Full text of National Economic Trends : October 1978
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nflTionflL E c o n o m i c PREPARED BY FEDERAL MONTH ENDING: September 30, 1978 RESERVE BANK trerds 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 i t l i i __ 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 7 .2 4 -7 7 6 .5 5 .9 5 -7 7 5 .8 5 .0 4 .2 6 -7 7 5 .6 5 .1 4 .7 7 -7 7 5*0 4 .5 4 .0 3 .9 2 .6 8 -7 7 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 3 -7 8 4 -7 8 5 -7 8 6 -7 8 7 -7 8 8 -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 7 .7 4 -7 7 9 ,1 _ _____ _____________________________________ _____ 3 -7 7 4 -7 7 5 -7 7 8 -7 7 9 -7 7 INITIAL MONTH 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 » 1 7 8 .4 1 7 9 .9 8*4 8 .7 6 .9 7*6 7 .8 6 .5 6 .1 7 —? 7 7 .0 6 .9 5 .7 5 .1 7 7 -7 7 1 0 .6 6 -7 7 _ W 6 -7 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 WORKERS 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 MONTH 2-77 3—77 1967 « IOC INITIAL MONTH 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 CONSUMERS ( NEW SERIES BEGINNING JANUARY 1078) KCPI-W FOR URBAN »ACE EARNERS AMO CLERICAL WORKERS (REVISED SERIES BEGINNING JANUARY 197®) NOTE* CPI, SEASONALLY ADJUSTED. (OLD SERIES) TERNINATEO BEGINNING JANUARY 1078 PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIODS INDICATED. LATEST DATA PLOTTED* SEPTEMBER PREPAREO BY FEOERAL RESERVE BANK OF ST. LOUIS 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 ANNUAL RATES OF CHANGE FOR PERIOOS INDICATED. LATEST DATA PLOTTED« SEPTEMBER IU IS 5 PRODUCER PRICE INDEX * INDUSTRIAL COMMODITIES - SEASONALLY ADJUSTED _______________________ COMPOUNDED ANNUAL R A TES OF CHANGE____________ ____________ I fcftHINAL----------------------- ------ ------------------------------------------------------ JMLIIAL fCHZH MONTH 1 V - JL r ia .._ 2 - .z a . 3-1ra - A - ja .._ M 8 J» - 7 8 7-78 8 -7 8 9 .1 - 193 .0 8 .0 _... 7 .8 6 .4 J l- Z Z - 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 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 2-7A ... 1 91 .6 ..2£Z2... _10-77 _ .1 1 - 77 1 ..fe£Z_.. - 8 .8 _ _JLnZ7. ._ 2 r .Z I 8 .5 ...3 = 7 i_ _ -5-77 _ a r . L L . c - - ¿ - i f .—lr i. 1 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 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 1 0 «,5 2 0 1 .9 703.1 3-78 ___A . 7 6 .5 4-78 6 .9 6 .8 5-7A 7 .0 6 .0 6 .8 ....A-.fi 7 .1 7 .0 7. 1 7 .2 7 .4 ft •1 f t . «5 «. i ft.3 9. ft.5 6-7A 7 .1 _ 7 .0 6 .8 6^8 7 .1 7 .0 7 .1 7 .2 7 .A fl .0 A .3 7 .9 A .n fl<,7 7 .8 7 .7 7 .2 7 -T 7. * 7. A .2 7 .9 A.O 8i 7 .8 7. 5 20 % . 1 2 0 5 .ft 7 0 7 .2B 7 0 ft.* 7 -7 * 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 ft.■0 ft.2 7 .9 a .n ft i,4 7 .9 7 .7 A .n ft. 3 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 .3 4 -7 7 3 0 .4 5—77 1 9 .3 6 -7 7 4 .4 3 -7 7 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 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 —6,■ 0 -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 16.,2 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 4.1 __ 2^.8 2 .0 —1 .3 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 2 0 *6 4-77 13*8 7 .3 5-7 7 1 1*9 7 .8 8 .2 6-77 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 3 *5 10-77 6 *5 4 *6 4 *2 3 *4 2 *4 0 *6 3 *5 3*5 1-78 2-78 3 »7 8 4-78 5-78 6-78 7-78 8-78 135*3 136*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 21 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 1 0 .1 4 -7 7 12*» 7 .7 5 -7 7 10*0 7 .3 0 5 -7 7 6 -7 7 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 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 I t —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 T573~ 4—Y7 8 .2 3 - 7 7 ''"4 -7 7 " 5=77"" 5 - 7 7 ’T - T T "8-=77’ "9=77 1 0 -7 7 1 1 -7 7 1 2 -7 7 6 -1 7 2T75” 0 .0 —0 . 8 -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 z-7 8 Ô-V8 ^8 8 T .T 7 .Ü ” "7*5 8*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 —3 0 . 2 -?: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 lo . o 8 .0 6 .6 7 .r 1 5 .1 1 172" 8 -7 8 9 .5 T .7 9 . 7 ■r o . i " '1 1 . 2 '' l b . 7 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~ 7 -7 8 " ’ 5 0;O 5 2 1 0 ,2 n r r / * ' ~ * .4 t S—78 ” 577929’ 2*6 -t "5^78 £ 7 »850 2 .1 i 4 -7 0 i ; 7" 5 -rr ■ ■ 6» 3 1 1 -7 7 H tL L IÔ N S 0É DOLLARS 1 -7 8 ' 2"-78"" Ì - 7 8 1 0 .7 12 .2 ~ r i7 5 “ ■n . 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 -5 .2 2 -7 4 -3 .5 —1*8 3 -7 4 -3 * 0 -1 .8 -1 .8 4 -7 4 - 2 .9 -2 * 2 -2 .3 -2 .9 1 -7 5 -2 * 1 -1 * 4 -1 .2 -0 .9 1 .1 2 -7 5 -0 .1 1 .0 1 .7 2 .9 6 .0 ll. O ^ V 1 3 -7 5 4 -7 5 1 -7 6 2 -7 6 1967 * 100 3 -7 6 4 -7 6 1 -7 7 2 -7 7 110*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 I967*100 1967-100 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 • COMPOUNDED ANNUAL RATES OP CHANGE TERMINAL QUARtER 4-73 1- ? * INITIAL QUARTER 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 QUARTER ♦ 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 • A e e ji 1 9.1 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 10.4 10.5 |0.l 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 i 1v Ä 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 10*.3 9.0 8.0 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 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 . B IL L IO N S OF DOLLARS ANNUAL RATES IN I T I A L QUARTER 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-l--------— I ----- -------- U --------- L I--------L I --------------------------------- J _ 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 FOR GROSS NATIONAL PROOUCT _______ COHPOUNOEO ANNUAL RATES OF CHANGE______________ TERMINAL QUARTER 4 -7 3 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 il^ V 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 2-7 5 1972 * 100 INITIAL QUARTER 1 -7 4 114.34 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 6 .0 3-77 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 ? 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 QUARTER 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______________ TERNINAI QUARTER 4-73 1-74 2-74 3-74 4-74 1-74 10*4 2-74 M r* 12.3 3-74 12.3 13.3 14.3 4-74 10*0 9.8 8.6 3.2 1-75 9.7 9.6 8.7 6.0 8.* 2-75 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 1-76 2-76 3-76 4-76 1-77 2-77 3-77 4-77 1-7« 2-78 3-78 BILLIONS Of DOLLARS ANNUAL RATES INITIAL QUARTER 2-75 3-75 4-75 1-76 2-76 3—76 4-76 1-77 2-77 3-77 4-77 1-78 2-78 854.0 879,2 10.7 4-73 1-75 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 JL1*1 10*9 10*8 10*5 10.9 _ll*3 10*7 10.1 11*5 14.1 19*7 10.5 10*4 10*1 10.3 10*5 10*0 9.3 10*0 10.5 7.0 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 - 2.2 2-74 - 1-74 2-74 3-74 4-74 1-75 2-75 0.1 3-74 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. 4-75 4-75 1-76 2-76 3-76 4-76 2-77 1-77 3-77 1.3 2-78 761.7 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 4-77 .4-^8 761.6 1.1 0.1 3-75 3-75 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 4-75 1—*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 OD 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 ilL 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 3 -7 8 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 * 2 4 -7 3 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 -7 8 2 1 0 .8 P 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 1 4 .4 2-74 14*9 2-74 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 1-78 of RATES 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 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 6*8 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 -3 .5 - 0 .3 2 -7 8 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 5 .1 2—74 7 .7 1 0 .3 3 -7 4 8 .9 1 0 .9 1 1 .4 4 -7 4 8# 4- 9 .5 9 .1 3 -7 4 -»-74 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 2 -7 8 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 QUARTER 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 —8 .5 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