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n n n o n n L
PREPARED

MONTH ENDING:

BY

August 31, 1971

E c o n o m ic
FEDERAL

RESERVE

BANK

t r c d d s
OF

ST. LOUIS

RELEASED: September 22, 1971

Economic activity advanced at a moderate pace last
spring and summer, according to recent monthly indicators. A
strong rebound from the late 1970 auto strike, combined with
rapid inventory accumulation in preparation for a possible
steel strike, helped boost activity in the first half of this
year. In fact, second quarter GNP gains wer e larger than re­
ported previously (see b o x below). Steel inventory liquidation
has tended to restrain production in recent months. It is still
too early to assess the short-term impact of the Administration's
program to stimulate production and employment and to curb in­
flation.
The cutback in steel output this summer adversely af­
fected both overall industrial production and employment. N e i ­
ther industrial production nor payroll employment rose in any
month from May to August. Unemployment averaged 5.9 per cent
of the civilian labor force from May to August, little changed
from the 6 per cent average rate in the first four months of
the year. Personal income rose at an 8.7 per cent annual rate
from May to August, after increasing 6 per cent in the preceding
year. N e w housing starts rose each month from A p r i l to August.
Wholesale prices of all commodities increased at a 3.9
per cent annual rate from May to August, compared w i t h a 6.2 per
cent rate of advance from December to May. A slowing of the rate
of increase in wholesale prices of agricultural goods partially
offset recent advances in the wholesale prices of industrial com­
modities .

Gross national product and final sales data for the
second quarter of 1971 have bee n revised since the preparation
of charts and triangles on pages 8 - 11 of this release. E s ­
timates of the net exports of goods and services ha v e b e e n re­
vised upward by the Department of Commerce, wit h the effect that
gross national product in current dollars for the second quarter
of 1971 was $1043.1 billion, up from $1041.3 billion, and gross
national product in constant 1958 dollars was $738.4 billion, up
from $737 billion. Final sales data were increased similarly.
As a result of the revision, the U.S. trade deficit in the second
quarter was $. 5 \billion, rather than $ 2 . 2 billion as reported
earlier.




2
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IN IT IA L MONTH

PR*PAPF*> BY PFOFRAL RESERVE BANK OF S T . LO U IS
SFPTF*BFR 3 . 1971

3

E MP L OY ME NT
RATIO

SCALE

RATIO

1963

1964

1965

1966

1967

1968

1969
SOURCE:

DATA FOR PAYROLL
PERCENTAGES

EMPLOYMENT R E V I S E D

FROM JANUARY




AUGUST

1971
OF LABOR

1970

ARE ANNUAL RAT E S OF CHANGE FOR P E R I O D S

LA T ES T DATA PLOTTEDs

1970

U.S.DEPARTMENT

SCAl E

INDICATED.

PRELIMINARY

PREPARED BY FEDERAL RESERVE BANK OF S T .

l OUIS

4

INDUSTRIAL PRODUCTION
-COM) tOL I N O F f t
, TFR M IM A I

ANNUA

1

tM IT IA l

RATES

f IB

ruA

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unMTM

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10 0

MONTH
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6

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IN IT IA L MONTH
P - PRELIMINARY




f
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PREPARED BY FEDERAL RESERVE BANK Of S T .
SEPTEMBER 16« 1971

LOUI S

5

INDUSTRIAL
RATIO

PRODUCTION

SCALE

1963

RATIO

1964

1965

1966

1967

PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR P E R I O D S
LATEST DATA PLOTTEDt




1968

1969

1970

SCALE

1971

I N D I C AT E D .

AUGUST P R E L I M I N A R Y

PREPARED BY FEDERAL RESERVE BANK OF ST.

LOUIS

6

R E TA IL SALES
COMPOUNDED

ANNUAL

RATES

OF

CHANGE

MILLIONS OF
OOLLARS

INITIAL MONTH

T ER M IN A L
MONTH
17 -6 9

1-7 0

2 —7 0

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6 -7 1
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29*960
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9 -7 0

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-----------------3 2 . 8 4 4 ---------3 2 .6 9 2

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9 .4

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8 .5

9 .2

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7 .6

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IN IT IA L MONTH
P- P R E L I M I N A R Y

PEHSONAL INCOME
C O M P O U N D S ANNUAL RATES Hi- CHANGE
TFavi^AL
40NTM

BILLI O N S OF
DOLLARS
ANNUAL RATES

INITIAL MONTH
1- 7 0

?-7r

P R EPAREO BY FEOERAL RESERVE BANK OF ST. LOUIS
SEPTEMBER 1 0 . 1 9 7 1

¿-70

3 - 70

4-70

5-70

6 -7 C

7-70

8 -7 0

9 - 7ü

10 -7 0

11 -7 0

12 -7 0

i-n

2 -7 1

3 -7 1

4 -7 1

W l

6 -7 1

7 -7 1

5. 4

7 8 3 .5

3- 70

7. 4

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11- 70

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S. u

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1-71

6.4

6.5

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2- 71

6.3

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6. 1

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3 -7 1

6. 6

6.6

6 .4

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3.5

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6 .5

8 15 .7
8 2 0 .9

14.1
8 3 3 .2
8 3 9 .7

A44.4

4—7 1

6. 5

6.6

4 .5

*>.a

6 .5

6 .5

6. 3

7 .7

8.7

8. 8

7.1

8.1

6 .9

S-71

n. '»

6.7

6.5

4.fl

6.0

6.6

6 .7

6 .8

6 .5

7 . fl

8 .6

8 .7

7.4

8 .3

7 .6

8 .3

6-71

3 . ")

4.2

h.l

6.6

7.a

8. 6

8,8

9.1

9 .1

10. 6

1 1 .7

12. 3

1 2 .0

13 .9

15 .3

19 .7

6 .7

6.8

6.6

7 .5

8. 1

8.1

7 .2

7 .7

7 .1

7 .2

6 .7

- 1 4 .0

6.9

5.5

6.6

7. 1

7 .2

7 .1

7 .1

8 .1

8 .6

fl.7

8 .0

8 .5

8 .1

8 .6

8 .7

- 1 . 4

1 1 .0

3- 7 0

4-70

S - 70

6 -7 0

7 -7 0

8 -7 C

11 -7 0

12 -7 0

1 -7 1

2 -7 1

3 -7 1

4 -7 1

5 -7 1

6 -7 1

7 -7 1

7-71

6.7

8- 71

-7j J_ì .
1- 7

?-/r

9 - 10

10 -7 P

INITIAL
p-

8 4 0 .0

19.4

8 7 0 .1
8 4 9 .

MUNTH

preliminary




2P

A A A . OP

PK6PARE0 BY FEDERAL RESERVE BANK OF S T . LO U IS
SEPTEMBER 17* 1971




RETAIL
RATI O

SALES
RATI O

SCALE

BILLIONS

OF DOLLARS

BILLIONS

SEASONALLY ADJUSTED

SCALE

OF DOLLARS
45

40

35

30

25

20

15
SO U RCE!
PERCEN T AG ES ARE ANNUAL R AT ES OF CHANCE FOR P E R IO D S
LA TE ST DATA P LO TT E D !

U .S .

departm ent

of

com merce

IN D IC A T E D .

JULY P R E L IM IN A R Y
PREPA RED BY FED ERA L R E SE R V E BANK OF ST .

PERSONAL
RATIO SCALÊ
TRILLIONS

INCOME
RATI O

MONTHLY TOTALS AT ANNUAL RATES

OF DOLLARS

L O U IS

TRILLIONS

SEASONALLY ADJUSTED

SCALE

OF DOLLARS

0.

0.7

0.

0.6

0.

0.5

0.4

0.

1963

1964

1965

1966

1967

1968
SO U R C E i

P ERCEN T AG ES ARE ANNUAL RAT ES QF CHANGE FOR P E R IO D S
LA T E ST DATA PLOTTED»

1969
U .S .

1970

1971

DEPARTMENT OF COMMERCE

IN D IC A T E D .

AUGUST P R E L IM IN A R Y
PREPA RED BY FEDERA L

R E SE R V E BANK OF ST .

L O U IS

8
GROSS NATIONAL PRODUCT IN CURRENT DOLLARS
_____ C Q H P O U N P E P

ANN UA L

R A Tt;$

4- 68

QF Q H A N Q E_________

1- 69

BI LLI ONS OF
ANNUAL RATES

OUARTER
3- 66

4- 6 6

1- 67

2- 67

3- 67

4- 67

1- 68

2- 6 8

3- 68

2- 6 9

3- 69

4- 69

1- 70

3- 70

2- 70

4-70

1- 71
770. 7

4 - 66

8. 1

1- 67

5. 0

1. 9

2- 67

5. 1

3. 6

5. 3
8.6
8. 2

774. 4

3- 67

6.0

5. 3

4- 67

6. 3

5. 9

784. 5

7. 0
7. 2

8 0 0.9
8 1 5 .9

7. 7

1—68

6.8

6. 5

7. 7

8. 5

8. 4

9. 2

2- 68

7. 5

7. 4

8. 5

9.3

9.*^

10.4

11. 7

3- 68

7.6

8. 5

9. 1

9.3

9. 8

10.1

8. 6
7.8

7.0

7. 7

7. 3

92* *Q

4- 6 8

7. 5

8. 3

8. 8

8. 8

9. 1

9. 1

1- 69

7. 5

8.2

8. 6

8. 6

8. 8

857. 4

8. 7

875. 2
890. 2
9 0 6. 4

7. 5

92 1. 8

2- 69

7. 5

8.1

8. 4

8.4

8. 5

8. 3

7.5

7. 2

7. 2

7. 0

3- 69

7. 5

8. 1

8. 4

8.3

8. 4

8. 3

7.7

7. 4

7. 6

7. 6

8.2

4- 69

7. 2

7.6

7. 9

7. 8

7. 8

7. 6

6.9

6.6

6. 5

6. 2

5. 8

7. 4

940. 2

T

^

1 i in/

3.4

948. 0
956. 0

1- 70

6.9

7. 3

7. 5

7. 3

7. 3

7.1

6.4

6.1

5. 9

5. 5

5. 0

3.4

3. 4

6. 8

6. 7

7.1

7. 3

7. 2

7.1

6.9

6. 3

6. 0

5. 8

5. 4

5. 1

4.0

4.4

5 .3

3- 70

6.8

6.7

7.1

7.2

7. 1

7. 0

6. 8

6. 3

6. 0

5. 9

5. 6

5.3

4.6

5. 0

5 .8

6.3

4- 7 0

6. 5

6.4

6. 7

6. 8

6. 7

6.6

6.4

5. 9

5. 6

5. 4

5. 1

4.8

f 4. l l

4. 3

4 .5

4 .2

7. 3

7. 7

7.1

7. 0

6.5

6. 3

6. 3

6. 1

6.0

5.6

6. 1

6.8

7. 3

7.7

7. 9 i l l . o l

9 6 8 .5

7.0

6. 9

7. 2

7. 3

7.3

7. 2

7. 1

6. 7

6. 5

6. 5

6. 4

6.3

6.0

6. 5

7. 1

7. 5

3- 66

4-66

1- 6^

2- 67

3- 67

4- 67

1-68

2- 6 8

3- 68

4- 68

1- 69

2- 69

3- 69

4- 69

1- 7 0

2- 70

3- 70

„ . . 'V

9«ft*4
1. 020. 8

8 .3

I

1 .0 4 1 .3

T

6. 8

2-71

Y-^. +11.0%

1

6. 9

7. 2

9 8 3 .5

0

1-71

\

*

1
'

6. 9

2- 70

I N I T I A L QUARTER

.ÜOMTEft
3-f>6

4- 66

1- 6 7

2-1
>7

3- 6 7

4—66

4.9

1-67

1.9

2- 67

2. 3

1. 1

3.Ü

3- 67

2. 8

2. 2

3. 7

4.4

4-t>7

2. 8

2.3

3. 4

3.6

4- 6 7

PREPARED BY FEDERAL RESERVE BANK OF S T . LOUIS
AUGUST 2 0 . 1971
NATIONAL PRODUCT IN CONSTANT 195S DOLLARS
COMPOUNDED ANNUAL RATES OF CHANGE
BI LLt ONS OF
I N I T I A L UUAKTER
DOLLARS
""
........... ÄWKJÄE RÀTÉ5
1- 69
2- 69
3- 68 4 - 6 6
3- 69 4 - 6 9
1- 68 2- 68
1- 70
2- 7 0 3 - 7 0 4 - 7 0
1- 71

2. 8

6 6 8. 1
-0.9

666.6
6 7 1. 6
67 8 . 9
683.6

1- 68

3.2

2.9

3. 9

4.2

4. 1

5.4

2- 68

3.8

3.7

4.6

5.0

5. 2

6. 4

7.5

3-bW

3. 9

3.7

4.5

4.8

4.9

Ô.6

5.8

4.0

4- 6 8

3.7

3.6

4.2

4.4

4.4

4.8

4.6

3. 2

692.6
7 0 5. 3
712. 3
2.4

71 6. 5

1- 69

3. 6

3. 5

4.0

4.2

4. 1

4. 4

4.2

3. 1

2.6

2. 8

2 - 6 ‘»

3.4

3. 3

3.«

3.?

3. 8

3.9

3.6

2.7

2.2

2.2

1. 6

3-69

3. 3

3.2

3. 6

3. 6

3.5

3. 6

3. 4

2.5

2.2

2. 1

1. 8

4-69

2. 9

2.a

3. 1

3.1

i.O

3. 0

2.7

1. 9

1. 4

1.2

0.7

0.3

1-7J

2 . r>

2.3

2.6

2.6

2.4

2. 3

1. 9

1. 2

0.

7

0. 4

-0.2

-0.8

-2.2

-2.9

2-70

.2.4

2.2

2.4

2.4

2.2

2. 2

1. 8

1.1

0.7

0. 4

-0.0

-0.4

-1.2

-1.1

0.7

-0.6

-0.3

1. 0

1- 1. 3 1 - 1 . 3
L...
.1
0.2
0.5

-0.7

-1.4

1. 4

1. 6

1 .8

721.4
7 2 4. 2
2.0

r

727. 8

\
■ST

725. 2

l.w/O—

719. 8
721. 1

3-70

2.3

2.1

2.4

2.3

2. 1

2. 1

1. 7

1. 1

0.«

0. 5

0. 2

-0.1

4-70

1.9

1. 7

1.9

1. 8

1. 6

1. 6

1. 2

0.6

0.2

-O.t

-0.4

-0.8

1-71

2.2

2. 1

2. *

2.2

2.1

2.0

1. 8

1. 2

1.0

0.8

0.6

0.4

2-71

2.3

2.2

2.4

2. 4

2.2

2. 2

1. 9

1. 5

1. 2

l.l

1. 0

0.9

0.7

l.l

1. 9

2.2

2.5

3- 66

4-6o

1- 67

2 - 67

3- 6 7

4-6 7

1- 68

2- 6 8

3- 68

4- 6 8

1- 69

2- 69

3 - 69

4- 6 9

1- 7 0

2- 7 0

3 - 70




1. 2 X

7 2 3. 3

- . r Y

\

+ 6 .0 %

» . A

1 6.0 1 4.1
4-70

715.9
7 2 9. 7

v
1

737.0

1- 71

PREPARED BY FEDERAL RESERVE BANK OF S T . LOUIS
AUGUST 19, 1971

9

DEMAND
RATIO

SCALE

1963
U.GNP

AND

PRODUCTION

TOTALS

AT

QUARTERLY

1964

1965

1966

1967

IN CURRENT DOLLARS.

I2JSNP IN

ANNUAL

RATIO

RATES

1968
SOURCEt

1969
U.S.

1970

SCALE

1971

DEPARTMENT OF COMMERCE

1958 DOLLARS.

PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR P E R I O O S
LATEST OATA PLOTTEOt




I NO I C A T E O .

2ND QUARTER

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

10
F I N A L S AL F T I N C U R R E N T D O L L A R S
CO MP OU N D ED A NN U A L K A T E S OF C HA NG E

BILLIONS OF
OOLLARS
ANNUAL RATES

INITIAL QUARTER

TERMINAL

QUARTER

3-*6
4-66
i-67

4-66

1-67

i-67

4-67

1-68

2-68

3-67

6.5

7.4

7.1

7.3

7.2

1-68

7. f

8.5

8.7

7.7

8.4

8.6

.,8

4-70

1-71
750.8

8.8

805.9

10.1

831.2

13.2

8.7

9.5

10.7
1C. 3

847.8

8.2

9.5

8.9

s.*

8.5

9.0

9.5

8.5

8.5

8.9

9.2

8.3

2-69

7.8

8.2

8.3

8.3

8.6

7.9

3-69

7.7

4-69

7.5

1-70

7.4

7.7

2-K

7.2

7.5

1 3.1 1 8.1
XZ± J
7.9
7.9

6.1
7.9
7.7

8.3
8.0
7.8

8.8

867.5

9.6

8.2

8.4

8.3
8.3
7.9

8.0

6.5

7.8

8.1

7.4

7.7
7.3

7.9

7.2

7.1

882*1-------

6.9
7.6
7.4
7.2
6.8
6.7

\

8.3

5.3

5.2

4.6

6r8

6*4

6.3

_ 5.9

6.6

6.2

6.1

5.7

5.5

6.9

7.4

7f4

7.3

7.4

7.4

7.0

6.9

6.6

7.4

7.4

7.3

7.4

7.4

7.0

6.9

6.7

6.6

1-6*

2-6*

3-67

4-67

1-68

2-6 8

3-68

4-68

7.2

r v

6.7

6.9

7.2

5.8

6.9

? t0

7.0

5,5
rrri

1.5

7.3

6.9

6.4

6.2

5.8

942.3

6.0

7 f3

7.4

5.7

5.3

5.0

1
—

1

5 .2

5 .1

4.7

1

4.5

\

4.8
4.1

6.3

! n ! T ! al

929*1 ------

6.2

5.6

7.2

K + 5 A %

6.1

6.3

6.6

7t3

7.5

915.0
6.6

6.8

7.3
6.8

M

7.3

899.8
6.9

7.6

4-66

*
i
o

3-70

2-70

792.2

H.4

2-71

1-70

7.1

7.9

1-71

4-69

6.4

1-69

6.8

3-69

780.0

8.9

8.6

a.**

7.1

2-69

8.2

2-68

3-7u

1-69

764.8

7.9

6.6

4-68

4-68

7.7

*>.5

4-67

,3-68
•

3.7
5.7

2-67

3-68

2-67

6.3

6.4

6#4

6 .4

6 .5

2-69

3-69

4-69

1-69

955.6
\

^JO.O/o
«78.4

5.0
3.8

2.6

984.7

>

14.0

8.2

7.1
1-70

7.9
3-70

4-70

1.017.*

7.3 1

10.6

2-70

\

1.035.6

1-71

o'uAfefE«

"

PREPARED

BY F E D E R A L

RESERVE

BANK

OF

ST.

LO U IS

FIW Ä I"SALES
C U M POU NO eO

IN CONSTANT 1 9 5 « DOLLARS AUGUST 2 0 * 1971
A NNU AL R A T E S OF CH A NG E____________________________________________________________________________
B ILLIO N » W
I N I T I A L QU A R TE R
OOLLARS
ANNUAL R A T ^ *

TERM INAL
QUAJtTkrA

2-67

3 - 67

4-67

1- 68

2-68

3- 68

1- 69

4-69

2-69

3- 6 9

4-69

3- 70

4-70

1- 71
649.5

0.2

1- 67

l-<»7

0
1
C
M

4- 6 6

4-66

0
1

3- 66

2.6

*».o

657.5

2- 6 7

?• 8

5.6

6.1

3- 6 7

4.3

4.4

4.0

2.3

4-67

3. 1

3.8

4.4

2. 1

1—68

4.2

5.0

4.*

2- 68

4.1

4.8

4.7

3- 6 8

4. 2

4.8

4-68

4.0

4.5

667.3

w +44%

670.6
674.4

2.3
5.9

9.6

*•4

5. 2

6.7

3.8

4. 8

4.5

5. 2

6.2

4.5

5.2

4.4

4.1

4.6

5. 1

3.7

3.6
3. 7

690.0

1- 69

4. C

4.3

4.1

4.4

4.9

3.7

2-69

3.8

4.1

4.0

3.8

4.C

4.3

3.3

3- 6 9

3.4

3.7

3. 6

3. 3

3.5

3. 7

2.7

4-69

3.3

3.5

3. 4

3. 1

3.2

3.3

1- 70

3. j

3. 2

3.0

2.8

2.9

2. 9

2-70

2.8

3.0

2.8

2.5

2.6

3- 7C

2.6

2.8

2.6

2.3

4-70

2.2

2.4

2. 2

696.5

I
t

I
1

705.3

?. }

709.0

.

+ 0 5 %

3.0

3.*>

2.5

2.6

1. 4

2.5

1. 9

i.e

0.8

2,5

2.3

1. 7

1. 6 - 1 o« * 1 0 . 6

0.9

2, 1

1.9

1. 3

1. 2

0. 5

0.2

0.3

-0.4

2.6

1.9

1.6

1.1

C.9

0.4

0. 1

0.1

-0.3

-0.2

2. 4

2.4

1. 7

1.4

1.0

C.tt

0.3

o.l

0. 1

-0.2

-0.0

0.2

719.4

1. 9

1.9

1. 9

1. 2

0.9

0.5

0.3

-0.2

-0.5

-0.6

-1.0

-1.2

-1.7

712.8

0.8

l.l

718.3
0.2

718.6

\

1- 71

2.6

2.7

2.5

2.3

2,3

1.8

\ •*

l.l

0.8

0.7

0.8

2- 71

2.6

2.7

2.6

2.3

2.4

2.4

1. 8

It*

1,4

1. 3

1. 0

1. 0

1. 1

3- 66

4-66

1- 67

?-67

3- 67

4-67

1- 6 8

2- 68

3- 6 8

4-68

1- 6 9

2-69

3- 69




INITIAL

ouartpr

715.8

> v

720.3

\

1 1. 1 1 1'.4
4-69

1-70

719.5
>

+ 1 .1 %

719.1

1. 5

2.2

8.3

\

1. 8

2.4

5.5

2.8

2-70

3-70

4-70

1- 71

.......... -

727.1
1

732.1

—

PREPARED BY FEDERAL RESERVE BANK OF S T . LO U IS
AUGUST 2 0 9 1971

11

FINAL

SALES

TOTAL SPENDING LESS CHANGES IN BU SI N ESS
RATIO

SCALE

TRILLIONS

QUARTERLY

OF

DOLLARS

TOTALS

AT

SEASONALLY

ANNUAL

INVENTORIES
RATIO

RATES

ADJUSTED

TRILLIONS

OF

SCALE

DOLLARS
2

1

1

.

.

1

1.0

0 .

0 .

0.8

0 .

0.7

0 .

0.6

0 .

0.5

1963

1964

1965

1966

1967

1968
SOURCE:

PER CENT A GES ARE ANNUAL R AT E S
LA TES T

DATA PLOTTED:




OF CHANGE FOR P E R I O D S

1969
U.S.

1970
DEPARTMENT

1971
OF COMMERCE

INDICATED.

2ND QUARTER

PREPARED BY FEDERAL RESERVE BANK OF ST.

LOUI S

12
CONSUMER PRICE tNDEX *
COMPOUNDED ANNUAL RATES Of XHANfiE.
TERMINAL__________________________________________________________________ I N I T I A L MONTH___________________________________________________________________ L9£3_*_l Qfi ------MONTH
1-70
2-70 3- 70
4-70
7-70
8-70
9 - 7 0 10- 70 11- 70 12- 70
1-71
2- 71
3- 71
4- 71
5- 71
5-70
6.-71
7- 7 1.
6-70
2-70

6.5

3-70

6.5

6.5

4-70

6.9

7.0

5-70

6.5

6-70

6.5

7- 7 0

113. 9.

6.5

6.5

5.3

6.4

5.9

6.4

6.1

6.0

5.9

5.3

5.3

._

rv

8- 7 0

5.5

•
IT

5. 1

4.5

4.2

3.1

5.6

5.5

50

4.9

4.7

4.2

10- 70

5.7

5.6

5.5

5.1

5.1

11 - 70

5.5

5.4

5.3

5.0

4.9

1 2- 70

5.6

5.5

5.4

5.1

5.1

1- 71

5.2

5.1

4.9

4.7

2- 71

5. 0

4.8

4.7

4.4

_

8- 71

4.9

6.3

4.7

5.6

__ 5 . 2

4.

4.9

5.0

5.8

5.6

5.

6.

4.6

4.3

4.3

4.8

4.4

3, .8

3. ft

4.3

4.0

4.0

4.3

3.9

3,,3

3.

11

?\ + 4 .3 %

119. 2

1.0

1

1.5

2.0

110. 4
1 19.P,

4.4

4.3

4.0

4.0

4.3

4.0

3, ,5

3i 3

2.4

3. 1

4.3

4.3

4.0

4.0

4.3

4.0

3«.ft

3, 5

2.8

3.4

4. 1

4. 1

4.7

4.5

4.4

4.2

4.2

4.5

4.2

4«i**

3.

1*0

4.9

4.7

4.6

4.5

4.5

4.7

4.6

4..3

4. 4

4.8

4.7

4.6

4.5

4.4

4.4

4.6

4.4

4.2

4*3.—

4.8

4.7

4.5

4.5

4.3

4^5

4.4

4.,2

2- 7 0

3-70

4-70

5-70

6- 70

0

4.6
4.6

1
f*

4.8
4.7

1- 7 0

8- 70

1

______ 119. 1...... ...

4.9
_.

ft-

______ 118. 5

4.8

7- 71
.

4.7
4.6

5a

. 6 - 7 1 . .__

120. ?

3-5

4. 1

4 . ft

5. 1

6.?

4. 1

4-7

5 .4

5.«

6 .7

4.2

3 .9

4.4

4 .9

5 .1

5 .4

5 .1

3 .0

4. 2

3 .9

4.4

4.7

4 .9

5. 1

4 .7

*.5

9 - 7 0 10—70 1 1 - 7 0 12- 7C

1- 71

2- 71

3- 7 1

5- 71

6-71

9

4- 71

7 .2

1 2 1 .5
1 71 - f l

122

\

4.01

.?

7-71

I N I T I A L MONTH
* _ _ NOT SEASONALLY ADJUSTED____________________________________________________________

PREPARFO

WHOLESALE PRICES r n M P r w iM r > P n

8Y FEDERAL

RFSEPVF

BANK

OF

ST.

LOUIS

INDUSTRI AL COMMODITIES *

a m m iia i

b a t f

^

of

r.HAMfiP-----------------

I N I T I A L MONTH

TERMINAL
1 -7 0

7 - 7 rs

*-7 0

4 -7 0

«Í-7 Q

A -7 ft

7 -7 (1

f l - 7 0 ____Q - 7 r t

1 0 -7 0

1 1 -7 0

1 9 - 7 0 ____ L = 2 J -------2 = i l ------ 2L=ZJ—

4=2J—

5 e 3 J ------ 6 = 2 1 —

7 r I.L .,
io a ,7

? -7 0

10 8 . 9
-£ = 2 £ L .

J X jJ L .

■¿a.4

UMU3L

4.5

IN IT IA L MONTH
_±— NOT SEASONALLY- A D J U S T E D .




_

...

11 7 . 5

6 .3 ^ ^

4.9

.......5- 71. .

7
_

11 6..°
4.2

4.8

4- 71

J L L 5 ji

...
116. 7

9- 70

_ ...3 - J 1

_

115. 2

7.6

6 *5

_

.

114. 5

PREPARED BY FEDERAL RESERVE BANK OF S T . LO U IS
_£JEJ»TFMRFR
1971

13
RATIO

PR I C E S

SCALE

RATIO

SCALE

1967-100
130

1967-100
1 30

I
JA*. ‘6J

11

*
jw .rsr

\
Mif i. 'S S

*
A S. W
O

*

jùm 'ro

125

1 25
+4.
3 A ll. 1
0

120
CONSUL ER

1 15

120

1 15

*6 1
Z

1 10

1 10

*4. 6X
•

105

/

oo

95

105

S '

100

+2 . 9 X ^

•
- + /ir

95

JF

1 20

1 15
1 1 0

105
100

95

1963

1964

1965

1966

1967

1968

1969
SOURCE:

P ER CENTA GES ARE ANNUAL RATES OF CHANGE FOR P E R I O D S
L A T E S T DATA PLOTTED:



1970

U.S.DEPARTMENT

1971
OF LABOR

INDICATED.

AUGUST

PREPARED BY FEDERAL RESERVE BANK OF ST.

LOUI S

90

14

WHOLESALE PRICES« ALL COMMODITIES *
r.flMPfUmDFO AMfmiAl RATES OF CHAMfiF___
MONTH

1047 «

IMITI AL MOUTH

T E R MI N AL

i,Tft

-2&I0-

*-7n

4.7ft

x -in

ft

M

a .™

T-7rt

«wmi i/wtft i i v M

i*.to

i-t i

> .t i

^ fi

i J i — SsZf— t e ll— Zs2JL
1Q « « 1

Ì 4 Ì ..................................................................................................................................................................................................................... ................. .... - — -------------------------

„ LQ fr.3 .

-3 * 3 ____2 * 2 -

-à sIQ ,,

- 2*2____ L*l _

-5=-7..0—

- 2*2--------U i .

.1 + 1

io*»a .

J U L .

&.?n

9

1

9

&

1

11 ft. i

-2*2-

.

«

9

«

fH?n

9

9

1111*3.

9

1

110*5—

1
•

0.70

1

9 .»

9.. n

9.. ft

9.. A

9

«

9._ A

A .«

ft . A

1-

i

a

1 .. ft

1 A

1

i.

1

e

i .9

A

A

1. «

—ft .ft

.1 . t

1

0

•. a
%

9 Q

» .9

1

9

9

4

ft

A 9
.

9.0

4i °

7 ,i ft

\A ., \

9 .O

9 |a

^

4 i*

1 i fl

7 ,4

.ft

9 a

9

4

4 1?

1 i

n

«1 , ^

\

Ai4

«J , 3

fti ?

V

1 ,.ft

1 PI

1_T

t

9

a

f —71

9

t

9

* !

T i( ft
t

9

9 ( 1

5

2

%

a

a

? 1°
7f

Iftft

t

9

9

9

n

? j9

9 A

9

«

9

K

9

1

A

* 4 1n

1

’ if

1 1 L *Q .._

-------- 1 1 J U 9

--------U 2 * 8 —

1 11
?, , 1

--------1 X 3 * 0 —

,7

i?
A,

_____ 1 1 3 * 3 ------

.

-

,

ft—71

f

n

!
Ji |

7

4

9

K

■
*

A| |

4 j rt

▲ , it

If , 3

A in

5, , ^

A.iO

4. ,7

« t*

* r * - ..........

7_ 7 1

9 r9

a (^

9 .9

9 IA

*

«;

9

A

9.9

*■ 1 !

* r°

A.9

5, fj

if . ft

« ., 1

3, i 9

4., \

A. 7

A ->

a —-» i

9

9

» . 1

9

a

U

1

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.

9

i.n

9

A. 9

L.. n

ft.

4.. A

V .A

4.. 1

1- 7 0

?-70

1- 71

2- 7 1

3-71

9

3-70

4-7«

5-70

6-70

9

7-70

8-70

Q

9 - 7 0 10 - 70 11 - 70 12 - 7 0
TN ITTA L

.

-

.. - I I A * 3 -------

-

_____ L L f c * 6 -------

».O

4- 71

-

ii3 *a —

“ -?
I

5-71

6-71

_ ...... 1 1 4 * 9 ---------

7-Tl

MONTH

_*— tOQ.T- SE ASIN-ALI * ..AO JUS TP 0

PRFPAREO BY FEOERAL RESERVE BANK OF ST» LOUIS
C C P T P M ft C P

%.

1071

W H O L E S A L E P R I C E S - FARM P « O m » C . T S t ANO P R O C E S S E D F OO DS ANO F E E D S *
------------------------------------------- CflMPaUMOffO AMftUAAI. R A T F S OF C H A N f if -----------------------------------------------------

..ESAMINAI

- U l f l — 2 * Jfl— IsJLQ—
-

2.1.7-Q
-.

A» *

—

< a L * IA ___&a..lA...I r r l f l___ 0*2.Q___flm .Zfl.-lflr.lfl
à 2___S

?

- s . ft

-ft,.7

-A t9

• \A*
, i

,q

-4,.?

-fiT•
?

s,^

7« 7ii ... .... \ r fl

1,?

1 ,. 9

*»-A

5
1?,*

•fl

• “ x.A
K

- l rA

0 ,0
.

*7 - 7 0 i ,q

1*7

3,. *
1

,1

irV, -0

.9,7

*1 , g

*—70

R-7n

n±.

ft

C
i
IS
II
O
j

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■

_ - 0, i

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- .....i n - 7-0

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1 1 1- 7
| .0

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i

111-2
,
1 ft i ?

112-4

«Ai , a ■?1 19

1 1 ft. %

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rn
-6 1

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12- 70

1
- 9, <

•9 ( 7
,

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r?

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■5

«Si ■ft •i i . 9

,7

■1 , i

- ....... 1,-71-

-“ Vi, 5

3- 71

___ 1 , 0

*- 71

- 0, a

......

... n .
- .

M 4

.... - .... 4- 71
7 —7 |.

V,
■ -1, 9

*9

- o , .0

10 0 .0

•ft . —4i, 3

- Ai ■ft

,3

l ft O. 9

- 4 rA

1 A ■4

11 ft- T

«?!■n

9

-1 , 9

7

0, 7

0 ,t 7

I ,0

?,g

.4

0<i il

4,, A

?,1

i ,?

2A , 1

3ft , 4

r, , s

ft, A .... J ^

? ,4

*0

Oi.n

* ,4

1,A

, q .... «1 , 0.

1 s ,9

15 •ft

—ft .’n ..... l . ,

1 , § . _ 4_, \

1.V

2i , i

17

i

i ,l

1.r )

2. 1

2 ■fl

*5

,0
1<

V ,7

i,7

1 ,.a

4{Ti

3,, ^

*^

11,9

A,•4

1

t?

4 tL

ft,

11 4 - 4

r 1

It"».*

....

7, A

11

A

9 7

,3

A t 5_

14 . 1

10 , 1

? ■5

4 t O.

}

. ftt 7
_

1j , s

in , ^

4 •R

7.»

1 1. A

li.J

A. 1

r.7

.... 1 T *
i

i ,>4,

J*1•

9-9

? ,<
3

*7

1 .,4

v ,7

7 .ft

7

_____ a- 7J _ .. .. 1- ?

i.1

1. 1

1. 0

?,. 4

.3

1. n

1.. i

. 1.a

u .. 7

1- T 0

?-7 r

3-70

4-70

*5-70

6 70

7-70

8-70

-F T1

?.n

0, 1

7 ,9

3 .0

ft^7_

7 .4

a.

1

i .A

1 - 71

? - 71

3-71

114.«

1 -1

Ì.A.

9 - 70 10- 70 11- 70 l ? - 70
T N I T ! AL

—r— Max s g a s a m i *

1 19.A
-? , 1

7, i o

?

o

i l 2 ..a

-112*9...

-1- 1

- .....«i - rn. ...

...

1 . 1 7-fl 12-.7.0___ La 2J___ 2r J J ___ 3a i l ___ A&2J___ S a i l ___ t e t t ------2 = 2 1 .

- - .............. ..............................................................................................................................................................................................................................................................................................................................................................................................

..? - 7 .

-JbOfì-

19A7 Jt. l QO.

. . I N I T I A L MONTH

■

1l f t . 4
-4. 1

11 ft.ft

-4.1

4- 71

5- 71

-4.1

6-71

7- 7 1

114.A

MONTH

AnjusTfo




PRFPARED BV FEDERAL RESERVE BANK OF S T . LO U IS
S£2X£MB£R 3 . 1971

15
GENERAL
RATIO

PRICE

INDEX*

SCALE

RATIO

1 95 8 - 1 0 0

SCALE

1958-100

1963

1964

1965

1966

1967

1968

*A S USED IN NATIONAL INCOME ACCOUNTS

1969

1970

1971

SOURCE* U .S. DEPARTMENT OF COMMERCE

PERCENTAGES ARE ANNUAL RATES OF CHANCE FOR PERIODS INDICATED.
LATEST DATA PLOTTED* 2ND QUARTER

PREPARED 0Y FEDERAL RESERVE BANK OF

ST. LO UIS

I MPL I CI T PRICE DEFLATOR FOR GRiTSTS” IWTTDNA1 PRODUCT
_________________________ COMPOUNDED ANNUAL RATES OF CHANGE__________________________________________________________________
_________•
TERMINAL________________________________________________
OUARTER
1-6B
2- 67
3-67
4-67
3- 66
4-66
1- 67
4- 66

3. 0

2-68

4- 68

3- 68

1- 69

3- 69

2-69

4-69

1- 7 0

3-70

2- 7 0

4-70

100

1- 71
115. 4

3. 2

1- 67

I N I T I A L QUARTER_________________________________________________________________ 1958 «

2.8

116. 2

2- 67

2. 7

2.4

2. 1

\

116. 8

3- 67

3. 1

3.0

3. 1

4.2

118. 0

4—67

3. 4

3.5

3. 7

4.5

1- 68

3.4

3. 5

3. 6

4. 1

2- 68

3. 5

3.6

3. 7

3- 68

3. 6

3.7

3. 8

4- 6 8

3.7

3. 8

3. 9

1- 69

3. 8

3.8

4. 0

2- 69

3. 9

4.0

4. 1

3- 69

4. 1

4.2

4. 3

r

119. 4
1 20. 4

4. I

3. 4

4. 1

4. 1

3. 7

4.0

4.2

4.2

3. 9

4.2

4. 3 Ì

4.2

4. 2

4.1

4. 3

4.5

4 .6

4.2

4.2

4.1

4.3

4.4

4.4

,.2 '

4.4

4.4

4.4

4.6

4.7

4.8

4.9

*. 5
5

4.6

4.6

4.6

4. 8

5.0

5. 1

5.3

5. 8

6.1

129. 2

4.6

4.8

4.9

5. 0

5.1

5.5

5.4

130. 7

12 1. 6

x
_

1
1

4 -A

122. 9

QO/

124. 3

X

125. 6

r s

)
1

127. 3

+5. U /O r
1 J 8%

^

4- 6 9

4.2

4. 2

4.4

4.6

4.6

1- 70

4.3

4.4

4.6

4.8

4.8

4. 8

5. 0

5.2

5. 3

5.4

5. 7

5.8

5.7

6.6

2- 7 0

4.3

4. 4

4.6

4.8

4.8

4.8

5. 0

5.1

5.2

5.3

5. 5

5 .5

5.3

5.6

132. 8

1

1

4.6

.

134. 3

+5 1%

3- 70

4.4

4.5

4.6

4.8

4.8

4. 8

5. 0

5. 1

5.2

5.3

5. 4

5. 4

5.3

5.4

4.9

5. 2

4- 7 0

4.5

4.6

4.7

4.9

5. 0

5. 0

5. 1

5.2

5. 3

5.4

5. 6

5. 6

5.5

5.7

5.4

5. 7

6.3

X

1-71

4.6

4.6

4. 7

4.9

5. 0

5.0

5. 1

5.2

5. 3

5.4

5.5

5.5

5.4

5.6

5.3

5. 6

5. 8

5.3

X

2- 71

4.5

4.6

4. 7

4.9

4.9

4.9

5. 0

5. 1

5. 2

5 .3

5. 4

5.4

5.2

5. 3

5. 1

5.2

5.2

4.7

4.1

3- 66

4- 66

1- 67

2- 67

3- 67

4-67

1- 68

2-68

3- 68

4-68

1- 6 9

2-69

3-69

4-69

1- 70

2-70

3-70

4-70

1- 71




136. 0
136. 1
139. 9
1

141. 3

I N I T I A L QUARTER

7KEFXffED~B?.FEDERAL I E S E K V T S A W ÖF"5T. LOUIS
AUGUST 19» 1971

INVENTORIES

COMPARED WITH MONTHLY S A L E S *

MANUFACTURING

«RATIOS

BASED

ON S E A S O N A L L Y

ADJUSTED

AND

TRADE

DATA.

S OU RC E t

U . S . DEPARTMENT

OF COMMERCE

S H A D E D A R E A S R E P R E S E N T P E R I O D S OF B U S I N E S S R E C E S S I O N S
AS D E F I N E D BY THE N A T I O N A L BURE AU OF E C O N O M I C R E S E A R C H .
LATEST

DATA

 ♦ D A T A R E V I S E D


PLOTTED:

JULY

PRELIMINARY
PREPARED

BY F E D E R A L

RESERVE

BANK

OF S T .

LOUIS


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102