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nnnonm

V (it t

PREPARED

MONTH ENDING:

BY

December 31, 1970

FEDERAL

e c o n o mti r e i i d s
c
RESERVE

BANK

OF

ST. LOUIS

RELEASED:

January 21, 1971

Total spending on goods and services rose 4.9 per cent
in 1970, compared with an 8 per cent annual rate of increase in
the 1965 to 1969 period. The increase in total spending was mani­
fested in a 5.3 per cent rise in prices in 1970. Real product
fell 0.4 per cent in 1970, after rising at a 4.2 per cent rate
from 1965 to 1969. Real product declined at a 3.3 per cent rate
in the strike-dominated fourth quarter of 1970, and prices rose
at a 5.7 per cent rate.
The slowing in economic activity, which began in late
1969, and was intensified early in the fourth quarter of 1970
by work stoppages in the automobile industry, apparently ended
in November. A number of key business indicators, including in­
dustrial production, payroll employment, and personal income,
rose significantly in December. The expected first quarter 1971
inventory rise (in anticipation of a mid-year steel strike), a
likely recovery of automobile sales, and continued improvement
in the housing sector should insure that the most recent eco­
nomic slowdown remains relatively mild.
Industrial production rose rapidly in December, after
falling at an 8.2 per cent rate from March to November. Payroll
employment increased at a 5 per cent rate in December, compared
with a 2.5 per cent rate of decline in the March to November
period. The unemployment rate continued to rise at year-end,
reflecting a rising supply of labor as well as some weakness
in labor demand. Personal income increased at an 8 per cent
rate in December, after rising at a 1.4 per cent rate from
April to November.
Wholesale prices of all commodities, which includes
industrial commodities and farm products, processed foods and
feeds, rose 3.6 per cent in 1970, compared with a 3.9 per cent
increase in 1969. Wholesale prices of industrial commodities
increased 3.7 per cent in 1970, after rising 3.4 per cent in
1969. Wholesale prices of both industrial and agricultural
commodities slowed somewhat after last spring. Wholesale
prices of industrial commodities rose at a 3.1 per cent rate
from May to December and wholesale prices of farm products,
processed foods and feeds declined at about a 3 per cent rate
over the same period, after increasing at a 1.2 per cent rate
from December 1969 to May 1970.




2

T OT AL C I V I L I A N EMPLOYMENT
COMPOUNDED ANNUAL RATES OF CHANGE
T ERMINAL ________________
_________________________________________________ I N I T I A L MONT H _______________________________________________________________________ THOUSANDS
OF PERSONS
MONTH
9 - 7 0 10- 70 11-70
6-70
7-70
8-70
4-70
5-70
5-69
6-69
7-69
8-69
3-70
9 - 6 9 1 0 - 6 9 11 - 6 9 1 2 - 6 9
1-70
2-70
6-69

77,741

6.7

7-69

4.8

77,931

3.0

78,142

8-69

4.3

3. 1

3.3

9-69

3.4

2.4

2.0

0.8

10-69

3.5

2.7

2.7

2.3

3.9

Ü . - 6 ? ....

3.1

2.4

2.3

2.0

2.6

1.3

12-69

3.2

2.6

2.5

2.3

2.8

2.3

3.2

1-70

3.4

2.9

2.9

2.8

3.3

3.1

4.0

2-70

2.6

2. 1

2.0

1.7

1. 9

1.4

1. 5

3-70

2.8

2.4

2.3

2.1

2.4

2.1

2.2

1.9

0.5

4.5

4-70

2.3

1.8

1.7

1.5

1. 6

1.2

1.2

0.7

-0.6

0.8

-2.8

78,194
78,445
78, 528
78,737
79,041

4.7
0.6

78,822

-3.3

79,112
78,924

0
r*
1
IT

1*5

1.0

0.8

0.5

0.5

0.0

-0.2

-0.9

-2.2

-1.9

-4.9

-7.0

6-70

1.1

0.6

0.4

0.1

0.1

-0.4

-0.7

-1.3

-2.5

-2.3

-4.4

-5.2

78,449
-3.4

78,225

7-70

1.5

1.1

0.9

0.7

0.7

0.3

0.2

-0.2

-1.0

-0.6

-1.8

-1.4

1.5

6.5

8-70

1.2

0.8

0.6

0.4

0.4

0.0

-0.1

-0.6

-1.3

-1.0

-2.0

-1.8

-0.0

1.7

-2.9

78,638
78,445

9-70

1.1

0.7

0.5

0.3

0.3

-0.0

-0.2

-0.5

-1.2

-0.9

-1.7

-1.5

-0.1

1.0

-1.6

-0.3

10-70

1.2

0.9

0.8

0.6

0.6

0.3

0.2

-0.1

-0.6

-0.3

-0.9

-0.6

0.7

1.8

0.2

1. 9

4.1

11-70

1.0

0.7

0.6

0.4

0.4

0.1

0.0

-0.3

-0.8

-0.5

-1.1

-0.8

0.2

1.0

-0.4

0.5

0.9

-2.3

12-70

0.9

0.6

0.5

0.3

0.3

0.0

-0.1

-0.3

-0.8

-0.5

-1.1

-0.9

0.1

0.6

-0.5

O.l

0.2

-1.6

5-69

6-69

7-69

8-69

11-69 1 2 - 69

1- 70

2-70

3-70

4-70

5-70

6-70

7-70

8- 70

9-70

9-69 10-69

INITIAL

INITIAL
5-69

6-69

6-69

7-69

8-69

9-69

10-69

11-69 12-69

1- 70

78,686
78,535
-1.0

7$*472

10-70 11- 70

MONTH

PREPARED BY FEDERAL
JANUARY 11, 1971

PAYROLL EMPLOYMENT
COMPOUNDED ANNUAL RATES OF CHANGE
TERMI NAL
MONTH

78,424

RESERVE BANK OF S T .

MONTH

THOUSANDS
OF PERSONS

3-70

2-70

4-70

5-70

6-70

7-70

8-70

9-70

10-70 11-70
70, 347

3.0

7-69

2.0

0.9

8-69

1.9

1.3

1.7

9-69

1.7

1.3

1.4

1.2

10-69

2.3

2. 1

2.5

2.9

4.7

11-69

1.8

1.6

1.7

1.8

2.1

-0.5

70,400

1.6

0.1

0.6

70, 497
70,567

Tfl /
v T | . / /o
70,836

70,808

12-69

1.6

1.4

1.5

1.5

1-70

1.8

1.6

1.7

1.7

1.8

0.9

1.6

2.6

2-70

1.8

1.7

1.8

1 . 8 .....1 . 9

__1.3

1.9

2.5

3-70

1.9

I1 .,7, JI 1 . 8
r

70,842
70,992
2.4

4-70

1.5

5-70

1.0

1.9

2.0

1.4

1. 9

2.4

2.3

1.4

1.4

1.5 _

0.9

1.2

1.4

J L. 0

0.2

0.8

0.8

0.7

0.6
0,!_

6-70

0.6

0.4

0.3

0,2

7-70

0.5

0.3

0.2

0.1

-0.0

2,1 .

71,256

-0.2

-1.6

71, 163

0.0 . -0 .*

.^1.6

-3.4

-5.1

-0,5

-0.5

-0._7_

-1.3

-2.2

-3.6

-4.6

-4.1

-0.5

-0.6

-0.7

-1.3

-2.0

-3.0

-3.4

-2.6

XX .
1 J / o
\ 7°/
-1.0 ^^"\

-Q«_l

~Q*7_

-0*5

-it*

zZ fO

-2.8

-3.1

-2.5

-1.6

-?,2

-0,5

-0.6

-1,0

-1.5

-2.0

-2.1

-1.4

-0.4

-0.1

2.0

-0.9

-i.o_ - 1 . 1

-1.5

-2.0

-2.6

-2.7

-2.3

-1.8

-2.0

-2.0

-5.8

0 . 0 ... G U _

0.3

0.1

0.0

-0.1

0.4

0.2

0.2

0.0

10-70

0.0

-0.2

-0.2

” 0.4 _ - 0 . 5

11-70

-0. 1

-0.3

-0.3

-0.5

-0.6

-1.0

-UP.._ z ls Z .

0.2

0.0

-0.0

-0.1

-0.2

“ 0.6

-0.6

5-69

6-69

7-69

8-69

9- 69

10-69

12-70

71,135

T

1.4

8-70

L OUI S

- 0*1 . - 0 . 5

-0.7

11- 69 1 2 - 6 9

70,852
70,603
70,546

X

70,414
70,531
70,182

-2.0

-?• 5

-2.6

-2.2

-1.8

-2.0

-1.9

-3.8

-1.8

-i*0_

-1.3

-1.7

-1.7

-1.2

-0.7

-0.6

-0.2

-0.9

1.6

1-70

2-70

3-70

4-70

5-70

6-70

7-70

8-70

9-70

.

INITIAL

7 0 , 076P
5.0

70.364P

10-70 11- 70

MONTH

P - PRELIMINARY




PREPARED BY FEDERAL RESERVE BANK OF S T .
JANUARY 11 , 1971

L O UI S

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 d a t a plotted: D e c e m b e r p re lim in a ry




Prepared by Federal Reserve Bank of St. Louis

4

I N D U S T R I A L PRODUCTI ON
COMPOUNDED ANNUAL RAT ES OF CHANGE

6-69

7.5

7-69

8-69

9-69

10-69

11-69

12- 69

8*7

7-69

6-69

1-70

MONTH
2-70

1 9 5 7 - 5 9 * i OO
3-70

5-70

4-70

6-70

i

INITIAL
5-69

o

TERMI NAL
MONTH

8-70

9-70

10-70 11 -7 0

173.7
6.4

(

174.6

8-69

4.2

2.1

-2.0

9-69

2.5

0.5

-2.4

-2.7

10- 69

0.8

-1.0

-3.4

-4.1

-5.4

11- 69

-1.3

-3.1

-5.4

-6.5

-8.3

-11.2

12-69

-1.4

-3.0

-4.7

-5.4

-6.3

-6.7

174.3
173.9
173.1
171.4
-2.1

171.1

1-70

-1.8

-3.2

-4.8

-5.3

-5.9

-6.1

-3.5

-4.8

2-70

-1.5

-2.8

-4.0

-4.3

-4.6

-4.4

-2.1

-2.1

0.7

3-70

-1.0

-2.0

-3.0

-3.1

-3.2

-2.8

-0.5

0.0

2.5

4-70

-1.5

-2.4

-3.3

-3.5

-3.6

-3.3

-1.7

-1.6

-0.5

-1.1

-6.1

5-70

-2.0

-2.9

-3.8

-4.0

-4.2

-4.0

-2.8

-2.9

-2.4

-3.5

-7.1

-8.1

170.4

A AO/.

f/O

170.5

_

171.1
170.2
169.0

6-70

-2.0

-2.8

-3.6

-3.8

-3.9

-3.7

-2.6

-2.7

-2.2

-3.0

-5.3

-4.8

-1.4

7-70

-1.6

-2.4

-3.1

-3.2

-3.2

-3.0

-1.9

-1.9

-1.4

-1.8

-3.3

-2.3

0.7

168.8
2.9

169.2

8-70

-1.7

-2.4

-3.1

-3.2

-3.2

-3.0

-2.0

-2.0

-1.6

-2.0

-3.2

-2.4

-0.5

0.0

-2.8

9-70

-2.9

-3.7

-4.3

-4.5

-4.7

-4.6

-3.9

-4.1

-4.0

-4.7

-6.1

-6.1

-5.6

-6.9

-11.5

-19.4

-15.3

-21.0

-22.6

-12.9 -16.0

-14.3

-5.1
6.1

168.8
165.8

10-70

-4.2

-5.0

-5.7

-5.9

-6.2

-6.2

-5.8

-6.1

-6.3

-7.1

-8.7

-9.1

-9.3

-11.1

11- 70

-4.3

-5.0

-5.6

-5.9

-6.1

-6.1

-5.7

-6.0

-6.2

-6.9

-8.2

-8.5

-8.6

-9.9

12-70

-3.2

-3.8

-4.4

-4.5

-4.6

-4.6

-4.0

-4.2

-4.2

-4.6

-5.6

-5.5

-5.1

-5.7

-7.4

-8.5

-4.5

5-69

6-69

7-69

8-69

9-69

10-69

11-69 12-69

1-70

2-70

3-70

4-70

5-70

6-70

7-70

8-70

9-70

I

nitial

162.3
1 6 1 . 6P
18.5 |

1 6 3 . 9P

10-70 11 -70

month

P - PR E L I MI N AR Y




PREPARED BY FEDERAL RESERVE
J ANUARY 1 5 , 1971

BANK OF S T .

LOUIS

5

Industrial Production
Ratio Scale

Ratio Scale

Percentages are annual rates of change for periods indicated.
Latest data plotted: D e c e m b e r p relim inary




Prepared by Federal Reserve Bank of St. Louis

RE T A I L SALES
COMPOUNDED ANNUAL RATES OF CHANGE
MI LLI ONS OF
DOLLARS

I N I T I A L MONTH
MONTH
4- 69

5-69

6-69

7- 69

8-69

9 - 6 9 10- 69 11 - 69 12- 69

1- 70

2-70

3-70

4- 70

5- 7 0

6-70

7-70

8-70

9-70

10- 70

-0.9

29,386

6-69

-0.8

-0.6

2 9 , 371

7- 69

-4.3

-5 .9 -10.9

5-6 9

-0.6

-0.5

-0.5

11.1

9- 6 9

-1.2

-1.3

-1.5

3. 5

-3.5

5-69

29,090
29,346
29 , 2 5 9
29,620

1. 4

1, 9

2.6

7.5

5.7

15 . 9

0,4

0,6

0.8

4.0

1. 7

4.4

-5.9

12- 69

0.1

0. 2

0. 3

2.7

0.7

..... 2 . 2

-4.0

-2. 1

1- 70

0.7

0.9

1. 2

3.3

1. 8

3.2

-0.7

2.0

6.3

2,3

2,7

3. 1

5.3

4.4

6.0

3.7

7. 1

12. 0

1
O

10- 69
11—69

2 9 , 471
29,419
29,570
29,980

18. 0

29 , 8 0 1

3-70

1. 5

1. 7

2.0

3.7

2.7

3.7

1. 5

3.4

5. 3

4.8

-6.9

4-70

3.8

4,3

4.8

6.7

6. 1

7.6

6.3

8.9

11. 8

13. 7

11. 7

34 . 0

9. 1

9.8

7. 1

15. 0

-1.3

30,536

... 5- 7 0

3.4

3.8

4.2

5.9

30,502

5.3

6.4

5. 2

7. 1

6- 7 C

3. 2

3.6

3. 9

5.4

4.8

5.8

4.6

6.2

7. 6

7.9

5. 5

10.0

-0.4

0.6

7-70

3.6

3.9

4. 3

5.6

5. 2

6. 1

5.0

6.5

7.8

8.0

6. 1

9.6

2.6

4.5

. 4.1

5.4

4.9

5 . 7 __ _4.7_

6.0

7.0

7. 1

5.4

8.1

2.4

3.7 _ 5.3
_

30,518
8.6

30,729
2.0

3 0 , 781

8- 7 0

3.5

3.8

9-70

___3 . 5

3. 8

4. 1

5.3

4.8

5.6

4.7

5.8

6.7

6.7

5. 2

7.4

2.8

3.8

4.9

3. 1

1 0 - 70

2.5

2.7

3.0

4.0

3.5

4.0

3. 1

3.9

4.6

4.4

2.8

4.3

-0.0

0.3

0.2

-2.5

-4 .7 -12.8

3 0 , 534P

2.8

2.5

0. 9

1.9

-2.0

-2.1

-2.7

-5.3

-7.7

-13.1 -1 3 .3

3 0 , 173P

10- 69 1 1 - 6 9 12- 69

1-70

2-70

3-70

4-70

5-70

6-70

7-70

8-70

9- 70 10-70

1 1 - 70

1. 6 ___1. 8
4-69

5-69

1. 9

2.8

2.2

2.7

6-69

7- 69

8-69

9-69

1. 7

2.4

INITIAL

4. 1

30 , 8 8 5

MONTH

P - PRELI MINARY
PREPARED BY FEDERAL RESERVE BANK OF S T .
JANUARY 12, 1971
PERSONAL ITÏCOME
COMPOUNDED ANNUAL RATES OF CHANGE

BI LL I O N S “OF
DOLLARS
ANNUAL RATES

I N I T I A L MONTH

TERMI NAL
MONTH
5-69
6- 69

LOUI S

6-69

7-69

8-69

9-69

10- 69 1 1 - 69 12 - 6 9

1-70

2-70

3-70

4-70

5-70

6-70

7-70

8- 7 0

9- 7 0 10-70 11- 70

8.9

74 6 . 2
752. 7

7- 6 9

9.9

11 . 0

8-69

9.8

10. 3

9.6

758.5

9-69

9.3

9.4

1 \
8 . 6 ___ 7 . 5

763.1

10- 69

8.6

8.5

7.6

6.7

5. 8

766.7

11 - 6 9

8.2

8.0

7.3

6.5

6.0

6.3

12 - 6 9

7.9

7.7

7.0

6.4

6.0

6.1

5.9

770.6

5.9

5.7

5.6

5.9

5.8

5.7

774.3

1- 7 0

7.6

7.4

6.8

6.2

5.9

2-70

7.4

7.2

6.6

6.2

5.9

3-70

—7 . 6

7.5

7.0

6.7

6.5

6.7

6.8

7.0

7.8

9.8

15. 3

20.3

777.8
5.9

781.5

^

+5 . 8%
w U/O

NJ

787.6

-

4- 70

9.6

9.7

9. 6

9.5

9.8

10.5

11.4

12 . 8

5-70

7. 9

7.8

7.5

7. 3

7.3

7.5

7.7

8.1

8.7

9.6

9.6

- 9 . o \

799.7

6.6

6.3

6.2

6.2

6.2

6.3

6.4

6.5

5.5

-5.7

-2.2

7 9 8. 2

7.0

806.0

3 1 .9 ^V

6-70

7. 1

7- 70

7.2

7. 0

6. 7

6.5

6.4

6.4

6.4

6.5

6.7

6.8

6.1

-1.3

2.7

7.9

8-70

7.0

6.9

6.6

6.3

6.2

6.2

6.2

6.3

6.4

6.5

5.8

0.1

3.4

6.3

4.7

8 0 3. 3
806.4

9-70

7. 1

7.0

6.7

6.5

6.4

6.4

6.5

6.5

6.6

6.8

6.3

1. 8

4.6

7.0

6.6

8. 5

10 - 70

6.5

6.3

6.0

5.8

5.6

5.6

5.6

5.5

5.5

5.5

4.9

1.0

3.1

4.5

3.3

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 . l \

5.7

5.6

5.6

5.6

5.1

2.2

3.9

5.0

4.4

4.3

2.9

6.0

9 - 6 9 1 0 -6 9 1 1 -6 9 1 2 - 6 9

1- 70

2-70

3-70

4-70

5- 70

6-70

7-70

8-70

11 - 70

5 -6 9

6.2

5.9

5.7

6.3

6.4

12-70

5.5

6.0

5.8

5.7

6-69

7-69

8-69

811.9
809.9
8 1 2 . 6P
8 .0

8 1 7 . 9P

9 - 7 0 1 0 - 70 1 1 - 7 0

I N I T I A L MONTH
PRELIMINARY




PREPARED BY FEDERAL RESERVE BANK OF S T .
JANUARY 15 , 1971

LOUIS




7

Retail Sa le s
Ratio Scale

Ratio Scale

Source: U.S. D e p a r t m e n t of C o m m e r c e
Percentages are annual rates of cha n g e for periods indicated.
Latestdata plo t t e d : N o v e m b e r preliminary
Prepared by Federal Reserve B a n k of St. Louis

Personal Income

Source: U.S. Department of C o m m e r c e
Percentages are annual rates of c h a n g e for periods indicated.
Latestdata plotted: D e c e m b e r preliminary
Prepared by Federal Reserve B a n k of St. Louis

8
....... GROSS NATI ONAL PRODUCT IN t URRENT DOLLARS
COMPOUNDED ANNUAL RATES OF CHANGE

B I L L I O N S OF
DOLLARS
ANNUAL RATES

I N I T I A L QUARTER

TERM INAL
QUAPTER
1- 66

2-66

3-66

4-66

1-67

2-67

3-67

4-67

1- 6 8

2-63

3-68

4-68

1-69

3- 6<
*

2-69

4- 69

1— 70

2-70

3-70
743.3

%• J

3- 6 8
4-68

O« O

>#T

7*U

7. 6

7.6

8.5

9.2

9.4

9.9

10. 0

8.5

7.5

7.6

f •*
t

7.6

7.6

7.6

7.5

8.4

8.9

8.9

9.3

9. 1

7.9

875.8
^

7

. 8

%

“

-

891.4
9 0 7.6

1- 69

7. 6

7.5

7. 6

7.5

8.3

8.7

8.7

8.9

8.7

7.8

7*4

2-69

7.5

7.5

7.6

7.5

8.2

8.5

8. 5

8.6

8.4

7.6

7.4

7.4

7 . 3 \

923.7

7.y

7.6

7.7

7.9

942.6

3-69

7.6

7.6

7.3
1-70

7.6

7. 6

7.3

7.3

7.3

7.0

7. 1

7.G

7.4

8.5

8.5

8.6

7.6

7.5

8.4

7.5

7.8

7.1

8. 2

6.9

3.9

6.3

7. 1

7.3

8.4

3.6

3.3

9 5 9.5
971.1

4.9

6.1

7.2

951.7

"+4.1%'

3-70

6.9

6.9

6.9

6.8

7. 1

7.3

7.2

7.1

6.9

6.3

6.1

5.9

5.6

5.3

4.6

4.8

5.5

6.7

6.6

6.6

6.5

6.8

6.9

6.8

6.7

6.4

5.9

5.6

5.4

5.1

4.8

4. 1

4.1

4.4

4.1

2.2

1-66

2-66

3-66

4-6à

1- 6 7

2-67

3-67

4-67

1- 6 8

2-68

3- 6 8

4- 68

1-69

2-69

4-69

1- 70

2-70

985.5

ó . l ^ X

4-70

3-70

3-69

1

990.9P

QUARTER

INITIAL
PRELIMINARY

T E RMINAL
QUARTER
___________1 - 6 6

2-66

3-66

4-66

1- 6 7

PREPARED BY FEDERAL RESERVE BANK OF S T . LOUI S
JANUARY 18, 1971______________________________ _________
GROSS NATI ONAL PRUDUCT IN CONSTANT 1958 DOLLARS
............. COMPOUNDED ANNUAL RATES OF CHANGE____________
B I L L I O N S OF
I N I T I A L QUARTER_
DOLLARS
ANNUAL RATES
2- 67
3- 6 7
4-67
1- 6 8
2-68
3- 68
4-68
1-69
2-69
3-69
4-69
1-70
2-70
3 - 7 0 _________________
655.0

3.7_

66 0.2

3. 2

3-6 6 _

3 *4

4—66

3.9

1- 67

2.7

2.4

2-67

2.8

2.5

668.1

l.l
2.2

3.7

678.9

2.8

2.8

2.3

3.3

3.0
3.7

4.6

3.8

3.9

3.8

4.5

4.9

5.0

5.7

5.6

3.7

3.7

3. 8

3.6. . 4.3

4.5

4.5

5.0

4.6

2-6JÌ

4-68

x+5.0%-

3.3

—3« 0..

i-68_

3-68

671.6

3.0

2.8

■ J Z ,6 7 _

4-67

6 6 6 .6
2. 3

3. 8

683.6
5.9

4.0
J

lxZ

69 3.5
705.4

____ ________I i O

712.6
3.5

2.8

<H2.9%

717.5

1- 69

3.6

3.6

3.6

3.5

4.1

4*2

4.2

4.5

4.1

2

2.7

722.1

2-69

3.5

3.5

3.5

3*4

3. 9

4.0

3.9

4.1

3.7

2. 9

2.5

726.1

3- 6 9

3.4

3.4

3.4

3.3

3.8

3.8

3.8

3.9

3.6

2.9

2.6

2.5

2.5

2.7 W

73 0.9

0.9

- 1 * 2 ____ LÜL

-0.9

1- 70

2.8

2.7

2.7

2.5

2.8

2.8

.2,6

2.6

2.2

1. 5

1. 0

0.7

0.2

-0.4

-1.9

2-70

2.6

2.6

2.5

2.4

2.6

2.6

2.4

2.4

2.0

1.4

1.0

0.7

0.3

-0.2

-l.l

-1.2

3-70

2.6

2.5

2.5

2.3

2.5

... 2 . 5

• 2.3

2.3

1.9

1. 4

1.0

0.8

0.5

0.1

-0.5

-0.3

4-70

2.2

2.2

2.1

1.9

2.1

2.1

1.9

1.8

1 .4

0.9

0.5

0.3

-0.1

-0.4

-1.1

-1.1

-0.5

-1.0

-3 .3 Ì

1- 6 6

2-66

3-66

4-66

1- 67

2-67

3-67

4-67

1- 6 8

2-68

3-68

4-68

1-69

2-69

3-69

4- 69

1-70

2-70

3-70

IN IT IA L

723*8
724.9

„ . y e

727.4
7 2 1 . 3P

QUARTER

P - PRELIMINARY




PREPARED BY FEDERAL RESERVE l A N K Of S t . L O U IS
JANUARY 18, 1971_________________
__________________

9

Demand and Production
Ratio S c a l e
Trillions of D o lla r s

Quarterly Totals at Annual Rates
Seasonally Adjusted

j_[GNP in current dollars.
[2 G N P in 1958 dollars.
Percentages are annual rates of change for periods indicated.

Ratio S c a l e
Trillions o f D o l l a r s

Source: U.S. Department of Commerce

Latest d a ta plotted: 4th quarter preliminary




Prepared by Federal Reserve Bank of St. Louis

ID
FI NAL SALES IN CURRENT DOLLARS
COMPOUNDED ANNUAL RATES OF CHANGE

2-66

1=66
2-66

BI L L I O N S OF
DOLLARS
ANNUAL RATES

I N I T I A L QUARTER

TERMINAL
QUARTER
3-66

1-67

4-66

2-67

3-67

4-6 7

1- 6 8

2- 6 8

3- 6 8

4-68

i —69

2-69

3-69

4-69

1-70

2-70

3-70

5. > ^ 6 . 1 %

727. 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

7 5 0. 8
7.7

7 6 4. 8
780.0

2-67

6.8

7.3

^.5

7.9

8.2

3-67

6.3

7,1

6.5

7.4

7.3

4-67

6.8

7.1

.. 1 - 6 8

7.7

8.0
8.0

8 0 5. 9

7.7

7.2

8.6

7.8

7.7

2-6 0

792.2
6.8

8. 8

9.0

10. 4

13,8

8.4

6.6

8.6

8.7

9,5

10.7

7.3

t

.?

832.3
7.7

84 7 . 8
867.6

3-68

7.9

8.2

8.0

8.6

8.8

8.9

9,5

10.3

8.7

9.7 \ + 7 . 1 %

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

3,1

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

3,1

8.2

8. 2

8.4

8,6

7,**

7i 9

7.3

7.5

7. 0

6,9

8. 1

8.3

7*5

7»?

7*0

1* 1

*«é

6.3

3-69

7.7

7.9

7.8

4-69

7.6

7.8

7.6

8.0

8.0

8,0

88 2 . 1
900.2
915.9

7,2

931.2
944*5

5»!

1-70

7.5

7.6

7.5

7,8

7.8

7.8

7, 9

8,0

7,3

7,2

6.8

4*8

4,4

4.2

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

4.4

4.0

5,7

5.3

5. 1

4.3

3-70

7.2

7.3

7.1

7.4

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 ^ v

980.0

4-70

6.9

7.0

6.9

7.1

7.0

7.0

7,0

7.0

6.4

6.3

5,9

5.8

5,4

5.1

4,7

4.5

4.0

3.9

9 8 6 . 8P

1-66

2-66

3-66

4-66

1-67

2-67

3-67

4-67

1- 68

2-68

3- 6 8

4-68

1- 6 9

2-69

3-69

4-69

1- 7 0

2-70

INITIAL

P-

95 7 . 9
968. Î

2*8^

3-70

QUARTER

PRELIMINARY

_

PREPARED BY F E O ^ R A C r E S E R V E
JANUARY 18» 1971
I N C O N S T A N T 1 9 5 8 DOLLARS
A N N U A L R A T E S OF CHANGE

F IN A L SALES
COMPOUNDED

INITIAL

TERMINAL
QUARTER
risr 66

2-66

3-66

2-66

4-66

1-67

2-67

3-6 7

4-67

BANK OF $ T . L Q U I 5

1-68

QUARTER

2-68

3- 6 8

4-68

1-69

2- 69

3- 69

4- 69

1-70

B I L L I O N S OF
DOLLARS
ANNUAL RA T ES
2-70
3- 70

0.8 v + 2 . 3 %

639.6

3-66

3.4

6. 1

649.1

4-66

2.3

3.1

649.5

1-67

3.0

3.7

1
2.6

\
657.5

5.0
^t O A /

o

667.3

2-6 7

3.6

4.3

3.8

5.6

6.1

3-67

3.3

3.9

3.3

4.4

4.0

2.0

670.6

3.4

2.1

674. 4

4-6 7

3.2

3.6

3.1

3.8

1-68

4.0

4.5

4.3

I 5.1

2-68

3.9

4.3

4.

1

3-6 8

4.

4-68

3.9

1

1. .

4.7

I

1

5.

1

4.6

4.8

6.2

4.3

5, 1

10.3 >

691.1
695. 9

4.4

4.2

4.8

4.8

4,5

5. 2

6. 1

4.2

4.0

4.5

4.4

4.1

4.6

5. 1

4.4

4.4

4.1.

4.5

4.9

(t

4*;

S.V

3. 5

3. 8

70 5 . 2
2. 2

709.0

3,1

716. 1

1-69

3.9

4.2

4.0

2-69

3.7

4.0

3.8

4.2

4. 1

3. 8

4.1

4.4

3. 1

3.4

„.lt.7

3,0

1. 9

3.8

3.6

3.9

3.8

3.5

3.7

3. 9

2.9

2.9

2.2

2.2

1. 3

,1 1 A ° /

719.4

0 . 8 \

720.9

3-69

3.5

4-69

3.4

3.6

3.4

3,6

3,5

3. 3

3. 4

3. 5

2» 6

¿ft

2,0

2,0

1,3

1.0

1. 2

1-70

3.1

3.3

3. 1

3,3

3.2

2.9

3 . 0 ... 3 . 1

2.2

2.2

1. 6

1.5

0.9

0.6

0.4

-0.3

2-70

2.9

3.1

2.9

3,

2.9

2.7

2.7

2.8

2.0

1. 9

1. 3

1.2

0.6

0.3

0.2

— 0*3

1

723.0
722.4
- 0

, 3

721.9

\

3-70

2.8

2.9

2.7

2.9

2.7

2.5

2.5

2.6

1. 8

1. 7

1. 2

1.1

0.6

0.4

0.3

-0.0

0.1

0.5

4-70

2.5

2.6

2.4

2.5

2.4

2.1

2. 1

2.1

1. 4

1. 2

0.8

0.6

0.1

-0.1

-0.3

-0.7

-0.8

-1.1

-2.7

1-66

2-66

3-66

4-66

1-67

2- 67

3-67

1- 68

2-68

3-68

4-68

1-49

2-69

3-69

4-69

Ï-70

2-70

3- 70

4-6 7

INITIAL
P-

72 2. 8
1

7 1 7 . 8P

QUARTER

PRELIMINARY




PREPARED BY.FEDERAI RESERVE B A N K O F T T . LOUTS
JANUARY 18»

1971

11

Final Sales
Total Spending Less Changes in Business Inventories
Rotio Scale
Trillions of D ollars

Quarterly Totals at Annual Rates
Seasonally Adjusted

Ratio S c a l e
Trillions o f D o l l a r s

Source: U.S. Department of Commerce
Percentages are annual rates of change for periods indicated.

Latest d a t a plotted: 4th quarter preliminary




Prepared by Federal Reserve Bank of St. Louis

1
2
CONSUMER PR IC E INDEX *
COMPOUNPEO ANNUAL RATES OP CHANGE
TERMI NAL
MONTH

IN ITIA L
4 -6 9

5-6 9

6-6 9

7-6 9

8 -6 9

9-6 9

10-69 1 1 -6 9 1 2 -6 9

1 9 5 7 - 59 * 100

MONTH
1 -7 0

2 -7 0

3-7 0

4-7 0

5 -7 0

6 -7 0

7 -7 0

8 -7 0

9 -7 0 10-70
126.8

3.9
6-6 9

1 2 7.6

ç .a

7 .8

7 -6 9

5 ,8

6 .«

5.8

8-6 9

5.6

6.1

5.3

4 .8

128.2
128.7
12 9.3

5 .6

6 .*

5 .4

5 .3

5 .7

10-A9

5.5

5 .«

5 .3

5.1

5 .2

4 .7

It-A O

5.6

5.9

5 .5

5 .5

5 .7

5.7

6 .7

19 -* 0

5 .«

6 .?

5.9

5 .9

6 .?

6.3

7 .1

l-? 0

5.7

6 .0

5.7

5 .7

5 .9

5 .9

2 r ™

5.8

6 .0

5.8

5 .8

6 .0

6.0

3-7 *

*•9

6.1

5*9

5 .9

6.1

6 .1

1 2 9.8
1 3 0.5
7 .6

131.3

6 .3

6 .1

4 .7

131.8

6 .4

6 .3

5.6

6 .6

6.4

6 .3

5 .9

6.5

6 .5

133.2

« -T O

*•0

6 .2

6 .0

6.1

6.2

6 .3

6.6

6 .6

6.3

6 .8

7 .0

7 .5

5 -? 0

6 .0

6 .?

6 .0

6 .0

6 .?

6.2

6 .4

6 .4

6.1

6.5

6 .5

6 .5

1 3 4.0

rs.
1
v .
5 .5 X

134.6

*>.0

? -7 n

6 .1

6 .0

6 .0

6 .1

6.1

6.3

6 .3

6.0

6 .3

6.2

6 .1

5 .5

5 .5

5 .8

*6-7 0

6 .0

5 .8

5 .9

5 .9

6 .0

6 .1

6 .0

5.8

6 .0

5 .9

5 .7

5 .2

5.0

4 .5

135.2
135.7

•.-70

5 .*

5 .*

5 .6

5 .6

5 .7

5 .7

5.8

5 .7

5 .4

5.5

5 .4

5 .1

4 .5

4 .2

3 .6

2.7

9 -7 0

5 .6

5 .7

5 .6

5 .6

5 .7

5 .6

5.7

5 .6

5 .4

5 .5

5 .4

5 .2

4 .7

4 .5

4 .2

4.0

5.4

5.1

5 .1

5 .0

5.1

6.3

I 4 .9 | 4.8
t.

4 .7

4 .7

5.4

.. .

^

6-7 0

“7 - Î 0

6 -7 0

$ -7 0

10 - 7 0

10-70

5.7

5 .8

5 .7

5 .7

5 .8

5.8

5 .9

5.8

5.6

5 .7

5 .6

5 .5

5 .6

5.**

5 .6

5 .6

5 .6

5 .6

5 .7

5 .6

5 .4

5 .5

5 .4

5 .2

4 -6 9

' I1 -T0

5 -6 9

6 -6 9

7 -6 9

8 -6 9

9 -6 9

10 -6 9

1 1 -6 9

1 2 -6 9

t-7 0

IN IT IA L
♦

NOT

SFA SO N M LY

2 -7 0

3 -7 0

4 -7 0

5-7 0

1 3 6 .6

137.4
■

MONTH

40JU STF0

prepared

by

. OECEMBE« 28*
WHOLESALE P R IC E S - IN D U S T R I A L COMMODITIES ♦
COMPOUNDED ANNUAL RATES OF CHANGE

federal

keserve

rank

6-6 9

7 -6 9

8 -6 9

9-6 9

10-69 1 1 -69 12 -69

1 -7 0

2-7 0

3 -7 0

of

sr.

1 9 5 7 - 5 9 * 100
4-7 0

5 -7 0

7 -7 0

6 -7 0

8 -7 0

9 -7 0 1 0 -70 11-7C

112 .2

6 -6 9

0 .0

7 -6 9

1.1

2 .2

a-6 9

2 .2

3 .3

9-6 9

_2a 7 ,„_3.*6.

112.4
112.8

4.4
4 .3

4*3

113.2
113.8

JQ -6 9

...3.5 .

4*3

5.1

5 .4

6.5

11-69

3 .6

4 .3

4 .9

5 .1

5 .4

4 .3

114.2
1 1 4.6

12-69

3.7

4 .3

4 .8

4 .9

5 .0

4 .3

4.3

1-7 0

3 .9

4 .5

4 .9

5 .0

5 .1

4 .6

4 .8

2-7 0

3 .9

4 .4

4 .8

4 .9

4 .5

3-70

3 -9

4 .3

4 .6

4 .6

4 .6

4 .3

4-7 0

3.9

4 .3

4 .5

4 .6

4 .6

4 .3

5-7 0

3 .9

4 .3

4 .5

4 .5

4 .5

11 5.1

5 .4

115.5

4 .8

4 .3

4 .3

4 .3

3 .7

3 .2

4 .3

4 .2

3 .9

3*7

4 .2

4 .3

4 .2

4 .2

4 .0

3*9

4 .2

4 .2

3.8

3 .8

3 .7

3 .4

3 .1

3 .1

2 .6

115.8
116.2
116.6
1

X .
116.7

1.0 ^ ^

_
JtrlQ

3.7

4 .0

4 .2

4.2

4 .1

_
...7 - 7.0_

3 .6

3 ,9

4 .0

4*0

3 .9

3 .«

3 .6

3 .5

3.2

2.9

2 .9

2 .4

1.6

2 .1

3 .5

3 .7

3 .9

3 .8

3.8

3 .5

3 .4

3 .3

3 .0

2 .8

2.7

2 .3

1 .7

2 .1

2 .1

9-?70__ __ 3 . 5

3* 7

3 .8

3 .8

3.7

3.5

3 .4

3.3

3 .0

2.8

2.8

2 .5

2.1

2 .4

2.6

3 .1

4*1

4 .2

4 .2

4 .2

4 .0

3 .9

3 .9

3.7

3*7

3 .7

3 .6

3 .5

4 .2

4 .9

6 .3

9*6

3 .8

3.9

3 .9

3 .8

3 .6

3.6

3 .5

3 .3

3 .2

3 .3

3 .1

2.9

3 .3

8-7 0

.l .Q r 7 0 _
11-70
1 2 - 7 Q . __

3.6

3 . 6 „ _ J L . i l ___ 3 . 3 L 5-6 9

L O U IS

1970

I N I T I A L MONTH

-TERMINAI
MONTH
5 -6 9

I

137.8

6-6 9

7-6 9

.

8 -6 9

9 -6 9 1 0 -69 11-69 1 2 -6 9

1 -7 0

2 -7 0

3 -7 0

4 -7 0

3 . 1 |_ 3 . 5

5 -7 0

6-7 0

116.9
1 1 7 .1
117.4
118.3

3 .6

.

4 .2

4 .7

O ^ X

3 .7

4 .2

4 .5

2 .0

7 -7 0

8 -7 0

118.3
4 * lj

„.A*® ?

* -7 0 10 -7 0 11 -7 0

I N I T I A L MONTH
*

NCT SEASONALLY A k i U S I £ i L




PREPAREO BY FEOERAL RESERVE BANK OF S T . L O U IS
JANUARY 1 2 , 1974.

13

Prices
Ratio Scale
1957-59=100

Ratio S c a l e

1957-59=100

Source: U.S. Department of Labor
Percentages are annual rates of change for periods indicated.
Latest data plotted: Consum er - Novem ber;
W h o le sa le Industrial - December




Prepared by Federal Reserve Bank of St. Louis

WHOLESALE PRI CES* ALL COMMODI TI ES *
COMPOUNDED ANNUAL RATES OF CHANGE
TERMI NAL_____________________________________________________________________ I N I T I A L MONTH
MONTH
5-69
6-69
7- 69
8-69
9- 69 10-69 11-69 12- 69
2-70
3-70
1-70
6-69

_____________ ___ _____________ _______________________ 1 9 5 7 - 5 9 * 100
4-70

5-70

6-70

7-70

8-70

9-70

10-70 11- 70
113.2

4.3

113.3

7-69

2.7

1*1

8-69

2.1

I.1

9- 69

2.1

1.4

1.6

2.1

10-69

2.6

2.1

2.5

3.2

4.3

11-69

3.4

3.2

3.8

4.7

6.0

7.6

12 - 6 9

3 m3

3.9

4.6

5.4

5.9

4.3

1-70

4,3

4.3

4.8

5.6

6.5

7.2

7.0

9.8

2-70

4.3

4.3

4.7

5.4

6.0

6.4

6. 1

7.0

113.4

1.1

113.6
114.0
114.7
115. 1
116.0
4.2

116.4
116.6

1-70

4.1

4.4

4.9

5.4

5.6

5.1

5.3

3.1

2.1

4- 7Q

A .l

3.9

4.3

4.6

4.6

4.0

4.0

2.1

1.0

116.6

0.0

116.8

5-70

3.5

3.7

4.0

4.3

4.2

3.7

3.6

2*1

1.4

1.0

2.1

6-70

3.4

3.6

3.8

4.0

4.0

3.5

3.3

2.1

1.6

1.4

2.1

2.1

7-70

3.7

3.7

3.9

4.1

4.3

4.4

3.9

3.9

3.0

2.7

2.9

3.8

4.7

7.4

8- 70

3.1

3.0

3.2

3.4

3.5

3.4

2.9

2.7

1. 8

1.4

1. 2

1.6

1.4

1.0

-5.0

9-70

3.3

3.4

3.6

3.7

3.6

3.3

3.1

2.3

2.1

2.1

2.5

2.6

2.8

0.5

6.3

10- 70

3.1

3.2

3.3

3.4

3.3

3.0

2.8

2.1

1.8

1.8

2.1

2.1

2.1

0.3

3.1

0.0

11-70

2.9

2.9

3.0

3.1

3.0

2.6

2.5

1.8

1.5

1.4

1.6

1.5

1.4

0.0

1.7

-0.5

-1.0

12-70

2.8

2.8

2.9

2.9

2.9

2.5

2.3

1.7

1.4

1.4

1.5

1.5

1.4

0.2

1.5

0.0

0.0

7-69

8-69

9-69

10-69 11-69 12- 69

1-70

2- 70

3-70

4-70

5-70

6-70

7-70

8-70

9-70

5-69

3.5

6-69

117.0
117.7
117.2
117.8
117.8
117.7
1.0

117.8

10-70 11- 70

I N I T I A L MONTH
NCT SEASONAL L Y ADJ USTEO______________________________________________________________

»

PREPARED BY FEDERAL RESERVE BANK OF S T .

L OUI S

WHOLESALE PRI CES - FARM' PRODUCTS, AND PROCESSED FOODS* AND FEEDS*
___________________ COMPOUNDED ANNUAL RATES OF CHANGE_______________________

7.6

7-69

8-69

9-69

10-69

11-69 12 - 69

1-70

2-70

3-70

4-70

6-70

8-70

9-70

11-70
115.5

15.8

7-69

6-69

5-70

H
?
-w
o

5-69
6-69

1957- ■59 * 100

MONTH
-a
1
o

INITIAL

TERMI NAL
MONTH

115.5

0.0

8—69

1.8

-4.6

0.5

-4.1

-6.1

114.6

-9.0

9- 69

-3.1

114. 3
114.3

10-69

0.4

-3.1

-4.1

-1.6

0.0

11-69

2.8

0.4

0.5

3.9

7.6

15*7

12-69

3.5

1.6

1.9

4.8

7.6

11*5

7.5

1- 70

5.4

4.0

4.7

7.7

10.6

14. 4

13.7

20*2

9.5

12. 0

10 . 8

12*5

115.7
116. 4
118.2
118.7

5*2

2-70

5.4

4.2

4.8

7.3

3-70

5.0

3.8

4.3

6*4

8,0

9.7

8.3

8*5

3.1

4.0

5.0

5.9

4.0

3*1

-2.0

2.8

3.6

4.1

2.3

1*2

-3.0

-5*6

-8.8

-6.0

1*9

-1*4

-3*0

-4.3

-0.5

5.3

4-70

3.4

2.2

2.4

5-70

2.5

1.4

1.6

118.8

1.0

117.6

-5.4 -11.5

117.0

6-70

2.7

1.7

1.9

3.0

3.8

4,2

2.7

7-70

3.9

3.0

3.3

4.5

5.3

5.9

4.7

4.3

1*9

1.2

1.3

5.9

12.4

0*8

-1.7

-2.8

-3.6

-1.5

0.0

117.5
20.0

119.3

-2 .5 -20.8

117.0

8-70

2.0

1.1

1.2

2.1

2.6

2.8

1.5

9-70

2.9

2.1

2.2

3.1

3.7

4.0

2.9

2*4

0.4

-0.3

-0.5

1*8

3.9

3.4

-4.0

1.4

1.5

0.3

-0.4

-2.5

-3.4

-4.0

-2.7

-2.0

-3.8

-10.6

1.0

1*0

-0.1

-0.7

-2*6

-3.5

-4.0

-2*9

-2.4

-3.8

-9.0

- 4 . 7 -13*8

-4.1

-3.7

-4.2

-3.3

-2.9

-4.2

-8.4

-5.0

-11.3

-5.1

2-70

3-70

4-70

5-70

6-70

7-70

8- 70

9-70

10-70

1.2

0.3

0.3

1.0

11-70

0.9

0.1

0.1

0.7

0.5

-0.3

-0.3

0.3

0.5

0.5

-0.6

-1*2

5-69

12-70

-2*9

6-69

7-69

8-69

9-69

10-69

11-69

12-69

1-70

INITIAL
*

16.5

118.5

-5.0 -22.6

116.0
115.6
-6.1

115.0

10-70 11- 70

MONTH

NCT SEASONALLY ADJ USTED




PREPARED BY FEDERAL RESERVE BANK OF S T .
JANUARY 1 2 , 1971

L O UI S

15

General Price Index*
Ratio Seal*

Ratio Seal«

1958=100

1958=100

1962

1963

1964

1965

1966

1967

*As used in N o tio n a l Incom e Accounts
P ercentages a re a nnual rates of change for periods in d ica te d .

1968

1969

1970

Source: U.S. Departm ent of Com m erce

Latestdata plotted: 4th quarter pre lim ina ry
P repared by Fe de ral Reserve Bank of St. Louis

T H P iR if PRicë DgTUfòR m

SftäSS NATIONAL MflPUCT

____________ COMPOUNDED ANNUAL RATES QF C H A N G E _________
TERMI NAL
QUARTER

IN IT IA L

1 -6 6

2 -6 6

2 -6 6

<!<Q ..........

3-66

4 -6 6

1-6 7

2 -6 7

3 -6 7

4-6 7

1-6 8

2 -6 8

1958

Q UA R TER

3-6 8

4 -6 8

1-6 9

2-6 9

3 -6 9

4 -6 9

1-7 0

2 -7 0

100

3 -7 0

- ____________ ____ __________________________ _______________________________________________ „ _______________________________________________________

11 3.5

3.8

1 -6 7

3.6

11 4.5

3.6

3.4

115.4

3.4

3.2

116*2

2.8

116.8

Ì . 3 .... I t i
- 1 - 69
4-69

..liJQ____ 1x1____ 1*1____ 1* 1 _

*3

4*8

4 .5

4 .7

4 .7

1 i Q-

JhJL 1x1__ i L
±_

*5

4*7

4*8

5*0

5*1

4* ?

4 ,7

I t 6_

4 .2

l « j ..... I x L .

Iti,

J t x l _____l x 2 _

- ÌZ Ì .Q

Ju 2

- 1 = 7.0-

J i ± l ____ l x

1-66

____ 1 * 1 -

4 .6

1x1.... Is ?

4*9

111
3 -6 6

4 -6 6

m

l

4*8____ i t i
1-6 7

2^67

P 67

. A mË____ 1 , 9 5 , 0
5*0

5*2

5 .3 I

+5.3%127*2
5*8

129*0

5*1

5 .3
5.7

130*5

4 .7

5 .5

5.7

:+4.9%

132*6

4*9

4*9

5*1

5 .1

5 .2

5*3

5*2

5*4

4*3

.7

4*8

4*9

5*0

5*1

5*1

5*2

5*0

5*1

4 .4

4 .6

135*5

*8

4*9

5*0

5*1

5*1

5*2

5*3

5*2

5*3

4*9

5*1

137.4P

4^67

1^68

2-6 8

3 -6 8

4 -6 8

1^69

2^6^

3^ 6 9

JR 5

T-7T5

Is ?

.1 a ....... u l ..... t a ____

l_

2 -6 6

4*5

J b i ____ 1 x 5 ____ I x Z ____ l * i _

_ 1 * J ____ f U i _
-JLrT Q ...

4*3

4*9

134*0

3 -7 Ö

-------------------------------------------------------------------------------------------------------m m J r w s w T g R -------------------------------------------- ---------------------------------------------------------------------------------P - PR E LIM IN
 AR Y


PREPARED BY FEDERAL RESERVE
JANUARY 18» 1971

BANK OF ST*

L O U TS "

Inventories Compared With Monthly Sales*

*Ratios based on seasonally adjusted data.
Source: U.S. Department of Commerce
Shaded areas representperiods of business recessions as defined by the National Bureau of Economic Research.
Latest data plotted: Novem ber



P r e p a r e d by F e d e r a l R e s e

• B a n k cf St I ouis

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