Full text of National Economic Trends : May 1974
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n n n o n flL Economic k u d o s PREPARED M O N TH E N D IN G : A Pri-l 30, 1974 BY FEDERAL RESERVE B AN K OF ST. LOUIS RELEASED: May 23, 1974 The picture presented by revised national income data for the first quarter of 1974 is not markedly different from that indicated by the preliminary estimates. The revised data show a more rapid acceleration of inflation and a somewhat larger decline of real product. The most substan tial adjustments to components of total spending and real product were a downward revision of inventory accumulation and upward adjustments of net exports and government spending on goods and services. The implicit price deflator is now estimated to have increased at an 8.1 percent annual rate since the fourth quarter of 1972. Real product growth, which began to decelerate early last year as the constraints of productive capacity became increasingly severe, grew only 0.2 percent from the first quarter of 1973 to the first quarter of this year. Price indexes are still increasing at rapid rates, even though in recent months consumer food prices have been increasing less rapidly and wholesale food prices have been falling. The food component of the consumer price index fell in April. The wholesale price index for farm products and processed foods and feeds fell at an annual rate of 11.6 percent from August of last year to April. Nonetheless, the consumer price index rose at an annual rate of 12.4 percent from December 1973 to April of this year, and the wholesale price index rose at a rate of 20.7 percent over the same period. Industrial production rose in April, following a decline at an annual rate of 7.6 percent from last November to March. The recent increase was primarily in those industries which had been adversely affected by conditions associated with the recent embargo of Middle East oil. Production in the motor vehicles and parts industry increased substantially in April from the depressed levels of the last few months. Production in this industry, which accounts for about 5 percent of the total industrial production index, declined at a 60.6 percent annual rate from November to February. Increased production by the primary and fabricated metals group and the machinery industry also contributed significantly to the increase in industrial production. The other components of the industrial production index were little changed in April. The decrease in output indicated by the recent decline in both real product and the industrial production index was accompanied by a slowing of employment growth, but not by continuing increases in the un employment rate. Total civilian employment has been virtually unchanged since last October, compared to an increase at a 4 percent annual rate over the prior twelve months. The unemployment rate of the civilian labor force was 4.6 percent in October, rose to 5.2 percent in January, and has since fallen slightly to 5 percent. Whereas the increase of the unemployment rate from October to January reflected an increase in the number of people unemployed, the subsequent fall reflects a decrease in the number of people in the civilian labor force. TOTAL CIVILIAN EMPLOYMENT &J3fifflUHQgQ AMNUAL BATH. Of CHANCI .j m h im l NONTH .JU-li TMOUS^NOS Of PERSONS -UU.T1AL.JMHX«L JbLlLAVt-U 1 1 -7 * Urli A-71_^lr71 3-11 4-73 5-73 6-73 7-73 8-73 9-73 10-73 11-73 12-73 1-74 2-74 3-74 < 2 »338 — 1 * 2 ___________________________ - A lz li-------- 1*1___ ¿ d L - l i z l * ______2 * 9 -IzUL — 3.7 82 » 4 8 4 62,841 >.3 82,619 - U i ------ L i4 ___ L i f t - - 3 . 2 *— u __ --- S i i . --- £JJL___ * % f 3-73 3 .7 4 .3 4 .8 4 .6 8.7 4-73 3.4 3,7 4 .0 3.7 6.1 1.0 4.9 1.2 1.4 83,782 83,854 5r7? 3.1 3.4 3.8 3.2 8-73 3.7 4 .0 4.3 4.1 5.6 3.6 4 .8 8.4 7-73 3.5 3.7 3.9 3.7 4 .9 3 .0 3 .7 4 .9 1.5 8-73 3.0 3.2 3.3 3.0 4 .0 2.1 2 .4 2.7 - 0 .0 - 1.5 9-73 3.5 3 .7 3.9 3 .7 %#0 3 .3 3 .7 4 .3 2 .9 3.7 9 .2 .1 0 z ? 3 3.8 4 .0 4 .2 4.1 4 .9 3 .9 4 .3 4 .9 4 .1 4 .9 8 .3 7.5 11-73 3.5 3.7 3.8 3.7 4 .4 3 .4 3 .7 4.1 3.2 3.7 5.5 3.7 12-73 3 .3 3 .5 1*8 3.4 4 .0 3 .0 3 .3 3 .5 2 .7 3 .0 4 .2 2.5 3.3 2 .8 2.8 3.7 2.4 — 83,950 84,518 84,621 84,513 85,133 85,649 ...... 1-74 3 .2 3.4 2-74 _ 3.0 3-74 2.9 4-74 2*9 3 .1 85»649 0.1 0 .3 > V ....... ........ ........... N 0 .8 L l A «ftA* t v .3 t v ............. .... .... . 85,811 1*1 2.0 0 .5 0 .7 G„9 0 .6 0 .8 0 .9 0.4 0.4 0.4 -0.2 -0.2 -1.2 11-73 12-73 1-74 2-74 3-74 3.4 3 .3 3.9 3 .1 3.2 3,1 3.6 2 .6 2 .8 3 .0 2 .3 2.4 3.1 1.9 3 .0 3.1 2 .9 3.4 2.5 2 .6 2*7__ 2.1 2.2 2.8 1.7 2.7 2 .8 2 .8 2 .6 3.0 2.2 2 .3 2 .4 U8 1.8 2.2 1.3 1 0.3 1 9-72 10-72 11-72 12-72 1-73 3-73 4-73 5-73 6-73 7-7* 8-73 9-73 10-73 85,669 -O a V ^ 85,803 0?8S s ^ 85,863 Ì 85,775 PAYROLL EMPLOYMENT CO M P O U N D E D ANNUAL R*TES OP CHANGE l E B W lH&L. NONTH 9-72 10-72 5.3 11-72 4.7 1-73 IHtTiH 10-72 3-73 i 4-73 i 5” 73 12-72 1-73 2-73 3-73 4-7 3 3-71 7-73,_8-73_.9 - 7 3 ^ t W 3 11-73.12-73 1-7» 2-74 73,835 74»002 3.5 2.7 4.1 3.7 3.4 i * 4 .5 4 .4 4 .4 5 .0 4 .3 4 .2 4*2 4.5 4 .7 4 .2 4.1 4.1 4 .3 4 .4 3.5 3 .4 3.3 74,232 4.1 V• V 74,914 5 .5 75,105 75,321 6-73 4 .4 4 .0 4 .2 4 .2 7-73 r ■■ 3.6 3 .4 3 .4 3 .4 3.3 2 .0 1.3 , 75*526 75»478 - 0 .8 75.747 8-73 3 .7 3.5 3.5 3 .6 3.5 2 .6 2.3 1.8 4 .4 9-73 3.7 3.5 3.5 3.5 3.5 2 .8 2.6 2.3 3.9 3.4 , 10-73 3.9 3.8 3.7 3 .8 3.8 3.4 3.4 3.4 4 .8 5 .0 11-73 4 .0 3.9 3.9 4 .0 3 .9 3 .6 3.6 3 .7 4 .8 5 .0 5.8 12-73 3.7 3.5 3.5 3 .5 3 .5 3.1 3 .0 2 .9 3 .7 3 .5 3 .5 2 .1 - 0 .8 2 .5 2.2 0 .9 -1 .2 75*941 6.5 r v .. -. - -. ............................. j 74*424 ,] 4% 74*524 - 1 .6 ^ S . 3 .3 3.2 3.1 3 .1 3.1 2 .5 2.4 2 .3 2-74 3.4 3 .3 3.2 3 .2 3 .2 2 .7 2 .6 2 .6 3.1 2 .8 2 .7 1.8 0 .7 1.5 4 . 6 ^ 3.2 3.1 3 .0 3 .0 2 .9 2 .4 2.3 M 2 .6 2 .4 2 .2 1.3 0 .4 0 .8 2 .0 2.2 | 1.4 | 0 .7 1.1 2 .0 0 .8 9-73 10-73 1 1 -7 3 12-73 1-74 2-74 4-74 2.9 2 .9 2 .9 9-72 10-72 11-72 12-72 1-73 3.1 3 .0 2- 3 2*4 2.3 2.2 2.5 2 .3 4-73 5 -7 Ì 4-78 7-73 8-73 74*343 74*479 X 1-74 3-74 3-74. 4.2 4 .0 . 4-?j_ 73,584 4.1 * , 11-72 THOUSANOS H flMlM. 74*813 -0 .4 ^ N ^ 2 .M 74*785P 74*911P 3-74 PR ELIM IN A RY m n n v MAY 2 3» w 1974 eeafetui r ^ r v e BA N K ' o r ^ r r v c g a n EMPLOYMENT RATIO RATIO SCALE MI LL IONS OF PERSONS SEASONALLY AOJUSTID MI LL IONS OF SCALE PERSONS SORRCEi U.S.DEPARTMENT OF IA10« PERCENTAGES ARC ANNUAL RATES Of CNANRE FOR PEKIOOS INDICATED. LATEST DATA fLOffCOi APRIL PRELIBINARY PREPARER St FEDERAL RESERVE RANK OF ST. LORIS UNEMPLOYMENT PERCENT RATES1 SEASONALLY ADJUSTED PERCENT SOURCEI U.S. DEPARTMENT OF LAROR • P E R C E N T OF CIVILIAN LAROR FORCE IN RRORP LATEST OATA PLOTTER* APRIL PRtPAREI 3 RANK OF ST. LOUIS COWSUMPH PUTTE TWPgX, Sm O f t i l l V AOJUSTPO C O M P O U N D E D ANNUAL RATES OP CHANGE TERMINAL MONTH INITIAL M *» 1 O 9-72 11-72 12-72 1-73 2 - fi 3-73 4-73 196 7 * MONTH 5-73 6-73 8-73 7-73 10-73 9-73 11-73 1-74 12-73 2-74 100 3-74 126.61 10-7 2 4.1 11-72 3.7 3.4 12-7? 3.5 3.3 3.2 126.96 127.29 1-73 4.2 4.3 4.7 2-73 5.0 5.2 5.8 7.2 a .iN v 127.94 128.77 3-73 5.9 6.3 7.1 8.* 9.4 129.88 4-73 6.2 6.6 7.2 8.3 8.9 i o . « \ 130.71 9.4 131.45 5-73 6.3 6.6 7.2 8.0 8.5 8.6 7.5 7.0 6-73 6.5 6.8 7.2 7.9 8.3 8.3 7.5 7.3 7.6 7-73 6.0 6.2 6.6 7.1 7.2 7.0 6.1 5.5 4.7 132.25 + 9.7% 2.0^^^ 132.47 a-73 7.6 8.0 8.5 9.2 9.6 9.8 9.6 10.1 M.i 12.9 4-73 7.4 r.7 8.1 8.7 9.0 9.1 8.8 9.0 9.5 10.2 14.5 5.0 10-7 3 7.6 7.9 ft.3 8.8 9.1 9.3 M.O 9.2 9.7 10.2 13.1 7.6 11.2 136.60 11-73 7.7 H.O 8.4 8.9 9.2 9.3 9.1 9.3 9.7 10.1 Ì2.2 8.3 10.0 137.67 9.7 11.3 8.1 9.2 *.6 12-73 7.7 3.0 1-74 ft.l 2-74 8.5 9.1 8.9 8.4 8.8 9.0 8,4 8.7 9.2 9.4 9.5 9.4 8.6 9.2 9.6 9.9 10.C 1 0 .a 3-74 8,8 9.1 9.4 9.9 4-74 8.7 9.0 *♦3 1 9.7 9-72 10-72 1 1-72 12-72 J 9.1 9.4 h 134.95 X 135.50 138.50 T .V \ 139.97 9.6 9.9 10.2 11.6 9.2 10.2 10.2 10.5 13.5 10.2 10.5 10.9 12.2 10.2 11.3 11.6 1 2.2 14.6 15.7 141.68 12.0 12.* 14.2 14.6 143.19 10.1 10.3 10.2 10.5 1C.8 11.2 12.4 10.7 11.7 9.9 10.1 10.0 10.2 10.5 10.8 11.8 10.2 11.0 11.1 11.4 12.4 12.1 I'J. 3 1-73 2-73 3-73 4-73 5-73 6-73 T-7* 8-73 9-73 10-73 11-73 12-73 1-74 2-74 P R f P A K P O BY P f O f R AL R E S E R V E MAY WHOLESALE PRICES - INDUSTRIAL COMMODITIES. INITIAL terminal 21. SEASONALLY 144.01 7.11 3-74 H ANK OF S T . LOUIS 1*74 AOJUSTED 1967 * MONTH 100 MONTH *-72 10-72 11-72 12-72 1-73 ¿-73 3-73 4-73 5-73 6-73 7-73 8-73 9-73 10-73 1 1 - 7 1 12-73 1-74 2-74 1-74 10-72 11-72 118.93 ?"7 12-72 4.8 >.4 119.40 _ 119.59 1*9 1-73 *f7 3.4 2.7 3.6 2-73 4.5 >»5 5.8 7.8 12.1 7.4 a.i 10.2 13.7 15. Z 4-73 7.7 9.0 9.8 11.9 14.8 16.1 5-73 8? 7 9,9 10.7 J 2*6 14,9 15.9 16.2 15.5 10.2 11.0 12.5 14,4 Pt° 14.9 13.9 12.4 i-73 119.94 121.09 122.53 17,0 124.14 125.64 126.87 6-71 M 7-73 •?t M 9.6 10,8 12.0 12.0 11.2 9.3 6.4 0.7 8-73 7.9 8.6 9.1 10,0 11.0 1C.8 9*9 8,2 5.9 2.7 4,8 7.? 8.6 ?t9 9.8 10.6 14.4 8,2 6*4 4.5 6,5 9-71 126.94 s £ 1 9.5% 127.44 * 128.28 j N v 10-7J M ¥.1 9.3 10.3 11.0 10,9 10.3 9*2 8.0 6.9 9.1 11,3 , 11-73 UtT Ilf* 12.1 13.1 14,1 IS ? Ptl 13.8 Pt? P*7 17.2 21.6 28.9 \ 45.1 s 12-71 Mil U t l 13,8 14^ s 15.9 Itti P P 16.3 P P |?t? 20.8 25,1 31,3 40.6 36.2 129.74 133,83 137,32 1-74 13,3 Pi* P P *6,0 17,1 17f5 17,8 17.9 18.2 19.0 22.4 26.2 31.2 37.3 33.5 30.8 2-74 P . 5 14.4 15.0 16.0 17.1 17.5 17.7 17.8 18,0 18.7 21.6 24.6 28.2 31.8 27.7 23.6 16.8 3-74 14.9 P f* |6t5 4 7f6 18.6 P*l Pi* 19,7 20.1 21.0 23.9 26.8 30.2 33.6 30.9 29.2 28.4 41.1 4-74 _ 19.7 16.4 17.4 18.4 Il9.5l 20,0 20*4 20.7 21.1 22.1 24.7 27.4 30.4 33.3 31.0 29.8 29.4 36.3 > l> 9-72 10-72 11-72 2-73 3-73 4-73 5-73 6-73 7-73 8-73 9-73 10-73 11-73 12-73 1-74 2-74 3-74 12-72 1-73 In i t i a l 140.43 142.26 \ 149,79 month PREPARED BY FEDERAL RESERVE MAY 9 . 1974 4 146.40 BANK OP ST. LOUIS Prices Percentages are annual rates of change for periods indicated. Latest d ata plotted: A p ril Prepared b y F e deral Reserve B ank of St. Louis Wholesale Prices ■••it S u b »67=100 1**6 Se aso n ally Adjusted 1*67 1*68 1*6* 1*70 1*7) 1*72 1*73 1*74 P ercentages are a n n u a l rates of ch a n ge for pe riods indicated. Latest d ata plotted: April Prepared by Federal Reserve Bank of St. Louis 5 WHOLESALE P R ICES - ALL COMMODlTlESt _________________ C O M P O U N D E D A N N U A L R A T E S Tu En Ri l Mf It »N A L __________________ -------- - n .............................. 9-7 2 0 1 ••4 month 10-7 2 0.4 11-72 4*4 X 8.6 12-72 9.4 14.2 11 - 7 2 1 2 - 72 1-73 2-73 , .„t 3-73 ................... ...I N IT T IT A L 4-73 5-73 MONTH 6-73 1 9 6 7 *--------------------------- ------------------------- ------ ------------------------ ------------------------------- ---------------------------------------------------------------- 6-/3 11-73 12-73 1-74 2-74 123.27 124.44 10. 1 13.5 16.0 12.0 12.1 15.3 17.6 16.3 20.9 3-73 15.1 18.3 20.9 21.1 26.0 4-73 14.7 17.3 19.1 18.9 21.2 21.4 12.3 5-73 16.2 18.7 20.5 20.5 22.8 23.4 19.7 27.5 6-73 17.8 20.2 22.0 22.3 24.4 25.3 23.4 29.3 7-73 14.0 15.6 16.5 16.0 16.6 15.8 12.3 12.2 126.42 3 . 129.32 X 130.58 133.25 134.40 5.3 - 1 5 . 5 8-73 20.3 22.5 24.1 24.6 26.5 27.5 26.8 30.7 31.8 32.0 16.6 18.2 19.2 19.1 20.1 20.0 18.2 19.4 17.4 13.2 10-73 14.9 16. 2 17.0 16.7 17.2 16.7 14.8 15.2 12.9 11-73 15.5 16.8 17.5 17.3 17.8 17.5 15.8 16.3 14.6 12-73 ¿6.4 17.6 18.4 18.2 18.8 18.6 17.3 17.9 1-74 13.0 19.3 20.1 20.1 20.8 20.8 19*8 2-74 17.9 19.0 19. 8 19.8 20.4 20.3 3-74 17.0 18.9 1 9.6 19.5 20.1 4-74 17.3 18.3 18.9 18.S 1 0-72 1 1 - 7 2 12-72 140.58 8.7 18.3 -10.4 140.16 11.5 19.5 -0.4 9.1 23.3 16.6 14.3 21.5 6.4 15.5 26.4 29.5 20 . 6 19*8 18.3 25.1 13.2 22.3 32.3 37.0 45.0 19.4 20.1 19.3 17.9 23.7 13.5 20.8 27.8 29.4 29.3 15.4 20.0 19 « I 19.8 19.0 17.7 22.7 13.9 20.1 25.5 26.0 24.8 15.8 19.3 19.2 18.3 18.8 18.1 16.8 21,1 13.3 18.4 22.5 22.4 20.7 13.5 12.6 1-73 2-73 3-73 4-73 5-73 6-73 7-73 8-73 9-73 10-73 11-73 12-73 1-74 2-74 WHOLESALE 10-72 ir \ . !r 11-72 7.9 12-72 27.7 47.0 7 8.7 1 1-72 12-72 1-73 2-73 3-73 4-73 5-73 142.63 145.74 150.32 152.12 ÌT .X 154.05 9 . ^ \ 3-74 6-73 FEEDS» SEAS . ADJ . 1967 * MONTH 7-73 8-73 9-73 10-73 11-73 12-73 1-74 2-74 125.1 127.1 133.4 136.9 1-73 29.8 43.4 5Ó.2 36.4 32.2 43.2 51.5 39.4 42.5 3-73 39.3 49.9 58.2 51.9 60.3 80.3 4-73 33.0 40.3 44.6 37.1 37.3 34.8 0.8 141.0 148.1 148.2 154.3 5-73 36.3 43.3 47.4 41.8 43.2 43.4 27.9 62.3 6-7 3 40.5 47.4 51.6 47.5 49.8 51.7 43.2 70.6 7-73 28.4 32.6 34.2 28.8 27.5 24.7 13.8 18.4 1.2 -42.9 8-73 52.3 59.4 64.4 62.7 66.8 71.2 69.5 92.9 104.4 118.2 734.5 9-73 39.4 44.1 46.7 «3.5 44.4 44.7 39.5 48.8 45.6 35.9 109.6 -47.3 35.3 36.6 33.0 32.6 31.5 25.7 162.0 7 9 . r sX d - 2 2 . 6 % 154.6 184.5 30.3 24.8 13.9 43.5 -40.5 174.9 169.2 -32.8 166.7 11-73 27.5 30.3 31.2 27.5 26.7 25.0 19.4 22.3 16.7 7.1 25.4 -33.4 -25.0 -16.4 12-73 26.9 29.4 30.L 26.7 25.8 24.3 19.2 21.8 16.9 8.8 23.8 -23.1 -12.8 -0.7 17.9 1-74 29.7 32.4 33.2 30.2 29.7 28.6 24.4 27.3 23.5 17.1 32.0 -8.7 4.7 21.4 46.2 81.4 169.0 177.6 178.8 2-74 28.4 30.7 31.4 28.5 28.0 26.8 22. 8 25.3 21.7 16.0 28.3 -6.1 5.4 18.0 32.4 40.2 8.4 3-74 24.9 26.d 27.2 24.3 23.5 ¿2.1 18.2 20.0 16.4 10.9 20.5 -8.6 0.2 8.6 15.9 15.2 -8.2 -22.2 21.1 2 2 .ó| 22.7 19. 9 13.9 17.3 13.5 14.6 U.l 5.9 13.4 - 1 1 . 6 -4.9 0.8 4.7 1.6 - 1 6 . 2 -26.4 -30.4 11-72 12-72 1-73 2-73 3-73 4-73 5-73 6-73 3-73 9-73 10-73 11-73 1-74 2-74 3-74 10-72 100 3-74 21.0 \ 2-73 9-72 155.16 HÒNTH INITIAL 9-72 -3.5 PRICES-FARM PRODUCTS AND PROCESSED FOODS AND C O M P O U N D E D ANNUAL RATES OF C H A N G E TERMINAL MONTH -3.8 142.76 106.3 31.0 - 16.9 IN111 AL 10-72 136.30 31.2 \ + 1 8 . 3 % 9-73 4-74 100 3-74 20.1 1-73 31.8 10-73 121.40 2-73 10-73 9-73 120.57 1 9-72 7-73 SEASONALLY ADJUSTED O f C H A N G E _______________ ÍNltÍAL 7-73 12-73 175.1 \ 169.9 MUNTH P k E P A R E Q BY F E O E R A L RE S E R V E B A N K OF ST. L O U I S M A Y 9, 1 9 7 4 6 INDUSTRIAL RATIO PHODUCTION SCALE RATIO 1 9 8 7 - i 00 SEASONALLY P U e C M T A lU LATEST Atte AÜ N U AI DATA P LO TTE D « R A T ES A P R IL OF CHANCE FOR ¿DJUSTCD PERIODS SCALE 1 9 6 7 — 100 I N D IC A T E D . PR E L IM IN A R Y PR EP A R E D « Y FE D E R A L RESERVE DANK OF ST. L O U IS INDUSTRIAL PRODUCTION 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 INITIAL MONTH terminal 1967 - 100 MONTH 9-7* 10-72 H-72 12-72 17.6 11-72 14.0 10. 5 12-72 12.4 10,0 12.2 12.2 10.6 10.5 10.4 10,9 11.1 12.0 1-73 3-73 9.0 5-73 9.5 8.3 8.0 8.0 6-73 9.2 8.2 7.8 7-73 9.4 6.5 8-73 9*3 7.4 9.7 8.4 8.9 7-73 8-73 9-73 10-73 11-73 12-73 1-74 2-74 3-74 7.6 7.7 7.6 T.. 6.4 6.8 6.8 6.5 11-73 7.2 4*4 6. 1 5.8 *,0 5.2 4.8 4.5 4f 9 4.1 3.7 3.3 4.2 3.4 2.9 2.5 2.9 2.5 3*8 3.1 2.6 9-72 10-72 11-72 3-74 123.7 ' 3 . o \ 124.1 3.5 4.0 \ 5.0 6.0 8.0 5.4 6.3 7.5 6.9 6.5 7.5 8.6 9.0 11.0 5.1 5.5 5.9 5.2 4.4 -1.9 124.9 +4.5% 125.6 126.7 126.5 4.8 5.1 5.3 4,6 3.9 0.5 4.4 4.6 4.7 4.1 3.4 1.0 2.4 1.9 5.2 4.5 4.6 4.7 4.2 3.7 1.9 3.2 3.4 3.8 3.0 3.0 2.9 2.6 1.8 1.8 1 . 7 1 . 4 1.0 0.8 0 . 5 0.6 0 . 4 0.1 0.9 0.7 2-73 3-73 2.0 1 . 4 2.2 1.6 12-72 123.4 12.4, 7 t4 4-74 6-73 11.5 10-73 7.0 9-73 2-74 5-73 120.2 121.1 122.2 8.2 8.1 7 . 5 6. 8 6.1 7.0 6.6 6 . 3 5 . 7 6.2 5 . 9 5 . 3 1-74 4-73 9.4 9*3 4-73 12-73 2-73 3-73 119.2 10-72 2-73 1-73 1-73 2.2 0.6 126.8 0.0 127.0 4.8 127.5 1.4 -0.4 -0.9 -2.3 -0.3 -2.0 -2.1 -3.3 -4.9 -9.5 -9.9 -0.3 -1.2 -2.8 -3.0 -4.1 -5.6 -8.8 -8.7 -0.7 -1.5 -2.9 -3.1 -4.1 -5.2 -7.6 -7.1 -5.6 -3.8 124.2P 0.5 -0.2 -0.9 -2.1 -2.1 -2.8 -3.6 Η 5 . 2 1 - 4 . 2 -2.2 0.5 1 2 4 . 7P 4-73 5-73 6-73 7-73 8-73 9-73 10-73 11-73 1-74 2-74 126.5 12-73 *<5.2% 125.4 124.6 - 7 . 4 ^ ^ 3-74 INITIAL M O N T H P- PRELIMINARY PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS MAY 16* 1974 7 PERSONAL RATIO MONTHLY SCALE TRILLIONS OF TOTALS INCOME AT SEASONALLY DOLLARS ANNUAL RATES RATIO ADJUSTED TRILLIONS OF SCALE DOLLARS 1 .2 I.1 1 .0 0.9 0.8 0.7 0. 0.6 0. 0.5 0.4 1966 1967 1968 1969 1970 1971 1972 SOURCE% U . S . P E R C E N TA G ES LATEST ARE ANNUAL R A T ES DATA PLO TTE D « A P R IL OF CHANGE FOR P E R IO O S 1973 1974 D EPA R TM EN T OF COMMERCE IN D IC A T E D . PR E L IM IN A R Y P R EP A R E D PEPSONAL BY F E D E R A L R E S ER V E BANK OF ST. LO U IS INCOMF LUi*TFR4IN4L MONTH B I L L I O N S OF DOLLARS ANNUAL RATES INITIAL M O N T H 9-72 10-72 11-72 12-72 1-73 2-73 3-73 4-73 5-73 to-7 3 7-73 8-73 9-73 10-73 11— 73 12-73 1-74 2-74 3-74 21.7 967,0 11- 72 1 7 . it 1 4.0 977,6 1 2 - 72 14. J 10. 0 7.0 10— 72 983,6 989.1 1-/3 12.4 9 .b 7.3 6.9 2-73 12.0 9.7 3.4 6.7 10.5 3-73 11.? 9.2 1 a. 3 U .9 7,3 4-73 11.1 9.4 3.6 ß.a 9.4 a.9 10,4 5-73 10.3 9.3 a. 6 a.a 9.2 6,8 9,6 8,8 6-7 3 10.7 9.4 8.7 0.9 9.3 9.0 9,6 9,2 9,7 7-7 3 1 0.7 9.6 9.0 9.2 9,6 9,4 10.0 9,8 10,4 11,0 8-7 3 11.1 10.0 9.6 9.9 10,3 1 0, 3 10,9 11.0 11,7 12,7 14,4 9-73 11.3 10. 4 10 . 0 10.3 10. 7 10,7 11.3 11,5 12,2 13,0 14,0 10-7 3 11.3 10. ■ > 10.2 10.4 10. 8 10.9 11.4 11,6 12,1 12 , 3 13,3 12,a 11.9 11-73 11.4 10.7 I ).4 10.7 U.l ll.l 11,6 11,8 12,3 12.d 13,2 12,a 12.4 12-73 11. 4 10,7 13.5 10,7 9.3 9.5 9.1Ï ?.*» 1-74 997,4 1.003,3 1*011.6 1*018,7 1*026,6 1*035.6 1*047,3 1*079,4 12,0 1*089,0 11, I U.l 11.5 11.7 12.1 12,5 12,8 12,1 11.? 9.9 9, 8 10.1 10.1 10,2 10,3 10,2 9,3 8,3 7,1 4,3 -2,2 9.S o.a 9.8 10,0 9,9 13.1 10.1 10,0 9,3 8,4 7,6 5,8 3,2 9.0 9,0 8,3 7,5 6.2 4.6 8,2 7,5 8,2 7.6 6,6 5.4 8,1 7,7 7.9 2-74 3-74 10.4 3- 74 10.3 9,6 9,4 9 0 9,7 9.6 9, b 9,7 9,8 9.a 9,7 4-74 10.1 9. > .3 9,4 9 , i> 9.5 9.6 9.6 9 .6 9 .6 9,5 8,9 11 - 7 2 12-72 2-73 3-73 4-73 5-73 6-73 7-73 8-73 10 - 7 ? 1*068,5 13.0 12,4 2-74 9-72 1*058,5 13.6 1-73 9-73 10-73 11-73 12-73 1 *0 8 7 , 0 1-74 1*094.8 1*101,4 1 *108.4P I N I T I A L 1M O N T H P - P R É L 1 H I NA-<Y PRilPARfcO BY FEDERAL KESE».VG MAY 16, 1974 8 BANK OF ST. LOUIS RE T A IL SALES R A T I O SCALE R A T I O SCALE B I L L I O N S OF DOLLARS 1966 1967 SEASONALLY 1968 1969 1970 1971 P C M U T A K t M l ANNMAl M i l l If C N A M I F0> r U I M I latiit bata mrrui m a i m rmmiNAiv, A r m B I L L I O N S OF DOLLARS ADJUSTED 1972 1973 1974 lOUCCIi ».«. M T A I T M N T OF C M M U C l IMICAtU. aivawi utikati r i i r A M » I V F U U A L M I U V I IANX OF IT. I N I * RETAIL SALES COMPOUNDED ANNUAL KATES ^ TERMINAL MONTH INITIAL 10-72 10-72 11-72 12-72 1-73 2-73 3-T3 4-73 5-73 CHANGE M I L L I O N S OF DOLLARS MONTH 6-73 7-73 * #-73 9-73 10-73 11-73 12-73 1-74 2-74 3-74 3 9 1106 52.9 38*713 U-72 H,4 -11.4 12-72 i»t9 4.9 24.1 17.4 35,2 47.2 1-73 39*417 40*707 2-73 23*7 17.3 28.8 31.2 17.0 3-73 23.7 18.5 27.5 28.6 20.3 4U242 4-73 16.1 10.9 16.0 L4^L 4.8 5-73 16.2 11.7 16.2 14.6 7.7 4.7 -3.6 16.9 23.7 f 41*979 -0 .8 -* 2 0 . 5 41,115 41,723 6-73 12.3 8.0 11.1 9.1 2.7 -0.5 -7.5 -0.3 -14.9 41,167 7-73 16.2 12.7 16.1 15.0 10.4 9.1 5.7 16.3 16.0 42,767 8-73 13.4 10.1 12.7 11.4 7.0 5.5 2.2 8.8 6.2 18.6 9-73 12.7 9.6 11.9 10.7 6.8 5.4 2.6 8.0 5.9 13.9 8.9 10-73 12.7 9.9 12.1 10.9 7.5 6.4 4.1 11-73 11.8 9.1_ 11.0 9.9 6.7 5.6 3.6 12-73 9.2 8.1 6.8 3.8 2.5 0.4 3.4 42*355 -11.0 t 3.3 42,529 5.0 7.3 13.7 1.9 9.0 13.2 6.1 10.9 1.5 .6 * 0 6.5 1.6 4.7 -3*4 -1.7 -3.8 42,970 0.2 42,976 -11.3 -21.5 42,116 1-74 10.1 7.8 9.3 8.2 5.5 4.5 2.7 5.7 4.4 7.5 0.8 3.3 2.9 -0.4 -0.6 25.9 2-74 9.9 7-6 9.0 8.0 5.5 4.6 3.0 5.7 4.5 7.3 1.5 3.7 3.4 1.1 1.5 15.4 5.8 3-74 10.4 8.3 9.7 8.8 6.5 5.7 6.9 6.0 8.6 3.6 5*9 6.0 4,7 . 5.8 16.9 12.6 19.9 4-74 10.8 8.8 10.2 9.4 7.2 6.5 5.? 7.8 9.5 5,2 7.4 7,7 6.8 8.2 17.2 14.5 19.1 18*3 9-72 10-72 11-72 12-72 1-73 2-73 3-73 4-73 7-73 8-73 9-73 10-73 11-73 12-73 1-74 2-74 3-74 5-73 6-73 INITIAL 42*932 43,134 43.792P \ 44.409E MONTH P- PRELIMINARY .... E - EiI.lMA.TjED _ 9 PREPARED BY FEDERAL RESERVE WAY 13. 1974 BANK OF ST. LOUIS COMPENSATION pfr m a n -h o u r , to t a l p r i v a t e e c o n o m y __________ C O M P O U N D E D A N N U A L R A T E S O F C H A N G F ___________ 1 9 6 7 » 100 7.2 116.7 4-69 B.5 9.9 119.5 1-70 7.7 8.0 6.2 IM 1 O 0 r*» 1 IM T E R M I N A L _________________________________________________________________________I N I T l A t Q U A R T E R ________ _______________________________ __________________________ QUARTER 2-69 2-73 3-73 4-73 3-69 4-69 1-70 4-71 4-72 1-73 1-71 2-71 3-71 1-72 3-70 4-70 2-72 3-72 7.6 7.7 6.6 7.1 3-70 7.9 8.1 7.4 8.1 9.0 4-70 7.4 7.4 6.8 7.0 6.9 4.8 1-71 7.5 7.5 7.0 7.3 7.3 6.4 8.1 2-71 7.4 7.4 7.0 7.1 7.1 6.5 7.3 3-69 UA-3 123.4 126.1 127.6 130.1 132.2 6.6 134.7 3-71 7.4 7.4 7.1 7.2 7.3 6.8 7.5 7.2 7.8 4-71 7.1 7.1 6.7 6.8 6.7 6.3 6.7 6.2 6.0 4.2 1-72 7.3 7.4 7.1 7.2 7.2 6.9 7.3 7.1 7 . 3_ 7.1 10 . 1 2-72 7.2 7.2 7.0 7.1 7.0 6.8 7.1 6.9 7.0 6.7 7.9 5.9 3-72 7.0 7.0 6.8 6.8 6.8 6. 5 6.8 6.6 6.5 6.2 6.9 5.4 4.9 4-72 7.1 7.1 6.8 6.9 6.9 6.6 6.9 6.7 6.7 6.5 7.1 6.1 6.2 7,5 1-73 7.3 7.4 7.2 7.2 7.3 7.1 7.3 7.2 7,3 7.2 7.9 7.3 7.8 9.3 2-73 7.3 7.3 7.1 7.2 7.2 7.0 7.2 7.1 7.2 7.1 7.6 7.1 7.4 8.3 8.7 6,3 3-73 7.3 7.3 7.1 7.2 7.2 7.0 7.2 7.1 7.2 7.1 7.6 7.1 7.4 8.0 8.2 6.8 7.3 4-7 3 7.3 7.3 7.2 7.2 7.3 7.1 7.3 7.2 7.3 7,3 7.6 7.3 7.5 8.1 8.2 7.3 7.8 8,3 1-74 7.2 7.2 7.1 7.1 7.1 7.0 7.1 7.1 7.1 7,0 7.4 7.0 7.2 7,6 7.6 6.8 6.9 6,7 5.2 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 4-72 1-73 2-73 3-73 4-73 3-73 4-73 INITIAL P- 136.1 139,4 141,4 143,1 145.7 149.6 11, 1 151.9 154.6 157.7 159.7P QUARTER PRELIMINARY OUTPUT PER M A N - H O U R » TOTAL PRIVATE ECONOMY 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 QUARTER INITIAL 2-69 3-69 4-69 3-69 -0.4 4-69 -0.6 -0.8 1-70 -0.6 -0.8 2-70 0.4 0.6 1.4 3-70 1.8 2.3 3.4 4-70 1.2 1.5 1-71 2.2 ?-7_l 2.2 2,6 3-71 2.5 2.9 4-71 1-7? 1-70 2-70 3-70 4-70 1-71 2 -7 1 QUARTER 4-71 3-71 1967 1-72 2-72 3-72 4-72 1-73 2-73 100 103.3 103.1 -0.8 102.9 103.8 5.5 105.7 2,1 3.1 2.9 3.4 4.5 4.8 3,4 8,6 3,1 3.9 4.0 2,9 5.2 1,9 3.4 4.1 4,2 3,4 5.1 3,4 4.9 2.5 2.9 3.3 3.9 4.0 3.3 4,6 3.2 3,9 3.0 2.5 2 .« 3.2 3.7 3.7 3,1 4,1 3.0 3,3 2.6 2.2 2-72 2.9 3.2 3L.6 4.0 4.1 3.6 4.5 3.7 4.2 3.9 4.4 6.7 3-72 2.9 3.1 3,5 3.9 4,0 3,5 4.3 3.6 3,9 3.7 3.9 4.8 4-72 3.0 3.3 _ 3,6 4,1 4.1 3.7 4,4 3,8 4,2 4,0 4.3 5.0 4,1 5 . 4 ^ ^ 114.8 4.3 3*9 4.6 4.1 4.4 4.3 4.6 5. 1 4.6 5.5 5.7 116.4 1-71 3,2 3,5 3,8 2-73 2.9 3,2 3,5 3-73 2.8 3.0 3.2 4-73 2.6 2*7 2.1 2.3 2-69 3-69 4-69 1-74 tI 4 * 2 1I - i . r \ 3.5 4.0 3.5 3.5 3,2 3.6 3,0 3.2 3.2 2.9 3.2 2,5 2,7 2.6 2,3 1-70 2-70 2.6 0 ?*• 1 o p» 3.8 3.8 105.3 107.5 1Q9.3 110.1 110.7 112. S 113.3 3.7 3.5 3.6 3.9 3.2 3.3 2.3 - l . O ^ V ^ H . 8 % 116.1 3.3 3 *1 3,1 3.3 2,6 2.6 1.6 -0.3 0.3 'S. 116.2 2«? 2.6 2.6 2.7 2.0 1.8 1.0 -0.6 -0.3 -1.0 115-9 2.1 2,1 1.8 1,7 1.6 0.9 0.6 -0.3 1-1.8 1 - 2 . 1 -3.2 -5.4 1-71 2-71 3-71 4-71 1-72 2-72 3-72 4-72 3-73 4-73 3.2 INITIAL P- 108.0 ool 1-73 2-73 1 114.3P QUARTER PRELIMINARY PREPARED BY FEDERAL RESERVE AP R IL 29c 1 9 7 4 1 0 BANK OF ST. LOUIS P RODUCTIVITY, RATI O COMPENSATION, AND LABOR COSTS SCALE RATIO 1967-100 SEASONALLY Î 966 19 67 19 68 1969 1970 1971 19 7 2 SOU RC E « P E R C E N T A G E S A R E A N N U A L R A T E S OF C H A NC E FO R P E R » ODS LATES T DATA PLO TTE D « 1ST QUARTER U.S . 1973 1974 DE PARTM ENT OF L A 8 0 R IN D IC A TE D . P R E L IM IN A R Y PR EP AR E D UNIT SCALE 19 6 7 —1 00 ADJUSTED LABOR COSTS* TOTAL B Y FE D E R A L PRIVATE R E S E R V E BANK OF S T . L O U IS ECONOMY CQWRWNfigP ANftUAt M T ES Of CHANfiE____ TERMINAL OUARTER INITIAL ?-69 3-69 4-69 3-69 7.4 4-69 9.0 10.7 1-70 8.5 9.1 7.5 2-70 7.2 7,1 5*4 1-70 2-70 3-70 4-70 i-7l 2-71 1967 » QUARTER 3-71 4-71 1-72 2-72 3-7 2 4-72 1-73 115.6 3.4 118.9 6.0 5.7 4.1 2.4 1.4 5.8 4.7 3.7 3.9 6.5 1-71 5. i 4.7 3.6 2.6 2.4 2.9 -0.7 2-71 5.1 4.7 3.8 3.0 2.9 3.5 2.0 4.7 3-71 4.8 4.5 3.7 3.0 2.9 3*4 2,3 3.8 3.0 4-71 4.4 4.1 3.3 2.7 2.6 2.9 2.0 2.9 2.0 1-72 4.7 4.5 3.8 3.3 3.3 3i_7 3.1 4.0 3.8 4.3 7,7 2-72 4.3 4.0 3.3 2.8 3*0 2.5 3.1 2.7 -2 . 6 3.4 -0,6 3-72 4.1 3.8 3.2 2.8 2.7 2.9 2*4 2,9 2.5 2.4 2.9 0.6 1.9 4-72 3.9 3.7 3.1 2.7 2.6 2.8 2.3 2.8 2.4 2.3 2.7 . l . l 1.9 1.9 1-73 4.0 3.8 3.3 2.9 2.9 3.0 2.6 3.1 JLy 8 1*9 3.2 2.1 3.0 3. 5 , . i N f— 1 2-73 4.2 4.0 3.6 3.3 3.3 3.4 3.1 3.6 3.4 3.5 3.9 3.2 4. 1 4.9 6.4 119.3 121.2 121.0 122.4 +2.?%j 123.3 1*0 123.6 125.9 125.7 126.3 126.9 128.5 7.7 130.9 3-73 4.4 4.2 3.8 3.5 3.5 3.7 3.5 3.9 3.8 3.9 4.3 3.8 4.7 5.4 6.6 7.3 6.9 \ 4-73 4.6 4.5 4.1 3.9 3.9 4. 1 3 .9 4.3 4.3 4.5 4*9 4.5 5.4 6.1 7.2 7.9 7.9 9.0 1-74 5.0 4.8 4.5 4.3 4.4 4.6 4.5 4.9 4.9 5.1 5.6 5.3 6.2 7.0 8.0 8.7 9.1 10.2 11.3 2-6 9 3-69 4 -6 9 1-70 2-70 3-70 4-70 1-71 2-71 3-71 1-72 2-72 Z 4-72 1-73 2-73 3-73 4-73 IN IT IA L P- 100 4-73 117.9 6.1 I 3-73 112.9 4-70 o 2-73 4-71 3 -7 133.1 136.0 |I 139.7P QUARTER P R E L IM IN A R Y P R E P A R E D BY F EDERAL R E S ERVE A P R I L 29» 1 9 7 4 11 BA N K O F ST, L O U I S G R O S S N A T I O N A L P R O D U C T IN C U R R E N T D O L L A R S C O M P O U N D E D A N N U A L R A T E S OP C H A N G E T g R H ;H A L _______________________ _____________________ _____ ________ Qu a r t e r 2-69 3-69 4-69 1-70 2-70 3-7 0 4-7 0 1-71 3-69 8.1 4-69 5.6 3. 1 1-70 5.1 3.6 4. 1 2-70 5. 1 4. 1 4.6 5. 1 4.9 5.4 6.1 7.1 4.4 1.8 8.2 15.1 iNiTiAL 2-71 QUARTER 3-7i 4-71 g I L L fON$"(jF DOLLARS ANNUAL RATES _____ 1-72 2-72 3-72 4-72 1-73 2-73 3-73 4-73 941.7 948.9 s ^ M .2 % 958.5 970.6 3-70 5.*; 4-70 4.9 U1 m m m J 4.5 4.7 1-71 6.3 6.0 6.5 7.2 7.8 987.4 991,8 1«027,2 2-71 6.5 6.2 6.8 7.3 7.9 8.1 11.4 7.9 3-71 6.5 6.3 6.7 7.2 7.6 7.7 9.8 7.2 6.5 4-71 6.6 6.5 6.9 7.3 7.7 7.8 9.3 7.5 7.3 8.0 1-72 7.0 6.9 7.3 7.7 8.1 8.3 9.6 8.3 8.4 9.4 10.9 2-72 7.3 7.3 7.7 8.1 8.5 8.7 9.9 8.9 9.1 10.0 11.0 11.2 3-72 7.5 7.4 7.8 8.2 8.5 8.7 9.7 8.8 9.0 9.7 10.2 9.9 8.7 1*166.5 4-72 7.7 7.7 8.1 8.5 8.8 9.0 10.0 9.2 9.5 10.1 10.6 10.5 10.2 1*199,2 1*046.9 1*063.5 1*084.2 1*112.5 <fTO.0% 1*142.4 1-73 8.2 8.2 8.6 9.0 9.4 9.6 10.5 10.0 10.3 10.9 11.5 11.7 11.9 2-73 8.3 8.3 8.7 9.1 9.4 9.6 10.5 10.0 10.2 10.8 11.2 11.3 11.3 12.2 12.5 3-73 8.5 8.5 8.9 9.2 9.5 9.7 10.5 10.0 10.3 10.8 11.1 11.2 11.2 11.8 11.9 10.2 10.6 4-73 8.6 8.6 9.0 9.3 9.6 9.8 10.5 10.1 10.3 10.7 11.1 11.1 11.1 11.6 11.5 10.3 10.6 10.5 1-74 9.4 8.4 8.7 9.0 9.2 9.4 I 10.0 9. 6 9.8 10.1 10.3 10.2 10.1 10.3 10.1 8.8 8.5 7.4 ?— 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 4-72 1-73 2-73 3-73 INITIAL 1*242.5 9 . 7 ^ ^ 1*272.0 1*304.5 \ 1*337.5 4.5 1 1*352.2 4-73 QUARTER 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 D E D A N N U A L R A T E S O F C H A N G E _____________ INITIAL TERMINAL QUARTER 2-69 3-69 4-69 1.9 4-69 -0.2 -2.2 1-70 -0.8 -2.2 -2.1 2-70 -0.5 -1.3 -0.8 0.2 2-70 3-70 4-70 1-71 1- 7 2 2-72 3-72 1-73 2-73 3-73 4-73 729.2 -0.3 0.4 721.2 722.1 1.7 2.9 727.2 719.3 -1. 1 -0.8 -0.4 -0.8 -4.3 0.7 0.5 1. 1 1.9 2.4 2.2 9.1 2-71 1.0 0.9 1.4 2.1 2.5 2.4 6.0 2.9 1.7 2.4 2.7 2.7 5.1 3.2 1.2 1.8 1.8 2.3 3.0 3.4 3.5 735.1 5.5 4.4 740.4 746.9 3.6 5.1 6.6 < 6 . 5 % 759,0 768.0 1-7? 2.1 2.1 ? .6 3.2 3.6 3.7 5.4 4.5 5.0 5.7 4 . 8 ^ 2-7? 2.7 2.7 3.3 3.9 4.3 4.5 6.1 5.5 6.1 7.0 7.1 9.5 3-72 2.9 3.0 3.5 4.1 4.5 4.7 6.0 5.5 6.0 6.7 6.7 7.6 5.8 4-72 3.3 3.4 3.9 4.4 4.8 5.0 6.3 5.9 6.4 6.9 7.0 7.8 6.9 8.1 3,6 3.7 4.2 4.8 5.2 5.4 1 6.5 6.2 6.7 7.2 7.3 8.0 7.5 8.4 1-73 4-72 0.5 -0.6 4-71 4-71 \ r 1 . 1 % 1-71 1.3 3-71 725.1 4-70 3-71 2-71 ______________________ 3-69 3-70 1-70 B I L L I O N S OF DOLLARS ANNUAL RATES QUARTER _ 785.6 X 796.7 812.3 8.6 829,3 - ..... 3.5 3.7 4.1 4.6 4.9 5. 1 6. 1 5.8 6.2 6.5 6.5 6.8 6.2 6.3 5.5 2.4 3-73 3.5 3.6 4.0 4.5 4.8 5.0 5.9 5.5 5.8 6.1 6.1 6.3 5.6 5.6 4.8 2.9 3.4 ^ V . 841,3 4-73 3.4 3.5 3.9 4.3 4.6 4.7 5.5 5.2 5.4 5.6 5.5 5.6 4.9 4.8 4.0 2.5 2.5 844,6 1 . 8 .1 ? • ? ] - 0 . 5 1-74 2.9 2.9 3.3 3.6 3.8 3.9 2-69 3-69 4-69 i-70 2-70 3-7 0 4.5 4.2 4.3 4.4 4.1 4.0 3.3 2.8 > i o 2-71 1-71 2-71 3-71 4-71 1- 7 2 2-72 3-72 4-72 1-73 N s + 0 . 2 % ^ 2-73 1 . 6 ^ s ^ -2.4 -6.3 | 3-73 4-73 831,0 t m T k x r w m r * PREPARED BY FEDERAL RESERVE MAY 17, 1974 1 2 BANK OF ST. LOUIS DEMAND RATIO SCALE TRILLIONS 1.5 QUARTERLY OF D O L L A R S AND P R O D U C T I ON TOTALS AT A N N U A L SEASONALLY RATIO RATES TRILLIONS ADJUSTED SCALE OF D O L L A R S 5 .4 1. 4 3) .3522 .3 1.3 TOT AL SP E sI DI NG U +10.0%/ 1 . 2 .2 1.1 . 1 .0 1 . 0 +8. 0.9 1 0.9 +0.2% ^. 8310 +6. 0.8 0.8 _c i'J./ar, 0.7 0.7 ■/. IX R :al DUCT 12 prc 0.6 0.6 tsr «m. '67 0 . 5 .. .. - J L i 1966 1967 mo 1968 or*. *6.9 im on _ l _ l 1..........- J J 969 1970 UJSNP IN CURRENT DOLLARS. vs? isr ûm. ‘/j /sr on. L- . 1971 w _________ !Lt_____ 1 it 1972 1973 1974 SOURCE« U .S . DEPARTMENT OF C OM MER C E 12.6NP I N 1 9 5 8 DOLLARS. PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR P ER IO D S LATEST DATA PLOTTED« I N D IC A T E D . 1ST QUARTER PREPARED BY FEDERAL RESERVE BANK OF S T . 13 L O U IS 0.5 GENERAL RATI O PRICE IN D E X * SCALE RATIO 1958-100 1966 «AS USED 1967 1968 IN N A TIO N A L PER C E N TA G ES LATEST 1969 1970 1971 INCOME ACCOUNTS ARE ANNUAL DATA P L O T T E D . R A T ES M P M C IT OF C N A N tE FOR PER I M S 2-70 3-70 4-70 1974 OF COMMERCE IN D IC A T E D . BY F E D E R A L R E S ER V E iA N « OF S T . L O U IS 1-71 2-71 3-71 1958 QUARTER 4-71 1-72 2-72 3-72 4-72 1-73 2-73 3-73 5.8 1-70 rzoi 100 129.14 130.88 5 . 5V 5.9 t _ j ’ 5.6 5.5 * 4-73 ' 6 . 7 M 6 . o %, 4-69 2-70 1-70 1973 D EPA R TM EN T P R T T T D E F L A T O R - FOR GROSS NAT I O N A L P RODUCT C O M P O U N D E D A N N U A L R A T E S O F C H A N G E _____________ INITIAL 4-69 U .S . 1ST OUARTER TERMINAL QUARTER 3-69 1972 SO UR C Et PR EP A R E D 3-69 SCALE 1958-100 6. 3 132.91 1 1f 5.5 4.6 134.41 5 1«L w * l ffm— 135.77 3-70 5.3 5.1 5.0 4.3 4.1 4-70 5.5 5.4 5,3 5.0 5.2 6.4 137.88 139.73 1-71 5.5 5.4 5.4 5.1 5.3 5.9 5.5 2-71 5.4 5.3 5.3 5.1 5.2 5.6 5.2 4.9 3-71 5.1 5.0 4.9 4.7 4.7 4.9 4.4 3.8 2.8 4-71 4.7 4.6 4.5 4.2 4.1 4.2 3.6 3.0 2.1 1 . ^ 3 , ? % 1-72 4.8 4.7 4.6 4.4 4.4 4.4 4.0 3.7 3.3 3.5 2-72 4.6 4.4 4.3 4.1 4.0 4.0 3.6 3.2 2.8 2.8 5 T \ 3.6 1.6 3.9 3.9 3.2 2.8 2.8 ^.3 2.2 2.9 2.9 3.3 2.6 3.1 3.3 147.63 3*4 3.4 3.9 3.4 4.0 4.7 149.81 3*8 3.5 141.40 142.39 142.85 144.85 \ v 145.42 2.8 146.42 3-72 4.4 4.3 4.2 4-72 4.3 4.2 4.1 3.9 3.8 3.8 3.« 1-73 4.5 4.3 4.2 4.1 4.0 4.0 3.8 2-73 4.6 4.5 4.5 4.3 4.3 4.3 4.1 4.0 3*8 4.0 4.4 4.2 4.8 5.5 6.T 3-73 4.8 4.7 4.6 4.5 4.5 4.5 4.4 4.3 4.2 4.4 4.8 4.6 5.3 5.9 6.8 7.1 7.0 4-73 5.0 4.9 4.9 4.8 4.8 4.8 4.7 4.7 4.6 4.8 5.3 5.2 5.8 6.5 7.3 7.7 7.9 8.8 1-74 5.3 5.3 5.3 5.2 5.2 5.3 5.2 5.2 5.2 5.5 6.0 6.0 6.6 7.3 | 8.1 | 8.6 9.1 10.1 i i . ^ 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 1-73 2-73 3-73 4-73 t D J LE - .. 3.5 4-72 152.46 155.06 158.36 162.73 INITIAL QUARTER ÊREPARÉ0 BY FEDERAL RESËRVE BANK OF S t . MAY 17, 1974 14 LOUIS PERSONAL C O N S U M P T I O N E X P E N D I T U R E S IN C U R R E N 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 INITIAL TERMINAL QUARTFR 2-69 3-69 4-69 1-70 2-70 3-70 4-70 1-7 L 2-71 DOLLARS QUARTER 3-71 4-71 1-72 2-72 3-72 4-72 1-7} 2-73 3-7} 4-73 BILLIONS OF DOLLARS ANNUAL RATES 983.7 3-69 5.6 4-69 6.6 7. S 1-70 6,7 7.3 594.4 6 0 4 .* 7.0 614.0 2-70 6.6 7.0 6.7 6.4 3-70 6.6 6.9 6.6 6.4 6.5 623.7 4-70 6.0 6.1 5.7 5.3 4.7 3.0 628.3 1-71 7.2 7.4 7.4 7.5 7.9 8.6 14.5 2-71 7.2 7.5 7.5 7.6 7.9 8.3 11.1 3-71 7.2 7.4 7.4 7.4 7.6 7.9 9.6 7.2 6.7 6S0.0 * 7.7 662.2 673.0 683.4 4-71 7.1 7. 3 7.2 7.3 7.4 7.6 8.8 6.9 6.5 6.3 1-72 7.4 7.6 7.6 7.6 7.8 8.0 9.1 7.7 7.7 8.? 13.2 2-72 J. 7 7.9 7.9 8.P 8.2 8.5 9.4 8.4 8.6 9.3 10.8 11.3 3-72 7.8 7.9 8.0 8.1 8.3 8.5 9.3 8.4 8.6 9. L 10.0 9.9 4-72 8.o R. 1 P.2 R. 3 8.5 8.7 9.4 8.7 8.9 9.4 13.1 10.1 9.5 10.5 1-73 8.4 8.6 P. 7 P. 8 9.1 9.3 10.1 9.5 9.8 10.3 11.1 11.3 11.3 12.7 15.0 2-73 9.4 a.6 0.7 8.8 9.0 9.3 9.9 9.4 9.6 10.0 10.7 10.8 10.6 11. 3 11*8 8*6 3-71 3.5 P. 7 8. P 8.9 9.1 9.4 10.0 9.5 9. 7 10.1 10.7 10.7 10.6 11.2 11.4 9 .6 10.7 4-73 ft.3 P.5 8.5 8.6 8.8 9.0 9.5 9.1 9.2 9.5 9.9 9.8 9.6 9 .8 9.6 7.9 7 .6 4 .6 1-74 8.4 8. 6 8.6 8.7 0.9 9.0 9.5 9. 1 9.3 9.5 9.9 9.8 9.6 9 .8 9 .7 8 .4 8 .3 7.1 9 .7 2-69 3-**9 4-69 1-70 2-70 3-70 4-70 1-71 2-71 3-71 4-71 1-72 2-72 3-72 4-72 1-73 2-73 3-73 4-73 INITIAL - PERSONAL INITIAI ?-69 3-69 4-60 1-70 2-70 3-70 4-70 1-71 2-71 3-71 734.1 8.5 752.6 779.4 795.6 816.0 825.2 844.6 QUARTER C O N S U M P T I O N E X P E N D I T U R E S IN C O N S T A N T C O M P O U N D E D A N N U A L P A T E S <O F C H A N G E TERMINAL QUARTER 3-69 700.2 719.2 1 9 5 8 DOLLARS 1Q U A R T E R 4-71 1-72 2-72 3-72 4-72 1-73 2-73 3-73 4-73 BILLIONS OF DOLLARS annual K a t e s 469.5 0.2 472.2 1.? 2.3 1-70 1.4 2. 1 2-70 1.7 ?. 3 2.3 2.7 3-70 2.0 2.4 2.5 2.8 2.9 1.2 1.4 1.1 0.9 0.0 -2.8 1-71 ?.4 2.8 2.9 3.2 3.4 3.6 10.4 ?-71 2.6 2.9 3.0 3.? 3.4 3.5 6.9 3-71 2.7 3.0 3. 1 3.3 3.4 3.6 5.8 3.5 3.6 4-71 2.9 3.2 3.3 3.5 3.7 3.8 5.6 4.0 4.3 » o , r- 4-69 1.8 474.3 477.5 480.9 477.5 489.5 3.4 493.6 498.0 5.0 504.1 1-7? 3.3 3.6 3.7 3.9 4.1 4.3 5.8 4.7 5^1 5.9 6.8 2-7? 3.7 4.0 4.2 4.5 4.7 5.0 6.3 5.5 6.0 6.9 7.8 8.8 3-7? 3.9 4.2 4. 4 4.6 4.8 5. 1 6.3 5.6 6.0 6.6 7.? 7.3 5.9 4-7? 4.1 4.4 4.6 4.9 5.1 5.3 6.4 5. 8 6.2 6.8 7.2 7.4 6.6 7.4 1-73 4.5 4.a 5.0 5.2 5.5 5.7 6.7 6.3 6.7 7.2 7.6 7.8 7.5 8.3 512.5 523.4 531.0 540.5 9.3 552.7 2-73 4.2 4.5 4.6 4.9 5.0 5.2 6.1 5.6 5.9 6.2 6.4 6.3 5.7 5.6 4 .8 0 .4 3-73 4.2 4.4 4.6 4.8 4.9 5.1 5.8 5.4 5.6 5.9 6.0 5.8 5.3 5. 1 4.4 2 .0 4-73 3.6 3.9 3.9 4.1 4.2 4.3 4.9 4.4 4.5 4.6 4.6 4.3 3.5 3.0 2 .0 - 0 .3 - 0 .7 - 4 .8 1-74 3.3 3.5 3.5 3.6 3.7 3.8 4.3 3.8 3.8 3.8 3.7 3.3 2.6 2 .0 1.0 -i.O - 1 .5 - 3 .9 -2 .9 ?-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 4-72 1-73 2-T 3 3-73 4-73 I N T T I AL 553.3 558.1 3.5 551.3 547.2 QUARTER PREPAREO BY FEDERAL RESERVE BANK OF S T . L O U U MAY 17, 1974 15 GROSS PRIVATE DOMESTIC INVESTMENT IM CURRENT DOLLARS _____________________________________________ COMPOUNDED ANNUAL RATES OF CHANGE_______________________________________________ BILLIONS OF TERMINAL_______ ______________________________________ INITIAL QUARTER__________ • _______________________________ DOLLARS Q U A R T E R “ ANNUAL RATES 2-69 3-73 4-73 4-72 1-73 2-73 3-49 3-71 4-71 4-69 1-71 2-71 2-72 3-72 3-70 4-70 1-72 1-70 2-70 3-69 15.« 143.8 4-69 -1*0 - 1 5 .4 137.9 1-70 - 3 . 3 - 1 4 .3 - 1 3 .2 133.1 2-70 - 2 .3 -7 .7 - 3 .6 7.1 135.4 3-70 0 .3 -3 .2 1.3 9 .4 11.7 4-70 - 0 .6 - 3 .6 - 0 .4 4 .3 3 .0 1-71 2.8 0 .8 4.4 2-71 5.0 3 .5 7.0 3-71 4 .7 3 .4 4-71 1-72 2-72 3-72 139.2 - 5 .1 137.4 9 .3 10. 1 9*3 25.7 145.5 11.6 12.8 13.1 23.5 21.3 6 .4 10.1 10.7 10.5 16.2 11.7 2 .9 6.1 5.1 8.0 11.4 12.1 12.2 17.0 14.3 10.9 19.5 7.1 6.3 9 .0 12.2 12.9 13.1 17.2 15.1 13.1 18.6 17.7 8 .0 7 .3 9.9 12.8 13.6 13.9 17.4 15.8 14.4 18.5 18.0 18.3 1.7 8.4 10.5 13.2 13.9 14.2 17.2 15.9 14.8 18.0 17.5 17.4 16.5 15.4 18.1 17.8 17.8 17.5 18.6 4-72 9 .3 8.8 11.2 13.7 14.4 14.7 17.4 16.3 152.7 153.8 160.8 167.5 174.7 181.5 189.4 194.5 1-73 9 .5 9 .0 11.2 13.5 14.1 14.3 16.7 15.6 14.8 16.9 16.4 16.1 15.4 14.8 11.2 2-73 9 .4 8 .9 10.9 13.0 13.5 13.7 15.8 14.7 13.9 15.6 15.0 14.4 13.5 12.5 9 .5 7.8 3-73 9 .3 8.9 10.7 12.7 13.1 13.2 15.0 14.0 13.2 14.6 13.9 13.3 12.3 11.3 9 .0 7 .9 7.9 4-73 10.1 9.8 11.6 13.5 14.0 14.1 15.9 15.0 14.4 15.8 15.3 15.0 14.4 14.0 12.9 13.5 16.5 1-74 7.9 7.5 9.0 10.6 10.8 10.7 12.1 11.0 10.1 10.8 9.9 9 .0 7 .7 6.3 4 .0 2.3 0.5 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 4-72 1-73 tN ttlA L _____ 198.2 2 - 1 3 202.0 25.7 213.9 - 3 .0 -2 5 .2 _____ 198.9 3-73 4-73 QUARTER GROSS PRIVATE DOMESTIC INVESTMENT IN CONSTANT 1958 DOLLARS COMPOUNDED ANNUAL RATES OF CHANGE ------------------------------------------------------------------------------------------------------------------------------ ¿ t a i0 N S TERMINAL ÖUARTfrR INITIAL QUARTER 2-69 3-69 3-69 4-69 1-70 2-70 3-70 4-70 1-71 2-71 3-71 4-71 QF------ DOLLARS ANNUAL RATES 1-72 2-72 3-72 4-72 1-73 2-73 3-73 4-73 12.1 114.0 4-69 - 6 . 0 - 2 1 .2 107.4 1-70 - 9 .7 2-70 - 6 .6 -1 2 .1 - 7 .1 3.6 3-70 - 3 .9 -7 .5 - 2 .5 5.5 4-70 - 5 .3 - 8 .4 -4 .9 -0 . 6 1-71 - 2 .2 - 4 .4 - 0 .6 3.9 4.0 2-71 -0 .2 - 1 .9 1.8 3-71 - 0 .5 - 2 .0 1.1 4 .4 4-71 1.4 0 .3 3.4 6 .6 1-72 1.8 0 .9 3.7 6 .6 2-72 3.0 2 .2 4.9 -1 9 .0 - 1 6 .7 102.6 103.5 7.5 105.4 - 2 .7 -1 1 .9 102.1 2.3 18.8 106.6 6.6 6.2 16.7 14.6 4.6 3 .9 9.8 5.5 - 2 .9 7.2 7. 1 12.4 10.4 8.3 20.8 7.0 6 .9 11.1 9.3 7.6 13.2 C. 7.6 8.1 8.2 12.0 10.7 9.7 14.2 17.1 8.7 8.8 12.2 11.1 10.4 14.0 11.8 14.8 13.2 8.7 9.2 9 .4 12.4 11.6 11. 1 14.1 1^.5 14.7 13.8 14.5 9 .9 12.2 10.6 11.8 10.3 8 .8 3-72 3.7 3.1 5.6 4-72 4.5 3 .9 6.3 1-73 4 .4 3 .9 6.1 8.7 8.8 11.4 10,5 110.3 109.5 114.8 1 116.5 16.4 121.0 124.8 129.1 3.5 130.2 2-73 4.1 3 .6 5.7 8.0 8.0 10.2 9.3 8.6 10.4 *.8 9.3 7.6 5.8 1.7 0 .0 3-73 4 .0 3 .5 5.4 7.5 7.5 9 .4 8.5 7.9 9.3 7.7 8.0 6 .4 4 .8 1.8 0 .9 1.9 4-73 4 .9 4 .5 6.4 8.5 8.5 10.5 9 .7 9.2 10.7 9.5 10.0 8.9 8.1 6 .6 7.* 11.7 22.5 137.6 1-74 2.5 2 .0 3.5 5.0 4 .9 6.3 5.3 4.5 5.3 3.7 3.4 1.6 -0 .2 - 2 .9 - 4 .4 -5 .8 - 9 . 4 - 3 3 .0 124.5 2-69 3-69 4-69 2-70 3-70 4-70 1-71 2-71 3-71 4-71 1-72 2-72 3-72 4-72 1-73 2-73 3-75 8.1 1-70 130.2 130.8 4-73 INITIAL QUARTER PREPARED BY FEDERAL RESERVE BANK OF ST . L O U IS MAY 17, 1974 16 Ç 0 V F R W 4 F N T PUftCHASfiS Of 60Q0S A N O S E R V IC E S IN C U R R E N T D O L L A R S _______ ________ COMPOUNDED ANNUAL RATES Of CHANGE_______________ s i l O ons o f QUARTER 3-69 6 ,9 4-69 5.8 4-69 1-70 2~70 fiai i o ANNUAL RÂÎÉS 3-69 4-70 1-71 2-71 4-71 3-71 1-7* 2-72 3-72 2-73 4-72 3-73 4-73 211.6 4 .6 214.0 1-70 5,9 5.4 6,1 ...2-70 4 .4 3 .6 3.1 0 .2 3-70 4 .7 4.1 3.9 2 ,9 4-70 4.8 4 .4 4.3 3.8 5.6 5.6 1-71 5.3 5. 1 5.2 4 .9 6 .6 7 .0 2-71 5.5 5.3 5.4 5.2 6.5 6. 8 7 .5 6 .5 3-71 5.7 5.5 5.6 5.5 4,6 4 .9 7 .4 6 .8 7.1 4-71 6 .3 6.2 6 .4 6 .4 7.5 7 .9 8*5 8.5 9.5 11.9 ...1-72..... 6.9 6.9 7.2 7.3 8.4 8.9 9 .6 9.8 11.0 13.0 14.1 2-72 6.9 6.9 7.1 7.2 8.2 8.5 9 .0 9,1 9.8 10.7 10.2 6.4 3-72 6.4 6.4 6.5 6.6 7.3 7.5 7.8 7.7 7.9 8.2 6.9 3.5 0.8 4-72 6.7 6 .6 6.8 6.9 7.6 7.8 8.1 8.0 8.2 8.5 7.6 5.6 5.2 9.8 1-73 7.p 7.1 7.2 7.3 8.0 8,3 8.6 8.6 9,9 9.2 8,4 7.6 11.2 12.7 2-73 7.2 7.3 7.5 7.6 8.2 8.4 8.7 8.8 9.1 9.3 8.9 7.9 8.3 10.9 11.5 10.4 3-73 7.1 7.2 7.3 7.4 8.0 8.2 8.4 8.4 8.6 •«# a.4 7.5 7.7 9.5 9.5 7.9 217.2 217.3 5.6 220.3 223.3 8.5 227.0 231.5 235.5 242.2 290.3 294.2 294.7 240*7 24®«é 2T9.3 5.5 2?«i.O 4-73 7.3 7.3 7.5 7.6 8.1 8.3 8.5 8.6 8.8 9.0 8.6 7.8 8.1 9 .6 9.6 8.5 7.6 9.8 1-74 7.8 7 .9 8.1 8.2 8.8 9.0 9.3 9 .3 9.6 9.8 9 .6 9.1 9.5 11.0 11.2 10.9 11.0 13.9 18.2 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 4-72 l- t 3 2-73 3—73 4-73 289.4 297.8 INITIAL ©GARTER GOVERNMENT~PURCHASES OF GOODS AND SERVICES IN CONSTANT 1958 DOLLARS COMPOUNDED ANNUAL RATES OF CHANGE "STiTÏWnrôf* DOLLARS ANNUAL ftàtES INITIAL QUARTER TERMINAL q ua rter 2-69 3-69 4-69 1-70 2-70 3-70 4-70 1-71 2-71 3-71 4-71 li-T* 2-72 3-72 4-72 1-73 2-73 3-73 4-73 - 3 .2 149.1 4-69 - 2 .3 144.4 1-70 - 3 .6 - 3 .8 - 6 .2 2-70 - 4 .9 - 5 .5 - 7 .5 - 8 .7 3-70 - 4 .6 - 4 .9 - 6 .0 - 6 .0 -3 .1 3-69 - 1 .4 142.3 139.1 138,0 137.8 4-70 - 3 .9 - 4 .0 - 4 .7 -4 .2 - 1 .9 - 0 .6 1-71 - 3 .8 - 3 .9 - 4 .4 - 3 .9 - 2 .3 - 1 .9 - 3 .2 2-71 - 3 .3 - 3 .4 - 3 .7 - 3 .2 - 1 .7 -1 .3 - 1 .6 0.0 -0 .3 0.4 0.8 2.8 3-71 - 2 .4 - 2 .3 4-71 - 1 .3 1-72 - 0 .9 2-72 - 0 .5 - 0 .3 134.7 134.7 138.6 5.7 - 2 .4 - 1 .7 -1 .1 - 1 .0 -0 .3 1.2 2.1 2.8 4.8 7.3 8.9 - 0 .7 - 0 .6 0.1 1.5 2.3 2.8 4.4 5.9 6.0 3.1 - 0 .2 0.5 1.7 2.5 3.0 4.2 5.3 5-? 3.4 3.7 141.6 142.7 144.0 3-72 - 1 .0 - 0 .8 - 0 .7 -0 .1 0.9 1.4 1.6 2.5 3.0 2.3 0,2 - 1 .3 - 6 .0 4-72 - 0 .6 - 0 .3 - 0 .3 0.3 1.3 1.8 2.0 2.8 3.3 2.8 1.3 0.7 - 0 .7 1-73 141.8 4.9 143.5 144.4 - 0 .3 - 0 .1 - 0 .0 0.5 1.4 1.8 2.1 2.8 3.2 ?•» 1.6 1.2 0.4 3.7 2.5 2-73 - 0 .2 0.0 0.1 0.6 1.4 1.9 2.1 2.7 3.1 2.7 1.7 1.4 0.8 3.2 2.4 3-73 - 0 .2 - 0 .0 0.1 0.5 1.3 1.7 1.9 2.4 2.7 2*3 1.4 l.l 0.6 2.3 1.4 0.8 - 0 .5 4-73 - 0 .3 - 0 ,2 -0. 1 0 .3 1.0 1.3 1.5 1.9 2.1 1.7 0.9 0 .6 0.0 1.3 0.4 - 0 .3 - 1 .5 - 2 .5 0.8 1.4 1.8 2 ,0 2.4 2.6 2.3 1.6 1.4 1.1 2.3 1.8 1.7 1.5 2 .5 7.7 1-70 2-70 3-70 4-70 1-71 2-71 3-71 4-71 1-72 2-72 3-72 4-72 1-73 2-73 3-73 4-73 0.1 0.3 0,4 2-69 3-69 4-69 1-74 ............... . INITIAL QUARTER MAY 17, 1974 17 145.2 2.2 149.0 144.1 144.0 d is po sa b le personal in co m e in c u r r e n t do llars COMPOUNDED ANNUAL RATES Of CHANCE______________________________ ____ _ ______ ___ BILLIONS OF TERMINAL___________________________________________________ INITIAL QUARTER_________________________________________________ OOttARS ANNUAL RATES OUARTER 2-73 1-73 3-73 4-73 2-69 3-69 4-69 2-71 3-71 4-71 1-72 2-72 3-72 4-72 2-70 3-70_ 4-70 1-71 1-70 .............643,2 3-69 1 1 .T 4-69 10.0 8 .3 1-70 9 .2 7 .9 7.6 2-70 10.1 9 .6 10.3 13.0 3-70 9 .7 9 .2 9 .5 10.5 4-70 8,5 7.9 7.8 7 .9 ......... _ 656*1........ 668.2 689*0 . 702.4 5.4 707.2 2.8 727.4 1-71 9 .0 8 .5 8.6 8.9 7.5 7.2 11.9 2-71 9.0 8.7 8.7 9 .0 8 .0 8.0 10.7 9.4 3-71 8,5 8.1 8.1 8.2 7 .3 7.1 8.5 6 .9 4.4 4-71 9.1 7.7 7.7 7.7 6.8 6.6 7.5 6.1 4.5 744.0 752.0 4 .5 760.4 1-7? 8.0 7.6 7.5 7.5 6.8 6.6 7.4 6 .2 5.2 5.6 6.7 2-72 7.9 7.5 7.5 7.4 6.8 6 .6 7 .2 6.3 5.6 6. 0 6.7 6 .7 772.8 3-72 7 .9 7.6 T# 5 7.5 6 .9 6.8 7.4 6 .6 6.1 6.5 7.2 7.4 8.1 9 .8 11.3 14.6 785.4 J I 0 0 .9 ____ 4-72 8 .4 8.1 8.1 8.1 7 .7 7 .6 8.2 7 .7 7 .5 8.1 9 .0 1-73 a.* 8. 3 8.4 8.4 8.0 8.0 8.6 8.2 8.0 8,6 9.5 10.2 11.4 13.0 11.5 2-73 8.6 8.4 8.4 8 .4 8.1 8.1 8.6 8.3 8.1 9.7 9.4 9 .9 10.7 11.6 10.1 8.8 3-73 8.7 8 .5 8.5 8.6 8.2 8.3 8.8 8.5 8.3 8.9 9 .5 10.0 10.6 11.3 10.2 9 .5 10.2 4- 73 8.9 8.7 8.8 8.8 8.5 8.6 9.1 8 .8 8.8 9 .3 9 .9 10.3 10.9 11.5 10.8 10.5 11.4 12.5 1-74 8.7 8 .6 8.6 8.7 8 .4 8.4 8.8 8.6 8.5 8.9 9.4 9.8 10.2 10.6 9.8 9 .4 9 .6 9.2 2-69 3-69 4-69 I—TO 2-70 3-70 4-70 1-71 2-71 3-71 4-71 1-72 2-72 3-72 4-72 1-73 2-73 828.7 851.5 869.7 891,1 917,8 6.1 931.4 3-73 ” 4-73 INITIAL OUARTFR DISPOSABLE PERSONAL INCOME IN CONSTANT 1958 DOLLARS COMPOUNDED ANNUAL RATES OF CHANGE TERMINAL oiM r T?* 2-69 3-69 _____________________________________ INITIAL QUARTER_________________________________________________ DOLLARS " annual r a t e s - ' 2-72 4-71 1-72 3-72 4-72 1-73 2-73 3-73 4-73 1-70 2-70 3-70 4-70 1-71 2-71 3-71 4-69 517,3 3-69 5.8 4-69 4 .4 3 .0 1-70 3.7 2 .7 2.3 521,2 524,2 2-70 5.1 4.8 5 .7 9.1 3-70 4 .9 4 .7 5.3 6 .7 4 .4 4-70 3 .6 3.1 3.1 3.4 0.6 -3 .1 1-71 4 .2 3 .9 4.1 4 .5 3.0 2.3 8.0 2-71 4 .3 4 .1 4 .2 4 .6 3.5 3.2 6 .5 5.1 554,6 3-71 3.9 3 .7 3.8 4.1 3.1 2.7 4 .7 3.2 556,4 4-71 3.9 3 .7 3 .7 3 .9 3.1 2 .8 4 .4 3.2 3 .3 1-72 3.8 3 .6 3 .7 3 .9 3.2 2.9 4 .2 3.3 3.4 535,8 541,6 537,4 547,8 560,9 3.5 565,7 2-72 3 .9 3.7 3.8 3.9 3.3 3.1 4.2 3.5 3.7 3.9 4 .2 3-72 4 .0 3 .8 3 .9 4.1 3 .5 3 .4 4 .4 3.8 4.1 4 .4 4 .9 5.5 4-72 4 .5 4 .4 4 .5 4 .7 4.3 4.3 5.2 4 .8 5.5 6.1 7.0 8.4 11.4 571,6 579,3 595.1 1-73 4 ,6 4 .5 4 .6 4 .8 4 .4 4 .5 5.3 5.0 5.6 6.1 6.8 7.6 8.7 6.0 2-73 4 .4 4 .3 4.3 4 .5 4.1 4.1 4.8 4 .5 4 .9 5.2 5.5 5.« 5.9 3.3 0 .6 3-73 4 .3 4 .2 4.3 4 .4 4.0 4 .0 4.7 4.4 4 .7 4.9 5.1 5.3 5.2 3.2 1.9 3.1 4-73 4 .2 4.1 4.1 4 .3 3.9 3 .9 4 .5 4.2 4.4 4.6 4.7 4.8 4.7 3.0 2.1 2.8 2 .5 1-74 3 .6 3.5 3.5 3 .6 3.2 3.1 3.6 3.3 3.3 3.3 3.3 3.1 2 .8 1.1 - 0 .1 - 0 .3 - 2 .0 -6 ,2 2-69 3-69 4-69 1-70 2-70 3-70 4-70 1-71 3-71 4-71 1-72 2-72 3-72 4-72 1-73 2-73 3-73 4-73 603.9 604.8 609,5 613,2 603,4 PREPARED BY FEDERAL RESERVE BANK OF ST . LO U IS MAY 17, 1974 18 CORPORATI" PftdflTS AFTER TAXIS * j£ 5 g g g ^ o _ A > t^ ^ J L S & a iM k - 8 as,SONS OF ± m IMI T lAk—Q U à ilU L QUARTER ,2-69 3-69 6-69 W C M O 3 -TO W O 1-T1 2-71 >>71 ANNUAL RATES 4>?1 *-?2 t- 7 2 3-72 6-7.2 1 -7 3 1 ^ 1 3 l ^ T j _ 4~73 JUL-IL. IrA ? -? 6 tl 4-69 - 1 8 .6 1^70 - 1 6 ,2 - 1 0 ,8 - 1 1 .8 3-70 - 1 1 .7 42.1 -9 .8 39,5 - 1 1 .3 - 1 2 ,0 - 1 2 .1 -7 .6 -6 .9 - 6 .6 6.1 3 9 ,9 36,7 - 1 6 .7 - 1 2 .2 1-71 - 3 .5 0.9 3.2 7,6 14,8 20,5 102,9 2-71 0 .5 5.1 7,8 12,2 19,2 26.3 63,8 66.7 33.7 • 67,1 69,0 3-71 2,3 6 .5 9.1 13,0 18,8 22.8 67.0 25.2 17,1 6-71 3.3 7,3 9 ,6 13.1 18,0 20,9 37.9 21.2 13,4 13,7 1-72 6 .2 7.9 10,0 13,1 17,3 19,6 32.6 19,2 14.7 13,5 _ 2-72 6.6 8*4 It. 7 16,3 _!8*JL 28,4 17 , 2___1I. 4 12.1 11.6 9 ,5 3-72 5.6 8 .8 10.6 13,2 16.4 _ 18«_0_ 26,8 17.2 14.2 13.3 13*6 13,9 17,9 6-72 7,6 10,8 12.7 19.3 18,6 28,2 20.0 17,9 18.1 19,2 21.2 « . 5 38,3 60,3 66,9 . 20,1 50,6 52.2 13.3 53.6 59,6 1-73 10.1 13,3 19.3 17.9 _ n a _ .23,0 30.6 23,6 22.2 23.1 25.0 -2.8, 2_ 3 J b X 66,8 51,5 2-73 11*3 16,6 16.6 1 § ,9 2.1 «9 23,7 30.6 26.6 23,3 24.2 26«0 _ 2 8 « 8 _ 14.1 60,1 61.0 3 1.2 3-73 10,6 13,6 19.2 1 7 ,4 20.0 21,5 27,6 21,7 20.6 20,8 21.8 23,3 26,3 28,6 25.5 16,2 - 0 .6 6-73 10.0 12,6 14*2 16.2 18.5 19,7 25,0 19,6 18.2 18.6 19.0 _|9.8 21,6 22,6 18,1 9 ,5 0,0 0,6 16.7 16.6 18,4 20.8 22,1 27.2 22.3 21.6 21.8 22.7 24,0 26.2 27,7 2 5,6 19,9 16,3 25,8 57,6 3-69 6-69 1-70 2-70 3-70 6—70 1-71 2-71 3-71 6-71 1-72 2-72 3-72 6-72 1-73 2-73 3-73 6-73 __1 ^ 7 6 _ 2-69 71,6 71,9 71,6 80.2P INITIAL QUARTER ♦ NATIONAL INCOME BASIS P- PRELIMINARY PREPARED BY FEDERAL RESERVE BANK OF ST, LOUIS NAY 17» 1976 SOURCES OF DATA National Income and Product Accounts Data Source: U.S. Department of Commerce, Bureau of Economic Analysis Historical Data Sources: 1970-72: 1968-69: 1966-67: 1964-65: 1929-63: Survey of Current Business, July 1973 Survey of Current Business', July 1972 Survey of Current Business", July 1970 Survey of Current Business, July 1968 The National Income and Product Accounts of the United States, 1^29-65. Statistical Tables" (available from any U.S. Department of Commerce Field Office or from the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402). 19 INVENTORIES COMPARED WITH MONTHLY SALES* MANUFACTURING AND TRADE • H A T I OS BASED ON SEASONALLY ADJU STED D A TA . SOURCEt U .S .D E P A R T M E N T OF COMMERCE SHAOEO AREAS REPRESENT P E R IO D S OF B U S IN E S S R E C E S S IO N S AS D E F IN E D BY THE N A TIO N A L BUREAU OF ECONOM IC RESEA RC H . LA TE S T DATA P L O T T E D : MARCH P R E L IM IN A R Y PREPARED BY FEDERAL RESERVE BANK OF S T . 20 L O U IS
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