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n o n o n fii
PREPARED

BY

MONTH ENDING: October 31, 1976

E co n o m ic

FEDERAL

RESERVE

trerds

BANK OF ST. LOUIS

RELEASED:

November 26, 1976

Nominal GNP has slowed to a 9 percent annual rate of growth since
the first quarter of this year. During the year of the recovery ending in
the first quarter 1976, the rate of growth of total spending was 13*1
percent.
The slowdown in the rate of growth of spending has been reflected
in both the rate of inflation and the rate of growth of output.
Inflation, as measured by the rate of change of the implicit
price deflator, has declined from 5.4 percent during the first year of
recovery to a 4.7 percent annual rate since the first quarter of this year.
Similarly, consumer prices, which slowed to a 6.4 percent rate of increase
in the recovery year, slowed further to a 5.3 percent annual rate of advance
since the first quarter of this year. The unsustainable 7.3 percent rate
of growth of real output during the recovery year has slowed to a 4.1 percent
annual rate of increase since then.
The slowdown in the growth of real output has been reflected in
two of the three major components of constant dollar spending.
In the last
two quarters, personal consumption expenditures have risen at a 3.8 percent
annual rate, compared to 6.1 percent in the four prior quarters.
Gross
private domestic investment has risen at a 9.9 percent annual rate since the
first quarter, compared to 29.2 percent for the prior year.
The rate of
growth of government purchases of goods and services has risen slightly
from 1*9 percent for the four quarters of recovery to a 2.8 percent annual
rate since the first quarter of this year.
Employment has grown at a rapid 3.5 percent annual rate since
the first quarter of this year. This rate exceeds both the rate for the
first year of the recovery (2*5 percent) and the normal rate of growth of
the labor force. Concern over the seriousness of the economic slowdown
has focused primarily on the unemployment rate. Unemployment has
averaged about 7.7 of the civilian labor force for the last eight months.
The high unemployment rate continues to reflect the unusually large rate of
growth of the labor force in the first half of this year.
Inventory accumulation, as measured by changes in the ratio of
manufacturing and trade inventories to sales, has increased in the five
months from April to September.
The level of this ratio reached 1.51 in
September, but remains below the long-term average level of 1.53
(1948-1975).
Inventories continue to be low relative to sales due to the
large depletion of inventories in the recession and the gradual rate of
replacement which began in the first quarter of this year.




_______K I T A L C I V I L I A N EMPLOYMENT
COMPOUNDED ANNUAL R ATES OF CHANGE
TERM IN AL

IN IT IA L

3-75

4 -75

5 -75

6-75

4-75

3 .0
1.9

1.3

3 .1

3 .1

3.2

3 .4

3 .5

3 .7

5 .7

THOUSANDS

2-76

_—
-J__r h 'w w n —
3-76

4 -7 6

5 -7 6

6-7 6

7-76

8 -7 6

9 -7 6

6 .9

8-75

1
L—76

-0 .3

7-75

MONTH

9-75 10-75 11-75 12-75

3 .0

6-75

8 -75

2 .9

5-75

7-75

84,313
8 4 ,51V
84,498
84,967
4 .6

83,288

9-75

2 .5

2 .4

2 .3

3.2

1.4

- 1 .8

10-75

2 .1

2 .0

1.8

2 .3

0 .9

-1 .0

- 0 .1

11-75

1 .9

1.8

1.6

1.9

0 .7

- 0 .5

0 .1

12-75

2 .0

1.9

1.8

2.1

1.2

0*4

1.1

1.7

3.1

1-76

3 .0

3 .0

3 .0

3 .5

2 .9

2 .6

3 .7

5 .0

7 .4

11.8 \

2-76

2 .9

2 .9

2 .8

3.2

2 .7

2 .4

3 .3

4 .2

5 .5

6 .7

1.8

3-76

3 .1

3.1

3 .1

3 .5

3.1

2 .8

3 .6

4 .4

5 .4

6.2

3 .5

5 .3

85 , 158
85,151
0 .4

85,178
85,394
86,194
86,31V

86 ,692

4-76

3 .6

3 .7

3 .7

4 .1

3.8

3 .7

4 .6

5.3

6 .4

7.2

5 .7

7 .7

10.2

5-76

3 .6

3 .7

3 .8

4 .1

3 .9

3 .8

4 .5

5.2

6 .0

6 .6

5 .3

6 .5

7 .2

4 .2

6-76

3 .2

3.2

3 .3

3 .6

3 .3

3 .1

3 .7

4 .2

4 .7

5 .0

3 .7

4 .2

3.8

0 .7

-2 .7 "

7-76

3 .4

3 .4

3 .4

3 .7

3.5

3 .4

3 .9

4 .3

4 .8

5.1

4 .0

4 .5

4 .3

2 .3

1 .4

5 .7 "

8-76

3 .2

3.2

3 .3

3.5

3.3

3 .2

3 .6

4 .0

4 .4

4 .6

3 .6

3 .9

3 .6

2 .0

1 .3

3 .3

l.o

9-76

2 .9

2 .9

2 .9

3.1

2 .9

2 .7

3.1

3 .4

3 .7

3 .8

2 .8

3 .0

2 .6

1.2

0 .4

1.5

- 0 .6

-2 .2 "

10-76

2 .7

2 .7

2 .7

2 .9

2 .6

2 .5

2 .8

3.1

3 .3

3 .4

2 .4

2 .5

2.1

0 .9

0 .2

0 .9

—0 .6

- 1 .4

-0 .6 )

4 -7 5 _ t-7 5

6-75

7-75

8 -75

9-75 10-75 11-75 12-75

1-7 6

2-76

3-76

4 -7 6

5—7 *
£

6 -7 A

7-7*

ft-7 A

O—7A

4-7ft

*S-7*

ft—7A

7 -7 A

A-7 *

Q-7ft

3^15

87,399
87,697
87,500
87,907

v

87,981
87,819
87,773

IN IT IA L MONTH

PAYRO LL EMPLOYMENT
COMPOUNDED ANNUA L— RA T E S» QF CHANGE
□mu u_lUHium rt-fi i i—

THOUSANDS
OF PERSONS

IN IT IA L MONTH
MONTH
4 -7 5

4-7S

JU-7S
r '
-O .1

5-75

0 .3
- f t .7

—Û -9

ft—7S

7-7S

ft—7S

w-75 10—75 11-75 12-75

1—7 S
<

2—76

3—7/v

(J - b

h-7S

S -7 S

76.462
76.510
76.343

- 2-6

7-75

0 •fi

1- 1

1 ,3

5 .4

h—75

1 . fl

2-2

2 -7

5-5

5-5

9-75

?

2 -7

3-2

5.2

5.0

4 .6

1G —75

2 .it

2 .9

3 .3

4 .8

4 .6

4 .2

3 .9

11-75

2 .2

2.5

2 .8

3.9

3.5

2 .9

2 .1

0, 3

12-75

? .,3

2-6

2 -9

3.8

3 -5

3 .0

2 .5

1 .,9

,> ^ 2 5 %

77.796
76 *179 .

76 ».679
77.023
77.310
77.555
77»574.

1-76

? ,7

3.0

3 .3

4*2

4 .0

3 .6

3 .4

3.,3

...

2-76

2 .7

3 .0

3 .3

4 .0

3.8

3 .5

3.3

3,,2

4 .2

? •fi

3-1

3-3

4 -Û

3-8

3-6

3-4

3-4

4-1

4 -4

3*5

4.1

4 -0

3 .8

3.7

3.,7

4 .4

4 .6

4.1

4 .6

5.2

3.5

3 -3

3.1

3.,0

3 .5

3.5

2 .9

2 .9

2 .3

“ 0 .6

7
/->
4-7

3 .0

3-3

3-5

4.1

5-7t>

? .7

3-0

3-2

3 -7

4 .5

7 8 . 3fc8

2 .9

7Û.63Q

7 fl. 923

_____

?*

2. H

2 -9

3-4

3-2

3-0

2 - ft

2 .,7

3-0

3-0

? .4

2 .2

1-6

- 0 .2

0 .3

7-7h

?

2-8

3- Û

3-4

3-3

3-1

2 .9

2 ..ft

3-1

3-1

2 .6

2.5

2 .1

1 .1

1 .9

3.6

^ —7

? *6

2.8

2-9

3-3

3-2

3 -0

2 -9

?-

3 -0

3-0

2 .5

2.5

2 .2

1 .4

2 .1

3 .0

7

?. A

^-o

3.4

3-2

3.0

2.9

2. .ft

3-1

3.0

2 -7

2-6

2 -4

1 -fi

2 -5

3.2

3 -0

3-6

ft

2-8

3- 1

2 -9

2-8

2 .6

2- >5

2 -7

2.7

2 .3

2.2

1.9

1 .4

1 .8

2.2

1 .7

1.4

-0 -8

5-75

6-75

7-75

8-75

9-75 10-75 11-75 12-75

1-7 6

2-76

3-76

4 -76

5-76

6-76

7-76

8-76

9 -7 6

7ft

?.

1( i — l b

?
3 - 75

2.

4-75

78.943
79*176
2 .4

79,3^3
79.567P

X

1

79.513P

IN IT IA L MONTH
P - PRfcLIMINARY




PREPARED BY FEDERAL RESERVE BANK OF S T .
NOVEMBER 5 . 1976

2

L O U IS




E MP L O Y ME NT
RATIO

SCALE

MI LLIONS

OF

RAT I 0
PERSONS

SEASONALLY

M I L L I ONS

ADJUSTED

SOURCE»
PE R CENT AGE S ARE ANNUAL RA T ES OF CHANCE FOR P E R 1008
LATES T

DAT A f L O T T E D t

OF

U.S.DEP ARTMENT

SCALE

PERSONS

OF LABOR

INDIC A TE D.

OCTOBER P R E L I M I N A R Y
PREPARED BY F ED E RA L RES ERVE BANK OF S T .

LO UIS

n I ¿it, 7
m

UN E MP L O Y ME N T

1 9 68

19 69

1 9 70

1971

1972

RATES'

19 73

1 9 74
S OURCEt

■ P E R C E N T OF C I V I L I A N
L A T E S T D AT A P L O T T E O »

LABOR FORCE

U.S.

19 75

1976

DEPARTMENT OF LABOR

I N CROUP

OCTOBER
PREPAR ED

3

BY F E D E R A L

RESERVE

BANK

OF

ST.

L O U IS

CONSUMER PRICE INDEX, SEASONALLY ADJUSTfcO
CQMPOUNOEO ANNUAL RATES O f CHANGE
TtRMlMAL
MONTH

1967 * 100

I N IT IA L MONTH
4-73

¿ -7 3
4-75

3-73

6-73

7-75

8-73

9-75 10-75 11-75 12-75

1-76

2-76

3-76

4 -7 6

5-76

6 -76

7-76

8 -7 6

9 -7 6
158,7

6 .3

6_,2

.

159,5

6_f 2.
7*4

- 7 tO

160.6

6 ,t>

162.2

7—73

6 .4

9,1

10 .6

12 *o

8-75

7 .6

6 .0

8 ,5

8.3

4.5

V—73

7.2

7 .4

7.7

7.4

4 .9

5.3

10-73

7 .3

7 .4

7 .7

7 .3

5.6

6 .4

162.8
163.5
164.5

7 .6

11-73

7.3

7.3

7 .7

7.3

6.2

6 .8

7 .6

7,5

12-73

7.2

7 .4

7.3

7 .4

6.3

6.8

7 .3

7,1

6 .7

1-76

7.0

7.1

7.2

7.0

6 .1

6 .5

6.6

6,5

5 .9

5.2

2-76

6 .3

6.3

t>. 6

6.3

3.5

5,6

5,7

5,2

4 ,4

3.3

1 ,4

3-7o

6 ,1

6 .1

6 .1

3 .9

3,0

3.1

5.1

^ .6

3 .9

2.9

1 .8

2 .2

6 .0

6 .0

3,6

3,0

5,1

5,1

4 ,7

4,1

5,5

2 ,9

3 ,6

6a

.

165,5
166,4
167.1
167.3
167.6
166 ,3

5.1

3-76

6 .2

6.2

6a

3.9

5.3

5 ,4

5 ,4

5.1

4 ,6

4,2

4 .0

4 ,9

6.2

7 .4

6-7 o

6 .1

6 .1

6 .1

3 ,9

5.3

5.4

5 .4

5.1

4 ,8

4,5

4 .4

5 ,1

6 .1

6 .6

5.8

7-76

0 .1

6 ,1

6 .1

5.9

3 .4

5 .4

5 .5

5.2

4 ,9

4 .7

4 .6

5,2

6 .0

6 .3

5 .8

6-76

6 .1

6 .1

6 .1

5 .9

5.5

5 .5

5,6

5.3

5,1

4,9

4 .9

5,5

6 .1

6 .4

6 .0

6. 1

6 .5

V -7o

6 .1

6 .1

6 .1

3.9

5.4

5.5

5.5

5 .3

5.1

4.9

4 .9

5.4

5 .9

6 .1

5 .8

5.8

5.8

5.0

6 .0

6 .0

3 .9

3.6

3.3

5 .4

5 .4

5.2

5,0

4.9

4 .8

5,2

5.7

5 .8

5 ,5

5 ,4

5,2

4 ,6

4*3

3-73

4-73

3-75

o-73

7-73

a -7 5

9-75 10-75 11-75 12-75

1-76

2-76

3-76

4-7 6

5-76

6—76

7-76

8 -7 6

9 -7 6

1V-7C

_

169.3
170.1
5.8

170,9
171.8
172.5

IN IT IA L MONTH

PREPARED BY FEDERAL RESERVE BANK OF :S T . LOUIS
NOVEMBER 19. 1976

WHOLESALE PRICES - ALL CQKMOOITIESt SEASONALLY ÄOJUSTEO
COMPOUNDED ,ANNUAL RATES OF CHANGE

3 -75
4 -75

1967 * 100

I N IT IA L MONTH

TERMINAL
MONTH
4 -7 5

5 -7 5

6-75

7-75

8-75

9 -7 5 10-75 11-75 12—75

1-76

2-76

3 -7 6

4 -7 6

5-76

6 -7 6

7 -7 6

8 -76

9 -7 6

11.9

171.9
173.0

5-75

9 .9

6 .0

6-75

6 .5

3 .9

0 .0

7-75

7 .4

5 .9

5 .0

10.2

8-75

8 .1

7 .1

6 .9

10.5

173.0
174.4
175.9

10.8

177.5

9-75

8 .6

8 .0

8 .0

10.8

11.2

11.5

10-75

9 .4

9 .0

9 .3

11.7

12.2

1 2.9

1 4 .4

11-75

8 .4

7 .9

7 .9

9 .5

9 .4

8*9

7 .7

12-75

7 .9

7 .4

7 .3

8 .6

8 .3

7 .7

6 .5

2 .7

4 .1

1-76

6 .8

6 .3

6 .0

6 .9

6 .4

5 .5

4*1

0 .9

0 .7

179.3
179.7

1 .3

160.3
-2 .6

1 79. ^

2-76

5 .7

1^.1

4 .8

5 .4

4 .8

3 .8

2*3

- 0 .5

-1 .1

-3 .6

-4 .6

3-76

5 .4

4 .8

4 .5

5 .0

4 .4

3 .5

2 .3

0 .0

-0 .3

-1 .8

-1 .3

2 .0

4-7 6

5 .8

5 .3

5 .1

5 .6

5.1

4-*4

3 .4

1.7

1 .7

1.2

2 .5

6 .2

10.5

5-76

5 .7

5 .2

5 .0

5 .4

5 .0

4 .3

3 .5

2 .0

2 .1

1 .7

2 .9

5 .5

7 .2

4 .1

6—76

5 .6

5 .2

5 .0

5 .4

5 .0

4 .5

3*7

2 .4

2 .6

2 .3

3 .4

5 .5

6 .6

4 .7

5 .4

7-76

5 .5

5 .1

4 .9

5 .3

4 .9

4 .4

3 .7

2 .6

2 .8

2 .6

3 .5

5.2

6 .0

4 .5

4 .7

4 .0

8-76

5 .1

4 .7

4*5

4 .8

4 .4

3 .9

3 .3

2 .2

2 .3

2 .1

2 .8

4 .1

4 .5

3 .0

2 .7

1.3

- 1 .3

9-76

5 .5

5.1

4 .9

5 .3

4 .9

4 .5

3 .9

3 .0

3.2

3 .1

3 .9

5.1

5 .6

4 .7

4 .9

4 .7

5 .0

10-76

5 .6

5 .2

5 .1

5 .4

5.1

4 .7

3 .5

4 .2

5 .4

5 .9

5 .1

5 .4

5 .4

5.8

9 .5

7 .4

3 -7 5

4 -7 5

5 -7 5

6 -7 5

7-75

B—75

9-75 10-75 11-75 12-75

1-76

2-76

3—76

4 -7 6

5-7 6

6 -76

7 -7 6

8-76

9 -76




4 .2

3 .4

3 .6

179.2
179.5
181.0
181,6
182,4
183.0
182,8
11.7

184,5
185,6

IN IT IA L MONTH

PREPARED BY FEDERAL RESERVE BANK O f
NOVEMBER 4 , 1976

4

ST.

LOUIS




RATIO

PR I CES

SCALE

pe rc em ta ce s

are

a wh v a l

LATEST OATA PLO TTED i

jates

of chauce for p e r i o d s

RATIO

im o icaied .

OCTOBER
PREPARED BY FEDERAL RESERVE BAM* OF S T .

RATIO

SCALE

SCALE

WHOLESALE P R I C E S

1 96 7- 10 0

seasonally

adjusted

RATIO

LO U IS

SCALE

19 6 7 - 1 0 0

PERCENTAGES ARE A « K »A L RATES OF CHANCE FOR r ERI OD S I M I CATEO.
O
LATEST DATA PLOTTED! OCTO*EJ
P R E fAREO IY FEDERAL RESERVE IAKK Of ST. LOOIS

5

COMPOUNDED ANNUAL R ATES OF CHANGE
11RHINAL

INITIAL MONTH

* 100

M NH
O T ______________________ _______________________________________ __________________________________ _______
3-75

4-75

4 -7 5

5 -7 5

6-75

7-75

8 -7 5

9-75 10-75 11-75 12-75

1-76

2-76

3 -7 6

4 -7 6

5 -7 6

6 -76

7-76

8 -7 6

9 -7 6

2 .2

169.1
169.4

5-75

2 .2

2 .1

6-75

2 .1

2.1

2 .1

7-75

2 .7

2 .9

3 .2

4 .3

8-75

3 .9

4 .3

5 .1

6 .5

169.7
170.3
171.5

6.8

173.0

9-75

5 .0

5 .6

6 .5

8 .0

9 .9

11.0

10-75

6 .5

7 .2

8 .3

9 .9

11.6

13.3

15.6

11-75

6 .6

7 .5

8 .4

9 .7

11 .1

1 1 .*

1 2 .4

9 .3

12-75

6 .9

7 .5

8 .3

9.4

10.4

10.9

10.8

8 .5

7 .7

1-76

6 .7

7 .2

7 .9

8 .7

9 .5

9 .6

9 .3

7 .3

6 .3

4 .8

2-76

6 .2

6 .6

7 .1

7 .7

8.2

8 .1

7 .5

5 .6

4 .4

2 .7

0 .7

3-76

6 .0

6 .3

6 .6

7 .3

7 .7

7*5

6 .9

5 .3

4 .3

3 .2

2 .4

4 .1

4-76

5 .0

6 .2

6 .5

7 .0

7 .3

7 .1

6 .5

5 .1

4 .3

3 .4

3 .0

4 .1

4 .1

5-76

5 .5

5 .7

6 .0

6 .4

6 .6

6 .3

5.8

4 .4

3 .7

2 .9

2 .4

2 .9

2 .4

0 .7

6-76

5 .5

5 .8

6 .0

6 .4

6*6

6 .3

5.8

4 .7

4 .0

3 .4

3 .1

3 .7

3 .6

3 .4

175.1
176.4
177.5
178 .2
178.3
176.9
179.5
179.6
180.5

6 .2

181.8

7-76

5 .7

6 .0

6 .2

6 .6

6 .8

6 .6

6 .1

5 .1

4 .6

4 .2

4 .1

4 .8

4 .9

5 .2

7 .6

9 .0

6-76

5 .9

6.1

6 .4

6 .7

6 .9

6 .7

6 .3

5 .4

5 .0

4 .7

4 .7

5 .3

5 .6

6 .0

7 .8

6. 6

8.2

9-76

6 .2

6 .4

6 .7

7 .0

7 .2

7 .1

6 .8

6 .0

5 .7

5 .4

5 .5

6 .2

6 .6

7 .1

8 .8

9 .6

10.0

1 1.7

10-76

6 .5

6 .8

7 .1

7 .4

7 .6

7 .5

7 .2

6 .6

6 .3

6 .2

6 .3

7 .1

7 .5

8 .1

9 .6

10.5

11.0

1 2.4

13.1

3-7 5

* -75

* -7 5

6-75

7-75

8-75

9-7 5 10-75 11-75 12-75

1-7 6

2—76

3 -7 6

4 -7 6

5 -7 6

6 -7 6

7-76

8 -7 6

9—76

183.0
184.7
186.6

I N IT IA L MONTH

WHOLESALE PRICES—FARM PROÜOCTS AND PROCESSED FOODS AND FEEDS • SEAS
CONPOUNOED ANNUAL RATES OF CHANGE

3-7 5
4-75

1967 = 100

I N IT IA L MONTH

TERMINAL
MONTH
4 -7 5

5—75

6-75

7 -7 5

6-75

9-75 10-75 11-75 12-75

1-76

2-76

3 -7 6

4 -7 6

5 -7 6

6-76

7-76

8 -76

9 -7 6

4 2 .2

179.7
1 83 .Û

2 4 .4

5-75

3 3 .0

6-75

18 .3

7 .9

-6 .4

7-75

1 9 .9

1 3.3

8 .1

2 4 .9

8-75

19.3

14.1

1 0 .9

2 0.7

16.7

9-75

18.3

14.0

1 1 .6

18.3

15.1

13.6

10-75

17.5

13.8

1 1 .8

16.9

14.3

13.1

11-75

12.6

8 .9

6 .6

9 .3

5.8

2 .4

1 8 2 .Û
185.4
187.8
189.8
191.7

12.7

188.9

- 2 .8 -1 6 .2
- 4 .1 -1 1 .6

187.8

—6 .8

12-75

10.3

1-76

6 .4

3 .1

0 .7

1 .7

-1 .7

-5 .0

2-76

3 .6

0 .4

—2*0

-1 .4

-* .7

- 7 . 8 -1 1 .6 -1 6 .8 —17.0 -2 1 .7 -2 0 .6

-1 .5

-4 .4

- 7 . 1 -1 0 .2 -1 4 .1 -1 3 .6 -1 5 .8 -1 2 .1

3-76

3 .1

6 .8

0 .1

4 .5

-2 .0

6 .5

3.1

0 .0

183.8

- 9 . 2 -1 5 .5 -1 5 .1 -2 2 .8

180.3
179.9

—2 .6

184.9

4 -7 6

5 .5

2 .9

1 .1

1 .9

-0 .4

-2 .3

-4 .4

-7 .0

-5 .0

-4 .6

2 .4

16.3

3 9 .0

5-76

6 .0

3 .6

2 .1

2 .9

0 .9

-0 .7

-2 .4

—4 .3

—2 .2

-1 .3

5 .0

15.2

2 5 .3

13.1

6 -7 6

5 .9

3 .7

2 .3

3 .0

1.2

-0 .2

-1 .6

-3 .3

-1 .3

-0 .3

4 .9

1 2.5

18.0

8 .7

7-76

4 .8

2 .7

1 .3

1.9

0 .2

- 1 .2

- 2 .6

—4 .2

-2 .5

-1 .9

2 .1

7 .3

10 .0

0-76

2 .3

0 .3

-1 .2

- 0 .8

-2 .5

-4 .0

-5 .4

-7 .1

-6 .0

-5 .9

-3 .2

0 .0

0 .5

- 7 . 3 -1 3 .2 -2 0 .9 -2 9 .8

9-76

2 .9

0 .9

-0 .4

0 .0

-1 .5

- 2 .8

-4 .1

- 5 .5

—4 .3

-4 .0

-1 .4

1.7

2 .5

-3*6

- 7 . 4 -1 1 .0 -1 1 .1

10-76

2 .1

0 .3

-1 .0

-0 .7

- 2 .2

-3 .4

-4 .6

-5 .9

-4 .9

-4 .7

-2 .5

0 .1

0 .5

-4 .8

— » 0 -1 0 .9 -1 0 .9
8

w r*

4 -7 S

7 -7 5

ft— 75

« -7 5

10-75 11-75 12-75

1 -76

2-76

3 -7 6

4 -7 6

5-76




S -T« i

1 .7

166.8
4 .6

187.5
16i>.7

- 3 . 5 -1 0 .9

6—76

180.3
12.7

182.1

0 .3 -1 0 .6

7 -7 6 ... fi-7 6

180.4

9 -7 6

I N I T I A L MONTH

PREPARED B Y

FEDERAL RESERVE BANK OF S T . LÛUIS

NOVEMBER 4* 1976

6

INDUSTRIAL

PRODUCTION

R A T I O SCALE

R A T I O SCALE

1967-100

1967-100

SE AS ON A LL Y A D JU S TE D

1968

1969

1970

1 9 71

1972

1973

PERCENTAGES ARE ANNUAL RATES OF CHAMVE FOR PERIOOS
LATEST OATA PLOTTEOt

1974

1975

1976

I KOICA TED.

OCTOBER PRE1IMIMARY
PREPARED BY FEDERAL RESERVE 0AMK OF ST.

LOUIS

_________INDUSTRIAL PRODUCTION______
COMPOUNDED ANNUAL RATES OF CHANGE
TERMINAL
I N IT IA L MÛNTH
1967 * 100
MONTH
_________________________________________ ________________________________________________________________________ ________________ _______________ __
1-76 2-76 3-76 4—76 5-76 6 —76 7-76 8-76 9-76
3-73 4-73 5 -7 5 6—73 7-75 8-75 9-75 10—75 U -7 5 12-75
4-73

112.6

1 0 .1

3-73

1 1 .2

1 2 .4 ^

6-73

17.9

2 2 .0

3 2.5

7-73

19.1

22.3

2 7.5

6-73

2 1 .2

24.1

2 8 .3

26.2

29.8

9-73

19.3

21.3

2 3.6

2 1 .1

20.3

11.5 \

10-73

16.7

17.8

lb .9

15.7

13.5

6 .1

1 .0

11-73

16.3

17.2

18.0

15.3

13.5

8.5

7.1

13.5

113.7

19.5%

116.4
118 .4

2 2 .7 "

12 1.0
122.1
122 .2
123.5

12-73

13.4

16.1

16.7

14.2

1 2 .0

8 .7

7.8

11.3

9.1

1-76

13.2

15.8

16.2

14.1

12.7

9.6

9 .1

12.0

11.2

13.3

2-76

13.3

13.9

16.3

14.4

13.2

10.7

10.5

13.1

12.9

14.8

124.4
125.7
16.4 v

127.3
7.8 \ 0 . J7 °

3-76

14.7

15.1

1 5.4

13.6

12.5

10.3

1 0 .1

12 .0

11.6

12 .4

12 .0

4—76

13.7

14.0

14.2

12.5

1 1 .*

9 .3

9 .0

10.4

9 .8

10.0

8 .9

5.3

2.8

5-76

13.6

13.9

14.0

12.4

11.5

9.6

9 .4

10.6

10.1

10.3

9 .6

7 .4

7.2

1 1 .8

128.1
128 .4
129.6

6-76

13.0

13.2

13.2

1 1 . t)

10.8

9.1

8 .8

9 .9

9 .3

9 .4

8.6

6 .7

6 .4

8.2

4 .7

7-76

12.3

12.7

12.7

11.3

10.4

8 .8

8 .5

9 .4

8 .9

8.8

8 .1

6.5

6.2

7 .4

5 .2

5.7 "

8-76

1 2 .1

12 *2

12 .2

10.9

1 0 .0

8 .3

8.2

9.0

8 .5

8 .4

7.8

6 .4

6 .1

6 .9

5 .*

5.7

5.7

9-76

1 1 .2

11.3

1 1 .2

9.9

9.1

7.6

7 .3

7 .9

7 .3

7.1

6 .<*

5 .0

4. 6

4 .9

3 .3

2.8

1.4

-2 .7

10-76

10.3

10.3

10 .2

8.9

e .o

6.6

6 .3

6 .7

6 .1

3.8

5.0

3.7

3.1

3 .1

1 .5

^ .7

-0 .9

- 4 .0

- 5 .4 1

3-73

4 -75

5-75

6-75

7-75

8-75

9-75 10—75 11-75 12-75

1-76

2-76

3—76

4—76

5-76

6—76

7-76

8-76

9-76

130*1
130.7
131 .3
131 .OP
130.4P

I N IT IA L 1
MONTH

__

P - PRELIM INARY




PREPARED BY FEDERAL REStRVE Bank UF S T. LOUIS
NO VEM BER

7

1 7 ,

1 V 7 c

PERSONAL
R A T I O SCALE
TRILLIONS
1.5

INCOME
R A T I O SCALE

MONTHLY TO TA LS AT ANNUAL RA TES

OF DOLLARS

TRILLIONS

SEA S ON A LL Y AD JUS TE D

.4

OF DOLLARS
1.5
1.4

+!Q.
S \. 4019

.3

+r. 4x/
.

1.3
1. 2
1.

1
1
»//. 6Z

1.0

I .0

¿ y
0.9

0.9
*6. 9X

0.8

0.8
+9. r.

0.7

_

.

0.7

y
ACV.^

C "
1968

1969

1971

1970

4^r. vy
1 *
I
1975

wv. 'r j

V

* V 11

0.6 1

♦i 1
1972

1973

1974

SOURCE» O .S .
PERCENTAGES ARE ANNUAL RATES O f CHANCE fO R PERJOOS

ocr. ’f f

0.6
1976

DEPARTMENT O f COMy£*CE

IN D IC A T E D .

LA TE S T DATA PLOTTED « OCTOBER P R £ L IV I NARY
PREPARED BY FEDERAL RESERVE BAN* O f S T . LO U IS

COMPOUNDED ANNUAL RATES OF CHAM&E
B IL L IO N S OF
DOLLARS
ANNUAL RATES

I N IT IA L MONTH

TERMINAL
HCWTH
3 -7 5

4 -75

5 -7 5

6-75

7 -7 5

8 -7 5

9-75 10-75 11-75 12-75

1 -7 6

2-76

3 -7 6

4 -7 6

5 -7 6

6 -7 6

7 -7 6

8 -7 6

9 -7 6

4-75

5 .3

1 ,2 1 3 .5

5-75

7 .9 ' 10.

1 ,2 2 3 .7

6 -75

15.9

2 1.6

1 ,2 5 3 .7

3 3 * t^ ^

7-75

11.2

13.3

1 4 .7

1 ,2 5 2 .0

- 1 .6 ^

1 ,2 6 > .5

8-75

12.2

14.0

15.1

6 .8

1 5 .9 ^

9-75

11.7

13.0

13 .7

7 .7

1 2 .6

10-75

12.0

13.1

1 3 .7

9 .1

13.0

11.5

13.7

1 ,277.1

9 .5 ^

1 ,2 9 0 .8

12.6

1 Z .9

9 .1

1 2.0

10.7

11.4

9 .1

11.2

11.9

12.1

8 .9

11.1

9 .9

10.1

8 .4

7 .6 \

1-76

11.3

12.0

12.1

9 .3

11.3

10.4

10.6

9 .6

9 .9

9 .7

9 .9

11.1

10.1

9 .8

9 .9

10.7

1 0.0

*
*

r*
*
1

11.6

12-75

2-76

11*2

11*8

11*. 9

9 .4

11.1

10.3

10.5

3—76

11.1

11.6

11*7

9 .5

1 1 .0

1 0 .3

10.4

4 -7 6

1 ,3 0 0 .2
1 ,3 0 8 .2
1 ,3 2 0 .8

12.2

1 ,3 3 1 .4
1 ,3 4 1 .9

9 .9

i »352.5

1 1 .0

i l »5

1 1 .5

9 .5

1 0 .«

10.2

10*3

10 .5

1 0.0

9 .9

10.9

11.3

1 1 .4

9 .5

1 0 .7

10*2

10.2

10.3

9 .9

9 .8

9 .3

9*0

8 .6

8*2

9 .8

9 .7

9 .3

9 .1

9*0

8*6

8 .1

8 .5

8 .3

7*5

6 .8

7 .9

7 .6

7 .1

6 .5

7 .8

7 .4

7 .0

7 .1

3—76

4—76

5 -7 6

6 -7 6

6 -76

10.6

11.0

1 L -G

9 .3

1 0 .4

7-7 6

10.5

10.9

lOa.9

9 .3

1 0.3

8-76

10.1

10.5

1 0 .4

9 .9

10.2

10.1

10.1

10.1

B.7

4 -7 5

5 -7 5

6 -75

10-76
3—7i>

9 .3

9 .3

9 .5

9 .0

9 .0

9 .5

9 .0

9 .0

7—75

8 -7 5

8 .6

8 .2

8*7

8 .3

9-7 5 10-75 11-75 12-75

1 -76

8

2-76

9 .8

1 ,3 6 2 .9

9 .6

1 ,3 7 0 .4
1 ,3 8 0 .6
1 ,3 8 5 .5

6 .8

5 .5

7 -7 6

1 ,3 9 1 .7

7 .3

1,4 0 1 .9 P

8 -7 6

9 -J 6

______________ ______________ 1W1T1ML W
9HTtt .
P - P R E L IM IN A R Y




PREPARED BY FED ER AL RESERVE 8A** O f S T . L O U IS
NOVEM6ER 1 0 , 1976

8

RETAIL

SALES

R A T I O SCALE
BILLIONS

R A T I O SCALE

OF DOLLARS

seasonally

BILLIONS

ad ju sted

OF DOLLARS

6 0 --------------- ------------------------------------------------------------------------------------------------------------------------------- 1§°
55

+9

/

.i

i

50

55

50
+6,

f

k X -

45

45

/

40

+ i

40

r j

35

35

+ J .S Z

30

30

Z

'
M O V. '• r e
. . A

25
1968

1969

1970

'/- j

J

\ i...

1 9 71

~

1972

V

i

1973

a m

......................... i

1974

O.
C
T

. v y

\

25

1975

1976

SOOftCEi O .S . DEPARTMENT O f COMMERCE
PERCENTAGES ARE ANNUAL RATES O f CHANGE fO R PERIOD S

IN D IC A T E D .

DATA RE V IS ED fROM 1973.
LA TE S T DATA P LO T TE D ! SEPTEMBER, OCTOBER ADVANCE E S TIM A TE
PREPARED BY fE D E R AL RESERVE BANK O f S T . L O U IS

K tT A IL SALES
COMPOUNDED ANNUAL RATES OF CHANGE
IN IT IA L

H IL L IO N S OF

KONTH

DOLLARS

MONTH
4-75

5 -75

6-75

7-75

8-75

9 -7 5 10-75 11-75 12-75

1 -T6

2-76

3—76

4 -7 6

5 -7 6

6-76

7 -76

8 -7 6

9 -7 6
46,948

4-75

2 9.0

5-75

32.5

36.2

6-75

25.5

23.9

12.7

7—71»

2 4.2

22.7

16.5

2 0 .4

0
0
1
-«J

3-75

2 1 .1

19.2

1 4.0

14.7

48,171
48,652
49,411
49,774

9.2

49,644

V—75

16.7

14.3

9 .5

8 .4

2 .9

-3 .1

10-75

15.5

13.4

9 .3

8 .5

4 .8

2 .7

8 .8

11-75

1 5.3

13.5

1 0 .1

9 .6

7.1

6 .4

1 1.5

14.2

12-75

15.7

14.2

11.3

11*1

9 .3

9 .4

13.9

16.5

18.8

1 —7t>

14.9

13.4

1 0 .8

1 0 .6

9 .0

9 .0

12.2

13.4

13.0

2-76

15.9

14.6

12.4

1 2 .4

11.3

11.7

14.9

16.5

17.2

49,995
50,552
51,283
.9 %
51,592

7 .5 ^
2 6 .2 "

16.4

52,601
53,344

3-76

16.1

15.0

1 3.0

13.1

1 2 .2

1 2 .6

15.5

16.8

17.5

17.1

2 2 .2

1 8 .3 s

4 -7 6

15.4

14.4

1 2 .6

12 .6

11.7

1 2 .0

14.4

15.4

15.6

14.0

1 7.3

13.2

5-76

12.7

1 1 .6

9 .8

9.5

8 .5

8 .4

9 .9

1 0 .1

9 .4

7.6

7 .6

2 .0

6 -7 6

13.7

12.7

1 1 .1

1 1 .0

1 0 .1

10.2

1 1 .8

12 .2

11.9

1 0 .8

11.5

8 .1

4 .9

3 .3

2 8 .5 "

8.2
52 , 868

- 5 .2 -1 7 . O '

53,983
53,754

7-76

12.5

11.4

9 .9

9 .6

8.8

8 .8

1 0 .0

1 0 .1

9 .7

8 .4

8 .6

5 .3

2 .3

0 .4

10.5

-5 .0 "

6 -7 6

13.0

1 2 .1

1 0 .6

10.5

9 .7

9 .8

1 1 .0

11.3

10.9

1 0 .0

10.4

7 .9

5.9

5 .4

14.1

7 .6

9-76

1 1 .2

10.3

8 .6

8 .6

7.8

7 .7

8 .6

8 .6

8 .0

6 .9

6 .8

4 .3

2 .2

1 .0

6 .1

- 0 .5

10-76

1 0 .8

9 .9

8 .5

8 .2

7.5

7 .3

8 ,2

8 .1

7 .6

6 .5

6 .4

4 .2

2 .3

1 .4

5 .5

0 .4

2 .3

- 6 .2

3 ^

3-75

4 -75

5 -75

6-75

7-75

8-75

1-76

2-76

3 -76

4 -7 6

“»—76

6 -7 6

7 -76

8-76

9 -7 6

9 -75 10-75 11-75 12-75
IN IT IA L

2 1 .8

54,643

1 .8 -1 4 .8

53.918P
5 4, 062E
>

HONTH

P - PRELIM INARY
ESTIMATED

L -




PREPARED BY FEO ER AL RESERVE BANK OF S T . L O U IS
NOVEMBER 12 r 1976

9

HOURLY CO M PEN SATIO N « P R IV A T E B U S IN E S S SECTOR
COMPOUNDED ANNUAL RATES OF CHANGE

tsj

1

IV
i
rv

TERMINAL
I N IT IA L QUARTER
1967 * 100
WAHTfcR___________________________ ________________________________________________________________________________________________________ ________ , ___________
_
3 -7 2 *-72
v —71 1-72
3-73 4 -7 3 1-74 2 -7 4 3-74 4 -7 4 1-75 2 -7 5 3 -75 4-75 1-76 2 -7 6
1-73
1-72

fa.3

2-72

6 .7

5.1

3—72

5 .8

4 .6

4 .1

4-72

6 .4

5.7

6 .0

6 .0

1-73

7 .7

7 .6

6 .*

10 .6

13.3

2-73

7.4

7.2

7.6

9 .0

9.5

5 .9

3-73

7 .3

7.2

7 .6

6 *:>

6 .6

6 .4

4-73

7.5

7 .4

7 .7

6.5

8 .6

7.1

7 .7

8 .5

1-74

7.5

7 .4

7.6

8 .4

8.5

7 .3

7 .8

8.2

2-74

8 .0

8 .0

8 .4

9 .0

9.1

8 .3

9 .0

9.6

10.2

12.5

136.1
137.8
139.2
141.9
146.4
146.5
151.0

6 .9

154.1
r

\

8 .0

157.1

11

'y f r r

16 1.8

3-74

8 .4

8 .5

6 .6

9 .4

9.6

9 .0

9 .7

10.4

1 1 .0

12.6

12. X

^

4—74

8 .6

8 .6

8 .9

9.5

9 .7

9 .2

9 .7

10.3

10.8

11.7

11.3

9 .9

1-75

8 .9

a.9

9 .3

9.8

1 0 .0

9.6

10.2

1 0.8

1 1 .2

1 2 .0

11.9

11.5

13.0 'I

166.7
170.7
176.0

2—75

8 .6

8 .6

9.1

9 .6

9 .7

9 .3

9 .8

10.2

10.5

11. 0

1 0 .6

10.0

10.0

7 .0

3—75

6 .5

8 .5

6 .8

9.2

9 .3

8 .9

9 .3

9 .6

9 .7

10 .0

9 .5

8 .8

8 .4

6 .1

5.2

4-75

8 .5

8 .5

8 .8

9.1

9.2

8 .9

9.2

9 .4

9 .6

9.8

9 .3

6 .7

8 .4

6 .9

6 .8

1-76

6 .7

8 .7

8 .9

9 .3

9 .4

9 .0

9 .3

9 .6

9 .7

9 .9

9 .5

9 .0

8.9

7 .8

8 .1

9 .6

10.8

2-76

8 .6

6 .6

8 .6

9.2

9.2

8 .9

9 .2

9 .4

9 .5

9 .7

9 .3

8 .8

8.6

7 .8

8 .0

8 .9

9 .2

7 .6

3-76

8 .5

6 .5

8 .7

9 .0

9.1

8 .8

9 .0

9.2

9 .3

9 .4

9 .1

8 .6

8 .4

7 .7

7 .8

8 .5

8 .5

7 .4

4-71

1-72

2 -7 2

3—72

4-72

1-73

2 -7 3

3-73

4 -7 3

1-74

2 -7 4

3-74

4 -7 4

1-75

2 -7 5

3-75

4-75

1-76

179.0
181.3

\ 7 7 %

1B5.0
189.8
193.3
\

7 .2 ^

196.7P

2 -7 6

I N I T I A L QUARTER
P - PRELIM INARY
- DATA REVISED

OUTPUT PER HOUR OF ALL PERSONS, PRIVATE BUSINESS SECTOR*
COMPOUNDED ANNUAL RATES OF CHANGE
TERMINAL
. QUARTER

I N IT IA L QUARTER
4-71

1-72

3 .7

2 -72

3-72

4-72

1-73

2 -73

3-73

4 -7 3

1-74

2 -7 4

3-74

4-74

1-75

2-75

3-75

4-75

1-76

2-76

3 .4

2-72

1-72

1967 * 100

109.3
4 .1

110.4

3-72

3 .1

2 .9

1 .8

4-72

3 .9

4 .0

4 .0

1-73

4 .1

4 .3

2-73

2 .7

2 .6

2 .3

110.9

112 .6

6 .3
5 .7

5.1

2 .4

0 .5

114.0
- 3 .8

112.9

\

3-73

2 .0

1 .8

1 .4

1.3

-0 .4

- 3 .0

- 2 .1

4 -73

1 .8

1 .6

1 .2

1 .1

- 0.2

-1 .9

-0 .9

1—74

0 .9

0 .5

0*1

- 0 .2

-1 .5

- 3 .1

- 2 .8

-3 .2

—6 .6

2 -74

0 .4

0 .0

-0 .5

- 0 .8

-1 .9

- 3 .2

-3 .1

-3 .4

-5 .3

- 3 .9

112.3
0 .4 "

112.4

\ ^ 2 6%
110.5
109.4

3-74

0 .1

- 0 .2

-0 .7

- 1 .0

- 2 .0

- 3 .1

-3 .0

-3 .2

-4.4

- 3 .2

- 2 .5

4 -7 4

- 0 .2

—0 .6

- 1 .0

-1 .3

- 2 .2

- 3 .2

- 3 .2

- 3 .4

- 4 .3

- 3 .5

-3 .3

-4 .0

1-75

- 0 .1

-0.4

- 0 .8

- 1 .0

- 1 .8

- 2 .6

-2 .5

-2 .5

-3 .1

- 2 .2

- 1 .6

- 1 .1

1.9

2-75

0 .8

0 .6

0 .3

0 .2

-0 .4

- 1. 0

- 0 .7

- 0 .5

- 0 .6

0 .7

1.8

3 .3

7 .2

12 .8

108.7
107.6

V

108.1
111.4

3-75

1 .3

1 .1

0 .9

0 .8

0 .3

- 0 .1

0 .3

0 .6

0 .6

1.9

3 .1

4 .5

7 .5

10.4

8 .1

4 -7 5

1 .1

0 .9

0 .7

0 .6

0 .2

-0 .3

0 .1

0 .4

0 .4

1.4

2 .3

3 .3

5.2

6 .3

3 .3

113.6
113.2

-1.4V^^

1-76

1 .5

1.3

1 .2

1 .1

0 .7

0 .4

0 .8

1 .1

1 .1

2 .1

3 .0

4 .0

5 .7

6 .7

4 .7

3 .0

7 .6

2 -76

1 .6

1.5

1 .3

1.3

0 .9

0 .6

1 .0

1.3

1.4

2.3

3.1

3 .9

5 .3

6 .0

4.4

3.2

5 .6

3.5

3—76

1 .7

1 .6

1.5

1 .4

1 .1

0 .6

1 .2

1.5

1 .6

2.5

3 .2

3 .9

5.1

5 .7

4 .3

3 .3

5 .0

3.7

4-71

1-72

2 -7 2

3-72

4 -72

1-73

2 -7 3

3-73

4 -7 3

1-74

2 -7 4

3-7_4l 4 -7 4

1-75

2-75

3-75

4-75

1-76

115.3

\ 3 .8 1

116.3
117 . 4P

2 -7 6

IN IT IA L QUARTER
P - PRELIM INARY
- DATA REVISED




PRÉPAREP b y FÊPÉKAL RESERVE BANK OF S î t JLOVJS.

NOVEMBER I V ,

10

1976

PRODUCTIVITY,
RATIO

COMPENSATI ON,

AND LABOR COSTS *

SCALE

RATIO

1967-100

SEASONALLY

SOURCEt
P E RCENTA G ES ARE A M M A L RA TE S O f C H A M E
*

R E V IS E D

FROM 4T H O VARTER

LA T E S T *A T A

PLO TTEB.

fO R P E R IO D S

SCALE

1967-100

ADJUSTED

U .S ,

D E P AR TM E NT O f LABOR

I MO IC A T E O .

1071

3R® OOARTER P R E L IU I NARY
PREPARE® §Y FEDERA L RESERVE 6AMK O f S T .

L O U IS

U N IT LABOR COSTS t PRIVATE BUSINESS SECTOR
COMPOUNDED AMNUAL RATES OF CHANGE
I N IT IA L QUARTER
4-71

1-72

2-7 2

3-72

4-72

1-73

2 -7 3

3-73

4 -7 3

1-74

2 -74

3-74

4 -7 4

1-75

2 -7 5

3-75

4 -75

1-76

2 -7 6
1247V

1-72

4 .6

2-72

2 .8

1 .0

3-72

2 .6

1 .6

2 .3

4-72

2 .4

1 .6

1.9

1 .6

124.8
125.5

126 .0

1-73

3 .4

3 .1

3 .9

4 .7

7.8 '

2-73

4 .6

4 .5

5 .4

6 .5

9.1

3-73

5 .1

5.2

6 .1

7.1

9 .0

9 .6

8 .8

\

128.4

. 8 .8 %
10.3

131.6
134.4

4 -7 3
1-74

6 .6

6 .8

7 .7

8 .6

1 0 .1

10.7

10.8

1 1.8

15.4

2-74

7 .6

8 .0

8 .9

9 .8

11.3

1 2 .0

12.4

13.6

16.4

1 7 .4 ^\ U . 8 %

3 -74

8 .3

8 .7

9 .6

10.5

11.9

12.5

13.0

14.1

16.1

16.4

15.4

9 .2

1 0 .I

11.0

12.2

12.8

13.2

14.2

15.7

15.8

15.0

14.6

9 .4

1 0.2

11.0

12.1

12.6

13.0

13.7

14.8

14.6

13.7

12.9

142.1
'

"■

"

147.9
153.3
156.6
162.9

11.3

9 .4

10.2

10.5

10.5

10.8

11.2

10.3

8.7

2 .7

7 .2

7 .3

7 .8

8.3

9 .0

9 .1

8 .9

8 .9

9 .0

8.0

6 .2

4 .0

0.8

- 4 .1

4-75

7 .3

7 .5

8 .0

8 .5

9.1

9 .2

9 .0

9.1

9.2

8.3

6 .9

5.2

3 .0

0 .4

160.7

- 5 .3

3-75

2-75

159.5

-3 .0 "
3 .4

10 . 1 ^ .

163.4

1-76

7 .1

7 .2

7 .7

8 .1

8.6

8 .7

8 .5

8 .5

8.5

7.7

6 .3

4 .9

3.1

1 .1

3 .3

6 .6

3 .2 ^ \ ^

2-76

6 .9

7 .0

7 .4

7 .8

8.2

6 .2

8 .1

8 .0

8 .0

7.2

6.0

4 .7

3.1

1 .6

3 .4

5 .6

3 .3

3 . 4 '\ ^

166.1

3-76

6 .7

6 .8

7 .2

7.5

7 .9

7 .9

7 .7

7.6

7.6

6.8

5.7

4 .5

3.2

1 .9

3 .4

5 .0

3 .4

3 .4

1 6 7 .5P

V:7 2 .

1-73

4 -7 3

1-7*

3-74

4—74

1-7?

2 -7 5

3-75

4-75

1-76

4-TLL_ 1-72

2-72.

¿ - J jL

- 2 r ~ lï .

-

164.7

3 .4 ^
2 -7 6

I N IT IA L QUARTER
P - P R E L IM IN A R Y .
data

PREPARED BY F ED ER AL RESERVE BANK OF S T .
NOVEMBER 1 9 , 1976

r e v is e d




11

L O U IS

GROSS N ATIO N A L PRODUCT IN CURRENT DOLLARS

COMPOUNDED ANNUAL RATES OF CHANGE
B I LLIONS OF
DOLLARS

I N IT IA L OUARTtR
4-71

2 -7 2

1-72

3—72

1-72

12.4
11.2

9 .9

2-73

3-73

4-73

1 -7 4

2 -7 4

11.0

3 -72

1-73

3-74

4 -7 4

2 -75

3-75

4-75

1-76

2 -7 6

6 .8
13.5

1-75

13.8

2 -72

4 -7 2

1 »127.0
1 ,1 5 6 .7 ‘
1 ,1 6 1 .4

4 -72

11.7

11.1

11.1

1-73

12.6

1 2.3

1 2 .7

14.7

15.9

2-73

11.7

11.3

1 1 .4

12.3

11.6

7 .5

3 -73

11.4

11.0

1 1.0

11.5

10.9

8 .4

9.3

4—73

IÏ.4

1J-—

11.1

T l.6

11.1

9.6

10.6

11.9

1-74

10.7

1 0.4

10 .3

10.5

9 .9

8.5

6.8

8.6

5.3 \ A 6 %

1 ,3 7 2.7

2 -7 4

10.5

10.1

10 .0

10.2

9 .6

8 .4

8 .6

8.4

6 .6

8 .0 \ ^

1 ,3 9 9 .4

3 -74

10.4

10.0

9 .9

10.1

9 .6

8 .6

8 .6

8 .7

7 .6

8 .8

1 ,4 3 1 .6

4—74

9 .9

9 .6

9 .4

9 .5

9 .0

8 .1

8.2

7 .9

6 .9

7 .5

9 .5 'N
r \ 2 .i%
7 .2
5 . cTv~Av^

6 .9

6 .8

5 .3

5 .4

4 .5

6 .3

5 .9

-

1 ,219.4

1-75
2 -7 5

1 ,2 6 5 .3
1 ,2 8 8 .4
1 ,3 1 7 .3
------

1,355.1

9 .1

2.1

1 ,4 4 9 .2

- 0.8

4 .6

1 ,482 .3

10.4

3-75

9 .8

8 .4

8 .2

9 .3

14.7

19.2

4 -7 5

9 .8

9 .6

9 .5

9 .5

9.2

8 .6

8 .7

8 .7

6 .3

8 .7

8 .8

8 .7

9 .6

13.3

14.8

10.6

1—76

10.0

9 .8

9 .7

9 .8

9 .5

8 .9

9.1

9.1

8 .7

9 .2

9 .3

9 .3

10.2

13.1

14.1

11.6

12.6 "

2-76

10.0

9 .8

9j»7

9 .8

9.5

9 .0

9.1

9.1

8 .9

9 .3

9 .4

9 .4

10.1

12.5

13.0

11.0

11.3

9 . 9 X\ ^

1 ,675.2

3-76

9 .9

9 .7

9 .6

9 .7

9 .4

9 .0

9.1

9.0

8 .8

9.1

9 .3

9 .2

9 .9

11.7

1 2.0

10.3

10.2

9 .0

1 ,708.4

4 -7 1

1-72

2 -7 2

3-72

4-72

1-73

2-73

3-73

4-73

1-74

2-74

3-74

4 -7 4

1-75

2-7 5

3-75

4-75

1-76

8.5

1 ,5 4 6 .7

.7%

1,5 8 8 .2
1 ,<>36.2

8 .2 ^
2 -7 6

I N IT IA L QUARTER

GROSS NATIONAL PRODUCT IN CONSTANT 1972 DOLLARS
COMPOUNDED ANNUAL RATES OF CHANGE
TERMINAL
QUARTER

B IL L IO N S OF
DOLLARS
ANNUAL RATES

I N IT IA L QUARTER
4 -7 1

1-72

6 .9

6 .6

7 .3

7 .2

2 -7 2

3—72

4 -7 2

1-73

2-73

3-73

4 -7 3

1 -7 4

2 -7 4

3 -7 4

4 -7 4

1-75

2-75

3-75

4-75

1-76

2 -7 6

1 -7 2

1,16 3.0
3-72

1-73

2 .5

1 ,¿ 2 0 .8

2 . 1 1 . 0 - 0 . 6 - 0 . 8 - 1 . 7 - 3 . 5 - 3 . 1
0 .5

- 0 .9

- 1 .2

- 1 .9

- 3 .2

1 ,2 12 .9

-2 .8

r8.4%

0 .5

- 0 .4

- 2 .1

- 2 .9

- 4 .1

- 4 .2

-4 .7

-6 .8

0 .6

-0 .1

-0 .6

- 1 .5

-2 .8

- 3 .3

-4 .1

-5 .3

-5 .6

-6 .5

- 8 .4

-9 .9

- 2 .2

-2 .8

- 3 .5

-3 .5

-3 .6

- 3 .9

^ 2 .4

1 ,177.1

2 -7 5

1 .4

1 .0

0 .4

—0 .0

- 0 .8

- 1 .9

0 .2

-0 .7

- 0 .8

-1 .1

-1 .5

- 1 .1

-0 .6

-0 .3

2 .0

8 .5

1 1 .4 ^

- 0 .6

-0 .9

-0 .5

-0 .1

0 .4

2 .3

6 .7

7 .3

3 .3 ^

^ .6

2 .1

1 .7

1^2

0 .9

2 .1

1 .8

1 .4

1.1

•
o

«
?

1 ,209 .3

3-75
4 -7 5

-0 . 4

1 -76

2 .5

2 .2

1>»9

1 .6

1.1

0 .4

0 .4

0 .3

0 .1

0 .6

1.2

1.8

3 .6

7 .3

7 .9

6.2

2 -7 6

2 .6

2 .4

2 .0

1.6

1 .4

0 .7

0 .6

0 .7

0 .6

1.1

1.6

2 .2

3 .8

6 .8

7 .0

5.6

6.8

4 .5 ^

3-76

2 .7

2 .4

2 .1

1.9

1 .5

i.O

1.0

0 .9

0 .8

1 .3

1.6

2 .4

3 .8

6 .3

6 .4

5.2

5.8

4.1

4 -7 1

1-72

2 -7 2

3-72

4 -7 2

2 -7 3

3-73

4 -7 3

1 -7 4

2 -7 4

3 -74

4 -7 4

1-75

2 -7 5

3-75

4-75

1-76

1-73

1 ,2 1 9 .2

V

.

1 ,2 * 6 .3

9 .2 ^

1 ,2 6 0 .0
3 .8 ^

1 »271.7

2 -7 6

______________________________________________________________ I N IT IA L QUARTER___________________________________________




PREPARED 6 Y FEDER AL RESERVE BANK OF S T .
NOVEMBER 1 8 , 1976

12

L O U IS

DEMAND AND P R O D U C T I O N
R A T I O S CAL E
QUARTERLY TOTALS
T R I L L I O N S OF DOL LARS
SEASONALLY

A T ANNUAL

RATES

ADJUSTED

TRILLIONS

R A T I O SCA L E
OF DOL L A RS
1.9

1.8
1.7
1.6
1.5
1. 4
1.3

1. 2
1. 1
1.7

1.6
1.5
1. 4
1.3

1. 2
1. 1
1.0
0.9

0.8
1968

1969

1970

1971

1972

1973

1974

SOURCE« U . S .

1975

1976

DEPARTMENT OF COMMERCE

LL6NP IN CURRENT DOLLARS.
I2JSNP IN 1 9 7 2 DOLLARS.
PERCENTA6ES ARE ANNUAL RATES OF CHANGE FOR PERIODS
LATEST DATA PLOTTEDt




3RD QUARTER

I ND I CA T E D .

PREPARED BY FEDERAL RESERVE BANK OF S T .

13

LOUIS

GENERAL
RATIO

PRICE

INDEX*

SCALE

R A T I O SCALE

1972-100

1972-100

1968

1969

1970

■AS USED IN NATION AL

1971

1972

1973

INCOME ACCOUNTS

1974

SOVRCEt U .S .

PERCENTACES ARE ANNilAL RATES Of CHANCE FOR PERIOD S

1975

1976

DEPARTMENT OF COMMERCE

IM© IC A T E O .

L A TE S T DATA PLOTTED » 3RD OUARTER
PREPARED » T PEOERAL RESERVE BANK O f S T . LO U IS

IM P L IC IT PRICE DEFLATOR FOR GROSS NATIONAL PRODUCT
.OMPOUNOED ANNUAL RATES 0F CHANGE
C
1972 * 100

I N IT IA L QUARTER

TERMINAL
QUARTER
4 -7 1

1-72

2 -7 2

3 -7 2

4 -72

1-73

2-73

3-73

4 -7 3

1 -74

2 -7 4

3-74

4 -7 4

1-75

2-75

3-75

4-75

1-76

2 -7 6
96.76

1-72

5 .8

2-72

4 .3

2 .8

3-72

4 .0

3 .1

3%4

4 -7 2

4 .2

3 .6

4 .0

4 .7

99.45
100.29
101.44

102 . 8V

1-73

4 .5

4 .2

4 .6

5 .3

5.8

2 -7 3

4 .9

4 .7

5 .2

5 .6

6 .4

7 .0

3-7 3

5 -3

5 .2

547

6 .3

6*8

7 .3

7 .5

4 -7 3

5 .8

5 .8

6 .3

6 .9

7 .5

8.1

6 .6

9 .6

1 -7 4

6 .2

6 .3

6 .6

7 .4

7 .9

8 .4

8.9

9 .6

9 .5

2 -7 4

6 .7

6 .9

7 .4

7 .9

8 .5

9 .0

9 .5

10.2

10.5

.7.5%

104.65
106.57
109.05
111.56
^\1 1
11.5

2%

114. 64
118.03

3 -7 4

7 .2

7 .4

7 .9

8 .5

9 .0

9 .6

10.1

io .a

11.1

11.9

12.4

4 -7 4

7 .7

7 .9

8 .4

8 .9

9.5

10.0

10.5

li.i

11.5

12.2

12.5

12.7

1-75

7 .9

8 .0

8 .5

9 .1

9 .6

10.0

10.5

11.0

11.2

11.6

11.7

11 A

2 -7 5

7 .6

7 .8

8 .2

6 .6

9.0

9 .4

9 .7

10.0

10.1

10.2

9^6

9 .0

7 .2

8 .1

121.60
124.55

10.1 Ï

12 5-.V3

4 .5

8 .5

8 .8

9 .2

9*4

9 .6

9 .6

9 .6

9 .3

8 .5

7 .2

5 .7

7 .0

8*4

8 .7

9 .0

9 .2

9 .3

9 .3

9 .3

8 .9

8.2

7 .1

6 .2

7 .0

7 .7

8 .0

8 .3

6 .5

6 .6

6 .7

6 .6

6 .5

6.1

7 .4

6 .3

5 .4

5 .7

7 .2

7 .5

7 .8

8 .0

6 .2

8.3

8 .4

6 .3

6.1

7 .7

7 .0

6 .1

5 .4

7.1

7 .3

7 .6

7.6

7 .9

6 .0

8 .0

7 .9

7 .7

7 .3

6 .7

5 .9

5 .2

1-t72

2 -7 2

3 -7 2

4-72

1-73

2-73

3-73

4 -7 3

1 -74

2 -7 4

3-74

4 -7 4

3 -7 5

7 .6

7 .7

4 -7 5

7 .5

7 .7

1-76

7 .3

7 .4

2 -7 6

7 .2

3-7 6

7 .0
4-7 1




I “ ??.

1 2b.07

\ ^ 2 %
7.1

130.27
131.29

5.1

3.2

5 .6

5.1

4 .2

5.2

5 .3

4 .9

4 .2

4 .7

2-75

3-75

4-75

1-76

132.96
4 .2 1

134.34

2 -7 6

I N IT IA L OUARTER

PREPARED BY FEOfcRAL RESERVE BANK OF S T .
NOVEMBER 1 8 , 1976

14

L O U IS

PERSONAL CONSUMPTION EXPENDITURES IN CURRENT DOLLARS
COMPOUNDED ANNUAL RATES OF CHANGE
B IL L IO N S OF
DOLLARS
ANNUAL RATES

I N IT IA L QUARTER

t e r m in a l
sm ar ter

4—71

1-/2

2-72

3-72

1-72
2-72

11.2
10.3

9 .8

10.9

10.7

10t.5

11.5

11.5

11.7

13.3

3-73

4 -7 3

1-74

2 -7 4

3-74

4 -7 4

1-75

2 -7 5

3-75

4—75

1-76

2 -7 6

12.5

1-73

2-73

8 .5

4-72

1-73

11.1

3-72

4-72

11*4

705.9
724.7
739.7
761.8
>87. *

14*0

2 -7 3

io .a

10.6

10.5

11.2

10.6

7 .2

3-73

10.5

10.3

10.2

10.6

10.0

8 .0

8 .9

4 -7 3

iu -.l

9 .9

9 .7

10.0

9 .4

7 .8

8.2

801.0
818.^
7.5

833.1

1-74

10.1

9 .9

9u8

10.0

9 .5

8 .4

8 .8

8 .8

10.1

2—74

10.3

10.2

10.1

10.3

10.0

9.2

9 .7

10.0

11.2

12.4

3 -74

10.6

10.5

10*5

10.7

10.5

9 .9

10.4

10.8

12.0

12.9

4 -7 4

9 .9

9 .7

9 .6

9 .7

9 .4

8.7

9 .0

9 .0

9 .4

1-75

9 .9

9 .8

9 .6

9 .7

9 .4

8 .9

9 .1

9 .2

9 .5

2-75

10.4)

9 .9

9^8

10.0

9.7

9.2

9 .5

9 .6

9 .9

3 -75

10.1

10.1

10.0

10.1

9 .9

9.5

9 .7

9 .8

10.2

853*3
e7e*>
13.4

906.8

9.1

7 .5

911.1

9 .4

8 .4

5.9

10.1

9 .9

9 .3

7 .9

11.1

12.1

10.2

9 .8

8 .9

11.3

11.9

1 1.7

1 .9

933.2
960.3
987.3

4 -75

10.2

10.1

10.0

10.1

9 .9

9 .6

9 .8

9 .9

10.2

10*2

9 .9

9 .2

11.1

11.4

1 1 .1

10*4

1-76

10.3

10.3

10*2

10.3

10.2

9 .9

10.1

10.2

10.5

10.6

10.3

9 .8

11.5

11.8 j 1 1.7

11.7

13.1

2 -76

10.2

10.2

10.1

10.2

1 0 .0

9 .7

10.0

10.0

10.3

10.3

10.1

9 .6

10.9

11.1

1 0 .9

10.6

10.7

8 .3

3-76

10.2

10.1

10.0

10.1

10.0

9 .7

9 .9

10.0

10.2

10.2

10.0

9 .6

10.7

10.8

1 0 .5

10.3

10.2

8 .8

9 .2

4 -7 1

1-72

2 -72

3-72

4-72

1-73

2 -7 3

3-73

4 -7 3

1-74

2-74

3-74

4 -7 4

1-75

2 -7 5

3-75

1-76

2 -7 6

1 ,0 1 2 .0
1 ,0 * 3 .6
1 ,0 6 4 .7
1 ,0 8 8 .5

I N IT IA L QUARTER

PERSONAL CONSUMPTION EXPENDITURES IN CONSTANT 1972 DOLLARS
COMPOUNDED ANNUAL RATES OF CHANGE

4-71
1-72

B IL L IO N S OF
DOLLARS
ANNUAL RATES

IN IT IA L QUARTER

TERMINAL
QUARTER
1-72

2^72

3-72

4 -7 2

1-73

2 -7 3

3-73

4 -7 3

1-74

6 .7

2 -7 4

3-74

4 -7 4

1-75

2 -7 5

3-75

4 -7 5

1-76

2 -7 6

713.7

2-72

7 .5

« .3

3-72

6 .7

6 .8

5 .3

728.1

4-72

7 .2

7 .4

6*9

8.6

1-73

7 .4

7 .6

7*3

8 .4

737.5
752.8
8.2

767.7

2-7 3

6 .0

5 .9

5 .3

5.3

3.8

-0 .5

3 -7 3

5 .*

5*2

4 .6

4.5

3.1

0 .7

1 .9

4 -7 3

4 .4

4 .1

3 .4

3.1

1.7

—0 .3

- 0 .2

V l-7 4

3 .7

3 .3

2 .6

2.2

1.0

-0 .8

- 0 .9

-2 .2

- 2 .1

2 -7 4

3 .3

2 .9

2J.3

1.9

0 .8

—0 .6

—0 .6

- 1 .5

-1 * 0

0.1

3 -74

3 .1

2 .8

2 .2

1.8

0 .9

- 0 .3

- 0 .2

-0 .7

-0 .2

0.8

1.5

- 0 .3

- 1 .5

- 1 .6

- 2 .3

- 3 .6

- 8 .4

766.8
770.4
763.9

-2 .3
761.8
761.9

764.7

4 -7 4

2.1

1 .7

1*1

0 .6

- 2 .3

-2 .4

1-75

2 .2

1.9

1 .3

0 .9

0 .1

- 0 .9

-0 .9

-1 .4

- 1 .2

-0 .9

-1 .3

- 2 .6

3 .5

2 -75

2 .0

2 .3

1 .8

1.5

0 .8

-0 .0

0 .0

-0 .2

0 .1

0*6

0 .7

0 .5

5 .3

7 .0

3-75

2 .7

2 .4

2 .0

1 .7

1.1

0 .4

0 .5

0 .3

0 .7

1.2

1.4

1.4

4 .9

5 .6

4 .1

4-7 5

2 .8

2 .5

2 .1

1.9

1 .4

0 .8

0 .9

0 .8

1.2

1.6

1.9

2 .0

4 .8

5 .2

4 .3

4*5

1-76

3 .1

2 .9

2*6

2 .4

1*9

1.4

1 .6

1.6

2 .0

2.5

2 .9

3 .1

5.6

6 .1

5 .8

6*7

8 .9

2-76

3 .2

3 .0

2 .7

2 .3

2.1

1.6

1.8

1.8

2.2

2.7

3 .0

3.2

5 .3

5 .7

5 .4

5*8

6 .4

4 .0

3-76

3 .2

3 .0

2 .7

2 .6

2 .2

1.7

1.9

1.9

2 .3

2.8

3.1

3 .3

5 .1

5 .3

5 .0

5 .2

5*4

3 .8

3 .6

4-71

1-72

2 -7 2

3-72

4 -7 2

1-73

2 -7 3

3-73

4 -7 3

1—7*

2-74

3-74

4 -7 4

1-75

2 -7 5

3 -7 5

4 -7 5

1-76

2 -7 6




748.1
*^4.6
Ï6 7 .5
775.3
783.9
800.7
808.6
815.7

QUARTER

PREPARED BY FED ER AL R ES ER VE BANK OF S T . L O U IS
NOVEMBER 1 8 , 1976

15

GROSS p r i v a t e o o m e s t ic in v e s t m e n t i n c u r r e n t d o l l a r s
COMPOUNDED ANNUAL RATES OF CHANGE
b il l io n s

I N IT IA L QUARTER

TERMINAL
QUARTER
4 -7 1

1-72

2 -7 2

3-72

4 -7 2

1-73

1-72

2 5 .0
2 1.2

1 6.8

2 1.2

1 6 .4

1 7 .6

2 1.3

19.2

18.9

2 1 .6

2 0 .2

18.3

1 7 .9

1 9 .3

18.2

4 -7 4

1-75

2-75

3-75

4-75

1-76

2-7 6

14.8
9 .1

3-74

21.7

2 -7 3

2 -7 4

2 1 .4

1-73

1-74

1 3 .9

4 -7 2

4-7 3

19.9

3-72

3-73

30.3

2 -72

2-73

of

' d o llars
ANNUAL RATES
176,7

1V1 . u

¿10.6
2 18.0

3 -7 3

17.7

15.7

1 4 .9

15.2

13.2

3 .7

4—73

1 8.3

16.7

1 6 .2

1 6 .6

15.5

13.4

12.8

22.6

1—74

12.7

10.7

9^4

8 .7

6 .3

2 .8

- 1 .0

- 3 .2 -2 3 .6

2 -7 4

11.8

10.0

& .8

8 .1

6 .0

3.1

0 .4

- 0 .7 -1 0 .7

4 .5

¿¿0.0
231.5
2 16.4
2 18 .fc

3 -7 4

9 .7

7 .8

6 .6

5 .7

3.6

0 .9

- 1 .7

-3 .0 -1 0 .3

- 2 .8

-9 .7

4 -7 4

8 .5

6 .8

S .5

4 .6

2.7

0.2

- 2 .0

-3 .1

- 8 .6

-3 .0

-6 .6

1-75

1 .3

- 0 .8

-2 .5

—4 .0

- 6 .5

- 9 .5 '1 2 .5 -1 5 .0 -2 1 .0 -2 0 .3 —2 7 .2 --3 4 .7 -5 5 .9

172 . 4

2 -75

—0 .2

-2 .2

-3^6

-5 .3

- 7 .6 -1 0 .4 -1 3 .2 -1 5 .3 -2 0 .4 -1 9 .7 -2 4 .9 -2 9 .3 -3 9 .6 -1 7 .3

1 64.4

¿13.3

-3 .3

211.5

3 -75

4 .7

3 .1

1 .9

1 .0

- 0 .7

- 2 .7

- 4 .5

- 5 .4

- 8 .9

- 6 .2

- 8 .2

- 7 .8

- 9 .2

30.2 104.9

4 -7 5

5 .0

3 ,6

2 .5

1 .6

0.1

-1 .6

- 3 .1

-3 .8

—6 .7

—4 .0

—5 .4

- 4 .5

—4 » 8

2 3.0

50.1

9 .9

1-76

8 .0

6 .8

5 .9

5 .4

4 .3

2.9

1 .9

1.7

- 0 .4

3.0

2.8

5 .0

6 .8

33.2

56.1

36.2

6 8 .9

2 -7 6

8 .5

7 .4

6 .6

6 .2

5 .2

4 .0

3.1

3.1

1 .3

4 .6

4 .6

6 .8

8 .6

30.0

45.5

29.8

41.1

17.8

3 -7 6

8 .6

7 .7

7»1

6 .6

5 .7

4 .7

3 .9

3 .9

2 .4

5 .4

5 .5

7 .6

9 .3

27.1

38.5

2 5.6

31.3

15.7

1 3 .7

4 -7 1

1-72

2 -7 2

3-72

4 -7 2

1-73

2-73

3-73

4 -7 3

1 -74

2 -7 4

3-74

4—74

1-75

2-75

3-75

4-75

1-76

2 -7 6

1 96.7
201
229.6
¿39.2
247.0

I N IT IA L QUARTER

GROSS P RIVATE DOMESTIC INVESTMENT IN CONSTANT 1972 DOLLARS
COMPOUNDED ANNUAL RATES OF CHANGE
TERMINAL
QUARTER

BILL IQ N S OF
DOLLARS
ANNUAL RATES

I N IT IA L QUARTER
4 -7 1

1-72

2 -7 2

1-72

2 0 .4
1 6 .4

12.8

1-73

2-73

3 -73

4—73

1-74

2 -7 4

3-74

4 -7 4

1-75

2 -7 5

3-75

4-75

1-76

2-7 6

1 6.6

3 -72

4-7 2

24.1

2-72

3»—72

6 .9

179.1
186.2
190.2

4-7 2

16.4

14.0

1 2 .6

16.5

1 -73

16.1

14.2

1 3 .4

15.7

14.9

2 -7 3

14.3

12.5

1 L .4

12.2

10.2

5 .6

6-.0

7 .7

5 .0

0 .3

197.6
¿04.6
207.4

3-7 3

1 1.4

9 .4

4 -7 3

1 1 .7

10.1

9 .0

9.<r

7.2

4 .7

4 .3

1-74

6 .3

4 .3

2 .6

1 .6

- 1 .1

- 4 .8

- 8 .0

-9 .6 - 2 8 .4

194.8

2 -7 4

4 .2

2 .2

OtaS

—0 .7

- 3 .3

—6 .6

- 9 .4 -1 0 .9 - 2 1 .3 -1 3 .4

187.9

-4 .7

204.9

211 . 8

14.2

1 .4

-0 .7

—2*. 4

-3 .8

—6 .3

- 9 .5 -1 2 .2 -1 4 .0 -2 1 .6 -1 8 .2 -2 2 .7

176.2

4 -7 4

-0 .1

—2*1

-3**6

-5 .1

- 7 .5 -1 0 .3 -1 2 .7 -1 4 .2 - 2 0 .2 -1 7 .2 -1 9 .0 -1 3 .2

169.1

1-75

- 6 . 0 -1 0 .3 —12 «.4 -1 4 .3 -1 7 .2 -2 0 .5 -2 3 .7 -2 6 .4 -3 2 .6 -3 3 .6 -3 9 .2 -4 6 .2 -6 5 .8

2-7 5

- 8 . 1 - 1 0 .2 - 1 2 .2 - 1 3 .9 -1 6 .4 -1 9 .3 -2 2 .0 -2 4 .2 -2 9 .2 -2 9 .3 -3 2 .8 -3 5 .9 -4 4 .3

- 9 .3

3-75

-3 .5

- 5 .2

-6 * 7

-7 .9

—9 .6 -1 2 .0 -1 3 .7 -1 4 .6 -1 6 .3 -1 6 .5 -1 7 .1 -1 5 .6 -1 5 .8

32.3

9 2.8

4 -7 5

-3 .5

-5 .1

-à .5

-7 .6

- 9 .4 -1 1 .3 -1 2 .9 -1 3 .7 -1 6 .7 -1 4 .9 -1 5 .1 -1 3 .5 -1 3 .1

16.7

3 5 .7

- 4 .5

1-76

-0 .4

- 1 .7

-2 .6

-3 .6

- 5 .0

—6 .5

2 9.2

4 5 .4

2 6 .3

2 -76

0 .3

- 1 .0

—2w0

-2 .7

-3 .9

3 -76

0 .7

- 0 .5

-1 .4

-2 .0

- 3 .2

4 -7 1

1-72

2 -7 2

3-72

4-72

3—74^




- 7 .6

-7 .8 -1 0 .0

- 5 .3

—6 .1

—6 .2

- 4 .3

-5 .1

- 5 .1

1-73

2-73

3-73

4 -7 3

- 3 .5

- 0 .9

1 29. 3
126.2
148 . 7
1 47. 0

-7 .4

-6 .5

67.0

—6 .1

—5 .5

—4 .4

—1 .5

1.0

2 5.5

36.1

2 1.1

36.4

11.5

-6 .7

- 4 .2

- 3 .1

- 0 .3

2.0

2 2 .4

3 0 .0

17.8

26.4

9 .9

8 .4

1 -74

2 -7 4

3-74

4 -7 4

1-75

2-75

3-75

4— 75

1-76

2 -7 6

167.1
171 . 7
173.2

i n m A w <*m r t e r

PREPARED B Y F EDERAL RESERVE B A itt OF S T ,
NOVEMBER 1 8 , 1976

16

L O U IS

COMPOUNDED ANNUAL R ATES OF CHANGE

TERMINAL
QUARTER

B IL L IO N S OF
D OLLAR S
ANNUAL R ATE S

I N I T I A L QUARTER

4-71

1-72

2 -7 2

1-72

9.6

1-73

2 -7 3

3-73

4 -7 3

1-74

2 -7 4

3 .4
3 .2

4-72

3-74

3 -1

4 -7 4

1-75

2 -7 5

3-75

4-75

1-76

2 -7 6

16.6

2-72

3-72

249.0
251.1

3-72

7 .5

4-72

6 .2

5 .5

6 .6

10.2

1-73

8 .7

6 .7

7 .9

10.4

1 0 .6

2 -73

7 .0

5 .1

5 .6

6 .4

4 .6

- 1 .0

3-73

6 .V

5 .4

5 .6

6 .4

5.2

2 .7

253.0
2 5V *2
265 .£
265.1
6 .5

2 6 V .3

4 -7 3

7 .7

6 .5

7 .0

7 .8

7.2

6 .1

9.6

Ï3 .2

1-74

8 .5

7 .5

e*.i

9.0

8.6

6 .4

11.7

14.4

15.5

2 -74

9 .1

6 .3

8*.9

9.8

9 .7

9 .6

12.4

14.5

15.1

14.6

277.8

.0

268

298.0
308.6

3-74

9 .6

9 .0

9 .6

10.4

10.5

10.5

12.9

14.6

15.0

14.6

15.0

4 -7 4

1 0 .0

9 .4

10*0

10.8

10.9

10.9

13.0

14.4

14*7

14.4

14.2

13.5

1-75

9 .9

9 .4

9 .9

10 .6

10.7

10.7

12.5

13.5

13.5

13.1

12.5

11.3

316.5
325.6

9 .2

2-75

9 .9

9 .4

9» 9

10.5

1 0 .6

10 .6

1 2 .1

12.9

12.9

12.4

1 1 .8

10.6

9 .4

9 .7

3 -7 5

1 0 .1

9.6

1 0 .1

10.7

lo .7

1 0.8

12.2

12.9

12 .8

12.4

1 2 .0

11.2

10.5

1 1 .1

1 2 .6

4-75

10 .2

9.8

10.3

10.9

10.9

1 1 .0

12.2

12.9

12.9

12.5

1 2 .1

1 1 .6

1 1 .1

11.7

12*7

12.9

1-76

9 .7

9.2

9 .6

10 .1

1 0 .1

1 0 .1

1 1 .2

1 1 .6

11*5

1 1 .0

10.5

9 .7

9 .0

8 .9

8 .7

6 .8

1 .0

2 -76

9 .6

9 .2

9 .6

1 0 .0

1 0 .0

1 0 .0

10.9

11.4

1 1 .2

10.7

10.2

9 .5

8 .9

8 .8

6 .6

7 .4

4 .7

8 .5

3-76

9 .6

V .2

9 .9

V .9

9 .9

10.8

1 1 .1

10.9

10.5

1 0 .0

9 .4

8 .9

8 .6

8 .6

7 .7

6 .0

8 .6

8 .7

4-71

1-72

3-72

*-72

1-73

2-73

3-73

4 -7 3

1-7*

2-74

3-74

4 -74

1-75

2 -7 5

3-75

4-75

1-76

2 -7 6

2 -72

333.2
343.2
353.8
354.7
362.0
369.6

I N I T I A L QUARTER

GOVERNMENT PURCHASES OF GOODS AND S E R V IC E S IN CONSTANT 1972 D O LLAR S
COMPOUNDED ANNUAL R ATE S OF CHANGE
B IL L IO N S OF
D OLLARS
ANNUAL R ATE S

I N I T I A L QUARTER

TERMINAL
QUARTER
*—71

1-72

2 -7 2

3-72

* -7 2

1-73

2-73

3-73

4 -7 3

1-74

2 -7 4

3-74

4 -7 4

1-75

2 -7 5

3-75

4-75

1-76

2 -7 6
254.1

1-72

5 .0

2-72

1 .6

- 1 .*

3-72

0 .5

- 1 .6

-1 .9

4-72

0 .9

-0 . 5

0 .0

1.9

1-73

1 .3

0 .4

1 .1

2 .6

3.2

2-73

0 .1

- 0 .9

- 0 .8

-0 .4

- 1 .6

- 6 .1

253.2
252.0
253.2
255.2
251.2

3-73

0^2

- 0 .6

-0 .4

—0 .1

-0 .7

- 2 .6

1 .0

*-73

~0"*2

- 0 .5

-0 .3

0.0

-0 .5

- 1 .7

0 .6

1-74

o .a

0 .3

0 .5

0 .9

0 .7

0 .1

2 .2

2 .9

5 .5

0 .9

2 .3

3 .3

251.8
0 .3

252.0
255.4

2-7 4

0 .6

0 .3

0 .6

0.8

0 .3

2 .0

3 -74

0 .9

0.5

0 .7

1 .0

0 .9

0 .5

1.9

2 .1

2 .7

1.3

1.6

4 -7 4

0 .8

0 .4

OU»

0 .9

0 .7

0 .4

1.5

1.6

1 .9

0*8

0 .6

-0 .3

1-75

0 .7

0 .4

0.4>

0 .8

0 .7

0 .4

1.3

1 .4

1 .6

0*7

0 .5

0 .0

1 .1

256.1
257.1
256 .9
¿£7.1

0 .3

2—75

0 .9

0 .6

0^6

1 .0

o .v

0 .7

1 .6

1 .6

1.9

1*2

1.2

1.0

1 .7

3 .1

3—75

1 .2

0 .9

1 .1

1 .4

1.3

1 .1

2 .0

2 .1

2 .3

1.8

2.0

2 .1

2 .9

4 .2

5 .2

4—75

1 .4

1 .1

1 .3

1 .6

1 .6

1 .4

2 .2

2 .3

2 .6

2.2

2 .4

2 .5

3 .2

4 .2

4 .8

4 .3
-4 .9

259.1
262.4
265.2

1—76

1 .0

0 .8

0 .9

1 .1

1 .0

0 .9

1.5

1 .6

1 .7

1.3

1.3

1.2

1 .6

1 .9

1 .4

-0 .4

2—76

1 .1

0 .9

1 .0

1 .2

1 .2

1 .0

1 .6

1.7

1 .6

1.4

1.5

1.4

1 .7

2 .0

1 .7

0 .6

- 1 .2

2 .6

3-76

1 .2

1 .0

1 .1

1.3

1.3

1 .1

1.7

1.8

1.9

1 .6

1 .6

1 .6

1.9

2 .2

2 .0

1 .2

0*2

2 .6

2 .9

4-71

1-72

2 -7 2

3-72

4-72

1-73

2-73

3 -^ 3

4 -73

1-74

2 -74

3-74

4 -7 4

1-75

2 -7 5

3-75

4-75

1-76

2 -7 6




261 .9
263.6
265.5

I N I T I A L QUARTER

prepared

by

federal

NOVEMBER 1 8 , 1976

17

reserve

bank

OF ST* L O U IS

DISPOSABLE PERSONAL IN C OHE IN CURRENT DOLLARS
COMPOUNDED ANNUAL RATES OF CHANGE
B IL LIO N S OF
DOLLARS
ANNUAL RATES

IN IT IA L QUARTER

TERMINAL
QUARTER
4 -7 1
1-72
2-72

7 .5

1-72

2 -7 2

3-72

4 -7 2

1-73

2-73

3-73

4-73

1-7 4

2 -7 4

3-74

* -7 4

1-75

2 -75

3-75

4-75

1-76

2 -7 6

8 .6

775.0
6 .3

7 b 7 70
fa06 . 2

3-72

fa.4

8 .2

1 0 .1

4-72

10.3

U>.*

1 3.1

16.2

1-73

1 1 .2

1 1 .8

13*7

1 5 .5

14.9

2 -73

11.3

1 1 .8

13.2

14.2

13.3

3 -73

1 1 .0

U .*

1 2.5

13.0

1 2 .0

10.6

9 .5

4 -7 3

1 1 .1

11.5

1 2 .4

1 2 .8

1 2 .0

1 1 .1

10.8

1 2 .1

1-74

10.4

1 0 .6

1 1 .2

11.4

10.5

9 .4

8.7

8 .3

4 .6

2 -74

10.3

10.5

1 1 .0

1 1 .1

1 0.3

9 .4

8.8

8 .6

6 .9

9.2

6 37*0
806 .0
11.7

8 90. V

911.4

948.^
9 69.5

3 -74

10.5

1 0 .6

11^1

11.3

1 0 .6

9 .9

9 .5

9 .5

8 .7

10.7

12.3

4 -7 4

1 0 .2

10.3

1 0 .7

1 0 .8

r o .2

9 .5

9.1

9 .1

8 .3

9 .6

9 .8

7 .3

1-75

9 .6

9 .7

1 0 .0

10 .0

9 .4

8 .7

8 .3

8 .1

7 .3

8 .0

7.3

5.2

3.2

2-75

1 0 .8

1 1 .0

1 1 .4

11.5

1 1 .1

10 .6

10.5

10.7

10.4

11.6

12.2

12.2

14.8

2776

3-75

10 .2

10.3

lü«4>

1 0 .6

1 0 .1

9 .7

9 .4

9 .4

9 .1

9.8

9 .9

9 .4

1 0 .1

13.7

1 .2

4-75

1 0 .2

10.3

1 0 .6

1 0 .6

10.2

9 .8

9 .6

9.6

9 .3

10.0

10.1

9 .7

10 .2

12.7

5 .9

10 .8

998.0
i ,013.8

1,023.0
1 ,080.2

1 ,091.5
1,119.9

1-76

1 0 .2

10.3

1 0 .6

10 .6

10 .2

9 .8

9 .6

9.7

9 .4

10.0

10.1

9 .8

10.3

12.1

7 .3

10.5

10.3

2-76

1 0 .1

1 0 .2

1 0 .5

10.5

1 0 .1

9 .7

9 .6

9 .6

9 .4

9 .9

10.0

9 .6

10 .0

11.5

7 .7

1 0 .0

9 .6

9 .0

3-76

9 .9

10 .0

1 0 .2

10.2

9 .8

9.3

9 .3

9 .3

9 .1

9.5

9 .3

9.2

9 .5

10 .6

7 .4

9*0

8 .5

7 .6

6.2

4 -7 1

1-72

2 -7 2

3-72

* -7 2

1-73

2-73

3-73

4 -7 3

1-74

2 -7 4

3—7*

* -7 4

1-75

2 -7 ^

3-75

4-75

1-76

2 -7 6

1 ,147.6
1 ,17 2 .3
1,190.2

I N IT IA L QUARTER

DISPOSABLE PERSONAL INCOME IN CONSTANT m 2
COMPOUNDED ANNUAL RATES OF CHANGE

DOLLARS
B IL L IO N S OF
DOLLARS
ANNUAL RATES

I N IT IA L QUARTER

TERMINAL
QUARTER
4 -7 1

1-72

2 -7 2

3-72

4 -72

1-73

2-73

3-73

4 -7 3

1-74

2 -7 4

3-74

4 -7 4

1-75

2 -7 5

3-75

4-75

1-76

2 -7 6
783*7

1-72

4 .1

2-72

3 .9

3 .6

3-72

4 .8

5 .2

6 .7

4—72

6 .6

7 .5

9 .4

1 2 .2

1-73

7 .1

7 .8

9 .3

1 0 .6

9 .0

2 -7 3

6 .5

7 .0

7 .8

8 .2

6 .3

790*7
803.7
827*1
845*1
3*6

852*7
858 .2

5 .9

6 .2

6 .8

6 .8

5.0

3.1

4 -7 3

5 .4

5 .6

5 .9

5 .8

4 .2

2 .7

2.2

1 .8

1-74

4 .0

3 .9

4 .0

3 .5

1.9

0 .2

- 0 .9

- 2 .7

-7 .0

fv
1
«J
■
r

2 .6

3 -7 3

3 .3

3 .2

3 .1

2 .6

1 .1

- 0 .4

- 1 .4

- 2 .7

-4 .9

- 2 .9

862.1
846.7
840.6

3-74

3 .0

2 .9

2 .8

2 .3

1 .0

—0 .3

- 1 .0

- 1 .9

- 3 .1

- 1 .2

0 .5

*—74

2 .4

2 .3

2 .2

1.7

0 .4

- 0 .8

-1 .5

-2 .3

-3*3

- 2 .0

- 1 .6

-3 .6

1-75

2 .0

1 .8

1 .7

1 .2

0 .0

- 1 .0

-1 .7

- 2 .4

- 3 .2

- 2 .2

- 2 .0

-3 .3

-2 .9

1 .0

0 .8

0*6

2.2

3 .5

4 .5

8 .7

2 1 .8

2-75

3 .3

3 .3

2 .9

2 .0

1.3

841.7
834.0
827.9
869.7

3-75

2 .7

2 .6

2 .5

2 .2

1.3

0.6

0 .2

- 0 .1

-0 * 3

0 .8

1 .6

1 .8

3 .7

7 .2

-5 .7

4—75

2 .ti

2 .7

2 .7

2 .4

1*6

1.0

0 .7

0 .5

0*3

1 .4

2 .1

2 .4

4 .0

6 .4

-0 .5

4 .9

1-76

3 .0

3 .0

2 .9

2 .6

1*9

1.4

1.2

1 .0

0 .9

2 .0

2 .7

3 .0

4 .4

6 .3

1 .6

5 .5

6 .1

2 —7t>

3 .1

3 .1

3 .0

2 .8

2*1

1 .6

1.5

1.4

1.3

2 .3

2 .9

3 .3

4 .5

6 .0

2 .4

5.2

5 .4

4 .7

3—7*
>

3 .0

2 .9

2 .9

2 .6

2*0

1 .6

1 .4

1.3

1 .2

2 .1

2 .7

2 .9

3 .9

5.1

2 .0

4 .1

3.8

2 .7

0 .7

* -7 1

1-72

2 -7 2

3-72

4-72

1-73

2-73

3-73

4 -7 3

1-74

2 -7 4

3-74

4 -7 4

1-75

2 -7 5

3-75

4-75

1-76

2 -7 6




857.1
867.5
880.4
890.5
892.0

I N IT IA L QUARTER

PREPARED BY FEDER AL RESERVE BANK OF ST* L O U IS
NOVEMBER 1 8 , 1976

18

CORPORATE P R O F IT S AFTER TA XE S «

COMPOUftOEO ANNUAL R ATES OF CHANGE
TER M IN AL

B IL L IO N S OF
DOLLARS
ANNUAL R ATES

I N I T I A L QUARTER

barter

* -71

1-72

2 -7 2

3-72

*-72

1-72

18.2
19.6

17.7

25.6

26.3

33**

2 9 .6

31.2

37.8

*6.2

25.8

2 6.3

2 9 .8

32.4

2 6 .*

2 -7 4

3-7*

* -7 *

1-75

2 -75

3-75

4-75

1-76

2 - 76

* 6 .9

2-73

1-74

* 5 .*

1-73

* -7 3

22*3

4-72

3-73

13.2

3-72

2-73

2 3 .*

2-72

1-73

trij «7
5 2 .3
i>i>.0
60
66

8 .7

o7 . 9

3-73

19.2

18.5

1 9 .6

18.9

11.2

*-73

19.3

18.8

19*7

IV . 2

1 3.*

* .0

1.8

20.*

1-7*

2 2 .*

¿ 2 .3

23*6

23.8

19.9

1*.0

15.8

3*.3

*9.9

7 5 .6

2-74

16.*

17.8

1&.*

17.8

13.8

8.1

8 .0

16.*

14.5 -1 2 .6

7 3 .3

<
M

6f> .*

- 3 . 3 -1 3 .9

2 0.9

2 0.6

2 1 .5

2 1.*

18.3

l* .l

15.2

23.9

13.6

12.8

12.8

11.7

8.1

3 .5

2 .6

6 .3

1-75

3 .6

2 .1

1 .2

- 0 .7

- * .9

O

3-7*
*-7 *

6 b .5

3.1

14.2

49.1

-9 .0

- 7 .2 -* 2 .3

81

- 9 .9 -1 2 .3 -1 2 .0 -1 7 .3 -2 8 .8 -3 3 .5 -5 5 .6 -6 5 .8

2-75

7 .0

5 .9

5 .3

3.8

0 .*

- 3 .8

—5.2

- 3 .9

3-75

11*4

10*6

1 0 .*

9 .*

6 .7

3 .3

2.7

5 .0

3 .0

-3 .3

*-75

11.*

10.6

10*5

9 .6

7.1

* .0

3 .6

5.7

* .0

-1 .3

0 .7

-6 .9

- 7 .4 -1 6 .0 -1 6 .8 -3 1 .5 -2 3 .3
- 1 .3 -1 1 .0

.0
7 0 .6
54 . o

62.8

6l

2.8

78.3

5 .0

52.5

* 7 .6

.

11.6

74.1

1-76

12.6

12.0

11*9

11.2

8 .9

6 .2

6 .0

8.2

7.0

2.5

4 .9

-1 .1

10.2

*7.6

4 2 .8

22.2

33.8

2 -7 6

12.6

12.2

12.1

11.5

9 .*

6 .9

6.8

8 .9

7 .8

3.9

6.2

1.2

11.1

40.6

3 5 .6

2 0.1

24.6

15.9

3-76

12.7

12.1

12*0

1 1 .*

9 .5

7 .2

7.1

9 .0

8 .1

*.6

6.7

2 .3

11.0

35.1

3 0.2

1 7.6

19.7

13.2

10 .6

4^71

1-72

2 -7 2

3^72

* -72

1-73

2-73

3-73

4-73

1-74

2 -7 *

3-7*

* -7 *

1-75

2 -7 5

> “ 75

4-75

1-76

2 - 76

79.7
62.7

8 4 .ÖP

____________________________________________________________________________ I N I T I A L QUARTER
* N A T IO N A L INCOME B A S IS
f - P R E L IM IN A R Y
____

PREPARED BV FEDERAL RESERVE BANK OF S T . LOUIS
NOVEMBER 18, 1976

SOURCES OF DATA

NATIONAL INCOME AND PRODUCT ACCOUNTS DATA

Source:

1929-45:
1945-72:
1973-76:

U. S. Department of Commerce, Bureau of Economic
Analysis, Washington, D.C.
20230

Annual data will be published at a later date.
Survey of Current Business, Parts I and II, January 1976.
Survey of Current Business, July 1976.

The survey is available from most district offices of
the Department of Commerce or from the Superintendent of
Documents, U. S. Government Printing Office, Washington, D.C.
20402.




19

0

72.1

9 5 .2

I N VE N TO R IES COMPARED WI TH MONTHLY S A L E S *
. MANUFACTURI NG

AND

T RA DE

Î

76

1

72

1.68

68

1

64

1

60

1 . 56

56

1

52

48

44

40
1962

1963

1964

1965

1966

1967

1968

1969

1970

* RAT I OS BASED ON SEASONALLY ADJUSTED DATA.

1971

1972

SOURCE:

1973

1974

1975

1976

U . S . DEPARTMENT OF COMMERCE

SHADED AREAS REPRESENT PERI ODS OF BUSI NESS RECESSI ONS.
DATA REVI SED FROM 1 9 7 5 .
LATEST DATA PLOTTED:




SEPTEMBER PRELI MI NARY
PREPARED BY FEDERAL RESERVE BANK OF ST.

20

LOUI S

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