Full text of National Economic Trends : July 1976
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(ifliionni Economic PREPARED M ONTH E N D IN G : BY June 30, 1976 FEDERAL RESERVE BANK ticdds OF ST. LOUIS RELEASED: July 29, 1976 Total spending rose at a 9.3 percent rate in second quarter 1976. This was a marked slowdown from the 13 percent increase experienced in the previous four quarters. The growth of real product followed the same slowing pattern, rising at a 4.4 percent rate in the last quarter, after expanding 7.3 percent during the previous year. Prices, as measured by the implicit price deflator, increased at a 4.7 percent rate in second quarter, after rising 5.4 percent from first quarter 1975 to first quarter 1976. Expenditures on consumer goods remain strong, bolstered by an almost 9 percent rate of increase in disposable personal income in the most recent quarter. Personal consumption expenditures grew at an 8.3 percent rate during the second quarter, after rising 11.8 percent in the previous year. However, the rate of increase in durable goods expenditures slowed to a 7.3 percent annual rate in second quarter, far below the 24 percent rise in the year ending first quarter 1976. Residential investment has made strong gains in the last six quarters by posting a $18 billion rise during this period of recovery. Even though these increases offset the $15.5 billion decline registered during the 1973-75 recession, residential investment is still $3.5 billion less than the peak of $68 billion which was reached in second quarter 1973. Industrial production increased at a 5.7 percent rate from March to June 1976, compared with a 14.7 percent advance in the previous year. Civilian employment expanded at a 3.8 percent rate during the last three months, after growing 3.1 percent in the year ending March 1976. The unemployment rate, which averaged 8.5 percent during 1975, has fallen one percentage point to a six-month average of 7.5 percent in 1976. The 6.1 percent rate of Increase in consumer prices over the last three months is the same as that posted for the year ending March 1976. Wholesale prices of industrial commodities have slowed to a 3.6 percent fate of increase since March, after posting a 6 percent rise in the year ending March 1976. The annual three-year revision in the national income and product accounts, which takes place each July, is included in the data reported in this release. The revision incor porates both new source data, which were not available at the time the estimates were made originally, and new seasonal factors. TOTAL C IV IL IA N EMPLOYMENT COMPOUNDED ANNUAL RATES OF CHANGE _ .tfcRHiNAl, _ . MONTH 11-74 12-74 IN IT IA L MONTH 1-75 12-74 - 6 .7 1-75 - 6 .0 -5 .3 2-75 ... - 6 .3 -6 .1 - 6 .9 3-75 - 5 .0 - 4 .4 - 3 .9 2-75 3-75 4-75 >-75 6—75 7-75 8-75 THOUSANDS OF PERSONS 9-75 10-75 11-75 12-75 1-76 2-76 3-76 4-76 85*053 84,666 64,163 - 0 .8 84*110 4-75 - 3 .4 -2*6 - 1 .7 1*1 5-75 - 2 .4 —1*5 —0 .5 1*7 $fO .3 ,0 . . 6-?5 - 2 .1 - 1 .3 - 0 .5 1*2 1.9 1 .3 7-75 - 1 .0 - 0 .2 0 .7 2 .3 3 .1 3 .1 3.2 6 .9 8-75 - 0 .4 0*4 ■ . 1*3 2*7 3 .4 3 .5 3 .7 5 .7 4 . 6 \ 9-15 - 0 .5 0 .2 0 .9 2 .0 2 .5 2 .4 2 .3 3 .2 1 .4 10-75 - 0 .5 0 .1 0 .8 1.8 2 .1 2 .0 1.8 * .3 0 .9 -1*0 - 0 .4 0 .2 0 .7 1.6 A* 9 1 .8 1.6 1 .9 0 .7 - 0 .5 - *?-75 - 0 .2 0 .4 0 .9 1.8 2 .0 1 .9 1 .8 2 .1 1.2 0 .4 1*1 1*7 *~76 0 .6 1 .2 1 .8 2 .6 3 .0 3 .0 3 .0 3 .5 2 .9 2*6 3*7 5*0 7*4 _¿.-76, 0 .7 1*3 1*8 2*6 ?t9 2 .9 2 .8 3 .2 2 .7 2*4 3*3 4*2 5*5 6 .7 1*8 3-76 1 .0 1 .5 2 .0 2 .8 3.1 3 .1 3.1 3 .5 3 .1 2*8 3*6 4*4 5*4 6*2 3*5 5 .3 4-76 1 .5 2 .1 2 .6 3 .3 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 ?~7fr 1 .7 2*2 2*7 3 .3 3*7 3*8 4 .1 3 .9 3*8 4*5 5*2 6*0 6 .6 5 .3 6 .5 7 .2 6-76 1 .4 1 .9 2 .4 3 .0 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 11-74 12-74 1-75 2-75 3-75 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 2 .9 84,313 84,519 84 ,496 - 0 .3 ^ 64,967 65,268 85,158 - o > 4 2 % 0*1 85,151 0*4 65,17b 85,394 86,194 ll. 'lT ^ ^ 8i> , 3 1 V 86,692 67,399 ... 67,697 ^ - 2 .7 \ 87 *5 0 0 5-76 IN IT IA L MONTH PAYROLL EMPLOYMENT COHPOmtOEO ANNUAL RATES OF CHANGE TERMINAL MONTH 11-74 12-74 THOUSANDS OF PERSONS IN IT IA L MONTH 1-75 2-75 3-75 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 77,723 12-74 - 9 .5 1-75 - 7 .8 —6*1 2-75 - 7 .8 -6*9 -7*7 3-75 - 7 .1 —6*3 -6*4 -5 .1 4-75 - 5 .8 -4*8 -4*4 - 2 .6 -0 .1 5-75 -4 .7 -3*7 -3*1 - 1 .5 0 .3 0*8 6-75 - 4 .4 -3*5 -3 *0 - 1 .8 - 0 .7 -0*9 - 2 .6 7-75 -3 .2 -2*3 - 1 .6 - 0 .4 0 .8 l.l 1.3 5 .4 8-75 —2 .3 -1*3 - 0 .7 0 .6 1.8 2 .2 2 .7 5 .5 3 9-75 - 1 .6 -0*7 - 0 .0 1.1 2 .2 2 .7 3 .2 5.2 5*0 4*6 10-75 -1 .1 -0*3 0 .4 1.5 2 .4 2*9 3 .3 4 .8 4*6 4*2 77,319 76.804 76,468 I 76,462 76,510 76,343 76,679 77.023 ^ 77,310 3 .9 < 2 *% 77,555 77,574 11-75 - 1 .0 -0*2 0 .4 1 .3 2+Z 2*5 2 .8 3 .9 3*5 2*9 2 .1 0 .3 12-75 - 0 .7 0*1 0 .7 1 .6 2*3 2 .6 2 .9 3*8 3*5 3*0 2 .5 1 .9 3 .5 1-76 -0*2 0*5 1 .1 2 .0 ?*7 3 .0 3 .3 4*2 4*0 3*6 3 .4 3 .3 4 .8 6 * l \ 2-76 —0 .0 0*7 1 .3 2 .0 2*7 3-76 0*2 0*9 1.5 2 .2 4-76 0*5 1*2 1 .7 2 .4 3 .0 77,796 78.179 78.368 3 .0 3 .3 4*0 3*8 3*5 3 .3 3 .2 4 .2 4 .5 2 . 9 \ 3*1 3 .3 4*0 3*8 3*6 3 .4 3 .4 4 .1 4 *4 3 .5 4 .1 3 .3 3 .5 4*1 4 .0 3 .8 3 .7 3 .7 4 .4 4*6 4*1 4 .6 3 .6 3 .4 3 .2 3 .1 3 .6 3 .6 3 .0 3.1 2 *6 O .c T ^ ^ 2 .9 2 .8 3 .1 3 .1 2 .5 2 .4 1.8 0 .2 o > 9-75 10-75 11-75 12-75 1-76 2-76 3-76 4-76 5-76 5-76 0*5 1*1 1 .6 2 .2 2 .8 3 .0 3 .2 3 .8 6—7o 0*5 1*1 1 .5 2.1 2 .6 2 .8 3 .0 3*5 3 .3 3 .1 11-74 12-74 1-75 2-75 3-75 4-75 5-75 6-75 7-75 8-75 IN IT IA L MONTH 78.630 78,963 76.964P ' P- PRELIMINARY PREPARED BY FEOERAL RESERVE BANK OF ST* LOUIS JU L Y 2» 1976 2 E M PL O Y M EN T RATIO SCALE RATIO SCALE SEASONALLY ADJUSTED MILLIONS OF PERSONS 1968 1969 1970 1971 1972 MILLIONS OF PERSONS 1973 1974 1975 1976 SOURCE« 0 . S .D EP AR TM E N T OF LABOR P ERCENTAGES ARE ANNUAL R ATES OF CHANCE FOR P ERIOD S L A T E S T DATA P L O TTE D t IN D IC A T E D . JU N E P R EL IM IN A R Y PREPARED BY FEDERAL RESERVE BANK OF S T . L O U IS U NEM PL OYM EN T R A T E S * PERCENT SE A SO N A L LY AO JU ST ED PERCENT 10.0 9 .0 8.0 7 .0 6.0 5 .0 4 .0 3 .0 2.0 1968 1969 1970 1971 1972 1973 1974 SOURCE* U . S . « P E R C E N T OF C I V I L I A N LABOR FORCE L A T E S T DA TA P L O T T E D t 1975 1976 DEPARTMENT OF LABOR IN CROUP JU # E PREPAREO BY FEOERAL RESERVE BANK OF S T . 3 L O U IS 1.0 CONSUMER PR IC E INDEX» SEASONALLY ADJUSTED COMPOUNDED ANNUAL RATES OF CHANGE 1967 * 100 IN IT IA L HONTH TERMINAL HONTH 11-74 12-74 12-74 9 .7 1-75 2-75 3-75 4-75 6-75 5-75 7-75 9-75 10-75 11-75 12-75 8-75 1-76 2-76 3-76 4-76 5-76 155.4 156.5 1-75 9 .3 8 .8 2-75 8 .3 7 .6 6 .3 3-75 7 .4 6 .6 5 .5 4-75 7 .1 6 .5 5 .7 5 .5 6 .3 5-75 7 .0 6 .4 5 .9 5 .7 6 .2 6 .8 6 .4 6 .4 7 .0 7 .4 8 157.3 157.9 4 .7 158.7 159.5 160.6 . X 6-75 7 .2 7-75 7 .9 7 .6 7 .4 7 .6 8 .4 9 .1 10.6 8-75 7 .5 7 .2 7 .0 7 .1 7 .6 8 .0 8 .5 8 .5 4 .5 9-75 7 .3 7 .0 6 .8 6 .9 7 .2 7 .4 7 .7 7 .4 4 .9 162.2 1 2 .6 V 162.8 163.5 5 .3 164.5 10—75 7 .3 7 .1 6 .9 6 .9 7 .3 7 .4 7 .7 7 .5 5 .8 6#4 7 .6 11-75 7 .3 7 .1 6 .9 7 .0 7 .3 7 .5 7 .7 7 .5 6 .2 6 .8 7 .6 7 .5 12-75 7 .3 7 .1 6 .9 7 .0 7 .2 7 .4 7 .5 7 .4 6 .3 6 .8 7 .3 7 .1 6 .7 1-76 7 .1 6 .9 6 .8 6 .8 7 .0 7 .1 7 .2 7 .0 6 .1 6 .5 6 .8 6 .5 5 .9 5 .2 2-76 6 .7 6 .5 6 .4 6 .4 6 .5 6 .5 6 .6 6 .3 5 .5 5 .6 5 .7 5 .2 4 .4 3 .3 I . 4 3-76 6 .4 6 .2 6 .0 6 .0 6 .1 6 .1 6 .1 5 .9 5 .0 5 .1 5 .1 4 .6 3 .9 2 .9 1 .8 2 .2 4-76 6 .4 6 .2 6 .0 6 .0 6 .1 6 .0 6 .0 5 .8 5 .0 5 .1 5 .1 4 .7 4 .1 3 .5 2~9 3 .6 5-76 6 .4 6 .2 6 .1 6 .1 >•2 6 .2 6 .1 5 .9 5 .3 5 .4 5 .4 5 .1 4 .6 4 .2 4 .0 4 .9 6 .2 7 .4 \ ^ 169.3 6-76 6 .4 6 .2 6 .1 6 .0 6 .1 6 .1 6 .1 5 .9 5 .3 5 .4 5 .4 5 .1 4 .8 4 .5 4 .4 5 .1 6 .1 6 .6 170.1 11-/4 12-74 1-75 2-/5 3-75 4-75 5-/5 6—7* 7-7* 8-7» 9-75 10—75 11-75 12-75 1-76 Z—76 3—76 4-76 165.5 166.4 167.1 167.3 \ 167.6 5 . i \ 168.3 5 .o \ 5-76 IN IT IA L HUNiH PREPARED BY FEDERAL RESERVE BANK DF ST* LO UIS JU L Y 21» 1976 WHOLESALE P R IC E S - ALL COHHOOITIES» SEASONALLY ADJUSTED _______________ COHPOUNOEO ANNUAL RATES OF CHANGE_____________ TERMINAL MONTH W ^ 74 12-74 12-74 - 3 1-75 - 2 .7 2-75 - 4 .5 I N IT IA L MONTH 1-75 2-75 3-75 4-75 5-75 7-75 1967 * 100 9-75 10-75 11-75 12-75 8-75 1-76 2-76 3-76 4-76 5-76 172.6 . ^ 172.3 - 5 .1 - 8 .0 171.1 170.3 3-75 - 4 .8 - 5 .2 - 6 .8 - 5 .5 4-75 - 1 .7 - 1 .2 - 0 .9 2 .8 5-75 - 0 .1 0 .6 1 .2 4 .5 9 .9 8 . 0 \ 6—75 -0 .1 0 .5 1 .0 3 .4 6 .5 3 .9 0 .0 1*1 1 .8 2 .5 4 .7 7 .4 5 .9 5 .0 7-75 6-75 1 1 . 9 \ 171.9 173.0 173.0 174.4 *0*2 175.9 8-75 2 .2 2 .9 3 .6 5 .7 8.1 7 .1 6 .9 10.5 9-75 3 .1 3 .8 4#6 6 .5 8 .6 8 .0 8 .0 10.8 11.2 ll.S ^ 10-75 4 .0 4 .8 5 .6 7 .5 9 .4 9*0 9 .3 11.7 12.2 1 2 .9 1 4 .4 5 .2 6 .8 8 .4 7 ,9 7 .9 * f5 9 .4 8 .9 7 .7 \ 177.5 179.5 1.3 179.7 11-75 3 .8 4 .5 12-75 3 .8 4 .5 5 .1 6 .5 7 .9 7 .4 7 .3 8 .6 8 .3 7 .7 6 .5 2 .7 4 .l\ ^ 1-76 3 .4 3 .9 4 .4 5 .6 6 .8 6 .3 6 .0 6 .9 6 .4 5 .5 4 .1 0 .9 0 .7 *-7.6. 2 .8 3 .3 3 .7 4 .7 5 .7 5 .1 4 .8 5 .4 4 .8 3 .8 2 .3 - 0 .5 —1.1 - 3 .6 —4.6*'' \ 180.3 179.9 - 2 .6 N ^ 179.2 3-76 2 .8 3 .2 3 .6 4 .5 5 .4 4 .8 4 .5 5*0 4 .4 3 .5 2 .3 0 .0 - 0 .3 - 1 .8 - 1 .3 2 .0 4-76 3 .2 3 .6 4 .0 4 .9 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 3 .2 3 .7 4 .0 4 .9 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 3 .4 3 .8 4 .1 4 .9 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 11-74 12-74 1—75 2-75 3-75 4-75 5 -7 5 6-75 7 -7 5 8 -7 5 9 -7 5 1 0 -7 5 1 1 -7 5 1 2 -7 5 1 -7 6 2 -7 6 3—76 4-76 179.5 181.0 181.6 5 .4 ^ 182.4 5 -7 6 IN IT IA L HONTH PREPARED BV FEDERAL RESERVE" BANK O F ~S T . LOUIS JU L Y 9» 1976 4 RA TIO PRICES SCALE 1968 1969 1970 1971 1972 RAT 10 SC ALE 1973 1974 1975 1976 PER C E N T A G E S ARE A N NUAL RA T E S OF C H ANGE F OR PE R I O O S INOICATEO. LATE S T OATA PLOTTEOt JUNE PREPA R E O * Y FEOE R A L RE S E R V E RANK OF ST. L O UIS R A TIO SCALE WHOLESALE PR I CES R A T IO SCALE F ERC E N T A 6 E S ARE A N NUAL R ATES OF CHAN6E FOR P E R 1008 INOICATEO. LATEST OATA PLOTTEOt JUNE PREPARED 8Y FEDERAL RESERVE BANK OF ST. LOUIS 5 WHOLESALE P R IC E S - IND USTRIAL COMMODITIES» SEASONALLY ADJUSTED __________________ COMPOUNDED ANNUAL RATES OF CHANGE____________________ TERMINAL_________________________________________________________ _________ INITIAL-MONTH___________________________________________________________________ 1967 * lOO MONTH I W 4 12-74 1-75 2-75 3-75 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 5-76 167*2 U-74 168*5 1-75 7*0 *-75 5 .1 5 .5 » JN s 3-75 4 .0 3 .9 1 .1 0 . 7 SsV^ 4-75 3 .6 3 .4 1 .4 1 .4 2 .2 ^ V 5-75 3 .4 3 .2 1 .6 1 .7 2*2 6-75 3 .2 3 .0 1 .7 1 .8 2 .1 7-75 3 .3 3 .2 2 .1 2 .3 2 .7 2 .9 3 .2 4 .3 8-75 ?.9 3 .9 3 .1 3 .3 3 .9 4 .3 5*1 6*5 8*8 9-75 4 .6 4 .7 4 .0 4 .4 5 .0 5 .6 6*5 8 .0 10-75 5 .6 5 .7 5 .3 5 .7 6 .5 7*2 8 .3 168.7 168.8 169.1 169.4 169.7 2*1 170*3 ^ 5 .2 % 171.5 9*9 11.0 173.0 9 .9 11.8 1 3.3 1 5 ^ ^ ^ 175.1 176.4 11-75 5 .9 6 .0 5 .7 6 .1 6 .8 7*5 8 .4 9 .7 11.1 11.9 1 2 .4 9*3 12-75 6 .0 6 .2 5 .6 6 .3 6 .9 7 .5 8.3 9 .4 1 0 .4 10*9 10.8 8 .5 1-76 5 .9 6 .1 5 .8 6 .2 6 .7 7 .2 7 .9 * *7 9 .5 9*6 9 .3 2-76 ? .6 5 .7 5 .4 5 .7 6 .2 6 .6 7 .1 7*7 8 .2 8*1 7 .5 3-76 5 .5 5 .6 5 .3 5 .6 6 .0 6 .3 6 .8 7 .3 7 .7 7*5 4-76 5 .4 5 .5 5 .2 5 .5 5 .8 6*2 6 .5 7*0 7*3 7*1 5 .2 4 .9 5 .1 5 .5 5*7 6 .0 6 .4 6 .6 6 .3 5*8 4*4 3*7 2*9 5 .2 5 .2 5 .0 5 .2 5 .5 5 .8 6 .0 6*4 6 .6 6 .3 5*8 4*7 4*0 3 .4 11-74 12-74 1-75 2-75 3-75 4-75 5-75 6-75 7-75 8-75 9—75 10-75 11-75 12-75 1-76 5-76 6-76 7 .^ \ 177.5 7 .3 6*3 178.2 5 .6 4*4 2*7 0^7^^ 6*9 5*3 4*3 3*2 2*4 4 6*5 5*1 4*3 3*4 3*0 4*1 4 2*4 2*9 2*4 3*1 3*7 3*6 3*4 2-76 3-76 4-76 5-76 3-76 4-76 5-76 4 * ft\ w 178.3 178.9 a \ 179.5 a \ 179.6 6 .2 \ 180.5 INITIAL HflUTU WHOLESALE P R IC E S —FARM PRODUCTS AND PROCESSED FOODS ANO FEEDS» SEA S* A D J. ______ _________________COMPOUNDED ANNUAL RATES OF CHANGE____________________________ TERMINAL MONTH 11—74 12-74 U-74 I N IT IA L MONTH 1-75 2-75 3-75 4-75 5-75 6-75 7-75 8-75 1967 * 100 9-75 10-75 11-75 12-75 1-76 2-76 -2 0 .4 187.3 1-75 -23*2 -25*8 182.7 2-75 r24*8 -26*8 -27*8 177.8 3-75 -23*6 -24*7 -24*1 -20*1 174.5 4r75 -1 3 .5 - U . 7 179.7 -6 *4 6*6 42*2 5-75 -8*1 -5*4 0 *5 12*2 33*0 24*4 6-75 -7*9 —5*6 —0*9 7*3 18*3 7*9 7-75 —4*3 -1*7 3 *0 10*6 19*9 13*3 8*1 24*9 8-75 -2*2 0*4 4*8 11*6 19*3 14*1 10*9 20*7 16*7 9-75 - 0 .7 1*8 5*9 11*8 18*3 14*0 11*6 18*3 15*1 13*6 183.0 -6*4 182.0 185.4 187.8 189.8 10-75 0*5 2*8 6*6 12*0 17*5 13*8 11*8 16*9 14*3 13*1 11-75 -1*0 0 .9 4*1 8*4 12*6 8*9 6*6 9*3 5*8 2*4 -2*8 -16*2 12*7 191.7 12-75 -1*5 0*3 3*0 6*8 10*3 6*8 4*5 6*5 3*1 0*0 -4*1 -11*6 188.9 -6*8 187.8 -9*2 -15*5 -15*1 -22*8 183.8 180.3 1-76 -3*2 - 1 .7 0*6 3*7 6 .4 3*1 0*7 1*7 -1*7 -5*0 2-76 -4*5 _ -3*2 -1*2 1*4 3*6 0 *4 -2*0 -1*4 -4 *7 -7*8 -11*6 -16*8 -17*0 -21*7 -20*6 3-76 -4*4 -1*3 1*1 3*1 0*1 -2*0 - i* 5 -4*4 -7*1 -10*2 -14*1 -13*6 —15*8 -12*1 1*9 -0*4 -2*3 -4 *4 4-76 -3*2 -2*2 -1*0 ^ 5-76 -1*4 - 0 .2 - 6—76 -1*1 0*1 11-7* t * - t 4 I- 7 S ¿-75 1*0 2*9 1*1 -7*0 -5*0 -4*6 2*4 -2*6 179.9 16*3 39*0 184.9 3*4 5*5 1*7 4 .0 6*0 3*6 2*1 2 .9 0*9 -0*7 -2*4 -4*3 -2*2 -1*3 5*0 15*2 25*3 13*1 1*8 4*1 5*9 3*7 2 .3 3*0 1*2 -0*2 -1*6 -3*3 -1*3 - 0 .3 4 *9 12*5 18*0 8*7 4*6 3-7ST 4=7^- *-75 6-75 7-75 8-75 9-75 10-75 11-75 12-75 1-76 2-76 3-76 4-76 5-76 186.8 187.5 IN IT IA L MONTH PftEf>AR£6 6V FEDERAL RESERVE BANK dF S T . LOUIS JU L Y 9» 1976 6 NDUSTRI AL P R O D U C TIO N * RATIO SCALE RATIO SCALE SEASONALLY ADJUSTED 1967-100 1968 1969 1970 1971 1972 1973 PERCEN TAGES ARE ANNUAL R ATES OF CHANCE FOR P ER IO D S L A T E S T OATA P L O TTE D t » D A T A R E V IS E S 1967-100 1974 1975 1976 IN D IC A T E D . J0 N E P R EL IM IN A R Y PREPARED BY FEDERAL RESERVE BANK OF ST* LOO IS INDUSTRIAL PRODUCTION* COMPOUNDED ANNUAL RATES OF CHANGE TERMINAL MONTH 11-74 12-74 1967 • 100 IN IT IA L MONTH 1-75 2-75 3-75 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 -42*3 119,3 1-75 - 3 8 .4 - 3 4 .3 115,2 2-75 - 3 3 ,7 -2 8 .9 -2 3 .1 112,7 111,7 12-74 3-75 -2 8 .5 -2 3 .1 - 1 6 .9 -10.1 4-75 - 2 2 .0 - 1 5 .9 - 8 .7 - 0 .5 5-75 -1 7 .1 -1 0 .9 - 3 .9 3 .6 11,2 6-75 - u .* - 4 .8 2 .5 10.2 1 7 .9 2 2 .0 ^ T-75 - 7 .7 - 1 .3 5 .6 12.6 19.1 2 2 .3 27 .5 2 2 .7 ^ 8-75 - 4 .1 2 .1 8 .8 15.3 21.2 24.1 28 .3 26,2 29 ,8 9-75 - 2 .7 3 .1 9 .1 1 4 .7 19 .5 2 1 .5 23*8 21,1 2 0 ,3 1 1 ,5 6 ,1 1.0 112,6 ii o 7 i \ 113,7 v 5 % 116,4 118,4 121,0 122,1 10-75 - 2 .4 2 .9 8 .2 12.9 1 6 .7 17.8 18.9 15,7 13,5 U-75 - 1 .1 3 .8 8 .7 13 .0 16 .3 17.2 1 8 .0 15,3 13,5 CO • vn ^ 122,2 7 ,1 13.5 123,5 12-75 - 0 .4 4 .3 8 .7 12.6 15,4 16,1 16.7 14.2 12,6 8 ,7 7 ,8 11,3 124,4 1-76 0 .5 4 .9 9 .1 12?6 15 .2 . 1 5 .e 16.2 14.1 12,7 9 ,6 9 ,1 12,0 11,2 13,3 9 . r \ ^ 6 % 125,7 2-76 1 .5 5 .7 9 .7 13.0 1 ? .3 15.9 16.3 14.4 13,2 10,7 10.5 13,1 12 ,9 14,8 1 6 , 4 \ 3-76 1 .9 5 .9 9 .5 12.6 1 4 .7 15.1 15 .4 13,6 12,5 10,3 10.1 12,0 11,6 12.4 1 2 ,0 4—76 2 .1 5 .8 9 .2 12.0 1 3 .9 1 4 ,? 1 4 .4 12,7 11,6 9 ,6 9 .3 10,7 10.2 10.5 6 -*-?6 2 .4 6 .0 9 .2 U .8 13.5 13.8 13 .9 ,12.3 11,4 9 ,5 9 ,2 10,5 6-76 2 .5 5 .8 8 .8 11.2 12.8 13.0 13,1 11.6 10,6 O' • 00 a 9 ,6 I I- T 4 12-74 1-75 2-75 3-75 *-75 "5=75" 6-75 7-75 8-75 Lo - o 4 ,8 128,6 o • 9-75 128,1 6 ,3 O • o r 127,3 7 , 8 \ 9 ,3 7 ,1 6 ,7 8 ,7 9 .0 9 ,0 8 ,2 6 ,3 5 ,7 6*2 11-75 12-75 1-76 Z—76 3-76 «►—76 129,5P 3 ,8 s]| 129.9P 5-76 INITIAL PIONI H" * DATA R EV ISED ~P- PRELIMINARY PREPARED BY FEDERAL RESERVE BANK OF ST* LOUIS JU LY 19, 1976 7 PERSONAL RATIO SCALE INCOME* RATIO SCALE M ON TH LY T O T A L S A T AN NU AL R A T E S T R IL L IO N S OF DOLLARS T R IL L IO N S OF OOLLARS SEASONALLY ADJUSTED 0 .9 0.8 0 .7 1968 1969 1970 1971 1972 1973 1974 1975 1976 SOURCE' U.S. DEPAR T M E N T OF C O M MERCE PE R CENTAGES AR E ANN U A L R ATES OF CHAN C E FOR P ERIOOS INDICATED. » D A T A REVISEO FRO M 1979. LATEST DATA fLOTTED. JUNE P R E L I M I N A R Y PREP A R E D BY FEDERAL RE S E R V E BANK OF ST. LO U I S PERSONAL INCOME* COMPOUNDED ANNUAL RATES Of CHANfrE BILLIONS OF DOLLARS INITIAL MONTH , T E R M IN A L ANNUAL RATES MONTH .11-14 12-T4 12-74 1-75 2-75 3-75 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 JLilîfiiL 7 *5 ____Q*5._ ■1- 7 S - lt Z Q l.6 . ■ 2 -r7 f t . -3 -7 5 . 4 . 2 ____1 * 2 ____ 4 . 5 6.9 l» 2 Q 8 .a 1 .2 1 3 .5 .3 ^ 3 ___ _______ iu -L ___ 4 r 75 5V75 5-4 5-0 6i 7. •fi 7.9 10 .6 6-75 9.1 9.4 11. 1 3«.6 15.9 2 1 .6 1.223.7 1.253.7 - 1 .6 ^ 7~75 7.7 7.7 9,>0 10.4 1 1 .2 13.3 14.7 ft— 7 5 fi.6 fi-7 9t 11i 12 .2 14.0 15.1 6.8 9i,9 1.252.0 1 5 . i \ 1.267.5 9-75 fi.7 8.8 1 1 «iO 11-7 13-0 13-7 7^7 1 2 .6 10-75 9-1 9-3 10 , 11- 12-0 13-1 13-7 9.1 13-0 11-5 13.7 11-75 %-1 O.i in, 1 1 i,1 1 1 -#» 12 -6 12-9 ,9-1 12 -0 10-7 11-4 12^75 9-0 Q- 1 9.,9 10 «,7 1 1 -? 11-9 12-1 8.-9 11-1 9-9 10-1 ft- 4 7-6 1-76 9-2 _ 9-4 10,.1 10 ,*9 11-3 12-0 12 -1 9.3 11.3 10.4 10 .6 9-6 9-9 *1 2 .2 2-7 6 9-3 9-4 10i,1 10 ..A 11 — 2 . 11 - A 11.9 9-4 1 1 .1 10.3 10.5 9.7 9.9 1 1 .1 10 - l \ 1.33}-4 3-76 9-3 9-4 10 .,1 10.7 1 1 -1 1 1 .6 11-7 9.5 1 1 .0 10.3 10.4 9.8 9.9 10.7 10 .0 1.341.9 4-76 9.3 9.5 10<>1 IO i,7 1 1 .0 11.5 11.5 9.5 10 .8 10 .2 10.3 9.8 9.9 10.5 10 . B 9.9 5-76 9-4 9.5 10,,1 6-76 9.2 9.2 11-74 12-74 9. >8 1-75 1.277-1 1.290.8 1.300-2 1 f3 0 8 - 2 1«32 p . f i 9 - 9 \ 1.352-5 10.16 10-9 11-3 11-4 9.5 10.7 10 .2 10 .2 9.8 9.9 10.3 9.9 9.8 9-ft 9 - * k V 1*^62.9 10 .»3 10.5 10.9 10.9 9.2 10 .2 9.7 9.7 9.2 9.2 9.5 9.0 8.7 8.3 7.5 1.368.9P 2-75 3-75 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 INITIAL MONTH »DATA REVISED FROM 1973 P- PRELIMINARY PREPARED BY FEDERAL RESERVE BANK OF S T . LOUIS JU L Y 22. 1976 8 RETAIL SALES* RATIO SCALE RATIO SCALE B IL L IO N S OF DOLLARS 1968 1969 B IL L IONS OF DOLLARS SE A SO N ALL Y A D JU S TE D 1970 1971 1972 1973 1974 SOURCE: PERCENTAGES ARE ANNUAL R ATES OF CHANCE FOR PERIODS L A T E S T OATA P L O TTE D » M AY, U .S . 1975 1976 DEPARTMENT OF COMMERCE IN D IC A T E D . JU N E AOVANCE E S TIM A T E PREPARED BY FEDERAL RESERVE BANK OF S T . L O U IS COMPOUNDED ANNUAL RATES OF CHANGE M ILLIO NS OF DOLLARS IN IT IA L MONTH TERMINAL MONTH 11-74 12-74 1-75 2-75 3-75 4-75 5-75 6-75 7-75 9-75 10-75 11-75 12-75 8-75 1-76 2-76 3-76 4-76 5-76 45,109 12-74 16 *8 1-75 21 *6 26 .7 2-75 23.2 26.5 46,006 46,914 2 6 .4 - 0 .7 - 2 2 .0 45,951 3-75 9 .9 7 .7 4-75 12.8 11.8 7 .2 - 1 .3 5-75 17.0 17.1 14.8 11.2 25- ° n \ 32.8 4 1 .0 6-75 16.1 16.0 13.9 11.0 2 4 .9 2 4 .9 7-75 17.8 17.9 16.5 14.6 26.2 26.6 19.9 30.1 8-75 16.5 16.4 15.0 13.2 22 .0 2 1.3 15.4 17.8 6 .7 46,815 48,173 \ 10.6 48,578 \ 49,655 49,925 9-75 13 .7 13.3 11.8 9 .8 16.3 14.6 8.8 8 .2 - 1 .3 —8 .7 10-75 13 .9 13.6 12.2 10.6 16.2 14.8 10.2 10.1 4 .2 2 .9 16.0 11-75 12.9 12.6 11.3 9 .7 14.5 13.1 9 .0 8 .7 3 .9 3 .0 9 .4 3 .1 12-75 15 .4 15.3 14.3 13.1 17.9 17.0 14.0 14.5 11 .7 12.9 21.2 23 .9 4 8 .9 1-76 13.5 13.2 12.1 10.9 14.9 13.8 10.8 10.9 8 .0 8.2 12.9 11.9 16.5 - 8 .8 2-76 14.3 14.1 13.2 12.1 1 5 .9 15.0 12.4 12.7 1 0 .4 11.0 1 5 .4 15.3 19.7 7 .3 2 6 .2 3-76 1 * .5 1 * .* 13.5 12.6 16.1 15.3 13.0 13.3 11.3 12.0 15.9 15.9 19.3 10.8 2 2 .2 4-76 14.1 14.0 13.2 12.3 15.5 14.7 12.6 12.8 1 1 .0 11.5 14.8 14.6 17.0 10.2 1 7 .3 13.2 8 .2 5-76 1 1 .7 11.4 10.5 9 .5 12.2 11.3 9 .1 9 .0 7 .1 7 .1 9 .3 8 .3 9 .2 2 .7 5 .7 - 0 .3 - 6 .5 6-76 1 2 .9 12.7 12.0 11.1 13.8 13.0 11.1 11.1 9 .6 9 .9 12.1 11.7 12.9 7 .9 11.5 8 .2 5 .0 3 .4 11-7* 17-7* 1-75 2-75 3-75 4-75 5-75 6-75 7-75 fl-75 9—75 10-75 11-75 12-75 1-76 2-76 3-76 *-76 ---------------------------- — ______________________________ 50,165 \ ^ 3 .0 % 50,293 51,990 51,592 52,601 18.3 53,344 53,696 \ 52,561P 38.1 S 53,9946 5-76 IN IT IA L MONTH______________ _____________________________________________________ ___ ______________ P- PRELIMINARY E- ESTIMATED * 1973-1975 DATA IN PROCESS OF BEING REVISED. AVAILABLE LATER THIS MONTH FROM THE DEPARTMENT OF CXftffiRCE. 49,549 \ PR EP A R ED B Y FED ERA L R E S E R V E BANK JU L Y 23, 1976 9 ST. LOUTS COMPENSATION PER HOUR» TOTAL PRIVATE ECONOMY ________COMPOUNDED ANNUAL RATES OF CHANGE TERMINAL . QUARTER 2-71 „ 1-72 4-71 4 .6 2 .4 1*rT2 .. 6.5 6-1 V-9 2-7 2. 6 .0 5 .6 7 .3 4 .7 3^72 5 .7 2^73 2-72 3-72 1-73 2-73 3-73 4-73 1-74 2-74 4-74 3-74 1-75 2-75 3-75 4—75 134.1 137-3 138.9 140.4 5 .3 6 .3 4 .6 4 .4 5 .6 6 .6 5 .6 6 .0 7 .6 7 .1 7 .0 8 .0 7 .5 8 .4 10.5 13.5 9.'3 6 .6 6 .8 7*5 7 .0 7*6 8*7 . A . 8. 6 .Ä 7-4 7*0 7 .5 8*3 ,4-73 . 7 .1 7 .1 7 .7 7 .4 7 .8 8 .5 1-74 7 .2 7.1 7-7 7 .4 7 .8 8 .4 fi-2 fa-0 8 .4 9-.G, 6 .5 8*9 9 .5 9.5, - 3-73, 4-72 133.3 7 .2 4-72 , 4-71 3 -7 1 1-73 1967 • 100 IN IT IA L QUARTER 3-71 2-74 7 .6 7-7 3-74 a .a 6 .1 .. .4—7^ 6 .1 . 143-0 147.6 149.5 5 .2 152.0 6 .1 6 .9 7*2 8 .2 9 .5 7 .3 8 .0 8 .6 9 .3 a .4 9 .2 9*8 9 .1 9 .9 9 .7 9*2 9 .9 8*7 155.5 158.4 10.0 7 .7 . 1 1 3.0 10.3 ^ 1 0 .7 11.1 12.9 ^ 5 % 168.3 10.5 1 0.7 11.8 11.2 9 .6 172.2 163.3 8 .2 8 .7 8 .6 9 .0 6 .8 9 .1 9 .6 9 .6 9*4 10.0 10.5 10.7 11.5 1 1 .0 10.1 1 0 ^ 8 .9 9 .3 9 .5 9 .0 9.5 9 .9 10.0 10.4 9 .6 8 .8 8 .4 \ 6 .3 8 .7 9 .1 9 .2 9 .2 9 .5 9 .5 9 .8 9 .2 8 .3 7 JB 6 .4 ,1-75 8 .3 8.4_ 8 .8 2-75 8 .2 8 .2 8 .7 3-75 e .i 6 .1 8 .5 4-75 fl.i 8 .1 8 .5 8 .4 8*7 9 .0 9 .1 8*7 9 .1 9 .3 9 .3 9 .5 8 .9 8 .2 7 .8 6 .9 7*3 7 .9 ^ ^ 185-7 i —76 6 .1 6 .1 8 .5 6 .4 8 .7 9 .0 9 .1 6 .7 9 .0 9 .2 9 .2 9 .4 8 .9 8 .3 8 .0 7.ft 7 .7 8 .3 189.6 2-71 3-71 4-71 1-72 2-72 3-72 4-72 1-73 2-73 3-73 4-73 1-74 2-74 3-74 4-74 1-75 2-75 3-75 6 .4 r 176.6 ^ ^ 7 .4 % 179.3 ~ 182-2 8 .7 \ 4-75 IN IT IA L QUARTER OUTPUT PER HOUR OF ALL PERSONS* TOTAL PRIVATE ECONOMY _________ ____ C.ftEfO W P frP RATES o f ch a n g e _____________ TERMINAL QUARTER 1967 « 100 IN I T IA L QUARTER 2 -7 1 . 3-71 .4-71 1-72 2-72 3-72 *-72 1-73 2-73 3-73 4-73 1-74 2-74 3-74 4-74 1-75 2-75 3-75 4-75 108.4 3-71 5 .3 <*-71 i* r - 1 .8 1^72. 2 .5 1.1 4*1 5*1 107.9 J0 9 .0 2r-72 3 .4 2 .7 . 3—72 3 .3 2 .8 4—72 3 .6 3 .5 4*6 5 .0 6 .0 4 .5 110.6 2 .9 111.4 6 .2 113.1 1-73 3 .9 3 .7 4 .6 5 .0 4 .6 5 .5 4 .7 2-73 2 .9 2 .5 3 .2 3.1 2 .4 2 .2 0 .2 1 ^ r 4 .1 3-73 2 .6 2 .2 2 .8 2 .6 1.9 1 .7 0 .2 - 1 .9 0 .4 ^ ^ 4-73 2 .3 1.9 2*4 2.2 1.6 1 .3 0 .1 - 1 .4 0 .0 - 0 .4 1-74 1 .6 1.2 1 .6 1.2 Ü.6 0 .2 -.«*1.0 - 2 .4 - 1 .8 - 2 .8 - S . A 2-74 1.2 0 .9 1-1 0 .8 0-2 -0*2 -1 .2 .i-2>.4 - 1 .9 - 2 .7 -3 .fi —2 .5 3—74 1 .0 0 .6 0 .9 0 .5 - 0 .0 - 0 .4 - 1 .3 - 2 .3 - 1 .9 - 2 .5 - 3 .2 -2 .1 - 2 .7 - 3 .3 -2 .6 - 2 .7 —3*6^ V -2 .4 - 1 .7 - 1 .4 - 1 .3 1 . 1 |r— 1 109.8 111.4 114.4 113.2 113.3 \ r\trr ^ ^ 2 .0 % 113.2 111.7 111-0 - 1 .8 110.5 X 4-74- 0 .7 0 .3 0 .5 0 .2 - 0 .4 - 0 .6 - 1 .6 - 2 .5 - 2 .2 1-75 Li-7 0 .4 0 .5 0.2 - 0 .3 —0 .6 - 1 .3 -2 .0 - 1 .7 2-75 1.0 0 .7 0 .9 0 .7 0 .2 0 .0 —0 .6 - 1 .2 —G. 8 - 1 .0 - 1 .1 —0 .2 0 .4 1 .1 3 .5 6 .0 3-75 1 .5 1 .3 1 .5 1.3 0 .9 0 .6 0 .3 -0 .1 0 .3 0 .3 0 .4 1.4 2 .2 3 .2 5 .S 7 .8 4-75 1.5 1.2 1 .4 1.3 0*9 0 .8 u .3 ri>*l 0 .4 0 .4 0 .4 1.3 1 .9 2 .7 4 .3 5 .4 5*1 0 .7 ^ V w 114.2 1-76 1.7 1.5 1 .7 1.5 1.3 1 .1 0 .6 .0 .4 0 .9 0 .9 1.1 1.9 2 .5 3 .2 4 .6 5.6 5 .4 3 .4 115.9 2-71 3-71 4-71 1-72 2-72 3-72 4—7 2 1-73 2-73 3-73 4-73 1-74 2-74 3-74 4-74 1-75 2-75 3-75 109.5 ^ v 5 .6 % 9. 7 V 114.0 6.1 \ 4-75 IN IT IA L QUARTER PREPARED BY FEDERAL RESERVE BANK OF S T . LOUIS JUNE 2 , 1976 10 PRODUCTIVITY, COMPENSATION, AND LABOR COSTS RATI O SCALE RATI O SCALE 1967-100 1967-100 S E A S O N A L L Y A D JU S T E D SOVRCEt B.S. BEPART M E M T Of L ABOR P ERCENTAGES A RE A M W A L RA TES Of CHAMCE FOR PERIODS INDICATED. LATEST BATA PLOTTEOt 1ST OBARTER PREPARED BY FEDERAL RESERVE BAWC Of ST. LOB IS UNIT LABOR COSTS, TOTAL PRIVATE ECONOMY ___COMPOUNDED ANNUAL RATES OF CHANGE TERMINAL QUARTER 3-71 4-71 J.- 7 2 2-72 3-72 4-72 1-73 2-73 3-73 4-73 1-74 4-74 1-75 2—75 3-7^ 4-75 122.9 * *-7 1 3 .1 4 .6 1«*T2 . 3 . fi 4 .9 5 .2 124.3 }? 5 .9 2-72 Z .6 2 .9 2 .1 - 0 .9 3r-72 2 .3 2 .5 1 .6 0 .2 1.3 . 4-72 2 .2 2 .3 1 .8 0 .6 1 .4 1-73 3.1 3 .3 3 .1 2 .5 3 .7 5 .0 2-73 3 .9 4 .2 4 .1 3 .9 5*2 6 .5 9 .0 9 .6 S . 3—72 4 .2 4 .3 .4.5 4^3 5 .4 6 .5 8 .2 fl.l 6 .5 V *-73 4 .7 5.1 5 .1 5.1 6 .2 7 .2 8 .6 Û .7 8 .2 1-74 5 .5 5 .9 6 .0 6 .1 7 .2 8 .2 9 .6 9 .8 9 .9 11.6 1 3 .i\ 11.4 13.0 14.6 _ 2-74 3—74 1 .6 125.6 126.0 1 .6 126.5 1 ' 129.1 132.1 134.2 9>4L3% 2-74 6 .3 6 .8 7 .0 7 .2 8 .2 9 .3 10.6 1 1 .0 3-74 7-(j 7 .4 7 .7 7 .9 8 .9 9 .9 11.2 11.6 12.1 13.5 4-74 7 .4 7 .9 8 .2 8 .4 9 .4 10*4, 11.5 12.0 12.3 13.5 1-75 7 .6 8^0_ 8^3 8 .5 9 .4 1 0 .3 11 .3 .11.6 11.9 2-75 7 .1 7^5 7 .7 7 .9 10.1 . 10.3 3-75 6 .5 6 .6 6 .9 7 .0 7 .7 8 .2 8 .9 4~75 6 .5 6 .8 6 .9 7.1 7 .7 8 .2 8 .7 Xr-7o 6 .3 6 .6 6 .7 6 .8 7 .3 7 .7 2-71 3-71 4-71 1-72 2-72 3-72 9 .3 1 5 .8 \ 147.1 14.7 15.4 I4 .v \ 152.3 14.5 14 . b 14.3 1 3 .fi\ 157 .3 1 2 .9 13.5 13.5 12.7 11.6 1 0 .4 11.0 11.1 10.7 9 .4 7 .7 4 .8 8 .9 6 .8 9.1 9 .0 6 .3 6 .8 4 .9 2.*i 8 .8 8 .7 8 .9 8.8 8 .1 6 .9 5 .4 3 .4 1 .4 , 8 .1 8 .2 8.1 7 .4 6 .3 4 .9 3 .2 1 .7 1 2 ,2 2-73 3-73 4-73 1-74 3-74 4-74 ....B .2 4-72 137.4 141.8 1-73 IV 1 * _ . 3 t<71 1967 * 100 IN IT IA L QUARTER 2-71 160.9 0 .2 X - 1 .4 1-75 161.0 Vvl./7o - 2 .9 - V 159.8 162.6 2 .0 2-75 4 .a 3-75 163 .6 4-75 IN IT IA L QUARTER PREPARED BY FEDERAL RESERVE BANK OF S T . LOUIS JU N E 2* 1976 11 GROSS NATIONAL PRODUCT IN CURRENT DOLLARS * COMPOUNDED ANNUAL RATES OF CHANGE BILLIONS OF' IN IT IA L QUARTER TEKMINAL QUARTER 3-71 4-71 1-72 2-72 3-72 4-72 1-73 2-73 3-73 4-73 DOLLARS 1-74 2-74 4-71 7 .2 1-72 10.4 13.8 2-72 10.6 12.4 11.0 3-72 10.2 11.2 V .9 fr.6 4-72 10 .b 11.7 11.1 11.1 13.5 1-73 11.7 12.6 12.3 12.7 14.7 15.9 2-73 11.1 11.7 11.3 11.4 12.3 11.6 7.5 3-73 1 0 .b 11.4 11.0 11.0 11.5 10.9 8.4 9 .3 4-73 11.0 11.4 11.1 11.1 11.6 11.1 9 .6 10.6 11.9 1-74 10.4 10.7 10.4 10.3 lu .5 9 .9 8.5 8 .8 8 .6 5 .¡\ 7 . 2-74 10.2 10.5 10.1 10.0 10.2 9 .6 8 .4 8.6 6 .4 6 .6 8 .0 ^ ^ 3-74 4-74 1-75 ANNUAL RATES 2-75 3-75 4-75 1-76 1 ,0 9 1.2 1 ,1 2 7 .0 1 ,1 5 6.7 1 ,1 8 1 .4 1 ,2 1 9 .4 1 ,2 6 5 .3 1 ,2 8 8 .4 1 ,3 1 7 .5 1 ,355.1 ó % 1 ,3 7 2 .7 1 ,3 9 9 .4 3-74 10.1 1 0 .4 10.0 9 .9 10.1 9 .6 8.6 8.8 8 .7 7 .6 8 .8 9 .5 4-74 9 .7 9 .9 9 .6 9 .4 9.5 9 .0 e .i 8.2 7 .9 6 .9 7 .5 7.2 5 .0 V 17449.2 1-75 8 .9 9.1 6 .7 6 .5 8 .4 7 .9 6 .9 6.8 6 .4 5 .3 5 .4 4 .5 2.1 1,4 4 6.2 2-75 9 .0 9 .1 6 .8 6 .6 8.6 8.1 7 .3 7 .3 7 .0 6 .2 6 .3 5 .9 4 .7 - 0 . 8 s] 1 1 0 .i\ 4 .6 3-75 9 .6 9 .8 9 .5 9 .4 9 .4 9.1 8 .4 8.5 6 .4 7 .9 8 .4 8 .4 8.2 9 .3 14.7 19.2 4-75 9 .7 9 .8 9 .6 9 .5 9.5 9 .2 8 .6 8 .7 8 .7 8 .3 8 .7 8.8 8 .7 9 .6 13.3 14.8 lO .ftN ^ 1 ,5 8 8 .2 1-76 9 .6 10.0 9.8 V .7 9.6 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^^ 1,636.2 12.9 10.8 11.0 1 ,6 7 3 .OP 2-/5 3 -/3 4 - 0 2-76 1 11 1 ,4 3 1 .6 9 .6 10.0 V .7 9 .7 9 .7 9 .5 9 .0 9.1 9.1 8.8 9 .2 9.3 9 .3 10.0 12.4 3-71 4-71 1-72 2-72 3-/2 4-/2 1-/3 2-/3 J- / 3 4-/3 I-/«* ¿- r* 3 -f* 4-/4 1-75 1 ,4 8 2 .3 1 ,5 4 8 .7 9 *3 S'\ 1 -/6 1N1I1AL UUAKIbk T - P k tllM IN A k Y GROSS NATIONAL PROOUCT IN CONSTANT 1972 DOLLARS * COMPOUNDED ANNUAL RATES OF CHANGE B u rro w o r" DOLLARS ANNUAL RATES IN IT IA L QUARTER t e r m in a l QUARTER 3-71 4-71 1-72 2-72 3-72 4-72 1-73 2-73 3-73 4-73 1-74 2-74 3-74 4-71 3 .5 1-72 5 .5 7 .6 2-72 6 .3 7 .7 7 .9 3-72 6 .0 6 .9 6 .6 4-72 6 .5 7 .3 7 .2 6 .9 8.5 1-73 7.C 7 .7 7 .8 7 .7 9 .0 9 .5 2-73 6 .0 6 .5 6 .3 5 .9 6.1 4 .9 V 0 .4 \ i . 4 % 3-73 5 .5 5.8 5 .5 5 .0 4 .9 3.6 1.1 1.7 4-73 5 .1 5 .3 5 .0 4 .5 4 .4 3 .4 1.4 1.9 1-74 4 .2 4 .2 3.6 3 .3 2 .9 1.9 0 .0 -0.1 -1.0 - 3 .9 ^ ^ 3 . 2 % 2-74 3 .5 3 .5 3 .0 2 .5 2.1 1.0 —0 .6 -0.8 -1.7 -3 .5 - 3 .1 ^ v ^ 3-74 3 .0 2 .9 2 .5 1.9 1.5 0.5 -0 .9 -1.2 -1.9 - 3 .2 - 2 .8 -2 .6 |X 4-74 2 .2 2 .1 1 .6 1.0 0.5 -0 .4 -1.8 -2.1 -2.9 -4 .1 -4 .2 -4 .7 -0 .1 - 0 .6 -1.5 -2 .8 -3.3 -4.1 - 5 .3 —5 .6 —6 .5 -8 .4 -0 .8 - 1 .9 -2.2 -2.8 - 3 .5 - 3 .5 -3 .6 -3 .9 4-74 1-75 2-75 3-75 4-75 1-76 1,1 2 0.5 1,1 4 1.2 1 ,1 6 3.0 5.3 1 ,1 7 8 .0 1,2 0 2 .2 1 ,2 2 9.8 1 1-75 1 .3 1.1 0 .6 2-75 1.6 1 .4 1.0 0 .4 - 0 .0 1,2 3 1.1 1,2 3 6 .3 2 .1 ^ 1,2 4 2 .6 1 ,2 3 0 .4 1,2 2 0.8 1 ,2 1 2 .9 —Q AOJL 1 ,1 9 1 .7 “V 1,1 6 1.1 - 2 .4 5 .6 1,177.1 3-75 2 .1 2.1 1.7 1.2 0 .9 0.2 -0 .7 —0 .8 -1.1 -1 .5 -1 .1 -0.8 -0 .3 2 .0 8 .5 4-75 2 .2 2 .1 1.6 1.4 1.1 0.5 -0 .3 -0.4 -0.6 - 0 .9 - 0 .5 -0.1 0 .4 2 .3 6^.7 7.3 1-76 2 .6 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 9 .2 ^ \ 1 ,2 4 6 .3 2-76 2 .7 2 .6 2 .4 2 .0 1.8 1.3 0 .7 0.8 0 .7 0 .5 1.1 1.6 2.2 3 .8 6 .7 7 .0 5.6 6 .8 1,2 5 9.7 P 3-71 4-71 1-72 2-72 3-72 4-72 1-73 2—73 3-73 4-73 I —/4 ¿-/ 4 3-74 4- /4 1-75“ Z-/5 3-/5 4-/5 n . ^ 1 ,2 0 9 .3 7 % 1,219.2 4.4O I- / 6 IN IT IA L QUAKIfck * Revised from 1973 ------------------ ------------------------ ------------------------------PRE PARED BV F E DERAL RESERVE BANK OF S T . LOUTT JULY 20, 1976 12 DEMAND AND PRODUCTION R A T I O S C AL E T R I L L I O N S OF QUARTERLY TO TA LS AT ANNUAL RATES R AT IO SCALE D OL L ARS SEASONALLY ADJUSTED T R I L L I O N S OF D OL L AR S 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 1975 1976 SOURCE' U .S . DEPARTMENT OF COMMERCE U.6NP IN CURRENT DOLLARS. BL6NP IN 1972 DOLLARS. PERCENTAGES ARE ANNUAL RATES OF CHANCE FOR PERIODS INOICATED. LATEST DATA PLOTTED« 2ND QUARTER PRELIMINARY PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS DATA REVISED FROM 1973. 13 GENERAL P R IC E INDEX* RATIO SCALE 1968 « A S USED RATIO SCALE 1969 1970 IN N A TIO N A L 1971 1972 1973 INCOME ACCOUNTS 1974 SOURCE» PERCEN TA CES ARE ANNUAL RATES OF CHANCE FOR PERIOO S U .S . 1975 1976 DEPARTM ENT OF COMMERCE IN D IC A T E D . DATA R E V ISE O FROM 1 9 7 * . L A T E S T DATA P LO TTED* 2ND QUARTER P R ELIM IN AR Y PREPAREO BY FEDERAL RESERVE BANK OF S T . L O U IS IMPLICIT HtftE DEFLATOR FOR «ROSS NATIONAL FROOOCT CONFOUNDED ANNUAL RATES OF CHANGE TERMINAL _______________ _________________________________ _________ INITIAL QUARTER___________________ _______________________________________ 1*72 « 100 QUARTER 3 -71 4—71 ..... 4-71 1 -72 2 -72 3-72 4-72 1-73 2-73 3-73 4 -7 3 1-74 2 -74 3 -7 4 4 -7 4 1-73 2-73 3-73 4 -7 3 1 -76 97.38 3*6 9 8.7 6 1—72 4 .7 3 .8 2 -72 4 .1 4 .3 2 .8 3-72 3*9 4 .0 3 .1 3 .4 4-7 2 4*0 4 .2 3 .6 4 .0 99.45 100.29 4 .7 1-73 4*3 4 .3 4 .2 4 .6 3 .3 2-7 3 4 .7 4 .9 4 .7 3 .2 3 .8 3-7 3 3 .1 3 .3 3 .2 3 .7 6 .3 4 -7 3 5 .6 3 .8 3 .8 6 .3 6 .9 101.44 i1 V 5 .8 \ ^ 102.89 104.65 6 .9 106.57 7 .3 8 .1 8 .6 109.05 1-7 4 6 .0 6 .2 6 .3 6 .8 7 .4 7 .9 8 .4 8 .9 9 .6 2 -7 4 6 .3 6 .7 6 .9 7 .4 7 .9 8 .3 9 .0 9 .3 10.2 3 -7 4 6 .9 7 .2 7 .4 7 .9 8 .5 9 .0 9 .6 10.1 10.8 111.56 1 1 0 .3 ii3 "v J 1 .2 % 114.64 11.1 1 1 .9 118*03 1 2 .4 X 121.60 4 -7 4 7 .4 7 .7 7 .9 8 .4 8*9.: 9 *9 10.0 10.3 11.1 11.3 12.2 12.3 12^7^^ 1-73 7 .6 7 .9 8 .0 8 .3 9 *1 9 .6 10.0 10.3 11.0 1 1.2 1 1 .6 1 1.7 1 1 .4 2 -7 3 7 .3 7 .6 7 .8 8 .2 8 .6 9 .0 9 .4 9 .7 1 0 .0 10.1 1 0.2 9 .8 9 .0 7 .2 4 ^ X 3-7 3 7 .3 7 .6 7 .7 8 .1 8 .3 8 .8 9 .2 9 .4 9 .6 9 .6 9 .6 9 .3 8 .3 7 .2 3 .7 t * oX 124.55 ÍO ^ÍN v 125.93 128.07 ^ .3 % 130.27 4 -7 3 7 .3 7 .3 7 .7 8 .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 .l \ 1-76 7 .1 7 .3 7 .4 7 .7 8 .0 8 .3 8 .3 8 .6 8 .7 8 .6 8 .3 8 .1 7 .4 6 .3 5 .4 5 .7 3 .1 3 .2 s 131.29 2 -7 6 6 .9 7 .1 7 .2 7 .3 7 .8 8 .0 8 .2 8 .3 8 .3 8 .2 8 .1 7 .6 7 .0 6 .1 3 .3 5 .5 3 .0 3 .9 132.81F 3 -71 4 -7 l 1 -72 Z—72 3 -72 4 -7 2 1-73 2-73 » —73 4 -7 * 1 -7 4 2-7% 3—74 4 -7 4 i - t3 Z-T5 J-75 4-75 1-7 6 ---- -------------------------------------------------------- INITIAL QUARTER-------------------------------------------------------- ‘ T - PRELIMINARY------------------------------------------------------------------------------------------------------------------------b v iM d fro a 1973 --------------------- -------------------------- “----- ------------- -------------------- FREFARED BY FEDERAL RESERVE BANK OF ST* LOUIS' JULY 20» 1976 14 PERSONAL CONSUMPTION EXPENDITURES IN CURRENT DOLLARS * ____________ COMPOUNDED ANNUAL RATES OF CHANGE____________ TERMINAL QUARTER 3 -7 1 4 -71 BILLIONS OF DOLLARS ANNUAL RATES INITIAL QUARTER 4-71. 1-72 2 -72 3 -7 2 4 -7 2 1-73 2 -7 3 3 -7 3 4-73 1-74 2 -74 3 -7 4 4 -7 4 1-75 2-75 3-75 4 -7 5 1 -7 6 687.1 7*9 7 05 .9 t-7 2 9 .7 11.4 2*7 Z 1 0.1 11.2 1 1.1 3-7 2 9 .7 10.3 9 .8 8 .5 7 24 .7 739 .7 W 2 1 0.3 10.9 1 0 .7 10.5 1 2 .5 1-73 10*9 1 1 .5 1 1 .5 1 1 .7 1 3 .3 1 0.6 1 0 .6 1 0.5 11.2 1 0.6 7*2 10.5 1 0 .3 10.2 1 0 .6 1 0.0 8 .0 3*9 2-73 761.8 787 .2 14.0 8 01 .0 3-73 1 0 .? 4 -7 3 9 .9 10.1 9 .9 9 .7 1 0 .0 9 .4 7 .8 8 .2 7 .5 1-74 9 .9 10.1 9 .9 9 .8 1 0 .0 9 .5 8 .4 8 .8 8 .8 10.1 2 -74 10.1 1 0.3 1 0.2 10.1 1 0 .3 10.0 9 .2 9 .7 10.0 11.2 1 2.4 818.2 833.1 853 .3 8 78 .7 3 -7 4 1 0 .4 1 0.6 1 0 .5 1 0 .5 1 0 .7 10.5 9 .9 10*4 10.8 12.0 1 2.9 13.4 4 -7 4 9 .7 9 .9 9 .7 9 .6 9 .7 9 .4 8 .7 9 .0 9 .0 9 .4 9 .1 7 .5 1 .9 1-75 9 .7 9 .9 9 .8 9 .6 9 .7 9 .4 8 .9 9 .1 9 .2 9 .5 9 .4 8 .4 5 .9 10.1 906.8 911.1 933 .2 2-75 9 .9 10*0 9 .9 9*8 IO.JO 9 .7 9 .2 9 .5 9 .6 9 .9 9 .9 9 .3 7 .9 11.1 1 2 .1 3-75 1 0.0 10.1 10.1 1 0 .0 1 0.1 9 .9 9 .5 9 .7 9 .8 10.2 10.2 9 .8 8 .9 11.3 1 1 .9 1 1 .7 4 -75 1 0 .0 1 0.2 1 0.1 1 0 .0 10.1 9 .9 9 .6 9 .8 9 .9 10.2 10.2 9 .9 9 .2 11.1 1 1 .4 11.1 1 0 .4 1-76 1 0 .2 10.3 1 0 .3 1 0.2 1 0.3 10.2 9 .9 10.1 10.2 10.5 10.6 10.3 9 .8 11.5 1 1 .8 1 1.7 11.7 13.1 2 -76 10.1 10.2 1 0.2 10.1 10.2 10.0 9 .7 9 .9 1 0.0 10.3 10.3 10.1 9 .6 10.9 1 1.1 1 0.9 10.6 1 0 .7 8*3 3 -71 4-71 1-72 2-72 3-72 4 -7 2 1-73 2-73 3-73 4-73 1-74 2-74 3 -74 4 -7 4 1-75 2-75 3-75 4 -7 5 1 -76 960 .3 9 87 .3 1 »012*0 1*043.6 1.064.6P INITIAL QUARTER P - PRELIMINARY PERSONAL CONSUMPTION EXPENDITURES IN CONSTANT 1972 DOLLARS * _ _ ________ COMPOUNDEO ANNUAL RATES OF CHANGE__________________ TERMINAL QUARTER 3-71 4 -71 1 -7 2 2 -72 3 -72 4 -7 2 4r71 5 .1 t-7 2 5 .9 6 .7 2 -7 2 * t7 7 .5 8 .3 3-72 6*3 6 .7 6 .8 5 .3 4—72 6 .8 7 .2 7 .4 6 .9 8 .6 1-73 7*0 7 .4 7 .6 7 .3 8 .4 8 .2 2-73 5 .9 6 .0 5 .9 5 .3 5 .3 3 .8 1-73 2-73 3 -7 3 4 -7 3 1 -74 2 -74 3 -7 4 4 -7 4 1-75 2 -75 3-75 4 -7 5 1 -7 6 7 0 2 .3 7 1 3 .7 7 28.1 737 .5 7 52.8 7 6 7 .7 - 0 .5 7 66.8 3-73 5 .4 5 .4 5 .2 4 .6 4*5 3 .1 0 .7 1 .9 4 -73 4 .5 4 .4 4 .1 3 .4 3*1 1 .7 - 0 .3 - 0 .2 -2 .3 1-74 3 .8 3 .7 3 .3 2 .6 2 .2 1 .0 - 0 .8 -0 .9 -2 .2 - 2 .1 2-74 3 .5 3 -74 4 -74 BILLIONS OF DOLLARS ANNUAL RATES INITIAL QUARTER 2 .4 7 7 0 .4 7 6 5 .9 761 .8 3 .3 2 .9 2 .3 1 .9 0 .8 -0 .6 r 0 .6 -1 .5 - 1 .0 0 .1 3 .1 2 .8 2 .2 1 .8 0 .9 - 0 .3 r0*2 -0 .7 - 0 .2 0 .8 1*5 2 .1 1 .7 1.1 0 .6 -0 .3 - 1 .5 - 1 .6 -2 .3 - 2 .3 -2 .4 -3 .6 - 8 .4 1 .3 0 .9 0 .1 7 61 .9 7 6 4 .7 7 48 .1 1-75 2*4 2 .2 1 .9 - 0 .9 -0 .9 -1 .4 - 1 .2 - 0 .9 - 1 .3 - 2 .6 3 .5 2-75 ?T? 2 .6 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 .8 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 .9 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 .2 3 .1 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 .3 3 .2 3 .0 2 .7 2 .5 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 .1 3 -71 4-71 1-72 2 -72 3-72 4 -7 2 1-73 2-73 3-73 4 -7 3 1 -7 4 2-74 3 -7 4 4 -7 4 1-75 2 -75 3-75 4 -7 5 1-76 7 5 4 .6 767 .5 7 7 5 .3 7 83 .9 8 00 .7 8 0 8 .7P INITIAL QUARTER P - PRELIMINARY * Revised fro« 1973 PREPARED BY FEDERAL RESERVE BANK OF S T . LO UIS JU L Y 21* 1976 15 GROSS PRIVATE DOMESTIC INVESTMENT IN CURRENT DOLLARS * ____________ COMPOUNDED ANNUAL RATES OF CHANGE________________ TERMINAL QUARTER B IL L IO N S OF __________ ______________________ _________________ ___________ INITIAL QUARTER________________________________________________ _______________ DOLLARS ANNUAL RATES 3 -7 3 4 -7 3 2 -7 4 3 -7 4 4 - 7 4 1 -7 5 1 -7 4 1 -7 3 2 -7 5 3 -7 5 3 -7 2 4 -7 ? 4 -7 5 2 -7 2 3 -7 1 4 -7 1 1 -7 2 1 -7 6 * -? 3 H I 1 1 .4 1 -7 2 20*5 1 6 5 .4 3 0 .3 1 7 6 .7 2 -7 2 2 0 *3 2 5 .0 1 9 .9 3—72 18*6 2 1 .2 1 6 .8 1 3 .9 4 -7 2 1 9 .2 2 1 .2 1 8 .4 1 7 .6 2 1 .4 1 -7 3 19*6 2 1 .3 1 9 .2 1 8 .9 2 1 .6 1 8 4 .9 1 9 1 .0 2 0 0 .5 2 1 .7 2 1 0 .6 2 -7 3 1 8 .9 2 0 .2 1 8 .3 1 7 .9 1 9 .3 1 8 .2 14*8 3 -7 3 16 *9 1 7 .7 1 5 .7 1 4 .9 1 5 .2 1 3 .2 9 .1 3 .7 4 -7 3 1 7 .5 1 8 .3 1 6 .7 1 6 .2 1 6 .6 1 5 .5 13*4 1 2 .8 2 2 .6 9 .4 8 .7 6 .3 2 .8 —1 .0 - 3 . 2 - 2 3 .6 2 1 8 .0 2 2 0 .0 2 3 1 .5 1 -7 4 1 2 .6 1 2 .7 1 0 .7 2 -7 4 1 1 .8 1 1 .8 1 0 .0 8 .8 8 .1 6 .0 3 .1 0 .4 - 0 .7 -1 0 .7 4 .5 3 -7 4 9 .8 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 .8 8 *5 6 .8 5 .5 4 .6 2 .7 0 .2 -2 .0 -3 .1 -3 .0 - 6 .6 1 -7 5 2pO 1*3 -0 .8 -2 .5 -4 .0 - 6 .5 2 -7 5 0 .6 -0 .2 -2 .2 -3 .8 -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 6 4 .4 3 -7 5 5 .1 4 .7 3 .1 1 .9 1 .0 -0 .7 1 9 6 .7 -9 .5 - U . 5 - 2 .7 -4 .5 2 1 6 .4 - 8 .6 2 1 8 .8 2 1 3 .3 -3 .3 2 1 1 .5 - 1 5 . 0 - 2 1 . 0 - 2 0 .3 - 2 7 .2 - 3 4 . 7 - 5 5 . 9 —5 .4 -8 .9 -6 .2 - 8 .2 - 7 .8 1 7 2 .4 - 9 .2 3 0 .2 1 0 4 .9 4 -7 5 5 .4 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 5 0 .1 9 .9 1 -7 6 8 .2 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 3 3 .2 5 6 .1 3 6 .2 6 8 .9 2 -7 6 8 .4 8 .3 7 .1 6 .3 5 .8 4 .8 3 .6 2 .7 2 .6 0 .8 4 .0 3 .9 6 .0 7 .7 2 8 .7 4 3 .7 2 7 .7 3 7 .7 1 2 .2 3 -7 1 4 -7 1 1 -7 2 2 -7 2 3 -7 2 4 -7 2 1 -7 3 2 -7 3 3 -7 3 4 -7 3 1 -7 4 2 -7 4 3 -7 4 4 -7 4 1 -7 5 2 -7 5 3 -7 5 4 -7 5 1 -7 6 4 -75 BILLIONS OF DOLLARS ANNUAL RATES 1-76 2 0 1 .4 2 2 9 .6 2 3 6 .3P INITIAL QUARTER P - PRELIMINARY GROSS PRIVATE DOMESTIC INVESTMENT IN CONSTANT 1972 DOLLARS* ________________COMPOUNDED ANNUAL RATES OF CHANGE___________________ TERMINAL QUARTER ? -7 l INITIAL QUARTER 4 -7 1 1 -7 2 2 -7 2 3 -7 2 4 -7 2 ». 4r71 6*6 1-72 15*0 2 4.1 2 -7 * * ? .6 2 0 .4 16.8 3-72 * 3 .9 1 6 .4 1 2 .8 8 .9 4-r72 1 6 .4 14*0 1 2.6 1 6 .5 1-73 16.1 1 4 .2 1 3 .4 1 5 .7 14.9 1-73 2-73 3-73 4 -7 3 1 -74 2 -74 3 -7 4 4 -7 4 1-75 2-75 3-75 169.7 179.1 186.2 190.2 197.6 2 04.6 2 07 .4 2-73 * 3 .2 1 4.3 1 2 .5 1 1 .4 12.2 10.2 5 .6 3 -73 1 0.8 1 1 .4 9 .4 8 .0 7 .7 5 .0 0 .3 - 4 .7 1 1.7 10.1 9 .0 9 .0 7 .2 4 .7 4 .3 4 -7 3 204.9 14.2 211.8 1-74 6 .4 6 .3 4 .3 2 .6 1 .6 - 1 .1 - 4 .8 - 8 .0 - 9 .6 -2 8 .4 194.8 2 -74 4 .4 4 .2 2 .2 0 .5 - 0 .7 - 3 .3 - 6 .6 - 9 .4 -1 0 .9 -2 1 .3 -1 3 .4 187.9 3 -74 It? 1 .4 -0 .7 -2 .4 - 3 .8 - 6 .3 - 9 .5 -1 2 .2 - 1 4 .0 -2 1 .8 -1 8 .2 -2 2 .7 176.2 4 -7 4 Ot* - 0 .1 -2 .1 - 3 .8 - 5 .1 - 7 .5 -1 0 .3 -1 2 .7 -1 4 .2 -2 0 .2 -1 7 .2 «1 9.0 -1 5 .2 169.1 1-75 -7 f 0 - 8 . 0 - 1 0 .3 - 1 2 .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 -? t 2 - 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 3-75 -2 .9 -3 .5 -5 .2 -6 .7 -7 .9 4-75 - 3 .0 -3 .5 -5 .1 -6 .5 -7 .6 129.3 -9 .3 126.2 - 9 .8 -1 2 .0 -1 3 .7 -1 4 .8 -1 8 .3 -1 6 .5 -1 7 .1 -1 5 .6 -1 5 .8 3 2 .3 148.7 - 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 1 8.7 3 5.7 - 4 .5 4 5 .4 26.3 9 2 .8 147.0 167.1 1-76 OfO -0 .4 -1 .7 - 2 .8 -3 .6 - 5 .0 - 6 .5 - 7 .6 - 7 .8 -1 0 .0 -7 .4 -6 .5 - 3 .5 -0 .9 2 9 .2 2 -7 6 0 .4 0 .1 -1 .2 -2 .2 - 2 .9 - 4 .1 -5 .5 - 6 .3 - 6 .5 - 8 .3 - 5 .7 - 4 .7 - 1 .9 0 .6 2 4 .8 35.1 2 0.0 34.5 8 .4 3-71 4 -71 1-72 2 -7 2 3-72 4 -72 1-73 2-73 3-73 4 -7 3 1-74 2-74 3 -7 4 4 -7 4 1-75 2-75 3-75 4 -75 1-76 6 7 .0 1 7 0 .5P INITIAL QUARTER P- PRELIMINARY * Revised fro* 1973 PREPARED BY FEDERAL RESERVE BANK OF ST* LOUIS JU L Y 21* 1976 16 GOVERNMENT PURCHASES OF GOODS AND SER V IC ES IN CURRENT DOLLARS * _________________ COMPOUNDED ANNUAL RATES OF CHANGE______________________ TERMINAL QUARTER 3 -7 1 ___________________________________________ 4 -7 1 2-72 1-72 3 -7 2 4 -7 2 1-73 2 -7 3 B IL L IO N S OF INITIAL QUARTER______________________ ______________________________________DOLLARS ANNUAL RATES 3-75 4-75 1 -7 6 3 -7 3 4 -7 3 1-74 2 -74 3-74 4 -7 4 1-75 2-75 4-71 7*1 1-72 11*8 16*6 2-72 8*9 9*8 3*4 * -7 2 7*4 7*5 3*2 3*1 4-r72 8*0 8*2 5*5 6*6 10*2 1-73 8 *4 8 .7 6*7 7*9 1 0.4 10*6 Z- 73 7*0 7*0 5*1 5*6 6*4 4*6 —1*0 3-73 6*9 6*9 5*4 5*8 6*4 5*2 2*7 6*5 4-7 3 7*6 7*7 6*5 7*0 7*8 7*2 6 .1 9*8 13*2 . 1 -7 4 8 »4 8*5 7*5 8*1 9 ,0 8 .8 8 .4 11*7 14*4 239 .6 2 49 .0 251.1 253 .0 259*2 265.8 265 .1 2 69 .3 277.8 288 .0 15.5 2 -74 8 .9 9 .1 8*3 8*9 9 .8 9*7 9*6 12.4 14*5 15.1 14*6 3 -74 9*4 9*6 9*0 9*6 10*4 10*5 1 0.5 12.9 14*6 15*0 14*8 4—74 9*7 10*0 9*4 10*0 1 0.8 10*9 10*9 13.0 14*4 14*7 1—75 9*7 9*9 9*4 9*9 10*6 10*7 10*7 12.5 13*5 13.5 2 -7 5 9*7 9*9 9*4 9*9 10*5 10.6 10*6 12*1 12*9 12.9 3-75 9*9 10*1 9*6 10*1 10*7 10*7 10.8 12*2 12*9 4 -7 5 10*1 10*2 9*8 10*3 10*9 10*9 11*0 12*2 1-76 9*5 9*7 9*2 9*6 10*1 10*1 10*1 11*2 2 -7 6 9*5 9*7 9*3 9*7 10*1 10*1 10*1 3-71 4-71 1-72 2-72 3 -72 4 -7 2 1-73 2 98 .0 1 5.0 308.6 14*4 14*2 13*5 3 18.5 13*1 12*5 11*3 9*2 12*4 11*8 10*8 9*4 9*7 12.8 12*4 12*0 11*2 10*5 11*1 12*6 12*9 12*9 12*5 12.1 11*6 11*1 11*7 12*7 12*9 11*6 11*5 11*0 10*5 9*7 9*0 8*9 8*7 6*8 1 .0 11*1 11*5 11.3 10*8 10*4 9*7 9*1 9*1 9*0 7*8 5 .3 9*8 2-73 3 -73 4 -7 3 1-74 2-74 3-74 4 -7 4 1-75 2-75 3-75 4-75 1-76 325.6 333.2 343.2 353.8 354 .7 3 6 3 .I P INITIAL QUARTER P - PRELIMINARY GOVERNMENT PURCHASES OF GOODS AND SERVICES IN CONSTANT 1972 DOLLARS* ____________________ COMPOUNDED ANNUAL RATES OF CHANGE__________ _____________ TERMINAL QUARTER _3=Z1___* = II ___ i - 7 2 ,# r ? l .1^12 INITIAL QUARTER 2-72 1-72 4-72 1-73 2-73 3-73 4-73 1-74 2-74 3-74 4-74 1-7* 2 - 7 5 __ 3-7S BILLIONS OF DOLLARS ANNUAL RATES 4-7S__ 1~76 2 51 .0 a «a 254*1 -2 ,8 ____3uQ_ 2rr72. 1 .6 ____U f i 3t 72 Q-6___ CU5__ -1-6 H 2 , 0 .9 ___ 0*3 1t 73 1 ,2 ___ 1*3___ Q*ik___ 1*J____ Zm  ___ 3 ,2 3-73 0*3 4— 73 0-3 1,-74 0.8 0.2 0.8 253,2 252*0 -1 .9 2 5 3 .2 - ____Qmû____ 1 ,9 2 5 5 .2 - - 0 .6 —0.4 - 0 .1 -0.7 — 2 .6 1.0 -Û.S -0.3 0.0 -0.5 -1.7 0.6 0.3 0.3 0.5 0.9 0.7 0 .1 2*2 2*9 251.8 2 52.0 255.4 5.5 . 2-74 0.8 0.8 0.3 0.4 0.9 0*8 0*3 2.0 2.3 3.3 1 .1 3-74 0.9 0.9 0.5 0.7 1 .0 0.9 0.5 1.9 2.1 2.7 1.3 1 .6 4-74 0.8 0.8 0.4 0 .6 0*9 0.7. 0.4 1*5 1*6 1.9 0*8 0*6 -0*3 1.3 1.4 1 .6 0*7 0.5 0.0 254.1 257.1 256.9 257.1 1-7* 0.7 0.7 0.4 0.6 0.8 0.7 0.4 2-7» Û*« A.« 0.4 0.8 1.0 0.9 0.7 1.4 1.4 1.9 1 .2 1 .2 1.0 1.7 3.1 3-75 1 .2 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 4-7« 1.4 1.4 1 .1 1.3 1 .6 1 .6 1.4 2.2 2.3 2.4 2.2 2.4 2.5 3.2 4.2 4.8 4.3 1.4 -0.4 -4.9 ZxX- 1*1 -0 .5 4 .2 3-75 4 -7 5 1 -7 6 0*3 1-74 1 .0 1 .Û O.A 0.9 1 .1 1 .0 0.9 1.5 1.4 1.7 1.3 1.3 1 .2 1.4 1.9 _2?76 1.2 1.2 itO 1*1 1*2 It* 1*1 1*7 1*8 2t0 It* it* .1*7 2t9 2t? 3-71 4-71 1-72 2 -72 3-72 4 -7 2 1—73 2-73 3 -7 3 4-73 2-74 3-74 4 -7 4 1-75 1-74 259.1 2 -75 262.4 265.2 261.9 264.6P INITIAL QUARTER P - PRELIMINARY * R f t v l M d fro* 1973 PREPARED BY FEOERAL RESERVE BANK OF ST* LOUIS JU L Y 21* 1976 17 DISPOSABLE PERSONAL INCOME IN CURRENT DOLLARS * TERMINAI QUARTER BILLIONS OF DOLLARS ANNUAL RATES INITIAL QUARTER -3V71 4-71 1-72 -j.i A .6 2-72 _7.0 1-72 2-72 1-72 4-72 1-71 2-73. 1-71 ,H3.. 1-74 2-74 _3-7ét_ 4 - 7 4 1-75 2-75 3-75 4-75 1-76 4«71 . 759-1 775.0 7.5 6 .1 .3-72 7 -fi ß .4 8 .2 1 0 .1 A-72 9.4. 1 0 .1 lO.fi 1 1 .1 1-71 io-i 1 1 .2 ll.fi 11.7 ü - 5 14.9 2-73 10.5 1 1 .1 1 1 .8 1 1 .2 14.2 13.3 11.7 1-7Î 10.4. 1 1 .0 11.4 12.5 13.0 12 .0 10 .6 9.5 6 - 7 i . .. 10 .6 1 1 .1 11.5 12 .* 1 2 .8 12 .0 1 1 .1 10.8 1 2 .1 7fl7.A fi06.7 16.? 817.0 fi66.6 690.9 911.4 937.7 10 .0 10 . * 1 0 .6 1 1 .2 11.4 10*5 9.4 8.7 8.3 4.6 9.9 10.3 10.5 1 1 .0 11 . 1 1 0 .1 9.4 8.8 8.6 6.9 9.2 10 -1 10.5 1 0 .6 1 1 .1 1 1 .1 10.6 9.9 9.5 9.5 fl-7 10.7 1 2 .1 9.9 10 .2 1 0 .1 10.7 lO.fi 10.2 9.5 9.1 9.1 8.3 9.6 9.8 ^ 7 5 9.4 9.6 9.7 10 .0 10 .0 9*4 8.7 8.3 8 .1 7.3 8.0 7-5 5.2 1 .2 2-7* 10-5 lO.fi 11.0 11.4 11.5 1 1 .1 10 .6 10.5 10.7 1 0 .6 1 1 .6 1 2 .2 12 .2 14.8 27.6 3-75 9.9 10 .2 1 0 .1 10 .6 10 .6 10 .1 9.7 9.4 9.4 9.1 9.8 9.9 9.4 1 0 .1 ¡13.7 1 .2 4—75 10 .0 10 .2 10.3 1 0 .6 10 .6 10 .2 9 . fi 9.6 9.6 9.3 10.0 1 0 .1 9.7 10 .2 12 . Y 5.9 10.8 1-76 10 .0 10 .2 1 0 .1 10.4 10 .6 10 .2 9 . fi 9.6 9.7 9.4 10.0 1 0 .1 9.8 10.3 1 2 .1 7.3 10.5 10.3 2-*76 9.9 1 0 * 1 J i L .2 10.5 10*5 1 0 .1 9.7 9.6 9.6 9.3 9.9 9.9 9.6^ 10.0 11.4 7.T 9.9 9.5 8*7 4-71 2-72 3-72 4-72 1-73 2-73 3-73 4-73 1-74 2-74 4-74 1-75 2-75 3-75 4-75 1-76 l-«74.> - .. 1-74. 4^74 • 3— 71 1-72 948.4 969.5 99fi.û 7.3 3-74 1.015.A 1 «021.fi 1 .Ofift-? 1*091.5 1.119,9 1*147.6 1 * 1 7 1 *8P INITIAL QUARTER PRELIMINARY DISPOSABLE PERSONAL * TERMINAL QUARTER 1-71 4-71 1-72 2-72 3—72 4f-72 1-73 2-71 3-73 3.2 1^72 1 .6 4.1 . 2W72 1 .6 1.9 1 .6 1-72 4.4 4.8 5.2 6.7 6-72 5.9 6 .6 7.5 9.4 1 2 .2 .1-71 6 .6 7.1 7 . fi .9.1 10 .6 9.0 6 .0 6.5 7.0 7.8 8 .2 6.3 3.6 5.6 5.9 6 .2 6.8 6.8 5.0 3.1 2 .6 5.2 5.4 5.6 5.9 5 . fi 4.2 2-7 2-2 1 -fi . 3-73 4-7Ï . . IN C O N S T A N T 1972 D O LLARS* BILLIONS OF DOLLARS ANNUAL RATES INITIAL QUARTER 4^7,1 ...2 - 7 1 INCONE 4-73 1-74 2-74 3-74 1-75 2-75 3-75 4-75 1-76 775.9 783.7 790.7 803.7 827.1 «45.1 852.7 858.2 862.1 1.9 4.0 3.9 4.0 3.5 1.9 0.2 -0.9 -2-7 -7.0 .. 2 - 7 4 3 .2 3.3 3.2 3.1 2 .6 1 .1 —0 .4 -1.4 -2.7 -4.9 -2.9 1-74 i.o 1 .0 2.9 2.« 2.3 1 .0 -0.3 -rl.O -1.9 -3.1 - 1 .2 0.5 4—74 ?.5 2.4 2 .1 2.2 1.7 0.4 -O-fi -1.5 -2.3 - 1 .1 - 2.0 - 1 .6 - 3 . 16 - 1 W 7 4 .. 4-74 846.7 »40.6 «41-7 fil4-Û 1-75 ?.l 2.0 l.fi 1.7 1 .2 0.0 - 1.0 -1.7 -2.4 - 1 .2 - 2.2 - 2.0 - 3 . .3 -2.9 2—75 1 .1 1 -1 1 .1 1 .2 2^9 2-0 1 -1 1.0 O-fi 0 .6 2.2 1.5 4i ,5 fi.7 2 1 t fi «27-9 1-75 2.7 2.7 2 .6 2.5 2 .2 1.3 0 .6 0.2 - 0 .1 -0,3 0.8 1 .6 , 1 «.fi 3.7 7.2 -5.7 4-75 2.8 2 .8 2.7 2.7 2.4 1 .6 1 .0 0.7 0.5 0.3 1.4 2 .1 ? , .4 4.0 6.4 -0.5 6.9 1— 7 4 1 .0 1 .0 3.0 2.9 2 .6 1.9 1.4 1 .2 1.0 0.9 2.0 2.7 3. iÛ 4.4 6.3 1 .6 5.5 6 .1 2-76 3.1 3.1 3.0 3*0 2.8 2 *1 1*6 1*4 1*3 1*3 2*3 2.9 3..3 4.4 6 .0 2.4 5.2 5.3 4.5 3-71 4-71 1-72 2-72 3-72 4-72 1-73 2-73 3-73 4-73 1-74 2-74 3-74 4-74 1 -7 5 2 -7 5 3 -7 5 4-75 1 -7 6 fi69-7 857.1 867.5 ftftO-4 8 9 0 . 2P INITIAL QUARTER P - PRELIMINARY * Revised fro« 1973 PREPARED BY FEDERAL RESERVE BANK OF ST* LOUIS JU L Y 21« 1976 18 CORPORATE PROFITS AFTER TAXES * COMPOUNDED TERMINAI QUARTER ANNUAL RATES OF CHANCE BILLIONS OF DOLLARS ANNUAL RATES INITIAL OUARTER -2— 7 1 3-71 *-71 1-72 2-72 3-72 *-72 _ 3-71 _2*.2 *-71 2*.5 ?4.,9 1-72 2*.2 ?4. ?3. 2i-72 21.3 ?Qt.4 1A - 13.2 3-72 21.5 20..9 19.6 17.7 22.3 W 7 2 25.2 »4 ?\i>6 26.3 33.* 1-73 28.1 ?A..A ?9.>6 3 1 .2 37.fi 2^73 25.5 25,.7 ?%t 26.3 29.fi ft?.,4 26.* 3V?3 20.* 19ii9 19. . Ifi.S 19.6 lfi.■9 11.7 1-73 2-73 3-73 *-73 1-7* 2-7* 3-7* *-7* 1-75 2-75 3-75 *-75 45.5 48.1 50.7 52.3 55.0 60.* 4*>,,4 66.5 *6.9 67.9 A..7 65.* -13.9 6fi.5 4-73 2Q.* 19.i9 19.»3 18.ß 19.7 19. ,? 13.* ■i,4i*0 1 .8 20 .i4 ■ .1— 7 * 22.fi ??t >6 ? ? ti4 22.3 23.6 ?3.iA 19.9 14.■ 0 15*8 3*..3 *9.9 75.8 2-7* 19.* 1 A.,9 1 fì.,4 17.fi lfi.* 17.■ A 13^8 A.,1 fi.O 16.>4 1*..5 - 1 2 .6 73.3 3f^7* 21 . * ?\ ?fì.,9 20.6 21.5 ?\i.4 ¿fi.3 14. ,1 15.2 2 3 . »9 25 « .0 1 * .2 *9.1 fil.O .. 1* — 7 * 15.1 1*. 13.i6 1 2 .fi 1 2 .fi 1 1 ..7 fi.l 2 .6 6 ..3 3..1 -9.0 -7.7 -*7-3 70.6 1-7* 4.2 2 .1 1 .2 -fl.,7 —*-9 ( ifì 3..4 3,.ff — 9 .,9 - 1 2 . 3 - 1 2 - .0 - 1 7 . .3 - 2 a . a - 3 3 . ^ - 5 5 . 6 2-75 0-1 7.0 5-9 5-3 3..A O.* -3. .8 -5.2 — 3«.9 W Ì 5 17 - 9 1 ?. 11 1■ 4 in . A in.4 9a* 6.7 3.»3 2.7 5 ...ft 3..O -3.3 .*-7* 1 7 . fl 1 ?i, ? 1 1 ..* 10 .6 10.5 9. 16 7.1 * . ifl 3.6 5..7 *- O -1.3 1V76 13.fi 13.,3 12.6 12.0 11.9 11.,2 fi.9 6.,2 6.0 a..2 7..0 2-71 3-71 *-71 1-72 2-72 3-72 * -7 2 1-73 2 -7 3 3 -7 3 * -7 3 Si>1 - 7 . .* - 1 6 . 0 - 1 6 . A - 3 1 . 5 ^*.0 -65.fi 61 . O -25.3 62 . a - 1 . 3 - 1 1 .0 7.a 7a. 3 95.7 0.7 -6.9 5.0 52.5 *7.6 1 1 .6 2.5 *.9 -1.1 10.2 47. £ *2 .a 22.2 33.8 1-7* 2 -7 * 3 -7 * * -7 4 1-75 2-75 3-75 * -7 5 7?.l 7*.l 2-76 79.7 JJ.A INITIAL QUARTER * NATIONAL INCOME BASIS N.A. - NO T A V AILABLE Revised from 1973 PREPAREO BY FEOERAL RESERVE BANK OF ST . LOUIS JULY 2 1 . 19T6 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 I N V E N T O R I E S COMPARED WI T H MONTHLY S A L E S * .76 .72 .6 8 .64 .60 .56 .52 .48 .44 .40 «RATIOS 8ASE0 ON SEASONALLY ADJUSTED DATA. SOURCE* U.S.DEPARTMENT OF COMMERCE SHADED AREAS REPRESENT PERIODS OF BUSINESS RECESSIONS AS DEFINED BY THE NATIONAL BUREAU OF ECONOMIC RESEARCH. LATEST DATA PLOTTEDi MAY PRELIMINARY PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 20
@FedFRASER