Full text of National Economic Trends : May 1975
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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