Full text of National Economic Trends : February 1973
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
n f ln o n m economic
PREPARED
MONTH ENDING:
BY
January 31, 1973
FEDERAL
RESERVE
BANK
trciids
OF
ST. L O U IS
RELEASED:
February 23, 1973
Total spending on goods and services increased from
the third to the fourth quarter of 1972 at a slightly slower
rate than initially reported. According to recently revised
data, total spending rose at an 11 percent annual rate from
the third to the fourth quarter, and real product rose at an
8 percent rate. Real product increased 7.6 percent for the
year ending fourth quarter 1972, compared to an annual rate
of increase of 3 percent from the third quarter of 1970 to
the fourth quarter of 1971.
Total civilian employment rose at a 2.9 percent
annual rate from December 1971 to January 1973 while the
civilian labor force increased at a 1.9 percent rate during
the same period, resulting in a decline in various unemployment
categories. The unemployment rate of all civilian workers fell
to 5 percent in January 1973 — one percentage point below the
6 percent level of November and December 1971. The unemployment
rate of heads of households fell from 3.7 percent in December
1971 to 2.9 percent in January 1973, while the unemployment
rate of teenagers fell from 17.1 percent to 14.3 percent
during the same period.
Unit labor costs rose 1.7 percent for the year ending
fourth quarter 1972, compared to a 2.2 percent increase in
1971. Yearly increases in unit labor costs have slowed almost
continuously since the year ending first quarter 1970 when unit
labor costs rose 8.8 percent. The increase in unit labor costs
decelerated to 3.8 percent for the year ending second quarter
1971, just prior to the start of the New Economic Program.
The slowdown in unit labor costs since 1970 has resulted from
an acceleration in output per manhour and a deceleration in
compensation per manhour.
The rise in the implicit GNP price deflator slowed to
a 3 percent rate for the year ending fourth quarter 1972, down
from a 3.6 percent increase in the preceding year. Yearly in
creases in the implicit GNP price deflator have slowed since
early 1970 when prices rose at a 5.9 percent rate in the year
ending first quarter 1970. By the year ending second quarter
1971, prior to the start of the New Economic Program, the rise
in the implicit price deflator had decelerated to 5.2 percent.
2
TOTAL CIVILIAN EMPLOYMENT
f.QMPQUNQEQ A h N U A L R A I i S OF C H A N C E
TERMINA1__________________________________________________________________ I N I T I A L M O N T H _________________________________________ ___ _______________________ T H O U S A N D S
MONTH
OF P E R S O N S
__________ 6-7 1
7-71
ft-7l 9 - 7 1 in-71 n - 7 1 13-71___ j -72 Z r U .. 3 - 7 ?
4 - 7 2 ___5 - Z 2 A z 2 2 — Z=22 — 1=12 — 9 - 7 2 lfl-72 1 1 - 7 2 1 2 - 7 2 ----------------
P R E P A R F D BY F E D E R A L R E S E R V E
F E B R U A R Y 5. 1 9 73
BANK O c ST.
LOUIS
PAYROLL EMPLOYMENT
C O M P O U N D E D A N N U A L P A T F S 0* C H A N G F
T E P M INAI
Mh n Th
I N I TIAL 1m o n t h
6-71
7-71
8-71
9-71
7-71
-0.7
A-71
-0.?
0.3
9-71
1.5
2.7
10-71
1.2
1.9
2.7
0.3
10-71
11-71
12-71
1-7?
2-7 ?
3-72
4-72
5-72
6-72
7 -7?
8-72
9-72
10- 7 2
THOUSANDS
OF P E R S O N S
11-72 12-72
70,532
70,548
70,843
70,861
11-71
1.8
2.4
3.2
2.2
4.2
12-71
2.0
? .6
3.2
2.6
3.7
3.2
1-7?
?.4
2.9
3.4
3.0
4.0
3.8
2 -72
2.5
3.0
3.4
3.1
3.8
3.7
3.9
3.3
3-7 ?
2.7
3.2
3.6
3.3
3.9
3*9
4.1
3.9
4-72
2.8
3.3
3.6
3.4
3.9
1.9
4.1
3.9
4.3
4.0
5-72
3.1
3.5
3.9
3.7
4.?
4.2
4.4
4.4
4.8
4.9
5.9^
6-7?
3.0
3.4
3.7
3.5
3.9
3.9
4.0
3.9
4.0
3*9
3.8
i >
72,699
7-72
2.7
3 .0
3.3
3.1
3.4
3.3
3.3
3.1
3.1
2.7
2 .3
0.6
72,661
8-72
2.9
3.2
3.5
3.3
3.6
3.5
3.6
3.5
3.5
3.3
3.1
2 .2
2 .4
5.5
9-72
2.9
3.?
3.4
3.3
3.6
3.5
3.5
*«4
3 .4
3 .3
3.1
2.4
2 .7
4.3
10-72
3.2
3.5
3.7
3.6
3 .8
3.8
3.9
3.8
3 .9
3.8
3.8
3 .3
3.7
5.2
5.1
7.0
11-7?
3.3
3.6
3.8
3.7
4.0
3.9.
4.0
3 .9
4.0
4.0
4.0
3.6
4.0
5.2
5.1
6, I
12-72
3.2
3. 5
3.7
3.6
3.8
3.8
3.8
3.8
3.8
.3.7
3.7
3.4
3.7
4 .6
4. 3
4 .7
3.6
2 . o \
7 4,024P
1-73
3.2
3.5
3.6
3*6
3.8
3.7
3.8
3.7
3.8
3 .7
3.7
3.4
3 .6
4.3
4. 1
4.3
3.5
a.6
74,221P
6 -71
7-71
d-n
9-71 T O - 71 11-71
12-71
1-72
2-72
3-72
4-72
V-72
6-72
7-72
8-72
9-72
1 0- 7 2
71,103
71,291
71,552
71,744
4.6
72,011
..._L O X 07
+3,6%
72,246
72,592
-
o
\
72,984
73,176
73,589
5 .2
73,899
1 1 - 72 1 2 - 7 2
I N I T T AL M O N T H
P- P R E L I M I N A R Y
P R E P A R E D BY F E D E R A L R E S E R V E B A N K OF ST. L O U I S
P E B R U A R Y 2, 19 73
3
EMPLOYMENT
RATIO
SCALE
MILLIONS
OF
1965
RATIO
PERSONS
1966
SEASONALLY
1967
« DA TA FOR TOTAL C I V I L I A N
1968
1969
1970
1971
SOURCE:
EMPLOYMENT R E V I S E D FROM JANUARY 1 9 7 1 .
PERCENTAGES ARE ANNUAL RATES OF CHAN6E FOR P E R I O D S
L A T E S T DATA P L O T T E D :
MILLIONS
ADJUSTED
1972
OF
SCALE
PERSONS
1973
U . S . D E P A R T M E N T OF LABOR
INDICATED.
JANUARY P R E L I M I N A R Y
PREPARED BY FEDERAL RESERVE BANK OF S T .
LOUIS
4
IN DU STR IAL
COMPOUNDED ANNUAL
PROCUCTION
RATES CF CHANGE
I£ftMLNAJ_________________________________________________________ m i l l AL MJ.NI.H________________________________________1967 = 100
6-71
7- 7 1
b-71
9- 7 1
1 0 -71
1 1 -71
12-71
1-72
2-72
3-72
4-72
5-72
6-72
7-72
8-72
9-72
10-72
11-72
12-72
INITIAL M0NTH
P-
PRE L I M I MARY
PREPARED
FEBRUARY
BY F E D E R A L R E S E R V E
2 0 . 1973
B A N K OF ST.
LOUIS
5
INDUSTRIAL
RATIO
PRODUCTION
SCALE
1967-100
RATIO
SEASONALLY
ADJUSTED
PERCENTAGES ARE ANNUAL RATES OF CHAN6E FOR PE R I OOS
LATEST DATA P LO T T E D :
SCALE
1967-100
INDICATED.
JANUARY P R E L I M I N A R Y
PREPARED BY FEDERAL RESERVE BANK OF S T .
LOUIS
6
RETAIL
C O M P O U N D E D ANNU A L
___________________________________________________
SALES
R A T E S OF C H A N G E _________________________________________________
TERMINAL
INITIAL M O N T H
_________ ______________________________ M I L L I O N S OF
M O N T H ___________________________________________________________________________________________________________________________ '
DOLLARS
___________6-71
7-71
8-71
9-71 10-71 1 1-71 12-71
1-7 2
2-72
3-7 2
4-72
5-72
6-72
7-72
8-7?
9 - 7 ? 10- 7 ? 1 1 - 7 2 12-72________________
6- 7 1
7-71
8-71
9-71
10-71
11-71
12-71
1- 7 2
2-7 2
3-72
[N I Y { AL
4-72
5-7?
6-72
7-7 2
8-72
9-72 10-7.? 11-72 l?-72
'
month
"
—
— —
P- P R E L I M I N A R Y
E- E S T I M A T E D _______________________________________________________________________________________ ___________________________________________________________________
P R E P A R E D BY F E D E R A L R E S E R V E OANK OF ST. L O U I S
F E B R U A R Y 1?, 1973
P E R S O N A L I N COME
C O M P O U N D E D A N N U A L R A T E S OF C H A N G E
B I L L I O N S OF
T E R M I N A L _________________________________________________________________ I N ITIAL M O N T H
_______________________________ D O L L A R S
MONTH
ANNUAL RATES
6-71
7-71
8-71
9-71 10-71 11-71 12-71
1-72
9 -7 2 1 0 - 7 2 11-72 12-72
2-72
3- 7 2
4-72
5-72
6-72
7-72
8-72
7-71
-14. 1
fl-71
-2.9
9-71
862.4
869.1
9.7
-0.5
7.0
4.4
10-71
0.5
5.9
4. 0
3. 6
11-71
1.7
6.0
4.8
5.1
6.5
12-71
3.9
8.0
7.5
8.6
11 . 2
16.1
1-72
5.1
8.6
8.4
9.5
11.5
14.1
12.1
2- 7 2
6. 1
9.3
9.3
10.3
12.0
13.9
12.8
13.6
3-72
6.2
9.0
8.9
9.7
11. 0
12. 1
10.8
10.2
6.9
4-72
6. 4
8.9
8.8
9.5
10.5
11.3
10.1
9.4
7.4
872.2
874.8
879.4
890.4
898.9
908.5
913.6
7.9
919.4
5-72
6. 3
8.6
8.5
9.0
9.8
10.4
9.3
8.6
7.0
7.0
6. 2
6- 7 2
5.7
7.7
7.5
7.8
8.4
8.6
7.4
6.5
4.8
4.1
2.3
7- 7 2
6.3
8.2
8.0
8.4
9.0
9.3
8.3
7,7
6.6
6. 5
6.0
5. 9
13.8
8-7 2
6.5
8.3
8.2
8.5
9.0
9.3
8.5
8.0
7.1
7.1
6. 9
7.1
11.6
9. 5
9-7 2
6.7
8. 3
8.2
8.6
9.0
9.3
8.5
8. 1
7.3
7.4
7.3
7.6
10.8
9.3
9.0
10 - 7 2
7.7
9.3
9.3
9. 7
10.2
10.5
10.0
9.7
9. 3
9.6
9.9
10.7
13.9
13.9
16.2
23.8
11 - 7 2
8.2
9. 7
9.7
10.1
10.7
11.0
10.6
10.4
10.1
10.5
10.8
U . 6
14.4
14. 6
16.3
20.1
16.6
12 - 7 2
8.2
9.7
9.7
10.0
10.5
10.8
10.4
10.2
9. 9
10.2
10.5
11.2
13.4
13.3
14.3
16.1
12. 5
8.6
9 8 2 . 9P
1-73
7,9
9« 3
9.3
9.6
10.0
10*2
9,8
9.6
9.3
9,5
9.7
10. 1
11.9
11.6
12.0
12.7
9.3
5.8
3.1________ 9 8 5 . 4 P
1 1 - 7 1 12-71
1-72
2 -72 ' 3 - 7 2
4-72
5-72
6-72
7-72
8-72
9-72 10-72 11-72 12-72
.... 6 - 7 1 ' 7 - 7 1
"
“
8-71
9-71 1 0 -71
924.0
-1.4
922.9
932.9
940.0
946.8
963.8
976.2
iNiYlAL MONTH
P- FUFUTFTOniY"
TffFP'liffFO' ~BV TED'E ftAU ftESE'ftvE B A N K Of ST. ~ L 6 U i J
F E B R U A R Y 21* 1973
7
RETAIL
SALES
R A T I O SCALE
BILLIONS
R A T I O SCALE
OF DOLLARS
B I L L IONS OF DOLLARS
SEASONALLY ADJUSTED
45
45
)40.5
/
40
35
40
35
+ )4. 6 x / j
+ 3 .5 X
30
30
*/. r x
/
r
*9. J x /
25
JAM. •SS
25
MVt. w
1 1
20 1
1965
1966
w ./* 7
________ L I L
1967
m y . *.*0 AtK. w
At*. 'Sâ
♦ I1
_ J L
1968
1969
1970
JAM.
1r
♦
1971
1972
20
1973
SOURCE« U.S. DEPARTMENT OF COMMERCE
PERCENTAGES ARE ANNUAL RATES OP CHAN6E FOR PERIOOS INDICATED.
LATEST DATA PlOTTEOi DECEMBER PRELIMINARY, JANUARY ADVANCE ESTIMATE
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
PERSONAL
R A T I O SCALE
T R I L L I O N S OF DOLLARS
MONTHLY
I NCOME
T O T A L S AT A N N U A L R A T E S
SEASONALLY ADJUSTED
R A T I O SCALE
T R I L L I O N S OF DOLLARS
1.1
1.0
0.9
0.8
0.7
0.6
0.5
0.4
SOURCE* U.S. DEPARTMENT OP COMMERCE
PERCENTASES ARE ANNUAL RATES OF CNAN6E FOR PERIODS INDICATED.
LATEST OATA PLOTTED. JANUARY PRELIMINARY
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
8
GRÜSS NATIONAL PRODUCT
TfcRMINAL
QUARTFR
2-68
11.7
2-b8
3-68
4-68
1-69
2-69
3-69
4-69
3-68
10.1
8.6
9.1
7.8
7.0
1-69
8.8
7.6
7. 4
7.8
3-70
4-70
1-71
2-7 1
3-71
1-72
4-71
2-72
3-72
890.2
907.0
¿-69
a. 5
7.7
7.4
7.6
7.5
8.4
7.8
7.6
7.8
7.8
8.1
i- 6 9
7.7
7.0
6.7
6.6
6.2
5.6
3.1
5.9
3.5
3.9
5.2
4,3
4.9
-
L . 2 _ -iu 5 , .6 * 2 . ..6,»Q ..5.6
-Is-Q____ t u l ____ 6.2
__tuh
6.2
6.0
5.7
923.5
941.7
948.9
X
X ^ U . 1 %
*-70
-4
5.9
5.6
5.4
5. 1
4. 7
7.1
6. 6
6.5
6.4
6. 2
2-71
7.1
6.7
6.6
6.5
6.4
7.0
6.6
6.5
6.4
4-71
7.1
£.8
6.6
i-72
7.4
7.1
2-72
7.6
3-72
7.7
4-72
7.9
1-68
958.0
971.7
5.8
-6.1
-JuJl ____ 1±1____£*4____5 . 3
1-71
...-iT.il..
2-70
875.2
- 1-69
-3-7 0
1-70
857.4
4-68
-¿-H L ,
B I L L I O N S OF
DOLLARS
ANNUAL RATtS
I N ITIAL Q U A R T E R
1-68
i-70
IN C U R R E N T D O L L A R S
939.7
4.1
4.3
4.4
3.7
i.4
6. 0
5.7
6.2
6.8
7.2
7.7
6.3
6.0
6.5
7.0
7 .3
7.7
11.1
7.9
6.3
6.2
5.9
6.4
6 .8
7.0
7.2
9 .2
6.7
5. r \ + 9 . 9 %
6.6
6. 5
6.4
6.2
6.6
7.0
7.2
7.4
8 .9
7.2
6.8
7.0
7.0
6.9
6.9
6.8
7.2
7 .6
7.9
8. 1
9.5
8 .4
8 .5
7.4
7.3
7.3
7.3
7.3
7.2
7.6
8.0
8.3
8 .6
9.8
9 .0
9.2
10.5
11.7
11. 4
7.5
7.4
7.4
7.4
7.4
7.3
7.7
8.1
8.4
8.6
9.7
9.0
9.2
10. 1
1 0.8
10,1
8,9
7.7
7.6
7.6
7.6
7.6
7*A
8.0
8.4
8.6
8.9
9.9
9.3
9.5
10.3
io.a
10.4
10.0
II.0 1
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
2-71
3-71
4-71
1-72
2-72
3-72
U023.4
1,043.0
,
,
\
10 . 1
1 «056. <3
1.078.1
v
1,10 9 . 1
12.0
1,139.4
1*164.0
1.194.9
INITIAL QUARTER
P R E P A R E D BY F E D E R A L R E S E R V E BAN K OF ST. L O U I S
F E B R U A R Y 20» 1 973
G R O S S N A T I O N A L P R O D U C T IN C O N S T A N T 1 9 5 8 D O L L A R S
_________C O M P O U N P E D A N N U A L R A T E S OF C H A N G E __________________________________________
B I L L I O N S CA N N U A L RAILS
QUART £ R
1-68
2- 6 8
3-68
4-68
1- 6 9
2-69
3-6 9
4-69
1-7 0
2-70
3-70
4-70-1-71
2-71
3-71
4-71
1-72
2-72
3-7 2
7 05.3
2-68
7.5
:i-68
5.8
4.0
4-6.8
4. 6
3.2
2.4
i—69
4.3
3.2
2.9
3.3
2-69
3.8
2.9
2.5
2.6
1.9
3— 69
3.5
2. 7
2.4
2. 4
1.9
i.9
4- 6 9
2.7
1.9
1.4
1.2
0.5
-0.2
-2.2
1 -70
?.n
1.?
0.8
0.4
-0.3
-1.0
-2.4
-2.6
:>-7Q
1 .9
1 .3
0.9
0. 6
0.1
-0.4
-1.1
-0.5
1.6
\
723.2
1-7D
1 -Q
1- 1
1 .0
o.a
0.4
0.1
-0.3
0.3
1.8
2.0
726.8
-0.3
-0.7
-1.2
-1.0
-0.4
-1.4
-4.8
0.5
0.2
0.7
1.6____ 1.6
1 .4
0. 7
0.4_
■1--J1.
,1.1.
2-t J I .
1 .3 -
.IrJU .
■
Adi..
722.4
0.1
1*2-
7 25 . 8
729.2
_UÛ_
¿-.1
.
+6.3%
¿ . I ____ 2*2____fbJt____2*3____2*5.
7 ^ 5
JLaJi------ Zm JL------ 2*3------ l* fl____S*1____£*J____ _______ iu A
2. Û ____2«fl_
3 .2
3*4
_JL«-6___ Î êA ___± * - l ___ Î
_J*2___________________ 4 * 4____6 . 0
3.Q
¿.7____¿^i!____2 *6____2*5 ---- l*Ji-
1-72 .
H.1
2.9
2 . 8 ____2L*J____2* jÖ____2*3 ----2*£_
4-7?
^. 4
■*.?
1.1
3.2
3.2
3.2
3.3
3.S
4.4
4.7
5.0
1-68
2-68
3-68
4-68
1-69
2-69
3-6 9
4-69
1-70
2-70
3-70
718.0
r \
1
\
8 .0
JS x A ____1 ai__
-U 4t____2«Q .
_i^a___ LLZ___ La*------L*£_
1-12
720 . 4
<Li.S ___ Q_^a____ Q x L -
- U 3 ____ L-JL
2L.3...
725.1
v~-L.2%
5 .6
l2
_L5A^5_
766,5
___ 6^6___ 6jl5-
6*2
J tS
7* 9 ____2 * A _
-J u d ------4*4___ 4*_Z___ f u l___ 5*J&___ 6 .3
6.3
*
•
o
1-3
7 16,5
-J
4-70
712.3
_7fl3.«9
7 .2
7.4___ 1*3___ 6..A.
6.1
6.6
7.4
7.6
7 .9
7.2
1-71
2-71
3-71
4-71
1-72
2-72
8.0 1
811.6
3-72
INITIAL QUARTER
P R E P A R E D BY F E D E R A L
F E B R U A R Y 20. 1973
RESERVE
BA N K OF ST. L O U I S
9
DEMAND
RATIO
SCALE
TRILLIONS
1965
ILGNP
AN D
PRODUCTION
TOTALS
AT
QUARTERLY
OF
DOLLARS
1966
1967
SEASONALLY
1968
1969
RATIO
RATES
ADJUSTED
I N CURRENT D O L L A R S .
I2JBNP I N
ANNUAL
1970
SOURCE:
TRILLIONS
1971
U .S .
1972
OF
SCALE
DOLLARS
1973
DEPARTMENT OF COMMERCE
1 9 5 8 DOLLARS.
PERCENTAGES ARE ANNUAL RATE S OF CHANGE FOR P E R I O D S
L A T E S T DATA P L O T T E D :
INDICATED.
4 T H QUARTER
PREPARED BY FED E RA L RESERVE BANK OF S T .
LOUIS
10
-
C O M P E N S A T I O N P ER M A N - H O U R , T O T A L P R I V A T E
C O M P O U N D E D A N N U A L R A T E S OF C H A N G E
TFRMINAL
QUARTER
INITIAL
1-68
2-6 8
3-68
4-68
1-69
2-69
3-b9
2- 6 8
7. 5
3-68
8. 2
8.9
4-68
8. 4
8. 8
8.7
1-69
7.8
7.9
7. 3
5. 9
? -6 9
7. 3
7.9
7.6
7. 0
8. 1
3-69
7. 7
7.8
7. 5
7.0
7.6
7.2
4- 6 9
8.0
8. 1
8.0
7.8
8.4
8.5
9.9
4-69
1- 7 0
ECONOMY
QUARTER
2-70
3-70
1 9 6 7 = 100
4-70
1-71
2-71
3 -71
4-71
1-72
2-72
3- 12
106. 3
108, 6
1 10. 9
112.5
114.7
11 6 . 7
119.5
1-70
7.9
7.9
7.8
7.6
e.o
8.0
8.4
6. 9
? -7 0
7.7
7. 7
7.5
7.3
7.6
7.5
7.6
6. 5
6.1
3-70
7.8
7.9
7.8
7.6
7. 9
7.9
8. 1
7.4
7.7
9. 4
4 — 70
7.6
7.6
7. 5
7. 3
7.5
7.4
7. 5
6. S
6.9
7.3
5.2
7.7
7.7
7.8
7. 4
7.5
8. 0
7. 3
9.4
121.5
12 3.3
I2 fc . 1
127. 7
1-71
7. 7
7. 8
7.7
7. 5
?-7 1
7.6
7. 6
7.5
7.4
7. 5
7.5
7. 5
7. 1
7.2
7. 5
6. 8
7. 7
5.9
3-71
7.5
7. 5
7.4
7.2
7.4
7.3
7.3
6. Ç
7.0
7.1
6.6
7.1
5.9
5.9
4-71
7. 3
7.3
7.2
7.0
7. 1
7. 1
7.0
6. 7
6.7
6. 8
6.2
6. 5
5. 6
5.4
4.8
1-7?
7. 4
7. 4
7. 3
7. 1
7.3
7. 2
7.2
6. 9
6.9
7 .0
6 .6
6.9
6. 3
6.4
6.7
3.5
2-1?.
7. 3
7.3
7. 1
7.0
7. 1
7.0
7.0
6. P
6 .7
6. 8
6. 5
6. 7
6. 1
6.2
6.3
7.0
3-7?
7.1
7. 1
7.0
6.9
6. 9
6.8
6.8
6. 5
6.5
6. 5
6.2
6. 3
5. 8
5. 8
5 .8
6. 1
5.0
4-7?
7. 1
7. 1
7.0
6.9
7.0
6. 9
6.9
6. 6
6 .6
6.7
6.4
6. 5
6.5
5.9
1-63
? -68
3- 6 8
4-68
1-69
2-69
3-69
4-69
1-70
2-70
3-70
4-70
INITIAL
130. 6
13 2.5
6. 1
1-71
6. 1
2-71
134. 4
6 .2
1 36. 0
3 - 7 1 ■ 4- 7 r
1 3 8.8
5.6
T-T2"
140. 7
4.3
14?. 2
6. 1
1 4 U. 9P
7.8
T - r r .T-r?"
QUARTER
P- S P E L I M I N A R Y
--- "
P R E P A R E D BY F E D E R A L
J A N U A R Y 31, 1973
RESERVE
R ANK Of
.....
SI.
.....
LOUIS
O U T P U T o f r M A N - H O U R , T O T A L P R I V A T E F C O N O MY
C OM P O U N D F 9 ANNUA! R A T E S O c C H A N G E
T
comjmal
QUAR Tf ».
INI T I A L
:- a a
2-*?
3 - o fl
-
- ÓH
1-69
1-70
2-70
1 9 6 7 * 100
QUARTER
3-70
4-70
l - ’l
?-71
3 -71
4-71
1-72
2-12
3-7?
.
10 3 . 3
3-68
3.0
? 4
?. 5
2. 0
1.6
- 0.4
-0. 6
-0.8
n
4-69
102.7
4-6 8
1 -6
3-6 9
5
7-6 8
’-6°
2-6 9
0
1 .2
0. 6
1 -3
0.7
0. 1
I.
103. 7
r-\
103. 6
s____ 0.7%
3- 6 y
1 0
.
0. 5
0.0
-0.5
-0.6
-0.4
4-f o
0. 7
0. 3
-0. ?
-0.6
-0.6
-0.6
103.4
103.3
-0.8
103.1
102.8
1- 7 0
0. 5
0. 1
-0. 3
-0. 7
-0. 8
-0.8
-1.0
"I. 2
?-7 0
0. a
0.6
0. 3
0. 1
0.2
0.5
0.8
1.6
3-70
1. 5
1 ?
.
1 e1
1.0
1.3
1 -7
2,2
3. 2
5.5
4-70
1 .?
0. o
0.8
0.7
0. 8
I. 1
1.4
1.9
3.0
2 .3
2, 7
7 . 4 VS\ ^
107.0
107.6
1-7!
1.7
1.5
1.4
?-71
1.7
1.6
I 5
3-71
1.8
1.7
1 .7
1.4
.
1 .7
1.8
I. 8
1 .3
?.0
?.?
?47
?.5
1•° 2.0
2.? 2.3
?.3 ?.4
2.5
2.6
-A,fi
3-A8
*- 6 3
4-71
1-72
2-12
3-72
4-7?
1.0
2.1
?.3
? .4
2 .6
1- 6 8
■
?
.
I 5
I
103.9
6. 7
105.6
- 1.
i
X
105.1
1.6
?. o
2.4
2.0
4.1
4. 0
1.7
2. 0
2.4
2. 9
3.7
3.6
2.5
4 . fi
2.3
1 0
.
2.2
2.5
3.0
3.^
3.5
2,1
4 .3
2. 8
2.0
2.3
2.6
3 .0
3.6
3.5
2.9
4. 1
3.0
3.4
3.4
2.2
2.7
3. 1
3.
3.6
3.1
4.1
3.3
3.6
3.7
4.1^
3. 1
3.4
4.0
3.9
3 ,5
4.f
3. 9
4.3
4.6
5.2
6 .3
2.6
•
?.8
? •9
3. 1
3. 5
4.0
3.9
3.6
4.4
3.9
4,2
4.4
4.8
5. 1
4.0X
2.8
3.0
3. 3
3.6
4 .1
4.1
3.8
4.*;
4,1
4,4
4.6
4.9
5.2
4.7
1-69
? - 69
3-6 9
4-69
1- 7 0
2-70
3-70
4-70
1-71
2-71
3-71
1-7 2
2-72
?.5
? 4
t
3.4 ^ V ^
108.5
109.A
4-71
110. 5
112.2
113.3
5.4N 1
1 1 4 . 8P
3- 7 2
I N I T I A L Q U A K TER
p -
p r e l im in a r y
PRF P A R E D BY F E O E R A L RFSERVfc B AN K O c ST. L O U I S
J A N U A R Y 31, 197 3
11
PRODUCTIVITY,
COMPENSATI ON, AND LABOR COSTS
R A T I O SCALE
R A T I O SCALE
SEASONALLY AOJUSTED
1967-100
1964
1965
1966
1967
1968
1967-100
1969
1970
1971
1972
SOURCEt U.S. DEPARTMENT OF LABOR
PERCENTA6ES ARE ANNUAL RATES OF CHANGE FOR PERIODS INDICATED.
LATEST OATA PLOTTED« 4TH OUARTER PRELIMINARY
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
U N IT LABD* C0 STS* TOTAL P R I V A T F FCONOMY
COMPOUNDED ANNUAL RATES OF CHANGE
INITIAL
TERMINAL
QUARTER
1-6«
2 -6 8
4-6H
£-69
3 -6 9
4, 0
3-68
5. 1
6. 3
5.8
6.7
7.0
6, 0
6.6
6.8
6. 5
1-70
2-70
1 9 6 7 * 100
OUARTC-P
3-70
4-70
1-71
2-71
3-71
4-71
1 -72
2-72
105. 1
108.6
7. 1
7. 4
7.6
8.7
6.7
7. 7
7. 4
7.6
S. 1
7.4
\-o
110.9
6.5
3-6«
7.2
7.8
•7 1
B.3
8.9
9.0
10.7
1- 70
7.4
7.9
8. 1
8 .4
a, a
8.9
9.6
112.9
115.8
8. 6
118.2
/
7.1
7 •2
7. 2
7.4
7.0
6. 9
5. 1
1.7
6.3
6. 6
6.6
6.5
6. 5
6. 1
5.8
4. 2
2.0
4-70
6 .4
6. 6
6.7
6. 6
6. 6
6.3
6.0
4.9
3.7
1-71
6. 0
6. 2
6. 1
6. 0
6.0
5.6
5.3
4, 3
2-71
5.9
6.0
5.9
5.8
5.9
5.4
5. 1
4. 2
3-71
5.6
5.7
5. 6
5.5
5.4
5.0
4.8
4-71
5.3
5. 3
5.3
*v, 1
5.0
4.6
4. 3
0
r1
6.7
3-70
118.7
119.4
121.5
4.8
7.2
3.2
3.7
4.4
1.7
3.4
3.8
4.3
2.8
4.0 ^ + 2 . 4 %
12 3 . 2
3. 9
3 .?
’.5
3.8
2. 6
3. 1
123.9
3. 6
2 .9
3.1
3.2
2. 2
2.4
1 .6
i.;
122.0
.
12 4 . 2
1-72
«.2
5. 3
5.2
«s. 1
5.0
4. 7
4.4
3. 7
3,1
3.3
3.5
2. 6
3.0
2.7
2.9
2-7?
4 ,9
<*■
.9
8
4. 7
4 .6
4.2
3. 9
3. 3
?. 7
2.8
2.9
2 .2
2.3
1.9
1.7
?,1
3 -72
4.6
4. 6
5
4 .A
4, y
3.9
3.6
3.0
2.4
7.5
?. *?
1.9
1.9
1.5
1.3
1.4
-0.3
4 - 7?
4,5
4. 5
4 .4
4, 3
4 .1
3.3
3.5
?. c
2.4
2.5
2.5
2 .0
2.0
1.7
1.5
1.7
0.6
1.3
1-68
?-68
3-6H
4 -6 '3
1 -69
2-69
3-69
4 — 69
1-70
2-70
3-70
4-70
1-71
3-71
4 -7 1
1-72
2-72
" '
P-
3-7?
106.9
2 - 69
**
I
o
4-69
103.5
2-68
1-69
1-69
INI TI
M
2-n
125.7
125.5
0.0 X
1 2 5.5
,
\
1 2 6 . 3P
3-7?
QIJMTHR
PPFLIMINA^Y
P R F P A R E O BY F E D E R A L R E S E R V E
J A N U A R Y 31* 1973
B AN K 0* ST. L O U I S
12
CONSUMER PRlCF- NDEX, SEASONALLY AOJUSTED
C D M P O U N D F 0 A N N U A L R A T E S OF C H A N G E
T E Q M I N A L _____________
MO^'TVr6- 71
7-71
______________
9-71
9-71
INITIAL M O NTH
10-71
7-71
3.3
8-71
3.7
^-71
3.0
10-71
2.7
2.6
1.8
1.9
11-71
2.7
2.5
1.9
2. 1
2.3
12-71
2.8
2.7
2.4
2.6
3.0
11-71
12-71
1-72
2-72
3-72
6-72
7-72
8-72
1 0 -72
122.20
122.39
122.62
123.00
3. 8
123.36
2.9
2.6
2.9
3.2
3. 7
3 >
3.4
3.5
3.4
3.7
4. 1
4. 8
5.3
7.0
3-7?
3. 1
3.1
2.9
3. 1
3.4
3. 7
3. 6
3.7
124.06
124.10
0.4
4- 7 2
3.0
3.0
2.8
3.0
3.2
3.3
3.2
3. 1
1.2
2. 0
5-7?
3. 1
3.1
2.9
3. 1
3.3
3.5
3.4
3. 3
2. 1
3.0
6-72
2.9
2.9
7-72
3.1
3.0
8-72
3.1
3.0
3.2
2.7
2.8
3.0
3. 1
2.9
3. 1
3.2
2.9
3. 1
3.2
3. 3
3.4
3.2
124.79
2.3
2.4
3.0
3.3
2.9
5.1
2.5
3.0
3.2
2 .9
4. 1
» >
3.7
3.6
4.6
4 .3
1.8
3.3
3.2
3.2
3. 3
3.2
3.2
3.5
124.72
2.2
2.8
3. 5
12 4 . 3 1
4.0
0.7
2.9
3.5
v+3.4%
3.0
3 .4
125.31
125.62
5>
126.20
1 0 -7?
3. 3
3. 3
3.2
3.3
3.4
3. ^
3. 5
3.5
3.1
3.5
3.7
3.6
4.4
4. 1
4.7
> X
1 1- 7 2
3.3
3.3
3.2
3. 3
3.4
3. 5
3.5-
3.5
3.1
3.4
3.6
3.6
¿.2
3.9
4. 2
3. 5
3.3
12-72
3.2
3.2
3.2
3. 3
3.4
3.4
3.4
3.4
3.0
3.3
3.5
3,4
3. 9
3.7
3.8
3.2
2.9
3.4
3.4
' 4 - 7 T . 7 -71
8-71
3.4
12-72
121.62
2.9
1-73
1 9 6 7 = 100
11-72
122.03
1-72
3. 2
5-72
9-72
4.1
■
r — v:
2.9
1.7
2-72
9-7 2
4-72
_________________________
126.59
126.93
3 .t
3.7
3.6
3.7
3.4
3.7
3.8
3.8
4. 3
4. 1
4.4
4.0
4.1
4.5
9-7 1 10-71
11-71
12 - 7 1
1-72
2-72
3-72
4-72
5-72
6-72
7-72
8-72
9-72
10-72
il-72
3. 5
INITIAL
127.20
2.6
6 . M
127.87
12-72
MONTH
P R E P A R E D BY F E D E R A L R E S E R V E
F E B R U A R Y 22, 197 3
B A N K OF
ST. L C U I S
"WHDLfcSALt H K I C E S ^ T N D a S T R T a l L U M M U U I T I E S f 5 b A 6 0 N A L C Y - A D J U S T ED
C O M P O U N D E D A N N U A L R A T E S OF C H A N G E
TERMINAL
MONth
'
___________6 - 7 1
— "
7-7 1
“
8-71
"
9-71
INITIAL MONTH
1 0 -71
11-71
12-71
1- 7 2
2-72
3-72
4-72
■
5-72
-----7=71---- 0=71— 9 - 7T 1 0 - 7 1 “ M -T l"' T Z = 7 I-----r=T2— 7=72— T=T2 — 5=72— *=T2—
1 9 6 7 = 100
6-72
7-72
8-7 2
9-72
10-72
11-72 12-72
— 7=72— 8=72— 9=72~10=72 U - 7 2
1 2 -7 2
-------------------------------------------------------------lwnTAl HDNTH-----------------------------------------------------------
■ PRTFARTD~BY F EDER'ffL RE S E R V E ”! A W
F E B R U A R Y 15, 1 9 7 3
OFHSTT TUOIS
13
RATIO
PRICES
SCALE
1967 = 100
1965
SEASONALLY
1966
1967
1968
1969
1970
SCALE
1967-100
ADJUSTED
PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR P E R I O D S
L A TE S T DATA P L O T T E D t
RATIO
1971
1972
1973
INDICATED.
JANUARY
PREPARED BY FEDERAL RESERVE BANK OF S T .
LOUIS
14
W H O L E S A L E P R I C 6S - ALL C O P W O D l T i r S t S E A S O N A L L Y A O J U S T E O
____ C O M P O U N D E D A N N U A L R A T E S OF C H A N G E _____________
T E R M INAL
■PTUNTH
_________________ I N I T I A L M O N T H ___________________________________________________________________ 1967 V 100
____________
6-71
7- 7 1
7-71
8-71
9-71
10-71 11-71
12-71
1-7 2
2-72
3-72
4-72
5-72
6-72
7-72
8-72
9-72 10-72
11-72
12-72
2.3
11*.22
115.06
8 -71
5.7
9. 2
9-71
2.5
2.6
-3.6
10-71
2.3
2.3
-0* 9
1.8
11-71
2.1
2.1
-0.2
1.6
114.71
114.88
1.4
115.01
115 69
12 -71
3.0
3. 1
1.7
3. 5
4.3
7.3
1-72
3.5
3. 7
2. 6
4.3
5.1
7. 0
6.7
2-72
3.9
4.1
3.3
5. 5
6.9
6. 7
4.8
116.32
6.7
116.95
117.08
3-72
3. 6
3.8
3.0
4.2
4. 7
5. 5
4.9
4.0
4-72
3. 6
3. 7
3.1
4. 1
4.5
5. 1
4.5
3.8
2.4
3.4
5-72
3.8
3 9
3.4
4.3
4.6
5.2
4. 7
4 2
3.4
4.5
5 6
6-72
3.9
4.1
3.6
4.4
4.8
5.2
4.9
4. 5
4.0
4.9
5.6
1.3
11 7 . 4 1
117.94
118.49
5 7
1 19 31
7-72
4.3
4.5
4.0
4. 8
5.2
5. 7
5.4
5.2
4.9
5 .8
6. 6
7.2
8.6
8-72
4.5
4.7
4.4
5.1
5.4
5.9
5.7
5.6
5.4
6.2
7.0
7.4
8.3
7.9
6. 7
5 .7
3.6
120.07
120.42
9-72
4.5
4.6
4. 3
5. 0
5.3
5.7
5.5
5 3
5.1
5.8
6. 3
6.4
10-72
4.3
4.4
4.0
4. 7
4.9
5. 2
5.0
4. 8
4.6
5. 1
54
5 .3
5. 2
4. 1
2.2
0.9
11-72
4.4
4.6
4. 3
4.9
5.1
5.4
5.2
5. 1
4.9
5.4
5 6
5.7
5.6
4. 9
3.9
4.1
7.4
12-72
5.3
5. 5
5.3
5. 9
6.2
6. 6
6. 5
6. 5
6. 5
7.0
7 .5
7.8
8. 1
8.0
8 1
9.6
14.2
21.5
123.21
14.0
17.4
13.5
124.52
9-72 10-72
11-72
12-72
1- 7 3
5.7
5.9
5.7
6 - 7 1 . ~T-71
8-7 1
6.3
6. 7
7.0
7.0
g-Ti" 1 0 - 7 1 T T - 7 T ~ 12 -71
7.1
7 .7
8.2
8.5
8. 9
8.9
9. 1
1 - 7 2 '"2-7 2
3-72
4-7 2
5-72
6-72
7-72
8-72
7.0
10.6
12 0 . 5 1
121.23
INITIAL MONTH
P R E P A R E D BY F E D E R A L R E S E R V E
F E B R U A R Y 15» 1 9 7 3
W H O L E S A L E P R I C E S - F A R M P R O D U C T S A N D P R O C E S S E D F O O D S A N D F E E D S , S E AS.
C O M P O U N D E D A N N U A L R A T E S OF C H A N G E
TERMINAL
MONTH
B A N K OF SI
ADJ
INITIAL MO N T H
6-71
7-71
8-71
9-7 1 10- 7 1
11-71
12-71
1-72
2-72
3-72
4-72
LOUIS
1 9 6 7 = 100
5-72
6-72
7-72
7-71
- 8.1
8-71
3. 2
9-71
-2.8
10- 71
1 3
4.7
-0.5
14. 7
11-71
1.9
4.6
1.1
9.3
4.3
12-71
4.4
7 1
5.1
12.2
10.9
18. 0
1-72
5.3
7. 7
6. 2
11.8
10.9
14.4
10.8
2-72
6. 5
8.8
7.6
12.5
12.0
14.7
13.0
15.3
3-72
5.3
7. 1
5.9
9.6
8.6
9 7
7.0
5 2
-4.0
4-72
4.6
6.2
5.0
8.0
6.9
7. 5
5.0
3 1
-2. 5
-1.0
5-72
5 .1
6. 5
5. 5
8. 2
7 .3
7 .8
5.9
4. 7
1.4
4.1
9.5
6-72
5. 2
6. 5
5 .6
8.0
7.2
7.6
5.9
5. 0
2.5
4.8
7.8
6 .2
7-72
6.5
7.9
7.2
9. 5
8.9
9.5
8.4
8.0
6.6
9.4
13. 1
14.9
24.4
9.4
8.4
11.1
14.3
1 5. 9
21.2
18.0
8-72
9-72
10-72
11-72
12-72
11 3 .3
15.9
114 "
0.0 -13.7
113.3
114.6
115.0
116.6
11 7 f
119.0
118.6
118.5
119.4
120. 0
122.2
8-72
7.3
8. 6
8.0
10.2
9.8
10.4
9.5
9-72
7.5
8. 7
8.2
10.2
9.8
10. 4
9.6
9.5
8.6
10.9
13. 5
14.5
17.4
14.0
10.1
10-72
7. 1
8.2
7.7
9.6
9.2
9.6
8.8
8. 6
7.8
9.6
11. 4
1 1.8
13. 3
9. 8
6.0
11-72
7.7
8.8
8. 4
10.1
9.8
10.3
9.6
9.5
8.8
10.5
12. 3
12.8
14. 1
11.7
9.7
9.5
17.6
12-72
11.0
12.2
12.0
14.0
13. 9
14.7
14.4
14. 7
14.7
17.0
19.4
20.9
23.6
23.4
24.8
30. 1
47.0
83.8
1-73
12. 4
13.7
13.5
15.5
15.6
16. 4
16.3
16. 8
16.9
1 9. 2
21.7
23.3
26.0
26.2
27.9
32.8
45.1
61.2
41.3
6- yi
t- ti
8*7l
9-71
10-7i ll-tl
12 - 7 1
I-7 £
2-72
3-72
4-72
5-72
6 - 7 2 " r-7 2
8-72
9-7 2 10-72
n-72
12-72
123.9
124.9
1 .9
1 25.1
126. 8
133.4
137. 3
INITIAL MONTH
P R E P A R E D BY F E D E R A L R E S E R V E
F E B R U A R Y 15* 1 9 7 3
B A N K OF
ST. TOUTS
15
GENERAL
PRICE
INDEX*
R A T I O SCALE
R A T I O SCALE
1958-100
1958-100
-----------u --------------- 1— i---------1---------1— I— i -------- u ------------ LI-------------1------------ XJ--------------- 10 5
1965
1966
1967
1968
1969
1970
1971
1972
1973
■AS USED IN NATIONAL INCOME ACCOUNTS
SOURCE> U.S. DEPARTMENT OF COMMERCE
PERCENTAGES ARE ANNUAL RATES OF CHANCE FOR PERIODS INDICATED.
LATEST DATA PLOTTED. 4TH QUARTER
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
IM P L I C I T P R I C E 'DEFLATOR FUR G R O S S N A T I O N A L P R O D U C T
________________________ C O M P O U N D E D A N N U A L R A T E S OF C H A N G E ___________ _________________
• t RM 1 j,‘
4.
«llARTrJP
,:-6 9
_____
1 -68
________________________________________ .__________ I N I T I A L Q U A R T E R _____________________________ _
3-68
2-o8
2-69
1-69
3-69
4-69
1-70
2-70
3-70
2-71
. ________
4-71
3-71
1-72
195 8 = 100
2-72
3-72
121.57 _
3-68
4. 1
4.3
4.3
4.5
4.6
1 -69
4.3
4. 4
4 .4
4.5
4. 7
/
122 . 8 7
\+4.87o
I
4.8
124.26
125.55
>
4. 9
127.24
5.5
X + 6 . 0 %
129.14
j-69
4.a
5.0
5.1
5.3
5.8
6.1
— b9
4. 9
i.C
5.2
5.3
5.7
5.8
5 .5
1-70
5. 1
5.3
5.4
5.6
5.9
6. 0
6. 0
,
5 .6
5.6
5.4
5.4
\.3
\
130.88
132.97
S N
+5.2%
134.38
7- 7 0
5.0
5.1
5.3
5 .4
">-7 0
4.9
5.0
5. 1
5.2
5.3
5.3
5.1
5.0
4 .2
4.0
u-7i)
*5.0
5.2
5.2
5.3
5.5
5.5
5.4
5. 3
4.9
5.2
i- 7 1
5. 1
5.2
5.3
5.4
5.5
5.5
5. 5
5. 4
5.2
5.5
6 .2
5.9
5.2
5.3
5.4
5.4
5.3
5. 3
5.0
5.2
5.6
5.1
?~1 1
1 -71
4-70
3. 9
*-68
2-69
4-68
5.1
5.2
135.71
137.85
>
139.84
14 1 . 3 4
4.4
i— 71
4.9
5. J
5.0
5.1
5.2
5.1
5.0
4.9
4 .6
4.7
4 .9
4.4
3 .6
2.9
♦-7 1
4.7
4. 7
4.8
4.8
4. 8
4.7
4.6
4. 5
4 .2
4.2
4 .2
3.6
2.9
2.2
1.5
i— 72
4.7
4.8
4.8
4.8
4*8
4.8
4. 6
4.6
4 .3
4.3
4.4
3 .9
3 .5
3.2
3.3
4 .0
S.
142.35
1O A W
\ t J . U /o
142.68
5.1
144.68
/- 77
4.5
4.6
4.6
4.6
4. 6
4. 5
4.4
•4.3
4.0
4. 0
3.6
3. 1
2.8
2.8
3.5
1.8
1-72
4.4
4 .4
4.4
4.4
4.4
4.4
4 .2
4. 1
3.9
3 .8
3 .8
3.4
3 .0
2.7
2.7
3.1
2.1
2.4
4-7 ?
4. 3
4. 3
4.3
4.3
4.3
4.3
4. 1_
4. C
3.8
3 .7
3.7
3 ,3
3.0
2.8
2.7
3.0
2.4
2.6
1-68
2-68
3-68
4-68
1-69
2-69
4-69
1-70
2-70
3-70
4-70
1-7 1
2 -71
3-71
4-71
1-72
2-72
3-69
145.34
146 . 2 1
2.si
147.23
3-7 2
INITIAL QUARTER
P R E P A R E D BY F E D E R ^
F E B R U A R Y 20. 1973
RESERVE
BAN K OF ST. L O U I S
I N V E N T O R I E S COMPARED W I T H MONTHLY S A L E S *
MANUFACTURING
1959
* RAT I OS
1960
1961
1962
1963
BASED
ON S E A S O N A L L Y
1964
ADJUSTED
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
AS D E F I N E D BY T H E N A T I O N A L B U R E A U
LATEST
DATA
PLOTTED:
DECEMBER
1965
1966
AND
TRADE
1967
1968
DATA.
1969
SOURCE:
1970
1971
U . S . DEPARTMENT
1972
OF
1973
CO MM E R C E
BUSINESS RECESSIONS
OF E C O N O M I C R E S E A R C H .
PRELIMINARY
PREPARED
BY F E D E R A L
RESERVE
BANK
OF
ST.
LOUIS
@FedFRASER