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n fm o iM L
PREPARED

M O N TH E N D IN G :

BY

FEDERAL

E c o n o m r ce d d s
ti
R ESERVE

BANK

October 31, 1974

OF

ST. LOUIS

RELEASED:

November

26, 1974

The advance of Income and sales since late last winter
has almost resumed the pace that prevailed prior to the period of
the oil embargo. During the interim, however, prices accelerated
and employment and production growth slowed. Unlike previous
periods of economic slowdown, the most recent sluggishness in real
economic activity does not appear to be traceable to a marked and
sustained reduction in total demand for goods and services. Con­
tributing to the recent slowdown of production and employment is
the increase in the price of energy, environmental regulations, and
the lingering effects of the wage-price control program, all of
which have tended to reduce economic capacity and place upward
pressures on prices.
Rates of change for selected economic variables for
periods before, during, and after the embargo period are summarized
in the following table.
Compounded Annual Rates of Change of Selected Economic Variables
(Percent)
4/72-4/73

4/73-10/73

10/73-3/74

3/74-10/74

Nominal Variables
Personal Income
Retail Sales

11.3
13.5

11.8
8.9

5.9
5.1

10.9
8.0

Real Variables
Industrial
Production
Total Employment

9.6
3.3

4.7
4.3

-4.3
0.6

0.3
1.3

5.2

9.2

12.0

12.3

5.9

8.2

26.9

29.2

Price Indexes
Consumer
Wholesale
Indus trials

Though any conclusions are necessarily tentative, price
data for most recent months indicate a slight moderation in
the advance of prices. Wholesale industrials increased at a 14
percent annual rate from August to October, compared to a 28 per­
cent rate in the previous 12 months. More dramatic, however, is
the 23 percent rate of decline in the spot price of raw materials
since March. Such prices had increased 53 percent in the previous
year.




TOT A i .ç |v i n AN g WPCQYHI-MT___
C O M P O U N D E D ANNUAL RATES OF CHANGE
TERMINAL
MONTH

THOUSANOS
OF PERSONS

IN IT IA L MONTH
3-73

4-73

6-73

5-73

7-73

8-73

4-73
5-73

1.2
3.6

4 .8

3.0

3 .7

4.9

2.1

2 .4

2.7

-0 .0
2 .9

3.7
4 .9

8.3

5-74

6-74

7-74

8-74

9-74
83*854

9 .2

4 .1

4-74

- 1 .5

4.3

3-74

1 .5

ti-73

2-74

8.4

7-73

1-74

1.4

6-73

9-73 10-73 11-73 12-73

1.0

-

83*9*0

84*51«
84*621
84*£13
85 * 133

9-73

3.3

3 .7

10-73

3.9

4 .3

4.9

i 1-73

3.4

3.7

4 .1

3 .2

3.7

5.5

3.7

0 .0

12- n ..... 3.0

3 .3

3.5

2 .7

3 .0

4*2

2 .5

0.1

0 .3

(

85*649

\

85*649

1.3%

85*644

85*803

85*811

1-74

2.9

3.1

3.3

2 .6

2 .8

3.7

2 .4

0 .8

1.1

2 .0

2-74

2 .6

2 .8

3 .0

2 .3

2.4

3.1

1.9

0 .5

0.7

0 .9

-0 .1

w
1
*

7.5

2 .5

2 .6

2 .7

2 .1

2 .2

2 .8

1.7

0 .6

0 .8

0 .9

0 .4

0 .8

........"
1
1
0*4
\± * ]

0 .4

-0 .2

- 0 .2

- 1 .2

4-74

2.2

2 .3

2.4

1.8

1.8

2 .2

1.3

8&*06§
85*7t§

¿5f 9TT

2.2

2 .3

2 .4

1.9

1.9

2 .3

1.5

0 .6

0.8

0 .8

0 .6

0*8

0 .8

2.3

2 .4

2.4

1.9

2 .0

2 .4

1.6

0 .9

1.0

1.2

1.0

1.3

1.4

2.8

z.i ^xH.7%

7-74

2.3

2 .3

2 .4

2 .0

2 .0

2 .3

1.7

1.0

1.2

1.3

1.2

1 .4

1.6

2 .5

2 .4

2 .!

...... .

86*16$
86*312

*

8 6 *18t

2.0

2.1

2.1

1.7

1.7

2.0

1.4

0 .8

0.8

0.9

0 .8

0 .9

0 .9

1 .4

1 .0

0 .2

- 1 .7

9-74

2.2

2 .2

2.3

1.9

1.9

2 .2

1.7

1.1

1.2

1.4

1.3

1.5

1.6

1.7

1.6

5 .0

V

86*

2.0

2.1

2 .1
r-----

2 .0

0
1
*

•

0
0

5-74
6-74

1.8

1.8

1.5

1.2

0 .9

2 .3

- 0 .4 \

86*511

5-74

6-74

7-74

8-74

3-73

2.1
5-73

W 3

2 .0

7-73 , i?73

1.5

1.0

1.1

1.2

1.1

1.2

1.3

9-73 10-73 11-73 12-73

*-74

?- 7 *

3-74

[13
4-74

9-74

IN IT IA L MONTH

PAYROLL EMPLOYMENT
COMPOUNDED ANNUAL RATES OF CHANGE
TERMINAL
MONTH
4-73
" * -

71"

THOUSANOS
OF PF.RSONS

IN IT IA L MCNTH

- y .f i-

417^

5-f 3

6-73

M 3

8-73

9-73 10-73 11-73 12->3

1^4

IP 7 4

5-74

5^74

6-74

7-74

8-74

9-74
75*105

3. i

I T

75*321

I T

- 3 = 7 1 ----- T T

T X *

T T T

2.3

2 .0

1.3

2 .7

2 .6

3-73
7-73

2 .8

T S T526 '
75,478

18
2 .6

-0 .8

75,747

2 .3

3.9

75*961

34

IN IT IA L MCNTH
p .

P R Ç L IM IN A R Y




P R E P A R E D 8 Y F E O E R A L RfcStRVE B A N K OF
N O V E M B E R 1* 1 9 7 4

2

ST. L O U I S

E MPLOYMENT
RATIO

SCALE

MILLIONS

RAT \ 0 S C A L E
SEASONALLY

OF P E R S O N S

MILLIONS

adjusted

SOUR C EI

PE R C E N T A flE S
LATEST

ARE AMNUAL

DATA PLO TTE D *

R AT ES

OF CHANGE FOR

P E R IO D S

OF

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

P E R S ONS

OF LABO R

IN O IC A T E D .

OCTOBER P R E L I M I N A R Y
PR EP A R E D

§Y

FEDERAL

RESERVE

SAUK

OF S T .

L O U IS

UNEMPLOYMENT R A T E S 1
PERCENT




SEASONALLY

ADJUSTED

S O U R C Ei
■ PE R C E N T
LATEST

OF

C IV ILIA N

LABOR

FO RCE

DATA

PLO TTED t

PERCENT

U .S .

D EPA R TM EN T

OF LABOR

IN 6R0U P

OCTOBER
PR EP A R E D

3

SY

FE D E R A L

R ES ER V E

SANK

OF

ST.

L O U IS

C O N S U M E * OR ICE I N D E X , S E A S O N A L L Y A D J U S T E D
C O M P O U N D E D A N N U A L R A T E S QC C H A N G E
TERMINAL___________________________________________________________________ IN IT IA L MONTH____________________________________________________________________1967 » 100
MONTH
3 -7 3
4-73
5-73 6-73
7-73
8-73 9-73 10-73 11-73 12-73 1-74 2-74
8-74 9-74
3-74 4-74 5-74 6-74 7-74
130.71

4 -7 3

7 .9

5-7 3

7.5

7 .0

6-73

7.5

7.3

7.6

7-7 3

6.1

5.5

4 .7

2 .0

8-73

9 .6

10.1

11. 1

12.9

24.9

131.45
132.25
132.47
134.95
135.50

3.9

9 .0

9.5

1 0 .2

14.5

5 .0

• *
;> >

>-73
1 0 -7 3

9.2

9. 7

10.2

13.1

7.6

10.2

0.3

9 .7

10. 1

1 2 .2

8.3

10.0

11 - 7*

•

136.60
137.67

9 .8

3. i

9.1

9.4

9 .7

11.3

8. 1

9 .2

1-7 4

9 .4

« .6

9 .9

10.2

11.6

9.2

10.2

1 0 .2

10.5

13.5

2-74

10 . o

1 0 .2

10.5

10.9

12.2

10.2

11.3

11.6

12.2

14.6

15.7

3-74

10.2

10.5

10.8

11.2

12.4

10.7

11.7

12.0

12.5

14.2

14.6

1 3 .6 „

4-74

10.0

10.2

10.5

1 0 .8

11.8

1 0 .?

11.0

11.1

il.4

12.4

12.1

10.3

7.1

5-74

1 0 .?

10.4

10.7

11.0

12.0

10.6

11.3

11.5

11.8

12.6

12.4

11.4

10.3

13.5

6-74

10.4

l n .

6

10.8

11.1

12.0

10.8

11.4

11.6

11.8

12.6

12.4

1 1 .6

10.9

12.8

12.2

7-74

1n .*

10.5

10.7

11.0

11.8

10.6

11.2

11.3

11.5

12.1

11.9

11.1

10.5

11.7

10.8

9.5

3—
74

10. 7

10.9

11.2

11.4

12.2

11.2

11.8

11.9

12. 1

12.7

12.6

12.1

11.9

13.1

12.9

13.3

17.3

9-74

11.0

11.2

11.5

11.7

12.4

11.5

12.1

12.3

12.5

13.1

13.1

12.7

12.5

13.7

13.7

14.2

16.7

16.0

10-74

11.0

11.2

11.4

11.7

12.3

11.5

12.0

12.2

12.4

12.9

12.8

12.4

12.3

13.2

13.1

13.3

14.7

13.4

10.8

3-73

4-73

5-73

6-73

7-73

8-73

9-73 10-73 11-73 12-73

1-74

2-74

3-74

4-74

5-74

6-74

7-74

8-74

9-74

12-73

8 .6

138.50

7.5

139.97
141.68
143.19
144.01
145.54
146.94
148.05
150.03
151.90
153.20

IN IT IA L MONTH

PREPARED BY FEDERAL RESERVE BANK OF S T . LOUIS
NOVEMBER 21, 1974
WHOLESALE P R IC ES - INDUSTRIAL COMMODITIES, SEASONALLY ADJUSTED
COMPOUNLEO ANNUAL RATES OF CHANGE
TERMINAL
MONTH

IN IT IA L MONTH
3-73

4-73

5-73

6-73

7-73

8-73

9-73 10-73 11-73 12-73

1-74

1967 = 100
2-74

3-74

4-74

5-74

6-74

7-74

4-73

12.1

12.2

6-73

11.1

10.7

9.2

7-73

8.5

7.4

5 .0

1.1

a- 73

8.3

7.3

5 .8

4.1

9-73

3.5

7.9

6 .8

6 .0

8.6

9 .9

10-73

8.8

8.2

7.5

7.0

9. 1

10.0

10.1

11-73

10.0

9.6

9 .4

9.4

1 1.6

13. 1

14.7

19.5

12-73

11.0

10.3

10.7

10.9

13.0

14.4

16.0

19.1

18.6

1-74

12.5

12.5

12.6

13.1

15.2

16.9

18.7

21.7

22.8

27.2

2-74

13.9

14.1

14. 3

15.0

17.1

18.8

20.7

23.5

24.8

28.1

2 9 .C

3- 74

16.0

16.3

16.8

17.6

19.9

21.8

23.9

26.9

28.8

32.3

3 5 .0

41.3

4-74

17.6

18.0

ld .6

19.6

21.8

23.8

25.9

28.7

30.7

33.9

36.2

3 9 .9

5-74

18.9

19.5

2C.1

21.1

23.4

25.3

27.4

30.0

31.9

34.7

3 6 .7

39.3

38.3

38.2

6-74

19.7

20.2

20.9

21.9

24.0

25.8

27 .7

30.1

31.7

34.0

35.4

37.1

35.7

34.3

30.5

7-74

20.8

21.4

22.1

23.1

25.1

26.9

23.7

31.0

32.5

34.6

35.9

37.3

36.4

35.7

34.4

38.4

8-74

21.5

22.2

22.9

23.9

25.9

27.6

29.3

31 .4

32.8

34 .7

35.8

3 6 .9

36.1

35 .5

34.6

36.6

9-74

12.0

5-73

8-74

34.9

123.75
124.94
125.86
125.97
7.3

126.71
127.71
128.74
130.67
132.54
135.22
138.12
142.16
38.5

146.07
150.06
153.43
157.64

21.6

22.2

23.2

24.9

2 o.4

27.9

29.6

30. 7

32.1

32.7

33.2

31.9

30 .7

28.8

28.3

23.5

13.1

20.7

21.2

21.7

¿ 2 .6

24.2

25.5

26.8

28.3

29.1

30.2

30.5

30.7

29.2

27.8

25.8

2 * .6

20.3

13.7

.14.2

3-73

4-73

c-7 3

6-73

7-73

8-73

9-73 10-73 11-73 12-73

1-74

2-74

3-74

4-74

5-74

6-74

7-74

8-74

9-7 4

X*

21.1

0
1

161.62

9-74




163.29
165.11

IN IT IA L MONTH

P R E P A R E D dY F E D E R A L R E S E R V E
N O V E M B E R 14, 1 9 7 4

4

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




PRICES

RATIO SCALE
1967-100

P E R C E N T A G E S A R E A N N U A L R A T E S OF C H A N H F O R P E R I O D S
LATEST DATA PLOTTED*

RATIO SCALE

SEASONALLY ADJUSTED

1 9 6 7 « ! 00

INDI C A T E D .

OCTOBER

P R E P A R E ? B Y F E O E R A L R E S E R V E B A N K O F ST. L O U I S

ratio

scale

WHOLESALE

PRICES

PERCENTAGES ARE ANNUAL RATES OF CHAN6E FOR PERIODS
LATEST OATA PLOTTEOt

ratio

scale

INDICATED.

OCTOBER
INK OF S T.

5

LOUIS

W H O L E S A L E P R I C E S - ALL C O M M O D I T I E S , S E A S O N A L L Y A O J U S T E O
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 _____________
TERMINAL
MONTH "

______________________ IN IT IA L MONTH____________________________________________________________________ 1967 » 100
3-73

4-73

5-73

6-73

7~ 73

8-73

9-73 10-73 11-73 12-73

1-74

2-74

3-74

4-74

5-74

6-74

7-74

8-74

9-7»

10.1

130.27

5-73

17.1

24.6

132.68

6-73

20.9

2 6 .6

4-73

135.50

28.7

133.63

7-73

10.6

10.7

8-73

25.1

29.1

30.7

4 .4 -1 5 .4
31.7 104.9

9-73

17.0

18.4

16.9

13.2

141.86
139.76

30.9 -1 6 .4

139.65

10-73

14.2

14.9

13.1

9 .5

19.3

- 9 .0

- 0 .9

11-73

13.3

13.8

12.1

9 .0

16.1

- 3 .9

3 .0

7 .2

12-73

14.1

14.7

13.3

10.9

17.1

1 .8

8 .7

13.9

21 .0

140.46
142.71
146.79

1-74

16.5

17.3

16.4

14.7

20.7

8 .5

15.9

22.1

30.3

40.3

2-74

16.8

17.5

16.7

15.3

20.5

10.3

16.6

2 1 .4

26.6

29.4

19.4

3-74

16.6

17.3

16.5

15.3

19.8

11.0

16.3

20.1

2 3 .6

2 4 .5

17.3

15.1

4-74

16.5

17.0

16.3

15.2

19.2

11.4

16.0

19.1

21. 7

21.9

16.3

14.7

14.3
15.5

148.98
150.74
152.43

5-74

16.5

17.0

16.4

15.3

18.9

12.0

16.1

18.8

20.8

20.8

16.4

15.4

6-74

15.7

16.1

15.5

14.5

17*7

11.3

1 4.9

17.1

Id .6

18.2

14.2

12.9

12.2

11.1

5 .8

7-74

17.9

18.4

18.0

17.2

20.4

14.7

18.4

20.8

2 2.6

22.8

20.1

2 0 .3

21.6

24.1

28.1

55.0

16.7

154.40
155.13
160.90

8-74

19.9

20.5

2 0.3

19.7

2 2 .9

17.8

21 .5

24.0

26.1

26*7

2 4 .9

25.8

28.1

3 1 .8

37 .3

5 6.3

57.6

9-74

18.8

19.3

19.0

18.4

21.2

16.4

1 9 .7

21.8

23 .3

2 3 .6

2 1.6

2 2 .0

23.1

2 5 .0

27.1

35.2

26.2

1.1

10-74

19.4

20 .0

19.7

19.2

21.9

17.5

2 0 .6

22. 6

24.1

24.4

22.7

23.1

24.3

26.1

28. i

34.3

28.1

15.4

31.8

3-73

4-73

5-73

6-73

7-73

8-73

9-73 10-73 11-73 12-73

1-74

<—
74

3-74

4-74

5-74

6-74

7-74

8-74

9-74

167.12
167.27
171.16

IN IT IA L MONTH

WHOLESALE PRICES-FARM PRODUCTS ANO PROCESSED FOODS AND FEED S, SEA S. A D J.
________________________ COMPOUNDED ANNUAL RATES OF CHANGE____________________________

3-73

4-73

5-73

6-73

7-73

8-73

9-73 10-73 11-73 12-73

1-74

2-74

3-74

4-74

5-74

6-74

7-74

0
0
i

TERMINAL__________________________________________________________________ IN IT IA L MONTH____________________________________________________________________1967 * 100

MONTH

9-74

4-73

7 .6

5-73

30.1

57.2

6-73

44.8

6 8 .0

7-73

15.4

18.1

8-73

70.5

91.3 104.2 117.8 713.1

9-73

39.0

4 6 .3

43.7

33.5 101.9 -4 9 .9

173.8
170.0

148.3
154.0
79.6

161.7

2 .4 -4 1 .7

154.6
184.1

10-73

27.7

31.4

26.8

16.2

46.2 -3 8 .0 -2 3 .3

11-73

22.0

24.2

19.4

10.1

29.0 -3 0 .2 - 1 7 .5 - i l . 4

12-73

20.9

22 .6

18.3

10.4

2 5 .4 -2 1 .4

- 8 .7

- 0 .4

12.0

1-74

25.2

2 7 .4

24.1

17.7

32.3

- 8 .0

7 .1

19.7

39.0

72 .5

2-74

23.3

2 5 .0

21.8

16.1

28.1

- 5 .9

6 .8

16.0

26.8

34 .9

5 .5

178.6

3-74

18.2

19.3

16.0

10.5

19.7

- 9 .0

0 .6

6 .2

11.1

10.8 -11 .2 -2 5 .4

174.3

4-74

14.1

14.7

11.5

6 .3 .

5-74

11.0

11.2

8.1

3.2

6-74

6 .7

6 .6

3.5

-1 .2

7-74

11.3

11.6

8.9

4 .8

10.0

- 8 .3

- 2 .5

0 .1

1.6

0 .2

8-74

16.5

17.1

14.8

11.2

16.6

- 0 .6

5 .8

9 .2

11.8

11.8

9-74

14.0

14.4

12.2

8 .7

13.7

- 2 .3

3 .3

6 .1

8 .0

7 .6

1 .4

0 .9

6 .1

13 .8

25.5

59.2

38.1 -2 0 .7

10-74

16.6

17.1

15.1

12.0

16.9

1.8

7 .5

10.6

12.8

12.9

7.7

8 .0

13.8

22.2

34.0

6 2 .8

49.2

17.6

74.2

3-73

4-73

5-73

6-73

7-73

«-73

9-73 10-73 11-73 12-73 . 1-74

2-74

3-74

4-74

5-74

6-74

7-74

8-74

9-74




168.3
169.9
177.8

13.6 -1 1 .2

- 3 .6

0 .1

2 .6

9 .2 -1 2 .6

- 6 .3

-3 .6

- 2 .2

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

- 8 .9

- 8 .5 -1 1 .5 -22.6 -2 8 .4 -2 9 .3 - 3 1 .3 -3 8 .5

0 .4 -1 6 .2 - 2 5 .4 - 2 5 .4

170.1

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

- 8 .5 - 1 1 .0
5 .1

5 .0

- 7 .1

0 .0

12.4

24 .5

166.4
159.8

14.1 111.6

170.1

46.3 125.6 140.4

183.0
179.5
188.0

IN IT IA L MONTH

P R E P A R E O BY F E D E R A L
N O V E M B E R 14, 1 9 7 4

6

RfcSfcRVE B A N K O F

TFT L O U I S

INDUSTRIAL
RATIO

PRODUCTION

SCALE

RATIO
SEASONALLY ADJUSTED

1967-100

1966

1967

1968

P E R C E N T A 6 E S ARE ANNUAL
LATEST

DATA PLO TTE D *

R A T ES

1969

1970

OF CHANCE FOR

1971

PE R IO D S

SCALE

1967-100

1972

1973

1974

IN D IC A T E D .

OCTOBER P R E L I M I N A R Y
PR EP A R E O

B Y FE D E R A L

RESERVE

BANK

OF

ST.

L O U IS

INDUSTRIAL PRODUCTION
COMPOUNDED ANNUAL RATES OF CHANGE

I

u>

CD

TERMINAL__________________________________________________________________ IN IT IA L MONTH____________________________ ______________ ________________________ 1967 « 100
MONTH
7-73
9-73 10-73 11-73 12-73 1-74 2-74 3-74 4-74 5-74 6-74 7-74 8-74 9-74
3-73 4-73
5-73 6-73
124.1

4-73

4 .0

5-73

6 .0

8 .0

6-73

6 .3

7 .5

6 .9

7-73

7 .5

8 .6

9 .0

11.0

124.9
125.6
126.7

8-73

5 .5

5.9

5.2

4 .4

- 1 .9

9-73

5.1

5.3

4 .6

3 .9

0 .5

2 .9

10-73

4 .6

4 .7

4 .1

3 .4

1.0

2 .4

1.9

3.2

3.4

4 .8

127.5

0 .0

-0 .9

-2 .3

126.5

11-73

4 .6

4 .7

4 .2

3 .7

1.9

12-73

3 .0

2 .9

2 .2

1 .4

-0 .4

126.5
126.8
127.0

1-74

1.7

1.4

0.6

- 0 .3

-2 .0

- 2 .1

-3 .3

- 4 .9

-9 .5

- 9 .9 V

125.4

2-74

0 .8

0 .5

- 0 .3

- 1 .2

-2 .8

-3 .0

- 4 .1

- 5 .6

-8 .8

-8 .7

124.6

3-74

0 .8

0.5

- 0 .2

- 1 .0

-2 .4

- 2 .4

- 3 .3

- 4 .3

- 6 .4

-5 .6

- 3 .3

i.o V

4-74

0.9

0 .6

0 .0

- 0 .7

- 1 .9

-1 .9

- 2 .6

- 3 .3

- 4 .8

- 3 .7

- 1 .6

1 .5

1.9

5-74

1.4

1.2

0 .6

0 .1

- 0 .9

-0 .8

- 1 .3

- 1 .7

- 2 .8

- 1 .5

0.7

3 .6

4 .9

8 .0 s

124.7
> 2 .2 %

124.9
125.7

6-74

1.4

1.2

0 .7

0 .2

-0 .8

-0 .7

-1 .1

- 1 .4

- 2 .3

-1 .1

0 .8

2 .9

3 .6

4 .4

7-74

l.l

0 .9

0 .4

-0 .1

- 0 .9

- 0 .9

- 1 .2

- 1 .6

-2 .3

- 1 .4

0 .2

1.7

1.9

1 .9

- l.o

- z .e V

8-74

0.9

0 .7

0.2

- 0 .3

- l.l

-1 .0

- 1 .4

- 1 .7

- 2 .4

- 1 .5

- 0 .3

1.0

1.0

0 .7

- 1 .6

- 2 .8

9-74

1 .0

0 .9

0 .4

0 .0

-0 .7

- 0 .7

- 0 .9

-1 .2

- 1 .8

- 0 .9

0.2

1.4

1.4

1 .4

- 0 .2

- 0 .6

0 .5

10-74

0 .6

0 .4

0 .0

- 0 .4

- l.l

- l.l

- 1 .4

- 1 .7

-2 .2

- 1 .5

- 0 .5

0 .4

0 .3

0 .0

- 1 .5

-2 .1

- 1 .9

- 1 .4

-6.5^

4-73

5-73

6-73

7-73

8-73

9-73 10-73 11-73 12-73

1-74

2-74

3-74

4-74

5-74

6-74

7-74

8-74

9-74

3-73

125.8
125.5

- 2 ^ ^

125.2
3 ?9 \.

12 5 .6P
124.9P

IN IT IA L MONTH
P- P R E L I M I N A R Y




PREPARED
NOVEMBER

7

BY F E D E R A L R E S E R V E B A N K OF ST. L O U I S
15* 1 9 7 4

PE RSONAL
RATI O

SCALE

TRILLIONS

MONTHLY

OF

DOL L A RS

I NCOME

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

RATES

SEASONALLY ADJUSTED

RATIO
TRILLIONS

SCALE

OF D O L L A R S

0.

0.

0.

SOURCEt
PERCENTAGES

ARE

LATEST

PLOTTED.

DATA

ANNUAL

RATES

OCTOBER

OF

CHANCE

FOR

PERIODS

U.S.

DEPARTMENT

OF

COMMERCE

INDICATED.

PRELIMINARY
PREPAREO

BY F E D ERAL

RESERVE

BANK

OF ST.

LOUIS

FErtSo n T C I n c o m e
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 _________________________________________________________________
B I L L I O N S OF
T E R M I N A L ___________________________________________________________________I N I T I A L M O N T H ___________________________________________________________________ D O L L A R S
A NNUAL RATES
MONTH
2-74
3-74 4-74 5-74 6-74
7-74 8-74 9-74
7-73 8-73 9-73 10-73 11-73 12-73 .1-74
5-73 6-73
3-73 4-73
1 031.7

4-73

8.8

5-73

8.7

6-73

9 .2

9 .4

10.0

7-73

9 .5

9 .8

10.4

10.7

8-73

10.4

10.8

11.5

12.3

13.9

9-73

11.2

11.7

12.5

13.3

14.6

8.7

1 038.9
047.2

1
1 056.1

1 067.6
15.4

080.4

1

10-73

11.3

11.8

12.4

13.0

13.8

13.8

12.2

11-73

11.3

11.6

12.1

12.5

13.0

12.7

11.4

10.6

1 090.8

12-73

10.9

11.2

11,5

11.8

12.0

11.5

10.3

9 .3

8.0

1-74

9 .7

9.8

10.0

10.0

9 .9

9,1

7.6

6.1

3.9

-0.1

2-74

9.5

9 .6

9.7

9 .6

9 .5

8.8

7.5

6 .3

5.0

3.5

7.2

9.1

9 .0

8 .8

8.1

6.9

5 .9

4 .7

3 ,7

5.6

1 100.0
1 107.1
1 107,0
1 113.4

3-74

9.0

9,1

4-74

9.0

9.1

9.1

9 .0

8.8

8.2

7.2

6 .4

5.6

5.0

6 .7

6 .5

9 .1

5-74

9 .2

9 .2

9.3

9 .2

9.1

a .5

7.7

7 .1

6.5

6.2

7.8

8.1

10.1

11.2

6-74

9 .2

9.2

9.3

9 .2 _ 9.1

a .6

7 .9

7 .3

6.9

6 . 7_
_

8.1

8 .3

9 .8

10.2

9 .1

7-74

9 .7

9 .8

9 .9

9 .9

9 .8

9 .4

8 .8

8 .5

8.2

8 .3

* 9 .7

10.2

11.8

12.8

13.6

18.1

11. 1 _ 11.6

4.1

1 1 1 7 ,i
1 125.2
1 135.2
1 143.5
I 159.5

8-74

9 .6

9 .7

9.8

9 .7

9 .7

S .3

8.8

8 ,5

8.2

8 .3

9.5

9 .9

11.8

13.1

8.3

9-74

9.8

9 .8

9 .9

9 .9

9.8

9,5

9 .0

8 .8

8.6

8 .6

9.8

10.2

11.2

11.6

11.7

12.6

10.0

11.7

10-74

__9.7

9.8

9 .8

9 .8

9.8

9.5

9 .0

8 .8

8.6

8.7

9.7

10.0

10.9

11.2

11.2

11.7

9.6

10.3

8.9

3-73

4-73

5-73

6-73

7-73

8-73

9-73 10-73 11-73 12-73

1-74

2-74

3-74

4-74

5-74

6-74

7-74

8-74

9-74

INITIAL

I

167.2

I 178.0
1 186.4P

MONTH

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




P R E P A R E O BY FEOERAL
N O V E M B E R 15* 1 9 7 4

8

RESERVE

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

RETAIL
RATIO

SALES

SCALE

B IL L IO N S

RATIO

OF D O LLA R S

B IL L IO N S

SEASONALLY ADJUSTED

SCALE

OF D O L L A R S

50

150

J

1
10.8ZS\ 1
ry v. 4
— ■ 45
*0. 42

45
,

40

40
+f3. <

35

35

f

+3. SX

30

30
*/j

25 £

25

V

cr'
c.ê

r
o
\Í
\

(/t *
Qf*

V Aue^s*

iTw

♦i

1966

1967

M

1968

1969

1970

1971

Y'*\

•rs acr.v

1973

1974

1

..............

1972

20

SOURCE* U.S. DEPARTMENT OP COMMERCE
PERCENTAGES ARE ANNUAL RATES Of CHANCE FOR PERIODS INDICATED.
LATEST DATA PLOTTED* SEPTEMBER, OCTOBER ADVANCE ESTIMATE
PREPARED DY FEDERAL RESERVE DANK OF ST. LOIIIS
RETAIL SALES
C O M P O U N D E D ANNUAL R ATES OF C H A N G E
INITIAL MO N T H

M I L L I O N S OF
DOLLARS

M
C.Nt H
J- 7 3

4-73

5-73

0-73

7-73

9-73 10-73 11-73 12-73

Ï1-73

I -74

2-74

3-74

4-74

5-74

6-74

7-74

8-74

9-74
41.185

4-73 f - 2 n u 5 V
5-73

-3.Ö

41,723

6-73

- 7 .5

7-73

5.7

16.3

16.0

41.167

- 0 .3 - 1 4 . 9 \
53.0

<K).4%

42.T67
42.355

8-73

_2.2

8 .8

6.2

I B . 6 -11 * j N

9-73

2 .6

8 ,0

5 .9

13.9

-3 .3

10-73

4.1

8 .9

7,3

13.7

1.9

11-73

3.6

7 .6

6.1

10.9

1.5

12-73

0 .4

3.4

1.6

4 .7

- 3 .6

-•*.7

-3 .8 -1 1 .3

1-74

2 .7

5 .7

'-».4

7.5

0.8

i.J

2 .9 - 0 ,4

.2-74

3.0

5. /

^ .5

7.3

1.5

3.7

3 .4

42.529
42.970

Í. 0
6 .5

42.976

0.2

42.116
- 0 .6

1

\
25.9

42.932

1.1

1.5

15.4

43.134
43.872

3-74

4 .5

7.1

6.2

8 .9

3.9

3.2

6 .4

5.1

6 .4

17,8

13,9

2 2 .ÌV

< -74
♦

5.1

7.5

6 .7

< .2
>

4 ,8

6 .9

7.2

6 .2

7.5

16.2

13.2

17.1

*5-74

5 .9

ö •3

/ •6

9.9

6 .0

1.1

8.5

7 .8

9.1

16,6

1^*3.. 17.3 .. 14.8 „1 7 . ^ V ............ ...... ...... .

_L.L
Sii.
-B.4

10 . 5

10.1

12.1

9.2

7.7
10-74

7.b

5 .J

3-73

4-73

8 .5

5 .3

6.7

4,3

I 8 ,0

20 . 1

5-73

6-73

7-73

11. 7

11,5

12. 9

18.1

17.0

19.0

18.3

20.0

20.7

3 8 .1

8.3

7.9

6. 7

12.7

11,2

11.9

10,3

10.0

6,1

13.9

7.2

6 .8

7

.<*

1 0.8

9.2

9-7

8.0

7.3

5.3

8.9

9-73 10-73 11-73

12-7 3

1-74

2-74

3-74

4-74

5-74

6-74

8-73

I N ITIAL

9.5

44,894 ___

21 ,2__59_._2

11.1

.

12. 1

—

44,i S93_

10,5

7.1

6.S

44.283

____

1 0 . 9 — LQa.6_ U ^ O _ L L& 9 _ 16*6___18 . 9
_
_
_

_1± A

6 .9

5. 7

+ i1V i O /©
q

D . i

___11,6

r*L

11. ö--- .
X
---

-7.8

46»356
47.056
-3.7 -¿¿>5,

% t e ? .

-4,1 -14,1

-4.9Ï

7-74

45.8766

9-74

8-74

month

P- PKr L I MI NA ¿Y
c___




P R EP A RE D «V FED ER A L
N O V E M B E R 13# 197 4

RFSFkVE

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

COMPENSATION PER MAN-HOUR» TOTAL PR IV A TE ECONOMY
_________COMPOUNDED ANNUAL RATES OF CHANGE__________

- I Ì 6 7 » 100,

. I f l U LAI^JQUARIfLft-.

TERMINAL
QUARTER
4-49

1-70

2-70

3-70

4-70

1-71

2-71___3-71

4-71___ 1,-72

¿“ 72

?~U

ii?2

1-7?

2-7?

3-7?

,*r7?--- 1~7*

2r7i...

A- 2

2-70

6.6

7. 1

3-70

7*4

8- 1

9.0

4-70

6.B

7.0

6.9

4.a

1-71

7.0

7.2

7.2

¿.3

__

121.3
123.4

1-70

126.1
127.6
7.7

....1 3 0 . 0
132.0

2 -7 1

6.9

7.0

7.0

6*3

7* 0

3 — 71

7.0

7. 1

7*1

6*7

7*3

7*0

7*8

4-71

6.6

6.7

6.6

6*1

6*4

6.0

5*8

3.9

1-7?

6.4

7.0

7.0

6.7

7*1

fc.9

7. 1

6.8

2-72

6.9

7.0

6.9

6*6

6.9

6.f
t

6.9

6.6

8. 0

6.2

i-7?

6-7

4-7

6.7

4-4

6.6

6.5

6.5

6.2

6.9

5.5

4.9

7.1

6.2

6.2

7.5

6.3

134.5

139.0

9.8

141.1
1*2.8

¿-ft

6-f
t

¿.ft

6-5

6.7

6.6

6.7

7-2

7-3

7- 3

7-2

7.4

7. 4

7.5

7.5

8.2

7«_ft

8.4

10.2

13.0

2-7*

7-1

7.2

7.2

7.1

7. 3

7*2

7. 3

7.3

7.8

7.5

7.8

8.8

9.4

6.0

*-7*

7.0

7-1

7-1

6-9

7.1

7.1

7.2

7.1

7.5

7.2

7.4

8.0

8.2

5.8

7-2

7-2

7-0

7.2

7.2

7.2

7*3

7.6

7.5

7.3

8.0

...
5.6

154.2

7.0
6.8

7 .1

7-0

7. 2

7.1

7.2

7*1

7.5

7.2

7. 4

7.8

7.8

6.6

7.5

7. 6

7.5

7*7

7*7

7*8

7.8

8.2

8.0

8.2

8.7

8.9

3 —74

7.6

7.7

7.7

7.7

7.

7 *9

8.0

8.0

8.4

8.2

8.5

8.9

2-70

3-70

1-71

2-71

3-71

4-71

1-72

2-72

3-72

1

O'
<
0

4-70

, 9.1. .
4-72

159*8

7.4

6.5

9.6

8.1

-4
O

7-1

7-5

*
1

7-1

..

JL57.3

6.6

1-74

m * 9

152.1

8.2

2-7 4

ft

..

145.4

1-7*

7-1

10.3

14.2

165.2

8.5

9.0

9.9

10.4

12.4

10.6

1- 7 3

2-73

3-73

4-73

1-74

2-74

2-73

3-73

4-73

1-74

169.4P

2-74

INITIAL Q U A R T E R
P- P R E L I M I N A R Y
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 O F C H A N G E

..IliLIlAL Q ARTE
U
R

..IJEEMiaAL
QUARTER
4-69

I-Ttt

.... Irli ....2r7.1__ 3~71

2~7Q

4-71___ L-Z2

2-72

-1361.« 1903^11

4-72

1-73

JLQ-2.9

2r7,Q

103*8

3-JO
,.,.

105*7

n iw
r
1- 7 1

.. 3 . 6
.

2-71

3*3

4.2

4.3

3.3

2.2sS s M . 4 %

3-71

3.4

4.1

4.2

3.4

3.0

3.7s

4 t Z.1. .JL*1 ...1 * 9

.A*_Q

3.3

3.0

3. 4

370s

4*7

5. 0

3.8

107.7
108.3
109.3

1-7 2

3.4

4.0

4.0

3.4

3.2

3.6

2-72

3*6

4.1

4.2

3.7

3.7

4.1

4.2

110.1

3.5

.
_...3r22_ . . 3 . 6

111.2
4.6

5.5s

112.7

4.1

4. 1

3.7

3.7

4*0

4.0

4.4

4.5

3.6s

4-72

3. 8

4.2

4.3

3.9

3*9

4.2

4.3

4*6

4.8

4*5

5.4s

4.4

4*1

... 4 . 2

4.5

4*6

5.0

5.2

5.1

5.9

3.6

3.6

3.8

3.8

3.9

3.9

3.5

3.4

2.4

2*4

2.1

1.0

113.7
115.2

I 4.4 1

3.6

3.9

3-73

3.2

3.5

3*5

3. 2

3*0

3. 1

3. 1

3.1

2.9

.4=7.1 .

3.0

3.3

3*3

2.9

2.8

2*8

2.7

2.7

2.5

2.0

1.7

1-74

2*4

2.6

2. 5

2.2

1.9

1.9

1. 7

1 *6

1*3

0.7

0.2

2-74

2.3

2*5

2*5

2* 1

1.9

1.8

1*7

1.5

1 .3

0.8

0.4

-0.5

-1*8

.. 3 t 7 4
.

2-0

2*2

2.1

1*8

1. 5

1*4

1.2

1.0

0 *8

0*2

-0.2

-0.9

4-69

1-70

2-70

1-71

2-71

3-71

4-71

1-72

2-72

3-72

4-72

_

a Q...

1
*

4.0

0
1
m

1-73
...2-73

.A

117.0

v .

116.6
-1.5

-1.7

0.8

-1.0

-0.9

-0.8

-2.6

-3.0

116.1
O.O^V
-3.6

116.1

- 7 . 0 V

.

114.0

1-73

-1.9

-1.9

-2.9

-2.3

-2.4

-3.2

-1.2

-3.8\

114.4

2-73

3-73

4-73

1-74

2-74

113.3P

INITIAL QUARTER
P - PRELIM INARY




.

135.8

4 — 72

4 -7 *

„

PREPAREO BY FEDERAL RESERVE BANK OF ST . LO U IS
OCTOBER 31. 1974

10

_

_

PRODUCTIVITY, COMPENSATION, AND LABOR COSTS
RATIO SCALE
1967-100

RATI O SCALE
1967-100

SEASONALLY ADJUSTED

SOURCE« U.S. DEC,
PERCENTAGES a r e ANNUAL RATES OF CHAN6E FOR PERIOOS IN0ICATE0.
LATEST DATA PLOTTED« 3RD QUARTER PRELIMINARY

UNIT L A B O R COSTS,

TOTAL PRIVATE ECONOMY

QUARTER
4-69
1-70
2-70

5. 4

3-70

...,+t l

1-70

2-70

3-70

4-70

1-71

2-71

3-71

4-71

1-72

2-72

3-72

4-72

1-73

2-73

3-73

4-73

1-74

2-74

7. 5

117.9
3.4^"V.

118.9

-2

4-69

1-70

119.3

2-70

—

3-70

4-70

1-Î 1

2-71

3-71

4-71

1-72

2-72

3-72

4-72

1-73

2-73

3-73

4-73

1-74

INITIAL Q U A RTER

2-74
^

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




PR E P A R E O BY F E O E R A L
O C T O B E R 31. 1 9 7 4

RtSE^VF.

B A N K OF 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 U R R E N T O O L l A R S
CO M P O U N D E D ANNUAL RA T E S OF CHAN G E
" B I L L I O N S OF
DOLLARS
•ANNUAL R A T E S
2-74

INITIAL QUARTER

TERMINAL
nraffnnr
4-69

1-70

2-70

3-70

4-70

1-71

2-7i

3-7 1

4-71

1-72

2-72

3-72

4-72

1-73

2-73

3-73

4-73

1-74

4,1
970.6
3-70

987.4
991.8

10,1
4-69

Ï— 70

2=?0

3-70

4-7Ö

FTÏ

2^ 7 1

10.2

10.0

10.0

10.0

9.6

8.7

8.5

8.1

7.1

H Ï

4-71

1-72

2-72

3-72

4-72

1-73

2-73

3-73

4-73

1-74

2-74

INITIAL QUARTER

G R O S S N A T I O N A L P R O D U C T IN C Q N 5 T X N T " 1 9 5 * O 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
BtLLtÖWÖT"
DOLLARS
ANNUAL RATES

INITIAL QUARTER
QUARTER
1-71

2-71

3-71

4-71

1-72

2-72

3-72

1-73

4-72

2-73

3-73

4-73

1-74

2-74
721.2
722.1

0.5

u>
i
o

727.2

0.4

1.7

2.9

r
-j
o

-0.8

4-70

3-70

-2.1

2-70

1-70

1
o

4-69
1-70

-0.8

-0.4

-0.8

1-71

1 .3

2.2

2.7

2-71

1.6

2.3

2.8

2.7

6.4

3-71

1.7

2.4

2.8

2.8

5.2

2.8

2 . 8 \

4- 71

2.3

3.0

3.4

3.5

5.5

4.0

4.6

1-72

2.8

3.4

3.8

4.0

5. 7

4.6

5.2

-4.3

719.3

f

736.9

10.2

742.1
747.2
6^ + 6 . 7 %

759.1

6.4

770.9

6 . 4 >\
s

786.6

2-72

3.3

3.9

4.4

4.6

6.1

5.4

6.0

7.1

7.4

8.4

3-72

3.5

4.1

4.5

4.8

6.1

5.5

6.0

6.8

6.9

7.2

6. 0 s

4-72

3.9

4.5

4.9

5.2

0 .4

5.9

6.4

7.1

7.3

7.6

7.1

798.1
814.2

8.3s

^

832.8

1-73

4.4

4.9

5.3

5.6

6.7

6. 3

6.8

7.5

7.7

8.0

7.9

8.9

2-73

4.2

4.7

5.1

5.3

6.3

5.8

6.2

6.7

6.8

6.8

6.5

6.6

5.8

3-73

4.0

4.5

4.8

5.0

5.8

5.4

5. 7

6.1

6.0

6.0

5.5

5.4

4.4

1.9

1.6 ^

4-73

3.9

4.3

4.6

4.8

5.5

5.1

5.4

5.7

5.6

5.4

4.9

4.7

3.9

2.1

2.0

1-74

3.2

3.6

3.8

3.9

4.5

4.1

4.2

4.3

4.1

3.8

3.2

2.7

1.6

-0.3

-1.1

-2.4

- 7 . 0 \

2-74

3.0

3.3

3.5

3.5

4.1

3.6

3.7

3.8

3.5

3.2

2.5

2.1

1.1

-0.5

-1.2

-2.2

-4.4

-1.6

3-74

2 .7

3.0

3.1

3 .1

3.6

3. 2

3.2

3.3

3. 0

2.6

2.0

1.5

0.6

-0.8

-1.4

-2.2

-3.6

-1.9

-2.n

2-70

3-70

4-70

1-71

2-71

3- T i

4-71

1-72

2-72

3-72

4-72

1-73

2-73

3-73

4-73

1-74

2-74

4-69

1-70'

......... . .

"""

.....




\

837.4
840.8

-0.8%
2

>

845.7

V

830.5
827.1
822.7

INITIAL QUARTER

P R E P A R E D BY F E D E R A L R E S E R V E
N O V E M B E R 15« 1 9 7 4

12

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

DEMAND
RATIO

SCALE

TRILLIONS

Q UAR TE RL Y

OF D O L L A R S

AND P R O D U C T I O N
TOTALS AT ANNUAL

RATIO

RATES

SEASONALLY ADJUSTED

TRILLIONS

OF

SCALE

DOLLARS

1
1.

1.

0 .

0 .

0 .

0 .

0 .

1966
ILGNP

1967

1968

1969

1970

IN CURRENT DOLLARS.

1971

1972

SOURCE« U . S .

1973

1974

DEPARTMENT OF COMMERCE

12.6NP IN 1 9 5 6 DOLLARS.
PERCENTAGES ARE ANNUAL RATES OF CHANCE FOR PERIO DS

I N D IC A T E D .

LATEST DATA PLOTTED« 3RD QUARTER




PREPARED BY FEDERAL RESERVE BANK OF S T .

13

L O U IS

GENERAL
RATIO

PRICE

INDEX*

S CA L E

RATIO

SCALE

---------- — I— —i------- 1— — I-------U---------- — —— ---------- u — -------- ------- L - J 105
L
1966
1967
1968
1969
1970
1971
1972
1973
1974
«AS USED IN NATIONAL INCONE ACCOUNTS
SOURCE« U.S. OEPARTNENT OF CONNERCE
PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIODS INDICATED.
LATEST DATA PLOTTED« 3RD QUARTER
PREPARED 8Y FEDERAL RESERVE SANK OF ST. LOUIS

IM P L IC I T P R TC F~D E FLA TO R FOR" GROSS N A T IO N A L PRODUCT
___________ COMPOUNDED ANNUAL R A TES OF CHANGE_____________
IN I T I A L
4 -6 9
1 -7 0

3 -7 0

4 -7 0

1 -7 1

2 -7 1

3 -7 1

4 -7 1

1958 *

QUARTER
2 -7 2

1 -7 2

6 .3

2 -7 0

1 -7 0

1
O

T E R M IN A L
Q UARTER

3 -7 2

4 -7 2

1 -7 3

2 -7 3

3 -7 3

4 -7 3

1 -7 4

100

2 -7 4

1 3 2 .9 1

5 .5

1 3 4 .4 1
1 3 5 .7 7

3 -7 0

5 .0

4 .3

4 -7 0

5 .3

5 .0

5 .2

1 3 7 .^ 8

1 -7 1

5 .2

4 .9

5 .1

5 .5

2 -7 1

5 .2

4 .9

5 .0

5 .3

4 .8

4 .8 \

1 3 9 .4 7

3 -7 1

4 .8

4 .5

4 .5

4 .6

4 .0

3 .7

1 2 .6

4 -7 1

4 .4

4 .1

4 .1

4 .1

3 .5

3 .1

2 .2

^

,

1 4 2 .7 0

1 -7 2

4 .5

4 .3

4 .3

4 .3

3 .9

3 .7

3 .3

3 .7

5 . 5 V

1 4 4 .6 2

1 4 1 .1 3
1 4 2 .0 3

1 4 5 .3 1

2 -7 2

4 .3

4 .0

4 .0

4 .0

3 .6

3 .3

3 .0

3 .1

3 .T

3 -7 2

4 .2

4 .0

3 .9

3 .9

3 .5

3 .3

3 .0

3 .1

3 .6

2 .6

4 -7 2

4 .2

4 .0

3 .9

3 .9

3 .6

3 .4

3 .2

3 .3

3 .7

3 .1

1 4 6 .5 0
1 4 7 .9 6

1 -7 3

4 .3

4 .1

4 .1

4 .1

3 .8

3 .7

3 .5

3 .7

4 .0

3 .7

3 .7
.
4 .3

2 -7 3

4 .5

4 .3

4 .3

4 .3

4 .1

4 .1

4 .0

4 .2

4 .6

4 .4

5 .0

5 .6

6 .4

7 .3

3 -7 3

4 .7

4 .6

4 .6

4 .7

4 .5

4 .5

4 .5

4 .7

5 .1

5 .0

5 .7

6 .3

7 .0

7 .8

8 .3

4 -7 3

5 .0

4 .9

5 .5

6 .2

6 .7

7 .4

8 .1

8 .5

4 .9

5 .0

b• 8

4 .9

4 .9

5 .1

5 .5

.

. .. ‘

4 .8

1

1 4 9 .9 5
1 5 2 .6 1
1 5 5 .6 7
1 5 8 .9 3

8 .6 ^

1 6 3 .6 1

1 -7 4

5 .4

5 .3

5 .4

5 .5

5 .4

5 .5

5 .5

5 .8

6 .3

6 .4

7 .0

7 .6

8 .4

9 .1

9 .7

1 0 .5

2 -7 4

5 .6

5 .6

5 .6

5 .7

5 .7

5 .8

5 .8

6 .1

6 .6

6 .7

7 .3

7 .9

8 .5

9 .2

9 .6

1 0 .1

1 0 .8

3 -7 4

5 .9

5 .9

6 .0

6 .1

6 .1

6 .2

6 .3

6 .6

7 .0

7 .2

7 .8

8 .4

9 .0

9 .6

1 0 .1

1 0 .5

1 1 .1

1 0 .6

ll.8 \

4 -6 9

1 -7 Ô

2 -7 Ô

3 -fO

1- 7 1

2 -n

3 -7 1

4 -7 1 - i- 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

.....




"

IN IT IA L

1 6 7 .3 1

9 .4 s

1 7 2 .0 4

QUARTER

PREPA RED'BY FEDERAL RESERVE BANK OF ST . LO U IS
NOVEMBER 15« 1974

14

P E R S O N A L C O N S U M P T I O N E X P E N D I T U R E S IN C U R R E N T 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 _____________
TERMINAL
QUARTER

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

INITIAL QUA R T E R
4-69

1-70

2-70

3-70

4-70

1 -71

2*71

1-70

6.7
6.6

6.4

5. 7

5. 3

4.7

7. 5

7.6

8. 0

8. 8
8.3

u.o

7.5

9.4

6.8

1-73

2-73

3-73

4-73

1-74

2-74

7. 3

7.8

4-72

14.9

7.8

3-72

3.0

1 -7 i

2-72

6.5

4-70

1-72

6.4

3-70

4-71

7.0

2-70

3-71

6.2

604.6
614.0
623« 7
628.3
650.5

2-71

7.5

7.5

3-71

7.3

7.3

4-71

7.3

7.3

7.4

7.6

8. 8

6.9

6.7

7. 1

1-72

7.6

7.7

7.9

8.2

9. 2

7.8

8.0

8.9

2-72

8.0

8.1

8.3

8. 6

9.6

8.5

8 .8

3-72

B.l

8 .2

8.4

8.7

9.5

8. 7

8.9

4-72

8.4

8.5

8.7

9.0

9.8

9. 1

9.4

1-73

8.8

8.9

9.2

9,5

10 . 2

9.6

662.1
672.1
683.8
10.8

701.5

9.7

11.1

720.6

9.6

10.5

10.3

9.3

10.0

10.7

10.7

10.4

11.5

10,0

10. 6

11.3

1 1.4

11.5

12.6

13.6

1 1.3

736.8
757.2
781.7
799.0

2-73

8«d

9.0

9.2

9.4

10.1

9.6

9.9

10.4

10.9

11 . 0

10.9

11.4

11.3

9.2

3-73

8. 8

9.0

9.2

9.4

10.0

9. 5

9.8

10. 2

10.7

10.6

10.5

10. 8

10.5

9.0

8.9

4-73

8.5

8.6

8.8

8. 9

9.5

9.0

9.1

9.5

9.8

9.6

9 .3

9.4

8.8

7 .3

6.3

3.8

616.3
823.9

1-74

8.5

8.6

8. 7

8.9

9.4

8.9

9.1

9.4

9.6

9.5

9.2

9. 2

8.7

7.5

7.0

6.0

8.4

2-74

8.8

8.9

9.1

9.3

9.7

9.3

9.5

9*8

10.1

10.0

9.8

9.9

9.6

8.8

8.8

8 .7

11,3

14.3

3-74

9.2

9.3

9.5

9.6

10.1

9. 8

10.0

10.3

10.6

10.5

10.5

10.6

10.5

10.0

10 « 1

10.4

12.7

15.0

15.7

4-69

t-70

T-7Ö

3-70

4-70 “ - f 1
i

2~7l

3^7 1

4-71

1-72

3-72

4 -12

1-73

2-73

3-73

4-73

1-74

2-74

_iZir

840.6
869.1
901.3

INITIAL QUARTER

P E R S O N A L Cuf

58 D O L L A R S
COMPOUNDED

TERMINAL
QUARTER

A N N U A L R A T E S OF C H A N G E
B IL L IO N S OF
DOLLARS
ANNUAL RATES

Q
INITIAL » UARTER
4-69

1-70

2-70

3-70

4-70

1-71

2-71

3-71

4-71

i-70

2.3
2.5

2.8

l.l

0. 9

0.0

3. 0

3.3

3.5

3.9

3. 0

3. 3

3.4

3.6

6.9

3.1

3.3

3.4

3.5

5.7

3.1

3.3

3.5

3. 7

3.8

5.6

3.8

4.2

3.7

4.0

4.2

4.4

5. 9

4.6

5.2

6.2

4. 2

4.5

4.7

4.9

6. 3

5. 4

6.0

6.9

7.7

2-74

7.1

2-72

1-74

5.2

1-7 2

4-73

3.2

4-71

3-73

3.1

3-71

2-73

11.0

2-7 1

1-73

-2.8

1-71

4-72

2.9

4-70

3-72

2.7

3-70

2-72

1.8

2-70

1-72

474.3
477.5
480.9
477.5
490.1
493.8
497.7
504.1
512.8
8.4

523.2

3-72

4.4

4.6

4.9

5.1

6.3

5.5

6.0

6.7

7.2

7.3

6.3

4-72

4.7

5. 0

5. 2

5.5

6. 6

5.9

6.4

7.1

7.6

7 .7

7.4

8.5

1- 7 3

5.0

5.2

5.5

5.7

6.7

6.2

6.7

7.3

7.7

7 .8

7.6

8.3

8.1

2-73

4. 7

4.9

5.1

5.3

6.1

5.6

5.9

6.3

6.5

6 .3

5.8

5.7

4.3

0.6

3-73

4.4

4.6

4. 8

4.9

5.6

5.1

5. 4

5.6

5.7

5.5

4.9

4.6

3.3

0.9

1. 2

4-73

3.7

3.8

3.9

4.0

4.6

4.0

4.1

4.2

4.1

3.7

2.9

2.3

0.8

-1.6

-2.7

-6.4

1-74

3.2

3.3

3.3

3.4

3.8

3.3

3.3

3.3

3.1

2.6

1.8

1.1

-0.4

-2.4

-3.4

-5.6

-4.7

2-74

3.1

3. 2

3.3

3.3

3. 7

3. 2

3.2

3. 2

3.0

2.6

1.8

1.2

0.1

-1.5

-2.0

-3.0

-1.3

2.2

3-74

3.2

3.2

3.3

3.3

3.7

3.2

3. 2

3. 2

3.0

2.6

2.0

1.5

0. 5

-0.7

-0.9

-1.5

0.2

2.8

3.4

4-69

1-70

2-70

3-70

4-70

1-71

2-71

3-71

4-71

1-72

2-72

3- 7 2

4-72

1-73

2-73

3-73

4-73

1-74

2-74




531.2
542.2
552.9
553.7
555.4
546.3
539.7
542.7
547.2

INITIAL Q UARTER

P R E P A R E D BY F E D E R A L
N O V E M B E R 15, 1 9 7 4

15

RESERVE

BANK OF ST. L O U I S

G R O S S P R I V A T E D O M E S T I C I N V E S T M E N 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 _____________
TERMINAL
QüiRTEft

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

INITIAL QUARTER
4-69

1-70

2-70

-3.6
1.3

9.4

-0.4

4.3

3. 0

5.0

10.1

11.2

10.9

2-72

3-72

4-72

1-73

2-73

3-73

4-73

1-74

2-74

-5.1

1 -7 1

1-72

11. 7

4-70

4-71

7.1

3-70

3- 7 1

- 13.2

2-70

2-7 1

1-71

4-70

3-70

1-70

29.6

133.1
135.4
139.2
137.4
146.6

2-71

7 .6

12.4

13.7

14.4

25.6

21.8

3-71

6.3

10.0

10.6

10.3

15.9

9.6

-1.3

4-71

8.0

11.4

12.1

12.2

17.0

13.1

9.0

20.4

154.0
153.5
160.8

9.6

12.8

13. 7

14.0

18.2

15. 6

13.6

21.8

23.2

1 0.1

13.1

13.8

14.2

17,7

15.5

14.0

19 . 6

19.1

15.2

3-72

10.6

13.4

14«. 1

14 . 4

17*5

15.6

14. 3

18 . 6

18 . 0

15«6

15.9

4-72

11.3

13.9

14*6

14.9

17.7

16.0

15.1

18.7

18.3

16.7

17 . 5

19.0

1-73

11.9

14.3

15.0

15.4

17.9

16.5

15.8

18*9

18. 6

17 . 5

18.2

19,4

19.8

2-73

1 2 .0

14. 2

14.8

15.1

17.4

i6a

15,4 . 1 8 . 0

16.3

3-73

-U.7

13.8 -14. 3

14.5

16.5

15*2

14.5

16.7

1-72

169.4

CM
1

175.5
182.1
190.2
199.0

17. 6

16.5

16.9

17.2

16 a 2L

15,0

15^0

14.8 .
JLi*_4_

17.5

.1T-B

18. 2

12.8

_m «

205.1

3

1*8

209.0

18 .0

17.4

19.8

5.8

4-73

13.0

15.0

15.5

15.8

17.8

1 6, 8

16.3

18. 4

18.2

1-74

1 0 .5

12.1

12.5

12. 5

14.0

12*8

12 . 0

13,5

.-12.7..

11.5

11*0

10.1

8.5

2-74

1 0 .0

11.6

11 . 8

11*8

1 3,2

12,0

11,2

12* 4

U. 6

10.4

9.9

9.0

7.4

5.1

3-74

8 .8

10. 2

10.4

10.3

11.4

10.2

9,3

10.3

9.4

8.1

7.3

6.3

4.6

2.3

0.3.

4-69

1-70

2-70

3-70

4-70

1 -71

2-71

3-7 1

4- 7 1

1-72

2-72

3-72

4-72

1-73

2-73

33.1

224.5

1.4 - 2 2 . 7

3,5

210.5

1.8 - 1 1 . 0

2a 5

211.8

-1,5-10.9

-4.4 -10.9

3-73

1-74

4-73

205.8

2-74

INITIAL QUARTER
6K0 S S'~P' l VAT E '"DDH’ T I C ~ r W V 1 S TM E N T I NTT O N S T S N T I ? 5 F ~PaiT A R S
K'
ES
E
COMPOUNDED ANNUAL RATES OF CHANGE

---- ----------------------------------------------------------------------------- --------------------------------------------------- BILLIWI5 OF
TERMINAL
INITIAL QUARTERDOLLARS
TKJATT i T f --------------------------------------------------------------------------------------------- ---------- -------------------------------- ------------- ANNUAL" R Ä T E S
f
___________ 4 - 6 9 1- 70
2-70
3-70
4-70
1-71
2-71
3-71
4-71
1-72
2-72
3-72
4-72
1-73
2-73
3-73
4-73
1-74
2 - 7 4 ___________
.
1-70

- 1 6 . 7 _______________________________________________________________ ■
______________________________ ________ ’
________________________________________________1 0 2 * 6

2-70

-7,1

_______ ____________ _____________________________________________________________ 1 0 3 . 5

3.6

3-70

-2.55.5

7 . 5 ___________________ _________ ___________ _ _____________________ ____________

4-70

-4.9-0.6

-2.7 -11.9

1-71

0.45.2

5.7

4.8

2 4 . 7 _____________ _________________________ ______ ___________ ___________

2-71

2 . 7 7.1

8.0

8.2

19.9

15.3

3-71

1.3 4 . 7

4.9

4.3

10 . 3

3.7

4-71

3.46.6

7.2

7. 1

12.4

8.6

5.4

19.1

1-72

4.87.9

8.5

8.7

13.3

10. 7

9. 2

18 . 0

2-72

5.68.5

9.1

9.3

13 . 3

11. 2

10.2

16 . 5

15.2

13.4

_______________________ .

3-72

6.28. 8

9.4

9.6

13. 1

11.2

10.5

15.2

13.9

12.4

1 1 . 5 ______________________ .

4-72

6.89.3

9.8

10 . 1

13.2

11. 7

11 . 1

15. 0

14.0

13.0

12.9

_

________ ___________ '

___________________________ 1 0 5 . 4

____________________________ ____ ________________________ ___ ______________________________________ _________ ________
.

102« 1

_______ ___________ __________________________

107.9

___________ _______________ __________________ __________________________________1 1 1 * 8
- 6 . 6 _____________________________ _____________ _________ _____________ ____ __________ __________________
_____________________ _________________ ________ _______ __________________________
17. 0 ________________________________ _______________________ _____________ ___________________

109.9
114.8
119.4

____________ __________ ____________________________1 2 3 * 2
............................

....... 1 2 6 - 6

1 4 w 3 ________________________________________________ ___________ _______ 1 3 0 , 9

1-73

7.1 9 . 4

10.0

10. 2

13.0

11.6

11.1

14 , 4

13.4

i 2.6

1 2.3

12.7

2-73

7 . 0 9.1

9.6

9.8

12.3

10 . 9

10.4

13.1

12.1

¿1.2

10.6

10.3

11.1_______________________________ _ _ _ _ ________________ 1 3 * « *
8.4

5.8

___________ ________ ___________________________ 1 3 6 . 3

3-73

6.58.3

8.7

6.8

10.9

9.6

9.0

11.2

10.1

9.0

8 .1

7.3

5.0

2.1

-1.5

4-73

7.99.8

10.3

10.5

12.6

11.6

11.2

13 . 4

12.7

12.1

11.9

12.0

11.4

11.5

14.4

32.9

_______________________ ;
_________ 1 3 5 . 8
____________________ 1 * 5 . 8

1- 7 4

5.26 . 8

7.0

6.9

8.6

7.3

6.6

8.0

6.9

5.7

4.6

3.5

1.5

-0.8

-2.9

-3.6 -30.1

__________________________ 1 3 3 . 3

2-74

4.45.8

5.9

5.8

7.2

6.0

5. 2

6.4

5.2

4.0

2.8

1.7

-0.3

-2.4

-4.4

-5.4 -20.1

- 8 . 7 ____________________ 1 3 0 . 3

3-74

2.84.1

4.1

3.9

5.0

3.7

2.9

3.7

2.4

1.1

-0.2

-1.6

-3.6

-5.9

-8.1

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

4-6~ " T - 70
9

Z-Tü




3-70

4 - 70

1-71 "2=71

3-71

4-7 r r = T2~ T-~72
iNTrm W A W f t —

3-72

4-' 7 F

1-73

?-T ?

3-73

4=73

1-74»

2-74

—

PREPARED gV FEPETTAL-KESEftVg BAM ÛF ST. L Ö U l T
N O V E M B E R 15, 1 9 7 4

1 6

___________________________

G a V F T W H E N T ' T U R C T U S E S OF
COMPOUNDED

______________

*

l
o

T E R M I N A L _____________________________________ ___________
OUARTER
4-69
1-70
2-70
3-70
1-71

2-70

3.1

2.9

4.3

3.8

5.6

5.2

4.9

6.6

7.0

5.3

5.2

6.4

6.7

7.3

3-71

5.7

5.6

6.7

7.0

4-71

6.4

6.4

7.5

7.8

1-72

7.4

7.5

8. 6

9.1

9.8

2-72

7.1

7.2

8.1

8.4

8.9

2-72

3-72

4-72

1-73

2-73

3-73

4-73

I- 7 4

2-74

8.5

2-71

1-72

5.6

1-71

4-71

5.6

4— 70

3-71

0.2

3.9

2-71

_________
B I L L I O N S OF
D O L L A R S ____
ANNUAL RATES

6.1

1
O

1

1-70

G O O D 5 " A N D S E R V I C E S IN C U R R E N T D O L L A R S
A N NUAL RA T E S OF C H A N G F
_________________
_____
_
:
' ......
I N I T I A L Q U A R T E R ________
__________________________________

217.2
217.3
220.3
223.3
227.9

6.1

231.3

7.5

7.0

7.8

235.7

8.4

8.4

9.6

10.2 11.6
9.0

3-72

6.6 6.6

7.4

7.6

7.9

7.8

4-72

7.1

7.1

7.9

8.1

8.4

8.4

1-73

7.3

7.4

8.1

8.3

8.6 8.6
8.4

2-73

7.2

7.3

7.9

8.2

3-73

7.1

7.2

7.7

7.9

8.4

8.1 8.1
8.6 8 . 7

9.7

242.1

11.3
13.5
10.4

9.9

251.1

15.7

8.2 8.2
8.8 9 . 0
9.0

9.2

253.8

4.4

7.2

3.2

2.1

8.5

6.2

7.1

8.8

7.1

8.1 11.2 10. 1

8.7

8.8

8.3

8.4

8.9

9.0

8.0
8.8

8.4

9.6

8.3

6.5

7.2

8.5

7.3

6.0

5.4

7.8

8.4

9.7

9.1

8.7

9.8

9.1

9.4

9.6

9.4

8.6

9.3

9.3

9.3

9.6

9.7

9.6

8.9

9.5

8.3

8.4

8.9

9.1

9.4

9.4

9.7

9.8

9.7

9.1

9.7

4-69

1-70

2-70

3-70

4-70

1-71

2-71

3-71

4-71

1-72

2-72

8.1

2-74
3-74

273.3

7.7

8.3

7.7

269.0

7.0

9.1

7.6

8.0
8.1

1-74

262.6

6.7

8.2 8 . 4
8.6 8.8
8.8 9 . 0

4-73

255.1
12.3

276.9
286.4

14.4

10.1 10.1

11.4

14.5

14.6

10.6
10.6

10.3

10.4

11.4

13.5

13.0

10.4

10.5

11.3

12.8 1 . 2 11.1 10.8
2

3-72

4-72

1-73

2-73

3-73

10.5

4-73

296.3
304.4

il.4

1-74

312.3

2-74

INITIAL QUARTER

GOVERNMENT

P U R C H A S E S OF G O O O S AND S E R V I C E S IN C O N S T A N T T 9 5 8
C O M P O U N D E D ANNUAL RA T E S OF C H A N G E

DOLLARS
bill ions

TERMINAL
QUARTER

INITIAL QUARTER

annual

4-69

1-70

1-70

-7.5

3-70

4-70

1-71

2-71

3-71

4-71

1-72

2-72

3-72

4-72

1-73

2-73

3-73

4-73

1-74

rates

2-74

-6.2

2-70

2-70

of

DOLLARS

-8.7

142.3
139.1

3-70

-6.0

-6.0

-3.1

4-70

-4.7

-4.2

-1.9

—0.6

1-71

-3.9

-3.4

-1.5

-0.7

-0.9

2-71

-3.3

-2.7

-1.2

-0.5

-0.4

3-71

-2.0

-1.2

0.3

1.2

1.8

3.2

4-71

-0.7

0.1

1.7

2.7

3.5

5.0

1-72

-0.2

0.5

1.9

2.8

3.5

4.6

8.6
6.2 6.0

2-72

-0.2

0.5

1.7

2.4

2.9

3.6

4.6

3.9

1.7

-0.1

138.0
137.8
137.5

0.0

137.5

6.6

139.7

7.6

142.6
3.4

143.8

0.0

143.8

3-72

-0.7

0.9

1.4

1.6 2.1

2.5

1.5

-0.7

-2.8

-5.4

4-72

-0.4

0.2

1.1

1.6

1.9

2.3

2.6

1.9

0.3

-0.7

-1.1

3.4

143.0

1-73

-0.1

0.4

1.3

1.7

2.0

2.4

2.7

0.3

3.3

144.1

2-73

-0.1

0.3

0.1

2.0

1.3

-0.6

3-73

-0.2

0.3

1.3

0.7

-0.6

-0.6

1.9

1.5

2.5

5.7
3.2

4-73
1-74
2-74
3-74

0.2
0.2
0.2
0.2
4-69

0.6
0.6
0.6
0.6
1-70




1.1
1.0

1.4

1.3

1.7

1.3

1.6

1.2
1.1
2-70

1.5

1.5
1.4
3-70

2.0 2 . 3
1.5
1.8 2.0
1.9
2.1 2 . 3
1.8 2.0 2.2
1.6 1.8 2.0
1.5
1.7
1.8
1.7

4-70

1-71

2.1 0.8 0 . 2
1.7
0.6 0.1
1.4
1.9

0.4

1.1
1.1

-0.0

-0.1

0.8

0.9

0.8

0.9

0.6

0.7

2.2
2.0
1.6

0.6

1.4

2-72

3-72

1.8
1.6

0.9

1.5

0.8 0.6

2-71 ' 3-71

4-71

141.8

1-72

3.1

143.9

1.7

1.3

2.0

1.3

0.9

1.3

1.2 0.8
4-72

1-73

1.1
2-73

143.7
145.7

0.8
2.0 0.1
1.5
0.2

3-73

4-73

146.0
-0.5

145.8

-0.1

0.3

1-74

2-74

145.9

INITIAL QUARTER

PREPAREO BY FEDERAL RE SERVE BANK OF S t . LOU I S
NOVEMBER 15. 1974

17

D ISP O S A B I F » « S ONÄ L INCOME IN CURRENT DOLLARS
_ -C M g g
5 _AIN U A l RATES QF CHARGE
T E Ä * fW
QUAKET*
----- —

B IL L IO N S OF
IN IT IA L QUARTF«
_________ ___ ______________________________________________ POLL ARS
ANNUAL RATES ,
4-TI
1-72 2-72 3-72 4-72
l - 7 3 _ 2 - 7 3 3-73 »-73
1-74 2-74___________________

_______________________________
l - T g_2_-7fl_ .1,-70

»-6 9

-LrTO

7 .6

2“ ? Ö

10.3

4—
70

I t -TL _ 2 r7|

H

l

________ ______________ ____________________ ____ _________________________ ________________ ___ _______________________________ _ __________
_
13 .0

...................... ........................... ..... ......

- J f c i a ---- 9*5-- 1 0 .5

B .s

_____ _________ _

_

___ _

..... .
_

_

_

_

__...

_

_

------- _

7 .9

5 .4

2»>_____________

________ _____ __

1-71

8 .7

9 ,9

7 .7

7 .6

12.7

___ '____________ __________________________ ____________________________ __________ ___ ________________

2-71

8 .8

9 .0

8 .0

8 .0

10.7

_

......... ............

---------------- ----- ---- ------------------ ------ 702.4___

7 .8

8.8

______

668.2

........................... ................. .............................................. 689.0

......

......................................... .

___________

_________ 707.2
728.6

___________________ __________________________________ 744.1

3-71

8.Q

8.1

T .2

7 .0

8 .4

6 .3

3 .9

4-71

T .8

T .8

6 .9

6 .7

7 .7

6 .1

4^6

1-72

7 .7

7 .7

6 .9

6 .7

7 .6

6 .3 ____ 5 ,5 ____6*2_________________ _______ _______ __________________________________ ____________________________ *74.7

2-72

7 .7

7 .7

7 .1

6 .9

7 .7

6*7____ 6*2____ k*5 ___ 2 * 5 ____ «*1_______ ______________________ ___________________________ _____________________ 790.0___

3-72

7 .8

7 .9

7 .3

7 .2

7 .9

7.1

8 .6

8 .2

8 .2 ____ 8*9____ftal___________ 9t

4^7i

8 .5

________ ___ _________________________________ ________ _________ 751.3
5*7....................

6 .7

7 .4

8 .0

i

I M

....................

•

_________________________________ ______________________ 761.8

8 .6 ____ 9 . 0 ______________________________________________________ _____________ 807.2
i i i * ....t e t l_______________________ ________________________________________ 63.6,1.....

..l U L

1-73

9 .1

9*2

8^8

8 .9

9 .6

9 .2 ____9 « J

10.2

11.2

12.2

13^6

16 ,0

15.8

_______________________________ ___ ____ 869.5___

2-73

9 .2

Q .3

9 .0

9 .1

9 .7

9 .4

10.3

11.1

11.9

12 .9

16.3

13.3

10.8_____________________________________ _______ ■ , ! ? l a l ___

\l±*

\U\

IQ t?

9 .5

llA .

- ± 2 3 _____1 * 1 . .....i a i . — 2 a l____2*2___ -2*2___ 1&A - l la il ..ll tf e
9 .5

9 .3

9 .4

9 .9

\UQ

9 .7 ____?.m
g_

X lx l - L I x l

9 .4

1-7 4

9a \,„. 9j[2____________________2*J5____9*3____9*3____Sj>^__ 1CU3.... 1018

2-74

9 .0

9.1

M

8 .9

9 .3

9 .1

9.1

J f c l i ______ 9 . 1

9 .2

9 .0

9 .0

9 .5

9 .3

9 . 1 ____ 3 « I —

4 -6 9

1 -7 0

2 -7 0

3 -7 0

4 -7 0

1 -7 1

— “

9 .6

2 -7 1

3 -7 1

*

10.0

4 -7 1

IN IT IA L

O n s r o SlB C K

1U *

"PE R S O N A L

,l

11 « ?

10.6

10.8

I I

10.3

t e i l ..- U

. lO.t.1--------------------------------------------------------U l t ? —

U 9Z

4-73

L i. . J L f iil- I f l« *

1 -7 2

2 -7 2

3 -7 2

jf b * ... 1 U A - ______________________________? ü ± 4 _

..._________________
10.0

8 .8

« t f i ____ S j l 2

8 .3

____ i *1 -------------------- 95.0^6-

7 .7 ____5*9____ ±¿9________________SÄJbJL—

1 Q .« 1 _____2 a i _____?.* 0 ........6 _ .7_ _ _ 7 . 7 _____ ? » L

H a » ____ _____

6 -7 2

2 -7 4

1 -7 3

2 -7 3

3 -7 3

4 -7 3

1 -7 4

O U ARTFR

IH C OM E I N

CONSTANT

1958

D O LLAR S

-------- ---------- ---------------------------------------------------------------------------- ---------- mnöNS Ö
F
C O M PO U N D ED

ANNUAL

T E R H I N A L ________________________________________________ _______________________________ I N I T I A L
Q UARTER
4 -6 9

1

2 -7 0

3 -7 0

1 -7 0

5 .3
3 .1

0 .6

3 -7 1

4 -7 1

1 -7 2

Q U A R T E R ______________________ ________________________________________________________D O L L A R S
■ AHW DAL
2 -7 2

3 -7 2

4 -7 2

1 -7 3

2 -7 3

3 -7 3

4 -7 3

1 -7 4

R Ä TE5'

2 -7 4

4 .4

4 -7 0

2 -7 1

CHANGE

5 .7

3 -7 0

1 -7 1

OF

2 .3

2 -7 0

4 -7 0

RATES

-3 .1

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

1 -7 1

4 .2

3 .2

2 .7

8 .8

2 -7 1

4 .3

3 .6

3 .3

6 .6

4 .5

3 -7 1

3 .8

3 .1

2 .7

4 .7

2 .8

1 .1

4 -7 1

3 .8

3 .2

2 .9

4 .5

3 .1

2 .4

3 .8

1 -7 2

3 .7

3 .2

3 .0

4 .3

3 .2

2 .7

3 .6

2 -7 2

3 .9

3 .5

3 .3

4 .4

3 .6

3 .4

4 .1

4 .3

5 .3

3 -7 2

4 .1

3 .7

3 .7

4 .7

4 .0

3 .9

4 .6

4 .8

5 .6

5 .f

4 -7 2

4 .8

4 .6

4 .7

5 .7

5 .2

9 .4

* .2

6 .9

8 .1

9 .5

1 3 .1

1 -7 3

5 .2

5 .1

5 .2

6*2

5 .9

6 .1

6 .9

7 .6

8 .6

9 .8

1 1 .7

1 0 .4

2 -7 3

3 .0

4 .9

4 .9

5 .8

5 .4

9 .5

6 .2

6 .6

7 .3

7 .8

8 .4

6 .1

2 .0

3 -7 3

4 .8

4 .7

4 .7

5*1

5 .2

5*7

6 .0

6 .4

6 .7

6 .?

4 .9

2 .2

2 .3

4 -7 3

4 .6

4 .4

4 .4

5 .0

4 .7

4 .7

5 .1

5 .3

5 .6

5 .7

5 .6

3 .8

1 .7

1 .5

1 -7 4

3 .8

3 .5

3 .5

4 .0

3 .6

3 .5

3 .8

3 .8

3 .8

3 .6

3 .2

1 .4

-0 .8

-1 .7

-3 .7

-7 .8

2 -7 4

3*3

3 .0

2 .9

3 .4

3 .0

2 .8

3 .0

2 .9

2 .9

2 .6

2 .1

0 .4

- 1 .5

-2 .4

-3 .9

-6 .1

- 4 .4

3 -7 4

3 .1

2 .8

2 .7

3 .1

2 .7

2 .6

2 .7

2 .6

2 .5

2 .2

1 .8

0 .3

-W 3

-2 .0

- 3 .0

-4 .3

-2 .4

-0 .4

2 -7 0

3 -7 0

4 -7 0

1 -7 1

2 -7 1

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

4 -6 9

I




5 4 8 .8
5 5 4 .9
5 5 6 .4
5 6 1 .6
3 .3

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

0 .7

6 1 0 .3
6 0 3 .5

m ffa w

18

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NOVEHM*

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197*

6 0 2 .9

OP ST. LOtm

CORPORATÇ PROFITA AFTFB TAXES *
f (IMPOUNDED A N N U A L P A T F S OF C H A N G E
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1-70

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1-73

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.

B I L L I O N S OP
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A N N U A L ftATFS

INITIAL 0ÜARTPR

-6.9

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39.5
39.9

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20.9

16.5

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19.9

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25.8

23.0

23.7

25.6

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19.0

21.0

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25.0

22.5

22.9

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19.6

20.8

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17.2

20.6

22.6

31.1

26.5

2». 7

25.5

27.0

2».9

28.3

36.3

1-73

17.7

20.6

2». 1

26.3

3». 5

30.8

29.8

31.3

33.8

33.9

39.5

49.9

6».9

2-73

17.«
5

20.1

23.3

25.2

32.»

28.9

27.8

28. B

30.»

29.8

32.9

37.1

37.5

1». 7

3-73

15.8

18.0

20.7

22.3

28.3

2». 9

23.5

23.9

2». 5

23.1

24.0

24.8

21.2

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-5.8

»-73

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16.9

19. 3

20.5

25.9

22.6

21.2

21.2

21.»

19.7

20.0

19.8

16.0

3.2

-2.2

1 .7

1-7»

17.»

19.5

22.0

23.»

28.6

2 5. B

2».7

25-1

25.7

24.8

25.8

26.6

2». 8

16.»

16.9

30.3

3.»
55.7

18.»

58.»
63.1
71.5
7».0
72.9
73.2
66.9

83.2

2-74

16.3

IB.2

20.»

21.6

26.3

23.5

22.»

22.6

22.8

21.7

22.1

22.3

20.1

12.8

12.3

19.1

28.9

-0.5

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1ft. 7

20.6

22.9

2».2

28.6

26.»

25.4

25^9

26.5

25.9

26*7

27.5

26.3

20.8

22.0

30.2

»1.»

30.1

70.1

»-69

1-70

2-70

3-70

»-70

1-71

2-7 1

3 -71

»-71

1-72

2-72

3-72

»-72

1-73

2-73

3-73

»-73

1-7»

2-7»

B3.1
9».9P

INITIAL QUART*»
* NATIONAL ÎNrpM* BASIS
P- O R P L T M T N A P V
P R E P A R E D BY P CD EPAL P E S E R VE
N O V E M B E R 18. 19 7 »

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

SOURCES OF DATA
National Income and Product Accounts Data
Source: U.S. Department of Commerce, Bureau of Economic Analysis
Historical Data Sources:




1970-73: Survey of Current Business, July 1974
1968-69: Survey of Current Business^ July 1972
1966-67: Survey of Current Business, July 1970
1964-65: Survey of Current Business, July 1968
1929-63: The National Income and Product Accounts of the
United States, 1929-65. Statistical Tables
(available from any U.S. Department of Commerce
Field Office or from the Superintendent of
Documents, U.S. Government Printing Office,
Washington, D.C. 20402).

19

Ratio Scale
Billiois of Dollars

The Trend of Output

Ratio Scale
Billions of Dollars

data for the 1/1947 - 11/1971 period. The coefficient (.0092 is the estimate of the trend rate of increase of output
for the period. The line has been extrapolated beyond 11/1971.
[_2 Gross National Product at 1958 prices.




20

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