
Residential Construction Commitments and Investment:
28. New private housing units started, total
* 2 9 . New building permits, private housing
89. Residential fixed investment, total, 1972 dollars
63
69 I
71
70
44
43
66
77
64
85
75
65
74
61
70
62
B5. Inventories and Inventory Investment
Inventory Investment:
30. Change in business inventories, 1972 dollars
* 3 6 . Net change in inventories on hand and on order, 1972 dollars (smoothed 2 )
3 1 . Change in book value, mfg. and trade inventories
38. Change in stocks of materials and supplies on hand and on order, mfg
. . .
Inventories on Hand and on Order:
71. Mfg. and trade inventories, current dollars
* 7 0 . Mfg. and trade inventories, 1972 dollars
65. Manufacturers' inventories of finished goods
77. Ratio, deflated inventories to sales, mfg. and trade
78. Materials and supplies on hand and on order
63 |
69
56 I
51
80
53
70
75
80 I
82
70
74
65
B6. Prices, Costs, and Profits
Cash Flows:
34. Net cash flow, corporate, current dollars
35. Net cash flow, corporate, 1972 dollars
Unit Labor Costs and Labor Share:
63. Unit labor cost, private business sector
68. Labor cost per unit of gross domestic product
* 6 2 . Labor cost per unit of output, mfg
64. Compensation of employees as percent of national income
93
77
89
96
89
94
80
89
65
53
66
100
100
85
80
74
46
26
38
38
50
36
35
70
61
55 I
55
52
60 !
41
52
67
98
76
57
26
67
58
87
100
87
80
47
52
51
70
67
72
73 |
76
64
11
41
10
10
42
52
B7. Money and Credit
Money:
85.
102.
*104.
*105.
106.
Change in money supply (M1)
Change in money supply (M2)
Change in total liquid assets (smoothed 2 )
Money supply (M1), 1972 dollars
Money supply (M2), 1972 dollars
Velocity of Money:
107. Ratio, GNP to money supply (M1)
108. Ratio, personal income to money supply (M2)
4
11
52
60
10
98
91
86
72
70
50
0
0
100
100
100
100
100
66
80
80
48
43
64
74 |
61
75
77
The Handbook of Cyclical Indicators
Table 1. Cyclical Indicators: Series Scores—Continued
Timing
Conform
ity
Economic
signifi
cance
(8)
Peaks
(9)
60
65
90
90
80
80
80
90
48
49
65
58
27
27
65
54
80
70
46
43
60
60
100
100
63
63
80
80
59
73
100
100
100
100
100
80
20
100
78
85
83
82
80
69
65
95
90
90
90
90
90
90
90
90
62
75
78
77
70
78
75
88
54
100
54
90
60
70
80
80
80
74
77
71
Statis
Smooth
tical
ness Currency adequacy
(6)
(7)
(5)
Troughs
(2)
All
turns
(3)
Credit Flows:
33. Net change in mortgage debt
112. Change in bank loans to businesses
113. Change in consumer installment debt
110. Total private borrowing
76
75
59
77
75
72
72
80
60
0
60
60
54
100
54
20
Credit Difficulties:
14. Current liabilities of business failures (inverted1) (u) . . . .
39. Delinquency rate, consumer installment loans (inverted')
53
80
72
66
0
40
Series title
Peaks
(1)
(4)
B7. Money and Credit-Continued
Bank Reserves:
93. Free reserves (inverted1) (§)
94. Member bank borrowing from Federal Reserve <§)
15
67
29
82
22
74
Interest Rates:
119. Federal funds rate @
114. Treasury bill rate (u)
116. Corporate bond yields (u)
115. Treasury bond yields <§)
117. Municipal bond yields (§)
118. Mortgage yields, secondary market (§)
67. Bank rates on short-term business loans (u)
*109. Average prime rate charged by banks (§)
14
40
66
68
49
91
92
95
79
76
29
81
53
78
80
66
71
82
60
83
72
80
86
83
70
63
66
75
51
80
80
60
60
60
60
80
100
Outstanding Debt:
66. Consumer installment debt
*72. Commercial and industrial loans outstanding
*95. Ratio, consumer installment debt to personal income
88
65
73
79
78
83
83
86
91
20
79
45
100
100
100
1
Inverted series. Since this series tends to move counter to movements in general business activity, its lower
turning points are considered peaks and its upper turning points are considered troughs.
2
This series is a weighted 4-term moving average (with weights 1,2,2,1) placed at the terminal month of the
span.
BCD 1977
56
NOTE: Series are seasonally adjusted except for those, indicated by<§), which appear to contain no seasonal
movement Series indicated by an asterisk (*) are included in the major composite indexes. For complete
series titles, including definitions and sources, see the series descriptions elsewhere in this supplement. NA,
not available. CCAdj, capital consumption adjustment. IVA, inventory valuation adjustment. PCE, personal
consumption expenditures.
5
Table 2. Cyclical Indicators: Average Timing at Peaks, Troughs, and All Turns
Troughs
Peaks
Median
(1)
Mean and
standard
deviation
(2)
All turns
Mean and
standard
deviation
(4)
Median
(3)
Median
Mean and
standard
deviation
(5)
(6)
A. COMPOSITE INDEXES
910.
920.
930.
940L
Twelve leading indicators
Four roughly coincident indicators
Six lagging indicators
Ratio, coincident index to lagging index
Leading Indicator Subgroups:
913. Marginal employment adjustments
914. Capital investment commitments
915. Inventory investment and purchasing
916. Profitability
917. Money and financial flows
-11
-2
+2
-11
-11.8
-2.8
+2.0
-15.4
(6.2)
(1.7)
(0.6)
(7.3)
-4
0
+5
-1
-4.6
+0.4
+7.6
-1.4
(2.2)
(0.8)
(4.1)
(1.5)
-7
-k
+3k
-6
-8.2
-1.2
+4.8
-8.4
-10
-10
-4
-11
-10
-12.0
-14.6
-9.4
-12.2
-12.8
(4.7)
(7.8)
(7.5)
(5.9)
(5.5)
-1
-2
-4
-4
-4
-2.2
-2.2
-4.6
-3.6
-4.8
(1.9)
(0.7)
(3.3)
(1.5)
(3.0)
-7
-6
-4
-9
-8%
-7.1
-8.4
-7.0
-7.9
-12
-13
-13
-12
-11
-5*s
-12.4
-14.0
-17.0
-16.8
-15.0
-7.8
(10.3)
(7.3)
(7.8)
(6.2)
-2
0
-2
0
-1
+4
-2.2
-0.3
-3.2
-0.6
-2.2
+3.6
-5
-5
-7
-8
-6*s
0
-7.3
-7.2
-10.1
-8.7
-8.6
-1.4
B. CYCLICAL INDICATORS BY ECONOMIC PROCESS
B1. Employment and Unemployment
Marginal Employment Adjustments:
* 1 . Average workweek of production workers, mfg
21. Average weekly overtime, production workers, mfg
2. Accession rate, mfg
5. Average weekly initial claims, State unemployment insurance (inverted 1 )
*3. Layoff rate, mfg. (inverted 1 )
4. Quit rate, mfg
(?:§)
(2.6)
(3.2)
(1.9)
(2.1)
Job Vacancies:
60. Ratio, help-wanted advertising to unemployment
46. Index of help-wanted advertising
-5k
-9.5
-7.2
(5.2)
(5.4)
+Us
+2
+1.8
+2.2
(1.5)
(1.9)
Comprehensive Employment:
48. Employee hours in nonagricultural establishments
42. Persons engaged in nonagricultural activities
* 4 1 . Employees on nonagricultural payrolls
40. Employees in goods-producing industries
90. Ratio, civilian employment to total population
-4
-4
-2
-4
-4
-3.2
-3.0
-1.4
-3.4
-4.8
(3.0)
(3.4)
(2.7)
(2.1)
(7.5)
0
0
0
0
+3
+0.4
-1.5
+0.8
+1.3
+3.8
(2.0)
(2.5)
(1.2)
(0.8)
(2.8)
0
-Us
0
-1
+Us
-1.4
-2.2
-0.3
-1.0
-0.5
-Ik
-7
-6.8
-6.8
-9.5
+0.6
-0.4
(3.4)
(3.6)
(7.4)
(1.5)
(4.4)
+3
+3
+1
+8
+5
+3.8
+3.8
+3.2
+9.2
+6.0
(2.9)
(2.9)
(3.9)
(3.8)
(4.7)
0
-k
0
+3h
+2h
-0.9
-1.5
-2.4
+4.9
+2.8
-2
-1.6
0.0
+0.2
-3.0
(1.5)
(1.2)
(1.6)
(2.7)
0
-Us
-1*2
0
-0.8
-1.5
-1.5
+0.6
(1.5)
(1.1)
(1.1)
(2.0)
-1
-1
-1
-1
-1.2
-0.8
-0.6
-1.2
-3
-3
-3
0
-3.0
-2.8
-2.8
-1.3
(2.3)
(2.1)
(2.2)
(1.5)
0
0
-2
0
-0.2
+0.8
-2.8
-0.3
(0.4)
(1.6)
(2.3)
(1.2)
-k
o
-2k
-1.6
-1.0
-2.8
-0.8
(NA)
-15
-6
(NA)
-13.2
-3.5
(NA)
(7.5)
(6.4)
(NA)
+1
0
(NA)
+1.0
-0.3
(l.D
(NA)
(5.2)
(NA)
0
-Us
(NA)
-5.3
-1.9
-10
-6
-10.2
-10.2
-10.4
-16.2
-9.3
-9.4
(5.8)
(5.5)
(8.2)
(8.4)
(7.7)
(7.2)
-2
-1
-3
-8
+3%
-5
-2.0
-0.4
-3.0
-8.0
+3.7
-5.2
(1.4)
(1.9)
(2.4)
(3.4)
(3.1)
(3.9)
-3k
-4%
-4Js
-11
-2k
-6
-6.1
-5.3
-6.7
-12.1
-2.8
-7.3
-3
-3
-2
-Us
0
-5Js
-9
-2.8
-2.8
-1.7
-1.8
-1.3
-4.2
-13.0
(1.9)
(2.3)
(2.5)
(1.8)
(1.9)
(5.1)
(11.0)
0
-1
-1
-2
-1
+ 1*2
+0.2
-1.8
-2.3
-1.5
-1.0
+1.8
-2.8
(1.5)
(1.4)
(3.1)
(2.3)
(2.4)
(1.8)
(2.2)
-1
-2Jg
-1
-2
-1.3
-2.3
-2.0
-1.6
-1.2
-1.3
-7.1
-14.5
-15.0
(6.7)
(9.4)
-3
Comprehensive Unemployment:
37. Number of persons unemployed (inverted 1 )
43. Unemployment rate, total (inverted 1 )
45. Average weekly insured unemployment rate (inverted1)
* 9 1 . Average duration of unemployment (inverted 1 )
44. Unemployment rate, 15 weeks and over (inverted1)
+1
+1
-3.9
-2.5
B2. Production and Income
Comprehensive Output and Income:
50. GNP, 1972 dollars
52. Personal income, 1972 dollars
* 5 1 . Personal income, less transfer payments, 1972 dollars
53. Wages and salaries in mining, mfg., and construction, 1972 dollars . . . .
Industrial Production:
*47. Index of industrial production, total
73. Industrial production, durable manufactures
74. Industrial production, nondurable manufactures
49. Value of goods output, 1972 dollars
Capacity Utilization:
83. Rate of capacity utilization, mfg. (BEA)
82. Rate of capacity utilization, mfg. (FRB)
84. Rate of capacity utilization, materials
-2
-k
-k
o
(1.5)
(1.4)
(1.7)
(3.0)
(NA)
(8.7)
(7.3)
B3. Consumption, Trade, Orders, and Deliveries
Orders and Deliveries:
6. New orders, durable goods industries, current dollars
7. New orders, durable goods industries, 1972 dollars
*8. New orders, consumer goods and materials, 1972 dollars
25. Change in unfilled orders, durable goods industries
96. Unfilled orders, durable goods industries
*32. Vendor performance, slower deliveries ®
Consumption and Trade:
56. Mfg. and trade sales, current dollars
*57. Mfg. and trade sales, 1972 dollars
75. Industrial production, consumer goods
54. Sales of retail stores, current dollars
59. Sales of retail stores, 1972 dollars
55. PCE, automobiles
58. Index of consumer sentiment (u)
-5
-14
-2k
-k
0
-3
B4. Fixed Capital Investment
Formation of Business Enterprises:
*12. Index of net business formation
13. Number of new business incorporations
-11
-15
-2
I
-1.8
(1.2)
-6k
I
-5.5
(2.9)
-7.4
-10.2
(7.8)
(8.4)
The Handbook of Cyclical Indicators
Table 2. Cyclical Indicators: Average Timing at Peaks, Troughs, and All Turns— Continued
Peaks
Series title
Median
(1)
Troughs
Mean and
standard
deviation
(2)
Median
(3)
Alt turns
Mean and
standard
deviation
(4)
Median
(5)
Mean and
standard
deviation
(6)
B4. Fixed Capital Investment-Continued
Business Investment Commitments:
10. Contracts and orders, plant and equipment, current dollars
*20. Contracts and orders, plant and equipment, 1972 dollars
24. New orders, capital goods industries, nondefense, current dollars
27. New orders, capital goods industries, nondefense, 1972 dollars
9. Construction contracts, commercial and industrial
11. New capital appropriations, mfg
97. Backlog of capital appropriations, mfg
-9.8
-8.4
-8.6
-8.6
-11.5
-7.2
-3.5
(2.6)
(2.7)
(2.4)
(2.4)
(14.0)
(6.9)
(5.0)
-2
-2
-3
-2
+2%
+%
+6%
-1.6
-2.6
-3.6
-2.8
+1.5.
+0.2
+7.8
(2.9)
(1.9)
(1.6)
(1.7)
(2.1)
(4.3)
(3.7)
-6
.-5%
-6
-6
+1%
-2%
+4%
-5.2
-5.5
-6.1
-5.7
-5.0
-3.5
+2.9
-3
-3
0
0
0
-0.2
-2.2
-2.8
-0.4
+0.2
-1.6
(1.6)
(3.3)
(2.1)
(1.9)
(6.2)
(3.8)
+2%
+5
+2
0
+10
+1
+2.8
+4.5
+3.0
+1.0
+8.2
+1.0
(2.4)
(2.4)
(2.1)
(1.5)
(4.2)
(2.4)
+1
+3
+%
0
+6%
+%
+1.2
+1.1
+0.1
+0.3
+6.0
-0.3
-13
-13
-10
-15.8
-15.6
-11.2
(8.3)
(7.8)
(8.5)
-5
-6.2
-6.2
-3.8
(3.5)
(3.5)
(2.6)
-9%
-9%
-6
-11.0
-10.9
-7.5
-4
-5
-10
-14
-7.6
-7.2
(7.0)
(3.5)
-12.8
-14.0
(8.6)
(4.9)
-3
-4
-2
-9
-3.8
-4.0
-0.4
-8.0
(3.4)
(3.3)
(6.6)
(3.1)
-3%
-4%
-6
10
-5.7
-5.6
-6.6
-10.6
+2.8
+4.5
+4.8
+8.0
-4.2
(0.8)
(3.5)
(3.3)
(2.0)
(2.5)
+4%
+4
+6%
+11
+3
+4.2
+3.5
+8.2
+14.0
+4.5
(1.1)
(1.5)
(2.4)
(6.6)
(3.5)
+3%
+4
+6%
+9%
+1%
+3.5
+4.0
+6.5
+11.0
+0.8
-15
-10
-12.2
-12.4
(7.7)
(n.o)
-5
-2
-5.4
-0.2
\i.i]
-5%
-3%
-8.8
-6.3
-9
-9.0
(3.2)
-5.0
(1.6)
-5%
-7.0
-2.
-2.
+1.
+1.
-2.
+0.
-2.
-1.
(2.5)
(2.5)
(7.5)
(7.5)
(2.5)
(7.2)
(2.5)
(3.4)
-5%
-5%
-4
-4
-5%
-4%
-5
-5
-6.6
-8.1
-9.6
-9
-10
-9
-6
-11
-3.2
-2.6
(2.1)
(2.5)
-5%
-5%
-5.1
-8.1
+8.4
+8.8
+9.0
-10
,
Business Investment Expenditures:
61. Business expenditures, new plant and equipment
69. Machinery and equipment sales and business construction expenditures
76. Industrial production, business equipment
86. Nonresidential fixed investment, total, 1972 dollars
87. Nonresidential fixed investment, structures, 1972 dollars
88. Nonresidential fixed investment, producers' durable equipment, 1972 dollars .
Residential Construction Commitments and Investment:
28. New private housing units started, total
*29. New building permits, private housing
89. Residential fixed investment, total, 1972 dollars
-8
-6
+%
B5. Inventories and Inventory Investment
Inventory Investment:
30. Change in business inventories, 1972 dollars
*36. Net change in inventories on hand and on order, 1972 dollars (smoothed2)
31. Change in book value, mfg. and trade inventories
38. Change in stocks of materials and supplies on hand and on order, mfg
. .,
Inventories on Hand and on Order:
71. Mfg. and trade inventories, current dollars
*70. Mfg. and trade inventories, 1972 dollars
65. Manufacturers' inventories of finished goods
77. Ratio, deflated inventories to sales, mfg. and trade
78. Materials and supplies on hand and on order
+3
+3%
+5%
+8
-3%
B6. Prices, Costs, and Profits
Sensitive Commodity Prices:
*92. -Change in sensitive prices (smoothed2)
23. Index of industrial materials prices (u)
Stock Prices:
*19. Index of stock prices, 500 common stocks (§)
Profits and Profit Margins:
16. Corporate profits after taxes, current dollars
18. Corporate profits after taxes, 1972 dollars
79. Corporate profits after taxes, with IVA and CCAdj, current dollars
80. Corporate prof its after taxes, with IVA and CCAdj, 1972 dollars
22. Ratio, profits (after taxes) to corporate domestic income
81. Ratio, profits (after taxes), with IVA and CCAdj, to corporate domestic income
15. Profits (after taxes) per dollar of sales, mfg
17. Ratio, price to unit labor cost index, mfg
-11
-11
-23
-23
-11
-21
-10^
-22
-10.6
-13.6
-20.8
-21.4
-18.4
-19.8
-11.8
-22.0
(6.5)
(8.0)
(14.6)
(15.5)
(16.3)
(14.9)
(5.8)
(12.8)
Cash Flows:
34. Net cash flow, corporate, current dollars
35. Net cash flow, corporate, 1972 dollars
-6
-11
-7.0
-13.6
(2.1)
(8.0)
Unit Labor Costs and Labor Share:
63. Unit labor cost, private business sector
68. Labor cost per unit of gross domestic product
*62. Labor cost per unit of output, mfg
64. Compensation of employees as percent of national income
+8
+6%
+8%
+10
+6.5
+7.2
+6.8
+8.6
(4.1)
(1.6)
(4.0)
(3.1)
+8
+10%
+11
+13
+10.2
+10.2
+11.2
+15.4
(6.5)
(2.4)
(1.3)
(9.0)
+8
+8
+10
+10%
+12.0
-19%
-15%
-6%
-10
-13%
-21.0
-15.5
-9.5
-11.8
-14.5
(5.5)
-6
-5%
-9%
(5.5)
-15
-10%
-7
-14.0
-10.5
-8.5
Wo]
-7.0
-5.5
-7.5
-7.8
-9.0
-9
-9
-11.8
0
0
-0.4
+0.6
(1.0)
(1.8)
B7. Money and Credit
Money:
85.
102.
*104.
*105.
106.
Change in money supply (M1)
Change in money supply (M2)
Change in total liquid assets (smoothed2)
Money supply (Ml), 1972 dollars
Money supply (M2), 1972 dollars
Velocity of Money:
107. Ratio, GNP to money supply (M1)
108. Ratio, personal income to money supply (M2)
BCD 1977
0
+2
-0.8
+4.2
(§:§)
[li\
fi:!l
(2.1)
(8.1)
0
+%
-9.8
-0.6
+2.4
7
Table 2. Cyclical Indicators: Average Timing at Peaks, Troughs, and All Turns— Continued
Peaks
Series title
Median
(1)
Troughs
Mean and
standard
deviation
(2)
Median
(3)
All turns
Mean and
standard
deviation
(4)
Median
Mean and
standard
deviation
(5)
(6)
B7. Money and Credit-Continued
Credit Flows:
33. Net change in mortgage debt
112. Change in bank loans to businesses
113. Change in consumer installment debt
110. Total private borrowing
Credit Difficulties:
14. Current liabilities of business failures (inverted1) ©
39. Delinquency rate, consumer installment loans (inverted1)
-12
-9h
Outstanding Debt:
66. Consumer installment debt
*72. Commercial and industrial loans outstanding
*95. Ratio, consumer installment debt to personal income . . . .
•inverted series. Since this series tends to move counter to movements in general business activity, its lower
turning points are considered peaks and its upper turning points are considered troughs.
2
This series is a weighted 4-term moving average (with weights 1,2,2,1) placed at the terminal month of the
span.
8
(3.7)
(2.9)
(3.7)
(3.2)
-10
-6
-7
-7h
-10.8
-5.9
-7.3
-8.4
-2
+2.0
-0.7
(10.8)
(1.8)
-6
-2h
-6.1
-4.7
(2.7
(3.2
+2
+3
+4.5
+5.8
(5.7)
(4.4)
-1*
0
-1.0
-0.6
(3.1
(2.3
(3.9
(3.1
(4.3
(2.4
(3.7
(1.9
+5
+3*
+2
+2
+2
+16J*.
+9
+14
+7.0
+5.8
+7.2
+3.6
+5.0
+19.9
+7.6
+11.3
(5.9)
(5.5)
(9.4)
(3.8)
(6.4)
(17.5)
(4.8)
(5.2)
+2
+1%
0
+2
+1
+3h
+4
+4
+2.3
+2.6
+3.4
+2.1
+2.2
+11.7
+4.8
+7.1
(1.6
(4.4
(6.0
+3
+3.3
+5.2
+7.2
(2.0)
(2.2)
(1.1)
+5h
+3
+7
+5.2
+3.9
+5.6
-9%
(7.4
(3.7
(8.4
(5.5
-10
-85
-14.2
-8.7
(10.2
(7.8
-6.5
-7.0
Bank Reserves:
93. Free reserves (inverted1) ©
94. Member bank borrowing from Federal Reserve ©
Interest Rates:
119. Federal funds rate ©
114. Treasury bill rate ©
116. Corporate bond yields ©
115. Treasury bond yields ©
117. Municipal bond yields ©
118. Mortgage yields, secondary market ©
67. Bank rates on short-term business loans ©
*109. Average prime rate charged by banks ©
-6.0
-1.8
-2.0
-5.0
-15.7
-11.0
-12.6
-11.8
-4
0
-1
-1
0
+3
+3*2
+7
+1
+6h
+7.0
+2.5
+4.0
-5
-2
-1
-5H
+7
(7.6)
(5.6)
(8.4)
(5.7)
NOTE: Series are seasonally adjusted except for those, indicated b y © , which appear to contain no seasonal
movement. Series indicated by an asterisk (*) are included in the major composite indexes. For complete
series titles, including definitions and sources, see the series descriptions elsewhere in this supplement. NA,
not available. CCAdj, capital consumption adjustment. IVA, inventory valuation adjustment. PCE, personal
consumption expenditures.
The Handbook of Cyclical Indicators
Table 3A. MCD and Related Measures of Variability
Part I. Monthly Series: Average Percentage Changes
Monthly series
Year and month
l/C
MCD
Average duration of run
(ADR)
l/C
for
MCD
span
I. CYCLICAL INDICATORS
1.
5.
6.
7.
8.
9.
Average workweek of production workers, mfg
Average weekly initial claims, State unemployment insurance
New orders, durable goods industries, current dollars
New orders, durable goods industries, 1972 dollars
New orders, consumer goods and materials, 1972 dollars
Construction contracts, commercial aod industrial
1948: Jan-75: Dec.
do
do
do
do
do
do
do
do
do . . . . .
do
do
0.46
5.54
3.82
3.77
3.13
9.99
0.40
4.80
3.28
3.26
2.62
9.67
0.18
2.47
1.67
1.55
1.42
1.95
2.18
1.95
1.96
2.10
1.85
4.97
0.74
.71
.67
.72
.73
.94
2.32
1.95
1.97
1.87
2.26
1.59
1.49
1.58
1.56
1.56
1.60
1.49
8.74
9.74
9.74
8.74
9.22
9.47
5.66
1.05
2.46
25.51
.68
2.67
5.36
.78
2.14
25.00
1.70
.70
1.02
1.68
3.14
1.12
2.10
10.71
1.25
1.12
.76
.58
.68
(0
.66
.65
1.70
2.27
1.94
1.49
2.27
2.37
1.53
1.56
1.54
1.45
1.51
1.66
10.33
8.12
10.66
10.03
7.41
8.12
1.63
1.44
1.71
1.59
1.95
2.22
3.27
.74
2.58
2.72
2.48
1.84
.81
.74
.84
.88
.89
.99
1.66
3.00
1.80
1.80
1.96
2.07
1.48
9.74
7.77
14.83
12.63
11.76
12.18
10.
12.
13.
14.
17.
19.
Contracts and orders, plant and equipment, current dollars
Index of net business formation
Number of new business incorporations
Current liabilities of business failures ®
Ratio, price to unit labor cost index, mfg
Index of stock prices, 500 common stocks (u)
20.
23.
24.
27.
28.
29.
Contracts and orders, plant and equipment, 1972 dollars
Index of industrial materials prices (§)
New orders, capital goods industries, nondefense, current dollars . . . .
New orders, capital goods industries, nondefense, 1972 dollars
New private housing units started, total
New building permits, private housing
do
do
do
do
do
5.60
1.88
4.82
4.73
5.40
4.81
37.
40.
41.
42.
46.
47.
Number of persons unemployed
Employees in goods-producing industries
Employees on nonagricultural payrolls
Persons engaged in nonagricultural activities
Index of help-wanted advertising
Index of industrial production, total
do
do
do
do
do
do
3.76
.56
.33
.35
2.87
.96
2.69
.32
.15
.25
1.82
.50
2.24
.42
.28
.22
2.19
.77
1.20
.75
.55
1.14
.83
.65
.59
.75
.55
.57
.83
.65
2.20
3.75
4.49
2.44
3.48
4.11
1.46
1.52
1.50
1.52
8.52
11.37
15.50
16.24
9.47
12.18
48.
51.
52.
53.
54.
56.
Employee hours in nonagricultural establishments
Personal income, less transfer payments, 1972 dollars
Personal income, 1972 dollars
Wages and salaries in mining, mfg., and construction, 1972 dollars . . .
Sales of retail stores, current dollars
Mfg. and trade sales, current dollars
do
do
do
do
do
do
.46
.52
.54
.82
1.18
1.16
.32
.32
.35
.52
.99
.80
.31
.40
.39
.59
.55
.75
1.04
.80
1.81
1.07
.55
.80
.90
.88
.71
.59
2.82
3.31
3.13
2.97
2.10
2.58
1.54
1.60
1.60
1.56
1.61
1.54
11.76
16.24
16.24
12.18
14.83
11.00
57.
59.
62.
65.
66.
69.
Mfg. and trade sales, 1972 dollars
Sales of retail stores, 1972 dollars
Labor cost per unit of output, mfg
Manufacturers' inventories of finished goods
Consumer installment debt
Machinery and equipment sales and business construction expenditures
do
do
do
do
do
1.07
1.12
.54
.44
.39
.68
.97
.97
1.55
2.22
1.09
.49
.16
1.39
.89
.86
.58
.49
.16
.69
2.14
2.03
2.58
3.75
11.76
1.99
1.61
1.54
1.50
1.49
1.70
1.43
12.63
11.00
7.93
14.83
31.00
13.38
do
70. Mfg. and trade inventories, 1972 dollars
71. Mfg. and trade inventories, current dollars
73. Industrial production, durable manufactures
74. Industrial production, nondurable manufactures
75. Industrial production, consumer goods
76.
78.
91.
96.
105.
106.
Industrial production, business equipment
Materials and supplies on hand and on order
Average duration of unemployment
Unfilled orders, durable goods industries
Money supply (Ml), 1972 dollars
Money supply (M2), 1972 dollars
910.
913.
914.
915.
916.
917.
Composite index of 12 leading indicators
Composite index of marginal employment adjustments
Composite index of capital investment commitments
Composite index of inventory investment and purchasing
Composite index of profitability
Composite index of money and financial flows
1.72
1948: Jan-75: Dec.
.46
.68
1.00
1.45
.77
.92
.20
.21
.35
.82
.45
.59
.41
.65
.94
1.08
.58
.62
.49
.32
.38
.76
.79
.96
.49
.32
.38
.76
.79
.96
4.43
7.26
7.41
3.79
2.97
2.87
1.53
1.53
1.69
1.63
1.46
1.59
17.95
22.73
17.05
9.47
12.63
1.20
1.11
3.84
1.69
.33
.98
.39
.64
.36
3.23
.54
.20
.18
1.04
1.73
1.57
.26
.34
.66
.35
1.87
.35
.77
.52
.66
.35
.95
.35
.77
.52
3.55
5.11
2.13
6.09
3.25
4.26
1.43
1.59
1.52
1.59
1.55
1.58
13.12
13.38
10.33
12.18
10.66
14.21
do
do
do
do
.87
.73
.67
.68
.62
.78
.41
.55
.50
.33
.37
.35
.73
.41
.40
.52
.47
.65
.56
1.34
1.24
.64
.79
.54
.56
.74
.61
.64
.79
.54
4.74
2.42
2.24
3.63
2.87
4.43
1.54
1.56
1.48
1.70
1.61
1.83
11.37
6.69
10.66
6.82
9.22
8.52
do
do
.79
.79
.42
.37
.62
.66
.67
.56
.67
.56
3.71
3.67
1.58
1.57
14.83
16.24
.69
.33
.54
.49
1.35
.42
.31
.14
.33
.29
.99
.21
.60
.30
.40
.36
.73
.37
.51
.47
.84
.81
1.36
.56
.51
.47
.84
.81
.76
.56
6.09
6.31
2.94
3.16
2.19
4.74
1.53
1.56
1.68
1.55
1.48
1.52
37.89
16.24
7.26
8.74
6.43
11.76
.37
.45
.50
.23
.34
.37
.13
.28
.13
.17
.30
.31
.34
.33
.50
.16
.15
.19
.39
.86
.26
.39
.86
.26
.55
.69
.86
6.43
2.71
149.00
3.10
1.93
2.19
1.60
1.56
1.51
1.52
1.48
1.50
16.24
8.74
149.00
13.55
16.24
16.24
do
do
do
do
do
do
920. Composite index of 4 roughly coincident indicators
.90
.88
1.54
1.59
1.56
1953: Jan-75: Dec.
1953: Jan-75: Dec.
1948: Jan-75: Dec.
930. Composite index of 6 lagging indicators
1.88
2.33
.39
.84
.98
.43
.33
.16
1.35
do
do
do
do
do
72. Commercial and industrial loans outstanding
.49
.61
.78
.99
9.47
II. OTHER IMPORTANT ECONOMIC MEASURES
223.
320.
322.
330.
331.
332.
333.
334.
340.
1948: Jan-75: Dec.
Personal income, current dollars
Consumer prices, all items (u)
Consumer prices, food
Wholesale prices, all commodities (u)
Wholesale prices, crude materials
Wholesale prices, intermediate materials
Wholesale prices, producer finished goods
Wholesale prices, consumer finished goods
Average hourly earnings of production workers
341. Real average hourly earnings of production workers
441. Total civilian labor force
442. Total civilian employment
BCD 1977
do
do
do
do
do
do
do
1964: Jan-75: Dec.
•
do
1948: Jan-75: Dec.
do
1.06
1.96
1.65
9
Table 3A. MCD and Related Measures of Variability—Continued
Part I. Monthly Series: Average Percentage Changes—Continued
Monthly series
Year and month
l/C
MCD
Average duration of run
(ADR)
l/C
for
MCD
span
MCD
II. OTHER IMPORTANT ECONOMIC MEASURES-Continued
444.
445.
446.
447.
448.
516.
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
Number employed part-time for economic reasons
Defense Department obligations incurred, total
1948: Jan-75: Dec.
4.75
do
5.08
do
6.37
1963: Jan-75: Dec.
2.94
1955: May-75: Dec
4.33
1953: July-75: Dec. 10.71
3.29
4.56
5.93
2.16
3.91
10.52
2.84
2.03
1.84
1.74
1.58
1.05
1.16
2.25
3.22
1.24
2.48
10.05
0.61
.78
.75
.63
.84
(O
2.56
1.82
1.64
1.99
1.74
1.53
1.52
1.46
1.48
1.45
1.59
1.53
7.58
10.03
7.41
7.00
7.03
7.64
525.
548.
602.
604.
606.
612.
Military prime contract awards in U.S
Manufacturers' new orders, defense products
Exports, excluding military aid shipments
Exports of agricultural products
Exports of nonelectrical machinery
General imports, total
1951: Jan-75: Dec.
1968: Feb-75: Dec.
1948: Jan-75: Dec.
1965: Jan-75: Dec.
do
1948: Jan-75: Dec.
19.95
21.82
5.59
9.43
5.66
4.53
19.83
21.66
5.26
8.71
5.24'
4.08
1.97
1.50
1.33
2.16
1.41
1.40
10.07
14.41
3.95
4.02
3.71
2.92
(O
(O
.84
.78
.98
1.48
1.56
1.87
1.85
1.73
1.88
1.41
1.52
1.56
1.63
1.57
1.66
9.84
7.69
9.47
8.06
12.45
9.22
614.
616.
721.
72Z
723.
725.
Imports of petroleum and petroleum products
Imports of automobiles and parts
OECD European countries, industrial production
United Kingdom, industrial production
Canada, industrial production
West Germany, industrial production
1965: Jan-75: Dec.
....... do
1953: Jan-75: Dec
1948: Jan-75: Dec.
do ...
do ...
10.45
10.91
.91
1.19
9.76
9.90
3.61
3.73
1.60
2.62
1.27
1.55
.89
.84
.84
.98
.59
.75
1.83
1.73
4.32
2.89
2.51
2.02
1.47
1.65
1.60
1.59
1.41
1.39
8.06
12.45
21.62
9.22
12.63
16.24
3.24
726. France, industrial production
727. Italy, industrial production
728. Japan, industrial production
732. United Kingdom, consumer prices (§)
733. Canada, consumer prices (u)
735. West Germany, consumer prices (g)
1951: Jan-75: Dec.
1948: Jan-75: Dec.
do..
do..
do..
do..
1.67
1.91
1.76
.61
736. France, consumer prices (§)
737. Italy, consumer prices <§)
738. Japan, consumer prices (§)
742. United Kingdom, stock prices @
743. Canada, stock prices <§)
745. WestGermany, stock prices <g)
do..
do..
do..
do..
do..
1950: Jan-75: Dec.
.79
.58
746.
747.
748.
1948: Jan-75: Dec.
1949: Jan-75: Dec.
1948: Jan-75: Dec.
France, stock prices (§)
Italy, stock prices <§)
Japan, stock prices (g)
.90
1.66
.39
.45
1.17
.88
1.13
.71
1.33
(i)
3.91
3.53
3.35
3.81
3.14
2.05
1.67
1.72
1.04
.38
.20
.33
.65
.80
1.32
.51
.34
.37
2.58
2.14
.79
.73
.58
.89
.95
.76
.79
.73
.58
.89
2.96
2.16
3.25
5.98
4.80
8.84
1.53
1.58
1.48
1.54
1.58
1.71
16.05
16.24
16.24
13.64
11.00
9.08
5.32
4.40
3.25
5.98
4.80
8.84
.37
.33
.83
2.57
2.41
2.53
.66
.48
.74
2.20
.57
.69
.61
.68
.99
.62
6.43
7.75
2.56
2.60
2.53
3.08
1.66
1.57
1.65
2.51
.57
.69
1.12
1.17
1.46
1.01
1.82
1.73
14.83
13.64
8.32
7.26
9.22
7.37
6.43
7.75
3.86
3.51
3.91
4.33
3.52
3.04
2.97
1.87
1.84
2.89
1.89
1.65
1.03
.74
.73
.62
1.77
1.86
1.60
8.32
8.89
7.26
©Measures are based on unadjusted data.
1
Not shown when MCD is 6.
Brief Definitions of Measures Shown in Part I
The following are brief definitions; more complete explanations appear in Electronic Computers and
Business Indicators, by Julius Shiskin, issued as Occasional Paper 57 by the National Bureau of Economic
Research, 1957 (reprinted from Journal of Business, October 1957).
"CI" is the average month-to-month percentage change, without regard to sign, in the seasonally adjusted
series (i.e., the series after adjustment for measurable seasonal, trading-day, and holiday variations).
"C"
series.
is the same for the cyclical component, a smooth, flexible moving average of the seasonally adjusted
"7" is the same for the irregular component, obtained by dividing the cyclical component into the
seasonally adjusted series.
"MCD" (months for cyclical dominance) provides an estimate of the appropriate time span over which to
observe cyclical movements in a monthly series. It is small for smooth series and large for irregular series. In
deriving MCD, percentage changes are computed separately for the irregular component and the cyclical
component over 1-month spans (Jan.-Feb., Feb.-Mar., etc), 2-month spans (Jan.-Mar., Feb.-Apr., etc.), up to
12-month spans. Averages, without regard to sign, are then computed for the changes over each span. MCD is
the shortest span in months for which the average percentage change (without regard to sign) in the cyclical
component is larger than the average percentage change (without regard to sign) in the irregular component,
and remains so. Thus, it indicates the point at which fluctuations in the seasonally adjusted series become
dominated by cyclical rather than irregular movements. All series with an MCD greater than " 5 " are shown as
10
"T/C " is a measure of relative smoothness (small values) or irregularity (large values) of the seasonally
adjusted series. It is shown for 1-month spans and for spans of the period of MCD. When MCD is " 6 " , no T/C
ratio is shown for the MCD period.
"Average Duration of Run" (ADR) is another measure of smoothness and is equal to the average number
of consecutive monthly changes in the same direction in any series of observations. When there is no change
between 2 months, a change in the same direction as the preceding change is assumed. The ADR is shown for
the seasonally adjusted series CI, irregular component I, cyclical component C, and the MCD curve. The MCD
curve is an unweighted moving average (with the number of terms equal to MCD) of the seasonally adjusted
series.
A comparison of these ADR measures with the expected ADR of a random series gives an indication of
whether the changes approximate those of a random series. Over 1-month intervals, the expected ADR of a
random series is 1.5, and the actual ADR falls between 1.36 and 1.75 about 95 percent of the time. Over
1-month intervals in a moving average (MCD) of a random series, the expected ADR is 2. For example, in a
series with ADR measures of 1.56 for CI, 1.45 for I, 8.71 for C, and 3.15 for MCD, the 1.56 for CI indicates
that 1-month changes in the seasonally adjusted series reverse sign, on average, about as often as expected in a
random series. The 1.45 for I and 8.71 for C suggest that the seasonally adjusted series has been separated
into an essentially random component and a cyclical (nonrandom) component. The 3.15 for MCD indicates
that the MCD moving average of the seasonally adjusted data reverses direction, on average, about every 3
months. Thus, for this series, month-to-month changes in the MCD moving average usually reflect underlying
short-term trend movements while month-to-month changes in the seasonally adjusted series usually do not
The Handbook of Cyclical Indicators
Table 3A. MCD and Related Measures of Variability—Continued
Part II. Monthly Series: Average Actual Changes
Unit of measure
Monthly series
l/C
Year and month
MCD
Average duration of run
(ADR)
l/C
for
MCD
span
I. CYCLICAL INDICATORS
2.
3.
4.
21.
1948: Jan-75: Dec.
do
do
0.19
.17
.08
0.16
.14
.06
0.07
.07
.05
2.40
2.08
1.14
0.94
.78
.53
2.54
2.60
3.97
1.69
1.66
1.44
Hours
1956: Jan-75: Dec.
.10
.09
.05
2.00
.65
3.45
1.56
Billion dollars
1948: Jan-75: Dec.
.57
.53
.17
3.06
.86
1.75
1.57
Annual rate, billion dollars
1948: Feb-75: Dec.
4.94
4.74
1.18
4.03
.86
1.55
1.44
Percent
Annual rate, billion dollars
1948: Jan-75: Dec.
1955: Jan-75: Dec.
3.90
1.83
2.68
1.60
2.55
.65
1.05
2.46
.64
.87
2.99
1.86
1.56
1.48
do
1948: May-75: Dec.
2.53
1.11
.59
.59
3.70
2.25
Billion dollars .
Percent
do .
1953: Feb-75: Dec.
1948: Jan-75: Dec.
do
.37
.18
.07
.35
.13
.05
.12
.11
.05
2.98
1.14
1.02
.76
.57
.52
1.66
2.91
5.59
1.47
1.50
1.59
do .
1949: Jan-75: Dec.
.17
.09
.14
.64
.64
4.77
1.74
1948: Jan-75: Dec.
.04
.02
.02
.93
.93
2.73
1.56
do
.do.
.02
.25
.01
.24
.01
.03
1.67
9.38
.94
(O
2.08
1.59
1.58
1.54
.do.
.do.
.19
.32
.17
.19
.08
.20
2.24
.91
.77
.91
1.74
2.94
1.54
2.19
Accession rate, mfg
Layoff rate, mfg
Quit rate, mfg
Average weekly overtime, production
workers, mfg
25. Change in unfilled orders, durable
goods industries
31 Change in book value, mfg. and
trade inventories
Per 100 employees
do . . ..
32. Vendor performance, slower deliveries <§)
33. Net change in mortgage debt
36. Net change in inventories on hand and on
order, 1972 dollars (smoothed)
38. Change in stocks of materials and supplies
on hand and on order, mfg
43. Unemployment rate, total
44. Unemployment rate, 15 weeks and over .
45. Average weekly insured unemployment rate
Ratio, help-wanted advertising
to unemployment
Ratio, deflated inventories to sales,
mfg. and trade
Change in money supply (M1)
Ratio, civilian employment to
total population
92. Change in sensitive prices (smoothed) . . . .
do
Percent .
.do.
.do.
93. Free reserves (§)
94. Member bank borrowing from
Federal Reserve (u)
95. Ratio, consumer installment debt to
personal income
102. Change in money supply (M2)
104. Change in total liquid assets (smoothed) . . .
108. Ratio, personal income to money supply (M2)
Million dollars .
.do.
137.05
115.43
62.31
1.85
.66
1.95
1.56
do .
.do.
108.10
81.16
61.12
1.33
.77
2.10
1.52
do
do
.06
.20
.05
.01
.03
.19
.03
.01
.05
.04
.04
.01
.69
4.65
.72
1.11
.69
(O
.72
.59
109.
112.
113.
114.
115.
116.
Average prime rate charged by banks < § ) . . .
Change in bank loans to businesses
Change in consumer installment debt
Treasury bill rate (u)
Treasury bond yields (§)
Corporate bond yields (§)
Percent
Annual rate, billion dollars
do
Percent .
.do.
.do.
.do.
.do.
.do.
.do.
.10
4.20
1.40
.19
.08
.14
.07
4.02
1.29
.13
.06
.12
.09
.80
.48
.12
.04
.07
.69
5.03
2.71
1.11
1.48
1.82
.69
(O
.96
.66
.71
.76
16.24
2.56
1.59
1.56
1.75
1.92
1.70
117.
118.
119.
940.
Municipal bond yields ®
Mortgage yields, secondary market <u) .
Federal funds rate ®
Ratio, coincident index to lagging index
do
.10
.07
.26
.99
.09
.03
.17
.61
.05
.05
.20
.70
1.71
.62
.85
.87
.75
.62
.85
.87
2.49
7.31
2.67
3.13
1.79
1.87
1.57
1.60
.17
.23
.06
.07
2.95
3.19
.86
.80
2.19
2.04
1.61
1.52
.69
.22
3.20
.92
1.85
1.59
Percent
.do.
.do.
Ratio .
.do.
.do.
do...
Index: 1967=100 .
1948: May-75: Dec.
1948: Jan-75: Dec.
1949: Jan-75: Dec.
1954: Aug-75: Dec.
1948: Jan-75: Dec.
1.64
1.52
2.17
1.50
II. OTHER IMPORTANT ECONOMIC MEASURES
451. Participation rate, males 20 years and over . . .
452. Participation rate, females 20 years and over . .
453. Participation rate, both sexes, 16-19 years
of age
Percent .
1948: Jan-75: Dec.
do
.76
©Measures are based on unadjusted data.
1
Not shown when MCD is 6.
Brief Definitions of Measures Shown in Part II
These measures are computed by an additive method. This method is used for series with zero or negative
data and for other series where it seems appropriate, such as series expressed in percent.
Thus, "CI" is the average month-to-month change in the seasonally adjusted series. This average is
computed without regard to sign and is expressed in the same unit of measure as the series itself.
"C" is the same for the cyclical component, which is a moving average of the seasonally adjusted series.
" I " is the same for the irregular component, which is determined by subtracting the cyclical component
from the seasonally adjusted series.
All other measures have the same meaning as in part I.
BCD 1977
11
Table 3B. QCD and Related Measures of Variability
Part I. Quarterly Series: Average Percentage Changes
Quarterly series
Year and quarter
l/C
QCD
Average duration of run
(ADR)
l/C
for
QCD
span
I. CYCLICAL INDICATORS
11.
16.
18.
34.
35.
49.
New capital appropriations, mfg
Corporate profits after taxes, current dollars
Corporate prof its after taxes, 1972 dollars
Net cash flow, corporate, current dollars
Net cash flow, corporate, 1972 dollars
Value of goods output, 1972 dollars
1953: 111-75: IV
1948: 1-75: IV
do..
do..
do..
do..
8.66
6.19
6.03
4.75
4.55
1.70
50.
55.
61.
63.
68.
79.
GNP, 1972 dollars
PCE, automobiles
Business expenditures, new plant and equipment
Unit labor cost, private business sector
Labor cost per unit of gross domestic product
Corporate profits after taxes, with IVA and CCAdj, current dollars
do.,
do.,
do.,
do..
1948: HI-75: IV
I-75:
IV
1948:
1.23
7.50
3.05
1.08
1.11
7.14
do
do
do
do
do
7.17
2.45
2.25
3.23
4.39
5.28
10.33
1.89
1.03
1.05
1.95
1.75
1.13
6.47
4.70
4.53
3.67
3.45
1.39
0.69
.61
.65
.57
.64
.52
0.69
.61
.65
.57
.64
.52
3.03
2.76
2.63
2.40
2.40
3.05
1.23
1.36
1.35
1.24
1.28
1.31
4.14
4.91
4.91
4.52
4.19
5.38
1.10
.34
.97
.39
.45
.42
.76
.34
.97
.39
.45
.42
.76
5.38
2.69
4.04
3.14
3.70
2.69
1.36
97
70
93
97
14
8.69
3.77
5.65
5.38
6.17
4.52
3.91
.91
1.13
1.43
1.26
.87
6.50
12
04
83
62
00
12
7.26
.76
.45
.62
.55
.31
.17
.90
.76
.45
.62
.55
.31
.17
.90
2.57
2.69
3.23
2.69
3.42
4.14
2.02
1.38
1.38
1.36
1.35
.42
.39
.37
.43
.41
.46
1.81
.97
.89
1.83
1.72
1.00
.23
.40
.41
.24
.24
.46
.23
.40
.41
.24
.24
.46
7.53
3.90
3.23
6.65
16.14
4.19
1.33
1.19
1.33
1.43
1.40
1.40
12.56
10.27
6.65
12.56
22.60
.46
.47
.42
2.14
2.07
.45
.76
1.63
.94
2.70
2.44
1.43
.60
.29
.45
.79
.85
.32
.60
.29
.45
.79
.85
.32
3.65
8.69
5.38
3.05
2.90
8.69
1.47
1.30
1.24
1.22
1.22
1.24
6.65
22.60
10.27
4.52
4.19
22.60
1
.12
.61
.25
.62
.66
.36
.12
.61
.25
.62
.66
.36
113.00
3.42
12.56
2.76
2.63
3.90
2.09
3.45
3.39
2.63
2.48
2.61
.38
.70
.63
.89
.85
.29
.38
.70
.63
.89
.85
.29
4.46
2.89
2.94
2.11
2.19
.73
80.
86.
87.
88.
89.
97.
110.
Corporate profits after taxes, with IVA and CCAdj, 1972 dollars
Nonresidential fixed investment, total, 1972 dollars
Nonresidential fixed investment, structures, 1972 dollars
Nonresidential fixed investment, producers' durable equipment, 1972 dollars
Residential fixed investment, total, 1972 dollars
Backlog of capital appropriations, mfg
Total private borrowing
200.
213.
217.
220.
224.
225.
GNP, current dollars
Final sales, 1972 dollars
Per capita GNP, 1972 dollars
National income, current dollars
Disposable personal income, current dollars
Disposable personal income, 1972 dollars
227.
230.
231.
232.
233.
236.
Per capita disposable personal income, 1972 dollars
PCE, total, current dollars
PCE, total, 1972 dollars
PCE, durable goods, current dollars
PCE, durable goods, 1972 dollars
PCE, nondurable goods, current dollars
..do..
..do..
..do..
..do..
..do..
..do..
237.
238.
239.
240.
241.
242.
PCE, services, current dollars
PCE, nondurable goods, 1972 dollars
PCE, services, 1972 dollars
Gross private domestic investment, current dollars
Gross private domestic investment, 1972 dollars
Fixed investment, total, current dollars
..do..
..do..
..do..
..do..
..do ..
..do ..
243.
252.
253.
256.
257.
260.
Fixed investment, total, 1972 dollars
Exports of goods and services, current dollars
Imports of goods and services, current dollars
Exports of goods and services, 1972 dollars
Imports of goods and services, 1972 dollars
Government purchases of goods and services, current dollars
..do..
..do..
..do ..
..do..
..do..
..do ..
261.
262.
263.
266.
267.
280.
Government purchases of goods and services, 1972 dollars
Federal Government purchases of goods and services, current dollars . . . .
Federal Government purchases of goods and services, 1972 dollars
State and local government purchases of goods and services, current dollars .
State and local government purchases of goods and services, 1972 dollars . .
Compensation of employees
..do..
..do..
..do..
..do..
.. do ..
..do..
.65
1.31
1.11
.49
.47
.28
1.51
3.16
2.39
2.48
1.28
1.91
.43
.42
.46
.20
.37
.14
.43
.42
.46
.20
.37
.14
16.14
5.95
12.56
282.
284.
286.
288.
290.
292.
Proprietors' income, with IVA and CCAdj
Rental income of persons, with CCAdj
Corporate profits, with IVA and CCAdj
Net interest
Gross saving
Personal saving
.. do ..
..do..
..do..
..do..
..do..
..do..
1.15
.94
2.59
1.02
2.88
11.29
1.67
1.62
4.03
3.41
4.21
8.20
.69
.58
.64
.30
.68
1.38
.69
.58
.64
.30
.68
.50
2.90
7.06
2.90
28.25
2.63
1.79
1953: 111-75: IV
1952: 111-75: IV
1.31
1.29
1.35
II. OTHER IMPORTANT ECONOMIC MEASURES
12
1948: 1-75:
.do.
.do.
.do.
.do.
.do.
2.38
4.53
4.30
3.75
3.54
2.73
15.24
1.33
8.69
113.00
8.69
22.60
4.91
5.95
4.91
1.33
6.65
2.90
3.42
3.05
1.23
1.30
1.30
1.27
1.24
1.24
1.24
1.36
1.35
1.33
1.38
1.35
1.24
16.14
6.28
4.91
5.14
37.67
18.83
12.56
4.52
11.30
4.52
28.25
5.38
3.42
The Handbook of Cyclical Indicators
Table 3B. QCD and Related Measures of Variability—Continued
Part I. Quarterly Series: Average Percentage Changes —Continued
Quarterly series
l/C
Year and quarter
QCD
Average duration of run
(ADR)
l/C
for
QCD
span
QCD
II. OTHER IMPORTANT ECONOMIC MEASURES-Continued
295.
310.
311.
345.
346.
358.
370.
Business saving
Implicit price deflator, GNP
Fixed weighted price index, gross business product
Average hourly compensation, nonfarm business sector
Real average hourly compensation, nonfarm business sector
Output per hour, nonfarm business sector
Output per hour, private business sector
501.
502.
511.
512.
564.
618.
Federal Government receipts
Federal Government expenditures
State and local government receipts
State and local government expenditures
Federal Government purchases of goods and services for national defense
Merchandise exports, excluding military grants
620.
651.
652.
668.
669.
Merchandise imports, excluding military
Income on U.S. investments abroad
Income on foreign investments in the U.S
Exports of goods and services, excluding military grants
Imports of goods and services, total
1948: I-75: IV
do...
.do...
.do...
.do . . .
.do...
.do...
.do...
,.do . . .
.do...
..do...
..do . . .
1960: 1-75: IV
3.18
.90
.86
1.40
.74
.89
1.70
.20
.20
.21
.30
.41
.48
2.41
.87
.82
1 39
3.20
3.36
2.48
2.45
3.46
5.35
1.37
1.25
.68
.46
1.12
3.34
5.42
7.86
6.73
4.36
4.38
2.63
.67
.74
.85
0.70
.22
.25
.15
.44
.55
.57
0.70
.22
.25
.15
.44
.55
.57
10.27
10.27
113.00
5.14
3.05
3.05
1.33
1.30
1.36
1.40
1.41
1.30
1.27
5.38
22.60
16.14
113.00
12.56
7.53
6.65
2.63
10.27
10.27
113.00
5.14
3.05
3.05
2.75
2.87
2.41
2.41
3.18
3.28
.50
.43
.28
.19
.35
1.02
.50
.43
.28
.19
.35
.41
4.35
3.77
12.56
16.14
3.23
1.97
1.38
1.38
1.24
1.33
1.30
1.23
6.28
8.07
113.00
37.67
4.35
3.82
4.35
3.77
12.56
16.14
3.23
3.76
4.17
5.59
6.23
3.17
3.67
.62
.93
.41
.74
.53
.62
.93
.41
.74
.53
3.42
1.97
4.33
2.60
3.42
1.30
1.23
1.23
1.23
1.35
6.50
3.82
6.50
5.91
10.83
3.42
1.97
4.33
2.60
3.42
CCAdj Capital consumption adjustment.
IVA
Inventory valuation adjustment.
PCE
Personal consumption expenditures.
Brief Definitions of Measures Shown in Part I
The following are brief definitions; more complete explanations appear in Electronic Computers and
Business Indicators, by Julius Shiskin, issued as Occasional Paper 57 by the National Bureau of Economic
Research, 1957 (reprinted from Journal of Business, October 1957).
"l/C"
is a measure of relative smoothness (small values) or irregularity (large values) of the seasonally
adjusted series. It is shown for 1-quarter spans and for spans of the period of QCD. When QCD is " 4 , " noT/C
ratio is shown for the QCD period.
" C I " is the average quarter-to-quarter percentage change, without regard to sign, in the seasonally adjusted
series or, if the series contains no measurable seasonal, in the unadjusted series.
"Average Duration of R u n " (ADR) is another measure of smoothness and is equal to the average number
of consecutive quarterly changes in the same direction in any series of observations. When there is no change
between 2 quarters, a change in the same direction as the preceding change is assumed. The ADR is shown for
the seasonally adjusted series CI, irregular component I, cyclical component C, and the QCD curve. The QCD
curve is an unweighted moving average (with the number of terms equal to QCD) of the seasonally adjusted
series.
" C " is the same for the cyclical component, a smooth, flexible moving average of the seasonally adjusted
series.
" I " is the same for the irregular component, obtained by dividing the cyclical component into the
seasonally adjusted series.
" Q C D " (quarters for cyclical dominance) provides an estimate of the appropriate time span over which to
observe cyclical movements in a quarterly series. It is small for smooth series and large for irregular series. In
deriving QCD, percentage changes are computed separately for the irregular component and the cyclical
component over 1-quarter spans (1st quartered quarter, 2d quartered quarter, etc.), 2-quarter spans (1st
quartered quarter, 2d quarter-4th quarter, etc.), up to 4-quarter spans. Averages, without regard to sign, are
then computed for the changes over each span. QCD is the shortest span in quarters for which the average
percentage change (without regard to sign) in the cyclical component is larger than the average percentage
change (without regard to sign) in the irregular component, and remains so. Thus, it indicates the point at
which fluctuations in the seasonally adjusted series become dominated by cyclical rather than irregular
movements. All series with a QCD greater than " 3 " are shown as " 4 . "
BCD 1977
A comparison of these measures of ADR w i t h the expected ADR of a random series gives an indication of
whether the changes approximate those of a random series. Over 1-quarter intervals in a random series, the
expected value of the ADR is 1.5. The actual value of ADR falls between 1.36 and 1.75 about 95 percent of
the time. Over 1-quarter intervals in a moving average (QCD) of a random series, the expected value of ADR is
2.0. For example, in a series with ADR measures of 1.63 for CI, 1.39 for I, 3.51 for C, and 3.27 for QCD, the
1.63 for CI indicates that 1-quarter changes in the seasonally adjusted series reverse sign, on average, about as
often as expected in a random series. The 1.39 for I and 3.51 for C suggest that the seasonally adjusted series
has been separated into an essentially random component and a cyclical (nonrandom) component. The 3.27
for QCD indicates that the QCD moving average of the seasonally adjusted series reverses direction, on
average, about every 3 quarters. Thus, for this series, quarter-to-quarter changes in the QCD moving average
usually reflect underlying short-term trend movements of the series, while quarter-to-quarter changes in tlv
seasonally adjusted series usually do not.
13
Table 3B. QCD and Related Measures of Variability—Continued
Part II. Quarterly Series: Average Actual Changes
Quarterly series
Unit of measure
l/C
Year and quarter
QCD
Average duration of run
(ADR)
l/C
for
QCD
span
I. CYCLICAL INDICATORS
15. Profits (after taxes) per dollar of
sales, mfg
22. Ratio, profits (after taxes) to
corporate domestic income
30. Change in business inventories, 1972 dollars
58. Index of consumer sentiment <§)
64. Compensation of employees as percent of
national income
67. Bank rates on short-term business loans ( u ) .
81. Ratio, profits (after taxes) with IVA and
CCAdj to corporate domestic income .
82. Rate of capacity utilization, mfg. (FRB)
83. Rate of capacity utilization, mfg. (BEA)
84. Rate of capacity utilization, materials . .
107. Ratio, GNP to money supply M l
Cents
0.27
0.15
0.19
0.82
0.82
2.82
1.36
Percent
Annual rate, billion dollars
Index: IQ 1 9 6 6 = 1 0 0 . . . .
.do.
.do.
.do.
.56
4.20
3.41
.29
3.03
2.40
.40
2.65
2.71
.73
1.14
.73
.49
2.90
1.69
2.69
1.30
1.35
1.31
Percent
.do.
.do.
.42
.25
.25
.10
.30
.22
.81
.46
.81
.46
2.63
2.46
1.30
1.40
.58
1.71
1.07
2.41
.04
.35
.68
.71
1.09
.01
.41
1.44
Ratio .
.do.
.do.
1966: 1-75: IV
1948: 1-75: IV
do
.90
1.90
.03
.84
.47
.79
.57
.42
.84
.47
.79
.57
.42
2.35
3.53
3.15
3.05
3.65
1.21
1.38
1.35
Percent
1948: 1-75: IV
.47
.32
.33
.97
.97
2.22
1,19
do....
3.78
2.75
2.48
1.11
.46
1.64
1.33
.63
.44
.40
1.12
.45
1.92
1.33
.18
.11
.14
.78
.78
2.76
1.30
.19
.07
.17
.42
.42
3.42
1.27
1.23
1948: 1-75: IV
.do.
.do.
.do.
.do.
.do.
II. OTHER IMPORTANT ECONOMIC MEASURES
235. PCE as percent of GNP
245. Change in business inventories,
current dollars
247. Change in business inventories as percent
of GNP
248. Nonresidential fixed investment as percent
of GNP
249. Residential fixed investment as percent
of GNP
250. Net exports of goods and services,
current dollars
251. Net exports as percent of GNP
255. Net exports of goods and services,
1972 dollars
265. Federal Government purchases of goods
and services as percent of GNP
268. State and local government purchases of goods
and services as percent of GNP
283. Proprietors' income, with IVA and CCAdj,
as percent of national income
285. Rental income of persons, with CCAdj, as
percent of national income
287. Corporate profits, with IVA and CCAdj, as
percent of national income
289. Net interest as percent of national income .
293. Personal saving rate
298. Government surplus or deficit, total
348. Wage and benefit decisions, first year (u) . .
349. Wage and benefit decisions, life of
contract ( § ) . .
500. Federal Government surplus or deficit
510. State and local government surplus
or deficit
622. Merchandise trade balance
667. Balance on goods and services
<§)
CCAdj
IVA
PCE
Annual rate, billion dollars
Percent
.do.
do
.do.
.do.
Annual rate, billion dollars
1.47
.87
1.14
.77
.77
2.26
Percent
.do.
.22
.13
.17
.73
.73
2.69
1.20
Annual rate, billion dollars
.do.
1.48*
.88
1.12
.79
.79
2.31
1.26
Percent
.do.
.32
.14
.28
.51
.51
3.32
1.27
.13
.06
.11
.55
.55
3.77
1.36
.84
.84
3.05
1.36
.84
5.14
1.31
2.69
5.14
1.79
2.97
1.74
1.28
1.28
1.24
1.26
1.27
.do.
.do.
.23
.14
.17
.06
.04
.05
.do.
.do.
.do .
Annual rate, billion dollars
Annual rate, percent . . . .
.do.
do....
do
do
1968: 1-75: IV
.48
.07
.74
4.35
1.86
.25
.04
.56
2.35
.74
.66
1.29
.69
1.18
.34
.06
.44
3.42
1.17
1.01
.74
.66
.49
.69
.44
Annual rate, billion dollars
do
1948: 1-75: IV
1.09
4.46
.78
2.68
.63
3.22
1.23
.83
.59
.83
1.83
2.46
1.38
1.28
do .
Million dollars .
do .
do . . . .
1960: 1-75: IV
do....
.96
459.51
474.28
.66
240.27
305.46
.60
374.88
357.22
1.11
.64
.86
.42
.64
.86
2.22
2.10
1.76
1.27
1.38
1.33
Measures are based on unadjusted data.
Capital consumption adjustment.
Inventory valuation adjustment.
Personal consumption expenditures.
Brief Definitions of Measures Shown in Part II
These measures are computed by an additive method. This method is used for series with zero or negative
data and for other series where it seems appropriate, such as series expressed in percent.
__
Thus, " C I " is the average quarter-to-quarter change in the seasonally adjusted series. This average is
computed without regard to sign and is expressed in the same unit of measure as the series itself.
" C " is the same for the cyclical component, which is a moving average of the seasonally adjusted series,
"T" is the same for the irregular component, which is determined by subtracting the cyclical component
from the seasonally adjusted series,
All other measures have the same meaning as in part I.
14
The Handbook of Cyclical Indicators
II. SERIES DESCRIPTIONS
COMPOSITE INDEXES
Series 910.
Composite Index of Twelve Leading Indi
cators (Includes Series 1, 3 f 8, 12, 19, 20,
29, 32, 36, 92, 104, and 105)
Series 920. Composite Index of Four Roughly Coinci
dent Indicators (Includes Series 4 1 , 47, 51,
and 57)
Series 930. Composite Index of Six Lagging Indicators
(Includes Series 62, 70, 72, 91, 95, and
109)
Series 913. Composite Index of Marginal Employment
Adjustments (Includes Series 1, 2, 3, and
5)
Series 914. Composite Index of Capital Investment
Commitments (Includes Series 12, 20, and
29)
Series 915. Composite Index of Inventory Investment
and Purchasing (Includes Series 8, 32, 36,
and 92)
Series 916. Composite Index of Profitability (Includes
Series 17, 19, and 80)
Series 917. Composite Index of Money and Financial
Flows (Includes Series 104, 105, and 110)
Series 940. Ratio, Coincident Composite Index (Series
920) to Lagging Composite Index (Series
930)
Series 950. Diffusion Index of Twelve Leading Indi
cator Components
Series 951. Diffusion Index of Four Roughly Coincident
Indicator Components
Series 952. Diffusion Index of Six Lagging Indicator
Components
Source: U.S. Department of Commerce, Bureau of Eco
nomic Analysis
For a detailed description of the leading (series 910),
coincident (series 920), and lagging (series 930) in
dexes—as well as the leading index subgroups (series
913, 914, 915, 916, and 917)—see part III of this Hand
book. Data for all of these indexes are available beginning
with 1948. They appear under "composite indexes" in
the BCD.
SERIES 940 is computed by dividing the coincident
composite index by the lagging composite index. Data are
available beginning with 1948. The index appears under
"composite indexes."
THESE indexes—series 950, 951, and 952—measure
the percent of the components of series 910, 920, and
BCD 1977
930, respectively, which move upward over 1- and 6month spans. For series 3 (component of series 910) and
series 91 (component of series 930) which are shown in
inverted form in BCD, a decrease in value is an upward
movement. The diffusion indexes show only the directions
of change over the given timespan—not the magnitudes
of change. For diffusion index purposes, half the compo
nents showing no change are counted as rising. Thus, the
indexes are computed by adding the number of compo
nents moving upward to half the number showing no
change and dividing by the total number of components.
Data for the series 950, 951, and 952 are available
beginning with 1948. In BCD, these series are analytical
measures appearing under "diffusion indexes."
EMPLOYMENT, HOURS, AND EARNINGS
Series 41
Number of Employees on Nonagricultural
Payrolls, Establishment Survey
Series 40
Number of Employees in Nonagricultural
Goods-Producing Industries—Mining,
Manufacturing, and Construction
Series 48
Employee-Hours in Nonagricultural Estab
lishments
Series 21
Average Weekly Overtime Hours of Pro
duction Workers, Manufacturing
Series 1.
Average Workweek of Production Workers,
Manufacturing
Series 961.
Diffusion Index of Average Workweek of
Production Workers, Manufacturing—21
Industries
Series 963
Diffusion Index of Number of Employees on
Private Nonagricultural Payrolls—172 In
dustries
Series 340,
Index of Average Hourly Earnings of
Production Workers, Private Nonfarm
Economy—Adjusted for Overtime (in
Manufacturing Only), Interindustry Em
ployment Shifts, and Seasonality
Series 340c. Percent Change in Average Hourly Earn
ings
Series 341.
Index of Real Average Hourly Earnings of
Production Workers, Private Nonfarm
Economy—Adjusted for Overtime (in Man
ufacturing Only), Interindustry Employ
ment Shifts, and Seasonality
Series 341c. Percent Change in Real Average Hourly
Earnings
Source. U.S. Department of Labor, Bureau of Labor Sta
tistics
Data for the following series are all obtained from the
establishment survey conducted each month by the Bu-
15
reau of Labor Statistics (BLS). An establishment is defined
as an economic unit which produces goods or services—
such as a factory, mine, or store. It is generally at a
single physical location and is engaged predominantly in
one type of economic activity. Where a single physical
location encompasses two or more distinct and separate
activities, these activities are treated as separate estab
lishments, provided that separate payroll records are
available.
The primary source of data is State employment secu
rity agencies which collect data from cooperating em
ployers via monthly "shuttle schedules." Data relate to
the payroll period which includes the 12th of the month,
which is standard for all Federal agencies collecting data
on an establishment basis. For Federal Government estab
lishments, data represent positions occupied on the last
day of the calendar month. Noncivilian Government em
ployees are excluded from this survey.
Data cover the 50 States and the District of Columbia
and include full-time, part-time, temporary, and perma
nent workers; workers who are on paid leave (sick, holiday,
vacation, etc.); and persons who worked only a part of
the specified pay period. Persons on the payroll of more
than one establishment are counted each time they are
reported. Persons in a nonpay status for the entire period
due to layoff, strike, leave without pay, etc., and selfemployed and unpaid family workers are excluded. Basic
data are seasonally adjusted by the source agency, using
the ratio-to-moving average method.
SERIES 48 measures the total number of hours worked
by all nonmilitary employees in nonagricultural establish
ments. (See the description of series 41 for industries
included.) Hours worked are computed separately for each
industry and aggregated into a nonfarm total. Where data
are lacking for individual industries, sources other than
the establishment survey are used—primarily the current
population survey for weekly hours. These data are ad
justed to eliminate distortions due to holidays. The current
population survey, conducted each month by trained
Bureau of the Census interviewers, includes 47,000
households representing 461 areas in 923 counties and
independent cities, with coverage in the 50 States and
the District of Columbia. The hours inquiry relates to ac
tivity during the calendar week (Sunday through Saturday)
which includes the 12th of the month.
Several other types of imputations are used in develop
ing this series:
SERIES 41 measures the total number of persons em
ployed in nonagricultural establishments. The industries
included in the data are mining; construction; trade;
manufacturing; general government; finance, insurance,
and real estate; electric, gas, and sanitary services; other
services; communication; and transportation. In BCD, this
series appears under the economic process "employment
and unemployment." It is classified by cyclical timing as
a coincider at both peaks and troughs and as a coincider
overall.
3. For finance, insurance, and real estate, where
more detailed data are available on an annual
basis than on a monthly basis, monthly estimates
are adjusted to conform with the annual bench
marks. Employment data are derived from BLS
establishment reports, and weekly hours data are
developed from the current population survey.
SERIES 40 measures the number of employed persons, in
both permanent and temporary positions, who are either
working full time or part time in the manufacturing, min
ing, and construction industries. Persons are considered
employed if pay is received directly from the employer
including paid sick leave, paid holiday, or paid vacation
for any part of the specified pay period. Persons on the
payroll of more than one establishment are counted in
each establishment which reports them. Data are avail
able beginning with 1945. In BCD, series 40 appears
under the economic process "employment and unemploy
ment." It is classified by cyclical timing as a leader at
peaks, a coincider at troughs, and has no overall classifi
cation.
16
1.
Nonproduction-worker average weekly hours for
all industries except manufacturing are imputed
to be the same as production-worker average
weekly hours. For manufacturing, an estimate is
developed for nonproduction workers' weekly
hours based on BLS wage surveys and disability
studies of the Social Security Administration.
2.
For the transportation and communication indus
tries, where data are available for only part of
each industry, hours derived from the known
part are imputed to the total.
4.
For the service and miscellaneous industries, the
available BLS series (hotels and lodging, laun
dries, cleaning and dyeing, motion picture, and
other services) have been supplemented with
employment rates derived from the national in
come series and weekly hours from the current
population survey.
Data for series 48 are available beginning with 1947.
In BCD, it appears under the economic process "employ
ment and unemployment" and is classified by cyclical
timing as a coincider at troughs and overall. It has no
cyclical classification at peaks.
SERIES 21 measures the portion of gross average weekly
hours which is in excess of regular hours and for which
overtime premiums are paid. Overtime hours are those for
which production or related workers receive overtime com-
The Handbook of Cyclical Indicators
pensatlon because the hours are in excess of the straighttime workday or workweek during the survey period. Week
end and holiday hours are included only if overtime
premiums are paid. Hours for which only shift differential,
hazard, incentive, or other similar types of premiums are
paid are excluded.
"Production and related workers" include working
supervisors and all nonsupervisory workers (including
group leaders and trainees) engaged in fabricating, proc
essing, assembling, inspecting, receiving, storage, han
dling, packing, warehousing, shipping, maintenance,
repair, janitorial and guard services, product development,
auxiliary production for plant's own use (e.g. power plant),
and recordkeeping and other services closely associated
with the above production operations.
SERIES 963 measures the percent of industries which
post increases in employment over 1- and 6-month spans.
The index is calculated from 172 unpublished seasonally
adjusted employment series covering, in great detail, all
payroll employment in the nonagricultural sector. The
index shows only the direction of the change over the
given timespan—not the magnitude of the change. For
diffusion index purposes, half of the components showing
no change are listed as rising. Data are available begin
ning with 1958.
In BCD, series 963 is an analytical measure classified
under "diffusion indexes." It is not classified as a cyclical
indicator.
Data for series 21 are available beginning with 1956.
In BCD, this series appears under the economic process
"employment and unemployment." It is classified by
cyclical timing as a leader at peaks, a coincider at troughs,
and a leader overall.
SERIES 340 reflects the level, after certain adjustments,
of average hourly earnings for production or nonsuper
visory workers employed in the private nonfarm sector.
The index does not reflect actual amounts of hourly earn
ings but, rather, changes in the level over time with a base
level of 1967=100. Earnings are regular hourly payroll
expenditures (before deductions) and do not include such
labor cost items as irregular bonuses, retroactive items,
payment to various kinds of pension and welfare funds,
and payroll taxes paid by employers.
The index is based on average hourly earnings obtained
from the establishment survey. It is adjusted to exclude
the effects of fluctuations in overtime premiums (in manu
facturing only), employment shifts between low- and
high-wage industries, and normal seasonal variations. The
index is constructed by weighting the average hourly earn
ings in each industry (at the 3-digit level of detail, as
defined in the Standard Industrial Classification Manual)
by the hours existing in that industry in 1967. The
weighted average for that month is then compared with
the 1967 level of earnings. Although monthly data are not
available prior to 1964, annual averages have been com
puted from 1947 to 1963 (using the 1-digit SIC level of
industry detail).
In BCD, series 340 appears under the economic process
"wages and productivity." It is not classified as a cyclical
indicator.
Series 340c measures rate of change in series 340
over 1- and 6-month spans. Changes over 1-month spans
are shown at monthly rate in the tables and are charted
at simple annual rate; changes over 6-month spans are
at annual rate. Data are available beginning with 1964. In
BCD, this series appears under the economic process
"wages and productivity." It is not classified as a cyclical
indicator.
SERIES 1 measures the average number of hours worked
per production worker per week in manufacturing indus
tries. Data refer to hours during the survey week. Such
factors as unpaid absenteeism, labor turnover, part-time
work, and stoppages cause average weekly hours to be
lower than scheduled hours of a week for an establish
ment. Overtime hours cause average weekly hours to be
higher. Production workers are defined under series 2 1 ,
above. Data for this series are available beginning with
1945.
In BCD, series 1 appears under the economic process
"employment and unemployment." It is classified by
cyclical timing as a leader at both peaks, troughs, and
overall.
SERIES 961 measures the percent of industries (out of
21) for which the average workweek of production
workers rises over 1- and 9-month spans. Industries in
clude both durable and nondurable goods industries. (For
a complete list of industries, see table C2 in part I of
BCD.) The diffusion index shows only the direction of the
change over the given timespan—not the magnitude of
the change. For diffusion index purposes, half of the
components showing no change are counted as rising.
Thus, the diffusion index is computed by adding the num
ber of components with increased workweeks to half the
number with unchanged workweeks and dividing the result
by 21 (total number of industries). Data are available be
ginning with 1947 and are computed from basic data
seasonally adjusted by BLS.
In BCD, series 961 is an analytical measure classified
under "diffusion indexes." It is not classified as a cyclical
indicator.
BCD 1977
SERIES 341 reflects the level of average hourly earnings
for production or nonsupervisory workers employed in the
private nonfarm sector (series 340, above) after deflation
to constant (1967) dollars. Average hourly earnings for
each industry are deflated separately using the seasonally
adjusted consumer price index (CPI) for all items. The
17
CPI measures price changes in the total of goods and
services purchased by urban single and family wage
earners and clerical workers. Basic unadjusted data for
the price index are published by BLS, which also provides
the seasonal adjustment factors used to adjust the index.
Deflated average hourly earnings for each industry are
combined into an index, as described in series 340, above.
Monthly data are available beginning with 1964, with
annual averages available from 1947 to 1963. In BCD,
series 341 appears under the economic process "wages
and productivity." It is not classified as a cyclical indi
cator.
Series 341c measures rates of change in series 341
over 1- and 6-month spans. Changes over 1-month spans
are shown at monthly rate in the tables and are charted
at simple annual rate; changes over 6-month spans are
at annual rate. Data are available beginning with 1964. In
BCD, series 341c appears under the economic process
"wages and productivity." It is not classified as a cyclical
indicator.
additions to the employment rolls, whether the employees
are new or rehired persons. Since January 1959, acces
sions data have included transfers between establishments
of the same company.
In BCD, series 2 appears under the economic process
"employment and unemployment." It is classified by
cyclical timing as a leader at peaks, troughs, and overall.
SERIES 3 measures tne rate of monthly employer-initiated
suspensions from pay status which last, or are expected
to last, more than 7 consecutive calendar days. Such
suspensions are without prejudice to the worker and are
due to lack of orders, model changeover, termination of
seasonal or temporary employment, inventory taking, in
troduction of labor-saving devices, plant breakdown,
shortage of materials, etc.
In BCD, series 3 appears under the economic process
"employment and unemployment." It is inversely related
to general business fluctuations and is classified by
cyclical timing as a leader at peaks, troughs, and overall.
LABOR TURNOVER
Series 2. Accession Rate, Manufacturing
Series 3. Layoff Rate, Manufacturing
Series 4. Quit Rate, Manufacturing
Source: U.S. Department of Labor, Bureau of Labor Sta
tistics
Total accession rate, layoff rate, and quit rate are three
components of the Bureau of Labor Statistics (BLS) data
on labor turnover in manufacturing establishments. The
data relate to full months and cover the 50 States and the
District of Columbia. They are expressed as monthly rates
per 100 employees; i.e., the number of accessions, lay
offs, or quits in reporting firms divided by employment in
those firms, multiplied by 100. Data collection is primarily
at the State level via "shuttle schedules" mailed to State
employment security agencies by cooperating employers.
The respondent reports the number of accessions, layoffs,
and quits during the month and total employment. Turn
over figures represent the total number for the entire
month. Employment figures, which are the bases used to
compute the rates, represent the number of persons who
worked or received pay for any part of the pay period
(usually 1 week) which includes the 12th of the month.
The State agency uses the information provided on the
schedule to develop turnover rates for the State and
metropolitan areas and forwards the data to Washington
where they are used by BLS to prepare rates at the na
tional level. The series shown in BCD are seasonally ad
justed by BLS by the ratio-to-moving-average method. Data
are available beginning with 1945.
SERIES 2 measures monthly additions to employment
rolls. Accessions include all permanent and temporary
18
SERIES 4 measures the rate of terminations of employ
ment initiated by employees for any reason except retire
ment, transfer to another establishment of the same firm,
or service in the Armed Forces. Also included as quits are
persons who fail to report after being hired (if previously
counted as accessions) and unauthorized absences which,
on the last day of the month, have lasted more than 7
consecutive calendar days.
In BCD, series 4 appears under the economic process
"employment and unemployment." It is classified by
cyclical timing as a leader at peaks and a lagger at
troughs. It has no overall cyclical classification.
INSURED UNEMPLOYMENT
Series 5.
Average Weekly Initial Claims for Unem
ployment Insurance, State Programs
Series 45.
Average . Weekly . Insured . Unemployment
Rate, State Programs
Series 962. Diffusion Index of Initial Claims for Unem
ployment Insurance, State Programs—47
Areas
Source: U.S. Department of Labor, Employment Training
Administration
Insured unemployment represents the number of per
sons reporting at least 1 week of unemployment under a
State unemployment insurance program. It includes some
persons who are working part time and thus would be
counted as employed in the payroll and household surveys.
Excluded are persons who have exhausted their benefit
The Handbook of Cyclical Indicators
rights and workers who have not earned rights to unem
ployment insurance. At present, persons engaged in agri
culture, domestic service, unpaid family work, selected
nonprofit organizations, some State and local government
activities, and self-employment generally are excluded.
A covered worker, upon becoming unemployed, files an
initial claim to establish the starting date for any unem
ployment compensation which may result if he is unem
ployed for 1 week or longer. The insured unemployment
figure is derived by adjusting the number of weeks of
unemployment and the time the claim is filed so that the
derived series refers to the week in which unemployment
actually occurred. Monthly averages for weekly data are
adjusted for split weeks on the basis of a 5-day week;
i.e., 20 percent of the total figure for a split week is esti
mated for each day of the month in question that falls in
the split week and added to the sum of the full weeks for
the month. This final sum is divided by the number of full
weeks plus the pertinent fractional portion(s) of the split
week(s).
Initial claims for unemployment insurance represent
first claims filed by workers for unemployment compen
sation upon becoming newly unemployed or for a second
or subsequent period of unemployment in the same bene
fit year. A benefit year is a 12-month period during which
an eligible worker's annual benefits may be received. Since
July 1949, transitional claims (claims filed by persons
already in a claimant status for determination of benefit
rights in a new benefit year) have been excluded.
The data are collected by the Employment Training
Administration in weekly reports from the State Employ
ment Security Agencies in the 50 States, Puerto Rico, the
Virgin Islands, and the District of Columbia. Data from
Puerto Rico, however, are omitted from the series shown
in BCD. Data are seasonally adjusted by the source
agency.
by cyclical timing as a leader at peaks, a coincider at
troughs, and a leader overall.
SERIES 962 diffusion index is based on the number of
initial claims filed in a single week (that containing the
12th of the month) in 47 labor market areas and is com
puted over 1- and 9-month spans. (The 47 labor market
areas include: Bridgeport, Hartford, and New Haven,
Conn.; Boston, Springfield, and Worcester, Mass.; Provi
dence, R.h; Albany, Buffalo, New York, Rochester, and
Syracuse, N.Y.; Newark, Paterson, Perth Amboy, and
Trenton, N.J.; Allentown, Philadelphia, Pittsburgh, and
Reading, Pa.; Baltimore, Md.; Birmingham, Ala.; Atlanta,
Ga.; Louisville, Ky.; Detroit, Mich.; Akron, Canton, Cincinati, Cleveland, Columbus, Dayton, Toledo, and Youngstown, Ohio; Chicago, III.; Indianapolis, Ind.; Milwaukee,
Wis.; Minneapolis, Minn.; Wichita, Kans.; Kansas City and
St. Louis, Mo.; Dallas, Fort Worth, and Houston, Tex.; Los
Angeles and San Francisco, Calif.; Portland, Oreg.; and
Seattle, Wash.)
Since initial claims are inversely related to general
business fluctuations, the diffusion index shows the per
centage of components declining over the timespan. The
data of the index reflect only the direction of the change—
not the magnitude of the change. For diffusion index pur
poses, one-half of the components showing no change are
counted as declining. Data for the aggregate series and
for the labor market area components are seasonally
adjusted by the Bureau of Economic Analysis. Data are
available beginning with 1952 for 1-month spans and
with 1953 for 9-month spans.
In BCD, series 962 is an analytical measure appearing
under "diffusion indexes." It is not classified as a cyclical
indicator.
HELP-WANTED ADVERTISING
SERIES 45 is the number of insured unemployed expressed
as a percent of the average covered employment in a
12-month period ending 6 to 9 months prior to the month
of reference. The monthly series shown in BCD is com
puted from weekly data as described above. Data are
available beginning with 1949. Series 45 appears under
the economic process "employment and unemployment."
It is inversely related to general business fluctuations and
is classified by cyclical timing as a leader at peaks and
a lagger at troughs. It has no overall classification.
SERIES 5 measures the average number of persons who
file first claims for unemployment compensation per week
in a given month. The monthly averages of weekly data
are adjusted for split weeks as described above. Data are
available beginning with 1945 and are measured in
thousands. In BCD, series 5 appears under the economic
process "employment and unemployment." It is inversely
related to general business fluctuations and is classified
BCD 1977
Series 46.
Index of Help-Wanted Advertising in News
papers
Source; The Conference Board; Metropolitan Life insur
ance Company
Series 60.
Ratio, Help-Wanted Advertising in News
papers to Number of Persons Unemployed
Source: The Conference Board; Metropolitan Life Insur
ance Company; U.S. Department of Labor,
Bureau of Labor Statistics
SERIES 46 is a measure of employers' demands for labor.
It reflects the level of, as well as month-to-month changes
in, the number of job openings resulting from vacancies
in existing jobs or the creation of new jobs. Movements in
help-wanted advertising also reflect supply positions in the
labor market at an early stage of the hiring process and,
therefore, provide an early indication of trends in employ
ment and unemployment. The numbers of layoffs and new
19
hires are related to employers' decisions to increase or
decrease production which, in turn, are reflected in the
volume of help-wanted advertising.
Data are based on the daily volume of help-wanted ads
published in the classified sections of one newspaper in
each of the 51 cities in the sample. (Prior to 1971, the
sample included 52 cities.) Each city represents a major
labor market area, as classified by the Bureau of Labor
Statistics. The representativeness and coverage of the
classified advertising for the particular area are the cri
teria used for selection of the newspaper within each city.
Employment in the sample cities accounted for slightly
more than half of total U.S. nonagricultural employment
in 1971.
Data for 1951 and thereafter are compiled by The Con
ference Board. The monthly advertising volume for each
city is adjusted for differences in the number of Sundays
and in the total number of days per month, seasonally
adjusted using a method similar to the Census Bureau
technique, and converted to index form (1967=100).
Each index is weighted by the appropriate city's propor
tion of total nonagricultural employment in the sample
cities, and the weighted indexes are combined into re
gional and national indexes.
For the period from 1945 to 1951, the figures in BCD
represent the Metropolitan Life Insurance Company's in
dex of help-wanted advertising, adjusted to the level of
The Conference Board's index by the U.S. Department of
Commerce. This index is based on a sample of about 60
newspapers and is constructed by chaining the median
month-to-month percentage change in the unweighted
returns of the reporting newspapers.
In BCD, series 46 appears under the economic process
"employment and unemployment." It is classified by
cyclical timing as a leader at peaks and a lagger at
troughs. It has no overall classification.
SERIES 60 is a monthly measure of ratio of the number
of advertised jobs available to the number of persons
unemployed. It is computed by dividing the index of helpwanted advertising (BCD series 46) by an index (1967=
100) of BCD series 37 (Total number of persons unem
ployed). Data are available beginning with 1948 and are
expressed in ratio form. In BCD, series 60 appears under
the economic process "employment and unemployment."
It is classified by cyclical timing as a leader at peaks and
a lagger at troughs. It has no overall classification.
EMPLOYMENT, UNEMPLOYMENT, AND
LABOR FORCE
Series 442.
Series 37.
20
Total Civilian Employment, Labor Force
Survey
Number of Persons Unemployed, Labor
Force Survey
Series 441.
Series 90.
Series 42.
Series 448.
Series 451.
Series 452.
Series 453.
Series 444.
Series 445.
Series 446.
Series 447.
Series 43.
Series 44.
Series 91.
Source: U.S.
tistics
Total Civilian Labor Force, Labor Force
Survey
Ratio, Civilian Employment to Total Popu
lation of Working Age
Number of Persons Engaged in Nonagricul
tural Activities, Labor Force Survey
Number Employed, Part-Time Workers for
Economic Reasons, Labor Force Survey
Civilian Labor Force Participation Rate,
Males 20 Years and Over
Civilian Labor Force Participation Rate, Fe
males 20 Years and Over
Civilian Labor Force Participation Rate,
Both Sexes 16-19 Years of Age
Number Unemployed, Males 20 Years and
Over, Labor Force Survey
Number Unemployed, Females 20 Years
and Over, Labor Force Survey
Number Unemployed, Both Sexes 16-19
Years of Age, Labor Force Survey
Number Unemployed, Full-Time Workers,
Labor Force Survey
Unemployment Rate, Total
Unemployment Rate, 15 Weeks and Over
Average (Mean) Duration of Unemploy
ment in Weeks
Department of Labor, Bureau of Labor Sta
These series are based on data collected in a household
survey of the labor force. This survey is conducted each
month by trained interviewers of the Bureau of the Census
in its current population survey (CPS) and compiled for
the Bureau of Labor Statistics. The survey sample includes
about 47,000 households representing 461 areas in 923
counties and independent cities in the 50 States and the
District of Columbia. (Prior to 1960, Alaska and Hawaii
were excluded.) The data relate to employment activity or
status during the "survey week"—i.e., the calendar week
(Sunday through Saturday) which includes the 12th of
the month. The interviews are conducted during the week
following the survey week.
The labor force data in this survey relate to the civilian
noninstitutional population 16 years of age and over who
are classified as employed or unemployed. The civilian
noninstitutional population excludes members of the
Armed Forces and inmates of penal and mental institu
tions, tuberculosis sanitariums, and homes for the aged,
infirm and needy. (Monthly data on members of the Armed
Forces included in BLS statistics for the "total noninstitu
tional population" and the "total labor force" are obtained
from the U.S. Department of Defense.) Data for all series
are seasonally adjusted by BLS.
SERIES 442 consists of all nonmilitary noninstitutional
persons 16 years old or over who (a) did any work at all
during the survey week as paid employees or in their own
The Handbook of Cyclical Indicators
business, profession, or farm, or who worked 15 hours or
more as unpaid workers in a family-owned enterprise, and
(b) were not working but had jobs or businesses from
which they were temporarily absent because of illness,
bad weather, vacation, labor-management dispute, or per
sonal reasons, whether or not they were paid by their
employers for the time off, or whether or not they were
seeking another job. Each employed person is counted
only once; those who had more than one job are counted
in the job at which they worked the greatest number of
hours during the survey week.
The data include citizens of foreign countries who are
temporarily living in the United States but not on the
premises of an embassy. Excluded are persons whose only
activity consisted of work around their own homes (such
as housework, painting, repairing, etc.) or volunteer work
for religious, charitable, and similar organizations. Data
are available beginning with 1948. Series 442 is located
in the BCD section "Labor Force, Employment, and Un
employment." It is not classified as a cyclical indicator.
SERIES 37 comprises all persons who do not work at all
during the survey week but made specific efforts to find
a job within the previous 4 weeks (such as going to an
unemployment service, applying directly to an employer,
answering a want ad, being on a union or professional
register, etc.) and who were available for work during the
survey week (except for temporary illness). Also classified
as unemployed are persons who, though available for
work, did not work at all, and who were either waiting to
be called back to a job from which they had been laid off
or waiting to report to a new wage or salary job within 30
days. Data are available beginning with 1948.
Series 37 appears under the economic process "em
ployment and unemployment." It is inversely related to
general business fluctuations and is classified by cyclical
timing as a leader at peaks and a lagger at troughs. It
has no overall classification.
SERIES 441 comprises the total of all persons 16 years
old or over in the civilian noninstitutional population who
are classified as employed or unemployed. Seasonally
adjusted figures for the total civilian labor force are
obtained by summing 12 components which have been
seasonally adjusted separately, including employed and
unemployed persons classified by various age and sex
characteristics. Data are available beginning with 1948.
Series 441 is located in the BCD section "Labor Force,
Employment, and Unemployment." It is not classified as
a cyclical indicator.
SERIES 90 measures the ratio of civilian employment
(series 442) to the. total noninstitutional population, 16
years and over. It is computed by dividing series 442 by
total noninstitutional population and multiplying the result
BCD 1977
by 100, thus expressing the final series in terms of per
cent. Data are available beginning with 1948.
In BCD, this series 90 appears under the economic
process "employment and unemployment." It is classified
by cyclical timing as a lagger at troughs. It has no cyclical
classification at peaks or overall.
SERIES 42, a component of total civilian employment
(series 442), measures the number of persons employed
in all activities except for agriculture. Data are available
beginning with 1948. Series 42 appears under the eco
nomic process "employment and unemployment." It is
classified by cyclical timing as a coincider at troughs and
overall and has no classification at peaks.
SERIES 448 measures the number of persons in the fulltime labor force who are employed part-time involuntarily
because of economic reasons. Persons who worked be
tween 1 and 34 hours during the survey week are desig
nated as working "part-time." "Economic reasons" in
clude slack work, material shortages, repairs to plant or
equipment, start or termination of a job during the week,
and inability to find full-time work. Data are available
beginning with May 1955. Series 448 is located in the
BCD section "Labor Force, Employment, and Unemploy
ment." It is not classified as a cyclical indicator.
SERIES 451, 452, and 453 measure civilian labor force
participation rates. The civilian labor force participation
rate is defined as the ratio of the civilian labor force to
the civilian noninstitutional population. Thus, the series
shown in BCD measure the ratio of components of series
441 to comparable components of the civilian noninstitu
tional population. All of the civilian labor force participa
tion rate series are located in the BCD section "Labor
Force, Employment, and Unemployment." Data are avail
able beginning with 1948. Series 451, 452, and 453 are
not classified as cyclical indicators in BCD.
SERIES 444, 445, and 446 are all components of total
civilian unemployment (series 37) and are all breakdowns
by age and sex. Series 447 includes all those unemployed
who are seeking full-time work. All of these component
unemployment series are located in the BCD section
"Labor Force, Employment, and Unemployment." Data for
series 444, 445, and 446 are available beginning in 1948.
Data for series 447 are available beginning in 1963. They
are not classified as cyclical indicators in BCD.
SERIES 43 measures the total number unemployed (series
37) as a percent of the total civilian labor force (series
441). Data are available beginning with 1948.
21
In BCD, series 43 appears under the economic process
"employment and unemployment." It is inversely related
to general business fluctuations and is classified by cycli
cal timing as a leader at peaks and a lagger at troughs.
It has no overall classification.
SERIES 44 measures the total number of persons who have
been unemployed for 15 weeks or more (see series 9 1 ,
below) as a percent of the total civilian labor force (series
441). Data are available beginning with 1948.
In BCD, series 44 appears under the economic process
"employment and unemployment." It is inversely related
to general business fluctuations and is classified by cycli
cal timing as a lagger at peaks and troughs, and as a
lagger overall.
SERIES 91 measures the average length of time in weeks,
during which persons classified as unemployed had been
continuously looking for work or, in the case of persons
on layoff, since the termination of the most recent employ
ment. A period of 2 or more weeks during which a person
was employed or ceased looking for work is considered to
break the continuity of the present period of seeking work.
Average duration of unemployment is an arithmetic mean
computed from a distribution by single weeks of unem
ployment. Data are available beginning with 1948. In
BCD, series 91 appears under the economic process "em
ployment and unemployment." It is inversely related to
general business fluctuations and is classified by cyclical
timing as a lagger at both peaks and troughs, and as a
lagger overall.
PERSONAL INCOME
Series 223.
Series 52.
Series 51.
Personal Income in Current Dollars
Personal Income, Total, in 1972 Dollars
Personal Income Less Transfer Payments,
in 1972 Dollars
Series 224. Disposable Personal Income in Current
Dollars
Series 225. Disposable Personal Income in 1972 Dollars
Series 227. Per Capita Disposable Personal Income in
1972 Dollars
Series 53.
Wage and Salary Income in Mining, Manu
facturing, and Construction in 1972 Dollars
Source: U.S. Department of Commerce, Bureau of Eco
nomic Analysis
Personal income measures the income received by per
sons, including transfers from government and business,
but excluding transfers among persons. Individuals, own
ers of unincorporated enterprises, nonprofit institutions,
private trust funds, and private health and welfare funds
are all considered "persons" for this series. Personal
22
income is the total of wage and salary disbursements,
other labor income, proprietors' income (series 282),
rental income of persons (series 284), dividends, per
sonal interest income, and transfer payments less per
sonal contributions for social insurance. Most of the in
come is in monetary form, but there are exceptions, such
as, the net rent of owner-occupied homes, the value of
food produced and consumed on farms, and services
furnished without payment by financial intermediaries.
"Wage and salary disbursements" includes both the
monetary payment to employees (including tips, com
missions, bonuses, etc.) and payments in kind, such as
food and housing, which represent income to the em
ployee. "Wage and salary disbursements" differs from
wages and salaries, as defined under compensation of
employees (series 280), by including retroactive wages
when paid rather than when earned.
"Other labor income" consists of employer contribu
tions to private pension, health, unemployment, welfare,
and workmen's compensation funds; directors' fees; and
several minor items.
"Proprietors income" (series 282) and "rental income
of persons" (series 284) are described as separate series.
"Dividends" consists of the cash dividend disburse
ments by corporations to stockholders who are U.S. resi
dents.
"Personal interest income" measures the total mone
tary and imputed interest accruing to persons who are
U.S. residents. It is the sum of net interest (series 288),
total interest payments by consumers, and interest pay
ments by government (including government enterprises)
to persons and business less interest received by govern
ment.
"Transfer payments" consists of income received by
persons from government and business for which no serv
ices are currently rendered. Government transfer pay
ments include payments under social security (including
medicare), State unemployment insurance, railroad re
tirement and unemployment insurance, and government
retirement programs; veterans' benefits (including vet
erans' life insurance proceeds); direct relief; payments to
nonprofit institutions other than for work done under
research and development contracts; and several minor
items. Business transfer payments consist of corporate
gifts to nonprofit institutions, consumer bad debts, liability
payments to persons, and several minor items.
"Personal contributions for social insurance" consists
of payments by employees, by self-employed persons, and
by persons participating in medicare programs. The pro
grams included are social security, government retire
ment, and several minor social insurance programs. Data
for all the personal income series, with the exception of
series 227, are measured in billions of dollars, annual
rate.
THESE series 223 and 52, as described above, measure
total personal income in current and constant dollars.
The Handbook of Cyclical Indicators
The deflator used to compute the 1972-dollar series is
the implicit price deflator for personal consumption expen
ditures (PCE). From 1968 to date, data for the deflator
are monthly; prior to 1968, the monthly values are ob
tained by interpolating the quarterly implicit PCE deflator
by the movements in the consumer price index. The de
flators, which are unpublished, are supplied by the Na
tional Income and Wealth Division of BEA. The deflated
personal income series is computed by dividing season
ally adjusted personal income by the implicit price de
flator and multiplying the resulting series by 100.
Data for series 223 are available beginning with 1946;
data for series 52 begin in 1947.
In BCD, both personal income series appear under the
economic process "production and income." Deflated per
sonal income is classified by cyclical timing as a coincider at both peaks and troughs and as a coincider
overall. Current-dollar personal income is not classified
as a cyclical indicator.
SERIES 51 measures the constant-dollar personal income
received by individuals, unincorporated businesses, and
nonprofit institutions, excluding transfer payments. Trans
fer payments consists of income received by persons,
generally in monetary form, for which no services are
currently rendered—both in government and in business.
Government transfer payments consists of payments under
social security (including medicare), State unemployment
insurance, government retirement programs, veterans'
benefits (including veterans' life insurance proceeds),
direct relief, food stamps, payments to nonprofit institu
tions other than for work done under research and devel
opment contracts, and a few other minor items. Business
transfer payments comprise corporate gifts to nonprofit
institutions, consumer bad debts, liability payments to
persons, and a few other minor payments. The 1972-dol
lar series is deflated in the same way as series 52, above.
In BCD, series 51 appears under the economic process
"production and income." It is classified by cyclical tim
ing as a coincider at peaks, troughs, and overall. Data are
available beginning with 1947.
SERIES 224 and 225 measure the portion of total per
sonal income which is available for spending or saving.
Thus, disposable personal income is equal to personal
income less personal tax and nontax payments to general
government. Personal tax and nontax payments are the
payments by individuals to government which are not
deductible as expense of business operations. Taxes in
clude income taxes, property taxes, estate and gift taxes,
and motor vehicle licenses. Nontaxes include passport
fees, fines, donations, penalties, and tuition and hospital
fees paid to schools and hospitals operated by State and
local governments. Tax refunds are deducted from pay
ments at the time of refund.
BCD 1977
The 1972-dollar series (series 225) is computed by
deflating the current-dollar series (series 224) by the
implicit price deflator for personal consumption expen
ditures.
In BCD, these series appear under the category "GNP
and personal income." They are not classified as cyclical
indicators. Data are available beginning with 1946.
SERIES 227 is computed by dividing constant-dollar dis
posable personal income (series 225) by the total U.S.
population, including the Armed Forces overseas. Resi
dents of the 50 States and the District of Columbia are
included; but residents of Puerto Rico, residents of the
outlying areas under U.S. sovereignty or jurisdiction, and
other American citizens living overseas are not. Members
of the Armed Forces stationed in foreign countries and in
the outlying areas are included, although dependents liv
ing with them are not.
Population estimates for the first of each month are
released by the Bureau of the Census. A mid-quarter popu
lation estimate is obtained by averaging the estimates for
the beginning of the second and third months of a given
quarter. That average is then divided into the constantdollar disposable personal income data for that quarter to
form series 227. Data are measured in thousands of
dollars, annual rate.
In BCD, series 227 appears under the category "GNP
and personal income." It is not classified as a cyclical
indicator.
SERIES 53 measures the labor income in mining, manu
facturing, and construction deflated by the consumer
price index (CPI) for all items. The current-dollar series
represents total wage and salary disbursements (exclud
ing "other labor income") to workers in all commodityproducing industries except farming—i.e., in mining,
manufacturing, contract construction, forestry, fisheries,
and agricultural services. Mining, manufacturing, and
contract construction account for approximately 99 per
cent of the total. Wage and salary disbursements include
executives' compensation, commissions, tips, bonuses,
and payments in kind which represent income to the
recipients. Retroactive wages are counted when paid
rather than when earned. Employer contributions to social
insurance and to private pension, health, welfare, and
workmen's compensation funds; compensation for injur
ies; directors' fees; and a few other minor items of
taxable income are excluded.
The consumer price index for all items (BCD 320)
measures the price changes in the total of goods and
services purchased by urban single and family wage
earners and clerical workers to maintain their standard
of living. All taxes (sales, excise, real estate, etc.) directly
associated with the purchase and continued ownership
of an item are included in the price. Income and other
personal taxes not associated with prices of specific
23
goods are excluded. The index measures only prices and
does not take into account changes due to quantity or
quality of items purchased.
Basic unadjusted data for the consumer price index
are published by the Bureau of Labor Statistics.
The deflated (1972 dollars) series shown in BCD is
computed by dividing the seasonally adjusted series on
wages and salaries in mining, manufacturing, and con
struction by the seasonally adjusted CPI and multiplying
the resulting series by 100. The series is measured in
billions of dollars at annual rate and is available begin
ning with 1946.
In BCD, deflated wages and salaries in mining, manu
facturing, and construction appears under the economic
process "production and income." It is classified by
cyclical timing as a coincider at both peaks and troughs
and as a coincider overall.
the cost of materials or supplies consumed—in individual
industries for selected base years. To obtain the historical
series, base- and weight-years which coincide with the
quinquennial censuses of manufactures are linked at
January of the initial year. However, in 1963 the aggre
gates are linked at the annual average because of the
introduction of kilowatt-hour data.
Components of the index are adjusted for two kinds of
short-term recurring fluctuation: for differences in the
number of working days from month to month and for
seasonal variation. Seasonal adjustment is done by the
Federal Reserve using the Census X - l l Method II; the
market groups are subject to professional seasonal edit
ing by the Board. Monthly data for these series are gen
erally available beginning with 1954, with the total and
some large aggregations going back to 1919. A few new
series begin in 1967.
INDUSTRIAL PRODUCTION
SERIES 47 is formed from 235 component series cover
ing all stages of the manufacturing, mining, and gas and
electric utility industries. In BCD, it appears under the
economic process "production and income." It is classi
fied by cyclical timing as a coincider at peaks, troughs,
and overall.
Series 47.
Series 966.
Index of Industrial Production, Total
Diffusion Index of Industrial Production—
24 Industries
Series 73.
Index of Industrial Production, Durable
Manufactures
Series 74.
Index of Industrial Production, Nondurable
Manufactures
Series 76.
Index of Industrial Production, Business
Equipment
Series 75.
Index of Industrial Production, Consumer
Goods
Source: Board of Governors of the Federal Reserve
System
The index of industrial production is designed to meas
ure the monthly changes in the industrial production of the
Nation. The movement of the index reflects the changes
in manufacturing, mining, and gas and electric utility
industries. The index does not cover production on farms,
in the construction industry, in transportation, or in
various trade and service industries. The index includes
production at Government-owned-and-operated plants and
shipyards.
The index, based on 1967=100, is compiled and pub
lished monthly by the Board of Governors of the Federal
Reserve System and is based on data supplied by govern
ment agencies and by various trade organizations. It
combines 235 individual output series with value-added
weights to create the total index of industrial production.
The methods applied involve: (1) Calculating the levels
in each output series into relatives, with the average for
the base period (1967) as 100; (2) multiplying each series
of relatives by a base-year weight factor, and (3) adding
the products (relatives multiplied by weights) for any one
month to obtain the index number for the month. The
weights used are based on value added by manufac
turers—the difference between the value of production and
24
SERIES 966 index measures the percent of industries
reporting increased production over 1- and 6-month spans.
Twenty-four industries are included—10 in durable manu
factures, 10 in nondurable manufactures, and 4 in min
ing. (For a complete list, see table C2 in part I of BCD.)
The data of this index reflect only the direction of change
—not the magnitude of change. For diffusion index pur
poses, half of the industries reporting no change are
counted as rising. Thus, the index is computed by adding
the number of industries reporting increased production
to half the number reporting unchanged production, and
dividing the result by 24 (total number of industries). In
BCD, series 966 is an analytical measure appearing under
"diffusion indexes." It is not classified as a cyclical indi
cator.
SERIES 73 is an index of the durable manufactures com
ponents of the industrial production index. Durable manu
factures, in general, are considered to be those manu
factured items with a life expectancy of 3 years or longer.
Included in this group are primary and fabricated metals;
machinery and allied goods; lumber, clay and glass; and
furniture.
In BCD, this series appears under the economic pro
cess "production and income." It is classified by cyclical
timing as a coincider at peaks, troughs, and overall.
SERIES 74 is an index of the nondurable manufactures
components of the industrial production index. Nondur-
The Handbook of Cyclical Indicators
able manufactures generally are considered to be those
manufactured items with a life expectancy of less than
3 years. Included in this group are textiles, apparel and
leather; paper and printing; chemicals, petroleum and
rubber; and foods and tobacco.
The industrial production index for nondurable manu
factures appears under the economic process "produc
tion and income" in BCD. It is classified by cyclical timing
as a coincider at peaks, a leader at troughs, and as a
leader overall.
SERIES 76 is an index of the business equipment com
ponents of the industrial production index. This group
includes industrial equipment (building, mining, and
manufacturing) and commercial, transit, and farm equip
ment.
This series is shown in BCD under the economic pro
cess "fixed capital investment." It is classified by cyclical
timing as a coincider at peaks and a lagger at troughs. It
is unclassified overall.
THIS series 75 is an index of the consumer goods com
ponents of the industrial production index. Consumer
goods include durable consumer goods (automotive pro
ducts and home goods) as well as nondurable consumer
goods (clothing and consumer staples).
In BCD, series 75 appears under the economic process
"consumption, trade, orders, and deliveries." It is classi
fied by cyclical timing as a coincider at peaks, a leader
at troughs, and a coincider overall.
"Change in business inventories" measures the value
of the change in the physical volume of inventories held
by private business, both nonfarm and farm.
Quarterly figures are measured in terms of billions of
dollars, taken at annual rate. The seasonally adjusted
series is derived by adding components which have been
seasonally adjusted by the source agency.
In BCD, series 49 appears under the economic process
"production and income." It is classified by cyclical tim
ing as a coincider at both peaks and troughs and as a
coincider overall.
CAPACITY UTILIZATION
Series 83.
Rate of Capacity Utilization, Manufacturing
Source: U.S. Department of Commerce, Bureau of Eco
nomic Analysis
Series 82.
Rate of Capacity Utilization, Manufacturing
Series 84.
Rate of Capacity Utilization, Materials
Source: Board of Governors of the Federal Reserve
System
Series 49. Value of Goods Output in 1972 Dollars
Source: U.S. Department of Commerce, Bureau of Eco
nomic Analysis
The following series are all measures of capacity utili
zation—how well a firm, industry, etc., is realizing its
output potential. Capacity utilization is a ratio (expressed
in terms of percent) of actual output to capacity output.
The concept of capacity is based on the maximum output
that can be produced during a given time period with
existing plant and equipment and with a normal operating
schedule. A normal operating schedule reflects the usual
number of full-time hours per shift, shifts per day, days
per week, overtime hours, vacation hours, and hours of
downtime for repair and maintenance; it is assumed that
supplies of labor and other input are unlimited. Based
on this concept, "maximum practical capacity" varies
among producing units according to technological require
ments and custom, and may change overtime.
THIS series is defined as the sum, in constant dollars, of
the final sales of goods plus the change in business inven
tories, or, alternatively, the constant-dollar GNP minus
the final sales of structures and services. Goods output
is part of the national income and product accounts.
"Final sales" measures that part of the gross national
product which is sold to the final users during the period.
This includes sales of producers' durable equipment plus
personal consumption expenditures, special estimates of
government purchases (Federal, State, and local), and
exports less imports of durable and nondurable goods.
Sales of services and structures are not included. The
constant-dollar final sales is obtained by dividing season
ally adjusted current-dollar GNP components by appro
priate price indexes in as fine a breakdown as practicable.
Seasonal variations are removed from the price series
used.
FOR this capacity utilization series 83, BEA uses the sur
vey approach. The survey asks manufacturers to report
capacity utilization for the last month of each quarter. The
survey form does not define the concept of capacity, but
it is believed that most respondents use a measure of
"maximum practical capacity."
The coverage of the BEA survey is higher than that of
most similar surveys. The 2,400 firms reporting in the
survey account for 75 percent of gross depreciable assets
held by manufacturers. Utilization rates published for
industry and asset-size groups are weighted averages of
individual company rates. The published aggregates in
clude durable and nondurable manufacturing and primaryand advanced-processing groups.
Data are available beginning with December 1965 and
are seasonally adjusted by the source agency. In BCD,
GOODS OUTPUT
BCD 1977
25
series 83 appears under the economic process "produc
tion and income." Because of its short duration, it has not
been classified by cyclical timing.
THIS series 82 is based on a derived measure of capacity
utilization rather than on the survey approach. Basically,
capacity output for a given industry is determined im
plicitly by trend- and level-adjusting the McGraw-Hill
annual yearend level of capacity and a gross capital stock
series. An average of the two series is taken to determine
annual capacity which then is linearly interpolated between
yearend estimates to obtain quarterly estimates. The
capacity utilization then is determined by dividing quar
terly seasonally adjusted FRB industrial production (actual
output) by derived quarterly capacity output. Capacities
for individual industries then are averaged using 1967
value-added weights to obtain capacity for total manufac
turing. The total manufacturing utilization rate is calcu
lated as the ratio of manufacturing production to manufac
turing capacity. Data are available beginning with 1948
and are seasonally adjusted by the source agency.
In BCD, series 82 appears under the economic process
"production and income." It is classified by cyclical tim
ing as a leader at peaks and a coincider at troughs. It has
no overall cyclical classification.
THE capacity utilization rate used for series 84 is a
weighted average of rates for each of 96 materials series.
The component series are based on a capacity concept
similar to maximum practical capacity, and the utilization
rates are determined by a method similar to that used for
the FRB index for manufacturing (see description above).
Data for the capacity utilization rate for total materials
are available only beginning with 1967. Prior to that, the
index for primary processing is used. The components
included in primary processing are similar to those in total
materials except that primary processing includes manu
facturing only. Included are: Textiles; petroleum and coal
refining; lumber; paper; industrial chemicals; rubber and
plastics; stone, clay, and glass; and primary and fabricated
metals. The major component included in total materials
but excluded from primary processing is electrical power.
Data are available beginning with 1948 and are season
ally adjusted by the source agency.
In BCD, series 84 appears under the economic process
"production and income." It is classified by cyclical tim
ing as a leader at peaks and a coincider at troughs. It has
no overall cyclical classification.
NEW AND UNFILLED ORDERS
Series 6.
Series 7.
26
Value of Manufacturers' New Orders, Dur
able Goods Industries, in Current Dollars
Value of Manufacturers' New Orders, Dur
able Goods Industries, in 1972 Dollars
Series 96.
Manufacturers' Unfilled Orders, Durable
Goods Industries
Series 25.
Change in Manufacturers' Unfilled Orders,
Durable Goods Industries
Series 8.
Value of Manufacturers' New Orders for
Consumer Goods and Materials in 1972
Dollars
Series 24.
Value of Manufacturers' New Orders, Cap
ital Goods Industries, Nondefense, in Cur
rent Dollars
Series 27.
Value of Manufacturers' New Orders, Cap
ital Goods Industries, Nondefense,
Series 548. Value of Manufacturers' New Orders, De
fense Products
Series 964. Diffusion Index of Value of Manufacturers'
New Orders, Durable Goods Industries—
35 Industries
Source: U.S. Department of Commerce, Bureau of the
Census
The following series deal with manufacturers' new or
unfilled orders. A new order is a communication of an
intention to buy for immediate or future delivery. Only
orders supported by binding legal documents (such as
signed contracts, letters of intent, or letters of award)
are included. The monthly series includes all new orders
received during the month less cancellations. Reporting
companies are instructed to include: (1) The sales value of
orders for goods to be delivered at some future date, (2)
the sales value of orders for immediate delivery which
have resulted in sales during the reporting period, and
(3) the net sales value of contract change documents
which increase or decrease the sales value of the orders
to which they are related if the parties are in substantial
agreement on the amount involved. From the total of
these items, companies are instructed to deduct the value
of partial or complete cancellations of existing orders.
Unfilled orders are orders received that have not yet
passed through the sales account; that is, unfilled orders
at the end of the reporting period are equal to unfilled
orders at the beginning of the period, plus net new orders
received during the period, minus net sales.
While both new orders and unfilled orders are used in
reviewing individual company reports for consistency,
only unfilled orders are estimated directly in the tabu
lated totals. This is done for two reasons: (1) Many com
panies supply new orders data only for those activities
with a backlog of unfilled orders and omit from new
orders the value of shipments for goods delivered from
stock or current production; (2) it preserves the identity
between orders and shipments; that is, new orders is equal
to the current value of shipments plus the change in un
filled orders. Therefore, the new orders series is derived
directly from the shipments and unfilled orders series
using the above formula. The series is not seasonally
adjusted independently but is derived from seasonally
adjusted shipments and unfilled orders series.
The Handbook of Cyclical Indicators
In many nondurable goods industries and a few durable
goods industries no unfilled orders data are tabulated.
This is due to the unavailability of unfilled orders data
from the respondents or to the fact that nearly all orders
are shipped from inventories or current production. The
best estimate of new orders for these industries is the
value of current shipments and is so included in the tabu
lations.
The constant-dollar new orders series shown in BCD
are deflated by the appropriate wholesale price indexes.
These price indexes measure price changes for goods
sold in primary markets in the United States compared
with prices prevailing for comparable commodities in a
given base period (currently 1972). They are designed
to measure " r e a l " or " p u r e " price changes; i.e., price
changes not influenced by changes in quality, quantity,
shipping terms, product mix, etc. The term "wholesale"
refers to sales in large quantities, not to prices received
by wholesalers, jobbers, or distributors. All of the series
shown in BCD have been seasonally adjusted by the
source agency.
SERIES 6, 7, 96, and 25, measure the value of durable
goods manufacturers' new or unfilled orders, as defined
above. Durable goods are defined as those items with a
normal life expectancy of three years or more. Included
in this group are primary metals, fabricated metal pro
ducts, electrical and nonelectrical machinery, and trans
portation equipment.
Series 6 measures the total value of new orders in
these industries in current dollars. Series 7 is computed
by deflating the seasonally adjusted current-dollar series
(series 6) by the seasonally adjusted wholesale price index
for durable manufactures.
Series 96 measures the total seasonally adjusted cur
rent-dollar value of unfilled orders in durable goods indus
tries. Series 25 is the month-to-month net change in
series 96.
Monthly data for all four series are available beginning
with 1947 and are measured in billions of dollars.
In BCD, series 6, 7, 96, and 25 appear under the eco
nomic process "consumption, trade, orders, and deliv
eries." Series 6, 7, and 25 are classified by cyclical timing
as leaders at peaks, troughs, and overall. Series 96 is
classified as a leader at peaks, a lagger at troughs, and
has no overall cyclical classification.
SERIES 8 measures new orders for durable goods (exclud
ing capital goods and defense products) and for the four
nondurable goods industries which have unfilled orders:
Textile mill products; paper and allied products; printing,
publishing, and allied products; and leather and leather
products. Deflation is done separately for each of the
industries included in this series, using appropriate com
binations of wholesale price indexes.
Prior to 1953, the deflation of durables was at the
BCD 1977
aggregate level using a fixed (1958) weighting of the
wholesale price indexes for the 10 components. From
1953 to the present, the deflation of new orders for dur
able goods was performed separately for each of the 10
two-digit SIC industries included in the total and thus
reflects current weighting for each of the components.
From 1958 to the present, deflation of new orders for
nondurables was performed separately for each of the 4
two-digit SIC industries included. Prior to 1958, the defla
tion procedure was applied at the aggregate nondurable
level using a fixed (1958) weighting of the wholesale
price indexes for the four components.
Data are available beginning with 1948 and are
measured in billions of dollars. All components used in
the computation of the series are seasonally adjusted. In
BCD, series 8 appears under the economic process "con
sumption, trade, orders, and deliveries." It is classified
by cyclical timing as a leader at peaks, troughs and
overall.
SERIES 24 and 27 measure the value of new orders re
ceived by a subgroup of durable goods manufacturers.
Included are:
1. Nonelectrical machinery—including steam eng
ines and turbines; internal combustion engines; con
struction, mining, and material-handling equipment;
metalworking machinery; special industry equipment;
general industry equipment; office and store machines;
service industry machinery; and miscellaneous non
electrical equipment.
2. Electrical machinery—including electrical trans
mission and distribution equipment, electrical indus
trial apparatus, other electrical machinery (household
appliances and electronic equipment are excluded),
and railroad equipment.
3. The nondefense portion of communication equip
ment, shipbuilding and military tank vehicles, aircraft
and parts, and ordnance.
The current-dollar series (series 24) is seasonally ad
justed by the source agency. The 1972-dollar series (series
27) is computed by deflating series 24 by the seasonally
adjusted wholesale price index for machinery and equip
ment. Monthly data for both series are available beginning
with 1948 and are measured in billions of dollars.
In BCD, series 24 and 27 appear under the economic
process "fixed capital investments." Both are classified
by cyclical timing as leaders at peaks, troughs, and
overall.
SERIES 548 measures the total value of manufacturers'
new orders for defense products. Data are based on sep
arate reports covering only the defense work of large
defense contractors in the ordnance and accessories, com
munications equipment, aircraft, missiles, and parts, and
shipbuilding industries. These defense products cover
work for the U.S. Department of Defense and exclude
27
contracts for the National Aeronautics and Space Adminis
tration. Also included are the orders from foreign govern
ments for military goods made through the U.S. Depart
ment of Defense.
Data are available beginning with 1968 and are meas
ured in billions of dollars. Monthly figures are shown in
the tables in BCD; both monthly data and a 6-term
(MCD) moving average are plotted in the charts. Data
are seasonally adjusted by the source agency.
In BCD, series 548 appears under the category "de
fense." It is not classified as a cyclical indicator.
SERIES 964 measures the percent of industries which
report increased new orders over 1- and 9-month spans
The diffusion index measures only the direction of change,
not the magnitude of change. The index is computed by
adding the number of industries with increased new
orders to half the number of industries with unchanged
new orders, dividing by 35 (total number of industries),
and expressing the result in terms of percent. Data are
available beginning with 1947 and are computed from
components which have been seasonally adjusted.
In BCD, series 964 is an analytical measure appearing
under "diffusion indexes." It has no cyclical classification.
VENDOR PERFORMANCE
Series 32.
Source:
Vendor Performance, Percent of Com
panies Reporting Slower Deliveries
Purchasing Management Association of Chicago
THIS series shows the percentage of Greater Chicago
Area purchasing agents who are experiencing slower
deliveries in the current month compared with the previous
month. It tends to reflect the volume of business being
handled by the suppliers of these firms, with slower de
liveries indicating a higher volume of business. However,
slower deliveries may result also from shortages of
materials.
The survey is conducted monthly among 200 of the
approximately 1,000 members of the Purchasing Manage
ment Association of Chicago (PMAC). On the basis of
information supplied by the Chicago Association of Com
merce and Industry, the PMAC sample is selected pro
portionally from 15 types of industry in the Greater Chi
cago Area as follows: Primary metals, 14 percent; food,
12 percent; nonelectrical machinery, 12 percent; elec
trical machinery, 11 percent; fabricated metal products,
10 percent; printing, 9 percent; chemicals, 8 percent;
transportation, 6 percent; apparel and finished textile
products, 3 percent; professional and scientific instru
ments, 2.5 percent; stone, clay, and glass, 2.5 percent;
paper and allied products, 2 percent; petroleum and coal,
2 percent; furniture and fixtures, 1.7 percent; all other,
4.3 percent.
28
Each month, respondents to this survey are asked to
report whether deliveries are faster than last month, the
same as last month, or slower than last month. Data pub
lished by the PMAC show the percentage of respondents
reporting in each category.
The series published in BCD shows the percentage of
companies reporting slower deliveries and is computed by
summing the published (PMAC) percentage reporting
slower deliveries plus one-half the percentage reporting
deliveries unchanged from the previous month. Data are
available beginning with 1946 and are not seasonally ad
justed.
In BCD, series 32 appears under the economic process
"consumption, trade, orders, and deliveries." It is classi
fied by cyclical timing as a leader at peaks, troughs, and
overall.
MANUFACTURING AND TRADE INVENTORIES
AND SALES
Series 65.
Manufacturers' Inventories of Finished
Goods, Book Value, All Manufacturing In
dustries
Series 7 1 .
Manufacturing and Trade Inventories, Total
Book Value, in Current Dollars
Series 70.
Manufacturing and Trade Inventories, Total
Book Value, in 1972 Dollars
Series 3 1 .
Change in Book Value of Manufacturing
and Trade Inventories, Total
Series 36.
Net Change in Inventories on Hand and on
Order in 1972 Dollars (Smoothed)
Series 78.
Stocks of Materials and Supplies on Hand
and on Order, Manufacturing
Series 38.
Change in Stocks of Materials and Supplies
on Hand and on Order, Manufacturing
Series 56.
Manufacturing and Trade Sales in Current
Dollars
Series 57.
Manufacturing and Trade Sales in 1972
Dollars
Series 77.
Ratio, Constant-Dollar Inventories (Series
70) to Sales (Series 57), Manufacturing
and Trade, Total
Series 69.
Manufacturers' Machinery and Equipment
Sales and Business Construction Expendi
tures (Industrial and Commercial Construc
tion Put in Place)
Source:
U.S. Department of Commerce, Bureau of the
Census and Bureau of Economic Analysis
The following series measure the inventories or sales
of manufacturing, retail, and merchant wholesalers' estab
lishments. Sales and inventories of nonmerchant whole
salers, contract construction, mining, transportation, com
munications, public utilities, services, finance, insurance
and real estate, and farms are excluded. Manufacturers'
inventories are reported by individual establishments at
approximate current cost, if feasible; otherwise, at "book
The Handbook of Cyclical Indicators
values." All manufacturing-associated inventories, regard
less of stage of fabrication, are included. Goods held on
a consignment basis by wholesalers are excluded.
Manufacturers' inventories are reported to the Census
Bureau and are benchmarked to the census of manufac
tures and the annual survey of manufactures. Estimates
of retail inventories are compiled by BEA primarily from
sample data reported to the Census Bureau and are benchmarked to the annual retail trade surveys. The data on
inventories of merchant wholesalers' establishments are
collected and compiled by the Census Bureau from dollar
estimates reported by a probability sample of merchant
wholesalers representing all kinds of business. There is
no benchmark for this series; however, the sample is
updated with the census of business data.
Manufacturers' sales are equal to the value of their
shipments. Shipments include receipts, billings, or the
value of products shipped, less discounts, returns, and
allowances. Shipments for export as well as for domestic
use are included, as are shipments by domestic firms to
foreign subsidiaries. Shipments from one establishment
to another within the same company are included, but
shipments of foreign subsidiaries are excluded. In the
case of some aircraft and all shipbuilding, the "value of
shipments" is the value of the work done during the
period covered, rather than the value of the products
physically shipped. Data are collected in the same survey
as the data for manufacturers' inventories.
Merchant wholesalers' sales include: (1) Sales of mer
chandise and receipts from repairs or other services to
customers after deducting returns, allowances, and dis
counts; (2) sales of merchandise for others on a commis
sion basis; and (3) local and State sales taxes and Fed
eral excise taxes. These data are collected from the same
survey as are data on merchant wholesalers' inventories.
Retail sales include total receipts from the customers
after deductions of refunds and allowances for merchan
dise returned by customers. Receipts from repairs and
from other services to customers, sales for resale, and
sales and excise tax are also included. Current monthly
estimates of retail trade sales are prepared by the Census
Bureau from a probability sample beginning with 1 9 5 1 .
The sample has been updated periodically with the current
sample selected from the 1967 Census of Business uni
verse. Comparable data have been prepared by the Bureau
of Economic Analysis back to 1946.
Data for sales in all sectors are adjusted for trading
days, length of calendar month, and seasonal variation.
SERIES 65 includes all products on which the companies
have completed processing and which are ready for ship
ment to customers. Stocks of goods bought for resale
without further processing are also included. Data are
available beginning with 1945 and are measured in bil
lions of dollars.
In BCD, series 65 appears under the economic process
"inventories and inventory investment." It is classified
BCD 1977
by cyclical timing as a lagger at peaks, troughs, and
overall.
SERIES 7 1 , 70, and 3 1 are measures of the dollar value
of inventories held by manufacturing, merchant whole
salers, and retail trade establishments. Series 71 is the
total book value of inventories, as defined above. Data
for the various components are combined into a single
series by BEA.
Series 70 is computed by deflating components of
series 71 by appropriate wholesale price indexes. Manu
facturers' inventories are deflated at the 2-digit SIC level,
and wholesalers' and retailers' inventories are deflated by
kind of business. The deflators are weighted averages of
wholesale price indexes with appropriate lag structures
based on information on inventory turnover periods de
veloped from stock/sales ratios and survey data on inven
tory accounting practices. The deflation is performed by
the National Income and Wealth Division of BEA. (Prior to
1958, deflation was performed at the aggregate level using
a lagged 4-month moving average of the wholesale price
index for industrial commodities.) The deflators are sea
sonally adjusted prior to the deflation.
Series 3 1 measures the month-to-month net change
(at annual rate) in series 7 1 . Changes in book value of
business inventories reflect movements in replacement
costs as well as changes in physical volume.
Data for all three series are available beginning with
1948 and are measured in billions of dollars. Series 3 1
is shown in the charts in monthly form as a 6-term (MCD)
moving average.
In BCD, series 7 1 , 70, and 3 1 appear under the eco
nomic process "inventories and inventory investment."
Series 71 and 70 are classified by cyclical timing as laggers at peaks, troughs, and overall. Series 31 is classified
as a leader at peaks, troughs, and overall.
SERIES 36 measures the month-to-month change in manu
facturing and trade inventories and manufacturers' unfilled
orders (excluding unfilled orders for capital goods and
defense products). The components of the series are
deflated separately and then combined. Monthly changes
in the constant-dollar series then are computed.
The constant-dollar manufacturing and trade inven
tories component is series 70, described above. Manu
facturers' unfilled orders are defined in the New and Un
filled Orders segment of this Handbook. The unfilled
orders data are deflated separately at the two-digit SIC
level, using appropriate single or combined wholesale
price indexes, beginning with 1953 for the 10 durable
goods industries and with 1958 for the 4 nondurable
goods industries. Prior to these dates, deflation has been
done separately at the aggregate durable and nondurable
industry levels using fixed-weighted (1958) wholesale
price index deflators.
Data for series 36 are available beginning with 1948
29
and are measured in billions of dollars. The series is
computed from components which have been seasonally
adjusted by the source agency. It is shown in BCD in
monthly form and as a 4-term weighted (1,2,2,1) moving
average placed at the terminal month of the span.
In BCD, series 36 appears under the economic process
"inventories and inventory investment." It is classified by
cyclical timing as a leader at peaks, troughs, and overall.
SERIES 78 measures the value of manufacturers' inven
tories of materials and supplies plus their unfilled orders
for materials, including supplies and intermediate pro
ducts. Inventory data are defined above. Manufacturers'
unfilled orders measure the end-of-month dollar value of
orders received by all manufacturers but which have not
yet passed through their sales accounts. For series 78,
unfilled orders data represent the total of construction
and all other materials, supplies, and intermediate pro
ducts.
Monthly data are available beginning with 1953, are
seasonally adjusted by the source agency, and are meas
ured in billions of dollars.
In BCD, series 78 appears under the economic process
"inventories and inventory investment." It is classified by
cyclical timing as a leader at peaks, a lagger at troughs,
and a lagger overall.
SERIES 38 measures the net change in series 78, de
scribed above. Since different methods of inventory valua
tion (LIFO, FIFO, etc.) are used, the aggregate of inven
tories for establishments in an industry may represent a
heterogenous mix of prices. The changes in inventories
from one period to the next are of greater significance
than the aggregate levels in cyclical analyses, but they
are affected by the same valuation problems. Series 38
is computed by taking the actual change in series 78
from one month to the next. Monthly data are available
beginning with February 1953 and are measured in bil
lions of dollars.
In BCD, series 38 appears under the economic process
"inventories and inventory investment." It is classified by
cyclical timing as a leader at peaks, troughs, and overall.
SERIES 56 and 57 measure the monthly volume of sales
of manufacturing, merchant wholesalers', and retail estab
lishments. Series 56 is the current-dollar value of sales
as defined above.
Deflated data for manufacturing and trade sales (series
57) are computed as follows by the National Income and
Wealth Division of BEA: Manufacturers' sales (shipments)
are deflated at the individual 3- and 4-digit industry level
using appropriate wholesale price indexes combined with
1972 product class shipment weights; wholesale sales are
deflated by type of business using appropriate wholesale
price indexes combined with 1967 Census sales weights;
30
and retail sales are deflated separately by type of business
using a combination of wholesale price indexes, consumer
price indexes, and prices paid by farmers. The selection
of price data and the weights for the component price
indexes are based on sales by product line from the 1967
Census.
Data for series 56 are available beginning with 1947,
for series 57, beginning with 1948. They are measured
in millions of dollars. In BCD, both series appear under
the economic process "consumption, trade, orders, and
deliveries." They are classified by cyclical timing as
coinciders at peaks, troughs, and overall.
SERIES 77 measures the ratio of the end-of-month con
stant-dollar value of stocks on hand in merchant whole
salers', retail trade, and manufacturing establishments
to the constant-dollar value of total sales of these estab
lishments. Construction, utilities, nonmerchant whole
salers, and other nonindustrial sectors are excluded.
Series 77 is computed by dividing series 70 by series
57 and expressing the result in ratio form. The ratio is
computed after all adjustments for seasonal variation,
trading days, and length of calendar month have been
made to the component data. Data are available beginning
with 1948. In BCD, this series appears under the economic
process "inventories and inventory investment." It is
classified by cyclical timing as a lagger at peaks, troughs,
and overall.
SERIES 69 represents the aggregate dollar value, at
annual rate, of (1) manufacturers' shipments (sales) of
nondefense capital goods and (2) new nonresidential con
struction put in place for private industrial and commer
cial use.
The term "shipments" is defined above. The manufac
turers' shipments component of this series includes the
following industry categories: (1) Nonelectrical machinery
—including steam engines and turbines; internal com
bustion engines; construction, mining, and material-hand
ling equipment; metalworking machinery; special industry
machinery; general industry machinery; miscellaneous
nonelectrical equipment; (2) electrical machinery—includ
ing electrical transmission and distribution equipment,
electrical industrial apparatus, other electrical machinery
(household appliances and electronic components are
excluded), and railroad equipment; and (3) the nondefense
portion of communication equipment, shipbuilding, mili
tary tank vehicles, aircraft and parts, and ordnance.
The other component of this series, "value of commer
cial and industrial construction put in place," is compiled
by the Bureau of the Census from monthly progress
reports from owners of a sample of projects in the 50
States and the District of Columbia for 1968 to date, the
37 States east of the Rocky Mountains for July 1962
through 1967, and from data on value of contracts
awarded (time phased using progress patterns) for the
period prior to July 1962.
The Handbook of Cyclical Indicators
The components are seasonally adjusted by the source
agency and, when aggregated, yield a seasonally adjusted
total. Data are available beginning with 1953 and are
measured in billions of dollars at annual rate.
In BCD, series 69 appears under the economic process
"fixed capital investment." It is classified by cyclical
timing as a coincider at peaks, a lagger at troughs, and a
lagger overall.
RETAIL SALES
Series 54.
Sales of Retail Stores in Current Dollars
Series 59.
Sales of Retail Stores in 1972 Dollars
Source: U.S. Department of Commerce, Bureau of the
Census and Bureau of Economic Analysis
THESE series measure the net sales of all establishments
classified as retail trade according to the Standard Indus
trial Classification (SIC) Manual. Net sales include cash
and credit sales, sales taxes, excise taxes, and finance
charges, but exclude discounts, returns, and allowances.
Also excluded are the retail sales of manufacturers, whole
salers, service establishments, and other businesses
whose primary activity is not retail trade.
A retail establishment is defined as one engaged pri
marily in selling merchandise for personal or household
consumption- The term "establishment" refers to the
physical location at which the retail business is conducted.
Thus, a company or enterprise may consist of one or
more establishments. If two or more activities are carried
on at a single location, the entire establishment is classi
fied on the basis of its major activity.
The statistics on sales of retail stores are based on
estimates derived by the Census Bureau from its monthly
sample survey of retail establishments of all sizes and
types throughout the country. These estimates are pre
pared directly from probability sample data and are
derived by weighting the reported sales of each firm or
store in the sample by a value dependent upon its proba
bility of selection. Data are adjusted by the source agency
for seasonal variation, holidays, and trading day differ
ences.
The 1972-dollar series (series 59) is computed by
deflating the adjusted current-dollar series by combina
tions of wholesale and consumer price indexes. Deflation
is performed by the National Income and Wealth Division
of BE A.
Data for series 54 and series 59 are available beginning
with 1947 and 1948, respectively. Both series are sea
sonally adjusted. In BCD, both series 54 and 59 appear
under the economic process "consumption, trade, orders,
and deliveries." Both series are classified by cyclical
timing as leaders at troughs and have no overall cyclical
classification. Series 54 is classified as a coincider at
peaks; series 59 has no classification at peaks.
BCD 1977
CONSUMER SENTIMENT
Series 58.
Index of Consumer Sentiment
Source: University of Michigan, Survey Research Center
THIS index is based on personal and telephone interviews
(conducted quarterly) with a nationwide sample of approxi
mately 1,200 to 2,000 respondents selected by multistage
area probability sampling methods. Each respondent is
asked the following five questions:
"Would you say that you and your family are better
off or worse off financially than you were a year ago?
"Now, looking ahead—Do you think that a year
from now you people will be better off financially, or
worse off, or just about the same as now?
"Now turning to business conditions in the country
as a whole—Do you think that during the next 12
months we'll have good times financially, or bad
times, or what?
"Looking ahead—Which would you say is more likely:
That in the country as a whole we'll have continuous
good times during the next 5 years or so, or that we
will have periods of widespread unemployment or
depression, or what? and
"About the big things people buy for their homes,
such as furniture, house furnishings, refrigerator,
stove, television, and things like that. For people in
general—Do you think now is a good or a bad time
to buy major household items?"
The answers received are grouped into three categories:
1. Up, or better, or good
2. Same, or no change, or uncertain
3. Down, or worse, or bad
The following formula is applied to each question:
P« - PD + 100
The proportion of "down" responses (PD) is sub
tracted from the proportion of " u p " responses (PM)
and 100 is added to avoid negative numbers. These
five answers are then averaged (unweighted), and the
average is then converted to an index in which the
first quarter of 1966=100. Then 2.7 is added to the
index. Differences in the index values exceeding
1.3 points are significant on the one-standard-error
level.
The quarterly surveys contain many questions in addi
tion to the index questions because the surveys place
31
great emphasis on the study of factors which make for
changes in consumer attitudes and expectations.
Data are available beginning with 1953 and are not
adjusted for seasonal variation. In BCD, series 58 appears
under the economic process "consumption, trade, orders,
and deliveries." It is classified by cyclical timing as a
leader at peaks, troughs, and overall.
BUSINESS FORMATION
Series 12.
Index of Net Business Formation
Source: U.S. Department of Commerce, Bureau of Eco
nomic Analysis
Series 13.
Number of New Business Incorporations
Source; Dun & Bradstreet, Inc.
THIS series 12 provides a monthly estimate of the net for
mation of business enterprises. There are no direct meas
ures of the monthly change in the total business popula
tion. However, it is believed that this estimate, derived
from the available information, adequately represents the
short-term movement of new entries into, and departures
from, the total business population.
The estimate is based on component series as follows:
1. "New business incorporations." (Source: Dun &
Bradstreet, Inc.) This series measures the number
of stock companies receiving charters each month
under the general business incorporation laws of
the 50 States and the District of Columbia.
2. "Number of business failures." (Source: Dun &
Bradstreet, Inc.) A business failure is defined as
"a concern that is involved in a court proceeding
or a voluntary action that is likely to result in
loss to creditors." Firms which are liquidated,
merged, sold, or otherwise discontinued without
loss to creditors are not considered failures. Data
are for 48 States and the District of Columbia.
(Alaska and Hawaii are not included.)
3. "Confidential data on telephones installed."
The net business formation series itself is a composite
index (1967=100) computed from these components, with
the business failures data inverted. Data are available
beginning with 1948 and are seasonally adjusted by the
Bureau of Economic Analysis and the National Bureau of
Economic Research.
In BCD, series 12 appears under the economic process
"fixed capital investment." It is classified by cyclical
timing as a leader at peaks, troughs, and overall.
32
SERIES 13 represents the total number of stock corpora
tions issued charters under the general business incor
poration laws of the 50 States and the District of Columbia.
New incorporations include completely new businesses
that are incorporated, existing businesses that are
changed from a noncorporate to a corporate form of
organization, existing corporations that have been given
certificates of authority to operate also in another State,
and existing corporations transferred to a new State. Data
prior to 1947 cover only the 48 contiguous States. From
1947 to date, Hawaii is included; from 1960 to date,
Alaska is included; and from 1963 to date, the District
of Columbia is included.
Data for each State are collected from the Secretaries
of State for the State governments. Some States volun
tarily send data by mail or by telegram at the end of each
month. For those that do not, data are collected by Dun
& Bradstreet reporters. Data are available beginning with
1946 and are seasonally adjusted by the Bureau of Eco
nomic Analysis and the National Bureau of Economic
Research using the Census X - l l Method II.
In BCD, series 13 appears under the economic process
"fixed capital investment." It is classified by cyclical
timing as a leader at peaks, troughs, and overall.
CONTRACTS AND ORDERS FOR PLANT
AND EQUIPMENT
Series 10.
Contracts and Orders for Plant and Equip
ment in Current Dollars
Series 20.
Contracts and Orders for Plant and Equip
ment in 1972 Dollars
Source: U.S. Department of Commerce, Bureau of the
Census and Bureau of Economic Analysis;
McGraw-Hill Information Systems Company
Series 9.
Source;
Construction Contracts Awarded for Com
mercial and Industrial Buildings, Floor
Space
F. W. Dodge Division, McGraw-Hill Information
Systems Company
THESE series 10 and 20 measure the value of new con
tract awards to building and public works and utilities
contractors and of new orders received by manufacturers
in capital goods, nondefense industries. They are the sum
of (1) value of commercial and industrial construction con
tracts, (2) value of contracts for privately-owned nonbuilding construction, and (3) value of manufacturers'
new orders in capital goods, nondefense, industries (series
24 for the current-dollar series, series 27 for the 1972dollar series):
1. Data on commercial and industrial contracts
measure the value of contracts for work about to
get underway on commercial buildings (banks,
The Handbook of Cyclical Indicators
offices and lofts, stores, warehouses, garages,
service stations) and manufacturing buildings
(e.g., processing, mechanical).
2. Data on contracts for privately-owned nonbuilding
construction measure the value of such construc
tion as streets and highways, bridges, dams and
reservoirs, waterfront developments, sewage sys
tems, parks and playgrounds, electric light and
power, gas plants and mains, pipelines (oil and
gas wells), water supply systems, railroad con
struction, airports (excluding buildings), etc.
3. Data on manufacturers' new orders measure new
orders received by capital goods, nondefense,
industries (BCD series 24). For a more complete
description of this component, see the descrip
tion of series 24 in the New and Unfilled Orders
section of this Handbook.
The construction contracts data (building and nonbuild
ing) are compiled by F. W. Dodge Division, McGraw-Hill
Information Systems Company. Data cover new construc
tion, additions, and major alterations projects; mainte
nance work is excluded. F. W. Dodge construction statis
tics are based on data essentially obtained from Dodge
reports, supplemented by permit-place reports. The valua
tion figures contained in Dodge data represent, as nearly
as possible, actual construction costs. Construction cost
of a project is exclusive of landf architects' fees, and, in
the case of manufacturing buildings, the cost of equip
ment which is not an integral part of the structure. Begin
ning with January 1969, data cover construction in 50
States and the District of Columbia. In the period 1956-68
data cover the 48 contiguous States and the District of
Columbia; prior to 1956, the 37 States east of the Rocky
Mountains and the District of Columbia are included.
Seasonal adjustments are made on Dodge data by the
Bureau of Economic Analysis.
To obtain the 1972-dollar construction contracts data,
(a component of series 20), current-dollar data are de
flated by an implicit price deflator obtained by dividing
the current-dollar value of nonresidential construction put
in place by the constant-dollar value for this type of con
struction. Current- and constant-dollar values are obtained
by subtracting the values for private residential buildings
and public housing and redevelopment from the total
value of new construction.
Manufacturers' new orders are compiled by the Census
Bureau and are deflated by the seasonally adjusted whole
sale price index for machinery and equipment. (See New
and Unfilled Orders, series 27.)
To form series 10 and series 20, the values of the
three components in current and 1972 dollars, respec
tively, are aggregated. Data for both series are available
beginning with 1948, are measured in billions of dollars,
and are computed from components which have been
seasonally adjusted.
BCD 1977
In BCD, both series 10 and series 20 appear under the
economic process "fixed capital investment." They are
classified by cyclical timing as leaders at peaks, troughs,
and overall.
SERIES 9 measures the area of floor space of new contract
awards to building contractors. It includes floor space of
contracts for work about to get underway on commercial
buildings (banks, offices and lofts, stores, warehouses,
garages, service stations) and manufacturing buildings
(e.g., processing, mechanical).
The data are compiled by the F. W. Dodge Division of
McGraw-Hill Information Systems Company based on the
data essentially obtained from Dodge reports, supple
mented by permit-place reports. Data cover new construc
tion, additions, and major alteration projects. Beginning
with January 1969, construction in the 50 States and the
District of Columbia is included. From 1956 to 1968,
data cover the 48 contiguous States and the District of
Columbia; prior to 1956, 37 Eastern States (those east
of the Rocky Mountains) and the District of Columbia are
included.
Copyrighted data are available beginning with 1948
and are used by permission in BCD. Seasonal adjustment
is by the Bureau of Economic Analysis and the National
Bureau of Economic Research. In the BCD tables, data
are measured both in millions of square feet and in mil
lions of square meters. They are shown in the charts in
square feet only and are plotted as the monthly series and
as a 6-term (MCD) moving average.
In BCD, series 9 appears under the economic process
"fixed capital investment." It is classified by cyclical
timing as a leader at peaks and a coincider at troughs. It
has no overall cyclical classification.
CAPITAL APPROPRIATIONS, MANUFACTURING
Series 11.
Newly Approved Capital Appropriations,
1,000 Manufacturing Corporations
Series 97.
Backlog of Capital Appropriations, Manu
facturing
Series 965. Diffusion Index of Newly Approved Capital
Appropriations, Deflated—17 Industries
Source: The Conference Board
THESE series 11 and 97 measure funds authorized for
capital expenditures by the thousand largest manufactur
ing firms. Data are obtained by a quarterly survey of man
ufacturing firms undertaken by The Conference Board.
A "capital appropriation" constitutes authority to incur
obligations for new plant and equipment, as authorized
by the board of directors or president of the company.
Appropriations for capital expenditure cover: (1) New con
struction, including both new buildings and plants and
additions to or improvement of existing buildings and
plants; and (2) equipment; such as, new machinery, motor
33
vehicles for business use, office machines, storage
equipment, etc. Excluded from the survey, wherever pos
sible, are appropriations for land, maintenance and repair,
used equipment and buildings, construction and equip
ment outside the United States, and acquisition of exist
ing companies.
Series 11, newly approved capital appropriations which
were approved during the survey quarter, reflects busi
ness plans that have already been passed upon by top
management officials and, thus, is a barometer of busi
ness planning and expectations.
The appropriations backlog (series 97) represents cap
ital appropriations that were not cancelled or spent by
the end of the survey quarter. Thus, the backlog at the
end of the quarter is equal to the total outstanding at the
beginning of the quarter plus new appropriations ap
proved during the quarter minus appropriations spent
during the quarter minus cancellations.
Data for both series 11 and 97 are available beginning
with 1953 and are measured in billions of dollars. Data
are seasonally adjusted by the source agency. These are
copyrighted series used by permission; they may not be
reproduced without written permission from The Confer
ence Board.
In BCD, both series 11 and 97 appear under the eco
nomic process "fixed capital investment." Series 11 is
classified by cyclical timing as a lagger at troughs, with
no cyclical classification at peaks or overall. Series 97 is
classified as a coincider at peaks and as a lagger at
troughs and overall.
SERIES 965 measures the percent of industries which
have reported increased newly approved capital appro
priations (see series 11, above) in constant (1972) dollars
over 1-quarter spans. It is shown in BCD in diffusion index
form and as a 4-term moving average of this index. The
1,000 firms included in The Conference Board survey are
grouped into 17 industries—10 durable and 7 nondur
able. The diffusion index is computed by adding the num
ber of industries with increased appropriations to half the
number of industries reporting no change and dividing by
17. It reflects only the direction of change, not the mag
nitude of change. Data are available beginning with 1953
and are computed from aggregates which have been sea
sonally adjusted by the source agency.
In BCD, series 965 is an analytical measure appearing
under "diffusion indexes." It is not classified as a cyclical
indicator.
NEW PLANT AND EQUIPMENT EXPENDITURES
Series 61.
Series 970.
34
Business Expenditures for New Plant and
Equipment, Total
Diffusion Index of Business Expenditures
for New Plant and Equipment, Total—18
Industries
Source:
U.S. Department of Commerce, Bureau of Eco
nomic Analysis
EXPENDITURES for new plant and equipment (series 61)
cover all domestic private business except farming, real
estate, the professions (medical, legal, educational and
cultural), and nonprofit membership institutions. New
plant and equipment expenditures refer to all costs (both
replacement and expansion) chargeable to fixed asset
accounts and for which depreciation accounts are ordinar
ily maintained. Included in the totals are expenditures for
new construction, machinery, and, equipment (automo
biles, trucks, and other transportation equipment). The
figures do not include expenditures for land and mineral
rights, maintenance and repair, used plant and equip
ment, and expenditures made in foreign countries.
Estimates are based on reports submitted by a sample
of companies reporting to the Bureau of Economic Analy
sis and by transportation companies reporting to the
Interstate Commerce Commission. The expenditures of
sample companies account for more than 60 percent of
estimated universe expenditures.
The results of the quarterly survey are published the
third month of each quarter, providing estimates of actual
spending in the quarter recently ended, and anticipations
for both the current and following quarters. Each publica
tion contains estimates of actual spending for several
preceding quarters, but anticipated figures only from the
most current survey.
Data are available beginning with 1947 and are shown
in billions of dollars at annual rate. They are seasonally
adjusted by the Bureau of Economic Analysis, using the
Census X - l l method.
In BCD, series 61 appears under the economic process
"fixed capital investment/' It is classified by cyclical
timing as a coincider at peaks and as a lagger at troughs
and overall.
THIS index (series 970) is based on the 18 industries
which make up the aggregate series 61 (see above).
Series 970 is comprised of three closings, computed over
1-quarter spans:
(a) "Actual expenditures'' for a given period meas
ures the percentage of industries reporting
higher actual expenditures for that quarter than
for the preceding quarter.
(b) "Later anticipations" for a given quarter is
based on the increases from the "actual"
expenditures in the preceding quarter to the
anticipation for the given quarter.
(c) "Early anticipations" for a given quarter is
based on increases from the preceding quarter's
"final" or later anticipation to the given quar
ter's early anticipation.
The Handbook of Cyclical Indicators
For diffusion index purposes, one-half of the industries
reporting (or anticipating) no change are counted as
rising. Data are available beginning with 1947 for actual
expenditures and with 1952 for anticipated expenditures.
In BCD, series 970 is an analytical measure classified
under "diffusion indexes." It is not classified as a cyclical
indicator.
HOUSING STARTS AND PERMITS
Series 28.
Series 29.
Source:
New Private Housing Units Started, Total
Index of New Private Housing Units
Authorized by Local Building Permits
U.S. Department of Commerce, Bureau of the
Census
Both of the series described below refer to private
housing units. A housing unit is a single room or group
of rooms intended for occupancy as separate living quar
ters by a family, by a group of unrelated persons living
together, or by a person living alone. Group quarters (such
as dormitories, fraternity houses, nurses' homes, room
ing houses, etc.) and all transient accommodations are
excluded.
SERIES 28 measures the number of private housing units
on which construction is started each month in the United
States. Included are all types of accommodations designed
as family living quarters and constructed in new buildings
(including year-round and seasonal houses, houses of all
values and levels of quality, prefabricated houses, base
ment houses, shell houses, and houses built of second
hand materials).
A housing start consists of the start of construction on
a new housing unit when located within a new building
which is intended primarily as a housekeeping residential
building designed for nontransient occupancy. Start of
construction for private housing units is defined as the
beginning of excavation for the foundation of a building.
All housing units in a multifamily building are counted as
being started when excavation for the building is started.
Housing provided by conversion of either residential or
nonresidential space to provide additional numbers of
housing units and the production of mobile homes are
excluded.
In May 1960, the method for computing series 28 has
been revised, with revisions carried back to January 1959.
Annual levels for the earlier years, furnished by the
Bureau of Labor Statistics, have been substantially revised
to make them comparable with those for the later years.
Month-to-month movements for the earlier period, how
ever, are not similarly revised but have been superim
posed on the new annual levels in accordance with the
monthly pattern of the old series. An explanation of the
revision of the annual data is given in the Bureau of the
Census report, "Housing Starts in May 1 9 6 4 " (Construc
BCD 1977
tion Reports: Housing Starts, C20-60). The figures shown
in that source are limited to annual aggregates. The
monthly data have been prepared by the Bureau of Domes
tic Commerce, U.S. Department of Commerce. (See the
June 1964 issue of Construction Review.) In addition, the
figures prior to 1959 represent nonfarm housing starts
rather than total private housing starts shown in the latter
part of the series. However, the difference is very small
since farm housing starts comprise less than 2 percent
of the total number.
Data in BCD are shown as a monthly series along with
a 4-month (MCD) moving average. They are measured
in thousands, taken at an annual rate, and are season
ally adjusted by the source agency.
In BCD, series 28 appears under the economic process
"fixed capital investment." It is classified by cyclical
timing as a leader at both peaks and troughs and as a
leader overall.
SERIES 29 measures the month-to-month changes in the
number of housing units authorized by local permit-issu
ing places. The data relate to the issuance of permits and
not to the actual start of construction. Frequently, several
months may pass between the issuance of a permit and
the start of construction. In a small number of cases,
permits are not used at all and are allowed to lapse.
Original data for the period 1948-53 are based upon
*an estimate of the number of new privately-owned dwell
ing units authorized in urban areas as defined in the
1940 Census of Population. Building permit data from
reporting cities, representing approximately 85 percent
of the 1940 urban population, have been expanded to
represent all urban areas by matching nonreporting to
reporting urban places on the basis of city population
size and location and applying trend ratios for reporting
places to nonreporting places.
From 1954 to 1958, the data are based on reports from
approximately 6,600 identical permit-issuing places in
cluding practically all large cities; a large proportion of
smaller cities; and counties, towns, and townships. The
1958 data (based on 6,600 identical permit-issuing
places) have been adjusted to the level of the data for the
period beginning 1959 (10,000 places) on the basis of
the overlap of the.two series in January-April 1960; and
data for the period 1954-1957 have been adjusted to the
level of the later data on the basis of the estimated overlap
of the two series in 1958.
Basic data for the period 1959-62 are based on reports
from 10,000 permit-issuing places; for 1963-1967, on
12,000 permit-issuing places; for 1968-1971, on 13,000
permit-issuing places; and from 1972 to date, on 14,000
permit-issuing places. Permits issued by these 14,000
places account for approximately 8 1 percent of all new
residential construction in the United States.
For use in BCD, these basic data have been made con
tinuous by ratio adjustment and converted to an index,
35
1967=100. Because of changes in the number of permitissuing areas during the time periods mentioned above,
this index (1) measures only short-term changes in the
number of housing units authorized by identical permitissuing places; (2) does not measure the movement of
permits in all permit-issuing places; and (3) does not
measure the trend of housing construction in permit- and
nonpermit-issuing places combined. Hence, because of
variations in coverage, the 1948-53, 1954-58, 1959-62,
1963-67, 1968-71, and 1972-to-date segments are not
directly comparable. The index is constructed from sea
sonally adjusted data published by the source agency.
In BCD, series 29 appears under the economic process
"fixed capital investment." It is classified by cyclical
timing as a leader at both peaks and troughs, and as a
leader overall.
INDUSTRIAL MATERIALS PRICES
Series 23.
Series 967.
Source:
Index of Industrial Materials Prices
Diffusion Index of Industrial Materials
Prices—13 Industrial Materials
U.S. Department of Labor, Bureau of Labor
Statistics
SERIES 23 measures the spot market price movements of
13 raw materials on commodity markets and organized
exchanges. It is one of two major groupings (the other
being foodstuffs) of the Bureau of Labor Statistics' index
spot market prices for 22 sensitive basic commodities
whose markets are presumed to be among the first to be
influenced by changes in economic conditions. In most
cases, the commodities used are either raw materials or
products close to the initial production stage. The raw
industrial materials group includes burlap, copper scrap,
cotton, hides, lead scrap, print cloth, rosin, rubber, steel
scrap, tallow, tin, wool tops, and zinc.
"Spot" price refers to the price at which a commodity
is selling for immediate delivery. When spot prices are
not available, " b i d " or "asked" prices may be used. The
prices are obtained from trade publications or from
Government agencies.
The commodities used in this index are those which are:
(1) Widely used for further processing (basic), (2) freely
traded in an open market, (3) sensitive to changing con
ditions significant in those markets, and (4) sufficiently
homogeneous or standardized so that uniform and repre
sentative price quotations can be obtained over a period
of time. Some commodities (such as crude rubber and
tin), which are important in international trade, also are
taken into account in order to reflect the influence of
international markets on the economy.
Spot market prices and indexes for each Tuesday are
published on the following Friday. Indexes are unweighted
geometric averages of the individual commodity price
relatives. Summaries of indexes and prices for each
36
month, together with monthly averages of the indexes,
are usually published in the first report of the following
month. Monthly indexes are geometric averages of the
Tuesday prices during the month.
Data are available beginning with 1947 and are meas
ured in the form of an index: 1967=100. They are not
adjusted for seasonal variation.
In BCD, series 23 appears under the economic process
"prices, costs, and profits." It is classified by cyclical
timing as a leader at troughs and overall and is unclassi
fied at peaks.
THE diffusion index (series 967) is based on the prices
of the 13 raw materials components and is computed over
1- and 9-month spans. This index shows the percentage
of components rising over the timespan and thus reflects
the direction of the change among the components—not
the magnitude of the change. Thus, an increase in the
aggregate series (accounted for by large rises in a few
components and slight decreases in the majority of the
components) may occur simultaneously with a decrease
in the diffusion index. For diffusion index purposes, half
the components showing no change over the timespan
are counted as rising.
Data for series 967 are available beginning with 1948.
Although the industrial materials price index is not sea
sonally adjusted, the 13 components are seasonally
adjusted individually by the Bureau of Economic Analysis
before the diffusion index is computed.
In BCD, series 967 is an analytical measure appearing
under "diffusion indexes." It is not classified as a cyclical
indicator.
STOCK PRICES
Series 19.
Series 968.
Source:
Index of Stock Prices, 500 Common Stocks
Diffusion Index of Stock Prices, 500 Com
mon Stocks—65-82 Industries
Standard & Poor's Corporation
THIS series 19 closely approximates the average move
ment of all stocks listed on the New York Stock Exchange.
The basic format of the monthly index currently used was
introduced in 1957 and includes 500 stocks on a 194143=10 base. The price of each stock is weighted by the
number of shares outstanding, and the aggregate current
market value is expressed as a relative of the average
market value in the base period, divided by 10. The
formula for the index is modified to offset arbitrary price
changes due to issuance of rights, stock dividends, splitups and mergers.
In July 1976, the index was revised to include some
over-the-counter stocks, mainly in connection with the
inclusion of bank and insurance stocks in the index.
Formerly, three groups have been represented: 425 indus-
The Handbook of Cyclical Indicators
trials, 60 utilities, and 15 rails. The revised index com
prises four groups: 400 industrials, 40 public utilities, 20
transportation, and 40 financial. A total of 45 stocks from
the old index are replaced in the new index.
Each stock in the index must represent a viable enter
prise, representative of the industry group to which it is
assigned. Its market price movements in general must be
responsive to changes in industry affairs. Given a choice
among a number of stocks meeting this criterion, pref
erence generally will be given to the most heavily weighted
stocks in terms of aggregate market value and, thus,
usually the more actively traded issues in the industry
groups. Selection of stocks for addition to or removal
from the index is the responsibility of the 500 Index
Committee at Standard & Poor's.
Monthly data are available beginning with 1945 and are
not seasonally adjusted. In BCD, series 19 appears under
the economic process "prices, costs, and profits." It is
classified by cyclical timing as a leader at peaks, troughs,
and overall.
SERIES 968 measures the percent of stocks with increas
ing prices, computed over 1- and 9-month spans. The
index is based on 82 component industries through
February 1963. Since then, the number of components
has declined gradually to 65 components at the end of
1975. For diffusion index purposes, half of the compo
nent showing no change is counted as increasing. Thus
the index is computed by adding the number of compo
nents with rising prices to half the number with unchanged
prices and dividing the result by the total number of
components.
Data are available beginning with 1948 and are com
puted from component series that have not been adjusted
for seasonal variation. In BCD, series 968 is an analytical
measure appearing under "diffusion indexes." It is not
classified as a cyclical indicator.
CORPORATE PROFITS
Series 16.
Series 18.
Series 79.
Series 80.
Series 22.
Series 8 1 .
BCD 1977
Corporate Profits After Taxes in Current
Dollars
Corporate Profits After Taxes in 1972
Dollars
Corporate Profits After Taxes With Inven
tory Valuation and Capital Consumption
Adjustments in Current Dollars
Corporate Profits After Taxes With Inven
tory Valuation and Capital Consumption
Adjustments in 1972 Dollars
Ratio of Profits (After Taxes) to Total Cor
porate Domestic Income
Ratio of Profits (After Taxes) With Inven
tory Valuation and Capital Consumption
Adjustments to Total Corporate Domestic
Income
Net Cash Flow, Corporate, in Current Dollars
Series 34.
Net Cash Flow, Corporate, in 1972 Dollars
Series 35.
Series 295 Business Saving—Undistributed Corporate
Profits Plus Capital Consumption Allow
ances With Inventory Valuation and Capital
Consumption Adjustments
Series 286 Corporate Profits With Inventory Valuation
and Capital Consumption Adjustments
Series 287. Corporate Profits With Inventory Valuation
and Capital Consumption Adjustments As a
Percent of National Income
Source: U.S. Department of Commerce, Bureau of Eco
nomic Analysis
"Corporate profits" is a measure of the amount of
earnings, by corporations organized for profit, which
accrue to U.S. residents before deduction of depletion
charges and after exclusion of capital gains or losses. The
profits of stock life insurance companies and mutual finan
cial institutions are included. "Profits after taxes" is
profits less Federal and State income tax liabilities.
The definition of profits agrees with Federal income tax
regulations, with the following exceptions: bad debt ex
penses are measured by actual losses, not additions to
reserves; the profit or loss of bankrupt corporations
includes the gain from unsatisfied debt; and corporate
profits include net receipts of dividends and branch
profits from abroad, as reflected in the balance of pay
ments accounts, as well as domestic operations.
"Inventory valuation adjustment" (IVA) is the change
in the business inventories (CBI) component of GNP,
which is measured as the change in the physical volume
of inventories valued at prices of the current period less
the change in the book value of inventories as reported by
business. The IVA is necessary because, according to the
inventory accounting methods used by business, the
change in the book value generally differs from the change
in business inventories. Measurement of inventory change
as physical volume change valued in prices of the current
period conforms its treatment to that of all other com
ponents of GNP. IVA is equal to the excess of the replace
ment cost of inventories used up over their historical
acquisition cost.
The "capital consumption adjustment" (CCAdj) con
verts tax return-based capital consumption allowances to
a replacement cost valuation and to uniform service lives
and depreciation formulas. "Capital consumption allow
ances" is the total of depreciation charges and accidental
damage to fixed capital. Previously, depreciation reported
by business has been that of tax return-based capital con
sumption allowances and has not been adjusted for
changes in the replacement value of capital goods, except
for farm enterprises. Depreciation now is valued at replace
ment cost (current prices) rather than at historical prices
and is measured consistently with respect to the service
lives of assets and the depreciation formula. CCAdj is
37
equal to the new measure of capital consumption allow
ances minus the old measure.
SERIES 16 and 18 are measures of total corporate profits,
after taxes, and before IVA and CCAdj. The constant-dollar
series (series 18) is computed by dividing the currentdollar series (series 16) into two components—dividends
after taxes and undistributed corporate profits after taxes.
The net corporate dividends component is deflated by di
viding the current-dollar estimates by the implicit price
deflator for personal consumption expenditures (PCE).
The undistributed profits component is deflated by divid
ing the current-dollar estimates by the implicit price de
flator for nonresidential fixed investment.
In BCD, both series 16 and 18 appear under the eco
nomic process "prices, costs, and profits." Both series
are classified by cyclical timing as leaders at peaks,
troughs, and overall.
SERIES 79 and 80 are measures of total corporate profits,
after taxes, with IVA and CCAdj. The constant-dollar series
(series 80) is computed in the same way as series 18,
above: The current-dollar series is divided into dividends
after taxes and undistributed corporate profits after taxes
with IVA and CCAdj. The dividends component is deflated
by the PCE deflator; the undistributed profits with IVA and
CCAdj component is deflated by the deflator for nonresi
dential fixed investment.
In BCD, both series 79 and 80 appear under the eco
nomic process "prices, costs, and profits." Both series
are classified by cyclical timing as leaders at peaks, coinciders at troughs, and leaders overall.
SERIES 22 and 81 measure after-tax profits (with IVA and
CCAdj for series 81) originating in domestic corporate
business as a percent of total corporate domestic income.
The numerators of these series are series 16 (for series
22) and series 79 (for series 81) less the net inflow of
branch profits and dividends from the rest of the world.
The denominator (total domestic income) consists of the
total income originating in corporations. This is com
prised of three parts: (1) Compensation of employees;
(2) corporate profits with IVA and CCAdj before tax; and
(3) net interest. Compensation of employees includes both
wages and salaries (monetary remuneration, including
executives' compensation, commissions, tips, bonuses,
and payment in kind) and supplements to wages and sala
ries (which includes employer contributions for social
security; unemployment insurance; pension, health, and
welfare funds; and workmen's compensation). Corporate
profits is described above. Net interest is the excess of
interest payments (monetary and imputed) of corporations
over their interest receipts (monetary and imputed).
Series 22 and 8 1 are computed by dividing domestic
profits by total corporate domestic income and converting
38
the resulting ratio to a percent. In BCD, both series ap
pear under the economic process "prices, costs, and
profits." Series 22 is classified by cyclical t i m i n g as a
leader at peaks, troughs, and overall. Series 8 1 is classi
fied as a leader at troughs and overall, but has no cyclical
classification at peaks.
SERIES 34 and 35 are components of the corporate profits
series. Net cash flow is the sum of undistributed profits
(the portion of profits remaining after taxes and dividends
have been paid) and capital consumption allowances (the
total of depreciation charges and accidental losses to
fixed capital). Constant-dollar net cash flow (series 35) is
computed by dividing current-dollar estimates by the im
plicit price deflator for nonresidential fixed investment.
In BCD, both series 34 and 35 appear under the eco
nomic process "prices, costs, and profits." They are both
classified by cyclical timing as leaders at peaks, troughs,
and overall.
SERIES 295 measures the total amount of undistributed
corporate profits plus capital consumption allowances,
with inventory valuation and capital consumption adjust
ments. It is equal to the net cash flow (series 3 4 ) , with
IVA and CCAdj added.
In BCD, series 295 appears under the economic proc
ess "saving." It is not classified as a cyclical indicator.
SERIES 286 measures total corporate profits with IVA and
CCAdj before Federal and State income taxes. It is equal
to series 79 plus the profits tax liability. In BCD, this
series appears under the economic process "national in
come and its components." It is not classified as a cycli
cal indicator.
SERIES 287 measures the share of national income ac
counted for by corporate profits. National income is de
fined as the aggregate earnings of labor and property
arising from the current production of goods and services
by the Nation's economy.
Series 287 is computed by dividing corporate profits
with IVA and CCAdj (series 286) by national income
(series 220) and expressing the result in terms of per
cent. This series appears under the economic process
"shares of GNP and national income." It is not classified
as a cyclical indicator in BCD.
PROFITS PER DOLLAR OF SALES
Series 15.
Source:
Profits (After Taxes) Per Dollar of Sales, All
Manufacturing Corporations
Federal Trade Commission
THIS series measures the ratio of profits (after income
tax) to sales of all manufacturing corporations. The profits
The Handbook of Cyclical Indicators
data used reflect conventional accounting methods and
generally are based on corporations' books of account as
opposed to profits computed for tax purposes. Profits data
for this series generally have not been revised to reflect
retroactive changes in tax rates, etc. The estimates are
based on consolidated financial statements collected from
samples of small, medium, and large manufacturing cor
porations selected by the Federal Trade Commission (FTC)
in a probability sample survey drawn from Federal income
tax returns. This sample is supplemented by a quarterly
sample of corporate births drawn from the records of the
Social Security Administration.
The present sample accounts for approximately only 6
percent of the total number of corporate manufacturing
enterprises, but it accounts for about 88 percent of the
total assets. Corporations account for 97 percent of the
total receipts for all manufacturing activities in the United
States; nearly one-third of the national income originates
in corporate manufacturing; and manufacturing corpora
tions account for more than 50 percent of all corporate
profits.
The composition of the sample changes each quarter so
as to reflect the effect of corporate births, deaths, acquisi
tions, mergers, consolidations, etc. In addition, about oneeighth of the sample segments of small- and medium-size
corporations is replaced each quarter.
Data for this series are available beginning with 1947
and are measured in terms of cents. Basic data are sea
sonally adjusted by the Bureau of Economic Analysis.
In BCD, series 15 appears under the economic process
"prices, costs, and profits." It is classified by cyclical
timing as a leader at peaks, troughs, and overall.
PRICE PER UNIT OF LABOR COST
Index of Price Per Unit of Labor Cost, Manu
facturing—Ratio, Index of Wholesale Prices
of Manufactured Goods (Unadjusted) to Sea
sonally Adjusted Index of Compensation of
Employees in Manufacturing (Sum of Wages,
Salaries, and Supplements to Wages and
Salaries) Per Unit of Output
Source: U.S. Department of Commerce, Bureau of Eco
nomic Analysis; Board of Governors of the Fed
eral Reserve System; U.S. Department of Labor,
Bureau of Labor Statistics
counts. Nominal or published prices are used when they
are considered indicative of the market situation or when
no other price is available. Price data are not seasonally
adjusted.
The index of price per unit of labor cost is series 6 2 —
ratio of the index of compensation of employees to the
index of industrial production in manufacturing. For a
more detailed explanation of this series, see the descrip
tion of series 62.
Series 17 (seasonally adjusted) is computed by dividing
the index of wholesale prices of manufactured goods (un
adjusted) by the seasonally adjusted index of labor cost
per unit of output (series 62).
Data are available beginning with 1947. In BCD, series
17 appears under the economic process "prices, costs,
and profits." It is classified by cyclical timing as a leader
at both peaks and troughs and as a leader overall.
LABOR COST PER UNIT OF OUTPUT
Series 63.
Source:
Series 68.
Source:
BCD 1977
Labor Cost (Current Dollars) Per Unit of
Gross Domestic Product (1972 Dollars),
Nonfinancial Corporations—Ratio of CurrentDollar Compensation of Employees to Real
Gross Corporate Product
U.S. Department of Commerce, Bureau of Eco
nomic Analysis
Series 62.
Series 17.
SERIES 17 measures the relationship between the whole
sale prices of manufactured goods and an index of labor
cost per unit of output.
The wholesale price-manufacturing, is designed to
measure the direction and rate of change of prices of
manufactured commodities. The prices used in this index
are transaction prices as obtained from manufacturers,
taking into account trade and quantity discounts. Cash
and seasonal discounts also are deducted when it is deter
mined that most buyers avail themselves of these dis
Index of Unit Labor Cost, Private Business
Sector
U.S. Department
of Labor, Bureau of Labor
Statistics
Source:
Index of Labor Cost Per Unit of Output, Total
Manufacturing—Ratio, Index of Compensa
tion of Employees in Manufacturing (Sum of
Wages, Salaries, and Supplements to Wages
and Salaries) to Index of Industrial Produc
tion, Manufacturing
U.S. Department of Commerce, Bureau of Eco
nomic Analysis; Board of Governors of the Fed
eral Reserve System
SERIES 63 measures the cost of labor input required to
produce one unit of output. It is derived by dividing com
pensation per hour (series 345) by output per hour (series
370).
Compensation per hour measures the hourly costs of
wages and salaries, in addition to supplemental payments;
such as, the contributions of employers to social security,
unemployment insurance tax, and payment for private
health and pension plans. Compensation data include an
estimate of wages, salaries, and supplements of the selfemployed. (For a more complete description see series
345.)
Output per hour reflects the ratio between constantdollar gross product originating in the private or indi-
39
vidual sectors and the corresponding hours of all persons
engaged in the sector. (For a more complete description,
see series 370.)
The ratio obtained by dividing hourly compensation by
output per hour is converted to an index, 1 9 6 7 = 1 0 0 ; and
both components used in the computation are adjusted for
seasonal variation. Quarterly data are available beginning
with 1947.
In BCD, series 63 appears under the economic process
"prices, costs, and profits." It is classified by cyclical tim
ing as a lagger at peaks, troughs, and overall.
THIS series 68 measures the current-dollar labor cost
(compensation of employees) incurred by nonfinancial cor
porations in producing one 1972 dollar's worth of output
in the current period. It is computed by taking the ratio of
current-dollar compensation of employees (series 280) to
gross corporate product in 1972 dollars.
The compensation of employees component (labor cost)
measures the income of persons in an employee status as
remuneration for their work. This includes both wages and
salaries and supplements to wages and salaries. Wages
and salaries consist of monetary remuneration of em
ployees as well as compensation of corporate officers,
commissions, bonuses, tips, and payment in kind. "Sup
plements to wages and salaries" represents employer con
tributions to social security, unemployment insurance,
health and welfare funds, and workmen's compensation.
Real gross product originating in nonfinancial corpora
tions is equal to the current-period quantities of gross
corporate product valued at 1972 prices. It is defined as
the sales of these firms to other businesses, consumers,
government, and foreigners, plus the addition to their own
inventories, less current purchases from domestic and
foreign sources. Alternatively, it may be defined as the
sum of incomes and other charges to gross product, capi
tal consumption allowances, indirect business taxes,
compensation of employees, net interest, and corporate
profits with inventory valuation and capital consumption
adjustments. For this series, data based on the latter defi
nition are used.
Quarterly data are available beginning with 1948 and
are measured in dollars. Data are seasonally adjusted by
the source agency.
In BCD, series 68 appears under the economic process
"prices, costs, and profits." It is classified by cyclical
timing as a lagger at peaks, troughs, and overall.
SERIES 62 measures the relationship between the volume
of production of manufactured goods and the cost of the
labor involved in that production. It is computed by tak
ing the ratio of the index of compensation of employees
in manufacturing to the index of industrial production,
manufacturing.
The compensation of employees in manufacturing com
ponent (labor cost) measures the income received by per
40
sons in an employee status as remuneration for their work.
This includes both wages and salaries and supplements to
wages and salaries. "Wages and salaries" includes both
monetary payments to employees (including tips, com
missions, bonuses, etc.) and payments in kind which
represent income to the employee. "Supplements to
wages and salaries" consists of employer contributions
for social insurance and of other labor income. (For more
detail, see the section entitled Compensation of Employees
in this Handbook.) Data are collected by the Bureau of
Economic Analysis.
The industrial production index in manufacturing com
ponent is a measure of the changes in physical output of
manufacturing in the United States. It includes 11 major
groups of durable goods (BCD series 73) and 10 major
groups of nondurable goods (BCD series 74). Data are
prepared by the Board of Governors of the Federal Re
serve System and are based on data compiled by govern
ment agencies and by various trade organizations and
publications. (For further explanation of the computation
of industrial production, see the segment of this Hand
book on Industrial
Production.)
Series 62 is computed by converting seasonally ad
justed compensation of employees to an index ( 1 9 6 7 =
100) and dividing by the index of manufacturing produc
tion ( 1 9 6 7 = 1 0 0 ) to yield the seasonally adjusted index of
labor cost per unit of output. Both component series are
seasonally adjusted by the source agencies.
Monthly data are available beginning with 1947. In
BCD, series 62 appears under the economic process
"prices, costs, and profits." It is classified by cyclical tim
ing as a lagger at both peaks and troughs, and as a lagger
overall.
MONEY SUPPLY MEASURES
Series 85.
Change in Money Supply M l (Demand De
posits Plus Currency)
Series 102. Change in Money Supply M2 (Demand De
posits and Currency Plus Time Deposits at
Commercial Banks Other Than Large CD's)
Series 104. Change in Total Liquid Assets (Smoothed)
Series 105. Money Supply M l (Demand Deposits Plus
Currency) in 1972 Dollars
Series 106. Money Supply M2 (Demand Deposits and
Currency Plus Time Deposits at Commer
cial Banks Other Than Large CD's) in 1972
Dollars
Series 107. Ratio, Gross National Product to Money
Supply M l
Series 108. Ratio, Personal Income to Money Supply
M2
Source: Board of Governors of the Federal Reserve
System
The series described below are based on various meas
ures of the U.S. money supply as computed by the Fed-
The Handbook of Cyclical Indicators
eral Reserve System (FRB). The different money supply
measures are popularly known by the abbreviations M l ,
M2, etc. The money supply series shown in BCD are based
on versions M l , M2, and total liquid assets. Data for all
three versions are seasonally adjusted by the source
agency.
The M l version of the money supply consists of (1)
Currency outside the Treasury, the Federal Reserve banks,
and the vaults of all commercial banks; (2) demand de
posits at all commercial banks other than those due to
domestic commercial banks and the U.S. Government,
less cash items in process of collection and the Federal
Reserve float; and (3) foreign demand balances at Fed
eral Reserve banks.
M2 consists of M l plus (1) Savings deposits at com
mercial banks, (2) time deposits open account, and (3)
time certificates of deposit other than negotiable certifi
cates of deposit issued in denominations of $100,000 or
more by large weekly reporting commercial banks.
"Total liquid assets" consists of all holdings of liquid
assets by the private domestic nonfinancial sector. Liquid
assets include currency, demand deposits, time deposits
at commercial banks and nonbank thrift institutions, sav
ings bonds, negotiable certificates of deposit, short-term
marketable U.S. securities, open market paper, Federal
funds and repurchasing agreements and money market
fund shares.
Money supply measures exclude deposits of the U.S.
Government (which do not represent money in the hands
of the public) but include those of State and local govern
ments, whose deposits are similar to those of large cor
porations.
Data for M l and M2 are averages of daily data for
member banks. Estimates of nonmember bank deposits
are based on quarterly call report data and the relation
ship of nonmember and small member bank deposits on
those dates. Estimates of M l and M2 are available weekly
in the FRB statistical release "Money Stock Measures"
and monthly in the Federal Reserve Bulletin. Data for
liquid assets are available only on a monthly basis and
are published in the Council of Economic Advisors' Eco
nomic Indicators.
The money supply data shown in BCD are computed
from FRB-compiled data as follows:
THIS series 85 is based on the M l version of money sup
ply (see description above). It is derived by computing
month-to-month percent changes in the seasonally ad
justed dollar figures for M l . Estimates for the latest
month are based on weekly figures available for that
month. These weekly data are averaged and the percent
change is computed from the same time period in the
previous month. All percentage changes are shown at a
monthly rate. This series is shown in BCD in monthly
form in the tables and in monthly form and as a 4-term
weighted ( 1 , 2, 2, 1) moving average plotted at the ter
minal month of the span in the charts.
BCD 1977
In BCD, this series appears under the economic process
"money and credit." It is classified by cyclical timing as
a leader at both peaks and troughs and a leader overall.
Data are available beginning with 1947.
SERIES 102 is based on the M2 version of money supply
(see description above). It is derived by computing monthto-month percent changes in the seasonally adjusted
dollar figures for M2. Estimates for the latest month are
based on weekly figures available for that month. These
weekly data are averaged and the percent change is com
puted from the same time period in the previous month.
Percent changes are shown at a monthly rate.
Although series 102 begins in 1947, data for M2, from
which it is computed, begin only in 1959. For the period
prior to 1959, when separate data for CD's have not been
available, total time deposits have been used to compute
the early segment of series 102. Percent changes in this
segment were computed in the same way as those for the
later segment.
This series is shown in BCD in monthly form in the
tables and in monthly form and as a 4-term weighted
( 1 , 2, 2, 1) moving average plotted at the terminal month
of the span in the charts.
In BCD, this series appears under the economic process
"money and credit." It is classified by cyclical timing as
a leader at peaks and a coincider at troughs with no over
all classification.
SERIES 104 is based on the total liquid assets version of
money supply (see description above). It is derived by
computing month-to-month percent changes in the dollar
figures for liquid assets and then is smoothed by taking a
4-term weighted ( 1 , 2, 2, 1) moving average placed at
the terminal month of the span.
In BCD, this series appears under the economic process
"money and credit." It is classified by cyclical timing as
a leader at both peaks and troughs and as a leader over
all. Data are available beginning with April 1948.
THIS series 105 is a measure of real money balances in
billions of dollars. It consists of money supply ( M l — s e e
describtion above) deflated by the consumer price index
(CPI) for all items, on a base of 1 9 7 2 = 1 0 0 . The CPI
measures price changes in the total of goods and services
purchased by urban single and family wage earners and
clerical workers. Both components are used in their sea
sonally adjusted forms. Basic unadjusted data for the
deflator are published by the Bureau of Labor Statistics,
which also provides the seasonal adjustment factors used
to adjust the index.
In BCD, series 105 appears under the economic process
"money and credit." It is classified by cyclical timing as
a leader at both peaks and troughs and as a leader overall.
41
Data for this series are available beginning with 1946.
THIS series 106 is a measure of real money supply. It
consists of money supply (M2—see description above) de
flated by the consumer price index (CPI) for all items, on
a base of 1 9 7 2 = 1 0 0 . The CPI measures price changes in
the total of goods and services purchased by urban single
and family wage earners and clerical workers. Both com
ponents are used in their seasonally adjusted forms. Basic
unadjusted data for the deflator are published by the
Bureau of Labor Statistics, which also provides the sea
sonal adjustment factors used to adjust the index.
In BCD, series 106 appears under the economic process
"money and credit." It is classified by cyclical timing as
a leader at peaks, troughs and as a leader overall.
Data for this series are available beginning with 1947.
THIS series 107 is derived by dividing gross national
product (GNP) in current dollars (BCD series 200) by the
money supply ( M l ) . Quarterly averages of the monthly
M l series (described above) are obtained before series
107 is computed. GNP represents the market value of the
total output of goods and services produced by the Na
tion's economy before the deduction of depreciation
charges and other allowances for business and institu
tional consumption of capital goods, private domestic in
vestment, net exports of goods and services, and govern
ment purchases of goods and services. Data are compiled
and seasonally adjusted by the U.S. Department of Com
merce, Bureau of Economic Analysis.
In BCD, series 107 appears under the economic process
"money and credit." It is classified by cyclical timing as
a coincider at both peaks and troughs and as a coincider
overall. The series is available beginning with 1947 and
is expressed in ratio form.
SERIES 108 is derived by dividing personal income (BCD
series 223) by the M2 version of money supply. M2 is
described above. Personal income is defined as the in
come received by individuals, unincorporated businesses,
and nonprofit institutions. Personal income data are com
piled and seasonally adjusted by the U.S. Department of
Commerce, Bureau of Economic Analysis.
In BCD, series 108 appears under the economic process
"money and credit." It is classified by cyclical timing as
a coincider at peaks, a lagger at troughs, and a coincider
overall. The series is available beginning with 1947 and is
expressed in ratio form.
MORTGAGE DEBT
Series 33.
Net Change in Mortgage Debt Held by Finan
cial Institutions and Life Insurance Compa
nies
42
Source:
American Council of Life Insurance; Federal Na
tional Mortgage Association; U.S. Department of
Housing and Urban Development,
Government
National Mortgage Association; National Asso
ciation of Mutual Savings Banks; U.S. Savings
and Loan League; Board of Governors of the
Federal Reserve System
THIS series measures the month-to-month change in
mortgage debt held by financial institutions and life insur
ance companies. It is defined as the volume of mortgage
loans acquired less the volume of loan disposed of by
these organizations from one month to the next, taken at
an annual rate. This net change is known as the "net
flow" which can increase only to the extent that the orga
nizations increase their resources or increase the propor
tion of their assets held in the form of mortgage loans or
both. Mortgage loans financed by the proceeds received
from loan repayments or from sales of loans to other
investors are not included.
The term "mortgage loan" denotes indebtedness
(incurred by private borrowers) whatever the purpose,
which is secured by a mortgage or other lien on real prop
erty located within the United States, including the District
of Columbia and ail U.S. territories and possessions. A
mortgage loan may be used to finance the acquisition of
a newly constructed property, the purchase of existing
property, construction by a builder, or the holding of
unimproved land by a developer; to refinance an outstand
ing loan; or to finance improvements of existing
property through the execution of a new loan or by an
add-on under an existing loan. It may be for non-real
estate purposes or for the purchase of a money loan
wherein the lender sells property on which he takes back
the mortgage loan as partial or full payment. Or, a mort
gage may enable the borrower to pay for a property ac
quisition from a third party.
Data are collected from a variety of sources. Data for
life insurance companies include all active mortgage loans
plus foreclosed liens subject to redemption and are re
ported by the American Council of Life Insurance. Esti
mated data represent 89 percent of total assets held by
U.S. legal reserve life insurance companies. The Federal
National Mortgage Association reports monthly on pur
chases and sales by mortgage companies of FHA-insured
and VA-guaranteed loans. These loan purchases are from
private lenders that had previously held the loans and
also include loans used to back bond issues guaranteed
by the Government National Mortgage Association. Data
for mortgage loans held by mutual savings banks are com
piled monthly by the National Association of Mutual Sav
ings Banks (NAMSB). The figures are based on monthly
reports to NAMSB by savings banks having over 90 per
cent of the industry's deposits and on benchmark figures
obtained from a semiannual NAMSB survey of all savings
banks. Data include figures for construction. The Federal
Home Loan Bank Board collects data from savings and
loan associations (the U.S. Savings and Loan League).
Included are mortgage loans originated by associations
The Handbook of Cyclical Indicators
insured by the Federal Savings and Loan Insurance Cor
poration which represent over 97 percent of the resources
of all operating savings and loan associations. Data for
mortgage loans held by commercial banks include all
loans, whatever the purpose, secured primarily by real
estate (as evidenced by mortgages, deeds of trust, land
contracts, or other liens on real estate). Also included are
loans secured by residential properties (both farm and
nonfarm) that are guaranteed by the Farmers Home Ad
ministration. Excluded are pooled mortgages against
which certificates guaranteed by the Government National
Mortgage Association have been issued and loans to real
estate companies and mortgage lenders that specialize in
mortgage loan originations and that service mortgages for
others.
Data for series 33 begin in 1955 and are measured in
billions of dollars. Data are seasonally adjusted by the
Bureau of Economic Analysis, using the Census X - l l
method.
In BCD, this series appears under the economic process
"money and credit." It is classified by cyclical timing as
a leader at both peaks and troughs and as a leader
overall.
COMMERCIAL AND INDUSTRIAL LOANS
Commercial and Industrial Loans Outstand
ing, Weekly Reporting Large Commercial
Banks
Series 112. Net Change in Bank Loans to Businesses
Source:
Board of Governors of the Federal Reserve
System
In BCD, series 72 appears under the economic process
"money and credit." It is classified by cyclical timing as
a lagger at both peaks and troughs and as a lagger overall.
SERIES 112 measures the change (actual differences)
during the month in the amount of commercial and indus
trial loans outstanding, seasonally adjusted (series 72).
These changes are computed by subtracting the figure for
a given month from that for the preceding month. This
change is converted to a simple annual rate and is meas
ured in billions of dollars.
In BCD, series 112 appears under the economic process
"money and credit." It is classified by cyclical timing as
a leader at both peaks and troughs and as a leader over
all. Monthly data are available beginning with 1945.
CONSUMER INSTALLMENT DEBT
Series 113. Net Change in Consumer Installment Debt
Series 66.
Consumer Installment Debt
Source:
Board of Governors of the Federal Reserve
System
Series 95.
Series 72.
SERIES 72 measures the average dollar amount of busi
ness loans outstanding each month. Included are data on
all loans for commercial and industrial purposes except
those secured by real estate. Loans to financial institu
tions and loans for the purpose of purchasing or carrying
securities are excluded also.
The data are based on reports to the Federal Reserve
System by approximately 320 banks. The reports include
data on the amount of commercial and industrial loans
outstanding as of each Wednesday and the amount of
loans sold outright during each week to the banks' own
foreign branches, nonconsolidated nonbank affiliates of the
banks, the banks' holding companies (if not a bank), and
consolidated nonbank subsidiaries of the holding com
panies. For BCD, a weekly series is derived by summing
the amount of commercial and industrial loans held by
banks and those sold outright, as reported to the Fed
eral Reserve System. The monthly series is the arithmetic
mean of weekly data.
Data begin in 1945, are shown as a monthly series in
BCD, and are measured in millions of dollars. Beginning
with November 1968, data are seasonally adjusted by
means of the Census X - l l seasonal adjustment program.
Prior to that date, the National Bureau of Economic
Research seasonally adjusted the data.
BCD 1977
Source:
Ratio, Consumer Installment Debt to Per
sonal Income
Board of Governors of the Federal Reserve
System; U.S. Department of Commerce, Bureau
of Economic Analysis
These series measure all short- and intermediate-term
credit used to finance the purchase of commodities and
services for personal consumption or to refinance debts
originally incurred for such purposes.
The term " c r e d i t " means an advance of purchasing
power that could be used to obtain goods and services, or
an advance of goods and services in exchange for a
promise to pay at a later date. The term "consumption"
means the process of using up goods and services as an
end to itself rather than as a stage in production. Credit
extended to governmental agencies and nonprofit or
charitable organizations, as well as credit extended to
businesses or individuals exclusively for business pur
poses, is excluded.
Installment credit includes all consumer credit held by
financial institutions and retail outlets that is scheduled to
be repaid in two or more installments. Revolving credit
and budget coupon accounts also are classified as install
ment credit. Specific categories of consumer credit in
clude automobile paper, other consumer goods paper,
personal loans, and home improvement loans. Home mort
gages are not included. Financial institutions hold nearly
90 percent of all the consumer credit outstanding, with
retail outlets holding the remainder.
The consumer credit data are based largely on compre
hensive benchmark data which become available periodic
ally. Current monthy estimates are extrapolated from the
43
latest benchmarks on the basis of sample data obtained
through the voluntary cooperation of lenders and other
credit granters. The major portion of financial institution
data is obtained from the following sources: Federal Re
serve banks, the Association of Mutual Savings Banks, and
reports of finance companies. Retail outlet data are ob
tained from Bureau of the Census surveys on sales and
accounts receivable.
SERIES 113 measures the change during the month in
the amount of consumer installment debt outstanding.
Each monthy change is determined by subtracting the
consumer installment credit repaid during the month from
the new credit extended. Credit repaid and extended are
seasonally adjusted by the Federal Reserve Board by a
modified ratio-to-moving-average method. Data begin in
1945 and are measured in billions of dollars at annual
rate.
Change in consumer installment debt appears in BCD
under the economic process "money and credit." It is
classified by cyclical timing as a leader at both peaks and
troughs, and as a leader overall.
SERIES 66 measures the total amount of consumer install
ment credit outstanding at the end of each month. Data
are published without adjustment for seasonal variation by
the Federal Reserve Board. These data are seasonally ad
justed for BCD by the National Bureau of Economic Re
search for the period January 1948 through January 1955
by Univac Method II; and the seasonally adjusted series is
carried forward from February 1955 by adding the FRB
seasonally adjusted data on net change in consumer in
stallment debt outstanding to the seasonally adjusted total
consumer installment debt outstanding for the previous
month. Data begin in 1945 and are measured in millions
of dollars.
In BCD, series 66 appears under the economic process
"money and credit." It is classified by cyclical timing as
a lagger at both peaks and troughs and as a lagger
overall.
SERIES 95 measures the amount of consumer installment
debt outstanding per dollar of personal income. It is
derived by dividing the former (series 66) by the latter
(series 52) and expressing the resulting ratio in terms of
percent. Consumer installment debt outstanding is de
scribed above. Personal income is defined as the income
received by individuals, unincorporated businesses and
nonprofit institutions. Personal income data are com
piled and seasonally adjusted by the U.S. Department of
Commerce, Bureau of Economic Analysis.
In BCD, series 95 appears under the economic process
"money and credit." It is classified by cyclical timing as
a lagger at both peaks and troughs and as a lagger over
all. Monthly data are available beginning with 1945.
44
TOTAL PRIVATE BORROWING
Series 110.
Source:
Total Funds Raised by Private Nonfinancial
Borrowers in Credit Markets
Board of Governors of the Federal Reserve
System
THIS series measures the amount of funds raised each
quarter in credit markets by households, State and local
governments, and nonfinancial businesses. Foreign bor
rowers are included also. Forms of credit covered are
security issues (including corporate stock flotations),
mortgages, consumer credit, business and farm loans
from banks, Federal loans to businesses and farms, com
mercial paper, and acceptances. All security credit and
loans to financial businesses are excluded.
Data are net figures; they consist of funds raised less
debts repaid. Figures are available beginning with 1952.
They represent millions of dollars (taken at an annual
rate) and are seasonally adjusted by the source agency.
In BCD, series 110 appears under the economic process
"money and credit." It is classified by cyclical timing as
a leader at peaks and troughs and as a leader overall.
LIABILITIES OF BUSINESS FAILURES
Series 14. Current Liabilities of Business Failures
Source: Dun & Bradstreet, Inc.
BUSINESS failure is defined as "a concern that is involved
in a court proceeding or a voluntary action that is likely to
end in loss to creditors." All industrial and commercial
enterprises that are petitioned into Federal Bankruptcy
Courts are included in the failure records. Also included
are concerns which are forced out of business through
such actions in the State courts as foreclosure, execution,
and attachments with insufficient assets to cover all
claims; concerns involved in court actions; such as, re
ceivership, reorganization, or arrangement; voluntary dis
continuances with known loss to creditors; and voluntary
compromises with creditors out of court, where obtainable.
Liabilities represent approximately current obligations.
They include all accounts and notes payable and all obli
gations, whether in secured form or not, known to be held
by banks, officers, affiliated companies, supplying com
panies, or the Government. They do not include long-term,
publicly-held obligations. Offsetting assets are not taken
into account.
Data on failures are collected throughout the 50 States
and the District of Columbia by Dun & Bradstreet reporters
who make daily checks of court records for court-action
cases. Data for noncourt cases are collected from local
credit management groups and boards of trade and by
reporters who make regular rounds of interviews and note
closings of stores leaving unpaid credit commitments.
Reporters also scan sales notices in newspapers, attach-
The Handbook of Cyclical Indicators
merits, sheriffs' sales, etc. All reports are forwarded to
New York, and the final statistics are compiled from these
reports.
Data for current liabilities of business failures begin in
1945, form a monthly series in BCD, are expressed in
millions of dollars, and are not seasonally adjusted.
In BCD, this series 14 appears under the economic
process "money and credit." It is classified by cyclical
timing as a leader at peaks, troughs, and overall.
DELINQUENT LOANS
Series 39.
Source:
Percent of Consumer Installment Loans De
linquent 3 0 Days and Over
The American Bankers Association
THIS series measures the number of delinquent bank-held
consumer installment loans as a percent of the total num
ber of bank-held consumer installment loans outstanding.
Installment loans are those requiring repayment in two
or more scheduled payments; a delinquent loan is defined
as one having an installment past due for 30 days or
more. Prior to September 1963, the data are simple aver
ages of delinquency rates for six types of consumer in
stallment loans: Personal, FHA Title I, home appliance,
automobile-direct, automobile-indirect, and property im
provement. Beginning in October 1963, the data are a
weighted average of these types of loans. Beginning in
August 1970, mobile-home loans also are included in the
data. In 1973, the survey has been expanded to include
recreational vehicles, bank card loans, and revolving
credit. A weighted average for all 8 loan types is included
also.
Each of the above types of loans falls into one of the
four principal classes of installment credit: Automobile
paper, other consumer goods paper, repair and moderni
zation loans, and personal loans. "Automobile paper" and
"other consumer goods paper" represent credit extended
for the purpose of purchasing automobiles or other con
sumer goods and, in most cases, are secured by the items
purchased. "Repair and modernization loans" includes
both FHA insured and uninsured loans made to finance
the maintenance and/or improvement of owner-occupied
dwelling units. "Personal loans" includes all other loans
for consumer purposes; such as, consolidation of con
sumer debts and payments of taxes and medical, educa
tional, or travel expenses, etc. Some personal loans are
used for the purchase of consumer goods, but, since they
are not secured by the goods, they are not reported as
commodity paper under automobile or other consumer
goods.
The survey sample for this series includes approximately
1,200 banks of all sizes randomly selected to provide
coverage in the 50 States and the District of Columbia.
Data for January 1948 through October 1964 repre
sent the delinquency rate as of the last day of each month.
BCD 1977
From December 1964 to December 1974, data represent
the percent of installment loans delinquent at the end of
bimonthly periods ending in February, April, June, August,
October, and December. Beginning in January 1975, data
are again monthly and represent the delinquency rate as
of the last day of each month.
This series is inversely related to general business fluc
tuations; i.e., it moves upward during periods of business
decline and downward during periods of business expan
sion. Data begin in 1948, are measured in percentage
points, and are seasonally adjusted by means of the Cen
sus X - l l seasonal adjustment program through 1974.
Beginning with 1975, data are seasonally adjusted by the
source agency.
In BCD, this series appears under the economic process
"money and credit." It is classified by cyclical timing as
a leader at both peaks and troughs, and as a leader
overall.
BANK RESERVES
Series 93.
Free Reserves (Member Banks Excess Re
serves Minus Borrowings)
Series 94. Member Bank Borrowings from the Federal
Reserve
Source:
Board of Governors of the Federal Reserve
System
Data on free reserves and borrowings are reported by
the approximately 5,800 banks which are members of the
Federal Reserve System. Weekly and monthly data are
averages of daily figures (closing figures for borrowings)
reported weekly to the Federal Reserve by member banks.
Beginning September 12, 1968, the amount is based on
close-of-business figures for the reserve period 2 weeks
prior to the reporting date. The monthly estimates that are
published in BCD are computed by averaging data for
weeks to date, ending on Wednesday. Data begin in 1945,
are measured in millions of dollars, and are not seasonally
adjusted.
Required reserves are minimum balances required to
be maintained by member banks pursuant to Federal Re
serve regulations. These reserve requirements, which are
changed occasionally by the Federal Reserve Board, are
specified as percents of deposit liabilities and vary by type
and amount of deposits. Prior to December 1959, the only
permissible legal reserves were balances with the Fed
eral Reserve banks; since then, the inclusion of vault cash
has been allowable.
SERIES 93 measures the difference between the excess
reserves of member banks and their borrowings from the
Federal Reserve System, or, equivalents, the difference
between member bank reserve balances and the sum of
their required reserves and their borrowings from the Sys-
45
tem. When excess reserves exceed total borrowings, the
difference is termed "free reserves." Conversely, when
total borrowings exceed excess reserves, it is termed "net
borrowed reserves." Free reserves is a partial reflection of
the credit potential of the banking system.
In BCD, series 93 appears under the economic process
"money and credit." It is classified by cyclical timing as
a leader at peaks with no classification at troughs nor
overall classification.
SERIES 94 measures the amount that member banks have
borrowed from Federal Reserve banks in order to obtain,
on a temporary basis, reserve funds needed to cover re
quired reserves. Recent actions by the FRB are making it
easier for smaller member banks to borrow. Effective
April 19, 1973, the Board's Regulation A, which governs
lending by Federal Reserve banks, has been revised to
assist smaller banks to meet the seasonal borrowing needs
of their communities.
In BCD, series 94 appears under the economic process
"money and credit." It is classified as a leader at peaks
and a lagger at troughs with no overall classification.
Such loans, which are made by a number of institutions,
including commercial banks, savings banks, savings and
loan associations, and agencies for foreign banks, nor
mally result in the transfer of ownership of reserve bal
ances that member commercial banks hold at Federal
Reserve Banks. In many cases, a Federal funds loan is
arranged diectly between two member commercial banks;
for example, a bank with excess reserves may lend part of
its Federal Reserve balances to a bank that has a shortage
of reserves.
The data for this series are monthly averages of daily
effective rates for the month. Prior to the week ending
July 25, 1973, the daily effective rate reflects the most
representative rate of the day—usually the one at which
most transactions occur. Since that time, the daily effec
tive rate is an average of the rates charged on a given
day, weighted by the volume of transactions at each rate.
Rates for weekends and holidays are considered to be the
same as for the preceding working day. Data begin in
August 1954, are measured in percentage points and are
not seasonally adjusted.
In BCD, series 119 appears under the economic process
"money and credit." It is classified by cyclical timing as
a leader at peaks and a lagger at troughs and a lagger
overall.
INTEREST RATES
Series 119.
Series 114.
Source:
Federal Funds Rate
Discount Rate on New Issues of 91-Day
Treasury Bills
Board of Governors of the Federal Reserve
System
Series 115. Yield on Long-Term Treasury Bonds
Source; U.S. Department of the Treasury
Series 116.
Source:
Yield on New Issues of High-Grade Corpo
rate Bonds
Citibank,
1948-59; U.S. Department
of the
Treasury, 1959 to date
Series 117.
Source:
Yield on Municipal Bonds, 20-Bond Aver
age
The Bond Buyer
Series 118. Secondary Market Yields on FHA Mortgages
Source: U.S. Department of Housing and Urban Develop
ment, Federal Housing
Administration
Series 67.
Bank Rates on Short-Term Business Loans,
35 Cities
Series 109. Average Prime Rate Charged by Banks
Source; Board of Governors of the Federal Reserve
System
SERIES 119 indicates the rate of interest charged on un
secured overnight loans available for use on the same day.
46
SERIES 114 measures, on a bank discount basis, the aver
age rate of interest as set in the weekly auction of new
91-day Treasury bills. In the auction, each potential buyer
specifies the price he is willing to pay and the amount of
bills he wishes to buy, and awards are made to the high
est bidders. For each week's issue, the average rate of
interest is based on the average of the prices at which
the various portions of the issue are sold. The monthly
series is the average of the four or five weekly rates for
each month. (These auction rates are not the same as
market rates, although they are similar; the latter are
rates on outstanding bills, based on dally trading q u o t a
tions.)
The auction average rate for each week is dated as of
the date of issue of the bills, normally a Thursday, even
though the auction (the time that the price decisions are
made) normally occurs on the Monday of that week (or, at
times, on Friday of the preceding week). Therefore, the
monthly average of the weekly rates sometimes includes
the results of an auction that occurred late in the preced
ing month. Information on individual issues may be found
in the Treasury Bulletin. Data, which are measured in
terms of percent, are available beginning with 1945 and
are not seasonally adjusted.
In BCD, the auction average rate, series 114, appears
under the economic process "money and credit." It is
classified by cyclical timing as a coincider at peaks, a
lagger at troughs and a lagger overall.
The Handbook of Cyclical Indicators
SERIES 115 is a measure of the average yield on fully
taxable long-term U.S. Treasury bonds. Bond yields are
computed by the U.S. Department of the Treasury based
on prices reported to it by the Federal Reserve Bank of
New York. Beginning in April 1953, they are based on a
composite of daily closing bid quotations in the New York
over-the-counter market. Before April 1953, yields were
based on the mean of the closing bid-and-ask quotations.
The monthly series represents monthly averages of
daily yields and is computed by averaging the daily yields
for all bonds which are neither due nor callable for a
specified number of years. Prior to April 1952, the re
quirement was 15 years; from April 1952 through March
1953, it was 12 years; and, since April 1953, it has been
10 years.
Data begin in 1945, are measured in percentage points,
and are not seasonally adjusted.
In BCD, this series 115 appears under the economic
process "money and credit." It is classified by cyclical
timing as a coincider at peaks, a lagger at troughs, and a
lagger overall.
FOR the period 1 9 4 8 - 5 9 , data for series 116 have been
computed by the Citibank (formerly First National City
Bank of New York). It is a weighted average of the reoffering yields on new high-grade corporate bond offerings
during the month, weighted according to the size of the
offerings. With the exception of serial bonds, convertible
debentures, equipment trust certificates, and offerings by
natural gas transmission or foreign companies, all new
public offerings rated Aaa, Aa or A by Moody's Investors
Service are included in this series. Before averaging, the
yields on Aa and A issues are adjusted to the level of the
Aaa yields. The Aa yields are adjusted by subtracting from
them the difference between Moody's average yields on
Aaa and Aa corporate bonds outstanding during the
month. The offerings rated A are treated in similar fashion.
These adjusted yields and the Aaa yields are then
weighted according to the size of the offering and
averaged.
For the more recent period, the series is an estimated
monthly average of the reoffering yields on new Aa bonds
and is based on weekly computations by the U.S. Depart
ment of the Treasury. Prior to June 1973, the series is
adjusted to reflect bonds without call protection. From
June 1973 to July 1976, the series is based on bonds
with five years call protection. Since that time the series
reflects bond yields regardless of the call protection
offered. The offerings excluded are the same as those in
the Citibank series, except for natural gas transmission
companies which are included in the Treasury data. Al
though Aa bonds are not the most common among the
quality ratings, they are numerous enough to provide a
meaningful series. The limitation of this segment to such
bonds, using a 3-week moving average, produces a series
which follows closely the movements of the Citibank series
but is smoother.
BCD 1977
Data begin in 1948 and are shown as a monthly series
in BCD. They are measured in percentage points and are
not seasonally adjusted.
In BCD, series 116 appears under the economic process
"money and credit." It is classified by cyclical timing as
a lagger at both peaks and troughs and as a lagger over
all.
SERIES 117 consists of monthly averages of the Bond
Buyer weekly index of 20 new municipal bonds. This index
is an average of the market values (yields) of general obli
gation bonds of 20 issuing bodies (States, cities, school
districts). The computations do not necessarily involve a
specific issues; the yields used are those applicable to
bond selling near par with about 20 years to maturity.
The ratings of the issues used in the index are all in the
top four classifications, according to Moody's Investors
Service, and are concentrated in the second and third
classes. Substitutions occasionally have been made in the
list of components to keep the index abreast of the market.
Data are available beginning with 1948 and are meas
ured in terms of percent. They are not seasonally adjusted.
In BCD, series 117 appears under the economic process
"money and credit." It is classified by cyclical timing as
a lagger at troughs and overall. It is unclassified at peaks.
SERIES 118 is derived monthly from a national average of
secondary market prices for FHA-insured new-home mort
gages. Prices are based on opinion reports from FHA
field offices on transactions in their market areas as of
the first of each month.
Since July 1 9 6 1 , yields in this series are based on
mortgages which have an original maturity of 30 years,
are assumed to be prepaid in 15 years, and carry FHA's
maximum permissible interest rate. For the prior period,
they are based on an original term of 25 years for mort
gages assumed to be prepaid in 12 years and also carry
ing FHA's interest rate.
Transactions are for immediate delivery in the second
ary market and exclude seasoned mortgages or deliveries
to the Federal National Mortgage Association. Prices used
are after discounts, commitment fees, and other charges.
Before 1956, prices represent typical transactions; begin
ning with 1956, they represent new-home mortgages, first,
with a 25-year maturity and a 10 percent downpayment
and, after July 1 9 6 1 , with a 30-year maturity and the mini
mum downpayment. Before March 1956, the national
average prices are unweighted; subsequently, the price
data have been weighted to reflect the probable volume
of transactions in each office area.
Data are available beginning with 1949 and are meas
ured in terms of percent^They are not seasonally adjusted.
In BCD, series 118 appears under the economic process
"money and credit." It is classified by cyclical timing as a
lagger at peaks, troughs, and overall.
47
THIS series 67 represents the weighted average of interest
rates charged on new short-term (1 year or less) business
loans or renewals.
For the period 1948 through 1966, data represent the
average rate charged on loans or renewals in 19 cities
during the first 15 days of March, June, September, and
December. Averages (weighted by the relative importance
of loan-size groups in loan portfolios of reporting banks
and business loans volume outstanding on November 20,
1946) have been taken for each of four loan-size groups
and combined to obtain a combined average interest rate.
The survey includes loan sizes of $1,000 to $9,999;
$10,000 to $99,999; $100,000 to 199,999; and $200,000 and over in 66 banks.
The survey has been revised in 1967 to include 126
banks in 35 cities. In addition, the reporting period is
shifted to the first 15 days of February, May, August and
November; business installment loans and loans to foreign
businesses are dropped; and loan-size categories are re
vised to take account of the upward shift in the size of
business loans. The new loan sizes are $1,000 to $9,999;
$10,000 to $99,999; $100,000 to $499,999; $500,000
to $999,999; and $1,000,000 and over.
The latest revision in this series took place in February
1 9 7 1 . This revision shortens the reporting period for most
banks to the first 7 business days in each survey month,
eliminates accounts-receivable loans from the survey,
introduces new weights, and refines calculation pro
cedures.
Quarterly data begin in 1948. They are measured in
percentage points and are not seasonally adjusted.
In BCD, series 67 appears under the economic process
"money and credit." It is classified by cyclical timing
as a lagger at both peaks and troughs and as a lagger
overall.
Further information concerning this series may be
found in the March 1949, May 1967, and June 1971
issues of the Federal Reserve Bulletin.
the total number of days. Data begin in 1945, are meas
ured in percentage points, and are not seasonally adjusted.
In BCD, series 109 appears under the economic process
"money and credit." It is classified by cyclical t i m i n g as a
lagger at both peaks and troughs and as a lagger overall.
DIFFUSION INDEX OF PROFITS
Series 969.
Source:
Diffusion Index of Profits, Manufacturing—
About 1,000 Corporations
Citibank (New York)
THIS index measures the number of manufacturing cor
porations which have reported increased profits over 1and 4-quarter spans. Reports from approximately 1,000
manufacturing corporations are tabulated by Citibank's
Economics Department, which computes the diffusion
index showing the percentage of corporations reporting
increased profits over the timespan. Data reflect only the
direction of change, not the magnitude of change. For
diffusion index purposes, one-half the components listed
as showing no change are counted as increasing. Data for
the 1-quarter span index are available beginning with
1950 and are seasonally adjusted by the Bureau of Eco
nomic Analysis and the National Bureau of Economic
Research. Earlier data for 1923-49, compiled from Citi
bank tabulations by Thor Hultgren of NBER, appear in
Geoffrey H. Moore, Business Cycle Indicators, Volume II,
pages 159-160.
In BCD, series 969 appears under the economic process
"diffusion indexes." It is not classified as a cyclical
indicator.
DUN & BRADSTREET DIFFUSION INDEXES
Series 9 7 1 .
SERIES 109 indicates the interest rate that banks charge
their most credit-worthy business customers on shortterm loans. The prime rate is the base from which rates
charged on loans to other business customers are scaled
upward. The prime rate is not as sensitive as rates on
money market instruments which fluctuate daily in re
sponse to short-term changes in supply and demand.
Rather, its movements tend to be infrequent, changing
only by increments of at least one quarter of a percentage
point. Major banks currently tend to change their prime
rate in response to increasing differentials with selected
open market money rates.
The data for this series are monthly averages computed
by multiplying the "predominant" prime rate (the rate
charged by the majority of 3 0 large money market banks)
in effect each day during a month by the number of days
it was in effect, summing these products, and dividing by
48
Series 972.
Series 973.
Series 974.
Series 975.
Series 976.
Series 977.
Diffusion Index of New Orders, Manufac
turing—About 700 Businessmen Reporting
Diffusion Index of Net Profits, Manufactur
ing and Trade—About 1,400 Businessmen
Reporting
Diffusion Index of Net Sales, Manufactur
ing and Trade—About 1,400 Businessmen
Reporting
Diffusion Index of Number of Employees,
Manufacturing and Trade—About 1,400
Businessmen Reporting
Diffusion Index of Levels of Inventories,
Manufacturing and Trade—About 1,400
Businessmen Reporting
Diffusion Index of Selling Prices, Manufac
turing—About 700 Businessmen Reporting
Diffusion Index of Selling Prices, Wholesale
Trade—About 4 5 0 Businessmen Reporting
The Handbook of Cyclical Indicators
Series 978.
Source:
Diffusion Index of Selling Prices, Retail
Trade—About 250 Businessmen Reporting
Dun & Bradstreet, Inc.
THESE series are based on a percentage distribution of
businessmen's actual and expected levels of new orders,
net profits, net sales, employment, inventories, and selling
prices relative to levels a year ago. Business executives
are asked to report quarterly to Dun & Bradstreet, for
each of the above measures, the level of the preceding
quarter relative to that of the corresponding quarter 1
year earlier and the expected level for the coming quarter
compared with the corresponding quarter 1 year earlier.
The series presented here represent the percentage re
porting (or expecting) an increase plus one half of the per
centage reporting (or expecting) no change.
The series on net profits, net sales, number of employ
ees, and level of inventories (series 972, 973, 974, and
975 respectively) cover all concerns (i.e., manufacturers,
wholesalers, and retailers). Data for new orders (series
976, 977, and 971) refer to manufacturers only. Selling
price data (series 978) are shown separately for manu
facturers, wholesalers, and retailers. Data for all series
are available beginning with 1950 and are not seasonally
adjusted.
In BCD, these series are analytical measures and ap
pear under "diffusion indexes." They are not classified
as cyclical indicators.
GROSS NATIONAL PRODUCT
Series 200. Gross National Product in Current Dollars
Series 200b. Difference in Gross National Product in
Current Dollars
Series 200c. Percent Change in Gross National Product
in Current Dollar
Series 50.
Gross National Product in 1972 Dollars
Series 50b. Difference in Gross National Product in
1972 Dollars
Series 50c.
Percent Change in Gross National Product
in 1972 Dollars
Series 310. Implicit Price Deflator, Gross National
Product
Series 310c. Percent Change in the Implicit Price De
flator, Gross National Product
Series 217. Per Capita Gross National Product in 1972
Dollars
Series 213. Final Sales (Series 50 Minus Series 30) in
1972 Dollars
Source:
U.S. Department of Commerce, Bureau of Eco
nomic Analysis
Gross national product (GNP) is the most comprehen
sive single measure of aggregate economic output. It
represents the market value of the total output of goods
and services produced by the Nation's economy before
deduction of depreciation charges and other allowances
BCD 1977
for business and institutional consumption of fixed cap
ital goods. Output is measured by summing the expen
ditures involved in obtaining final goods and services by
the ultimate investors or consumers. Thus, GNP is the
total of personal consumption expenditures; gross private
domestic investment, including change in business inven
tories; net exports of goods and services; and government
purchases of goods and services. (For a detailed descrip
tion of each of these categories, see the appropriate
category in this Handbook.)
GNP measures the output resulting from the labor and
property supplied by the Nation's residents (including
Alaska and Hawaii, beginning with 1960). In addition to
domestic production, GNP also includes profits repatriated
from foreign branches of U.S. businesses, earnings of
American employees of foreign governments and inter
national agencies stationed in the United States, and
interest and dividends paid by foreigners to Americans;
and it excludes profits repatriated from U.S. branches of
foreign businesses and interest and dividends paid by
Americans to foreigners.
Hundreds of detailed economic series are used by the
Bureau of Economic Analysis in deriving GNP. These
series are evaluated and adjusted and then combined to
form the components upon which GNP is based.
SERIES 200 measures the total current-dollar value of
GNP, as described above. Data are available beginning
with 1909 annually and 1946 quarterly. Quarterly data
are seasonally adjusted and are expressed at annual rates.
In BCD, series 200 appears under the economic category
"GNP and personal income." It is not classified as a
cyclical indicator.
Series 200b measures the year-to-year and quarter-toquarter differences in series 200. Data for this series are
shown in the BCD table "GNP and personal income" ( A l )
only; they are not shown in graphic form.
Series 200c measures the percent change in series
200 from year to year and quarter to quarter. Quarterly
percent changes are expressed as annual rates. Data for
this series are shown in the BCD table "GNP and personal
income" only; they are not shown in graphic form.
SERIES 50 measures the value of real GNP. Quarterly
data are seasonally adjusted and are expressed at annual
rates. It is derived by dividing components of currentdollar GNP by appropriate price indexes in as fine a break
down as practicable. Seasonal variations are removed from
the price series used.
Data are available beginning with 1909 annually and
1947 quarterly. In BCD, series 50 appears under the
economic processes "production and income" and "GNP
and personal income." It is classified by cyclical timing
as a coincider at peaks, troughs, and overall.
Series 50b measures year-to-year and quarter-to-quar
ter differences in series 50. Data for this series are shown
49
in the BCD table "GNP and personal income" ( A l ) only;
they are not shown in graphic form.
Series 50c measures the percent change in series 50
from year to year and quarter to quarter. Quarterly per
cent changes are expressed as annual rates. Data for this
series are shown in the BCD table "GIMP and personal
income" ( A l ) and in the chart "rates of change."
Data are available beginning with 1929 annually and
1947 quarterly. In BCD, series 213 appears under the
economic category "GIMP and personal income." It is not
classified as a cyclical indicator.
SERIES 3 1 0 is obtained as the ratio of current-dollar GNP
(series 200) divided by constant dollar GNP (series 50).
The deflator measures the average price change of a given
period's output in relation to base-year prices. This series
is not actually used to deflate GNP, but rather is a by
product of the process of deflating GNP components on
a disaggregated basis utilizing detailed price indexes.
Quarterly implicit price deflators reflect seasonal adjust
ments.
Series 310c measures the percent change in series
310 from year to year and quarter to quarter. Quarterly
percent changes are expressed as annual rates.
Data for series 310 and 310c are available beginning
with 1909 annually and 1947 quarterly. Series 310 is in
the form of an index: 1 9 7 2 = 1 0 0 . In BCD, these series
appear under the economic category "price movements."
They are not classified as cyclical indicators.
Series 230.
SERIES 217 measures the per capita constant-dollar GNP.
It is computed by dividing series 50 by the total U.S. popu
lation. Residents of the 50 States and the District of
Columbia are included; but residents of Puerto Rico,
residents of the outlying areas under U.S. sovereignty or
jurisdiction, and other American citizens living overseas
are not. Members of the Armed Forces stationed in
foreign countries and in the outlying areas are included,
although dependents living with them are not. Population
estimates for the first of each month are released monthly
by the Bureau of the Census. A midquarter population
estimate is obtained by averaging the estimates for the
beginning of the second and third months of a given quar
ter. That average is then divided into the GNP data for
that quarter to form series 217.
Data are available beginning with 1909 annually and
1947 quarterly. In BCD, series 217 appears under the
economic category "GNP and personal income." It is not
classified as a cyclical indicator.
SERIES 213 measures that part of gross national product
which is sold to final users during the period and excludes
the change in business inventories. Thus, "final sales" is
the sum of personal consumption expenditures, gross
private domestic fixed investment, net exports of goods
and services, and government purchases of goods and
services. Series 213 is computed by subtracting change
in business inventories in 1972 dollars (series 30) from
GNP in 1972 dollars (series 50).
50
PERSONAL CONSUMPTION EXPENDITURES
Personal Consumption Expenditures, Total,
in Current Dollars
Series 2 3 1 . Personal Consumption Expenditures, Total,
in 1972 Dollars
Series 235. Personal Consumption Expenditures, Total,
As a Percent of Gross National Product
Series 232. Personal Consumption Expenditures, Dur
able Goods, in Current Dollars
Series 233. Personal Consumption Expenditures, Dur
able Goods, in 1972 Dollars
Series 55.
Personal Consumption Expenditures, Auto
mobiles
Series 236. Personal Consumption Expenditures, Non
durable Goods, in Current Dollars
Series 238. Personal Consumption Expenditures, Non
durable Goods, in 1972 Dollars
Series 237. Personal Consumption Expenditures, Serv
ices, in Current Dollars
Series 239. Personal Consumption Expenditures, Serv
ices, in 1972 Dollars
Source: U.S. Department of Commerce, Bureau of Eco
nomic Analysis
"Personal consumption expenditures" (PCE) measures
the market value of goods and services purchased by in
dividuals and nonprofit institutions and the value of food,
clothing, and financial services received in kind by indi
viduals. The total purchase cost, including general sales
taxes but exclusive of finance charges, is included in the
period when the transaction takes place, regardless of
when payments are made. The estimated rental value of
owner-occupied homes is included, but home purchases
(which are classified as gross private domestic invest
ment) are not.
Personal consumption expenditures for goods and
services are estimated for benchmark years as final de
mand components of the input-output table computed by
the Bureau of Economic Analysis. Estimates of consump
tion expenditures for goods for years between and beyond
benchmarks and quarterly consumption expenditures esti
mates rest chiefly on the trends shown by the Census
Bureau's retail sales figures by kind of store, quantity
series and price information, and other data from gov
ernment and nongovernment sources.
Periodic comprehensive sources, notably the censuses
of population and housing, business, and agriculture pro
vide underlying data for components that constitute about
half the dollar value of consumer services. This informa
tion is supplemented by comprehensive annual reports of
government agencies as well as annual data made avail-
The Handbook of Cyclical Indicators
able from private sources. Similar source data, though
much less detailed in scope, together with data from the
Census monthly selected services receipts, are used to
derive quarterly estimates of consumer expenditures for
services.
Personal consumption expenditures in 1972 dollars
are obtained by deflating the current-dollar series by ap
propriate price indexes. The indexes include components
of the consumer price index compiled by the Bureau of
Labor Statistics and other price information.
Data for all current-dollar PCE series are available be
ginning with 1946; constant-dollar data begin in 1947.
Data are measured in billions of dollars, annual rate, and
are seasonally adjusted by the source agency. With the
exception of series 55, the PCE series are not cyclical
indicators and appear under "personal consumption ex
penditures" in BCD.
SERIES 230 and 231 measure PCE for all of the items
described above in current and constant dollars.
SERIES 235 measures the portion of total GNP which
consists of personal consumption expenditures. It is com
puted by dividing series 230 by series 200 (total GNP)
and expressing the result in terms of percent. In BCD,
it appears under the category "shares of GNP and na
tional income."
SERIES 232 and 233 measure purchases of goods which
generally have a useful life of 3 or more years. This
includes such items as automobiles, furniture, and house
hold appliances.
SERIES 55 is a component of series 232. It covers pur
chases of new cars; net purchases of used cars; and pur
chases of automobile tires, accessories, and parts. In BCD,
series 55 appears under the economic process "con
sumption, trade, orders, and deliveries." It is classified
by cyclical timing as a leader at peaks, a coincider at
troughs, and a coincider overall.
SERIES 236 and 238 measure purchases of goods which
generally have a useful life of less than 3 years. This in
cludes; such items, as food, clothing, gasoline, etc.
SERIES 237 and 239 measure purchases of services;
such as, housing and household operation, transporta
tion, and medical care.
BCD 1977
GROSS PRIVATE DOMESTIC INVESTMENT
Series 240.
Gross Private Domestic Investment, Total,
in Current Dollars
Series 2 4 1 . Gross Private Domestic Investment, Total,
in 1972 Dollars
Series 242. Gross Private Domestic Fixed Investment,
Total, in Current Dollars
Series 243. Gross Private Domestic Fixed Investment,
Total, in 1972 Dollars
Series 245. Gross Private Domestic Investment, Change
in Business Inventories, All Industries, in
Current Dollars
Series 30.
Gross Private Domestic Investment, Change
in Business Inventories, All Industries, in
1972 Dollars
Series 86.
Gross Private Domestic Fixed Investment,
Total Nonresidential, in 1972 Dollars
Series 87.
Gross Private Domestic Fixed Investment,
Nonresidential Structures, in 1972 Dollars
Series 88.
Gross Private Domestic Fixed Investment,
Nonresidential Producers' Durable Equip
ment, in 1972 Dollars
Series 89.
Gross Private Domestic Fixed Investment,
Total Residential, in 1972 Dollars
Series 247. Gross Private Domestic Investment, Change
in Business Inventories, All Industries, As
a Percent of Gross National Product
Series 248. Gross Private Domestic Fixed Investment,
Nonresidential, As a Percent of Gross Na
tional Product
Series 249. Gross Private Domestic Fixed Investment,
Residential, As a Percent of Gross National
Product
Source:
U.S. Department of Commerce, Bureau of Eco
nomic Analysis
Gross private domestic investment (GPDI) measures
the net acquisition of fixed capital (excluding land) by
private business and nonprofit institutions, the net ac
quisition of owner-occupied and tenant-occupied hous
ing by households, commissions arising in the purchase of
new and existing fixed assets by the household and busi
ness sectors, and the value of the change in the volume
of inventories held by business. Mobile homes as well
as fixed-site structures are included. Private investment
is differentiated from public expenditures (Federal, State,
and local) on the basis of ownership, not the source of
finance. Investment is " g r o s s " in that capital consump
tion allowances are not deducted. Fixed capital goods
includes structures and producers' durable equipment
and excludes the change in business inventories.
"Producers' durable equipment" measures equipment
expenditures by private business which are chargeable to
fixed asset accounts and for which depreciation accounts
normally are maintained by businesses. It includes all
machinery with an expected economic life of more than
1 year that is normally charged to capital accounts by
51
businesses. Transportation equipment
(automobiles,
trucks, etc.), furniture and fixtures, engines and turbines,
instruments, and other types of machinery and equipment
are included. Producers' durable equipment also includes
purchases of used equipment from government and
dealers' margins on the sale of used equipment, but it is
reduced to exclude net exports of used equipment and
sales of scrapped equipment.
"Nonresidential structures" includes the construction
of privately-owned nonresidential buildings, farm struc
tures, public utilities, and other types of structures in
cluding necessary service facilities; such as, plumbing,
heating, and elevators. The exploration and development
of oil and gas wells and mine shafts, commissions aris
ing in the sale of new and existing structures, and net
purchases of structures from government are included.
The value of structures also covers certain types of per
manent equipment; such as, blast furnaces and nuclear
reactors, which are primarily built onsite.
"Residential structures" includes the construction of
(and additions or alterations to) both housekeeping and
nonhousekeeping residential buildings, including neces
sary service facilities such as plumbing, heating, and
elevators. Nonhousekeeping residential buildings consist
of hotels, motels, dormitories, and similar facilities. Net
purchases of residential structures from government and
commissions arising in the sale of new and existing
structures are included.
"Change in business inventories" measures the change
in the physical volume of inventories valued at average
prices during the period. Both farm and nonfarm inven
tories are included. Nonfarm inventories include pur
chased materials, supplies, goods in process, and fin
ished goods.
Gross private domestic investment data are part of
the national income and product accounts compiled by
the Bureau of Economic Analysis. Beginning with 1960,
data include estimates for Alaska and Hawaii. Quarterly
data for these series, which are seasonally adjusted by
the source agency, are available beginning with 1946 in
current dollars and with 1947 in constant (1972) dollars.
The 1972-dollar series are derived principally by divid
ing components of the seasonally adjusted current-dollar
series by appropriate price indexes, in as fine a break
down as possible, and then summing the deflated com
ponents. Many seasonally adjusted price indexes, with
1972 as the base year, are used directly or are combined
into composites to deflate the various components. The
quarterly results obtained are adjusted to the annual
constant-dollar figures, which are prepared in greater
detail.
SERIES 240 and 241 are measures of total private do
mestic investment—the sum of producers' durable equip
ment, residential and nonresidential structures, and the
change in business inventories. Deflation of the currentdollar series is carried out by dividing seasonally adjusted
52
components, in as fine a breakdown as possible, by ap
propriate seasonally adjusted price indexes, and then
summing the deflated components. In BCD, both series
240 and 241 appear under the economic process "gross
private domestic investment." They are not classified as
cyclical indicators.
SERIES 242 and 243 are measures of the fixed portion
of total private domestic investment—the sum of pro
ducers' durable equipment, residential structures, and
nonresidential structures. The deflated series (series
243) is computed in the same way as series 2 4 1 above.
In BCD, both series 242 and 243 appear under the eco
nomic process "gross private domestic investment." They
are not classified as cyclical indicators.
SERIES 245 and 30 measure the change in the physical
volume of inventories valued at the average price for the
current period (series 245) or the average price for the
base period (series 30). Composite price indexes, con
structed from about 150 components of the wholesale
price index, are used to deflate the book value of nonfarm inventories for about 50 industrial and trade cate
gories. The deflated change in these inventories, which
make up the nonfarm component of series 3 0 , is reflated
to arrive at the current value of the change in physical
volume of nonfarm inventories for series 245. Farm in
ventories, which are calculated at average prices during
the period, need no valuation adjustment for the cur
rent-dollar series. They are deflated by wholesale price
indexes to form the constant-dollar series. Nonfarm and
farm business inventories are summed in both constant
and current dollars to form series 30 and 245, respec
tively.
In BCD, series 30 appears under the economic process
"inventories and inventory investment." It is classified
by cyclical timing as a leader at peaks, troughs, and over
all. Series 245 appears under the economic process
"gross private domestic investment." It is not classified
as a cyclical indicator.
SERIES 86 is equal to the sum of producers' durable
equipment, 1972 dollars (series 88) and nonresidential
structures, 1972 dollars (series 87). In BCD, series 86
appears under the economic process "fixed capital in
vestment." It is classified by cyclical timing as a coincider
at peaks, a lagger at troughs, and a coincider overall.
SERIES 87 is the constant-dollar value of nonresidential
structures investment. Current-dollar data are derived
from figures on new construction put in place compiled
by the Bureau of the Census and from other sources. The
current-dollar series is deflated to 1972 dollars separately
by type of structure using a selection of construction cost
and price indexes. (For further information, see the Au-
The Handbook of Cyclical Indicators
gust 1974 Survey of Current Business, pp. 18-26.) The
deflated components are then summed to form series 87.
In BCD, this series appears under the economic process
"fixed capital investment." It is classified by cyclical tim
ing as a lagger at peaks, troughs, and overall.
THE current-dollar series 88, defined above, is deflated
principally by use of wholesale price indexes compiled
by the Bureau of Labor Statistics. In 1974, an improve
ment in the deflation process has been introduced, lag
ging the price indexes used in the deflation to represent
deliveries for a given month rather than orders taken in
that month. (For a further explanation, see the July 1975
Survey of Current Business, pp. 20-23.) In BCD, series 88
appears under the economic process "fixed capital invest
ment." It is classified by cyclical timing as a coincider at
peaks, a lagger at troughs, and a coincider overall.
SERIES 89 consists of the constant-dollar residential
structures component of GPDI. The current-dollar series
is deflated using the Census Bureau's price index for
single-family housing (excluding land) except for mobile
homes which is deflated using the wholesale price index
for mobile homes. In BCD, series 89 appears under the
economic process "fixed capital investment." It is classi
fied by cyclical timing as a leader at peaks, troughs, and
overall.
SERIES 247, 248, and 249 measure the share of GNP
held by the 3 major components of GPDI. The series are
computed by dividing current-dollar inventory change
(series 245), current-dollar nonresidential GPDI, and
current-dollar residential GPDI, respectively, by currentdollar gross national product (series 200) and expressing
the resulting ratio in terms of percent. GNP is defined as
the market value of the total output of goods and services
produced by the Nation's economy, before deduction of
depreciation charges and other allowances for business
and institutional consumption of durable capital goods.
Series 247, 248, and 249 appear under the economic
process "shares of GNP and national income." They are
not classified as cyclical indicators in BCD.
GOVERNMENT PURCHASES OF GOODS
AND SERVICES
Series 260.
Series 261.
Series 262.
Series 263.
BCD 1977
Government Purchases of Goods
ices, Total, in Current Dollars
Government Purchases of Goods
ices, Total, in 1972 Dollars
Federal Government Purchases
and Services in Current Dollars
Federal Government Purchases
and Services in 1972 Dollars
and Serv
and Serv
of Goods
of Goods
Series 564.
Federal Government Purchases of Goods
and Services for National Defense
Series 265. Federal Government Purchases of Goods
and Services As a Percent of Gross Na
tional Product
Series 266. State and Local Government Purchases of
Goods and Services in Current Dollars
Series 267. State and Local Government Purchases of
Goods and Services in 1972 Dollars
Series 268. State and Local Government Purchases of
Goods and Services As a Percent of Gross
National Product
Source: U.S. Department of Commerce, Bureau of Eco
nomic Analysis
"Federal Government purchases of goods and services"
is estimated quarterly and is based essentially on the
"Monthly Treasury Statement of Receipts and Expendi
tures" (MTS) issued by the U.S. Department of the Trea
sury. However, since the total of budget outlays reported
in this publication includes outlays not included in pur
chases of goods and services, excludes other outlays in
cluded in purchases, and is on a different timing basis,
numerous adjustments must be made. The principal out
lay deductions are for transfer payments, grants-in-aid
to State and local governments, interest paid, subsidies,
the current surplus of government enterprises, loans, and
other financial transactions. The principal outlay addi
tions are for off-budget agencies, such as the U.S. Postal
Service. The principal timing difference is for national
defense purchases, which are measured mainly on a de
livery basis in the NIPA in contrast to a cash disburse
ments basis in the MTS.
"State and local government purchases of goods and
services" is derived primarily on the basis of annual
"State government finances," "governmental finances,"
"city government finances," "historical statistics on gov
ernment finances and employment," and other reports
of the Governments Division and the Construction Statis
tics Division of the Bureau of the Census. The estimates
are derived by subtracting from total State and local gov
ernment expenditures, as reported in "government fi
nances," those outlays that do not represent direct pur
chases; such as, transfer payments, interest paid, and
purchases of land. Outlays for goods and services that are
netted out of total expenditures in "governmental fi
nances," namely government contributions to self-admin
istered insurance funds, are added back as a part of gen
eral government employee compensation. The quarterly
estimates of State and local government purchases are
based primarily on independent State and local payroll
and construction data as compiled by BEA and the Bureau
of the Census.
In computing the constant-dollar government purchases
series, an attempt is made to approximate specifica
tion pricing for the value added by general govern
ment, which is measured by the compensation of govern
ment employees. For the Federal Government, indexes
(1972=100) of employee-hours in the various Civil Serv-
53
ice and wage board grades are given weights that are pro
portional to 1972 payrolls in those grades. The rationale
of this weighting system is that average pay by grade re
flects such factors as experience and education. The pro
cedure is modified to eliminate differences in average pay
that do not reflect differences in these factors. Constantdollar compensation for military employees is obtained
by weighting indexes of employment in the various ranks
of officers and enlisted men by 1972 payrolls in those
ranks. For State and local noneducation government em
ployees, unweighted employee-hours are adjusted by use
of information relating to Federal civilian employees. For
elementary and secondary school teachers, indexes of
employee-hours cross-classified by educational attainment
and experience are given weights proportional to payrolls
in those cross-classifications. For teachers in higher edu
cation, the weighting system takes into account only dif
ferences in educational attainment. The weighting system
for nonteaching employees takes into account occupa
tional categories.
The methodology for obtaining constant-dollar govern
ment purchases from business incorporates information
on prices and product composition of government pur
chases. In some cases, price information that relates di
rectly to the kinds of goods and services purchased is
obtained from government agencies. Detail on the product
composition of government purchases permits a matching
of current-dollar purchases with the price indexes used
to convert them into constant dollars. For the Federal
Government, this information is derived from the records
on contracts awarded by the U. S. Department of Defense,
General Service Administration, and certain other agen
cies. For State and local government, incorporation of in
formation underlying the 1963 and 1967 input-output
tables on the industry distribution of the several func
tional categories of purchases serves a similar purpose.
Data for all the current-dollar series shown in BCD are
available beginning with 1946; the constant-dollar data
begin with 1947. None of the government purchases
series are classified as cyclical indicators in BCD.
SERIES 260 and 261 measure the value of government
purchases by Federal, State, and local governments in
current and constant dollars. Data are measured in bil
lions of dollars at annual rate. Both series appear under
the economic process "government purchases of goods
and services."
SERIES 262 and 263 measure the value of purchases by
the Federal Government in current and constant dollars.
Data are measured in billions of dollars at annual rate.
In BCD, both series are classified under the economic
process "government purchases of goods and services."
SERIES 564 measures the value of Federal Government
purchases related to the national defense. The activities
54
included under the "national defense" classification are
(1) U. S. Department of Defense military functions, (2)
military assistance to other nations, (3) development and
control of atomic energy, and (4) stockpiling and certain
other defense-related activities. Data are measured in
billions of dollars at an annual rate. In BCD, series 564
appears under the category "defense indicators."
SERIES 265 measures the percentage of GNP (series
200) that consists of Federal Government purchases
(series 262). GNP represents the market value of the
total output of goods and services produced by the Na
tion's economy. In BCD, series 265 appears under the
category "shares of GNP and national income."
SERIES 266 and 267 measure the value of purchases of
State and local governments in current and constant dol
lars. Data are measured in billions of dollars at annual
rate. In BCD, both series appear under the economic
process "government purchases of goods and services."
SERIES 268 measures the percentage of GNP (series
200) that consists of State and local government pur
chases (series 266). GNP represents the market value of
the total output of goods and services produced by the
Nation's economy. In BCD, series 268 appears under the
category "shares of GNP and national income."
IMPORTS AND EXPORTS OF GOODS
AND SERVICES
Series 252.
Exports of Goods and Services in Current
Dollars; National Income and Product ac
counts
Series 256.
Exports of Goods and Services in 1972
dollars; National Income and Product Accounts
Series 253. Imports of Goods and Services in Current
Dollars; National Income and Product Ac
counts
Series 257. Imports of Goods and Services in 1972 Dol
lars; National Income and Product Accounts
Series 250. Net Exports of Goods and Services in Cur
rent Dollars; National Income and Product
Accounts
Series 255. Net Exports of Goods and Services in 1972
Dollars; National Income and Product Ac
counts
Series 2 5 1 . Net Exports of Goods and Services As a
Percent of Gross National Product
Source:
U.S. Department of Commerce, Bureau of Economic Analysis
The Handbook of Cyclical Indicators
The following series are part of BEA's national income
and product accounts. Included in the export data are
merchandise exports, military sales of goods and services
to foreigners, income on U.S. investments abroad, and
exports of "other services."
The merchandise import and export data are based on
official U.S. foreign trade statistics (compiled by the
Bureau of the Census) with certain adjustments for valua
tion, coverage, and timing. Imports and exports of the
U.S. Department of Defense and military grant shipments
are deducted from the Census Bureau data, and imports
and exports of silver and nonmonetary gold are added.
Trade (exports and imports) between U.S. territories and
foreign countries is also added to the Census Bureau data.
Military sales of goods and services (exports) represent
deliveries by U.S. military agencies to foreign countries
under sales contracts. Military expenditures for goods and
services (imports) represent expenditures by military per
sonnel in foreign countries and expenditures by the Armed
Forces for their own use abroad and for transfer to our
allies.
The investment income portion of imports includes
dividends, interest, and branch profits paid on foreign
direct investments in the United States, as well as interest
and dividends on U.S. private securities, bank deposits,
and other assets held by foreigners in the United States.
U.S. withholding taxes and the foreign share in reinvested
earnings of their U.S. subsidiaries are not included. The
investment income portion of exports includes dividends,
interest, and branch profits received by U.S. corporations
from their foreign affiliates; dividends and interest on
foreign securities held by U.S. residents; interest on bank
and commercial loans; and interest received by the U.S.
Government on loans to foreign countries. Foreign taxes
and the U.S. share in undistributed earnings of their
foreign affiliates are excluded.
"Other services" imports consist of payments for trans
portation, travel, royalties and fees, miscellaneous private
payments, and miscellaneous Government expenditures.
Exports consist of receipts from transportation; foreign
visitors to the United States; royalties and fees; miscel
laneous private services; and services rendered by the
U.S. Government, whether paid in cash or provided under
Government assistance programs.
The 1972-dollar series shown in BCD are computed
mainly by deflating the current-dollar series by unit-value
indexes for merchandise exports and imports prepared
by the Census Bureau.
The series shown in BCD come from two separate ac
counts: the national income and products accounts (NIPA
" 2 0 0 " series) and the U.S. international transaction ac
counts ( " 6 0 0 " series). Quarterly data for all the currentdollar series are available beginning with 1946; quarterly
constant-dollar data are available beginning with 1947.
In BCD, the NIPA series appear under the category
"foreign t r a d e " and the international transactions data
appear under "goods and services movements (excluding
BCD 1977
transfers under military grants)." None of the foreign
trade series are classified as cyclical indicators in BCD.
SERIES 252 and 256 measure the total value of exports,
as defined above, in current and constant dollars. These
series are part of the national income and product ac
counts.
SERIES 253 and 257 measure the total value of imports,
as defined above, in current and constant dollars and are
part of the national income and product accounts.
SERIES 250 and 255 measure the value of net exports
from the United States in current and constant dollars
and are part of the national income and product accounts.
Net exports are equal to the difference between exports
and imports, or, series 252 minus series 253 for current
dollars and series 256 minus series 257 for constant
dollars.
SERIES 251 measures the proportion that net exports of
goods and services represents of gross national product
(GNP)—series 200. GNP represents the market value of
the total output of goods and services produced by the
Nation's economy. In BCD, series 2 5 1 appears under the
category "shares of GNP and national income."
NATIONAL INCOME
Series 220. National Income in Current Dollars
Source:
U.S. Department of Commerce, Bureau of Eco
nomic Analysis
National income is defined as the aggregate earnings of
labor and property arising from the current production of
goods and services by the Nation's economy. These earn
ings are recorded in the forms in which they accrue to
residents of the Nation, before taxes on the earnings.
National income is the sum of five major components:
Compensation of employees (series 280), proprietors'
income with IVA and CCAdj (series 282), rental income
of persons with CCAdj (series 284), corporate profits with
IVA and CCAdj (series 286), and net interest (series 288).
For a further description of these components, see the
individual series.
National income measures total output in terms of
payments to the factors of production. It differs from
GNP (series 200), in that it excludes depreciation and
other capital consumption allowances, indirect taxes (e.g.
sales and excise taxes), business transfer payments, and
the current surplus of government enterprises. Subsidies
are included.
55
Data include estimates for the 50 States and the Dis
trict of Columbia; prior to 1960, Alaska and Hawaii are
excluded.
Data are available beginning with 1946 and are meas
ured in billions of dollars, annual rate. They are compiled
from component series.
In BCD, series 220 appears under the category
"national income and its components." It is not classified
as a cyclical indicator.
COMPENSATION OF EMPLOYEES
Series 280.
Series 64.
Source:
Compensation of Employees
Compensation of Employees As a Percent
of National Income
U.S. Department of Commerce, Bureau of Eco
nomic Analysis
Series 345.
Index of Average Hourly Compensation, All
Employees, Nonfarm Business Sector
Series 345c. Percent Change in Average Hourly Compen
sation
Series 346. Index of Real Average Hourly Compensa
tion, All Employees, Nonfarm Business
Sector
Series 346c. Percent Change in Real Average Hourly
Compensation
Source:
U.S. Department of Labor, Bureau of Labor
Statistics
Compensation of employees is the total income accru
ing to employees as payment for their work. It is the sum
of wages and salaries and supplements to wages and
salaries.
"Wages and Salaries" include both monetary payments
to employees (including tips, commissions, bonuses, etc.)
and payments in kind which represent income to the em
ployee.
"Supplements to wages and salaries" consists of em
ployer contributions for social insurance and other labor
income. Employer contributions for social insurance
include employer payments under social security, Federal
and State unemployment insurance, railroad retirement
and unemployment insurance, government retirement,
publicly administered workmen's compensation, and sev
eral minor social insurance programs. Other labor income
includes employer contributions to private pension, health,
unemployment, welfare and workmen's compensation
funds; directors' fees; and several minor items.
"Compensation of employees" is the largest component
of national income. Data are available beginning with
1947; beginning 1960, estimates include data for Alaska
and Hawaii.
rate. In BCD, series 280 appears under the category
"national income and its components." It is not classified
as a cyclical indicator.
SERIES 64 measures the proportion of total national in
come that consists of employee compensation. National
income is defined as the aggregate earnings of labor and
property which arise from the current production of goods
and services by the Nation's economy. Series 64 is com
puted by dividing total compensation (series 280) by total
national income (series 220) and expressing the resulting
ratio in terms of percent. In BCD, series 64 appears under
the economic process "prices, costs, and profits." It is
classified by cyclical timing as a lagger at peaks, troughs,
and overall.
Average Hourly Compensation
SERIES 345 reflects the percent change in average hourly
compensation earned by all persons in an employee status
in the private nonfarm business economy, including gov
ernment enterprises.
The series is computed by BLS by dividing seasonally
adjusted total compensation compiled by BEA (described
above) by seasonally adjusted labor input (employee-hours)
estimates. This series is then converted into an index,
using a base of 1 9 6 7 = 1 0 0 .
Series 345c measures the change in series 3 4 5 over 1and 4-quarter spans. Percent changes are taken at annual
rate.
SERIES 346 measures the spending power of average
hourly compensation. It is computed by deflating series
345 by the unpublished seasonally adjusted consumer
price index for all items.
Series 346c measures the change in series 3 4 6 over
1- and 4-quarter spans. Percent changes are taken at
annual rate.
All of the quarterly average hourly compensation series
are available beginning with 1949. In BCD, they appear
under the category "wages and productivity" and are not
classified as cyclical indicators.
PROPRIETORS1 INCOME
Total Compensation
Proprietors1 Income With Inventory Valua
tion and Capital Consumption Adjustments
Series 283. Proprietors' Income With Inventory Valua
tion and Capital Consumption Adjustments
As a Percent of National Income
Source: U.S. Department of Commerce, Bureau of Eco
nomic Analysis
SERIES 280 measures the total compensation, as defined
above. Data are measured in billions of dollars, annual
Proprietors' income measures the monetary earnings
and income in kind of sole proprietorships, partnerships,
56
Series 282.
The Handbook of Cyclical Indicators
and producers' cooperatives from their current business
operations. Supplementary income of individuals from the
rental of property is omitted. No deduction is made for
depletion, and capital gains or losses are excluded.
Noncorporate inventory valuation and capital consump
tion adjustments (which are identical in concept to corpo
rate IVA and CCAdj) are included. "Inventory valuation
adjustment" (IVA) converts the book value of inventories
reported by proprietors to replacement cost valuation.
"Capital consumption adjustment" (CCAdj) converts the
depreciation to a replacement cost valuation and to uni
form service lives and depreciation formulas. For a more
complete description of the concepts of IVA and CCAdj,
see the segment on Corporate Profits in this Handbook.
Data for proprietors' income are available beginning
with 1946.
SERIES 282 measures total current-dollar proprietors' in
come with IVA and CCAdj, as described above. Data are
measured in billions of dollars, annual rate. In BCD, it ap
pears under the category "national income and its com
ponents." It is not classified as a cyclical indicator.
SERIES 284 measures total current-dollar rental income,
as described above. Data are measured in billions of
dollars, annual rate. In BCD, this series appears under the
category "national income and its components." It is
not classified as a cyclical indicator.
SERIES 285 measures the proportion of national income
accounted for by series 284. It is computed by dividing
rental income (series 284) by national income (series
220) and expressing the resulting ratio in terms of per
cent. In BCD, series 285 appears under the category
"shares of GNP and national income." It is not classified
as a cyclical indicator.
NET INTEREST
Series 288.
Series 289.
Source:
SERIES 283 measures the proportion of national income
(series 220) accounted for by proprietors' income (series
282). It is computed by dividing series 282 by series 220
and converting the resulting ratio to a percent. In BCD,
series 283 appears under the category "shares of GNP
and national income." It is not classified as a cyclical
indicator.
RENTAL INCOME OF PERSONS
Series 284.
Rental Income of Persons With Capital
Consumption Adjustment
Series 285. Rental Income of Persons With Capital
Consumption Adjustment As a Percent of
National Income
Source:
U.S. Department of Commerce, Bureau of Eco
nomic Analysis
"Rental income of persons" is the total of the mone
tary earnings of persons from the rental of real property;
the imputed net rental income of owner-occupants of nonfarm dwellings; and the royalties received by persons
from patents, copyrights, and rights to natural resources.
The income of persons primarily engaged in the real
estate business is excluded. "Capital consumption ad
justment" takes into account the replacement costs of
capital goods. (For a further explanation of capital con
sumption adjustment, see the section in this Handbook
on Corporate
Profits.)
Rental income data are available beginning with 1946
and are seasonally adjusted by the source agency.
BCD 1977
Net Interest
Net Interest As a Percent of National In
come
U.S. Department of Commerce, Bureau of Eco
nomic Analysis
Net interest is the excess of interest payments by the
U. S. business system over its interest receipts, plus the
excess of interest received from abroad over interest paid
abroad. Interest payments by consumers and government,
including government enterprises, are not included since
they are not considered factor costs of production. There
fore, net interest is less than the total interest accruing
to persons from business and from abroad by the amount
of consumer and government interest received by busi
ness.
In addition to monetary interest flows, net interest in
cludes imputed interest based on the operations of finan
cial intermediaries. The imputed interest consists of the
value of financial services received by persons and gov
ernment without explicit payment and property income
received by noninsured pension funds and life insurance
companies less profits of life insurance companies. The
portion of these interest flows that is allocated to con
sumers and government is a component of net interest,
and the associated service charges are included in per
sonal consumption expenditures and government pur
chases.
Net interest data are available beginning with 1946 and
are seasonally adjusted by the source agency.
SERIES 288 measures
Data are measured in
BCD it appears under
its components." It
indicator.
total net interest, as defined above.
billions of dollars, annual rate. In
the category "national income and
is not classified as a cyclical
57
SERIES 289 measures the proportion that net interest
represents of total national income. It is computed by
dividing total net interest (series 288) by national income
(series 220) and expressing the resulting ratio in terms
of percent. In BCD, series 289 appears under the cate
gory "shares of GNP and national income." It is not
classified as a cyclical indicator.
GROSS SAVING
cash and in kind sent abroad
abroad).
available beginning with 1946
by the source agency.
SERIES 292 measures aggregate personal saving, as de
fined above. Data are measured in billions of dollars, an
nual rate. In BCD, personal saving appears under the cate
gory " s a v i n g / ' It is not classified as a cyclical indicator.
Series 290.
Source:
Gross Saving—Private Saving Plus Govern
ment Surplus or Deficit
U.S. Department of Commerce, Bureau of Eco
nomic Analysis
of personal remittances in
less such remittances from
Personal saving data are
and are seasonally adjusted
GROSS saving is the total of personal saving (series 292),
undistributed corporate profits and capital consumption
allowances (these two components forming net cash flow,
series 34 and 35), inventory valuation adjustment, the ex
cess of wage accruals over disbursements (usually negli
gible), government surplus or deficit (series 298), and
net capital grants received by the United States. (For a
further explanation of individual components see the in
dividual series in this Handbook.) Gross saving plus the
statistical discrepancy are equal to gross private domestic
investment (series 240) plus net foreign investment.
Data are available beginning with 1946 and are mea
sured in billions of dollars, annual rate. They are sea
sonally adjusted by the source agency.
In BCD, gross saving appears under the category "sav
i n g . " it is not classified as a cyclical indicator.
PERSONAL SAVING
Series 292.
Series 293.
Source:
Personal Saving
Personal Saving Rate—Personal Saving As
a Percent of Disposable Personal Income
U.S. Department of Commerce, Bureau of Eco
nomic Analysis
Personal saving measures the current saving of indi
viduals (including owners of unincorporated businesses);
nonprofit institutions; and private health, welfare, and
trust funds. It represents the acquisition of financial
claims (such as, cash, deposits, and equities in securities,
private insurance, and private pension funds) less the net
increase in indebtedness, plus the acquisition of physical
assets net of capital consumption allowances. Thus, it in
cludes net increases of persons' equities in nonfarm resi
dences and in farms and other unincorporated businesses.
Personal saving is equal to the excess of disposable
personal income (series 224) over personal outlays. Per
sonal outlays is the sum of personal consumption expendi
tures (series 230), interest paid by consumers, and net
personal transfer payments to foreigners (which consists
58
SERIES 293 measures the proportion of disposable per
sonal income that has been saved. This series is computed
by dividing total personal saving (series 292) by dispos
able personal income (series 224) and converting the re
sulting ratio into percent. In BCD, series 293 appears
under the category " s a v i n g . " It is not classified as a cycli
cal indicator.
GOVERNMENT SAVING
Series 298. Government Surplus or Deficit, Total
Source:
U.S. Department of Commerce, Bureau of Eco
nomic
Analysis
GOVERNMENT saving measures the difference between
government receipts and government expenditures as re
corded in the national income and product accounts. Fed
eral, State, and local governments are included in this
series. This series is computed by adding the Federal sur
plus or deficit (series 500) to the State and local govern
ment surplus or deficit (series 510).
Government receipts consist of personal tax and nontax
receipts, corporate profits tax accruals, indirect business
tax and nontax accruals, and contributions for social in
surance. In addition, State and local government receipts
include Federal grants-in-aid. Government expenditures
include purchases of goods and services (series 260),
transfer payments, net interest paid, and subsidies less
the current surplus of government enterprises. Federal
expenditures also included grants-in-aid to State and local
governments. For a more complete description of govern
ment receipts and expenditures, see the Government Re
ceipts and Expenditures section in this Handbook.
Data are available beginning with 1946 and are meas
ured in billions of dollars, annual rate. They are season
ally adjusted by the source agency.
In BCD, series 298 appears under the category "sav
i n g . " It is not classified as a cyclical indicator.
FIXED WEIGHTED PRICE INDEX
Series 3 1 1 .
Fixed Weighted Price Index, Gross Business
Product
The Handbook of Cyclical Indicators
Series 311c.
Source:
Percent Change of Fixed Weighted Price
Index, Gross Business Product
U.S. Department of Commerce, Bureau of Eco
nomic Analysis
THIS series is an index obtained by weighting together
the prices of all goods and services that make up gross
domestic business product, which is that part of the
gross national product held by the domestic business
sector. "Business" consists of all organizations that pro
duce goods and services for sale at a price intended at
least to approximate costs of production. Basically, it
covers private enterprises (both corporate and noncor
porate) organized for profit, including farm operators,
the independent professions, and lessors of real property.
Mutual financial institutions, private noninsured pension
funds, cooperatives, nonprofit organizations serving busi
ness, Federal Reserve banks, federally-sponsored credit
agencies, and government enterprises are included also.
Owner-occupied dwellings and buildings owned by non
profit institutions serving individuals are considered to be
business establishments selling their current services to
their owners. The domestic business sector accounts for
the bulk of GNP and, like GNP, can be measured either
in terms of the value of the goods and services it produces
or in terms of the costs incurred and the profits earned in
its production.The fixed weighted price index is formed by weighting
together the prices of all goods and services that make up
gross domestic business product, using 1972 constantdollar values as weights. This differs from the implicit
price deflator for gross domestic business product, which
is based on shifting weights.
In BCD, this series is shown as an index ( 1 9 7 2 = 1 0 0 )
and as a percent change (series 311c), at annual rate,
over 1-quarter spans. Data are seasonally adjusted by the
source agency and are available beginning with 1958.
The fixed weighted price index appears under the cate
gory "price movements" in BCD. It is not classified as a
cyclical indicator.
CONSUMER PRICES
Series 320.
Index of Consumer Prices (CPI), All Items
Series 320c. Percent Change in CPI, All Items
Series 322.
Index of Consumer Prices, Food
Series 322c. Percent Change in CPI, Food
Source:
U.S. Department of Labor, Bureau of Labor
Statistics
The Consumer Price Index (CPI) measures the change
in prices of a fixed market basket of goods and services
purchased by urban wage earners and clerical workers,
both families and single persons. "Families" refers to
family units or to two or more persons living as a financial
unit. "Single persons" refers to individuals living alone or
BCD 1977
in a household with others from whom they are financially
independent.
The index represents price changes for everything peo
ple buy for a living—food, clothing, automobiles, homes,
house furnishings, household supplies, fuel, drugs, and
recreational goods; fees to doctors, lawyers, and beauty
shops; and rent, repair costs, transportation fares, public
utility rates, etc. All taxes (sales, excise, real estate, etc.)
directly associated with the purchase and continued own
ership of an item are included in the price. Income and
other personal taxes not associated with prices of specific
goods are excluded. The index measures only prices and
does not take into account changes due to quantity or
quality differences.
Data are collected from a sample of 56 Standard
Metropolitan Statistical Areas structured by region and
size. Prices of approximately 400 items are obtained in
the sample cities by personal visits to stores and service
establishments where wage and clerical workers buy
goods and services—chain stores, independent grocery
stores, department and specialty stores, restaurants, pro
fessional people, and repair and service shops. Rental
rates are obtained from tenants. Prices are weighted then
according to size of the sample city and importance of
the sample item. These weighted prices are combined to
form an index with 1 9 6 7 = 1 0 0 as the reference base.
In BCD, consumer price indexes appear under "price
movements." They are not classified as cyclical indica
tors.
SERIES 320 measures the change in prices for all items,
as described above. Data are available beginning with
1945 and are not adjusted for seasonal variation.
Series 320c measures the percent change in the un
published seasonally adjusted CPI for all items. Changes
are taken at a monthly rate over 1-month spans and at a
compound annual rate over 6-month spans. Data are
available beginning with 1947.
SERIES 322 measures price changes of all food items,
whether consumed at home or away from home. Alcoholic
beverages are not included as food. Data available begin
ning with 1947 and are seasonally adjusted.
Series 322c measures percent changes in series 322
over 1- and 6-month spans. Changes are taken at a
monthly rate over 1-month spans and at a compound
annual rate over 6-month spans. Data are available be
ginning with 1974.
WHOLESALE PRICES
Series 330.
Series 330c.
Index of Wholesale Prices (WPI), All Com
modities
Percent Change in WPI, All Commodities
59
Series 3 3 1 .
Index of Wholesale Prices, Crude Mate
rials for Further Processing
Series 331c. Percent Change in WPI, Crude Materials
Series 332.
Index of Wholesale Prices, Intermediate
Materials, Supplies, and Components
Series 332c. Percent Change in WPI, Intermediate Ma
terials
Index of Wholesale Prices, Producer Fin
Series 333.
ished Goods
Series 333c. Percent Change in WPI, Producer Finished
Goods
Index of Wholesale Prices, Consumer Fin
Series 334.
ished Goods
Series 334c. Percent Change in WPI, Consumer Fin
ished Goods
92.
Change in Sensitive Prices (WPI of Crude
Series
Materials Excluding Foods, Feeds, and
Fibers) (Smoothed)
Source:
U.S. Department
of Labor, Bureau of Labor
Statistics
Wholesale Price Indexes (WPI) measure price changes
for goods sold in primary markets in the United States
(including Alaska and Hawaii). They are designed to
measure " r e a l " or " p u r e " price changes; i.e., price
changes not influenced by changes in quality, quantity,
shipping terms, product mix, etc.
The term "wholesale" refers to sales in large quanti
ties, not to prices received by wholesalers, jobbers, or
distributors. Commodities produced in the United States
as well as those imported for sale are included. All sys
tematic production (including civilian goods normally pur
chased by the Government) is represented in the universe.
The universe covers manufactured and processed goods
and the output of industries classified as manufacturing,
agriculture, forestry, fishing, mining, gas and electricity,
public utilities, and goods competitive with those made in
the producing sector, such as waste paper and scrap
materials. In addition, Government sales of some com
modities (e.g., electric power) are included if they can be
considered competitive with free market sales. Excluded
from the universe are individually priced items (such as
works of art), goods transferred between establishments
owned by the same company, goods sold at retail by
producer-owned retail establishments, and military goods.
Commodities included in the indexes are defined by
precise specifications which incorporate the principal
price-determining characteristics of the commodities.
Insofar as possible, prices used are those applicable to
the first significant transaction in the United States. Most
of the quotations are selling prices of representative
manufacturers or other producers or are prices quoted on
organized exchanges or markets. Companies are re
quested to report all discounts, allowances, rebates, free
deals, etc., so that the resulting price is the actual selling
price of the commodity. List or book prices are used if
transaction prices are unobtainable. Prices are generally
f.o.b. production or central marketing point to avoid re
60
flection of changes in transportation costs. However, de
livered prices are included when it is the customary
practice of the industry to quote on this basis. Subsidies
to the producer and excise taxes, which are not consid
ered part of the price, are excluded; but duties on im
ported goods are included as part of the selling price.
Transactions for the same item at later stages of dis
tribution are not included. However, as raw materials are
transformed into semifinished or finished goods, the re
sulting products are represented.
Generally, prices refer to a particular day of the
month—Tuesday of the week containing the 13th of the
month. For some commodities (particularly farm prod
ucts), a day other than Tuesday is used because it is
considered more representative. For some other products,
principally fuels, an average of prices throughout the
month is used and results in 1- or 2-month lags between
the price reference month and the index month.
The monthly index is based on a sample of commodi
ties, a sample of specifications (descriptions), and a sam
ple of reporters. The price data are combined using
weights based on value of shipments. WPI weights are
periodically revised when the industrial censuses become
available. New weights from the 1972 Industrial Census
were incorporated in January 1976. The major sources of
the value data are the Bureau of the Census, U.S. Depart
ment of Commerce, Bureau of Mines and Bureau of Fish
eries, U.S. Department of Interior; and U.S. Department
of Agriculture. Other sources of data, such as trade asso
ciations, are used also. Import data are obtained from the
Department of Commerce. The stage-of-processing (SOP)
indexes regroup each item priced in the WPI according to
the amount of processing, manufacturing, or assembling
it undergoes before entering the market. Allocations
among the stages of processing are currently from an
interindustry transaction study made for the year 1976
by the Bureau of Economic Analysis, U.S. Department of
Commerce.
With the exception of the percent change in sensitive
prices (series 92) all of the wholesale price indexes shown
in BCD are classified under the economic process "price
movements" and are not classified as cyclical indicators.
All of the WPIs shown in BCD are on a 1 9 6 7 = 1 0 0 base;
and, with the exception of the index for all commodities
(series 330), all of them are seasonally adjusted by BEA
using seasonal factors provided by the BLS.
SERIES 330 includes all goods produced or imported for
sale in primary markets in the United States. Data are
available beginning with 1945.
Series 330c measures the percent change, over 1- and
6-month spans, in series 3 3 0 . Data for changes over both
timespans are published in the BCD tables; only 6-month
percent changes are plotted on the charts.
SERIES 3 3 1 includes materials that are entering the
economy for the first time, having undergone no process
ing other than that required to obtain them in their origi-
The Handbook of Cyclical Indicators
nal form and prepare them for marketing. Products of
farms, mines, fisheries, quarries, and well operations are
included, as are waste materials which can replace raw
materials. Both foodstuffs and nonfood materials are in
cluded. Some crude materials, however—for example,
food or coal going directly to the consumer—are included
in the consumer finished goods category. Data are avail
able beginning with April 1974.
Series 331c measures the percent change, over 1- and
6-month spans, in series 3 3 1 . Data for changes over both
timespans are published in the BCD tables; only 6-month
percent changes are plotted on the charts.
SERIES 332 includes those commodities that flow be
tween manufacturing industries before finally reaching the
ultimate consumer after further changes in form. Data are
available beginning with April 1947.
Series 332c measures the percent change, over 1- and
6-month spans, in series 332. Data for changes over both
timespans are published in the BCD tables; only 6-month
percent changes are plotted on the charts.
SERIES 333 includes commodities in their final state
ready for use by the producer—i.e., capital equipment.
These are commodities used in industry or commerce to
produce or transport other commodities and include ma
chine tools, trucks, and farm equipment. Data are avail
able beginning with April 1947.
Series 333c measures the percent change, over 1- and
6-month spans, in series 333. Data for changes over both
timespans are published in the BCD tables; only 6-month
percent changes are plotted on the charts.
SERIES 334 includes commodities—both durable and
nondurable goods—in their final state ready for use by
the consumer. Data are available beginning with April
1947.
Series 334c measures the percent change, over 1- and
6-month spans, in series 334. Data for changes over both
timespans are published in the BCD tables; only 6-month
percent changes are plotted on the charts.
SERIES 92 measures the change in a price index which
is a component of series 3 3 1 (WPI, crude materials). In
cluded are hides and skins, potash, crude natural rubber,
wastepaper, iron ore, iron and steel scrap, nonferrous
metal scrap, sand, gravel and crushed stone, bituminous
coal, anthracite coal, natural gas, and crude petroleum.
The series is shown as a percent change over 1-month
spans and as a 4-term weighted (1,2,2,1) moving average
placed at the terminal month of the span. Data are avail
able beginning with 1948.
In BCD, series 92 appears under the economic process
"prices, costs, and profits." It is classified by cyclical tim
ing as a leader at peaks, troughs, and overall.
BCD 1977
OUTPUT PER HOUR
Series 370.
Index of Output Per Hour, All Persons,
Private Business Sector
Series 370c. Percent Change in Output Per Hour
Series 358.
Index of Output Per Hour, All Persons,
Nonfarm Business Sector
Source:
U.S. Department of Labor, Bureau of Labor
Statistics
Productivity measures the constant-dollar valuation of
final goods and services produced within a certain time
period in relation to the hours paid for, including hours
paid for holidays, vacation, and sick leave. The indexes
show the change in the ratio of output to labor input
(hours of all persons—employees, proprietors, and un
paid family workers). Index changes through time reflect
changes in the effectiveness of the combination of labor,
capital, raw materials, and all other factors of production
in producing current levels of output.
The output concept used in preparing the productivity
indexes is real gross domestic product, which is the 1972dollar market value of the goods and services produced
by labor and property located in the United States. The
primary source of hours and employment data is the BLS
establishment payroll survey which provides data on em
ployment (all employees and production or nonsupervisory
workers) and average weekly hours of production workers
in nonagricultural establishments. Hours are computed
separately for each industry and then aggregated. (For
further explanation, see Employment, Hours, and Earnings
in this Handbook.) Where establishment data are not
available (farm, proprietors, and unpaid family workers),
data from the national income accounts or the current
population survey (CPS) are used as supplements to
develop employment and hours estimates for all persons
engaged in the private business sector. Weekly hours data
from the CPS are adjusted to eliminate distortions due to
holidays.
Quarterly data for both productivity series are available
beginning with 1947 and are in the form of an index:
1 9 6 7 = 1 0 0 . They are seasonally adjusted by the source
agency.
In BCD, output per hour appears under the category
"wages and productivity." The series are not classified as
cyclical indicators.
SERIES 370 measures productivity for the private busi
ness sector as described above. Government, private
household, rest of the world, gross housing product of
owner-occupied dwellings, and nonprofit institution sec
tors are excluded from the data.
Series 370c measures the percent change at annual
rate in series 370 over 1- and 4-quarter spans.
61
SERIES 358 measures the productivity of the nonfarm
business sector of the economy. Industries included in the
data are: Mining; construction; trade; manufacturing;
finance, insurance, and real estate; electric, gas and
sanitary services; other services; communication; trans
portation; and government enterprises. General govern
ment, household workers, and nonprofit institutions are
excluded.
GOVERNMENT RECEIPTS AND EXPENDITURES
Series 5 0 1 .
Series
Series
Series
WAGE AND BENEFIT DECISIONS
Series
Series
Series 348.
Negotiated Wage and Benefit Decisions, Alt
Industries—First Year Average (Mean)
Changes
Series 349. Negotiated Wage and Benefit Decisions, All
Industries—Average (Mean) Changes Over
Life of Contract
Source:
U.S. Department
of Labor, Bureau of Labor
Statistics
The data for these series are obtained primarily from
secondary sources; such as, newspapers, periodicals, and
union, management and trade publications. When these
sources are inadequate, they are supplemented by direct
inquiries to the companies and unions involved. The aver
ages are worker-weighted and are computed from fre
quency distributions in which all workers affected by a
decision are entered at the average for the group. Aver
ages include all decisions—whether to increase, decrease,
or make no change in wages and benefits.
Data are available beginning with the first quarter of
1968 and are released by BLS in a press release issued
toward the end of the month following the close of each
quarter. The data are also regularly published in Current
Wage Developments and the Monthly Labor Review. Per
cent changes are shown at an annual rate and have not
been adjusted for seasonal variation.
In BCD, these series appear under the category "wages
and productivity." They are not classified as cyclical indi
cators.
SERIES 348 measures changes in general wage rates and
fringe benefits in collective bargaining settlements involv
ing 5,000 or more workers in the private nonfarm sector
and scheduled within 12 months of the effective date of
the agreements.
SERIES 349 shows the annual rates of increases in settle
ments reached in a given time period. These rates are
computed by estimating the increase in hourly costs of
wages and benefits by the end of the contract period and
assuming that the changes go into effect at a uniform
rate during the life of the contract.
62
Source:
Federal Government Receipts; National In
come and Product Accounts
5 1 1 . State and Local Government Receipts; Na
tional Income and Product Accounts
502. Federal Government Expenditures; Na
tional Income and Product Accounts
512. State and Local Government Expenditures;
National Income and Product Accounts
500. Federal Government Surplus or Deficit; Na
tional Income and Product Accounts
510. State and Local Government Surplus or
Deficit; National Income and Product
Accounts
U.S. Department of Commerce, Bureau of Eco
nomic Analysis
SERIES 501 and 5 1 1 , government receipts, consist of
personal tax and nontax receipts, corporate profits tax
accruals, indirect business tax and nontax accruals, and
contributions for social insurance. In addition, State and
local government receipts include Federal grants-in-aid.
"Personal tax and nontax receipts" consists of indi
vidual tax payments (net of refunds), except personal
contributions for social insurance, that are not chargeable
to business expense, and of certain other personal pay
ments to government that it is convenient to treat like
taxes. Personal tax includes income, estate and gift, and
personal property taxes. Nontaxes include passport fees,
fines and penalties, donations, and tuitions and fees paid
to schools and hospitals operated by government.
"Corporate profits tax accruals" is Federal, State, and
local taxes on corporate income. Federal corporate profits
tax accruals include the payment to the Treasury of earn
ings by the Federal Reserve Board.
"Indirect business tax and nontax accruals" consists of
tax liabilities (except employer contributions for social
insurance) that are chargeable to business expense in the
calculation of profit-type incomes, and of certain other
liabilities to government that it is convenient to treat like
taxes. Indirect business taxes include sales, excise, and
property taxes and custom duties. Nontax includes regu
latory and inspection fees, special assessments, fines and
penalties, rents and royalties, and donations.
"Contributions for social insurance" includes payments
by employees, self-employed persons, and other individ
uals who participate in the following programs: Federal
old-age, survivors', disability, and hospital insurance;
supplementary medical insurance; State unemployment
insurance; railroad retirement and unemployment insur
ance; government retirement; publicly administered work
men's compensation; and veterans' life insurance.
Data for both government receipts series are measured
in billions of dollars, annual rate, and are seasonally ad
justed by the source agency. Data for series 5 0 1 are
available beginning with 1946; data for series 5 1 1 begin
with 1948.
The Handbook of Cyclical Indicators
In BCD, both series 501 and 511 appear under "re
ceipts and expenditures." They are not classified as cycli
cal indicators.
IN the NIPA's, government expenditures (series 502 and
512) consist of purchases of goods and services, transfer
payments, net interest paid, and subsidies less current
surplus of government enterprises. In addition, Federal
expenditures include grants-in-aid to State and local
governments.
"Purchases of goods and services" is the compensation
of government employees and purchases from business
and from abroad. It includes gross investment by govern
ment enterprises, but excludes their current outlays. It
includes net purchases of used goods, but excludes sales
and purchases of land and financial assets.
"Transfer payments" include certain payments to per
sons and to foreigners. "Transfer payments to persons,"
generally in monetary form, is income payments for which
no current services are rendered. Included are payments
under the following programs: Federal old-age, survivors',
disability, and hospital insurance; supplementary medical
insurance; State unemployment insurance; railroad retire
ment and unemployment insurance; government retire
ment; workmen's compensation; veterans' benefits, includ
ing life insurance; food stamps; supplemental security
income; and direct relief. Government payments to non
profit institutions, other than for work under research anfi
development contracts, is included also. "Transfer pay
ments to foreigners" consists of Federal Government nonmilitary grants to foreign governments in cash and in
kind, and of Federal Government payments (mainly retire
ment benefits) to former residents of the United States.
"Grants-in-aid to State and local governments" is Fed
eral payments to these governments, other than for net
interest payments. Major grants-in-aid are for public
assistance, highways, education, general revenue sharing,
and environmental protection. Also included are payments
to public educational institutions for research and devel
opment contracts.
''Net interest p a i d " is interest paid by government less
interest received.
"Subsidies" is the monetary grants paid by government
to business, including government enterprises at another
level of government.
"The current surplus of government enterprises" is
their sales receipts less current outlays. In the calcula
tion of the current surplus, no deduction is made for
depreciation charges or for net interest paid. Subsidies
and current surplus often are combined because govern
ment enterprises may incur deficits, in lieu of direct sub
sidies, by selling goods at lower than market prices. This
is also the major reason for not counting the current
surplus as a profit-type income and, accordingly, as a
part of factor charges.
Data for both government expenditures series are
measured in billions of dollars, annual rate, and are
BCD 1977
seasonally adjusted by the source agency. Data for series
502 are available beginning with 1946; data for series
512 begin with 1948.
In BCD, both series 502 and 512 appear under "re
ceipts and expenditures." They are not classified as cycli
cal indicators.
"SURPLUS or deficit, national income and product
accounts" (series 500 and 510) is government expendi
tures less government receipts. It also may be viewed as
the net acquisition of financial assets by general govern
ment and government enterprises, and net government
purchases of land and of rights to government-owned
land, including oil resources.
Government purchases of goods and services is the
only category of government expenditures which is in
cluded directly in the gross national product (GNP).
Other expenditure categories do enter into the income
stream and are reflected in GNP when spent by the re
cipients. For example, transfer payments to persons are
included in personal income and, when spent, are in
cluded in GNP as personal consumption expenditures.
Data for both government surplus and deficit series are
measured in billions of dollars, annual rate, and are sea
sonally adjusted by the source agency. Data for series 500
are available beginning with 1946; data for series 510
begin with 1948.
In BCD, both series 500 and 510 appear under "re
ceipts and expenditures." They are not classified as cycli
cal indicators.
DEFENSE DEPARTMENT OBLIGATIONS
Series 516.
Source:
Defense Department Obligations Incurred—
Total Excluding Military Assistance
U.S. Department of Defense, OSD Comptroller,
Directorate for Program Financial Control
THIS series measures the amounts recorded in official
accounting records of the military departments and de
fense agencies from source documents; such as, signed
contracts or any instrument which legally binds the Gov
ernment to payment of funds. Coverage extends only to
general fund accounts; obligations incurred in revolving
funds and trust funds are excluded. Obligations resulting
from the placement of an order for materials or services
by one Government agency at the request of another are
counted twice—when the request is made and when the
order is placed with a private supplier. This duplication
averages about 9 percent of total obligations. This series,
therefore, is not exactly comparable to U.S. Department
of Defense outlays which are net of payments to one
Government unit by another.
Total obligations cover the following appropriations
accounts: Military personnel; retired pay; operations and
maintenance; procurement; research, development, test,
63
and evaluation; military construction; family housing; and
civil defense and special foreign currency. Military as
sistance and international military education and training
are excluded from this series.
Data are available beginning with 1954 and are meas
ured in millions of dollars. They are adjusted for seasonal
variation by the Bureau of Economic Analysis.
In BCD, defense obligations appears under the cate
gory "defense indicators." It is not classified as a cyclical
indicator.
MILITARY PRIME CONTRACTS
Series 525.
Source:
Military Prime Contract Awards to U.S.
Business Firms and Institutions
U.S. Department of Defense, OSD, Comptroller,
Directorate for Management Information Opera
tions and Control
THIS series measures contract awards (legally binding
instruments) executed by the U.S. Department of Defense,
military departments or other components to obtain
equipment, supplies, research and development, services,
or construction. Both new instruments and modifications
or cancellations of instruments are included; however,
modifications of $10,000 or less are not included.
Awards paid from post exchange or similar nonappro
priated funds, and contracts for civil functions (such as
flood control or river and harbor work performed by the
Army Corps of Engineers) are not included. Project orders
issued to defense-owned-and-operated establishments,
such as shipyards and arsenals, are not included, but
contracts executed by such establishments are.
The series includes awards made by U.S. Department
of Defense components on behalf of other Federal agen
cies (e.g., National Aeronautics and Space Administra
tion) and on behalf of foreign governments under both
military assistance grant-aid and sales arrangements. It
also includes orders written by U.S. Department of De
fense components requesting a Federal agency to furnish
supplies or services.
Monthly data are available beginning with 1951 and
are measured in millions of dollars. They are adjusted for
seasonal variation by the Bureau of Economic Analysis.
In BCD, series 525 appears under the category "de
fense indicators." It is not classified as a cyclical indica
tor.
FOREIGN TRADE
Series 6 0 2 .
Series 604.
Series 606.
64
Exports, Excluding Military Aid Shipments,
Total
Exports of Agricultural Products,
Exports of Nonelectrical Machinery
Series 612.
Series 614.
General Imports, Total
Imports of Petroleum and Petroleum Prod
ucts
Series 616. Imports of Automobiles and Parts
Source:
U.S. Department of Commerce, Bureau of the
Census
The following series measure the dollar value of ship
ments of domestic and foreign merchandise between the
U.S. customs area and foreign countries, without regard
to the method of financing or whether the exportation
takes place in connection with a commercial transaction.
The U.S. customs area includes the 50 States, the District
of Columbia, and Puerto Rico. U.S. possessions are not
included in the U.S. customs area, and shipments be
tween the United States and its possessions are not inincluded in the statistics.
Domestic merchandise exports include commodities
which are grown, produced, or manufactured in the
United States. Foreign merchandise imported into the
United States and subsequently exported after undergoing
some change in form or being enhanced in value as a
result of further manufacture in the United States is
included also.
Exports of foreign merchandise include merchandise
imported into the United States and subsequently ex
ported in the same condition as when imported.
The value reported in the export statistics generally is
equivalent to the f.a.s. (free alongside ship) value at the
U.S. port of exportation, based on the transaction price,
including inland freight, insurance and other charges in
curred in placing the merchandise alongside the carrier
at the U.S. port of exportation.
U.S. Department of Defense shipments designated for
use by the U.S. Armed Forces are excluded from the data.
Also excluded are shipments to U.S. diplomatic missions
abroad for their own use; shipments between the United
States and its outlying possessions or between these
possessions; exports from U.S. possessions to foreign
countries; merchandise shipped intransit through the
United States from one foreign country to another; bunker
fuel and other supplies and equipment for vessels and
planes engaged in foreign trade; gold in the form of ore,
bullion, or coins; and some types of shipments of rela
tively small statistical significance; such as, household and
personal effects of U.S. travelers, goods for the personal
use of U.S. Government employees abroad, etc.
General import statistics include merchandise released
from customs custody immediately upon arrival and
merchandise entered into bonded storage warehouses,
bonded manufacturing warehouses, and bonded smelting
and refining warehouses immediately upon arrival. The
value shown for periods prior to 1974 is the value as
appraised by the U.S. Customs Service in accordance with
the legal requirements of Sections 4 0 2 and 402a of the
Tariff Act of 1930, as amended. It may be based on the
foreign market value, export value, constructed value,
American selling price, etc. It generally represents a value
The Handbook of Cyclical Indicators
in the foreign country, and, therefore, excludes U.S.
import duties, freight, insurance, and other charges in
curred in bringing the merchandise to the United States.
This valuation is primarily used for collection of import
duties and frequently does not reflect the actual trans
action value. Effective January 1974, the value shown is
the f.a.s. value which represents the transaction value at
the foreign port of exportation. It is based on the pur
chase price; i.e., the actual transaction value and gen
erally includes all charges incurred in placing the mer
chandise alongside the carrier at the port of exportation
in the country of exportation.
Excluded from U.S. import data are American goods
returned by the U.S. Armed Forces; shipments between
the United States and its outlying possessions or between
these possessions; imports of U.S. possessions; intransit
shipments through the United States from one foreign
country to another; and shipments of relatively small sta
tistical significance, such as personal and household
effects of travelers.
Data are compiled primarily from copies of Shippers'
Export Declarations and import entry and warehouse with
drawal forms filed with the U.S. customs officials. Series
602 and 612 are adjusted by the source agency for
working-day and seasonal variation and for important
strikes which affect export trade. The other series are
seasonally adjusted by the Bureau of Economic Analysis.
All of these series are shown in BCD in millions of dollars
and appear under the category "merchandise trade."
They are not classified as cyclical indicators.
series is shown in the BCD tables in monthly form and
in the BCD charts in monthly form and as a 4-month
(MCD) moving average.
SERIES 614 measures the total value of imports of
petroleum and petroleum products by the United States.
Data are available beginning with 1965.
SERIES 616 measures the total value of automobiles and
parts imported into the United States. Data are available
beginning with 1965.
INTERNATIONAL TRANSACTIONS
Series 668.
Series
Series
Series
Series
Series
Series
Series
Source:
SERIES 602 measures the total value of exports, as de
fined above, excluding U.S. Department of Defense Mili
tary Assistance Program Grant-Aid shipments. Data are
available beginning with 1948. Data are shown in the
BCD tables in monthly form and in the BCD charts in
monthly form and as a 6-month (MCD) moving average.
SERIES 604 measures the total value of exports of agri
cultural products—crops, livestock, and livestock prod
ucts. Data are available beginning with 1965.
SERIES 606 measures the total value of exports of non
electrical machinery. This includes steam engines and
turbines; internal combustion engines; construction, min
ing, and material-handling equipment; office and store
machines; service industry machinery; and miscellaneous
nonelectrical equipment (farm machinery and equipment
and machine shops are excluded). Data are available
beginning with 1965.
SERIES 612 measures the total value of imports as de
fined above. Data are available beginning with 1948. This
BCD 1977
Exports of Goods and Services, Excluding
Transfers Under Military Grants
669. Imports of Goods and Services, Total
667. Balance on Goods and Services
618. Merchandise Exports, Adjusted, Excluding
Military Grants
620. Merchandise Imports, Adjusted, Excluding
Military
622. Balance on Merchandise Trade
6 5 1 . Income on U.S. Investments Abroad
652. Income on Foreign Investments in the
United States
U.S. Department of Commerce, Bureau of Eco
nomic Analysis
The following series are derived from the international
accounts of the United States prepared by Bureau of
Economic Analysis. Included in the export data are mer
chandise exports, military sales of goods and services,
income on U.S. investments abroad, and exports of
"other services." Imports include merchandise imports,
military expenditures for goods and services, income on
foreign investments in the United States, and imports of
"other services."
The merchandise import and export data are based on
official U.S. foreign trade statistics (compiled by the
Bureau of the Census) with adjustments for valuation,
coverage, and timing. The major adjustments are: (1) The
deduction of imports and exports of the U.S. Department
of Defense; (2) the addition of imports and exports of
nonmonetary gold; and (3) the addition of trade (exports
and imports) between the Virgin Islands and foreign
countries.
Military sales of goods and services (exports) represent
transfers by U.S. military agency sales contracts to for
eign countries. Military expenditures for goods and serv
ices (imports) represent expenditures by U.S. military and
civilian personnel and their dependents in foreign coun
tries and expenditures by the Armed Forces for their own
use abroad and for transfer to our allies.
65
The investment income portion of imports includes
dividends, interest, and branch profits paid on foreign
direct investments in the United States, as well as interest
and dividends on U.S. private and Government securities,
bank deposits, and other assets held by foreigners in the
United States. U.S. withholding taxes and the foreign
share in reinvested earnings of U.S. corporations are not
included. The investment income portion of exports in
cludes dividends, interest and, branch profits received by
U.S. corporations from their foreign affiliates; dividends
and interest on foreign securities held by U.S. residents;
interest on bank and commercial loans; and income re
ceived by the U.S. Government on its assets abroad. For
eign taxes and the U.S. share in undistributed earnings of
foreign corporations are excluded.
"Other services" imports consist mainly of payments
for transportation, travel, royalties and fees, miscellan
eous private services, and miscellaneous Government
expenditures. Exports consist of receipts from transporta
tion, foreign visitors to the United States, royalties and
fees, miscellaneous private services, and services ren
dered by the U.S. Government, whether paid in cash or
provided under Goverment assistance programs.
The export and import series in the national income
and product accounts (series 250, 252 and 253) are
derived from these series by adjusting the series in the
international accounts for conceptual differences. The
major adjustment is the exclusion of U.S. Government
interest payments from imports of goods and services in
the national income and product accounts.
In BCD, these series appear under "goods and services
movements." They are not classified as cyclical indicators.
SERIES 622 measures the value of net nonmilitary mer
chandise exports from the United States. It is computed
by substracting merchandise imports (series 620) from
merchandise exports (series 618).
SERIES 651 represents the investment income portion of
U.S. exports, as described above.
SERIES 652 represents the investment income portion of
U.S. imports, as described above.
INDUSTRIAL PRODUCTION—INTERNATIONAL
Series 721.
Source:
Organization for Economic Cooperation and
Development, European Countries, Index of
Industrial Production
Organization for Economic Cooperation and De
velopment (Paris)
Series 722.
Source:
United Kingdom, Index of Industrial Pro
duction
Central Statistical Office (London)
Series 723. Canada, Index of Industrial Production
Source: Statistics Canada (Ottawa)
Series 725.
Source:
West Germany, Index of Industrial Produc
tion
Federal Statistical Office (Wiesbaden)
SERIES 668 measures the total value of exports, as de
fined above.
Series 726. France, Index of Industrial Production
Source: Institut National de la Statistique et des Etudes
Economiques (Paris)
SERIES 669 measures the total value of imports, as de
fined above.
Series 727. Italy, Index of Industrial Production
Source: Instituto Centrale di Statistica (Rome)
SERIES 667 measures the value of net exports from the
United States. Net exports is equal to the difference be
tween exports and imports, or, series 668 minus series
669.
SERIES 618 measures the nonmilitary merchandise por
tion of U.S. exports of goods and services, as defined
above.
SERIES 620 represents the nonmilitary merchandise por
tion of U.S. imports of goods and services, as described
above.
66
Series 728. Japan, Index of Industrial Production
Source: Ministry of International Trade and Industry
(Tokyo)
Indexes of industrial production are designed to meas
ure changes in the value added in industrial activity ex
pressed in constant prices (the quantum of production).
With very few exceptions, the indexes are calculated ac
cording to the Laspeyres formula, which is a weighted
arithmetic average. A fixed base period is generally used
with the Laspeyres formula, although moving base periods
are employed in some countries.
The weights used in computing the index generally are
proportioned to the value added at factor cost in different
industries determined from industrial census results; i.e.,
"census value added." These values are obtained by
deducting the cost of the consumption of raw materials,
The Handbook of Cyclical Indicators
fuels, containers, and subcontracted work and other indus
trial services from the value of gross output.
As a basis for comparison, all industrial production
indexes are shown in BCD with a 1967=100 base, al
though a different base is often used by the source coun
try, and the original base-weight year is retained. The
conversion to the 1967=100 base is done by the Bureau
of Economic Analysis. Seasonal adjustments, when not
made by the source agency, are made by the Organization
for Economic Cooperation and Development (OECD) using
the X - l l version of the Census Method II.
In BCD, the following indexes are classified under the
international comparison category "industrial production."
They are not classified as cyclical indicators for the United
States.
SERIES 721 index (Europe) is computed by combining
indexes of production established by national statistical
agencies to form a standard set of measures of total output
for the majority of OECD member countries. The countries
included in the index are Austria, Belgium, Luxembourg,
Finland, France, West Germany, Greece, Ireland, Italy,
The Netherlands, Norway, Portugal, Spain, Sweden,
Switzerland, and the United Kingdom.
The index for each country is converted to a base of
1970=100. Weights for each nation are determined by
that country's share in OECD total gross domestic product
of industrial origin.
SERIES 722 index (United Kingdom) covers the following
industries: Mining; manufacturing (excluding slaughtering,
fish curing and packaging by wholesalers, milk bottling
without processing, custom tailoring and dressmaking,
automobile repair, musical instrument and jewelry repair,
and other repair work); and electricity, gas and water.
The index is calculated as a base-weighted arithmetic
average with a 1970=100 base and 1970 as the base.
The indexes are linked on the average of the three years
1968 to 1970 to indexes 1963=100; earlier data are
derived from indexes 1958=100, 1954=100, and 1948=
100. In calculating the index, series for industry groups
are combined into indexes for major groups and hence
into indexes for the broader classes and for total industrial
activity. The monthly indexes are adjusted for differences
in the number of working days in each month and for
seasonal variation.
The basic series used in computing the index are
virtually all series of either quantity of output or quantities
delivered. The industries covered by the index account
for 100 percent of value added of the above group.
The weights used at each stage of the calculation are
proportioned to the contributions to gross domestic pro
duct at factor cost in 1970. The weights have been esti
mated from value added by industry groups determined
from the 1970 Census of Production and adjusted as far
BCD 1977
as possible to exclude the cost of services purchased from
other industries. Data are available beginning with 1948.
THIS index, series 723 (Canada), covers the following
industries: Mining, manufacturing; and electricity, gas,
and water. The industries surveyed accounted for about
30 percent of gross domestic product at factor cost in
1971.
The index is calculated as a base-weighted arithmetic
average (1971 = 100), with 1971 as the base. The indexes
are linked at 1971 to indexes 1961=100 and at 1961 to
indexes 1949=100. Earlier indexes are based on 1935=
100 and 1926=100. The weights are derived from the
gross domestic product at factor cost in 1971. The indus
try indexes are combined into industry group indexes, and
these, in turn, into indexes for the broader classes of
industrial activity. The indexes are adjusted for differences
in the number of working days in each month and for
seasonal variation.
The data used in calculating monthly indexes are
quantity of gross output of individual products, employeehours worked, quantity of individual raw materials con
sumed, and value of gross production of individual
commodities adjusted for price changes. The data are
compiled mainly from the results of official inquiries.
Annual indexes are calculated separately, based on more
complete information. The monthly indexes are adjusted
to the level of the annual index. Data are available
beginning with 1946.
THIS index, series 725 (West Germany), covers the follow
ing industries: Mining; manufacturing, construction, and
electricity and gas. The sample accounted for 77 percent
of industrial value added in 1970.
The index is calculated as a base-weighted arithmetic
average (1970=100), with 1970 as the base. The index
is linked at 1970 to indexes 1962=100, at 1962 to
indexes 1958=100. Earlier indexes are based on 1950=
100. Indicators of output are combined into industry
group indexes, which are adjusted for differences in the
length of the working period each month. These adjusted
indexes are then combined into division indexes, and
finally into the index for total industrial activity. The
indexes are seasonally adjusted by the OECD.
The data used in calculating the indexes include quan
tity of output, deflated value of output, deflated value of
sales, raw materials consumed, and employee-hours
worked adjusted for productivity.
The weights used to combine products, industry, and
broader group indexes are based on value added at
market prices in 1970. Data are available beginning with
1950.
THIS index, series 726 (France), includes the following
industries: Mining, manufacturing, excluding food and
67
beverages, clothing, wood and wood products, nonelec
trical machinery, aircraft, and certain other miscellaneous
manufactures; and electricity and gas.
The index is calculated as a base-weighted arithmetic
average (1970=100), with 1970 as the base. The index is
linked at 1962 to indexes 1959=100. Though it should be
noted that considerable differences in exist between the
two indexes. Earlier indexes are based on 1938=100.
Elementary relatives of indicators of output are com
bined into indexes for detailed categories of individual
activity, and, through successive stages of combination,
into indexes for the divisions and for total industrial
activity.
The monthly indexes are adjusted for differences in the
number of working days in each month and for seasonal
variation. Monthly preliminary data are revised as soon
as more complete data become available.
A total of 265 individual commodities (covering approx
imately 63 percent of all industrial production) are used
in calculating the indexes. Indexes for the most recent
month are provisional and are based on about 80 percent
of the total series.
The weights used for combining the elementary series
of relatives into indexes for individual product groups,
and these indexes into subbranches and branches of
industrial activity, are based mainly on data on value
added in 1970. The weights used in combining the indexes
for industry branches into division indexes and into the
index for total industrial activity are proportional to the
value added at factor cost in 1970. Data are available
beginning with 1951.
THE series 727 index (Italy) covers the following industries:
Mining; manufacturing, except photographic equipment,
magnetic tapes and disks; and electricity and gas. The
industrial divisions represented in the index accounted
for 93 percent of industrial value added in 1970.
The index is calculated as a base-weighted arithmetic
average (1970=100), with 1970 as the base weight year.
The index is linked at 1970 to indexes 1966=100, and at
1966 to indexes 1953=100. Considerable differences in
coverage exist, however, between the three indexes. Earlier
indexes are based on 1968=100.
Series of relatives of indicators of output are combined
into indexes of detailed categories of industrial activity
which, in turn, are combined into indexes for subgroups
and groups of industrial activity. The group indexes are
then combined into indexes for broader classes of indus
trial activity and into the general index. The monthly
index of total industrial production is adjusted for inequal
ities in the number of working days in each month and for
seasonal variation.
The indexes are calculated using quantities of output,
quantities of materials used, employee-hours adjusted for
productivity, and deflated values of output. The weights
used in combining the indicators into indexes for each
subgroup are based on gross value of production, after
68
eliminating duplications of values which occur in the com
bining of products. The weights for combining subgroup
indexes into indexes for major groups are derived from
value added at factor cost in 1970. Data are available
beginning with 1947.
THIS index, series 728 (Japan), covers the following indus
tries: Mining; manufacturing, excluding printing and pub
lishing; and electricity and gas.
The index is calculated as a base-weighted arithmetic
average (1970=100), with 1970 as the base; the index
is linked at January 1968 to indexes 1965=100 and at
January 1963 to indexes 1960=100. Earlier indexes are
available on other bases.
Elementary series of relatives based on quantities of
individual commodities produced are combined into in
dexes for major groups, the major group indexes into
division indexes, and these into an index for mining, manu
facturing, and electricity and gas. The indexes are sea
sonally adjusted.
The series used in the computation of the indexes
include data on 459 individual commodities. Data on the
production of 417 of these are compiled by the Ministry
of International Trade and Industry; the other data are
gathered chiefly from trade associations and other govern
ment agencies.
The weights used in combining indicators into indexes
for each industry group are based on quantities produced
in the base years multiplied by unit selling price f.o.b.
factory. Indexes of industry groups are combined into
division indexes using weights based on value added at
factor cost. Data are available beginning with 1948.
CONSUMER PRICES—INTERNATIONAL
Series 732. United Kingdom, Index of Consumer Prices
Series 732c. United Kingdom, Percent Change in Con
sumer Prices
Source: H. M. Stationery Office (London)
Series 733. Canada, Index of Consumer Prices
Series 733c. Canada, Percent Change in Consumer
Prices
Source: Statistics Canada (Ottawa)
Series 735. West Germany, Index of Consumer Prices
Series 735c. West Germany, Percent Change in Con
sumer Prices
Source: Federal Statistical Office (Wiesbaden)
Series 736. France, Index of Consumer Prices
Series 736c. France, Percent Change in Consumer Prices
Source; Institut National de la Statistique et des Etudes
Economiques, Ministere de I'Economie et des
Finances (Paris)
The Handbook of Cyclical Indicators
Series 737. Italy, Index of Consumer Prices
Series 737c. Italy, Percent Change in Consumer Prices
Source; Instituto Centrale di Statistica (Rome)
Series 738. Japan, Index of Consumer Prices
Series 738c. Japan, Percent Changes in Consumer Prices
Source; Bureau of Statistics, Office of the Prime Minister
(Tokyo)
Consumer price indexes measure the change, over a
given period of time, in the cost of selected goods and
services considered to be representative of the consump
tion patterns or habits of the population of the particular
country concerned. Although the official titles, base years,
and methods of computation vary among countries, those
indexes shown in BCD have been converted to a 1967=
100 base by the Bureau of Economic Analysis to facilitate
comparison.
Consumer price data are shown in both index form
and as 6-month changes at annual rate (732c, etc.) in the
BCD tables. Only the percent changes are plotted in the
charts, and these are shown beginning in 1967. The in
dexes are shown without adjustment for seasonal variation;
however, the percent changes are computed from sea
sonally adjusted indexes. These series appear under the
international comparison category "consumer prices'' and
are not classified as cyclical indicators for the United
States.
THIS series 732 (United Kingdom), known as Genera/
Index of Retail Prices (January 1974=100), is a chain
index with links, the weights being changed at the begin
ning of each calendar year. The index for each month is
first computed as a weighted average of separate indexes
for item groups, with prices in the previous January taken
as 100. The resulting index is then linked back through
January in each preceding year to January 1974.
The weights are revised each January on the basis of
the results of a continuing Family Expenditure Survey
(covering 3,500 households a year for 1957-67 and
7,000 from 1967) for the 12 months ending the previous
June, revalued at the prices ruling at the date of revision.
The index covers the great majority of households in the
United Kingdom, including practically all wage earners
and most salary earners. Excluded are households of pen
sioners living on low incomes and the three or four per
sons of those with the highest weekly reported income of
the head of the household.
The items included in the computation of the index are:
Food; meals taken outside the home; alcoholic drinks; to
bacco; housing (by rent; owner-occupied mortgage inter
est payments, insurance of dwelling, etc.; repairs and
maintenance; rates and water charges); fuel and light;
clothing; durable household goods; transport and vehicles;
miscellaneous goods; and services. The frequency, method,
source, and scope of price collection vary with the parti
cular item.
BCD 1977
Data for the index are published by H. M. Stationery
Office in the Central Statistical Office Monthly Digest of
Statistics and Department of Employment Gazette.
THIS series 733 (Canada), known as Consumer Price
Index (1971 = 100), is computed as a weighted arithmetic
average with fixed base. From January 1961 to April 1973,
the weights correspond to 1957 family expenditure pat
terns and, beginning with May 1973, to family expenditure
patterns of 1967 which are derived from a family expendi
ture survey conducted during 1967 in 11 major urban
centers. Weights assigned to the food group subitems
are derived from the 1969 food expenditure survey. The
index represents families ranging in size from two to six
persons, with annual incomes in 1967 ranging from
$4,000 to $12,000, and living in cities with over 30,000
population. The items included in the index are: Food;
housing (by rent; home ownership, including repairs
and maintenance; fuel and light; and other household
operation); clothing; transport; health and personal care;
recreation education, and reading; and tobacco and alco
hol. Prices for the majority of items are collected monthly
by agents in 34 cities. Rent quotations are obtained
through monthly household surveys covering some 8,000
rented dwellings in urban areas. No account is taken of
seasonal fluctuations in items prices (i.e., a constant
weighting method has been adopted for the computation
of the 1967 weighted index).
The index is published by Statistics Canada in Prices
and Price Indexes and Consumer Price Movements.
THIS series 735 (West Germany), known as Cost of Living
Index (all private households) (1967=100), is computed
as a weighted arithmetic average with fixed base, the
weights corresponding to the base period. The weights
and selected items are derived from a family expenditure
survey conducted in 1969 among private households of all
types of consumers resulting in an average household
with 2.7 members and a monthly expenditure, in 1970
(base year of the index), of about 1,300 marks.
The items included in the index are: Food and tobacco;
clothing; rent; fuel and light; household operation; trans
port and communications; health and personal care; edu
cation and entertainment; and other goods and services.
Prices are collected near the middle of each month in
119 municipalities. Rent quotations are obtained quarterly
for flats with two or three rooms and kitchen. In the com
putation of the index, seasonal fluctuations in item prices
are taken into account in their full amount; however, be
tween May and October, prices for potatoes and fresh
fruits and vegetables are collected twice, instead of once,
per month.
The index is published by Statistisches Bundesamt
(Federal Statistical Office) in Wirtschaft und Statistik.
69
THIS series 736 (France), known as Consumer Price Index
(1970=100), is a chain index, the weights being changed
at the beginning of each calendar year. The index of each
month is first computed on a base of December of the
preceding year=100; the resulting index is then calcu
lated on a base of 1970=100 (Laspeyres' chain index).
The weights are revised at the beginning of each calen
dar year, using the results of continuing family expendi
ture surveys and data on household accounts obtained
from the system of national accounts; the weights used
in the computation of the indexes of a given year are
based on the results of surveys taken two years before
and updated to December of the preceding year. The in
dex covers urban households of all sizes.
The items included in the index are: Food; clothing and
household linen; furniture, furnishings, household goods,
cleaning materials, tobacco, etc.; fuel and light; services
(broken down into rent, water, maintenance, and repairs,
personal and medical care, and public transport and
maintenance of vehicles); and other services. Prices are
collected from 25,000 retail outlets and service establish
ments by agents in 108 urban centers of more than 2,000
inhabitants monthly or quarterly for most goods and ser
vices, and twice a month for fresh products. Rent quota
tions are obtained from a survey conducted twice a year
from a sample of 1,500 dwellings in urban centers of
more than 2,000 inhabitants. Prices of pharmaceutical
products and costs of medical care are taken into account
at their gross value (i.e., excluding refunds from social
security). Seasonal fluctuations in the prices of fresh pro
ducts are also taken into account.
The index is published by I.N.S.E.E. in Bulletin Mensuel
de Statistique.
THIS series 737 (Italy), known as Consumer Price Index
(1970=100), is computed as a weighted arithmetic aver
age with fixed base, the weights corresponding to the base
period. The national index represents the weighted arith
metic average of indexes relating to four major areas of
the country (North-West, North-East, Central, and South
ern and Insular).
The weights are derived from the 1969 consumption
patterns and natural account data; rent weights are de
rived from the results of a housing inquiry taken in July
1969. Excluded from the weighting scheme and pricing
are producers' own consumption and owner-occupied
housing.
The items included in the index are: Food and tobacco;
rent; fuel and light; clothing; furnishing and household
equipment; personal and medical care; transport and com
munications; education and recreation; and miscellaneous.
Prices are collected in the chief town of the 92 provinces
by agents from approximately 19,500 outlets and from
5,500 service establishments. Prices for food items are
obtained three times a month, those for clothing and per
sonal services once a month, and those for public services
and rent (13,500 flats) once a quarter: Seasonal fluctua
70
tions in the prices of fresh fruits and vegetables are ac
counted for by varying the monthly basket of the subgroup
relating to these items and by using, for the compilation
of the respective index, moving averages of the indexes
for the last 13 months.
The index is published by the Institute Centrale di Statistica in Bolletin Mensile di Statistica.
THIS series 738 (Japan), known as Consumer Price Index.
(1970=100), is computed as a weighted arithmetic aver
age with fixed base, the weights corresponding to the base
period. The weights and selected items are derived from
a family expenditure survey conducted in 1970 among a
random sample of about 8,000 urban and rural house
holds (excluding farmers', fishermen's, and single per
sons' households) in 170 localities selected so as to rep
resent the whole country.
The items included in the index are: Food; housing
(broken down into rent, repairs and improvements, water,
and furniture and utensils); fuel and light; clothing; and
miscellaneous. Prices for most items are collected monthly
from about 25,000 retail stores and service establish
ments in 170 localities during the week containing the
12th of each month. Prices for seasonal items such as
fresh fruits, vegetables, and fish are collected three times
a month. Seasonal fluctuations in the prices of these items
are accounted for by varying monthly item weights (based
on the results of 1969 and 1970 surveys) within constant
group weights. Rent quotations are obtained from about
16,000 households.
The index is published by the Bureau of Statistics, Of
fice of the Prime Minister, in Consumer Price Index.
STOCK PRICES—INTERNATIONAL
Series 742. United Kingdom, Index of Stock Prices
Source: The Financial Times and the Institute of Actu
aries (London)
Series 743. Canada, Index of Stock Prices
Source: Statistics Canada (Ottawa)
Series 745. West Germany, Index of Stock Prices
Source: Federal Statistical Office (Wiesbaden)
Series 746. France, Index of Stock Prices
Source: Institut National de la Statistique et des Etudes
Economiques
Series 747. Italy, Index of Stock Prices
Source: Banca d'Italia (Rome)
Series 748. Japan, Index of Stock Prices
Source: Tokyo Stock Exchange
The Handbook of Cyclical Indicators
Stock price indexes are designed to approximate as
closely as possible the average movement of all stocks
on the individual country's exchange. Each stock included
in the index must represent a viable enterprise and must
be representative of the industry group to which it is
assigned. Although the base years and methods of compu
tation vary among countries, all of the following stock
price indexes have been converted to a 1967=100 base
by the Bureau of Economic Analysis to facilitate compari
son in BCD.
In BCD, these indexes appear under the international
comparisons category "stock prices" and are not classi
fied as cyclical indicators for the United States. They
have not been adjusted for seasonal variation.
THIS index—Industrial Share Prices—series 742 (United
Kingdom), shows monthly averages of daily changes in
the market value of a portfolio of 500 ordinary shares
actively traded on the London Exchange and issued by
industrial companies operating in the United Kingdom.
The sample is reviewed regularly and comprises all com
panies whose market capitalization in 1962 exceeded 4
million pounds (plus a few smaller companies), except
those operating mainly outside the United Kingdom. In
1962 coverage was about 60 percent of all quoted indus
trial shares. The monthly index has an April 1962 refer
ence base and is obtained as the arithmetic average of
daily indexes. Daily quotations relate to the middle market
price at the close of business. The daily index consists of
a number of chain-linked Laspeyres series. Price relatives
of constituent shares are weighted by initial market cap
italization until the first change occurs. Weights are
change, and a new link occurs, when capital changes
such as rights and bonus issues occur, or when changes
in the sample are effected. The index is compiled by The
Financial Times and the Institute of Actuaries and is pub
lished in the Central Statistical Office's Monthly Digest of
Statistics.
THIS index—Share Prices: Industrials—series 743 (Can
ada), is compiled on a 1971 reference base and relates to
the common dividend-bearing shares of 65 Canadian com
panies whose shares are traded on at least one exchange.
It is a component of the Investors Index. The monthly
index is obtained as the arithmetic average of weekly
indexes. Prices are based on daily closing quotations from
the exchange with the highest volume of trading for each
share and are averaged over the number of trading days
in the week. Prices for component shares are combined
into subgroups in proportion to the relative numbers of
shares outstanding as of 1 January each year. Subgroup
and group weights are based on the average yearly vol
ume of shares traded over the period 1971-74. Adjust
ments are made as a result of changes in portfolio com
BCD 1977
position and stock splits. The index is compiled by Statis
tics Canada and is published in Prices and Price Indexes.
THIS index—Industrial Share Prices—series 745 (West
Germany), is a component of the General Index and
relates to the common shares of companies with head
quarters in West Germany. It comprises 192 companies
which together represent approximately 90 percent of
total authorized capital. Selection is based on authorized
capital with some adjustments to include small companies,
if these have an impact. Price relatives of selected shares
are combined by relative values of authorized capital as
of December 29, 1972 (the reference and weighting base)
to obtain the group indexes. Price relatives for each group
in the base period are weighted by the authorized capital
of all companies in that group. Prices are adjusted for
share dividends and rights but not cash dividends. The
index is compiled by the Federal Statistical Office and
published in Aussenhandel, Reihe 2.
THIS index—Industrial Share Prices—series 746 (France),
measures monthly changes in the spot price of a portfolio
of all variable-yield industrial shares admitted to the Paris
Exchange in the chosen base period. It is a component
of the Total Index. The sample of approximately 180
shares is updated each year, with selection based on the
market value of share capital and the volume of trans
actions. The monthly index is based on opening spot
quotations for the last Friday (or preceding working day)
of the month. Group indexes are obtained as unweighted
averages of price relatives for component shares on a
base of the last working Friday of the preceding year.
Group indexes are weighted by the market value of all
shares in the group as of the same date and then are
chained to the reference base December 29, 1972. Prices
are adjusted for share dividends and rights. The index is
compiled by I.N.S.E.E. and is published in the Bulletin
Mensuel de Statistique.
THIS index—Share Prices—series 747 (Italy), measures
the monthly averages of daily changes in the market value
of a portfolio comprising the ordinary variable-yield shares
of approximately 40 major Italian companies. It covers
mainly manufacturing companies but includes 14 finan
cial, insurance and construction companies. Coverage is
approximately 60 percent of the total value of shares
admitted to the Milan Exchange. The monthly indexes are
averages of daily indexes. Daily spot closing quotations
on the Milan Exchange are weighted by base year (1958)
capitalization. Adjustments are made for increases in
share capital and for accrued dividends (on the assump
tion that dividends are unchanged from the preceding
71
year). The index is compiled by Banca d'ltalia and is
published in its Bolletino.
THIS index—Share Prices—series 748 (Japan), meas
ures monthly changes in the selling prices of all 690
shares listed on the Tokyo Exchange. It is compiled on an
April 1, 1968, reference base. The monthly index is the
72
simple average of daily indexes. Selling quotations at the
listed. Adjustments are made to the base figure when
shares are added to or deleted from the list and for new
issues. No adjustments are made, however, for stock
dividends. The index is compiled by the Tokyo Stock
Exchange and is published in the Exchange's Monthly
Statistics.
close of the afternoon session (or the previous day's
quotations) are weighted by the current number of shares
The Handbook of Cyclical Indicators
III. COMPOSITE INDEXES:
A Brief Explanation and the Method of Construction
Section A. Composite Indexes In Short
Composite Indexes As Summary Indicators
The composite indexes are summary measures designed
to indicate changes in the direction of aggregate economic
activity. Each index measures the average behavior of a
group of economic time series that show similar timing
at business cycle turns but differ widely in terms of the
represented activities or sectors of the economy. Two
main criteria are used to select and group the components
of the indexes—cyclical timing and overall performance
score. Each cyclical indicator is evaluated according to the
scoring plan discussed in the article "Cyclical Indicators:
An Evaluation and New Leading Indexes", published in
the May 1975 issue of BCD and reprinted as an appendix
to this volume. The better performing series that tend to
lead at business cycle turns are combined into one index,
those that tend to coincide with the business cycle into
another, and those that tend to lag into a third. To insure
broad economic coverage without excessive duplication,
care is taken to include in each composite index the high
est scoring indicators from as many different economic
process groups as have the requisite timing pattern. Be
cause of this diversified and comprehensive coverage,
composite indexes are more reliable as cyclical indicators
and less subject to measurement error and erratic behav
ior than any of their components taken singly.
Because prompt availability and reasonable accuracy
are important requirements of composite indexes, only
series that are available monthly with short publication
lags and are not subject to large revisions are selected
for inclusion in the composites.
The procedures used to combine the components into
an index are designed to prevent the more volatile series
from dominating the index and to give more influence to
the better performing series. Thus, the series are stand
ardized to equalize their average absolute changes, and
their overall performance scores are used as weights.
In addition to the composite indexes of leading, coin
cident, and lagging indicators, there is a selection of com
posite indexes based on leading indicators grouped by
economic process. These subgroup indexes add depth to
the leading index and facilitate the analysis of individual
economic processes. The subgroups include marginal
employment adjustments, capital investment commit
ments, inventory investment and purchasing, profitabil
ity, and money and financial flows.
BCD 1977
Establishing a Trend for the Composite Indexes
Although the primary purpose of the composite indexes
is to indicate changes in the direction of aggregate eco
nomic activity, many users have also come to view them
as indicators of the current and future levels of economic
activity, and the coincident index has come to be con
sidered as a monthly approximation of aggregate eco
nomic activity. However, due to the method of its con
struction under the old procedures, the coincident index
had an underlying trend which differed considerably from
those of its component series. To correct this, a new
approach to computing the trend has been adopted. A
target trend is established by averaging the trends in the
original data for the four components of the coincident
composite index. This trend, which is similar to that of
GNP in constant dollars and can be viewed as the longrun trend in aggregate economic activity, is superimposed
on the leading, coincident, and lagging composite indexes.
Equalizing the Amplitudes of the Composite Indexes
Another innovation that has been adopted makes the
average month-to-month percent change (without regard
to sign) of the leading and lagging indexes approximately
equal to that of the coincident index. This ties the leading
and lagging indexes more closely to the coincident index
and makes the indexes more useful for analytical pur
poses. (In the previous procedures, the average month-tomonth percent change in all three indexes was made equal
to 1—a somewhat arbitrary standard which exaggerated
the size of the month-to-month movements of the indexes.)
A step-by-step description of the method used to com
pute the leading, roughly coincident, and lagging com
posite indexes is shown below. For those readers who
prefer a description in mathematical terms, an algebraic
explanation on composite index construction is provided
in section C—Technical Note. It should be noted that the
composite indexes for the leading indicator subgroups
have not been adjusted for trend or amplitude. These
indexes reflect short-term fluctuations in economic activ
ities which have their own characteristic secular trends
and amplitudes; the procedure used preserves these
differences.
Maintaining and Revising Composite Indexes
The composite indexes are updated at the end of each
month. The updating consists of computing the prelim-
73
inary estimate for the current month and recomputing the
preceding 11 monthly values so as to incorporate revisions
and additional data not available the previous month.
The composite indexes are also periodically overhauled,
usually at 12-month intervals. At that time they are recom
puted back to 1948 to take into account revisions in the
component series and changes in the standardization
factors.
D. For each month, a weighted average of the stand
ardized changes for all available components is computed.
The standardization factors and weights for the component
series of the composite indexes are shown in table 4.
Similar measures for series included in the leading indi
cator subgroups are shown in table 5. The factors and
weights are periodically updated and/or revised.
//.
Section B. Method of Constructing
Composite Indexes
/.
Computing Standardized and Weighted Average
Changes
A. Month-to-month percent changes are calculated for
each component series. To insure symmetrical treatment
of positive and negative changes, the percent changes are
computed using the formula, 2 0 0 ( B - A ) / ( B + A ) , where A
is the value for the first month and B is the value for the
second month.1 For those series (such as first differences)
which can contain zero or negative values, and for series
which are already in percentage or ratio form, simple
month-to-month differences rather than percent changes
are computed.2
B. To prevent the more volatile component series
from dominating the index, the percent changes (or differ
ences) for each component are standardized to make the
average of their absolute values equal to one. This is
accomplished by dividing each monthly change by the
average, without regard to sign, of these changes as com
puted in step l-A. Presently, this average is computed for
the period 1948 through 1975.3
C. The standardized changes described above are
then weighted. The weights used reflect the overall per
formance scores of the series as cyclical indicators. The
score for a given series depends upon its economic sig
nificance, statistical adequacy, cyclical timing, conformity
to business cycles, smoothness, and currency. Thus,
better performing series carry more weight in the com
posite index.
1
The conventional formula for calculating the percent change over a
given time interval is 100 (B-A)/A, where A is the value for the first period
(e.g., month) and B the value for the last period in the interval. In the
modified formula, the sum of A and B is used as the denominator in order
to keep positive and negative percent changes symmetrical. Consider, for
example, a series in which the consecutive values are 4,8,4,8,4,8 and 4.
Although there is no upward trend in such a series, the conventional per
cent change formula will yield an average change of + 2 5 percent (since 3
increases of 100 percent, and 3 decreases of 50 percent would be averaged).
The modified formula, however, will yield an average change of zero since
an equal number of increases and decreases of 66% percent would be
averaged. (Adapted from Signals of Recession and Recovery, by Julius
Shiskin, National Bureau of Economic Research, 1961.)
2
This category includes the following leading index components: Change
in inventories on hand and on order, change in sensitive prices, change in
total liquid assets, layoff rate, and vendor performance; and the following
lagging index components: Average prime rate, and ratio of consumer
installment
debt to personal income.
3
For the composite indexes presented in the May and November 1975
issues of BCD, a trailing 60-term moving average of the changes (without
regard to sign) was used as the standardization factor. This moving aver
age approach, which may be desirable when the magnitude of monthly
changes varies systematically over time, complicates the computation
process by calling for continual modification of the standardization factor.
It also has the disadvantage of distorting cyclical comparisons over time,
and for these reasons it was dropped.
74
Modification of the Average Changes and Cumulation
of the Raw Index
A. Before cumulation into an index, the average
monthly changes for the leading and lagging indexes are
modified (standardized) so that their longrun average
(without regard to sign) is equal to that of the coincident
index. To make the leading composite index conform to
this standard, the monthly changes (as derived in step
ID) are divided by the ratio of their long-term average to
that of the coincident index. A similar procedure is used
to modify the average movements in the lagging index.
Index standardization factors for the leading, coincident,
and lagging indexes are shown in table 6.
B. The modified average changes from step ll-A are
cumulated into an index according to the following proTable 4. Standardization Factors and Weights for
Composite Index Components
Series
Stand
ardiza
tion
factor
(A,)
(1)
Weight i
(Wi)
(2)
Leading index components
1. Average workweek of production workers,
manufacturing
3. * Layoff rate, manufacturing 2
32. *Vendor performance .
104. *Percent change
in total liquid assets,
smoothed 3
92. *Percent change in sensitive prices, smoothed 3
20. Contracts and orders, plant and equipment,
1972 dollars
12. Index of net business formation
19. Index of stock prices
105.
8.
Money supply (Ml), 1972 dollars
New orders, consumer goods and materials,
1972 dollars
29. Building permits, private housing
36. ^Change in inventories on
hand and on order,
1972 dollars, smoothed 3
0.476
170
3.899
0.984
1.025
.930
050
.319
1.011
.971
5.519
1.053
2.664
.971
.984
1.079
331
1.065
3.128
4.816
.998
1.025
2.496
.957
331
960
1.067
1.042
518
1.065
.945
.945
3.825
.616
1.068
.907
.462
.990
.994
1.031
100
1.081
061
.919
Coincident index components
41.
47.
51.
57.
Employees on nonagricultural payrolls
Index of industrial production, total
Personal income, less transfer payments, 1972
dollars
Manufacturing and trade sales, 1972 dollars . . .
Lagging index components
91.
62.
70.
72.
Average duration of unemployment 2
Labor cost per unit of output, manufacturing . .
Manufacturing and trade inventories, 1972
dollars
Commercial and industrial loans outstanding . .
109. ^Average prime rate charged by banks
95. *Ratio, consumer installment debt to personal
income
* First differences are computed for these series rather than symmetrical
percent
changes.
1
The weight is the ratio of the performance score of the given series
(as of November 1976) to the average of the scores of all series in the
composite index. (Some scores in table 1 have been revised since these
weights
were established.)
2
The changes for these series are inverted; i.e., multiplied by — 1 .
3
Series is a weighted 4-term moving average (with weights 1,2,2,1) placed
at the terminal month of the span.
The Handbook of Cyclical Indicators
Table 7. Target Trend Computation
Table 5. Standardization Factors and Weights for
Leading Indicator Subgroups
Stand
ardiza
tion
factor
Subgroup indexes and component series
Series
Weight *
(Wi)
(Ai)
(1)
(2)
47.
1.
Average workweek of production workers,
manufacturing
2. Accession rate, manufacturing
3. -Layoff rate, manufacturings
5. Average weekly initial claims, State unemploy
ment insurance -
0.476
3.957
170
1.021
.909
1.063
5.532
1.007
51.
57.
29.
Employees on nonagricultural payrolls
Index of industrial pro
duction, total
Personal income, less
transfer payments, 1972
dollars
Manufacturing and trade
sales, 1972 dollars
Target trend
914. Capital investment commitments
12.
20.
Index of net business formation
Contracts and orders, plant and equipment,
1972 dollars
Building permits, private housing
1.053
.991
5.519
4.816
.977
1.032
3.128
3.898
1.035
.965
2.496
.319
.993
1.007
680
2.664
1.005
1.148
2.419
.847
915. Inventory investment and purchasing
8.
New orders, consumer goods and materials,
1972 dollars
32. *Vendor performance
36. *Change in inventories on
hand and on order,
1972 dollars, smoothed 3
92. ''Percent change in sensitive prices, smoothed 3
Specific cycles defined
from trough to trough—
Initial
Terminal
(2)
(3)
Oct. 49 to
Aug. 54
Oct. 49 to
Apr. 54
Nov. 70 to
June 75
Nov. 70 to
Mar. 75
July 49 to
Apr. 54
July 49 to
Dec. 53
Nov. 70 to
Feb. 75 ~
Nov. 70 to
Mar. 75
Coincident index components
41.
913. Marginal employment adjustments
Monthly trend
factor 1
(percent)
(1)
{
0.178
.357
.301
.290
.282
1
The total percent change from the initial specific cycle average to the
terminal cycle average (the specific cycles for individual series are defined
in columns 2 and 3) is broken into monthly rates by the compound interest
formula T = (m\/ CL/CI—1)
100, where Ci and CL are the initial and terminal
specific cycle averages, respectively, and m is the number of months from
the center of the initial cycle to the center of the terminal cycle.
- Because there was no specific cycle trough in this series corresponding
to the November 1970 reference turn, the reference date was used for
purposes
of the trend computation.
1
The target trend is the simple average of the monthly trends in the
four components.
916. Profitability
17.
19.
80.
Ratio, price to unit labor cost index,
manufacturing
Index of stock prices
Corporate profits after taxes, with IVA and
CCAdj, 1972 dollars
917. Money and financial flows
104. *Percent change
in total liquid assets,
smoothed 3
105. Money supply (Ml), 1972 dollars
110. Total private borrowing
050
331
3.372
1.023
1.077
.900
* First differences are computed for these series rather than symmetrical
percent
changes.
1
The weight is the ratio of the performance score of the given series
(as of November 1976) to the average of the scores of all series in the
composite index. (Some scores in table 1 have been revised since these
weights
were established.)
2
The changes for these series are inverted; i.e., multiplied by — 1 .
"Series is a weighted 4-term moving average (with weights 1,2,2,1) placed
at the terminal month of the span.
///.
Computation Procedure for the Trend Adjusted
Indexes
The revised method of composite index construction
outlined here employs a new approach to trend adjust
ment. The trends in all three composite indexes (leading,
lagging, and coincident) are made equal to the average of
the longrun trends in the four components of the coin
cident index; this trend can be viewed as a linear approxi
mation to the secular movement in aggregate economic
activity.
A. Establishing the target trend:
Table 6. Index Standardization Factors, 1948-1975
Composite
index
Leading . .
Average absolute change
in the group l
(1)
Index standardization
factor 2
(2)
0.482
0.570
Coincident
.845
1.000
Lagging . .
.676
.800
1
The average absolute change for each group is obtained as follows: (a)
For each month a weighted average of the standardized changes of all
components in the index is computed; e.g., in the leading group, stan
dardized changes (with sign) in 12 series are averaged for each month
beginning with February 1948; (b) A long-term average without regard to
sign
(1948-1975) is then calculated from these monthly averages.
2
These measures are the ratios of the average absolute changes for each
group (leading, coincident, and lagging) to the same measure for the coin
cident series as shown in column 1.
cedures: An arbitrary value of 100 is selected for the first
month (called here month A) of the index and the follow
ing months (B, C, D, E,
) are obtained by applying the
formula B = A(200 + r)/(200 — r), where r is the modi
fied average change between months A and B. Similarly,
the index for month C is computed from the relationship
C = 8(200 + r)/(200 — r), where r is the change be
tween months 8 and C. The formula (200 + r)/(200 — r)
converts the symmetrical percent changes into conven
tional percent changes. The resulting index is referred
to hereafter as the "raw" index. It is this index which is
then trend adjusted.
BCD 1977
1. Using the original unstandardized data, loglinear trends are determined for each of the four com
ponents of the coincident index, employing the busi
ness cycle average method as follows: The average
monthly values during the initial cycle and during the
terminal cycle (measured from specific cycle trough-totrough dates) are determined. The percent change from
the centered initial cycle average to the centered ter
minal cycle average is broken into a monthly rate by the
compound interest formula.
2. The trend factors determined above for the in
dividual components are averaged to obtain the "target
trend." Table 7 presents the monthly target trend and
also illustrates how that measure was computed.
B. Trend adjustment of the coincident, leading, and
lagging composite indexes:
1. Trends are computed for the "raw" indexes of
the coincident, leading, and lagging composites using
the method described in step III—3(1). Table 8 presents
these measures along with the trend adjustment factors
referred to in the next subsection.
75
Table 8. Trend Adjustment Factors
Composite index
Trend in
raw index l
(percent)
Trend adjustment
factor (percent)
(1)
(2)
0.112
-f-0.170
.440
.435
-.158
—.153
Leading
Coincident
Lagging
1
See text for a discussion of raw indexes and the method of computing
trends
in them.
3
Trend adjustment factor is the target trend (0.282) minus the trend in
the raw index.
and N is the number of months in the standardization
period. The standardization period runs from 1948
through 1975, so N=336. The A, are fixed, having been
computed from the data as they existed in November
1976.5
C. Next, weighted monthly averages of the s„ are
computed with the formula
^=(Es,Wt)/(i:W;),
/=i
2. The differences between the "target trend" and
the respective trend values of the "raw" coincident,
leading, and lagging composite indexes (trend adjust
ment factors) are then added to the modified (stand
ardized) average monthly changes obtained in step ll-A.
This procedure is similar to the so-called "reverse
trend adjustment" procedure used earlier. In the new
procedure, however, all three composite indexes—not
just the leading index—are trend adjusted.
3. The trend-adjusted changes then are cumulated
using the method described in step ll-B to obtain the
roughly coincident, leading, and lagging composite in
dexes. Trends of the three indexes are thus equal.4
/=i
where w, is the weight assigned to component /. If s„ is
not available for a given month t because of an unavail
able data value, then the corresponding w,=0 for the
above formula.
//.
Modification of the Average Changes and
Cumulation of the Raw Index
A. Before cumulating and rebasing to obtain the raw
index, Rt are standardized: r,=Rt/F, where
F
=[ ( S |*'| )/(N-l)]/[(£ | Ft I )/(N-l)]f
C. Changing the index base:
and p, is the coincident index counterpart of Rt defined
in step l-C.6 (NOTE: F = l for the coincident index.) As
with the component standardization factors, these
index standardization factors are fixed.
Finally, the index is converted to the desired base
(1967 is currently used as the base year) by dividing
each term by the average value of the index in the base
year and multiplying by 100.
B. The r, are cumulated now by applying the formula
/,=/, =/ (200+r,)/(200-r,), where f=2,3,4,...n and /, is as
signed the value of 100. This index, called the raw index,
is then trend adjusted. 7
Section C. Technical Note—An Algebraic
Explanation on Composite Index Construction
/.
Computation of Standardized and Weighted
Average Changes
A. Let c„ be the symmetrical percent change from
month t—1 to month t for component /. Then c„=200
(d„—dit-^/id,,+c/„_!), where dit is the data for month
f of component / (/=l,2,3,...k and f=2,3,4,...n). If the
given time series contains zero or negative values or is
already in percentage or ratio form, c/7=d/f—cfl7_,f
where / and t are defined as above.
B. The changes computed in step l-A are standard
ized using the formula Sit=cit/Aif where
A=Zk,,l/(N-l)
r= 2
4
Because of the particular sequence employed in the adjustment proce
dures outlined above, the trends of the three indexes are equal, but the
average monthly changes (without regard to sign) are no longer precisely
equal. If a procedure had been employed whereby the amplitude modifica
tion described in step l l - B had been employed after, rather than prior to,
the trend adjustment, the average monthly changes in the three indexes
would have been equal but the trends would have been only approximately
equal. Since the trend adjustment can affect the cyclical timing of the
indexes while the amplitude modification does not, it was deemed advisable
to insure precise equalization of the trends and only approximate equaliza
tion of the amplitudes of the month-to-month changes.
76
///.
Computation of the Trend Adjusted Index
A. The method of business cycle averages is used to
determine trends. Let c, and cL represent the average
of data values for the initial and terminal specific cycles
of a time series. (Cycles are measured from trough to
trough.) Trend is determined by the compound interest
formula
T = ( ^ C t / C , - l ) 100,
where m is the number of months from the center of
the initial cycle to the center of the terminal cycle.
B. The trend adjustment factor is computed by sub
tracting the trend of the raw index from the target trend.
To trend adjust an index, this difference is then added
to the r, obtained in step ll-A. Thus,
rt=rt+(G-T),
where G is the target trend and T is the trend in the raw
index. These adjusted r/ are then cumulated as de
scribed in step ll-B and rebased by dividing by the
average of the values in 1967 and multiplying by 100.
5
Table 4 lists the weights and standardization factors for the components
of the leading, coincident, and lagging indexes. Table 5 lists the weights
and
standardization factors for the leading indicator subgroups.
6
For the leading indicator subgroups F is defined as 1.
7
The leading indicator subgroups are not trend adjusted.
The Handbook of Cyclical Indicators
IV. HISTORICAL DATA
This part provides historical data for all series shown in the monthly BUSI
NESS CONDITIONS DIGEST. Monthly series are presented first, in numerical
order, followed by quarterly series, also in numerical order. (There are a few
exceptions where strict numerical order would be impractical.) The Series
Finding Guide at the back of this Handbook lists the pages on which the series
description and historical data for each series can be found.
Historical data are shown for the period 1945 through 1975. Data for 1976
have been omitted since, in many cases, they are subject to revision. Space
has been left for 1976 on the tables for the reader who wishes to add the cur
rent data. The current data necessary to update these tables can be found in
recent issues of BCD. The historical data included here reflect revisions available
through February 1977. (A few series contain revisions available through April
1977.) Data revised after February will be published in the appendixes of the
monthly BCD.
The series shown here are seasonally adjusted except for those, indicated
b y ® , t h a t appear to contain no seasonal movement. Official source agency
annual figures are shown if available. Such figures are often derived from data
with more digits or from data which are not seasonally adjusted; therefore, they
may differ slightly from annual figures computed from the monthly or quarterly
data shown.
Monthly
Quarterly
'
Annual
Year
Jan.
Feb.
Mar.
i.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
1 Q
Dec.
AVERAGC WORKWEEK OF PRODUCTION 'WORKERS, MANUFACTURING
(HOURS)
II Q
III Q
IV Q
AVERAGE FOR PERIOD
194b...
19«6...
1947. . .
1*46...
1949...
19 50...
1951...
1952...
1953...
1954...
45.3
40.8
40.5
40.4
39.4
39.6
40.8
40.7
41.0
39.5
45.4
40.4
40.4
40.2
39.4
39.7
40.8
40.7
40.9
39.6
45.2
40.5
40.4
40.4
39.1
39.7
41.0
40.6
41.1
39.5
45.1
40.4
40.6
40.5
38.7
40.1
41.2
40.1
41.1
39.4
44.3
39.9
40.5
40.2
38.9
40.2
40.9
40.4
40.8
39.5
44.5
39.8
40.4
40.3
38.9
40.5
40.7
40.5
40.7
39.6
44.3
39.8
40.2
40.1
39.1
40.8
40.6
40.2
40.6
39.6
40.8
40.5
39.9
40.0
39.1
41.1
40.2
40.5
40.4
39.7
41.7
40.5
40.2
39.6
39.4
40.7
40.4
41.1
39.8
39.5
41.4
40.3
40.3
39.7
39.4
41.0
40.2
41.1
40.0
39.6
41.1
40.2
40.4
39.7
39.0
41.0
40.4
41.0
39.8
40.1
41.1
40.5
40.6
39.5
39.2
40.8
40.6
41.1
39.7
40.Ol
45.3
40.6
40.4
40.3
39.3
39.7
40.9
40.7
41.0
39.5
44.6
40.0
40.5
40.3
38.8
40.3
40.9
40.3
40.9
39.5
42.3
40.3
40.1
39.9
39.2
40.9
40.4
40.6
40.3
39.6
41.2
40.3
40.4
39.6
39.2
40.9
40.4
41.1
39.8
39.9
43.5
40.3
40.4
40.0
39.1
40.5
40.6
40.7
40.5
39.6
1955...
1*56...
1957...
19DO. . .
1959...
i960.. .
19bl...
1962...
1963...
1964...
40.3
40.8
40.3
38.8
40.1
40.5
39.2
40.0
40.4
40.1
40.5
40.6
40.4
38.6
40.2
40.1
39.3
40.3
40.3
40.6
40.7
40.4
40.2
38.7
40.4
39.9
39.4
40.5
40.3
40.6
40.6
40.6
40.1
38.6
40.5
39.7
39.6
40.7
40.2
40.8
40.9
40.2
39.8
38.7
40.6
40.0
39.6
40.5
40.5
40.7
40.6
40.1
39.9
39.0
40.5
39.8
39.9
40.4
40.6
40.7
40.6
40.2
39.8
39.2
40.2
39.8
40.0
40.4
40.5
40.7
40.6
40.1
39.8
39.4
40.3
39.7
40.0
40.3
40.4
40.9
40.7
40.5
39.7
39.6
40.1
39.4
39.6
40.5
40.6
40.5
40.9
40.5
39.3
39.5
40.1
39.6
40.2
40.2
40.6
40.6
41.0
40.4
39.2
39.8
39.9
39.2
40.5
40.3
40.4
40.8
40.8
40.5
39.0
39.8
40.2
38.4|
40.3
40.2
40.6
41.1
40.5
40.6
40.3
38.7
40.2
40.2
39.3
40.3
40.3
40.4
40.7
40.3
39.9
38.8
40.5
39.8
39.7
40.5
40.4
40.7
40.6
40.3
39.8
39.4
40.2
39.6
39.9
40.4
40.5
40.7
40.9
40.5
39.2
39.7
40.1
39.1
40.3
40.2
40.5
40.8
40.7
40.4
39.8
39.2
40.3
39.7
39.8
40.4
40.5
40.7
1965...
1966. . .
1967...
1966...
1969. . .
197U...
1971...
1972...
1973...
1974. . .
1975...
1976. . .
41.2
41.5
41.0
40.2
40.7
40.4
39.9
40.2
40.4
40.4
39.1
41.3
41.6
40.4
41.0
40.4
40.2
39.7
40.5
41.0
40.4
38.9
41.4
41.5
40.4
40.7
40.8
40.1
39.8
40.4
40.9
40.4
38.9
41.0
41.5
40.5
40.1
40.7
39.9
39.7
40.7
41.0
39.3
39.0
41.2
41.5
40.5
40.9
40.7
39.8
40.0
40.5
40.8
40.3
39.1
41.1
41.4
40.4
40.9
40.7
39.9
40.0
40.6
40.7
40.2
39.3
41.1
41.2
40.5
40.8
40.6
40.0
39.9
40.6
40.7
40.2
39.4
41.0
41.4
40.6
40.7
40.6
39.8
39.8
40.6
40.5
40.1
39.7
40.8
41.2
40.7
40.9
40.7
39.3
39.4
40.6
40.7
40.0
39.8
41.2
41.3
40.6
40.9
40.5
39.5
39.9
40.7
40.6
40.0
39.8
41.2
41.2
40.6
40.8
40.4
39.5
40.0
40.8
40.7
39.5
39.9
41.4
40.9
40.7
40.7
40.5
39.5
40.2
40.6
40.6
39.3
40.3
41.3
41.5
40.6
40.6
40.6
40.2
39.8
40.4
40.8
40.4
39.0
41.1
41.5
40.5
40.6
40.7
39.9
39.9
40.6
40.8
39.9
39.1
41.0
41.3
40.6
40.8
40.6
39.7
39.7
40.6
40.6
40.1
39.6
41.3
41.1
40.6
40.8
40.5
39.5
40.0
40.7
40.6
39.6
40.0
41.2
41.3
40.6
40.7
40.6
39.8
39.9
40.6
40.7
40.0
39.4
2.
ACCESSION R A T E , MANUFACTURING
(PER 100 EMPLOYEES)
AVERAGE
FOR PERIOD
1945.. .
1946...
1*47.. .
1948. . .
1949...
1950...
1951...
1952...
1953...
1954...
7.7
9.6
7.0
5.6
3.9
4.4
6.4
5.4
5.7
3.5
6.8
9.3
6.9
6.5
4.0
4.4
6.2
5.2
5.8
3.3
6.4
9.6
6.9
5.2
3.9
4.8
6.0
5.0
5.7
3.5
6.3
8.9
6.9
5.5
4.0
4.8
5.8
4.8
5.6
3.2
6.5
8.1
6.4
5.3
4.4
5.3
5.5
4.9
5.2
3.3
6.8
7.7
6.1
6.2
4.7
5.2
5.1
5.0
5.0
3.7
6.8
8.5
5.7
5.6
4.3
5.6
5.0
5.2
4.8
3.7
6.6
7.9
5.9
5.2
4.4
6.6
4.7
6.3
4.6
3.4
8.2
7.5
6.0
5.1
4.3
6.0
4.6
5.7
4.1
3.6
9.0
7.2
5.9
5.1
4.1
5.8
4.8
5.8
3.7
4.1
10.4
7.0
6.0
4.8
4.2
5.1
5.2
5.5
5.4
4.3
10.5
6.6
5.6
4.5
5.4
5.3
5.2
5.8
3.5
4.2
7.0
9.5
6.9
5.8
3.9
4.5
6.2
5.2
5.7
3.4
6.5
8.2
6.5
5.7
4.4
5.1
5.5
4.9
5.3
3.4
7.2
8.0
5.9
5.3
4.3
6.1
4.8
5.7
4.5
3.6
10.0
6.9
5.8
4.8
4.6
5.4
5.1
5.7
4.2
4.2
7.7
8.1
6.2
5.4
4.3
5.3
5.3
5.4
4.8
3.6
1955...
1956...
1957.. .
1956...
1959...
1960...
1961...
1962...
1963...
1964...
4.1
4.2
4.1
3.1
4.2
4.4
3.7
4.3
3.8
3.8
4.3
4.2
3.9
3.0
4.4
4.0
3.7
4.3
3.9
3.9
4.6
4.1
3.8
3.1
4.6
3.7
4.3
4.2
3.9
3.9
4.7
4.3
3.6
3.2
4.4
3.7
4.2
4.1
3.9
4.0
4.5
4.1
3.6
3.6
4.3
3.7
4.2
4.2
3.8
4.0
4.3
4.1
3.8
3.8
4.1
3.8
4.1
4.1
3.9
3.9
4.2
3.9
3.8
3.9
4.0
3.6
4.1
4.2
3.9
4.1
4.5
3.9
3.3
4.1
4.1
3.8
4.1
4.0
3.8
4.1
4.5
4.3
3.2
3.9
4.0
3.8
3.8
4.0
3.9
3.9
4.5
4.6
3.3
3.9
3.8
3.5
4.2
3.8
3.9
4.1
4.5
4.2
3.1
3.9
4.1
3.6
4.2
3.8
3.7
3.9
4.5
4.2
2.8
4.0
5.4
3.6
4.2
3.8
3.8
4.0
4.3
4.2
3.9
3.1
4.4
4.0
3.9
4.3
3.9
3.9
4.5
4.2
3.7
3.5
4.3
3.7
4.2
4.1
3.9
4.0
4.4
4.0
3.4
4.0
4.0
3.7
4.0
4.1
3.9
4.0
4.5
4.3
3.1
3.9
4.4
3.6
4.2
3.8
3.8
4.0
4.5
4.2
3.6
3.6
4.2
3.8
4.1
4.1
3.9
4.0
1965...
1966...
1967...
1968...
1969...
197U...
1971...
1972...
1973...
1974...
1975...
1976...
4.1
4.9
4.5
4.4
4.9
4.4
3.8
4.3
5.0
4.6
3.1
4.2
5.0
4.4
4.4
4.8
4.4
3.7
4.3
5.1
4.5
3.2
4.3
5.3
4.3
4.6
4.9
4.0
3.7
4.4
5.0
4.5
3.2
4.1
5.1
4.3
4.6
4.9
4.0
3.8
4.3
4.8
4.6
3.7
4.1
5.0
4.4
4.6
4.7
4.1
3.8
4.4
4.7
4.6
3.6
4.2
4.9
4.5
4.5
5.0
4.1
3.8
4.2
4.6
4.3
3.7
4.2
4.9
4.4
4.5
4.7
4.1
3.8
4.3
4.6
4.3
4.0
4.3
5.0
4.3
4.7
4.5
3.9
4.0
4.4
4.7
4.1
3.9
4.5
5.0
4.4
4.6
4.7
3.9
4.0
4.4
4.6
3.9
3.8
4.4
4.9
4.4
4.8
4.6
3.8
3.9
4.5
4.8
3.6
3.7
4.7
4.7
4.5
4.9
4.5
3.7
4.0
4.5
4.9
3.1
3.7
4.9
4.7
4.61
4.9
4.6
3.81
4.2
4.9
4.7
3.1
3.9
4.2
5.1
4.4
4.5
4.9
4.3
3.7
4.3
5.0
4.5
3.2
4.1
5.0
4.4
4.6
4.9
4.1
3.8
4.3
4.7
4.5
3.7
4.3
5.0
4.4
4.6
4.6
4.0
3.9
4.4
4.6
4.1
3.9
4.7
4.8
4.5
4.9
4.6
3.8
4.0
4.6
4.8
3.3
3.8
4.3
5.0
4.4
4.6
4.7
4.0
3.9
4.4
4.8
4.2
3.7
3. LAYOFF R A T E , MANUFACTURING
(PER 100 EMPLOYEES)
AVERAGE FOR PERIOD
1945...
1946...
1947...
1948. . .
1949.. .
1950...
ly51...
1952...
1953...
1954...
0.7
2.1
1.0
1.4
3.0
1.8
1.1
1.5
0.9
2.9
0.9
2.2
1.0
2.0
2.7
2.1
1.0
1.5
1.0
2.7
0.9
2.1
1.1
1.4
3.1
1.6
1.0
1.4
1.0
2.8
1.0
1.8
1.1
1.4
3.2
1.4
1.1
1.6
1.1
2.7
1.3
1.6
1.5
1.2
3.4
1.2
1.3
1.3
1.2
2.4
2.1
1.4
1.3
1.3
3.1
1.1
1.3
1.5
1.2
2.3
1.8
0.8
1.3
1.4
2.9
0.8
1.8
3.0
1.4
2.1
11.4
0.9
1.0
1.7
2.7
0.8
1.8
1.3
1.7
2.2
4.2
1.1
1.0
1.3
2.4
1.0
1.7
0.9
1.9
2.1
2.8
1.2
1.1
1.5
2.9
1.0
1.7
0.8
2.2
1.9
2.2
1.0
1.1
1.8
2.8
1.2
1.7
0.8
2.5
1.8
1.6
1.2
1.0
2.4
2.1
1.3
1.5
1.0
2.6
1.8
0.8
2.1
1.0
1.6
2.9
1.8
1.0
1.5
1.0
2.8
1.5
1.6
1.3
1.3
3.2
1.2
1.2
1.5
1.2
2.5
5.8
0.9
1.1
1.5
2.7
0.9
1.8
1.7
1.7
2.1
2.2
1.1
1.1
1.9
2.6
1.2
1.6
0.9
2.4
1.8
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
1.5
1.6
1.5
3.3
1.8
1.5
2.7
1.9
2.0
1.7
1.4
2.2
1.7
3.2
1.7
1.9
3.0
2.0
1.8
1.9
1.5
1.8
1.5
3.5
1.7
2.4
2.5
1.8
1.9
1.8
1.4
1.6
1.7
3.3
1.7
2.3
2.1
1.8
1.9
1.6
1.4
2.2
2.0
3.1
1.7
2.3
2.3
2.0
1.8
1.7
1.7
1.8
1.7
2.4
1.8
2.5
2.2
2.0
1.8
1.6
1.8
1.7
1.8
2.5
1.8
2.4
2.3
2.0
1.7
1.6
1.7
1.5
2.1
2.3
2.0
2.6
1.9
2.2
1.9
1.5
1.4
1.8
2.3
2.2
2.1
2.4
2.2
2.0
1.9
1.6
1.5
1.6
2.7
2.0
2.9
2.6
1.8
2.1
1.8
1.7
1.3
1.6
2.9
1.9
2.4
2.6
1.9
1.9
1.8
1.5
1.5
1.5
2.8
2.0
1.9
2.8
1.9.
1.9
1.7
1.6
1.5
1.9
1.6
3.3
1.7
1.9
2.7
1.9
1.9
1.8
1.5
1.9
1.8
2.9
1.7
2.4
2.2
1.9
1.8
1.6
1.6
1.7
2.1
2.3
2.0
2.5
2.1
2.1
1.8
1.6
1.4
1.6
2.8
2.0
2.4
2.7
1.9
2.0
1.8
1.6
1.5
1.7
2.1
2.6
2.0
2.4
2.2
2.0
1.8
1.7
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1.4
1.2
1.4
1.4
1.1
1.5
1.7
1.2
0.8
1.3
2.9
1.4
1.1
1.5
1.3
1.1
1.7
1.5
1.2
0.7
1.2
2.9
1.4
1.1
1.6
1.2
1.1
1.8
1.5
1.1
0.8
1.1
2.6
1.5
1.2
1.5
1.2
1.0
1.9
1.5
1.2
0.8
1.0
2.4
1.4
1.1
1.4
1.2
1.1
1.9
1.6
1.1
0.8
1.1
2.5
1.4
1.3
1.3
1.2
1.1
1.9
1.5
1.4
0.8
1.2 [
2.2
1.4
1.4
1.4
1.3
1.1
1.5
1.5
1.3
1.1
1.2
1.7
1.6
1.2
1.3
1.4
1.1
1.9
2.0
1.1
0.9
1.3
1.6
1.4
1.0
1.3
1.2
1.2
1.9
1.7
1.0
0.9
1.5
1.8
1.4
1.1
1.3
1.2
1.3
2.2
1.5
1.0
0.9
2.0
1.7
1.4
1.2
1.2
1.1
1.3
2.0
1.4
0.9
0.9
2.4
1.5
1.4
1.3
1.2
1.1
1.4
1.7
1.3
0.9
1.0
2.4
1.3
1.4
1.1
1.5
1.3
1.4
1.2
1.4
1.2
1.1
1.9
1.5
1.2
0.8
1.1
2.4
1.5
1.2
1.3
1.3
1.1
1.8
1.7
1.1
1.0
1.3
1.7
1.4
1.2
1.2
1.1
1.3
2.0
1.4
0.9
0.9
2.3
1.5
1.4
1.2
1.4
1.2
1.2
1.8
1.6
1.1
0.9
1.5
2.1
78
I
1 1
1.7
1.6
1.2
0.8
1.2
2.8
1
1
2.6
1 4
'
1.1
1.6
2.9
1.3
1.4
1.4
1.6
2.3
The Handbook of Cyclical Indicators
Quarterly
Monthly
Annual
Year
Jan.
Feb.
Apr.
Mar.
May
June
Aug.
Sept.
6.2
5.5
3.7
3.5
1.7
2.2
3.0
2.6
3.0
1.3
5.8
5.1
3.9
3.3
1.7
2.7
2.8
2.7
2.7
1.3
6.0
4.9
4.0
3.2
1.7
2.8
2.5
2.8
2.4
1.4
July
Oct.
Nov.
1 Q
Dec.
4. QUIT RATE, MANUFACTURING
(PER 100 EMPLOYEES)
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
6.2
5.7
4.7
3.7
2.5
1.6
3.2
2.8
3.1
1.7
6.0
5.6
4.6
3.6
2.2
1.5
3.3
2.8
3.2
1.6
6.3
5.4
4.5
3.7
2.1
1.6
3.4
2.8
3.5
1.4
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
1.6
2.1
1.9
1.1
1.4
1.5
1.1
1.4
1.3
1.4
1.6
2.0
1.9
1.1
1.3
1.6
1.1
1.5
1.3
1.4
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1.7
2.3
2.5
2.4
2.7
2.4
1.8
2.1
2.7
2.7
1.4
1.7
2.3
2.5
2.4
2.7
2.5
1.7
2.1
2.9
2.7
1.3
5.9
5.1
4.3
3.5
2.0
1.9
3.3
2.6
3.3
1.3
6.1
5.0
3.9
3.7
1.8
2.1
3.0
2.7
3.2
1.3
1.8
2.0
1.8
1.0
1.5
1.5
1.1
1.4
1.4
1.4
1.8
1.9
1.7
0.9
1.5
1.5
1.1
1.4
1.4
1.4
1.9
1.9
1.7
0.9
1.6
1.4
1.1
1.5
1.4
1.5
1.8
2.0
1.6
1.0
1.5
1.4
1.2
1.5
1.4
1.4
1.9
1.9
1.6
1.0
1.5
1.4
1.2
1.4
1.4
1.5
2.0
1.9
1.6
1.1
1.5
1.3
1.2
1.5
1.5
1.5
1.7
2.6
2.4
2.4
2.8
2.3
1.7
2.1
2.8
2.7
1.2
1.8
2.6
2.4
2.4
2.8
2.3
1.7
2.2
2.8
2.7
1.2
1.8
2.6
2.3
2.4
2.7
2.1
1.8
2.2
2.7
2.6
1.3
1.8
2.6
2.4
2.4
2.7
2.2
1.8
2.2
2.7
2.5
1.3
1.8
2.6
2.2
2.5
2.7
2.1
1.8
2.2
2.8
2.4
1.4
1.9
2.5
2.2
2.6
2.7
2.0
1.8
2.2
2.7
2.3
1.4
1
III Q
IV Q
AVERAGE FOR PERIOD
6.0
5.3
4.5
3.6
2.1
1.6
3.4
2.7
3.3
1.4
1
II Q
5. AVERAGE WEEKLY INITIAL CLAIMS FOR UNEMPLOYMENT INSURANCE
(THOUSANDS)
6.2
5.0
3.8
3.0
1.6
2.9
2.7
3.0
2.3
1.3
6.2
4.9
3.6
3.0
1.6
2.9
2.6
3.0
2.2
1.5
6.1
4.7
3.7
2.8
1.5
3.0
2.5
3.1
2.0
1.5
6.2
5.6
4.6
3.7
2.3
1.6
3.3
2.8
3.3
1.6
6.0
5.1
4.2
3.6
2.0
1.9
3.2
2.7
3.3
1.3
6.0
5.2
3.9
3.3
1.7
2.6
2.8
2.7
2.7
1.3
6.2
4.9
3.7
2.9
1.6
2.9
2.6
3.0
2.2
1.4
2.1
1.9
1.6
1.1
1.5
1.3
1.3
1.4
1.4
1.5
2.0
1.9
1.4
1.2
1.5
1.2
1.3
1.4
1.4
1.6
2.1
1.8
1.3
1.2
1.5
1.1
1.4
1.4
1.4
1.5
2.0
1.9
1.3
1.3
1.6
1.1
1.4
1.3
1.3
1.6
1.7
2.0
1.9
1.1
1.4
1.5
1.1
1.4
1.3
1.4
1.8
1.9
1.7
0.9
1.5
1.4
1.1
1.5
1.4
1.4
2.0
1.9
1.6
1.1
1.5
1.3
1.2
1.4
1.4
1.5
2.0
1.9
1.3
1.2
1.5
1.1
1.4
1.4
1.4
1.6
1.9
1.9
1.6
1.1
1.5
1.3
1.2
1.4
1.4
1.5
2.0
2.6
2.3
2.6
2.7
2.0
1.8
2.2
2.6
2.1
1.3
2.0
2.6
2.3
2.5
2.7
1.9
1.8
2.3
2.8
2.0
1.4
2.1
2.6
2.4
2.6
2.7
1.8
1.9
2.4
2.8
1.8
1.6
2.2
2.7
2.4
2.6
2.6
1.9
1.9
2.6
2.7
1.6
1.6
1.7
2.4
2.5
2.4
2.7
2.4
1.7
2.1
2.8
2.7
1.3
1.8
2.6
2.4
2.4
2.7
2.2
1.8
2.2
2.7
2.6
1.3
1.9
2.6
2.2
2.6
2.7
2.0
1.8
2.2
2.7
2.3
1.4
2.1
2.6
2.4
2.6
2.7
1.9
1.9
2.4
2.8
1.8
1.5
1.9
2.6
2.3
2.5
2.7
2.1
1.8
2.2
2.7
2.3
1.4
1
i
6.1
'2
4.1
3.4
1.9
2.3
2.9
2.8
2.8
1.4
5
STATE PROGRAMS
AVERAGE FOR PERIOD
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
16
134
121
166
285
294
174
221
175
303
26
225
174
206
305
288
181
201
177
318
28
192
185
201
333
276
166
209
186
320
34
205
207
210
379
263
199
219
179
313
43
220
235
239
377
250
199
213
198
313
70
206
219
219
359
252
209
242
195
314
72
171
229
194
340
223
236
315
207
294
360
163
193
202
385
170
254
207
229
319
375
191
179
218
320
182
242
168
238
322
248
181
163
203
386
194
234
175
251
315
220
178
172
211
344
200
210
169
298
276
185
211
172
234
298
197
213 1
190
280 1
253
23
184
160
191
308
286
174
210
180
314
49
210
220
223
372
255
202
225
191
313
269
175
200
205
348
192
244
230
225
312
218
190
169
216
343
197 1
219
178
276
281
140
190
187
209
343
232
210
211
218
305
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
256
218
242
354
292
281
393
301
310
284
240
226
225
407
284
271
429
295
301
270
228
221
219
436
258
303
379
287
288
277
228
223
239
438
244
294
381
283
293
265
222
236
244
400
246
316
358
301
288
262
222
227
246
410
258
322
334
304
284
257
223
245
267
350
264
335
348
303
281
260
233
224
235
363
291
363
316
305
290
244
204
236
305
338
271
351
329
300
285
245
224
214
302
314
311
373
304
304
282
249
215
223
320
311
351
385
305
299
276
262
214
230
355
320 1
275
381
296
310
301
251
241
222
229
399
278
285
400
294
300
277
224
229
243
416
249
311
358
296
288
261
220
235
269
350
275
350
331
303
265
250
218 i
222
326
315
312
380
302
304
286
254
226
227
267
370
279
331
348
299
290
260
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
243
222
196
206
179
240
292
264
226
294
521
248
219
231
196
186
256
286
262
223
315
533
237
182
256
194
185
262
294
258
227
302
526
237
179
259
193
181
326
283
260
238
290
510
224
192
236
195
182
302
290
262
234
294
503
224
194
231
194
197
291
289
286
233
314
502
231
199
231
189
195
273
285
272
232
294
419
248
195
212
199
196
287
327
246
247
350
467
218
197
217
194
200
319
307
246
241
374
467
209
203
220
188
202
329
295
250
244
419
445
212
208
209
190
211
322
283
241
251
473
398
206
219
204
190
210
299
265
236
284
494
348
243
208
228
199
183
253
291
261
225
304
527
228
188
242
194
187
306
287
269
235
299
505
232
197
220
194
197
293
306
255
240
339
451
209
210
211
189
208
317
281
242
260
462
397
228
201
225
194
194
292
291
257
240
351
470
6. VALUE OF MANUFACTOR ERS' NEW ORDERS, DURABLE GOODS INDUSTRIES, IN CURR ENT DOLLARS
(BILLIONS OF DOLLARS)
TOTAL FOR PERIOD
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
5!66
7.46
7.14
7.56
15.46
11.06
14.45
9.99
5.98
7.50
7.08
7.62
14.08
11.06
14.21
10.31
5.90
7.82
6.67
7.86
14.64
12.81
13.34
9.72
5.89
8.00
6.16
8.35
13.84
12.94
13.69
10.17
6.21
8.06
6.02
9.23
13.25
10.86
13.58
9.75
5.92
8.85
5.75
9.39
12.88
13.00
13.20
10.29
5.95
8.85
5.93
11.52
12.61
12.04
12.35
10.50
6.19
8.92
6.85
14.21
11.41
11.76
10.89
10.45
6^83
8.38
6.92
11.79
10.75
12.66
9.71
11.69
6^9
8.34
6.77
12.00
11.98
11.85
9.99
12.64
7.36
7.95
7.12
10.95
11.55
11.95
9.94
11.14
7 .72
7.72
7.00
11.88
11.18
12.89
9.96
12.60
17'.54
22.78
2U.89
23.04
44.18
34.93
42.00
30.02
18.02
24.91
17.93
26.97
39.97
36.80
40.47
30.21
18.97
26.15
19.70
37.52
34.77
36.46
32.95
32.64
22.07
24.01
20.89
34.83
34.71
36.69
29.89
36.38
76.60
97.85
79.41
122.36
153.63
144.88
145.31
129.25
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
13.48
15.72
15.16
12.01
15.72
15.54
14.05
17.29
18.12
20.43
13.92
14.61
15.64
12.23
16.67
15.68
14.55
17.57
18.84
19.84
14.96
15.04
15.14
12.68
16.89
15.39
14.62
17.13
19.08
19.77
14.24
15.69
14.11
11.90
17.06
15.14
15.38
16.81
18.72
20.60
14.51
15.16
14.58
12.33
16.20
15.32
15.57
16.96
19.12
20.64
14.84
15.06
14.23
13.38
16.97
15.61
15.92
16.77
18.16
20.65
14.98
14.75
13.43
12.99
15.55
15.13
15.59
17.00
18.82
21.61
15.04
17.73
14.03
13.47
14.85
15.77
16.49
17.09
18.78
20.38
15.74
14.78
13.64
13.38
15.66
15.84
16.18
17.80
18.82 !
21.14
15.74
14.84
12.96
14.13
15.61
14.59
16.31
17.91
18.96
20.51
15.74
15.78
13.58
15.33
14.64
14.74
16.93
17.70
18.80
20.76
16.42
15.73
12.54
14.83
16.24
14.97
17.57
18.77
18.47
22.11
42.36
45.37
45.94
36.92
49.28
46.61
43.22
51.99
56.04
60.04
43.59
45.91
42.92
37.61
50.23
46.07
46.87
50.54
56.00
61.89
45.76
47.26
41.10
39.84
46.06
46.74
48.26
51.89
56.42
63.13
47.90
46.35
39.08
44.29
46.49
44.30
50.81
54.38
56.23
63.38
179.61
184.89
169.04
158.66
192.06
183.72
189.16
208.80
224.69
248.44
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
21.95
25.40
24.68
27.30
29.11
27.48
29.30
32.20
40.25
45.16
40.16
22.21
25.49
24.73
27.16
30.09
27.83
29.81
33.13
41.08
45.16
40.16
22.81
26.78
24.53
28.77
30.06
27.72
29.85
33.40
43.17
45.43
38.59
23.34
26.51
24.99
27.69
31.61
26.74
28.96
33.78
42.40
45.67
40.72
22.57
26.09
26.09
27.52
29.93
28.14
29.00
34.48
43.37
49.26
41.16
22.74
26.83
26.85
27.56
29.26
28.26
29.10
35.25
43.02
48.40
40.37
23.44
26.39
25.71
26.92
29.46
27.89
29.92
34.20
42.53
48.90
43.53
23.36
26.11
26.41
27.61
29.63
27.10
29.69
34.77
42.32
50.93
43.37
23.60
27.15
25.52
28.55
30.68
27.80
30.11
37.09
42.65
48.38
44.18
23.80
26.04
25.67
30.14
30.22
25.53
30.23
36.30
44.11
45.08
43.84
24.32
25.47
26.01
29.00
29.72
25.86
31.34
37.67
45.76
44.81
44.28
25.04
25.56
28.50
29.47
29.79
29.10
32.02
39.67
43.84
41.50
45.98
66.97
77.67
73.94
83.23
89.26
83.03
88.96
98.73
124.50
135.75
118.91
68.65
79.43
77.93
82.77
90.80
83.16
87.06
103.51
128.79
143.33
122.25
70.40
79.65
77.64
83.08
89.77
82.79
89.72
106.06
127.50
148.21
131.08
73.16
77.07
80.18
88.61
89.73
80.49
93.59
113.64
133.71
131.39
134.10 1
279.18
313.82
309.69
337.69
359.56
329.47
359.33
421.94
514.50
558.68
506.34
1977
Monthly
Quarterly
Year
Annual
Jan.
7.
15*45...
1*46...
1*47...
194a...
1*49...
195U...
1951...
1952...
1953...
1954...
Feb.
Apr.
Mar.
June
July
Aug.
VALUE OF MANUFACTURERS' NEW ORDERS, DURABLE GOODS INDUSTRIES ,
( B I L L I O N S OF DOLLARS)
1
14.60
12.66
13.72
24.73
17.55
22.71
15.33
14.59
12.55
13.80
22.43
17.50
22.31
15.81
15.10
11.84
14.16
23.23
20.24
20.84
14.91
1955...
1956...
1957...
1958...
1959...
I960...
1961...
1962...
1963...
1964...
20.39
22.33
20.43
15.82
20.41
19.92
18.17
22.42
23.53
26.33
21.00
20.66
20.99
16.14
21.62
20.10
18.82
22.76
24.47
25.50
22.53
21.13
20.30
16.75
21.85
19.71
18.92
22.16
24.78
25.33
1965...
1966.. .
1967...
1968. . .
1969...
197U...
1971...
1972...
1973...
19 7 4 . . .
1975...
1976...
27.93
31.91
30.13
32.46
33.27
30.17
31.04
32.62
39.69
40.83
29.97
28.22
31.94
30.16
32.11
34.23
30.55
31.48
33.36
40.15
40.43
29.75
28.99
33.52
29.92
33.93
34.01
30.32
31.36
33.60
41.67
39.88
28.52
8.
May
1
|
Sept.
Oct.
Nov.
1 Q
Dec.
III Q
II Q
IV Q
IN 1 9 7 2 DOLLARS
TOTAL FOR PERIOD
12.20
15.27
10.96
14.99
21.86
20.44
21.33
15.54
12.75
15.27
10.79
16.43
20.94
17.13
21.03
14.91
12.08
16.60
10.34
16.54
20.31
20.50
20.25
15.69
12.11
16.33
10.68
20.11
19.92
18.96
18.82
15.99
12.49
16.02
12.41
24.51
18.14
18.46
16.63
15.93
13.69
14.99
12.60
20.06
17.12
19.91
14.89
17.82
13.95
14.87
12.36
20.14
19.02
18.70
15.32
19.27
14.58
14.11
12.98
18.19
18.33
18.87
15.25
16.91
15.26
13.69
12.74
19.28
17.75
20.33
15.28
19.10
44.29
37.05
41.68
70.39
55.29
65.86
46.05
37.03
47.14
32.09
47.96
63.11
58.07
62.61
46.14
38.29
47.34
35.69
64.68
55.18
57.33
50.34
49.74
43.79
42.67
38.08
57.61
55.10
57.90
45.85
55.28
1 8 1 * 44
142.91
211.93
243.76
228.59
224.66
197.21
21.35
21.89
18.91
15.71
22.01 '
19.39
19.90
21.75
24.35
26.40
21.66
21.08
19.49
16.26
20.85
19.66
20.11
21.94
24.84
26.43
22.09
20.88
19.02
17.62
21.76
20.04
20.57
21.69
23.55
26.45
22.06
20.54
17.89
17.13
19.96
19.47
20.17
21.99
24.31
27.67
21.96
24.42
18.64
17.70
19.06
20.35
21.31
22.11
24.23
26.07
22.81
20.19
18.11
17.56
20.08
20.55
20.90
23.03
24.29
27.00
22.62
20.13
17.19
18.49
20.04
18.85
21.09
23.20
24.44
26.16
22.54
21.35
17.96
20.01
18.80
19.10
21.94
22.96
24.23
26.48
23.49
21.26
16.54
19.28
20.82
19.39
22.76
24.34
23.77
28.20
63.92
64.12
61.72
48.71
63.88
59.73
55.91
67.34
72.78
77.21
65.10
63.85
57.42
49.59
64.62
59.09
60.58
65.38
72.74
79.28
66.83
65.15
54.64
52.39
59.10
60.37
62.38
67.13
72.83
80.74
68.65
62.74
51.69
57.78
59.66
57.34
65.79
70.50
72.44
80.84
264.50
255.86
225.47
208.47
247.26
236.53
244.66
270.35
290.79
318.07
29.62
33.01
30.47
32.54
35.79
29.16
30.30
33.91
40.61
39.24
29.99
28.61
32.28
31.82
32.38
33.85
30.52
30.21
34.62
41.26
41.08
30.28
28.75
33.16
32.67
32.38
33.10
30.54
30.24
35.32
40.90
39.61
29.71
29.60
32.58
31.20
31.52
33.25
30.09
30.84
34.14
40.50
39.15
32.01
29.46
32.12
31.93
32.25
33.29
29.17
30.33
34.67
40.15
39.98
31.79
29.72
33.40
30.79
33;20
34.32
29.86
30.79
36.83
40.27
37.42
32.20
29.98
31.99
30.86
34.88
33.61
27.16
30.88
36.09
41.38
34.46
31.63
30.59
31.17
31.15
33.53
32.88
27.48
32.01
37.33
42.45
33.95
31.72
31.49
31.25
34.01
33.87
32.81
30.93
32.51
39.16
40.15
31.23
32.73
85.14
97.37
90.21
98.50
101.51
91;04
93.88
99.58
121.51
121.14
88.24
86.98
98.45
94.96
97.30
102.74
90.22
90.75
103.85
122.77
119.93
89.98
88.78
98.10
93.92
96.97
100.86
89.12
91.96
105.64
120.92
116.55
96.00
92.06
94.41
96.02
102.28
99.30
85.57
95.40
112.58
123.98
99.64
96.08
352.96
388.33
375.11
395.05
404.41
355.95
371.99
421.65
489.18
457.26
370.30
!
VALUE OF MANUFACTURERS' NEW ORDERS FOR CONSUMER GOODS AND MATERIALS IN 1 9 7 2 DOLLARS
( B I L L I O N S OF DOLLAP S)
TOTAL FOR PERIOD
1945. . .
1946. . .
1947.. .
1948. . .
1949.. .
1950...
1951...
1952...
1953...
1954...
12*33
11.01
12.34
20.27
14.43
18.53
13.67
12.22
10.66
12.39
18.13
14.52
17.75
14.39
12.87
10.44
12.31
18.62
16.22
18.00
14.44
12.52
9.98
12.88
16.95
16.74
18.62
14.50
12.90
10.03
14.37
16.28
14.74
18.13
14.50
13.88
9.57
14.49
15.76
17.12
17.80
15.24
13.65
10.24
18.05
15.67
16.09
17.62
14.57
13.46
11.86
20.21
14.31
15.71
15.39
15.00
12.71
11.96
15.96
13.73
16.58
13.77
15.78
12.30
11.17
16.11
15.21
15.72
13.32
15.97
11.91
11.66
14.68
14.66
15.78
13.56
16.92
11.40
11.45
15.55
14.19
17.05
13.68
18.14
37*42
32.11
37.04 .
57.02
45.17
54.28
42.50
39.30
29.58
41.74
48.99
48.60
54.55
44.24
39.82
34.06
54.22
43.71
48.38
46.78
45.35
35.61
34.28
46.34
44.06
48.55
40.56 j
51.03
152.*15
130.03
179.34
193.78
190.70
196.17
183.12
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963. . .
1964...
19.03
18.88
17.78
14.34
18.92
18.57
16.61
20.45
20.47
22.95
18.88
18.33
18.52
14.69
20.44
18.39
16.68
20.25
21.65
22.56
20.21
18.21
18.14
14.87
20.41
17.80
17.90
20.17
21.69
22.43
19.67
18.48
17.56
14.80
20.04
17.73
18.37
19.17
22.01
23.43
19.52
17.90
17.48
15.25
19.34
17.73
18.86
19.69
21.67
23.08
19.91
17.48
17.63
16.06
19.36
18.01
19.41
19.37
20.91
23.05
20.28
17.59
16.93
16.19
18.59
17.86
18.45
19.93
21.75
23.91
19.67
17.84
17.13
16.65
17.72
17.93
19.40
20.30
21.27
23.38
19.35
17.38
17.19
16.94
18.11
18.13
19.11
20.37
21.23
24.38
19.13
17.95
16.46
17.12
17.70
17.61
19.20
20.58
22.04
22.98
19.85
18.02
15.81
18.04
17.31
17.43
20.22
20.46
21.97
23.57
19.46
18.19
14.91
18.24
19.06
17.39
20.99
20.17
21.87
24.82
58.12
55.42
54.44
43.90
59.77
54.76
51.19
60.87
63.81
67.94
59.10
53.86
52.67
46.11
58.74
53.47
56.64
58.23
64.59
69.56
59.30
52.81
51.25
49.78
54.42
53.92
56.96
60.60
64.25
71.67
58.44
54.16
47.18
53.40
54.07
52.43
60.41
61.21
65.88
71.37
234.96
216.25
205.54
193.19
227.00
214.58
225.20
240.91
258.53
280.54
1965...
1966. . .
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975. . .
1976...
24.84
26.93
26.28
28.67
30.04
27.97
28.81
30.31
36.07
34.93
26.65
25.16
27.31
26.03
28.29
29.91
27.54
28.71
31.07
36.73
34.52
26.76
25.40
28.53
26.03
28.55
30.07
27.62
29.14
31.11
37.36
34.52
26.45
25.40
27.78
26.30
28.16
29.91
27.23
28.29
31.07
35.80
34.09
27.66
25.34
27.55
26.59
28.96
29.76
27.93
28.39
31.56
36.84
35.44
28.22
25.31
27.58
26.81
28.93
29.91
28.37
27.99
32.12
36.13
34.68
26.14
26.08
27.22
26.93
28.36
30.56
27.36
28.63
31.64
35.73
33.39
29.67
25.68
27.45
28.19
27.72
29.87
27.20
28.38
32.77
35.68
32.92
30.00
25.18
27.07
26.91
29.34
30.14
27.27
28.11
33.41
35.36
31.57
30.50
25.57
27.30
26.30
29.91
30.13
25.59
28.51
33.39
35.72
30.55
30.44
26.55
26.66
27.40
30.26
29.13
25.40
29.58
34.36
36.46
29.77
30.21
27.34
26.46
29.36
29.71
28.96
28.04
29.82
35.27
34.91
27.13
31.56
75.40
82.77
78.34
85.51
90.02
83.13
J 86.66
92.49
110.16
1 103.97
79.86
76.05
82.91
79.70
86.05
89.58
83.53
84.67
94.75
108.77
104.21
84.02
76.94
81.74
82.03
85.42
90.57
81.83
85.12
97.82
106.77
97.88
90.17
79.46
80.42
83.06
89.88
88.22
79.03
87.91
103.02
107.09
87.45
92.21
307.85
327.84
323.13
346.86
358.39
327.52
344.36
388.08
432.79
393.51
346.26
9.
CONSTRUCTION CONTRACTS AWARDED FOP. COMME RCIAL AND INDUSTRIAL BUIL DINGS '
(MILLION SQUARE FEET OF FLOOR SPACE)
TOTAL FOR PERIOD
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
27*. 9 9
18.80
17.93
42.80
16.62
24.17
26.79
29*. 1 4
17.52
17.29
36.59
19.21
28.67
22.22
22.51
19.66
23.84
30.42
19.71
24.35
23.99
25*63
19.16
27.04
27.22
21.44
26.66
27.18
30.12
16.54
28.14
25.27
19.26
29.92
29.81
25.08
17.67
27.86
24.71
23.86
19.44
29.77
31*41
I 16.22
27.47
22.33
21.61
39.18
25.97
22.89
12.56
34.46
22.32
24.16
25.90
27.62
23.39
18.95
31.05
25.26
21.34
27.37
28.28
23.18
16.90
31.55
19.42
24.32
31.05
31.17
20.72
17.82
34.19
18.21
26.95
31.30
26.15
18.28
18.09
27.93
25.74
34.00
18.45
31.62
79.64
55.98
59.06
109.81
55.54
77.19
73.00
80.83
53.37
83.04
77.20
64.56
76.02
86.76
77.69
47.73
92.98
69.91
67.11
92.45
81.87
62.18
52.81
93.67
63.37
85.27
80.80
88.94
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
32.13
33.99
41.22
31.53
31.93
37.32
36.21
38.70
44.61
50.88
35.09
38.65
40.20
29.91
32.16
36.93
36.49
42.75
45.11
49.10
32.04
42.51
37.83
29.63
35.11
36.73
37.49
45.90
39.42
48.65
31.51
42.21
31.94
26.25
41.92
38.73
35.62
42.72
40.23
49.12
31.37
34.17
35.90
28.70
38.55
39.25
35.16
44.64
47.00
46.86
34.64
35.68
40.66
25.54
34.19
40.31
36.73
41.16
51.39
49.99
37.49
35.31
33.55
30.12
37.64
38.87
36.57
40.56
45.78
53.40
35.49
37.06
33.38
34.02
34.14
39.38
39.32
42.69
44.93
49.28
40.27
36.81
31.51
30.33
38.38
38.96
38.73
40.96
43.88
51.21
34.45
30.90
30.98
33.07
41.44
39.44
33.88
41.08
50.81
53.46
37.36
35.91
32.67
30.76
36.03
39.44
41.61
42.20
43.73
52.57
35.17
33.31
32.73
29.06
39.44
38.15
41.69
41.89
45.43
57.91
99.26
115.15
119.25
91.07
99.20
110.98
110.19
127.35
129.14
148.63
97.52
112.06
108.50
80.49
114.66
118.29
107.51
128.52
138.62
145.97
113.25
109.18
98.44
94.47
110.16
117.21
114.62
124.21
134.59
153.89
106.98
100.12
96.38
92.89
116.91
117.03
117.18
125.17
139.97
163.94
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
53.00
62.29
49.09
64.51
94.43
88.86
54.37
60.61
87.48
76.53
54.39
55.12
70.42
57.84
61.39
69.98
80.95
50.04
66.25
85.89
80.67
46.54
54.77
67.99
56.14
66.61
63.50
67.11
62.58
67.13
84.71
75.07
39.69
57.74
68.28
58.27
47.09
65.82
64.00
57.74
66.96
83.61
82.77
56.90
57.52
64.00
54.72
66.96
85.60
58.19
61.26
83.01
83.73
77.98
44.79
57.72
65.85
62.30
66.35
80.37
54.47
65.00
71.50
85.79
75.83
50.54
56.68
63.54
56.72
71.65
73.70
70.45
61.77
68.44
95.42
76.64
52.60
52.00
63.52
61.66
66.15
71.96
61.04
54.62
72.05
89.80
82.17
43.25
62.97
64.40
60.45
61.59
68.90
60.16
68.09
73.35
83.77
73.70
50.12
60.55
54.76
58.42
79.63
79.96
51.71
63.45
75.61
91.60
62.47
54.10
61.74
64.42
63.17
69.70
64.31
54.00
66.41
79.93
87.47
56.71
41.99
64.13
60.21
64.08
71.47
86.89
54.69
66.83
79.42
69.51
54.25
50.71
162.89
200.70
163.07
192.51
227.91
236.92
166.99
193.99
258.08
232.27
140.62
172.98
198.13
175.29
180.40
231.79
176.66
184.00
221.47
253.13
236.58
152.23
171.65
191.46
178.83
199.39
214.56
191.65
184.48
213.84
268.99
232.51
145.97
186.42
179.39
185.67
220.80
231.16
160.40
196.69
234.96
248.58
173.43
146.80
1
1
1
1
1
1
1
300*34
209.89
328.75
320.29
272.48
326.46
330.57
1
I
1
1
1
417.01
436.51
422.57
358.92
440.93
463.51
449.50
505.25
542.32
612.43
1
693.94
1
1
1
1
1
1
1
1
1
1
769.68
702.86
793.10
905.42
765.63
732.16
864.26
1028.78
874.79
585.62
'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.
80
The Handbook of Cyclical Indicators
Quarterly
Monthly
, Annual
Year
Feb.
Jan.
9.
Mar.
Apr.
May
June ' July
Aug.
Sept.
Oct.
Nov.
IQ
Dec.
CONSTRUCTION CONTRACTS AWARDED FOR COMMERCIAL AND INDUSTRIAL BUILDINGS '
(MILLION SQUARE METERS OF FLOOR SPACE)
II Q
III Q
IVQ
TOTAL FOR PERIOD
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
2.60
1.75
1.67
3.98
1.54
2.25
2.49
2*71
1.63
1.61
3.40
1.78
2.66
2.06
2*09
1.83
2.21
2.83
1.83
2.26
2.23
2.38
1.78
2.51
2.53
1.99
2.48
2.53
2.80
1.54
2.61
2.35
1.79
2.78
2.77
2.33
1.64
2.59
2.30
2.22
1.81
2.77
2.92
1.51
2.55
2.07
2.01
3.64
2.41
2.13
1.17
3.20
2.07
2.24
2.41
2.57
2.17
1.76
2.88
2.35
1.98
2.54
2.63
2.15
1.57
2.93
1.80
2.26
2.88
2.90
l!*-2
1.66
3.18
1.69
2.50
2.91
2.43
1*70
1.68
2.59
2.39
3.16
1.71
2.94
7!40
5.21
5.49
10.21
5.15
7.17
6.78
i/si
4.96
7.71
7.18
6.00
7.07
8.07
7.22
4.44
8.63
6.49
6.23
8.59
7.61
5.77
4.91
8.70
5.88
7.92
7.50
8.27
27.90
19.52
30.53
29.76
25.30
30.33
30.73
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
2.98
3.16
3.83
2.93
2.97
3.47
3.36
3.60
4.14
4.73
3.26
3.59
3.73
2.78
2.99
3.43
3.39
3.97
4.19
4.56
2.98
3.95
3.51
2.75
3.26
3.41
3.48
4.26
3.66
4.52
2.93
3.92
2.97
2.44
3.89
3.60
3.31
3.97
3.74
4.56
2.91
3.17
3.34
2.67
3.58
3.65
3.27
4.15
4.37
4.35
3.22
3.31
3.78
2.37
3.18
3.74
3.41
3.82
4.77
4.64
3.48
3.28
3.12
2.80
3.50
3.61
3.40
3.77
4.25
4.96
3.30
3.44
3.10
3.16
3.17
3.66
3.65
3.97
4.17
4.58
3.74
3.42
2.93
2.82
3.57
3.62
3.60
3.81
4.08
4.76
3.20
2.87
2.88
3.07
3.85
3.66
3.15
3.82
4.72
4.97
3.47
3.34
3.04
2.86
3.35
3.66
3.87
3.92
4.06
4.88
3.27
3.09
3.04
2.70
3.66
3.54
3.87
3.89
4.22
5.38
9.22
10.70
11.07
8.46
9.22
10.31
10.23
11.83
11.99
13.81
9.06
10.40
10.09
7.48
10.65
10.99
9.99
11.94
12.88
13.55
10.52
10.14
9.15
8.78
10.24
10.89
10.65
11.55
12.50
14.30
9.94
9.30
8.96
8.63
10.86
10.86
10.89
11.63
13.00
15.23
38.74
40.54
39.27
33.35
40.97
43.05
41.76
46.95
50.37
56.89
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
4.92
5.79
4.56
5.99
8.77
8.26
5.05
5.63
8.13
7.11
5.05
5.12
6.54
5.37
5.70
6.50
7.52
4.65
6.15
7.98
7.49
4.32
5.09
6.32
5.22
6.19
5.90
6.23
5.81
6.24
7.87
6.97
3.69
5.36
6.34
5.41
4.37
6.11
5.95
5.36
6.22
7.77
7.69
5.29
5.34
5.95
5.08
6.22
7.95
5.41
5.69
7.71
7.78
7.24
4.16
5.36
6.12
5.79
6.16
7.47
5.06
6.04
6.64
7.97
7.04
4.70
5.27
5.90
5.27
6.66
6.85
6.54
5.74
6.36
8.86
7.12
4.89
4.83
5.90
5.73
6.15
6.69
5.67
5.07
6.69
8.34
7.63
4.02
5.85
5.98
5.62
5.72
6.40
5.59
6.33
6.81
7.78
6.85
4.66
5.63
5.09
5.43
7.40
7.43
4.80
5.89
7.02
8.51
5.80
5.03
5.74
5.98
5.87
6.48
5.97
5.02
6.17
7.43
8.13
5.27
3.90
5.96
5.59
5.95
6.64
8.07
5.08
6.21
7.38
6.46
5.04
4.71
15.13
18.65
15.15
17.88
21.17
22.01
15.51
18.02
23.98
21.57
1 3 . 06
16.06
18.41
16.28
16.75
21.53
16.42
17.09
20.57
23.52
21.97
14.15
15.95
17.78
16.62
18.53
19.94
17.80
17.14
19.86
24.98
21.60
13.57
17.33
16.66
17.25
20.52
21.47
14.90
18.27
21.83
23.10
16.11
13.64
10.
CONTRACTS I WD ORDERS FOR PLANT AND EQUIPMENT IN CURRENT DOLLARS
( B I L L I O N S OF DOLLAR S)
~'
i!so
1.31
1.60
3.43
2.51
2.84
2.20
1*72
1.42
1.60
3.51
2.55
2.88
2.24
1.66
1.41
1.74
3.19
2.59
2.64
1.91
1*84
1.21
1.74
3.21
2.56
2.88
1.96
1*59
1.25
2.16
4.36
2.39
2.76
2.00
1.84
1.37
2.09
2.98
2.69
2.16
2.05
l.*68
1.26
2.53
2.84
2.76
2.66
2.15
1.60
1.36
3.20
2.73
2.48
2.23
2.15
1.59
1.49
3.01
2.36
3.34
2.57
2.31
1.62
1.43
2.71
2.63
2.50
2.72
2.43
1.60
1.61
2.72
2.63
2.36
2.34
2.25
K59
1.46
3.00
2.83
2.83
2.14
2.40
4*88
4.14
4.94
10.13
7.65
8.36
6.35
5*27
3.83
5.99
10.55
7.64
7.80
6.01
4.87
4.11
8.74
7.93
8.58
7.46
6.61
4.81
4.50
8.43
8.09
7.69
7.20
7.08
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
2.50
3.35
3.65
2.77
3.09
3.27
3.48
3.62
3.80
4.70
2.72
3.26
3.55
2.67
3.19
3.35
3.40
3.94
3.91
4.24
3.15
3.28
3.52
2.66
3.73
3.27
3.25
3.65
3.88
4.43
2.93
3.40
3.15
2.69
3.35
3.52
3.27
3.85
3.98
4.46
2.80
3.56
3.29
2.72
3.46
3.51
3.22
3.68
4.36
4.82
2.99
3.60
3.13
2.85
3.54
3.41
3.41
3.61
3.99
4.95
2.97
3.43
3.06
2.75
3.61
3.41
3.49
3.65
3.96
4.64
3.15
3.41
3.13
3.13
3.22
3.41
3.67
3.66
4.07
4.69
3.33
3.33
2.83
3.14
3.63
3.44
3.43
3.64
4.20
4.75
3.20
3.34
2.89
3.04
3.50
3.34
3.51
3.73
4.28
4.79
3.45
3.79
2.89
3.00
3.30
3.20
3.72
4.00
4.50
5.10
3.45
3.58
2.74
2.91
3.49
3.49
3.43
4.08
4.56
5.17
8.37
9.89
10.72
8.10
10.01
9.89
10.13
11.21
11.59
13.37
8.72
10.56
9.57
8.26
10.35
10.44
9.90
11.14
12.33
14.23
9.45
10.17
9.02
9.02
10.46
10.26
10.59
10.95
12.23
14.08
10.10
10.71
8.52
8.95
10.29
10.03
10.66
11.81
13.34
15.06
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
4.89
5.81
5.30
6.07
9.13
9.62
8.21
9.24
11.43
14.06
13.06
4.93
6.28
5.69
8.03
9.53
9.25
9.00
9.55
12.06
14.32
12.21
5.22
6.14
5.81
9.37
8.86
8.76
9.21
10.29
12.28
14.68
11.88
5.25
6.41
5.70
8.06
10.05
8.40
8.87
10.16
12.37
13.95
13.36
5.18
6.34
5.88
7.44
9.39
8.38
8.79
10.96
13.04
15.36
14.07
5.10
6.21
6.11
7.49
8.95
8.07
9.68
9.92
13.05
14.16
13.87
5.27
6.64
6.05
8.56
8.93
8.49
8.24
10.73
13.21
16.53
13.19
5.08
6.22
6.26
8.63
8.95
8.06
9.15
9.92
13.23
15.20
14.47
5.49
6.79
6.09
7.94
10.04
8.15
9.29
11.39
13.16
15.61
12.75
5.51
6.20
6.19
9.50
9.19
7.42
8.90
10.94
14.67
14.91
12.64
5.45
6.14
6.22
8.21
8.96
8.29
9.46
11.25
14.67
13.22
12.68
5.82
6.14
6.40
8.97
9.22
9.13
9.80
11.61
14.11
14.66
12.37
15.04
18.23
16.80
23.47
27.52
27.63
26.42
29.08
35.77
43.06
37.15
15.53
18.96
17.69
22.99
28.39
24.85
27.34
31.04
38.46
43.47
41.30
15.84
19.65
18.40
25.13
27.92
24.70
26.68
32.04
39.60
47.34
40.41
16.78
18.48 1
18.81
26.68
27.37
24.84
28.16
33.80
43.45
42.79
37.69
12.
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
1
64.47
71.50
65.30
73.68
84.11
71.13
68.01
80.28
95.58
81.25
54.42
TOTAL FOR PERIOD
~
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
...
1
INDEX OF NET BUSINE SS FORMATION
(1967-100)
j
19*83
16.58
28.10
36.70
31.56
30.82
26.05
36.64
41.33
37.83
34.33
41.11
40.62
41.28
45.11
49.49
56.74
63.19
75.32
71.70
98.27
111.20
102.02
108.60
125.96
157.28
176.66
156.55
AVERAGE FOR PERIOD
...
...
...
...
...
...
...
126.0
96.2
88.9
93.1
96.0
99.0
88.7
121.8
91.7
91.5
93.4
96.6
98.9
88.1
117*8
88.2
93.1
94.8
97.2
98.0
87.8
118*5
88.3
95.1
91.8
96.5
98.2
89.8
116.9
85.6
94.2
92.1
98.4
95.7
90.1
114.6
85.5
95.8
91.7
99.4
94.0
90.2
ll6'.8
109.2
84.3
93.5
91.9
99.9
94.0
92.4
106.5
86.2
92.8
93.7
100.1
90.6
92.9
106*6
83.4
94.5
92.2
97.2
94.4
91.0
86.1
92.6
94.1
99.8
90.7
94.5
100*9
88.2
93.2
95.7
99.0
89.2
95.3
101.8
90.0
92.2
94.9
98.7
90.0
95.1
121*9
92.0
91.2
93.8
96.6
98.6
88.2
116.7
86.5
95.0
91.9
98.1
96.0
90.0
108.8
84.6
93.6
92.6
99.1
93.0
92.1
102*9
88.1
92.7
94.9
99.2
90.0
95.0
112.6
87.8
93.1
93.3
98.2
94.4
91.3
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
98.5
97.4
91.7
86.3
96.5
97.6
85.3
90.0
91.6
95.2
100.0
97.8
91.5
85.4
97.0
96.1
87.1
90.7
92.8
95.8
100.1
97.6
91.9
84.9
98.3
94.7
88.0
90.9
93.1
95.7
99.4
96.3
91.7
84.8
98.6
94.8
88.4
90.6
91.9
96.8
99.5
96.4
91.1
87.7
97.8
93.0
88.7
90.6
92.4
98.0
100.2
95.0
91.8
88.3
96.4
93.2
89.0
90.4
92.8
96.4
100.0
94.7
91.3
89.8
96.3
92.6
88.5
90.5
93.4
96.3
99.1
94.2
90.3
91.9
96.1
91.0
87.7
91.1
94.3
96.6
99.2
93.2
89.7
92.9
96.1
90.6
87.8
91.2
94.0
99.0
97.9
94.4
88.9
93.0
95.3
90.3
89.3
91.2
94.3
99.8
97.8
92.6
88.1
93.9
96.8
87.9
90.2
90.7
94.0
98.2
97.4
93.0
86.6
94.6
97.0
87.3
90.1
90.9
94.5
98.7
99.5
97.6
91.7
85.5
97.3
96.1
86.8
90.5
92.5
95.6
99.7
95.9
91.5
86.9
97.6
93.7
88.7
90.5
92.4
97.1
99.4
94.0
90.4
91.5
96.2
91.4
88.0
90.9
93.9
97.3
97.7
93.3
87.9
93.8
96.4
88.5
89.9
90.9
94.3
98.9
99.1
95.2
90.4
89.5
96.8
92.4
88.3
90.7
93.3
97.2
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
99.0
101.7
95.1
106.3
117.2
114.0
106.2
115.2
119.1
113.3
102.9
99.1
102.1
95.7
106.8
117.2
113.9
105.5
114.7
119.9
113.0
101.7
98.6
102.1
96.0
106.6
116.6
110.8
108.2
116.2
120.8
113.9
103.0
97.3
100.2
96.3
104.9
117.0
110.1
108.6
117.7
119.3
115.9
103.4
97.9
99.2
97.6
104.7
116.6
108.0
109.8
118.3
118.8
116.3
104.8
98.7
98.9
100.6
106.4
116.8
106.6
112.0
99.1
97.6
100.7
109.9
116.8
105.5
112.5
118.5
118.2
118.6
113.7
98.3
96.7
103.0
111.2
116.1
104.8
113.1
117.9
117.2
114.6
112.6
98.7
95.5
102.3
112.9
114.7
105.3
112.2
119.2
115.6
111.1
113.1
98.2
96.1
102.5
115.8
116.1
105.4
114.1
120.2
116.2
105.2
112.0
98.7
93.6
104.3
115.4
114.3
106.3
114.8
119.4
117.6
105.1
112.5
99.5
94.4
105.9
116.9
114.9
105.3
115.2
119.8
114.0
106.3
116.0
98.9
102.0
95.6
106.6
117.0
112.9
106.6
115.4
119.9
113.4
102.5
98.0
99.4
98.2
105.3
116.6
108.2
110.1
117.9
118.9
116.0
106.3
98.7
96.6
102.0
111.3
115.9
105.2
112.6
118.5
117.0
114.8
113.1
98.8
94.7
104.2
116.0
115.1
105.7
114.7
119.8
115.9
105.5
113.5
98.6
98.2
100.0
109.8
116.2
108.0
111.0
117.9
117.9
112.4
108.9
|
...
...
...
...
117.6 1
118.5
115.7
110.7
1
...
...
...
...
1
j
...
'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.
been converted to metric units by the Bureau of Economic Analysis.
1977
Data have
Quarterly
Monthly
j
Annual
Year
Jan.
Feb.
Apr.
Mar.
13.
1945...
l94b...
1947...
ly4b...
l94y...
1950...
1951...
1952...
1953...
1954...
9,922
9,380
7,012
7,83U
7,214
7,080
8,304
8,638
9,800
8,329
b,826
8,275
1955...
195b...
1957...
195a...
1959...
19bU. ..
1961...
1962...
I9b3...
1964...
1965...
1*66...
1967.. .
1966...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
May
June
July
Sept.
Aug.
Oct.
Nov.
1 Q
Dec.
NUMBER OF NEW BUSINESS INCORPORATIONS
(NUMBER)
III Q
II Q
IV Q
TOTAL FOR PERIOD
7,214
8,351
8,937
9,743
6,349
6,791
6,078
6,937
7,348
8,634
9,155
9,057
8,396
6,879
8,132
7,082
7,499
8,534
9,276
8,699
8,064
7,006
8,403
6,848
7,441
8,785
9,158
8,748
8,210
6,879
8,394
6,759
7,700
8,605
9,436
9,308
8,168
7,057
7,898
6,796
7,683
8,757
9,772
9,244
7,439
7,330
7,684
6,880
8,065
6,515
9,882
9,316
7,483
7,403
7,092
6,952
8,259
8,185
10,085
9,806
7,349
7,532
7,176
6,995
8,341
8,698
10,730
9,453
7,241
7,b59
7,059
7,119
8,265
8,556
11,212
9,690
7,054
7,78b
7,007
7,181
8,096
8,696
11,604
29,465
26,058
20,629
24,183
21,168
21,642
25,288
26,730
26,504
24,671
20,765
24,929
20,689
22,641
25,924
27,870
27,868
23,090
21,789
22,674
20,628
24,006
25,457
29,739
28,949
21,644
22,978
21,242
21,294
24,702
25,949
33,546
112,786
95,463
86,161
93,029
83,779
92,991
102,619
117,885
11,902
11,620
11,250
11,042
16,346
16,561
13,607
15,599
14,924
15,993
11,843
12,449
11,359
11,049
16,255
15,274
14,570
15,758
15,390
16,326
11,679
11,591
11,367
11,042
16,548
15,233
14,658
15,670
15,563
15,917
11,215
11,888
11,507
10,636
16,604
15,280
15,327
15,372
15,305
16,132
11,521
12,245
11,109
11,752
16,296
15,176
15,298
15,245
15,682
16,473
12,072
11,999
11,739
12,032
15,204
15,630
15,431
14,947
15,536
16,282
11,655
11,851
11,686
12,504
15,658
15,828
15,492
15,171
15,431
16,550
11,572
11,707
11,593
13,644
15,813
15,114
15,277
15,056
16,093
15,692
11,968
11,193
11,318
13,933
15,728
15,112
15,402
15,249
15,689
16,948
11,668
11,925
11,251
13,669
15,383
15,035
16,035
14,892
16,275
16,728
11,761
11,186
10,788
14,599
15,695
14,264
16,149
14,951
15,759
16,804
11,560
11,139
10,791
15,577
15,959
14,097
15,881
14,985
15,867
17,021
35,424
35,660
33,976
33,133
49,149
47,068
42,835
47,027
45,877
48,236
34,808
36,131
34,355
34,420
48,104
46,086
46,056
45,564
46,523
48,887
35,194
34,751
34,597
40,081
47,199
46,054
46,171
45,476
47,213
49,190
34,990
34,249
32,830
43,845
47,037
43,396
48,065
44,828
47,901
50,553
140,415
140,790
135,758
151,479
191,489
182,604
183,127
182,895
187,514
196,866
16,784
18,087
16,703
18,061
21,364
22,196
22,563
25,270
27,796
26,511
24,406
16,854
17,451
15,987
18,041
22,105
22,968
21,034
25,U84
26,752
27,056
24,298
17,131
17,266
16,244
18,538
22,083
21,346
22,883
26,231
28,964
26,458
24,922
16,664
17,057
16,760
18,663
23,262
21,829
22,814
26,630
28,522
29,071
26,506
16,580
16,644
17,627
18,723
23,118
21,874
23,960
26,270
28,286
27,562
26,634
17,017
16,577
17,799
18,839
23,439
21,796
24,481
26,175
27,999
25,785
26,231
16,844
16,074
16,300
19,407
23,366
21,614
24,677
26,789
27,477
27,790
28,571
16,901
16,343
17,674
19,947
22,871
21,796
25,012
26,365
26,689
26,495
28,632
17,136
15,764
17,818
20,582
22,59422,181
23,623
27,168
26,240
26,313
29,000
16,994
16,233
17,654
21,093
24,263
21,712
25,356
27,529
26,809
25,404
29,469
17,606
16,206
17,958
20,890
23,125
22,217
25,510
26,234
26,718
25,555
28,799
17,625
16,583
18,238
20,619
22,404
22,272
25,634
27,699
24,881
25,003
29,704
50,769
52,804
48,934
54,640
65,552
66,510
66,480
76,585
85,512
80,025
73,626
50,261
50,278
52,186
56,225
69,819
65,499
71,255
79,075
84,807
82,418
79,371
50,881
48,181
51,792
59,936
68,831
65,591
73,312
80,322
80,406
80,598
86,203
52,225j
49,022
53,850
62,602
69,792
66,201
76,500
81,462
78,408
75,962
87,972
204,136
200,285
206,762
233,403
273,994
263,801
287,547
317,444
329,133
319,003
327,172
7,Ul6
14.
CURRENT LIABILITIES OF BUSINESS FAILURES
(MILLIONS OF DOLLA RS)
(§)
TOTAL FOR PERIOD
19^5...
1946...
1947...
1946...
1949...
1950...
1951...
1952...
1953...
1954...
5.38
4.37
15.19
12.96
19.16
26.44
21.68
26.21
23.31
29.59
1.56
2.98
12.98
25.62
27.57
22.16
16.01
19.47
27.27
47.77
3.88
4.42
15.25
17.48
37.19
27.90
17.65
29.23
31.08
57.28
0.98
3.78
16.08
15.30
31.93
21.25
17.06
29.53
27.52
42.51
2.21
3.66
17.33
13.81
24.58
22.67
23.50
21.19
32.79
38.49
3.20
3.01
18.98
12.16
28.16
18.07
22.77
21.22
32.38
41.61
3.66
3.43
20.70
13.88
21.80
19.54
21.09
22.79
39.83
32.23
1.17
3.80
14.90
21.44
31.18
18.45
26.42
16.32
28.53
32.58
1.66
4.88
10.03
20.70
20.60
15.25
26.64
20.14
33.82
36.38
3.11
6.40
21.32
25.11
23.89
16.65
29.74
35.05
37.08
29.00
1.27
9.51
16.34
24.42
22.80
18.86
17.57
18.76
36.80
35.07
1.65
17.10
25.50
31.73
19.25
21.04
19.40
23.40
43.75
40.10
11.32
11.77
43.42
56.06
83.92
76.50
55.34
74.91
81.66
134.64
6.39
10.45
52.39
41.27
84.67
61.99
63.33
71.94
92.69
122.61
6.49
12.11
45.63
56.02
73.58
53.24
74.15
59.25
102.18
101.19
6.03
33.01
63.16
81.26
65.94
56.55
66.71
77.21
117.63
104.17,
30.23
67.34
204.60
234.61
308.11
248.28
259.53
283.31
394.16
462.61
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
37.87
42.89
54.06
64.44
73.56
53.67
81.52
106.61
160.96
96.73
42.06
49.19
65.41
65.30
58.59
60.94
88.08
90.50
94.72
123.94
41.21
42.62
55.83
71.56
65.05
70.19
126.62
80.88
97.70
111.00
35.97
41.87
57.10
83.98
71.91
69.19
86.11
121.83
100.76
112.88
34.71
59.90
52.55
56.25
50.92
73.31
80.47
91.51
118.27
93.42
36.67
43.01
51.45
61.44
49.20
126.45
83.83
88.49
86.15
144.50
32.54
48.69
44.30
65.38
51.20
61.73
69.17
91.57
120.51
125.64
36.03
55.04
43.51
50.76
54.50
97.59
102.69
146.83
65.23
95.18
33.12
39.31
45.42
48.10
54.74
80.60
116.66
96.16
85.92
114.56
34.78
50.00
47.43
47.27
50.38
81.51
70.26
119.09
91.83
93.77
42.78
39.89
52.90
56.72
53.21
84.46
119.21
98.84
262.11
119.32
41.64
50.28
45.321
57.07
59.56
78.97
65.49
81.28
68.4.3
98.28
121.14
134.70
175.30
201.30
197.20
184.80
296.22
277.99
353.38
331.67
107.35
144.78
161.10
201.67
172.03
268.95
250.41
301.83
305.18
350.80
101.69
143.04
133.23
164.24
160.44
239.92
288.52
334.56
271.66
335.38
119.20
140.17
145.65
161.06
163.151
244.94
254.96
299.21
422.37
311.37
449.38
562.69
615.28
728.27
692.82
938.61
1090.11
1213.59
1352.59
1329.22
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
89.27
103.18
108.17
104.49
75.03
137.28
168.80
101.62
205.84
337.28
391.14
111.98
95.54
113.45
79.60
89.99
139.39
150.90
191.33
137.16
213.13
384.76
146.58
103.47
119.32
88.59
84.12
120.02
224.65
220.66
252.35
204.59
343.35
83.25
110.14
103.82
80.11
118.76
131.90
153.80
148.47
119.34
209.76
372.08
133.11
96.38
93.37
91.41
92.60
147.89
249.49
190.14
167.95
375.69
357.79
144.61
123.58
104.64
74.66
91.92
170.50
165.84
127.90
180.21
215.50
175.92
121.48
69.88
72.55
90.27
112.73
251.92
147.03
204.62
206.19
153.40
242.03
135.04
178.09
108.90
65.77
62.83
169.59
155.56
253.62
190.15
232.68
222.44
104.98
129.16
93.94
58.65
73.70
232.94
115.85
113.54
189.47
217.01
205.53
82.07
108.05
81.63
65.38
116.44
144.77
144.70
152.97
185.66
306.83
1295.39
71.72
106.73
69.98
58.65
127.14
119.84
129.00
208.58
218.67
344.66
252.87
360.97
330.10
301.83
246.18
303.28
450.29
569.13
466.51
467.50
800.95
905.79
361.50
377.13
275.39
214.69
249.26
654.45
418.44
571.78
585.81
603.09
670.00
17.
347.83
97.58
302.19
161.48
340.94
195.45
272.68
83.41
249.14
96.85
396.69
121.72
111.32 | 544.35
513.61
86.79
245.62 [ 595.35
242.59 [ 755.00
136.88 1119.25
INDEX OF PRICE PER UNIT OF LAB OR C O S T , MANUFACTURING
(1967=100)
251.37
376.26
347.06
207.44
340.43
386.33
385.02
448.34
649.95
894.08
1685.14
1321.67
1385.68
1265.22
940.99
1142.11
1887.76
1916.94
2000.24
2298.61
3053.12
4380.18
AVERAGE FOR PERIOD
1945...
1946...
1947...
1948...
1949...
195U...
1951...
1952...
1953...
1954...
95.5
98.6
95.5
94.2
106.8
96.3
93.2
90.8
96.5
98.3
94.4
95.0
106.0
96.2
93.1
90.7
96.7
96.7
94.5
95.4
104.9
95.3
92.6
90.5
97!3
98.5
94.2
97.1
103.4
95.1
92.5
90.8
95.9
99.9
92.9
97.5
103.1
94.1
93.3
91.1
95.6
99.8
93.0
99.2
101.2
93.6
92.8
91.7
95.9
98.6
92.3
101.5
98.7
94.8
93.3
91.7
96.3
97.7
93.2
103.5
96.8
94.2
93.5
91.4
96.0
97.3
93.6
103.8
96.6
94.0
93.5
91.8
97.2
97.5
93.4
102.3
97.5
93.9
92.6
91.6
97.9
95.2
94.5
101.5
97.0
94.4
92.2
91.8
98.2
96.2
94.1
104.4
96.6
93.4
91.1
92.8
96\2
97.9
94.8
94.9
105.9
95.9
93.0
90.7
96*. 3
99.4
93.4
97.9
102.6
94.3
92.9
91.2
96.1
97.9
93.0
102.9
97.4
94.3
93.4
91.6
97.8
96.3
94.0
102.7
97.0
93.9
92.0
92.1
96.6
97.9
93.8
99.6
100.7
94.6
92.8
91.4
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
93.8
95.6
95.4
92.5
95.6
97.1
92.1
95.1
95.1
97.4
93.6
95.7
96.3
91.5
96.2
95.7
91.7
95.4
95.3
97.0
94.4
95.2
95.8
91.0
96.5
94.9
92.4
95.3
95.6
96.4
95.0
95.6
94.9
90.6
97.2
94.6
93.1
93.9
96.3
96.8
94.8
95.4
94.8
91.6
97.4
93.7
93.1
93.9
96.9
96.7
95.6
95.2
95.5
93.6
97.1
93.5
93.5
93.7
97.0
96.5
95.2
91.6
96.0
93.6
95.6
94.0
94.2
94.2
96.0
96.5
95.3
94.4
95.8
94.2
94.1
94.1
94.8
94.3
96.5
96.5
95.5
95.1
96.0
93.9
93.8
93.7
95.3
95.1
96.4
96.2
96.5
95.1
95.0
95.1
93.3
93.7
95.3
94.6
97.0
96.6
95.9
95.8
93.8
95.7
93.1
92.8
95.4
95.0
96.8
98.1
96.7
95.6
93.3
95.2
95.9
92.3
96.0
94.5
95.8
98.0
93.9
95.5
95.8
91.7
96.1
95.9
92.1
95.3
95.3
96.9
95.1
95.4
95.1
91.9
97.2
93.9
93.2
93.8
96.7
96.7
95.3
93.7
95.9
93.9
94.5
93.9
94.8
94.5
96.3
96.4
96.4
95.5
94.0
95.3
94.1
92.9
95.6
94.7
96.5
97.6
95.2
95.0
95.2
93.2
95.5
94.2
93.9
94.6
96.2
96.9
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
99.1
102.1
100.4
101.1
100.3
98.2
99.6
103.7
106.8
114.7
118.2
99.3
101.7
100.5
100.8
101.1
98.2
99.7
103.2
108.2
115.6
117.1
100.0
102.6
99.8
101.0
101.1
98.0
100.0
103.0
109.6
117.2
114.8
100.4
101.4
100.0
100.8
99.8
97.9
99.8
103.5
108.5
118.3
117.2
101.0
102.0
99.6
100.1
99.3
98.0
99.9
103.0
110.2
119.9
117.4
101.8
101.6
98.6
99.4
99.2
97.5
100.8
103.6
109.8
122.5
120.5
101.9
101.3
98.9
99.3
99.0
97.5
100.0
104.3
112.7
124.5
120.4
101.9
101.5
99.9
99.2
99.1
97.6
101.5
104.5
111.0
124.4
121.5
101.7
101.7
100.6
98.6
99.4
98.6
102.0
104.8
110.7
124.9
122.2
101.4
100.5
101.1
99.7
99.9
99.1
102.7
105.6
111.2
122.7
123.2
102.1
100.8
100.9
99.2
99.4
99.7
102.5
107.6
113.1
118.7
123.8
99.5
102.1
100.2
101.0
100.8
98.1
99.8
103.3
108.2
115.8
116.7
100.9
101.6
99.7
100.3
99.5
97.8
100.0
103.2
109.9
119.6
117.9
101.9
101.5
99.1
99.3
99.1
97.5
100.8
104.1
111.2
123.8
120.8
82
101.2
101.5
99.4
100.0 1
99.3 |
97.4 1
100.2
103.1
110.9
120.5
119.0
1
|
j
101.7
101.0
100.9
99.2
99.6
99.1
102.4 1
106.0
111.7
122.1 1
123.1
101.0
101.6
100.0
99.9
99.7
98.1
100.7
104.2
110.2
120.3
119.6
|
The Handbook of Cyclical Indicators
1
Monthly
Quarterly
Annual
Year
Feb.
Jan.
Apr.
Mar.
19.
May
June
July
Sept.
Aug.
INDEX OF STOCK P R I C E S , 5 0 0 COMMON STOCKS
(1941-43=10)
Oct.
Nov.
Dec.
1 Q
II Q
III Q
IV Q
©
AVERAGE FOR PERIOD
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
13.49
18.02
15.21
14.83
15.36
16.88
21.21
24.19
26.18
25.46
13.94
18.07
15.80
14.10
14.77
17.21
22.00
23.75
25.86
26.02
13.93
17.53
15.16
14.30
14:91
17.35
21.63
23.81
25.99
26.57
14.28
18.66
14.60
15.40
14.89
17.84
21.92
23.74
24.71
27.63
14.82
18.70
14.34
16.15
14.78
18.44
21.93
23.73
24.84
28.73
15.09
18.58
14.84
16.82
13.97
18.74
21.55
24.38
23.95
28.96
14.78
18.05
15.77
16.42
14.76
17.38
21.93
25.08
24.29
30.13
14.83
17.70
15.46
15.94
15.29
18.43
22.89
25.18
24.39
30.73
15.84
15.09
15.06
15.76
15.49
19.08
23.48
24.78
23.27
31.45
16.50
14.75
15.45
16.19
15.89
19.87
23.36
24.26
23.97
32.18
17.04
14.69
15.27
15.29
16.11
19.83
22.71
25.03
24.50
33.44
17.33
15.13
15.03
15.19
16.54
19.75
23.41
26.04
24.83
34.97
13.79
17.87
15.39
14.41
15.01
17.15
21.61
23.92
26.01
26.02
14.73
18.65
14.59
16.12
14.55
18.34
21.80
23.95
24.50
28.44
15.15
16.95
15.43
16.04
15.18
18.30
22.77
25.01
23.98
30.77
16.96
14.86
15.25
15.56
16.18
19.82
23.16
25.11
24.43
33.53
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
35.60
44.15
45.43
41.12
55.62
! 58.03
59.72
69.07
65.06
76.45
36.79
44.43
43.47
41.26
54.77
55.78
62.17
70.22
65.92
77.39
36.50
47.49
44.03
42.11
56.15
55.02
64.12
70.29
65.67
78.80
37.76
48.05
45.05
42.34
57.10
! 55.73
65.83
68.05
68.76
79.94
37.60
46.54
46.78
43.70
57.96
55.22
66.50
62.99
70.14
80.72
39.78
46.27
47.55
44.75
57.46
57.26
65.62
55.63
70.11
80.24
42.69
48.78
48.51
45.98
59.74
55.84
65.44
56.97
69.07
83.22
42.43
48.49
45.84
47.70
59.40
56.51
67.79
58.52
70.98
82.00
44.34
46.84
43.98
48.96
57.05
54.81
67.26
58.00
72.85
83141
42.11
46.24
41.24
50.95
57.00
53.73
68.00
56.17
73.03
84.85
44.95
45.76
40.35
52.50
57.23
55.47
71.08
60.04
72.62
85.44
45.37
46.44
40.33
53.49
59.06
56.80
71.74
62.64
74.17
83.96
36.30
45.36
44.31
41.50
55.51
56.28
62.00
69.86
65.55
77.55
38.38
46.95
46.46
43.60
57.51
56.07
65.98
62.22
69.67
80.30
43.15
48.04
46.11
47.55
58.73
55.72
66.83
57.83
70.97
82.88
44.14
46.15
40.64
52.31
57.76
55.33
70.27
59.62
73.27
84.75
40.49
46.62
44.38
46.24
57.38
55.85
66.27
62.38
69.86
81.37
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
86.12
93.32
84.45
95.04
102.04
90.31
93.49
103.30
118.42
96.11
72.56
86.75
92.69
87.36
90.75
101.46
87.16
97.11
105.24
114.16
93.45
80.10
86.83
88.88
89.42
89.09
99.30
88.65
99.60
107.69
112.42
97.44
83.78
89.28
86.78
92.59
97.87
104.62
76.06
101.64
107.65
107.22
89.67
90.10
85.04
86.06
91.43
100.53
99.14
75.59
99.72
108.01
104.75
89.79
92.40
84.91
85.84
93.01
100.30
94.71
75.72
99.00
107.21
105.83
82.82
92.49
86.49
80.65
94.49
98.11
94.18
77.92
97.24
111.01
103.80
76.03
85.71
89.38
77.81
95.81
101.34
94.51
82.58
99.40
109.39
105.61
68.12
84.67
91.39
77.13
95.66
103.76
95.52
84.37
97.29
109.56
109.84
69.44
88.57
92.15
80.99
92.66
105.40
96.21
84.28
92.78
115.05
102.03
71.74
90.07
91.73
81.33
95.30
106.48
91.11
90.05
99.17
117.50
94.78
67.07
88.70
86.57
91.63
87.08
91.63
100.93
88.71
96.73
105.41
115.00
95.67
78.81
87.43
88.15
91.66
98.02
101.67
79.20
101.47
108.16
107.41
90.64
89.07
86.93
81.43
94.44
99.92
94.47
78.74
98.55
109.20
105.08
75.66
87.62
91.76
79.82
94.54
105.21
94.28
86.23
96.41
114.04
102.22
69.42
89.11
88.17
85.26
91.93
93.69
97.84
83.22
98.29
109.20
107.43
82.84
86.16
20.
87.97
91.60
90.96
95.67
101.26
85.95
103.04
108.81
110.27
92.46
84.72
CONTRACTS AND ORDERS FOR PLANT AND EQUIPMENT IN
(BILLIONS OF DOLLAR S )
l
15.16
17.08
15.17
15.53
15.23
18.40
22.34
24.50
24.73
29.69
1 9 7 2 DOLLARS
TOTAL FOR PERIOD
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
3.66
2.94
3.63
6.79
4.88
5.56
4.12
4*19
3.19
3.64
6.92
4.97
5.61
4.20
4.02
3.15
3.92
6.28
5.04
5.11
3.57
4*45
2.71
3.93
6.29
4.97
5.53
3.67
3.79
2.81
4.86
8.37
4.62
5.27
3.74
4.39
3.07
4.68
5.80
5.21
4.10
3.84
3*93
2.83
5.62
5.54
5.36
5.00
4.03
3.68
3.07
6.93
5.33
4.81
4.18
4.04
3.38
6.42
4.61
6.39
4.77
4.35
3.66
3.25
5.70
5.14
4.89
5.03
4.56
3.60
3.63
5.66
5.14
4.59
4.37
4.23
3.* 59
3.32
6.04
5.49
5.47
4.00
4.49
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
4.68
5.85
5.89
4.34
4.80
5.00
5.37
5.55
5.79
7.12
5.08
5.65
5.70
4.18
4.95
5.12
5.22
6.05
5.97
6.41
5.85
5.67
5.62
4.17
5.79
4.98
4.96
5.60
5.93
6.69
5.42
5.83
5.02
4.21
5.20
5.38
5.03
5.88
6.07
6.73
5.19
6.05
5.22
4.25
5.34
5.38
4.95
5.63
6.66
7.27
5.49
6.11
4.96
4.46
5.44
5.22
5.23
5.52
6.07
7.47
5.43
5.79
4.84
4.30
5.53
5.24
5.34
5.59
6.02
7.00
5.71
5.72
4.93
4.90
4.93
5.23
5.63
5.60
•6.19
7.07
5.94
5.51
4.44
4.92
5.57
5.29
5.26
5.57
6.36
7.16
5.70
5.49
4.52
4.76
5.37
5.13
5.38
5.68
6.48
7.22
6.10
6.16
4.51
4.68
5.05
4.93
5.71
6.11
6.83
7.68
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
7.34
8.57
7.45
8.29
10.65
10.58
8.56
9.35
11.31
13.06
9.80
7.39
9.22
7.99
9.51
10.94
10.13
9.36
9.62
11.86
13.18
9.11
7.81
8.98
8.15
11.03
10.13
9.54
9.53
10.37
12.00
13.32
8.80
7.84
9.32
7.98
9.39
11.39
9.12
9.16
10.20
12.02
12.50
9.78
7.73
9.17
8.21
8.76
10.71
9.02
9.05
11.00
12.64
13.32
10.25
7.58
8.95
8.53
8.81
10.13
8.67
9.93
9.92
12.56
12.06
10.06
7.83
9.54
8.43
10.02
10.06
9.05
8.45
10.72
12.72
13.69
9.57
7.54
8.91
8.70
10.17
10.03
8.57
9.33
9.89
12.68
12.36
10.47
8.15
9.70
8.46
9.26
11.17
8.63
9.47
11.34
12.59
12.39
9.23
8.16
8.82
8.57
11.04
10.23
7.78
9.06
10.87
13.92
11.53
9.04
8.05
8.69
8.58
9.48
9.89
8.69
9.63
11.16
13.85
10.14
9.02
3!4i
11.* 87
9.28
11.19
19.99
14.89
16.28
11.89
12*63
8.59
13.47
20.46
14.80
14.90
11.25
11.22
9.28
18.97
15.48
16.56
13.95
12.42
10.85
10.20 1
17.40
15.77
14.95
13.40
13.28
46.57
37.35
61.03
71.70
61.20
58.53
48.84
6.07
5.80
4.28
4.52
5.34
5.37
5.26
6.24
6.91
7.79
15.61
17.17
17.21
12.69
15.54
15.10
15.55
17.20
17.69
20.22
16.10
17.99
15.20
12.92
15.98
15.98
15.21
17.03
18.80
21.47
17.08
17.02
14.21
14.12
16.03
15.76
16.23
16.76
18.57
21.23
17.87
17.45
13.31
13.96
15.76
15.43
16.35
18.03
20.22
22.69
66.66
69.63
59.93
53.69
63.31
62.27
63.34
69.02
75.28
85.61
8.59
8.66
8.79
10.38
10.17
9.52
9.92
11.48
13.27
11.06
8.78
22.54
26.77
23.59
28.83
31.72
30.25
27.45
29.34
35.17
39.56
27.71
23.15
27.44
24.72
26.96
32.23
26.81
28.14
31.12
37.22
37.88
30.09
23.52
28.15
25.59
29.45
31.26
26.25
27.25
31.95
37.99
38.44
29.27
24.80
26.17
25.94
30.90
30.29
25.99
28.61
33.51
41.04
32.73
26.84
94.01
108.53
99.84
116.14
125.50
109.30
111.45
125.92
151.42
148.61
113.91
!
2 1 . AVERAGE WEEKLY OVERTIME HOURS OF PRODUC riON WORKERS, MANUFACTURI KG
(HOURS)
AVERAGE FOR PERIOD
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
3*2
2.9
1.9
2.5
3.0
2.1
2.8
2.7
2.9
2.7
1.9
2.6
2.8
2.1
2.7
2.7
2.9
2.8
2.6
1.7
2.8
2.7
2.1
2.8
2.8
3.0
2*8
2.5
1.7
2.8
2.4
2.2
2.8
2.5
3.0
2*7
2.3
1.8
2.9
2.6
2.2
2.8
2.8
3.0
2.7
2.3
1.9
2.9
2.5
2.3
2.8
2.9
3.1
2.7
2.3
1.9
2.8
2.4
2.5
2.8
2.9
3.0
2.5
2.2
2.1
2.9
2.4
2.5
2.7
2.8
3.2
2.7
2.2
2.2
2.7
2.3
2.6
2.8
2.9
3.2
2*8
2.1
2.2
2.6
2.4
2.7
2.7
2.9
3.2
2*8
2.1
2.4
2.5
2.1
2.8
2.8
2.9
3.2
2*8
1.9
2.5
2.5
2.0
2.8
2.8
3.0
3.4
2.7
1.8
2.6
2.8
2.1
2.8
2.7
2.9
2*7
2.4
1.8
2.9
2.5
2.2
2.8
2.7
3.0
2.6
2.2
2.1
2.8
2.4
2.5
2.8
2.9
3.1
2.8
2.8
2.9
3.3
1
1
1
1
2*8
2.3
2.0
2.7
2.4
2.4
2.8
2.8
3.1
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
3.5
3.9
3.5
3.4
3.7
3.3
2.8
3.0
3.8
3.6
2.4
3.6
4.1
3.4
3.5
3.5
3.2
2.8
3.2
4.0
3.4
2.4
3.7
4.1
3.3
3.5
3.7
3.2
2.8
3.3
3.9
3.5
2.3
3.2
4.1
3.3
3.1
3.7
3.0
2.8
3.6
4.2
2.9
2.4
3.5
4.1
3.3
3.7
3.7
3.0
2.9
3.4
3.9
3.4
2.3
3.5
3.9
3.2
3.6
3.6
3.0
3.0
3.4
3.8
3.4
2.5
3.5
4.0
3.3
3.6
3.6
3.0
2.9
3.4
3.8
3.4
2.6
3.5
3.9
3.3
3.5
3.6
2.9
2.9
3.5
3.6
3.3
2.7
3.5
3.8
3.4
3.7
3.7
2.8
2.8
3.5
3.8
3.2
2.8
3.7
3.9
3.3
3.7
3.5
2.8
2.9
3.6
3.7
3.1
2.8
3.8
3.8
3.3
3.8
3.5
2.7
2.9
3.7
3.9
2.8
2.9
3.8
3.5
3.4
3.7
3.5
2.7
3.0
3.7
3.7
2.7
3.0
3.6
4.0
3.4
3.5
3.6
3.2
2.8
3.2
3.9
3.5
2.4
3.4
4.0
3.3
3.5
3.7
3.0
2.9
3.5
4.0
3.2
2.4
3.5
3.9
3.3
3.6
3.6
2.9
2.9
3.5
3.7
3.3
2.7
3.8
3.7
3.3
3.7
3.5
2.7
2.9
3.7
3.8
2.9
2.9
1
1
1
1
1
1
1
1
I
1
1
3.6
3.9
3.4
3.6
3.6
3.0
2.9
3.5
3.8
3.2
2.6
1976...
J
1977
3*6
|
3*6
2.8 1
2.0 1
2.4 1
2.5
2.2
Monthly
Quarterly
Annual
Year
Feb.
Jan.
Apr.
Mar.
23.
May
June
July
Sept.
Aug.
INDEX OF INDUSTRIAL MATERIALS PRICES
(1967=100)
Oct.
Nov.
Dec.
IQ
III Q
II Q
IVQ
<§>
AVERAGE FOR PERIOD
1945...
1946...
1947...
194a...
1949...
1950...
1951...
1952...
1953...
1954...
112.4
129.1
116.6
94.1
173.0
130.3
102.2
91.6
116.7
124.2
110.3
93.2
174.3
123.3
101.5
91.0
122^5
119.2
101.8
92.9
169.4
118.4
102.6
92.3
119.6
120.7
91.2
94.0
167.1
115.0
97.8
95.7
ll6!7
108.6
121.3
87.0
101.8
156.8
110.4
96.6
97.4
84.0
109.7
121.1
88.6
112.8
139.0
108.9
95.9
96.3
80.0
111.2
121.9
93.5
127.7
134.1
108.4
95.4
95.9
80.3
115.8
120.2
95.0
142.7
132.6
108.8
93.3
97.3
10H3
116I9
119.9
89.9
98.2
164.7
113.3
97.1
96.7
122.8
118.0
91.1
148.1
135.5
105.7
90.4
99.0
128.0
121.3
93.8
158.8
133.5
105.7
92.8
99.5
128.6
119.4
92.8
164.0
133.3
104.8
92.7
99.3
117!2
124.2
109.6
93.4
172.2
124.0
102.1
91.6
113.0
120.6
89.4
98.0
162.9
112.9
97.2
96.6
81.4
112.2
121.1
92.4
127.7
135.2
108.7
94.9
96.5
97.8
126.5
119.6
92.6
157.0
134.1
105.4
92.0
99.3
117!2
121.4
96.0
119.0
151.1
112.8
96.5
96.0
1955...
1956...
1957...
1958...
1959...
I960...
1961...
1962...
1963...
1964...
101.7
112.2
109.0
92.8
99.2
105.3
96.9
102.5
95.1
98.1
103.3
110.4
105.6
93.0
99.1
103.9
98.9
100.2
94.7
98.1
101.4
110.7
105.3
92.2
100.7
102.0
102.7
100.0
94.0
98.5
103.0
111.2
104.3
89.8
101.7
103.4
103.7
97.9
94.1
102.0
101.7
107.3
103.4
90.2
102.4
103.7
104.0
97.4
94.8
100.5
103.0
104.4
104.0
91.7
102.8
102.3
100.6
95.0
93.5
101.0
106.8
104.9
103.4
94.3
102.8
101.2
101.3
93.8
93.8
102.1
108.2
107.8
102.7
96.0
103.3
101.7
102.5
94.1
93.8
105.3
109.6
109.8
99.6
95.9
104.7
100.8
102.5
93.6
93.7
107.8
108.8
109.0
96.5
98.9
105.4
99.3
101.9
94.5
95.9
111.6
110.3
111.9
94.5
101.4
105.5
98.1
98.5
96.0
96.9
112.7
113.5
112.0
93.9
99.9
104.4
96.4
100.6
95.4
97.3
112.1
102.1
111.1
106.6
92.7
99.7
103.7
99.5
100.9
94.6
98.2
102.6
107.6
103.9
90.6
102.3
103.1
102.8
96.8
94.1
101.2
108.2
107.5
101.9
95.4
103.6
101.2
102.1
93.8
93.8
105.1
110.9
111.0
95.0
100.1
105.1
97.9
100.3
95.3
96.7
112.1
105.9
109.3
101.8
94.7
102.7
101.5
101.2
96.7
94.8
104.2
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
110.2
120.0
106.4
99.4
103.0
118.9
105.9
110.7
139.3
215.9
180.1
110.3
122.4
104.8
99.1
105.9
119.5
107.2
113.0
147.5
232.0
181.1
112.7
123.0
102.1
99.7
106.5
118.7
107.8
117.2
155.3
237.2
182.3
116.2
121.0
99.7
97.9
108.9
118.2
110.2
119.5
158.2
238.4
186.4
116.4
117.8
99.2
95.7
110.0
117.5
108.6
124.3
162.9
226.2
184.2
114.8
117.9
99.4
95.2
111.2
114.8
106.1
123.8
170.1
227.5
173.2
114.1
118.3
97.9
94.0
112.0
112.4
104.7
123.7
178.1
228.2
171.5
114.7
111.3
97.7
94.5
114.5
111.2
106.1
124.6
189.8
224.2
179.6
114.3
108.5
97.4
95.7
116.9
110.5
107.5
124.8
186.3
214.7
184.2
114.5
105.9
97.3
97.1
115.1
109.5
107.4
128.1
188.1
204.4
181.9
115.0
105.5
98.7
99.9
115.1
108.8
106.9
131.6
192.4
196.4
179.8
116.6
105.4
99.7
100.3
116.7
106.4
106.8
134.8
208.9
183.4
180.6
111.1
121.8
104.4
99.4
105.1
119.0
107.0
113.6
147.4
228.4
181.2
115.8
118.9
99.4
96.3
110.0
116.8
108.3
122.5
163.7
230.7
181.3
114.4
112.7
97.7
94.7
114.5
111.4
106.1
124.4
184.7
222.4
178.4
115.4
105.6
98.6
99.1
115.6
108.2
107.0
131.5
196.5
194.7
180.8
114.2
114.8
100.0
97.4
111.3
113.9
107.1
123.0
173.1
219.0
180.4
24.
VALUE OF MANUFACTURERS' N EW ORDERS, CAPITAL GOODS INDUSTRIES,
(BILLIONS OF DOLLA RS)
NONDEFENSE,
8i!i
IN CURRENT DOLLARS
TOTAL FOR PERIOD
1945...
1946...
1947...
1946...
1949...
1950...
1951...
1952...
1953...
1954...
U28
1.13
1.32
3.06
2.18
2.57
1.78
1M3
1.22
1.42
3.09
2.25
2.43
1.86
1.45
1.21
1.43
2.92
2.30
2.29
1.56
U62
1.02
1.49
2.88
2.22
2.41
1.65
1.31
1.08
1.88
2.74
2.04
2.30
1.61
l".57
1.13
1.81
2.56
2.23
1.90
1.65
1*.38
1.06
2.22
2.46
2.36
2.09
1.75
1.36
1.13
2.81
2.35
2.07
1.84
1.74
1.38
1.26
2.64
2.11
2.20
1.88
1.94
1.39
1.19
2.40
2.40
2.19
1.80
1.93
1.40
1.25
2.37
2.38
1.97
1.78
1.83
1.43
1.20
2.68
2.37
2.19
1.76
1.95
4.16
3.56
4.17
9.07
6.73
7.29
5.20
4!50
3.23
5.18
8.18
6.49
6.61
4.91
4.12
3.45
7.67
6.92
6.63
5.81
5.43
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
2.09
2.72
2.96
2.28
2.62
2.73
2.74
3.06
3.21
3.94
2.29
2.55
2.96
2.16
2.70
2.83
2.76
3.27
3.29
3.52
2.62
2.68
2.83
2.21
3.06
2.78
2.76
2.92
3.34
3.77
2.30
2.82
2.61
2.25
2.79
2.90
2.73
3.20
3.35
3.72
2.31
2.99
2.63
2.26
2.92
2.89
2.66
3.02
3.49
4.12
2.47
3.02
2.53
2.28
3.00
2.87
2.81
2.97
3.33
4.23
2.43
2.77
2.52
2.29
3.03
2.78
2.94
3.00
3.36
3.90
2.59
2.84
2.56
2.46
2.79
2.78
3.08
2.99
3.47
3.94
2.57
2.84
2.42
2.56
3.04
2.75
2.91
3.06
3.53
3.92
2.64
2.88
2.36
2.48
2.93
2.69
2.94
3.11
3.54
4.01
2.77
3.21
2.33
2.58
2.74
2.60
3.04
3.34
3.45
4.06
2.87
3.07
2.16
2.47
2.96
2.86
2.88
3.61
4.15
7.00
7.95
8.75
6.65
8.38
8.34
8.26
9.25
9.84
11.23
7.08
8.83
7.77
6.79
8.71
8.66
8.20
9.19
10.17
12.07
7.59
8.45
7.50
7.31
8.86
8.31
8.93
9.05
10.36
11.76
8.28
9.16
6.85
7.53
8.63
8.15
8.86
9.60
10.60
12.22
29.95
34.39
30.87
28.28
34.58
33.46
34.25
37.09
40.97
47.28
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
4.13
4.79
4.43
5.06
7.00
7.60
6.80
7.78
9.67
12.44
11.62
4.06
5.25
4.69
6.93
8.19
7.47
7.41
8.36
10.16
12.57
10.59
4.40
5.17
4.73
8.18
7.61
7.16
7.57
8.71
10.68
13.01
10.15
4.34
5.33
4.78
7.37
9.00
6.68
7.20
8.54
11.02
12.62
10.75
4.23
5.37
4.88
6.17
7.68
7.08
7.36
9.29
11.15
12.59
10.56
4.38
5.31
5.03
6.17
7.61
6.62
8.12
8.47
10.85
12.41
10.30
4.46
5.57
5.13
7.24
7.52
7.02
6.92
9.15
11.16
14.22
11.32
4.34
5.20
5.24
6.89
7.68
6.70
7.40
8.52
10.86
13.47
10.92
4.50
5.46
4.99
6.54
8.67
6.83
7.92
9.65
11.30
13.42
11.07
4.63
5.36
5.04
7.88
7.65
6.58
7.67
9.30
12.31
11.97
11.19
4.72
5.15
5.12
6.96
7.80
6.96
7.97
9.62
12.44
11.58
11.37
5.05
5.19
5.40
7.49
7.46
7.70
8.401
9.96
12.321
11.57
11.05!
12.59
15.21
13.85
20.17
22.80
22.23
21.78
24.85
30.51
38.02
32.36
12.95
16.01
14.69
19.71
24.29
20.38
22.68
26.30
33.02
37.62
31.61
13.30
16.23
15.36
20.67
23.87
20.55
22.24
27.32
33.32
41.11
33.31
14.40
15.70
15.56
22.33
22.911
21.24
24.04
28.88
37.07
35.12
33.61
53.24
63.15
59.46
82.88
93.87
84.40
90.74
107.35
133.92
151.87
130.89
25.
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
CHANGE IN MAN UFACTURERS' UNFILLED ORDE R S ,
(BILLIONS OF DOLLA RS)
3.151
AVERAGE FOR PERIOD
...
-o!33
-0.99
0.58
5.41
0.59
1.73
-2.46
-0.16
-0.30
-0.85
0.36
3.72
-0.01
0.42
-1.69
-0.17
-0.14
-0.96
0.41
3.91
1.97
-0.80
-2.49
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
0.78
1.31
-0.25
-2.39
0.75
-1.51
-0.35
0.35
0.85
1.24
0.62
0.23
-0.02
-0.87
1.18
-1.05
0.08
0.49
1.07
0.62
1.19
0.41
-0.87
-0.34
1.12
-1.06
-0.25
-0.40
1.37
0.79
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
0.84
1.83
- P . 10
0.04
0.0
-1.37
0.65
0.14
2.51
3.80
-2.90
0.93
1.61
0.09
0.20
0.78
-1.02
0.60
0.66
2.72
3.64
-2.70
. 0.78
2.31
-0.50
1.41
0.66
-0.76
-0.02
0.45
4.26
2.95
-3.65
-0.40
0.73
-1.24
0.77
2.60
2.72
-0.53
-1.67
-o!76
0.36
-0.88
2.33
2.25
1.80
-2.18
-1.19
-0.50
0.21
-0.41
3.91
0.97
0.65
-2.25
-1.00
-0.01
-0.27
-0.30
2.18
0.80
0.85
-3.49
0.30
-o!49
-0.44
0.34
1.97
1.32
-0.56
-2.54
1.31
-o!o4
o!o6
0.01
-1.30
0.46
3.31
2.18
-0.52
-1.83
-0.35
-0.34
-1.10
0.43
2.42
0.21
-0.09
-1.79
-0.61
0.43
1.12
0.81
-0.65
-1.85
-0.82
-0.86
0.26
1.29
0.45
-0.48
-1.94
-0.06
0.36
1.22
-0.86
-0.69
0.80
-0.89
0.30
-0.63
0.64
0.95
0.34
0.55
-0.64
-0.16
-0.18
-0.49
0.25
-0.33
0.93
1.19
0.56
0.26
-1.25
0.29
0.32
-0.19
0.18
-0.16
-0.22
1.23
0.81
1.48
-1.73
-0.01
-0.25
-0.55
0.30
0.0
0.01
1.60
0.65
1.90
-1.70
-0.09
0.04
0.38
0.42
-0.39
0.21
0.72
1.18
0.12
-1.41
-0.54
0.78
0.16
0.03
0.51
0.52
1.10
1.47
-0.16
-1.91
0.04
0.63
-0.85
0.02
0.51
0.09
1.24
1.16
0.25
-1.45
0.73
-0.12
-0.40
0.28
0.08
0.18
0.79
1.12
1.94
0.35
0.41
2.40
-1.42
-0.66
0.43
3.50
2.98
-2.68
0.96
1.52
1.04
-0.22
1.11
-0.63
-1.10
1.01
3.92
5.33
-1.41
0.88
2.18
1.62
-0.03
0.08
-0.60
-1.61
1.92
3.34
3.77
-2.59 j
0.84
1.85
0.70
-1.37
-0.13
-0.77
-0.43
0.62
2.14
3.83
-0.43
0.87
1.26
0.54
0.85
-0.03
-1.25
0.03
0.54
2.58
5.46
-1.18
1.31
2.26
0.25
0.98
0.74
-0.69
0.36
2.56
2.85
2.64
-1.11
1.37
0.85
1.08
1.56
-0.04
-1.14
0.59
1.03
3.44
-1.09
-1.40
1.24
0.35
0.31
0.40
0.03
-0.37
0.83
1.42
3.93
-0.90
-0.27
-ol42
I
...
17.00
13.88
24.47
31.32
26.20
25.05
21.25
DURABLE GOODS INDUSTF I E S
...
84
4.22 1
3.64 1
7.45
7.15
6.35
5.34
5.71
.77
-0.93
0.45
4.35
0.85
0.45
-2.21
-o!39
0.13
-1.21
0.55
2.78
1.70
-0.38
-1.76
-0.42
0.10
-0.53
2.81
1.34
1.10
-2.64
-0.63
-0*.16
-0.64
0.34
1.46
0.86
-0.56 '
-2.11
0.14
-0.58
1.32
2.33
0.77
-1.17
-1.12
1.87
0.07
-1.44
0.06
-0.34
-0.27
0.59
1.59
-0.31
1.01
0.86
0.65
-0.38
-1.20
1.02
-1.21
-0.17
0.15
1.10
0.88
0.42
0.68
-0.92
-0.19
0.31
-0.52
0.24
-0.37
0.45
1.12
0.88
1.17
-1.61
-0.21
0.19
0.0
0.25
0.04
0.25
1.14
1.50
0.05
-1.60 1
0.28
0.06
-0.51
0.30
0.73
-0.01
1.01
0.92
0.64
-1.13
-0.33
0.39
-0.56
0.15
0.14
0.44
1.04
1.44
0.33 !
1.09
1.20
0.01
0.73
0.53
2.60
3.15
-2.07
-0.79
0.85
1.92
-0.17
0.55
0.48
-1.05
0.41
0.42
3.16
3.46
-3.08
0.99
1.88
1.00
0.05
1.20
-0.88
-1.12
1.12
3.59
4.03
-2.23
1.01
1.79
0.50
0.15
0.19
-0.90
-0.01
1.24
2.52
3.98
-0.91
1.35
0.51
0.83
1.05
0.0
-0.26
0.65
1.68
3.51
-1.35
-0.82
1.05
1.52
0.54
0.45
0.47
-0.77
-0.02
1.12
3.20
2.53
-0I26
1
-o!i6
-1.76
The Handbook of Cyclical Indicators
Quarterly
Monthly
Annual
Year
Jan.
27.
Feb.
Apr.
Mar.
May
June
July
Aug.
Sept.
VALUE OF MANUFACTURERS" NEW ORDERS CAPITAL GOODS I N D U S T R I E S , NONDEFENSE,
( B I L L I O N S OF DOLLARS)
Nov.
Oct.
IN 1 9 7 2
1 Q
Dec.
III Q
II Q
IV Q
DOLLARS
TOTAL FOR PERIOD
1945...
1946...
1947...
1948...
1949. . .
1950...
1951...
1952...
1953...
1954...
3.19
2.56
3.04
6.08
4.30
5.07
3.38
3.57
2.77
3.27
6.13
4.43
4.79
3.53
3.58
2.74
3.27
5.78
4.51
4.50
2.95
3.98
2.30
3.40
5.68
4.36
4.70
3.11
3.22
2.45
4.29
5.40
4.00
4.45
3.05
3.82
2.58
4.11
5.04
4.40
3.64
3.12
3.32
2.41
4.97
4.84
4.66
3.99
3.32
3.19
2.58
6.15
4.64
4.08
3.51
3.30
3.19
2.89
5.69
4.15
4.34
3.58
3.69
3.18
2.74
5.07
4.72
4.34
3.42
3.67
3.20
2.88
4.96
4.68
3.89
3.38
3.47
3*24
2.77
5.41
4.66
4.32
3.33
3.69
10*34
8.07
9.58
17.99
13.24
14.36
9.86
11.02
7.33
11.80
16.12
12.76
12.79
9.28
9.70
7.88
16.81
13.63
13.08
11.08
10.31
9.62
8.39
15.44
14.06
12.55
10.13
10.83
40.68
31.67
53.63
61.80
51.63
48.36
40.28
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
3.94
4.82
4.80
3.56
4.05
4.12
4.14
4.63
4.85
5.93
4.31
4.48
4.77
3.37
4.17
4.26
4.16
4.95
4.99
5.28
4.90
4.70
4.54
3.45
4.71
4.20
4.16
4.41
5.07
5.66
4.30
4.88
4.18
3.49
4.28
4.36
4.13
4.82
5.08
5.56
4.32
5.12
4.20
3.51
4.47
4.36
4.03
4.55
5.28
6.17
4.59
5.15
4.04
3.54
4.56
4.34
4.25
4.49
5.02
6.34
4.49
4.73
4.01
3.56
4.58
4.20
4.45
4.53
5.06
5.83
4.74
4.80
4.05
3.82
4.22
4.20
4.67
4.52
5.23
5.89
4.63
4.73
3.80
3.99
4.59
4.16
4.41
4.63
5.31
5.86
4.74
4.76
3.69
3.86
4.43
4.07
4.45
4.69
5.33
6.00
4.94
5.25
3.64
4.00
4.14
3.94
4.60
5.05
5.19
6.06
5.09
5.00
3.38
3.82
4.47
4.34
4.37
4.76
5.41
6.20
13.15
14.00
14.11
10.38
12.93
12.58
12.46
13.99
14.91
16.87
13.21
15.15
12.42
10.54
13.31
13.06
12.41
13.86
15.38
18.07
13.86
14.26
11.86
11.37
13.39
12.56
13.53
13.68
15.60
17.58
14.77
15.01
10.71
11.68
13.04
12.35
13.42
14.50
15.93
18.26
54.99
58.42
49.10
43.97
52.67
50.55
51.82
56.03
61.82
70.78
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
6.15
7.04
6.21
6.93
7.89
8.20
7.03
7.86
9.58
11.65
8.78
6.04
7.68
6.56
8.01
9.22
8.03
7.63
8.42
10.03
11.68
7.97
6.55
7.54
6.61
9.42
8.53
7.65
7.77
8.77
10.48
11.93
7.58
6.46
7.74
6.68
8.46
10.06
7.12
7.38
8.57
10.75
11.43
7.94
6.28
7.76
6.81
7.07
8.57
7.52
7.52
9.32
10.86
11.14
7.78
6.48
7.64
7.01
7.05
8.46
7.02
8.29
8.47
10.50
10.71
7.57
6.60
7.99
7.14
8.25
8.31
7.39
7.07
9.14
10.81
11.96
8.26
6.42
7.44
7.28
7.83
8.48
7.05
7.50
8.50
10.50
11.08
7.97
6.64
7.79
6.93
7.40
9.51
7.16
8.04
9.62
10,89
10.81
8.05
6.84
7.60
6.98
8.90
8.37
6.84
7.79
9.25
11.79
9.42
8.03
6.96
7.27
7.06
7.84
8.51
7.23
8.09
9.55
11.84
8.96
8.11
7.44
7.30
7.41
8.45
8.08
7.96
8.50
9.86
11.67
8.85
7.87
18.74
22.26
19.38
24.36
25.64
23.88
22.43
25.05
30.09
35.26
24.33
19.22
23.14
20.50
22.58
27.09
21.66
23.19
26.36
32.11
33.28
23.29
19.66
23.22
21.35
23.48
26.30
21.60
22.61
27.26
32.20
33.85
24.28
21.24
22.17
21.45
25.19
24.96
22.03
24.38
28.66
35.30
27.23
24.01
28 .
NEW PRIVATE HOUSING UNI TS STARTED, TOTAL
(ANNUAL RATE, THOUSANDS)
1,040
1,052
1,385
1,196
1,883
1,928
1,388
1,484
1,358
1,085
1,074
1,200
1,137
1,834
1,638
1,516
1,460
1,417
1,167
1,032
1,379
1,171
1,976
1,481
1,483
1,506
1,411
1,057
1,039
1,501
1,292
1,945
1,352
1,412
1,498
1,433
1,028
1,090
1,450
1,319
2,052
1,359
1,408
1,425
1,412
985
1,174
1,441
1,341
2,042
1,419
1,353
1,380
1,498
972
1,252
1,419
1,384
2,051
1,257
1,438
1,346
1,559
1,007
1,355
1,329
1,500
2,121
1,334
1,443
1,324
1,563
958
1,532
1,303
1,603
1,821
1,456
1,483
1,348
1,618
974
1,571
1,190
1,662
1,605
1,386
1,513
1,342
1,610
957
1,557
1,196
1,785
1,561
1,324
1,475
1,383
1,730
991
1,447
1,218
1,824
1,900
1,330
1,476
1,343
1,807
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
1,757
1,441
1,151
1,170
1,657
1,460
1,183
1,361
1,244
1,603
1,664
1,444
1,168
1,107
1,667
1,503
1,226
1,278
1,456
1,820
1,684
1,401
1,173
1,108
1,620
1,109
1,312
1,443
1,534
1,517
1,708
1,408
1,147
1,154
1,590
1,289
1,166
1,524
1,689
1,448
1,730
1,375
1,174
1,191
1,498
1,271
1,228
1,483
1,641
1,467
1,704
1,325
1,175
1,236
1,503
1,247
1,382
1,404
1,588
1,550
1,632
1,289
1,191
1,337
1,547
1,197
1,335
1,450
1,614
1,562
1,625
1,313
1,193
1,374
1,430
1,344
1,312
1,517
1,639
1,569
1,580
1,234
1,191
1,451
1,540
1,097
1,429
1,324
1,763
1,455
1,490
1,266
1,204
1,472
1,355
1,246
1,415
1,533
1,779
1,524
1,434
1,212
1,162
1,593
1,416
1,246
1,385
1,622
1,622
1,486
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1,361
1,370
1,067
1,380
1,769
1,085
1,828
2,494
2,481
1,451
1,016
1,433
1,378
1,123
1,520
1,705
1,305
1,741
2,390
2,289
1,752
923
1,423
1,394
1,056
1,466
1,561
1,319
1,910
2,334
2,365
1,555
990
1,438
1,352
1,091
1,554
1,524
1,264
1,986
2,249
2,084
1,607
996
1,478
1,265
1,304
1,408
1,583
1,290
2,049
2,221
2,266
1,426
1,109
1,488
1,194
1,248
1,405
1,528
1,385
2,026
2,254
2,067
1,513
1,067
1,529
1,08S
1,364
1,512
1,368
1,517
2,083
2,252
2,123
1,316
1,229
1,432
1,119
1,407
1,495
1,358
1,399
2,158
2,382
2,051
1,142
1,253
1,482
1,046
1,421
1,556
1,507
1,534
2,041
2,481
1,874
1,150
1,281
1,452
843
1,491
1,569
1,301
1,580
2,128
2,485
1,677
1,070
1,368
1,460
961
1,538
1,630
1,229
1,647
2,182
2,421
1,724
1,026
1,370
1,023
1,101
1,464
1,317
2,013
1,377
1,391
1,434
1,448
979
1,380
1,350
1,496
1,998
1,349
1,455
1,339
1,580
974
1,525
1,201
1,757
1,689
1,347
1,488
1,356
1,716
1,015
1,265
1,344
1,430
1,908
1,420
1,446
1,402
1,532
1,431
1,184
1,146
1,598
1,601
1,063
1,365
1,564
1,491
1,484
1,702
1,429
1,164
1,128
1,648
1,357
1,240
1,361
1,411
1,647
1,714
1,369
1,165
1,194
1,530
1,269
1,259
1,470
1,639
1,488
1,612
1,279
1,192
1,387
1,506
1,213
1,359
1,430
1,672
1,529
1,452
1,221
1,171
1,554
1,457
1,185
1,388
1,573
1,631
1,498
1,627
1,325
1,175
1,314
1,517
1,252
1,313
1,463
1,603
1,529
1,656
990
1,308
1,548
1,327
1,893
2,295
2,366
1,526
975
1,336
1,406
1,381
1,082
1,455
1,678
1,236
1,826
2,406
2,378
1,586
976
1,468
1,270
1,214
1,456
1,545
1,313
2,020
2,241
2,139
1,515
1,057
1,481
1,084
1,397
1,521
1,411
1,483
2,094
2,372
2,016
1,203
1,254
1,523
931
1,446
1,582
1,312
1,707
2,202
2,424
1,642
1,024
1,358
1,473
1,165
1,292
1,508
1,467
1,434
2,052
2,357
2,045
1,338
1,160
1
AVERAGE FOR PERIOD
86.* 6
80.1
109.4
80.4
157.4
146.3
99.6
104.9
101.9
91.4
85.8
100.4
81.9
159.2
114.8
115.3
110.7
100.4
114*7
83.9
104.0
86.8
159.1
104.5
105.5
111.6
105.8
82*7
77.5
116.5
96.6
161.9
96.9
103.5
106.2
106.9
82*3
80.5
106.7
104.2
161.3
99.3
101.2
106.4
108.8
79.6
91.6
103.1
106.4
160.7
96.9
101.6
103.5
116.9
77*6
96.6
102.2
110.2
182.8
92.9
107.9
99.9
119.9
77.7
108.1
94.8
112.3
158.2
94.8
107.6
98.4
118.9
78.3
111.2
84.8
136.2
133.7
122.2
115.5
94.6
121.9
74*3
118.2
89.4
135.6
126.2
93.2
116.8
99.6
126.2
117.5
86.2
141.9
123.6
90.9
117.2
100.1
135.8
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
136.4
109.8
86.5
91.5
114.7
102.7
91.2
105.5
113.0
117.4
151.0
106.8
90.8
78.7
119.6
102.3
90.4
112.3
109.7
130.6
129.3
109.8
91.7
87.2
125.0
89.8
94.0
106.7
113.8
118.8
132.9
109.4
86.7
92.0
119.4
95.6
94.2
116.2
116.6
114.4
133.6
101.9
90.5
96.2
117.4
98.9
96.6
107.4
122.2
117.6
126.2
100.1
92.5
102.6
115.5
90.1
100.7
108.5
121.8
115.8
126.7
99.4
86.2
111.9
112.5
93.9
101.9
111.9
119.6
118.1
122.2
97.0
92.0
111.7
113.7
93.4
108.9
112.8
118.6
118.2
120.4
94.5
92.4
114.5
109.4
92.6
103.2
115.0
128.0
114.5
117.8
93.2
91.1
118.1
105.3
91.4
105.6
111.1
128.1
111.4
107.5
93.7
88.5
134.1
100.7
92.0
108.3
116.3
122.9
113.5
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
114.4
120.0
87.2
103.3
127.9
93.1
144.0
192.9
195.7
114.7
61.9
107.3
104.9
79.5
117.6
131.0
98.0
139.2
186.9
191.8
117.2
62.8
109.6
111.8
83.7
120.0
126.0
99.2
154.2
181.4
177.7
124.1
62.1
105.1
103.7
90.7
112.7
126.2
107.3
153.0
184.3
164.4
108.1
72.6
109.3
97.6
94.3
113.7
116.4
116.4
172.9
178.1
166.4
98.1
77.8
112.4
86.6
102.5
113.9
118.2
115.8
166.8
188.1
176.7
93.6
80.8
112.0
84.4
103.2
117.8
112.0
116.1
181.3
189.2
156.8
86.3
87.6
113.1
79.4
107.7
118.9
115.4
122.2
175.6
195.0
155.9
79.0
86.0
111.1
70.1
112.1
128.3
110.7
125.0
174.9
206.2
146.8
72.4
94.1
115.7
66.9
112.2
124.5
106.6
137.1
177.5
202.9
121.6
71.0
95.7
118.2
66.6
113.7
125.8
104.4
131.7
182.2
192.5
120.8
67.5
97.1
1,097
1,053
1,321
1,168
1,898
1,682
1,462
1,483
1,395
INDEX OF NEW P RIVATE HOUSING UNITS AUTH OR1ZED BY LOCAL BUILDING PERMITS
(1967-100)
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
BCD 1977
78.86
90.79
82.68
95.61
103.99
89.17
92.61
107.33
129.70
129.62
95.91
AVERAGE FOR PERIOD
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
29.
i
77*6
72*9
117.4
82.8
146.6
158.6
94.1
108.3
102.4
132.0
97." 6
83.3
104.6
83.0
158.6
121.9
106.8
109.1
102.7
8i*5
83.2
108.8
102.4
161.3
97.7
102.1
105.4
110.9
77.9
105.3
93.9
119.6
158.2
103.3
110.3
97.6
120.2
74.7
117.7
86.1
141.4
136.1
92.7
114.1
100.7
131.3
107.0
92.8
105.3 1
138.9
108.8
89.7
85.8
119.8
98.3
91.9
108.2
112.2
122.3
130.9
103.8
89.9
96.9
117.4
94.9
97.2
110.7
120.2
115.9
123.1
97.0
90.2
112.7
111.9
93.3
104.7
113.2
122.1
116.9
110.8
93.2
89.6
122.7
104.7
90.9
107.7
114.6
126.6
110.1
125.9
100.7
89.8
104.5
113.4
94.3
100.4
111.7
120.3
116.3
119.0
67.2
115.2 !
121.8 1
101.3
154.9
186.9
208.5
111.0
74.9
94.0
110.4
112.2
83.5
113.6
128.3
96.8
145.8
187.1
188.4
118.7
62.3
108.9
96.0
95.8
113.4
120.3
113.2
164.2
183.5
169.2
99.9
77.1
112.1
78.0
107.7
121.7
112.7
121.1
177.3
196.8
153.2
79.2
89.2
117.6
66.9
113.7
124.0
104.1
141.2
182.2
201.3
117.8
71.1
95.6
112.3
88.3
100.2
118.2
116.3
118.1
167.4
192.2
157.1
92.2
81.0
89.3 1
115.8
108.2
89.4
109.2
116.3
128.8
|
1
82*9
97.4
98.4
111.6
153.6
103.9
108.3
103.2
116.3
85
Quarterly
Monthly
Year
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
CHANGE IN BOOK VALUE OF MANUFACTURING AND TRADE INVENTORIES,
(ANNUAL RATE, BILLIONS OF- DOLLARS)
9.6
1.9
29.2
5.7
19.6
-4.7
4.5.
9.1
6.6
-16.5
0.5
9.5
-3.5
7.0
2.2
6.5
8.6
0.3
-0.3
17.8
-1.1
2.2
-3.5
7.1
-3.1
'5.3
18.4
-0.2
5.4
-3.8
7.0
3.7
4.5
7.6
5.1
1.9
-5.7
5.3
9.2
-6.4
7.8
2.
5.
0.8
13.1
3.7
-9.5
14.2
0.2
0.1
1.8
1.2
6.9
8.0
6.4
0.9
-1.7
10.8
2.5
-1.1
5.9
5.6
5.6
6.6
5.7
3.0
-2.4
8.4
4.5
2.4
4.6
5.3
2.7
5.
13.
5.8
14.4
10.1
27.1
44.9
-14.8
7.4
12.2
7.0
14.1
12.2
14.1
10.1
11.9
17.4
34.4
-12.1
10.3
20.5
2.5
8.4
11.8
10.9
3.4
6.5
31.2
52.2
-8.7
12.5
16.0
8.3
6.3
13.6
14.2
9.5
8.6
28.8
60.3
-1.7
11..5
10..2
17..3
7..9
10..9
-1..2
.2
6.2
26.9
43.8
3.9
AVERAGE FOR PERIOD
5.2
1.0
17.8
0.1
10.8
2.6
-0.9
5.0
-4.0
20.0
2.8
9.3
-5.0
-3.8
3.0
-5.5
24.0
2.5
5.8
-7.1
4.2
-0.9
-7.2
17.4
3.2
3.7
-3.4
-0.3
8.9
5.4
7.0
-1.8
1.9
-2.1
5.4
5.8
5.8
4.7
5.0
8.0
5.6
4.3
-4.8
1.9
4.9
8.7
6.7
13.9
11.3
5.0
-8.6
3.8
3.5
-1.0
1.9
6.2
9.1
-0.2
7.0
10.7
-2.1
3.5
-1.1
0.6
7.3
0.5
4.9
9.0
7.3
4.4
0.8
6.5
11.9
-13.6
1.2
1.3
0.5
8.9
12.0
17.2
11.4
12.8
12.3
11.1
13.3
23.4
28.8
54.3
19.5
4.8
13.8
5.1
8.8
15.6
5.7
11.6
17.5
20.4
59.1
8.0
5.7
18.6
2.3
14.8
14.8
1.3
4.4
15.5
25.9
70.7
25.2
11.4
-4.4
-3.2
5.4
-3.0
9.5
-4
9.7
14.2
15.1
7.9
13.0
2.9
13.9
16.7
49.5
48.1
-15.8
5.2
-6.6
-4
11.1
14.0
11.1
7.8
13.6
5.8
11.7
7.9
27.6
42.3
-7.0
32. VENDOR PERFORMANCE, PERCENT OF COMPANIES REPORTING SLOWER DELIVERIES
(PERCENT REPORTING)
91
37
35
16
54
84
28
37
21
54
48
33
28
58
44
38
56
50
55
68
74
48
50
62
56
38
52
78
85
18
82
42
34
12
62
85
22
37
28
28
62
30
40
56
52
54
72
85
51
55
61
58
44
52
84
IV Q
II Q
7.2
-2.1
12.2
3.6
2.3
5.0
-3.5
4.9
9.2
1.5
-6.0
10.4
3.2
0.0
5.6
4.1
5.7
6.8
6.4
5.2
0.0
1.8
1.4
4.2
6.4
5.9
7.1
8.6
17.2
4.7
12.8
12.6
8.0
8.8
12.7
27.7
47.1
-12.9
9.8
15.7
8.3
9.3
13.8
10.3
11.5
16.5
26.0
57.9
8.6
AVERAGE FOR PERIOD
78
34
26
10
60
74
18
40
27
82
25
36
14
60
58
19
38
30
86
20
31
12
66
46
23
36
35
81
24
30
12
64
38
34
34
36
69
22
36
22
88
34
50
30
71
25
36
38
94
38
47
30
41
73
30
38
53
96
50
46
25
47
60
31
38
60
88
50
46
22
53
49
38
32
58
87
34
44
20
52
38
41
17
50
84
31
40
20
50
84
38
32
13
59
81
23
38
24
83
23
32
13
63
47
25
36
34
71
26
37
38
93
41
48
28
43
49
37
29
56
86
38
43
21
52
66
49
25
32
62
27
40
55
54
60
71
50
28
34
62
28
47
48
60
60
70
39
30
38
62
32
48
46
58
63
65
40
29
38
62
34
48
42
54
55
70
56
38
44
60
36
49
44
42
59
72
52
34
49
62
40
52
44
48
65
72
47
32
57
64
41
55
48
52
74
72
44
36
58
64
39
55
48
48
72
66
46
29
58
56
38
51
48
48
70
56
36
25
52
50
38
53
48
46
66
60
48
29
29
61
34
39
56
52
56
69
43
29
37
62
31
71
52
35
50
62
39
52
45
47
65
42
30
56
57
38
53
48
47
69
66
86
38
54
61
50
46
58
72
82
39
52
68
52
52
58
90
84
70
75
36
52
69
72
53
60
92
79
66
69
38
52
70
69
50
60
89
76
62
70
41
56
66
50
48
63
64
73
43
46
68
45
49
63
88
68
36
62
72
44
46
66
45
48
65
90
52
44
60
70
50
52
65
38
50
73
90
46
66
64
51
60
62
36
48
70
91
32
72
57
48
56
64
36
51
77
69
82
46
53
61
55
43
54
83
87
17
63
72
43
49
67
47
48
64
89
64
37
66
64
50
56
64
37
50
73
90
33
NET CHANGE IN MORTGAGE DEBT HELD BY FINANCIAL INSTITUTIONS AND LIFE
INSURANCE COMPANIES
(ANNUAL RATE, BILLIONS OF DOLLARS)
75
38
52
69
64
52
59
90
80
AVERAGE FOR PERIOD
13.68
12.07
9.97
9.02
12.32
12.88
12.08
15.40
19.42
19.16
12.79
12.77
10.26
8.76
14.40
13.44
11.71
16.85
18.56
22.80
13.39
12.31
10.03
9.31
14.70
12.38
12.30
16.73
19.37
21.88
13.52
12.77
8.99
7.20
15.56
12.64
12.68
17.52
20.39
21.24
14.08
11.80
8.51
9.60
16.12
12.00
12.80
17.64
21.44
21.61
14.30
11.69
8.54
9.30
15.88
12.11
14.30
17.56
21.26
21.06
13.68
11.96
8.81
9.55
20.76
11.26
14.35
17.60
21.76
22.54
12.80
11.04
8.84
10.72
14.69
12.70
14.70
17.88
22.45
20.74
12.52
10.75
8.90
11.75
14.16
12.23
14.83
18.34
22.09
21.20
8.98
10.57
8.21
13.07
13.34
12.16
15.68
20.36
22.73
21.52
10.96
11.24
8.18
13.91
12.78
11.08
16.56
19.62
20.16
21.66
11.90
10.39
8.47
13.74
11.65
10.80
16.90
19.78
22.91
21.54
13.29
12.38
10.09
9.03
13.81
12.90
12.03
16.33
19.12
21.28
13.97
12.09
8.68
8.70
15.85
12.25
13.26
17.57
21.03
21.30
13.00
11.25
8.85
10.67
16.54
12.06
14.63
17.94
22.10
21.49
10.61
10.73
8.29
13.57
12.59
11.35
16.38
19.92
21.93
21.57
20.89
24.92
9.90
20.59
20.93
18.64
26.72
42.74
49.62
39.59
28.25
19.06
21.98
11.92
19.19
23.58
15.71
27.06
42.40
50.33
41.11
31.72
20.93
22.30
11.36
20.76
21.76
15.37
30.29
44.88
53.70
42.30
29.66
20.29
21.20
13.07
19.86
22.98
15.68
31.72
45.54
50.58
45.10
31.85
20.76
17.76
15.62
22.48
20.38
18.44
33.48
48.49
50.34
43.24
34.49
21.46
13.45
17.14
17.48
20.89
19.03
37.36
47.04
57.19
39.30
38.70
21.00
14.54
18.24
17.89
17.53
21.78
40.88
43.54
51.82
37.25
33.80
21.43
11.56
21.23
17.86
20.28
20.21
41.24
51.13
52.76
32.33
39.16
21.72
10.97
20.54
18.22
19.66
22.14
40.42
50.04
43.60
30.40
47.54
21.00
10.74
19.70
20.08
18.18
22.87
39.30
51.53
40.84
29.94
57.88
21.54
8.68
21.10
21.16
19.73
21.59
39.86
55.30
41.03
25.78
44.45
21.80
6.82
19.26
24.06
12.01
22.96
43.31
60.30
34.67
19.87
48.36
20.29
23.07
11.06
20.18
22.09
16.57
28.02
43.34
51.22
41.00
29.88
20.84
17.47
15.28
19.94
21.42
17.72
34.19
47.02
52.70
42.55
35.01
21.38
12.36
20.00
17.99
19.16
21.38
40.85
48.24
49.39
33.33
40.17
21.45
8.75
20.02
21.77
16.64
22.47
40.82
55.71
38.85
25.20
50.23
86
The Handbook of Cyclical Indicators
Quarterly
Monthly
Annual
Year
Feb.
Jan.
1955...
1956...
1957...
195b...
1959...
1960...
1961...
1962...
1963...
1964...
1965...
1966...
1967...
196b...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
Apr.
May
June
July
Aug.
Sept.
Nov.
Oct.
Dec.
1 Q
NET CHANGE IN INVENTORIES ON HAND AND ON ORDER IN 1 9 7 2 DOLLARS, MONTHLY DATA
(ANNUAL RATE, BILLIONS OF DOLLARS)
36.
1*45...
1946...
1947...
194b. . .
1949...
1950...
1951...
1952...
1953...
1954...
Mar.
II Q
III Q
IV Q
AVERAGE FOR PERIOD
-0.67
-4.45
2.63
35.46
-2.16
4.98
-12.53
4.13
-4.56
7.84
37.36
15.43
-0.59
-19.90
0.68
-8.56
5.63
34.25
11.76
10.72
-16.02
-0.02
-3.84
19.86
32.74
2.23
4.84
-13.21
11.60
-10.76
14.03
22.63
26.82
1.76
-15.65
9.85
0.44
11.38
19.67
6.78
-11.87
-15.58
-9.61
1.84
45.11
12.43
-3.43
-18.97
-13.93
-4.91
9.64
19.20
3.61
13.06
-21.30
2.22
-5.18
-6.38
16.84
11.52
9.95
-23.82
2.62
-5.02
-7.75
19.84
11.63
3.24
-22.02
0.01
-10.66
-12.89
10.25
12.52
7.56
-16.51
0.32
-0.03
5.38
42.55
7.00
lb.48
-17.70
4.09
-7.72
13.17
29.87
13.60
5.77
-14.96
-1.56
3.97
25.23
11.90
5.47
-17.38
-9.10
-6.95
-9.01
15.64
11.89
6.92
-20.78
0.98
2.60
12.06
-2.84
-25.51
9.36
-7.44
-9.19
17.99
3.25
5.10
5.30
11.71
-2.99
-25.04
26.39
-0.43
-5.70
10.02
8.81
6.60
16.28
-0.19
-6.00
-12.78
22.27
-7.94
-2.89
6.40
13.32
8.23
-2.94
16.54
1.33
-9.01
23.80
-13.74
6.56
-9.44
12.55
12.82
8.99
7.32
-3.12
-2.84
3.62
-0.53
11.57
8.76
6.29
8.20
16.00
5.21
-5.29
2.20
4.96
-5.34
4.19
3.35
0.89
13.28
10.03
17.46
-10.12
2.06
12.24
-1.37
7.62
6.30
0.94
11.16
7.94
10.73
-3.89
-0.23
5.26
-6.08
8.59
4.75
6.00
11.81
1.19
4.79
-1.97
8.93
2.39
0.54
6.37
6.41
6.49
28.72
14.33
-1.10
-24.46
3.59
9.36
-10.31
4.01
7.98
10.75
4.69
5.51
4.01
-10.87
7.64
2.29
-2.29
15.50
-4.75
6.07
17.35
11.20
0.05
-6.52
16.27
18.37
-15.32
13.12
2.12
1.03
15.40
8.06
7.b6
-3.94
-21.11
19.34
-5.27
-5.93
11.47
8.46
6.64
7.35
9.69
-2.36
-3.22
10.79
-6.54
7.44
0.89
6.58
11.43
6.39
10.99
-5.33
3.59
6.63
-2.30
7.53
5.82
4.48
17.23
10.35
0.99
-13.95
9.17
10.01
-9.31
10.88
1.78
5.95
12.48
8.04
7.38
-6.39
-2.89
11.69
-5.85
4.98
4.99
6.37
11.95
28.10
14.96
12.98
2.59
2.18
-17.00
8.92
6.80
28.67
11.38
-35.36
10.51
23.57
5.84
3.90
9.04
1.30
12.12
4.55
24.52
14.52
-45.84
13.74
28.68
1.56
-0.98
9.49
2.56
6.91
3.96
23.81
4.88
-38.53
4.75
20.58
8.83
9.55
11.48
5.03
-2.16
6.88
20.95
-2.03
-31.31
12.31
25.14
1.66
9.62
12.52
-8.71
-2.42
17.45
35.32
21.42
-28.75
11.30
26.65
-0.22
6.11
15.30
10.79
-3.73
11.20
29.10
22.33
-19.43
14.82
20.58
18.50
-8.10
16.13
7.06
-6.90
6.16
25.52
-0.90
-3.37
8.62
17.90
16.48
7.07
8.47
3.80
2.54
23.84
15.95
-10.33
2.05
3.06
12.66
5.57
14.46
12.72
-4.32
7.04
20.76
23.95
7.20
-7.01
7.70
20.90
2.35
13.94
7.26
-9.42
5.75
14.76
20.6b
-5.29
8.06
10.88
9.68
13.75
10.81
-7.21
6.36
-3.20
12.43
21.23
-21.48
-11.93
17.04
11.06
25.55
16.42
5.36
5.17
8.89
15.01
28.62
-15.17
-17.44
17.45
22.40
6.79
1.84
6.9U
-4.38
9.32
5.10
25.67
10.26
-39.91
9.45
24.12
3.42
8.43
13.10
2.37
-2.77
11.84
28.46
13.91
-26.50
8.83
17.05
13.52
4.48
12.44
2.18
0.89
16.92
21.81
-1.34
-2.78
11.87
13.88
13.88
13.72
1.80
0.70
3.81
14.07
23.50
-13.98
-7.10
11.90
19.36
9.40
7.12
8.56
0.22
2.81
11.98
24.86
2.21
-19.07
8.93
5.68
54.82
7.73
51.05
1-20.66
1
36.
NET CHANGE IN INVENTORIES ON HAND AND ON ORDER IN 1 9 7 2 DOLLARS, SMOOTHED DATA '
(ANNUAL RATE, BILLIONS OF DOLLARS)
-4i60
-7.00
21.97
11,26
13.77
-20.26
-2.15
-3.26
30.91
8.33
20.91
-18.15
-l!04
1.93
38.03
6.51
19.84
-17.13
-2!94
5.37
39.12
7.67
11.76
-16.92
l!49
-5.75
8.24
35.24
9.07
5.01
-16.26
2.84
-6.69
12.14
32.33
11.70
5.38
-15.67
5.61
-6.22
14.13
27.44
12.77
2.01
-14.89
5.54
-3.77
19.30
21.63
11.00
-5.72
-14.93
l!l9
0.57
24.37
15.07
7.76
-13.54
-12.07
-4.06
2.84
26.14
10.54
6.00
-19.37
-6.06
-5.80
0.10
22.84
9.05
7.64
-21.87
-0.71
-5.99
-5.25
17.13
10.40
7.83
-21.58
1.30
-2.b0
-2.77
30.30
8.70
18.17
-18.51
-5.13
8.58
35.56
9.48
7.38
-16.28
4.12
-3.14
19.27
21.38
10.51
-5.75
-13.96
-5.29
-0.77
22.04
10.00
7.16
-20.94
-1.82
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
0.98
9.97
0.70
-14.12
10.13
7.21
-9.12
13.21
0.99
5.01
1.86
10.62
-0.76
-16.66
14.21
3.95
-9.50
14.62
2.47
4.15
5.40
9.76
-2.93
-20.07
18.34
-0.89
-8.00
12.59
6.59
5.44
7.14
8.61
-3.25
-18.36
21.75
-6.32
-3.30
6.90
10.01
7.93
6.83
8.62
-2.57
-11.91
20.36
-7.39
2.20
2.12
11.14
9.48
7.40
8.79
-2.48
-5.71
13.68
-6.97
6.26
1.40
8.65
10.59
9.51
9.84
-4.27
-1.37
8.87
-4.47
7.62
3.51
4.64
11.16
11.50
10.56
-6.30
0.91
7.21
-3.34
7.30
5.47
2.66
11.48
8.85
11.06
-5.88
2.46
7.06
-3.28
7.16
5.31
3.54
14.66
7.10
7.90
-7.72
3.84
6.15
-3.79
6.92
6.10
6.11
16.15
7.41
3.69
-11.27
5.41
5.17
-4.65
7.47
4.80
7.76
16.00
8.68
1.78
-13.19
7.94
7.34
-6.66
9.75
2.50
6.86
14.70
2.75
10.12
-1.00
-lb.95
14.23
3.42
-8.87
13.47
3.35
4.87
7.12
8.67
-2.77
-11.99
18.59
-6.89
1.72
3.47
9.93
9.34
9.96
10.49
-5.48
0.67
7.71
-3.70
7.36
4.76
3.61
12.43
7.73
4.45
-10.73
5.73
6.22
-5.04
8.05
4.46
6.91
15.62
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
16.38
13.08
12.56
13.92
11.76
-2.24
3.76
3.99
16.38
21.96
-18.99
19.14
16.41
10.60
12.32
9.51
-4.86
7.78
5.45
20.72
19.29
-27.76
17.73
20.46
8.38
6.26
8.06
-3.91
9.03
5.92
24.20
14.22
-35.38
13.56
23.34
6.10
3.00
8.45
-0.71
7.47
5.12
24.38
8.02
-38.51
9.97
24.54
4.71
5.11
10.58
1.29
3.20
7.28
24.89
6.94
-35.71
9.86
24.46
3.72
7.24
12.13
1.00
-1.00
10.64
27.57
11.00
-29.68
11.13
24.12
5.03
5.48
13.87
2.71
-3.56
11.72
29.22
14.09
-21.84
12.19
22.92
9.12
2.12
13.97
5.13
-3.52
12.67
26.75
8.99
-12.05
10.21
19.38
12.55
3.08
12.87
4.70
-0.90
15.33
22.66
1.18
-4.85
7.65
17.10
10.82
8.15
10.96
-0.57
3.00
18.35
21.00
-2.07
-0.87
6.84
15.78
7.68
12.45
6.87
-2.89
4.15
17.88
21.07
-4.66
-1.30
9.54
14.15
10.55
13.40
3.03
-0.88
3.50
15.02
22.72
-10.25
-5.36
17.75
16.65
10.51
10.83
9.78
-3.67
6.85
5.12
20.43
18.49
-27.38
11.13
24.11
4.84
5.12
10.39
0.53
3.22
7.68
25.62
8.65
-34.63
11.18
22.14
8.90
3.56
13.57
4.18
-2.66
13.24
26.21
8.09
-12.91
8.01
15.68
9.68
11.33
6.95
-1.44
3.55
17.09
21.60
-5.66
-2.51
NU MBER OF PERSONS UNEMPLOYE D ,
(THOUSANDS)
-3il9
14.86
24.05
8.25
-3.48
-10.19
AVERAGE FOR PERIOD
1945...
1946...
1947...
194b...
1949...
1950...
1951...
1952...
1953...
1954...
37.
|
-2.91
11.78
24.31
8.96
-0.28
-12.65
6.89
1
1
8.43
-4.99
-5.64
11.69
-3.05
2.06
6.54
5.95
10.56
12.02
19.65
8.49
7.71
10.17
-0.10
2.74
10.78
23.46
7.39
-19.36
LABOR FORCE SURVEY
AVERAGE FOR PERIOD
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
2,034
2,596
4,026
2,305
1,972
1,839
3,077
2,328
2,849
3,936
2,117
1,957
1,636
3,331
2,399
3,030
3,876
2,125
1,813
1,647
3,607
2,386
3,260
3,575
1,919
1,811
1,723
3,749
2,118
3,707
3,434
1,856
1,863
1,596
3,767
2,214
3,776
3,367
1,995
1,884
1,607
3,551
2,213
4,111
3,120
1,950
1,991
1,660
3,659
2,350
4,193
2,799
1,933
2,087
1,665
3,854
2,302
4,049
2,774
2,067
1,936
1,821
3,927
2,259
4,916
2,625
2,194
1,839
1,974
3,666
2,285
3,996
2,589
2,178
1,743
2,211
3,402
2,429
4,063
2,639
1,960
1,667
2,818
3,196
2,254
2,825
3,946
2,182
1,914
1,707
3,338
2,239
3,581
3,459
1,923
1,853
1,642
3,689
2,288
4,118
2,898
1,983
2,005
1,715
3,813
2,324
4,325
2,618
2,111
1,750
2,334
3,421
2,278
3,636
3,289
2,054
1,884
1,836
3,533
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
3,157
2,666
2,796
3,875
4,068
3,615
4,671
4,081
4,074
4,029
2,969
2,606
2,622
4,303
3,965
3,329
4,832
3,871
4,238
3,932
2,918
2,764
2,509
4,492
3,801
3,726
4,853
3,921
4,072
3,950
3,049
2,650
2,600
5,016
3,571
3,620
4,893
3,906
4,055
3,918
2,747
2,861
2,710
5,021
3,479
3,569
5,003
3,863
4,217
3,764
2,701
2,882
2,856
4,944
3,429
3,766
4,885
3,844
3,977
3,814
2,632
2,952
2,796
5,079
3,528
3,836
4,928
3,819
4,051
3,608
2,784
2,701
2,747
5,025
3,588
3,946
4,682
4,013
3,878
3,655
2,678
2,635
2,943
4,821
3,775
3,884
4,676
3,961
3,957
3,712
2,830
2,571
3,020
4,570
3,910
4,252
4,573
3,803
3,987
3,726
2,780
2,861
3,454
4,188
4,003
4,330
4,295
4,024
4,151
3,551
2,761
2,790
3,476 1
4,191 1
3,653
4,617
4,177
3,907
3,975
3,651
3,015
2,679
2,642
4,223
3,945
3,557
4,785
3,958
4,128
3,970
2,832
2,798
2,722
4,994
3,493
3,652
4,927
3,871
4,083
3,832
2,698
2,763
2,829
4,975
3,630
3,889
4,762
3,931
3,962
3,658
2,790
2,741
3,317
4,316
3,855
4,400
4,348
3,911
4,038
3,643
2,853
2,752
2,859
4,601
3,739
3,852
4,714
3,912
4,071
3,785
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
3,572
2,988
2,968
2,878
2,718
3,213
4,968
4,966
4,246
4,519
7,280
3,730
2,820
2,915
3,001
2,692
3,448
4,877
4,876
4,378
4,629
7,362
3,510
2,887
2,889
2,877
2,712
3,628
4,956
4,981
4,308
4,520
7,777
3,595
2,828
2,895
2,709
2,758
3,796
4,926
4,902
4,377
4,492
7,964
3,432
2,950
2,929
2,740
2,713
3,913
4,956
4,876
4,268
4,622
8,314
3,387
2,872
2,992
2,938
2,816
4,016
4,915
4,880
4,301
4,846
8,099
3,301
2,876
2,944
2,883
2,868
4,180
5,015
4,877
4,251
4,992
8,061
3,254
2,900
2,945
2,768
2,856
4,252
5,132
4,912
4,264
4,976
7,921
3,216
2,798
2,958
2,686
3,040
4,454
5,032
4,833
4,332
5,439
8,011
3,143
2,798
3,143
2,689
3,049
4,637
5,001
4,924
4,163
5,580
8,048
3,073
2,770
3,066
2,715
2,856
4,885
5,141
4,557
4,342
6,106
7,813
3,031
2,912
3,018
2,685
2,884
5,056
5,112
4,478
4,417
6,564
7,705
3,604
2,898
2,924
2,919
2,707
3,430
4,934
4,941
4,311
4,556
7,473
3,471
2,883
2,939
2,796
2,762
3,908
4,932
4,886
4,315
4,653
8,126
3,257
2,858
2,949
2,779
2,921
4,295
5,060
4,874
4,282
5,136
7,998
3,082
2,827
3,076
2,696
2,930
4,859
5,085
4,653
4,307
6,083
7,855
3,365
2,878
2,977
2,816
2,832
4,088
4,994
4,840
4,306
5,076
7,830
'This series is a weighted 4-term moving average (with weights 1,2,2,1) placed at the terminal month of the span.
1977
Monthly
Quarterly
Year
T
Jan.
38.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
CHANGE Ih STOCKS OF MATERIALS AND SUPPLIES ON HAND AND ON ORDER,
(BILLIONS OF DOLLARS)
Oct.
Nov.
Dec.
AVERAGE
-1.40
-1.06
-1.48
-0.08
-1.05
0.38
-0.93
-o!28
-0.66
-0.95
-0.77
-l".24
-0.69
-l!84
0.14
-l!73
0.56
-1.08
-0.18
-1.25
0.09
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
0.86
0.67
-0.49
-1.30
0.40
-0.99
-0.14
0.85
0.52
0.20
0.56
0.41
-0.09
-0.84
1.13
-0.81
-0.41
0.13
0.29
0.04
1.12
0.18
-0.43
-0.42
1.03
-0.97
-0.07
-0.13
0.56
0.29
0.38
0.97
-0.62
-0.33
0.72
-0.75
0.24
-0.51
0.85
0.32
0.48
0.26
-0.24
-0.30
0.16
-0.58
0.30
-0.08
0.49
0.44
0.52
-0.22
-0.50
0.23
0.58
-0.44
0.10
-0.20
-0.22
0.46
0.80
1.12
-0.91
0.17
-0.48
0.37
-0.15
0.06
0.62
0.65
1.04
-0.98
0.07
0.02
0.13
0.79
-0.12
-0.05
0.52
0.86
0.04
-0.58
0.11
0.50
0.01
-0.01
0.15
0.31
1.06
1.07
0.24
-0.93
0.05
0.23
-0.70
-0.02
-0.06
0.31
1.14
0.71
0.22
-0.92
0.49
0.22
-0.28
0.29
-0.05
-0.09
0.78
1.20
0.34
-1.17
0.20
0.15
-0.61
1.17
0.03
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
0.62
0.71
0.58
0.66
0.30
-0.94
0.72
0.42
2.17
2.96
-1.84
0.63
1.09
0.12
0.40
0.08
-0.49
0.15
0.63
2.13
3.12
-1.70
0.59
1.48
-0.25
-0.05
0.62
-0.15
0.06
0.46
2.92
2.42
-2.88
0.23
1.03
0.32
0.09
0.82
-0.19
-0.33
0.25
1.89
2.61
-3.41
0.56
1.05
0.13
0.06
0.86
0.02
-0.56
1.02
3.04
4.65
-1.40
0.39
1.29
0.54
-0.48
0.29
0.04
-1.08
0.71
2.38
3.64
-1.81
0.40
1.03
0.79
-0.57
0.48
-0.49
-0.29
1.03
1.80
3.26
-0.58
0.27
1.26
0.77
0.35
0.05
-0.28
-0.01
1.38
2.18
3.00
-0.92
0.69
0.28
0.48
0.24
0.50
-0.18
-0.21
1.17
2.33
1.84
-0.75
0.80
0.31
0.29
0.46
0.58
-0.26
0.31
0.81
2.67
-0.36
0.12
0.53
0.10
0.51
0.45
-0.42
0.38
0.22
1.25
2.27
0.10
0.24
39.
ol 16
0.0
-0.88
-U34
-0.44
-1*.35
0.16
-o!62
0.65
0.85
0.42
-0.34
-0.85
0.85
-0.92
-0.21
0.28
0.46
0.18
0.46
0.34
-0.45
-0.13
0.49
-0.59
0.21
-0.26
0.37
0.41
0.77
0.73
-0.82
0.12
0.17
-0.11
0.38
-0.04
0.11
0.73
0.99
0.27
-1.01
0.25
0.20
-0.53
0.48
-0.03
0.07
0.86
0.77
0.44
-0.65
-0.16
0.43
-0.54
0.22
-0.01
0.25
0.54
0.96
-0.05
0.80
0.56
-0.20
0.36
0.51
1.09
2.89
-0.16
-0.47
0.61
1.09
0.15
0.34
0.33
-0.53
0.31
0.50
2.41
2.83
-2.14
0.39
1.12
0.33
-0.11
0.66
-0.04
-0.66
0.66
2.44
3.63
-2.21
0.45
0.86
0.68
0.01
0.34
-0.32
-0.17
1.19
2.10
2.70
-0.75
0.76
0.12
0.53
0.49
-0.01
0.16
0.35
1.05
2.61
-0.14
-0.04
0.56
0.80
0.42
0.18
0.33
-0.18
-0.04
0.85
2.39
2.26
-1.28
0.0
END OF
2.31
2.22
2.70
2.20
2.03
1.87
2.05
2.11
2.81
2.73
2.08
1.91
1.83
2.07
2.49
2.85
2.38
2.10
2.05
1.90
1.98
2.34
2.70
2.45
2.31
1.98
1.75
1.99
2i21
2.80
2.43
2.09
2.08
1.88
1.94
2.29
2.91
2.22
2.06
2.25
1.82
1.91
2.17
2.91
2.17
2.17
2.19
1.83
1.86
2.22
2.55
2.26
2.11
2.14
2.01
1.83
2.20
2.69
2.30
2.09
1.99
1.97
1.81
2.23
2.70
2.23
2.05
1.99
1.97
1.84
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
1.61
1.52
1.50
1.57
1.56
1.71
1.81
1.69
1.59
1.69
1.62
1.46
1.50
1.63
1.55
1.60
1.84
1.69
1.60
1.68
1.53
1.53
1.57
1.76
1.52
1.60
1.81
1.69
1.64
1.66
1.55
1.54
1.47
1.70
1.50
1.64
1.85
1.67
1.59
1.59
1.55
1.49
1.46
1.74
1.49
1.64
1.83
1.64
1.57
1.68
1.50
1.51
1.52
1.75
1.43
1.68
1.79
1.65
1.68
1.63
1.49
1.51
1.50
1.71
1.36
1.73
1.83
1.61
1.68
1.63
1.44
1.53
1.48
1.75
1.52
1.70
1.80
1.61
1.67
1.71
1.47
1.54
1.54
1.63
1.56
1.71
1.76
1.63
1.73
1.65
1.47
1.48
1.51
1.60
1.67
1.79
1.70
1.61
1.65
1.71
2.59
1.79
1.75
1.86
1.57
1.57
1.83
1.81
1.72
2.01
2.54
2.71
2'.94
1.69
1.75
1.87
1.59
1.63
1.80
1.72
1.76
2.01
2.56
2.74
2.65
1.76
1.76
1.72
1.56
1.64
1.79
1.78
1.85
1.99
2.61
2.63
...
40.
o!6i
i\lh
1.82
1.76
1.64
1.55
1.68
1.87
1.75
1.93
2.02
2.63
2.65
FOR PERIOD
-lin
PERCENT OF CO NSUMER INSTALLMENT LOANS DELINQUENT 30 DAYS AND OVER
(PERCENT)
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
Annual
IV Q
III Q
II Q
MANUFACTURING
1945...
1946...
1947...
1948...
1949.. .
1950...
1951...
1952...
1953...
1954...
o!l7
1 Q
1.81
1.77
1.67
1.48
1.68
1.85
1.90
2.00
2.11
2.65
2.48
...
...
2'.59
NUMBER OF EMPLOYEES I N NONAGRICULTORAL GOODS-P RODUCING I N D U S T R I E S — M I N I NG,
AND C ONSTRUCTION, ESTABLISHMEN T SURVEY
(THOUSANDS)
PERIOD
2.40
2.37
2.69
1.97
2.23
1.85
2.02
1.79
2M0
2.02
2.67
2.09
2.15
1.92
1.98
1.65
2.85
2.38
2.10
2.05
1.90
1.98
2.29
2.91
2.22
2.06
2.25
1.82
1.91
2.20
2.69
2.30
2.09
1.99
1.97
1.81
2.40
2.02
2.67
2.09
2.15
1.92
1.98
1.65
2.40
2.02
2.67
2.09
2.15
1.92
1.98
1.65
1.44
1.49
1.55
1.60
1.75
1.78
1.67
1.63
1.79
1.50
1.52
1.57
1.55
1.65
1.76
1.68
1.64
1.76!
1.70
1.53
1.53
1.57
1.76
1.52
1.60
1.81
1.69
1.64
1.66
1.50
1.51
1.52
1.75
1.43
1.68
1.79
1.65
1.68
1.63
1.47
1.54
1.54
1.63
1.56
1.71
1.76
1.63
1.73
1.65
1.50
1.52
1.57
1.55
1.65
1.76
1.68
1.64
1.76
1.70
1.50
1.52
1.57
1.55
1.65
1.76
1.68
1.64
1.76
1.70
1.65
1.65
1.74
1.69
1.63
1.76
1.90
1.72
1.96
2.27
2.80
2.47
2.29
2^9
1.65
1.741
1.69
1.63
1.76
1.90
1.72
1.96
2.27
2.80
2.47
2^94
1.76
1.76
1.72
1.56
1.64
1.79
1.78
1.85
1.99
2.61
2.63
.
.
.
..
..
.
1.7*1
. ..
...
...
2.59
1.69
1.63
1.76
1.90
1.72
1.96
2.27
2.80 ,
2.47
MANUFACTURING
AVERAGE
FOR PERIOD
19,025
16,058
18,428
18,876
18,362
17,351
19,805
19,998
21,056
20,177
18,970
15,333
18,479
18,707
18,193
17,097
19,930
20,073
21,220
20,116
18,880
16,133
18,461
18,780
17,966
17,558
20,024
20,037
21,271
19,988
18,612
16,574
18,413
18,465
17,765
17,807
20,081
20,062
21,287
19,836
18,384
16,979
18,346
18,635
17,539
18,193
20,058
20,015
21,269
19,688
18,117
17,260
18,371
18,768
17,385
18,419
20,066
19,606
21,248
19,623
17,748
17,531
18,267
18,874
17,320
18,635
19,992
19,433
21,244
19,455
17,415
17,827
18,409
18,770
17,342
19,032
19,867
20,087
21,101
19,415
15,530
18,049
18,491
18,843
17,431
19,157
19,767
20,428
20,967
19,470
15,557
18,185
18,606
18,775
16,711
19,367
19,766
20,549
20,834
19,494
15,708
18,323
18,662
18,761
17,093
19,469
19,828
20,759
20,605
19,649
15,761
18,397
18,807
18,657
17,342
19,519
19,962
20,931
20,452
19,688
18,958
15,841
18,456
18,788
18,174
17,335
19,920
20,036
21,182
20,094
18,371
16,938
18,377
18,623
17,563
18,140
20,068
19,894
21,268
19,716
16,898
17,802
18,389
18,829
17,364
18,941
19,875
19,983
21,104
19,447
15,675
18,302
18,692
18,731
17,049
19,452
19,852
20,746
20,630
19,610
17,492
17,226
18,482
18,745
17,536
18,475
19,925
20,164
21,038
19,717
19,782
1955...
1956...
20,953
1957...
21,164
20,152
1958...
20,020
1959...
20,751
1960...
1961...
19,638
1962...
20,076
1 9 6 3 . . . i 20,417
1964...
20,558
19,939
21,044
21,244
19,695
20,080
20,862
19,530
20,262
20,379
20,771
20,157
20,994
21,242
19,476
20,276
20,601
19,581
20,278
20,391
20,780
20,327
21,095
21,158
19,235
20,474
20,684
19,594
20,480
20,569
20,830
20,489
21,093
21,093
19,126
20,599
20,614
19,706
20,471
20,634
20,871
20,609
21,159
21,049
19,129
20,714
20,498
19,838
20,429
20,598
20,915
20,607
20,577
20,981
19,165
20,752
20,398
19,842
20,477
20,651
20,989
20,642
21,111
20,914
19,275
20,242
20,326
19,929
20,491
20,664
21,032
20,653
21,114
20,812
19,466
20,210
20,227
19,890
20,508
20,705
21,173
20,756
21,193
20,703
19,379
20,071
20,104
19,957
20,503
20,726
20,945
20,819
21,160
20,491
19,766
20,291
19,967
20,097
20,461
20,657
21,266
20,890
21,246
20,371
19,795
20,672
19,708
20,155
20,382
20,672
21,341
19,959
20,997
21,217
19,774
20,125
20,738
19,583
20,205
20,396
20,703
20,475
21,116
21,100
19,163
20,596
20,599
19,713
20,460
20,600
20,872
20,634
20,934
20,902
19,302
20,401
20,317
19,887
20,492
20,673
21,065
20,822
21,200 |
20,522
19,647
20,345
19,926
20,070
20,449
20,685
21,184
20,476
21,064
20,925
19,474
20,367
20,393
19,814
20,405
20,593
20,958
21,414
22,555
23,450
23,290
24,078
24,175
22,878
23,124
24,218
25,028
23,241
21,481
22,690
23,353
23,481
24,166
24,121
22,729
23,131
24,433
25,020
22,699
21,549
22,877
23,279
23,493
24,239
24,114
22,725
23,273
24,539
24,974
22,452
21,599
22,958
23,244
23,610
24,247
23,937
22,811
23,381
24,600
24,985
22,372
21,722
23,030
23,175
23,648
24,293
23,652
22,874
23,491
24,661
24,949
22,379
21,816
23,207
23,156
23,674
24,395
23,564
22,807
23,570
24,785
24,913
22,279
21,905
23,267
23,190
23,721
24,446
23,524
22,771
23,478
24,788
24,830
22,294
21,986
23,346
23,229
23,758
24,438
23,393
22,718
23,592
24,810
24,765
22,493
22,091
23,307
23,162
23,803
24,442
23,309
22,860
23,665
24,822
24,672
22,658
22,177
23,349
23,151
23,832
24,405
22,778
22,795
23,858
24,915
24,521
22,730
22,338
23,395
23,404
23,931
24,265
22,624
22,900
23,956
25,032
24,171
22,788
22,480
23,422
23,436
24,045
24,298
22,941
22,928
24,005
25,096
23,626
22,892
21,481
22,707
23,361
23,421
24,161
24,137
22,777
23,176
24,397
25,007
22,797
21,712
23,065
23,192
23,644
24,312
23,718
22,831
23,481
24,682
24,949
22,343
21,994
23,307
23,194
23,761
24,442
23,409
22,783
23,578
24,807
24,756
22,482
22,332
23,389
23,330
23,936
24,323
22,781
22,874
23,940
25,014 1
24,106 1
22,803 1
21,880
23,116
23,268
23,693
24,311
23,507
22,820
23,546
24,727
24,697
22,603
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
88
The Handbook of Cyclical Indicators
Quarterly
Monthly
Annual
Year
Jan.
Feb.
41.
Mar.
May
Apr.
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1 Q
II Q
NUMBER OF EMPLOYEES ON NONAGRICULTURAL PAYROLLS, ESTABLISHMENT SURVEY
(THOUSANDS)
III Q
IV Q
AVERAGE FOR PERIOD
1945...
1946...
1947...
1948. ..
1949. ..
1950...
1951...
1952...
1953...
1954. . .
41,780
39,729
43,493
44,658
44,622
43,467
47,267
48,268
50,084
49,361
41,784
39,215
43,588
44,541
44,445
43,192
47,518
48,456
50,320
49,284
41,656
40,214
43,639
44,662
44,214
43,871
47,725
48,473
50,398
49,099
41,341
40,811
43,478
44,342
44,058
44,276
47,890
48,494
50,418
49,010
41,125
41,260
43,561
44,659
43,848
44,607
47,829
48,538
50,394
48,863
40,912
41,568
43,688
44,925
43,626
44,995
47,951
48,142
50,416
48,820
40,623
41,968
43,667
45,124
43,457
45,387
47,951
47,986
50,413
48,730
40,320
42,490
43,851
45,040
43,506
46,064
47,815
48,705
50,304
48,707
38,387
42,798
44,062
45,143
43,671
46,298
47,770
49,146
50,173
48,802
38,470
43,008
44,272
45,087
42,811
46,522
47,815
49,451
50,115
48,838
38,821
43,263
44,345
45,094
43,163
46,652
48,049
49,719
49,845
49,109
39,022
43,333
44,557
45,051
43,525
46,784
48,188
49,993
49,673
49,250
41,740
39,719
43,573
44,620
44,427
43,510
47,503
48,399
50,267
49,248
41,126
41,213
43,576
44,642
43,844
44,626
47,890
48,391
50,409
48,898
39,777
42,419
43,860
45,102
43,545
45,916
47,845
48,612
50,297
48,746
38,771
43,201
44,391
45,077
43,166
46,653
48,017
49,721
49,878
49,066
40,394
41,674
43,881
44,891
43,778
45,222
47,849
48,825
50,232
49,022
1955. ..
1956...
1957...
1958...
1959...
1960...
1961. ..
1962. . .
1963. ..
1964. . .
49,360
51,910
52,860
52,054
52,456
54,221
53,573
54,745
55,960
57,326
49,538
52,127
53,044
51,486
52,602
54,452
53,423
55,050
56,092
57,666
49,866
52,180
53,124
51,158
52,884
54,380
53,522
55,178
56,205
57,718
50,127
52,325
53,080
50,880
53,221
54,636
53,538
55,455
56,447
57,898
50,447
52,418
53,054
50,820
53,477
54,407
53,721
55,565
56,575
58,039
50,745
52,498
53,003
50,851
53,645
54,324
53,959
55,600
56,610
58,171
50,870
51,827
53,003
50,944
53,713
54,258
54,095
55,707
56,753
58,383
50,967
52,476
52,976
51,159
53,287
54,228
54,267
55,823
56,867
58,546
51,144
52,510
52,869
51,413
53,316
54,116
54,307
55,903
57,025
58,819
51,336
52,691
52,718
51,418
53,230
54,021
54,413
55,957
57,203
58,718
51,511
52,760
52,495
51,858
53,541
53,891
54,669
55,981
57,171
59,131
51,739
52,901
52,307
52,008
54,069
53,611
54,792
55,967
57,295
59,345
49,588
52,072
53,009
51,566
52,647
54,351
53,506
54,991
56,086
57,570
50,440
52,414
53,046
50,850
53,448
54,456
53,739
55,540
56,544
58,036
50,994
52,271
52,949
51,172
53,439
54,201
54,223
55,811
56,882
58,583
51,529
52,784
52,507
51,761
53,613
53,841
54,625
55,968
57,223
59,065
50,675
52,408
52,894
51,363
53,313
54,234
54,042
55,596
56,702
58,331
1965. ..
1966...
1967. . .
1968.. .
1969. . .
1970. ..
1971. . .
1972. ..
1973. ..
1974. . .
1975. . .
1976...
59,467
62,454
65,284
66,701
69,381
71,156
70,807
72,386
75,487
78,033
77,300
59,715
62,744
65,281
67,077
69,618
71,219
70,698
72,529
75,925
78,205
76,804
59,957
63,134
65,361
67,197
69,835
71,353
70,786
72,894
76,219
78,275
76,518
60,144
63,390
65,442
67,455
70,008
71,304
70,987
73,151
76,416
78,423
76,491
60,436
63,638
65,553
67,560
70,228
71,008
71,163
73,440
76,619
78,559
76,577
60,655
64,026
65,677
67,825
70,520
70,902
71,142
73,679
76,935
78,628
76,444
60,929
64,246
65,838
68,046
70,693
70,960
71,180
73,707
76,967
78,660
76,719
61,130
64,399
66,001
68,256
70,798
70,797
71,174
74,009
77,186
78,709
77,059
61,399
64,504
66,084
68,421
70/873
70,865
71,502
74,200
77,326
78,774
77,344
61,608
64,687
66,124
68,645
71,047
70,462
71,491
74,543
77,607
78,718
77,596
61,908
64,892
66,624
68,905
71,001
70,326
71,691
74,820
77,940
78,339
77,730
62,242
65,062
66,816
69,221
71,178
70,699
71,971
75,077
78,037
77,703
78,012
59,713
62,777
65,309
66,992
69,611
71,243
70,764
72,603
75,877
78,171
76,874
60,412
63,685
65,557
67,613
70,252
71,071
71,097
73,423
76,657
78,537
76,504
61,153
64,383
65,974
68,241
70,788
70,874
71,285
73,972
77,160
78,714
77,041
61,919
64,880
66,521
68,924
71,075
70,496
71,718
74,813
77,861
78,253
77,779 1
60,815
63,955
65,857
67,951
70,442
70,920
71,222
73,714
76,896
78,413
77,051
42.
TOTAL NUMBER OF PERSO NS ENGAGED IN NONAGRICUL1 URAL ACTIVITIES, LABOR FORCE SURVEY
(THOUSANDS
)
AVERAGE FOR PERIOD
1945...
1946. ..
1947. . .
1948...
1949...
195U...
1951...
1952...
1953...
1954...
49,984
50,385
50,570
52,808
53,312
54,958
53,951
50,500
50,186
50,694
52,923
53,442
55,421
54,073
50,338
50,035
50,612
53,543
53,440
55,590
53,791
50,734
49,836
51,319
53,167
53,384
55,082
54,043
50,713
49,485
51,372
53,436
53,861
55,082
53,698
51,152
49,370
51,767
53,091
53,690
55,095
53,630
51,366
49,169
51,875
53,555
53,637
55,130
53,421
50,894
49,793
52,549
53,204
53,616
54,832
53,766
50,648
50,287
52,583
53,155
53,984
54,708
53,829
50,761
50,455
52,432
53,374
53,769
54,797
54,028
50,793
50,512
52,534
53,137
54,239
54,393
54,423
50,756
50,466
52,669
53,432
54,593
54,048
54,268
50,274
50,202
50,625
53,091
53,398
55,323
53,938
50,866
49,564
51,486
53,231
53,645
55,086
53,790
50,969
49,750
52,336
53,305
53,746
54,890
53,672
50,770
50,478
52,545
53,314
54,200
54,413
54,240
50,716
49,992
51,759
53,236
53,753
54,921
53,904
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
54,640
57,163
57,842
57,389
58,387
59,889
60,354
61,014
62,190
63,724
54,873
57,061
58,132
57,244
58,255
60,177
60,116
61,249
62,372
64,188
54,722
57,190
58,441
57,170
58,590
59,714
60,444
61,336
62,655
64,397
55,152
57,154
58,211
57,029
58,875
60,488
60,337
61,363
62,972
64,942
55,307
57,486
57,986
57,227
58,907
60,698
60,350
61,724
62,886
65,028
55,538
57,485
58,194
57,220
59,137
60,752
60,773
61,727
63,007
64,662
56,075
57,480
58,139
57,220
59,447
60,367
60,455
61,643
63,211
64,808
56,222
57,692
58,061
57,339
59,402
60,375
60,486
62,102
63,304
64,890
56,131
57,704
58,393
57,728
59,323
60,512
60,520
62,325
63,524
64,959
56,263
57,838
58,171
57,912
59,556
60,196
60,716
62,298
63,592
65,032
56,602
57,799
57,983
57,899
59,050
60,596
60,991
62,016
63,573
65,239
57,031
58,104
57,885
58,028
59,883
60,156
60,908
62,300
63,584
65,492
54,745
57,138
58,138
57,268
58,411
59,927
60,305
61,200
62,406
64,103
55,332
57,375
58,130
57,159
58,973
60,646
60,487
61,605
62,955
64,877
56,143
57,625
58,198
57,429
59,391
60,418
60,487
62,023
63,346
64,886
56,632
57,914
58,013
57,946
59,496
60,316
60,872
62,205
63,583
65,254
55,721
57,517
58,123
57,450
59,065
60,318
60,546
61,759
63,076
64,782
1965...
1966. . .
1967. . .
1968...
1969...
1970 . . .
1971. . .
1972...
1973...
1974...
1975...
1976...
65,726
68,121
69,781
70,792
73,101
75,440
75,319
77,283
79,197
82,085
81,336
65,805
68,056
69,883
71,270
73,557
75,264
75,199
77,350
79,949
82,184
80,973
66,121
68,119
69,682
71,475
73,699
75,320
74,995
77,778
80,488
82,403
80,942
66,209
68,402
70,134
71,686
73,894
75,333
75,182
77,860
80,575
82,326
80,963
66,310
68,567
70,186
72,293
73,706
74,998
75,453
78,063
80,687
82,590
80,940
66,581
68,808
70,589
72,376
74,217
74,883
75,275
78,264
81,047
82,776
81,135
67,070
68,940
70,687
72,267
74,411
75,179
75,717
78,306
81,041
82,795
81,421
67,007
69,225
70,804
72,307
74,637
75,173
75,904
78,476
81,044
82,640
81,697
67,015
69,306
71,003
72,414
74,699
75,000
76,034
78,508
81,512
82,691
81,609
67,277
69,489
71,043
72,483
74,928
75,267
76,218
78,479
81,873
82,570
81,698
67,631
69,895
71,192
72,736
75,064
75,169
76,543
78,938
82,008
82,217
81,897
67,903
69,823
71,397
73,032
75,331
75,101
76,753
79,266 |
82,035
81,782
82,188
65,884
68,099
69,782
71,179
73,452
75,341
75,171
77,470
79,878
82,224
81,084
66,367
68,592
70,303
72,118
73,939
75,071
75,303
78,062
80,770
82,564
81,013
67,031
69,157
70,831
72,329
74,582
75,117
75,885
78,430
81,199
82,709
81,576
67,604
69,736
71,211
72,750
75,108
75,179
76,505
78,894 j
81,972
82,190
81,928
66,727
68,920
70,529
72,104
74,296
75,165
75,732
78,230
80,957
82,443
81,403
43.
UNEMPLOYMENT I IATE, TOTAL
(PERCENT)
AVERAGE FOR PERIOD
1945...
1946...
1 9 4 7 . ..
1948...
1949. . .
1950...
1951...
1952. . .
1953. . .
1954.. .
3^
4.3
6.5
3.7
3.2
2.9
4.9
3^
4.7
6.4
3.4
3.1
2.6
5.2
4.0
5.0
6.3
3.4
2.9
2.6
5.7
3^9
5.3
5.8
3.1
2.9
2.7
5.9
3.5
6.1
5.5
3.0
3.0
2.5
5.9
3.6
6.2
5.4
3.2
3.0
2.5
5.6
3.' 6
6.7
5.0
3.1
3.2
2.6
5.8
3!9
6.8
4.5
3.1
3.4
2.7
6.0
3.8
6.6
4.4
3.3
3.1
2.9
6.1
3!7
7.9
4.2
3.5
3.0
3.1
5.7
3!8
6.4
4.2
3.5
2.8
3.5
5.3
4.0
6.6
4.3
3.1
2.7
4.5
5.0
3.7
4.7
6.4
3.5
3.1
2.7
5.3
3.7
5.9
5.6
3.1
3.0
2.6
5.8
3.8
6.7
4.6
3.2
3.2
2.7
6.0
3.8
7.0
4.2
3.4
2.8
3.7
5.3
3^8
5.9
5.3
3.3
3.0
2.9
5.6
1955...
1956...
1957...
1958. . .
1959.. .
1 9 6 0 . ..
1961...
1 9 6 2 . ..
1 9 6 3 . ..
1964. . .
4.9
4.0
4.2
5.8
6.0
5.2
6.6
5.8
5.7
5.6
4.7
3.9
3.9
6.4
5.9
4.8
6.9
5.5
5.9
5.4
4.6
4.2
3.7
6.7
5.6
5.4
6.9
5.6
5.7
5.4
4.7
4.0
3.9
7.4
5.2
5.2
7.0
5.6
5.7
5.3
4.3
4.3
4.1
7.4
5.1
5.1
7.1
5.5
5.9
5.1
4.2
4.3
4.3
7.3
5.0
5.4
6.9
5.5
5.6
5.2
4.0
4.4
4.2
7.5
5.1
5.5
7.0
5.4
5.6
4.9
4.2
4.1
4.1
7.4
5.2
5.6
6.6
5.7
5.4
5.0
4.1
3.9
4.4
7.1
5.5
5.5
6.7
5.6
5.5
5.1
4.3
3.9
4.5
6.7
5.7
6.1
6.5
5.4
5.5
5.1
4.2
4.3
5.1
6.2
5.8
6.1
6.1
5.7
5.7
4.8
4.2
4.2 1
5.2 1
6.2
5.3
6.6
6.0
5.5
5.5
5.0
4.7
4.0
3.9
6.3
5.8
5.1
6.8
5.6
5.8
5.5
4.4
4.2
4.1
7.4
5.1
5.2
7.0
5.5
5.7
5.2
4.1
4.1
4.2
7.3
5.3
5.5
6.8
5.6
5.5
5.0
4.2
4.1
4.9
6.4
5.6
6.3
6.2
5.5
5.6
5.0
4.4
4.1
4.3
6.8
5.5
5.5
6.7
5.5
5.7
5.2
1965...
1966...
1967. . .
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
4.9
4.0
3.9
3.7
3.4
3.9
5.9
5.8
4.9
5.0
7.9
5.1
3.8
3.8
3.8
3.4
4.2
5.9
5.7
5.0
5.1
8.0
4.7
3.8
3.8
3.7
3.4
4.4
5.9
5.8
4.9
5.0
8.5
4.8
3.8
3.8
3.5
3.4
4.6
5.9
5.7
5.0
5.0
8.6
4.6
3.9
3.8
3.5
3.4
4.7
5.9
5.6
4.8
5.1
9.0
4.6
3.8
3.9
3.7
3.5
4.9
5.9
5.6
4.8
5.3
8.7
4.4
3.8
3.8
3.7
3.5
5.0
6.0
5.6
4.8
5.5
8.7
4.4
3.8
3.8
3.5
3.5
5.1
6.1
5.6
4.8
5.5
8.5
4.3
3.7
3.8
3.4
3.7
5.4
6.0
5.6
4.9
5.9
8.6
4.2
3.7
4.0
3.4
3.7
5.6
5.9
5.7
4.7
6.1
8.6
4.1
3.6
3.9
3.4
3.5
5.9
6.0
5.2
4.8
6.7
8.4
4.0
3.8
3.8
3.4
3.5
6.1
6.0
5.1
4.9
7.2
8.3
4.9
3.9
3.8
3.7
3.4
4.2
5.9
5.8
4.9
5.0
8.1
4.7
3.8
3.8
3.6
3.4
4.7
5.9
5.6
4.9
5.1
8.8
4.4
3.8
3.8
3.5
3.6
5.2
6.0
5.6
4.8
5.6
8.6
4.1
3.7
3.9
3.4
3.6
5.9
6.0
5.3
4.8
6.7
8.4
4.5
3.8
3.8
3.6
3.5
4.9
5.9
5.6
4.9
5.6
8.5
1977
Quarterly
Monthly
Annual
Year
Jan.
Feb.
Apr.
Mar.
May
June
July
Aug.
Sept.
Nov.
Oct.
Dec.
1 Q
44. UNEMPLOYMENT RATE, 15 WEEKS AND OVER
(PERCENT)
II Q
III Q
IV Q
AVERAGE FOR PERIOD
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
(K5
0.5
1.5
0.7
0.5
0.4
0.6
0.5
0.6
1.5
0.6
0.4
0.3
0.8
0.7
1.5
0.6
0.4
0.3
1.2
0.5
0.8
1.5
0.5
0.4
0.3
1.2
0.5
1.0
1.4
0.4
0.4
0.3
1.4
0.5
1.2
1.4
0.4
0.3
0.3
1.4
0.5
1.4
1.2
0.4
0.3
0.3
1.5
0.5
1.5
1.0
0.4
0.3
0.3
1.6
1.0
0.4
0.4
0.3
1.6
1.6
0.9
0.4
0.4
0.3
1.6
0.8
0.5
0.3
0.4
1.5
0.5
1.6
0.8
0.4
0.4
0.5
1.3
0.5
0.6
1.5
U.6
U.4
U.3
0.9
0.5
1.0
1.4
0.4
0.4
0.3
1.3
0.5
1.5
1.1
0.4
0.3
0.3
1.6
0.5
1.6
0.8
0.4
0.4
0.4
1.5
1.1
1.3
0.5
0.4
0.3
1.3
1955...
1956...
1957...
1958...
1959...
I960...
1961...
1962...
1963...
1964...
1.4
0.8
0.8
1.3
2.1
1.3
1.9
1.8
1.6
1.5
1.3
0.8
0.8
1.5
1.9
1.2
2.0
1.8
1.6
1.4
1.3
0.8
0.8
1.7
1.8
1.4
2.1
1.7
1.5
1.4
1.3
0.7
0.8
2.1
1.5
1.3
2.3
1.6
1.5
1.3
1.1
0.8
0.8
2.2
1.4
1.1
2.4
1.6
1.6
1.3
1.0
0.8
0.8
2.5
1.4
1.2
2.3
1.5
1.5
1.4
1.0
0.8
0.8
2.6
1.3
1.3
2.6
1.5
1.5
1.4
0.8
0.8
0.8
2.8
1.3
1.3
2.3
1.5
1.6
1.3
0.9
0.9
0.8
2.6
1.3
1.4
2.2
1.5
1.5
1.3
0.9
0.8
1.0
2.5
1.3
1.7
2.1
1.4
1.5
1.2
0.9
0.9
1.0
2.3
1.4
1.7
2.0
1.5
1.5
1.3
0.9
0.9
1.1
2.2
1.3
1.6
1.9
1.5
1.4
1.2
1.3
0.8
0.8
1.5
1.9
1.3
2.0
1.8
1.6
1.4
1.1
0.8
U.8
2.3
1.4
1.2
2.3
1.6
1.5
1.3
0.9
0.8
0.8
2.7
1.3
1.3
2.4
1.5
1.5
1.3
0.9
0.9
1.0
2.3
1.3
1.7
2.0
1.5
1.5
1.2
1.1
0.8
0.8
2.1
1.5
1.4
2.2
1.6
1.5
1.3
1965...
1966...
1967...
1968...
1969.. .
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1.1
0.8
0.6
0.6
0.4
0.5
1.3
1.5
1.1
0.9
1.7
1.2
0.8
0.6
0.6
0.4
0.6
1.3
1.5
1.0
0.9
2.0
1.1
0.8
0.6
0.6
0.4
0.6
1.3
1.4
1.0
0.9
2.2
1.1
0.8
0.6
0.5
0.5
0.7
1.3
1.4
0.9
0.9
2.6
1.0
0.7
0.5
0.5
0.5
0.7
1.4
1.3
0.9
0.9
2.8
1.1
0.6
0.5
0.5
0.5
0.8
1.4
1.3
0.9
1.0
2.9
0.9
0.6
0.5
0.5
0.5
0.8
1.5
1.3
0.8
1.0
3.1
1.0
0.6
0.6
0.5
0.5
0.8
1.5
1.3
0.9
1.0
3.0
1.0
0.6
0.6
0.5
0.5
0.9
1.5
1.3
0.9
1.1
3.1
0.9
0.6
0.6
0.5
0.5
0.9
1.5
1.3
0.9
1.2
2.9
0.9
0.6
0.6
0.5
0.5
1.0
1.5
1.2
0.9
1.3
3.2
0.9
0.6
0.6
0.4
0.5
1.3
1.5
1.1
0.8
1.5
3.2
1.1
0.8
0.6
0.6
U.4
U.6
1.3
1.5
1.0
0.9
2.0
1.1
0.7
0.5
0.5
0.5
0.7
1.4
1.3
0.9
0.9
2.8
1.0
0.6
0.6
0.5
0.5
0.8
1.5
1.3
0.9
1.0
3.1
0.9
0.6
0.6
0.5
0.5
1.1
1.5
1.2
0.9
1.3
3.1
1.0
0.7
0.6
0.5
0.5
0.8
1.4
1.3
0.9
1.0
2.7
o!5
o'.l
1.6
o!5
h'.l
1.7
45. AVERAGE WEEKLY INSURED UNEMPLOYMENT RATE, STATE PROGRAMS
(PERCENT)
o!5
AVERAGE FOR PERIOD
1945...
1946...
1947...
1948...
1949...
1950.. .
1951...
1952...
1953...
1954...
4^2
6.2
2.9
3.2
2.6
4.4
4.7
6.0
2.7
3.1
2.5
4.7
5*. 2
5.8
2.5
3.1
2.5
5.0
5.4
5.4
2.6
3.0
2.5
5.3
5.8
5.0
2.8
3.0
2.4
5.5
6.2
4.7
2.9
3.0
2.4
5.5
6.4
4.3
3.0
3.6
2.5
5.3
7.2
3.7
3.2
3.3
2.7
5.4
7.4
3.5
3.4
2.6
2.9
5.6
7.5
3.3
3.4
2.5
3.2
5.6
7.3
3.4
3.3
2.4
3.8
5.0
i'.'e
3.3
3.2
2.5
4.1
4.5
4.7
6.0
2.7
3.1
2.5
4.7
5.8
5.0
2.8
3.0
2.4
5.4
7.U
3.8
3.2
3.2
2.7
5.4
7.1
3.3
3.3
2.5
3.7
5.0
6.2
4.6
3.0
2.9
2.8
5.2
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
4.2
3.2
3.5
5.5
4.9
4.3
6.2
4.7
4.8
4.0
4.1
3.3
3.5
6.0
4.7
4.2
6.3
4.5
4.6
3.9
3.8
3.3
3.4
6.6
4.3
4.5
6.3
4.4
4.4
3.9
3.6
3.2
3.3
7.1
4.0
4.3
5.9
3.9
4.2
3.8
3.4
3.3
3.3
7.0
3.6
4.2
5.6
3.8
4.2
3.8
3.3
3.4
3.4
6.9
3.5
4.4
5.3
4.0
4.1
3.7
3.3
3.5
3.5
6.7
3.7
4.7
5.3
4.2
4.2
3.6
3.3
3.5
3.5
6.7
4.1
5.1
5.2
4.4
4.2
3.5
3.2
3.5
3.9
6.2
4.2
5.4
5.1
4.4
4.1
3.4
3.1
3.3
4.3
6.0
4.8
5.7
5.0
4.5
4.1
3.4
3.1
3.4
4.8
5.6
5.5
6.3
5.1
4.6
4.1
3.4
3.2
3.4
5.3
5.3
4.8
6.3
4.8
4.7
4.1
3.4
4.0
3.3
3.5
6.0
4.6
4.3
6.3
4.5
4.6
3.9
3.4
3.3
3.3
7.0
3.7
4.3
5.6
3.9
4.2
3.8
3.3
3.5
3.6
6.5
4.0
5.1
5.2
4.3
4.2
3.5
3.1
3.4
4.8
5.6
5.0
6.1
5.0
4.6
4.1
3.4
3.5
3.4
3.8
6.3
4.3
5.0
5.5
4.3
4.3
3.6
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
3.3
2.6
2.3
2.3
2.1
2.5
3.7
3.6
2.8
3.0
5.4
3.3
2.6
2.4
2.3
2.1
2.6
3.7
3.7
2.8
3.1
5.8
3.2
2.3
2.6
2.2
2.0
2.7
3.8
3.6
2.8
3.2
6.2
3.1
2.1
2.6
2.1
2.0
3.1
3.9
3.6
2.6
3.1
6.4
3.0
2.1
2.7
2.2
2.0
3.5
4.3
3.5
2.6
3.1
6.6
2.9
2.2
2.6
2.2
2.0
3.7
4.3
3.5
2.6
3.2
6.5
3.0
2.4
2.8
2.3
2.1
3.5
4.0
3.6
2.6
3.3
6.3
3.0
2.4
2.6
2.3
2.1
3.7
4.1
3.2
2.6
3.4
6.1
2.9
2.1
2.4
2.1
2.2
4.3
4.6
3.1
2.6
3.6
6.0
2.7
2.0
2.3
2.0
2.2
4.4
4.4
3.0
2.6
3.9
5.8
2.6
2.1
2.3
2.0
2.3
4.4
4.1
3.0
2.6
4.4
5.3
2.6
2.3
2.2
2.0
2.4
4.0
3.8
3.0
2.8
5.0
4.8
3.3
2.5
2.4
2.3
2.1
2.6
3.7
3.6
2.8
3.1
5.8
3.0
2.1
2.6
2.2
2.0
3.4
4.2
3.5
2.6
3.1
6.5
3.0
2.3
2.6
2.2
2.1
3.8
4.2
3.3
2.6
3.4
6.1
2.6
2.1
2.3
2.0
2.3
4.3
4.1
3.0
2.7
4.4
5.3
3.0
2.3
2.5
2.2
2.1
3.5
4.1
3.4
2.7
3.5
5.9
46.
1945...
1946...
1947...
1948...
1949.. .
1950...
1951...
1952...
1953...
1954...
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
1965...
1966...
1967...
1968... i
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
INDEX OF HELP-WANTED ADVERTISING
(1967=100)
IN NEWSPAPERS
AVERAGE FOR PERIOD
109
83
72
65
47
34
62
68
72
45
109
77
72
63
40
34
63
67
73
43
110
82
70
59
40
35
66
65
77
41
110
81
68
59
38
37
64
66
75
41
102
70
65
59
38
38
66
65
73
40
103
78
63
59
35
40
63
65
70
41
113
82
62
58
34
43
64
66
67
40
102
80
66
59
33
49
64
67
64
40
89
77
76
62
32
50
63
71
61
40
87
77
73
57
31
54
65
74
56
40
90
76
70
53
30
53
65
74
51
43
87
74
67
48
29
51
65
74
46
44
109
81
71
62
42
34
64
67
74
43
105
76
65
59
37
38
64
65
73
41
101
80
68
60
33
47
64
68
64
40
47
68
69
43
50
63
47
61
58
62
49
70
66
40
52
63
46
60
58
61
52
69
65
38
55
60
47
60
59
62
53
70
62
37
59
59
47
60
58
65
56
69
61
37
59
58
49
62
57
65
58
68
58
38
62
57
51
60
57
67
60
65
60
40
64
55
51
60
59
69
63
67
57
41
62
54
53
59
58
68
67
66
56
44
63
52
54
58
58
69
65
70
52
45
61
50
57
58
60
69
68
69
47
47
61
49
59
57
59
72
71
67
45
50
62
48
58
57
62
72
49
69
67
40
52
62
47
60
58
62
56
69
60
37
60
58
49
61
57
66
63
66
58
42
63
54
53
59
58
69
68
69
48
47
61
49
58
57
60
71
59
68
58
42
59
56
52
59
59
67
74
100
103
76
102
102
103
122
109
80
93
126
116
76
78
104
100
106
125
100
80
97
125
120
74
81
105
99
107
125
94
81
98
126
119
74
82
106
99
106
120
93
84
99
127
119
81
82
106
97
109
119
89
83
102
129
118
84
85
105
101
111
117
88
84
105
126
114
83
88
103
100
113
124
87
83
106
125
107
83
92
103
101
119
123
81
84
111
127
99
83
97
103
100
119
119
81
86
113
126
91
87
99
102
101
117
115
81
88
123
122
85
88
76
103
101
103
122
107
79
93
126
117
76
80
105
99
106
123
96
82
98
126
119
76
85
105
99
111
120
88
83
104
127
113
83
96
103
101
118
119
81
86
116
125
92
86
84
104
100
110
121
93
83
103
126
110
80
103
122
110
78
91
126
117
77
90
78
108
99
104 [
123
103
80
95
127
117
74
88
76
70
53
30
53 1
65
74
51
42
101
78
69
58
36
43
64
68
65
42
The Handbook of Cyclical Indicators
Quarterly
Monthly
Annual
Year
Feb.
Jan.
Apr.
Mar.
47.
1945...
1946...
1947...
194b...
1949...
1950...
1951...
1952...
1953...
1954...
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1 Q
INDEX OF INDUSTRIAL PRODUCTION, TOTAL
(1967=100)
AVERAGE FOR PERIOD
42.7
49.4
49.3
55.6
51.0
37.6
36.6
39.2
41.6
38.6
47.9
47.8
50.7
56.0
51.4
34.3
37.3
39.5
41.2
38.9
47.6
48.1
52.5
54.9
51.5
32.9
38.0
39.9
41.6
37.5
47.9
48.1
53.0
54.4
52.1
34.1
38.2
40.4
41.0
38.5
47.8
48.4
54.1
53.1
53.0
34.3
38.4
40.6
40.6
39.2
48.7
48.7
54.4
51.8
53.6
46.3
32.4
39.1
40.7
39.8
40.4
49.1
49.5
54.9
51.4
44.1
33.2
39.1
41.1
38.5
43.8
49.2
48.8
55.7
51.2
38.0
36.4
39.2
41.5
38.6
47.3
48.1
50.3
55.7
51.5
33.8
38.2
40.3
41.1
38.4
48.1
48.4
53.8
53.1
52.9
40.7
35.0
39.4
41.1
38.8
44.9
48.7
50.6
54.8
51.9
56.9
60.5
63.1
55.5
64.7
67.6
63.3
71.7
75.1
79.5
57.5
61.0
62.2
54.6
66.0
67.0
64.6
71.9
75.8
80.8
58.5
60.5
62.0
55.1
67.0
67.0
65.6
71.8
76.7
81.3
58.5
59.9
62.1
56.5
67.1
66.1
66.5
71.6
76.9
81.5
59.0
58.1
62.5
57.4
65.5
65.9
67.3
72.3
76.6
82.0
58.9
60.5
62.5
58.5
63.3
65.8
67.9
72.4
76.8
82.6
59.3
61.8
62.0
59.1
63.2
65.1
67.8
72.8
77.5
82.9
60.3
62.4
61.1
59.8
62.7
65.0
69.1
72.9
78.1
81.7
60.5
61.8
59.6
61.5
63.1
64.1
70.2
73.2
78.4
84.2
60.7
62.7
58.5
61.6
67.0
62.9
70.8
73.2
78.3
85.2
55.8
60.7
62.9
56.4
63.6
b8.2
63.1
71.1
74.5
79.3
58.2
60.5
62.1
55.4
66.7
66.7
65.6
71.8
76.5
81.2
59.1
60.1
62.3
58.3
64.0
65.6
67.7
72.5
77.0
82.5
60.5
62.3
59.7
61.0
64.3
64.0
70.0
73.1
78.3
83.7
58.5
61.1
61.9
57.9
64.8
66.2
66.7
72.2
76.5
81.7
87.8
96.3
98.5
104.7
110.8
108.8
108.0
116.5
128.5
130.0
111.7
88.2
96.5
99.2
104.9
110.6
108.6
108.5
117.7
128.5
129.9
112.6
88.9
97.4
98.7
106.2
110.3
108.3
109.1
118.1
129.6
131.3
113.7
89.6
97.9
98.4
106.6
111.2
108.1
109.6
118.7
129.9
131.9
116.4
90.4
98.4
98.7
106.5
111.8
108.4
109.8
119.3
130.4
131.8
118.4
90.8
98.5
100.0
107.1
112.3
108.3
108.9
120.7
130.4
131.7
121.0
91.1
99.4
100.3
107.1
112.3
107.6
110.3
121.8
131.1
131.8
122.1
92.0
100.1
101.2
107.4
112.5
105.4
110.9
123.4
131.4
129.5
122.2
92.4
99.4
102.6
108.6
111.4
104.8
111.3
124.4
131.6
124.9
123.5
93.5
99.6
103.5
108.8
111.2
107.2
112.3
125.8
131.3
119.3
124.4
86.9
95.2
99.1
104.2
110.2
108.9
108.0
115.5
127.5
129.8
113.2
88.9
97.3
98.8
105.9
110.7
108.3
109.1
118.2
129.3
131.0
114.2
90.8
98.8
99.7
106.9
112.1
108.1
109.7
120.6
130.6
131.8
120.5
92.6
99.7
102.4
108.3
111.7
105.8
111.5
124.5
131.4
124.6
123.4
89.8
97.8
100.0
106.3
111.1
107.8
109.6
119.7
129.8
129.3
117.8
53.7
7.3
6.5
6.1
44.1
-11.1
24.1
25.1
-1.5
-13.8
24.5
7.7
6.9
5.9
8.6
6.8
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
54.9
61.1
62.5
57.4
62.5
68.8
63.0
70.2
73.8
79.0
55.6
60.5
63.1
56.2
63.7
68.2
62.9
71.3
74.6
79.5
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
86.2
94.4
99.8
103.7
109.5
109.1
108.1
114.6
126.3
129.9
115.2
86.7
95.0
99.0
104.3
110.2
108.8
108.0
115.3
127.8
129.6
112.7
45.2
33.4
39.0
40.5
1
38.9
47-C. CHANGE IN INDEX OF INDUSTRIAL PRODUCTION, T O T A L , OVER 1-MONTH S P A N S '
(COMPOUND ANNUAL R A T E , PERCENT)
1955...
1956...
1957...
1958...
1959...
I960..".
1961...
1962...
1963...
1964...
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
6.1
-8.5
23.7
2.5
15.8
4.5
-8.9
33.3
8.2
-3.8
-20.4
19.0
37.5
1.9
-9.7
10.3
11.3
-2.6
-45.5
-7.5
227.4
6.3
3.0
6.3
-11.3
3.0
7.6
7.6
6.8
4.8
16.4
-11.2
12.1
-22.4
25.6
-10.0
-1.9
20.5
13.8
7.9
-13.7
-21.6
46.8
-21.1
-19.2
-8.8
-27.6
-37.9
-24.1
106.5
6.3
3.0
22.8
-17.0
32.0
-2.4
-11.5
-6.0
49.2
0.0
7.6
2.4
9.1
-9.2
-6.8
-6.8
32.0
13.4
10.4
-15.8
-17.8
27.0
-10.1
27.6
0.0
0.0
-14.0
20.6
-10.1
7.9
6.9
8.3
0.0
6.7
3.4
11.8
21.5
15.0
12.2
7.2
7.9
2.4
2.3
8.0
-9.2
-20.5
10.6
27.5
-3.3
-1.1
4.7
6.7
0.0
0.0
-2.1
-2.2
7.6
13.2
13.1
4.9
15.2
-2.7
-23.1
6.8
3.8
0.0
-12.1
-34.3
7.2
7.9
16.3
17.7
-5.9
-10.1
5.6
2.5
8.9
2.3
5.7
-0.9
10.1
6.7
7.3
23.0
-9.4
-3.8
11.6
19.8
0.0
20.2
-1.7
15.2
7.7
9.9
11.8
-5.9
15.9
-3.2
-3.3
6.8
4.2
10.8
13.7
12.4
-73.5
54.3
-66.8
25.5
0.0
-24.6
51.4
-8.8
9.7
9.6
15.6
0.0
-10.9
0.0
-3.1
44.4
-15.9
-18.1
16.2
2.4
2.4
-2.8
13.3
46.5
-11.7
113.2
-6.2
-2.3
0.0
10.8
-30.7
-2.0
62.5
42.2
-7.1
-9.4
-6.3
-11.3
2.0
8.0
0.0
35.1
20.9
-25.1
-3.6
15.4
12.4
-4.6
25.6
-33.6
-1.8
11.2
1.8
-15.0
17.8
-3.3
3.2
3.0
9.9
6.3
7.6
11.3
1.7
3.2
9.1
7.8
52.0
-21.2
2.4
a.5
29.1
-9.2
13.0
-1.9
-12.0
-1.8
7.8
0.0
6.5
16.1
-16.0
37.1
-2.5
7.7
12.0
-10.4
14.9
28.0
-25.2
22.8
-25.7
14.5
22.2
12.3
-16.1
15.2
-9.1
-1.8
25.6
4.1
4.0
-10.9
-25.8
40.0
18.9
-20.0
7.9
105.4
-20.3
10.8
-15.4
20.9
5.1
4.7
-1.5
15.2
10.8
4.0
15.3
12.8
12.6
-4.2
5.3
7.0
5.5
-1.1
-9.4
15.0
-7.5
16.6
11.5
-22.0
6.7
4.4
17.0
10.2
0.0
6.6
0.9
2.8
1.8
-19.0
11.5
1.0
-35.2
13.5
6.7
3.4
2.2
6.2
4.7
-0.9
22.7
-0.9
29.8
5.8
2.6
5.9
43.6
-8.1
17.9
14.3
-11.1
-6.6
-1.1
2.8
-18.9
21.7
1.7
9.7
8.8
4.6
27.2
-1.0
-16.1
11.3
10.2
-2.2
0.0
-3.6
4.4
6.8
12.5
17.0
2.0
9.8
11.5
3.7
0.0
0.0
6.3
3.7
32.5
-7.3
AVERAGE FOR PERIOD
11.5
5.4
1.2
-3.6
5.6
6.3
2.8
5.6
9.7
-39.4
25.0
12.9
12.3
-35.6
3.4
2.2
2.4
11.0
2.2
-2.1
31.2
11.3
14.4
-2.7 f
-42.3
9.1
6.4
4.7
7.5
-7.9
3.2
16.1
9.0
-3.7
-22.5
47-C. CHANGE IN I NDEX OF INDUSTRIAL PRODUCTION, T O T A L , OVER 3-MONTH S P A N S '
(COMPOUND ANNUAL R A T E , PERCENT)
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
-46.7
69.0
-59.5
43.2
-1.0
13.5
-7.9
40.9
-3.2
-10.1
-25.5
24.8
-1.0
12.4
-7.0
39.4
-8.6
-13.1
0.0
3.9
3.2
3.1
2.2
0.8
5.1
4.0
0.7
0.8
11.7
-3.9
-6.2
10.9
-17.7
1.9
2.8
0.0
3.3
7.4
22.1
-3.0
-6.4
17.8
27.1
-20.3
-7.0
14.8
2.2
4.3
6.1
3.4
0.5
6.6
-19.1
18.0
-24.3
1.0
3.0
-33!4
-3.5
-10.7
12.9
9.8
5.0
9.7
1.0
-2.0
-14.0
23.2
-2.9
-13.2
31.2
5.0
0.0
7.5
-6.3
6.0
5.9
8.5
6.8
-10.8
-3.8
-3.1
-2.3
21.1
27.0
-1.3
22.6
-6.8
-7.6
22.4
-6.9
18.3
2.8
15.7
-8.6
21.8
-0.6
11.7
9.9
-10.3
16.5
11.3
10.3
-15.1
42.5
1.6
7.5
1.2
6.4
7.9
5.7
10.8
20.3
-0.7
-1.9
-18.1
24.4
-10.1
10.6
10.0
11.3
6.3
9.4
9.4
10.4
12.4
11.7
-1.6
12.8
12.5
-4.3
9.6
9.2
10.5
10.5
-1.2
8.5
6.8
10.4
-2.4
-0.4
-2.0
0.0
8.7
-20.9
15.1
36.5
-7.3
2.6
-19.0
21.7
3.6
2.6
5.2
0.0
44.3
-11.6
16.5
-4.7
6.4
25.2
-7.1
38.4
-4.9
-62.3
34.3
10.7
-1.0
-7.1
13.6
-1.6
53.7
-12.8
-32.4
18.7
12.8
-5.6
-1.0
-0.8
-5.9
5.4
0.6
22.8
-0.7
-22.1
19.3
45.0
-11.8
-19.3
20.4
10.0
4.7
11.3
13.3
-0.6
19.7
-21.3
-5.9
33.1
-8.7
17.8
-16.0
-5.4
11.1
8.9
9.8
6.0
-17.3
22.1
-1.3
-9.9
14.3
-20.7
18.0
26.3
-12.8
18.9
4.5
8.6
8.0
2.2
4.2
6.5
5.0
4.7
10.0
11.6
23.9
7.1
7.2
3.7
11.0
10.8
13.4
10.9
-1.2
10.3
11.6
11.1
-2.8
3.4
8.1
-1.5
7.5
0.4
7.5
1.5
6.2
4.4
-1.8
-2.5
-0.7
6.1
7.8
4.4
6.0
4.9
-0.7
2.6
4.1
9.1
10.9
14.5
12.8
6.0
6.0
9.1
2.5
1.2
3.7
3.1
17.9
22.3
28.3
-0.3
21.1
-6.8
13.5
4.1
8.9
7.2
0.0
5.8
5.4
3.6
-8.7
'Percent changes are centered within the spans:
averages of the centered changes.
1977
5.5 |
7.4
6.3
6.8
9.1
4.7
4.1
10.1
7.7
-12.5
23.6
5.6
-1.8
1.5
6.8
0.0
0.8
4.7
7.6
11.3
-11.9
28.2
-8*.0
10.4
12.6
-20.3
23.3
-8.4
3.0
9.8
9.3
15.3
-20.7
17.3
6.8
6.0
15.8
12.3
11.6
-5.7
5.1
-9.0
12.8
15.2
11.4
-5.9
-33.7
8.1
-5.9
29.6
-19.2
13.0
8.1
6.9
3.2
7.0
7.3
7.1 1
6.9
6.3
7.9
1.9
4.0
10.5
-1.8
-10.6
3.4
2.5
-24.3
16.5
-0.8
13.8
-7.7
41.1
-3.2
-10.0
2.4
1.0
-55.0
43.7
3.5
-4.6
6.6
27.9
-6.6
49.0
-3.7
0.8
12.1
-3.4
-5.9
9.6
16.2
-8.4
21.9
-0.5
10.1
10.7
5.8
20.3
-0.4
19.8
-20.2
-5.8
8.3
7.0
3.4
7.0
8.5
6.9
-0.2
7.6
1.6
-2.6
6.0
7.9
4.5
6.1
18.3
b.9
6.3
8.1
2.0
4.1
-1.7
3.1
10.9
3.8
-0.3
21.3
7.2
12.7
11.7
-4.9
29*2
8.5
-1.6
25.9
10.1
6.0
0.7
5.1
0.3
15.6
-20.4
17.4
15.8
-3.7
10.1
6.8 !
-20.6 I
19.1
34.7 1
-12.5
19.1
2.3
4.3
14.2
11.0
1.0
13.4
6.6
-3.7
0.9
7.5
13.9 |
3.9
13.8
5.7
-6.0
7.4
13.1
-5.2
13.0
3.6
7.1
9.6
9.8
6.7
4.3
5.2
2.4
-2.8
5.0
12.2
0.6
4.5
-32.2
-7.5
7.9
6.3
AVERAGE FOR PERIOD
0.0
3.1
9.6
5.1
8.8
4.6
5.4
3.4
7.5
0.0
-3.9
-23.1
IV Q
42.0
35.3
38.9
41.7
38.2
46.4
48.3
47.6
56.3
51.5
46.1
34.0
39.3
40.4
39.1
41.3
49.4
49.7
55.3
51.3
-49.5
16.8
III Q
43.0
34.1
39.2
41.7
38.3
45.0
49.0
48.4
55.6
51.4
46.4
30.8
39.1
40.9
39.9
40.0
49.1
49.6
54.9
51.6
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
II Q
44.0
32.1
39.2
41.2
38.3
43.7
49.3
48.8
55.9
51.3
46.5
32.4
38.9
40.8
40.3
39.9
48.8
49.3
54.6
51.4
1
[
May
0.8
3.1
2.0
7.2
5.7
6.5
8.1
-3.2
-12.3
-3.9
-1.5
-6.4
7.5
-11.6
10.6
14.0
13.8
9.7
14.1
3.7
0.6
9.2
-19.1
-32.9
8.5
7.7
-4.5
-37.4
12.0
5.4
5.9
5.8
-3.3
-21.8
-23.0
14.7
-0.3
9.6
-10.0
40.9
-3.4
-9.8
4.9
0.8
-56.2
48.8
4.6
-0.6
0.8
27.7
-6.8
36.2
-5.7
2.1
15.1
-7.2
-3.7
7.3
11.7
-7.3
19.3
1.5
8.6
8.6
5.8
15.5
-2.0
21.5
-19.2
-6.1
11.3
4.6
3.9
4.0
9.8
8.5
-1.2
7.1
2.1
-1.7
5.0
7.8
5.4
5.8
14.6
7.7
6.0
7.9
2.9
4.7
-4.1
2.0
11.5
3.1
-2.0
21.0
-12.8
13.6
11.2
-7.7
10.1
5.5
6.9
17*. 3
5.6
0.3
-2.9
24.4
1.0
19.2
-20.1
17.9
13.0
-3.5
8.8
5.2
13.1
-20.0
19.8
23.3
-11.5
13.2
-5.6
3.9
5.8
14.5
9.7
1.1
11.5
6.8
-6.2
-1.1
10.2
12.1
-0.1
-29.8]
9.4
1-month changes are placed on the 2d month and 3-month changes are placed on the 3d month. Quarterly and annual figures are
3.7
3.2
7.3
9.1
-3.7
11.5
4.3
7.1
8.6
9.7
6.7
3.9
5.5
1.6
-3.3
5.8
11.4
4.4
-7.3
5.8
Quarterly
Monthly
Annual
Year
Feb.
Jan.
May
Apr.
Mar.
June
July
Sept.
Aug.
Oct.
Nov.
IQ
Dec.
IIIQ
II Q
4 8 . EMPLOYEE HOURS IN NONAGRICULTURAL ESTABLISHMENTS
(ANNUAL R A T E , BILLIONS OF EMPLOYEE HOURS)
IVQ
AVERAGE FOR PERIOD
1945.
1946.,
1947.
1948.
1949.
1950.
1951.
1952.
1953.
1954.
92.09
93.69
92.56
89.22
98.83
100.62
103.97
100.64
92.19
93.36
92.35
88.90
99.14
101.14
104.46
101.00
92.20
93.94
91.51
90.63
99.77
100.55
104.86
100.65
91.73
92.92
91.33
91.27
99.96
100.18
104.64
100.35
91.84
93.60
90.82
92.59
100.02
100.68
104.27
99.81
92.15
94.10
89.89
93.53
99.96
99.87
104.32
99.79
91.65
94.36
89.55
94.56
100.00
99.46
104.34
99.67
91.36
94.13
89.61
96.60
99.68
100.99
103.57
99.50
91.87
93.84
89.59
96.42
99.35
102.60
102.70
99.56
92.35
93.51
87.99
97.08
99.37
102.93
103.40
99.94
92.74
93.69
88.55
97.51
99.74
103.21
102.41
101.06
93.11
93.42
88.92
97.32
100.18
104.21
101.79
101.33
92.16
93.66
92.14
89.58
99.25
100.77
104.43
100.76
91.91
93.54
90.68
92.46
99.98
100.24
104.41
99.98
91.63
94.11
89.58
95.86
99.68
101.02
103.54
99.58
92.73
93.54
88.49
97.30
99.76
103.45
102.53
100.78
92.11
93.71
90.22
93.80
99.67
101.37
103.73
100.27
1955.
1956.
1957.
1958.
1959.
1960.
1961.
1962.
1963.
1964.
101.37
107.00
107.87
105.05
106.27
110.12
107.76
109.91
113.18
114.62
101.99
107.24
108.68
103.27
106.47
110.31
107.88
111.43
113.34
116.46
103.26
106.97
108.38
102.93
107.48
109.75
107.96
112.06
113.34
116.83
103.30
107.32
107.78
101.98
108.18
110.45
107.49
112.58
114.20
116.76
104.52
107.25
107.82
102.24
108.92
110.14
108.34
112.84
114.58
117.31
104.69
107.52
107.68
102.27
109.24
109.99
108.96
112.94
114.85
117.44
104.99
106.32
107.78
102.59
108.92
109.99
109.34
112.96
115.09
117.86
105.22
107.63
107.90
103.14
107.94
109.90
109.79
113.17
115.08
118.20
105.86
107.69
107.38
10'-.31
107.84
109.51
109.34
113.68
115.51
118.00
106.03
108.21
106.23
104.29
10 7.63
109.19
110.17
113.12
115.92
118.52
106.59
108.39
105.92
105.25
.108.12
109.66
110.93
113.42
115.73
119.48
106.94
108.64
105.69
105.62
109.79
106.96
110.75
113.18
115.72
120.33
102.21
107.07
108.31
103.75
106.74
110.06
107.87
111.13
113.29
115.97
104.17
107.36
107.76
102.16
108.78
110.19
108.26
112.79
114.54
117.17
105.36
107.21
107.69
103.35
108.23
109.80
109.49
113.27
115.23
118.02
106.52
108.41
105.95
105.05
108.51
108.60
110.62
113.24
115.79
119.44
104.56
107.51
107.43
103.58
108.07
109.66
109.06
112.61
114.71
117.65
1965.
1966.
1967.
196b.
1969.
1970.
1971.
1972.
1973.
1974.
1975.
1976.
120.72
126.32
131.21
131.39
136.95
139.42
137.87
141.10
146.38
150.71
147.79
121.26
127.25
130.24
132.92
136.55
137.94
136.76
141.89
147.72
151.28
146.14
121.68
128.00
130.13
132.77
137.48
139.33
137.67
142.06
148.52
151.20
145.47
121.76
127.96
130.05
133.08
138.09
138.88
137.82
143.06
148.92
149.32
145.66
122.51
128.30
130.48
133.73
138.74
138.26
138.32
143.08
149.16
151.70
145.76
122.50
129.27
130.63
134.28
139.15
138.00
138.42
143.85
149.67
151.66
145.34
122.88
129.21
130.87
134.91
139.17
138.21
137.77
143.68
149.96
151.57
145.60
123.45
129.66
131.23
134.96
139.65
137.76
138.19
144.15
149.91
151.52
146.88
123.56
129.60
131.89
135.44
139.80
137.08
138.32
144.93
150.34
151.55
147.45
124.36
130.11
131.80
135.80
139.99
136.70
138.94
145.31
150.24
152.51
148.41
125.04
130.48
132.65
135.77
140.20
136.36
139.55
146.25
151.70
149.80
148.59
125.73
130.64
132.99
136.38
141.50
137.19
140.25
145.89
151.42
148.37
149.51
121.22
127.19
130.53
132.36
136.99
138.90
137.43
141.68
147.54
151.06
146.47
122.26
128.51
130.39
133.70
138.66
138.38
138.19
143.33
149.25
150.89
145.59
123.30
129.49
131.33
135.10
139.54
137.68
138.09
144.25
150.07
151.55
146.64
125.04
130.41
132.48
135.98
140.56
136.75
139.58
145.82
151.12
150.23
148.84
122.95
128.90
131.18
134.29
138.94
137.93
138.32
143.77
149.49
150.93
146.88
CHANGE IN EMPLOYEE HOURS IN NONAGRICULTURAL ESTABLISHMENTS OVER 1-MONTH S P A N S 1
(COMPOUND ANNUAL R A T E , PERCENT)
1945..
1946..
1947..
1948..
1949..
1950..
1951..
1952..
1953..
1954..
7.7
-10.5
4.1
20.3
5.4
-2.7
-12.7
1955..
1956..
1957..
1958..
1959. .
I960..
1961..
1962..
1963..
1964. .
1965..
1966..
1967..
1968..
1969..
1970..
1971..
1972.,
1973.
1974.
1975.
1976.
1.3
-4.1
-2.7
-4.2
3.8
6.4
5.8
4.4
0.1
7.7
-10.4
26.0
7.9
-6.8
4.7
-4.1
-5.9
-12.3
-2.3
8.8
2.3
-4.3
-2.5
-3.5
1.4
9.1
-6.5
18.8
0.7
6.2
0.5
0.7
-8.2
-7.0
7.6
3.7
9.4
-8.7
0.0
-10.8
7.6
2.7
16.0
-3.0
-3.3
-3.9
12.0
-5.9
0.9
7.0
0.0
3.9
0.5
4.0
-6.4
-10.5
8.1
7.9
-5.1
5.7
9.5
-0.7
15.1
-0.8
4.0
5.8
5.4
-13.5
5.1
-16.3
6.1
7.5
4.1
-5.5
-4.6
5.5
9.2
-8.5
14.9
-3.4
-12.0
-9.2
6.9
11.6
4.6
-12.6
4.2
7.3
-1.0
-1.3
8.5
12.8
8.3
1.4
6.7
-0.6
-5.4
0.8
-0.4
-0.7
2.8
5.5
-3.8
1.3
8.8
3.3
-13.9
1.6
7.6
3.2
4.0
6.0
5.8
-5.2
4.4
0.2
1.9
20.9
0.8
4.1
6.6
-6.3
11.6
12.9
-0.7
-9.2
-4.4
14.0
3.4
0.5
-4.8
6.9
-3.6
-0.3
-2.2
-3.9
20.9
-9.6
0.7
6.5
-4.1
-19.4
8.5
0.2
3.9
8.5
4.7
AVERAGE FOR PERIOD
4.9
-3.4
5.1
-2.3
5.4
12.3
-7.0
3.3
3.8
-7.9
8.6
10.7
1.7
2.6
-4.1
4.0
2.8
-2.6
4.3
20.2
-25.9
-1.9
-2.5
-0.1
8.9
8.0
0.1
-0.7
-9.8
7.3
0.0
3.9
5.4
0.6
4.7
5.9
2.1
6.8
1.5
3
5
11
7.6
6.2
-2.9
-2.2
-10.9
7.7
4.6
7.4
2.8
4.1
1.6
4.6
5.0
-3.7
2.2
5.2
3.1
2.2
-0.3
0.6
0.2
-0.2
-1.4
2.0
3.1
-1.5
0.4
3.6
-1.6
7.1
1.1
2.9
1.3
3.5
-12.6
1.1
3.8
-3.5
0.0
4.3
0.2
2.5
4.4
2.7
15.8
1.3
6.6
-10.3
-1.0
5.1
2.3
-0.1
3.5
7.5
0.7
-5.6
14.5
-1.1
-4.2
-4.8
5.5
4.6
-2.0
1.9
6.0
-12.1
4.3
5.4
-3.4
11.6
5.6
5.3
8.6
3.2
-1.9
10.2
3.8
-0.6
2.2
5.8
0.2
1.8
-5.5
-1.4
2.3
-0.7
5.7
4.3
3.3
0.4
4.2
-3.8
3.7
4.0
-0.4
-0.4
11.1
1.1
-0.6
6.2
4.4
1.3
-5.8
1.1
6.7
3.5
0.2
4.8
8.1
4.8
-0.8
3.2
1.6
-3.3
5.5
3.2
-0.8
7.9
8.1
6.8
3.5
8.0
-0.3
1.8
-2.9
5.4
8.0
12.3
-19.4
1.5
-0.3
-3.4
1.7
5.3
7.5
-0.5
-7.5
CHANGE IN EMPLOYEE HOURS IN NONAGRICULTURAL ESTABLISHMENTS OVER 3-MONTH SPANS '
(COMPOUND ANNUAL R A T E , PERCENT)
1945.,
1946.,
1947.,
1948.,
1949.
1950.
1951.
1952.
1953.
1954.
1955.
1956.
1957.
1958.
1959.
1960.
1961.
1962.
1963.
1964.
3.7
2.5
1.1
-9.6
4.7
8.4
-6.3
1.8
-0.3
2.5
1965.
1966.
1967.
1968.
1969.
1970.
1971.
1972.
1973.
1974.
1975.
1976.
6.1
7.3
-1.1
-9.4
a v e r a g e ^ f ' ^
7.8
0.1
-1.0
-10.0
7.2
-0.1
3.8
4.8
0.6
3.9
7.8
1.2
-0.3
-11.2
7.4
1.2
-1.0
10.1
3.7
7.7
4.6
7.4
-1.6
-0.7
3.3
-6.0
1.4
5.3
7.4
-0.6
-7.6
^
-1.5
1.0
-6.5
17.7
3.6
-1.8
-0.7
-4.6
-0.2
0.7
-6.9
-0.3
6.3
-7.6
15.2
0.2
-2.8
-1.1
-2.7
10.3
0.0
5.7
2.1
-2.6
-2.5
6.7
0.9
3.8
3.2
5.4
2.1
6.7
-3.7
0.0
2.4
2.8
-1.7
7.1
1.4
3.2
3.8
2.7
1.4
0.3
3.6
-3.6
-0.9
5.5
1.2
1.8
3.1
4.2
3.3
0.7
2.5
6.6
0.9
4.6
3.4
4.0
1.1
-1.0
2.7
4.0
1.5
4.6
4.9
-3.8
2.2
5.1
3.1
1.2
-0.4
3.7
4.0
2.5
5.6
3.2
-1.9
-0.1
1.7
2.8
6.2
-0.2
3.1
4.3
2.3
SPa
"S:
1
"m°nth
Chan96S
are
2.0
-0.5
3.1
Pl3Ced
°n
the
-0.1
1.1
-6.8
13.5
5.2
2.3
7.9
5.4
4.6
3.3
-10.9
14.3
-1.0
-1.0
-1.3
13.7
-2.4
12.1
-6.0
-0.9
8.3
1.5
2.7
2.3
2.0
3.7
2.4
2.3
4.2
-7.5
-1.5
6.0
5.8
1.0
4.5
4.0
1.9
2.7
3.8
-2.8
2.4
4.1
3.9
AVERAGE FOR PERIOD
-0.1
-0.8
-4.4
14.2
-2.1
9.1
-4.1
-0.3
4.5
0.6
-1.1
8.2
-5.0
-1.7
1.4
2.6
2.3
1.9
4.0
7.3
-5.6
6.8
-4.7
-2.9
3.1
0.6
2.9
2.3
5.3
2.9
-7.1
4.1
3.6
-6.1
3.7
-1.3
-4.4
7.8
9.6
-5.1
-0.9
0.2
-4.4
7.6
6.4
1.3
-0.1
-10.3
6.4
3.2
-1.2
5.6
1.3
4.7
7.6
-0.5
-1.9
-1.3
6.3
-0.5
4.2
3.3
4.3
3.0
3.7
3.1
-2.1
6.2
-4.4
-1.8
3.3
1.5
2.3
2.4
3.5
1.0
3.9
3.5
1.9
-2.6
-0.3
3.0
1.8
-0.3
5.9
4.9
2.8
2.9
2.7
2.4
-4.3
3.4
4.6
0.7
2.5
7.9
5.3
2.6
4.4
2.4
1.6
-4.0
4.0
6.0
4.9
-4.5
4.7
7.2
3.2
3.4
2.
5 ..0
6.5
3.4
-1.2
3.4
-1.6
3.5
6.4
3.0
1.3
-11.8
5.7
4.7
6.7
-1.9
1.8
3.0
-4.6
0.8
6.0
6.2
-1.8
-7.5
3.5
3.8
1.6
4.2
4.9
-1.6
2.2
3.4
3.3
2.8
-0.5
0.3
5.7
2.7
2.9
-8.1
5.7
are
0.8
8.2
-0.3
-0.7
2.7
-7.0
15.4
1.5
-2.4
-1.3
-3.6
changes
5.4
-1.7
3.1
1.8
-2.6
-0.2
1.0
-6.2
6.3
7.4
1.8
3.3
-3.6
"m0nth
5.2 1
7.8 1
-8.0 |
5.6
1.8
-2.6
0.4
4.2
-2.2
7.2
3.3
3.4
2.8
5.0
0.5
5.7
2.8
3.1
3.5
1.0
3.9
3.5
1.9
5.9
-4.0
5.7
7.4
5.1
4.1
-10.3
5.8
3
-2.1
-0.2
7.4
4.1
3.6
5.5
-1.8
-3.0
3.8
3.4
6.4
-3.5
7.3
and
-3.1
-6.0
6.2
-1.9
-4.6
3.8
0.2
9.1
-4.4
6.4
m0nth
9.9
3.1
4.4
4.6
1.3
-5.0
-1.7
0.5
-4.5
3.9
3.4
6.5
-1.1
3.1
-3.6
-6.8
11.1
-2.5
14.7
-3.6
1.1
™
5.5
-1.7
-2.1
P1aced
on
the
3d
™»™-
0.1
-4.6
10.2
2.4
3.8
-2.0
-0.3
4.4
1.7
-5.9
7.1
5.9
-5.0
2.9
-0.2
-0.5
6.7
5.5
1.4
-2.5
0.4
3.6
-1.0
2.3
2.5
1.9
4.2
5.4
3.9
3.0
-8.1
5.4
4.6
4.0
1.2
3.0
3.0
-2.3
2.3
4.2
3.5
-1.6
0.7
Q u a r t e r l y and annua! f i g u r e s are
The Handbook of Cyclical Indicators
1
Monthly
Quarterly
Annual
Year
Jan.
Feb.
Mar.
51.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
I 10 I
PERSONAL INCOME, LESS TRANSFER PAYMENTS , IN 1 9 7 2 DOLLARS
(ANNUAL RATE, BILLIONS OF DOLLARS)
338.5
335.4
343.4
351.7
384.2
396.6
423.8
423.8
336.7
336.7
343.0
348.5
381.8
404.0
425.6
423.2
327.8
344.2
343.9
354.5
385.6
405.6
429.7
420.9
325.0
342.3
342.3
358.3
392.0
403.5
430.2
419.0
326.9
343.0
342.8
362.8
392.1
408.4
432.4
421.1
331.8
349.7
339.7
364.6
395.9
410.3
433.0
421.4
329!4
347.9
338.3
369.9
394.8
406.2
431.9
421.6
329.0
351.0
341.0
376.7
399.3
415.9
429.1
425.5
328.5
351.7
344.8
377.6
396.9
421.4
427.9
428.6
332.1
353.5
339.3
380.4
399.8
421.5
430.0
430.3
332.9
352.8
342.2
383.2
400.0
419.8
430.3
433.5
33K5
348.8
345.5
387.4
400.3
421.2
427.6
436.1
1
334.3
1
1
1
1
338.8
343.4
351.6
383.9
402.1
426.4
422.6
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
437.2
469.5
482.6
476.5
495.7
517.3
516.1
541.4
560.4
584.9
438.4
470.9
484.6
476.6
497.0
515.9
516.6
544.9
562.9
590.8
442.2
470.6
485.7
475.8
500.7
514.3
518.8
548.0
564.9
593.2
446.3
476.0
485.7
471.5
504.4
517.0
520.5
550.5
566.8
597.6
451.1
474.1
484.7
473.4
507.6
519.6
522.7
551.8
568.2
601.9
453.2
475.7
487.1
476.7
509.4
520.9
526.5
554.2
571.8
604.5
459.1
470.6
487.9
485.7
508.2
519.2
527.1
556.1
571.7
606.3
459.3
477.5
488.8
484.2
502.8
517.5
529.6
556.7
574.6
611.5
461.3
480.6
487.5
487.4
501.8
517.2
529.7
556.2
577.3
'614.0
465.2
484.3
486.7
488.6
502.4
517.6
534.8
557.0
580.3
613.9
467.5
484.6
484.7
495.1
507.3
515.4
541.0
559.7
580.3
618.0
470.3
484.9
481.0
496.0
516.1
512.0
543.3
561.9
583.8
625.0
1
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
625.4
667.3
696.5
719.8
754.2
775.3
785.2
816.8
868.8
881.1
843.1
628.3
670.3
696.8
725.8
757.8
776.8
784.1
822.6
874.6
874.6
837.7
629.5
673.3
699.4
728.2
760.6
780.5
788.4
826.0
878.5
870.2
839.3
632.9
675.3
701.0
729.4
762.3
783.8
789.0
832.6
879.3
867.3
838.9
638.6
677.0
701.7
734.7
765.3
783.5
790.4
834.1
880.1
866.6
842.9
642.3
682.3
704.3
739.5
766.5
779.7
788.7
825.0
883.1
866.4
845.5
644.9
684.5
707.5
743.2
770.8
781.4
789.5
838.5
886.2
870.0
846.2
648.3
685.6
709.8
744.7
773.0
783.7
792.5
844.9
885.3
866.0
853.5
659.2
688.4
710.4
748.7
776.7
776.0
795.8
853.1
892.9
862.4
862.8
663.1
691.0
714.8
751.4
775.8
775.0
800.6
859.0
894.7
853.6
866.1
667.1
690.9
720.5
753.8
776.9
776.3
808.7
864.3
892.3
849.4
865.9
5 1 - C . CHANGES IN PERSONAL INC OME,
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
-17.1
23.8
-9.5
-10.5
7.7
-10.2
-6! 2
4.8
-1.4
-10.4
-7.2
24.8
5.2
-1.7
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
3.1
-2.0
-5.5
-10.7
-0.7
2.8
10.0
-4.1
-3.2
2.3
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
0.8
0.4
10.2
-1.2
0.6
-2.4
14.7
12.7
6.4
-14.1
-8.5
is!i
32^9
345.0
341.6
361.9
393.3
407.4
431.9
420.5
329.0
350.2
341.4
374.7
397.0
414.5
429.6
425.2
332.2
351.7
342.3
383.7
400.0
420.8
429.3
433.3
330.8
346.4
342.2
368.0
393.6
411.2
429.3
425.4
470.3
484.3
476.3
4y7.8
515.8
517.2
544.8
562.7
589.6
450.2
475.3
485.8
473.9
507.1
519.2
523.2
552.2
568.9
601.3
459.9
476.2
488.1
485.8
504.3
518.0
528.8
556.3
574.5
610.6
467.7
484.6
484.1
493.2
508.6
515.0
539.7
559.5
581.5
619.0
454.3
476.6
485.6
482.3
504.4
517.0
527.2
553.2
571.9
605.1
627.7
670.3
697.6
724.6
757.5
777.5
785.9
821.8
874.0
875.3
840.0
637.9
678.2
702.3
734.5
764.7
782.3
789.4
830.6
880.8
866.8
842.4
648.5
685.4
709.4
745.2
772.7
783.3
791.5
842.6
887.4
866.7
852.5
663.1
690.1
715.2
751.3
776.5
775.8
801.7
858.8
893.3
855.1
864.9
439.3
1
LESS TRANSFER PAYMEN T S , IN 1 9 7 2 DOLLARS, OVEF 1-MONTH SPANS
(COMPOUND ANNUAL RATE, PERCENT)
644.3
681.0
706.1
738.9
767.9
779.7
792.1
838.4
883.9
866.0
850.0
AVERAGE FOR PERIOD
7.2
2.5
1.8
16.2
0.3
15.6
6.3
6.2
19.5
26.1
-10.3
6.1
12.3
5.7
1.7
0.9
-8.3
-6.0
-4.8
18.9
-3.3
-11.4
-3.0
0.6
-1.4
11.2
10.0
24.4
14.6
32.7
-7.5
11.7
-1.8
2.4
14.2
2.9
-7.0
17.1
-3.3
9.1
14.0
6.3
-17.5
9.3
9.1
0.3
6.1
4.9
2.9
-2.4
10.8
9.2
0.6
-4.7
0.8
9.3
-4.9
-12.8
12.2
14.0
0.9
4.1
-7.3
7.4
lb! 7
-5.1
12.0
-1.4
6.4
8.4
-6.1
5.6
7.4
-4.6
12.0
11.5
5.1
3.1
0.6
-3.8
2.5
6.5
15.4
1.4
12.8
-4.6
7.1
4^0
-3.0
1.8
10.8
3.5
-0.1
-0.1
7.2
5.9
-0.4
12.6
3.8
6.0
1.7
2.2
3.3
3.6
5.1
0.3
3.2
-3.2
1.2
8.0
5.5
12.8
10.9
-0.8
2.8
-2.0
9.3
-3.7
5.2
7.0
4.3
5.0
11.7
14.7
0.0
-10.3
9.2
6.5
4.0
5.6
4.1
9.3
13.7
-4.7
-2.4
4.9
7.9
6.2
5.2
2.9
3.0
9.0
5.7
4.1
6.1
8.7
4.3
3.0
9.1
5.3
7.9
5.3
16.8
-12.1
2.0
25.2
-2.8
-3.8
1.4
4.2
-0.2
3.6
0.5
19.1
2.2
-3.6
-12.0
-3.9
5.8
1.3
6.3
10.8
5.4
8.1
-3.1
8.2
-2.4
-0.7
0.2
-1.1
5.8
5.0
10.6
9.6
-2.0
3.0
1.4
0.9
12.2
1.7
6.4
-0.2
6.1
0.7
-4.8
17.2
12.4
-5.0
14.8
6.0
0.0
8.3
7.4
0.7
-8.8
2.2
22.9
-7.6
5.2
4.8
7.5
14.5
5.8
0.3
0.8
-4.1
3.9
-1.4
5.5
3.6
2.2
6.7
10.4
4.7
1.2
1.1
7.1
5.2
6.1
4.6
5.0
7.9
7.6
5.0
0.4
9.9
-5.7
-2.8
2.5
1.5
4.0
6.5
8.0
3.7
-5.2
7.5
12.2
-3.9
10.7
4.2
4.6
7.5
7.9
3.4
-0.7
3.6
4.4
-0.7
6.2
3.5
4.0
7.1
5.7
5.5
0.5
10.5
5.9
2.3
-1.7
8.9
8.3
-8.5
-7.4
2.3
5.5
4.6
4.0
4.5
5.9
6.8
5.1
5.5
-5.9
2.3
6.7
3.6
2.8
2.0
2.7
5.2
0.9
10.0
1.1
-3.9
-0.6
11.4
3.1
1.2
9.1
4.8
-0.5
2.1
2.2
1.1
-1.0
5.9
7.2
9.8
4.5
8.1
1.9
-5.7
-2.6
-12.3
4.2
-0.3
3.8
5.0
3.9
5.6
6.2
6.9
2.6
1.2
21.5
4.3
5.1
1.0
6.5
1.9
4.0
2.4
3.5
3.6
4.7
9.6
-1.2
-5.4
10.9
7.5
0.9
2.0
4.8
2.2
1.7
0.0
-0.7
7.7
-2.7
6.4
13.7
4.1
-1.0
1.8
3.6
-12.7
5.1
13.1
2.9
-2.2
7.1
7.3
4.6
7.7
4.4
-1.4
-1.5
7.5
8.6
2.4
-11.6
4.7
7.5
-0.2
10.0
3.9
1.7
2.0
12.8
7.7
-3.2
-5.7
-0.3
2.9
3.8
5.1
4.4
3.7
1.9
6.6
8.9
6.7
-9.5
-4.5
8.4
5.5
2.8
6.4
3.1
-0.3
0.1
0.0
2.1
-1.7
3.0
6.3
2.2
3.9
4.5
4.2
2.6
2.0
10.1
3.6
-1.0
6.1
9.5
2.8
5.6
3.4
1.3
-4.1
8.5
9.8
0.7
-6.5
3.8
6.8
3.6
4.3
4.7
3.1
0.0
4.3
7.2
3.3
-4.7
2.1
LESS TRANSFER PAYMENT S , IN 1 9 7 2 DOLLARS, OVER 3-MONTH SPANS'
(COMPOUND ANNUAL RATE, PERCENT)
AVERAGE FOR PERIOD
-15.0
8.5
-1.3
7.7
8.4
7.1
6.2
-4.5
-11." i
7.7
-0.2
17.5
11.2
4.4
6.5
-2.0
5.0
6.5
-4.8
11.9
11.1
4.7
3.1
0.5
5.5
6.7
-4.6
13.6
2.9
2.7
1.6
2.5
2.*6
9.7
-2.1
16.2
7.5
7.6
-3.0
4.2
-3.9
2.3
6.1
15.0
1.0
11.3
-4.6
7.0
3.3
6.6
1.2
11.8
5.2
15.9
-1.7
8.5
4^8
2.1
1.4
7.1
0.7
3.8
1.1
7.7
3.7
-3.3
0.8
10.8
3.5
-0.2
-0.3
7.2
5.7
0.3
0.7
-4.3
3.8
-1.4
5.4
3.5
2.2
6.6
8.6
5.7
2.6
-4.1
7.2
-0.2
3.5
6.9
10.3
4.4
1.2
0.8
7.1
5.2
6.1
4.6
5.0
7.8
12.0
-4.5
1.8
12.6
3.0
1.7
5.2
4.1
3.5
6.0
7.5
2.9
3.4
9.4
-3.7
-1.6
5.4
3.6
4.6
6.5
7.3
4.2
0.3
9.3
-5.8
-2.8
2.5
1.5
3.9
6.4
5.4
12.2
-1.0
2.4
-4.5
-1.2
6.0
0.6
6.2
5.1
7.3
6.1
-3.3
9.3
3.6
-1.6
8.9
2.2
4.0
4.3
8.0
3.6
-5.2
7.2
11.9
-4.0
10.7
4.2
4.6
7.4
3.7
-1.4
-8.1
5.9
12.4
-1.2
5.0
2.51
9.0
12.1
2.7
0.1
-2.7
8.8
2.9
4.8
5.2
3.8
7.7
2.9
3.8
5.0
4.3
3.7
1.9
6.4
8.8
6.7
-9.5
-4.7
4.9
4.9
2.6
5.4
4.4
4.5
1.9
8.0
4.9
-6.1
-2.0
6.7
4.1
2.8
5.0
4.0
3.5
3.3
5.7
2.5
-3.6
2.5
8.4
5.5
2.8
6.4
3.1
-0.4
0.2
-0.5
2.1
-1.7
3.0
7.8
5.6
3.8
7.8
4.5
-1.2
0.3
2.9
3.2
1.3
3.5
6.2
5.2
4.7
5.6
4.1
0.1
1.1
5.3
2.4
-0.3
5.1
6.3
2.2
3.9
4.5
4.2
2.6
1.9
9.7
3.5
-1.1
6.0
9.2
2.3
1.6
3.0
3.1
-2.7
3.2
7.1
3.1
-3.4
8.1
9.4
3.2
2.8
3.6
1.5
-4.4
4.2
6.8
4.3
-5.6
6.0
9.5
2.8
5.5
3.4
1.3
-4.3
8.4
9.8
0.7
-6.6
3.8
5.o|
4.8l
16^2
-5.5
10.8
-1.8
5.4
8.3
-6.1
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
4.6
2.9
0.0
-6.5
1.5
7.0
0.9
2.9
2.3
7.4
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
6.8
4.4
3.4
6.3
3.5
0.5
4.8
11.5
7.5
-8.7
-7.2
4.6 1
4.'6
-10.9
15.4
4.1
-3.2
2.2
-5.6
6.6
3.2J
7.71
5.41
3.01
-0.71
4.8]
11. ol
7 .el
-5.2I
-8.7I
3.81
-6!2
7.0
-3.2
14.3
8.4
3.9
3.7
0.3
0.7
6.2
1.7
14.3
4.6
11.6
-3.1
6.6
4.*2
-4.0
5.9
7.3
0.3
1.9
-1.6
7.21
6.3
3.0
1.1
-5.0
4.2
1.8
3.3
4.4
3.0
7.7
11.5
0.9
1.0
3.6
6.3
3.3
5.4
4.6
4.1
7.2
6.7
6.4
0.9
7.0
-4.7
-1.9
4.6
1.9
4.9
6.0
2.8l
-5.5|
7.5l
9.3l
-2.3|
8.21
3.0l
3.9|
6.5|
4.9
4.4
3.7
5.3
3.9
2.3
4.4
9.4
6.4
-8.1
-4.6
7.6
5.1
3.1
6.4
3.9
0.6
1.3
2.7
2.6
-1.3
3.0
7.2
3.2
3.4
4.4
3.8
0.0
2.1
7.4
3.0
-1.6
6.4
9.8
-5.8
8.7
1.7
5.5
6.7
-5.7
'Percent changes are centered within the spans: 1-month changes are placed on the 2d month and 3-month changes are placed on the 3d month.
averages of the centered changes.
!
-9.8
-6.4
-5.4
13.6
21.8
-6.0
1.4
-5.3
A.6
-10.7
7.6
-1.5
4.1
5.6
-6.4
1977
IV Q
-27.5
30.3
3.2
22.7
12.6
4.9
12.2
-6.3
5 1 - C . CHANGES IN PERSONAL INC OME,
1945... 1
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
|
III Q
AVERAGE FOR PERIOD
1945...
1946...
194 7 . . .
1948...
1949...
1950...
1951...
1952...
1953...
1954...
652.2
686.1
711.0
747.6 1
774.4
784.8
792.5
844.4
890.8
864.0 1
857.9
II Q
6.3I
8.0I
3.6|
4 .61
3.31
0.7l
-I.3I
7.91
8.ll
-0.11
-7.01
4.51
Quarterly and annual figures are
4.7
-0.4
11.2
3.8
5.8
1.4
2.1
7.7
3.3
-0.6
3.3
3.8
0.2
5.4
3.5
4.0
6.8
6.9
4.1
3.7
4.9
3.1
0.4
3.9
6.9
3.0
-4.5
2.3
Monthly
Quarterly
Year
Annual
i
Jan. Feb.
Apr.
Mar.
52.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1 Q
PERSONAL INCOME, TOTAL , IN 197 2 DOLLARS
(ANNUAL R A T E , BILLIONS OF DOLLARS)
III Q
II Q
IV Q
AVERAGE FOR PERIOD
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
359.2
355.4
363.0
384.1
404.8
417.2
445.7
447.1
356.6
357.0
363.2
387.9
401.8
424.0
447.3
447.3
347!6
366.4
3.66.0
397.0
405.4
425.6
451.7
445.7
344*.9
363.6
364.2
388.6
412.0
423.6
452.2
444.0
346.3
362.9
364.6
388.0
412.9
429.1
454.3
446.1
351.6
369.6
361.7
388.5
417.1
430.8
455.4
446.4
35CK2
367.6
361.0
391.3
415.6
427.0
453.9
447.2
348.7
370.7
363.8
397.4
420.3
438.3
451.4
451.1
367.3
371.0
368.2
397.6
417.7
443.3
450.0
454.5
372.4
362.3
401.7
421.1
443.1
453.5
457.5
353.0
371.6
365.4
403.9
420.6
441.4
452.8
460.1
351.4
368.2
369.3
407.6
420.2
443.2
450.7
463.0
354.5
35y.6
364.1
389.7
404.0
422.3
448.2
446.7
347!&
365.4
363.5
388.4
414.0
427.8
454.0
445.5
355.4
369.8
364.3
395.4
417.9
436.2
451.8
450.9
352.8
370.7
365.7
404.4 !
420.6
442.6
452.3
460.2
352^
366.4
364.4
394.5
414.1
432.2
451.6
450.8
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
463.7
497.5
512.5
511.6
533.6
555.9
559.3
587.0
612.2
636.3
464.9
498.9
514.8
511.6
535.2
554.6
562.0
590.4
609.7
639.4
469.4
498.8
516.3
512.0
538.8
553.6
563.8
593.9
612.0
642.0
473.3
504.2
516.9
509.2
542.4
556.3
565.0
595.8
614.0
646.8
478.1
502.5
517.1
' 511.9
545.4
559.2
568.3
597.1
615.4
651.1
480.6
504.1
519.4
514.6
547.4
561.2
573.3
599.9
619.6
653.6
486.4
498.9
520.1
524.0
546.4
559.6
574.4
602.0
619.1
655.7
486.7
506.5
520.9
523.0
540.7
558.3
574.8
602.9
622.2
660.8
488.8
509.6
519.6
526.0
540.3
558.5
574.4
601.9
625.1
663.5
492.8
513.3
520.4
527.2
541.0
558.9
579.5
604.1
628.4
663.4
495.0
513.5
518.5
532.6
546.8
557.4
586.0
606.2
628.3
667.3
498.1
514.0
515.4
533.5
555.4
554.7
588.7
608.2
632.6
675.0
466.0
498.4
514.5
511.7
535.9
554.7
561.7
590.4
611.3
639.2
477.3
503.6
517.8
511.9
545.1
558.9
568.9
597.6
616.3
650.5
487.3
505.0
520.2
524.3
542.5
558.8
574.5
602.3
622.1
660.0
495.3
513.6
518.1
531.1
547.7
557.0
584.7
606.2
629.8
668.6
481.5
505.2
517.7
519.8
542.8
557.4
572.5
599.1
619.9
654.6
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
197b...
678.8
721.7
758.8
785.9
827.9
852.6
876.5
916.1
980.6
996.2
972.0
678.3
725.0
760.2
792.6
832.3
854.9
876.0
924.8
986.9
989.6
971.4
679.5
728.1
764.3
797.8
835.0
859.4
881.2
928.5
990.7
984.9
973.6
683.5
729.8
765.1
799.9
837.2
876.7
882.2
933.5
991.4
985.4
973.9
688.9
731.0
766.1
805.6
840.3
869.0
883.7
935.4
992.2
984.7
978.2
692.6
736.2
768.8
810.4
841.2
865.7
899.7
926.7
995.0
984.5
995.8
695.7
738.7
772.8
814.6
846.0
868.0
887.5
940.3
998.2
991.5
985.8
698.4
741.4
775.0
817.1
848.4
871.4
890.5
946.9
998.1
987.5
994.1
715.9
744.9
775.9
819.9
849.8
874.6
892.7
946.4
1004.5
985.4
999.3
712.1
747.3
776.0
821.2
852.7
867.1
895.0
963.0
1006.7
984.9
1004.5
716.5
751.3
780.6
824.2
851.9
865.4
901.0
972.4
1008.0
976.8
1007.1
720.8
752.2
786.4
826.9
853.7
867.7
908.6
976.4
1005.1
977.1
1007.1
678.9
724.9
761.1
792.1
831.7
855.6
877.9
923.1
986.1
990.2
972.3
688.3
732.3
766.7
805.3
839.6
87U.5
888.5
931.9
992.9
984.9
982.6
703.3
741.7
774.6
817.2
848.1
871.3
890.2
944.5
1000.3
988.1
993.1
716.5
750.3
781.0
824.1
852.8
866.7
901.5
970.6
1006.6
979.6
1006.2
696.7
737.3
770.8
809.7
843.0
866.0
889.5
942.5
996.4
985.7
988.6
53.
354ll
WAGE A N D SALARY INCOM E IN MINING, M A N U F A C T U R E G, AND CONSTRUCTION IN 1972 DOLLARS
(ANNUAL R A T E , BILLIONS OF DOLLARS)
AVERAGE FOR PERIOD
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
99.6
101.4
97.7
115.2
120.7
134.8
129.3
95*.8
99.2
100.7
96.6
114.9
121.7
136.2
129.6
95.1
101.1
98.5
100.3
116.5
122.6
137.4
128.9
95!i
98.0
97.0
102.9
118.5
120.9
137.5
128.3
97.0
99.5
96.4
105.1
118.1
121.8
137.7
128.4
100.2
94.6
106.5
119.0
120.3
136.8
127.9
95!6
100.6
95.7
109.0
119.3
115.7
137.5
127.3
96.0
102.0
95.0
111.7
119.2
124.3
136.5
127.4
96.1
101.8
96.1
111.7
118.8
129.1
134.1
127.3
97.2
102.0
92.5
114.6
117.8
130.3
133.9
129.8
97.9
103.0
93.4
115.9
118.4
132.2
132.7
132.4
98." 5
102.5
95.5
115.9
119.5
134.1
131.2
133.0'
95.6
100.0
100.2
98.2
115.5
121.7
136.1
129.3
96.2
99.2
96.0
104.8
118.5
121.0
137.3
128.2
95.9
101.5
95.6
110.8
119.1
123.0
136.0
127.3
97'.9
102.5 1
93.8
115.5
118.6
132.2
132.6
131.7
96.4
100.8
96.4
107.3
117.9
124.5
135.5
129.1
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
133.8
147.8
153.3
142.5
148.5
158.5
150.0
159.5
165.7
170.6
135.1
147.9
154.1
139.1
149.6
158.7
149.4
161.0
165.5
173.9
137.1
148.6
153.5
138.0
152.1
158.0
150.3
162.3
165.8
174.8
138.3
151.0
152.4
135.8
154.1
157.1
151.4
164.1
166.6
176.2
140.8
149.4
151.3
135.8
155.7
157.7
152.8
163.6
168.1
176.5
141.5
149.9
151.8
137.4
156.6
156.2
154.9
164.0
168.6
177.2
142.4
146.8
151.0
138.9
155.7
156.0
155.0
164.5
168.7
178.4
142.6
150.6
151.0
141.0
151.6
154.7
156.0
164.2
168.7
* 180.0
142.9
152.2
149.5
142.5
151.3
153.7
154.3
164.7
170.1
181.0
144.7
153.5
148.5
141.8
150.1
153.3
157.2
164.4
170.6
178.5
146.6
152.9
147.2
146.8
151.8
151.5
159.6
165.4
170.9
181.0
147.0
154.8
145.0
147.5
156.4
148.5
160.4
165.2
172.0
183.9
135.3
148.1
153.6
139.9
150.1
158.4
149.9
160.9
165.7
173.1
140.2
150.1
151.8
136.3
155.5
157.0
153.0
163.9
167.8
176.6
142.6
149.9
150.5
140.8
152.9
154.8
155.1
164.5
169.2
179.8
146.1
153.7
146.9
145.4
152.8
151.1
159.1
165.0
171.2
181.1
141.1
150.4
150.7
140.6
152.8
155.3
154.3
163.6
168.4
177.7
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
184.3
196.1
206.9
209.3
220.7
220.4
210.2
215.8
232.3
232.2
214.0
185.9
198.0
204.9
212.7
220.6
219.3
209.3
217.8
233.4
231.2
208.5
186.5
199.5
205.4
212.9
222.2
219.9
209.6
220.0
233.3
229.9
208.2
185.5
201.1
205.1
212.9
222.5
217.2
210.6
221.1
234.2
229.6
207.2
187.0
201.6
204.4
216.2
222.9
214.3
211.3
221.4
233.9
229.2
206.9
187.6
203.6
205.0
216.0
223.7
214.7
210.8
222.0
234.5
229.4
206.1
188.1
203.9
205.7
216.3
224.3
214.9
210.1
220.6
235.9
229.8
206.1
189.4
204.7
207.4
216.3
224.3
214.0
209.7
223.1
232.9
228.8
208.3
189.9
205.1
206.0
218.0
224.7
212.0
210.0
224.5
234.5
227.5
209.9
192.1
205.4
205.6
218.7
224.1
206.1
210.4
226.3
234.6
226.1
210.9
193.8
205.7
208.5
219.4
222.0
205.0
210.8
228.1
235.3
220.4
211.9
195.4
205.6
210.1
220.5
222.5
208.2
214.1
229.4
235.1
218.3
213.0
185.6
197.9
205.7
211.6
221.2
219.9
209.7
217.9
233.0
231.1
210.2
186.7
2U2.1
204.8
215.0
223.0
215.4
210.9
221.5
234.2
229.4
206.7
189.1
204.6
206.4
216.9
224.4
213.6
209.9
222.7
234.4
228.7
208.1
193.8
205.6
208.1
219.5l
222.9
206.4
211.8
227.9
235.0
221.6
211.9
188.8
202.5
206.2
215.8
222.9
213.8
210.6
222.5
234.2
227.7
209.2
9^8
54.
9^6
SALES OF RETAIL STORES IN CURRENT DOLLARS
(MILLIONS OF DOLLA RS)
TOTAL FOR PERIOD
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
9,583
10,883
10,949
11,339
13,885
13,030
14,352
13,712
9,852
10,866
11,099
11,589
13,716
13,274
14,325
14,055
9,769
11,021
11,191
11,674
13,021
12,890
14,418
14,020
9,947
11,210
11,290
11,716
12,735
13,208
14,218
13,991
10,061
10,906
11,223
11,916
12,840
13,708
14,167
13,957
10,146
11,173
11,217
12,345
12,792
13,885
14,146
14,272
10,176
11,257
10,993
13,300
12,651
13,512
14,090
13,991
10,141
11,331
11,106
13,349
12,936
13,212
14,017
13,996
10,462
11,230
11,263
12,694
12,855
13,430
14,007
14,073
10,609
11,240
11,160
12,358
13,094
14,047
14,060
14,081
10,792
11,159
11,221
12,069
13,099
13,891
13,855
14,406
10,842
11,404
11,052
12,959
12,924
14,266
13,719
14,671
29,2U4
32,770
33,239
34,602
4U,622
39,194
43,095
41,787
30,154
33,289
33,730
35,977
38,367
40,801
42,531
42,220
30,779
33,818
33,362
39,343
38,442
40,154
42,114
42,060
32,243
33,803
33,433
37,386
39,117
42,204
41,634
43,158
122,406
133,619
133,783
147,213
156,548
162,353
169,094
169,135
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
14,765
15,495
16,329
16,659
17,583
18,092
17,953
19,009
20,301
21,046
14,896
15,370
16,635
16,374
17,712
18,159
17,889
19,011
20,148
21,143
15,005
15,663
16,453
16,319
17,860
18,139
18,078
19,331
20,309
21,296
15,255
15,516
16,493
16,535
17,871
18,615
17,758
19,436
20,397
21,472
15,260
15,771
16,534
16,517
18,011
18,337
18,025
19,568
20,268
21,762
15,126
15,797
16,820
16,476
18,175
18,312
18,159
19,317
20,419
21,779
15,404
15,744
16,799
16,746
18,169
18,128
18,145
19,623
20,656
21,887
15,418
15,826
16,967
16,853
18,285
18,190
18,345
19,745
20,630
22,195
15,677
15,906
16,841
16,745
18,046
18,173
18,377
19,804
20,579
22,404
15,715
15,933
16,782
16,662
18,178
18,333
18,708
20,115
20,937
21,538
15,652
16,106
16,699
17,048
17,699
18,071
18,840
20,220
20,701
21,740
15,531
16,193
16,647
17,605
17,617
17,939
18,847
20,216
21,156
22,751
44,666
46,528
49,417
49,352
53,155
54,390
53,920
57,351
60,758
63,485
45,641
47,084
49,847
49,528
54,057
55,264
53,942
58,321
61,084
65,013
46,499
47,476
50,607
50,344
54,500
54,491
54,867
59,172
61,865
66,486
46,898
48,232
50,128
51,315
53,494
54,343
56,395
60,551
62,794
66,029
183,851
189,729
200,002
200,353
215,413
219,529
218,992
235,563
246,666
261,870
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
22,918
24,919
25,828
27,123
29,384
30,334
32,290
34,886
40,676
43,114
45,984
23,063
24,993
25,478
27,487
29,616
30,669
32,850
35,345
41,280
43,278
46,954
22,834
25,430
25,758
28,096
29,321
30,695
33,274
36,450
41,594
43,830
45,962
23,026
25,084
25,940
27,845
29,683
31,005
33,578
36,296
41,297
44,401
46,948
23,383
24,653
25,966
28,209
29,717
31,198
33,502
37,141
41,655
44,579
48,171
23,243
25,222
26,488
28,326
29,657
31,293
33,827
36,822
41,302
44,896
48,652
23,622
25,328
26,325
28,843
29,552
31,601
33,688
37,342
42,184
45,537
49,411
23,697
25,615
26,298
28,924
29,841
31,710
34,655
37,969
41,896
46,707
49,774
23,760
25,667
26,899
28,934
30,058
31,951
35,219
37,746
42,464
45,781
49,644
24,373
25,557
26,129
29,129
30,262
31,621
34,964
39,106
42,704
45,767
49,995
24,667
25,566
26,396
29,259
30,197
31,282
35,574
38,713
43,038
44,684
50,552
24,755
25,384
26,545
28,931
30,268
31,761
34,896
39,417
42,673
45,199
51,734
68,815
75,342
77,064
82,706
88,321
91,698
98,414
106,681
123,550
130,222
138,900
69,652
74,959
78,394
84,380
89,057
93,496
100,907
110,259
124,254
133,876
143,771
71,079
76,610
79,522
86,701
89,451
95,262
103,562
113,057
126,544
138,025
148,829
94
...
...
73,795
76,507
79,070
87,319
90,727
94,664 i
105,434
117,236
128,415
135,650
152,281
284,128
303,956
313,809
341,876
357,885
375,527
408,850
448,379
503,317
537,782
584,423
The Handbook of Cyclical Indicators
Quarterly
Monthly
Annual
Year
Jan.
Feb.
Apr.
Mar.
56.
May
June
July
Sept.
Aug.
Oct.
Nov.
Dec.
1 Q
MANUFACTURING AND TRADE SALES IN CURRENT DOLLARS
(MILLIONS OF DOLLARS)
II Q
III Q
IV Q
TOTAL FOR PERIOD
1945...
1946. ..
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
31,180
34,353
35,053
33,632
45,242
43,279
47,760
45,968
31,592
34,131
34,737
34,464
44,583
43,664
48,392
46,435
31,873
34,380
34,489
34,893
43,983
43,296
48,987
46,183
32,231
34,890
34,189
35,474
43,250
43,767
48,935
46,640
32,774
34,702
33,521
36,686
43,566
44,228
48,904
45,866
32,692
35,398
33,648
38,462
43,172
44,346
48,398
46,349
32,888
35,881
33,065
42,054
42,082
43,452
49,372
46,180
32,679
36,053
33,623
43,205
42,807
44,288
48,185
45,798
33,726
36,012
34,189
41,024
42,703
45,721
47,828
45,842
34,747
35,864
32,915
40,665
43,193
47,139
47,540
46,011
34,927
35,571
33,275
39,880
43,140
46,853
46,333
47,465
35,409
35,662
32,934
43,028
42,733
47,496
45,602
48,603
94,645
102,864
104,279
|l02,989
133,808
130,239
145,139
138,586
97,697
104,990
101,358
110,622
129,988
132,341
146,237
138,855
99,293
107,946
100,877
126,283
127,592
133,461
145,385
137,820
105,083
107,097
99,124
123,573
129,066
141,488
139,475
142,079
1955...
1956...
1957...
195b...
1959...
I960...
1961...
1962...
1963...
1964. ..
49,320
53,110
56,568
54,173
57,833
62,107
58,612
64,443
66,555
71,643
49,828
52,874
57,006
53,102
58,621
61,713
58,931
64,423
67,679
71,616
50,744
53,235
56,597
52,493
59,379
61,274
59,884
65,310
67,774
71,442
51,334
53,660
55,770
52,286
60,322
61,637
59,467
65,461
68,420
72,744
51,467
53,768
55,651
52,457
60,975
60,649
60,177
65,429
68,222
73,450
51,645
54,124
56,119
53,315
61,134
60,604
61,134
65,041
68,792
73,063
51,885
51,804
56,133
53,758
60,537
60,223
60,603
65,324
69,927
74,236
51,784
53,696
56,682
54,843
59,206
59,939
62,068
66,026
69,497
74,176
52,907
54,439
55,801
54,980
59,377
60,518
62,179
66,142
69,485
75,051
52,842
55,209
55,513
55,321
59,234
60,373
63,104
66,546
70.448
73,709
53,248
55,613
54,946
56,780
59,049
59,728
63,742
67,395
69,655
74,669
53,391
56,255
53,837
57,209
60,924
59,668
64,131
66,297
71,149
77,226
149,892
159,219
170,171
159,768
175,833
185,094
177,427
194,176
202,008
214,701
154,446
161,552
167,540
158,058
182,431
182,890
180,778
195,931
205,434
219,257
156,576
159,939
168,616
163,581
179,120
180,680
184,850
197,492
208,909
223,463
159,481
167,077
164,296
169,310
179,207
179,769
190,977
200,238
211,252
225,604
620,395
647,787
670,623
650,717
716,591
728,433
734,032
787,837
827,603
883,025
1965. ..
1966...
1967. ..
1966...
1969...
197U...
1971...
1972...
1973...
1974...
1975...
1976...
77,123
84,827
88,362
94,305
100,206
104,247
107,199
118,463
137,412
156,452
166,596
77,347
85,383
87,900
94,370
101,015
104,780
108,828
118,688
140,030
158,635
168,070
78,986
87,179
88,639
95,292
101,557
104,059
109,990
120,699
141,944
162,069
164,116
79,429
86,731
88,663
95,275
102,270
103,582
110.680
121.681
141,992
163,759
167,687
79,241
86,295
89,034
96,256
102,341
104,757
111,980
123,005
143,383
165,672
167,995
79,363
87,367
89,620
96,796
102,714
105,293
113,113
123,334
143,656
167,073
170,625
80,734
87,022
89,502
98,232
103,431
105,681
112,705
124,098
146,219
170,788
173,802
80,550
88,190
90,618
96,796
103,816
105,355
113,066
126,866
146,181
173,241
176,001
80,662
88,085
90,641
98,241
104,616
105,887
113,910
127,807
146,500
172,605
177,475
81,693
88,348
89,522
99.449
105,795
104,131
113,490
130,487
149,615
173,026
178,621
83,254
88,038
91,492
99,884
104,770
102,759
115,703
132,270
152,999
170,950
178,119
83,965
88,275
93,659
99,455
104,870
105,810
116,503
134,791
152,974
166,865
181,647
233,456
257,389
264,901
283,967
302,778
313,086
326,017
357,850
419,386
477,156
498,782
238,033
260,393
267,317
288,327
307,325
313,632
335,773
368,020
-429,031
496,504
506,307
241,946
263,297
270,761
293,269
311,863
316,923
339,681
378,771
438,900
516,634
527,278
248,912
264,661
274,673
298,788
315,435
312,700
345,696
397,548
455,588
510,841
538,387
962,347
1,045,740
1,077,652
1,164,351
1,237,401
1,256,341
1,347,167
1,502,189
1,742,905
2,001,135
2,070,754
57.
MANUFACTURING AND TRADE SALES IN 1972 DOLLARS
(MILLIONS OF DOLLARS)
1
396,718
422,897
405,638
463,467
520,454
537,529
576,236
557,340
TOTAL FOR PERIOD
1945...
1946...
1947...
1948...
1949...
1950. . .
1951...
1952...
1953...
1954. ..
52,474
53,344
53,378
62,759
59,929
67,237
64,027
52,498
53,297
54,487
61,114
60,593
68,165
64,786
52,894
53,140
55,208
60,017
60,220
68,894
64,435
53,129
52,938
55,853
58,978
60,987
68.879
64,958
52,455
52,148
57,205
59,494
61,683
68,575
63,869
53,121
53,527
59,549
59,060
61,821
67,769
64,713
53,583
51,963
63,996
57,893
60,499
68,684
64,486
53,694
53,072
64,897
59,351
61,728
67,302
64,096
53,657
54,110
60,894
59,313
63,820
66,729
64,431
53,715
52,142
59,609
59,731
65,902
66,422
64,675
53,491
52,827
57,766
59,579
65,654
64,806
66,600
53,918
52,367
61,016
58,975
66,862
63,706
68,159
157,866
159,781
163,073
183,890
180,742
204,296
193,248
158,705
158,613
172,607
177,532
184,491
205,223
193,540
160,934
159,145
189,787
176,557
186,047
202,715
193,013
161,124
157,336
178,391
178,285 |
198,418
194,934
199,434
1955...
1956. ..
1957...
1958...
1959.. .
1960...
1961...
1962...
1963...
1964...
69.147
73,309
75,021
70,035
74,146
79.148
74,698
81,605
84,194
90,067
69,727
72,733
75,306
68,806
75,447
78,758
74,916
81,681
85,550
90,322
71,106
73,047
74,774
67,788
76,270
78,269
76,082
82,787
85,621
89,959
71,869
73,213
73,636
67,509
77,192
78,614
75,700
82.880
86,543
91,347
72,173
73,009
73,375
67,766
78,120
77,596
76,718
82,892
86,042
92,505
72,160
73,331
73,824
68,991
78,344
77,657
78,050
82,500
87,061
92,148
72,436
70,206
73,525
69,536
77,972
77,304
77,261
82,786
88,116
93,390
72,152
72,478
74,020
70,882
75,610
76,862
79,002
83,381
87,179
92,894
73,336
73,135
73,046
71,383
75,894
77,820
79,345
83,335
87,694
94,264
73,048
73,726
72,696
72,478
75,425
77,261
80,359
84,039
88,875
93,173
73,631
74,094
71,739
73,573
75,571
76,290
81,115
85,122
88,020
93,983
73,719
74,799
70,167
71,873
77,904
76,292
81,494
83,741
89,526
96,117
209,980
219,089
225,101
206,629
225,863
236,175
225,696
246,073
255,365
270,348
216,202
219,553
220,835
204,266
233,656
233,867
230,468
248,272
259,646
276,000
217,924
215,819
220,591
211,801
229,476
231,986
235,608
249,502
262,989
280,548
220,398
222,619
214,602
217,924
228,900
229,843
242,968
252,902
266,421
283,273
864,504
877,080
881,129
840,620
917,895
931,871
934,740
996,749
1,044,421
1,110,169
1965...
1966...
1967. . .
1968.. .
1969.. .
1970...
1971...
1972...
1973...
1974...
1975...
1976...
96,356
103,947
105,842
110,336
114,186
113,250
112,805
121,196
134,131
135,351
119,460
96,699
104,150
105,285
110,670
114,661
113,407
113,844
120,569
135,135
134,916
120,280
98,542
105,834
105,872
111,171
114,587
112,389
114,515
122,360
134,662
134,934
117,487
98,592
105,098
106,257
111,045
115,036
111,290
115,240
123,372
134,246
134,702
119,320
97,880
104,460
106,386
111,888
114,651
112,614
116,395
124,301
134,104
134,242
119,615
98,363
105,787
106,641
112,532
114,594
112,955
117,255
124,140
133,021
133,321
121,184
99,944
104,565
106,300
113,903
114,582
113,242
116,199
124,245
135,233
133,464
122,486
100,080
105,225
107,643
111,034
115,414
112,906
117,374
126,802
133,045
133,023
124,185
99,144
106,086
107,541
113,193
116,295
112,648
117,879
127,610
133,479
131,003
124,746
101,135
106,317
106,473
114,481
117,139
110,406
117,587
129,636
136,199
129,105
124,971
291,597
313,931
316,999
332,177
343,434
339,046
341,164
364,125
403,928
405,201
357,227
294,835
315,345
319,284
335,465
344,281
336,859
348,890
371,813
401,371
402,265
360,119
299,168
315,876
321,484
338,130
346,291
338,796
351,452
378,657
401,757
397,490
371,417
306,618
318,247
326,055
342,610
346,857
331,312
357,075
393,331
408,513
374,148
374,568
1,192,218
1,263,399
1,283,822
1,348,382
1,380,863
1,346,013
1,398,581
1,507,926
1,615,569
1,579,104
1,463,331
59.
102,612 102,871
105,963 105,967
108,739 110,843 1
114,351 113,778
114,937 114,781
108,726 112,180
119,689 119,799
131,444 132,251
137,529 134,785
124,924 120,119
123,941 125,656
SALES OF RETAIL STORES IN 1972 DOLLARS
(MILLIONS OF DOLLARS)
638,629
634,875
703,858
716,264
749,698
807,168
779,235
TOTAL FOR PERIOD
1945...
1946...
1947...
1948...
1949...
1950...
1951. ..
1952...
1953...
1954...
16,811
16,724
17,995
20,219
18,192
20,153
19,321
16,764
16,994
18,368
19,667
18,596
20,138
19,805
17,047
17,244
18,527
18,432
18,100
20,292
19,755
17,165
17,440
18,521
18,069
18,547
20,011
19,737
16,513
17,359
18,716
18,219
19,249
19,916
19,712
16,833
18,376
19,315
18,172
19,498
19,886
20,180
16,897
17,134
20,651
17.951
18.952
19,807
19,852
16,945
17,377
20,595
18,354
18,509
19,683
19,905
16,794
17,690
19,461
18,240
18,815
19,668
20,108
16,892
17,596
18,688
18,451
19,679
19,766
20,144
16,875
17,762
18,050
18,363
19,483
19,522
20,608
17,310
17,540
19,099
17,981
20,010
19,331
20,987
50,622
50,962
54,890
58,318
54,888
60,583
58,881
50,511
53,175
56,552
54,460
57,294
59,813
59,629
50,636
52,201
60,707
54,545
56,276
59,158
59,865
51,077
52,898
55,837
54,795
59,172
58,619
61,739
202,846
209,236
227,986
222,118
227,630
238,173
240,114
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
21,097
22,270
22,771
22,535
23,235
23,784
23,455
24,613
26,075
26,532
21,284
22,117
23,066
21,966
23,480
23,818
23,341
24,617
25,868
26,868
21,440
22,513
22,814
21,731
23,619
23,861
23,486
24,959
26,017
27,068
21,823
22,249
22,818
21,924
23,390
24,337
23.249
25,047
26,183
27,141
21,882
22,508
22,848
21,944
23,604
24,052
23,419
25,242
25,880
27,603
21,740
22,440
23,165
22,049
23,859
24,143
23,563
24,963
26,187
27,610
22,140
22,210
23,058
22,209
23,762
23,940
23,553
25,338
26,254
27,722
22,134
22,351
23,183
22,531
23,971
23,965
23,763
25,448
26,227
28,089
22,480
22,412
23,037
22,464
24,180
24,076
23,768
25,500
26,090
28,114
22,534
22,322
22,982
22,365
23,591
24,095
24,203
25,823
26,545
27,799
22,470
22,564
22,792
22,731
23,249
23,730
24,375
25,898
26,360
27,648
22,270
22,634
22,670
23,552
23,358
23,486
24,440
25,952
26,690
28,083
63,821
66,900
68,651
66,232
70,334
71,463
70,282
74,189
77,960
80,468
65,445
67,197
68,831
65,917
70,853
72,532
70,231
75,252
78,250
82,354
66,754
66,973
69,278
67,204
71,913
71,981
71,084
76,286
78,571
83,925
67,274
67,520
68,444
68,648
70,198
71,311
73,018
77,673
79,595
83,530
263,294
268,590
275,204
268,001
283,298
287,287
284,615
303,400
314,376
330,277
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
28,799
31,000
31,256
31,842
33,289
32,936
33,899
35,633
39,888
38,145
36,188
29,037
30,887
30,762
32,119
33,252
33,058
34,162
35,847
40,154
37,854
36,971
28,755
31,400
31,034
32,644
32,805
33,075
34,262
36,605
39,917
37,751
36,135
28,797
30,827
31.250
32,413
32,975
33,231
34,699
36,685
39,594
38,076
36,531
29,284
30,239
31,212
32,709
33,050
33,438
34,583
37,243
39,339
37,782
37,439
29,098
30,908
31,591
33,020
32,897
33,540
35,047
37,167
38,849
37,600
37,732
29,442
30,965
31,440
33,351
32,716
33,798
34,650
37,476
39,497
37,989
37,778
29,510
31,085
31,371
33,361
32,902
33,660
35,223
37,711
38,801
38,248
37,953
29,797
31,090
31,661
32,992
33,101
33,860
36,087
37,751
39,114
37,169
37,838
30,399
30,863
30,959
33,118
33,078
33,133
35,627
38,516
39,185
36,544
38,004
30,722
31,032
31,247
33,054
32,666
32,716
36,145
38,485
38,955
35,407
38,185
30,796
30,816
31,611
33,081
33,009
33,589
36,024
39,209
37,959
35,544
38,844
86,591
93,287
93,052
96,605
99,346
99,069
102,323
108,085
119,959
113,750
109,294
87,179
91,974
94,053
98,142
98,922
100,209
104,329
111,095
117,782
113,458
111,702
88,749
93,140
94,472
99,704
98,719
101,318
105,960
112,938
117,412
113,406
113,569
91,917
92,711
93,817
99,253
98,753
99,438
107,796
116,210
116,099
107,495
115,033
354,436
371,112
375,394
393,704
395,740
400,034
420,408
448,328
471,252
448,109
449,598
BCD 1977
95
Quarterly
Monthly
Year
Annual
Jan.
60.
Feb.
RATIO,
Apr.
Mar.
May
HELP-WANTED ADVERTISING
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
0.952
0.539
0.251
0.801
1.027
1.165
0.435
0.806
0.418
0.257
0.886
1.020
1.327
0.384
0.732
0.393
0.269
0.924
1.067
1.392
0.338
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
0.443
0.759
0.735
0.330
0.366
0.519
0.300
0.445
0.424
0.458
0.491
0.800
0.749
0.277
0.390
0.564
0.283
0.462
0.407
0.462
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
0.617
0.996
1.033
1.065
1.336
1.019
0.467
0.546
0.884
0.771
0.315
0.607
1.077
1.042
1.022
1.350
0.941
0.488
0.568
0.857
0.746
0.307
62.
June
July
Aug.
Sept.
Oct.
Nov.
IN NEWSPAPERS TO NUMBER OF PERSONS UNEMPLOYED
(RATIO)
0.793
0.276
0.354
0.940
1.027
1.296
0.344
0.781
0.246
0.410
0.977
0.987
1.201
0.325
0.748
0.234
U.521
0.986
0.956
1.145
0.309
0.802
0.235
0.536
0.908
1.092
0.997
0.303
0.751
0.188
0.612
0.882
1.197
0.845
0.325
0.690
0.224
0.609
0.888
1.265
0.686
0.376
0.588
0.212
0.576
0.988
1.321
0.486
0.410
0.830
0.450
0.259
0.870
1.038
1.295
0.386
0.787
0.309
0.330
0.997
1.050
1.318
0.329
0.777
0.238
0.489
0.957
1.012
1.114
0.312
0.676
0.208
0.599
0.919
1.261
0.672
0.370
0.768
0.301
0.419
0.936
1.090
1.100
0.349
0.531
0.744
0.771
0.252
0.431
0.479
0.288
0.456
0.431
0.467
0.518
0.787
0.710
0.220
0.492
0.485
0.286
0.457
0.426
0.494
0.607
0.718
0.670
' 0.219
0.505
0.484
0.291
0.478
0.402
0.514
0.639
0.702
0.605
0.229
0.538
0.451
0.311
0.465
0.427
0.523
0.679
0.655
0.639
0.234
0.540
0.427
0.308
0.468
0.434
0.569
0.674
0.739
0.618
0.243
0.515
0.408
0.337
0.438
0.445
0.554
0.744
0.746
0.566
0.272
0.497
0.398
0.344
0.436
0.436
0.553
0.683
0.810
0.513
0.293
0.465
0.350
0.371
0.454
0.448
0.551
0.728
0.718
0.405
0.334
0.454
0.337
0.409
0.422
0.423
0.604
0.766
0.715
0.385
0.355
0.505
0.309
0.413
0.434
0.464
0.587
0.488
0.768
0.752
0.286
0.396
0.521
0.290
0.454
0.421
0.462
0.588
0.736
0.662
0.223
0.512
0.473
0.296
0.467
0.418
0.510
0.699
0.713
0.608
0.250
0.517
0.411
0.330
0.447
0.438
0.559
0.726
0.748
0.434
0.327
0.475
0.332
0.398
0.437
0.445
0.581
0.625
0.741
0.614
0.272
0.475
0.434
0.328
0.451
0.431
0.528
0.662
1.113
1.021
1.077
1.350
0.837
0.480
0.568
0.878
0.771
0.283
0.646
1.095
1.029
1.165
1.350
0.784
0.483
0.589
0.850
0.795
0.277
0.703
1.060
1.006
1.163
1.372
0.715
0.486
0.598
0.879
0.766
0.265
0.721
1.098
0.985
1.074
1.268
0.689
0.509
0.604
0.879
0.731
0.298
0.739
1.097
0.981
1.126
1.236
0.634
0.493
0.623
0.903
0.704
0.310
0.778
1.078
1.021
1.194
1.220
0.616
0.487
0.636
0.880
0.682
0.312
0.815
1.096
1.006
1.253
1.214
0.582
0.491
0.653
0.859
0.586
0.308
0.871
1.096
0.956
1.318
1.201
0.520
0.500
0.671
0.908
0.528
0.307
0.940
1.108
0.971
1.305
1.241
0.494
0.498
0.738
0.864
0.444
0.332
0.972
1.043
0.996
1.297
1.187
0.477
0.513
0.818
0.822
0.385
0.340
0.629
1.062
1.032
1.055
1.345
0.932
0.478
0.561
0.873
0.763
0.302
0.690
1.084
1.007
1.134
1.330
0.729
0.493
0.597
0.869
0.764
0.280
0.777
1.090
1.003
1.191
1.223
0.611
0.490
0.637
0.881
0.657
0.310
0.928
1.082
0.974
1.307
1.210
0.497
0.504
0.742
0.865
0.452
0.326
0.756
1.080
1.004
1.172
1.277
0.692
0.491
0.634
0.872
0.659
0.304
74.5
78.1
81.5
78.1
85.3
90.4
90.9
94.1
75.2
78.9
81.5
77.5
87.0
91.3
91.8
93.6
75.1
80.3
81.3
77.2
88.2
89.6
91.7
93.5
75.4
81.6
80.5
77.3
89.4
90.5
91.4
93.8
76.4
81.5
79.6
78.0
89.1
90.6
91.6
93.1
76.2
80.9
79.6
79.8
88.2
90.2
92.2
93.1
76.6
lY.3
82.1
78.3
81.1
88.6
89.4
92.7
93.3
81.4
78.9
81.2
89.1
90.2
93.8
92.3
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
91.2
91.9
96.2
101.0
98.3
97.2
102.8
99.4
99.1
97.2
91.5
92.4
95.9
101.8
97.9
98.8
103.4
99.1
98.7
97.6
90.7
93.1
96.1
102.5
97.6
99.7
102.4
99.0
98.2
98.2
90.1
93.1
97.1
102.8
97.1
100.1
101.6
100.5
97.4
97.7
90.2
93.8
97.3
101.8
97.1
100.9
101.2
100.5
97.2
97.7
90.5
94.7
97.4
100.4
97.9
101.6
100.6
100.8
97.4
97.9
90.9
97.9
97.1
100.3
99.3
101.0
99.9
100.3
98.5
98.1
91.2
95.7
97.6
99.8
100.7
100.7
99.4
100.1
97.9
98.1
91.7
95.7
97.3
100.1
101.1
101.1
98.8
99.7
97.9
98.5
91.1
96.3
98. 4
99.0
101.8
101.5
98.9
100.0
97.5
98.4
91.8
95.9
99.8
98.5
101.6
102.2
98.7
99.5
97.7
96.9
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
96.2
95.7
99.2
100.3
104.0
111.1
112.4
111.7
114.3
121.2
143.5
96.0
96.4
99.1
101.0
103.6
110.9
112.5
112.8
114.2
122.2
144.5
95.5
96.0
99.8
101.1
104.0
111.5
112.7
113.0
114.4
122.3
147.0
95.3
97.0
99.5
101.3
105.5
111.9
113.2
113.0
116.4
123.5
144.6
95.1
97.1
100.0
102.1
106.5
111.9
113.5
113.7
116.1
124.3
144.7
95.3
97.5
100.4
102.4
106.7
112.6
113.3
113.7
116.8
125.3
143.2
94.7
97.6
101.3
103.2
107.0
113.2
113.6
114.0
117.3
127.4
141.9
94.9
98.5
101.3
103.5
107.6
113.5
115.0
113.5
118.0
128.2
142.1
94.9
98.2
100.5
103.8
107.8
113.4
113.0
113.6
118.5
129.0
141.1
95.4
98.0
99.9
104.9
108.2
113.1
112.4
113.5
119.1
131.7
142.4
95.9
99.1
99.7
103.9
108.2
112.9
112.2
113.7
120.0
135.4
141.8
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1
!
j
j
AVERAGE FOR PERIOD
73.7
78.8
81.1
77.7
85.1
89.6
91.2
94.4
!
1
INDEX OF LABOR COST PER UNIT OF OUTPUT, TOTAL MANUFACTURING
(1967=100)
73.4
79.1
80.9
78.4
83.7
89.6
91.0
94.6
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
IVQ
0.830
0.305
0.329
1.059
1.038
1.362
0.316
72.6
78.0
81.6
79.0
82.8
89.0
90.4
94.3
1
III Q
0.737
0.347
0.308
0.992
1.086
1.295
0.326
j
72^3
78.1
81.2
79.1
81.5
89.0
90.3
94.3
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
II Q
AVERAGE FOR PERIOD
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
6 5.
IQ
Dec.
MANUFACTURERS • INVENTC RIES OF FINISHED GOODS, EJOOK VALUE, ALL MANUFACTUf iING
(BILLIONS OF DOLLAI*S)
iV.'b
l't'.5
12.6
78.4
81.2
78.8
82.7
89.2
90.6
94.4
78.6
81.4
77.8
85.8
90.4
91.3
94.0
75.6
81.1
80.5
77.5
88.9
90.2
91.6
93.5
81.5
78.9
80.7
88.6
89.9
92.9
92.9
74!8
79.9
80.5
78.7
86.5
90.0
91.6
93.7
91.1
96.0 1
100.3
99.0
98.3
102.4
98.1
99.6
98.6
97.0
91.1
92.5
96.1
101.8
97.9
98.6
102.9
99.2
98.7
97.7
90.3
93.9
97.3
101.7
97.4
100.9
101.1
100.6
97.3
97.8
91.3
96.4
97.3
100.1
100.4
100.9
99.4
100.0
98.1
98.2
91.3
96.1
99.5
98.8
100.6
102.0
98.6
99.7
97.9
97.4
91.0
94.7
97.5
100.6
99.1
100.6
100.5
99.9
98.0
97.8
95.7
98.8
100.1
104.9
109.2
112.1
113.1
113.0
120.0
140.6
141.5
95.9
96.0
99.4
100.8
103.9
111.2
112.5
112.5
114.3
121.9
145.0
95.2
97.2
100.0
101.9
106.2
112.1
113.3
113.5
116.4
124.4
144.2
94.8
98.1
101.0
103.5
107.5
113.4
113.9
113.7
117.9
128.2
141.7
95.7
98.6
99.9 1
104.6
108.5
112.7
112.6
113.4
119.7
135.9
141.9
95.4
97.5
100.1
102.7
106.5
112.3
113.1
113.3
117.1
127.6
143.2
INDUSTRIES
END OF PERIOD
4.16
4.33
6.13
7.73
9.33
8.99
9.33
12.48
12.45
13.62
4.07
4.62
6.32
7.84
9.52
9.03
9.49
12.55
12.40
13.64
4.03
4.54
6.43
7.96
9.64
9.09
9.65
12.64
12.41
13.71
4.05
4.46
6.57
8.02
9.62
9.08
9.98
12.57
12.47
13.56
4.03
4.39
6.69
8.13
9.53
9.03
10.43
12.33
12.66
13.46
4.00
4.37
6.83
8.22
9.52
9.10
10.91
12.34
12.80
13.47
4.06
4.71
7.10
8.43
9.39
8.79
11.55
12.31
12.93
13.45
4.05
5.08
7.28
8.53
9.25
8.57
12.05
12.35
13.14
13.32
4.14
5.37
7.37
8.80
9.13
8.68
12.34
12.36
13.31
13.28
4.20
5.83
7.57
8.95
9.12
8.85
12.32
12.33
13.47
13.32
4.36
5.91
7.55
8.99
8.92
9.17
12.22
12.32
13.57
13.28
4.35
5.80
7.54
9.15
8.98
9.22
12.28
12.33
13.62
13.46
4.03
4.54
6.43
7.96
9.64
9.09
9.65
12.64
12.41
13.71
4.00
4.37
6.83
8.22
9.52
9.10
10.91
12.34
12.80
13.47
4.14
5.37
7.37
8.80
9.13
8.68
12.34
12.36
13.31
13.28
4.35
5.80
7.54
9.15
8.98
9.22
12.28
12.33
13.62
13.46
4.35
5.80
7.54
9.15
8.98
9.22
12.28
12.33
13.62
13.46
13.55
14.20
16.35
16.61
16.33
17.31
18.55
18.98
20.05
20.77
13.61
14.39
16.40
16.84
16.42
17.57
18.70
18.97
20.07
20.87
13.65
14.48
16.52
16.85
16.49
17.76
18.64
19.03
20.04
20.95
13.60
14.59
16.56
16.65
16.51
17.89
18.75
19.06
19.99
21.09
13.62
14.82
16.72
16.57
16.59
18.12
18.73
19.29
20.08
21.14
13.62
15.24
16.78
16.57
16.53
18.27
18.82
19.50
20.34
21.16
13.61
15.42
16.89
16.55
16.64
18.36
18.71
19.63
20.21
21.18
13.72
15.71
16.92
16.34
16.82
18.38
18.84
19.78
20.38
21.22
13.75
15.96
16.88
16.15
16.80
18.62
18.66
19.84
20.46
21.14
13.82
16.02
16.86
16.14
16.84
18.59
18.93
19.96
20.52
21.41
13.88
16.21
16.74
16.33
16.99
18.60
18.95
19.96
20.64
21.48
14.01
16.19
16.75
16.30
17.06
18.60
18.77
20.07
20.68
21.57
13.65
14.48
16.52
16.85
16.49
17.76
18.64
19.03
20.04
20.95
13.62
15.24
16.78
16.57
16.53
18.27
18.82
19.50
20.34
21.16
13.75
15.96
16.88
16.15
16.80
18.62
18.66
19.84
20.46
21.14
14.01
16.19
16.75
16.30
17.06
18.60
18.77
20.07
20.68
21.57
14.01
16.19
16.75
16.30
17.06
18.60
18.77
20.07
20.68
21.57
21.75
22.73
25.38
27.21
28.75
31.50
34.46
34.84
35.74
39.17
49.42
21.77
22.81
25.59
27.21
29.02
31.82
34.58
34.91
35.82
39.60
49.54
21.84
22.98
25.78
27.32
29.31
32.06
34.81
35.13
36.18
40.26
49.72
21.65
23.01
26.08
27.29
29.55
32.65
34.62
35.33
36.24
40.89
49.63
21.76
23.25
26.32
27.47
29.95
32.74
34.71
35.60
36.75
41.43
49.65
21.93
23.55
26.39
27.59
30.16
32.98
34.67
35.84
37.07
42.06
49.38
22.04
23.72
26.42
27.65
30.31
33.24
34.40
35.80
37.11
42.92
48.90
22.03
23.89
26.64
27.89
30.52
33.43
34.53
36.32
37.06
43.98
49.24
22.12
24.13
26.73
28.16
30.68
33.62
34.74
36.16
37.30
44.94
49.61
22.23
24.34
26.77
28.30
30.71
33.92
35.07
35.92
37.54
46.09
49.89
22.36
24.68
26.85
28.48
31.05
34.21
34.97
35.89
37.77
47.28
49.81
22.50
24.95
27.00
28.70
31.22
34.16
34.84
35.86
38.36
48.34
49.87
21.84
22.98
25.78
27.32
29.31
32.06
34.81
35.13
36.18
40.26
49.72
21.93
23.55
26.39
27.59
30.16
32.98
34.67
35.84
37.07
42.06
49.38
22.12
24.13
26.73
28.16
30.68
33.62
34.74
36.16
37.30
44.94
49.61
22.50
24.95
27.00
28.70
31.22
34.16
34.84 i
35.86
38.36 !
48.34
49.87
22.50
24.95
27.00
28.70
31.22
34.16
34.84
35.86
38.36
48.34
49.87
96
The Handbook of Cyclical Indicators
Quarterly
Monthly
Year
Feb.
Jan.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
III Q
IQ
66. CONSUMER INSTALLMENT DEBT
(MILLIONS OF DOLLARS)
IV Q
END OF PERIOD
2,110
2,476
4,278
6,799
8,874
11,576
14,535
15,091
19,547
22,593
2,u84
2,560
4,462
6,996
8,981
11,835
14,614
15,243
20,000
22,683
2,103
2,647
4,641
7,317
9,148
12,118
14,661
15,323
20,540
22,589
2,080
2,790
4,849
7,630
9,393
12,384
14,613
15,545
20,970
22,660
2,085
2,925
5,078
7,797
9,624
12,686
14,551
16,026
21,271
22,538
2,111
3,049
5,286
7,910
9,796
13,043
14,451
16,605
21,488
22,524
2,124
3,190
5,478
8,076
9,956
13,524
14,312
16,976
21,800
22,568
2,128
3,366
5,662
8,252
10,198
13,920
14,492
17,174
21,948
22,537
2,141
3,501
5,807
8,448
10,436
14,281
14,591
17,459
22,052
22,533
2,2i
3,6
6,0'
8,5
10,7
14,4
14,6
18,0
22,2
22,6
2,295
3,857
6,271
8,644
11,058
14,391
14,842
18,450
22,497
22,823
2,370
4,015
6,444
8,811
11,352
14,401
14,979
19,004
22,532
23,083
2,103
2,647
4,641
7,317
9,148
12,118
14,661
15,323
20,540
22,589
2,111
3,049
5,286
7,910
9,796
13,043
14,451
16,605
21,488
22,524
2,141
3,501
5,607
8,448
10,436
14,281
14,591
17,459
22,052
22,533
2,370 I
4,015 I
6,444 f
8,811 I
11,352 I
14,401 [
14,979 |
19,004 I
22,532 |
23,083 |
23,512
28,732
31,417
33,408
33,492
38,941
42,247
43,264
48,345
55,083
23,930
29,120
31,674
33,271
33,914
39,438
42,187
43,561
48,853
55,734
24,501
29,457
31,883
33,129
34,328
39,889
42,202
43,894
49,371
56,381
25,021
29,7 59
32,0 75
33,0 28
34,7
40,3
42,0
44,3
49,9
56,9
25,507
29,977
32,305
32,921
35,221
40,658
42,105
44,841
50,457
57,619
26,032
30,157
32,529
32,827
35,707
40,995
42,167
45,296
51,021
58,235
26,477
30,311
32,758
32,806
36,222
41,293
42,181
45,691
51,617
58,828
26,966
30,552
32,926
32,763
36,840
41,537
42,282
46,085
52,208
59,357
27,477
30,664
33,078
32,713
37,430
41,834
42,350
46,359
52,708
60,039
27,767
30,839
33,202
32,743
37,950
41,958
42,527
46,787
53,381
60,604
28,066
31,058
33,305
32,793
38,279
42,111
42,764
47,308
53,899
60,921
28,420
31,223
33,341
33,065
38,539
42,245
43,076
47,791
54,428
61,542
24,501
29,457
31,883
33,129
34,328
39,889
42,202
43,894
49,371
56,381
26,032
30,157
32,529
32,827
35,707
40,995
42,167
45,296
51,021
58,235
27,477
30,664
33,078
32,713
37,430
41,834
42,350
46,359
52,708
60,039
28,420 I
31,223
33,341
33,065
38,539
42,245
43,076
47,791
54,428
61,542
63,004
70,679
74,967
78,957
87,768
95,800
99,941
110,486
127,914
145,694
152,368
63,616
71,298
75,215
79,599
88,482
96,058
100,561
111,875
129,906
146,402
152,102
64, 594
71, 759
75, 195
80, 287
89, 501
96, 379
101, 271
113, 101
131, 439
147, 420
152, 119
65, 455
72, 214
75, 333
80, 971
90, 560
96, 725
101, 838
114, 352
133, 128
148, 560
151, 817
66,102
72,671
75,689
81,592
91,433
97,165
102,367
115,622
134,765
149,642
152,265
66,765
73,194
75,837
82,234
92,036
97,695
103,051
116,674
136,664
150,753
153,551
394
594
260
821
586
148
,924
,992
,164
,046
,389
67,991
73,835
76,565
83,317
93,228
98,682
104,995
119,233
139,579
152,802
155,382
68,521
74,095
76,757
84,243
93,900
98,877
105,959
120,524
141,344
153,015
156,563
69 ,036
,436
,238
,005
,493
,861
,178
,055
,687
,606
,887
69,590
74,787
77,711
85,828
94,811
99,282
108,242
123,937
143,593
152,197
159,377
63,616
71,298
75,215
79,599
88,482
96,058
100,561
111,875
129,906146,402
152,102
66,102
72,671
75,689
81,592
91,433
97,165
102,367
115,622
134,765
149,642
152,265
67,991
73,835
76,565
83,317
93,228
98,682
104,995
119,233
139,579
152,802
155,382
69,590
74,787
77,711 f
85,828
94,811 I
99,282
108,242
123,937
143,593
152,197
159,377
62,
109
125
144
152
418
824
598
051
69. MANUFACTURERS' MACHINERY AND EQUIPMENT SALES AND BUSINESS CONSTRUCTION
EXPENDITURES
(ANNUAL RATE, BILLIONS OF DOLLARS)
AVERAGE FOR PERIOD
33.49
31.49
33.85
30.46
33.28
29.39
34.04
28.90
33.
28.
32.31
28.27
32.82
29.26
31.30
28.29
31.39
28.36
31.93
27.34
31.02
28.22
30.48
29.06
33.54
30.45
33.35
28.55
31.84
28.64
31.14
28.21
29.70
34.51
41.77
38.04
36.71
41.00
40.60
42.41
44.34
50.23
31.14
35.07
42.65
36.64
37.56
40.62
40.81
43.51
45.16
50.04
31.75
35.56
41.47
36.47
37.99
41.20
40.27
44.23
44.72
50.57
31.60
38.02
41.29
35.24
38.39
41.62
40.42
44.82
46.07
51.32
32.37
38.51
40.89
34.63
39.50
41.92
40.07
45.51
46.87
52.58
32.82
39.99
40.68
35.45
39.79
41.59
40.58
45.66
46.60
53.35
32.26
39.50
39.99
34.32
41.31
42.53
39.90
45.10
47.58
55.65
33.24
39.51
41.24
35.16
40.24
40.26
41.69
46.17
47.82
53.98
34.21
39.34
40.39
35.26
40.74
41.31
42.16
45.30
48.18
54.64
34.20
40.62
40.62
35.07
40.50
40.97
42.58
45.12
48.91
55.26
34.39
41.84
40.01
36.04
40.17
40.65
42.90
45.16
48.45
55.66
34.93
42.51
38.09
35.74
41.08
41.08
43.17
44.10
48.65
57.15
30.86
35.05
41.96
37.05
37.42
40.94
40.56
43.38
44.74
50.28
32.26
38.84
40.95
35.11
39.23
41.71
40.36
45.33
46.51
52.42
33.24
39.45
40.54
34.91
40.76
41.37
41.25
45.52
47.86
54.76
34.51
41.66
39.57
35.62
40.58
40.90 I
42.88 I
44.79
48.67
56.02
57.47
68.12
73.16
97.03
99.57
105.45
101.93
116.77
127.31
151.99
161.31
58.39
68.05
72.80
93.51
101.56
108.11
102.01
115.44
126.20
153.43
163.07
60.22
70.90
72.08
94.63
104.04
106.88
103.91
116.61
130.26
153.83
160.50
61.01
71.08
71.47
96.17
102.71
107.04
102.09
116.85
134.03
154.43
159.56
61.24
71.24
71.89
93.88
102.79
106.00
103.57
116.52
134.77
155.94
158.63
61.38
72.83
73.12
93.63
103.92
102.94
105.33
116.86
137.63
161.50
159.41
62.42
73.78
73.51
93.75
105.90
104.89
103.37
116.34
142.03
159.16
160.36
62.02
75.01
74.35
94.93
106.67
104.65
104.91
117.75
141.20
160.04
161.73
64.06
74.94
74.52
96.66
109.47
102.14
107.39
117.17
143.92
165.09
161.85
65.42
75.80
73.56
97.80
108.38
100.97
106.94
117.96
147.05
167.28
164.97
66.65
74.33
74.63
99.00
107.76
101.46
108.35
120.81
151.65
166.64
163.47
68.95
75.05
77.93
96.45
108.12
103.18
115.46
122.93
150.40
163.07
165.75
58.69
69.02
72.68
95.06
101.72
106.81
102.62
116.27
127.92
153.08
161.63
61.21
71.72
72.16
94.56
103.14
105.33
103.66
116.74
135.48
157.29
159.20
62.83
74.58
74.13
95.11
107.35
103.89
105.22
117.09
142.38
161.43
161.31
70. MANUFACTURING AND TRADE INVENTORIES, TOTAL BOOK VALUE, IN 1972 DOLLARS
(BILLIONS OF DOLLARS)
67.01
75.06
75.37
97.75
108.09
101.87
110.25
120.57
149.70
165.66
164.73
I
I
I
I
[
I
I
I
END OF PERIOD
78.19
83.20
81.47
90.43
101.52
107.67
108.65
78.66
83.50
81.28
91.15
101.45
107.90
108.30
79.15
83.52
81.87
92.20
101.55
108.39
107.88
79.43
83.16
82.23
93.57
101.56
109.38
107.36
79.70
83.12
83.12
95.24
101.31
109.72
106.94
80.69
83.16
83.81
96.53
101.96
110.18
106.38
81.82
83.30
82.74
97.46
101.94
110.99
105.89
81.95
83.32
84.64
98.56
101.91
110.94
105.26
82.04
83.63
85.61
98.97
103.16
110.99
105.19
82.15
83.11
86.58
99.68
104.20
110.26
104.71
82.15
82.31
88.04
100.28
104.81
109.52
105.08
81.91
81.28
88.54
100.72
105.26
109.18
104.92
79.15
83.52
81.87
92.20
101.55
108.39
107.88
80.69
83.16
83.81
96.53
101.96
110.18
106.38
82.04
83.63
85.61
98.97
103.16
110.99
105.19
81.91
81.28
88.54
100.72
105.26
109.18
104.92
I
I
[
I
I
I
I
105.25
110.22
116.00
114.54
114.03
120.33
122.35
124.95
131.11
136.69
105.32
111.29
115.81
114.03
114.40
121.58
122.29
125.56
131.50
137.14
106.04
111.49
115.77
113.70
114.80
122.43
121.67
126.42
132.00
137.68
105.92
112.56
116.05
113.16
116.24
122.35
121.68
126.58
132.13
138.23
106.57
113.19
116.04
112.67
116.79
123.08
121.96
127.54
132.48
138.68
107.55
113.70
116.20
112.46
117.55
123.34
121.81
128.21
133.09
139.31
108.14
114.24
116.43
112.30
118.33
123.76
122.21
128.67
133.47
139.58
108.78
114.63
117.05
112.01
118.13
123.52
122.62
129.10
134.08
140.09
108.64
115.21
117.46
112.72
117.57
123.92
123.20
129.87
134.83
141.40
109.18
115.29
116.37
112.96
117.77
123.76
123.34
130.46
135.76
141.17
109.30
115.82
116.10
113.20
117.79
123.91
124.01
130.39
136.17
142.21
109.60
115.76
116.16
113.92
119.34
122.89
124.22
130.78
136.27
143.29
106.04
111.49
115.77
113.70
114.80
122.43
121.67
126.42
132.00
137.68
107.55
113.70
116.20
112.46
117.55
123.34
121.81
128.21
133.09
139.31
108.64
115.21
117.46
112.72
117.57
123.92
123.20
129.87
134.83
141.40
109.60
115.76
116.16
113.92
119.34
122.89
124.22
130.78
136.27
143.29
I
I
I
I
I
I
I
I
I
[
144.22
152.71
169.58
176.77
184.33
192.45
195.92
200.72
208.14
219.82
225.40
144.69
154.16
170.48
177.29
185.36
193.12
196.51
200.74
209.03
220.63
223.47
145.98
155.26
171.31
177.20
186.06
193.42
196.96
200.82
209.41
221.43
221.69
146.63
156.35
172.06
178.29
186.79
193.99
197.54
201.20
209.81
221.54
220.39
147.27
157.89
172.48
179.42
187.53
193.48
198.16
202.22
210.72
222.65
218.20
148.00
159.65
172.32
180.17
188.40
194.29
198.90
202.49
211.78
223.75
217.41
149.17
160.93
173.19
180.56
189.35
194.97
199.07
202.59
212.91
224.17
217.05
150.08
162.09
173.94
181.45
190.22
195.44
199.39
203.98
213.20
223.65
217.43
150.41
163.28
174.21
182.08
191.16
195.63
199.79
204.87
214.01
224.51
217.15
150.82
164.96
174.25
183.06
192.00
195.18
200.10
205.75
215.15
225.80
218.02
151.41
166.52
175.40
183.39
191.98
195.68
199.74
206.38
216.71
225.72
216.74
152.13
168.06
176.57
184.00
192.81
195.72
200.34
207.01
218.93
226.25
215.08
145.98
155.26
171.31
177.20
186.06
193.42
196.96
200.82
209.41
221.43
221.69
148.00
159.65
172.32
180.17
188.40
194.29
198.90
202.49
211.78
223.75
217.41
150.41
163.28
174.21
182.08
191.16
195.63
199.79
204.87
214.01
224.51
217.15
152.13
168.06
176.57
184.00
192.81
195.72
200.34
207.01
218.93
226.25
215.08
1977
Monthly
Quarterly
Year
Annual
Jan.
71.
Feb.
Mar.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
IQ
47'.52
53. JO
49.66
62.26
70.72
74.01
75.73
48.24
53.33
49.63
63.74
70.63
74.19
75.44
48.83
53.06
50.07
65.27
70.62
74.64
75.12
1955...
1956...
1957...
195b...
1959...
1960...
1961...
1962...
1963...
1964...
73.5.5
80.27
87.85
87.67
87.14
92.92
94.43
96.18
101.24
106.02
73.82
81.33
88.05
87.92
87.44
93.96
$4.21
96.76
101.56
10*6.40
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
112.46
121.76
138.23
146.03
156.28
168.20
176.19
185.27
200.28
231.58
278.71
112.99
123.24
138.90
146.89
157.67
169.27
177.14
185.90
202.68
234.76
277.87
III Q
II Q
MANUFACTURING AND TRADE INVENTORIES, TOTAL BOOK VALUE, IN CURRENT DOLLARS
(BILLIONS OF DOLLARS)
1945...
1946...
1947...
1948...
1949...
195U...
1951...
1952...
1953...
1954.. .
12.
Apr.
END OF PERIOD
49i36
51.87
51.06
67.87
70.05
75.69
74.42
50*.il
51.42
51.67
68.65
70.23
76.17
74.04
51.06
51.05
51.40
69.10
69.99
76.96
73.70
51.49
50.81
53.23
69.53
69.91
77.19
73.24
51.92
50.89
54.71
69.53
70.80
77.41
73.17
52.34
50.56
56.38
69.77
71.58
76.99
72.85
52*.58
50.10
58.37
69.98
72.06
76.40
73.20
52i51
49.50
59.82
70.24
72.38
76.12
73.18
48.83
53.06
50.07
65.27
70.b2
74.64
75.12
5o!ii
74.45
81.75
88.21
87.44
87.89
94.73
93.68
97.41
101.78
106.82
74.52
75.02
82.84
83.51
88.52
88.51
86.65 ' 86.08
89.07
89.58
94.74
95.31
93.68
93.75
97.56
98.31
101.88
102.33
107.39
107.78
75.69
84.04
88.58
85.94
90.48
95.52
93.66
98.81
102.80
108.25
76.24
84.52
88.83
85.74
91.18
95.90
93.87
99.19
103.23
108.48
76.98
84.96
89.42
85.59
91.33
95.72
94.32
99.67
103.72
108.86
77.39
85.63
89.88
85.95
90.94
95.88
94.72
100.39
104.28
110.02
78.33
86.05
89.16
86.26
91.23
95.80
94.88
100.91
105.04
110.01
78.91
86.94
88.99
86.55
91.14
95.85
95.50
100.95
105.44
110.76
79.52
87.30
89.05
87.09
92.13
94.72
95.60
101.06
105.48
111.50
74.45
81.75
88.21
87.44
87.89
94.73
93.68
97.41
101.78
106.82
75.69
84.04
88.58
85.94.
90.48
95.52
114.28
124.42
139.56
147.33
158.77
169.75
178.34
186.74
204.93
238.51
276.63
114.89
125.44
140.14
148.50
159.79
170.93
179.18
187.72
206.38
241.37
275.63
116.44
128.72
140.72
150.54
161.91
171.76
180.55
189.90
211.87
250.27
273.42
117.48
130.06
141.41
151.06
163.05
172.95
181.34
190.62
214.27
255.29
273.28
118.48
131.49
142.36
152.13
164.07
173.87
182.45
192.57
216.67
259.81
274.91
118.88
132.64
142.78
152.86
165.37
174.34
183.41
194.03
218.37
264.74
275.58
119.35
134.19
142.97
154.09
166.60
174.46
183.78
195.32
220.53
270.63
277.68
120.11
135.60
144.10
154.71
167.22
175.17
183.60
196.66
223.80
274.38
276.80
120.91
136.79
145.36
155.36
168.30
175.42
184.76
198.04
227.93
278.39
275.48
49*.20
52.41
50.37
66.65
70.43
75.37
74.74
115.58
127.02
140.51
149.83
160.93
170.86
180.26
189.36
209.27
245.92
274.14
COMMERCIAL AND INDUST RIAL LOANS OUTSTANDING, WEEKLY REPORTING LARGE COMMERCIAL
(MILLIONS OF DOLLA RS)
IV Q
51.42
51.67
68.65
70.23
76.17
74.04
51.92
50.89
54.71
69.53
70.80
77.41
73.17
52.51
49.50
59.82
70.24
72.38
76.12
73.18
52^1
49.50
59.82
70.24
72.38
76.12
73.18
98.81
102.80
108.25
77.39
85.63
89.88
85.95
90.94
95.88
94.72
100.39
104.28
110.02
79.52
87.30
89.05
87.09
92.13 !
94.72
95.60
101.06 !
105.48 1
111.50
79.52
87.30
89.05
87.09
92.13
94.72
95.60
101.06
105.48
111.50
114.28
124.42
139.56
147.33
158.77
169.75
178.34
18b.74
204.93
238.51
276.63
116.44
128.72
140.72
150.54
161.91
171.76
180.55
189.90
211.87
250.27
273.42
118.88
132.64
142.78
152.86
165.37
174.34
183.41
194.03
218.37
264.74
275.58
120.91
136.79
145.36
155.36
168.30
175.42
184.76
198.04
227.93
278.39
275.48
120.91
136.79
145.36
155.36
168.30
175.42
184.76
198.04
227.93
278.39
275.48
+ 93.66
BANKS
AVERAGE FOR PERIOD
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
6,511
7,364
10,475
13,417
14,055
12,677
16,503
19,632
21,227
21,000
6,388
7,430
10,713
13,358
13,979
12,764
17,116
19,641
21,277
21,064
6,283
7,621
11,149
13,371
13,861
12,763
17,579
19,761
21,430
21,036
6,268
7,864
11,506
13,473
13,605
12,849
18,079
19,742
21,675
20,967
6,256
8,047
11,592
13,834
13,409
12,936
18,453
19,809
21,816
20,811
6,410
8,211
11,639
14,065
13,163
13,242
18,646
19,969
21,747
20,650
6,454
8,614
11,770
14,385
12,833
13,619
18,757
20,141
21,778
20,651
6,434
9,074
12,019
14,507
12,660
14,057
18,865
20,190
21,934
19,804
6,487
9,443
12,250
14,461
12,641
14,696
18,968
20,381
21,819
19,753
6,498
9,863
12,548
14,356
12,670
15,027
19,111
20,650
21,640
19,718
6,715
10,134
12,904
14,196
12,604
15,462
19,194
21,031
21,451
19,955
7,147
10,260
13,158
14,087
12,573
15,986 |
19,411
21,133
21,058
20,314
6,394
7,472
10,779
13,382
13,965
12,735
17,066
19,678
21,311
21,033
6,311
8,041
11,579
13,791
13,392
13,009
18,393
19,840
21,746
20,809
6,458
9,044
12,013
14,451
12,711
14,124
18,863
20,237
21,844
20,069
6,787
10,086 !
12,870
14,213 |
12,616 1
15,492
19,239
20,938
21,383
19,996
6,488
8,660
11,810
13,959
13,171
13,840
18,390
20,173
21,571
20,477
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
20,529
24,515
28,695
29,171
28,567
31,433
32,999
33,582
36,039
38,931
20,692
24,686
28,720
28,835
28,583
31,870
32,966
33,712
36,126
39,195
20,916
25,414
29,182
28,728
28,820
32,093
33,111
33,907
36,251
39,201
21,049
25,932
29,503
28,554
29,092
32,293
33,079
34,121
36,458
39,554
21,416
26,448
29,650
28,168
29,573
32,591
33,020
34,269
36,626
39,882
21,796
26,799
30,033
28,079
30,042
33,011
32,955
34,509
36,740
40,137
22,244
27,145
30,245
28,039
30,026
32,993
33,012
34,740
36,872
40,428-
22,664
27,418
30,285
27,941
30,456
32,840
33,131
35,038
37,047
40,839
22,977
27,778
30,374
28,122
30,646
32,956
33,214
35,318
37,341
41,418
23,421
27,858
29,969
28,215
30,915
32,996
33,215
35,635
37,821
41,625
23,771
28,199
29,573
28,342
31,076
33,118
33,280
35,939
38,579
42,068
24,110
28,395
29,517
28,496
31,2881
33,018
33,429
35,986
39,045
42,737
20,712
24,872
28,866
28,911
28,657
31,799
33,025
33,734
36,139
39,109
21,420
26,393
29,729
28,267
29,569
32,632
33,018
34,300
36,608
39,858
22,628
27,447
30,301
28,034
30,376
32,930
33,119
35,032
37,087
40,895
23,767
28,151
29,686
28,351
31,093
33,044
33,308
35,853
38,482
42,143
22,132
26,716
29,646
28,391
29,924
32,601
33,118
34,730
37,079
40,501
44,581
53,852
61,105
65,590
74,175
83,965
83,598
85,002
97,855
115,450
131,127
47,043
55,951
62,207
67,286
77,427
85,144
83,527
86,375
104,884
123,046
125,391
49,117
58,674
62,967
68,678
79,943
86,016
84,559
86,941
109,721
129,492
122,170
51,587
60,212
64,161
71,159
82,688
84,066
85,497
90,669
111,845
133,398
123,066
48,082
57,172
62,610
68,178
78,558
84,798
84,295
87,247
106,076
125,346
125,438
52.0
29.2
37.9
38.9
35.5
42.1
49.6
49.5
59.9
51.2
39.9
34.1
37.3
39.8
35.7
46.8
48.2
50.7
59.7
50.8
31.2 1
36.7
38.3
39.3
33.9
47.8
49.1
56.8
55.9
52.5
45.2
31.6
37.7
39.3
35.7
43.5
48.9
51.9
58.7
51.8
61.2
62.7 i
58.1
57.3
60.5
59.3
65.9
69.8
74.8
80.7
59.2
61.1
61.6
53.9
61.9
62.9
61.8
68.6
73.1
78.3
92.2
101.1
102.2
108.1
110.3 1
98.0
104.0
120.1
129.6
121.0
113.5
89.0
98.9
100.0
106.5
110.6
102.3
102.4
113.7
127.1
125.7
109.3
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
44,618
43,562
45,563
53,908
53,062
54,585
61,592
61,023
60,701
65,595
65,333
65,843
74,190
74,886
73,450
84,462
84,229
83,205
83,851
83,709
83,235
85,444
85,052
84,509
98,131 101,548
93,885
114,558 114,645 117,146
133,817 130,508 129,056
73.
46,203
47,209
47,718
55,022
55,877
56,955
61,996
62,132
62,494
67,010
67,184
67,664
76,283
77,457
78,541
84,770
85,241
85,420
83,163
83,716
83,701
86,303
86,696
86,127
103,726 104,919 106,008
121,497 123,199 124,442
127,162 125,270 123,742
50,141
48,072
49,139
58,857
57,838
59,328
63,203
62,875
62,824
68,681
68,015
69,339
79,884
80,889
79,055
86,230
86,220
85,599
84,437
86,139
83,101
86,801
87,803
86,218
107,920 110,370 110,872
128,154 129,335 130,988
123,132 121,572 121,805
52,3U0
50,812
51,650
60,532
60,282
59,822
64,830
64,065
63,587
72,210
71,105
70,163
82,627
83,365
82,073
83,566
83,982
84,649
85,216
85,598
85,677
91,910
89,350
90,748
111,133 111,492 112,909
131,813 133,598 134,783
122,269 123,042 123,887
INDEX OF INDUSTRIAL PRODUCTION , DURABLE MANUFACTURES
(1967=100)
AVERAGE FOR PERIOD
32.2 1
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
57.8
27.3
36.6
39.0
38.1
36.5
48.4
50.1
58.7
52.7
57.4
22.8
37.0
38.7
37.4
37.0
48.9
50.4
59.2
52.2
56.4
29.7
37.6
38.9
36.8
37.8
49.6
50.7
59.9
51.4
54.6
30.0
37.8
38.4
36.1
40.2
49.9
50.1
60.1
51.0
51.9
27.3
37.9
38.9
35.2
42.0
49.5
50.4
60.1
51.3
49.5
30.4
38.0
39.5
35.2
44.1
49.3
48.1
59.6
51.4
47.8
32.4
37.1
40.1
35.2
45.7
48.2
45.8
60.4
50.9
39.7
34.3
37.2
39.9
35.5
47.6
47.9
51.8
60.2
50.8
32.1
35.6
37.7
39.5
36.3
47.2
48.4
54.4
58.6
50.7
30.0
36.5
37.8
40.0
33.0
47.6
48.4
55.5
58.0
51.5
31.4
36.9
38.4
39.3
33.4
47.7
49.2
57.1
55.7
52.5
36.8
38.7
38.7
35.2
48.2
49.6
57.8
53.9
53.4
57.2
26. b
37.1
38.9
37.4
37.1
49.0
50.4
59.3
52.1
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
54.9
61.2
63.2
54.3
59.6
67.5
57.7
66.1
70.5
75.5
55.8
60.6
63.9
52.4
60.9
66.9
57.1
67.5
71.0
75.9
57.4
60.6
63.5
51.4
62.3
65.4
57.3
68.0
71.3
76.1
58.3
61.9
62.5
50.3
64.1
64.3
59.3
68.5
72.3
77.2
59.6
60.6
61.7
50.7
65.5
63.8
60.6
68.0
73.3
77.5
59.6
60.4
62.7
52.5
66.1
62.5
61.7
67.6
73.6
77.7
60.0
55.7
62.3
52.9
62.8
62.4
62.8
68.3
73.3
78.6
60.3
60.0
62.6
54.2
58.7
62.1
64.1
68.8
73.2
79.2
60.2
61.7
61.5
54.9
58.2
61.2
63.1
69.3
73.9
79.9
61.2
62.5
60.0
55.1
57.9
60.9
64.5
69.5
74.7
77.5
60.9
62.3
58.2
58.4
58.6
59.4
66.1
69.9
74.9
81.3
61.5
63.4
56.0
58.5
65.0
57.6
67.1
70.1
74.9
83.3
56.0
60.8
63.5
52.7
60.9
66.6
57.4
67.2
70.9
75.8
59.2
61.0
62.3
51.2
65.2
63.5
60.5
68.0
73.1
77.5
60.2
59.1
62.1
54.0
59.9
61.9
63.3
68.8
73.5
79.2
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
84.0
94.8
100.5
104.4
109.8
105.2
101.4
107.0
122.5
126.3
109.0
84.8
95.6
99.2
105.0
110.1
104.8
101.5
108.3
124.3
125.6
105.6
86.3
97.0
98.5
104.7
110.9
104.9
101.2
109.3
124.8
126.0
104.7
87.1
98.1
99.1
105.1
110.6
104.1
101.4
111.2
125.3
126.0
105.4
88.0
98.5
98.9
106.7
109.6
103.6
102.7
111.7
126.3
127.5
105.5
88.8
99.0
98.7
107.2
110.7
103.1
102.7
112.3
127.1
128.5
107.0
90.5
99.4
98.5
106.9
111.2
103.2
102.2
112.9
128.4
128.5
109.3
90.5
99.7
99.9
106.5
111.5
103.0
100.3
114.6
127.5
128.6
112.3
90.6
100.8
99.4
106.4
111.9
101.4
102.5
116.4
129.2
129.1
113.5
91.3
102.1
100.1
107.0
111.9
97.1
103.7
118.4
129.3
126.6
112.7
91.7
100.3
102.8
108.6
110.0
96.5
103.8
120.0
129.8
121.6
113.4
85.0
95.8
99.4
104.7
110.3
105.0
101.4
108.2
123.9
126.0
106.4
88.0
98.5
98.9
106.3
110.3
103.6
102.3
111.7
126.2
127.3
106.0
90.5
100.0
99.3
106.6
111.5
102.5
101.7
114.6
128.4
128.7
111.7
93.7
100.9
103.8
108.8
109.Ol
100.31
104.61
121.8
129.7
114.7
114.4
The Handbook of Cyclical Indicators
Monthly
Quarterly
Annual
Year
Jan.
Feb.
Apr.
Mar.
74.
June
May
INDEX OF INDUSTRIAL
PRODUCTION
(1967=100)
July
Aug.
NONDURABLE
Sept.
Oct.
Nov.
Dec.
1 Q
II Q
III Q
IV Q
MANUFACTURES
AVERAGE
FOR PERIOD
1945...
194b...
1947.. .
194b...
1949...
1950...
1951...
1952...
iy53...
1954...
39.4
38.2
41.6
42.5
41.8
43.7
49.7
47.7
50.9
50.1
39.3
39.4
41.4
42.7
41.8
44.2
49.7
47.9
51.5
50.4
39.2
39.1
41.4
42.4
41.6
44.6
49.3
47.8
51.7
50.7
39.3
39.0
41.0
42.9
40.9
45.4
49.3
47.9
51.7
50.6
39.3
38.9
40.6
43.1
40.9
45.8
49.1
47.4
52.2
50.9
39.5
38.8
40.4
43.4
41.3
46.2
48.7
48.7
51.7
51.2
39.4
38.9
40.9
43.1
41.2
47.6
48.1
49.1
51.9
51.4
37.6
39.9
41.0
42.7
41.8
48.8
47.3
49.7
51.5
51.3
37.5
40.2
41.2
42.6
42.7
48.3
47.1
50.1
51.1
52.1
37.2
40.9
41.9
42.6
43.3
48.5
46.6
50.7
50.7
52.5
37.6
41.3
42.4
42.2
43.1
48.4
47.1
51.3
50.2
53.1
37.2
41.7
42.3
42.0
43.3
49.5
47.3
51.4
49.5
54.U
39.3
38.9
41.5
42.5
41.7
44.2
49.6
47.8
51.4
50.4
39.4
38.9
40.7
43.1
41.0
45.8
49.0
48.0
51.9
50.9
38.2
39.7
41.0
42.8
41.9
48.2
47.5
49.6
51.5
51.6
37.3
41.3
42.2
42.3
43.2
48.8
47.0
51.1
50.1
53.2
38.5
39.7
41.3
42.7
42.0
46.7
48.3
49.2
51.2
51.6
1955...
195b...
1957...
195b...
1959...
I960...
1961...
19b2...
1963...
1964...
54.5
59.8
60.9
59.9
65.5
70.0
68.3
74.0
77.2
82.7
54.9
59.9
61.4
59.6
66.5
69.4
68.7
75.0
78.1
83.1
56.0
59.7
61.7
59.3
66.7
69.7
69.3
75.5
78.8
82.8
56.4
60.1
60.8
59.0
67.5
69.8
70.1
75.3
79.6
84.7
57.2
59.7
61.0
59.7
67.7
69.9
70.5
75.7
79.9
85.3
57.3
59.3
60.9
61.0
67.4
69.6
71.2
75.7
79.9
85.0
57.3
59.7
61.4
61.7
68.6
69.7
71.6
76.1
79.7
85.7
56.9
60.1
61.5
62.6
68.5
68.9
72.2
75.9
80.7
86.0
57.7
60.1
61.6
63.0
68.7
68.8
72.1
76.5
81.0
86.0
58.5
60.6
60.9
63.6
67.9
69.0
73.6
76.1
81.4
86.5
59.3
60.3
60.3
64.4
68.0
68.3
74.5
76.6
81.7
86.9
59.8
60.9
60.2
64.4
68.9
68.1
74.9
76.8
81.8
87.7
55.1
59.8
61.3
59.6
66.2
69.7
68.. 8
74.8
78.0
82.9
57.0
59.7
60.9
59.9
67.5
69.8
70.6
75.6
79.8
85.0
57.3
60.0
61.5
62.4
68.6
69.1
72.0
76.2
80.5
85.9
59.2
60.6
60.5
64.1
68.3
68.5
74.3
76.5
81.6
87.0
57.2
60.1
61.1
61.6
67.7
69.3
71.5
75.8
80.0
85.2
88.9
94.1
98.8
102.8
108.9
112.2
113.6
122.1
130.3
135.5
119.8
89.1
94.5
98.3
103.6
110.3
112.6
113.5
122.7
132.4
135.7
118.4
89.7
95.7
97.9
104.3
110.7
111.9
113.5
123.7
133.3
136.8
116.1
89.6
95.3
99.4
104.4
110.5
112.2
114.6
125.1
132.9
136.5
118.8
90.1
96.4
97.8
105.6
111.1
112.3
115.1
125.1
134.4
137.5
120.8
90.4
96.6
98.7
106.2
111.6
112.4
116.1
125.9
133.4
137.6
125.5
90.9
97.4
98.2
105.9
112.8
113.1
117.2
126.0
133.8
137.4
128.1
91.3
97.5
100.3
107.2
112.6
111.7
117.0
127.5
134.5
137.2
130.5
91.7
97.7
101.4
107.9
112.3
112.3
118.2
128.0
134.0
136.4
132.9
92.4
97.8
102.2
108.1
112.3
112.4
119.5
129.0
135.0
133.6
133.6
92.9
98.2
102.6
109.0
112.4
111.9
120.1
129.9
135.1
128.9
136.2
89.2
94.8
98.3
103.6
110.0
112.2
113.5
122.8
132.0
136.0
118.1
90.0
96.1
98.6
105.4
111.1
112.3
115.3
125.4
' 133.6
137.2
121.7
91.3
97.5
100.0
107.0
112.6
112.4
117.5
127.2
134.1
137.0
130.5
92.9
98.1
102.7
108.4
112.5
112.4
120.2
130.2
135.1
128.5
135.6
90.9
96.7
100.0
106.2
111.5
112.3
116.6
12b.5
133.8
134.6
126.4
1965...
1966...
1967...
19b8. . .
1969...
197U...
1971...
1972.. .
1973...
1974.. .
1975...
1976...
75.
93.5
98.4
103.3
108.0
112.8
112.8
120.9
131.7
135.2
123.1
136.9 1
IfJDEX OF INDUSTRIAL PRODUC riON, CONSUMER GOODS
(1967=100)
AVERAGE
FOR PERIOD
1945...
1946.. .
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
33.1
36.8
42.0
43.7
42.5
45.4
52.4
48.1
53.7
51.1
32.9
38.2
41.9
43.8
42.4
45.5
52.4
48.5
54.2
51.7
32.8
38.0
42.0
43.3
42.7
46.4
51.6
48.7
54.2
51.8
33.0
38.4
41.9
43.7
42.6
47.7
50.7
48.7
54.1
51.8
33.1
38.5
41.6
43.5
42.6
48.8
49.8
48.6
54.3
52.1
33.3
38.6
41.6
44.2
43.1
50.1
49.1
50.0
53.5
52.4
33.3
39.5
41.8
44.2
43.5
51.6
47.5
49.1
53.6
52.6
31.8
40.8
42.1
43.7
43.9
53.3
46.4
50.1
53.3
52.7
33.3
41.6
42.5
43.5
44.6
52.0
46.9
51.4
52.5
53.2
33.8
42.1
43.2
44.0
44.7
51.6
46.6
52.2
52.5
53.3
34.8
42.7
43.8
43.5
44.1
51.3
47.4
53.3
51.7
54.5
35.2
42.9
43.9
43.0
43.6
52.1
47.7
53.3
50.9
55.5
32.9
37.7
42.0
43.6
42.5
45.8
52.1
48.4
54.0
51.5
33.1
38.5
41.7
43.8
42.8
48.9
49.9
49.1
54.0
52.1
32.8
40.6
42.1
43.8
44.0
52.3
46.9
50.2
53.1
52.8
34.6
42.6
43.6 1
43.5
44.1 i
51.7
47.2
52.9
51.7
54.4
33.4
39.9
42.4
43.7
43.4
49.6
49.1
50.2
53.2
52.9
1955...
1956...
1957...
195b.. .
1959...
196U...
1961...
1962...
1963...
1964.. .
56.7
61.1
62.0
60.9
66.5
71.4
68.6
75.1
79.2
84.0
56.9
60.9
62.8
6U.5
67.0
70.6
69.0
75.5
80.1
83.8
58.0
60.8
62.9
60.0
67.0
70.7
69.0
76.1
80.4
83.4
58.4
61.1
62.3
59.4
68.1
71.1
70.7
76.8
80.7
85.5
59.2
60.7
62.4
60.3
68.4
71.6
71.5
77.2
80.9
86.2
58.7
60.6
62.7
61.5
68.1
71.1
72.3
76.7
81.4
86.0
58.9
60.7
62.9
62.4
69.0
70.4
72.9
78.0
81.2
87.2
59.0
61.1
63.3
62.6
69.0
70.6
73.4
77.1
81.8
87.1
59.4
61.0
63.3
61.9
68.8
70.3
72.2
77.6
82.0
86.1
60.5
61.5
62.3
62.4
68.5
71.0
74.2
77.4
82.6
84.4
60.7
61.1
62.1
65.5
67.0
69.7
75.5
77.9
82.7
87.6
61.0
61.6
61.7
65.8
69.2
69.2
75.6
78.2
83.2
89.4
57.2
60.9
62.6
60.5
66.8
70.9
68.9
75.6
79.9
83.7
58.8
60.8
62.5
60.4
68.2
71.3
71.5
76.9
81.0
85.9
59.1
60.9
63.2
62.3
68.9
70.4
72.8
77.6
81.7
86.8
60.7
61.4
62.0
64.6
68.2
70.0
75.1
77.8
82.8
87.1
59.0
61.2
62.6
62.1
68.1
70.7
72.2
77.1
81.3
85.9
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
90.7
95.6
99.0
103.3
108.9
108.0
112.2
119.8
129.5
128.3
117.0
90.9
95.9
98.4
104.1
109.8
108.8
112.1
120.6
130.5
127.8
116.1
91.7
96.6
98.8
104.3
110.0
109.1
112.3
121.5
131.4
128.5
117.0
91.5
96.9
99.3
104.5
109.1
109.6
113.0
122.5
131.2
129.6
119.0
92.0
96.9
99.0
105.2
108.2
110.1
113.2
123.0
132.1
130.3
120.4
92.3
97.3
98.8
105.7
109.3
110.3
113.9
123.2
131.2
131.2
124.3
92.3
97.2
98.6
105.5
110.9
110.5
115.5
124.0
131.4
131.2
126.6
92.2
96.8
99.7
106.8
111.3
109.2
115.1
125.5
130.2
132.2
127.5
93.6
97.2
100.0
107.1
110.5
108.4
115.8
126.2
132.9
131.1
129.0
94.1
99.2
101.5
107.8
110.6
106.9
117.0
127.5
133.1
129.7
128.7
94.6
98.7
103.1
108.9
109.4
106.3
117.9
128.4
132.4
126.2
131.1
95.1
98.5
104.0
108.3
109.5
110.5
118.8
130.4
130.5
121.0
132.3
91.1
96.0
98.7
103.9
109.6
108.6
112.2
120.6
130.5
128.2
116.7
91.9
97.0
99.0
105.1
108.9
110.0
113.4
122.9
131.5
130.4
121.2
92.7
97.1
99.4
106.5
110.9
109.4
115.5
125.2
131.5
131.5
127.7
94.6
98.8
102.9
108.3
109.8
107.9
117.9
128.8
132.0
125.6
130.7
92.6
97.3
100.0
105.9
109.8
109.0
114.7
124.4
131.5
128.9
124.0
76.
INDEX OF INDUSTRIAL
PRODUCTION , BUSINESS
(1967=100)
EQUIPMENT
AVERAGE FOR PERIOD
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954.. .
36^6
39.6
37.7
31.8
41.7
50.3
53.4
49.2
37!o
39.4
37.6
32.8
42.2
50.9
53.6
48.6
37.2
39.7
36.7
33.2
42.8
51.3
54.0
47.8
37i7
39.4
36.1
34.1
43.9
51.1
54.0
47.0
37i9
39.3
35.3
35.6
44.3
51.4
53.7
46.9
3&\2
39.8
34.7
37.0
44.8
51.7
53.4
46.3
37!5
40.0
34.1
38.2
45.2
49.2
54.2
46.2
38.2
39.9
33.8
40.3
45.8
50.1
54.0
45.9
38.7
39.7
33.6
39.3
46.8
51.3
53.4
45.4
39.0
39.2
32.2
40.1
47.6
51.8
53.4
45.3
3916
39.3
38.6
31.3
41.1
49.0
53.0
50.7
46.3
36^9
39.6
37.3
32.6
42.2
50.8
53.7
48.5
37.9
39.5
35.4
35.6
44.3
51.4
53.7
46.7
38.1
39.9
33.8
39.3
45.9
50.2
53.9
45.8
39^1
39.0
31.2
40.5
48.4
52.4
51.5
46.1
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
46.6
55.5
62.6
54.8
54.1
60.9
56.6
60.1
63.4
70.3
47.3
56.3
64.0
52.8
54.8
61.3
56.1
60.9
64.4
69.9
47.8
56.9
63.6
51.7
55.4
61.4
56.0
61.7
64.0
70.8
49.4
58.6
62.4
50.7
56.8
60.7
56.6
62.1
64.5
72.4
50.1
58.4
61.3
49.4
58.7
60.9
56.7
62.1
64.4
73.2
50.7
58.6
61.5
49.4
60.1
60.1
57.1
62.7
64.6
73.5
50.9
58.6
61.8
49.7
60.2
59.4
57.4
63.2
65.5
74.5
51.2
59.3
61.7
50.6
59.7
58.6
57.7
63.9
67.1
74.4
51.5
59.5
60.9
51.1
59.2
58.1
58.6
63.8
66.9
75.1
53.9
60.0
59.2
51.7
58.8
57.6
58.5
64.1
68.1
74.5
54.2
61.0
57.7
52.6
57.8
57.5
60.1
64.1
68.6
77.0
55.1
61.7
55.9
53.0
58.7
56.2
60.3
63.7
68.5
78.4
47.2
56.2
63.4
53.1
54.8
61.2
56.2
60.9
63.9
70.3
50.1
58.5
61.7
49.8
58.5
60.6
56.8
62.3
64.5
73.0
51.2
59.1
61.5
50.5
59.7
58.7
57.9
63.6
66.5
74.7
54.4
60.9
57.6
52.4
58.4
57.1
59.6
64.0
68.4
76.6
50.8
58.8
61.1
51.5
57.9
59.4
57.7
62.7
65.8
73.7
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
78.2
93.4
100.3
103.2
109.9
109.8
101.9
110.1
128.2
137.7
130.8
79.6
93.2
100.4
103.5
109.5
109.9
103.0
111.7
130.3
139.2
128.0
80.6
95.0
100.0
104.5
111.1
109.7
102.3
114.0
130.1
140.3
125.7
81.3
95.7
100.5
104.1
112.3
109.4
102.1
115.1
131.7
141.3
125.6
82.5
97.0
100.4
105.7
111.7
108.8
101.5
116.2
133.1
143.6
126.0
83.7
97.9
99.8
105.4
112.8
108.1
102.3
117.3
134.3
143.8
126.6
85.1
99.5
97.5
104.0
113.9
108.1
103.8
116.6
134.7
145.2
127.3
85.1
99.9
99.4
105.8
113.9
107.2
104.1
119.2
135.8
144.4
129.9
86.8
101.0
99.3
106.3
114.5
105.3
105.9
120.8
136.7
146.5
129.2
88.0
100.7
98.4
107.5
115.0
102.2
106.7
123.2
137.7
144.4
128.8
89.7
99.2
101.5
107.7
112.2
102.0
106.9
125.1
137.8
143.0
129.6
79.5
93.9
100.2
103.7
110.2
109.8
102.4
111.9
129.5
139.1
128.2
82.5
96.9
100.2
105.1
112.3
108.8
102.0
116.2
133.0
142.9
126.1
85.7
100.1
98.7
105.4
114.1
106.9
104.6
118.9
135.7
145.4
128.8
89.8
100.2
100.8
107.8
113.1
102.7
107.3
124.8
138.0
142.0
130.0
84.4
97.7
100.0
105.5
112.5
107.0
104.1
118.0
134.2
142.4
128.2
1977
91.6
100.6
102.4]
108.1]
112.2
104.01
108.2
126.2
138.6
138.7
131.6
38.9
31.6
40.6 1
48.3
52.4
51.9 I
45.9
38.0
39.5
34.5
37.0
45.2
51.2
53.3
46.8
Quarterly
Monthly
Year
Annual
Jan.
77.
Feb.
RATIO,
Mar.
May
Apr.
INVENTORIES TO SALES,
June
July
Aug.
MANUFACTURING AND TRADE, TOTAL ,
(RATIO)
Sept.
Oct.
Nov.
Dec.
|
1 Q
II Q
III Q
IV Q
IN 1 9 7 2 DOLLARS
AVERAGE FOR PERIOD
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
l!49
1.56
1.53
1.44
1.69
1.60
1.70
1.50
1.57
1.49
1.49
1.67
1.58
1.67
1.50
1.57
1.48
1.54
1.69
1.57
1.67
1.50
1.57
1.47
1.59
1.67
1.59
1.65
K52
1.59
1.45
1.60
1.64
1.60
) .67
1.52
1.55
1.41
1.63
1.65
1.63
1.64
1.53
1.60
1.29
1.68
1.68
1.62
1.64
1.53
1.57
1.30
1.66
1.65
1.65
1.64
K53
1.55
1.41
1.67
1.62
1.66
1.63
1.53
1.59
1.45
1.67
1.58
1.66
1.62
1.54
1.56
1.52
1.68
1.60
1.69
1.58
K52
1.55
1.45
1.71
1.57
1.71
1.54
l.*49
1.57
1.50
1.49
1.68
1.59
1.68
1.57
1.44
1.61
1.65
1.60
1.66
1.53
1.57
1.33
1.67
1.65
1.64
1.64
K53
1.57
1.48
1.69
1.58
1.69
1.58
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
1.52
1.50
1.55
1.64
1.54
1.52
1.64
1.53
1.56
1.52
1.51
1.53
1.54
1.66
1.52
1.54
1.63
1.54
1.54
1.52
1.49
1.53
1.55
1.68
1.51
1.56
1.60
1.53
1.54
1.53
1.47
1.54
1.58
1.68
1.51
1.56
1.61
1.53
1.53
1.51
1.48
1.55
1.58
1.66
1.49
1.59
1.59
1.54
1.54
1.50
1.49
1.55
1.57
1.63
1.50
1.59
1.56
1.55
1.53
1.51
1.49
1.63
1.58
1.62
1.52
1.60
1.58
1.55
1.51
1.49
1.51
1.58
1.58
1.58
1.56
1.61
1.55
1.55
1.54
1.51
1.48
1.58
1.61
1.58
1.55
1.59
1.55
1.56
1.54
1.50
1.49
1.56
1.60
1.56
1.56
1.60
1.53
1.55
1.53
1.52
1.48
1.56
1.62
1.54
1.56
1.62
1.53
1.53
1.55
1.51
1.49
1.55
1.66
1.59
1.53
1.61
1.52
1.56
1.52
1.49
1.51
1.52
1.54
1.66
1.52
1.54
1.62
1.53
1.55
1.52
1.48
1.55
1.58
1.66
1.50
1.58
1.59
1.54
1.53
1.51
1.49
1.59
1.59
1.59
1.54
1.60
1.56
1.55
1.53
1.50
1.49
1.56
1.62
1.56
1.55
1.61
1.53
1.55
1.53
1.51
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1.50
1.47
1.60
1.60
1.61
1.70
1.74
1.66
1.55
1.62
1.89
1.50
1.48
1.62
1.60
1.62
1.70
1.73
1.66
1.55
1.64
1.86
1.48
1.47
1.62
1.59
1.62
1.72
1.72
1.64
1.56
1.64
1.89
1.49
1.49
1.62
1.61
1.62
1.74
1.71
1.63
1.56
1.64
1.85
1.50
1.51
1.62
1.60
1.64
1.72
1.70
1.63
1.57
1.66
1.82
1.50
1.51
1.62
1.60
1.64
1.72
1.70
1.63
1.59
1.68
1.7"
1.49
1.54
1.63
1.59
1.65
1.72
1.71
1.63
1.57
1.68
1.77
1.50
1.54
1.62
1.63
1.65
1.73
1.70
1.61
1.60
1.68
1.75
1.52
1.54
1.62
1.61
1.64
1.74
1.69
1.61
1.60
1.71
1.74
1.49
1.55
1.64
1.60
1.64
1.77
1.70
1.59
1.58
1.75
1.74
1.48
1.57
1.61
1.60
1.67
1.80
1.67
1.57
1.58
1.81
1.75
1.48
1.59
1.59
1.62
1.68
1.74
1.67
1.57
1.62
1.88
1.71
1.49
1.47
1.61
1.60
1.62
1.71
1.73
1.65
1.55
1.63
1.88
1.50
1.50
1.62
1.60
1.63
1.73
1.70
1.63
1.58
1.66
1.82
1.50
1.54
1.62
1.61
1.65
1.73
1.70
1.61
1.59
1.69
1.75
1.48
1.57
1.61
1.61
1.66
1.77
1.68
1.57
1.59
1.81
1.73
78.
N HAND AND ON ORDER, MANUFACTURING,
STOCKS OF MATERIALS A!*D SUPPLIES
(BILLIONS OF DOLLARS)
lisi
1
K52
1.57
1.44
1.61
1.64
1.63
1.64
!
1.49
1.55
1.58
1.62
1.53
1.58
1.58
1.54
1.53
I
1 . 5 1
[
1.49
1.52
1.62
1.60
1.64
1.73
1.70
1.62
1.58
1.70
1.80
IN CURRENT DOLLARS
END OF PERIOD
...
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
5l!59
42.38
5K76
41.32
51.86
39.84
51.78
38.79
52.16
37.86
51.88
37.19
50.93
36.43
49.69
35.74
47!85
35.88
46^12
36.44
45!o4
36.27
43.79
36.35
5l!86
39.84
5K88
37.19
47.85
35.88
43." 7 9
36.35 1
43.'79
36.35
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
37.21
46.24
50.35
40.17
40.00
43.75
38.13
41.72
41.25
43.96
37.77
46.65
50.27
39.33
41.13
42.94
37.71
41.85
41.53
44.00
38.90
46.83
49.83
38.91
42.16
41.97
37.65
41.72
42.09
44.29
39.28
47.80
49.22
38.57
42.88
41.22
37.89
41.21
42.94
44.61
39.76
48.06
48.97
38.27
43.04
40.64
38.18
41.13
43.44
45.06
40.28
47.84
48.47
38.51
43.62
40.20
38.28
40.92
43.21
45.52
41.09
48.97
47.55
38.68
43.62
39.72
38.66
40.78
43.28
46.14
41.74
50.01
46.57
38.75
43.65
39.85
39.45
40.66
43.23
46.66
42.59
50.05
45.99
38.86
44.15
39.86
39.43
40.81
43.54
47.72
43.66
50.29
45.06
38.91
44.38
39.16
39.41
40.74
43.85
48.86
44.37
50.51
44.14
39.40
44.59
38.88
39.70
40.70
43.76
49.65
45.57
50.85
42.97
39.60
44.74
38.27
40.87
40.73
43.76
50.29
38.90
46.83
49.83
38.91
42.16
41.97
37.65
41.72
42.09
44.29
40.28
47.84
48.47
38.51
43.62
40.20
38.28
40.92
43.21
45.52
42.59
50.05
45.99
38.86
44.15
39.86
39.43
40.81
43.54
47.72
45.57
50.85
42.97
39.60
44.74
38.27
40.87
40.73
43.76
50.29
45.57
50.85
42.97
39.60
44.74
38.27
40.87
40.73
43.76
50.29
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
50.91
57.68
67.14
72.31
74.13
76.85
76.32
75.50
87.47
116.95
139.22
51.54
58.78
67.25
72.70
74.20
76.36
76.48
76.13
89.61
120.07
137.52
52.13
60.26
67.01
72.65
74.83
76.20
76.53
76.60
92.53
122.49
134.64
52.36
61.29
67.33
72.75
75.65
76.01
76.20
76.85
94.42
125.10
131.23
52.93
62.34
67.46
72.81
76.51
76.03
75.64
77.87
97.46
129.75
129.83
53.31
63.63
68.00
72.32
76.79
76.06
74.56
78.58
99.84
133.39
128.02
53.71
64.66
68.79
71.75
77.28
75.57
74.27
79.61
101.64
136.65
127.43
53.98
65.92
69.56
72.11
77.33
75.30
74.25
80.99
103.82
139.65
126.51
54.68
66.20
70.05
72.34
77.84
75.11
74.04
82.16
106.15
141.49
125.76
55.48
66.51
70.34
72.81
78.42
74.86
74.35
82.96
108.82
141.12
125.88
56.01
66.61
70.85
73.26
77.99
75.24
74.57
84.22
111.10
141.22
126.12
56.97
66.56
71.65
73.82
77.79
75.60
75.08
85.31
113.99
141.06
125.66
52.13
60.26
67.01
72.65
74.83
76.20
76.53
76.60
92.53
122.49
134.64
53.31
63.63
68.00
72.32
76.79
76.06
74.56
78.58
99.84
133.39
128.02
54.68
66.20
70.05
72.34
77.84
75.11
74.04
82.16
106.15
141.49
125.76
56.97
66.56
71.65
73.82
77.79
75.60
75.08
85.31
113.99
141.06
125.66
56.97
66.56
71.65
73.82
77.79
75.60
75.08
85.31
113.99
141.06
125.66
85.
CHANGE IN MONEY SUPPLY Ml (DEMAND DEPOSITS PLUS CURRENCY)
(MONTHLY RATE, PERCENT)
AVERAGE FOR PERIOD
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
0.27
-0.27
0.27
0.43
0.33
-0.08
0.16
o!l8
-0.18
0.0
0.54
0.34
0.41
0.08
0.08
0.55
-0.53
0.0
0.36
0.43
0.16
0.47
0.08
o!73
-0.27
0.09
0.62
0.17
0.24
0.23
-0.46
0.54
-0.18
0.18
0.44
0.34
0.32
0.16
. 0.86
0.36
-0.09
-0.18
0.35
0.34
0.40
0.0
0.15
0.09
0.18
-0.09
0.44
0.42
0.24
0.08
0.31
o!36
0.09
-0.18
0.35
0.42
0.32
0.08
0.31
0.36
-0.09
-0.09
0.17
0.67
0.56
-0.08
0.15
-o!o9
-0.09
0.0
0.43
0.50
0.24
0.08
0.46
o!35
-0.27
0.09
0.17
0.83
0.32
0.0
0.46
-0.18
-0.27
0.18
0.26
0.57
0.24
0.08
0.15
-o!l5
-0.09
0.39
0.40
0.30
0.16
0.10
0.54
-0.18
0.03
0.47
0.28
0.32
0.13
0.18
0.27
0.06
-0.12
0.32
0.50
0.37
0.03
0.26
-0.21
0.09
0.29
0.63
0.26
0.05
0.36
-o!l2
-0.02
0.37
0.45
0.31
0.09
0.22
1955...
19.56...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
0.53
0.22
0.0
-0.29
0.78
-0.07
0.14
0.13
0.40
0.26
0.68
0.0
-0.07
0.52
0.21
-0.28
0.35
0.13
0.20
0.25
-0.22
0.15
0.07
0.22
0.42
-0.07
0.21
0.27
0.26
0.32
0.22
0.22
0.0
0.37
0.14
0.14
0.28
0.20
0.33
0.13
0.52
-0.15
0.07
0.36
0.42
-0.28
0.34
0.0
0.39
0.63
-0.15
0.15
-0.07
0.65
0.21
0.07
0.21
0.07
0.46
0.31
0.30
0.0
0.07
0.0
0.49
0.49
0.07
-0.13
0.39
0.69
0.0
-0.22
0.07
0.51
-0.28
0.42
0.20
-0.13
0.06
0.50
0.15
0.37
-0.22
0.29
-0.21
0.21
0.34
-0.07
0.26
0.56
0.15
0.07
-0.22
0.43
-0.28
0.0
0.34
0.33
0.45
0.37
-0.22
0.22
-0.15
0.57
-0.07
-0.07
0.41
0.40
0.71
0.43
0.22
0.22
-0.29
0.14
-0.21
0.0
0.20
0.27
-0.25
0.06
0.33
0.12
0.0
0.15
0.47
-0.14
0.23
0.18
0.29
0.28
0.20
0.07
0.0
0.46
0.26
-0.02
0.27
0.09
0.39
0.36
0.15
0.05
-0.02
0.26
0.0
0.37
0.20
-0.11
0.24
0.58
0.05
0.17 1
-0.22
0.38
-0.19
-0.02
0.32
0.33
0.30
0.29
0.18
0.10
-0.06
0.31
0.14
0.05
0.26
0.12
0.30
0.38
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
0.31
0.76
-0.06
0.48
0.49
0.77
0.46
0.68
0.78
0.37
-0.35
0.12
0.41
0.97
0.53
0.49
-0.33
0.86
0.81
0.19
0.52
0.0
0.30
0.46
0.73
0.37
0.29
0.62
0.72
1.01
-0.08
0.44
0.71
0.24
0.75
-0.39
0.53
0.34
0.71
0.80
0.71
0.54
0.47
0.25
0.18
0.0
1.12
1.05
0.34
0.38
1.06
0.33
1.12
0.29
0.98
0.54
0.11
0.83
0.83
0.29
0.14
0.66
0.45
0.84
0.51
1.11
0.36
-0.34
0.77
0.51
0.19
0.28
0.48
0.86
0.34
0.43
0.34
0.18
-0.06
0.55
0.56
-0.05
0.75
0.43
0.81
0.23
0.18
0.38
0.72
0.57
0.65
0.66
0.29
0.79
0.26
0.81
-0.11
0.21
0.27
0.71
-0.34
0.49
0.56
0.19
0.14
0.09
0.64
0.49
0.46
-0.10
0.35
0.06
0.38
0.90
0.29
0.37
0.26
0.60
0.86
0.46
0.75
0.32
0.29
0.52
0.80
0.32
0.41
0.84
0.50
0.83
0.42
0.78
0.42
0.06
0.66
0.58
0.14
0.61
0.39
0.83
0.15
0.27
0.33
0.53
0.17
0.38
0.70
0.05
0.46 !
0.21
1.11
0.59
0.21
-0.27
0.24
0.54
0.55
0.46
0.43
0.35
0.68
0.83
0.30
0.44
0.12
o!63
0.53
-0.04
0.41
0.72
0.18
0.32
0.19
0.78
0.65
0.38
0.13
0.38
0.21
0.54
0.64
0.27
0.42
0.52
0.74
0.48
0.38
0.34
The Handbook of Cyclical Indicators
Monthly
Quarterly
Annual
Year
Jan.
9(j
.
Feb.
Apr.
Mar.
May
June
July
Aug.
Sept.
Oct.
Nov.
IQ
Dec.
R A T I O , C I V I L I A N EMPLOYN ENT TO TOTAL POPULATION OF WORKING AGE, LABOR FORCE SURVEY
(PERCENT)
II Q
III Q
IVQ
AVERAGE FOR PERIOD
1945...
1946...
1947. . .
1948...
1949...
1950...
1951. . .
1952...
1953...
1954...
55.91
55.41
54.36
55.69
55.89
56.15
53.97
56.00
55.40
54.43
55.68
55.85
56.26
54.51
55.45
55.20
54.36
56.31
55.29
56.22
54.03
56.01
54.88
55.12
55.80
55.26
55.68
54.00
55.54
54.65
55.16
56.03
55.47
55.25
53.71
56.35
54.24
55.49
55.46
55.44
55.60
53.57
56.42
54.21
55.40
55.91
55.16
55.50
53.41
55.90
54.36
56.08
55.71
54.95
55.23
53.55
55.91
54.49
55.82
55.39
55.57
54.95
53.89
55.74
54.14
55.98
55.62
55.16
54.89
53.82
55.72
54.80
55.83
55.40
55.68
54.71
53.85
55.99
54.60
55.54
55.97
55.82
53.98
53.59
55.'79
55.34
54.38
55.89
55.68
56.21
54.17
55.97
54.59
55.26
55.76
55.39
55.51
53.76
56.08
54.35
55.77
55.67
55.23
55.23
53.62
55.82
54.51
55.78
55.66
55.55
54.53
53.75
1955...
195b.. .
1957...
195b...
1959...
1960...
1961...
1962...
1963...
1964...
54.12
56.27
55.60
54.60
54.51
54.86
54.50
54.12
54.01
54.11
54.07
56.02
56.10
54.28
54.29
55.04
54.30
54.43
53.90
54.37
54.22
55.88
56.18
54.09
54.73
54.19
54.4 7
54.34
54.07
54.31
54.67
56.03
55.81
53.96
55.09
55.23
54.02
54.14
54.23
54.71
54.73
56.18
55.71
54.12
54.97
55.26
54.02
54.33
54.14
54.85
54.83
56.11
55.83
53.95
55.04
55.29
54.42
54.29
54.08
54.45
55.44
56.04
56.05
53.92
55.11
55.22
54.04
54.06
54.21
54.51
55.65
56.15
55.49
54.10
54.91
54.95
54.18
54.37
54.15
54.49
55.73
56.18
55.58
54.18
54.80
55.20
53.87
54.46
54.29
54.50
55.72
56.04
55.45
54.36
54.86
54.62
54.13
54.30
54.31
54.43
55.91
55.83
55.07
54.29
54.48
54.93
54.20
54.00
54.21
54.47
56.24
55.89
55.25
54.29
55.11
54.57
54.00
53.99
54.10
54.46
54.14
56.06
55.96
54.32
54.51
54.70
54.42
54.30
53.99
54.26
54.74
56.11
55.78
54.01
55.03
55.26
54.15
54.25
54.15
54.67
55.61
56.12
55.71
54.07
54.94
55.12
54.03
54.30
54.22
54.50
55.96
55.92
55.26
54.31
54.82
54.71
54.11
54.10
54.21
54.45
55.11
56.05
55.68
54.18
54.82
54.95
54.18
54.24
54.14
54.47
1965...
1966...
1967...
196b...
1969. . .
1970...
1971...
1972. . .
1973...
1974. . .
1975...
1976...
54.53
55.42
55.69
55.51
56.14
56.70
55.63
55.72
56.16
57.32
55.62
54.57
55.30
55.57
55.83
56.47
56.50
55.39
55.69
56.57
57.36
55.27
54.74
55.27
55.37
55.88
56.41
56.50
55.22
55.98
56.89
57.37
55.19
54.82
55.46
55.64
55.95
56.45
56.48
55.43
55.93
56.83
57.15
55.12
55.07
55.37
55.53
56.27
56.28
56.15
55.45
56.02
56.81
57.21
55.19
54.93
55.52
55.78
56.25
56.54
56.00
55.16
56.07
57.07
57.16
55.13
55.28
55.52
55.88
56.10
56.52
56.11
55.44
56.05
57.00
57.12
55.25
55.13
55.66
55.94
55.98
56.65
55.95
55.50
56.19
56.85
56.94
55.33
54.99
55.67
55.92
55.99
56:57
55.77
55.48
56.10
57.03
56.91
55.25
55.23
55.70
55.99
55.96
56.62
55.80
55.56
56.04
57.24
56.72
55.16
55.19
55.96
55.97
56.07
56.61
55.66
55.70
56.19
57.36
56.39
55.16
55.38
55.80
56.15
56.20
56.68
55.54
55.74
56.39
57.34
56.00
55.23
54.61
55.33
55.54
55.74
56.34
56.57
55.41
55.80
56.54
57.35
55.36
54.96
55.45
55.65
56.16
56.42
56.21
55.35
56.01
56.90
57.17
55.15
55.13
55.62
55.91
56.02
56.58
55.94
55.47
56.11
56.96
56.99
55.28
55.27
55.82
56.04
56.08
56.64
55.67
55.67
56.21
57.31
56.37
55.18
54.99
55.55
55.79
56.00
56.49
56.10
55.47
56.03
56.93
56.97
55.24
AVERAGE
(MEAN) DURATION OF UNEMPLOYMENT
(WEEKS)
91
8." 9
8.2
11.3
10.6
9.3
9.3
8.7
8.3
11.8
10.8
8.8
8.4
9.5
8.3
12.4
10.1
8.4
8.5
10.6
8." 5
8.8
12.6
10.6
9.0
7.8
10.9
9.*1
9.1
12.7
9.9
7.8
7.9
11.6
8.8
10.0
13.1
8.7
7.3
8.2
12.3
8!6
10.8
12.5
9.2
7.5
7.9
12.5
8.8
11.0
12.2
9.1
7.6
3.0
12.8
8." 5
11.7
12.2
9.1
8.1
7.1
12.9
10.9
12.3
8.9
9.1
7.2
13.3
11.6
10.7
9.7
9.5
7.9
13.2
11.8
1955...
1956...
1957. . .
195b. . .
1959.. .
1960...
1961...
1962...
1963...
1964. . .
13.4
11.7
10.4
10.5
16.3
13.5
13.7
15.3
13.8
13.5
14.2
12.5
10.7
11.0
15.5
13.1
13.6
16.0
14.1
13.2
13.4
11.6
10.8
11.2
15.3
13.0
14.1
15.0
14.5
13.5
14.3
11.0
10.6
12.1
14.9
12.6
15.5
14.9
14.5
12.4
14.4
10.4
10.4
13.1
14.7
11.9
15.6
15.5
14.5
13.6
13.4
10.1
10.2
14.4
14.9
11.9
16.2
15.1
14.0
13.6
13.8
10.5
10.1
14.6
14.3
12.6
17.3
14.6
14.0
14.7
12.3
12.0
10.5
15.7
13.7
12.2
17.0
14.5
13.9
13.0
11.7
11.8
9.8
16.5
13.7
12.9
16.1
14.1
14.2
12.7
11.5
11.6
11.1
16.5
12.9
13.5
15.9
14.1
13.9
12.6
11.3
10.9
10.4
16.4
13.1
13.9
17.0
13.3
13.3
14.0
1965...
1966...
1967...
196b...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
12.2
11.9
9.3
9.4
8.1
7.9
10.5
12.2
11.0
9.6
10.8
12.6
11.2
9.2
8.7
7.9
8.0
10.4
12.4
10.5
9.6
11.7
12.0
11.1
8.9
8.5
7.9
8.3
10.6
12.3
10.6
9.6
11.5
11.4
10.8
8.8
8.7
7.9
8.3
10.9
12.4
10.0
9.8
12.9
11.1
10.2
8.7
8.2
7.9
8.6
11.2
12.3
10.1
9.6
13.5
11.6
9.7
8.3
7.9
7.7
8.7
11.6
12.4
9.6
9.7
15.3
11.6
9.7
8.3
8.4
7.8
8.9
11.5
11.8
9.6
9.8
14.9
11.9
9.8
8.9
8.3
7.9
8.8
11.5
11.8
9.8
9.8
15.4
11.9
10.1
8.4
8.2
8.0
8.9
11.9
12.1
9.4
9.6
16.1
12.1
10.3
8.7
8.4
7.6
8.6
12.6
11.7
10.2
9.9
15.5
11.7
9.7
8.9
8.1
8.0
9.4
12.0
11.4
10.0
9.7
16.8
92.
s'.i
CHANGE IN S E N S I T I V E PR I C E S
(WPI OF CRUDE MATERI ALS EXCLUDING FOODS,
MONTHLY DATA
(PER CENT)
s'.5
i'.'s
8.7
8.3
11.8
10.5
8.8
8.7
9.6
8.8
9.3
12.8
9.7
8.0
8.0
11.6
8.6
11.2
12.3
9.1
7.7
7.7
12.7
8.5
11.4
11.2
9.3
9.1
7.7
13.3
12.0
11.4
10.4
15.7 !
13.1
12.4
15.8
13.6
13.3
12.7
13.7
11.9
10.6
10.9
15.7
13.2
13.8
15.4
14.1
13.4
14.0
10.5
10.4
13.2
14.8
12.1
15.8
15.2
14.3
13.2
12.6
11.4
10.1
15.6
13.9
12.6
16.8
14.4
14.0
13.5
11.6
11.3
10.6
16.2
13.0
13.3
16.2
13.7
13.5
13.1
11.4
9.5 !
8.6
8.2
8.0
9.8
11.5
11.4
9.5
10.2
16.9
12.3
11.4
9.1
8.9
8.0
8.1
10.5
12.3
10.7
9.6
11.3
11.4
10.2
8.6
8.3
7.8
8.5
11.2
12.4
9.9
9.7
13.9
11.8
9.9
8.5
8.3
7.9
8.9
11.6
11.9
9.6
9.7
15.5
11.7 1
9.8
8.7
8.2
7.9
9.3
12.0
11.5
9.9
9.9
16.4
s!i
9.3
8.8
8.0
13.4
4.92
-0.45
-1.34
1.43
0.0
0.21
0.21
-0.46
l.*82
3.37
-4.53
1.76
0.09
-0.63
-0.53
1.52
-3.71
1.41
-3.08
3.00
-0.28
0.21
-0.43
2.64
0.0
-0.21
-0.98
4.03
-1.78
-2.64
1.61
-0.56
2.90
-0.87
1.08
-1.90
-0.65
1.06
-0.56
2.25
-0.52
0.0
3.51
-2.52
-0.33
-1.36
-1.13
0.0
-0.94
3.24
2.57
-0.80
-0.66
-2.02
0.11
3.06
-1.27
-0.48
1.80
-0.80
0.99
-2.60
2.17
1.07
0.0
0.73
2.26
-2.63
0.11
-0.11
0.67
2!47
-0.75
-0.36
1.35
-0.21
0.98
-1.90
-1.11
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962..,
1963...
1964...
2.36
1.17
-1.04
-0.84
0.30
-0.10
-0.32
0.72
-0.63
0.0
2.09
-1.73
-1.34
1.05
1.41
-1.65
0.63
-0.31
0.11
-0.32
0.54
0.98
-0.68
-0.52
0.79
-1.88
1.16
-1.12
0.0
0.32
0.75
1.07
-1.76
-0.84
0.29
0.30
0.73
-0.93
-0.21
i
1.48
-0.53
-1.44
1.59
0.53
0.0
0.20
0.31
-0.31
0.0
-0.42
0.11
-4.19
2.06
0.53
0.39
-1.20
0.10
-0.84
-0.11
0.42
3.20
0.20
-0.29
0.63
0.0
-0.71
0.51
-0.11
0.0
0.83
1.86
2.84
-1.25
0.73
0.0
-1.02
0.51
-0.32
-0.64
1.24
2.43
0.49
-2.54
0.93
0.59
-0.41
0.30
0.32
0.11
0.0
-0.59
0.29
-2.60
2.45
0.29
-1.04
0.51
-0.32
0.43
0.81
0.20
1.27
-2.26
0.40
0.58
-0.73
-2.52
-0.21
0.11
0.61
1905...
1966...
1967...
1968...
I9b9...
1970...
1971...
1972...
1973...
1974...
1975...
197b...
-1.98
1.07
-0.49
-0.29
0.48
0.69
0.25
0.40
1.08
4.05
-1.03
0.0
1.25
-0.79
0.30
0.10
1.46
0.0
0.16
0.93
5.89
-0.86
0.30
0.76
-0.80
0.79
1.53
0.17
-0.33
1.58
0.21
4.76
-1.00
0.71
-0.28
-1.31
-1.66
1.22
0.51
1.49
-0.39
2.26
5.02
0.96
1.20
0.19
0.61
-0.79
1.02
0.17
-0.08
0.70
2.28
-3.43
1.68
-0.40
0.66
0.61
0.70
1.10
0.42
-0.16
0.39
2.50
0.79
0.45
0.10
0.19
0.20
0.79
1.18
-0.59
0.81
1.01
0.92
5.65
-1.07
0.99
-3.18
-0.20
0.20
1.80
-0.76
-0.16
1.53
1.83
0.57
1.35
-0.20
-0.19
0.40
0.20
0.88
1.36
0.49
0.45
3.52
0.39
2.84
0.49
-0.19
0.20
1.18
0.26
1.59
0.24
1.35
2.66
0.09
-0.86
0.49
-0.29
1.00
0.58
0.0
-1.98
-0.64
1.70
5.73
-0.04
-0.61
!
|
13.0
11.3
10.5
13.9
14.4
12.8
15.6
14.7
14.0
13.3
11.8
10.4
8.7
8.4
7.8
8.6
11.3
12.0
10.0
9.8
14.2
AVERAGE FOR PERIOD
2.95
0.68
-2.51
1.69
0.19
-0.42
1.63
-0.81
BCD 1977
j
8.6
10.0
12.1
9.7
8.4
8.0
11.8
FEED S AND F I B E R S ) ,
-0.76
0.0
1.61
-0.73
-0.65
-1.25
61 i l
j
10.7 1
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
l'.'ui
!
AVERAGE FOR PERIOD
1945...
1946...
1947...
194b...
1949...
1950...
1951...
1952...
1953...
1954...
k'.A
j
55.91
54.70
55.30
55.75
55.46
55.37
53.82
1
|
!
l
j
0.69
-1.54
1.04
0.60
-0.31
0.40
-0.84
-0.63
1.52
-2.86
2.93
-0.66
-1.02
0.22
1.20
2.79
0.48
0.79
2.39
-1.74
-0.55
-0.77
-0.53
2.20
-0.67
-0.04
1.80
-1.21
0.69
-1.54
0.58
0.50
-0.91
2.04
-0.75
-0.30
-0.42
0.10
2.09
1.84
0.63
-1.29
-0.87
0.0
0.93
0.85
0.53
1.31
1.66
0.14
-1.02
-0.10
0.83
-1.21
0.49
-0.24
-0.17
0.0
0.11
-1.52
0.63
0.07
0.23
-0.23
0.38
-0.69
-0.11
0.49
2.50
1.18
-1.36
0.76
0.20
-0.71
0.44
-0.04
-0.18
0.69
0.57
1.13
-1.41
0.52
0.0
-0.59
-0.36
0.11
0.36
0.91
1.21
0.23
-0.79
0.31
0.31
-0.69
0.24
-0.21
-0.02
0.52
0.19
-0.78
0.59
0.58
0.70
1.93
1.62
1.02
4.28
-2.61
2.67
-0.56
1.03
-0.69
0.27
0.70
0.77
-0.03
0.71
0.74
4.90
-0.96
0.50
0.19
-0.03
-0.58
1.11
0.37
0.42
0.23
2.35
0.79
1.03
0.30
-1.06
0.13
0.40
1.29
0.0
0.38
1.00
2.09
2.20
1.04
0.39
-0.42
0.60
0.78
0.32
0.51
0.41
1.36
4.22
-0.85
0.40
0.16
-0.07
0.0
0.22
0.86
0.41
0.29
0.82
2.35
1.76
0.38
1
101
Monthly
Quarterly
Annual
Year
Jan.
92.
Feb.
Mar.
Apr.
CHANGE IN SENSITIVE PRICES
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1 Q
(WPI OF CRUDE MATERIALS EXCLUDING F O O D S , FEEDS AND F I B E R S ) ,
SMOOTHED D A T A '
(PERCENT)
II Q
III Q
IV Q
AVERAGE FOR PERIOD
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
1.17
-1.44
0.74
0.82
-0.38
0.52
-1.08
2*12
1.32
-2.89
1.84
0.01
-0.17
0.09
0.66
0.*19
1.48
-2.92
2.50
-0.36
-0.54
-0.02
1.22
0.09
1.44
-2.25
2.82
-0.99
-1.02
0.48
0.85
1.79
1.04
-1.13
2.79
-1.69
-1.12
0.59
-0.12
2.79
0.60
0.09
2.63
-1.90
-0.88
-0.17
-0.64
2.28
-0.21
0.85
2.51
-1.56
-0.27
-1.38
-0.07
1.57
-0.82
1.04
2.42
-1.39
0.07
-1.78
0.68
1.79
-0.70
0.56
2.01
-1.31
0.42
-1.56
0.78
K88
1.72
-0.92
0.28
1.39
-0.82
0.40
-1.20
'.'.'.
0.94
-2.16
1.33
0.35
-0.30
0.42
-0.38
i!s6
1.99
-0.59
0.04
1.77
-1.20
0.42
-1.31
-0.98
0.35
1.33
-0.80
U.45
-1.20
1.25
-2.66
1.89
0.0
-0.34
0.16
0.50
1.03
-1.10
2.75
-1.53
-1.01
0.30
0.03
-0.58
0.82
2.31
-1.42
0.07
-1.57
0.46
o!83
-0.98
1.83
-0.40
-0.52
-0.17
-0.05
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
0.61
0.86
0.91
-1.12
0.16
-0.06
-0.47
-0.32
0.05
0.28
0.88
0.83
0.25
-0.27
-0.03
-0.50
-0.12
0.08
0.06
0.14
1.39
0.32
-0.60
0.09
0.49
-1.04
0.30
0.10
-0.03
0.03
1.39
0.12
-1.14
-0.10
0.83
-1.14
0.66
-0.51
-0.10
0.25
0.69
0.15
.-0.77
-0.19
0.59
-0.77
0.79
-0.79
-0.05
0.48
0.18
-0.66
0.17
-0.10
0.29
-0.35
0.56
-0.74
-0.09
0.48
0.52
-1.66
0.87
0.32
0.18
-0.40
0.34
-0.56
-0.07
0.38
1.32
-1.10
0.65
0.60
0.13
-0.77
0.34
-0.42
-0.14
0.55
2.11
0.40
-0.59
0.70
0.16
-0.84
0.41
-0.23
-0.21
• 0.76
1.86
1.19
-1.74
1.07
0.24
-0.77
0.44
-0.07
-0.11
0.69
0.96
0.94
-2.30
1.31
0.39
-0.77
-0.06
-0.09
0.09
0.58
0.62
0.91 i
-1.94
0.89
0.24
-0.66
-0.46
0.02 |
0.29
0.69
0.96
0.67
U.19
-0.43
0.21
-0.53
-0.10
-0.05
0.03
0.15
0.75
-0.13
-0.56
-0.13
0.57
-0.75
0.67
-0.68
-0.08
0.40
1.32
-0.79
0.31
0.54
0.16
-0.67
0.36
-0.40
-0.14
0.56
1.15
1.01
-1.99
1.09
0.29
-0.73
-0.03
-0.05
0.09
0.65
1.04
0.19
-0.52
0.27
0.31
-0.67
0.23
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
0.44
0.49
-0.47
0.51
0.66
0.39
0.29
0.43
1.31
4.45
-1.04
-0.12
0.71
-0.62
0.32
0.47
0.71
0.40
0.59
1.14
4.71
-1.36
-0.39
0.93
-0.74
0.23
0.54
0.86
0.35
0.72
0.88
4.82
-1.23
-0.11
0.80
-0.83
0.04
0.82
0.74
0.18
0.58
0.94
5.06
-0.63
0.54
0.40
-0.73
-0.37
1.10
0.50
0.37
0.54
1.36
3.67
0.13
0.62
0.21
-0.26
-0.57
1.18
0.32
0.39
0.43
1.96
1.46
0.79
0.40
0.27
0.22
-0.18
1.11
0.18
0.30
0.47
2.12
0.90
0.69
0.26
-0.21
0.34
0.40
1.23
-0.15
0.18
0.84
1.82
1.67
0.30
0.26
-0.92
0.17
0.48
1.32
-0.15
0.27
0.99
1.92
2.27
0.64
0.36
-1.12
0.13
0.46
1.13
0.37
0.28
1.05
2.38
1.28
1.07
0.34
-0.70
0.33
0.59
0.68
0.53
0.11
1.14
3.32
0.25
0.78
0.32
-0.32
0.57 |
0.72 j
0.35
0.42
0.22
1.26
4.10
-0.35
0.43
-0.02
0.71
-0.61
0.35
0.56
0.65
0.35
0.58
1.11
4.66
-1.21
0.35
0.47
-0.61
-0.30
1.03
0.52
0.31
0.52
1.42
3.40
0.10
0.31
-0.29
0.24
0.23
1.22
-0.04
0.25
0.77
1.95
1.61
0.54
0.34
-0.71
0.34
0.59
0.72
0.44
0.20
1.15
3.27
0.39
0.76
699
756
783
706
816
775
821
575
643
576
655
677
586
389
1,157
-400
-875
-870
827
813
681
683
605
723
461
544
390
638
193
650
252
457
564
751
678
684
622
639
496
159
-206
633
811
769
720
743
873
592
452
-252
203
734
-359
-195
-344
-492
-154
-293
-245
254
-36
-310
-109
158
-411
-485
508
-364
-63
518
424
233
123
-128
-231
-440
341
-528
260
538
418
128
102
-lab
-324
247
-360
-1,U03
-733
-lib
41
-1,618
-2,176
84
-151
-373
279
-183
-950
-745
-520
-197
-1,598
-2,982
-123
93.
996
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
744
938
669
900
613
723
720
807
602
560
600
614
298
330
766
505
698
552
546
655
471
578
-640
-672
-614
836
339
503
1,126
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
369
270
122
-255
-267
-126
-409
-316
116
122
-59
495
324
-48
-375
-365
-140
-219
696
555
375
175
517
434
301
89
486
382
269
99
106
-44
-16
144
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974. ..
1975...
1976...
FREE RESERVES (MEMBER BANKS EXCESS RESERVES MINUS BORROWINGS)
(MILLIONS OF DOLLARS)
-480
-799
-91
153
-823
-790
-441
36
-75
-107
-246
-4
38
236
-596
-819
-127
-315
-701
-781
-120
91
134
-1,388
-980
-1,563
-1,444
95
167
571
631
707
700
608
593
672
283
-631
626
373
806
677
599
601
624
152
65
-353
561
749
816
650
752
658
700
664
130
365
711
95
-533
-504
492
-259
-194
551
441
313
167
212
-504
-444
547
-319
-33
453
440
247
82
168
-195
-508
484
-513
37
549
391
138
120
-105
-268
175
-413
-844
-704
-8
27
-1,564
-1,506
17
-180
-352
269
-326
-1,102
-795
-18
-15
-1,638
-2,282
-52
-182
-352
297
-341
-1,064
-701
-322
110
-1,653
-2,739
288
807
689
722
910
623
562
701
765
673
750
861
483
412
-468
-383
366
770
-7
725
675
736
798
756
847
669
383
95
250
708
92
-189
-339
-471
-286
-214
-466
1,056
-139
-383
203
244
110
123
330
365
173
270
148
128
242
307
1,347
1,310
1,202
100
293
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
313
807
406
451
556
905
49
70
99
256
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
299
402
389
237
697
io6
143
169
35
212
210
j
965
370
20
j
96
20
-41
-459
-433
-424
414
547
375
91
89
480
442
419
94
106
614
517
473
33
-34
669
419
268
209
168
-174
-362
-134
-390
-144
-368
-146
-431
-83
-2
22
-222
-165
272
298
268
160
270
107
-132
72
-226
-1,074
-1,217
-658
-190
-946
-682
-606
-183
-1,734
-3,008
-132
-831
-335
-295
-352
-1,477
-2,957
-136
-167
-992
-208
-153
-327
-1,141
-1,585
-245
-988
-305
-144
-292
-1,111
-960
-310
-829
-49
58
-592
-800
-113
-830
-995
-332
-1,258
-1,U71
30
257
148
-60
92
95
109
123
194
189
354
799
640
242
508
816
137
68
172
304
463
993
834
138
601
635
70
91
155
259
495
1,060
1,011
130
676
602
56
69
121
213
368
971
909
119
767
502
96
63
209
255
401
769
1,005
142
921
425
63
100
236
270
527
738
917
109
956
388
51
89
322
265
405
478
362
361
824
416
551
199
671
918
896
319
99
471
626
134
683
996
822
148
109
1,721
1,714
110
505
722
101
746
1,402
976
330
119
1,786
2,580
60
528
674
123
692
1,407
888
453
94
1,788
3,000
271
524
766
87
525
1,593
1,186
1,858
1,352
390
147
106
314
-82
95
-493
247
537
439
133
83
135
100
100
68
170
579
423
146
1,164
1,044
559
382
107
144
176
80
438
563
944
155
328
33
-133
-642
-536
126
111
98
101
161
367
1,166
139
1,092
743
762
663
685
885
169
547
-1,584
-2,982
-276
44
1,077
418
65
1,190
1,358
820
202
127
87
94
164
292
-320
566
457
315
121
-44
126
133
128
75
96
338
683
468
67
274
118
134
145
340
171
111
46
67
95
224
134
118
142
657
161
219
142
95
261
294
1,532
1,593
362
82
486
164
441
246
1,286
194
884
715
811
425
905
149
65
65
313
309
1,016
293
67
127
330
334
849
792
988
476
903
225
37
80
321
331
839
688
710
557
906
87
149
304
327
243
377
866
627
277
555
785
85
76
142
273
421
933
975
130
788
510
72
77
189
246
564
728
89
565
528
766
90
515
490
733
126
427
452
611
133
569
454
557
238
1,067
1,135
607
501
514
462
360
574
373
477
317
423
813
984
339
51
501
674
119
707
1,268
895
310
107
1,765
2,431
147
765
898
1,005
252
1,008
1,249
827
804
438
0.24
0.04
-0.16
0.22
0.88
0.39
0.28
0.75
1.94
2.52
0.05
810
714
707
675
726
749
460
-715
753
762
697
696
706
676
467
!
-66
280
582
-91
627
-365
-128
-257
-270
-323
-20
25
297
-439
-353
588
459
387
112
80
116
520
421
197
107
-77
-90
-273
-276
179
194
-241
-936
-187
-483
-1,082
-959
-207
-871
-616
-207
-128
-1,389
-1,797
145
12
-80
AVERAGE FOR PERIOD
1,048
651
115
-0.03
0.44
®
123
lib
125
83
256
503
844
147
1,032
-0.29
AVERAGE FOR PERIOD
120
530
440
161
135
-55
J
®
-556
94 . MEMBER BANK BORROWINGS FROM THE FEDERAL RESERVE
(MILLIONS OF DOLLARS)
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
...
K63
744
804
486
878
142
105
119
376
430
1,241
425
407
606
2,050
3,308
2,144
3,351
1,861
3,287
1,465
1,793
1,399
1,285
261
211
396
191
61
765 |
1,086
321
107
1,049 !
1,298
703 j
127
1,538
1,194
214
430
164
156
140
115
106
289
780
768
147
714
809
970
279
956
302
52
99
324
310
913
716
775
489
896
126
106
163
339
327
606
831
837
294
799
431
79
104
248
289
539
753
89
535
1,169
931
708
385
2,018
3,315
289
465
634
166
587
470
634
173
563
1,154
1,101
117
103
93
128
275
931
512
82
223
121
99
118
364
1,391
403
291
743
1
803
412
321
1,387
1,260
1,677
2,050
126
194
'This series is a weighted 4-term moving average (with weights 1,2,2,1) placed at the terminal month of the span.
102
The Handbook of Cyclical Indicators
Quarterly
Monthly
Annual
Year
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
IQ
II Q
RATIO , CONSUMER INSTALLMENT DEBT TO PERSONAL INCOME
(PERCENT)
95.
III Q
IV Q
END OF PERIOD
1945...
194b...
1947...
1948...
1949. . .
1950...
1951...
1952...
1953...
1954...
2.29
3.39
4.28
5.37
5.98
5.81
6.96
7.91
U52
2.39
3.49
4.35
5.42
5.95
5.78
7.07
7.91
1.55
2.49
3.59
4.41
5.42
5.91
5.80
7.19
7.91
l!61
2.64
3.73
4.55
5.66
5.82
5.89
7.34
7.96
l!68
2.76
3.78
4.67
5.79
5.77
6.00
7.41
7.89
1.73
2.83
3.76
4.80
5.92
5.69
6.19
7.45
7.88
1.76
2.93
3.83
4.92
6.02
5.65
6.35
7.57
7.89
1.85
3.02
3.87
5.00
6.08
5.65
6.25
7.64
7.83
1.96
2.87
3.95
5.03
6.18
5.68
6.29
7.68
7.78
2'.00
3.09
3.96
5.27
6.15
5.64
6.47
7.70
7.77
2.10
3.21
4.05
5.37
6.09
5.69
6.63
7.84
7.76
2^6
3.26
4.18
5.48
5.96
5.72
6.78
7.87
7.83
1.55
2.49
3.59
4.41
5.42
5.91
5.80
7.19
7.91
1.73
2.83
3.76
4.80
5.92
5.69
6.19
7.45
7.88
1.96
2.87
3.95
5.03
6.18
5.68
6.29
7.68
7.78
2.16
3.26
4.18
5.48
5.96
5.72
6.78
7.87
7.83
1955...
1956...
1957...
1953...
1959...
196U...
1961...
19fa2...
1963...
1964...
7.94
8.95
9.21
9.49
9.02
9.87
10.46
10.10
10.63
11.48
8.03
9.02
9.20
9.47
9.08
9.99
10.40
10.09
10.78
11.56
8.16
9.09
9.22
9.38
9.12
10.09
10.37
10.08
10.86
11.63
8.25
9.10
9.26
9.37
9.16
10.12
10.32
10.14
10.95
11.66
8.34
9.15
9.28
9.31
9.21
10.15
10.25
10.22
11.00
11.72
8.48
9.15
9.28
9.23
9.28
10.23
10.16
10.29
11.04
11.79
8.49
9.22
9.30
9.06
9.40
10.29
10.12
10.34
11.15
11.84
8.64
9.15
9.31
9.05
9.64
10.35
10.13
10.40
11.22
11.85
8.74
9.13
9.38
8.99
9.77
10.40
10.13
10.41
11.26
11.92
8.79
9.09
9.41
8.98
9.88
10.40
10.08
10.48
11.33
12.02
8.82
9.15
9.43
8.88
9.86
10.45
10.04
10.55
11.41
12.00
8.87
9.15
9.47
8.92
9.79
10.55
10.05
10.60
11.41
11.98
8.16
9.09
9.22
9.38
9.12
10.09
10.37
10.08
10.86
11.63
8.48
9.15
9.28
9.23
9.28
10.23
10.16
10.29
11.04
11.79
8.74
9.13
9.38
8.99
9.77
10.40
10.13
10.41
11.26
11.92
8.87
9.15
9.47
8.92
9.79
10.55
10.05
10.60
11.41
11.98
1
8.87
9.15
9.47
8.92
9.79
10.55
10.05
10.60
11.41
11.98
12.03
12.46
12.29
11.98
12.11
12.31
11.95
12.13
12.58
13.10
12.68
12.16
12.43
12.27
11.96
12.16
12.30
11.98
12.08
12.63
13.13
12.68
12.21
12.46
12.22
11.92
12.15
12.24
11.96
12.16
12.71
13.12
12.59
12.31
12.48
12.19
11.96
12.20
11.99
11.98
12.20
12.75
13.10
12.54
12.35
12.50
12.17
11.94
12.26
12.10
11.98
12.27
12.83
13.06
12.41
12.38
12.48
12.14
11.93
12.30
12.16
11.78
12.53
12.89
13.04
12.15
12.43
12.49
12.07
11.92
12.28
12.15
11.98
12.41
12.97
12.95
12.26
12.50
12.45
12.06
11.93
12.26
12.14
12.01
12.42
12.99
12.97
12.18
12.27
12.39
12.06
11.91
12.27
12.11
12.09
12.50
12.99
12.93
12.17
12.43
12.36
12.06
11.97
12.29
12.17
12.14
12.40
13.01
12.84
12.13
12.42
12.34
12.02
11.99
12.31
12.14
12.18
12.40
13.01
12.81
12.14
12.41
12.37
11.96
12.04
12.27
12.10
12.14
12.49
13.01
12.69
12.18
12.21
12.46
12.22
11.92
12.15
12.24
11.96
12.16
12.71.
13.12
12.59
12.38
12.48
12.14
11.93
12.30
12.16
11.78
12.53
12.89
13.04
12.15
12.27
12.39
12.06
11.91
12.27
12.11
12.09
12.50
12.99
12.93
12.17
12.41
12.37 !
11.96
12.04
12.27
12.10
12.14
12.49
13.01
12.69
12.18
12.41
12.37
11.96
12.04
12.27
12.10
12.14
12.49
13.01
12.69
12.18
1I47
!
1*65...
1966...
1967...
1968...
1969...
197U...
1971...
1972...
1973...
1974...
1975...
1976...
96.
MANUF ACTURERS UNFILLED ORDERS , DURABLE GOODS [NDUSTRIES
(BILLIONS OF DOLLA RS)
2a6
3.26
4.18
5.48
5.96
5.72
6.78
7.87
7.83
END OF PERIOD
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
3l!a3
28.25
25.63
20.20
40.84
63.99
74.41
56.18
3l!6b
27.96
24.78
20.56
44.56
63.98
74.83
54.49
31.49
27.81
23.82
20.97
48.47
65.95
74.03
52.00
3l!o7
27.82
22.52
21.43
51.77
68.13
73.51
50.17
30.72
27.49
21.42
21.86
54.20
68.34
73.42
48.38
30^32
28.22
20.18
22.63
56.80
71.06
72.89
46.71
29.56
28.58
19.30
24.96
59.04
72.87
70.71
45.52
29.06
28.80
18.89
28.87
60.01
73.52
68.46
44.52
29.05
28.53
18.59
31.06
60.81
74.37
64.97
44.82
28.56
28.09
18.93
33.03
62.13
73.80
62.43
46.13
28.52
27.48
19.36
34.14
62.94
73.16
60.58
45.31
28i58
26.62
19.62
35.44
63.39
72.68
58.64
45.25
31.49
27.81
23.82
20.97
48.47
65.95
74.03
52.00
3o!32
28.22
20.18
22.63
56.80
71.06
72.89
46.71
29.05
28.53
18.59
31.06
60.81
74.37
64.97
44.82
28.58
26.62
19.62
35.44
63.39
72.68
58.64
45.25
28!58
26.62
19.62
35.44
63.39
72.68
58.64
45.25
1955...
1956...
1957...
1958...
1959...
I960...
1961...
1962...
1963...
1964...
46.03
57.55
63.63
46.05
45.22
47.70
42.14
44.70
46 83
52.56
46.65
57.78
63.61
45.18
46.39
46.65
42.22
45.19
47.91
53.18
47.84
58.19
62.74
44.84
47.51
45.59
41.97
44.79
49.27
53.97
48.20
59.41
61.88
44.15
48.31
44.70
42.28
44.17
49.91
54.92
48.54
59.96
61.24
43.99
48.13
44.20
42.53
43.84
50.84
56.11
49.10
60.22
59.99
44.28
48.46
44.01
42.71
43.68
50.62
57.34
49.91
61.70
58.26
44.27
48.21
43.46
43.01
43.68
50.63
58.94
50.56
63.60
56.56
44.18
48.25
43.84
43.42
43.29
50.85
59.67
51.74
63.72
55.15
43.64
49.04
44.01
43.46
43.80
51.37
60.76
53.21
63.56
53.24
43.68
49.67
43.15
43.48
44.31
51.46
62.01
54.37
63.81
51.79
44.41
49.55
42.76
43.76
44.39
51.63
62.80
56.24
63.88
50.35
44.46
49.21
42.49
44.34
45.98
51.32
63.81
47.84
58.19
62.74
44.84
47.51
45.59
41.97
44.79
49.27
53.97
49.10
60.22
59.99
44.28
48.46
44.01
42.71
43.68
50.62
57.34
51.74
63.72
55.15
43.64
49.04
44.01
43.46
43.80
51.37
60.76
56.24
63.88
50.35
44.46
49.21
42.49
44.34
45.98
51.32
63.81
56.24
63.88
50.35
44.46
49.21
42.49
44.34
45.98
51.32
63.81
1965...
1966...
1967...
1968...
1969...
197U...
1971...
1972...
1973...
1974...
1975...
1976...
64.65
78.23
94.59
101.18
106.56
110.79
103.52
102.76
118.52
158.16
181.80
65.58
79.83
94.68
101.39
107.34
109.76
104.12
103.42
121.24
161.80
179.10
66.36
82.14
94.18
102.80
108.00
109.00
104.10
103.87
125.50
164.75
175.44
67.48
84.08
94.53
103.21
110.40
107.58
103.44
104.30
129.00
167.73
172.76
68.44
85.61
95.57
102.98
111.50
106.95
102.34
105.31
132.92
173.07
171.35
69.32
87.79
97.19
102.95
111.58
106.36
100.73
107.23
136.26
176.84
168.76
70.16
89.63
97.88
101.58
111.45
105.59
100.30
107.85
138.40
180.66
168.33
71.03
90.90
98.42
102.42
111.42
104.34
100.32
108.39
140.98
186.12
167.15
72.34
93.15
98.67
103.40
112.16
103.64
100.68
110.96
143.83
188.76
166.04
73.71
94.00
99.75
104.97
112.12
102.50
101.27
111.98
147.28
187.67
164.63
74.95
94.35
100.06
105.36
112.15
102.14
102.10
113.40
151.21
186.77
164.37
76.40
94.69
101.14
106.56
112.16
102.87
102.62
116.00
154.36
184.70
163.58
66.36
82.14
94.18
102.80
108.00
109.00
104.10
103.87
125.50
164.75
175.44
69.32
87.79
97.19
102.95
111.58
106.36
100.73
107.23
136.26
176.84
168.76
72.34
93.15
98.67
103.40
112.16
103.64
100.68
110.96
143.83
188.76
166.04
76.40
94.69
101.14
106.56
112.16
102.87
102.62
116.00
154.36
184.70
163.58
76.40
94.69
101.14
106.56
112.16
102.87
102.62
116.00
154.36
184.70
163.58
102.
CHANGE IN MONEY SUPPLY M 2 (DEMAND DEPOSITS AND CU RRENCY PLUS TIME DEPOSITS AT COMMERCIAL
BANKS OTH ER THAN LARGE CD S )
(MG NTHLY RATE, PERCENT)
AVERAGE FOR PERIOD
...
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
o!27
-0.14
0.20
0.33
0.37
0.12
0.29
o!28
0.0
0.0
0.54
0.20
0.50
0.18
0.29
0.49
-0.40
0.0
0.27
0.33
0.25
0.53
0.29
o!b3
-0.20
0.14
0.54
0.19
0.31
0.29
-0.06
0.48
-0.14
0.20
0.47
0.32
0.37
0.29
0.86
0^34
0.0
-0.07
0.27
0.32
0.43
0.12
0.28
o'.14
0.14
-0.07
0.26
0.51
0.30
0.23
0.51
0.55
0.14
-0.14
0.20
0.45
0.42
0.23
0.51
0.48
-0.07
-0.07
0.07
0.70
0.60
0.12
0.17
-0.07
0.0
0.26
0.44
0.30
0.29
0.45
0.41
-0.14
0.07
0.20
0.76
0.48
0.17
0.39
-0.20
0.14
0.26
0.56
0.30
0.23
0.17
-o!o4
-0.05
0.34
0.29
0.37
0.28
0.29
o!48
-0.11
0.09
0.43
0.28
0.37
0.23
0.36
0.39
0.07
-0.09
0.18
0.55
0.44
0.19
0.40
-0.14
0.07
0.24
0.59
0.36
0.23
0.34
-0.06
0.0
0.30
0.43
0.39
0.23
0.35
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
0.50
0.11
0.37
-0.10
0.63
-0.09
0.41
0.70
0.74
0.39
0.61
0.0
0.21
1.19
0.38
-0.38
0.69
0.65
0.45
0.46
-0.11
0.22
0.37
0.82
0.29
-0.10
0.23
0.78
0.53
0.38
0.27
0.27
0.16
0.76
0.33
0.29
0.55
0.69
0.61
0.34
0.38
-0.05
0.31
0.65
0.33
-0.10
0.59
0.21
0.56
0.68
0.0
0.27
0.10
0.90
0.28
0.24
0.40
0.42
0.56
0.60
0.27
0.11
0.31
0.40
0.38
0.71
0.40
0.25
0.52
0.68
0.0
0.0
0.26
0.64
-0.24
0.66
0.40
0.13
0.44
0.67
0.27
0.43
0.05
0.29
-0.05
0.56
0.40
0.34
0.47
0.78
0.16
0.11
0.10
0.34
-0.19
0.37
0.44
0.67
0.67
0.55
-0.05
0.27
0.10
0.54
0.09
0.46
0.53
0.67
0.90
0.69
0.22
0.21
0.0
0.19
-0.14
0.28
0.13
0.58
-0.04
0.58
0.33
0.11
0.32
0.64
0.43
-0.19
0.44
0.71
0.57
0.41
0.22
0.16
0.19
0.77
0.31
0.14
0.51
0.44
0.58
0.54
0.18
0.18
0.21
0.44
0.03
0.64
0.40
0.24
0.48
0.71
0.11
0.20
0.07
0.36
-0.08
0.37
0.37
0.64
0.51
0.61
0.21
0.16
0.20
0.55
0.17
0.24
0.43
0.51
0.53
0.57
0.72
0.49
1.03
0.71
0.42
-0.25
1.52
1.03
0.51
0.85
0.59
0.57
0.52
0.90
0.59
0.36
0.64
1.45
1.02
0.43
0.62
0.74
0.50
0.91
0.43
0.53
0.36
0.89
1.07
0.74
0.65
0.65
0.58
0.39
0.45
1.28
0.81
0.26
0.53
1.12
0.69
0.98
0.36
1.13
0.77
0.29
1.09
0.78
0.38
0.57
0.91
0.85
0.83
0.68
1.34
0.70
0.22
0.98
0.55
-0.20
0.89
0.51
0.92
0.49
0.61
0.81
0.62
0.35
0.86
0.90
-0.26
1.08
0.46
0.97
0.69
0.45
0.45
0.89
0.57
0.73
0.89
0.18
1.00
0.52
0.91
0.38
0.33
0.40
0.99
0.09
0.73
0.83
0.10
0.63
0.58
0.80
0.83
0.78
0.44
0.78
0.25
0.58
1.06
0.26
0.70
0.82
0.74
0.93
0.54
0.96
0.77
0.41
0.46
0.84
0.05
0.83
0.77
1.02
0.85
0.31
0.33
0.67
0.62
0.81
0.61
0.43
0.19
1.36
1.06
0.61
0.75
0.57
0.55
0.55
0.93
0.71
0.33
0.66
1.03
0.76
0.82
0.56
1.02
0.74
0.38
0.86
0.78
-0.09
0.99
0.50
0.93
0.52
0.46
0.55
0.85
0.25
0.59
0.91
0.14
0.72
0.72
0.85
0.87
0.54
0.58
0.70
0.45
0.80
0.75
0.20
0.64
0.90
0.90
0.70
0.58
0.68
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
-
0.72
0.86
0.50
0.54
0.52
0.18
1.11
1.12
0.88
0.77
0.39
1977
o!l4
o!6*
o!l8
Monthly
Quarterly
Year
Annual
Jan.
Feb.
Mar.
104.
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
-o'.n
0.17
Apr.
May
June
July
PERCENT CHANGE IN TOTAL L I Q U I D ASSETS
(PERCENT)
Aug.
Sept.
Oct.
Nov.
Dec.
1 Q
III Q
II Q
IV Q
MONTHLY DATA
AVERAGE FOR PERIOD
0.08
0.95
0.48
0.25
0.04
0.13
0.39
0.0
0.51
0.63
0.28
-0.13
0.18
0.34
0.21
0.47
0.88
0.21
0.0
0.22
0.55
0.25
0.19
0.77
0.0
-0.13
0.31
0.38
0.33
0.31
0.58
0.49
0.09
0.17
0.34
0.49
0.62
0.47
0.07
0.13
0.17
0.29
0.53
0.50
0.68
0.35
0.18
0.13
0.08
0.37
0.57
0.43
0.41
0.13
0.09
0.04
0.65
0.61
0.11
0.41
0.04
0.17
0.29
0.61
0.57
0.18
0.51
0.04
U.17
0.21
0.68
0.56
0.14
0.41
0.09
0.30
0.42
0.68
0.52
0.25
0.31
0.06
0.30
0.10
0.64
0.66
0.25
-0.01
0.23
0.42
0.36
0.37
0.61
0.19
0.15
0.13
0.14
0.52
0.56
0.41
0.39
0.06
0.21
0.31
0.66
0.55
0.19
0.41
0.16
0.29
0.41
0.53
0.47
0.31
1955...
1956.. .
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
0.51
0.38
0.46
0.12
0.85
0.43
0.21
0.71
0.81
0.65
0.51
0.51
0.55
0.38
0.31
0.32
0.59
0.56
0.61
0.56
0.03
0.16
0.61
0.26
0.61
0.29
0.33
0.72
0.65
0.62
0.57
0.0
0.27
0.21
0.75
0.29
0.54
0.69
0.82
0.53
0.87
0.22
0.30
0.29
0.63
-0.03
0.69
0.40
0.77
0.69
0.59
0.19
0.24
0.35
0.52
0.11
0.53
0.69
0.70
0.65
0.72
0.06
0.48
0.15
0.87
0.40
0.53
0.77
0.63
0.50
0.46
0.22
0.30
0.64
U.27
0.42
0.35
0.75
0.80
0.52
0.75
0.53
0.15
0.46
0.11
0.50
0.35
0.39
0.62
0.88
0.58
0.28
0.03
0.58
0.16
0.31
0.72
0.37
0.49
0.67
0.42
0.37
0.12
0.77
0.08
0.29
0.67
0.71
0.80
0.61
0.41
0.40
0.30
0.51
0.08
0.21
0.49
0.64
0.44
0.41
0.35
0.35
0.54
0.25
0.59
0.35
0.38
0.66
0.69
0.61
0.68
0.14
0.27
0.28
0.63
0.12
0.59
0.59
0.76
0.62
0.64
0.27
0.31
0.42
0.42
0.44
0.41
0.64
0.68
0.63
0.47
0.35
0.1r
0.62
0.11
0.27
0.63
0.57
0.58
0.56
0.54
0.28
0.32
0.39
0.44
0.30
0.50
0.62
0.68
0.61
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
0.74
0.75
0.43
0.58
0.50
0.30
0.84
1.11
1.02
0.95
0.65
1.25
0.55
0.75
0.70
0.57
0.19
0.91
1.19
0.96
0.92
0.65
0.04
0.42
0.64
0.74
0.53
0.51
0.92
1.00
0.99
0.74
0.61
0.57
0.67
0.47
0.52
0.54
0.56
0.89
0.99
0.96
1.12
0.66
0.62
0.40
0.87
0.73
0.22
0.29
1.12
1.03
1.16
0.70
0.99
0.79
0.23
0.88
0.77
0.08
0.22
1.08
0.98
0.93
0.62
1.13
0.67
0.19
0.75
0.80
-0.08
0.83
0.91
0.97
0.78
0.63
0.95
0.67
0.26
0.83
0.87
0.17
0.73
0.78
0.99
1.08
0.50
0.73
0.77
0.54
0.81
0.70
0.45
0.64
0.64
0.97
0.69
0.40
0.69
0.84
0.24
0.69
0.76
0.20
0.73
0.74
1.08
0.58
0.69
0.97
0.69
0.33
0.63
0.85
0.26
0.72
0.71
1.23
0.86
0.26
1.35
0.58
0.27
0.65
0.77
0.24
0.61
0.74
1.21
0.94
0.24
0.75
0.68
0.57
0.61
0.67
0.53
0.33
0.89
1.10
0.99
0.87
0.64
0.66
0.43
0.74
0.67
0.28
0.36
1.03
1.00
1.02
0.81
0.93
0.70
0.33
0.80
0.79
0.18
0.73
0.78
0.98
0.85
0.51
0.79
0.70
0.28
0.66
0.79
0.23
0.69
0.73
1.17
0.79
0.40
1.02
0.69
0.40
0.70
0.73
0.31
0.53
0.86
1.06
0.91
0.65
0.84
104.
PERC ENT CHANGE IN TOTAL L I Q U I D A S S E T S , SMOOTHED DATA '
(PERCENT)
AVERAGE FOR PERIOD
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
0.01
0.25
0.20
0.74
0.53
0.24
0.04
0.29
0.13
0.68
0.60
0.25
o!l2
-0.05
0.23
0.42
0.31
0.35
0.67
0.21
o!68
0.22
0.38
0.40
0.42
0.59
0.24
0.19
0.29
0.46
0.52
0.55
0.29
0.14
0.14
0.19
0.49
0.56
0.47
0.33
o!l3
0.36
0.12
0.52
0.71
0.20
0.21
0.42
0.21
0.36
0.75
0.20
o!oi
0.21
0.27
0.71
0.53
0.20
0.13
0.14
0.53
0.57
0.32
0.42
0."09
0.14
0.16
0.59
0.58
0.19
0.44
0.06
0.18
0.24
0.65
0.56
0.17
0.43
0*.03
0.25
U.20
0.71
0.55
0.23
0.40
0.21
0.41
0.71
0.20
0.08
0.18
0.29
0.45
0.50
0.54
0.29
0.15
0.18
0.59
0.57
0.23
0.43
0."l4
0.28
0.36
0.55
0.51
0.29
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964,..
0.41
0.44
0.38
0.16
0.66
0.15
0.25
0.62
0.65
0.60
0.43
0.42
0.44
0.22
0.63
0.24
0.29
0.60
0.70
0.59
0.40
0.39
0.50
0.26
0.57
0.31
0.36
0.62
0.69
0.58
0.36
0.29
0.51
0.27
0.57
0.32
0.43
0.66
0.69
0.59
0.43
0.17
0.43
0.27
0.61
0.24
0.50
0.63
0.72
0.59
0.58
0.13
0.33
0.27
0.65
0.15
0.55
0.60
0.75
0.62
0.70
0.15
0.30
0.27
0.65
0.14
0.58
0.61
0.73
0.62
0.66
0.16
0.34
0.32
0.61
0.23
0.53
0.68
0.70
0.58
0.62
0.21
0.32
0.40
0.48
0.37
0.44
0.69
0.70
0.59
0.62
0.31
0.23
0.49
0.30
0.42
0.44
0.57
0.66
0.66
0.59
0.37
0.13
0.58
0.15
0.39
0.53
0.50
0.64
0.70
0.53
0.37
0.12
0.61
0.11
0.32
0.60
0.53
0.61
0.64
0.41
0.42
0.44
0.21
0.62
0.23
0.30
0.61
0.68
0.59
0.46
0.20
0.42
0.27
0.61
0.24
0.49
0.63
0.72
0.60
0.66
0.17
0.32
0.33
0.58
0.25
0.52
0.66
0.71
0.60
0.58
0.35
0.16
0.56
0.19
0.38
0.52
0.53J
0.64
0.67
0.53
0.28
0.34
0.34
0.50
0.27
0.46
0.61
0.69
0.61
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
0.57
0.69
0.31
0.64
0.75
0.25
0.70
0.79
1.16
0.85
0.39
0.69
0.65
0.41
0.63
0.66
0.25
0.75
0.93
1.11
0.93
0.45
0.74
0.60
0.54
0.66
0.57
0.29
0.84
1.06
1.03
0.90
0.57
0.65
0.56
0.61
0.66
0.54
0.38
0.90
1.08
0.98
0.90
0.64
0.51
0.52
0.64
0.66
0.49
0.44
0.94
1.03
1.00
0.89
0.70
0.53
0.46
0.70
0.67
0.35
0.40
1.00
1.00
1.03
0.83
0.84
0.68
0.35
0.79
0.72
0.18
0.40
1.03
1.00
0.99
0.73
0.97
0.70
0.25
0.83
0.79
0.06
0.52
0.98
0.99
0.94
0.62
0.98
0.71
0.28
0.81
0.80
0.12
0.66
0.85
0.98
0.89
0.55
0.86
0.73
0.34
0.79
0.78
0.23
0.72
0.75
0.99
0.82
0.52
0.79
0.76
0.36
0.74
0.77
0.29
0.70
0.71
1.05
0.75
0.49
0.90
0.73
0.32
0.68
0.78
0.27
0.69
0.71
1.13
0.75
0.42
1.01
0.67
0.65
0.42
0.64
0.66
0.26
0.76
0.93
1.10
0.89
0.47
0.56
0.51
0.65
0.66
0.46
0.41
0.95
1.04
1.00
0.87
0.73
0.70
0.29
0.81
0.77
0.12
0.53
0.95
0.99
0.94
0.63
0.94
0.74 j
0.34
0.74
0.78
0.26
0.70
0.72
1.06
0.77
0.48
0.90
0.67
0.45
0.65
0.71
0.38
0.48
0.85
1.00
0.95
0.72
0.76
-o!o6
o!63
105.
HONEY SU PPLY Ml (DEMAND DEPOSITS PLUS CURRENCY) IN 1 9 7 2 DO LLARS
(BILLIONS OF DOLLA RS)
o!i9
o!o9
AVERAGE FOR PERIOD
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
213.2
200.3
193.8
198.4
192.4
194.7
200.0
200.3
212J3
200.1
194.5
198.6
189.6
195.6
200.3
200.1
209.8
200.5
194.6
199.1
190.1
196.3
201.0
200.6
211.4
197.2
194.6
200.2
190.2
196.1
201.2
200.2.
212.8
195.3
195.1
200.1
190.2
196.7
201.3
201.4
193.9
194.6
199.9
191.3
197.1
200.7
201.7
211*1
192.3
196.3
199.3
192.3
196.5
200.9
202.8
210.2
192.2
195.9
198.8
193.5
197.1
200.5
203.6
206.9
192.7
195.3
198.0
193.6
198.5
200.0
204.3
206.2
192.9
196.1
197.6
193.4
198.6
199.8
205.8
205^4
193.5
195.9
197.0
194.0
199.3
200.4
206.4
202!l
194.0
197.1
194.6
193.91
199.6
200.5
206.81
211.8
200.3
194.3
198.7
190.7
195.5
200.4
200.3
195.5
194.8
200.1
190.6
196.6
201.1
201.1
209.4
192.4
195.8
198.7
193.1
197.4
200.5
203.6
2 0 4 ".6
193.5
196.4
196.4
193.8
199.2
200.2
206.3
209^5
195.4
195.3
198.5
192.0
197.2
200.6
202.8
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
207.9
211.3
207.0
197.9
205.0
204.1
202.5
207.4
208.2
212.1
208.9
211.0
205.9
198.5
205.6
203.2
203.0
207.1
208.3
212.9
208.6
211.1
205.6
197.7
206.6
203.1
203.5
207.2
208.7
213.3
209.0
211.3
204.9
198.1
206.8
202.4
204.3
207.3
209.5
213.5
210.3
210.1
204.7
198.8
207.3
201.7
204.8
207.2
210.2
214.7
210.4
209.6
203.7
200.2
207.1
201.7
205.2
207.6
210.5
215.1
210.7
208.5
203.2
200.3
208.0
202.9
204.7
207.2
210.7
216.5
211.0
207.9
202.8
201.1
207.2
203.5
205.1
206.5
210.5
217.6
210.4
208.4
202.1
201.8
206.2
203.8
205.5
205.4
211.2
218.4
210.8
207.3
201.7
202.7
205.0
202.9
206.2
206.4
211.9
218.9
210.0
207.6
200.7
203.6
204.8
202.5
207.0
207.1
213.1
219.3
210.6
207.2
199.7
203.8
204.0
202.2
207.2
207.8
212.0
219.1
208.5
211.1
206.2
198.0
205.7
203.5
203.0
207.2
208.4
212.8
209.9
210.3
204.4
199.0
207.1
201.9
204.8
207.4
210.1
214.4
210.7
208.3
202.7
201.1
207.1
203.4
205.1
206.4
210.8
217.5
210.5
207.4
200.7)
203.4
204.6
202.5
206.8
207.1
212.3
219.1
209.9
209.3
203.5
200.4
206.1
202.8
204.9
207.0
210.4
216.0
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
219.6
226.4
222.9
231.0
238.4
232.3
231.5
239.0
252.1
243.2
225.9
219.8
225.9
224.6
231.5
238.5
230.3
233.3
240.0
250.8
241.5
224.6
220.3
226.4
226.3
231.5
237.6
230.7
234.4
242.0
248.5
239.8
225.3
220.3
227.2
224.9
232.2
237.1
231.1
235.5
243.2
247.9
239.6
224.7
220.1
226.8
227.0
233.8
237.0
230.8
236.8
243.4
249.4
237.7
225.9
220.4
226.7
228.0
234.6
236.4
230.5
237.2
244.1
249.9
236.8
226.7
221.2
225.5
229.0
234.6
235.8
230.4
237.7
245.2
250.4
236.2
225.4
221.9
224.0
229.4
235.1
234.6
231.3
238.2
246.8
246.7
233.6
225.6
223.0
224.8
230.2
235.9
234.2
232.1
238.6
247.8
245.5
231.5
225.2
224.4
223.1
230.6
235.9
233.6
231.3
238.4
248.6
244.9
230.6
223.6
224.6
223.2
230.6
236.9
233.1
231.0
238.4
249.3
245.0
229.7
224.1
225.01
223.3
230.8
237.9
231.71
231.0
238.0
251.5
244.7
228.4
222.4
219.9
226.2
224.6
231.3
238.2
231.1
233.1
240.3
250.5
241.5
225.3
220.3
226.9
226.6
233.5
236.8
230.8
236.5
243.6
249.1
238.0
225.8
222.0
224.8
229.5
235.2
234.9
231.3
238.2
246.6
247.5
233.8
225.4
224.7
223.2
230.7
236.9 i
232.8
231.1
238.3
249.8
244.9
229.6
223.4
221.7
225.3
227.9
234.2
235.7
231.1
236.5
245.1
248.0
235.7
225.0
...
21214
\ .[
212Y2
'This series is a weighted 4-term moving average (with weights 1,2,2,1) placed at the terminal month of the span.
104
The Handbook of Cyclical Indicators
Quarterly
Monthly
Year
Annual
Jan.
106.
Feb.
MONEY SUPPLY M2
Mar.
May
Apr.
June
July
Sept.
Aug.
Oct.
Nov.
Dec.
IQ
(DEMAND DEPOSITS AND CURRENCY PLUS TIME DEPOSITS AT COMMERCIAL BANKS OTHER THAN
LARGE C D ' S ) IN 1 9 7 2 DOLLARS
( B I L L I O N S OF DOLLARS)
II Q
III Q
IV Q
AVERAGE FOR PERIOD
1945...
1946...
1947...
1948...
1949...
195U...
1951...
1952...
1953...
1954...
278.0
263.0
256.7
263.2
252.8
255.4
265.0
269.9
277.2
263.3
257.6
263.5
248.8
256.9
265.8
270.2
273!7
264.0
257.7
263.8
249.2
258.0
266.8
271.4
27^5
259.9
257.9
265.1
249.4
257.9
267.2
271.9
277.1
257.4
258.6
265.0
249.5
258.8
267.7
273.6
276.6
255.9
258.3
264.5
250.8
259.4
267.2
274.3
275!l
253.6
260.5
263.3
252.3
258.7
267.9
276.5
274.5
253.7
260.1
262.2
254.0
259.8
267.8
278.0
270.5
254.3
259.4
261.0
254.2
261.8
267.7
279.0
270.1
254.6
260.4
260.0
253.8
262.1
267.9
281.1
269.2
255.8
260.1
259.2
254.4
263.4
269.2
281.8
265.4
256.7
261.6
256.0
254.3
264.0
269.7
282.3
276J3
263.4
257.3
263.5
250.3
256.8
265.9
270.5
276.4
257.7
258.3
264.9
249.9
258.7
267.4
273.3
273.4
253.9
260.0
262.2
253.5
260.1
267.8
277.8
268.2
255.7
260.7
258.4
254.2
263.2
268.9
281.7
273.6
257.7
259.1
262.2
252.0
259.7
267.5
275.8
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
283.8
289.1
286.5
282.0
300.6
300.1
305.7
320.6
336.2
351.4
284.9
288.6
285.8
284.8
301.0
298.4
307.6
321.8
337.4
353.4
284.7
289.0
286.2
285.3
302.0
298.3
308.4
323.6
338.8
354.3
285.5
289.4
285.7
287.0
302.8
297.7
310.3
325.4
341.1
355.4
286.8
288.1
286.1
288.9
303.4
297.2
311.9
325.8
342.7
357.5
287.4
287.7
285.2
291.6
303.4
297.6
313.2
327.7
343.6
359.3
287.8
286.5
285.3
293.0
304.2
300.2
313.4
328.3
344.4
361.6
288.2
286.3
285.1
294.5
303.3
301.7
314.6
328.1
345.4
364.0
287.7
287.2
284.9
295.5
302.3
303.2
315.4
327.7
347.2
366.2
288.2
285.8
285.3
296.6
300.8
303.0
316.9
330.3
349.2
367.7
287.6
286.4
264.6
297.8
300.9
304.0
318.4
332.3
351.8
369.4
288.4
285.8
284.1
298.2
300.1
304.5
318.6
334.4
350.7
371.0
284.5
288.9
286.2
284.0
301.2
298.9
307.2
322.0
337.5
353.0
286.6
288.4
285.7
289.2
303.2
297.5
311.8
326.3
342.5
357.4
287.9
286.7
285.1
294.3
303.3
301.7
314.5
328.0
345.7
363.9
288.1
286.0
284.7
297.5
300.6
303.8
318.0
332.3
350.6
369.4
286.8
287.5
285.4
291.3
302.1
300.5
312.9
327.2
344.0
360.9
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
373.3
398.7
405.9
431.8
451.5
433.9
449.4
484.4
519.2
515.7
492.2
375.9
398.1
409.2
433.6
451.4
430.5
455.8
487.4
518.1
513.8
492.3
377.7
399.2
412.9
434.4
450.1
431.3
461.2
491.5
516.0
511.2
494.1
378.5
401.3
413.8
435.9
449.2
432.9
464.6
494.0
515.4
511.7
494.4
379.0
402.4
418.3
437.7
448.7
432.9
467.5
496.2
517.7
507.9
497.8
380.4
403.0
421.1
439.0
447.9
434.3
469.4
499.6
518.8
506.8
500.7
383.2
403.1
424.0
439.3
445.0
436.7
470.6
502.2
520.6
506.4
500.1
386.0
402.1
425.9
441.5
441.8
439.9
471.6
506.3
515.2
502.3
500.8
388.6
403.4
427.8
444.2
440.6
442.4
473.7
508.8
515.3
498.3
500.7
392.0
402.2
429.6
445.4
439.1
442.9
475.7
511.3
515.7
497.9
499.8
394.1
403.1
430.4
448.0
437.9
443.7
478.4
513.4
516.3
496.4
501.9
395.7
404.3
431.1
450.5
435.4
445.6
480.2
517.4
517.0
494.1
501.1
375.6
398.7
409.3
433.3
451.0
431.9
455.5
487.8
517.8
513.6
492.9
379.3
402.2
417.7
437.5
448.6
433.4
467.2
496.6
517.3
508.8
497.6
385.9
402.9
425.9
441.7
442.5
439.7
472.0
505.8
517.0
502.3
500.5
393.9
403.2
430.4
448.0
43^.5
444.1
478.1
514.0
516.3
496.1
500.9
383.7
401.7
420.8
440.1
444.9
437.2
468.2
501.0
517.1
505.2
498.0
108.
RATIO,
PERSONAL INCOME TC MONEY SUPPLY M2
(RATIO)
AVERAGE FOR PERIOD
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
1.308
1.349
1.407
1.457
1.583
1.609
1.664
1.644
1.302
1.345
1.401
1.469
1.597
1.625
1.673
1.645
1.295
1.374
1.409
1.499
1.609
1.624
1.680
1.634
1.267
1.383
1.400
1.460
1.624
1.617
1.677
1.629
1.264
1.394
1.394
1.456
1.628
1.629
1.680
1.620
1.279
1.423
1.381
1.459
1.633
1.632
1.685
1.617
1.279
1.426
1.372
1.483
1.622
1.620
1.678
1.611
1.276
1.441
1.385
1.509
1.633
1.658
1.670
1.612
1.370
1.443
1.407
1.522
1.625
1.665
1.668
1.619
1.314
1.449
1.382
1.539
1.636
1.667
1.674
1.622
1.314
1.443
1.398
1.550
1.630
1.655
1.660
1.631
1.330
1.428
1.404
1.581
1.627
1.662
1.651
1.633
1.302
1.356
1.406
1.475
1.596
1.619
1.672
1.641
1.270
1.400
1.392
1.458
1.628
1.626
1.681
1.622
1.308
1.437
1.388
1.505
1.627
1.648
1.672
1.614
1.319
1.440
1.395j
1.557!
1.631
1.661
1.662
1.629
1.300
1.408
1.395
1.499
1.621
1.639
1.672
1.626
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
1.633
1.731
1.801
1.823
1.781
1.873
1.852
1.861
1.859
1.846
1.632
1.741
1.814
1.799
1.791
1.881
1.849
1.863
1.843
1.846
1.647
1.745
1.815
1.793
1.800
1.885
1.850
1.864
1.840
1.849
1.659
1.756
1.814
1.775
1.809
1.897
1.844
1.863
1.835
1.857
1.667
1.759
1.817
1.770
1.815
1.906
1.847
1.863
1.834
1.856
1.673
1.766
1.829
1.764
1.822
1.903
1.858
1.861
1.839
1.855
1.694
1.759
1.831
1.789
1.817
1.892
1.859
1.863
1.833
1.853
1.695
1.786
1.835
1.777
1.808
1.880
1.853
1.866
1.834
1.855
1.703
1.789
1.829
1.782
1.812
1.873
1.850
1.869
1.836
1.851
1.708
1.806
1.827
1.780
1.820
1.872
1.858
1.861
1.836
1.843
1.722
1.801
1.827
1.791
1.838
1.861
1.866
1.858
1.824
1.843
1.729
1.808
1.821
1.796
1.867
1.845
1.875
1.855
1.842
1.854
1.637
1.739
1.810
1.805
1.791
1.880
1.850
1.863
1.847
1.847
1.666
1.760
1.820
1.770
1.815
1.902
1.850
1.862
1.836
1.856
1.697
1.778
1.832
1.783
1.812
1.882
1.854
1.866
1.834
1.853
1.720
1.805
1.825
1.789
1.842
1.859
1.866
1.858
1.834
1.847
1.680
1.771
1.822
1.787
1.815
1.881
1.855
1.862
1.838
1.851
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1.856
1.852
1.908
1.854
1.860
1.970
1.943
1.892
1.888
1.917
1.951
1.843
1.861
1.892
1.863
1.867
1.987
1.919
1.898
1.901
1.910
1.943
1.844
1.864
1.888
1.874
1.877
1.989
1.906
1.890
1.911
1.910
1.939
1.848
1.856
1.884
1.873
1.884
2.020
1.896
1.890
1.915
1.913
1.937
1.858
1.856
1.867
1.878
1.892
1.998
1.886
1.887
1.909
1.927
1.931
1.858
1.866
1.861
1.879
1.898
1.986
1.911
1.853
1.908
1.932
1.952
1.856
1.873
1.857
1.885
1.917
1.980
1.881
1.871
1.913
1.947
1.934
1.852
1.882
1.853
1.881
1.936
1.971
1.885
1.871
1.918
1.952
1.949
1.886
1.888
1.846
1.877
1.944
1.966
1.882
1.863
1.930
1.961
1.956
1.858
1.897
1.837
1.873
1.953
1.948
1.879
1.882
1.935
1.963
1.968
1.860
1.904
1.844
1.867
1.958
1.939
1.881
1.892
1.936
1.952
1.964
1.861
1.901
1.857
1.862
1.969
1.938
1.890
1.888
1.931
1.958
1.969
1.848
1.859
1.896
1.864
1.868
1.982
1.923
1.893
1.900
1.912
1.944
1.855
1.859
1.871
1.877
1.891
2.001
1.898
1.877
1.911
1.924
1.940
1.865
1.881
1.852
1.881
1.932
1.972
1.883
1.868
1.920
1.953
1.946
1.860
1.901
1.846
1.867
1.960
1.942
1.883
1.887
1.934
1.958
1.967
1.857
1.875
1.866
1.872
1.913
1.974
1.897
1.881
1.916
1.937
1.949
109.
AVERAGE PRIME RATE Cfl ARGED BY BANKS
(PERCENT)
®
AVERAGE FOR PERIOD
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
1.50
1.50
1.50
1.75
2.00
2.00
2.44
3.00
3.00
3.25
1.50
1.50
1.50
1.75
2.00
2.00
2.50
3.00
3.00
3.25
1.50
1.50
1.50
1.75
2.00
2.00
2.50
3.00
3.00
3.13
1.50
1.50
1.50
1.75
2.00
2.00
2.50
3.00
3.03
3.00
1.50
1.50
1.50
1.75
2.00
2.00
2.50
3.00
3.25
3.00
1.50
1.50
1.50
1.75
2.00
2.00
2.50
3.00
3.25
3.00
1.50
1.50
1.50
1.75
2.00
2.00
2.50
3.00
3.25
3.00
1.50
1.50
1.50
2.00
2.00
2.00
2.50
3.00
3.25
3.00
1.50
1.50
1.50
2.00
2.00
2.08
2.50
3.00
3.25
3.00
1.50
1.50
1.50
2.00
2.00
2.25
2.62
3.00
3.25
3.00
1.50
1.50
1.50
2.00
2.00
2.25
2.75
3.00
3.25
3.00
1.50
1.50
1.75
2.00
2.00
2.25
2.85
3.00
3.25
3.00
1.50
1.50
1.50
1.75
2.00
2.00
2.48
3.00
3.00
3.21
1.50
1.50
1.50
1.75
2.00
2.00
2.50
3.00
3.18
3.00
1.50
1.50
1.50
1.92
2.00
2.03
2.50
3.00
3.25
3.00
1.50
1.50
1.58
2.00
2.00
2.25
2.74
3.00
3.25
3.00
1.50
1.50
1.52
1.85
2.00
2.07
2.56
3.00
3.17
3.05
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
3.00
3.50
4.00
4.34
4.00
5.00
4.50
4.50
4.50
4.50
3.00
3.50
4.00
4.00
4.00
5.00
4.50
4.50
4.50
4.50
3.00
3.50
4.00
4.00
4.00
5.00
4.50
4.50
4.50
4.50
3.00
3.65
4.00
3.83
4.00
5.00
4.50
4.50
4.50
4.50
3.00
3.75
4.00
3.50
4.23
5.00
4.50
4.50
4.50
4.50
3.00
3.75
4.00
3.50
4.50
5.00
4.50
4.50
4.50
4.50
3.00
3.75
4.00
3.50
4.50
5.00
4.50
4.50
4.50
4.50
3.23
3.84
4.42
3.50
4.50
4.85
4.50
4.50
4.50
4.50
3.25
4.00
4.50
3.83
5.00
4.50
4.50
4.50
4.50
4.50
3.40
4.00
4.50
4.00
5.00
4.50
4.50
4.50
4.50
4.50
3.50
4.00
4.50
4.00
5.00
4.50
4.50
4.50
4.50
4.50
3.50
4.00
4.50
4.00
5.00
4.50
4.50
4.50
4.50
4.50
3.00
3.50
4.00
4.11
4.00
5.00
4.50
4.50
4.50
4.50
3.00
3.72
4.00
3.61
4.24
5.00
4.50
4.50
4.50
4.50
3.16
3.86
4.31
3.61
4.67
4.78
4.50
4.50
4.50
4.50
3.47
4.00
4.50
4.00
5.00
4.50
4.50
4.50 !
4.50
4.50
3.16
3.77
4.20
3.83
4.48
4.82
4.50
4.50
4.50
4.50
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
4.50
5.00
5.96
6.00
6.95
8.50
6.29
5.18
6.00
9.73
10.05
4.50
5.00
5.75
6.00
7.00
8.50
5.88
4.75
6.02
9.21
8.96
4.50
5.35
5.71
6.00
7.24
8.39
5.48
4.75
4.50
5.50
5.50
6.20
7.50
8.00
5.25
4.98
6.60
10.02
7.50
4.50
5.50
5.50
6.50
7.50
8.00
5.42
5.00
7.01
11.25
7.40
4.50
5.52
5.50
6.50
8.23
8.00
5.50
5.04
7.49
11.54
7.07
4.50
5.75
5.50
6.50
8.50
8.00
5.90
5.25
8.30
11.98
7.15
4.50
5.88
5.50
6.50
8.50
8.00
6.00
5.27
9.23
12.00
7.66
4.50
6.00
5.50
6.40
8.50
7.83
6.00
5.50
9.86
12.00
7.88
4.50
6.00
5.50
6.00
8.50
7.50
5.91
5.73
9.94
11.68
7.96
4.50
6.00
5.68
6.20
8.50
7.28
5.47
5.75
9.75
10.83
7.53
4.92
6.00
6.00
6.60
8.50
6.92
5.25
5.79
9.75
10.50
7.26
4.50
5.12
5.81
6.00
7.06
8.46
5.88
4.89
6.11
9.26
8.98
4.50
5.51
5.50
6.40
7.74
8.00
5.39
5.01
7.03
10.94
7.32
4.50
5.88
5.50
6.47
8.50
7.94
5.97
5.34
9.13
11.99
7.56
4.64
6.00
5.73
6.27
8.50
7.23 1
5.54
5.76
9.81 1
11.00
7.58
4.54
5.62
5.63
6.28
7.95
7.91
5.70
5.25
8.02
10.80
7.86
1
BCD 1977
6.30
8.83
7.93
105
Quarterly
Monthly
Annual
Year
Jan.
Feb.
Apr.
Mar.
112.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1 Q
II Q
NET CHANGE IN BANK LOANS TO BUSINESSES
(ANNUAL RATE, BILLIONS OF DOLLARS)
III Q
IV Q
AVERAGE FOR PERIOD
1945...
1946...
1947...
1948...
1949. ..
1950...
1951...
1952...
1953...
1954...
0.38
2.60
2.58
3.11
-0.38
1.25
6.20
2.65
1.13
-0.70
-1.48
0.79
2.86
-0.71
-0.91
1.04
7.36
0.11
0.60
0.77
-1.26
2.29
5.23
0.16
-1.42
-0.01
5.56
1.44
1.84
-0.34
-0.18
2.92
4.28
1.22
-3.07
1.03
6.00
-0.23
2.94
-0.83
-0.14
2.20
1.03
4.33
-2.35
1.04
4.49
0.80
1.69
-1.87
1.85
1.97
0.56
2.77
-2.95
3.67
2.32
1.92
-0.83
-1.93
0.53
4.84
1.57
3.84
-3.96
4.52
1.33
2.06
0.37
0.01
-0.24
5.52
2.99
1.46
-2.08
5.26
1.30
0.59
1.87
-10.16
0.64
4.43
2.77
-0.55
-0.23
7.67
1.24
2.29
-1.38
-0.61
0.13
5.04
3.58
-1.26
0.35
3.97
1.72
3.23
-2.15
-0.42
2.60
3.25
4.27
-1.92
-0.79
5.22
1.00
4.57
-2.27
2.84
5.18
1.51
3.05
-1.31
-0.37
6.29
2.60
1.22
-4.72
4.31
-0.79
1.89
3.56
0.85
-0.90
0.76
6.37
1.40
1.19
-0.09
0.51
2.36
1.96
2.77
-2.79
1.91
4.27
0.83
1.27
-1.54
0.31
4.93
2.44
1.58
-2.09
5.82
1.29
1.65
0.29
-3.59
2.64
3.27
3.63
-1.50
-0.27
5.16
1.77
3.01
-3.05
2.24
0.67
3.11
2.90
0.93
-1.51
3.41
3.43
1.72
-0.08
-0.74
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
2.5.8
4.86
3.60
-4.15
0.85
0.64
-0.23
1.84
0.64
-1.37
1.96
2.05
0.30
-4.03
0.19
5.24
-0.40
1.56
1.04
3.17
2.69
8.74
5.54
-1.28
2.84
2.68
1.74
2.34
1.50
0.07
1.60
6.22
3.85
-2.09
3.26
2.40
-0.38
2.57
2.48
4.24
4.40
6.19
1.76
' -4.63
5.77
3.58
-0.71
1.78
2.02
3.94
4.56
4.21
4.60
-1.07
5.63
5.04
-0.78
2.88
1.37
3.06
5.38
4.15
2.54
-0.48
-0.19
-0.22
0.68
2.77
1.58
3.49
5.04
3.28
0.48
-1.18
5.16
-1.84
1.43
3.58
2.10
4.93
3.76
4.32
1.07
2.17
2.28
1.39
1.00
3.36
3.53
6.95
5.33
0.96
-4.86
1.12
3.23
0.48
0.01
3.80
5.76
2.48
4.20
4.09
-4.75
1.52
1.93
1.46
0.78
3.65
9.10
5.32
4.07
2.35
-0.67
1.85
2.54
-1.20
1.79
0.56
5.59
8.03
2.41
5.22
3.15
-3.15
1.29
2.85
0.37
1.91
1.0 6
0.62
3.52
5.54
3.40
-2.60
4.89
3.67
-0.62
2.41
1.96
3.75
4.73
3.92
1.36
0.17
2.42
-0.22
1.04
3.24
2.40
5.12
4.53
2.47
-3.43
1.50
2.57
0.25
0.86
2.67
6.82
5.28
3.80
4.28
1.12
-1.02
2.79
1.64
0.41
2.56
3.06
3.69
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
9.90
9.14
2.03
6.04
14.88
-1.92
-3.97
-8.48
23.70
19.79
-11.59
12.67
10.15
3.86
3.14
8.88
12.29
5.69
6.52
50.95
1.04
-39.71
11.34
8.12
6.83
2.98
8.35
2.80
1.70
4.70
41.00
30.01
-17.42
7.68
5.24
4.85
14.00
16.76
3.70
-8.26
10.31
26.14
52.21
-22.73
10.96
10.26
1.63
2.09
14.09
5.65
6.64
4.72
14.32
20.42
-22.70
6.11
12.94
4.34
5.76
13.01
2.15
-0.18
-6.83
13.07
14.92
-18.34
4.25
10.60
3.96
4.21
6.17
2.15
-7.20
1.10
22.94
44.54
-7.32
12.80
12.23
0.61
7.99
9.95
7.45
16.03
7.00
29.40
14.17
-18.72
12.02
5.65
3.94
7.90
12.06
0.12
20.42
12.02
6.02
21.02
2.80
8.05
5.93
4.61
9.89
14.21
-18.97
-5.54
18.56
3.13
9.90
5.57
10.06
5.52
5.74
11.30
6.65
-8.00
-0.95
16.78
4.31
21.42
9.28
7.80
3.00
9.18
13.26
8.86
-4.99
-4.58
13.94
17.00
14.22
10.14
11.30
9.14
4.24
4.05
10.70
4.39
1.14
0.91
38.55
16.95
-22.91
8.25
9.48
3.61
7.28
14.62
3.83
-0.60
2.73
17.84
29.18
-21.26
9.69
9.49
2.84
6.70
9.39
3.24
9.75
6.71
19.45
26.58
-7.75
8.64
4.82
6.51
11.48
9.91
-10.65
-3.69 1
16.43
8.15
15.18
8.33
0.06
2.08
1.98
2.38
2.76
4.48
1.80
2.58
2.15
0.29
0.29
1.90
1.87
2.52
2.88
4.37
1.50
3.88
1.91
0.83
0.78
2.08
2.56
0.77
3.89
1.73
0.89
6.43
2.28
1.45
0.92
2.11
3.32
1.19
3.65
-0.84
1.72
5.18
2.45
1.91
0.95
2.33
3.12
1.52
3.32
0.28
1.32
6.74
0.86
3.29
0.06
1.25
2.64
3.03
1.26
3.12
0.95
1.60
6.08
-0.59
0.02
1.55
2.49
2.53
2.81
3.87
-0.51
5.08
3.88
0.01
0.17
1.87
1.96
2.48
2.69
5.07
0.62
3.63
2.59
0.62
0.88
2.17
3.00
1.16
3.62
0.39
1.31
6.12
1.86
2.22
0.29
1.71
2.52
2.30
2.60
3.11
0.59
4.11
3.60
0.56
11 3 .
NET CHANGE IN CONSUMER INSTALLMENT DEBT
(ANNUAL RATE, BILLIONS OF DOLLARS)
9.47
8.23
4.30
7.38
11.16
0.20
1.65
6.70
21.00
21.97
-10.89
AVERAGE FOR PERIOD
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
0.07
1.19
2.76
3.13
0.64
2.77
1.37
1.45
6.47
-0.78
-0.16
1.42
2.72
2.65
1.37
3.44
0.79
2.04
5.28
0.16
0.28
1.13
2.44
3.31
1.76
3.16
0.70
1.31
6.50
-1.16
-0.18
1.72
2.62
3.19
2.63
3.18
-0.49
2.78
4.79
0.34
0.05
1.55
2.46
2.38
3.12
3.73
-0.47
5.58
4.01
-0.56
0.20
1.39
2.40
2.03
2.68
4.70
-0.58
6.89
2.83
0.26
0.17
1.64
2.03
2.54
2.44
6.36
-1.45
4.44
3.70
0.74
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
3.86
3.74
2.33
0.80
5.12
4.82
0.02
2.26
6.65
7.86
5.02
4.66
3.08
-1.64
5.06
5.96
-0.72
3.56
6.10
7.81
6.85
4.04
2.51
-1.70
4.97
5.41
0.18
4.00
6.22
7.76
6.24
3.62
2.30
-1.21
5.41
5.77
-1.52
5.95
7.04
6.53
5.83
2.62
2.76
-1.28
5.30
3.46
0.36
5.41
5.99
8.33
6.30
2.16
2.69
-1.13
5.83
4.04
0.74
5.46
6.77
7.39
5.34
1.85
2.75
-0.25
6.18
3.58
0.17
4.74
7.15
7.12-
5.87
2.89
2.02
-0.52
7.42
2.93
1.21
4.73
7.09
6.35
6.13
1.34
1.82
-0.60
7.08
3.56
0.82
3.29
6.00
8.18
3.48
2.10
1.49
0.36
6.24
1.49
2.12
5.14
8.08
6.78
3.59
2.63
1.24
0.60
3.95
1.84
2.84
6.25
6.22
3.80
4.25
1.98
0.43
3.26
3.12
1.61
3.74
5.80
6.35
7.45
5.24
4.15
2.64
-0.85
5.05
5.40
-0.17
3.27
6.32
7.81
6.12
2.80
2.58
-1.21
5.51
4.42
-0.14
5.61
6.60
7.42
5.78
2.03
2.20
-0.46
6.89
3.36
0.73
4.25
6.75
7.22
3.77
2.24
1.05
1.41
4.44
1.65
2.90
5.73
6.88
6.01
5.23
2.80
2.12
-0.28
5.47
3.71
0.83
4.72
6.64
7.11
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
9.11
6.84
2.20
5.44
10.66
5.99
1.84
14.11
22.64
12.06
-1.75
8.44
6.23
-0.04
9.52
12.62
5.88
6.07
12.82
25.08
13.15
3.80
7.34
7.43
2.98
7.70
8.57
3.10
7.44
16.67
23.90
8.50
-3.19
11.74
5.53
-0.24
8.26
12.23
3.85
8.52
14.71
18.40
12.22
0.20
10.33
5.46
1.66
8.21
12.71
4.15
6.80
15.01
20.27
13.68
-3.62
7.76
5.48
4.27
7.45
10.48
5.28
6.35
15.24
19.64
12.98
5.38
7.96
6.28
1.78
7.70
7.24
6.36
8.21
12.62
22.79
13.33
15.43
7.55
4.80
5.08
7.04
6.60
5.44
10.48
15.82
18.00
15.52
10.06
7.16
2.89
3.66
5.95
7.70
6.41
12.85
14.89
16.98
9.07
11.92
6.36
3.12
2.30
11.11
8.06
2.34
11.57
15.49
21.18
2.56
14.17
6.18
4.09
5.77
9.14
7.12
-0.19
14.63
18.37
16.12
-4.91
15.89
6.65
4.21
5.68
9.88
3.82
5.05
12.77
22.58
10.87
-4.91
17.88
8.30
6.83
1.71
7.55
10.62
4.99
5.12
14.53
23.87
11.24
-0.38
9.94
5.49
1.90
7.97
11.81
4.43
7.22
14.99
19.44
12.96
0.65
7.56
4.66
3.51
6.90
7.18
6.07
10.51
14.44
19.26
12.64
12.47
6.40
3.81
4.58
10.04
6.33
2.40
12.99
18.81
16.06
-2.42
15.98
8.05
5.20
2.92
8.12
8.98
4.47
8.96
15.69
19.66
8.60
7.18
114.
DISCOUNT RATE ON NEW ISSUES OF 9 1 - DAY TREASURY BILLS
(PERCENT)
<§)
AVERAGE FOR PERIOD
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
0.38
0.38
0.38
0.97
1.16
1.09
1.39
1.69
2.04
1.21
0.38
0.38
0.38
0.99
1.16
1.12
1.39
1.57
2.02
0.98
0.38
0.38
0.38
1.00
1.16
1.14
1.42
1.66
2.08
1.05
0.38
0.38
0.38
1.00
1.16
1.16
1.52
1.62
2.18
1.01
0.38
0.38
0.38
1.00
1.15
1.17
1.58
1.71
2.20
0.78
0.38
0.38
0.38
1.00
1.16
1.17
1.50
1.70
2.23
0.65
0.38
0.38
0.64
1.00
0.98
1.17
1.59
1.82
2.10
0.71
0.38
0.38
0.74
1.03
1.02
1.21
1.64
1.88
2.09
0.89
0.38
0.38
0.79
1.09
1.06
1.32
1.65
1.79
1.88
1.01
0.38
0.38
0.84
1.12
1.04
1.33
1.61
1.78
1.40
0.99
0.38
0.38
0.92
1.14
1.06
1.36
1.61
1.86
1.43
0.95
0.38
0.38
0.95
1.15
1.10
1.37
1.73
2.13
1.63
1.17
0.38
0.38
0.38
0.99
1.16
1.12
1.40
1.64
2.05
1.08
0.38
0.38
0.38
1.00
1.16
1.17
1.53
1.68
2.20
0.81
p.38
0.38
0.72
1.04
1.02
1.23
1.63
1.83
2.02
0.87
0.38
0.38
0.90
1.14
1.07
1.35
1.65
1.92
1.49
1.04
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
1.26
2.46
3.21
2.60
2.84
4.44
2.30
2.75
2.91
3.53
1.18
2.37
3.16
1.56
2.71
3.95
2.41
2.75
2.92
3.53
1.34
2.31
3.14
1.35
2.85
3.44
2.42
2.72
2.90
3.55
1.62
2.61
3.11
1.43
2.53
3.32
0.88
3.25
2.64
2.36
2.72
3.00
3.48
1.62
2.33
3.16
0.96
3.24
2.40
2.27
2.94
3.14
3.48
1.88
2.61
3.40
1.69
3.36
2.29
2.40
2.84
3.32
3.51
2.09
2.85
3.58
2.48
4.00
2.49
2.30
2.79
3.38
3.53
2.26
2.96
3.59
2.79
4.12
2.43
2.35
2.75
3.45
3.58
2.22
3.00
3.34
2.76
4.21
2.38
2.46
2.80
3.52
3.62
2.56
3.23
3.10
2.81
4.57
2.27
2.62
2.86
3.52
3.86
1.26
2.38
3.17
1.84
2.80
3.94
2.38
2.74
2.91
3.54
1.51
2.60
3.16
1.02
3.02
3.09
2.33
2.72
2.94
3.48
1.86
2.60
3.38
1.71
3.53
2.39
2.32
2.86
3.28
3.51
2.35
3.06
3.34
2.79
4.30
2.36
2.48
2.80
3.50
3.69
3.83
4.60
4.76
5.08
6.18
7.91
4.49
3.40
5.31
7.76
6.49
3.93
4.67
4.55
4.97
6.16
7.16
3.77
3.18
5.56
7.06
5.58
3.94
4.63
4.29
5.14
6.08
6.71
3.32
3.72
6.05
7.99
5.54
3.81
4.54
3.48
5.54
6.49
6.74
4.70
3.87
7.19
8.14
5.19
3.83
4.86
4.31
5.38
7.00
6.50
5.40
4.06
8.02
7.75
6.16
3.84
4.93
4.28
5.10
7.01
6.41
5.08
4.01
8.67
8.74
6.46
3.91
5.36
4.45
5.20
7.13
6.24
4.67
4.65
8.48
8.36
6.38
4.03
5.39
4.59
5.33
7.04
5.93
4.49
4.72
7.16
7.24
6.08
4.08
5.34
4.76
5.49
7.19
5.29
4.19
4.77
7.87
7.58
5.47
4.36
5.01 1
5.01
5.92
7.72
4.86
4.02
5.06
7.36
7.18
5.50
3.90
4.63
4.53
5.06
6.14
7.26
3.86
3.43
5.64
7.60
5.87
3.88
4.60
3.66
5.51
6.24
6.75
4.21
3.75
6.61
8.27
5.40
3.86
5.05
4.35
5.23
7.05
6.38
5.05
4.24
8.39
8.28
6.33
4.16
5.25
4.79
5.58
7.32
5.36
4.23
4.85
7.46
7.33
5.68
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
|
106
1
1.13
i
2.96
3.24
2.33
2.74
2.91
3.48
1.49
2.65
3.04
1.05
2.85
3.39
2.29
2.69
2.92
3.48
3.93
4.61
3.85
5.36
6.15
6.48
3.78
3.72
6.29
8.23
5.69
3.90
4.64
3.64
5.62
6.08
7.04
4.14
3.65
6.35
8.43
5.32
i
.
0.38
0.38
0.60
1.04
1.10
1.22
1.55
1.77
1.94
0.95
1
I
1.75
2.66
3.26
1.84
3.41
2.95
2.38
2.78
3.16
3.55
3.95
4.88
4.33
5.34
6.69
6.44
4.34
4.07
7.03
7.87
5.82
The Handbook of Cyclical Indicators
Quarterly
Monthly
Annual
Year
Feb.
Jan.
Apr.
Mar.
115.
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
|
2.44
2.21
2.21
2.45
2.42
2.20
2.39
2.74
2.80
2.69
•
2.38
2.12
2.21
2.45
2.39
2.24
2.40
2.71
2.83
2.62
2.40
2.09
2.19
2.44
2.38
2.27
2.47
2.70
2.89
2.53
1
May
June ! July
Aug.
YIELD ON LONG-TERM TREASURY BONDS.
(PERCENT)
2.39
Sept.
Nov.
Dec.
II Q
III Q
IV Q
AVERAGE FOR PERIOD
2.08
2.19
2.44
2.38
2.30
2.56
2.64
2.97
2.48
2.39
2.19
2.19
2.42
2.38
2.31
2.63
2.57
3.11
2.54
2.35
2.16
2.22
2.41
2.38
2.33
2.65
2.61
3.13
2.55
2.34
2.18
2.25
2.44
2.27
2.34
2.63
2.61
3.02
2.47
2.36
2.23
2.24
2.45
2.24
2.33
2.57
2.70
3.02
2.48
2.37
2.28
2.24
2.45
2.22
2.36
2.56
2.71
2.98
2.52
2.68
2.88
3.34
3.24
3.91
4.37
3.89
4.08
3.89
4.15
2.78
2.85
3.22
3.28
3.92
4.22
3.81
4.09
3.92
4.14
2.78
2.93
3.26
3.25
3.92
4.08
3.78
4.01
3.93
4.18
2.82
3.07
3.32
3.12
4.01
4.18
3.80
3.89
3.97
4.20
2.81
2.97
3.40
3.14
4.08
4.16
3.73
3.88
3.97
4.16
2.82
2.93
3.58
3.20
4.09
3.98
3.88
3.90
4.00
4.13
2.91
3.00
3.60
3.36
4.11
3.86
3.90
4.02
4.01
4.13
2.95
3.17
3.63
3.60
4.10
3.79
4.00
3.98
3.99
4.14
2.92
3.21
3.66
3.75
4.26
3.84
4.02
3.94
4.04
4.16
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
4.14
4.43
4.40
5.18
5.74
6.86
5.92
5.62
5.96
6.56
6.68
4.16
4.61
4.47
5.16
5.86
6.44
5.84
5.67
6.14
6.54
6.66
4.15
4.63
4.45
5.39
6.05
6.39
5.71
5.66
6.20
6.81
6.77
4.15
4.55
4.51
5.28
5.84
6.53
5.75
5.74
6.11
7.04
7.05
4.14
4.57
4.76
5.40
5.85
6.94
5.96
5.64
6.25
7.09
7.01
4.14
4.63
4.86
5.23
6.05
6.99
5.94
5.59
6.32
7.02
6.86
4.15
4.75
4.86
5.09
6.07
6.57
5.91
5.59
6.53
7.18
6.89
4.19
4.80
4.95
5.04
6.02
6.75
5.78
5.59
6.85
7.33
7.11
4.25
4.79
4.99
5.09
6.32
6.63
5.56
5.70
6.41
7.30
7.28
YIEL D ON NEW ISSUES OF HIGH-GRADE CORPORATE BONDS
(PERCENT)
2T35
|
!
2.26
2.27
2.45
2.22
2.38
2.61
2.74
2.83
2.54
2.33
2.25
2.36
2.44
2.20
2.38
2.66
2.71
2.86
2.57
2.33
2.24
2.39
2.44
2.19
2.39
2.70
2.75
2.79
2.59
2.41
2.14
2.20
2.45
2.40
2.24
2.42
2.72
2.84
2.61
2.38
2.14
2.20
2.42
2.38
2.31
2.61
2.61
3.07
2.52
2.36
2.23
2.24
2.45
2.24
2.34
2.59
2.67
3.01
2.49
2.34
2.25
2.34
2.44
2.20
2.38
2.66
2.73
2.83
2.57
2.37
2.19
2.25
2.44
2.31
2.32
2.57
2.68
2.94
2.55
2.87
3.20
3.73
3.76
4.11
3.91
3.98
3.89
4.07
4.16
2.89
3.30
3.57
3.70
4.12
3.93
3.98
3.87
4.11
4.12
2.91
3.40
3.30
3.80
4.27
3.88
4.06
3.87
4.14
4.14
2.75
2.89
3.27
3.26
3.92
4.22
3.83
4.06
3.91
4.16
2.82
2.99
3.43
3.15
4.06
4.11
3.80
3.89
3.98
4.16
2.93
3.13
3.63
3.57
4.16
3.83
3.97
3.98
4.01
4.14
2.89
3.30
3.53
3.75
4.17
3.91
4.01
3.88
4.11
4.14
2.84
3.08
3.47
3.43
4.08
4.02
3.90
3.95
4.00
4.15
4.28
4.70
5.19
5.24
6.27
6.59
5.46
5.69
6.25
7.22
7.29
4.34
4.74
5.44
5.36
6.52
6.24
5.48
5.51
6.30
6.93
7.21
4.43
4.65
5.36
5.66
6.81
5.97
5.62
5.63
6.35
6.77
7.17
4.15
4.56
4.44
5.24
5.88
6.56
5.82
5.65
6.10
6.64
6.70
4.14
4.58
4.71
5.30
5.91
6.82
5.88
5.66
6.23
7.05
6.97
4.20
4.78
4.93
5.07
6.14
6.65
5.75
5.63
6.60
7.27
7.09
4.35
4.70
5.33
5.42
6.53
6.27
5.52
5.61
6.30
6.97
7.22
4.21
4.65
4.85
5.26
6.12
6.58
5.74
5.64
6.31
6.98
7.00
®
AVERAGE FOR PERIOD
2*47
2.53
2.94
2.73
2.58
2.81
3.05
3.28
2.87
77.
2.40
777
2.43
2.50
2.87
2.73
2.54
3.09
3.14
3.72
2.90
2.62
2.83
2.56
2.62
3.04
3.11
3.55
2.96
2*63
2.83
3.03
2.52
2.67
3.22
3.09
3.15
2.88
2.48
2.62
2.92
2.64
2.60
3.04
3.10
3.42
2.90
3.27
4.26
4.04
4.44
5.27
4.94
4.58
4.28
4.49
4.49
3.07
3.17
4.20
3.74
4.57
5.19
4.48
4.50
4.25
4.45
3.12
3.53
4.48
3.65
4.84
4.94
4.69
4.33
4.34
4.49
3.27
3.85
4.68
4.27
5.04
4.69
4.77
4.36
4.36
4.46
3.20 |
4.16
4.44
4.42
5.26
4.84
4.57
4.26
4.43
4.49
3.17
3.68
4.45
4.02
4.93
4.92
4.63
4.36
4.34
4.47
4.92
5.98
6.93
7.28
9.22
8.13
7.54
7.50
8.09
9.47
9.59
4.46
5.12
5.48
6.65
7.46
8.95
7.60
7.49
7.68
8.38
9.16
4.52
5.53
5.85
6.94
7.73
9.44
8.05
7.67
7.71
9.34
9.61
4.65
6.00
6.23
6.71
8.16
9.06
8.09
7.68
8.17
10.31
9.72
4.79
6.04
6.78
7.05
8.87
8.75
7.64 i
7.54
8.00
9.66
9.54
4.61
5.67
6.08
6.84
8.06
9.05
7.85
7.59
7.89
9.42
9.51
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
2.56
2.46
2.97
2.66
2.60
2.74
3.08
3.17
3.00
2.38
2.53
2.85
2.77
2.58
2.78
2.94
3.26
2.88
2.46
2.60
2.99
2.75
2.57
2.90
3.14
3.41
2.74
lYll
2.43
2.81
2.74
2.40
3.06
3.09
3.53
2.88
2*47
2.47
2.86
2.69
2.58
2.98
3.25
3.80
2.90
2*45
2.60
2.93
2.77
2.63
3.24
3.09
3.82
2.91
2.48
2.57
2.80
2.68
2.55
3.20
3.11
3.59
2.94
2.06
2.62
2.83
2.60
2.61
3.01
3.08
3.46
2.94
2.75
2.66
2.86
2.40
2.70
2.91
3.14
3.60
3.01
2.70
2.91
2.99
2.50
2.64
3.09
3.16
3.09
2.84
2!49
2.69
2.96
2.54
2.63
3.36
3.07
3.13
2.94
2!70
2.88
3.15
2.53
2.75
3.22
3.04
3.23
2.87
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
2.99
3.20
4.28
3.62
4.58
5.34
4.63
4.56
4.22
4.50
3.09
3.07
4.13
3.73
4.60
5.24
4.43
4.53
4.25
4.39
3.14
3.25
4.18
3.88
4.53
4.98
4.37
4.41
4.28
4.45
3.11
3.55
4.23
3.67
4.60
4.97
4.57
4.37
4.35
4.48
3.15
3.48
4.41
3.66
4.92
4.95
4.67
4.32
4.36
4.48
3.11
3.56
4.81
3.61
5.00
4.91
4.82
4.30
4.32
4.50
3.14
3.56
4.59
3.85
4.95
4.79
4.81
4.41
4.34
4.44
3.41
4.02
4.78
4.39
4.90
4.65
4.79
4.39
4.34
4.44
3.27
3.96
4.68
4.56
5.28
4.64
4.72
4.28
4.40
4.49
3.15
3.94
4.71
4.48
5.37
4.75
4.60
4.26
4.37
4.49
3.17
4.29
4.56
4.35
5.14
4.82
4.52
4.23
4.42
4.48
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
4.45
4.93
5.53
6.57
7.29
9.00
7.63
7.36
7.61
8.32
9.17
4.45
5.09
5.35
6.57
7.33
8.84
7.54
7.57
7.67
8.21
8.84
4.49
5.33
5.55
6.80
7.76
9.00
7.62
7.53
7.75
8.60
9.48
4.48
5.38
5.59
6.79
7.54
9.09
7.76
7.77
7.70
9.04
9.81
4.52
5.55
5.90
7.00
7.62
9.53
8.25
7.61
7.69
9.39
9.76
4.57
5.67
6.06
7.02
8.04
9.70
8.15
7.63
7.73
9.59
9.27
4.57
5.81
6.06
6.91
8.06
9.09
8.24
7.72
7.97
10.18
9.56
4.66
6.04
6.30
6.54
8.05
9.08
8.14
7.59
8.45
10.30
9.70
4.71
6.14
6.33
6.69
8.36
9.00
7.90
7.72
8.10
10.44
9.89
4.70
6.04
6.53
6.88
8.46
9.14
7.72
7.66
7.97
10.29
9.54
4.75
6.11
6.87
7.00
8.94
8.97
7.67
7.46
7.95
9.22
9.48
117.
1 Q
®
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
116.
Oct.
YIELD ON MUNICIPAL BONDS, 20-BOND AVERAGE
(PERCENT)
®
AVERAGE FOR PERIOD
TT7
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
2i36
2.16
2.06
1.61
2.09
2.43
2.50
2M7
2.20
2.03
1.58
2.07
2.55
2.42
2.45
2.18
2.01
1.74
2.08
2.65
2.40
2*37
2.14
2.03
1.94
2.04
2.65
2.47
2*31
2.14
2.00
2.00
2.06
2.78
2.50
2*24
2.20
1.99
2.19
2.13
2.99
2.48
2!27
2.16
2.01
2.15
2.15
2.98
2.32
2*37
2.12
1.83
2.02
2.24
2.90
2.26
2*41
2.14
1.84
2.01
2.30
2.90
2.31
2.42
2.16
1.79
2.06
2.38
2.75
2.34
2*38
2.12
1.74
2.05
2.38
2.62
2.32
2*26
2.09
1.72
2.09
2.38
2.60
2.36
2!43
2.18
2.03
1.64
2.08
2.54
2.44
2*31
2.16
2.01
2.04
2.08
2.81
2.48
2*35
2.14
1.89
2.06
2.23
2.93
2.30
2*35
2.12
1.75
2.07
2.38
2.66
2.34
2." 36
2.15
1.92
1.95
2.19
2.73
2.39
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
2.40
2.50
3.18
2.91
3.42
3.72
3.40
3.34
3.10
3.22
2.44
2.44
3.00
3.02
3.36
3.60
3.31
3.21
3.15
3.14
2.44
2.57
3.10
3.06
3.30
3.56
3.45
3.14
3.05
3.28
2.41
2.70
3.13
2.96
3.39
3.56
3.50
3.06
3.10
3.28
2.38
2.68
3.27
2.92
3.58
3.60
3.43
3.11
3.11
3.20
2.41
2.54
3.41
2.97
3.72
3.55
3.52
3.26
3.21
3.20
2.54
2.65
3.40
3.09
3.71
3.50
3.52
3.28
3.22
3.18
2.60
2.80
3.54
3.36
3.58
3.34
3.52
3.23
3.13
3.19
2.58
2.94
3.54
3.54
3.78
3.42
3.53
3.11
3.20
3.23
2.51
2.95
3.42
3.45
3.62
3.53
3.42
3.02
3.20
3.25
2.46
3.16
3.37
3.32
3.55
3.40
3.41
3.04
3.30
3.18
2.57
3.22
3.04
3.34
3.68
3.40
3.47
3.07
3.27
3.13
2.43
2.50
3.09
3.00
3.36
3.63
3.39
3.23
3.10
3.21
2.40
2.64
3.27
2.95
3.56
3.57
3.48
3.14
3.14
3.23
2.57
2.80
3.49
3.33
3.69
3.42
3.52
3.21
3.18
3.20
2.51]
3.11
3.28
3.37
3.62
3.44
3.43
3.04
3.26
3.19
2.48
2.76
3.28
3.16
3.56
3.52
3.46
3.16
3.17
3.21
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
3.06
3.52
3.54
4.29
4.85
6.65
5.36
5.12
5.05
5.22
6.82
3.09
3.64
3.52
4.31
4.98
6.36
5.23
5.28
5.13
5.20
6.39
3.18
3.72
3.55
4.54
5.26
6.03
5.17
5.31
5.29
5.40 ;
6.74
3.15
3.56
3.60
4.34
5.19
6.49
5.37
5.43
5.15
5.73
6.95
3.17
3.65
3.89
4.54
5.33
7.00
5.90
5.30
5.14
6.02
6.97
3.24
3.77
3.96
4.50
5.76
6.96
5.95
5.34
5.18
6.13
6.95
3.27
3.95
4.02
4.33
5.75
6.53
6.06
5.41
5.40
6.68
7.07
3.24
4.12
3.99
4.21
6.00
6.20
5.82
5.30
5.48
6.71
7.17
3.35
4.12
4.12
4.38
6.26
6.25
5.37
5.36
5.10 |
6.76
7.44
3.40
3.94
4.30
4.49
6.09
6.39
5.06
5.18
5.05
6.57
7.39
3.46
3.86
4.34
4.60
6.30
5.93
5.20
5.02
5.18
6.61
7.43
3.54
3.86
4.43
4.82
6.82
5.46
5.21
5.05
5.12
7.05
7.31
3.11
3.63
3.54
4.38
5.03
6.35
5.25
5.24
5.16
5.27
6.65
3.19
3.66
3.82
4.46
5.43
6.82
5.74
5.36
5.16
5.96
6.96
3.29
4.06
4.04
4.31
6.00
6.33
5.75
5.36
5.33
6.72
7.23
3.47
3.89
4.36
4.64
6.40
5.93
5.16
5.08
5.12
6.74
7.38
3.26
3.81
3.94
4.45
5.72
6.35
5.48
5.26
5.19
6.17
7.05
1977
...
Quarterly
Monthly
Annual
Year
Jan.
Feb.
118.
...
...
...
4 ....
35
...
...
...
4 ....
35
...
...
...
4 ....
35
4.31
4.08
4.26
4.34
4.75
4.31
4.08
4.27
4.34
4.69
4.30
4.12
4.29
4.34
4.64
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
4.56
4.73
4.56
4.70
5.36
5.56
5.58
6.23
5.89
5.68
5.48
5.45
4.59
4.68
5.35
5.51
5.57
6.22
5.82
5.65
5.47
5.45
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
5.45
5.70
6.62
6.81
5.45
5.45
6.00
6.35
6.83
8.05
9.20
7.32
7.45
7.63
8.66
8.69
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
...
5.58
5.60
6.24
6.00
5.69
5.52
5.45
...
...
...
7.49
7.55
...
8.99
...
6.46
6.78
7.99
9.29
...
7.46
7.56
8.54
8.84
May
Apr.
Mar.
June
July
Sept.
Aug.
SECONDARE MARKET YIELDS ON FHA MORTGAGES
(PERCENT)
Oct.
Nov.
Dec.
IQ
®
...
...
...
4 ....
34
...
...
...
4 ....
34
...
...
...
4 ....
32
...
...
...
4 ....
32
...
...
...
4 ....
32
...
...
...
4 ....
32
...
...
...
4 ....
35
4.59
...
4.09
4.29
4.30
4.67
4.57
4.08
4.31
4.30
4.74
4.56
4.08
4.31
4.30
4.82
4.56
4.08
4.30
4.30
4.86
4.56
4.08
4.27
4.31
4.82
4.56
4.08
4.27
4.32
4.81
4.56
4.08
4.26
4.32
4.78
4.56
4.31
4.09
4.27
4.34
4.69
4.60
4.71
5.35
5.43
5.58
6.21
5.77
5.64
5.46
5.45
4.63
4.78
5.32
5.39
5.64
6.21
4.63
4.81
5.35
5.37
5.71
6.19
4.67
4.87
4.70
4.92
4.75
4.73
4.57
4.70
...
5.50
...
6 ....
11
4.73
4.95
5.63
5.57
5.60
5.45
5.45
5.59
5.45
5.45
4.64
4.81
5.38
5.35
5.75
6.18
5.68
5.58
5.45
5.46
5.69
5.56
5.45
5.46
6.09
5.70
5.55
5.45
5.45
5.45
5.45
6.32
6.44
5.44
6.45
6.51
7.52
8.35
9.16
7.89
7.54
7.89
9.46
9.06
5.44
6.51
6.53
7.42
8.36
9.11
7.97
7.54
8.19
9.85
9.13
5.45
6.58
6.60
7.35
8.36
9.07
7.92
7.55
...
...
...
4 ....
34
4 ....
27
4.29
4.29
4.62
...
...
6.29
6.94
8.06
9.10
7.37
7.50
7.73
9.17
...
119.
...
8 ....
06
9.11
7.75
7.53
7.79
9.46
9.16
...
FEDERAL FUNDS RATE
(PERCENT)
5.37
5.80
6.14
5.68
5.57
5.45
5.46
...
10.30
9.32
IIIQ
IVQ
AVERAGE FOR PERIOD
...
...
...
4 ....
35
...
...
...
4 ....
35
4 ....
19
II Q
5.46
6.63
6.63
7.28
8.40
9.01
7.84
7.56
9.18
10.38
9.74
...
5.49
...
6.65
7.29
8.48
8.97
7.75
7.57
8.97
10.13
9.53
...
5.63
5.60
6.23
6.05
5.70
5.54
5.45
5.45
5.61
5.60
6.23
6.04
5.69
5.53
5.45
5.45
5.51
6.81
6.77
7.36
8.48
8.90
7.62
7.57
8.86
5.62
6.77
6.81
7.50
8.62
8.40
7.59
7.56
8.78
9.51
9.32
...
9.41
...
5.55
5.58
6.23
5.90
5.67
5.49
5.45
...
...
...
4 ....
32
4.08
4.31
4.30
4.81
4.56
4.08
4.27
4.32
4.80
4.56
4.62
4.77
5.34
5.40
5.64
6.20
4.67
4.87
4.74
4.65
...
6 ....
14
...
5.41
5.62
5.59
...
5.68
5.57
5.45
5.46
6.06
5.70
5.54
5.45
5.45
...
...
6 ....
16
5 ....
60
4.29
...
4.59
5.61
5.45
5.45
5.45
5.45
...
...
8 ....
16
6.48
6.81
...
...
...
7.47
7.58
...
8.84
...
...
...
4 ....
34
4 ....
23
...
...
...
4 ....
33
...
...
...
4 ....
35
4 ....
25
6.41
9.12
7.67
7.52
7.80
9.36
...
5.45
6.57
6.59
7.35
8.37
9.06
7.91
7.55
...
10.18
9.40
...
4.30
...
4.60
5.49
5.46
5.45
5.54
5.47
...
6.56
6.74
7.38
8.53
8.76
7.65
7.57
8.87
...
9.42
...
...
...
...
7 ....
53
...
...
...
<§)
AVERAGE FOR PERIOD
...
...
...
...
...
...
...
...
1 ....
021
...
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
1 ....
21
...
...
...
...
...
...
...
...
1 ....
07
...
...
...
...
...
...
...
...
0 ....
90
...
...
...
...
...
...
...
...
0 ....
91
...
...
...
...
...
...
...
...
1 ....
26
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
1.37
2.44
2.93
2.72
2.48
3.99
1.45
2.14
2.91
3.48
1.29
2.50
3.00
1.67
2.40
3.97
2.54
2.37
3.00
3.48
1.35
2.50
2.96
1.20
2.80
3.84
2.02
2.70
2.98
3.43
1.43
2.62
3.00
1.26
2.96
3.92
1.50
2.69
2.90
3.47
1.43
2.75
3.00
0.63
2.90
3.85
1.98
2.29
3.00
3.50
1.62
2.71
3.00
0.93
3.39
3.32
1.73
2.68
2.99
3.50
1.68
2.74
2.99
0.68
3.44
3.23
1.16
2.71
3.02
3.42
1.90
2.74
3.24
1.53
3.50
2.98
2.00
2.93
3.49
3.50
2.18
2.95
3.50
1.76
3.76
2.60
1.88
2.90
3.48
3.45
2.24
2.96
3.50
1.80
3.98
2.47
2.26
2.90
3.50
3.36
2.35
2.88
3.22
2.27
4.00
2.44
2.62
2.94
3.48
3.52
2.48
2.94
2.98
2.42
3.99
1.98
2.33
2.93
3.38
3.85
1.34
2.48
2.96
1.86
2.56
3.93
2.00
2.40
2.96
3.46
1.49
2.69
3.00
0.94
3.08
3.70
1.74
2.55
2.96
3.49
1.92
2.81
3.24
1.32
3.57
2.94
1.68
2.85
3.33
3.46
2.36
2.93
3.23
2.16
3.99
2.30
2.40
2.92
3.45
3.58
1.78
2.73
3.11
1.57
3.30
3.22
1.96
2.68
3.18
3.50
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
3.90
4.42
4.94
4.60
6.30
8.98
4.14
3.50
5.94
9.65
7.13
3.98
4.60
5.00
4.72
6.64
8.98
3.72
3.29
6.58
8.97
6.24
4.04
4.65
4.53
5.05
6.79
7.76
3.71
3.83
7.09
9.35
5.54
4.09
4.67
4.05
5.76
7.41
8.10
4.15
4.17
7.12
10.51
5.49
4.10
4.90
3.94
6.12
8.67
7.94
4.63
4.27
7.84
11.31
5.22
4.04
5.17
3.98
6.07
8.90
7.60
4.91
4.46
8.49
11.93
5.55
4.09
5.30
3.79
6.02
8.61
7.21
5.31
4.55
10.40
12.92
6.10
4.12
5.53
3.89
6.03
9.19
6.61
5.57
4.80
10.50
12.01
6.14
4.01
5.40
4.00
5.78
9.15
6.29
5.55
4.87
10.78
11.34
6.24
4.08
5.53
3.88
5.92
9.00
6.20
5.20
5.04
10.01
10.06
5.82
4.10
5.77
4.12
5.81
8.85
5.60
4.91
5.06
10.03
9.45
5.22
4.32
5.40
4.51
6.02
8.97
4.90
4.14
5.33
9.95
8.53
5.20
3.97
4.56
4.82
4.79
6.58
8.57
3.86
3.54
6.54
9.32
6.30
4.08
4.91
3.99
5.98
8.33
7.88
4.56
4.30
7.82
11.25
5.42
4.07
5.41
3.89
5.94
8.98
6.70
5.48
4.74
10.56
12.09
6.16
4.17
5.57
4.17
5.92
8.94
5.57
4.75
5.14
10.00
9.35
5.41
4.07
5.11
4.22
5.66
8.21
7.17
4.66
4.44
8.74
10.51
5.82
■ ■ .
•.•
183.7
...
185.9
...
169.4
...
174.8
195.2
213.3
206.1
236.3
260.8
278.1
287.1
294.0
1 9 7 . 5j
210.6
207.2
241.7
261.8
280.1
286.2
294.9
186.5
201.6
207.0
219.1
245.5
262.6
283.0
286.1
184.7
207.0
205.5
219.4
252.4
266.4
287.0
285.3
180.8
192.3
212.7
204.6
228.2
255.6
273.2
287.3
287.8
184.2
195.7
212.8
205.6
237.4
260.8
279.0
287.4
293.4
177.3
189.8
208.5
205.6
226.1
253.7
270.4
286.1
288.2
320.3
341.3
352.0
370.8
393.8
400.5
428.6
450.7
477.0
513.7
298.2
322.6
343.9
352.3
373.9
395.0
405.6
431.8
454.2
482.2
305.5
328.2
348.3
353.9
382.2
400.0
411.3
439.0
459.0
491.4
312.7
332.7
352.9
362.7
383.5
401.6
417.5
443.5
465.6
500.5
318.2
340.0
352.6
368.2
388.7
402.3
425.5
448.6
473.6
508.5
308.8
330.9
349.3
359.3
382.1
399.7
415.0
440.7
463.1
495.7
519.1
567.9
612.2
660.1
721.9
779.2
835.5
912.4
1011.8
1109.7
1203.1
529.5
578.3
619.7
677.8
738.5
800.8
854.7
927.2
1038.2
1136.8
1230.3
543.5
590.8
631.8
694.5
754.8
809.2
864.7
948.0
1064.3
1172.5
1265.5
556.0
602.5
642.8
708.5
768.0
815.9
881.4
982.6
1095.5
1194.1
1299.7
537.0
584.9
626.6
685.2
745.8
801.3
859.1
942.5
1052.4
1153.3
1249.7
223.
PERSONAL INCOME IN CU RRENT DOLLARS
(ANNUAL RATE, BILLIONS OF DOLLARS)
...
777 1 7 3777
777 1 6 77T
174.5
8.2
168.7
.1
171.3
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
186.8
200.8
207.3
215.5
242.9
259.9
280.8
285.7
186.5
200.3
206.3
218.4
245.5
263.7
282.7
286.7
186.3
203.7
207.5
223.5
248.1
264.3
285.5
285.7
183.5
204.7
206.5
218.8
250.9
263.9
285.8
284.6
183.9
206.1
206.0
219.2
252.3
266.9
287.1
285.5
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
296.3
320.9
341.3
352.0
371.4
394.7
403.8
428.5
454.9
479.8
298.0
322.8
344.4
351.5
373.6
394.9
405.8
431.6
453.0
482.1
300.4
324.2
345.9
353.3
376.6
395.3
407.1
435.3
454.7
484.7
303.4
327.2
346.3
352.4
379.7
398.9
407.9
437.9
456.2
488.3
306.0
327.6
348.0
353.7
382.3
400.4
410.9
438.9
458.5
491.6
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
517.9
562.9
610.1
652.3
716.1
774.2
831.8
902.4
1000.2
1103.8
1199.4
518.2
568.4
611.2
660.2
721.6
778.8
834.0
914.6
1012.6
1109.3
1201.6
521.2 1
524.9
575.1
572.3
616.7
615.3
671.1
667.8
733.4
728.1
803.9
784.6
840.7
845.1
927.0
920.1
1031.1
1022.4
1125.3
1115.9
1213.5
1208.3
529.8
577.5
619.0
678.3
738.6
799.5
850.1
931.7
1037.8
1137.3
1223.7
108
AVERAGE FOR PERIOD
176.7
186.7
210.3
204.0
220.3
254.0
268.4
288.3
285.7
...
181.0
...
182.4
...
178.9
187.0
211.0
202.5
224.6
253.5
267.3
287.8
286.2
187.6
213.5
204.1
228.9
256.4
274.8
287.1
287.8
202.4
213.7
207.3
231.0
256.9
277.5
287.1
289.5
183.2
194.4
214.5
203.6
234.2
259.8
278.7
288.9
291.4
307.1
329.7
350.6
355.6
384.8
400.7
415.1
440.3
462.2
494.1
311.8
328.8
352.1
362.1
385.2
401.2
417.0
441.9
463.1
497.0
312.0
333.8
353.7
361.9
382.3
401.4
417.3
443.1
465.4
500.9
314.3
335.8
352.8
364.0
383.1
402.1
418.2
445.4
468.2
503.6
315.9
339.3
352.8
364.8
384.1
403.5
421.9
446.4
471.3
504.2
318.3
339.4
353.1
369.1
388.2
403.0
426.0
448.6
472.5
507.8
537.1
585.8
628.3
690.0
749.6
803.8
860.0
940.3
1054.1
1164.0
1252.0
539.2
590.9
632.4
694.5
755.1
808.7
865.6
949.7
1064.0
1172.2
1267.5
554.1
595.9
634.7
699.4
759.7
815.1
868.6
954.0
1074.8
1181.5
1277.1
551.2
599.3
636.3
703.8
764.0
812.5
872.6
971.7
1086.2
1191.7
1290.8
556.0
603.3
642.4
708.8
767.6
814.3
880.3
984.1
1096.7
1191.7
1300.2
777
534.0
582.3
623.5
684.0
743.6 !
799.0 [
869.1
923.0
1045.7
1147.9
1253.7
• ■ •
...
...
...
...
...
...
...
...
560.8
604.8 1
649.6
712.8 1
772.6
820.8
891.3
992.0
1103.6
1198.9
1308.2
...
...
...
The Handbook of Cyclical Indicators
1
Monthly
Quarterly
Annual
Year
Feb.
Jan.
Apr.
Mar.
320.
May
June
1 July
Sept.
Aug.
INDEX OF CONSUMER P R I C E S , ALL ITEMS
(1967=100)
Oct.
Nov.
Dec.
IQ
II Q
III Q
IV Q
©
AVERAGE FOR PERIOD
1945...
1946...
1947...
1948...
1949. . .
1950. . .
1951...
1952...
1953...
1954...
53.3
54.5
64.4
71.0
72.0
70.5
76.1
79.3
79.8
80.7
53.2
54.3
64.3
70.4
71.2
70.3
77.0
78.8
79.4
80.6
53.2
54.7
65.7
70.2
71.4
70.6
77.3
78.8
79.6
80.5
53.3
55.0
65.7
71.2
71.5
70.7
77.4
79.1
79.7
80.3
53.7
55.3
65.5
71.7
71.4
71.0
77.7
79.2
79.9
80.6
54.2
55.9
66.0
72.2
71.5
71.4
77.6
79.4
80.2
80.7
54.3
59.2
66.6
73.1
71.0
72.1
77.7
80.0
80.4
80.7
54.3
60.5
67.3
73.4
71.2
72.7
77.7
80.1
80.6
80.6
54.1
61.2
68.9
73.4
71.5
73.2
78.2
80.0
80.7
80.4
54.1
62.4
68.9
73.1
71.1
73.6
78.6
80.1
80.9
80.2
54.3
63.9
69.3
72.6
71.2
73.9
79.0
80.1
80.6
80.3
54.5
64.4
70.2
72.1
70.8
74.9
79.3
80.0
80.5
80.1
53.2
54.5
64.8
70.5
71.5
70.5
76.8
79.0
79.6
80.6
53.7
55.4
65.7
71.7
71.5
71.0
77.6
79.2
79.9
80.5
54.2
60.3
67.6
73.3
71.2
72.7
77.9
80.0
80.6
80.6
54.3
63.6
69.5
72.6
71.0
74.1
79.0
80.1
80.7
80.2
53.9
58.5
66.9
72.1
71.4
72.1
77.8
79.5
80.1
80.5
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
80.1
80.3
82.8
85.7
86.8
87.9
89.3
89.9
91.1
92.6
80.1
80.3
83.1
85.8
86.7
88.0
89.3
90.1
91.2
92.5
80.1
80.4
83.3
86.4
86.7
88.0
89.3
90.3
91.3
92.6
80.1
80.5
83.6
86.6
86.8
88.5
89.3
90.5
91.3
92.7
80.1
80.9
83.8
86.6
86.9
88.5
89.3
90.5
91.3
92.7
80.1
81.4
84.3
86.7
87.3
88.7
89.4
90.5
91.7
92.9
80.4
82.0
84.7
86.8
87.5
88.7
89.8
90.7
92.1
93.1
80.2
81.9
84.8
86.7
87.4
88.7
89.7
90.7
92.1
93.0
80.5
82.0
84.9
86.7
87.7
88.8
89.9
91.2
92.1
93.2
80.5
82.5
84.9
86.7
88.0
89.2
89.9
91.1
92.2
93.3
80.6
82.5
85.2
86.8
88.0
89.3
89.9
91.1
92.3
93.5
80.4
82.7
85.2
86.7
88.0
89.3
89.9
91.0
92.5
93.6
80.1
80.3
83.1
86.0
86.7
88.0
89.3
90.1
91.2
92.6
80.1
80.9
83.9
86.6
87.0
88.6
89.3
90.5
91.4
92.8
80.4
82.0
84.8
86.7
87.5
88.7
89.8
90.9
92.1
93.1
80.5
82.6
85.1
86.7
88.0
89.3
89.9
91.1
92.3
93.5
80.2
81.4
84.3
86.6
87.3
88.7
89.6
90.6
91.7
92.9
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972.. .
1973...
1974...
1975...
1976...
93.6
95.4
98.6
102.0
106.7
113.3
119.2
123.2
127.7
139.7
156.1
93.6
96.0
98.7
102.3
107.1
113.9
119.4
123.8
128.6
141.5
157.2
93.7
96.3
98.9
102.8
108.0
114.5
119.8
124.0
129.8
143.1
157.8
94.0
96.7
99.1
103.1
108.7
115.2
120.2
124.3
130.7
143.9
158.6
94.2
96.8
99.4
103.4
109.0
115.7
120.8
124.7
131.5
145.5
159.3
94.7
97.1
99.7
104.0
109.7
116.3
121.5
125.0
132.4
146.9
160.6
94.8
97.4
100.2
104.5
110.2
116.7
121.8
125.5
132.7
148.0
162.3
94.6
97.9
100.5
104.8
110.7
116.9
122.1
125.7
135.1
149.9
162.8
94.8
98.1
100.7
105.1
111.2
117.5
122.2
126.2
135.5
151.7
163.6
94.9
98.5
101.0
105.7
111.6
118.1
122.4
126.6
136.6
153.0
164.6
95.1
98.5
101.3
106.1
112.2
118.5
122.6
126.9
137.6
154.3
165.6
95.4
98.6
101.6
106.4
112.9
119.1
123.1
127.3
138.5
155.4
166.3
93.6
95.9
98.7
102.4
107.3
113.9
119.5
123.7
128.7
141.4
157.0
94.3
96.9
99.4
103.5
109.1
115.7
120.8
124.7
131.5
145.4
159.5
94.7
97.8
100.5
104.8
110.7
117.0
122.0
125.8
134.4
149.9
162.9
95.1
98.5
101.3
106.1
112.2
118.6
122.7
126.9
137.6
154.2
165.5
94.5
97.2
100.0
104.2
109.8
116.3
121.3
125.3
133.1
147.7
161.2
320-C.
CHANGE IN INDEX OF CONSUMER P R I C E S , ALL I T E M S ,
(MONTHLY RATE, PERCENT)
OVER 1-MONTH S P A N S '
AVERAGE FOR PERIOD
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
0.6
-0.1
-0.4
0.4
1.8
-0.1
-0.1
0.2
1.8
-0.7
-0.1
0.1
0.2
-0.2
0.1
-0.2
1.4
0.1
0.1
0.1
0.3
0.1
-0.2
-0.1
0.8
-0.1
0.5
0.3
0.0
0.1
0.3
0.6
0.6
0.1
0.5
-0.2
0.2
0.3
0.0
0.7
1.0
-0.9
0.7
-0.1
0.6
0.0
-0.3
0.8
0.1
0.0
0.6
-0.2
0.0
0.2
0.0
-0.6
0.2
0.5
0.5
0.0
-0.3
0.1
1.4
-0.5
-0.4
1.5
0.6
0.1
0.0
0.0
l!2
-0.3
0.2
0.6
0.6
-0.2
0.2
-0.2
0.3
-0.2
-0.4
0.6
0.6
0.2
0.2
-0.3
6!2
-0.1
-0.4
1.6
-0.1
-0.3
0.2
0.1
-0.2
0.0
1.2
-0.1
-0.1
0.1
0.9
0.0
0.4
0.1
0.2
0.2
0.0
0.3
-0.2
0.6
0.1
0.1
0.1
-0.2
0.8
-0.4
-0.2
0.9
0.6
0.1
0.0
-0.1
-0.1
0.5
0.5
0.1
0.0
0.0
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
0.0
-0.1
0.1
0.6
0.2
-0.1
0.0
0.1
0.2
0.2
0.2
0.1
0.4
0.2
-0.1
0.1
0.1
0.3
0.1
-0.1
0.0
0.1
0.2
0.7
0.0
0.0
0.0
0.2
0.1
0.1
0.0
0.1
0.3
0.2
0.0
0.5
-0.1
0.1
-0.1
0.1
-0.1
0.4
0.2
0.0
0.2
0.1
0.1
0.1
0.1
0.1
-0.2
0.4
0.4
-0.1
0.3
0.1
0.0
-0.2
0.3
0.1
0.1
0.5
0.3
-0.1
0.1
-0.1
0.3
0.1
0.3
0.0
-0.1
0.1
0.3
0.1
0.1
0.1
0.0
0.2
0.1
0.0
0.4
0.1
0.1
0.0
0.3
0.0
0.1
0.5
-0.1
0.2
0.0
0.6
0.0
0.0
0.3
0.5
0.0
-0.1
0.1
0.1
0.1
0.1
0.4
0.1
0.0
0.1
0.0
0.1
0.2
0.2
0.0
0.4
0.2
0.1
0.1
0.1
0.1
-0.1
0.3
0.1
0.1
0.0
0.2
0.5
0.0
0.0
0.0
0.2
0.1
0.1
-0.1
0.3
0.3
0.0
0.2
0.2
0.0
0.0
0.1
0.1
0.1
0.2
0.2
0.0
0.2
0.0
0.1
0.3
0.1
0.1
0.0
0.4
0.2
0.1
0.1
0.2
0.0
0.0
0.2
0.1
0.0
0.2
0.2
0.2
0.1
0.1
0.0
0.1
0.1
0.1
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
0.1
0.1
0.1
0.4
0.3
0.5
0.3
0.2
0.6
1.0
0.8
0.0
0.6
0.2
0.3
0.5
0.5
0.1
0.4
0.7
1.2
0.6
0.1
0.2
0.0
0.4
0.7
0.4
0.3
0.2
0.9
1.1
0.4
0.3
0.4
0.2
0.2
0.6
0.5
0.3
0.2
0.8
0.6
0.5
0.3
0.2
0.2
0.4
0.4
0.5
0.5
0.2
0.5
1.1
0.4
0.4
0.1
0.4
0.5
0.6
0.3
0.5
0.2
0.6
0.9
0.8
0.0
0.2
0.3
0.5
0.5
0.3
0.2
0.4
0.2
0.7
0.9
-0.1
0.6
0.4
0.4
0.5
0.3
0.2
0.2
1.7
1.3
0.3
0.2
0.2
0.3
0.3
0.5
0.4
0.1
0.4
0.4
1.1
0.4
0.1
0.4
0.3
0.6
0.5
0.5
0.2
0.3
0.7
0.9
0.6
0.3
0.0
0.4
0.5
0.5
0.5
0.2
0.3
0.8
0.9
0.5
0.4
0.1
0.3
0.3
0.6
0.4
0.4
0.2
0.7
0.8
0.5
0.1
0.3
0.1
0.4
0.5
0.5
0.2
0.3
0.7
1.1
0.6
0.3
0.2
0.3
0.4
0.5
0.4
0.4
0.2
0.6
0.9
0.6
0.0
0.3
0.3
0.4
0.5
0.3
0.2
0.3
0.8
1.0
0.5
0.3
0.2
0.3
0.5
0.5
0.5
0.3
0.3
0.7
0.9
0.5
0.2
0.3
0.3
0.4
0.5
0.4
0.3
0.3
0.7
1.0
0.6
Y.2
320-C.
6!6
CHANGE IN INDEX OP CONSUMER P R I C E S , ALL ITEMS,
(COMPOUND ANNUAL RATE, PERCENT)
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
-3.2
0.0
12.0
2.3
-0.1
-0.6
8.3
-2.1
0.6
11.5
1.3
0.2
0.6
6.5
-0.9
2.4
7.8
0.5
0.6
0.5
6.2
-2.5
4.7
4.2
1.7
1.1
-0.5
7.5
6.7
-1.8
5.1
0.2
1.9
1.9
-0.9
7.9
7.5
-1.3
6.0
1.1
2.0
1.9
-1.0
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
0.5
0.7
3.3
4.5
0.6
1.4
0.5
1.7
0.7
1.4
0.0
1.2
3.5
3.7
0.6
1.5
0.3
1.7
0.7
1.2
-0.2
2.1
3.5
3.2
1.1
1.4
0.1
1.2
1.5
0.9
0.0
3.5
3.8
1.8
0.9
1.3
0.7
1.3
1.7
0.5
-0.6
3.3
3.6
1.7
1.2
1.3
0.6
1.1
1.7
0.8
0.3
3.4
3.4
0.2
1.9
1.4
1.0
1.6
1.4
0.9
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1.7
4.0
1.3
4.0
5.6
6.6
3.8
3.5
7.1
11.5
8.0
1.8
3.9
1.7
4.0
5.3
6.5
3.7
3.5
7.5
12.1
7.1
2.3
3.4
2.3
4.4
5.9
5.7
3.9
2.9
8.3
12.5
7.1
2.0
3.6
2.7
4.6
6.3
5.4
3.9
3.3
7.5
11.8
7.4
1.8
3.5
3.1
4.7
6.2
5.0
4.2
2.8
9.7
11.9
2.0
3.5
3.7
4.5
5.8
4.9
3.9
3.2
8.6
11.9
12.6
6.8
7.0
7.2
8*.i
i'.i
'Percent changes are centered within the spans:
averages of the centered changes.
BCD 1977
B.'e
4.2
-2.2
7.2
2.0
1.6
2.1
-1.1
0.3
4.3
2.6
-0.2
2.4
1.3
1.1
1.0
1.7
1.1
1.7
3.6
3.9
5.3
5.6
4.9
3.5
3.4
8.6
2.6
6.7
6!2
OVER 6-MONTH SPANS '
AVERAGE FOR PERIOD
nis
10.4
1.3
-1.8
7.2
2.5
1.5
1.2
-1.3
12!i
-1.0
-2.7
9.4
4.1
1.3
0.7
-1.4
-3.3
-1.6
11.3
4.2
-0.3
1.2
-0.9
0.7
3.6
3.0
0.0
2.2
1.5
1.0
1.0
1.9
1.4
1.0
3.6
2.5
0.3
1.9
1.5
1.2
1.2
1.8
1.5
0.5
2.8
3.2
0.8
1.6
1.9
0.7
1.4
1.6
1.6
1.7
3.3
4.3
5.5
6.0
4.9
3.0
3.6
9.2
12.0
7.4
1.6
3.2
4.1
5.1
6.1
5.2
2.8
3.7
9.4
11.8
6.8
1.8
3.0
4.2
4.7
6.3
5.0
2.8
4.0
11.3
12.0
6.1
h'.8
7.5
l6!5
-3.7
-1.0
13.1
2.8
0.0
0.3
0.0
7.6
-2.1
1.0
10.4
1.4
0.2
0.2
6.8
-1.9
5.3
1.8
1.9
1.6
-0.8
1.5
-2.2
7.9
2.9
1.5
1.3
-1.3
-0.4
-1.8
6.8
4.7
1.1
1.0
-0.6
1.1
3.6
2.9
0.4
1.7
1.7
1.1
1.3
1.1
1.6
0.3
3.8
4.0
0.4
1.1
1.5
1.3
0.6
1.4
1.4
0.1
1.3
3.4
3.8
0.8
1.4
0.3
1.5
1.0
1.2
-0.1
3.4
3.6
1.2
1.3
1.3
0.8
1.3
1.6
0.7
0.7
3.8
2.7
0.0
2.2
1.4
1.1
1.1
1.8
1.3
0.6
3.4
3.4
0.5
1.5
1.7
1.0
1.1
1.4
1.5
0.3
3.0
3.3
1.4
1.4
1.5
0.8
1.3
1.4
1.2
3.4
2.2
4.0
4.8
6.4
4.5
3.1
5.2
10.2
10.4
5.7
3.5
1.7
4.2
5.6
6.4
4.1
3.3
6.1
11.9
8.8
5.3
1.9
3.8
1.8
4.1
5.6
6.3
3.8
3.3
7.6
12.0
7.4
1.9
3.5
3.2
4.6
6.1
5.1
4.0
3.1
8.6
11.9
7.1
1.7
3.4
4.1
5.3
5.9
5.0
3.1
3.6
9.1
12.1
7.1
2.9
2.3
4.1
5.0
6.4
4.5
3.1
5.1
2.1
3.2
3.3
4.8
6.0
5.2
3.5
3.8
9.1
11.6
6.8
11! 5
-4.2
-0.8
14.0
4.4
-0.6
1.0
-0.4
l6!3
-3.7
-1.1
12.8
3.8
-0.3
0.8
11.1
10.4
5.7
3!6
1-month changes are placed on the 2d month and 6-month changes are placed on the 4th month. Quarterly and annual figures are
109
Monthly
Quarterly
Annual
Year
Jan.
Feb.
Mar.
Apr.
322.
777
May
June
July
Aug.
Sept.
1 Q
Dec.
67!7
76.0
74.2
72.4
83.7
84.0
83.0
83.6
69.7
74.3
74.2
72.3
83.2
83.7
83.0
83.3
69.0
76.2
74.3
72.3
82.8
84.3
82.5
83.2
68.7
77.2
74.0
72.9
83.0
84.2
82.6
83.3
69.1
77.7
74.2
73.7
82.3
84.0
83.3
83.2
69.7
78.2
72.8
75.1
82.0
84.7
82.7
83.3
70i8
77.9
72.9
75.6
81.7
84.9
83.1
83.1
77.3
73.5
75.7
82.0
84.3
83.3
82.3
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
81.6*
80.7
83.4
87.4
87.9
86.8
89.4
89.2
91.1
92.0
82.2
80.6
84.2
87.8
87.4
86.7
89.5
89.6
91.2
92.0
82.3
80.8
83.9
89.5
87.0
86.9
89.4
89.9
91.0
92.0
82.3
81.1
84.0
89.8
86.7
88.1
89.2
90.0
90.6
92.0
81.8
81.7
• 84.2
89.4
86.5
88.1
89.0
89.9
90.8
92.0
81.3
82.5
84.8
88.9
87.0
88.1
88.7
89.6
91.1
92.2
81.4
83.4
85.4
88.5
86.9
87.8
89.0
89.3
91.5
92.3
81.1
82.6
86.3
88.4
86.8
88.1
88.8
89.7
91.6
92.2
92.5
98.3
99.3
102.0
105.9
114.1
115.9
122.2
131.0
157.3
171.2
92.9
99.1
99.0
102.2
106.1
114.1
116.8
122.3
134.3
158.8
171.0
93.3
99.2
98.7
102.7
106.9
114.5
117.8
122.4
136.6
158.6
171.3
94.1
98.9
99.0
103.3
107.6
115.2
118.5
122.7
138.3
160.1
172.5
95.6
98.8
99.7
103.2
108.7
115.1
119.1
122.9
139.8
160.3
174.6
95.5
98.4
100.1
103.5
109.3
115.2
119.2
123.6
140.0
159.8
177.8
95.0
99.8
100.5
103.9
109.8
115.1
119.3
123.9
148.5
162.1
177.5
...
...
73ll
K3
-0.3
-0.8
2.4
-0.1
-0.7
0.7
-0.7
-0.5
1.4
3.5
-0.9
-0.5
0.1
-2.2
0.0
-0.1
-0.6
-0.4
0.0
-0.4
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
-0.1
-0.4
-0.1
2.0
0.2
-0.1
-0.2
0.5
1.1
0.2
0.7
-0.1
1.0
0.5
-0.6
-0.1
0.1
0.4
0.1
0.0
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
-0.4
0.6
-0.3
0.2
0.2
0.3
-0.3
-0.4
1.8
1.4
0.6
-0.2
1.5
-0.3
0.4
-0.2
0.4
0.2
1.3
1.6
2.1
0.1
i!6
IV Q
76.7
72.8
76.4
83.3
84.4
83.4
82.0
75!5
74.8
72.0
79.0
84.9
84.0
82.9
81.7
68.1
75.6
74.3
72.0
82.6
84.2
83.1
83.5
68.9
77.0
74.2
73.0
82.7
84.2
82.8
83.2
7l!i
77.8
73.1
75.5
81.9
84.6
83.0
82.9
74.1
75.6
72.6
77.3
84.1
84.3
82.9
81.9
81.7
82.8
85.8
88.1
87.0
88.2
88.8
90.7
91.2
92.8
81.4
83.1
85.6
87.9
87.1
89.0
89.0
90.5
91.1
92.8
81.0
83.4
85.6
88.1
87.0
89.4
88.8
90.7
91.5
93.1
81.0
83.5
85.7
87.7
86.9
89.6
88.8
90.1
91.8
93.1
82.0
80.7
83.8
88.2
87.4
86.8
89.4
89.6
91.1
92.0
81.8
81.8
84.3
89.4
86.7
88.1
89.0
89.8
90.8
92.1
81.4
82.9
85.8
88.3
86.9
88.0
88.9
89.9
91.4
92.4
81.1
83.3
85.6
87.9
87.0
89.3
88.9
90.4
91.5
93.0
94.9
100.1
100.5
104.4
110.5
115.6
119.1
124.7
148.2
165.1
177.9
95.3
100.4
100.8
105.4
110.8
115.9
119.4
125.3
148.9
166.6
179.5
95.6
100.2
101.2
105.5
112.0
115.7
119.8
126.1
150.7
168.4
180.3
92.7
98.1
99.3
101.9
106.0
114.0
116.1
121.7
131.4
156.7
171.1
94.3
99.0
99.1
103.1
107.7
114.9
118.5
122.7
138.2
159.7
172.8
95.1
99.4
100.4
103.9
109.9
115.3
119.2
124.1
145.6
162.3
177.7
li'.'e
96.2
99.9 |
101.4 j
105.9
113.4
116.0
121.1
126.6
151.9!
170.0
181.0
50.7
58.1
70.6
76.6
73.5
74.5
82.8
84.3
83.0
82.8
1
1
95.7
100.2
101.1
105.6
112.1 j
115.9
120.1
126.0
150.5
168.3
180.3 1
81.6
82.2
84.9
88.5
87.1
88.0
89.1
89.9
91.2
92.4
94.4
99.1
100.0
103.6
108.9
115.0
118.4
123.5
141.4
161.7
175.4
AVERAGE FOR PERIOD
0.1
0.0
-0.5
0.7
-0.6
-0.1
-0.4
1.3
-0.4
0.8
0.2
-0.1
0.1
0.1
0.6
0.6
0.3
1.1
-0.8
-0.2
0.8
-0.1
0.9
0.6
-1.9
1.9
-0.4
0.8
-0.7
0.1
-0.4
0.1
0.7
-0.4
0.2
0.5
-0.2
-0.8
0.8
0.1
0.4
-0.7
0.2
-1.0
0.4
-0.8
-1.0
0.9
1.6
0.1
0.1
-0.4
-1.8
0.1
0.3
0.8
0.0
-1.2
-0.1
-0.7
-1.2
3.1
1.1
-0.5
0.6
-0.2
-0.3
0.2
1.8
-0.5
-0.4
0.1
-t)'.3
1.5
0.0
0.6
-0.4
0.1
0.1
0.0
K8
-0.2
-0.3
0.9
-0.1
0.1
0.0
-0.4
K2
-1.1
-0.7
1.4 |
1.2
-0.1
-0.2
-0.2 j
-0.1
-0.3
0.8
0.6
-0.1
-0.1
-0.1
0.1
0.2
-0.4
1.9
-0.5
0.2
-0.1
0.3
-0.2
0.0
0.0
0.4
0.1
0.3
-0.3
1.4
-0.2
0.1
-0.4
0.0
-0.6
0.7
0.2
-0.4
-0.2
0.0
-0.2
-0.1
0.2
0.0
-0.6
1.0
0.7
-0.6
0.6
0.0
-0.3
-0.3
0.3
0.2
0.1
1.1
0.7
-0.4
-0.1
-0.3
0.3
-0.3
0.4
0.1
-0.4
-1.0
1.1
-0.1
-0.1
0.3
-0.2
0.4
•
0.1
-0.1
0.7
0.2
-0.6
-0.3
0.2
0.1
0.0
1.1
-0.4
0.7
-0.4
0.4
-0.2
-0.2
0.1
0.9
0.2
-0.2
-0.1
0.0
-0.5
0.4
0.0
0.2
-0.1
0.4
-0.2
0.2
0.4
0.3
0.0
0.1
0.1
-0.5
-0.1
0.2
0.0
-0.7
0.3
0.0
0.2
-0.1
0.2
1.5
-0.3
0.0
-0.1
0.4
0.3
0.1
-0.4
0.7
0.3
-0.2
0.0
0.5
-0.2
-0.1
0.0
0.1
0.1
0.1
0.4
-0.3
0.0
0.0
0.0
0.4
0.0
0.2
-0.3 !
0.3
0.0
-0.2
0.0
0.5 i
0.0 1
-0.2
0.2
0.1 !
-0.1
0.2
0.2
0.2
-0.1
0.2
-0.1
0.1
0.2
0.1
0.4
0.8
-0.3
0.2
0.2
0.0
0.8
0.1
2.5
1.0
-0.1
0.4
0.1
-0.3
0.5
0.8
0.4
0.9
0.1
1.7
-0.1
0.2
0.9
-0.3
0.3
0.6
0.7
0.6
0.6
0.2
1.2
0.9
0.7
1.6
-0.1
0.7
-0.1
1.0
-0.1
0.5
0.2
1.1
0.1
1.2
-0.1
-0.4
0.4
0.3
0.6
0.1
0.1
0.6
0.1
-0.3
1.8
-0.5
1.4
0.4
0.4
0.5
-0.1
0.1
0.2
6.1
1.4
-0.2
-0.1
0.3
0.0
0.5
0.6
0.4
-0.2
0.6
-0.2
1.9
0.2
0.4
0.3
0.3
1.0
0.3
0.3
0.3
0.5
0.5
0.9
0.9
0.3
-0.2
0.4
0.1
1.1
-0.2
0.3
0.6
1.2
1.1
0.4
0.6
-0.3
0.2
0.4
1.2
0.3
1.1
0.4
-0.1
1.0
-0.3
0.3
0.1
0.2
0.2
0.3
2.0
1.5
0.2
1.0
-0.1
0.2
0.3
0.8
0.3
0.7
0.2
1.3
0.3
0.7
-0.2
0.4
0.3
0.4
0.6
0.1
0.0
0.5
2.0
1.0
0.6
0.4
-0.1
0.3
0.5
0.9
0.1
0.6
0.5
0.8
1.0
0.6
3.6
-i!6
2.6
i!6
y.s
i!6
y.ii
-6!s
o.gi
1.0 j
0.4
3 2 2 - C . CHANGE IN INDEX OF CONSUMER P R I C E S , FOOD , OVER 6 -MONTH S PANS'
(COMPOUND ANNUAL RATE, PERCENT)
8.7
-6.2
-1.4
17.5
2.4
-4.5
-0.5
9.4
-3.4
0.0
17.4
0.5
-4.2
2.2
-1.6
4.8
8.5
-2.1
-1.7
0.7
8^2
4.5
-4.8
10.6
2.7
-0.2
-1.7
-0.5
9.4
5.1
-3.5
9.0
-4.7
2.2
0.2
-1.2
9.1
8.2
-1.9
9.6
-2.9
1.4
0.7
-2.4
12.2
1.3
-4.0
11.7
1.2
0.2
2.2
-2.9
15.4
-4.9
-3.0
10.4
2.4
0.5
-0.5
-3.3
19M
-7.3
-5.8
14.9
6.4
0.0
-1.0
-3.6
20^5
-9.0
-3.8
16.0
6.9
-3.0
1.9
-4.0
15^2
-9.3
-1.4
22.6
5.7
-4.4
1.2
-2.2
4! 2
-7.9
-3.2
20.8
4.2
-3.1
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
0.7
-0.7
2.2
10.1
-2.7
2.3
0.4
2.3
0.2
2.0
-0.2
1.7
1.9
9.1
-3.6
2.5
-0.9
2.5
0.2
1.1
-1.0
3.7
3.1
7.6
-1.6
2.8
-2.0
1.8
2.2
0.9
-0.5
6.8
4.9
2.5
-2.3
2.3
-0.9
0.2
0.9
0.7
-2.7
5.0
5.1
1.4
-1.4
3.3
-1.6
0.2
0.9
0.4
-1.5
5.0
4.6
-3.1
0.0
3.0
-1.3
1.8
0.4
1.7
-2.2
5.0
3.8
-4.2
0.9
2.1
-0.4
1.1
1.1
1.7
-1.9
4.2
3.4
-2.9
1.2
3.0
-0.4
1.8
1.5
2.4
-0.7
2.4
2.1
-2.7
-0.2
3.4
0.2
1.1
1.5
2.0
-1.7
0.0
4.7
-1.4
-0.2
3.7
0.4
4.1
1.1
0.9
-1.2
3.9
3.5
-2.2
-0.2
3.2
1.8
3.4
0.9
0.7
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1.1
8.4
-3.4
3.8
2.9
6.8
3.3
5.1
18.9
13.5
5.7
2.2
7.0
-2.4
4.2
4.0
5.8
4.9
4.9
20.3
12.9
4.9
5.4
5.5
-0.4
3.6
5.4
3.0
5.4
3.0
21.9
11.4
5.5
6.1
3.3
1.0
3.8
6.1
2.7
6.1
5.0
18.0
7.7
8.0
5.5
3.1
2.4
3.8
7.5
1.8
6.0
2.8
28.5
6.2
7.5
4.4
2.0
3.1
4.4
8.5
2.6
4.0
4.0
21.8
8.1
8.2
4.3
2.4
4.3
5.3
7.4
2.5
2.7
4.8
18.8
10.3
9.8
3.2
2.6
4.5
4.3
8.3
0.9
2.2
5.6
18.7
10.6
9.2
1.3
2.2
3.4
5.3
8.8
1.6
3.4
6.1
18.1
12.5
7.5
2.7
2.5
3.0
5.1
8.2
0.9
2.4
8.8
21.0
14.6
3.7
7.1
-1.0
3.0
3.9
8.0
1.4
4.9
11.8
12.2
11.5
2.3
s!9
1
0.3
0.3
0.1
0.4
0.6
0.2
0.4
0.4
1.5
1.0
0.5
AVERAGE FOR PERIOD
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
...
...
IIIQ
73i8
75.3
72.9
76.6
84.0
84.4
82.4
81.9
3 2 2 - C . CHANGE IN INDEX OF CONSUMER P R I C E S , FOOD , OVER 1 -MONTH SPANS 1
(MONTHLY RATE, PERCENT)
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
II Q
AVERAGE FOR PERIOD
67.0
76.5
74.6
71.4
80.9
84.8
83.4
83.5
92.7
96.8
99.6
101.6
106.1
113.7
115.7
120.6
128.9
154.0
171.1
Nov.
INDEX OF CONSUMER P R I C E S , POOD
(1967-100)
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
Oct.
1J!3
0.0
8*.0
-3.7
1.1
14.5
0.3
-3.5
0.8
8.9
5.9
-3.4
9.7
-1.6
1.1
-0.3
-1.4
15.7
-3.6
-4.3
12.3
3.3
0.2
0.2
-3.3
-8.7
-2.8
19.8 1
5.6
-3.5
1.0
-2.1
-3.5
10.8
5.4
-0.5
-0.6
-1.5
-2.2
2.7
8.8
-2.5
-0.2
2.7
2.5
0.7
1.8
0.2
-0.2
1.6
2.4
8.9
-2.6
2.5
-0.8
2.2
0.9
1.3
-1.6
5.6
4.9
0.3
-1.2
2.9
-1.3
0.7
0.7
0.9
-1.6
3.9
3.1
-3.3
0.6
2.8
-0.2
1.3
1.4
2.0
-1.7
2.2 !
5.7
-2.0
-0.2
3.2
1.6
2.7
1.3
0.6
-1.3
3.3
4.0
1.0
-0.9
2.9
-0.2
1.8
1.1
1.2
9.0
-2.2
3.4
3.3
6.6
2.1
5.4
16.0
14.8
7.3
0.7
2.9
7.0
-2.1
3.9
4.1
5.2
4.5
4.3
20.4
12.6
5.4
5.3
2.8
2.2
4.0
7.4
2.4
5.4
3.9
22.8
7.3
7.9
2.9
2.4
4.1
5.0
8.2
1.7
2.8
5.5
18.5
11.1
8.8
6.3
-0.2
3.1
4.1
7.6
1.5
4.2
12.2
16.0
11.1
2.2
4.4
3.0
1.8
4.2
6.8
2.7
4.2
6.5
19.4
10.6
6.1
0.01
|
6!4
L,
Percent 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. Quarterly and annual figures are
averages of the centered changes.
1
110
The Handbook of Cyclical Indicators
Quarterly
Monthly
I
Year
Jan.
Feb.
Mar.
330.
Apr.
May
June
July
Aug.
INDEX OF WHOLESALE PRICES , ALL COMMODITIES
(1967=100)
Sept.
Oct.
Nov.
Annual
III Q
IV Q
AVERAGE FOR PERIOD
54.1
55.2
73.2
82.9
81.6
77.6
91.2
89.7
87.2
88.0
54.2
55.5
73.9
81.3
80.3
78.0
92.5
89.3
87.0
87.7
54.3
56.2
75.7
81.3
80.1
78.1
92.5
89.2
87.3
87.7
54.5
56.8
75.2
82.0
79.3
78.1
92.3
88.7
86.8
88.1
54.7
57.2
74.8
82.4
78.6
79.1
92.0
88.6
87.2
88.0
54.8
58.2
74.8
83.0
77.9
79.5
91.3
88.2
86.9
87.3
54.7
64.4
75.6
83.7
77.8
81.7
90.7
88.7
88.0
87.7
54.5
66.5
76.6
84.3
77.9
83.5
90.2
89.1
87.7
87.7
54.3
64.0
78.1
84.2
78.0
85.0
90.0
88.7
88.1
87.3
54.6
69.2
79.1
83.3
77.7
85.5
90.2
88.2
87.5
87.1
55.0
72.1
79.9
83.1
77.7
86.7
90.2
87.8
87.2
87.3
55.2
72.7
81.4
82.6
77.6
89.0
90.1
87.0
87.4
86.9
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
87.4
88.8
92.7
94.3
94.8
94.7
95.2
95.0
94.7
95.2
87.7
89.2
92.8
94.4
94.8
94.7
95.2
94.9
94.4
94.7
87.3
89.5
92.7
95.0
94.9
95.2
95.2
94.9
94.2
94.6
87.7
90.2
93.0
94.7
95.2
95.2
94.7
94.6
94.0
94.5
87.2
90.8
92.9
94.8
95.2
95.0
94.3
94.4
94.3
94.3
87.6
90.7
93.2
94.6
95.0
94.8
93.8
94.3
94.5
94.3
87.7
90.5
93.8
94.6
94.8
95.0
94.2
94.6
94.8
94.6
88.0
91.0
94.0
94.5
94.5
94.6
94.3
94.7
94.6
94.5
88.7
91.7
93.7
94.5
95.0
94.6
94.3
95.4
94.5
94.9
88.6
91.7
93.5
94.4
94.5
94.9
94.3
94.8
94.7
95.0
88.2
92.0
93.7
94.6
94.3
94.9
94.3
94.9
94.9
94.9
88.3
92.3
94.1
94.6
94.3
94.8
94.6
94.6
94.5
94.9
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
95.2
98.6
100.1
101.1
104.3
109.3
111.8
116.3
124.5
146.6
171.8
95.4
99.3
99.9
101.9
104.8
109.7
112.8
117.3
126.9
149.5
171.3
95.5
99.3
99.6
102.1
105.4
109.9
113.1
117.4
129.8
151.4
170.4
95.9
99.4
99.2
102.1
105.5
110.0
113.4
117.5
130.5
152.7
172.1
96.2
99.5
99.7
102.4
106.3
110.0
113.9
118.2
133.2
155.0
173.2
96.9
99.6
100.2
102.5
106.8
110.4
114.4
118.8
136.0
155.7
173.7
97.0
100.3
100.3
102.8
107.0
110.9
114.7
119.7
134.3
161.7
175.7
97.0
100.7
100.0
102.5
106.9
110.4
115.1
119.9
142.1
167.4
176.7
97.1
100.7
100.1
102.9
107.1
111.0
114.6
120.2
139.7
167.2
177.7
97.2
100.1
100.1
102.9
107.4
110.9
114.5
120.0
138.7
170.2
178.9
97.5
99.8
100.1
103.3
108.1
110.9
114.6
120.7
139.2
171.9
178.2
98.1
99.8
100.8
103.6
108.6
111.0
115.6
122.9
141.8
171.5
178.7
CHANGE IN INDEX OF WHOLESALE P R I C E S , ALI, COMMODITIES,
(MONTHLY RATE, PERCENT)
II Q
®
194b...
1946...
1947...
1948...
194y...
I9b0. . .
1951...
1952...
1953...
1954...
330-C
1Q
Dec.
:
!
!
54.2
55.6
74.3
81.8
80.7
77.9
92.1
89.4
87.2
87.8
54.7
57.4
74.9
82.5
78.6
78.9
91.9
88.5
87.0
87.8
54.5
65.0
76.8
84.1
77.9
83.4
90.3
88.8
87.9
87.6
54.9
71.3
80.1
83.0
77.7
87.1
90.2
87.7
87.4
87.1
87.5
89.2
92.7
94.6
94.8
94.9
95.2
88.1
91.1
93.8
94.5
94.8
94.7
94.3
94.9
94.6
94.7
88.4
92.0
93.8
94.5
94.4
94.9
94.4
94.8
94.7
94.9
87.8
90.7
93.3
94.6
94.8
94.9
94.5
94.8
94.5
94.7
97.0
100.6
100.1
102.7
107.0
110.8
114.8
119.9
138.7
165.4
176.7
97.6
99.9
100.3
103.3
108.0
110.9
114.9
121.2
139.9
171.2
178.6
96.6
99.8
100.0
102.5
106.5
110.4
113.9
119.1
134.7
160.1
174.9
1
94.9
i
94.4
94.8
87.5
90.6
93.0
94.7
95.1
95.0
94.3
94.4
94.3
94.4
95.4
99.1
99.9
101.7
104.8
109.6
112.6
117.0
127.1
149.2
171.2
96.3
99.5
99.7
102.3
106.2
110.1
113.9
118.2
133.2
154.5
173.0
i
-l!5
-1.2
0.8
1.8
-0.2
-0.1
-0.3
1.4
-0.5
0.5
0.2
-0.3
-0.4
0.4
0.7
-0.7
1.4
-0.3
-0.1
0.5
0.0
1.1
-0.5
0.9
-0.3
0.0
0.0
-0.5
0.4
0.3
-0.7
2.2
-1.2
0.1
0.9
0.2
0.7
0.1
-0.5
1.6
-1.1
0.0
-0.7
-0.2
1.6
-0.5
-0.1
1.5
-0.4
-0.6
0.3
-0.5
1.6
-0.7
0.0
1.0
0.7
-0.1
-0.2
0.1
...
6!9
-0.5
-0.2
1.3
-0.1
-0.4
-0.3
0.3
-0.5
0.0
2.8
0.0
-0.8
0.3
-0.4
0.1
-0.9
0.2
1.3
-0.3
0.0
0.0
i.5
-0.5
-0.2
-0.2
-0.2
0.3
0.0
1.1
-0.6
0.9
-0.1
-0.1
0.0
0.0
0.0
-0.4
1.8
-0.9
-0.2
0.2
-0.2
-0.6
-0.1
1.7
0.2
-0.4
-0.1
0.0
1955.. .
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
0.3
0.2
0.1
-0.1
-0.1
0.1
0.1
0.1
-0.2
0.4
0.4
0.5
0.1
0.1
0.0
0.1
0.1
0.0
-0.2
-0.5
-0.4
0.4
-0.1
0.6
0.0
0.4
-0.1
0.0
-0.2
0.0
0.4
0.6
0.1
-0.4
0.3
0.1
-0.4
-0.2
-0.1
0.0
-0.5
0.7
0.0
0.3
0.1
-0.1
-0.3
-0.1
0.4
-0.2
0.7
0.1
0.5
-0.1
-0.1
-0.1
-0.4
-0.1
0.2
-0.1
-0.1
-0.3
0.6
0.0
-0.3
0.1
0.3
0.1
0.1
0.1
0.3
0.6
0.3
0.0
-0.2
-0.3
0.3
0.3
0.0
0.1
0.7
0.6
-0.5
-0.2
0.4
0.0
-0.1
0.7
-0.1
0.4
0.2
0.3
0.0
0.1
-0.4
0.4
0.0
-0.6
0.2
0.2
-0.4
0.4
0.2
0.3
-0.2
0.0
0.0
0.1
0.2
-0.1
0.2
0.3
0.5
0.0
0.0
-0.1
0.4
-0.3
-0.4
0.0
0.1
0.4
0.0
0.2
0.0
0.2
0.0
0.0
-0.2
0.0
0.2
0.5
0.2
-0.1
0.1
0.0
-0.4
-0.1
0.2
-0.1
0.3
0.3
0.1
-0.1
0.0
-0.1
0.2
0.4
0.0
0.2
0.0
0.3
0.2
0.1
-0.2
0.1
0.1
-0.3
0.0
0.0
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972.. .
1973...
1974...
1975...
1976...
0.0
0.2
0.0
0.0
0.3
0.4
0.4
0.2
1.1
3.2
0.1
0.2
0.7
-0.5
0.5
0.2
0.1
0.7
0.7
1.8
1.8
-0.5
0.2
0.1
-0.1
0.3
0.7
0.4
0.3
0.2
2.4
1.4
-0.4
0.5
0.2
-0.1
0.3
0.3
0.1
0.4
0.1
0.5
0.9
0.9
0.3
0.0
0.3
0.1
0.8
0.0
0.4
0.5
1.9
1.3
0.5
0.6
0.0
0.4
0.1
0.4
0.2
0.3
0.3
1.8
0.3
0.1
-0.1
0.6
0.0
0.3
0.0
0.4
0.1
0.6
-1.5
3.6
0.8
0.3
0.7
0.1
0.0
0.2
-0.2
0.6
0.4
6.0
3.6
0.8
0.1
0.0
0.1
0.4
0.3
0.6
-0.3
0.4
-1.6
0.0
0.6
0.2
-0.5
0.2
0.3
0.7
0.3
0.3
0.2
-0.1
2.3
1.2
0.3
-0.3
0.2
0.5
0.7
0.2
0.3
0.9
0.7
1.3
0.0
0.6
-0.1
0.4
0.1
0.3
-0.1
0.8
1.6
1.5
-0.5
0.1
0.1
0.3
-0.2
0.3
0.4
0.3
0.5
0.4
1.8
2.1
-0.3
0.5
0.1
0.2
0.2
0.5
0.1
0.4
0.3
1.4
0.8
0.5
0.1
0.4
0.1
0.2
0.2
0.3
0.1
0.5
1.0
2.4
0.7
0.4
-0.3
0.3
0.3
0.6
0.1
0.5
0.9
0.7
1.0
0.4
330-C
'.'.'.
-o'.i
o!i
CHANGE IN INDEX OF WHOLESALE P R I C E S , ALL COMMODITIES,
(COMPOUND ANNUAL RATE, PERCENT)
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
8.9
-8.3
2.1
17.6
-3.0
-3.0
1.1
5.4
13.8
-2.9
-1.2
1.7
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
1.1
3.1
2.1
1.8
1.1
1.0
-0.8
0.4
-1.8
-0.4
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1.8
4.4
-2.0
3.4
4.1
3.9
3.6
4.6
17.7
20.5
2.1
9!6
1.9
2*.6
-5.0
18.7
-5.1
-1.5
1.6
-2.0
9.4
-8.7
1.0
19.4
-1.0
-2.4
-0.2
0.5
8.2
-8.6
4.9
12.8
-2.9
-1.3
0.9
5.4
-6.9
14.4
-4.0
-1.5
1.5
-0.7
11.8
-0.7
-4.0
20.0
-4.6
-2.4
0.7
-1.5
13.9
-7.8
0.2
22.1
-1.7
-3.5
-0.1
0.0
2.8
4.6
2.1
-0.9
0.6
-0.7
-1.3
1.5
1.0
0.8
2.5
4.0
1.9
0.0
-0.8
-0.1
-0.5
0.6
1.6
1.1
2.7
3.3
2.3
0.0
-1.5
0.0
0.0
1.0
1.2
1.3
1.8
3.8
2.3
0.2
-1.4
0.0
1.7
0.6
0.0
1.4
2.5
4.8
1.0
0.1
-0.6
0.1
1.3
-0.1
0.6
1.2
2.9
3.9
0.5
0.2
0.0
0.8
0.8
-1.1
-0.3
1.5
2.3
2.5
2.7
0.6
0.0
0.7
0.9
-2.9
0.0
1.1
0.7
4.5
1.7
1.5
0.9
1.1
-1.4
0.0
-1.1
-0.7
1.3
4.2
2.5
0.2
0.2
0.1
-1.5
0.3
0.8
-0.1
2.3
3.7
2.2
0.1
-1.2
0.0
0.4
0.7
0.9
1.3
2.6
3.7
1.4
0.3
-0.2
0.5
1.0
-1.4
0.1
1.3
3.6
3.1
1.6
2.4
3.8
2.2
3.0
4.7
15.0
21.1
7.6
2.9
1.7
2.2
2.4
4.6
2.6
2.8
5.0
13.6
24.5
8.2
3.0
1.1
2.0
3.2
4.6
2.9
2.7
5.8
11.0
24.6
7.2
2.9
1.0
2.0
3.2
4.4
2.4
3.7
8.6
10.3
22.7
7.2
3.5
-0.2
2.0
3.1
5.1
2.4
3.9
9.6
20.9
14.5
6.0
4.3
-2.6
2.8
3.5
4.9
4.2
4.0
12.6
11.5
5.7
4.0
4.3
-2.8
3.2
4.1
5.1
3.5
4.9
17.0
18.3
4.9
3.3
2.8
3.6
-0.9
3.1
4.7
2.8
4.2
4.4
19.4
20.5
1.3
3.8
3.3
0.9
2.6
4.4
2.0
3.8
4.5
18.0
21.9
5.3
2.9
1.3
2.1
2.9
4.5
2.6
3.1
6.5
11.6
23.9
7.5
4.0
-1.9
2.7
3.6
5.0
3.4
4.3
13.1
16.9
8.4
4.4
-0.5
5.4
1.4
1.9
0.8
1.3
-1.4
0.3
-1.2
-1.2
1.5
5.1
1.6
0.7
0.7
1.1
-2.0
-0.7
-0.2
-0.6
0.7
3.9
2.5
0.8
0.3
0.9
. -1.7
-0.5
0.5
-1.1
0.5
4.1
2.9
0.6
-0.2
0.2
-1.4
0.0
0.9
0.0
2.6
3.8
-0.8
3.2
4.7
2.4
4.2
4.9
20.0
21.9
0.3
4.0
2.5
0.0
2.6
5.3
2.2
4.9
3.8
20.6
19.1
1.4
3.8
3.3
0.0
3.2
4.7
2.2
4.3
4.7
14.6
20.1
2.8
3.9
3.4
1.2
2.2
4.7
1.7
4.1
4.1
24.3
24.5
5.4
1
Percent 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.
averages of the centered changes.
1977
0.3
0.1
0.1
0.2
0.4
0.2
0.4
0.5
1.2
1.6
0.4
...
13'.5
-8.6
1.1
23.7
-1.2
-4.2
0.4
0.3
-8.7
7.3
7.1
-2.9
0.4
0.0
1
0.2
0.4
0.2
0.0
0.0
0.0
0.0
0.0
0.0
0.0
AVERAGE FOR PERIOD
18i7
-6.2
-1.6
23.3
-2.9
-3.9
-0.4
-0.9
6.3
-5.9
17.6
-6.0
-1.8
1.1
-1.4
!
0.1
-0.5
1.2
0.1
-0.3
0.0
0.0
OVER 6-MON1 H S P A N S '
15.1
-3.6
-3.0
22.9
-4.1
-3.6
0.6
-1.0
6'. 7
-6.7
13.7
-5.8
-1.1
1.2
-0.3
k'.9
6*. 8
11.3
-0.5
-4.1
18.5
-4.7
-2.1
0.0
-1.4
3.3
-8.0
11.9
-0.3
-1.6
2.3
-0.4
sis
-8.7
1
AVERAGE FOR PERIOD
-1.1
0.0
2.4
-0.6
-0.1
0.4
-6 ".3
!
OVER 1-MONTH SPANS
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
2!o
1
54.6
62.3
76.5
82.8
78.7
81.8
91.1
88.6
87.4
87.6
iii
-4.8
15.4
0.6
-2.6
0.2
-0.3
1
!'7
4.0
1.9
0.5
-0.1
0.4
-0.4
-0.1
0.2
0.4
3.4
1.6
1.2
3.0
4.7
2.7
3.8
7.1
16.5
18.7
4.6
Quarterly and annual figures are
11
Monthly
Quarterly
Annual
Year
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec. ,
1 Q
331. INDEX OF WHOLESALE PRICES, CRUDE MATERIALS FOR FURTHER PROCESSING
(1967=100)
II Q
III Q
IV Q
AVERAGE FOR PERIOD
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
115*.9
102.1
94.6
121.8
114.5
104.1
102.5
109.9
99.0
97.4
126.4
113.3
103.4
102.3
107.1
98.1
96.8
125.0
111.7
103.7
102.6
98.2
109.3
96.5
97.3
124.8
111.5
101.0
103.0
97!3
112.9
96.1
100.9
122.9
111.3
101.8
102.6
97.7
115.5
95.0
102.6
121.7
110.7
100.3
100.7
99.2
115.1
93.2
106.4
117.4
110.6
103.4
100.2
100.9
113.5
93.4
108.5
115.6
110.8
101.4
99.9
103.6
111.3
94.2
110.3
114.7
108.2
102.2
99.0
107.4
108.0
94.4
110.3
117.4
107.8
100.3
99.7
108.1
107.0
94.8
113.1
116.3
107.6
99.8
100.3
112.9
105.5
94.8
117.11
116.7
105.1
101.2
98.6
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
99.3
94.1
100.1
100.3
100.9
97.1
97.1
97.9
96.9
95.1
98.9
95.5
99.0
101.9
100.4
97.2
97.5
97.7
95.7
94.0
98.0
95.1
98.5
103.3
100.6
98.1
96.9
97.4
94.4
94.4
98.8
96.7
98.3
101.8
101.3
98.1
96.5
96.3
95.0
94.3
96.2
98.0
98.0
103.6
100.5
98.3
95.5
96.1
94.7
94.0
98.1
97.4
100.5
102.2
100.0
97.3
94.0
95.7
95.5
92.9
97.2
97.3
102.2
102.6
99.0
97.2
95.0
96.6
95.9
93.4
96.1
99.0
102.4
101.9
98.2
95.2
97.3
97.3
95.5
93.8
97.3
99.1
99.7
101.2
98.8
95.7
96.6
99.7
95.3
96.1
97.0
98.9
99.1
101.8
98.0
96.6
96.9
98.3
95.7
95.3
94.0
99.3
99.5
102.7
97.5
96.5
96.6
98.9
96.5
95.5
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
94.4
105.5
102.9
100.2
104.0
112.2
111.3
120.6
143.6
201.7
189.8
95.6
107.6
100.5
100.5
103.2
112.3
114.6
121.8
150.6
206.2
187.9
95.9
107.0
99.2
101.0
104.6
113.6
113.1
121.7
157.6
199.9
182.8
97.0
106.4
98.1
101.4
105.8
113.5
115.1
123.7
160.5
195.6
192.6
98.5
105.6
99.2
100.7
108.7
111.7
115.0
125.4
168.6
187.8
198.8
100.9
105.5
100.2
100.1
110.1
111.8
115.5
126.0
176.3
177.7
196.5
99.7
106.7
99.9
101.1
109.0
112.1
114.6
127.9
168.0
191.5
199.9
100.6
107.3
100.0
101.3
110.0
111.0
114.4
128.8
204.1
199.6
200.2
100.4
106.8
99.6
102.0
109.8
113.4
113.9
129.3
194.4
193.1
203.0
101.3
105.1
100.1
102.4
111.1
113.4
116.3
130.7
186.6
200.0
205.3
102.5
103.2
99.5
104.8
112.5
112.0
118.3
134.2
187.4
202.1
202.9
99.7
96.3
124.4
113.2
1U3.7
102.5
97.7
112.6
95.9
100.3
123.1
111.2
101.0
102.1
101.2
113.3
93.6
108.4
115.9
109.9
102.3
99.7
109!5
106.8
94.7
113.5
116.8
106.8
100.4
99.5
10l!2
110.9
96.0
104.6
120.1
110.3
101.9
101.0
94.2
101.0
100.61
101.0
97.0
96.9
97.81
98.0
93.8
95.3
98.7
94.9
99.2
101.8
100.6
97.5
97.2
97.7
95.7
94.5
97.7
97.4
98.9
102.5
100.6
97.9
95.3
96.0
95.1
93.7
96.9
98.5
101.4
101.9
98.7
96.0
96.3
97.9
95.6
94.4
95.1
99.7
99.7
101.8
97.5
96.7
97.1
98.4
95.3
95.4
97.1
97.6
99.8
102.0
99.4
97.0
96.5
97.5
95.4
94.5
104.6
102.3
100.6
103.5
112.1
110.3
118.9
140.0
188.1
194.6
201.6
95.3
10b.7
100.9
100.6
103.9
112.7
113.0
121.4
15U.6
202.6
186.8
98.8
105.8
99.2
100.7
108.2
112.3
115.2
125.0
168.5
187.0
196.0
100.2
106.9
99.8
101.5
109.6
112.2
114.3
128.7
188.8
194.7
201.0
102.8
103.5
100.1
103.6
111.9
111.9
117.8
135.0
187.4
198.9
203.3
99.3
105.7
100.0
101.6
108.4
112.3
115.0
127.6
173.9
196.1
196.9
iii!o
331-C. CHANGE IN INDEX OF WHOLESALE PRICES, CRUDE MATERIALS FOR FURTHER PROCESSING,
OVER 1-MONTH SPANS' (MONTHLY RATE , PERCENT)
AVERAGE FOR PERIOD
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
-3.2
-0.2
4.0
-1.9
-1.0
1.3
2!}
-5.2
-3.0
3.0
3.8
-1.0
-0.7
-0.2
-2^5
-0.9
-0.6
-1.1
-1.4
0.3
0.3
2.1
-1.6
0.5
-0.2
-0.2
-2.6
0.4
-0.9
3.3
-0.4
3.7
-1.5
-0.2
0.8
-0.4
0.4
2.3
-1.1
1.7
-1.0
-0.5
-1.5
-1.9
1.5
-0.3
-1.9
3.7
-3.5
-0.1
3.1
-0.5
-1.4
0.2
2.0
-1.5
0.2
-1.9
-0.3
2.7
-1.9
0.9
1.7
-0.8
-2.3
0.8
-0.9
3.7
-3.0
0.2
0.0
2.4
-0.4
-1.9
0.7
0.7
-0.9
0.4
2.5
-0.9
-0.2
-0.5
0.6
\'.A
-1.4
O.Oi
3.5
0.3
-2.3
1.4
-1.7
-l'.l
-2.4
0.7
2.2
-1.4
-0.5
0.5
2.6
-1.0
2.0
-0.9
-0.3
-1.1
-0.6
2.0
-1.2
-0.3
2.5
-1.9
-0.7
0.7
-0.6
2^9
-1.8
0.2
2.0
0.6
-1.0
-0.3
-0.1
-0.9
1.8
0.0
-0.9
-0.3
-0.2
1955...
1956...
1957. .
1958...
1959...
1960...
1961...
1962...
1963...
1964...
0.7
-0.1
-0.9
-0.3
-0.1
0.1
0.2
0.1
-1.1
1.4
-0.4
1.5
-1.1
1.6
-0.5
0.1
0.4
-0.2
-1.2
-1.2
-0.9
-0.4
-0.5
1.4
0.2
0.9
-0.6
-0.3
-1.4
0.4
0.8
1.7
-0.2
-1.5
0.7
0.0
-0.4
-1.1
0.6
-0.1
-2.6
1.3
-0.3
1.8
-0.8
0.2
-1.0
-0.2
-0.3
-0.3
2.0
-0.6
2.6
-1.4
-0.5
-1.0
-1.6
-0.4
0.8
-1.2
-0.9
-0.1
1.7
0.4
-1.0
-0.1
1.1
0.9
0.4
0.5
-1.1
1.7
0.2
-0.7
-0.8
-2.1
2.4
0.7
-0.4
0.4
1.2
0.1
-2.6
-0.7
0.6
0.5
-0.7
2.5
-0.2
2.5
-0.3
-0.2
-0.6
0.6
-0.8
0.9
0.3
-1.4
0.4
-0.8
-3.1
0.4
0.4
0.9
-0.5
-0.1
-0.3
0.6
0.8
0.2
0.2
1.7
1.1
-1.7
-0.5
0.4
1.2
-0.9
-2.8
-0.2
-0.2
0.3
-0.8
0.9
-0.1
0.4
0.0
-0.1
-1.2
0.2
0.1
0.8
0.7
-0.4
-0.2
-0.3
-1.0
-0.6
0.4
-0.5
-0.3
0.6
-0.2
-0.3
-0.4
-0.6
0.9
1.4
-0.1
1.1
-1.1
0.6
0.3
-0.1
-0.6
0.4
0.4
-0.6
-0.5
-0.3
-0.4
0.6
0.0
0.0
-0.3
0.0
0.1
0.0
-0.4
0.1
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
-0.9
0.9
0.6
-0.4
0.5
0.1
0.9
1.4
2.6
7.2
-2.5
1.3
2.0
-2.3
0.3
-0.8
0.1
3.0
1.0
4.9
2.2
-1.0
0.3
-0.6
-1.3
0.5
1.4
1.2
-1.3
-0.1
4.6
-3.1
-2.7
1.1
-0.6
-1.1
0.4
1.1
-0.1
1.8
1.6
1.8
-2.2
5.4
1.5
-0.8
1.1
-0.7
2.7
-1.6
-0.1
1.4
5.0
-4.0
3.2
2.4
-0.1
1.0
-0.6
1.3
0.1
0.4
0.5
4.6
-5.4
-1.2
-1.2
1.1
-0.3
1.0
-1.0
0.3
-0.8
1.5
-4.7
7.8
1.7
0.9
0.6
0.1
0.2
0.9
-1.0
-0.2
0.7
21.5
4.2
0.2
-0.2
-0.5
-0.4
0.7
-0.2
2.2
-0.4
0.4
-4.8
-3.3
1.4
0.9
-1.6
0.5
0.4
1.2
0.0
2.1
1.1
-4.0
3.6
1.1
1.2
-1.8
-0.6
2.3
1.3
-1.2
1.7
2.7
0.4
1.1
-1.2
2.0
-0.9
1.1
-1.2
-0.4
-1.5
0.5
4.3
0.4
-3.7
-0.6
0.2
0.8
-1.0
0.1
0.4
0.5
0.9
0.8
4.0
2.1
-2.1
1.7
-0.5
0.3
-0.3
1.7
-0.5
0.7
1.2
3.8
-3.9
2.5
-0.2
0.4
-0.2
0.6
-0.1
0.5
-0.5
0.9
4.0
2.9
1.1
1.4
-1.4
0.3
0.5
0.7
-0.9
1.4
2.7
-1.1
0.3
-0.2
0.8
-0.2
-0.1
0.2
0.7
-0.1
0.6
1.4
2.7
0.4
0.3
i'.i
331-C. CHANGE IN INDE X OF WHOLESALE PRICES, CRUDE MATERIALS FOR FURTHEFI PROCESSING,
OVER 6-MONTH SPANS' (COMPOUND ANNUAL RATE, PERCENT)
AVERAGE FOR PERIOD
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
3.6
-20.2
6.2
28.0
-9.8
-12.2
5.5
9^1
-19.3
13.3
18.1
-8.4
-10.5
5.7
4.7
-18.9
17.1
8.0
-10.0
-8.9
-1.0
-16.7
26.5
-7.1
-6.7
-1.3
-4.4
-i'.k
6.7
-11.0
24.1
-16.4
-4.4
-3.8
-4.6
8.0
-7.8
29.8
-15.8
-6.2
-2.9
-6.9
19.6
-2.4
-4.3
28.5
-11.5
-6.5
-1.4
-6.3
-10.2
-2.7
25.6
-10.5
-6.5
-3.9
-4.4
33.5
-16.6
-0.4
30.3
-8.0
-9.9
1.8
-4.1
36^5
-21.3
3.0
31.0
-4.9
-11.4
-1.7
-1.8
18.6
-23.9
8.7
35.7
-3.9
-12.9
1.8
-2.0
6^9
-22.3
5.6
28.4
-5.2
-8.1
0.8
-2.0
5^8
-19.5
12.2
18.0
-9.4
-10.5
3.4
-11.8
26.8
-13.1
-5.8
-2.7
-5.3
25.5
-9.7
-2.5
28.1
-10.0
-7.6
-1.2
-4.9
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
-1.8
-0.6
-1.2
5.5
-1.0
0.2
-0.2
-1.2
-6.6
-2.9
-8.0
8.7
-2.6
8.4
-4.2
1.6
-2.1
-1.0
-8.3
-5.1
-1.0
6.9
-1.0
3.2
-2.0
0.6
-5.9
-4.2
-5.0
-1.9
-4.2
6.9
4.2
4.6
-3.7
0.2
-4.3
-2.6
-2.1
-3.5
-5.6
7.5
7.0
0.0
-4.3
-4.1
-0.4
-0.8
-0.4
-0.4
-1.4
8.6
2.5
-4.0
-3.5
-4.8
-0.6
4.8
1.9
3.6
-3.6
4.6
1.6
0.0
-6.4
-3.0
0.8
4.2
1.5
2.1
-4.5
2.7
3.1
-1.7
-5.9
-3.6
2.3
5.9
3.8
3.2
-7.8
7.5
0.2
-2.3
-5.9
-0.8
8.2
4.9
-3.5
5.2
-6.3
5.8
-3.7
-3.3
-3.8
-0.2
6.2
0.6
-1.7
2.2
-1.2
0.0
-1.0
-2.9
-2.0
4.9
0.8
-3.3
-3.1
3.9
-4.5
-1.2
7.4
-1.2
-1.4
2.5
1.7
-10.3
-1.9
-0.4
-3.6
5.0
-1.6
5.7
-2.4
0.8
-2.7
-2.1
-6.6
-3.3
-3.7
7.7
4.6
0.2
-3.8
-2.9
-1.8
0.5
-0.2
-0.1
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
3.6
10.3
-12.9
2.6
6.8
4.4
3.0
13.1
50.8
9.9
-7.3
6.4
6.1
-7.6
2.4
7.6
-1.4
5.4
12.4
57.8
0.4
-3.2
12.1
1.7
-4.1
-1.0
13.2
-0.5
9.7
12.3
58.6
-10.8
2.0
11.5
2.3
-5.7
1.8
9.8
-0.2
6.0
12.5
36.9
-9.9
10.9
10.7
-0.6
-1.0
1.6
13.6
-2.3
-0.3
11.8
83.7
-6.3
13.5
9.6
-0.4
0.8
2.0
10.2
-0.4
1.4
12.9
52.2
-6.7
23.3
9.1
-2.4
4.1
2.0
10.3
-0.2
2.1
11.6
35.2
4.5
13.6
8.3
-4.5
0.6
8.3
7.1
0.5
5.8
14.5
23.5
15.8
4.2
7.5
-6.0
0.8
6.9
3.7
-2.7
6.0
23.5
13.8
19.9
5.3
12.0
-7.0
0.6
5.8
6.0
-1.4
10.7
26.1
44.1
-1.8
2.0
14.4
-12.3
1.0
3.8
4.2
6.6
13.4
36.7
2.1
-11.4
2.4
13.6
-13.7
2.8
5.2
7.0
-0.5
14.2
48.6
5.7
-10.4
-3.0
7.4
6.0
-8.2
1.3
9.2
0.8
6.0
12.6
55.7
-0.2
-2.8
10.6
0.4
-2.0
1.8
11.2
-1.0
2.4
12.4
57.6
-7.6
15.9
...
...
2SI4
-6.5
...
A.l
26I7
-22.5 '
5.8
31.7
-4.7
-10.8
0.3
-1.9
-5.* 5
-7.0
24.7
-2.4
-8.4
-3.5
-2.2
-5.3
4.9
1.6
-1.3
-6.1
-2.5
3.8
5.0
0.6
3.5
-4.0
1.5
0.9
-2.5
-2.4
2.4
2.9
-4.3
-2.2
1.9
-4.2
4.8
1.4
0.5
-3.7
-0.5
0.5
-0.2
-2.1
0.5
8.3
-4.3
1.8
5.7
7.0
-0.8
4.6
16.5
24.2
13.4
7.7
13.3
-11.0
1.5
4.9
5.7
1.6
12.8
37.1
17.3
-7.9
0.5
9.9
-2.2
-1.7
3.4
8.3
0.2
6.4
19.7
38.7
-0.6
5.3
1
Percent 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. Quarterly and annual figures are
averages of the centered changes.
12
The Handbook of Cyclical Indicators
Quarterly
Monthly
Annual
Year
Jan.
Feb.
332.
Mar.
INDEX OF WHOLESALE
Apr.
May
PRICES ,
INTERMEDIATE MATERIALS, S U P P L I E S
(1967=100)
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
IQ
II Q
III Q
IV Q
AND COMPONENTS
AVERAGE FOR PERIOD
1945...
1946...
1947...
1948. . .
1949...
195U...
1951...
1952...
1953...
1954...
76.8
77.2
74.4
89.2
86.0
84.9
86.4
76.7
74.7
89.3
85.5
85.3
86.4
71.6
77.7
75.8
75.1
89.4
85.4
85.3
86.5
71*5
78.1
75.4
76.2
89.3
85.2
85.9
86.6
71.8
78.8
74.9
76.7
89.0
85.5
86.2
86.4
72.1
78.9
74.7
78.3
88.1
85.3
86.8
86.6
72*3
79.2
74.3
79.5
86.9
85.5
86.5
86.4
73.5
79.3
74.0
81.2
86.7
85.6
86.4
86.3
74.3
78.9
73.9
82.7
86.5
85.4
86.4
86.2
75*2
78.9
73.7
83.6
86.6
85.1
86.3
86.5
76*. 6
77'.5
78.0
74.0
88.5
86.2
84.9
86.5
78.3
73.7
86.1
86.4
84.8
86.4
86.4
77*1
77.3
74.4
89.0
85.9
85.0
86.4
71*6
78.2
75.4
76.0
89.2
85.4
85.8
86.5
72*6
79.1
74.3
79.7
87.2
85.5
86.6
86.4
75*2
78.7
73.8
84.1
86.5
85.1
86.4
86.4
72.4
78.3
75.2
78.6
88.1
85.5
86.0
86.5
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
86.5
90.2
93.8
94.3
95.0
95.8
95.2
94.8
94.7
95.7
86.9
90.4
94.1
94.0
95.2
95.8
95.3
94.8
94.7
95.6
86.8
91.1
94.0
94.0
95.3
95.9
95.4
94.9
94.6
95.4
87.0
91.6
93.9
94.0
95.5
95.8
95.3
95.0
94.5
95.4
87.2
92.0
93.8
94.0
95.9
95.6
95.0
95.1
95.2
95.3
87.4
92.1
94.0
94.1
95.8
95.8
94.8
95.0
95.4
95.1
88.1
91.3
94.2
94.2
95.8
95.7
94.7
95.1
95.3
95.2
88.4
92.3
94.5
94.3
95.7
95.6
94.7
95.0
95.3
95.2
89.2
92.6
94.4
94.4
95.6
95.6
94.7
95.0
95.3
95.4
89.6
93.1
94.2
94.5
95.7
95.5
94.5
94.9
95.6
95.8
89.7
93.2
94.3
94.6
95.8
95.3
94.7
94.8
95.6
95.8
89.9
93.4
94.4
95.0
95.7
95.1
94.9
94.8
95.7
96.0
86.7
90.6
94.0
94.1
95.2
95.8
95.3
94.8
94.7
95.6
87.2
91.9
93.9
94.0
95.7
95.7
95.0
95.0
95.0
95.3
88.6
92.1
94.4
94.3
95.7
95.6
94.7
95.0
95.3
95.3
89.7
93.2
94.3
94.7
95.7
95.3
94.7
94.8
95.6
95.9
88.1
92.0
94.1
94.3
95.6
95.6
95.0
94.9
95.2
95.5
1965.. .
1966...
1967...
1968.. .
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
96.0
97.7
99.9
101.1
104.2
108.6
111.8
116.3
123.4
142.3
179.6
96.0
98.1
99.7
101.6
104.6
108.5
112.0
117.0
125.4
144.9
179.4
96.1
98.3
99.6
101.7
105.1
108.4
112.6
117.2
127.5
149.4
178.6
96.3
98.7
99.5
101.8
105.0
108.9
112.8
117.5
128.3
152.8
179.3
96.5
99.2
99.5
101.9
105.2
109.3
113.2
117.9
131.1
157.5
178.5
96.9
99.3
99.8
102.2
105.4
109.7
113.8
118.1
133.6
160.5
177.9
96.9
99.8
99.9
102.3
105.5
110.1
114.6
118.4
131.3
165.8
178.8
97.1
100.3
100.0
102.4
106.0
110.3
115.4
118.6
135.0
172.8
179.6
97.2
100.1
100.2
102.7
106.3
110.6
115.4
119.4
133.3
173.1
180.2
97.3
99.8
100.3
102.9
106.9
111.2
115.3
120.2
134.7
176.9
182.2
97.6
99.9
100.7
103.1
107.4
111.3
115.6
121.2
136.0
179.1
182.7
97.5
99.9
101.1
103.7
107.8
111.4
116.2
122.8
139.0
178.9
183.2
96.0
98.0
99.7
101.5
104.6
108.5
112.1
116.8
125.4
145.5
179.2
96.6
99.1
99.6
102.0
105.2
109.3
113.3
117.8
131.0
156.9
178.6
97.1
100.1
100.0
102.5
105.9
110.3
115.1
118.8
133.2
170.6
179.5
97.5
99.9
100.7
103.2
107.4
111.3
115.7
121.4
136.6
178.3
182.7
96.8
99.2
100.0
102.3
105.8
109.9
114.0
118.7
131.6
162.9
180.0
332-C.
77*. 6
CHANGE IN INDEX OF WHOLESALE P R I C E S , INTERMEDIATE MATERIALS, S U P P L I E S
OV ER 1-MONTH SPANS '
(MONTHLY RATE, PERCENT)
AND COMPONENTS,
AVERAGE FOR PERIOD
1945...
1946...
1947...
1948...
1949. . .
1950...
1951...
1952...
1953...
1954. . .
-0.4
0.4
2.8
-0.2
0.1
0.1
-0.9
-1.0
0.5
0.8
-0.2
0.0
-0.1
0*3
-0.6
0.4
0.1
-0.6
0.5
0.0
-1.2
0.5
0.1
-0.1
0.0
0.1
-0.1
0.5
-0.5
1.5
-0.1
-0.2
0.7
0.1
0*4
0.9
-0.7
0.7
-0.3
0.4
0.3
-0.2
0.4
0.1
-0.3
2.1
-1.0
-0.2
0.7
0.2
0*3*
0.4
-0.5
1.5
-1.4
0.2
-0.3
-0.2
1.7
0.1
-0.4
2.1
-0.2
0.1
-0.1
-0.1
1.1
-0.5
-0.1
1.8
-0.2
-0.2
0.0
-0.1
1.2
0.0
-0.3
1.1
0.1
-0.4
-0.1
0.3
-0.8
0.0
3.0
-0.2
-0.4
0.1
-0.1
0*.5
-0.7
0.4
1.2
-0.3
0.2
0.0
0.8
-0.8
0.9
-0.1
0.0
0.3
0.0
0.8
0.2
-0.4
1.9
-0.9
0.0
0.1
0.0
1.1
-0.4
-0.1
2.0
-0.1
-0.3
0.0
0.0
1955...
1956...
1957...
1958...
1959.. .
1960...
1961...
1962...
1963...
1964...
0.1
0.3
0.4
-0.1
0.0
0.1
0.1
-0.1
-0.1
0.0
0.5
0.2
0.3
-0.3
0.2
0.0
0.1
0.0
0.0
-0.1
-0.1
0.8
-0.1
0.0
0.1
0.1
0.1
0.1
-0.1
-0.2
0.2
0.5
-0.1
0.0
0.2
-0.1
-0.1
0.1
-0.1
0.0
0.2
0.4
-0.1
0.0
0.4
-0.2
-0.3
0.1
0.7
-0.1
0.2
0.1
0.2
0.1
-0.1
0.2
-0.2
-0.1
0.2
-0.2
0.8
-0.9
0.2
0.1
0.0
-0.1
-0.1
0.1
-0.1
0.1
0.3
1.1
0.3
0.1
-0.1
-0.1
0.0
-0.1
0.0
0.0
0.9
0.3
-0.1
0.1
-0.1
0.0
0.0
0.0
0.0
0.2
0.4
0.5
-0.2
0.1
0.1
-0.1
-0.2
-0.1
0.3
0.4
0.1
0.1
0.1
0.1
0.1
-0.2
0.2
-0.1
0.0
0.0
0.2
0.2
0.1
0.4
-0.1
-0.2
0.2
0.0
0.1
0.2
0.2
0.4
0.2
-0.1
0.1
0.1
0.1
0.0
-0.1
-0.1
0.2
0.3
0.0
0.0
0.2
0.0
-0.2
0.0
0.3
-0.1
0.7
0.2
0.1
0.1
-0.1
-0.1
0.0
0.0
0.0
0.1
0.2
0.3
0.0
0.2
0.0
-0.2
0.1
-0.1
0.1
0.2
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
0.0
0.2
0.0
0.0
0.5
0.7
0.4
0.1
0.5
2.4
0.4
0.0
0.4
-0.2
0.5
0.4
-0.1
0.2
0.6
1.6
1.8
-0.1
0.1
0.2
-0.1
0.1
0.5
-0.1
0.5
0.2
1.7
3.1
-0.4
0.2
0.4
-0.1
0.1
-0.1
0.5
0.2
0.3
0.6
2.3
0.4
0.2
0.5
0.0
0.1
0.2
0.4
0.4
0.3
2.2
3.1
-0.4
0.4
0.1
0.3
0.3
0.2
0.4
0.5
0.2
1.9
1.9
-0.3
0.0
0.5
0.1
0.1
0.1
0.4
0.7
0.3
-1.7
3.3
0.5
0.2
0.5
0.1
0.1
0.5
0.2
0.7
0.2
2.8
4.2
0.4
0.1
-0.2
0.2
0.3
0.3
0.3
0.0
0.7
-1.3
0.2
0.3
0.1
-0.3
0.1
0.2
0.6
0.5
-0.1
0.7
1.1
2.2
1.1
0.3
0.1
0.4
0.2
0.5
0.1
0.3
0.8
1.0
1.2
0.3
-0.1
0.0
0.4
0.6
0.4
0.1
0.5
1.3
2.2
-0.1
0.3
0.0
0.3
-0.1
0.2
0.5
0.2
0.4
0.3
1.3
2.4
0.0
0.3
0.3
0.1
0.2
0.1
0.4
0.4
0.3
1.6
2.4
-0.1
0.1
0.3
0.1
0.2
0.3
0.3
0.5
0.4
-0.1
2.6
0.4
0.1
-0.1
0.3
0.3
0.5
0.2
0.2
0.9
1.4
1.1
0.6
2'.6
32-C.
6.9
i'.i
CHANGE IN INDEX OF WHOLESALE P R I C E S , INTERMEDIATE MATERIALS, SUPPLIES 5 AND COMPONENTS,
OVER 6 -MONTH S P A N S '
(COMPOUND ANNUAL RATE, PERCENT)
9*4
-7.7
3.3
16.9
-2.5
-0.2
0.2
7.9
-8.7
6.9
14.1
-3.2
1.9
0.7
7*5
-8.5
8.3
6.8
-2.1
3.3
0.0
3*6
-8.3
12.0
-0.9
-2.1
4.5
0.2
10.6
2.1
-4.5
20.4
-6.0
-0.2
0.9
-0.2
12.0
-1.3
-3.2
26.0
-5.8
-1.6
0.5
0.0
15*5
-2.3
-1.9
27.8
-4.3
-0.9
-0.7
-0.2
12.8
-5.0
0.3
25.9
-2.1
-1.4
-0.2
1.2
9*8
-6.4
1.9
20.9
-2.7
-0.7
0.0
1.2
lo'.i
6.1
-6.9
18.2
-5.7
0.2
2.6
-0.2
7.7
3.1
-5.0
21.3
-6.4
0.0
2.6
-0.7
...
6.3
-7.4
14.2
-5.1
-1.2
3.8
0.0
8.3
-8.3
6.2
12.6
-2.6
1.7
0.3
5.3
-7.5
14.8
-3.9
-1.0
3.6
0.0
1.3
-4.2
22.6
-6.1
-0.6
1.3
-0.3
12.7
-4.6
0.1
24.9
-3.0
-1.0
-0.3
0.7
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
1.9
4.5
1.7
-0.4
2.1
0.2
-0.4
1.1
-0.8
-0.4
1.6
5.2
1.3
-0.6
2.8
-0.4
-0.6
0.8
0.8
-0.6
2.3
5.0
1.3
-0.6
1.7
0.2
-0.6
0.2
1.3
-1.3
3.7
2.5
0.9
-0.2
1.7
-0.2
-1.0
0.6
1.3
-1.0
3.5
4.2
0.9
0.6
1.1
-0.4
-1.3
0.4
1.3
-0.8
5.6
3.3
0.9
0.9
0.6
-0.6
-1.5
0.2
1.5
0.0
6.1
3.3
0.6
1.1
0.4
-0.6
-1.7
-0.2
2.3
0.8
5.8
2.6
1.1
1.3
-0.2
-0.6
-0.6
-0.6
0.8
1.1
5.8
2.8
0.9
1.9
-0.2
-1.5
0.2
-0.4
0.6
1.9
4.8
5.6
0.2
1.7
0.0
-1.0
0.2
-0.8
0.8
1.7
4.6
3.9
-1.1
1.9
0.2
-0.6
0.2
-0.6
0.6
1.7
4.3
3.0
-0.8
1.9
0.6
-0.4
0.4
-0.8
0.2
1.5
1.9
4.9
1.4
-0.5
2.2
0.0
-0.5
0.7
0.4
-0.8
4.3
3.3
0.9
0.4
1.1
-0.4
-1.3
0.4
1.4
-0.6
5.9
2.9
0.9
1.4
0.0
-0.9
-0.7
-0.4
1.2
1.3
4.6
4.2
-0.6
1.8
0.3
-0.7
0.3
-0.7
0.5
1.6
1.0
2.9
-0.6
3.0
4.1
3.8
2.9
3.9
13.9
28.7
2.7
1.5
3.3
-0.8
2.4
4.1
3.6
3.4
4.0
17.0
34.1
-0.7
1.9
3.7
-0.2
2.2
3.3
3.6
4.4
3.3
18.4
33.3
-1.1
1.9
4.3
0.0
2.4
2.5
2.8
5.1
3.6
13.2
35.8
-0.9
2.3
4.5
0.6
1.6
2.7
3.3
6.2
2.8
15.9
42.2
0.2
2.3
3.7
1.2
2.0
2.3
4.1
5.0
3.8
9.3
34.2
1.8
2.1
2.2
1.6
2.2
3.7
4.3
4.5
4.6
10.2
34.0
3.3
2.3
1.4
2.4
2.4
4.2
3.7
4.3
5.7
7.6
29.3
4.8
1.2
1.2
2.6
3.0
4.6
3.1
4.3
8.1
8.2
24.2
6.0
1.7
0.2
2.4
3.7
6.0
3.1
3.0
8.6
17.5
17.3
6.4
2.1
-1.2
3.2
4.3
4.8
3.1
2.8
11.8
15.2
7.8
6.4
2.3
-1.0
3.0
4.7
4.0
3.6
3.1
14.0
25.6
6.5
6.8
1.5
3.3
-0.5
2.5
3.8
3.7
3.6
3.7
16.4
32.0
0.3
2.2
4.2
0.6
2.0
2.5
3.4
5.4
3.4
12.8
37.4
0.4
1.9
1.6
2.2
2.5
4.2
3.7
4.4
6.1
8.7
29.2
4.7
2.0
-0.7
2.9
4.2
4.9
3.3
3.0
11.5
19.4
10.5
6.5
1
1
'Percent 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.
averages of the centered changes.
BCD 1977
0.2
-0.5
1.3
!
o.o
-0.1
0.2
0.0
0.3
0.3
!
o.i
1
i
0.0
0.1
0.0
0.0
0.0
0.1
0.0
0.1
0.2
0.1
0.2
0.3
0.3
0.4
0.5
1.0
2.1
0.2
AVERAGE FOR PERIOD
1945...
1946...
1947...
1948...
1949...
1950.. .
1951...
1952...
1953...
1954...
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
|
2*6
-5.0
17.1
-0.1
1
~1'3
1.6
0.2
4.2
3.8
0.7
0.8
0.9
-0.5
-0.6
0.0
0.9
0.4
1.9
2.1
1.3
2.8
3.9
3.5
4.1
6.2
|
14.3
27.3
3.0
Quarterly and annual figures are
113
Quarterly
Monthly
Year
Annual
Feb.
Jan.
Mar.
333.
Apr.
May
June
July
Aug.
INDEX OF WHOLESALE P R I C E S , PRODUCER
(1967=100)
FINISHED
Sept.
Oct.
Nov.
Dec.
IQ
IIIQ
II Q
IV Q
GOODS
AVERAGE
FOR PERIOD
1945...
1946...
1947...
1948...
1949.. .
1950...
1951...
1952...
1953...
1954...
5l'.'b
63.2
62.8
70.1
71.8
72.4
74.2
57.9
63.6
62.8
70.4
72.4
72.4
74.3
58.1
63.8
63.0
71.0
72.5
72.7
74.3
54.5
58.4
63.9
63.3
71.2
72.5
73.0
74.5
55'.2
58.8
63.8
63.6
71.4
72.6
73.3
74.6
55.5
59.6
63.7
63.8
71.5
72.7
73.9
74.6
55.6
60.7
63.7
64.4
71.5
72.8
74.2
74.7
55.9
61.8
63.3
65.4
71.3
72.5
74.1
74.5
56.3
62.4
63.0
66.1
71.4
72.5
74.2
74.5
56!7
62.8
63.0
66.8
71.7
72.3
74.2
74.5
57.0
63.0
62.9
67.4
71.7
72.3
73.9
74.5
57.2
63.2
62.8
69.3
71.7
72.3
74.0
74.9
57!9
63.5
62.9
70.5
72.2
72.5
74.3
55.i
58.9
63.8
63.6
71.4
72.6
73.4
74.6
5 5 ^
61.6
63.3
65.3
71.4
72.6
74.2
74.6
57.0
63.0
62.9
67.8
71.7
72.3
74.0
74.6
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
75.0
79.4
85.9
89.4
90.7
91.6
91.8
92.0
92.2
92.6
75.1
79.9
86.3
89.5
90.8
91.7
91.7
92.0
92.2
92.7
75.3
80.4
86.6
89.5
91.2
91.8
91.8
92.1
92.2
93.0
75.5
81.2
86.8
89.6
91.3
91.7
91.8
92.2
92.2
93.1
75.8
81.7
87.0
89.7
91.6
91.6
91.8
92.2
92.2
93.4
76.1
82.0
87.1
89.7
91.9
91.7
91.9
92.1
92.3
93.3
76.4
82.1
87.7
89.7
91.8
91.8
91.8
92.3
92.3
93.5
77.1
82.8
88.0
89.6
91.8
91.9
91.8
92.3
92.3
93.6
77.9
84.0
88.4
89.6
91.9
91.1
91.9
92.3
92.5
93.6
78.7
84.8
88.7
89.8
91.8
91.7
92.0
92.2
92.6
93.6
78.6
85.5
89.0
90.2
91.5
91.6
91.9
92.2
92.6
93.6
79.0
85.6
89.3
90.5
91.5
91.6
91.9
92.3
92.8
93.5
75.1
79.9
86.3
89.5
90.9
91.7
91.8
92.0
92.2
92.8
75.8
81.6
87.0
89.7
91.6
91.7
91.8
92.2
92.2
93.3
77.1
83.0
88.0
89.6
91.8
91.6
91.8
92.3
92.4
93.6
78.8
85.3
89.0
90.2
91.6
91.6
91.9
92.2
92.7
93.6
76.7
82.4
87.6
89.7
91.5
91.6
91.8
92.2
92.4
93.3
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
93.9
95.0
98.8
101.9
105.1
109.8
115.3
118.1
120.2
127.9
157.0
94.0
95.4
99.1
102.2
105.4
110.2
115.7
118.7
121.1
129.2
158.3
94.2
95.6
99.1
102.4
105.6
110.6
115.9
118.9
121.7
130.9
159.8
94.4
95.9
99.4
102.9
105.8
110.8
116.2
119.3
122.4
132.5
160.8
94.3
96.3
99.7
103.3
106.2
111.2
116.5
119.5
123.2
136.1
161.4
94.4
96.7
99.8
103.4
106.5
111.4
116.6
119.7
123.5
138.9
161.9
94.5
97.0
99.9
103.7
107.0
111.9
117.1
119.9
123.7
141.8
162.9
94.6
97.2
100.2
104.0
107.2
112.2
117.4
119.9
124.1
145.4
163.2
94.8
97.4
100.4
104.2
107.7
112.7
117.2
120.2
124.5
148.3
164.4
94.6
97.8
100.9
104.5
108.1
114.0
116.9
119.6
124.8
151.4
165.9
94.8
98.3
101.2
104.7
108.9
114.6
116.9
119.8
125.6
153.7
166.9
94.9
98.6
101.6
104.7
109.4
114.9
117.7
120.2
126.6
155.0
167.7
94.0
95.3
99.0
102.2
105.4
110.2
115.6
118.6
121.0
129.3
158.4
94.4
96.3
99.6
103.2
106.2
111.1
116.4
119.5
123.0
135.8
161.4
94.6
97.2
100.2
104.0
107.3
112.3
117.2
120.0
124.1
145.2
163.5
94.8
98.2
101.2
104.6
108.8
114.5
117.2
119.9
125.7
153.4
166.8
94.4
96.8
100.0
103.5
106.8
112.0
116.6
119.5
123.5
141.0
162.5
333-C.
CHANGE
IN INDEX OF WHOLESALE PRICES , PRODUCER F I N I S H E D
(MONTHLY RATE, PERCENT)
GOODS , OVER
i
!
|
55!4
60.4
63.4
64.9
71.2
72.4
73.5
74.5
1-MONTH SPANS '
AVERAGE
FOR PERIOD
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
0*.7
0.0
0.0
1.2
0.1
0.1
0.3
0.5
0.6
0.0
0.4
0.8
0.0
0.1
0.3
0.3
0.3
0.9
0.1
0.4
0.0
0.5
0.2
0.5
0.3
0.0
0.4
0.3
1.3
0.7
-0.2
0.5
0.3
0.1
0.4
0.1
0.5
1.4
-0.2
0.3
0.1
0.1
0.8
0.0
0.2
1.8
0.0
0.9
0.0
0.1
0.4
0.1
0.5
1.8
-0.6
1.6
-0.3
-0.4
-0.1
-0.3
1.0
-0.5
1.1
0.1
0.0
0.1
0.0
0.6
0.0
1.1
0.4
-0.3
0.0
0.0
0.5
0.3
-0.2
0.9
0.0
0.0
-0.4
0.0
0.3
-0.2
2.8
0.0
0.0
0.11
0.5
o!5
0.3
0.1
0.8
0.3
0.2
0.1
0.9
-0.1
0.4
0.2
0.1
0.5
0.1
1.5
-0.4
1.2
-0.1
-0.1
0.1
-0.1
0.4
-0.1
1.6
0.1
-0.1
-0.1
0.2
0.8
-0.1
0.8
0.3
0.0
0.2
0.1
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
0.1
0.5
0.4
0.1
0.2
0.1
0.2
0.1
-0.1
-0.2
0.1
0.6
0.5
0.1
0.1
0.1
-0.1
0.0
0.0
0.1
0.3
0.6
0.3
0.0
0.4
0.1
0.1
0.1
0.0
0.3
0.3
1.0
0.2
0.1
0.1
-0.1
0.0
0.1
0.0
0.1
0.4
0.6
0.2
0.1
0.3
-0.1
0.0
0.0
0.0
0.3
0.4
0.4
0.1
0.0
0.3
0.1
0.1
-0.1
0.1
-0.1
0.4
0.1
0.7
0.0
-0.1
0.1
-0.1
0.2
0.0
0.2
0.9
0.9
0.3
-0.1
0.0
0.1
0.0
0.0
0.0
0.1
1.0
1.4
0.5
0.0
0.1
-0.9
0.1
0.0
0.2
0.0
1.0
1.0
0.3
0.2
-0.1
0.7
0.1
-0.1
0.1
0.0
-0.1
0.8
0.3
0.4
-0.3
-0.1
-0.1
0.0
0.0
0.0
0.5
0.1
0.3
0.3
0.0
0.0
0.0
0.1
0.2
-0.1
0.2
0,6
0.4
0.1
0.2
0.1
0.1
0.1
0.0
0.1
0.4
0.7
0.2
0.1
0.2
0.0
0.0
0.0
0.0
0.1
0.8
0.8
0.5
0.0
0.0
-0.2
0.0
0.1
0.1
0.1
0.5
0.6
0.3j
0.3
-0.1
0.2|
0.0
0.0
0.1
0.0
0.4
0.7
0.3
0.1
0.1
0.0
0.0
0.0
0.0
0.1
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
0.4
0.1
0.2
0.3
0.4
0.4
0.3
0.3
0.0
1.0
1.3
0.1
0.4
0.3
0.3
0.3
0.4
0.3
0.5
0.7
1.0
0.8
0.2
0.2
0.0
0.2
0.2
0.4
0.2
0.2
0.5
1.3
0.9
0.2
0.3
0.3
0.5
0.2
0.2
0.3
0.3
0.6
1.2
0.6
-0.1
0.4
0.3
0.4
0.4
0.4
0.3
0.2
0.7
2.7
0.4
0.1
0.4
0.1
0.1
0.3
0.2
0.1
0.2
0.2
2.1
0.3
0.1
0.3
0.1
0.3
0.5
0.4
0.4
0.2
0.2
2.1
0.6
0.1
0.2
0.3
0.3
0.2
0.3
0.3
0.0
0.3
2.5
0.2
0.2
0.2
0.2
0.2
0.5
0.4
-0.2
0.3
0.3
2.0
0.7
-0.2
0.4
0.5
0.3
0.4
1.2
-0.3
-0.5
0.2
2.1
0.9
0.2
0.5
0.3
0.2
0.7
0.5
0.0
0.2
0.6
1.5
0.6
0.2
0.2
0.2
0.3
0.3
0.4
0.3
0.3
0.4
1.1
1.0
0.1
0.4
0.2
0.3
0.3
0.3
0.2
0.2
0.5
2.0
0.4
0.1
0.2
0.2
0.3
0.4
0.4
0.2
0.2
0.3
2.2
0.5
0.0
0.4
0.4!
0.2
0.5
0.7
0.1
0.0
0.5
1.5
0.7
0.1
0.3
0.2
0.3
0.4
0.4
0.2
0.2
0.4
1.7
0.6
333-C.
CHANGE
6*. 7
o'.l
o!4
0.1
0.3
0.4
0.0
0.5|
0.3
0.7
0.3
0.8j
0.8
0.5
IN INDEX OF WHOLESALE PRICES , PRODUCER F I N I S H E D GOODS, OVER 6 -MONTH SPANS '
(COMPOUND ANNUAL RATE, PERCENT)
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
6.1
3.5
1.0
13.6
2.2
1.9
0.8
6.4
2.6
2.2
12.2
2.5
2.8
1.9
8'.6
1.6
3.2
6.4
2.8
4.5
1.6
li'.i
1.6
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
2.7
6.5
4.8
2.0
3.4
-0.2
0.2
0.4
0.0
1.1
3.5
8.0
3.5
1.6
3.1
0.2
0.4
0.7
0.0
1.7
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1.7
2.8
3.3
4.0
2.5
5.1
3.9
4.1
4.7
12.7
12.8
1.5
3.2
2.9
4.2
2.9
4.3
3.3
4.5
5.8
17.4
10.3
6.5
O.'s
AVERAGE FOR PERIOD
5.2
4.0
2.8
5.0
1.4
13.9
-0.9
8.5
2.6
0.3
4.8
0.5
15.3
-2.5
10.1
1.1
0.0
4.2
0.5
8.2
15.6
-2.8
11.4
1.4
-0.6
3.3
0.0
6.6
14.8
-2.8
12.3
0.8
-0.8
1.6
-0.3
6.2
12.4
-2.8
18.0
0.6
-1.1
0.3
0.8
7.3
8.4
-2.8
18.5
0.8
-1.1
0.0
0.8
7.3
5.9
-1.6
15.9
3.1
-0.3
0.5
1.6
6!5
4.5
0.0
15.4
3.1
0.6
0.3
2.2
7.0
2.6
2.1
10.7
2.5
3.1
1.4
13.4
-0.6
7.9
2.6
1.0
4.7
0.8
14.3
-2.8
13.9
0.9
-0.8
1.7
0.2
7.0
6.3
-1.5
16.6
2.3
-0.3
0.3
1.5
3.2
7.7
3.5
0.9
3.1
0.4
0.7
0.4
0.0
1.1
3.8
6.9
4.2
0.7
2.4
0.4
0.0
0.7
0.2
2.0
5.4
7.4
4.0
0.2
2.2
0.4
0.2
0.7
0.2
2.0
7.0
9.2
4.2
0.2
1.5
-1.5
0.2
0.4
0.7
1.3
8.7
9.1
4.4
0.4
1.1
0.0
0.4
0.0
0.9
1.1
7.5
9.5
4.7
1.1
-0.2
0.0
0.2
0.0
0.9
0.4
7.8
9.0
5.1
1.8
-0.9
-0.2
0.0
0.4
1.1
0.4
8.0
9.5
3.9
2.2
-0.4
0.0
0.4
-0.2
0.7
0.9
7.4
8.6
3.4
2.7
-0.2
-0.4
0.4
-0.2
0.9
0.9
6.5
6.3
2.5
3.6
-0.2
1.5
0.4
-0.2
1.1
1.3
3.1
7.4
3.9
1.5
3.2
0.1
0.4
0.5
0.0
1.3
5.4
7.8
4.1
0.4
2.0
-0.2
0.1
0.6
0.4
1.8
8.0
9.2
4.7
1.1
0.0
-0.1
0.2
0.1
1.0
0.6
7.3
8.1
3.3
2.8
-0.3
0.4
0.4
-0.2
0.9
1.0
6.0
8.1
4.0
1.4
1.2
0.0
0.3
0.3
0.6
1.2
1.9
3.8
2.4
3.6
3.5
3.7
3.0
3.4
5.6
20.4
9.1
1.3
4.3
2.2
3.6
3.6
3.9
3.1
3.1
5.9
22.9
7.7
1.3
3.8
2.2
3.6
3.4
3.7
3.0
2.0
5.0
26.6
6.3
1.3
3.8
2.6
3.5
4.0
3.8
2.3
2.2
4.7
28.4
5.8
0.4
4.0
3.0
3.1
4.4
5.9
1.2
0.5
4.0
30.6
6.4
1.1
4.2
3.0
2.7
5.1
6.2
0.7
0.5
3.9
27.5
6.9
1.1
4.0
3.6
2.5
5.5
6.4
1.9
0.8
5.1
24.5
7.3
1.1
3.7
4.0
2.7
5.3
6.2
1.7
0.5
6.9
22.6
7.5
1.7
3.9
4.0
2.7
5.7
6.3
2.2
2.0
8.4
18.5
8.3
1.7
3.5
4.0
2.7
5.5
5.8
2.9
2.5
10.5
16.1
7.7
1.7
3.3
2.9
3.9
3.0
4.4
3.4
4.0
5.4
16.8
10.7
1.3
4.0
2.3
3.6
3.7
3.8
2.8
2.4
5.2
26.0
6.6
0.9
4.1
3.2
2.8
5.0
6.2
1.3
0.6
4.3
27.5
6.9
1.5
3.7
4.0
2.7
5.5
6.1
2.3
1.7
8.6
19.1
7.8
1.3
3.8
3.1
3.2
4.3
5.1
2.4
2.2
5.9
22.4
8.0
7!6
10.2
1
-0.6
10.1
4.1
0.6
2.4
1.0
'Percent 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. Quarterly and annual figures are
averages of the centered changes.
114
The Handbook of Cyclical Indicators
Quarterly
Monthly
Annual
Year
Feb.
Jan.
Mar.
334.
Apr.
May
June
'
July
Aug.
Sept.
|
Nov.
Oct.
Dec.
IQ
INDEX OF WHOLESALE P R I C E S , CONSUMER FINISHED GOODS
(1967=100)
II Q
III Q
IV Q
AVERAGE FOR PERIOD
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
BI'.'A
84.9
80.8
90.8
91.2
89.3
89.5
85.6
83.9
81.1
92.3
91.2
89.1
89.0
85.6
83.7
81.1
92.1
91.3
89.0
89.0
79.7
86.2
83.3
81.1
92.4
91.0
88.7
89.5
79!5
86.7
82.9
81.7
92.6
90.8
88.9
89.6
79.5
87.1
82.8
82.1
92.3
90.6
89.0
89.1
79.4
87.4
82.0
83.8
91.4
91.0
89.2
89.3
80.2
87.6
81.8
85.4
91.2
90.9
89.1
89.2
81.3
87.2
81.6
86.2
91.1
90.5
89.7
88.6
82!l
86.8
81.4
86.6
91.6
90.3
89.3
88.5
83.1
86.1
81.3
87.5
91.7
90.0
88.9
88.7
84!5
85.5
80.8
89.2
91.8
89.1
89.0
88.6
85.9
84.2
81.0
91.7
91.2
89.1
89.2
79!6
86.7
83.0
81.6
92.4
90.8
88.9
89.4
80i3
87.4
81.8
85.1
91.2
90.8
89.3
89.0
83^2
86.1
81.2
87.8
91.7
89.8
89.1
88.6
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
88.a
88.4
91.3
94.1
93.9
93.3
95.0
94.8
94.4
94.7
89.0
88.6
91.7
94.1
93.8
93.3
95.4
94.9
94.2
94.0
88.6
89.1
91.6
95.2
93.6
94.2
94.9
94.6
93.6
94.1
88.8
89.0
91.8
94.6
93.9
94.4
94.4
94.3
93.7
94.1
88.3
89.8
91.9
94.9
93.7
94.3
93.9
94.3
94.2
94.0
88.9
90.2
92.3
94.7
93.7
94.4
93.8
94.0
94.4
94.2
88.0
89.9
92.6
94.5
93.4
94.7
94.0
94.0
94.4
94.3
88.2
89.8
92.8
94.3
93.1
94.6
94.3
94.6
94.2
94.3
88.4
90.4
92.6
94.4
94.2
94.6
94.0
95.5
94.1
94.5
88.2
90.6
93.0
94.1
93.3
95.3
93.9
94.7
94.2
94.5
88.4
91.0
93.4
94.0
92.9
95.5
94.0
94.8
94.3
94.4
88.5
91.2
93.8
94.0
93.2
95.2
94.4
94.5
94.1
94.3
88.8
88.7
91.5
94.5
93.8
93.6
95.1
94.8
94.1
94.3
88.7
89.7
92.0
94.7
93.8
94.4
94.0
94.2
94.1
94.1
88.2
90.0
92.7
94.4
93.6
94.6
94.1
94.7
94.2
94.4
88.4
90.9
93.4
94.0
93.1
95.3
94.1
94.7
94.2
94.4
88.5
89.8
92.4
94.4
93.6
94.5
94.3
94.6
94.2
94.3
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
94.5
98.2
99.5
100.9
104.4
109.6
111.1
114.4
120.8
139.3
159.3
94.5
99.0
99.3
101.5
104.3
109.4
111.6
114.9
122.2
142.3
158.7
94.9
99.3
99.0
101.8
104.8
109.5
111.8
114.8
125.3
143.4
158.3
95.6
99.4
99.3
102.2
105.3
109.6
112.4
114.9
126.6
145.0
160.3
95.9
99.0
99.4
102.3
106.2
109.3
112.8
115.6
127.4
146.5
161.9
96.3
98.5
100.2
102.6
106.8
109.6
113.2
116.2
129.0
145.9
163.3
96.2
98.9
100.1
102.9
106.9
109.7
112.6
116.8
128.4
149.5
164.6
96.4
100.2
100.4
103.0
107.1
109.5
113.4
117.3
134.1
152.0
165.3
96.5
100.5
100.7
103.7
107.4
110.7
113.2
118.1
133.5
153.3
166.7
96.9
100.3
100.6
103.9
108.1
110.5
113.6
117.6
133.4
155.9
168.0
97.3
100.0
100.8
104.0
109.0
110.9
114.0
118.4
134.3
158.9
168.0
98.1
99.7
101.0
104.1
109.1
110.7
114.8
119.6
135.7
158.6
168.2
94.6
98.8
99.3
101.4
104.5
109.5
111.5
114.7
122.8
141.7
158.8
95.9
99.0
99.6
102.4
106.1
109.5
112.8
115.6
127.7
145.8
161.8
96.4
99.9
100.4
103.2
107.1
110.0
113.1
117.4
132.0
151.6
165.5
97.4
100.0
100.8
104.0
108.7
110.7
114.1
118.5
134.5
157.8
168.1
96.1
99.4
100.0
102.7
106.6
110.0
112.7
116.6
129.2
149.3
163.6
34-C.
CHANGE IN INDEX OF WHOLESALE PRICES , CONSUMER FINISHED GOODS , OVER 1 -MONTH
(MONTHLY RATE, PERCENT)
AVERAGE FOR PERIOD
2.2
-0.7
0.0
1.8
-0.7
0.2
0.6
-0.9
-1.2
0.4
1.7
0.0
-0.2
-0.6
-0.2
0.0
-0.2
0.1
-0.1
0.0
-0.5
0.0
0.3
-0.3
-0.3
0.6
-0.3
0.6
-0.5
0.7
0.2
-0.2
0.2
0.1
0.0
0.5
-0.1
0.5
-0.3
-0.2
0.1
-0.6
-0.1
0.3
-1.0
2.1
-1.0
0.4
0.2
0.2
1.0
0.2
-0.2
1.9
-0.2
-0.1
-0.1
-0.1
-0.5
-0.2
0.9
-0.1
-0.4
0.7
-0.7
-0.5
-0.2
0.5
0.5
-0.2
-0.4
-0.1
1.2
-0.8
-0.1
1.0
0.1
-0.3
-0.4
0.2
l'.l
-0.7
-0.6
1.9
0.1
-1.0
0.1
-0.1
0.4
-U.7
0.1
1.1
-0.2
0.0
0.0
'.'.'.
0.6
-0.4
0.4
0.1
-0.2
0.0
0.0
o'.Q
0.0
-0.5
1.6
-0.4
0.0
0.3
-0.2
-0.7
-0.3
1.1
0.2
-0.5
-0.2
0.0
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
0.2
-0.1
0.1
0.3
-0.1
0.1
-0.2
0.4
-0.1
0.6
0.2
0.2
0.4
0.0
-0.1
0.0
0.4
0.1
-0.2
-0.7
-0.4
0.6
-0.1
1.2
-0.2
1.0
-0.5
-0.3
-0.6
0.1
0.2
-0.1
0.2
-0.6
0.3
0.2
-0.5
-0.3
0.1
0.0
-0.6
0.9
0.1
0.3
-0.2
-0.1
-0.5
0.0
0.5
-0.1
0.7
0.4
0.4
-0.2
0.0
0.1
-0.1
-0.3
0.2
0.2
-1.0
-0.3
0.3
-0.2
-0.3
0.3
0.2
0.0
0.0
0.1
0.2
-0.1
0.2
-0.2
-0.3
-0.1
0.3
0.6
-0.2
0.0
0.2
0.7
-0.2
0.1
1.2
0.0
-0.3
1.0
-0.1
0.2
-0.2
0.2
0.4
-0.3
-1.0
0.7
-0.1
-0.8
0.1
0.0
0.2
0.4
0.4
-0.1
-0.4
0.2
0.1
0.1
0.1
-0.1
0.1
0.2
0.4
0.0
0.3
-0.3
0.4
-0.3
-0.2
-0.1
0.0
0.2
0.1
0.5
-0.1
0.4
-0.1
0.1
-0.3
0.0
0.1
0.4
0.2
-0.2
0.0
0.1
-0.4
-0.2
0.3
0.0
-0.2
0.1
0.1
-0.1
0.2
0.1
0.1
0.5
-0.1
0.1
0.0
0.3
0.4
-0.1
-0.4
0.2
0.1
-0.3
0.0
-0.1
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
0.2
0.1
-0.2
-0.1
0.3
0.5
0.4
-0.3
1.0
2.7
0.4
0.0
0.8
-0.2
0.6
-0.1
-0.2
0.5
0.4
1.2
2.2
-0.4
0.4
0.3
-0.3
0.3
0.5
0.1
0.2
-0.1
2.5
0.8
-0.3
0.7
0.1
0.3
0.4
0.5
0.1
0.5
0.1
1.0
1.1
1.3
0.3
-0.4
0.1
0.1
0.9
-0.3
0.4
0.6
0.6
1.0
1.0
0.4
-0.5
0.8
0.3
0.6
0.3
0.4
0.5
1.3
-0.4
0.9
-0.1
0.4
-0.1
0.3
0.1
0.1
-0.5
0.5
-0.5
2.5
0.8
0.2
1.3
0.3
0.1
0.2
-0.2
0.7
0.4
4.4
1.7
0.4
0.1
0.3
0.3
0.7
0.3
1.1
-0.2
0.7
-0.4
0.9
0.8
0.4
-0.2
-0.1
0.2
0.7
-0.2
0.4
-0.4
-0.1
1.7
0.8
0.4
-0.3
0.2
0.1
0.8
0.4
0.4
0.7
0.7
1.9
0.0
0.8
-0.3
0.2
0.1
0.1
-0.2
0.7 j
1.0
1.0
-0.2
0.1
0.2
0.4
-0.2
0.3
0.2
0.1
0.4
0.0
1.6
1.9
-0.1
0.5
-0.3
0.4
0.3
0.7
0.0
0.4
0.4
1.0
0.6
1.1
0.1
0.7
0.2
0.4
0.2
0.3
0.0
0.5
1.2
1.7
0.7
0.5
-0.3
0.1
0.1
0.5
0.0
0.5
0.4
0.5
1.1
0.3
34-C.
61 7
i!4
!
SPANS'
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
6!6
j
8o!5
86.5
82.5
83.9
91.8
90.7
89.1
89.1
i!6
CHANGE IN INDEX OF WHOLESALE PRICES , CONSUMER FINISHED GOODS , OVER 6 -MONTH SPANS'
(COMPOUND ANNUAL RATE, PERCENT)
ili
o!i
-0.5
0.8
0.2
1
-0.2
0.0
0.0
0.0
0.2
0.2
0.0
1
-0.1
0.2
-0.1
0.0
0.0
0.0
!
0.3
0.1
0.1
0.3
0.4
0.1
0.3
0.3
1.1
1.3
0.5
AVERAGE FOR PERIOD
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
-7.9
-0.7
13.8
-1.3
-3.5
0.4
l6l2
8.9
-7.3
1.0
12.0
-2.0
-2.4
1.6
6.*2
-6.2
3.2
7.1
-2.6
-0.2
0.2
2!3
-6.7
7.6
1.3
-0.4
-0.2
-0.4
4.7
-4.9
10.9
-2.4
-0.7
0.0
0.4
3.8
-5.0
13.0
-2.2
-1.7
1.6
-0.9
6.1
1.4
-4.5
14.0
-1.7
-1.5
1.4
-2.2
9.3
-1.4
-3.8
14.7
-1.9
-1.8
0.0
-2.0
-3.6
-4.8
18.0
-1.1
-3.3
0.0
-1.1
18i4
-5.6
-2.9
17.4
-0.4
-3.7
0.7
-1.1
13.9
-8.3
-1.7
16.8
0.0
-3.9
-0.2
-0.4
-7.9
-1.2
14.2
0.4
-3.3
-1.6
0.0
8.*4
-7.1
1.2
11.0
-2.0
-2.0
0.7
'.'.'.
3.6
-5.5
10.5
-1.1
-0.9
0.5
-0.3
9! 5
-1.2
-4.4
15.6
-1.6
-2.2
0.5
-1.8
14^4
-7.3
-1.9
16.1
0.0
-3.6
-0.4
-0.5
-4.7
10.8
2.1
-2.2
-0.4
-0.5
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
0.7
1.8
2.7
3.5
-0.4
2.4
-1.9
0.9
-2.1
-0.2
-0.9
3.2
2.0
3.2
-0.6
3.0
-3.3
0.6
-1.3
-0.6
0.7
3.9
2.4
1.9
-0.6
2.6
-2.9
-0.8
-0.2
0.2
-1.8
3.4
2.9
0.9
-1.1
3.0
-2.1
-1.7
0.0
-0.8
-1.8
2.7
2.4
0.4
-1.5
2.8
-2.3
-0.6
0.0
0.6
-0.5
2.9
2.2
-1.7
1.3
0.9
-1.9
1.9
1.1
0.9
-1.3
3.6
2.6
-1.1
-1.3
1.9
-1.1
0.9
1.1
0.9
0.2
2.7
3.3
-1.9
-1.7
2.6
0.2
1.1
0.2
0.9
-0.9
2.2
3.3
-1.5
-1.1
1.7
1.3
1.1
-0.6
0.2
0.9
3.1
3.3
-1.3
-0.2
0.6
1.7
0.9
0.6
0.4
0.9
4.3
2.8
-1.1
0.4
1.7
1.3
-0.8
-0.4
0.4
1.6
2.7
5.7
-1.7
0.0
0.6
1.3
-3.9
0.0
0.8
0.2
3.0
2.4
2.9
-0.5
2.7
-2.7
0.2
-1.2
-0.2
-1.4
3.0
2.5
-0.1
-0.4
2.2
-2.1
-0.1
0.4
0.2
-0.7
2.8
3.1
-1.5
-1.4
2.1
0.1
1.0
0.2
0.7
1.1
3.4
3.9
-1.4
0.1
1.0
1.4
-1.3
0.1
0.5
-0.2
3.0
3.0
0.0
-0.6
2.0
-0.8
0.0
-0.1
0.3
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
2.3
5.2
-2.0
3.2
2.7
2.8
3.5
2.3
15.9
18.1
5.7
3.2
3.5
-1.2
3.0
4.3
0.6
3.5
2.8
15.8
19.0
3.8
4.3
0.8
1.0
3.2
5.3
0.9
4.6
2.5
16.3
15.6
6.0
3.6
1.4
1.2
4.0
4.8
0.2
2.7
4.2
13.0
15.2
6.8
4.1
2.4
2.2
3.0
5.4
0.2
3.3
4.2
20.4
14.1
8.5
3.4
2.4
3.5
3.8
5.0
2.2
2.5
5.8
13.5
14.3
10.9
2.7
1.8
2.6
3.4
5.4
1.6
2.1
4.8
11.0
15.6
9.8
2.9
2.0
2.8
3.4
5.3
2.9
2.1
4.9
11.1
17.6
7.7
3.8
2.5
1.6
2.9
4.4
2.0
2.8
5.9
10.7
18.2
6.1
4.2
1.2
1.6
2.9
5.1
2.6
3.2
7.0
17.7
13.5
4.3
5.5
-1.8
2.2
2.5
4.3
3.9
2.7
8.5
12.6
9.0
2.1
5.9
-3.0
2.2
2.1
3.9
2.0
2.8
12.6
15.4
6.6
0.0
3.3
3.2
-0.7
3.1
4.1
1.4
3.9
2.5
16.0
17.6
5.2
3.7
2.1
2.3
3.6
5.1
0.9
2.8
4.7
15.6
14.5
8.7
3.1
2.1
2.3
3.2
5.0
2.2
2.3
5.2
10.9
17.1
7.9
5.2
-1.2
2.0
2.5
4.4
2.8
2.9
9.4
15.2
9.7
2.1
3.8
1.5
1.5
3.1
4.7
1.8
3.0
5.5
14.4
14.7
6.0
...
'Percent changes are centered within the spans:
averages of the centered changes.
BCD 1977
liI6
16I9
1-month changes are placed on the 2d month and 6-month changes are placed on the 4th month.
6.9
Quarterly and annual figures are
115
Quarterly
Monthly
Annual
Year
Feb.
Jan.
340.
Mar.
Apr.
May
June
July
AVERAGE HOURLY EARNINGS, PRODUCTION WORKERS
(INDEX: 1 9 6 7 = 1 0 0 )
Aug.
IN PRIVATE
Sept.
Nov.
Oct.
Dec.
1 Q
II Q
III Q
IVQ
NONFARM ECONOMY '
AVERAGE FOR
PERIOD
194b...
194b...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
42.6
4b.0
48.2
50.0
53.7
56.4
59.6
61.7
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
1965...
19b6...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
87*. 2
87*3
87.6
87.7
87.8
88.0
88.3
88.8
88.9
89.0
89.4
89.8
89.9
93.5
97.8
103.2
109.8
117.0
125.4
134.1
141.8
151.6
166.0
90.3
93.7
98.2
103.8
110.5
117.8
126.2
134.4
142.2
152.4
167.4
90.7
94.0
98.5
104.3
111.1
118.5
126.8
135.1
143.0
153.6
168.9
90.8
94.6
99.0
104.8
111.6
119.0
127.5
136.2
144.2
154.5
169.3
91.2
94.8
99.3
105.3
112.3
119.7
128.5
136.4
144.5
156.2
170.3
91.4
95.2
99.7
106.0
113.0
120.4
128.9
136.6
145.6
158.2
171.8
91.7
95.4
100.4
106.5
113.6
121.1
129.6
137.5
146.5
158.9
172.7
92.1
95.7
100.fa
107.0
114.1
122.2
130.3
137.9
147.1
160.1
174.2
92.3
96.2
101.U
107.7
114.8
122.7
130.6
138.7
148.4
161.7
174.8
92.8
9b.6
101.5
1U8.3
115.6
123.2
130.9
139.7
149.0
162.8
176.2
93.0
97.0
102.U
108.8
116.4
123.9
131.2
140.2
149.8
163.8
177.6
93.2
97.4
102.5
109.5
Ufa.fa
124.5
132.9
141.3
150.8
165.0
178.0
PERCENT
CHANGES IN INDEX OF AVERAGE HOURLY EARNINGS
(MONTHLY RATE, PERCENT)
340-C .
OVER 1-MONTH SPANS
87.4
90.3
9 3.7
98.2
103.a
110.4
117.8
126.1
134.5
142.3
152.5
lo7.4
87.8
88.7
89.4
63.7
67.0
70.3
73.2
75.8
78.4
80.8
83.5
85.9
88.3
91.2
94.9
99.4
105.3
112.3
119.7
128.3
136.4
144.8
156.3
170.5
92.0
95.8
100.6
107.1
114.2
122.0
130.2
138.0
147.3
160.2
173.9
93.0
97.0
102.0
108.9
116.2
123.9
131.7
140.4
149.9
163.9
177.3
91.6
95.4
100.0
10b.3
113.3
120.8
129.4
137.8
146.6
158.6
172.7
J
AVERAGE
FOR PERIOD
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
19:JD...
195o...
1957...
1958...
1959...
1960...
19bl...
1962...
1963...
1964...
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
0.1
0.3
0.5
0.7
0.2
0.3
0.7
0.9
0.4
0.5
0.6
340-C .
0*.l
0.3
O.i
0.2
0.2
0.4
0.5
o'i
0.2
0.4
0.4
0.5
0.2
0.4
0.5
0.7
0.7
0.6
0.2
0.3
0.5
0.8
0.4
0.3
0.3
0.5
0.6
0.6
0.5
0.5
0.6
0.8
0.9
0.1
0.7
0.6
0.5
0.4
0.4
0.6
0.8
0.8
0.6
0.2
0.5
0.2
0.2
0.4
0.7
0.6
0.8
0.1
0.2
1.1
0.6
0.2
0.4
0.4
0.7
0.7
0.6
0.3
0.1
0.8
1.3
0.9
0.2
0.2
0.6
0.5
0.5
0.6
0.5
0.7
0.6
0.4
0.5
0.4
0.3
0.2
0.5
0.5
0.9
0.5
0.3
0.4
0.8
0.9
0.3
0.5
0.4
0.6
0.6
0.4
0.2
0.6
0.9
1.0
0.3
0.5
0.4
0.5
0.6
0.7
0.4
0.2
0.7
0.4
0.7
0.8
0.3
0.4
0.5
0.5
0.6
0.6
0.2
0.4
0.5
0.6
0.8
0.2
0.3
0.5
O.fa
0.2
0.5
1.3
0.8
0.7
0.7
0.2
PERCENT
CHANGES> IN INDEX OF AVERAGE HOURLY EARNINGS
(COMPOUND ANNUAL RATE, PERCENT)
OVER 6-MONTH
SPANS
0.3
0.3
0.4
0.6
0.5
0.5
0.6
0.5
U.4
0.6
0.8
0.2
0.3
0*3
0.3
0.4
0.4
0.5
0.6
0.5
0.6
0.3
0.6
1.0
0.6
0.3
0.3
0.4
0.5
0.5
0.6
0.4
0.5
0.6
0.7
0.6
0.3
0.4
0.5
0.6
0.5
0.5
0.6
0.6
0.5
0.7
0.6
0.3
0.4
0.4
0.6
0.5
0.6
0.5
0.5
0.6
0.8
0.6
2
AVERAGE
FOR PERIOD
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
4.0
4.1
5.1
6.6
6.2
5.9
7.6
8.1
6.5
7.5
8.1
4.1
4.0
4.7
6.5
6.5
5.8
7.9
8.0
6.2
8.7
8.1
3.8
4.2
4.9
6.9
6.6
6.7
7.6
5.8
6.2
10.0
8.4
2*8
3.4
3.0
3*i
3.6
4.0
3*5
3*5
4*0
4.1
4.0
5.2
6.5
7.1
7.1
6.7
5.1
6.7
9.8
8.2
3.9
4.4
4.9
6.4
6.7
7.6
6.6
5.2
7.1
10.3
8.3
3.7
4.8
5.2
6.6
6.8
7.1
6.2
5.3
7.7
10.9
7.1
4.4
4.3
5.0
6.7
7.4
7.2
5.4
5.3
6.8
11.1
8.3
3.8
4.8
5.6
6.8
7.3
7.1
4.3
5.7
7.6
9.9
8.8
3.9
4.6
5.7
6.8
6.3
6.9
6.3
6.9
7.4
8.8
7.4
4.1
5.2
5.8
6.2
6.1
7.5
7.0
6.5
7.0
9.2
7.9
3.6
5.3
6.4
6.6
6.5
7.2
6.3
6.4
7.3
9.3
7.2
3.7
4.8
6.6
6.5
6.7
6.9
7.0
6.3
7.1
9.1
7.3
4.0
4.1
4.9
6.7
6.4
6.1
7.7
7.3
6.3
8.7
8.2
'Data are adjusted for overtime (in manufacturing only) and interindustry employment shifts.
2
Percent 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.
averages of the centered changes.
116
3*1
3.6
3*7
3.9
4.4
5.1
6.5
6.9
7.3
6.5
5.2
7.2
10.3
7.9
4.0
4.6
5.4
6.8
7.0
7.1
5.3
6.0
7.3
9.9
8.2
3.8
5.1
6.3
6.4
6.4
7.2
6.8
6.4
7.1
9.2
7.5
3.9
4.5
5.4
6.6
6.7
6.9
6.6
6.2
7.0
9.6
7.9
Quarterly and annual figures are
The Handbook of Cyclical Indicators
Quarterly
Monthly
Annual
Year
Jan.
341.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Nov.
Oct.
REAL AVERAGE HOURLY EARNINGS, PRODUCTION WORKERS IN PRIVATE NONFARM
(INDEX:
1967=100)
IQ
Dec.
IV Q
ECONOMY'
AVERAGE
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
FOR PERIOD
...
...
!
1955...
1956...
1957...
1953...
1959...
1960...
1961...
1962...
1963...
1964...
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
94.0
94.3
94.5
94.5
95.9
97.9
99.1
101.1
102.8
103.1
105.0
108.6
110.9
108.4
106.1
96.4
97.4
99.3
101.3
103.0
103.2
105.6
108.5
110.4
107.7
106.4
96.7
97.5
99.6
101.4
102.8
103.4
105.8
108.9
110.1
107.2
106.9
96.5
97.8
99.9
101.8
102.7
103.3
106.1
109.5
110.2
107.3
106.6
341-C.
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
...
9A.1
96.7
97.8
100.0
101.8
103.0
103.4
106.4
109.3
109.8
107.3
106.8
94.8
95^6
95i5
95*5
9s!5
95!*"
95.9
94*3
94*6
95*3
95.7
79.4
82.3
83.4
84.5
86.8
88.4
90.2
92.2
93.7
95.1
96.6
98.1
100.0
102.0
103.1
103.7
106.2
109.4
109.9
107.7
106.9
96.9
98.1
100.4
102.0
103.2
104.0
106.5
109.6
110.5
107.4
106.5
97.4
97.8
100.2
102.1
103.2
104.5
106.8
109.8
109.1
106.9
107.1
97.5
98.1
100.3
102.4
103.3
104.5
107.0
110.0
109.6
106.8
107.0
97.8
98.1
100.5
102.4
103.6
104.4
107.1
110.5
109.2
106.6
107.2
97.8
98.5
100.6
102.5
103.7
104.4
107.0
110.5
109.0
106.3
107.4
97.7
98.8
100.8
102.8
103.2
104.5
107.9
111.1
108.9
106.2
107.2
96.3
97.6
99.3
101.3
102.9
103.2
105.5
108.7
110.5
107.8
106.5
96.6
97.9
100.0
101.9
102.9
103.5
106.2
109.4
110.0
107.4
106.8
97.2
98.0
100.3
102.2
103.2
104.3
106.8
109.8
109.7
107.0
106.9
97.8
98.5
100.6
102.6
103.5
104.4
107.3
110.7
109.0
106.4
107.3
97.0
98.1
100.0
102.0
103.2
103.9
106.7
110.0
110.2
107.4
107.1
IN INDEX OF REAL AVERAGE HOURLY EARNINGS OVER 1-MONTH S P A N S 2
(MONTHLY RATE, PERCENT)
CHANGE
...
63*7
63.8
67.5
69.3
69.0
70.9
74.4
76.6
AVERAGE
...
...
FOR PERIOD
...
...
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
!..
0.3
0.2
o!6
o]2
o.i
o'.i
o'.s
0.0
0.2
0.3
0.3
0.0
-0.1
0.5
0.6
-0.2
-0.5
-0.1
0.5
-0.5
0.2
0.2
0.2
0.1
0.6
-0.1
-0.5
-0.6
0.3
0.3
0.1
0.3
0.1
-0.2
0.2
0.2
0.4
-0.3
-0.5
0.5
-0.1
0.3
0.3
0.4
-0.1
-0.1
0.3
0.6
0.1
0.1
-0.3
0.2
0.0
0.1
0.0
0.3
0.1
0.3
-0.2
-0.4
0.0
0.2
-0.1
0.3
0.0
0.2
0.1
0.3
-0.2
0.1
0.1
0.4
0.1
0.3
0.0
0.4
0.0
0.1
0.3
0.3
0.2
0.5
-0.3
-0.4
0.5
-0.3
-0.2
0.1
0.0
0.5
0.3
0.2
-1.3
-0.5
0.6
341-C.
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
CHANGE
IN INDEX OF REAL AVERAGE HOURLY EARNINGS OVER
(COMPOUND ANNUAL RATE, PERCENT)
...
...
...
...
...
...
...
...
...
2.2
0.0
3.7
2.5
0.6
-0.7
3.7
4.5
-0.5
-3.5
0.1
2.2
0.1
3.0
2.4
1.1
-0.7
4.0
4.3
-1.2
-3.1
0.9
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
III Q
II Q
2*2
I
I
1.5
0.8
2.6
2.4
0.6
0.9
3.5
2.7 |
-3.2
-2.2
1.2
2.0
0.3
2.5
1.8
0.8
1.7
2.7
1.8
-0.7
-1.7
0.7
...
...
...
...
2.6
2.1
0.8
1.8
1.5
0.5
2.5
2.2
2.4
-2.4
-1.4
1.3
2.1
1.6
1.2
1.5
2.0
0.9
2.1
2.3
2.0 1
-0.9
-0.9
0.1
6*6
6!6
0.4
0.0
0.2
0.0
0.3
-0.1
0.1
0.5
-0.4
-0.2
0.2
0.1
0.3
0.1
0.3
0.1
0.0
0.2
0.2
0.5
-0.1
-0.1
6-MONTt
SPANS
o'.l
0.0
0.4
0.1
0.1
0.1
0.0
-0.1
0.0
-0.2
-0.3
0.2
o!2
0.0
0.2
0.2
0.3
-0.5
0.1
0.8
0.5
-0.1
-0.1
-0.2
0.3
-0.1
0.3
0.2
0.0
0.1
0.4
0.3
-0.3
-0.5
0.2
0*3
0.1
0.0
0.2
0.1
0.2
0.1
0.1
0.1
0.2
-0.1
0.2
0.0
0.3
0.0
0.1
0.1
0.1
0.3
0.3
0.2
-0.1
-0.3
0.0
0.1
0.2
0.2
0.1
0.0
0.0
0.3
0.3l
-0.2
-0.2
0.1
AVERAGE
...
...
2.1
2*1
2.4
i'.'e
1.9
2.5
2.7
0.6
1.1
1.3
1.7
2.1
1.8
1.9
-1.7
-1.4
1.1
2.1
1.5
1.2
1.3
1.3
2.1
1.3
2.1
-1.5
-1.9
1.3
2.3
1.4
1.5
1.6
0.2
1.6
3.4
4.4
-1.9
-2.6
0.6
2.2
2.1
1.5
1.5
-0.2
2.3
4.1
0.1
3.0
2.3
1.6
0.1
2.6
3.1
1.2
-2.6
-1.0
1.4
0.1
3.0
2.3
0.8
0.3
2.7
3.6
0.2
-4.3
0.3
1.9
1
1
0.2
0.1
0.2
0.2
0.0
0.1
0.3
0.2
-0.2
-0.2
0.1
2
2.3
-3.9
-2.5
1.6
2.0
0.3
3.1
2.4
0.8
-0.2
3.7
3.8
-1.6
1
-2.9
0.7
'Data are adjusted for overtime (in manufacturing only) and interindustry employment shifts.
"Percent 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,
averages of the centered changes.
BCD 1977
0.1
FOR PERIOD
2*3
2*2
2*1
1.9
0.8
1.9
1.8
0.7
2.1
2.4
2.1
-1.3
-1.3
0.7
2.4
1.2
1.3
1.4
1.1
1.9
2.2
2.8
-1.7
-2.0
1.0
0.8
2.7
2.0
1.3
0.1
2.5
3.6
1.2
-3.6
-1.1
1.6
1.8
1.2
2.1
1.7
0.7
1.6
3.0
2.5
-2.1
-1.8
1.0
Quarterly and annual figures are
117
Monthly
Quarterly
Annual
Year
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1 Q
4 4 1 . rOTAL CIVILIAN LABOR F O R C E , LABOR FORCE SURVEY
(THOUSANDS)
II Q
III Q
IV Q
AVERAGE FOR PERIOD
1945...
1946...
1947. . .
1948...
1949...
1950...
1951...
1952...
1953...
1954. . .
60,095
60,771
61,661
61,941
62,432
63,439
63,101
60,524
61,057
61,687
61,778
62,419
63,520
63,994
60,070
61,073
61,604
62,526
61,721
63,657
63,793
60,677
61,007
62,158
61,808
61,720
63,167
63,934
59,972
61,259
62,083
62,044
62,053
62,615
63,675
60,957
60,948
62,419
61,615
62,103
63,063
63,343
61,181
61,301
62,121
62,106
61,962
63,057
63,302
60,806
61,590
62,596
61,927
61,877
62,816
63,707
60,815
61,633
62,349
61,780
62,457
62,727
64,209
60,646
62,185
62,428
62,204
61,971
62,867
63,936
60,702
62,005
62,286
62,014
62,491
62,949
63,759
61,169
61,908
62,068
62,457
62,621
62,795
63,312
60,230
60,967
61,651
62,082
62,191
63,539
63,629
60,535
61,071
62,220
61,822
61,960
62,948
63,651
60,934
61,508
62,355
61,933
62,099
62,867
63,739
60,839
62,033
62,261
62,225 !
62,361
62,870
63,669
60,622
61,288
62,210
62,017
62,139
63,016
63,642
1955...
1956...
1957...
1958...
1959...
1960...
1961...
19o2...
1963...
1964...
63,910
66,419
66,428
67,095
67,936
68,962
70,447
70,189
71,146
72,356
63,696
66,124
66,879
67,201
67,649
68,949
70,420
70,409
71,262
72,683
63,882
66,175
66,913
67,223
68,068
68,399
70,703
70,414
71,423
72,713
64,564
66,264
66,647
67,647
68,339
69,579
70,267
70,278
71,697
73,274
64,381
66,722
66,695
67,895
68,178
69,626
70,452
70,551
71,832
73,395
64,482
66,702
67,052
67,674
68,278
69,934
70,878
70,514
71,626
73,032
65,145
66,752
67,336
67,824
68,539
69,745
70,536
70,302
71,956
73,007
65,581
66,673
66,706
68,037
68,432
69,841
70,534
70,981
71,786
73,118
65,628
66,714
67,064
68,002
68,545
70,151
70,217
71,153
72,131
73,290
65,821
66,546
67,066
68,045
68,821
69,884
70,492
70,917
72,281
73,308
66,037
66,657
67,123
67,658
68,533
70,439
70,376
70,871
72,418
73,286
66,445
66,700
67,398
67,740
68,994
70,395
70,077
70,854
72,188
73,465
63,829
66,239
66,740
b7,173
67,884
68,770
70,523
70,337
71,277
72,584
64,476
66,563
66,798
67,739
68,265
69,713
70,532
70,448
71,718
73,234
65,451
66,713
67,035
67,954
68,505
69,912
70,429
70,812
71,958
73,138
66,101
66,634
67,196
67,814
68,783
70,239
70,315
70,881
72,296
73,353 |
65,023
66,553
66,928
67,637
68,368
69,629
70,460
70,615
71,834
73,090
1965...
1966...
1967...
1968. ..
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
73,569
75,186
76,639
77,578
79,523
82,077
83,678
85,596
86,868
90,308
91,953
73,857
74,954
76,521
78,230
80,019
82,155
83,346
85,567
87,708
90,582
91,621
73,949
75,075
76,328
78,256
80,079
82,446
83,302
86,189
88,247
90,611
92,020
74,228
75,338
76,777
78,270
80,281
82,690
83,682
86,132
88,339
90,373
92,210
74,466
75,447
76,773
78,847
80,125
82,456
83,847
86,340
88,314
90,720
92,789
74,412
75,647
77,270
79,120
80,696
82,446
83,514
86,534
88,842
90,997
92,595
74,761
75,736
77,464
78,970
80,827
82,876
84,114
86,635
88,818
91,205
92,917
74,616
76,046
77,712
78,811
81,106
82,843
84,428
86,982
88,722
91,032
93,035
74,502
76,056
77,812
78,858
81,290
82,906
84,431
86,902
89,182
91,586
93,126
74,838
76,199
78,194
78,913
81,494
83,250
84,626
87,027
89,450
91,568
93,135
74,797
76,610
78,191
79,209
81,397
83,442
85,085
87,000
89,932
91,714
93,025
75,093
76,641
78,491
79,463
81,624
83,536
85,227
87,331
90,103
91,700
93,148
73,792
75,072
76,496
78,021
79,874
82,226
83,442
85,784
87,608
90,500
91,865
74,369
75,477
76,940
78,746
80,367
82,531
83,681
86,335
. 88,498
90,697
92,531
74,626
75,946
77,663
78,880
81,074
82,875
84,324
86,840
88,907
91,274
93,026
74,909
76,483
78,292 |
79,195
81,505
83,409
84,979
87,119
89,828
91,661
93,103
74,453
75,777
77,350
78,737
80,734
82,715
84,113
86,542
88,714
91,011
92,613
442.
K>TAL CIVILIAN
EMPLOYMENT , LABOR FORCE SURVEY
(THOUSANDS
AVERAGE FOR PERIOD
)
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954. ..
58,061
58,175
57,635
59,636
60,460
61,600
60,024
58,196
58,208
57,751
59,661
60,462
61,884
60,663
57,67i
53,043
57,728
60,401
59,908
62,010
60,186
58,291
57,747
58,583
59,889
59,909
61,444
60,185
57,854
57,552
58,649
60,188
60,195
61,019
59,908
58,743
57,172
59,052
59,620
60,219
61,456
59,792
58,968
57,190
59,001
60,156
59,971
61,397
59,643
58,456
57,397
59,797
59,994
59,790
61,151
59,853
58,513
57,584
59,575
59,713
60,521
60,906
60,282
58,387
57,269
59,803
60,010
60,132
60,893
60,270
58,417
58,009
59,697
59,836
60,748
60,738
60,357
58,740
57,845
59,429
60,497
60,954
59,977
60,116
57,976
58,142
57,705
59,899
60,277
61,831
60,291
58,296
57,490
58,761
59,899
60,108
61,306
59,962
58,646
57,390
59,458
59,954
60,094
61,151
59,926
58,515
57,708
59,643
60,114
60,611
60,536
60,248
58,344
57,652
58,921
59,963
60,255
61,180
60,109
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
60,753
63,753
63,632
63,220
63,868
65,347
65,776
66,108
67,072
68,327
60,727
63,518
64,257
62,898
63,684
65,620
65,588
66,538
67,024
68,751
60,964
63,411
64,404
62,731
64,267
64,673
65,850
66,493
67,351
68,763
61,515
63,614
64,047
62,631
64,768
65,959
65,374
66,372
67,642
69,356
61,634
63,861
63,985
62,874
64,699
66,057
65,449
66,688
67,615
69,631
61,781
63,820
64,196
62,730
64,849
66,168
65,993
66,670
67,649
69,218
62,513
63,800
64,540
62,745
65,011
65,909
65,608
66,483
67,905
69,399
62,797
63,972
63,959
63,012
64,844
65,895
65,852
66,968
67,908
69,463
62,950
64,079
64,121
63,181
64,770
66,267
65,541
67,192
68,174
69,578
62,991
63,975
64,046
63,475
64,911
65,632
65,919
67,114
68,294
69,582
63,257
63,796
63,669
63,470
64,530
66,109
66,081
66,847
68,267
69,735
63,684
63,910
63,922
63,549
65,341
65,778
65,900
66,947
68,213
69,814
60,815
63,561
64,098
62,950
63,940
65,213
65,738
66,380
67,149
68,614
61,643
63,765
64,076
62,745
64,772
66,061
65,605
66,577
67,635
69,402
62,753
63,950
64,207
62,979
64,875
66,024
65,667
66,881
67,996
69,480
63,311
63,894
63,879
63,498
64,927
65,840
65,967
66,969
68,258
69,710
62,170
63,801
64,069
63,036
64,629
65,777
65,746
66,703
67,763
69,305
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975. ..
1976...
69,997
72,198
73,671
74,700
76,805
78,864
78,710
80,630
82,622
85,789
84,673
70,127
72,134
73,606
75,229
77,327
78,707
78,469
80,691
83,330
85,953
84,259
70,439
72,188
73,439
75,379
77,367
78,818
78,346
81,208
83,939
86,091
84,243
70,633
72,510
73,882
75,561
77,523
78,894
78,756
81,230
83,962
85,881
84,246
71,034
72,497
73,844
76,107
77,412
78,543
78,891
81,464
84,046
86,098
84,475
71,025
72,775
74,278
76,182
77,880
78,430
78,599
81,654
84,541
86,151
84,496
71,460
72,860
74,520
76,087
77,959
78,696
79,099
81,758
84,567
86,213
84,856
71,362
73,146
74,767
76,043
78,250
78,591
79,296
82,070
84,458
86,056
85,114
71,286
73,258
74,854
76,172
78,250
78,452
79,399
82,069
84,850
86,147
85,115
71,695
73,401
75,051
76,224
78,445
78,613
79,625
82,103
85,287
85,988
85,087
71,724
73,840
75,125
76,494
78,541
78,537
79,944
82,443
85,590
85,608
85,212
72,062
73,729
75,473
76,778
78,740
78,480
80,115
82,853
85,686
85,136
85,443
70,188
72,173
73,572
75,103
77,166
78,796
78,508
80,843
83,297
85,944
84,392
70,897
72,594
74,001
75,950
77,605
78,622
78,749
81,449
84,183
86,043
84,406
71,369
73,088
74,714
76,101
78,153
78,580
79,265
81,966
84,625
86,139
85,028
71,827
73,657
75,216
76,499
78,575
78,543
79,895
82,466
85,521
85,577
85,247
71,088
72,899
74,373
75,921
77,902
78,627
79,119
81,702
84,410
85,935
84,784
444.
NUMBER U NEMPLOYED, MALES 20 YEARS AND OVER, LABOR FORCE SU RVEY
(THOUSANDS
AVERAGE FOR PERIOD
)
1945...
1946. ..
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
1,233
1,570
2,349
1,236
1,281
1,734
2,295
1,096
1,334
1,874
2,327
1,007
998
1,078
1,662
994
901
947
842
1,816
1955...
1956...
1957...
1958...
1959...
1960. ..
1961...
1962...
1963...
1964...
1,812
1,442
1,457
2,216
2,284
1,926
2,544
2,042
2,087
1,887
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1,600
1,203
1,X)57
1,065
1,296
2,265
2,019
898
904
933
2,175
1,199
2,333
1,917
994
1,001
884
2,113
1,191
2,522
1,817
961
1,078
917
2,121
1,309
2,553
1,632
1,002
1,168
905
2,280
1,340
2,456
1,557
1,013
1,064
1,335
3,273
1,459
1,147
930
876
981
1,989
1,367
1,936
2,235
910
938
975
2,133
2,293
1,044
2,254
1,278
2,008
1,575
1,876
1,719
1,425
1,391
2,460
2,258
1,772
2,579
1,948
2,137
1,805
1,712
1,459
1,280
2,635
2,062
1,977
2,581
2,008
2,053
1,780
1,833
1,376
1,415
2,899
1,827
1,923
2,656
2,043
2,006
1,748
1,529
1,477
1,420
2,964
1,810
1,893
2,787
2,021
2,000
1,667
1,482
1,491
1,512
2,985
1,811
1,968
2,569
2,039
1,913
1,743
1,420
1,455
1,447
3,027
1,850
2,045
2,622
1,994
1,900
1,663
1,464
1,412
1,463
2,997
1,877
2,124
2,531
2,082
1,839
1,633
1,354
1,404
1,644
2,772
2,093
2,139
2,466
2,009
1,804
1,703
1,465
1,330
1,710
2,646
2,076
2,295
2,371
1,932
1,851
1,740
1,455
1,481
1,947
2,439
2,297
2,353
2,269
2,043
1,970
1,543
1,615
1,161
1,040
1,105
1,525
1,174
1,078
1,043
1,570
1,103
1,079
976
904
1,490
2,024
1,984
1,622
1,723
3,473
1,517
1,085
1,077
947
904
1,548
2,069
1,980
1,639
1,695
3,710
1,404
1,105
1,077
1,013
923
1,623
2,045
1,957
1,594
1,751
3,536
1,394
1,121
1,034
962
985
1,734
2,072
1,947
1,546
1,810
3,604
1,386
1,125
1,067
987
957
1,753
2,166
1,892
1,561
1,942
3,470
1,344
1,063
1,260
1,016
1,046
1,224
1,078
1,071
927
903
900
1,189
2,083
2,037
1,638
1,680
2,995
1,331
2,052
1,960
1,651
1,753
3,127
1,383
2,033
1,996
1,642
1,663
3,338
118
991
962
1,072
1,827
2,146
1,883
1,549
2,001
3,683
1,357
2,468
1,387
1,087
1,287
2,178
2,057
1,280
2,510
1,669
980
940
934
948
931
1,103
893
980
934
1,822
2,140
2,231
1,299
2,046
1,019
2,035
1,439
1,532
2,030
2,413
1,883
2,508
2,182
2,035
1,908
1,596
1,748
1,442
1,376
2,437
2,201
1,892
2,568
1,999
2,092
1,824
1,615
1,448
1,449
2,949
1,816
1,928
2,671
2,034
1,973
1,719
1,413
1,424
1,518
2,932
1,940
2,103
2,540
2,028
1,848
1,666
1,453
1,448 l
1,896
2,499
2,085
2,385
2,274
2,003
1,910
1,626
1,580
1,442
1,541
2,681
2,022
2,060
2,518
2,016
1,971
1,718
1,204
1,119
1,089
1,497
1,098
1,078
1,375
1,103
1,031
1,229
1,071
1,069
1,435
1,120
1,060
1,450
2,446
1,427
968
872
1,283
1,726
2,324
1,113
950
933
887
1,580
1,179
1,058
1,071
1,064
1,934
2,098
1,982
1,516
2,216
3,663
1,003
2,014
2,158
1,769
1,536
2,374
3,538
1,062
2,158
2,155
1,702
1,587
2,689
3,334
910
979
910
1,301
2,056
1,998
1,644
1,699
3,153
1,554
2,046
1,974
1,618
1,723
3,573
992
970
1,005
1,771
2,128
1,907
1,552
1,918
3,586
1,381
2,729
1,424
1,067
923
1,043
2,035
2,137
1,818
1,546
2,426 1
3,512
1,305
2,219
1,922
1,029
993
963
1,636
2,086
1,928
1,594
1,918
3,428
The Handbook of Cyclical Indicators
1
Monthly
Quarterly
Annual
Year
Feb.
Jan.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1 Q
445. NUMBER UNEMPLOYED, FEMALES 20 YEARS AND OVER, LABOR FORCE SURVEY
(THOUSANDS)'
II Q
III Q
IV Q
AVERAGE FOR PERIOD
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
418
589
1,030
721
592
475
918
593
646
999
692
623
445
955
584
621
962
769
537
520
1,071
584
751
842
693
567
455
1,058
520
857
861
683
592
411
1,054
590
877
945
663
534
440
1,038
590
996
839
631
558
453
1,035
620
1,002
714
589
582
466
1,018
578
957
751
711
515
551
1,071
560
965
718
733
576
553
934
537
922
799
706
531
594
957
600
955
743
674
485
775
852
532
619
997
727
584
480
981
565
828
883
680
564
435
1,050
596
935
768
644
552
490
1,041
566
947
753
704
531
641
914
564
841
854
689
559
510
997
1955...
1956...
1957... i
1958...
1959...
1960...
1961...
1962...
1963...
1964...
091
765
851
1,058
1,163
1,003
1,283
1,257
1,201
1,272
822
697
783
1,225
1,140
937
1,408
1,144
1,216
1,281
782
824
745
1,239
1,137
1,017
1,421
1,161
1,167
1,295
792
823
713
1,385
1,064
1,003
1,447
1,126
1,196
1,274
783
863
806
1,349
1,040
996
1,456
1,133
1,242
1,212
796
851
838
1,321
1,004
1,060
1,482
1,119
1,193
1,171
789
1,009
833
1,304
1,029
1,120
1,448
1,144
1,220
1,161
843
857
804
1,351
985
1,084
1,285
1,235
1,210
1,123
848
812
828
1,269
1,002
1,039
1,327
1,243
1,238
•1,135
893
816
844
1,221
1,113
1,172
1,371
1,174
1,231
1,130
807
842
927
1,065
1,017
1,254
1,224
1,190
1,257
1,157
830
844
882
1,127
1,050
1,318
1,258
1,168
1,226
1,112
832
762
793
1,174
1,147
986
1,371
1,187
1,195
1,233
790
846
786
1,352
1,036
1,020
1,462
1,126
1,210
1,219
827
893
823
1,308
1,005
1,081
1,353
1,207
1,223
1,140
843
834
884
1,138
1,060
1,248
1,284
1,177
1,238
1,133
823
832
821
1,242
1,063
1,080
1,368
1,175
1,216
1,195
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1,069
945
1,131
1,061
993
1,048
1,632
1,610
1,529
1,559
2,559
1,196
879
1,029
1,052
992
1,161
1,623
1,493
1,470
1,567
2,537
1,107
884
1,065
1,006
981
1,285
1,681
1,611
1,474
1,548
2,683
1,093
889
1,040
963
1,029
1,245
1,694
1,604
1,456
1,542
2,768
1,055
1,001
1,035
968
979
1,346
1,650
1,683
1,381
1,586
2,794
1,119
905
1,067
992
1,038
1,288
1,615
1,651
1,519
1,643
2,728
1,038
890
1,051
989
979
1,379
1,603
1,689
1,513
1,707
2,648
1,040
938
985
967
1,043
1,359
1,685
1,670
1,529
1,746
2,638
970
904
1,134
928
1,068
1,428
1,649
1,643
1,523
1,904
2,597
967
955
1,199
954
1,074
1,464
1,635
1,674
1,397
1,829
2,648
1,033
900
1,102
976
1,013
1,591
1,695
1,508
1,500
2,151
2,618
970
980
1,088
955
977
1,619
1,664
1,493 |
1,551
2,275
2,628
1,124
903
1,075
1,040
989
1,165
1,645
1,571
1,491
1,558
2,593
1,089
932
1,047
974
1,015
1,293
1,653
1,646
1,452
1,590
2,763
1,016
911
1,057
961
1,030
1,389
1,646
1,667
1,522
1,786
2,628
990
945
1,130
962
1,021
1,558
1,665
1,558
1,483
2,085
2,631
1,056
921
1,078
985
1,016
1,347
1,650
1,610
1,486
1,748
2,649
446. NUMBER UNEMP LOYED, BOTH SEXES 16-19 YEARS OF AGE, LABOR FORCE SURVEY
(THOUSANDS)
AVERAGE FOR PERIOD
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
383
437
647
348
382
286
497
454
469
642
329
340
290
560
481
535
587
349
329
285
547
435
573
498
316
306
293
558
302
585
554
275
367
252
538
425
566
505
338
349
283
400
432
593
464
358
355
290
503
421
638
453
342
337
294
556
384
636
466
343
357
289
563
364
678
448
314
333
377
478
391
606
403
385
336
339
437
379
662
469
318
310
468
468
439
480
625
342
350
287
535
337
575
519
310
341
276
499
412
622
461
348
350
291
541
378
649
440
339
326
395
461
409
576
513
336
345
307
501
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
454
459
488
601
621
686
844
782
786
870
428
484
448
618
567
620
845
779
885
846
424
481
484
618
602
732
851
752
852
875
424
451
472
732
680
694
790
737
853
896
435
521
484
708
629
680
760
709
975
885
423
540
506
638
614
738
834
686
871
900
423
488
511
748
649
671
858
681
931
784
477
432
480
677
726
738
866
696
829
899
476
419
471
780
680
706
883
709
915
874
472
425
466
703
721
785
831
697
905
856
518
538
580
684
689
723
802
791
924
851
492
414
564
651
720
791
737
704
841
943
435
475
473
612
597
679
847
771
841
864
427
504
487
693
641
704
795
711
900
894
459
446
487
735
685
705
869
695
892
852
494
459
537
679
710
766
790
731
890
883
450
478
497
678
654
712
823
721
884
872
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
903
840
780
752
798
976
1,253
1,319
1,079
1,280
1,726
919
780
846
844
797
956
1,202
1,423
1,257
1,309
1,698
878
829
746
828
831
960
1,242
1,374
1,192
1,309
1,756
932
836
776
770
825
1,061
1,208
1,314
1,299
1,227
1,723
860
864
817
825
830
1,019
1,237
1,213
1,248
1,341
1,810
864
862
848
933
855
1,105
1,255
1,272
1,188
1,452
1,835
869
865
859
932
904
1,067
1,340
1,241
1,192
1,475
1,809
828
837
893
814
856
1,140
1,281
1,350
1,174
1,288
1,813
902
831
833
796
900
1,199
1,237
1,307
1,260
1,534
1,731
916
827
898
785
911
1,239
1,268
1,268
1,250
1,535
1,737
816
792
893
806
840
1,280
1,288
1,280
1,306
1,581
1,657
857
813
841
843
845
1,279
1,293
1,283
1,279
1,600
1,743
900
816
791
808
809
964
1,232
1,372
1,176
1,299
1,727
885
854
814
843
837
1,062
1,233
1,266
1,245
1,340
1,789
866
844
862
847
887
1,135
1,286
1,299
1,209
1,432
1,784
863
811
877
811
865
1,266
1,283
1,277
1,278
1,572
1,712
874
837
839
838
853
1,105
1,253
1,302
1,226
1,410
1,752
447.
NUMBER U ^EMPLOYED , FULL-TIME WORKERS, LABOR FORCE SURVEY
(THOUSANDS)
AVERAGE FOR PERIOD
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
3,719
3,466
3,722
3,377
3,624
3,391
3,539
3,339
3,613
3,196
3,365
3,146
3,422
2,985
3,317
3,053
3,283
3,105
3,410
3,081
3,520
2,925
3,451
3,029
3,688
3,411
3,506
3,227
3,34i
3,048
3,460
3,012
3,505
3,178
3,041
2,391
2,285
2,257
2,088
2,404
3,889
3,896
3,344
3,474
5,895
3,163
2,301
2,193
2,333
2,071
2,664
3,838
3,811
3,395
3,541
6,015
2,980
2,349
2,250
2,201
2,026
2,777
3,866
3,857
3,337
3,476
6,327
3,029
2,365
2,247
2,009
2,107
2,939
3,830
3,812
3,318
3,529
6,594
2,875
2,423
2,277
2,049
2,026
3,160
3,915
3,916
3,264
3,565
6,936
2,794
2,295
2,296
2,171
2,162
3,143
3,910
3,800
3,195
3,669
6,636 1
2,692
2,277
2,236
2,179
2,171
3,277
3,990
3,875
3,202
3,861
6,658
2,696
2,235
2,267
2,115
2,137
3,330
4,062
3,853
3,255
3,877
6,472
2,610
2,225
2,295
2,042
2,286
3,489
4,050
3,720
3,257
4,211
6,685 !
2,470
2,218
2,417
2,046
2,240
3,690
3,965
3,812
3,144
4,423
6,685
2,493
2,279
2,388
2,042
2,169
3,959
4,113
3,439
3,353
4,844
6,484
2,459
2,286
2,347
1,934
2,190
4,045
4,090
3,382
3,378
5,237
6,263
3,061
2,347
2,243
2,264
2,062
2,615
3,864
3,855
3,359
3,497
6,079
2,899
2,361
2,273
2,076
2,098
3,081
3,885
3,843
3,259
3,588
6,722
2,666
2,246
2,266
2,112
2,198
3,365
4,034
3,816
3,238
3,983
6,605
2,474
2,261
2,384
2,007
2,200
3,898
4,056
3,544
3,292
4,835
6,477
2,791
2,315
2,293
2,138
2,142
3,202
3,949
3,770
3,292
3,942
6,439
1977
1
Quarterly
Monthly
Year
Annual
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1 Q
4 4 8 . NUMBER EMPLOYED, PART-TIME WORKERS FOR ECONOMIC REASONS, LABGn FORC E SURVEY
(THOUSANDS)
II Q
III Q
IV Q
AVERAGE FOR PERIOD
1*45...
1*46...
1947...
1*48...
1*49...
1950...
1951...
1952...
1953...
1954...
19^5...
1956...
1*37...
1958...
1959...
I960...
1961...
l*o2...
1963...
19b4...
1965...
1906...
1967...
1968...
I9b9...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1,847
1,923
3,022
2,511
2,267
3,087
2,lbl
2,298
2,120
1,874
2,086
3,174
2,314
2,379
3,27b
2,296
2,282
2,232
1,678
2,091
3,440
2,47 5
2,197
3,024
2,414
2,281
2,16b
1,846
2,034
3,334
2,310
2,545
2,994
2,280
2,296
2,246
1,80b
1,992
2,127
3,306
2,123
2,413
2,932
2,403
2,249
2,205
1,755
2,088
2,187
3,019
2,205
2,577
2,748
2,290
2,288
2,173
1,912
2,02b
2,207
2,771
2,302
2,552
2,727
2,369
2,179
2,0o2
1,881
2,107
2,133
2,b08
2,2b2
2,558
2,731
2,28b
2,419
2,043
I,8b4
2,138
2,158
2, 7 bo
2,205
2,7bb
2,b47
2,390
2,381
2,114
l,6Jb
2,03b
2,249
2,64b
2,423
2,737
2,bb3
2,39J
2,330
2,119
1,672
2,018
2,378
2,414
2,4b*
2,6b4
2,34*
2,463
2,277
2,02b
2,108
1,797
2,048
1,653
1,721
1,993
2,540
2,456
2,003
2,461
3,614
1,973
1,637
2,077
1,819
1,707
1,902
2,523
2,323
2,153
2,627
3,579
1,994
1,6 27
2,039
1,748
1,810
1,970
2,498
2,418
2,145
2,431
3,725
1,927
1,629
2,104
1,659
1,686
2,321
2,462
2,499
2,115
2,326
3,750
1,983
1,706
1,702
1,714
1,746
2,233
2,474
2,361
2,181
2,628
3,676
1,898
1,737
1,838
1,826
1,854
2,14b
2,211
2,557
2,509
2,538
3,479
1,986
1,723
l,8b0
1,727
1,750
2,271
2,405
2,493
2,4b0
2,567
3,381
l,9b3
l,bb3
1,765
1,705
1,875
2,192
2,415
2,526
2,419
2,707
3,344
1,776
1,61b
1,87b
1,659
1,907
2,111
2,341
2,408
2,403
2,892
3,320
l,6b9
1,5*2
1,840
1,658
1,6*7
2,3b8
2,484
2,29b
2,3*7
2,*48
3,352
l,6b4
l,bob
2,034
1,742
1,85b
2,3o7
2,bob
2,23o
2,412
3,208
3,322
1,864
2,00*
2,bUl
2,<*b2
2,*bo
2,403
2,322
2,2oo
2,143
l,bOo
2,033
3,2i2
2,433
2,26o
3,lJ0
2,2*u
2,26/
2,173
1,975
^,116
3,220
2,213
2,512
2,6*1
2,324
2,278
2,206
1,866
2,u90
2,l6o
2,778
2,263
2,b22
2,702
2,34*
2,32b
2,073
1,664
2,021
2,37b
2,525
2,451
2,654
2,5Uo
2,402
2,26*
2,0*6
1,839
l,*o7
2,1b*
2,953
2,33b
2,5b0
2,813
2,337
2,2*1
2,137
l,7ol
1,607
1,632
l,b*7
1,609
2,b42
2,3**
2,174
2,bbb
3,330
3,2*0
2,u2b
1,08 7
2,ub3
1,740
1,74b
l,*b3
2,320
2,3**
2,100
2,aub
3,b3*
l,93o
l,o91
1,881
1,733
l,7o2
2,233
2,J62
2,472
2,2o8
2,4*7
3,o3b
1,908
l,b34
l,o30
l,b97
1,844
2,1*1
2,387
2,476
2,427
2,722
3,346
1,835
1,655
1,9U2
1,699
1,874
2,422
2,483
2,233
2,4bb
3,162
3,321
1,928
l,bo4
1,913
1,715
l,8lo
2,196
2,440
2,408
2,311
2,70*
3,4*0
2,D14
4 51. CIVILIAN LABOR FORCE PARTICIPATION RATE, MALES 20 YEARS AND OVER, LABOR FORCE S URVEY
(PERCENT)
AVERAGE FOR PERIOD
1945...
1946...
1947...
I94ti...
1949...
1930...
1951...
1952...
1953...
1954...
88.7
86.5
88.1
88.0
88.8
88.3
87.8
89.0
88.5
88.0
88.4
by.o
88.6
88.1
88.2
88.5
88.0
88.8
88.6
88.7
87.7
H'Q'.I
88.4
88.2
88.3
88.5
88.2
88.2
88.1
88.4
88.4
88.4
88.4
88.0
87.9
88.5
88.4
88.3
86.4
88.4
88.0
87.8
88.7
88.2
88.1
8b.2
88.3
88.1
87.7
88.8
88.7
88.5
86.5
88.0
87.9
88.2
88.b
68.6
88.4
68.2
68.0
87.6
86.4
88.8
8*.5
68.2
88.b
87.b
87.6
86.0
88.7
66.7
68.2
66.4
67 ,b
63.0
87.6
6*.0
8 6.7
66.2
8o.7
86.b
67.6
67.3
60.b
bo.3
66.0
66.4
66.6
6b.3
67.*
86.3
86.4
08.3
66.4
68.4
66.1
o6.0
86.7
88.3
88.3
6 7.0
68.1
87.*
88.1
o8.6
oy.o
66.2
68.0
67.9
87.6
d 7. b
68.b
86.6
66.2
86.2
88.3
88.1
87.9
1955...
1956...
1957...
1958...
1959...
I960...
1961...
1962...
19b3...
1964...
87.4
88.1
87.0
86.4
86.2
86.2
86.1
85.1
84.3
84.2
87.2
87.9
87.2
86.2
86.0
86.0
85.8
85.3
84.3
84.1
87.4
87.9
87.2
86.2
86.3
85.6
85.9
85.3
84.4
84.0
87.5
87.8
87.1
86.6
86.4
86.1
85.6
84.7
84.4
84.5
87.4
87.6
87.0
86.9
86.2
86.0
85.9
85.0
84.3
84.5
87.2
87.6
87.3
86.8
86.1
85.9
85.8
84.8
84.3
84.0
87.6
87.5
87.1
87.0
86.6
85.9
85.6
84.4
84.5
84.3
67.6
67.5
86.7
87.1
86.3
86.0
85.6
84.9
84.3
84.1
87.6
87.3
86.9
87.1
86.5
86.2
85.5
84.8
84.4
84.2
67.b
87.2
8b.b
87.0
86.4
86.1
6b.5
84. b
84.2
84.2
67.7
67.3
8b.b
8b.b
86.3
8b.3
8b.b
84.6
64.3
84.0
6 7.6
67.3
8b.b
6b.3
ob.b
6o.3
85.3
64.4
84.2
83.9
6 7. J
66.0
67.1
6o.3
6b.2
85.9
b3.*
85.2
64.3
84.1
67.4
87.7
87.1
8b.6
6b.2
86.0
8b.8
64.6
64.3
84.3
8 7.b
67.4
86.9
87.1
66.5
86.0
85.b
84.7
84.4
84.2
b/.7
87.3
86.6
66.6
86.4
66.2
8b.4
84.5
84.2
84.0
87.5
87.b
86.9
86.7
86.3
86.0
85.7
84.8
84.3
84.2
1965...
196b...
1967...
1968...
1969...
Iy70...
1971...
1972...
1*73...
1974...
1975...
1976...
84.1
83.6
83.7
83.1
82.9
82.8
82.3
81.6
81.1
81.7
80.5
b4.1
83.5
83.5
83.1
83.1
82.8
81.9
81.5
81.3
81.6
80.3
84.1
83.6
83.3
83.0
83.0
82.8
81.9
81.8
81.6
81.3
80.3
84.1
83.7
83.5
83.1
82.8
82.9
82.2
81.6
81.3
80.9
80.3
84.3
83.6
83.4
83.2
82.7
82.8
82.3
81.6
81.2
81.1
80.7
83.8
83.6
83.5
83.4
82.7
82.6
82.0
81.7
81.3
81.0
60.3
83.9
83.4
83.5
83.3
82.7
82.6
82.1
81.8
81.4
80.8
80.6
83.8
83.5
83.4
83.2
82.9
82.5
82.2
81.6
81.1
80.9
80.4
83.6
83.5
83.2
83.0
82.9
82.5
82.1
81.6
81.1
80.9
80.4
63.6
83.4
83.4
82.9
82.8
82.5
81.9
81.6
81.2
81.0
80.2
83.b
83.b
83.3
82.9
82.b
82.b
81.9
81.4
81.3
80.9
80.0
63.6
83.6
83.4
83.1
o2.b
82.b
81.9
81.b
81.4
80.7
7*.7
64.1
63.6
63.3
83.1
83.0
82.6
82.0
81. b
61.3
81.5
60.4
64.1
83.6
83.b
83.2
82.7
82.8
82.2
81.b
81.3
61.0
60.4
b3.8
83.5
83.4
83.2
82.8
82.5
82.1
81.7
bl.2
80.9
80.5
83.6
83.5
83.4
83.0
82.6
82.5
81.9
81.5
81.3
80.9
80.0
83.9
83.5
83.4
83.1
82.8
82.6
82.1
81.6
81.3
81.0
80.3
4 5 2 . CIVILIAN LABOR FORCE PARTICIPATION RATE, FEMAL ES 20 YEARS AND 3VER, LAB OR
(PERCENT)
FORCE SURVEY
AVERAGE FOR PERIOD
...
1945...
1*46...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
31.0
31.7
32.7
33.7
34.4
34.6
33.4
31.4
32.1
32.8
33.6
34.3
34.2
34.5
31.1
31.9
32.7
34.3
33.5
34.5
34.5
32*.i
31.9
33.4
33.8
33.6
34.0
34.4
31.3
32.3
33.0
34.1
34.0
33.4
34.3
32^5
32.2
33.8
33.6
33.8
34.1
34.1
32.7
32.9
33.2
34.5
33.7
34.1
33.8
32.0
32.7
33.6
33.9
33.9
33.7
33.9
32*3
32.5
33.1
33.8
34.9
33.7
34.5
31 ".7
32.7
33.6
34.2
34.2
34.0
34.4
3*.*8
32.9
33.7
34.1
34.8
33.6
34.4
32*1
32.7
33.3
34.b
34.2
33.2
34.0
31.2
31.9
32.7
33.9
34.1
34.4
34.1
32.0
32.1
33.4
33.8
33.8
33.8
34.3
32.3
32.7
33.3
34.1
34.2
33.8
34.1
31.9
32.8
33.5
34.3
34.4
33.6
34.3
1955...
1956...
1957...
1958...
195*...
1960...
1961...
1962...
1963...
1964...
34.5
36.3
36.2
36.7
37.0
36.9
38.1
37.9
38.0
38.5
34.4
36.0
36.7
36.8
36.7
36.9
38.4
38.0
38.2
38.8
34.3
36.0
36.5
36.8
37.0
36.3
38.5
37.7
38.2
38.8
35.1
36.2
36.2
37.1
37.1
37.6
37.9
37.6
38.4
39.5
34.7
36.7
36.3
37.0
37.1
37.7
38.1
37.6
38.4
39.3
35.0
36.4
36.4
37.0
37.2
37.9
38.4
37.5
38.2
39.0
35.5
36.6
36.9
37.0
37.1
37.9
38.0
37.6
38.3
38.7
36.0
36.6
36.4
37.2
36.9
37.9
37.7
38.1
38.1
38.9
35.9
36.8
36.5
36.8
36.9
38.1
37.5
38.3
38.4
38.6
36.0
36.6
36.6
36.8
37.3
37.6
37.9
37.9
38.6
38.8
36.0
36.4
36.6
36.6
37.0
38.2
37.6
37.8
38.7
38.7
36.4
36.4
36.9
36.7
37.2
38.2
37.b
37.8
38.5
38.9
34.4
36.1
3b.5
36.8
36.9
36.7
38.3
37.9
38.1
38.7
34.9
36.4
36.3
37.0
37.1
37.7
38.1
37.6
38.3
39.3
35.6
36.7
36.6
37.0
37.0
38.0
37.7
38.0
38.3
38.7
36.1
36.5
36.7
36.7
37.2
38.0
37.7
37.8
38.6
38.8
35.3
36.4
36.5
36.9
37.0
37.6
38.0
37.8
36.3
38.9
1965...
1966...
1967...
196b...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
39.0
39.8
40.7
40.9
42.0
43.2
43.6
43.6
43.5
44.6
45.8
39.2
39.6
40.5
41.3
42.4
43.1
43.3
43.4
43.9
44.9
45.5
39.2
39.6
40.4
41.4
42.4
43.4
43.2
43.7
44.1
45.0
45.8
39.2
39.8
40.8
41.4
42.6
43.5
43.2
43.6
44.2
45.1
46.0
39.2
40.0
40.8
42.0
42.5
43.0
43.1
43.7
44.2
45.1
46.0
39.7
39.9
40.9
41.9
42.8
43.2
43.0
43.6
44.5
45.3
46.0
39.7
40.0
41.0
41.7
42.7
43.5
42.9
43.6
44.5
45.8
46.0
39.6
40.3
41.1
41.3
42.7
43.3
43.2
43.8
44.4
45.4
46.1
39.3
40.6
41.4
41.6
42.8
43.0
43.4
43.7
44.6
45.5
46.1
39.4
40.6
41.7
41.6
42.9
43.4
43.5
43.7
44.5
45.2
46.2
39.5
40.9
41.6
41.9
42.8
43.4
43.8
43.6
44.9
45.4
46.1
39.6
40.8
41.8
41.9
42.9
43.4
43.8
43.7
44.8
45.5
46.2
39.1
39.7
40.5
41.2
42.3
43.2
43.4
43.6
43.8
44.8
45.7
39.4
39.9
40.8
41.8
42.6
43.2
43.1
43.6
44.3
45.2
46.0
39.5
40.3
41.2
41.5
42.7
43.3
43.2
43.7
44.5
45.6
46.1
39.5
40.8
41.7
41.8
42.9
43.4
43.7
43.7
44.7
45.4
46.2
39.4
40.2
41.1
41.6
42.7
43.3
43.3
43.6
44.4
45.2
46.0
1
31*. 8
32.4
33.2
34.0
34.1
33.9
34.2
The Handbook of Cyclical Indicators
Quarterly
Monthly
Annual
Year
Jan.
Feb
Apr.
Mar.
May
June
July
Aug
Sept.
Oct.
Nov.
Dec.
1 Q
453. CIVILIAN LA30R FORCE PARTICIPATION RATE, BOTH S E X E S , 16-19 YEARS OF A G E , LABOR FORCE SURVEY
(PERCENT)
194b...
lb»46.. .
iy47...
194b. . .
1949...
1950.. .
1951.. .
1952. . .
1953. . .
1954. . .
53.2
52. 8
51.9
51.4
52.2
52.4
50.9
53'.7
53.7
51.7
51.0
51.8
54.0
51.4
54 11
1955. . .
195o. . .
1*57.. .
195b. . .
1959. . .
19bU. . .
19bl.. .
lyb2.. .
19o3. . .
1964. . .
46.8
51.4
49.5
47.4
4 7.5
4 7.2
47.4
45.6
45.4
44.4
45.4
50.5
49.8
48.0
46.7
47.4
4b.7
45.9
45.1
45.3
19O5...
43.0
4a.0
48.3
46.6
47.7
50.5
49.9
51.2
50.9
55.5
54.9
43.7
4b.7
48.2
48. b
19&b. . .
19 b 7 . . .
19fafa. . .
1969...
197U. ..
1971. ..
1972. . .
1973...
1974. . .
1975. . .
197b...
47.fa
50.3
49.7
51.3
53.0
55.5
54.0
IVQ
54.2
53.0
50.8
50.9
50.7
51.8
50.1
50.9
53.4
50.9
52.6
52.3
49.5
48.6
53.8
49.8
50.4
51.3
52.8
5'J.9
46.3
52.6
50.3
50.8
52.6
51.2
49.5
47.1
5il5
5l!5
53.1
52.5
52.7
50.5
49.1
48.5
50.6
52.5
53.5
52.4
50.2
48.2
47.3
51.0
52.9
52.6
51.9
51.4
48.9
46.3
53.1
52.b
52.5
52.9
51.1
49.2
44.6
5317
51.9
52.0
53.0
50.0
49.6
48.0
53.7
51.3
51.9
51.6
53.2
51.3
53.0
52.1
50.7
51.6
51.9
50.7
48.3
51.9
51.8
51.8
52.8
50.6
49.4
47.9
51.6
52.7
52.9
52.4
50.9
48.8
46.1
52.5
52.5
51.6
52.2
51.3
50.5
48.4
46.3
50.0
50.6
47.5
46.7
46.7
47.6
46.8
44.8
45.0
47.3
49.4
49.5
48.1
47.7
48.5
46.0
46.5
45.3
44.0
47.6
52.1
49.4
48.9
46.2
48.1
45.8
47.4
46.2
44.8
46.7
52.5
50.2
46.5
46.0
49.7
47.8
47.8
44.6
44.4
48.4
51.7
50.2
46.8
46.3
47.3
47.1
46.5
45.0
44.0
49.6
50.6
48.4
47.1
46.6
46.9
48.C
46.4
44.£
44.2
50.5
50.3
49.3
47.9
46.9
47.4
46.4
45.8
45.7
45.5
51.1
49.7
49.3
47.9
46.6
47.3
46.4
45.3
45.8
44.1
52.7
50.4
49.4
46.8
46.3
47.4
47.4
44.9
44.8
44.1
53.4
50.3
49.3
47.1
47.4
46.5
45.6
44.8
43.9
44.3
46.2
50.6
50.0
47.6
47.0
47.1
47.2
46.1
45.1
44.9
47.2
51.3
49.7
47.8
46.6
48.8
46.5
47.2
45.4
44.4
49.5
50.9
49.3
47.3
46.6
47.2
47.2
46.2
45.2
44.6
52.4
50.1
49.3
47.3
46.8
47.1
46.5
45.0
44.8
44.2
48.8
50.7
49.6
47.5
46.7
47.5
46.8
46.1
45.1
44.5
44.1
46.9
47.5
48.2
48.3
50.2
48.9
51.8
53.7
55.3
54.1
45.3
47.4
47.6
47.9
48.7
49.8
49.5
51.8
53.9
54.1
53.7
45.6
46.9
47.2
48.2
47.5
49.7
49.3
51.6
53.4
54.6
54.9
44.0
48.5
48.8
49.3
49.6
49.0
48.0
52.0
54.4
55.3
54.4
46.3
49.1
49.0
49.1
50.0
49.5
50.7
51.4
52.7
54.3
54.2
45.5
49.]
49.5
49.1
50.C
49. S
50.6
52.t
52.£
53.6
54.2
46.5
47.5
48.3
47.9
5U.5"
50.6
49.3
51.7
54.6
55.9
54.0
47.8
48.2
48.7
48.0
50.9
50.2
49.6
52.0
55.0
55.6
53.5
47.1
49.1
48.3
47.7
50.9
50.1
50.5
52.4
55.3
55.1
53.2
48.1
49.3
48.3
47.8
50.4
50.0
50.6
52.9
55.2
54.5
53.9
43.6
47.2
48.0
47.8
47.9
50.3
49.5
51.4
52.5
55.4
54.3
45.0
47.6
47.9
48.5
48.6
49.5
48.9
51.8
53.9
54.7
54.3
46.1
48.6
48.9
48.7
50.2
50.0
50.2
52.0
53.4
54.6
54.1
47.7
48.9
48.4
47.8
50.7
50.1
50.2
52.4
55.2
55.1
53.5
45.6
48.1
48.4
48.3
49.4
49.9
49.7
52.0
53.7
54.9
54.1
54.5
50.2
53.3
50.9
53.1
51.7
!
1945...
1946...
1947...
194b. . .
194y. . .
195U. . .
1951...
1952...
1953. . .
19 54. . .
2,120
2,951
1,899
2,5&8
2,837
2,874
2,689
2,945
2,57')
2,60:I
1955...
195b...
1957...
1958. . .
1959. . .
I960. ..
1961...
19t>2...
1963...
1964...
2,442
3,376
3,325
3,720
3,538
3,234
3,641
4,434
4,632
4,351
2,812
3,00S
3,59<
3,33^
3,60]
3,43S
4,06E
4,08(>
4,13'
5,31'
2,613
4,248
3,254
4,091
3,739
3,368
3,537
4,421
4,233
4,133
3,180
3,515
3,543
4,078
3,620
3,362
3,381
4,477
4,078
4,544
2,449
3,240
3,020
4,251
3,569
3,677
3,727
3,999
4,507
4,818
2,366
4,179
2,745
4,279
3,863
3,771
3,893
4,082
4,481
4,349
2,379
3,447
3,017
3,818
3,729
5,305
3,784
4,517
4,349
4,677
1,14 >
4,58{I
2,91 c >
3,35 >
3,26 J
3,82^ \
5,34 \
4,38 >
4,58 J
4,23 7
1965...
1966...
1967. ..
196b...
1969...
197U...
1971...
1972...
1973...
1974...
1975...
1976...
4,278
5,100
6,518
7,033
7,578
6,586
6,647
7,361
6,840
7,527
7,609
3,83<
5,17<)
6,59 >
7,61 >
7,05()
6,34()
6,64 5
7,27 L
7,33 1
7,34 i
7,50 i
4,624
5,879
6,343
6,208
6,543
6,634
6,718
7,111
7,361
7,186
8,223
4,593
6,444
6,211
6,765
6,520
6,658
6,977
6,892
6,739
7,883
7,952
4,630
5,447
7,732
7,441
6,319
6,588
6,646
6,946
7,269
7,302
8,235
4,520
7,084
6,891
6,929
6,144
6,829
6,211
7,097
7,069
7,663
8,450
4,258
4,998
5,928
7,544
6,906
6,728
7,570
7,063
7,203
8,177
8,718
5,22
7,21
7,00
7,65
6,47
6,02
6,46
7,47
7,03
8,19
9,07
i
3
3
)
2
)
?
J
)
J
7
TOTAL FOR PERIOD
2,247
3,701
2,298
2,817
1,180
3,014
6,971
8,279
7,418
8,925
5,725
9,532
33,707
3,184
3,541
3,906
3,999
4,874
3,892
4,160
4,405
2,376
3,145
2,855
4,596
3,802
3,357
4,296
4,535
5,112
3,773
2,591
3,430
3,499
3,481
3,608
4,109
4,121
4,920
4,093
4,228
3,254
3,349
3,406
3,816
3,160
3,583
4,653
4,140
4,371
5,325
7,867
10,633
10,173
11,145
10,878
10,041
11,243
12,941
13,002
13,801
7,995
10,934
9,308
12,608
11,052
10,810
11,001
12,558
13,066
13,711
7,046
11,393
9,116
10,714
10,898
13,128
14,002
12,794
13,089
13,319
8,221
9,924
9,760
11,893
10,570
11,049
13,070
13,595
13,576
13,326
31,129
42,884
38,357
46,360
43,398
45,028
49,316
51,888
52,733
54,157
5,276
6,579
7,479
7,989
6,394
6,804
6,050
6,801
6,260
7,781
7,791
4,962
6,059
7,449
7,520
7,041
6,281
7,142
6,925
7,671
7,603
8,623
4,896
5,989
6,565
7,286
6,833
6,917
6,600
7,082
7,443
8,138
7,533
5,669
6,023
6,331
6,834
6,811
7,070
7,798
6,685
6,794
8,228
8,135
12,741
16,158
19,456
20,856
21,171
19,560
20,008
21,743
21,538
22,061
23,340
13,743
18,975
20,834
21,135
18,983
20,075
19,834
20,935
21,077
22,848
24,637
14,757
18,792
20,410
23,192
19,772
19,561
20,089
21,334
20,502
24,157
25,586
15,527
18,071
20,345
21,640
20,685
20,268
21,540
20,692
21,908
23,969
24,291
56,768
71,996
81,045
86,823
80,611
79,464
81,471
84,704
85,025
93,035
97,854
2,150
3,378
3,522
3,358
525. MI .ITARY PRIM Z CONTRACT AWARDS TO U . S . BUSINESS FIRMS5 AND INSTI TUTIONS
(MILLIONS OF DOLLAR S)
1945...
1946.. .
1947. . .
1948. ..
1949...
1950. . .
1951...
1952. ..
1953...
1954...
3,976
2,528
3,682
616
3,49 3
5,47 9
2,29 5
56 4
3,001
2,959
2,381
826
2,892
2,088
2,462
1,068
3,760
3,059
2,038
1,326
2,759
4,292
2,042
1,116
1955...
1956...
1957...
1958.. .
1959...
1960...
1961...
19b2...
1963...
1964...
1,049
1,474
1,756
2,103
1,625
1,850
1,989
3,271
2,429
2,372
1,30 5
1,38 3
1,92 7
1,23 2
1,89 3
1,75 i
2,18 S
2,18 3
2,61 1
2,95 B
1,028
1,502
1,563
2,243
1,966
1,904
1,987
2,552
2,463
1,966
1,468
1,404
2,312
2,142
2,204
1,726
2,274
2,295
2,023
2,502
841
3,043
1,893
2,252
1,855
2,140
2,413
2,640
1,287
2,024
1,093
2,228
2,222
1,963
2,229
2,127
2,366
1,910
19b5...
1966...
1967...
1968.. .
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
2,097
2,952
3,364
2,887
3,398
2,855
2,508
3,520
2,824
3,378
3,693
1,84 6
2,90 6
3,93 0
3,44 5
3,44 1
2,62 3
2,70 4
2,98 2
2,89 9
3,14 1
3,98 7
2,451
2,956
3,034
3,124
2,904
2,904
3,104
3,025
2,947
2,677
2,817
2,843
3,461
3,026
3,488
2,825
2,591
2,928
2,985
2,568
4,343
4,122
2,150
2,978
4,040
4,203
3,070
2,545
2,231
2,786
3,171
2,881
3,926
2,390
3,693
3,^66
3,067
2,744
2,896
2,324
3,154
2,897
3,440
3,773
III Q
AVERAGE FOR PERIOD
51b. DEFENSE DEPARTMENTC OBLIGATIONS INCURRED, T O T A L , EXCLUDING MILITARY ASSISTANCE
(MILLIONS 0 F DOLLAR 3)
1977
II Q
1,782
808
TOTAL FOR PERIOD
4,24 i.
1,00 2
1,08 5
76 7
2,333
2,116
1,004
2,454
2,823
2,143
959
2,271
3,462
3,295
265
481
3,399
3,148
390
913
10,470
10,966
8,358
2,006
9,411
9,439
6,542
3,510
10,671
4,276
4,128
4,107
9,684
8,586
1,614
3,665
40,236
33,267
20,642
13,288
1,196
1,619
1,511
2,192
2,151
1,993
1,888
2,216
2,580
1,23 1
2,10 8
1,31 3
1,69 2
1,96 4
2,20 J
2,14 3
2,16 7
2,72 2
1,96 3
597
2,091
1,297
2,308
1,793
2,250
2,033
2,032
2,635
2,163
1,136
1,972
1 1,594
1,880
j 1,937
1,327
2,494
2,814
2,119
1,967
1,310
1,934
1,819
1,704
2,102
1,938
2,308
2,946
1,814
2,075
2,194
1,891
1,671
2,328
1,298
1,922
2,491
2,044
2,149
1,997
3,383
4,364
5,246
5,578
5,489
5,508
6,162
8,003
7,503
7,296
3,596
5,210
4,213
7,413
6,319
5,941
6,358
6,562
6,802
7,052
2,799
5,395
4,226
5,511
5,949
6,601
6,169
6,087
7,573
6,706
4,640
5,797
5,084
5,912
5,337
5,187
7,293
7,804
6,082
6,039
14,418
20,766
18,769
24,414
23,094
23,237
25,982
28,456
27,960
27,093
2,313
3,940
3,545
3,937
2,896
2,717
2,916
3,074
2,106
3,494
3,842
2,77 5
3,16 5
3,69 0
3,17 3
3,00 1
2,78 2
3,09 3
2,63 8
3,27 6
4,15 3
5,07 2
2,419
3,541
3,720
3,836
2,680
2,113
2,982
2,725
3,222
3,502
3,080
2,790
3,383
3,626
3,903
2,987
3,464
2,606
2,946
3,176
4,161
2,961
2,995
3,225
3,308
3,378
2,734
2,746
3,092
3,589
3,515
3,777
2,872
2,988
3,513
3,479
3,613
2,765
3,181
3,066
2,532
2,850
2,532
3,130
6,394
8,814
10,328
9,456
9,743
8,382
8,316
9,527
8,670
9,196
7,383
10,132
10,632
10,758
8,639
8,032
7,483
8,925
8,636
10,664
11,821
7,507
10,646
10,955
10,946
8,577
7,612
8,991
8,437
8,604
11,149
11,994
8,773
10,121
10,413
10,894
8,486
9,391
8,764
9,067
9,541
10,470
8,963
30,057
39,713
42,328
42,054
35,445
33,417
33,554
35,956
35,451
41,479
4,097
1,158
2,035
886
971
L^l
1
43,275
Quarterly
Monthly
Annual
Year
Jan.
Feb.
Apr.
Mar.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1 Q
548. VALUE OF MANUFACTURERS' NEW ORDERS, DEFENSE PRODUCTS
(BILLIONS OF DOLLARS)
II Q
III Q
IV Q
TOTAL FOR PERIOD
1945...
1946...
1947...
1948...
1949...
195U...
1951...
1952...
1953...
1954...
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
2.09
0.85
1.86
1.84
1.85
2.33
1.40
2.10
1.93
1.69
1.73
1.52
1.36
2.44
2.58
2*.24
2.59
1.25
1.39
1.65
1.98
1.88
2.44
2.06
2.31
1.74
1.25
1.25
2.00
1.34
2.00
602.
2^5
2.09
1.70
1.19
1.23
1.63
2.50
2.27
2!73
1.56
1.68
0.83
2.45
2.10
1.97
1.80
1.36
1.33
1.93
1.91
1.03
1.68
1.43
2.37
2.70
1.75
1.48
1.47
1.06
1.80
3.82
2.13
2.88
1.51
1.95
1.31
1.87
1.76
2.39
2.56
2.50
1.93
1.65
1.74
1.16
1.86
1.58
1.61
U96
2.20
1.40
1.75
1.42
2.28
2.44
2.10
2.23
2.54
1.64
1.39
1.91
1.59
2.02
1.94
6'.33
4.28
4.84
4.61
5.21
6.11
5.98
EXPOF TS, EXCLUDING MILITARY AID SHIPMENTS, TOTAL
(MILLIONS OF DOLLARS)
7.62
6.24
4.63
3.41
5.33
5.71
6.35
6.51
6^4
4.59
5.36
4.69
3.96
5.24
7.64
7.06
6.69
6.67
4.69
4.88
4.49
5.73
6.04
5.65
23!83
18.96
17.82
18.39
21.89
26.14
25.20
TOTAL FOR PERIOD
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
1,110
1,190
795
970
1,250
1,041
962
1,102
1,072
792
1,022
1,236
971
1,047
1,049
1,095
772
1,080
1,281
1,001
862
1,023
1,085
786
1,256
1,138
1,024
1,196
1,062
1,046
772
1,133
1,129
1,008
1,087
989
1,078
831
1,132
1,063
998
1,091
1,069
976
821
1,234
970
1,011
1,076
1,125
977
813
1,233
1,012
1,026
1,067
950
908
889
1,233
1,028
1,154
1,056
1,055
906
893
1,101
1,004
951
1,111
855
868
940
1,273
1,026
1,035
1,147
1,188
858
915
1,309
1,016
1,073
1,130
3,261
3,357
2,359
3,072
3,767
3,013
2,871
3,074
3,209
2,389
3,521
3,330
3,030
3,374
3,144
2,861
2,523
3,700
3,010
3,191
3,199
3,098
2,632
2,748
3,683
3,046
3,059
3,388
12,653
12,051
9,993
13,968
13,203
12,262
12,854
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
1,168
1,289
1,653
1,423
1,314
1,534
1,622
1,667
987
2,052
1,198
1,290
1,577
1,322
1,256
1,554
1,708
1,819
2,143
2,076
1,159
1,348
1,881
1,385
1,326
1,541
1,755
1,664
1,954
2,067
1,113
1,394
1,739
1,364
1,305
1,627
1,637
1,804
1,927
2,081
1,132
1,413
1,560
1,379
1,320
1,644
1,578
1,764
1,899
2,076
1,170
1,442
1,674
1,337
1,357
1,643
1,621
1,877
1,837
2,080
1,223
1,412
1,617
1,361
1,397
1,711
1,698
1,750
1,839
2,118
1,215
1,454
1,617
1,365
1,432
1,660
1,695
1,709
•1,912
2,095
1,235
1,586
1,605
1,354
1,528
1,661
1,669
1,898
1,964
2,237
1,260
1,509
1,546
1,349
1,328
1,685
1,809
1,542
1,943
2,150
1,215
1,360
1,534
1,401
1,376
1,673
1,738
1,717
1,946
2,183
1,226
1,836
1,493
1,339
1,493
1,631
1,700
1,811
2,059
2,394
3,525
3,927
5,111
4,130
3,896
4,629
5,085
5,150
5,084
6,195
3,415
4,249
4,973
4,080
3,982
4,914
4,836
5,445
5,663
6,237
3,673
4,452
4,839
4,080
4,357
5,032
5,062
5,357
5,715
6,450
3,701
4,705
4,573
4,089
4,197
4,989
5,247
5,070
5,948
6,727
14,291
17,333
19,495
16,367
16,407
19,626
20,190
20,973
22,427
25,690
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1,228
2,298
2,639
2,814
2,161
3,406
3,601
4,074
4,955
7,150
9,374
1,623
2,353
2,582
2,775
2,266
3,546
3,694
3,824
5,070
7,549
8,756
2,739
2,530
2,524
2,439
3,188
3,375
3,790
3,868
5,311
7,625
8,681
2,406
2,316
2,608
2,855
3,318
3,410
3,631
3,820
5,494
8,108
8,649
2,299
2,416
2,549
2,740
3,268
3,661
3,746
3,882
5,561
7,652
8,222
2,235
2,484
2,582
2,870
3,179
3,727
3,672
3,971
5,728
8,317
8,716
2,300
2,469
2,601
2,858
3,182
3,704
3,573
4,074
5,865
8,307
8,871
2,329
2,460
2,566
2,950
3,366
3,591
3,666
4,196
6,042
8,379
8,980
2,291
2,502
2,597
3,211
3,341
3,553
4,487
4,176
6,420
8,399
9,104
2,349
2,616
2,415
2,631
3,342
3,688
2,669
4,316
6,585
8,673
9,226
2,378
2,491
2,671
2,972
3,398
3,499
3,196
4,473
6,879
8,973
9,409
2,362
2,467
2,677
2,977
3,280
3,569
3,881
4,558
6,949
8,862
9,250
5,590
7,181
7,745
8,028
7,615
10,327
11,085
11,766
15,336
22,324
26,811
6,940
7,216
7,739
8,465
9,765
10,798
11,049
11,673
16,783
24,077
25,587
6,920
7,431
7,764
9,019
9,889
10,848
11,726
12,446
18,327
25,085
26,955
7,089
7,574
7,763
8,580
10,020
10,756
9,746
13,347
20,413
26,508
27,885
26,691
29,379
30,934
34,063
37,332
42,659
43,549
49,199
70,823
97,908
107,191
60 4. EXPORTS OF AGRICULTURAL PRODUCTS
(MILLIONS OF DOLLARS)
TOTAL FOR PERIOD
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
3,960
3,473
3,578
2,873
4,040
3,431
2,848
3,054
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1
228
547
569
579
186
541
680
766
1,111
1,774
I 2,369
122
349
554
542
573
246
569
633
703
1,142
1,829
1,830
662
594
526
518
490
533
658
606
1,268
1,869
1,703
550
550
526
528
609
565
636
628
1,251
1,978
1,723
538
552
542
491
576
566
623
722
1,412
1,882
1,575
550
572
539
475
526
612
624
771
1,442
1,806
1,480
595
531
512
503
541
614
632
754
1,370
1,842
1,735
500
624
513
544
494
610
636
796
1,731
1,698
1,872
515
601
523
509
518
639
866
837
1,726
1,654
1,932
562
595
507
441
612
694
447
882
1,706
1,691
2,060
541
580
560
516
565
628
546
927
1,769
1,978
1,821
591
580
522
569
551
689
768
1,007
1,785
1,922
1,776
1,239
1,695
1,637
1,670
922
1,643
1,971
2,075
3,521
5,472
5,902
1,638
1,674
1,607
1,494
1,711
1,743
1,883
2,121
4,105
5,666
4,778
1,610
1,756
1,548
1,556
1,553
1,863
2,134
2,387
4,827
5,194
5,539
1,694
1,755
1,589
1,526
1,728
2,011
1,761
2,816
5,260
5,591
5,657
3,198
4,170
4,506
3,855
3,955
4,832
5,024
5,034
5,584
6,348
6,229
6,874
6,380
6,227
5,936
7,247
7,698
9,407
17,681
21,999
21,889
The Handbook of Cyclical Indicators
Quarterly
Monthly
Year
Jan.
Feb.
606.
230
435
521
523
408
626
732
775
880
1,155
1,672
322
439
502
530
437
678
691
780
911
1,197
1,632
May
Apr.
Mar.
480
470
490
438
622
647
724
773
925
1,270
1,626
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
I Q
EXPORTS OF NONELECTRICAL MACHINERY
(MILLIONS OF DOLLARS)
456
433
494
539
647
651
720
757
926
1,288
1,760
432
448
508
519
622
680
680
767
975
1,338
1,720
435
468
498
515
594
718
700
783
997
1,339
1,772
426
484
485
526
608
755
686
776
,028
,398
589
567
606
927
881
902
852
582
548
577
997
904
923
762
433
457
476
557
652
706
663
814
1,041
1,509
1,752
414
473
497
573
616
718
871
818
1,090
1,481
1,750
472
491
458
512
678
785
582
781
1,115
1,552
1,814
450
475
510
586
657
701
672
862
1,107
1,624
1,770
463
486
520
518
630
720
783
860
1,111
1,523
1,843
1,032
1,344
1,513
1,491
1,467
1,953
2,147
2,328
2,716
3,62*2
4,930
510
534
606
1,005
870
998
945
590
548
636
986
839
931
848
620
523
684
967
882
913
935
610
515
787
940
846
899
847
626
487
821
885
897
910
851
596
565
955
838
915
968
818
620
572
912
800
899
818
805
1,720
1,605
1,926
2,958
2,591
2,842
2,728
1,832
1,567
2,563
2,663
2,658
2,777
2,516
1,852
1,769
2,679
2,457
2,781
2,528
2,500
2,769
3,128
3,218
3,154
3,849
3,907
3,500
4,119
4,253
4,585
2,897
3,260
3,284
3,152
3,927
3,723
3,868
4,167
4,409
4,720
3,061
3,074
3,231 I
3,386 I
3,829 [
3,501
3,929 I
4,115
4,406 I
4,893
939
1,040
1,060
1,066
1,330
1,278
1,162
1,396
1,409
1,535
928
1,069
1,058
1,037
1,301
1,276
1,180
1,355
1,432
1,525
953
1,063
1,111
1,023
1,227
1,268
1,359
1,341
1,447
1,576
952
1,065
1,099
1,046
1,289
1,245
1,243
1,347
1,507
1,585
992
1,132
1,074
1,083
1,411
1,210
1,266
1,479
1,455
1,559
1,045
1,055
1,086
1,091
1,184
1,197
1,298
1,316
1,459
1,550
1,045
969
1,065
1,156
1,292
1,162
1,305
1,419
1,459
1,688
971
1,050
1,080
1,139
1,353
1,142
1,326
1,380
1,488
1,655
2,690
3,142
3,231
3,126
3,588
3,891
3,472
3,984
4,084
4,401
1,199
1,966
2,317
2,687
2,002
3,222
3,599
4,436
5,244
6,498
9,632
1,606
2,013
2,216
2,592
2,672
3,279
3,564
4,473
5,483
7,318
7,927
1,861
2,050
2,166
2,588
2,982
3,219
3,629
4,515
5,414
7,742
7,466
1,811
2,090
2,198
2,604
3,183
3,262
3,774
4,417
5,360
8,025
7,959
1,797
2,060
2,118
2,755
3,256
3,337
3,908
4,486
5,703
8,264
7,263
1,848
2,102
2,184
2,792
3,152
3,265
4,037
4,468
5,775
8,577
7,102
1,742
2,216
2,245
2,725
3,074
3,254
3,832
4,565
5,829
8,922
7,832
1,825
2,137
2,145
2,872
3,163
3,346
3,913
4,726
6,010
9,267
7,877
1,858
2,288
2,198
2,951
3,078
3,423
4,179
4,612
5,644
8,696
8,196
1,885
2,303
2,254
2,736
3,192
3,498
3,469
4,738
5,996
8,773
8,169
1,941
2,195
2,396
2,883
3,180
3,428
3,456
5,148
6,684
8,973
8,201
1,911
2,196
2,493
2,908
3,078
3,402
4,169
5,002
6,291
9,257
8,522
4,666
6,029
6,699
7,867
7,656
9,720
10,792
13,424
16,141
21,558
25,025
1977
IMPORTS OF PETROLEUM AND PETROLEUM PRODUCTS
(MILLIONS OF DOLLARS)
188
162
183
182
235
237
250
324
487
,299
166
179
206
180
215
203
270
331
550
2,117
1,746
209
187
^67
194
203
229
276
346
588
2,063
1,354
1,385
1,452
1,48
1,616 I
1,965
2,206 I
2,037 I
2,503
3,333
4,699
5,427
1,697
1,702
1,775
2,863
2,641
2,729
2,469
902
1,019
1,100
1,051
1,218
1,353
1,158
1,368
1,412
1,525
171
183
172
179
182
237
249
342
492
1,560
1,211
1,273
1,414
1,458
1,656
1,876
2,179
2,220
2,408
3,159
4,388
5,272
677
594
891
812
978
837
874
907
1,034
1,118
1,051
1,220
1,291
1,164
1,339
1,485
1,518
165
174
172
187
206
252
220
334
456
1,512
1,781
1,323
1,349
1,500
1,573
1,863
2,049
2,100
2,307
2,898
3,965
5,252
555
603
876
845
904
873
821
897
1,063
1,056
1,022
1,202
1,353
1,154
1,325
1,510
1,462
162
162
185
192
208
226
219
332
462
,167
,080
IV Q
TOTAL FOR PERIOD
886
1,045
1,057
1,053
1,166
1,247
1,154
1,320
1,089
1,421
614.
III Q
TOTAL FOR PERIOD
612. GENERAL IMPORTS,
(MILLIONS OF DOLLARS)
526
587
592
939
856
904
855
II Q
150
191
162
228
215
200
288
350
520
2,306
1,990
170
201
155
182
211
234
293
352
703
,274
2,008
5,456
6,252
6,500
8,151
9,591
9,864
11,719
13,371
16,838
24,866
22,324
5,425
6,641
6,588
8,548
9,315
10,023
11,924
13,903
17,483
26,885
23,905
I
I
I
[
5,737 I
6,694 I
7,143
8,527
9,450 I
10,328 I
11,094 I
14,888 I
18,971 I
27,003 |
24,892
TOTAL FOR PERIOD
176
178
160
213
218
221
314
387
700
,200
2,515
173
173
173
210
223
231
286
390
787
2,281
2,320
170
191
172
199
207
233
335
406
942
2,308
2,140
192
154
179
198
238
256
335
416
972
2,335
2,360
498
519
529
558
596
715
688
1,008
1,410
4,239
6,072
563
528
556
556
653
669
796
1,001
1,625
6,479
5,487
496
570
477
623
644
655
895
1,089
1,923
6,780
6,513
535 1
518 I
524 [
607 I
668 1
720 [
956 1
1,212 I
2,701 I
6,924 I
6,820 1
Monthly
Quarterly
Annual
Year
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
1 Q
Dec.
616. IMPORTS OF AUTOMOBILES AND PARTS
(MILLIONS OF DOLLARS)
II Q
III Q
IV Q
TOTAL FOR PERIOD
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
1955...
1956...
1957...
1958...
1959...
I960...
1961...
1962...
1963...
1964...
1965...
1966. ..
1967...
1968...
1969...
1970...
1971...
1972...
1973. ..
1974...
1975...
1976...
31
106
176
299
293
417
482
589
780
862
742
54
114
161
273
315
404
541
662
731
877
654
61
125
169
229
325
404
561
680
753
797
823
89
108
159
260
399
457
533
647
725
898
776
54
113
184
329
392
388
529
680
814
901
731
59
123
197
292
383
428
576
636
821
841
782
64
130
201
314
391
419
525
602
806
928
879
49
146
183
294
401
332
660
699
749
859
938
74
157
176
334 •
438
498
672
622
722
912
861
84
139
206
346
443
446
549
681
858
809
888
93
144
211
371
421
438
579
768
840
812
873
146
345
506
801
933
1,225
1,584
1,931
2,264
2,536
2,219
95
213
231
365
428
426
642
694
631
814
1,013
721. ORGANIZATION FOR ECONOMIC COOPERATION AND DEVELOPMENT, EUROPEAN COUNTRIES —
INDEX OF INDUSTRIAL PRODUCTION
(1967=100)
202
344
540
881
1,174
1,273
1,638
1,963
2,360
2,640
2,289
187
433
560
942
1,230
1,249
1,857
1,923
2,277
2,699
2,678
272
496
648
1,082
1,292
1,310
1,770
2,143
2,329
2,435
2,774
810
1,618
2,266
3,712
4,618
5,068
6,776
7,946
9,252
10,264
9,921
AVERAGE FOR PERIOD
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
*39
43
39
43
40
43
*40
44
40
44
*40
45
41
45
41
45
42
46
42
46
43
46
*43
47
39
43
40
44
41
45
43
46
*41
45
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
47
57
61
63
63
70
74
78
80
89
48
56
61
63
63
71
76
79
80
88
48
57
61
63
64
71
76
78
80
88
48
58
61
62
65
72
76
79
83
90
49
58
62
63
66
72
76
79
83
90
50
58
62
63
65
73
76
79
84
90
51
59
62
63
66
73
77
80
85
90
51
59
62
63
67
73
77
81
85
89
51
60
63
63
68
74
77
80
85
90
52
60
62
63
69
74
77
80
86
91
52
60
63
63
70
75
77
81
87
92
52
60
62
63
70
75
79
82
87
92
48
57
61
63
63
71
75
78
80
88
49
58
62
63
65
72
76
79
83
90
51
59
62
63
67
73
77
80
85
90
52
60
62
63
70
75
78
81
87
92
50
58
62
63
66
73
76
80
84
90
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
92
97
99
103
115
122
126
131
142
147
138
93
97
98
103
114
124
126
128
144
147
140
92
98
98
105
115
124
126
132
142
147
138
93
98
99
106
117
124
127
132
142
148
135
94
99
99
100
118
125
126
134
144
148
133
94
99
99
103
118
123
127
133
145
150
135
94
99
100
108
119
124
128
133
144
148
132
94
99
99
110
119
124
125
132
146
146
132
95
99
101
110
118
125
129
135
147
146
136
95
99
101
112
119
125
129
138
148
145
138
96
98
102
113
120
125
129
139
148
142
140
96
98
105
114
120
125
127
141
146
137
140
92
97
98
104
115
123
126
130
143
147
139
94
99
99
103
118
124
127
133
144
149
134
94
99
100
109
119
124
127
133
146
147
133
96
98
103
113
120
125
128
139
147
141
139
94
98
100
107
118
124
127
134
145
146
136
722.
UNITED KINGDOM—INDEX OF INDUSTRIAL PRODUCTION
(1967=100)
AVERAGE FOR PERIOD
~
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
52
54
60
63
63
62
69
*52
55
59
64
63
63
67
54
56
60
65
63
64
68
52
56
60
64
61
64
68
52
56
60
63
61
65
69
52
58
60
64
60
62
70
52
61
60
63
59
64
70
52
57
61
64
59
64
69
53
56
61
64
60
65
70
53
57
63
63
61
67
72
54
58
63
63
62
67
71
56
60
63
63
62
66
72
53
55
60
64
63
63
68
52
57
60
64
61
64
69
52
58
61
64
59
64
70
54
58
63
63
62
67
72
*53
57
61
64
61
64
70
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
72
74
74
74
75
83
84
83
82
93
73
74
75
76
75
83
84
84
84
94
74
73
74
77
74
84
84
85
86
94
74
74
74
74
77
83
85
85
87
94
75
73
75
74
77
84
83
86
87
94
72
74
76
74
77
83
85
86
88
96
72
73
76
74
78
83
86
86
90
94
72
73
76
74
78
84
84
86
89
94
74
74
76
74
80
84
83
86
88
96
75
73
75
74
81
85
84
85
91
97
75
74
76
74
82
84
83
85
92
97
76
73
74
75
83
84
84
85
92
98
73
74
74
76
75
83
84
84
84
94
74
74
75
74
77
83
84
86
87
95
73
73
76
74
79
84
84
86
89
95
75
73
75
74
82
84
84
85
92
97
74
74
75
74
78
84
84
85
88
95
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
98
100
98
102
109
109
113
110
120
113
120
98
100
99
103
108
110
110
101
123
115
119
96
101
99
104
108
112
109
112
124
119
116
98
101
101
103
109
111
111
114
121
121
114
100
101
99
105
109
109
111
116
121
121
111
97
99
100
105
110
110
112
115
122
122
111
97
101
100
106
109
109
111
113
123
123
112
98
100
99
107
109
111
111
113
123
123
110
99
100
100
107
109
112
112
115
123
121
112
100
99
101
108
109
112
111
116
125
120
113
99
97
102
108
110
110
111
118
123
120
113
100
98
104
109
110
112
110
118
119
116
112
97
100
99
103
108
110
111
108
122
116
118
98
100
100
104
109
110
111
115
121
121
112
98
100
100
107
109
111
111
114
123
122
111
100
98
102
108
110
111
111
117
122
119
113
98
100
100
lt>6
109
124
1
1
1
1
1
1
1
1
1
1
1
HI
n1
113
122
120
114
The Handbook of Cyclical Indicators
[
Monthly
Quarterly
Annual
Year
Jan.
Feb.
Apr.
Mar.
723.
May
June
Aug.
July
C A N A D A — I N D E X OF INDUSTRIAL
(1967=100)
Sept.
Oct.
Nov.
1 Q
Dec.
II Q
III Q
IVQ
PRODUCTION
AVERAGE FOR PERIOD
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
29.1
31.5
33.3
35.2
35.7
41.4
41.5
46.0
46.3
29*.l
31.5
33.3
34.8
36.1
41.5
41.4
46.3
46.8
29*. 4
31.9
33.5
35.2
36.1
41.6
42.1
46.9
46.2
29.5
31.9
34.2
35.0
36.3
42.1
42.2
46.9
45.7
29.7
32.1
33.9
35.3
36.6
42.2
42.9
46.9
45.7
29.8
32.5
33.7
35.2
37.7
42.0
42.9
46.4
45.8
29.7
33.1
33.8
35.2
38.6
41.4
42.9
46.9
45.5
29.4
33.2
34.3
35.8
37.9
41.9
44.0
46.4
46.4
29.2
32.6
34.6
35.5
39.3
41.1
44.2
46.8
46.0
29'.7
32.8
34.8
35.5
39.9
41.0
44.9
46.3
46.5
30'.6
33.3
34.9
35.5
40.4
41.0
45.2
45.4
46.8
31*0
33.0
34.9
36.1
40.9
40.7
45.5
46.2
47.7
29*2
31.6
33.4
35.1
36.0
41.5
41.7
46.4
46.4
29*7
32.2
33.9
35.2
36.9
42.1
42.7
46.7
45.7
29.4
33.0
34.2
35.5
38.6
41.5
43.7
46.7
46.0
30*4
33.0
34.9
35.7
40.4
40.9
45.2
46.0
47.0
29 .7
32.4
34.1
35.4
38.0
41.5
43.3
46.4
46.3
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
48.6
54.3
57.8
56.3
59.7
65.2
63.7
69.0
73.1
81.1
48.7
54.3
58.7
56.8
60.9
64.7
63.9
69.5
73.6
82.5
49.6
55.3
59.2
56.7
60.9
65.2
63.1
70.6
74.8
81.3
49.7
56.5
58.1
57.3
62.1
63.2
65.2
70.3
74.4
83.4
50.8
55.9
58.1
57.8
61.8
63.6
65.2
71.7
75.7
83.3
51.4
57.0
58.0
57.3
62.0
63.4
66.2
71.9
76.3
83.8
51.4
57.6
58.0
57.8
62.3
62.4
67.0
73.0
75.6
83.9
52.6
57.3
58.1
57.6
62.3
62.9
67.2
72.9
76.8
85.0
52.7
57.8
57.0
57.4
63.5
63.5
67.8
73.3
78.0
84.9
53.2
58.2
56.4
57.6
64.8
63.7
68.3
72.6
78.0
85.0
53.4
58.6
56.5
58.7
63.4
63.4
68.5
72.8
79.5
86.6
54.1
58.7
56.7
59.2
63.7
63.1
68.7
72.3
80.0
86.2
49.0
54.6
58.6
56.6
6U.5
65.0
63.6
69.7
73.8
81.6
50.6
56.5
58.1
57.5
62.0
63.4
65.5
71.3
75.5
83.5
52.2
57.6
57.7
57.6
62.7
62.9
67.3
73.1
76.8
84.6
53.6
58.5
56.5
58.5
64.0
63.4
68.5
72.6
79.2
85.9
51.4
56.8
57.7
57.5
62.3
63.7
66.2
71.7
76.3
83.9
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
87.9
95.5
98.7
102.2
109.4
115.0
117.7
127.2
137.9
147.5
140.4
87.3
96.1
97.9
101.7
110.3
115.9
118.4
126.1
140.3
147.6
140.4
89.5
96.2
97.1
102.2
112.1
113.7
119.3
127.5
141.3
148.7
139.6
88.5
96.2
100.0
104.3
110.0
114.7
119.5
130.4
141.1
147.7
139.8
89.0
96.2
98.8
105.4
109.8
113.8
120.8
128.7
141.5
147.6
138.8
89.6
96.6
99.4
106.6
110.1
114.5
121.5
129.3
143.2
148.0
139.4
90.7
95.5
99.8
105.9
110.3
113.9
121.7
129.2
143.5
146.6
138.9
91.9
96.6
101.3
105.9
109.3
113.7
124.8
129.5
140.8
146.5
139.2
92.1
97.4
100.9
107.2
110.7
112.9
124.8
131.9
142.4
145.9
138.0
93.5
98.2
100.1
108.5
111.0
112.8
125.2
134.9
144.7
145.3
138.0
94.0
97.9
102.9
109.4
112.9
114.4
125.3
135.5
145.5
144.1
141.3
95.2
97.9
103.2
109.4
114.7
113.8
125.3
137.2
146.0
143.1
142.1
88.2
95.9
97.9
102.0
110.6
114.9
118.5
126.9
139.8
147.9
140.1
89.0
96.3
99.4
105.4
110.0
114.3
120.6
129.5
141.9
147.8
139.3
91.6
96.5
100.7
106.3
110.1
113.5
123.8
130.2
142.2
146.3
138.7
94.2
98.0
102.1
109.1
112.9
113.7
125.3
135.9
145.4
144.2
140.5
90.8
96.7
100.0
105.7
110.9
114.1
122.0
130.6
142.4
146.6
139.7
7 2 5 . tfEST G E R M A N Y — I N D E X OF IN DUSTRIAL PRODUCTION
(1967=100)
AVERAGE
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
13.0
22.7
26.5
34.8
37.6
39.4
43.8
23.3
26.9
35.9
37.4
40.3
44.8
14*4
23.1
27.6
36.2
37.5
41.4
45.0
14.4
23.3
28.5
36.7
37.5
41.7
45.7
14*9
23.8
29.3
36.7
37.4
41.3
46.8
14.4
24.5
29.8
36.3
38.3
42.2
47.3
16*7
24.7
30.8
36.4
38.0
42.7
47.7
17*7
25.1
32.1
36.2
38.7
43.1
48.0
18.4
25.4
32.7
35.6
39.2
43.7
48.8
19*4
25.3
33.6
36.4
40.3
44.0
49.3
19*6
25.8
33.6
37.4
40.6
44.2
49.6
20*7
26.5
34.8
37.0
40.1
45.3
51.2
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
50.9
58.1
61.7
64.1
65.1
72.8
81.2
83.1
84.0
92.1
51.7
54.6
62.9
64.0
65.3
73.5
81.9
84.0
82.8
92.2
52.6
57.4
60.1
64.4
66.0
74.6
83.2
82.7
86.3
92.3
51.5
58.6
62.8
63.3
66.3
75.9
81.7
83.7
86.7
94.6
53.2
59.5
62.8
63.6
68.1
75.1
81.5
84.8
86.2
95.0
55.4
58.6
62.1
64.2
68.0
77.3
79.6
85.6
87.0
94.2
54.6
60.5
63.0
63.7
67.6
77.3
81.7
85.1
88.2
96.4
56.2
60.5
62.0
64.8
70.4
77.2
81.6
85.9
89.5
95.6
56.7
59.8
63.3
64.4
70.4
78.1
82.0
86.4
89.7
95.8
56.7
60.5
63.7
64.0
72.3
78.8
81.3
86.0
90.3
97.7
57.7
60.9
63.3
64.8
72.2
79.0
81.7
86.7
91.4
97.6
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
99.3
103.0
98.1
104.0
121.8
132.9
137.4
139.9
150.3
154.2
141.1
100.5
102.6
97.3
103.5
121.9
133.7
138.4
137.5
155.8
152.6
143.1
99.2
104.4
97.0
106.6
123.3
135.3
137.5
140.6
151.3
152.0
144.8
100.4
103.8
97.3
108.2
123.8
134.1
139.4
141.9
152.7
152.3
137.1
100.1
103.2
98.1
109.0
126.1
140.6
137.5
142.2
151.9
151.9
141.9
100.4
103.8
95.8
110.9
127.6
133.5
137.9
139.5
153.9
152.6
138.7
99.9
103.6
101.7
111.3
126.3
136.0
139.0
140.9
146.5
150.4
132.7
100.8
101.6
98.8
117.1
128.9
134.8
133.6
138.7
154.2
149.1
140.1
101.3
101.6
101.2
116.7
128.9
133.7
137.9
142.3
156.3
150.5
142.1
100.4
101.5
102.6
115.3
129.7
134.5
138.3
144.6
155.1
148.5
143.5
101.7
99.3
102.7
120.0
132.7
134.1
136.6
146.5
155.9
147.7
146.1
14*6
726.
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954... 1
F R A N C E — I N D E X OF INDU STRIAL
(1967=100)
FOR PERIOD
37.5
40.4
44.5
14*6
23.9
29.2
36.6
37.7
41.7
46.6
17.6
25.1
31.9
36.1
38.6
43.2
48.2
19*9
25.9
34.0
36.9
40.3
44.5
50.0
16*5
24.5
30.5
36.3
38.6
42.4
47.3
57.5
59.4
63.4
66.4
73.0
80.4
83.3
88.3
91.1
98.7
51.7
56.7
61.6
64.2
65.5
73.6
82.1
83.3
84.4
92.2
53.4
58.9
62.6
63.7
67.5
76.1
80.9
84.7
86.6
94.6
55.8
60.3
62.8
64.3
69.5
77.5
81.8
85.8
89.1
95.9
57.3
60.3
63.5
65.1
72.5
79.4
82.1
87.0
90.9 1
98.0 j
54.6
59.0
62.6
64.3
68.7
76.7
81.7
85.2
100.8
98.5
109.3
121.8
133.9
133.5
128.9
148.9
156.5
142.2
147.0
99.7
103.3
97.5
104.7
122.3
134.0
137.8
139.3
152.5
152.9
143.0
100.3
103.6
97.1
109.4
125.8
136.1
138.3
141.2
152.8
152.3
139.2
100.7
102.3
100.6
115.0
128.0
134.8
136.8
140.6
152.3
150.0
138.3
101.0
99.8
104.9
119.0
132.1
134.0
134.6 I
146.7
155.8
146.1
145.5
100.4
102.2
100.0
112.0
127.1
134.7
136.9
142.0
153.4
150.3
141.5
13*8
23.0
27.0
1
35.6
87.8
95.2
PRODUCTION
AVERAGE
FOR PERIOD
...
*38
42
38
43
*39
41
39
42
39
41
40
43
*39
41
40
44
*40
39
41
46
40
40
41
46
*40
4i
41
45
41
41
38
44
*41
40
42
46
*41
40
42
46
*40
41
43
46
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
47
54
60
65
62
68
73
77
80
90
47
53
60
65
62
69
74
76
79
89
48
54
60
65
63
69
74
77
71
88
48
55
60
64
64
69
74
77
81
91
48
56
61
64
64
69
74
77
84
90
49
56
61
64
65
70
74
76
84
89
48
57
62
64
65
71
75
80
84
87
49
57
62
64
65
71
75
80
85
88
49
58
63
64
66
73
76
78
85
89
50
58
62
64
67
72
75
78
86
90
52
59
64
63
67
73
76
79
86
90
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
86
94
100
105
115
125
127
138
150
157
143
89
96
98
105
115
125
129
137
151
157
142
88
96
99
106
114
124
131
139
146
153
139
90
96
98
107
118
126
128
138
144
154
139
90
97
98
74
118
124
127
141
153
158
134
90
98
100
88
117
122
91
99
100
110
120
124
132
143
153
161
137
91
99
100
110
120
124
132
143
153
161
137
91
99
101
108
118
125
136
143
150
152
138
94
98
101
113
121
124
135
143
153
152
142
94
99
102
115
118
125
136
147
154
146
141
1977
130 1
140
151
156
139
*40
39
45
47
50
59
64
62j
68]
73
78
80
89
88
95
99
102
115
119
126
135
148
148
142
146
*39
41
39
43
*40
40
41
45
41
40
40
45
47
54
60
65
62
69
74
77
77
89
48
56
61
64
64
69
74
77
83
90
49
57
62
64
65
72
75
79
85
88
88
95
99
105
115
125
129
138
149
156
141
90
97
99
90
118
124
128
140
149
156
137
91
99
100
109
119
124
133
143
152
158
137
*40
40
43
46
51
59
63
63
67
73
76
79
871
89
94
99
102
114
119
125
135
146
152
147
143
*40
40
41
45
49
56
62
64
65
71
75
78
83
89
91
98
100
105
118
124
132
142
150
154
140
Monthly
Quarterly
Year
Annual
Jan.
Feb.
Apr.
Mar.
727.
May
June
July
ITALY — INDEX OF INDUSTRIAL
(1967=100)
Sept.
Aug.
Oct.
Nov.
Dec.
1 Q
III Q
II Q
IV Q
PRODUCTION
AVE RAGE FOR PERIOD
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
19)5
23.1
24.0
28.6
29.2
31.2
34.5
20*. 5
23.1
24.6
29.2
29.2
31.2
34.7
2(K7
22.0
24.9
29.9
29.2
31.8
34.7
20.7
22.4
25.6
29.9
29.5
31.8
35.1
22^4
24.0
25.6
29.9
30.2
30.8
34.7
2K2
24.9
26.2
29.5
29.9
31.8
34.1
21.2
24.0
25.6
29.9
29.9
32.5
35.4
24.0
24.6
26.9
29.5
30.5
32.8
35.6
23^4
24.0
26.9
29.5
30.8
32.5
36.4
23!l
24.0
27.2
28.6
30.8
33.4
36.4
23^6
24.0
27.9
28.2
31.2
34.7
36.4
23.6
28.8
28.8
30.8
34.7
36.7
20.2
22.7
24.5
29.2
29.2
31.4
34.6
21.4
23.8
25.8
29.8
29.9
31.5
34.6
22 ".9
24.2
26.5
29.6
30.4
32.6
35.8
23.3
23.9
28.0
28.5
30.9
34.3
36.5
22.0
23.6
26.2
29.3
30.1
32.4
35.4
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
37.239.8
43.4
46.0
47.9
55.6
61.6
70.9
75.5
82.2
37.5
38.5
44.4
45.1
49.5
57.2
63.1
71.1
73.8
79.6
38.0
40.2
44.4
45.1
49.8
58.0
62.9
70.5
75.8
81.3
37.8
41.4
45.1
44.8
49.8
58.1
63.5
71.1
77.8
80.2
38.2
41.8
44.5
' 44.9
49.9
58.8
64.2
72.0
77.6
79.4
39.2
41.9
44.9
46.1
49.5
60.2
65.3
70.0
79.1
78.0
39.2
42.5
45.4
46.5
49.9
60.0
66.4
72.5
78.4
79.4
38.9
41.9
45.5
46.4
51.8
60.4
66.5
72.6
79.5
74.6
39.2
42.9
46.1
47.2
52.8
61.1
67.2
71.4
81.1
78.7
39.2
43.1
44.4
47.4
53.8
60.4
68.4
72.5
81.1
78.5
39.5
42.5
44.8
47.8
55.1
60.5
69.3
74.0
80.7
79.1
39.4
43.3
45.4
47.8
55.8
60.7
69.8
75.5
80.1
79.3
37.6
39.5
44.1
45.4
49.1
56.9
62.5
70.8
75.0
81.0
38.4
41.7
44.8
45.3
49.7
59.0
64.3
71.0
78.2
79.2
39.1
42.4
45.7
46.7
51.5
60.5
66.7
72.2
79.7
77.6
39.4
43.0
44.9
47.7
54.9
60.5
69.2
74.0
80.6
79.0
38.6
41.6
44.9
46.3
51.3
59.2
65.7
72.0
78.4
79.2
80.0
87.5
98.2
103.5
110.0
118.4
116.5
116.7
122.8
143.4
132.8
78.9
89.5
97.3
103.3
113.2
118.4
114.9
114.8
122.6
144.0
126.7
80.1
87.8
98.9
104.2
114.5
117.4
111.9
113.8
132.1
148.1
128.6
82.8
91.5
100.0
104.9
112.8
116.6
113.1
117.1
134.2
144.7
121.2
83.6
91.8
99.9
105.4
115.4
115.6
112.9
117.1
138.2
147.3
127.9
84.2
93.1
99.6
106.0
115.8
118.8
111.9
114.1
141.3
144.4
129.9
83.2
95.6
99.9
104.9
112.6
112.7
105.8
111.5
131.2
131.3
115.1
84.2
95.6
99.9
110.5
108.5
119.5
117.1
115.3
138.6
145.1
128.9
84.6
94.5
102.0
111.3
102.8
117.4
116.2
123.6
140.6
137.8
131.5
86.8
95.4
103.3
108.0
101.8
120.0
117.4
122.2
139.4
130.5
132.9
86.5
97.4
103.2
111.9
106.0
119.1
120.0
123.4
137.6
124.1
126.6
79.4
88.5
97.b
103.1
111.9
118.1
116.2
116.9
123.0
145.2
129.6
82.2
90.4
99.6
104.8
114.2
116.5
112.6
116.0
134.8
146.7
125.9
83.9
94.8
99.8
107.1
112.3
117.0
111.6
113.6
137.0
140.3
124.6
86.0
95.8
102.8
110.4
103.5
118.8
117.9
123.1
139.2
130.8
130.3
82.8
92.3
100.0
106.4
110.5
117.6
114.6
117.4
133.5
140.7
127.6
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
79.2
88.4
97.3
102.6
112.6
117.6
117.3
119.2
123.5
148.2
129.4
728.
JAPAN —INDEX OF INDUSTRIAL
(1967=100)
23ll
PRODUCTION
AVERAGE FOR PERIOD
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
5!l
7.2
8.4
12.1
14.1
14.6
18.5
^2
7.5
8.5
11.7
13.9
15.0
18.2
5^4
7.8
8.3
12.6
13.3
16.2
19.0
5!7
7.7
8.9
13.0
13.8
16.4
18.7
^9
7.5
9.3
13.3
14.0
16.6
18.2
6.1
7.8
9.6
13.6
14.0
16.9
18.3
6.4
7.9
9.9
13.7
14.5
17.0
18.0
6.5
8.0
10.3
13.5
14.7
17.4
17.6
6.9
8.0
10.7
13.6
15.4
17.6
18.1
6^8
8.1
11.3
13.1
14.7
18.0
18.2
6.9
8.2
11.8
13.7
14.3
18.3
18.4
8.6
11.9
14.0
14.3
18.5
18.6
5.2
7.5
8.4
12.1
13.8
15.3
18.6
5.9
7.7
9.3
13.3
13.9
16.6
18.4
6.6
8.0
10.3
13.6
14.9
17.3
17.9
6.9
8.3
11.7
13.6
14.4
18.3
18.4
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
19.1
22.9
27.5
28.7
30.7
39.0
47.5
55.8
55.8
67.8
19.4
23.4
28.1
28.8
31.6
40.8
48.0
55.5
57.4
69.2
19.7
22.8
28.1
28.7
32.0
41.3
49.5
55.4
58.1
68.9
19.7
23.7
29.1
28.5
32.5
41.9
49.2
55.8
59.8
69.3
19.7
24.3
30.7
27.9
33.5
42.0
50.4
56.4
60.5
70.4
19.7
24.9
30.3
27.8
34.4
42.5
51.1
55.5
60.1
71.6
20.3
25.5
30.5
28.5
34.9
42.9
51.9
54.8
62.4
71.9
20.8
25.9
29.6
28.8
35.4
43.7
52.8
55.8
63.6
71.9
21.1
26.4
29.6
29.0
36.3
44.5
52.5
55.1
63.7
73.9
21.2
27.2
29.3
29.6
37.0
44.9
53.7
54.8
65.6
73.9
21.7
27.5
29.3
29.4
37.6
46.0
54.3
55.1
66.6
73.1
22.2
27.6
29.0
30.2
39.0
46.4
54.9
54.8
67.1
74.8
19.4
23.0
27.9
28.7
31.4
40.4
48.3
55.6
57.1
68.6
19.7
24.3
30.0
28.1
33.5
42.1
50.2
55.9
60.1
70.4
20.7
25.9
29.9
28.8
35.5
43.7
52.4
55.2
63.2
72.6
21.7
27.4
29.2
29.7
37.9
45.8
54.3
54.9
66.4
73.9
74.1
76.8
92.9
108.3
123.8
145.5
155.7
158.1
185.6
201.5
163.0
73.4
77.1
92.0
110.0
125.8
146.9
154.8
159.8
185.6
201.8
160.7
74.4
79.4
94.8
110.6
125.9
148.4
156.3
162.7
192.6
198.5
161.3
73.4
80.6
95.1
111.2
129.6
149.8
155.5
161.6
190.3
196.4
166.0
72.5
81.6
97.1
114.7
132.3
151.4
151.7
164.2
196.2
200.0
165.1
73.9
82.9
98.9
113.1
131.6
153.9
155.1
165.1
196.8
189.2
168.6
73.9
84.4
100.0
114.1
133.2
153.9
155.5
164.8
197.0
190.6
170.6
74.4
86.9
104.7
116.7
137.3
154.2
157.8
170.9
201.4
182.9
171.3
74.5
88.3
105.3
119.6
141.0
154.3
156.1
172.7
205.0
179.7
171.5
75.7
90.4
107.9
122.8
141.1
152.8
157.8
176.0
206.5
175.0
169.7
75.7
92.3
108.8
122.3
144.0
156.0
157.2
180.3
202.7
169.3
173.0
74.0
77.8
93.2
109.6
125.2
146.9
155.6
160.2
187.9
200.6
161.7
73.3
81.7
97.0
113.0
131.2
151.7
154.1
163.6
194.4
195.2
166.6
74.1
85.7
102.2
116.0
135.0
153.7
156.5
168.3
199.4
185.6
170.2
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974.. .
1975...
1976...
732.
"
73.9
85.7
101.8
117.3
134.6
153.1
156.3
169.2
199.7
183.3
168.7
UNITED KINGDOM—INDEX OF CONSUMER PRICES
(1967=100)
7!i
®
6.2
7.9
1
75.3
90.3
107.3
121.6
142.0
154.4
157.0
176.3
204.7
174.7 j
171.4
9.9
13.2
14.2
16.9
18.3
20.4
25.2
29.3
28.8
34.6
43.0
51.3
55.4
61.7
71.4
74.2
83.9
99.9
115.1
133.4
151.7
155.8
167.1
196.6
189.0
167.5
AVERAGE FOR PERIOD
1945...
1946...
1947...
1948.. .
1949...
1950...
1951...
1952...
1953...
1954...
48.4
50.8
52.8
54.5
61.6
64.7
65.3
49.5
50.8
52.8
55.0
62.0
64.7
65.3
49.5
50.8
52.8
55.5
62.0
65.3
65.7
50.4
50.8
53.1
56.4
63.0
65.7
66.2
5o!4
51.7
53.1
57.8
63.0
65.3
65.7
51.4
51.7
53.1
58.3
64.4
65.7
66.2
50l4
51.7
53.1
58.8
64.4
65.7
67.7
50'.4
51.7
52.8
59.2
63.9
65.3
67.1
50.4
52.1
53.1
59.7
63.3
65.3
66.6
50.4
52.4
53.6
60.2
64.4
65.3
67.1
50^8
52.2
54.1
60.2
64.4
65.3
67.7
50^8
52.8
54.2
60.6
64.4
65.3
67.7
49.1
50.8
52.8
55.0
61.9
64.9
65.4
50.7
51.4
53.1
57.5
63.5
65.6
66.0
50.4
51.8
53.0
59.2
63.9
65.4
67.1
50.7
52.5
54.0
60.3
64.4
65.3
67.5
50.2
51.6
53.2
58.0
63.4
65.3
66.5
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
68.0
71.3
74.5
77.1
78.7
78.4
80.1
83.8
86.1
87.8
68.0
71.3
74.4
76.7
78.7
78.4
80.1
83.9
86.8
87.9
68.0
72.3
74.3
77.3
78.7
78.3
80.4
84.3
87.0
88.1
68.5
73.7
74.5
78.1
78.1
78.7
80.8
85.4
87.2
89.0
68.5
73.2
74.6
77.9
77.9
78.7
81.1
85.7
87.1
89.7
69.9
73.2
75.4
78.6
77.9
79.1
81.7
86.3
87.1
90.0
69.9
72.7
76.0
77.3
77.8
79.3
81.7
85.9
86.6
90.0
69.4
73.2
75.9
77.3
77.9
78.7
82.6
85.2
86.4
90.0
69.9
73.2
75.7
77.3
77.6
78.7
82.4
85.1
86.6
90.4
70.9
73.7
76.4
78.0
77.9
79.4
82.6
85.0
87.0
90.5
71.8
73.7
76.9
78.3
78.5
79.8
83.4
85.3
87.2
91.2
71.8
74.1
77.2
78.6
78.6
80.0
83.5
85.8
87.3
91.3
68.0
71.6
74.4
77.0
78.7
78.4
80.2
84.0
86.6
87.9
69.0
73.4
74.8
78.2
78.0
78.8
81.2
85.8
87.1
89.6
69.7
73.0
75.9
77.3
77.8
78.9
82.2
85.4
86.5
90.1
71.5
73.8
76.8
78.3
78.3
79.7
83.2
85.4
87.2
91.0
69.6
73.0
75.5
77.7
78.2
79.0
81.7
85.1
86.9
89.7
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
91.8
95.8
99.3
101.9
108.2
113.5
123.3
133.3
143.6
160.8
192.7
91.8
95.9
99.4
102.5
108.8
114.1
123.9
134.0
144.5
163.5
196.0
92.1
96.0
99.4
102.7
109.2
114.8
124.9
134.3
145.4
165.0
199.8
93.9
97.2
100.1
104.6
110.3
116.6
127.6
135.6
148.1
170.5
207.5
94.2
97.9
100.1
104.7
110.3
116.9
128.4
136.3
149.2
173.0
216.2
94.5
98.1
100.5
105.1
110.7
117.3
129.4
137.3
149.9
174.7
220.4
94.5
97.8
99.9
105.2
109.9
118.1
130.1
137.6
150.6
176.4
222.7
94.6
98.4
99.9
105.4
110.5
118.0
130.2
138.7
151.0
176.5
224.0
94.7
98.1
99.6
105.4
110.9
118.6
130.3
139.5
152.4
176.9
225.9
94.8
98.4
99.6
106.0
111.6
119.9
131.1
141.4
155.3
182.0
229.0
95.2
98.9
100.9
106.2
111.9
120.7
131.8
142.0
156.5
185.2
231.8
95.7
99.2
101.4
107.6
112.7
121.5 |
132.5
142.7
157.7
187.9
234.7
91.9
95.9
99.4
102.4
108.7
114.1
124.0
133.9
144.5
163.1
196.2
94.2
97.7
100.2
104.8
110.4
116.9
128.5
136.4
149.1
172.7
214.7
94.6
98.1
99.8
105.3
110.4
118.2
130.2
138.6
151.3
176.6
224.2
95.2
98.8
100.6
106.6
112.1
120.7
131.8
142.0
156.5
185.0
231.8
94.0
97.6
100.0
104.8
110.4
117.5
128.6
137.7
150.4
174.4
216.7
126
The Handbook of Cyclical Indicators
Quarterly
Monthly
Annual
Year
Jan.
Feb.
Apr.
Mar.
May
June
July
Aug.
Sept.
732-C. PERCENT CHANGES IN INDEX OF CONSUMER PRICES — U N I T E D KINGDOM, OVER
(COMPOUND ANNUAL R A T E , PERCENT)
ly45...
1946...
1947...
1948...
1*49. . .
1950...
1951. ..
1952. ..
1953...
1954...
1955...
1956. . .
1957. ..
1958...
1959...
1960. . .
1961.. .
1962...
1963...
1964. ..
1965...
1966...
1967...
1968...
1969...
1970. . .
1971...
1972. ..
1973...
1974. ..
1975...
1976...
7.* 6
1.2
2.3
2.8
3.1
2.4
0.0
2.8
0.0
10.3
13.8
15.2
8.8
3.4
2.2
9.5
3.1
1.5
14.5
11.5
3.6
7.5
1.6
4.0
2.8
1.8
7.9
1.5
5.9
3.0
4.5
3.0
3.2
6.0
3.7
3.8
3.9
4.2
3.1
3.2
0.3
-0.5
-0.5
-1.5
-2.5
1.3
2.3
5.4
3.5
2.8
0.5
3.0
4.9
3.1
4.4
1.0
3.5
5.6
1.6
4.6
2.1
3.5
4.6
0.7
4.6
5.6
3.2
1.4
8.0
5.9
6.7
5.1
4.0
0.8
5.8
6.1
7.1
5.3
3.6
1.2
6.0
4.3
6.7
5.5
3.8
0.8
6.2
2.6
7.5
10.8
11.0
11.5
10.3
4.8
7.5
4.7
7.7
5.0
7.5
5.2
8.4
18.3
27.2
18.8
31.9
18.7
32.6
18.1
30.8
4.5
4.0
0.0
15.4
5.9
1.2
5.3
3.2
4.8
0.8
15.3
4.2
0.0
3.4
3.8
5.4
4.1
2.1
-1.5
1.3
6.8
3.6
-0.7
4.8
6.2
5.5
1.2
5.9
3.5
7.3
10.7
7.3
9.2
16.1
29.9
0.4
6.8
2.3
Oct.
2.A
5.1
6.5
0.8
4.3
8.9
10.9
10.0
2.2
0.3
2.4
2.8
0.6
3.0
2.0
3.1
9.6
8.2
6.4
0.9
3.6
1.6
4.8
1.8
2.8
5.5
0.2
1.9
4.8
5.2
5.9
3.5
3.9
1.8
2.5
5.7
0.9
3.5
4.5
5.8
3.3
1.8
3.1
0.8
3.1
2.7
3.3
3.5
4.0
6.1
2.2
3.2
2.6
0.8
3.6
3.9
4.3
3.2
3.8
2.5
1.8
5.1
6.3
6.2
2.5
2.5
5.7
6.5
6.4
10.0
10.3
5.7
8.5
5.9
8.4
17.5
23.9
16.3
17.3
27.4
14.7
2.1
2.7
-1.6
5.5
5.4
9.5
1.3
0.0
5.2
5.2
-0.3
3.4
5.5
6.6
3.3
4.9
1.0
-1.8
1.8
5.8
2.4
-0.7
5.5
7.8
0.5
5.7
0.5
0.3
2.8
6.1
0.5
1.4
5.3
9.2
0.8
5.4
0.5
1.3
2.8
6.3
5.9
4.6
0.8
6.1
3.9
7.4
9.5
8.3
10.1
15.2
28.2
3.9
4.4
1.0
4.9
4.6
7.9
7.7
3.9
3.7
3.4
4.7
4.8
8.6
7.3
4.1
3.7
3.2
6.4
5.3
9.1
7.0
3.2
3.5
4.5
6.2
7.2
9.9
6.1
11.0
12.1
16.4
24.6
10.9
12.7
18.2
18.9
10.7
13.9
19.9
17.9
10.5
15.8
21.7
19.4
-0.2
1 Q
II Q
III Q
IV Q
AVERAGE FOR PERIOD
-0.6
733. CANADA — INDEX OF CONSUMER PRICES
Dec.
6- MONTH SPANS '
4.2
8.9
4.5
14.3
Nov.
5.8
2.5
4.3
-0.3
2.1
1.8
12.9
9.9
3.1
1.8
4.2
5.2
2.8
3.7
-0.8
0.9
2.9
'
5.3
2.7
3.9
5.3
3.6
1.1
6.6
5.4
6.8
11.1
4.8
7.6.
18.6
30.6
5.1
3.9
0.3
15.3
6.0
0.9
4.9
0.4
5.0
4.0
10.9
3.7
-0.3
4.7
4.9
3.9
4.1
1.1
-1.9
1.7
5.4
3.5
-0.2
5.0
7.6
1.3
5.1
0.2
1.1
2.8
6.0
0.2
1.6
5.0
5.9
4.6
0.9
6.1
3.3
7.4
10.2
6.9
9.2
16.5
29.6
4.0
3.9
2.5
5.3
4.9
8.5
7.3
10.9
12.9
18.2
20.5
l!7
4.2
8.3
9.7
3.8
0.6
3.0
5.7
3.8
2.8
3.2
1.1
3.1
4.1 ,
2.8
3.4
4.1 !
3^8
3.6
12.2
5.8
1.1
3.6
5.6
3.6
3.7
2.1
-0.1
2.1
4.6
3.0
1.9
4.5
5.9
9.1
4.5
3.7
2.4
6.1
5.1
8.2
8.6
7.9
16.9
24.3
16.8
11.6
19.4
24.4
2.7
2.6
5.1
6.3
6.6
10.1
(§)
(1967=100)
AVERAGE
FOR PERIOD
1945. ..
1946...
1947...
1948...
1949...
1950...
1951...
1952. . .
1953...
1954...
62.2
67.0
67.2
72.2
79.2
77.6
77.6
63.0
66.9
67.2
73.3
78.9
77.4
77.6
63.4
66.6
67.6
74.4
78.4
77.0
77.4
63.6
66.6
67.9
74.9
78.3
76.9
77.5
64^
66.5
67.9
75.3
77.8
76.7
77.4
64.8
66.7
68.3
76.2
77.8
77.0
77.9
65.7
67.1
68.9
76.9
77.9
77.4
77.9
66.1
67.3
69.6
77.4
77.8
77.6
78.5
66.6
67.3
69.9
78.1
77.9
77.9
78.3
67.0
67.5
71.0
78.5
77.8
78.2
78.3
67.0
67.8
71.3
79.1
77.9
77.9
78.3
66.6
67.4
71.5
79.2
77.6
77.6
78.2
62^9
66.8
67.3
73.3
78.8
77.3
77.5
64!2
66.6
68.0
75.5
78.0
76.9
77.6
e'e'.i
67.2
69.5
77.5
77.9
77.6
78.2
6^9
67.6
71.3
78.9
77.8
77.9
78.3
65^0
67.1
69.0
76.3
78.1
77.4
77.9
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962. ..
1963...
1964...
78.1
78.3
80.7
82.7
84.6
85.5
86.6
87.0
88.5
90.0
78.0
78.1
80.8
83.0
84.3
85.3
86.4
87.1
88.7
90.2
77.8
78.1
80.8
83.4
84.2
85.1
86.5
87.0
88.7
90.2
77.9
78.2
81.1
83.9
84.2
85.5
86.5
87.4
88.8
90.6
78.1
78.2
81.1
83.8
84.2
85.4
86.5
87.2
88.8
90.6
77.8
79.0
81.6
83.8
84.5
85.6
86.5
87.5
89.1
90.7
77.8
79.4
81.8
83.6
84.5
85.5
86.5
87.9
89.4
91.3
78.1
79.9
82.2
83.9
84.7
85.7
86.5
88.1
89.9
91.3
78.3
79.8
82.7
84.2
85.3
86.1
86.5
87.9
89.4
91.0
78.4
80.3
82.7
84.5
85.8
86.9
86.6
88.2
89.6
91.0
78.4
80.7
82.7
84.7
86.1
86.9
87.0
88.4
89.9
91.1
78.4
80.8
82.6
84.6
85.7
86.9
87.1
88.4
90.0
91.7
78.0
78.2
80.8
83.0
84.4
85.3
86.5
87.0
88.6
90.1
77.9
78.5
81.3
83.8
84.3
85.5
86.5
87.4
88.9
90.6
78.1
79.7
82.2
83.9
84.8
85.8
86.5
88.0
89.6
91.2
78.4
80.6
82.7
84.6
85.9
86.9
86.9
88.3
89.8
91.3
78.1
79.2
81.7
83.8
84. i
85.9
86.6
87.7
89.2
90.8
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
91.8
94.7
97.9
102.4
106.2
111.0
112.9
118.4
125.2
136.5
153.0
92.0
95.3
98.0
102.4
106.2
111.5
113.4
119.0
125.8
137.9
154.2
92.1
95.5
98.2
102.7
106.7
111.7
113.7
119.0
126.2
139.3
154.9
92.4
96.1
99.1
103.4
108.0
112.4
114.5
119.8
127.6
140.2
155.7
92.5
96.2
99.3
103.5
108.2
112.2
114.9
119.8
128.5
142.6
157.1
93.3
96.4
99.8
103.8
109.1
112.6
115.2
120.0
129.7
144.4
159.4
93.6
96.7
100.8
104.3
109.6
113.0
116.2
121.5
130.8
145.5
161.6
93.5
97.2
101.2
104.6
109.9
113.0
117.0
122.4
132.6
147.0
163.0
93.3
97.3
101.1
104.9
109.7
112.8
116.7
122.8
133.4
147.8
163.4
93.4
97.4
100.9
105.2
109.9
112.9
116.9
123.0
133.7
149.2
164.9
94.0
97.5
101.2
105.6
110.3
112.9
117.3
123.3
134.7
150.8
166.4
94.4
97.8
101.8
106.4
110.8
112.5
118.1
124.2
135.5
152.2
166.6
92.0
95.2
98.0
102.5
106.4
111.4
113.3
118.8
125.7
137.9
154.0
92.7
96.2
99.4
103.6
108.4
112.4
114.9
119.9
128.6
142.4
157.4
93.5
97.1
101.0
104.6
109.7
112.9
116.6
122.2
132.3
146.8
162.7
93.9
97.6
101.3
105.7
110.3
112.8
117.4
123.5
134.6
150.7
166.0
93.0
96.5
99.9
104.1
108.7
112.4
115.6
121.1
130.3
144.4
160.0
733-C . PERCENT CHANGES IN INDEX OF CONSUMER PR I C E S — C A N A D A , OVER 6-MONT H S P A N S '
(COMPOUND ANNUAL R A T E , PERCENT)
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
AVERAGE FOR PERIOD
...
o'.'b
2.7
u'.b
2.4
0.9
3.6
13.2
14.3
-1.0
-0.8
14.8
-2.8
-0.8
0.8
-1.0
-0.5
0.3
0.8
3.3
3.9
0.2
0.2
1.0
1.8
1.3
1.3
2.5
4.4
0.5
-0.3
-0.2
2.3
2.7
3.7
0.5
0.5
0.2
1.6
1.8
2.0
-0.2
2.3
1.4
2.0
2.7
5.2
2.7
4.2
4.6
4.0
2.5
4.8
8.0
3.3
4.5
3.5
4.2
4.6
3.3
3.4
4.1
8.6
3.5
4.3
4.1
3.6
4.7
2.9
4.5
2.9
8.7
10.6
12.2
13.3
9.6
8.5
9.3
-0.2
1.6
1.8
1.8
lo!9
0.0
4.8
13.1
-3.3
-0.3
1.3
9.4
0.9
7.0
11.2
-3.0
0.3
2.1
9.0
0.9
5.4
8.5
-2.8
0.8
0.8
-0.5
3.1
3.0
2.4
0.0
0.2
-0.2
1.8
1.6
2.0
-0.3
4.1
3.2
1.9
0.7
0.9
0.0
1.8
2.3
1.8
-0.3
2.8
3.7
1.0
1.9
1.9
-0.5
1.8
1.4
1.6
3.1
3.2
4.7
2.6
5.3
2.5
4.8
4.3
8.3
12.7
10.7
2.6
3.2
5.6
3.1
5.9
1.4
5.0
4.4
9.8
12.1
10.1
2.2
3.4
5.6
3.7
4.9
1.3
4.4
5.6
10.9
11.3
10.0
777
1.2
7.5
8.4
6.3
1.8
7.8
7.8
s!6
1.2
0.6
0.0
2.1
8.3
6.9
10.1
11.2
15.2
6.1
4.2
2.3
-2.5
-2.0
-1.3
-0.8
-0.8
-0.8
2.1
0.8
0.8
0.3
0.5
0.3
-0.3
0.0
0.3
-0.8
0.3
0.3
0.0
4.1
2.7
0.5
2.9
2.6
-1.0
1.0
3.0
2.0
2.2
2.1
2.3
1.2
1.6
2.0
2.0
0.5
2.8
2.4
1.2
1.4
1.6
1.6
1.6
1.1
2.2
1.0
3.8
2.7
1.0
0.2
1.6
2.1
2.0
2.7
-0.1
1.6
2.0
1.1
4.6
2.2
0.5
2.9
2.3
0.0
1.8
1.8
0.9
0.8
3.8
1.7
1.2
2.1
2.3
0.7
1.6
1.8
2.2
2.8
3.4
4.5
4.3
4.1
1.4
4.6
5.4
9.3
3.3
2.9
4.3
4.5
4.3
1.4
4.4
5.9
9.7
2.4
2.9
4.3
5.5
3.5
0.2
5.5
7.5
9.3
3.2
3.8
4.4
4.9
3.7
0.9
4.9
7.2
9.7
4.8
2.5
3.6
4.3
4.1
2.0
4.9
7.0
9.5
5.2
2.3
3.8
4.0
4.4
2.5
4.9
6.5
12.8
11.3
11.8
12.0
11.5
11.5
11.7
10.0
11.1
3.2
4.7
3.4
4.0
4.6
3.4
3.5
3.9
8.4
12.0
9.6
8.2
7.9
8.0
9.1
9!6
-0.2
4*.6
3*.i
1*.2
1.4:
6
!7
2.9
14.1
-1.0
-0.9
0.8
0.4
1.5
2.8
4.0
0.4
0.2
1.8
1.7
1.9
9.8
0.6
5.7
10.9
-3.0
0.3
1.4
6^8
1.4
7.9
7.7
-1.9
1.1
0.3
-0.4
3.3
3.3
1.8
0.9
1.0
-0.2
1.8
1.8
1.8
-0.1
4.2
2.2
0.7
2.6
2.4
0.2
1.7
1.9
1.4
2.6
3.3
5.3
3.1
5.4
1.7
4.7
4.8
9.7
12.0
10.3
2.8
3.1
4.4
4.8
4.0
1.0
4.8
6.3
9.4
12.0
11.0
3!6
0.9
12.2
777
6
.9
7.2
4.2
9.2
-0.8
-1.7
0.2
-0.1
0.2
0.6
0.8
3.2
2.4
1.5
1.2
1.8
1.5
1.8
1.7
2.3
0.2
3.0
2.7
2.0
1.3
1.3
0.3
1.8
1.8
1.9
4.4
2.9
4.9
6.9
9.7
3.3
3.5
4.3
4.1
4.5
2.0
4.5
5.5
9.3
11.4
11.9
8.0
9.6
3.91
4.4
4.1
1.8J
'Percent changes over 6-month spans are centered on the 4th month of the span. Quarterly and annual figures are averages of the centered changes.
BCD 1977
127
Quarterly
Monthly
Year
Annual
Jan.
Feb.
Apr.
Mar.
735.
May
June
July
Sept.
Aug.
WEST GERMANY—INDEX OF CONSUMER P R I C E S .
(1967=100)
Oct.
Nov.
Dec.
75.4
69.7
71.3
77.0
75.4
73.8
74 ".6
68.9
73.0
76.2
75.4
74.6
73.8
68.9
73.8
76.2
74.6
74.6
73.8
68.1
73.8
75.4
74.6
74.6
73.8
68.1
74.6
75.4
74.6
74.6
70.5
73.0
68.1
74.6
75.4
74.6
74.6
72.2
72.2
68.1
74.6
75.4
74.6
74.6
73.8
72.2
68.9
74.6
75.4
73.8
74.6
77.0
72.2
68.9
76.2
75.4
73.8
75.4
76.2
73.0
68.9
77.0
75.4
73.8
75.4
77.0
72.2
69.7
77.0
76.2
73.8
75.4
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
75.4
77.0
78.6
81.1
81.1
82.7
84.3
86.7
90.0
91.6
75.4
77.0
78.6
81.1
81.1
82.7
84.3
86.7
90.8
91.6
75.4
77.8
78.6
81.1
81.1
82.7
84.3
87.6
91.6
91.6
75.4
77.8
78.6
81.1
81.1
82.7
84.3
88.4
91.6
91.6
75.4
77.8
79.5
81.9
81.1
83.5
85.1
88.4
90.8
92.4
75.4
77.8
79.5
81.9
81.9
83.5
85.9
89.2
90.8
92.4
76.2
77.8
80.3
81.9
81.9
83.5
85.9
89.2
90.8
92.4
75.4
77.8
79.5
81.1
82.7
82.7
85.9
88.4
90.0
92.4
75.4
77.8
79.5
80.3
81.9
82.7
85.1
87.6
90.0
92.4
76.2
77.8
80.3
80.3
82.7
82.7
85.1
87.6
90.8
92.4
77.0
78.6
80.3
81.1
82.7
83.5
85.9
88.4
90.8
93.2
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
93.2
97.3
99.7
101.3
104.0
105.7
110.1
116.1
123.3
132.4
140.6
93.2
98.1
99.7
101.3
104.1
106.0
110.8
116.7
124.2
133.6
141.3
94.0
98.1
99.7
101.3
104.7
106.4
111.6
117.2
125.1
134.0
142.0
94.0
98.9
100.5
101.3
104.7
106.7
112.1
117.6
125.8
134.8
143.0
94.9
98.9
100.5
101.9
104.8
106.9
112.3
117.9
126.6
135.7
143.9
95.7
98.9
100.5
102.4
105.0
107.2
112.7
118.4
127.4
136.2
145.0
96.5
98.9
100.5
102.2
105.2
107.2
113.1
119.1
127.7
136.5
145.0
95.7
98.9
99.7
101.2
105.2
107.2
113.1
119.2
127.7
136.7
144.8
95.7
98.9
99.7
101.2
105.3
107.2
113.5
120.3
127.8
137.2
145.5
95.7
98.9
99.7
102.2
105.5
107.6
113.9
120.9
128.8
137.9
145.9
96.5
98.9
99.7
102.7
105.7
108.1
114.3
121.4
130.4
138.9
146.4
PERCENT
CHANGE S IN INDEX OF CONSUMER PRICES—WEST
(COMPOUND ANNUAL RATE, PERCENT
735-C .
GERMANY,
OVER 6-MONTH
71.6
76.7
75.4
74.1
73.8
68.4
74.1
75.7
74.6
74.6
72.2
72.5
68.4
74.6
75.4
74.3
74.6
76.7
72.5
69.2
76.7
75.7
73.8
75.4
73.5
68.9
74.2
75.9
74.5
74.7
77.0
78.6
80.3
81.1
82.7
83.5
85.9
88.4
90.8
93.2
75.4
77.3
78.6
81.1
81.1
82.7
84.3
87.0
90.8
91.6
75.4
77.8
79.2
81.6
81.4
83.2
85.1
88.7
91.1
92.1
75.7
77.8
79.8
81.1
82.2
83.0
85.6
88.4
90.3
92.4
76.7
78.3
80.3
80.8
82.7
83.2
85.6 1
88.1
90.8
92.9
75.8
77.8
79.5
81.2
81.8
83.0
85.2
88.0
90.7
92.3
97.3
99.7
99.7
103.3
107.0
108.7
114.8
122.1
131.6
139.3
146.8
93.5
97.8
99.7
101.3
104.3
1U6.0
110.8
116.7
124.2
133.3
141.3
94.9
98.9
100.5
101.9
104.8
106.9
112.4
118.0
126.6
135.6
144.0
96.0
98.9
100.0
101.5
105.2
107.2
113.2
119.5
127.7
136.8
145.1
-4.4
-11.2
16.3
-3.1
-1.3
2.7
-5.7
-9.0
17.2
-2.6
-3.1
3.0
-6!5
-5.3
13.8
-3.1
-1.3
2.5
-6.8
-3.1
11.0
-2.8
-1.1
3.0
-5.3
0.9
5.8
-0.5
-2.6
1.6
-4.0
0.3
7.2
-1.6
-1.6
2.7
-4*.0
0.6
7.4
-1.1
-2.9
1.6
27.4
-6.6
2.7
4.6
1.1
-2.9
1.3
14^6
-8.3
5.6
5.1
-1.1
-2.7
1.9
7!3
-8.3
8.0
5.1
-1.3
-2.9
1.3
1.1
-9.9
11.0
2.7
-1.6
0.5
0.5
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
-0.5
3.7
1.5
1.2
1.0
-1.2
2.2
5.9
7.1
-0.4
0.3
2.1
2.1
3.5
-0.7
1.0
2.6
4.5
3.9
2.0
0.5
2.1
2.0
3.0
0.5
0.2
3.6
5.4
3.4
2.0
2.1
1.8
3.9
1.2
1.0
1.0
2.9
4.9
0.9
1.1
0.5
2.6
2.8
0.5
4.2
0.2
4.3
4.4
-1.1
2.6
1.6
1.6
3.6
-0.7
3.5
1.5
3.8
2.1
-1.5
3.8
2.9
0.8
5.1
-1.0
5.2
1.5
3.8
0.0
0.2
3.8
4.0
2.1
2.3
-1.2
5.0
1.2
3.3
1.6
1.6
3.3
4.0
2.1
2.5
-0.7
3.5
1.9
2.4
0.5
1.8
3.1
2.1
2.3
2.5
-1.2
3.0
2.9
2.8
2.7
2.7
2.4
3.7
1.5
3.5
-0.5
-0.2
3.4
1.4
5.0
2.7
0.9
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1.3
4.6
1.2
1.4
3.1
0.6
6.8
5.0
6.7
7.7
5.9
2.2
3.3
1.6
3.0
2.5
0.8
6.6
5.1
7.4
7.0
5.7
4.1
2.3
0.8
4.5
2.5
-0.6
6.3
5.1
7.7
5.8
6.8
6.8
2.7
1.2
1.6
2.3
3.1
5.9
5.6
7.4
6.5
6.2
6.6
2.7
0.8
0.8
3.1
3.2
5.3
5.4
6.9
5.9
6.0
5.2
3.1
1.4
1.2
2.7
3.2
5.1
7.0
6.0
6.2
6.2
5.8
1.8
0.2
3.6
3.3
3.4
4.9
7.3
6.5
6.4
5.7
5.1
1.6
0.0
3.2
3.3
3.6
4.9
7.3
7.3
6.3
5.1
4.7
2.5
-0.6
2.8
4.8
4.0
5.0
7.6
7,9
6.0
4.1
2.3
2.2
1.8
3.6
1.0
5.1
5.0
7.0
7.2
6.3
4.3
4.0
0.8
2.2
4.8
0.6
5.7
5.4
7.5
8.1
5.8
4.9
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
32.3
43.4
44.1
48.7
59.5
59.5
58.4
34!7
41.6
44.8
49.8
60.7
59.6
58.9
34^2
39.6
44.1
50.4
60.4
59.3
58.5
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
59.3
59.8
60.8
69.3
74.8
78.6
80.3
84.0
87.5
91.6
59.1
60.4
61.0
70.1
75.9
78.7
80.4
84.0
87.9
91.6
59.1
60.4
60.7
71.1
75.6
78.7
80.3
84.3
88.2
91.7
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
93.7
96.1
98.8
102.8
108.3
114.4
120.0
126.8
135.2
149.2
170.8
93.7
96.3
98.9
102.8
108.7
114.9
120.6
127.5
135.6
151.2
172.1
94.0
96.5
99.2
102.9
109.1
115.3
121.1
128.1
136.3
152.9
173.5
!
1
95.2
98.7
100.0
101.9
10 5 . 1
107.1
112.7
118.9
127.2
136.1
144.2
-I'.'l
-9.8
16.0
-2.1
-2.3
2.5
-6.2
-2.5
10.2
-2.1
-1.7
2.4
-4.9
1.2
6.4
-0.5
-2.5
1.9
7.7
-8.8
8.2
4.3
-1.3
-1.7
1.2
-6.5
-0.7
9.2
-1.5
-2.0
2.0
5.1
0.8
2.8
0.7
0.5
2.2
3.8
6.9
1.6
1.7
0.1
2.6
1.9
2.6
0.3
0.0
2.8
5.3
4.8
1.2
1.4
2.0
3.4
0.3
2.9
0.9
3.7
3.8
-0.6
2.5
3.6
1.7
3.3
-1.0
4.6
1.5
3.2
0.7
1.2
3.4
3.6
1.5
2.9
-0.3
1.1
2.8
2.7
4.9
2.3
1.7
2.2
2.0
2.9
0.4
2.2
1.3
3.1
3.7
1.9
2.2
3.61
0.2
1.8
5.4
0.4
6.6
5.0
6.6
8.3
5.9
4.6
2.5
3.4
1.2
3.0
2.7
0.3
6.6
5.1
7.3
6.8
6.1
6.2
2.H
1.1
1.2
2.7
3.2
5.4
6.0
6.8
6.2
6.1
5.2
2.0
-0.1
3.2
3.8
3.7
4.9
7.4
7.2
6.2
5.0
3.3
1.1
1.9 ;
4.6
0.7
5.8
5.1
7.0
7.9
6.0
4.6
4.3
2.3
1.0
3.0
2.5
3.2
5.5
6.4
7.3
6.3
5.5
<§)
AVERAGE FOR PERIOD
42.9
52.7
58.3
59.4
58.7
35.0
38.4
42.9
53.0
58.2
58.7
58.0
38.6
39.2
44.5
53.5
59.1
58.4
57.8
4K5
41.3
46.1
54.2
59.6
57.6
58.2
42^9
42.9
47.3
55.5
59.1
57.6
58.3
42.2
43.4
47.8
57.1
58.9
57.6
58.9
43^3
43.6
48.2
58.3
59.4
58.0
59.1
33!7
41.5
44.3
49.6
60.2
59.5
58.6
34.7
38.8
43.9
52.3
59.0
59.3
58.6
38.4
39.6
44.5
53.6
59.0
58.2
58.0
4 2 ".8
43.3
47.8
57.0
59.1
57.7
58.8
37!4
40.8
45.1
53.1
59.3
58.7
58.5
59.5
60.7
60.4
71.8
75.2
78.7
80.1
84.9
88.6
91.8
59.0
60.1
60.8
72.0
75.4
78.6
79.9
85.2
89.3
92.0
58.4
59.8
61.7
72.4
75.6
78.9
80.6
85.6
89.6
92.3
58.3
60.1
62.4
72.5
76.0
79.6
81.0
85.4
89.9
92.5
58.9
60.5
63.2
72.8
76.3
79.7
81.5
85.7
90.5
92.9
59.6
60.4
64.2
73.0
77.0
79.9
82.3
86.1
90.7
93.1
59.6
60.4
65.7
72.8
77.5
80.1
83.1
86.8
91.0
93.1
59.7
60.4
67.0
73.0
77.5
80.2
83.5
87.4
91.2
93.1
59.2
60.2
60.8
70.2
75.4
78.7
80.3
84.1
87.9
91.6
59.2
60.3
60.6
71.8
75.4
78.7
80.1
84.8
88.8
91.9
58.5
60.1
62.4
72.6
76.0
79.4
81.0
85.6
90.0
92.6
59.6
60.4
65.6
72.9
77.3
80.1
83.0
86.8
91.0
93.1
59.1
60.3
62.4
71.9
76.0
79.2
81.1
85.3
89.4
92.3
94.4
97.2
99.4
103.5
110.2
116.5
122.6
129.3
138.5
157.3
176.3
95.9
97.1
99.4
103.9
110.5
117.1
123.1
130.0
139.6
159.0
177.6
95.1
97.4
99.6
104.2
111.0
117.6
123.7
131.0
140.7
161.0
178.9
94.8
97.4
100.0
104.7
111.2
117.8
124.1
131.7
141.7
162.3
180.1
95.1
97.8
100.4
105.4
111.9
118.3
124.7
132.6
143.0
164.1
181.6
95.3
97.9
100.9
106.6
112.5
118.7
125.4
133.7
144.5
166.0
183.0
95.4
98.1
101.6
106.9
113.1
119.2
125.9
134.5
145.8
167.6
184.2
95.8
98.4
101.8
107.1
113.5
119.4
126.5
135.2
146.7
169.0
185.2
93.8
96.3
99.0
102.8
108.7
114.9
120.6
127.5
135.7
151.1
172.1
94.8
97.0
99.4
103.5
110.1
116.5
122.5
129.3
138.4
157.2
176.3
95.0
97.5
100.0
104.8
111.4
117.9
124.2
131.8
141.8
162.5
180.2
95.5
98.1
101.4
106.9
113.0
119.1
125.9
134.5
145.7
167.5
184.1
34]3
39.1
44.8
51.3
59.8
59.0
58.1
38.8
44.1
52.8
58.9
59.4
58.9
59.1
60.2
60.5
71.7
75.6
78.8
80.2
84.3
88.4
91.8
94.1
96.8
99.3
103.2
109.7
115.9
121.8
128.6
137.2
155.4
175.1
96.5
99.2
99.7
102.7
106.1
108.1
114.3
121.5
130.3
138.7
146.4
AVERAGE FOR PERIOD
-8!2
-9.2
14.4
-0.5
-2.6
1.9
FRANCE—INDEX OF CONSUMER PRICES
(1967=100)
is'.*
69.7
SPANS '
1945...
1946...
1947...
1948.. .
1949...
1950...
1951...
1952...
1953...
1954...
736.
IV Q
AVERAGE FOR PERIOD
76.2
70.5
70.5
77.0
75.4
73.8
ei'.i
III Q
II Q
©
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
...
1Q
34!}
3s!i
38.6
1
I
1
1
1
1
1
1
94.8
97.2
99.9
104.5
110.8
117.1
123.3
130.8
140.4
159.6
178.2
'Percent changes over 6-month spans are centered on the 4th month of the span. Quarterly and annual figures are averages of the centered changes.
128
The Handbook of Cyclical Indicators
Quarterly
Monthly
Year
Annual
Jan.
736-C .
Feb.
Apr.
Mar.
May
June
July
Aug.
PERCENT CHANGES IN INDE X OF CONSUMER P R I C E S — F R A N C E ,
(COMPOUND ANNUAL RATE, PERCENT)
Sept.
OVER 6-MONTH
Oct.
Nov.
Dec.
IQ
II Q
III Q
IV Q
SPANS1
AVERAGE FOR PERIOD
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
- 1 i". 2
15.3
22.2
18.2
-0.3
0.7
3U9
-12.7
4.2
27.9
2.1
2.4
2.8
35.1
-3.9
6.0
23.3
0.3
1.0
1.0
44.3
7.2
7.8
15.6
-1.3
-4.0
1.4
45.9
13.1
6.8
14.5
-2.7
-3.7
2.1
36.9
16.4
11.1
13.2
-1.0
-5.7
1.0
35.0
14.5
15.5
14.2
-0.7
-7.8
-0.7
37.6
18.3
17.9
16.8
-1.7
-5.6
0.7
21.1
17.0
20.9
-3.6
-3.0
0.0
-7*.i
10.1
27.6
8.7
2.1
3.9
-11.0
6.7
29.3
5.6
3.8
4.9
e'/i
-9*. 6
15.7
20.6
23.4
-2.7
1.0
0.7
-10.4
10.7
26.4
10.8
1.9
3.2
37'.I
-3.1
6.0
22.3
0.4
-0.2
1.7
39! 3
14.7
11.1
14.0
-1.5
-5.7
0.8
12i4
18.4
18.5
20.4
-2.7
-2.5
0.5
4.9
11.6
20.7
1.8
-1.6
1.5
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
1.4
0.7
-1.3
23.3
6.1
3.7
0.2
4.9
5.4
2.4
1.0
3.0
-0.3
19.8
7.3
3.9
1.0
5.4
5.1
2.4
1.7
2.7
2.7
16.8
7.8
4.2
0.2
5.4
5.3
2.4
0.3
3.1
6.4
12.3
4.9
3.4
2.8
5.3
5.8
2.4
1.4
3.0
8.8
10.6
2.9
4.7
3.3
4.8
5.5
2.6
1.7
2.7
10.9
7.5
4.0
4.4
4.3
4.1
5.8
2.6
3.1
2.0
14.1
4.8
4.8
3.6
5.6
4.3
5.3
2.9
1.4
-0.3
18.7
2.5
5.4
2.6
6.6
3.6
4.8
2.2
0.7
-0.3
20.2
1.7
4.3
2.8
7.9
4.0
3.4
2.0
1.4
0.0
22.3
3.6
5.3
1.3
6.8
3.3
3.6
2.4
3.1
-1.0
21.7
6.4
4.8
0.0
6.0
4.7
3.1
2.0
2.7
-1.6
23.6
5.3
4.5
0.0
6.0
5.4
2.4
2.4
1.4
2.1
0.4
20.0
7.1
3.9
0.5
5.2
5.3
2.4
1.1
2.9
8.7
10.1
3.9
4.2
3.5
4.7
5.7
2.5
1.7
0.5
17.7
3.0
4.8
3.0
6.7
4.0
4.5
2.4
2.4
-0.9
22.5
5.1
4.9
0.4
6.3
4.5
3.0
2.3
1.7
1.2
12.3
9.6
5.2
2.9
4.2
4.6
4.6
2.4
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
2.2
3.2
2.7
4.6
5.9
6.1
5.6
5.5
5.5
15.8
11.3
3.3
4.0
2.7
3.8
6.5
6.3
6.0
5.5
6.0
16.4
10.4
6.6
3.2
2.2
4.4
6.6
6.3
6.1
5.4
6.3
17.0
9.9
3.5
3.4
2.2
3.3
5.6
6.0
6.3
6.7
8.1
16.3
9.5
3.0
2.9
2.9
4.3
5.2
5.7
6.1
6.9
9.2
15.1
9.4
2.4
2.9
2.8
5.3
5.4
5.3
5.9
6.8
9.9
14.7
9.2
2.6
2.3
3.5
6.7
5.2
4.7
5.7
7.8
10.6
14.1
9.2
1.9
1.7
4.5
6.5
5.1
4.5
5.3
8.2
10.8
13.7
9.4
-0.6
2.5
4.7
6:1
5.5
4.1
5.8
8.5
10.7
13.5
9.3
1.7
2.3
5.9
7.4
5.7
3.9
5.1
6.7
12.5
12.8
9.7
2.5
2.5
5.1
7.2
6.2
4.5
5.4
6.0
13.8
12.6
9.7
2.8
2.7
4.6
6.9
6.0
5.0
5.9
6.0
14.5
12.2
10.2
4.0
3.5
2.5
4.3
6.3
6.2
5.9
5.5
5.9
16.4
10.5
3.0
3.1
2.6
4.3
5.4
5.7
6.1
6.8
9.1
15.4
9.4
1.3
2.2
4.2
6.4
5.3
4.4
5.6
8.2
10.7
13.8
9«3
2.3
2.5
5.2
7.2
6.0
4.5
5.5
6.2
13.6
12.5
9.9
2.7
2.8
3.6
5.5
5.7
5.2
5.8
6.7
9.8
14.5
9.8
7 J7.
ITALY —INDEX OF CONSUMER PRICES
(1967=100)
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
54.9
56.4
53.7
57.6
60.9
63.6
64.3
54.4
56.4
53.7
58.7
62.0
63.6
64.7
55.8
56.4
53.1
58.7
62.0
63.6
64.7
56.0
57.2
53.8
60.4
62.7
64.3
64.7
55.2
57.2
53.9
60.4
62.7
64.7
65.9
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
67.5
68.6
70.9
72.3
72.3
74.1
75.1
77.2
82.8
88.2
67.5
69.3
70.5
72.2
72.2
73.9
75.1
77.6
84.0
88.2
67.5
69.8
70.3
72.2
71.9
73.8
75.1
78.1
84.2
88.5
67.5
70.1
70.2
72.8
71.8
73.7
75.2
78.7
84.7
88.6
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
93.0
95.9
98.8
101.0
102.1
106.4
112.1
117.4
126.9
143.6
178.2
93.1
95.9
99.0
101.0
102.2
107.3
112.6
118.0
128.4
146.6
180.8
93.3
95.9
99.2
101.1
102.6
107.8
113.1
118.3
129.7
149.5
181.0
93.6
96.1
99.3
101.3
103.1
108.2
113.3
118.6
131.0
151.3
183.4
®
AVERAGE FOR PERIOD
...
...
737-C .
54.4
55.7
55.6
60.9
63.1
63.6
66.4
55.7
55.5
56.8
60.9
63.6
63.6
66.4
54^8
54.1
56.1
60.9
63.6
64.3
66.4
55^2
54.3
56.7
61.5
63.6
64.3
66.4
55!7
53.8
56.8
61.5
63.6
64.3
66.4
55.0
56.4
53.5
58.3
61.6
63.6
64.6
55.3
57.0
54.1
60.6
62.8
64.6
65.7
54.1
55.4
55.7
60.9
63.3
63.6
66.4
55^2
54.1
56.5
61.3
63.6
64.3
66.4
67.5
70.2
70.2
73.4
72.2
73.9
75.4
78.7
84.7
89.4
67.5
69.9
70.2
73.5
72.2
73.9
75.4
78.5
84.8
90.0
67.5
69.9
70.6
73.4
71.8
74.2
75.7
79.3
84.7
90.5
67.5
70.0
70.6
73.4
72.1
74.2
75.8
79.5
85.0
90.7
67.5
70.1
70.9
73.1
72.4
74.2
75.9
79.8
85.7
91.2
68.1
70.0
71.2
72.6
73.1
74.2
76.0
80.0
86.6
91.5
68.1
70.2
71.6
72.6
73.5
74.6
76.6
82.5
86.9
92.2
68.7
70.5
72.1
72.4
73.7
74.7
76.7
81.8
87.4
92.6
67.5
69.2
70.6
72.2
72.1
73.9
75.1
77.6
83.7
88.3
67.5
70.1
70.2
73.2
72.1
73.8
75.3
78.6
84.7
89.3
67.5
70.0
70.7
73.3
72.1
74.2
75.8
79.5
85.1
90.8
68.3
70.2
71.6
72.5
73.4
74.5
76.4
81.4
87.0
92.1
93.8
96.3
99.7
101.4
103.3
108.7
114.0
119.7
133.0
154.5
184.9
94.0
96.3
99.9
101.3
103.7
108.8
114.1
120.3
134.2
156.7
186.4
94.5
96.3
100.1
101.1
104.3
109.1
114.4
120.7
134.9
159.8
187.1
94.7
96.4
100.3
101.1
104.6
109.3
114.6
121.5
135.8
163.3
188.3
94.9
96.4
100.8
101.2
104.7
110.4
115.4
122.7
136.6
168.0
189.8
94.9
96.6
100.7
101.3
105.0
110.7
115.9
124.0
137.7
171.2
191.9
95.2
97.3
100.8
101.4
105.6
111.2
116.5
125.0
139.3
174.5
194.1
93.1
95.9
99.0
101.0
102.3
107.2
112.6
117.9
128.3
146.6
180.0
93.8
96.2
99.6
101.3
103.4
108.6
113.8
119.5
132.7
154.2
184.9
94.7
96.4
100.4
101.1
104.5
109.6
114.8
121.6
135.8
163.7
188.4
PERCENT CHANGE S IN INDEX OF CONSUMER PRICES—ITALY,
(COMPOUND ANNUAL RATE, PERCENT)
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
-4.4
12.8
3.6
0.3
-0.3
5.1
-3.3
12.0
2.6
2.2
3.8
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
2.4
4.7
-0.3
4.0
-2.7
0.8
1.9
6.1
11.0
3.7
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
3.7
1.7
5.0
0.6
3.0
6.0
4.6
4.5
11.6
20.7
14.5
s!i
54.8
56.6
54.6
60.9
63.1
64.7
66.4
52.1
55.0
54.6
60.9
63.1
63.6
66.4
OVER
95.6
97.91
100.8
101.7i
106.0!
111.7
116.9
125.5
141.3
175.9
195.6
1
54." 9
55.7
55.0
60.3
62.8
64.0
65.8
67.7
69.9
1
70.8
72.8
72.4
74.1
75.7
79.3
85.1
90.1
94.2
96.4
100.0
101.2
103.9
109.1
114.4
121.0
134.1
159.6
186.8
6-MONTH S P A N S '
AVERAGE FOR PERIOD
0.0
-2.5
7.2
7.6
3.6
0.3
6.0
-2.5
-5.2
11.9
5.8
4.2
-0.3
5.6
-0.7
-7.3
12.0
4.4
4.9
1.9
6.6
2.2
-7.9
12.3
5.1
4.2
0.0
3.1
5.6
-7.3
10.6
4.3
3.5
0.3
0.9
is!6
12.7
2.9
1.6
5.3
-8*. 5
-3.2
4.5
12.1
7.3
-0.3
6.3
-6.0
10.4
-0.3
1.6
2.5
3.3
l'.5
-7.1
11.9
3.6
1.6
2.8
2.7
-6.4
9.0
5.3
0.6
3.5
2.7
3!6
-2.4
12.5
3.0
1.4
2.9
-3! 7
-3.6
7.9
8.5
5.0
-0.1
6.0
l\\
-7.5
11.6
4.6
4.2
0.7
3.5
9!l
-6.5
10.4
2.9
1.3
2.9
2.9
1.8
5.0
-0.9
4.5
-1.4
1.1
2.2
5.6
5.7
5.8
2.7
3.2
-0.6
4.2
0.0
1.1
2.4
5.3
8.0
6.5
-0.3
3.8
-0.8
3.4
-0.8
0.8
2.4
6.6
5.7
6.5
0.9
2.6
0.9
3.9
0.3
1.6
3.0
6.0
3.6
6.7
0.6
1.4
2.3
3.1
2.0
1.9
3.2
5.7
4.8
7.4
3.0
0.9
3.7
0.0
4.5
2.2
2.9
4.4
5.5
7.6
3.3
0.9
4.9
-1.9
3.6
1.9
3.2
9.9
5.3
6.4
4.2
1.7
5.2
-3.2
3.6
1.6
2.9
8.0
5.7
5.4
3.3
2.9
4.6
-3.5
5.9
1.6
3.2
8.0
7.2
4.5
4.5
0.9
4.0
-3.8
4.5
1.3
3.7
10.6
6.4
4.4
6.3
0.0
3.1
-3.8
3.1
1.6j
4.5l
10.0
5.4
3.8
2.3
4.3
-0.6
4.2
-1.4
1.0
2.2
5.7
8.2
5.3
0.4
2.6
0.8
3.5
0.5
1.4
2.9
6.1
4.7
6.9
3.5
1.2
4.6
-1.7
3.9
1.9
3.0
7.4
5.5
6.5
4.7'
1.3
3.9
-3.7
4.5
1.5
3.8
9.5
6.3
4.2
2.7
2.3
2.2
0.6
1.9
1.5
3.0
7.2
6.2
5.7
3.5
2.1
4.6
0.8
3.2
5.6
4.5
5.2
12.7
22.7
11.9
3.5
1.7
4.1
1.0
4.0
5.0
4.0
5.4
13.8
22.3
11.5
4.4
1.7
3.5
0.8
4.8
5.5
4.3
6.1
13.3
23.8
10.1
4.4
1.9
3.5
0.8
5.4
4.5
4.3
7.1
13.0
25.0
9.3
4.1
1.7
3.7
0.6
4.5
5.3
4.5
7.8
11.1
26.1
9.7
3.7
1.7
3.5
0.6
4.1
4.9
4.8
9.3
10.3
28.4
9.7
3.0
2.5
2.6
0.4
4.9
5.0
4.8
9.4
9.9
28.0
10.6
3.0
3.4
1.8
0.8
4.7
5.8
5.5
9.4
11.3
26.9
10.9
2.1
4.4
1.2
1.6
3.7
5.4
5.1
10.3
13.1
24.6
11.9
1.7
4.6
0.8
1.6
4.6
5.4
5.1
10.6
15.4
21.7
14.4
1.5
5.2
0.2
2.4
5.6
4.6
4.7
11.6
19.6
16.2
18.2
3.6
1.8
4.6
0.8
3.4
5.5
4.4
5.0
12.7
21.9
12.6
4.3
1.8
3.6
0.7
4.9
5.1
4.4
7.0
12.5
25.0
9.7
3.2
2.5
2.6
0.6
4.6
5.2
5.0
9.4
10.5
27.8
10.4
1.8
4.7
0.7 '
1.9
4.6
5.1
5.0
10.8
16.0
20.8
14.8
3.2
2.7
2.9
1.0
4.4
5.2
4.7
8.1
12.9
23.9
11.9
6!7
0.4
k'.il
'Percent changes over 6-month spans are centered on the 4th month of the span. Quarterly and annual figures are averages of the centered changes.
1977
95.2
97.3 !
100.8
101.5
105.5
111.2
116.4
124.8
139.4 !
173.9 !
193.9
i
-3^5
6.9
7.1
3.4
1.2
3.8
Monthly
Quarterly
Annual
Year
Jan.
Feb.
Apr.
Mar.
738.
May
June
July
Sept.
Aug.
JAPAN—INDEX OF CONSl "iER P R I C E S
(1967=100)
Oct.
Nov.
Dec.
1 Q
III Q
IV Q
<§)
AVERAGE FOR PERIOD
...
...
3 7...
.6
...
...
4 3...
.3
...
...
4 4...
.0
...
...
3 9...
.1
51.2
44.2
52.5
54.9
58.1
62.7
48.1
45.0
52.9
55.1
59.6
62.4
47.3
45.3
54.8
54.8
62.3
61.8
48.9
45.4
52.8
55.0
59.1
62.4
61.6
61.6
63.0
63.5
65.0
67.1
69.4
74.7
8U.1
83.5
61.8
62.1
63.9
64.1
64.9
67.8
70.3
76.4
82.7
85.5
61.1
61.6
64.5
64.5
65.4
68.3
71.8
76.4
82.9
85.7
61.3
62.8
64.1
65.8
66.4
68.3
74.0
77.3
83.2
87.3
61.4
62.0
63.9
64.5
65.4
67.9
71.4
76.2
82.2
85.5
93.3
97.5
103.0
107.2
114.2
124.2
129.4
136.8
160.0
194.7
210.6
90.0
94.8
99.4
104.2
10d.3
117.2
124.4
130.2
140.3
171.1
196.6
91.8
96.3
98.8
104.7
110.4
118.2
126.5
132.6
147.1
179.6
204.6
91.6
96.3
99.2
105.8
113.3
119.2
127.8
134.1
151.7
185.9
206.4
93.4
97.2
102.7
107.5
114.0
123.9
129.8
135.9
156.4
193.8
211.3
91.7
96.1
100.0
105.6
111.5
119.6
127.1
133.2
148.9
182.6
204.7
...
...
...
2 7...
.8
...
...
9 9...
.0
...
...
4 6...
.6
...
...
2 3...
.1
...
...
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
...
...
3 0...
.7
...
...
3 0...
.1
777 ...
...
...
3 5...
.3
3 3...
.5
...
...
3 6...
.7
...
...
4 ...
0.7
...
...
4 0...
.1
...
...
4 3...
.8
...
...
4 5...
.9
...
...
4 2...
.8
...
...
4 3...
.8
...
...
4 5...
.5
48.3
48.9
49.3
55.0
56.1
62.4
48.9
47.0
51.4
55.0
56.7
62.6
50.1
45.7
52.5
55.4
56.9
62.6
50.8
44.5
52.8
55.5
57.9
62.8
52.0
45.0
52.4
54.8
57.7
62.6
50.7
43.1
52.2
54.3
58.6
62.6
48.4
44.6
51.4
55.3
59.0
62.9
47.7
45.0
53.2
55.0
59.4
62.2
48.2
45.5
54.2
54.9
60.5
62.2
47.5
44.3
54.5
54.8
62.9
62.9
46.7
45.0
55.0
54.8
62.0
61.6
47.8
46.7
54.8
54.9
62.0
61.0
31.4
49.1
47.2
51.1
55.1
56.6
62.5
1955...
1956...
1957...
1953...
1959...
1960...
1961...
1962...
1963...
1964...
61.661.0
63.3
63.8
65.3
67.0
69.0
74.6
79.3
83.4
61.7
61.7
62.8
63.5
64.8
67.2
69.4
74.5
80.0
83.1
61.4
62.2
62.9
63.3
64.8
67.1
69.9
75.0
80.9
84.0
62.4
61.8
63.5
63.8
65.2
67.6
70.6
75.8
81.8
85.4
61.7
61.7
. 64.0
63.8
64.8
67.9
69.6
76.7
82.7
85.5
61.4
62.9
64.2
64.8
64.7
67.9
70.8
76.7
83.7
85.6
60.8
60.9
64.2
64.0
64.8
67.8
71.4
77.3
84.1
85.5
61.4
61.7
64.7
64.8
65.9
68.5
71.9
76.1
81.9
85.6
61.0
62.2
64.5
64.7
65.6
68.5
72.2
75.7
82.7
36.1
62.1
63.2
64.8
66.4
66.4
68.5
73.8
77.0
83.4
87.8
60.9
62.3
63.8
65.7
66.4
68.1
74.0
76.9
83.3
87.1
60.9
62.9
63.8
65.4
66.4
68.2
74.3
78.0
82.9
87.0
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
89.6
94.1
98.9
103.8
107.7
116.1
124.6
129.5
138.4
167.1
195.5
89.6
94.9
99.4
104.2
108.1
117.1
124.4
130.1
139.6
172.5
196.2
90.9
95.3
99.8
104.7
109.2
118.4
124.3
131.0
142.8
173.8
198.2
92.7
96.9
99.8
104.9
110.5
119.3
126.2
132.1
145.2
179.1
203.1
91.4
95.6
98.6
105.4
110.3
117.9
126.1
132.9
147.8
179.3
205.3
91.4
96.3
98.1
103.9
110.3
117.3
127.3
132.9
148.3
180.5
205.3
90.9
96.4
98.0
104.5
112.8
117.8
126.7
133.0
149.5
184.0
205.6
91.1
95.7
98.6
104.4
112.8
118.4
125.7
134.0
150.8
185.2
204.8
92.7
96.8
101.1
108.5
114.2
121.5
130.9
135.4
154.7
188.5
208.9
93.9
97.4
102.5
107.5
114.0
124.0
130.6
135.6
153.6
192.7
212.2
92.9
96.8
102.5
107.7
113.8
123.4
129.4
135.4
155.6
193.9
211.0
738-C .
II Q
PERCENT CHANGES IN INDEX OF CONSUMER P R I C E S — J A P A N ,
(COMPOUND ANNUAL RATE, PERCENT
OVER 6-MONTH S P A N S '
AVERAGE FOR PERIOD
...
...
5 ...
6.8
...
...
2 ...
7.1
...
...
3 ...
4.5
...
...
2 0...
.0
...
1 ...
4.9
...
...
...
2...
.7
...
8 ...
4.1
...
1 1 9...
.5
...
9 ...
3.5
...
...
5 ...
5.9
-19.6
24.2
-1.8
13.9
1.3
7.8
-11.3
14.1
4.8
13.3
3.9
-1.2
-4.3
11.4
4.1
12.8
0.3
-4.0
2.7
10.3
1.1
15.4
-0.3
-7.4
4.6
10.6
0.4
19.3
0.3
-12.5
6.9
14.7
2.2
16.6
-2.9
-9.6
18.3
10.6
1.8
12.2
-4.7
-4.4
15.6
10.3
0.0
9.7
-5.9
-6.6
25.3
3.0
2.9
8.9
-2.5
-13.2
29.1
1.5
5.2
6.0
-2.9
-17.0
29.2
-2.0
10.6
0.4
0.9
-4.3
11.9
3.3
13.8
1.3
-9.8
9.9
12.0
1.5
16.0
-2.4
-8.1
23.3
4.9
2.7
8.2
-3.8
3.0
14.5
1.4
12.2
-1.1
-0.3
2.0
5.2
-0.3
-2.7
4.3
3.3
5.5
12.8
2.9
0.7
5.6
3.2
2.5
-3.0
3.3
6.2
4.9
13.2
5.1
-1.0
1.3
4.5
1.9
-0.3
3.0
7.4
7.6
13.0
6.1
-0.3
0.0
5.5
2.8
2.2
3.0
6.7
4.3
5.6
7.8
-1.0
-0.6
4.2
3.8
2.2
4.5
7.6
3.2
6.5
7.0
-2.2
2.6
2.2
6.7
2.5
2.1
9.3
4.0
5.2
7.2
-1.9
2.3
-0.3
6.0
5.0
1.2
14.6
2.9
•
4.2
6.2
-1.3
1.0
-0.6
2.5
6.6
2.1
12.0
5.3
-0.2
4.7
-0.7
6.3
-2.8
2.8
5.9
3.0
8.9
5.0
-2.4
8.6
0.7
3.9
-2.8
1.2
5.2
3.5
7.9
10.2
2.0
7.6
4.3
3.2
-2.8
0.9
4.6
3.5
6.7
12.2
1.0
9.0
-0.2
2.8
3.9
0.3
-2.6
4.1
5.4
5.1
12.5
3.7
-0.8
0.2
4.7
2.8
1.4
3.5
7.2
5.0
8.4
7.0
-1.8
2.0
0.4
5.1
4.7
1.8
12.0
4.1
3.1
6.0
1.4
4.5
-2.8
1.6
5.2
3.3
7.8
9.1
0.2
8.4
-0.3
2.4
1.6
2.5
2.2
3.2
8.1
5.8
6.0
6.3
7.9
4.3
3.1
5.7
5.3
7.3
3.9
4.0
16.7
29.4
8.8
9.4
6.3
1.8
2.9
7.2
6.6
5.4
5.1
16.3
25.2
8.8
4.5
7.2
0.2
3.5
11.9
4.4
4.4
6.0
17.0
21.1
10.3
5.7
4.7
1.6
3.3
11.6
3.8
3.2
6.9
17.7
16.6
10.6
5.8
4.7
3.5
7.8
9.4
5.2
10.6
6.5
17.1
17.3
10.7
4.0
2.3
6.4
5.9
6.9
8.3
7.8
6.2
13.4
17.3
10.8
5.3
3.6
8.5
4.0
6.1
9.7
6.1
5.5
13.4
20.3
8.9
5.1
2.5
9.3
5.2
5.8
11.3
3.2
6.7
18.0
18.8
7.6
5.3
3.1
10.0
4.0
4.3
10.6
3.6
7.9
24.7
13.1
9.8
5.7
4.6
8.2
4.4
5.7
8.9
6.3
7.9
29.6
11.0
11.2
3.7
4.8
6.4
0.9
7.7
5.0
0.6
11.7
26.6
11.0
10.2
9.0
5.2
3.0
4.2
5.9
7.8
4.1
3.5
15.5
29.5
9.0
5.3
5.5
1.8
4.9
11.0
4.5
6.1
6.5
17.3
18.3
10.5
4.8
2.8
8.1
5.0
6.3
9.8
5.7
6.1
14.9
18.8
9.1
4.9
4.2
8.2
3.1
5.9
8.2
3.5
9.2
27.0
11.7
10.4
6.0
4.4
5.2
4.3
7.2
7.5
4.8
6.3
18.7
19.6
9.8
32.1
36.2
34.5
31.9
28.3
29.9
35.3
30.2
33.9
46.8
33.6
37.8
34.3
33.3
27.9
31.1
34.5
30.7
36.1
50.5
36.1
36.8
33.1
29.5
29.6
34.4
29.9
33.8
44.3
777 777 ...
...
...
...
...
...
...
2 ...
8.8
2 2...
.0
3 2...
.5
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
-17.4
35.1
-0.4
8.9
-1.3
-14.1
28.3
-3.9
8.9
1.3
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
-1.0
0.7
3.2
-1.2
-2.1
4.6
6.6
5.0
11.5
3.1
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
9.8
5.0
4.0
4.0
5.1
9.4
3.1
1.5
13.5
33.8
9.4
742.
777
UNITED KINGDOM—INDEX OF STOCK P R I C E S
(1967=100)
®
AVERAGE FOR PERIOD
...
33^6
37.8
33.0
30.5
28.3
32.2
28.9
33.8
38.8
33.3
35.6
39.2
34.2
31.0
28.3
35.1
30.8
33.1
40.8
31.0
37.0
40.3
34.2
29.9
28.9
36.1
27.8
31.8
41.7
32.5
37.0
39.5
31.9
27.7
30.3
36.4
27.5
31.8
42.8
31.9
36.7
38.3
31.7
27.7
29.1
34.2
29.1
32.5
44.8
31.9
37.0
31.9
31.9
28.0
29.7
35.5
31.1
34.2
47.4
32.5
35.0
33.3
32.2
29.1
31.0
36.1
30.5
35.1
48.1
33.9
36.1
32.8
33.0
27.5
31.0
37.1
30.5
36.1
50.7
33.9
38.1
34.2
33.6
27.7
31.4
33.5
30.8
35.8
50.1
33.0
39.2
35.8
33.3
28.5
30.8
32.8
30.8
36.4
50.7
33.9
38.6
33.7
32.5
28.4
32.2
30.0
33.0
38.3
32.3
36.5
39.7
33.4
29.5
29.2
35.9
28.7
32.2
41.8
47.9
45.5
48.9
42.9
62.1
86.1
92.0
83.2
86.6
96.2
48.9
46.2
49.2
45.8
62.5
86.9
95.9
81.1
88.6
98.8
49.9
49.6
51.9
47.9
65.2
82.1
98.0
86.9
89.9
100.5
53.6
47.2
52.3
48.3
67.3
85.0
96.8
85.0
90.6
99.0
58.0
45.8
53.0
50.7
67.5
82.7
89.0
77.5
90.0
97.6
56.6
47.6
53.3
50.7
66.3
82.8
86.5
77.2
91.2
101.0
53.3
47.9
51.6
53.7
72.0
87.4
83.2
80.1
93.9
102.1
52.3
46.9
46.9
55.6
70.5
86.5
81.9
80.0
95.9
102.5
51.2
46.9
44.2
57.3
80.8
87.6
80.0
80.4
98.0
100.0
50.3
42.8
44.9
57.9
82.8
83.3
80.9
83.7
99.3
95.4
51.9
45.8
43.8
61.8
88.5
84.3
82.2
84.9
101.1
92.0
50.1
46.7
48.9
44.7
61.7
87.0
91.9
82.2
86.8
97.9
53.8
47.5
52.4
49.0
66.7
83.3
94.6
83.1
90.2
99.0
54.1
47.5
50.6
53.3
69.6
85.6
83.9
79.1
93.7
101.9
51.1
45.2
44.3
59.0
84.0
85.1
81.0
83.0
99.5
95.8
52.3
46.7
49.0
51.5
70.5
85.2
87.8
81.9
92.5
98.7
95.7
100.9
88.6
118.1
159.5
135.0
121.7
180.2
168.4
123.5
99.0
92.2
98.6
90.0
120.5
152.6
131.4
120.2
185.9
164.4
115.7
108.8
92.6
98.3
94.8
133.3
150.7
128.8
130.6
191.1
168.1
111.6
114.7
94.2
101.2
96.8
139.4
143.3
115.6
146.5
194.6
166.8
112.4
125.7
90.3
102.5
97.2
142.5
133.0
112.7
147.2
184.2
171.3
103.2
126.7
87.0
98.0
99.5
150.0
128.6
115.0
156.7
187.3
161.3
93.6
118.7
88.1
87.4
100.2
154.0
128.1
118.1
158.5
195.5
156.4
81.7
115.3
90.3
86.3
105.3
157.5
129.7
120.5
163.6
183.3
154.5
74.4
127.8
95.9
85.0
110.8
152.7
127.4
128.5
159.8
180.0
159.2
70.9
132.4
98.3
83.0
115.2
154.6
128.6
120.4
156.1
185.6
151.2
65.3
141.6
96.4
85.4
113.2
157.9
132.4
121.0
165.6
190.8
126.5
58.3
140.1
93.8
99.1
89.2
117.8
158.9
135.3
121.8
180.4
171.7
121.8
92.2
92.4
100.7
96.3
138.4
142.3
119.0
141.4
190.0
168.7
109.1
122.4
88.5
90.6
101.7
153.8
128.8
117.9
159.6
188.7
157.4
83.2
120.6
96.9
84.5
113.1
155.1
129.5
123.3
160.5
185.5
145.6
64.8
138.0
92.9
93.7
100.0
141.3
139.9
123.9
145.8
186.1
160.9
94.7
118.3
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
33^9
39.7
36.4
33.9
28.0
31.8
30.8
32.2
37.7
34^2
38.3
31.7
33.0
28.9
32.5
30.2
33.1
38.4
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
53.6
48.5
48.5
45.3
60.5
88.0
87.7
82.4
85.1
98.8
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
93.4
97.8
88.9
114.7
164.6
139.4
123.5
175.2
182.2
126.1
68.9
;
'Percent changes over 6-month spans are centered on the 4th month of the span. Quarterly and annual figures are averages of the centered changes.
130
The Handbook of Cyclical Indicators
Quarterly
Monthly
Annual
Year
Jan.
Feb.
Mar.
Apr.
743.
May
June
CANADA--INDEX OF STOCK
(1967=100)
July
PRICES
Sept.
Aug.
Oct.
Nov.
Dec.
1 Q
©
III Q
II Q
AVERAGE
IV Q
FOR PERIOD
1945...
1946...
1947. . .
194B. . .
1949. . .
1950...
1951...
1952...
1953...
1954...
19.8
21.1
22.0
29.8
36.1
33.8
30.3
18.4
19.8
21.8
32.6
35.9
33.0
31.5
18.4
19.3
21.8
31.9
35.2
33.0
31.9
20.0
19.3
23.3
32.8
34.8
31.1
33.8
2l!6
19.1
24.0
32.6
33.4
30.7
35.0
22.2
17.8
24.4
31.7
33.8
30.0
34.8
21.6
18.9
23.1
32.1
34.6
31.1
35.0
20.9
19.6
25.7
33.8
34.8
31.3
36.3
20.9
19.8
27.0
35.9
33.8
29.4
37.1
21'.6
20.9
27.7
36.7
31.9
29.2
37.1
22.0
21.8
27.7
34.6
32.8
29.7
39.2
2l!6
21.8
27.9
34.8
32.8
29.4 ,
40.6
18.9
20.1
21.9
31.4
35.7
33.3
31.2
21.3
18.7
23.9
32.4
34.0
30.6
34.5
21.1
19.4
25.3
33.9
34.4
30.6
36.1
21.7
21.5
27.8
35.4
32.5
29.4
39.0
20.8
19.9
24.7
33.3
34.2
31.0
35.2
1*55...
1956...
1957...
1958...
1959...
1960...
1961.. .
1962...
1963...
1964. . .
4U.9
51.4
54.8
43.9
57.4
57.8
61.8
74.6
71.2
80.1
4 2.^4
51.2
52.5
44.5
58.8
55.1
64.1
75.0
70.7
80.3
42.1
55.0
53.4
45.4
59.1
53.4
67.2
76.0
70.7
81.9
43.1
56.1
56.0
44.6
53.7
55.1
69.6
74.9
73.9
86.6
44.0
54.8
58.2
46.6
58.8
56.0
73.0
71.5
76.5
90.1
47.4
54.6
58.1
48.8
59.1
56.3
71.6
63.2
75.2
89.8
48.9
57.5
57.3
50.3
62.1
54.5
73.7
62.4
72.8
92.6
48.9
59.3
52.1
52.2
60.5
56.3
76.0
66.1
71.6
92.2
51.4
56.5
48.6
53.2
56.2
56.2
75.8
64.5
74.6
93.5
48.0
54.4
44.2
55.0
56.1
53.9
72.7
62.4
75.4
96.2
49.3
52.5
44.2
55.8
56.4
56.2
74.1
66.4
74.8
97.6
49.9
53.5
43.8
55.2
59.1
58.3
75.0
68.0
76.3
94.8
41.8
52.5
53.6
44.6
58.4
55.4
64.4
75.2
70.9
80.8
44.8
55.2
57.4
46.7
58.9
55.8
71.4
69.9
75.2
88.8
49.7
57.8
52.7
51.9
59.6
55.7
75.2
64.3
73.0
92.8
49.1
53.5
44.1
55.3
57.2
56.1 !
73.9
65.6
75.5
96.2
46.4
54.7
51.9
49.6
58.5
55.8
71.2
68.8
73.6
89.6
1965. ..
15*66. . .
1967...
196b...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
99.2
102.6
93.8
101.5
114.4
115.5
109.8
116.9
147.0
139.1
103.0
99.8
102.4
96.7
94.7
114.2
113.6
108.5
119.9
145.0
141.0
111.3
102.8
101.5
98.9
98.0
114.0
112.6
111.3
116.4
142.7
135.5
112.6
104.5
97.2
99.5
99.2
119.9
97.4
107.9
124.6
135.9
122.5
116.6
98.8
97.4
99.6
100.1
112.0
94.1
109.7
125.8
134.7
121.8
116.7
93.7
96.6
101.5
103.7
106.7
93.5
107.0
127.3
140.3
120.2
119.5
96.7
91.7
103.7
103.0
106.4
95.6
107.6
135.2
144.6
114.6
116.3
99.0
86.6
104.4
106.0
110.2
99.3
106.5
133.5
146.9
100.8
113.1
99.8
84.8
102.6
108.6
110.2
101.3
97.7
132.3
156.2
100.9
107.2
100.7
87.0
100.7
109.2
114.6
99.8
97.3
133.0
149.2
98.9
107.3
98.0
88.7
101.1
112.4
114.2
104.7
108.8
140.4 |
136.8
92.8
105.9
100.2
101.6
95.9
96.0
113.3
115.0
109.8
119.3
145.1
141.8
108.0
102.0
98.7
99.3
99.1
115.3
101.4
109.6
122.3
137.8
126.6
115.3
96.5
91.6
103.2
104.2
107.8
96.1
107.0
132.0
143.9
111.9
116.3
1 0 1 . to
99.7
97.2
91.7
111.3
115.9
111.2
121.0
143.3
145.4
109.8
745.
WEST GERMANY - - I N D E X OF STOCK PRICES
(1967=100)
99.5
86.8
101.5
110.1
113.0
101.9
101.3
135.2
147.4
97.5
106.8
99.6
94.7
100.0
102.3
112.3
103.6
106.9
127.2
143.6
119.5
111.6
®
AVERAGE
FOR PERIOD
1945. ..
1946. . .
1947.. .
1948. ..
1949.. .
1950...
1951...
1952...
1953. . .
19b4. . .
9.0
9.6
18.4
13.6
15.7
9.0
10.3
18.2
13.3
16.4
8^2
10.6
16.7
12.9
16.7
8!3
10.5
16.4
12.9
16.5
8 ^
10.8
15.3
12.8
16.8
8.3
11.3
14.5
12.8
17.8
8.3
11.8
14.2
12.9
19.2
8!7
12.5
14.2
13.6
19.7
13.6
14.9
14.5
21.0
9!i
9!3
14.9
14.0
15.2
22.6
16.2
13.6
15.4
23.5
9!l
16.5
13.4
15.3
25.0
8.7
10.2
17.8
13.3
16.3
8i3
10.9
15.4
12.8
17.0
8.7
12.6
14.4
13.7
20.0
9.1
15.9
13.7
15.3
23.7
12.4
15.3
13.8
19.2
ly55...
1956...
1957. ..
1958. . .
1959...
I960. . .
1961...
1962...
1963...
1964...
26.7
30.7
28.4
32.3
54.1
92.1
135.8
117.7
91.1
111.1
26.5
29.8
27.6
32.3
54.1
92.1
135.8
116.8
87.4
113.0
27.9
29.8
28.4
33.3
56.0
93.0
133.9
115.8
90.3
115.0
30.7
30.3
28.4
35.2
58.0
97.8
136.8
112.1
93.0
113.0
31.0
29.3
27.6
35.2
67.5
114.0
148.1
95.9
104.5
110.1
31.2
28.6
27.6
37.0
73.1
137.7
140.5
89.3
101.6
108.2
32.1
28.2
29.4
38.0
80.7
140.5
130.0
85.4
102.6
110.1
32.9
27.5
29.4
41.8
92.1
170.0
117.7
89.3
107.4
113.0
33.1
27.9
29.4
45.6
83.5
151.0
117.7
83.5
107.4
112.1
30.6
28.4
29.4
49.4
81.7
144.4
124.4
82.7
105.4
106.4
29.4
27.8
30.4
49.4
84.5
139.7
128.2
97.8
101.6
106.4
30.6
28.2
30.4
51.2
90.3
138.7
122.4
94.0
105.4
109.2
27.0
30.1
28.1
32.6
54.7
92.4
135.2
116.8
89.6
113.0
31.0
29.4
27.9
35.8
66.2
116.5
141.8
99.1
99.7
110.4
32.7
27.9
29.4
41.8
85.4
153.8
121.8
86.1
105.8
111.7
30.2
28.1
30.1
50.0
85.5
140.9
125.0
91.5
104.1
107.3
30.2
28.9
28.9
40.1
73.0
125.9
130.9
98.4
99.8
110.6
1965...
1966...
1967...
1968.. .
1969...
1970. . .
1971...
1972...
1973...
1974...
1975...
1976...
109.2
110.3
88.3
123.8
134.7
144.6
115.7
117.8
138.9
110.3
105.1
107.4
112.3
93.6
125.3
136.0
140.6
123.6
126.1
136.4
110.6
112.5
104.5
110.6
94.6
124.3
136.2
137.8
124.7
130.5
142.3
108.2
120.3
104.5
108.0
93.8
129.9
137.0
137.3
121.4
134.8
142.1
111.8
124.6
102.6
101.1
92.4
131.4
143.8
125.2
120.8
138.5
129.8
112.2
119.3
101.6
96.4
90.6
134.3
144.8
119.7
119.2
135.8
128.2
108.2
114.6
100.6
90.9
92.1
136.8
138.7
117.6
119.8
134.4
120.0
103.2
117.5
102.6
91.8
104.2
137.5
144.1
122.3
120.0
138.9
119.2
104.5
119.7
102.6
95.6
108.4
133.8
145.5
117.3
113.1
134.4
115.8
99.4
115.7
99.8
93.0
109.9
136.7
151.5
114.8
108.7
130.8
117.7
95.8
119.0
96.9
89.8
115.7
133.8
156.7
109.6
105.2
132.3
112.1
96.9
126.3
95.9
89.8
117.0
130.9
151.0
108.6
112.8
131.5
105.6
101.0
128.4
107.0
111.1
92.2
124.5
135.6
141.0
121.3
124.8
139.2
109.7
112.6
102.9
101.8
92.3
131.9
141.9
127.4
120.5
136.4
133.4
110.7
119.5
101.9
92.8
101.6
136.0
142.8
119.1
117.6
135.9
118.3
102.4
117.6
97.5
90.9
114.2
133.8
153.1
111.0
108.9 [
131.5
111.8 1
97.9
124.6
102.4
99.1
100.0
131.5
143.3
124.6
117.1
132.2
125.7
105.2
118.6
746.
FRANCE—INDEX OF STOC'K PRICES
(1967=100)
9!o
k'.i
<§>
AVERAGE FOR PERIOD
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
13^5
21.6
24.4
24.5
22.4
22.3
35.1
37.0
41.8
14.9
20.6
23.3
22.8
21.0
24.5
37.0
37.0
41.1
14^5
22.0
23.5
21.3
21.6
24.8
34.8
36.1
42.9
14'.1
20.5
23.3
21.7
21.4
25.2
34.8
35.9
45.4
17i3
20.5
22.0
20.9
21.4
25.2
32.9
36.1
47.8
18.0
23.0
21.4
20.9
22.3
26.2
35.9
37.0
46.7
19^2
23.3
24.1
22.0
20.5
25.8
35.9
37.6
50.7
19!6
26.0
24.1
23.0
21.6
28.8
36.1
38.4
55.6
20! 5
26.3
26.2
23.0
22.6
30.5
34.8
39.3
59.2
25.1
27.6
22.4
21.9
31.1
34.7
39.4
61.4
22^8
26.0
25.5
21.0
21.6
30.1
34.1
38.9
68.5
2^8
23.5
25.3
21.9
19.9
31.2
34.8
38.9
73.1
14.3
21.4
23.7
22.9
21.7
23.9
35.6
36.7
41.9
21.3
22.2
21.2
21.7
25.5
34.5
36.3
46.6
19.8
25.2
24.8
22.7
21.6
28.4
35.6
38.4
55.2
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
68.0
67.4
77.7
99.4
94.3
120.5
149.0
158.1
155.8
141.4
68.0
65.7
84.1
89.1
94.3
125.5
157.4
175.1
150.7
132.3
75.6
69.5
93.5
82.9
94.3
122.1
164.3
183.7
151.3
126.7
76.6
72.6
95.4
83.8
100.1
129.7
165.0
183.8
145.5
126.7
67.4
73.3
104.2
84.8
107.0
132.3
165.9
167.5
141.8
120.2
68.4
76.6
108.2
80.8
107.0
138.2
160.9
158.5
137.7
112.8
71.2
83.6
117.5
79.4
113.6
142.3
152.4
163.8
144.6
128.0
71.2
81.1
117.5
80.8
117.0
149.0
153.3
162.3
150.3
128.6
75.2
80.8
110.7
83.8
117.0
140.5
148.3
163.5
142.9
121.2
71.2
80.8
101.9
82.0
125.5
135.5
149.0
155.2
139.1
123.5
67.7
71.2
103.8
81.5
132.3
142.3
159.2
164.3
133.4
126.3
69.5
78.0
99.0
81.5
133.0
138.2
163.4
159.1
133.7
126.0
70.5
67.5
85.1
90.5
94.3
122.7
156.9
172.3
152.6
133.5
70.8
74.2
102.6
83.1
104.7
133.4
163.9
169.9
141.7
119.9
72.5
81.8
115.2
81.3
115.9
143.9
151.3
163.2
145.9
125.9
69.5
76.7
101.6
81.7
130.3
138.7
157.2
159.5
135.4
125.3
70.8
75.0
101.1
84.2
111.3
134.7
157.3
166.2
143.9
126.1
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
123.1
125.9
38.1
105.4
111.8
152.8
135.7
127.7
159.1
157.8
162.0
119.4
121.2
101.4
103.2
126.0
148.6
139.3
130.1
158.1
152.1
122.8
124.5
116.3
96.9
111.8
135.8
145.7
136.8
140.3
168.8
139.4
131.1
123.0
112.7
94.4
116.0
134.4
140.3
137.0
146.9
174.8
148.7
141.8
121.2
109.2
98.2
109.9
142.1
135.8
.140.8
155.4
179.5
132.5
130.2
115.6
108.8
96.7
105.7
129.8
132.5
140.0
147.1
173.4
121.7
126.6
112.1
106.5
92.9
101.4
126.7
136.5
141.2
155.6
166.7
123.5
131.3
116.3
107.2
98.2
104.3
132.9
138.2
135.2
162.0
163.9
113.9
136.9
115.2
100.4
108.9
103.9
133.3
135.0
128.1
163.1
164.6
96.8
134.0
112.0
99.4
107.9
102.4
142.1
136.8
118.4
163.8
167.3
103.8
135.9
110.9
106.3
105.3
104.3
139.8
133.8
124.1
153.1
151.9
103.3
141.1
115.5
101.4
101.5
107.4
145.3
135.5
123.7
149.3
151.7
106.5
139.6
122.3
121.1
98.8
106.8
124.5
149.0
137.3
132.7
162.0
149.8
138.6
119.9
110.2
96.4
110.5
135.4
136.2
139.3
149.8
175.9
134.3
132.9
114.5
104.7
100.0
103.2
131.0
136.6
134.8
160.2
165.1
111.4
134.1
112.8
102.4
104.9
104.7
142.4
135.4
122.1
155.4
157.0
104.5
138.9
117.4
109.6
100.0
106.3
133.3
139.3
133.4
149.5
165.0
125.0
136.1
1977
2216
le'.h
23!5
24.9
26.1
21.8 |
21.1
30.8
34.5
39.1
67.7
18^5
23.2
24.2
22.1
21.5
27.1
35.1
37.6
52.8
Monthly
Quarterly
Annual
Year
Jan.
Feb.
Apr.
Mar.
747.
June
May
ITALY—INDEX
July
OF STOCK PRICES
(1967=100)
Aug.
Sept.
Oct.
Nov.
Dec.
IQ
©
II Q
III Q
AVERAGE
IV Q
FOR PERIOD
1945...
1946...
1947...
194U...
1949...
1950...
1951...
1952...
1953...
1954...
26.3
24.7
25.4
28.3
39.0
36.9
27.9
24.4
26.4
29.6
38.4
38.2
27!3
23.2
27.1
30.2
36.7
38.2
26.5
23.9
25.6
28.6
34.8
36.3
23.9
23.0
25.7
28.3
35.5
37.4
21.9
22.4
25.4
29.3
35.1
38.0
22.9
21.5
25.6
30.4
36.2
40.3
23.8
23.4
26.3
31.4
37.8
41.8
23.7
23.7
26.8
31.9
36.1
42.7
23.6
26.0
27.0
33.6
37.6
44.2
23.3
26.1
27.1
35.7
37.4
45.8
23.7
24.9
26.9
36.3
37.5
48.4
27.2
24.1
26.3
29.4
36.0
37.8
24.1
23.1
25.0
2b.7
35.1
37.2
23.5
22.9
26.2
31.2
37.4
41.6
1955...
1956...
1957...
1958...
1959...
I960...
1961...
1962...
1963...
1964...
52.7
57.2
58.2
61.7
75.3
121.5
157.7
152.4
131.3
110.7
53.2
57.8
61.3
61.9
78.1
119.6
167.2
151.6
121.4
104.7
50.7
56.0
61.8
60.9
82.0
117.6
164.2
153.8
119.3
98.8
50.4
53.3
61.5
60.1
89.8
121.9
164.8
147.9
123.8
89.6
51.8
54.7
62.9
60.8
91.3
126.8
174.9
149.2
123.9
95.6
55.8
52.1
64.2
59.5
94.5
143.6
179.0
138.7
128.6
86.7
59.7
54.0
62.8
60.1
102.3
149.9
165.7
136.6
124.4
84.8
63.5
57.4
64.5
61.9
110.9
176.6
166.4
137.2
120.8
84.1
64.9
56.1
64.9
63.2
104.2
189.4
158.8
131.6
115.9
92.9
63.4
56.1
64.0
65.4
104.0
171.2
164.2
120.4
111.6
93.0
62.1
56.7
65.0
69.1
111.5
154.3
165.7
127.5
116.2
90.0
58.8
58.1
01.3
71.0
115.4
143.6
155.0
136.8
116.1
85.8
52.2
57.0
60.4
61.5
7o.5
119.0
163.0
152.6
124.0
104.7
52.7
53.4
62.9
60.1
yl.9
131.4
172.9
145.3
125.4
90.6
62.7
55.6
64.1
61.7
105.6
172.0
163.6
135.1
120.4
87.3
61.4
57.0
63.4
68.5 1
110.3
156.4
162.0
128.2
115.3
89.6
57.2
55.8
62.7
63.0
96.6
144.8
165.4
140.3
121.3
93.1
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
82.6
109.1
105.4
99.2
99.6
115.7
91.1
78.1
82.7
106.2
71.4
88.3
113.6
104.6
96.9
98.5
115.6
93.8
75.7
84.3
108.5
79.4
98.4
115.6
94.5
98.7
100.5
115.9
93.4
73.7
93.0
111.9
81.7
97.2
106.6
95.3
100.8
112.3
120.0
88.6
78.8
96.7
116.1
78.4
95.4
105.9
98.0
100.1
113.4
112.0
84.7
79.5
109.2
106.1
77.4
90.7
106.3
96.4
98.4
111.1
106.4
83.1
78.0
125.0
96.6
72.9
88.5
108.0
95.7
100.3
108.2
103.1
83.1
80.4
118.1
90.5
66.1
92.8
108.7
98.6
101.7
112.3
107.1
82.0
80.5
105.2
88.0
64.2
91.5
107.5
102.7
100.7
112.8
102.9
78.0
79.0
106.5
76.3
64.1
91.1
110.1
105.9
96.9
120.0
101.1
78.1
80.6
109.0
73.7
60.2
91.0
106.8
103.1
93.7
120.7
95.9
75.1
85.7
107.7
79.3
58.9
98.4
106.9
99.9
98.7
115.2
94.5
77.0
65.0
96.9
72.3
61.0
89.8
112.8
101.5
98.3
99.5
115.7
92.8
75.8
86.7
106.9
77.5
94.4
106.3
96.6
99.6
112.3
112.8
85.5
78.8
110.3
106.3
76.2
90.9
108.1
99.0
100.9
111.1
104.4
81.0
80.0
109.9
84.9
64.8
93.5
106.6
103.0
96.4
118.6
97.2
76.7
84.0
104.5
75.1
60.0
92.2
108.9
100.0
98.8
110.4
107.5
84.0
79.6
102.9
93.8
69.6
748.
...
JAPAN—INDEX
...
OF STOCK PRICES
(1967=100)
®
AVERAGE
23.5
25.7
27.0
35.3
37.5
46.1
24.6
23.9
26.3
31.2
37.0
40.7
FOR PERIOD
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
2.8
8.6
7.0
7.6
12.6
29.4
25.6
4.1
8.2
7.5
8.5
13.4
30.7
25.5
4.9
10.1
7.2
9.1
12.9
25.5
23.8
4^9
10.6
6.6
8.6
13.6
23.2
23.4
12.2
6.9
8.8
15.0
24.9
23.2
11.4
6.4
9.4
16.6
24.1
23.8
V.i
4.5
10.2
6.8
9.3
17.8
25.4
24.1
4!5
11.4
7.6
9.9
18.2
28.4
24.0
4.1
11.8
7.6
10.4
18.3
30.4
25.0
4.3
10.4
7.5
11.5
21.0
30.8
24.1
5.2
9.4
7.8
11.3
23.8
30.1
22.9
6.9
8.0
7.2
11.3
25.3
29.1
23.9
3.9
9.0
7.2
8.4
13.0
28.5
25.0
4.5
11.4
6.6
8.9
15.1
24.1
23.5
4.4
11.1
7.3
9.9
18.1
26.1
24.4
5.5
9.3
7.5
11.4
23.4
30.0
23.6
4.6
10.2
7.2
9.6
17.4
27.7
24.1
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
26.2
30.2
40.6
35.8
47.8
66.0
101.6
104.2
101.7
90.7
26.5
30.4
40.6
37.4
49.8
69.7
102.5
109.0
105.3
90.8
25.1
31.4
40.2
37.4
52.5
72.8
108.0
105.0
109.1
87.6
24.9
33.4
41.6
38.6
53.4
76.2
115.7
98.3
113.3
86.3
24.8
34.0
38.7
39.7
54.9
74.5
118.6
99.4
111.2
91.2
25.1
35.6
37.1
40.7
57.1
73.6
117.4
100.9
109.9
93.7
25.2
35.2
35.1
40.4
58.9
78.0
126.4
103.2
106.0
94.5
26.7
35.5
36.2
41.4
61.1
80.4
120.4
99.9
96.7
91.2
27.3
34.5
37.6
41.6
63.2
84.7
109.2
95.2
95.2
89.0
28.4
35.1
36.6
42.7
66.2
88.1
96.9
89.6
95.5
85.8
28.4
37.7
35.7
44.0
67.2
91.5
97.6
99.3
92.2
85.7
29.0
39.1
34.8
45.9
65.3
92.6
93.4
101.4
87.3
86.0
25.9
30.7
40.5
36.9
50.0
69.5
104.0
106.1
105.4
89.7
24.9
34.3
39.1
39.7
55.1
74.8
117.2
99.5
111.5
90.4
26.4
35.1
36.3
41.1
61.1
81.0
118.7
99.4
99.3
91.6
28.6
37.3
35.7
44.2
66.2
90.7
96.0
96.8
91.7
85.8
26.5
34.3
37.9
40.5
58.1
79.0
109.0
100.4
102.0
89.4
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
89.5
101.4
101.4
96.6
129.2
167.1
145.3
194.8
387.2
293.4
249.9
87.9
104.8
104.4
98.6
130.7
164.7
151.0
203.8
364.0
308.0
271.3
83.2
109.5
103.9
98.7
131.9
171.9
161.0
214.5
363.2
303.5
283,7
81.1
109.2
101.5
102.3
137.0
171.3
170.6
229.9
344.2
304.7
290.1
80.8
110.4
105.0
106.0
142.4
147.9
172.2
241.3
339.2
303.0
298.2
77.2
107.3
105.1
108.5
144.1
148.8
181.9
256.6
338.2
305.6
296.6
74.0
105.0
105.1
113.4
141.4
149.6
190.1
273.0
354.8
295.0
292.8
82.5
104.5
97.9
118.7
138.7
150.6
179.1
289.8
351.1
270.4
280.3
88.6
102.7
95.0
128.4
146.6
147.7
169.9
299.9
333.0
260.9
270.6
87.2
101.7
96.8
127.8
150.5
145.5
165.9
309.1
324.9
239.3
279.3
93.0
100.6
93.8
122.6
155.6
145.3
167.5
327.4
313.0
244.7
285.8
96.7
99.0
90.1
123.2
161.4
139.8
178.2
353.5
284.9
255.2
285.8
86.9
105.2
103.2
98.0
130.6
167.9
152.4
204.4
371.5
301.6
268.3
79.7
109.0
103.9
105.6
141.2
156.0
174.9
242.6
340.5
304.4
295.0
81.7
104.1
99.3
120.2
142.2
149.3
179.7
287.6
346.3
275.4
281.2
92.3
100.4
93.6
124.5
155.8
143.5
170.5
330.0
307.6
246.4
283.6
85.1
104.7
100.0
112.1
142.5
154.2
169.4
266.1
341.5
282.0
282.0
19.
V.l
I NDEX OF STOCK P R I C E S , 5 0 0 COMMON STOCKS ' <§>
(1967=100)
AVERAGE FOR PERIOD
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
14.7
19.6
16.5
16.1
16.7
18.4
23.1
26.3
28.5
27.7
15.2
19.7
17.2
15.3
16.1
18.7
23.9
25.8
28.1
28.3
15.2
19.1
16.5
15.6
16.2
18.9
23.5
25.9
28.3
28.9
15.5
20.3
15.9
16.8
16.2
19.4
23.8
25.8
26.9
30.1
16.1
20.3
15.6
17.6
16.1
20.1
23.9
25.8
27.0
31.3
16.4
20.2
16.1
18.3
15.2
20.4
23.4
26.5
26.1
31.5
16.1
19.6
17.2
17.9
16.1
18.9
23.9
27.3
26.4
32.8
16.1
19.3
16.8
17.3
16.6
20.0
24.9
27.4
26.5
33.4
17.2
16.4
16.4
17.1
16.9
20.8
25.5
27.0
25.3
34.2
17.9
16.0
16.8
17.6
17.3
21.6
25.4
26.4
26.1
35.0
18.5
16.0
16.6
16.6
17.5
21.6
24.7
27.2
26.7
36.4
18.<*
16.5
16.3
16.5
18.0
21.5
25.5
28.3
27.0
38.0
15.0
19.4
16.7
15.7
16.3
18.7
23.5
26.0
28.3
28.3
16.0
20.3
15.9
17.5
15.8
20.0
23.7
26.1
26.7
30.9
16.5
18.4
16.8
17.4
16.5
19.9
24.8
27.2
26.1
33.5
18.4
16.2
16.6
16.9
17.6
21.6
25.2
27.3
26.6
36.5
16.5
18.6
16.5
16.9
16.6
20.0
24.3
26.6
26.9
32.3
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
38.7
48.0
49.4
44.7
60.5
63.1
65.0
75.1
70.8
83.2
40.0
48.3
47.3
44.9
59.6
60.7
67.6
76.4
71.7
84.2
39.7
51.7
47.9
45.8
61.1
59.9
69.8
76.5
71.4
85.7
41.1
52.3
49.0
46.1
62.1
60.6
71.6
74.0
74.8
87.0
40.9
50.6
50.9
47.5
63.0
60.1
72.3
68.5
76.3
87.8
43.3
50.3
51.7
48.7
62.5
62.3
71.4
60.5
76.3
87.3
46.4
53.1
52.8
50.0
65.0
60.7
71.2
62.0
75.1
90.5
46.2
52.7
49.9
51.9
64.6
61.5
73.7
63.7
77.2
89.2
48.2
51.0
47.8
53.3
62.1
59.6
73.2
63.1
79.2
90.7
45.8
50.3
44.9
55.4
62.0
58.4
74.0
61.1
79.4
92.3
48.9
49.8
43.9
57.1
62.3
60.3
77.3
65.3
79.0
92.9
49.4
50.5
43.9
58.2
64.2
61.8
78.0
68.1
80.7
91.3
39.5
49.3
48.2
45.1
60.4
61.2
67.4
76.0
71.3
84.4
41.8
51.1
50.5
47.4
62.6
61.0
71.8
67.7
75.8
87.4
46.9
52.3
50.2
51.7
63.9
60.6
72.7
62.9
77.2
90.2
48.0
50.2
44.2
56.9
62.8
60.2
76.4
64.9
79.7
92.2
44.0
50.7
48.3
50.3
62.4
60.8
72.1
67.9
76.0
88.5
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
93.7
101.5
91.9
103.4
111.0
98.2
101.7
112.4
128.8
104.5
78.9
94.4
100.8
95.0
98.7
110.4
94.8
105.6
114.5
124.2
101.7
87.1
94.5
96.7
97.3
96.9
108.0
96.4
108.3
117.1
122.3
106.0
91.1
95.7
99.6
98.9
104.1
110.2
93.5
112.1
118.4
120.0
100.6
92.2
97.1
94.4
100.7
106.5
113.8
82.7
110.6
117.1
116.6
97.5
98.0
92.5
93.6
99.5
109.4
107.8
82.2
108.5
117.5
113.9
97.7
100.5
92.4
93.4
101.2
109.1
103.0
82.4
107.7
116.6
115.1
90.1
100.6
94.1
87.7
102.8
106.7
102.4
84.8
105.8
120.8
112.9
82.7
93.2
97.2
84.6
104.2
110.2
102.8
89.8
108.1
119.0
114.9
74.1
92.1
99.4
83.9
104.1
112.9
103.9
91.8
105.8
119.2
118.9
75.5
96.3
100.2
88.1
100.8
114.7
104.7
91.7
100.9
125.2
111.0
78.0
98.0
99.8
88.5
103.7
115.8
99.1
98.0
107.9
127.8
103.1
73.0
96.5
94.2
99.7
94.7
99.7
109.8
96.5
105.2
114.7
125.1
104.1
85.7
95.1
95.9
99.7
106.6
110.6
86.2
110.4
117.7
116.8
98.6
96.9
94.6
88.6
102.7
108.7
102.8
85.7
107.2
118.8
114.3
82.3
95.3
99.8
86.8
102.8
114.5
102.6
93.8
104.9
124.0
111.0
75.5
96.9
95.9
92.7
100.0
107.4
106.4
90.5
106.9
118.8
116.8
90.1
93.7
'This series has been converted by the Bureau of Economic Analysis to a 1967 base to facilitate comparisons with the foreign stock price indexes.
(1941-43=10) are shown in the Cyclical Indicators part of BCD and elsewhere in this supplement.
132
Data as published by the source
The Handbook of Cyclical Indicators
Quarterly
Monthly
Annual
Year
Feb.
Jan.
Mar.
Apr.
May
June
July
910. COMPOSITE INDEX OF 12 LEADING
(1967=100)
Aug.
Sept.
Oct.
Nov.
Dec.
1 Q
II Q
III Q
IV Q
INDICATORS
AVERAGE FOR PERIOD
1945. ..
1946. . .
1947...
1946.. .
1949...
1950. . .
1951. ..
1952. . .
1953. . .
1954. . .
54.6
49.7
54.4
61.0
59.3
63.7
5b.3
53.7
49.5
55.1
60.2
59.8
64.0
59.0
53." 8
49.0
56.1
60.0
60.1
64.3
59.0
54.2
48.8
57.4
59.1
59.6
64.2
59.6
53." 8
48.7
58.7
59.1
59.6
63.5
60.7
54.0
48.7
59.4
58.3
60.6
62.4
61.5
53.5
49.6
61.1
57.9
60.0
62.4
62.2
53.1
50.9
61.8
57.7
61.2
61.2
62.5
52.6
52.5
60.5
58.3
62.7
59.4
63.3
52.4
52.7
60.2
58.2
62.4
58.9
64.9
5l!4
53.1
59.8
58.2
62.7
58.1
66.3
50.7
53.5
59.9
58.7
63.2
58.2
66.8
54^0
49.4
55.2
60.4
59.7
64.0
58.8
54 ".0
48.7
58.5
5b.b
59.9
63.4
60.6
53.1
51.0
61.1
58.0
61.3
61.0
62.7
51.5
53.1
60.0
58.4
62.8
58.4
66.0
53'.2
50.6
58.7
58.9
60.9
61.7
62.0
1955. . .
195b.. .
1957. . .
195«.. .
1959. . .
19b0...
1961. . .
1962.. .
1963...
1964. . .
6b.1
71.3
69.9
63.8
75.3
75.5
72.7
b0.9
«2.5
b7.5
69.5
70.7
69.4
64.2
7b.3
74.2
73.4
81.7
83.4
88.0
70.0
71.1
69.3
64.4
77.6
72.9
74.8
81.8
83.9
88.4
70.3
71.2
68.7
65.0
77.9
73.1
76.4
81.4
84.7
89.4
70.6
69.7
68.6
66.3
77.9
73.1
77.2
80.3
85.7
90.3
70.b
69.3
69.0
68.1
77.4
73.0
78.0
79.5
85.8
90.4
71.7
69.7
69.1
69.1
77.3
73.4
78.0
80.2
85.2
91.1
72.0
69.7
68.6
70.6
76.5
73.4
79.0
80.5
85.2
91.6
72.6
70.0
67.5
71.8
76.0
73.8
78.3
81.0
86.2
92.9
72.2
70.5
66.2
72.9
74.7
73.5
79.7
80.7
86.8
93.2
72.2
70.5
64.9
74.3
74.4
73.0
80.6
81.5
87.0
93.8
71.7
70.4
64.4
74.0 !
75.4
72.3
80.8
81.8
87.4
93.8
69.2
71.0
69.5
64.1
76.4
74.2
73.6
81.5
83.3
88.0
70.6
70.1
68.8
66.5
77.7
73.1
77.2
80.4
85.4
90.0
72.1
69.8
68.4
70.5
76.6
73.5
78.4
80.6
85.5
91.9
72.0
70.5
65.2
73.7
74.8
72.9
80.4
81.3
87.1
93.6
71.0
70.3
68.0
68.7
76.4
73.4
77.4
80.9
85.3
90.9
1965...
1966...
1967...
1968...
1969.. .
1970...
1971...
1972.. .
1973. ..
1974. . .
1975. . .
1976...
94.5
100.2
95.6
103.7
112.6
106.9
110.1
119.2
132.b
12b.9
106.5
94.7
100.9
95.9
105.0
112.0
106.4
111.6
120.4
133.5
129.2
106.2
94.9
101.4
96.5
104.8
111.2
106.0
113.4
122.3
132.7
129.3
107.1
94.6
101.1
97.0
104.1
112.1
106.4
114.3
123.5
131.8
127.4
109.4
95.1
100.1
98.0
105.4
112.0
106.6
115.3
123.9
132.6
126.9
111.7
95.1
99.0
99.6
106.3
111.5
106.3
115.5
124.3
133.7
124.8
115.2
95.6
98.2
100.7
107.4
110.5
106.2
115.8
125.3
133.2
124.1
117.8
95.8
97.0
102.5
107.4
110.0
106.3
115.5
126.5
131.6
120.9
118.6
96.2
96.5
102.9
109.0
110-.0
106.9
115.3
128.2
130.8
117.2
118.9
97.2
95.8
103.1
110.8
110.0
106.8
116.5
129.4
130.4
114.4
119.0
98.0
95.6
103.5
111.5
108.9
107.0
116.9
130.2
130.5
111.5
119.3
94.9
100.1
98.2
105.3
111.9
106.4
115.0
123.9
132.7
126.4
112.1
95.9
97.2
102.0
107.9
110.2
106.5
115.5
126.7
131.9
120.7
118.4
98.9
95.4
104.6
112.1
108.2
109.0
117.9
132.1
129.3
109.8
119.6
94.7
100.8
96.0
104.5
111.9
106.4
111.7
120.6
133.0
129.1
106.6
910-C. CHANGE IN :OMPOSITE INDEX OF 12 LEADING INDICATORS OVER 1-MONTH S P A N S 1
(COMPOUND ANNUAL R A T E , PERCENT)
1945...
1946...
1947...
194b...
1949.. .
1950...
1951. . .
1952...
1953...
1954...
1955.. .
1956...
1957...
195b...
1959. . .
I960.. .
1961...
1962...
1963...
1964...
1965...
1966.. .
1967...
196b...
1969...
1970...
1971...
1972...
1973...
1974. . .
1975...
1976. . .
2.3
9^3
-11.5
24.1
-3.9
-4.8
31.6
-16.6
-9.5
-1.9
12.9
4.6
0.0
-21.3
22.2
24.4
13.0
-18.1
-4.7
16.6
-14.7
10.6
9.9
2.1
15.4
6.2
5.8
0.0
27.7
-9.6
-8.3
9.0
7.0
5.3
1.7
5.2
3.5
16.4
-9.9
11.8
-22.5
-1.7
26.8
-6.7
-1.7
7.1
1.8
4.7
3.3
0.0
0.0
28.9
-5.7
12.1
14.5
13.3
-15.1
15.1
12.8
26.0
-6.5
-8.2
-10.6
23.2
5.8
7.8
3.8
22.5
-19.1
25.4
10.8
17.2
-18.8
12.2
12.5
13.9
1.4
7.1
1.5
7.4
5.6
9.3
2.6
8.7
3.8
2.6
6.1
7.8
-3.7
-3.5
16.1
-6.2
-5.5
17.6
12.8
-2.3
-8.2
-4.4
21.2
20.7
-7.0
-7.7
10.2
1.6
6.8
1.5
17.0
2.5
-9.9
5.5
-13.5
12.b
14.1
6.5
-3.6
-30.7
6.5
2.8
-3.3
0.9
10.7
6.4
4.6
9.9
12.4
-7.8
-16.3
29.0
-8.5
-2.4
30.8
0.0
0.0
-12.3
24.5
15.3
-15.1
22.1
-18.9
17.0
7.2
37.9
-7.4
-1.6
13.2
-11.3
1.4
1.3
0.0
-8.6
36.4
14.6
-4.1
26.8
-20.8
14.5
5.9
-10.6
24.6
40.3
-7.9
-11.3
19.1
-1.5
6.8
0.0
11.1
-8.1
9.7
-10.7
45.0
-22.5
13.2
33.7
-30.1
16.5
1955...
1956...
1957...
195b...
1959...
1960...
1961...
1962...
1963...
1964...
1965...
1966...
1967...
196b...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
-14l6
15.9
2.7
11.5
8.6
6.3
20.7
-8.1
-6.1
-4.2
11.2
-1.1
2.2
5.6
9.7
4.7
-12.8
20.9
0.7
9.9
7.1
5.6
20.6
-3.3
-6.1
2.0
3.2
9.2
13.6
-0.6
-6.7
0.0
7.7
20.9
-12.6
14.6
14.5
-12.1
22.0
5.0
2.5
10.7
11.1
4.7
9.0
0.4
3.6
6.0
1.6
3.9
4.8
12.4
10.5
1.3
5.9
1.8
4.7
0.8
-8.9
18.3
12.5
10.5
-3.9
-17.7
-2.9
-7.0
24.0
-11.9
-3.2
-7.9
17.2
15.8
1.8
0.0
-9.5
-1.8
-1.9
16.2
15.2
-3.0
-4.6
11.3
0*.7
-6.3
28.8
-7.1
-1.3
-3.1
12.0
9.4
2.0
-12i5
21.0
0.0
5.9
10.8
10.0
-15.1
29.2
2.1
9.4
1.9
9.9
7.2
5.b
-8.0
-1.7
-8.9
-4.7
17.4
-10.9
5.1
0.0
10.5
5.3
8.9
0.0
0.0
-17.6
22.4
-7.6
0.0
6.7
16.5
-10.1
4.6
0.0
6.8
7.7
-20.8
20.0
-18.7
-4.8
23.7
-4.4
-21.2
25.6
-4.7
-7.9
14.4
12.6
15.0
18.4
8.7
3.9
2.8
8.0
-6.4
6.5
0.0
6.5
2.5
5.1
-12.4
21.4
10.7
-5.2
-3.3
-9.3
14.1
13.1
-10.2
-1.1
-13.7
23.7
-6.0
13.2
-8.4
10.3
-2.5
4.8
2.4
0.0
19.4
21.7
4.8
7.8
-5.3
1.1
0.0
7.0
2.1
3.9
3.2
-3.1
12.1
-13.5
-26.9
8.5
2.3
11.0
4.0
7.5
-4.6
28.4
10.4
-18.1
44.8
1.5
-5.1
-2.4
25.7
-10.9
28.4
-7.9
6.7
3.4
2.7
-11.3
18.1
-10.8
18.6
10.1
-4.4
-6.5
30.7
8.2
0.0
0.0
27.7
-3.0
28.6
-7.0
1.7
8.6
1.7
9.7
1.0
4.6
8.2
-9.7
-1.7
25.0
-1.0
-8.2
0.5
-5.1
19.3
22.9
-9.1
11.2
-13.7
12.4
2.3
6.5
8.7
-15*.2
9,5
-7.7
-11.2
13.1
16.1
-1.1
-5.5
-4.5
13.7
-5.8
22.4
-6.7
11.5
10.9
-20.6
4.7
-5.8
-2.0
-5.6
-9.6
34.9
-4.5
-8.3
29.4
-11.7
0.0
-11.4
-2.1
17.4
-7.1
-31.1
-1.1
13.2
11.8
-3.6
-25.2
2.3
4.2
7.7
0.9
3.1
1.0
910-C. CHANGE IN COMPOSITE INDEX OF 12 LEADING INDICATORS OVER
(COMPOUND ANNUAL R A T E , PERCENT)
1945...
1946.. .
1947...
194b...
1949. . .
1950.. .
1951...
1952...
1953...
1954...
AVERAGE
18.2
-10.8
-5.8
9.4
9.4
2.4
7.8
-10.0
35.1
7.6
0.0
14.6
-17.9
12.2
11.6
-2.5
13.5
6.7
-7.8
-8.0
27.4
-5.8
-12'.2
18.4
-12.3
-13.7
2.1
3.5
17.0
-20.6
18.5
10.2
-18.8
26.6
2.8
3.2
5.4
7.8
8.6
-7.8
24.0
-4.0
21.2
-4.9
-3.4
-13.7
13.8
18.3
-4.0
-6.3
4.4
15.5
-8.6
12.9
7.8
-3.9
1.1
4.7
-4.9
5.9
11.5
0.5
9.0
2.5
7.7
9.5
-17.1
12.8
-3.1
-7.9
13.4
-2.3
4.5
1.5
7.8
1.9
-19.9
22.7
-10.5
-2.2
8.4
5.1
8.7
10.0
2.3
-19!i
13.5
-4.3
4.0
5.7
3.9
6.2
9.2
3.3
5.7
0.8
4.3
3.0
4.7
6.9
9.5
-11.0
16.2
13.3
-5.6
-0.7
-11.8
19.7
-9.7
13.9
10.6
-5.3
-9.4
-5.6
11.7
-4.5
12.9
-0.8
9.9
4.0
6.8
13.3
-1.8
16.2
-3.9
11.9
-6.4
2.3
6.7
2.3
5.4
6.0
4.3
0.7
8.7
2.3
2.4
2.7
4.9
8.1
9.3
13.7
-8.1
-27.8
12.2
-3.3
-27.7
12.7
-4.5
-23.0
10.9
-4.5
-24.9
4.1
2.4
2.4
7.6
-13.2
33.9
-10.0
34.4
-3.0
-17.6
27.1
-10.8
12.9
9.6
-1II3
20.3
-2.8
7.8
6.3
7.0
1.2
4.4
10.5
6.1
3.0
8.8
4.0
2.8
-1.1
-6.2
17.2
14.5
3.1
-2.8
-5.3
' Percent changes are centered within the spans: 1-month changes are placed on the 2d month and 3-month changes are placed on the 3d month.
averages of the centered changes.
BCD 1977
FOR PERIOD
1.8
-2.4
25.9
-10.6
4.2
-11.0
18.1
-10.0
35.3
10.8
0.4
16.4
-17.0
12.3
4.7
-9.2
-1.5
25.5
-0.9
0.6
18.5
-10.7
9.5
9.5
10.7
4.1
-8.0
23.6
-6.9
4.5
2.1
7.8
2.3
11.6
0.9
-9.0
13.6
6.4
1.3
1.2
7.7
6.8
3.4
-13.0
34.1
4.7
-9.7
14.2
10.8
-5.2
2.3
-0.7
13.2
-8.3
-21.5
14.1
-13!4
7.9
-3.8
2.9
3.4
-7.5
24.5
7
-i
13.5
-1.3
8.5
-7.1
15.2
-4.8
7.9
2.4
-1.4
-8.1
15.8
-17.0
13.6
-2.0
-7.9
13.7
-3.7
12.3
4.2
5.7
4.0
1.6
7.1
7.5
11.7
-4.5
-3.1
6.9
12.1
-6.3
2.8
5.5
9.9
7.6
-3.3
8.7
9.4
1.1
8.4
12.8
-4.4
-22.8
12.2
-1.8
-14.3
10.7
2.4
AVERAGE FOR PERIOD
2.8
4.7
-0.7
13.2
-8.4
-22.2
13.5
2.0
0.0
95.9
98.4
100.0
107.3
110.8
106.7
114.8
125.4
131.9
122.0
114.1
3-MO NTH SPANS '
-9.1
13.5
13.9
12.1
-2.7
-6.9
22.4
4.7
1.3
3.1
-15.8
23.9
-12.8
7.8
4.8
10.6
3.1
4.1
-7.0
-1.1
4.7
-26.5
1.7
5.8
1.1
1.1
7.6
6.7
3.0
5.2
10.7
-3.0
-7.8
17.2
15.9
-3.1
9.1
1.5
0.0
0.8
0.3
21.0
-12.1
14.8
• 7.4
24.9
10.8
19.0
-10.5
-16.8
-8.4
23.6
-7.0
10.6
3.0
4.5
5.7
0.0
20.9
-3.0
-6.1
98.0
95.6
103.7
111.5
109.0
107.6
117.1 !
130.6
130.1
111.9
119.3
-i.6
-7.7
-0.7
27.6
-8.6
1.6
-8.4
16.2
27.3
8.2
-2.3
14.3
-17.4
14.4
6.4
-7.8
-1.3
22.1
1.6
-1.2
16.4
-7.8
7.8
9.4
7.2
2.9
-8.1
25.4
-8.9
2.2
6.7
3.8
2.4
9.0
2.3
-7.7
12.9
6.9
-1.5
0.4
9.0
8.3
1.5
-10.0
30.2
4.9
-10.3
14.5
10.6
-4.7
1.2
0.8
11.9
-6.5
-22.5
14.9
-15.0
13.2
-3.6
4.7
7.3 1
-10.2
23.9
-2.9
1.2
-16.9
16.4
-3.1 !
-4.8 i
9.3
6.1 |
5.9
6.5
11.4
-3.6
4.4
11.6
-7.0 j
7.9 !
7-i
13.1
-2.3
7.8
-7.4
15.4
7.3
-1.9
-8.1
16.3
1-3
3 1
~
*
11.4
1.6
6.6
7.8
5.4
-3.2
9.0
8.0
-3.6
0.8
7.9
8.7
11.9
-4.1
-25.2
11.6
-1.5
-15.1
11.0
4.1
Quarterly and annual figures are
133
Monthly
Quarterly
Year
Annual
Jan.
Feb.
Mar.
9,13.
Apr.
COMPOSITE
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1 Q
INDEX OF MARGINAL E MPLOYMENT ADJUSTMENTS
(1967=100)
II Q
III Q
IV Q
AVERAGE FOR PERIOD
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
102.5
94.2
97.0
104.2
101.1
103.9
93.8
10U2
94.6
96.6
103.9
101.4
103.6
93.9
101.1
93.0
98.1
104.5
101.0
103.4
93.5
101.1
91.9
99.1
103.6
99.6
103.4
93.1
10o!7
92.4
100.4
102.4
100.7
102.2
94.1
10K7
93.5
100.8
101.5
100.1
101.9
94.4
10K3
93.8
102.8
99.8
96.4
101.1
95.3
100.3
93.7
105.3
98.7
102.4
99.4
94.6
100.1
95.3
103.5
99.2
104.3
97.3
94.7
100.1
93.5
103.3
99.2
104.4
96.6
96.0
99.1
93.8
102.4
100.7
104.2
94.9
97.9
96.9
97.1
102.2
101.0
103.4
94.7
97.9
lUl'.'b
93.9
97.2
104.2
101.2
103.6
93.7
101'.2
92.6
100.1
102.5
100.1
102.5
93.9
100.6
94.3
103.9
99.2
101.0
99.3
94.9
98.7
94.8
102.6
100.3
104.0
95.4
97.3
100.5
93.9
101.0
101.6
101.6
100.2
94.9
1955...
1956...
1957...
1958...
1959.. .
1960...
1961...
1962...
1963...
1964...
98.699.6
98.7
90.9
97.1
98.5
92.9
96.8
96.4
96.8
99.5
98.3
98.5
90.4
97.9
97.2
92.2
97.2
97.0
97.7
99.9
98.7
98.7
89.8
98.7
95.1
94.3
97.8
97.1
97.7
100.1
99.5
97.6
90.1
99.1
95.2
95.1
98.2
96.9
98.6
100.7
97.6
96.5
91.4
98.7
95.3
95.0
97.2
97.3
98.4
99.4
98.4
97.5
92.9
98.3
94.8
95.4
97.0
97.5
98.6
99.2
98.0
96.8
93.7
97.7
94.8
95.5
97.3
97.5
98.6
99.4
98.5
96.0
94.4
97.1
93.8
96.5
96.4
97.1
99.3
100.7
98.9
94.5
95.0
96.9
94.2
94.9
97.2
97.3
98.3
100.5
100.0
93.3
95.3
94.9
93.4
97.3
96.2
97.6
98.6
101.0
99.0
92.3
96.2
95.3
93.0
97.7
96.8
97.2
98.8
100.4
99.3
91.7
96.0
98.9
91.6
97.3
96.4
97.5
99.4
99.3
98.9
98.6
90.4
97.9
96.9
93.1
97.3
96.8
97.4
100.1
93.5
97.2
91.5
98.7
95.1
95.2
97.5
97.2
98.5
99.8
98.5
95.8
94.4
97.2
94.3
95.6
97.0
97.3
98.7
100.6
99.4
92.4
95.8
96.4
92.7
97.4
96.5
97.4
98.9
100.0
98.8
96.0
93.0
97.6
94.7
95.3
97.0
97.2
98.4
99.8
102.0
101.2
99.9
102.2
99.1
96.7
99.1
101.2
98.7
90.4
100.0
102.7
99.1
101.5
101.5
98.4
96.8
99.3
102.3
98.5
90.0
100.5
103.7
98.7
101.2
102.2
97.4
96.6
99.5
101.9
98.7
90.7
99.7
103.3
98.9
100.5
102.2
95.9
96.9
99.7
101.4
97.7
92.0
100.3
103.1
99.5
101.6
101.9
96.4
96.9
99.6
101.1
99.1
91.3
100.5
102.7
99.8
101.6
101.9
96.7
96.9
98.7
101.4
98.4
92.4
100.2
102.1
99.7
101.6
101.5
97.9
97.1
99.3
100.8
98.8
95.2
99.6
102.7
100.4
100.9
101.0
96.4
95.8
100.1
100.6
97.2
94.9
100.5
102.9
100.5
101.7
101.3
95.1
95.9
100.3
101.1
96.2
94.3
101.2
102.4
100.3
102.0
101.0
94.7
97.0
100.5
101.0
94.5
94.3
'101.5
101.8
100.9
102.0
100.4
95.2
97.9
100.9
100.7
91.7
95.2
102.0
100.9
101.0
101.8
100.4
96.2
98.6
101.0
99.6
91.3
96.9
100.1
102.8
99.7
100.9
102.0
98.3
9b.7
99.3
101.8
98.6
90.4
100.2
103.0
99.4
101.2
102.0
96.3
96.9
99.3
101.3
98.4
91.9
100.1
102.6
100.2
101.4
101.3
96.5
96.3
99.9
100.8
97.4
94.8
101.6
101.7
100.7
101.9
100.6
95.4
97.8
100.8
100.4
92.5
95.5
100.5
102.5
100.0
101.4
101.5
96.6
96.9
99.8
101.1
96.7
93.1
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
914.
COMPOSITE
INDEX OF CAPITAL INVESTMENT COMMITMENTS
(1967=100)
AVERAGE FOR PERIOD
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
103.1
91.5
94.8
99.3
95.7
97.7
92.6
10 2 ' . 2
90.7
95.8
97.8
97.0
98.1
92.4
101.2
89.9
96.7
97.1
96.6
97.4
91.7
102.8
89.8
97.5
95.6
96.2
97.5
92.6
100*.8
89.6
98.4
97.5
96.2
96.5
92.9
10CK8
90.2
98.7
95.1
97.2
94.3
93.6
99.0
89.3
100.3
94.7
97.1
95.3
94.3
97!6
90.2
100.1
94.5
97.3
94.1
94.7
96.0
92.6
98.2
96.0
99.5
93.5
95.4
96^3
92.3
97.1
94.9
98.0
94.2
96.5
94^
93.9
97.1
95.3
97.4
92.9
96.8
94.5
94.2
98.9
95.6
97.8
92.9
96.9
102^2
90.7
95.8
98.1
96.4
97.7
92.2
lol] 5
89.9
98.2
96.1
96.5
96.1
93.0
97.5
90.7
99.5
95.1
98.0
94.3
94.8
93.5
97.7
95.3
97.7
93.3
96.7
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
98.4
97.8
94.4
91.4
96.7
96.5
92.1
94.9
96.1
98.7
100.1
97.6
94.5
89.9
97.3
96.2
92.5
96.0
96.5
99.1
99.8
97.7
94.6
90.4
99.0
94.7
92.8
95.3
96.8
98.6
99.4
97.4
93.5
90.7
98.1
95.6
93.0
96.1
96.7
98.7
99.2
97.2
93.9
92.0
97.9
95.2
93.2
95.3
97.7
99.8
99.3
96.7
93.9
92.9
97.5
94.5
93.9
95.2
97.3
99.3
99.2
96.2
93.2
93.8
97.3
94.6
93.9
95.5
97.3
99.0
99.0
95.8
93.4
95.2
96.7
94.0
94.4
95.7
97.7
99.2
99.1
95.1
92.7
95.7
97.1
93.9
93.7
95.9
98.3
99.8
98.3
95.4
92.4
95.8
96.4
93.6
94.5
95.8
98.5
99.9
98.1
95.5
91.9
96.8
96.2
92.6
95.3
96.3
98.4
99.9
97.9
95.2!
91.2|
95.8
97.1
92.7
94.8!
96.5
99.0
99.6
99.4
97.7
94.5
90.6
97.7
95.8
92.5
95.4
96.5
98.8
99.3
97.1
93.8
91.9
97.8
95.1
93.4
95.5
97.2
99.3
99.1
95.7
93.1
94.9
97.0
94.2
94.0
95.7
97.8
99.3
98.1
95.4
91.8
96.1
96.6
93.0
94.9
96.2
98.6
99.8
99.0
96.5
93.3
93.4
97.3
94.5
93.7
95.7
97.5
99.3
100.0
102.1
96.9
102.2
109.0
104.8
105.0
110.3
112.8
107.2
97.8
99.6
101.7
96.8
103.8
109.1
105.1
104.7
109.9
112.9
107.5
97.5
99.9
102.0
97.4
104.4
107.8
103.8
106.2
110.3
112.7
108.0
97.6
99.2
101.0
97.9
102.9
108.6
104.4
106.4
111.2
111.4
107.6
99.6
99.6
100.2
98.8
103.0
107.7
104.2
107.5
111.2
111.6
107.4
100.8
99.9
99.1
100.6
103.5
107.5
103.5
108.2
111.3
112.4
106.4
102.8
100.2
98.9
100.6
105.1
107.2
103.4
108.6
111.7
111.3
107.0
103.8
99.8
97.8
101.8
106.1
107.0
103.4
108.9
111.4
111.0
1U4.4
103.9
100.3
97.0
101.7
106.4
106.6
103.6
108.3
113.0
109.8
102.8
103.7
100.4
96.3
101.8
108.1
106.4
103.9
109.0
113.0
109.0
100 . 9
103.6
100.6
95.4
102.5
107.4
105.5
104.3
109.8
112.3
109.4
99.5
103.8
99.8
101.9
97.0
103.5
108.6
104.6
105.3
110.2
112.8
107.6
97.6
99.6
100.1
99.1
103.1
107.9
104.0
107.4
111.2
111.8
107.1
101.1
100.1
97.9
101.4
105.9
106.9
103.5
108.6
112.0
110.7
104.7
103.8
100.8
95.8
102.5
107.8
105.8
104.6
109.7
112.9
108.6
100.5
103.9
100.1
98.9
100.0
105.1
107.3
104.2
107.7
111.6
111.0
105.0
101.6
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973... 1
1974...
1975...
1976...
915.
101.3
95.7
103.2
107.9
105.6
105.6
110.2
113.4
107.3
101.1
104.3
COMP DSITE INDEX OF INVENTORY INVESTMENT AND PURCHASING
(1967=100)
9s!i
99.1
1
91.2
97.8
96.1
97.2
95.4
94.2
AVERAGE FOR PERIOD
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
94.5
90.0
93.2
103.2
93.7
97.7
90.0
89.5
94.3
103.0
93.4
98.0
90.8
9411
93.4
89.0
94.9
102.8
94.2
98.3
91.1
93^7
88.2
96.1
100.7
94.7
97.6
91.9
94!6
87.4
98.0
99.0
94.2
96.4
93.0
94*.8
86.9
98.8
97.7
95.9
96.0
93.9
95.2
88.5
102.6
96.4
96.1
95.8
93.6
94.8
91.5
104.4
94.8
95.5
94.1
93.1
93.7
93.7
102.9
94.5
95.8
91.7
93.8
92^4
94.3
102.6
95.1
95.6
89.8
95.2
9K2
94.4
101.3
93.8
96.0
89.4
96.7
90 ! l
93.0
100.7
93.6
96.6
89.6
97.4
94.0
89.5
94.1
103.0
93.8
98.0
90.6
94.2
87.5
97.6
99.1
94.9
96.7
92.9
94.6
91.2
103.3
95.2
95.8
93.9
93.5
9U2
93.9
101.5
94.2
96.1
89.6
96.4
93^5
90.5
99.2
97.9
95.1
94.5
93.4
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
97.8
98.5
96.2
90.3
98.3
96.9
94.0
99.0
97.7
99.3
98.4
98.2
95.6
91.7
99.7
95.5
94.3
99.2
98.3
99.0
100.1
97.8
94.4
91.9
100.4
94.1
95.3
98.9
98.8
99.4
100.4
97.7
93.9
92.3
101.0
93.7
96.6
97.1
99.7
100.1
99.7
96.8
94.4
93.4
100.4
94.1
97.6
96.6
99.5
100.5
99.2
96.1
95.1
94.4
99.5
94.6
98.0
96.1
99.3
100.2
100.1
96.4
95.6
95.6
98.7
94.9
97.6
96.9
98.0
100.7
100.8
96.8
95.1
96.4
97.8
95.1
98.2
97.2
97.7
101.0
101.0
97.5
94.2
97.4
98.0
95.2
98.4
97.6
98.2
102.6
100.6
97.9
93.0
98.1
97.9
94.8
98.4
98.0
98.6
102.0
99.8
97.4
91.6
98.6
97.3
94.5
98.2
97.8
98.8
102.0
98.9
96.7
91.0
98.2
97.8
94.5
98.5
97.4
98.8
102.1
98.8
98.2
95.4
91.3
99.5
95.5
94.5
99.0
98.3
99.2
99.8
96.9
94.5
93.4
100.3
94.1
97.4
96.6
99.5
100.3
100.6
96.9
95.0
96.5
98.2
95.1
98.1
97.2
98.0
101.4
99.8
97.3
91.9
98.3
97.7
94.6
98.4
97.7
98.7
102.0
99.7
97.3
94.2
94.9
98.9
94.8
97.1
97.6
98.6
100.7
1965...
1966...
1967...
1968...
1969.. .
1970...
1971...
1972...
1973...
1974...
1975...
1976...
102.5
103.0
100.2
101.9
103.0
100.3
100.0
101.5
106.5
109.8
94.6
102.3
104.3
100.1
101.8
102.5
100.5
100.9
102.0
107.4
110.0
93.5
101.7
105.3
98.9
101.1
102.4
100.2
101.2
102.6
108.0
109.6
92.9
101.8
105.0
98.8
100.4
103.1
100.4
101.0
102.5
108.0
108.9
94.0
101.9
104.3
98.5
100.5
103.5
101.8
100.9
102.8
108.8
107.6
95.4
101.7
103.8
99.0
100.6
103.9
101.7
100.3
103.1
109.2
105.8
96.6
101.7
103.6
99.7
100.9
103.9
100.4
100.0
103.4
109.5
105.3
98.1
101.8
103.3
100.7
99.9
104.1
100.0
100.2
104.2
109.0
105.2
99.1
101.0
102.4
100.7
100.9
104.0
99.8
100.2
104.8
108.7
103.5
100.6
101.0
102.0
100.7
102.0
103.7
98.9
100.9
105.8
108.9
101.4
101.0
101.6
101.5
100.9
103.0
102.3
98.5
100.9
105.7
109.6
98.9
100.0
102.4
101.2
101.8
102.8
101.7 1
99.4
101.1
106.0
109.9
96.4
99.2
102.2
104.2
99.7
101.6
102.6
100.3
100.7
102.0
107.3
109.8
93.7
101.8
104.4
98.8
100.5
103.5
101.3
100.7
102.8
108.7
107.4
95.3
101.5
103.1
100.4
100.6
104.0
100.1
100.1
104.1
109.1
104.7
99.3
101.7
101.6
101.1
102.6
102.6
98.9
101.0
105.8
109.5
98.9
100.1
134
!
1
101.8
103.3
100.0
101.3
103.2
100.2
100.6
103.7
108.6
105.2
97.1
The Handbook of Cyclical Indicators
Quarterly
Monthly
Annual
Year
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1 Q
916. COMPOS ITE INDEX OF PROFITABILITY
(1967=100)
II Q
III Q
IV Q
AVERAGE FOR P ERIOD
1945...
194b. ..
1947...
1948. . .
1949...
1950. . .
1951...
19b2...
1953. ..
Iy54...
70*.i
70.8
69.5
75.1
74.3
73.8
71.3
70*1
b9.9
69.9
73.8
73.9
73.7
72.0
69.9
70.0
70.3
74.1
73.5
73.4
72.3
71.3
69.5
71.2
74.6
73.1
72.7
72.9
72.4
69.0
72.0
75.2
72.6
72.8
73.6
72.7
68.6
72.8
74.8
72.6
72.1
74.1
71.9
69.0
73.0
74.5
73.1
72.3
74.6
71.1
69.9
74.3
74.6
72.9
72.2
74.8
71'.2
69.6
74.9
74.7
73.0
71.2
75.6
71*. 8
69.2
75.0
74.8
73.0
70.8
76.1
70 ".8
69.2
74.9
74.1
74.0
70.3
76.9
7l".0
69.3
74.7
74.2
74.0
70.6
78.3
70.0
70.2
69.9
74.3
73.9
73.6
71.9
72*1
69.0
72.0
74.9
72.8
72.5
73.5
71.4
69.5
74.1
74.6
73.0
71.9
75.0
71.2
69.2
74.9
74.4
73.7
70.6
77.1
71.2
69.5
72.7
74.5
73.3
72.2
74.4
1955.. .
1956...
1957...
1958. . .
1959. . .
19OU. . .
19bl.. .
1962...
1963...
1964. . .
79.4
82.6
81.9
77.6
85.1
86.9
83.7
• 89.5
89.9
94.4
80.1
82.5
81.9
76.7
85.5
86.0
84.0
90.3
90.0
94.8
80.4
83.0
81.8
76.8
86.3
85.2
85.0
90.3
90.2
94.8
81.2
83.1
81.7
76.8
87.1
85.0
85.9
89.3
91.2
95.3
81.2
82.5
82.0
77.7
87.7
84.3
86.3
88.3
91.9
95.4
82.0
82.3
82.5
79.2
87.1
84.6
86.4
86.7
92.0
95.3
82.6
81.4
82.9
79.8
86.6
84.5
86.7
87.2
91.4
95.8
82.4
82.5
82.0
80.9
85.4
84.7
87.5
87.6
92.1
95.7
83.0
82.2
81.4
81.5
84.8
83.9
87.8
88.1
92.4
95.6
82.9
81.9
79.9
82.8
84.6
83.5
88.2
87.7
92.8
95.9
83.4
81.9
78.9
83.8
84.6
83.3
89.1
88.9
92.7
96.6
83.7
82.1
78.2
84.2
86.4
83.3
90.0
89.2
92.9
96.9
80.0
82.7
81.9
77.0
85.6
86.0
84.2
' 90.0
9U.0
94.7
81.5
82.6
82.1
77.9
87.3
84.6
86.2
88.1
91.7
95.3
82.7
82.0
82.1
80.7
85.6
84.4
87.3
87.6
92.0
95.7
83.3
82.0
79.0
83.6
85.2
83.4
89.1
88.6
92.8
96.5
81.9
82.3
81.3
79.8
85.9
84.6
86.7
88.6
91.6
95.5
1965. ..
I9bb. . .
1967...
19bb. ..
1969. . .
197U.. .
1971...
1972...
1973...
1974.. .
1975...
1976...
98.3
102.3
99.3
100.4
100.5
94.3
94.8
100.8
105.6
103.9
93.7
99.0
102.1
99.7
99.2
100.6
93.5
95.9
101.2
105.6
103.3
95.0
99.4
101.9
99.6
99.3
100.2
93.6
96.6
101.6
105.7
103.5
96.0
99.9
101.7
99.9
100.5
99.7
93.1
97.2
102.2
104.5
102.0
98.3
100.5
101.2
99.8
100.8
99.8
91.5
97.3
102.0
104.5
100.9
100.6
100.0
100.7
99.6
101.1
98.9
91.1
97.1
102.1
104.5
99.8
102.6
100.4
100.6
99.4
100.7
98.0
91.1
97.3
102.4
104.3
98.0
104.2
100.8
99.4
99.8
100.3
97.7
91.4
96.7
103.3
105.4
96.4
104.3
101.3
99.0
100.6
100.5
97.1
91.8
98.0
103.3
104.9
94.9
104.2
101.6
99.0
100.9
100.4
96.8
92.2
98.0
103.6
105.3
95.1
104.4
101.6
99.2
100.7
101.0
96.5
92.0
97.9
104.9
104.3
94.9
105.2
102.0
99.2
100.7
1U0.7
95.2
93.8
99.1
106.0
103.5
92.9
105.6
98.9
102.1
99.5
99.6
100.4
93.8
95.8
101.2
105.6
103.6
94.9
100.1
101.2
99.8
100.8
99.5
91.9
97.2
102.1
104.5
100.9
100.5
100.8
99.7
99.9
100.5
97.6
91.4
97.3
103.0
104.9
96.4
104.2
101.7
99.1
100.8
100.7
96.2
92.7
98.3
104.8
104.4
94.3
105.1
100.4
100.5
100.0
100.4
98.4
92.4
97.2
102.8
104.8
98.8
101.2
917.
CC)MPOSITE INDEX OF MONEY AND FINANCIAL
(1967=100)
FLOWS
AVERAGE FOR PERIOD
1945...
1946...
1947...
1948...
1949...
1950. . .
1951...
1952...
1953...
1954...
77'.4
71.1
75.2
72.0
76.9
79.4
75.4
77.2
71.4
75.6
69.8
77.9
79.1
75.8
77.7
71.6
76.3
69.6
78.2
79.6
76.2
73*6
72.2
77.5
69.6
77.5
80.1
76.0
71.3
73.2
77.9
70.2
77.0
80.1
76.8
70.6
73.0
77.8
71.6
77.0
79.0
77.4
70.0
74.0
77.1
72.9
77.0
78.2
78.4
70.5
73.5
76.1
74.1
77.6
77.5
79.4
71.2
72.8
74.8
74.4
79.0
76.6
80.2
71 ".3
73.2
74.2
74.5
79.5
75.5
81.7
71'.3
73.2
74.0
75.4
80.3
74.8
82.3
71'.4
74.2
73.1
75.8
79.8
75.0 !
82.6 j
77*4
71.4
75.7
70.5
77.7
79.4
75.8
71*8
72.8
77.7
70.5
77.2
79.7
76.7
70.6
73.4
76.0
73.8
77.9
77.4
79.3
71.3
73.5
73.8
75.2 1
79.9
75.1
1
82.2
72*8
72.8
75.8
72.5
78.1
77.9
78.5
1955...
1956...
1957...
195b...
1959...
I960. ..
1961...
1962. ..
1963...
1964...
83.3
86.4
83.2
76.7
85.6
82.4
80.1
87.1
88.1
90.7
84.2
86.0
83.3
77.2
85.8
83.0
80.3
86.7
88.7
91.0
84.1
85.6
83.4
77.2
86.3
83.0
81.3
87.0
89.0
91.4
84.4
84.7
83.0
77.6
86.7
82.3
82.4
87.3
89.7
91.8
85.6
83.1
82.5
77.9
87.4
81.0
83.2
87.2
90.4
92.6
86.6
82.5
81.2
78.5
87.4
80.4
84.1
87.1
90.6
93.0
87.5
82.2
80.5
78.6
87.8
80.9
84.5
86.9
90.4
93.6
87.4
82.1
80.2
79.2
87.2
81.6
84.8
86.8
90.1
93.9
87.0
82.7
79.6
80.9
85.3
82.3
84.8
86.5
90.5
94.4
87.5
82.8
78.8
82.6
83.1
82.0
85.4
86.3
90.6
95.1
87.0
83.3
77.6
84.4
81.5
81.4
86.5
86.3
91.2
95.6
86.7
83.2
77.2
84.7
81.6
80.6 !
87.0
87.0
90.6
95.4
83.9
86.0
83.3
77.0
85.9
82.8
80.6
86.9
88.6
91.0
85.5
83.4
82.2
78.0
87.2
81.2
83.2
87.2
90.2
92.5
87.3
82.3
80.1
79.6
86.8
81.6
84.7
86.7
90.3
94.0
87.1
83.1
77.9
83.9
82.1
81.3
86.3
86.5
90.8
95.4
85.9
83.7
80.9
79.6
85.5
81.7
83.7
86.8
90.0
93.2
1965...
1966...
1967...
1968...
1969...
1970...
1971. ..
1972...
1973.. .
1974...
1975...
1976. ..
95.4
99.8
94.2
102.3
109.2
101.4
106.2
113.1
127.0
118.2
102.2
96.0
99.4
96.5
102.1
108.5
100.2
108.1
114.8
126.0
117.9
100.5
96.3
99.7
97.9
102.3
107.3
100.7
109.7
116.6
123.6
117.4
102.0
96.2
100.1
97.5
102.8
106.9
101.5
111.0
117.8
122.6
117.7
102.5
95.8
100.0
98.5
103.7
106.5
101.9
111.9
118.0
123.0
116.9
103.5
96.1
98.7
99.8
104.5
105.2
101.4
112.9
118.2
123.7
115.7
105.4
96.9
96.5
101.2
105.2
103.4
101.2
113.7
118.6
123.6
114.2
106.1
97.4
94.1
102.1
106.2
101.7
102.4
114.1
119.1
121.3
111.4
106.8
98.0
94.0
102.8
107.3
101.8
104.3
113.2
120.8
119.9
109.0
106.5
98.8
93.0
103.3
107.8
102.2
104.7
112.2
122.3
118.8
107.7
105.9
99.1
92.5
103.4
108.8
102.5
104.7
111.5
124.2
118.3
106.7
107.5
99.3
93.5
102.8
109.3
101.5 !
105.2
111.8 1
126.2
118.4
104.8
107.3
95.9
99.6
96.2
102.2
108.3
100.8
108.0
114.8
125.5
117.8
101.6
96.0
99.6
98.6
103.7
106.2
101.6
111.9
118.0
123.1
116.8
103.8
97.4
94.9
102.0
106.2
102.3
102.6
113.7
119.5
121.6
111.5
106.5
99.1
93.0
103.2
108.6
102.1
104.9
111.8
124.2
118.5
106.4
106.9
940. RATIO, CO [NCIDENT COMPOSITE INDEX TO LAGGING COMPOSITE
(1967=100)
AVERAGE FOR PERIOD
109*3
100.8
102.1
107.6
96.5
99.2
90.3
108*4
99.8
101.9
105.5
97.7
99.2
91.0
108.8
99.4
105.3
104.5
97.2
99.4
91.2
107*0
98.8
106.9
103.6
97.2
97.9
91.6
107.9
98.0
108.4
102.1
96.4
97.2
92.2
108.4
98.2
110.1
100.7
94.2
96.6
93.4
106*6
97.5
114.0
99.0
92.6
96.2
93.5
105.3
99.2
115.2
98.6
96.9
95.1
95.0
105.1
101.0
111.5
98.1
99.2
93.3
96.1
106.4
96.1
109.5
98.1
100.2
93.2
97.1
104.0
99.4
106.7
98.1
100.3
92.1
98.5
103*. 9
100.8
108.7
97.2
100.0
90.8
99.8
108.8
100.0
103.1
105.9
97.1
99.3
90.8
107.8
98.3
108.5
102.1
95.9
97.2
92.4
105*7
99.2
113.6
98.6
96.2
94.9
94.9
104.8
98.8
108.3
97.8
100.2
92.0
98.5
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
100.6
100.9
95.0
87.2
98.5
97.0
88.7
98.4
97.7
99.2
101.5
100.3
96.2
86.7
99.3
95.2
88.6
99.5
98.3
99.5
102.2
98.8
95.8
85.9
100.1
93.6
90.1
99.7
98.7
99.3
104.0
98.4
94.2
85.8
101.0
93.5
91.4
99.6
99.5
99.8
104.6
96.4
93.5
87.9
101.0
92.0
92.9
99.2
99.7
100.7
103.6
95.7
93.4
90.5
100.0
90.9
94.8
98.4
99.7
100.5
103.9
91.1
93.3
92.7
97.8
90.7
95.8
98.5
99.1
101.4
101.5
95.4
92.4
94.6
93.6
90.7
96.6
98.5
99.0
100.9
101.5
95.6
90.9
94.7
92.1
91.0
96.3
98.2
99.4
100.7
101.5
96.4
90.9
95.3
90.7
90.9
97.7
97.9
99.5
99.5
101.2
95.5
89.2
97.9
91.9
89.7
99.6
98.0
98.2
101.9
101.9
96.3
87.5
96.8
96.0
87.9
99.9
97.5
98.5
102.4
101.4
100.0
95.7
86.6
99.3
95.3
89.1
99.2
98.2
99.3
104.1
96.8
93.7
88.1
100.7
92.1
93.0
99.1
99.6
100.3
102.3
94.0
92.2
94.0
94.5
90.8
96.2
98.4
99.2
101.0
101.5
96.1
89.2
96.7
92.9
89.5
99.1
97.8
98.7
101.3
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
102.1
103.8
99.4
101.7
100.2
92.5
98.5
107.1
109.8
94.4
79.4
102.1
103.4
99.2
101.9
100.2
92.3
99.0
108.5
109.4
94.7
81.3
102.1
103.3
98.9
102.4
99.6
92.8
100.4
109.3
108.1
94.7
82.5
101.6
102.3
99.6
101.5
98.3
93.9
101.5
109.4
105.9
91.3
85.2
101.7
101.7
99.3
101.0
97.6
93.7
101.5
109.2
104.9
88.5
87.0
102.2
101.7
99.3
101.1
95.8
92.8
102.2
108.3
102.9
87.4
90.8
102.9
100.6
99.2
101.8
95.5
92.9
100.6
108.8
100.8
86.1
91.5
102.6
100.0
100.4
101.1
95.5
92.5
99.6
110.0
98.0
85.5
92.7
103.3
100.2
100.4
101.6
95.4
92.9
100.4
109.4
96.6
84.7
93.5
103.7
100.5
100.7
102.4
94.9
91.8
101.3
110.0
97.3
84„0
93.1
104.0
99.5
101.9
102.3
94.2
92.3
103.1
110.5
97.6
82.6
95.0
103.6
99.1
101.7
100.9
93.9
95.4
104.2
110.8
96.0
80.1
96.4
102.1
103.5
99.2
102.0
100.0
92.5
99.3
108.3
109.1
94.6
81.1
101.8
101.9
99.4
101.2
97.2
93.5
101.7
109.0
104.6
89.1
87.7
102.9
100.3
100.0
101.5
95.5
92.8
100.2
109.4
98.5
85.4
92.6
103.8
99.7
101.4
101.9
94.3
93.2
102.9
110.4
97.0
82.2
94.8
97.1
96.8
100.0
105.2
104.7
102.5
111.4
119.1
122.2
113.1
104.7
INDE X
1945. ..
1946...
1947...
1948.. .
1949.. .
1950. ..
1951. ..
1952...
1953.. .
1954...
1977
i
i
!
1
!
>
106.8
99.1
108.4
101.1
97.4
95.8
94.1
102.3
96.7
92.7
91.3
96.8
91.9
94.4
98.6
98.9
100.5
102.7
101.3
100.0
101.6
96.8
93.0
101.0
109.3
102.3
87.8
89.0
Monthly
Quarterly
Year
Annual
Feb.
Jan.
Mar.
920.
Apr.
COMPOSITE
May
June
July
INDEX OF 4 ROUGHLY COINCIDENT
(1967=100)
Aug.
Sept.
Oct.
Nov.
1 Q
Dec.
II Q
III Q
IV Q
INDICATORS
AVERAGE FOR PERIOD
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
50.' 5
50.0
48.5
58.0
58.3
64.0
60.4
50.4
49.6
48.2
57.7
59.1
64.6
60.4
50.9
49.1
49.7
58.0
59.1
65.2
59.8
50.4
48.6
50.8
58.2
58.9
65.2
59.6
50.'8
48.1
51.9
58.2
59.2
65.2
59.3
51.7
47.8
53.2
58.3
58.7
64.9
59.4
51.8
47.2
55.2
57.6
57.7
65.1
59.2
51.8
47.7
56.9
57.9
60.2
64.4
59.2
51.8
48.3
56.2
57.7
61.9
63.6
59.5
51.9
46.3
56.3
57.9
62.7
63.3
59.8
51.5
47.2
56.1
58.1
63.1
62.2
60.9
51.1
47.8
57.4
58.1
63.7
61.1
61.6
50.6
49.6
48.8
57.9
58.8
64.6
6U.2
51.0
48.2
52.0
58.2
58.9
65.1
59.4
5l!8
47.7
56.1
57.7
59.9
64.4
59.3
51.5
47.1
56.6
58.0
63.2
62.2
60.8
51.*2
48.1
53.4
58.0
60.2
64.1
59.9
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
62.3
68.6
69.9
64.8
67.5
72.3
67.6
72.5
75.0
79.2
62.8
68.5
70.4
63.5
68.3
72.1
67.4
73.2
75.7
80.0
63.9
68.5
70.3
62.6
69.1
71.5
67.9
73.8
76.0
80.0
64.7
69.1
69.6
61.7
70.2
71.7
68.2
74.2
76.6
80.9
65.6
68.7
69.3
61.8
71.0
71.3
68.9
74.2
76.9
81.6
66.0
68.7
69.4
62.6
71.3
70.9
69.8
74.1
77.3
81.8
66.6
66.3
69.4
63.6
70.6
70.5
69.9
74.5
77.4
82.4
66.5
68.6
69.5
64.2
68.6
70.2
70.6
74.7
77.5
82.8
67.1
69.2
68.8
64.8
68.5
69.9
70.6
74.7
78.0
83.5
67.7
69.9
68.1
65.2
68.1
69.6
71.5
74.9
78.6
82.7
68.1
69.7
67.0
66.7
68.8
68.8
72.5
75.3
78.4
84.1
68.5
70.2
65.8
66.5
71.4
67.8
72.9
75.0
78.9
85.4
63.0
68.5
7U.2
63.6
bd.3
72.0
67.6
73.2
75.6
79.7
65.4
68.8
69.4
62.0
70.8
71.3
69.0
74.2
76.9
81.4
66.7
68.0
69.2
64.2
69.2
70.2
70.4
74.6
77.6
82.9
63.1
69.9
67.0
66.1
69.4
68.7
72.3
75.1
78.6
84.1
65.8
68.8
69.0
64.0
69.4
70.6
69.8
74.3
77.2
82.0
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
85.7
93.9
99.3
102.6
108.6
109.8
107.5
112.9
123.8
126.8
113.9
86.3
94.5
98.8
103.5
109.2
109.7
107.3
113.3
125.1
126.1
112.3
87.1
95.7
98.9
103.9
109.6
109.7
107.7
114.5
125.6
125.8
110.9
87.5
95.9
99.2
104.1
109.8
109.4
108.1
115.5
125.6
125.5
111.4
88.2
96.3
99.1
105.0
110.0
109.1
108.6
116.1
126.0
125.7
111.8
88.8
97.4
99.3
105.7
110.5
108.5
108.6
115.8
126.2
125.5
112.7
89.7
97.5
99.5
106.3
111.0
108.7
108.4
116.7
126.9
125.7
113.7
90.1
97.8
100.3
106.1
111.4
108.4
108.4
118.2
126.6
125.2
115.4
90.4
98.2
100.4
106.7
111.6
108.1
109.1
118.8
127.2
124.6
116.3
91.6
98.7
100.3
107.3
112.0
105.8
109.3
120.4
128.2
123.3
116.7
92.5
98.7
101.9
107.9
110.9
104.9
110.2
121.6
128.8
119.9
116.9
93.3
98.8
103.0
108.2
111.0
106.6
111.2
122.6
127.9
116.2
117.6
86.4
94.7
99.0
103.3
109.1
109.7
107.5
113.6
124.8
126.2
112.4
88.2
96.5
99.2
104.9
110.1
109.0
108.4
115.8
125.9
125.6
112.0
90.1
97.8
100.1
106.4
111.3
108.4
108.6
117.9
126.9
125.2
115.1
92.5
98.7
101.7
107.8
111.3
105.8
110.2
121.5
128.3
119.8
117.1
89.3
97.0
100.0
105.6
110.5
108.2
108.7
117.2
126.5
124.2
114.1
920-C.
CHANGE IN COMPOSITE: INDEX OF 4 ROUGHLY COINCIDENT INDICATORS OVER 1-MONTH SPANS '
(COMPOUND ANNUAL RATE, PERCENT)
AVERAGE FOR PERIOD
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
12.6
-11.4
44.4
6.4
0.0
11.7
-11.3
-11.6
30.0
4.2
-4.0
0.0
-3.9
9.9
-11.7
29.3
0.0
6.3
0.0
-5.9
23.5
-7.2
34.6
2.1
-9.7
-5.4
2.0
2.3
-14.1
55.7
-13.5
-18.6
3.8
-4.0
0.0
13.5
43.9
6.4
66.4
-12.2
0.0
o!o
19.1
13.3
4.2
5.8
-12.9
-2.4
-9.2
-7.2
-6.0
17.8
11.8
0.0
-li!2
-23!6
16.2
-13.8
-4.1
39.7
-13.9
6.3
2.3
-39.8
2.2
4.2
16.7
-5.5
6.2
-8.9
26.0
-4.2
4.2
7.9
-19.0
24.4
-8! 9
16.4
31.6
0.0
12.0
-19.3
14.7
-14!5
18.8
4.6
7.3
9.8
-8.1
7.4
-10.2
31.3
2.1
-2.5
-1.8
-2.6
o'.Q
5.2
28.6
-3.7
29.2
-7.4
0.8
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
14.5
1.8
-5.0
-16.8
19.6
16.2
-3.5
-6.4
0.0
4.7
10.1
-1.7
8.9
-21.6
15.2
-3.3
-3.5
12.2
11.8
12.8
23.2
0.0
-1.7
-15.7
15.0
-9.5
9.3
10.3
4.9
0.0
16.1
11.0
-11.3
-16.0
20.9
3.4
5.4
6.7
9.9
14.4
18.0
-6.7
-5.1
2.0
14.6
-6.5
13.0
0.0
4.8
10.9
7.6
0.0
1.7
16.7
5.2
-6.5
16.8
-1.6
6.4
3.0
11.5
-34.7
0.0
20.9
-11.2
-6.6
1.7
6.7
1.6
9.2
-1.8
50.6
1.7
11.9
-29.2
-5.0
12.7
3.3
1.6
6.0
11.4
11.0
-11.4
11.8
-1.7
-5.0
0.0
0.0
8.0
10.6
11.3
12.8
-11.5
7.7
-6.8
-5.0
16.4
3.3
9.6
-10.9
7.3
-3.4
-17.8
31.4
13.1
-13.0
18.1
6.6
-3.0
22.3
7.3
9.0
-19.5
-3.5
56.1
-16.1
6.8
-4.7
7.9
20.2
15.9
0.0
0.7
-18.0
16.6
1.1
0.8
5.4
5.6
5.8
13.9
1.4
-4.9
0.9
13.6
-3.2
11.7
1.7
7.0
9.4
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
4.3
8.0
6.2
-4.6
4.5
-12.2
10.6
20.0
12.4
-9.8
-21.3
8.7
7.9
-5.9
11.0
6.8
-1.1
-2.2
4.3
13.4
-6.4
-15.6
11.7
16.3
1.2
4.7
4.5
0.0
4.6
13.5
4.9
-2.8
-14.0
5.7
2.5
3.7
2.3
2.2
-3.2
4.5
11.0
0.0
-2.8
5.5
10.0
5.1
-1.2
10.9
2.2
-3.2
5.7
6.4
3.9
1.9
4.4
8.5
14.6
2.4
8.3
5.6
-6.4
0.0
-3.1
1.9
-1.9
10.1
12.9
1.2
2.4
7.0
5.6
2.2
-2.2
9.7
6.9
1.9
11.2
5.5
3.8
10.1
-2.2
4.4
-3.3
0.0
16.6
-2.8
-4.7
19.5
4.1
5.0
1.2
7.0
2.2
-3.3
8.0
6.3
5.8
-5.6
9.8
17.1
6.3
-1.2
7.0
4.4
-22.7
2.2
17.4
9.9
-11.8
4.2
12.4
0.0
20.9
6.9
-11.2
-9.7
10.3
12.6
5.8
-28.5
2.1
10.9
1.2
13.8
3.4
1.1
21.3
11.4
10.3
-8.1
-31.3
7.4
8.2
10.7
0.5
3.7
5.3
-4.4
4.3
12.6
10.2
-6.3
-17.0
8.1
7.4
1.6
7.2
3.3
-4.3
3.4
4.8
1.9
-0.9
6.7
c 20-C.
CHANGE IN COMPOSITf : INDEX OF 4 ROUGHLY COINCIDENT INDICATORS OVER 3 - 10NTH
(COMPOUND ANNUAL RATE, PERCENT)
-14.8
16.9
4.2
7.1
9.8
-8.2
-0.8
-10.7
20.4
1.4
4.2
7.7
-5.2
3^2
-11.6
34.4
3.5
0.7
3.8
-7.1
6.4
-10.2
31.3
2.1
-2.7
-1.8
-2.6
11.6
-11.0
39.4
-4.1
-7.9
-0.6
-2.7
8.1
-3.3
44.5
-2.0
6.9
-4.8
-0.7
0.8
4.2
24.5
-4.1
23.7
-7.8
0.7
-7.4
8.2
2.1
39.4
-10.6
4.1
-2i3
-4.1
-5.5
1.4
20.7
-13.0
12.0
-5.3
-4.1
8.8
2.8
12.1
-14.8
14.9
-13l9
20.4
12.6
2.8
8.6
-17.1
17.8
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
13.1
2.4
4.1
-19.3
9.9
20.6
-7.9
3.9
2.1
8.4
15.8
0.0
0.6
-18.1
16.6
0.6
0.6
5.0
5.4
5.7
16.3
2.9
-1.7
-17.8
17.0
-3.3
3.6
9.7
8.8
8.9
19.1
1.2
-6.1
-10.3
16.8
-4.4
9.2
5.6
6.5
8.2
13.8
1.2
-5.0
0.0
13.4
-3.3
11.7
1.6
7.0
9.3
12.3
-15.2
-1.1
12.9
2.3
-6.5
10.3
1.6
4.2
7.6
5.6
-0.6
1.2
16.5
-12.9
-6.0
10.2
2.7
3.2
6.0
6.8
2.9
-3.4
14.8
-14.8
-5.5
4.7
3.3
3.7
8.6
6.8
23.6
-7.3
10.4
-13.4
-5.0
9.5
2.2
6.3
1.5
10.0
6.6
-13.6
16.5
1.2
-7.7
11.2
3.3
4.7
6.4
8.6
5.9
-16.3
10.9
18.0
-11.5
13.7
1.6
4.7
9.4
5.4
0.0
-18.0
14.9
27.0
-11.0
5.7
0.5
3.1
15.3
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
10.9
8.9
0.4
6.4
4.9
-4.3
9.5
11.7
12.0
-8.1
-23.0
8.2
10.7
0.4
3.5
5.3
-4.6
4.2
12.4
10.2
-6.4
-17.0
8.7
8.8
-0.4
6.0
4.5
-1.4
2.3
9.5
5.9
-4.0
-8.5
9.1
7.8
1.2
5.9
3.0
-2.2
4.9
10.3
2.9
-1.3
-1.8
8.0
7.3
1.6
7.1
3.3
-4.3
3.4
4.6
1.9
-1.0
6.7
10.4
6.8
1.2
8.7
4.4
-2.5
1.1
4.2
4.2
0.6
8.5
8.9
6.4
4.9
4.3
5.2
-2.5
-0.7
7.4
1.9
-1.6
13.5
7.4
3.3
4.5
3.8
4.0
-1.5
1.9
10.8
3.2
-2.8
13.4
8.7
5.0
3.3
3.8
3.7
-10.3
3.4
13.3
4.2
-7.4
11.0
11.1
3.7
6.5
7.0
-1.8
-12.3
6.8
12.0
7.1
-15.9
5.3
13.5
2.5
10.8
5.7
-2.1
-5.4
7.9
13.4
2.2
-24.4
4.5
10.4
2.5
9.5
4.9
-7.6
6.6
13.8
11.8
-4.3
-27.2
7.0
'Percent changes are centered within the spans:
averages of the centered changes.
...
6!8
7.0
9.0
-3.2
14.9
-14.0
-5.5
4.8
3.3
3.7
8.6
8.6
6.1
-16.3
11.9
20.8
-11.4
13.8
1.7
4.8
10.5
11.4
4.1
-5.9
2.4
9.2
-4.7
7.8
3.0
5.3
8.6
7.5
3.3
4.6
3.9
4.1
-1.5
1.9
10.9
3.3
-2.8
13.5
13.5
2.5
11.2
5.8
-1.9
-3.7
8.0
13.4
2.5
-23.9
4.6
9.3
6.0
4.5
5.1
2.7
-3.5
4.4
10.4
4.5
-8.5
1.9
AVERAGE FOR PERIOD
-14.0
8.7
11.9
7.1
9.9
-11.1
...
-4.* 7
22.1
1.4
11.6
-3.5
1.3
SPANS'
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
...
-5.* 2
0.9
9.9
2.8
12.2
-14.6
15.1
5.8
6.1
9.1
-8.2
1.1
-10.9
35.0
0.5
-3.3
0.5
-4.1
3^2
-2.2
25.7
-1.3
23.3
-7.7
1.4
-7! 2
4.1
5.3
2.3
13.8
-15.0
14.9
-5.* 5
20.4
1.8
10.0
-3.3
1.0
15.1
1.8
1.0
-18.4
14.5
6.0
-1.2
6.2
5.4
7.7
15.1
-4.3
-4.1
0.9
10.8
-4.7
10.4
2.9
5.9
8.4
6.4
8.6
-3.2
13.9
-13.7
-5.5
8.1
2.7
4.4
5.4
8.0
4.2
-16.0
14.1
15.4
-10.1
10.2
1.8
4.2
10.4
11.1
2.6
-5.5
2.6
6.8
-3.6
6.9
3.4
5.0
7.9
9.3
9.5
0.1
5.3
4.9
-3.4
5.3
11.2
9.4
-6.2
-16.2
9.2
7.3
1.3
7.2
3.6
-3.0
3.1
6.4
3.0
-0.6
4.5
8.3
4.9
4.2
4.0
4.3
-4.8
1.5
10.5
3.1
-3.9
12.6
11.7
2.9
8.9
5.9
-3.8
-3.7
9.5
12.4
1.7
-22.5
5.6
9.6
6.1
3.7
5.6
2.2
-3.7
4.9
10.1
4.3
-8.3
1.6
-lill
15.3
1
1
|
1-month changes are placed on the 2d month and 3-month changes are placed on the 3d month. Quarterly and annual figures are
The Handbook of Cyclical Indicators
Quarterly
Monthly
Annual
Year
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
IQ
Dec.
II Q
III Q
IV Q
930 . COMPOSITE INDEX OF 6 LAGGING INDICATORS
(1967=100)
AVERAGE FOR PERIOD
1945 -..
194b...
1*47. . .
1^48. . .
1949. . .
1950...
1951...
1952...
1953...
1954...
46.2
49.6
47.5
53.9
b0.4
64.5
66.9
46.5
49.7
47.3
54.7
60.5
65.1
66.4
46.8
49.4
47.2
55.5
60.8
65.6
65.b
47.1
49.2
47.5
56.2
60.6
66.6
65.1
47.1
49.1
47.9
57.0
61.4
67.1
64.3
47.7
48.7
48.3
57.9
62.3
67.2
63.6
48.6
48.4
48.4
58.2
62.3
67.7
63.3
49.2
48.1
49.4
58.7
62.1
67.7
62.3
49.3
47.8
50.4
53.8
62.4
68.2
61.9
48.8
48.2
51.4
59.0
62.6
67.9
61.6
49.5
47.5
52.6
59.2
62.9
67.5
61.8
49.2
47.4
52.8
59.8
63.7
67.3
61.7
1955...
1956...
1957...
1958...
1959...
i960.. .
1961...
1962...
1963...
1964...
61.9
68.0
73.6
74.3
68.5
74.5
76.2
73.7
76.8
79.8
61.9
68.3
73.2
73.2
68.8
75.7
76.1
73.6
77.0
80.4
62.5
69.3
73.4
72.9
69.0
76.4
75.4
74.0
77.0
80.6
62.2
70.2
73.9
71.9
69.5
76.7
74.6
74.5
77.0
81.1
62.7
71.3
74.1
70.3
70.3
77.5
74.2
74.8
77.1
81.0
63.7
71.8
74.3
69.2
71.3
78.0
73.6
75.3
77.5
81.4
64.1
72.8
74.4
68.6
72.2
77.7
73.0
75.6
78.1
81.3
65.5
71.9
75.2
67.9
73.3
77.4
73.1
75.8
78.3
82.1
66.1
72.4
75.7
68.4
74.4
76.8
73.3
76.1
78.5
82.9
66.7
72.5
74.9
68.4
75.1
76.6
73.2
76.5
79.0
83.1
67.3
73.0
75.1
68.1
74.9
76.7
72.8
76.8
79.8
82.5
83.9
90.5
99.9
100.9
108.4
118.7
109.1
105.4
112.7
134.3
143.4
84.5
91.4
99.6
101.6
109.0
118.8
108.4
104.4
114.3
133.2
138.1
85.3
92.6
100.0
101.5
110.0
118.2
107.3
104.8
116.2
132.8
134.5
86.1
93.7
99.6
102.6
111.7
116.5
106.5
105.6
118.6
137.4
130.8
86.7
94.7
99.8
104.0
112.7
116.4
107.0
106.3
120.1
142.1
128.5
86.9
95.8
100.0
104.5
115.3
116.9
106.3
106.9
122.6
143.6
124.1
87.2
96.9
100.3
104.4
116.2
117.0
107.8
107.3
125.9
146.0
124.2
87.8
97.8
99.9
104.9
116.6
117.2
108.8
107.5
129.2
146.4
124.5
87.5
98.0
100.0
105..0
117.0
116.4
108.7
108.6
131.7
147.1
124.4
88.3
98.2
99.6
104.8
118.0
115.2
107.9
109.5
131.7
146.7
125.3
88.9
99.2
100.0
105.5
117.7
113.6
106.9
110.0
132.0
145.2
123.1
1965...
1966...
1967...
1968...
1969...
1970. . .
1971. . .
1972...
1973...
1974...
1975. ..
1976...
930-C. CHANGE IN COMPOSITE INDEX OF 6 LAGGING INDICATORS OVER
(COMPOUND ANNUAL R A T E , PERCENT)
1945.. .
1946.. .
1947...
194b. ..
1949. . .
1950. ..
1951...
1952...
1953. . .
1954.. .
1955...
1956...
1957.. .
1958...
1959...
1960...
1961...
1962...
1963...
1964...
1965...
1966.. .
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976. ..
8.1
2.4
10.2
2.6
-4.9
19.3
28.1
12.7
16.2
-6.9
4.0
1.6
-13.1
12.1
-1.5
-4.4
-13.5
0.0
5.4
12.3
19.1
-5.6
16.7
-6.3
-16.4
3.3
8.5
6.1
9.6
-4.8
-15.3
5.4
3.5
21.1
-1.6
-1.6
11.7
-10.5
9.0
4.8
-12.0
6.7
0.0
3.0
8.4
0.0
7.7
12.0
16.9
11.9
15.2
-4.7
13.8
20.2
-16.0
-8.6
8.9
12.6
-3.5
-4.6
14.3
7.9
11.8
-8.6
3.2
9.4
7.4
5.5
2.4
8.0
-4.8
16.2
-3.9
19.9
-8.8
2.0
15.3
12.1
-13.5
-3.4
8.0
-7.0
-2.5
19.0
5.2
8.6
6.8
1.0
-24.6
-13.7
25.3
10.4
-13.2
-7.4
-10.8
18.4
-9.4
-36.4
4.9
-1.2
11.6
-5.9
-11.5
4.7
9.6
21.9
-3.5
-27.2
27.8
50.5
-28.4
0.0
-2.4
10.6
18.5
17.0
9.4
-13.8
16.4
-9.3
10.5
20.7
19.1
1.8
-12.3
10.1
20.5
3.3
-23.7
14.7
13.3
-6.2
4.9
1.6
-1.5
20.9
8.7
3.3
-17.2
18.5
8.0
-9.3
8.3
6.4
6.1
8.7
13.6
2.4
17.7
11.3
-1.0
5.8
8.2
16.3
49.7
-19.2
2.8
14.9
2.4
5.9
31.5
5.3
-7.6
7.0
28.0
13.4
-34.2
25.1
-7.1
2.5
6.4
0.0
9.3
15.9
-7.2
27.8
10.8
-3.8
1955...
1956...
1957.. .
1958...
1959...
1960...
1961...
1962...
1963...
1964...
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
8.0
5*. 3
-4.7
1.6
1.6
-3.2
-1.7
17.0
-1.7
22.1
0.0
5.2
18.2
17.9
9.1
6.9
1.3
6.1
14.7
-6.4
12.5
-9.7
13.7
-10.3
12.9
-12.1
0.6
6.1
1.1
5.3
2.0
5.3
13.1
13.6
18.8
2.8
1.6
5.0
-9.7
-11.7
-12.3
-14.9
1.8
6.0
12.3
-8.1
9.0
9.9
-3.1
11.2
-8.5
-9.6
4.5
1.0
3.0
5.6
0.5
2.5
4.4
1.0
6.7
6.7
0.5
3.0
10.1
11.7
9.4
11.6
1.2
0.8
10.9
14.9
-1.2
10.8
15.2
1.6
6.6
13.9
10.9
3.8
0.0
-17.1
-9.0
16.6
-14.8
-6.9
21.8
-1.2
-26.2
4.2
4.3
3.7
-18.2
6.9
0.8
9.8
12.7
-7.2
-9.2
14.3
-7.8
-5.1
0.8
7.5
22.6
21.9
29.5
-25.0
9.6
-30.8
'Percent changes are centered within the spans:
averages of the centered changes.
BCD 1977
7.9
-5.5
9.7
18.5
10.2
10.1
-11.6
13.4
-6.3
7.8
15.0
11.7
6.8
-10.6
7.9
15.2
5.0
-18.8
14.0
8.6
-9.2
7.2
2.6
4.0
12.8
15.7
2.7
-17.1
16.5
5.3
-8.3
6.0
5.8
1.0
7.7
14.6
0.0
12.4
20.7
-4.3
-3.7
8.3
23.9
36.7
-27.5
5.2
14.4
2.8
7.2
17.1
1.7
5.0
6.6
27.0
27.5
-18.7
2.5
-7.2
27.2
0.0
-5.5
-17.4
-7.4
7.8
29.6
-13.9
13.7
-11.6
19.9
-4.5
11.6
4.9
9.7
1.7
3.2
3.1
3.3
4.9
3.1
-1.5
12.5
12.3
4.2
8.6
-4.0
14.7
11.7
-4.7
2.5
1.2
1.1
4.2
18.1
1.6
-9.9
16.2
-4.5
-9.4
3.7
9.8
1.0
5.9
4.2
2.1
18.3
11.7
-1.1
4.6
2.3
37.5
22.0
36.4
1.0
3.3
2.9
19.1
-7.9
13.1
12.5
8.7
8.3
9.2
19.6
-8.9
67.2
72.9
75.2
68.7
74.4
77.1
73.0
76.9
80.1
83.4
62.1
68.5
73.4
73.5
68.8
75.5
75.9
73.8
76.9
80.3
62.9
71.1
74.1
70.5
70.4
77.4
74.1
74.9
77.2
81.2
65.2
72.4
75.1
68.3
73.3
77.3
73.1
75.8
78.3
82.1
67.1
72.8
75.1
68.4
74.8
76.8
73.0
76.7
79.6
83.0
64.3
71.2
74.4
70.2
71.8
76.8
74.0
75.3
78.0
81.6
90.1
99.7
101.3
107.2
118.2
111.7
106.7
110.6
133.2
145.1
122.0
84.6
91.5
99.8
101.3
109.1
118.6
108.3
104.9
114.4
133.4
138.7
86.6
94.7
99.8
103.7
113.2
116.6
106.6
106.3
120.4
141.0
127.8
87.5
97.6
100.1
104.8
116.6
116.9
108.4
107.8
128.9
146.5
124.4
89.1
99.0
100.3
105.8
118.0
113.5
107.2
110.0
132.3
145.7
123.5
-7.0
-2.5
4.1
5.9
12.9
16.4
-3.5
-1.9
11.5
1.7
-12.0
0.0
11.9
-3.1
-1.6
6.5
7.9
2.9
11.3
SPANS'
j
j
86.9
95.7
100.0
103.9
114.2
116.4
107.6
107.2
124.0
141.7
128.6
-6.8
4.0
1.9
4.7
-1.6
22.1
6.9
12.5
-9.7
5.4
-1.8
-1.6
13.3
1.6
3.0
-5.1
-3.1
11.1
-7.7
-11.6
1.6
6.4
3.3
1.6
4.6
11.5
-8.4
8.6
3.3
-6.4
4.8
12.9
-8.3
13.9
8.5
1.8
5.7
0.6
2.7
17.5
9.4
12.9
6.2
11.7
4.9
8.3
16.8
21.1
1.3
0.9
-3.0
-15.5
-10.6
5.2
10.9
-18.3
-2.2
0.1
5.6
2.8
-11.6
-19.1
-14.5
-6.6
21.9
-0.8
-25.6
6.7
11.5
-0.8
-10.2
8.'i
-5.5
9.7
18.5
10.7
10.4
-11.6
14! 5
-7.2
19.2
6.4
0.7
6.2
-10.1
8.5
15.3
5.0
-18.7
14.1
8.7
-9.2
7.2
2.7
4.1
16.3
4.3
7.9
-4.1
18.6
-6.0
-1.5
4.3
5.3
7.8
7.8
14.6
0.0
12.5
21.0
-3.9
-3.5
8.3
24.0
37.9
-27.3
2.9
9.6
0.1
2.0
6.1
-1.6
9.6
6.6
33.3
10.4
1.0
0.0
-2.7
21.1
7.1
8.7
|
-3.'4
12.1
13.5
6.8
6.0
-5.2
-1.2
-8.1
9.3
8.9
3.4
7.0
2.9
-2.4
2.0
0.4
1.6
-8.1
-1.6
-5.1
4.3
8.5
2.8
5.4
4.2
4.3
8.7
4.0
12.5
8.2
7.2
5.7
10.8
9.0
'
4.3
-15.2
-7.1
7.6
4.8
-5.2
-6.8
1.8
6.1
10.6
-5.1
-3.9
4.0
21.0
10.6
-14.7
AVERAGE FOR PERIOD
1.7
4.6
3.6
5.6
1.9
1.2
-11.9
-10.3
-10.3
19.1
15.9
3.4
6.1
3.4
7.8
17.2
-1.6
-13.0
18.2
-0.5
-5.8
-4.5
18.6
-6.0
-1.6
5.5
6.4
5.5
4.3
5.3
7.6
5.2
2.8
9.5
0.0
1.9
6.0
-2.8
2.8
6.9
4.6
-1.7
-6.0
9.3
6.5
0.4
8.5
33.9
12.7
-11.9
33.2
10.1
19.7
1.0
48.0.
48.6
49.2
57.4
61.8
66.9
63.7
18.6
-16.1
31.9
3-MONTH
5.9
6.4
0.6
6.1
14.6
49.2
47.7
52.3
59.3
63.1
67.6
61.7
-11! 5
10.5
26.6
4.2
3.9
-5.2
-5.7
-1.0
-7.9
-1.1
13.0
25.9
-1.6
27.2
0.4
3.5
49.0
48.1
49.4
58.6
62.3
67.9
62.5
SPANS'
11.5
2.5
-4.7
-2.3
10.8
-11.7
-8.5
10.4
0.0
-3.2
9.0
14.1
-7.2
18.6
13.8
47.3
49.0
47.9
57.0
61.4
67.0
64.3
AVERAGE FOR PERIOD
2.1
6.0
9.2
930-C. CHANGE IN CO MPOSITE INDEX OF 6 LAGGING INDICATORS OVER
(COMPOUND ANNUAL R A T E , PERCENT)
1945...
1946...
1947...
1948...
1949. ..
1950...
1951...
1952...
1953...
1954...
1-MONTH
46.5
49.6
47.3
54.7
60.6
65.1
66.3
2.7
-1.2
17.1
-5.5
1.1
4.8
4.7
9.2
5.1
5.5
1.5
6.3
1.9
3.6
2^5
-4.9
28.5
3.5
5.3
-1.2
-3.2
11.5
6.3
-0.5
1.2
9.0
-3.6
-1.6
5.4
7.9
2.0
5.1
5.8
0.4
2.3
3.8
-11.7
-6.8
9.6
9.0
-3.2
-4.4
-0.8
-3.3
20.5
7.0
8.6
-5.2
-1.3
6.* 7
-5.7
20.9
0.0
-1.1
19.1
9.8
5.8
12.7
-5.8
2.0
13.6
-8.8
6.8
2.8
8.0
6.2
10.9
-2.6
-3.2
1.8
1.8
0.0
1.6
-3.2
-2.1
4.0
9.3
2.8
1.6
-6.6
-1.6
4.3
8.4
2.4
12.4
7.1
5.3
8.6
4.2
-15.2
-7.2
7.6
4.6
-5.3
-7.5
2.6
0.6 1
4.1
1
4.8
0.8
4.1
|
10.1
12.7
3.9
10.3
7.1
5.3
14.5
2.4
-19.6
-9.0
12.2
8.1
-8.7
-13.6
-11.2
0.5
4.8
1
12.5
-1.1
-13.7
-5.0
20.3
4.0
-25.1
1-month changes are placed on the 2d month and 3-month changes are placed on the 3d month.
8.*9
-5.5
7.6
17.1
9.3
9.9
-11.4
ll.*6
-5.6
19.6
8.2
2.4
3.6
-10.8
8.7
16.6
4.2
-16.9
13.2
7.9
-9.0
6.6
3.0
2.7
17.4
1.7
5.5
-6.2
18.0
-4.0
-2.1
4.9
5.5
7.4
7.9
14.7
1.2
9.8
17.4
-3.5
-1.3
7.5
24.3
31.2
-23.7
4.4
9.6
-0.8
2.3
9.0
-1.6
5.5
6.5
28.9
8.2
-2.4
2.8
-4.6
23.3
6.8
8.9
-4.1
-0.8
8.8
5.1
-2.1
1.2
1.9
-3!9
12.3
12.8
6.6
5.8
-8.0
9.4
8.6
2.4
-8.3
9.3
3.0
-1.4
-0.1
-4.5
3.8
6.8
2.8
5.0
4.0
4.2
9.3
6.7
3.7
8.5
3.5
7.9
10.9
1.2
6.3
-15.5
-7.7
10.6
-5.4
-4.3
9.8
7.2
20.2
-5.7
-8.5
-14.9
4.7
9.4
Quarterly and annual figures are
137
Monthly
Quarterly
Year
Annual
Jan.
Feb.
Mar.
950.
Apr.
May
June
! July
Aug.
Sept.
Oct.
Nov.
Dec.
1 Q
D I F F U S I O N INDEX OF 12 LEADING INDICATOR COMPONENTS
(PERCENT R I S I N G OVER 1 -MONTH SPANS)
II Q
III Q
IVQ
AVERAGE FOR PERIOD
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
60.0
41.7
70.8
45.8
58.3
70.8
62.5
50*6
75.0
66.7
75.0
62.5
50.0
10.0
50.0
87.5
50.0
70.8
45.8
75.0
55*6
25*6
37.5
95.8
41.7
33.3
41.7
79.2
50.0
75.0
45.8
58.3
33.3
87.5
50.0
45.8
62.5
20.8
75.0
12.5
95.8
25.0
75.0
66.7
33.3
50.0
41.7
83.3
20.8
79.2
54.2
45.8
50.0
20.8
66.7
33.3
83.3
25.0
66.7
75.0
8.3
83.3
41*7
45.8
37.5
50.0
50.0
41.7
100.0
12*5
66.7
25.0
50.0
62.5
33.3
83.3
25.0
58.3
33.3
66.7
58.3
62.5
54.2
38.9
77.8
54.2
68.0
59.7
62.5
5 1 ".7
44.4
77.8
36.1
55.5
29.2
87.5
26'.4
79.2
48.6
48.6
58.3
23.6
77.8
26*4
56.9
31.9
55.6
56.9
45.8
79.2
54*. 9
59.0
48.6
59.7
39.6
76.7
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
75.0*
37.5
20.8
50.0
83.3
41.7
58.3
54.2
66.7
58.3
91.7
25.0
29.2
54.2
75.0
20.8
58.3
62.5
83.3
50.0
58.3
50.0
41.7
54.2
75.0
8.3
83.3
58.3
58.3
54.2
58.3
58.3
16.7
75.0
62.5
66.7
100.0
45.8
66.7
87.5
45.8
33.3
50.0
83.3
41.7
50.0
83.3
12.5
83.3
70.8
58.3
33.3
66.7
87.5
25.0
54.2
79.2
29.2
41.7
62.5
70.8
58.3
29.2
79.2
37.5
62.5
50.0
87.5
37.5
58.3
50.0
41.7
33.3
91.7
25.0
50.0
66.7
70.8
33.3
75.0
54.2
41.7
25.0
100.0
37.5
58.3
33.3
66.7
70.8
75.0
29.2
45.8
16.7
83.3
16.7
25.0
83.3
50.0
83.3
58.3
50.0
54.2
0.0
87.5
33.3
25.0
75.0
54.2
41.7
66.7
25.0
45.8
29.2
54.2
66.7
37.5
62.5
62.5
66.7
41.7
75.0
37.5
30.6
52.8
77.8
23.6
66.6
58.3
69.4
54.2
54.1
41.6
44.5
81.9
43.1
57.0
87.5
29.2
63.9
73.6
58.3
47.2
29.2
90.3
33.3
56.9
50.0
75.0
47.2
69.4
34.7
48.6
15.3
75.0
38.9
29.2
73.6
55.6
63.9
55.6
55.6
43.7
29.9
75.0
48.3
41.7
69.4
54.5
61.1
63.2
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
66.7
70.8
33.3
33.3
50.0
25.0
70.8
87.5
75.0
33.3
8.3
70.8
66.7
50.0
58.3
25.0
41.7
75.0
66.7
50.0
50.0
50.0
62.5
58.3
58.3
45.8
33.3
54.2
75.0
83.3
41.7
45.8
66.7
41.7
37.5
66.7
29.2
70.8
50.0
54.2
70.8
33.3
45.8
83.3
58.3
20.8
75.0
70.8
37.5
45.8
66.7
66.7
66.7
37.5
87.5
54.2
8.3
79.2
79.2
58.3
20.8
50.0
54.2
62.5
20.8
91.7
58.3
25.0
75.0
58.3
33.3
50.0
50.0
66.7
33.3
37.5
83.3
62.5
25.0
100.0
50.0
41.7
41.7
50.0
66.7
12.5
8.3
54.2
54.2
41.7
54.2
87.5
50.0
54.2
41.7
79.2
41.7
16.7
58.3
70.8
25.0
45.8
62.5
33.3
50.0
75.0
70.8
50.0
16.7
58.3
70.8
37.5
66.7
66.7
20.8
41.7
62.5
58.3
54.2
16.7
58.3
70.8
41.7
75.0
66.7
33.3
66.7
75.0
79.2
33.3
25.0
41.7
66.7
65.3
47.2
45.8
36.1
40.3
73.6
79.2
55.6
43.0
41.7
51.4
22.2
73.6
59.7
55.5
38.9
57.0
63.9
54.2
34.7
87.5
58.3
30.6
76.4
65.3
41.7
48.6
47.2
70.9
29.2
20.8
65.3
70.8
34.7
62.5
65.3
29.1
52.8
70.8
69.4
45.8
19.5
52.8
61.8
38.2
64.9
59.0
40.6
45.2
62.2
70.8
46.2
29.5
61.8
950.
D I F F JSION INDEX OF 1 2 LEADING INDICATOR COMPONENTS
(PERCENT R I S I N G OVER 6 -MONTH SPANS)
AVERAGE FOR PERIOD
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
95.8
41.7
70.8
58.3
58.3
33*3
100.0
41.7
70.8
41.7
79.2
25.0
100.0
37.5
70.8
25.0
83.3
45.0
41.7
100.0
25.0
75.0
25.0
91.7
40.0
54.2
91.7
25.0
58.3
16.7
87.5
30.0
91.7
66.7
33.3
83.3
0.0
100.0
20*0
91.7
66.7
33.3
75.0
0.0
100.0
16.7
91.7
62.5
33.3
83.3
0.0
100.0
16.7
91.7
50.0
33.3
75.0
8.3
91.7
16*7
83.3
37.5
54.2
83.3
16.7
91.7
8*3
100.0
16.7
75.0
83.3
25.0
100.0
16.7
100.0
45.8
75.0
54.2
41.7
100.0
27.8
98.6
40.3
70.8
41.7
73.6
38*3
62.5
86.1
27.8
72.2
13.9
93.1
17.8
91.7
59.7
33.3
77.8
2.8
97.2
13.9
94.4
33.3
68.1
73.6
27.8
97.2
69.i
69.4
42.4
73.6
21.5
90.3
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
91.7
33.3
8.3
33.3
91.7
33.3
79.2
62.5
87.5
83.3
83.3
25.0
16.7
41.7
83.3
41.7
100.0
25.0
100.0
83.3
83.3
25.0
8.3
100.0
83.3
8.3
91.7
33.3
83.3
91.7
75.0
16.7
16.7
91.7
62.5
8.3
91.7
33.3
83.3
91.7
70.8
33.3
33.3
100.0
37.5
33\3
100.0
37.5
62.5
83.3
75.0
29.2
25.0
100.0
16.7
62.5
91.7
41.7
62.5
83.3
58.3
20.8
16.7
100.0
16.7
41.7
87.5
29.2
66.7
66.7
62.5
58.3
0.0
100.0
0.0
45.8
91.7
66.7
- 62.5
91.7
58.3
50.0
0.0
100.0
16.7
41.7
91.7
83.3
66.7
87.5
58.3
50.0
8.3
91.7
25.0
33.3
87.5
79.2
70.8
83.3
20.8
33.3
0.0
91.7
29.2
29.2
83.3
79.2
87.5
83.3
25.0
33.3
12.5
91.7
0.0
25.0
87.5
79.2
79.2
66.7
86.1
27.8
11.1
58.3
86.1
27.8
90.3
40.3
90.3
86.1
73.6
26.4
25.0
97.2
38.9
34.7
94.5
37.5
69.4
86.1
59.7
43.0
5.6
100.0
11.1
43.1
90.3
59.7
65.3
82.0
34.7
38.9
6.9
91.7
18.1
29.2
86.1
79.2
79.2
77.8
63.5
34.0
12.2
86.8
38.6
33.7
90.3
54.2
76.0
83.0
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
54.2
83.3
50.0
62.5
62.5
16.7
91.7
100.0
66.7
16.7
25.0
54.2
75.0
41.7
66.7
50.0
25.0
91.7
91.7
54.2
16.7
41.7
50.0
45.8
62.5
54.2
25.0
25.0
83.3
91.7
54.2
29.2
66.7
50.0
16.7
70.8
83.3
37.5
37.5
70.8
87.5
50.0
25.0
91.7
50.0
8.3
83.3
58.3
45.8
41.7
70.8
100.0
33.3
8.3
100.0
62.5
16.7
100.0
70.8
41.7
33.3
41.7
100.0
29.2
0.0
91.7
83.3
8.3
100.0
91.7
25.0
33.3
54j£
87.5
20.8
8.3
83.3
70.8
0.0
100.0
91.7
0.0
41.7
66.7
100.0
16.7
0.0
75.0
79.2
4.2
95.8
91.7
0.0
58.3
75.0
95.8
12.5
0.0
66.7
100.0
12.5
70.8
91.7
8.3
66.7
91.7
91.7
8.3
0.0
83.3
83.3
33.3
70.8
83.3
8.3
87.5
83.3
91.7
20.8
8.3
66.7
83.3
50.0
66.7
66.7
8.3
100.0
100.0
83.3
25.0
16.7
75.0
52.8
68.0
51.4
61.1
45.8
22.2
88.9
94.5
58.4
20.9
44.5
54.2
13.9
84.7
70.8
41.7
37.5
61.1
95.8
37.5
11.1
94.5
77.8
4.2
98.6
91.7
8.3
44.4
65.3
94.4
16.7
2.8
75.0
88.9
31.9
69.4
80.6
8.3
84.7
91.7
88.9
18.0
8.3
75.0
68.4
29.5
76.0
76.0
26.0
47.2
76.7
93.4
32.6
10.8
72.2
25*. 6
951.
D I F F U S I O * INDEX OF 4 ROUGHLY COIN CIDENT INDICATOR COMPONEN TS
(PERCENT R I S I N G OVER 1 -MONTH SPANS)
AVERAGE FOR PERIOD
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
75*6
75*6
50*6
75.6
75.0
75.0
75.0
100.0
25.0
0.0
50.0
50.0
100.0
100.0
50.0
25.0
100.0
75.0
75.0
100.0
0.0
0.0
100.0
62.5
50.0
87.5
25.0
25.0
100.0
50.0
75.0
50.0
50.0
100.0
25.0
100.0
50.0
50.0
50.0
75.0
62*5
12.5
100.0
12.5
0.0
62.5
50.0
50*0
100.0
100.0
50.0
100.0
12.5
25.0
50.0
100.0
50.0
25.0
100.0
0.0
100.0
12.5
V75.0,
0.0' ,100.0
75.0
-- 5 0 . 0
75.0
8 7 . 5 f'50.0
87.5
. 25.0
25.0
100.0
100.0
75.0
100.0
75.0
100.0
0.0
100.0
8*3
75.0
66.7
83.3
100.0
25.0
75*0
16.7
100.0
54.2
58.3
62.5
50.0
54.2
70.8
83.3
29.2
66.7
25.0
58.3
37*5
58.3
75.0
79.2
79.2
16.7
100.0
38*5
83.3
57.3
71.9
51.0
58.3
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
100.0
50.0
25.0
0.0
75.0
100.0
50.0
25.0
62.5
100.0
100.0
50.0
100.0
12.5
100.0
25.0
50.0
100.0
100.0
100.0
100.0
62.5
62.5
0.0
100.0
0.0
100.0
100.0
100.0
62.5
100.0
100.0
12.5
0.0
100.0
75.0
75.0
100.0
100.0
100.0
100.0
25.0
0.0
75.0
100.0
37.5
100.0
62.5
75.0
100.0
75.0
75.0
75.0
100.0
100.0
50.0
100.0
50.0
100.0
75.0
100.0
0.0
62.5
100.0
25.0
0.0
75.0
100.0
62.5
100.0
50.0
100.0
62.5
75.0
0.0
0.0
100.0
100.0
75.0
75.0
100.0
100.0
0.0
100.0
50.0
25.0
62.5
50.0
100.0
100.0
75.0
100.0
0.0
87.5
25.0
25.0
100.0
100.0
100.0
12.5
100.0
75.0
0.0
100.0
100.0
0.0
100.0
100.0
37.5
100.0
10.0.0
100.0
0.0
75.0
100.0
12.5
100.0
37.5
75.0
100.0
100.0
54.2
62.5
4.2
91.7
41.7
66.7
75.0
87.5
87.5
91.7
66.7
29.2
58.3
100.0
54.2
91.7
70.8
91.7
91.7
83.3
66.7
41.7
91.7
25.0
8.3
79.2
83.3
79.2
91.7
91.7
91.7
0.0
87.5
75.0
12.5
100.0
79.2
70.8
70.8
91.7
69.8
33.3
60.4
72.9
29.2
84.4
77.1
82.3
85.4
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
100.0
100.0
75.0
25.0
100.0
0.0
100.0
100.0
100.0
37.5
0.0
100.0
100.0
37.5
100.0
100.0
75.0
25.0
75.0
100.0
25.0
25.0
100.0
100.0
75.0
100.0
75.0
62.5
87.5
100.0
75.0
62.5
25.0
100.0
75.0
100.0
75.0
75.0
25.0
100.0
100.0
62.5
25.0
62.5
75.0
75.0
75.0
100.0
50.0
25.0
100.0
100.0
75.0
50.0
100.0
100.0
100.0
75.0
100.0
75.0
25.0
75.0
50.0
75.0
62.5
75.0
100.0
75.0
75.0
75.0
87.5
100.0
75.0
100.0
100.0
75.0
100.0
100.0
100.0
100.0
75.0
100.0
25.0
62.5
100.0
37.5
25.0
100.0
75.0
100.0
75.0
87.5
87.5
50.0
87.5
75.0
100.0
50.0
100.0
100.0
100.0
50.0
100.0
100.0
0.0
62.5
100.0
100.0
0.0
100.0
100.0
50.0
100.0
75.0
0.0
0.0
100.0
100.0
100.0
0.0
62.5
100.0
75.0
100.0i
75.0
50.0
100.0
100.0
100.0
25.0
0.0
87.5
100.0
100.0
62.5
75.0
91.7
45.8
70.8
91.7
91.7
41.7
16.7
91.7
83.3
83.3
91.7
66.7
25.0
91.7
83.3
70.8
45.8
79.2
91.7
91.7
83.3
79.2
91.7
58.3
75.0
91.7
79.2
50.0
100.0
100.0
75.0
83.3
83.3 1
50.0
33.3
87.5
100.0
75.0
0.0
83.3
95.8
87.5
78.1
82.3
75.0
40.6
81.2
91.7
79.2
34.4
69.8
6*6
138
25*6
The Handbook of Cyclical Indicators
Quarterly
Monthly
Annual
Year
Jan.
Feb.
Mar.
951. DIFFUSION
1945...
1946...
1947...
1946...
1949...
1950...
1951...
1952...
1953...
1954...
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
li/bS...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1*75...
1976...
6*6
0.0
o*.o
100.0
75.0
100.0
100.0
100.0
100.0
100.0
100.0
0.0
0.0
100.0
75.0
50.0
100.0
25.0
100.0
100.0
50.0
100.0
62.5
62.5
100.0
50.0
50.0
May
June
July
INDEX OF 4 ROUGHLY COINCIDENT
(PERCENT RISING OVER 6 -MONTH
100*6
100*6
0.0
100.0
50.0
50.0
100.0
50.0
0.0
100.0
50.0
100.0
50.0
25.0
0.0
0.0
0.0
100.0
100.0
25.0
100.0
100.0
100.0
100.0
100.0
75.0
100.0
100.0
100.0
100.0
50.0
100.0
100.0
100.0
100.0
100.0
25.0
62.5
37.5
100.0
50.0
100.0
100.0
100.0
100.0
100.0
100.0
50.0
100.0
100.0
50.0
100.0
100.0
100.0
25.0
100.0
100.0
75.0
100.0
100.0
37.5
100.0
100.0
100.0
25.0
0.0
0.0
100.0
100.0
75.0
100.0
100.0
25.0
100.0
100.0
100.0
50.0
25.0
100.0
100.0
75.0
100.0
100.0
37.5
100.0
100.0
100.0
50.0
75.0
952.
1945...
1946.. .
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
Apr.
100.0
50.0
100.0
50.0
100.0
Aug.
Sept.
Oct.
Nov.
1 Q
Dec.
INDICATOR COMPONENTS
SPANS)
io616
0.0
100.0
50.0
100.0
75.0
50.0
100.0
75.0
100.0
50*6
0.0
87.5
75.0
100.0
100.0
6*6
75.0
75.0
100.0
100.0
6*6
100'.6
100.0
75.0
100.0
100.0
o.o
0.0
0.0
0.0
0.0
0.0
0.0
0.0
100.0
83.3
83.3
100.0
62.5
50.0
100.0
100.0
100.0
100.0
100.0
8.3
100.0
62.5
25.0
75.0
75.0
25.0
100.0
100.0
100.0
100.0
100.0
100.0
25.0
100.0
50.0
25.0
100.0
100.0
100.0
100.0
100.0
100.0
25.0
100.0
12.5
25.0
100.0
100.0
100.0
100.0
100.0
100.0
12.5
100.0
25.0
100.0
100.0
100.0
100.0
100.0
100.0
75.0
100.0
0.0
0.0
0.0
0.0
100.0
70.8
54.2
100.0
50.0
100.0
100.0
100.0
100.0
0.0
0.0
0.0
0.0
100.0
100.0
100.0
1C0.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
25.0
100.0
100.0
100.0
100.0
100.0
83.3
66.7
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
25.0
100.0
100.0
75.0
50.0
100.0
100.0
100.0
100.0
100.0
100.0
50.0
100.0
100.0
75.0
50.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
87.5
100.0
100.0
100.0
100.0
50.0
25.0
100.0
100.0
50.0
100.0
100.0
100.0
100.0
50.0
50.0
100.0
100.0
50.0
100.0
50.0
100.0
100.0
50.0
75.0
100.0
100.0
50.0
0.0
0.0
0.0
0.0
0.0
0.0
100.0
100.0
66.7
100.0
100.0
37.5
100.0
100.0
100.0
33.3
100.0
100.0
100.0
100.0
100.0
8.3
0.0
0.0
0.0
100.0
100.0
100.0
100.0
100.0
100.0
III Q
IV Q
AVERAGE FOR PERIOD
50.0
100.0
50.0
100.0
100.0
100.0
100.0
25.0
100.0
II Q
DIFF JSION INDEX OF 6 LAGGING INDICATOR COMPONENTS
(PERCENT RISING OVER 1 -MONTH SPANS)
16.7
100.0
50.0
83.3
50.0
45.8
75.0
33.3
100.0
58.3
100.0
6!6
0.0
0.0
83.3
100.0
100.0
62.5
37.5
70.8
75.0
33.3
100.0
100.0
100.0
100.0
100.0
100.0
12.5
100.0
29.2
91.7
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
91.7
100.0
100.0
37.5
100.0
100.0
83.3
50.0
91.7
100.0
100.0
100.0
100.0
95.8
100.0
83.3
100.0
100.0
50.0
50.0
100.0
100.0
50.0
8.3
0.0
100.0
100.0
100.0
0.0
100.0
100.0
8.3 1
8.3
0.0
100.0
100.0
AVERAGE
34.4
93.8
72.9
91.7
37.5
59.4
87.5
75.0
100.0
100.0
97.9
83.3
26.0
67.7
76.0
33.3
91.7
100.0
100.0
100.0
100.0
95.8
89.6
100.0
86.5
31.2
100.0
100.0
83.3
22.9
75.0
FOR PERIOD
•::
41.7
75.0
100.0
75.0
75.0
41.7
58*3
58.3
41.7
66.7
58.3
83.3
41.7
75.0
41.7
41.7
75.0
91.7
75.0
25.0
75.0
41.7
59.3
58.3
50.0
100.0
16.7
58*3
41.7
75.0
75.0
75.0
66.7
8.3
75.0
41.7
58.3
75.0
91.7
58.3
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
66.7
91.7
91.7
33.3
58.3
58.3
25.0
91.7
58.3
41.7
75.0
75.0
25.0
16.7
75.0
91.7
41.7
41.7
58.3
91.7
75.0
91.7
58.3
25.0
75.0
91.7
25.0
58.3
58.3
66.7
41.7
91.7
91.7
16.7
7 5.0
75.0
16.7
91.7
66.7
75.0
75.0
100.0
83.3
0.0
'-1. 7
91.7
25.0
66.7
66.7
66.7
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
75.0
75.0
66.7
75.0
83.3
58.3
33.3
16.7
100.0
66.7
16.7
58.3
75.0
50.0
75.0
83.3
41.7
83.3
41.7
83.3
75.0
25.0
75.0
83.3
66.7
58.3
75.0
50.0
50.0
91.7
91.7
66.7
33.3
75.0
100.0
50.0
83.3
91.7
58.3
50.0
75.0
100.0
66.7
0.0
75.0
91.7
75.0
83.3
83.3
50.0
75.0
100.0
66.7
83.3
0.0
952.
1945...
1946...
1947...
1948...
1949...
1950...
1951.. .
1952...
1953...
1954...
41.7
83.3
83.3
100.0
33.3
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
100.0
50.0
83.3
8.3
66*7
25.0
75.0
83.3
58.3
41.7
75.0
41.7
66.7
100.0
91.7
41.7
41.7
47.2
52.8
80.6
75.0
77.8
36.1
83.3
75.0
41.7
58.3
91.7
50.0
66.7
83.3
75.0
58.3
100.0
75.0
58.3
58.3
33.3
75.0
41.7
58.3
91.7
41.7
58.3
50.0
66.7
91.7
50.0
58.3
75.0
75.0
75.0
75.0
72.2
86.1
58.3
25.0
69.4
80.6
30.6
63.9
58.3
66.7
75.0
41.7
41.7
66.7
91.7
33.3
33.3
66.7
83.3
50.0
83.3
75.0
75.0
50.0
83.3
58.3
16.7
33.3
91.7
75.0
50.0
33.3
66.7
75.0
83.3
83.3
66.7
69.4
77.8
61.1
69.4
80.5
50.0
55.5
50.0
91.7
69.5
25.0
8.3
8.3
8.3
83.3
83.3
75.0
41.7
41.7
75.0
83.3
75.0
75.0
33.3
75.0
75.0
75.0
83.3
83.3
75.0
83.3
66.7
75.0
66.7
66.7
75.0
66.7
91.7
66.7
91.7
66.7
58.3
66.7
58.3
83.3
83.3
91.7
66.7
50.0
75.0
66.7
50.0
91.7
58.3
75.0
91.7
66.7
83.3
83.3
33.3
58.3
50.0
66.7
66.7
75.0
25.0
58.3
83.3
91.7
75.0
33.3
8.3
91.7
91.7
83.3
75.0
83.3
58.3
75.0
100.0
75.0
41.7
58.3
100.0
66.7
0.0
83*3
25.0
58.3
75.0
91.7
100.0
0.0
100.0
41.7
83.3
75.0
91.7
100.0
0.0
8.3
8.3
83.3
100.0
100.0
0.0
100.0
83.3
41.7
91.7
75.0
91.7
100.0
83.3
100.0
91.7
58.3
58.3
58.3
100.0
91.7
0.0
100.0
91.7
25.0
91.7
58.3
75.0
100.0
66.7
83.3
16.7
100.0
66.7
41.7
75.0
91.7
75.0
100.0
75.0
75.0
50.0
100.0
66.7
41.7
75.0
91.7
58.3
75.0
100.0
66.7
83.3
100.0
50.0
50.0
66.7
100.0
83.3
16.7
75.0
100.0
66.7
83.3
100.0
50.0
50.0
100.0
100.0
66.7
0.0
75.0
100.0
66.7
83.3
91.7
50.0
83.3
100.0
100.0
66.7
0.0
75.0
83.3
66.7
83.3
83.3
50.0
83.3
100.0
100.0
66.7
75.0
83.3
75.0
83.3
100.0
50.0
66.7
100.0
83.3
66.7
16.7
75.0
83.3
50.0
83.3
83.3
50.0
66.7
91.7
100.0
50.0
16.7
58.3
100.0
91.7
16.7
75.0
75.0
41.7
91.7
58.3
91.7
58.3
100.0
91.7
16.7
83.3
75.0
66.7
100.0
91.7
16.7
83.3
91.7
8.3
8.3
91.7
58.3
66.7
75.0
100.0
66.7
75.0
100.0
50.0
33.3
83.3
100.0
100.0
16.7
75.0
100.0
66.7
83.3
100.0
50.0
33.3
66.7
100.0
100.0
16.7
75.0
75.0
75.0
91*.7
58.3
58.3
83.3
91.7
100.0
0.0
41.7
58.3
83.3
100.0
100.0
16.7
1977
91.7
83.3
83.3
25*6
41.* 7
75.0
66.7
66.7
58.3
41.7
16.7
8.3
50.0
83.3
75.0
50.0
33.3
DIFFlJSION INDEX OF 6 LAGGING INDICATOR COMPONENTS
(PERCENT RISING OVER 6 -MONTH SPANS)
41*. 7
58.3
83.3
100.0
100.0
33.3
75*6
83.3
33.3
91.7
83.3
41.7
41.7
25.0
58.3
41.7
91.7
66.7
75.0
75.0
8.3
91.7
41.7
58.3
58.3
50.0
75.0
33.3
0.0
100.0
83.3
41.7
91.7
75.0
91.7
0.0
83*3
25.0
100.0
83.3
75.0
83.3
100.0
25.0
100.0
83.3
58.3
50.0
69*4
41.7
63.9
69.4
72.2
75.0
11.1
77.8
38.9
80.6
69.4
55.6
63.9
22.2
44.5
47.2
69.5
83.3
69.4 !
41.7
44.5
69.5
91.7
86.1
86.1
66.7
80.5
27.8
75.0
47.2
61.1
75.0
75.0
83.3
80.5
66.7
55.6
69.4
58.3
61.1
61.1
72.2
80.6
58.3
66.7
69.5
61.1
72.2
66.7
52.8
77.8
77.8
88.9
75.0
38.9
72.2
63.9
58.3
77.8
72.2
19.4
38.9
80.6 \
77.8
50.0
50.0
8.3
83.3
83.3
16.7
83.4
75.0
75.0
75.0
91.7
61.1
80.5
91.7
61.1
55.6
77.8
88.9
72.2
0.0
43.8
66.7
75.7
68.1
64.6
28.5
77.1
77.8
70.1
1
32.6
71.5
68.1
42.4
73.6
72.2
70.8
70.8
75.7
60.4
75.0
77.8
45.8
56.9
71.5
86.8
66.7
28.5
AVERAGE FOR PERIOD
100.0
25.0
100.0
83.3
58.3
58.3
75*6
8.3
83*3
25.0
83.3
83.3
75.0
41.7
25.0
41.7
83.3
83.3
75.0
41.7
58.3
58*3
41.7
83.3
100.0
75.0
33.3
58.3
52 ".8
52.8
83.3
94.4
100.0
27.8
100.0
75.0
50.0
50.0
100.0
41.7
58.3
75.0
91.7
75.0
100.0
66.7
50.0
50.0
83.3
41.7
58.3
75.0
75.0
75.0
83.3
100.0
33.3
83.3
83.3
50.0
58.3
75.0
75.0
75.0
100.0
91.7
25.0
83.3
75.0
41.7
75.0
58.3
91.7
75.0
61.1
100.0
91.7
16.7
80.5
80.6
19.4
91.7
58.3
72.2
100.0
83.3
50.0
83.3
66.7
16.7
66.7
66.7
100.0
50.0
50.0
83.3
83.3
50.0
100.0
75.0
16.7
50.0
100.0
91.7
50.0
83.3
66.7
66.7
100.0
75.0
16.7
50.0
100.0
83.3
33.3
16.7
100.0
66.7
66.7
100.0
50.0
16.7
41.7
100.0
66.7 [
16.7 1
50.0
75.0
100.0
66.7
80.5
100.0
50.0
38.9
72.2
100.0
8.3
1
91*7
41.7
66.6
77.8
91.7
100.0
94.4
25.0
100.0
83.3
63.9
63.9
0.0
8.3
72*2
36.1
83.3
88.9
75.0
38.9
47.2
80.5
94.4
97.2
100.0
72.2
69.4
38.9
100.0
58.4
47.2
75.0
91.7
69.4
94.4
86.1
36.1
72.2
80.5
44.5
63.9
69.4
80.6
75.0
84.0
88.2
73.6
32.0
90.3
67.4
41.7
82.0
75.0
75.7
83.3
83.3
58.3
83.3
83.3
38.9
66.7
86.1
94.4
55.6
27.8
88.9
72.2
61.1
100.0
66.7
16.7
47.2
100.0
80.6
33.3
25.0
80.6
87.5
63.2
86.8
85.4
38.9
56.2
89.6
93.8
62.5
17.4
0.0
100.0
86.1
36.1
91.7
69.4
86.1
94.4
75.0
94.4
66.7
83.3
91.7
50.0
72.2
100.0
100.0
66.7
16.7
0.0
38^9
75.7
83.3
81.2
75.7
20.8
Monthly
Year
Jan.
Feb.
9 6 1 . DIFFUSION
1945...
1946...
1947.. .
1948...
1949...
1950...
1951...
1952...
1953...
1954...
28.6
40.5
81.0
54.8
73.8
28.6
21.4
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
90.5
40.5
38.1
35.7
92.9
45.2
95.2
23.8
83.3
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
61.9
59.5
73.8
11.9
52.4
40.5
78.6
54.8
38.1
23.8
14.3
0.0
c*61.
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
Apr.
Mar.
May
r June
Quarterly
Annual
July
Aug.
Sept.
INDEX OF AVERAGE WORKWEEK OF PRODUCTION WORKERS,. MANUFACTURING — 2 1
(PERCENT RISING OVER 1-MONTH SPANS)
33.3
26.2
64.3
64.3
54.8
42.9
42.9
69.0
47.6
71.4
26.2
71.4
71.4
26.2
83.3
31.0
64 ".3
52.4
9.5
81.0
78.6
14.3
42.9
28.6
42'.9
42.9
69.0
66.7
19.0
83.3
31.0
69.0
45*2
45.2
47.6
85.7
38.1
57.1
16.7
78.6
26.2
38.1
64.3
81.0
38.1
16.7
38.1
64.3
14.3
73.8
42.9
64.3
21.4
83.3
31.0
52.4
90.5
81.0
26.2
73.8
83.3
23.8
21.4
69.0
69.0
35.7
61.9
76.2
50.0
40.5
45.2
71.4
42.9
42.9
71.4
35.7
73.8
78.6
19.0
78.6
90.5
4.8
9.5
64.3
69.0
81.0
47.6
23.8
85.7
33.3
40.5
28.6
40.5
95.2
33.3
16.7
92.9
33.3
69.0
42.9
21.4
81.0
42.9
78.6
45.2
42.9
59.5
35.7
59.5
57.1
66.7
21.4
40.5
78.6
33.3
28.6
66.7
42.9
40.5
71.4
73.8
73.8
57.1
73.8
23.8
21.4
38.1
83.3
73.8
16.7
76.2
33.3
47.6
11.9
85.7
28.6
78.6
45.2
61.9
47.6
35.7
16.7
40.5
57.1
19.0
35.7
26.2
33.3
92.9
52.4
7.1
61.9
81.0
57.1
31.0
90.5
45.2
33.3
76.2
16.7
28.6
90.5
47.6
38.1
31.0
54.8
57.1
38.1
54.8
47.6
83.3
14.3
42.9
83.3
54.8
19.0
73.8
35.7
31.0
76.2
54.8
28.6
42.9
26.2
83.3
42.9
57.1
61.9
52.4
57.1
23.8
31.0
76.2
31.0
47.6
88.1
26.2
52.4
59.5
78.6
59.5
9.5
61.9
14.3
54.8
64.3
47.6
85.7
64.3
83.3
4.8
92.9
19.0
21.4
21.4
81.0
95.2
64.3
11.9
9.5
81.0
28.6
71.4
95.2
9.5
19.0
9.5
16.7
42.9
71.4
21.4
76.2
42.9
14.3
97.6
31.0
42.9
2.4
61.9
14.3
95.2
42.9
47.6
14.3
50.0
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
100.0
31.0
21.4
14.3
92.9
28.6
40.5
88.1
61.9
69.0
100.0
14.3
11.9
19.0
95.2
26.2
83.3
85.7
42.9
59.5
85.7
16.7
45.2
90.5
28.6
73.8
59.5
95.2
64.3
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
88.1
90.5
78.6
88.1
11.9
69.0
19.0
14.3
90.5
88.1
42.9
85.7
61.9
11.9
61.9
23.8
19.0
81.0
92.9
35.7
9.5
9.5
26.2
19.0
4.8
90.5
45.2
40.5
81.0
9.5
61.9
45.2
11.9
69.0
88.1
61.9
40.5
0.0
962. DIFFUSION
9.5
33.3
4.8
26*2
21.4
47.6
90.5
19.0
71.4
45.2
19.0
100.0
21.4
52.4
7.1
42.9
4.8
50.0
95.2
23.8
71.4
4.8
38.1
81.0
9.5
21.4
69.0
88.1
21.4
95.2
28.6
73.8
85.7
85.7
16.7
14.3
83.3
71.4
14.3
90.5
69.0
83.3
47.6
90.5
21.4
78.6
42.9
21.4
38.1
40.5
11.9
78.6
95.2
31.0
11.9
57.1
33.3
42.9
40.5
73.8
40.5
14.3
52.4
85.7
57.1
0.0
61.9
50.0
23.8
23.8
90.5
28.6
9.5
59.5
4.8
90.5
40.5
9.5
97.6
50.0
76.2
83.3
9.5
59.5
90.5
71.4
16.7
73.8
Dec.
1 Q
II Q
III Q
IV Q
INDUSTRIES
AVERAGE
64.3
50.0
59.5
59.5
16.7
61.9
31.0
76.2
71.4
38.1
19.0
57.1
69.0
31.0
23.8
92.9
69.0
14.3
59.5
38.1
73.8
59.5
35.7
40.5
69.0
64.3
66.7
16.7
35.7
90.5
50.0
16.7
71.4
64.3
19.0
61.9
33.3
66.7
35.7
52.4
69.0
73.8
40.5
76.2
23.8
45.2
54.8
78.6
57.1
73.8
4.8
4U.5
52.4
85.7
88.1
4.8
57.1
66.7
71.4
50.0
40.5
52.4
26.2
76.2
83.3
71.4
33.3
38.1
66.7
DIFFUSION INDEX OF A\/ERAGE WORKWEEK OF PRODUCTION W O R K E R S , M A N U F A C T U R I N G — 2 1
(PERCENT RISING OVER 9-MONTH SPANS)
76*2
Nov.
Oct.
4.8
73.8
FOR PERIOD
42.1
43.7
72.2
60.3
47.6
51.6
4U.5
50.8
46.8
42.0
77.8
45.2
51.fa
30.2
58.7
43*.7
40.5
62.7
58.0
43.6
65.1
26.2
45.2
68*. 2
34.1
46.0
51.6
53.2
50.8
46.8
69.9
40.9
48.6
64.9
50.6
53.8
38.7
53.6
19.0
28.6
76.2
83.1
84.9
30.2
44.4
38.1
74.6
31.7
70.6
54.8
60.3
42.1
58.7
34.9
31.0
67.5
57.9
44.5
71.4
45.2
57.9
51.6
54.0
58.7
46.8
77.0
34.1
31.0
54.8
54.0
57.9
48.4
56.3
49.2
25.4
61.1
57.1
36.5
59.5
32.6
50.8
72.2
63.5
43.3
36.9
60.9
55.9
35.9
64.1
46.6
56.7
53.6
78.6
19.0
35.7
45.2
71.4
59.5
73.8
23.8
35.7
19.0
88.1
67.5
58.7
42.1
3d.9
52.4
30.2
59.5
b0.3
b5.1
43.2
20.6
45.3
42.9
47.6
55.5
39.7
38.1
52.4
64.3
31.8
46.8
64.3
41.3
42.8
65.1
55.6
49.2
36.5
34.2
49.2
48.4
31.7
82.5
74.6
36.5
50.8
40.5
47.6
63.5
78.6
50.8
47.6
20.6
76.2
57.2
45.2
51.4
47.6
47.2
42.1
56.2
56.2
48.2
36.1
60.9
7.1
INDUSTRIES
AVERAGE
66.7
FOR PERIOD
46*0
23.8
38.9
95.2
21.4
65.1
7.1
46.8
47*6
10.3
61.1
89.7
29.4
77.0
3.2
81.8
85.7
76.2
34.9
77.8
90.5
60.3
11.1
94.4
39.7
43.7
34.9
28.6
92.9
24.2
49.2
88.9
31.4
65.9
11.7
62.5
33.3
57.1
11.9
95.2
19.0
19.0
78.6
38.1
52.4
92.9
61.9
28.6
11.9
95.2
16.7
28.6
95.2
21.4
73.8
57.1
95.2
16.7
16.7
26.2
92.9
27.8
65.9
77.8
66.7
64.3
85.7
15.9
13.5
80.9
66.7
15.1
94.4
49.2
77.8
72.2
86.5
25.4
2.4
96.0
38.9
18.2
84.1
31.7
57.9
84.1
44.4
46.8
10.3
96.8
15.9
19.0
88.9
27.0
61.9
79.4
78.0
26.2
10.7
75.0
53.6
20.0
83.3
46.4
66.1
75.0
95.2
11.9
61.9
35.7
11.9
59.5
88.1
71.4
31.0
73.8
0.0
4.8
95.2
90.5
84.1
80.2
11.1
64.3
29.3
15.1
80.2
89.7
46.8
19.8
15.1
54.0
36.5
28.6
67.5
36.5
11.9
63.5
90.5
53.2
9.5
64.3
73.8
12.7
56.4
54.0
39.7
31.0
78.6
51.6
23.8
18.3
92.1
88.9
78.6
16.7
11.9
38.1
78.6
66.7
26.2
75.2
34.5
37.7
54.0
29.6
26.4
77.4
75.6
36.5
12.3
62.1
23.8
47.6
50.0
16.7
42.9
95.2
35.7
66.7
9.5
73.8
59.5
0.0
50.0
95.2
26.2
73.8
0.0
78.6
33.3
14.3
90.5
78.6
26.2
90.5
0.0
0.0
4.8
0.0
92.9
92.9
95.2
92.9
19.0
0.0
100.0
38.1
9.5
95.2
45.2
66.7
71.4
81.0
35.7
2.4
95.2
42.9
7.1
90.5
23.8
57.1
95.2
85.7
21.4
38.1
54.8
4.8
7.1
92.9
35.7
38.1
66.7
26.2
50.0
85.7
100.0
11.9
59.5
14.3
71.4
31.0
66.7
16.7
76.2
73.8
31.0
4.8
90.5
71.4
11.9
66.7
50.0
21.4
21.4
81.0
57.1
23.8
4.8
90.5
90.5
11.9
31.0
81.0
31.0
54.8
78.6
23.8
16.7
45.2
95.2
97.6
4.8
2.4
0.0
78.6
81.0
42.9
64.3
85.7
73.8
38.1
85.7
92.9
73.8
23.8
83.3
9.5
92.9
21.4
59.5
88.1
4.8
9.5
23.8
38.1
14.3
45.2
95.2 1
73.8
9.5
0.0
45.2 |
INDEX OF I YITIAL CLAIMS FOR UNEMPLOYMENT INSURANCE, STATE PR OGRAMS — 17 AREAS
PERCENT DECLINING OVER 1-MONTH SPANS)
AVERAGE
(
2.4
1.6
8.7
54.8
30.2
12.7
47.6
87.3
70.6
22.2
1.6
77.0
FOR PERIOD
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
70*. 2
61.7
21.3
51.1
23.4
42.6
29.8
61.7
34.0
40.4
44.7
48.9
59.6
28.7
48.9
38'.3
50.0
61.7
29.8
46.8
57.4
89.4
27.7
17.0
74*. 5
38.3
53.2
51*1
36.2
44.7
58 ".5
19.1
89.4
42.6
61.7
78.7
50*4
48.9
32.6
46.1
41.1
53.2
64*6
37.6
42.5
50*. 7
39.0
70.9
52*9
41.7
49.8
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
44.7
61.7
27.7
38.3
87.2
31.9
59.6
46.8
34.0
89.4
66.0
55.3
80.9
40.4
44.7
17.0
76.6
89.4
27.7
66.0
44.7
38.3
53.2
59.6
17.0
80.9
38.3
31.9
57.4
53.2
63.8
27.7
44.7
85.1
46.8
46.8
48.9
47.9
77.7
57.4
37.2
48.9
73.4
40.4
36.2
51.1
46.8
46.8
48.9
34.0
44.7
42.6
55.3
38.3
41.5
70.2
19.1
68.1
48.9
71.3
40.4
36.2
59.6
51.1
62.8
46.8
63.8
44.7
63.8
46.8
68.1
54.3
46.8
45.7
19.1
57.4
61.7
44.7
51.1
47.9
44.7
27.7
60.6
40.4
68.1
47.9
42.6
44.7
53.2
50.0
64.9
42.6
72.3
17.0
40.4
80.9
36.2
59.6
34.0
66.0
44.7
21.3
64.9
53.2
34.0
72.3
72.3
40.4
31.9
27.7
29.8
55.3
36.2
91.5
61.7
31.9
36.2
23.4
83.0
58.9
53.9
49.0
32.3
62.4
31.2
52.5
53.9
51.8
58.2
48.2
48.6
39.7
57.8
54.6
41.5
56.0
38.3
54.3
58.5
55.3
51.1
39.4
55.7
45.7
50.0
50.7
56.0
44.7
56.0
47.9
46.5
39.7
57.8
53.9
45.4
61.7
48.2
41.1
49.6
52.6
50.0
42.0
50.9
54.2
42.0
55.2
49.1
48.0
55.6
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
24.5
38.3
55.3
25.5
72.3
31.9
38.3
42.6
67.0
53.2
55.3
57.4
44.7
17.0
80.9
38.3
25.5
61.7
46.8
74.5
83.0
29.8
66.0
83.0
46.8
25.5
55.3
44.7
42.6
59.6
36.2
40.4
55.3
61.7
53.2
55.3
63.8
48.9
25.5
48.9
55.3
53.2
51.1
44.7
59.6
45.7
54.3
51.1
57.4
63.8
44.7
36.2
36.2
56.4
66.0
51.1
57.4
55.3
53.2
23.4
42.6
40.4
53.2
57.4
34.0
46.8
34.0
17.0
34.0
57.4
51.1
59.6
57.4
66.0
63.8
75.5
68.1
38.3
72.3
72.3
40.4
59.6
42.6
25.5
66.0
46.8
48.9
42.6
78.7
80.9
60.6
63.8
38.3
31.9
46.8
46.8
44.7
28.7
28.7
57.4
36.2
38.3
66.0
45.7
53.2
57.4
59.6
46.8
46.8
61.7
44.7
46.8
74.5
31.9
31.9
57.4
66.0
81.9
72.3
51.1
27.7
46.8
61.7
57.4
70.2
59.6
38.3
53.2
89.4
57.5
52.1
55.0
56.0
43.2
44.0
44.7
48.2
48.9
47.2
52.5
50.3
56.7
55.6
53.9
49.7
44.7
43.2
59.6
51.8
51.0
46.5
51.1
36.9
53.2
53.2
45.0
60.3
61.0
59.9
40.4
36.2
70.9
52.0
50.3
50.9
51.8
48.3
8.5
49.3
55.3
39.7
44.0
55.3
34.0
47.5
49.7
59.2
58.9
46.8
-» . .
34*. 6
140
5.3
61.7
2.1
1
45.7
49.1
54.4
50.1
48.3
1
54.2
The Handbook of Cyclical Indicators
[
Monthly
Quarterly
Annual
Year
Jan.
9 62.
Feb.
DIFFUSION
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
INDEX OF INITIAL CLAIMS FOR UNEMPLOYMENT INSURANCE, STATE P R O G R A M S — 4 7
(PERCENT DECLINING OVER 9-MONTH SPANS)
Nov.
1 Q
Dec.
II Q
IIIQ
IV Q
AREAS
AVERAGE FOR PERIOD
1945...
194b
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
55*3
4.3
42*6
1U.6
38*. 3
25.5
44.7
8.5
27.7
74.5
10.6
14.9
72*3
4.3
25.5
63.8
2.1
66.0
72.3
2.1
95.7
80.9
0.0
93.6
74.5
10.6
93.6
80.9
6.4
91.5
87.2
2.1
87.2
45.4
13.5
63.8
7.8
22.7
72.3
1.4
85.1
80.9
b.4
90.8
15*. 2
19^5...
1956...
1957...
1958...
19 59...
19t>0...
19bl...
1962...
1963...
1964...
93.b
4b.8
34.0
4.3
97.9
14.9
55.3
80.9
44.7
73.4
b7.2
44.7
31.9
19.1
93.6
25.5
53.2
55.3
bb.O
72.3
93.b
29.8
23.4
12.8
76.6
51.1
63.b
48.9
72.3
70.2
85.1
38.3
21.3
31.9
76.6
25.5
85.1
36.2
48.9
74.5
83.0
43.6
12.8
27.7
83.0
12.8
70.2
46.8
63.8
89.4
85.1
57.4
21.3
57.4
19.1
10.6
89.4
44.7
80.9
60.6
78.7
55.3
0.0
95.7
36.2
6.4
100.0
38.3
46.8
61.7
55.3
42.6
4.3
91.5
48.9
21.3
93.6
27.7
31.9
89.4
59.6
21.3
70.2
63.8
0.0
93.6
25.5
14.9
95.7
53.2
60.6
70.2
b6.0
43.6
0.0
97.9
17.0
27.7
93.6
74.5
53.2
74.5
68.1
42.6
b.4
91.5
31.9
19.1
80.9
53.2
73.4
72.3
91.5
40.4
29.8
12.1
89.4
30.5
57.4
61.7
61.0
72.0
84.4
46.4
18.5
39.0
59.6
16.3
81.6
42.b
64.5
74.8
64.5
39.7
4.3
95.0
36.9
16.3
94.0
31.2
54.6
70.9
68.1
50.0
2.1
94.3
24.8
20.6
90.1
60.3
62.4
72.3
77.1
44.2
13.7
60.1
52.6
20.9
80.8
49.0
60.6
72.5
I9b5...
1906...
1967.. .
196S...
1909...
197U...
1971...
1972...
19 7 3...
1974...
1975...
197b...
7b.7
91.5
27.7
57.4
7u.2
4.3
46.8
btt.l
bb.l
19.1
o.4
78.7
74.5
B.5
51.1
4b.b
2.1
61.7
b3.8
66. U
14.9
12.8
59.6
44.7
8.5
61.7
40.4
11.7
72.3
76.6
74.5
34.0
36.2
66.0
68.1
31.9
38.3
58.5
6.4
57.4
78.7
38.3
12.8
70.2
61.7
76.6
44.7
51.1
34.0
12.8
21.3
57.4
68.1
55.3
68.1
78.7
78.7
29.8
74.5
25.5
2.1
48.9
70.2
57.4
44.7
57.4
80.9
80.9
78.7
36.2
28.7
12.8
42.b
83.0
57.4
0.0
80.9
87.2
34.0
78.7
66.0
24.5
25.5
57.4
61.7
8.5
6.4
97.9
62.8
23.4
80.9
63.8
6.4
55.3
70.2
91.5
38.3
2.1
97.9
91.5
17.0
70.2
78.7
12.8
51.1
74.5
93.6
29.8
4.3
85.1
95.7
46.8
78.7
59.6
12.8
46.8
57.4
61.7
23.4
2.1
70.2
72.3
70.2
14.9
56.7
52.5
6.0
60.3
69.5
b9.5
22.7
18.5
68.8
74.5
35.5
54.6
39.3
7.1
42.5
68.8
54.6
37.0
65.2
79.4
49.6
74.5
59.6
20.6
31.2
54.6
75.2
24.8
5.0
92.2
83.3
29.1
76.6
67.4
10.7
51.1
67.4
82.3
30.5
2.8
84.4
76.0
55.8
50.4
59.6
30.8
23.8
56.2
73.9
44.9
17.0
65.1
903.
DIFFUSION
INDEX OF NUMBER OF EMPLOYEES ON PRIVATE NONAGRICULTURAL
(PERCENT RISING OVER 1-MONTH SPANS)
8.5
97.9
25.5
21.3
88.3
27.7
85.1
61.7
70.2
34.0
66.0
7b.6
8.5
55.3
63.8
80.9
8.5
8.5
97.9
PAYROLLS- -172
1
53.0
INDUSTRIES
AVERAGE
1945...
1946...
1947.. .
194B...
1949...
195U...
1951...
1952...
19:>3...
1954...
FOR PERIOD
...
1955...
1956...
1957...
I95d...
19 59...
I960.. .
1901.. .
1962...
1963...
1964...
1965...
196b...
I9b7...
196b...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
963.
83.0
67.5
40. a
56.9
57.5
57.2
11*0
64.4
70.9
36.2
72.5
46.4
70.1
17.3
77.3
46.3
55.1
60.8
65.9
61.7
19*2
77.6
52.1
55.1
71.6
65.9
65.9
35*8
79.8
43.9
69.5
62.9
64.4
69.2
5o!3
69.6
37.4
70.1
57.2
53.0
62.3
54.4
65.0
43.3
62.6
53.3
61.4
72.8
72.3
55.5
39.3
69.5
63.2
61.7
62.3
84.0
72.1
34.0
53.9
53.6
61.7
80.8
68.6
48.2
35.0
69.5
57.2
60.5
56.0
74.2
58.3
29.1
70.4
46.1
47.6
65.6
71*1
73.6
21.2
68.6
50.0
58.4
bb.9
74.9
61.6
44.0
63.4
56.6
63.0
35.1
75.7
44.5
64.9
63.9
61.1
65.8
70*.2
64.2
38.9
62.0
56.7
61.6
72.0
71.3
60.0
23.4
69.5
51.1
55.5
63.5
70.4
73.1
63.8
45.3
64.5
50.9
41.6
70.6
75.9
58.7
16.9
70.4
79.3
42.2
72.7
69.5
44.8
37.5
75.6
76.5
55.8
16.9
76.3
81.4
50.3
59.6
66.0
39.0
41.0
77.0
75.3
48.0
27.3
71.6
74.9
49.1
65.1
62.2
30.8
57.6
77.3
66.3
54.7
44.2
65.3
71.6
47.4
58.7
59.3
25.6
65.7
75.3
58.1
54.7
51.2
66.8
77.8
57.8
69.2
70.1
34.6
38.4
70.9
66.3
54.4
39.8
77.8
65.9
51.5
64.2
62.2
51.2
57.3
45.9
55.8
49.1
57.3
64.1
66.5
63.7
66.3
58.7
31.4
49.1
64.5
56.4
42.2
72.4
79.0
42.5
50.9
58.7
42.2
48.0
77.0
67.2
54.9
32.6
81.4
74.6
67.1
53.5
69.5
55.8
28.5
46.8
77.6
71.2
35.5
64.0
79.9
64.7
70.9
74.4
54.4
28.2
63.1
75.0
77.0
19.8
59.6
80.5
65.0
66.3
67.2
59.3
41.9
62.5
76.2
66.0
19.8
69.2
72.4
77.9
52.1
59.2
66.7
44.9
40.0
74.4
75.9
54.2
20.4
67.9
74.8
51.4
64.3
63.9
30.3
53.9
74.5
63.6
54.6
45.1
73.6
58.3
55.4
63.1
54.4
43.5
61.1
59.2
55.7
41.3
70.4
78.3
65.6
63.6
70.4
56.5
32.9
57.5
76.3
71.4
25.0
64.3
DIFFUSION
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
INDEX OF NUMBER OF EMPLOYEES ON PRIVATE NONAGRICULTURAL
(PERCENT RISING OVER 6-MONTH SPANS)
.!.
...
...
PAYROLLS- -172
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
92*.l
70.2
24.2
77.5
58.4
66.5
89.9
66.9
28.2
77.2
63.8
71.9
89.3
54.6
55.8
75.4
64.4
74.3
15*4
83.4
46.6
59.0
71.3
66.8
78.1
80.8
88.3
61.1
73.5
76.7
41.0
38.4
82.3
83.7
64.8
13.7
78.4
85.9
53.6
70.9
71.2
34.9
43.6
83.4
79.7
56.4
12.8
81.1
85.9
52.1
75.0
73.5
28.2
44.2
86.3
80.8
54.7
18.9
80.5
81.7
48.8
77.9
77.3
30.5
49.4
80.5
75.6
51.5
29.1
1977
...
i
1
j
73.1
69.2
55.6
64.2
60.4
37.9
53.1
71.1
66.6
43.8
50.0
INDUSTRIES
AVERAGE FOR PERIOD
...
... ]
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
[
68*7
43.3
60.1
58.8
58.7
66.1
...
23*9
81.3
38.3
73.7
68.0
74.3
74.9
49 .4
77.3
36.5
71.6
67.4
71.3
80.5
66.4
66.0
26.7
78.1
61.1
68.6
78.7
76.4
60.4
24.5
76.9
50.9
61.7
82.6
82.3
79.0
52.3
73.5
77.0
20.3
50.6
82.0
70.9
50.3
40.7
85.9
74.3
51.7
75.3
70.6
22.7
61.6
79.7
65.4
44.5
59.0
86.8
77.2
59.6
78.5
67.7
24.1
55.2
80.8
69.2
35.8
63.4
87.4
74.9
66.0
78.5
59.3
24.1
56.1
79.1
70.9
32.0
66.6
...
...
...
sola
63.5
21.5
75.7
49.7
65.9
82.6
87M
66.6
19.9
70.4
52.4
64.7
79.3
90*.3
72.4
20.2
73.1
45.5
65.6
82.0
86.8
63.5
20.9
72.5
54.2
67.7
82.0
90.4
63.9
36.1
76.7
62.2
70.9
29*6
80.7
40.5
68.1
68.9
70.8
77.8
74*5
63.3
24.2
76.9
53.9
65.4
81.3
88*.2
67.5
20.3
72.0
50.7
66.0
81.1
75*.5
37.2
63.3
62.6
66.1
77.8
89.2
71.3
67.7
77.6
57.3
28.8
62.8
78.2
70.9
21.8
72.4
87.4
68.0
64.2
77.0
54.7
27.6
70.3
82.8
72.4
15.7
78.8
89.2
65.0
66.9
76.5
53.5
30.5
77.6
82.8
67.7
16.0
79.4
90.7
65.0
70.9
76.7
49.7
26.7
77.6
84.6
67.7
13.7
77.6
8&.1
86.7
55.6
73.1
73.8
34.7
42.1
84.0
81.4
58.6
15.1
82.9
78.3
50.9
75.6
75.0
24.5
53.9
80.7
70.6
48.8
42.9
87.8
74.5
64.4
78.2
61.4
25.7
58.0
79.4
70.3
29.9
67.5
89.1
66.0
67.3
76.7
52.6
28.3
75.2
83.4
69.3
15.1
78.6
85.0
76.4
59.6
75.9
65.7
28.3
57.3
81.9
72.9
38.1
51.0
Monthly
Year
Annual
I
Jan.
964.
Quarterly
DIFFUSION
Feb.
Mar.
Apr.
May
June
July
Sept.
Aug.
INDEX OF VALUE OF MANUFACTURERS' NEW O R D E R S , DURABLE GOODS
(PERCENT RISING OVER 1-MONTH SPANS)
Oct.
Nov.
Dec.
1 Q
II Q
. Ill Q
IV Q
I N D U S T R I E S — 3 5 INDUSTRIES
AVERAGE
FOR PERIOD
1*45...
ly46...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
66.7
73.8
40.5
66.7
42.9
52.4
57.1
31.0
57.1
28.6
65.7
38,1
57.1
52.4
45.2
38.6
31.4
31.0
76.2
47.6
61.9
68.6
51.4
38.1
81.0
52.4
19.0
27.1
44.3
bl'.'l
52.4
28.6
61.9
14.3
65.7
28.6
95.2
47.6
66.7
77.1
77.1
66.7
83.3
38.1
28.6
20.0
58.6
85.7
31.0
23.8
66.7
47.1
57.1
19.0
33.3
81.0
64.3
32.9
58.6
83.3
57.1
38.1
38.1
45.7
48.6
52.4
85.7
33.3
57.1
60.0
71.4
60.3
52.4
47.b
44.o
4b.7
42.1
69.9
42.y
47.6
36.7
53.6
b0.3
o9.8
36.5
54.0
48.1
b4.3
51.6
58.7
50.8
53.2
46.2
59.5
64.7
45.6
50.6
43.9
56.1
1955...
1956...
1957...
1958...
1959...
I960...
1961...
1962...
1963...
19b4...
77.131.4
38.6
54.3
70.U
28.6
38.6
50.0
60. U
77.1
67.1
28.6
60.0
71.4
65.7
37.1
55.7
60.0
65.7
34.3
72.9
57.1
38.6
37.1
72.9
45.7
62.9
38.6
52.9
71.4
35.7
b7.1
20.0
42.9
28.6
57.1
65.7
51.4
64.3
58.6
57.1
51.4
. 60.0
54.3
45.7
38.6
60.0
52.9
58.6
57.1
87.1
50.0
50.0
65.7
b7.1
42.9
68.6
45.7
54.3
60.0
45.7
25.7
41.4
51.4
57.1
42.9
42.9
55.7
68.6
71.4
65.7
68.6
57.1
67.1
30.0
51.4
68.6
52.9
48.6
40.0
40.0
4U.0
52.y
61.4
91.4
45.7
57.1
61.4
60.0
o5.7
68.6
75.7
35.7
51.4
40.0
44.3
51.4
55.7
62.9
54.3
5S.6
80.0
44.3
82.9
27.1
35.7
50.0
62.9
40.0
54.3
45.7
38.b
14.3
42.9
b5.7
58.6
4u.o
44.3
60.0
60. u
72.4
39.0
43.7
54.3
by.5
37.1
52.4
4y.5
:>y.5
oo.y
60.U
36.2
43.3
54.3
47.1
46.2
64.8
50.0
59.1
58.6
50.5
44.8
50.5
oO.u
59.5
46.7
56.2
59.1
59.0
57.6
64.8
31.4
39.1
44.3
46.2
47.1
54.3
54.3
5b. 2
60.1
51.2
42.7
56.9
55.1
44.0
55.1
52.6
58.0
58.7
1965. ..
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
51.4
44.3
51.4
42.9
54.3
42.9
52.9
54.3
60.0
60.0
37.1
37.1
70.0
45.7
40.0
71.4
48.6
48.6
62.9
62.9
57.1
45.7
67.1
71.4
40.0
61.4
54.3
37.1
48.6
60.0
74.3
60.0
42.9
55.7
42.9
47.1
42.9
60.0
50.0
54.3
48.6
37.1
62.9
75.7
40.0
50.0
60.0
47.1
37.1
57.1
65.7
57.1
62.9
71.4
34.3
62.9
55.7
70.0
51.4
48.6
54.3
48.6
58.6
50.0
45.7
55.7
62.9
47.1
42.9
60.0
57.1
51.4
57.1
45.7
47.1
51.4
80.0
51.4
64.3
71.4
51.4
44.3
34.3
51.4
71.4
42.9
40.0
45.7
58.6
45.7
35.7
74.3
70.0
71.4
44.3
68.6
55.7
45.7
45.7
64.3
42.9
48.6
57.1
48.6
7.1
54.3
41.4
60.0
22.9
65.7
7 7.1
40.0
65.7
42.9
47.1
61.4
bO.O
67.1
60.0
34.3
48.6
74.3
48.6 !
65.7
48.6
52.9
68.6
73.6
73.6
40.0
31.4
D4.3
5i.y
bl.y
45.7
46.1
bO.O
42.9
50.0
59.1
o5.7
5y.o
41.9
52.9
49.5
D9.0
47.1
48.6
53.8
5b.2
54.8
50.0
60.0
55.2
57.6
52.4
50.0
61.9
57.1
52.4
50.9
61.9
48.b
45.7
57.1
71.9
43.8
60.0
49.5
49.5
45.7
64.3
62.4
53.3
29.5
56.2
58.6
51.9
53.7
51.7
53.8
48.7
55.4
5y.5
54.4
48.6
52.6
964.
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
DIFFUSION
INDEX DF VALUE OF MANUFACTURERS' NEW O R D E R S , DURABLE GOODS
(PERCENT RISING OVER 9-MONTH SPANS)
DO.7
I N D U S T R I E S — 3 5 INDUSTRIES
AVERAGE FOR PERIOD
57.1
33.3
66.7
34.3
9^2
57.1
66.7
47.6
44.3
100.0
47.6
42.9
52.4
55.7
100.0
50.0
26.2
28.6
65.7
100.0
9.5
50.0
42.9
65.7
52." 4
100.0
9.5
57.1
5.7
91.4
66.7
95.2
23.8
38.1
7.1
65.7
57.1
95.2
9.5
52.4
8.6
94.3
95.2
100.0
4.8
52.4
7.1
88.6
85.7
90.5
9.5
85.7
11.4
94.3
95.2
95.2
28.6
47.6
27.1
91.4
90.5
85.7
38.1
66.7
22.y
88.o
95.2
53.y
47.6
55.6
44.8
luO.O
23.0
44.4
25.7
74.3
73.0
96.6
12.7
47.6
7.6
82.9
90.5
90.5
25.4
66.7
20.5
91.4
95.6
28.8
51.6
27.3
73.3
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
94.3
64.3
37.1
31.4
88.6
42.9
47.1
65.7
80.0
88.6
85.7
68.6
45.7
51.4
94.3
37.1
64.3
61.4
71.4
94.3
88.6
34.3
25.7
61.4
77.1
34.3
60.0
57.1
70.0
77.1
94.3
40.0
17.1
74.3
71.4
51.4
82.9
60.0
68.6
81.4
88.6
21.4
18.6
80.0
85.7
34.3
68.6
68.6
70.0
82.9
80.0
51.4
14.3
71.4
71.4
37.1
88.6
65.7
60.0
74.3
74.3
68.6
20.0
80.0
47.1
32.9
80.0
62.9
45.7
74.3
71.4
64.3
17.1
68.6
48.6
42.9
74.3
60.0
65.7
" 82.9
87.1
38.6
25.7
82.9
45.7
31.4
71.4
71.4
74.3
82.9
68.6
54.3
28.6
85.7
40.0
30.0
72.9
70.0
62.9
7 2.9
68.6
41.4
28.b
85.7
30.0
42.9
72.9
30.0
80.0
77.1
71.4
51.4
25.7
y4.3
34.3
65.7
33.6
77.1
82.9
82.9
89.5
55.7
36.2
48.1
86.7
38.1
57.1
61.4
73.8
86.7
87.6
37.6
16.7
75.2
76.2
40.9
80.0
64.8
bb.2
7 9.5
77.6
57.2
20.9
77.2
47.1
35.7
75.2
64.8
61.9
80.0
b9.5
49.0
27.6
88.6
34.8
46.2
78.1 1
75.7
75.3
77.6
81.1
49.9
25.4
72.3
61.2
40.2
72.6
66.7
69.3
81.0
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
78.6
97.1
42.9
51.4
75.7
40.0
65.7
91.4
91.4
87.1
25.7
88.6
91.4
42.9
71.4
74.3
22.9
68.6
94.3
85.7
80.0
22.9
82.9
84.3
45.7
68.6
60.0
37.1
74.3
91.4
88.6
65.7
48.6
80.0
84.3
60.0
60.0
58.6
27.1
71.4
82.9
78.6
68.6
62.9
80.0
68.6
51.4
48.6
74.3
34.3
57.1
80.0
77.1
62.9
60.0
80.0
65.7
57.1
74.3
62.9
32.9
65.7
80.0
80.0
45.7
71.4
88.6
48.6
65.7
68.6
57.1
45.7
65.7
77.1
77.1
37.1
68.6
77.1
34.3
74.3
80.0
54.3
62.9
80.0
88.6
60.0
34.3
85.7
82.9
42.9
77.1
74.3
28.6
60.0
81.4
85.7
71.4
28.6
74.3
91.4
37.1
68.6
81.4
34.3
51.4
80.0
88.6
77.1
22.9
77.1
97.1
31.4
71.4
85.7
37.1
54.3
82.9
88.6
77.1
17.1
85.7
94.3
37.1
71.4
91.4
24.3 1
54.3
97.1
94.3
65.7
24.3
80.0
83.4
90.9
43.6
63.8
7 0.0
33.3
b9.5
92.4
88.6
77.6
32.4
80.0
72.9
56.2
61.0
65.3
31.4
64.7
81.0
78.6
59.1
64.8
82.9
41.9
72.4
74.3
46.7
56.2
75.7
83.8
69.5
33.3
76.2
94.3
35.2
70.5 1
86.2
31.9
53.3
86.7
90.5
73.3
21.4
80.9
85.1
60.2
60.7
71.3
53.5
43.6
74.2
86.9
77.5
47.9
63.6
90.1
966. DIFFlJSION INDEX OF INDUSTRIAL P R O D U C T I O N — 2 4
(PERCENT RISING OVER 1-MONTH SPANS)
INDUSTRIES
AVERAGE
FOR PERIOD
1945...
1946.. .
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
54.2
20.8
72.9
54.2
75.0
52.1
35.4
75*0
54.2
18.8
77.1
52.1
75.0
58.3
66.7
62.5
52.1
31.2
79.2
62.5
52.1
77.1
58.3
54*2
58.3
18.8
87.5
56.2
45.8
72.9
41.7
47*9
58.3
20.8
81.2
33.3
62.5
62.5
83.3
52*1
58.3
52.1
95.8
43.8
66.7
31.2
64.6
50.0
50.0
50.0
97.9
31.2
45.8
81.2
58.3
56.2
52.1
66.7
87.5
37.5
91.7
41.7
47.9
75.0
20.8
72.9
45.8
56.2
81.2
12.5
62.5
79*2
54.2
54.2
70.8
43.8
75.0
25.0
81.2
83!3
27.1
50.0
64.6
66.7
93.8
20.8
95.8
77*1
27.1
68.8
62.5
72.9
58.3
16.7
83.3
53.5
23.6
76.4
56.3
67.4
62.5
53.5
51.4
58.3
30.6
88.2
44.4
58.3
55.5
63.2
b0.4
41.0
63.2
77.1
41.6
72.9
45.1
56.2
79.9
36.1
57.7
66.0
61.1
75.7
20.8
86.8
47.2
43.8
76.9
50.9
68.6
46.0
64.9
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
89.6
58.3
45.8
20.8
83.3
66.7
70.8
16.7
58.3
85.4
81.2
43.8
81.2
6.2
85.4
50.0
54.2
77.1
83.3
68.8
93.8
47.9
50.0
31.2
75.0
47.9
68.8
70.8
70.8
43.8
83.3
85.4
22.9
27.1
91.7
41.7
77.1
64.6
77.1
89.6
81.2
18.8
33.3
68.8
75.0
37.5
66.7
52.1
64.6
85.4
83.3
27.1
60.4
93.8
54.2
22.9
91.7
41.7
58.3
56.2
43.8
60.4
47.9
87.5
64.6
35.4
72.9
58.3
62.5
79.2
52.1
68.8
60.4
83.3
20.8
33.3
81.2
56.2
70.8
66.7
68.8
54.2
25.0
83.3
60.4
25.0
56.2
77.1
66.7
62.5
91.7
64.6
8.3
68.8
45.8
47.9
95.8
27.1
60.4
58.3
68.8
47.9
2.1
87.5
45.8
25.0
75.0
77.1
64.6
77.1
66.7
68.8
20.8
58.3
95.8
18.8
56.2
66.7
31.2
77.1
88.2
50.0
59.0
19.4
81.2
54.9
64.b
54.9
70.8
66.0
82.6
43.8
38.9
63.2
73.6
34.0
78.5
52.8
66.7
77.1
54.9
61.1
44.4
84.7
48.6
31.2
70.1
63.9
66.7
69.5
75.7
60.4
10.4
71.5
62.5
30.6
75.7
57.0
52.1
70.8
75.4
53.8
38.2
59.7
66.5
37.7
72.2
57.1
64.0
70.8
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
77.1
70.8
66.7
56.2
68.8
29.2
60.4
83.3
58.3
22.9
25.0
70.8
62.5
16.7
85.4
45.8
43.8
45.8
72.9
83.3
62.5
33.3
70.8
79.2
35.4
58.3
79.2
43.8
52.1
77.1
75.0
64.6
20.8
58.3
62.5
75.0
58.3
31.2
54.2
81.2
85.4
35.4
43.8
70.8
72.9
75.0
37.5
91.7
60.4
43.8
68.8
66.7
79.2
75.0
62.5
77.1
58.3
62.5
58.3
70.8
43.8
75.0
75.0
64.6
58.3
85.4
72.9
70.8
50.0
45.8
54.2
54.2
58.3
66.7
64.6
45.8
87.5
64.6
54.2
87.5
66.7
54.2
33.3
43.8
87.5
64.6
41.7
79.2
58.3
70.8
54.2
54.2
62.5
50.0
79.2
85.4
70.8
31.2
75.0
79.2
62.5
64.6
66.7
60.4
50.0
77.1
75.0
66.7
25.0
50.0
79.2
47.9
70.8
77.1
56.2
29.2
75.0
85.4
72.9
4.2
81.2
83.3
50.0
58.3
50.0
54.2
66.7
87.5
70.8
37.5
4.2
62.5
72.9
70.8
39.6
66.6
64.6
38.9
52.8
77.8
72.2
50.0
26.4
69.4
65.3
58.3
69.4
54.1
47.3
75.0
75.7
59.7
59.0
72.9
65.3
65.3
63.9
55.6
57.0
45.8
60.4
79.9
66.7
39.6
80.6
80.6
53.5
64.6
64.6
56.9
48.6
79.9
77.1
59.0
11.1
64.6
72.0
63.7
56.6
64.1
58.2
45.2
67.0
77.6
64.4
39.9
61.1
The Handbook of Cyclical Indicators
Quarterly
Monthly
Annual
Year
Feb.
Jan.
96b.
1*45...
1946...
1*47...
1946...
1949...
195U...
1951...
1952...
1953...
1954...
1955...
195o...
1957. . .
I95d.. .
1959.. .
19bU.. .
1961...
19O2.. .
1963...
1964...
1965. . .
1966...
l9b7...
1966...
19O9...
1970...
1971...
1972...
1973...
1974...
1975.. .
197b. . .
Apr.
Mar.
May
June
July
Sept.
Aug.
DIFFUSION INDEX OF INDUSTRIAL PRODUCTION—24
(PERCENT R I S I N G OVER 6-MONTH SPANS)
Oct.
Nov.
Dec.
1 Q
II Q
III Q
IVQ
INDUSTRIES
AVERAGE FOR PERIOD
75.0
12.5
97.9
62.5
66.7
77.1
25.0
79*2
12.5
100.0
47.9
b2.5
b6.7
43.8
66.7
20.8
95.8
37.5
68.8
62.5
58.3
62.5
75.0
27.1
100.0
29.2
50.0
75.0
64.6
45.8
83.3
41.7
100.0
35.4
79.2
58.3
70.8
45.8
66.7
52.1
95.8
39.6
95.8
45.8
62.5
64.6
56.2
54.2
93.8
37.5
91.7
20.8
83.3
83.3
41.7
54.2
95.8
37.5
100.0
18.8
79.2
87.5
20.8
64.6
95.8
39.6
100.0
16.7
87.5
89.6
14.6
83.3
87.5
58.3
95.8
8.3
91.7
95.8
b.3
85.4
62.5
75.0
91.7
18.8
100.0
83.3
29.2
91.7
66.7
66.7
83.3
25.0
100.0
73.6
15.3
97.9
49.3
66.0
68.8
42.4
51.4
75.0
40.3
98.6
34.7
75.0
59.7
66.0
78.5
39.6
57.7
95.1
36.2
97.2
18.8
83.3
89.6
17.4
86.8
72.2
66.7
90.3
17.4
97.2
5 1 '.4
50.0
91.0
47.2
82.1
41.2
72.2
95.8
79.2
58.3
0.3
100.0
7 9.2
50.0
79.2
91.7
95.0
100.0
62.5
56.2
16.7
95.8
87.5
77.1
75.0
95.8
100.0
100.0
45.8
54.2
33.3
91.7
50.0
91.7
58.3
100.0
100.0
93.8
39.6
54.2
50.0
83.3
25.0
91.7
61.2
87.5
95.8
95.8
50.0
37.5
83.3
79.2
37.5
100.0
70.8
95.8
91.7
87.5
60.4
27.1
91.7
62.5
20.8
91.7
75.0
89.6
95.8
100.0
50.0
22.9
95.8
45.8
20.8
100.0
54.2
87.5
83.3
87.5
58.3
6.2
100.0
35.4
12.5
100.0
70.8
83.3
79.2
87.5
79.2
12.5
100.0
62.5
8.3
95.8
77.1
70.8
95.8
91.7
70.8
4.2
95.8
70.8
16.7
87.5
75.0
83.3
85.4
79.2
83.3
2.1
100.0
83.3
25.0
95.8
77.1
87.5
87.5
75.0
79.2
4.2
91.7
77.1
43.8
91.7
75.0
75.0
93.8
98.6
62.5
50.2
19.4
95.8
72.2
72.9
70.8
95.8
98.6
92.4
50.0
39.6
75.0
75.0
27.8
94.5
75.7
91.0
94.4
91.7
62.5
13.9
98.6
47.9
13.9
98.6
67.4
80.5
86.1
82.0
77.8
3.5
95.8
77.1
28.5
91.7
75.7
81.9
88.9
91.2
63.2
28.3
72.2
74.0
35.6
89.4
72.4
87.3
92.0
83.3
91.7
50.0
95.8
79.2
25.0
62.5
100.0
83.3
45.8
6.3
91.7
95.8
50.0
69.6
75.0
33.3
75.0
91.7
87.5
37.5
16.7
79.2
83.3
41.7
93.8
7 5.0
20.8
70.8
87.5
83.3
45.8
54.2
87.5
75.0
41.7
91.7
66.7
37.5
70.8
79.2
95.8
56.2
70.8
87.5
75.0
72.9
81.2
75.0
39.6
75.0
91.7
87.5
45.8
83.3
79.2
66.7
85.4
79.2
66.7
62.5
75.0
95.8
83.3
45.8
87.5
91.7
70.8
70.8
83.3
87.5
50.0
70.8
63.3
87.5
50.0
87.5
95.8
66.7
87.5
77.1
60.4
45.8
75.0
93.8
83.3
4.2
95.8
87.5
62.5
83.3
77.1
45.8
47.9
83.3
79.2
66.7
4.2
91.7
91.7
62.5
87.5
75.0
39.6
50.0
95.8
87.5
52.1
4.2
91.7
91.7
50.0
89.6
87.5
35.4
52.1
95.8
83.3
58.3
12.5
91.7
95.8
41.7
91.7
79.2
33.3
41.7
93.8
63.3
45.8
4.2
95.8
84.7
90.3
47.2
93.1
7o.4
26.4
69.4
93.1
64.7
43.0
26.4
64.7
72.2
66.7
84.0
69.5
46.5
73.6
88.9
88.9
49.3
80.5
91.7
66.7
80.5
79.2
64.6
47.9
76.4
85.4
79.2
19.5
91.7
93.1
51.4
89.6
80.6
36.1
47.9
95.1
84.7
52.11
7.0
93.1
88.6
70.1
71.0
84.2
61.6
42.2
78.6
88.0
76.2
29.7
72.9
9b7.
1945...
1946. . .
1947.. .
1948. . .
1949...
1»50. . .
1951...
1952.. .
1953...
1954...
lY.'l
76.9
DIFFUSION
INDUSTRIAL MATERIALS
INDEX OF INDUSTRIAL MATERIALS P R I C E S — 1 3
(PERCENT R I S I N G OVER 1-MONTH SPANS)
AVERAGE FOR PERIOD
84.6
23.1
30.8
30.8
38.5
30.8
61.5
76.9
30.8
61.5
38.5
38.5
30.8
69.2
53.8
26.9
50.0
84.6
76.9
30.8
69.2
69.2
38.5
11.5
84.6
6i.5
38.5
69.2
53.8
69.2
61.5
53.8
53.8
38.5
76.9
19.2
38.5
38.5
53.8
53.8
61.5
84.6
0.0
61.5
53.8
38.5
30.8
53.8
92.3
7.7
42.3
26.9
38.5
7.7
53.8
92.3
7.7
30.8
23.1
65.4
61.5
30.8
84.6
69.2
38.5
38.5
69.2
46.2
46.2
69.2
23.1
30.8
69.2
53.8
30.8
38.5
76.9
61.5
38.5
38.5
50.0
26.2
69.2
71.8
26.9
47.4
51.3
64.1
35.9
71.8
47.4
48.7
37.2
64.1
30*. 8
56.4
89.7
5.1
44.9
34.6
47.5
46.2
38.5
76.9
51.3
35.9
48.7
57.7
39*8
76.9
43.9
39.1
42.0
55.1
1955. . .
1956. . .
1957. . .
1956...
1959.. .
19b0. . .
1961...
19b2...
1963...
1964. . .
b5.4
42.3
30.8
38.5
38.5
69.2
38.5
53.8
61.5
53.8
84.6
61.5
23.1
46.2
53.8
42.3
84.6
46.2
46.2
53.8
46.2
61.5
53.8
46.2
61.5
38.5
84.6
46.2
50.0
46.2
76.9
42.3
57.7
38.5
61.5
53.8
76.9
42.3
46.2
65.4
61.5
30.8
38.5
69.2
53.8
46.2
53.8
42.3
46.2
30.8
69.2
30.8
38.5
53.8
65.4
46.2
57.7
46.2
69.2
53.8
76.9
46.2
34.6
96.2
38.5
42.3
38.5
23.1
46.2
46.2
61.5
61.5
30.8
53.8
53.8
30.8
46.2
30.8
38.5
76.9
46.2
69.2
11.5
42.3
69.2
38.5
57.7
50.0
69.2
69.2
38.5
38.5
23.1
53.8
46.2
23.1
34.6
53.8
69.2
73.1
46.2
46.2
7.7
73.1
46.2
23.1
15.4
53.8
50.0
61.5
57.7]
42.3
46.2
38.5
61.5
15.4
69.2
53.8
57.7
38.5
65.4
55.1
35.9
43.6
51.3
50.0
69.2
48.7
52.6
51.3
69.2
34.6
44.9
53.8
60.2
48.7
62.8
43.6
53.9
50.0
61.5
59.0
25.6
64.1
53.8
37.2
47.5
34.6
51.3
64.1
47.5
42.3
25.7
55.1
51.3
20.5
39.7
53.8
59.0
57.7
60.9
47.8
33.0
54.2
54.2
39.1
54.8
45.2
54.2
55.8
1965...
1966...
1967...
1968.. .
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
53.8
61.5
46.2
46.2
53.8
50.0
46.2
65.4
84.6
84.6
53.8
30.8
76.9
53.8
46.2
61.5
30.8
61.5
73.1
84.6
69.2
42.3
69.2
46.2
23.1
53.8
46.2
57.7
80.8
76.9
76.9
53.8
38.5
76.9
30.8
23.1
46.2
65.4
61.5
80.8
65.4
61.5
61.5
46.2
53.8
42.3
61.5
53.8
57.7
53.8
38.5
76.9
80.8
38.5
38.5
57.7
46.2
69.2
50.0
76.9
19.2
46.2
73.1
76.9
53.8
61.5
46.2
61.5
30.8
46.2
61.5
46.2
57.7
61.5
73.1
38.5
57.7
42.3
26.9
53.8
65.4
76.9
42.3
61.5
65.4
65.4
46.2
65.4
50.0
0.0
19.2
57.7
57.7
46.2
53.8
50.0
46.2
42.3
76.9
15.4
19.2
46.2
69.2
46.2
30.8
46.2
61.5
46.2
19.2
46.2
34.6
30.8
46.2
69.2
50.0
42.3
34.6
65.4
69.2
23.1
42.3
61.5
57.7
61.5
38.5
50.0
19.2
61.5
69.2
69.2
7.7
50.0
51.3
61.5
41.0
48.7
53.8
46.2
62.8
71.8
82.0
69.2
44.9
62.8
39.8
51.3
50.0
66.7
44.8
55.2
71.8
73.1
51.3
48.7
46.2
29.5
34.6
56.4
65.4
44.9
57.7
59.0
61.6
42.3
66.7
37.2
35.9
51.3
59.0
48.7
30.8
47.4
65.4
61.5
16.7
46.2
49.4
41.7
44.6
53.5
58.6
41.7
55.8
67.0
69.6
44.9
51.6
967.
DIFFUSION
IN DEX OF INDUSTRIAL MATERIALS P R I C E S — 1 3
(PERCENT R I S I N G OVER 9-MONTH SPANS)
INDUSTRIAL MATERIALS
AVERAGE FOR PERIOD
1945...
1946...
1947.. .
194B. . .
1949. . .
1950...
1951...
1952...
1953.. .
1954. . .
7.7
69.2
100.0
30.8
38.5
53.8
0.0
69.2
76.9
30.8
15.4
76.9
7.7
84.6
46.2
23.1
15.4
84.6
23*1
92.3
30.8
30.8
30.8
69.2
7*7
100.0
23.1
30.8
15.4
61.5
46.2
15.4
100.0
23.1
23.1
30.8
69.2
38.5
23.1
100.0
23.1
38.5
38.5
61.5
38.5
23.1
100.0
15.4
38.5
30.8
53.8
30.8
53.8
100.0
15.4
38.5
23.1
61.5
23*1
53.8
100.0
15.4
30.8
23.1
53.8
7.7
69.2
100.0
15.4
46.2
38.5
61.5
7i7
76.9
100.0
30.8
38.5
46.2
61.5
5*1
74.3
74.4
28.2
23.1
71.8
15.4
97.4
25.7
28.2
25.7
66.6
35.9
33.3
100.0
18.0
38.5
30.8
58.9
12.8
66.6
100.0
20.5
38.5
35.9
58.9
30'. 1
92.9
34.6
33.4
28.9
64.1
1955...
1956.. .
1957...
1958...
1959...
1960...
1961...
1962...
19o3...
1964...
65.4
46.2
30.8
23.1
69.2
46.2
61.5
38.5
61.5
61.5
61.5
42.3
34.6
38.5
69.2
38.5
53.8
30.8
69.2
69.2
69.2
46.2
38.5
53.8
61.5
46.2
61.5
30.8
61.5
69.2
69.2
46.2
30.8
76.9
69.2
30.8
61.5
38.5
69.2
76.9
76.9
53.8
23.1
76.9
61.5
38.5
76.9
23.1
65.4
76.9
76.9
53.8
23.1
76.9
69.2
38.5
53.8
15.4
61.5
80.8
76.9
53.8
23.1
76.9
61.5
30.8
53.8
30.8
61.5
84.6
84.6
46.2
15.4
84.6
46.2
30.8
53.8
38.5
61.5
76.9
84.6
30.8
23.1
69.2
61.5
38.5
53.8
38.5
61.5
69.2
76.9
38.5
23.1
76.9
53.8
38.5
53.8
53.8
53.8
69.2
69.2
53.8
23.1
73.1
46.2
46.2
53.8
46.2
61.5
76.9
53.8
53.8
15.4
61.5
46.2
38.5
46.2
61.5
76.9
69.2
65.4
44.9
34.6
38.5
66.6
43.6
58.9
33.4
64.1
66.6
74.3
51.3
25.7
76.9
66.6
35.9
64.1
25.7
65.4
78.2
82.0
43.6
20.5
76.9
56.4
33.4
53.8
35.9
61.5
76.9
66.6
48.7
20.5
70.5
48.7
41.1
51.3
53.8
64.1
71.8
72.1
47.1
25.3
65.7
59.6
38.5
57.0
37.2
63.8
73.4
69.2
53.8
0.0
3-0.8
84.6
61.5
46.2
76.9
92.3
69.2
11.5
76.9
61.5
15.4
46.2
80.8
42.3
46.2
76.9
92.3
76.9
15.4
61.5
61.5
26.9
46.2
76.9
38.5
46.2
84.6
92.3
61.5
15.4
69.2
53.8
30.8
53.8
69.2
34.6
61.5
92.3
92.3
61.5
38.5
53.8
30.8
23.1
61.5
76.9
34.6
69.2
84.6
92.3
46.2
61.5
53.8
15.4
23.1
73.1
92.3
38.5
69.2
84.6
92.3
46.2
61.5
46.2
7.7
23.1
76.9
76.9
19.2
53.8
76.9
92.3
46.2
53.8
46.2
7.7
30.8
57.7
76.9
15.4
53.8
61.5
69.2
23.1
53.8
46.2
7.7
46.2
76.9
69.2
15.4
46.2
69.2
76.9
23.1
46.2
46.2
0.0
38.5
92.3
69.2
15.4
53.8
76.9
100.0
23.1
46.2
38.5
0.0
30.8
92.3
69.2
30.8
80.8
84.6
84.6
23.1
61.5
53.8
0.0
30.8
84.6
76.9
46.2
84.6
88.5
76.9
23.1
69.2
69.2
58.9
14.1
41.1
80.8
47.4
46.2
79.5
92.3
69.2
14.1
58.9
33.3
25.7
62.8
79.5
35.9
66.6
87.2
92.3
51.3
53.8
46.2
7.7
33.4
70.5
74.3
16.7
51.3
69.2
79.5
30.8
51.3
46.2
0.0
33.4
89.7
71.8
30.8
73.1
83.3
87.2
23.1
59.0
55.1
25.0
26.6
66.0
76.6
32.7
59.3
79.8
87.8
43.6
44.5
1965...
1966...
1967...
196b...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
*
BCD 1977
143
Quarterly
Monthly
Year
Annual
Feb.
Jan.
968.
DIFFUSION
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
INDEX OF STOCK P R I C E S , 5 0 0 COMMON S T O C K S — 6 5 - 8 2 INDUSTRIES ' ®
(PERCENT RISING OVER 1 -MONTH SPANS)
73.7
87.5
98.7
76.9
71.2
93.1
2.5
17.5
66.2
85.0
25.6
43.7
79.4
81.2
71.2
66.2
21.9
56.2
80.6
80.6
93*.l
47.5
47.5
49.4
21.2
5.6
85.6
95.6
29.4
75.0
40.0
38.1
41.2
86.9
80.0
1.9
33.1
20.0
78.1
0.0
71.2
12'.5
100.0
19.4
47.5
85.6
65.0
90.6
3.7
95.0
94.4
92.5
53.7
76.9
83.1
31 ".9
72.5
90.0
93.1
13.7
0.0
51.9
61.9
95.0
92.5
41.9
13.7
75.6
60.6
U2
65.6
31.9
6.2
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
72.5
41.2
57.5
91.9
86.2
27.5
86.9
25.6
97.5
74.7
87.5
41.9
13.7
77.5
62.5
12.5
96.2
75.0
78.7
65.2
47.5
88.7
81.2
73.1
80.6
34.4
85.6
47.5
43.7
78.5
83.7
33.7
74.4
59.4
53.1
51.9
72.5
8.7
91.2
75.6
33.1
23.1
78.7
91.2
53.7
35.0
81.9
1.2
85.0
52.6
88.7
20.0
42.5
86.2
41.9
76.2
40.0
1.2
51.9
35.3
53.7
95.0
51.9
85.6
80.6
35.0
42.5
69.4
29.4
89.7
23.1
56.9
7.5
88.7
42.5
76.2
81.2
78.1
75.0
41.0
70.6
12.5
8.1
84.4
9.4
16.9
40.0
36.2
76.9
76.3
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
92.2
74.0
90.9
64.5
12.0
43.3
95.8
89.6
26.8
85.8
95.4
81.8
48.7
92.2
10.5
43.3
23.3
87.5
70.1
14.5
50.7
93.8
64.3
14.3
61.0
21.1
13.3
82.7
71.5
76.4
19.6
91.0
86.2
70.8
63.6
76.0
94.7
54.0
16.4
84.0
71.5
21.7
9.7
69.2
66.9
3.9
74.0
83.6
74.7
2.7
41.7
21.5
14.7
27.3
61.0
0.0
23.4
51.3
80.3
1.3
47.9
27.8
43.1
15.4
39.4
70.8
24.7
38.3
81.6
48.7
4.0
41.7
44.4
30.6
66.2
4.5
64.6
79.9
6.5
77.6
17.8
34.7
77.8
23.6
76.4
41.9
7.6
6.2
81.2
3.9
57.2
86.7
61.3
96.5
71.5
33.8
88.2
1.5
40.0
DIFFUSION
INDEX OF STOCK P R I C E S , 5 0 0 COM!" ON S T O C K S - - 6 5 - 8 2 INDUSTRIES '
(PERCENT RISING OVER S -MONTH SPANS)
89.6
26.3
51.9
36.5
45.8
15.6
81.2
16.0
89.2
67.9
77.7
51.0
47.3
75.2
34.8
82.3
59.0
39.8
64.6
74.8
82.9
63!o
63.0
55.6
53.6
50.7
80.9
5.0
23.7
4.4
80.0
52.5
25.0
46.9
8.1
44.9
73.1
86.9
46.9
26.2
89.4
55.6
90.0
87.5
98.7
44.9
59.6
71.9
45.6
49.4
82.5
71.9
81.2
55.0
84.4
68.4
24.0
69.2
57.3
50.8
80.8
76.4
24.8
89.6
49.4
73.3
72.8
68.5
25.6
65.2
78.9
49.6
54.4
64.8
3.7
76.0
54.5
49.1
54.8
22.5
86.2
44.2
42.7
54.6
61.2
60.4
69.0
54.6
38.7
26.7
84.0
60.0
65.4
63.1
63.7
52.7
52.2
60.4
44.1
41.3
82.5
57.5
46.8
68.0
44.5
65.6
62.1
66.9
25.3
32.2
82.7
72.7
72.2
18.1
33.8
89.0
66.2
70.8
70.1
88.3
7.9
77.3
68.0
48.6
2.8
90.1
7.5
70.8
64.6
57.1
59.7
71.1
72.7
4.0
98.6
95.8
77.5
13.4
9.2
26.2
79.4
45.7
81.4
32.0
22.9
49.8
84.9
78.7
20.3
75.8
91.8
45.9
30.3
67.1
86.2
43.3
22.3
51.2
45.4
17.3
25.5
67.0
61.9
16.2
72.1
51.1
33.3
72.0
46.5
46.9
65.4
4.5
36.9
64.7
57.8
37.1
77.6
48.2
73.1
38.9
67.1
36.6
48.7
53.9'
63.0
37.5
64.4
61.7
36.9
54.3
55.4
59.5
34.9
38.6
62.4
yo.o
®
AVERAGE FOR PERIOD
777
...
63.7
71.2
86.2
58.7
16.2
97.5
...
61.2
70.6
71.9
70.0
42.5
17.5
96.2
6 1 ".2
83.7
67.5
45.6
64.4
30.0
96.2
55.0
85.0
65.0
62.5
74.4
31.2
97.5
32.5
96.2
78.7
61.2
80.0
53.7
100.0
11.2
97.5
80.0
52.5
81.2
65.6
98.7
io!o
96.2
84.4
66.2
79.4
83.7
98.7
92.5
96.9
62.5
65.0
83.7
98.7
24^6
80.0
82.9
43.3
50.8
89.1
62.7
70.6
78.7
56.2
27.5
97.1
49.6
88.3
70.4
56.4
72.9
38.3
97.9
95.0
67.5
50.0
100.0
84.4
42.5
97.5
3.1
95.0
85.9
88.7
55.6
36.9
100.0
67.5
36.9
95.6
3.7
89.1
84.6
70.0
48.7
20.0
98.7
61.9
38.7
81.2
2.5
84.6
84.6
68.7
43.7
25.0
100.0
55.6
46.2
76.2
1.2
78.2
81.8
81.2
31.9
23.7
100.0
56.9
57.5
73.7
3.7
79.5
68.8
63.7
33.7
31.2
100.0
50.6
68.7
71.2
18.7
77.6
65.6
72.5
27.5
26.2
100.0
33.7
83.7
67.5
67.5
69.2
75.3
73.7
41.2
30.0
98.7
32.5
90.0
70.0
93.7
71.2
76.6
60.6
33.1
30.0
96.2
26.2
97.5
62.5
95.0
84.4
76.6
95.0
60.0
58.5
67.5
88.3
37.9
97.5
10.4
96.2
82.6
84.6
57.3
35.6
99.6
71.3
39.4
91.4
3.1
89.6
85.0
71.2
36.4
26.6
100.0
54.4
57.5
73.7
7.9
78.4
72.1
58.4
22.1
93.4
76.3
12.0
6.9
97.2
84.7
19.1
6.1
95.4
72.7
11.7
92.1
82.7
6.7
25.0
77.8
67.6
17.6
10.6
93.8
67.5
6.5
86.2
85.3
21.3
27.8
56.9
43.7
30.9
4.6
89.2
61.0
9.7
68.4
93.3
25.3
31.9
31.9
54.9
23.9
4.6
80.8
59.1
22.1
65.8
97.3
21.3
46.5
43.1
54.9
16.4
3.1
66.2
63.6
20.1
71.1
81.3
20.0
72.2
44.4
47.9
26.9
10.8
90.8
60.4
47.4
52.6
71.3
14.7
95.8
50.7
42.0
35.8
23.1
87.7
67.5
58.4
46.1
52.0
25.3
97.2
59.7
36.2
53.7
38.5
80.0
70.1
66.2
50.0
56.0
31.5 [
98.6
65.3
34.8
35.8
70.8
80.0
63.6
44.4
91.1
65.4
42.7
5.6
94.9
63.2
23.5
15.2
86.8
66.2
13.4
90.6
81.4
13.3
19.9
77.3
65.3
22.5
7.1
92.8
61.2
17.3
68.4
90.6
22.2
50.2
39.8
52.6
22.4
6.2
79.3
18.7
87.5
83.7
35.0
38.1
91.2
27!i
62.5
68.7
52.5
55.0
92.5
53!7
68.7
80.0
67.5
48.7
97.5
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
91.2
56.2
51.2
47.5
95.0
30.0
97.5
17.5
95.0
83.1
97.5
51.2
59.4
60.0
85.0
41.2
97.5
6.2
95.0
78.2
96.2
72.5
65.0
95.0
85.0
42.5
97.5
7.5
98.7
86.5
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
80.5
51.9
85.7
61.8
73.3
5.5
98.6
62.5
26.5
28.8
62.0
58.4
43.5
90.3
63.2
40.0
5.6
95.1
59.0
19.1
10.6
98.5
51.9
37.7
97.4
71.1
14.7
5.6
91.0
68.1
25.0
6.1
100.0
...
81.2
91.9
54*.l
73.3
68.5
52.9
65.2
84.4
...
27.5
90.0
96.2
42.5
59.4
83.7
IV Q
4K2
86.2
52.5
71.2
90.0
67.5
96.2
...
...
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
...
III Q
II Q
AVERAGE FOR PERIOD
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
968.
1 Q
Dec.
26 ."6
ll'.l
95.4
87.1
60.4
75.2
77.7
98.7
ei'.i
77.0
69.6
61.9
48.6
95.7
79.9
46.9
37.4
91.3
61.2
68.9
33.9
28.7
98.3
30.8
90.4 1
66.7
85.4
74.9
76.2 1
82.3
26.7
84.8
79.0
66.0
57.3
49.6
59.8
23.8
97.2
58.6
37.7
41.8
44.1
82.6
64.3
33.1
74.9
74.3
25.5
43.2
67.6
54.7
27.6
18.1
85.4
56.3
'This diffusion index is based on 82 component industries from 1948 through February 1963; the number of components then declines gradually to 65 in 1975.
144
The Handbook of Cyclical Indicators
Quarterly
Quarterly
Annual
Year
1 Q
11.
15.
MFG.
TOTAL
...
...
...
...
...
...
2 ....
06
...
...
...
...
...
...
2 ....
29
...
...
...
...
...
...
2 ...
.05
Annual
1 Q
IV Q
III Q
IV Q
PROFITS (AFTER TAXES) PER DOLLAR OF SALES,
ALL MANUFACTURING CORPORATIONS 2
(CENTS
...
6...
.7
...
...
...
...
...
...
8 ....
17
IIQ
...
6.3
6.4
4.7
6.7
5.1
4.1
4.3
4.6
AVERAGE
...
...
...
5.8
...
5...
.7
6.3
5.5
6.9
4.2
4.3
4.4
4.5
6.2
5.5
6.3
4.4
4.4
4.0
4.7
6.1
6.4
5.3
6.4
4.8
4.3
4.3
4.5
1.86
1.84
1.87
2.28
7.85
6.5
5.6
5.6
5.7
4.3
4.4
4.3
2.69
4.04
3.61
1.95
2.69
2.87
2.39
2.99
2.76
4.12
3.26
3.71
3.21
1.94
2.94
2.52
2.46
2.52
3.27
4.66
3.90
3.38
2.43
2.20
3.13
2.27
2.72
2.82
3.66
4.91
4.01
3.43
2.33
2.23
3.13
2.71
2.70
3.15
3.94
4.34
13.86
14.56
11.58
8.32
11.89
10.37
10.27
11.48
13.63
18.03
5.2
5.4
5.3
3.6
5.0
5.0
3.8
4.6
4.4
5.1
5.4
5.4
4.9
3.7
5.3
4.4
4.2
4.4
4.7
5.2
5.5
5.0
4.7
4.4
4.6
4.3
4.4
4.5
4.7
5.3
5.6
5.1
4.3
4.8
4.4
3.9
4.7
4.7
5.0
5.3
5.4
5.2
4.8
4.1
4.8
4.4
4.3
4.6
4.7
5.2
5.08
6.54
6.03
5.95
6.80
6.68
5.70
6.57
9.72
12.86
11.39
5.54
6.77
5.98
5.72
7.75
6.48
5.52
7.09
10.92
14.98
10.98
5.58
5.96
5.89
6.35
7.60
6.32
5.92
7.21
11.67
16.38
10.18
6.15
6.02
5.95
6.64
7.44
5.86
5.94
8.43
12.20
12.68
12.87
22.35
25.29
23.85
24.66
29.59
25.34
23.08
29.30
44.51
56.90
45.42
5.6
5.8
5.0
5.1
5.1
4.1
4.0
4.2
4.7
5.8
3.8
5.5
5.7
5.0
5.0
4.9
4.2
4.2
4.2
4.7
5.6
4.4
5.6
5.6
4.9
5.1
4.8
4.0
4.2
4.3
4.7
5.9
5.0
5.6
5.4
5.1
5.1
4.5
3.6
4.1
4.5
5.7
4.9
5.1
5.6
5.6
5.0
5.1
4.8
4.0
4.1
4.3
5.0
5.6
4.6
CORPORATE PROFITS AFTER TAXES IN CURRENT DOLLARS
(ANNUAL RATE, BILLIONS OF DOLLARS)
...
10.4
22.
III Q
NEWLY APPROVED CAPITAL APPROPRIATIONS, 1 0 0 0
CORPORATIONS'
(BILLIONS OF DOLLARS)
...
...
...
...
...
...
...
1 ....
77
16.
IIQ
Year
20.7
22.3
20.3
18.8
24.9
19.9
21.6
19.1
13.6
19.6
23.4
17.9
22.4
21.1
18.7
21.7
19.7
17.8
19.3
23.1
18.6
27.4
19.1
18.7
21.2
20.8
20.0
21.1
22.3
18.2
30.1
20.4
20.6
16.5
22.4
25.6
26.7
27.1
19.6
28.1
28.3
23.5
29.0
29.7
36.3
26.0
27.2
26.0
20.1
30.4
26.1
24.8
29.0
31.2
36.3
26.7
25.5
25.5
22.6
27.1
25.0
26.4
29.8
32.1
37.3
27.7
26.9
23.2
26.0
26.3
24.0
28.5
30.6
32.9
36.9
42.4
47.6
43.5
45.3
46.1
38.1
40.4
50.7
66.5
75.8
54.0
43.9
47.6
43.6
46.6
44.9
37.1
43.1
52.3
67.9
73.3
61.0
44.4
47.1
44.9
46.1
42.7
37.7
45.5
55.0
65.4
81.0
72.1
46.7
46.1
47.4
46.6
41.4
35.1
48.1
60.4
68.5
70.6
74.1
RATIO OF PROFITS (AFTER TAXES) TO TOTAL CORPORATE
DOMESTIC INCOME
(PERCENT)
18.
AVERAGE
...
15.5
20.2
22.7
18.7
24.7
21.3
19.5
20.2
20.5
CORPORATE PROFITS AFTER TAXES IN 1 9 7 2 DOLLARS
(ANNUAL RATE, BILLIONS OF DOLLARS)
...
4 4...
.4
...
41.3
33.8
53.0
33.0
33.7
26.5
35.9
42.0
38.2
36.7
32.4
37.9
34.7
36.5
40.8
43.5
49.9
43.2
39.7
33.3
36.9
36.8
33.3
39.3
41.8
44.4
49.3
41.8
40.1
36.8
31.7
39.2
35.9
35.8
40.6
42.7
49.2
58.6
60.3
55.8
54.8
48.4
40.8
46.8
54.9
62.1
68.3
55.5
61.4
58.5
58.3
54.9
46.4
37.4
49.2
59.8
63.9
57.2
55.6
58.6
60.5
55.9
55.2
50.0
40.2
45.9
54.6
64.2
64.7
50.3
43.6
37.8
34.8
42.2
33.0
35.3
30.6
39.3
43.1
34.5
49.4
32.0
30.9
34.1
33.5
26.4
26.6
25.5
22.1
28.0
25.8
25.8
29.6
31.5
36.7
41.1
40.9
39.5
28.2
39.6
39.4
32.7
40.0
40.3
48.8
41.4
41.3
37.7
28.8
42.7
36.2
34.5
39.8
42.5
48.8
44.3
47.1
44.8
46.2
43.8
37.0
44.3
54.6
67.1
75.2
65.3
56.4
62.0
54.9
55.1
53.8
42.2
42.6
51.3
65.2
68.9
42.3
58.2
61.4
54.6
56.1
51.6
40.5
44.8
52.6
65.5
64.3
47.8
...
13.3
...
15.8
...
19.5
...
20.7
...
17.3
20.6
18.6
16.4
15.3
16.2
12.2
12.2
11.0
18.5
19.2
14.9
17.2
13.3
11.6
12.1
11.3
17.9
18.5
15.5
19.4
11.9
11.5
11.9
11.9
18.6
17.6
15.9
20.2
12.5
11.9
9.6
12.3
18.9
18.5
15.7
18.0
13.5
11.8
11.4
11.6
13.4
12.8
12.3
9.4
12.0
11.1
9.3
10.4
10.0
11.3
13.2
12.9
11.7
9.6
12.5
10.2
9.6
10.2
10.4
11.1
13.3
12.0
11.4
10.4
11.2
10.0
9.9
10.4
10.5
11.2
13.5
12.5
10.7
11.5
10.8
9.6
10.5
10.3
10.6
11.0
12.1
12.5
10.8
10.4
9.4
7.2
7.5
8.6
9.8
9.3
7.2
12.3
12.2
10.8
10.2
9.0
7.1
7.6
8.6
9.8
9.6
7.9
12.3
12.0
10.7
10.0
8.3
7.1
8.2
8.8
9.3
10.4
9.0
12.7
11.5
3-.1
9.9
8.1
6.7
8.2
9.3
9.3
8.8
9.1
3 0 . GROSS PRIVATE DOMESTIC INVESTMENT, CHANGE IN BUSINESS
INVENTORIES, IN 1 9 7 2 DOLLARS
(ANNUAL RATE, B I L . DOL.)
...
0...
.1
...
36.5
41.6
43.3
34.8
44.6
35.9
32.0
32.7
32.9
...
40.8
45.2
33.0
41.4
35.5
30.9
35.2
31.5
AVERAGE
AVERAGE
...
4 1...
.9
...
2...
.7
AVERAGE
...
4.1
-0.3
4.4
13.4
7.3
3.9
-3.4
-0.9
5.6
-7.1
7.7
19.9
-2.7
5.1
-4.1
-2.9
6.9
-2.5
8.0
14.6
5.4
1.9
-2.7
5.3
-7.7
22.1
7.0
7.2
-5.0
1.5
12.2
-0.2
5.5
-4.4
10.6
13.7
4.3
1.5
-2.2
13.4
12.6
11.5
10.2
11.6
10.2
9.8
10.3
10.4
11.2
5.9
7.5
2.5
-6.8
5.0
13.5
-3.8
10.6
7.6
6.1
8.0
5.5
2.9
-6.2
13.0
4.9
1.9
9.2
7.0
8.0
7.8
4.9
3.7
0.3
-0.4
3.0
6.6
8.0
9.3
7.3
9.2
5.4
-3.0
5.3
8.2
-3.9
6.7
4.7
7.1
7.9
7.7
5.8
1.5
-1.8
6.5
4.4
2.9
8.1
7.8
7.3
12.4
12.0
10.8
10.1
8.7
7.0
7.9
8.8
9.6
9.5
8.3
13.4
13.5
14.6
6.3
9.8
2.9
7.9
4.8
11.7
11.4
-20.5
10.6
17.8
7.5
11.8
12.2
4.8
10.0
10.1
14.8
9.4
-21.2
12.4
15.1
12.2
9.2
13.4
6.3
5.0
12.1
14.1
5.1
-1.0
8.8
20.5
13.8
7.6
6.8
3.3
3.7
10.8
25.4
8.0
-5.5
11.3
16.7
12.0
8.7
10.6
4.3
6.6
9.4
16.5
8.5
-12.0
...
...
'This is a copyrighted series used by permission; it may not be reproduced without written permission from The Conference Board.
'Data for 1947-50 differ from those published by the source. In BCD, those data have been adjusted (multiplied by 0.91) to the level of the data for subsequent years.
BCD 1977
145
Quarterly
Quarterly
'
Year
1 Q
III Q
IV Q
34. NET CASH FLOW, CORPORATE, IN CURRENT DOLLARS
(ANNUAL RATE, BILLIONS OF DOLLARS)
...
33.5
34.5
34.9
32.9
39.4
38.2
39.1
45.6
48.4
54.0
52.4
52.7
50.6
42.0
54.0
54.9
49.8
61.2
62.3
72.3
53.4
52.8
49.3
42.4
57.5
52.2
52.2
60.8
65.3
71.8
53.9
49.2
48.9
46.4
52.4
50.9
54.2
62.3
66.6
73.4
54.9
50.1
46.6
51.7
51.9
49.9
56.6
63.7
67.9
T2.5
53.4
51.3
49.0
45.7
53.9
52.0
53.2
62.0
65.5
72.5
62.6
68.3
68.9
72.3
74.2
70.7
82.2
97.9
113.0
126.0
122.6
80.5
87.5
84.1
86.4
87.6
77.5
80.1
92.8
109.1
113.4
84.8
82.7
88.4
84.0
87.8
86.6
76.7
83.6
97.1
110.3
108.2
89.4
83.6
88.5
85.8
86.3
83.7
77.6
86.2
98.0
106.2
112.1
97.0
85.8
88.2
90.0
87.0
81.7
74.8
89.3
103.6
108.6
100.6
98.2
83.2
88.2
86.0
86.9
84.9
76.6
84.8
97.9
108.6
108.6
92.3
32.3
34.6
35.5
30.1
39.3
40.4
36.6
45.0
46.0
53.6
33.1
35.1
34.9
30.4
42.0
38.4
38.3
44.7
48.2
53.4
34.3
33.5
34.9
33.4
38.4
37.4
39.8
45.9
49.2
54.7
35.2
34.7
33.5
37.4
38.1
36.6
41.6
47.0
50.3
54.2
60.3
66.8
66.4
70.8
75.0
70.1
76.4
91.8
111.1
124.4
108.7
62.0
68.1
66.9
72.5
75.0
70.1
80.5
96.6
113.6
123.1
117.0
63.1
68.7
69.0
72.2
73.7
72.1
84.0
98.3
111.3
132.6
130.0
65.1
69.3
73.2
73.8
73.0
70.6
87.8
105.0
116.1
123.9
134.8
...
240.6
243.1
250.0
275.3
289.2
306.4
293.6
237.0
242.7
239.3
255.6
280.9
286.7
310.3
286.5
236.3
245.0
241.2
266.8
288.0
291.1
307.6
290.0
239.9
248.2
236.1
273.4
288.3
302.2
303.1
298.7
238.0
236.8
244.2
239.9
261.5
283.1
292.3
306.9
292.2
303.7
321.7
324.6
303.1
326.9
344.4
325.8
359.4
367.2
386.8
314.9
321.0
322.8
304.1
338.7
340.5
335.6
361.6
369.0
393.7
321.0
319.3
325.2
315.2
328.8
336.4
341.3
364.2
375.9
397.9
325.9
321.6
314.7
325.5
335.7
327.2
349.6
362.8
379.8
397.8
316.3
320.9
321.8
312.0
332.5
337.1
338.1
362.0
373.0
394.0
410.7
448.5
458.6
468.9
491.6
483.6
490.0
505.8
565.6
560.6
512.2
414.2
452.9
460.1
480.1
493.2
486.1
488.8
522.8
565.1
558.1
522.5
424.8
458.2
464.2
488.7
494.5
488.5
492.0
530.6
568.0
555.6
546.0
436.4
462.9
464.7
486.7
489.9
475.6
495.5
545.0
577.4
537.4
549.9
421.5
455.6
461.9
481.1
492.3
483.4
491.6
526.0
569.0
552.9
532.6
1
1
1
50-C.
DIFFERENCE
3.6
-5.0
22.3
7.8
5.6
9.7
-8.3
5.1
-4.2
12.2
1.0
14.2
-6.0
11.7
15.0
-2.9
4.7
-13.3
8.6
14.5
4.7
11.2
7.7
14.2
9.7
3.4
0.5
4.8
15.6
-1.8
12.4
10.2
10.2
10.9
9.5
0.4
4.7
16.2
-7.7
-3.2
9.7
6.0
15.1
8.5
6.7
7.8
-8.9
17.7
7.6
-3.8
18.2
1.5
8.1
3.4
19.1
17.6
1.6
9.9
10.1
-3.9
23.9
20.7
27.6
-12.2
-30.6
13.4
6.7
6.9
18.0
4.8
0.5
8.0
21.8
1.3
-9.6
16.0
15.9
9.1
12.3
12.4
3.8
7.9
7.7
15.0
5.2
-7.9
32.2
19.7
7.4
7.9
2.9
-5.9
-10.6
9.5
24.2
6.3
-21.2
9.9
477.3
490.9
511.5
562.4
591.3
622.2
608.1
486.0
488.9
525.1
573.2
592.1
626.2
605.6
490.8
49?.4
542.4
584.7
598.3
622.4
614.4
495.9
489.2
554.6
585.7
612.5
616.4
626.1
477.6
468.3
487.7
490.7
533.5
576.5
598.5
621.8
613.7
641.1
664.1
680.4
663.4
710.7
740.7
736.6
788.1
813.5
861.1
650.8
667.5
680.9
668.2
726.3
738.9
749.0
798.3
823.7
872.0
660.3
667.9
685.6
684.4
718.6
735.7
758.7
804.3
838.8
880.5
667.0
675.7
676.7
702.1
726.2
731.9
776.9
805.8
846.9
883.9
654.8
668.8
680.9
679.5
720.4
736.8
755.3
799.1
830.7
874.4
903.0
969.6
994.4
1031.4
1074.8
1073.6
1095.3
1141.2
1229.8
1230.4
1161.1
916.4
976.3
1001.3
1049.4
1079.6
1074.1
1103.3
1163.0
1231.1
1220.8
1177.1
932.3
985.4
1013.6
1061.8
1083.4
1082.0
1111.0
1178.0
1236.3
1212.9
1209.3
952.0
992.8
1021.5
1064.7
1077.5
1071.4
1120.5
1202.2
1242.6
1191.7
1219.2
925.9
981.0
1007.7
1051.8
1078.8
1075.3
1107.5
1171.1
1235.0
1214.0
1191.7
CHANC E FROM PRECEDING PERIOD IN GNP, 1972 DOLLARS
(ANNUAL RATE, PERCENT)
PERCENT
CHANGE1
...
...
4.1
3.7
13.8
8.2
4.2
-2.4
5.9
...
5.0
4.2
-3.3
9.4
0.7
9.8
-3.8
7.8
...
-2.0
4.1
0.6
8.7
8.1
3.8
3.9
-1.3
6.1
2.1
0.3
2.9
9.1
-1.0
6.9
5.3
5.1
5.1
6.0
0.2
2.8
10.0
-4.2
-1.7
5.3
3.0
7.5
3.9
4.1
4.8
-5.1
10.8
4.3
-2.0
10.0
0.7
3.9
1.6
6.7
2.1
1.8
-0.2
6.0
2.3
2.5
5.8
4.0
5.3
6.0
2.8
2.8
7.2
1.8
0.2
3.0
7.9
0.4
-3.1
5.6
7.1
3.8
5.0
4.8
1.4
3.0
2.8
5.3
1.7
-2.6
11.4
8.7
3.0
3.2
1.1
-2.2
-3.8
3.5
8.4
2.0
-6.8
3.3
5.9
5.9
2.7
4.4
2.6
-0.3
3.0
5.7
5.5
-1.7
-1.8
...
40.9
16.4
18.5
43.8
31.6
43.7
51.5
55.1
26.7
44.1
27.0
-3.5
32.2
63.6
63.9
-21.0
-22.3
8.9
7.6
0.7
3.9
3.9
-1.4
9.2
7.6
9.5
-3.9
-9.9
J
...
...
...
473.7
10.0
-1.7
2.8
-7.6
5.0
8.2
2.6
5.9
3.9
6.9
41.1
14.0
12.1
AVERAGE
...
...
468.0
3.0
-3.9
19.4
5.7
3.9
6.5
-5.3
-1.4
...
...
...
467.5
...
3.0
7.5
-1.6
11.1
7.9
0.5
2.6
-1.6
...
-9.3
19.4
3.0
42.8
43.0
22.0
23.3
-8.1
•5.7
••
...
...
...
464.0
...
...
...
...
0.5
4.8
4.5
17.3
11.5
6.2
-3.8
8.8
...
50. GROSS NATIONAL PRODUCT IN 1972 DOLLARS
(ANNUAL RATE, BILLIONS OF DOLLARS)
AVERAGE
...
3.5
8.7
-2.0
13.6
10.8
0.8
4.0
-2.5
...
44.2
40.0
36.6
45.6
38.7
42.4
39.4
14.6
19.7
22.7
19.5
24.7
23.1
22.5
24.7
26.4
50-3. E IFFERENCE FROM PRECEDING PERIOD IN GNP, 1972
(ANNUAL RATE, BILLIONS OF DOLLARS)
DOI LARS
AVERAGE
36.7
42.6
44.8
37.4
45.9
39.5
37.7
40.5
42.9
18.8
20.9
22.3
19.1
29.8
22.8
24.0
21.8
29.0
...
...
...
...
45.0
43.1
42.7
36.6
53.5
38.3
39.9
35.5
47.0
16.9
18.7
23.1
19.6
27.2
21.2
21.9
25.7
26.9
...
IV Q
39.8
44.6
37.5
50.4
35.9
36.8
41.9
. 43.9
12.7
19.1
23.6
18.6
22.7
22.7
21.6
25.5
25.7
...
III Q
41.7
47.0
35.6
43.1
39.0
36.1
41.8
42.0
9.8
19.9
21.7
20.8
19.1
26.2
23.0
25.6
24.1
...
II Q
35. NET CASH FLOW, CORPORATE, IN 1972 DOLLARS
(ANNUAL RATE, BILLIONS OF DOLLARS)
AVERAGE
49. VALUE OF GOODS OUTPUT IN 1972 DOLLARS
(ANNUAL RATE, BILLIONS OF DOLLARS)
Annual
1 Q
...
...
...
233.9
Year
Annual
IIQ
...
...
0.4
'Year-to-year differences and percent changes are computed from annual data.
146
The Handbook of Cyclical Indicators
Quarterly
Quarterly
Year
1 Q
55.
Year
Annual
II Q
III Q
PERSONAL CONSUMPTION EXPENDITURES, AUTOMOBILES
(ANNUAL R A T E , BILLIONS OF DOLLARS)
58.
AVERAGE
j
1945
1948
1949
1950
1954
1955
1957
1958
1959
1960
1961
1962.....
1963
1964
1965
1966
1967
1968
1969
1974
Annual
1 Q
IV Q
4.4
6.0
7.3
10.4
12.1
9.2
12.3
11.1
4.8
5.5
9.3
10.9
10.3
9.5
12.2
11.6
4.5
6.3
9.6
13.2
9.3
7.5
12-.0
10.8
5.4
6.9
9.6
12.3
8.8
10.9
11.5
11.8
4*. 8
6.2
9.0
11.7
10.1
9.3
12.0
11.3
14.2
14.0
15.4
12.3
15.3
16.4
13.6
17.0
19.8
21.7
16.0
13.2
15.0
12.0
16.4
16.9
14.2
18.0
20.6
21.9
16.9
12.9
14.1
11.9
17.1
17.1
14.9
17.7
20.6
23.0
15.7
14.1
14.4
12.7
14.8
16.0
16.3
19.2
21.1
20.6
15.7
13.5
14.7
12.2
15.9
16.6
14.8
18.0
20.5
21.8
25.6
27.0
22.9
28.4
31.0
28.4
33.7
37.7
45.9
35.0
36.0
24.8
24.0
25.5
28.8
30.4
29.5
34.5
38.8
44.6
36.6
37.1
25.4
24.8
25.0
30.5
30.8
29.3
34.9
39.5
42.4
40.4
42.8
25.4
24.6
24.6
30.5
30.5
24.0
36.7
41.7
38.7
32.4
45.1
25.3
25.1
24.5
29.6
30.7
27.8
35.0
39.4
42.9
36.1
40.3
II Q
IV Q
III Q
INDEX OF CONSUMER SENTIMENT
(FIRST QUARTER 1966=100)
©
AVERAGE
1945
1951
...
82.9
...
...
86.2
80.8
87.0
98.9
91.1
97.2
94.8
99.0
99.1
98.2
92.9
80.9
95.3
92.9
92.3
95.4
91.4
98.1
...
99.9
...
...
...
...
...
91.6
96.2
100.2
99.7
100.2
83.7
90.8
93.8
90.1
94.4
95.0
96.9
99.4
94.8
94.8
99.2
101.5
100.0
92.2
95.0
95.1
78.1
78.2
87.5
80.8
60.9
58.0
102.2
95.7
94.9
92.4
91.6
75.4
81.6
89.3
76.0
72.0
72.9
103.2
91.2
96.5
92.9
86.4
77.1
82.4
94.0
71.8
64.5
75.8
102.9
88.3
92.9
92.1
79.7
75.4
82.2
90.8
75.7
58.4
75.4
102.4
93.8
94.1
93.1
88.2
76.5
81.1
90.4
76.1
64.0
70.5
90.7
82.0
1955
78.5
1961
1976
61.
BUSINESS EXPENDITURES FOR NEW PLANT AND EQUIPMENT,
TOTAL
(ANNUAL R A T E , BILLIONS OF DOLLARS)
63.
AVERAGE
UNIT LABOR COST, PRIVATE BUSINESS SECTOR
(INDEX: 1967=100)
AVERAGE
1946
1946
1947
1949
1950
1951
1952
1953
1955
1956
1958
1965
1966
1967
1968
1969
1972
1973
1975
1976
64.
18.14
21.12
20.67
17.94
23.69
27.49
27.68
27.88
19.02
21.10
19.47
18.66
25.44
26.84
28.38
27.50
19.79
21.09
18.50
20.99
26.17
25.15
28.44
26.93
20.27
21.84
17.57
22.95
26.26
26.27
28.26
26.50
19.33
21.30
18.98
20.21
25.46
26.43
28.20
27.19
26.51
33.85
38.17
34.53
31.92
36.38
35.03
37.46
38.10
45.33
28.09
35.46
38.62
31.43
33.05
37.93
35.39
38.16
39.58
46.26
30.53
36.22
38.35
30.82
34.61
36.39
35.89
38.99
41.82
47.12
32.42
36.83
36.62
31.11
34.44
36.12
37.12
38.58
43.04
48.81
29.53
35.73
37.94
3i.89
33.55
36.75
35.91
38.39
40.77
46.97
50.70
60.25
65.23
68.09
72.52
78.22
79.32
86.79
96.19
107.27
114.57
53.31
62.96
65.60
66.29
73.94
80.22
81.61
87.12
97.76
111.40
112.46
55.08
64.31
65.48
67.77
77.84
81.88
80.75
87.67
100.90
113.99
112.16
57.69
65.90
65.66
69.05
77.84
78.63
83.18
91.94
103.74
116.22
111.80
54.42
63.51
65.47
67.76
75.56
79.71
81.21
88.44
99.74
112.40
112.78
1949
1950
1952
1957
1958
1966
1968
1972
1973
1975
67.
COMPENSATION OF EMPLOYEES AS PERCENT
OF NATIONAL INCOME
(PERCENT)
1945
1946
1948
1949
1950
1951
AVERAGE
66.2
66.4
64.6
66.4
65.6
66.4
68.4
69.9
69.6
65.0
69.1
70.9
69.8
73.2
75.8
79.0
80.9
66.3
68.6
69.9
69.3
74.9
76.4
78.9
81.4
67.4
71.5
69.4
69.4
74.3
77.3
79.8
80.0
69.7
71.8
70.3
70.2
74.8
78.7
79.7
80.0
b'l'.'l
70.1
70.2
69.6
74.3
77.1
79.3
80.5
79.0
82.0
85.7
88.5
88.0
90.3
92.7
92.1
92.3
92.8
79.2
83.4
86.2
88.2
87.9
91.2
92.1
92.6
91.7
93.1
79.2
84.1
86.8
88.5
89.8
91.5
92.1
91.9
91.8
93.3
80.1
84.5
87.6
87.5
90.5
92.5
91.5
91.9
92.4
93.7
79.3
83.5
86.5
88.2
89.1
91.4
92.1
92.1
92.0
93.2
93.3
94.7
99.5
102.3
107.5
116.7
120.0
124.5
128.4
142.1
162.9
93.6
96.5
99.5
103.3
109.7
117.6
121.9
124.8
131.6
147.9
160.7
93.3
97.5
100.2
104.4
112.3
118.1
122.3
125.5
134.4
153.1
159.5
93.1
98.6
100.7
106.4'
114.2
119.8
123.1
126.0
137.1
158.6
163.3
93.4
96.8
100.0
104.1
111.0
118.1
121.9
125.2
132.9
150.4
161.6
BANK RATES ON SHORT-TERM BUSINESS L O A N S , 35
(PERCENT)
CITIES'®
AVERAGE
2.30
2.10
2.10
2.40
2.70
2.60
3.02
3.45
3.54
3.72
2.30
2.00
2.10
2.47
2.74
2.68
3.07
3.51
3.73
3.60
2.30
2.00
2.10
2.60
2.63
2.63
3.06
3.49
3.74
3.56
2.00
2.10
2.10
2.64
2.65
2.84
3.27
3.51
3.76
3.55
2.22
2.05
2.10
2.53
2.68
2.69
3.10
3.49
3.69
3.61
67.9
66.1
65.2
66.0
66.2
65.9
66.2
66.7
63.7
66.5
65.9
66.5
65.5
66.6
64.6
66.2
65.1
66.7
65.4
66.3
64.8
67.0
65.2
66.6
68.1
68.4
68.4
68.8
69.0
70.3
69.6
70.0
69.9
69.4
71.2
68.9
68.1
69.7
68.4
70.1
68.8
70.4
68.9
70.7
70.6
71.7
70.1
70.8
72.2
71.0
71.2
70.7
70.7
71.3
69.7
71.5
71.6
71.2
71.0
70.8
70.7
70.9
70.8
71.8
71.5
71.2
70.9
70.8
71.3
70.1
71.0
72.2
71.0
70.9
71.0
71.2
68.6
70.2
70.8
71.0
70.4
71.6
71.6
71.1
71.0
70.9
3.54
3.93
4.38
4.49
4.51
5.34
4.97
4.98
5.00
4.99
3.56
4.14
4.40
4.17
4.87
5.35
4.97
5.01
5.01
4.99
3.77
4.35
4.83
4.21
5.27
4.97
4.99
4.99
5.01
4.98
3.93
4.38
4.85
4.50
5.36
4.99
4.96
5.02
5.00
5.00
3.70
4.20
4.62
4.34
5.00
5.16
4.97
5.00
5.00
4.99
70.3
69.8
71.8
72.5
73.4
76.3
75.8
75.3
74.8
76.0
78.6
70.0
70.3
71.9
72.4
73.9
76.2
75.7
75.4
75.2
77.0
77.2
69.9
71.0
72.0
72.9
74.7
76.2
75.9
75.1
75.2
77.4
75.8
70.1
71.2
72.1
73.3
75.5
76.6
75.6
74.8
75.1
78.0
76.2
70.1
70.6
72.0
72.8
74.4
76.3
75.8
75.2
75.1
77.1
77.0
4.97
5.55
6.13
6.36
7.32
8.86
6.59
5.52
6.52
9.91
9.94
4.99
5.82
5.95
6.84
7.86
8.49
6.01
5.59
7.35
11.15
8.16
5.00
6.30
5.95
6.89
8.82
8.50
6.51
5.84
9.24
12.40
8.22
5.27
6.31
5.96
6.61
8.83
8.07
6.18
6.33
10.08
11.64
8.29
5.06
6.00
6.00
6.68
8.21
8.48
6.32
5.82
8.30
11.28
8.65
1948
1954
1957
'Data are based on 19 cities for 1945-66 and on 35 cities thereafter.
BCD 1977
147
Quarterly
Quarterly
Year
Annual
I Q
IIQ
III Q
Year
I Q
IV Q
II Q
III Q
IVQ
68. LABOR COST (CURRENT DOLLARS) PER UNIT OF GROSS PRODUCT
(1972 DOLLARS), NONFINANCIAL CORPORATIONS
(DOLLARS)
79. CORPORATE PROFITS AFTER TAXES WITH IVA AND CCADJ IN
CURRENT DOLLARS
(ANNUAL RATE, BILLIONS OF DOLLARS)
1945.
1946.
1947.
1948.
1949.
1950.
1951.
1952.
1953.
1954.
0.378
0.388
0.384
0.401
0.422
0.435
0.451
0.375
0.389
0.380
0.409
0.428
0.438
0.449
0.389
0.384
0.382
0.409
0.433
0.440
0.444
0.387
0.390
0.387
0.412
0.435
0.451
0.442
0.382
0.388
0.383
0.408
0.430
0.441
0.446
1945.
1946.
1947.
194d.
1949.
1950.
1951.
1952.
1953.
1954.
1955.
1956.
1957.
1958.
1959.
I960.
1961.
1962.
1963.
1964.
0.435
0.458
0.479
0.502
0.492
0 .. 4 9 8
0 .. 5 1 1
0 .. 5 0 0
0 .. 5 0 0
0.493
0.435
0.464
0.481
0.500
0.488
0.507
0.507
0.502
0.495
0.496
0.440
0.471
0.486
0.498
0.497
0.505
0.505
0.500
0.493
0.498
0.446
0.477
0.492
0.491
0.498
0.508
0.497
0.498
0.494
0.501
0.439
0.467
0.484
0.497
0.494
0.505
0.505
0.500
0.495
0.497
1955.
1956.
1957.
1958.
1959.
1960.
19ol.
1962.
1963.
1964.
1965.
1966.
1967.
1968.
1969.
1970.
1971.
1972.
1973.
1974.
1975.
1976.
0.497
0.504
0.531
0.547
0.573
0.620
0.637
0.659
0.678
0.748
0.863
497
511
533
0.550
0.582
0.624
0.644
0.660
0.692
0.777
0.847
0.498
0.516
0.537
0.554
0.593
0.628
0.648
0.662
0.705
0.810
0.842
0.497
0.521
0.538
0.561
0.605
0.639
0.651
0.666
0.723
0.841
0.860
0.497
0.513
0.535
0.553
0.589
0.628
0.645
0.661
0.699
0.794
0.853
1965.
1966.
1967.
1966.
1969.
1970.
1971.
1972.
1973.
1974.
1975.
1976.
80. CORPORATE PROFITS AFTER TAXES WITH IVA AND CCADJ IN
1972 DOLLARS
(ANNUAL RATE, BILLIONS OF DOLLARS)
1945.
1946.
1947.
1948.
1949.
1950.
1951.
1952.
1953.
1954.
16.0
29.9
33.1
26.5
19.6
27.4
27.5
24.8
24.2
31.6
31.2
27.8
26.2
25.5
25.7
26.2
1955.
1956.
1957.
1958.
1959.
1960.
1961.
1962.
1963.
1964.
35.5
33.1
31.0
23.4
33.9
35.5
30.4
41.5
43.8
51.8
36.7
31.7
30.7
24.2
37.3
33.2
33.3
41.8
44.9
52.7
35.2
31.3
30.2
27.3
33.5
33.0
33.7
41.7
46.0
53.3
35.5
29.8
27.7
30.9
33.7
31.0
36.3
44.7
46.6
51.6
1965.
1966.
1967.
1968.
1969.
1970.
1971.
1972.
1973.
1974.
1975.
1976.
59.1
64.0
59.0
53.5
52.1
37.8
38.6
48.0
51.2
40.8
23.4
60.6
63.6
58.0
57.6
50.3
37.6
41.1
50.1
46.6
30.2
33.0
62.0
61.5
58.2
56.8
48.2
36.8
41.1
51.1
47.7
62.9
62.4
58.7
54.3
40.7
33.1
43.0
52.9
47.1
1945.
1946.
1947.
1948.
1949.
1950.
1951.
1952.
1953.
1954.
83.9
76.9
75.6
88.3
84.6
91.0
80.8
1955.
1956.
1957.
1958.
1959.
1960.
1961.
1962.
1963.
1964.
84.5
87.6
86.5
74.1
81.4
84.5
73.8
81.2
82.3
84.5
1965.
1966.
1967.
1968.
1969.
1970.
1971.
1972.
1973.
1974.
1975.
1976.
88.9
91.1
88.2
87.1
87.2
81.4
77.5
80.9
87.1
85.7
70.9
148
8.0
12.1
18.2
14.6
17.2
17.2
17.0
12.8
19.0
22.2
21.6
21.1
16.2
24.0
25.6
21.9
30.1
32.2
38.5
23.1
20.9
21.2
16.9
26.5
23.9
24.0
30.3
32.9
39.1
22.5
20.9
21.0
18.9
23.8
23.8
24.3
30.4
34.0
39.8
22.8
20.0
19.3
21.7
24.1
22.3
26.3
32.7
34.5
38.6
44.5
49.0
46.7
44.0
44.6
34.3
36.8
47.5
52.2
45.2
28.8
45.6
49.3
46.2
47.8
43.6
34.3
39.4
49.9
48.3
34.8
41.8
47.0
48.0
46.7
47.6
42.5
34.0
39.8
51.2
50.3
24.1
50.5
47.8
49.1
47.6
46.1
36.4
31.1
42.1
53.6
50.7
25.5
48.4
1945.
1946.
1947.
1948.
1949.
1950.
1951.
1952.
1953.
1954.
1955.
1956.
1957.
1958.
1959.
1960.
1961.
1962.
1963.
1964.
61.2
62.9
58.5
55.6
47.8
36.3
41.0
50.5
48.2
28.1
33.1
(FRB)
1965.
1966.
1967.
1968.
1969.
1970.
1971.
1972.
1973.
1974.
1975.
1976.
9.4
10.9
13.4
7.3
10.7
12.8
14.8
11.1
11.1
9.0
8.3
8.0
10.5
14.2
12.5
11.2
10.4
9.7
7.3
10.3
11.1
9.7
9.2
10.1
9.9
8.6
10.8
10.9
12.0
11.7
9.7
9.3
7.9
10.8
9.3
9.3
10.7
11.1
12.1
10.9
9.1
8.7
9.5
9.8
8.9
9.6
11.1
11.2
11.5
12.8
13.0
11.6
10.1
9.1
6.4
6.7
8.0
7.4
4.7
3.5
9
7
5
5
7
6
9
8.1
6.7
3.9
5.1
13.0
7.1
5.9
7.0
8.1
6.6
2.1
5.6
83. RATE OF CAPACITY UTILIZATION, MANUFACTURING
(PERCENT)
82.5
73.8
87.0
84.1
84.2
90.0
79.1
80.4
72.4
87.5
83.5
89.8
84.7
80.8
82.5
74.2
82.8
85.8
85.4
89.2
80.1
1945.
1946.
1947.
1948.
1949.
1950.
1951.
1952.
1953.
1954.
87.
86.
84.
72.
84.
81.
76.
81.
83.8
85.5
87.5
84.2
83.9
75.4
80.5
78.9
78.4
81.6
83.6
86.1
88.6
86.3
79.4
78.2
80.1
75.8
80.6
81.6
84.2
86.5
87.0
86.2
83.6
75.0
81.6
80.1
77.3
81.4
83.5
85.6
1955.
1956.
1957.
1958.
1959.
1960.
1961.
1962.
1963.
1964.
89.4
91.6
86.6
87.4
86.5
89.9
91.2
85.9
86.8
86.4
79.0
77.8
83.4
87.8
85.5
75.3
90.0
90.6
86.9
86.8
84.8
76.3
79.0
85.8
87.7
79.7
76.8
89.6
91.1
86.9
87.0
86.2
79.2
78.0
83.1
87.6
84.2
73.6
1965.
1966.
1967.
1968.
1969.
1970.
1971.
1972.
1973.
1974.
1975.
1976.
77
82.4
87.6
85.8
71.3
6.9
11.8
16.3
17.8
16.1
17.8
14.9
15.3
17.0
81. RATIO OF PROFITS AFTER TAXES WITH IVA AND CCADJ TO
TOTAL CORPORATE DOMESTIC INCOME
(PERCENT)
21.8
31.3
31.0
28.2
26.1
26.4
24.5
27.2
82. RATE OF CAPACITY UTILIZATION, MANUFACTURING
(PERCENT)
8.3
11.9
16.7
17.0
15.3
15.5
15.5
16.0
16.4
86
84
85
85
82
80
82
86
84
75
87
83
85
84
82
81
82
86
84
75
86
84
84
85
79
80
83
85
84
79
86
85
85
85
84
80
80
85
85
78
79
The Handbook of Cyclical Indicators
Quarterly
Quarterly
1 Q
II Q
III Q
1945
1946
1947
194d
1949
1950
1951
1952
1953
1954
1956
1957
1959
1960
1961
1962
1964
1965
1966
1968
1972
1973
1974
1975
1976
1947
88.1
80.3
80.7
93.6
85.5
91.3
79.6
88.3
74.4
87.0
93.5
79.7
92.4
79.8
88.0
75.4
92.6
88.6
83.5
90.4
79.7
84.7
74.7
93.5
85.3
90.7
83.5
83.3
87.3
76.2
88.4
90.2
84.8
89.4
80.6
88.3
92.8
88.2
72.6
84.8
86.6
71.9
82.9
81.8
85.7
92.4
90.7
85.4
71.1
89.5
80.9
76.5
81.1
85.0
87.1
93.4
85.0
85.3
77.1
77.8
78.0
80.7
80.7
83.6
88.7
93.9
89.2
80.0
80.8
79.8
73.7
82.6
81.3
84.8
89.8
92.0
89.4
84.7
75.4
83.0
79.8
77.9
81.5
83.8
87.8
91.0
91.8
87.3
87.7
89.4
86.3
83.5
85.7
92.1
90.4
71.5
91.2
92.0
85.3
88.8
89.6
84.5
83.9
87.3
92.5
89.6
70.7
91.7
91.9
85.5
88.4
90.4
84.5
82.1
88.4
92.9
89.1
74.9
90.2
90.1
87.1
88.5
89.6
81.9
82.8
90.6
92.1
81.7
77.1
91.0
91.4
86.3
88.4
89.8
84.3
83.1
88.0
92.4
87.7
73.6
1953
1954
1955
1957
1960
1961
1963
1964
1966
1967
1968
1969
1971
1972
1973
1971)
1976
1949
1950
1954
1955
1956
1958
1963
1968
III Q
IV Q
1949
1950
1954
1955
1957
1960
1969
1971
1973
1975
|
AVERAGE
49.8
51.6
49.3
44.8
51.8
53.1
55.6
55.3
48.8
50.4
46.8
48.9
53.0
53.7
55.8
54.8
48.0
50.4
44.4
53.0
53.9
48.9
57.0
55.9
49.0
51.8
43.5
53.3
52.9
52.8
56.6
55.5
42.6
48.9
51.0
46.0
50.0
52.9
52.1
56.3
55.4
56.6
64.2
65.9
61.2
60.4
66.7
64.0
69.0
70.5
77.6
60.1
65.2
65.7
58.5
62.4
67.0
65.2
71.3
72.7
79.9
63.1
66.0
67.1
57.2
64.3
65.2
65.6
72.2
74.6
82.2
65.1
65.5
65.4
58.9
64.5
65.2
67.6
71.3
76.4
84.5
61.2
65.2
66.0
58.9
62.9
66.0
65.6
70.9
73.5
81.0
90.0
104.7
103.7
106.9
113.9
111.6
107.8
113.3
128.5
133.5
114.4
93.8
106.1
103.3
105.9
113.7
111.7
107.1
114.6
130.7
131.6
110.6
97.1
107.0
102.8
107.9
115.2
110.8
107.4
116.5
132.5
127.3
110.1
101.5
106.4
104.1
111.3
114.2
106.0
109.6
122.9
132.4
121.8
110.5
95.6
106.1
103.5
108.0
114.3
110.0
108.0
116.8
131.0
128.5
111.4
88. NONRESIDENTIAL FIXED INVESTMENT, PRODUCERS' DURABLE
EQUIPMENT, IN 1972 DOLLARS
(ANN. RATE, BIL. DOL.)
AVERAGE
1945
17.6
17.4
18.6
17.9
20.3
20.2
22.0
23.4
17.3
18.2
18.2
18.7
21.1
20.4
22.4
23.6
17.4
18.8
17.4
19.6
20.9
20.6
22.5
23.6
17.0
19.1
17.0
20.3
20.1
21.3
23.0
23.6
18.8
17.3
18.4
17.8
19.1
20.6
20.6
22.5
23.5
24.4
27.2
28.2
27.5
25.7
28.7
29.6
29.6
29.7
31.6
24.9
28.2
28.2
26.5
26.7
28.3
29.2
30.8
31.1
33.1
25.7
23.6
28.1
25.8
27.4
28.5
29.3
31.8
31.1
34.0
26.2
28.5
28.0
25.9
27.4
29.7
29.2
31.1
31.4
34.7
25.3
28.1
28.1
26.4
26.8
28.8
29.3
30.8
30.8
33.3
36.6
42.8
41.9
42.2
43.4
43.0
42.2
42.2
44.3
44.6
37.5
39.6
42.2
40.8
41.6
43.6
43.2
41.9
42.3
45.5
43.5
36.1
37.8
43.1
41.1
41.3
44.8
42.8
41.8
42.4
46.3
40.3
36.6
42.4
41.8
40.5
42.7
44.2
42.3
41.0
43.2
45.7
39.8
36.7
39.6
42.5
41.1
42.0
44.0
42.8
41.7
42.5
45.5
42.1
36.7
89. RESIDENTIAL FIXED INVESTMENT, TOTAL, IN 1972 DOLLARS
(ANNUAL RATE, BILLIONS OF DOLLARS)
1947
AVERAGE
IIQ
86. NONRESIDENTIAL FIXED INVESTMENT, TOTAL, IN 1972
DOLLARS
(ANNUAL RATE, BILLIONS OF DOLLARS)
AVERAGE
87. NONRESIDENTIAL FIXED INVESTMENT, STRUCTURES, IN 1972
DOLLARS
(ANNUAL RATE, BILLIONS OF DOLLARS)
1945
1946
1947
1948
1949
1950
1951
1 Q
IV Q
64. RATE OF CAPACITY UTILIZATION, MATERIALS
(PERCENT)
Annual
Year
Annual
Year
AVERAGE
1952
1954
1958
1959
1
1964
1968
1974
32.2
34.2
30.7
26.9
31.4
33.0
33.7
31.9
31.5
32.1
28.5
30.2
31.9
33.3
33.4
31.2
30.6
31.6
27.0
33.4
32.9
28.3
34.4
32.3
32.0
32.8
26.5
33.0
32.8
31.5
33.7
31.9
23.2
31.6
32.7
28.2
30.9
32.3
31.5
33.8
31.8
32.2
37.0
37.7
33.7
34.7
38.0
34.3
39.4
40.8
46.0
35.2
36.9
37.5
31.9
35.8
38.7
36.0
40.4
41.6
46.8
37.4
37.4
38.9
31.4
36.9
36.8
36.3
40.3
43.4
48.2
38.9
37.0
37.4
32.9
37.1
35.5
38.4
40.2
45.0
49.8
35.9
37.1
37.9
32.5
36.1
37.2
36.3
40.1
42.7
47.7
53.4
62.0
61.8
64.7
70.5
68.6
65.7
71.1
84.2
88.9
76.9
54.2
63.8
62.6
64.3
70.2
68.5
65.2
72.2
85.1
88.1
74.5
57.3
63.9
61.7
66.6
70.4
68.0
65.6
74.1
86.2
86.9
73.5
59.1
64.6
63.6
68.6
70.0
63.8
68.7
79.7
86.7
82.0
73.8
56.0
63.6
62.4
66.1
70.3
67.2
66.3
74.3
85.5
86.5
74.7
97. BACKLOG OF CAPITAL APPROPRIATIONS, MANUFACTURING1
(BILLIONS OF DOLLARS)
END OF PERIOD
19.8
25.5
22.5
30.5
31.6
26.2
28.3
27.5
18.7
27.0
22.2
33.4
27.3
26.6
28.4
29.3
21.5
26.2
24.1
35.2
25.5
26.4
27.4
31.1
25.7
24.2
27.1
33.5
25.7
27.8
27.2
33.0
16.8
21.5
25.8
24.0
33.2
27.5
26.8
27.8
30.2
5.81
5.25
5.66
4.88
5.76
4.65
5.61
4.82
5.61
4.82
35.5
32.5
30.4
28.7
37.9
38.2
33.8
37.1
40.2
46.4
36.0
32.3
29.6
28.7
39.2
34.8
34.0
38.6
43.3
44.1
35.2
31.6
29.3
30.8
38.3
33.5
35.7
38.9
43.9
42.8
33.7
31.1
29.5
34.1
36.9
33.4
37.0
38.8
45.6
41.9
35.1
31.9
29.7
30.6
38.1
35.0
35.1
38.4
43.2
43.8
5.46
11.15
11.95
7.94
7.52
9.50
8.13
8.31
8.56
11.33
6.62
11.82
11.48
7.24
8.13
9.09
7.96
8.19
9.05
12.41
8.26
11.97
10.30
7.09
8.81
8.50
8.07
8.16
9.66
13.69
9.85
11.92
9.13
7.07
9.41
8.41
8.07
8.54
10.48
13.96
9.85
11.92
9.13
7.07
9.41
8.41
8.07
8.54
10.48
13.96
43.4
42.7
32.7
41.9
45.2
40.2
46.4
60.9
64.4
49.9
35.4
44.1
40.1
36.3
42.9
44.7
38.3
51.3
61.6
62.0
47.0
36.8
43.0
38.0
38.4
42.8
42.9
39.6
54.6
61.7
58.3
43.9
39.6
42.3
33.3
41.4
43.6
40.1
43.4
56.4
63.8
54.0
39.3
41.9
43.2
38.5
37.2
42.8
43.2
40.4
52.2
62.0
59.7
45.0
38.4
14.83
19.00
19.98
20.03
21.40
23.13
20.20
19.42
26.03
39.84
49.10
15.91
20.21
19.83
19.93
22.71
22.50
19.48
20.40
29.62
44.80
47.59
16.78
20.28
19.89
20.28
23.23
21.71
19.29
21.40
33.36
50.01
45.34
17.92
20.21
19.86
20.85
23.44
20.86
18.89
23.28
37.11
49.79
46.45
17.92
20.21
19.86
20.85
23.44
20.86
18.89
23.28
37.11
49.79
46.45
.
...
1968
...
1976
"This is a copyrighted series used by permission; it may not be reproduced without written permission from The Conference Board.
BCD 1977
149
Quarterly
Year
1 Q
1U7. RATIO
1955
1956
1957
1961
Quarterly
Annual
♦
IIQ
III Q
Year
IVQ
GROSS NATIONAL PRODUCT TO MONEY SUPPLY Ml
(RATIO)
;
1 Q
AVERAGE
2.048
2.207
2.339
2.387
2.732
2.762
2.864
2.804
2.053
2.293
2.303
2.435
2.772
2.741
2.872
2.796
2.072
2.353
2.330
2.563
2.794
2.758
2.860
2.804
2.154
2.375
2.311
2.639
2.777
2.826
2.817
2.841
2.082
2.307
2.321
2.506
2.769
2.772
2.853
2.811
2.903
3.038
3.206
3.202
3.338
3.543
3.502
3.706
3.822
3.957
2.944
3.071
3.221
3.197
3.407
3.547
3.549
3.752
3.835
3.982
2.995
3.106
3.272
3.260
3.367
3.518
3.589
3.798
3.879
3.978
3.036
3.154
3.251
3.314
3.437
3.499
3.646
3.805
3.903
3.953
4.045
4.234
4.388
4.428
4.473
4.583
4.649
4.743
4.910
5.U32
5.114
4.093
4.260
4.373
4.470
4.505
4.582
4.632
4.774
4.925
5.063
5.152
4.145
4.330
4.367
4.474
4.568
4.600
4.626
4.777
4.968
5.126
5.289
4.184
4.397
4.387
4.458
4.572
4.556
4.677
4.822
5.043
5.134
5.391
IIQ
III Q
Annual
IVQ
11U. TOTAL FUNDS RAISED BY PRIVATE NONFINANCIAL BORROWERS
IN CREDIT MARKETS
(ANNUAL R A T E , MILLIONS OF DOLLARS)
AVERAGE
1946
1947
1950
1952
1953
24,68'\
26,30'\
20,356
27,900
24,220
23,028
27,092
21,124
27,416
31,768
18,428
30,228
2.970
3.092
3.238
3.243
3.387
3.527
3.572
3.765
3.860
3.968
1955
35,088
39,100
36,228
28,616
45,136
47,920
32,396
46,712
52,200
58,688
38,388
34,300
35,468
29,808
50,708
39,740
36,832
49,128
57,620
64,244
39,796
34,496
30,840
30,316
49,332
39,040
43,700
46,688
54,536
64,196
41,448
34,708
28,848
43,052
38,108
35,816
48,868
48,432
57,160
65,064
4.117
4.305
4.379
4.458
4.530
4.580
4.646
4.779
4.962
5.089
5.236
1965
1966
71,644
73,504
67,528
74,576
100,280
85,216
113,932
148,852
202,224
181,732
97,252
68,328
82,276
62,568
76,716
101,468
86,412
121,816
151,540
183,364
203,356
109,644
69,568
59,640
71,448
85,064
93,080
85,008
143,348
147,708
189,644
175,536
128,060
70,136
47,252
82,052
102,648
93,760
97,356
124,668
198,632
182,224
146,612
165,696
1957
1961
1962
1963
1964
1970
1971
1972
1974
27,861
22,519
25,257
1
38,680
35,651
32,846
32,948
45,821
40,629
40,449
47,740
55,379
63,048
69,919
65,668
70,899
84,751
97,147
88,498
125,941
161,683
189,364
176,809
125,163
1976
200. GIW S S NATIONAL PRODUCT IN CURRENT DOLLARS
AVERAGE
(ANNUAL R A T E , BILLIONS OF DOLLARS)
1947
1956
1957
1963
1964
1965
1966
1967
1968
1970
1945
1946
197.4
224.9
249.6
260.1
267.4
319.9
341.1
365.4
362.C
205.0
229.1
257.1
256.6
276.9
327.7
341.3
368.8
361.8
215.3
233.3
264.0
258.6
294.5
334.4
347.0
367.8
366.2
220.4
243.6
265.5
256.5
305.9
338.5
359.2
362.6
375.0
209.6
232.8
259.1
258.0
286.2
330.2
347.2
366.1
366.3
387.5
411.9
438.9
435.8
476.0
506.6
507.1
553.0
580.2
622.4
395.4
417.4
441.0
439.9
489.9
506.5
518.2
562.1
587.9
632.4
404.0
422.4
448.2
453.1
486.5
506.2
527.2
567.8
600.5
642.1
410.2
430.9
442.8
466.3
493.5
504.6
540.7
572.3
610.4
646.0
399.3
420.7
442.8
448.9
486.5
506.0
523.3
563.8
594.7
635.7
1955
665.4
733.7
777.5
837.3
913.0
964.2
1034.0
1127.0
1265.3
1372.7
1446.2
678.7
747.6
785.8
861.8
929.0
976.5
1056.2
1156.7
1288.4
1399.4
1482.3
695.1
759.0
803.1
880.0
946.9
992.6
1072.4
1181.4
1317.5
1431.6
1548.7
713.3
771.7
818.7
894.7
953.3
996.3
1091.2
1219.4
1355.1
1449.2
1588.2
688.1
753.0
796.3
868.5
935.5
982.4
1063.4
1171.1
1306.6
1413.2
1516.3
1965
1966
1967
1968
1969
1970
1971
20 )-C. CHANGE FROM PRECEDING PERIOD IN G N P ,
(ANNUAL R A T E , PERCENT)
CU *RENT DOLLARS
1948
1950
1952
1955
1960
1961
1962
1965
1970
1971
1974
1975
1976,
1
200-B. DIFFERENCE FROM PRECEDING PERIOD IN G N P , CURRENT
DOLLARS
(ANNUAL R A T E , BILLIONS OF DOLLARS)
8.4
10.2
-7.8
18.0
19.6
3.1
7.0
-0.6
16.3
7.6
12.5
-5.2
15.0
10.1
0.2
3.7
-0.2
21.7
7.7
11.3
3.2
28.0
8.4
6.8
-1.1
5.0
14.0
1.7
7.7
-6.2
8.6
11.1
2.0
9.4
5.6
8.1
8.4
5.4
1.9
3.8
12.2
-0.1
9.0
6.7
5.5
6.6
8.9
4.9
6.7
12.6
-2.7
-0.2
7.1
4.1
8.8
6.3
12.6
12.0
3.1
9.4
8.5
4.7
16.0
13.8
15.9
5.3
-0.8
8.2
7.8
4.3
12.2
7.2
5.2
8.8
10.9
7.5
8.0
10.4
10.0
6.3
9.1
8.7
7.9
6.8
6.3
8.8
9.4
9.5
19.1
1949
1950
1951
1953
1961
1973
1974
1975
1976
PERCENT
CHANGE'
2.2
ii.i
5.0
11.3
-0.4
10.9
15.4
14.9
-5.5
10.0
5.1
5.5
0.0
6.3
8.3
9.0
5.4
5.2
1.4
8.4
4.0
3.4
7.7
5.5
6.9
-3.2
16.5
-4.7
12.1
5.8
-1.3
10.7
3.2
6.8
2.4
6.8
8.0
6.8
2.7
1.5
7.2
8.2
9.4
5.8
9.1
7.7
5.0
8.2
13.5
11.9
10.1
11.6
5.0
8.2
7.3
10.9
10.6
7.6
4.2
7.5
-3.5
9.5
7.8
0.2
3.4
-0.2
10.3
4.2
6.9
2.0
17.6
6.7
5.7
-1.0
4.4
12.5
1.7
8.0
-7.0
9.7
13.1
2.5
12.3
7.9
12.0
7.9
5.5
2.1
4.1
13.9
-0.1
11.1
9.1
7.7
10.0
8.6
5.0
7.2
13.2
-3.4
-0.3
9.0
5.7
12.6
9.7
19.4
20.4
5.8
18.6
18.3
10.9
37.7
35.8
45.9
17.6
-3.0
13.3
13.9
8.3
24.5
16.0
12.3
22.2
29.7
23.1
26.7
36.1
16.4
11.4
17.3
18.2
17.9
16.1
16.2
24.7
29.1
32.2
66.4
5.1
10.3
1.5
-2.1
11.4
4.1
12.2
-5.2
0.2
6.2
8.5
33.0
21.4
22.1
-5.4
13.2
7.0
-1.6
13.5
4.5
9.9
3.9
18.2
12.7
15.6
14.7
6.4
3.7
18.8
38.0
37.6
17.6
39.5
213. FINAL SALES IN 1972 DOLLARS
(ANNUAL R A T E , BILLIONS OF DOLLARS)
1948
1955
1956
1958
1960
1972
1973
23.2
26.3
-1.1
28.2
44.0
17.0
18.9
8.8
6.1
37.6
19.5
17.3
40.5
30.9
41.0
52.4
64.9
43.3
72.2
S7.0
46.9
81.0
107.7
135.5
106.6
103.1
AVERAGE
1945
1946
9.8
18.8
4.5
6.0
-5.4
10.9
14.0
2.6
6.2
-0.6
DIFFERENCE1
463.9
473.2
491.3
507.0
549.0
584.0
618.2
611.5
468.4
480.4
496.1
517.4
553.3
594.8
621.1
609.7
470.8
483.9
495.9
534.4
570.1
592.9
620.6
617.1
471.6
490.6
496.9
532.5
578.7
605.3
621.4
624.6
465.5
468.5
482.2
495.1
522.9
562.8
594.2
620.3
615.8
635.2
656.5
677.9
670.2
705.7
727.1
740.3
777.5
805.9
855.0
642.7
662.0
678.0
674.4
713.3
734.0
747.1
789.1
816.8
864.0
652.5
663.0
682.0
684.0
718.9
732.7
752.1
796.3
829.5
873.2
657.8
670.3
679.7
696.8
718.0
735.8
770.2
801.0
839.8
876.1
647.1
663.0
679.4
681.3
714.0
732.4
752.4
791.0
823.0
867.1
889.7
956.0
979.9
1025.2
1065.0
1070.7
1087.4
1136.4
1218.1
1219.1
1181.6
905.8
958.4
993.9
1037.6
1067.4
1069.3
1093.3
1152.9
1216.3
1211.4
1198.2
919.9
970.3
1001.4
1052.6
1070.0
1075.7
1106.0
1166.0
1222.2
1207.8
1210.2
943.2
972.3
1007.7
1057.0
1070.6
1068.2
1116.9
1191.3
1217.2
1183.7
1224.7
914.6
964.3
995.7
1043.1
1068.2
1071.0
1100.9
1161.7
1218.5
1205.5
1203.7
Year-to-year differences and percent changes are computed from annual data.
150
The Handbook of Cyclical Indicators
Quarterly
Quarterly
Year
Annual
1 Q
217.
III Q
1955...,
1956
1958
1959
1960
1962
1967
. .
1975
Annual
1 Q
IV Q
PER CAPITA GROSS NATIONAL PRODUCT IN 1972 DOLLARS
(ANNUAL RATE, DOLLARS)
1946.
. .
1947
1948
1949
1950...
1951. . . ,
1952...
1953
1954
1971.
II Q
Year
220.
AVERAGE
3,241
3,275
3,310
3,391
3,668
3,790
3,922
3,768
3,251
3,321
3,284
3,469
3,723
3,780
3,933
3,737
3,240
3,339
3,300
3,568
3,781
3,803
3,891
3,774
3,264
3,358
3,257
3,631
3,769
3,876
3,835
3,827
3,249
3,323
3,288
3,515
3,735
3,812
3,895
3,776
3,903
3,972
3,997
3,832
4,037
4,122
4,033
4,247
4,320
4,509
3,946
3,976
3,984
3,845
4,110
4,097
4,085
4,287
4,360
4,552
3,986
3,960
3,993
3,921
4,049
4,063
4,121
4,303
4,423
4,580
4,006
3,986
3,924
4,004
4,074
4,023
4,202
4,293
4,449
4,581
3,960
3,974
3,974
3,900
4,068
4,076
4,110
4,282
4,388
4,556
4,667
4,953
5,023
5,157
5,322
5,261
5,309
5,480
5,860
5,821
5,454
4,724
4,974
5,046
5,235
5,333
5,250
5,335
5,574
5,856
5,767
5,519
4,790
5,005
5,093
5,283
5,337
5,273
5,358
5,634
5,869
5,718
5,656
4,875
5,027
5,118
5,283
5,293
5,206
5,390
5,738
5,888
5,606
5,691
4,764
4,990
5,070
5,240
5,321
5,248
5,348
5,606
5,868
5,728
5,580
1947
1951
1954
1958
1959
1960
1961
1962
1969
1972
1973
1975
III Q
IV Q
NATIONAL INCOME IN CURRENT DOLLARS
(ANNUAL RATE, BILLIONS OF DOLLARS)
AVERAGE
167.4
190.5
210.5
217.2
217.8
264.6
280.6
300.6
294.9
174.7
191.7
218.1
212.2
228.0
270.7
281.1
302.8
295.4
182.5
194.1
222.8
212.3
243.5
274.7
286.1
301.5
299.0
188.4
201.7
224.6
209.2
255.4
279.3
295.8
294.0
307.2
n's'.3
317.5
340.0
360.3
354.3
389.5
412.9
410.7
448.5
471.2
505.8
325.9
344.8
362.1
355.4
402.1
413.0
419.5
455.4
479.0
515.3
331.2
347.8
365.8
366.3
396.6
412.5
427.2
459.6
486.6
525.3
338.0
354.4
360.4
379.4
400.1
409.6
439.5
465.9
494.6
530.4
328.0
346.9
362.3
364.0
397.1
412.0
424.2
457.4
482.8
519.2
570.9
627.7
660.1
723.4
776.5
805.8
863.4
959.8
1073.6
1147.6
1233.4
586.9
637.1
674.2
735.4
781.2
804.0
882.1
991.7
1102.7
1156.3
1264.6
566.0
622.2
655.8
714.4
767.9
798.4
858.1
951.9
1064.6
1135.7
1207.6
547.1
606.3
641.2
690.3
750.2
787.9
835.0
919.1
1030.9
1113.5
1149.7
1967
II Q
559.0
617.7
647.8.
708.6
763.8
795.7
851.8
937.2
1051.2
1125.6
1182.7
194.6
219.0
212.7
236^2
272.3
285.8
299.7
299.1
1976
224.
DISPOSABLE PERSONAL INCOME IN CURRENT DOLLARS
(ANNUAL RATE, BILLIONS OF DOLLARS)
1945... ,
1946
1947.
. ,
1950
1952
1953
1962...
1963... ,
1966
227.
DISPOSABLE PERSONAL INCOME IN 1972 DOLLARS
(ANNUAL R A T E , BILLIONS OF DOLLARS)
AVERAGE
1945
152.0
165.8
178.7
187.5
200.8
219.3
229.8
247.3
253.5
156.0
163.7
186.1
186.8
200.2
224.2
232.6
251.5
253.0
161.5
170.9
192.7
186.5
207.6
226.0
238.9
251.9
255.5
165.0
173.2
192.6
188.0
213.2
229.2
243.9
252.1
260.6
158!6
168.4
187.4
187.1
205.5
224.8
236.4
250.7
255.7
264.4
284.4
302.0
310.5
329.6
345.7
354.3
377.5
394.5
422.5
270.7
288.8
305.8
312.6
336.7
349.7
359.7
382.8
398.9
435.1
276.8
292.7
310.1
320.1
337.1
350.8
365.2
385.8
405.0
442.2
281.2
299.0
310.3
325.2
341.1
351.2
372.4
389.5
412.7
448.3
273.4
291.3
306.9
317.1
336.1
349.4
362.9
383.9
402.8
437.0
455.0
498.6
532.0
572.2
608.7
663.0
723.8
775.0
866.6
948.4
1023.8
464.1
504.7
539.8
586.3
621.8
683.2
740.2
787.0
890.9
969.5
1088.2
479.2
514.8
548.6
592.3
639.7
696.2
748.1
806.2
911.4
998.0
1091.5
490.2
523.5
557.7
601.9
651.5
701.4
759.1
837.0
937.7
1015.8
1119.9
472.2
510.4
544.5
588.1
630.4
685.9
742.8
801.3
901.7
982.9
1080.9
PER CAPITA DISPOSABLE PERSONAL INCOME IN 1972 DOLLARS
(ANNUAL RATE, DOLLARS)
1958
225.
AVERAGE
1952
1953
1954
1956
1960
1961
1962
1969
1970
1971
230.
2,188
2,284
2,256
2,367
2,420
2,412
2,510
2,446
2,227
2,320
2,247
2,376
2,419
2,453
2,490
2,475
2,188
2,319
2,246
2,405
2,408
2,467
2,480
2,511
2,351
2,212
2,288
2,253
2,386
2,408
2,434
2,491
2,476
2,519
2,630
2,651
2,602
2,684
2,702
2,686
2,783
2,818
2,931
2,562
2,639
2,656
2,608
2,716
2,708
2,714
2,799
2,835
3,006
2,593
2,641
2,657
2,653
2,686
2,696
2,731
2,802
2,854
3,033
2,622
2,661
2,637
2,678
2,696
2,673
2,769
2,803
2,884
3,056
2,577
2,643
2,650
2,636
2,696
2,697
2,725
2,796
2,849
3,009
3,078
3,250
3,342
3,432
3,475
3,564
3,690
3,763
4,027
4,006
3,889
3,110
3,256
3,363
3,475
3,494
3,629
3,723
3,790
4,056
3,970
4,078
3,186
3,283
3,379
3,468
3,541
3,656
3,713
3,844
4,074
3,968
4,009
3,233
3,304
3,396
3,477
3,551
3,623
3,732
3,948
4,085
3,923
4,049
3,152
3,274
3,371
3,464
3,515
3,619
3,714
3,837
4,062
3,968
4,007
1951
AVERAGE
2,247
2,226
2,265
2,390
2,378
2,396
2,484
2,469
BCD 1977
1948
1946
1949
1960
1972
321.7
324.5
335.9
360.6
364.7
373.8
394.1
398.4
314.6
334.2
335.9
358.3
372.5
377.9
399.7
396.4
321.7
341.0
336.0
361.3
374.2
385.9
398.3
402.9
317.5
342.5
337.3
367.3
374.2
389.9
398.6
410.7
332.4
318.8
335.5
336.1
361.9
371.6
382.1
397.5
402.1
413.7
439.7
451.3
450.4
472.6
485.5
490.6
516.4
530.6
559.7
422.6
443.1
454.0
453.2
480.0
488.4
497.6
521.1
535.5
575.8
429.6
445.4
456.2
463.0
476.8
488.2
502.8
523.7
541.1
583.0
436.6
451.0
454.8
469.5
480.7
486.3
511.9
526.1
549.1
589.7
425.9
444.9
453.9
459.0
477.4
487.3
500.6
521.6
539.2
577.3
595.5
636.2
661.6
686.3
701.8
727.4
761.4
783.7
845.1
846.7
827.9
603.4
639.0
667.5
696.6
707.2
742.6
769.9
790.7
852.7
840.6
869.7
620.1
646.4
672.5
697.0
718.8
750.1
769.9
803.7
858.2
841.7
857.1
631.3
652.6
677.7
700.7
723.0
745.6
775.9
827.1
862.1
834.0
867.5
612.4
643.6
669.8
695.2
712.3
741.6
769.0
801.3
854.7
840.8
855.5
PERSONAL CONSUMPTION EXPENDITURES, TOTAL, IN CURRENT
DOLLARS
(ANNUAL RATE, BILLIONS OF DOLLARS)
AVERAGE
134.5
156.0
170.3
176.6
182.9
208.3
211.1
228.3
231.9
139.6
159.9
174.0
178.2
186.8
203.8
215.1
229.9
234.3
148.4
163.5
176.9
177.6
200.4
206.2
217.2
230.5
236.4
152.7
167.6
177.8
180.1
197.8
209.9
225.0
230.0
240.8
143i8
161.7
174.7
178.1
192.0
207.1
217.1
229.7
235.8
246.8
261.4
276.1
284.0
303.5
319.8
328.5
347.5
367.2
390.5
251.9
263.9
278.3
286.8
309.1
325.9
333.1
353.0
371.2
397.8
256.0
266.8
282.8
291.7
314.2
326.0
335.7
357.0
377.8
405.7
260.0
271.9
284.4
295.4
316.2
328.0
342.7
363.4
382.1
407.5
253.7
266.0
280.4
289.5
310.8
324.9
335.0
355.2
374.6
400.4
417.7
455.9
478.6
517.6
563.8
606.4
648.6
705.9
787.2
853.3
933.2
424.1
460.3
487.6
528.5
574.1
615.2
662.9
724.7
801.0
878.7
960.3
432.7
469.1
494.2
544.5
584.5
625.1
674.1
739.7
818.2
906.8
987.3
446.1
473.9
501.1
553.1
596.4
628.4
687.1
761.8
833.1,
911.1
1012.0
430.2
464.8
490.4
535.9
579.7
618.8
668.2
733.0
809.9
887.5
973.2
Quarterly
Quarterly
Year
1 Q
231.
Year
Annual
IIQ
III Q
PERSONAL CONSUMPTION E X P E N D I T U R E S , T O T A L , IN 1972
DOLLARS
(ANNUAL R A T E , BILLIONS OF DOLLARS)
Annual
1 Q
IV Q
232.
AVERAGE
II Q
III Q
IV Q
PERSONAL CONSUMPTION E X P E N D I T U R E S , DURABLE G O O D S , IN
CURRENT DOLLARS (ANNUAL R A T E , BILLIONS OF DOLLARS)
AVERAGE
1945
1960
1961
1962
1963
1965
1970
1973
302.7
309.3
316.5
328.3
346.5
343.5
363.7
364.4
307.3
312.5
320.5
334.3
338.5
349.5
365.3
367.1
307.6
313.1
320.0
348.9
341.4
351.0
364.4
372.7
307.2
316.1
323.1
340.8
342.8
359.6
363.5
379.5
30i.4
306.2
312.8
320.0
338.1
342.3
350.9
364.2
370.9
386.2
404.1
412.6
411.9
435.1
449.2
454.8
475.3
493.9
517.4
393.2
404.8
413.2
415.7
440.8
455.1
460.8
480.7
498.3
526.4
397.4
406.0
416.1
421.8
444.4
453.6
462.2
484.6
504.8
535.0
403.6
410.2
416.9
426.5
445.6
454.1
471.1
490.8
508.4
536.0
395.1
406.3
414.7
419.0
441.5
453.0
462.2
482.9
501.4
528.7
546.7
581.7
595.1
620.8
649.9
665.4
682.3
713.7
767.7
761.8
754.6
551.4
582.8
602.9
628.0
653.0
668.7
689.5
728.1
766.8
761.9
767.5
559.8
589.0
605.8
640.8
656.8
673.6
693.6
737.5
770.4
764.7
775.3
574.5
590.8
608.8
644.0
661.9
668.0
702.3
752.8
765.9
748.1
783.9
558.1
586.1
603.2
633.4
655.4
668.9
691.9
733.0
767.7
759.1
770.3
1950
|
1953 ,
1954
1957
1960.
1961
1962
1963,
1971
, , ,
12.6
19.4
22.0
22.8
27.7
33.8
28.9
32.9
31.2
14.7
20.0
22.4
24.8
28.1
28.9
29.0
32.8
31.8
17.1
20.3
23.7
25.8
35.6
28.3
27.3
32.5
31.3
18.7
22.0
23.3
26.8
31.5
28.3
31.4
31.9
33.0
15i8
20.4
22.9
25.0
30.8
29.8
29.1
32.5
31.8
36.2
37.6
40.0
36.8
41.2
43.0
39.7
45.0
49.8
55.0
38.6
37.6
39.5
36.0
43.0
43.9
40.7
46.3
51.1
56.3
40.3
37.3
39.1
36.7
43.9
43.4
41.9
46.8
51.9
58.1
39.4
38.9
38.8
38.0
41.6
42.2
44.0
48.8
52.9
56.0
38.6
37.9
39.3
36.8
42.4
43.1
41.6
46.7
51.4
56.3
61.4
68.4
66.9
76.5
84.8
84.8
92.8
106.0
125.7
118.6
122.1
61.3
65.7
70.2
78.1
85.3
86.2
95.9
109.2
124.6
122.5
127.0
63.1
68.2
70.3
82.3
85.5
86.7
97.7
112.2
123.5
128.0
136.0
65.3
68.4
71.2
83.1
86.2
82.1
102.0
117.6
121.1
117.4
141.8
62.8
67.7
69.6
80.0
85.5
84.9
97.1
111.2
123.7
121.6
131.7
1976
233.
PERSONAL CONSUMPTION E X P E N D I T U R E S , DURABLE G O O D S , IN
1972 DOLLARS
(ANNUAL R A T E , BILLIONS OF DOLLARS)
235.
AVERAGE
PERSONAL CONSUMPTION E X P E N D I T U R E S , T O T A L , AS PERCENT
OF GNP
(PERCENT)
AVERAGE
1945
1974
1975
1975
69.3
68.8
67.0
70.2
64.7
62.0
62.6
63.4
64.2
68.6
69.5
67.5
69.0
67.2
62.8
62.5
62.7
64.4
52.2
49.8
49.7
46.4
51.8
52.5
50.3
55.7
60.7
65.7
63.7
63.5
62.9
65.2
63.8
63.1
64.8
62.8
63.3
62.7
63.7
63.2
63.1
65.2
63.1
64.3
64.3
62.8
63.1
62.9
63.4
63.2
63.1
64.4
64.6
64.4
63.7
62.9
62.9
63.2
63.4
63.1
64.2
63.3
64.1
65.0
63.4
63.5
62.6
63.1
63.6
63.2
63.3
64.5
63.9
64.2
64.0
63.0
63.0
63.0
73.4
79.0
79.7
88.2
91.9
88.9
98.1
111.2
121.8
112.3
111.9
62.8
62.1
61.6
61.8
61.8
62.9
62.7
62.6
62.2
62.2
64.5
62.5
61.6
62.1
61.3
61.8
63.0
62.8
62.7
62.2
62.8
64.8
62.2
61.8
61.5
61.9
61.7
63.0
62.9
62.6
62.1
63.3
63.8
62.5
61.4
61.2
61.8
62.6
63.1
63.0
62.5
61.5
62.9
63.7
62.5
61.7
61.6
61.7
62.0
63.0
62.8
62.6
62.0
62.8
64.2
32.7
33.5
38.3
44.2
37.8
41.4
43.5
46.1
25.8
30.6
33.1
36.3
43.4
39.9
38.9
43.1
43.5
49.2
50.4
51.0
46.1
50.6
52.2
48.6
53.9
59.2
64.1
52.4
49.9
49.8
45.6
52.5
53.4
49.3
55.2
60.4
65.6
53.9
49.2
49.0
46.2
53.3
52.9
50.4
55.7
61.1
67.6
53.3
49.8
49.0
47.8
50.8
51.5
52.8
58.1
62.0
65.4
71.4
80.4
77.5
85.2
92.2
89.7
93.6
106.4
124.9
114.9
106.0
71.4
76.9
80.9
86.6
92.0
90.7
96.5
109.2
123.0
115.0
108.4
73.9
79.4
80.1
90.5
91.6
90.7
98.7
111.8
121.2
116.1
115.1
76.9
79.1
80.2
90.7
91.7
84.5
103.7
117.6
118.1
103.1
118.0
236. PERSONAL CONSUMPTION EXPENDITURES, NONDURABLE G O O D S ,
IN CURRENT DOLLARS
(ANNUAL R A T E , BILLIONS OF DOLLARS)
1972
68.9
70.1
67.0
68.7
68.0
61.7
62.6
62.7
64.6
30.3
33.5
37.5
49.9
37.9
36.8
42.7
43.5
1955
1968
68.1
69.8
67.7
69.4
67.5
62.2
63.0
62.3
64.8
29.9
32.7
36.3
40.0
38.9
39.3
42.7
42.5
1953
AVERAGE
78.9
87.7
95.1
96.3
94.8
107.6
110.8
117.0
117.1
80.6
90.1
97.0
95.3
96.3
107.1
113.0
116.9
117.1
85.1
92.1
97.0
93.5
100.9
109.0
115.0
116.2
118.1
86.3
93.6
97.3
94.3
100.9
111.4
116.9
116.0
119.5
82.7
90.9
96.6
94.9
98.2
108.8
113.9
116.5
118.0
120.5
127.2
132.5
137.6
144.3
148.8
153.9
159.3
165.2
172.7
122.2
128.1
133.9
138.9
145.6
151.8
154.7
160.6
165.9
175.7
123.3
129.4
137.2
140.8
147.1
151.4
155.2
162.2
168.3
179.1
125.7
130.8
136.9
141.9
148.7
152.5
157.4
164.1
168.8
180.1
182.6
200.5
209.6
223.0
240.8
259.0
272.4
287.6
321.4
360.6
394.4
186.0
203.9
211.2
227.6
244.9
262.4
276.7
296.4
327.6
371.9
405.8
189.5
206.8
213.4
233.9
249.0
266.4
278.9
302.2
338.1
383.8
414.6
196.5
207.4
216.2
237.0
253.4
271.2
282.7
311.2
348.1
388.5
421.6
152
1946
1947
68.1
69.4
68.2
67.9
68.4
65.1
61.9
62.5
64.1
29.4
32.7
33.0
39.6
45.2
38.4
43.2
41.9
j
1968
1972
1975
237. PERSONAL CONSUMPTION EXPENDITURES, S E R V I C E S , IN
CURRENT DOLLARS
(ANNUAL R A T E , BILLIONS OF DOLLARS)
1
1946
1947
AVERAGE
43.0
48.8
53.2
57.5
60.3
66.9
71.5
78.4
83.6
44.4
49.9
54.6
58.1
62.3
67.9
73.1
80.2
85.3
46.2
51.1
56.2
58.3
63.9
69.0
74.9
81.8
87.0
47.7
52.0
57.2
59.0
65.4
70.1
76.7
82.1
88.3
45!3
50.4
55.3
58.2
63.0
68.5
74.0
80.6
86.0
122.9
128.9
135.2
139.8
146.4
151.1
155.3
161.6
167.1
176.9
90.1
96.5
103.6
109.6
118.0
128.0
135.0
143.2
152.1
162.9
91.1
98.1
104.9
111.9
120.5
130.2
137.6
146.1
154.1
165.7
92.4
100.1
106.5
114.2
123.2
131.2
138.6
148.0
157.7
168.5
94.9
102.1
108.7
115.5
125.9
133.3
141.4
150.5
160.4
171.4
92.1
99.2
105.9
112.8
121.9
130.7
138.1
147.0
156.1
167.1
188.6
204.7
212.6
230.4
247.0
264.7
277.7
299.3
333.8
376.2
409.1
173.7
187.0
202.2
218.2
238.2
262.6
283.4
312.3
340.1
374.1
416.7
176.9
190.6
206.2
222.8
243.9
266.6
290.3
319.1
348.8
384.3
427.4
180.1
194.1
210.5
228.3
249.9
272.1
297.5
325.3
356.6
394.9
436.7
184.3
198.0
213.7
233.0
256.8
275.1
302.4
333.0
363.8
405.2
448.6
178.7
192.4
208.1
225.6
247.2
269.1
293.4
322.4
352.3
389.6
432.4
!
The Handbook of Cyclical Indicators
Quarterly
Quarterly
Annual
Year
IQ
238.
IIQ
III Q
1952
IQ
IV Q
PERSONAL CONSUMPTION EXPENDITURES, NONDURABLE GOODS,
IN 1972 DOLLARS
(ANNUAL RATE, BILLIONS OF DOLLARS)
1951
Annual
Year
239.
AVERAGE
153.0
154.0
157.2
160.1
164.7
166.5
176.1
175.8
155.8
155.6
157.5
161.7
162.7
170.3
176.6
175.0
156.3
154.1
156.3
164.4
166.0
172.8
175.2
177.2
154.1
156.4
158.4
161.0
167.7
174.9
174.9
180.0
158i9
154.8
155.0
157.4
161.8
165.3
171.2
175.7
177.0
181.4
191.6
193.1
193.4
203.2
207.2
209.6
216.5
221.5
228.2
184.4
191.1
193.9
194.9
204.6
209.5
211.6
217.3
222.3
232.2
185.9
191.2
196.7
198.3
205.5
208.1
211.7
219.3
224.1
236.1
189.8
192.5
195.7
200.6
206.8
208.1
214.8
220.8
224.2
236.7
185.4
191.6
194.9
196.8
205.0
208.2
211.9
218.5
223.0
233.3
239.3
253.5
258.3
266.0
275.1
280.3
286.0
291.1
310.9
305.1
300.6
240.9
255.4
259.4
268.4
275.8
281.2
287.5
298.5
307.8
304.0
307.2
244.1
257.2
259.5
273.2
276.8
283.5
287.4
301.4
310.6
304.9
306.8
251.8
255.9
260.8
273.2
277.9
285.8
289.0
306.4
308.0
299.8
309.5
244.0
255.5
259.5
270.2
276.4
282.7
287.5
299.3
309.3
303.5
306.1
IIQ
III Q
IV Q
PERSONAL CONSUMPTION EXPENDITURES, SERVICES, IN 1972
DOLLARS
(ANNUAL RATE, BILLIONS OF DOLLARS)
1947
1953
1954
AVERAGE
120.3
122.6
126.3
128.6
136.6
138.6
144.3
146.7
121.6
124.2
126.8
132.6
137.0
139.9
146.0
149.6
121.0
125.5
126.1
134.5
137.5
141.4
146.5
152.0
120.4
126.2
126.3
135.6
137.4
143.3
145.2
153.3
116*.7
120.8
124.6
126.4
132.8
137.1
140.8
145.5
150.4
155.6
162.1
168.5
172.4
181.3
189.8
196.6
205.0
213.2
225.1
156.4
163.8
169.6
175.2
183.7
192.2
199.8
208.2
215.5
228.5
157.6
165.7
170.3
177.4
185.6
192.6
200.1
209.6
219.6
231.3
160.5
167.9
172.2
178.1
188.0
194.4
203.6
212.0
222.2
233.9
157.5
164.9
170.2
175.8
184.7
192.3
200.0
208.7
217.6
229.7
236.1
247.8
259.3
269.7
282.6
295.4
302.7
316.3
331.9
341.8
348.0
239.1
250.5
262.6
273.0
285.2
296.7
305.5
320.4
336.0
342.9
351.8
241.9
252.5
266.2
277.1
288.4
299.3
307.5
324.2
338.7
343.7
353.4
245.9
255.7
267.8
280.1
292.3
297.7
309.6
328.8
339.7
345.1
356.4
240.7
251.6
264.0
275.0
287.2
297.3
306.3
322.4
336.5
343.4
352.4
1954
1955
1956
1958
1959
1961
1962
1965
1967
1968
1969
1971
1973
240.
GROSS PRIVATE DOMESTIC INVESTMENT, TOTAL, IN CURRENT
DOLLARS
(ANNUAL RATE, BILLIONS OF DOLLARS)
1950
1952
1955
242.
1955
1956
1967
1972
1975
1976
241.
AVERAGE
GROSS PRIVATE DOMESTIC INVESTMENT, TOTAL, IN 1972
DOLLARS
(ANNUAL RATE, BILLIONS OF DOLLARS)
AVERAGE
7i!6
24.5
32.7
43.3
39.3
43.6
60.7
54.1
54.8
49.5
31.5
31.6
46.1
32.7
50.5
63.9
47.5
56.1
50.4
32.6
31.8
47.9
35.7
55.4
58.7
51.1
54.2
53.1
34.0
39.7
46.1
33.4
65.6
53.4
55.7
48.2
57.8
3o!7
34.0
45.9
35.3
53.8
59.2
52.1
53.3
52.7
69.7
81.2
71.5
79.8
96.8
86.6
87.9
79.4
66.6
83.0
61.8
90.0
100.3
77.6
89.3
80.0
66.7
83.5
66.0
96.2
94.0
80.8
86.2
84.2
77.5
81.4
63.0
109.0
85.5
87.8
78.8
90.0
70.1
82.3
65.6
93.7
94.1
83.2
85.6
83.4
63.5
70.8
69.8
57.8
74.2
86.8
66.8
84.6
86.0
94.0
67.9
70.4
69.8
56.5
83.2
77.7
72.7
86.2
88.9
96.4
70.1
71.3
71.8
62.5
73.6
73.5
77.7
86.4
92.3
97.4
72.0
71.6
65.4
70.4
79.2
67.7
80.1
83.6
93.6
98.6
68.4
71.0
69.2
61.9
77.6
76.4
74.3
85.2
90.2
96.6
98.0
104.2
98.7
83.2
103.3
118.5
93.9
116.7
118.3
130.1
104.1
102.9
98.2
81.1
114.6
106.7
101.2
119.1
122.9
131.9
106.1
102.5
100.1
88.4
102.3
101.8
107.9
119.1
127.8
132.2
108.0
102.0
91.9
98.3
109.6
94.7
111.3
114.8
129.2
134.3
104.1
102.9
97.2
87.7
107.4
105.4
103.6
117.4
124.5
132.1
109.2
121.8
118.6
125.1
144.0
138.6
152.7
176.7
210.6
216.4
172.4
110.1
126.7
115.5
131.9
147.2
140.3
160.8
184.9
218.0
218.8
164.4
114.3
123.7
121.7
132.3
150.5
143.3
161.0
191.0
220.0
213.3
196.7
114.5
125.7
127.5
136.8
143.2
141.0
165.4
200.5
231.5
211.5
201.4
112.0
124.5
120.8
131.5
146.2
140.8
160.0
188.3
220.0
215.0
183.7
146.7
161.0
150.9
155.1
168.9
154.7
162.2
179.1
204.6
194.8
129.3
148.5
164.0
147.1
160.6
170.6
154.8
168.4
186.2
207.4
187.9
126.2
152.5
160.1
153.3
159.9
171.6
156.7
167.0
190.2
204.9
176.2
148.7
152.6
160.2
159.4
162.6
161.1
152.7
169.7
197.6
211.8
169.1
147.0
150.1
161.3
152.7
159.5
168.0
154.7
166.8
188.3
207.2
182.0
137.8
GROSS PRIVATE DOMESTIC FIXED INVESTMENT, TOTAL, IN
CURRENT DOLLARS
(ANNUAL RATE, BILLIONS OF DOLLARS)
243.
AVERAGE
GROSS PRIVATE DOMESTIC FIXED INVESTMENT, TOTAL, IN
1972 DOLLARS
(ANNUAL RATE, BILLIONS OF DOLLARS)
AVERAGE
1945
1947
1
1966
1967
1972
1973
18.6
32.3
40.0
39.3
41.2
50.2
48.9
52.4
52.1
22.7
32.6
41.0
38.0
45.8
48.7
49.9
53.0
53.1
26.5
34.5
41.8
37.4
50.6
48.3
46.8
53.5
55.3
29.3
38.3
41.8
38.6
50.6
48.3
50.3
52.8
56.6
24^3
34.4
41.1
38.4
47.0
48.9
49.0
52.9
54.3
69.6
77.1
71.8
75.4
83.4
79.3
83.9
82.8
67.6
77.4
68.9
82.3
80.3
80.3
84.2
84.1
69.5
76.6
68.5
88.2
79.4
75.3
84.4
87.0
74.7
76.1
70.6
86.9
78.6
80.6
83.8
88.5
58i8
70.4
76.8
70.0
83.2
80.4
78.9
84.1
85.6
58.9
64.8
67.8
63.2
70.2
75.5
69.8
76.3
80.1
89.4
61.9
66.1
67.5
61.6
72.8
73.4
71.1
79.1
83.6
89.9
64.0
67.2
68.6
62.4
73.6
71.2
72.6
80.0
85.1
91.3
64.9
67.3
67.6
66.3
72.7
70.7
75.1
79.4
88.1
92.6
62.4
66.3
67.9
63.4
72.3
72.7
72.1
78.7
84.2
90.8
92.1
96.6
96.2
90.0
98.3
104.9
97.7
106.1
110.7
124.0
96.1
97.4
95.3
87.2
101.6
101.8
99.2
109.9
116.0
124.0
98.3
97.6
96.4
88.0
102.6
98.8
101.3
111.1
118.5
124.9
98.8
96.6
94.9
93.0
101.4
98.6
104.6
110.1
122.0
126.4
96.3
97.1
95.7
89.6
101.0
101.0
100.7
109.3
116.8
124.8
98.1
110.3
106.3
119.8
135.3
136.0
145.2
171.9
198.8
203.8
194.6
101.2
111.4
109.4
121.4
136.5
136.2
151.2
174.8
202.6
205.8
194.3
103.8
110.7
111.5
124.3
138.6
137.5
156.2
178.8
204.6
206.0
198.6
133.4
147.5
136.4
148.9
159.1
151.8
154.3
174.3
192.9
183.4
149.8
137.9
146.2
139.6
148.9
158.4
150.0
158.4
176.1
192.6
178.5
147.4
140.1
145.0
141.1
150.7
158.1
150.4
162.1
178.2
190.8
171.1
149.7
143.8
139.7
145.5
155.0
154.3
149.5
166.0
186.7
186.4
161.1
152.5
138.8
144.6
140.7
150.8
157.5
150.4
160.2
178.8
190.7
173.5
149.8
106.9
108.2
115.8
129.8 i
137.0
138.4
161.9 I
189.7
202.5
201.7
205.7
102.5
110.2
110.7
123.8
136.8
137.0
153.6
178.8
202.1
204.3
198.3
1963
1973
1
BCD 1977
153
Quarterly
Quarterly
'
Year
1 Q
Annual
IIQ
III Q
Annual
1 Q
IV Q
245. GROSS PRIVATE DOMESTIC INVESTMENT, CHANGE IN BUSINESS
INVENTORIES, ALL INDUSTRIES
(ANN. RATE, BILLION DOLLARS)
248.
Year
247.
AVERAGE
II Q
III Q
IV Q
GROSS PRIVATE DOMESTIC INVESTMENT, CHANGE IN BUSINESS
INVENTORIES, AS PERCENT OF GNP
(PERCENT)
...
...
5.9
0.4
3.3
0.0
. 2.4
10.5
5.2
2.4
-2.5
8.8
-1.0
5.1
-5.3
4.8
15.2
-2.3
3.2
-2.7
6.1
-2.7
6.1
-1.7
4.9
10.4
4.3
0;7
-2.2
4.7
1.4
4.3
-5.3
15.1
5.1
5.4
-4.5
1.3
6.4
-0.5
4.7
-3.1
6.8
10.3
3.1
0.4
-1.5
4.6
6.0
2.1
-5.4
4.0
11.3
-3.0
8.3
5.8
4.7
6.1
4.3
2.3
-5.1
10.4
4.3
1.6
7.1
5.3
6.4
6.0
4.1
3.2
0.1
0.0
2.4
5.1
6.4
7.2
6.0
7.1
4.3
-2.2
4.1
6.5
-2.9
5.0
4.1
5.6
6.1
11.1
11.5
12.3
5.3
8.7
2.5
7.5
4.7
11.8
12.6
-22.2
9.0
15.3
6.1
10.5
10.7
4.2
9.6
10.1
15.4
13.0
-30.0
10.4
13.0
10.3
8.0
11.9
5.8
4.8
12.1
15.4
7.3
-2.0
7.6
17.5
11.7
7.1
6.2
2.6
3.5
10.8
29.0
9.7
-4.3
3.0
0.2
1.3
0.0
0.9
3.3
1.5
0.7
-0.7
4.3
-0.4
2.0
-2.1
1.7
4.6
-0.7
0.9
-0.7
2.8
-1.2
2.3
-0.7
1.7
3.1
1.2
0.2
-0.6
2.1
0.6
1.6
-2.1
4.9
1.5
1.5
-1.2
0.3
3.0
-0.2
1.8
-1.2
2.3
3.1
0.9
0.2
-0.4
6.0
4.7
1.3
-1.5
5.2
3.8
2.2
6.5
6.0
5.8
1.2
1.5
0.5
-1.2
0.8
2.2
-0.6
1.5
1.0
0.8
1.5
1.0
0.5
-1.2
2.1
0.8
0.3
1.3
0.9
1.0
1.5
1.0
0.7
0.0
0.0
0.5
1.0
1.1
1.2
0.9
1.7
1.0
-0.5
0.9
1.3
-0.6
0.9
0.7
0.9
0.9
1.5
1.1
0.3
-0.4
1.0
0.7
0.4
1.2
1.0
0.9
9.5
14.3
10.1
7.7
9.4
3.8
6.4
9.4
17.9
10.7
-14.6
1.7
1.6
1.6
0.6
1.0
0.3
0.7
0.4
0.9
0.9
-1.5
1.3
2.0
0.8
1.2
1.2
0.4
0.9
0.9
1.2
0.9
-2.0
1.5
1.7
1.3
0.9
1.3
0.6
0.4
1.0
1.2
0.5
-0.1
1.1
2.3
1.4
0.8
0.7
0.3
0.3
0.9
2.1
0.->
-0.3
1.4
1.9
1.3
0.9
1.0
0.4
0.6
0.8
1.4
0.8
-1.0
1947
249.
GROSS PRIVATE DOMESTIC FIXED INVESTMENT, NON
RESIDENTIAL, AS PERCENT OF GNP
(PERCENT)
AVERAGE
GROSS PRIVATE DOMESTIC FIXED INVESTMENT, RESIDENTIAL,
AS PERCENT OF GNP
(PERCENT)
AVERAGE
...
...
250.
AVERAGE
...
...
6.6
9.9
10.2
10.0
8.8
9.4
9.3
9.2
9.3
7.6
9.9
9.9
9.7
9.4
9.5
9.4
9.2
9.3
8.5
9.7
10.0
9.1
9.8
9.5
8.4
9.5
9.4
9.3
9.8
10.3
9.0
9.8
9.3
8.9
9.5
9.1
8.0
9.8
10.1
9.4
9.4
9.4
9.0
9.4
9.3
2.9
4.4
5.8
5.2
6.6
6.3
5.0
5.2
5.1
3.5
4.4
6.1
5.1
7.2
5.4
5.2
5.2
5.4
3.9
5.1
5.8
5.4
7.3
4.9
5.1
5.0
5.7
4.0
5.9
5.4
6.1
6.7
5.0
5.2
5.0
5.9
3.6
5.0
5.8
5.4
7.0
5.4
5.1
5.1
5.5
9.0
10.2
10.5
9.8
9.1
9.5
9.0
9.0
8.9
9.1
9.4
10.3
10.5
9.4
9.2
9.6
9.0
9.1
9.0
9.3
9.8
10.6
10.6
8.9
9.5
9.3
8.9
9.2
9.0
9.4
10.1
10.5
10.5
9.0
9.4
9.3
9.0
9.0
9.2
9.6
9.6
10.4
10.5
-9.3
9.3
9.4
9.0
9.1
9.0
9.4
6.2
5.5
4.9
4.7
5.7
5.4
4.8
4.8
5.0
5.2
6.2
5.5
4.8
4.7
5.7
4.9
4.7
4.9
5.2
4.9
6.0
5.4
4.7
4.9
5.6
4.7
4.8
4.9
5.1
4.8
5.7
5.1
4.7
5.2
5.3
4.7
4.9
4.8
5.3
4.7
6.0
5.4
4.8
4.9
5.6
4.9
4.8
4.8
5.2
4.9
10.0
10.8
10.4
10.4
10.6
10.4
9.9
10.0
10.3
10.6
10.2
10.3
10.9
10.4
10.1
10.5
10.4
9.7
9.9
10.4
10.6
9.8
10.4
10.9
10.2
10.2
10.6
10.2
9.7
9.9
10.5
10.5
9.4
10.7
10.7
10.2
10.5
10.6
9.9
9.8
10.2
10.4
10.1
9.4
10.4
10.8
10.3
10.3
10.6
10.2
9.8
10.0
10.4
10.4 *
9.7
4.7
4.3
3.2
3.9
4.2
3.7
4.1
5.3
5.4
4.3
3.2
4.6
4.0
3.5
4.0
4.2
3.6
4.6
5.2
5.3
4.1
3.3
4.5
3.7
3.7
3.9
4.0
3.6
4.9
5.2
5.0
3.8
3.4
4.3
3.3
3.9
4.0
3.8
4.0
5.0
5.4
4.6
3.4
3.6
4.5
3.8
3.6
4.0
4.0
3.7
4.6
5.3
5.1
3.9
3.4
NET EXPORTS OF GOODS AND SERVICES IN CURRENT DOLLARS
(ANNUAL RATE, BILLIONS OF DOLLARS)
251.
AVERAGE
...
NET EXPORTS OF GOODS AND SERVICES AS PERCENT OF GNP
(PERCENT)
AVERAGE
...
...
...
...
...
6.9
11.6
8.3
7.5
3.2
1.3
5.0
0.5
1.2
7.7
12.1
6.2
7.3
2.7
3.3
3.2
0.2
1.8
8.9
12.6
6.0
6.2
0.6
5.1
1.2
0.7
2.1
6.9
10.2
5.6
3.9
1.1
5.7
0.2
1.0
2.9
7.6
11.6
6.5
6.2
1.9
3.8
2.4
0.6
2.0
3.5
5.2
3.3
2.9
1.2
0.4
1.5
0.1
0.3
3.8
5.3
2.4
2.8
1.0
1.0
0.9
0.1
0.5
4.1
5.4
2.3
2.4
0.2
1.5
0.3
0.2
0.6
3.1
4.2
2.1
1.5
0.4
1.7
0.1
0.3
0.8
3.6
5.0
2.5
2.4
0.7
1.2
0.7
0.2
0.6
2.9
2.5
6.8
2.9
0.4
2.8
6.8
4.8
5.0
9.5
1.5
3.9
6.4
2.4
-0.4
3.6
5.6
6.1
6.6
8.3
2.4
4.6
6.2
2.8
1.2
5.0
5.3
5.7
6.0
9.0
2.0
6.1
5.0
1.8
1.1
6.2
5.5
5.0
7.5
8.9
2.2
4.3
6.1
2.5
0.6
4.4
5.8
5.4
6.3
8.9
0.7
0.6
1.5
0.7
0.1
0.6
1.3
0.9
0.9
1.5
0.4
0.9
1.5
0.5
-0.1
0.7
1.1
1.1
1.1
1.3
0.6
1.1
1.4
0.6
0.2
1.0
1.0
1.0
1.0
1.4
0.5
1.4
1.1
0.4
0.2
1.2
1.0
0.9
1.2
1.4
0.6
1.0
1.4
0.6
0.1
0.9
1.1
1.0
1.0
1.4
6.8
6.1
5.2
1.7
1.1
3.9
3.9
-4.6
1.7
15.0
15.0
8.8
5.3
5.2
3.3
0.9
4.4
1.4
-4.1
4.3
3.9
24.4
8.1
4.2
5.3
3.1
2.7
4.7
1.9
-2.3
10.0
2.9
21.4
6.7
4.6
4.0
1.0
2.3
2.7
-0.9
-2.1
12.7
8.1
21.0
7.6
5.1
4.9
2.3
1.8
3.9
1.6
-3.3
7.1
7.5
20.5
1.0
0.8
0.7
0.2
0.1
0.4
0.4
-0.4
0.1
1.1
1.0
1.3
0.7
0.7
0.4
0.1
0.5
0.1
-0.4
0.3
0.3
1.6
1.2
0.6
0.7
0.4
0.3
0.5
0.2
-0.2
0.8
0.2
1.4
1.1
0.6
0.5
0.1
0.2
0.3
-0.1
-0.2
0.9
0.6
1.3
1.2
0.7
0.6
0.3
0.2
0.4
0.2
-0.3
0.5
0.6
1.3
154
The Handbook of Cyclical Indicators
Quarterly
Quarterly
1 Q
252.
III Q
1951
1952
1954
1955
1956,
1958
1959
1960
1961
1962
1963
1964
1966
1967. , ,
1968
1969
1970
1971
1974
1975
1976
253.
AVERAGE
1955
1957
1959
1963
1966
1969
1972
1973
1974
II! Q
IV Q
IMPORTS OF GOODS AND SERVICES IN CURRENT DOLLARS
(ANNUAL RATE, BILLIONS OF DOLLARS)
AVERAGE
7.2
8.5
10.3
9.8
10.6
15.7
15.2
17.0
16.8
7.3
7.9
10.8
9.3
13.4
14.8
15.8
16.8
15.9
7.6
8.7
10.4
9.5
14.1
14.5
16.9
16.1
16.0
7.2
8.2
10.4
9.6
12.0
15.1
15.8
16.6
16.0
20.0
23.9
26.7
23.3
23.7
27.6
28.9
30.6
32.7
37.4
16.7
19.6
20.8
20.3
22.2
23.7
22.1
24.6
25.4
27.3
17.8
19.6
20.9
20.9
23.4
23.9
22.3
25.2
26.2
28.1
18.1
19.9
20.5
20.5
23.7
23.3
23.7
25.4
27.0
28.8
18.7
19.2
20.4
21.6
23.4
22.1
24.2
25.8
27.1
29.6
17.8
19.6
20.7
20.8
23.2
23.2
23.1
25.2
26.4
28.4
39.5
42.8
45.6
49.9
54.7
62.5
65.6
72.7
101.6
144.4
148.1
28.7
35.6
40.1
45.4
46.0
57.3
61.2
73.7
87.7
118.2
132.5
32.4
36.7
39.7
46.8
55.1
58.5
65.3
73.3
92.4
138.3
118.5
32.6
39.1
40.4
49.3
54.8
58.7
66.3
75.7
95.3
145.5
126.8
34.1
39.5
42.4
49.1
55.9
59.6
63.3
81.1
102.3
145.7
132.7
32.0
37.7
40.6
47.7
52.9
58.5
64.0
75.9
94.4
136.9
127.6
14.9
20.6
16.6
17.1
13.3
19.0
18.4
17.1
18.5
16.2
20.5
16.8
15.5
14.0
19.9
17.0
17.5
18.0
14.5
18.8
16.0
13.3
15.2
20.2
17.1
17.1
19.0
14'.8
19.8
16.9
15.9
13.9
18.9
18.2
17.1
18.0
19.6
22.1
27.6
23.1
22.6
26.4
28.9
29.4
30.5
36.9
19.3
23.5
27.3
23.3
22.9
27.4
27.9
31.2
32.7
36.4
20.5
24.5
26.7
23.4
24.9
28.2
29.0
31.1
33.0
37.8
20.8
25.3
25.3
23.4
24.5
28.3
29.8
30.7
34.6
38.6
35.5
41.7
45.3
47.1
47.2
61.3
65.1
69.1
89.4
133.2
147.5
41.1
42.0
44.9
50.1
56.0
62.9
66.6
69.2
96.7
142.2
142.9
40.7
43.2
45.7
52.4
57.4
63.4
68.2
73.4
105.2
148.4
148.2
40.8
44.2
46.4
50.1
58.2
62.3
62.4
79.0
115.0
153.8
153.7
1
1972
DOLLARS
256.
AVERAGE
1946
IIQ
6.8
7.8
9.9
10.0
9.9
15.4
15.4
16.3
15.4
13.7
19.4
18.2
17.5
13.1
16.6
20.4
16.9
16.5
NET EXPORTS OF GOODS AND SERVICES IN 1 9 7 2
(ANNUAL RATE, BILLIONS OF DOLLARS)
1948
1949
1950
1951
1952
1953
1 Q
IV Q
EXPORTS OF GOODS AND SERVICES IN CURRENT DOLLARS
(ANNUAL RATE, BILLIONS OF DOLLARS)
1945
1946
1947
1948
255.
MQ
Annual
Year
Annual
Year
17.2
10.7
10.5
5.2
4.1
8.7
2.1
2.8
17.6
8.0
10.2
5.1
6.8
5.9
1.5
4.3
17.7
7.7
9.0
2.4
9.3
3.1
2.1
4.8
13.8
7.5
5.7
3.4
9.6
2.0
2.3
5.9
1U6
16.6
8.5
8.8
4.0
7.4
4.9
2.0
4.5
5.9
5.0
10.1
4.2
0.5
3.8
8.5
5.0
5.4
11.9
3.7
6.8
9.5
3.5
-0.3
4.6
6.2
6.8
7.5
10.3
4.8
7.7
8.9
4.0
1.6
5.9
6.0
6.2
7.0
10.8
4.4
9.7
6.9
2.4
1.6
7.7
6.2
5.2
9.1
10.5
4.7
7.3
8.9
3.5
0.9
5.5
6.7
5.8
7.3
10.9
7.2
6.1
4.1
-0.4
-1.7
1.4
1.6
-5.7
2.3
18.4
20.1
9.2
5.0
4.0
0.7
-2.4
1.4
-1.4
-4.4
5.7
14.9
24.3
8.7
2.9
4.1
0.2
-0.6
2.5
-0.2
-1.6
9.3
14.9
22.8
7.6
3.3
2.0
-2.0
-0.6
0.3
-2.4
-1.4
12.9
17.7
23.1
8.2
4.3
3.5
-0.4
-1.3
1.4
-0.6
-3.3
7.6
16.5
22.6
EXPORTS OF GOODS AND SERVICES IN 1 9 7 2 DOLLARS
(ANNUAL RATE, BILLIONS OF DOLLARS)
1947
1948
1951
1963
AVERAGE
30.8
26.0
25.9
21.1
23.4
27.9
23.5
23.2
31.4
23.6
25.7
21.6
25.5
25.0
24.0
25.9
30.7
23.9
24.1
21.9
27.1
23.3
24.3
25.4
27.7
23.2
21.1
22.4
27.6
23.7
23.7
26.6
26!l
30.2
24.2
24.2
21.7
25.9
24.9
23.8
25.3
27.7
30.0
36.2
30.3
30.0
34.6
37.5
37.9
39.5
47.4
26.9
31.9
35.8
30.8
30.5
35.6
35.5
40.4
42.2
46.6
28.5
33.2
34.6
31.0
33.0
36.3
37.2
40.3
42.5
48.1
28.6
34.1
32.8
30.9
32.3
36.7
38.0
39.9
44.6
48.9
27.9
32.3
34.8
30.7
31.5
35.8
37.0
39.6
42.2
47.8
44.1
51.3
53.9
56.2
54.6
67.2
67.5
70.7
84.5
97.8
90.3
51.0
51.0
53.6
58.4
64.6
67.7
69.1
69.7
86.2
98.7
87.7
50.5
51.8
54.4
61.1
65.2
67.4
70.6
73.3
88.3
96.4
90.7
50.8
52.4
55.1
58.3
64.4
66.1
64.4
77.0
90.7
95.9
93.9
49.1
51.6
54.2
58.5
62.2
67.1
67.9
72.7
87.4
97.2
90.6
1976
257.
IMPORTS OF GOODS AND SERVICES IN 1 9 7 2 DOLLARS
(ANNUAL RATE, BILLIONS OF DOLLARS)
260.
AVERAGE
GOVERNMENT PURCHASES OF GOODS AND SERVICES, TOTAL, IN
CURRENT DOLLARS
(ANNUAL RATE, BILLIONS OF DOLLARS)
AVERAGE
1945
1947
1949
1956
13.6
15.3
15.4
15.9
19.4
19.1
21.4
20.4
13.7
15.6
15.5
16.5
18.7
19.0
22.5
21.6
13.0
16.2
15.1
19.5
17.8
20.1
22.2
20.5
13.9
15.6
15.4
19.0
18.0
21.7
21.3
20.7
14^6
13.6
15.7
15.4
17.7
18.5
20.0
21.8
20.8
21.8
25.1
26.1
26.2
29.5
30.8
29.0
32.9
34.1
35.5
23.2
25.1
26.3
27.3
30.8
31.0
29.3
33.7
34.8
36.4
23.6
25.5
25.7
27.0
31.4
30.3
31.2
34.1
35.5
37.3
24.2
24.4
25.9
28.5
30.7
29.0
31.9
34.7
35.5
38.4
37.0
45.2
49.8
56.6
56.2
65.8
65.9
76.4
82.1
79.4
70.2
41.8
46.0
49.6
57.8
67.1
66.3
70.5
74.1
80.5
83.8
63.4
41.8
48.9
50.3
60.9
65.8
64.9
70.8
74.9
79.0
81.5
67.9
43.3
49.1
53.1
60.3
65.1
65.8
66.8
78.4
77.7
78.2
70.8
27J5
31.6
24.6
27.7
36.7
37.7
49.6
70.9
81.7
79.5
26.2
25.4
30.7
38.4
36.9
56.7
75.5
82.6
75.4
25.5
25.5
33.2
39.1
38.0
64.4
77.5
82.4
74.6
26.9
26.1
36.0
39.2
41.4
69.6
78.3
83.4
73.4
25.5
32.0
38.4
38.5
60.1
75.6
82.5
75.8
23.2
25.0
26.0
27.2
30.6
30.3
30.3
33.9
35.0
36.9
74.3
77.2
86.2
91.2
97.8
97.3
105.0
116.1
122.0
128.3
74.1
79.3
86.6
94.2
98.0
99.3
106.8
116.8
121.3
130.0
75.4
79.7
87.5
96.1
97.5
101.8
108.4
118.8
124.3
130.0
76.2
81.3
88.1
98.7
97.0
102.7
112.3
120.4
127.1
130.9
75.0
79.4
87.1
95.0
97.6
100.3
108.2
118.0
123.7
129.8
41.0
47.3
50.7
58.9
63.5
65.7
68.5
75.9
79.9
80.7
68.1
131.7
149.9
175.2
192.9
204.1
215.3
228.8
249.0
265.8
288.0
325.6
135.7
155.2
177.5
198.1
206.7
216.5
231.1
251.1
265.1
298.0
333.2
140.1
162.1
181.9
200.2
209.2
219.4
235.5
253.0
269.3
308.6
343.2
146.0
167.5
186.2
203.7
211.4
224.2
239.6
259.2
277.8
318.5
353.8
138.4
158.7
180.2
198.7
207.9
218.9
233.7
253.1
269.5
303.3
339.0
1953
1
1
1976
BCD 1977
155
Quarterly
Quarterly
Year
1 Q
261.
Year
Annual
IIQ
III Q
GOVERNMENT PURCHASES OF GOODS AND SERVICES, TOTAL,
IN 1972 DOLLARS
(ANNUAL RATE, BILLIONS OF DOLLARS)
1959
Annual
1 Q
IV Q
262.
AVERAGE
IIQ
III Q
IV Q
FEDERAL GOVERNMENT PURCHASES OF GOODS AND SERVICES IN
CURRENT DOLLARS
(ANNUAL RATE, BILLIONS OF DOLLARS)
AVERAGE
74.5
76.0
92.5
98.2
115.1
152.4
168.6
161.4
75.9
82.5
96.4
95.8
127.7
159.1
170.1
154.3
76.0
86.5
98.4
94.9
140.0
163.4
169.7
152.6
75.2
90.9
97.5
101.5
147.7
163.1
171.8
150.7
93'.7
75.4
84.1
96.2
97.7
132.7
159.5
170.0
154.9
22.6
12.6
13.7
19.8
18.6
28.7
48.3
57.2
52.8
16.8
13.1
15.9
20.7
17.4
35.1
52.2
58.1
48.0
15.3
12.6
17.6
20.7
18.0
42.3
54.3
57.2
46.2
15.8
12.6
19.7
20.5
20.9
47.2
54.6
57.6
44.8
17 ".6
12.7
16.7
20.4
18.7
38.3
52.4
57.5
47.9
151.0
150.8
159.0
164.2
171.8
169.2
179.3
191.1
195.9
201.7
149.7
152.9
159.9
168.0
171.3
172.4
180.9
191.8
195.1
203.5
151.9
151.7
160.6
170.2
170.3
174.4
182.6
194.5
199.2
202.4
150.9
153.9
161.1
174.9
169.3
175.4
188.3
194.9
200.2
203.2
150.9
152.4
160.1
169.3
170.7
172.9
182.8
193.1
197.6
202.7
44.5
44.9
50.3
51.6
54.3
52.3
55.3
63.0
64.9
65.9
43.7
46.2
49.9
53.6
54.3
53.1
56.9
63.0
63.3
65.8
44.7
45.8
50.1
54.4
53.7
54.6
57.7
64.1
64.5
64.7
44.9
46.7
49.6
55.9
53.3
54.8
59.6
64.8
65.9
64.5
44.5
45.9
50.0
53.9
53.9
53.7
57.4
63.7
64.6
65.2
202.5
220.7
244.3
255.8
257.6
252.2
249.2
254.1
255.2
255.4
257.1
207.2
224.4
247.3
260.2
258.4
249.2
246.8
253.2
251.2
256.1
259.1
211.3
233.4
250.4
260.9
255.7
249.2
250.5
252.0
251.8
257.1
262.4
217.4
238.6
251.3
260.0
255.1
250.3
251.0
253.2
252.0
256.9
265.2
209.6
229.3
248.3
259.2
256.7
250.2
249.4
253.1
252.5
256.4
261.0
63.9
73.6
88.6
96.2
97.2
97.9
95.9
103.1
104.2
106.1
120.3
65.8
76.8
89.4
98.5
97.1
95.6
94.9
102.8
100.1
108.9
122.4
67.6
81.5
92.1
98.6
97.9
94.0
96.4
100.3
100.1
113.5
124.6
71.8
83.5
93.7
98.7
97.8
95.1
97.6
102.3
104.4
118.1
130.4
67.3
78.8
90.9
98.0
97.5
95.6
96.2
1
1966
!
102.1
102.2
111.6
124.4
1976
263.
FEDERAL GOVERNMENT PURCHASES OF GOODS AND SERVICES IN
1972 DOLLARS
(ANNUAL RATE, BILLIONS OF DOLLARS)
265.
AVERAGE
59!6
36.1
42.4
48.9
36.5
35.7
47.9
47.9
64.6
100.4
113.5
102.9
37.1
41.2
49.6
45.1
76.3
106.2
115.9
95.4
36.3
44.5
49.9
44.1
88.4
111.5
114.2
92.2
34.9
47.9
48.1
50.6
96.1
110.0
115.0
89.9
47.0
81.3
107.0
114.6
95.2
87.9
85.5
90.0
90.2
92.9
89.3
93.0
102.4
102.6
102.2
85.8
86.6
90.3
92.6
92.4
90.8
94.9
102.4
101.0
101.7
87.8
85.0
89.9
93.3
91.2
91.5
95.7
104.0
102.6
99.5
86.3
86.4
88.8
95.4
90.7
91.7
99.0
103.5
102.3
99.0
86.9
85.9
89.8
92.8
91.8
90.8
95.6
103.1
102.2
100.6
97.2
106.5
122.6
127.4
123.9
1
@FedFRASER