Business Conditions Digest June 1986

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U.S. DEPARTMENT OF COMMERCEMalcolm Baldrige, Secretary

D. Bruce Merrifield, Acting Under Secretary for Economic Affairs

BUREAU OF ECONOMIC ANALYSISAllan H. Young, Director

Carol S. Carson, Deputy DirectorEdward K. Smith, Associate Director for

National Analysis and ProjectionsFeliksTamm, Editor

This report is prepared in the Statistical Indicators Division of the Bureau of EconomicAnalysis. Technical staff and their responsibilities for the publication are—

Barry A. Beckman—Technical supervision and reviewBrian D. Kajutti—Composite indexesMary D. Young—Data collection and compilation (Phone: 202-523-0541)

The cooperation of Government and private agencies that provide data is gratefullyacknowledged. Agencies furnishing data are indicated in the list of series titles andsources at the back of this report.

This publication is prepared under the general guidance of a technical committee consistingof the following persons:

Ronald E. Kutscher, Acting Chairman, Bureau of Labor Statistics, U.S. Department ofLabor

Ahmad Al-Samarrie, Office of Management and BudgetLincoln F. Anderson, Council of Economic AdvisersJohn H. Auten, U.S. Department of the TreasuryEdward K. Smith, Bureau of Economic Analysis, U.S. Department of CommerceCharles A. Waite, Bureau of the Census, U.S. Department of CommerceHelmut F. Wendel, Board of Governors of the Federal Reserve System

ABOUT THIS REPORT

BUSINESS CONDITIONS DIGEST (BCD) providesa monthly look at many of the economic timeseries found most useful by business analystsand forecasters.

The original BCD, which began publicationin 1961 under the title Business Cycle Develop-ments, emphasized the cyclical indicators ap-proach to the analysis of business conditionsand prospects. The report's contents were basedlargely on the list of leading, roughly coincident,and lagging indicators maintained by theNational Bureau of Economic Research, Inc.

In 1968, BCD was expanded to increase itsusefulness to analysts using other approaches tobusiness conditions analysis. Principal additionsto the report were series from the national in-come and product accounts and series based onsurveys of businessmen's and consumers' an-ticipations and intentions. The composite in-dexes were added at that time, and the report'spresent title was adopted.

The dominant feature of the current BCD isthe cyclical indicators section, in which eachbusiness cycle indicator is assigned a three-waytiming classification according to its behavior atpeaks, at troughs, and at all turns. This section issupplemented by a section containing other im-portant economic measures. The method ofpresentation is explained in the introductory textwhich begins on page 1.

Most of the data contained in this reportalso are published by their source agencies. Aseries finding guide and a complete list of seriestitles and sources can be found at the back of thereport.

Cyclical Indicators are economic time serieswhich have been singled out as leaders, coin-ciders, or laggers based on their general confor-mity to cyclical movements in aggregateeconomic activity. In this report, cyclical in-dicators are classified both by economic processand by their average timing at business cyclepeaks, at business cycle troughs, and at peaksand troughs combined. These indicators havebeen selected primarily on the basis of theircyclical behavior, but they also have provenuseful in forecasting, measuring, and in-terpreting short-term fluctuations in aggregateeconomic activity.

Other Economic Measures provide additional in-formation for the evaluation of current businessconditions and prospects. They include selectedcomponents of the national income and productaccounts; measures of prices, wages, andproductivity; measures of the labor force,employment, and unemployment; economicdata on Federal, State, and local government ac-tivities; measures of U.S. international transac-tions; and selected economic comparisons withmajor foreign countries.

Annual subscription price: $44.00 domestic,$55.00 foreign. Single copy price: $4.00 domes-tic, $5.00 foreign. Foreign airmail rates areavailable on request. Address correspondence

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


BUSINESS CONDITIONS DIGEST

New Features and Changes for This Issue iii

METHOD OF PRESENTATIONSeasonal Adjustments 1MCD Moving Averages 1Reference Turning Dates 1Part I. Cyclical Indicators 1Part II. Other Important Economic Measures 4How To Read Charts 5How To Locate a Series 5Summary of Recent Data and Current Changes 6

KCII

J U N E 1 9 8 6Data Through MayVolume 26f Number 6

A lA2A3A4

PART I.CYCLICAL INDICATORS

COMPOSITE INDEXES ANDTHEIR COMPONENTS Chart TableComposite Indexes 10 60Leading Index Components 12 * —Coincident Index Components 14 —Lagging Index Components 15 —

CYCLICAL INDICATORSBY ECONOMIC PROCESSEmploymentand Unemployment 16 61Production and Income 19 63Consumption, Trade, Orders, and Deliveries 21 64Fixed Capital Investment 23 65Inventories and Inventory Investment 26 68Prices, Costs, and Profits 28 69Money and Credit 31 71

DIFFUSION INDEXESAND RATES OF CHANGEDiffusion Indexes 36 74Selected Diffusion Index Components — 77Rates of Change 39 —

BlB2B3B4B5B6B7

ClC2C3

The Secretary of Commerce has determined for printing this periodical has been approvedthat the publication of this periodical is neces- by the Director of the Office of Managementsary in the transaction of the public business and Budget through September 30, 1986.required by law of this Department. Use of funds


BCII

A lA?

PART II.OTHER IMPORTANTECONOMIC MEASURES

NATIONAL INCOMEAND PRODUCT chartGNP and Personal Income 40Personal Consumption Expenditures 41Gross Private Domestic Investment 42Government Purchases of Goods and Services 43Foreign Trade 44National Income and Its Components 45Saving 46Shares of GNP and National Income 47

PRICES, WAGES,AND PRODUCTIVITYPrice Movements 48Wages and Productivity 49

A3A4A5A6A7Aft

BlB2

LABOR FORCE, EMPLOYMENT,AND UNEMPLOYMENTCivilian Labor Force and Major Components 51

GOVERNMENT ACTIVITIESReceipts and Expenditures 52Defense Indicators 53

U.S. INTERNATIONAL TRANSACTIONSMerchandise Trade 56Goods and Services Movements 57

INTERNATIONAL COMPARISONSIndustrial Production 58Consumer Prices 59Stock Prices 59

Table8080818182828283

8487

89

9090

9293

949596

PART III. APPENDIXES

A. MCDand Related Measures of Variability (See 1984 Handbook of Cyclical Indicators)QCD and Related Measures of Variability (See 1984 Handbook of Cyclical Indicators}

B. Current Adjustment Factors 97C. Historical Data for Selected Series 98D. Descriptions and Sources Of Series (See ''Alphabetical Index—Series Finding Guide")E. Business Cycle Expansions and Contractions (January 1986 issue)F. Specific Peak and Trough Dates for Selected Indicators (April 1986 issue)G. Experimental Data and Analyses 105Alphabetical Index—Series Finding Guide 109Titles and Sources of Series 113


Readers are invited to submit comments andsuggestions concerning this publication.Address them to Feliks Tamm, Chief, StatisticalIndicators Division, Bureau of Economic Analysis,U.S. Department of Commerce, Washington, DC 20230

NEW FEATURES

AND CHANGES

FOR THIS ISSUE

Changes in this issue are as follows:

1. Series 1, 21, 40, 41, 48, 340, 341, 570, 961, and963 on establishment employment have been revised for theperiod 1981 to date. These revisions reflect the sourceagency's adoption of a new benchmark (March 1985) for theperiod April 1984 to date and application of new seasonaladjustment factors for the period 1981 to date.

Revised data for other series affected by these revi-sions (series 26, 63, 345, 346, 358, and 370) will be shownin a future issue.

Further information concerning these revisions may beobtained from the U.S. Department of Labor, Bureau of LaborStatistics, Office of Employment Structure and Trends, Divi-sion of Monthly Industry Employment Statistics.

2. The series on U.S. international transactions havebeen revised to reflect the source agency's annual updatingof the basic statistics. The beginning dates for these re-visions are as follows:

1982—Series 651, 652, and 667-669;

1983--Series 618, 620, and 622.Further information concerning these revisions may be

obtained from the U.S. Department of Commerce, Bureau ofEconomic Analysis, Balance of Payments Division.

3. Appendix C contains historical data for series 12,13, 28, 29, 33, 66, 72, 85, 95, 98, 99, 101, 102, 104-106,108, and 111-113.

4. Appendix G contains cyclical comparisons for series1, 19, 32, and 47.

The July issue of BUSINESS CONDITIONS DIGEST is scheduled forrelease on August 5.

A limited number of

changes are made from

time to time to in-

corporate recent find-

ings of economic

research, newly avail-

able time series, and

revisions made by

source agencies in

concept, composition,

comparability, coverage,

seasonal adjustment

methods, benchmark

data, etc. Changes may

result in revisions of

data, additions or

deletions of series,

changes in placement of

series in relation to

other senes, changes

in composition of

indexes, etc.

ill


SIX BEA PROJECTSFOR ECONOMICANALYSIS

For further information (including prices andordering instructions) on any of these items,please write to the Bureau of Economic Analysis,U.S. Department of Commerce, Washington,DC 20230.

BUSINESS CONDITIONS DIGEST A monthly report for analyzingeconomic fluctuations over a short span of years.

This report brings together many of the economic time series most useful to business analysts andforecasters. In the cyclical indicators section, each of about 110 business cycle indicators is assigneda three-way timing classification according to its cyclical behavior at peaks, troughs, and all turns.This section also includes important analytical measures, such as composite indexes of leading, coin-cident, and lagging indicators and selected diffusion indexes. A second section contains other impor-tant economic data on prices, wages, productivity, government and defense-related activities, U.S. in-ternational transactions, and international comparisons.

About 300 time series are shown in analytical graphs that help to evaluate business conditions andprospects. Current data are shown in accompanying tables. Appendixes provide historical data,seasonal adjustment factors, measures of variability, cyclical comparisons, and other useful informa-tion. A computer tape containing data for most of the series is available for purchase.

HANDBOOK OF CYCLICAL INDICATORS A reference volume con-taining valuable background information for users of Business Condi-tions Digest,

This recurrent report provides descriptive and analytical information on the economic time seriespresented monthly in Business Conditions Digest Included are series descriptions, historicaldata, and measures of variability. For the cyclical indicators and composite indexes, special tablesshow detailed scoring measures and average timing at cyclical peaks and troughs. Verbal andalgebraic explanations of the composite index methodology are also provided.

LONG TERM ECONOMIC GROWTH A report for the study of economictrends over a long span of years: 1860-1970.

This report provides a comprehensive, long-range view of the U.S. economy by presenting relevantstatistical time series in easy-to-follow analytical charts and convenient data tables. It is a basicresearch document for economists, historians, investors, teachers, and students, bringing together inone volume a complete statistical basis for the study of long-term economic trends. A computer tapefile of the time series included in the report is available for purchase,

COMPUTER PROGRAMS FOR TIME SERIES ANALYSIS The sourcestatements for FORTRAN IV programs used by BEA in its analysis oftime series are available on a single computer tape.

SEASONAL A D J U S T M E N T PROGRAMS—Two variants of the Census computer programmeasure and analyze seasonal, trading-day, cyclical, and irregular fluctuations. They are particularlyuseful in analyzing economic fluctuations that take place within a year. The X- l l variant is used foradjusting monthly data and the X-11Q for quarterly data. These programs make additive as well asmultiplicative adjustments and compute many summary and analytical measures.

INDEX PROGRAM—This program computes composite and diffusion indexes and summarymeasures of the properties of each index.

T I M E SERIES PROCESSOR—This program, through simple commands, performs a variety ofarithmetic, statistical, and manipulative operations on time series data.

A monthly report for analyzingSURVEY OF CURRENT BUSINESScurrent economic developments.

Features include a review of current economic developments; articles pertaining to BEA's workon the national, regional, and international economic accounts and related topics; quarterlynational income and product accounts tables; and over 1,900 major economic series obtainedfrom other public and private sources.

BUSINESS STATISTICS A reference volume containing statisticalseries reported currently in the Survey of Current Business.

This report provides historical data on statistical time series. The series are accompanied byconcise descriptions of their composition, methods of compilation, comparability, revisions, andavailability. Also listed are the names and addresses of organizations that provide the data forthe series.


METHOD OF PRESENTATION

This report is organized into two major parts.Part I, Cyclical Indicators, includes about 150 timeseries which have been found to conform well tobroad fluctuations in comprehensive measures ofeconomic activity. Nearly three-fourths of these areindividual indicators, the rest are related analyticalmeasures: Composite indexes, diffusion indexes,and rates of change. Part II, Other ImportantEconomic Measures, covers over 140 series whichare valuable to business analysts and forecastersbut which do not conform well enough to businesscycles to qualify as cyclical indicators. (There are afew exceptions: Four series which are included inpart I are also shown in part II to complete thesystematic presentation of certain sets of data,such as real GNP and unemployment.) The largestsection of part II consists of quarterly series fromthe national income and product accounts; othersections relate to prices, labor force, governmentand defense-related activities, and internationaltransactions and comparisons.

The two parts are further divided into sections(see table of contents), and each of these sectionsis described briefly in this introduction. Data areshown both in charts and in tables. Most chartsbegin with 1959, but those for the compositeindexes and their components (part I, section A)begin with 1950, and a few charts use a two-panelformat which covers only the period since 1974.Except for section F in part II, charts containshading which indicates periods of recession ingeneral business activity. The tables contain datafor only the last few years. The historical data forthe various time series are contained in the 1984Handbook of Cyclical Indicators.

In addition to the charts and tables describedabove, each issue contains a summary table whichshows the current behavior of many of the series.Appendixes present seasonal adjustment factors,measures of variability, specific cycle turningdates, cyclical comparison charts, and otherinformation of analytical interest. An index appearsat the back of each issue. It should be noted thatthe series numbers used are for identificationpurposes only and do not reflect preciserelationships or order. However, all seriesconsidered as cyclical indicators are numbered inthe range 1 to 199.

Seasonal Adjustments

Adjustments for average seasonal fluctuationsare often necessary to bring out the underlyingtrends of time series. Such adjustments allow forthe effects of repetitive intrayear variationsresulting primarily from normal differences inweather conditions and from various institutionalarrangements. Variations attributable to holidaysare usually accounted for by the seasonaladjustment process; however, a separate holiday

adjustment is occasionally required for holidayswith variable dates, such as Easter. An additionaladjustment is sometimes necessary for serieswhich contain considerable variation due to thenumber of working or trading days in each month.As used in this report, the term "seasonaladjustment" includes trading-day and holidayadjustments where they have been made.

Most of the series in this report are presented inseasonally adjusted form and, in most cases, theseare the official figures released by the sourceagencies. However, for the special purposes of thisreport, a number of series not ordinarily publishedin seasonally adjusted form are shown here on aseasonally adjusted basts.

MCD Moving Averages

Month-to-month changes in a series are oftendominated by erratic movements. MCD (months forcyclical dominance) is an estimate of the appro-priate span over which to observe cyclicalmovements in a monthly series. (See appendix A.)It is the smallest span of months for which theaverage change in the cyclical factor is greater thanthat in the irregular factor. The more erratic aseries is, the larger the MCD will be; thus, MCD is 1for the smoothest series and 6 for the most erratic.MCD moving averages (that is, moving averages ofthe period equal to MCD) tend to have about thesame degree of smoothness for all series. Thus, a5-term moving average of a series with an MCD of 5will show its cyclical movements about as clearlyas the seasonally adjusted data for a series with anMCD of 1.

The charts in this report generally includecentered MCD moving averages for those serieswith an MCD greater than 4. The seasonallyadjusted data are also plotted to indicate theirvariation about the moving averages and to provideobservations for the most recent months.

Reference Turning Dates

The historical business cycle turning dates usedin this report are those designated by the NationalBureau of Economic Research, Inc. (NBER). Theymark the approximate dates when, according toNBER, aggregate economic activity reached itscyclical high or low levels. As a matter of generalpractice, neither new reference turning dates northe shading for recessions will be entered on thecharts until after both the new reference peak andthe new reference trough bounding the shaded areahave been designated.

The historical reference turning dates are subjectto occasional reviews by NBER and may be changedas a result of revisions in important economictime series. The dates shown in this publicationfor the 1948-70 time period are those determinedby a 1974 review. Since then, NBER has designatedturning points for recessions in 1973-75, 1980, and1981-82.

Part I. CYCLICAL INDICATORS

Business cycles have been defined as sequencesof expansion and contraction in various economicprocesses that show up as major fluctuations in ag-gregate economic activity—that is, in com-prehensive measures of production, employment,income, and trade. While recurrent and pervasive,business cycles of historical experience have beendefinitely nonperiodic and have varied greatly induration and intensity, reflecting changes ineconomic systems, conditions, policies, andoutside disturbances.

One of the techniques developed in businesscycle research and widely used as a tool for analyz-ing current economic conditions and prospects isthe cyclical indicators approach. This approachidentifies certain economic time series as tendingto lead, coincide with or lag behind the broadmovements in aggregate economic activity. Suchindicators have been selected and analyzed byNBER in a series of studies published between1938 and 1967. During the 1972-75 period, a newcomprehensive review of cyclical indicators wascarried out by the Bureau of Economic Analysis(BEA) with the cooperation of the NBER researchstaff. The present format and content of part I ofBCD are based on the results of that study.

Section A. Composite Indexes andTheir Components

All cyclical indicators have been evaluated ac-cording to six major characteristics: Economicsignificance, statistical adequacy, consistency oftiming at business cycle peaks and troughs,conformity to business expansions andcontractions, smoothness, and prompt availability(currency). A formal, detailed weighting schemewas developed and used to assess each series by allof the above criteria. (See articles in the May andNovember 1975 issues of BCD.) The resultingscores relate to cyclical behavior of the seriesduring the period 1947-70. This analysis produceda new list of indicators classified by economicprocess and typical timing at business cycle peaksand troughs. (See tables on page 2 and text belowrelating to section B.)

This information, particularly the scores relatingto consistency of timing, served as a basis for theselection of series to be included in the compositeindexes. The indexes incorporate the best-scoringseries from many different economic-processgroups and combine those with similar timingbehavior, using their overall performance scores asweights. Because they use series of historicallytested usefulness and given timing characteristics(for example, leading at both peaks and troughs),with diversified economic coverage and a minimumof duplication, composite indexes give morereliable signals over time than do any of theindividual indicators. Furthermore, much of the


Cross-Classification of Cyclical Indicators by Economic Process and Cyclical Timing

A. Timing at Business Cycle Peaks

^ v EconomicN . Process

CyclicalNvTiming \

LEADING (L) l

INDICATORS(61 series)

ROUGHLYCOINCIDENT (C)INDICATORS(24 series)

LAGGING (Lg)INDICATORS(19 series)

TIMINGUNCLASSIFIED (U)(8 series)

1.EMPLOYMENT ANDUNEMPLOYMENT(15 series)

Marginal employmentadjustments(3 series)

Job vacancies(2 series)

Comprehensiveemployment(1 series)

Comprehensiveunemployment(3 series)




II.PRODUCTIONAND INCOME(10 series)

Capacity utilization(2 series)

Comprehensiveoutput and income(4 series)

Industrialproduction(4 series)

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

Orders and deliveries(6 series)

i Consumption andtrade (2 series)

Consumption andtrade (4 series)


IV.FIXED CAPITALINVESTMENT(19 series)

Formation of businessenterprises(2 series)

Business investmentcommitments(5 series)

Residentialconstruction(3 series)


Business investmentexpenditures(6 series)



V.INVENTORIESAND INVENTORYINVESTMENT(9 series)

Inventoryinvestment(4 series)

Inventories onhand and onorder(1 series)


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

Stock prices(1 series)

Sensitive commodityprices (2 series)

Profits and profitmargins (7 series)

Cash flows (2 series)

Unit labor costsand labor share(4 series)



VII.MONEY ANDCREDIT(28 series)

Money (5 series)Credit flows

(5 series)Credit difficulties

(2 series)Bank reserves

(2 series)Interest rates

(1 series)

Velocity of money(2 series)

Interest rates{2 series)

Interest rates(4 series)

Outstanding debt(4 series)


B. Timing at Business Cycle Troughs

^ v Economic\ . Process

Cycl ica( \vTiming ^ v

LEADING (L)INDICATORS(47 series)

ROUGHLYCOINCIDENT (C)INDICATORS(23 series)

LAGGING (Lg)INDICATORS(41 series)

TIMINGUNCLASSIFIED (U)(1 series)

1.EMPLOYMENT ANDUNEMPLOYMENT(15 series)




Job vacancies(2 series)

Comprehensiveemployment( I series)


II.PRODUCTIONAND INCOME(10 series)


Comprehensiveoutput and income(4 series)


Capacity utilization(2 series)

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





IV.FIXED CAPITALINVESTMENT(19 series)

Formation of businessenterprises(2 series)


Residentialconstruction(3 series)




V.INVENTORIESAND INVENTORYINVESTMENT(9 series)

Inventoryinvestment(4 series)


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

Stock prices(1 series)



Cash flows (2 series)


Unit labor costsand labor share(4 series)

VII.MONEY ANDCREDIT(28 series)

Money (4 series)Credit flows

(5 series)Credit difficulties

(2 series)

Money (1 series)Velocity of money

(1 series)

Velocity of money{1 series)

Bank reserves(1 series)


Outstanding debt(4 series)

Bank reserves(1 series)


independent measurement error and other "noise"in the included series are smoothed out in theindex as a whole. The indexes include only monthlyseries that are acceptable in terms of relativelyprompt availability and reasonable accuracy.

The main composite indexes are distinguished bytheir cyclical timing. Thus, there is an index ofleading indicators, series which historically reachedtheir cyclical peaks and troughs earlier than thecorresponding business cycle turns. There is anindex of roughly coincident indicators, consistingof series which historically reached their turningpoints at about the same time as the generaleconomy, and an index of lagging indicators, whichincludes series that typically reached their peaksand troughs later than the corresponding businesscycle turns.

The leading index contains series with long aswell as short leads, but each series leads on theaverage over time and shows a frequency of leadsat the individual turns exceeding that attributableto chance, given the historical distribution ofcyclical timing. (An analogous statement applies tothe components of the lagging index.) Since 1948,leads were generally more frequent and longer atpeaks than at troughs of business cycles, while lagswere generally more frequent and longer at troughsthan at peaks. The adopted system of scoring andclassifying the indicators takes into account thesewell-established differences in t iming.Consequently, rough coincidences include shortleads (-) and lags ( + ) as well as exactcoincidences (0). (For monthly series, the range isfrom -3 through + 1 at peaks and from -1 through+3 at troughs, where minus denotes leads andplus denotes lags in months.)

For purposes of constructing a composite index,each component series is standardized; The month-to-month percent changes in a given series are

. divided by the long-run average (without regard tosign) of those changes. Thus, the more volatileseries are prevented from dominating the index.The coincident index is calculated so that its long-term trend (since 1948) equals the average of thetrends of its four components. This trend, which issimilar to that of GNP in constant dollars, can beviewed as a linear approximation to the secularmovement (at an average growth rate) in aggregateeconomic activity. The indexes of leading and lag-ging indicators have been adjusted so that boththeir trends and their average month-to-monthpercent changes (without regard to sign) are ap-proximately equal to those of the coincident index.(For a more detailed description of the method ofconstructing the composite indexes, see the 1984Handbook of Cyclical Indicators.)

In addition to these principal composite indexes,differentiated according to cyclical timing, thereare five indexes based on leading indicators whichhave been grouped by economic process. Takentogether, these additional indexes include all 12component series of the overall leading index, plusa few related series. Also shown in this section isthe ratio of the index of roughly coincident

indicators to the index of lagging indicators, aseries known to have a useful pattern of earlycyclical timing. Numbers entered on the charts ofthe composite indexes show the length, in months,of leads (-) and lags ( + ) at each of the referenceturning dates covered.

The next set of data consists of series includedin the principal composite indexes. These are the12 components of the leading index, the 4components of the coincident index, and the 6components of the lagging index. Following the titleof each series, its typical timing is identified bythree letter symbols in a small box. The first ofthese letters refers to the timing of the givenindicator at business cycle peaks, the second to itstiming at business cycle troughs, and the third toits timing at all turns, i.e., at peaks and troughscombined. "L" denotes a tendency to lead, "C" atendency to roughly coincide with the businesscycle turns (as represented by the NBER-designated reference dates), and "Lg" a tendencyto lag. Since these series have been selected for theconsistency of their timing at both peaks andtroughs, all components of the leading index aredenoted "L,L,L," all components of the coincidentindex "C,C,C," and all components of the laggingindex "Lg,Lg,Lg." It should be remembered thatthese classifications are based on limited evidence,namely the performance of the indicators duringthe business cycles of the 1948-70 period, whichincluded five peaks and five troughs. While thetiming classifications are expected to agree withthe patterns prevailing in the near future, they willnot necessarily hold invariably in every instance.The timing of the series in the period since 1970can be determined by inspection of the charts,where the recessions of 1973-75, 1980, and1981-82 are shaded according to the dates ofthe NBER reference cycle chronology.

Section B. Cyclical Indicators by Economic Process

This section covers 112 individual time series,including the 22 indicators used in theconstruction of the composite indexes. The peakand trough timing classifications are shown on thecharts in the same manner as described above, butthis section includes series with different timing atpeaks and at troughs, as well as series where thetiming is not sufficiently consistent to be classifiedas either L,C, or Lg according to the probabilisticmeasures and scoring criteria adopted. Such seriesare labeled U, i.e., unclassified as to timing atturning points of the given type. Eight series areunclassified at peaks, one series at troughs, and 19series at all turns (of the 19, 15 have definite butdifferent timing at peaks and at troughs). No seriesthat is classified as U both at peaks and at troughsis included in the list of cyclical indicators.

The classification scheme which groups theindicators of this section by economic process andcyclical timing is summarized in the twotabulations on page 2. Cross-classification A isbased on the observed behavior of the series at fivebusiness cycle peaks (November '48, July '53,

August '57, April '60, and December f69); cross-classification B, on their behavior at five businesscycle troughs (October '49, May '54, April '58,February '61, and November 70). Each tabulationdistinguishes seven major economic processes andfour types of cyclical timing. The titles in the cellsidentify subgroups of the given economic processwith the given timing characteristic. The number ofseries in each such group is given in parenthesesfollowing the title. Complete information on howindividual indicators are classified by timing atpeaks, troughs, and all turns, along with selectedmeasures and scores, is provided in the 1984Handbook of Cyclical Indicators.

Section C. Diffusion Indexes and Rates of Change

Many series in this report are aggregatescompiled from numerous components. How theindividual components of an aggregate move over agiven timespan is summarized by a diffusion indexwhich indicates the percentage of components thatare rising (with half of the unchanged componentsconsidered rising). Cyclical changes in thesediffusion indexes tend to lead those of thecorresponding aggregates. Since diffusion indexesare highly erratic, they are computed from changesmeasured over 6- or 9-month (or 3- or 4-quarter)spans, as well as 1-month (or 1-quarter) spans.Longer spans help to highlight the trends underly-ing the shorter-term fluctuations. Diffusion indexesare shown for the component series included ineach of the three composite indexes and for thecomponents of some of the aggregate series shownin section B.

Diffusion measures can be derived not only fromactual data but also from surveys of anticipationsor intentions. Indexes based on responses ofbusiness executives about their plans andexpectations for several operating variables arepresented, along with the corresponding indexesbased on actual data, as the last set of diffusionseries.

This section also records rates of change for thethree composite indexes (leading, coincident, andlagging) and for four indicators of aggregateeconomic activity: GNP in constant dollars(quarterly), industrial production, employee hoursin nonagricultural establishments, and personalincome less transfers in constant dollars. Rates ofchange are shown for 1- and 3-month spans or for1-quarter spans.

Although movements in diffusion indexes and inrates of change for the same aggregates aregenerally positively correlated, these two measurespresent information about two related but distinctaspects of economic change. Diffusion indexesmeasure the prevailing direction or scope ofchange, while rates of change measure the degreeas well as the overall direction. As is the case fordiffusion indexes, cyclical movements in the ratesof change tend to lead those of the correspondingindexes or aggregates, and thus, they tend to leadat the business cycle turns as well.


Part I I . OTHER IMPORTANT ECONOMICMEASURES

This part is divided into six sections which covera wide range of quarterly and monthly time seriesmeasuring various aspects of economic activity.Some of these series are very comprehensive,pertaining to the U.S. economy as a whole, othershave to do with particular sectors or markets, andstill others relate to U.S. international transactionsor to selected foreign countries. The representedvariables include incomes, outputs, andexpenditures; prices, earnings, and productivity;labor resources; government receipts,expenditures, and defense-related activities; ex-ports and imports; and selected indicators for a fewkey foreign countries.

Section A. National Income and Product

The national income and product accounts,compiled by BEA, summarize both receipts .andfinal expenditures for the personal, business,foreign, and government sectors of the economy.

Section Al shows the gross national product,final sales, and personal and disposable personalincome. The four major components of the grossnational product-personal consumptionexpenditures, gross private domestic investment,government purchases of goods and services, andnet exports of goods and services—are presented insections A2 through A5, Most of the series insection A are presented in current as well asconstant dollars. There are also a few per capitaseries. The national income and product accounts,briefly defined below, are described more fully inthe Survey of Current Business, Part I,January 1976.

Gross national product (GNP) is the marketvalue of final goods and services produced by thelabor and property supplied by residents of theUnited States, before deduction of allowances forthe consumption of fixed capital goods. It is themost comprehensive measure of aggregateeconomic output Final sales is GNP less change inbusiness inventories.

Personal income is the income received bypersons (individuals, owners of unincorporatedbusinesses, nonprofit institutions, private trustfunds, and private noninsured welfare funds) fromall sources. It is the sum of wage and salarydisbursements, other labor income, proprietors'income, rental income of persons, dividends,personal interest income, and transfer payments,less personal contributions for social insurance.

Disposable personal income is the personalincome available for spending or saving. It consistsof personal income less personal taxes and nontaxpayments to government.

Personal consumption expenditures (A2) isgoods and services purchased by individuals,operating expenses of nonprofit institutions, andthe value of food, fuel, clothing, rent of dwellings,and financial services received in kind by in-dividuals. Net purchases of used goods are also in-cluded.

Gross private domestic investment (A3) is fixedcapital goods purchased by private business andnonprofit institutions and the value of the changein the physical volume of inventories held byprivate business. The former include all privatepurchases of dwellings, whether purchased fortenant or owner occupancy. Net purchases of usedgoods are also included.

Government purchases of goods and services(A4) is the compensation of government employeesand purchases from business and from abroad. Itexcludes transfer payments, interest paid bygovernment, and subsidies. It includes grossinvestment by government enterprises but excludestheir current outlays. It includes net purchases ofused goods and excludes sales and purchases ofland and financial assets.

Net exports of goods and services (A5) is exportsless imports of goods and services. Exports are partof the national production; imports are not, but areincluded in the components of GNP and aretherefore deducted. More detail on U.S.international transactions is provided in section E.

National income (A6) is the incomes thatoriginate in the production of goods and servicesattributable to labor and property supplied byresidents of the United States, Thus, it measuresthe factor costs of the goods and services pro-duced. It consists of the compensation ofemployees, proprietors' income, rental income ofpersons, corporate profits, and net interest.

Saving (A7) is the difference between incomeand expenditures during an accounting period.Total gross saving includes personal saving,business saving (mainly undistributed corporateprofits and capital consumption allowances), andgovernment surplus or deficit.

Shares of GNP and national income (A8).—Themajor expenditure components of GNP(consumption, investment, etc.) are expressed aspercentages of GNP, and the major incomecomponents of national income (compensation ofemployees, corporate profits, etc.) are expressed aspercentages of national income.

Section B. Prices, Wages, and Productivity

The important data on price movements includethe monthly consumer and producer price indexesand their major components. Based largely onthese series are the quarterly price indexes fromthe national income and product accounts, notablythe GNP implicit price deflator (with weightsreflecting the changing proportions of differentexpenditure categories in GNP) and the fixed-weighted price index for the gross business prod-uct. Data on both levels and percent changes arepresented for the period since 1974.

The group of series on wages and productivityconsists of data on average hourly earnings andaverage hourly compensation (including earningsand other benefits) in current and constant dollars,output per hour of work in the business sector, andrates of change for most of these measures.

Section C. Labor Force, Employment, andUnemployment

This section contains measures of the civilianlabor force and its major components: Totalnumbers of employed and unemployed persons.The number of unemployed is subdivided intoselected categories defined by sex, age, and classof worker. Also included are data on participationrates for a few principal segments of the laborforce.

Section D. Government Activities

Receipts, expenditures, and their balance (sur-plus or deficit) are shown quarterly on two levels;(1) Federal Government and (2) State and localgovernment. Also shown is a selection of seriesfrom the discontinued Defense Indicators,These series measure defense activities whichinfluence short-term changes in the nationaleconomy. Included are series relating toobligations, contracts, orders, production,shipments, inventories, outlays, and employment.These series are grouped according to the time atwhich the activities they measure occur in thedefense order-production-delivery process. Seriesmeasuring activities which usually precede pro-duction, such as contract awards and new orders,are classified as "advance measures of defenseactivity." Series measuring activities which tend tocoincide with production, such as employment, andactivities which usually follow production, such asshipments, are classified as "intermediate and finalmeasures of defense activity."

Section E. U.S. International Transactions

This group includes monthly series on exports(excluding military aid) and general imports, plus afew selected components of these aggregates. Alsoshown are the balances between receipts andexpenditures for goods and services, merchandise,and investment income.

Section F. International Comparisons

This section is designed to facilitate a quickreview of basic economic conditions in six of thenations with which we have important traderelationships. The U.S. business cycle shading hasbeen omitted from these charts. Data on industrialproduction, consumer prices, and stock prices forCanada, the United Kingdom, France, West Ger-many, Japan, and Italy are compared with the cor-responding U.S. series. Also included is an in-dustrial production index for the Europeancountries in the Organization for EconomicCooperation and Development (OECD). The in-dustrial production series provide cyclically sen-sitive output measures for large parts of theeconomies covered. Changes in consumer price in-dexes (plotted for the period since 1974) provideimportant measures of the rates of inflation in themajor industrialized countries. Stock prices (alsoshown beginning in 1974) tend to be significant asleading indicators.


HOW TO READ CHARTS

Peak (P) of cycle indicatesend of expansion and begin-ning of recession (shadedarea) as designated by NBER.

Solid line indicates monthlydata. (Data may be actualmonthly figures or movingaverages.)

Broken line indicates actualmonthly data for series wherea moving average is plotted.

Solid line with plotting pointsindicates quarterly data.

Parallel lines indicates a breakin continuity (data not avail-able, extreme value, etc.).

Solid line indicates monthlydata over 6- or 9-monthspans.

Broken line indicates monthlydata over 1-month spans.

Broken line with plottingpoints indicates quarterlydata over 1-quarter spans.

Solid line with plotting pointsindicates quarterly data overvarious spans.

Diffusion indexes and ratesof change are centered withinthe spans they cover.

Solid line indicates percentchanges over 3- or 6-monthspans.

Broken line indicates percentchanges over 1-month spans.

Solid line with plotting pointsindicates percent changes over3-or4-quarter spans.

HOW TO LOCATE A SERIES

Basic Data

Diffusion Indexes

Rates of Change

Trough (T) of cycle indicatesend of recession and begin-ning of expansion as desig-nated by NBER.

Arabic number indicates latestmonth for which data areplotted. ("9" = September)

Dotted line indicates antici-pated data.

Roman number indicateslatest quarter for which dataare plotted. ("IV" = fourthquarter)

Various scales are used tohighlight the patterns of theindividual series. "Scale A"is an arithmetic scale, "scaleL-1" is a logarithmic scalewith 1 cycle in a given dis-tance, "scale L-2" is a log-arithmic scale with two cyclesin that distance, etc.

Arabic number indicates latestmonth for which data areused in computing the in-dexes.

Roman number indicateslatest quarter for which dataare used in computing the in-dexes.

Dotted line indicates antici-pated quarterly data overvarious spans.

Arabic number indicates latestmonth used in computingthe changes.

Broken line with plottingpoints indicates percentchanges over 1-quarter spans.

Roman number indicateslatest quarter used in com-puting the changes.

1. See ALPHABETICAL INDEX-SERIES FINDING GUIDE atthe back of the report where series are arranged alphabeticallyaccording to subject matter and key words and phrases of theseries titles, or -

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


Table 1. Summary of Recent Data and Current Changes for Principal Indicators

Series title and timing classification1

1. CYCLICAL INDICATORSA l . Composite Indexes

910. Twelve leading indicators L.L.L...920 Four roughly coincident indicators C C C930 Six lafieine indicators Le,U LE...940. Ratio, coincident index to lagging index L,L,L...

Leading Indicator Subgroups:914. Capital investment commitments L,l,L..915 Inventory investment and purchasing L L L916 Profitability LL,L917 Money and financial flows , U ,L

B. Cyclical Indicators by Economic ProcessB l . Employment and Unemployment

Marginal Employment Adjustments:* 1 . Average weekly hours, mfg L(L,L..21. Average weekly overtime hours, mfg.3 L.C.L...*5. Average weekly initial claims (inverted1) L,C,L...

Job Vacancies:60 Ratio help'Wanted advertising to unemployment3 L Lg U46. Help-wanted advertising in newspapers L,Lg,U...

Comprehensive Employment:48. Employee hours in nonagricultural establishments U,C,C...42, Persons engaged in nonagricultural activities U.C.C...

• 4 1 , Employees on nonagricultural payrolls C(C,C...40. Employees in goods-producing industries L,C,U....90. Ratio, civilian employment to population

of working age' U,Lg,U....

Comprehensive Unemployment:37. Number of persons unemployed (inverted1) L,Lg,U....43. Unemployment rate (inverted')3 L.Lg.U....45. Avg. weekly insured unemployment rate (inv.4)3 Ug,U....

• 9 1 . Average duration of unemployment (inverted") lg,lg,Lg....44. Unemployment rate, 15 weeks and over (inv.T Lg.Lg.1*...

B2. Production and Income

Comprehensive Output and Income:50 Gross national product in 1982 dollars C C C52. Personal income in 1982 dollars C(C(C...

• 5 1 . Personal income less transfer paymentsin 1982 dollars C,C,C...,

53, Wages and salaries in 1982 dollars, mining, mfg,and construction C,C,C...

Industrial Production:*47, Industrial production C,C,C...

73. Industrial production, durable mfrs C,C,C...74. Industrial production, nondurable mfrs C,l,L...49. Value o1 goods output in 1982 dollars C,C,C...

Capacity Utilization:82 Capacity utilization rate mfg3 L C U84. Capacity utilization rate, materials3 L.C.U....

B3. Consumption, Trade, Orders, and Deliveries

Orders and Deliveries:6. Mfrs.' new orders, durable goods L.L.I7. Mfrs/new orders in 1982 dollars, durable goods L,L,L...

•8. Mfrs.' new orders in 1982 dollars, consumer goodsand materials L,L L

25. Change in mfrs.' unfilled orders, durable goods3 l , l ,L . . .96. Mfrs.' unfilled orders durable goods5 L.lg U

*32. Vendor performance, slower deliveries3 (u) L,L,L...

Consumption and Trade:56. Manufacturing and trade sales C,C,C...

•57. Manufacturing and trade sales in 1982 dollars C,C,C...75. Industrial production, consumer goods C,L,C...54. Sales of retail stores C.L.U....59. Sales of retail stores in 1982 dollars U,l,U,.~55, Personal consumption expenditures, automobiles L.C.C....58. Index of consumer sentiment © 1,1,1,...

B4. Fixed Capital Investment

Formation of Business Enterprises:•12. Net business formation L,L,L...

13. New business incorporations L,L,L...

business Investment Commitments:10. Contracts and orders for plant and equipment L,L,L...

•20. Contracts and orders for plant and equipmentin 1982 dollars • I I I

24. Mfrs.' new orders, nondefense capital goods 1,1,1.,..27. Mfrs.' new orders in 1982 dollars, nondefense

capital goods L,L,L...

ofmeasure

1967 = 100.do

. .dodo

do,do.do

. ..do

Hoursdo

Thousands

Ratio1967^100

A.r., bil. hrsMillions

doThousands

Percent

ThousandsPercent

doWeeksPercent

Ar bil. doldo

do

do

1977 = 100dodo

A.r., bil. dol

Percentdo

Bil. doldo

do .do

Bil. dol., EOP ...Percent

Bil. doldo

1977 = 100Bil. dol

doA.r., bil. dol

Q 1966-100.

1967 = 100dumber

Bil. dol

dodo

do

Basic data2

Annual

1984

1 6 5 . 71 5 4 . 5117.3131.8

110.3105.3110 .8136.4

40.73.4366

0.458131

177.35101.68

94.4624,730

58.79

8,5397.52.8

18.22.4

3492 .02876.7

2456.3

529.0

121.8124,8122.5

1506 .4

80.882.3

100.5695.73

82 .282 . 1 1

345 .4461

411.30395.64

118.2107 .76102.33

105.097.5

121,352,922

31 .32

31.8526.95

27.66

average

1985

169,1160.3126.9126.3

110.4102.0115.1138.7

40.53.33 83

0.497139

182 .30103.97

97 .6925,054

59.38

8,3127.22 .8

15.62 .0

3570.02950.4

2516,3

536.9

124.5128.2125.6

1532.4

80.380.3

104.3097.93

84.600.63

353.0445

424.63408.26

120.7114.50106.81

114.193.2

121.255,775

31 .94

32.6027.19

28.26

3dQ1985

169.9160.6127.2126.2

110.9101.5116.1138.7

40.63.3379

0.493137

182.50104.12

97.9024,866

59.34

8,2687.22.8

15.52 .0

3584.12948.6

2512.2

535.5

124.8128.5126.4

1541.0

80.379.6

106.2299.59

84.532 .41

356.4843

427.30411.21

121.1116.61108.94

126 .192.8

121.755,541

32.72

33.4727.82

29.02

4th Q1985

1 7 2 . 51 6 1 .71 2 9 . 91 2 4 . 6

110.3102.5115.3141.0

40 .83.5376

0.522143

184.60104.90

98.6724,937

59.61

8,1627.02 .7

15.51.9

3590 .82967.5

2532.9

538.0

125.4128.9127.2

1526 .8

80 .179.5

105.2898.36

86.28- 1 .15

353.0445

430.26412.17

122.6115.69107.19

106 .791 .1

120.557,785

32.75

33.1027 .82

28 .64

1st Q1986

174.9162.7132.5122.8

110.3103.6

NA140.2

40.73.43 84

0.509141

185.44105.54

99.4025,028

59.74

8,2597.12 .8

14.91 .9

3616 .92996.1

2552.8

539 .1

125.6129.0128.5

1548.5

79.879.5

106.80100.01

87 .032 .18

359.5948

426.35413 .44

123.1117.08108.61

108.795.5

120.559,178

30.17

30 .9126.49

27 .61

Mar.1986

176.2162.5133.5121.7

110.8103.5

NA139.4

40.73.4393

0.488138

185.41105.50

99.4824,945

59.70

8,4197.22.8

14 .41.9

3014.9

2568.8

540.3

124.4127.6128.0

78.978.8

104.6897 .93

83.921 .99

359.5950

420.23412.06

122.1116 .68109.26

95 .1

121 .959,020

30.18

31.0426.54

27 .78

Apr.1986

1 7 8 . 51 6 4 . 71 3 1 .91 2 4 . 9

1 1 1 . 41 0 3 . 8

NA140.0

40 .73 .4374

0 .471132

185.93105.67

99 .8025 ,038

59.70

8,3427.12 . 8

14.31.8

3051.8

2604.7

542 .0

125.0128.4128.8

7 9 . 478.9

103.7596 .87

87.03- 2 . 8 4

356 .7450

426.30420.19

123.6117 .14110.30

96.2

123.2NA

30.57

31 .0826 .18

27 .18

May1986

178,8163.8131 .5124.6

109.9104.2

NA142.6

40.63 .4378

0.445128

185.65105.95

99 .9524 ,988

59.77

8 ,5547.32 .8

14 .41.9

3040.4

2592.6

540.9

124.2127.2128.9

78 .878.3

104.1397 .04

84.06- 0 . 6 4

356.1055

NANA

123.0117 .05110.53

94 .8

119.7NA

29 .95

31 .1826 .17

27 .83

Percent change

Mar.to

Apr.1988

1 . 31 . 4

- 1 . 22 .6

0 . 50 . 3

HA0 .4

0 .0 .4 . 8

- 0 . 0 1 7- 4 . 3

0 . 30 . 20 . 30 4

0 .

0 . 90 . 10 .0 . 70 . 1

1 . 2

1 . 4

0 .3

0 . 50 . 60 .6

0.50 . 1

- 0 . 9- 1 .1

3.7- 4 . 8 3

- 0 . 80

1.42.01.20 .41.0

1 .2

1 .1NA

1.3

0 .1- 1 . 4

- 2 . 2

Apr.to

May1986

0 . 2- 0 . 5- 0 . 3- 0 . 2

- 1 . 30 . 4

NA1.9

- 0 . 20 .

- 1 . 1

- 0 . 0 2 6= 3 . 0

- 0 . 20 .30 . 2

0 . 0 7

- 2 . 5- 0 . 2

0 .- 0 . 7- 0 . 1

- 0 . 4

- 0 . 5

- 0 . 2

- 0 . 6- 0 . 9

0 . 1

- 0 . 6- 0 . 6

0 . 40 . 2

- 3 . 42 . 2 0» 0 . 2

5

NANA

- 0 . 5- 0 . 1

0 . 2

- 1 . 5

- 2 . 8NA

- 2 . 0

0 . 30 .

2 . 4

3d Qto

4th Q1985

1 .50 . 72 . 1

- 1 . 3

= 0 . 31 .0

- 0 . 71.7

0 .50 . 20 . 8

0 . 0 2 94 . 4

1 . 20 .70 . 80 3

* 0 . 2 7

1 . 30 .20 , 10 .0 . 1

0 .20 . 6

0 . 8

0.5

0 . 50 . 30 . 6

- 0 9

- 0 . 2= 0 . 1

- 0 . 9- 1 . 2

2 . 1- 3 . 5 6

- 1 . 02

0 . 70 . 21 . 2

» 0 . 8- 1 . 6

- 1 5 4- 1 . 8

- 1 . 04 . 0

0 . 1

- 1 . 10 .

- 1 . 3

4th Qto

istQ1986

1 . 40 . 62 .0

= 1 J

0 .1 . 1

NA- 0 . 6

- 0 . 2- 0 . 1- 2 . 1

- 0 . 0 1 3= 1 . 4

0 .50 . 60 . 7

0 . 1 3

- I .2- 0 . 1= 0 . 1

3.90 .

0 .71 .0

0 .8

0 .2

0 .20 . 11 .01 .4

= 0.30 .

1.41 .7

0 .93.33

1.93

- 0 . 90 ,30 .41 .21 .31 .94 .8

0 .2 . 4

- 7 . 9

- 6 . 6- 4 . 8

- 3 . 6

t •

1

91092093Q940

914913916917

121

3

6046

48424140

90

3743439144

3 2

51

33

47737449

82§4

7

82 39632

36377 33 43 93 338

1213

10

2024

27


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

Series title and timing classification1Unitof

measure

Basic data1

Annual average

1985

3dQ1985

4th Q1985

1st Q Mar.1986

Apr. May

Percent change

Mar.to

Apr.

Apr.to

May1986

3d Qto

4th Q1985

4th Qto

1st Q1986

I. CYCLICAL INDICATORS—Con.B4. Fixed Capital Investment-Con.

Business Investment Commitments—Con.:9. Construction contracts awarded for commercial and

industrial buildings, floor space L,C,U.11. Newly approved capital appropriations, mfg U,Lg,U....97. Backlog of capital appropriations, mfg.s C,Lg,Lg....

Business Investment Expenditures:61. Expenditures for new plant and equipment C.Lg.Lg....69. Mfrs.' machinery and equipment sales and business

construction expenditures C.Lg.Lg..76. Industrial production, business equipment C.Lg.U..86. Presidential fixed investment in 1982 dollars C,Lg,C...

Residential Construction Commitments and Investment:28. New private housing units started L,L,L,

*29. Building permits, new private housing units L,L,L...89. Residential fixed investment in 1982 dollars L,L,L...

B5. Inventories and Inventory Investment

Inventory Investment:30. Change in business inventories in 1982 dollars3 L,L,L.

*36, Change in mfg. and trade inventories on hand and onorder in 1982 dollars (smoothed6)3 L.L.L....

31. Change in mfg. and trade inventories, book value3 L,L,L...38. Change in mfrs.' inventories, materials and supplies

on hand and on order, book value3 L.L,!

Inventories on Hand and on Order:71. Mfg. and trade inventories, book value5 Lg,Lg,Lg....70. Mfg. and trade inventories in 1982 dollars5 Lg,Lg,Lg....65. Mfrs.' inventories, finished goods, book value5 Lg,Lg,Lg...,

*77. Ratio, mfg. and trade inventories to sales in1982 dollars3 Lg,Lg,Lg....

78. Mfrs.' inventories, materials and supplies on handand on order, book value5 L,Lg,Lg...,

B6. Prices, Costs, and Profits

Sensitive Commodity Prices:98. Change in producer prices, sensitive materials3 LfL,l23. Spot market prices, raw industrial mater ia ls© U,L,L...

*99. Change in sensitive materials prices (smoothed6)3 L,L,L...

Stock Prices:•19. Stock prices, 500 common stocks © L,L,L...

Profits and Profit Margins;16. Corporate profits after tax L,L,L...18. Corporate profits after tax in 1982 dollars L ,L ,L-79. Corporate profits after tax with IVA and CCAdj L,C,L...80 do in 1982 dollars L,C,L...15. Profits after taxes per dollar of sales, mfg.3 L,L,t26. Ratio, price to unit labor cost, nonfarm business L,L,L...

Mil. sq. f t . .Bil. dofBil. dol., EOP .

A.r., bil.dol..

1977 = 100..A.r., bil. dol..,

A.r., thousands.1967 = 100A.r., bil. dol

do

Bil. dol

Bil. dol., EOP .dodo

Ratio

Bil. dol., EOP .

Percent1967 = 100...Percent

1941-43=10.,

A.r,, bil.dol..

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

Unit Labor Costs and Labor Share:63. Unit labor cost, business sector -. Lg,Lg,Lg...,68. Labor cost per unit of real gross domestic product,

nonfinancial corporations Lg,Lg,Lg....62. Labor cost per unit of output, mfg.

a) Actual data Lg,Lg,Lg,...•b) Actual data as percent of trend3 Lg,Lg,Lg...

64. Compensation of employees as percent ofnational income3 Lg,Lg,Lg....

67. Money and Credit

Money:85. Change in money supply Ml 3 L,L,L...

102. Change in money supply M23 L,C,U....104. Change in total liquid assets3 L.L.L...105. Money supply Ml in 1982 dollars L.L.L...

•106. Money supply M2 in 1982 dollars L,L,L...

dododo

Cents1977 =-100...

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

1977=100...

Dollars

1977 = 100...Percent

..do..do..do..

Bil.doldo..

Velocity of Money:107. Ratio, GNP to money supply Ml 3 C,C,C...108. Ratio, personal income to money supply M23 C,Lg,C...

Credit Flows:33. Net change in mortgage debt3 L ,L ;L . . .

112. Net change in business loans3 L.L.I113- Net change in consumer installment credit3 L.L.L....

•111. Change in business and consumer credit outstanding3 L,L,L....110. Funds raised by private nonfinancial borrowers L.L.L...

Credit Difficulties:39. Delinquency rate, installment loans (inverted4)3 5 L,L,I—

Ratiodo...

A.r, bil. dol..dodo

A.r, percent..A.r, bil. dol...

Percent, EOP .

78.0729.3694.37

354 .44

375.00134,9430.3

1,750134.8168.3

62 .7

48.8753.2

573.43630.26

89.69

1 .55

217.30

- 0 . 3 7278.9-0 .19

160.46

144.0138.5179.6174.3

4.698.9

363.5358.4

159.9

0 .687

135.688.8

73.1

0 .480.6 90.92

506.02116.6

6.9321.366

99.7453.1177.34

15.2569.92

2.09

86 .4227 .2294 .58

386.41

402.39141 .2472.0

1,742138.1171.2

5.7

4.249.7

-0.31

583 .15639.7788.37

1.56

214.24

-0.2 2244.8-0.42

186.84

140 .2131.0210.4200.6

3.898.3

396.8389.6

166.1

0.710

137.785.3

73.8

0.960.650.69

532.92229.5

6.7201 .326

79.3622.7681 .5210 .0

675.93

92.1624.1797.18

388.90

401.26142.2473.7

1,688141 .9173.1

-1.8

-3.00-3.0

-0*09

578.92636.1288.26

1.55

213.35

-0.24239.5-0.44

188.30

141 .1131 .7221 .7211 .4

3.798.6

404.0396.9

166,3

0.709

137.284.3

73.9

1.150.670.66

540.62249 .4

6.648

63.601.87

92.678.2

652.84

87.9527 .1994.58

397.74

415.02140.9486 .5

1,773138.5175.5

-6.3

7.1216.9

583.15639.77

88.37

1.55

214.24

-0.01235.5-0.21

196.96

146 .7136 .2216.0204.63.6

97.3

415 .8407 .8

169.3

0.719

138.684.0

0.820.480.86549.2

2259.4

6.544

101.7956.2474.7112.3

965.41

73.0124.5092.63

376 .08

394.98141 .046 9.5

1,998146.3179.6

35.3

25.492 0 . 1

588.18647.47

87 .62

1.56

214.31

-0 .29231 .1-0 .27

219.96

137.0125.6234.0220.7

3.698 .3

405 .6397 .9

168.9

0 .722

138.682.8

0.630.33

• 0 .45557.8

2275.4

6.5101 .318

24.60-7 .3063.36

3.9504.26

69.96

402,36139.1

1,960146.3

31 .9636.0

588.18647.47

87.62

1.57

214.31

0.25223.1- 0 . 4 8

232.33

139.983.2

1.170.570.32

565.62295.7

1.315

43 .32-27 .'3 73 7 . 0 4

2 .2

84 .26 76.71 2 0 . 4

401.88140.3

NA138.8

- 0 . 10.9

2,039150.3

1 ,888142.6

4 .02.7

33 .8823 .7

590.15651 .32

87.80

1 .55

212.56

1 .99219.9-0 .60

2 3 7 . 9 8

NANA

0 . 7 92 2 1 . 3- 0 . 2 6

238.46

1.92- 1 2 . 3

-0 .66

0.30.60.2

- 0 . 0 2

- 0 . 8

1.74- 1 . 4

-0 .12

138.481.9

139,282.0

-1 .1-1 .3

1 .211 .150.66

574.02328.4

1.930.99

NA584.1

2347.4

0.040.580.34

1 .51 .4

- 9 . 0

NA

- 1 . 1

- 7 . 4- 5 . 1

-1 .200.6

0 .34

0 .2

0.60.1

0.72-0 .16

NA1.80 .8

1.316

NA- 4 2 . 4 0

4 9 . 8 61 . 9

1.301

NA2 7 . 8 4

NA6 . 6

0.001

NA- 1 5 . 0 31 2 . 8 2

- 0 . 3

- 0 . 0 1 5

NA7 0 . 2 4

NA4 . 7

2.41

- 4 . 612.5- 2 , 7

2.3

3.4- 0 . 9

2.7

5.0- 2 . 4

1 .4

- 4 . 5

10.1219,9

0.70.60.1

0 .

0.23- 1 . 70.23

4 .6

4,03.4

- 2 . 6- 3 . 2- 0 . 1- 1 . 3

2.92.7

1 .8

1 .4

1.0- 0 , 3

0.3

-0 .33-0 .19

0.201 .60.4

-0 .104

38.1954.37

-17.964,1

47.9

0,07

-17 .0- 9 . 9- 2 . 1

- 5 . 4

- 4 .0 .1

- 3 . 5

12.75.62 .3

18.373.2

- 0 . 0 5

0.91 .2

- 0 . 8

0.01

0 .

- 0 . 2 8- 1 . 9

-0 .06

- 6 . 6- 7 . 8

8.37,90 .1 .0

- 2 . 5- 2 . 4

- 0 . 2

0 . 4

0 .- 1 . 2

0 . 1

-0 .19-0 .15-0 .41

1.60 .7

- 0 . 0 3 40.004

-77.19-63.54-11.35

- 8 . 4- 4 7 . 8

- 0 . 0 9



Series title and timing classification1Unitof

measure

Basic data2

Annual average

1984 1985

3dQ1985

4th Q1985

1st Q Mar.1986

Apr.1986

May1986

Percent change

Mar.to

Apr.1986

Apr.to

May1986

3dQ

4th Q1985

4th Qto

lstQ1986

I. CYCLICAL INDICATORS—Con.B7. Money and Credit—Con.

Bank Reserves:93, Free reserves ( inverted4 )3® L.U.U....94, Borrowings from the Federal Reserve3 © L,Lg,U....

Interest Rates:119. Federal funds rate1 © L,Lg,Lg....114. Discount rate on new Treasury b i l l s 3 © C,lg,lg....116. Yield on new high-grade corporate bonds3 (u) Lg,Lg,Lg....115. Yield on long-term Treasury bonds3 @ C,Lg,Lg....117. Yield on municipal bonds3 © U.lg.lg....118. Secondary market yields, FHA mortgages3 ® Lg,lg,Lg....6?. Bank rates on short-term business l oans 3 © Lg,Lg,Lg....

*109. Average prime rate charged by banks 3 © Lg,Lg,Lg....

Outstanding Debt;66. Consumer installment credit outstanding5 Lg,lg,Lg....72, Commercial and industrial loans outstanding Lg,lgtLg...,

*101. Commercial and industrial loans outstanding in1982 dollars Lg.Lg.Lg....

*95. Ratio, consumer installment credit topersonal income1 Lg.Lg.Lg....

II. OTHER IMPORTANT ECONOMIC MEASURESB. Prices, Wages, and Productivity

B l . Price Movements

310. Implicit price deflator for gross national product320. Consumer price index for all urban consumers (CPI-U) © . . . .

320e. Change in CPI-U (S/A)3

322. Consumer price index for all urban consumers, food330. Producer price index (PPI), all commodities ©335. PPI, industrial commodities (u)331. PPI, crude materials for further processing332. PPI, intermediate materials, supplies, and components333. PPI, capital equipment334. PPI, finished consumer goods

B2. Wages and Productivity

340. Average hourly earnings of production or nonsupervisoryworkers on private nonagricultural payrolls

341. Real average dourly earnings of production ornonsupervisory workers on private nonagricultural payrolls

345. Average hourly compensation, nonfarm business sector346. Real average hourly compensation, nonfarm business sector . .370. Output per hour, business sector358. Output per hour, nonfarm business sector

0. Labor Force, Employment, and Unemployment

441. Civilian labor force442. Civilian employment

37. Number of persons unemployed444. Number unemployed, males 20 years and over445. Number unemployed, females 20 years and over446. Number unemployed, both sexes 16-19 years of age447. Number unemployed, full-time workers

Civilian Labor Force Participation Rates:451. Males 20 years and over3

452. Females 20 years and over3

453. Both sexes 16 19 years of age1.,..

Mil.doldo

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

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

do..,do.,,do...

Bil. dot., EOP .dol

....do

Percent

1982 = 100...1967-100...Percent196/ 100

d o .... .do. .. .do.... . .do.

d o .. . do .,

1977-100...

do.do . , .do.

. .do. . ..do

Millions..do...

Thousands......do....do

do

Percent...

D. Government ActivitiesD l . Receipts and Expenditures

500. Federal Government surplus or deficit3

§01. Federal Government receipts502. Federal Government expenditures510. State and local government surplus or deficit3.511. State and local government receipts512. State and local government expenditures

- 3 , 0 4 63 , 7 3 0

10.229.57

13.3711.9910.1013.8212.0212.04

453.58299.66

289.04

13.44

108.1311.1

0 .3302.9310.3322.6331320.0294.1290.4

160.7

94.6167.597

105

A.r., bil. dol..

104.1

113.54105.008,5393,9323,1071 ,4997,057

78.353.753.9

-172.9

-4921,321

8.107.49

11.7510.75

9.1012.24

9.749.93

535.10331.65

321.52

15.11

111 .7322.2

0.3309.8308.8323.9306.2318.7300.5291.9

165.5

94.1173.6

97.8105.4104.0

115.46107.158,3123,7153,1291,46 86,793

78.154.754.5

-200.0

-3741,156

7.907.10

11.5210.599.05

12.059.279.50

516.42329.89

321.33

15.39

112.1323.6

0.2309.8307 .3323.5297 .4317.5300.6291 .1

165.6

94.1174.2

97.9105.9104.3

115.47107.208,2683,6813,1531,4346,783

78.054.654.2

-201 .3

-5021,415

8.107.15

11.0310.08

8.6811 .28

9 .689.50

535.10339.29

328.44

15.77

113.0

dododododo

D2. Defense Indicators

517. Defense Department gross obligations incurred525. Defense Department prime contract awards548. Nlfrs.1 new orders, defense products557. Industrial production, defense and space equipment..570. Employment, defense products industries564. Federal Government purchases for national defense .

E. U.S. International TransactionsEl . Merchandise Trade

692. Exports, excluding military aid shipments604. Exports of domestic agricultural products606, Exports of nonelectrical machinery612. General imports614. Imports of petroleum and petroleum products616. Imports of automobiles and parts

Mil.dol....do...do...

1977 = 100..,ThousandsA.r., bil. dol...

Mil.dol..

..do...

..do..

..do..

725.1898.0

64.4539.8475.4

22,43712,9427,452157.91 ,438237.0

18,1373,1463,875

27,1334,6893,787

7 84.7984.7

59.0575.3516.3

26,88312,2408,022173.61,544261.9

17,7722,4263,917

28,8384,1804,688

790.7992.056.9

581 .8524.9

32,28813,815

9,323175.61 ,561269.9

17,5222,2043,763

28,1593,5454,735

3260

313309324305318.7303.3294.4

166 .9

94.0175.697.6

104.9103.2

116.16108.008,1623,6333,0331 ,4966,674

78.154.954.4

-226.9

230805

7.836.899.688.907.53

10.389.299.37

550.94344.36

338.39

16.10

113.8327.3

- 0 . 2314.6304.6319.1290.3314.1303.7288.8

168.0

94.3176.5

97.8105.5104.1

117.03108.77

8,2593,7053,0941,4606,758

78.355.054.5

-208.8

135761

7.486.598.958.137 .089.77

9.10

550.94341.42

340.40

16.17

326.0- 0 . 4

314.1300.3314.0279.9310.0304.3284.1

168.5

95.1

117.21108.79

8,4193,8093,1551,4556,918

78.355.055.1

-92893

6.996.068.717.597.209.80

-43876

6.856.129.098.027.54

10.07

227132

-0.49-0.53-0.24-0.540.120.03

8.83

555.09337.89

339.58

16.10

8.50

NA340.21

340.21

-0.27

0.8-1.0

-0.2

-0.07

325.3-0.3

315.0297311269307.0305.3281 .5

168.4

95.4

326.30.2

316 .4299311275.9306305.

- 1

0.20.10.300.93.6

0

283.8

168.8

95.4

0.3- 0 . 9

- 0 . 1

0.3

117.23108.89

8,3423,6633,0971 ,5826,783

78.055.155.7

117 .66109.118,5543,8973,1251,5327,037

78.155.455.6

0.0.1

-0 .9- 3 . 8- 1 . 8

8.7- 2 . 0

- 0 . 30,10.6

80 3.51030.4

58.8589.1530.2

28,40211,586

6,714180.01,578272.1

17,4562,4083,781

30,2564,4195,139

80 4 . 11012.9

64.5602.5538 .0

29,46912,3709,332178.21,589268.0

17,8842,2463,963

30,9574,2705,147

32,12414,36810,447178.51,589

28,16212,8556,500179.01,595

NANA

8,856179.3

NA

-12.3-10.5-37.8

0.30.4

18,9112,1353,7 40

31 ,9723,5785,018

17,9642,0433,981

28,7622,0845,044

NANANANA

-5.0-4.36.4

-10.0-41.8

0.5

-49-17

-0.140.060.380.430.340.27

-0.33

NA0.7

0.2

NA

000.40.402.3

-0.20.10.8

0.2

0.

0.40.22.56.40.9

-3.23.7

0.10.3

-0.1

NANA

36.20.2NA

NANANANANANA

128259

0.200.05

-0.49-0.51-0.37-0.770.410.

3.62.8

2.2

0.38

0001.100.42.80 .40.91 .1

0.8

-0.3-0.9-1.1

0.60.7

-1.3-1.3-3.84.3

-1.6

0.10.30.2

-25.61.63.91 .91 .31.0

-12.0-16-28.0

2.510.8

-0.49.30.57.4

24.78.5

-732-610

-0.27-0.26-1.35-1.18-1.15-0.90-0.39-0.13

3.01

0.33

00.2

-0.70 .4

-1.5-1-5,

-1.9

0.7

00.50.20.60.9

0.70.71 .22.02.0

-2.41.3

0.20.10.1

18.10.1

-1.75.72.31.5

36

39.0-I .00.7

-1.5

2.5-6.742,3

-3.40.2

9394

11911411611511711867

109

6672

101

95

3103203 203 2233033533133233333 4

340

341345346370358

44144237

444445446447

451452453

500501§02510511512

51752554835757056 4

602604606612614616



Series titleUnitof

measure

Basic data'

Annual average

1983 1985

4th Q1984

1st Q1985

2dQ1985

3d Q1985

4th Q1985

1st Q

Percent change

2dQ

3dQ1985

3dQto

4th Q1985

4th Qto

1st Q1986

IE. OTHER IMPORTANT ECONOMIC M E A S U R E S - C o n .E2. Goods and Services Movements Except

Transfers Under Military Grants

667. Balance on goods and services3

668. Exports of goods and services669. Imports of goods and services622. Balance on merchandise trade3

618. Merchandise exports, adjusted620. Merchandise imports, adjusted651. Income on U.S. investment abroad652. Income on foreign investment in the United States .

A. National Income and ProductA l . GNP and Personal Income

200. Gross national product50. Gross national product in 1982 dollars

217, Per capita gross national product in 1982 dollars213. Final sales in 1982 dollars224. Disposable personal income225. Disposable personal income in 1982 dollars227. Per capita disposable personal income in 1982 dollars

A2. Personal Consumption Expenditures

230. Total231. Total in 1982 dollars. . . .232. Durable goods233. Durable goods in 1982 dollars.236. Nondurable goods238. Nondurable goods in 1982 dollars.237. Services239. Services in 1982 dollars. . .

A3. Gross Private Domestic Investment

240. Total241. Total in 1982 dollars242. Fixed investment243. Fixed investment in 1982 dollars245. Change in business inventories3

30. Change in business inventories in 1982 dollars3...

A4. Government Purchasesof Goods and Services

260. Total261. Total in 1982 dollars262. Federal Government263. Federal Government in 1982 dollars266. State and local government267. State and local government in 1982 dollars....

A5. Foreign Trade

250. Net exports of goods and services3,.. .255. Net exports of goods and services in 1982 dollars3.252. Exports of goods and services256. Exports of goods and services in 1982 dollars..253. Imports of goods and services257. Imports of goods and services in 1982 dollars ..

A6. National Income and Its Components

220. National income280. Compensation of employees282. Proprietors' income with IVA and CCAdj .. . .284. Rental income of persons with CCAdj . .286. Corporate profits before tax with IVA and CCAdj288. Net interest

A7. Saving

290. Gross saving295. Business saving292. Personal saving298. Government surplus or deficit3

293. Personal saving rate3

Bit. dol . .

..do...

..do...

..do..

..do...

..do..

..do..

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

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

...do

...doA.r., dollars..

A.r., bi l .dol..do. ..

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

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

...do...

...do...

...do...

...do...

..do..

..do...

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

.do.. .do-

dodo

..do. .

...do.,.do...do...do...do.....do..

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

Percent

- 9 . 2883.3292.60

•16.7750.4667,2219.3113.10

3401.63277.713,9573283.12425.42334.6

9,942

2229.32145.9289.6283.6817.0800.7

11221061.7

501.9503.4508.3508.9-6.4-5.5

675.7647 .8284.8275.5390.9372.2

-5 .3-19 .4354.1349.4359.4368.8

2718.32025.9192 .312.8

213.8273.6

469.8467.4133.2

-130.85 .5

- 2 3 . 5 890,

113,- 2 8 ,

54,83,21,16.

3774.73492.014,7303429.32670.22468.410,412

2423.02239.9

331 .1318.6872.4828.0

1219.61093.3

674.0661 .3607 .0598.6

67.162.7

736.8675.9312.9292.5423.9383.3

-59.2-85.0384.6370.9443455.9

3039.32221 .3233.710.8

273.3300.2

584.5520.5172.5

-108.56.5

-25.6789.62

115.30-31.11

5 3 . 6 184 .7222.5016.20

3988.53570.014,9173564.32800.82508.810,483

2582.32313.0

361.5345 .3912.2846.9

1308.61120.8

669.3649.0661.8643.3

7.55.7

815.4716.4355.4322.646 0.0393.8

-7 8.5-108.4369.9359.9448.446 8.3

3211.32372.5

242.213.8

297.0287 .4

553 .4565.3129.0

-140.04.6

- 2 5 . 8 790.52

116.40-29.17

56.0085.1820.8616.82

3852.53515.614,7743479.52723.82484.410,441

24802262341327883828

12551105

676.2659.9637.2623,839.036.1

768.4693.9332.9307.343 5.5386.6

- 7 2 . 2•100.2389.5377 .3461 .747 7.5

3104.42278.5

232.99.7

276.2307 .0

573.5535.9164.5

-126 .86.0

-22.8388.04

110.87-25.04

55.3280.3718.7316.51

3917.53547.814,8773532.02739.22482.710,411

2525.02288.6

351.5335.0895.7839.9

1277 .81113.7

657.6639.6639.1623.8

18.515.8

777 .2691 .4334.4304.3442.83 87.1

-42 .3-71 .8379.6368.7421.9440.5

3155.32320.4

239.411 .0

281.7302.9

578.3546 .8130.9- 9 9 . 4

4 . 8

-25.9689.35

115.31-30.37

53.8884.2422.2516.80

3960.63557.414,8853542.32817.72532.210,595

25632303356340910846

12961116

672.8655.6657 .3640.5

15.515.1

794.8699.4337.8305.9457 .1393.6

-70.3-10136935843 9.5459.3

3192.22356.9240.913 .8

288.1292.4

571.7556.4167.2

-151.95.9

-24.4590.23

114.69-31.68

52.5084.1724.5016.24

4016.93584.114,9583585.82800.22503.110,447

2606.12329.6376.0359.3914.5849.8

1315.61120.4

666.1645.0665.9646 .8

0.2-1 .8

832.5729.2364.8331.146 7.7398.1

-87 .8-119.8363.2353.5451.0473.3

3228.02385.2

237.514.5

3 0 9 . 1281,8

537.3579.2102

-144.53.7

- 2 9 . 4 590.87

120.32-37 .35

52.7390.0824.5115.25

4059.33590.814,9493597.12845.92517.110,479

2634.82330 .4

362.0346.7928.3851.1

1344.61132.6

6 80.7655 .7685.0662.0

-4 .3-6 .3

857.2745.5384.7349.047 2.5396.5

-113.4-140.8367.8359.2481.2500.0

3269.92427 .5250.915.9

303.1272.6

526.1578.9115.2

-168.04.0

-30.6491 .60

122. 24-36.5853.5590 .1324.2417.42

4115.73616.915,0263581.62893.42550.910,597

2668.22352.3

363.1346.1935.6864.9

1369.51141 .4

717.2684.4677.3649.1

39.935.3

836.2718.3357.1319.1479.0399.2

-105.8-138.1374.4365.0480 .2503.0

3314.92 4 6 3 . 1

250.619.7

313.7267.8

578.7596.9126.0

-144.34.4

1 .511.0

-0 .5-1 .31

-2 .6- 0 . 110.1-3 .3

1 .40 .80 .51 .2

-0 .6- 1 . 1-1 .4

1 .71 .15.55.60 .50.41.50.3

-1- 1

11

-15

4.74.38.08.22.31 .1

-17 .5-18.7

-1 .6-1 .3

2.63.0

1.11 .2

- 1 . 45.17.3

-3 .6

-6 .04.1

-38.67 .4

-2 .2

- 5 . 0 00.74.9

-5.670.47 .00.

- 6 . 1

1.10.2

- 0 . 10.31 .60.60 .3

1 .10.

-3- 3 . 7-3 .5

1 .50 .22.21 .1

2 .21 .72.92 .4

-4 .5-4 .5

3 .02.25.55.41 .0

- 0 . 4

-25.6-21.0

116 .75.6

1 .315.69.7

-1 .9-3 .3

- 2 . 1- 0 . 112.3

-23 .50.3

-1 .190 . 81 .6

0.771 . 60 .1

- 1 . 114.2

1 .400

- 0 . 41 .71 .31 .1

10 .90.3

-0 .201 .61 .90

54.4

-1 .1-1 .944.241 .6

- 2 . 4-3 .6= 7.2-8 .6

1 .40

7 . 62 . 711 .6

-0 .20 .6

1 .41 .5

-0.123.93.5

= 1 .8

10.03 .19.4

23 .70 .4

NOTE: Series are seasonally adjusted except for those, indicated by ® , that appear to contain no seasonalmovement. Series indicated by an asterisk (*) are included in the major composite indexes. Dollar values are incurrent dollars unless otherwise specified. For complete series titles and sources, see "Titles and Sources ofSeries" at the back of this issue. NA, not available, a, anticipated. EOP, end of period. A.r., annual rate. S/A,seasonally adjusted (used for special emphasis). IVA, inventory valuation adjustment. CCAdj, capital consumptionadjustment.

'The three-part timing code indicates the timing classification of the series at peaks, at troughs, and at allturns: L, leading; C, roughly coincident; Lg, lagging; U, unclassified.

1 For a few series, data shown here are rounded to fewer digits than those shown elsewhere in BCD. Annualfigures published by the source agencies are used if available.

1 Differences rather than percent changes are shown for this series.1 Inverted series. Since this series tends to move counter to movements in general business activity, signs of

the changes are reversed.5 End-of-period series. The annual figures (and quarterly figures for monthly series) are the last figures for the

period.s This series is a weighted 4-term moving average (with weights 1, 2, 2, 1) placed on the terminal month of

the span.


CYCLICAL INDICATORS

j A I COMPOSITE INDEXES AND THEIR COMPONENTS

Chart Al . Composite Indexes

July May Aug. Apr. Apr. Feb.P T P T P T

Dec. Nov. Now, Mar.P T P T

Jan. July Juiy Nov.P T ' P T

920. Index of four roughly Coincident indicators(series 41,47, 51, 57) |l

930. Index of six lagging indicators(series 62, 77, 91, fit 101,109) ^ J

X9gQSl 52 53

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

s as im?

10 JUNE 1986HOIDigitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CYCLICAL INDICATORS

A I COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

Chart Al . Composite Indexes—Continued

July MayP T

Aug. Apr. Apr. Feb.P T P T

Dec. Nov.P T

Nov. Mar.P T

ill|f 9 l i ijCapttal investment commitrnerife {slrieS 12, 20,i£9)

Jan. July July Nov.P T P T

916. Profitability (series 19, ?6r 80)

1950 51 52 53 54 57 58 59 60 61 62 §3 64 ©§ 68 67 68 89 70 71 72 73 74.75 J® 17 78 70 SO 81 82 83 84 85 86 1987

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

BCII JUNE 1986 11Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

Chart A2. Leading Index Components

July MayP T

Auj*. Apr. Apr. Feb.P T P T

Dec, Nov.P T

New. Mar.P T

Jen. July July Nov.P T P T

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

Jl

.„» , . 5. Average weekly initial.claims forjuqvloyineot insurance,\; State programs (thousands—inverted scale) h C H :

8. Manufacturers' new orders in 1982 dollars, consumer goodsand materials industries (bit. doi.) O J 1 1

Z.rVendor performance, percent Of companies receiving'slowerm (percent) ^ J

700 -

100 -

9 0 -

S 0 -

7 0 -

12. Net business formation (index: 1 9 6 7 - 1 0 0 )

. - ..-.inn L _

20. Contracts and orders for plant and equipment in1982 dollars (hi dol.)

140-

120-

100-

40-

1950 SI §2 53 S4 m S6 i ? SB 59 ©O 61 62

Current data for these series are shown on pages 6 1 , 64, 65, and 66.

71 12 73

12 JUNE 1986 KCIIDigitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GY


Chart A2. Leading Index Components—Continued

July May Aug. Apr. Apr. Feb.P T P T P T

Dec.P P T


3,6. Change in manufacturing and trade inventories on hand and on order In 1982 dollars; smoothed1 (ann. rate, bil. dol.)

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

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

IXX

106. Money supply M2 in 1932 dollars (bi!, dol.)

111. Change in business and consumer credit outstanding— nxo "

1950 51 52 53'This is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.Current data for these series are shown on pages 67, 68, 69, 71 , and 72.

ItCII JUNE 1986 13Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis


Chart A3. Coincident Index Components

July MayP T

Aug. Apr. Apr. Feb.PI ? 1

i>.c. Key. to. Mar.P T P T

Uly fey

41. Employees an nonagricultural payrolls (mlons)

51, Personal income less transfer payments in1982 dollars (ann. rate, bil. dol.)

(Tex

47. Industrial production (index: 1977-100)

CXX

57. Manufacturing and trade $ales in1982 dollars ( b i dol.)

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

14 JUNE 1986 IUDigitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

@Y@U©MJN[D>[


Chart A4. Lagging Index Components

July MayP T

Aug. Apr. Apr. Feb.P T P T

Dec. Nov.P T

Nov. Mar.P T


91. Average duration of unemployment (weeks—inverted scale)

77. Ratio, manufacturing and trade inventories to sales in1982 dollars (ratio) I

in'10 =

12 H

IS-

20-

22-

- _

4 1

1.7 «

1.S-

1.5 «

62. Labor cost per unit of output, manufacturing—actual data~ ^asrpercentvhxend(pet tsnt) ' ' 'T'Q*I i r j i

109. Average prime rate charged by b^nks (percent)

101. Commercial and industrial bans outstanding in 1982 dollars (bil. doi.)

Lg,Lg,lg

95. Ratio, consumer installment credit outstanding to personal income

<Percent>

51 52 33 34 25 5S 57 58 59 (30 61 62 03 64 S5 6© 67 68 69 70

Current data for these series are shown on pages 62, 68, 70, and 73.


CYCLICAL INDICATORS

B I CYCLICAL INDICATORS BY ECONOMIC PROCESS

Chart B l . Employment and Unemployment

Apr. Feb.P I

Dec. Nov.P T

Nov.P

Jan. Juiy July Nov.p T ' P T

[Marginal Employment Adjustments]

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

21. Average weekly overtime hours of production or nonsupervisory workers,manufacturing (hours) [ L , C , L 1 ;

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

1999 60 SICurrent data for those series are shown on page 61.

4 1 -

4 0 -

3 9 -

38-

fid. Ratio, heln-iuanterl arh/erfeinp in newsnaoers to number

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

66 ©J 68 69 70 71 72 73 74 75 84 85 1986

16 JUNE1986Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CYCLICAL

B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart Bl . Employment and Unemployment—Continued

Apr. Feb.P T

Dec. Nov.P T

Nov. Mar.P T

Jan. July July Wov.P T P T

[Comprehensive Employment|

48. Employee hours in nonagricultural establishments(ann. rate, bil. hours) [ y fC fp| If Z

ji . ;. .r&\r~\'i . ^****

T>i li

--JL

42. Persons engaged in nonagricultural activities (millions) / ^ ^s

fee] —~jbli| y s

z

"mployees on nonagricultural payrolls (millions)

190-

180-

170-

160-

150-

140-

110"

105-

100 ^

§ 5 -

85-

8 0 -

75 -

70*

65-

2S-

2 7 -

26-

2 5 -

24 -

2 3 -

22-

2 1 -

2 0 -6 1 -

0 0 -

5 S -

58 •

5 7 -

5 S -

5 4 -

40. Employees on nonagricultural payrolls, goods-producingindustries (millions) i \

\

90. Ratio, civilian employment to population of working age (percent) I

1959 60 61 ©2 63 64 Si SS

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

! XJ

7® 71 72 73 74 75 7© 77 78 79 84 8S 198©

KCII JUNE 1986 17Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart Bl . Employment and Unemployment—Continued

Apr. Feb.P T

Dec.P

Nov.T

Nov.P

Mar.T

Jan. JulyP T

JulyP I

[Comprehensive Unemployment |

37. Number of persons unemployed (millions—inverted scale)

43. Unemployment rate (percent—inverted scale)

n

n-

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

91. Average duration of unemployment (weeks—inverted scale)

3 -

4 -

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

IS

18-

20 «

2 2 -

1*

2 -

3 -

4*

Current data for these series are shown on page 62.

18 JUNE 1986 IUIIDigitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis


Chart B2. Production and Income

Apr. Feb.

P T

Dec. NovP T

Wov MarP T

Jan Jtly Ju'yp i p

|Comprehensive Output and Income]

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

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

C X X

51. Personal income less transfer payments in 1982 dollars(ann. rate, bit. dot.)

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

11 73 B2 83


BCII JUNE 198619



Chart B2. Production and Income—Continued

i. Ju:!y July [ ta .F T P I

[Industrial Production|

47. Industrie production (index: 1977-100)

73. Industrial production, durable manufactum(index: jj!977« 100)

clc

74. Industrial production, nondurable manufactures(index:j|1977M00)

cfcri ?!

49, Vakje of goods output in 1932 dollars, Q(ami; rate, bil, dol.) l! i!

[Capacity Utilization

82. Capacity utilization rate, manufacturing (percent)

84. Capacity utilization rate, materials (percent)

• B

1959

Current data for these series are shown on pages 63 and 64,

20 JUNE 1986 BCIIDigitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

QYQUQIAL 0(MO0


Chart B3. Consumption, Trade, Orders, and Deliveries

Dec. Nov.P T

Nov. Mar.P T

Jan. July Jyly Wov.F T P T

[Orders and Deliveries 1 7. Manufacturers1 new orders in 1982 dollars, durable goodsindustries (bil. dol.) ^ [ L , l , t l

6. Manufacturers' new orders in current dollars,durable goods industries <b& dol.)

\

8. Manufacturers' new orders in 1982 dollars, consumergoods and materials industries (bil. dot.)

25. Change in manufacturers' unfilled orders, durable goodsindustries (bil. dol.; MCD moving avg.—4-term)

96. Manufacturers' unfilled orders, durable goods industries(bil. dol.)

32. Vendor performance, percent of companies.receiving-slower deliveries (percent)

19S©


BCD JUNE 1986 21Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

B CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B3. Consumption, Trade, Orders, and Deliveries—Continued

Apr. Feb.

f Ikn.kly July Nov.

F T P T

[Consumption and Trade)57. Manufacturing and trade sates

in 1982 dollars

5C"TOntiTacFurig anHraHe sates in currenfd^(bildoJ.)

75. Industrial production, consumer goods(index: 1977-100)

cfccl ...

59. Sales of retail stores in 1982 dollars (bH. dpi.)

U.L.U

54. Sales of retail stores in current dollars (bH. dol.)

XUT N.

6ncfitutcs, ~*" ^^j

automoiles, Q (arm. rate, bi. dol.)

LXtC

58. Index of consumer sentiment (istlQ 1966=100)

WWB (B© §1 §2 §3 S^ ©iCurrent data for these series are shown on page 65.

22 JUNE 1986 RCIIDigitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis


Chart B4. Fixed Capital Investment

Apr. Feb.P T

Dec. Wov.P T

Nov. Mar.P T

Jan. July July Wow.F T P T

[ Formation of Business Enterprises [12. Net business formation (index: 1967=100)1 L,

13. New business incorporations (thousands)

cn

I Business Investment Comi&ilmejtsj- -

20. Contracts and orders for plant and equipment. . . „ . v

in 1982 dollars (bil. dol.) f i m / V W \10. Contracts and orders for plant and equipment

in current dollars (bil. dol.) | L L L

21. Manufacturers' new orders in 1982 dollars, qofldefensecapital goods industries (bil. d o l . ) I n L

24. Manufacturers' new orders in current dollars, nondefensecapital goods industries (bil. dol.) n ~ f [

Construction contracts awarded for commercial and industrialbuildings (mil. sq. ft. of floor space; MCD moving avg.-

1

i

1 1 0 1L0(l =

OH

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


CYCLICAL INDICATORS


Chart B4. Fixed Capital Investment—Continued

Apr. Feb.

P TDee. Nov.

F T P T

iijifi. July July f t o ,

P T P T

[Business Investment Commitments—Con,

97. Backlog of capital appropriations, 1,000 manufacturingcorporations, Q (bil. dol.)

Newly approved capital appropriations, l t000manufacturing corporations, Q (bil. dol.

UJIU

100. Expenditures in 1982 dollars for new plant and equipment,Q (ann. riite, bil. dol.) 1 '"

| Business Investment Expenditures]

61. Expenditures in current dollars for new plant andequipments (arm. rate, bil. dol.)

69. Machinery and equipment sales andbusiness construction expenditures(anrt. rate, bil. dol.)

76. Industrial production, business equipment;; (index: 1977-100)


24 JUNE 1986Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis


Chart B4. Fixed Capital Investment—Continued

Apr. Hk

F T

Dec. Nov.P T

Nov. Jan. July July Mow.P T P T

[Business Investment Expenditures—Con,[

Gross private nonresidentiaj fixed investment in 1982 dollars (ann. rate, bil. dot.)

86. Total, Q

ClLgfC

. Producers' durable equipment, Q

[Residential Construction Commitments and Investment|

28. New private housing units started (ann. rate, millions)

29. New private housing units authorized by local building permits(index: 1967 = 100) - ~~~~

1.0-

0.8-

200 n

280-

160-

140-

120-

100-

80-

89. Gross private residential fixed investment in1982 dollars, Q (ann. rate, bil. dol.)

1959 m 32. at ®§ §a mCurrent data for these series are shown on page 67.

84 85 1986



Chart B5. Inventories and Inventory Investment

Apr. Fall.

P T

0ec. Nov.P T

Jan. July T IJ ;

P T

| inventory InvestmenT] 30. Change in business inventories in 1982 dollars, Q (ann. rate, bil. dol.)+ 90 T

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

full^ v & -

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

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

§1 S2 S3'This Is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.Current data for these series are shown on page 68.

26 JUNE 1986 ItCIIDigitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CYCUO^l


Chart B5. Inventories and Inventory Investment—Continued

Apr. Feb.

P TDec. Nov.

P TNov. Mar.

P TJan. July July Nov.

P T P T

[inventories on Hand and on Order] 70. Manufacturing and trade inventories in 1982 dollars (bil. dol.)

lLg,Lg,Lg| \ 5 0 0 -

= • - " - = 35®

71. Manufacturing and trade inventories

65. Manufacturers' inventories, finished geod&rbook value (bil. dol.)

77. Ratio, manufacturing and tradejnventories to sales in 1982 dollars_^

<rati0>= = j 1.7 <

78. Manufacturers' inventories, materials and supplies on handand on order, book value (biL dpi.)

220-

71




Chart B6. Prices, Costs, and Profits

}L Feb.

* T

Dec. Mac Jam, i ; %

F T '

I Sensitive Commodity Prices | 98. Change in producer prices for 28 sensitive crude andintermediate materials (percent; MCD moving avg.—6rterm)

99. Change in sensitive materials prices (percent; movingavg.-4-term1) Kxx\

+ 2-

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

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

L L L

[Profits and Profit Margins| 18. Corporate profits after tax in 1982 dollars, Q(ann. rate, bi). d d ) 17771 ^*

L,L,L

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

\

ISO-

11 71 i© §1 §?, m m m^This is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.beginning with data for June 1981, this is a copyrighted series used by permission; it may not be reproduced without written permission from Commodity Research Bureau, Inc.Current data for these series are shown on page 69.

28 JUNE 1986 IMJIDigitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CYCLICAL


Chart B6. Prices, Costs, and Profits—Continued

80. Corporate profits after tax with (VAiand CCAdj in1982 dollars, Q (ana rate, bjf. dokk

Profits and Profit Margins—Con.

79. Corporate profits aftyr tax with IVA and CCAdj in {

current dollars, Q (Am. rate, bil. dol.) J !

_ 22. Ratio, corporate domestic profits after tag jo corporatedomestic income, Q (percent;

81. Ratio, corporate domestic profits after tax with IVA and \ /P.P.ftHi tn rnmnrate Hnmftctir inrnmp (I (nprcenW \ /CCAdj to corporate domestic income, Q (percent)

15. Profits after taxes ger dollar of salesf manufacturing corporations, Q (cents)

26. Ratio, implicit price deflator to unit labor co^t, nonfarm

35. Corporate net cash flow in 19$2 dollars, Q_ _ ^ _ (ann. r|te, I ^ Q L L ^ V

34. Corporate net cash flow in current dollars, Q(ann.raW, bil. dol.) n~[

1959 60 61


\\i\\ JUNE 1986 29Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis


Chart B6. Prices, Costs, and Profits—Continued

Apr. Feb.

P T

Dec. Nov.P T

Nov. feP T

k t July July taP T P I

[Unit Labor Costs andLabor Share 1 - -

in*I / O -

bO -

yo-

lay -63. Unit tabor cost, business sector, Q(index: 1977-100) [7

68. Labor cost in current dollars per unit of gross domestic product in1982 dollars, nonfinancial corporations, Q (dollars) " "

62. Labor cost per unit of output, manufacturing(index: 1977-100)

64. Compensation of employees as a percent of national income,Q (percent) _ _

Current data for those series are shown on page 70.

30 JUNE 1 9 8 6Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis


Chart B7. Money and Credit

Apr Feb.

P TDec. Nov.

P TUw. Mar.

P TJan. July July

P T P

85. Change in money supply M l(percent; MCtij moving avg,—6-term)|LfLlj i

* irjf

O^C^^^^^^^^^^K102. Change in money supply M2

(percent; MCb moving avg.—6-term

104. Change in total liquid assets (percent; MCD moving avg,—6-term)

105. Money supply M l in 1982 dollars (fail, dol.)

106. Money supply M2 in 1982 dollars (fail, dpi.)

107. Ratio, gross national product to money supply M l ,Q (ratio);

[Velocity of Money|108. Ratio, personal income to money supply M2 (ratio)

67 68 69 70 71 72 73 74


ItCI) JUNE 1986 31Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CYCLICAL INDICATORS


Chart B7. Money and Credit—Continued

Apr. Feb.

P T

Dec. Nov.P T

ten. July July Nov.P T P T

ICredp'lowsl

33. Net change in mortgage debt held by financial institutions m

and life insurance companies (ann. rate, bil. dol.)

112. Net change in business bans (ann. rate, bil. dol.; ;MCD moving avg.—6

.y^V ^

• " V

credit isdol,; MCD moving avg.—6-term)

Net change in consumer installment

111. Change in business and consumer credit outstanding (ann. rate, percent) | L,L,l

shf\«b • ^ VV +10-

•=• !©•*

r^^j^yr y v ^ YV7VT: Xr

110. Funds raised by private nonfinancia! borrovvers in creditmarkets, Q (ann. rate, bil. dol.)

69 70 71 72 73 74 7S 7S19BS

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




Apr. Feb.P T

Dec. Nov.P T

Nov. M$r.P T

Jan. July July Wov.P T P T

[Credit Difficulties 1

14, Current liabilities of business failures (mil. dol.—J^ ji ( inverted scale; MC^movirjgavg.—6-term)

39. Percent of consumer installment loans delinquent 30 days and over(percent—inverted scale) [

93. Free reserves (bii. dol.—Inverted scale)

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

1959


lt€l> JUNE 1986 33Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis



Apr. Feb.

P TDec. NOT.

P TNOT. Mar.

P Ti. July July Nov.

T P T

119. Federal funds rate (percent)

114. Discount rate on new issues of 91-dayTreasury bills (percent) fcXg

116. Yield on new issues of high-grade corporate bonds

115. Yield on long-term Treasury; bonds (percent)C.LtL

118. Secondary market yields on FHA mortgages (percent)

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

S2 $

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




Jan. July k\y Nov.P T P T

} interjest Rates—Con.109. Average prime rate charged by banks (percent)

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

101. Commercial and industrial loans outstanding in1982 dollars (biL dol.) UJT

1 Outstanding Debt 1

72. Commercial and industrial loans outstandingin current dollars (oil. dol.) \

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

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



CYCLICAL INDICATORS

C I DIFFUSION INDEXES AND RATES OF CHANGE

Chart C l . Diffusion IndexesApr. Nb .

P IDec, Hm,

P TUrn. Mar.

P T

Jan. July July Nay.P ? ' P T

950. Twelve leading indicator components (6-mo. s p a n — , 1-mo. s p a n — - )[Percent rising]

50-

951. Four roughly coincident indicator components (6-mo. s p a n — , 1-mo. span——)

i • "I!

!A ii

t '

952. Six lagging indicator components (6-mo. spa i ]— \ 1-mo. s p a n — )

i i

ii ii ii5

100-1

961. Average weekly hours of production or nonsupervisory workers, 20manufacturing industriesJ9-mo. span—J*rno . j

100 -

50-

962. Initial claims for unemployment insurance, State programs, 51 areas(percent declining; 9»mo. s p a n — f i ' m o . span - . a ) \

\l

963. Employees on private nonagricultural payrolls, 172-186 industries(6-mo. span—», 1-mo. span,- -_Q.

50-

85 108S


36 JUNE 1986 tunDigitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Chart C l . Diffusion Indexes—Continued

Apr. Feb.

P TDec. Nov.

P T

Now. Mar.


P T P T

964. Manufacturers' nevy orders, 34-35 durable goods industries(9-mo. s p a n ^ 1-mo. span---)

percent rising]

965. Newly approved capital appropriations in 1972 dollars, 17

majiujacturing M a r i e s (4 -Q jM ing avg.«

i\ "iVf." ~i&\

\l . .».. . ' » ' .11 . . . . ;

_ | f „ ... ^ ^ _

966. Industrial production, 24 industries (6-mo. span , 1-mo, span---)

967. Spot market prices, 13 raw industrial materials(9-mo. span-*—, 1-mo. span---)

968. Stock prices, 500 common stocks, 42-82 industries(9-mo. span—, 1-mo. span---)

960. Net profits, manufacturing, about 600 companies1 (4-Q span)

I® SI §2 S3 §4 <3S (SS 87 §S §9 70 71 1% 73 7Q 1% 76 1

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


YfSUC&L


Chart C l . Diffusion Indexes—Continued

Mar.

T

Jan. July

P 1

July

P

Nov.

T

Actual # * * - •Anticipated •• • ••••

Mar.T

! '!

| | Percent rising

Jan. JutyP T

JulyP

Nov.

Actual - ~ ~ *|i Anticipated • • • • • « •

970. Expenditures for new plant: and equipment21 industries (1-Q span);;

(a) Actual expenditures:

(6) later projections f

(a) Actual expenditures

:

i 974. Number of employees, manufacturing and trade (4-Q span)1

;975. Level of inventories, manufacturing and trade (4-Q span)1

' projections

971. New orders, manufacturing (4-Q span)1 976. Setting prices, manufacturing (4-Q span)1

80-

70 -

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

SOS) -

9 0 *

977. Seffing prices, wholesale trade (4-Q span)1

70-

973. Net sales, manufacturing and trade (4-Q span)1 978. Selling prices, retail trade (4-Q span)1

100

'B 7d 11 1% 7B i© 81 B2 S3 84 S i 19)SS 1S74 7 i 7§ 11 7§ 1% W Bl B2 ©3 84 S'This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun & Bradstreet, Inc. Dun & Bradstreet diffusion indexes are based on surveys of about 1,400business executives.Current data for these series are shown on page 76.



Chart C3. Rates of Change

Apr. Feb.

P T

Dec. Nov.

P T

Nov. Mar.

P T

Jan. July July Nov.

F T P T

Percept change at annual rate I 1-month spans3-month spans —

910c. Composite index of twelve leading indicators

4-20

920c. Composite index of four roughly coincident indicators

930c. Composite index of six tagging indicators

47c. Index of industrial production

50c. Gross national product in 1982 dollars (1-Q span)

48c. Employee hours in nonagricuftural establishments

51c. Personal income less transferpayments in 1982 dollars _ ) __

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

B C D JUNE 1986 39Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL INCOME AND PRODUCT

Chart A l . GNP and Personal Income

it. Feb. Dee. Mav.

P T P T

Jan. khj k\\] Mov.

r T P T

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

223. Personal income in current dollars(ann. rate, bi. dot.)

224. Disposable personal income in currentdollars, Q (ana rate, bil. d d )

50. Gross national product in 1932 d o t e , Q(ann. rate, bil. dof.)

213. Final sales m 1982 dollars, Q (ann. rate, by. do!.)

225. Disposable personal income in 1982doflars, Q (ann. rate, bit. dol.)

217. Per capita gross national products 198?donarsTQ" ' " " '."!'"(ann. rate, thous. i

2800-

1600-

1 8 -

16-

1 4 -

1 2 -

1 0 -

227. Per capita isposable personal income inc ^ Q T a n n - rale, IRHIS. tfoTT^


40 JUNE 1986 BCDDigitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

©@WI©1D©

NATIONAL INCOME AND PRODUCT—Continued

Chart A2. Personal Consumpt ion Expenditures

Annual rate, billion dollars (current))

!i Personal consumption expenditures

Annual rate, biion dollars (1982)[

220©'2000<1000'

1400

3I2OO*

1000'

n-

400-

350-

300°

250-^

200-

150 «

inn a

2800^2 W <2200'2000'

160©'

1200

T) '

-

ooo-350-

300-

250-

150-

100-

19S9



A I NATIONAL INCOME AND PRODUCT—Continued

Chart A3. Gross Private Domestic Investment

Apr. Feb.P T

Gross private domestic investment-

P TNov. fc

P TM\j

I Annual rate, bion Mm <ttnreitt)-|

240. Total, Q

\242. Fixed investment, Q

30. Change in business Inventories, Q

8110

245. Change in business inventories, QL w

L_—+ 30-

+20-

+ i®-

0*• - • 1 0 a

- 3 0 *

Annual rate, bfton dolars (1982)1

[ i fion-

400-

300*

100 -

+ 3® -|+ 60

Current data for these series fire shown on page 8 1 .

42 JUNE 1986 ICCIIDigitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMO


Chart A4. Government Purchases of Goods and Services

Apr. Fab.P T

Dae. Wov.P T

Nov. Mar.P T

hn.bl; July Ncv.

Annual rate, billion dollars (current) |

Government purchases of goods and services—

266. State and localgovernment, Q

[Annual rate, billion dollars (1982)1

267. State_ and tocal government, Q

see

000 -

700-

600-

500 =

J 2 0 0 -

Current data for these series are shown on page 81 .

JUNE 1986

§9 70

43Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A NATIONAL INCOME AND PRODUCT—Continued

Chart A5. Foreign Trade

Apr. Feb. Dec. Nov. f t e . Maff,P T P T

Jsm. Judy Jnoty to.P I ? I

[Annual rate, bikm dollars (current)]

252. Exports of goods and services, Q ——

253. Imports of goods and services, Q

250. Net exports of goods and services, Q

Annual rate, billion dollars (1

257. Imports of goods and services,

256. Exports of goods and services, Q

255. Net exports of goods and services, Q

§© 851



m mmmmi EOOMOKNATIONAL INCOME AND PRODUCT—Continued

Chart A6. National Income and Its Components

Apr. Feb.P T

Dec. Now.P T


Annual rate, billion dollars (current)]

220. National income, Q

280. Compensation of employees, Q

286. Corporate profits before tax withmvenfery vaTuafiog ancTcapltaTconsumption adjustments, Q Z T „. ^ v 7" ~

288. Net interest, Q282. Proprietors' income with inventory valuation and

capital consumption adjustments, Q

284. Rental income of persons with capitalconsumption adjustment, Q

1959 m <S3L

Current data for these series are shown on page 82,

IN: JUNE 1986 45Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis


Chart A7. Saving

Dgg. Mov. WOT. M M .

FT f 1

Annual rate, b ion doftars (current)

298, Government surplus or deficit, Q

293. Personal saving rate, Q




Chart A8. Shares of GNP and National Income

sr. Feh. cc.p

Nov.r

Nov.P

MarT

hv M y. T

Ah

PNov.T

| Percent of GNP |

268. State and local government purchasesof goods and services, Q

265. Federal Government purchases of goods and services, Q

92 4 7 . Change in business inventories, Q

251, Net exports of goods and services, Q

20-

248. Nonresidential fixed investment, Q

249. Residential fixed investment, Q

| Percent of National Income [

64, Compensation of employees, Q

287. Corporate profits before tax with inventory valuationand capita! consumption adjustments, Q

is-

283. Proprietors' income with inventory valuationand capital consumption adjustments, Q

^7

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


KCII JUNE 1986 47Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

T ECONOMIC MEASURES

PRICES, WAGES, AND PRODUCTIVITY

Chart B l . Price Movements

an. July July Nov.P T P T

Implicit price deflator for grate | Percent change at armua) rate]national product (1-Q span)

310. Implicit price deflator forI national product, Q

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

Producer price indexes—

330c. AN commodities1 Index: 1967^=1001

Producer price indexes—

^ 330. AH commodities335c. Industrial commodities

331c. Crude materials forfurther processing

331. Crude materials forfurther; processing;

332q. Intermediate materials,supplies, and components

Intermediate materialssupplies, and components

333c. Capital equipment

333. Capital equipment

334c. Finished consumer goods334. Finished consumerj^oods

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

48 JUNE 1986 ItClftDigitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OTHER T

PRICES, WAGES, AND PRODUCTIVITY—Continued

Chart B l . Price Movements—Continued

Apr. Feb.p

Dec. Nov.P T

Nov. Mar.P T

Jan. hily July Nov.P T P T

[Index: 1967^100]

Consumer price indexes—

320c. All urban consumers (6-month span)

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

C h a r t B 2 . W a g e s a n d P r o d u c t i v i t y

1 Index: 1977^1001

341. Real average hourly earnings of production or nonsupervisorjL.workers on private nonagricultural payrolls1

X

340. Average hourly eamings^Tproduction or nonsupervisory "workers on private nonagricultural payrolls (current dollars)1

346. Real average hourly compensation, all employees,nonfarm business sector, Q

1 ? O v e r a g e hourtfcompensSBh, aff employees;nonfarm business sector, Q (current dollars)

1959 60 61 62 6® 7 2 7 3 7 4 7S 7 7

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

JUNE 1986 49Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

©JUEU mmmmi ECONOMO© MEASURES

PRICES, WAGES, AND PRODUCTIVITY—Continued

Chart B2. Wages and Productivity—Continued

Apr. Fab.P T

Dec. Wov.P T

NOT. Mar.P T

Jan. July JulyP T P

|W3ges—Con| _ 6-month soans ( m rate^Change in average hourly eariiuifs of prciucfjori ofncHisujperviswy \workers on private nonagricultiiral payrolls1—

[Percent change |

340c. Current-dollar earnings^

1y earningsof productionor nonsupervisory 1 \ :M : l \ I

3 4 1 c . R e a l e a r n i n g s I A r r V "

(5-month spans (arm. rate^ " ' j ; I;

Change in average hourly compensation, aH employees,nonfarm business sector, Q—

345c. Current-dollar compensation >, \

4-quarter stfans

, 346c. Real compensation 1-quarter ipans ^(ann. ra ter

Negotiated wage and benefit decisions—

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

349. Average changes over life ofcontract, Q (ann. rate)

[Productivity]

tti"!I Index: 1977=1001

358. Output per hour, aH persons,nonfarm business sector, Q

V....370. Output per hour, all persons,

business sector, Q

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

IZO-

| Percent change |

4-quarterspans x ^ V

73 7? IS'Adjusted for overtime (in manufacturing only) and Interindustry employment shifts and seasonally. 'One-month percent changes have been multiplied by a constant (12) to make them comparablewith the annuallzed 6-month changes. See page 87 for actual 1-month percent changes.Current data for these series are shown on pages 87 and 88.

50 JUNE 1986 K C I IDigitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

C I LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT

Chart C l . Civilian Labor Force and Major Components

Apr. Feb.

P TDec. Nov.

P TNov. Mar.


441. Civilian labor force (millions)

442. Civilian employment (millions)

Civilian labor force participation rates (percent)

451. Males 20 years and over JL

75-

453. Both sexes 16-19 years of age

45£ Females 20 years aiid over

Number unemployed (millions)—

37. Persons unemploy

444. Males 20 y e a r s - ^ ^and over

446. Both sexes 16-19 years of age

447. Number unemployed, full-timeworkers (millions) c r f

448. Number of persons employed part time foreconomic reasons (millions)



GOVERNMENT ACTIVITIES

Chart D l . Receipts and Expenditures

Apr, Feb.

P T

Dec. WOT.

P T

Kov. Mar.

P T

Jan i i % July

? T P

[Annual rate, biondolars (current)]

502. federal Government expenditures, Q

A501. Federal Government receipts, Q

500. Federal Government surplus or deficit, Q

511. State and local government receipts, Q

512. State and local government expenditures, Q

510. State and local government surplus or deficit, Q

s© ©n

Current data for these series are shown en page 90.

52

100 J

700-1

600-

800-

400-

300 -

100 J

+ S0-

+S0-

+ 40-

JUNE 1986 KCIIDigitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT ACTIVITIES—Continued

Chart D2. Defense Indicators

Jan. July Jyly MOT.P T P T

Advance Measures of Defense Activity!

517. Defense Department gross obligations incurred(bil. dot.; MCD moving avg.—6-termY

Defense Department prime contract awards(bil, doL; MCD moving avg.—ftterm)

543. Defense Department gross unpaid obligations outstanding (bil. dol.)

Hfh

548. Manufacturers' new orders, defense products( U . dol.; MCD moving avg.—6-term)

19S6




Chart D2. Defense Indicators—Continued

Apr, Feb.

P T

MOT. %W.

P Tkn July Jyly Mgy.

F T P T

| Intermediate and Final Measures of Defense Activity |

557. Industrial production,

559. Manufacturers' inventories, defense products, book value(bit. dol.)

561. Manufacturers' unfilled orders, defense products ( b i dol.)

580. Defense Department net outlays, military functions and militaryassistance (bil. dol.) ! ;;

588. Manufacturers' shipments, defense products(bil. do).) ; !

§ usCurrent data for these series are shown on page 9 1 .

54 JUNE 1986 KillDigitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis


Chart D2. Defense Indicators—Continued

r r[re. Uov.

V T

[Joy. IMiP T P T P T

|intermediate and Final Measures of Defense Activity—Con.]

570. Employment, defense products industries (millions)

Defense Department personnel (millions)—

577. Military personnel on active duty

578. Civilian personnel, direct hire employment

1 Natidfiai Defense Purchases?]

564. Federal Government purchases of goods and services, nationaldefense, Q (ann. rate, bil. dot)

220 «

565. National defense purchases as a percent of GNP, Q (percent)

© ©21 %t (S3 (S4 S i


BCII JUNE 1986 55Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OTHER IMPORTANT ECONOMIC MEASURES

U.S. INTERNATIONAL TRANSACTIONS

Chart El . Merchandise Trade

Apr. Feb.

P T

Dec. Nov.

P T

Nov.P

Mar. Jan. July July NOT.

p r P T

602. Exports, excluding military aid shipments(bil. do).)

604. Exports of domestic agricultural products(bLdoL) : \

606. Exports of nonelectrical machinery(bidoL)

612. General imports (bil. doJ.)

614. Imports of petroleum and petroleum p r o d u c t s - ^(ML dol.) I

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

1959 6u 61 62 S3 64 65Current data for these series are shown on page 92.

67 68

20-

12-

3-

3 4 -

3 0 -

2 S -

2 2 -

18-

14-

10-

9.0-

7.0-

6.0-

5.0-

4.0-

3.0-

2.0-

1.0-

0.8-

0,4-

0.2 J


E U.S. INTERNATIONAL TRANSACTIONS—Continued

Chart E2. Goods and Services Movements

Jan. July July Nov.P I P T

[Annual rate, billion dollars

Excess of receipts

Excess of

Goods and services—

667. Balance on goods and services, Q

Merchandise, adjusted—

622. Balance on merchandise trade, Q

V620. Imports, Q

Income on investment—

651. U.S. investment abroad, Q

652. Foreign investment in the United States, Q

1959 6©


1986

IECII JUNE 1986 57Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL COMPARISONS

Chart F l . Industrial Production

Apr. Feb.

P T

Industrial product ion-

721. OECD European countries

Die. rc©v.

p T P T

Im.hhj hhjP l ' ?

723. Canada

I© §1 <B2 <B$ m i S



INTERNATIONAL COMPARISONS—Continued

Chart F2. Consumer Prices


Chart F3. Stock Prices

Mar.T


1 Percent change at annual rate [

Consumer prices—

| 6-month spans

?5 76 77 78 79 80 81


INJI JUNE 1986 59Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CYCLICAL INDICATORS

A I COMPOSITE INDEXES AND THEIR COMPONENTS

Yearand

month

COMPOSITE INDEXES

910. Index oftwelve leadingindicators (series1,5,8 ,12,19,20, 29, 32, 36,99, 106, 111)

(1967-100)

920. Index offour roughlycoincident indi-cators (series41,47,51,57)

(1967-100)

930. Index ofsix lagging indi-cators (series62, 77,91,95,101, 109)

(1967 = 100)

940. Ratio,coincident indexto lagging index

(1967 = 100)

Leading indicator subgroups

914. Capitalinvestmentcommitments(series 12, 20,29)

(1967-100)

915. Inventoryinvestment andpurchasing(series 8,32, 36,99)

(1967-100)

916. Profit-ability (series19, 26, 80)

(1967-100)

917, Money andfinancial flows(series 104, 108,111)

(1967-100)

1984

JanuaryFebruaryMarch . . . . . .

AprilMayJune

JulyAugustSeptember . . .

OctoberNovember . . .December . . .

1985

• JanuaryFebruaryMarch

AprilMayJune


OctoberNovember , . .December . . .

1986


AprilMay . . . . . . .June

July .AugustSeptember . . .

OctoberNovember . . .December . , .

164.5166.5167.2

168.168.166.7

163.9164.4165.7

164.2165.1164.1

166.3167.1167.4

149.5150.6151.1

152.6153.9155.4

155.7156.0156.5

156.157.

166.167.

rl67.

rl69.2rl69.9rl7O.5

rl71.8171.8

rl73.8

rl73.4rl75.2K76.2

178.5JV178.8

158.8

158.4159.0159.3

160.5160.2

rl59.5

rl59.7rl61.0161.0

160,161.

rl62.7

rl62.7rl62.9rl62.5

.7163.8

109.8111.3112.8

114.6116.4117.5

118.8119.8121.0

122.0121.7121.9

123.7124.3125.4

125.1126.7

rl26.5

rl26.8rl26.7rl28.2

rl29.7rl29.7rl30.2

rl31.8rl32.2

©133.5

131.93131.5

0)136.2135.3134.0

110.3

133.132.132.

131.130.129.

110.8

110.7110.7111.1

109.110.110.

128.3129.6130.3

128.1127.9127.0

128.3126.4

rl26.1

rl25.9rl27.1rl25.6

rl24.1rl24.6rl25.0

rl23.4rl23.2rl21.7

rl24.9P124.6

109.3109.8109.3

109.2111.0110.8

110.0109.7

rllO.l

rll0.6110.8rill.3

rllO.5109.7

rll0.7

rlO9.1rlll.Orll0.8

r i l l . 4P109.9

106.1106.8107.5

©107.9107.7106.0

104.6103.6103.8

103.8103.4102.3

102.6102.5102.0

101.8101.6101.5

101.6101.4101.6

102.2102.4102.9

103.5rlO3.7rlO3.5

rlO3.8P104.2

109.2108.4109.3

110.1110.8110.5

110.3111.7112.2

112.4112.8112.5

113.1114.1114.2

114.5115.0115.8

116.6116.5115.3

114.6114.8116.6

r l l7 .6l9.5(NA)

133.4134. B136.3

136.6138.1138.0

137.3136.9137.3

135.5136.0136.3

139.0138.6138.9

137.1135.9135.6

rl37.5139.1

rl39.6

141.0140.6141.5

fl41.3r140.0rl39.4

rl40.0IH>P142.6

NOTE: Series are seasonally adjusted except for those, indicated by ® , that appear to contain no seasonal movement. Current high values are indicated by |H); for series that move counter to movementsin general business activity, current low values are indicated by |H>. Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are listed at the backof this issue. The "r" indicates revised; "p" , preliminary; "e" , estimated; "a" , anticipated; and "NA", not available.

Graphs of these series are shown on pages 10 and 11.1Excludes series 36, for which data are not available.sUxcludcs series 57, for which data are not available.Excludes series 77 and 95, for which data are not available.


CYCLICAL INDICATORS

B I CYCLICAL INDICATORS BY ECONOMIC PROCESS

MAJOR ECONOMICPROCESS

Minor EconomicProcess

Timing Class . . . . . .

Q j EMPLOYMENT AND UNEMPLOYMENT

Marginal Employment Adjustments

L,L,L L,C,L L,C,L

Job Vacancies

I Lg, U L, Lg, U

ComprehensiveEmployment

u,c,c

Year

month

1984

JanuaryFebruaryMarch

AprilMayJune

JulyAugustSeptember

OctoberNovemberDecember

1985


AprilMayJune

JulyAugustSeptember


1986


AprilMayJune

JulyAugustSeptember


1. Average weekly hoursof production or nonsuper-visory workers, manufac-turing

(Hours)

(2)

r40.741.140.7

(H>r41.140.740.6

r40.640.540.6

40.540.5

r40.5

r40.540.1

r40.5

r40.340.4

r40.5

r40.440.640.7

40.740.7

r40.9

r40.8r40.740.7

r40.7p40.6

21. Average weekly over-time hours of productionor nonsupervisory workers,manufacturing

(Hours)

(2)

3.53 .53.5

3.63 .43.4

r3.43.33.3

r3.43.4

r3.3

r3.33.3

r3.3

r3.3r3.2

3.2

3.23.33.3

3.43.4

E>3.6

r3.53.43.4

r3.4p3.4

5. Average weekly m\tia\claims for unemploymentinsurance, State programs1

(Thous.)

364E>345

348

360348350

365358368

405397386

378402389

387383392

381375381

367371391

375384393

374378

60. Ratio, help-wantedadvertising in newspapersto number of personsunemployed

(Ratio)

0.4070.4340.420

0.4210.4350.484

0.4860.4480.458

0.4830.4970.523

0.4930.5000.500

0.4680.4670.498

0.4990.4900.489

0.5020.5250.538

E>0.5430.4950.488

0.471pO.445

46. Index of help-wantedadvertising in newspapers

(1967 = 100)

123129124

124125134

138128129

136137145

140141141

132132141

141134136

140144

E>145

143142138

132pl28

48. Employee hours innonagricultural estab-lishments

(Ann. rate,bil. hours)

Revised2

173.95175.61174.92

176.54176.34177.29

177.68178.12178.93

178.73179.90180.16

180.23180.17181.38

181.05181.65181.88

181.80182.58183.11

184.42184.58184.81

185.63185.29185.41

G>185.93P185.65

See note on page 60.Graphs of these series are shown on pages 12, 16, and 17.*Data exclude Puerto Rico, which is included in figures published by the source agency.2See "New Features and Changes for This Issue/' page iii.


CYCLICAL INDICATORS




Timing Class

£ J EMPLOYMENT AND UNEMPLOYMENT-Continued

Comprehensive Employment—Continued

U.C.C C,C,C L, Cr U U, Lg, U

Comprehensive Unemployment

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

Yearand

month

42. Numberof personsengaged in non-agriculturalactivities

(Thous.)

41. Employeeson nonagricul-tural payrolls

(Thous.)

40. Employeeson nonagncultural payrolls,goods-producingindustries

(Thous.)

90. Ratio,civilian employ-ment to popu-lation ofworking age

(Percent)

37. Number ofpersons unem-ployed

(Thous.)

43. Unemploy-ment rate

(Percent)

45. Averageweekly insuredunemploymentrate, Stateprograms'

(Percent)

91. Averageduration ofunemployment

(Weeks)

44. Unemploy-ment rate,persons unem-ployed 15weeks and over

(Percent)

1984


April . . . . . . .MayJune

JulyAugustSeptember . . ,

OctoberNovember . ..December . . ,

1985


AprilMayJune

JulyAugustSeptember . , .


1986


AprilMayJune



99,918100,491100,689

100,992101,826102,206

102,134101,952102,059

102,464102,576102,861

102,996103,262103,637

103,519103,655103,461

103,751104,115104,502

104,755104,899105,055

105,655105,465105,503

105,6701)105,950

Revised

92,56893,07693,369

93,74394,04194,408

94,70794,95695,269

95,60795,96696,147

96,36696,50796,870

97,10497,33897,442

97,67297,89098,128

98,42898,66698,910

99,29699,42999,484

99,797[H)p99,946

Revised2

24,21324,42724,494

24,60524,68124,784

24,88224,91124,881

24,91324,92724,988

25,00824,93124,971

24,99624,94924,897

24,87524,88024,843

24,90324,93124,977

E>25,10125,03824,945

25,038p24,988

58.0758.3858.39

58.5458.9859.15

59.0358.8458.89

58.9759.0959.18

59.2059.3059.45

59.3759.3559.12

59.2159.3459.46

59.5659.5959.67

©59.9059.6359.70

59.7059.77

8,9828,8378,775

8,7658,5478,238

8,4568,4968,380

8,3798,1948,256

8,4398,3958,384

8,3848,4008,423

8,4018,1338,271

8,3018,1618,023

E>7,8318,5278,419

8,3428,554

8.07.87.8

7.87.57.2

7.47.57.4

7.37.27.2

7.47.37.3

7.37.37.3

7.37.17.1

7.17.06.9

)6.77.37.2

7.17.3

3.02.92.9

2.82.72.8

2.72.72.7

2.72.82.8

2.92.92.9

2.82.82.8

2.82.82.8

2.7©2.7

2.8

2.82.82.8

2.82.8

20.519.1IB.9

18.618.618.1

18.017.517.2

16.817.117.1

15.916.015.9

16.115.015.5

15.515.515.5

15.415.715.4

14.915.314.4

14.4

2.92.72.6

2.52.5

2.32.32.3

2.22.12.1

2.02.12 .1

2.12.02.0

2.02.02.0

2.01.91.9

1.82.01.9

See note on page 60.Graphs of these series are shown on pages 14, 15, 17, and 18.xData exclude Puerto Rico, which is included in figures published by the source agency.2Sec "New Features and Changes for This Issue/1 page iii.

62 JUNE 1986 ICODigitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CYCLICAL INDICATORS


MAJOR ECONOMICPROCESS PRODUCTION AND INCOME

Minor EconomicProcess Comprehensive Output and Income Industrial Production

Timing Class CCC ccc CCC ccc ccc ccc CL, L C.C.C

Yearand

month

1984


AprilMayJune

JulyAugustSeptember


1985


AprilMayJune

JulyAugustSeptember


1986


AprilMayJune

JulyAugustSeptember


50. Gross na-tional productin 1982 dollars

(Ann. rate,bil. dol.)

3 , 4 4 9 . 4

3 , 4 9 2 ^ 6

3,510.4

3,515.6

3,547^8

3,557.4

3,584.1

3,59CL8

B>r3,616*.9

Personal income

223. Currentdollars


3,004.53,039.23,057.7

3,072.83,079.13,098.7

3,124.13,143.13,165.5

3,167.23,184.03,207.4

3,217.33,247.23,258.2

3,288.63,271.23,280.5

3,290.03,295.53,309.9

3,330.83,347,. 93,384.3

r3,385.4r3,400.2r3,406.8

[R)r3,448.5p3,444.8

52. Constant(1982) dollars


2,826.42,848.42,857.7

2,861.12,861.62,871.8

2,887.32,888.92,901.5

2,895.12,902.52,918.5

2,927.52,944.02,940.6

2,962.72,939.12,942.2

2,945.42,947,72,952.6

2,960.72,960.12,981.8

r2,974.9r2,998.4r3,014.9

H>r3,051.8p3,040.4

51. Personalincome lesstransfer pay-ments in 1982dollars


2,403.52,426.82,435.5

2,438.52,440.42,451.6

2,467.62,468.52,483.3

2,474.52,481.32,504.1

2,495.22,510.42,507.9

2,529.52,506.72,510.9

2,506.72,513.02,516.9

2,525.32,525.62,547.8

r2,533.9r2,555.6r2,568.8

[H>r2,604.7p2,592.6

53. Wages andsalaries in 1982dollars, mining,mfg., and con-struction


519.2523.6524.7

527.4527.5530.2

530.9531.8531.5

531.0533.3537.0

539.2536.0537.6

536.2536.8536.1

534.3535.8536.5

538.9535.7539.3

539.1537.8

r540.3

[H)r542.0P540.9

47. Index ofindustrialproduction

(1977-100)

118.4119.3120.1

120.7121.3122.3

123.2123.5123.3

122.7123.4123.3

123.6123.7124.0

124.1124.1124.3

124.1125.2125.1

124.4125.4126.4

E>126.7r l25.6r l24.4

r l25.0P124.2

73. Index ofindustrialproduction,durable manu-factures

(1977 = 100)

119.6121.0122.2

123.3123.8124.7

126.4127.7127.2

127.0127.5127.4

127.8127.2128.0

128.2127.9127.6

127.9129.4128.3

127.7129.2129.9

H>130.4rl29.0rl27.6

rl28.4P127.2

74. Index ofindustrialproduction,nondurablemanufactures

(1977-100)

119.5121.0121.6

121.9122.3123.2

123.9123.2123.1

123.3123.8123.4

123.2123.8123.9

124.3124.7125.5

125.6126.6126.9

126.4127.3128.0

B>129.1rl28.5rl28.0

rl28.8P128.9

49. Value ofgoods outputin 1982 dollars


1,489^6

1,511.6

1,514^4

1.5KK5

1,53CL3

l ,53 l !s

l,54l!6

l , 5 2 6 ; s

E>r l ,548."5

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

J U N E 1 9 8 6 63Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CYCLICAL INDICATORS




Timing Class

• • • PRODUCTION AND• i l l INCOME—Continued

Capacity Utilization

L,C,U L.C.U

Q CONSUMPTION, TRADE, ORDERS, AND DELIVERIES

Orders and Deliveries

L, L, L U, L L, L, I L.L.L 1, Lg, U L, I, I

Yearand

month

82. Capacityutilization rate,manufacturing

(Percent)

84. Capacityutilization rate,materials

(Percent)

Manufacturers' new orders,durable goods industries

6. Currentdollars

(Bil. dol.)


(Bil. dol.)

8. Manufac-turers' neworders in 1982dollars, con-sumer goodsand materials

(Bil. dol.)

25. Change inmanufacturers'unfilled orders,durable goodsindustries

(Bil. dol.)

96. Manufac-turers' unfilledorders, durablegoods industries

lil. dol.)

32. Vendorperformance,companies re-ceiving slowerdeliveries @

(Percentreporting)

1984


AprilMayJune


OctoberNovember . , .December , . .

1985


AprilMayJune


OctoberNovember . . .December . . ,

1986

January .FebruaryMarch . .

AprilMayJune

JulyAugustSeptember , . ,

October . . .November .December ,

79.280.080.4

80.780.781.1

81.7

81.3

81.81,80.9

80.780.480.5

80.580.380.1

81.682.182.5

82.682.682.8

83.01

82.7

81.381.581.3

81.781.581.4

80.980.180.1

80.80.80.

79.680.280.4

80.7r79.8r78.9

79.4p?8.8

79.79,79.

79.79.80 ,1

80.2r79.6r78.8

r78.9P78.3

99.55101.79104.45

97.31100.9598.34

101.98101.8698.21

96.51104.43101.31

105.45102.4799.54

99.84102.97106.78

104.37107.66106.64

104.50103.80107.53

E>108.19107.54

rlO4.68

rlO3.75P104.13

95.7297.6099.76

92.6796.2493.57

97.0396.6493.18

91.5698.9095.84

99.6796.7693.91

94.1096.69100.17

97.72100.81100.23

97.6697.01100.40

H>101.31100.79r97.93

r96.87P97.04

84.2784.3781.78

81.8482.1180.41

82.5882.5279.75

81.8483.3582.57

86.6583.6781.88

83.3184.0983.17

83.5184.7885.29

86.2586.9085.70

E)r89.4087.7683.92

r87.03P84.06

4.385.44

H>8.14

1.854.060.61

4.141.610.00

-4.302.04-2.63

3.480.75-2.58

-2.220.254.12

1.893598

9821

1-75

2.562.00rl.99

r-2.84p-0.64

324.50329.94338.09

339.93343.99344.60

348.73350.34350.34

346.04348.08345.44

348.92349.67347.10

344.87345.13349.25

351.14353.49356.48

354.49351.28353.04

355.60357.60

[H>r359.59

r356.74P356.10

6368

717066

5458

526045

474846

444444

444242

464246

4648

5055

See note on page 60.Graphs of these series are shown on pages 12, 20, and 21.

64 JUNE 1986 ItCIIDigitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CYCLICAL INDICATORS




Timing Class

Q | CONSUMPTION, TRADE, ORDERS, AND DEMVERfES—Continued

Consumption and Trade

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

• • FIXED CAPITALl i i l INVESTMENT

Formation of Busi-ness Enterprises

L.L.L L.L.L

Yearand

month

1984


AprilMay ,June

JulyAugustSeptember


1985


AprilMayJune

JulyAugustSeptember


1986


AprilMayJune

JulyAugustSeptember


Manufacturing and trade sales

56. Currentdollars

(Mil. dol.)

402,489402,395404,612

408,342412,524413,976

412,233413,300412,276

414,243417,635421,613

417,350418,218420,346

r423,215r425,376418,378

422,483430,417428,998

426,033431,965

0)432,797

431,957r426,854r420,230

p426,295(NA)


(Mil. dol.)

387,713387,590388,114

392,029395,483398,311

397,143398,008396,816

399,255402,004405,167

401,294402,557404,006

r408,157r410,574

402,379

406,135414,183413,305

409,867413,148413,500

r4 l3 ,892r414,355r412,062

[H>p420,193(NA)

75. Index ofindustrialproduction,consumergoods

(1977 = 100)

116-2116.9117.3

118.3117.7118.5

119.1118.4118.3

118.5119.6119.7

118.8119.1119.8

119.5120.0120.4

120.1121.5121.8

120.8122.7

E>124.2

123.9123.2

rl22.1

rl23.6P123.0

Sales of retail stores

54. Currentdollars

(Mil. dol.)

105,669105,850104,322

106,794107,354108,911

107,333106,818108,143

108,816109,899110,078

110,511111,935111,999

rll4,256rll4,026

113,599

114,430116,276

E>119,118

114,785115,433116,861

117,349117,200

rll6,684

rll7,139pll7,053


(Mil. dol.)

101,507101,48699,830

101,903102,535104,022

102,417101,538102,505

102,851103,678103,652

104,157105,103104,672

rlO6,582rlO6,566

106,267

107,044108,669

H>H1.118

106,876106,882107,805

107,858108,720

rlO9,255

rll0,300pllO,532

55. Personalconsumptionexpenditures,automobiles


102^5

104.9

104.4

108.2

110.9

112^5

E>i26!i

106\7

rlO&\7

58. Index ofconsumersentiment (u)

(1st Q1966 = 100)

100.197.4

B>101.0

96.198.195.5

96.699.1

100.9

96.395.792.9

96.093.793.7

94.691.896.5

94.092.492.1

88.490.993.9

95.695.995.1

96.294.8

12. Index ofnet businessformation

(1967-100)

123.2122.6121.6

121.4120.4120.7

120.5121.6122.5

121.4120.0119.5

121.4122.7122.0

121.6119.6120.2

122.4121.5121.3

121.5120.5119.5

118.4121.2

rl21.9

0>rl23.2P119.7

13. Number ofnew businessincorporations

(Number)

52,67453,53553,075

53,29850,73653,884

53,21152,02552,646

52,58753,83853,558

r52,768r54,765r55,785

55,60255,39255,006

54,56055,64456,419

58,25157,32057,785

57,452E)61,062

59,020

(NA)

See note on page 60.Graphs of these series are shown on pages 12, 14, 22, and 23.


CYCLICAL INDICATORS




Timing Class

^ J FIXED CAPITAL INVESTMENT—Continued

Business Investment Commitments

1 ,1 ,1 L,L,L L,L, L Lr L, L L, C, U U, Lg, U C Lg, Lg

Yearand

month

Contracts and orders forplant and equipment

10. Currentdollars

(Bit. dol.)


(Bil. dol.)

Manufacturers' new orders,nondefense capital goods industries

24. Currentdollars

(Bit. dol.)


(Bil. dol.)

9. Construction contracts awarded forcommercial and industrial buildings1

Square feet offloor space

(Millions)

Square meters offloor space2

(Millions)

11. Newlyapproved capitalappropriations,1,000 manufac-turing corpora-tions

(Bil, dol.)

97. Backlog ofcapital appropria-tions, 1,000manufacturingcorporations

Sil. dol.)

1984


AprilMayJune . . . . . . .

July .AugustSeptember . . .


1985


AprilMayJune


OctoberNovember . . .December , . .

1986


AprilMayJune



29.4730.9930.93

30.2733.5332.06

32.9431.1131.66

29.9731.4331.49

27.8133.8032.09

30.32r30.66

32.14

31.8332.0234.30

32.6330.59

©35.04

27.6332.69

r30.18

r30.57p29.95

30.0731.5531.51

30.7334.0532.73

33.3631.7932.33

30.4532.1431.54

27.81©35.88

32.98

30.52r31.3632.92

32.4332.9535.03

33.3431.3434.62

27.4134.28r31.04

r31.08P31.18

25.7227.0226.76

26.3328.5627.72

28.1426.7427.39

25.2626.8426.89

23.6329.4927.21

25.4625.5927.98

26.6827.5529.24

27.0925.79

[©30.57

24.2928.64

r26.54

r26.18P26.17

26.4027.6927.48

26.9429.2928.57

28.7827.6128.24

25.9727.7927.21

23.90D31.86

28.43

26.0426.7229.14

27.7428.8930.43

28.3227.0230.58

24.4130.64

r27.78

r27.18P27.83

72.7264.4174.95

79.7882.4974.90

79.5582.6575.84

79.0483.7586.73

81.1482.4887.41

91.9583.9969.68

91.8991.41

©93.19

92.0092.6179.23

70.6678.4169.96

84.2676.71

6.765.986.96

7.417.666.96

7.397.687.05

7.347.788.06

7.547.668.12

8.547.806.47

8.548.49

©8.66

8.558.607.36

6.567.286.50

7.837.13

26.92

©34.12

27.31

29.10

29.94

27.56

24.17

r27.19

P24.50

78.46

89.18

92.06

94.37

99.35

©99.88

97.18

r94.58

P92.63

See note on page 60.Graphs of these series are shown on pages 12, 23, and 24.lrrhis 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.Converted to metric units by the Bureau of Economic Analysis.

66 JUNE 1986


CYCLICAL INDICATORS




Timing Class

Q | FIXED CAPITAL tNVESTMENT—Continued

Business Investment Expenditures

C, Lg, Lg C Lg, Lg C Lg, Lg C, Lg, U C Lg, C Lg, Lg, Lg C, Lg, C

Residential ConstructionCommitments and Investment

L, L,L L, L, L L,L,L

Yearand

month

1984


AprilMayJune

JulyAugustSeptember


1985


April . . .MayJune

July . . .AugustSeptember


1986


AprilMayJune

JulyAugustSeptember


Expenditures for new plantand equipment

61. Currentdollars


3 3 7 . 9 5

3 4 9 . 9 7

36U43

368!29

371*16

387!83

388.90

jH>397.74

376.08

ra387*.42

a388!&7

a396!61


(Ann, rate,bil. dol.)

338!76

348.97

359.05

364!67

365!27

381*52

381!78

0)r39O.39

365!87

ra375!66

a375.*64

a382 !%

69. Machineryand equipmentsales andbusinessconstructionexpenditures


344.25347.76360.86

360.32372.34380.00

372.18379.37393.90

387.81392.33408.82

376.70390.74407.17

403.73398.22403.24

397.84408.48397.46

409.02410.62

0 )425 .41

384,31r398.28r402.36

P401.88(NA)

76. Index ofindustrial pro-duction, busi-ness equipment

(1977 = 100)

127.1128.5130.4

131.2133.3135.5

137,0139.1139.2

139.1139.8138.4

140.4140.0140.2

142.0141.9140.7

141.3H>143.0

142.2

139.6141.7141.4

142.9rHl. lrl39.1

rl40.3P138.8

Gross private nonresidentialfixed investment in 1982 dollars

86. Total


39&\8

426*. 8

437.'f5

457.8

457*2

470.9

473.7

E)486 .5

r469*.5

87. Structures


138!8

148!5

151*6

156.0

163!2

165.3

165.8

0 )168 !7

rl61.8

88. Producers'durable equip-ment


260.6

278.3

286.0

301.9

293.9

305*6

307.9

0)317.8

r307.7

28. New pri-vate housingunits started

(Ann. rate,thous.)

1,892H)2,213

1,671

1,8801,7861,853

1,7331,5891,702

1,5821,6491,607

1,8041,6321,849

1,8511,6841,693

1,6731,7371,653

1,7841,6541,882

2,0342,001

r l ,960

r2,039pi,888

29. Index ofnew privatehousing unitsauthorized bylocal buildingpermits

(1967 = 100)

144.80)158.5

137.6

141.6138.8144.7

128.0122.0121.5

118.8131.0129.7

130.8135.2139.9

135.1137.7136.9

136.3142.1147.2

135.8133.0146.7

148.4144.2146.3

150.3142.6

89. Gross pri-vate residentialfixed investmentin 1982 dollars


166! 6

17O!6

176*3

166!o

166!?

169!<5

173.* i

175.5

H > r l 7 9 . 6

See note on page 60.Graphs of these series are shown on pages 13, 24, and 25.


CYCLICAL INDICATORS




Timing Class

El INVENTORIES AND INVENTORY INVESTMENT

Inventory Investment

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

Inventories on Hand and on Order

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

Yearand

month

30. Change inbusiness inven-tories in 1982dollars

(Ann. rate,bil. dot.)

36. Change in mfg. and tradeinventories on hand and onorder in 1982 dollars

Actual

(Ann. rate,bil. dot)

Smoothed l


31. Changein mfg. andtrade inven-tories, bookvalue


38. Change inmfrs.' inven-tories, mate-rials and sup-plies on handand on order2

(Bil. dol.)

Manufacturing and tradeinventories

71. Bookvalue

(Bil. dol.)


(Bil. dol.)

65. Manu-facturers' in-ventories,finishedgoods, bookvalue

(Bil. dol.)

77. Ratio,mfg. andtrade inventories tosales in1982 dollars

(Ratio)

78. Mfrs.1

inventories,materials andsupplies onhand and onorder

(Bil. dol.)

1984


AprilMayJune


OctoberNovember . . ,December . . .

1985


AprilMayJune


OctoberNovember . . .December , . .

1986


AprilMayJune


OctoberNovember . . .December . . ,

66.0

36.1

15.8

15.1

-6.3

r35.3

61.24©99.31

54.80

85.3463.49-0.68

55.7549.6232.87

13.4613.130.12

31.1031.67

-32.35

12.49-25.63

9.68

2.93-17.98

1.30

26.327.26

19.20

r35.11r36.88r28.58

P37.28<NA)

48.0359.4169.30

©75.8073.8558.63

44.4537.2140.49

39.0325.9014.36

11.8417.8715.55

7.04-5.61-8.16

-2.75-3.06-3.19

-0.687.42

14.61

rl9.06r25.46r31.96

P33.88(NA)

53.4.9

80.1

85.354.923.0

57.054.645.1

39.329.926.3

28.432.9-2.1

r2.0r-6.0rl9.5

5.4-23.2

8.8

39.17.14.6

21.82.5

r36.0

P23.7(NA)

2.812.822.35

1.811.66

-0.22

2.61-0.18-0.05

-2.43-1.56-1.06

0.65-0.48-3.07

-0.94-1.54

1.68

-0.460.31

-0.11

-0.34-1.281.83

-0.26rl.43

r-1.10

p-1.76(NA)

524.73532.14538.82

545.93550.50552.42

557.17561.72565.48

568.75571.24573.43

575.80578,54578.37

r578.53r578.04579.66

580.12578.18578.92

582.17582.76583.15

584.97585.18r588.18

E>p590.15(NA)

586.88593.30597.76

603.95608.83610.26

614.50619.87623.37

626.19628.38630.26

631.86635.01634.00

635.80634.55635.74

636.51635.74636.12

638.40638.84639.77

r642.02r644.40r647.47

E>P651.32(NA)

81.1681.9083.14

84.1485.1186.38

86.9587.8088.55

88.8989.2789.69

89.6989.8690.12

90.12.13

89.87

89.2688.8688.26

87.5888.2488.37

87.92r87.53r87.62

P87.80(NA)

1.511.531.54

1.541.541.53

1.551.561.57

1.571.561.56

1.571.581.57

)1.58

1,54

1.561.551,55

1.551.561.57

pi. 55(NA)

211.54214.36216.71

218.52220.18219.97

©222,58222.40222.35

219.92218,36217.30

217.95217.47214.40

213.46211.93213.61

213.15213.46213.35

213.69212.41214.24

213.99r215.41rZ14.31

P212.56(NA)

See note on page 60,Graphs of these series are shown on pages 13, 15, 26, and 27.lThis series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.aSeries 38 reached its high value (3.02) in October 1983.

JUNE 1986 RCIIDigitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CYCLICAL INDICATORS




Timing Class . . . . . .

j Q PRICES, COSTS, AND PROFITS

Sensitive Commodity Prices

L .L .L U, L, L I L L

StockPrices

L .L .L

Profits and Profit Margins

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

Yearand

month

1984

JanuaryFebruary . . . . . . . .March

AprilMayJune

July . . .August . . .September

October . . . :NovemberDecember . . ; . . . .

1985

JanuaryFebruary . . . ; . . . .March

April . ',MayJune

JulyAugustSeptember

October .NovemberDecember

1986


AprilMayJune . .

JulyAugustSeptember


98. Change inproducer pricesfor 28 sensitivecrude andintermediatematerialsx

(Percent)

-0.84•1.270.19

-0.26-0.84-0.78

-1.76 j

-1.100.71

-0.730.10

-0.37

-0.37-1.59-0.72

-0.030.660.14

-0.03-0.34-0.34

0.59-0.31-0.31

rO.10r-1.21

0.25

1.990.79

23. Index ofspot marketprices, rawindustrial,materials2©

(1967 = 100)

283.6283.6289.2

288.61H>289.5

286.2

280.1275.6274.0

266.4268.3261.9

255.8253.1252.4

257.1252.0242.9

240.7239.8238.0

236.9234.5235.0

236.9233.3223.1

219.9221.3

5224.5

99. Change in sensitive materialspricesx

Actual

(Percent)

-0.330.690.65

-0.16-0.36-0.73

-1.55-1.080.21

-1.210.25

-0.89

-0.85-1.16-0.48

0.52-0.22-1.00

-0.31-0.26-0.40

0.18-0.49-0.09

rO.27r-1.07-1.17

0.640.59

Smoothed3

(Percent)

0.770.45 '0.35

0.360.22

-0.19

-0.65-1.00-0.96

-0.75-0.47-0.43

-0.56-0.73-0.90

-0.60-0.22-0.15

-0.37-0.52-0..42

-0.24-0.20-0.18

r-0.12r-0.20

-0.48

r-0.60-0.26

19. Index ofstock prices,500 commonstocks ©

(1941-43=10)

166.39157.25157.44

157.60156.55153.12

151.08164.42166.11

164.82166.27164.48

171.61180.88179.42

180.62184.90188.89

192.54188.31184.06

186.18197.45207.26

208.19219.37232.33

237.98E>238.46 '

6244 75

Corporate profits after tax

16. Currentdollars


(H>148".3

ue'.i

140! 3

140*. 6

136.6

136*4

141.1

146.7

rl37".6



E>144!4

14l!s

134.2

133.5

12sl 7

127.7

131'.7

136.2

rl25.6

Corporate profits after taxwith IVA and CCAdp

79. Currentdollars


168*. 9

1771 i

183.8

188." 8

198^3

205^8

2 2 L 7

216.0

E>r234.0



165^3

172li

177.9

181.7

190.0

196^4

2li.'i

204.6

E > r 2 2 0 . 7

22. Ratio, cor-porate domes-tic profits aftertax to corpo-rate domesticincome1

(Percent)

6\5

b\5

5.9

5.8

5.6

5.5

b\7

5.7

5.*2

See note on page 60.Graphs of these series are shown on pages 13, 28, and 29.lThe following series reached their high values before 1984: series 98 (2.83) in Feb. 1983, series 99 actual (2.63) in Feb. 1983, series

99 smoothed (1.81) in Apr. 1983, and series 22 (6.6) in 3d Q 1983. 2This is a copyrighted series used by permission; it may not be repro-duced without written permission from Commodity Research Bureau, Inc. 3See footnote 1 on page 68. *IVA, inventory valuation adjustment;CCAdj, capital consumption adjustment. 5Average for June 2-25. 6Average for June 4, 11, 18, and 25.

IMJ) JUNE 1986 69Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CYCLICAL INDICATORS




Timing Class

Q PRICES, COSTS, AND PROFITS—Continued

Profits and Profit Margins—Continued

U.L.L L.L.L L.L.L

Cash Flows

Lt L, L L, L, L

Unit Labor Costs and Labor Share

Lg, Lg, Lg Lg, Lg, Lg Lg, Lg, Lg Lg, Lg, Lg

Yearand

month

1984

JanuaryFebruary .March

AprilMayJune

July . . . .August . .September

October . . .NovemberDecember . . .

1985

JanuaryFebruary , ,March , . .

April . .May . .June .

July . . .August . . .September

October. . .NovemberDecember

1986

JanuaryFebruaryMarch , . .

AprilMayJune

July . .AugustSeptember

October .NovemberDecember . .

81. Ratio, cor-porate domes-tic profits aftertax with IVAand CCAdj tocorp. domesticincome l

(Percent)

i.'i

8*2

8*2

8*4

8*9

9.1

9*8

9.2

[H>I6.6

15. Profits after

taxes per dollar

of sales, manu-

facturing cor-

porations

(Cents)

4*9

E>4*9

4*4

4*3

4*2

3.* 7

3*.7

r3.*6

P3.6

26. Ratio, im-plicit price de-flator to unitlabor cost,nonfarm busi-ness sector

(1977-100)

98 .4

E>99.*2

99.1

98*8

98.6

98.6

98.6

97^3

98.3

Corporate net cash flow

34. Currentdollars


357*8

360.1

364*6

371*6

379*9

387*3

404.0

1>415.'8

r 4 0 5 . 6


{Ann. rate,bit. dol.)

355*1

355.8

358*. 6

364*2

372*6

381'.6

396.9

(H) 407*8

r397.9

63. Index ofunit labor cost,business sector

(1977-100)

15s!4

158*7

160' 6

162*3

163*8

165.2

166.3

[R>169.3

168.9

68. Labor costper unit of realgross domesticproduct, non-financial cor-porations

(Dollars)

0.679

0.682

0.691

0.697

0.703

0.709

0.709

0.7W

(H)0.722

62. Index of labor cost per unitof output, manufacturing

Actual data

(1977-100)

135.7135.7135.4

135.7135.4135.1

134.4134.6135.2

135.9136.1137.4

137.8137.4137 8

137.2137.5137 6

137.4136.7137.4

139.3138.1138.5

137 6rl38.2

E>rl39.9

138.4P139.2

Actual dataas a percentof trend

(Percent)

91.290.890.1

89.989.388.7

87.887.587.5

87.687.387 7

87.586.9Rfi 7

35.985.785 4

84.984.084.1

84.883.783.6

00 f.

r 8 2 . 6r 8 3 . 2

81 .9P82.0

64. Compen-sation of em-ployees as apercent of na-tional income

(Percent)

72*8

73*6

7s!i

73*4

73*5

73*8

73*9

74*2

B74.3

See note on page 60.

Graphs of these series are shown on pages 15, 29, and 30.11VA, inventory valuation adjustment; CCAdj, capital consumption adjustment.


CYCLICAL INDICATORS




Timing Class

Q MONEY AND CREDIT

Money

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

Velocity of Money

C,C,C C Lg, C

Credit Flows

L.L.L

Yearand

month

1984


AprilMayJune

JulyAugustSeptember


1985


AprilMayJune

JulyAugustSeptember , . .


1986


AprilMayJune

JulyAugustSeptember


85. Changein moneysupply Ml

(Percent)

0 .680.490.60

0.470.580.74

-0.020.240.62

-0.200.840.78

0.791.140.51

0.611.181.44

0.901.441.11

0,440.961.05

0.10r0.61r l .17

1.21K>P1.93

21.43

102. Changein moneysupply M2 x

(Percent)

0 .620.740.52

0.680.620.53

0.400.630.79

0.601.061.09

1.100.910.31

0.210.72

r l . 10

0.690.770.56

0.350.49

r0.59

r0.120.30

rO.57

rl .15pO.99

104. Changein total liquidassetsx

(Percent)

0.810.851.16

1.041.041.04

1.030.761.01

0.670.720.95

0.720.880.64

0.19r0.520.80

r0.480.760.75

0.57rO.99r l .O l

rO.57r0.47r0.32

pO.66(NA)

105. Moneysupply Ml in1982 dollars

(Bil. dot.)

501.7502.2503.9

504.3506.4508.8

507.1506.2507.5

504.9508.2510.8

513.8518.1518.3

519.6524.6530.9

534.6541.2546.1

546.5548.7552.5

551.1r556.7

565.6

574.00>p584.1

106. Moneysupply M2 in1982 dollars

(Bil. dol.)

2,079.32,086.62,092.0

2,098.22,107.72,113.6,

2,115.12,119.52,128.7

2,134.52,153.22,171.0

2,190.72,203.82,200.3

2,197.3r2,208.42,227.1

2,238.32,250.72,259.1

2,258.82,257.1

r2,262.2

r2,257.5r2,273.1r2,295.7

2,328.4[H>p2,347.4

107. Ratio,gross nationalproduct tomoney supplyMl

(Ratio)

6 .891

6.928

E>6.957

6.953

6.896

6.793

6.648

6.544

r6.5i6

108. Ratio,personal incometo money supplyM2

(Ratio)

1.3661.372

GB>1.373

1.3701.3651.366

1.3721.3711.370

1.3631.3561.351

1.3411.3411.341

1.3511.3341.323

1.3181.3101.309

1.3121.3121.319

1.3181.3201.315

r l .316pi.301

33. Net changein mortgage debtheld by financialinstitutions andlife insurancecompanies


71.74100.58104.24

123.28132.04108.66

114.86101.33

E>143.70

81.1374.2041.17

80.2958.6093.07

84.3566.5973.30

58.3067.3065.20

rl23.55r71.20

rllO.63

r-22.81r53.29P43.32

(NA)

112. Net changein business loans


8 .6259.39

ff i) lO8 filtn/ xuo• ui

86.6077.46

100.70

33.5017.3940.54

47.7552.684.13

53.5821.9526.83

14.8727.46

-45.89

16.583.66

-14.63

65.1664.6838.89

r56.50r-51.02r-27.37

r-42.40P27.84

See note on page 60.Graphs of these series are shown on pages 13, 31, and 32.xSeries 102 reached its high value (2.79) in January 1983; series 104 reached its high value (1.31) in January 1983.2Average for weeks ended June 2, 9, and 16.


CYCLICAL INDICATORS




Timing Class

^ H MONEY AND CREDIT—Continued

Credit Flows-Continued

L.L.L L, l , L L.L.L

Credit Difficulties

L.L.L L.L.L

Bank Reserves

L.U.U L, Lg, U

Interest Rates

L, Lg, Lg C. Lg, Lg

Yearand

month

113. Net changein consumerinstallmentcredit


111. Change inbusiness andconsumer creditoutstanding

(Ann. rate,percent)

110. Fundsraised by privatenonfinancialborrowers incredit markets

(Ann. rate,mil. dol.)

14. Currentliabilities ofbusinessfailures1©

(Mil. dol.)

39. Percentof consumerinstallmentloans delin-quent 30 daysand over

(Percent)

93. Freereserves ©

(Mil. dol.)

94. Memberbank borrowings from theFederalReserve @

(Mil. dol.)

119. Federalfunds rate (u)

(Percent)

114. Discountrate on newissues of 91-dayTreasury bills ©

(Percent)

1984


April .MayJune


OctoberNovember . . ,December . . .

1985


AprilMayJune


OctoberNovember , . .December . , .

1986


AprilMayJune



78.6669.4160.96

74.64114.1395.18

73.5880.6263.04

70.6171.9575.31

75.1682.1699.59

90.5275.9652.69

81.4372.61

B123.96

78.7067.7277.72

91.86r61.19r37.04

P49.86(NA)

12.215.019.3

19.40)24.0

21.9

13.112.517.2

11.011.65.7

14.17.512.9

11.08.93.4

7.99.17.7

rl5.210.910.9

r8.0rl.5r2.2

rl.9p6.6

492,968

635,480

476,812

674,436

r533,160

r552,300

r652,844

E>r965,412

p504,260

1,783.31,713.13,479.7

2,429.43,074.33,427.4

2,783.71,968.72,045.6

1,471.32,763.72,328.4

rl,815.6r2,409.8r3,485.8

p3,279.8p3,261.9p2,995.6

p2,150.5p3,162.4pi,925.3

pi,824.6p5,026.9pi,707.8

p3,442.3p3,263.4p2,607.9

(NA)

1.84(B>1.78

1.85

1.961.932.10

1.911.972.09

2.33

2.32

2.272.292.41

(NA)

-102376-241

-742-2,408-2,526

-5,311-7,328-6,614

-5,397-3,924-2,333

-650-386-827

-585-530-300

-252-246-623

-434-813-260

341213135

r-92p-43

715567952

1,2342,9883,300

5,924)8,0177,242

6,0174,6173,186

1,3951,2891,593

1,3231,3341,205

1,1071,0731,289

1,1871,7411,318

770884761

893p876

9.569.599.91

10.2910.3211.06

11.23E>11.64

11.30

9.999.438.38

8.358.508.58

8.27

7.998.058.27

8.147.867.48

26.89

8.939.039.44

9.699.909.34

10.13©10.49

10.41

9.978.79a.is

7.768.228.57

8.00

7.08

7.177.207.07

7.047.03

6.066.12

96.21

See note on page 60.Graphs of these series are shown on pages 13, 32, 33, and 34.Tories 14 reached its high value (829.2) in July 1983.2Average for weeks ended June 4, 11, 18, and 25.aAvcrago for weeks ended June 5, 12, 19, and 26.


CYCLICAL INDICATORS




Timing Class

Q MONEY AND CREDIT—Contmued

Interest Rates—Continued

Lg, Lg, Lg C, Lg, Lg U. Lg, Lg Lg, Lg, Lg Lg, Lg, Lg Lg, Lg, Lg

Outstanding Debt

Lg, Lg, Lg Lg, Lg, Lg Lg, Lg, Lg Lg, Lg, Lg

Yearand

month

1984


AprilMayJune

JulyAugustSeptember


1985


AprilMayJune

JulyAugustSeptember

October .NovemberDecember

1986


AprilMayJune

JulyAugustSeptember


116. Yield onnew issues ofhigh-gradecorporatebonds @

(Percent)

12.6512.8013.36

13.6414.41

H)14.49

14.2513.5413.37

13.0212.4012.47

12.4612.3912.85

12.4511.8511.33

11.2811.6111.66

11.5111.1710.42

10.339.768.95

8.719.09

l 9 .39

115. Yield onlong-termTreasurybonds ©

(Percent)

11.2911.4411.90

12.1712.89

H>13.00

12.8212.2311.97

11.6611.2511.21

11.1511.3511.78

11.4210.9610.36

10.5110.5910.67

10.5610.08

9.60

9.519.078.13

7.598.02

X8.25

117. Yield onmunicipalbonds, 20-bond aver-age ©

(Percent)

9.639.649.93

9.9610.49

[H>10.67

10.429.99

10.10

10.2510.179.95

9.519.659.77

9.429.018.69

8.819.089.27

9.088.548.43

8.087.447.08

7.207.54

27.86

118. Secondarymarket yieldsonFHAmortgages (u)

(Percent)

13.0813.2013.68

13.80©15.01

14.91

14.5814.2113.99

13.4312.9012.99

13.0113.2713.43

12.9712.2811.89

12.1211.9912.04

11.8711.2810.70

10.7810.599.77

9.8010.07

67. Bank rateson short-termbusinessloans ©

(Percent)

l l ! 0 6

12.45

H>13*.29

11^29

io!io

9! 90

9.27

9.68

9 ^ 2 9

8 . 1 3

109. Averageprime ratecharged bybanks ©

(Percent)

11.0011.0011.21

11.9312.3912.60

13.000)13.00

12.97

12.5811.7711.06

10.6110.5010.50

10.5010.319.78

9.509.509.50

9.509.509.50

9.509.509.10

8.838.50

38.50

66. Consumerinstallmentcredit out-standing

(Mil. dol.)

382,794388,578393,658

399,878409,389417,321

423,453430,171435,424

441,308447,304453,580

459,843466,690474,989

482,532488,862493,253

500,039506,090516,420

522,978528,621535,098

542,753r547,852r550,939

(H>p555,094(NA)

Commercial and industrialloans outstanding

72. Currentdollars

(Mil. dol.)

268,086273,035282,086

289,303295,758304,150

306,942308,391311,769

315,748320,138320,482

324,947326,776329,012

330,251332,539328,715

330,097330,402329,183

334,613340,003343,244

E)r347,952r343,700r341,419

r337,886p340,206


(Mil. do!.)

260,531264,569271,498

278,176284,110292,452

294,570297,101301,809

305,366308,716309,644

314,262316,337319,119

319,701321,294318,214

319,861321,716322,412

325,183328,823331,317

r337,163r337,623

0>r34O,398

r339,584p340,206

95. Ratio,consumer in-stallment creditoutstandingto personalincome

(Percent)

12.7412.7912.87

13.0113.3013.47

13.5513.6913.76

13.9314.0514.14

14.2914.3714.58

14.6714.9415.04

15.2015.3615.60

15.7015.7915.81

16.03rl6.11

E>rl6.17

P16.10(NA)

See note on page 60.Graphs of these series are shown on pages 15, 34, and 35.JAverage for weeks ended June 6, 13, 20, and 27.2Average for weeks ended June 5, 12, 19, and 26.3Average for June 1 through 27.


CYCLICAL INDICATORS

C I DIFFUSION INDEXES AND RATES OF CHANGE

Yearand

month

DIFFUSION INDEXES

950. Twelve leadingindicator components(series 1, 5, 8, 12, 19,20, 29, 32, 36, 99, 106,111)

1-monthspan

6-monthspan

951. Four roughlycoincident indicatorcomponents (series41 ,47 ,51 ,57 )

1-monthspan

6-monthspan

952. Six laggingindicator components(series 62,77, 91, 95,101, 109)

1-monthspan

6-monthspan

961. Average weeklyhours of production ornonsupervisory workers,20 manufacturingindustries

1-monthspan

9-monthspan

962. Initial claims forunemployment insurance,State programs, 51areas l

1-monthspan

9°monthspan

963. Employees onprivate nonagrieulturalpayrolls, 136industries

1-monthspan

6-monthspan

1984


AprilMayJune


OctoberNovember . . ,December , , ,

1985

January . .February .March . , ,

April . . . .May . . . .June . . . .


October . ,NovemberDecember

1986


AprilMay . . . . . . .June


OctoberNovember . . .December , , .

58.370.850.0

58.341.725.0

16.737.575.0

33.370.841.7

70.850.033.3

33.370.8r54.2

62.558.354.2

75,037.570.8

r54.250.0r62.5

75.0354.5

75.070.862.5

25.025.025.0

25.033.329.2

66.758.350.0

62.550.058.3

50,66,66.7

83.3r75.083.3

r83.3r75.045.8

62.5336.4

100.075.0100.0

100.0100.0100.0

75.087.550.0

62.5100.075.0

50.0100.075.0

100.062.575.0

50.0100.050.0

50.087.5100.0

75.075.050.0

100.0"33.3

100.0100.0100.0

100.0100.0100.0

100.0100.0100.0

100.0100.0100.0

100.0100.075.0

100.0100.0100.0

75.0100.0100.0

100.087.550.0

100.0"66.7

8.375,075.0

83.366.766.7

83.375.066.7

58.350.066.7

66.750.058.3

41.750.033.3

41.750.083.3

91.741.766.7

66.7r66.783.3

16.7550.0

66.766.775.0

83.383.83,

83.66.66.

66.66.58.3

50.050.066.7

58.350.050.0

58.3r41.750.0

58.375.066.7

50.0s50.0

Revised'

67.585.07.5

97.515.035.0

37.542.567.5

25.070.060.0

35.022.585.0

12.77.77.

27.87.65.0

75.052.595.0

22.522.572.5

47.5P42.5

Revised^

80.052.542.5

35.050.022.5

7.542.57.5

10.020.017.5

40.040.047.5

55.067.567.5

87.592.597.5

75.080.080.0

p70.0

36.372.570.6

41,31,92,

76.590.256.9

66.772.536.3

Revised'

67.872.767.6

19.652.976.5

5.972.571.6

11.872.584.3

19.645.186.3

9.882.459.8

23.574.527.5

56.952.9r62.7

P25.5(NA)

27.35,13,

33.3

17.6

r29.4

33.341.264.7

64.758.866.7

64.713.760.8

64.7r35.3P66.7

(NA)

62.255.950.5

63.053.557.0

5H.447.853.8

49.251.647.0

56.256.850.8

61.957.659.5

59.753.545.1

54.6

P48.9

Revised8

78.176.577.0

75.169.265.1

63.259.258.6

53.249.754.9

49.247.843.0

45.44.44,

48,50.54,

57.057.055.9

55.4

P53.0

NOTE: Figures are the percent of series components rising. (Half of the unchanged components are counted as rising.) Data are centered within the spans: 1-month indexes are placed on the 2d month, 6-month indexes on the 4th month, and 9-month indexes on the 6th month of the span; 1-quarter indexes are placed on the 1st month of the 2d quarter and 4-quarter indexes on the 2d month of the 3d quarter.Series are seasonally adjusted except for those, indicated by © , that appear to contain no seasonal movement. Series numbers are for identification only and do not reflect series relationships or order. Com-plete titles and sources are listed at the back of this issue. The " r " indicates revised; " p " , preliminary; " e " , estimated; " a " , anticipated; and "NA", not available.

Graphs of these series are shown on page 36.

^Figures arc the percent of components declining.2$QQ "Now Features and Changes for This Issue/' page iii.3LixcIudes series 36, for which data are not available,"lixcludcs series 57, for which data are not available.Excludes .series 77 and 95, for which data are not available.


CYCLICAL INDICATORS

C DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Yearand

month

1984

JanuaryFebruary . . .March

AprilMayJune

JulyAugustSeptember


1985


AprilMayJune

JulyAugustSeptember . . . . . . .


1986


AprilMayJune

JulyAugustSeptember


K B DIFFUSION INDEXES—Continued

964. Manufacturers'new orders, 34durable goods industries

1-monthspan

6 7 . 650.052.9

35.358.826.5

55.951.541.2

55.955.952.9

52.935.355.9

47.160.361.8

55.955.945.6

57.450.035.3

55.944.142.6

61.8p44.1

9-monthspan

91.279.485.3

75.052.941.2

44.161.852.9

29.455.944.1

45.663.252.9

64.754.450.0

67.647.161.8

52.947 .1

r52 .9

P50.0

965. Newly approvedcapital appropriationsin 1972 dollars, 17manufacturingindustries

1-quarterspan

71

59

36

65

56

39

48

p59

(NA)

4-Q movingaverage

56

*58

54

*49

52

p5O

(NA)

966. Industrial pro-duction, 24 industries

1-monthspan

87.591.764.6

66.743 .866.7

79.243.845.8

47.962.541.7

50.052.166.7

45.872.956.3

54.275.039.6

52.162.5CO "3

83.337.5

r29.2

r75.0p27.1

6-monthspan

95.891.787.5

83.366.770.8

66.762.550.0

41.737.545.8

58.362.566.7

62.575.068.8

70.862.570.8

81.3r 6 8 . 8

66 7

r66 .7P41.7

967. Spot marketprices, 13 rawindustrial materials (u)

1-monthspan

38.561.565.4

50.050.042.3

34.646.246.2

30.857.719.2

23.138.557.7

76.938.523.1

38.546.246.2

42.323.157 7

61.538.534 6

53.861.5

373.1

9-monthspan

73.165.442.3

34.630.830.8

23.115.415.4

15.419.234.6

23.123.123.1

23.138.546.2

38.546.238.5

53.853.853 8

46.2350.0

968. Stock prices, 500common stocks l(u)

1-monthspan

5 2 . 110.660.6

43.636.236.2

34.893.573.9

34.878.326.1

89.193.537.0

55.466.775.6

76.730.0.11.1

55.688.986 7

60.581.094.0

61.950.0

9-monthspan

41.525.558.7

30.437.037.0

60.954.365.2

82.676 .191.3

77.873.385.6

77.882.273.3

75.682.286.0

88 .192.990 5

90.5

960. Net profits,manufacturing, about600 companies2©

(4 quarter span)

*76

*76

68

68

*70

72

'70

See note on page 74.Graphs of these series are shown on page 37.lBased on 47 industries through June 1984, on 46 industries through April 1985, on 45 industries through December 1985, on 43 industries

through January 1986, and on 42 industries thereafter. Data for component industries are not shown in table C2 but are available from thesource.

2This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun § Bradstreet, Inc.3Based on average for June 3, 10, 17, and 24.

ItO JUNE 1986 75Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CYCLICAL INDICATORS

C DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Yearand

quarter

1983

First quarterSecond quarter . . . .Third quarterFourth quarter . . . .

1984


1985


1986


Yearand

quarter

1983

First quarterSecond quarterThi rd quarterFourth quarter . . . .

1984


1985


1986


{ I DIFFUSION INDEXES- Continued

970. Expenditures for new plant and equipment,21 industries

a. Actualexpenditures

(1-Q span)

38 .150.081.095.2

88 .171.488 .161.9

57.173.861.957 .1

19.0

b. Laterprojections

(1-Q span)

47.666.790.581.0

76.264.376.271.4

52.476.261.947.6

33.361.9

c. Earlyprojections

(1-Q span)

42.954.876.276.2

57.178.692.954.8

47.685.776.242.9

47.681.054.8

971. New orders, manufacturing1©

Actual

(4-Q span)

66747884

90868479

74747675

76

Anticipated

(4-Q span)

66778285

88919088

82848280

828384

972. Net profits, manufacturingand trade' @

Actual

(4-Q span)

62667174

80797474

70697070

70

Anticipated

(4-Q span)

64738081

84868884

80818178

788181

973. Net sales, manufacturingand t rade '©

Actual

(4-Q span)

66747480

85848280

76747574

72

Anticipated

(4-Q span)

6878f

88909088

84848481

818483

0 1 DIFFUSION INDEXES - Continued

974. Number of employees,manufacturing and trade1 ©

Actual

(4-Q span)

48545861

65636262

60585859

58

Anticipated

{4-Q span)

50565960

62646462

60625958

596059

975. Level of inventoriemanufacturing and trade

Actual

(4-Q span)

54596268

72707070

66636061

62

i,

Anticipated

(4-Q span)

52586264

66707066

64666258

585860

976, Selling prices, manu-facturing1 @

Actual

(4-Q span)

61606568

74707068

65626161

59

Anticipated

(4-Q span)

65667069

74767672

70706462

626562

977. Selling prices, wholesaletrade' ©

Actual

(4-Q span)

63626870

itt

t(i

t

^3593555

34505950

59

Anticipated

(4-Q span)

68646872

72767572

68666660

646462

973. Selling prices, retailt rade1®

Actual

(4-Q span)

681269It

It687070

66636662

60

Anticipated

(4-Q span)

69677071

70747468

65706762

62§264

NOTE: Figures are the percent of series components rising. (Half of the unchanged components are counted as rising.) Data are placed at the end of the span. Series are seasonally adjusted except for those,indicated b y ® , that appear to contain no seasonal movement. The V indicates revised; "p", preliminary; and "NA", not available.

Graphs of these series are shown on page 38.1This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun 5 Bradstrcct, Inc. Dun ft

Bradstreot diffusion indexes are based on surveys of about 1,400 business executives.


CYCLICAL INDICATORS

C I DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Diffusion index components

SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change

1985

October November December

1986

January February March April May"

961. AVERAGE WEEKLY HOURS OF PRODUCTION OR NONSUPERVISORY WORKERS, MANUFACTURING '(Hours)

All manufacturing industries

Percent rising of 20 components .

Durable goods industries:

Lumber and wood products ...Furniture and fixtures

Stone, clay, and glass products,Primary metal industries

Fabricated metal products .Machinery, except electrical

Electric and electronic equipmentTransportation equipment

Instruments and related products .Miscellaneous manufacturing

Nondurable goods industries:

Food and kindred productsTobacco manufacturers

Textile mill productsApparel and other textile products

Paper and allied products.Printing and publishing .,.

Chemicals and allied products .Petroleum and coal products ..

Rubber and miscellaneous plastics products .Leather and leather products

4 0 . 7

( 7 5 )

40.239.5

42.141.8

41.541.5

40.642.8

40.940.3

40.239.3

40.736.6

43.237.9

41.844.2

41.137.6

40.7

(52)

39.939.4

41.841.9

41.541.6

40.942.7

41.040.2

40.036.4

40.836.8

43.337.9

41.943.2

41.337.6

40.9

(95)

40.239.9

41.842.1

41.641.7

41.143.0

41.640.7

40.138.1

41.036.8

43.538.1

42.043.6

42.037.9

40,8

(22)

40.440.0

42.741.9

41.541.6

41.042.8

41.139.8

40.137.7

40.836.7

43.638.0

41.943.5

41.437.1

40.7

(22)

40.039.7

41.942.1

41.541.6

40.942,7

41.239.3

39.836.6

40.636.3

43.538.0

41.843.7

41.036.0

40.7

(72)

40.239.4

41.941.9

41.441.6

41.042.7

41.339.9

39.937.5

40.736.5

43.538.0

41.943.8

41.336.3

40.7

(48)

40.6

(42)

40.339.1

42.541.2

41.241.8

41.142.1

41.339.7

40.236.6

41.236.9

43.038.0

41.943.5

41.036.4

+

+

0

-

-

+

-

00

+

++

40.139.3

42.441.9

41.041.8

40.841.8

41.039.4

40.338.1

41.036.5

43.038.0

42.243.0

41.336.8

964. MANUFACTURERS' NEW ORDERS, DURABLE GOODS INDUSTRIES '(Millions of dollars)

All durable goods industries

Percent rising of 34 components .

Primary metalsFabricated metal products

Machinery, except electricalElectrical machinery

Transportation equipmentOther durable goods industries

- 104,495

(57)

+ 10,749+ 14,837

- 16,718- 15,820

- 26,503+ 19,868

- 103,796

(50)

- 10,560+ 15,280

+ 17,983+ 16,250

- 24,199- 19,524

+ 107,531

(35)

- 10,059- 14,146

- 16,195+ 16,297

+ 31,031+ 19,803

+ 108,194

(56)

+ 10,596+ 14,326

- 15,603- 15,346

- 31,002+ 21,321

- 107,545

(44)

+ 10,614- 14,274

+ 18,277+ 15,704

- 28,458- 20,218

-rlO4,682

(43)

- 9,762- 13,141

- rl6,081+ 17,066

+ 28,496- 20,136

-rlO3,747

(62)

- r9,625+ rl4,653

+ rl6,800- rl5,467

- r26,497+ r20,705

+ 104,126

(44)

- 8,853- 14,413

- 16,560- 14,947

+ 28,215+ 21,138

NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: ( + ) = rising, (o) - unchanged, and ( - ) = falling. The "r" indicates revised; "p",preliminary; and "NA", not available.*Data are seasonally adjusted by the source agency.2Revised. See "New Features and Changes for This Issue," page iii.3Data for most of the diffusion index components are not available for publication, but they are included in the totals and directions o£

change for the six major industry groups shown here.


CYCLICAL INDICATORS



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

1985

October November December

1986

January February March April' Ma/

966. INDEX OF INDUSTRIAL PRODUCTION(1977-100)

All industrial production

Percent rising of 24 components * .,

Durable manufactures:

Lumber and productsFurniture and fixtures

Clay, glass, and stone products.Primary metals

Fabricated metal productsNonelectrical machinery...

Electrical machineryTransportation equipment

InstrumentsMiscellaneous manufactures .

Nondurable manufactures;

FoodsTobacco products .

Textile mill productsApparel products

Paper and productsPrinting and publishing ....

Chemicals and products .Petroleum products

Rubber and plastics products.Leather and products

Mimng:

Metal mining ,..Coal

Oil and gas extractionStone and earth minerals .,

124.4

(52)

116.5141.9

115.683.1

108.4143.0

165.1124.5

139.895.9

130.7105.3

104.9102.6

127.3157.0

127.987.7

148.771.4

74.2130.1

104.8120.4

125.4

(62)

115.6144.1

115.283.6

107.9145.6

168.9126.5

140.794.5

131.4104.5

108.0103.9

128.2159.0

128.087.3

150.572.1

78.3125.5

103.5119.0

+ 126.4

(58)

+ 116.5142.1

+ 118.281.7

+ 108.8+ 146.0

+ 171.9+ 126.8

140.6+ 96.3

132.6103.5

106.3105.0

132.3158.4

128.588.7

150.069.9

74.3128.0

104.4114.0

+ 126.7

(83)

+ 119.9+ 143.9+ 120.2+ 84.9

109.3146.2

167.9128.9

+ 141.1+ 99.0

+ 133.299.3

+ 107.4+ 105.8

+ 133.1+ 158.9

130.592.6

+ 150.567.5

75.5130.6

103.6+ 117.1

rl25.6

(38)

118.2145.4

rll8.8r80.7

109.4rl44.6

165.5128.1

141.898.1

133.897.9

110.4103.6

132.1rl55.4

+ rl30.988.4

+ rl50.767.0

Til .1124.9

rlO1.4rl20.2

124.4

(29)

+ 118.5144.5

+ 119.577.3

108.0143.4

+ 165.6124.2

+ 142.597.2

133.093.0

109.1104.0

131.4156.7

130.787.8

149.065.4

78.1123.5

98.5115.4

125.0

(75)

(NA)145.4

120.477.9

108.6142.6

167.1127.0

142.797.8

+ 134.2(NA)

+ 109.7+ 104.6

132.0157.7

131.290.1

148.464.5

76.8124.5

97.1116.1

124.2

(27)

(NA)(NA)

(NA)77.3

107.1141.5

165.6125.1

141.0(NA)

(NA)(NA)

(NA)(NA)

(NA)158.3

(NA)90.9

(NA)(NA)

(NA)(NA)

95.0(NA)

NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: ( V) - rising, (o) ^ unchanged, and (••-) - fall ing. The " r " indicates revised; " p " ,preliminary; and "NA" , not available.

'Data arc seasonally adjusted by the source agency.2Whcre actual data for separate industries are not available, estimates are used to compute the percent rising.


CYCLICAL INDICATORS



Raw industr ials price index (1967 = 100) ....

Percent rising of 13 components

Copper scrap (pound)..(kilogram),.

Lead scrap (pound).,(kilogram)..

Steel scrap (U.S. ton).,(metric ton)..

Tin (pound)(kilogram)..

Zinc (pound).,(kilogram)..

Burlap (yard)..(meter)..

Cotton (pound).,(kilogram)..

Print cloth (yard).,(meter)..

Wool tops (pound)..(kilogram)..

Hides (pound)..(kilogram)..

Rosin (100 pounds)(100 kilograms)..

Rubber (pound)..(kilogram)..

Tallow (pound)..(kilogram)..

^ 9 SELECTED DIFFUSION INDEX COMPONENTS: Basic

1985

October

96

- 236.9

(42)

November December

Data and Directions of Change—Continued

1986

January February

/. INDEX OF SPOT MARKET PRICES, RAW INDUSTRIALS 2

- 234.5

(23)

+ 235.0

(58)

+ 236.9

(62)

- 233.3

(38)

March A p r i l

- 223.1

(35)

- 219.9

(54)

May

+ 221.3

(62)

June1

+ 224.5

(73)

Dollars

+ 0.4571.008

o 0.1110.245

- 77.60085.538

- 5.68412.531

- 0.3840.847

- 0.2480.271

- 0.5731.263

+ 0.6750.738

o 3.0006.614

+ 0.6771.493

o 50.000110.230

- 0.4290.946

+ 0.1430.315

- 0.4541.001

- 0.1080.238

- 77.00084.877

- 35.64012.434

-' 0.3540.780

- 0.2460.269

- 0.5711.259

+ 0.7100.776

o 3.0006.614

+ 0.7261.601

o 50.000110.230

- 0.4220.930

- 0.1340.295

+ 0.4731.043

o 0.1080.238

+ 79.80087.964

o 35.64012.434

o 0.3540.780

- 0.2420.265

+ 0.5731.263

+ 0.7180.785

o 3.0006.614

- 0.7071.559

o 50.000110.230

- 0.4040.891

+ 0.1360.300

+ 0.4991.100

- 0.1070.236

+ 82.50090.940

o 35.64012.434

o 0.3540.780

+ 0.2480.271

+ 0.5911.303

- 0.6980.763

o 3.0006.614

- 0.6741.486

o 50.000110.230

+ 0.4060.895

+ 0.1390.306

- 0.4861.071

- 0.1040.229

- 82.00090.389

o 35.64012.434

o 0.3540.780

- 0.2310.253

+ 0.6061.336

- 0.6580.720

o 3.0006.614

+ 0.6821.504

0 50.000110.230

+ 0.4250.937

- 0.1280.282

+ 0.5051.113 ,

+ 0.1050.231

- 77.25085.153

- 4.0008.818

o 0.3540.780

- 0.2250.246

+ 0.6281.384

- 0.6420.702

o 3.0006.614

- 0.6781.495

o 50.000110.230

- 0.4230.933

- 0.1060.234

- 0.4881.076

+ 0.1100.243

- 74.40082.011

- 3.2847.240

- 0.3390.747

+ 0.2310.253

+ 0.6391.409

+ 0.6480.709

o 3.0006.614

+ 0.7291.607

o 50.000110.230

- 0.3920.864

+ 0.1080.238

- 0.4641.023

+ 0.1140.251

- 71.50078.814

- 3.1156.867

+ 0.3540.780

+ 0.2400.262

+ 0.6561.446

+ 0.6900.755

o 3.0006.614

+ 0.7861.733

o 50.000110.230

+ 0.4010.884

- 0.1000.220

+ 0.4661.027

+ 0.1260.278

- 70.00077.161

+ 3.1957.044

+ 0.3950.871

+ 0.2470.270

+ 0.6691.475

+ 0.7020.768

+ 3.2007.055

- 0.7851.731

o 50.000110.230

+ 0.4080.899

- 0.0870.192

NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: ( + ) = rising, (o) ~ unchanged, and ( —) = falling. The "r" indicates revised; "p"preliminary; and "NA", not available.

lffhe index is the average for June 2-25; component prices are averages for June 3, 10, 17, and 24.2Data are not seasonally adjusted. These series are based on copyrighted data used by permission; they may not be reproduced without

written permission from Commodity Research Bureau, Inc. Components are converted to metric units by the Bureau of Economic Analysis.Official price for October 23, 19S5.



I A I NATIONAL INCOME AND PRODUCT

Year

and

quarter

1983


1984


1985


1986


Yearand

quarter

1983


1984


1985

First quarterSecond quarter . . . .Third quarterFour th quarter . . . .

1986


200. Gross national product in current dollars

a. Total


3,268.73,365.13,437.53,535.0

3,676.53,757.53,812.23,852.5

3,917.53,960.64,016.94,059.3

r4 ,115 .7

b. Difference


56.296.472.497.5

141.581.054.740.3

65.043.156.342.4

r56.4

c. Percentchange atannual rate

7128

11

179

2398

01

6.04

6454

r5.

m GNP AND PERSONAL INCOME—Continued

Disposable personal income

224. Current dollars


2,345.52,387.72,447.92,520.4

2,610.22,649.92,696.72,723.8

2,739.22,817.72,800.22,845.9

r2,893.4



2,2912,3092,3462,391

2,4462,4612,4802,484

2,4822,5322,5032,517

r2,550

.30

.93

8854

7211

9

227.

3

9583

7

i50.

i GNP AND PERSONAL INCOME

Gross national product in 1982 dollars

a. Total

Per capita in

1982 dollars

(Ann. rate,

dollars)

9,9,9,

10,

10,10,10,10,

i ni.U ,10,10,10,

no,

793846982145

358399451441

41 1*T I 1

595447479

597

(Ann. rate,bil

33

3333

r3

dol.)

, 1 9 0 ., 2 5 9 ., 3 0 3 .

} , 3 5 7 .

, 4 4 9 ., 4 9 2 ., 5 1 0 ., 5 1 5 .

, 5 4 7 .

6342

4646

8,557.4,584.,590.

,616.

18

9

b. Difference

{Ann. rate,bil.

230. Total in currentdollars

(Ann. rate,bi . dol.)

2222

22I2

cI22

,146,,210',254,306

,358,414,439,480

, uco,563,606,634

,668

0193

6401

nu318

2

dol.)

31684453

9243175

329

266.

r26 .

i

3718

2282

2677

1

c. Percentchange atannual rate

4856

11520

3130

r2

.0

.5

.7

.4

.1

.1

.6

.7

.1

.0J

.9

217, Per capita

gross national

prouuci in ijoidollars

(Ann. rate,dollars)

13 63613,* 89814,05014,243

14,60214J5314,79014,774

14,87714,88514,15814,949

rl5,026

3 PERSONAL CONSUMPTION EXPENDITURES

231. Total indollars

(Ann.

1982

rate,bil. dol.)

2222

2222

o

222

r2

, 0 9 6,137, 1 6 1188

210243

4281

90

243.4262

OQQtoo303.329.330.

352.

0

c0564

3

232. Durable goods

in current dollars


268,5285.3295.3309.4

321.6330.2331.1341.5

•5E1 K031 . 3356.5376.0362.0

r363 .1

213. Final salesin 1982 dollars


3,232.83,S263!o3,302.13,334.6

1 3 f r 7

3I426 '.63,445.53,479.5

3,532.03,542.33,585.83397 .1

r 3 531 g

233, Durable goodsin 1982 dollars


264.9280.8288.5300.0

311.0317.7318.0327.6

340.' 3359.3346.7

r346.1

NOTE: Series are seasonally adjusted except for those, indicated by © r that appear to contain no seasonal movement. Series numbers are for identification only and do not reflect series relationships or order.

Complete titles and sources are listed at the back of this issue. The " r " indicates revised; " p " , preliminary; " e " , estimated; " a " , anticipated; and "NA", not available.

Graphs of these series are shown on pages 40 and 4 1 .

JUNE 1986Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis


A NATIONAL INCOME AND PRODUCT—Continued

Yearand

quarter

1983


1984

f i r s t quarterSecond quarter . . . .Third quarterFourth quarter . . . .

1985


1986


Yearand

quarter

1983


1984


1985

First quarterSecond quarter . . . .Third quar terFourth quarter . . . .

1986


236. Nondurablegoods in currentdollars

(Ann. rate,bil. do!.)

792 .4811 .7826 .5837 .2

856 .6873 .2876 .68 8 3 . 1

895 .7910 .2914.5928 .3

r 9 3 5 . 6

PERSONAL CONSUMPTION EXPENDITURES—Continued

238. Nondurablegoods in 1982dollars


787.0796.8806.8812.0

819.4832.8831.2828.6

839.9846.7849.8851.1

r864.9

• • GROSS PRIVATE• S I DOMESTIC INVEST,-Con,

245. Change inbusiness inven-tories in currentdollars


-42 .7- 5 . 5- 2 . 825.5

92.168.968.339.0

18.515.50.2

- 4 . 3

r39 .9

30. Change inbusiness inven-tories in 1982dollars


-42 .2- 3 . 7

1.422.6

83.666.0

' 64.936.1

15.815.1-1 .8-6 .3

r35.3

237. Services incurrent dollars


1,085.21,113.01,133.11,159.6

1,180.41,211.11,231.31,255.4

1,277.81,296.61,315.61,344.6

r l , 369 .5

260. Total incurrent dollars


669.3673.8681.1678.6

696.5735.1747.3768.4

777.2794.8832.5857.2

r836..2

239. Services in1982 dollars


1,044.51,059.71,066.51,076.1

1,080.51,092.61,094.31,105.8

1,113.71,116.51,120.41,132.6

rl,141.4

E9 (

261. Total in1982 dollars

(Ann. rate,bit. dol.)

649.1648.2651.5642.2

650.1677.1682.4693.9

691.4699.4729.2745.5

r718.3

240. Total incurrent dollars


425.0483.7521.2577.6

658.8673.3687.9676.2

657.6672.8666.1680.7

r717.2

J | GROSS PRIVATE DOMESTIC INVESTMENT

241. Total in1982 dollars


422.5489.0526.3575.9

649.0662.9673.3659.9

639.6655.6645.0655.7

r684.4

242. Fixed invest-ment in currentdollars


467.7489.2524.0552.1

566.7604.5619.5637.2

639.1657.3665.9685.0

r677.3

30VERNMENT PURCHASES OF GOODS AND SERVICES

262. FederalGovernment incurrent dollars


2 8 7 . 1287.0286.0279.2

285.6314.8318.5332,9

334.4337.8364.8384.7

r 3 5 7 . 1

263. FederalGovernment in1982 dollars


279.2277.6277.4267.9

271.4294.8296.7307.3

304.3305.9331.1349.0

r319.1

266. State andlocal governmentin current dollars


382.2386.9395.1399.4

410.9420.3428.8435.5

442.8457.1467.7472.5

r479.0

243. Fixed invest-ment in 1982dollars


464.7492.7524.9553.2

565.4596.8608.4623.8

623.8640.5646.8662.0

r649.1

267. State andlocal governmentin 1982 dollars


369.9370.6374.1374.3

378.6382.4385,7386.6

387.1393.6398.1396.5

r399.2

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




Yearand

quarter

1983


1984


1985


1986

Fi rs t q u a r t e r . . . .Second q u a r t e r . . . .T h i r d q u a r t e rF o u r t h q u a r t e r . . . .

VearTear

andquarter

1983

F i r s t q u a r t e r . . . .Second q u a r t e r . . . .T h i r d q u a r t e rF o u r t h q u a r t e r . . . .

1 9 8 4


1985


1986


Net exports of goods and services

250. Currentdollars


2 8 . 4- 2 . 6

- 1 9 . 7- 2 7 . 4

- 3 7 . 4- 6 5 . 3- 6 1 . 9- 7 2 . 2

- 4 2 . 3- 7 0 . 3- 8 7 . 8

- 1 1 3 . 4

r-105.8

282. Proprietors'income with IVAand CCAdj1


185.187.188.207.

240.229.232.232.

239.240.237.250.

r250.

E

9381

3139

4959

6



22,5-15.0-36.2-48.9

-60.6-90.4-88.7

-100,2

-71.8-101.1-119.8-140.8

r-138.1

252.

H FOREIGN TRADE

Exports of goods and services

Currentdollars


344345358

600

3 6 8 . 8

" 375382391389

379369363367

r 3 7 4

4345

6228

4



342342353359

362366376377

368358353359

r365

1 NATIONAL INCOME AND ITS COMPONENTS—Continued

284. Rental incomeof persons withCCAdj'


13.14.11.11.

11.11.10.9.

11.13.14.15.

rl9.

3890

6907

0859

7

286. Corporateprofits before taxwith IVA andCCAdj1

(Ann.bil

rate,dol.)

173.4205228247

268277271276

281288

946

0822

71

309.1303.

r313

1

7

288.

.8

.4

.1

.1

.7

.6

.9

.3

.7

.2

.5

.2

.0

253.

Imports of goods and services

Currendollars

Net interest

(Ann. rate,bil. iol.)

268269276


316347

25

377.6396

412447453461

421439451481

r480

.5

.4

.4280.3

286297309307

302292281272

r267

.9

.6

.5

.0

.9

.4

.8

.6

.8

2

8637

9502

2

290.



320357389408

423457465477

440459473500

r503

Gross saving


430.0451.2478.5519.8

590.5581.3592.8573.5

578.3571.7537.3526.1

r 5 7 8 . 7

.3

.4

.3

.0

.3

.0

.6

.5

.5'.3.3,0

.0

295

• H NATIONAL INCOME1 1 1 AND ITS COMPONENTS

220. National in-come in currentdollars


2,6032,6782,7472,843

2,9673,0213,0643,104

3,1553,1923,2283,269

r3,314

Q SAVING

Businesssaving


439.6458.6476.5495.0

502.7516.0527.4535.9

546.8556.4579.2578.9

r596 .9

.6

.9

.4

.5

.7

.1

.ZA

.3\z.0.9

.9

280. Compen-sation ofemployees


1 ,962.42,001.52,041.82,097.6

2,160.92,204.82,241.22,278.5

2,320.42S,356!92,385.22,427.5

r2 ,463.1

292. Personalsaving


140.3116.4129.0147.1

181.6162.6181.5164.5

130.9167.2102.6115.2

rl26.0

See note on page 80.Graphs of these series are shown on pages 44, 45, and 46.*IVA, inventory valuation adjustment; CCAdj, capital consumption adjustment.



A I NATIONAL INCOME AND PRODUCT—Continued

Yearand

quarter

1983


1984

F i r s t q u a r t e r . . . . . .S e c o n d q u a r t e r . . . .T h i r d q u a r t e rF o u r t h q u a r t e r . . . .

1 9 8 5

First quarterSecond quar ter . . . .Third quarterFourth quarter . . . .

1986

First quarterSecond quarter . . . .Thi rd quarterFourth quarter . . . .

Yearand

quar ter

1983

First quar terSecond quarter . . . .Third quarterFour th quarter . . . .

1984

First quar terSecond quar ter . . . .Third quarterFourth quar ter . . . .

1985


1986

First quar terSecond quar ter . . . .Third quarterFour th quarter . . . .

Q j SAVING—Continued

298. Governmentsurplus or deficit


- 150 .0. -123 .8

-127 .0-122 .2

- 9 3 . 8- 9 7 . 3

-116.0-126.8

-99.4-151.9-144.5-168.0

r-144.3

293. Personalsaving rate

(Percent)

6.04.95.35.8

7.06.16.76.0

4.85.93.74.0

4.4

Percent of GNP—Continued

265. Federal Govern-ment purchases ofgoods and services

(Percent)

8.88.58.37.9

7.88.48.48.6

8.58.59.19.5

8.7

268. State and localgovernment purchasesof goods and services

(Percent)

1 1 . 71 1 . 51 1 . 51 1 . 3

1 1 . 21 1 . 21 1 . 21 1 . 3

1 1 . 31 1 . 51 1 . 61 1 . 6

1 1 . 6

Q j SHARES OF GNP AND NATIONAL INCOME

Percent of gross national product

235. Personal con-sumption expendi-tures

(Percent)

65.765.765.665.2

64.264.364.064.4

64.564.764.964.9

64.8

248. Nonresidentialfixed investment

(Percent)

10.310.210.410.9

10.711.311.411.9

11.712.011.912.1

HI .6

249. Residentialfixed investment

(Percent)

4.04.34.84.7

4.74.84.84.6

4.64.64.74.7

4.8

Q J SHARES OF GNP AND NATIONAL JNCOME—Continued

64. Compensation ofemployees

(Percent)

75 .474.774 .373 .8

7 2 . 873 .07 3 . 173 .4

73 .573 .873 .974.2

74 .3

283. Proprietors'income with IVAandCCAdj1

(Percent)

7.17.06.97.3

8.17.67.67.5

7.67.57.47.7

7.6

Percent of national income

285. Rental incomeof persons withCCAdj1

(Percent)

0.50.60.40.4

0.40.40.30.3

0.30.40.40.5

0.6

247. Change inbusiness inventories

(Percent)

- 1 . 3-0.2-0.10.7

2.51.81.81.0

0.50.40.0

-0.1

rl.O

287. Corporate profitsbefore tax withIVA and CCAdj1

(Percent)

6.77.78.38.7

9.09.28.98.9

8.99.09.69.3

9.5

251. Net exports ofgoods and services

(Percent)

0.9- 0 . 1-0.6-0.8

-1.0-1.7-1.6-1.9

-1 .1-1.8-2.2-2.8

r-2.6

289. Net interest

(Percent)

10.310 .11 0 . 19.9

9.79.9

1 0 . 19.9

9.69.28.78.3

8.1

See note on page 80.Graphs of these series are shown on pages 46 and 47.1IVA, inventory valuation adjustment; CCAdj, capital consumption adjustment.



B I PRICES, WAGES, AND PRODUCTIVITY

Yearand

month

1984


AprilMayJune

July . . . .AugustSeptember

October . . . .November . . . .December . . .

1985

January , .February . , ,March

AprilMayJune

JulyAugustSeptember


1986


AprilMayJune . . .

JulyAugustSeptember

OctoberNovember . . .December . . . .

Q PRICE MOVEMENTS

Implicit price deflator forgross national product

310. Index

(1982 = 100)

106^6

107*6

lOs'o"

109.6

11CL4

111.3

112I i

113*0

rll3.*8

310c. Changeover 1-quarterspans'

(Ann. rate,percent)

5.0

3.8

3.8

3.7

3.0

3.3

2.9

3.3

r 2 . 9

Fixed-weighted price index,gross domestic business product

311. Index

(1982=100)

106.3

107^4

108! 3

109.2

110*6

110*9

111.5

112*5

113*.6


(Ann. rate,percent)

4.3

4.3

3.6

3.3

2.7

3.4

2.3

3.4

1.8

Consumer price indexfor all urban consumers

320. Index ®

(1967-100)

305.2306.6307.3

308.8309.7310.7

311.7313.0314.5

315.3315.3315.5

316.1317.4318.8

320.1321.3322.3

322.8323.5324.5

325.5326.6327.4

328.4327.5326.0

325.3326.3

320c. Changeover 1-monthspans1

(Percent)

0.60.40.3

0.40.20.3

0.30.40.4

0.30.20.3

0.20.30.5

0.30.20.2

0.20.20.2

0.40.60.4

0.3-0.4-0.4

-0.30.2


(Ann. rate,percent)

4 . 64 . 34 .2

3.63.73.9

3.73.83.8

3.53.33.5

3.63.63.6

3.63.42.8

2.93.63.8

4 .12.91.6

0.3- 0 . 4

Consumer price index forall urban consumers, food

322. Index

(1967-100)

299.7300.9301.2

301.5300.9301.9

302.8304.7304.9

305.8306.2307.2

307.7308.2308.6

308.7308.4309.1

309.2309.6310.7

311.1313.2315.2

315.9313.8314.1

315.0316.4

322c. Changeover 1-monthspans!

(Percent)

1.30.40.1

0.1-0.20.3

0.30.60.1

0.3D.I0.3

0.20.20.1

0.0-0.1

0.2

0.00.10.4

0.10.70.6

0.2-0.70.1

0.30.4


(Ann. rate,percent)

5 .14 . 44 . 1

2 . 1

2 .5

2 .93.63.5

3.32 .3ZA

1.91.41.2

1.00 .91.4

1.63 . 14 . 0

4 .4l . l2 .2

2 .52 . 1

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

1-quarter changes are placed on the 1st month of the 2d quarter.and



B I PRICES, WAGES, AND PRODUCTIVITY—Continued

Yearand

month

1984


AprilMayJune

JulyAugustSeptember


1985


AprilMayJune

JulyAugustSeptember


1986


AprilMayJune

JulyAugustSeptember


WjM PRICE MOVEMENTS—Continued

Producer price index, all commodities

330. Index ©

(1967 = 100)

308.0308.9311.0

311.3311.5311.3

311.9310.7309.3

309.4310.3309.8

309.5309.1308.6

309.3309.8309.2

309.0307.3305.5

307.9309.5310.2

r308.9304.7300.3

297.9299.2

330c. Changeover 1-monthspans1©

(Percent)

0.60.30.7

0.10.1

- 0 . 1

0.2-0 .4-0 .5

0.00.3

-0.2

- 0 . 1- 0 . 1-0.2

0.20.2

-0.2

- 0 . 1-0 .6-0.6

0.80.50.2

-0 .4-1 .4-1.4

-0 .80.4

330c. Changeover 6-monthspansl ®

(Ann. rate,percent)

3.54.03.4

2.51.2

-1 .1

-1.2-0 .8-1 .0

-1.5-1 .0-0.5

- 0 . 1-0 .3-0 .4

-0 .3-1.2-2 .0

-0.9-0.20.6

r-0.1-1.7-3.4

-6.4-6.5

Producer price index, industrial commodities

335. Index ©

(1967 = 100)

319.1320.6321.9

322.6323.2323.8

323.9323.3322.2

323.4323.8323.0

322.9322,2322.5

323.8325.3324.8

324.4323.7322,3

324.2324.7325.1

r323.8319.4314,0

311.3311.7

335c. Changeover 1-monthspans1 ©

(Percent)

0.20.50.4

0.20.20.2

0.0-0.2-0.3

0.40.1

-0.2

0.0-0.20.1

0.40.5

-0.2

- 0 , 1-0.2-0 .4

0.6. 0.2

0.1

r-0.4-1.4-1.7

-0.90.1

335c. Changeover 6-monthspans l©

(Ann. rate,percent)

2.63.13.4

3.01.70.2

0.50.4

-0.5

-0.6-0.70.2

0.20.91.1

0.90.9

-0 .1

0.2-0.40.2

r-0.4-2.6-5.1

-7.8-7.8

Producer price index, crude materialsfor further processing

331. Index

(1967 = 100)

335.4329.5337.1

335.5333.9330.8

332.5329.5328.1

324.3326.9325.4

320.8315.2311.0

307.3305.6303.8

303.0296.1293.1

302.2308.0307.0

r302.9288.1279.9

269.7275.9


(Percent)

1.2- 1 . 8

2 .3

- 0 . 5- 0 . 5- 0 . 9

0 .5-0.9-0.4

-1.20.8

-0.5

-1.4-1.7-1.3

-1.2-0.6-0.6

-0.3-2.3-1.0

3.11.9

-0.3

r-1.3r-4.9-2.8

-3.62.3

331c. Changeover 6-monthspans'

(Ann. rate,percent)

3 .63.7

- 0 . 3

- 1 . 70.0

-5.3

-6.6-4.1-3.2

-6.9-8.5

-10.2

-10.2-12.6-12.8

-10.8-11.8-11 ?

i. L , C

-3.31.62.1

r-0.1-5.3-8.8

-20,4-19.8

See note on page 80.Graphs of these series are shown on page 48.

Changes are centered within the spans: 1-month changes are placed on the 2d month, and 6-month changes are placed on the 4th month.

ItO JUNE 1986 85Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis



Yearand

month

1984


April , . ,May . . . . .June

JulyAugustSeptember


1985

January . . . . . . . . .FebruaryMarch

Apri lMayJune

JulyAugustSeptember

OctoberNovemberDecember . . . . . . .

1986


AprilMayJune

JulyAugustSeptember .


Q PRICE MOVEMENTS—Continued

Producer price index, intermediatematerials, supplies, and components

332. Index

(1967-100)

317.1317.9319.7

320.2320.9321.3

320.9320.4320.0

320.4320.7320.4

320.4319.0318.6

319.3320.0318.5

317.8317.4317.2

317.5318.6319.9

r318.4313.8310 0

307.0306.3


(Percent)

0 .30 .30 .6

0.20.20.1

-0.1-0.2-0.1

0.10.1

-0.1

0.0-0.4-0.1

0.20.2

-0.5

-0.2-0.1-0.1

0.10.30.4

-0.5-1.4- 1 2

-1.0-0.2


(Ann. rate,percent)

2 .73 .23.2

2 .41.60.2

0.1-0.1-0 6

-0.3-0.9-0.9

-0.7-0.4-1.2

-1.6-1.0-0.9

-1.1-0.9

0.9

r0.4-2.3-4.5

-6.5-7.6

Producer price index, capital equipment

333. Index

(1967-100)

291.0291.7292.3

294.3293.6293.8

294.5295.0295 8

295.0295.9295.6

296.8298.6299.3

299.6300.0300.4

300.7301.3299.7

302.7303.4303.8

303.3303.5304.3

305.3305.5


(Percent)

0.30.20.2

0.7-0.2

0.1

0.20.20 3

-0.30.3

-0.1

0.40.60.2

0.10.10.1

0.10.2

-0.5

1.00.20.1

-0.20.10.3

0.30.1


(Ann. rate,percent)

3.72.92.5

2.42.32.4

0.51.61 2

1.62.52.4

3.12.83.3

2.61.80.3

2 . 12.32.3

1.71.53.1

1.71.4

Producer price index, finished consumer goods

334. Index

(1967-100)

288.6289.3290.7

290.8290.7290.5

291.0290.3290 0

290.0290.8291.1

290.5290.0289.9

291.9292.6291.6

292.5291.2289.6

292.1294.5296.7

r294 .1288.3284.1

281.5283.8

334c. Changsover lmonthspans5

(Percent)

0.80.20.5

0.00.0

-0 .1

0.2-0.2-0 1

0.00.30.1

-0.2-0.2

0.0

0.70.2

-0.3

0.3-0.4-0.5

0.90.80.7

r-0.9-2.0-1.5

-0.90.8

334c, Changeover 6-monthspans'

(Ann. rate,percent)

3 .03.72 .9

1.70.7

- 0 . 5

- 0 . 50 . 1n d

-0 .3-0 .2-0 .1

1.31.20.3

1.40.8

-0 .2

0.11.33.5

r l . l- 2 .0-3 .8

- 7 . 1- 7 . 1


Changes are centered within the spans: 1-month changes are placed on the 2d month, and 6-month changes are placed on the 4th month.




Year

and

month

1984

January

February

March

April

May

June

July

August

September

October

November

December

1985

January

February

March

April

May

June

July

August

September

October

November

December

1986

January

February

March

April

May

June

JulyAugustSeptember

October

November

December

WAGES AND PRODUCTIVITY

Average hourly earnings of production or nonsupervisory

workers on private nonagncultural payrolls1

Current-dollar earning:

340. Index

(1977 = 100)

Revised3

158.4158.3158.9

159.6159.5160 0

160.6160.5161.4

161.4162.0162.7

162.7163.6163.8

164.2164.4165.2

165.0165.5166.4

166.2166.8167.7

167.3

168.2

168.5

168.4

P168.8

340c. Change

over 1-month

spans2

(Percent)

Revised3

0.4

0.0

0.3

0.5

-0 .1

0 4

0.3

0.0

0.5

0.0

0.4

0.5

0.0

0.5

0.2

0.2

0.2

0.5

-0.2

0.3

0.5

-0 .1

0.4

0.6

-0.3

0.5

0.2

-0 .1

p0.2

340c. Change

over 6-month

spans2

(Ann, rate,

percent)

Revised3

3.0

2.7

2.9

2.8

2.8

3 2

2.2

3.1

3.4

2.7

3.9

3.1

3.5

3.1

3.1

2.7

2.3

3.1

2.4

2.9

3.1

2.9

3.3

2.6

2.7

P2.3

Real earnings

341. Index

(1977 = 100)

Revised3

94.7

94.6

94.9

95.3

94.9

95 0

94.9

94.0

94.0

93.9

94.2

94.4

94.3

94.5

94.2

94.0

94.1

94.2

93.9

94.1

94.4

94.0

93.9

94.0

93.5

94.4

95.1

95.4

P95.4

341c. Change

over 1-month

spans2

(Percent)

Revised3

-0 .1

-0.1

0.3

0.4

-0.5

0 2

-0 .1

-1.0

0.0

-0 .1

0.3

0.2

-0.2

0.2

-0.3

-0.2

0.0

0.2

-0.3

0.1

0.4

-0.4

-0 .1

0.1

-0.6

1.0

0.8

0.3

pO.O

341c. Change

over 6-month

spans *

(Ann. rate,

percent)

Revised3

0.9

0.4

0.5

0.5

-1.4

-2 0

-2.8

-1.4

-1.2

-1.4

1.1

0.5

0.2

-0.3

-0.4

-0.7

-0.9

0.4

0.0

-0.3

-0.5

-1.0

0.7

1.5

3.0

p3.2

Average hourly compensation, all employees,

nonfarm business sector

Current-dollar compensation

345. Index

(1977 = 100)

16514

166.8

168i3

169^6

1 7 l ! 5

173 .1

. . .

174.2

175!6

176.5

345c. Change

over 1-quarter

spans2

(Ann. rate,

percent)

4.4

3.5

3.5

3.2

4.7

3.7

2.8

3.1

2.2

345c. Change

over 4-quarter

spans *

(Ann. rate,

percent)

3^9

3^6

3!7

3- 7

3^5

3l5

2^9


Graphs of these series are shown on pages 49 and 50.

Adjusted for overtime (in manufacturing only) and interindustry employment shifts.2Changes are centered within the spans: 1-month changes are placed on the 2d month, 6-month changes are placed on the 4th month, 1-quar-

ter changes are placed on the 1st month of the 2d quarter, and 4-quarter changes are placed on the middle month of the 3d quarter.3See "New Features and Changes for This Issue," page iii.




Yearand

month

WAGES AND PRODUCTIVITY-Continued

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

Real compensation

346. Index

(1977-100)

346c. Changeover 1-quarterspans1

(Ann. rate,percent)


(Ann. rate,percent)

Negotiated wage andbenefit decisions

348. Averagefirst-yearchanges ©

(Ann. rate,percent)

349. Averagechanges overlife ofcontract ©

(Ann. rate,percent)

Output per hour, all persons, business sector

370. Index

(1977-100)


(Ann. rate,percent)


(Ann. rate,percent)

358. Index ofoutput per hour,all persons,nonfarm busi-ness sector

(1977-100)

1984


April . . . . . . .MayJune


OctoberNovember . , .December . . .

1985

JanuaryFebruary . . ,March

April . .May , .June , .


OctoberNovember . . ,December . . ,

1986

January . .February .March . . .

AprilMay . . . .June


October. .NovemberDecember

97.£

97.8

97.7

97.6

97.9

97.8

97.9

9 7 . 6

9 7 . 8

- O . 7

-O. I

-0.4

-0.5

1.3

-0.5

0.4

-1.1

0.7

-0.3

-0.4

0.1

0.0

0.2

0.0

- 0 , 1

5.1

3.5

2.7

3.7

3.6

3.5

2.0

2.0

p0.3

4.7

3.2

3.1

2.0

2.7

3.4

3.0

1,4

Pl.2

104.9

105.5

105.3

105.0

105.3

105.5

105.9

104.9

105.5

5.1

2.5

-0.8

- 1 . 3

1.0

O.E

1.6

-3.9

2.5

2.2

1.3

0.3

-0.1

0.5

-0.1

0.2

104.0

104.5

104.2

103.8

104.1

104.2

104.3

103.2

104.1

See note on page 80.Graphs of these series are shown on pages 49 and SO.1Changcs are centered within the spans: 1-quarter changes are

placed on the middle month of the 3d quarter.placed on the 1st month of the 2d quarter, and 4-quarter changes arc



C I LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT

Yearand

month

1984


AprilMayJune

JulyAugustSeptember


1985


AprilMayJune

JulyAugustSeptember


1986


AprilMayJune

JulyAugustSeptember


Q CIVILIAN LABOR FORCE AND MAJOR COMPONENTS

Civilian labor force

441. Total

(Thous.)

112,191112,683112,734

113,083113,722113,818

113,922113,718113,795

114,036114,165114,504

114,754114,982115,335

115,256115,339115,024

115,272115,343115,790

116,114116,130116,229

116,786117,088117,207

117,234117,664

442. Civilianemployment

(Thous.)

103,209103,846103,959

104,318105,175105,580

105,466105,222105,415

105,657105,971106,248

106,315106,587106,951

106,872106,939106,601

106,871107,210107,519

107,813107,969108,206

108,955108,561108,788

108,892109,110

Number unemployed

37. Personsunemployed

(Thous.)

8,9828,8378,775

8,7658,5478,238

8,4568,4968,380

8,3798,1948,256

8,4398,3958,384

8,3848,4008,423

8,4018,1338,271

8,3018,1618,023

7,8318,5278,419

8,3428,554

444. Males20 yearsand over

(Thous.)

4,2424,1334,059

4,0583,9433,783

3,8773,8643,830

3,7393,7273,775

3,7663,7633,743

3,7753,6963,862

3,7553,6333,656

3,6773,6563,566

3,5073,7993,809

3,6633,897

445. Females20 yearsand over

(Thous.)

3,1893,1463,140

3,1493,1002,976

3,1313,1813,016

3,1863,0703,002

3,1603,1403,168

3,1783,1993,152

3,1203,1433,195

3,0543,0572,988

2,9153,2113,155

3,0973,125

446. Bothsexes 16-19years of age

(Thous.)

1,5511,5581,576

1,5581,5041,479

1,4481,4511,534

1,4541,3971,479

1,5131,4921,473

1,4311,5051,409

1,5261,3571,420

1,5701,4481,469

1,4091,5171,455

1,5821,532

447. Numberunemployed,full-timeworkers

(Thous.)

7,4937,3007,312

7,3277,0676,597

6,9806,9706,898

6,9686,7786,837

6,9206,9236,831

6,8456,8166,770

6,9016,6836,766

6,7266,7136,583

6,4356,9226,918

6,7837,037

448. Numberemployedpart timefor eco-nomicreasons

(Thous.)

5,7145,7135,479

5,5495,3285,571

5,4815,3515,443

5,4985,3905,611

5,3925,0985,421

5,4025,5505,278

5,3285,4135,299

5,2415,2955,294

5,2755,1585,301

5,6215,673

Civilian labor force participation rates

451. Males20 yearsand over

(Percent)

78.378.378.3

78.278.378.5

78.478.378.3

78.278.278.3

78.278 .178.2

78 .178.278 .1

77.978.078 .1

78 .178 .178.0

78.478.378.3

78,078 .1

452. Females20 yearsand over

(Percent)

53.053.353.4

53.654 .153.8

54.053.953.6

53.954.054.0

54.454.454.6

54.654.554.6

54.554.654.8

54.954.955.0

55.055.055.0

55O155.4

453. Bothsexes 16-19years of age

(Percent)

53.053.753.5

54.054.054.8

54.453.254.4

54.053.954.4

54.855.455.5

54.955.352.4

54.953.554.1

54.854.354.0

53 .155.255 .1

55,755.6




GOVERNMENT ACTIVITIES

Yearand

month

1984

JanuaryFebruaryMarch . . . .

AprilMay . . .June

JulyAugustSeptember

OctoberNovember . .December . .

1985

January . .FebruaryMarch

AprilMayJune

JulyAugustSeptember


1986


AprilMayJune

JulyAugustSeptember


Q RECEIPTS AND EXPENDITURES

500. Surplusor deficit


-157.8

-163.0

-i7s!i

-192*7

-209.1

-20l!3

-226.9

r-2Q8*8

rederal Governmen

501. Receipts


709^4

72l!8

727! 1

742. i

789.7

754*9

790.7

803.5

rSok'.i

502. Expendi-tures


86?!2

884.9

905.2

934^7

952*4

964.0

992*0

1,030*4

r l , 012*9

State and local government'

510. Surplusor deficit


64*0

65*7

62! i

65*8

63.2

57*3

56.9

58*8

r64.*5

511. Receipts

(Ann. rate,bit. dol.)

525^5

537*4

542*2

554! i

560 is

570*0

sails

589.* i

r602.*5

512. Expendi-tures


46115

471*7

480 ! i

488! 3

497! 2

51217

52419

53012

r538.0

Q DEFENSE INDICATORS

Advance measures of defense activity

517. DefenseDepartmentgross obliga-tions incurred

(Mil. dol.)

21,14522,66723,445

19,18520,34219,781

20,98823,09822,191

20,82128,89226 686

22,49220,37720,346

22,65525,14029,513

31,64134,47030,753

28,62925,80930,768

26,79229,49232 124

p28,162(NA)

525. DefenseDepartmentprime con-tract awards

(Mil. dol.)

15,08914,27313,779

11,3989,459

11,644

10,10112,64711,441

12,90125,552

7 017

12,44912,43210,360

9,65814,14711,627

12,16317,57911,702

10,58410,08614,088

13,4249,318

14 368

pl2,855(NA)

543. DefenseDepartmentgross unpaidobligationsoutstanding

(Mil. dol.)

142,169145,648150,842

149,369149,452151,538

152,828156,271156,950

159,226168,32117? 010

174,180173,704174,338

174,867178,000179,337

182,074187,278186,401

185,059182,400183,504

185,82218B,008190 756

pl88,903(NA)

548. Manu-facturers1

new orders,defenseproducts

(Mil. dol.)

6,5036,884

11,713

5,1396,6486,834

7,6008,0907 301

5,16710,091

7 448

11,0614,7086,240

6,1308,773

11,238

9,59410,2708,106

6,1796,8107,152

10,3507,200

10 447

r6,§00p8,856

See note on page 80.Graphs of these series are shown on pages 52 and 53.1Based on national income and product accounts.

90 JUNE 1986 IN:Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis


[ £ ) I GOVERNMENT ACTIVITIES—Continued

Yearand

month

1984


AprilMayJune

JulyAugustSeptember


1985


AprilMayJune

JulyAugustSeptember


1986


AprilMayJune

JulyAugustSeptember


Q | DEFENSE INDICATORS—Continued

Intermediate and final measures of defense activity

557. Index ofindustrialproduction,defense andspace equip-ment

(1977=100)

148.8151.3151.9

155.6156.0157.2

158.5160.7163.4

163.5163.3165.3

165.3167.3169.0

170.1171.2173.4

173.9175.5177.5

178.7180.7180.7

179.3176.7178.5

rl79.0P179.3

559. Manufac-turers' inven-tories, defenseproducts, bookvalue

(Mil. dol.)

17,86118,19018,746

19,01719,51420,035

20,73421,31522,141

22,55122,58122,517

23,09123,40523,489

24,00623,96224,721

25,31725,92326,476

26,58726,59826,270

26,76226,25427,080

27,565(NA)

561. Manufac-turers' unfilledorders, defenseproducts

(Mil. dol.)

113,575114,624120,647

119,870120,758121,672

123,219125,276126,496

125,340129,092129,775

134,455132,467131,990

131,769133,958137,975

140,742143,848144,828

143,336142,288141,497

144,814144,433147,801

rl46,968pl48,137

580. DefenseDepartmentnet outlays,military

(Mil. dol.)

18,44817,80117,794

18,52518,60918,953

18,40519,18119,469

18,68720,15219,899

18,76220,05820,465

19,59720,60320,554

21,49822,48921,987

20,90821,84722,440

20,15221,58623,059

22,101p22,802

588. Manufac-turers' ship-ments, defenseproducts

(Mil. dol.)

5,6825,8355,690

5,9165,7605,920

6,0536,0336,081

6,3236,3396,765

6,3806,6956,718

6,3526,5847,221

6,8277,1647,126

7,6717,8587,943

7,0337,5817,079

r7,333p7,687

570. Employ-ment, defenseproducts in-dustries

(Thous.)

Revised1

1,3911,3981,408

1,4141,4241,435

1,4441,4521,461

1,4701,4741,485

1,4961,5061,514

1,5211,5301,541

1,5491,5691,565

1,5721,5811,580

1,5891,5901,589

1,595(NA)

Defense Departmentpersonnel

577. Militaryon activedu ty©

(Thous.)

2,1302,1352,140

2,1382,1412,143

2,1422,1442,138

2,1382,1412,138

2,1462,1472,148

2,1482,1492,151

2,1562,1572,151

2,1512,1532,150

2,1572,1602,160

2,150p2,150

578. Civilian,direct hireemployment

(Thous.)

1,0491,0491,051

1,0521,0561,056

1,0601,0621,057

1,0681,0691,069

1,0731,0741,076

1,0811,0841,084

1,0911,0941,099

1,0991,0981,100

1,1031,0871,084

1,081(NA)

National defensepurchases

564. Federalpurchases ofgoods andservices,nationaldefense


228.3

235.8

236.2

247.5

249.5

256\0

269.9

Zll\

r 2 6 8 . 0

565. Nationaldefense pur-chases as apercent ofGNP

(Percent)

6.2

6.3

6.2

6.4

6.4

6 \5

6 .7

6\7

6.5

See note on page 80.Graphs of these series are shown on pages 54 and 55.lSee "New Features and Changes for This Issue," page iii.



E U.S. INTERNATIONAL TRANSACTIONS

Yearand

month

MERCHANDISE TRADE

602. Exports, excludingmilitary aid shipments

(Mil. dol.)

604. Exports of domesticagricultural products

(Mil. dol.)

606. Exports of non-electrical machinery

(Mil. dol.)

612. General imports

(Mil. dol.)

614. Imports of petro-leum and petroleumproducts

(Mil. dol.)

616. Imports of auto-mobiles and parts

(Mil. dol.)

1984


AprilMayJune

July . . . . . . .AugustSeptember . . .

OctoberNovember , . .December . , .

1985


AprilMayJune



1986


AprilMayJune



17,88917,20817,906

17,52017,97817,705

19,15418,12318,210

18,41118,39519,142

19,40117,85318,446

17,77917,41417,438

17,41217,42317,732

17,36817,97617,024

'17,006'17,734118,911

'17,964(NA)

3,4573,1983,336

030245

2,715

3,2363,0223,153

2,7993,2423,314

2,9452,8422,436

2,6242,2152,218

2,1842,3472,080

2,3512,4462,426

2,3202,2832,135

2,043(NA)

4,0093,8483,764

3,811976746

790878640

007905

4,128

4,2473,9704,160

3,9704,0733,952

3,6153,8973,777

694918

3,730

3,8544,2943,740

3,981<NA)

26,20426,42026,948

28,07426,01225,279

31,33426,86628,409

26,78327,33125,933

28,29727,98528,129

28,29528,68529,425

26,63026,08331,764

27,59430,28532,888

'32,005X28.895"31,972

'28,762(NA)

4,5154,6605,393

6,0005,1134,694

4,6744,0214,261

4,0074,6374,298

4,0053,8333,411

4,9365,2374,842

3,3423,2524,041

3,8114,3675,079

4,9784,2543,578

2,084<NA)

3,6843,7513,680

3,8383,6353,683

3,9473,7734,302

3,6003,8173,732

4,0334,9994,243

4,3504,0734,932

161489

5,555

4,1985,4615,758

5,0445,3785,018

5,044(NA)

See note on page 80.Graphs of these series are shown on page 56.'Not seasonally adjusted. See item 7 of "New Features and Changes for This Issue" on page iv of the March 1986 issue.



E U.S. INTERNATIONAL TRANSACTIONS—Continued .

Year

and

month

1984

January

February

March

April

May

June

July

August

September

October

November

December

1985

January

February

March

April

MayJune

July

August

September

October

November

December

1986

January

February

March

April

May

June

July

August

September

October

November

December . . .

Q j GOODS AND SERVICES MOVEMENTS (EXCLUDING TRANSFERS UNDER MILITARY GRANTS)

Goods and services

667. Balance

(Mil. dol.)

Revised2

-17,872

-25,394

-25,166

-25,874

-22,832

-25,959

-24,454

-29,451

p-3O,637

668. Exports

(Mil. dol.)

Revised2

89,907

89,053

90,631

90,522

88,040

89,350

90,234

90,873

p91,605

669. Imports

(Mil. dol.)

Revised2

107,779

114,447

115,797

116,396

110,872

115,309

114,688

120,324

pl22,242

Merchandise, adjusted1

622. Balance

(Mil. dol.)

Revised2

-25,801

-29,094

-28,453

-29,174

-25,045

-30,367

-31,675

-37,352

p-36,585

618. Exports

(Mil. dol.)

Revised2

53,614

54,590

55,691

56,005

55,324

53,875

52,498

52,727

p53,548

620. Imports

(Mil. dol.)

Revised2

79,415

83,684

84,144

85,179

80,369

84,242

84,173

90,079

p90,133

Income on investment

651. U.S. invest-ment abroad

(Mil. dol.)

Revised2

22,860

21,104

21,396

20,861

18,726

22,253

24,502

24,509

p24,241

652. Foreigninvestment inthe United States

(Mil. dol.)

Revised2

15,446

17,208

17,991

16,823

16,507

16,804

16,240

15,254

pl7,421


Graphs of these series are shown on page 571Balance of payments basis: EX1

of Defense purchases (imports).2See t;Nevv Features and Changes

:cludes transfers under military grants and Department of Defense sales contracts (exports) and Department

for This Issue," page iii.



INTERNATIONAL COMPARISONS

Yearand

month

1984


AprilMayJune

July ,AugustSeptember . . .


1985


AprilMayJune

JulyAugustSeptember


1986


AprilMayJune

JulyAugustSeptember


Q INDUSTRIAL PRODUCTION

47. United States,index of industrial production

(1977-100)

118.4119.3120.1

120.7121.3122.3

123.2123.5123.3

122.7123.4123.3

123.6123.7124.0

124.1124.1124.3

124.1125.2125.1

124.4125.4126.4

126.7rl25.6rl24.4

rl25.0pl24.2

72LOECD1

European coun-tries, index ofindustrialproduction

(1977-100)

108108107

106107104

108109109

109109108

108110111

noinin112111112

112114110

112113

P113

(NA)

728. Japan,index of indus-trial production

(1977-100)

131.5135.4134.2

135.1137.9138.6

139.2140.2139.4

143.3143.4142.7

143.0rl43.4rl41.9

rl44.9rl47.4rl44.9

rl47.2rl45.5rl44.5

rl44.8rl44.2rl44.6

rl44.6rl45.2P144.5

(NA)

725. WestGermany, indexof industrialproduction

(1977 = 100)

106108105

105106

95

109108108

109110109

110109110

110111

r l l 2

116112112

116r l l6

110

113113

pll2

(NA)

726. France,index of indus-trial production

(1977-100)

105104105

102105103

107107105

107105103

101105107

r lO4105104

108108105

107109104

104105

P1O5

(NA)

722, UnitedKingdom, indexof industrialproduction

(1977-100)

105104103

103102103

102102103

103103104

106106108

109109108

108108109

108no

rlO7

108rlO9plO9

(NA)

727. Italy, indexof industrialproduction

(1977-100)

106.0104.0108.0

104.3108.0108.4

107.3108.0110.7

107.5107.0107.4

102.8111.5111.7

107.6108.5111.1

107.3105.8110.6

106.9110.9106.6

108.3rill.3P114.6

(NA)

723. Canada,index of indus-trial production

(1977 = 100)

111.0108,0110.0

109,9110.3111.3

115.1114.5112,2

112.2114.1115.0

113.9114.0114.2

115.0115.0116.4

118.1118.1118.0

119,1120.1

rl20.0

rl20.0rlZQ.BpllS.3

(NA)

See note on page 80.Graphs of these series are shown on page 58.Organization for Economic Cooperation and Development.



F I INTERNATIONAL COMPARISONS—Continued

Yearand

month

1984


AprilMayJune

JulyAugustSeptember


1985


AprilMayJune

JulyAugustSeptember


1986


AprilMayJune

JulyAugustSeptember


Q CONSUMER PRICES

United States

320. Index ©

(1967 = 100)

305.2306.6307.3

308.8309.7310.7

311.7313.0314.5

315.3315.3315.5

316.1317.4318.8

320.1321.3322.3

322.8323.5324.5

325.5326.6327.4

328.4327.5326.0

325.3326.3


(Ann. rate,percent)

4 .64 .34 .2

3.63.73.9

3.73.83.8

3.53.33.5

3.63.63.6

3.63.42.8

2.93.63.8

4.12.91.6

0.3-0.4

Japan

738. Index ©

(1967 = 100)

312.3314.2315.1

315.9318.2315.6

316.2313.4318.5

321.0319.0319.6

321.3318.7320.2

321.9323.3323.5

323.8320.7323.8

328.4325.0325.2

325.8324.4323.5

324.7(NA)


(Ann. rate,percent)

'2.72.41.5

2.5-0 .10.8

1.61.93.8

3.23.02.5

2.21.31.4

1.61.70.9

2.22.41.7

1.11.91.0

-0.6(NA)

West Germany

735. Index ©

(1967 = 100)

206.6207.1207.3

207.7207.8208.6

208.2207.8208.0

209.2209.6209.8

211.0211.9212.6

212.9213.1213.3

212.9212.2212.6

212.9213.3213.5

213.8213.3212.8

212.6212.6


(Ann. rate,percent)

2.62.51.9

1.61.30.9

1.61.72 .1

2.73.44.3

3.43.42.4

1.60.90.2

0.00.21.1

1.00.3

-0.2

-0.5-0.8

France

736. Index©

(1967 = 100)

425.4428.0431.0

433.6436.2438.4

441.5443.7445.9

449.0450.3451.2

453.5455.8459.0

462.2464.5466.4

468.2468.7469.2

470.6471.5472.1

472.6471.7472.9

474.7(NA)


(Ann. rate,percent)

6.66.6

' 6 . 9

6.87.07.2

7.77.46.8

6.45.95.8

5.55.56.0

5.85.34.7

4.13.93.3

2.71.71.4

1.6(NA)

United Kingdom

732. Index©

(1967 = 100)

550.4552.6554.4

561.8563.9565.3

564.7570.0571.1

574.6576.4575.9

578.0582.7588.1

600.6603.4604.7

603.5605.1604.8

605.8607.9608.7

610.0612.2613.0

619.0620.1


(Ann. rate,percent)

4 . 14 .03.7

3.65 .15 .1

5.75.95.4

6.55.87.1

8.28.38.5

7.36.64.7

2.82.73.1

4.03.63.6

3.22.8

See note on page 80.Graphs of these series are shown on page 59.1Changes over 6-month spans are centered on the 4th month.



F I INTERNATIONAL COMPARISONS—Continued

Yearand

month

1984

JanuaryFebruary . .March

April . . . .May . . .June

JulyAugustSeptember


1985

January .FebruaryMarch

AprilMayJune

JulyAugustSeptember

October . .November . . .December . , .

1986


AprilMayJune

JulyAugustSeptember


Q CONSUMER PRICES—Continued

Italy

737. Index ©

(1967-100)

678.3685.8690.6

695.4699.6703.8

705.9708.0713.0

720.1724.4729.5

736.8744.2749.4

756.1760.6764.4

766.7768.2771.3

780.6786.1791.6

795.6801.2804.4

806.8809.9


(Ann. rate,percent)

11 .110.910.9

10.09.48.1

6.86.46.8

7.27.78.9

10.711.110.4

10.09.48.5

7.56.07.0

6.26.26.2

5.86.8

Canada

733. Index ©

(1967 = 100)

329.2331.1331.9

332.7333.3334.7

336.6336.6336.9

337.5339.7339.9

341.3343.5344.3

345.7346.5348.3

349,5350.1350.5

351.7353.1354.7

356.3357.7358.5

359.1360.7


(Ann. rate,percent)

4 .34.73.4

3.12.33.0

2.53.44.2

4.35.24.4

5.34.54.0

3.42.93.6

3.13.44.7

5.25.04.6

4.54.8

Q STOCK PRICES

19. UnitedStates, indexof stockprices, 500commonstocks ©

(1967 = 100)

181.0171.1171.3

171.4170.3166.6

164.3178.9180.7

179.3180.9178.9

186.7196.8195.2

196.5201.1205.5

209.4204.8200.2

202.5214.8225.5

226.5238.6252.7

258.9259.4

P266.2

748. Japan,index ofstockprices ©

(1967-100)

687.6699.6736.1

776.0744.6711.2

701.3728.8738.6

760.5774.7804.7

839.5851.9900.4

880.3890.6915.0

941.6915.9915.0

930.9910.7933.9

936.5P965.4

pi,048.6

pi,116.2rpl,157.6pi,233.2

745. WestGermany,index ofstockprices ©

(1967 = 100)

185.3182.3178.4

177.9178.0175.8

167.2172.0178 3

185.2185.1187.4

195.1202.0213.4

212.5218.7234.2

234.8237.4253.2

273.6302.4304.1

327.1320.8329.6

345.8rp316.6

P310.3

746. France,index ofstockprices ©

(1967 = 100)

275.9263.4261.1

285.4277.1272.3

256.7274.3287 0

287.9286.0285.2

294.3307.9317.8

328.9336.4337.2

321.9316.6312.3

300.4339.1356.5

P386.1P404.4P438.4

P494.2rp509.1

P458.4

742. UnitedKingdom,index ofstockprices ©

(1967-100)

457.2457.2485.3

495.0489.6468.7

447.5478.6497 0

503.7525.9551.2

578.1585.1592.3

592.0607.0591.3

568.4597.0605.7

617.4652.0644.3

647.8690.0755.0

P781.9rp757.8P765.1

747. Italy,index ofstockprices ©

(1967-100)

125.3128.7128.5

124.9122.5119.6

121.4128.7127 6

127.4130.5130.5

147.2164.1165.0

164.4188.7199.0

212.9229.9246.4

251.1263.9285.2

303.8343.9430.2

(NA)

743. Canada,index ofstockprices ©

(1967-100)

279.0273.4269.2

262.5251.9251.0

241.8269.6270 4

265.9267.6271.2

293.2293.2295.2

297.8309.2306.5

314.0318.6297.4

302.2322.8327.8

321.2322.7344.3

347.9352,8

P353.7

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


APPENDIXESB. Current Adjustment Factors

Series1985

July Aug. Sept. Oct. Nov. Dec

1986

Jan. Feb. Mar. Apr. May June

5. Average weekly initial claims, State-unemployment insurance . ... . v:.i

13. New business incorporations1.

15. Profits after taxes per dollar of sales,manufacturing corporations2

33. Net change in mortgage debt1 3. . . . . .

72. Commercial and'industrial loansoutstanding in current dollars4.

517. Defense Department gross obligationsincurred1. . . . . . .... . . . .

525. Defense Department prime contract awards

543. Defense Department gross unpaid :

obligations outstanding . . . . . . . .

570. Employment, defense products industries . .

580. Defense Department net outlays1 . . . ., . .

604. Exports of domestic agricultural products .

606'. Exports of nonelectrical machinery . . . .

614. Imports of petroleum and petroleumproducts1 . .-;. . . .

616. Imports of automobiles and parts1

105.7

102.1

636

100.1

88.5

73.2

97.0

100.1

9,9.9

82.5

102.7

114.9

98.4

86.3

98; 1,

100.0r

1956

99.9

86.9

78.7

93.8

99.3

100.4

84.5

95.5

113.3

87.8

81.4

93.3

575

99.9

117.7

186.4

97.0

100.0

95.6

90.6

99.5

107.0

87.9

95.9

104.3

-46

99.9

112.7

70.2

98,6

100.0

101.8

9,9.7

106.0

115.0

104.3

105.6

89.0

94.5

51

99.9

105.4

119.9

100.0

100.1

97.9

113.9

95.6

102.8

96.4

125.2

100.3

-512

100.0

108.8

92.0

101.4

100.5

103.4

108.9

98.3

95.3

94.3

144.1

105.3

-692

99.7

121.1

114.9

104.1

100.2

100.5

109.3

96.1

98.3

106.0

101.3

91.3

- 97.3

-3776

99.7

92.2

100.3

103.6

100.1

95.5

107.1

90.2

82.5

93.5

89.8

103.8

-1172

100.3

101.9

111.5

103.2

100.0

100.8

112.4

111.3

84.5

109.3

93.1

106.3

1053

100.3

95.1

84.3

103.6

99.8

100.6

103.8

100.0

93.7

107.9

82.8

102.8

108.6

446

100.5

86.8

88:8

101.3

99.8

100.8

94.9

104.1

92.0

112,0

87.4

104.1

1408

100.4

80.5

81.0

98.6

100.1

99.5

92.5

104.7

108.2

110.0

NOTE: These series are seasonally adjusted by the Bureau of Economic Analysis rather than by the source agency. Seasonally ad-justed data prepared by the source agency.will be used in BUSINESS CONDITIONS DIGEST whenever they are available. For a descriptionof the method used to compute these factors, see Bureau of the Census Technical Paper No. 15, THE X-ll VARIANT OF THE CENSUS METHOD' II SEASONAL ADJUSTMENT PROGRAM. '

factors are the products of seasonal and trading-day, factors.^Quarterly series; factors are placed in the middle month of the quarter.

, 3These quantities-, in millions of dollars, are subtracted from the month-to-month net change in the unadjusted monthly totals to'yield the seasonally adjusted net change. These factors are computed by the additive version of the X-ll variant of the Census Meth-od II seasonal adjustment program.

4These factors apply only to the loans portion of this series.


C. Historical Data for Selected Series

Year

1 9 5 2 . . .1 9 5 3 . . .1 9 5 4 . . .1 9 5 5 . . .1 9 5 6 . . .1 9 5 7 . . ,1 9 5 8 . , .1 9 5 9 . . .I 9 6 0 , . .1 9 6 1 . . .1 9 6 2 . . .1 9 6 3 . . .196 4 . . .1 9 6 5 . . .1 9 6 6 . . .1 9 6 7 . . .196 8 . . .1 9 6 9 . , .1 9 7 0 . . .1 9 7 1 . . .1 9 7 2 . . .1 9 7 3 . . .19 7 4 . . .1 9 7 5 . . .1 9 7 6 , . .1 9 7 ? . , .1 9 7 8 . . .1 9 7 9 . . .19 8 0 . . .1 9 8 1 . . .1 9 8 2 . , .1 9 8 3 . , .1 9 8 4 . . .1 9 8 5 . . ,1 9 8 6 . . .

1 9 5 2 . . .1 9 5 3 . . .1 9 5 4 . . .1 9 5 5 . . .1 9 5 6 . . .1 9 5 7 . . .1 9 5 8 . . .1 9 5 9 . . .1 9 6 0 . . .1 9 6 1 , . .1 9 6 2 . . .1 9 6 3 . . .1 9 6 4 . . .1 9 6 5 . . .1 9 6 6 , , .1 9 6 7 . , .1 9 6 8 . . .1 9 6 9 , . .1 9 7 0 . . .1 9 7 1 . . .1 9 7 2 . . .1 9 7 3 . . .1 9 7 4 . . .1 9 7 5 . . .1 9 7 6 . . .1 9 7 7 . . ,1 9 7 8 . . .1 9 7 9 . . .1 9 8 0 . . .1 9 8 1 . . .1 9 8 2 . . .1 9 8 3 . . .1 9 8 4 . . .1 9 8 5 , . .1 9 8 6 . . .

1 9 5 2 . . .

19 5 3 . . .1 9 5 4 . . .195 5 . , .1 9 5 6 . , ,1 9 5 7 . . .1 9 5 8 . . .1 9 5 9 . . .1 9 6 0 . . .1961 . . .1 9 6 2 , . .1 9 6 3 . . .1 9 6 4 . . .1 9 6 5 . . .1 9 6 6 . . .1 9 6 7 . . .1 9 6 8 . . .1 9 6 9 , . ,1 9 7 0 . . .1 9 7 1 . . .1 9 7 2 . . .1 9 7 3 . . .197 4 . . .1 9 7 5 . . .1 9 7 6 . . .1 9 7 7 . . .1 9 7 8 . . .1 9 7 9 . . .1 9 8 0 . . .1981 . . .1 9 8 2 . . .1 9 8 3 . . .1 9 8 4 . . .1 9 8 5 . , .1 9 8 6 . . ,

Jan.

87 .892.786.595 .195.991 .586.997 .199.087.992.292.796 .199.7

101.796 .3

105.2116.1114.9106.4116.1121.4114.1102.8118.3126.8135.0137.1137.9128:0116.3114.7123.2121,4

7,0 808,3048,638

11,90211,62011,25011,04216,34616,56113,60715,59914,92415,99316,78418,08?16,70318,06121,36422,19622,56325,27027,79626,5112 4,80 92 9,61334,31136 ,41442,04344,23046,03943,33049,99952,67452,768

1,388

1,4841,3581,7571,4411,1511,1701,6571,4601,1831,3611,2441 ,6031,3611,3701,0671,3 801 ,7691,0851,8282,4942,4811,4511 ,0321 ,3671,5271,7181,6301 ,3411,547

8431,5861,8921,80 4

Feb.

8 9 . 39 2 . 386 .196 .996.991.286 .397 .89 7 . 389 .192 .893.796 .8

100.3103,0

96.0106.1115.9114.6105.4116.0121.6113 .5101.9118.1127 .3136.8138.1137.1128.3118.8113.8122,6122.7

7,2148,3518,937

11,84312,44911,35911,04916,25515,27414,57015,75815,39016,32616,85417,45115,98718,04122,10522,96821,03425 ,08428,75227,05624,93129 ,77233,8 4439,43442 ,01444 ,17548,58847 ,23448,29653,53554 ,765

1,516

1,4601,4171,6641,4441,1681 ,1071 ,66?1,5031,2261 ,2781,4561,8201,43 31,3781.1231,5201,7051,3051,7412,3902,2891,752

9041,5381,9431.7381,5201,3501,246

8661,6992,2131,632

Mar.

90 .392 .185 .596 .995 .591 .385.99 9 . 396.789.693 .394 ,496.6

100.3103.0

97.2106.0115.8111 .8108.3117.2122.0113 .2102.9119.7128.3136.6139.4134.9127,9118.7115,5121.6122.0

13

7,3488,6349,155

11 ,67911.59111,36711,04216,54815,23314,65815,67015,56315,91717,13117,26616,24418,53822,08321,34622,88326,23128,96426,45825,07631,00035,01837,84743 ,29943,35947,97246,89948,03253,07555 ,785

28

1,483

1,5061,4111,6841,4011,1731 ,1081 ,6201,1091,3121,4431,5341,5171,4231,3941,0561,4661,5611,3191,9102,3342,3651,555

9931,4212,0632,0321,8471 ,0471,306

9311,6061,6711,849

Apr. May June12 . INDEX OF NET BUSINE

89 .191 .486 .196 .29 6 . 491 .685 .19 9 . 496 .291.292.793.997 .498.9

101.397 ,3

105.0116.8110.9108.6118.9121.2116.8103.7119.0127 ,3138.9138.2129.8129.0119,0116.4121 .4121.6

7,4998,5349,276

11,21511,88811,50710,63616,60415,2 8015,32715,37215,30516,13216,66417,05716,76018,66323,26221,82922 ,81426,63028 ,52229 ,07126,70830 ,80834,52939 ,58543 ,40142 ,24049 ,41346,87648 ,90353,29855,602

(1967-100)

89 .49 1 . 187.096 .996 .390.687.999 .395 .591.092.693.699.098,7

100.198.0

103.8116.4109.1110.1118.7120.1116.3105.1117.4128.1137.2137.8128.5126.5118.0117.3120.4119.6

91 .58 9 .8 7 .9 7 .9 4 .9 1 .8 9 .9 7 .95 .291.292 .394.098.29 9 .9 9 .9 9 .

104.116.107.5111.8118.8119.5115.7110.3121.0130.7138.4137.1125.6124.9115.2118.5120.7120.2

(NUMBER)

7,4418,7859,158

11.52112,24511,10911,75216,29615,17615,29815,24515,68216,47 316,5 6016,64417,62718,72323,11821 ,87423,96026 ,27028,28627,56226,63228 ,78435,25639,05944,31742,71048,99746,99550,21150,73655,392

7,7008.6059,436

12,07211,99911,73912,03215,20415,63015,43114,94715,53616,28217,01716,57717,79918,83923,43921,7 9624,48126 ,17527,99925,78526,30731,42036 ,69439,86043,50440 ,64849,17245,93650,99253,88455,006

July Aug.ss FORMATION'

90 .689.288.697 .294.49 1 . 39 0 . 197 ,59 5 . 192.092 .49 4 . 397 .5

100.298.7

100.0107 .0116.4106.1113.2119.4119.3118.8115.2121.1131.9140.0138.0125.2123.8115.2117.6120.5122.4

7,6 838,7579,772

11,65511,85111,68612,50415,65815,82815,49215,17115,43116,55016,84416,07416,30019,40 723,36621 ,61424,67726,78927,47727,79028,65531,03736 ,87440,15244 ,51343 ,62149 ,03844,52548 ,60153,21154,560

91 .989 .488.996 .793 .590 .592 .397.993.790.692.295 .597.0

100.098.3

102.9109.4115.9105.5113.4119.0118.6117.5114.7119.7133.2138,0137.8127.2125.6115.8118.2121.6121.5

8,0658,5159,882

11,57211,70711,59313,64415.81315,11415,27715,05616,09315.69216,90116,34317,67419,9 4722,87121,7 9625,01226 ,36526 ,68926 ,49527,81031 ,3013 8,18041,00743 ,63444,25548 ,63146,98152,82852,02555,644

. MEW PRIVATE HOUSING UNITS STARTED3

(ANNUAL RATE, THOUSANDS)

1 ,412

1 ,4981,4331,7081 ,4081,14?1,1541,5901,2891,1661 ,5241,6891,4481,43 81,3521 ,0911.5541,5241,2641,9 862,2492,0841 ,6071.0051 ,3951 ,8922,1971.7481,0511,360

9171,4721,8801,851

1,408

1,4251,4121,7301,3751,1741,1911,4981,2711,2281,4831,6411,46 71 ,4781,2651,3041,4081,5 831,2902,0492 ,2212,2661,4261,1211,4591.9712,0751,876

9271 ,1401.0251,7761,7 861,684

1,353

1,4981 ,7041,3251,1751,2361,5031,2471,3 821 ,4041 ,5881,5501,4881,1941 ,2481,4051,5281,3852,0262,2542,0671,5131 ,0871,4951,8932,0701 ,9131 ,1961,045

9021,7331,8531,693

1,438

1 ,5591,6321,2891,1911,3371,5471,1971,3351,4501,6141,5621,5291,0861,3641,5121 ,3681,5172,0832,2522,1231,3161,2261,4012 ,0582,0921 .7601,2691,0411,1661,7851,7331,673

1 ,443

1,5631,6251,3131 ,1931,3741,4301,3441,3121,5171,6391,5691,43 21.1191,4071.4951,3581,3992 ,1582,3822,0511,1421,2601,5502,0201.9961,7781,43 6

9401,0461,9101,5891,737

Sept.

93.087.989.797 ,192.789 .594 .097.09 2 , 89 0 . 493 .295 .399.699 .896.9

102 .5111 .1114.6105.7112.0121.0116.8113,8115.4120.1132 .3138 .3140.5128.6122.7112.0118.1122.5121.3

8,2598,185

10,08511,96811,19311,31813,93315,72815,11215,40215,24915,68916,94817,13615,76417,81820,58222,59422,18123,62327 ,16826,24026,31328,35931,92137 ,27141 ,55344 ,17345,74648,45045,55250,44552,64656,419

1,483

1,6181,5 801,2341,1911,4511,5401,0971,4291,3241,7631,4551,4821,0461,4211,5561,5071,5342,0412,4811,8741,1501 ,2641,7201,9491 ,9701,8321,471

9111,1441,7101,7021,653

Oct.

92.78 7 . 492 .096.294.089 .393 .496.692.791.992 .895.6

100.499 .597 .5

102.1113.2116.1105.7114.1122.3116.4107 .3114.4121,9134.5140.4138.2126.2119.2112,0120.9121.4121.5

8,3418,698

10,7 3011,66811,92511,25113,66915,38315,03516,03514,89216,27516,72816,99416,23317,65421,09324,26321,71225,35627,52926 ,80925 ,40429,07932,16038 ,21341,43 745 ,29545,94547,94745,53050 ,4415 2 ,5 8758,251

1,513

1,6101,4901 ,2661 ,2041,4721,3551,2 461,4151,5331,7791,5241,452

8431 ,4911,5691,3811,5 802 ,1282 ,4851,6771,0701,3441,6292 ,0421,9811,6811,523

8731,1731 ,7151,5 821,784

Nov.

92 .186 .593 .396 .192.788.09 4 . 897,691 .092 .49 2 . 494 .8

100.0100.5

96 .1103.6113.9114.6107.0114.4121.7117.3105.9114.4123.8134.4139.7136.7128,4121.6115.4120.5120.0120.5

8,2658,5 56

11,21211,76111,18610,78814,59915,69514,26416,14914,95115,75916,80417,60616,20617,95820,89023,12522,21725,51026,23426 ,71825,55528 ,63433,18338 ,30841 ,42344 ,54046,75049,41348 ,47451,64253,83857,320

1,475

1,3831,7301,4341,2121,1621,5931,4161 ,2461,3851,6221,6221,4861,460

9611,5381,6301,2291,6472,1822 ,4211 ,7241 ,0261.3601,6412 ,0422,0941,5241,510

83?1 ,3721,7851,6491,654

Dec.

91 .986.693.495,992.387.296.298.089.392.692.495.499.6

100.395.5

104.6114.6114.3106.8115.4122.6115,3105.8117.6124.8135.0138.2140.3129.9119.8120,0118.8119.5119.5

8,0968,696

11,60411,56011,13910,79115,57715,95914,09715,88114,98515,86717,02117,62516,58318,23820,61922,40422,27225,63427 ,69924,88125,00329,28233,12438.90042,17943,56347 ,84047,55657,50751,55753.55857,785

1,4?6

l i s o ?U 4 3 11,1841,1461,5981,6011 ,0631,3651.5641.4911.4841,656

9 901,3081.5481,3271,8932,2952,3661,526

9751,3211,80 42,1422 ,0441,49 81,482

9101,3031,6881,6071,882

IQ

89 .192 .486.096 .396 .191 .386 .498 .197.788.992 .893.696 .5

100.1102.6

96 .5105.8115.9113.8106.7116.4121.7113.6102.5118.7127 .5136,1138.2136.6128.1117.9114.7122.5122.0

II Q

AVE

90.090.687.097.095.991 .387 .598 .895.691 .192 .593 .898.299.2

100,498 .3

104.5116.5109.2110.2118.8120.3116.3106.4119 .1128.7138.2137.7128.0126.8117.4117.4120.8120.5

III Q IV Q

IAGK FOR PERIOD

9 1 . 8 92 .288 .8 86 .889 .1 92 .997.0 96 .193 .5 93 .09 0 . 4 88 .29 2 . 1 9 4 . 897.5 9 7 . 493 .9 91.091.0 92 .392.6 92 .595.0 9 5 . 398.0 100.0

100.0 100.198 .0 9 6 . 4

101.8 103.4109.2 113.9115,6 115.0105.8 106.5112.9 114,6119,8 122.2118.2 116.3116.7 106 .3115.1 115.5120.3 123.5132.5 134.6138.8 139.4138.8 138.4127.0 128.2124,0 120.2114.3 115 .8118.0 120.1121.5 120.3121.7 120.5

TOTAL POR PERIOD

21,64225,28926,73035,42435,66033,97633,13349,14947,06842 ,83547,02745,87748,23650,76952,80448 ,93454,64065,55266,51066,48076,58585,51280,02574,81690,385

103,173113,695127,356131,764142.599137,463146,327159,284163.318

1,462

W3951,7021 ,4291,1641,1281.6481.3571,2401,3611,4111,6471,4061,3811,0821,4551,6781,2361,8262,4062 ,3781,586

9761 ,4421,8441 ,8291,6661 ,2461,366

8801,6301,9251,762

22,64025,92427,87034 ,80836,13234,35534,42048 ,10446,08646,05645 ,56446,52348,88?50,26150,27852,18656,22569,81965,49971,25579,07584,80782 ,41879,64791,012

106,479118,504131,222125,598147,582139,807150,10615? ,918166,000

24,007 24,70225,457 25 ,95029 ,739 33,54635,195 34 ,98934 ,751 34 ,25034,597 32 ,83040,081 43 ,84547,199 47 ,03746,054 43,39646 ,171 48 ,06545,476 44 ,82847,213 47 ,90149,190 50 ,55350,881 52,22548,181 49 ,02251,792 53 ,85059,936 62 ,60268 ,831 69 ,79265,591 66 ,20173,312 76,50080,322 81 ,46280,406 78 ,40880,598 75,96284 ,824 86 ,99594,259 98,467

112,325 115,421122,712 125,039132,320 133,398133,622 140,535146,119 144,916137,058 151,511151,874 153,640157,882 159,983166,623 173,356

AVERAGE FOR PERIOD

1,391

1^448,714

I ,369L.16S1,1941,5301,269

,259,470

L.6391,488

,468,270,214,456

L.545L .313. , 0 2 0£,2411,139

,515,071,450,919

2,1141,8461,0581,182

9481,6601,8401,743

1,455 1,488

l !§80 l ! ? 1 61,612 1,4521,279 1,2211,192 1,1711,387 1,5541,506 1,4571,213 1,1851,359 1,3881,430 1,5731,672 1,6311,529 1,4981,481 1,5231,084 9311,397 1,4461,521 1,5821,411 1,3121,483 1,7072,094 2,2022,372 2 ,4242,016 1,6421,203 1,0241,250 1,3421,55? 1,6912,009 2 ,0752,019 2,0401,7 90 1,56 81,392 1,505

964 8731,119 1,2831,802 1,7291,675 1,6131,688 1,773

Annual

90 .889.788 .896 .694 .690 .390 .297 .994 .590 ,892.694 .498.299 .89 9 . 3

100.0108.3115.8108.8111.1119.3119,1113.2109.9120.4U 0 . 8138 .1138.3129.9124.8116.4117.5121.3121.2

92 ,991102,620117,885140,416140,7 93135,758151,479191,489182,604183,127182,895187,514196,866204,136200,285206,762233,403273,994263,801287,547317 ,444329,133319,003326,282374,123437,398479,950524,296531,519581,216565,839601,947635,067669,297

1,4461 4021^532L.627L ,325L.17S1,314L.S171,2521,313L,4631,6031,5291,473

,1651,292t , 5 0 8L ,467L.4342,0522,3572,0451,3381,1601,538L,9871,020

,745,292,084

I ,0621,703

,7501,742

'This series contains revisions beginning with 1948. 2Th1s series contains revisions beginning with 1984. Thisseries contains revisions beginning with 1983.

(JUNE 1986)


C. Historical Data for Selected Series—Continued

Year

1952 . . .1 9 5 3 . . .1 9 5 4 . . .1 9 5 5 . . .1 9 5 6 . . .1 9 5 7 . . .1 9 5 8 . . .1 9 5 9 . . .1 9 6 0 . . .1 9 6 1 . . .1 9 6 2 . . .1 9 6 3 . . ,1 9 6 4 . . .196 5 . . ,1 9 6 6 . . .1 9 6 7 . . .196 8 . . .1 9 6 9 . . .1 9 7 0 . . ,1 9 7 1 . . .1 9 7 2 . . .1 9 7 3 . . .1 9 7 4 . . .1 9 7 5 . . .1976 . . .1 9 7 7 . . .1 9 7 8 . . .1 9 7 9 . . .1 9 8 0 . . .1981 . . .1 9 8 2 . . .1 9 8 3 . . .1 9 8 4 . . .1 9 8 5 . . .1 9 8 6 . . .

1 9 5 2 . . .1 9 5 3 . . .1954 . . .1 9 5 5 . . .19 5 6 . . .1 9 5 7 . . .1 9 5 8 . . .1959. . .1 9 6 0 . . .1 9 6 1 . . .1 9 6 2 . . .1 9 6 3 . . .1 9 6 4 . . .196 5 . . .1 9 6 6 . . .1 9 6 7 . . .1 9 6 8 . . .1 9 6 9 . . .1 9 7 0 . . .1 9 7 1 . . .1 9 7 2 . . .

1 9 7 3 . . .1 9 7 4 . . .1 9 7 5 . . .1 9 7 6 . . .1 9 7 7 . . .1 9 7 8 . . .1 9 7 9 . . .1 9 8 0 . . .1 9 8 1 . . .1 9 8 2 . . .1 9 8 3 . . .1984. . .1 9 8 5 . . .1986. . .

1 9 5 2 . . .1 9 5 3 . . .1 9 5 4 . . .1 9 5 5 . . .1 9 5 6 . . .1 9 5 7 . . .1 9 5 8 . . .1959 . . .1960 . . .1 9 6 1 . . .1 9 6 2 . . .1 9 6 3 . . .196 4 . . .1 9 6 5 . . .1966 . . .1 9 6 7 . . .1 9 6 8 . . .1 9 6 9 . . .1 9 7 0 . . .1971 . . .1 9 7 2 . . .1973 . , .1 9 7 4 . . .1 9 7 5 . . .1 9 7 6 . . .1977 . . .1 9 7 8 . . .1979. . .1980 . . .1 9 8 1 . . .19 8 2 . . .1 9 S 3 . . .1 9 8 4 . . .1 9 8 5 . . .1 9 8 6 . . .

Jan.29

99.6105.0101.9136.4109.8

86.591.5

102.891.2

105.5113.0117.4114.5120.0

87.2103.3127.9

93.1144.0192.9195.7114.7

62.6103.0

140.6118.0103.498.664.1

115.2144.8130.8

33

14.4012.2410.03

8.8813.1412.7312.1215.8219.6819.1921.1125.3310.2221.4122.9721.2828.3744.0550.8839.3631.6041.4857.4183.0498.7495.8656.0436.7245.7771.7480.2 9

15,95320,56323,80924,77730,09332,81434,93335,13540,86344,59645,59050,87857,78265,40673,46878,50681 ,77490,98799,973

106,716116,870134,989154,058160 ,187168,564190,183223,682265,196299,294298,245315,384329,919382,794459,843

Feb.. INDEX

115.3110.7100.4151.0106,890.978.7

102.490.4

112.3109.7130.6107.3104.9

79.5117 .6131.0

98.0139.2186.9191 .9117.2

62.8102.6

140.2120.5

96.996.965.3

118.8158.5135.2

Mar. Apr. May June July Aug. Sept. Oct.OF NEW PRIVATE HOUSING UNITS AUTHORIZED BY LOCAL BUILDING PERMITS

1 0 5 . 61 1 1 . 61 0 5 . 8129.3109.8

91 .787.2

89.894.0

106.7113.9118.8109.6111.8

83.7120.0126.0

99.2154.2181 .4177.7124.1

61 .2100.3

145 .3138.9

7 9 .895 .672.0

119.2137.6139.9

. NET CHANGE IN

INSURANCE

12.7212.72

9.908 .70

14 .2413.2611 .7417.0018 .9823 .4519.3022 .2512.2019.6725 .1618.9828 .5543.06

50 .354 1 . 4 831.3754.906 4 . 0 985 .6383 .1267 .816 0 . 7 418.0240 .99

100 .5858 .60

16,04620 ,98423 ,82125 ,15130,39933,05334,84635,49941,25544,65646 ,00751,49957 ,99766,28174 ,19578,93081 ,90492,4480 0 , 4 6 807 ,424 ]16 ,75136,99855,245

L61.O27169,451192,392*26,179268,150301,397 .299,688316,239331,828388,578166,690

13 .3812.32

9.729.25

14 .6012.1312.0616.7919 ,5421,8621.1022 .3811 .2821 .1422 .4515.8230 .2245 .49

53 .6443 .6328 .8255.7668 .3291.2792 .7079.7947 .05

4 . 7 5- 4 0 . 5 5104.24

93.07

66

16,16921,56923 ,74425,73230 ,79833,23234,67935,89141,82544,50246 ,18451,85759,14766 ,76074,60478,96983 ,33192,90500 ,51507 ,90118,94738 ,61555,51460,246

171,13795,802

129,830171,238JO1.4O5J02.077316,642J35.527393,658+ 74,989

103.5106.3106.9132.9109.5

86.791.9

95.694.2

116.2116.6114.5105.2103.790.8

112.8126.3107 .3153.0184.3164.5108.1

74.697.6

157.4129.0

65.396.171.7

126.5141 .6135.1

MORTGAGE

COMPAKIE

13.7012.64

8.587.14

15.3212.3213 .3617.3320.4521.1720.0621 .4013.4220.0423.4516.0430 .4644.2250.7544.3830.7048.3879.20

78.5354.3454.8310 .64

1.30123,28

84.35

. CONSUK

(1967=100)

101.2106.4108.8133.6101.9

90.596.2

99.096.6

107.4122.2117.6109.3

97.794.3

113,7116.5116.5172.9178.1166.4

98.178.8

102.9

142.7136.0

69.694.877.0

134.8138.8137.7

101 .6103.5116.9126 .2100.192.5

102.7

90.1100.7108.5121 .8115.8112.4

86.6102.5114.0118.3115.8166.8188.1176 .7

93,681.5

102.4

160.2132.5

90.378.873.8

142 .9144. 7136.9

107 .9100.0119.9126.7

99.486.2

111 .9

93.9101.9111 .9119.6118.1112.084.4

103.2117.9112.0116.1181.4189.2156.886.487.9

107.3

144.3123.9101.7

75.584.3

145.0128.0136.3

107 .798.4

118.9122.2

97.092.1

111 .7

93.5109.0112.911 8.6118.3113.1

79.4107.8118.9115.4122 .2175.7195.1155,9

79.085.7

112.9

136.6128.5110.4

71.874.8

138.4122.0142.1

115.594.6

121 .9120.4

94.592.4

114.5109.592.6

103.2115.0128.0114.5111 .1

70.2112.1128.4110.7125.0175.0206.2146.9

72.491 .7

127.6

141 .4132.3119.968.484.2

128.0121.5147.2

116.899.6

126.2117.9

93.191.1

118.2105 .3

91 .4105.6111 .1128.1111 .5115.866 .9

112.2124.6106.6137.2177.6202.9121.7

71.094.4

122.8

143.9119.6110.3

59.192.8

138.6118.8135.8

DEBT HELD BY FINANCIAL INSTITUTIONS AND LIFE

1 (ANNUAL RATE,

14.1611.80

7.949.67

16.0711 .7212.8417 .6821 .3821 .6120 .8817.3215 .2821 .7219.5617 .1532 .1445 .50

50 .404 4 . 4 829 .5445 .9179.57

98 .0523 .5442 .24

4 .73- 3 8 . 7 6132.04

66.59

14.2911.688.509.05

15.8811 .7813.8517.7621.5220.9421.7413 .3116.7017.5919.9616.9136.0246 .31

54.3539.1233,4943.5187.96

98.5214 .3347.70-7 .6132.99

108.6673.30

B1LL1UW

13.9911.818.039.64

20.6312.0813 .8617.4721.8022.1321.9214.0917.7016.6115.5518.1639.4942.05

52.8238.1538.9055.3081.71

92.2148.2848.41-5.0363.30

114.8658.30

12 .9610.69

8.5710.8114.7512.7314.2217.7622 ,6 421.0021.3211.6221.0717.2618.8317.6639.9851.145 2.9631.6036 .7652.3683.47

81 .5063.1134.42-5 .8470 .21

101.3367 .30

ER INSTALLMENT CREDIT OUTSTANDING1

(MILLIONS

16,34521 ,94423 ,74326,24331 ,04833 ,37834 ,54036,31642 ,34844 ,32346,68652,46659,67967 ,67774 ,95378,96784,03093,830

100 ,473108,480120,345140,197156,498160,067173,042198,936233,244274,933300,390304 ,043317,892337 ,518399 ,878482,532

16,89222,33423 ,72526 ,77331 ,28833,64234,45636,80242 ,69144,27047 ,13752,97460,39968 ,45875 ,29279,03484,72494,780

100,717109,105121,692142 ,229157,880160,034174,339201 ,559237,571278,444298,248305,827318 ,955339,628409,389488,862

DF DOLLAR

17 , 5 2 42 2 , 6 0 52 3 , 7 7 027 , 3 3 7

3 3 * 8 1 434,'32437 ,32143 ,05544 ,31047,58753 ,53061 ,02369 ,08175,66079,36785 ,44295 ,611

101,346L09.825123,347143,995159,058160,074176,015204,481242,304281 ,167295,329307 ,345320 ,485343,987417,321493,253

S )

17,92922,95223,83727,75631,57134,08834,31737,89143,32544,35248,02754,14161,6596 9 ,7 8076,18779,58786,17096 ,339

102,179110,771124,383145,927160,221161,589177 ,831207,020245,661283,650294,504308,881320,815348,450423,453500,039

18,22423,20323 ,87828,302

34^28334,27738,52843,55044,47548,46154,73662 ,23970 ,44476,60879,97686 ,7 8296,913

102 ,714111 ,823125,896147,425161 ,43 8162,337179 ,190210,005249 ,086286 ,602295,066310,457321 ,311353,359430,171506 ,090

12.2510.94

8.5611 .6914.2111.6514.8918.6821.8521.4821.7110.6320.6617,8219.3022 .0240.3349.8043 .0730.3447.7646.9193.2488.5684.7771.2427.28

-13.145.22

143.7065.20

7.9210 .42

7.9713.1213.0812.1015.4320.5422.7021.4721 .0110.9119.5720.2818.6624.6539.8250 .10

25.7256 .8755.0085.2888.9393.7482.8822 .69

-50.0981 .3781 .13

123.55

18,61323,42823,98428,838

34,47634,36439,12743,82644,66948,86655,30462,98271,10876,95080,39587,44097,718

103,322112,956127,130148,806162,245163,265181,171212,677251,924289,546294,941313,065323,022357,482435 ,424516,420

19,19823,65524,10129,130

34,65334,31139,69843,99644,85449,29755,97663 ,56371 ,60277,26880,57188,34798,376

103,458113 ,885128,339150,481162,501

182,882215,370254,749292 ,690295,889313,736323,563363,582441,308522,978

Nov.

117.2100.1135.9107.593.788.5

134.1100.7

92.1108.3116.2122.9113.5118,366.6

113.7125,9104.4131 .7182,2192.6120.8

67.595.6

132.0152,7145.0103.1111.760.499.3

134.7131.0133.0

11.4410.58

8.2714.5413.1310.9816.5619.4620,6221.6721.67

8.8921.1021.4120.0521.7441.1854.52

25.9142.6665.6086.6091 .0971.1273.5821.88-7.8278.7374.2071.20

19,59323,84624,22329,4513 2 47 934,*80434,43740 ,12144,22745,11949,86256 ,51163,96672,21277,69081 ,13689,18999,076

103,268115,143129,685152,017162,376

184,658218,443258,421295 ,423296,307314,258325 ,392369,819447 ,30452 8,621

Dec.

108.3102.4132.1107.0

92.889.3

115.8108.2

89.3109.2116,2128.8105.3119.167 .2

115.3121 .8101 .3154.9186.9208.5111 .0

74.994.0

130.2151 .2146.9101.3100.9

64.3109.1131 .4129.7146 .7

11.5010.38

8.1113.8211.5410.6316.8219.9322.6721.6421.77

6.9219.3923.8811 .9324.6744.2958.92

21,5849.4558,7693.7989.5350.4065.60

5.29-46.81110.02

41 .17110.63

20.12123 ,87024,47029,80932 66034,91434,73640,42144,33545,43850,37557 ,05664,67472,81478,16281,7 8390,11299,381

103,905116,434131,258152,910162,203167,043187,782221,475261,976296,483297 ,667314,321327,173376,239453,580535,098

1 Q

106.8109.1102.7138.9108.8

89.785.8

119.898.391.9

108.2112.2122.3110.5112.2

83.5113,6128.3

96.8145.8187.1188.4118.762.2

102.0134,1142.0125.893.497.067.1

117.7147.0135.3

II Q

AVEB

1 0 2 . 11 0 5 . 4110.9130.9103.8

89.996.9

117.494.997.2

110.7120 .2116.0109.0

96.095.9

113.5120.4113 .2164.2183.5169.2

99 .978.3

101.0146.0153.4132.5

75.189.974.2

134.7141.7136.6

I I I Q IV Q

AGE FOR PERIOD

110.497 ,7

120.2123.1

97.090.2

112.7111.9

93 .3104.7113.3122.1117.0112.1

78.0107.7121 .7112.7121.1177.4196.8153.2

79 .388 .4

115.9147.7140 .8128.2110.7

71.981 .1

137.1123,8141.9

114.1100.7131 .4110 .8

93.289 .6

122.7104.7

90.9107 .7114 .5126 .6110,1117.7

66.9113.7124.1104.1141 .3182.2201 .3117.8

71 .194.7

128.3151,8145 .3108.0107.6

61 .3100 ,4134.9126 .5138 .5

Annual

108.4103.2116.3125.9100,7

89.9104.5113.5

94 .4100.4111 .7120.3116.3112.3

88 ,3100.2118,2116.4118.1167.4192,2157.2

92.280 .9

111.8144.9145.4123,6

96.780.080.7

131.1134.8138.1

13.5012.439.888.94

13.9912.7111.9716.5419,4021 .5020.5023.3211.2320.7423.5318.6929.0544.20

41.4930.6050.7163.2786.6 591.5281.1554.6119.8315.4092.1977.32

16,16921,56923 ,74425,73230,7 9833,23234,67935,89141 ,82544,50246 ,18451 ,85759 ,14766,76074,60478,96983,33192,905

100,515107,901118,947138,615155,514160 ,246171,137195,802229,830271,238301,405302,077316 ,642335,527393,658474,989

14.0512.04

8.348.62

15.7611.9413.3517.5921.1221.2420.8917.3415.1319.7820.9916.7032 .8745.34

42.6631 .2445.9382 .2492.8391.7030.7448.26

2.59-1.49

121 .3374.75

13.0711 .15

8.3910 .7116.5312 .1514.3217,9722 .1021 .5421 .6512.1119.8117.2317.8919 .2839 .9347 .66

33 .3641 .1451 .5286 .1493 .4886.166 0 . 8 836.70- 8 . 0 046 .24

119.9663 .60

10.2910.46

8.1213 .8312.5811 .2416 .2719.9822.0021 .5921 .48

8.9120,0221.8616 .8823 .6941 .7654.51

24.4049 .6659.7988.5689.8571 ,7574.0216.62

- 3 4 . 9 190 .0465.50

101.79

END OF PERIOD

17,52422 ,60523 ,77027,33731 ,44333 ,81434 ,32437 ,32143 ,05544 ,31047 ,58753 ,53061 ,02369 ,08175,66079,36785,44295,611

101,346109,825123,347143,995159,058160 ,074176,015204,481242 ,304281 ,167295 ,329307 ,345320 ,485343,987417 ,321493,253

18,61323 ,4282 3 , 9 8 428 ,83831 ,98734,47634 ,36439,12743,82644 ,66948 ,86655,30462 ,98271 ,10876,95080 ,39587,44097 ,718

103,322112,956127,130148,806162,245163,26 5181,171212,677251 ,924289,546294,941313,065323,022357,482435 ,424516,420

20 ,12123,87024,4702 9,80 932 ,6603 4 , 9 1 434,73640 ,42144 ,33545 ,43850 ,37557 ,05664 ,67472,81478,16281 ,78390,11299 ,381

103,905116,434131,258152,910162,203167 ,043187,7 82221 ,475261 ,976296,483297,667314 ,321327,173376,239453,580535,098

12,7311 .52

8.6310 .5314.7212 .0113.9818.022 1 . 1 521 .4721 .1315.4216,5519.9019.8219.5935.9047 .9347 .5035 .4838.1651.9980 .0590 .7085 .2861 .7039 .05- 5 . 1 237 .5599 .7479.36

20 ,12123,87024,47029,80932 ,66034 ,91434,73640 ,42144 ,3354 5 , 4 3 850 ,37557 ,05664 ,67472 ,81478,16281 ,7 8390,11299,381

103,905116,434131 ,258152,910162,203167 ,043187,782221,475261,976296,483297,667314 ,321327 ,173376,239453,580535,098

NOTE: Unless otherwise noted, these series contain revisions beginning with 1984.'This series contains revisions beginning with 1975.

(JUNE 1906)



Year

1952...1953...1954. ..1955...1956...1957...1958...1959...I960...1961.,.1962...1963...1964...1965...1966...1967...1968...1969...1970...1971...1972...1973...1974. ..1975...1976...1977...1978...1979...1980...1981...1982...1983...1984...1985...1986.,.

1952...1953...1954...1955...1956...1957...1958. ..1959...1960...1961...1962.. .1963...1964...1965...1966...1967...1968...1969...1970,. .1971. ,,1972...1973...1974...1975...1976,. .1977. ..1978...1979.. .1980.. .1981 ...1982, ..1983...1984...1985, ..1986...

1952...1953...1914...1955...1956.. .1957..,19S8...1959., .1960...1961 ...1962.. .1963...196 4...1965...1966...1967.

1969!!!1970...1971...1972...1973...1974...19 7 5 ...1976!!!1977. ,.1978...1979...1980...1981...1982...1983...1984...1985...1986...

Jan.

19,21,21,20,242829,28,31,32,33,36,38,43,53,61,67,77,88,90,84,94,

113,140,125,124,135,155,193,213,254,268,268,324,

000000

-000

" 000000-00010000

=00010001000

67889999

10101010111212

ia1212121212131212121313131212121214

63222700052951569517156743 39995 820399315621958762540 48521944478279967652349450158975068016693553086947

.33

.00

.16

.54,23.00.30.79.00.28.07.34.39.25.77.06.70,65.17.55.78.99.45.07.45.93.04.06.62.56.72.77.68.79

Feb. Mar. Apr.7 2 . C O M M E R C I A L A N I

19,21,2 1 ,2 0 ,24,28,28,28,31,32,33,36,39,44,54,62,67,77,90,9 1 ,85,98,

1 1 6 ,1 3 9 ,1 2 5 ,1 2 5 ,1 3 5 ,158,197,213,259,268,273,326,

00000

-000-O000000000

-000000000000

-0101

6412770646926 867208355 83870966712126195618071404415843023625260034322605758824658341288391934582035776

.41

.00

.08

.61

.00

.07

.53

.36

.07

.42

.27

.40

.32

.12

.29

.69

.11

.35

.58

.87

.95

.20,45.29.75.70.15.33.92.55.58.14.49.14

95. RATIO

.05

.22

.19

.22

.20

.43

.72

.26

.11

.77

.35

.88

.70

.27

.70

17304338.4889207 507481970803213007429

6788

999

101010

.013217.30

417030207337

11.06111212

12121212121213

12121313131212121214

684370

05414340339627

05482073822809097937

19,21,21 ,20,25,29,28,28,32,33,33,36,39,45,54,63,67,79,91,91 ,86,

100,117,138,123.126,138,160,200,211,261,269,2 82,329,

000-00000

-000000O100000

-0000000

-010100

7614300369164141827288200931119072512015638051007320912439041951247381524901795363354066763284500 86012

.16

.48,08.23.15.07.22.29.07.21.20.20.13.37,53.03.43.35.34,64.85.24.56.72.41.60.44.77.13.03.09.19.60.51

, CONSUM

6788

99

10101011111212

12121212121313

12121313131212121214

.04

.45

.17

.42

.60

.32

.34

.663209.8546.69

1236373748002?

12572173742706148758

19,21,2021,25,29,28.29,32,33,34,36,39,46,55,63,68,81,91 ,90,87,

101,122,136,120,126,140,165,200,215,266,265,289,330,

85

00

-00000

-0-0000000

-00000000

-00011

-110000

KR IN

6788

99

1010101122

2222233

22

1313131212121314

MayINDUSTRIAL(MILLIONS

7426759670 49932503554092293079121458554203377598877132333891342768857564789925620793583581668604303251

19,80921,81620,81121,41626,44829,65028,16829,57332,59133,02034,26936,62639,88247 ,20956,13963,99869,06782,27791 ,86491 ,66287 ,906

103,074125,111133,750121,069127,740143,029168,229198,756221,279271 ,022261,465295,758332,539

. CHANGE IN

,25.24.47.23,22.00,37.07.14.14.34.40.19.31.75.34.64.35.48.54.55.43.11.14.68.82.03.33.62.73.85.75.47.61

(P

0.330.160.870.53

-0.150.070,370.710.070 .420.270 .400,38

-0.18-0.2 90.850,740.050.240.940.130.860.191.000.670.160.960.080.10

-0.560.021 .-2 80.581.18

STALLMENT CR

.11

.57

.20

.50

.59

.36

.37

.59

.3718.87.54.69

12380835540827

16671887713003140167

(P

6.257.678,178.60

9.539.42

10.4110.5010.4511.2311.9312.5712.69

12.1012.4012.1612.3312 .6013.1113.23

12.1712,7313,2813.9313.5612.3311,9912.0813.3014.94

June July Aug.LOANS OUTSTANDING INOF DOLLARS)

19,96921,74720,65021,7 9626,79930,03328,07930,04233,01132,95534,50936,74040,13747,71857,22864,68269,59883,50292,44490,70688,268

105,166126.537131 ,397122,018128,990145,547171,623202,454225,515272,899262,099304,150328,715

20,14121,77820,65122,24427,14530,24528,03930,02632,99333,01234,74036,87240,42648,07258,22365,08370.29483,90992,43389.95188,429

106,581130,706130,713121,328128,860146,937175,320200,910229,664273,160261,703306,942330,097

MONEY SUPPLY Ml 2

ERCENT)

0.410.000.16

-0.150.15

-0.070.670,350.000.21

-0.130.070.190.370.170.790.740.250,190.670.380,780.411.35

-0.030.500.691.341.37

-0.070.070,730.741.44

0.240.080.310.300.000.070.000.420.430.00

-0.070.660.760,49

-0.690.610.630.150.240.620.840.270.260.170.370.780.571.011.140.490.201.00

-0.020.90

EDIT OUTSTANDINGERCENT)

6.457.738.188.75

9.459.49

10.4910.4010.5111 .2611.9912.5812.65

12.1112.4112.2312.1312.8413.1413.22

12.2212.8113.4113.9613.3312.2912.0312.1713.4715.04

6.627.866.198.75

9.289.62

10.5410.3610 .5711.3712 .0512.6412.67

12.1112.3912.2312,3612.7413.2613.14

12 .2212.8113.4513.8513.0712.1411 .9712.2613.5515.20

20,21,19.22,2 7 ,30.27,30,32,33,35,37,40,49,59,64,71,85,93,9 1 ,88,

108,133,129,121,130,147,179,201,234,273,262,308,330,

0000-000000000000000000000000201001

Sept.CURRENT

1909348046644182859414568401310380478391393608623591410726278005053045790 83214792017732814540875391402

.32

.08

.31

.00,22.07.51.07.78.35.00.20.63.36.23.89.62.05.90.31.91.15.26.52.66.49.45.68.01,67.13.58.24.44

20,21,19,22,27,3028,30,32,33,35,37,4 1 ,50,59,65,7 2 ,86,93,93,88,

108,137,128,120 ,130,148,183,203,238,274,262,311,329,

0

OcDOLLARS'

3818197539777783741226469562143183414181419501553184044354375934564291467106467697904178478857 47769183

.57-0.08000

-00

-0-00

-00

.16

.15

.37

.22

.22

.56

.07

.28

.14

.130.560000000000000

0101001

TO PERSONAL

6788

9910101011121212

1212121212121313

1 212121313121211121315

.55

.96

.16

.91

.27

.85

.59

.38

.6344.07.72.62

2810362338732114

1 722875388950798426936

6889

.73

.70

.55

.46

.20

.90

.39

.94

.04

.37

.28

.23

.6?

.13

.63

.33

.09

.29

.45

.62

.11

20,21,19,23,27,29,28,30,32,33,35,37,41,50,60,65,73,87,91,92,90,109,138,126,121,132,150,184,204,241,274,261,315,334,

00000

-00

-0-0000

6506407184218589692159159962156358216 258125786441533586 8046 5502664352999770174501399727377856829748613

.24

.08

.47

.15

.07

.22

.44

.42

.21

.28

.27

.460.370

-00000

.72,46.55.72.39.51

0.31000

-010001010-00

INCOME3

.62

.03

.14

.01

9.24910

.98

.6410.401011121212

12121212121313

1 212121313121212121315

.67

.49

.15

.50,57

31.103922.467524U. 1 328925693801001467660

6889

910

.77

.42

.44

.14

.12

.94

.31

.23

.14

.30

.79

.92

.20

.44

.80

.05

.13

.05

.20

.1110 .64101011121212

1212121212121313

1 212121313121211121315

.35

.74

.55

.25

.65

.55

.30

.1439.23.52612100

• 0 932975294631395509370

Nov.

21;21 ,19,23,28,29,28,31,33,33,35,38,42,51,61,66,74,88,91,92,91 ,

110,139,126,123,133,152,183,209,244,270,263,320,340,

000

-00

-00O00O00000000000000000001000

6889

91010101011121212

1212121212121313

1 212131313121211121415

0314519557711995733420761182 80939579066650043161374070082301408877734131317272486394253824235187138003

.32

.00

.46

.23

.22

.15

.58

.00

.00

.41

.41

.65

.37

.42

.12

.33

.97

.29

.37

.30

.57

.76

.54

.94

.20

.51.

.50

.13

.55

.71

.30,32.84.96

.96

.16

.10

.08

.13

.10

.71

.31

.80

.62

.24

.64

.53

.281742.19.55551601

. 0 92 7045994491291610579

Dec.

21,13321,05820,31424,11028,39529,51728,49631,28833,01833,42935,98639,04542,73752,30061,33267,06875,15089,05991 ,06991,78892,111111,764139,873126,245124,225134,372152,870186,443211,014247,853264,699267,368320,482343,244

0.160.080.150.230,22

-0.300.14

-0.28-0.140.270.34

-0.260.250.650.350.490.71

• 0.100.370 .221.160.720.25

-0.100.940.630.690.28

-1.000.820.610.290.781.05

7.098.208.169.13

9.1710.0410.8010.3210.8611.6212.2312.6412.58

12.2512.2212 .3812.1712.5612.5913.1512.94

12.1212.3613.1313.6313.8712.3912.1211.9112.7114.1415.81

IQ

19,21,21 ,20,24,28,28,28,31.33,33,36,39,44,54,62,67,7 7 ,89,91,85,97,

1 1 6 ,1 3 9 ,124,125,136,158,196,212,258,268,274,326,

00000000-0000000000000000000

678311033712872866911657799025734139109581024460467994929491311479009470666484451217921694652862402912

.30

.16

.11

.31

.13

.00,15.48.05.30.18.31.28.25.53.55.41,45.31.69.86.32.49.31.54.74.54

0.39000100

6788

99

101010111112121212121212121213

12121313131212121214

.47

.71

.41

.03,59.81

.03

.33

.18

.31

.67

.29

.22

.72

.35

.01

.74

.39

.70

.113641.38.439525

08512072792909088041

II Q

19,21,20,21,26,29,28,29,32,33,34,36,39,47,56,64,69,82,91,91,87,

103,124,133,121,127,143,168,200,220,270,263,296,330,

00000000-00000000000000000000

-000001

6788

99

10101011111212

12121212

Ml

AVERAGE

8407468094203937292675696320183006088580432480931813048800868393368 3 5904292885065548598792203056404502

20,212022273028303233,35,3740,49,59,65,71,85,92,91,88,

107,133,129,121,129,147,179,202,234,273,262,309,329,

A V E R A G E

.33

.13

.19

.20

.07

.00

.47

.33

.02

.26

.16

.29

.25

.17

.21

.43

.71

.22

.30

.72

.35

.69

.24

.74

.44

.49

.89

.92

.05

.37

.31

.92

.60

.08

AVE

.27

.66

.18

.62

.52

.42

.42

.50

.44

.22

.93

.56

.68

.4111401627

12.661313

12121313131212121314

11.24

16742992533102132688

00000-00-000-0000000000000

Q

FOR

2378440696284473010343769301190320878951171780333 2415198067260784881347904097483337602044286 2442034894

FOR

.38

.03

.26

.15

.05

.03

.24

.02

.38

.21

.07,33.65.53.08.68.57,13.68.44.90.15.30

0.3200O0100001

RAGE

6788

991010101112L2L2

222L223L3

12121313121211121315

.42

.65

.72

.77

.49

.42

.87

.68

.28

.15

FOR

.60

.95

.16

.89

.26

.82

.59

.38

.62

.43

.09,62.62

.10

.38

.23

.40

.74

.24

.13

!24.87.51.89.941099386739

IVQ

PERIOD

20,2119232829283133,33,35,3842,51.60,66,74,88,91,92,91,

110,139,126,123,133,151,164,208,244,269,264,318,339,

9383839967671516 863510930443088534821435 87984291226162277165340768320458104273952745331685930128789287

PERIOD

00000-00

-0"00000000000000000000001000

.24

.05

.36

.05

.17

.22

.39

.23

.12

.32

.34

.28

.33

.60

.00

.46

.80

.26

.42

.28

.83

.63

.41

.23

.75

.69

.50

.21

.23

.61

.23

.51

.47

.82

PERIOD

68899

91010101011121212

12121212121312

12131313121211121415

.95

.14

.13

.09

.36

.17

.08

.72

.33

.80

.60

.24

.64

.55

.18

.40

.20

.54

.58

.17

.98

!os.5892.SO1292610477

Annual

20,21,20,22,26,29,28,29,32,33,34,37,40,48,57,64,70,83,91,91,88,

104,128,132,122,129,144,172 »201,228,268,264,299,331,

00000-00000000000000000000000000000

67889

173571477132716646391924601118730079501082608469549403517608274858494328576154825722967153162622657648

.31

.09

.23

.18

.10

.06

.31

.14

.05

.27,15.30.38.38.21.53.62.26.43.53.74.45.36.40.54.64.66.57.54.53.71.78.48.96

.46

.77

.16

.73

.3$9.529.41910101011121212

12121212121313

12121313131212121315

.65

.49

.48

.55

.32

.00

.55

.64

1338.25.406012.15

20794086192100304411

' T h i s s e r i e s c o n t a i n s r e v i s i o n s b e g i n n i n g w i t h 1 9 8 3 . 2 T h i s s e r i e s c o n t a i n s r e v i s i o n s b e g i n n i n g w i t h 1 9 7 4 . 3 T h i ss e r i e s c o n t a i n s r e v i s i o n s b e g i n n i n g w i t h 1 9 7 5 .

1 9 8 6 )



Year Jan. Feb.9 8 . CHANGE IN

1 9 5 2 . . .1 9 5 3 . . .1 9 5 4 . . .1 9 5 5 . . .1 9 5 6 . . .1 9 5 7 . . .1 9 5 8 . . .1 9 5 9 . . .1 9 6 0 . . .1 9 6 1 . . .1 9 6 2 . . .1 9 6 3 . . .1 9 6 4 . . .196 5 . . .196 6 . . .196 7 . . .1 9 6 8 . . .196 9 . . .1 9 7 0 . . .1 9 7 1 . . .1 9 7 2 . . .1 9 7 3 . . .1 9 7 4 . . .1 9 7 5 . . .1 9 7 6 . . .1 9 7 7 . . .1 9 7 8 . . .1 9 7 9 . . .1 9 8 0 . . .1 9 8 1 . . .1 9 8 2 . . .1 9 8 3 . . .1 9 8 4 . . .1 9 8 5 . . .1 9 8 6 . . .

- 1 . 1 5 - 0 . 9 7- 0 . 6 1 0 . 5 1- 0 . 4 1 - O . 1 0

0 . 3 0 0 . 7 0- 0 . 1 0 0 . 5 7- 0 . 8 0 - 1 . 1 0

0 . 9 4 - 0 . 3 10 . 3 0 1 . 3 80 . 1 9 - 1 . 0 5

- 0 . 7 3 - 0 . 4 20 . 7 2 - 0 . 3 10 . 0 0 0 . 1 10 . 0 0 0 . 0 0

- 0 . 5 9 - 0 . 5 90 . 7 8 0 . 6 8

- 1 . 0 0 - 1 . 3 2- 0 . 4 8 0 . 1 0

2 . 1 1 1 . 8 2- 0 . 7 6 - 1 . 6 9

0 . 8 1 1 . 5 11 .81 0 . 4 61 . 5 1 4 . 0 6

- 0 . 9 9 - 0 . 3 5- 3 . 2 2 0 . 0 6

3 . 1 4 1 . 1 6- 0 . 5 9 0 . 0 9

2 . 5 8 1 . 4 00 . 8 9 1 . 3 00 . 9 4 1 . 9 2

- 2 . 6 8 - 2 . 5 6- 0 . 0 4 - 1 . 5 7

1 . 7 2 2 . 8 3- 0 . 8 4 1 .27- 0 . 3 7 - 1 . 5 9

99

1 9 5 2 . . .1 9 5 3 . .1 9 5 4 . .1 9 5 5 . .1 9 5 6 . .1 9 5 7 . .1 9 5 8 . .1 9 5 9 . .I 9 6 0 . .1 9 6 1 . .1 9 6 2 . .1 9 6 3 . .1 9 6 4 . .1 9 6 5 . .1 9 6 6 . .1 9 6 7 . .196 8 . .1 9 6 9 . .1 9 7 0 . .1 9 7 1 . .1 9 7 2 . .1 9 7 3 . .1 9 7 4 . .1 9 7 5 . .1 9 7 6 . .1 9 7 7 . .1 9 7 8 . .1 9 7 9 . .I 9 6 0 . .1 9 8 1 . .1 9 8 2 . .1 9 8 3 . .1 9 8 4 . .1 9 8 5 . .1 9 8 6 . .

- 1 . 2 6 - 2 . 0 9- 0 . 9 9 0 . 0 0- 0 . 5 2 - 0 . 3 1

0 . 9 1 0 . 8 0- 0 . 3 8 ^ 0 . 1 9- 1 . 1 6 - 1 . 5 6

0 . 1 0 - 0 . 1 0- 0 . 1 0 0 . 7 0

0 . 3 8 - 0 . 9 6- 0 . 3 1 0 . 4 1

0 . 9 1 - 0 . 8 0- 0 . 1 0 0 . 0 0

0 . 2 0 0 . 0 0- 0 . 7 7 - 0 . 2 9

1 . 2 2 0 . 9 3- 0 . 2 0 - 1 . 1 9- 0 . 3 9 0 . 0 0

1 . 9 2 1 . 7 90.17 -6 .780 . 2 8 1 . 2 01 . 9 9 0 . 8 51 .81 3 . 8 40 . 4 4 1 . 9 4

- 2 . 2 5 0 . 1 92 . 1 3 1 . 0 70 . 6 5 0 . 9 12 . 5 6 0 . 7 51 . 3 7 2 . 3 61 . 0 9 1 . 6 0

- 2 . 1 1 - 2 . 1 2- 0 . 1 3 - 1 . 0 5

1 . 5 5 2 . 6 3- 0 . 3 3 0 . 6 9- 0 . 8 5 - 1 . 1 6

99

1 9 5 2 . . .1 9 5 3 . .1 9 5 4 . .1 9 5 5 . .1 9 5 6 . .1 9 5 7 . .1 9 5 8 . .

1 9 5 9 . .I 9 6 0 . .1 9 6 1 . .196 2 . .1 9 6 3 . .1 9 6 4 . .1 9 6 5 . .1 9 6 6 . .1 9 6 7 . .1 9 6 8 . .1 9 6 9 . .1 9 7 0 . .1 9 7 1 . .1 9 7 2 . .1973 . .1 9 7 4 . .1 9 7 5 . .1976 . .1 9 7 7 . .1 9 7 8 . .1 9 7 9 . .1 9 8 0 . . .1 9 8 1 . .1 9 8 2 . .1 9 8 3 . .1 9 8 4 . .1 9 8 5 . .1 9 6 6 . .

- 0 . 3 1 - 0 . 9 8- 0 . 6 2 - 0 . 5 4- 0 . 1 9 - 0 . 1 7

0 . 3 9 0 . 4 90 . 4 6 0 . 3 5

- 0 . 0 3 - 0 . 5 0- 0 . 4 1 - 0 . 1 2

- 0 . 0 6 - 0 . 1 6- 0 . 5 8 - 0 . 2 8- 0 . 1 3 0 . 2 1

0 . 0 9 - 0 . 0 20 . 3 7 0 . 1 80 . 2 4 - 0 . 2 60 . 5 2 0 . 7 7

- 0 . 5 4 - 0 , 5 80 . 5 0 0 . 3 21 . 6 4 1 . 7 50 . 2 5 0 . 1 0

- 0 . 7 7 - 0 . 3 00 . 5 8 1 . 0 51 . 6 2 1 . 9 52 . 5 8 2 . 2 7

- 3 . 2 8 - 2 . 6 70 . 7 2 1 . 3 40 . 4 9 0 . 7 71 . 0 0 1 . 7 01 . 1 4 1 . 0 20 . 0 5 0 . 3 40 . 2 0 - 0 . 9 0

- 1 . 0 8 - 0 . 8 1- 0 . 0 7 0 . 8 4

0 .77 0 . 45- 0 . 5 6 - 0 . 7 3

Mar. Apr.PRODUCER PRICES

- 0 . 2 00 .40

- 0 . 1 0- 0 . 6 0

0 . 4 8- 0 . 4 1- 0 . 7 3

1.36- 1 . 5 4

1.26- 0 . 9 2- 0 . 1 0

0 . 7 2- 0 . 3 0

1 .44- 0 . 7 2

1.062.27

- 1 . 4 61 .750 .153.772 .60

- 1 . 4 82 .232.570.694 . 0 3

- 0 . 8 80.17

- 0 . 8 31.610 . 1 9

- 0 . 7 2

- 0 . 2 90 .00

- 0 . 6 20 .50

- 0 . 1 9- 0 . 6 1- 0 . 2 1

0.67- 0 . 4 9

1.56- 0 . 8 3- 0 . 1 1

0.910 .000 .47

- 0 . 4 10 .19

- 1 . 9 80 .000.950 .383 .823 . 2 21.151.93

- 0 . 3 11.130.17

- 6 . 2 41.04

- 0 . 5 90 . 0 4

- 0 . 2 6- 0 . 0 3

May JuneFOR 28 SBNSITIVE

(PERCENT)

- 0 . 6 90 .100.100 .70

- 0 . 5 7- 0 . 6 1-0 .10

0 .29- 0 . 3 9- 0 . 2 0- 0 . 3 1

0 .63- 0 . 1 0

0.700.471.140 .38

- 1 . 4 60.960.090 .922.96

- 4 . 6 33.870 .05

- 0 . 7 62 .120.27

- 2 . 7 7- 0 . 2 0- 0 . 2 9

1.54- 0 . 8 4

0 .66

- 0 . 2 0- 0 . 2 0

0 .210 .59

-0 .67- 0 . 1 0

0 . 8 40 .95

- 1 . 5 70 .62

- 0 . 6 30 .100 .30

- 0 . 1 0- 0 . 1 9

2 .051.52

- 2 . 1 40.171.281.740.76

- 0 . 3 0- 1 . 9 5

1.2 0- 1 . 7 6

2 .971.890 .22

- 0 . 4 0- 0 . 7 0

2.46- 0 . 7 8

0 . 1 4

. CHANGE IN SENSITIVE MATERIALS(PERCENT)

- 1 . 3 00 . 5 00 .42

- 0 . 7 90 . 2 8

- 0 . 3 0- 0 . 6 3

1.19- 1 . 3 6

1.75-0.51- 0 . 3 1

0 .510 .480 .92

- 1 . 1 00 .691.32

- 0 . 9 61.101.183 . 4 92 .01

- 0 . 5 82 .192 .220.353 . 7 1

- 0 . 9 80 .67

- 1 . 2 01.750 .65

- 0 . 4 8

- 1 . 0 3- 1 . 4 0

0 .730 . 7 00 .09

- 0 . 6 0- 0 . 8 4

0 . 6 80 .201.11

- 1 . 1 20 .001.520.87

- 0 . 1 8- 0 . 9 1- 0 . 3 9- 0 . 3 5- 0 . 0 9

1.080 .752 .541.811.292 .20

- 0 . 2 60 . 6 40 .70

- 4 . 6 90.87

- 1 . 1 20 .53

- 0 . 1 60 .52

- 0 . 7 6- 0 . 1 0

0.310 .00

- 1 . 4 1- 0 . 5 0

0.110 .29

- 0 . 2 00 .00

- 0 . 3 10 .52

- 0 . 5 00 .48

- 0 . 5 50.41

- 0 . 4 9- 0 . 5 2

0.27- 0 . 3 6

1.652.41

- 3 . 9 21.650 . 2 8

- 0 . 9 40 .780 .08

- 3 . 7 9- 0 . 4 9- 0 . 3 6

0.57- 0 . 3 6- 0 . 2 2

- 0 . 8 6- 0 . 3 0

0.310.69

- 1 . 1 50.100 . 8 40 . 6 8

- 1 . 1 8- 0 . 7 0- 1 . 0 3- 0 . 3 1

0.30- 0 . 4 8- 0 . 0 9

1.120.59

- 0 . 7 9- 0 . 5 3

0 . 0 00.811.700 .00

- 2 . 8 10.96

- 2 . 5 22 .140 .98

- 1 . 0 4- 0 . 8 2- 2 . 0 0

1.18- 0 . 7 3- 1 . 0 0

. CHANGE IN SENSITIVE MATERIALS(PERCENT)

- 1 . 3 9- 0 . 3 3- 0 . 2 2

0 . 4 40 .06

- 0 . 9 4- 0 . 1 0

- 0 . 4 70.270 .11

- 0 . 1 00.17

- 0 . 2 90 .93

- 0 . 7 60 .131.74

- 0 . 3 40 . 4 81.262 .681.81

- 1 . 5 81.661.041.571.770.65

- 1 . 3 5- 0 . 7 4

1.700 .35

-0.90

- 1 . 5 1- 0 . 2 3

0.070.27

- 0 . 0 2- 0 . 9 1- 0 . 3 7

- 0 . 6 80.85

- 0 . 4 7- 0 . 1 2

0.460.080 .79

- 0 . 9 50.101.30

- 0 . 5 70 .991.133 .171.69

- 0 . 2 91.811.110.902.37

- 0 . 3 9- 0 . 6 9- 0 . 9 6

1.810 .36

- 0 . 6 0

- 1 . 2 5- 0 . 3 2

0 .380.10

- 0 . 1 4- 0 . 6 4- 0 . 4 9

- 0 . 5 81.02

- 0 . 7 3- 0 . 0 2

0.590 .480.31

- 0 . 8 00 .020 . 5 4

- 0 . 4 40.871.063 ,p50 . 9 40 . 5 41 .690 . 6 50 . 5 81 . 8 8

- 2 . 2 60 . 0 8

- 1 . 0 11 .290 . 2 2

- 0 . 2 2

- 0 . 9 6- 0 . 4 7

0.470 .22

- 0 . 5 8- 0 . 4 0- 0 . 2 1

- 0 . 4 20 .54

- 0 . 7 30.070 .480 .45

- 0 . 1 0- 0 . 1 6- 0 . 0 8- 0 .20- 0 . 1 9

0 . 4 21.132 .52

-0 .370 .421.35

- 0 . 4 50 .891.04

- 3 . 1 60.10

- 1 . 0 30.86

- 0 . 1 9- 0 . 1 5

July

- 0 . 5 0- 0 . 1 0

1.980.49

- 0 . 5 8- 0 . 1 0

0 .62- 0 . 4 7- 0 . 6 0- 0 . 3 1

0.001.980 .500 .30

- 0 . 1 91.011.68

- 1 . 6 0- 0 . 6 6

2.861.49

- 0 . 7 00 .74

- 0 . 4 74 .582.070.46

- 1 . 3 73 . 7 0

- 0 . 7 40.300 .64

- 1 . 7 6- 0 . 0 3

Aug.D INTERM

0 . 4 0- 0 . 4 0- 0 . 1 0

1.08- 1 . 4 5- 0 . 3 1

2.07- 0 . 3 8- 1 . 7 1

0.100 .420 ,820 .801.18

- 3 . 8 50 .800.830 .43

- 0 . 0 92 .371,253.57

- 1 . 9 72 .23

- 0 . 6 13 . 6 01.21

- 0 . 4 03 .29

- 0 . 3 7- 1 . 2 6

1.51- 1 . 1 0- 0 . 3 4

Sept.

- 0 . 3 0- 0 . 4 1

0.610.87

- 0 . 5 9-0 .83

1.320 .00

- 0 . 3 10.41

- 0 . 2 1- 1 . 5 2- 0 . 4 0- 0 . 4 9-0 .68

1.481 .160 .25

- 0 . 0 90 . 2 40.074 .41

- 1 . 8 13 .391.562 .040 .780 .531,04

- 2 . 1 30 .08

- 0 . 4 30 .71

- 0 . 3 4

PRICES, ACTUAL DATA

- 0 . 6 8- 0 . 2 0

0 .721.28

- 0 . 1 0- 0 . 3 0

1.15- 0 . 2 9- 0 . 7 0

0 .10- 0 . 3 1

1,150 .600 .000 .000.100.59

- 0 . 6 2- 1 . 0 7

1.080 .720.970 .49

- 0 . 5 13 .690 .750.57

- 0 . 4 03.02

- 0 . 0 40 . 7 40 .99

- 1 . 5 5- 0 . 3 1

0 .10- 0 . 4 1- 0 . 2 0

0.970 . 0 0

- 0 . 3 01.66

- 0 . 1 0- 0 . 7 0

0.400.310.411.390.76

- 3 . 7 80 .400 .580 .80

- 0 . 3 61.690 .883.76

- 1 . 5 72 . 5 2

- 0 . 9 71.661 .66

- 0 . 1 23.270 .12

- 0 . 7 41.84

- 1 . 0 8- 0 . 2 6

PRICES, SMOOTHED

- 0 . 8 3- 0 , 4 0

0 . 4 50 . 5 6

- 0 . 8 6- 0 . 2 8

0 . 3 7

- 0 . 5 4- 0 . 0 3- 0 . 6 8

0 . 2 60 . 2 90 . 1 4

- 0 . 2 40 . 3 80 . 0 7

- 0 . 6 0- 0 . 2 8

0 . 2 41.071,96

- 0 . 9 2-0 .26

1.40-1.07

1.180.40

-1 .89-0.30-0.85

0.84-0.65-0.37

- 0 . 6 2- 0 . 2 5

0 .360 .82

- 0 . 6 5- 0 . 2 0

0.96

- 0 . 7 8- 0 . 1 3- 0 . 4 5

0 . 4 40 .450.05

- 0 . 7 50 .540.41

- 0 . 4 2- 0 . 5 5

0 .580 .931.92

- 0 . 7 5- 0 . 4 1

1.44-0 .47

1.310 .190.57

- 0 . 3 5- 0 . 6 0

1.13- 1 . 0 0- 0 . 5 2

- 0 . 1 0-0 .82

0 .820.870 .19

-1 .310 .610 . 4 8

- 0 . 4 00 .20

- 0 . 3 1- 0 . 8 2

0.49- 0 . 3 8- 1 . 1 5

0 .600.970 .79

- 0 . 2 70 . 4 40 .081 .72

- 2 . 2 02 . 5 20 .331.101.210 .201.15

- 1 . 7 80 .370 . 0 40.21

- 0 . 4 0

DATA'

- 0 . 3 5- 0 . 3 9

0 . 3 61 .01

- 0 . 1 9- 0 . 4 0

1 . 1 8

- 0 . 7 30 . 0 8

- 0 . 2 20 . 3 30 . 8 00 . 1 1

- 1 . 4 70 . 4 50 . 6 50 . 0 6

- 0 . 6 11 .000 . 6 82 . 1 5

- 0 . 7 30 . 6 21 .120 . 5 71 .300 . 0 22 . 12

- 0 . 4 1- 0 . 2 7

1 . 1 5- 0 . 9 6- 0 . 4 2

Oct.

- 0 . 7 0- 0 . 9 2

0 .71- 0 . 3 8- 0 . 7 9

0.101.600.09

- 0 . 9 2- 0 . 3 1- 0 . 1 0

0 .410 .900 .29

-0 .10- 0 . 3 9

2.070.000.17

- 0 . 1 62 .392.82

. - 4 . 0 5- 0 . 3 3- 0 . 0 5- 1 . 2 4

2.001.491.20

- 0 . 8 0- 0 . 0 8

1.03- 0 . 7 3

0.59

- 1 . 1 7- 1 . 4 4

0.81- 0 . 4 8- 0 . 5 8- 0 . 9 2

1.820.19

- 0 . 9 1- 0 . 3 0

0.210 .831.460.19

- 0 . 6 8- 0 . 2 0

1.53- 0 . 4 4- 0 . 1 8- 0 . 0 9

2.061.75

- 3 . 5 5- 0 . 5 5- 0 . 6 5- 0 . 3 6

2 .301.790 .89

- 1 . 0 1- 0 . 4 6

1.17- 1 . 2 1

0 .18

- 0 . 3 1- 0 . 6 8

0 .460 .75

- 0 . 0 5- 0 . 7 4

1.25

-0 .640.17

- 0 . 0 20 .190.970.16

- 1 . 7 60 .320.870 .35

- 0 . 4 20 . 8 60 .782 .28

- 1 . 7 71.500 .290 .981 .440.262 .13

- 0 . 7 3- 0 . 0 8

0 .99- 0 . 7 5- 0 . 2 4

Nov.

- 0 . 6 0- 0 . 4 1

0 . 3 00 . 2 9

- 0 . 1 0- 0 . 4 2

0 . 0 0- 0 . 3 8- 0 . 7 3- 1 . 0 2- 0 . 3 1

0 . 3 10 . 3 90 . 5 9

- 0 . 6 90 . 8 81 .411 . 4 4

- 1 . 9 20 . 4 81 . 6 23 . 6 4

- 1 . 9 70 . 6 71 .21

- 0 . 7 82 . 8 7

- 0 . 8 82 . 1 3

- 2 . 0 2- 0 . 3 4

0 . 9 90 . 1 0

- 0 . 3 1

- 0 . 3 00 . 5 20 . 3 00 . 5 70 . 6 8

- 0 . 8 30 . 7 0

- 0 . 1 9- 0 . 8 2- 1 . 6 1

0 . 3 10 . 5 10 . 4 80 .47

- 0 . 4 90 . 9 01 .510 . 7 0

- 1 . 1 80 . 0 91 .632 . 5 5

- 2 . 1 60 . 0 00 . 5 5

- 0 . 5 72 . 1 6

- 0 . 8 01 .49

- 1 . 7 9- 0 . 8 4

1 .160 . 2 5

- 0 . 4 9

- 0 . 4 6- 0 . 7 4

0 . 5 60 . 3 9

- 0 . 0 2- 0 . 9 3

1 . 2 0

-0^69- 0 . 2 4

0 .070 . 1 60 . 9 60 . 1 4

- 1 . 3 20 . 3 51 . 1 80 . 3 7

-0.410.411.132 .21

- 2 . 5 41.08

- 0 . 1 80.431.810 .511 .47

- 1 . 2 1- 0 . 2 9

0.90- 0 . 4 7- 0 . 2 0

Dec.

- 0 . 4 0- 0 . 2 1

0 . 1 00 . 6 70 .100 . 3 1

- 0 . 5 90 . 0 00 . 2 10 . 5 20 . 2 10 .000 . 2 00 . 0 0

- 1 . 1 91 .072 . 9 5

- 0 . 5 0- 0 . 9 8

1.271 .183 . 0 5

- 5 . 3 32 .271 .152 . 6 9

- 0 . 4 2- 1 . 9 4

0 . 6 1- 0 . 3 6

0 . 9 00 . 8 8

- 0 . 3 7- 0 . 3 1

- 0 . 4 9- 0 .10

0 .001 .2 40 . 1 00 . 0 0

- 0 . 6 9- 0 . 2 9- 0 . 3 1

0 . 9 2- 0 . 1 0

0 . 1 0- 0 .10

0 . 3 6- 0 . 6 9

0 . 8 91.670 . 1 7

- 1 . 1 90 . 7 01 .304 . 1 1

- 4 . 7 71 .360 . 9 22 . 4 6

- 0 . 5 7- 0 . 4 8- 0 . 2 8- 0 . 8 7

0 . 0 90 . 7 4

- 0 . 8 9- 0 . 0 9

- 0 . 5 9- 0 . 4 6

0 . 5 10 .380 . 0 8

- 0 . 8 00 . 8 3

- 0 . 7 0- 0 . 4 5

0 . 1 00 .330 . 7 10 .22

- 0 . 7 00 . 4 81.450 . 2 5

- 0 . 7 00 . 1 91 .462 . 4 0

- 3 . 0 70 . 4 60 . 1 80 . 2 81 .590 . 2 80 . 9 4

- 1 . 3 8- 0 . 3 6

0 . 9 1- 0 . 4 3- 0 . 1 8

I Q

- 0 . 7 70 . 1 0

- 0 .200 . 1 30 . 3 2

- 0 . 7 7- 0 . 0 3

1 . 0 1- 0 . 8 0

0 . 0 4- 0 . 1 7

0 . 0 00 . 2 4

- 0 .490 .97

- 1 . 0 10 .232 . 0 7

- 1 . 3 01 .360 . 8 13 . 1 10 .42

- 1 . 5 52 , 1 80 . 6 91.562 . 0 70 . 6 6

- 1 . 6 9- 0 .81

2 . 0 50 . 2 1

-0 .89

II Q III Q

AVERAGE FOR

- 0 . 3 9- 0 . 0 3- 0 . 1 0

0 . 6 0- 0 . 4 8- 0 . 4 4

0 . 1 80 . 6 4

- 0 . 8 20 . 6 6

- 0 . 5 90 . 2 10 . 3 70 . 2 00 . 2 50 . 9 30 . 7 0

- 1 . 8 60 . 3 80 . 7 71 .012 . 5 1

- 0 . 5 71 .021 .06

- 0 . 9 42 .070 . 7 8

- 2 . 9 30 . 1 5

- 0 . 5 31 .35

- 0 . 6 30 . 2 6

- 0 . 1 3- 0 .30

0 . 8 30 . 8 1

- 0 . 8 7- 0 . 4 1

1 . 3 4- 0 .28- 0 . 8 7

0 . 0 70 . 0 70 . 4 30 . 3 00 .33

- 1 . 5 71.101 .23

- 0 . 3 1- 0 . 3 5

1 .820 . 9 42 , 4 3

- 1 . 0 11 .721 . 8 42 . 5 70 . 8 2

- 0 . 4 12 . 6 8

- 1 .08- 0 . 2 9

0 . 5 7- 0 . 7 2- 0 . 2 4

IV Q

PERIOD

- 0 . 5 7- 0 . 5 1

0 . 3 70 . 1 9

- 0 . 2 60 . 0 00 . 3 4

- 0 . 1 0- 0 . 4 8- 0 . 2 7- 0 . 0 7

0 . 2 40 . 5 00 . 2 9

- 0 . 6 60 . 5 22 . 1 40 . 3 1

- 0 . 9 10 . 5 31 .733 . 1 7

- 3 . 7 80 . 8 70 . 7 70 . 2 21 .48

- 0 . 4 41.31

- 1 . 0 60 . 1 60 . 9 7

- 0 . 3 3- 0 . 0 1

Annual

- 0 . 4 7- 0 . 1 9

0 . 2 20 . 4 3

- 0 . 3 2- 0 . 4 1

0 . 4 50 . 3 2

- 0 . 7 40 . 1 2

- 0 . 1 90 . 2 20 . 3 50 . 0 8

- 0 . 2 50 . 3 81 .070 . 0 5

- 0 . 5 51 .121 .122 . 8 1

- 1 . 2 40 . 5 21.460 . 6 41 . 4 80 . 5 00 . 4 3

- 0 . 9 2- 0 . 3 7

1 . 2 4- 0 , 3 7- 0 . 2 2

- 1 . 5 5- 0 . 1 6- 0 . 1 4

0 .31-0 .10- 1 . 0 1- 0 .21

0 . 6 0- 0 . 6 5

0 . 6 2- 0 . 1 3- 0 . 1 4

0 .24- 0 . 1 9

1 .02-0 .83

0 . 1 01 . 6 8

- 0 . 5 20 .861 . 3 43 .051 .46

- 0 . 8 81 .801.261 .222 . 4 80 . 5 7

- 1 . 1 9- 0 . 7 9

1 . 9 80 . 3 4

- 0 . 8 3

- 0 . 8 8- 0 . 6 0

0 . 4 50 . 4 6

- 0 . 8 2- 0 . 3 3

0 . 0 40 . 5 5

- 0 . 3 90 . 1 4

- 0 . 8 20 . 0 70 . 4 40 . 2 9

- 0 . 2 70 . 2 1

- 0 . 1 0- 0 . 5 5- 0 . 1 2

0 . 2 41.072 . 2 2

- 0 . 7 00 . 0 41 .15

- 1 . 2 41 .190 . 5 9

- 3 . 1 7- 0 . 1 5- 1 . 1 6

0 . 7 6- 0 . 4 2- 0 . 2 3

- 0 . 2 3- 0 .48

0 . 4 51 . 0 40 . 0 3

- 0 . 6 41 . 1 40 . 0 3

- 0 , 6 00 . 2 3

- 0 . 1 00 . 2 50 .830 . 1 3

- 1 . 6 40 . 3 70 . 7 10 , 3 2

- 0 . 5 71 .070 . 5 62 . 1 5

- 1 . 0 91 .511 .021.171 .15

- 0 . 1 12 . 4 8

- 0 . 5 70 . 1 20 .96

- 0 . 8 1- 0 . 3 2

- 0 . 6 5- 0 . 3 4

0 . 3 70 . 4 40 . 0 7

- 0 . 5 80 . 6 1

- 0 . 1 0- 0 . 6 8- 0 . 3 3

0 . 1 40 . 4 80 . 6 10 . 3 5

- 0 . 6 20 . 5 31.570 . 1 4

- 0 . 8 50 . 2 31 .662 . 8 0

- 3 . 4 90 . 2 70 . 2 70 . 5 11.300 . 1 70 . 7 0

- 1 . 2 2- 0 . 4 0

1..02- 0 . 6 2- 0 . 1 3

- 0 . 8 3- 0 . 3 9

0 . 2 80 . 5 6

- 0 . 2 1- 0 . 6 4

0 . 3 90 . 2 7

- 0 . 5 80 . 1 6

- 0 . 2 30 . 1 60 . 5 30 . 1 4

- 0 . 3 80 . 0 70 . 5 70 . 4 0

- 0 . 5 10 . 6 01 .162 , 5 5

- 0 . 9 60 . 2 41.060 . 4 21 .210 . 7 80 . 1 4

- 0 . 7 8- 0 . 5 6

1 . 1 8- 0 , 3 8- 0 . 3 8

- 0 . 8 9- 0 . 5 0- 0 . 1 9

0 . 4 40 . 2 9

- 0 . 4 9- 0 . 2 1

0 . 1 8-0 .23-0 . 2 0

0 . 0 6- 0 . 0 1

0 . 2 4- 0 . 1 0

0 . 7 4- 0 . 6 3

0 . 3 21 .710 . 0 0

- 0 . 2 00 . 9 62 . 0 62 .22

- 2 . 5 11 .240 . 7 71 .421 .310 . 3 5

- 0 . 6 8- 0 . 8 8

0 . 8 20 . 5 2

- 0 . 7 3

- 1 .24- 0 . 3 4

0 . 3 10 . 2 0

- 0 . 2 5- 0 . 6 5- 0 . 3 6

0 . 7 2

0 .60- 0 . 6 4- 0 . 0 2

0 . 5 10 . 3 40 . 3 3

- 0 . 6 40 . 0 10 . 5 5

- 0 . 4 00.761.112.910 .750 .221.620 . 4 40.791 .76

- 1 . 9 4- 0 . 1 7- 1 . 0 0

1.320 .13

- 0 . 3 2

- 0 .60- 0 . 3 5

0 . 3 90 . 8 0

- 0 . 5 7- 0 . 2 9

0 . 8 4

- 0 . 6 8- 0 . 0 3- 0 . 4 5

0 . 3 40 . 5 10 .10

- 0 . 8 20 . 4 60 . 3 8

- (- I

- i

- i

_ ,

. 3 2

. 4 8) . 6 1> . 8 9I . 0 1) . 8 0) . O 2

. 3 2) . 3 2

. 260 . 2 00 . 2 7

- 0 . 3 5- 0 . 5 7

1 . 0 4- 0 . 8 7- 0 . h /•

- 0 . 4 5- 0 . 6 3

0 . 5 10 . 5 10 . 0 0

- 0 . 8 21 .090 . 1 1

- 0 . 6 8- 0 . 1 7

0 . 0 50 . 2 30 , 8 80 . 1 7

- 1 . 2 60 . 3 81.170 . 3 2

- 0 , 5 10 . 4 91 .122 . 3 0

- 2 . 4 61 .010 . 1 00 , 5 61 .610 . 3 51 .51

- 1 . 1 1- 0 . 2 4

0 . 9 3-C 55- 0 . 2 1

- 0 . 8 0- 0 . 4 5

0 . 2 50 . 4 8

- 0 . 1 3- 0 . 5 6

0 . 3 4

- 0 . 5 40 . 1 0

- 0 . 2 40 . 1 30 . 5 40 . 1 3

- 0 . 2 5- 0 . 1 1

0 . 4 70 . 5 6

- 0 . 3 50 .421 .022 . 3 3

- 0 . 0 7- 0 . 3 2

1.070 . 3 61.270 . 9 10 . 0 5

- 0 . 5 8- 0 . 6 7

1 .03- 0 . 1 9- 0 . 4 2

NOTE: These series contain revisions beginning with 1981.'This series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.

(JUNE 1986)



Year

1 9 5 2 . , .1 9 3 3 , . .1 9 5 4 . . .1 9 5 5 . , .1 9 5 6 . . .1 9 5 7 , . .1 9 5 8 . . .1 9 5 9 . , .1 9 6 0 . . .1 9 6 1 . . .1 9 6 2 , , .1 9 6 3 . . .1 9 6 4 . . .1 9 6 5 . . .1 9 6 6 . . .1 9 6 7 . . .1 9 6 8 . . .1 9 6 9 . . .1 9 7 0 . . .1 9 7 1 . . .1 9 7 2 . . .1 9 7 3 . , .1 9 7 4 . . .1 9 7 5 . . .1 9 7 6 . . .1 9 7 7 . . .1 9 7 8 . . .1 9 7 9 . . .1 9 8 0 . . .1 9 8 1 . . .1 9 8 2 . . .1 9 8 3 . . .1 9 8 4 . . .1 9 8 5 . . .1 9 8 6 . . .

1 9 5 2 . . .1 9 5 3 . . .1 9 5 4 . . .1 9 5 5 . . .1 9 5 6 . . .1 9 5 7 . . .1 9 5 8 . . .

1 9 5 9 . . .I 9 6 0 . . .1 9 6 1 . . .1 9 6 2 . . .1 9 6 3 . . .1 9 6 4 , . .1 9 6 5 . , .1 9 6 6 . . .1 9 6 7 . . .1 9 6 8 . . .1 9 6 9 . . .1 9 7 0 . .1 9 7 1 . ' ! .1 9 7 2 . . .1 9 7 3 . . .1 9 7 4 . . .1 9 7 5 , . .1 9 7 6 . . .1 9 7 7 . . .1 9 7 8 . . .1 9 7 9 . . .1 9 8 0 . . .1 9 8 1 . . .1 9 8 2 . . .1 9 8 3 . . .1 9 8 4 . . .1 9 8 5 . . .1 9 8 6 . . .

1 9 5 2 . . .

19 5 4 ! ' . !1 9 5 5 . . .1 9 5 6 . . .

1 9 5 7 . . .1 9 5 8 . . .1 9 5 9 . . .

I 9 6 0 . . .1 9 6 1 . . .1 9 6 2 . . .1 9 6 3 . . .1 9 6 4 . . .

1 96 5 . . .1 9 6 6 . . .1 9 6 7 . . .1 9 6 8 . . .1 9 6 9 . . .1 9 7 0 . . .1 9 7 1 . . .1 9 7 2 . . .1 9 7 3 . . .1 9 7 4 . , .1 9 7 5 . . .1 9 7 6 . , .1 9 7 7 . . .1 9 7 8 . . .1 9 7 9 . . .1 9 8 0 . . ,1 9 8 1 . . .1 9 8 2 . . .1 9 8 3 . . .1 9 8 4 . . .1 9 8 5 . . .1 9 8 6 . . ,

Jan.

6 0 , 4 4 96 7 , 3 8 165 ,9816 4 , 9 4 376 ,24685 , 5 0 48 5 , 5 4 38 3 , 2 4 391 , 8 8 59 5 , 8 5 697 ,857

1 0 5 , 3 4 91 1 3 , 0 8 71 2 6 , 5 3 91 4 9 , 3 861 7 1 , 3 9 61 8 4 , 2 3 32 0 5 , 3 0 4225 , 1 3 62 2 6 , 1 9 12 1 7 , 1 6 72 2 6 , 6 3 22 3 2 , 5 8 62 4 5 , 0 3 82 0 9 , 2 6 41 9 8 , 1 6 92 0 2 , 0 3 0211 , 3 4 82 2 6 , 6 0 62 2 3 , 7 5 62 5 5 , 4 5 92 6 8 , 0 1 72 6 0 , 5 3 13 1 4 , 2 6 2

0 . 3 60 . 1 30 . 2 90 . 5 20 . 0 80 . 3 9

" 0 . 1 10 . 9 50 . 1 70 . 6 10 . 6 30 . 7 40 . 5 80 . 7 10 . 6 50 . 4 00 . 6 50 . 5 30 31

i!oo1.070 . 5 30 . 4 41.071 .160 . 7 50 , 4 50 . 6 50 . 5 71 . 0 82 . 7 90 . 6 21.10

0 , 9 5

(K27o ! 4 80 . 3 6

0 . 0 80 . 8 3

0 . 3 30 . 5 90 . 6 70 . 6 00 . 5 0

0 . 6 10 , 7 00 . 5 50 . 8 90 . 5 60 . 3 30 . 6 20 . 8 71 . 0 90 . 9 30 . 3 70 . 9 20 . 8 91 .050 . 7 40 . 8 31 . 2 41.231 .310 , 8 10 . 7 2

Feb.1 0 1 .

6 0 , 6 8 267 , 5 4 066 , 4 0 86 5 , 2 3 57 6 , 5 2 18 5 , 5 7 98 4 , 5 5 883 , 2 9 09 3 , 1 6 29 5 , 7 6 09 8 , 2 3 6

1 0 5 , 9 3 81 1 4 , 5 7 41 2 9 , 2 0 01 5 0 , 4 8 01 7 2 , 9 0 31 8 3 , 5 6 52 0 6 , 2 4 1227 , 7 8 92 2 6 , 1 0 22 1 7 , 5 0 02 3 1 , 2 1 22 3 3 , 1 1 02 4 4 , 0 6 52 0 9 , 9 4 71 9 8 , 1 4 82 0 0 , 9 7 52 1 1 , 4 0 32 2 7 , 0 2 92 2 2 , 0 5 12 6 0 , 4 5 52 6 7 , 2 4 62 6 4 , 5 6 93 1 6 , 3 3 7

0 . 5 00 . 1 70 . 2 90 . 6 00 . 0 00 . 1 91 .21

0 . 4 20 . 1 00 . 7 60 . 8 00 . 7 10 .560 . 6 30 . 4 80 . 6 40 . 4 70 . 4 2

K 3 11 . 1 40 . 5 00 . 5 40 . 8 41 . 3 30 . 9 50 . 3 90 . 4 90 . 8 80 . 7 30 . 1 91 .870 . 7 40 . 9 1

0 . 5 6

0 | 2 7o!s i0 , 5 1

0 . 4 20 . 1 1

0 . 2 30 . 5 70 . 6 70 . 8 10 . 5 1

0 . 5 70 . 4 60 . 6 60 . 5 70 . 4 9

- 0 , 0 30 . 9 61 .091 .111 .110 , 4 31 . 0 31 .010 . 7 50 . 7 71 . 0 50 . 9 80 . 8 11 .010 . 8 50 . 8 8

Mar. Apr. MayCOMMERCIAL AND INDUSTRIAL

6 1 , 2 5 46 7 , 7 9 36 6 , 3 1 96 6 , 1 6 77 8 , 5 1 48 6 , 9 5 68 3 , 7 1 28 3 , 9 6 19 3 , 2 2 49 6 , 1 6 19 8 , 6 0 4

1 0 6 , 3 0 51 1 4 , 5 9 21 3 1 , 9 3 71 5 2 , 5 3 517 5 , 3 8 21 8 3 , 9 0 02 0 8 , 4 6 42 3 1 , 0 6 52 2 6 , 2 1 32 1 9 , 8 8 52 3 0 , 7 0 02 3 2 , 6 8 42 4 2 , 7 9 82 0 5 , 8 1 71 9 6 , 8 4 72 0 3 , 4 3 02 1 1 , 8 0 32 2 9 , 0 3 52 1 8 , 2 2 32 6 2 , 3 7 82 6 8 , 3 7 62 7 1 , 4 9 83 1 9 , 1 1 9

0 . 2 20 . 5 20 . 2 9

- 0 . 1 20 . 2 40 . 3 80 . 8 2

0 . 4 50 . 2 30 . 5 10 . 7 90 . 6 80 . 4 80 . 6 00 . 5 20 , 9 10 . 4 90 . 4 00 . 1 5K 3 71 .070 . 1 10 . 7 11 .220 . 8 60 . 9 30 . 5 60 , 7 10 . 3 91.070 . 5 70 . 8 20 . 5 20 . 3 1

0 . 4 1

0 . 9 10 . 1 70 . 0 30 . 1 5

0 . 2 50 . 3 7

0 , 2 30 . 3 40 . 8 20 . 5 90 . 4 3

0 . 6 40 . S 10 . 8 40 . 5 90 . 5 00 . 3 70 . 8 80 . 9 40 . 8 80 . 6 80 . 6 30 . 7 20 . 9 40 . 8 61 . 0 80 . 5 60 . 5 10 . 6 60 . 7 61 . 1 60 . 6 4

(MILLIONS

6 1 , 6 0 96 9 , 0 4 16 5 , 8 7 76 6 , 3 6 07 9 , 5 828 7 , 6 2 98 3 , 4 6 98 4 , 5 0 79 3 , 8 0 59 6 , 6 9 69 9 , 7 4 2

1 0 7 , 2 5 21 1 5 , 6 2 41 3 3 , 3 7 21 5 4 , 1 5 81 7 7 , 8 5 31 6 6 , 9 9 72 1 3 , 9 6 02 3 0 , 6 1 82 2 3 , 0 8 22 2 2 , 2 4 42 3 3 , 4 1 32 4 0 , 8 9 62 3 7 , 5 0 31 9 9 , 3 2 21 9 5 , 5 7 02 0 3 , 7 9 72 1 5 , 8 7 62 2 8 , 4 5 42 1 9 , 9 8 12 6 7 , 7 5 92 6 4 , 5 4 62 7 8 , 1 7 63 1 9 , 7 0 1

1 0 2 .

0 . 3 10 . 3 0

- 0 . 0 80 . 2 80 . 2 70 . 1 50 . 7 8

0 , 3 80 . 2 70 . 5 70 . 7 60 . 7 80 . 5 50 . 5 80 , 5 10 . 5 70 . 5 80 , 3 5

1 . 5 20 . 8 20 . 6 00 . 3 11 . 0 81 . 0 90 . 9 90 . 6 30 . 9 6

- 0 . 2 91 .230 . 6 70 . 8 10 . 6 80 . 2 1

1 0 4 .

0 . 2 2

o!o3o ! 6 10 . 0 0

0 . 2 00 . 3 7

0 . 1 50 . 5 40 . 7 50 . 5 70 . 5 1

0 . 6 20 . 7 10 . 4 00 . 6 20 . 4 70 . 6 10 . 9 40 . 9 70 . 9 40 . 9 40 . 5 80 .860 . 9 70 . 9 61 . 0 90 . 4 10 . 8 30 . 8 50 . 9 51 . 0 40 . 1 9

6 1 , 8 1 86 9 , 2 5 16 5 , 3 8 76 7 , 9 8 18 0 , 6 3 08 8 , 3 5 08 2 , 0 8 18 5 , 9 0 49 4 , 9 6 99 6 , 8 3 0

1 0 0 , 4 9 31 0 7 , 4 0 51 1 6 , 9 5 31 3 5 , 8 5 11 5 6 , 2 5 61 7 7 , 9 5 51 8 6 , 9 6 72 1 5 , 1 2 52 3 1 , 9 6 32 2 3 , 8 2 42 2 2 , 5 4 7231 ,6272 4 1 , 5 2 72 3 1 , 0 0 2199 ,1271 9 5 , 9 2 0205 ,797217 ,0702 2 5 , 0 9 22 2 5 , 1 0 62 7 1 , 5 6 52 5 9 , 6 4 72 8 4 , 1 1 03 2 1 , 2 9 4

:HANGE IN

June July Aug. Sept. Oct.LOANS OUTSTANDIHG IN 1982 DOLLARS1

OF DOLLARS)

6 2 , 5 2 96 9 , 2 7 06 5 , 3 2 56 8 , 7 1 581 ,7008 9 , 2 0 46 2 , 0 808 7 , 5 4 19 6 , 1 9 39 7 , 2 5 7

1 0 1 , 1 9 71 0 7 , 3 9 81 1 7 , 7 0 11 3 6 , 0 4 51 5 8 , 8 1 11 7 8 , 8 5 21 8 8 , 4 1 32 1 7 , 1 1 92 3 2 , 8 7 02 2 0 , 7 3 82 2 2 , 3 3 82 3 1 , 6 4 32 4 3 , 3 4 02 2 6 , 5 4 71 9 9 , 3 7 61 9 8 , 4 4 62 0 7 , 9 2 42 2 0 , 0 2 9

2 2 8 , 9 4 92 7 2 , 8 9 92 5 9 , 5 0 42 9 2 , 4 5 23 1 8 , 2 1 4

6 2 , 8 5 46 8 , 4 2 56 5 , 1 0 57 0 , 1 2 88 3 , 0 2 88 9 , 2 5 98 1 , 9 6 38 7 , 4 9 59 6 , 1 4 19 6 , 8 0 7

1 0 1 , 5 5 21 0 7 , 4 4 41 1 8 , 1 7 91 3 7 , 0 5 41 6 0 , 6 3 21 7 9 , 9 7 41 8 9 , 8 1 42 1 7 , 5 4 0231 , 5 4 82 1 8 , 3 1 02 2 1 , 0 7 22 3 7 , 3 7 42 4 2 , 0 4 82 2 2 , 6 8 01 9 6 , 9 6 11 9 7 , 9 4 22 0 8 , 7 1 72 2 1 , 3 6 4

2 3 1 , 9 8 42 7 2 , 0 7 22 5 8 , 3 4 52 9 4 , 5 7 03 1 9 , 8 6 1

MONEY SUPPLY M2(PERCENT)

0 . 4 00 . 3 00 . 8 70 . 4 0

- 0 . 0 80 . 3 00 . 6 2

0 . 7 20 . 3 00 . 7 20 . 5 80 . 7 50 . 6 20 . 3 70 . 1 51 . 020 . 5 80 . 1 2

1 .210 . 6 20 . 8 50 . 2 61 . 3 81 .260 . 8 70 . 6 90 . 5 80 . 6 40 . 3 80 . 6 90 . 7 80 . 6 20 . 7 2

2HANGE IN

0 . 4 00 . 1 30 . 2 90 . 0 00 .270 . 1 10 . 9 10 . 5 80 . 4 00 . 5 90 .460 . 5 60 . 6 40 . 6 20 . 1 90 . 9 70 . 6 70 . 3 1

0 . 8 50 . 8 40 . 6 10 . 3 71.570 . 4 00 . 7 00 .571 . 0 31 . 3 30 . 5 40 . 5 90 . 6 50 . 5 31 .10

0 , 3 10 .210 . 4 90 . 2 80 . 1 20 , 3 00 . 4 0

0 . 4 80 . 6 90 . 4 60 . 5 20 . 7 90 . 8 40 . 7 00 . 0 00 . 9 20 . 6 30 . 2 4

0 . 9 61 . 2 90 , 4 70 . 4 01 . 2 20 . 8 50 . 8 90 . 6 40 . 8 41 .330 . 7 00 . 6 80 . 5 8O.400 . 6 9

TOTAL LIQUID AS(PERCENT)

0 . 3 3

0^500 . 8 90 . 2 4

0 . 3 10 . 8 2

0 . 1 30 . 6 60 . 5 40 . 7 30 . 6 8

0 . 5 20 , 3 30 , 6 70 . 6 70 . 0 80 . 4 70 . 7 30 . 8 01 .070 . 7 80 . 9 71 . 0 00 . 9 50 . 9 20 . 9 00 . 6 00 . 9 10 . 7 90 . 6 31 . 0 40 . 5 2

0 . 6 3

0 . 1 00 . 5 70 , 2 1

0 . 3 60 . 6 3

0 . 4 80 . 5 60 . 4 80 . 7 0

0 . 2 70 . 7 40 . 6 10 . 3 20 . 3 70 . 7 90 . 9 51 . 0 20 . 8 30 . 9 80 . 6 90 . 9 20 . 7 11 .460 . 6 40 . 9 50 . 7 60 . 7 91 . 0 40 . 8 0

0 . 5 5

0 . 3 30 . 7 20 . 0 3

0 . 1 40 . 6 8

0 . 5 50 . 4 5J . 5 80 . 5 6

0 . 0 80 . 6 70 . 9 20 . 0 00 . 9 21 . 1 51 .100 . 9 80 . 6 40 . 7 80 .851 .060 . 9 11 .010 . 8 21 .030 . 8 51 . 0 21 , 0 30 . 4 8

6 2 , 5 8 46 9 , 1 5 06 2 , 4 3 57 1 , 2 0 98 3 , 3 1 28 9 , 0 9 38 1 , 6 7 78 9 , 0 2 99 5 , 9 9 89 7 , 1 5 6

1 0 2 , 4 2 31 0 8 , 2 9 51 1 9 , 3 801 4 0 , 0 9 61 6 3 , 3 0 61 7 9 , 8 4 01 9 3 , 3 3 52 2 1 , 4 2 32 3 4 , 4 0 62 2 1 , 2 6 42 2 1 , 4 4 62 2 8 , 4 3 22 3 8 , 4 6 92 1 9 , 6 2 51 9 7 , 2 0 42 0 0 , 3 2 92 0 9 , 9 3 22 2 4 , 8 9 6

2 3 7 , 1 8 62 7 2 , 7 2 22 5 8 , 2 2 72 9 7 , 1 0 13 2 1 , 7 1 6

;

0 . 4 40 . 2 50 . 5 30 . 0 00 . 0 00 . 2 60 . 6 5

0 , 3 40 . 8 50 . 5 80 . 5 40 . 6 30 . 7 80 . 6 10 . 3 60 . 8 90 . 7 10 . 1 20 , 9 50 . 9 01 . 2 30 . 2 90 . 3 20 . 8 71 .210 . 7 00 . 5 50 . 6 41 . 0 30 . 9 30 . 9 70 . 4 40 . 6 30 . 7 7

SETS3

0 . 5 5

0 . 4 30 . 5 00 .27

0 . 6 40 . 5 2

0 . 4 30 . 6 20 . 8 40 . 5 0

0 .270 . 9 00 . 9 30 . 1 10 . 8 90 . 7 01.170 . 9 70 . 6 20 . 7 90 . 7 60 . 9 60 . 8 80 . 7 50 . 9 40 . 8 90 . 7 80 . 6 60 . 7 60 . 7 6

6 3 , 6 0 36 8 , 5 5 46 2 , 4 8 87 1 , 7 0 48 3 , 8 5 48 9 , 6 4 08 2 , 2 0 68 9 , 3 0 19 6 , 3 3 79 7 , 3 9 9

1 0 2 , 2 7 01 0 9 , 1 5 51 2 0 , 6 9 11 4 2 , 9 5 31 6 4 , 9 5 51 8 0 , 6 4 21 9 4 , 8 5 32 2 4 , 1 1 92 3 4 , 1 1 92 2 6 , 8 0 72 2 0 , 3 8 12 3 2 , 2 4 42 4 5 , 8 4 62 1 5 , 7 3 41 9 5 , 6 4 02 0 0 , 3 8 02 0 9 , 5 3 42 2 7 , 1 8 22 2 1 , 8 2 9

2 7 4 , 8 8 52 5 7 , 5 9 53 0 1 , 8 0 93 2 2 , 4 1 2

0 . 5 70 . 1 30 . 1 60 . 2 40 . 4 30 . 0 80 . 2 9

0 . 0 30 . 4 20 . 5 50 . 5 10 . 5 50 , 7 50 . 7 90 . 5 50 . 7 20 . 7 10 . 2 91 , 0 41 . 0 21 . 1 80 . 1 20 . 4 50 . 8 81 .060 . 7 80 . 9 70 . 8 00 . 8 90 . 6 30 . 8 50 . 5 90 . 7 90 . 5 6

0 . 5 8

0 . 3 90 . 7 40 . 4 8

0^470 .10

0 . 4 00 . 5 30 . 7 50 . 8 6

0 . 5 00 . 7 40 . 7 60 . 4 50 . 7 70 . 7 11 . 0 30 . 8 10 . 6 60 . 9 50 . 5 60 . 9 61 . 0 61 . 2 80 . 7 81 .010 . 6 00 . 6 71 . 0 10 . 7 5

6 4 , 6 6 16 8 , 4 5 76 2 , 5 9 17 3 , 0 9 08 4 , 0 9 58 8 , 7 2 88 2 , 7 409 0 , 3 7 09 6 , 1 4 99 7 , 4 0 2

1 0 3 , 8 3 91 1 0 , 5 5 81 2 1 , 2 9 41 4 4 , 4 2 01 6 7 , 7 1 01 8 2 , 0 1 81 9 7 , 0 9 72 2 5 , 9 0 02 2 9 , 7 1 32 2 4 , 3 6 12 2 5 , 6 9 12 3 6 , 8 5 52 4 3 , 1 4 92 1 2 , 3 7 31 9 6 , 7 2 12 0 1 , 4 8 52 0 9 , 6 1 12 2 4 , 6 0 32 2 0 , 6 1 1

2 7 4 , 3 0 72 5 6 , 1 9 33 0 5 , 3 6 63 2 5 , 1 8 3

0 . 3 10 . 3 00 . 4 50 . 2 00 . 1 20 . 0 80 . 3 6

0 . 0 30 . 4 50 . 5 50 . 7 30 . 7 00 . 6 50 . 8 00 . 1 70 . 7 40 . 7 80 .270 . 8 50 . 8 51 .100 . 4 50 . 5 60 . 6 21 .360 . 7 80 . 6 80 . 3 80 . 7 90 . 8 10 . 7 90 . 9 80 . 6 00 . 3 5

0 . 5 4

0 . 4 60 . 5 50 .270 . 0 30 .550 .06

0 . 6 40 .420 .490 . 7 0

0 .300 . 7 00 . 9 00 . 3 20 . 7 50 . 7 91 .100 .690 . 6 20 . 7 81 .091 .050 . 9 10 . 6 60 . 8 01 .111 . 0 10 . 5 80 . 6 70 . 5 7

Nov.

6 6 , 3 0 36 8 , 0 9 26 3 , 1 2 77 4 , 4 3 48 4 , 8 4 88 7 , 2 7 68 2 , 8 4 99 1 , 1 2 99 6 , 5 0 59 7 , 5 9 3

1 0 4 , 7 2 51 1 2 , 4 1 81 2 2 , 5 8 51 4 6 , 3 5 11 6 9 , 5 0 51 8 3 , 4 5 71 9 9 , 8 5 72 2 6 , 5 0 42 2 8 , 2 3 92 2 3 , 9 4 82 2 6 , 8 1 92 3 8 , 4 4 52 4 3 , 4 3 92 1 1 , 9 8 51 9 8 , 8 9 82 0 2 , 2 3 42 1 1 , 4 9 22 2 2 , 0 2 72 2 4 , 2 8 0

2 6 9 , 4 2 72 5 7 , 7 7 43 0 8 , 7 1 63 2 8 , 8 2 3

0 . 4 80 . 1 70 . 3 6

- 0 . 0 80 .270 . 1 10 . 5 3

0 . 2 00 . 4 50 . 6 90 . 7 30 . 8 00 . 6 90 . 7 10 . 2 90 . 5 00 . 7 30 . 5 30 . 7 80^930 . 9 10 , 7 20 . 6 01 . 0 21 . 1 20 . 6 60 . 5 40 . 2 00 . 8 30 . 9 70 . 7 30 . 6 01 .060 . 4 9

0 . 5 7

0 . 4 60 . 4 00 . 3 80 .06

o ! l 5

0 , 2 50 . 7 10 . 9 80 . 9 30 . 6 0

0 . 4 10 . 5 80 . 6 40 . 7 80 .570 . 7 91 . 2 80 . 6 90 . 4 81 . 1 20 . 8 71 . 0 41 .220 . 1 21 .160 . 9 20 . 5 00 . 9 50 . 7 20 . 9 9

Dec.

6 7 , 0 8 36 6 , 6 1 66 4 , 7 0 67 5 , 4 9 56 5 , 1 6 08 6 , 8 3 38 3 , 2 9 991 ,7519 6 , 2 1 39 7 , 7 1 9

1 0 5 , 1 9 41 1 4 , 1 3 61 2 4 , 5 3 4147 , 2 9 01 7 0 , 3 1 61 8 4 , 3 4 22 0 1 , 2 7 92 2 7 , 8 2 52 2 8 , 2 8 92 2 0 , 9 5 42 2 4 , 1 1 42 3 5 , 7 8 92 4 4 , 1 0 62 1 1 , 4 6 61 9 8 , 7 6 02 0 2 , 9 7 92 1 0 , 2 7 52 2 3 , 5 5 32 2 4 , 9 6 22 5 0 , 8 6 32 6 3 , 3 8 22 6 1 , 3 5 73 0 9 , 6 4 43 3 1 , 3 1 7

0 . 3 00 . 2 10 . 1 60 . 2 40 . 1 90 . 0 00 . 2 1

0 . 4 20 . 6 00 . 7 80 . 4 10 .620 . 7 50 . 5 20 . 5 90 . 7 30 . 4 30 .930 . 8 21 . 0 50 . 7 60 . 3 20 . 8 21 .310 . 6 80 . 7 20 . 5 00 . 0 70 . 9 60 . 7 70 . 4 51 . 0 90 . 5 9

0 . 5 00 .27

0 . 4 30 . 4 10 . 3 40 . 5 4

- 0 . 1 0

0 . 6 30 . 8 90 . 4 40 .50

0 . 5 60 . 6 50 . 6 80 . 5 50 , 6 90 . 8 81 . 220 . 7 70 . 5 60 . 6 41 . 0 50 . 9 91 . 1 80 . 4 50 . 6 60 . 6 90 . 6 11 . 1 40 . 9 51 .01

IQ

6 0 , 8 6 26 7 , 5 7 16 6 , 2 3 66 5 , 4 4 67 7 , 0 9 48 6 , 0 1 38 4 , 6 0 48 3 , 5 0 59 2 , 7 5 79 5 , 9 3 29 8 , 2 9 9

1 0 5 , 8 6 41 1 4 , 0 8 41 2 9 , 2 2 51 5 0 , 8 0 01 7 3 , 2 2 71 8 3 . 8 9 92 0 6 , 6 7 02 2 7 , 9 9 72 2 6 , 1 6 92 1 8 , 1 8 42 2 9 , 5 1 52 3 2 , 7 9 32 4 3 , 9 6 72 0 8 , 3 4 31 9 7 , 7 2 12 0 2 , 1 4 52 1 1 , 5 1 82 2 7 , 5 5 72 2 1 , 3 4 32 5 9 , 4 3 12 6 7 , 8 8 02 6 5 , 5 3 33 1 6 , 5 7 3

0 . 3 60 . 2 70 , 2 90 . 3 30 . 1 10 . 3 20 . 6 4

0 . 1 70 . 6 30 . 7 40 . 7 10 . 5 40 . 6 50 . 5 50 . 6 50 . 5 40 . 4 5

1 .211 .070 . 5 60 . 5 90 . 8 31 . 0 91 .010 . 5 70 . 5 50 . 6 40 . 7 90 . 6 11.830 . 6 30 . 7 7

0 . 6 4

0 . 2 40 . 3 40 . 3 4

0 . 2 50 , 4 4

0 . 2 60 . 5 00 . 7 20 . 6 70 . 4 8

0 . 5 60 . 6 80 . 6 80 . 5 20 . 2 20 . 8 90 . 9 71 .030 . 9 70 . 4 80 . 8 90 . 9 50 . 8 90 . 8 60 . 8 10 . 9 10 . 9 11 .030 . 9 40 . 7 5

II Q III Q

AVERAGE FOR

6 1 , 9 8 56 9 , 1 8 76 5 , 5 3 06 7 , 6 8 58 0 , 6 3 78 8 , 3 9 48 2 , 5 4 38 5 , 9 8 49 4 , 9 8 99 6 , 9 2 6

1 0 0 , 4 7 71 0 7 , 3 5 21 1 6 , 7 5 91 3 5 , 0 8 91 5 6 , 4 0 61 7 8 , 2 2 01 8 7 , 4 5 92 1 5 , 4 0 12 3 1 , 8 1 72 2 2 , 5 4 82 2 2 , 3 7 62 3 2 , 2 2 82 4 1 , 9 2 12 3 1 , 6 8 41 9 9 , 2 7 51 9 6 , 6 4 52 0 5 , 8 3 92 1 7 , 6 5 82 2 7 , 2 6 42 2 4 , 6 7 92 7 0 , 7 4 12 6 1 , 2 3 22 8 4 , 9 1 33 1 9 , 7 3 6

6 3 , 0 1 46 8 , 7 1 06 3 , 3 4 37 1 , 0 1 48 3 , 3 9 86 9 , 3 3 16 1 , 9 4 98 8 , 6 0 89 6 , 1 5 99 7 , 1 2 1

1 0 2 , 0 8 21 0 6 , 2 9 81 1 9 , 4 1 71 4 0 , 0 3 41 6 2 , 9 6 41 8 0 , 1 5 21 9 2 , 6 6 72 2 1 , 0 2 72 3 3 , 3 5 82 2 2 , 1 2 72 2 0 , 9 6 62 3 2 , 6 8 32 4 2 , 1 2 22 1 9 , 3 4 61 9 6 , 6 0 21 9 9 , 5 5 02 0 9 , 3 9 42 2 4 , 4 8 12 2 1 , 5 9 82 3 6 , 9 7 32 7 3 , 2 2 62 5 8 , 0 5 62 9 7 , 8 2 73 2 1 , 3 3 0

AVERAGE FOR

0 . 3 70 . 2 40 . 3 60 , 2 30 . 1 50 . 1 90 . 7 7

0 . 3 20 . 6 30 . 6 00 . 7 00 . 6 00 . 5 20 . 2 80 . 8 50 . 6 10 . 2 6

0 . 4 51 . 1 90 . 7 60 . 7 50 . 3 11 . 3 40 . 9 20 . 8 50 . 6 30 . 8 60 . 5 60 . 7 20 . 6 50 . 7 50 . 6 10 . 6 8

0 . 4 40 . 2 00 . 3 90 . 1 70 . 1 80 . 2 10 . 4 5

0 . 6 50 . 5 30 . 5 20 . 6 60 . 7 90 . 7 00 . 3 00 . 6 40 . 6 80 . 2 2

0 . 8 40 . 9 61 . 2 30 . 2 90 . 3 90 . 9 91 . 0 40 . 7 90 . 7 20 . 7 61 . 0 80 . 7 50 . 8 30 . 5 40 . 6 10 . 6 7

AVERAGE FOR

0 . 3 9

O | 2 10 . 6 90 . 1 5

o!290 . 6 1

0 . 230 . 5 60 . 6 20 . 5 90 . 6 3

0 . 4 40 . 6 00 . 7 00 . 2 90 . 4 80 . 8 20 . 9 11 .010 . 8 50 . 8 40 . 8 50 . 9 50 . 8 61 . 1 50 . 5 50 . 9 00 . 8 00 . 7 91 . 0 40 . 5 0

0 . 5 6

(K380 . 6 50 . 2 6

(K420 . 4 3

0 .490 . 4 60 . 5 30 . 7 20 . 6 4

0 . 2 80 . 7 70 . 8 80 . 1 90 . 8 60 . 8 51 .100 . 9 20 . 6 40 . 8 40 . 7 21 .000 . 9 51 .010 . 8 50 . 9 80 , 7 40 . 7 80 . 9 30 . 6 6

IV Q

PERIOD

6 6 , 0 1 66 7 , 7 2 26 3 , 4 7 57 4 , 3 4 08 4 , 7 0 18 7 , 6 1 28 2 , 9 6 39 1 , 0 8 39 6 , 2 8 99 7 , 5 7 1

1 0 4 , 5 8 61 1 2 , 3 7 11 2 2 , 6 0 41 4 6 , 0 2 01 6 9 , 1 7 71 8 3 , 2 7 21 9 9 , 4 1 12 2 6 , 7 4 32 2 8 , 7 4 72 2 3 , 0 8 82 2 5 , 5 4 12 3 7 , 0 3 02 4 3 , 5 6 52 1 1 , 9 4 11 9 8 , 1 2 62 0 2 , 2 3 32 1 0 , 4 5 92 2 3 , 3 9 42 2 3 , 2 8 42 4 7 , 6 5 82 6 9 , 0 3 92 5 8 , 4 4 13 0 7 , 9 0 93 2 8 , 4 4 1

PERIOD

0 . 3 60 , 2 30 . 3 20 . 1 20 . 1 90 . 0 60 . 3 7

0 . 4 40 . 6 10 . 7 50 . 6 40 . 6 50 . 7 50 . 3 30 . 6 10 . 7 50 . 4 1

0 . 6 50 . 8 71 . 0 20 . 6 40 . 4 90 . 8 21 ,260 . 7 10 . 6 50 . 3 60 . 5 60 . 9 10 . 7 60 . 6 80 . 9 20 . 4 8

PERIOD

0 . 5 4

o!400 . 4 60 . 3 5

0^630 . 0 40 . 2 80 . 6 60 . 7 60 . 6 20 . 6 0

0 . 7 00 . 4 20 . 6 40 . 7 40 . 5 50 . 6 70 . 8 21 . 2 00 . 7 20 . 5 50 . 8 51 .001 . 0 31 . 1 00 . 4 10 . 9 40 . 9 10 .710 . 8 90 , 7 80 . 8 6

Annual

6 2 , 9 6 96 8 , 2 9 86 4 , 6 4 66 9 , 6 2 28 1 , 4 5 68 7 , 8 3 68 3 , 0 1 58 7 , 2 9 59 5 , 0 4 89 6 , 8 6 8

1 0 1 , 3 6 11 0 8 , 4 7 11 1 8 , 2 6 61 3 7 , 5 9 21 5 9 , 8 3 61 7 8 , 7 1 81 9 0 , 8 5 92 1 7 , 4 6 02 3 0 , 4 8 02 2 3 , 4 8 32 2 1 , 7 6 72 3 2 , 6 6 42 4 0 , 1 0 02 2 6 , 7 3 52 0 0 , 5 6 61 9 9 , 0 3 72 0 6 , 9 6 02 1 9 , 2 6 32 2 4 , 9 2 62 3 2 , 6 6 32 6 8 , 1 0 92 6 1 , 4 0 22 8 9 , 0 4 53 2 1 , 5 2 0

0 . 3 60 . 2 40 . 3 40 . 2 10 . 1 60 . 2 00 . 5 6

0 . 4 00 . 6 00 . 6 50 . 6 60 . 6 50 . 6 60 . 3 70 . 7 40 . 6 40 . 3 3

0 . 5 31 .061 . 0 20 . 5 60 . 4 51 . 0 01 . 0 80 . 8 40 . 6 40 . 6 30 . 7 10 . 7 90 . 7 20 . 9 50 . 6 90 . 6 5

0 . 5 30 .47o l s j0 . 5 40 . 2 80 . 3 2(K400 . 3 6

0 . 3 20 . S 40 . 6 60 . 6 50 . 5 9

o!42d'.bH0 . 7 50 . 3 90 . 5 60 . 8 41 . 0 40 . 9 20 . 7 50 . 7 50 . 8 70 . 9 80 . 9 50 . 8 60 . 7 90 . 9 20 . 7 90 . 8 70 . 9 20 . 6 9

This series contains revisions beginning with 1945. 2Th1s series contains revisions beginning with 1974. 3Thisseries contains revisions beginning with 19S9,

(JUNE 1986)



Year

. 1 9 5 2 . . .1 9 5 3 . . .1 9 5 4 . . .

1 9 5 5 . . .1 9 5 6 . . .1 9 5 7 . . .1 9 5 8 . . .1959 . . .1960 I I I1 9 6 1 , . .1 9 6 2 . . .196 3 . . .1 9 6 4 . . .1 9 6 5 . .1 9 6 6 I I I1 9 6 7 . . .1 9 6 8 . . .1 9 6 9 . . .1 9 7 0 . . .1 9 7 1 . . .1 9 7 2 . . .1 9 7 3 . . .1 9 7 4 . . .1 9 7 5 . . .1 9 7 6 . . .1 9 7 7 . . .1 9 7 8 . . . .1 9 7 9 . . .1 9 8 0 . . .1 9 8 1 . . . .1 9 8 2 . . . .

1984.1."1 9 8 5 . . .1 9 8 6 . . .

1 9 5 2 . . .1953 . . .1 9 5 4 . . .1 9 5 5 . . .1 9 5 6 . . .1 9 5 7 . . .1 9 5 8 . . .1 9 5 9 . . .1 9 6 0 . . .1 9 6 1 . . .1 9 6 2 . . .1 9 6 3 . . .196 4 . . .196 5 . . .1 9 6 6 . . .196 7 . . .1 9 6 8 . . .1 9 6 9 . . .1 9 7 0 . . .1 9 7 1 . . .1 9 7 2 . . .1 9 7 3 . . .1 9 7 4 . . .1 9 7 5 . . .1 9 7 6 . . .1 9 7 7 . . .

1 9 7 9 I I !1 9 8 0 . . .1 9 8 1 , . .

1982 . . .1 9 8 3 . . .1 9 8 4 . . .1 9 8 5 . . .1 9 8 6 . . .

19 5 2 . . .1 9 5 3 . . .1 9 5 4 . . .1 9 5 5 . . .1 9 5 6 . . .1 9 5 7 . . .1 9 5 8 . . .1 9 5 9 . . .1 9 6 0 . . .1 9 6 1 . . .1 9 6 2 . . .1 9 6 3 . . .1 9 6 4 . . .1 9 6 5 . . .1966 . . .1 9 6 7 . . .196 8 . . .1 9 6 9 . . .1 9 7 0 . . .1 9 7 1 . . .1 9 7 2 . . .1 9 7 3 . . .1 9 7 4 . . .1 9 7 5 . . .1 9 7 6 . . .1 9 7 7 . . .1 9 7 8 . . .1 9 7 9 . . .1 9 8 0 . . .1 9 8 1 . . .1 9 8 2 . . .1 9 8 3 . . .1 9 6 4 . . .1 9 8 5 . . .1 9 8 6 . . .

Jan.

4 5 3 . 84 5 4 . 3

4 7 9 . 146 9 . 54 4 8 . 8

463124 6 0 . 04 7 1 . 14 7 4 . 64 8 4 . 4

5 1 6 . 95 0 8 . 55 2 7 . 75 4 3 . 35 3 0 . 35 2 7 . 45 4 4 . 55 7 4 . 85 5 1 . 25 1 1 . 65 0 5 . 35 1 5 . 05 2 1 . 85 1 2 . 0483 .64 6 1 . 24 5 8 . 2

5 0 1 . 75 1 3 . 8

80 9 .9

8 5 6 . 09 0 0 . 19 1 6 . 59 0 8 . 68 9 4 . 29 5 3 . 49 8 0 . 0

1 0 1 6 . 51 0 8 4 . 81 1 5 8 . 51 2 3 3 . 61 3 2 0 . 01 3 9 9 . 51 4 1 1 . 51 4 9 4 . 11541 .11 5 0 6 . 11 5 3 5 . 61 6 8 4 . 91 8 3 7 . 617 8 6 . 21 6 8 3 . 417 8 6 . 81 9 3 4 . 7

1966 Ie1 8 6 3 . 71 8 1 5 . 5

1 8 5 0 . 71 9 7 5 . 72 0 7 9 . 32190 .7

1 . 1 8 71 . 2 2 8

.217L.208L.283L.336L.354L.324L.355L.318L.304

.2 80L.249

.246

. 2 5 1L.302L.2731 .299L.360L.360L.3011.287L.349L . 3 7 6L.35OL.295L.308L.387L.43 9L.476

. 4 3 5L.370L .3661 .341

Feb. Mar.

4 5 4 . 3 4 5 5 . 84 5 3 . 9 4 5 5 . 0

4 7 8 . 4 4 7 8 . 84 6 7 . 0 4 6 6 . 44 5 0 . 4 4 4 8 . 4

4 6 2 . 3 4 6 2 . 14 6 1 . 7 4 6 2 . 84 7 1 . 2 4 7 0 . 94 7 5 . 9 4 7 6 . 34 8 6 . 4 4 8 6 . 6

5 I 5 I 2 516175 1 1 . 0 5 1 6 , 25 2 6 . 4 5 2 7 . 05 4 2 . 6 5 4 0 . 55 2 4 . 4 5 2 4 . 05 3 1 . 1 5 3 3 . 55 4 7 . 4 5 5 1 . 65 7 2 . 4 5 6 6 . 25 4 7 . 4 5 4 4 . 75 1 0 . 2 5 1 2 . 25 0 8 . 5 5 0 9 . 65 1 3 . 8 5 1 4 . 35 2 0 . 1 5 1 8 . 65 0 8 . 2 5 0 7 . 24 8 2 . 5 4 7 4 . 84 5 9 . 3 4 6 0 . 94 5 4 . 4 4 5 5 . 3481 fi 487 0502 I 2 503 195 1 8 . 1 5 1 8 . 3

8 1 4 . 8 8 1 8 . 1842 > 9 846 • 08 5 6 . 9 8 6 1 . 09 0 3 . 5 9 0 2 , 89 1 5 . 2 9 1 6 . 79 0 6 . 2 9 0 7 . 89 0 3 . 5 9 0 4 . 89 5 8 . 1 9 6 2 . 79 7 9 . 7 9 8 2 . 3

1 0 2 3 . 6 1 0 2 9 . 11 0 9 0 . 7 1 0 9 6 . 51 1 6 5 . 3 1 1 7 1 . 71 2 4 1 . 6 1 2 4 6 . 41 3 2 8 . 3 1 3 3 5 . 11 3 9 7 . 3 1 4 0 1 . 11 4 1 7 . 7 1 4 3 0 . 61 4 9 5 . 6 1 4 9 8 . 31 5 4 0 .1 4 9 0 , f1 5 5 3 .1 6 9 7 . '1 8 3 5 .1 7 7 5 .1 6 8 7 .1808.<<1 9 3 5 . :

1955 I(1 8 5 8 . (1 8 1 1 . '

1 5 3 5 . 2} 1 4 8 6 . 6

1 5 7 1 . 7t 1 7 1 4 . 01 1 8 2 2 . 2) 1 7 6 9 . 6

1 7 0 2 . 9» 1 8 2 0 . 8

1 9 4 3 . 4

1 9 5 o ! l. 183 8 . 71 1 8 1 8 . 4

1849 . 4 1ooz . 12 0 1 3 . 3 2 0 2 8 . 42 0 8 6 . 6 2 0 9 2 . 02 2 0 3 . 8 2 2 0 0 . 3

1 0 8 .

1 . 1 9 8 1 . 1 9 81 . 2 3 4 1 . 2 4 01 . 2 1 7 1 . 2 0 91 . 2 0 8 1 . 2 1 91 . 2 9 1 1 . 2 9 31 . 3 4 5 1 . 3 4 51 . 3 3 7 1 . 3 3 31 .327 1 . 3 3 11 . 3 5 41 . 3 1 51 . 3 0 31 . 2 6 61 . 2 4 81 . 2 3 8

1 . 2 5 71 . 2 9 51 . 2 8 21 . 3 0 31 . 3 7 41 . 3 4 81 . 3 0 11 .2 931 . 3 4 51 . 3 6 91 . 3 4 21 . 2 9 71 . 3 1 71 . 3 9 31 . 4 3 41 . 4 7 71 . 4 4 11 . 3 4 31 . 3 7 21 . 3 4 1

L.352L.312L.304

. 2 6 2

.249

. 2 3 8

.2 59L.293L .291L.310L.379L.339L.295L.303L.337L .357L.337L.299L.330L.399L.437L.475

. 4 3 8

. 3 4 0L.373L.34.1

Apr. May June July Aug.1 0 5 . MONEY SUPPLY Ml IN 1982 DOLLARS

4 5 6 . 24 5 4 . 0

• 4 7 3 . 94 7 9 . 24 6 4 . 84 4 9 . 3

459124 6 3 . 84 7 1 . 94 7 8 . 64 8 7 . 2

5 1 8 . 55 1 3 . 45 2 8 . 95 3 9 . 95 2 3 . 75 3 4 . 65 5 3 . 75 6 4 . 85 4 2 . 35 0 9 . 65 1 1 . 95 1 5 . 15 1 9 . 85 0 8 . 446 2 . 54 6 6 . 44 5 7 . 8

5 0 4 . 35 1 9 . 6

(BILLIONS OF DOLLARS)

4 5 6 . 54 5 6 . 8

476 .94 7 6 . 64 6 4 . 34 5 0 . 847 0 64 5 9 . 246 5 . 44 7 2 . 94 8 0 . 24 8 8 . 8500 .65 1 6 . 15 1 6 . 75 3 1 . 25 3 8 . 65 2 2 . 75 3 7 . 55 5 3 . 15 6 6 . 55 3 7 . 75 1 3 . 05 1 3 . 25 1 3 . 65 2 0 . 45 0 3 . 14 5 8 . 646 0 . 34 5 3 . 7

5 0 6 . 45 2 4 . 6

4 5 5 . 14 5 7 . 5

4 7 7 . 14 7 5 . 346 2 . 14 5 4 . 1

45sla4 6 6 . 44 7 3 . 04 7 9 . 04 8 9 . 3500 .55 16 I25 1 8 . 75 3 2 . 65 3 6 . 55 2 1 . 95 3 8 . 45 5 3 . 95 6 7 . 55 3 5 . 55 1 6 . 35 1 0 . 65 1 3 . 65 1 9 . 45 0 4 . 44 6 0 . 24 5 6 . 34 4 8 . 8

493 .85 0 8 . 85 3 0 . 9

4 4 5 . 74 5 5 . 546 0 . 1

4 7 2 . 84 6 1 . 14 5 4 . 64 7 2 . 546 1134 6 5 . 04 7 2 . 24 8 0 . 74 9 2 . 75 0 3 . 1S i l l ?5 2 0 . 45 3 3 . 45 3 4 . 95 2 1 . 35 3 9 . 95 5 6 . 85 6 8 . 25 3 2 . 95 1 2 . 15 0 9 . 45 1 5 . 15 1 8 . 65 0 4 . 24 6 4 . 94 5 3 . 34 4 7 . 3

507 115 3 4 . 6

447 .24 5 4 . 74 6 1 . 7

4 7 8 . 54 7 1 . 54 5 9 . 94 5 6 . 3

4 6 4 . 34 6 6 . 34 7 1 . 3481 .04 9 5 . 85 0 5 . 55 0 9 . 8522. .95 3 4 . 65 3 2 . 75 2 4 . 25 40 .35 6 0 . 45 5 8 . 95 2 7 . 75 1 3 . 35 1 0 . 55 1 5 . 65 1 7 . 95 0 2 . 64 7 1 . 2452 .94 5 1 . 4

4 9 8 . 25 0 6 . 2541 . 2

1 0 6 . MONEY SUPPLY M2 IK 1982 DOLLARS

8 1 8 . 0

862 I49 0 5 . 39 1 7 . 99 0 6 . 1910 .39 6 6 . 09 8 0 . 1

1 0 3 5 . 61 1 0 3 . 41 1 8 2 . 01 2 5 2 . 51 3 3 9 . 11 4 0 2 . 9143 5 .81 5 0 2 . 81 5 3 3 . 51 4 8 3 . 11 5 9 0 . 21 7 2 5 . 11 8 2 0 . 51 7 6 5 . 11 7 1 5 . 11 8 3 6 . 21 9 4 9 . 8

1947 Is1 8 1 5 . 31 8 3 1 . 1

1 8 6 8 . 72 0 3 1 . 12 0 9 8 . 22 1 9 7 . 3

(BILLIONS OP DOLLARS)

8 2 1 . 0

867 I 89 0 9 . 99 1 3 . 69 0 7 . 39 1 5 . 69 7 1 . 49 8 2 . 4

1 0 4 2 . 41 1 0 9 . 11 1 9 0 . 11 2 5 9 . 513 40 .31 4 0 2 . 41 4 4 7 . 51 5 0 6 . 81 5 3 0 . 91 4 8 4 . 31 6 0 2 . 91 7 3 1 . 81 8 2 5 . 91 7 5 1 . 41 7 3 3 . 11 8 5 2 . 11 9 5 7 . 9

1936 Is1 8 0 9 . 91 8 2 4 . 5

1 8 6 4 . 42 0 3 9 . 42 1 0 7 . 72 2 0 8 . 4

8 2 2 . 5

8 7 0 . 39 1 1 . 59 1 2 . 29 0 4 . 69 2 4 . 69 7 4 . 29 8 5 . 3

1 0 4 8 . 51 1 1 6 . 01 1 9 3 . 01 2 6 6 . 413 4 3 . 21 4 0 3 . 01 4 5 5 . 51 5 0 9 . 71 5 2 6 . 01 4 8 7 . 11 6 0 8 . 41 7 4 2 . 41 8 2 9 . 81 7 4 3 . 81 7 4 8 . 21 8 5 0 . 61 9 6 1 . 9

1 9 3 5 . 71 8 1 5 . 21 8 1 9 . 5

1 8 5 4 . 02 0 4 6 . 52113 .62 2 2 7 . 1

RATIO, PERSONAL INCOME TO

1 . 1 9 2. 2 3 8.206.2 28. 3 0 2.346. 3 2 0.337. 3 6 1. 3 0 8.303.257. 2 5 1. 2 3 9

, 2 5 8. 2 8 8

L.294. 3 1 6.407. 3 2 8. 2 9 3. 3 0 1.341. 3 5 1. 3 3 2.2 96. 3 4 4.391.440.463.437. 3 3 8. 3 7 0. 3 5 1

(RAT

1 . 2 0 0. 2 4 0. 1 9 9

L.233L.3O5L.348L . 316L.337L.362L.308L.298

. 2 5 4

. 2 5 2

.246

.26 2L . 2 8 1L.299L.326L.394L.322L.294L.306L.353L .347L.323L.296L.349L.394L.436L.46 2

. 4 3 8

. 3 4 2L.365L.334

CO)

. 2 0 2

.2 44

.196

. 2 3 8

. 3 0 9

.357

.311

. 3 3 8

. 3 5 8

. 3 1 4

.296

.257

. 2 5 0

. 2 4 8

.27 0L.278L.300

. 3 3 2

. 3 8 8

.3 42

.276

. 3 0 9

. 3 5 9

. 360

.3 26

.297

. 3 5 5

.391

. 4 2 8

.466

. 4 3 1

. 3 4 0

.366

. 3 2 3

8 2 0 . 5

8 7 6 . i9 1 3 . 19 0 8 . 49 0 4 . 89 2 9 . 29 7 8 . 19 9 3 . 5

1 0 5 0 . 31 1 2 0 . 71 1 9 8 . 71 2 7 6 . 21 3 5 3 . 11 4 0 0 . 5146 4 . 61 5 1 2 . 01 5 2 2 . 81 4 8 9 . 81 6 1 8 . 51 7 5 9 . 1183 5 . 51 7 3 7 . 71 7 5 2 . 1185 5 . 21 9 6 9 . 5197 7 .21 9 3 1 . 6183 7 . 21 8 1 1 . 6

2 0 5 0 . 92 1 1 5 . 12 2 3 8 . 3

82 4 . 2

8 8 1 . 89 1 4 . 09 0 8 . 19 0 4 . 19 3 4 . 09 8 0 . 8

1 0 0 0 . 71 0 5 5 . 81 1 2 4 . 61 2 0 4 . 71 2 8 6 . 21363 ,01 3 9 6 . 91 4 7 1 . 61 5 1 7 . 01 5 1 7 . 51 4 9 8 . 81 6 2 9 . 11 7 7 6 . 31 8 0 8 . 01 7 2 1 . 91762 .0186 9 . 21 9 7 5 . 5

1 9 2 4 . 61 8 4 4 . 21 8 1 4 . 5

2 0 5 2 . 92 1 1 9 . 52 2 5 0 . 7

MONEY SUPPLY M2

1 . 1 9 41 . 2 3 91 . 1 9 31 , 2 5 41 . 3 0 51 . 3 5 9

.330L.334L.350L.314

.295. 2 4 9.2 47.246

L.276L.303

. 3 4 1

. 3 9 1

. 3 1 5

.281L.308L.373

. . 341L.329L.302L.361L.402L.43 2L . 4 8 1

. 4 3 0

. 3 4 0L.372L.318

1 . 2221 . 2 3 41 . 1 9 31 . 2 5 51 . 3 2 31 . 3 6 21 . 3 2 11 . 3 2 01 . 3 4 01 . 3 0 81 .2911 .2471 .2 471 . 243

1 . 2 7 41 . 3 0 51 . 3 5 11 . 3 8 61 . 3 1 31 .2 821 . 3 2 31 . 3 7 91 . 3481 . 3 2 21 . 3 0 51 . 3 6 51 . 4051 . 4331 . 4 8 41 . 4 1 71 . 3 3 61 . 3 7 11 . 3 1 0

Sept.

4 5 0 . 44 5 3 . 54 6 3 . 4

472164 5 8 . 44 5 7 . 5

4 6 3 . 846 7 . 046 8 . 6481 .94 9 7 . 75 0 8 . 15 1 2 . 15 2 3 . 75 3 5 . 05 3 0 . 95 2 6 . 35 4 1 . 55 6 3 . 15 5 7 . 55 2 3 . 15 1 1 . 25 0 8 . 65 1 6 . 85 1 9 . 2500 .64 7 3 . 34 4 9 . 14 5 6 . 9

5 0 7 . 55 46 .1

8 3 0 . 1

8 8 5 . 19 1 2 . 39 1 0 . 79 0 3 . 99 3 6 . 99 7 8 . 2

1 0 0 4 . 61 0 6 0 . 21 1 2 5 . 31 2 1 2 . 11 2 9 3 . 41 3 7 0 . 81401 . 21 4 7 6 . 31 5 2 1 . 81 5 1 4 . 01 5 0 6 . 91 6 4 3 . 01 7 8 9 . 01 8 0 4 . 71 7 0 8 . 21 7 6 5 . 51 8 7 8 . 01 9 8 2 . 5

1 9 2 0 . 51 8 4 4 . 31 8 0 9 . 0

2057lI2128172 2 5 9 . 1

1 .2271 . 2 3 31 . 1 9 81 . 2 6 21 .3271 .3571 . 3 2 41 . 3 2 21 . 3 3 71 . 3 0 41 . 2 9 21 . 2 4 81 . 2 4 41 . 2 6 6

1 . 2 6 91 . 3 0 51 . 3 5 51 . 3 8 11 . 3 0 61 . 2 7 71 . 3 3 11 . 3 8 3

1 . 3 4 91 . 3 1 71 , 3 0 71 . 3 6 41 . 4 0 31 . 4 3 81 . 4 8 31 . 4 0 91 . 3 4 01 . 3 7 01 . 3 0 9

Oct.

4 5 0 . 64 5 3 . 146 7 . 0

47 8 .14 7 0 . 24 5 7 . 64 5 9 . 8

4 6 0 . 74 6 8 . 44 7 0 . 5 '4 8 3 . 74 9 8 . 95 1 1 . 3507 Is5 2 5 . 55 3 6 . 45 3 1 . 15 2 6 . 35 4 2 . 35 6 6 . 05 5 4 . 85 2 0 . 55 0 7 . 05 1 2 . 05 1 9 . 45 1 6 . 24 9 6 . 74 7 4 . 04 4 9 . 04 6 3 . 3

5 0 4 . 95 4 6 . 5

8 3 1 . 1

891 .79 1 4 . 49 0 6 . 390 4 . 99 40 .99 7 5 . 7

1 0 0 4 . 51 0 6 6 . 31 1 3 5 . 01 2 1 9 . 41 3 0 0 . 21 3 8 0 . 51 3 9 8 . 21 4 8 4 . 31 5 2 6 . 51 5 1 2 . 71 5 1 1 . 91 6 5 4 . 21 8 0 4 . 21 7 9 6 . 71 7 0 1 . 81 7 6 4 . 31 8 9 4 . 91 9 8 9 . 2197 3 .81 9 0 8 . 31 8 4 0 . 51 8 1 7 . 9

2 0 7 0 . 02 1 3 4 . 52 2 5 8 . 8

. 2 2 8

. 2 3 8

. 2 0 0L.266

. 3 3 9

.356

. 3 2 3

. 3 2 4L.335L.309L.285

. 2 4 8

. 2 3 8

. 2 5 0

1263L.304L.359L.369L.298L.289L.343

. 3 8 9

. . 3 5 4L.307L.308L.374L.412L.450L.470L.408

. 3 4 5L . 3 6 31 .312

Nov.

4 5 2 . 24 5 4 . 54 6 8 . 4

47 6 .14 7 1 . 14 5 5 . 24 6 1 . 8

46 0 . 047 0 . 14 7 2 . 24 8 6 . 14 9 9 . 55 1 2 . 25 0 8 ^5 2 5 . 25 3 9 . 55 2 9 . 85 2 6 . 15 4 2 . 65 6 7 . 05 5 4 . 65 1 8 . 65 0 8 . 45 1 0 . 95 1 8 . 85 1 5 . 14 9 1 . 94 7 1 . 64 5 0 . 14 6 9 . 3

5O8.*25 4 8 . 7

8 3 5 . 48 5 4 . 18 9 3 . 69 1 2 . 09 0 8 . 59 0 2 . 59 4 4 . 69 7 7 . 0

1 0 0 7 . 51 0 7 3 . 01 1 4 2 . 91 2 2 7 . 21 3 0 5 . 91 3 8 6 . 91 4 0 1 . 91 4 8 6 . 21 5 3 1 . 91 5 1 2 . 51 5 1 7 . 31 6 6 5 . 61 8 1 3 . 61 7 9 5 . 21 6 9 6 . 61 7 7 0 . 41 9 0 8 . 11 9 8 9 . 61970 .61891 lo1 8 3 6 . 31 8 2 7 . 0

2 0 7 5 . 62 1 5 3 . 22 2 5 7 . 1

1 . 2 2 01 . 2 2 91 . 2 0 71 . 2 7 71 . 3 3 51 . 3 5 61 . 3 3 11 . 3 3 61 . 3 2 81 . 3 1 21 . 2 8 31 . 2 4 21 . 2 3 81 . 2 5 3

1 . 2 6 71 . 3 0 31 . 3 5 91 . 3 6 21 . 2 9 71 .2971 . 3 5 11 . 3 7 91 . 3 4 91 . 3 1 01 . 3 1 11 . 3 7 91 . 4 2 31 .4561 . 4 6 11 . 4 1 01 . 3 4 81 . 3 5 61 . 3 1 2

Dec.

4 5 2 . 54 5 4 . 646 9 . 3

47 7 , 54 7 0 . 14 5 3 . 046 2 . 2

4 5 8 . 94 7 1 . 14 7 4 . 04 8 3 , 45 0 0 . 05 1 3 . 65 0 9 . 45 2 6 . 25 41 .35 2 7 . 05 2 5 . 7541 .55 7 1 . 85 5 4 . 75 1 5 . 65 0 5 . 15 1 3 . 45 1 9 . 45 1 5 . 94 8 7 . 946 2 . 74 5 2 . 447 3 . 7

5 1 0 . 85 5 2 . 5

8 3 7 . 0

895 149 1 4 . 89 0 6 . 49 0 1 . 09 4 6 . 09 7 7 . 7

1 0 1 0 . 71 0 7 8 . 81 1 5 2 . 21 2 2 8 . 81311 .91 3 9 2 . 11 4 0 7 . 61490 .31537 .21509 .61 5 2 4 . 81 6 7 2 . 21 8 2 6 . 91 7 9 6 . 01687 .81 7 7 5 . 31 9 2 4 . 61 9 9 3 . 2197 4 . 01879 191821 ,21 8 3 8 . 6

2 0 7 8 . 92 1 7 1 . 02 2 6 2 . 2

.225

.222

. 2 0 8

.2 82

.340

. 3 5 2

. 3 3 5

.353L.315L.313L.278

. 2 4 9

. 2 4 4

. 2 5 4

1273L.302L.362L.359

. 3 0 1L.295L.351L .380

L.3061,311L.384L.427L.474L.446

. 4 0 7

. 3 5 51 . 3 5 11 . 3 1 9

Q

4 4 3 . 54 5 4 . 64 5 4 . 4

4 7 2 . 84 7 8 . 846 7 . 64 4 9 . 2

46 2 . 54 6 1 . 54 7 1 . 14 7 5 . 64 8 5 . 85 0 1 . 7516 135 1 1 . 95 2 7 . 05 4 2 . 15 2 6 . 25 3 0 . 75 4 7 . 85 7 1 . 15 4 7 . 85 1 1 . 3507 . 85 1 4 . 45 2 0 . 25 0 9 . 14 8 0 . 34 6 0 . 54 5 6 . 0

5 0 2 . 6516 .7

8 1 4 . 3843 .18 5 8 . 09 0 2 . 1916 .190 7 . 59 0 0 . 89 5 8 . 19 8 0 . 7 .

1 0 2 3 . 11 0 9 0 . 71 1 6 5 . 21240 .51 3 2 7 . 81 3 9 9 . 31 4 1 9 . 91 4 9 6 . 01 5 3 8 . 81 4 9 4 . 51 5 5 3 . 51 6 9 8 . 81 8 3 1 . 81777 . 21691 . 4180 5 . 31 9 3 7 . 81993 .91 9 5 7 . 21 8 5 3 . 71 8 1 5 . 11 8 5 4 . 12 0 0 5 . 82 0 8 6 . 02 1 9 8 . 3

1 . 1 9 41 . 2 3 4L.214L . 2 1 2L.289L.342L.341L.327L.354L.3151 . 3 0 4

. 2 6 9L .249L . 2 4 1

. 2 5 6L.2971 .2821 . 3 0 4L . 3 7 1L . 3 4 9L .2991 . 2 9 4L.344

L.343L.297L.318L.393L.437L.476L.43 8L.351L.3701 . 3 4 1

II Q III Q

AVERAGE FOG

4 4 6 . 14 5 5 . 94 5 6 . 14 7 6 . 04 7 7 . 04 6 3 . 74 5 1 . 4

459 1146 5 . 24 7 2 . 64 7 9 . 34 8 8 . 4501 .3516 195 1 6 . 35 3 0 . 95 3 8 . 35 2 2 . 85 3 6 . 85 5 3 . 65 6 6 . 35 3 8 . 55 1 3 . 05 1 1 . 95 1 4 . 15 1 9 . 95 0 5 . 34 6 0 . 44 6 1 . 04 5 3 . 4

5 0 6 . 55 2 5 . 0

4 4 7 . 84 5 4 . 64 6 1 . 7477 .<4 7 2 . 34 5 9 . 84 5 6 . 1

463 I ]4 6 6 . 14 7 0 . 7481 .24 9 5 . 4

5 1 K 2522 .35 3 4 . 35 3 2 . 85 2 3 . 95 4 0 . 65 6 0 . 15 6 1 . 55 2 7 . 95 1 2 . 25 0 9 . 55 1 5 . 85 1 8 . 65 0 2 . 546 9 . 84 5 1 . 84 5 1 . 9

5 0 6 . 95 4 0 . 6

AVERAGE FOR

8 2 0 . 58 4 7 . 98 6 6 . 89 0 8 . 99 1 4 . 69 0 6 . 09 1 6 . 89 7 0 . 59 8 2 . 6

1 0 4 2 . 21 1 0 9 . 51 1 8 8 . 41 2 5 9 . 51 3 4 0 . 91 4 0 2 . 81 4 4 6 . 31 5 0 6 . 41 5 3 0 . 11 4 8 4 . 81 6 0 0 . 51 7 3 3 . 11 8 2 5 . 41 7 5 3 . 41 7 3 2 . 11 8 4 6 . 31 9 5 6 . 51 9 8 4 . 01 9 4 0 . 01 8 1 3 . 51 8 2 5 . 01 8 6 2 . 42 0 3 9 . 02 1 0 6 . 52 2 1 0 . 9

8 2 4 . 9849 .2881 .29 1 3 . 19 0 9 . 19 0 4 . 39 3 3 . 49 7 9 . 09 9 9 . 6

1 0 5 5 . 41 1 2 3 . 51 2 0 5 . 21 2 8 5 . 31 3 6 2 . 31 3 9 9 . 51 4 7 0 . 81 5 1 6 . 91 5 1 8 . 11 4 9 8 . 51630 .21 7 7 4 . 81 8 1 6 . 11 7 2 2 . 61 7 5 9 . 91 8 6 7 . 51 9 7 5 . 81977 .21 9 2 5 . 61 8 4 1 . 91 8 1 1 . 71870 .72 0 5 3 . 72 1 2 1 . 12 2 4 9 . 4

AVERAGE FOR

1 . 1 9 81 . 2 4 11 . 2 0 0

. 2 3 3

.305

. 3 5 0

. 3 1 6

.337

.3601 . 3 1 01 . 2 9 91 .2561 . 2 5 11 . 2 4 41 . 2 6 31 . 2 8 21 . 2 9 81 . 3 2 5

.396

.331

. 2 8 8

.305

.351

.3 53

. 3 2 7

.2 961 . 3 4 91 . 3 9 21 . 4 3 51 . 4 6 41 . 4 3 51 . 3 4 01 .3671 . 3 3 6

1 . 2 1 41 . 2 3 51 . 1 9 51 . 2 5 71 . 3 1 81 . 3 5 91 . 3 2 51 . 3 2 51 . 3 4 21 . 3 0 91 . 2 9 31 . 2 4 81 .2461 . 2 5 21 .2 831 . 2 7 31 . 3 0 41 . 3 4 91 . 3 861 . 3 1 11 . 2 8 01 . 3 2 11 . 3 7 8

1 . 3 2 31 . 3 0 51 . 3 6 31 . 4 0 31 . 4 3 41 . 4 8 31 . 4 1 91 . 3 3 91 . 3 7 11 . 3 1 2

IV Q

PERIOD

451 .84 5 4 . 146 8 . 2477 .24 7 0 . 54 5 5 . 34 6 1 . 3

459194 6 9 . 94 7 2 . 24 8 4 . 44 9 9 . 5

5 0 8 . 55 2 5 . 65 3 9 . 15 2 9 . 35 2 6 . 05 4 2 . 15 6 8 . 35 5 4 . 75 1 8 . 25 0 6 . 85 1 2 . 15 1 9 , 25 1 5 . 74 9 2 . 246 9 . 44 5 0 . 546 8 . 8

5 0 1 . 35 0 8 . 05 4 9 . 2

PERIOD

8 3 4 . 5853 .18 9 3 . 69 1 3 . 79 0 7 . 19 0 2 . 89 4 3 . 89 7 6 . 8

1 0 0 7 . 61 0 7 2 . 71 1 4 3 . 41 2 2 5 . 11 3 0 6 . 01 3 8 6 . 51 4 0 2 . 61 4 8 6 . 91 5 3 1 . 91 5 1 1 . 61 5 1 8 . 01 6 6 4 . 01 8 1 4 . 91 7 9 6 . 01 6 9 5 . 41 7 7 0 . 01 9 0 9 . 21 9 9 0 . 71972 .81 8 9 3 . 11 8 3 2 . 71 8 2 7 . 8190 8 .92 0 7 4 . 82 1 5 2 . 92 2 5 9 . 4

PERIOD

1 . 2 2 41 . 2 3 01 . 2 0 51 . 2 7 51 . 3 3 81 . 3 5 51 . 3 3 01 . 3 3 81 .3 261 . 3 1 11 . 2 8 21 . 2 4 61 . 2401 . 2 5 21 . 2 9 61 . 2 6 81 . 3 0 31 . 3 6 01 . 3 6 31 . 2 9 91 . 2 9 41 . 3 4 81 . 3 8 31 .3 501 . 3 0 81 . 3 1 01 . 3 7 91 . 4 2 11 . 4 6 01 . 4 5 91 . 4 0 81 . 3 4 91 . 3 5 71 . 3 1 4

Annual

447 .34 5 4 . 8460 .1476 .0474 .64 6 1 .4 5 4 .

461146 5 .4 7 1 .4 8 0 . 14 9 2 . 3

5 1 3 . 25 1 9 . 05 3 2 . 85 3 5 . 65 2 4 . 75 3 7 . 65 5 7 . 45 6 3 . 45 3 3 . 15 l 0 . 85 1 0 . 35 1 5 . 95 1 6 . 65 0 2 . 34 7 0 . 04 5 5 . 94 5 7 . 5

492 .95 0 6 . 05 3 2 . 9

8 2 3 . f8 4 8 . '8 7 4 .9 0 9 .9 1 1 .90 5 . .9 2 3 .9 7 1 .9 9 2 . (

1 0 4 8 . 31 1 1 6 . 81 1 9 6 . 01 2 7 2 . 81 3 5 4 . 41 4 0 1 . 01 4 5 6 . 01 5 1 2 . 81 5 2 4 . 71 4 9 9 . 01 6 1 2 . 01 7 5 5 . 41 8 1 7 . 31 7 3 7 . 21 7 3 8 . 41 8 5 7 . 11 9 6 5 . 21982 .01 9 2 9 . 0183 5 . 41 8 1 9 . 91 8 7 4 . 02 0 4 3 . 32 1 1 6 . 62 2 2 9 . 5

1 . 2 0 81 . 2 3 51 . 2 0 41 . 2 4 41 . 3 1 31 . 3 5 21 . 3 2 61 . 3 3 21 . 3 4 61 . 3 1 11 . 2 9 41 . 2 5 51 .2461 . 2 4 71 . 2 7 41 . 2 8 01 .2971 . 3 3 41 . 3 7 91 . 3 2 21 . 2 9 01 . 3 1 71 . 3 6 41 . 3 5 41 . 3 2 51 . 3 0 21 . 3 5 21 . 4 0 21 . 4 4 11 . 4 7 01 . 4 2 51 . 3 4 51 . 3 6 61 .3 26

NOTE:- These series contain revisions beginning with 1947. (JUNE 1986)



Year

1 9 5 2 . . .1953 . . .1 9 5 4 . . .1 9 5 3 , . ,1956 . . .1 9 5 7 . . .1 9 5 8 . . .1 9 5 9 . . .1 9 6 0 , . .1 9 6 1 . . .1 9 6 2 . . .1 9 6 3 . . .

196 5 . . .1 9 6 6 . . .196 7 . . .1 9 6 8 . . .1 9 6 9 . . .1 9 7 0 . , .1 9 7 1 . . .1 9 7 2 . . .1 9 7 3 . . .1 9 7 4 . . ,19 7 5 . . .1 976 . . .1 9 7 7 . . .1 9 7 8 , . .1 9 7 9 . . .1 9 8 0 . . .1 9 8 1 , . .1 9 8 2 . . .1 9 8 3 . . .1 9 8 4 . . ,

1985 . . .1 9 8 6 . . .

1 9 5 2 . . .1 9 5 3 . . .1 9 5 4 . . .1 9 5 5 . . .1 9 5 6 . . .1 9 5 7 . . .1 9 5 8 . . .1 9 5 9 . . .1 9 6 0 . . .1 9 6 1 . . .1 9 6 2 . . .1 9 6 3 . . .1 9 6 4 . . .1 9 6 5 . . .1 9 6 6 . . .1 9 6 ? , . .1 9 6 8 . . .1 9 6 9 . . .1 9 7 0 . . .1 9 7 1 . . .1 9 7 2 . . .1 9 7 3 . . .197 4 . . .1 9 7 5 . . .1 9 7 6 . , .1 9 7 7 . . .1 9 7 8 . . .1 9 7 9 , . ,1 9 8 0 . . .1981 . . .1 9 8 2 . . .1 9 8 3 . . .1 9 8 4 , . .1 9 8 5 , . .1 9 8 6 . . .

1 9 5 2 . . .1 9 5 3 . . .1 9 5 4 . , .1 9 5 5 . . .1 9 5 6 . . .1957 . . .1 9 5 8 . . .1 9 5 9 . . .1 9 6 0 . . .1961 . . .1 9 6 2 . . .1 9 6 3 . . .1 9 6 4 . . .1 9 6 5 . . .1 9 6 6 . . .1 9 6 7 , . .1 9 6 8 . . .1 9 6 9 . . .1 9 7 0 . . .1 9 7 1 , . .1 9 7 2 . . .1 9 7 3 . . .1 9 7 4 . . .1 9 7 5 . . .

1 9 7 6 . . .1 9 ? ? . . .1 9 ? 8 . . .1 9 7 9 . . .1 9 8 0 . . .1 9 8 1 . . .1 9 8 2 . . .1 9 8 3 . . .1 9 8 4 . . .1 9 8 5 . . .1 9 8 6 . . .

Jan.

9 . 814.9= 2.016.213.7

8 .51,4

12.110.2

7 . 38 .9

11.710.613.2

4.215.4

3,014.5

6 . 923,612.6

0 . 8

5 .612,512.417.516.4

10.3

12,2

14.1

2.651,13

-0 ,702.584.863.60

= 4.150.851.74

=0,231.840.64

-1 .379.90

10.746.532.23

22,78-6 .46= 1,50

26.0226.44

9,35-10 .75

2.709,43

43.4079.5024.0282.0846.25

8.6253.58

1.135.30

= 0.733.633.411.850.234,795.303.131.826.048.718.787.854,13

-0 .1110.50

7.1033.73

5.2344.7713.78

-24 .1918.2528.8126.4838.6433.73

6.9412.7632.9578.6675.16

Feb.i i

3 . 4

13.52.3

16.312.4

7 . 10 . 0

10.912,9

5 , 411.112,4

14.611.4

5.012.9

8.010.210,523.613.?

3 . 6

9 .714.712.313.111.5

8.3

15,0

7 .5

0,110,600.771.962.050.30

- 4 . 0 30.195.24

-0 .401.561.043.17

12.6710.51

6.341.939.54

18.028.179.38

45.0628.26

-12.564.91

16.496.00

28.3950.64

4.5062.89

0.3559.3921.95

1.125.050.144.493.672 .87

- 1 , 0 44.374.700,725.007.452.58

10.508.725.091.56

17,535.948.50

= 1.4324,1114.2410.08

10.6426.5129.9635.4525.2417.3210.2622.9169.4182.16

Mar.1 , CHANG

7 . 5

1 9 . 2- 1 . 32 2 . 119.810.7

1.013.311.6

5 . 59 . 9

10.413.412.3s:?

10.15.18 . 6

18,417.5

9 . 0- 2 . 1

7 .915.118.512,3

7.1

2,5

19.3

12,9

1.441 .84

-0 .342.698.745.54

- 1 . 2 82.842 .631.742.341,500.07

11,348.818.353,80

14.9814.64

3.3511 .2225.0816.99

-17 .44-27.22

4.2634.5423,9337,42

-20.5816.7310.42

103.6126.83

113

1.487.02

-0 .926.974.792.15

-2 .004.706.84

-1 .852.124.30

13.805.754.910.47

17.125.480.565.72

26.3519.40

3.23-9 .37

20.2340,9243.8137.06

0.1028.67

4.8444.3960.9699.59

Apr.

(A

5 . 4

16.0-0 .518.215,2

8 . 50 . 9

14.810 .4

4 . 212,213.410.7

8 . 3

14.71.65 . 6

15.515.418,5-0 .4

15.415.517,81.7

6.4

19.411.0

May

18.0

- 2 . 921.714.4

8 . 10 . 7

16.69 . 35 . 0

12.212.911,9

7 . 2

10.63.8

10.713.616.613,9- 1 . 5

15.018.31

2

5.24.1

5.0

4.0

1 1 2 , NET CHANG

- 0 . 2 32 . 9 4

- 0 , 8 31 . 606 . 2 23 . 8 5

- 2 . 0 93 . 2 62 . 4 0

- 0 , 3 82 . 5 72 . 4 84 . 2 47 . 6 86 . 8 65 . 9 8

1 3 . 7 42 4 . 4 9

1 .08- 1 2 . 1 6

1 3 , 7 61 9 . 7 36 1 . 4 3

- 1 9 . 0 6- 3 2 . 4 1

8 . 9 52 5 . 0 16 5 . 5 0

2 . 1 24 6 . 3 66 4 , 3 2

- 4 6 . 1 58 6 . 6 01 4 . 8 ?

_:

- i

_ (

13

It

.80, 6 9.87.40.19.76.63.77. 5 8. 7 1. 7 8,02. 9 4,07. 1 4.80. 2 8. 7 4. 3 7. 2 5

6.7715.6727.05

-33.773,369,78

28.9129.23

-21.9268.3852,01

-49.677 7.4627.46

June3 CONSUME

2 2 . 9

- 1 . 22 2 . 61 0 . 8

8 . 73 . 0

1 7 . 01 1 . 1

6 . 21 1 . 81 1 . 710.0

7 , 1

6 . 37 . 5

14.716.4

8 .9-0 .5

16.717.415.0

2.3

21.9

July

NT)

16.8

2 . 920.310.0

3 . 85 . 3

16.16 .26 .2

11.813.112 .0

7 , 6

5 , 98 .6

11.714.715.0

6 .4

13.114.114.3

- 2 . 4

13 .1

E IN BUSINESS LOA

1.92-0 .83-1 ,93

4.564.214.60

-1 .075.635.04

- 0 . 7 82.881.373.066.11

13.078.216.37

14.706.96

-11.474.34

25.1017.11

-28.2411,3915.0030.2240.7344.3850.8322.52

7.61100.70-45 .89

NET CHANGE IN CONSUMER

2 . 1 14 , 5 0

- 0 , 0 16 . 1 33 . 0 01 .75

- 1 . 6 75 . 1 06 . 2 8

- 2 , 1 56 . 0 27 . 3 16 . 3 8

11 . 0 04 . 1 9

- 0 . 0 28 . 3 9

11 .10= 0 . 5 0

6 . 9 51 6 , 7 818.9811.81- 2 . 1 5

22.8637.6140.9744.34

-12 .1823.5915,0023.8974.6490.52

6.564.68

-0 .226.362.883.17

- 1 . 0 15.834.12

-0 .645.416.103.649.374.070.808.33

11.402.937.50

16.1624.3816.58-0 .40

15.5631.4851.9242.13

-25 .7021,4112.7625.32

114.1375.96

7.583.250.546.771.862.06

- 1 . 5 86.234.370.485.406.677,497.484.424.008.629.977.558.64

19.8621.1914.14

0.48

2 0.1135.0656.8032.68

-35 .0318.2218.3652.3195.1852.69

2.060.370.015.384.152.54

- 0 . 4 8-0 .19-0 .22

0.682.771.583 .494 .25

11.944.818.354.88

-0 .13-9 .06

1.9316.9850 .03-8 .21- 8 . 2 8-1 .5616 .6844.36

-18 .5349.79

3.13-4 .7533.5016.58

Aug. Sept.

10.6 17.4

-15 .1 3.221.5 19.310.8 10.5

6.1 7.14 .1 9.7

16.0 13.65.7 8,08.0 9.0

12.2 11.412.7 12.910.4 12.8

7.2 5.0

6.4 7.216.0 16.114.7 11.915.0 8.011.3 12.2

4.1 4.5

17.1 14.513.9 12.013.6 14.7

12.5 17.2

NS1

RS)

0 , 5 9 2 . 2 91.87 - 1 . 3 8

- 1 0 . 1 6 - 0 . 6 15 . 0 4 3 .763 . 2 8 4 . 3 20 . 4 8 1.07

- 1 . 1 8 2 . 1 75 . 1 6 2 . 2 8

- 1 . 8 4 1 .391.43 1 .003 . 5 8 3 . 3 62 . 1 0 3 . 5 34 . 9 3 6 . 9 5

1 2 . 8 0 1 2 , 0 21 3 . 6 4 7 . 0 8- 2 . 6 5 3 . 5 21 2 , 7 8 1 1 , 5 11 4 . 7 8 1 5 . 1 6

7 . 6 7 4 . 3 62 0 , 1 1 2 1 , 7 2

4 . 4 5 - 2 . 4 82 3 , 0 9 - 0 . 5 63 1 . 1 8 4 9 . 5 0

- 1 3 . 6 1 - 1 7 . 2 0- 2 . 9 4 - 4 . 4 81 6 . 2 5 7 , 6 11 0 , 2 6 1 1 , 7 24 4 . 3 6 5 7 . 2 8

9 . 8 6 2 0 . 2 26 1 . 8 0 4 8 . 4 0

4 . 5 6 1 6 . 1 41 4 . 0 6 - 1 . 5 41 7 . 3 9 4 0 . 5 4

3 . 6 6 - 1 4 . 6 3

NSTALLMENT CREDIT

4 . 8 64 . 1 60 .805 . 0 31 .543 . 2 9

- 0 .086 . 8 43 . 2 40 . 5 05 . 2 87 , 3 37 . 6 38 . 3 96 . 3 22 . 6 48 , 7 48 . 7 4

1 0 . 0 01 1 . 3 51 2 . 4 32 3 , 1 81 3 . 9 618.18

21.7930.4740.2 829.80-9 .9018.43

3.9653.5673.5881.43

3 . 5 4 4 . 6 73 , 0 1 2 . 7 00 . 4 9 1.276 . 5 5 6 . 4 33 . 0 2 1 .972 . 3 4 2 . 3 2

- 0 . 4 8 1 .047 . 6 4 7 , 1 92 . 7 0 3 . 3 11 . 4 8 2 . 3 35 . 2 1 4 . 8 67 . 1 4 6 . 8 26 . 9 6 8 . 9 27 . 9 7 7 . 9 75 . 0 5 4 . 1 04 . 6 7 5 . 0 37 . 3 4 7 . 9 06 . 8 9 9 . 6 66 . 4 2 7 . 3 0

1 2 . 6 2 1 3 , 6 01 8 . 1 6 1 4 . 8 11 7 . 9 8 1 6 . 5 71 4 . 6 0 9 . 6 8

8 . 9 8 1 1 . 1 4

1 6 , 3 1 2 3 . 7 73 5 . 8 2 3 2 . 0 64 1 . 1 0 3 4 . 0 63 5 . 4 2 3 5 . 3 3

6 . 7 4 - 1 . 5 01 8 . 9 1 3 1 . 3 0

5 . 9 5 2 0 . 5 35 8 . 9 1 4 9 . 4 88 0 . 6 2 6 3 . 0 47 2 . 6 1 1 2 3 . 9 6

Oct.

23.6

4 . 39 . 97 . 72 . 18 .2

13.16 . 37 . 9

13.314.5

9 . 6

4 . 4

10 .i

- 0 . 37 . 0

18.111.3

4 . 17 . 5

14.913.010.9

11.0

3.23-2 ,15-0 .42

5.330.96

-4 .861.123.230.480.013.805.762.488.057.545.87

10,0211,45

-21.06-11.66

22.9114.4711.08

-13.7612,7215,9120.78

7.3115.7230.36-0 .35

-11.0247.7565.16

7.022.721.403.502.402 .12

-0 .646.852.042.225.178.066.975.933.822,11

10.887.901.63

11.1514.5120.10

3.0714.57

20.5.'32,3233.9037.7311.38

8.056.49

73.2C70.6178.70

Nov.

21.1

10.515.211.2

1.910.410.9

8 . 110.113.114.7

9 . 7

4 , 4

12.1

2.011.516.110.6

5 . 46 . 0

15.914.7

6 . 1

11.6

4.57-2 .27

2.844.204.09

-4 .751,521.931.460.783.659.105,32

10.065.586.20

14.658.54

- 7 . 1 8-1 .9710.8714.5616,58

-10.4218.5613,1823.82

-12 .0654.3141.36

-55.4516.3052.6864.63

4.742,291.463.853.SO1.811.515.082.773.186.786.424.847,325.066.78

10.108.40

- 2 . 2 815.1016.1518,43-1 .5012.62

21.3136.8844.0632.30

5.026.26

21.9574.8471.9567.72

Dec.

17.5-6 .2

13.08 . 84 . 7

12.510.3

5 . 310.410.912.412.910,5

4,210.5

10.7

7,910.114.4

7 . 31.99.3

14.415'.411.8

7 .7

5.710.9

1.22-4 .72

4.314.072.35

-0 .671.852.54

-1 .201.790.565.598.037.803.47

10.839.31

11.87-0 .16-6 .16

8.4410.64

1.671.37

10.9013.20

4,6136.5921.1336.35

-66.4350.17

4.1338.89

6.340.292.964.302.171.323.593.601.303.836.166.548.507.225.667,76

11.083,667.64

15.4918.3310.72-2 .0818.14

36'.3 842.6612.7216.32

0.7621.3777.0475.3177.72

IQ

6 . 9

15.9- 0 . 318.215.3

3 . 80 . 8

12.111.6

6 . 110.011.511 .2

4 . 7

6 .812.8

5.411 .111.921.611.8

0 . 3

14^114.414.3

7.0

15.5

11.5

1.401.19

-0 .092.415.223.15

- 3 . 1 51.293,220.371,911 .060.62

11.3010.02

7.072.65

15.778.733,34

32.0523.90-6 .88

-11.027.82

16.6631.9155.85

2.6553 .9019.0158.8?34.12

1 .245.79

-0 .505.053 .962.29

-0 .9 44.625.610.6?2.985.938.368.347.163.236,19

11.174.53

15.9810.0529.4310 .42-7 .83

32.0833,4237.0519.6917.64

9,2933.4269.6885.64

11 Q III Q

AVERAGE FOR

1 5 . 4 1 4 . 9

- 1 . 52 0 . 813.5

8 ,41,5

16.110,3

5 . 112.112.710.9

7^55,5

8.7a.9

3,97 .9

14.616.113.8= 0.8

15,'?17.116.0

10.04.60.0

21.8

1 .8

= 3.020.410.4

7 . 36 .4

15.26 . 6? . ?

11.812,911.7

6'.66.1

9 .58.46.S

13.612.812.612.8

5 . 0

14'.913.314.2

8.4- 0 . 3

7.314.3

8 .2

AVERAGE FOR

0 . 8 31.27

- 1 , 5 43 . 5 25 . 5 43 . 4 0

- 2 . 6 04 . 8 93 . 6 7

- 0 . 6 22 . 4 11 .963 . 7 58 . 6 29 . 6 96 . 3 37 . 4 6

1 7 . 6 44 . 8 0

- 4 . 7 98 , 2 9

2 0 , 1 73 5 . 2 0

- 2 7 . 0 2- 5 . 8 91 1 . 2 42 8 . 0 54 5 . 1 5

8 . 1 95 5 . 3 64 6 . 2 8

- 2 9 . 4 08 8 . 2 5- 1 , 1 9

1.630.29

= 3.594.733.9 21 .360.172.42

= 0.221 .043.242,405.129.69

10.891.89

10.8811 .61

3.9?10,92

1.3013.1?43.57

=13.01-5 .23

7,4312.3948.6?

3 .8553.33

7,942.59

30.481 .87

AVERAGE FOR

5 . 4 24 . 1 40 . 1 06 . 4 22 , 5 82 . 3 3

- 1 . 4 25 . 7 24 . 9 2

- 0 . 7 75.616.697.509.284.231 .598.45

10.823.337.70

17.6021.5214.18-0 .69

34.7249.9039.72

-24.3021.0715.3733.8494.6573.06

4,363.290.856,002.182.650.167.223.081.445.127.107.848.115.164.117.998.437.91

12.5215.1319.2412.7512.7?

32.7838.4333.52-1 .5522.8810,1553.9872.4192.67

IV Q

PMRXQ0

2 0 . 7

1 2 . 79 . 22 , 9

1 0 . 41 1 , 4

6 . 69 . 5

1 2 . 41 3 , 91 0 . ?10.34.38.8

6.83.29 . 5

16.29 . 73 . 87 . 6

i s ! 413.2

8,28.?3,8

= 5.911.5

9.4

12.3

PERIOB

3,01= 3.0 3

2.244. §32.4?

-3 .431.502.5?0,250.86

6 '.825.288.64S.S37.63

11.3310.62= 9.47-6 .6014.0?13.22

9.78= 7.6014.0614.1016.4010.6130.3936.02

=40.7 418.4834.8S56.24

PERIOD

6,031.771.943.882.691.731.495.182.043.086,047.016.7?6.B24,855.55

10.696.652.33

13.9116.SI16,42-O.I?15.11

35.1946.2127. 7510.91

5,0216.6075.0372.627 4.71

Annual

14.3

. ! .18.012.1

6 . 94 . 8

13.78 . 87 , 1

11.612.711.112.0

6 . 3

9 .010.0

4,710,313.913.010.3

3 . 1

i s !o14.S13.2

6.17.01.45.8

13. 2

10 ,0

1.7 2,= 0.08= 0.7 4

3.864.281.12

= 1.022.791 .730.412.563.063.699.569.035 . ? 48.08

13.912.010.7 2

1 9 ! 6 52 8 . 1 1

= 1 3 . 6 3= 2 . 0 21 0 . 1 51 8 . 3 03 4 . 0 82 4 . 5 ?3 6 . 8 4U.B5

2.6?33.112 2,76

4.263.730.6 05.3 42.8S2.2S

=0.185.683.911.104.946.687.6 28.14§.353.628.339,2?4.5 2

12.3314.8221.65

9.294.84

33.6940.5034.SI

1.1816.6612.8349,0?7 7.3481 .52

NOTE: Unless otherwise noted, these series contain revisions beginning with 1975.'This series eentaini revisions beginning with 1983.

{JUNK 1986)


G. Experimental Data and Analyses

andmonth

1985

JanFeb...Mar...Apr..May...June.,Ju ly . .Aug..Sept.Oct..Nov..Dec...

1986

Jan. . ,Feb..Mar..Apr..May..June.July.Aug..Sept.Oct..Nov..Dec.

V Q av»Yearand

month

1985

Jan . . . ,Feb..Mar..Apr..May..June.July.Aug..Sept.Oct..Nov..Dec.

1986

Jan..Feb..Mar..Apr..May,.June.July.Aug..Sept.Oct..Nov..Dec.

Foreign currency

Japan

(Yen)

254.18260.48257.92251.84251.73248.84241.14237,46236.53214.68204.07202.79

199.89184.85178.69175.09167.03

2168.16

WestGermany

(D. mark)

3.17063.30253.29823.09463.10933.06362.90832.79372.83812.64462.59542.5122

2.43842.33172.27522.27322.2277

22.2396

Foreign currency per U.S.

Italy

(Lira)

1,948.762,042.002,078.501,975.891,984.451,953.921,900.331,873.511,903.421,785.431,753.721,713.50

1,663.141,588.211,548.431,559.451,528.50

21,537.23

per U.S. dol lar

France

(Franc)

9.703610.093310.07769.44279.48299.34148.85138.53238.65998.06417.90957.6849

7.48217.15756.99647.20607.0967

Z7.1379

dol lar

Canada

(Dollar)

111111]11111

1\1]1

21

.3240

.3547

.3840

.3658

.3756

.3676

.3526

.3575

.3703

.3667

.3765

.3954

,4070.4043,4009.3879,3757,3905

UnitedKingdom

(Pound)

0.88720.91480.88870.80800.80110.78080.72430.72250.73300.70350.69460.6922

0.70200.69940.68150.66730.6574

20.6648

Exchange valueot the u.o.

dollar1

(March 1973=100)

152.83158.43158.14149.56149.92147.71140.94137.55139.14130.71128.08125.80

123.65118.77116.05115.67113.27

H14.08

III

V

III

III II1 II1 II . II II 1 IIIForeign currency per U.S. dollar—

v/j

v\

III

\^

r

/J

r

rr

J\

Ixcha

(ind

*-T

I I !

L J

nge v

2x: M

•——

III

\

\V

i i

Japan (yen)

A\

"

r

West Germany (d. mark)

V

\

A

A rv

France (franc) ^

' SA

United Kingdom (pound)

>

alue (

arch

^ \

11

A,

Df the

1973

|

/fItaly (lira)

A

/

1

r

Canada (dollar)

v—

U.S.

|

dollar

KJ

1

A| i i

Ml

rJ

//

IS*

*

III

III

/V

JV

J

/

y

III

III

\\

\

V

\

III

III

0V

V

nI d

DVs*

B

D

_

B

III

Ratio scale

300

260

220

180

140

3.2

2.8

2.4

2.0

1098

7

8

S

0.9

0.8

0.7

0.6

0.5

2000

1800

1600

1400

1200

1000

800

1.6

1.4

1.2

1.0

160

140

120

100

80

73 74 75 76 77 78 79 80 81 82 83 84 85 86xThis index is the weighted-average exchange value of the U.S. dollar against the currencies of the other G-10 countries

plus Switzerland. Weights are the 1972-76 global trade of each of the 10 countries. For a description of this index, seethe August 1978 FEDERAL RESERVE BULLETIN (p. 700).

2Average for June 2 through 20.

Source: Board of Governors of the Federal Reserve System.


G. Experimental Data and Analyses—Continued

Net Contributions of Individual Components to the Leading, Roughly Coincident, and Lagging Composite Indexes

Series t i t l e(and uni t of measure)

LEADING INDICATORS1. Average weekly hours of production or non-

supervisory workers, manufacturing (hours). . .5. Average weekly i n i t i a l claims for unemploy-

ment insurance, State programs1 ( thous.) . . . .8. Mfrs.1 new orders in 1982 do l la rs , consumer

goods and materials industries ( b i l . d o l . ) . . .32. Vendor performance, percent of companies

receiving slower del iver ies (percent)12. Net business formation

(index: 1967^100)20. Contracts and orders for plant and equipment

in 1982 dol lars ( b i l . dol . )29. New pr ivate housing units authorized by

local bui lding permits (index: 1967=100). . . .36. Change in inventories on hand and on order in

1982 d o l . , smoothed2 (ann. ra te , b i l . dol . ) . .99. Change in sensit ive materials pr ices,

smoothed2 (percent)19. Stock pr ices, 500 common stocks

(index: 1941-43=10)106. Money supply M2 in 1982 dol lars

( b i l . do l . )111. Change in business and consumer credi t

outstanding (ann. ra te , percent)910. Composite index of 12 leading indicators3

(index: 1967=100)

ROUGHLY COINCIDENT INDICATORS41. Employees on nonagricultural payrol ls

(thous.)51. Personal income less transfer payments in

1982 dol lars (ann. ra te , b i l . dol . )47. Indust r ia l production

(index: 1977^100)57. Manufacturing and trade sales in 1982

dol lars (m i l . do l . )920. Composite index of 4 roughly coincident

indicators3 (index: 1967=100)

LAGGING INDICATORS91. Average duration of unemployment1

(weeks) . . . . . . .77. Ratio, manufacturing and trade inventories

to sales in 1982 dol lars ( r a t i o ) .62. Labor cost per uni t of output, manufacturing--

actual data as a percent of trend (percent) . .109. Average prime rate charged by banks

(percent) . . . .101. Commercial and i ndus t r i a l loans outstanding

in 1982 do l la rs (m i l . do l . ) . . . .95, Rat io, consumer instal lment c red i t

outstanding to personal income (percent) . . . .930. Composite index of 6 lagging ind ica tors 3

( index: 1967-100)

Feb.1986

r 4 0 . 7

384

87.76

48

121 .2

34 .28

144.2

r25 .46

r - 0 . 2 0

219.37

r2 , 2 7 3 . 1

r l .5

r l 7 5 . 2

r99 ,429

r 2 , 5 5 5 . 6

r l 2 5 , 6

r414 ,355

r l 6 2 . 9

15.3

1 .56

r 8 2 . 6

9 .50

r337 ,623

r l 6 . 1 1

r l 3 2 . 2

Basic

Mar.1986

40 .7

393

83 .92

50

r l 2 1 . 9

r31 .04

146 .3

r 3 1 . 9 6

- 0 . 4 8

232.33

r2 ,295 .7

r 2 . 2

r l 7 6 . 2

r99»484

r 2 , 5 6 8 . 8

r l 2 4 . 4

r412 ,062

r l 6 2 . 5

14 .4

1 .57

r 8 3 , 2

9 .10

r340 ,398

r l 6 . 1 7

133.5

data

Apr.1986

r 4 0 . 7

374

r87 .03

50

r l 2 3 . 2

r31 .08

150.3

p33,88

r - 0 . 6 0

237 .98

2 , 3 2 8 . 4

r l . 9

r l 7 8 . 5

r99 ,797

r 2 , 6 O 4 . 7

r l 2 5 . 0

p420,193

r l 6 4 . 7

14.3

p i . 5 5

81 .9

8.83

r 3 3 9 , 5 8 4

p l 6 . 1 0

r l 3 1 .9

May1986

P 4 0 . 6

378

p84.06

55

p!19 .7

p31 .18

142.6

NA

- 0 . 2 6

238.46

p2 , 3 4 7 . 4

P 6 . 6

p l 7 8 . 8

p99,946

p2,592 .6

p l 2 4 . 2

NA

p l 6 3 . 8

14 .4

NA

p82 .0

8 .50

p340 ,206

NA

pl31 .5

Net contribution to index

Feb.to

Mar.1986

0.00

- 0 . 0 6

- 0 . 2 2

0 .08

0 .08

-0 .22

0 .04

0.16

- 0 . 1 1

0 .36

0 .32

0 .04

0.57

0 .05

0.26

- 0 . 2 7

- 0 . 1 2

- 0 . 2 5

0 . 4 4

0 .13

0 .22

- 0 .28

0 .22

0 .23

0 .98

Mar.to

Apr.1986

0 .00

0 .14

0 .18

0.00

0.15

0.00

0 .08

0.05

- 0 . 0 5

0 .15

0,45

- 0 . 0 2

1 .31

0.26

0 .70

0.13

0.43

1 .35

0.05

- 0 . 2 6

- 0 . 4 8

- 0 . 1 9

- 0 . 0 6

- 0 . 2 7

- 1 .20

Apr.to

May1986

- 0 . 0 8

- 0 . 0 3

- 0 . 1 9

0.22

- 0 . 4 4

0 .01

- 0 . 1 7

NA

0.15

0 .01

0 .28

0 .27

0.17

0 .16

- 0 . 3 0

- 0 . 2 3

NA

- 0 . 5 5

- 0 . 0 7

NA

0 .05

-0 .34

0.07

NA

- 0 . 3 0

NOTE: The net contribution of an individual component is that component's share in the composite movement of the group. It iscomputed by dividing the standardized and weighted change for the component by the sum of the weights for the available componentsand dividing that result by the index standardization factor. See the February 1983 BUSINESS CONDITIONS DIGEST (pp. 108-109) orthe 1984 HANDBOOK OF CYCLICAL INDICATORS (pp. 67-68) for the weights and standardization factors. NA, not available, p, prelimi-nary, r, revised, e, estimated.

1This series is inverted in computing the composite index; i.e., a decrease in this series is considered an upward movement.2This series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.3Figures in the net contribution columns are percent changes in the index. The percent change is equal (except for rounding

differences) to the sum of the individual components' contributions plus the trend adjustment factor. The trend adjustment factorfor the leading index is 0.139; for the coincident index, -0.175; for the lagging index, 0.018.



Cyclical Comparisons: Current and Selected Historical Patterns

I I M I j l l l TTTTT

1. Average weekly hours, manufacturing

47. Industrial production index

' c,c,c I

Devi-

ations

from

reference

peaks

Actual

data

for

current

cycle

REF.TROUGH 7/81

ANDYEAR

SERIES 1HOURS

Percent

—I +3

+ 2

+1

-2

-3

-5

Percent

+ 20

+15

+ 10

+ 5

-5

-10

-I -15

• 41.0

• 40.5

• 40.0

• 39.5

• 39.0

• 38.5

• 38.0

• 37.5

• 135

• 130

• 125

• 120

• 115

• 110

• 105

• 100

3132

33343536

37383940

1 .51.3

1 .82.02.02 .0

2.52.32 .02.0

40.540.4

6/85

7/85

40.6 8/8540.7 9/8540.7 10/8540.7 11/85

40.9 12/8540.8 1/8640.7 2/8640.7 3/86

4 14 2

MONTHSFROM

SPEC.TROUGH

2 . 01 . 8

D E V I -ATIOHS

FROM9 / 8 2

40.740.6

CURRENTACTUAL

DATA

4/865/86

MONTHAND

YEAR

SERIES 1HOURS

• " I 1 " " • " " I | U M . | . M U | . M . I | | U H I |

1. Average weekly hours, manufacturing

33343536

4.44.1-4.64.9

37 4.938 4.939 -5.440 5 .2

40.5 6/8540.4 7/8540.6 8/8540.7 9/85

40.7 10/8540.7 11/8540.9 12/8540.8 1/86

41424344

4.94.94.94,6

40.740.740.740-6

2/863/864/865/86

MONTHSFROMREF.

TROUGH

D E V I -ATIONS

FROM7 / 8 1

CURRENTACTUAL

DATA

MONTHAND

YEAR

SERIES 47

1977«1OO

3132

9.69.4

124.3124.1

6/857/85

3 3 10.4 12 5.2 8/8534 10.3 125.1 9/8535 9.7 124.4 10/8536 10.6 125.4 11/85

37 11.5 126.4 12/8538 11.7 126.7 1/8639 . 10.8 125.6 2/8640 9.7 124.4 3/86

414 2

MONTHSFROM

SPEC.TROUGH

10 . 29 .5

D E V I -ATIONS

FROM1 2 / 8 2

125 . 01 2 4 . 2

CURRENTACTUAL

DATA

4/865/86

MONTHAND

YEAR

SERIES 47

1977=100

303132

23.723.524.6

124.3124.1125.2

6/857/858/85

33 24.5 125.1 9/8534 23.8 124.4 10/8535 24.8 125.4 11/8536 25.8 126.4 12/85

37383940

26,25,23,24,

1 2 6 . 71 2 5 . 61 2 4 . 41 2 5 . 0

+18 +24 +30 +36 +422 3 . 6 1 2 4 . 2

1/862 / 8 63 / 8 64 / 8 6

5 /86

47. Industrial production index

Devi-

ationsfrom

specific

troughs

Actualdata

for

currentcycle

• 41.0

• 40.5

• 40.0

• 39.5

• 39.0

• 38.5

• 38.0

- 20

- 15

- 10

- 5

-I 0

• 135

• 130

• 125

• 120

• 115

l 110

• 105

+ 6 +12 +18 +24 +30 +36 +42

Months from reference troughs Months from specific troughs

NOTE: For an explanation of these charts, see "How to Read Charts" on p. 106 of the January 1986 Issue.



Cyclical Comparisons: Current and Selected Historical Patterns—Continued

19. Index of stock prices

32. Vendor performance, percent ofcompanies receiving slower deliveries.

Devi-

ations

from

reference

peaks

Actual

for

current

cycle

REF.TROUGH

FROM7/81

ACTUALDATA

MONTH

Percent

- ) +100

SERIES 191941-43-10

4 9 . 1 1 9 2 . 5 4

+ 80

+ 60

• 240

• 220

• 200

33343536

37383940

414243

4 5 . 84 2 . 54 4 . 25 2 . 9

6 0 . 56 1 . 26 9 , 97 9 . 9

84.384.789.5

1 8 8 . 3 11 8 4 . 0 61 8 6 . 1 81 9 7 . 4 5

2 0 7 . 2 62 0 8 . 1 92 1 9 . 3 72 3 2 . 3 3

7/85

8/859/85

1 0 / 8 51 1 / 8 5

1 2 / 8 51 / 8 62 / 8 63 / 8 6

2 3 7 . 9 8 4 / 8 62 3 8 . 4 6 5 / 8 62 4 4 . 7 5 6 / 8 6

+40 • 180

MONTHSFROM

S P E C .TROUGH

D E V I -ATIONS

FROM7 / 8 2

CURRENTACTUAL

DATA

MONTHAND

YEAR

+ 20

- 2 0

- 4 0

• 160

• 140

• 120

• 100

• 80

SERIES 191 9 4 1 - 4 3 - 1 0

7 6 . 0 1 9 2 . 5 4

37383940

41424344

7 2 . 26 8 . 37 0 . 28 0 . 5

8 9 . 590.3

1 0 0 . 6112.4

188.31184.06186.18197.45

207.26208.19219.37232.33

7/85

8/859/8510/8511/85

12/851/862/863/86

45 117.6 237.98 4/8646 118.0 238.46 5/8647 123.8 244,75 6/86

MONTHSFROMREF.

TROUGH

CURRENTACTUAL

DATA

MONTHAND

YEAR

SERIES 32PERCENTREPORTING

31 44 6/85

32 44 7/85

-I 90

80

70

60

33343536

37383940

4142

42 8/8542 9/8546 10/8542 11/85

46 12/8546 1/8648 2/8650 3/86

5055

4/865/86

MONTHSFROM

SPEC.TROUGH

D E V I -ATIONS

FROM

5/82

CURRENTACTUAL

DATA

MONTHAND

YEAR

30

20

0 +6 +12 +18 +24 +30 +36 +42

Months from reference troughs

37383940

41424344

45464748

SERIES 32PERCENTREPORTING

14 44 6/8514 44 7/8512 42 8/8512 42 9/85

19. Index of stock prices

32. Vendor performance, percent ofcompanies receiving slower deliveries

16121616

18202025

46 10/8542 11/8546 12/8546 1/86

48 2/8650 3/8650 4/8655 5/86

Devi

ations

from

specific

troughs

Actual

data

for

current

cycle

140

120

100

60

60

40

20

-J 0

• 250

• 230

• 210

• 190

• 170

• 150

• 130

• 110

70 «100

60 9 90

50 #80

40

30 »60

20

10

-1 0

• 50

• 40

• 30

-6 0 +6 +12 +18 +24 +30 +36 +42 +48

Months from specific troughs

NOTE: For an explanation of these charts, see "How to Read Charts" on p. 106 of the January 1986 Issue.


ALPHABETICAL INDEX—SERIES FINDING GUIDE

Series title C u r r e n t i s s u e

(See competeSties in "Titles and Series ( p a g e n u m b m )

Sources ol Series," following this index) number Charts Tables

A

Agricultural products, exports 604Anticipations and intentions

-Consumer sentiment, index 58Employees, manulaclunng and trade, Dl 974Inventories, manulacturing and trade, Dl 975New orders, manufacturing, Dl 971Plant and equipment expenditures, constant dollars 100Plant and equipment expenditures, current dollars 61Plant and equipment expenditures, Dl 970Prices, manufacturing, Dl 976Prices, retail trade, Dl 978Prices, wholesale trade, Dl 977Profits, manufacturing and trade, Dl 972Sales, manufacturing and trade, Dl .... 973

Automobiles' "Imports of automobiles and parts 616

* Personal consumption expenditures 55

B

Balance of payments—See International transactions.Bank loans-See Business Loans.

. Bank rates—See Interest rates.Bank reserves

Free reserves 93Member bank borrowings from the Federal Reserve 94

Bonds—See Interest rates.Borrowing—See Credit.Budget—See Government.Building—See Construction.Building permits, new private housing 29Business equipment, industrial production 76Business expenditures—See Investment, capital.Business failures, current liabilities 14

. Business formation, index 12Business incorporations 13Business inventories—See Inventories.Business loans

Loans outstanding, constant dollars 101Loans outstanding, current dollars 72Loans outstanding, net change 112

Business saving 295

C

Canada—See International comparisons.Capacity utilization

Manufacturing 82Materials . 84

Capital appropriations, manufacturingBacklog 97Newly approved ... 11Newly approved, Dl 965

Capital equipment, producer price index 333Capital investment- See Investment, capital.Capital investment commitments. Cl 914Cash flow, corporate, constant dollars 35Cash flow, corporate, current dollars 34Civilian labor force- See also Employment.

Employment . ... 442Employment as percent of population 90Labor force . .... 441Unemployed .... 37

Coincident indicators, lour• Composite index 920

Composite index, rate of change 920cDiffusion index 951Ratio to lagging indicators, composite index 940

Commercial and industrial buildings, contracts awarded 9Commercial and industrial loans


Compensation—See also Income.Compensation, average hourly, nonfarm

business sector 345Compensation ol employees •• 280Compensation of employees, percent of

national income.-. 64Compensation, real average hourly, nonfarm

business sector 346 .Earnings, average hourly, private nonfarm

••• economy 340Earnings, real average hourly, private nonfarm

economy 341Wage and benefit decisions, first year 348

. ', Wage and benefit decisions, life of contract 349Wages and salaries in mining, manufacturing,

and construction 53Composite indexes

Coincident indicatorsFour coinciders, index 920Four coincides, rate of change 920cRatio to lagging indicator index 940

Lagging indicatorsSix laggers, index 930Six laggers, rate of change 930c

Leading indicatorsCapital investment commitments 914Inventory investment and purchasing 915Money and financial flows 917Profitability 916Twelve leaders, index 910Twelve leaders, rate of change 910c

Historicaldata

(issue date)

Seriesdescription

(*)

Series title C u r r e n t i s s u e

(See complete titles in "Titles and Series ( p a g e n u m b e r s )Sources of Series," following this index) number Charts Tables

ConstructionBuilding permits, new private housing 29 13,25Contracts awarded, commercial and

industrial buildings 9Expenditures, plus machinery and equipment sales 69Gross private fixed investment

Nonresidential, constant dollars 86Nonresidential, percent of GNP 248Nonresidential structures, constant dollars 87Residential, constant dollars 89Residential, percent of GNP 249

Housing starts 28Consumer finished goods, producer price index . . . 334Consumer goods and materials, new orders 8Consumer goods, industrial production ... 75Consumer installment credit

Credit outstanding 66Net change 113Ratio to personal income 95

Consumer installment loans, delinquency rate 39Consumer prices—See also International comparisons.

All items 320Food 322

Consumer sentiment, index 58Consumption expenditures—See Personal

consumption expenditures.Contract awards, Defense Department 525Contracts and orders, plant and equipment,

constant dollars 20Contracts and orders, plant and equipment,

current dollars 10Corporate bond yields 116Corporate profits—See Profits.Costs—See Labor costs and Price indexes.Credit

Borrowing, total private 110Business loans


Consumer installment creditCredit outstanding 66Net change 113Ratio to personal income 95

Consumer installment loans, delinquency rate 39Credit outstanding, percent change I l lMortgage debt, net change 33

Crude and intermediate materials, change inproducer prices 98

Crude materials, producer price index 331

D

Debt-See Credit.Defense and space equipment, industrial production 557Defense Department

Gross obligations incurred 517Gross unpaid obligations 543Net outlays 580Personnel, civilian 578Personnel, military 577Prime contract awards 525

Defense productsInventories, manufacturers' 559New orders, manufacturers' 548Shipments, manufacturers' 588Unfilled orders, manufacturers' 561

Defense products industries, employment 570Defense purchases, goods and services 564Defense purchases, percent of GNP 565Deficit—See Government.Deflators—See Price indexes.Delinquency rate, consumer installment loans 39Deliveries, vendor performance 32Diffusion indexes

Capital appropriations, manufacturing .. , 965Coincident indicators 951Employees, manufacturing and trade 974Employees on private nonagrtcultoral payrolls 963Industrial production .. 966Industrial production, componentsInitial claims, State unemployment insurance 962Inventories, manufacturing and trade 975Lagging indicators 952Leading indicators 950New orders, durable goods industries 964New orders, durable goods industries, componentsNew orders, manufacturing 971Plant and equipment expenditures 970Profits, manufacturing 960Profits, manufacturing and trade 972Raw industrials, spot market prices 967Raw industrials, spot market prices, componentsSales, manufacturing and trade 973Selling prices, manufacturing 976Selling prices, retail trade 978Selling prices, wholesale trade 977Stock prices, 500 common stocks 968Workweek, manufacturing 961Workweek, manufacturing, components

Disposable personal income—See income.

Historicaldata

(issue date)

Seriesdescription

n

56

3333

19

92

n72

63

12/85

223838382424383838383838

5622

657676766767767676767676

9265

11/8512/8512/8512/855/865/8611/8512/8512/8512/8512/8512/85

12/852/86

20373737

23233737373737

5639

4/854/85

2/86

3535

13,25

24

3312,23

23

15,35

3532•46 .

6767

726565

73737182

6/868/85

12/856/866/86

6/866/866/865/86

2412

342121

32323226

2020

24243748

112929

511751

18,51

1039361123

15,35

3532

4945

30,47

49

49

495050

6464

66667586

607070

896289

62,89

60

74'6066

737371

8782

70,83

88

87

878888

8/85- 8/85

2/852/852/855/85

1/862/862/86

4/864/864/864/86

9/859/851/861/8610/85

6/866/866/86

12/843/86

2/86

12/84

10/85

10/859/859/85

1414

22222251

52626

9999

5

"5521

323232

4646

46

46

5

55353

103911

1039

111111111039

60

m60

6060606060

9/859/851/86

9/859/85

1/861/861/861/869/859/85

5

"5

5

55555

32

54

67

72

91

6/86

2324

25472525472548

12,21

22

3532

15,35

33

494922

53

12,23

2334

6667

678367678367866465

73727372

84,958465

90

66

6673

10/858/85

2/863/862/862/863/866/865/855/868/85

6/866/866/867/85

4/854/8511/85

12/85

5/86

5/869/85

2117

404040404024511512

33333334

494920

55

21

2135

11/85

15,35

3532

3532

15,35

3313,32

32

2848

737371

737273727271

6985

6/866/866/86

6/866/866/867/856/866/86

6/864/85

323232

333333343131

5150

8/85

535354555553

54535454555555

3312,21

3736383637

36'38363637

38'38373837

383838383736

909091919190

91909191919191

7264

75747674757874767474757776767576757976767676757477

11/8512/8512/855/8610/8512/85

7/857/857/857/857/855/865/86

7/851/86

2/851/8612/858/858/85

1/8512/851/861/867/85

12/8511/8512/8512/851/86

12/8512/8512/8512/857/858/85

555556565655

1715171554343

3417

22537512

"8375515

"3723373725

37373737255

See notes at end of index.


ALPHABETICAL INDEX—SERIES FINDING GUIDE—Continued

Series title(See complete titles in "Titles and

Sources ol Series," following this index)

Current issueSeries tpage numbers)

number Charts Tables

Historicaldata

(issue date)

Seriesdescription


Sources of Series," following this index)Series

Current issue(page numbers)


Historical Seriesdata description

(issue date) (•)

Earnings - See Compensation.Employment and unemployment

Civilian labor forcePelense Department personnel, civilianDefense Department personnel, militaryEmployee hours in nonagroltural establishments

Rate ol change..............Total

Employees in goods producing industries.,Employees, manufacturing and trade, 01.....Employees on nonagneuitural payrolls....Employees on private nonagncultural payrolls. D l . .Employment, civilianEmployment, defense products industries..Employment, ratio to populationHelp-wanted advertising in newspapersHelp-wanted advertising, ratio to unemployment....Initial claims, State unemployment insuranceInitial claims, Stale unemployment insurance, DL...Overtime hours, manufacturingParticipation fate, both sexes 16-19 years of age..Participation rate, females 20 years and overParticipation rate, males 20 years and overPart-time workers lor economic reasonsPersons engaged in nonagncullural activitiesUnemployed, both sexes 16-19 years of ageUnemployed, females 20 years and overUnemployed, full-time workersUnemployed, males 20 years and overUnemployment, average duration,.,.,...Unemployment, civilianUnemployment rate. 15 weeks and overUnemployment rate, insuredUnemployment rate, totalWorkweek, manufacturingWorkweek, manufacturing, componentsWorkweek, manufacturing, Dl

Equipment See Investment, capital.Exports- See International transactions,

441578577

48c4840974419634425709046605962214534524514484244644544744491374445431

961

515555

39171738

14,17385155171616

12,163616515151511751515151

15,1818,51181818

12,16

36'

899191

"6i"62766274899162616161746189898989628989898962

62,89626262617774

4/865/8610/85

1/861/867/8512/857/858/854/867/854/864/864/861/851/857/854/864/864/864/864/864/864/864/864/864/864/864/864/864/867/85

8/85

Federal funds rate , ,Federal Government See Government.Federal Reserve, member bank borrowings from..Final sales in constant dollarsFinancial flows, Cl .,Fixed investment See Investment, capital.Fixed weighted price index, gross domesticbusiness product

Food See Consumer prices.Foreign trade See International transactions.France See International comparisons.Free reserves

119 34

311

Goods output in constant dollarsGovernment budget

Federal expenditures.. -federal receipts ,Federal surplus or deficit..,.,.,.,.,.....State and local expenditures.....State and local receipts ........State and local surplus or deficitSurplus or deficit, lotal .... ...,...„

Government purchases of goods and servicesFederal, constant dollarsFederal, current dollarsFederal, percent of GNP...National defense. ,,,,....„.National defense, percent of GNPState and local, constant dollarsState and local, current dollarsState and local, percent of GNPTotal, constant dollarsTotal, current dollars

Gross domestic business product, fixed weightedprice index ,., ....

Gross domestic product, labor cost per unitGioss national product

GNP, constant dollars.....GNP, constant dollats. differencesGNP, constant dollars, percent changesGNP, current dollarsGNP, current dollars, differencesGNP, current dollars, percent changesGNP. ratio to money supply M l . . 'Goods output in constant dollarsImplicit price deflatorPer capita GNP, constant dollars

Gross private domestic investment -See Investment, capital.

HHelp-wanted advertising in newspapersHelp wanted advertising, ratio to unemployment ,Hours, manufacturing

Average weekly hours ,..Average weekly hours, componentsAverage weekly hours, DlAverage weekly overtime

9/85

94213917

334011

728060

4/853/861/86

5/86

4/85

2/86

502501500512511510298

263262265564565267266268261260

31168

5050b50c200200b200c10749310217

4660

1

96121

52525252525246

43434755554343474343

4830

19,40

39'40

3i'204840

1616

12.16

3616

90909090909083

81818391918181838181

8470

63,80808080808071638480

6161

61777461

5/865/865/865/865/865/865/86

3/863/863/865/865/863/863/863/863/863/86

5/862/86

2/862/862/862/862/862/862/862/865/863/86

4/864/86

7/85

8/857/85

95656

55375595999

35385

535353535353

43434343434343434343

4928

38383838383830143838

HousingHousing starts 28 25 67Housing units authorized by local building permits 29 13,25 fi?Residential GPDI, constant dollars 89 25 67Residential GPDI, percent of GNP 249 47 83

I

Implicit price deflator, GNP 310 48 84Imports—See International transactions.Income

Compensation, average hourly, nonfarmbusiness sector 345 49 87

Compensation of employees 280 45 82Compensation of employees, percent si

national income 64 30,47 70,83Compensation, real average hourly, norfarn

business sector 346 49 88Consumer installment credit, ratio ts perscia' :nc:;Tu 95 15,35 73Corporate profits with IVA and CCAdi 286 45 82Corporate profits with IVA and CCAd1, percerl

of national income 287 47 83Disposable personal income, constant dol ars .. . . 225 40 80Disposable personal income, current dollars 224 40 80Disposable personal income, per capitaconstant dollars . 227 40 80

Earnings, average hourly, private norfameconomy 340 49 8?

Earnings, real average hourly, private ns t fameconomy 341 49 87

Income on foreign investment in the United States .. 652 57 93Income on U.S. investment abroad .. 651 57 93lnterest.net 288 45 82Interest, net, percent of national income , , 289 47 83National income.. . 220 45 82Personal income, constant dollars. 52 19 63Personal income, current dollars 223 40 63Personal income less transfer payments, constant dollars

Rate of change 51c 39Total 51 14,19 63

Personal income, ratio to money supply M2 .. . . 108 31 71Proprietors' income with IVA and CCAd| 282 45 82Proprietors' income with IVA and CCAd percentof national income 283 47 83

Rental income of persons with CCAdi 284 45 82Rental income of persons with CCAdi, percentof national income 285 4? 83

Wage and benefit decisions, first year 348 50 88Wage and benefit decisions, life of contract 349 50 88Wages and salaries m mining, manufacturing,

and construction §3 19 63Incorporations, new businesses 13 23 65Industrial commodities, producer price index . . . . 335 48 85Industrial production—See also International comparisons

Business equipmentConsumer goods ,Defense and space equipmentDurable manufacturesNondurable manufacturesTotalTotal, componentsTotal, DlTotal, rate of change

Industrials, raw, spot market pricesComponents . . . . . . ...Diffusion index „ ,. 967 3?Spot market index . . . . 23 28

Installment credit—See Credit,Insured unemployment

Average weekly initial claims 5 12,16 61Average weekly initial claims, 01... 962 36 74Average weekly insured unemployment rate...................... 45 18 62

lnterest.net 288 45 82Interest, net, percent of national income...... 289 47 83Interest rates

Bank rates on short-term business loans.... 67 35 73Corporate bond yields 116 34 73Federal funds rate 119 34 72Mortgage yields, secondary market 118 34 73Municipal bond yields 117 34 73Prime rate charged by banks 109 35 73Treasury bill rate 114 34 72Treasury bond yields............. 115 34 73

Intermediate materials, producer price index 332 48 86International comparisons

Consumer pricesCanada 733 59 96France 736 59 95Italy 737 59 96Japan . . 738 59 95United Kirgdcm 732 59 95United States . .. 320 49 84,95WestGe'irany 735 59 95

Industrial productionCanada 723 58 94France 726 58 94Itaiy W 58 94Japan . , 728 58 94OtCD, Fu'Spean {.ouches . . . . . . 721 58 94United Kingdom 722 58 94Un ted States 47 14.20,58 63,94West Germany 725 58 94

76 24 6775 22 65557 54 9173 20 6374 20 6347 14,20,58 63,94

78366 37 7547c 39

797569

6/8S6/862/863/86

12/843/86

12/846/863/86

3/863/863/86

10/85

10/859/859/853/863/863/862/862/86

11/852/866/863/86

3/863/86

9/85

6/865/85

8/858/858/858/858/858/85

8/8511/85

1/861/86

1/851/854/863/863/86

12/859/819/859/859/856/859/859/855/85

6/856/856/856/856/854/856/85

10/8510/8510/8510/8510/8510/858/8510/85

24244040

46

46

4633

55?574?474611U

ii3047

4747

4?5353

II2151

12

n13VIVI

n

2525

8884747

353535353535353550

60616161604961

5959595958581259

See notes at end of index



Series title Current issue

{See complete titles in "Titles and Series (page numbers)

Sources of Series," folfowing thts index) number Charts Tables

International comparisons—ContinuedStock prices

Canada 743 59France 746 59Italy 747 59Japan 748 59United Kingdom 742 59United States 19 59West Germany 745 59

International transactionsBalance on goods and services 667 57Balance on merchandise trade 622 57Exports, excluding military aid 602 56Exports, merchandise, adjusted, excluding military 618 57Exports of domestic agricultural products 604 56Exports oi goods and services, constant dollars 256 44Exports ot goods and services, current dollars 252 44Exports ot goods and services, excluding military 668 57Exports of nonelectrical machinery 606 56Imports, general 612 56Imports, merchandise, adjusted, excluding military 620 57Imports of automobiles and parts 616 56Imports of goods and services 669 57Imports of goods and services, constant dollars 257 44Imports of goods and services, current dollars 253 44Imports of petroleum and petroleum products 614 56Income on foreign investment in the United States 652 57Income on U.S. investment abroad 651 57Net exports ol goods and services,

constant dollars 255 44Net exports of goods and services.current dollars 250 44

Net exports of goods and services, percent of GNP 251 47Inventories

Business inventories, change, constant dollars 30 26,42Business inventories, change, current dollars 245 42Business inventories, change, percent of GNP 247 47Defense products, manufacturers' 559 54Finished goods, manufacturers' 65 27Inventories to sales ratio, manufacturing and trade 77 15,27Inventory investment and purchasing, Cl 915 11Manufacturing and trade, book value 71 27Manufacturing and trade, change in book value 31 26Manufacturing and trade, constant dollars 70 27Manufacturing and trade, 01 975 38Manufacturing and trade, on hand and

on order, change 36 13,26Materials and supplies on hand and on order,

manufacturers' 78 27Materials and supplies on hand and on order.

manufacturers', change 38 26Investment, capita)

Capital appropriations, manufacturing, backlog 97 24Capital appropriations, manufacturing, new 11 24Capital appropriations, manufacturing, new, D! 965 37Capital investment commitments, Cl 914 11Construction contracts, commercial and industrial 9 23Construction expenditures, business, plus machinery

and equipment sales 69 24Gross private domestic investment

Business inventories, change—See Inventories.Fixed investment, constant dollars 243 42Fixed investment, current dollars 242 42Nonresidential, constant dollars 86 25Nonresidential, percent of GNP 248 47Nonresidential producers' durable equipment,

constant dollars 88 25Nonresidential structures, constant dollars 87 25Residential, constant dollars 89 25Residential, percent of GNP 249 47Total, constant dollars 241 42Total, current dollars .... 240 42

New orders, nondeiense capital goods,constant dollars 27 23

New orders, nondefense capital goods,current dollars . 24 23

Plant and equipmentContracts and orders, constant dollars 20 12,23Contracts and orders, current dollars 10 23Expenditures by business, constant dollars 100 24Expenditures by business, current dollars 61 24Expenditures by business, 01 970 38

Investment, foreignIncome on (oreign investment in the United States 652 57Income on U.S. investment abroad 651 57

Italy—See International comparisons.

J

Japan—See International comparisons.

L

Labor cost per unit of gross domestic product 68 30Labor cost per unit of output, business sector 63 30Labor cost per unit of output, manufacturing

Actual data 62 30 70Actual data as percent of trend 62 15 70

Labor cost, price per unit ot, nonfarm business 26 29 70Labor lorce—See Employment.Lagging indicators, six

Composite index 930 10Composite index, rate of change 930c 39Diffusion index 952 36

Historicaldata

(issue date)

Seriesdescription

<*>

Series title / n a T n I h l l Historical Series{See complete titles in "Titles and Series ;page numDers' data description

Sources ot Series," following this index) number Charts Tables (issue date) (*)

Leading indicators, twelveComposite index 910Composite index, rate of change 910cDiffusion index 950

Liabilities of business failures 14Liquid assets, change in total 104Loans—See Credit.

96969696969696

939392939282829392929392938282929393

82

8283

68,8181839168686068686876

68

68

68

6666756066

11/8511/8511/8511/8511/8511/8511/85

9/859/8512/859/8512/853/863/869/8512/8512/859/8512/859/853/863/8612/859/859/85

3/86

3/863/86

2/863/863/867/856/8510/851/8610/856/8510/8512/85

5/86

6/85

6/85

2/852/852/851/8610/85

63636363632563

575756575644445756565756574444565757

44

4444

404040171717517171737

17

17

17

222222521

67

7070

60

"n

8/85

81816783

676767838181

66

66

6666676776

9393

3/863/862/863/86

2/862/862/863/863/86 \3/86

5/86

5/86

5/865/865/865/8611/85

9/859/85

40404040

404040404040

15

15

2121

2323

5757

2/869/85

4/864/861/85

9/859/851/86

2828

282828

1039363331

60 9/859/85

74 1/8672 12/8571 6/86

M

Materials and supplies on hand and on order,manufacturers' inventories 78 27 68

Materials and supplies on hand and on order,manufacturers'inventories, change 38 26 68

Materials, capacity utilization rate 84 20 64Materials, new orders for consumer goods and 8 12,21 64Materials prices—See Price indexes.Merchandise trade—See International transactions.Military—See Defense.Money and financial Hows, Cl 917 11 60Money supply

Liquid assets, change in total 104 31 71Money supply M l , constant dollars 105 31 71Money supply M l , percent changes 85 31 71Money supply M2. constant dollars 106 13.31 71Money supply M2, percent changes 102 31 71Ratio, GNP to money supply Ml 107 31 71Ratio, personal income to money supply M2 108 31 71

Mortgage debt, net change 33 32 71Mortgage yields, secondary market 118 34 73Municipal bond yields 117 34 73

N

National defense—See Defense.National Government—See Government.National income—See Income.New orders, manufacturers'

Capital goods industries, nondefense,constant dollars 27 23 66

Capital goods industries, nondefense, current dollars 24 23 66Consumer goods and materials, constant dollars 8 12,21 64Contracts and orders, plant and equipment,

constant dollars 20 12,23 66Contracts and orders, plant and equipment,

current dollars 10 23 66Defense products 548 53 90Durable goods industries, constant dollars 7 21 64Durable goods industries, current dollars 6 21 64

Components 77Diffusion index 964 37 75

New orders, manufacturing, Dl 971 38 76Nonresidential fixed investment

Producers' durable equipment, constant dollars 88 25 67Structures, constant dollars 87 25 67Total, constant dollars 86 25 67Total, percent of GNP 248 47 83

O

Obligations incurred, Defense Department 517 53 90Obligations unpaid, Defense Department 543 53 90OECD, European countries, industrial production 721 58 94Orders—See New orders and Unfilled orders.Outlays, Defense Department 580 54 91Output—See also Gross national product and

Industrial production.Goods output, constant dollars 49 20 63Labor cost per unit of

Actual data 62 30 70Actual data as percent of trend 62 15 70

Per hour, business sector 370 50 88Per hour, nonfarm business sector 358 50 88Ratio to capacity, manufacturing 82 20 64Ratio to capacity, materials 84 20 64

Overtime hours, manufacturing 21 16 61

P

Participation rates, civilian labor forceBoth sexes 16-19 years of age 453 51 89Females 20 years and over ... 452 51 89Males 20 years and over. . . . 451 51 89

Personal consumption expendituresAutomobiles 55 22 65Durable goods, constant dollars 233 41 80Durable goods, current dollars 232 41 80Nondurable goods, constant dollars 238 41 81Nondurable goods, current dollars 236 41 81Services, constant dollars 239 41 81Services, current dollars 237 41 81Total, constant dollars 231 41 80Total, current dollars 230 41 80Total, percent of GNP 235 47 83

Personal income—See Income.Personal saving 292 46 82Personal saving rate 293 46 83Petroleum and petroleum products, imports 614 56 92

6/85

1/86

12/85

2/86

53429

6/858/855/86

171415

6/866/866/866/866/862/866/866/869/859/85

29292930293030313535

5/865/865/86

5/86

5/867/855/865/86

7/8512/85

2/862/862/863/86

11/8512/8510/85

151515

21

21151515

is37

40404040

555558

4/864/861/851/858/858/857/85

4/864/864/86

2/863/863/863/863/863/863/863/863/863/86

5/865/8612/85

2828525214145

999

39393939393939393939

484856

See notes at end of index.




Sources of Series," following this index)

Current issueSeries (page numbers)


Historical Seriesdata description

(issue date) (*)

Series title{See complete titles in "Titles and

Sources of Series," following this index)

Current issue

Series (pagenumbers)

number Charts - Tables

Historicaldata

(issue date)

Serieslesenption

nPlant and equipment See also Investment, capital.

Contracts and orders, constant dollars....Contracts and orders, current dollarsExpenditures by business, constant dollars.Expenditures by business, current dollars .........Expenditures by business, Dl............. .......................:

Population, civilian employment as percent otPrice indexes

Consumer prices See also International comparisons.All itemsFood

DeflatorsFixed-weighted, gross domestic business product.....Implicit price dellator, GNP

Labor cost, price per unit of, nonlarm businessProducer prices

AH commoditiesCapital equipment ...,.,.........,.„„.„.,.,.,....„....,.....,.Crude materials.. .,.Finished consumer goods.Industrial commoditiesIntermediate materialsSensitive crude and intermediate materials

Raw industrials, spot market pricesComponentsDiffusion indexSpot market index

Sensitive crude and intermediate materials, changein producer prices

Sensitive materials prices, percent changeStock prices See also International comparisons,

500 common stocks500 common stocks, D l . . .

Price to unit labor cost, nontarm business..Prices, selling

Manufacturing, Dl ,Retail trade, DlWholesale trade, Dl .,.

Prime contract awards. Delense Department...Prime rale charged by banks ......................Producer prices See Price indexes.Producers' durable equipment, presidential. GPDIProduction See Gross national product and

Industrial productionProductivity

Output per hour, business sector, .Output per hour, ftortam biiMnes-* sector

Profitability, ClProfits

Corporate profits after taxConstant dollarsCurrent dollarsWith IVA and CCAd|, constant dollar* . . . .With IVA and CCAdj, u r re r t dol'drs

Corporate profits below taxWith IVA and CCAdi. ., ,With IVA and CCAd|, percent ol national ice o me . .

Manufacturing and fade. 131Ma nu I act u ring, DlPer dollar of sales, manufacturing . . . .Profitability, Cl 'Ratio, pro 11 Is to corporate domestic iru'omcRatio, profits with tVA and CCAdj to corporatedomestic income..

Proprietors' income wilt- :VA and CCAd; . . . .Proprietors' income with IVA and CCAdj. percent of

national income

Raw industrials, spot market pricesComponentsDilfusion indexSpot market index

Rental income ot persons with CCAd|.Rental income ol persons with CCAd|. percentof national income .....,.,,.

Reserves, freeResidential fixed investment, constant dollars,.,,

2010

10061

97090

320322

31131026

33033333133433533298

96723

9899

1996826

976978977525109

28628797296015

91622

282

283

12,232324243817

4949

484829

4848484848

3728

2813,28

13,283729

3838385335

370 50358 50916 U

28282929

45473837291129

2945

666667677662

84,95

848470

8586858669

797569

6969

697570

7676769073

69696969

82837675706069

7082

5/865/865/865/8611/854/86

4/854/85

5/865/861/85

4/855/854/855/855/855/856/86

1/861/86

6/866/86

11/857/851/85

12/8512/8512/8512/856/85

2/86

1/851/851/86

2/862/862/862/86

3/863/8612/8512/8511/851/862/86

2/863/86

3/86

96723284

2859389

372845

473325

79756982

837267

1/861/863/86

3/864/852/86

2121

' 2 3 '239

4949

493828

50515051515051

2525

5125

252528

3737375535

52525

26262626

2626373727526

2647

252547

473540

Residential fixed investment, percent of GNP..Residential structures—See Housing.Retail sales, constant dollarsRetail sales, current dollars..,.. ...

Salaries—See Compensation.Sales

Final sales, constant dollarsMachinery and equipment sales and business

construction expenditures...Manufacturing and trade sales, constant dollarsManufacturing and trade sales, current dollarsManufacturing and trade sales, DlRatio, inventories to sales, manufacturing and trade..Retail sales, constant dollars „Retail sales, current dollars .....................

SavingBusiness savingGovernment surplus or deficitGross savingPersonal saving...Personal saving rate ,

Selling prices—See Prices, sellingSensitive crude and intermediate materials, change

in producer pricesSensitive materials prices, percent change ...,,Shipments of defense productsSpot market prices, raw industrials

ComponentsDiffusion index .......,,...,„.Spot market index

State and local government—See Government.Stock prices—See also International comparisons,

500 common stocks500 common stocks, Dl

Surplus—See Government.

Treasury bill rateTreasury bond yields

UUnemployment

Duration of unemployment, average.Help-wanted advertising, ratio to unemployment...............Initial claims for unemployment insurance...Initial claims for unemployment insurance, DlNumber unemployed

Both sexes 16-19 years of ageFemales 20 years and over..,.,....Full-time workersMales 20 years and everTotal unemployed

Unemployment rates15 weeks and overInsured unemployment.....Total

Unfilled orders, manufacturers'Defense productsDurable goods industriesDurable goods industries, change............................

United Kingdom-See International comparisons.

Velocity ot moneyGNP to money supply M l . ratioPersonal income to money supply M2, ratio..

Vendor performance, slower deliveries

Wages and salaries—See Compensation.West Germany—See International comparisons.Wholesale (producer) prices- See Price indexes.Workweek, manufacturing

Average weekly hours. ,ComponentsDiffusion index

249

5954

213

695756973775954

295298290292293

96723

19968

114115

5962

44644544?44437

444543

5619625

107108

47

22It

40

2414,22tt3815.27nn

n13,2854

3?28

13,2837

3434

51515151

18,51

18

54212

6565

67656576686565

S2464646 8246 8246 83

6931

797569

69

n

nn

15,18 6216 01

12,16 6136 74

8262

916464

31 7131 71

12,21 64

12,16

3/86

5/865/86

3/86

10/8510/8512/8510/855/865/86

5/863/865/865/86

6/866/867/85

1/861/86

11/857/85

9/859/85

4/864/861/851/85

4/864/864/864/864/86

4/864/86

7/856/856-.'85

2/866/861/86

2020

17171737172020

1%4848

512517

2525

3535

303017

961

617774

7/85

8/85

h

" 5

NOTE: CCAdj. capital consumption adjustment: Cl. composite index: Dl, diffusion index: GNP. gross national product; GPDI, gross private domestic investment; IVA, inventory valuation ad|ustment.* The number shown is the page ot the Handbook o! Cyclical Indicators (1984) on which the series description appears.


TITLES AND SOURCES OF SERIESSeries are listed below according to the sections of thisreport in which they appear. Series numbers are foridentification only and do not reflect relationships ororder among the series. " M " following a series titleindicates monthly data; " Q " indicates quarterly data.Data apply to the whole period except when indicated by"EOM" (end of month) or "EOQ" (end of quarter).

To save space, the commonly used sources listed beloware referred to by number:

Source 1—U.S. Department of Commerce, Bureau ofEconomic Analysis; Source 2—U.S. Department of Com-merce, Bureau of the Census; Source 3—U.S. Departmentof Labor, Bureau of Labor Statistics; Source 4—Board ofGovernors of the Federal Reserve System.

Following the source for each series is an indication ofthe pages on which that series appears. The "SeriesFinding Guide" also lists chart and table page numbersfor each series.

I-A. Composite Indexes

910. Composite index of twelve leading indicators(includes series 1, 5, 8, 12, 19, 20, 29, 32, 36, 99,106,111) (M) . -Source l (10,39,60)

914. Composite index of capital investment commitments(includes series 12, 20,29) (M).-Source 1 (11,60)

915. Composite index of inventory investment and pur-chasing (includes series 8, 32, 36, 99) (M).-Source1 (11,60)

916. Composite index of profitability (includes series19,26,80) ( M ) . - S o u r c e l (11,60)

917. Composite index of money and financial flows(includes series 104, 106, 111) (M) . -Sou rce1 (11,60)

920. Composite index of four roughly coincident indica-tors (includes series 41, 47, 51, 57) (M).-Source1 (10,39,60)

930. Composite index of six lagging indicators (includesseries 62, 77, 91 , 95, 101, 109) (M) . -Sou rce1 (10,39,60)

940. Ratio, coincident composite index (series 920) tolagging composite index (series 930) (M) — Source1 (11,60)

I-B. Cyclical Indicators

1. Average weekly hours of production or nonsuper-visory workers, manufacturing (M).—Source 3

(12,16,61,77)

5. Average weekly initial claims for unemploymentinsurance, State programs (M).—U.S. Departmentof Labor, Employment and Training Administration;seasonal adjustment by Bureau of Economic Analysis

(12,16,61)

6. Manufacturers' new orders in current dollars, durablegoods industries (M).-Source 2 (21,64,77)

7. Manufacturers' new orders in 1982 dollars, dura-ble goods industries (M).-Sources 1 and 2 (21,64)

8. Manufacturers' new orders in 1982 dollars, con-sumer goods and materials industries (M).—Sourcesl a n d 2 (12,21,64)

9. Construction contracts awarded for commercialand industrial buildings, floor space (M).—McGraw-Hill Information Systems Company; seasonal adjust-ment by Bureau of Economic Analysis (Used bypermission. This series may not be reproduced withoutwritten permission from the source.) (23,66)

10. Contracts and orders for plant and equipment incurrent dollars (M).—Sources 1, 2, and McGraw-Hill Information Systems Company; seasonal adjust-ment by Bureau of the Census and Bureau of Eco-nomic Analysis (23f66)

11. Newly approved capital appropriations, 1,000 man-ufacturing corporations (Q) .—The ConferenceBoard (24,66)

12. Index of net business formation (M).—Source 1;seasonal adjustment by Bureau of Economic Analy-sis and National Bureau of Economic Research,Inc. (12,23,65)

13. Number of new business incorporations (M).—Dun &Bradstreet, Inc.; seasonal adjustment by Bureau ofEconomic Analysis and National Bureau of Econom-ic Research, Inc. (23,65)

14. Current liabilities of business failures ( M ) . - D u n& Bradstreet, Inc. (33,72)

15. Profits after taxes per dollar of sales, manufactur-ing corporations (Q).—Source 2 and Federal TradeCommission; seasonal adjustment by Bureau of Eco-nomic Analysis (29,70)

16. Corporate profits after tax in current dollars ( Q ) -Source 1 (28,69)

18. Corporate profits after tax in 1982 dollars ( Q ) . -Sourcel (28,69)

19. Index of stock prices, 500 common stocks (M).—Standard & Poor's Corporation (13,28,59,69,96)

20. Contracts and orders for plant and equipment in1982 dollars (M).-Sources 1, 2, and McGraw-HillInformation Systems Company; seasonal adjustmentby Bureau of the Census and Bureau of EconomicAnalysis (12,23,66)

21. Average weekly overtime hours of production ornonsupervisory workers, manufacturing (M) .—Source 3 (16,61)

22. Ratio, corporate domestic profits after tax to totalcorporate domestic income (Q).-Source 1 (29,69)

23. Index of spot market prices, raw industrial materi-als (M).—Source 3 and Commodity Research Bureau,Inc. (Used by permission. Beginning with June 1981,this series may not be reproduced without writtenpermission from Commodity Research Bureau, Inc.)

(28,69,79)24. Manufacturers' new orders in current dollars, non-

defense capital goods industries (M).—Source 2(23,66)

25. Change in manufacturers' unfilled orders, durablegoods industries (M).-Source 2 (21,64)

26. Ratio, implicit price deflator to unit labor cost,nonfarm business sector (Q).—Sources 1 and 3

(29,70)27. Manufacturers' new orders in 1982 dollars, non-

defense capital goods industries (M).—Sources 1and 2 (23,66)

28. New private housing units started (M) . -Source2 (25,67)

29. Index of new private housing units authorized bylocal building permits (M).-Source 2 (13,25,67)

30. Change in business inventories in 1982 dollars ( Q ) . -Source 1 (26,42,68,81)

31. Change in manufacturing and trade inventories,book value (M).-Sources 1 and 2 (26,68)

32. Vendor performance, percent of companies receiv-ing slower deliveries (M).—Purchasing Manage-ment Association of Chicago (12,21,64)

33.

34.

35.

36.

37.

38.

39.

40.

41.

42.

43.

44.

45.

46.

47.

48.

49.

50.

51.

52.

53.

54.

55.

56.

57.

58.

59.

Net change in mortgage debt held by financialinstitutions and life insurance companies ( M ) . ~Sources 1; 4; American Council of Life Insurance;Federal National Mortgage Association; U.S. Depart-ment of Housing and Urban Development, Govern-ment National Mortgage Association; National Associ-ation of Mutual Savings Banks; and Federal HomeLoan Bank Board; seasonal adjustment by Bureau ofEconomic Analysis (32,71)

Corporate net cash flow in current dollars (Q).Source 1 (29,70)

Corporate net cash flow in 1982 dollars (Q).—Source1 (29,70)

Change in manufacturing and trade inventories onhand and on order in 1982 dollars (M).—Sources 1and 2 (13,26,68)

Number of persons unemployed (M).—Source 3(18,51,62,89)

Change in manufacturers' inventories, materialsand supplies on hand and on order, book value(M).-Source 2 (26,68)

Percent of consumer installment loans delinquent30 days and over (EOM).—American BankersAssociation (33,72)

Employees on nonagricultural payrolls, goods-producing industries (M).-Source 3 (17,62)

Employees on nonagricultural payrolls (M). Source3 (14,17,62)

Number of persons engaged in nonagricultural activi-ties (M).-Source3 (17,62)

Unemployment rate (M).-Source 3 (18,62)

iployed 15 weeks(18,62)

Unemployment rate, personsand over (M).-Source 3

Average weekly insured unemployment rate, Stateprograms (M).—U.S. Department of Labor, Employ-ment and Training Administration (18,62)

Index of help-wanted advertising in newspapers(M) . -The Conference Board (16,61)

Index of industrial production (M) . - Source 4(14,20,39,58,63,78,94)

Employee hours in nonagricultural establishments(M).-Source3 (17,39,61)

Value of goods output in 1982 dollars (Q),-Source1 (20,63)

Gross national product in 1982 dollars (Q),-Source1 (19,39,40,63,80)Personal income less transfer payments in 1982dollars (M).-Source 1 (14,19,39,63)

Personal income in 1982 dollars (M). -Source 1(19,63)

Wages and salaries in 1982 dollars, mining, manu-facturing, and construction (M).-Source 1 (19,63)

Sales of retail stores in current dollars (M). Source2 (22,65)Personal consumption expenditures, automobiles(Q).-Source 1 (22,65)

Manufacturing and trade sales in current dollars(M).-Sourcesland2 (22,65)

Manufacturing and trade sales in 1982 dollars(M).-Sourcesland2 (14,22,65)

Index of consumer sentiment (Q,M).—Universityof Michigan, Survey Research Center (22,65)

Sales of retail stores in 1982 dollars (M),-Sources 1and 2 (22,65)


TITLES AND SOURCES OF SERIES-Continued60. Ratio, help-wanted advertising In newspapers to 88.

number of persons unemployed (M).—Sources 1,3, and The Conference Board (16,61)

61. New plant and equipment expenditures by business 89.in current dollars(Q).—Source 1 (24,67)

62. Index of labor cost per unit of output, manufactur- 90.ing (M).-Sources 1 and 4 (15,30,70)

63. Index of unit labor cost, business sector (Q).-Source 91*3 (30,70)

64. Compensation of employees as a percent of national 93>

income (Q).-Source 1 (30,47,70,83) 94.

65. Manufacturers' inventories, finished goods, bookvalue (EOM).—Source2 (27,68)

66. Consumer installment credit outstanding (EOM). -Source4 (35,73)

67. Bank rates on short-term business loans (Q).-Source4 (35,73)

Reserve Bank of New York (35,73)

73. Index of industrial production, durable manufac-tures (M).-Source 4 (20,63)

74. Index of industrial production, nondurable manu-factures (M).-Source 4 (20,63)

75. Index of industrial production, consumer goods(M) . -Source4 (22,65)

76. Index of industrial production, business equipment(M).-Source4 (24,67)

77. Ratio, manufacturing and trade inventories to sales in1982 dollars (M).-Sources 1 and 2 (15,27,68)

98.

68. Labor cost in current dollars per unit of grossdomestic product in 1982 dollars, nonfinancial cor-porations (Q).—Source 1 (30,70)

69. Manufacturers' machinery and equipment sales andbusiness construction expenditures (M).—Source2 (24,67) 99.

70. Manufacturing and trade inventories in 1982 dol-lars (EOM).-Sources 1 and 2 (27,68) 100-

71. Manufacturing and trade inventories, book value(EOM).—Sources 1 and 2 (27,68) 101-

72. Commercial and industrial loans outstanding in cur-rent dollars (M).—Sources 1, 4 and The Federal

Gross private nonresidential fixed investment in1982 dollars, producers' durable equipment (Q) .—Source 1 (25,67)

Gross private residential fixed investment in 1982dollars (Q ) . -Sou rce l (25,67)

Ratio, civilian employment to population of work-ing age (M).-Sources 1 and 3 (17,62)

Average duration of unemployment in weeks (M).—Source 3 (15,18,62)Free reserves (M) . -Source4 (33,72)

Member bank borrowings from the Federal Reserve(M).-Source4 (33,72)

Ratio, consumer installment credit outstanding topersonal income (M).-Sources 1 and 4 (15,35,73)

Manufacturers' unfilled orders, durable goods indus-tries (EOM).-Source 2 (21,64)

Backlog of capital appropriations, 1,000 manufac-turing corporations (EOQ).—The Conference Board

(24,66)

Percent change in producer prices for 28 sensitivecrude and intermediate materials (M).-Sources 1and 3 (28,69)

Change in sensitive materials prices (M) — Sources 1,3, and Commodity Research Bureau, Inc. (13,28,69)

New plant and equipment expenditures by businessin 1982 dollars (Q).-Source 1 (24,67)

Commercial and industrial loans outstanding in 1982dollars (M).-Sources 1, 4, and The Federal ReserveBank of New York (15,35,73)

102. Change in money supply M2 (M)-Source 4 (31,71)

95.

96.

97.

104.

105.

106.

107.

108.

109.78. Manufacturers' inventories, materials and supplies

on hand and on order, book value (EOM).—Source 110

2 (27,68)

79. Corporate profits after tax with inventory valua- \\\ttion and capital consumption adjustments in cur-rent dollars (Q).-Source 1 (29,69)

80. Corporate profits after tax with inventory valua- 112.tion and capital consumption adjustments in 1982dollars (Q).-Source 1 (29,69) 113,

81. Ratio, corporate domestic profits after tax withinventory valuation and capital consumption adjust- 114.ments to total corporate domestic income (Q).—Source 1 (29,70) n 5

82. Capacity utilization rate, manufacturing (M) .—Source 4 (20,64) u$

84. Capacity utilization rate, materials (M).—Source4 (20,64)

85. Change in money supply Ml (M).-Source 4 (31,71) 117<

86. Gross private nonresidential fixed investment in 118

1982 dollars (Q).-Source 1 (25,67)

87. Gross private nonresidential fixed investment in1982 dollars, structures (Q) . -Sou rce 1 (25,67) 119.

Change in total liquid assets (M).—Sources 1 and4 (31,71)

Money supply Ml in 1982 dollars (M).-Sources 1and 4 (31,71)

Money supply M2 in 1982 dollars (M).-Sources 1and 4 (13,31,71)

Ratio, gross national product to money supply Ml(Q).—Sources 1 and 4 (31,71)

Ratio, personal income to money supply M2 (M).—Sources l and 4 (31,71)

Average prime rate charged by banks (M).—Source4 (35,73)

Funds raised by private nonfinancial borrowers incredit markets (Q).-Source 4 (32,72)

Change in business and consumer credit outstanding(M).—Sources 1, 4, Federal Home Loan Bank Board,and The Federal Reserve Bank of New York (13,32,72)

Net change in business loans (M).—Sources 1, 4,and The Federal Reserve Bank of New York (32,71)

Net change in consumer installment credit (M).—Source 4 (32,72)

Discount rate on new issues of 91-day Treasurybills (M).-Source4 (34,72)

Yield on long-term Treasury bonds (M) -U .S . Depart-ment of the Treasury (34,73)

Yield on new issues of high-grade corporate bonds(M).—Citibank and U.S. Department of the Trea-sury (34,73)

Yield on municipal bonds, 20-bond average (M ) -TheBond Buyer (34,73)

Secondary market yields on FHA mortgages ( M ) -U.S. Department of Housing and Urban Development,Federal Housing Administration (34,73)

Federal funds rate (M) . -Sou rce 4 (34,72)

I-C. Diffusion Indexes

950. Diffusion index of twelve leading indicator compo-nents (M).-Source 1 (36,74)

951. Diffusion index of four roughly coincident indicatorcomponents (M).-Source 1 (36,74)

952. Diffusion index of six lagging indicator components(M).-Sourcel (36,74)

960. Diffusion index of net profits, manufacturing-abort600 companies (Q) . -Dun & Bradstreet, Inc. (Usedby permission. This series may not be reproducedwithout written permission from the source.) (35,75)

961. Diffusion index of average weekly hours of produc-tion or nonsupervisory workers, 20 manufacturingindustries (M).-Sources 1 and 3 (36,74,77)

962. Diffusion index of initial claims for unemploymentinsurance, State programs, 51 areas (M).-Source1 and U.S. Department of Labor, Employment andTraining Administration; seasonal adjustment byBureau of Economic Analysis (36,74)

963. Diffusion index of employees on private nonagricul-tural payrolls, 172-186 industries (M).—Source3 (36,74)

964. Diffusion index of manufacturers' new orders, 34-35durable goods industries (M).-Sources 1 and 2

(37,75,77)

965. Diffusion index of newly approved capital appropri-ations in 1972 dollars, 17 manufacturing indus-tries (Q).—The Conference Board (37,75)

966. Diffusion index of industrial production, 24 indus-tries (M).-Sources 1 and 4 (37,75,78)

967. Diffusion index of spot market prices, 13 raw indus-trial materials (M).—Sources 1, 3, and CommodityResearch Bureau, Inc. (37,75,79)

968. Diffusion index of stock prices, 500 common stocks,42-82 industries (M).—Source 1 and Standard &Poor's Corporation (37,75)

970. Diffusion index of expenditures for new plant andequipment by U.S. nonfarm business, 22 industries(Q) . -Source l (38,76)

971. Diffusion index of new orders, manufacturing—about600 businessmen reporting (Q).-Dun & Bradstreet,Inc. (Used by permission. This series may not bereproduced without written permission from thesource.) (38,76)

972. Diffusion index of net profits, manufacturing andtrade—about 1,400 businessmen reporting (Q).—Dun & Bradstreet, Inc. (Used by permission. Thisseries may not be reproduced without writtenpermission from the source.) (38,76)

973. Diffusion index of net sales, manufacturing andtrade—about 1,400 businessmen reporting (Q).—Dun & Bradstreet, Inc. (Used by permission. Thisseries may not be reproduced without writ tenpermission from the source.) (38,76)

974. Diffusion index of number of employees, manufac-turing and trade-about 1,400 businessmen reporting(Q) . -Dun & Bradstreet, Inc. (Used by permission.This series may not be reproduced without writtenpermission from the source.) (38,76)

975. Diffusion index of level of inventories, manufactur-ing and trade—about 1,400 businessmen reporting(Q).—Dun & Bradstreet, Inc. (Used by permission.This series may not be reproduced without writtenpermission from the source.) (38,76)


TITLES AND SOURCES OF SERIES—Continued976. Diffusion index of selling prices, manufacturing- 243.

about 600 businessmen reporting (Q).—Dun &Bradstreet, Inc. (Used by permission. This series 245may not be reproduced without written permissionfrom the source.) (38,76)

977. Diffusion index of selling prices, wholesale trade- 247>

about 400 businessmen reporting (Q).—Dun &Bradstreet, Inc. (Used by permission. This series 248.may not be reproduced without written permissionfrom the source.)' (38,76)

978. Diffusion index of selling prices, retail trade-about 249.400 businessmen reporting (Q).-Dun & Bradstreet,Inc. (Used by permission. This series may not bereproduced without written permission from the 050source.) (38,76)

II—A- National Income and Product

lars, durable goods (Q).—Source 1 (41,80)

251.

30. Change in business inventories in 1982 dollars (Q).- 252Source 1 (26,42,68,81)

50. Gross national product in 1982 dollars (Q).—Source 2531 (19,39,40,63,80)

64. Compensation of employees as a percent of national 255income (Q).-Source 1 (30,47,70,83)

200. Gross national product in current dollars (Q).— 056Source 1 (40,80)

213. Final sales in 1982 dollars (Q).-Source 1 (40,80) 257,

217. Per capita gross national product in 1982 dollars .

(Q).—Sources 1 and 2 (40,80) 2fl>.

220. National income in current dollars (Q).—Source

' l <45-82> 261.223. Personal income in current dollars (M).—Source

1 (40,63) m

224. Disposable personal income in current dollars (Q).—Source 1 (40,80) 263.

225. Disposable personal income in 1982 dollars (Q) . -Source 1 (40,80) 265.

227. Per capita disposable personal income in 1982 dol-lars (Q).—Sources 1 and 2 (40,80)

230. Personal consumption expenditures in current dot- 266.lars (Q).-Source 1 (41,80)

231. Personal consumption expenditures in 1982 dollars m-(Q). -Source 1 (41,80)

232. Personal consumption expenditures in current dol- 2*>8.lars, durable goods (Q).-Source 1 (41,80)

233. Personal consumption expenditures in 1982 dol-280.

282.235. Personal consumption expenditures as a percent ofgross national product (Q).-Source 1 (47,83)

236. Personal consumption expenditures in current dol- 283lars, nondurable goods (Q) .-Sou rce 1 (41,81)

237. Personal consumption expenditures in current dol-lars, services (Q).-Source 1 (41,81) 284.

238. Personal consumption expenditures in 1982 dol-lars, nondurable goods (Q).-Source 1 (41,81) 285.

239. Personal consumption expenditures in 1982 dol-lars, services (Q).—Source 1 (41,81)

240. Gross private domestic investment in current dol-lars (Q). -Sou rce 1 (42,81)

241. Gross private domestic investment in 1982 dollars 287(Q).—Source 1 (42,81)

242. Gross private domestic fixed investment in currentdollars (Q).-Source 1 (42,81) 288.

Gross private domestic fixed investment in 1982dollars (Q).-Source 1 (42,81)

Change in business inventories in current dollars(Q).—Source 1 (42,81)

Change in business inventories as a percent ofgross national product (Q).—Source 1 (47,83)

Gross private nonresidential fixed investment as apercent of gross national product (Q).—Source1 (47,83)

Gross private residential fixed investment as apercent of gross national product (Q).—Source1 (47,83)

Net exports of goods and services in current dollars(Q).-Sourcel (44,82)

Net exports of goods and services as a percent ofgross national product (Q).—Source 1 (47,83)

Exports of goods and services in current dollars(Q).-Sou reel (44,82)

Imports of goods and services in current dollars(Q). -Sou reel (44,82)

Net exports of goods arid services in 1982 dollars(Q).-Sourcel (44,82)

Exports of goods and services in 1982 dollars(Q).-Source 1 (44,82)

Imports of goods and services in 1982 dollars(Q).—Source 1 (44,82)

Government purchases of goods and services incurrent dollars (Q).-Source 1 (43,81)

Government purchases of goods and services in1982 dollars (Q).-Source 1 (43,81)

Federal Government purchases of goods and ser-vices in current dollars (Q).—Source 1 (43,81)

Federal Government purchases of goods and ser-vices in 1982 dollars (Q).-Source 1 (43,81)

Federal Government purchases of goods and ser-vices as a percent of gross national product (Q).—Source 1 (47,83)

State and local government purchases of goods andservices in current dollars (Q).—Source 1 (43,81)

State and local government purchases of goods andservices in 1982 dollars (Q).-Source 1 (43,81)

State and local government purchases of goods andservices as a percent of gross national product(Q).-Sourcel (47,83)

Compensation of employees (Q).—Source 1 (45,82)

Proprietors' income with inventory valuation andcapital consumption adjustments (Q).—Source1 (45,82)

Proprietors' income with inventory valuation andcapital consumption adjustments as a percent ofnational income (Q).—Source 1 (47,83)

Rental income of persons with capital consumptionadjustment (Q).-Source 1 (45,82)

Rental income of persons with capital consumptionadjustment as a percent of national income (Q).~Source 1 (47,83)

Corporate profits before tax with inventory valua-tion and capital consumption adjustments (Q).—Source 1 (45,82)

Corporate profits before tax with inventory valua-tion and capital consumption adjustments as apercent of national income (Q) .-Source 1 (47,83)

Net interest (Q).-Source 1 (45,82)

289. Net interest as a percent of national income (Q).—

Source 1 (47,83)

290. Gross saving (Q).-Source 1 (46,82)

292. Personal saving (Q).-Source 1 (46,82)

293. Personal saving rate (Q).-Source 1 (46,83)

295. Business saving (Q).-Source 1 (46,82)

298. Government surplus or deficit (Q).—Source 1

(46,83)

II—B. Prices, Wages, and Productivity

310. Implicit price deflator for gross national product(Q).-Source 1 (48,84)

311. Fixed-weighted price index, gross domestic busi-ness product (Q).-Source 1 (48,84)

320. Consumer price index for all urban consumers(M).-Source3 (49,59,84,95)

322. Consumer price index for all urban consumers,food (M).—Source 3 (49,84)

330. Producer price index, all commodities (M).—Source3 (48,85)

331. Producer price index, crude materials for furtherprocessing (M).-Source 3 (48,85)

332. Producer price index, intermediate materials, sup-plies, and components (M).—Source 3 (48,86)

333. Producer price index, capital equipment (M).—Source 3 (48,86)

334. Producer price index, finished consumer goods(M).-Source3 (48,86)

335. Producer price index, industrial commodities(M).-Source3 (48,85)

340. Index of average hourly earnings of production ornonsupervisory workers on private nonagriculturalpayrolls (M).-Source 3 (49,87)

341. Index of real average hourly earnings of productionor nonsupervisory workers on private nonagricul-tural payrolls (M).-Source 3 (49,87)

345. Index of average hourly compensation, all employees,nonfarm business sector (Q).—Source 3 (49,87)

346. Index of real average hourly compensation, allemployees, nonfarm business sector (Q). Source3 (49,88)

348. Negotiated wage and benefit decisions, averagefirst year changes (Q).-Sou rce 3 (50,88)

349. Negotiated wage and benefit decisions, averagechanges over life of contract (Q).-Source 3 (50,88)

358. Index of output per hour, all persons, nonfarm busi-ness sector (Q).—Source 3 (49,88)

370. Index of output per hour, all persons, businesssector (Q),—Source 3 (49,88)

II—C. Labor Force, Employment, andUnemployment

37. Number of persons unemployed (M).—Source 3

(18,51,62,89)

441. Civilian labor force (M).-Source 3 (51,89)

442. Civilian employment (M).-Source 3 (51,89)

444. Number unemployed, males 20 years and over(M).-Source 3 (51,89)

445. Number unemployed, females 20 years and over(M).-Source3 (51,89)


TITLES AND SOURCES OF SERIES-Continued446. Number unemployed, both sexes 16-19 years of

age (M).-Source 3 (51,89)

447. Number unemployed, full-time workers ( M ) . —Source 3 (51,89)

448. Number of persons employed part time for econom-ic reasons (M).-Source 3 (51,89)

451. Civilian labor force participation rate, rhales 20years and over (M).—Source 3 (51,89)

452. Civilian labor force participation rate, females 20years and over (M).—Source 3 (51,89)

453. Civilian labor force participation rate, both sexes16-19 years of age (M)-Source 3 (51,89)

Il-D. Government Activities

500. Federal Government surplus or deficit (Q). Source1 (52,90)

501. Federal Government receipts (Q).—Source 1(52,90)

502. Federal Government expenditures (Q).—Source1 (52,90)

510. State and local government surplus or deficit (Q).—Source 1 (52,90)

511. State and local government receipts (Q).-Source1 (52,90)

512. State and local government expenditures (Q).—Source 1 (52,90)

517. Defense Department gross obligations incurred(M).—U.S. Department of Defense, Office of theAssistant Secretary of Defense (Comptroller), Direc-torate for Program and Financial Control; seasonaladjustment by Bureau of Economic Analysis (53,90)

525. Defense Department prime contract awards for workperformed in the United States ( M ) - U . S . Depart-ment of Defense, Office of the Assistant Secretary ofDefense (Comptroller), Washington HeadquartersServices, Directorate for Information Operationsand Reports; seasonal adjustment by Bureau of Eco-nomic Analysis (53,90)

543. Defense Department gross unpaid obligationsoutstanding (EOM).-U.S. Department of Defense,Office of the Assistant Secretary of Defense (Comptrol-ler), Directorate for Program and Financial Con-trot; seasonal adjustment by Bureau of EconomicAnalysis (53,90)

548. Manufacturers' new orders, defense products (M) .—Source 2 (53,90)

557. Index of industrial production, defense and spaceequipment (M). -Source 4 (54,91)

559. Manufacturers' inventories, defense products, bookvalue (EOM).-Source 2 (54,91)

561. Manufacturers' unfilled orders, defense products(EOM).-Source 2 (54,91)

564. Federal Government purchases of goods and ser-vices, national defense (Q).-Source 1 (55,91)

565. National defense purchases as a percent of grossnational product (Q).-Source 1 (55,91)

570. Employment, defense products industries (M).—Source 3; seasonal adjustment by Bureau of Eco-nomic Analysis (55,91)

577. Defense Department military personnel on activeduty (EOM).-U.S. Department of Defense, Officeof the Assistant Secretary of Defense (Comptrol-

. ler), Washington Headquarters Services, Director-ate for Information Operations and Reports (55,91)

578. Defense Department civilian personnel, direct Nre em-ployment (E0M).—U.S. Department of Defense, Officeof the Assistant Secretary of Defense (Comptroller),Washington Headquarters Services, Directorate forInformation Operations and Reports (55,91)

580. Defense Department net outlays, military functionsand military assistance (M) . -U.S. Department ofDefense, Office of the Assistant Secretary of Defense(Comptroller), Directorate for Program and Finan-cial Control; seasonal adjustment by Bureau of Eco-nomic Analysis (54,91)

588. Manufacturers' shipments, defense products (M).—Source 2 (54,91)

II—E. U.S. International Transactions

602. Exports, excluding military aid shipments ( M ) . -Source 2 (56,92)

604. Exports of domestic agricultural products ( M ) . -Source 2; seasonal adjustment by Bureau of Eco-nomic Analysis (56,92)

606. Exports of nonelectrical machinery (M).—Source2; seasonal adjustment by Bureau of EconomicAnalysis (56,92)

612. General imports (M).-Source 2 (56,92)

614. Imports of petroleum and petroleum products(M).—Source 2; seasonal adjustment by Bureau ofEconomic Analysis (56,92)

616. Imports of automobiles and parts (M).-Source 2;seasonal adjustment by Bureau of Economic Analy-sis (56,92)

618. Merchandise exports, adjusted, excluding military(Q).-Source 1 (57,93)

620. Merchandise imports, adjusted, excluding military(Q).-Source 1 (57,93)

622. Balance on merchandise trade (Q).—Source 1(57,93)

651. Income on U.S. investment abroad (Q).—Source1 (57,93)

652. Income on foreign investment in the United States(Q). -Source 1 (57,93)

667. Balance on goods and services (Q).—Source 1(57,93)

668. Exports of goods and services, excluding transfersunder U.S. military grants (Q).-Source 1 (57,93)

669. Imports of goods and services (Q).—Source 1(57,93)

II—F. International Comparisons

19. United States, index of stock prices, 500 commonstocks (M).—Standard & Poor's Corporation

(13,28,59,69,96)

47. United States, index of industrial production ( M ) . -Source 4 (14,20,39,58,63,78,94)

320. United States, consumer price index for all urbanconsumers (M) . -Source 3 (49,59,84,95)

721. Organization for Economic Cooperation and Devel-opment, European countries, index of industrialproduction (M).—Organization for Economic Cooper-ation and Development (Paris) (58,94)

722. United Kingdom, index of industrial production(M) .-Central Statistical Office (London) (58,94)

723. Canada, index of industrial production (M) .Statistics Canada (Ottawa) (58,94)

725. West Germany, index of industrial production ( M ) . -Statistisches Bundesamt (Wiesbaden) (58,94)

726. France, index of industrial production (M). InstitutNational de la Statistique et des Etudes Economiques(Paris) (58,94)

727. Italy, index of industrial production (M).—IstitutoCentrale di Statistica (Rome) (58,94)

728. Japan, index of industrial production (M),-Ministryof International Trade and Industry (Tokyo) (58,94)

732. United Kingdom, consumer price index (M) .—Department of Employment (London); percentchanges seasonally adjusted by Bureau of EconomicAnalysis (59,95)

733. Canada, consumer price index (M).—StatisticsCanada (Ottawa); percent changes seasonally adjustedby Bureau of Economic Analysis (59,96)

735. West Germany, consumer price index (M) .Statistisches Bundesamt (Wiesbaden); percentchanges seasonally adjusted by Bureau of Econom-ic Analysis (59,95)

736. France, consumer price index (M).—Institut Nationalde la Statistique et des Etudes Economiques (Paris);percent changes seasonally adjusted by Bureau ofEconomic Analysis (59,95)

737. Italy, consumer price index (M).—Istituto Centrale diStatistica (Rome); percent changes seasonally adjust-ed by Bureau of Economic Analysis (59,96)

738. Japan, consumer price index (M).—Bureau of Sta-tistics, Office of the Prime Minister (Tokyo); percentchanges seasonally adjusted by Bureau of EconomicAnalysis (59,95)

742. Uhrted Kingdom, index of stock prices (M). CentralStatistical Office (London) (59,96)

743. Canada, index of stock prices (M).—Toronto StockExchange (Toronto) (59,96)

745. West Germany, index of stock prices ( M ) . -Statistisches Bundesamt (Wiesbaden) (59,96)

746. France, index of stock prices (M).—Institut Nationalde la Statistique et des Etudes Economiques (Paris)

(59,96)

747. Italy, index of stock prices (M). -Banca d'ltalia(Rome) (59,96)

748. Japan, index of stock prices (M).- Bank of Japan(Tokyo) (59,96)


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