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n n n o n n L Economic
PREPARED BY FEDERAL

MONTH ENDING:

April 30, 1975

trcdds

RESERVE BANK OF ST. LOUIS

RELEASED:

May 28, 1975

The rate of Inflation has decreased substantially since late
last year. Consumer prices have risen at a 7 percent rate since
November, compared to a 12.4 percent annual rate of increase over the
prior eleven months. Wholesale prices have increased at a 4.9 percent
rate since August. A rapid rise in the price of farm products resulted
in a sharp rise in the wholesale index in April. This effect is
expected to be temporary, however, and was due in part to farmers
holding cattle in feeder lots in order to take advantage of a decline
in feed prices. The index of wholesale industrial prices continues to
rise at progressively slower rates.
A sharper than expected run off of inventories in March was
largely responsible for a downward revision of real product in the
first quarter. Current estimates show real product decreasing at a
10.2 percent annual rate since the third quarter of last year and at a
6.2 percent annual rate from late 1973. While the revision in real
inventory investment was the major reason for the adjusted estimate,
all major categories of real domestic spending were revised downward.
Industrial production continued to decrease in April, although the rate
of decline was substantially less than that of prior months.
Unemployment rose to 8.9 percent of the labor force in
April. Total civilian employment increased in April, however,
following 6 months of decline. Employment has declined, on balance, at
a 5.1 percent annual rate since October. Despite this decrease,
employment as a proportion of the population of labor force age remains
high by historical standards.
Consumer purchases of new homes and automobiles have
increased rapidly in the early stages of recovery from prior
recessions. While housing starts increased in April and auto
production increased in both March and April, there is little prospect
of employment in these areas increasing substantially in the coming
months. There is still a relatively large inventory of residential
structures, especially multi-units, on the market. Auto producers,
after reducing inventories of new cars, have cut back on near-term
production schedules.




TOTAL C IV IL IA N EMPLOYMENT
COMPOUNDED ANNUAL RATES OF CHANGE
TEPMINAL
MONTH

THOUSANOS
OF PERSONS

IN IT IA L MONTH
9-73 10-73 11-73 12-73

1-74

2-74

3-74

4-74

Ô-T4

5-74

7-74

9-74 10-74 11-74 12-74

8-74

1-75

2-75

3-75
85*452

10-73

05*577

11-73

4 .3

12-73

3.2

1.4

1.0

1-74

2.9

1.6

1.6

05*646

v .o / o r

05*000

2.2

2-74

2. 5

1.4

1.3

1.5

0.9

85*061

3-74

1.9

0 .9

0 .7

0 .6

-0 .1

85*779

4-74

1.6

0 .8

0 .6

0 .5

- 0 .1

- 0 .5

0 .1

05*707

1

5-74

1.9

1.2

1. 1

1.2

0 .9

0 .9

2 .0

s
3. 9

6-74

1.7

1.1

1.0

1.0

0 .8

0 .8

1.4

2.1

0 .4

7-74

2 .0

1.5

1.5

1.5

1.4

1.5

2 .2

2 .9

2 .4

8-74

1.7

1.2

1.1

1.1

0 .9

1.0

1.4

1.7

1.0

06*062
06*000

1+1 ootri

06*403
1.3

06*274

- 1 .8

06*402

9-74

1.7

1.2

1.2

1.2

1« I

I.1

1.5

1. 7

1.2

1.5

- 0 .0

1.8

10-74

1.4

1.0

0 .9

0 .9

0 .8

0.8

1.1

1.2

0.7

0 .8

- 0 .5

0 .2

—1.4

11-74

0.7

0.3

0.1

0.1

- 0 .2

-0 .3

-0 .2

- 0 .2

-0 .9

- i.l

-2 .5

- 2 .7

- 4 .9

-8 .2

12-74

0.2

- 0 .3

-0 .4

- 0 .5

-0 .8

-0 .9

- 0 .9

- 1 .0

- 1 .7

- 2 .0

- 3 .3

- 3 .7

- 5 .4

- 7 .4

- 6 .6 ^ S ^ i- 5
D A1/%
9

05*202

1-75

- 0 .4

-0 .8

-1 .0

-1 .2

- 1 .4

- 1 .6

- 1 .7

- 1 .9

-2 .6

- 3 .0

- 4 .2

-4 .7

- 6 .3

-7 .8

- 7 .6

-8 .7

04*562

- 3 .6

- 4 .7

-5 .1

-6 .5

-7 .7

- 7 .5

- 8 .0

2-75

- 0 .8

3-75
4-75

-1.6

-1 .9

06*304
05*609

04*027

-7 .3

- 2 .2

- 2 .5

- 3 .1

- 2 .2

- 2 .2

- 2 .5

-3 .1

-3.5

- 4 .4

- 4 .8

- 5 .8

-6 .7

- 6 .3

- 6 .2

- 5 .0

-1 .8

- 1 .8

- 2 .0

-2 .5

- 2 .8

- 3 .6

- 3 .8

- 4 .6

p m

- 4 .4

- 3 .9

-2 .2

0 .,

^

3-74

4-74

5-74

6-74

7-74

8-74

9-74 10-74 11-74 12-74

l-i 75

2-75

3-75

- 1 .3

-1 .5

- 0 .9

- 1 .3

- 1 .5

- 1 .7

- 2 .0

-0. 7

- 1 .1

- 1 .2

- 1 .4

-1 .6

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

1-74

2-74

-2.1

03*049
1

04*006

IN IT IA L MONTH

PâY g PLL ¿ « P LQYHENT
rOMPOiJNOEO AMNUAL PATE* O* CHANGF
TERMINAL
IN IT IA L MONTH
THOUSANDS
■üflMJti______________________________________________________________________________________________________________________________________________________OF PERSONS
9-73 10-73 11-73 12-73 1-74 2-74 3-74 4-74 5-74 6-74
7-74 0-74 9-74 10-74 11-74 12-74 1-75 2-75 3-75
77*649

5.3
4 .7

4 .2

12-73

3 .2

2.1

77*915
77*924

0.1

1-74

2 .4

1 .4

0.1

0 .0

2-74

2 .3

1.6

0 .7

1.0

2 .0

3-74

2.0

1.4

0 .7

0 .0

1.3

4-74

2 .0

1 .5

1.0

1.2

1.6

1.3

2.1

5-74

2 .0

1.6

1.1

1.3

1.7

1.6

2.1

2 .0

6-74

1.9

1.5

1.1

1.3

1.5

1.4

1.7

1.5

1.0

7-74

1.0

1 .4

1.1

1.2

1.4

1.3

1.5

1.3

0 .9

0 .9

8-74

1.9

1 .6

1.3

1.4

1.6

1.6

1.8

1.7

1.6

i .9

9-74

2.0

1.7

1 .4

1.6

1.0

1.7

1.9

1.9

1.9

2 .2

2.8

2 .0

10-74

1.8

1.5

1.6

1.6

1.7

1.6

1.6

1 .7

2 .0

1.6

%
0 .3

11-74

1.2

l± ± J
0 .9

1.3
0 .6

0 .7

0 .6

0 .4

0.1

- 0 .1

- 0 .3

- 1 .3

- 3 .3

- 6 .8

70*404

12-74

0 .4

0 .0

- 0 .3

- 0 .3

- 0 .3

- 0 .6

- 0 .7

- 1 .0

- 1 .5

- 1 .9

-2 .4

- 3 .7

- 5 .7

-8 .6 -1 0 .4

77*690

1-75

-0.1

-0 .4

-0 .8

-0 .8

-0 .9

- 1 .2

- 1 .3

- 1 .7

rsi
•
eg
1

- 2 .6

-3 .2

- 4 .3

- 6 .0

- 8 .1

2-75

- 0 .6

- 0 .9

- 1 .2

-1 .3

- 1 .4

- 1 .7

- 1 .9

-2.3

- 2 .«

-3 .3

- 3 .8

- 4 .9

- 6 .4

- 0 .0

-8 .4

-7.3

- 7 .8

3-75

- 0 .0

- 1 .2

- 1 .5

- 1 .6

-1 .7

- 2 .0

- 2 .2

- 2 .6

-3.1

- 3 .5

- 4 .0

- 5 .0

- 6 .2

- 7 .5

- 7 .7

- 6 .7

- 6 .7

- 5 .5

4-75

-0 .8

-1 .2

-1 .5

-1 .6

- 1 .7

- 1 .9

- 2 .1

-2 .5

- 2 .9

1
w
•1
“ i

10-73
11-73

- 3 .7

- 4 .5

- 5 .5

- 6 .4

- 6 .3

-5 .3

- 4 .8

- 3 .2

- 0 .8 1

9-73 10-T3 11-T3 12-73

1-74

2-74

3-74

4-74

5-74

6-74

7-74

8-74

9 - J4 10-74 11-74

L—75

2-75

3-75

-

-

-

77*925
70*053
70*009

0 .6

...

70,226

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

70*357
70*421

U ÎIT IH

70*479
70,*61

A

MONTH _

.........

70*044
70*065

.........

-8 .7

_

N ^ 6 .4 %
- 6 .9
V.

77*227
76*700

___

76* 346P
76* 293P

.

J>- PRELIMINARY




PR I P A BfD BY FEDERAL RESERVE BANK Qf ST» L Q iiliL
MAY 2* 1975

2




EMPLOYMENT
RATIO SCALE

RATIO SCALE

M IL L I O N S OF PERSONS

M IL L IO N S OF PERSONS

SEA SON ALL Y A D JU STED

SOURCEt U.S.DEPARTMENT Of LABOR
PERCENTAGES ARE ANNUAL RATES Of CHANCE FOR PERIODS INDICATED.
LATEST DATA PLOTTEOt APRIL PRELIMINARY
PREPARED 0Y FEDERAL RESERVE SANK OF ST. LOUIS

UNEMPLOYMENT RATES*
SE AS O NAL L Y

PERCENT

1967

1968

1969

1970

1971

A D J US T E D

1972

1973

PERCENT

1974

1975

SOURCEt U.S. DEPARTMENT Of LABOR
«PERCENT Of CIVILIAN LAtOR fORCE IN CROUP
LATEST DATA PLOTTEOt APRIL
PREPARED BY PEOERAL RESERVE SANK Of ST. LOUIS

3

CONSUMER PRIC E IND EX, SEASONALLY AOJUSTEO
COMPOUNDED ANNUAL PATES OF CHANGE

10-73

10.5

11-73

10.4

136.48
10.3

137.60

9 .6

9 .4

8,5

10.8

10.8

II.1

— 2^74

11.5

11.8

3-74

11.7

12.0

4-74

11.2

5-74

11.4

6-74

11.4

7-74

11.4

8-74

11.7

11.8

i?-7 ?

_

**»i

! Al

TERMINAL_______________________________ ___________________________________ IN IT IA L MONTH____________________________________________________________________1967 » 100
MONTH
9-73 10-73 11-73 12-73
3-74
1-74
4-74
5-74
6-74
7-74 8-74 9-74 10-74 11-74 12-74
3-75
1-75 2-75

138.54
13.8

140.04l

12,2

14.2

14.5

141.63

12.4

13.7

13.7

12.9

11.3

I 1.5

12.3

11.8

10.5

8.1

11.6

11.8

12.4

12.1

11.3

10.5

13.0

11.6

11.7

12.3

12.0

11.4

10.9

12.3

11.6

11.4

11.6

12.0

11.8

11.2

10.8

11.7

11.1

10.5

11.9

12.4

12 .2

11.8

11.6

12.4

12.3

12.6

143.07
144tQ.Q_..
145,47
146.81
148.04
149,74

14.7

9-74

11.9

12.1

12.2

12.7

12.5

12.2

12.1

12.9

12.9

13.4

14.8

15.0

151.49

10-74

11.9

12.0

12.1

12.5

12.4

12.1

12.0

12.7

12.6

12.9

13.6

13.1

152,85

12.0

12.1

12.4

12.3

12.1

12.0

12.5

12.5

12.6

13.2

12.7

11-74

11.9

12-74

11.7

11.8

11.9

12.2

12.1

11.8

11.7

12.2

12.1

12.2

12.5

11.9

11 .0

10.8

x
9 .8

1-75

11.5

11.6

11.7

11.9

11.7

11.5

11.4

11.7

11.6

11.6

11.7

11 .1

10.2

9 .8

8 .9

8.0

2-75

11.2

11.3

11.3

11.5

11.4

11.1

10.9

11.2

11.0

10.9

11.0

10.4

9 .5

9 .1

8 .2

7.4

6 .8 \

3-75

10.8

10.8

10.8

11.0

10.8

10.5

10.3

10.5

10.2

10.1

10.0

9 .4

8 .5

7.9

7 .0

4-75

10.6

10.6

10.6

10.7

10.5

10.3

10.0

10.2

10.0

9 .8

9 .7

9.1

8 .3

7 .8

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

1-74

2-74

3-74

4-74

5-74

6-74

7-74

8-74

11.5

11.7

v

154.27
r

155.48
x t7 .0 %

iî>6t4S.

6 .0

5 ,0

3 *i

1 7 .0 1 6 .4

5.8

5.3

9-74 10-74 11-74 12-74

1-75

2-75

157.77
I

158.71

3-75

IN IT IA L MONTH

PPEPARED BY FEDERAL RESERVE BANK OF ST . LOUIS
MAY 21» 1975
WHOLESALE P R IC ES - ALL CCMMOOITIES, SEASONALLY AOJUSTEO
COMPQUNOEC ANNUAL HATES OF CHANGE
TERMINAL
MONTH
9-73 10-73 11-73 12-73
10-T3

2 .4

11-73

5 .5

3-74

4-74

5-74

6-74

7-74

8-74

9-74 10-74 11-74 12-74

1-75

2-75

3-75
139. 72
140.69

8 .7

142.61

9.4

13.1

17.7

16.6

¿ lt d

J9 .Q

41.3

2-74

17.0

2 1 .0

25.4

29.4

16.5

3-74

16.9

20 .0

23 .0

24,8

17.3

4-74

17.0

19.7

22.0

23.1

17.6

17.1

18.1

5-74

16.9

19.1

20.9

¿ 1 .6

17.1

16. €

16.9

15.7

6-74

1 4 .«

16 .6

17.7

17.7

13.5

12.3

11.0

7 .7

G.2

146.78
146.87
150.74

16.2

152.84
154.71
154.74
160.85

18. y

20 .7

22.2

22.9

20.1

20.4

21.5

22 .1

26.3

59.2

8-74

2l f 6

23 .7

¿ 5 .5

26.6

24.6

25.6

27.6

30. 1

35.3

57.2

55.2

166.85

9-74

19*6

21 .3

22. 6

23 .2

21.1

21.5

22.4

¿ 3 .3

25.3

34 .9

24 .2

166.77

10-74

2U1

2 2 .e

24.2

¿ 4 .9

23.2

23.8

24.9

¿6 . 1

28.3

36.4

29.6

18.4

4 1 .0 \

¿ 2 .5

2 3 .7

24.3

2 2 .7

23.1

24.0

¿ 4 .9

26.5

32.6

2 6 .6

18.3

29 .1

19,7

20,6

20.9

19.2

19,3

19.6

19. e

2C «4

24,1

18.1

10.3

14 .2

11-74

_

2-74

1-74

12-74
_

1-74

12-73

__ 7^74

1967 - 100

IN IT IA L PCNTH

18,5

171*61
. , . o<7
\ ^ 4 . y /o
2 .8 - 1 0 . 6 V

174.02

172.01

18.2 ^

172.41

1-75

17.1

18.1

18,8

18.9

17.2

17.1

17.2

17.1

17.2

19.9

14.4

7 .6

9 .7

0 .9

- 6 .7

- 2 .7

2-75

15.3

16.1

16.7

16.6

14.9

14.6

14.4

14.1

13.9

15.7

10.6

4 .5

5 .6

- 1 .8

- 7 .7

- 6 .2

- 9 .5

3-75

14.0

14.7

15.1

14.9

13.2

12.6

12.5

12. 1

11.7

13.0

8 .3

2 .9

3 .5

- 2 .7

- 7 .3

- 6 .3

- 8 .0

- 6 .3

4-75

14.3

15.0

15.4

15.2

13.7

13.3

13.1

12. 7

12.4

13.7

9*6

I 4 .9 |

5 .7

0 .8

- 2 .4

- 0 .3

0 .6

6.1

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

1-74

2-74

3-74

4-7 4

5-74

6-74

7-74

9-74 10-74 11-74 12-74

1-75

2-75




8-74

^

170.58
169*65
\

172.26

3-75

IN IT IA L MCÌn Y h

P R E P A R E D BY F E D E R A L R t S E R V E
M A Y 8• 1 9 7 5

4

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




PR I CES

RAT I 0 SCALE

RATIO SCALE

SEASONALLY AOJUSTEO

1967

1968

1969

1970

1971

PERC EN TA GES ARC ANNUAL R A TES OF CHANCE FOR P E R IO D S

1972

1973

1974

1975

I N D IC A T E D .

DATA REVISED FROM 1070
L A T E S T DATA P L O T T E O t

RATIO

A P R IL

PRCPARCO i Y

FED ER A L RESERVE SANK OF S T .

WHOLESALE PRI CES

SCALE

PERC EN TAGES ARE AMMUAl R A TES OF C H A M « FOR P E R IO D S

L O U IS

RATIO

SCALE

IN O IC A T E D .

DATA R E V IS E D FRON 1970
LA TES T

DATA P L O T T E D «

A P R IL

P R E P A R E D BY F E O E R A L R E S E R V E BANK OF S T .

L O U IS

WHOLESALE PR IC ES - INOLSTRIAL CCMMOOITICS* SEASONALLY ADJUSTED
___________________ COMPOUNDED ANNUAL RATES OF CHANGE___________________
-TERMINAI
MCNTH

1967 « 100

1N ITI At MONTH
9-73 10-73

11-73

12-73

1-74

2-74

3-74

4-74

5-74

6-74

7-74

8-74

9-74

10-74 U - 7 4

U r l i — L l I S — lz 2 1 — 2 z l 2 _
128*83

1 3« 9

130.7 3

11-73

16.5

19.2

12-73

18.6

21 .3

23.4

30 .9

32.3

133.04

28.8
8-74

33 >4

3* >3

? 5 .‘

37,2

j8

161.25
162.83

9-74

27.8

29.1

30.1

30.9

31.4

32.0

30.8

29.8

28.8

28.4

22.7

12.4

27.1

2 8 .2

29.1

29.7

29.9

30.3

29.0

27.9

26.8

26.0

21.4

15.6

11-74

25.8

26.8

27.4

27.8

27.8

27.9

26.5

25.3

23.8

22.6

18.5

13.8

14.5

10.3

12-74

24.3

25.0

25.5

¿ 5 .7

25.5

25.4

23.9

22.5

2C.9

19.5

15.6

11.5

11.1

7.4

4 .7

1-75

23.1

23.7

24.0

24.1

23.8

23.5

22.0

20.6

19.0

17.5

14.0

<n
o

33.8

0
1
*

29.3

10.0

7*1

5 .6

6 . T \

2-75

21.9

22.4

22.7

22.6

22.2

21.9

20.3

18.9

17.3

15.9

12.7

9 .5

8 .9

6 .6

5 .4

5.7

3-75

20.7

21.1

21.2

¿ 1 .0

20.6

20.1

18.6

17.2

15.6

14.1

11.2

8 .3

7.6

5 .5

4.3

4.2

3.0

4-75

19.5

19.9

19.9

19.7

19.2

18.7

17.2

15.8

14.2

12.8

10.0

[ 7 .4 1 6 .6

4 .7

3 .7

3.4

2.4

l.l

9-73 10-73 11-73 1 2-73

1-74

2-74

3-74

4-74

5-74

6-74

7-74

9-74 10-74 11-74 12-74

1-75

2-75

i N I t lA L

8-74

165.20
166.55

7 4 %

167*19
168.07
168.74
168*90
1.1 1

169*06

3-75

MCNTH

WHOLESALE PR IC ES —FARM PRODUCTS ANO PROCESSED FOODS ANO FEED S, SEAS. A D J.
________________________ CCMpQUNQfC ANNUAL RATES OF CHANGE_____________________________
TERMINAL
MCNTH

1967 - 10j

__________ ____ __________________ LN1T 1A I at N T ti________________________________________
12-71 ..h.7»

10-73

-2 3 .3

11-73

-1 5 .6

- 7 .5

12-73

-1 0 .4

- 3 .1

1-74

5 .5

17.3

32.1

72.0

2-74

5 .8

14.6

23.1

35.7

3-74

0 .5

6 .0

9 .7

12.6

4-74

- 1 .8

2 .4

4 .5

2 -7 i.. 3-74

4-74

5-14

6-74

7-74

8-74

9-74 10-74 11-74 12-74

1-75

2-75

3-75
169.7
166.6
168.8
176.6

7 .0

177.6

- 8 .8 -22 .3

173.9

5 .2 -1 0 .6 -1 8 .3 -14.2

171.7

5-74

- 4 .5

- 1 .5

- 0 .5

6-74

- 1 0 .8

- 9 .1

- 9 .3 - 1 0 .9 -2 1 .9 -2 7 .8 -29.6 -3 6 .2 -4 7 .9

-C .9 -1 3 .6 -1 9 .5 -1 8 .1 - 2 1 .9

7-74

- 0 .8

2.1

8-74

4 .7

3.4

3 .7

9.8

10.9

- 4 .7

-6.9

168.2
159.3

1.6

15.9 1*8.1

172.4

9 .9

17.0

33.8 114.5

78.2

3.2

6.2

7.7

a .4

2 .3

1.6

6 .3

1 1 .C

21.1

6 0 .5

26 .5 -1 0 .1

10-74

7.8

11.0

12.8

14.0

8 .9

9 .2

14.6

20. 3

31.1

o 5 .2

4 2 .3

27.2

80 .0

180.9
\1 2 ti
188.3

11-74

10.2

13.4

15.3

16.7

12.2

12.8

18.2

23 .7

3 3 .6

6 1 .3

4 3 .4

3 3 .4

6 2 ,4

46*6

12-74

6 .3

8 .8

10,1

10.9

6 .6

6 .5

10.3

13.8

2C.1

>8.1

2 1 .9

10.8

18.8

- 3 .5 -3 6 .4

6.0

8 .5

13.0

26 .2

12.1

2.1

3.4

6 .6

16.6

4 .1

—4.6

- 3 .7 -17 .6 -3 2 .0 -29 .8 -33 .0

-0 .7

0 .6

3 .2

11.4

0 .3

- 7 .6

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

6 .7

0.1

7-74

8-74

1-75

3 .9

6 .0

7.0

7.5

3 .3

3 .0

2-75

1.2

3 .0

3.7

3 .9

-0 .1

-0 .6

3-75

- 0 .3

1.8

1.8

- 1 .9

4-75

5.1
9-73 10-73 11-73 12-73




2.0

1.6

3 .8

5 .4

8 .3

16.6

1-74

2-74

3-74

4-74

5-74

6-74

IN IT IA L

194.4
_L8_7._2

5 .5 -1 1 .8 -3 1 .5 -2 6 .3

1.6

- 7 .6 -1 5 .8

182.5
176.5
17-2-.7

- 9 .6

-3.2

16.3

75.6

9-74 10-74 11-74 12-74

1-75

2-75

3-75

181.0

HCNtH

PREPAREO BY FEOERAL RESERVE BANK OF S T . LOUIS
MAY 8♦ 1975

6

INDUSTRIAL PRODUCTION
RATIO

RATIO

SCALE
SE A SO N A .LY

1967-100
135

.

'

130

SCALE

1967-100

A DJUSTED

130

+45ZS\

125

125

Y
120

4

1 15

120

!

7
/

-JNo

9.4

§x/ f

1 10

f
/J

105

100

7 o\

90

W

Ü
t
1968

1969

1970

1971

PERCENTAGES ARE ANNUAL RATES OF CHANCE FOR .’ EftlODS
L A TE S T DATA P LO TTED*

105

i:
x
t.

?
t

5

1 96 7

1 10

100

*
K
?

95

&

115

* ?
gt it
1972

1973

?
s
t t
1974

95

90

1975

IN D IC A T E D .

A P R IL P R ELIM IN AR Y
PREPARED « Y

in d u s t r ia l

FEDERAL RESERVE DANK OF S T .

L O U IS

p r o c u c t io n

______________________________ -_______________________________ CQflPQUfrQi-P ANNUAL .fe.ATES Qf CHANfiE_______________________________ ___________________________________
TE RUINAI___________________________________________________________________IN IT IA L _____________________________ - ____________________________________________ 1967-.»-lflfl.
T

H

9-73 10-73 11-73 \2- 73

1-74

1 9

11-73

3 .4

4 .8

12-73

- 0 .9

- 2 .3

3-74

4-74

5-74

6-74

7-74

a-74

9-74 10-74 11-74 12-74

1-75

125.4

-3 .3

- 4 .9

-9 .5

-4 .1

- 5 .6

—8.8

- 3 .7

- 7 .4

Ì

-4, 3

-6 .4

6

-3*3

124.6
124.7

1.0
1.5

,> < 3 Jm

124.9

3 .6

4 .9

8 .0

125.7

2 .9

3 .6

4 .4

125.8

4-7*

-2 .6

- 3 .3

- 4 .8

- It 7

-1 .6

5-74

"it?

- It 7

- 2 .8

- 1 .5

0.7

6-74

- 1 .1

- M

-2 .3

- l.l

0 .8

7-74

-1 .2

1•6

- 2 .3

- 1 .4

0.2

1.7

1.9

1 .9

- 1 .0

- 2 .8

6-74

• I f 4»

- 1 .7

-2 .4

- 1 .5

- 0 .3

1.0

1 .0

0 .7

- 1 .6

- 2 .8

- 2 .8

-09

- 1 ,2

-1. 8

-0 .9

0 .2

1.4

1.4

1.4

- 0 .2

- 0 .6

0 .5

3 .9

- It ?

- 1 .7

PÏÏ71J
L,

- 1 .6

- 0 .6

0 .2

0.1

- 0 .2

-1. 7

- 2 .4

- 2 .2

-1. 9

- 3 .9

-4 .5

-4.1

-3 .5

-3.1

- 3 .6

- 4 .4

- 6 .3

- 7 .6

- 8 .8 -10.7 -1 7 .2 -26.1

12=2A

-6 .0

-6 .5

- 7 .3

- 7 .2

- 6 .9

- 6 .9

- 7 .7

- 8 .9 -1 1 .1 -1 2 .9 —14. 8 -1 7 .5 -2 3 .7 -30 .7 —35 . 1 X . i O'» /iftr
— ^ q r2 3 .2 %

1-75

-7 9

- 8 .5

-9 .4

- 9 .4

-9. 3

- 9 .5 -10. 5 -11. 8 - 1 4 .0 -1 5 .9 - 1 7 .9 -2 0 .6 - 2 5 .8 -31.1 -3 3 .5 - 3 1 .9 V

liz 7 *

2-75

125.5
125.2
125.6
124.8

-7 .4

121 7
117.4

*

113.7

- 9 .5 -1 0 .4 -10.5 - 1 0 .5 -10 .8 -1 1 .8 -1 3 .0 -15. 1 -16. 9 - Id . 7 -21. 1 -25.3 -29 3 - 3 0 .3 -2 7 .8 -23 4

111.2

-10 .6 - I D . 7 -10.8 -1 1 .0 - 1 1 .9 -1 3 . 1 -1 5 .0 -16.6 - l u . 2 -20.1 - 2 3 .6 -2 6 .5 - 2 6 .6 -2 3 .5 -18.9 -

U S

4 rJ5

3-75

127.5

1-7*

LO-74

2-75

126.5

2-74
3-7*

2-74

127.0

.0-73

..-3» 9

-10.2 -1 0 .3 - 1 0 .J -10.6 -11.4 - 1 2 .4 -14.1 -1 5 .4 - I h . 7 -1 8 .3 -2 1 .1 - 2 3 .i - 2 2 .6 -1 9 .1 -14.3

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

1-74

2-74

3-74

4-74

5-74

6-74

IN IT IA L

7-74

8-74

9-74 10-74 11-74 12-74

1-75

109.8P
- 9 .3

- 4 .3 \

2-75

3-75

109.4P

MONTH

>- P ff- L IH IN A P Y




P R E P A R E D BY F E D E R A L KtSfckVE B A N K OF ST. L O U I S
M A Y 15. 1 975

7

PERSONAL
RATIO

SCALE

1967

I NCOME

MONTHLY T O T A L S AT ANNUAL R AT ES

1968

1969

1970

1971

1972

R A T 10 S C A L E

1973

1974

1975

SOURCEt U.S. DEPARTMENT OF COMMERCE
PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PtRIODS INDICATED.
LATEST DATA PLOTTED. APRIL PRELIMINARY
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
PER SO N /L

_________________________ COMPOUNDED ANNUM

8 IL L I0 N S
OOLLARS
ANNUAL RATES

1NLT1AL hi'NI h

TR I N A I

MCNTH

INCOME

p AT.ES QF CH*N65____________________________

¿>-11 10-73 .L L -O -U -J à

.

j -74

¿“7* 3- 74 W <r ?-7* W 4

.7-14. tf-7<t

9- 7*

.

jQ-74 L l : h U~74 -À-7S.

i » 0 9 0 .a

i o = n ____ \ i fZ.

l l - Z i ___ 11*4
12-73

9 .3

8 .0

V-74

_L±é____6.1

2 .9

-0.1

Z z lh

J L 1 ____S^2_

*>.o

3 5

?.~7*

J ll2___ fti,?. . ^ 7

4-74

1 0 .3

1,100.0

lQf »

7 .1

6-74

J L 5 ____ 7» 3

8.8
S z li
lQ r ll,

B .5

SLxSi___ St 9
8 .9

8 .6

Jit Z
12-74

LiI5 _

1 ,1 1 3 .4

7 .2

l i l i 7.t I

?t7___ Iti*___ I t i ­

1 ,1 2 5 .2

5 .0

6 .7

6 .5

9 .1

6 .2

7 .0

8.1

10.1

11.2

1 ,1 3 5 .2

6 .9 ____ 6 .7

8 .1

9 .8

1 0 .2

ifL 4 ^ 5 .

7 t3

5-74

1>107.0

6 .5

8 .2

8 .3

9 .?

1 0 .2

1 1 .8

1 2 .8

1 3 .6

1 8.1

8.2

8.3

9.5

9 .9

1 1 .1

1 1 .6

1 1 .8

1 3 .1

eAfe___ a . 6

s .a

10. 2

n .2

11.6

11.7

120

8 .5

...e.» 5

9.5

9.8

10.6

10.9

10.9

11.3

7.7

7 .7

Ò .5

8 .6

9 .2

9 .2

p .q

e .8

6 .6

1 ,1 5 9 .5
1 ,1 6 7 .2

9.3
1 £ ,_q _jlu _ 7 _
9.1

9.5

8 .5

6 .6

6 .2

8 .3

8 .»

8 .9

- L t i____ L r J ____ L*_L_

7 .6

7 .6

8 .0 ____ L î_9____ ________ L_2 ____ 5-_5____ 5-J2____ it . * . .

. S>t 7___________ u z _

L - J5

-2*0--- 6 .7

6 .5

1-75

_Ld2____6*7

6,5

l i l ? 3 J 4_

7-tZ

7 .5

7 .3

6 .9

6 .6

5 .1

7 ,0

6 .9

6 .4

6 .1

4 .7 ____ _________________ Z ju Z____ ¿ m3.____ Lx£____ ¿ ¿ L _

0 .8

6 .8

7 .0

6 .9

6 .5

6 .2

5 .0

4 .6

1-74

2-74

3-74

4-74

5-74

6-74

7-74

8-74

IN IT IA L

i ix n x Q -

£ 3 .0 % -

6 .8

6 .4

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

6.8

4 .5

- S a I_____U ± ____ L J t ____ 7 .6

l- 75

ifl9 4 .5

6 .6 ____________1^4__ -OaJ).

4 .5 ____ h t l ____

3 .6

2 . •»

3 .6

9-74 10-74 11-74 12-74

1-7*

4 ± 3 -

3 .7

1 1 !95«7

¿ m!

1,2 0 2 .4 p
2-75

3-75

MONTH

- PRELIMINARY




P R E P A R E D BY F E O E R A L
M A Y 15. 1 9 75

8

REStPVE

BANK

JF ST

LOUIS

RETAIL
RATIO

SALES

SCALE

BILLIONS

OF

RATIO
DOLLARS

S E A S O N A L l Y A D JU S T ED

I L L IONS

OF

SCALE

DOLLARS

55

55

50

+r.9X/

45 1

4X1

50

n
A /46.6
45

S

,/ i

40

40

'* / /

*13. 35

/y
ÂT Ì

35

*3. SX
30

30

25

25

A ffilâ t

AMf. W Air, •rs

m v.1W

♦i1

20 1

1967

1968

1969

1970

1971

1972

1973

SOURCEt
PERCENTAGES ARE ANNUAL R ATES OF CHANCE FOR PER IO O S
L A T E S T DATA P LO TTE D s

MARCH,

\L

1f

.

U .S .

4*r. >rs

.... J 1 ♦

1974

20

1975

DEPARTMENT OF COMMERCE

IN O IC A T E D .

A P R IL ADVANCE E S TIM A T E
PREPARED BY FEDERAL RESERVE BANK OF S T .

L O U IS

R ET A IL SALES

9-73 10-73 11-73 12-73
10—73

13.2

11-73

6.5

12-73

MILLIONS OF
DOLLARS

IN IT IA L MONTH

TERMINAL
MONTH
1-74

2-74

3-74

4-74

5-74

7-74

6-74

Ô-74

9-74 10-74 11-74 12-74

1-75

2-75

3-75
42.970
42#976

0.2

42»116

- 3 .8 -1 1 .3 - 2 1 .5

1-74

2 .9

2-74

3.4

- 0 .4
1. 1

42,932

- 0 .6

25.9

1.5

15.4

5 .8

6 .4

17.8

13.9

22.6

43*134

i

5.1

4-74

7.2

6 .2

7 .5

16.2

13.2

17.1

1 1 .8 \

5-74

8.5

7.8

9 .1

16.6

14.3

17.3

14.8

17.9

6-74

6.5

5 .7

6.5

12.1

9 .5

10.5

6 .7

4 .3

7-74

10.9

10.6

12.0

17.9

16.6

18.9

18.0

2 0.1

21 .2

*> 9.2^"^ J.-7 o o r

46,356

11.7

11.5

12.9

18.1

17.0

19.0

18.3

20. C

2C *7

18. 1

47,056

9 .0

13.1

11.5

12.4

10.8

10.6

6.8

45.0

44*283
44,894
44,593

-7^8^^

- 2 .3 - 2 0 . 3 \

46,177

- 4 .7 -1 5 .0

45,803

9-74

8.6

8.2

1C-74

7.1

6 .6

7.2

9 .0

9 .4

7.7

7 .0

4 .9

11-74

3 .9

3 .2

3.5

6. 1

4 .3

4 .1

2 .0

0 .7

- 1 .9

12-74

4 .3

3.7

4 .0

6 .4

4 .8

4 .7

2 .9

1. 8

-C .3

1-75

6 .0

5 .5

5 .9

8 .4

7 .0

7.2

5 .7

5.1

2-75

7 .0

6 .6

7.1

9 .5

8 .3

8.5

7 .3

6 .9

5 .8

7 .6

1 .7

t

5 .3

4 .8

5.1

7 .2

£ .0

6 .0

4 .7

4 .1

2 .8

4 .0

- 1 .4

*
1
-J
in

4

6 .4

r1
CO

43,872

3-74

5.9

5 .5

5 .9

1 f.* !

6 .7

6 .8

5 .7

5 .2

4.1

5 .4

0 .7

- 1 .5

1-74

2-74

3->4

4-74

5-74

6—74

7-74

8-74

10.6

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

8.4

3.6

î

M

- 9 .3 \ .

44,469

•0.7 - 1 1 .7 -2 0 .2 -2 0 .2 - 2 9 ^ 9 ^ ^

ï

44,821

1*0

- 7 .8 - 1 3 .6 -1 1 .2 -1 2 .2

9 .9

5.3

- 1 .7

- 1 .4

1 .3

21.8

35.0

-1 .0

3 .4

6 .8

22 .9

29.9

25.0

- 4 .0

- 1 .0

0 .7

10.2

10.3

-0 .2 - 2 0 . 4 ^

1*5

3 .4

11.8

12.3

5.6

- 3 .0

9-74 10-74 11-74 12-74

1-75

2-75

U

l

- 5 .5

45,955
46,819
45*937P
4 6,584E
3-75

* 6 ^

P- PR E Lî INARV
E- EST F ATEC




9

P R E P A R E O ÖY F E D E R A L
H A Y 12, 197 5

RESERVE

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

COMPENSATION PER MAN-HOUR# TOTAL P R IV A T E ECONOMY
________COMPOUNDED ANNUAL RATES OF CHANGE____________

TERMINAL
QUARTER

IN IT IA L
2-70

4>-70

31-70

1-71

;Ì—71

3-71

4-71

1-72

2-72

1967 * 100

QUARTER
4-72

3-72

1-73

i>-73

3-73

1-74

4-73

3- 74

2-74

4-74

10.1

125.8

4-70

6 .5

2 .9

126.7

1-71

7.1

5 .6

<*.5

2-71

6 .9

5.9

7.4

6 .3

3-71

6.7

5 .9

o .9

6.1

3-70

129.3
131.3
133.2

5 .9

134.3

4*71

6.1

5 .4

o. 0

5.2

4 .6

3 .3

1-72

6 .8

6 .2

o .9

6 .5

6 .6

6 .9

LO. 5
1

2-72

6 .5

6 .0

6.5

6 .1

6 .1

6 .2

7 .6

137.7
4 .7

139.3
140.7

3-72

6 .2

5.8

u .2

5.8

5 .7

5 .6

6 .4

4 .4

4*1

4-72

6 .3

5 .9

o .3

6 .0

6 .0

6 .0

6 .6

5 .4

5 .7

7 .3

7 .9

7. 3

8.1

10.2

13.2

7 .4

6 .7

7.3

8 .3

8 .8

143.2
147.7

1-73

6 .9

6 .6

7. 1

6 .9

7 .0

7 .1

2-73

6.8

6 .5

6 .8

6 .6

6 .7

6 .8

3-73

6.7

6 .4

0 .7

6 .6

6 .6

6 .7

7.2

6 .6

7 .0

7%7

7 .9

5 .4

6 .0

4-73

6.9

6 .6

«».9

6 .8

6 .8

6 .9

7 .4

7 .0

7.3

8 .0

8 .2

6 .6

7 .5

149.4

4 .7

151.6
9 .0

154.9
157.7

1-74

6.9

6 .7

7 .0

6 .8

6 .9

7 .0

_ 7 .4

7 .0

7 .3

7 .9

8 .0

6 .8

7 .5

8 .2

7 .4

2-74

7.3

7.1

7.4

7.3

7 .4

7 .5

7 .9

7 .6

8 .0

6 .6

8 .8

7 .9

8 .6

9 .7

10.1

12.7

3-74

7*5

7 .3

'. 6

7 .5

7 .6

7 .8

8 .2

7 .9

8 .3

8 ,8

9 .1

8 .4

9 .2

10*0

10.3

11.7

10.7

9 .7

9 .9

10.7

9 .7

8 .7

'

162.5
166.7

4-74

7.5

7.4

7.7

7 .6

7 .7

7 .8

8 .2

8 .0

6 .3

8 .B

9 .0

8 .4

9 .1

1-75

7.7

7 .5

/.8

7.8

7 .9

8 .0

8 .4

8 .2

6.5

9 .0

9 .2

« .7

9 .2

9 .8

1 0 .0

10.6

9 .9

9 .5

10.2

r - ? n >-70

4r*70

L-7Ì
J

¿- n

3-71

4^-71

1-72

2-72

3-72

4-72

1-73

2-73

3-73

4-73

1-74

2-74

3- 74

4-74

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

'

174.4P

IN IT IA L fluÀRTER

P- PRELIMINARY
OUTPUT PEP MAN-HOUR• TOTAL PRIVATE ECONOMY
COMPOUNDED ANNUAL RATES OF CHANGE

2-70

_

1967 « 100

IN IT IA L . QUARTER

TERMINAL
QUARTER
3-70

4-70

1-71

2-71

3-70

6 .7

4-70

2 .1

- 2 .3

1-T1

4 .8

3 *e

2-71

3 .7

2 .7

5.2

0 .4

3-71

3 .9

3 .2

5.1

2 .6

4 .9
3.2

3-71

4-71

1-72

2-72

3-72

4-72

1-73

2-73

3-73

4-73

1-74

2-74

3-74

4-74
105.6
105.0
107.6

10.3

107.7
109.0

4-71

3 .5

2 .9

4 .2

2 .2

1-72

3 .5

2 .9

4 .0

2 .5

3 .2

2 .4

3 .3

2-72

3 .7

3 .3

4 .3

3.1

3 .8

3 .4

4 .4

5 .6

1.5

109.4
110.3
111.8

3-72

3 .7

3 .3

4 .1

3*1

3 .7

3 .4

4 .0

4 .4

3 .3

4-72

3 .9

3 .6

4.3

3 .5

4 .0

3 .9

4 .5

4 .9

4 .5

5. 8

1-73

4 .0

3.8

4 .4

3 .7

4 .2

4 .1

4 .7

5 .0

4 .8

5. 6

5 .4

___ 2=7?

3.5

3 .2

3.7

3*0

3 .4

3 .2

3 .4

3 .5

3 .0

2. 8

1 .4

- 2 .4

3-73

3 .1

3.3

2*6

2 .9 _ 2*6

2 .8

2 .7

2 .1

1.

>0
o

r»
.
i

4-7?

2 .9

_2 *I

3? 1

2*4

2 .7

2 .4

2 .5

2 .4

1.9

1. 6

0 .6

- 0 .9

- 0 .2

0 .7

___ Lt74

Ix l

JL t?

i* Z

U6

1.7

1.3

1 .3

1.1

0 .5

0 .0

- 1 .1

- 2 .7

- 2 .8

- 3 .6

-7. 8

1.8 . . 2 * ;

1.5

1.6

1.3

1 .2

1 .0

0 .4

0. I

- 0 .9

- 2 .1

- 2 .0

- 2 .3

-3. 8

0 .4

0*7 ___ 0 .2

- 0 .2

- l.l

- 2 .1

- 2 .0

- 2 .3

-3. 2

- 0 .9

- 2 .1 \

-0. 8

- 1 .5

- 2 .5

- 2 .5

-2 .8

-3 . 7

- 2 .2

- i.5

------- -N

- 1 .3 f - 2 . l l

- 2 .1

- 2 .3

-2. 9

- 1 .6

- 2 .2

-2-3

4-72

2-73

3-73

4-73

1-74

2-7*

3-74

.

___ i z J i -

1-75 _

L..? - . I t ?
.L.4.

LsV
2-70

Iti

UÀ

1.3

1*0

0 ,9

l x l . _...W 4

0 .8

0 .8

0 .5

0 .4

0 .2

-0*4

1.3

0 .8

0 .8

0.5

0 .4

0 .2

4-70

1-71

2-71

3-71

4-71

1-72

l.J
3-70

1
o
•

2-74 _
_ 3-74

!i
0

_

112.7

6

2-72

3-72

114.3
115.8

1-73

115.1
- l^ O ^ s ^

114.8
N . - 9 1<J7«
» * /O-------

115.0
112.7
112.8
112.2

0-4 I

*

110.8
110.9P

4-74

IN IT IA L QUARTER
P- PRELIMINARY




-------------------- ---------------------------------- —— ------------------P P E P A P E D BY F E O E P A L KfcSE^VE B A N K JF S T * L O U I S
M A Y 2. 1 9 7 5

10

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

RATIO SCALE
1967-100

SEASONALLY ADJUSTED

8 5 U -------------- ---------------U ----------------- U -------------- -----------------i ----------------i X ------------------------------- L I -----------

1967

1968

1969

1970

1971

1972

1973

1974

« • M C E i •.».
INOIC « « » .

m t C M T A U t AAC AMNOAl RATES OF C H A M C FOR f â l i m
LATEST DATA PLOTTEOi 1ST M A H T U M E L I* IMA«Y
i w * m

§y m c M L

1975
Of LAtOft

R c m v c «a i m o f s t . l m i i

U N Î T L A B C P C O S T S * TOTAl P R I V A T E fcCONLHY
C 0 M P Q U K D 8 0 âNNUAç «ATES OF CHA N G E
T E R M I N A I _________________________________________________________________________I N I T I A L Q W T E R ________________________________________________________________

ou a * t e * 1
2-70

3-70

4-70

1-71

2-71

3-71

4-71

1-72

2-72

3-74

4—72

i —73

2-73

3-73

4-73

1-74

2-74

3-74

W T

«

IQQ

4-74
U 9 .i

3.4
4 .3

5.1

1-71

2*4

1.9

4 * 0 .6
-1 .3

120.2
1 2 1 .6

2-71

3 .1

3 .0

2.0

¿ .4

3-71

2*8

2 .7

1.9

3 .3

1.7

4-71

2« 6

2 .5

l.t

2.9

1.6

1.6

1-72

3* 3

3.2

2. 6

3.9

3 .4

4 .3

7.0

2-7 2

2. 7

2.6

2.2

¿ .9

2.3

2 .5

3 .0

3-72

2 .5

2.4

2 .0

¿«6

2 .0

2.1

2 .3

o
•
o

3-70
4-70

1.0

4-72

2.4

2.3

2 .0

2 .4

2 .0

2 .0

2.1

0 .5

1.3

1 .6

1-7 3

2.9

2 .6

2.5

3 .0

2.7

2.9

3.1

2 .2

2.2

4 .4

7 .2

2-73

3.2

3.2

3.0

3 .5

3.2

3 .5

3 .F

3 .1

4 .2

5 .3

7 .1

3-73

3 .5

3.5

3.4

3.8

3 .7

3 .9

4 .3

3 .8

4 .6

5.8

7 .2

7 .2

4-73

3* 8

J.9

3 .8

4. 2

4* 1

4 .4

4. 7

4 .4

5 .3

6.2

7 .4

T. 5

122 .3
1 22 .8
124.9
1 24.6

- 1 .0

U 4 .9
1 2 5 .4
1 2 7 .6
129 .8
V
1 32.1
134.7

7.7

1-T4

4. f

4. y

4 .7

5 .2

5.2

5.5

6 .0

5 .8

6 .8

7.9

9 .1

9 .6

10.5

12.2

2-74

5.1

5.2

5.2

5.7

5.8

6.1

6 .6

6 .6

7.5

8.5

9 .7

10.2

11.0

12.3

1 4 .4

1 2 .6 ^ ^

144.1

3-74

5 .5

5 .7

5.7

6 .2

6 .3

6 .7

7.2

7 .2

£.1

9 .0

10.1

10« 6

11.4

12.4

13.9

12.7

12.6

4-74

6 .0

6.2

6 .2

6 .8

6 .*

7.3

7 .7

7 .8

e.7

9 .6

10.7

1U2

11.9

*2*8

14.0

U .3

13.0

-s
14.5

1 4 0 .5

1-75

6 .2

6.4

6.4

o. 1

7.0

7.4

7.9

8 .0

8.8

9. 6

10.6 1 u . o l

11.6

12.3

13.2

12.4

12.3

12.1

2-70

3-7C

4-70

1-71

2-H

3-71

4-71

1-72

2-72

3-72

2-73

3-73

4-73

1-74

2-74

3-74

4-72

i-73

16 .4

F T O H T a T V — ------------------------------------------------------------------------------ --------- —




1 39.9

1 53.6
1 5 7 .2P
4-74

---------------------------------------

"------------------------------------------------------------- ‘--------- W frÀ R E O èV f ÉOëRAL *êSÊftVÉ ÔÀNK ÔÉ
WAY 2* 1975

11

S T .

tô u H

GROSS NATIONAL PRODUCT IN CuRRtNT DOLLARS
_____CQHPQjjME.C-AM.UAl PATES Of CHANfrfc _____

B IL L IO N S OF
DOLLARS
ANNUAL RATES

■IN1LLA1. CUARTER

T fE flIN A l
q uac tep

-2_~7c

3-70

3-7C

4-7C

1-7 1

2-71

3-71

4-71___ I.-7Z

2

'2

W 2 ___ L zU l - Z = 1 î ___ 3-73 . 1 -Z 3 ___ L-.T4.. ..¿- 7 *___ 1-7

, ,.fr.- 7 ï

987.»

_ L t i________________________________________________________________________________________________________________________________________

4-70

4.4

991.8

1-71

7.9

8 .4

1 5 .3

1,027.8

2-71

7 .9

8,2

11.3

1,047.3

3-71

7.4

- ¿ Z ll

7.6

1,061.3
7 .7

9.2

7 .3

7 .0

1 ,0 8 3 .2

e .s

1 ,1 1 5 ,0

.> ^ + 1 0 .7 %

2-7C

3-70

4-70

1-71

2-/1

3-71

4-71

1-72

2-72

3-72

4-72

IN IT IA L

1-73

2-/3

3-73

4-73

1-74

2-74

3-74

4-74

QUARTER

GCOSS NAT1CNAL PRODUCT IN CONSTANT 19b8 OOLLARS
________ CCMPCUNÜFC ANNUAL KATES Gf CHANGÉ____________

2-7C
-än?Q

B IL L IO N S OF
DOLLARS
ANNUAL RATES

IN IT IA L CUARTER

T E ^ IN A L
QUAP T EP
3-1,ü., *t-'{Q___LzJLi___¿=11___ 2 r.ll,

V»71___1-72

2-72

3-72

4-72

1-73

2-/j>

3-73

4-73

1-74

2-74

3-74

4-74
727.2

_________________________________________________________________________________________________________________________________ _______

2-*>C

3-7 C

4-7*5




1-7 1

¿-71

3-71

4-71

1-72

2-72

3-72

IN IT IA L

4-72

1-73

2-7*

3-73

4-73

1-74

2-74

3-74

4-74

CUARTtP

P H 8 P A P F D BY FHOtf-AL ftCSF»ve BANK
MA Y ¿0« 1S7 5

12

OF

ST. L O U ' *

DEMAND AND P R O D U C T I O N
R A T I O SCALE
QUARTERLY TOTALS
T R I L L I O N S OF DOLLARS
SEASONALLY

R A T I O SCAL E
T R I L L I O N S OF DOL L ARS

AT ANNUAL RATES
ADJUSTED

1 .6
1.5
1. 4
1 .3
1 .2

1.1

1 .0

0 .

0.9

0 .

0.8

0 .

0.7

0 .

0.6

0.5

0 .

1967

1968

1969

1970

1971

1972

1973

1974

1975

LL6NP IN CURRENT DOLLARS.
SOURCE* U . S . DEPARTMENT OF COMMERCE
g£NP IN 1958 DOLLARS.
PERCENTAGES ARE ANNUAL RATES OF CHANOE FOR PERIODS INDICATED.
L A T E S T DATA PLOTTED«




1ST QUARTER
PREPARED BY FEDERAL RESERVE BANK OF S T . LOUIS

13

GENERAL

PRICE

INDEX*

RATIO SCALE

RATIO SCALE

1958-100

1958-100

n o L _ I ---------- L _ L _ I -----U ------- U - J ------------ U ------ O i ----- — U ------- 1110

1967

1968

1969

1970

1971

1972

1973

1974

1975

«AS UltO IH NATIONAL INCOME ACCOUNTS
SOURCE« U.S. DEPARTMENT OF COMMERCE
PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR FERIOOS INDICATED.
LATEST DATA PLOTTED» 1ST QUARTER
PREPARED OY FEDERAL RESERVE SANK OF ST. LOUIS

IM P L IC IT P M CE CEFLATOR FCR GROSS NATIONAL PROffUCT

___________________________________________________________ CQtfQUMCLEC.-AKft^L .fiAT.ES Q f CtiANfrE________________________________________________________
T E P ^ i m ____:_____________________________________________________
QUARTÇR
2-7C
3-7G 4-70
1-71
2-71
3-71 4-71
1-72

IN IT IA L CUAfrTER_______________________________________________________ __________ 1958 » 100
2-72

3-72

4-72

1-73

2-73

4-73

3-73

1-74

2-74

3-74

4-74
135. 77

3-70 _

4*1

4-70

5.2

6 .4

137.88

1-71

5# 1

5 .5 _ 4 .7

139.47

2-71

5 .0

5.3

4 .a

4 .8

3-71

4 .5

4. t>

4. o

r - v
3. 7
2. 6

4-71

V I

_ 4*1

3 .5

3 .1

2.2_

1.9

3 .3

3.7

5.5

141.13
142*03
1.O OC7

142.70

3 .7

1.9

145.31

1-72

4.3

4 .3

2 .9

3. 7

2-7 2

4 .0

4 .0

3« 6

3 .3

3 .0

3.1

3-7JL

3.9

3.9

3.5

3 .3

3 .0

3.1

3.6

2 .6

3.3

4-72

3.9

3 .9

3.6

3 .4

3 .2

3.3

3 .7

3.1

3.7

4 .0

1-7 ?

4. 1

4. L_

3 .8

3 .7

3 .5

3.7

4. C

3, 7

4.3

4. 8

5.5

2-73

4.3

4 .3

4. 1

4. 1

4 .0

4.2

4.6

4 .4

5.0

5.6

6 .4

7 .3

3-73

_ 4.6

4 .7

4 .5

4 .5

4 .5

4.7

5. 1

5.C

* •7

6.3

7 .0

7.6

8.3

144.62

146.50
147.96
149.95

•7

152.61
155.67

4-73 _

4.9

5 .0

4 .8

4 .9

4 .9 _ _ 5.1

5 .5

5.5

6 .2

6 .7

7.4

8.1

8 .5

8 .6

1-74 _

5.4

5 .5

5.4

5 .5

5.5

5.8

6 .3

6 .4

7.0

7 .6

8 .4

9. 1

9 .7

10.5

_5 •7 .... 5 .8

5 .8

6.1

6 .6

6. 7

7.3

7.9

8 .5

9 .2

9 .6

10.1

10.6

9 .4

6 .2

6 .3

6.6

7 .0

7 .2

7.8

e .4

9 .0

9 .6

10.1

10.5

11.2

10.6

II.S »

X

172.07

6. 9

7.2

7.6

7« 8

t . .4

9 .0

9 .7

10.3

lO .tt

11.3

12. C

1 1 .9

1 3 .1

1 4 .4

177.97

9 .5

10. 1

10. !>

10.8

11 .3

u .o

11.6

11.4

4-72

1-73

¿-73

3-73

4-73

1-74

2-74

3-74

2-74

5.6

5 .7

3-74

6 .0

i d .

6 .1

4-74

6.4

6. 6

6 .6

1-75 _

6.5

6 .7

6. 7

6. 8

7 .0

7.3

7.7

7 .9

€.5

9. 0

2-70

3-70

4-70

1-71

2-71

3-71

4-71

1-72

2-72

3-72

'




in it ia l

158.93

]

163.61
167.31

8 .5 _)

181.65

4-74

cuapter

PREPAREO BY FtOERAL RkSERVB BANK OF S T • LOUIS
MAY

14

PERSO NAL

CONSUMPTION E X P tN C lT U R E S

IN CURRENT DOLLARS

COKPOUNÜÉC ANNIAL PATES OF CHANGE

B IL L IO N S UlOOLLARS
ANNUAL RATES

IN IT IA L QUARTER

TFPMINA|
QUAPTEP
2-70

3-7C

4-70

1-7 L

2-71

1-7 1

4 -7 1

1-72

2-72

3-72

4-72

1-73

2-73

3-73

W . i _ 1-74

6.5

4-70

4 .7

3.0

1-71

ft.O

8.6

14.9

2-71

7.8

8.3

11. Ü

7. 3

3-71

7.5

7.8

9.4

6.8

6.2

4-71

7.4

7.6

8.8

6 .9

6 .7

7.1

1-72

7.9

8 .2

9.2

7,8

fl.O

8.9

10.8

2-72

8.3

8.6

9.6

3.5

b. S

9.7

11.1

11.3

3-7?

8.4

8.7

9. 5

8. 7

8.9

9.6

10.5

1C.3

9.3

4-72

8.7

9 .0

9 .8

9.1

9.4

1 0 .C

10.7

1C.7

10.4

628.3
650.5
662.1
672.1
683.8
701.5
720.6
736.8
757.2

11. 5

781.7

1-73

9.2

9.5

10.2

9.6

10.0

10.6

11.3

11.4

11.5

12.6

13.6

2-73

9.2

9.4

10.1

9.6

9.9

10.4

10.9

11.0

1C.9

11.4

11.3

9 .2

3-7U

9.2

9.4

10. J

9. >

9.3

10. 2

Í0 .7

10.6

1C.5

1C.8

10.5

9 .0

8.9

4-73

8.8

8.9

9.5

9.0

9.1

9.5

9 .8

9.6

9.3

9 .4

8.8

7.3

6.3

3.8

1-74

_ 8.7

3.9

9.4

8**

9.1

9.4

9.6

9 .5

9.2

9.2

8.7

7.5

7.0

6 .0

8 .4

2-74

9.1

9.3

9. 7

9.3

9.5

9.8

10.1

10.0

9.8

9 .9

9.6

6.8

8.8

8.7

11.3

14.3

Iz li

9,5

9 .6

10. 1

4-74

8.8

1-75

8.7
2-7 C

4-74

2-74

623.7

3-7 0

799.0
316.3
823.9
840.6
869.1

9.8

10. 0

10.3

10.6

10. 5

1C.5

10.6

10.5

10.0

10.1

10.4

12.7

15.0

15.7

9 .3 .

6.9

9.0

9.2

9 .4

9.3

9.1

9.1

8.8

8. 1

7.9

7.7

8.7

8.9

6 .2

- 2 .4

8.8

9.2

8.9

**.0

9.2

9.3

9 .2

9.0

9.0

8.7

8.1

7.9

7.8

8 .6

8.6

0.8

2 .7

8 .0

3-7C

4-70

1-7 1

2-71

3-71

4-71

1-72

2-72

3-72

4-72

1-7J

2-73

3-73

4-73

1-74

2-74

3-74

4-74

901.3
895.8
913.2

IN IT IA L QUARTER

PERSONAL CONSUMPTION EXPENDI TURES IN CONSTANT 1958 DOLLARS
TERMINAL
QUARTER

B IL L IO N S Of
001LARS
ANNUAL PATES

IN I 71AL QUARTER
4-70

2-70

3-70

4-70

0 .0

-2 .8

1-71

3.5

3 .9

11.0

2-71

3.4

3.6

6 .9

3.1

3-71

3.4

3.5

5.7

3.1

3.2

1-71

2-71

3-71

4-71

1-72

2-72

3-72

4-72

1-73

2-73

3-73

4-73

1-74

2-74

3-74

4-74
400 .9

3-70
477.5

490.1
493.8
497.7

4-71

3.7

3.8

5.6

3 .8

4 .2

5.2

1-72

4.2

4 .4

5.9

4 .6

5.2

6 .2

7.1

2-72

4.7

4.9

6.3

5.4

6 .0

6 .9

7 .7

8.4

504.1
512.6
523.2

3-72

4 .9

5.1

6.3

5 .5

6 .0

6 .7

7 .2

7 .3

6.3

4-72

5.2

5.5

6.6

5.9

6 .4

7.1

7.6

7.7

7.4

8.5

_ 1-73».

5.5

5.7

6.7

6 .2

6 .7

7.3

7 .7

7 .8

7.6

8.3

8.1

531.2
542.2
552.9

_ 2-73

?fl

5.3

6-1

5.6

5 .9

6.3

6 .5

6 .3

5.8

5.7

4 .3

0 .6

3-73

4 .8

4.9

5.6

5.1

5.4

5.6

5 .7

5. 5

4 .9

4.6

3 .3

0 .9

1.2

4-73

3.9

4 .0

4 .6

4 .0

4 .1

4 .2

4 .1

3 .7

2 .9

2.3

0.8

- 1 .6

- 2 .7

-6 .4

1-74

3.3

3.4

3.8

3 .3

3 .3

3.3

3.1

2.6

1.8

1.1

- 0 .4

- 2 .4

- 3 .4

- 5 .6

- 4 .7

L-74

3.3

3.3

3.7

3.2

3 .2

3,2

3.0

2.6

1.8

1.2

0.1

- 1 .5

- 2 .0

- 3 .0

- 1 .3

3 .3

3 .3

3. 7

3 .2

3,2

3.2

3 .0

2 .6

2.0

1.5

0.5

-0 .7

- 0 .9

-1 .5

0 .2

2 .8

..4-7*

2 .3

2.2

2.6

2 .0

1.9

1,8

1 .6

l.l

C.4

- 0 .3

-1 .3

- 2 .6

-3.1

-3.9

- 3 .3

- ¿ .8

- 5 .3 -1 3 .2

_ L-75

2 .3

2 .2

2.6

2 .0

2 .0

1,9

1.6

1.2

0 .6

0 .0

-0 .9

- 2 .0

- 2 ,3

-2 .9

- 2 .2

- 1 .5

- 2 .7

- 5 .7

2 .5

2-70

3-70

4-70

1-71

2-71

3-71

4-71

1-72

2-72

3-72

4-72

1-7 3

2-73

3-73

4-73

1-74

2-74

3-74

4-74




553.7
555.4
546.3
539.7
2.2

542.7
3,4

547.2
528.2
531.5

IN IT IA L QUARTER

P P E P A P E D BY F E D E R A L
M A Y 20« 1 9 7 5

15

R£ S E R V E

BANK OF ST. L O U I S

GROSS PRIVATE

OCMESTIC

INVESTMENT

IN IT IA L

TFRMlNAt
QUARTER
2—7 C

3-70

4-70

1-7 1

2-71

3-71

4-71

1-72

2-72

IN CUfcRtNT D O L L A R S
B IL L IO N S OF
DOLLARS
ANNUAL PATES

CUAfrTEP

3-72

4-72

1-73

2-73

3-73

4-73

2-74

1-74

3-74

4-74
139.2

3-70

11. 7

4-70

3 .0

-5 .1

137.4
146.6

1-71

11.2

10.9

29.6

2-71

13.7

14.4

25.6

21.8

3-71

10.6

10.3

15.<3

9.6

4-71

12. 1

12.2

17.0

13. 1

9 .0

20.4

1-72

13.7

14.0

ie . 2

1 5 .o

13.6

21.3

23.2

2-72

13. b

14.2

17. 7

15.5

14.0

19.6

19.1

154.0
153.5

-1 .3

160.8
169.4
175.5

15.2

182« 1

18.0

15.6

15.9

16.7

18.3

16.7

17.5

19.0

18.^

18.6

17.5

18.2

19.4

15.8

15.4

18. C

17.6

16. 5

16.9

17.2

16.3

15.2

14.5

16.7

16.2

15.0

15.0

14. 8

13.4

10. 3

7.8

lb . rt

16.3

18.4

18.2

17. 5

17.8

10.2

18.0

17.4

19.8

14.0

12.8

12.0

13.5

12.7

11.5

11.0

10.1

8.5

5.8

3.5

1.4 -22.7

11. 8

13.2

12. J

11.2

12.4

11.6

1C.4

S .9

9 .0

7 .4

5 .1

3.3

1.8 -1 1 .0

10.4

1J . 3

11.4

10.2

9 .3

10.3

9.4

8.1

7 .3

6. 3

4 .6

2 .3

0.3

10.2

10. 1

11. 1

10.0

<.2

10.0

9.2

8 .0

7 .3

6.4

4 .9

3 .0

1.4

4 .0

3.6

4.1

2.7

1.5 ___1.7

0.4

- 1 .3

- 2 .6

- 4 .3

- 6 .6

- 9 .5 -1 2 .3 - 1 5 .2 -2 2 .6 -22.5 - 2 * .4 -37.2 -6 3 .2

2-70

3-70

4-7 0

1-71

4-71

1-72

2-72

3-72

4-72

1-7 3

3-72

14. 1

14.4

4-72

14. (

1-73

15. 0

2-71

14. e

3-73
4-73

14.3

18.6

14.9

17.7

lo .O

15.1

15.4

1 7 .c

16.5

15.8

15. 1

17.4

16. 1

14.3

14.5

16.5

15.5

15.8

17.3

1-74

12.5

12.5

2-74

u . a

3-74
4-74
1-75

2-71

3-7 \

IN IT IA L

190.2
199.0
205.1

12.8

2-73

209.0
224.5

33.1

1

15.6

<r
0
1
i

17. J

0 .2

3-73

- 6 .7

4-73

210.5
211.8

2.5

205.8

- 4 .4 - 1 0 .V
-2.3_

-0.7_

1-74

2-74

7.2

209,4
163.1

3-74

4-74

3-74

9 1LLIONS OF
DOLLARS
ANNUAL RATES
4—7*

CUARTER

GRCSS PRIVATE DOMESTIC INVESTFENT IN CONSTANT 1958 OOLLARS
CCMPQUNDE'C ANNUAL RATES OF LHANGE
TERM lMAL
QCAPTER

IN IT IA L
2-7 C

3-70

4-70

1-71

2-71

3-71

4-71

1-72

2-72

3-72

4-72

1-73

2-73

3-73

4-73

1—7*

2-74

7.5

4-70
1-71

3—70

CUARTER

105.4
-4 1 .9

102.1

5 .7

4 .8

24. 7

2-71

8 .0

8 .2

19.9

15.3

3-71

4 .9

4 .3

10.3

3.7

4-71

7.2

7. 1

12.4

8 .6

1-72

P .5

8.7

13.3

10.7

9 .2

1 6 .C

17.0

2-72

9. 1

9 .3

13. 3

11.2

10.2

16.5

15.2

13.4

3-72

9.4

9.6

13.1

11.2

10.5

15.2

13.9

12.4

11.5

4-72

c. 9

10.1

13.2

11.7

li.l

15.0

14.0

13.0

12.9

14.3

1-7 3

10.0

10.2

13.0

11.6

11.1

14.4

13.4

12. 6

12.3

12.7

11.1

2-73

9.6

9 .8

12.3

10.9

10.4

13.1

12.1

11.2

10.6

10.3

6.4

107.9
111.8
- 6 .6

109.9
19.1

114.8
119.4
123.2
126.6
130.9
134.4
136.3

5. 8

2-73

<.7

o .8

10.9

9 .6

9 .0

11.2

10.1

9 .0

6.1

7.3

5 .0

2.1

- 1 .5

4-73

10. 1

10.5

1 2 .c

1U o

11.2

13.4

12.7

12. 1

11.5

12.0

11.4

11.5

14.4

32.9

145.8

1-7*

7«<?

... 6 .9

8. v

7.3

6. 6

8.C

6.9

5.7

4 .6

2 .5

1.5

- 0 .8

- 2 .9

- 3 .6 -3 0 .1

133.3

135.8

2-74

5.9

5.8

7.2

6.0

5.2

6.4

5.2

4 .0

1.7

- 0 .3

- 2 .4

- 4 .4

- 5 .4 -20.1

.2z2<r

VI

3 .9

5 .0

3.7

2 .9

3.7

2 .4

1. 1

-C.2

-1#6

—3 .0

- 5 .9

-tt .l

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

4-74

_>_.4 .

3.2

-4. 2

3 .0

2.9

1.6

0 .3

- C .9

- 2 .2

- 4 .1

- 6 .0

- 7 .9

- 9 .1 -1 7 .4 - 1 2 .6 -14.5

1-75

-3. 1

- 3 .6

- 3 .1

- 4 .6

- 5 .3

- 5 .8

-7 .4

- 9 .2 - 1 1 .0 -1 3 .0 - 1 5 .6 --18.5 - ¿ 1 .5 - 2 4 .4 - 3 2 .4 - 3 3 .0 -39.0 -4 7 .0 -69 .8

2-70

3-7C

4-70

1-71

2-71

3-71

4-71

1-72




•2

2. 8

2-72

3-72

4-72

1-73

2-73

3-73

4-73

-8. 7

1-7»

130.3

¿-74

122.7
- 7 .0

3-74

120.5
89.3

4-74

IN IT IA L CUARTER

P R E P A R E O BY F E D E R A L
M A Y 20. 1 9 7 5

16

K E S ERVE

BANK JF

ST* L O U I S

G O V E R N M E N T PURCHASES C F
________________________ C G M P Û U N D fcC

G C C D S AND S E R V IC E S I N CURRENT OOLLARS
A N N U A L RATES O F C H A N G E _______________________

B IL L IO N S OF

--- LOI.XiJUL u

i f ' n t uni.
OL AP TER
2—7 C
3-7 0

5.6

4-70

5.6

3—70

4-7Û

1•7 1

7-71

1-71

4-71

3-7?

ANNUAL RATES
4-72

1-73

2-73

3-73

4-73

1-74

2-74

3-74

W 4 .
2 20.3
223. 3
227 .9

1-71

6 .6

7 .0 _

8, 5

6*4

6 .7

7.4

6.1

3-71

6*7

7. C

7.5

7 .0

7.8

4-71

7.5

7.8

8.4

8 .4

9.6

11.3

1-72

ft.6

9 .1

9.8

10.2

11.6

13.5

15.7

2-72

e ,i

9.4

8.9

9 .0

9.7

10.4

9 .9

3-72

7.4

7.6

7.9

7.8

ti.2

6.2

4-?2

7 .9

Ô .l

8.4

8 .4

8 .8

9 .0

231.3
2 3 5 .7

1-73

8*1

8 .3

e.o

3 .6

9 .0

9.2

2-71

7.9

8.2

8.4

8 .4

8.7

8 .8

3-73

7 .7

7.9

4-73

â*2

Ô.4

1-74

8.6

8.8

8. 8

2-72

5.6

2-71

2-74

1-72

8.1

9.1

9 .0

9 .3

242.1
251.1
4 .4

25 3 .8

7.2

3 .2

2.1

255.1

8 .5

6 .2

7.1

12.3

8.8

7.1

8.1

11.2

10.1

8.4

7. C

7.7

9.6

8.3

2 62.6
2 6 9 .0
6 .5

273.3
27 6 .9

slI

8.3

8.4

8.0

6 .7

7.2

8. 5

7 .3

6 .0

5.4

8 .7

8.9

9.C

8.8

7 .8

e .4

9.7

9*1

8.7

9 .8

14.4

9.1

9 .4

9 .6

9 .4

6.6

9.3

10.5

10.1

10.1

11*4

14.5

14.6

10*3

10.4

11.4

13.5

13 .0

1-1*4

I

9 .3

9 .6

9 .7

9 .6

6 .9

9 .5

10.6

2 8 6 .4
296.3
304.4

3-74

8.9

9.1

9.4

9 .4

9 .7

9 .8

9 .7

9 .1

9 .7

10.6

10.4

10.5

11.3

12.8

12.2

11.1

10.8

312.3

4-74

9.3

9 .5

9.7

9.8

10. 1

10.3

10.2

9 .7

10.2

11.2

11.0

11.2

12.0

13.3

13.1

12.6

13. 2_

323.8

1-75

9 .3

9.5

9.8

9 .8

10.1

10.2

10.2

9 .7

10.2

ll.l

10.9

14*0

11.7

12.8

12.4

11.9

12*1

12.7

1 0.0

2-70

3-70

4-70

1-71

2-71

3-71

4-71

1-72

2-72

3-72

4-72

1-7 3

2-73

3-73

4-73

1-74

2-7V

3-74

4-74

331.6

IN IT IA L CUARTER

GOVERNMENT PURCHASES CF CC ODS ANO S tR V IC E S IN CONSTANT 1958 DOLLARS
COMPOUNDEC ANNUAL p a t e s o f c h a n g e
TERMINAL
QUARTER

B IL L IO N S Of
DOLLARS
a n n u a l Ra t e s

IN IT IA L CUAPTER
2-70

3-70

4-70

J.-71

2-71

3-71

4-71

1-72

2-72

3-72

4-72

1-73

2-73

3-73

4-73

1-74

2-74

3-74

4-74
138.0

-3,1
4-70

- 1 .9

—û •6

™ W 1

- if*

-0 . 7

-C.9

-J--71

- 1 .2

- 0 .5

-0 .4

0 .0

3-71

0.3

1.2

1.8

3.2

137.8
137.5
137.5
6 .6

139.7

4-71

1.7

2 .7

3 .5

5 .0 __ 7,6

8 .6

1-72

1.9

2.8

3.5

4 .6

6 .2

6 .0

3 .4

2-72

1.7

2.4

2. 9

3 .0

4 .6

3 .9

1.7

0 .0

3-72

0.9

1.4

1.6

¿ .1

2 .5

1.5

- 0 .7

- 2 .8

- 5 .4

4-72

l.l

1.6

1.9

2 .3

¿.6

1.9

0 .3

- 0 .7

- l.l

3.4

1-73

1.3

1.7

2 .0

2 .4

2 .7

2. 1

0 .8

0.2

C .3

3 .3

142.6
-

143.8
143.8
141.8
143.0

3.1

144.1

lf >

1.5

1.7

z .o

2 .3

1.7

0 .6

C .l

0,1

2.0

1.3

-0 ,6

3-7 3

1.0

1.4

1.5

1.8

2 .3

1.4

0 .4

- 0 .0

- C .l

1.3

0 .7

- 0 .6

- 0 .6

fc lâ ...

1.3

1.7

1.9

2. 1

2 .3

1.9

l.l

0 .8

C .9

2 .2

1.9

1.5

2 .5

5 .7

*•3

_ 1 ,6

1,8

2. J

2 .2

1.8

b l

C .8

C.9

2.0

_ 1 .7

1.3

2.0

3 .2

0 .8

¿-74

1,2

1.5

1.6

1.8

2 .0

1.6

C. 9

C. 6

C.7

1.6

1 .3

0.9

1.3

2 .0

0. 1

- 0 .5

.3-74

1 .1

u v

1-5

1.7

1.5

c .e

C .6

C ,6

1.4

1.2

0 .8

1.1

1.5

0 .2

- O .l

0 .3

4-74

1.1

1.4

1,5

1.7

l.ti

1.4

0 .9

C* 6

C.7

1.4

1.1

0 .9

1.1

1.4

0 .4

0.3

0.7

l.l

1-7?

1.3

1.5

1.6

1.8

1.9

1*6

l.l

0 .9

1.0

1.6

1.4

1*2

1.5

1.8

1.1

1.2

1.7

2 .5

3.9

3-70

4-70

1-71

2-71

3-71

4-71

1-72

2~72

3-72

4-72

1-73

2-73

3-73

4-73

1“ 74

2-74

3-74

4-74

— Ê 7 li_ .

- JL - 7 * .

2-7 C




_

IN IT IA L

143.9
143.7
145.7
146.0
145.8
145.9
146.3
147.7

tU A PT EK

P R E P A R E D 8Y F E D t R A L R t S E R V E BANK. ÜF ST. L O U I S
MAY 20. 1975

17

DISPO SABLE PERSONAL 1NCCME IN CURRENT DOLLARS
___ ___ COMPOUNDED ANNUAL RATES Of CHANGE_________
B IL L IO N S Of
J L t S A i m i ___________________________________________________________________ If jL L lM . teUARTER_____________________________________________________ DOLLARS
QUARTER
ANNUAL RATES
3—71 4r-7i...L-J.iL. ZzJZ- 3-72 *tz2Z L-73L 2-73... 3-73 .1z IA - 1-74 2-74 3-74 4-74
-Z^rl.C 3—7û 4-70
2-71
1-71
702.4

3-70

_ 5*0

4-70

5 .4

2.8

1-71

7.7

7 .6

12. 7

2-71 .... _ $ . q

8*0

10. 7

8 .8

3-71

7 .2

7 .0

8.4

6 .3

3 .9

4-71

6*9

6 ,7

7. !

6. 1

4 .8

707.2
720.6
764.1
751.3
761.0

5.7

774.7

1-72

6.9

6 .7

7 .0

6 .3

5.5

6.3

6 .9

2-72

7.1

6 .9

7. r

6 .7

6 .2

6 .9

7.5

8.1

3-72

7.3

7.2

7,9

7.1

0 .7

7.4

8.0

0. 6

9,0

4-72

8.2

8.2

Ö.9

8 .3

€.3

9.1

10.0

11.1

12,5

16.2

1-73

8.8

8.9

9 .6

9 .2

9.3

10.2

U .2

12 .2

12.6

16.0

15.8

2-73

9 .0

9, 1 _ 9, 7

9,4

9.5

10.3

U ,1

11,9

1* t 9

14.3

13.3

10.8

3-73

9 .1

9 .2

9 .8

9 .5

9.6

10.3

11.0

U .6

12.4

13, 2_ 12.2

10. 5

790.0
007.2
030.1
069.5
092.1
10.1

913.9
939.4

4-73

9 .3

9.4

9.9

9 .7

9. 8

10.4

11,0

11.6

12.2

12.9

12.1

tO .9

10.9

1-74

9.0

9 .0

9 .5

9 .3

9 .J

9 .9

10.3

10. 8_ 11.2

11.5

10*6

9 .3

0.8

0 .2

4 .9

2-74

8. 8

8 .9

9 .3

9. 1

9. 1

9.6

10.0

10.3

10.6

10.8

10.0

8.8

8.3

7 .7

5 .9

6 .9

3-74

9 .0

9 .0

9 .5

9 .3

9.3

9.7

10.1

1C.4

1C.7

10.$

10.2

9 .3

9 ,0

0.7

7 .7

9 .1

10.1

10. 3_ 10.4_

950.6
966.5
993.1

11.5

8 .9

9 *J

9 ,1

9 .1

9.5

9 .7

8 .9

8 .2

7 .4

0.2

d.V

6 .5

8.5

8.5

8.9

8.7

8 .6

9.0

9 .2

9 .4

9.6

9 .6

8 .9

8.1

7.7

7 .3

6 .4

6 .0

6 .8

4 .6

2.7

2-7C

3-70

4-70

1-71

2-71

3-71

4-71

1-72

2-72

3-72

4-72

1-73

2-73

3-73

4-73

1-74

2-74

3-74

4-74

4-74
1-75

11.6

1 .0 0 8.0
1 «015.5

IN IT IA L QUARTER
DISPOSABLE PERSONAL INCOMf IN CONSTANT 1958 DOLLARS
COMPOUNDEC ANNUAL RATES ÛF CHANGE
TER M IN A L.
_
QUARTER
2-70 3-70

4-70

1-71

2-71

3-71

3-70

4 .4

4-70

0 .6

-3 .1

1-71

3.2

2 .7

8 .3

2-71

3 .6

3.3

6 .6

3.1

2 .7

4.7

2.8

1.1

2.9

4. 5

3. 1

2 .4

3,8

3-71
4-71

B IL L IO N S Of
DOLLARS
ANNUAL RATES

IN IT IA L CUARTER
4-7 L

1-72

2-72

3-72

4-7 2

1-73

2-73

3-73

4-73

1-74

2-74

3-74

4-74
541.6
537.4
540.0

4 .5

554.9
556.4
561.6

1-72

3.2

3 .0

4 .3

3.2

2 .7

3.6

2-72

3.5

3.3

4.4

3.6

3 .4

4.1

4.3

5.3

3-72

3.7

3.7

4.7

4 .0

3 .9

4 .6

4 .8

5.6

5,9

4-72

4.6

4 .7

5.7

5 .2

5 .4

6.2

6 .9

8.1

9,5

13.1

1-73

5.1

5.2

6 .2

5 .9

6 .1

6 .9

7.6

e .6

9.8

11.7

10.4

2-73

4* 9

4 ,9

5 .8

5 ,4

5 ,5

6,2

6 ,6

7* 3 _

7,8

8.4

6 ,1

2 .0

3-73

4 .7

4.7

5.4

5.1

5.2

5,7

6 .0

6 .4

6.7

6 .9

4 .9

2 .2

2.3

4-73

4.4

4 .4

5 .0

4 .7

4 .7

5,1

5.3

5.6

5,7

5.6

3 .8

1.7

1.5

0 .7

3.3

566.2
573.6
501.9
600.1
615.1
610.2
621.0
622.9

1-74

3.5

4 .0

3 .6

3 .5

3.8

3.8

3 .8

3.6

3.2

1.4

- o .e

- 1 .7

-3 .7

- 7 .e

2-74

3.0

2.9

3.4

3 ,0

2 .8

3.0

2.9

2 .9

2.6

2.1

0 .4

-1 .5

- 2 .4

-3 .9

- 6 .1

-4 .4

3_-74l

2.8_

2 .7

3 .1

2 .7

2 .6

2.7

2.6

2 .5

2,2_

1.8

0 ,3

-1 .3

- 2 .0

- 3 .0

- 4 .3

- 2 .4

- 0 ,4

1.8

*•*

1.0

- 0 .4

-1 .9

- 2 .5

- 3 .5

- 4 .5

-3 ,4

- 2 .9

-5 .3

610.3
603.5
602.9
594,0

4-74

2.3

2 .2

2 .6

2 .2

2 .0

2.1

1.9

1-75

2* 1

2 .0

2.3

1.9

1.7

1.7

1.6

1.4

1.1

0.6

- 0 .7

-2 .0

- 2 .5

-3 .3

- 4 .1

-3 ,2

-2.6

-3 .9

-2 .5

2-70

3-7C

4-7G

1-71

Z- 71

3-71

4-71

1-72

2-72

3-72

4-72

1-7 3

2-73

3-73

4-73

1-74

2-74

3-74

4-74




591.0

IN IT IA L QUARTER

P R E P A R E D BY F E O E R A L R E S E R V E
M A Y 20. 1975

18

B A N K O F ST.

LOUIS

CORPORATE PROFITS AFTER TAXÉS *
COMPOUNDED ANNUAL RA?P«L Of CHANGE
IE P K IK A I
QUARTER
2-7 C
3-70
. iz J Q

B IL L IO N S OF
DOLLARS
ANNUAL RATES

IN IT IA L QUARTER
3-7Û

4-70

1-71

2-71

3-71

4-71

1-72

2-72

4 .1

3-7>

4—72

1-73

2-73

3-73

4-73

1-74

2-74

3-74

4-74

3 9 .9

-J.3.7 -2 8 .4

_ L-71

7 .8

9 .8

36*7
68.3

4 1 .0

£-71

* 4 .7

18.4

52.4

37.9

3-71

15*5

19,0

41*0

29.1

20.9

.-19*2

3 5 .4

26.0

20.4

19.9

1-72

18.6 —21*4

35.0 __2-7•0

24.5

26.4

4 5 .3
4 7 .5
4 9 .7
33.3

5 3 .4
5 5 .7

21*0

32,1

23.0

23.7

25 .6

18.4

3-72

l? t9

21.0

3C.4

25.0

¿ 2 .5

22.<J

24.0

19.6

20.8

4-72

20.6

22.6

31.1

26.5

24.7

25.5

27.0

24.9

28 .3

36.3

26.3

34,5

30.8

29.8

31.3

33.8

33.9

3 9 .5

49.9

64 .5

2-72

1-73

2 5 .Ö

50*4
63 .1
7 1 .5

2-73

Z ì t ì _2 5 *2

32.4

28.9

27 .8

28.8

3 0 .4

29 .8

3 2 .9

37.1

37.5

14.7

3r73

Z Q ti

22*3

28.3

24.9

23.5

23.9

24.5

23.1

24 .0

24.8

21.2

4 .0

.. *--7?

l* ti

20.5

25.9

2 2 .6

21.2

2 1 .2

21.4

19.7

20.0

19.8

16.0

3*2

- 2 .2

1*7

1-74

2 ?«0

23 .4

2 8 .*

25.« 0

24.7

25.1

25.7

24.8

25 .0

26.6

24*8

16.4

16*9

30* 3

66*9

2-74

20.4

21.6

24*3

23.5

22.4

22.6

22.8

2 1 .7

22.1

22.3

20.1

12.8

12*3

19.1

2 0 .9

- 0 .5

3-74

2 *.7

2 4 .0

28.6

2 6 .2

25.3

25.7

26.2

2 5 .5

2 Í. 4

27.1

25.8

20.3

21*4

29 .4

4 0 .2

2 0 .5

6 5 .0

4-74

U t ? —17*6

21.3

16.7

17.4 ..1.7*2 _ 17*0

15.6

15.3

14.7

12*2

6 .2

4*9

7 .2

0*6

- 5 .9

- 0 .5 - 4 9 .5

1-75

9 .9 _ JQ *2

13 .0

10. J

8. 6

7 .0

6 .9

5 .0

3 .9

2.3

-0*9

- 7 .0

-9 .0 -10*4 - 1 2 .7 - 2 5 .7 - 3 2 .6 - 5 7 .1 - 6 3 .5

4-70

1-71

2-71

3-71

4-71

1-72

2-72

3-72

4-72

1-73

2-73

2-70

3-70

7 4 .0
72*9

- 5 .0

3-73

73 .2

4—71

• 3 .2

1-74

•3.1

2^*7*

9 4 .3

3-74

79 .5
6 1 .0 P

4-74

IN IT IA L QUARTER
_* NATIONAL INCOME B A SIS
P- PRELIMINARY
PREPARED ev FEOERAL RESEAVE BANK OF S T . LO UIS
HA* 20 . 1975

SOURCES OF DATA
National Income and Product Accounts Data




Source: U.S. Department of Commerce, Bureau of Economic Analysis
Historical Data Sources:
1970-73:
1968-69:
1966-67:
1964-65:
1929-63:

Survey of Current Business, July 1974
Survey of Current Business', July 1972
Survey of Current Business', July 1970
Survey of Current Business',.July 1968
The National income and Product Accounts of the
United States, 1929-65. Statistical tables*
(available from any Ü.S. Department of Coumerce
Field QEfice or from the Superintendent of
Documents, U.S. Government Printing Office,
Washington, D.C. 20402).

19

INVENTORIES COMPARED WITH MONTHLY S A L E S *
MANUFACTURING AND TRADE

«RATIOS BASED ON SEASONALLY ADJUSTED DATA.

SOURCE: U. S.DEPARTMENT OF COMMERCE

SHADED AREAS REPRESENT PERIODS OF BUSINESS RECESSIONS
AS DEF NED BY THE NATIONAL BUREAU OF ECONOMIC RESEARCH.
LATEST




DATA PLOTT ED t

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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

20