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n A T i o n m economic
PREPARED

M O N TH E N D IN G :

BY

FEDERAL

September 30, 1973

RESERVE

BANK

treods
OF

ST. LO UIS

RELEASED:

October 24, 1973

Total spending on goods and services continued to rise
at a relatively rapid rate through the third quarter of this year.
From the second to the third quarter, total spending increased at
a 10.4 percent annual rate, with price increases accounting for a
large part of the gain. Prices rose at a 6.7 percent rate in the
third quarter, and real output advanced at a 3.5 percent rate.
For comparison, total spending advanced at an average annual rate
of 11 percent in the six previous quarters, and real output rose
at a 6.5 percent average annual rate.
Most major components of total spending showed strong
gains in the third quarter. Consumer expenditures rose at a 9.3
percent annual rate from the second to the third quarter, compared
to a 12 percent rate of increase in the first two quarters. In­
vestment spending rose at an 18 percent rate in the third quarter,
substantially faster than the 9.5 percent rate recorded for the
first two quarters of 1973, but about the same as the increase in
investment for the year ending fourth quarter 1972. Total govern­
ment purchases of goods and services have accelerated at a 9.9
percent rate since the first of the year, after rising at an 8.1
percent rate in the previous two years. Federal Government pur­
chases have risen at a 5.8 percent rate in the first three quar­
ters of 1973, and state and local government purchases have ad­
vanced at a 12.7 percent rate. Net exports of goods and services
have been positive in the last two quarters, after showing a zero
balance in the first quarter and a negative balance in the pre­
vious five quarters.
Price increases, as measured by most major price in­
dexes, have accelerated in recent months. The implicit GNP price
deflator has risen at a 6.7 percent annual rate since the first of
the year, compared to a 3.5 percent average annual rate of increase
in the previous two years. The consumer price index has increased
at an 8.7 percent rate in the first nine months of the year, after
rising 3.4 percent in the twelve months ending December 1972. Pri­
marily reflecting the fluctuations in wholesale prices of farm
products and processed foods and feeds, wholesale prices of all
commodities have seesawed in an upward direction in recent months.
For the nine months ending September, wholesale prices have risen
at a 19 percent rate, wholesale prices of farm products and pro­
cessed foods and feeds have increased at a 44 percent rate, and
wholesale prices of industrial commodities have risen at a 9.8
percent rate.




2

INDUSTRIAL PROOUCTION
C O M P O U N O E D A N N U A L R A T E S OF C H A N G E
TERMINAL
MONTH

___________________________________________________
2-72

3-72

4-72

5-72

6-72

7-72

8-72

I N I T I A L M O N T H ___________________________________________________________________ 1 9 6 7 • 1 0 0

9-72 10-72

il-72 12-72

1- 7 3

3- 7 2
4-72

18.8
14.6

12.4

12. 5

10.4

6.5

6.5

7 -72

11. 5

9.7

6.9

7.1

7. 6

8-72

11.8

10.4

3. 4

9.1

10.4

13.3

9-72

12.1

11.0

9.6

10.4

11.7

13.8

10-72

12. 8

12. C

10.9

11.8

13 . 1

15.0

15 . 9

12.6

11. a

10.Û

11 . 6

12. 6

13 . 9

14.1

14. C

12 . 2

11.5

l O.o

11.2

12.1

13.0

12.9

12.4

10.0

12.2

11.5

1 0. 7

11.3

12.0

12.7

12.6

12.2

10.5

10.4

12.2

11.6

10. 9

11.4

12. 0

12 . 7

12.6

12.2

10.9

11.1

12*0

12.4

3-73

11. 4

10.8

10.2

10.5

11.0

11.4

11.2

10.6

9.3

9.0

8.9

7.6

4-73

10. 9

10.3

9.6

9.9

10.3

1C.6

10*2

9.7

8. 4

8.0

7.6

8-73

11.5

* 2-73

7-73

9.4

1-73

6-73

10.5

12- 7 2

5-73

17.6

il -72

4-73

6.5

6-72

3-73

18.6

5-72

2-73

18.9

111.6
113.2
113*8
114.4
115*1
116*3
117*6

14.3
119*2
120*2

121*1
122*2
123*4
1

v
3 .0

X

123*7

6.4

3.5

4.0

124*1

5-73

10.7

10.1

9.5

9. 8

10.1

10. 3

10.0

9.5

8.3

8.0

7.7

6.8

5.0

6.0

10 . 5

9.9

9.3

9.5

9. 8

10.0

9. 7

9.2

8.2

7.8

7. 6

6.8

5.4

6.3

7.5

7-73

• 10.5

10 . 0

9. 4

9.6

9.9

1 0.1

9.8

9.4

8.5

8.2

8.1

7.5

6*5

7.5

8-73

9.6

9.2

8.7

8. 8

9.0

9. 1

8.8

8.3

7.4

7.0

6.8

6.1

5.1

5.5

9-73

9. 7

9.2

8.7

8.8

9.0

9.1

8.8

8. 3

7.5

7.2

7. 0

6.5

6.1

2-72

3-72

4-72

5-72

6-72

7-72

8-72

9-72 10-72 11-72 12-72

1- 7 3

3-73

124*9

8.0

6-73

2-73

6.9

125*6

8. 6

9.0

11.0

126*7

5.9

5 .2

4.4

6.5

6.1

5.9

3.4

4-73

5-73

6-73

7-73

-

m

V

.
8.9^

126.5P
127.4P

8-73

P- PRELIMINARY




P R E P A R E D BY F E O E R A L R E S E R V E 6 a M K Ô F St. L d U l S
O C T O B E R 18, 1 9 7 3

3

INDUSTRIAL
RATIO

PRODUCTION

SCALE

1 9 6 7 * 1 0 0

RATIO
SEASONALLY

ADJUSTED

PERCENTAGES ARE ANNUAL RATES OF CHANCE FOR P E R I O D S
L A TE S T DATA P L O T T E D :



SCALE

1 9 6 7 = 1 0 0

INDICATED.

SEPTEMBER P R E L I M I N A R Y
PREPARED BY FEDERAL R E SERVE BANK OF S T .

LOUIS

4
TOTAL CIVILIAN EMPLOYMENT
CQMPCUNOEQ ANNUAL RATES O F CHANGE

.ilU AL KQNIÜJl

_
T F R M I M AI _
MONTH

1Q - I 2
.3-72..

11=72

THOUSANDS
OF PERSONS

1 2 - 7 2___1-7 3

2-73

3-73

4-73

5-73

6-73

7-73

8-73
81,216

9.7

81,209

4-72

4,7

-0. 1

5-72

4.4

1.8

3 .7

6-72

4.4

2,7

4. 1

4.4

81,458
81,752

3.6

2

2.9

2.4

C.4

3. /

2.5

3.2

3. 0

2.3

4.2

9-72

3.6

2.6

3.1

3. 0

2.5

3.5

2 .9

0
1
*4
N>

81,782

7-7 2
a-7?

3.4

2. 5

2.9

2.8

2.4

3.0

2.5

2.1

1 1- 7 2

3.2

2.4

2 .8

2.6

2.3

2.8

2.3

2.0

1.9

1 2- 7 2

3.3

2.6

2.9

2.3

2.*

3.0

2.7

2.6

2.8

3.8

1.9

1.5

l.l

0.8

0.2

-3.2

82,061
82,256
82,397
82,525
82,780
82,555

1-7 3

2.7

2. 0

2.2

2.0

i. 7

2-73

3.1

2.6

2.8

2. 7

2.5

2.8

2.6

2.6

2. 7

2.9

2.5

8.6

3--»3

3 *a

3.3

3.6

3 .6

3 .5

3.9

3.6

4.C

4.4

5.0

5.5

10. 1

11.6

3.4

3.5

3.7

4.1

4.2

4.8

5.8

83,127
83,889
83,917

4-73

3.5

3. 1

3. 3

3. 3

3.2

3.5

5-73

3.4

3.0

3.2

3.2

3.0

3 .3

3.2

3,1

3.4

3.7

3.6

5.4

4.4

1.0

1.5

6-73

3.8

3.4

3.6

3.6

3.6

3.9

3.8

3. 9

4.2

4.5

4.6

6.3

5.7

3.8

5.5

9.7

7-73

3.5

3.1

3. j

3.3

3.2

3.5

3.4

3.4

3 .6

3.8

3.8

5.1

4.3

2.6

3.4

4.3

-0.8

8-73

3.2

2 .B

3.0

2. 9

2.8

3.0

2.9

2.9

3 .0

3.1

3.0

3.9

3.2

1 .6

1.9

2.0

-1.7

-2.5

9-73

3.5

3.2

3.4

3.4

3.3

3 .5

3.4

3. 5

3.6

3.8

3.8

4.7

4.2

3.0

3.5

4.0

2.2

3.7

10.3

2- 7 2

3- 72

4-72

5-72

6-72

7- 7 2

8-72

9-72

10-72

11-72 12-72

1-73

2-73

3-73

4-73

5-73

6-73

7-73

B-73

0.4

84,024
84,674
84,614
84,434
85,127

INITIAL M O NTH

B A N K O F S T. L O U I S

P R E P A R E D BY F E D E R A L R E S E R V E
O C T O B E R 5, 1 9 7 3
PAYROLL EMPLOYMENT
C O M P O U N D E D A N N U A L R A T E S QP C H A N G E

3- 7 2

THOUSANOS
OF PERSONS

INITIAL MO N T H

I tftif INAI_______
MCNTH
2-72

3-72

4-72

5-72

6-72

7-7 2

8-72

9-72 10-72

11 - 7 2 1 2 - 7 2

1-73

2-73

3-73

4-73

5-73

6-73

7-73

8-73
72,033

4.9

4 - 7 2 ___4 . 1

72,224

__ 3_.2_

5-72

4.5

4.2

.6- 7 2

4.1

3.8

4. 1

72,534

5. 3

.7-72..___ 2,._2_ ___2_.JL __ 2. 6

72,705

2.9
1.3

72,694

-0.2

73,016

8 -72

3.6

3.3

3.3

2.7

2 .6

5 .4

_S-72

3. 7

3.5

3.5

3.1

3.1

4.8

4. 2

10-72

3.9

3. 7

3.8

3. 5

3. 7

5.0

4.8

5.3

73,268
73,584
73,835

11-72

3.9

3.8

3.9

3. 6

3.9

4.8

4.6

4.7

4.2

1 2 - 72

3.8

3.7

3.7

3.5

3.6

4.4

4.1

4.1

3.5

2.7

1-73

3.8

3.7

3.8

3.6

3.7

4.3

4.1

4. 1

3.7

3.4

4.1

2-73

4. 1

4. 1

'♦.2

4.0

4.2

4.8

4.7

4.8

4.7

4.9

5.9

7.7

3-73

4. 1

4.0

4. 1

4.0

4. 1

4. 6

4.5

4.5

4.4

4.4

5.0

5.5

3.2

4.5

4.7

3.2

4.0

3.9

4. J

4.0

3.9

*.0

3. 8

3. 9

3.9

3.9

3.9 ___ 3. 8

3.9

_
A « ! _ 3.6 __ 3 ._5_

3.5

3.6

3.5

3.8

3._5_

3 ^ 8 ___3. 6

4. )

5-73
6-73
7-73

4.4

3.9

4-73

____

iîJ

...

8-73

3.6

9-73

3. A

. 3.**„
.

2- 72~

3-72

p- p r e l
i m i n a r y


3.6

3.5

3.6 __ 3.5,

4.3

4.3

4.2

4.2

74,002
74,252
74,715
74,914
75,105

3.1

75,321

4.4
_

~~5-~72~” W 2 ~

4.2

4,2

4.1

4.1

4.3

4.4

3.3

3.3

3.5

4.3

4.1

4. 1

4.0

4.0

4.2

4.2

3.3

3.3

3.4

3.3

3 . 9 __ 3 ._7

3. 7

3.5

3.4

3.5

3.4

2.5

2.3

2.1

1.4

3.4

7-72

3. 7

8-72

3.6

3.5

75,526
-0.5

75,493

3.5

3.4

2 .7

2.5

2.4

2.0

1.4

3.4

.A

I. A

____3 . 4 ____3.4

3.3

2.7

2.6

2.5

2.3

2.0

3.2

9-7?

10-72

11 - 7 2 1 2 - 7 2

1-7 3

2-73

3-73

4-73

5-73

6-73

7-73

____ 3

75,702P
3 . 1 ______7 5 ^ 8 9 2 ? _________
8-73

INITIAL M O N T H

P R E P A R E O BY F E O E R A L
O C T O B E R 5, 1 9 7 3

RESERVE

B A N K OF

s fT T o u is

5

EMPLOYMENT
RATIO

RATIO

SCALE

M I L L I ON S

OF P E R S O N S

SEASONALLY

MILLIONS

ADJUSTED

SOURCE:
PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERI ODS
LATEST DATA PLOTTED:



OF

SCALE

PERSONS

U . S . D E P A R T M E N T OF LABOR

INDICATED.

SEPTEMBER P R E L I M I N A R Y
PREPARED BY FEDERAL RESERVE BANK OF S T .

LOUIS

6

UNEMPLOYMENT
SEASONALLY

PERCENT

RATES*

ADJUSTED

PERCENT
7 . 0

6 . 0

5 .0

4 .0

3 .0

2 . 0

1 .0

0.0
SOURCE:
»PERCENT

OF C I V I L I A N

L A T E S T DATA P L O T T E D :



LABOR FORCE

U .S .

DEPARTMENT OF LABOR

I N GROUP

SEPTEMBER
PREPARED BY FED E RA L R ESERVE BANK OF S T .

LOUIS

I N V E N T O R I E S COMPARED W I T H MONTHLY S A L E S *
MANUFACTURING

AND

TRADE
72

68

1 . 68

64

1 . 60

60

56

1 . 52

52

48

44

1 . 40

40

1 . 36

36
1959
* R AT I OS

1960

1961

BASED

ON

1962

1963

SEASONALLY

1964

1965

ADJUSTED

DATA.

S H A D E D A R E A S R E P R E S E N T P E R I O D S OF
AS D E F I N E D BY T H E N A T I O N A L B U R E A U
LATEST



DATA

PLOTTED:

AUGUST

1966

1967

1968

1969

SOURCE:

1970

1971

U . S . DEPARTMENT

1972
OF

1973

COMMERCE

BUSINESS RECESSIONS
OF E C O N O M I C R E S E A R C H .

PRELIMINARY
PREPARED

BY

FEDERAL

RESERVE

BANK

OF

ST.

LOUIS

8
RETAIL SALES
C-QMPC U N D E D A N N U A L R A T E S Q F C H A N G E
— TEBJ1INAJL-__
MONTH
------------ I r l i ¿ = 1 1 ..S r 7 Z
3-72

1 7 .3
21.9

11.9

6-72

13.1

11-72 12-72

DOLLARS

1-73

2-73

3-73

4-73

5-73

6-73

7-73

8-73

-5.0 •

5-72

6 - 7 2 _Jg~I2----------- a - L 2 ^ - I Z l Q - 7 2

WILLIQ-NSJQF-

44.7

4-72

■L1IIA H
JN L -QNTH.
.

4.1

36,450

7- 7 2

0-72

36,296
31.g

37,141
3 6 , S 22

7.5
15.4

12.0

3.3

18 . 3

10.3

14.5

9.2

20.2

37,342
22.1

37,969

9-72

11.9

7.2

9. 9

5. U

10.4

6.7

-6,8

10- 7 2

16.4

12.8

lfe.l

13. 2

IS.8

2 0 .3

19.4

9.5

11.7

8. 6

12.8

11.4

8.1

11-72

52.9

39,106

16.4 - 1 1 . 4

38,713

12-72

14.0

11.0

13. 2

10.7

14. 6

13.9

11. 9

18.9

4.9

24.1

1-73

16. 7

14.2

16. 5

14.7

ld. b

18. 8

18.2

25.4

17.4

35.2

2-72

3-72

4-72

5-72

6-72

7-72

-72

9-72

39,417
47.2

10-72 11-72 12-72

40,707

1-73

2-73

3-73

4-73

5-73

6-73

7-73

8-73

INITIAL M ONTH
P- P R E L I M I N A R Y
ESTIMATED

t-

P R E P A R E D BY F E D E R A L
O C T O Ä E R 12, 1 9 7 3
PERSONAL
TERMINAL
MONTH

BANK OF ST. L O U I S

INCOME
B I L L I O N S OF
OOLLAKS
ANNUAL RATES

INITIAL MONTH
2-72

3-72

RESERVE

3-72

4-72

5-72

6-72

7-72

8- 7 2

9-72 10-72 11-72 12-72

1-73

2-73

3-73

4-73

5-73

6-73

7-73

8-73
918.0

7.1

923,6

4-72

7.3

7.6

5-72

6.7

6.5

5.5

6-72

4. 7

4.0

2.2

-0.9

7-72

6.0

5. 7

5.1

4.9

11.1

Ö- 7 2

7.0

7. 0

6.9

7.4

11.8

12.5

9-72

7.3

7.4

7.3

7.8

1C.9

10 . 8

10-72

9.0

927.7

9.3

S.6

10.5

927.0
935.2
944.4
951.3

9.1

13 . 5

14.3

15.2

967.0

21.7

977.6

il-72

9. 6

9.9

10.2

11.0

13. 6

14.2

14.8

17 . 8

14.0

12- 72

9.4

9.6

9.9

10. 6

12. 6

12.9

13.0

14 . 3

10.8

7 .6

983.6

1 - 73

9. 2

9.4

9.6

10.1

11.8

11 . 9

11.7

12.4

9.5

7.3

6. 9

2-73

9. 3

V .5

9.7

10.1

11.6

11* 7

11- 5

12.C

9.7

8.4

8.7

10.5

989.1

3-73

9. 1

9.3

*.4

9.9

11.1

11.1

10. 9

11 . 2

9.2

8.1

8.3

8. 9

4-73

9.2

9. 4

S.5

9.9

11.0

11.C

1C. 9

11.1

9.4

8,6

8.8

9.4

8.9

10.4

5-73

9.2

9.3

9.5

9.8

10.8

10. a

10.6

10. a

9.3

8.6

8.8.

9.2

8.8

9,6

8.8

6-73

9. 2

9.4

9.5

9.8

10« 7

1C.7

10 . 5

10.7

9.4

8.7

8,9

9,3

9.0

9.6

9.2

9.7

997.4
7 .3

1,003.3
1,011.6
1,018.7
1,026.6
1,035.6

7-73

9. 3

9. 5

9.Ò

9. 9

10.8

10.7

10.6

10.7

9. 6

9.0

9,2

9.6

9.4

10.0

9.8

10.4

11.0

e-73

9.6

9.7

9.9

10. 2

11.0

11.0

1C . 9

11*1

10.0

9*6

9.9

10.3

10.3

10.9

11.0

1 1.7

12.7

14.4

9-73

9.7

9,9

10. 0

1 0.3

11.1

lLil

1L«0

11.1

10.2

9.8

10 . 1

10.5

10,5

11.0

11,2

11.8

12.5

13.2

12.0

2-72

3-72

4-72

5-72

6-72

7-72

8-72

9-72

10-72

11-72 12-72

1-73

2-73

3-73

4-73

5-73

6-73

7-73

8-73

1,047.3
1,057.2P

INITIAL MONTH
P- P R E L I M I N A R Y




PREPARED BY FEDERAL RESERVE
OCTOBER 18, 1973

BANK CF S T . LOUIS




RETAIL
RATIO

SALES

SCALE

1965

RATIO

1966

1967

1968

1969

1970

1971

SOURCEt
PE R C E N TA G ES
LATEST

ARE

AMNUAL

DATA P L O T T E D i

R A T ES

OF

CHANCE FOR P E R IO D S

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

SEP TEM B ER

PERSONAL
MONTHLY

SCALE

TRILLIONS

OF

1973
OF

COMMERCE

E S T IM A T E

BY FE D E R A L

R ES ER V E

BANK

OF

ST.

L O U IS

I NCOME

T O T A L S AT A N N U A L

RATES

SEASONALLY ADJUSTED

DOLLARS

1972
D EPA R TM EN T

IN D IC A T E D .
ADVANCE

P R EP A R E D

RATIO

U .S .

SCALE

RATIO
TRILLIONS

OF

SCALE

DOLLARS
1 .2
1.1
1.0

0.9

0.8
0.

0.7

0.

0.6

0.

0.5

0.4
1965

1966

19 6 7

1968

1969

1970
S O U R C Ei

PE R C E N TA G ES
LATEST

ARE

ANNUAL

DATA PLO TTE D »

R A T ES

OF

S EPTEM B ER

CHANGE FOR

PE R IO D S

19 71
U .S .

1972
D EPA R TM EN T

1973
OF

COMMERCE

I N D IC A T E D .

P R E L IM IN A R Y
PR EP A R E D

BY

FEDERAL

R ES ER V E

BANK

OF

ST.

L O U IS

1 0
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 OF C H A N G E
bï l lIS n

TERMINAL
QUARTER

INITIAL
4-68

S of
OOLLARS
RATÉS

QUARTER

ikMki

*-69

1-69
2-69

7.6

2-69

3-69

4-69

2-70

1-70

3-70

4-70

1-71

2-71

3-71

4-71

1-72

2-72

3-72

4-72

1-73

2-73

7.8
7.5

907.0
923.5

3-69

7 .8

7.8

8.i

4-69

6.6

6 .2

5.6

3 .1

1-70

6.1

5.7

5.1

3.6

4.1

2-70

5.9

5. 6

5. 1

4.1

4.6

5.1

3-70

6.1

5.8

5.5

4.9

5.4

6.1

7 . l \

4-70

5.6

5.2

4.9

4. 2

4.5

4.7

4.4

1-7 1

6.6

6.4

6.3

6*0

6.5

7.2

7.8

8.2

2-71

6.7

6.6

6.5

6.2

6.8

7.3

7.9

8.1

11.4

3-71

6.7

6.6

6. 5

6.3

6.7

7. 2

7.6

7 .7

9.8

7.2

6.5

4-71

6.8

6. 7

6.6

6.5

6.9

7.3

7.7

7.8

9.3

7.5

7.3

941.7
948.9
958.5
970.6
987.4

1 . 8 ^ \--- .
r ^
15.1

991.8
1*027.2

7.9

1*046.9
^ 1 0 .0 %

1*063.5

8.0

1*084.2

1-72

7.1

7.0

7.0

6.9

7.3

7.7

8.1

8.3

9.6

8.3

8.4

9.4

10.9

2-72

7.4

7.4

7.3

7.3

7.7

8.1

8.5

8.7

9.9

8.9

9.1

10.0

11.0

1 1.2

3-72

7.5

7.5

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

4-72

7. 7

7.7

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

1-73

8. 2

8.2

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

13 . 5

15.2

2-73

8. 3

8.3

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

9.8

3-73

8.4

8.4

8.5

8.5

8. 8

9. 2

9. 5

9.7

10.5

10.0

10.3

10.7

11.1

11.2

11.2

11. 8

11.8

10.1

10.4► 1

4-68

1-69

2-69

3-6 9

4-69

1-70

2-70

3-70

4-70

1-7 1

2-71

3-71

4-71

1-72

2-72

3-72

4-72

1-73

T - n — .....

\

1*112.5
1*142.4
1*166.5

11. 7 j

1*199.2

N ^ n .8 %

1*242.5
1*272.0
1,304 .0 ?

INITIAL QU A R T E R
P- PRELIMINARY
P R E P A R E D BY F E D E R A L R E S E R V E
O C T O B E R 18# 1 9 7 3

B A N K ¿)F S T . 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 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 ______________ ________________________________________________

6! C H O N S OF

IN I T I A L

TERMINAL
QUARTER
1-69

2-69

3 -69

4-69

1-70

2-70

3-70

1-71

2-71

DOLLARS

ANNUAL KATES
3-71

4-71

1-72

2-72

3-72

4-72

1-73

2- 73
722.4

l
O'

4-68

4-70

QUARTER

3.3

2-69

2.6

1.9

3-69

2.4

1. 9

1.9

4-69

1.2

0.5

-0.2

725.8
729.2
725.1

-2.2
J %

1-70

0.5

-0.2

-0.8

-2.2

-2.1

2-70

0.5

-0.0

-0.5

-1.3

-C.8

-0.3

0. 4

1.7

721.2

0 .5

3-70

0.9

0.4

0.2

4-70

0-.2

-0.2

-0.6

1-71

l.l

0.9

0.7

2-71

1.3

1.1

1.0

3- 71

1.5

1.3

1.3

-0.8
1 - 1.1
I 1■ 1
■
0.5
1.1
0.9

1.4

722.1
2.9

727.2

-0.4

-0.8

-4.3

719.3

1.9

2.4

2.2

9.1

2.1

2 .5

2.4

6.0

1.2

1.7

2.4

2. 7

]

735.1
740.4

2.9

2.7

5.1

3.2

3.6

746.9

\ * 6 . 3 %

4-71

1.9

1.3

1.8

1.8

2. 3

3.0

3.4

3.5

5 .5

4.4

5.1

6.6

759.0

1-72

2.2

2.1

2.1

2.1

2. 6

3.2

3.6

3.7

5.4

4.5

5 .0

5.7

768.0

2-72

2.7

2.6

Z.7

2.7

3.3

3. 9

4.3

4.5

6.1

5.5

6.1

7.0

7.1

3-72

2.9

2.8

2.9

3.0

3.5

4. 1

4.5

4. 7

6 .0

5.5

6.3

6.7

6.7

7.6

5.8

4-72

3.2

3.2

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^

1-73

3.5

3.5

3.6

3.7

4.2

4.8

5.2

5.4

6 .5

6.2

b. 7

7.2

7 .3

8.0

7.5

8.4

2-73

3.4

3.4

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

3.4

3.5

3. i
>

3.6

4.1

4.5

4.8

5. 0

5.9

5.6

5 .9

6.2

6.1

6.3

5.7

5.6

4.8

3.0

3 .5

4-63

1-69

3-69

4-69

1-70

2-70

3-70

4-70

1-71

2-7 1

3 -71

4-71

1-7 2

2-72

3-72

4-72

1-73

2 - 73

2-69

785.6

9.5

796.7
812.3
8.6

^4+4.8%

829.3
v

834.3
|

841.6P

INITIAL QUARTER
P- P R E L I M I N A R Y




P R E P A R E D BY F E D E R A L R E S E R V E
O C T O B E R 18, 1 9 73

B A N K OF ST. L O U I S

11

D E MA N D
RATIO

SCALE

TRILLIONS

QUARTERLY

OF

1965

DOLLARS

1966

1967

AND

PRODUCTION

TOTALS

AT

SEASONALLY

1968

ANNUAL

ADJUSTED

1969

U.GNP I N CURRENT D OLLA R S.

RATIO

RATES

1970
SOURCE:

TRILLIONS

1971
U .S .

1972

OF

SCALE

DOLLARS

1973

DEPARTMENT OF COMMERCE

I2.SNP I N 1 9 5 8 D OLLA R S .
PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR P E R I O D S
LATEST DATA P L O T TE D :




INDICATED.

3RD QUARTER P R E L I M I N A R Y
PREPARED BY FEDERAL RESERVE BANK OF S T .

LOUIS

12
COMPENSATION PER MAN-HCUR» TOTAL PRIVATE ECONOMY
_________ C O M P O U N D E O A N N U A L R A T E S O F C H A N G E __________

u*
i
-j
o

T E R M I N A L _______________________________________________________ I N I T I A L Q U A R T E R _________________________________________________________________1 9 6 7 * 100
QUARTER
3*48 4 - 6 8
1 69
2-69
3-49
4-69
1-70
1-71
2-71
3-71
4-71
4-70
2-70
1-72
2-72
3-72
4-72
1-73
4-68

8.7

1-69

7.3

5. 9

2-69

7.6

7.0

3-69

7.5

7.0

7.6

7.2

4-69

8.0

7.8

8.4

8.5

9.9

1-70

6.9

6.6

6.8

6.3

t>. 9

2.0

2-70

7.1

6.3

7.0

6. 7

6.6

4.9

3-70

7.3

7.1

7.3

7.1

7.1

6. 2

4-70

7.0

6.8

6.9

6.7

6.7

5. 9

1 -71

7.1

6.S
i

7.0

6.9

0.9

6. 2

7.3

7.1

6 .3

7.8

2-71

7.1

7. 0

7.1

7.0

6.9

6.4

7. 3

7.2

6.7

7.6

7.3

3-7 1

7.2

7.0

7.1

7.0

7. 0

6.6

7.4

7.3

6.9

7. 6

7.4

7. 5

4-71

6.9

6.8

6.9

6.8

6.7

6.3

6.8

6 .4

6.8

6.5

6.0

4.6

1- 7 2

7.4

7.3

7.4

7.3

7. 4

7. 1

7. 7

7.7

7.5

8 .1

8.1

8.4

8.9

13.4

2-72

7.3

7.2

7.3

7.2

7.2

7. 0

7.5

7. 5

7.3

7.7

7.7

7.8

7.9

9.5

3-72

7.1

7.0

7.1

7.0

7. 0

6.8

7.3

7.0

7.3

7 .2

7.2

7.1

8.0

5.4

4.9

4-72

7.2

7.1

7.1

7.1

7.1

6.6

7.3

7. 2

7.0

7.3

7.3

7.2

7.2

7 .8

6.1

6.2

7.S

1-73

7.3

7. 2

7.3

7.2

7.2

7.0

7.5

7.4

7.3

7.5

7.5

7.5

7.5

8.1

6.9

7 .2

8.4

9.4

2-73

7.3

7.2

7.3

7.2

7.2

7.0

7.4

7.4

7.2

7.5

7.4

7.5

7.4

7.9

6.9

7.1

7.9

8 .1

6.9

3-68

4-68

1-6 9

2-69

3-69

4-69

1-70

2-70

3-70

4-70

1-71

2-71

3-71

4-71

1-72

2-72

3-72

4-72

1-73

110.9
112.5
8.1

114.7
116.7
119.5
120.1
7.9

122.4
8.8

7.2

125.0
4.9

126.5
128.9
131.2
133.6
135.1
139.4
5.9

141.4
143.1
145.7
149.0
151.5

iNltlAL QUARTER

P R E P A R E D BY F E D E R A L R E S E R V E
S E P T E M B E R 10, 1 9 7 3

B A N K O F ST. L O U I S

OUTPUT PER MAN-HOUR» 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
QUARTc«

_________
1-69

2-69

3-69

4-69

1-70

I N I T I A L Q U A R T E R _________________________________________________________________ 1 9 6 7 » 100
o

4 68

CM

3 68

3-70

4-70

1-71

2-71

3-71

4-71

1-72

2-72

3-72

4-72

1-73
103.7

4-68

1.6 /

1-69

0.6

-0.4

2-69

J.l

- ).6

- 3.8

3-69

c.o

-J.*

-0.6

*0. 4

4-69

-0.2

- U .6

- J.6

-0.6

-0.8

1-70

-1. )

-1.5

"1.7

-2.1

*2.9

- 4.9

2-70

-0.2

-0.5

-0.5

-0.5

-0.5

-0.4

103.6
Nw—

1 5 %

103.4
103.3
103.1
101.8
102.9

4. 4

104.5

3-70

0.6

0. 4

3.6

0.9

1.2

1.8

5.4

0
1|
<*•

6.4

0.5

0.3

J.4

0.6

0. 9

1.3

3. 4

2.9

-C.4

1-71

1.3

1.2

1.4

1.8

2.1

2.7

4. 7

4.8

4.1

8.7

2-71

1.4

1.3

1.5

1.8

2.1

2. 6

4. 2

4.2

3.5

5.4

104.4

1

106.6
107.2

2.3
Ns+4.0%

3-71

1.7

1.7

1.9

2.2

2.5

3.0

4.3

4.3

3.8

5.3

3 .6

4.9

4-71

1.8

1.6

2.0

2.2

2.5

3.0

4. 1

4.1

3.7

4.7

3 .4

4.0

3.0

3.9

4.8

3. 8

4.4

4.1

108.5
109.3

5.2

110.7

1-72

2. 0

2.0

2.2

2. 5

2.8

3.2

4.3

4.3

2- 7 2

2.3

2.4

2.6

2. 9

3.2

3.6

4.5

4.6

4.3

5. 1

4.4

4.9

4.9

5.9

6.7

2.6

2. 9

3. 1

3.5

4.4

4.4

4.1

4.8

4.1

4.5

4 .4

4.9

4.8

2.9

2.8

3.0

3.3

3.6

4.5

4.5

4. 3

4.9

4.3

4.7

4.6

5.0

5.0

4.1

5.4

4.4

3-72

2.3

2.4

4-72

2.5

2. 6

1-73

2.6

2.7

2.8

3.1

3.3

3.7

2-73

2.4

2.5

2.7

2.9

3.1

3. 4

5 - 68

4-6*

1 69

2-69

3-69

4-69




112.5
113.3
114.8
115.9

1-70

4.4

4.2

4.8

4.3

4 .6

4.5

4.6

4.7

4.0

4.6

3.9

4.0

3 .8

4.2

3.7

3.9

3.8

3.9

3.7

2.9

3.0

1 .7

-0.3

2-70

3-70

4-70

1-71

2-71

3-71

4-71

1-72

2-72

3-72

4-72

t-73

|

115.8

PREPAREO BY FEDERAL RESERVE BANK OF S T. LOUIS
SEPTEMBER 10, 1973

13
PRODUCTIVITY, COMPENSATION, AND LABOR COSTS
R A T I O SCALE

R A T I O SCALE
SEASONALLY ADJUSTED

1967-100

1965

1966

1967

1968

1969

1967-100

1970

1971

1972

1973

SOURCE« U.S. DEPARTMENT OF LASOR
PERCENTA6ES ARE ANNUAL RATES OF CMANOE FOR PERIODS INDICATED.
LATEST OATA PLOTTEDi 2ND QUARTER
PREPARED BY FEDERAL RESERVE SANK OF ST. LOUIS

UNI T L A B O R C O S T S , T O 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 OF C H A N G E ________________________
TERMINAL
QUARTER

1 9 6 7 * 100

I N ITIAL Q U A R T E R
3 >68

4-68

1 69

2- 6 9

3-69

4-69

1-70

2-70

3-70

4-70

2-71

1-7 1

3-71

4-71

1-72

2-72

3-72

4-72

1-73
106.9

4-68

7*0

1-6 9

6*8

6.5

2-69

7,4

7.6

8.7

3-69

7*4

7.6

8.1

7.4

a.9

9.0

10.7

3.7

8.6

9.2

7.8

P s ,

118.0

7.6

7.3

7.3

5.6

3.4

1 19.0

1-70

8.1 8.3
8*0 8.2

2-70

7.4

4-69

7.4

108.6
110.9
112.9
115.8

3-70

6.7

4.4

2.7

2.0

6. 5

6.6 6.6 6.2
6.5
6.1
6.5

5.9

4-70

5. 8

4.7

3.6

3.7

1-71

5.8

5.6

5.5

5. 1

4.7

3 .5

2.5

2-71

5.7

5.5

5.4

5.J

4.7

3.7

2.9

3-71

5.4

5.3

5. 1

4 .7

4.4

3.6

2.9

4-71

5.1

5.0

4.8

4.4

4 .1

3.3

2. 7

2.1 2.2 - 1 . 0
2.8 3 .0 1.8
2.9
2.7
2.1
2.6 2 .7 2.0

1-72

5.3

5.2

5.1

4. 7

4.5

3.8

3.3

3.3

4.6

4.3

4.J

3.3

2-72

4.9

4.7

119.6

121.2

5.5

3.5

120.9
4.7
3.7
3.0

3.1

4.1

2 .5

3.2

2.8 2.8 2.9
2.8 2 . 7 2.8
2.7
2.6 2.7

S^+2.7%

3.9

3.0

2.3

2.8
2.6

2.8

2 .4

122.3

2.6
2.1

2.5

1 23.1
123.6
4.6

7 . 7 ^ \ ^

125.9

2 .8

3.4

-0.6

125.7

2.6

2.9

0.6

1.9

2 .5

2.7

1 .1

1.9

3-72

4.7

4.5

4.4

4.1

3.8

3.2

4-72

4 .5

4.4

4.2

3.9

3.7

3.1

1-73

4.6

4. 4

4.3

4.0

3.8

3.3

2.9

2. 8

2.9

2.6

3.1

2. 9

2.9

3.2

2.1

3.0

3.5

2-7 3

4.7

4.6

4.5

4. 2

4.0

3.6

3.2

3.2

3.3

3.1

3.6

3.5

3 .6

3.9

3.2

4.1

4.9

3-68

4-68

1-69

2-69

3- 6 9

4-69

1-70

2-70

3- 7 0

4-70

1-71

2-71

3-71

4-71

1-72

2-72

3-72




INI U A L

126.3
1.9

^ + 6 . 4 %

126.9

i

13 0 . 9

128.5
m

4-72

7.7s !
1-73

WUAKIfcK

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
SEPTEMBER 10, 1973

14
CONSUMER PRICE
C OMPOUNDED
TERMINAL
MONTH

___________________________________________________________________ I N I T I A L
3-72

3-72

INDEX*
ANNUAL

4-72

5-72

6-72

7-72

8-72

9-72

10-72

11-72

SEASONALLY ADJUSTED
R A T E S O F C H A N G E ____
M O N T H _________________________________________________ ________________________1 9 6 7 *
12-72

1-73

2-73

3-73

4-73

5-73

6-73

7-73

100

8-73

1.2

_____ 1 2 4 . 0 7 __________

4-72

1.7

2.2

5-72

2.4

3.0

6-72

2.1

2.5

1. !
>

7-72

2.7

3.1

3.1

124.30
3.7

124.68
124.83
4.8

125.32

8-72

2 •8

3.1

3.3

3.2

4.1

3.3

9-72

3.1

3.4

3.7

3.7

4.4

4.2

5.2

10-72

3.2

3.5

4.2

4.6

4.1

11-72

3.3

3.5

12-72

3.2

3.4

3.6

1-73

3.5

3.7

3.8

3.7

125.66
126.19
126.61

3.9

4.1

4.3

4.4

4.7

4.9

4 — 73

4.6

4.9

5.1

5.3

4.4

5-73

4.8

5.1

6-73

5.0

5.2

5.4

5.6

7-73

4.8

5.1

5.2

8-73

5.9

6.2

6.4

6*0

6.3

2-72

3-72

4-72

3.0

2.5

4.1

4.3

4.0

4.0

4.3

6.1

4.7

4.7

5.0

4.9

5.2

5.7

7.3

8 . 6 ^ ^

128.75

5.5

5.8

5.9

6.3

7.0

8.6

9.8

11.1

129.88

5.7

5.8

6.1

6.2

6.6

7.2

8.4

9.2

9.4

5.9

6.2

6.3

6.7

7.2

8.2

8.7

8.7

7.6

7.3

6.0

6.3

6.4

6.7

7.2

8.0

8.3

8.3

7.4

7.1

7.0

5.7

6.0

6.0

6.3

6.6

7.2

7.4

7.2

6.2

5.7

4.8

2.8

6.6

5.8

3.6

3.4

5.4

9-73

3.8

3.8

5.4

2-73

4.3

4.2

3-73

4.0
3.7

5#4
5.9

126.98
127.24
127.87

7.8

130.70
131.47
132.21
1 3 2 . 5 1 ________

5-72

7.2

7.5

7.7

8.1

8.6

9.4

9.8

10.0

9.8

10.3

11.4

13.7

25.7

6.8

6.9

7.2

7.4

7.7

8.1

8.7

9.1

9.1

8.8

9.0

9.5

10.3

14.3

6-72

7-72

8-72

9-72

10-72

11-72

12-72

1-73

2-73

3-73

4-73

5-73

6-7*

7-73

135.06

3. ; }

135.49

8— 7 3

I NITIAL M
ONTH

P R E P A R E D BY
O C T O B E R 19«

FEDERAL
1973

RESERVE

BANK

OF

ST.

LOUIS

WHOLESALE PRICES - INDUSTRIAL COMMODITIES* SEASONALLY ADJUSTED
____________________ 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 ______________________________________ ________________________________
T E R M I N A L ________________________________________________________________________ I N I T I A L M O N T H __________________ ________________________________________ ______________ 19 6 7 » 1 0 0
MONTH
4-73
5-73
6-73
7-7 3
8-73
3-73
1-73
2-73
6-72
7-72
8-72
2-72
3-72
4-72
5-72
9-72 10-72 11-72 12-72
3-72

116.64

3.6

117.05

4-72

3.9

4.3

5-72

4.0

4.2

4.2

6-72

4.1

4.3

4.3

4.5

7-72

3.8

3.9

3.8

3.6

3.9

3.8

3.4

4.1

3.7

3.4

3.8

3.1

2.7

2.7

117.45
117.88
118.14

2.7

118.54

8-72

3.9

4.0

9-72

3.8

3.9

10-72

3.4

3.4

3.2

11-72

3.6

3.6

3.5

3.3

3.1

3.2

4.8

12-72

3.4

3.4

3.3

3.1

2.9

3.0

3.4

1.9

3.1

2.9

3.4

2.7

118.87

3.4

118.93
119.40
119.59
119.94

3.6

3.4

3.4

3.3

3.2

3.0

2-73

4.1

4.2

4.2

4.2

4.1

4.3

A. 3

5.5

5.8

T*B

3-73

4.9

5.0

5.1

5.2

5.3

5.6

5.8

7.4

8.1

10.2

13.7

15.2

9.0

9.8

11.9

14.8

16.1

1-73

5.8

5.9

5-73

6.4

6.6

6-73

6.7

7.0

4-73

7-73

6.4

121.09

i

122.53
124.14

i 7 . o ^ s\ i + 1 0 . 6 %

6.2

6.4

6.8

7.0

7.2

7.7

8.1

9.9

10.7

12.6

14.9

15.9

16.2

1 5 . 5 ^

7.1

7.4

7.6

8.1

8.5

10.2

11.0

12.5

14.4

15.0

14.9

13.9

11.2

9.3

6.4

6.1

6.8

C

6.6

6.7

6.9

7.1

7.4

7.8

9.1

9.6

10.8

12.0

12.0

125.64
126.87

1 2 . 4 ^ ^

126.94

0 . 7 ^ ^

8-73

6.3

6.5

6.6

6.7

6.9

7.2

7.5

8.6

9.1

10.0

11.0

10.8

9.9

8.2

5.9

2.7

4 . 8 ^ s ^

127.44

9-73

6.4

6.5

6.7

6.8

7.0

7.3

7.6

8.6

9.0

9.8

10.6

10.4

9.6

8.2

6.4

4.5

6.5

128.28

2-72

3-72

4-72

5-72

6-72

7-72

8-72

10-72

11-72

12-72

1-73

2-73

3-73

4-73

5-73

6-73

7-73




9-72

8.2 |

8-73

INITIAL MONTH

PREPARED BY FEOERAL RESERVE
OCTOBER 4 , 1973

BANK OF S t .

LOUIS

15
RATIO

PR I C E S

SCALE

SEASONALLY

1 9 6 7 = 1 0 0

RATIO

ADJUSTED

SCALE

1 9 6 7 * 1 0 0
140
135
130

125

1 20

1 15

1 10
135

130

125

1 20
1 15

1 10

105

100

95

90
1965

1966

1967

1968

1969

PERCENTAGES ARE ANNUAL RATE S OF CHANGE FOR P E R I O D S
L A T E S T DATA P LO TTE D s



1970

1971

1972

1973

INDICATED.

SEPTEMB ER
PREPARED BY FED ERA L R E SERVE BANK OF S T .

LOUIS

1 6
W H O L ESALE P R ICES - ALL COMMODITIES, SEASONALLY AOJUSTEO
_ ______________C O M P O U N D E D A N N U A L R A T E S CF C H A N G E '
_
___________
T E R M I N A L _______________________

____ ________________________________ I N I T I A L M O N T H ____________________________________________________________________1 9 6 7 » 1 0 0

mcnth

2-72
3-72

3-72

4-72

5-7 2

6-72

7-72

8-72

9-72

10-72

11-72 12-72

1-73

2-73

3-73

4-73

5-73

7-73

6-73

8-73
117.06

2.1

4-72

2.8

117.39

3 .4

117.98

5-72

3.9

4.8

6.2

6-72

A.2

4.9

5 .6

•».

7-72

5.0

5.7

6.5

6.7

8.4

118.46
119.26

C
D

119.95

5.4

6.0

o.7

6.8

7.8

7.2

9-72

*.4

6.0

6.5

4.6

7.2

6.6

6.0

4.8

5.2

5.5

_5J l L

5.4

4.5

3. 1

1 W 2

_

120.53
120.57

0.4
^

\

121.40

11-72

5.2

5.6

5.9

5.9

6.1

5.5

4. 9

lj?-7?

6

«6

7.1

7.6

7.8

8.3

8.3

e.5 _ 9 . 4
_

14. 2

20.1

.1-7 3

7.1

7.6

8.1

8.3

8.8

a.9

9.2

10. 1

13. 5

16.0

2-7 i

8.2

8.8

_3-73_

9.8

4-73

4.4

I

8 .6

123.27
124.44

12.0

126.42

10.0

10.6

9.3

9.7

10. 2

10.5

11.1

12. 1

15.3

17.6

16.3

20.9

1 1.1

11 . 6

12. 4

12 . 9

13.8

15. 1

1 8.3

20.9

21.1

26.0

31.3

11. 2

11.7

12.4

12.9

13.6

14.7

17.3

19.1

18.9

21.2

21.4

^+18.2%

129.32
130.58

12.3

*»-7 3

11.1

11.7

12.4

12.9

13.7

14.2

15.1

16. 2

18.7

20.5

20.5

22.8

23.4

19.7

12.2

12.9

13.7

14.3

15.1

15. 7

16.6

17.8

2C.2

22.0

22.3

24.4

25.3

23.4

29.3

7-73

10 .4

IJ . ?

11. 4

11.8

12 . 4

12.7

13. 2

14.0

15.6

16.5

16.0

16.6

15.8

12.3

12.2

133.25

27.5

6-73

136.30

31*2

134.40

5.3 - 1 5 . 5

142.76

106.3

3-73

14 . 3

15.0

15 . 8

16. 5

17. 3

18.1

19.0

20.3

22.5

24.1

24.6

26.5

27.5

26.8

30.7

31.8

32.0

9rUL

12.4

13.0

13.6

14.0

14 . 7

15.1

15. 8

14.6

18.2

19.2

19. 1

20.1

20.0

18.2

19.4

17.4

13.2

31.0 - 1 6 . 9 ^

2-72

3-72

4-72

5-72

4-72

7-72

8-72

9-72 10-72

11-72 12-72

1-73

2-73

3-73

4-73

5-73

6-73

7-73

140.58

8-73

T N n u i r wrom

P R E P A R E O BY F E D E R A L R E S E R V E
O C T O B E R 4, 1 9 7 3

B A N K O F ST. L O U I S

W H O L E S A L E P R I C E S - F A R M P R O D U C T S A ND P R O C E S S E D F O O D S A ND FEEOS, SEAS. ADJ.
_____________________ 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 ___________________________________ ____________________ _________
__________________________________________________________________ I N I T I A L M O N T H ___________________________________________________
m

1 9 6 7 = 100

,;n t h
2-72

3- 72

4-72

5-7 2

6-72

7-72

8-72

9-72 10-72

11-72 12-72

1-73

2-73

3-73

4-73

5-73

6-73

7-73

8-73
118.4

0.0
1.0

3.8

S. 7

10. 6

4.4

5.9

9. 4

6.2

7.9

9.9

13.1

14.3

23.1

118.5
119.5
120.1

.

*1

0.5

5-7 2
r
-

u-7 2

7-72

122.2

8-72

9.3

11.3

14.0

15.2

20.0

16.9

9-72

1 0.5

12.4

14.8

15.8

19.2

17.3

17.8

10-72

8. 6

9.9

11.4

11.6

13 . 0

9.8

6. 5

123.8
125.5
-3.8

125.1

11-72

9.9

11.2

12.8

13 . 1

14.6

12.5

11.1

7.9

21.0

12- 7 2

15.4

17.2

19.4

20.8

23.4

23.4

25.1

27.7

47.0

7 8 . 7 \

133.4

1-73

17.2

19.0

21.2

22.6

25.2

25.5

27.3

29.8

43.4

56.2

136.9

2-73

1 9.1

21.0

23.2

24.7

27.2

27.8

29.7

32.2

43 . 2

51.5

39.4

42.5s

3-73

22.9

25.1

27.5

2 9.4

32.2

33.4

36.0

39.3

49.9

58.2

51.9

60.3

80.3

*-73

21.2

23.0

25.1

26.5

28.7

29.3

31.0

33. C

40.3

44.6

37.1

37.3

34.8

5-73

23.6

25.5

27.6

2 9. 1

31.4

32.3

34.1

36.1

43.3

47.4

41.8

43.2

43.4

27.9

62.3

6-73

26.5

28.5

33.7

32.4

34.9

36.0

38.1

40.5

47.4

51.6

47.5

49.8

51.7

43.2

70.6

127.1

36.4

141.0
148.1
0.8s

148.2
154.3
79^4*^

162.0

7-73

20.7

22 . 1

23.7

24.7

26.2

26.5

27.4

28*4

32.6

34.2

28.8

27.5

24.7

13.8

18.4.

8-73

3*.4

36.8

39.4

*1.5

44.5

46.3

49.0

52.3

59.4

64.4

62.7

66.8

71.2

69.5

92.9

9-73

27.9

29.7

31.6

33. 1

35.1

36.0

37.6

39.4

44. l]I 4 6 . 7

43.5

44.4

44.7

39.5

48.8

45.6

3*5.9 1 0 9 . 6 - 4 7 ^

2-72

3- 72

4-72

5-7 2

6-72

7-72

8-72

9-72

11-72 12-72

1-73

2-73

3-73

4-73

5-73

6-73




10-72

f N F t i AL

m &n

1.2 - 4 2 . 9
104.4 118.2

154.6
184.5

734.5

7-73

174.9

8-73

Yh

•PREPARED BY FEDERAL RESFRVE
OCTOBER 4 , 1973

BANK OF ST. LOUIS

17
RAT
196
I 55
150
145

WHOLESALE

0 SCALE
=

100

SEASONALLY

PRICES

RATIO

SCALE

1967-100
155

ADJUSTED

140
135
130
125
120

1 15
1 10

105
100

95
90
85
80
130
125
120

1 15
1 10

105
100

95
90
85
1965

1966

1967

1968

1969

ERCENTAGES ARE ANNUAL RATES OF CHANGE FOR P E RI ODS
ATEST DATA PLOTTED«



1970

1971

1972

1973

INDICATED.

SEPTEMBER
PREPARED BY FEDERAL RESERVE BANK OF S T .

LOUIS

18

GENERAL PRICE

INDEX*

R A T I O SCALE

R A T I O SCALE

1 9 5 8 -1 0 0

1 9 5 8 -1 0 0

*AS USEO IN NATIONAL INCOME ACCOUNTS
SOURCE* U.S. DEPARTMENT OF COMMERCE
PERCENTAGES ARE ANNUAL RATES OF CHANOE FOR PERIOOS INO ICATED.
LATEST OATA PLOTTED» 3RD QUARTER PRELIMINARY
PREPARED OY FEDERAL RESERVE DANK OF ST. LOUIS

IMPLICIT PR I C E D E F L A T O R FOR G ROSS N A T I O N A L P R O O U C T
C O M P O U N D E D A N N U A L R A T E S OF C H A N G E
1958 * 100

INITIAL QUARTER

TtRMlNAL
•')UART E °
4-63

i-69

2-69

3-69

4-69

1-70

2-70

3-70

1-71

4-70

2-71

3-71

4-71

1-72

2-72

3-72

1-73

4-72

2-73
125.55

1-69

4.2

2-69

4. 9

5.5

1-69

5.3

5.Ö

*»-69

5.3

5. 7

-3.8

5.5

1-70

5.5

5 .9

6. 0

5.9

2-70

5.*

5.6

5.6

5.5

5.5

4.6

3-70

5.2

5.4

5.3

5.1

5.0

4.3

4-70

5.3

5. 5

5.5

5.4

5.3

5.0

5.2

6.,

i-71

5.4

5.-5

5.5

5.4

5.4

RTT]
t;:— d

5.3

5. 9

5.5

¿-71

5.3

5.4

5 .4

5.3

5.3

5.1

5.2

5.6

5 .2

4.9

f N

I
I
r

127.24
^ sTTO.UVO

129.14

Ö.1

130.88
132.91

6.3
\ + 5 .1 %

134.41
135.77

4.1

\

137.88
>
139.73

f

141.40
142.39

3-7 i

5.1

5 .2

5.1

5.0

4.9

4.7

4.7

4.9

4.4

3.8

2.8

4-71

4.8

4.8

4.7

4.6

4.5

4.2

4.1

4.2

3.6

3.0

2.1

1.3

4.4

4.0

3.7

3.3

3.5

5.7

\ f 3 . 2 %

142.85
X

144.85

1-72

4.8

4.9

4.3

4.7

4.6

4.4

4.4

2-72

4.6

4.6

4.6

4.4

4. 3

4. 1

4.0

4.0

3.6

3.2

2.8

2.8

3.6

1.6

3-72

4.5

4.5

4. 4

4.3

4.2

3.9

3.9

3. 8

3.5

3.2

2.8

2.8

3.3

2.2

4-72

4.4

4.4

4. 3

4.2

4.1

3.9

3.8

3. 8

3.5

3.2

2.9

2.9

3.3

2.6

3 .1

3 .3

1-73

4.5

4.5

4.5

4.3

4.2

4. 1

4.0

4. 0

3.8

3.5

3.4

3.4

3 .9

3.4

4.0

4.7

6.0

2-73

4.6

4.7

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

6.7

7.3

3-7?

4.8

4.d

4.7

4.7

4.6

4.5

4.5

4.5

4.3

4.2

4.1

4.3

4.8

4.6

5.2

5.8

6.7

7.0

6.7

4-68

1-69

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

P-

145.42
2.8

146.42
I

v

il

707

147.63
149.81
152.46
154.94P

PRELIMINARY




PREPARED 8Y FEDERAL R E S E R V E ~ B A N K 0 F “ST.
OCTOBER 18 , 1973

LOUIS

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