Full text of National Economic Trends : March 1971
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n o T i o n m Economic PREPARED MONTH ENDING: BY February 28, 1971 FEDERAL RESERVE BANK treads OF ST. LOUIS RELEASED: March 22, 1971 The pace of economic activity apparently has picked up since last fall, but most current data suggest little strength apart from strike-related demand forces. Spending advances as sociated with the recovery from work stoppages in the automobile industry and an anticipated steel strike should enable total spending to rise well above the fourth quarter 1970 level. A moderate gain in total spending in the first quarter, however, would not necessarily be indicative of significant underlying strength in the economy. Industrial production rose at an 8.4 per cent annual rate from November to February (pages 4 and 5), with much of the rise attributable to advances in automobile and primary metals output. The output of automobile products increased from November to February at an annual rate in excess of 400 per cent, and iron and steel output rose at about a 70 per cent rate. Average weekly hours worked by transportation and primary metals workers rose sharply from November to February, while total pri vate average weekly hours worked was unchanged. The production of equipment (including defense) fell at about a 9 per cent rate in the November-to-February period. The production of home goods also has been sluggish in recent months. Industrial production declined at a 4.7 per cent rate from August to February, a period which is less distorted by strike influences than the most recent four-month period. Payroll employment was about unchanged from August 1970 to February 1971, as it was from August 1969 to February 1971 (pages 2 and 3). Total civilian employment also has been about unchanged over similar periods. Personal income increased at a 5.7 per cent rate from August to February, compared with a 6.3 per cent rise in the preceding year (pages 6 and 7). Retail sales increased at a 2 per cent rate from August to January (pages 6 and 7), down from a 4.9 per cent rise in the preceding year. Retail sales adjusted for changes in purchasing power have not increased over the past year and a half. The rate of increase of consumer and wholesale prices has slowed slightly in the past year. Consumer prices increased 4.8 per cent in the year ending in February, compared with a 5.9 per cent rate of increase in the preceding six months (pages 12 and 13). Wholesale prices of all commodities rose 2.8 per cent in the twelve-month period ending in February, after increasing at a 5.3 per cent rate in the preceding six months (page 14). TOT AL C I V I L I A N EMPLOYMENT COMPOUNDED ANNUAL RATES OF CHANGE INITIAL T E RMINAL MONTH 7- 69 8- 69 9-69 10-69 11-69 12-69 1-70 2-70 3-7Q 4-70 THOUSANDS OF PERSONS MONTH 5-70 6-70 7-70 8-70 9-70 10-70 11-70 12 -70 1-71 78*215 4 . 7 _________________ _____________________________________________________________________________________________________________________________________ 2.3 78,209 -0 .1 78,451 3 .8 1.7 2.6 1.4 __2.5 2.0 2.7 2.1 7-69 8-69 9-69 78,543 78,728 2.9 10-69 11-69 12-69 1-70 2-70 3-70 4-70 INITIAL 5-70 6-70 7-70 PAYROLL EMPLOYMENT COMPOUNDED ANNUAL RATES OF CHANGE INITIAL 9-69 10-69 11 - 6 9 12-69 1-70 2-70 3-70 4-70 BANK OF S T . ______ MONTH 5-70 6-70 7-70 9-70 8-70 10-70 11-70 70, 497 70,567 9-69 1.4 1.2 2.5 2.9 4.7 11-69 1.7 1.8 2. 1 70,836 -0.5 ____ 7 0 , 8 0 8 12-69 1.5 1.5 1.6 0. 1 0.6 1- 7 0 1. 7 1.7 1.8 0.9 1.6 2- 70 1.8 1.8 1.9 1.3 1.9 2.5 2.4 3-70 1.8 1.9 2.0 1.4 1.9 2.4 2.3 70,842 2.6 70,992 71,135 2. 1 71,256 1 4-70 1.4 1.4 1.5 0.9 1. 2 1.4 1.0 0.2 - I .6 5- 70 0.« 0.7 0.6 0.0 0. 1 0.0 -0.6 -1.6 -3.4 -5.1 6-70 0.3 0.2 0. 1 -0.5 -0.5 -0.7 -1.3 -2.2 -3.6 -4.6 -4.1 7-70 0.2 0.1 -0.0 -0.5 -0.6 -0.7 -1.3 -2.0 -3.0 -3.4 -2.6 -1.0 8-70 0.2 71,163 70,852 ____ 7 0 , 6 0 3 70,546 - 1 . 1 % -0. 1 -0.2 -0.7 -0.7 -0.9 -1.4 -2.0 -2.8 -3.1 -2.5 -1.6 -2.2 0.0 -0.1 -0.5 -0.5 -0.6 -1.0 -1.5 -2.0 -2.1 -1.4 -0.4 -0. 1 -2.0 -2.6 -2.7 -2.3 -1.8 70,414 2.0 70,531 10-70 -0.2 -0.4 -0,5 -0.9 -1.0 -1.1 -1.5 -2.0 -2.0 -5.8 11- 70 -0.3 -0.5 -0.6 -1.0 -1.0 -1.2 -1.5 -2.0 -2.5 -2.6 -2.2 -1.8 -1.9 -1.9 -3.7 -1.6 -0.7 -0.8 -1.1 -1.4 -1.8 -1.8 -1.3 -0.8 -0.8 -0.5 -1.3 1.0 3.8 -0.2 -0.3 -0.5 -0.8 -1.1 -1.0 -0.5 0.0 0.2 0.7 0.3 2.5 4.6 5.3 -0.6 -0.9 -l.l -l.l -0.6 -0.2 -0.1 0.3 -0.1 1.4 2.5 1.8 -1.6 1-70 2-70 3-70 4-70 5-70 6-70 7-70 8-70 9-70 10-70 11-70 12- 70 1- 7 1 12-70 -0.1 -0.2 -0.3 -0.6 1- 71 0.2 0, 1 0.0 -0.3 2- 71 0. 1 0.0 -0.1 - 0. 3_ -0.3 -0.4 7-69 8- 69 9-69 10-69 11-69 12-69 INITIAL P- L OUI S THOUSANDS OF PERSONS 1-71 ?l 8-69 1- 7 1 1.7 10 - 6 9 9-70 PREPARED BY FEDERAL RESERVE MARCH 5 y 1971 : 7-69 8- 69 9 - 7 0 10-70 11 - 70 12- 70 ! TERMI NAL MONTH 8-70 MONTH 70,182 70,085 ____ 7 0 , 3 0 3 7 0 , 609P 1 7 0 , 514P MONTH PRELIMINARY PREPARED BY FEDERAL RESERVE MARCH 5 , 1971 BANK OF S T . LOUTS 3 Em ploym ent Ratio S c a l e Ratio S c a l e Source: U.S. Departm ent of Labor Percentages are annual rates of change for periods indicated. Latest data plotted: February Prepared by Federal Reserve tank of St. Louis 4 5 Industrial Production Ratio S c a l e Ratio S c a l e Latest data plotted: February preliminary Prepared by Federal Reserve Bank of St. Louis RETAI L SALES COMPOUNDED ANNUAL RATES OF CHANGE TERMINAL MONTH I N I T I A L MONTH 6-69 7- 6 9 8- 69 7-69 - 10. 9 8-69 -0.5 9-69 -1.5 3.5 -3.5 10- 69 2.6 7.5 5.7 9- 69 10- 69 11- 69 12- 69 1-70 2-70 3-70 4-70 MI LLI ONS OF " m o m r 5-70 6-70 7-70 8*70 9 - 7 0 1 0 - 70 1 1 - 7 0 12~70 29,090 11.1 29*344 29*259 .15.9 29*620 11- 69 0.8 4.0 1. 7 4.4 -5.9 1 2 = 6? 0.3 2.7 0. 7 2 .2 -4.0 1- 70 1.2 . 3. 3 ! •« 3.2_ 2- 7 0 3. 1 5.3 4.4 6.0 3.7 . 7*1 12 .0 . 18, 0 _l- 70. 2.0 3.7 2.7 3.7 1. 5 3.4 5. 3 4.8 -6.9 4-70 4. 8 6.7 6. 1 7,6 6. 3 8.5 J 1j ?8 I 11. 7 34. 0 5- 70. 4.2 5.9 5. 3 6 . 4 .... 5. 2 7_,1_ _ 9. 1 9.8 7. 1 15. 0 -1.3 7.9 5.5 10. 0 -0.4 - - ........ 29*471 ___ ...... _ ......... - 2 .1 7. .... 2 .0 29*419 ___6*«_3_ 29*570 29*980 29*801 6-70 3. 9 5.4 4.8 5. 8 4.6 6.2 7. 6 7- 7 0 4,3 5.6 5*2 6?l 5-0 6. 5 _7.8 8- 70 4. 1 5.4 4.9 5.7 4.7 6.0 7.0 7. 1 5.4 8 .1 9- 7 0 4. 1 5.3 4.8 5.6 4.7 5.8 6.7 6.7 5.2 7.4 10- 70 3. 0 4.0 3.5 4.0 3. 1 3.9 4.4 2.8 11- 70 2 .0 2.9 2. 3 2.8 1*8. 2 . 5 „ 2. 9 2.6 12- 70 2.6 3.5 3.0 3.5 2.6 3.3 3. 8 1-71 3. 5 4.4 4.0 4.5 3.8 4.5 6-69 7- 6 9 -69 30*536 6. 1 30*502 0.6 2.6 30*518 30*729 8*6 -+ 2 .2 % 3*7 5.3 2.8 3.8 4.9 3.1 4. 3 - 0.0 0.3 0 .2 -2.5 - 4 . 7 - 1 2 . 8^ ^ ^ 30*536 1 .0 2 .1 _- 1 .8 -1.9 -2.4 -5.0 -7 . 2 -12.5 - I 2 . l \ ^ 30*208 3.6 2 .2 3.3 0.0 0*2 0 .1 -1.5 -2.4 -4.4 0.1 1 3 .9 ^ ^ 30*537? 5. 1 5.0 3. 8 5. 0 2 .2 2 .6 2.9 2 .0 2 .0 1. 5 6.7 17.6 31*034P 9- 6 9 10- 69 11- 69 Ï 2 - 6 9 Ï-7 0 2-70 3- 7 0 4-70 5-70 6-7Ö 7=70 8-70 2 .0 30 , 781 4.1 30*885 21.4 j 9 - 7 Ö 1 6 - 70 1 1 - 7 3 12 - 7 0 I N I T I A L MONTH P - PRELIMINARY PREPARED BY FEDERAL RESERVE T O T K ^ ö F S T 7 X Ô Ü Ï T MARCH I Q, 1971 PERSONAL INCOME COMPOUNDED ANNUAL RATES OF CHANGE BI LL I ONS OF DOLLARS ANNUAL RATES I N I T I A L MONTH TERMINAL MONTH 7- 69 8- 69 9.6 9- 6 9 3.6 1Q- A9 . . 7, 6 e- 69 9.^9 10- 69 11- 69 12- 69 1- 70 2-70 3- 7 0 4- 70 5- 7 0 6-70 7- 7 0 8- 7 0 9 - 7 0 10- 70 11- 70 12- 70 1- 71 75 8. 5 -------- 763. 1 7.5 6 ,,7.. 5. 8 7 6 6. 7 12- 69 7. 0 6.4 6.0 6. 1 5.9 1- 70 6.8 6.2 5. 9 5. 9 5.7 5.6 2- 70 6.6 6.2 5. 9 5. 9 5. 8 5.7 5. 9 3- 70 7. 0 6.7 6. 5 6,7 6.8 7. 0 7,8 9,8 4-70 9.6 9.5 9. 8 10. 5 11. 4 1 2 .8 15. 3 20 . 3 5- 70 7. 5 7. 3 7. 3 7. 5 7. 7 8 .1 8. 7 9.6 f.—70 6. 6 6. 3 6.2 6 .2 6._2 6_*_3 6 , 4 __ 6, 5. . „ 5 , 5 . -5.7 - 2 .2 7- 70 6. 7 6. 5 6.4 6.4 6.4 6. 5 6. 7 6.8 6.1 -1.3 2. 7 fl-70 6.6 6. 3 6.2 6.2 6.2 6.3 6.4 . 6.5 5. 8 ... o . i 3. 4 9- 7 0 6. 7 6. 5 6.4 6.4 6.5 6. 5 6.6 6.8 6.3 . 4.6 7. 0 6.6 8. 5 1 0- 70 6.0 5.8 5. 6 5.6 5. 6 5. 5 5. 5 5.5 4. 9 3. 1 4.5 .3.2 2 .6 -2.9 5.5 5. 5 5. 4 5, 4 5.3 4.8 1. 4 3. 3 4.4 3.5 3. 1 0.5 4. 1 \ 774.3 7 7 7. 8 \ 781.5 78 7 . 6 + 61% 31.9 \ 8 0 6. 0 79 9. 7 9. 6 K J ... 80 3 . 3 4.7 8 0 6. 4 811. 9 809. 9 812.6 1 1- 70 5. 9 5.7 5.5 12- 7 0 6.0 5. 8 5. 7 5. 7 5. 6 5. 6 2. 1 3.8 4.9 4.3 4.2 2 .8 5. 8 1- 71 Ò. 5 6.3 6.2 6.2 6.2 6.2 6,3 6.3 6.0 3, 4 5. 1 6.2 5.9 6.1 5.6 8.6 10. 9 2- 71 Ò. i 6. 1 6. 0 6.0 6.0 6.0 6.0 6. 1 5.7 3. 4 4,9 5.8 5.5 5.7 5.1 7.2 8. 3 7- 69 8-69 9- 69 10- 6 9 11-69 12- 69 1- 70 2-70 3- 7 0 5-70 O' » -j o 6,3 * 1 -j o ... L..0, 798. 2 7-70 8-70 7 . 5 \ 817.5 1 4 .4 ^^ 8.7 3.2 1 826. 7P 828. 9® I _ 5 . , 6 . __ 5 . 6_ __ 5 •_!_ P - PRELIMINARY 9 - 7 0 10- 70 11- 70 1 2 - 7 0 1- 71 I N I T I A L MONTH PREPARED BY FEOERAL RESERVE BANK OF S T . LOUIS MARCH 17. 1971 7 R e t a il S a le s Ratio Scale Ratio Seal« Source: U.S. D e p a r t m e n t of C o m m e r c e P e r c e n t a g e s a re a n n u a l r a t e s o f c h a n g e for pe ri o d s i n d i c a te d . Latest d a t a plotted: J a n u a r y p r e l i m i n a r y Prepared by Federal Re*«rve Sank of St.Loui* P e rso n a l Incom e Source:U.S. Department of C o m m e r c e P e r c e n ta g e s are a n n u a l rates of c h a n g e for p e ri o d s i n d ic a te d. Latest d a t a plotted: F e b r u a r y p r e l i m i n a r y Prepared by Federal Reserve B a n k of St. Louis 8 GROSS NA TIONAL PRODUCT IN CUftftfNT O0 1 LÀ R Ì COMPOUNDED ANNUAL RATES 0* CHANBE ' TFRW 1K’ At IN IT IA L " " ........................' QIJARTFR 1 - é.S 2-66 3-66 7.8 7.4 7 .0 7.6 7 ,5 8. 1 ..._ 6 . 2 _ _ 5 . 6 5.0 4-66 _2=67. _ 6 . 0_ 3- 67 6.4 _ 4- 67 _1=68_ .-2-^3 . 4- 66 1-67 2-67 3-67 4 -6 7 1-68 2-68 3-6 8 4 -6 8 1-6 9 3-6 * 2 -6 9 4 -6 9 | -? 0 2 -7 0 3-7 0 74 3 .3 2-66 -*-66 1=6 7_ B I L L I O N S OF DOLLARS ANNUAL RATES QUARTER .. 5 755.9 1.9 7 7 4.4 \ 78 4.5 3.6 _ 6.2 77 0.7 p ^ + 3 . 6 % 6.0 5.3 7.0 8.6 \ + 9 ^ 6.6 6.4 6.3 5.9 7.2 3.2 7.0 6.9 6.9 6.6 7.8 8.7 8.7 9.6 7.5 T.,4 9,4 9.6 10.6 1-662-66 .. 1*4.. 3-66 80 0.9 % 815.9 ..................................... ................. ................................ 6.5 6.8 6.9 6.? 4-66 1-67 2-67 3-67 834.9 \ 858.1 11.6 6 . 7 ___6 . 4 ____ 6_._9___ 5 . *_____$_•4___ 5 . 1 4-67 l - 6f t 2-68 IN ITIA L 3-68 4-6 8 1-69 98 9.9 4.7 2 -6 9 3-6 9 4 -6 9 l-*70 2-7 0 ’3 -7 0 ~ QUARTER PREPARE0 BY FEDERAL RESERVE RANK OF S T . L OUI S _____ FEBRUARY 16. 1971 CROSS NA TIONAL PRODUCT IN CONSTANT 1958 OOLLARS ____ COHPntlNOFO ANNUAL R AT F S OF C H A N G E ____________________________________________ B I L L I O N S OF IN I T I A L . . QUARTER DOLLARS ANNUAL RATES 7 4-6 ? 1-68 2-6S 3-6 3 4-6 8 1-6 9 2-6 9 3-6 9 4 -6 9 1-7 0 2 -7 0 3 -7 0 655 .0 660.2 66 8.1 666.6 2- 67 __ 2 , 8 . . 2,5 2.3 l.l 3.0 2.8 2.2 3.7 2.» ?.3 3.4 67 1.6 1 .3- 6 7 . _3.0.„ J .C AO/ 68 3.6 _4. 3.... 6 . 3 _3_. 3_ _.1=6_8. 678*9 4.4 693.% 2-68 3.8 3.8 3.9 3,7 4.6 5.0 5.? 3-68 3.8 8 3.9 3.8 4.5 4.9 5 . 0 __ 6 . 7 ..... 3_«.7_ 3. 8 3 . 6 ...._4_e.3 __4 •5_ __ 5 . 3.6 3.6 3.5 4.1 4.2 4.2 4. c 4. 1 3.2 2.7 2.6 722.1 4.0 3.9 4. 1 3.7 ?.o ’ .5 2.4 726.1 3.8 3, 8 3.Q 3. 6 3.3 2.9 __ 3 * 7 1- 69 3.6 . _ 2r &9. . _ _. . 1« 5 3-69 3.4 3 . *> 3.5 3.4 3.9 3.4 3.4 3.3 3.8 6»^ 4-69 3.2 3.1 3. 1 3.0 3.3 3,3 3.2 1- 70 2.3 2.7 2.7 ?.5 2.8 2.« 2 . 6 ____2._6__ 2.4 2.6 2.6 2 . 4 ___ 2 . 4_ 2. 5 2.5 2. 3 2.6 2.6 2.5 3-70 2.6 2.5 2.5 2. 3 2.1 1.9 3—66 4-66 > iI ¡-'j o 2- 70 _2, 1 7-ff, 2.3 __ 2 . 1 __ _ 2 _. 0 ___ 1 . 9 . 1- 67 ?-67 3-67 4-67 7 *n •* 705.4 ] 4,1.... *». *; _ + 2 .9 % ... . , 2 . 9 _ ,_„2.6_ ?T? 1. 9 ...1 ,6... _J.?.o__ 1,4 1.0 1.9 1.4 1.0 .1 .4 .0.8 0. 6 1-68 2-68 IN ITIA L 3-68 2.5 2.6 2.7 1.6 1.3 0.9 -0.9 0.7 0.2 -0.4 -1.9 -2.9 0.7 0.3 -0.2 -1.1 -1.2 0.8 0.5 ] 730*9 729.2 > ■ 1 .2 % 723.8 7?4«9 0 . è \ 0.1 -0.5 -0*3 1.0 .. 0 . 2 .. - j O . l . -0.5 -1 .2 -1 .2 -0 .6 -1 .3 -3 .S 1 4-68 2-6 9 3-6 9 4 -6 9 |-7 0 2-7 0 3~70 1-6 9 l . 4 \ 727.4 720*3 QUABTFP PREPARED 8Y FEDERAL RESERVE BANK OF S T . T O U T S FEBRUARY 16* 1971 9 Demand and Production Ratio S c a ie Trillions o f D o l l a r s Quarterly Totals at Annual Rates Seasonally Adjusted Ratio Scale Trillions of Dollars 1 .1 1.0 .9 .8 .6 .5 L lG N P in current dollars. ;2 G N P in 1958 dollars. Percentages are annual rates of change for periods indicated, latest data plotted: 4th quarter Source: U.S. Department of Commere® Prepared by Federal Reserve Bank of St. Louis F I NA L SALES I N CURRENT DOLLARS COMPOUNDED ANNUAL RATES OF CHANGE INITIAL TERMI NAL QUARTER 2-66 2- 66 15 . 1^ \ ± 3- 66 4*66 1-67 2.-67 3- 67 4-67 1-68 B I L L I O N S OF DOLLARS ANNUAL RATES QUARTER 2-68 3-68 4-68 1-69 2-69 1-7 0 3-6* r ' 2-7 0 3 -7 0 727.1 6 .1 % ! 744.0 3-66 7.3 9.6 4-66 6.1 6.6 3.7 1-67 6.5 7.0 5.7 2-67 6.8 7.3 6.5 7.9 8 .2 ^ V _ 780.0 7.4 7.3 792.2 750.8 1 764.8 3-67 6.8 7.1 6*5 4-67 6.8 7.1 6.6 7.3 7.2 6.8 1-68 7.7 8.0 7.8 8.6 8.8 9.0 2-68 7.7 8.0 7.7 _ 8 .4 8*6 8 .7 9.5 10.7 7.7 847.8 3-68 7.9 8.2 8.0 8.6 8.8 8.9 9.5 10.3 8.7 ♦,7S 867.6 4-68 7.8 8.0 7.9 8.4 8.5 8.5 9.0 9.5 8. 1 8.3 6.9 1- 69 7.8 8.1 7.9 8.4 8.5 8.5 8.9 9.3 8.2 8.3 7.7 8 . 5 ^ 2-69 7.8 8.0 7.9 8.3 8.3 8.4 . 8.6 8.9 8.0 8.0 7.5 7.8 7.2 3-69 7.7 7.9 7.8 8.1 8.2 8.2 8.4 8.6 7.8 7.8 7.3 7.5 7.0 6.9 4-69 7.6 7.8 7.6 8.0 8.0 8.0 8.1 8.3 7.5 7.5 7.0 7.1 6.6 6.3 5x 1- 7 0 7.5 7.6 7.5 7.8 7.8 7.8 7.9 8.0 7.3 7.2 6.8 6.8 6.4 6.2 5.8 5.8 2-70 7.3 7.4 7.3 7.5 7.5 7.5 7.6 7.6 6.9 6.9 6.5 6.4 6.0 5.7 5.3 5. 1 3-70 7.2 7,3 7.1 7.3 7.3 7.3 7.4 6.8 6.7 6.3 6.2 5.8 5.6 5.2 5.0 4.7 5.0 7.0 7.0 6.4 6.2 5.9 5.7 5.4 5.1 4.7 4.4 4.0 3.8 2.6 3-67 4-67 1-68 2-68 3-68 4-68 1-69 2-69 3-69 4-69 1-70 2-70 3-70 4-70 6.9 7,0 6.9 7,1 7.0 6.9 1-66 2-66 3-66 4-66 1-67 2-67 nr 10.4 805.9 e%j s T O .I/ o 832.3 13.8 INITIAI 882.1 900. 2 915. 9 +5 8% | 931.2 944.5 h 4.3 i r\o / vj+4.0% _______ 9 5 7 . 9 __ 968.1 980. 0 \ ] 986.3 QUARTER PREPARED BY FEDERAL RESERVE BANK OF S T . L O U I S ___ _________ FEBRUARY I 6 t 1971 F I N A L SALES I N CONSTANT 1958 DOLLARS -----------___________________________________________________________________ COMPOUNDED ANNUAL RATES OF CHANGE ____________________________________________________ B f i t I O N S OF T E RMINAL_____________________________________________________________________ I N I T I A L QUAQTFR___________________________________________________________________ DOLLARS____ QUA RT ER ANNUAL RAt ES ______ , 2-66 3-66 _ 4-66 1-67 2-67 3-67 4-67 1-68 2-68 tNITIAL 3-68 4-68 1-69 2-69 3-69 4-69 1-70 '2-70 3-70 QUARTER PREPARED BY FEDERAL RESERVE BANK* OF S T . iO U CS FEBRUARY 16, 1971 11 Final Sales Total Spending Less Changes in Bisiness Inventories Ratio Scale Quarterly Totals at Annual Rates Ratio S e a l# Source: U.S. Department of Commerce Percentages ore annual rates of change for periods indicated. Latest data plotted: 4th quarter Prepared by Federal Reserve Bonk of St. Louis 12 CONSUMER PRICE INDEX * TERMINAL MONTH IN ITIA L 7 -6 9 8-6 9 9 - 6 9 10 -6 9 1 1 - 6 9 1 2 -6 9 1-70 2-7 0 3-7 0 1967 - MONTH 4-7 0 5-7 0 6-7 0 7— 70 8-7 0 9 -7 0 10-70 11-70 U -? « 110.7 8-6 9 5.6 9-69 5.6 5.6 10 - 6 9 5.2 5.0 1 1 1 .2 111.6 4.4 112.2 5 .5 5 .5 5.5 6.6 12 -6 9 6.0 6.1 6.3 7.2 7.7 112.9 113.3 1-70 5.7 5 .7 5.8 6.2 6 .0 4.3 2-70 5.8 5.9 5.9 6.3 6.2 5.4 3-70 5.9 6.0 _ 6.0 6.4 * 1 o 11-69 6.1 6.2 6 .2 6 .6 6.5 6.2 6.9 7 .0 7.6 5-70 6 .0 6*1 6.1 6 .4 6.3 6.1 6.5 6.5 6.5 6 . 3 __ 5 . 8 1 1 3 .9 6.5 A* 5 . 11 4 .5 6.5 115.2 I i 1 * \ 5.3 11 5 .7 116.3 6*5 _ 6 .5 6 .4 5 .9 5.8 6.1 6 .0 5.9 5.3 5.3 5 . 6 ___5 . 6 __ _5.T_ __5_.6_ 5.4 5.5 . 5 . A ... 5.1 4 .5 4.2 3 .1 5. 7 5.7 5.7 5.8 5.7 5.5 _5 . 6 5.5 5 . 3 _ ___4 . 9 4.7 4.2 4 .2 6.3 10-70 5.7 5.7 5.7 5.8 5.8 5.6 5.7 5.6 5.5 5.1 5.1 4.7 4 .9 6.3 11-70 5 .6 5.6 5.6 5.7 5.6 5.4 5.5 5.4 5.3 5.0 4 .9 4.6 4 .7 5.6 12 - 7 0 5.6 5.6 5.6 5.7 5 . 7 ___ 5 . 5 _ 5.6 5.5 5.4 5.1 5.1 4 .9 5.0 5 .8 5.6 5.2 6.2 \ 1-71 5 .4 544 5.3 5 .4 5.3 5.1 5.2 5.1 4 .9 4 .7 4.6 4 .3 4 .3 4 .8 4 .4 3.8 3.6 1 . 0 \ 2-7 1 5. 2 5.2 5.2 5 .2 _5 . J 4.9 5.0 4 .0 4 .0 4.3 3 . 9 ___ 3 . 3 3.1 1.5 2 .0 7—69 8— 69 9 - 6 9 1 0 -6 9 Ï I - 6 9 12-69 1-70 6 -7 0 7-7 0 8 - TO 10-70 11-70 1 2 -70 1-71 6-7 0 6 . 1 .. . 6.1 6 .2 7-7 0 5.9 5.9 6.0 8-70 5.6 _ 9-7 0 ___ 6 . 3 ... 6 . 1 6.1 6.1 6 .4 4.7 2-7 0 3-70 4-70 IN ITIA L * 100 1-71 5-7 0 11 6 .7 116.9 1 1 7 .5 118.1 5.2 9 -T0 11 8 .5 4 . 1 \ 119.1 1 1 9. 2 11 9 .4 MONTH NOT SEASONALLY AOJUSTED PREPARED BY FEDERAL RESERVE BANK OF S T . MARCH 1 9 , 1971 WHOLESALE PR IT ES - INDUSTRIAL C 0 M « n 0 I T I F S * COMPOUNDED ANNUAL RA.T«ES OF CHANGE TERMINAL MONTH in it ia l 7- 6 9 8-69 1-70 2-70 3-7Q 4—TO 4,6 9-60 4.6 4.6 10 - 6 9 5.4 5.8 5-70 6-70 7-7 0 8-70 Q - 7 0 1 0 -7 0 1 1 - 7 0 1 2 - 7 0 1-71 1 0 6. 5 7.0 10 7. 1 _5 . 0___ 5 . 2 1^7.4 IN ITIA L * 1967 * 100 MONTH 106.1 8-69 11 - 69 9 - 6 9 10 - 69 1 1 - 6 0 1 2 - 6 9 LOUIS MONTH N I T SEASONALLY AOJUSTED PREPARED BY FEDERAL RESFRVE BANK OF S T . MARCH 5 , 1971 LOUIS 13 Rati 3 S c a l e Prices F 196; =100 130 Ratio Sc:ale 1967= 100 130 125 125 120 120 115 115 110 110 105 105 100 125 120 95 115 90 110 105 105 100 100 95 95 90 90 Source: U.S. Department of Labor Percentages are annual rates of change for periods indicated. .atest data plotted: February Prepared by Federal Reserve Bank of St. Louis 14 WHOLESALE PRICES* A l t COMNODtVlES * COMPOUNDED ANNUAL HATES OP CHANGE TFPMIWAL MONTH 1967 • 100 I N I T I A L MONTH 7 -6 9 1 <>-*9 1 0 - 6 9 111-69 1 2 - 6 9 11-7 0 ;7 .-10 3-7 0 4-7 0 (b -1 0 5 -7 0 7 -1 0 1.1 . . 0—69 1.7 2 .3 10-69 2.3 2 .8 107*1 3.4 1 0 7*4 108.1 11-69 3 .7 4 .6 5 .7 8 .1 1 2 -6 » 3.9 4.6 5.3 6 .3 4 .5 1 -7 0 4 .7 5 .5 _ 6 .3 7 .3 6 .8 9 .2 2 -7 0 4 .7 5 .3 5.9 6 .6 6 .1 6.8 10B.S 109*3 4.5 109.7 1 0 9.9 3 -70 4.4 4.9 5 .3 5 .7 5 .1 5 .3 3 .3 2 .2 4-7 0 3.0 4.2 4.S 4 .7 4 .0 3 .9 2 .2 1.1 0.0 3 .7 4 .0 4 .2 4 .3 3 .7 3 .6 2.2 1 .5 l.l 3 .3 4 .0 4.1 3 .5 3 .3 7-7* 3 .« 4. 1 4.3 4 .4 3 .9 3.8 8-?ft 3.2 3 .4 3.5 3.5 3.0 2.8 1.9 1.5 1.3 1.6 1*5 1.1 -4 .2 9-7 0 3.4 3.5 3 .6 3 .7 3.2 3.1 2.3 2 .0 2 .0 2 .4 2 .5 2 .6 0 .5 10 -7 0 3.1 3.3 3 .4 3 .4 2.9 2.8 2.1 1.8 1.7 2.0 2 .0 1.9 11-70 . . ’ t3L .3.0 . 3 .0 3 ,0 2.6 ?• «. 1.8 1 .5 1.4 1 .6 1.5 1 .3 12-70 _J > .8 .... 7 . 9 2.9 2 .9 1 .3 1.5 1 .4 6-7 0 I -71 9 -7 0 1 0 -70 11 -7 0 1 2 -7 0 10 6.9 ft -f O 5 -7 0 B -TO . 2 . 2 ___ 1 . 6 2.9 2 .6 10 9.9 1 1 0 .1 2 .2 1.5 2 .2 2 .2 2.8 3 .7 4 .4 1 1 0 .) 110*9 6.7 110*5 5 .6 lil.O 0 .4 2 .7 0 .0 111.0 0 .0 1 .5 -0 .5 -l.l 1 .3 0 .2 1 .4 0 .0 0.0 11 0.9 lll.O 2 .5 2 ,3 1.7 1.4 1 -7 1 3.1 3 .2 3 .3 3 .3 2.9 2.8 2 .3 2.1 2.1 2.3 2.3 2.3 1.6 2 .8 2 .2 2 .9 5 .0 9 .0 7- 7 l 3.5 3 .6 3.7 3 .7 3.5 3 .4 .3.0 _ 2 .8 2 .9 3 .2 3.3 3 .4 3 .0 4 ,2 3 .9 4 .9 7 .0 10 .1 11 .3 7-6 9 (* -6 9 9 -6 9 1 0 -6 9 11-69 1 2 -69 1- 7 0 ;* - 7 0 :3 - 7 0 4 -7 0 5 -7 0 i* -7 0 7-7 0 8 -7 0 9 - 7 0 1 0 - 7 0 111-70 1 2 - 7 0 1-7 1 IN IT IA L * l.l 1 1 1 .8 1 1 2 .8 MONTH NHT SEASONALLY ADJUSTED PREPARED BY FEDERAL RESERVE BANK O f S T . L O U IS MARCH 5 . 1971 WHOLESALE PRICES - FARM PROOUCTSt AND PROCESSED FOOOS AND FEEDS* COMPOUNDED ANNUAL RATES OF CHANGE T E R M I N A L ____ MONTH 7 —*»9 IN ITIA L * -6 9 9-6 9 10-69 1 1 -6 9 12-69 1-7 0 _ 2 -7 0 3 -7 0 4-7 0 1967 « MONTH . 5 -7 0 6-7 0 7 -7 0 8 -7 0 9 -7 0 10-70 11-70 1 2 -7 0 1 -7 1 __a-6.9.__- 9 * 4 10-69 !©B*_9_ -5* 0 - ? «2 -3 .0 -l.l 0.0 4 .1 7.4 15.3 . 4 . 3 ___ 7 . 2 11.0 1 1 - 6 9 ...... 0 . 5 1 2 - 6 9 ....... JL*ft . 1-7 0 4. 3 2 - T P . ____ 4 . 7 ______ 101*2. 7 .9 10 .6 .7^3 9.3 108*7 14.3 ________If O f t l L _______ 1 1 0 , # . 13.8 1 1 . 7 __10*6 112.4 2 1 .4 1 1 2.8 4 .4 .12*5.. . 3-70.. _. „4,3 6 .4 7 .9 9 .5 8.1 8.6 2 .7 l.l _ 4-7 0 ?. 4 4 .0 4 .9 5.8 4 .0 3.3 -2 .1 -5 .2 -1 1 .1 5 -7 0 112*9 111*8 111.2 1 .5 2 .8 3.5 4.0 2 .2 1.3 -3 .2 -5 .6 -8 .7 -6 .3 fe-7.Ql ___ L , o 3.1 3.7 4 .2 2.7 2 .0 -L..IL -2 .9 -4 .2 -0 .5 5 .5 7-7 0 4 .5 5 .2 5 .8 4 .7 4 .4 1.8 1.3 1.3 5 .8 12.5 19 .9 ...... ?*1 2 .5 2.8 _ 1 .5 0 .8 -1 .8 -2 .8 -3 .6 -1 .6 0 .0 -2 .7 -2 0 .9 3.6 3 .9 2.8 2.4 0.3 -0 .3 _ -0 .5 1.7 3 .8 3 .3 -4 .2 -1 .9 3.3 * -7 Q 9 - 7 0 . ____ 2 , ?_ 3*1. 111*7 113*6 111*2 112*6 16.2 0.4_ 1.1 1.4 1.5 0.3 -0 .3 -2 .5 -1 .3 -3 .9 -2 .7 -3 .7 -1 0 .5 -4 .8 -2 1 .9 1 1 - 7 0 ____ p . i . 0, 7 0 .9 1 .0 -0 .1 -0 .7 -2 .7 —3* 4 -4* 0 r J U ? _. ^ * 3 -3 .8 -9 .0 -4 .6 -1 3 .6 -4 .3 10-70 110.1 . . 12-70 3 0 .3 0 .4 0 .5 -0 .6 -1 .2 -3 .0 —3.t 7 -4 .2 _ -3 .3 -2 .9 -4 .3 -8 .5 -5 .0 -1 1 .2 -5 .3 -6 .4 1 -7 1 0.5 1.2 1 .4 1 .5 0.5 O .t -1 .5 -2 .0 -2 .3 -1 .3 -0 .7 -1 .5 -4 .7 -l.l -5 .0 1.5 4 .4 1 6 .5 2 -7 1 2.2 ?.?_„ 3.2 3.4 2 . 6 ___t± 3 4 .4 2.1 9 .2 14*2 26 .1 36 ,4 9 -7 0 10-70 11-70 1 2 -7 0 1 -7 1 " 7-69* " i t - 6 9 _ * _ _ _ 100 9 -6 9 10-69 1 1 -6 9 1 2 -6 9 JU.O. 1 -7 0 _ 0. 7 _ _ . 0 * 7 _ „ 2 -7 0 3-7 0 4-7 0 IN ITIA L 2 .9 .— 5 -7 0 ? * . L ... 0 . 3 6 -7 0 7 -7 0 8-7 0 10 9*9 109*3 110*7 113*6 MONTH NOT 5 FASONALL Y ADJ U S TED__________________________________________________________________________________________________________________________ " " PRFPARED~i Y T l O E R A L W S E W E *&»rw * . I«-»» BANK OF S T . TO li fS IS General Prie* Index* Ratio Scalo Ratio Scale 1963 1964 1965 1966 1967 1968 *As used in National Income Accounts Percentages are annual rates of change for periods indicated, latestdata plotted: 4th quarter 1969 1970 1971 Sourc«: U.S. Department of Commerce Prepared by Federal Reserve Sank of St. Louis IWM.TCTT PRICF fMrfl.ATOfr f o r g r o s s *w r ft w »A L PRODUCT ' _________________ c o ««p o >j n o f o a n n u m r a t * s o f c h a n c ?____________________________ 1<*5R I N I T I A L QUARTER .TEMUft&L. QUARTER ? - TO *-66 4.0 3 -6 6 3.8 100 3 -7 Q 11 3. 5 11 6. 5 3 .6 1 1 5 .4 .♦3 6 6 116 m2 4.3 - A*4 . 1-6 6 ?-66 i ^ w r 4-66 1 -6 7 7-67 4. B___ 4 . R 3 -6 7 4-6 7 4 , 0 ___ 5 . 0 I -63 ? -6 3 .5.1____f , | .... *».? 3 -6 « 4 -6 « 1 -6 0 5.3 S .2 S .3 4.9 ?-*<* 1-6«» 4-69 1-70 ? -70 *-70 I N I T I A L OUARTFR P9FPARF0 RY FFDFRAL RCSfRVF BANK OF S T . i n u T s JANUARY 18, 1971 ' Inventories Compared With Monthly Sales* *Ratios based on seasonally adjusted data. Source: U.S. Department of Commerce Shaded areas represent periods of business recessions as defined by the National Bureau of Economic Research. Latest data plotted: January P r e p a r e d b y F e d e r a l R e s e r v e B a n k of St. Louis
@FedFRASER