Full text of National Economic Trends : January 1975
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nnnonnL PREPARED MONTH EN DING: BY E c o n o m ic FEDERAL December 31, 1974 RESERVE BANK n tcnos OF ST. LOUIS RELEASED: January 23, 1975 Growth of total spending slowed in the fourth quarter, with significant declines reported in spending for consumer durable goods, residential construction, and producers' durable equipment. Total spending increased 6.2 percent from the fourth quarter of 1973 to the fourth quarter of last year, compared to an average annual increase of 10.7 percent over the previous three years. Total production decreased sharply in the fourth quarter and prices continued to rise at an accelerated rate. Over the year ending in the fourth quarter, output decreased 5.0 percent and the general level of prices increased 11.8 percent. Despite the sharp drop in total production experienced since late in 1973, the rate of output in the economy in the fourth quarter was not substantially below the economically productive capacity of the economy, given the recent autonomous increases in commodity prices and changes in governmental agriculture, environment, safety, and resource allocation regulations. This cut in economic productive capacity, a portion of which is temporary, represents a wealth loss to the economy. The loss, which was made effective by the rapid acceleration of Inflation experienced in the last year, has been manifested in several ways other than the recent decrease in employment in the economy. The effect is also evident in the reduction in real wages reported last year and the decrease in the stock of real money balances. Throughout most of 1974, the effect of tills wealth loss was concentrated in just a few industries, such as the automotive industry which is closely tied to the market for petroleum products. As a consequence, production and employment in other industries continued to expand. It was not until late in the year that the depressive effects spread to other industries and markets that are dependent on the income generated in the automotive and housing sectors. The rate of unemployment remained essentially unchanged through the first eight months of the year, but has increased from 5.4 percent of the labor force in August to 7.1 percent in December. The developments of the past year indicate that the economy suffered a substantial decrease in production opportunities and the standard of living in the country declined commensurately. The economic contraction, while almost Impossible to reverse in a period of one or taro quarters, is not cummulative, however. The data indicate that the recession is in the process of spreading through the economy, not that the depressive effect on the entire economic system is mounting. to t a l c iv il ia n em plo ym en t COMPOUNDED ANNUAL RATES Of CHANGE TFRMTNAI month l N L I I A L MONTH -S _a^à_. -II -ü-zii— -L L L î— d.-Z4— a-7J LOr.Ii -LL~I3. l£-73__ L=_ZA__ ZzJ/t -TH O US AN D S OF PERSONS 3-7^__ i=2A...-5=14—Ar.tA__ l z l ± __ à zJJt__ 9-74 10*74 fl4 *SlA J4.t621 -■MuSUl -_d-_E3. PREPARED BY FEDERAL RESERVE BANK Of ST . LO UIS JANUARY 3 . 1975 PAYROLL EMPLOYMENT CPttPQUHPfP ANNUAL flATES Q£..ÇHÀ»*gC______________________________________________________ tfcgttlM Ai__________________________________________________________________ _____________________________________________________________________________________ THOUSANDS OF PERSONS MONTH 5-73 6-73 7-73_ 8-73 9-73 10-73 11-73 12-73 1-74 .2-74 3-74 4-74 5-74 6-74 7-74 8-74 9-74 10-74 11-74 4 .5 7-73 2.8 1.3 76,867 77,163 8-73 3.5 3 .0 4 .7 9-73 3.2 2 .8 3.5 2 .4 10-73 3.6 3 .4 4 .1 3 .8 5.3 11-73 3 .7 3 .6 4 .1 4 .0 4.7 \ 4 .2 77,315 77,649 r 77,915 77,924 12-73 3.2 3*0 3.3 3.0 3 .2 2.1 0.1 1-74 2.8 2 .6 2 .8 2 .4 2,4 _ 1 .4 0.1 o > \ 1 .6 0 .7 1.0 2-74 _ 76,7«7 6-73 2. 7_ 2 .5 2*7 2.3 2.3 77,925 76,053 2 .0 78,089 3-74 2.5 2 .3 2 .4 2.1 2.0 1.4 0 .7 0 .8 1.3 0 . 6 sS^ 4-74 2.5 2 .3 2 .4 2.1 2.C 1.5 1.0 1.2 1.6 1.3 5-74 2.4 2 .2 2 .3 2.1 2 .0 1.0 1.1 1.3 1.7 1 .6 2.1 2 > 78,357 6-74 2.3 2a 2 .0 1.9 1 .» 1 .1 1.3 1.5 1.4 1.7 1.5 78,421 7-74 2.2 2 .0 2.1 1.9 1.8 1.4 1.1 1 .2 1.4 1.3 1.5 1 .3 0 .9 0 .9 \ 8-74 2.2 2.1 2.2 1.9 1.9 1 .6 1.3 1 .4 1.6 1.6 1.8 1.7 1.6 U , 1 .8 1.7 1.9 1 .9 1.9 2 .2 9-74 2*3 2 .1 2 .2 2 .0 2.0 1.7 1.4 1 .6 1 X07 l.6%> 78,226 78,479 78,661 2 .8 78,844 2 .« \ 10-74 2.2 2 .0 2.1 1.9 1.8 1.6 1.3 1.5 1.6 1.6 1.7 1 .6 1.6 1.7 2 .0 1 .6 11-74 1.6 1.5 1.5 1.3 1.2 0 .9 0 .6 0 .7 0 .7 0 .6 0*6 0 .4 0 .1 - 0 .1 - 0 .3 -US - 3 .3 0 .3 \ 1 - 6 .9 12-74 1.0 0 .8 0.8 0 .5 0 .4 0.1 - 0 .2 - 0 .3 - 0 .3 - 0 .5 - 0 .6 - ItO - 1 .4 - 1 .8 - 2 .3 - 3 .5 - 5 .6 5-73 6-73 7-73 8-73 9-73 1Ü-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 11-74 - 8 .4 78,865 78,400P -9 .8 7 7 ,726P IN IT IA L MONTH P- P R E L I M I N A R Y PREPAREO BY FEOERAL RESERVE BANK OF ST . LOUIS JANUARY 10« 1975 2 EMPLOYMENT RATIO SCALE MILLIONS OF RATIO PERSONS SEASONALLY ADJUSTED MILLIONS OF SCA L E PERSONS SOMCEi U.S.OEPARTNENT OF LASOR PERCCNTAOCS ARE ANNUAL RATES OF CHANGE FOR FERIOOS I NOI CATEO. LATEST DATA FIOTTIOi DECEMBER PRELIMINARY FREFARED «V FEDERAL RESERVE SANK OF ST. LOUIS UNEMPLOYMENT RATES* PERCENT S E AS O N A L L Y A D J US T E D PERCENT 1 .0 IOURCE, U.S. OEPARTNtNT OF LAIOR ■PERCENT OF CIVILIAN LASOR FORCE IN OROUP LATEST DATA PLOTTEOt DECEMBER PREPAREO BY FEOERAL RESERVE SANK OF ST. LOUIS 3 CONSUMER PR IC E INDEX» SEASONALLY ADJUSTED ______ C.QMPQUNDED ANNUAL RATES OF CHANGE - -LfcBMINAL . MONTH ■ 1967 * iOO 1NJTIAL MONTH . I- ( j t ___ ti-.u . 9-Z3..1dr.L*, 1 W 3 - U - 7 3 ___1-74— 2 ^ 4 _ 3-74 4-74 5-74 6-74 7-74 8-74 9 -J4 , IQ-74 1 W 4 _ 132*47 134.95 9-7?__ 1 0- 7 3 9.7 10.2 13.1 .^ »0 - 135.50 7.6 136,60 10,2 137.67 -£mX ., 4,0 .1...i„2_.2____ Q>3.„.LQ^Q____i l i L 5-73 6-73 7-73 8-73 9-73 10-7,* 11-73 12-73 1-74 2-74 3-74 4-74 5-74 6-74 7-74 8-74 9-74 10-74 11-74 IN IT IA L MONTH PREPARED BY FEDERAL RESERVE BANK OF S T . LO UIS JANUARY 21* 1975 WHOLESALE P R IC FS - INDUSTRIAL COMMODITIES, SEASONALLY ADJUSTED ___________________COMPOUNDED ANNUAL PATFS OF CHANGE_______________________________________________________ ________ 1967 * 100 T N IT I AL MONTH TERMINAL month 5-73 6-73 7-73 8-73 9-73 10-73 11-73 12-73 7-73 5.0 1.1 8-73 5.8 4.1 7.3 9-73 6 .8 6 .0 8.6 9 .9 7.5 7.0 <7.1 10.0 10.1 I o 9 .2 pn r- 6-73 1-74 2-74 3-74 4-74 5-74 6-74 7-74 8-74 9-74 10-74 11-74 125.86 125.97 126.71 127.71 128.74 11-73 9.4 9.4 11.6 13.1 14.7 19.5 12-73 10.7 10.9 13.0 14.4 16.0 19.1 18.6 132.54 1-74 12.6 13.1 15.2 16.9 18.7 21.7 22.8 135.22 130.67 ?-74 14.3 15.0 17.1 18.8 20.7 23.5 24.8 28.1 29. 0 \ 3-74 16.8 17.6 19.9 21.8 23.9 26.9 28.8 32.3 35.0 41.3 4-74 18.6 10.6 21.8 23.8 25.9 28 .7 30.7 33.9 36.2 39.9 3 8 .5 \ 5-74 20.1 21.1 23.4 25.3 27.4 30.0 31.9 34.7 36.7 39.3 38.3 ,e > 6-74 20.9 21.9 24.0 25.8 27.7 30. 1 31.7 34.0 35.4 37.1 35.7 34.3 7-74 2 ?.1 23.1 25.1 26.9 28.7 31.0 32.5 34.6 35.9 37.3 36.4 35.7 34 .4 3 8 .4 s 8-74 22.9 23.9 25.9 27.6 29.3 31.4 32.8 34.7 35.0 3 6 .9 36.1 35.5 34.6 36 .6 34> 138.12 142.16 146.07 150.06 153.43 I t * 157.64 161.62 9-74 2 2.2 2 3 .? 24.9 26.4 27.9 29.6 30.7 32.1 32.7 33.2 31.9 30.7 28.8 28 .3 23.5 10-74 21.7 22.6 24.2 25.5 26.8 28.3 29.1 30.2 30.5 30.7 29.2 27.8 25.8 24.6 20.3 13.7 14.2 11-74 21.1 21.9 23.3 24.4 25 .5 26.8 27.4 28.3 28.4 28.3 26.8 25.2 23.2 21 .7 17.9 12.7 12.5 10.6 12-74 19.9 19.5 17,8 14.1 9 .4 0 .2 5 .3 5-74 6-74 7-74 8-74 20.5 21.8 22.7 23.7 25.6 25.5 25.2 23.5 21.7 6-73 7-? 3 8-t3 9 - ? r TO-? 3 11-73 12-73 1-74 2-n 3-74 4-74 24.7 25.1 163.29 165.11 166.53 0.0> L 166.53 9-74 10-74 11-74 INITIAL MONTH ________ _----- _______ . — _ _ ------ -------- --- -- If . JANUARY 15, 1975 4 LOUIS RATIO SCALE 1967-100 PRI CES RATIO SCALE 1967-100 SEASONALLY AOJOSTEO ftlCCMTAfit* ARC AMMAL MTU Of CMAMtC fU PC*100« IMOICATU. LATCtT DATA PlOTTCOt DtCCMCJt ru r A iu tv r iH iu i u s u r a r a t i o scale WHOLESALE PR I CES mmi * st . i m m r a t i o s c a le PCftCCNTAOCt AM AMNMAL RATCS Wf CMANtC FM PCMIMS IMI ICATU. LATCtT OATA PL0TTC0» OCCCMMft PftCPAMO IY FCMRAi tCSMVC 9AMK *f ST. I H t l 5 WHOLESALE PR IC ES - A IL COMMODITIES, SEASONALLY ADJUSTED _______ COMPOUNDED ANNUAL RATES OF CHANGE _____ 1967 » 100 XONTH IN IT IA L 1 t e r m in a l MONTH 5-73 6-73 6-73 7-73 8-73 9-73 10-73 11-73 12-73 1-74 2-74 3-74 4-74 5-74 7-74 6-74 8-74 9-74 10-74 11-74 1 3 5 .5 0 __ 28.7 7-73 133,63 4 .4 -1 5 .4 8-73 30.7 31.7 104.9 9-73 16.9 13.2 10-73 13.1 9 .5 141.86 139.76 30.9 -1 6 .4 19.3 - 9 .0 -0 .9 139,65 140,46 11-73 12.1 9 .0 16.1 - 3 .9 3.0 7.2 12-73 13.3 10.9 17.1 1.8 8.7 13.9 21.0 1-74 16.4 14.7 20.7 8.5 15.9 22.1 30.3 4 0.3 2-74 16.7 10.3 16.6 2 1.4 26.6 29,4 15.3 20.5 142.71 146.79 19t 4_ 148,98 150,74 3- 74 16.5 15.3 19.8 11.0 16.3 20.1 23.6 24.5 17.3 4-74 16.3 15.2 19.2 11.4 16.0 19.1 21.7 2 1 .9 16.3 14.7 14.3 5-74 1 6 .4 15.3 18.9 1 2 .0 16.1 18.8 20.8 20.8 16*4 15.4 15_._5_ 16.7 12.9 12.2 11.1 6-74 15.5 1 4 .5 ! 7 .7 1 1 .3 14.9 17.1 18.6 18.2 14.2 1 5 ,; 7-74 13.0 17.2 2 0 .4 '¿4.7 18.4 20.8 2 2 .6 22.8 2 0 .1 20.3 21.6 9-74 2 0 .3 1 9 .7 22.9 17.8 21.5 2 4 .0 26,1 26.7 24,9 25.8 2 S .L 2 1 .2 16.4 19.7 2 1 ,8 2 3 ,3 23.6 9-74 1 9 .0 lfl.4 152,43 24, L . 3.1* 5.. 154,40 155,13 5*8. 2 8 .1 55 .0 3 7 ,3 56,3 160,90 167.12 _ 57.6 167,27 a*j liL __ Í7 U 3 7 19 .3 ¿2 .0 *7 .6 2 0 .7 2 2 .7 2 4 .2 24.6 " 2 ,9 23.4 2 4 ,6 2 6 .4 2 « .4 34,8 J . 16.3 11-74 10.6 1 9 ,0 31.6 <- r. 2 0 .3 2 2 .2 2 3 .5 2 3 .7 2 2 .2 * 2 2 .5 23.4 2 4 .3 26. i 30,7 25.3 }6 .1 24.4 12-74 1 8.1 1 7.5 * 9 .3 I5 .fi 1 8 .4 1 9,9 2 0 .9 2 0 .9 19.3 19.3 19 .8 ro .,ri _ J i . o 23.8 18.3 10.2 13.4 ___4 .4 5-73 6-73 7-?-» a* 73 9-73 10-73 11-73 12-73 1-74 2-74 3- 74 4-74 6-74 7-74 8-t4 9-74 10-74 1 1—74 o •# I ..I h 1 9 .8 3 3 .7 5-74 _ 173.46 15.7 172,60 - 5 .8 * onth IN IT IA L 1 WHOLESALE PRICES-FARM PRODUCTS AND PROCESSED fOOOS AND FEED S, COMPOUNDED ANNUAL RATES OF CHANGE TERMINAL IN IT IA L SEAS. A D J. 1967 * 100 month mqnt h 5-73 6-73 6-73 7-73 8-73 9-73 10-73 11-73 12-73 1-74 2-74 3-74 4-74 5-74 6-74 7-74 8-74 9-74 10-74 11-74 79.6 7-73 2 .4 8-73 104 .2 9-73 43,7 10-73 26 . 11*73 19.4 ft 161,7 -41 .7 154,6 117.8 713.1 184.1 3 3 .5 1 0 1 .9 -49 .9 173.8 16.2 4 6 .2 10.1 29.0 -3 0 .2 -1 7 .5 -1 1 .4 -38.0 -2 3 .3 170.0 168.3 12-73 1 8.3 10.4 25.4 -2 1 .4 - 8 .7 -0 .4 12.0 1-74 24.1 17.7 3 2 .3 - 8 .0 7.1 19.7 39 .0 72.5 2-74 21.fi 16.1 2 8 .1 - 5 .9 6 .8 16.0 26.8 34.9 5 .5 178.6 3-74 16.0 10.5 19.7 -9 .0 0 .6 6.2 11.1 10.8 -11.2 -2 5 .4 174.3 4-74 11.5 6 .3 13.6 -1 1 .2 - 3 .6 0 ,1 2 .6 - 6 .3 -3 .6 -2 .2 3 .7 -15.6 -10 .6 -8 .9 - 8 .5 - U . 5 169.9 177.8 0 .4 -16.2 -25.4 -25.4 5-74 8 .1 3.2 6-74 3 .5 - 1 .2 7-74 3.9 4 .8 1 0 .0 -8.3 -2 .5 0.1 1.6 0.2 8-74 I4 .fi 1 1 .2 ! 6. 8 - 0 .6 5.8 9 .2 11.8 11.8 5.1 9-74 12.2 8.7 1 3.7 -2 .3 3.3 6 .1 8.0 7.6 1.4 - 4 .9 -1 8 .0 -2 4 .6 -24.3 -23,2 166.4 -2 2 .6 -28.4 -29 .3 -3 1 .3 -38.5 159.8 -7.1 0 .0 5.0 12.4 24.5 46.3 125.6 140.4 0 .9 6.1 13.8 25.5 59 .2 38.1 - 20.7 -8 .5 -11.0 14.1 111.6 170.1 183.0 179.5 0 1 'j ♦ > 9 .2 -1 2 .6 170.1 1 5.4 12.3 17.3 2 .1 7.9 11.0 13.3 13.4 8.3 8.6 14.6 23.1 35.2 6 4 .7 51.5 20.2 82.2 11-74 1 6 .4 13.5 lf l . 3 4 .0 9.6 12.6 14.9 15.2 10.6 11.2 16.9 24.6 35.1 58.1 47.0 24.7 5 6 .4 34.3 193.4 12-74 1 3 .7 Ì0 .R 15.1 1 .8 21.9 - 0 .3 -26.0 188.6 5-73 6-73 7-73 a-73 6 .8 9 .3 11.1 ll.O 9-73 10-73 11-73 12-7 3 6 .6 6 .8 11.1 16.7 23.9 39 .3 28.1 9 .5 1-74 f- t4 3-f 4 4 - ty 5-74 6-74 7-74 8-74 188.7 9-74 10-74 11-74 IN IT IA L MONTH" JA N U A R Y °1 % 6 19T5RAL RESE^ ^ ^ “ ^T. INDUSTRIAL PRODUCTION RATIO SCALE RATI O SCALE 1967*100 1967*100 seasonally adjusted r U M N t m i AM AMM9AL MTCt W OtAMC f W rffttOM IKOICATCD. LAtt»T 9ATA fLCTTCii KCIMMII ffttLftf fttAJCV rftffAftCft IV r U K M l U lM V t lAttK Of ST. L66I6 IMCUST* fkVW tm C tU m COMPJUNPtC ANNUAL M TU Of CHAKCg • 1947 - 100 * INITIAL MONTH TERMINAL MONTH 5-73 6-73 7-73 6-73 9-73 10-73 11-73 17-73 1-74 2-74 3-74 4-74 5-74 *-74 7-74 6-74 9-74 10-74 11-74 123*4 6-73 6*9 7-73 9*0 1 1 .0 e-?3 5 .2 4 .4 i 124*7 - 1 .9 124.9 114*4 9-73 4 t6 * .9 0.5 2*9 10-73 4»! 3 .4 1*0 2*4 1.9 11-73 4*2 3 .7 1.9 3 .2 3*4 4*6 12-73 2*2 1 .4 - 0 .4 0 .0 -0*9 -2*3 127.0 127.5 rs w . 124. 9 0 .6 -Ò .3 - 2 .0 -2.1 -3*3 -4.fr -9*5 -9*9 -0*3 - 1 .2 -2*6 - 3 .0 -4*1 -5.#r -6*6 - 6 .7 -7*4 3-74 - 0 .2 - 1 .0 - 2 .4 -2*4 - 3 .3 - 4 .i -6*4 -5*6 - 3 .1 4-74 0 .0 - 0 .7 •i i 129.4 i-74 2-74 -1*9 - 2 .6 - i.i -4*6 —3 .7 -1*6 1.9 u .v x 5-74 0 .6 O .l - 0 .9 - 0 .6 -1 .3 -1*7 -2*8 - 1 .5 0*7 9 .6 4 .9 6 .0 6-74 0 .7 0 .2 -0*6 -0 .7 -1*1 -1*4 -2*1 -1*1 0 .6 2*9 3 .6 4*4 1.9 -1*0 -2*« 7-74 0 .4 - 0 .1 - 0 .9 -0*9 - 1 .2 124.4 124.7 WO —1 •© -2*3 -1.4 0.2 1.7 1*9 124.9 v 129.7 129.6 l.O ^ N w 129.9 129.2 8-74 0.2 -0*3 -1*1 -1*0 -1*4 - i.r -2.4 -1*5 -1*6 -2*6 -2*6 0.0 -0.7 -0.7 - 0 .9 - i.* -1*6 -0.9 h? 1.4 0.7 0.4 - ft* 0.2 1.0 9-74 1.4 1.4 -0.2 -0*6 0.5 3.9 1C-74 -0* i -0.5 - 1 .2 - 1 .2 -1*3 - i.# *2.1 -1*4 -0.6 0.2 ? .l -0.2 -1.7 -2.4 -2.2 - l.f IW 4 - 1 .7 - 2 .2 -3*0 -3.0 -3.5 -3*9 -4*5 -^.1 -3.5 -3.1 -3.6 -4*4 -4.3 -7*6 -6*6 -10.7 -17.2 12-74 -3.4 - a .9 -4*7 -4.9 -5.9 -4.2 -4*f —6.6 -t*6 -9*9 -11*4 -13.1 -19.4 -21.3 -17.1 - l l . r 1 5->3 6-f i l- T I' -5*4 I- .- . 77 9-ti 14-b li-T S li- T j "P T 4 " *-T4 “1=7 r 129.4 124.6 -7*4 121*7? 1 116*9* ““T-TT ■|^T4r" T W INITIAL MONTH a* nLti iidtutcw W f li« 6 W T t H n i T U f f lR I JMUIAftV U . 1.75 7 OM W t T .' CB P r r PERSONAL RATIO SCALE TRILLIONS INCOME MONTHLY TOTALS AT ANNUAL RATES OF DOLLARS RATI O SCALE SEASONALLY AOJUSTED S 4 0 .7 0.6 SOURCE* U.S. OEFARTMENT OF COMMERCE PERCENTAGES ARE AMMUAl RATES OF CHANGE FOR PERIODS INDICATED. LATEST OATA PIOTTEO. DECEMBER PRELIWINARY FREFAREO 8V FEDERAL RESERVE SANK OF ST. LOUIS PERSONAL INCOME IN IT IA L MONTH TERMINAL MONTH 5-73 10.0 7-73 10.4 6-73 7-73 0-73 9-73 1Q-7J_ L I -73 12-73 1-74 2-74 3-74 4-74 5-74 6—74 7-74 8-74 1*047.2 1*056.1 i 10.7 CD 1 04 6-73 -ftTLlt Ö N r ÖL DOLLARS ANNUAL RATES 9-74 10-74 11-74 11.5 12. 3 13.9 9-73 12.5 13.3 I* .6 15.4 10-73 12.4 13.0 13.8 13.8 12.2 11-73 12.1 12-5 13.0 12.7 11.4 12-73 11.5 11.8 12.0 11.5 10.3 9 .J 8.0 1-74 10.0 10.0 9 .9 9.1 7 .6 6.1 3 .9 1*067.6 1*080.4 1*090.8 1*100.0 1 0 .o 1*107.1 1*107.0 1*113.4 2-74 9 .7 9.6 9.5 e .8 7.5 6 .J 5.0 3 .5 7.2 3-74 9.1 9 .0 8 .8 8.1 6 .9 >.9 4 .7 3 .7 5.6 4.1 1 * -0 .1 9.1 9 .0 4.8 8.2 7.2 6 .4 5.6 5 .0 6 .7 6 .5 8.1 10.1 11.2 9 .8 10.2 9 .1 1*117.1 1*125.2 9 .1 1*135.2 5-74 9 .3 9.2 9, 1 8.5 7.7 7.1 6 .5 6 .2 7.8 6-74 9.3 9 .2 9.1 8 .6 7.9 7.3 6 .9 6 .7 8.1 8 .3 7-74 9 .9 9 .9 9.8 9 .4 8 .8 8.3 8.2 8 .3 9 .7 10.2 11.8 12.8 13.6 18.1 8-74 9 .8 9 .7 9 .7 9.3 8.8 Ö.3 8.2 8 .3 9 .5 9 .9 11.1 11.6 11.8 13.1 8 .3 9-74 9 .9 9 .9 9.8 9 .5 9 .0 6 .6 8 .6 8 .6 9 .8 10.2 11.2 11.6 11.7 12.6 10.0 11.7 10-74 5*7 9 .7 9.7 9 .4 8.9 8.0 8 .5 8 .5 9 .5 9 .8 10.6 10.9 10.9 11.3 9 .1 9 .5 7 .4 11-74 9 .1 9. 1 9 .0 8 .7 8.2 7 .* 7 .7 7 .7 6.5 8 .6 9.2 9 .2 8 .9 8 .8 6 .6 6.1 3 .4 - 0 .5 4 .0 2 .4 12-74 8.9 6 .9 d.8 8 .5 5-73 6-73 7-73 8-73 1*143.5 1*159.5 1*167.2 7 .5 8.2 8 .3 8 .8 8 .7 8*4 8 .2 6 .4 5 .9 9-73 1 J- 7 J 11-73 12-73 1-74 2-74 3-74 4-74 5-74 6—74 7-74 8-74 8.0 7 ./ 7.5 IM Y M l Móki « P- PRFLlMlfcARY JANUARY 15* 1975 8 1*178.0 1*185.0 1*184.5 5 .4 9-74 10-74 11-74 1 *1 8 9 .7P RETAIL SALES RATI O SCALE BILLIONS RAT 10 SCALE OF DOLLARS BILLIONS SEASONALLY A0JUSTED OF DOLLARS 55 50 45 40 55 50 25 20 1967 1966 1969 PCRCeHTAtCt AAC AHMIAL AATft 1970 m 1971 1972 1973 1974 1975 s*M£t< tf.s. BtfAMtmtti or cm m nct CMAMK FM rCJMfM I Mf I CATC». LATEST »ATA Pt«TTC»t 8fVSM8Cft« tCCCHtCH AtVAftCt CfTIMATC m CfAIEI §Y FCOCAAL RCSCRVC SANK Of I I , L O III RETAIL* SALES CPHP0UHP6C ANNUAL RATES OF CHANGE M ILLIO NS OF "U U C L IR S IN IT IA L MONTH TERMINAL HCNTW 5-73 6-73 - 1 4 .9 7-73 16*0 8-73 9-73 6-73 7-73 8-73 9-73 10-73 11-73 12-73 1-74 2-74 3-74 4-74 6-74 5-74 7^74 8-74 9-74 10-74 11-74 - 41*147 5 8 .0 42,767 6 .2 18.6 -1 1 .0 42*359 5 .9 13.9 10-73 7 .3 11-73 6.1 I ? —73 1-74 42*524 - 3 .3 5 .0 1 3.7 1.9 9 .0 13.2 10.9 1.5 6 .0 6 .5 1.6 4 .7 - 3 .6 - 1 .7 4 .4 7 .5 0.8 3.3 2 .9 - 0 .4 - 0 .6 2-74 4 .5 7.3 1 .5 3 .7 3 .4 1.1 1.5 15.4 5.8 3-74 6 .2 8 .9 3 .9 6 .2 6 .4 5.1 6 .4 17.8 13.9 42*470 0 .2 42*474 - 3 .8 - 1 1 .3 - 2 1 .5 42*114 42*492 43*194 22.6 43*872 44*289 4-74 6 .7 9 .2 4 .8 6 .9 7.2 c .2 7 .5 16.2 13.2 17.1 n 5-74 7.6 9 .9 6 .0 3.1 8.5 7.8 9.1 16.6 14.3 17.3 14.8 6-74 6 .3 8 .3 4 .7 6 .4 6 .5 ¿♦7 6*5 12.1 9 .5 10.5 6 .7 4 .3 -7«e' 7-74 9 .4 11.6 8.4 10.3 10.9 10.6 12.0 17.9 16.6 18.9 18.0 20.1 21.2 5 9 .^ \ 44*354 8-74 10.1 12.1 9 .2 11.1 11.7 11.5 12.9 18.1 17.0 19.0 18.3 20 .0 20.7 38.1 1 9 .7 ^ ^ 47*094 9-74 7 .9 S .6 6 .8 8 .3 8 .6 8.2 9 .0 13.1 11.5 12.4 10.8 10.6 8.8 15.0 - 2 .3 - 2 0 . 3 \ 4 4 ,1 7 ? « .3 5 .6 6 .9 7.1 0 .6 7 .2 1 0 .6 9 .0 9 .4 7 .7 7 .0 4 .9 8 .4 - 4 .7 -1 5 .0 49*809 10-74 . f \ U 44*949 11-74 * .4 5 .6 3 .0 4 .0 3 .9 J.i 3 .5 6 .2 4 .4 4 .2 2.1 0 .8 - 1 .8 12-74 4 .6 5 .8 3.3 4 .3 4 .3 J.7 3.9 t 6 .4 | 4 .0 4 .7 2 .9 1 .8 - 0 .3 1 .0 5-73 f>-73 7-73 8-73 I - 74 2-74 3-74 4-74 5-74 6-74 9-73 40-73 11-75 12-73 44*844 S . - 0 .6 - 1 1 .4 -20.1 - 2 0 .0 - 2 9 ^ 5 ^ ^ ^ - 7 .8 - 1 3 .7 - 1 1 .3 -1 2 .3 7—74 8-74 IN IT IA L HCJNTH P- PRELIMINARY E- TSTIPA TEn 9 JANUARY 13* 1975 8 .4 ^ »-74 10-74 11-14 44*440? 44*808f COMPENSATION PER MAN-HOUR, TOTAL PRIVATE ECONOMY _________ CQHPQUNOEP ANNUAL RATES OF CHANGE___________ __ 1967 » 100 QUARTE R _....4-&9 . 1- 70_... 2-70 3-7Q 4-70 2-71 1-71 3-71 4-71 1-72 2-72 3-72 4-72 1-73 2-73 3-73 4-73 1-74 2-74 -1-70 121.3 2-70 - J- 7 0 _ 6.6 7.1 7.4 8.1 9 .0 7.0 „ Jt r lQ . .... &*£... L- 71 . 71... 123.4 126.1 6 .9 4 .8 7.0 .....7.2. 7 .2 6 .3 1*1 6 .9 7 .0 6 .3 7.0... 7.0. 127.6 130.0 6 .3 132.0 JL - I1 ... . 7.1 _. 6 .7 7.3 4.-I1- „_Ö 6 6 .6 6 .1 6 .4 6*0_ L -_.Z*Q_ _ 7.0 6 .7 7.1 .. 6.SL. 7.1 6 .8 9.8 6 .9 6 .6 6.9__ 6 .8 6 .9 6 .6 8 .0 6 .2 ¿L..5 6 .5 6 .2 6 .9 5 .5 4 .9 6 .6 6 .7 6 .4 7 .L 6.2 6 .2 7.5 ...7 .5 . ... 7.5. 8.2 7.8 8 .4 10.2 13.0 7.3 7.8 7 .5 7. a 8 .8 9 .4 6 .0 7.1 7.5 7.2 7 .4 8 .0 8 .2 5 .8 5 .6 7 .2 7.6 7.3 7 .5 8 .0 8.2 6 .6 7.0 ___L- 72 ... 2-72 -1^0. J2_ _ _6j J L _£t*7. _ .6 .7 ir.73 ..... .7 .2 . —2.-73 . 7 .1 _ _ —1.-J3 6 .5 _1*2. 7 .2 ... 7 .2 _ ... ,7.. 1 4_ 7^ ... 6 .7 . 7.A_. . 7 . 4 7.1 . _J.« 3 _ ... 7.2... l 6 .9 7.2 7.1 134.5 7.1 .i . 135.8 139.0 141.1 142.8 145.4 149.9 152.1 154.2 .7 .2 . JL.2 - 2L&CL... 7^2_ .J*2._. -1.3.. _7.1 7. L 7.1 7 .0 7.2 7.1 7.2 7.1 7.5 7.2 7.4 7 .8 7.8 6 .6 6 .8 7 .4 6 .5 .... 7.5.. 7.5 7.6 7.5 7.7 7.7 7 .8 7.8 8 .2 8 .0 8.2 8 .7 8 .9 8.1 8 .6 9 .6 10.3 14.2 7.7 7 .7 7 .6 7.8__ 7.8 8 .0 8 .0 8 .3 8 .2 8 .4 8 .9 9.1 8 .5 8 .9 9 .8 10.3 12.2 10.3 1-70 2-70 3-70 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 . _L - 7 4 .-3-74 6 .a _L^a_ _7.3L 6_.a._ . „A.- ?2 _6.*A_. . 6^6. 7.8 5 .8 _Z .6 _. 4-69 4-70 8 .3 157.3 159.8 165.2 169.3 IN IT IA L QUARTER OUTPUT PER MAN-HOUR, TOTAL PRIVATE ECONOMY . COHP.QUNPEP ANNUAL KATES .Of GiiAflSE________ TERMINAL QUARTER ___ 100 I N IT IA L QUAJLtEJB- ___________fr-62_. 1-70 2-70 3-70 4-70 1-71___ Zzll___ä z l l ___h=21___ l~ U Z~U- 1~1Z, 3-73.. — l-lh .... i~J±. _X02*9_ _ ..l-7 0 ___ rO*a.. 103,8 -2L-1Q . -JL--Ü3. ■IQSjjJL. J L J t ____ 1*5_ IQ 5 1 0 7 .7 1-71 1 .f t 4 .7 5 .0 3 .8 9 .4 ^ 7-71 * 4 .2 4 .3 3 .3 5 .8 2 .2 ^ 3-71 1 .4 4. 1 4 .2 3 .4 5 .1 3 .0 1 0 8 .3 ^ s T 4 .4 7 C l ....... _JLi.fi.%!__ 4-71 i. 3 3 .9 4 .0 3 .3 4 .6 3 .0 3 .4 3 .0 ^ 1-7? 1 .4 4 .0 4 .0 3 .4 4 .5 3 .2 3 .6 3 .5 4. I 3 .7 4. 1 4 .2 4 .8 2-7? __3-r 72 3 .£ _ __ A.^L 4 .1 ..3la.7____ J^.5 <L.£_... 4 *0. . .JJJU i 5^5V 4 .5 1 1 2 .7 __________ L U 3 .A V _ .7 _ IN IT IA L QUARTER P R E P A R E D 6Y F E D E R A L R E S E R V E N 0 V E M 8 E R 26, 1 9 7 4 10 _ ........ B A N K OF ST. L O U I S . PRODUCTIVITY, COMPENSATION, AND LABOR COSTS RATIO SCALE 1967-100 RATIO SCALE 1967-100 SEASONALLY ADJUSTED SOURCEt U.S. DEPARTMENT OF LABOR PERCENTAGES ARE ANNUAL RATES OF CHANCE FOR FERIOOS INOICATEO. LATEST OATA PLOTTED, 3RD QUARTER FREPAREO BY FEOERAL RESERVE BANK OF ST. LOUIS UNIT LABOR COSTS» TOTAL PRIVATE ECONOMY COMPOUNDED -MMUAL. BATES Qf CHAMSE_____ TERMINAL QUARTER INITIAL QUARI.Eft.. 1 Î6 7 ». J . M L PREPAREO BY FEOERAL RESERVE BANK Of ST* LO U IS NOVEMBER ¿ 6 , 1974 11 GROSS NATIONAL PRODUCT IK CURRENT DOLLARS COMPQUNOEC ANNUAL RATES OF CHANGE TERMINAL OUARTFR IN IT IA L 1 0 i Z lQ - %-70 2-70 sa 3-70 6*1 7.1 4-70 4 ,7 4 .4 1.8 4-70 i- n 2-?A *-74 4-71 l- T * QUARTER 2-72 J- 7 2 ___________________ 4-72 3-73 1-73 4-73 1-74 2-74 3-74 B f C lld liS w DOLLARS AJtfcuAi n i t a 9 7 0 .6 987.4 9 91.0 1-71 7.2 7 .9 o .4 2-71 7.3 7 .9 d .2 11.5 3-71 7 .0 7 .4 7.5 9 .5 6 .6 4-71 7.2 7.6 7 .7 9 .2 7.3 1»027.0 1*047.3 1 ,0 6 1.3 7*0 8 .5 1 ,0 0 3 .2 1-72 7.9 8 .2 d. 4 9 .8 8*5 d.7 10*4 12*3 2-72 8.1 a .5 d.7 9 .9 d .9 V .i 10.4 11*3 10*4 3-72 8 .3 ti. t> d .d 9 .9 9.0 9.2 10*2 10.7 10.0 4-72 e .7 9 .0 V .2 10 .2 9 .5 9 .« 10.7 11*2 10*9 11*1 12*7 10*6 11*5 12*1 12*0 12*5 14*1 15*5 11*2 11*7 11*5 11*8 12*6 12* 5 9 * 6 ^ 11*1 11*4 11*3 11.5 11*« 11*7 9*8 10.1 1-73 9 .2 V. 6 9 .9 10.8 10*2 2-73 9 .3 9 .6 * .8 10.7 10*2 3-73 9 .3 9 .6 * .9 10.6 10.2 lJ* * 4-73 9 .4 9 .7 10.2 U o 1-74 9.1 9.*» 2-74 9 .0 9 .3 3-74 9 .1 4-74 8 .8 1-70 1J . J T T oT tI 1. IJ 9 .6 10*2 1 ,1 1 5 .0 1 ,1 4 3 .0 1,169*3 1 ,2 0 4 .7 1 ,2 4 0 .9 1 ,2 7 7 .9 1 ,3 0 0 .9 11*1 iU A 11*3 11*4 11*8 11.6 10*3 10*6 11*2 9 .8 9.9 10*4 10*6 10*4 10*4 10*5 10*1 8*8 8*5 7 .0 S .6 9 .7 10*1 10*3 10*1 10*0 10*1 9*7 8 .6 8*3 7*7 6 .0 7 .6 ^ ^ 7 .2 8 .6 1 ,3 4 4 .0 *S s - - M f . — 4* -— i.4 10.0 9 .3 9 .4 10. 0 9 .6 9.7 10*1 10*2 10*0 10*0 10*1 9*7 8*7 8*6 8*2 9 .0 9.1 9 ,5 9 .2 9*J 9*6 9 .6 9*4 9*3 9*3 8 .9 8*0 7*7 7*2 ] 6 .2 1 6 .8 2-70 ¿-70 4-70 1-71 2-71 3-71 4-71 1-72 2-72 3-72 4-72 1-73 2-73 3 - t* 4-73 1—74 ,3 0 .0 ---- --- - 1■ '■3—» 977S s N ^ 1 ,4 1 0 .3 6 .5 1 ,4 2 6 *0 ? 2—? 4 1■ 1 ,3 0 3 .0 3 .0 S-N ----- I N I f t At QUARTER P- PRELIM INA RY GRUSS NATICNAL PROOUCT IN CONSTANT 1956 DOLLARS _____________________COHPOUNPEC ANNUAL RATES OF CHANGE________________ 1-70 2-70 ----- -------- B i m o w r - w ------ DOLLARS ANNUAL KAIC> IN IT IA L CUARTCR TERMINAL OUARTFR 2- 70 i-7 0 4-70 1-71 ¿- / A 3-71 4-71 1-72 2-72 3-72 4-72 1-73 2 -7 3 3 -7 3 1-74 4 -73 2 -7 4 3 -74 0 .5 722.1 727.2 3-70 1.7 ? . 9 4-70 - 0 .4 -O .o - 4 .3 1-71 2 .2 2 .7 2 .7 719.3 P N 1 J. 2 736.9 2-71 2 .3 7 .« 2 .7 6*4 2 .9 742.1 3-71 2 .4 2 .8 2 .8 5.2 ¿»8 747.2 4-71 3.0 4.4 3 .5 5 .5 4 .0 4 .o 6 .5 1-72 3.4 3 .3 4 .0 5 .7 4 .6 i.2 6 .4 6 .4 2-72 3 .9 *♦.4 •♦•6 6 .1 5 .4 0. J 7.1 7.4 8.4 706*6 3-72 4.1 4 .5 4 .3 e .i ¿>.5 0. J 6 .8 6 .9 7.2 796*1 4-72 4 .5 <»*9 5 .2 6 .4 5 .9 O."* 7.1 7.3 7.6 7 .1 7.5 7.7 8.0 7.9 1-73 4 .9 >. S J. 6 [ 6 .7 l 6 .3 0. J 759.1 770*9 614*2 8 .9 9 .5 y > ^ 632*6 637.4 2-73 4 .7 •5,1 5 .3 6 .3 5.8 it.2 6 .7 6 .8 6 .8 6 .5 6 .6 - 5*8 2*2 3-73 4 .5 4 .3 i .0 5 .6 5 .4 5. / 6 .1 6. 0 6 .0 5 .5 5*4 4*4 1*9 4-73 4 .3 4 .6 4 .« 5 .5 5 .1 5.*, 5.7 5 .6 5 .4 4 .9 4*7 3*9 JL i¿Vi | n ; .1 4 .1 3.8 3 .2 2*7 1.6 1-74 3 .6 3 .3 J.V 4 .5 * .1 i.il 4 .3 - 0 .5 2 .4 -2*4 -1 *4 -2*1 - 3 .5 -1 *8 -3 *5 |-3*01 -4*3 -5 *6 -9*1 ^ 1-74 2-74 3—»4 3.6 J.7 3.8 3 .5 3.2 2*5 3-74 3.0 3.1 3.1 2 .1 3.2 i.2 3 .3 3 .0 2 .7 2 .0 1 .6 0 .6 - 0 .8 1.5 0 .9 0 .3 - 0 .6 - 2*0 1-72 2-72 3—72 4-72 1 -7 3 2-73 3—73 2 .8 2.3 2.-> 2*3 1-70 2-/0 4 -/0 4-70 1-71 ¿- 7 a 3-71 4-71 ~ IN IT IA L 627.1 -2 *7 4 .1 2 .4 630.5 -4*4 i.5 2 .4 ^ -7*0 -2*2 -1*2 3 .5 . 2. J 645.7 * -1*6 3.3 4-74 l.l 2*0 -1*1 2-74 1*9 2.1 - 0 *3 840.6 X 4-73 - l* 9 X V s 623.1 60 3 .7P QUARTER P- P R E lIP tK A R Y PR 6 EA M 6 W t t b t M l fcESM VE M H K <ff i t . JANUARY 16» 1975 12 U W Ii DEMAND AND P R O D U C T I O N R A T I O SCALE ------------ 1--------------- 1--------- 1— 1967 R A T I O SCALE QUARTERLY TOTALS AT ANNUAL RATES 1968 1969 i------------- u --------------- 1--------------- u ----------- u ------------- u --------------- * 0 . 5 1970 1971 1972 1973 1974 1975 UJ5NP IN CURRENT DOLLARS. SOURCEt U.S. DEPARTMENT OF COMMERCE I2.6NP IN 1958 DOLLARS. PERCENTAGES ARE ANNUAL RATES OF CHANCE FOR PERIOOS INDICATED. LATEST DATA PLOTTED» 4TH OUARTER PRELIMINARY PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 13 GENERAL PRICE INDEX* RATI O SCALE RATI O SCALE 1958-100 1958-100 fcaccmtaocs a u annual hatc* w ciumk foa n n toot inoicatip, lATCft 0AÎA flOTTEOi 4TH WAftTC* M£LHMHAftf FftCFAflCO «T FEDERAL RESERVE tANK OF ST. LOU I* IM P L IC IT PR IC E DEfLATCR FC* GROSS NATIONAL PRODUCT COMPOUNDEC ANNUAL RATES OP CHANGE____________ 3-70 4-7C 1-71 3-70 4 .3 5« 0 5 .2 1-71 4 .9 5 .1 >.5 4 .7 EH 5 .0 5 .3 4 .6 4 .6 3-71 4*5 4. 5 4 .0 4 .0 3 .7 4-71 4 .1 4 .1 <»•1 3.5 3.1 tpilm 1mwJ ¿-7 a 3-71 4-71 1-72 2-72 3-72 4-72 1-73 2-73 3-73 4-73 1-74 3-74 155.77 137.88 159.47 141.13 142.05 1 .9 142.70 ■ 3 .2 % - 144.62 1-72 4 .3 4 .3 4 .3 3 .9 3 .7 3 .3 3 .7 5 .5 2-72 4 .0 4 .0 4 .0 3 .6 3.3 3. J 3.1 3 .7 1.9 3-7 2 4 .0 3 .9 3 .9 3 .5 3 .3 3 .0 3* 1 3 .6 2.6 5.3V 4-72 4 .0 3 .9 3 .9 3 .6 3 .4 EH 3.3 3.7 3.1 3.7 4 .0 1-73 4 .1 4 .1 4. 1 3 .8 3.7 3«? 3 ,7 4 .0 3*7 4 .3 4 .8 2-73 4 .3 4 .3 4 .3 4. 1 4. 1 4« J 4 .2 4 .6 4.4 5 .0 5.6 ..4 3-73 4 .6 4 .6 4. 1 4 .5 4 .5 4.3 4 .7 5 .1 5.0 5.7 6 .3 7 .0 4-73 4 .9 4 .9 >.0 4 .8 4 .9 4 .# 5 .1 5 .5 5.5 6 .2 6 .7 145.31 146.50 n 147.96 V-< * 7 > \ ul T 1 149.95 à*L 152.61 7 .a 8 .3 1 8 .1 8 .5 155.67 158.93 1-74 5.3 5 .4 5 .5 5 .4 5 .5 5.> 5 .8 6 .3 6.4 7 .0 7.6 7 .4 1— 8 .4 9 .1 9 .7 10.5 12*3 2-74 5.6 5 .6 5 .7 5 .7 5 .6 5.4 6 .1 6 .6 6*7 7 .3 7 .9 8 .5 9 .2 9 .6 10.1 10.8 9 .4 3-74 5.9 6 .0 o. 1 0.1 6 .2 6 .J 6 .6 7 .0 1.2 7 .8 8.4 9 .0 9.6 10. i 10.5 11.2 10.6 4-74 2-74 134*61 4 *6 ^Sw * » o *-sZO 2-70 2-70 2-71 1958 • 100 IN IT IA L QUARTER TERMINAL QUARTER 6 .3 6 .4 o. 5 6 .5 6 .7 o.d 7.1 7 .6 7 .S 1-70 ¿-/ 0 ¿-70 4-70 1-71 2-71 3-71 4-71 1-72 « .6 p v 165.61 167.11 172.07 11.9 Ô.4 9.0 9 .6 10*2 10.7 1 1 .2 1 11.81 11.6 12.8 13.7 ^ 2-72 3-72 4-72 1-73 2-73 3 ^ r 1—74 2^74 3-74 4-73 177.68P r r ir " r P- P R E L I M I N A R Y ^ £ fA W 0 BY PÉOERAL RESERVE BANK O* 5 î . tdufST JANUARY 16* 1975 14 PéRSONAL CONSUMPTION EXPENDITURES IN CURRENT OOLLARS ____________ COMPOUNOEC ANNUAL RATES Of CHANGE_____________ TERMINAL OUARTfR B T m W f f - T JF DOLLARS ANNUAL Ka TËS IN IT IA L QUARTER 2-/0 3-7 0 4-70 1-71 ¿ —?A 3-71 4-71 1-72 2-72 3-72 4-72 1-73 2-73 3-73 1-74 4-73 2-74 3-74 6 1 4 .0 2-70 6 .4 3-70 6 .4 6 .5 *• 1 o 1-70 5.3 4 .7 623*7 3.0 626.3 6 5 0 .5 1-71 7.6 8 .0 8.6 14.9 2-71 7.5 7.8 3*3 11.0 7 .3 3-71 7.3 7.5 7.8 9 .4 6 .8 6*^ 4-71 7.3 7 .4 7.0 8 .8 6 .9 6* / 7.1 t-72 7 .7 7 .9 8*2 9 .2 7.8 8.0 a .9 10.8 2-72 8*1 b»3 8.6 9 .6 8 .5 8*3 9 .7 11.1 11.3 3-72 8.2 4 .4 8.7 9 .5 8.7 8 .* 9 .6 10.5 1C.3 662*1 67 2 .1 6 6 3 .6 701 .5 720.6 9.3 736.6 757.2 4-72 8,5 8 .7 9.0 9 .8 9.1 9 .4 10.0 10.7 10.7 10.4 1-73 e .9 9 ,2 9,5 10.2 9 .6 IO .J 10.6 11.3 11.4 11.5 11.5 12.6 13.6 2-73 9*0 9 .2 9,<* 10* I S .6 9 .* 10.4 10.9 11.0 10.9 11.4 11.3 9 .2 3-73 9 ,0 9 ,2 9 ,* 10.0 9.5 9.4 10.2 10.7 10.6 10.5 10.8 10.5 9 .0 8 .9 4-73 8*6 8 ,8 a .9 9 .5 9.0 9*4 9 .5 9 .8 9 .6 9 .3 9 .4 6 .6 7.3 6 .3 761.7 799.0 616.3 823.9 3 .6 t—74 8,6 8 ,7 3.9 9 .4 3*9 9*1 9*4 9*6 9*5 9.2 9*2 8 .7 7*5____ 7 .0 _ 6 .0 2-74 8*9 9 ,1 9*3 9 .7 9 .3 9*â 9 .6 10*1 10.0 9 .8 9 .9 9 .6 8 .6 8 .8 8 .7 11.3 6 .4 ________ ______________ 14.3 3-74 9,3 9 ,5 -J.fc 10*1 9.8 lO .J 10.3 * 0 .6 10.S 10.5 10*6 10*5 10*0 10.1 1 0 .4 12.7 15.0 15.7 4-74 8.7 a .3 a .9 9 .3 8*9 9»i 9*3 9 .5 9 .3 9.1 9 .1 8*8 8*2 8*0 7*6 8*6 9*0 6 .5 - 2 .0 1-70 ¿-70 3-70 4-70 i-71 ¿«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 3-74 340.6 869.1 ___________ 901 .3 896. 6P IN IT IA L QUARTER P- PRELIMINARY t>t**ti«AL CONSUMPTION EXPENDITURES IN CONSTANT 1956 OOLLARS COMPOUNOEC ANNUAL RATES OF CHANGE B IL L IO N S Of DOLLARS ANNUAL RATES IN IT IA L CUARTER TERMINAL QUARTER 1- 70 _ 2-70 * - 7Q 4-70 1-71 ¿-7 i 3-71 4-71 2~12 3-72 4—72 1-73 2-73 3-73 1-74 4-73 2-74 3-74 0 1 <M 477.5 2 .7 3-70 2 .8 2 .9 4-70 0 .9 0 .0 -2*8 1-71 3 .3 3 .5 3.9 11.0 6 .9 460*9 477*5 490*1 3 .1 493*6 5 .7 3*1 3 .* 497*7 5 .6 3 .8 4*2 5.2 5*9 4 .6 5*2 6 .2 7 .1 4 .9 6 .3 5 .4 0*0 6 .9 7 .7 6 .4 5.1 6 .3 5 .5 o*0 6 .7 7 .2 7.3 2-71 3.3 3 .4 3*6 3-71 3.3 3 .4 3*5 4-71 3 .5 3 .7 3 .8 1-72 4 .0 4 .2 4*4 2-72 4 .5 4 .7 3-72 4 .6 4 .9 • - 904*1 512*6 523*2 531*2 6*3 542*2 4-72 5.0 5 ,2 5.5 6 .6 5.9 à*'* 7.1 7 .6 7 .7 7*4 8.5 1-73 5.2 5*5 i.7 6 .7 6 .2 ó*ì 7.3 7 .7 7*8 7*6 8.3 8*1 2-73 4 .9 0*1 2*3 6 .1 5.6 » .9 6 .3 6 .5 6 .3 5*8 5 .7 4*3 552.9 553*7 0*6 555*4 3-73 4 .6 4 .8 4 .9 5.6 5.1 5 .* 5.6 5 .7 5*5 4*9 4 .6 3*3 0*9 1*2 4-73 3.8 3 .9 4 .0 4 .6 4 .0 4 .1 4 .2 4 .1 3*7 2*9 2.3 0*8 -1*6 -2*7 -6 *4 1-74 3.3 3 .3 3 .4 3*8 3 .3 3 .3 3 .3 3*1 2*6 1*8 1*1 -0*4 -2*4 -3*4 -5*6 546*3 539*7 -4*7 -1*3 542*7 2*2 2-74 3.2 3 .3 3 .3 3*7 3 .2 3.2 3 .2 3*0 2*6 1*6 1*2 0*1 -1*5 -2*0 -3 *0 3-74 3 .2 3 .3 3 .3 3 .7 3 .2 3.2 3*2 3 .0 2*6 2*0 1*5 0*5 -0*7 -0*9 -1*5 0*2 2*8 4-74 2 .4 2*3 2.3 2 .6 2 .1 2*0 2 .0 1 .7 1*2 0*5 -0*1 -1*1 -2*4 -2*9 -3 * 7 -3 *0 -2*4 - 4 .6 -1 1 .9 1-70 2-70 3-70 4-70 1-71 ¿ - li 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 .4 547*2 530*I P 3-74 P- PRELIMINARY PREPARED BY FEOERAL RESERVE BANK OF S T . LO U IS JANUARY 16t 1975 15 GROSS PRIVATE COHESTIC INVESTMENT IN CURRENT OOLLARS TERMINAL OUARTFR IN IT IA L QUARTER 1-70 2-70 2-70 3-70 4-70 2-7* 1-71 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 1 !U I0 N S ~ 0 F OOLLARS » ANNUAL 7*1 3-70 9*4 4-70 4*3 3*0 1-71 10*1 11*2 10 .9 29.6 2-71 12*4 13*7 1*♦.4 25*6 11*7 -5 .1 21.8 10*0 10*6 10*3 15*9 (9*6 11*4 12*1 12*2 17.0 13*1 9*0 20*4 1-72 12*8 13*7 14.0 18 .2 15*6 13*0 21*8 23*2 13*1 13*8 14*2 17.7 15*5 14 *0 19*6 19.1 3-72 13*4 14*1 1 * .4 17.5 15*6 14*3 18*6 18.0 15*6 » 1 M -1 .3 3-71 4-71 13*9 14*6 1 * .9 17.7 16*C 15*1 18*7 18.3 16*7 17*5 19*0 1-73 14*3 15*0 1>.4 17.9 16*5 15*4 18*9 18*6 17*5 18*2 19*4 19*8 17*6 16*5 16*9 17*2 16*3 12*8 2-72 15*2 15*9 14*2 1 **8 15.1 17.4 16*1 13*4 18.0 3-73 13*8 14.3 14.5 16.5 15*2 14*> 16*7 16*2 15*0 15*0 14*8: 13*4 10*3 7*8 4-73 15*0 1>.5 15.8 17.8 16 * 6 16*3 18*4 18*2 17*5 17*8 18*2 18*0 17*4 19*6 14.0 l i *8 12*0 13*5 12*7 11*5 11*0 10*1 8*9 9*8 3*9 2-73 1-74 12*1 1 2 .5 12.5 33*1 1*4 -22*7 2-74 11*6 11*8 11*8 13.2 12*0 11*2 12*4 11*6 10*4 9*9 9*0 7*4 9*1 3*3 1*8 -11*0 3-74 10*2 1 0 .4 10.3 11.4 10*2 9*4 10*3 9*4 8*1 7*3 6*3 4*6 2*3 0 .3 -1*9 -10*9 2*9 4-74 9*8 1 0 .0 9 .9 10.9 9*7 8*9 9*7 8*9 7*7 6*9 6*0 4*5 2*4 0 .8 -0 *9 -7*9 -1*8 -3*9 3*9 1-70 2-70 3-70 4-70 1-71 2-71 3-71 4-71 1-72 2-72 3-72 4-72 1-73 2-73 3-73 4-73 1-74 2-74 3-74 -4*4 -10*9 6* P- PRELIM INARY GKOS* PRIVATE OOMESTIC INVESTMENT IN CONSTANT 1958 OOLLARS _________________COMPOUNOEC ANNUAL RATES OP CHANGE__________________ 1-70 2-70 3*6 3-70 5*5 4-70 -0 *6 1-71 5*2 2-70 3-70 4-70 1-71 2-72 3-72 OOLLARS ANNUAL K i n s 4-72 1-73 2-73 3-73 4-73 1-74 2-74 3-74 102*1 5*7 4*6 107*9 24*7 8*0 ¿*2 19*9 15*3 4*9 4*3 10*3 3*7 7*2 7*1 12*4 8*5 8*7 13.3 4-72 1-72 109*4 7*1 2-72 4-71 -2 *7 -11*9 4*7 7*9 3-71 103*5 3-71 4-71 2-71 7*5 2-71 1-72 si mows or— IN IT IA L CUARTER TERMINAL QUARTER 10*7 111*6 109*9 -6*6 5*4 19*1 9*2 18*0 114*8 119*4 17*0 123*2 8*5 9*1 9*3 13*3 11*2 10*2 16*5 15*2 13*4 8*8 9*4 9*6 13*1 11*2 1a)*!> 15*2 13*9 12*4 11*5 9*3 9 .8 10.1 13*2 11*7 il.i 15*0 14*0 13*0 12*9 126*6 14*3 130*9 1)4*4 1-73 9 .4 1 0 .0 10*2 13*0 11 »6 11*i 14*4 13*4 12*6 12*3 12*7 11*1 2-73 9» I 9*6 9*8 12*3 ICKS A0.4 13*1 12.1 11.2 10*6 10*3 8*4 5*8 d*7 8*8 iOv 9 S .6 9.0 11*2 10*1 8.1 7 .3 5*0 2*1 -1*5 10.3 10.5 12.6 11.6 AA.2 13*4 12*7 12*1 11*9 12*0 11*4 11*9 14*4 32*9 149*8 8*6 7*3 o .o 8*0 6*9 5*7 4*6 3*5 1*3 -0 *8 -2*9 -3 *6 -30*1 133*3 5*2 4*0 2*8 1*7 -0*3 -2 *4 -4*4 -5*4 -20*1 3*7 2*9 3 .7 2*4 1*1 -0*2 -1*6 -3*6 - 5 *9 -8*1 -9 *6 -20*5 -15*3 -21*4 2*6 l.d 2*5 1*2 -0*2 -1*4 -2*8 -4*7 - 6 *8 -8*7 -10*1 -18*4 -14*1 -16*7 -11*8 *T Ï 1-72 3-72 4-75 1-73 5=73 5=73 4-73 9 .8 1-74 2-74 5*8 5*9 5*8 1*2 3-74 4*1 4*1 3*9 5*0 4-74 3*2 3*1 2*9 1-70 2-70 V-70 4—70 5*2 M Ï 2-74 FÛ ----------------------------------------------------------- i n 2-72 it ia i 136*3 139*8 4-73 130*3 -8*7 1-74 2-74 122*7 118*9? 3-74 f ln nrr a ------------------------------------------------------- P- PRELIM INARY 16 » M fr A ft » t v f S K U lL JANUARY 1 «. 1*75 ftgSEftVE 6AHK Of i l . LO UIS GOVERNMENT WinCHATES CF GOOUS ANO SER VIC ES IN CURRtNl DUCCAUS TERMINAL 6 u a r T er IN IT IA L CUARTER 1-70 2-70 C.2 3-70 2 .9 2-70 i-7 0 4-70 i-71 ¿-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 BTLLTCNS UH " DOLLARS ANNUM. KAlfcS 3-74 217*3 220*3 6 .6 223*3 4-70 3 .6 l>.6 ij.O 1-71 4 .9 6 .6 7.0 8 .5 2-71 5.2 6 .4 6 .7 7 .3 ► 227*9 6 .1 231.3 235*7 3-71 5 .6 6 .7 7.0 7 .5 7.0 7.8 4-71 6 .4 7.5 7 .a 8 .4 8.4 9*6 1-72 7 .5 8 .6 9.1 9 .8 10.2 2-72 7.2 a. i 8 .4 8 .9 9 .0 3-72 6 .6 7.4 7.6 7 .9 7.8 tf.2 8.2 7*2 3.2 2.1 4-72 7.1 7.9 d. 1 8 .4 8.4 d.d 9*0 8 .5 6*2 7*1 12.3 8*8 7*1 8.1 11.2 10.1 ii.o 9« 7 242*1 11*3 13.5 15*7 10*4 9 .9 251*1 253.8 4 .4 255*1 262*6 269*0 1-73 7.4 b. 1 8 .3 8 .6 8.6 9 .0 9*2 ¿-73 7.3 7.9 a.2 8 .4 8.4 8.7 8*8 8*4 7*0 7.7 9.6 8*3 6 .5 3-73 7 .2 7. 7' 7. 9 8 .1 a .i b«d 8*4 8 .0 6 .7 7 .2 8.5 7 .3 6.0 5*4 4-73 7.7 8 .2 8 .4 8 .6 8.7 8.4 9*0 8*8 7*8 8*4 9*7 9*1 8*7 9 .8 273*3 276*9 286*4 14.4 296*3 1-74 8.1 d. 6 8.8 9 .1 9.1 9.4 9*6 9*4 8*6 9 .3 10.5 10*1 10.1 11*4 14.5 14.6 2-74 8 .3 a. 8 * .0 9 .3 9 .3 9.0 9*7 9*6 e .s 9 .5 10.6 10.3 10*4 11*4 13*5 13*0 11.4 3-74 8.4 8 .9 9.1 9 .4 S .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 11.0 10.8 10*9 11*6 12*9 12*6 11.9 1 2 .2 13*6 5-72 4-72 1-73 2-73 3-73 4-73 1-74 2-74 3-74 1-74 2-74 3-74 4-74 8 .7 9 .2 9.4 9 .6 9 .7 10.0 10*1 10*0 9*5 10.0 1-70 2-70 3-70 4-70 1-71 2-7 A 3-71 4-71 1-72 2-72 304*4 312*3 3 2 2 .4P IN I U A L W A R IER P- PRELIMINARY GOVEKSHtNi PURCHASES CF GCCDS AND SER VIC ES IN CONSTANT 1956 DOLLARS _________________ COMPOUNDED ANNUAL RATES OF CHANCE______________________________ IN IT IA L TERMINAL QUARTER CUARTER ANNUAL RATES 1-70 2-70 - e .7 2-70 3-70 4-70 1-71 2-71 3-71 4-71 1-72 3-72 V-72 1-73 2-73 3-73 4-73 139.1 139*0 3-70 - 6 .0 - 3 .1 4-70 - 4 .2 - 1 .9 - 0 .6 1-71 - 3 .4 - 1 .5 - 0 .7 137*9 - 0 .9 137*5 -0 .4 137*5 2-71 - 2 .7 - 1 .2 —0.5 3-71 - 1 .2 0 .3 1.2 1 .8 3.2 0 .0 4-71 0.1 1 .7 2.7 3 .5 5 .0 7*o 8*6 3 .5 4 .6 6*2 6*0 0 .0 139*7 142*6 3*4 143*8 1-72 0 .5 1 .9 2 .8 2-72 0 .5 1.7 2 .4 2 .9 3.6 4*6 3*9 1*7 0*0 3-72 -0 .1 0 .9 1.4 1 .6 2.1 ¿ •9 1*5 -0*7 -2*8 -5*4 4-72 0 .2 1.1 1.6 1 .9 2 .3 2*o 1*9 0*3 -0*7 -1*1 143*8 141*8 3*4 143*0 144*1 1-73 0 .4 1.3 1.7 2 .0 2 .4 2*7 2*1 0*8 C.2 0*3 3*3 3*1 2-73 0 .3 1. 1 1.5 1 .7 2 .0 2*4 1*7 0*6 0*1 0*1 2*0 1*3 -0*6 3-73 0 .3 1.0 1.4 1 .5 1.8 2*0 1*4 0*4 -0*0 -0*1 1*3 0*7 -0*6 -0*6 4-73 C.6 1 .3 1.7 1.9 2.1 2*4 1*9 1*1 C.8 0*9 2*2 l.S 1*5 2*5 5*7 1-74 0.6 1.3 1.6 1.8 2 .0 2*1 1*8 1*1 0*8 0*9 2*0 1*7 1*3 2 .0 3*2 0*8 2-74 0.6 1.2 1.5 1.6 1.8 2*0 1*6 0*9 C *6 0*7 1*6 1*3 0*9 1*3 2*0 0*1 -0*5 1.5 1.7 l* d 1*5 0*8 0*6 1*2 0*8 1*1 1*5 0*2 -0*1 0*3 1*0 0*7 0*9 1*2 0*1 -0*2 0 *0 -0*3 4-75 ~I= 7* “ ¿=74 J- 7 4 3-74 0 .6 1.1 1.4 0*6 1*4 4-74 0 .5 1. 1 1.3 1.4 1.6 1*7 1*3 0*7 0*5 0*6 1*2 ¿-70 4-70 1-71 2 —71 3-71 4-71 1-72 2-72 3-72 1-70 ¿-7 0 143*9 143*7 4-75“ 1=73“ "5 - f3 " i - 7 i 145*7 146*0 145*8 145*9 14S*«R P- P R E L I M I N A R Y PREPAR^O BY FEOERAL RESERVE "gANK 6* ST.' LOU 15 JANUARY 16* 1975 17 (DISPOSABLE PERSONAL iNtOME IN CURREIH DÜITHRS _______ COMPOUNDED ANNUAL RATES CP CHANGE _________________ o c ► » -4 m » t e r m in a l ___________________________________________________________________ 1-70 2-70 2-70 13*0 3-70 10.5 o. 0 4-70 7.9 5*4 5-70 4-70 1-Î1 3-71 2-71 4-71 IN IT IA L QUARTER 1-72 2-72 “T lX llTWy Of ___ _________________________ 3-72 4-72 1-73 2-73 3-73 4-73 1-74 OOLLARS " IN N U I f l T A T R r ...... 3-74 2-74 689*0 702*4 2*6 *707*2 1-71 9 .0 7 .7 7.6 12*7 2-7 i 9 .0 6 .0 a.O 10*7 8*8 3-71 6*1 7.2 7.0 8*4 6*3 3 .* 4-71 7 .8 6 .9 / 7*7 6*1 4*6 5*7 1-72 7 .7 6*9 6 .7 7*6 6*3 5*> 6*3 2-72 7.7 7*1 û* S 7*7 6*7 6*2 6*9 7*5 8*1 3-72 7 .9 7*3 /.2 7*9 7*1 0*1 7*4 8*0 8*6 4-72 6 .6 d .2 d.2 6*9 8*3 d.3 9*1 10*0 U *1 12*5 16*2 1-73 9*2 0*9 6 .9 9*6 9.2 9.3 10*2 11*2 12*2 13*6 16*0 15*8 2-73 9 .3 9 .0 9 .1 9*7 S .4 9 .* 10*3 11*1 11*9 12*9 14*3 13*3 10*8 3-73 9 .4 9 .1 ¿ .2 9*8 9 .5 9*6 10*3 11*0 11*6 12*4 *13*2 ‘ 12*2 10*5 10*1 4-73 9 .5 9 .3 9.4 9*9 9*7 10*4 11*0 11*6 12*2 12*9 ¿2 *1 10*9 10*9 1-74 9 .2 9 .0 9 .0 9*5 9 .3 9*3 9*9 10*3 10*6 11*2 11*5 10*6 9*3 8*8 8*2 4 .9 2-74 9.1 0 .8 6 .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 3-74 5*2 9 .0 9.0 9*5 9*3 9*3 9*7 10*1 10*4 10*7 10*9 10*2 9*3 9*0 8*7 7*7 9*1 11*5 4-74 9 .1 d. 8 6 .9 9*3 9*1 9 *a 9*5 9*8 10*1 10*3 10*4 ' 9*7 8*9 8*5 8*2 7*4 8*2 8*9 6*4 1-70 2-70 ¿-70 4-70 2-71 i-7 1 4-71 1-72 2-72 3-72 4-72 1-73 2-73 3-73 4-73 1-74 2-74 3-74 728*6 î- n 744*1 751*3 761*8 6*9 774*7 790*0 9*0 807*2 838*1 869*5 892*1 913*9 11*6 939*4 950*6 6*9 966*5 993*1 1»00$*7P IN IT IA L QUARTER ----- P- PRELIM INA RY DISPO SABLE PERSONAL INCOME IN CONSTANT 1958 OOLLARS CCMPOUNDEC ANNUAL RATES OF CHANGE IN IT IA L TERMINAL QUARTER 2-70 3-70 4-70 i- 7 f 2—71 3-71 4-71 1-72 QUARTER 2-72 3-72 B IL L IO N S OF OOLLARS ANNUAL RATES ____ 4-72 1-73 2-73 3-73 4-73 t r i* . 9*1 535.8 3-70 6*7 4 .4 541*6 © l 3*4 0*6 -3.1L 1-71 4*7 3*2 2 .;r 8*8 2-71 4*7 3*6 3 .3 6*6 4 .5 3-71 4*1 3. 1 2*7 4*7 2*6 1*1 3.1 2** 2-70 4-71 4*0 3*2 2*9 537*4 4*5 548*8 354*9 556*4 3*8 561*6 566*2 1-72 3*9 3 .2 3*0 4*3 3 .2 2*/ 3*6 3 .;» 2-72 4*1 3*5 3*3 4*4 3.6 3*4 4*1 4 * "Ï 5*3 3-72 4*3 3*7 3*1r 4*7 4 .0 3*9 4*6 4.19 5*6 5*9 e .i 9*5 13.1 8*6 9*8 11*7 10*4 573*6 581.9 600*1 4-72 5*0 4*6 4*;r 5*7 5*2 5*4 6*2 6*«9 1-73 5*5 5* 1 5.2 6*2 5.9 6* 4 6*9 7*(¡> 2-73 5*2 4 .9 4*9 5*8 5.4 5*9 6*2 6*<b 7*3 7*6 8*4 6*1 2*0 2-73 5*0 * .7 ^ ir 5 .4 5 .1 iu 5*7 6*10 6*4 6*7 6*9 4*9 2*2 2*3 4-73 4*7 * .4 4 .4 5*C 4 .7 4 ./ 5*1 5*;? 5*6 5*7 5*6 3 .6 1*7 1*5 0*7 1-74 3*9 3 .5 3 .Î> 4*0 3 .6 3*9 3*8 3* 8 3*8 3*6 3*2 1.4 -0*8 -1*7 -3 *7 -7*8 2-74 2*4 3 .0 2 .9 3.4 3.0 2*6 3*0 2* 9 2*9 2*6 2 .1 0*4 -1*5 -2*4 -3 *9 —6* 1 -4*4 2*2 1*8 9 .3 -4*3 -2*4 3-7* 4-74 3 .2 2 .6 2 .7 3.1 2.7 2*o 2*7 2* 6 2*5 2*7 2 .4 2.3 2*6 2.2 2.1 2*1 2* 3 1*9 1-70 2-/0 i- 7 0 4-70 i-71 2-T a 3-71 4-71 1-72 _ 615*1 -1*3 616*2 -2*0 621.8 -3 *0 622*9 610*3 603*5 602*9 -0*4 ¿«A. 1*1 -0*3 -1 *8 -2*4 -3 *3 -4*3 -3*1 -2*4 -4*4 2-72 3-72 4-72 1-T3 2-73 3-73 4-73 1-74 2-74 3-74 5 9 6 .2P ~P- PRELIM INARY PREPARED BY FEDERAL RESERVE BANK OF ST* LOUIS JANUARY 16* L975 18 CORPORATE PROFITS AFTER TAXES * COMPOUNDED ANNUAL RATES OF CHANGE __ 1.-ZU__ .¿■-70 1-70 4-70 B IL L IO N S OF DOLLARS ANNUAL RATES IN IT IA L QUARTER ..TÉ.SÎUNAL QUARTER 4-69 1-70 2-70 3-70 4-70 1-71_ 2-71 4—71 3-71 1-72 2-72 3-72 1-73 4-72 _2-7 3 3-73 4-73 1-74 2-74 =11.8 4 0 .B - 12.0 -12.1 - 6 .9 -4 .4 39.5 3 9 .9 4.1 - 12.8 -13.2 -1 3 .7 -28.4 1-71 -0.6 2 .5 7.8 9.8 68.3 2-71 5 .0 8.7 14. 7 18.4 52.4 37.9 3-71 7.1 10.7 15.9 19.0 4 io0 29.1 4-71 8.7 11*9 16.5 19.2 35.4 26.0 20.4 19.9 1-7? 11.1 14.4 18.8 21.4 3 5.0 27.8 24.5 26.4 33.3 2-7? 11.8 14.8 18.7 21.0 32.1 25.8 23.0 23.7 25.6 « t- fi 45-3 47-5 20.9 4 9 .7 5 3 .4 55-7 18.4 3-7? 12.6 15.4 19.0 21.0 30.4 25.0 22.5 22.9 24.0 19.6 20.8 4-7? 14.4 17.2 20.6 22.6 31.1 26.5 24.7 25.5 27*. 0 24.9 28.3 36.3 30.8 2 9 .B 31.3 33.8 33-9 39.5 49.9 64.9 28.9 27.8 28.8 30.4 29.8 32.9 37.1 37.5 14-7 56*4 6 3.1 1-73 17.7 20.6 24.1 26.3 34.5 2-73 17.5 20.1 2 3 .i 25.2 32.4 3-73 15.8 18.0 20.7 22.3 28.3 24.9 23-5 23-9 24.5 23-1 24.0 24.8 21-2 4-0 4-71 14.8 16.9 19.3 20.5 25.9 22.6 21.2 21-2 21.4 19.7 20.0 19.8 16.0 3 .2 -2-2 1-7 17.4 19.5 22 r 0 23.4 28.6 25.8 24.7 25--1 25.7 24.8 25.8 76.6 24-8 16.4 lA-,9 30-3 fi 7 1 .5 7 4 .0 7 2 .9 7 3 .2 66-9 8 3 .2 — 2-74 16.3 18.2 20.4 21.6 26.3 23.5 22—A 22-A 22. 21.7 22.1 22-3 20. 1 12-8 M r3 19-1 28-9 -0-5 3-74 lfl.5 20 . 5 ??- 7 * 4 .0 2 8.6 ? 6 .2 25.3 25-7 26.2 25.5 26.4 27-1 25.8 20 .3 P l.A 29-4 4 0 .2 28.5 65-8 4-69 1-70 2-70 3-70 4-70 1-71 2-71 >71 H, A. 4—71 1-72 2-72 3-72 4-72 1-73 2-73 3-73 4-73 1-74 2-74 4-7A A NATIONAL INCOME 9ASIS________ - Bot A y a l U t o l * 63.1 94-3 IN IT IA L QUARTE* _______________________________________________________ _________________________________ ~ p R W n * É tr# Y FEOERAL RESERVE BANK ÏJJF ,S T . L Û U ÏS JANUARY U # 1*75 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 rational Income and Product Accounts of the United Sstates, 1929-65, Statistical tables (available from any U.S. Department of Coomerce Field Office or from the Superintendent of Documents, U.S. Government Printing Office, Washia^ton, D .C . 20402). 19 INVENTORIES COMPARED WITH MONTHLY S A L E S * MANUFACTURING AND 1 .7 2 TRADE 72 .6 8 68 .6 4 64 .6 0 60 1 .5 9 - . 56 56 .5 2 52 . 48 48 44 40 . 40 36 . 36 1961 «RATIOS 1 BASED 1964 1965 1966 ON SEASONALLY ADJ USTED 1967 1968 1969 DATA. 1970 1971 SOURCE: 1972 1973 1974 U . S . DEPARTMENT OF COMMERCE SHADED AREAS R E P R E S E NT P E R I ODS OF B U S I N E S S R E C E S S I O N S AS D E F I NE D BY THE NATI ONAL BUREAU OF ECONOMIC RESEARCH. LATEST DATA PL OTTED: NOVEMBER P R E L I MI N A R Y PREPARED BY FEDERAL 20 RESERVE BANK OF S T. L OU I S
@FedFRASER