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nf l T i o n f l L E c o n o m i tcr e r d s
PREPARED

BY

FEDERAL

MONTH ENDING: September 30, 1978




RESERVE

BANK

OF

ST. LOUIS

RELEASED: October 31, 1978

Total spending for goods and services (GNP in
current dollars) continued Its rapid advance In the
third quarter and Is 11*7 percent higher than a year
earlier* This pace Is the sane as that recorded In the
previous year (third quarter 1976 to third quarter
1977). Continuation of such a rapid rate of total
spending growth so far Into the current expansion Is
unusual when viewed in relation to other periods of
economic expansion. A rapid rise In the money stock has
been a significant factor in propelling the growth In
total spending over the past two years. The narrowly
defined money stock has grown at an 8 percent average
annual rate since autumn 1976*
Despite the uninterrupted growth In total
spending, the growth of output (GNP In 1972 dollars) has
slowed. This development Is to be expected, however,
as the economy approaches the limits of its productive
potential* Output rose at a sustainable 3.4 percent
rate in the third quarter and is up 3.8 percent from a
year earlier* By comparison, output Increased 5.3
percent in the year ending third quarter 1977.
Reflecting the advance of output over the
last two years, employment has moved up strongly* From
autumn 1976 to third quarter 1978, total civilian
employment showed an average rate of gain of 3*8
percent* During this same period the civilian labor
force expanded at a 2*9 per cent average rate. As a
result, the unemployment rate declined from 7*7 percent
of the labor force In third quarter 1976 to 6 percent in
third quarter 1978*
The slowing of output growth in combination
with an unchanged rate of Increase In total spending
Indicates that Inflation has accelerated. The general
level of prices rose at a 7 percent annual rate In the
third quarter and has Increased 7*7 percent over the
last year* For the year ending third quarter 1977,
prices rose 6*1 percent. This acceleration In the
average level of prices reflects, In part, volatility In
food prices* After Increasing only 5*4 percent in the
year ending third quarter 1977, food prices surged 10*4
percent over the past year.

TOTAL CIVILIAN EMPLOYMENT
COMPOUNOEO ANNUAL HATES OP CHANGE
OF

N O N TH
2 -7 7

3 -7 7

4 -7 7

5 -7 7

6 -7 7

7 -7 7

8 -7 7

9 -7 7

1 0 -7 7

1 1 -7 7

1 2 -7 7

1 -7 8

2 -7 8

3 -7 8

4 -7 8

5 -7 8

6 -7 8

7 -7 8

PERSO NS

ft-7 8 _
t t S a it lii_
_

3 -7 7

6 .0

4 -7 7

5 -7

5 -5

8 9 t a77

5 -7 7

5 -6

5 -4

5 -3

6 -7 7

5 -5

5 -3

5 -3

5 -2

9 0 ,2 6 7

7 -7 7

4 .2

3 -8

3 .2

2 -2

-0 .8

A —7 7

4 .0

3 -6

3 -1

2 -4

1 -0

2 -7

9 0 .6 4 8

...
9 0 .7 * 3
9 I t Qua.....

9 -7 7

4 .0

3 .6

3 .3

2 .8

2 .0

3 .4

4 .0

1 0 -7 7

4 .0

3 .7

3 .4

3 .0

2 .5

3 .6

4 .0

4 .0

1 1 -7 7

4 .8

4 -5

4 -4

4 .2

5 -5

6 -4

7 .7

1 1 .5

1 2 -7 7

4 .8

4 .7

4 .6

4 .5

4 .4

5 .4

6* 1

6 .8

8 .3

5 .3

1 -7 8

4 .7

4# 6

4 .5

4 .4

4 .3

5 .1

5 .6

6 -0

6 -7

4 .4

3 .6

2 -7 8

4 -4

4 .3

4 .2

4 -1

3 -9

4 -6

4 -9

5 .1

5 .4

3 .5

2 .6

1 .6

3 —7 8

4 .4

4 .2

4 .1

4 .0

3 -9

4 .5

4 .7

4 .8

5 -0

3 .5

2 .9

2 .5

4 -7 8

4 .6

4 .5

4 .4

4 .3

4 .2

4 .8

5 .0

5 .2

5 .4

3 .9

4 .0

5 .3

7 i .1

5 -7 8

4 -5

4 .4

4 -3

4 -3

4 .2

4 .7

4 .9

5 .0

5 .2

4 .2

3 -9

4 .0

4 .9

5,>6

4 .1

6 —7 8

4 .8

4 .7

4 .7

4 .6

4 .6

5 .1

5 .3

5 .5

5 -7

4 .9

4 .8

5 .1

6 .0

6«ifi

A.7

9 1 ,3 6 2
9 2 .2 1 * .
9 2 .6 0 9
92 f 881
9 3 .0 0 3
3 .4

9 3 ,2 6 6
9 3 ,SQL
9 4 .1 1 2
9 4 .»1 9

9 .4

7 -7 8

4 -2

4 -1

4 -0

3 -9

3 .8

4 -2

4 -4

4 .4

4 .5

3 .6

3 -4

3 .4

3 .7

iA

2 -7

2 -0

-4 -9

A —7 8

4 -1

4 -0

3 .9

3 .8

3 .7

4 .1

4 -2

4 -2

4 .2

3 .4

3 .2

3 .2

3 -4

3,,4

2 -5

2 -0

-1 -5

2 -0

9 -7 8

4 .1

4 .0

3 .9

3 .8

3 .7

4 .0

4 .1

4 .1

4 .2

3 .5

3 .3

3 .2

3 .5

3<»5

2 .8

2 -4

0 .2

2 .8

3 -7

2 -7 7

3 -7 7

4 -7 7

5 -7 7

6 -7 7

7 -7 7

8 -7 7

9 -7 7

1 0 -7 7 1 1 - 7 7 1 2 -7 7

1 -7 8

2 -7 8

4 -7 8

5 -7 8

6 -7 8

7 -7 8

8 -7 8

3 -7 8

9 4 ,4 2 5

9 4 .8 6 8

I N I T IA L NONTH

PAYROLL EMPLOYMENT *
COMPOUNOEO ANNUAL RATES OP CHANGE
I N I T I A L MONTH

TERMINAL
MONTH
2 -7 7

3 -7 7

4 -7 7

5 -7 7

6 -7 7

7 -7 7

8 -7 7

9 - 7 7 1 0 -7 7 1 1 -7 7 1 2 -7 7

THOUSANOS
OF PERSONS
1 -7 8

2 -7 8

3 -7 7

6 .5

5 -7 7

5 .8

5 .0
5 .1

4 .7

7 -7 7

5*0

4 .5

4 .0

3 .9

s ?

4 .0

3 .5

3 .3

2 .4

2 .2

9 -7 7

4 .7

4 .3

3 .9

3 .9

3 .4

3 .8

1 0 -7 7

4 .5

4 .1

3 .8

3 .7

3 .4

3 .7

4 .4

3 .3

1 1 -7 7

S *

4 .2

4tQ

4 .0

3 .8

4 .0

4 .7

4 .2

5*2

1 2 -7 7

4 .4

4 .0

3 .8

3 .8

3 .5

3 .7

4 .1

3 .6

3 .8

2*5

1 -7 8

4 .2

3 .9

3 .6

3 .6

3 .3

3 .5

3 .7

3 .3

3*3

2*3

2 -7 $

♦ •2

3 .9

3 .7

3 .7

3 .5

3 .6

3 .9

3 .6

3*6

3*1

3*4

4#6

3 -7 8

4 .5

4 .3

4*1

4 .1

4 .0

4 .2

4 .4

4 .3

4*5

4*3

4 *9

6*3

7 .9

4 -7 8

s *

4 .7

4 .6

4 .6

4 .6

4 .8

5 .2

5 .1

5*4

5*5

6*2

7*6

9*1

4 .5

8 -7 8

2 .6

8 -7 7

7 -7 8

4 .2

5 .6

6 -7 8

5 .9

6 -7 7

5 -7 8

7 .2

4 -7 7

3 -7 8

4 -7 8

8 1 ,2 6 4
81*654
8 1 ,9 3 4

5 .1

5 -7 0

4 .7

4 .6

4 .5

6 -7 8

4 .8

4 .6

4 .5

7 -7 8

S 5

4 .4

4 .3

8 -7 8

s *

4 .2

4 .1

9 -7 8

4 .1

3 .9

3 .8

2 -7 7

3 -7 7

4 -7 7

5 -7 7

8 2 ,2 7 7
8 2 .4 5 5
82*603

5 .5

8 2 ,9 7 3
83*199
83*549
8 3 ,7 1 9

2*2

8 3 ,8 7 1
8 4 ,1 8 8
8 4 ,7 2 6

10*3

85*418

4 .4

4 .6

4 .9

4 *8

5*0

5*0

5 .5

6 .4

7*0

6 *5

2*8

4 .5

4 .7

4 .9

4 .9

5*1

5*1

5*5

6*2

6*6

6*1

4*1

5*4

4 .2

4 .3

4 .5

4 .4

4*6

4*5

4*8

5*2

5*3

4*7

2*9

2*9

4 .1

4 .0

4 .1

4 .3

4*2

4 .3

4*2

4*4

4 *7

4*7

4*1

2 *6

2*6

1*2

3 .8

3 .7

3 .8

3 .9

3*8

3*8

3 .7

3*8

4 .0

3*9

3*3

1*9

1*7

0 .5

0 .5

- 0 .8

6 -7 7

7 -7 7

8 -7 7

9 - 7 7 1 0 -7 7 1 1 -7 7 1 2 -7 7

1 -7 8

2 -7 8

3 -7 8

4 -7 8

5—
78

6 -7 8

7 -7 8

8 -7 8

4*3

85*618
8 5 .9 9 6

0 *5

8 6 .0 3 3
8 6 .1 6 4 P
8 6 .1 0 6 P

I N I T I A L MONTH
«REVISED FJtON 1 9 * 9 .
P - PR ELIM IN A t V




PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
OCTOBER 6, 1978

2




EMPLOYMENT
Ri

10 S C A L E
LIONS

RATIO

OF

PERSONS

SEASONALLY

MILLIONS

ADJUSTED

SOURCEt

PER C EN TA GES

ARE ANNUAL

LATEST

P L O TTE D *

#

D ATA

R E V IS E D

FROM

R A TES

OF

S E P TE M B E R

CH ANGE

FOR P E R IO D S

OF

SCALE

PERSONS

U.

IN D IC A T E D .

P R E L IM IN A R Y

l l l l .

- Y rp B -

UNEMPLOYMENT RATE
SEASONALLY

PERCENT

ADJUSTED

PERCENT
10.0

9.0

8.0

7.0

6.0

5.0

4.0

3.0

1970

1971

1972

1973

1974

1975

1976
SOURCEt

PERCENT
LA TES T

OF
D A TA

C IV IL IA N
P L O TTE D *

LA B O R

U .S .

1977
D E P A R TM E N T

1978
OF

LABOR

FORCE

S E P TE M B E R

PREPARED BY FEOERAL RESERVE BANK OF ST. LOUIS

3

2 .0

CONSUMER PRICE 1 * 0 « , SEASONALLY ADJUSTED *
COMPOUNDED ANNUAL RATES OF CHANGE
wu%TH*At

2 -7 7

3 -7 7

9 ,1

4 -7 7

5 -7 7

6 -7 7

7 -7 7

8 -7 7

9 -7 7

INITIAL M NTH
O
1 0 —7 7

i J: ? L 1 2 -7 7

_

______ _______ ______ _

JL~ 7 8

2 -7 8

3 -7 8

4 - 7 8 _ J 5 —7 8

___
6 -7 *

19*7*100
7 -7 «

8 -7 »

7 .7

4 -7 7

_____ _____________________________________ _____
3 -7 7

_

1 7 8 .4
1 0 .6

1 7 9 .9

8*4

8 .7

6 .9

6 -7 7

7*6

7 .8

6 .5

6 .1

7 —? 7

7 .0

6 .9

5 .7

5 .1

_ W

7

------

------

1 8 0 .9

....

1 8 1 .8
4 .0

1 8 2 .4

8 -7 7

6*6

6. 4

5 .4

5 .0

4 .4

4 .7

9 -7 7

6 .4

6 .1

5 .3

4 .9

4 .5

4 .7

4 .7

1 0 —7 7

6 .1

5 .8

5 .1

4 .7

4 .4

4 .5

4 .3

4 .0

1 8 3 .1
1 8 3 .8
1 8 4 .4

1 1 -7 7

6 .0

5 .8

5 .1

4 .8

4 .5

4 .7

4 .7

6 .7

5 .3

12-77

5 .9

5 .7

5 .1

4 .9

4 .7

4 .8

4 .8

4 .9

5 .3

5 .3

1 —7 6

6 .3

6 .2

5 .7

5 .5

5 .4

5 .7

5 .9

6 .2

6 .9

7 .7

10*1

2 -7 8

6 .4

6 .3

5 .9

5 .8

5 .7

6 .0

6 .2

6 .5

7 .2

7 .8

9 .0

8 .0

3 -7 8

6 .7

6 .6

6 .3

6 .2

6 .2

6 .5

6 .7

7 .1

7 .7

8 .3

9 .3

9 .0

4 -7 »

7 .0

6 .9

6 .6

6. 6

6 ,6

6 .9

7 .2

7 .6

8 .2

8 .8

9 .6

9 .5

1 0 .3

1 0 .6

5 -7 8

7*3

7 .3

7 .0

7 .0

7 .1

7 .4

7 .7

8 .1

8 .7

9 .3

1 0 .1

1 0 .1

1 0 .8

1 1 .2

1 1 .9

6 -7 8

7 .5

7 .5

7 .3

7 .3

7 .4

7 .7

8 .0

8 .4

9 .0

9 .5

1 0 .2

1 0 .3

1 0 .9

X l.2

1 1 .5

1 1 .1

7 -7 8

7 .5

7 .4

7 .2

7 .3

7 .3

7 .6

7 .9

8 .2

8 .7

9 .1

9 .7

9 .6

9 .9

9 .9

9 .7

8 .7

6 .3

8 -7 8

7*4

7 .4

7 .2

7 .2

7 .3

7 .6

7 .8

8 .1

8 .5

8 .9

9 .3

9 .2

9 .4

9 .3

9 .0

8 .1

6 .6

6 .9

9 -7 8

7 .5

7 .5

7 .3

7 .3

7 .4

7 .7

7 .9

8 .2

8 .5

8 .9

9 .3

9 .2

9 .4

9 .2

9 .0

8 .3

7 .4

7 .9

8 .9

¿- r r

3 -7 7

4 -7 7

5 -/r

6 -7 7

7 -7 7

8 -7 7

9 -7 7 T 0 = 7 T 1 1 -7 7

1 2 -7 7

1 -7 8

2 -7 8

3 -7 8

4 -7 8

5 -7 8

6 -7 8

7 -7 8

9 —T è

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

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

♦CPI-W POR URBAN NAGE EARNERS AW CLERICAL W
ORKERS REV1SE0 AS OP JAN* 1978
PREPA RED - B y T E O E R A L R E S E R V E BANK OF SV. LOUIS

OCTOBER 27, 1978

PRODUCER PRICE INDEX, ALL COMMODITIES - SEASONALLY ADJUSTEO
COMPOUNDED ANNUAL RATES OF CHANGE
TERMINAL
M
ONTH
2-77
3—
77

1967 « IOC

INITIAL M NTH
O
3-77

4-77

5-77

6-77

7-77

8-77

9-77 10-77 11-77 12-77

1-78

2-78

3-78

4-78

«-7A

6-78

7-78

ft - Tfi

13.4

192.3

6-77

13.3

13.2

5-77

10.5

9-1

5-1

196-3

6-77

6.3

4 -0

-0 -3

195-1
194.2

-5 -4

7-77

5.1

3.2

0.0

-2 .4

0-6

8-77

4.5

2-8

0-3

-1 -2

0-9

9-77

4.5

3.0

1.1

0.2

2.1

2-8

4.4

10-77

4.7

3.5

2.0

1.4

3.1

4-0

5-4

6-3

194.3
1-2

194-5
195.2
196-2

11-77

5.1

4-2

2-9

2-6

4-3

5.2

6.5

7-6

a-«

12-77

5.1

4.3

3-2

2-9

4.4

5-1

6.1

6-7

6.9

5.0

1-78

5.7

4.9

4-1

3.9

5.4

6-2

7-2

7.9

8.4

8.2

11.4

2-78

6 -3

S-á»

4-9

4-9

6-2

7.1

8-1

8.8

9.5

9.6

12.1

12-7

197-6
198.4
200.2
202.2

3 -T A

£-7

6-1

5 -5

«-6

4-9

7-7

A -4

9-3

«-9

1 0 -2

1 2 -0

1 2 -3

1 1 -«

4-78

7.2

6.7

6.2

6-3

7.6

8.4

9.3

10-0

10.7

1 1 .0

12.6

13-0

13-1

14.4

5-78

7.3

6-9

6-4

6-5

7-7

8-4

9-2

9.8

10.3

10-4

11-8

11.8

11.5

11-4

8-5

_______ 2 0 4 -1

207-8H

£—
78

7-3

6-9

6-5

6-6

7.7

8.3

9.1

9.6

10.0

10.2

11.1

11-0

10-6

10-2

8-1

7-8

7-78

7.1

6-8

6-3

6-4

7-4

8-0

8-6

9 -0

9.3

9.4

10-1

9-8

9-3

8-4

6-8

5-9

4 -1

8-78

4-9

6-6

6-2

6-2

7-1

7-4

8-2

A-9

8-7

8-7

9 .2

8-9

8-3

7-6

5-9

5-1

3-8

3.5

9-78

7.1

6.8

6-5

7.3

7.8

8.3

8.7

8.9

8.9

9.3

9.0

8.5

8.0

6.8

6.3

5.9

6^8

1 .1
(1

2-77

3-77

5-77

6-77

7-77

8-77

9-77 10-77 11-77 12-77

1-78

2-78

3-78

4-78

5-78

6-78

7-78

8-78

4-77

IN IT IA L

R - Revised




209-8
210-4
2 1 2 .1

MONTH

OCTOBER 5, 1978

4

209-1

PREPARED BY FEOERAL RESERVE BANK OP ST* LOUIS

1




RA T IO

PRICES

S C AL E

1970

RA T IO

1971

1972

1973

1974

1975

S C AL E

1967-100

SEASONALLY ADJUSTED

1967—100

1976

1977

1978

ILPrl-U FOR ALL URBAN CONSUM
ERS ( N SERIES BEGINNING JANUARY 1078)
EW
KCPI-W FOR URBAN »ACE EARNERS A O CLERICAL WORKERS (REVISED SERIES BEGINNING JANUARY 197®)
M
N
OTE* CPI, SEASONALLY ADJUSTED. (OLD SERIES) TERNINATEO BEGINNING JANUARY 1078
PERCENTAGES ARE AN UAL RATES O CHAN FOR PERIODS INDICATED.
N
F
GE
LATEST D
ATA PLOTTED* SEPTEMBER
PREPAREO BY FEOERAL RESERVE BANK O ST. LOUIS
F

RATIO SCALE

PRODUCER

1 9 6 7 -1 0 0

PR IC ES

S EA SO N A LLY AD JU S TED

RATIO SCALE
1 9 6 7 -1 0 0

PERCENTAGES ARE AN UAL RATES O CHAN FOR PERIOOS INDICATED.
N
F
GE
LATEST D
ATA PLOTTED« SEPTEMBER
IU IS

5

PRODUCER PRICE INDEX * INDUSTRIAL COMMODITIES - SEASONALLY ADJUSTED
_______________________ COMPOUNDED ANNUAL R A TES OF CHANGE____________ ____________

I fc
ftHINAL----------------------- ------ ------------------------------------------------------ JMLIIAL fCHZH
MONTH

.1 1 - 77

..fe£Z_.. - 8 .8

1

7-78

8 -7 8

9 .1
6 .4

A .9

6 .4

5 .1

3 .8

7—
77

7 .1

6 .7

5 .9

5 .7

7 .7

8—
77

¿.9

6 .0

5 .9

7 .0

6 .3

9-77

6 .9

6^ 1

6 .0

6 .7

6 .3

6 .3

_10-77

-

6 .6

1 9 4 .0
1 9 4 .6
1 95 .8
1 96 .8
1 9 7 .a

5 .9

6 .5

6 .1

5 .9

5 .6

11-77

6 .4

6 .1

5 .7

5 .5

3 .9

5 .5

5 .2

4 .6

3 .7

12-77

6 .3

6. 1

5 .7

5 .6

5 .9

5 .6

5 .4

5 .2

4 .9

..1—
78

b *l

6 .7 ... 6 . 4

1 98 .7
199 .3
2 0 0 .3

6 .2

6 .5

6 .2

6 .2

6 .5

6 .3

6 .3

6 .3

6 .6

,1

1 0 .0

6 .6

2-7A

...

193 .0

8 .0 _... 7 .8

J l- Z Z -

6 .3

6 .3

6 -6

6 .5

6 .5

6 .6

6 .8

7 •fi

8 .7

7 .4

6 .3

6 .3

6 .6

6 .4

6 .4

6 .5

6 .6

7 •4

7 .8

6 .7

6 .1

6 .7

6 .9

6 .9

6 .9

7 .0

7 .3

8. 0
■

ft .*

ft-n

ft .2

,5
10 «

2 0 1 .9
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7 .1

7 .0

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7 .2

7 .4

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7 .2

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7 .9

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fl<

7 .8

7 .7

7 .2

7 -T

7. *

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7 .9

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7 .8

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7 0 7 .2B
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7 .1

7 .0

6 .9

6 .9

7 .1

7 .1

A -7 A

7 .2

7 .1

7 .C

. 7 .0

7 .2

7 .2

7 .3

7 .4

7 .5

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0

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7 .9

a

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7 .9

7 .7

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9-78

7 .2

7. 1

7 .0

7 .Ü

7 .2

7 .2

7 .2

7 *3

7 .5

7..9

8 .1

7 .8

7 .9

8..2

7 .7

7 .6

7 .7

7 .7

7 .0

2-77

3-77

4-77

5-77

6-77

7-77

8-77

9-77 10-77 11-77 12-77

1-78

2-78

3-78

4-78

5-78

6-78

7-78

8-78

6—78

7 -7 8

IN IT IA L

7 0 9 .7

7 .7

211.1
2 1 2 .3

MONTH

PRODUCER P R IC E IN D EX * FARM PRODUCTS a PRO CESSED FOODS & F E E D S - S E A S . A D J.
— __________________________ CflMP.QUNDf 0. ANNUAL R ATES.. QF CHANGE______________________________
TERMINA!

IN IT IA L

MONTH

19 6 7 m lO O

MONTH
2 -7 7
3 -7 7

3 0 .4

5—
77

1 9 .3

6 -7 7

4 .4

4 -7 7

6 -7 7

77

7- 77

R - 77

9 -7 7

1 0 -7 7

1 1 -7 7

1 7 -7 7

1 -7 8

2 -7 A

3 -7 8

4 —7 A

5 - 7 ft

B—78

3 0 .3

4 -7 7

3 -7 7

1 9 2 .3
3 0 .4

1 9 6 .6
n. n

1 4 .2

1 9 6 .6
-

- 3 . 1 -1 6 .4

-3 0 .2

1 9 0 .8

7 -7 7

-2 .2

-8 .9

-A 9 .2

-27 >4 - 2 4 . 4

8 -7 7

-4 .1

-9 .8

-1 7 .8

-2? ,9

-1 9 .0

-1 3 .3

-9 .1

-1 5 .5

-1 9 .0

-1 4 .8

-9 .6

-6 .7

-1 1 .7

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

9 -7 7

-4 .3

_ A O -7 7

-2 .7

-1 3 .9

-9 .3

-3 .6

1 .6

9 .6

1 1 -7 7

0 .7

-2 . 5

-6 .5

-7,

-2 .1

fc.4

11 .1

2 0 .6

3 2 .6

1 2 -7 7

1 .0

-1 .9

-5 .3

— ■0
6,

-1 .3

4 .2

9 .1

1 4 .5

1 7 .0

3 .2

1 -7 8

2 .2

-0 .2

—3 . 2

- 3 ■ ft

1 .0

A .0

1 0 .3

1 4 .7

1 6 .5

9 .2

2 - 7 ft

4 .5

2 .4

0 -Ü

n,,n

<».6

9 .6

,9

1 8 .3

2 0 .6

1 6 .8

2 4 .3

3 3 .7

3 -7 8

6 .6

4 .8

2 .8

.1

7 .6

1? .5

16 «7

2 1 .0

2 3 .4

21 .2

2 7 .8

3 4 .4

3 5 .2

4 —7 A

8 .2

6 .7

4 -9

v ,3

9 .8

14 ,4

t a,, 4

27. U

2 4 .6

2 3 .1

2 8 .6

3 3 .3

3 3 .1

31 .,1

5—7 A

* .0 _

6 .6

5 .0

9 .A

n

17,• n

2 0 .2

21 .8

2 0 .1

2 3 .7

2 5 .9

7 3 .4

17,,9

6 .0

6 -7 8

8 .3

7 .0

5 .5

v ,9

9 .7

n

16,.6

1 9 .3

2 0 .6

1 9 .0

21 .9

2 3 .2

2 0 .7

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9 .4

1 2 .9

7 -7 8

7 -2

5 .9

ft.4

4. ,7 .... 8 .1 _

1 1, 3
.

11,•9

1 6 .0

1 6 .a

1 4 .9

1 6 .7

1 6 .9

1 3 .8

9. .0

7 .5

0 .9

-9 .8

A^7A

6 .0

4 .7

3 .3

3,.5

6 .5

9,

11

1 3 .2

1 3 .5

1 1 .6

1 7 .7

1 2 .3

9 .0

4.,5

- 1 .3

-3 .6

-1 0 .9

-1 2 .0

9 -7 8

6 .8

5 .6

4 .5 _

7 .4

10 .1

12 .2

1 3 .8

1 4 .2

1 2 .5

1 3 .6

1 3 .3

1 0 .7

7 4 __ 2^.8
.1

2 .0

— .3
1

3 .2

2 1 .1

2-77

3-77

6 -7 7.

7-77

8 -77

9-77 10-77

11-77 12-77

1-78

2-78

5-78

6-78

7-78

8-78

4-7 7

5-77

m

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

IN IT IA L

1 9 1 .9

1 5 .6
1 96^6

2 0 1 .6

3-78

2 0 6 .2

4-78

2 0 7 .2 R
2 0 9 .3
2 0 7 .5
2 0 5 .*

2 0 8 .6

MONTH

PREPAREO BY FEDERAL RESERVE BANK OF ST. LOUIS
OCTOBER 5. 1978

R - Revised




1 8 9 .6

6

INDUSTRIAL PRODUCTION
RATIO

SCALE

RATIO

1967-100

1970

1971

1972

PER C EN TAGES

ARE

LATEST

P L O TTE D «

DATA

ANNUAL

R A TES

1973
OF

SEP TE M B ER

CHANCE

1974

1975

F O R P E R IO D S

SCALE

1967-100

SEASON ALLY A DJUSTED

1976

1977

1978

IH O IC A T E D .

P R E L IM IN A R Y
PR EPÀRCO B Y

FEO ER AL

RESERVE

0ANK

OF

S T.

L O U IS

IN D U S T R IA L PRODUCTION
COMPOUNDED ANNUAL R A T ES OP CHANGE
TERM IN A L

IN IT IA L

■W M T H ■

2-7 7

3-77

4-77

5-77

6-77

7-77

8-77

_1**7 « 100...

MONTH

9-7 7 10-77 11-77 12-77

3-77

13*8

7 .3

5-7 7

1 1*9

7 .8

1 0 *7

7 .6

7 .7

7 .2

7 -7 7

10*2

7 .7

7 .9

7 .7

8 .1

8-77

7 *5

5 .0

4 .5

3 .3

1*3

-5*1

9-7 7

6*9

4 *8

4 .3

3 .3

2 .0

-0*9

6 *5

4 *6

4 *2

3 *4

2 *4

0 *6

3 *5

4-78

5-78

6-78

7-78

8-78

3 *5

10-77

3 »7 8

8 .2

6-77

2-78

2 0 *6

4-77

1-78

135*3

3*5

136*1
137*0
137*8
1 3 8 .7
1 3 8 .1
1 3 8 .5
1 3 8 .9

11-77

6 .2

4 *5

4 *1

3 *4

2 .6

1 *3

3 *5

3 *5

3 *5

12-77

5 *9

4 *4

4 *0

3*4

2 .8

1 *7

3 *5

3 *5

3 *5

3*5

1-78

4 *6

3 *1

2 *7

2 *0

1 .2

0 *1

1 .2

0 *7

-0 *3

- 2 *1

- 7 *5

2-78

4 *5

3*1

2 *7

2*1

1 .5

0 *6

1 *6

1 *2

0 *6

- 0 *3

- 2*1

3 *5

3-78

5 *3

4 .1

3 *9

3 *4

3 .0

2 *4

3 *5

.3 * 5

3*5

3*5

3 *5

9 *4

1 5*7

4-78

6 .4

5 .4

5*2

4 *9

4 .7

4 *3

5 *6

5 *9

6 *3

6 *9

7*7

13*3

18*5

5-78

6 *4

5 .4

5 *3

5 *0

4 .8

4 *5

5 *6

5 *9

6*2

6 *7

7 *4

11*4

14*2

1 3 *5

6 *0

6-7 8

6 *5

5 .6

5 *5

5*3

5 .2

4 *9

5 *9

6 *2

6 *5

7 *0

7 *6

10*9

12*8

1 1*8

7 *3

8*7

1 3 9 .3
1 3 9 .7
1 3 8 .8
1 3 9 .2
1 4 0 .9
2 1 *4

1 4 3 .2
1 4 3 .9
1 4 4 .9

5 .7

5 .5

5 .4

5*2

6«2

6 *4

6*8

7 *2

7 *7

10*5

11*9

1 1 *0

7*8

8 *6

8 *6

5 .9

5 .8

5 .6

5 .5

5 *3

6 *2

6 *5

6 *8

7*1

7 *6

10*0

11*1

1 0*2

7 *5

8*0

7 *7

6 *8

9-78

6 .7

5 .9

5 .8

5 .7

5 .6

5 *4

6 *3

6 *5

6 *8

7*1

7 *5

9*5

1 0*4

9 *6

7 *4

7 *7

7 *4

6 *8

6 *7

2-77

3-77

4- I f

5-77

6—f f

7 -77

8 -77

1-78

2-78

3-78

4-78

5-78

6-78

7-78

8-7 8

M

9 -7 7 10-77

1

5 .8

6 .6

2
1

6 .6

8-78

1

7-78

1 4 5 .9
1 4 6 .7 P
1 4 7 .5P

IN IT IA L NONTh
P-

P R E L IM IN A R Y




-

. . .

-

PREPAREO BY FEDERAL RESERVE BANK OP ST* LOUIS
OCTOBER 17« 1978

7

PERSONAL
RAT I O SCALE
TRILLIONS

INCOME
RAT I O SCALE

MONTHLY TOTALS AT ANNUAL RATES

OF

DOLLARS

seasonally

TRILLIONS

adjusted

OF

DOLLARS

1.9
1 .8
I .7
1 .6
1 .5

1 .4
1 .3
1 .2

1. 1

1 .0

0 .9

0 .8

0 .7

1970

1971

1972

1973

1974

1975

1976

SOURCEt
PER C EN TA GES

ARE ANNUAL

LA TEST

P LO TTC O «

O ATA

R A TES

OF

S E P TE M B E R

CHANCE

FOR P E R IO D S

U .S .

1977
D E P A R TM E N T

1978
OF

COMMERCE

IN O IC A T E O .

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

BY

FEO ER AL

RESERVE

BAN K

OF

S T.

1 0 * IS

_ ________________ _________________________________________________________ _______ PERSO NAL INCOME____________________________________ _____________________________________________

COMPOUNDEO ANNUAL RATES OP CHANGE
_______________________ ______________________________________________________________ _____ ________________________________ ___________________________________________

TERMINAL

B I L L I O N S OP

I N I T IA L MONTH
2 -7 7

3 -7 7

4 -7 7

J-T T

12*»
10*0

7 .3

7 -7 7

0 -7 7

9 -7 7 1 0 -7 7 1 1 -7 7 1 2 -7 7

OOLLARS
1 -7 0

2—
70

3 -7 0

4 -V o

6 -7 0

5 -7 0

7 -7 0

0 -7 0

7 .7

5 -7 7

6 -7 7

1 0 .1

4 -7 7

5 -7 7

0

1#490*7
1 ,5 0 0 * 0
1 ,5 0 8 * 3

4 -7 7

9 .9

7 .4

2

7 .5

7 -7 7

10*6

» .9

2

1 0 .5

1 3 .5

• -7 7

9*0

». 2

4

0 .9

9 .6

5 .0

♦-77

10*3

9. 1

3

1 0 .0

1 0 .0

9 .5

1 3 .4

1 ,5 1 7 * 4
1 ,5 3 3 * 5
1 ,5 4 0 * 7
1 ,5 5 6 * 9

1 0 -7 7

11*1

10. 1

10 5

1 1 .3

1 2 .3

1 1 .0

1 5 .0

1 6 .6

1 1 -7 7

1 1 .1

10* 4

10 8

1 1 .5

12 .3

1 2 .0

1 4 .2

1 4 .6

1 2 .6

It—
77

1 1 .5

1 0 .7

11 1

1 1 .7

1 2 .5

1 2 .3

1 3 .9

1 4 .1

1 2 .9

i- n

10*»

10. 1

10 4

1 0 .0

1 1 .3

1 1 .0

1 2 .1

1 1 .7

1 0 .1

0 .9

4 .0

2*7»

10*9

9 .9

10 I

10*4

1 0 .0

10 . A

1 1 .2

1 0 .0

9 .4

0 .4

6 .0

7 .3

1 0 .4

10 7

1 1 .1

1 1 .5

1 1 .2

1 2 .0

1 1 .0

1 0 .9

1 0 .4

9 .5

1 2 .0

1 6 .9

1 2 .1

1 2 .7

1 2 .1

1 1 .9

1 1 .6

10*2

1 ,5 7 7 * 0
I #592*7
1 3 .2

1 ,^ 0 9 *2
1 ,6 1 5 * 5
1 ,6 2 5 * 0

» -7 »

11*0

4 -7 »

1 1 .5

1 1 .0

11 3

1 1 .7

1 2 .0

1 2 .0

1 4 .0

1 7 .6

5 -7 »

11*4

1 0 .9

11 2

1 1 .5

11*9

1 1 .7

1 2 .4

1 2 .3

1 1 .7

1 1 .5

1 1 .2

1 2 .9

1 4 .0

1 3 .0

9 .5

é -7 0

11*)

1 0* 9

11 I

11* 4

1 1 .0

1 1 .6

12*2

1 2 .1

1 1 .5

1 1 .3

1 1 .0

1 2 .3

1 3 .6

1 2 .6

9*0

10*1

1 1 .7

II. 1

11 9

1 1 .6

1 2 .2

1 2 .1

1 2 .7

1 2 .6

1 2 .2

1 2 .1

1 2 .0

1 3 .2

1 4 .4

1 3 .0

1 2 .4

13*0

1 7 .6

•-W

1 1 .3

11*0

11 2

1 1 .5

1 1 .7

1 1 .6

1 2 .1

1 2 .0

1 1 .5

1 1 .4

1 1 .2

1 2 .2

1 3 .0

1 2 .2

1 0 .0

11*2

11*7

6*1

♦-7»

11*1

10*7

10 »

1 1 .1

1 1 .3

1 1 .2

1 1 .6

1 1 .5

1 1 .0

1 0 .9

10.16

1 1 .4

1 1 .9

1 1 .1

9*0

9 .0

9*7

6*0

5*9

2-7T

M I

0-77

9-77 10-77 11-77 12-77

1-70 > T I

>T1

4-70

1-7»

6-70

7-70

8-70

1 Æ -4r77 .

1 ,6 4 6 . 3
1 ,6 6 9 . 4
1 9 6 0 2 .1
1 ,6 9 5 .7
1 ,7 1 0 * 0
1 * 7 27 *3
1 ,7 3 5 * 6 P

_____.
___________ __________ ______________ __ ________IH1T1A1 MQHIM___________ ________ _____________
B X M t t X ------------ — .--------------------------------------------------------- L




■

___________ ; _______________________
_

P g P A l B ) »Y FEDERAL RESERVE »AI« OP ST* LOUIS
0CT0R1R U , 197»

8

RETAIL

SALES*

RATI O SCALE

RATI O SCALE

---- U ------- J -------- U ------ -------- L I-------------- -------- ----- 1—I 25
1970

1971

1972

1973

1974

1975
SOURCE«

P ER C EN TAGES

ARE

ANNUAL

L A T E S T D A TA P L O TT C D i
« R E V I S E D FROM 1 0 7 7 .

R A TES

AU G U ST,

OF

CHANGE

FOR

S EP TE M B ER

P E R IO D S

ADVANCE

U .S .

1977
D E P A R TM E N T

1978
OF

CO M M ERCE

IN D IC A T E D .

E S T IN A T E

PR EP A RED

R E T A IL

1976

BY

FEDERA L

RESER VE

BANK

OF

S T.

L O U IS

SA LES*

COMW UNDgD~WNOSt " R Ï T R OF CW*N5Ê
I N I T I A L MONTH

rERMINAL
(ONTH
2—77
3 -7 7

8 .2

5=77"" 5 - 7 7

’T - T T "8-=77’ "9=77 1 0 -7 7 1 1 -7 7 1 2 -7 7

T573~

4—Y7

3 - 7 7 ''"4 -7 7 "

H tL L IÔ N S 0É
DOLLARS
1 -7 8 ' 2"-78"" Ì - 7 8

6 -1 7

2T75”

0 .0

— .8
0

-4 .1

7 -7 7

6*4

4 .3 ”

5*2

6. 5

1 8 .4

8 -7 7

7# 1

5 .6

6 .6

8 .0

1 4 .6

1 0 .9

9= 77"

6« 8

5*5

5 .3

772™ 1 1 .2

V .8

▼5
*

8 .7

~ 9 .9

Hd»&

1 0 .0

ii. 3

9« 8

78 2

^8 8

T .T

7 .Ü

” "7*5

8*8

z-7 8

o# 3
^8 éT

ll. 4

4 8 ,6 6 9
5 9',T77
'4 ."9

3 9 , 4 lz

1 3 7 5 ~ 1 4 .7

1 Ü .T

2 9 .9

i 2 . 8 T B 7 T - l& . O

it .8

2 4 ."8

2 0 .D

1 4 .0

1 7 .2

1 1 .3

3*2

4 .5 " 373

2 .9

~ 4.7

—1 5 . 1

— 0.2
3
-?:f

5 .0

1 4 .2
"S74

1 3 .3

5 0 ,7 2 o
5 1 ,6 ^ 0
5 1 ,8 1 3
""“5 9 ,7 8 7

' 9 .7 ■ 8 .4

8 .2

8 .8

4 .1

—0 . 7

1 0 .3

ID .3

1 1 .2

> .8

4 .9

s ;r

29. 8

I T . I " 1 2 . 7 ' rz .~ i ' 127 3

1 3 .3

1 0 .8

9 .1

1 0 .6

¿ 8 .9

W »4

* 7 .2

lZ.6

to .3

8 .8

9 .9

29. 1

1 9 .1

1 5 .0

8 .1
9 .4

1 0 .3

■57,151"

1 1 .2

3 6 .1
6 2 ,6 4 9

# -7 8

1 0 .0

5 -7 8

9# 8

9 . 5 ' 1 0 .1

6—
78

9 *6

977

9 . 7 " T Ü . T " 1 1 .4

il. d

1 1 .0

1 1 .7

9 .6

8 .2

9 .r

1 9 7 3 " 1573T "“ 1 2 7 8 "

7=78

1« 7

8. 3

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

9 .7

9 .6

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8 .0

6 .6

7 .r

1 5 .1

1 172"

8 -7 8

9 .5

T .7

9 . 7 ■ o . i " '1 1 . 2 '' l b . 7
r

1 0 .7

" T 1 .2

8 .4

9 .1

15. 3

1 0 .0

9 .7

1 0 .2

' 107 7

1 1 .8

1 1 .3

1 1 .4

1 1 .9

' 9~.5 K F . 2

2 -7 7

3 -7 7

4 -7 7

5 -7 7

6 -7 7

7 -7 7

e -7 7

9 -7 7 1 0 - 7 7

1 2 -7 7

9= 7F~

Ô-V8

" ’ 5 0;O 5 2

1 0 ,2 n r r / *

' ~ * .4

t

7 -7 8

” 577929’
2*6

-t

S—
78

£ 7 »850

2 .1

i

"5^78

i ; 7"

5 - r r ■ 6» 3
■

1 1 -7 7

4 -7 0

1 0 .7

n
12 .2 ~ r i7 5 “ ■ . 7

9 .5

Ifl*4"

1 1 -7 7

‘
7 .3

5 T ,9 1 7
6 4,2 ^ 2

5 .2

5 .2

0 .3

2 .T

T i.l

li. 3

ll. < 9

7 .6

7 .8

9 .1

2 4 .0

16. 7

1 4 .2

1 2 .7

10*0

1 0 .7

1 2 .6

2 1 .9

1 -7 8

2 -7 8

5 4 ,5 6 5
"=4.0

6 4*343
65,5o5F*
1 9 .9

6 5 ,5 0 2 e

I N I T I A L MONTH
:- ESTIMATED
»-REVISED PROM 1977.




PREPARED 0Y FEOERAL RESERVE BANK OF S T . LO UIS

0CT01EH !*♦ 1 W

9

HOURLY COMPENSATION» P R IV A T E B U S IN E S S SECTOR *
COMPOUNPEO ANNUAL R A T E S OF CHANGE_____________

TERMINAL____________________________________________ _________________I N I T IA L QUARTER
______________________________________________________ 1967 « 100
QUARTER
4 -7 3
1 -7 4
2 -7 4
3 -7 4 4 -7 4
4 —76
1 -7 7 2 - 7 7
3 -7 7 4 -7 7
1 -7 8
2 -7 8
1 -7 5
2 -7 5
3 -7 5
4 -7 5
1 -7 6
3 -7 6
2 -7 6
1 -7 4

157*4

8^8*

2 -7 4

1 0 .9

1 3 .0 ^ 4 1 . 4 %

162*3
167*7

3—
74

11 *9

1 3 .5

1 4 * 0^

4 -7 4

11*6

1 2 .6

1 2* 3

10^ 7^ .

1 7 2 .0

1 -7 5

1 1* 4

12*1

11*7

10*6

10*6^

2 -7 5

10*8

11*2

1 0* 7

9*7

9*2

176 .A

"1
1 7 9 .7
1 62 .0

3 -7 5

10*3

10*5

10*0

9*0

8 .5

7*4

---

4 -7 5

10*1

10* 3

9*8

9*0

8 .6

7*9

8*1

9 .0

186*8

1 -7 6

10*0

10*1

9*7

9*0

8*7

8*2

8*4

9*1

IVO. V
1 9 4 .7

2 -7 6

9 *8

9* 9

9*5

8*9

8*6

8*2

8*3

8 *8

8*6

8. 2 V

3 -7 6

9 *8

9 *9

9 *6

9 .0

8*8

8*5

8*6

9*0

9*0

9*0

4 -7 6

9 .7

9*8

9 *5

9 *0

8*8

8*5

8*7

9*0

9*0

9*0

9*4

8*9

9*3

8*9

8*7

8*8

8*7

8*9

8*4

1 -7 7

9 *6

9*6

8*5

8*6

8*8

1 9 9 .3

9*8^

2 0 3 .6

O J07n

2 0 7 .5

2 -7 7

9V 3

8*4 ~~8*3

8*1

8*1

7*5

6*8

3 -7 7

9 .3

9* 4

9*1

8*7

8*5

8*3

6*4

8*5

8*5

8*3

8*4

8*0

7*7

7*7

9 * 6 \.

2 1 5 .3

4 -7 7

9 .2

9 *2

8*9

8*5

8

8*1

8*2

8*3

8*2

8*1

8*1

7*8

7*5

7*3

8*1

218*8

9 .0 -

HBÜT

~872~

¿ I0 .4 * v

\
6*7

1 -7 8

9 .3

9*4

9 *1

8 *8

8*6

8*5

8*5

8* 7

8*6

8*6

8*6

8*5

8*4

8*5

9*4

9*3

12*0

2 -7 8

9 .3

9*3

9*1

8*7

8*6

8*4

8 *5

8*6

8*6

8*5

8*6

8*4

8*3

8*4

9*1

9*0

10*1

8*2

2 2 V .6

3 -7 8

9 .3

9*3

9*1

8*8

8*7

8*5

8*6

8*7

8*7

8*7

8* 7

8*6

8*5

8 .7

9*2

9 .2

10*0

9*0

2 3 5 .OP

4 -7 3

1 -7 4

2 -7 4

3 -7 4

4 -7 4

1 -n

2 -7 5

4 -7 5

1 -7 6

2 -7 6

3 -7 6

4 -7 6

1 -7 7

2 -7 7

3 -7 7

4 -7 7

1 -7 8

2 -7 8

3 -7 7

4 -7 7

1 -7 8

2 -7 8

è-n

2 2 5 .1

INITIAL QÜAftTEft

OUTPUT PER HOUR OF A LL PERSONS* PR IV A TE B U SIN ESS SECTOR *
____________ COMPOUNPEO ANNUAL RATES OF CHJHGE_________________
TERM M A L
t iD H r m r

I N I T I A L QUARTER
4 -7 3

1 -7 4

2 -7 4

3 -7 4

4 -7 4

1 -7 5

2 -7 5

1 -7 4

-3 .5
-3 * 0

-1 .8

- 2 .9

-2 * 2

-2 .3

1 -7 5

-2 * 1

-1 * 4

-1 .2

-0 .9

1 .1

-0 .1

1 .0

1 .7

2 .9

6 .0

1967 * 100
3 -7 6

4 -7 6

1 -7 7

2 -7 7

-2 .9

2 -7 5

2 -7 6

-1 .8

4 -7 4

1 -7 6

—1*8

3 -7 4

4 -7 5

-5 .2

2 -7 4

3 -7 5

ll. O ^ V
1

110*9
110*4
109*9
1 0 9 .1

3 -7 5

1 .1

2 .2

3 .0

4 .3

6 .8

4 -7 5

0 .7

1 .6

2 .2

3 .0

4 .5

1

109*4

'^ 7 ^ / /O

112*3
114*6

5 .6

3 .1

- 2 . ì\ .

114*0

1 -7 6

1 .2

2 .0

2 .6

3 .3

4 .6

5 .5

3*7

1 .4

2 -7 6

1 .3

2 .1

2 .5

3 .2

4 .2

4 .9

3*4

1 .7

3 .7

3 -7 6

1 .5

2 .2

2 .7

3 .2

4 .1

4 .6

3 .4

2 .2

3 .6

3*0

3 .5

4 -7 6

1 .4

2 .0

2 .4

2 .9

3 .6

4 .0

2 .9

1 .8

2 .8

2*1

1 .9

0*3 \

1 -7 7

1*5

2 .1

2 .4

2 .9

3 .5

3 .8

2 .8

1 .9

2 .7

2*2

2 .1

1*4

2*4

2 -7 7

1*3

1 .8

2 .1

2 .4

3 .0

3 .2

2 .2

1 .4

2 .0

1*4

1 .1

0 *3

0*3

-1 .7

1 1 7 .4

3 -7 7

1 .5

2 .0

2 *3

2 .7

3*2

3*4

2 .6

1 .9

2 .4

2*0

1 .9

1*5

1*9

1 .7

1 1 8 .9

4 -7 7

1*4

1 .9

2 .2

2 .5

2 .9

3 .1

2 .3

1 .7

2 .2

1*8

1 .7

1*3

1 .5

1 .2

2 .7

5 . o \

115*4
116*1
117*1

.

117*2
1 1 7 .9

O .3 V

1 1 9 .0

I—
78

1*1

1 .5

1 .7

2 .0

2 .3

2 .4

1 .7

1 .0

1 .4

0*9

0*7

0 *3

0*3

-0 .3

0 .2

2 -7 »

1*1

1 .5

1 .7

1 .9

2 .3

2 .4

1 .7

1 .1

1 .4

1*0

0 .8

0*4

0 .5

0 .1

0*5

-1 * 0

-1 * 7

1 ^

3 —7 8

1*3

1 .6

W 8

2 .1

2 .4

2*5

1 .9

1 .3

1 .7

1*3

1 .2

0*9

1 .0

0 .8

1*3

0*3

0*3

2*9

4 -7 3

1 —» 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

2 -7 6

3 -7 6

4 -7 6

1 -7 7

2 -7 7

3 -7 7

4 -7 7

1 -7 8

1 1 7 .6
4 \
4*5*\

118*0
1 1 9 .3 P

2 -7 8

I N I T I A L QUARTER
R E V I S E D FROM 1 9 7 4 .
P - PRELIM INARY




PREPA REO BY F E O 0 U L R E S E R V E BANK OF S T * L O U IS
OCTOBER 2 7 , 1978

10

PRODUCT I VI T .

COMPENSATION, AND LABOR COSTS*

RATIO SCALE

RATIO SCALE

I9710
6* 0

16-10
97 0

SEASONALLY ADJUSTED

SOURCE«
P E R C E N T A G E S ARE A N N U AL R A T E S OF CH AN CE FOR P E R IO D S
LA TES T
*

DATA P L O TT E D «

R E V IS E D FRON

0 .8 .

D E P A R TM E N T OF LAB OR

IN D IC A TE D .

3RD OU AR TER P R E L IM IN A R Y

1974.

PREPARED BY F E D E R A L R E SE R VE BANK OF S T .

L O U IS

UNIT LABOR COSTS, PRIVATE BUSINESS SECTOR •
CO PO N ED AN U RATES OP CH G
M UD
N AL
AN E
TERMINAL
QUARtER
4-73

1- ? *

INITIAL QU
ARTER
1-74

2-74

3-74

4-74

1-75

2-75

3-75

4-75

1-76

2-76

1967 « 100
3-76

4-76

1-77

2-77

3-77

4-77

1-78

2-T8

14.Î V

141*9

2 -7*

15.0

1 5 ? 2 \ J 3 . 8%

147.0

3-74

15.4

15.6

152.6

4-74

15.0

15.0

14.9

1-75

13.8

13.6

13.1

11.6

2-75

10.9

10.1

8 .9

6.6

157.6

9 .5 W

161.2

3 .2

160.1

- 2. > \

3-75

9 .0

8.1

6 .7

4 .5

1.6 - 2 .1 1 - i T ^T

4-75

9 .3

8.5

7.5

5 .8

3 .9

2.2

4 .7

11 . 2 s

1-76

8 .7

8.0

7 .0

5 .5

3.9

2.6

4 .4

7 .5

4 .0 s

2-76

8 .4

7.7

6.8

5 .5

4 .2

3.2

4 .7

6 .9

4.8

5.7

3-76

6.2

7.5

6 .7

5 .6

4 .5

3.6

5 .0

6.6

5.2

5.8

5 .8 \

4-76

8.2

7 .7

6 .9

6.0

5.0

4 .4

5 .6

7 .1

6.1

6.8

7.4

9»0 \

1-77

8.0

7.4

6.8

5 .9

5.0

4 .5

5 .6

6.8

5.9

6.4

6 .7

7.1

2-77

8.0

7 .5

6.8

6.0

5 .3

4 .8

5 .8

6.9

6.2

6.7

6.9

7.3

6.4

3-77

7.7

7 .2

6.6

5 .9

5.2

4 .8

5.6

6. 6

5.9

6.2

6.3

6.5

5.6

5 .9

4-77

7 .6

7.2

6.6

5 .9

5 .3

4 .9

5 .7

6 .5

6.0

6.2

6.3

6.4

5.8

6.0

5.2

1-78

8.2

7.8

7 .3

6 .7

6.2

5 .9

6 .7

7 .6

7.2

7.6

7.8

8.2

8.0

8 .7

9.1

11.7

1 7 .3 s

2-78

8.1

7 .7

7 .3

6 .7

6.2

6.0

6 .7

7^5

7.1

7.5

7.7

8.0

7.8

8 .4

8 .5

10.1

12.0

3-78

7 .9

7.6

7.1

6.6

6« 1

5.9

6.6

7.3

6 .9

7.2

7.4

7.6

7 .4

7 .8

7 .8

8.8

9 .6

4-73

T-f4

2 -t4

3-74

4-74

1-75

2-75

3-75

4-75

1-76

2-76

3—
76

4-76

1-77

2-77

3-77

4-7 7

15V.5
163.8
165.4
167.7
170.1
v

_

17 3.»

.070

176.0
179.3

T>\ 4 . 1 s

181.1
18*.9
191.4»

6.V

194.6
V

1-76

197.OP

/—
78

INITIAL Q ARTER
U
♦ REVISED FRON 1974,
P - P RELIM IN A RY




PREPARED BY FED ERA L RESER V E 8ANSI OP S T . L O U IS
OCTOBER 2 7 , 1978

11

GROSS NATIONAL PRODUCT IN CURRENT DO LLARS
CONFOUNDED ANNUAL R A T ES OF CHANGE

B IL L IO N S OF
DOLLARS
ANNUAL RATES

I N I T I A L QUARTER

t ir n in a l

>W71
r \ sT.4%
1-74
4*2
2-74
4.0
»-74 Um.m ji 1 9.1 • A
e e
4-74
7*2 ••2 7.4
1-7»
S.l 4«> 5.2
2-71
4.9 7.5 7.0
>TJ
ftf 9.) 9.3
9.2
4-7f
ftt
1-7*
9.1 9.B 9.B
1-74
••1 9.7 9.7
9.4 9.5
I-T4
••9 9.1 9.3
4-74
9.1 9.7 9.7
*-77
t—77
♦♦4 10.0 10.1
>-77
♦.7 10.1 10.1
4-7 7
9*4 10.0 10.1
1 -7 »
9.9
t.5 M
|0.l 10.4 10.5
HI
Ml
10.1 10.4 10.5
4-71

1-74

1-74

1-75 2-75 3-75 4-75 1-74 2-74 3-74 4+74 1-77 2-77 3-77 4-77 1-78 2-78

v Ä
i
1
4.4V
1 ».» | 0 . 4 W
L — i. 1
4.4 4.5 12.4^^13.4%
9.4 10.4 15.4 u X
♦.3 10.0 13.3 13.7
10.0 10.7 13.4 13.7 11.3
9.B 10.4 12.5 12.5 10.5
9.5 10.0 11.4 U.4 9.7
9.4 9.8 11.1 10.9 9.4
9.6 10.2 11.4 11.3 10.1
10.2 10.4 U f * 11.4 10.4
10.3 10.4 11.7 U.4 10.7
10.2 10.5 11.4 11.3 10.5
9.9 10.2 U-o 10.9 10.2
10.4 10.9 11.• 11.7 11.1
10.4 10.9 11.7 11.4 11.0
1-74. 4 - K

2-75

1-75

3-75

11.2
9.9
9.5
10.3
10.9
11.0
14>.7
10.3
11.3
11.2

6.1
6.2
9.5
10.4
10.5
10.3
9.9
11.0
11.0

7.8 8.2
9.7 10*9 U3.7 ■
H. ---10.8 11.9 . 13.8 14.0
ll. l^ v ^
10.8*1
u
10*5
L ,
Ä1.3 10.0 8.9
V 1 y7
10.0 10.5 io.4 1 * 3 9.0 8.0
0.
11.3 11.9 12.5 12.2 1U8 12.0 13.7 20.6 V
11.2 11.7 12.2 12.0 11.4 ^11.7 112.7 15.5 10.71

4-75

1-74

2-74

3-74

4-76

1-77

2 -7 T

3 -n

4-77

1-78

1.349.0
1.400.1
1.430.1
1,452.4
1,454.7
1,498.4
1,544.0
1*598.0
1*449.7
1*485.4
1*715.4
1*749.8
1*804.8
1*847.0
1*914.8
1*958.1
1*992.0
2,087.5
2.141.IP

2 -7 8

IHItfcÄL QÜARtÜ

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

1 -7 4

±rI3
1-7 4
2 -7 4

B IL L IO N S OF
DOLLARS
ANNUAL RATES

IN I T I A L QUARTER

2 -7 4

3 -7 4

4 -7 4

1-75

2-75

3-75

4-75

1-76

2-76

3-76

-^-76

1-77

2 -7 7

3 -7 7

4 -7 7

1-78

2-76
1 ,2 3 0 .2

U > ^ 2 7%
—
2*9

1 ,2 2 4 .5

-* >

3 -7 4

-2 .7

- 2.2

4 -7 4

- 3 .5

-3 .3

- 4 .0

- 5 .5

_ 1-75

-4 * 6

-4 .6

- 5 .7

-7 .1

-9 ^ 0N

2-75

- 2,6

—
2.6

- 2.6

-2 .9

- 1.6

1 ,2 1 6 .9

1
,

3 -7 5
.

- 1,0

—
0.6

-0 .3

0 .3

2 .3

4 -7 5

- 0*6

-Q *i_

0.2

0 .7

_2.4

1-76

£¿5

1.0

1.4

2.1

2 -7 6

0.6

L*4

3-7 6

L*Q

JL.5

4 -7 6

1.1

1 -7 7

1 ,1 9 9 .7

^

1 ,1 7 1 ,6
1 ,1 6 9 .9

t . N v

8 .4

N V .r /o
1 0 .5 ° ^

1 *229.0

6, 5...

6 .5

* t6

3 .7

7 .2

7 .4

5 .9

1.8

2 .4

3 .6

6. £

6.6

5 .3

6.6

4 .0

1 .9

2 .4

3 .6

5 .9

5 .6

4 .6

5.3

3 .4

1.6

1 .9

2 .4

3.5

5 .4

5 .2

4 .2

4 .6

3.0

2.5

2>

1.6

2.0

2 .4

2 .9

3 .9

5 .6

5 .5

4 .7

5 .1

4.1

4 .1

4 .8

7 .3

5 .2

6.6

x 4 . J /o
5 . 9 V

6 .3

5 .6

5 .7 ^ ^

1 ,3 4 3 .9
1*3 54.5

1 ,2 2 7 .9
1*2 55.5

9 .3 V w

1*2 68.0
1 ,2 7 6 .5
\

1*2 84.0
1 .3 0 6 .7

A ^07

2-7 7

1 ,9

2 .3

2 .7

3 .2

4 .1

5 .5

4 .9

5.2

4 .4

4 .5

3 -7 7

2*1

2*4_

2 .9

3 .4

4 .2

5 .6

5 .6

5 .0

5 .3

4#6

^•8

4 -7 7

2* 2_

2.6

3 .4

4 ,1 _ 5 .4

5 .3

4 .6

5 .0

4 .4

4 .5

4 .9

5.5

4 .9

4 .4

3 .2

1-7 8

2.0

2 .4

2 .7

3 .1

3 .6

4 .9

4 .6

4 .3

4 .4

3 .9

3 .8

4 .0

4 .4

3 .6

2 .9

1 .5

2-7 8

2 .4

.
M

3 .1

3 .5

4 .1

5 .2

5 .1

4 .7

4 .9

4 .4

4 .4

4 .7

5.1

4 .6

4 .B

3 .9

4 .2

» .7 ^ ^

1 ,3 8 2 .6

3 -78

2 .5

2.6

3 .1

3 .5

4 .1

5 .1

5 .0

4 .6

4 .7

4 .3

4 .3

4 .5

4 .8

4 .4

4.1

3 .8

3 .9

4 .0

1 .3 9 4 .3 P

4-73 1-74

2 -7 4

3-74

4 -7 4

1-75 2-75

J-7 i

4—75

t-> 6

2—
76

3 -7 6

4-74

1 -7 7

2 -7 7

3 -7 7

4 -7 7

1 -7 8

1 .3 2 5 .5

- 0.1 V

1 ,3 5 4 .2

3 .4 1
2 -7 8

I N I T I A L QUARTER

1 - Rflrwi^AftV
*




P R EP A R ED BY F E D E R A L R E S E R V E
OCTOBER 20» 1976

12

BANK OF S T . L O U IS

GROSS N A T I O N A L
RATIO SCALE
T R I L L I O N S OF

PRODUCT

RATIO SCALE
Q U A R T E R L Y T O T A L S AT A N N U A L R A T E S
DOLLARS
T R I L L I O N S OF D O L L A R S
SEASONALLY ADJUSTED

1.
1.
..
I.

0 .

1

0 .

1970

1971

1972

1973

1974

1975

1976

1977

1978

SOURCEt U .S . DEPARTMENT OF COMMERCE
PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIODS INOICATEO.
LATEST DATA PLOTTED« 3RD QUARTER PRELIMINARY




PREPARED BY FEDERAI RESERVE BANK OF ST. LOUIS

13

GENERAL

PRICE

INDEX*

RA TI O SCALE

RATIO SCALE

1972-100

1972-100

8 0 L- --------— I ----- -------- U --------- L I--------L I --------------------------------- J _
l

1970

1971

1972

1973

1974

1975

1976

19 77

1978

«AS USED IN NATIONAL INCOME ACCOUNTS
SOURCEt U .S . DEPARTMENT OF COMMERCE
PERCENTAGES ARE ANNUAL RATES OF CHANCE FOR PERIODS IN D IC A TED .
LA TE S T DATA PLOTTED« 3RD QUARTER PRELIM INARY
PREPAREO BY FEDERAL RESERVE BANK OF S T . LO UIS

IMPLICIT PRICfc OEFLATOR FO GROSS NATIONAL PRO U
R
O CT
_______ C H O N E ANNUAL RATES O CH G
O P UOO
F
AN E______________
TERMINAL
Q ARTER
U
4 -7 3
1-7 4

1972 * 100

INITIAL Q AR
U TER
1 -7 4

2 -7 4

3 -7 4

4-74

1-75

2-75

3-75

4-75

8 .4

1-76

2-76

4—
76

3-76

1-77

2 -7 7

3 -77

4 -7 7

1-78

2-78

111.28
'

\
11*5 \

2 -7 4

*♦9

3-7 4

10 »5

1 1.5

4 -7 4

11*0

1 1 .9

12.1

1—
75

1 0 .9 I 1 1 .6
_
1 -1 .
10.1 1 0 .4

114.34

il^ V

2-7 5

11 A 07-

117.52
121.06

11.6

1 1 .6

1 0.2

9 .7

8.2

«

124.16

V

125.95

5 .9

128.19

3-75

9 .7

9 .9

9 .6

9 .1

7 .9

6 .6

7 .3

4 -7 5

9 .2

9 .4

9 .0

8 .5

7 .5

6 .5

6 .8

6 t 2 \

i—
76

8 .6

8 .7

8 .3

7 .7

6 .8

5 .8

5 .8

5.1

2 -7 6

8 .2

8 .2

7 .8

7 .3

6 .4

5 .6

5 .5

4 .9

4 .3

4 .7

3-76

7 .9

7 .8

7 .4

6 .9

6 .2

5 .4

5 .3

4.8

4 .4

4 .6

4 .5

4—
76

7 .7

7 .6

7 .3

6. B

6.1

5 .5

5 .4

5.0

4 .7

5.0

5.1

5 ? r V
5 .9

130.14
131.40

3 .9
132.92

1-77

7 .6

7 .5

7 .2

6 .7

6.1

5 .5

5 .5

5.2

5 .0

5.2

5.4

2-77

7 .«

7 .5

7 .2

6 .8

6 .2

5 .8

5 .8

5.5

5 .4

5.7

7 .4

7 .3

7 .0

6 .7

6.1

5 .7

5 .7

5.5

5 .4

5.6

5.8

4 -7 7

7 .3

7 .2

6 .9

6. 6

6 .1

5 .7

5 .7

5.5

5 .4

5 .6

5.8

136.28

>
6 .0

7
.

6 .8

V

„ 1 3 4 ,3 ?

.

6 .0

3-77

_

142.63

►6.3

6 .4

5 . 1 \

6 .t

6 .1

5 .3

5^5^

144.56
147.10

1-78

7 .3

7 .2

6 .9

6 .6

6 .2

5.8

5 .8

5.7

5 .6

5.8

6 .0

6 .2

6.3

6 .4

5 .9

6 .4

7

2-78

7 .5

7 .4

7 .2

6.V

6 .5

6 .2

6 .2

6.1

6.1

6 .4

6 .6

6 .9

7.1

7 .3

7 .2

7 .9

9 .1

3-78

7 .5

7 .4

7 .2

6 .9

6 .5

6 .3

6 .3

6 .2

6 .2

6.4

6 .6

6 .9

7.1

7 .2

7 .2

7 .7

8 .4

9 .0

4 -7 3

1 -7 4

2 -74

3 -7 4

4-74

1-75

2-75

3-75

4-75

1-76

2-76

3-76

4-76

1-77

2 -77

3-77

4 -7 7

1-78

150.98

1 U 0 \

7 . 0 s*
____ 153.56P
2-78

INITIAL Q AR
U TER
P- PRELIMINARY




PREPA REO BY F E D E R A L R E S E R V E BANK OF S T .
OCTOBER 2 0 , 1978

14

L O U IS

PERSO NAL CONSUMPTION E X P EN D IT U R ES IN CURRENT DO LLARS
_____________ COMPOUNDED ANNUAL R ATES OF CHANCE______________

TERNINA
I
QUARTER

BILLIONS Of
DOLLARS
ANNUAL RATES

INITIAL QUARTER
4-73

1-74

2-74

3-74

4-74

1-74

M r*
12.3

13.3

10*0

9.8

8.6

9.7

9.6

8.7

6.0

10*3

10.3

9.7

8.3

10.9

3-75

10.6

10.7

10.3

4-75

10.8 10.5
11.0 11.1 10.9
10.7 10.8 10.6
10.6 IP# 6 10.4
10.8 10.9 10.7
10*9 11.0 10.9
10*7 10.7 10.6
10.6 10.6 10.5
10.6 10.8 10*7
10.6 10.6 10.5
10.8 10.8 10.8
10.8 10.8 10.7

2-76

3—
76

4-76

1-77

2-77

3-77

4-77

1-78

2-78

8.*

2-75

1-76

3.2

1-75

4-75

14.3

4-74

3-75

12.3

3-74

2-75

10*4

2-74

1-75

1-76
2-76
3-76
4-76
1-77
2-77
3-77
4-77
1-7«
2-78
3-78

854.0
879,2

10.7

4-73

1-74

2-74

909.0
916*2
935*7
964.9

13.1

12.8 12.6
12*1 11*6
10.4 11.8 12.6 12*5 12*4
10.1 11.3 11.8 11*4 11.0
9.4

11.5

9*8

11*5 _12*4

9.9

10*9

11*3

10.3

11.2 11.6

10.5

11*4

11*7

10.2 11.0 11.2
10*1 10*8 11*0
10.4 11*1 11*3
10.2 10*7 10.9
10.5 11.1 11.2
10.5 11.0 11*1
3-74

4-74

1-75

994.0

1, 021.6
1,05. ^.8

13*2
10*7

1,075.1

•*3

10*9V 10.5 , 10*1

1*098.4

11*3

8
*6 9,0
11.1 11*0 10.2 11*2 13*5
11*5 11*3 11*3 10*8 11*6 13.0 12.5
11*0 10*8 10*6 10*1 10*6 11*1 9*9 7.4
10*8 10*5 10*4 9,9 10.2 10.6 9 * 8.2 9.0
.9 _ll*3 10*7 10.1 11*5 14.1
JL1*1 10*9 10*8 10*5 10
10.5 10*4 10*1 10.3 10*5 10*0
7.0
9.3 10*0 10.5
1*
97
u*i 11*0 10.9 10.6 10.9 11.2 10*8 10*5 11*3 12.1 11.1 15.3
11*0 10*9
10.6 10.8 11.0 10.7 10.4 11*0 11.5 10.7 12.6

1,133.7

2-75

3-75

4-75

1-76

2-7$

3-76

4 -W

1-77

2-77

3-77

4-77

1-78

1.167*7
it 188*6
1,214.5
1*255.2
1,276.7
1,322*9
9.9

1.Í54.5P

2-78

WIT!XI MfeTtft

PERSONAL CONSUMPTION EXPENDITURES IN 1972 DOLLARS
___________ COMPOUNDED ANNUAL RATES OP CHANGE
6 1 LLÍ0 N S OP
QUARTER

ANNUAL RATES

4-73
1-74

-

2-74

3-74

4-74

1-75

2-75

3-75

4-75

1-76

2-76

3-76

4-76

2-77

1-77

3-77

4-77 .4-^8

2-78

- 2.2

2-74

1-74

761.6

0.1

3-74

1.1
0.1

4-74

-1 .7

-1*5

-2*3

-7 .0

1-75

-0 .9

- 0.6

- 0.8

-2 .4

2.3

2-75

0.4

0.9

1*1

0.6

4*6

7,0

1*0
1*6

1.6
2.2

1*9

1.7

4*8

5.Ö

2.6

2.5

5.1

6*0
6.0

6o3.

3-75
4-75

1.3

761.7

2.6

766.6
752.9
757.2
770.2
779.7
791.1

1-76

2.3

2.9

3.3

3.4

5.6

6.5

2-76

2.5

3.0

3.4

3.5

5*3

6*0 __ 7

6*9

7*9

806.3

5*9

5*9

814.0

3-76

2.6

3.0

3.4

3.5

5*1

5*5

5*2

5.1

3.7

3.4

4-76

3*0

3.5

3 .«

3.9

5*4

5f8_

5*6

5.7

?»9

5.5

7.7

1-77

3.1

3.6

3.9

4.1

5.4

5.7

5.6

5.6

5.0

5.4

6.4

2-77

3*0

3.4

3.7

3.8

4.9

5*2

5.0

4.9

4.3

4.4

4.7

3.2

1.4

3-77

3.1

3.5

3.7

3.8

4.9

*f\

4,f>

4.7

♦ f*

4,3

4.5

3*5

2.7

4.1

4-77

3.4

3.8

4.1

4.2

5,2

5*5_

M

5.3

4,9

5.1

5.4

4,8

4f 8
_

6.5

9,0

3*1

3.5

3.7

3.8

4.7

4*9

4*7

4.5

4.1

4,1

4*2

3*6

3.8

3*6

4,7;

4.3

4.3

4*5

4.0

3.7

4.3

4.4

4*5

4.2

4.2

4.3

3.9

3.7

4*1

4*2

4-7*

1-77

2-77

3-77

1-78
2-78

3.3

3.6

3.9

3.9

4.8

5.0

4*8

3-78

3.3

3.6

3.8

3.9

4.7

4 ,8

4r7

4-73

1-74

2-74

3-74

4-74

1-75

2-75

5*6




4.8

3-75

4 5 1—
-7
*6

820.9
836.2
5.1

846.6
849.5
858.0
876.6
-1 *4

873.5

2*2 6*0
2* 6 4*1
^

3.4

1-78

2-78

4-77

M I p a r e d BY F E D E R A L r e s e r v e
OCTOBER 2 0 f 1978

15

886,3

BANK OP S T .

^893* 7P

L O U IS

CROSS P R IV A T E OOMESTIC INVESTM ENT IN CURRENT DO LLARS
_____________ COHPOUNOEP ANNUAL R ATES OF CHANGE_______________
B IL L IO N S OF

TERN IN AL__________________________________________________________________ I N I T I A L QUARTER________________________________________________________________ DOLLARS
QUARTER
ANNUAL RATES
4 -7 6
2 -7 6
3 -7 6
1 -7 7
2 -7 7
2 -7 4
1 -7 5
1 -7 6
3 -7 7 4 -7 7
1 -7 4
3 -7 4 4 -7 4
2 -7 5
3 -7 5 4 -7 5
4 -7 3
1 -7 8 2 -7 8
1 -7 4

-2 2 * 4

2 -7 4

-9 ,8

3 -7 4

-1 1 .8

-6 .0

-1 5 .7

-9 .1

-4 .2

-8 .5

4 -7 4

2 1 7 .3
4 .9

2 1 9 .9
2 1 0 .7
-0 .6

2 1 0 .4

1 -7 5

- 1 9 . 1 - 1 8 . 2 —24-.7 - 2 8 . 9 -4 9 .1

2 -7 5

-1 7 .0 -1 5 .8

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

17 7.7
-5 .5

175.2

-6 .2

-3 .2

-4 .8

-1 .9

-2 .3

3 5 .4

9 4 .1

4 -7 5

-6 .2

-3 .6

-4 .9

-2 .6

-3 .1

2 0 .1

35*4

-5 .5

1 -7 6

0 .0

3 .2

3 .0

6 .5

7 .9

3 0 .3

45*0

2 5 .3

6 6 .2

2 -7 6

2 .0

5*2

5 .2

8 .6

1 0 .2

2 8 .7

39*0

2 4 .3

4 2 .6

2 2 .4

3 -7 6

2 .8

5*8

5 .8

8 .9

1 0 .3

2 5 .5

32*9

2 0 .8

3 1 .2

1 6 .5

10*9

4—76

2 .2

4 .8

4 .8

7 .3

8 .4

2 0 .7

25*8

1 5 .3

2 1 .2

9 .1

3*0

-4 .4

1 -7 7

5 .1

7 .8

8 .1

1 0 .8

12 .2

2 3 .8

28*7

2 0 .2

2 6 .1

1 7 .7

16*2

1 8 .9

4 7 .9

? *.2_

9 ,9

1 0 .4

13*1

14*6

2 5 .4

29*9

2 2 .6

2 8 .1

21*6

2 1 .4

2 5 .1

43*1

38*5

3 -7 5

203 .V
2 3 1 .5
2 4 3 .5
249. V
2 4 7 .1
2 7 2 .5
2 9 5 .6

3 -7 7

8 .1

1 0 .7

1 1 .1

1 3 .7

15 .1

2 4 .9

28*8

2 2 .4

2 7 .0

21*4

2 1 .2

2 3 .9

35*1

29*2

20*5

4 -7 7

7 .9

1 0 .3

1 0 .7

1 3 .0

1 4 .2

2 2 .9

26*2

2 0 .3

2 4 .0

18*9

1 8 .3

1 9 .9

26*9

20*5

12*5

5 .0

1 -7 8

8 .1

1 0 .4

1 0 .8

1 3 .0

14 .1

22.0

24*9

1 9 .5

22*6

18*1

1 7 .5

1 8 .6

23*8

18*4

12*4

8*6

12*3

2 -7 8

9 .3

1 1 .5

1 2 .0

1 4 .1

15*2

2 2 .7

25*4

2 0 .5

2 3 .5

19*5

19 .1

2 0 .3

25*0

20*9

16*8

1 5 .7

21*4

3 1 .2

3 -7 8

9 .2

1 1 .3

1 1 .7

1 3 .7

14*7

2 1 .5

23*9

1 9 .4

2 1 .9

18*2

1 7 .8

1 8 .6

22*3

18*5

14*9

1 3 .6

16*6

1 8 .8

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

2 -7 6

3 -7 6

4 -7 6

1 -7 7

2 -7 7

3 -7 7

4 -7 7

1 -7 8

N
1
O
D

2 -7 7

2 0 6 .a

1 -7 8

B IL L IO N S OF
OOLLARS
ANNUAL RATES
2 -7 8

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

3 5 1 .7P

I N I T I A L QUARTER

GROSS PRIVATE DOMESTIC INVESTMENT IN 1972 DOLLARS
COMPOUNDED ANNUAL RATES OF CHANGE
I N I T I A L QUARTER

TERMINAL
QUARTER
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

2 -7 6

3 -7 6

4 -7 6

1 -7 7

2 -7 7

3 -7 7

4 -7 7

1 -7 4

-2 4 .5

197*4

2 -7 4

- 1 9 . 7 -1 4 * 5

18 9.8

3 -7 4

-2 1 .5 - 2 0 *0 -2 5 * 0

17 6 .6

4 -7 4

- 1 9 . 5 -1 7 * 7 -1 9 * 2 - 1 2 . 9

1 7 0.6

1 -7 5

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

1 3 4 ,6
1 3 3 .3

2 -7 5

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

-3 * 8

3 -7 5

-1 6 . 7 - 1 5 . 4 -1 5 * 5 - 1 3 . 0 -1 3 .0

30*4

76*8

4 -7 5

-1 6 .2

-1 4 * 9 -1 4 * 9 - 1 2 .8 -1 2 . 7

14*4

24*8 -1 1 * 9

1 -7 6

-9 .7

-7 * 6

—6*6

-3 .1

- 1 .0

25*2

36*7

20*2

6 4 .0

2 -7 6

-7 .4

-5 * 3

-4 * 1

- 0 .6

1 .6

23*2

31*1

18*6

3 7 .7

15*6

3 -7 6

-6 * 3

—4*2

-3 * 0

0 .1

2 .2

2 0 .1

25*5

1 5 .2

2 6 .0

10*5

5 .6

117 i L
l

17.3.4

1 5 3 .7

. I4 § t *
16 8.5
1 7 4 .7

4 -7 6

-6 .5

-4 * 6

-3 * 6

- 0 .8

0 .8

1 5 .6

19*2

1 0 .1

1 6 .5

3*9

-1 .5

-8 * 1

1 -7 7

-3 .9

-1 * 9

-0 * 7

2 .1

3 .9

1 7 .6

21*0

1 3 .6

19*5

10*4

8 .8

10*4

32*7

2 -7 7

- 2 .0

- 0 .0

1*3

4 .1

5 .9

1 8 .5

2 1 .6

1 5 .3

2 0 .6

13*4

12*8

15*3

29*2

25*8

3 -7 7

-1 * 3

0 .6

1 .9

4 .5

6*3

1 7 .6

20*2

1 4 .6

1 8 .9

12*7

1 2 .2

13*9

22 *3

17*5

9*7

4 -7 7

-1 .4

0 .4

1 .6

4 .0

5*5

15*6

17*7

1 2 .5

1 6 .0

10*4

9 .5

10*3

15*5

10*3

3*3

1 -7 8

-0 * 7

1*0

2 .2

4 .5

5*9

15*2

17*1

12*4

15*4

10*5

9*0

10*5

14*6

1 0 .5

5*9

4 . 0 _ 1 1 .2

2 -7 8

0 *1

1*8

2 .9

5 .1

6*6

15*2

16*9

1 2 .6

15*4

11*0

10*4

11*2

14*7

11*4

8*1

7*6

1*6 «1

2.0|*7
-2 * 7

13*2

2 1 3 .1

15*2

-0 * 1

1*5

2 .5

4 .5

5*8

13*7

15*1

1 1 .1

13*5

9*4

8*7

9*1

11*8

8*7

5*5

4*5

7*0

5t 0

4 -7 3

3 -7 8

-4 * 2

1— f 4

2— 74

3 -7 4

4 -7 4

1 -Ï5

2 -7 5

3 -7 5

4 -7 5

1 -7 6

2 -7 6

3 -7 6

4 -7 6

1 -7 7

2 -7 7

3 -7 7

4 -7 7

1 -7 8

2 1 0 .8 P

2 -7 8

I N I T I A L QUARTER
P - PRELIMINARY




P REPA RED BY FED E R A L R E S E R V E BANK OF S T * L O U IS
OCTOBER 20« 1978

16

_

GOVERNMENT PURCH ASES OP GOOOS AND S E R V IC E S IN CURRENT DOLLARS
______________ COMPOUNOEO ANNUAL R ATES O f CHANGE____________________

______
b il l io n s

T ER M IN A L
QUARTER

annual

1-74

4—
73
1-74

14*9

3 -7 4

4 -7 4

1-75

2-75

3-75

4-75

1-76

2-76

3-76

4-76

1-77

2-77

3-77

4-77

2-78
2 8 7 .3

1 5 .4

2 9 7 .8

3-74

1 4 .8

1 4 .9

1 4 .4

4-7 4

1 4 .3

1 4 .3

1 3 .7

1 2 .9

1-75

1 3 .6

1 3 .4

1 2 .7

1 1 .9

1 0 .9

2-75

1 3 .1

1 2 .9

1 2 .2

1 1 .5

10*8

1 0 .7

3-75

1 2 .7

1 2 .4

11*8

11*1

1 0 .5

10*3

9 *9

1 0 *7

1 0 *6

1 1 *3

3 08 *0
3 1 7 .5
3 2 5 .8
3 3 4 .2
3 4 2 .2

4 -7 5

1 2 .5

1 2 .2

1 1 .7

11*1

1 0 .7

1-76

1 1 .4

1 1 .0

1 0 .4

9 .7

9 .1

8 *7

8 *0

7 *0

2 *9

2 -7 6

10*6

1 0 .2

9 .5

8 .8

8 *2

7 *6

6 *9

5 *9

3 .3

3 .7

3-76

9 .9

9 *5

8 *8

8 .2

7 *5

7 *0

6 *2

....5 .3

3 *4

3*6

3 .6

4-7 6

9 .7

9*2

8*6

8 .0

7 *4

6 *9

6*3

5 .6

4 *2

4 .7

5*2

3 5 1 .5
3 5 4 .0
3 57*2
........3 6 0 *4
6 .7

3 66 *3

1-77

9 .7

9 .3

8 .7

8*2

7 *7

7 .3

6 *8

6 *3

5*3

5*9

6 .7

8 .3

9 .8

2 -7 7

10*1

9 *8

9*3

8 *8

8 *4

8 *2

7 *9

7 *6

7 *0

7*8

8 .8

10*6

12*7

15*6

3-77

1 0 .2

9 .9

9 .5

9 .1

8 *7

8 *5

8 *3

8 *0

7 *6

8*4

9 .4

1 0 .8

12*3

1 3 .5

11*5

4-7 7

-

1-78

1 4 .4

2-74

2-74

of

RATES

1 0 .4

1 0 .1

9 .8

9 .4

9 .1

9 .0

8 *8

8 .7

8 *3

9*1

10*1

1 1 .4

12 *6

1 3 .6

1 2 .6

1 3 .7

„ . I z T . S ... .10*0

9*7

9 .4

9*_Q _

8 *7

a**

8 *4 l

6 *2

7 *9

9 .2

10*2

10*9

11*1

9 *1

8 *8

4 *1
6 *0

3 75 *0
3 8 8 .8
3 9 9 .5

2-78

9 .9

9 .6

9 .3

8 .9

8 .7

8 .5

8 .3

8 .2

7 .9

8 .4

9 .0

9 .8

10*4

10*5

9 .2

8 .5

3-78

1 0 .2

1 0 .0

9 *7

9 .4

9*2

9 .1

8 *9

8 .8

8 .6

9 *2

9 .9

1 0 .7

11*2

1 1 *5

1 0 *X

1 0 .5

4-73

1-7 4

2-74

3-74

4—74

1-75

2-75

3-75

4-75

1-76

2-76

3-76

4-76

1-77

2 -7 7

3-7 7

4 12 *5
____ _______

4 -7 7

4 2 4 *7

7*9

9 *41 2*2

1-78

4 1 6 .7

1 6 *6

4 4 1 . 3P

2-7 8

I N I T I A L QUARTER

GOVERNMENT PURCH ASES OF GOOOS ANO S E R V IC E S IN 1972 DO LLA RS
COMPOUNOEO ANNUAL R ATES OF CHANGE

TERMINAL
QUARTER

B IL L IO N S OF
D O LLARS
ANNUAL R A T E S

I N I T IA L QUARTER
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

2 -7 6

3 -7 6

4 -7 6

1 -7 7

2 -7 7

3 -7 7

4 -7 7

I—
78

1 -7 4
2 -7 4

4*5

ZtZ

3 -7 4

3*5

1*8

1*4

4 -7 4

2*5

1*1

0*5

-0 * 3

1 -7 5

2*3

1*2

0*9

0*6

1*6

2 -7 5

2*5

1*7

1*6

1*6

2 *6

3*6

3 -7 5

2*6

2*0

1*9

2*1

2*8

3 *5

3*4

4 -7 5

2*7

2*1

2*1

2*2

2*9

3*3

3 *2

2 .9

1 -7 6

2*1

1*6

1*5

1*5

1*9

1*9

1*4

0*4

-2 * 1

2 -7 6

1*8

1*2

1*1

1*0

1*3

1*2

0*6

-0* 3

-1 * 9

-1 .7

3 -7 6

1 .5

IfO

0*8

0*8

0 .9

0*8

0 .3

-0 * 5

-1 .6

- 1 .4

-1 .1

4 -7 6

1*2

0*6

0*5

9*6.

0*<t

-0 .1

-0 * 8

-1 * 7

-It?

-1 .4

-1 .6

1 -7 7

1*3

0*9

0 *7

0*7

0*8

0 .7

0 .3

-0 * 3

-0 * 9

-0 .6

- 0 .2

0 .2

2*3

2 -7 7

1*8

1*4

1*3

1*3

1 .5

1*5

1 .2

0 .9

0*6

1 .1

1*8

2*8

5*1

1*7

1*7

1*9

1*9

1 .7

1*5

1 .3

1 .9

2*6

3*5

5 .3

6*9

5 .8

2*0

2*1

1 *9

1*8

1*6

2 .2

2*6

3*6

5 .1

6 .0

5 *0

4 .2

3 .5

2 .1

0 .3

2 -7 8

6*8

-3 .5
- 0 .3

2 5 6 .2
2 5 7 .6
2 5 8 .5

3 -7 7

2*0

1*7

4 -7 7

2*2

1*9

1*8

1*9

2 5 8 .3
2 59 *3
2 6 1 .6
2 6 3 .8
2 6 5 .7
2 6 4 .3
2 6 3 .2
2 6 2 .5
261 «8
2A2 . i
267-0

8 .0

2 7 1 .7
2 7 4 .5

1 -7 8

1*8

U?

1*5

1*5

1*6

1 .6

1*4

1*2

1*1

1 .5

1*9

2 .4

3 .3

2 -7 8

1*7

1*4

1 .4

1 *4

1*5

1 *5

1*3

1*1

0 *9

1*3

1*6

2*0

2*7

2 .8

1 *5

0 .1

- 1 .9

3-78

2 *1

1*8

1 .8

1 *8

2 *0

2 *0

1 *9

1 *7

1*6

2 .0

2*4

2*9

3 *6

3 .8

2 *9

2 .2

1 .6

4*2

9 .0

4-7 3

1-74

2-74

3-74

4-7 4

1-75

2-75

3-75

4 -7 5

1-76

2-76

3-76

4-16

1-77

2 -7 7

3 -7 7

4 -7 7

1-78

2 -7 8

I N I T IA L QUARTER

2 7 2 .1
2 7 1 .9
2 7 7 .8P

~

P - P R E L IM IN A R Y




P R E P A R E D BY F E D E R A L R E S E R V E BANK OF S T *
OCTOBER 20» 197B

17

L O U IS

D IS P O S A B L E PERSONAL INCOMb IN CURRENT DOLLARS
COHPOUNOEO ANNUAL R A T ES OF CHANGE__________

TERMINAL
QUARTER

B IL L IO N S OF
DOLLARS
ANNUAL RATES

IN I T IA L QUARTER
4 -7 3

1 -7 4

2 -7 4

1 -7 4
2—74

7 .7
8 .9

1 0 .9

8# 4-

9 .5

9 .1

1 -7 5

2 -7 5

3 -7 5

4 -7 5

1 -7 6

2 -7 6

3 -7 6

1 1 .4

4 -7 4

-»-74

4 -7 6

1 -7 7

2 -7 7

3 -7 7

4 -7 7

1 -7 8

2 -7 8

1 0 .3

3 -7 4

3 -7 4

5 .1

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

1 * 0 1 6 .2

1 -7 5

7 .4

8 .0

7 .2

5 .2

3 .7

2 -7 5

1 0 .9

1 2 .1

1 2 .5

1 2 .9

1 6 .1

3 0 .1

3 -7 5

9 .6

1 0 .3

1 0 .3

1 0 .1

1 1 .2

1 5 .1

1 .9

4 -7 5

9 .6

1 C .2

1 0 .2

1 0 .0

1 0 .8

1 3 .3

5 .7

9 .6

1 *0 25 *4
1 * 0 9 5 .1
1 * 1 0 0 .3
1 * 1 2 5 .8

1 -7 6

9 .6

1 0 .2

1 0 .2

9 .9

1 0 .6

1 2 .4

7 .0

9 .7

9 .8

2 -7 6

9 .3

9 .8

9 .7

9 .4

9 .9

1 1 .2

6 .9

8 .6

8 .1

6 .4

3 -7 6

9 .1

9 .6

9 .5

9 .2

9 .6

1 0 .6

7 .1

8 .4

8 .0

7 .1

7 .8

4 -7 6

9 .2

9 .6

9 .5

9 .3

9 .6

1 0 .5

7 .6

8 .7

8 .5

8 .1

8 .9

1 * 1 5 2 .5
1 * 1 7 0 .6
1*1 92 *8
1 0 .0

1 * 2 2 1 .5
1 *2 48 *0

1 -7 7

9 .2

9 .5

9 .5

9 .3

9 .6

1 0 .3

7 .8

8 .8

8 .6

8 .3

8 .9

9 .5

9 .0

2 -7 7

9 .4

9 .8

9 .7

9 .6

9 .9

1 0 .6

8 .3

9 .3

9 .2

9 .1

9 .8

1 0 .5

1 0 .7

1 2 .5

3 -7 7

9 .5

9 .8

9 .8

9 .7

1 0 .0

1 0 .6

8 .6

9 .5

9 .5

9 .4

1 0 .0

1 0 .6

1 0 .8

1 1 .7

1 *2 85 *3
1 * 3 1 9 .1

1 0 .9

4 -7 7

9 .7

1 0 .0

1 0 .0

9 .9

1 0 .2

1 0 .8

9 .0

9 .9

9 .9

9 .9

1 0 .5

1 1 .0

U .3

1 2 .1

1 1 .9

1 2 .9

1 -7 8

9 .7

1 0 .0

1 0 .0

9 .9

1 0 .2

1 0 .7

9 .1

9 .9

9 .9

9*9

1 0 .4

1 0 .8

11*0

11*5

11*2

11*3

9*8

2 -7 8

9 .9

1 0 .2

1 0 .2

1 0 .1

1 0 .3

1 0 .9

9 .4

1 0 .1

1 0 .1

1 0 .2

1 0 .7

1 1 .1

1 1 .2

1 1 .7

1 1 .5

1 1 .7

1 1 .1

12*5

3 -7 8

9 .8

1 0 .1

1 0 .1

1 0 .0

1 0 .2

1 0 .7

9 .4

1 0 .0

1 0 .0

1 0 .1

1 0 .5

1 0 .8

1 0 .9

11*3

1 1 .0

1 1 .0

1 0 .4

1 0 .8

9 .1

4 -7 3

1 -7 4

2 -7 4

3 -7 4

4 -7 4

i- Y i

2 -7 5

3 -7 5

4 -7 5

1 -7 6

2 -7 6

3 -7 6

4 -7 6

1 -7 7

2 -7 7

3 -7 7

4 -7 7

1 -7 8

2—
78

1 .3 5 9 * 6
1 .3 9 1 * 6
1 * 4 3 3 .3
1 .4 6 4 . 7 P

I N I T I A L QUARTER

D ISPO SABLE PERSONAL INCOME IN 1972 DOLLARS
CONFOUNDED ANNUAL RATES OF CHANGE
TERM IN AL

QATR
URE

B IL L IO N S OF
DOLLARS
ANNUAL RATES

I N I T IA L QUARTER
4 -7 3

1 -7 4

2 -7 4

* -7 4

4 -7 4

1 -7 5

2 -7 5

3 -7 5

4 -7 5

1 -7 6

2 -7 6

3 -7 6

4 -* &

1 -7 7

2 -7 7

3 -7 7

4 -7 7

1 -7 8

2 -7 8
8 4 6 .7

1 -7 4

-7* 0

2 -7 4

-4 .4

-1 * 7

3 -7 4

-2 .9

-0 .9

-0 .0

1—7 5

-3* 0

-2 * 0

-2 .1

-3 * 1

-2 * 5

2 -7 5

0*9

2*6

3 .7

4*9

9*6

2 3 .1

3 -7 5

0 .1

1*3

1 *9

2*4

4 *5

8 .2

-4 .9

4 -7 5

0*6

1 *7

2*2

2 .7

4*4

6*8

-0 .5

4*0

3*0

4*4

6 .3

1*2

4*4

8 4 3 .1
8 4 3 .0
8 3 5 .1

4 -7 4

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

1 -7 6

1*0

2*1

2*6

2 -7 6

1*1

2 *1

2*5

2*9

4*0

5 .4

1*4

3*6

3 .4

2 .1

3 -7 6

1*2

2*1

2*5

2 .8

3*8

4*9

1 *6

3*3

3 .0

2*2

2 *4

4 -7 6

1*5

2*3

2 *7

3*0

3 .9

4«$

2 .0

3 *5

3 .3

2*9

3*3

4 .7

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

4 .3

9 0 4 .8

1 -7 7

1 .5

2 .2

2 .6

2 .9

3*6

4 *4

2 .0

3*2

3*0

2*6

2*8

3 .0

1*7

2 -7 7

1*8

2*5

2*9

3 *2

3 .9

4*6

2*5

3*6

3*6

3*3

3*6

4 .1

4 *0

6 .2

3 -7 7

2*1

2*8

3*1

3*4

4 .1

4*8

2*9

3*9

3*9

3*8

4*1

4 .5

4#6

6 .1

5*9

4 -7 7

2 *4

3*1

3 *5

3*7

4*4

5*0

3*4

4*3

4*4

4*3

4 *7

5 .2

5 .4

6 .7

6 .9

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

7 .8

9 5 2 .1

1 -7 8

2 *4

3 .0

3*3

3*5

4 .1

4*7

3 .2

4*0

4 .0

3*9

4 .2

4 .5

4 .5

5*2

4 .9

4 .4

1*1

2—
7B

2 *4

3 .0

3 .3

3*5

4 .1

4 *6

3*2

4 .0

3 .9

3*9

4 .1

4 .3

4 .3

4*9

4 .5

4 .1

2*3

3 .5

3 -7 8

2 .5

3 .1

3 .4

3« 6

4 *1

4 *6

3*3

4*0

4 .0

3*9

4*1

4 .3

4 .3

4*7

4 .4

4*1

2 .9

3 .8

4 .1

1 -7 5

2 -7 5

3 -7 5

4 -7 5

1 -7 6

2 -7 6

3 -7 6

4 -H S

1 -7 7

2 -7 7

3 -7 7

4 -7 7

1—
78

2 -7 8

4 -7 3

9 6 0 .3
9 6 9 . 9P

I N I T IA L QUARTER
P - PR ELIM IN ARY




FR EF A R EO BY F E D E R A L R E S E R V E BANK OF S T * L O U IS
OCTOBER 20» 1978

18

CORPORATE P R O F IT S AFTER TAXES *
COMPOUNDED ANNUAL RATES OF CHANGE
B I L L I O N S OF
T ERM IN A L________________________________________________________________________ I N I T I A L QUARTER____________________________________________________ __________________ OOLLARS
QUARTER
ANNUAL R A T E S
1
3-73
2-77
3 -7 7
4-7 7
4-73
1-77
2-76
1-78
2-74
3-74
4 -7 4
1-75
2-75
3-75
3-76
4 -7 6
1-74
4-75
1-76
4 -7 3

2 0 *4

1-74

1 7 .5

6 8 .5
7 0 .9

1 4 .8

2-74

1 5 .4

1 2 .9

1 1 .2

3-74

2 3 .9

2 5 .0

3 0 .5

4 -7 4

9 .8

7 .3

4 .9

1—
75

- 6 .5 - 1 1 .1

7 2. e
8 1 .0

5 3 .3

7 3 .5

1 .9 - 3 2 .2

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

5 9 .1

- 5 8 .2

6 4 .6

2-75

- 0 .7

- 3 .8

- 7 .2

3-75

9 .3

7 .8

6 .7

5 .8

- 3 .6

8 .4

7 4 .6

1 1 3 .6

4-75

9 .6

8 .3

7 .4

6 .8

- 0 .7

9 .3

5 0 .5

5 4 .5

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

4 2 ,8

7 8 .1
8 0 .3

1 1 .8

8 9 .0

1-76

1 3 .1

1 2 .3

1 2 .0

1 2 .2

6 .5

1 6 .5

5 0 ,6

5 3 .3

2 9 .9

5 0 .9

2-76

1 3 .4

1 2 .7

1 2 .5

1 2 .7

7 .8

1 6 .5

4 3 ,0

4 3 .0

2 5 .1

3 2 .4

1 6 .2

3-76

1 2 .5

1 1 .8

1 1 .5

1 1 .6

7 .2

1 4 .5

3 5 .4

3 4 .0

1 9 .2

2 1 .8

9 .4

3 .1

4 -7 6

1 1 .1

1 0 .4

1 0 .0

9 .9

5 .9

1 2 .0

2 8 .9

2 6 .8

1 4 .2

1 4 .8

4 .8

- 0 .4

- 3 .8

1-77

1 1 .8

1 1 .1

1 0 .8

1 0 .8

7 ,3

1 2 .9

2 7 .8

2 5 .8

1 5 .1

1 5 .8

8 .4

6 .0

7 .4

2 0 ,0

2-77

12*8

1 2 .3

1 2 ,1

1 2 .2

9 .1

1 4 .4

2 7 .9

2 6 .1

1 7 .0

1 7 .9

1 2 .2

1 1 .3

14 .1

2 4 ,3

2 8 .8

3-7 7

1 2 .5

1 2 .0

1 1 .8

1 1 .9

9 .0

1 3 .8

2 5 .8

2 4 .0

1 5 .8

1 6 .4

1 1 .5

1 0 .6

1 2 .6

1 8 .6

1 7 .9

4-7 7

1 1 .6

1 1 ,1

1 0 .9

1 0 .8

8 .1

1 2 .4

2 3 .0

2 1 .2

1 3 .8

1 4 .0

9 .5

8 .5

9 .6

1 3 .2

1 1 .1

3 .1

- 1 .5

1-78

1 0 .4

9 .8

9 .5

9 .4

6 .8

1 0 .6

2 0 .0

1 8 .1

1 1 .3

1 1 .3

7 .1

5 .9

6 .3

8 ,5

5 .8

- 0 .9

- 5 .1

— .5
8

2-78

1 3 .7

1 3 .4

1 3 ,3

1 3 .4

1 1 .2

1 5 ,2

2 4 .5

2 3 .1

1 7 .1

1 7 .6

1 4 .4

1 4 .2

1 5 .9

1 9 .5

1 9 .4

1 7 .2

2 0 .5

3 3 .2

9 4 .0

3-73

4 -7 3

1-74

2-74

3-74

4-74

1-75

2-75

3-75

4-75

1-76

2-76

3-%

4-7 6

1-77

2-77

3 -7 7

4 -7 7

1-78

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

8 .0

1 0 4 .4
1 0 2 .1
1 2 0 .5
N .A .

3-78

I N I T I A L QUARTER
* NATIONAL

INCOME B A S I S

N.A.-NOT AVAILABLE

PREPARED BY FEDERAL RESERVE BANK OF S T , L O U IS
OCTOBER 20» 1978

SOURCES OF DATA
NATIONAL INCOME AND PRODUCT ACCOUNTS DATA
Source:

1929-72:
1973:
1974:
1975-77:

U.S. Department of Commerce, Bureau of Economic
Analysis, Washington, D.C. 20230
The National Income and Product Accounts of the
United States, 1929-/4, A Purvey of Current Business
Supplement.
Survey of Current Business, July 1976.
Survey of Current Business, July 1977.
Survey ot Current Business, July 1978.

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

INVENTORIES COMPARED WITH MONTHLY
M A N U F A C T U R I N G AND T R A D E

1

SALES*
72

1 .6 8

68

1 . 64

64

1 .6 0

60

1 .5 6

56

1 .5 2

52

1 .4 8

48

44

40

1 . 40

36
1964

1965

1966

1967

* RAT I OS

BA SED

ON

SH A D ED

AREAS

REPRESEN T

LA TEST

DATA




SEA SO N A LLY

PLO TTED :

A D JU S T E D

P E R IO D S

AUG U ST

OF

DATA.

B U S IN E S S

SO U RC E:

U . S . D EPA RTM EN T

OF

CO M M ERCE

R E C E S S IO N S .

P R E L IM IN A R Y

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

20

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