Full text of National Economic Trends : July 1975
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nnnonnL Economic t r c h o s PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS MONTH ENDING: June 30, 1975 RELEASED: July 28, 1975 The economy Is showing many of the early symptoms of recovery from the recession which began late in 1973. Real product declined only marginally in the second quarter, according to preliminary estimates, after having decreased at a very rapid rate in t|je prior two quarters. The steep slide in industrial production apparently ended in March and production has increased slightly over the past three months. Employment has increased since March, but the reported rate of unemployment has remained about unchanged. The sharp drop in the unemployment rate in June must be discounted at this time because of uncertainty about technical problems in the computation procedure. Growth of demand increased in the second quarter. While investment demand continued to be relatively weak, other spending increased substantially. Consumer spending has risen at a 9.7 percent annual rate so far this year, about in line with the rate of expansion over the 1970-73 period. This increase in demand has yet to be translated into expansion of production, however, as liquidation of business inventories continued at a rapid pace through May. Spending other than for inventories rose at a 9 percent annual rate in the second quarter. Adjusted for price changes, the increase was at a 3.3 percent rate, the first quarterly rise since the third quarter of 1973. The recent income tax rebate and the $50 payment to Social Security recipients contributed to a substantial increase in personal income in June. Much of this increase, however, is nonrecurring; thus the recent personal income data overstate the basic rate of income growth. The reported rate of personal saving rose substantially in the second quarter, but this too is probably temporary. The increased saving rate is more reflective of the accounting procedures used to determine personal savings than of reluctance of consumers to spend. The rate of inflation continues to slow and the general level of prices, as measured by the GNP deflator, has Increased at a 6.8 percent annual rate since the fourth quarter of last year, compared to a 12 percent rise over the previous year. Consumer prices have Increased at a 7 percent annual rate since last November, also substantially slower than the previous year. TOTAL C IV IL IA N EMPLOYMENT COMPOUKDED ANNUAL RATES OF CHANG6 TERMINAL mT nThF 11— 7 3 THOUSANOS nc PERSONS IN IT IA L MONTH 12-73 1-74 2-74 3-74 4-74 5-74 6-74 7-74 6-74 9-74 10-74 11-74 12-74 1-75 2-75 3-75 4-75 5-75 65» 6 4 6 12-73 1.0 1- 7 4 1*6 2.2 3-74 0.7 0.6 4-74 0.6 0.5 5-74 1.1 1.2 8 5 »800 2-74 8 5 »779 >1.1 -0.1 6 5 »787 -0.5 0 .9 10-74 86,088 2.1 0 .8 8-74 8 6 »062 2 .0 ^ S s + 1 . 2 % ’- 86»403 1.5 1.5 1.4 1.5 2 .2 2 .9 2 .4 1.1 1.1 0 .9 1.0 1 .4 1.7 1.0 1.3 -1 . l.l 1.5 1.7 1.2 1.5 - 0 .0 1 .6 0 .7 0 .8 - 0 .5 0.2 - 1 .4 1 .2 1 .2 1. 1 0 .9 0 .9 0 .8 86 »2 74 86»402 86»304 11-74 0 .1 0.1 - 0 .2 - 0 .3 - 0 .2 - 0 .2 - 0 .9 ■1.1 -2.5 - 2 .7 - 4 .9 - 8 .2 12-74 - 0 .4 - 0 .5 -C .8 - 0 .9 - 0 .9 - 1 .0 - 1 .7 - 2 .0 -3 .3 - 3 .7 - 5 .4 - 7 .4 1-75 -1 .0 2-75 - 1 .5 3-75 - 1 .5 - 1 .2 - 1 .7 85» 689 - 6 .6 -6.7% 85 »2 02 84»562 -1.4 - 1 .6 - 1 .7 - 1 .9 - 2 .6 - 3 .0 - 4 .2 - 4 .7 - 6 .3 -7 . - 7 .6 -8 .7 “ 1.9 -2 .1 - 2 .2 - 2 .5 - 3 .1 - 3 .6 - 4 .7 -5 .1 - 6 .5 -7 .7 - 7 .5 - 8 .0 - 7 .3 - 2 .0 - 2 .2 - 2 .2 -2.5 -3 .1 - 3 .5 - 4 .4 -4 .8 - 5 .8 -6 .7 - 6 .3 -6 .2 -5 .0 - 2 .5 1.8 -2 .0 - 2 .5 - 2 .8 - 3 .6 - 3 .6 - 4 .6 -5 .1 - 4 .4 - 3 .9 - 2 .2 0 .4 84,027 83»649 3 .4 SSv ^ 2 * 9 % " 4-75 ■1.2 - 1 .4 -1.6 ■1 . 8 5-75 -0 .9 - 1 .0 - 1 .2 - 1 .4 - 1 .4 - 1 .5 - 1 .9 - 2 .1 - 2 .8 -2 .9 - 3 .5 - 3 .7 - 3 .0 - 2 .2 - 0 .6 4 .0 4 .6 6-75 —0 .6 - 0 .9 - l.l - 1 .2 -1.2 - 1 .3 - 1 .7 - 1 .9 - 2 .5 - 2 .5 - 3 .0 - 3 .2 - 2 .5 -1 .8 -0.3 2 .9 2 .6 1 -74 2-74 3 -74 4 -74 5- TV 6 .74 7- 74 8 - 74 9 - 7V 10 -7 4 " I T - 7 4 1 2 - 7 4 1-T F 3 -75 4 -75 l l - T T 12-73 - ---------- i NiT m 2 - 75 84» 086 84 »4 02 0 2 8 4 »444 S - TT - ~r o i m j ----------------------------- PAYROLL EMPLOYMENT CCMPQUNP60 ANNUAL RATES OF CHANGE I NI T I A L HCNTH ^'PR ELIM INAR Y T rEPÀTFEITW T r p r r e r 'K g ^ W Ë BAUk' g r T T . to u t* JU LY 3» 1975 2 Sources U.S. Department of Labor Percentages are annual rate» of change for periods indicated. Latest data plotted: Jun e prelim inary Prepared by Federal Reserve Bank of St. Louis Unemployment Rates* Source: U.S. Department of Labor ♦Percent of civilian labor force in group. Latest d a ta plotted: Jun e Prepared by Federal Reserve Bank of St. Louis 3 CONSUMED P R I C E I N D E X , SEA SO NA L«, y A D J U S Ï f c D ___________________________________________ _________________________________ COMPOUN D E D ANN UAL RATfcS CHANGE OF TERMINAL MONTH __________ 11-73 IN IT IA L 12-73 1-74 2-74 3-74 4-74 5-74 6-74 1967 » m o n th 7-74 8-74 IN IT IA L 9-74 10-74 ii- 7 4 12-74 1-75 2-75 3-75 <>-75 5~75 100 _____________ MONTH PftfAÀftÊt 6Y PÉCÉffïCfESÉftvf fiïfcK ÛF ¿ T r r ô ü f T JU L Y h h OLFS «LE 22, 1975 P * I C c S - ALL CO M M O D ITIES, SEASO N ALLY A 0 JU S T * 0 COMPOUNDED ANNUAL KATES OF CHANGE TERMINAL IN I T I A L MGNTH 1967 * 100 m o n th 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 12-74 1-75 2-75 12-73 1 7 .7 1-74 2 9 .ù 41. 3 -2-74 2 5 .4 2 9 .4 1 3 .5 3-74 2 3 .0 2 4 .8 1 7 .3 1 6.2 4-74 2 2 .0 ¿3 .1 1 7 .6 1 7.1 1 9.1 5-74 2 0 .9 2 1 .6 1 7 .1 1 6.6 1 6 .9 1 5.7 6-74 1 7.7 1 7 .7 1 3 .5 1 2.3 1 1 .0 7 .7 0 .2 7-74 2 2 .2 2 2 .9 2 0 .1 2 0 .4 2 1 .5 ¿ 2 .7 2 6 .3 8-74 2 5 .5 2 6 .6 2 4 .6 2 5 .6 2 7 .6 3 0 .1 3 5 .3 5 7 .2 5 5 .2 9-74 2 2 .6 2 3 .2 2 1 .1 2 1 .5 2 2 .4 2 3 .3 2 5 .3 3 4 .9 2 4 .2 - 0 .6 10-74 2 4 .2 2 4 .9 2 3 .2 2 3 .8 2 4 .9 2 6 .1 2 b .3 3 6 .4 2 9 .6 1 8 .4 4 1 .0 U-74 2 3 .7 2 4 .3 2 2 .7 2 3 .1 2 4 .0 2 4 .9 2 6 .5 3 2 .6 2 6 .6 1 8 .3 2 9 .1 11-7« 2 0 .o 2 0 .9 1 9 .2 1 9.3 1 9 .6 1 9.8 2 0 .4 2 4 .1 18.1 1 0 .3 1 4 .2 1-75 1 8 .8 1 3 .9 1 7 .2 17.1 1 7 .2 1 7.1 1 7 .2 1 9 .9 1 4 .4 7 .6 9 .7 0 .9 - 6 .7 -2 . -2-75 16.7 1 6 .6 1 4 .9 _ 1 4 .6 1 4 .4 14. L 1 3 .9 1 5 .7 1 0 .6 4 .5 5 .6 - 1 .8 - 7 .7 - 6 .2 - 9 .5 \ 3-75 4-75 5-75 1 4 2 .6 1 1 4 6 .7 $ 1 4 8 .8 7 1 5 0 .7 4 1 5 2 .8 4 1 54 .7 1 1 5 4 .7 4 5 9 .2 1 6 0 .8 5 . 1 6 6 .8 5 1 66 .7 7 1 7 1 .6 1 1 8?2S\ 1 7 4 .0 2 2 .8 - 1 0 .6 \ _L i O « ^ ^ + 4 .2 7 0 172.41 1 72 .0 1 1 70 .5 8 3-75 15.1 1 4 .9 1 3 .2 1 2 .8 1 2 .5 12.1 1 1.7 1 3 .0 8 .3 2 .9 3 .5 - 2 .7 - 7 .3 —6 .3 —8 .0 —6 .3 4-75 1 5 .4 li>. 2 13. 7 1 3 .3 1 3 .1 1 2 .7 1 2 .4 1 3 .7 9 .6 4 .9 5 .7 0 .8 - 2 .4 - 0 .3 0 .6 6 .1 2 o a \ 9 .0 4 .8 5 .5 1 .3 - 1 .3 0 .6 1 .5 5 .5 1 1 .9 0 .9 - 1 .4 0 .3 0 .9 3 .6 10-74 11-74 12-74 1-75 2-75 -5-75 1 4 .7 1 4 .5 1 3 .1 1 2 .7 1 2 .5 1 2 .0 1 1 .7 1 2.8 6-75 1J . 8 1 3 .6 1 2 .1 11. 7 I I. 5 1 1 .0 1 0 .6 1 1 .6 8 .0 4 .2 4 .7 11-73 12-73 1-74 2-74 3-74 4-74 5-74 6-74 7-74 8-74 9-74 IN IT IA L 1 69 .6 5 1 72 .2 6 4 .3 \ . 1 7 2 .8 7 7 .2 1 .3 - l.i\ 1 72 .6 3 3-75 4-75 5-75 MCNTH *>RÏp T ? Ê 0 BY F E D E ' R A C R E S E R V P J U L Y 3, 1 9 7 5 4 8ANK~ÔF ST . LOUlT R A T IO PRICES SCALE RA TIO SCALE PERCENTARES A M AMMMU. lU T C t Rf CMAIttC FRR PERIR** IN R ICATER. LATEST RATA P tO TTE R i .MME PRCPAMR RY PERCRAL RCRERVE RANK Rf S T . I R « I S RATIO SCALE WHOLESALE PRICES PERCENTARES ARE ANMVAL RATES RF POR PER I M S RATIO SCALE IN » ICA T E » . LATEST RATA PLOTTERt JUNE PREPARER RY PERCRAL RESERVE R A W Of SI. I M I S WHOLESALE PR IC ES - INDUSTRIAL COMMODITIES, SEASONALLY ADJUSTED __________________ COMPOUNDED ANNUAL RATES OF CHANGE____________________ TERMINAL_________________ ___ ______________________________________________ IN IT IA L MONTH__________________________________________________________________ .1567 - I QO MdNfH 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 12-74 1^75 2-75_ 3-75 4-75 5-75 12*73 23.4 1-74 25.4 2-74 2 5 .9 27,2 26.9 3-74 29.2 31.3 33.2 4-74 30.5 32.3 33.9 5-74 31.1 3 2 .6 34.0 36.4 34.8 34.0 6-74 30.9 32.2 33.2 34.8 33.2 32.0 30.0 7-74 32.1 33 .4 3 4 .4 35.9 35.0 34.8 35.2 40.6 8-74 32 .3 33.4 34.3 35.6 34.8 34.6 34.8 37.2 l?? tQ 4 . 138.48 3 9 .8 ^ --- V T 37.6 35.5 0 0 .4 / 0 142t± e„ '--- 146.05 149.66 ...... I S 2 .« 2 L 157.38 161.25 3 3 .8 \ -—■*. I 9-74 30.1 30.9 3W4 3 2 .0 30.8 29.8 28.8 2 8 ,4 2 2 .7 10-74 29.1 29.7 29.9 30.3 29.0 27.9 26.8 26.0 21.4 15.6 11-74 2 7 .4 2 7 .8 27.8 27.9 26.5 25.3 23.8 2 2 .6 18.5 13.8 __1A*5_ 12-74 25.5 25.7 2 5 .5 25.4 23.9 22.5 20.9 19.5 15.6 11.5 11.1 7 .4 4 .7 1-75 24 .0 24.1 23.8 23.5 22.0 20 .6 19.0 17.5 14.0 10.5 10.0 7.1 5 .6 6 .5 ^ V . 2-75 22.7 2 2 .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 2 1.2 21.0 20.6 20 .1 18.6 17.2 15.6 14.1 11.2 8.3 7 .6 5 .5 4 .3 7 .4 162,83 4-75 19.9 19.7 19.2 18.7 17.2 15.8 14.2 12.8 10.0 5-75 18.8 18.6 18.0 17.5 16.0 14.6 13.2 11.7 9 .2 6-75 18.0 17.8 17.2 16.6 15.2 13.9 12.5 11.1 8 .8 6 .5 1-T4" 2-74 3 -f4 4-74 5-74 6-74 7-74 8-Ì4 11-73 U - 7 3 18.9 165.20 10> 166,55 ^ 167.19 _t_X C » 168.07 168.74 4 .2 3 .0 168.90 l . l \ 6 .6 4 .7 3.7 3 .4 2 .4 1.1 6 .1 4 .3 3.4 3.1 2 .3 1 .5 1.1 1.6 5 .9 4 .4 3 .6 3 .4 2.8 2 ,3 2 .6 3 .4 9-74 10-74 11-74 12-74 1-75 2-75 3-75 4-75 169.06 \ 169.35 4 ,7 Ì 170.00 5-75 IN IT IA L MONTH WHOLESALE PRICES-FARM PROOUCTS ANO PROCESSED FOODS AND FEEDS • SEA S. A D J. COMPOUNDED ANNUAL RATES OF CHANGE TERMINAL MONTH 11-73 12-73 IN IT IA L MONTH 1-74 2-74 3-74 4-74 5-74 12-73 . 1 .4 1-74 32.1 72. <L 2-74 23.1 35.7 7.0 3-74 9 .7 12 .6 - 8 .8 4-74 4 .5 5-74 - 0 .5 6-74 - 9 .3 -10*9 -21.9 -27.8 -29,6 ■ -36.2 -4 7 .9 6-74 7-74 i8-74 1967 « 100 9-74 10-74 U - 7 4 12-74 1-75 2-75 3-75 4-75 5-75 168.8 176.6 5.2 -1 0 . 6 177.6 -22.3 173.9 -18.3 -14.2 171.7 -0..9 -13.6 -19.5 -18.1 _-21*_9_ . 1.6 168.2 159.3 7-74 3 .4 3 .7 - 4 .7 - 6 .9 -2 . 6 8-74 9.8 10.9 4 .2 3 .8 9 .9 17,0 33.8 U 4 ,.5 1.6 6 .3 11.0 21.1 60.5 15.9 158.1 172.4 78.2 180.9 26.5 -10.1 179.3 7.7 8 .4 2 .3 10-7.1. 12 .8 14.0 8 .9 9 .2 14.6 20.3 31.1 65.2 42.3 27.2 80.0 11-74 15.3 16.7 12.2 12 .8 18.2 23.7 33.6 61.3 43.4 33.4 62.4 4 6 .6 12-74 10.1 10.9 6.6 6 .5 10.3 13.8 2 0 .1 38.1 21 .9 10.8 13.8 -3 .5 -36.4 187.2 7.0 7 .5 3.3 3 .0 8 .5 13.0 26.2 12.1 2 .1 5 .5 - 1 1 .8 -3 1 .5 -2 6 .3 182.5 9-74 6.0 1.6 3 .4 6.6 16.6 4 .1 -*4.8 - 3 .7 -1 7 .6 -3 2 .0 -29.8 -33.0 176.5 0.6 3 .2 11.4 0 .3 --7.6 - 7 .2 -1 8 .7 - 2 9 .9 -2 7 .6 -28.2 -23 .0 172.7 3.8 5.4 6 .3 16.6 6 .7 0.1 1.6 4 .0 5 .6 8.3 15.7 6.8 0 .9 2 .6 3.9 6.2 12.7 4 .6 2-75 3 .7 3.<L -0 .1 -0 .6 .1 - 1 * 1 .8 1.8 -1 .9 -2 .5 -0 .7 4-75 5.1 5 .4 2 .0 1.6 5-75 5.3 5 .5 2.3 2.0 6-75 4.1 4 .2 1.2 0 .8 11-73 12-73 1-74 2 188,3 194.4 -r < ~ T -7 ? r ~ -4-7S“ 5-74 ~ 5 T -74 ‘ ” 7 -7 4 --0.9 -7 .6 -1 5 .8 -9 .6 -3.2 16.3 75.6 2 .4 - 5 .6 -1 2 .3 - 6 .4 - 0 .7 13.3 37.4 0.2 - 6 . 8 -1 2 .7 - 8.0 -3 .8 5 .4 17.0 - 4 .6 -1 5 .3 3-75 4-75 9-74 10-74 U - 7 4 Ì2-T4 6 -7 4 181.0 7.5 182.1 179.6 5-75 IN IT IA L MONTH - P R E P A R E D BY F E D E R A L R E S E R V E B A N K OF ST. L O U I S J U L Y 3, 1 975 6 _ Industrial Production Percentages are annual rates of change for periods indicated. Latest data plotted: June prelim inary Prepared by Federal Reserve Bank of St. Louis IN C U S T R IA L PRODUCTION cnHPO tm nFC a n n u a l r a t e s np c h a n g e . I Î U .U A L t£ £ M !N Ai_______ MONTH ll* r7 3 12-73 1 \ - 9 .0 12-73 1-74 1-74 2-74 3-7 4 4-74 5-74 6-74 7-74 8-74 1967 m 1Q0______ 10-14 li- 7 4 12-74 1-75 2-75 3-75 4-75 5-75 1 2 6 .5 1 2 5 .4 - 8 .8 - 8 .7 3-74 - 6 .4 —5 .6 4-74 1 2 4 .6 - 3 .3 _ 1 .0 i.5 1 2 4 .7 - 4 .8 - 1 .6 5-74 - 2 .8 0 .7 3 .6 4 .9 6-74 -2*3 0 .8 2 .9 3 .6 4 .4 —1 .5 1 2 4 .9 1 2 5 .7 1 2 5 .8 7-74 — - 2 . 3 -1*4 0 .2 1 .7 1 .9 1 .9 - 1 .0 -2.13 8-74 - 2 .4 -1^5 - C .3 1.0 1 .0 C .7 - 1 .6 -2. 8 9-74 -U8 -0*9 0 .2 1 .4 1 .4 1 .4 - 0 ,2 - 0 .6 C .5 3 .9 10-74 [- 2 .3 I —1 .6 - 0 .6 0 .2 0. 1 - 0 .2 - 1 .7 - 2 .4 - 2 .2 - 1 .9 11-74 - 4 .5 - 4 .1 - 3 .5 _ - 2 .1 - 3 .6 - 4 .4 - 6 .3 - 7 .6 - 8 .8 12-74 - 7 .3 - 6 .9 - 6 .9 - 7 .7 - 8 . 9 - 1 1 .1 - 1 2 . 9 - 1 4 .8 - 1 7 .5 - 9 . 4 _ - 9 •4 - 9 .3 - 9 . 5 - 1 0 .5 - 1 1 .8 - 1 4 .0 - 1 5 . 9 - 1 7 .9 1 2 5 .5 - 2 .3 X 1 25 .2 - 1 0 . 4 - 1 0 .5 - 1 0 .5 - 1 0 .8 - 1 1 .8 - 1 3 .0 - 1 5 . 1 - 1 6 . 9 - 1 8 .7 - 2 1 .1 - 1 0 .5 - 1 0 .6 -1 i . 8 - 1 0 .6 - 1 0 .9 1?4-A - 2 6 .1 1 2 1 .7 117-4 - 2 3 .7 - 3 0 .7 - 2 0 .6 - 2 5 . B - 3 1 .1 3-75 - 1 0 .0 - 1 0 .0 - 1 0 .0 - 1 0 .2 - 1 1 .0 1 2 5 .6 - 7 . 7 S|“\ - 1 0 .7 - 1 7 .2 2-75 ..* - 7 5 9-74 - 9 .5 2-74 1-75 *lilNTH - 3 3 .5 - 3 1 .9 ^ ^ - 2 5 .3 - 2 9 .3 - 3 0 .3 - 2 7 .8 1 1 3 .7 - 2 3 .4 ^ ^ 1 11 .2 - 1 2 .9 - 1 4 .8 - 1 6 . 4 - 1 7 .9 - 1 9 .9 - 2 3 .3 [- 2 6 . l| - 2 6 .2 - 2 2 .9 - 1 8 .0 - 1 2 .2 - 1 2 .0 - 1 3 .6 - 1 5 .0 - l é . 2 - 1 7 .8 - 2 0 .5 - 2 2 .5 - 1 8 .0 - 1 2 .7 - ¿ .a - .> \ P ,0 % 1 0 9 .9 -1 5 *2 - 1 0 * 4 - 5 .6 - 2 .2 1 0 9 .6P 5-75 - 9 .6 - 9 .6 - 9 .6 - 9 .8 - 1 0 .5 - 1 1 .4 - 1 2 .8 - 1 4 . 0 - 1 5 .0 - 1 6 .3 - 1 8 .5 - 2 0 .0 - 1 8 .9 6-75 - 8 .9 - 8 .9 - 8 .8 - 8 .9 - 1 4 .4 - 1 6 .2 - 1 7 .3 - 1 5 .9 - 1 2 .2 -9.t> - 1 0 .3 - 1 1 .6 - 1 2 . 6 - 1 3 .4 1 10 . Û - 2 1 .7 - 7 .6 - 3 .2 1 0 .0 1 - , X 1 1 0 .OP 3 .5 1------1 11-73 12-73 1-74 2-74 3-74 4-74 5-74 6-74 7-74 8-74 IN IT IA L 9-74 10-74 11-74 12-74 1-75 2-75 4-75 4-75 5-75 MCNTH P- P R E L I M I N A R Y PREPARED JULY 7 16. 8Y F E J 6 K A L RES CPVc B A N K OF S T. L O U I S 197b PERSONAL R ATI O SCALE 1967 INCOME RATI O SCALE MONTHLY TOTALS AT ANNUAL RATES 1968 1969 1970 1971 1972 SOURCE* PERCENTAQES ARC ANNUAL R A TES OF C H AN fE FOR PERIOD S L A T E S T DATA P LO TTED* 1973 U .S . 1974 1975 DEPARTM ENT OF COMMERCE IN O IC A T E O . JU N E P R EL IM IN A R Y PREPARED S Y FEOEKAL RESERVE SANK OF S T . L O U IS PERSONAL INCOME ¿ n u m i MQECl an n u a l r a t e s Of LHANb£___ TPOM MAI MONT 11-73 12-73 12-7 5-7 1MITIAI 1-74 2-74 i-74__ 4-74 5-74 6-74 7-74 fi.O B IL L IO N S OP nm 1AUS ANNUAL PATES MflKTH 8-74 9-74 10-74 11-74 12-74 1-75 2-75 3-75 4-75 5-75 1 .107.1 1 .1 0 7 .0 3*9 - 0 .1 5 .0 3 .5 7.2 4 .7 3.7 5 .6 4.1 1 .1 1 1 .4 1.117.1 1 .125.2 5 .6 5 .0 6 .7 6 .5 9.1 6 .5 6 .2 7.8 8.1 14.1 11.2 6 .S 6.7 8« 1 8.3 9 .8 10*2 8 .2 a .3 9 .7 10.2 8 .2 6 .3 S .5 9 .9 8 .6 a .6 <3.8 10.2 9 .5 1*135.2 1 .1 4 3.5 9 .1 f l i . . 8 . 12.8 13.6 18. 1 11.1 11.6 11.8 13.1 8 .3 11.2 11.6 11.7 12.6 io .a 11.7 9 .8 10.6 10.9 10.9 11. A S .l 9 .5 1 .1 5 9.5 1.1 6 7 .2 1 .1 7 8 .0 1.1A 5.A 10-7 B .5 fi.5 11-7 7 .7 7.7 6.5 8 .6 9 .2 9 .2 8 .9 a .a 6 .6 6.1 3 .4 12-7 7*6 7.6 6 .3 8 .4 8 .9 8 .9 8 .6 8 .5 6*6-_ 6 .2 4*5 3 .1 6 .8 7 .1 7. Û 7.6 7 .à 8. 0 7.9 7 .5 Î.2 5.5 5.0 3 .4 2 .1 3 .4 7.4 1 .1 1 4 .5 1 .1 9 1.0 „> ^ + 4 .3 % 1.191.1 2-7 6 .7 6 .6 7 .2 7.2 7.3 6 .9 6 .6 5.1 4 .5 3 .2 2 .1 3 .0 1.2 \ 2 .3 \ 3-7 6 .5 6.4 6 .8 à. 8 7.Û 6 .9 6*4 6 .1 4 .7 4 .2 _ 3*0 2 .2 2 .9 1.6 2 .3 2.3 1.195*7 4-7 6 .5 to.4 6 .9 6 .9 7.1 6 .9 6 .5 5 .0 4 .6 3 .7 3- 1 Ji.fl 3 .1 _ 4 .1 5 .J 1-203.1 «-7 6*8 6 .7 7 .2 7.2 7.4 7*0 6 .8 1*7 5*4 4 .8 6 .0 7.2 8 .1 8.1 8.6 3,7 V*l. _ 9# 4 e .9 »♦ 9 e*i 4*7 Ì 4 . 3 t______ 7*7 i.i 6-7 8 ,0 ... 7 *« 8*9 9 ,3 11*2 13.2 17*5 2 2 .7 34«d 11-73 12-7J 1-74 ¿-74 3-74 4-74 5-74 6-74 7-74 9-74 10-/4 11-74 12-74 1-75 2-75 3-75 4-75 5-75 8-74 1.1 9 1.4 llT fl^ 1 1.214.3 W 2 4 4 .9 P IN tT tA L MONTH P- PPFLIM IN A k Y PPEPAPEO BY F E JE R 4 L fctSEPVE BANK Of ST* LOUIS J U L Y U . 1975 8 RETAIL RATIO SALES RATIO SCALE BILLIONS OF 1967 DOLLARS 1968 BILLIONS SEA SO N A LLY AD JUSTED 1969 1970 1971 1972 1973 S O UR C E' PERCENTAGES ARE ANNUAL RATES OF CHANCE FOR PER IO D S L A T E S T DATA P LO TTE D * M AY, U .S . OF 1974 SCALE DOLLARS 1975 DEPARTM ENT OF COMMERCE IN D IC A T E D . JUN E ADVANCE E S T IM A T E PREPARED BY FEDERAL RESERVE BANK OF S T . L O U IS _______________p m i i . m « _____________ COMPOUNDED ANNUAL RATES OF CHANGE TERMINAL IN IT IA L MONTH M ILLIO NS 0F_ JSOaiti______________________________________________________________________________________________ ROLLA«. 11-73 12-73 12-73 1-74 1-74 2-74 3-74 4-74 5-74 6-74 7-74 9-74 10-74 11-74 12-74 8-74 1-75 2-75 3-75 4-75 5-75 42*116 -2 1 .5 - 0 .6 T 2 5 .9 " 2-74 1.5 ... 1 5.4 42,932 \ 5 .8 43,134 3-74 6 .4 17,8 13.9 22 .6 4-74 7.5 16.2 13.2 17.1 11.8 43*872 5-74 9.1 1 6.6 14.3 17.3 14.8 9 .5 10.5 6 .7 4 .3 44*283 \1 7,.9 ^ 44,894 44*593 6-74 6 .5 12.1 7-74 12.0 17.9 16.6 18.9 18.0 20.1 21.2 59.2 8-74 12.9 18.1 l7 .0 19.0 18.3 2 0 .0 20.7 38.1 19.7 9-74 9 .0 13.1 11.5 12.4 10.8 10.6 8.8 15.0 -2.3 -20.3 10-74 7.2 10.6 9 .0 9 .4 7.7 7 .0 4 .9 8 .4 - 4 .7 - 1 5 .0 11-74 3 .5 6 .1 4 .3 4 .1 2 .0 0 .7 - 1 .9 12-74 4 .0 6 .4 4 .8 4 .7 2 .9 1.8 - 0 .3 1.0 - 7 .8 -1 3 .6 - 11.2 -1 2 .2 - 7 .8 ' 46*356 '\+9.5% 47*056 46*177 ’ - 9 .3 45*803 44*469 - 0 .7 - 1 1 .7 -2 0 .2 - 20.2 -2 9 .9 \ . 9 .9 44*821 1-75 5.9. 8 .4 7 .0 7 .2 5 .7 5.1 3 .6 5 .3 -1 .7 -5.5 -1 .4 1.3 21.8 3 5 7 0 ^ ^ 2-75 7.1 9 .5 8 .3 8 .5 7 .3 6 .9 5.8 7.6 1.7 —1.0 3 .4 6 .8 22 .9 29 .9 2 5 .0 46*819 3-75 5.1 7 .2 5 .9 6 .0 4 .7 4.1 2 .8 4 .0 - 1 .4 -4 .1 -1 .1 0 .6 10.2 10.2 - 0 .4 - 2 0 .6 s 45*926 4-75 6.1 8 .1 7 .0 7 .1 6 .0 5.5 4 .4 5 .7 1*0 -1.1 2 .0 4 .0 12.5 13.2 45*955 6 .8 - 1 .4 "22.6 46*712 5-75 7.6 9 .6 8 .6 8 .8 7 .9 7 .6 6 .8 8 .2 4.1 2 .5 5 .8 8 .2 16.3 17.6 13.6 10.0 2 9.5 36.9 6-75 7.6 1 9 •5 8.6 8 .8 8 .0 7 .7 7 .0 8 .3 4 .5 3.1 6.1 8 .2 15.2 16.1 12 .6 9 .7 22.2 2 2 .0 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-J4 l 12-74 1-75 2-75 3-75 4-75 47* 951P 8 .7 ] 1 48*285E 5-75 IN IT IA L MONTH p- p r e l i m i n a r y E- ESTIMATED PREPARED BY FEDERAL RESERVE _BANK D F 51. LOUIS J U L Y II, 1 9 7 5 9 ...... COMPENSATION PER MAN-HOUR* TOTAL PRIVATE ECONOMY _________ CQMPQUNQIj) ANNUAL PATES QF CHANGE___________ TERMINAL________ _ ___________ „_______________________________ IN IT IA L QUARTER__________________________ _ _____________________________________ 1967 « 100 QUARTER © H11 mi 2-70 4-70 1-71 2-71 3-71 4-71 1-72 2-72 J- 7 2 4-72 1-73 2-73 3-73 4-73 1-74 2-74 3-74 4-74 125.8 3-70 10. 1 4-70 6 .5 2 .9 1-71 7.1 5 .6 2-71 6 .9 5 .9 7 .4 6*3 3-71 6* 7 5 .9 6 .9 6 .1 5 .9 4-71 6.1 5.4 5.2 4 .6 3 .3 126.7 129.3 8 .5 131.3 133.2 134.3 137.7 1-72 6.8 6 .2 6 .9 6 .5 6 .6 6 .9 10.5 2-72 6*5 6 .0 6 .5 6 .1 6.1 6 .2 7 .6 4 .7 3-72 6 .2 5 .8 5 .8 5 .7 5 .6 6 .4 4 .4 4.1 139,3 140.7 143.2 4-72 6,3 5 .9 6 ,3 6 .0 6 .0 6 .0 6 .6 5 .4 5 .7 7. 3 1-73 6*9 6 ,6 7.1 6 .9 7 .0 7.1 7 .9 7 .3 8.1 10.2 13.2 2-73 6« 8 6 .5 6 .6 6 .7 6 .8 7 .4 6 .7 7 .3 8.3 8 .8 147.7 149.4 4 .7 151.6 3-73 6 .7 6 .4 6 .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 6 .9 6 .8 6 .8 6 .9 7 .4 7 .0 7.3 8 .0 8.2 6 .6 7.5 9 .0 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 .4 154.9 157.7 2-74 7 .3 7 .1 7 .4 7 .3 7 .4 7 .5 7 .9 7 .6 8 .0 8 .6 8 .8 7 .9 8 .8 9 .7 10.1 12.7 3-74 7 .5 7 .3 7 .6 7 .5 7 .6 7.8 8 .2 7 .9 6.3 8 .8 9 .1 8 .4 9 .2 10.0 10.3 11.7 10.7 4-74 7.5 7 .4 7 .7 7 .6 7 .7 7 .8 a. 2 8 .0 8 .3 8. 8 9 .0 8. 4 9.1 9 .7 9 .9 10. 7 9. 7 1-75 7 .7 7 .5 7.8 7 .8 7 .9 8 .0 8 .4 8 .2 8.5 9 .0 9 .2 8 .7 9 .3 9 .8 1 0 .0 10.7 10.0 9 .6 10.5 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 4-74 ------------------I T W T m 162.5 166.7 8 .7 170.2 174.5 6'uAftTEft----------------- OUTPUT PEP MAK-HOUR, TOTAL PRIVATE ECONOMY COMPQUNOEC ANNUAL RATES OF CHANGE_______ TERMINAL_________ _________________________________________________________ IN IT IA L QUARTER_________________________________________________________________ 1967 « 100 50W TW 1-71 2-71 3-71 4-71 i-73 2-73 3-73 4-73 1-74 2-74 3-74 4-74 1-72 2-72 3-72 4-72 2-70 3-70 4-70 3-70 105.6 6 .7 105.0 4-70 2 .1 - 2 .3 1-71 4 .8 3.8 2-71 3.7 2 .7 0 .4 3-71 3 .9 3.2 2.6 4-71 3.5 2 .9 2.2 3.2 1.5 1-72 3.5 2 .9 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 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 .4 107.6 10.3 107.7 4 .9 109.0 109.4 110*3 111.6 112.7 114.3 115.8 2-73 3 .5 . 3 .2 3.0 3 .4 3 .2 3 .4 3 .5 3 .0 2 .8 1.4 3-73 3.1 2.8 2 .6 2 .9 2*6 2 .8 2 .7 2.1 1.9 0 .6 - 1 .7 4-73 2 .9 2 .7 2 .4 2 .7 2 .4 2 .5 2 .4 1.9 1.6 0 .6 - 0 .9 - 0 .2 1-74 2.2 1.9 1.6 1.7 1.3 1.3 1.1 0 .5 0 .0 - 1 .1 -2 .7 -2 .8 -3 .6 - 7 .8 ^ V 2-74 2.1 1.8 2.1 1.5 1.6 1.3 1.2 1 .0 0 .4 0.1 - 0 .9 -2 .1 - 2 .0 - 2 .3 - 3 .8 3-74 1.8 1.5 1.8 1.2 1 .3 1.0 0 .9 0 .7 0 .2 -0 .2 - l.l -2 .1 - 2 .0 - 2 .3 - 3 .2 -0 .9 - 2 . l\ 112.2 4-74 1.4 1. 1 1.4 0.8 0 .8 0 .5 0 .4 0 .2 - 0 .4 - 0 .8 - 1 .5 -2 .5 - 2 .5 - 2 .8 - 3 .7 - 2 .2 -3 .5 110.8 1-75 1.3 l.l I. 3 0.7 0 .7 0.4 0 .4 0. 1 - 0 .4 - 0 .7 -1 .4 - 2 .2 - 2 .4 - 3 .0 - 1 .8 -2.5 - 2 .7 - o .v j 2-70 3-70 4-70 1-71 2-71 3-71 4-71 1-72 2-72 3-72 4-72 2-73 3-73 4-73 1-74 2-74 3-74 4-74 3.7 1-73 115.1 114.8 - i. o \ 115.0 h 2 ,2 % 112.7 112.8 0 .4 \ ^ 110.7 PREPARED BY FEDERAL RESERVE BANK OF S T , LOUlS MAY 29, 1975 10 PRODUCTIVITY, COMPENSATION, AND LABOR COSTS RATIO SCALE RATI O SCALE 1967-100 1967 1967-100 s e a s o n a lly a d ju s te d 1968 1969 1970 1971 1972 1973 S B iR C E i P ERCENTAGES ARC ANNUAL R A TES O f CHANGE FOR PERIOD S L A TC S T DA TA P LO TTE D * U .S . 1974 1975 DEPARTM ENT O f L A tO R IN D I C A T E » . 1 ST OBAftTCR ^ PREPARED BY FEDERAL RESERVE BANK OF S T . L O U IS UNIT LABC* COSTS, TOTAL PRIVATE ECONOMY COMPOUNDED ANNUAL RATES OF CHANGE TERMINAL QUARTER i 1967 « 100 QUARTER IN IT IA L < 2-70 3-70 3 .4 4-70 4 .3 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 4-74 119.1 120.6 5.1 1-71 2 .4 1 .9 - 1 .3 2-71 3 .1 3 .0 2 .0 5 .4 3-71 2 .8 2 .7 1.9 3 .5 4-71 2*6 2 .5 1.8 2 .9 1.6 1.6 1-72 3 .3 3 .2 2 .8 3 .9 3 .4 4 .3 7 .0 2-72 2 .7 2 .6 2 .2 2 .9 2 .3 2 .5 3 .0 - 1 .0 3-72 2 .5 2 .4 2 .0 2 •6 2 .0 2 .1 2 .3 0 .0 4-72 2 .4 2 .3 2 .0 2 .4 2 .0 2 .0 2.1 0 .5 1.3 1.6 1-73 2 .9 2 .8 2 .5 3 .0 2 .7 2 .9 3. 1 2 .2 3 .2 4 .4 7 .2 2-73 3.2 3.2 3 .0 3 .5 3 .2 3 .5 3 .8 3. 1 4 .2 5 .3 7.1 120.2 121.8 1.7 122.3 122.8 124.9 124.6 124.9 1.0 125.4 127.6 i » . K 129.8 . 3-73 3 .5 3 .5 3 .4 3 .8 3 .7 3.9 4 .3 3 .8 4 •8 5.8 7.2 7.2 4-73 3 .8 3 .9 3 .8 4 .2 4 .1 4 .4 4 .7 4 .4 5 .3 6.2 7.4 7 .5 7 .7 1-74 4 .6 4 .7 4 .7 5 .2 5 .2 5 .5 6 .0 5 .8 6 .8 7 .9 9.1 9 .6 10.5 12.2 1 6 .4 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 14.4 132.1 8.1 \ 134.7 + 1 1 .1 % 139.9 12.6 144.1 3-74 5 .5 5 .7 5 .7 6 .2 6 .3 6 .7 7 .2 7 .2 8*1 9 .0 10.1 10.6 11.4 12.4 1 3 .9 12.7 12.8 4-74 6 .0 6 .2 6 .2 6 .8 6 .9 7 .3 7 .7 7 .8 8 .7 9 .6 10.7 11.2 11.9 12.8 1 4 .0 13.3 13.6 1-75 6 .3 6« A 6 .5 7 .0 7.1 7 .5 8 .0 8. 1 8 .9 9 .7 10.7 | 11.1 11.7 12.5 13 .4 12.7 12.7 1 2 .6 iO .a ) 2-70 3-70 4-70 1-71 2-71 3-71 4-71 1-72 2-72 3-72 1-73 2-73 3-73 4-73 1-74 2-74 3-74 4-74 4-72 140.5 153.6 157.6 IN IT IA L QUARTER PREPARED BY FEDERAL RESERVE BANK OF S T . LO UIS MAY 29, 1975 11 GROSS NATIONAL PROOüCT IN CURRENT OOLLARS ---- CflMEflUNDgn OATPC DP CHANGE------- tfRHINAL IN IT T A I ÛIIAPTPC q uarter Jh lfl. 4 -7 0 ___ L £ L i___ Z z ll___ 3 b J J ___ É r U ---1-72 -izlSL -Lufl- - L - ll - â x i___L L i l 2-72 3 -7 ? 4 .7 ? 1-73 2 -7 3 3-73 4-13___ 1—74 2-74 1-70 <r-74 1-7S B IL L IO N S OF QQn AR< ANNUAL PATES a 1 «027.8 - Jjti__ U t l. 1*047.3 ~L$-§____ J ------6*_6_ -IzJLL J L s J ____ SLuL. . ItO frU ? -LO - <Qp.7%r- 1-72 9*9 > a J^ U143.Q _ i s J L z ll. . 2-7? _ .L i4 U *6 . i ____ !L d ____ _______ ib d ____ L t i ____ h à ____SjLi____a u ____LlQ____2^5____iu £ ____fejJL___ _Ltii____! u l ____ _______ 1*2____ flL*IL 8.1 8 .2 8 .3 8.3 8.0 7.8 7.7 7.2 3-70 4-70 1-71 2-71 3-71 4-71 1-72 2-72 3-12 4-72 IN IT IA L 6 .3 5 .9 5 .3 4 .4 4 .4 3.6 1-73 2-73 3-73 4-73 1-74 2-74 1.6 ■t 8 .5 I 8 .2 0 .3 4 .8 4-74 1-75 | 1 .4 3 3 .4 P QUARTER P- PRELIM INARY GPOSS NATIONAL P«00UCT IN CONSTANT 1958 OOLLARS _________CCMPCUhQSQ AfihI.UAL -RALES U f CHANGE____________ B IL L IO N S OF QUARTER 3-70 4 - JO 4-70 -4 .3 1-71 *»7 2-71 2.7 _ 1-71 2-7 L 3-71 4-7 L L—72 2-72 3-72 4-72 1-73 2-73 3-73 4-73 2-74 3-74 4-74 1-75 719.3 1 0 .2 ^ - ^ 6 .4 2*9 __2.e 3-71 2.8 5.2 4-71 3.5 5 .5 .... 4.0_ 1-72 4*Q 5 .7 2-72 4.6 736.9 742.1 747.2 2 .8 4 .6 6.5 ^ 6 . 7 % 759.1 4 .6 5.2 6 .4 * > V 770*9 6.1 5.4 6 .0 7.1 ,< 9> 786.6 3-72 4_*8_ 6.1 5 .5 _ 6 .0_ 6*8 6.9 _ 7*_2_ 4-72 5t 2 6 .4 5 .9 6 .4 7*1 7.3 7.6 7.1 1-73 5.6 U .r l L _ J 6 .3 6 .3 6 .8 7 .5 7.7 8.0 7.9 79B.1 814.2 832.8 Ê .9 2-73 5.2 5. B 6 .2 6 .7 6.8 6. fi 6 .5 6 .6 5.8 2 .2 >St2.1% 3-73 5*0 _. 5*5 5 .4 5 .7 6*1 6 a0 6 .0 5 .5 5.4 4 .4 1 .9 i . X 4-73 4 .8 5 .5 5.1 5 5*7 5.6 5.4 4 .9 4 .7 3 .9 n r nT 1 1-74 —3*9 4 .5 4 .1 4 .2 4 .3 4.1 3 .8 3 .2 2 .7 1 .6 - 0 .3 837.4 840.8 . 2 .0 845.7 V v N 3*5 4.1 3 .6 ¿ .8 3.5 3.2 2 .5 2 .1 1.1 - 0 .5 -1*2 - 2 .2 1-74 __3,.l _ 3... 7 3 .2 3 .3 3.0 2.7 2 .0 1.6 0 .6 - 0 .8 - 1 .4 - 2 .1 _4_-74 2.4 2-48. ¿.4 2. J 1.9 1.5 0 .9 C .3 - 0 .6 - 2 .0 -2 .7 - 3 .5 - 4 .9 i-75 It* U9 1.4 1.2 0.6 0 .4 - 0 .3 - 0 .9 -1*9 - 3 .2 - 4 ,0 -4*9 2-75 It* 1.3 1 .1 0.8 0.3 - 0 .3 - 0 .9 - 1 .7 - 2 .9 - 3 .5 3- ? 1 4-71 1-72 2-72 3-72 4-72 1-73 2-73 4-70 1-71 2-71 IN IT IA L 3-73 « 3 0 .5 827.1 - 1 .6 ^ ^ - i . T 1w 823.1 - 4 .2 - 5 .5 804.0 _ - 6 .3 - 6 .1 - 7 .5 -10 .2 - 1 1 . 4 ^ S w 780.0 - 5 .3 - 5 .0 -5 .6 1- 7.0 1 - 6 .0 779.4P 4-73 1-74 2-74 Q - i . e - 0 .3 L I _ - 4 .4 c3 ^ 5 % * 1 > - 2 .4 ^ l + - i.l -2*74 3-70 1-74 ANNUAL RATES QUARTER P- PRELIMINARY^ PREPARED J U L Y 17« 12 BY FfcOfcRAL k c S c K V E 1975 BANK Of ST. LOUIS __ 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 1.3 1 .2 0 . 0.9 0 . 0.8 0 . 0 0 . 0.6 0 . 0.5 1967 1968 1969 1970 1971 1972 1973 1974 1975 U.6NP IN CURRENT DOLLARS. SOURCE. U.S. DEPARTMENT OF COMMERCE I2.6NP |N 1958 DOLLARS. PERCENTAGES ARE ANNUAL RATES OF CHAN6E FOR PERIODS INDICATED. LATEST DATA PLOTTEDi 2ND QUARTER PRELIMINARY PREPAREO BY FEDERAL RESERVE BANK OF ST. LOUIS 13 . 7 GENERAL PRICE INDEX* RAT IO SCALE RAT I 0 SCALE 1958-100 *AS USED 1958-100 in N A TIO N A L INCOME ACCOUNTS SOURCE» P ERC EN TA CES ARE ANNUAL R ATES OF CHANCE FOR P ER IO D S LA TE ST DATA P L O TTE D » U .S . DEPARTM ENT OF COMMERCE IN D IC A T E D . 2ND QUARTER P R E L IM IN A R Y PREPARED #Y FEDERAL RESERVE SANK OF S T . L O U IS IM P L IC IT PP IC 6 CEFLATOF FOP GROSS NATIONAL PRODUCT __________ CCM£ûütti3EC ANNUAL RATES QF CHANGE____________ P- P R E L I M I N A R Y _ 14 PREPARED BY FEDERAL RESERVE BANK OF S T . LO UIS JU L Y 17, l«575 PERSONAL CONSUMPTION EXPENDITURES IN CURRENT OOLLARS ____________ CQMPCIÜlDgn A MMilAL R A T E S CIF C H A N G E--------------I M I T I AL TERMINAL QUARTER B IL L IO N S OF QUART« DOLLARS ANNUAL RATES -ir lf l ir lù 4~7Q__ L-71 2-71 3-71 4—71 1-72 2 -7 2 3-72 4 -7 2 1-73 2-73 1-71 4-73-----lr .lA -.2 -.Z 4 ¿«74 W 4 lrZ S _3L*1__________:_______________________________________________________________________________________________ _____________________________ JLr-ZL. .1*8, 11.9 9*3 11.0 7.3 * 6 2 .1 ir li - L t l -------2jl4___ 6*8 6 .2 ■tell -2*1--- 1*1____6 .9 A .7 I - T2 -1 x2 ------ 2x2 ___ 2*1___ i* l___ 8*9 10. 8 - la U ¿rii. 6.12.1 7 .1 i --------- 2 * 1 ______ f t * l______ 1 * 1 ______ ? t , 7 ftM .I f i 7Q1.3 U f i 120.6 . Z3A.3 , -2=12----- f ix l--- i l i ____ £ * I ____ Äx2____ 2 * 1 — l f l « l - 1 0 *1 ____ 2x2- J tr li____iifi---IsJ___Iti___?i4. Iftift- 10*7 Itti? .Ifitl-U»?. ^73 9 . J L JL9 5 *____S».6 3 ~ 7 3 421.3 10.0 10,6 1U3 11.4 U . 3 12.6 13.6 ? r 4 1 9 t l ______ 2 * 1 ______ 9 . 9 1 0 .4 1 0 .9 1 1 .0 1 0 .9 1 1 . 4 1 1 . 3 ______ 2 x 2 - ZSSLft- 2 « 4 I Q t Q ______ 1 x 2 ______ 9 . 8 1 0 .2 1 0 . 7 1 0 .6 1 0 .5 1 0 .8 1 0 . 3 ______2 ^ 2 ______ Ä j l S L 316.3 . -1x2__ 2*5__ 2*1__ 2*1__ 2*5__ 2*1__ 2*1__ 2x3__ 2*4__ 1*1__ I«3 ,6*3__ 3xl_ -1x2__ 2*1__ 8x2__ 1*1__ lx± __ 2*4__ 1x1__ 1±2__ 1x2__ txl__ 7.s 7.0 6.0__ _ 4 r l3 _ 823.9 1.40.1 -Irli____1±1___i±7___iii___2x5___?tl.-19*i 49.1.9___1x1___1*5___2*1___ftxl___1*1___Et 7 lli3 ■ A t 7 4 ________ 9 ^ . _ y b . 1 ______ 9 . 6 I Q t S ......1 9 t 4 Ar.7.1. .1 * 2 ____ 1±1 ____ fi*1 ____ 2 *1 ____ 1x2 ____ f o t . ,..,2 * 1 1-75 8 .8 8.9 9 .2 9 .0 U t 7 3-70 4-70 1-71 2-71 t Q 369.1 W «3 1 5 i 7 ,„2 a l____ 2 *!-■— l a i ____ ä*A____ L i t .....1 *1 _____ft*2____ 1 *2 6 .2 895.8 - ¿> 4 .9y.2- . 9 .3 ____9^2____9*_0____g j f l .....1,1____ §Lsi____ 1*2____7 ^ ____ 8*$____ 8 ^ ____________2*1____ S LiIL -ii5 __ 2*1__ 2*1__ 2*i__ 2x2__ 1*1__ 9*4__ 2x2__ 2t2 ■2-7.5. U 1.1*1 3-71 4-71 1-72 2-12 3-72 -2 1 3 * 2 - ft»?__ fibd__ ft*l__ 1*2__ 2*1__ 2*2__ 1*2__ 5x5__ ?«7 l i t i 4-72 1-73 2-73 3-73 4-73 1-74 2-74 3-74 4-74 21K1P 1-75 IN IT IA L QUARTER P- PRELIM INARY PERSONAL CONSUMPTION EXPENDITURES IN CONSTANT 1958 DOLLARS ________________ CQHPPUNOEC ANNUAL, RATES Of CHANGE__________________ TERMINAL QUARTER B IL L IO N S OF nm I *•& ANNUAL RATES INIT1A1, QUARTER 3L-7Q A r i l . , 1-71___¿ r i i ___2=11___f f c Jl___1-72- 2-12 .3-72 4-12 l« 7 3 2-73 3-13 6 r l3 ___1-74 2-74 1-74 4-74 1-75 ♦77-5 -ft:IQ____- 2 * 1 . L r Tl ..1x2__ U t * l , Z z ll _3*1____ 6*1____ii_L_ -Ir li _ 3 x l ______ i x 421*1 423. fl 3 .2 l ______ 4 17 .7 1-72 4*4 5.5 4 ,6 5.2 6 .2 2-72 4.9 6.3 5.4 6 .0 6*9 8*4 3-72 . 5 .1 6.3 i. 5 6 .0 6 .7 7.3 6 .3 6 .6 5*9 5.7 6*7 5 ,3 _ 6.1 5.6 5.6 . ..5x1... 5.4. 5.6 5 .5 4 .9 4 .6 4 j0 4 .1 4.2 3 .7 2 .9 3 .3 3.3 2 .6 1 .8 3,2 2.2 3 .2 2 .6 1.8 4-72 1-73 .. 3-72 ..... fi#.S . 4 .0 . 4*6 1-74 ... ... i - 3.3 4-73 5 1 2 .ft 523.2 511-2 6 .4 7.1 7.7 7.4 8 .5 6*7 7.3 7*8 7.6 8.3 8.1 542.2 5.9 6 .3 6.3 5 .6 5.7 4 .3 0 .6 0 .9 1.2 2 .3 0 .8 - 1 .6 -2 .7 - 6 .4 1.1 - 0 .4 - 2 .4 - 3 .4 - 5 .6 - 4 .7 0 .1 - 1 .5 -2 .0 -3 .0 -1 .3 552.9 5 5 1 .7 555-4 544-1 519-7 542-7 1. 3 3,7 3. j 3.7 3.2 3,2... 3 .2 2 .6 2 .0 1.5 0*5 - 0 .7 -0 .9 - 1 .5 0.2 2 .8 2,6 2 .0 1.9 1.8 1.1 0 .4 - 0 .3 - 1 .3 - 2 .6 - 3 .1 - 3 .9 -3 .3 - 2 .8 - 5 .3 -1 4 .^ 4-74 2 .2 3 .4 547-2 52»-» i-75 2*4 2 .6 2 .0 2 .0 1*9 1.2 0 .6 0 .0 - 0 .9 - 2 .0 - 2 .3 - 2 .9 - 2 .2 -1*5 - 2 .7 - 5 .7 2 .5 2-75 2.5 2.8 2*3 1 .1 2*2 1*6 1 .0 0 .6 - 0 .2 - 1 .1 -1*3 -1*6 -0*8 - 0 .0 - 0 .6 - 1 .8 4 .4 6 .2 3-70 4-70 1-7 i 2-71 3-71 1-72 2-72 3-72 4-72 1-73 2-73 3-73 4-73 1-74 2-74 3-74 *-74 1-75 4- 531 .5 539.6# IN IT IA L QUARTER P- PRELIMINARY PREPARED BY FEDERAL fttSERVE BANK OF S T . LO UIS JU LY 17* 1975 15 GROSS PRIVATE DOMESTIC INVESTMENT IN CURRENT DOLLARS CQM&Q14ND£D ANNUAL R A T ES Qf C ü iüfi£___ IÉ R M ÌN A I QUARTER I N I T I AI .3-70 ^-7 0 t- 7 L 2- l i 3-71 4-71 1-72 2-7 2. 3-72 B IL L IO N S OF Oll AßT FD 4-72 1-73 nru i 2-73 4-73 3-73 1-74 2-74 3-74 4-74 1-7« ANNUAL RATES 117-4 4-70 - 5 .1 1-71 1 0 .9 2 9 .6 2-71 1 4 .4 2 5 .6 2 1 .8 3-71 1 0 .3 1 5 .9 5 .6 - 1 .3 4-71 1 2 .2 1 7 .0 1 3 .1 S .O 2 0 .4 2 1 .8 2 3 .2 146-6 154.0 153*5 1 4 .0 1 8 .2 1 5 .6 1 3 .6 2-72 1 4 .2 1 7 .7 1 5 .5 1 4 .0 1 9 .6 1 9 .1 1 5 .2 3-72 1 4 .4 1 7 .5 1 5 .6 1 4 .3 ie .6 1 8 .0 15*4. 15.5 4-72 1 4 .9 1 7 .7 1 6 .0 1 5 .1 1 8 .7 1 8.3 1 6 .7 1 7 .5 1 9 .0 1-73 1 5 .4 1 7 .9 1 6 .5 1 5 .8 1 8 .9 1 8 .6 1 7.5 1 8 .2 1 9 .4 2-73 1 5 .1 1 7 .4 1 6 .1 1 5 .4 1 8 ,0 1 7 .6 1 6 .5 16.5 17*2 16*3 12.8 3-73 1 4 .5 1 6 .5 1 5 .2 1 4 .5 1 6 .7 1 6 .2 1 5 .0 1 5 .0 14.8 13.4 10.3 7 .8 4-73 1 5 .8 1 7 .8 1 6 .8 1 6 .3 1 8 .4 1 8.2 1 7 .5 1 7 .8 1 8 .2 1 8 .0 1 7 .4 1 9 .8 1-74 1 2 .5 1 4 .0 1 2 .8 1 2 .0 1 3 .5 1 2.7 1 1 .5 11.0 10.1 8 .5 5 .8 3 .5 2 -74 1 1 .8 1 3 .2 1 2 .0 1 1 .2 1 2 .4 1 1 .6 1 0 .4 9. S 9 .0 7 .4 5.1 3 .3 3 -74 1 0 .3 1 1 .4 1 0 .2 9 .3 1 0 .3 9 .4 8 .1 7 .3 6 .3 4.6 2*3 * 0 .3 4 -7 4 10. 1 1 1 .1 1 0 .0 9 .2 1 0 .0 9 .2 8 .0 7 .3 6.4 4 .9 3 .0 1 .4 1-75 3 .6 4 .1 2 .7 1 .5 1 .7 0 .4 - 1 .3 - 2 .6 - 4 .3 - 6 .6 2-75 1 .2 1 .6 0 .1 - l. 1 - 1 .1 - 2 .5 - 4 .2 - 5 .7 - 7 .4 - 9 .7 - 1 2 *5 -15 *3 - 1 8 .i * 1 o 169*4 1-72 1-71 2-71 3-71 4-71 1-72 2-72 3-72 4-72 3-7C A 160. 175*5 182 .1 190*2 199*0 1 9 .8 205*1 209.0 33.1 1 .8 2-73 -1 1 .0 - 1 * 5 -1 0 .9 0 .2 - 9 . 5 - 1 2 .3 - 1 5 .2 1-73 22**2. 2 1 0 .5 1 .4 - 2 2 .7 3-73 -6-7 211*8 2*5 2 05.8 - 4 * 4 -10*9 - 0 .7 - 2 .3 209.4 7-2 163*1 - 2 2 * * - 2 2 *5 - 2 9 * 4 - 3 7 *2 - 6 3 * 2 - 2 4 .5 - 2 4 .8 -30*5 - 3 6 *0 4-73 1-74 2 -74 3-74 - 5 0 *5 4 -7 4 1-75 IN IT IA L QUARTER P- PRELIM IN A RY GROSS PRIVATE DOMESTIC INVESTMENT IN CONSTANT 1958 DOLLARS ______________________________________________________________________ COMPOUNDED ANNUAL R ATES QF CHANGE______________________________________________________________________ B IL L IO N S OF TERMINAL----------------------------------------------------------IN IT IA L QUARTER_________________________________________________________________ DOLLARS QUARTER ANNUAL RATES 3-70 4-70 1—75 1-71 2-71 3-71 4-71 1-72 2-72 3-72 4-72 1-73 2-73 1-71 4-71 1-74 2-74 1-74 4-74 4-70 - 1 1 ,9 1-71 4 .8 102.1 24.7 107.9 2-71 8.2 19.9 15.3 3-71 4 .3 10*3 3 .7 - 6 .6 4-71 7.1 12*4 8.6 5.4 19.1 1-72 8.7 13.3 10.7 9 .2 18.0 17.0 2-72 9 .3 13.3 11.2 10.2 16.5 15.2 111.8 109.9 114.8 119*4 13*4 123*2 3-72 9 .6 13*1 11*2 10,5 15.2 13.9 12*4 11.5 4-72 10.1 13.2 1 1.7 11*1 15,0 14,0 13*0 12*9 14*3 1-73 10*2 13*0 11,6 11, 1 14.4 13.4 12.6 12.3 12*7 11*1 -2-73 9 .8 12*3 fQ*9 10,4 13,1 12*1 11*2 10*6 10*3 8*4 3-73 8*8 10,9 9 .6 9*0 11,2 10.1 9 .0 8*1 7.3 5 .0 2 .1 - 1 .5 4-73 10.5 12.6 11.6 11,2 13,4 12.7 12,1 11,9 12*0 11,4 11,5 14.4 32*9 1-74 6 .9 8.6 7.3 6 .6 8.0 6 .9 5 .7 4 .6 3 .5 1.5 - 0 .8 -2^9 - 3 .6 -3 0 .1 133.3 130.3 126.6 130.9 134.4 136.3 5 .8 1 3 5 .É 2-74 5.8 7.2 6 .0 5.2 6 .4 5 .2 4 .0 2 .8 1*7 -0*3 - 2 .4 - 4 .4 - 5 .4 -20 .1 3-74 3.9 5 .0 3 .7 2 .9 3 .7 2 .4 1.1 - 0 .2 -1*6 - 3 .6 - 5 .9 - 8 .1 -9*6 -20*5 - 1 5 .3 -2 1 .4 4-74 3.2 4 .2 3.0 2 .2 2 .9 1.6 0.3 - 0 .9 -2 .2 -4 .1 - 6 .0 - 7 .9 - 9 .1 -1 7 .4 -1 2 .6 -1 4 .5 1-75 - 3 .6 - 3 .1 - 4 .6 - 5 .8 - 5 .8 - 7 .4 2-75 - 5 .7 - 5 .4 - 6 .9 - 8 .1 - 8 .2 - 9 .9 -11 .7 -1 3 .5 -15*5 -1 8 .0 -2 0 .8 -23*6 -26*3 -3 3 .2 -33*6 -38*9 - 4 3 , a - S 6 .4 -36*9 3-70 * 1 o 145.8 1-71 2-71 3-71 4-71 - 8 .7 122.7 120.5 -7.0 - 9 .2 -1 1 .0 -13*0 -15.6 - 1 8 .5 -2 1 .5 - 2 4 .4 -3 2 .4 -3 3 ,0 - 3 9 .6 -47* 0 -6 9 ,8 1-72 2-72 3-72 4-72 1-73 2-73 3-73 4-73 1-74 2-74 3-7* 4-74 89*3 79.6P 1-75 IN IT IA L QUARTER p- p r e l im in a r y PREPAREO BV FEOERAL RESERVE BANK OF ST• LOUIS JU L Y 17* 1975 16 GOVERNMENT PURCHASES CF GCODS ANO SER V IC ES IN CURRENT D O L L A R S CQMPGUIUQ£C AJhiNUAL .RATES QF tUAI1GE. T FRM IN A I I Kl I T I Al B IL L IO N S Of _____DOLLARS_________ CIIIARTFR q uarter 3-70 4 -7 0 1-7 1 2-71 i- 7 1 4-71 1-72 2-72 3-72 4-72 2-71 1-71 1—71 4-71 1-74 2-74 J- 7 4 4 -7 4 1-75 ANNUAL RATES .... ....... 2 23.3 J- 7 1 7 .0 8 .5 2 2 7 .9 '2-71 6 .7 7 .3 6.1 3-71 7 .0 7 .5 7 .0 4-71 7 .8 8 .4 8 .4 9 .6 11.3 1-72 9 .1 • <*1 10.2 11.6 13.5 15.7 ¿-72 8 .4 8 .S 9 .0 9 .7 10.4 9 .9 4 .4 00 5 .6 4-70 231 .3 2 3 5 .7 7 .d 242.1 2 51.1 2 5 3 .8 2 55.1 3-72 7 .6 7. V 7 .8 8 .2 8 .2 7.2 3 .2 2 .1 4-72 8 .1 8 .4 6 .4 8 .8 9 .0 8 .5 6 .2 7 .1 12.3 2 6 2 .6 2 6 9 .0 1-73 8 .3 8 .6 8 .6 9 .0 9 .2 8 .8 7 .1 8. 1 11.2 10.1 2-73 8 .2 8 .4 8 .4 8- 7 8-8 8 .4 7-0 7-7 5-6 8-1 6 .5 3-73 7.9 8.1 8.1 8 .3 € .4 8 .0 6 .7 7 .2 8 .5 7 .3 6 .0 4-73 8 .4 8 .6 8. 7 8 .9 9 .0 8 .8 7 .8 8 .4 5 .7 9.1 8 .7 9 .b 14.4 1-74 8 .8 9 .1 5 .1 9 .4 9 .6 9 .4 8 .6 9 .3 10.5 10.1 10.1 11 .4 14.5 273^ 2 7 6 .9 5 .4 2 8 6 .4 14.6 2 96.3 3 0 4 .4 2-74 9 .0 9 .3 9 .3 5 .6 9 .7 9 .6 8 .9 9 .5 10.6 10.3 10.4 11.4 13.5 13.0 3-74 9 .1 9 .4 9 .4 9 .7 9 .8 9 .7 9. 1 5. 7 10.6 10.4 10.5 11« 3 12.8 12.2 11 .1 10.8 12.0 13.3 13.1 1 2 .6 1 3 .2 11.7 12.8 12.4 11*9 12*1 12*7 U t?- lit ? U a JL . lit ? . 4-73 1-74 2-74 3-74 4-74 9 .5 9 .7 9 .8 10.1 10. J 10.2 9. 7 10.2 11.2 11.0 11.2 1-75 9 .5 9 .8 5.8 10.1 10.2 10.2 9 .7 10.2 11.1 10.9 11.0 2-75 9 .5 9 .7 9 .8 10.0 Í0 • ¿ 10. 1 9 .7 10.1 10.9 |0 f 7 MM 3-70 4-70 1-71 2-71 3-71 4-71 1-72 2-72 3-72 4-72 1-73 IN IT IA L 2-73 3-73 1 1 .4 312.3 323^1 1 5 .6 331*6 10*0 9 .0 4-74 3 3 8 .8P 1-75 QUARTER >- PRELIM INA RY GOVERNMENT PURCHASES OF GCODS AND SERVICES IN CONSTANT 1958 O Q U ARS rrM PntiMr.Fr a n n u a l RATFS flF CHANGE TFRMIMAI I NT T f Al ClIAfc T B IL L IO N S OF nm i A t t ANNUAL RATES Fm q uarter 3-70 4-70 1-71 2-71 3-71 4-71 1-72 2-72 1-72 4-72 1-71 2-73 1-71 4-71 1-74 2-74 1-74 1-7« 1 3 7 .1 4-70 -0 .6 1-71 - 0 .7 - 0 .9 2-71 - 0 .5 - 0 .4 13 7 .5 0 .0 1 37.5 13«. 7 3-71 1.2 1.8 3-2 6-6 4-71 2 .7 3 .5 5 .0 7 .6 8 .6 1-72 2*8 3*5 4*6 6*2 6*0 2-72 2*4 2*9 3*6 3*9 1*7 0*0 3-72 1.4 1*6 ¿«1 2*5 1 .5 - C .7 -2 *8 - 5 .4 4-72 1*6 i* 9 2*3 2*6 1*9 0*3 -0*7 -1*1 3 .4 1-73 1.7 2*0 2 .4 2*7 ¿*1 0*8 0*2 0*3 3*3 3*1 2-73 1.5 1*7 2 .0 2 .3 1 .7 0 .6 0 .1 0*1 2 .0 1.3 - 0 .6 142-6 14 3 .8 3*4 143 .1 141.1 143.0 144.1 143.9 3-73 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 1.7 1.9 2 .1 2*3 1*9 1*1 0*8 0*9 2*2 1*9 1*5 ¿ .5 5 .7 1-74 1.6 1.8 2 .0 2 .2 1-fl 1-1 0-8 0-4 2-0 1-7 1-1 2-0 1-2 O-fl 1 43.7 145.7 2-74 1*5 1*6 1*8 2*3 1*6 0*9 0*6 J. 7 1*6 1*3 0 .9 2 .0 0 .1 - 0 .5 3-74 1*4 1*5 1*7 1*8 1*5 0*8 0*6 0*6 1*4 1*2 0 .8 1*1 1 .5 0 .2 - 0 .1 0 .3 1*5 1*7 1.8 1*4 1*1 0 .9 1.1 1.4 0 .4 0 .3 0 .7 1.1 2 .5 4-74 4-74 145 .1 0*9 0 .6 0*7 1.4 1-75 1*5 1*6 1.8 1 ** 1*6 1*1 0*9 1*0 1*6 1*4 1.2 1*5 1*8 1 .1 . 1 .2 1.7 2-75 1*7 1*8 ?*Q 2*1 1 .8 1*3 1*2 1.3 1*9 1*7 1.6 .1 .9 ■ 2*2 1.6 1 .8 2 .4 3-70 4-70 I- 71 2-71 i- / l 4-71 1-72 2-72 3-72 4-72 1-73 3-73 4-73 1-74 2-74 — »- PRELIM IN A RY IN IT IA L — 2-73 QUARTER — 1 45.9 146.3 3 .9 4 .1 . 3-74 4-74 147.7 4 .4 1 49.3P 1-75 — _ PREPARED BY FEDERAL RESERV E BANK OF S T . LO U IS JULY -1 7* 1975 17 D ISPOSABLE PERSONAL INCOME IN CURRENT DOLLARS --------------------------------------------------------f.nHPCUNDEC ANNHA1 RATES OP CHANGE_____________________________ ____ _____________________________ B IL L IO N S OF TERMI UAL----------------------------------------------------- ----I N I I1AL QUARTER___ ___ _______________________________________________ __________DQi * a b s QUARTER ANNUAL RATES -----3-70 4-70 1-71 ¿-71___3.-1L. 4-11___1-72 2 - 7 2 - 3 - 7 ^ . .4-72— 1-23. . 2-73 3-73 -fc:73 j-7 4 2r74 a-74 4-74 1-7S________________ -4^23______¿^_8_________ ____________________________ __ ___________________________________________________________ __________________ — --- --------------------------------- 10.1 mZ -1=1i _____ l.tft 1 2 * 7 _____________________________________________________________________________________________________________________________________________ 72JLl6 2-71 fl«Q |Q ,7 8.8 ________________________________________________________________________________________________________________________________ 744-1 3-71 7 .0 8 .4 6 .3 3 .9 ______________________________________________________________________________________________________________________________ 751.3 4-71 6 .7 7 .7 6 .1 4 .8 5.7______________________________________________________________________________________________________________________ 761-8 1-72 6*7 7 .6 6 .3 5 .5 6*3 6.9________________________________________________________________________________________________________________ 774.7 2-72 6*9 7.7 6*7 6*2 6 .9 7 .5 8*1________________________________________________________________________________________________________ 790.0 3-72 7*2 7 .9 7.1 6 .7 7.4 8.0 8.6 4-72 8 .2 8*9 8 .3 8.3 9*1 10*0 11*1 9 .0________________________________________________________________________________________________ 807.2 12*5 I r U _____ 8*2____ 2*4____ 2*2____ 10.,2.. 11«2 . - U * 2 _ . J ? t 6 .. 16*0 _ 2 r U _____ 2x1____ 1x2____ 2*4____ 10,3 - I r J l _____ 2*2____ 9*5 4-73 9 .4 9 .9 9 .7 . lr-14_____ i *2____ 9 .3 2-74 8 .9 9*3 9 .1 11,1 L U 2 . . 1 2 t 9 9*6 10.3 11*0 11*6 9 .8 10.4 11*0 11*6 9 .3 9*9 10*3 9 .1 5.6 10*0 10*ft 10*3 16*2 _______________________________________________________________________________________ & 3 ft*l_ 1 * * * --------------------------------------------------------------------------- 862*1 H t 3 13*3 10*8------- :— ----------------------------------------------------8 *2 *1 . 12*4 13*2 12*2 10*5 10*1--------------------------------------------------------913*2 10*9 1 0 * 9 l i * ± ------------------------------------------------ 232*4- 12*2 1 2*9 1 2 „1 1 1 .2 11*5 l f l ^ ____ 2*3____ &*fi____0*2--- 4*2----------------------------------------- 22ft*A_ 10*6 1C*8 10*0____ f t * l .,..8*3____1*1____ 1*2____fc*2---------------------------------- 2 6 A * i_ 3-74 9*0 9*5 9 .3 9 .3 9 .7 10*1 10.4 10*7 10*9 10*2_____2*3____2±fi____ ft*I____ h i ____ ? t L ,1 1 *1 ________________________________921*1 4-74 8*9 9 .3 9*1 9 .1 9*5 9*8 10*1 10*3 10*4 9*7 1-75 8*5 8 .9 8 .7 8 .6 9 .0 9 .2 2-75 9*5 9*8 9*7 9 .7 10*1 10.5 10*7 10*9 11*1 10*6 10*1. 10*0____ 2*2___E*l...J.fl*I. 3-70 4-70 1-71 2-71 3-71 4-71 1-72 2-72 3-72 4-72 1-73 2-73 9 ,4 9*6 8*9______8*5 9*6 8*9 8*1 7*7 8*2____2*4____ 9« 2 7*3 3-73 6*4 6*8 4-73 1-74 ,8*2____ 6*5— ___________________L * flfll* 8 . 6*8 4*6 2*7_______________ 1*015*5 -lit* I U 7 - 1 1 * 4 2-74 3-74 4-74 ¿7*4---- l»0?8t8£ 1-75 IN IT IA L QUARTER P- PRELIM INARY DISPOSABLE PERSONAL INCOME IN CONSTANT 1958 DOLLARS ______________________________________________________________________ COMPCUNDEC ANNUAL R A T ES OF CHANGE_______________________________________________________________________ B IL L IO N S OF T ER M IN A L________________________________________________________________________ I N I T I A L QUARTER______________________________________________________ _________________ Q Q LiA R S QUARTER 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 4-70 -3*1 1-71 2*7 2-71 3*3 3-71 2 .7 4 .7 2 .8 1.1 4-71 2-9 4-5 1-1 2 .4 1-72 3*0 4*3 3*2 2 .7 i.6 3*3 2-72 3*3 4*4 3*6 3*4 4_# 1 . 4*3 5*3 3-72 3 .7 4*7 4 .0 3 .9 4*6 4*8 5*6 5*9__ 4-72 4 .7 5*7 5*2 5.4 6.2 6 .9 8*1 9*? _13 *1 1-73 5*2 6*2 5*9 6*1 6 .9 7.6 8.6 9.8 11.7 10.4 2-73 4*9 5*8 6*2 6 .6 1 .3 7.8 6*4 6 .1 2 .0 3-73 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 , 5 ,0 4 .7 4*7 5*1 5.3 5*6 5*7 5*6 3*8 1*7 1*5 0 .7 1-74 3*5 4*0 3*6 3 .5 3.8 3.8 3*8 3 .6 3 .2 1.4 -0-8 - 1 .7 - 3 .7 -7 .8 2*1 0*4 -1*5 - 2 .4 -3*9 -6*1 0*3 -1*3 - 2 .0 -3 *0 1*0 -D* 4 -1*9 - 2 .5 - 3 .5 1-74 2-74 3-74 4-74 1-75 ANNUAL RATES 5 37.4 8*8 548-8 4-5 554-9 556-4 3-8 566.2 573*6 581.9 600.1 615-1 618-2 621-8 2-74 2*9 3 .4 3*0 2 .8 3.Q 2*9 2 * 9_ 2*6 3-74 2*7 3*1 2 .1 2*6 2*7 2.6 2 .5 2*2 4-74 2*2 2-6 2*2 2*0 2*1 1*9 1*8 1.5_ 1-75 _ 2*0 2*3 1*9 1*7 1*7 1*6 1*4 1*1 C*6 - 0 .7 -2*0 -2*5 2-75 2*9 3*2 2*9 2*8 3*0 2*9 2*9 2 .1 2*4 1*3 0*4 0*2 3-70 4-70 1-71 2-71 3-71 4-71 1-72 2-72 3-72 4-72 1-73 2-73 3-73 622*9 610-3 -4*4 603.5 - 2 .4 - 0 .4 -4-5 - 3 .4 -2 .9 - 5 .3 602-9 -3*3 -4*1 -3*2 -2*8 -3*9 -2*5 -0*1 -0*3 1*3 2.6 3*9 J9*8 21*5 4-73 1-74 2-74 i- 7 4 4-74 1-75 594-8 591-0 IN IT IA L QUARTER P- PRELIM INARY PREPARED BY FEOERAL RESERVE BANK OF ST* LO UIS JU LY 17* 1975 18 _ 6 20.5F __ CORPORATE PROFITS ÂPTE* TAXES * COMPOUNOEO ANNUAL RATES OF CHANGE e ilL f Ö N S W DOLLARS ÄfflHJAL T Ï T Ï 5 IN IT IA L QUARTER OUARTCt *- 79 4-70 1-71 2-71 3-71 4-71 4-72 1-73 2-73 3-73 4-73 1-74 2-74 3-74 4-74 3 6 .7 4 1 .8 tf I t* 1 6 .4 52 .4 37.9 3-71 \ 19.0 41.0 29.1 20.9 4-71 1 t? 1 9 ,2 35.4 26 .0 20.4 19.9 26,4 33.3 4 5 .3 4 7 .5 4 9 .7 53 .4 35 ,0 27.8 24.5 2 1 ,0 32.1 25.8 23.0 23,7 25.6 18.4 2 1 .0 30,4 25.0 22.5 22,9 24.0 19.6 20.8 2 2 .6 31.1 26.5 24.7 25.5 27.0 2 4 .9 2 8 .3 36.3 1 t* 21* 4 2-T2 1 3-7* _ \ .0 4-72 .... 2 •6 1-72 3-72 3 9 .9 6 8 ,3 2-71 2-72 ^ ¿ 8 .4 -13 9 .8 i-71 1-72 <t i 3-70 4-70 3-70 5 5 .7 5 8 .4 63.1 1-73 2 ,1 2 6 .3 34.5 30 .8 29.8 31.3 3 3 .8 33.9 39.5 49.9 6 4 .9 2-73 ? t3 2 5 .2 3 2.4 26.9 27.8 28.8 30 .4 29.8 3 2 .9 37.1 37.5 14.7 3-73 2 .7 22.3 28.3 24.9 23.5 23.9 24.5 23.1 24 .0 24.8 21.2 4 .0 - 5 .8 4-73 I 2 0 .5 25 .9 22.6 21.2 21.2 21 .4 19.7 2 0.0 19.8 16.0 3 .2 - 2 .2 1 .7 1-74 2 tO 2 3 .4 28,6 25.8 24.7 25.1 25.7 24.8 2 5 .8 26.6 24.8 16.4 16.9 3 0 .3 6 6 .9 2-74 * t4 21 .6 26.3 23.5 2 2.4 22.6 22.8 21 .7 22.1 22.3 20.1 12.8 12.3 19.1 2 8 .9 - 0 .5 3-74 ? ♦7 2 4 ,0 28.6 26.2 25.3 25.7 26.2 25.5 2 6.4 27.1 25.8 20.3 21.4 29.4 4 0 .2 28.5 6 5 .6 17.4 17.2 17.0 15.6 15.3 14.7 12 .2 6 .2 4 .9 7 .2 8 .6 - 5 .9 - 8 .5 - 4 9 .5 8.1 7.2 5 .3 4 .2 2.6 -0 .6 -6 .7 - 9 .4 - 9 .9 -1 2 .1 -2 5 .1 -3 1 .9 -5 6 .4 -6 2 .3 3-71 4-71 1-72 2-72 3-72 4-72 1-/3 2-73 3-t3 17.6 21,3 18.7 ,1 1 0 .4 *3 ,3 10.5 ___8.9_ 2- 70 3-70 4-70 1-71 4-74 1 1-75 Ì 71 .5 74.0 72.9 73.2 83.2 83.1 9 4.3 79.5 2-75 2-71 4-73 1-74 2-74 3-?4 4-74 62.3 I.A . IN IT IA I QUARtER » NATIONAL INCOME B A S IS I.A . - Kot A ra lU b l« PREPARED BY FEDERAL RÉSERVE BANK OF S T . LOUIS JU L Y 17. 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, 19ZÌJ-65, Statistical Tables (available from any Ü.o. Department of Coranerce Field Office or from the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402). 19 NVENTORIES COMPARED WITH MONTHLY S A L E S * MANUFACTURING AND TRADE SOURCE: U.S.DEPARTMENT OF COMMERCE »RATIOS BASED ON SEASONALLY ADJUSTED DATA. SHADED AREAS REPRESENT PERIODS OF BUSINESS RECESSIONS AS DEFINED BY THE NATIONAL BUREAU OF ECONOMIC RESEARCH. L AT E S T DATA PLOTTED: MAY P R E L I MI N A R Y PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 20
@FedFRASER