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n n n o n n L Economic r e d b s
t
PREPARED

BY

FEDERAL

RESERVE

BANK

MONTH ENDING: August 31, 1978

OF

ST. LOUIS

RELEASED: September 29, 1978

Growth in employment and output remains strong after more than three
years of economic expansion. Over the past year, total civilian employment
advanced 4.2 percent, somewhat above the pace of 3.4 percent In the previous
year. Gross national product, In 1972 dollars, increased 4.3 percent for the
year ending second quarter 1978, little changed from the 4.5 percent gain in
the preceding year.
During the first year of the current expansion, real output per
worker grew 4.4 percent, about the same as the average rate of increase posted in
the first year of the four previous recoveries. Typically, productivity growth
slows as the economy moves into the more mature phase of an expansion. In the
past year output per worker has registered virtually no growth.
The pattern of rapid productivity growth early in an expansion
generally arises because of the underutilization of resources which occurs
during a recession. With economic recovery, labor productivity is increased as
idle plant and equipment are reemployed. In the advanced stages of an expansion,
continued gains in productivity growth become more difficult to sustain and
require an increased rate of new plant and equipment spending. In the current
expansion, real nonresidential fixed investment has risen at a rate of 8.8
percent over the past year after declining 1.9 percent in the first year
following the 1973-75 recession.
The chart below depicts the movements of labor productivity from 1953
to present. Although output per worker in the current expansion has followed
the same pattern as in previous expansions, the chart indicates that the 1953-73
trend has not been regained. Instead, it appears that the trend growth path
has been shifted downward since 1973. An important factor contributing to this
shift in labor productivity has been the increase in the cost of energy
resources with the resulting impact on energy usage, capital costs and the
production mix. A return to the 1953—73 growth path of labor productivity,
which has occurred during the four previous expansions, does not appear likely.
B i r i n cr»i f
RATIO SCALE




vu i i u i r t n
nvr\i\i_r\
(REAL GNP / C IVILIA N EMPLOYMENT)

o»Tin
c
RATIO SCALE

TOTAL CIVILIAN EMPLOYMENT
ANNUAL BATES OP CHANSF----INITIAL-MONTH

MONTH
- I æ I J __ 2 «17— 3 *21— A eZ 2 — f e l l __ t m

tt

TmTT

8«r77

9w77 1 0 .7 7 1 U U

THOUSANOS
OF PERSONS
I f a l l — U J 8 — M 8 — 3*18— 4 -1 8 — 5« 1 8 —

— 7 -7 8 -

5 .5 - 3 - J7

5 . 7 ____ 4 *0 -

4 -7 7

« . ft

7

77

IS

r4

« 3

«

« *

4—
77
7 -7 7

4, 4

4 7

a-77

4. ?

4,.ft

9—
77

4 .1

y&JJ.___

4..ft

1

i

90 (,267—

7

5

7

7 .7

1

7 .4

Oft,

7,•A
,4

Oft,rSflft

ft

1 •ft
2,>
0

3,t4

4«i O

,793

7 ,7

10-77

4a

?,

3i»ft

4.ift

11-77

4 , .A

4 aA
.

4.

4,.4

4«,7

5,

17-77

4,

4, rfr

4. •ft

4,

4,,4

V ,4

4 ,4

4 ,3

1

v ,

6«i4
ft,,1
v •
6

3,,9

41

4 ,,9

4 .0

1— ?
7

4 . i ft

4,t7

4,, s

2—7ft

4,

4,,4

4,,

4, 4

,4
4i

4,, L

4,. 4

4,,4

1
6

4a
4,

4 aq

4 , ift

7— f
7

4(

«— *
7

4. 7

4, >
3

4 ,t*

fbtit fl

5-78

7

1

1 -7 7

7
4 ,■
0
4,,

2
4.
.1

4 ,,

2 -7 7

2

%., o

3 -7 7

4 -7 7

■ft

,1
4 •0
4 ,3
4

4,•3

6

v ,9

4 i1
5

4 ,,7

4 ,,7

4 ,i A

5,■

4 ,,7

4 ,,7

4 .,9

6

4,■

4 ,i

3

9, §

i

5 -7 7

1
16

.7

6 -7 7

,1
4 ,, 2
4 . .1
5,

7 -7 7

0

5a,

3

« i l ,,û f ta ..
91

4 iifl
7.,7

11i.5

f t .>
A

Ai,3

v ,3

6i> 6,,7
0
5i,1
5i,4
4 ,>
8 5iiO

4, i4

5,,7
5.

.0

* i ,4
5,

,2

...

>609--

4,,

16
2,16
2.,9
3i, 9

3, 5
3i>
5

7
4. ,2

3,

3.,9

5«,5

5,,7

4,

4,i A

4 ,,4

4i 4

4. «

3,,4

1,,

4..7

4 ..7

4-7

.4

8 -7 7

1

Q ? ,.214—

4

°

1 ,■4
2, 5
4, ,0
4. >
0
5,,1

,1
4,,9
5. >
6
ft i 0
■
8
6i1

3,

3,,7

2|

9 3 i,003

266-

3,,4
v ,

3

°* i>

«ni

7,

9,,4

3,,§

,1
7
2,,7

0 4 .1 1 7

4.

fri,

° 4 i 019

2,■0

1.. 7

i . .7

.4

i . .4

7.. «

7..n

9 - 7 7 1 0 -7 7 1 1 -7 7 1 2 - 7 7

1 -7 8

2 -7 8

3 -7 8

4 -7 8

5 -7 8

,9

94 i
7 -A

m l.

6 -7 8

04. M l

7 -7 8

I N I T I A L MONTH

PAYRO LL EMPLOYMENT
RATES OF CHANGE
TERMINAL
NONTH

I N I T I A L MONTH

— r r H — 2 aZ 2 — 3mZ2— t t J T ,
l

2 -7 7

« .1

« .7

4 .1

«^77

4 .A

a to

3 t8

THQUSANOS
OF PERSONS

8 * 7 7 — 9 tt77 1P it77 -11« 7 7 12 »7 7 — U 9 — 2*28 — 3 *2 8 ___4 ^ 8 ___!t«7<___6 *0 8 _ 7 - 7 8
_

4 .5

4 -7 7

V 7 7 — 6 s H — 7rr77

3 -2

A1
91 tft3 7

4 -7 7

4 .8

4 .0

4 .1

4 .0

4 t ll

7 -7 7

4 .4

4 .4

4 .A

1 .0

4 .1

82*1^ 7

1 .7

A ? t 4A7

• -7 7

4 .1

4 .0

1 .4

3 .2

1 .2

7 .1

1 .0

9 -7 7

4 .1

4 .Û

3 .4

3 .4

3 .4

3 .0

2 .4

4 .3

1 0 -7 7

1 .7

7 .A

A 7 t OA7

1 .3

A 3 f p4«

A 7 r474
« ?t7 M

1 .9

1 .8

1 .1

1 .7

1 .7

7 .7

? .A

1 1 -7 7

4 .0

3 .9

3 .4

3 .4

3 .3

1.2

1 .1

3 .8

1 7 -7 7

v «

1r *

1. «

3*3

1 ,4

1 ,1

3*0

V *

3*3

3*9

2*7

1—7 f

3 r9

1r f

X rK

1 ,4

3 t*

?r3

3*2

3

7 r*

4 .0

3*5

4 ,3

4*0

3 ,9

3,4

3«?

3 ,4

3*8

3*8

4*2

3*9

4 ,5

*T?

4 ,7

4 r^

3 r9

4*0

3*9

3*9

4*4

4*4

4,9

4 ,8

5*5

4*1

7 ,5

4 ,4

4 ,4

4 ,4

4 ,4

4 ,«

4 ,«

4 ,4

5 *0

9*1

!F t 7

f f if

4 ,4

7 ,4

f ■
7

9*9

4 ,4

4 ,5

4*9

5*4

«*4

4*4

4,9

4,4

3,5

5,j

9*4

4*1

4*9

4.1

4

f.O

f .0

9*5

f *7

9*2

3*7

» •

« A

m

3 -7 8

4 -7 8

5 -7 8

7— f
7
?-7 f

3*4

t*

*U *?8

4t«

4 .«

***

4 ,3

4 ,4

4 78

4,4

4,4

4,4

4,4

4,5

4*5

4*5

4*9

7 -7 9

4*4

4 .3

4 .3

4 ,3

4*4

4 ,7

1 -7 7

2 -7 7

3 -7 7

4 -7 7

5 -7 7

6 -7 7

7 -7 7

8 -7 7

4*9

4 ,7

9 3 f 429

5*8

9 - 7 7 1 0 - 7 7 1 1 -7 7 1 2 - 7 7

• Ï» 719

§4 ,0 4 4

4 ,8

1 -7 8

t 4 i 558
o& . m

•
»

0 5 ,4 4 4
K

ok . a->f\

*
9

4

a

2 -7 8

4 -7 8

7 -7 8

I N I T I A L NONTH

PRELIMINARY




PREPARED 8Y FEOERAL RESERVE BANK OF ST* LOUIS
S I R T i N M R 1, I W I — ------------------------------

2




EMPLOYMENT
RAT I O SCALE
MI LL I ONS OF PERSONS

PER C EN TAGES

ARE ANNUAL

LA TES T

P L O TTE O t

O ATA

RAT I O SCALE
MI LL I ONS OF PERSONS

SEASON ALLY AOJUSTEO

R A TES

OF

CH ANGE FOR

P E R IO D S

IN D IC A T E D .

A U G U S T P R E L IM IN A R Y
PR EP A RED

BY

FED ER A L

RESERVE

BANK

OF

S T.

L O U IS

UNEMPLOYMENT RATE
SEASONALLY

PERCENT

ADJUSTED

PERCENT
10.0

9.0

8.0

7.0

6.0

5.0

4.0

3.0

2. 0
SOURCEi
PER C EN T
LA TEST

OF
DATA

C IV IL IA N
P LO TTE O t

LABOR

U .S .

D E P A R TM E N T OF

LABOR

FORCE

AUGUST

PREPAREO BY FEOERAL RESERVE BANK OF ST. LOUIS

3

CONSUMER PRICE INDEX, SEASONALLY ADJUSTED *
------------C OMFOOWDEU ANNUAL RATES OF CHANCE-------

_
TERMINAL
MONTH

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

1-77" Z—77

5=77

4^77 ~ 5 = 7 T "5—7 T -"7=77

---------- I NI I I A L HJWTHT~

S -7 T

*-77 10-77 I T —7T■i z =t r

1-78

2=»7T 3 -7 T Tp-TT F -7 T

6—7B

t

-

t t

"
17773

> 77

I0 * o

7 .7

"V-TV

10. 2

9 .1

"5— T
T

"9*3'

ft« %

8 .T

* .9

6 —t

B.7

?#6

7 .8

6.5

6.1

T -T f

”” r ; o

6 .9

5YT

5.1

1*2.4

~ v- n

6 .6

6 .4

5 .V

S iO

187.1

iiT

183 .8

f

178,4
I 7 9 .9 -

10.6

"1 5 0 7 9 ”
“ 1*175-

”¥—7?

7*1

6. 4

6.1 ' s . r

ID—??

6» r

6. 1

5 .8

5 .1

!i.r

n -r /

6*6

6 .0

5.8

5.1

w ar

12-77

6*5

"5^

5 .7

y .r

4 .9

"FW

6 .8

6 .9

6 .2

5. r

5 .5

6 .4

6.3

5.9

"5iBT

M

6. ?

6 .6

6 .3

6 .2

T il

7.7

’ 713

f.O

6 .9

“Z^TB
■J-f8
V «

1^4*^

4 .0
-■

5 .3

W IT

4 .9

7.7

T .T

6 .2

"TK.3”' 7iZ'

18572
1 8 6 .0

;t

" 5 i F ■i

1 8 7 .5

lO . x

7 .8

■9.0

8 .0

" B .T

9 .3

9 ,0

1 8 8 .7
1 9 0 .2

1 0 .0

6 .6

6 .6

' 7 76 "

B7Z'

B.B

9 .6

5—/o

7 .6

'7 .r

F .i

7 .0

7 .0

8 .1

B.7

9 .3

1 0 .1

10 .1

1 0 .8 ~ T JT T

1 1 .9

*-7S

7*8

7 .5

7.5

T .l

" T il

B .4

4.6 “ ?75

1 0 .2

1 0 .3

1 0 .9

1 1 .5

IT . I

"7-71'

7 .7

7 .5

T .4

7 .1

T J

#71'

r.T

"v rr

IT T

6 .3

T -T i"

7 .7

7 .4

t;?

T .T

7.1

* .i

¿.5

9 .0

8 .1

6 .6

6 .9

1 -7 7

2 -7 7

3 -7 7

4 -7 7

5 -7 7

5 -7 8

6— 8
7

7 -7 8

6 -7 7

7 -7 7

8 -7 7

l0 . 3

li. 2

♦.9 ■

4 .1 .....* ; r
9 .*

9 - 7 7 1 0 - 7 7 1 1 - 7 7 1 2 -7 7

1 9 1 .8 '

1 0 .6

9 .4

9 .3

1 -7 8

2 -7 8

3 -7 8

1917«

4—
78.

1 9 6 .3
1 9 7 .4

I N I T I A L f« N TH
* CPI-W FOR URBAN MAGE EARNERS AND O J f t l C A l WORKERS R E V IS E D A S OF J M I . 1 W
PREPARED B Y FEOERAC RESERVE BANK OF S T . LO UIS
SEPTEMBER 26» 197B
PRODUCER P R IC E INDEX» A L L COMMODITIES - SEASONALLY ADJUSTED
COMPOUNDED ANNUAL RATES 1 CHANGE
OF
TERMINAL
NONTH

196 7 * 100

I N I T I A L MONTH
1 -7 7

2 -7 7

3 -7 7

4 -7 7

2 -7 7

1 3 .8
13*6

1 3 .3

1 1 .4

1 0 .5

9 .1

7 .8

6 .3

4 .0

-0 .3

9 - 7 7 1 0 -7 7 : 1 -7 7 1 2 -7 7
1
1

1 -7 8

2 -7 8

3 -7 8

4 -7 8

5 -7 8

6 -7 8

7 -7 8

5 .1

6 -7 7

8 -7 7

1 3 .2

5 -7 7

7 -7 7

1 3 .4

4 -7 7

6 -7 7

1 4 .2

3 -7 7

5 -7 7

1 9 0 .3

-

1 9 2 .3
1 9 4 .3
1 9 5 .1

- 5 .4

1 9 4 .2

7 -7 7

6 .6

5 .1

3 .2

0 .0

-2 .4

0 .6

G— 7
7

5 .8

4 .5

2 .8

0 .3

-1 .2

0 .9

1 .2

9— 7
7

5 .6

4 .5

3 .0

1 .1

0 .2

2 .1

2 .8

1 0 -7 7

5 .7

4 .7

3 .5

2 .0

1 .4

3*1

4 .0

5 .4

6 .3

1 1 -7 7

6 .0

5 .1

4 .2

2 .9

2 .6

4 .3

5 .2

6 .5

7 .6

8 .9

12— 7
7

5 .9

5 .1

4 .3

3 .2

2 .9

4 .4

5 .1

6 .1

6 .7

6 .9

1 -7 B

6 .4

5 .7

4 .9

4 .1

3 .9

5 .4

6 .2

7 .2

7 .9

8 .4

8 .2

1 1 .4

2—
7B

6 .8

6 .3

5 .6

4 .9

4 .9

6 .2

7 .1

8 *1

8 .8

9 .5

9 .6

1 2 .1

1 2 .7

3—
78

7 .2

6 .7

6 .1

5 .5

5 .6

6 .9

7 .7

8 .6

9 .3

9 .9

1 0 .2

1 2 .0

1 2 .3

1 1 .9

4 -7 8

7 .7

7 .2

6 .7

6 .2

6 .3

7 .6

8 .4

9 .3

1 0 .0

1 0 .7

1 1 .0

1 2 .6

1 3 .0

1 3 .1

1 4 .4

5 -7 8

7 .6

7 .2

6 .8

6 .3

6 .4

7 .6

8 .3

9 .1

9 .7

1 0 .2

1 0 .4

1 1 .5

1 1 .5

1 1 .1

1 0 .7

7 .2 ,

6 -7 8

7 .7

7 .3

6 .9

6 .5

6 .6

7 .7

8 .3

9 .1

9 .6

1 0 .0

1 0 .2

1 1 .1

1 1 .0

1 0 .6

1 0 .2

8 .1

7 -7 8

7 .5

7 .1

6 .8

6 .3

6 .4

7 .4

8 .0

8 .6

9 .0

9 .3

9 .4

1 0 .1

9^

9 .3

8 .6

6 .8

6 .5

4 .1

8 -7 8

7 .3

6 .9

6 .6

6 .2

6 .2

7 .1

7 .6

8 .2

8 .5

8 .7

8 .7

9 .2

8 .9

8 .3

7 .6

5 .9

5 .5

3 .8

3 .5

1 -7 7

2 -7 7

3 -7 7

4 -7 7

5 -7 7

6 -7 7

7^ 7t

1 -W ~ 2 -7 8

3 -7 8

4 -7 8

5 -7 8

6 -7 8

7 -7 8

1 9 4 .3
1 9 4 .5
4 .4

1 9 5 .2
1 9 6 .2
1 9 7 .6
1 9 8 .4

5*0

8 = 7 T " 9 - 7 7 1 0 - 7 7 1 1 -7 7 12— 7
7

2 0 0 .2
2 0 2 .2
2 0 4 .1
2 0 6 .4 I
2 0 7 .6
2 0 9 .1

9 .0

209 *8
2 1 0 .4

I t t t m L WNTH
R - REVISED




**E>AR«> fcV FfeKiUL RfSERVE fcANK 6 F 5 t . L601S
SEFTENBER 8» 1978

4




RATIO

SCALE

PRICES

RATIO SCALE

l l i P I - U FOR ALL URIAH C0NS9MCRS ( NCV S C R IE S SEC INNIN G JANVARY 1 9 7 * )
K p r I - » FOR UROAN VACC EARNERS A N » C LE R IC A L V M K C ftS ( REV I SEP S E R IE S • E 6 I N N I M JANVARY 1 » 7 S )
N OTE« C P I , SEASONALLY AO JO S TC O , (0 L 9 S C R I E S ) T E R M IN A T E » S CO IN N I NO JANUARY 1 S T «
PERCENTACES ARC ANNVAL RATCS O f CHANtC FOR PCRIOOS IN D I C A T E » .
L A T E S T OATA P L O TT E D . A tfM S T

PRCPARE» t Y FEDERAL RESERVE SANK O f S T .

RATJ 0 SCALE

PRODUCER P R IC E S

PERCCNTAOCS ARC A N N iA L RATCS O f CHANOE FOR PCRIOOS

LOUS

RATIO SCALE

INO IC A T C » .

L A T C S T DATA P L O TT E D , AVOOST

FRCPARC» tY fCOCRAL RESCRVC SANK *f ST. LO*I I

5

PTOT5UCER PRICE INDEX, INDUSTRIAL COMMODITIES - SEASONALLY 7H53USTED
COMPOUNDED ANNUAL RATES OF CHANCE
1967 « 100

I N I T IA L MONTH

TERMINAL
i On T h

1 -7 7
2 -7 7

2 -7 7

3 -7 7

*—
77

5 -7 7

6 -7 7

7 -7 7

8 -7 7

9 - 7 7 1 0 -7 7 1 1 -7 7 1 2 -7 7

1 -7 8

2 -7 8

3 -7 8

4 -7 8

5 -7 8

6 -7 8

7 -7 8
1 9 0 .3

10*7

191*6

3 -7 7

9*6

4 -7 7

9*4

9 .1

5 -7 7

8*7

7*8

6*4

8 .5

1 9 3 .0
1 9 4 .0

6 -7 7

7*7

6*9

6*4

5*1

7*7

7*1

6*7

5 *9

5*7

8 -7 7

7*5

6*9

6*6

6*0

1 9 4 .6

3*8

7 -7 7

5*9

1 9 5 .8

7* 7

1 9 6 .8

6*3

1 9 7 .8

9 -7 7

7*3

6*9

6*6

6*1

6 *0

6*7

1 0 -7 7

7*1

6*7

6*4

6*0

5*9

6*5

6*1

5 *9

5*6

1 1 -7 7

6*8

6*4

6*1

5*7

5*5

5*9

5*5

5*2

4 *6

3*7

5*6

1 2 -7 7

6*7

6*1

5*7

5*6

5*9

1 -7 8

7*0

6*7

6*5

6*2

6*2

6*5

2 -7 8

7*0

6 *7

6*6

6 *3

6 *3

6*6

6 *3

1 9 8 .7
1 9 9 .3

5*4

5*2

4*9

6*2

6*3

6*3

6*6

8*1

10*0

2 0 0 .3

6*5

6*5

6*6

6*8

7*8

8*7

6*4

201*9
7*4

2 0 3 .1
2 0 4 .1

3 -7 8

7*0

6*7

6*5

6*3

6 *3

6*6

6*4

6*5

6*6

7*4

7*8

6 *7

4 -7 8

7*2

6*9

6*8

6*6

6*7

6*9

6 *9

6*9

7*0

7*3

8*0

8*5

8*0

8*2

10*5

5 -7 8

7*2

7*0

6*9

6 *7

6*7

7 *0

6 *9

7*0

7*1

7*3

7*9

8*2

7*8

7*9

8*8

7*2

6 -7 8

7*3

7*1

7*0

6*8

6*8

7*1

7* 0

7*1

7*2

7*4

8*0

8*3

7*9

8* 0

8*7

7*8

8*4

7 -7 8

7*3

7*1

7*0

6*9

6*9

7 .1

7*1

7*2

7*3

7*4

7*9

8 *2

7*9

8*0

8*5

7*8

8*1

7 *7

8 -7 8

7*3

7*1

7*0

7*0

7*3

7*4

7*5

8*0

8*2

7*9

8*0

8*4

7 *9

8 *2

8*0

8*3

3 -7 7

4 -7 7

5 -7 7

9 -7 7 1 0 -7 7 1 1 -7 7 1 2 -7 7

1 -7 8

£ -7 8

3 -7 8

4 -7 8

5 -7 8

6 -7 8

7 -7 8

5 -7 8

6 -7 8

7 -7 8

1 -7 7

R

2 -7 7

6 -7 7

7 -7 7

8 -7 7

6 *1

205*8
2 0 7 ,0
2 0 8 .4
209*7
211*1

DEVISED

INDEX» FAR« PRODUCTS t PROCESSED POOOS & FEEDS
COMPOUNDED ANNUAL RATES OF CHANGE
TERMINAL
MOUTH-----1 -7 7

SEAS* A D J.

I N I T I A L MONTH
2 -7 7

3 -7 7

2 -7 7

29* 0
29*5

3 0* 4

21*4

19*3

7 -7 7

8 -7 7

1967 « 100

9 - 7 7 1 0 -7 7 1 1 - 7 7 1 2 - 7 7

1 -7 8

2 -7 8

3 -7 8

4 -7 8

30*4

5 -7 7

6 -7 7

30* 3

4 -7 7

5 -7 7

2 7 .8

3 -7 7

4 -7 7

14*2

168*1

196*6

6 -7 7

8*7

4*4

7 -7 7

2*3

-2 * 2

- 8 * 9 -1 9 * 2 -2 7 * 4 - 2 4 * 4

8 -7 7

-0 * 1

-4* 1

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

9 -7 7

-0 .8

-4 .3

- 9 .1

1 0 -7 7

0 .3

-2 .7

- 6 .7 -1 1 .7 -1 3 .9

1 1 -7 7

-3 * 1 - 1 6 * 4 - 3 0 * 2

190*8

- 1 5 .5 -1 9 .0 -1 4 .8
-9 .3

-9 * 6

-5 * 7

-3 .6

1 .6

9 .6

183*3
1 8 4 .7

3 .1

0 .7

-2 .5

-6 .5

- 7 .5

-2 .1

4 .4

1 1 .1

2 0 .6

3 2 .6

3 .1

1 .0

-1 .9

-5 .3

-6 .0

-1 .3

4*2

9 .1

1 4 .5

1 7 .0

3 .2

1 -7 8

4 .1

2 .2

-0 .2

-3 .2

-3 .6

1 .0

6 .0

1 0 .3

1 4 .7

1 6 .5

9 .2

15*6

2 -7 8

6 .1

4 .5

2 .4

0 .0

0 .0

4 .6

9 .6

1 3 .9

1 8 .3

2 0 .6

1 6 .8

2 4 .3

3 3 .7

3 -7 8

8 .0

6 .6

4 .8

2 .8

3 .1

7 .6

1 2 .5

1 6 .7

2 1 .0

2 3 .4

2 1 .2

2 7 .8

3 4 .4

8 .2

6 .7

4 .9

5 .3

9 .8

1 4 .4

1 8 .4

2 2 .4

2 4 .6

2 3 .1

2 8 .6

33*3

3 3 .1

5 .0

5 .4

9 .5

1 3 .6

1 7 .1

2 0 .3

2 1 .9

2 0 .2

2 3 .9

2 6 .1

2 3 .6

1 8 .2

6 .6

7*0

5 *5

5*9

9*7

13*5

1 6 .6

1 9 .3

2 0 .6

1 9 .0

2 1 .9

2 3 .2

2 0 .7

1 6 .2

9 .4

9 .4
5 -7 8
6 -7 8

7-78

8 .1

9 *4

8*3

1 8 9 .1

191*9

3 5 .2
3 1 .1
2 0 7 .3
1 2 .2

209*3

8.2

7.2

5.9

4.4

4.7

8.1

11.3

13.9

16.0

16.8

14.9

16.7

16.9

13.8

9.0

2.5

7*1

6*0

4*7

3*3

3*5

6*5

9*3

11*5

13*2

13*5

11*6

12*7

12*3

9*0

4.5

-1.3

-3.8 -10*9 -12*0

1-77

2-77

3-77

4=77

6=77

7-77

8-77

K »

jF78

W 0

5=78




W 7

9-77 10—7t 11-77 12-77
-------I N I T I A L

M O N tH

H 8

0.6

-9.8

6^78

205*3

7^78

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

PREPAREO BY FEDERAL RESERVE BANK OF ST* LOUIS
SEPTEMBER 8» 1978

6

R

INDUSTRIAL

PRODUCTION

RAT I O SCALE

RA T I O SCALE

1967-100

1967-100

SEA SO N A LLY A D JU ST ED

1970

1971

1972

PER C EN TA GES

ARC ANNUAL R A TE S

LA TEST

P L O TTE D '

DA TA

AUGUST

1973
OF

1974

CHANGE FOR

P E R IO D S

1975

1976

1977

1978

IN D IC A T E D .

P R E L IM IN A R Y
PR EPARED

BY

FED ER A L

RESERVE

BANK

OF S T .

L O U IS

_________ INDU STRIAL PRODUCTION______
COMPOUNDED ANNUAL RATES OF CHANGE
TERMINAL

I N I T I A L MONTH
2 -7 7

1 -7 7

3 -7 7

4 -7 7

5 -7 7

6 -7 7

7 -7 7

8 -7 7

1967 « 100

9 - 7 7 1 0 -7 7 1 1 -7 7 1 2 -7 7

2 -7 7

14*4
12*0

1 3 .8

11*0

1 1 .9

7 .8

10*3

1 0 .7

7 .6

7 .7

7 .2

7 -7 7

9 .9

1 0 .2

7 .7

7 .9

7 .7

8 .1

8 -7 7

7 .6

7 .5

5 .0

4 .5

3 .3

1 .3

7 .1

6 .9

4 .8

4 .3

3 .3

2 .0

-0 .9

6 .7

6 .5

4 .6

4 .2

3 .4

2 .4

0 .6

3 .5

3 .5

1 1 -7 7

6 .4

6 .2

4 .5

4 .1

3 .4

2 .6

1 .3

3 .5

3 .5

3 .5

1 2 -7 7

6 .1

5 .9

4 .4

4 .0

3 .4

2 .8

1 .7

3 .5

3 .5

3 .5

7 -7 8

3 .5

1 0 -7 7

6 -7 8

-5 .1

9 -7 7

5 -7 8

8 .2

6 -7 7

4 -7 8

7 .3

5 -7 7

3 -7 8

2 0 .6

4 -7 7

2 -7 8

8*5

3 -7 7

1 -7 8

3 .5

1 3 3 .2
1 3 5 .3
1 3 6 .1
1 3 7 .0
1 3 7 .8
1 3 8 .T
1 3 8 .1
1 3 8 .5
1 3 8 .9
1 3 9 .3
1 3 9 .T

1 -7 8

4 .9

4#6

3 .1

2 .7

2 .0

1 .2

0 .1

1 .2

0 .7

- 0 .3

-2 .1

-7 .5

2 -7 8

4 .8

4 .5

3 .1

2 .7

2 .1

1 .5

0 .6

1 .6

1 .2

0 .6

- 0 .3

-2 .1

3 .5

2 .4

3 .5

3 .5

3 .5

3 .5

3 .5

9 .4

1 5 .7

1 3 8 .8
1 3 9 .2

3 -7 8

5 .5

5 .3

4 .1

3 .9

3 .4

3 .0

4 -7 8

6 .5

6 .4

5 .4

5 .2

4 .9

4 .7

4 .3

5 .6

5 .9

6*3

6 .9

7 .7

1 3 .3

18*5

2 1 .4

5 -7 8

6 .5

6 .4

5 .4

5 .3

5 .0

4 *8

4 .5

5 .6

5 .9

6 .2

6 .7

7 .4

1 1 .4

1 4 .2

1 3 .5

6 .0

6 -7 8

6 .6

6 .5

5 .6

5 .5

5 .3

5 *2

4 .9

5 .9

6 .2

6 .5

7 .0

7 .6

1 0 .9

1 2 .8

1 1 .8

7 .3

8 .7

7 -7 8

6 .7

6 .6

5 .8

5 .7

5 .5

5 .4

5 .2

6 .2

6 .4

6 .8

7 .2

7 .7

1 0 .5

1 1 .9

1 1 .0

7 .8

8 .6

8*6

8 -7 8

6 .7

6 .6

5 .8

5 .7

5 .6

5 .4

5 .2

6 .2

6 .4

6 .7

7 .0

7 .5

9 .8

1 0 .9

1 0 .0

7 .3

7 .7

7 .2

5 .9

- L - 7 7 -2 -T 7

3 -7 7

4 -7 7

5 -7 7

6 -7 7

7 -7 7

8 -7 7

9 -7 7

1 0 -7 7 1 1 - 7 7 1 2 -7 7

1 -7 8

2 -7 8

3 -7 8

4 -7 8

5 -7 8

6 -7 8

7 -7 8

_______ _______________ ___________________

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

I N I T IA L MONTH

P - PRELIM INARY




PREPARED BY FEO ERAL RESERVE BANK OF

SEPTEMBER 15, 1978

7

LO UIS

PERSONAL INCOME
RAT I O SC^LE
T R I L L I O N S OF DOLLARS

M O N THLY

TO TALS

AT

SEA SO N A LLY

ANNUAL

RATES

A D JU S T E D

RAT I O SCALE
T R I L L I O N S OF DOLLARS

1 .0

0.9

.8

1970

1971

1972

1973

1974

1975

1976

SOURCEt
PER C EN TAGES

ARE

LATEST

P L O TTE D t

D ATA

ANNUAL

R A TES

AUGUST

OF

CHANGE

FO R

P E R IO D S

U .S .

1977
D E P A R TM E N T

1978
OF

COMMERCE

IN D IC A T E D .

P R E L IM IN A R Y
P R EPARED

BY

FEDERA L

RESERVE

BANK

OF

S T.

L O U IS

PERSONAL INCOME
COMPOUNDED ANNUAL RATES. QiL-CH ANSE
B IL L IO N S OF

TERM INAL

________I N I T I A L MONTH

MONTH
1 -7 7

2 -7 7

2 -7 7

1 7 .4
1 4 .1

1 2 .8

5 -7 7

6 -7 7

7 -7 7

8 -7 7

9 -7 7 1 0 -7 7 1 1 -7 7 1 2 - 7 7

1 -7 8

ANNUAL RATES
2 -7 8

3 -7 8

4 -7 8

5 -7 8

6 -7 8

7 -7 8

1 8 .1

4 -7 7

4 -7 7

16*8

3 -7 7

3 -7 7

____D O LLA R S___

i»47Q*.2
U 4 S Ô .Z
7 .7

5 -7 7

1 2 .3

1 0 .8

7 .3

6 .8

6 -7 7

1 1 .3

9 .9

7 .4

7 .2

7 .5

7 -7 7

1 1 .6

1 0 .6

8 .9

9 .2

1 0 .5

1 3 .5

8 -7 7

1 0 .8

9 .8

8 .2

8 .9

9 .6

5 .8

9 -7 7

1 1 .1

1 0 .3

9 .1

9 .3

1 0 .0

1 0 .8

9 .5

1 3 .4

1 0 -7 7

1 1 .7

1 1 .1

1 0 .1

1 0 .5

1 1 .3

1 2 .3

1 1 .8

1 5 .0

1.508> 3

1 .5 3 3 .5
1 .5 4 0 .7

1 •556» 9
16*6

1 * 5 7 7 .0

1 1 -7 7

1 1 .8

1 1 .3

1 0 .4

1 0 .8

1 1 .5

1 2 .3

1 2 .0

14*2

1 4 .6

1 2 .6

1 2 -7 7

1 1 .9

1 1 .5

1 0 .7

1 1 .1

1 1 .7

1 2 .5

1 2 .3

1 3 .9

1 4 .1

1 2 .9

1 3 .2

1 -7 8

1 1 .3

1 0 .8

1 0 .1

1 0 .4

1 0 .8

1 1 .3

1 1 .0

12*1

1 1 .7

1 0 .1

8 .9

1

.5 9 2 .7
1 .6 0 9 .2

4 .8

1 * 6 1 5 .5

2 -7 8

1 1 .0

1 0 .5

9 .9

1 0 .1

1 0 .4

1 0 .8

1 0 .4

1 1 .2

1 0 .8

9 .4

8 .4

6 .0

7 .3

3 -7 8

1 1 .4

1 1 .0

1 0 .4

1 0 .7

1 1 .1

1 1 .5

1 1 .2

12* 0

1 1 .8

1 0 .9

1 0 .4

9 .5

1 2 .0

1 6 .9

4 -7 8

1 1 .9

1 1 .5

1 1 .0

1 1 .3

1 1 .7

1 2 .1

1 2 .0

12*8

1 2 .7

1 2 .1

11*9

1 1 .6

1 4 .0

1 7 .6

1 .6 2 5 .0

1 .6 4 6 .3
1 .6 6 9 .4

1 8 .2

5 -7 8

1 1 .7

1 1 .4

1 0 .9

1 1 .2

1 1 .5

1 1 .9

1 1 .7

1 2 .4

1 2 .3

1 1 .7

1 1 .5

1 1 .2

1 2 .9

1 4 .8

1 3 .8

9 .5

6 -7 8

1 1 .6

1 1 .3

1 0 .9

1 1 .1

1 1 .4

11*8

1 1 .6

12*2

12*1

1 1 .5

1 1 .3

1 1 .0

1 2 .3

1 3 .6

1 2 .6

9 .8

1 0 .1

7 -7 8

1 2 .0

1 1 .7

1 1 .3

1 1 .6

1 1 .9

1 2 .3

1 2 .2

1 2 .8

1 2 .7

1 2 .3

1 2 .2

1 2 .1

13*3

14*6

1 4 .0

1 2 .7

1 4 .3

1 8 .5

8 -7 8

1 1 .7

1 1 .4

1 1 .0

1 1 .2

1 1 .5

1 1 .8

1 1 .7

12*2

1 2 .1

1 1 .6

1 1 .5

I* .*

1 2 .3

1 3 .1

1 2 .4

1 1 .0

1 1 .5

1 2 .1

6 .1

1 -7 7

2 -7 7

3 -7 7

4 -7 7

5 -7 7

6 -7 7

7 -7 7

8 -7 7

9 - 7 7 1 0 -7 7 1 1 - 7 7 1 2 - 7 7

1 -7 8

2 -7 8

3 -7 8

4 -7 8

5 -7 8

6 -7 8

7 -7 8

1 .6 8 2 .1
1 .6 9 5 .7
1 .7 1 9 .9
1 .7 2 8 .4 P

INITIAL MONTH
P- PRELIMINARY




PREPAREO BY FEOERAL RESERVE BANK OF ST* LOUIS
SEPTEMBER 19, 1978

8

RETAIL

SALES

RAT I O SCALE

RAT I O SCALE

2 5 I------- 1—I--------- 1
--------- U --------1
--------- l_ L ------- 1
--------- 1
--------- 1
----- J -

1970

1971

1972

1973

1974

1975

1976

SOURCE«
PER C EN TAGES

ARE

LA TEST

P L O TTE D «

OATA

ANNUAL

R A TES

JU L Y ,

OF

CH AN CE FOR

AUGUST

ADVANCE

P E R IO D S

U .S .

1977
D E P A R TM E N T

1978
OF

COM M ERCE

IN O IC A T E O .

E S T IM A T E
P R EPARED

______________________________________________________________________________________ R E T A IL

BY

FED ER A L

RESERVE

SANK

OF

S T.

L O U IS

SA L ES _______________________________________________________________________________________

COHPOUNOED ANNUAL RATES OF CHANGE
TERMINAL
n w i»n__

I N I T IA L MONTH
1 -7 7

2 -7 7

2 -7 7

3 -7 7

4 -7 7

5 -7 7

6 -7 7

7 -7 7

8 -7 7

9 -7 7

40*1

M ILLIO N S OF
-- U U U J H U ------

1 0 - 7 7 1 1 -7 7 1 2 -7 7

1 -7 8

2 -7 8

3 -7 8

4 -7 8

5 -7 8

6 -7 8

7 -7 8

57»291

3 -7 7

2 7 .3

1 5 .7

4 -7 7

1 8 .7

9 .2

3 .2

5 -7 7

1 2 .9

5 .1

0 .1

-2 .8

6 -7 7

9 .4

2 .8

- l. l

-3 .2

57»990
58*142

'
58 »003
- 3 .6

5 7 ,8 2 5

7 -7 7

1 0 .5

5 .4

2 .9

2 .9

5 .8

1 6 .2

8 -7 7

1 0 .4

6 .1

4 .3

4 .6

7 .2

1 3 .1

1 0 .0

9 -7 7

9 .0

5 .2

3 .6

3 .6

5 .3

8 .5

4 .8

-0 .1

5 8 »552
5 9 ,0 2 0
5 9 ,0 1 4

1 0 -7 7

1 2 .3

9 .3

8 .4

9 .3

1 1 .9

1 6 .1

16*1

1 9 .3

4 2 .4

1 1 -7 7

1 2 .8

1 0 .1

9 .4

1 0 .4

1 2 .7

1 6 .3

16* 4

1 8 .6

2 9 .2

1 7 .2

12—
77

1 2 .5

1 0 .1

9 .5

1 0 .3

1 2 .3

1 5 .2

1 5 .0

16*2

2 2 .3

1 3 .3

1 -7 8

7 .5

4 .9

3 .9

4 .0

4 .9

6 .2

4 .6

3 .5

4 .4

- 5 .8

2 -7 8

9 .8

7 .6

6 .9

7 .3

8 .5

1 0 .1

9 .3

9 .1

1 1 .1

4 .4

6 0 »778
61»588
9 .5

6 2 »054

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

-3 .7

59»875
4 2 .3

6 1 »661

3 -7 8

1 0 .7

8 .7

8 .1

8 .6

9 .8

1 1 .4

1 0 .8

1 0 .9

1 2 .8

7 .7

5 .5

4 .2

3 1 .7

2 2* 0

6 2 »690

4 -7 8

1 1 .9

1 0 .1

9 .7

1 0 .2

1 1 .5

1 3 .1

1 2 .8

1 3 .1

1 5 .2

1 1 .2

1 0 .0

1 0 .1

3 1 .2

2 6 .0

6 4» 079

5 -7 8

1 1 .3

9 .6

9 .2

9 .6

1 0 .7

1 2 .1

1 1 .7

1 1 .9

1 3 .5

9 .9

8 .8

8 .6

2 3 .4

1 7 .7

1 5 .7

2 .8

6 -7 8

1 0 .9

9 .2

8 .8

9 .2

1 0 .2

1 1 .5

1 1 .1

1 1 .2

1 2 .5

9 .2

8 .1

7 .9

1 9 .4

1 4 .2

1 1 .8

3 .6

4 .4

7 -7 8

9 .8

8 .2

7 .8

8 .1

8 .9

1 0 .0

9 .5

9 .4

1 0 .4

7 .3

6 .1

5 .7

1 4 .6

9 .7

6 .8

0 .0

-1 .3

-6 .7

8 -7 8

9 .8

8 .3

7 .9

8 .2

9 .0

9 .9

9 .5

9 .4

1 0 .3

7 .6

6 .5

6 .2

1 3 .9

9 .7

7 .4

2 .4

2 .2

1 .2

9 .7

2 -7 2 _ lr 7 7

4 -7 7

5 -7 7

A -7 7

7 -7 7

ft—1 7

0—77

10—77

11—
77

1 7 -7 7

1—7ft

9 .7 ft

1—7ft

A—7A

% 7ft
—

A—7 A

7 -7 B

_L—
77

3 0 .1

6 4 ,2 2 9
6 4 »460
64» 08 6P
64 »584E

J M l T 1 A L .1 P t ilH
E - E S T IMATEO

"

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




--------------------------------------- --------------------------------------- —

—

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

______________________________________________________ PREPARED BY FEDERAL RESERVE BANK O F S T .

SEPTEMBER 12» 1978

9

L O U IS

HOURLY CO M PENSATIO N, P R IV A T E
COMPOUNDED ANNUAL I

2 -7 7

9 .2

3 -7 7

9 .2

B U S IN E S S SECTOR

9 .1

9 .4

8 .7

8 .5

8 .3

8 .3

8 .6

8 .5

8 .2

8 .1

7 .8

7 .3

6 .3

9 .2

9 .2

8 .8

8 .7

8 .5

8 .5

8 .8

8 .8

8 .5

8 .6

8 -4

8 .3

8 .3

2 1 0 .0

lO ^ V

2 1 5 .2

4 -7 7

9 .1

9 .2

9 .3

9 .0

8 .7

8 .5

8 .3

8 .4

8 .6

8 .6

8 .3

8 .3

8 .1

8 .0

7 .9

8 .7

7^1>

1—
7B

9 .3

9 .3

9 .4

9 .2

8 .9

8 .8

8 .6

8 .7

8 .9

8 .9

8 .8

8 .8

8 .7

8 .7

8 .8

9 .7

9 .4

1 1 .8

8 .9

8 .7

8 .6

8 .6

8 .r

8 .8

8 .7

8 .7

8 .6

8 .6

8 .7

9 .3

9 .0

9 .9

8 .1

3 -7 4

4 -7 4

1 -7 5

2 -7 5

3 -7 5

4 -7 5

1 -7 6

2 -7 6

3 -* S

4 -7 6

1 -7 7

2 -7 7

3 -7 7

4 -7 7

1 -7 8

9 .2
3 -7 3

4— 3
7

7-74

2 -7 4

2 1 8 .9
2 2 5 .1 R
2 2 9 .5

I N I T I A L QUARTER

R-REVISED.

OUTPUT PER HOUR OP A L L PERSO N S, PR IV A T E BUSIN ESS SECTOR
TERMINAI
QUARTER

I N I T I A L QUARTER
3 -7 3

4 -7 3

4 -7 3

- 3 .0

2 -7 4

3 -7 4

1 -7 5

4 -7 4

2 -7 5

3 -7 5

4 -7 5

-5 .9

1 -7 6

1 9 6 7 • lO O
2 -7 6

3 -7 6

4 -7 6

1 -7 7

2 -7 7

3 -7 7

4 -7 7

1 -7 8

0 .0

1 -7 4

1 -7 4

1 1 2 .4
1 1 0 .7

2 -7 4

-2 .7

-4 .1

-2 .2

3 -7 4

-2 .7

-3 .5

- 2 .3

-2 .5

4 -7 4

-2 .6

-3 .2

-2 .3

-2 .3

1 -7 5

-2 t5 . .t 2*4. . - 1 . 5

1 1 0 .1

-9 .7
3*1

-2=15______________________ 5 * S _

.3-25
_4=Z5_

0*8

0.9

¿- 1 6

5t7 Ä
5 . ft

_4*1___ 4*5_

— O

1 1 1 *9

lL 4 tl

_ Î* 4 l

3,4___ 4*5___ 5.6

2 .0

1 0 9 .0

APZm ------------------------------------------------------------------------------------------------------------------

rH x l f
«
\

_ i * 5 ____ H i ? _____________ 2 t ?

3.8

- 2 tl

IL L r l.

_l*5

1 1 ?. 1

_J>*4___ 4*1___ 5*5___ 1*5___ 2*1

J * 1 ____ L * 2 ___ 2 .1

-3-7.6_____ l i i ___ 1 .6

-4-T6

2.0

_5±4____ 5 * 3 ____ i * i L _
_1 *5 ____ 1*1

1 0 9 .4
- 2 .2

2 .2

- l ^ î ____ 4±1____ 4 * 7 ____ 3L*5_

n ? t?

1.9%

2 .4

JU à ^ â -

2.0

_3*5___ 1*5___ 4.0

2.0

-2*2___ 1*5___ 1*2___ 2*2___ 2*5___ 2*2___ 2*2___ 2*5___ 1*4___ 2 *iL

117*5.

1 *2
3-77

-1*2___ 1.3
-1*3___ U 4

1 .8

-2*5___ 1±5___ 1*1___ 2±1___ 1*5___ 2*2___ 1*5___ U 1 ___ 5*5___ 9»T —z lt 4

U 7 t2

1*5

_2«l

_2*5___ 1*1___ 1*5___ 2*1___ 2*1___ 2*2___ 2*2___ 2*1___ 1,3

llft* 2 ._

^ 1 *4

4—
77

_l_-7ft
-2-75_

2 ,6 ___ 1 * 1 ___ 1*3___ 2*5

-2*0

_L»Q
lt O _

3-73

_L*1_

-1*5

l,l_

1.5

4 —73




1—74

2.9___ LtS___ 2*2___ 2*5___ 1*5___QtQ

1,9

» » «5.

2 .4 ___ 2*2___ 5*2_

_2*4___ 2*5___ 1*5___ L*5___ 2*5___ 1>7

3.3

113*1.

-2*1___ 2jt4___ 2*5___ 1*5___ 1*1____1*5___ 1*1___ 5 ,9

0 .6

0 .1

0 .6

- 2 .0

-4 .6

-2*5___ 2*1___ 2»4

2

0 .5
0 .5

0 .6

0 .2

0 .6

-1 .1

-2 .0

0 .7

3-76

4-76

1-77

2-77

3-77

4-77

1-78

3-74

4-74

1-75

I» * ___ 1*2____1*5____1*1___ 5 .9

2-75

3-75

4-75

1-76

2-76

JIL L
11 7 1
.2.

INITIAL QUARTER

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
AUGUST 28, 1978

10

PRODUCTIVITY, COMPENSATION, AND LABOR COSTS
RATIO

SCALE

RATIO

16-10
97 0

SEA SO N A LLY

SCALE

16-10
97 0

A D JU S T E D

SOURCEt U .S . OCPARTNCNT OF LAIOR
PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIODS INDICATED.
LATEST DATA PLOTTED« 2ND QUARTER
PR EPARED t Y

F ED ER A L R E S E R V E RANK OF S T .

L O U IS

UNIT LABOR COSTS» PRIVATE BUSINESS SECTOR
____ COMPOUNDED M i l III If ÊTES OP CHINEE______
I N IT IA L QUARTER

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

.± 9 6 7 « 1 0 0

QUARTER
3 -7 3
4 -7 3

4 -7 3

1 -7 4

2 -7 4

3 -7 4

4 -7 4

1 -7 5

2 -7 5

3 -7 5

4 -7 5

1 -7 6

2 -7 4

1 -%

4 -7 4

1 -7 7

2 -7 7

1 -7 7

4 -7 7

1 -7 8

8 .0

137-1

1 -7 4

1 1 .1 ' 1 * .4 ^ V ^

2 -7 4

1 2 .5

14.

ia i

-a

s l3 . 8 %

B

1 5 .2

1 4 4 -9

3 -7 4

1 3 .4

1 5 .3

1 5 .7

1 6 .1

4 -7 4

1 3 .4

1 4 .8

1 4 .9

1 4 .8

1 3 .5

1 -7 5

1 2 .8

11 3 . 8 1 1 3 .6
1
t

1 3 .1

1 1 .4

1 5 2 -5
X

1 4 7 -4
♦ • 7 r \ — ■ 2,1%

1 6 1 -1
1 6 0 -0

1 0 .4

1 0 .8

1 0 .1

B .9

6 .6

3 .3

.

_3 r2 5

8 .9

9 .0

8 .1

6 .8

4 .5

1 .7

-2 .1

—1 . 5

4 -7 5

9 .1

9 .2

8 .5

7 .4

5 .8

3 .9

2 .1

4 .6

1 1 .0

B .6

8 .7

8 .0

7 .0

5 .5

4 .0

2 .6

4 .4

7 .5

_2*76

1 .3

0 .4

7 .7

6*1.

5 .5

4 .1

3 .2

4 * 7 .. 6 . 2 .

-3-76

8.1

8.1

7.5___ 6*2___ Sjjt___ --------- 1*6---- 5*0___ 6*6___ 5*2___ 5*6___

-J.-77

a .O

8 . 0 __ 7 .4

-2 -77

8.0

8.0

X

1 5 0 -4
\

1 6 3 .6
4 .2

>.

.4 .2

1 6 5 -3
1 6 7 -6

.........

5 .7

■170.0

8.2___ 2*6___ 6*3___ 5*2___ 5*0---- 4*6---- 5*6__ J ^ l ___ 6*1___ 6*6___ 7,3

- H I.

_2 «2 — Jt*7

6 , a___ 5*2___ 5*1— 4 .5 ___ 5.6

7 .3 ___ 6.0

6*0

6 .6 ___ 5*5___ 5*1___ 6*2___ 5*2_

-LrTfl
2-2 *

_ 8»i

7 .2

8.2

7 . 8 __ 2*1---6*7

8.2

3-73

I i S -----4*1 — -5*1___ 6*2__ 6.3
_

7*2___ 6*6___ 5**___ 5*2---- 4*1___ 5.6

7 .4

6.2

4-73




1-74

2-74

3-74
~

4-74

1-75

2-75

175 .9

6*2___ 6 .9

-179.2. 181.QL-

6.6___ 5*1___ 6*2___ 6*1_
-6.5.

7.5___ 2*2____ 7.5
3-75

1 8 3 .8

_6*il___ 6*2___ 6*1___ 6*6___ 5*5_ 6 .0 ___ 5*2___ 6*1
_

?»?- 6*2___2*6___ 2*2___2*6___7.9
-

_ # * ! _ JZ * 2 ____2 *1____6*2 ____6 *1 --- 6 *0 ____ 6.8

.1 7 3 .6

6.8___ 6*6___ 6*4___ 6 .7

4-75

1-76

8.2

8.1

7.8

8.1

7.9___ 6*5____ 0 .6

2-76

3-76

4-76

8.8___2*2__ ll*fi__ 17.6.

1-77

2-77

-1 2 1

1 0 .2

12*2 --- 7*1

3-77

4-77

_ 1 2 fr* 7 _

1-78

INITIAL QUARTER
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
AUGUST 20» 1978

11

GROSS NATIONAL PROOUCT IW CURRENT DOLLARS
COMPOUNDED ANNUAL RATES OF CHANCE

TERMINAL
QUARTER

B lk U Q N S O F

I N I T IA L QUARTER

3-73

4-73

1-74

2-74

3-74

4-74

1-75

2-75

3-75

4-75

1-76

DOLLARS

2-76

3-76

3 -7 6

9 .2

9 .0

9 .4

9 .5

9 .5

1 0 .0

1 1 .6

1 1 .4

9 .7

9 .9

8 .1

9 .1

8 .9

9 .3

9 .3

9 .4

9 .8

1 1 .1

1 0 .9

9 .4

9 .5

8 .2

7 .8

9 .4

9 .3

9 .7

9 .7

9 .8

1 0 .2

1 1 .4

1 1 .3

1 0 .1

1 0 .3

9 .5

9 .7

1 0 .9

2 -7 7

9 .7

9 .6

1 0 .0

1 0 .1

1 0 .2

1 0 .6

1 1 .7

1 1 .6

1 0 .6

1 0 .9

1 0 .4

1 0 .8

1 1 .9

2-77

3-77

4-77

1-78

Ajm M A l-SATfc?

8 .2

1 -7 7

1-77

7 .4

4 -7 6

4-76

1 » 7 1 5 .6
1 » 7 4 9 .8
S s S s s l 1 1 .0 %
1 3 .7 J
X
1 3 .8
1 4 .0

1 » 8 0 6 .8
1 » 8 6 7 .0

3 -7 7

9 .8

9 .7

1 0 .1

1 0 .1

1 0 .3

1 0 .6

1 1 .7

11*6

1 0 .7

1 1 .0

1 0 .5

1 0 .8

1 1 .7

1 2 .9

1 2 .5

1 1 .1 V

4 -7 7

9 .8

9 .6

1 0 .0

1 0 .1

1 0 .2

1 0 .5

11* 4

1 1 .3

1 0 .5

1 0 .7

1 0 .3

1 0 .5

1 1 .2

1 1 .9

1 1 .3

1 0 .0

1 -7 8

9 .6

9 .5

9 .8

9 .9

9 .9

1 0 .2

1 1 .0

1 0 .9

1 0 .2

1 0 .3

9 .9

1 0 .0

1 0 .5

1 0 .9

1 0 .3

9 .0

8 .0

7 .1

2 -7 8

1 0 .2

1 Ò .1

1 0 .4

1 0 .5

1 0 .6

1 0 .9

1 1 .8

1 1 .7

1 1 .1

1 1 .3

1 1 .0

1 1 .3

1 1 .9

1 2 .5

1 2 .2

1 1 .8

1 2 .0

1 3 .7

2 0 . 6 s)

3 -7 3

4 -7 3

1 -7 4

2 -7 4

3 -7 4

4 -7 4

1 -7 5

2 -7 5

3 -7 5

4 -7 5

1 -7 6

2 -7 6

3 -7 6

4 -7 6

1 -7 7

2 -7 7

3 -7 7

4 -7 7

1 -7 8

1 ,9 1 6 .8
8 .9

1 ,9 5 8 .1
X

^

1 ,9 9 2 .0
2 ,0 8 7 .5

I N I T I A L QUARTER

GROSS NATIONAL PROOUCT IN 1972 DOLLARS
COMPOUNDED ANNUAL RATES OF CHANGE
B I U . I O M S OP
C O LL A R S
AN»HM W E A l i f

I N I T I A L QUARTER

TERMINAI
QUARTER
3^73

4— 3
7

1— 4
7

2=74

3 -7 4

4=74

1 -7 5

2 -7 5

3 -7 5

4 -7 5

1 -7 6

2 -7 6

3 -7 6

4 -7 6

1 -7 7

2 -7 7

3 -7 7

4 -7 7

1 -7 8
1»2 42 *6

2 .1

^

1 ,2 3 0 .2

7%

1 -7 4

- l T Ö -3.9 N r .

2 -7 4

-1 .3

-2 .9

- 1 .8

1 » 2 2 4 .5

3 -7 4

- 1 .6

-2 .7

- 2 .2

1 » 2 1 6 .9

4 -7 4

-2 .4

-3 .5

-3 .3

,3%
-4 .0

1 * 1 9 9 .7

-5 .3

1 ,1 7 1 .6

1 -7 5

- 3 .5

- 4 .6

-4 .8

-5 .7

- 7 .3

2 -7 5

-2 .2

-2 .8

-2 .6

-2 .8

-2 .9

-1 .6

6 .4

3 -7 5

- 0 .7

-1 .0

-0 .6

-0 .3

0 .3

2*3

8 .4

4 -7 5 " ■ - 0 . 3

— .6
0

-0 .1

0 .2

0 .7

2 .4

6 .5

0 .5

1 .0

1 .4

2 .1

3 .7

7 .2

7 .4

3 .9

9 .3 ^

1 .8

2 .4

3 .8

6 .5

6 .6

5 .3

6 .6

4 .0 X

2 .4

3 .6

5 .9

5 .8

4 .6

5 .3

3 .4

\1 0 .57.2 %
'
V2 . 6
6 .5

1 » 1 8 9 .9
1 ,2 2 0 .0
1 ,2 2 7 .9

V

1 ,2 5 5 .5

1 -7 6

0 .6

2 -7 6

0 .9

0 .8

1 .4

1 .1

1 .0

1 .5

4 -7 6

1 .2

1 .1

1 .9

2 .4

3 .5

5 .4

5 .2

4 .2

4 .6

3 .0

2 .5

2 .4

1 -7 7

1 .6

1 .6

2 .0

2 .4

2 .9

3 .9

5 .6

“ 575

4V7

371

4H

4 71

478

2 -7 7

1 .9

1 .9

2 .3

2 .7

3 .2

4 .1

5 .6

5 .5

4 .9

5*2

4 .4

4 .5

5 .2

3 -7 7

2 .1

2 .1

2 .6

2 .9

2 .2

2 .2

2 .6

1 ,2 6 8 .0

^

I » 2 7 6 .5

3 .4

4 .2

5 .6

5 .6

5 .0

5 .3

4 .6

4 .8

4 .1

5 .4

5 .3

4 .8

5 .0

4 .4

4 .5

4 .9

4 .8

4 .3

4 .4

3 .9

3 .8

4 .0

1 ,3 2 5 .5
5 .7
4 .4

3 .2

4*4

3 .6

2 .9

1 .5

-0 .1

4 .3

3 .9

4 .2

2 -7 7 - 3 -7 7

4 -7 7

5 .5

1 -7 8

2 .0

2 .0

2 .4

2 .7

3 .1

3 .8

4 .9

2 -7 8

2 .4

2 .4

2 .8

3 .1

3 .5

4 .1

5 .2

5 .1

4 .7

4 .9

4*4

4 .4

4 .7

5 .1

4 .6

3 -7 3

4 -7 3

1 -7 4

2 -7 4

3 -7 4

4 -7 4

1 -7 5

2 -7 5

3 -7 3

4 -7 5

1 -7 6

2— 6
7

3 -T B

4 -7 6

1 -7 7




1 ,3 4 3 . 9

5 .B
4 .9

5 .3

3 .4

1 ,2 B 4 . 0

1 ,3 5 4 .5
1 ,3 5 4 . 2
8 .7 ^

1 ,3 8 2 .6

1 -7 8

I N I T I A L QUARTER

PREPAREO BY FEOERAL RESERVE BANK OF ST. LOUIS,
SETEMBER 20, 1978

12

GROSS N A T I O N A L P RODUCT
RATIO

SCALE

1970

Q U A R T E R L Y T O T A L S A T ANNUAL R A T E S

1971

1972

1973

1974

1975

1976

RATIO

1977

SCALE

1978

SOURCE« U .S. DEPARTMENT OF COMMERCE
PERCENTAGES ARE ANNUAL RATES OF CHANCE FOR PERIODS INDICATED.
LATEST DATA PLOTTED« 2ND OUARTER




PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

13

GE N E R A L P R I C E
RATI O

INDEX*

SCALE

RATI O

1 7 -1 0
92 0

1970
*AS

USED

1971
IN

N A T IO N A L

1972

1973

1974

1975

IN CO M E A C C O U N TS

PER C EN TA G ES

ARE ANNUAL

LA TES T

P L O TTE D t

D ATA

SCALE

1 7 -1 0
92 0

RA TES

OF

C H A N CE

1976

SOURCEt
FO R

P E R IO D S

U .S .

1977
D E P A R TM E N T

1978
OF

CO M M ERCE

IN O IC A T E D .

2 HO Q U A R T E R
P R EP AREO

BY

FED ER A L

RESERVE

B AN K OF

S T.

L O U IS

IM P L I C IT P R IC E O EFLA TOR FOR GROSS NATIO NAL PRODUCT
COMPOUNDED ANNUAL R A T ES OF CHANGE
T ER M IN A L
I N I T I A L QUARTER
1972
»100
9 U A R JE R _____________________________________________________________________________________________________________________________________________________________________________________
3 -73
4 -7 3
1-74
2 -7 4
3-74
4-7 4
1-75
2-75
3-75
4-75
1-76
2-76
3-76
4-7 7
4—76
1-77
2 -7 7
3-7 7
1-78
4 -73

9 .6

1 0 9 .0 5

1-74

9 .0

111*20

2 -74

9 .8

6* * r \
9 .9
1 1 .5

1 1 4 .3 #

3-74

10*3

1 0 .5

1 1 .5

1 1 .6

4 -7 4

1 0 .7

1 1 .0

1 1 .9

1 2 .1

1 2 .6

1 1 7 .5 2
1 2 1 .0 6
1 0 .6 V

1-75

1 0 .7

1 0 .9

1 1 .6

1 1 .6

1 1 .6

2-75

1 0 .0

1 0 .1

tO .4

1 0 .2

9 .7

8 .2

5 .9

3-75

9 .7

9 .7

9 .9

9 .6

9 .1

7 .9

6 .6

7 .3

4-75

9 .3

9 .2

9 .4

9 .0

8 .5

7 .5

6 .5

6 .8

6 .2

8 .7

8 .3

7 .7

6 .8

5 .8

5 .8

5.1

1 2 4 .1 6
K

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

1-76

8 .7

8 .6

2-76

8 .4

8 .2

8 .2

7 .8

7 .3

6 .4

5 .6

5 .5

4 .9

4 .3

4 .7

3-76

8 .0

7 .9

7 .8

7 .4

6 .9

6 .2

5 .4

5 .3

4#8

4 .4

4 .6

4 .5 ^

4 -76

7 .9

7 .7

7 .6

7 .3

6 .8

6 .1

5 .5

5 .4

5 .0

4 .7

5 .0

5 .1

1-77

7 .7

7 .6

7 .5

7 .2

6 .7

6 .1

5 .5

5 .5

5 .2

5 .0

5 .2

5 .4

5 .9

6 . 0 \ ^

1 3 0 .2 7

2-77

7 .7

7 .6

7 .5

7 .2

6 .8

6 .2

5 .8

5 .8

5 .5

5 .4

5 .7

6 .0

6 .5

6 .8

7 .7 "'

1 4 0 .0 4

5 .7

5 .7

5 .5

5 .4

5 .6

5*8

6 .1

6 .3

6 .4

5 .1

3 .9

1 3 1 .4 0
1 3 2 .9 2
6 .2 %

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

5 .7 s

3-77

7 .6

7 .4

7 .3

7 .0

6 .7

6 .1

4 -7 7

7 .4

7 .3

7 .2

6 .9

6 .6

6 .1

5 .7

5 .7

5 .5

5 .4

5 .6

5 .8

6 .0

6 *1

6 .1

5 .3

5 .5

1-78

7 .4

7 .3

7 .2

6 .9

6 .6

6 .2

5 .8

5 .8

5 .7

5 .6

5 .8

6 .0

6 .2

6 .3

6 .4

5 .9

6 .4

7 .2

2-78

7 .6

7 .5

7 .4

7 .2

6 .9

6 .5

6 .2

6 .2

6 .1

6 .1

6 .4

6 .6

6 .9

7 .1

7 .3

7 .2

7 .9

9 .1

3-73

4 -7 3

1-74

2 -74

3-74

4-7 4

1-75

2-75

3-75

4-75

1-76

2-76

3-76

4-76

1-77

2-77

3 -7 7

4 -7 7




IN IT IA L

1 4 2 .6 3
1 4 4 .5 4
1 4 7 .1 0
ii.o \

1 5 0 .9 0

*-78

QUARTER

PREPAREO BY FEDERAL RESERVE BANK OF ST. LOUIS
SETEMBER 20» 1978

14

PERSONAL CONSUMPTION EXPENDITURES IN CURRENT DOLLARS
COMPOUNDED ANNUAL RATES OF CHANGE

3 -7 3

B IL L IO N S OF
I N I T I A L QUARTER
DOLLARS
_________________________________________________________ _ ______________________________________ _________________________ RA T ES,
1 -7 8
4 -7 7
3 -7 7
4 -7 3
1 -7 4
2 -7 4
4 -7 6
1 -7 7
3 -7 4
2 -7 7
1 -7 6
3 -7 6
4 -7 4
2 -7 6
1 -7 5
2 -7 5
3 -7 5
4 -7 5

7# 5

8 3 3 .1

TERMINAL
QUARTER
4 -7 3

8 5 4 .0

1 -7 4

8 .9

1 0 .4

2 -7 4

1 0 .1

1 1 .4

1 2 .3

8 7 9 .2
9 0 9 .0

3 -7 4

1 1 .1

1 2 .3

1 3 .3

1 4 .3

4 -7 4

9 .5

1 0 .0

9 .8

8 .6

3 .2

1 -7 5

9 .4

9 .7

9 .6

8 .7

6 .0

2 -7 5

9 .9

1 0 .3

1 0 .3

9 .7

3 -7 5

1 0 .2

1 0 .6

1 0 .7

4 -7 5

1 0 .4

1 0 .7

1 -7 6

1 0 .7

1 1 .0

9 1 6 .2
8 .8

9 3 5 .7

8 .3

1 0 .9

1 3 .1

9 6 4 .9

1 0 .3

9 .4

1 1 .5

1 2 .8

1 2 .6

1 0 .8

1 0 .5

9 .8

1 1 .5

1 2 .4

1 2 .1

1 1 .6

11*1

1 0 .9

1 0 .4

1 1 .8

1 2 .6

1 2 .5

1 2 .4

1 3 .2

9 9 4 .0
1 * 0 2 1 .6
1 ,0 5 3 .8

2 -7 6

1 0 .4

1 0 .7

1 0 .8

1 0 .6

1 0 .1

1 1 .3

1 1 .8

1 1 .4

1 1 .0

1 0 .7

8 .3

3 -7 6

1 0 .3

1 0 .6

1 0 .6

1 0 .4

9 .9

1 0 .9

1 1 .3

1 0 .9

1 0 .5

1 0 .1

8 .6

9 .0

1 ,0 7 5 .1

4 -7 6

1 0 .6

1 0 .8

1 0 .9

1 0 .7

1 0 .3

1 1 .2

1 1 .6

1 1 .3

1 1 .1

1 1 .0

1 0 .2

1 1 .2

1 3 .5

1 » 0 9 8 .4
1 #1 3 3 .7

1 -7 7

1 0 .7

1 0 .9

1 1 .0

1 0 .9

1 0 .5

1 1 .4

1 1 .7

1 1 .5

1 1 .3

11*3

1 0 .8

1 1 .6

1 3 .0

1 2 .5

2 -7 7

1 0 .5

1 0 .7

1 0 .7

1 0 .6

1 0 .2

1 1 .0

1 1 .2

1 1 .0

1 0 .8

1 0 .6

1 0 .1

1 0 .6

1 1 .1

9 .9

7 .4

3 -7 7

1 0 .4

1 0 .6

1 0 .6

1 0 .5

1 0 .1

1 0 .8

1 1 .0

1 0 .8

1 0 .5

1 0 .4

9 .9

1 0 .2

1 0 .6

9 .6

8 .2

4 -7 7

1 0 .6

1 0 .8

1 0 .8

1 0 .7

1 0 .4

1 1 .1

1 1 .3

1 1 .1

1 0 .9

1 0 .8

1 0 .5

1 0 .9

1 1 .3

1 0 .7

1 0 .1

1 1 .5

1 4 .1

1 -7 8

1 0 .4

1 0 .6

1 0 .4

1 0 .5

10*2

1 0 .7

1 0 .9

1 0 .7

1 0 .5

1 0 .4

1 0 .1

1 0 .3

1 0 .5

1 0 .0

9 .3

1 0 .0

1 0 .5

7 .0

2 -7 8

1 0 .6

1 0 .8

1 0 .8

1 0 .8

1 0 .5

1 1 .1

1 1 .2

1 1 .1

1 1 .0

1 0 .9

1 0 .6

1 0 .9

1 1 .2

1 0 .8

1 0 .5

1 1 .3

1 2 .1

il. l

1 5 .3

3 -7 3

4 -7 3

1 -7 4

2 -7 4

3 -7 4

4 -7 4

1 -7 5

2 -7 5

3 -7 5

4 -7 5

1 -7 6

2 -7 6

3 -7 6

4 -7 6

1 -7 7

2 -7 7

3 .rT 7 . * - 7 7

1 -7 *

1 * 1 6 7 .7
1 » 1 8 8 .6
9 .0

lt 2 1 4 . 5
1 * 2 5 5 .2
1 ,2 7 6 .7
1 ,3 2 2 .9

I N I T I A L QUARTER

PERSONAL CONSUMPTION EXPENDITURES IN 1972 PO LLARS
______________
COMPOUNDED ANNUAL RATES OF CHANGE
__________ ___ _____________________
___
_
B IL L IO N S OF
TERMINAL~
I
N
I
T
I
A
L
QUARTER
DOLLARS
QUARTER
___________ ___________________ _ _ ____________ _________________________________ _________________________________________ ANNUA L RATES
4 -7 5
3 -7 6
4 -7 6
1 -7 7
2 -7 7
3 -7 7 4 -7 7
1 -7 8
2 - 7 4 3 -7 4
1 -7 6
2 -7 6
3 -7 3 4^73 1 -7 4
2 -7 5
3 -7 5
4 -7 4
1 -7 5
4 -7 3

7 6 5 .9

-2 .3

1 -7 4

-2 .3

-2 .2

2 -7 4

- 1 .5

- 1 .1

0 .1

3 -7 4

- 0 .5

0 .1

1 .3

2 .6

1 -7 5

- l. l

-0 .9

- 0 .6

- 0 .8

-2 .4

2 -7 5

- 0 .0

0 .4

0 .9

1 .1

0 .6

3 -7 5

0*6

1 .0

1 .6

1 .9

1 .7

4 -7 5

1 .2

1 .6

2 .2

2 .6

1 -7 6

1 .8

2 .3

2 .9

3 .3

2 -7 6

2 .0

2 .5

3 .0

3 .4

3 .5

3 -7 6

2 .1

2«6

3 .0

3 .4

3 .5

5 .1

4 -7 6

2 *6

3 .0

3 .5

3 .8

3 .9

5 .4

3 .9

4 .1

7 6 1 .6
7 6 1 .7
7 6 6 .6

4 -7 4

7 5 2 .9
2 .3

7 5 7 .2
7 .0

7 7 0 .2

4 .8

6 .0

2 .5

5*1

6 .0

5 .5

6 .0

3 .4

5 .6

6 .5

6 .3

6 .9

7 .9

6 .0

5 .7

5 .9

5 .9

3 .9

5 .5

5 .2

5 .3

5 .1

3 .7

3 .4

5 .8

5 .6

5 .8

5 .7

5 .0

5 .5

7 .7

5 .7

5 .6

5 .6

5 .6

5 .0

5 .4

6 .4

5 .0

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

1 -7 7

2 .7

3 .1

3 .6

2 -7 7

2 .6

3 .0

3 .4

3 .7

3 .8

4 .9

5 .2

5 .0

5 .0

4 .9

4 .3

4 .4

4 .7

3 .2

1 .4

3 -7 7

2 .7

3 .1

3 .5

3 .7

3 .8

4 .9

5 .1

4 .9

4 .9

4 .7

4 .2

4 .3

4 .5

3 .5

2 .7

4 .1

4 -7 7

3 .1

3 .4

3 .8

4 .1

4 .2

5 .5

5 .3

5 .3

5 .3

4 .9

5 .1

5 .4

4 .8

4 .8

6 .5

9 .0

1 -7 8

2 .8

3 .1

3 .5

3 .7

3 .8

4 .7

4 .9

4 .7

4*6

4 .5

4 .1

4 .1

4 .2

3 .6

3 .2

3 .8

3 .6

-1 .4

2 -7 8

3 .0

3 .3

3 .6

3 .9

3 .9

4 .8

5 .0

4 .8

4 .8

4 .7

4 .3

4 .3

4 .5

4 .0

3 .7

4 .3

4 .4

2 .2

3 -7 3

4 -7 3

1 -7 4

2 -7 4

3 -7 4

4 -7 4

1 -7 5

2 -7 5

3 -7 5

4 -7 5

1 -7 6

?—
76

4 -7 6

1 -7 7




8 4 6 .6

5*1

8 4 9 .5
8 5 8 .0

2.-I7.. 3 - 7 7

8 7 6 .6
8 7 3 .5
6 .0

8 8 6 .3

1 -7 8

I N I T I A L QUARTER

PREPARED BY FEOERAL RESERVE BANK OF ST« LOUIS
SEPTEMBER 20, 1978

15

GROSS PRIVATE OQMESTIC INVESTMENT IN CURRENT DOLLARS
COMPOUNDED ANNUAL RATES OF CHANGE
TERMINAL

BILLIONS OF
OOLLARS
ANNU AL RATES

INITIAL QUARTER
4 -7 3

3-73

2-74

1-74

3-74

4-7 4

1-75

2-75

3-75

4-75

1-76

2-76

3-76

4-76

1-77

2-77

3 -7 7

1-78

4 -7 7

2 3 1 .5

4 -7 3

” 227*7

1 -74

- 2 .4

- 2 2 .4

2 -7 4

- 0 .1

- 9 .8

4 .9

- 4 .2

- 1 1 .8

- 6 .0

- 3 .5

3 -7 4
4 -7 4

2 1 7 .3
2 1 V .9
~21Ö77~

- 1 5 .7
- 8 .5

~ 2 1 0 .4

- 9 .1

- 4 .2

1-75

- 1 3 .3 - 1 9 .1

- 1 8 .2

- 2 4 . 7 - 2 8 .9 - 4 9 .1

- 0 .6

2-75

- 1 2 .2

- 1 7 .0 - 1 5 .8

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

1 7 7 .7
175 .2

- 5 .5

3-75

- 3 .0

— .2
6

- 3 .2

- 4 .8

- 1 .9

- 2 .3

3 5 .4

2 0 6 .8

4-7 5

- 3 .3

— .2
6

- 3 .6

- 4 .9

- 2 .6

- 3 .1

2 0 .1

3 5 .4

- 5 .5

1—
7ò

2 .1

0 .0

3 .2

3 .0

6 .5

7 .9

3 0 .3

4 5 .0

2 5 .3

6 6 .2

2 -7 6

3 .8

2 .0

5 .2

5 .2

8 .6

1 0 .2

2 8 .7

3 9 .0

2 4 .3

4 2 .6

2 2 .4

3-7 6

4 .3

2 .8

5 .8

5 .8

8 .9

1 0 .3

2 5 .5

3 2 .9

2 0 .8

3 1 .2

1 6 .5

4 -7 6

3 .6

2 .2

4 .8

4 .8

7 .3

8 .4

2 0 .7

2 5 .8

1 5 .3

2 1 .2

9 .1

1-77

6 .3

5 .1

7 .8

8 .1

1 0 .8

1 2 .2

2 3 .8

2 8 .7

2 0 .2

2 6 .1

1 7 .7

16*2

1 8 .9

4 7 .9

2-7 7

8 .2

7 .2

9 .9

1 0 .4

1 3 .1

1 4 .6

2 5 .4

2 9 .9

2 2 .6

2 8 .1

2 1 .6

2 1 .4

2 5 .1

4 3 .1

3 8 .5

3-7 7

8 .9

8 .1

1 0 .7

1 1 .1

1 3 .7

1 5 .1

2 4 .9

2 8 .8

2 2 .4

2 7 .0

2 1 .4

2 1 .2

2 3 .9

3 5 .1

2 9 .2

2 0 .5

4-7 7

8 .7

7 .9

1 0 .3

1 0 .7

1 3 .0

1 4 .2

2 2 .9

2 6 .2

2 0 .3

2 4 .0

1 8 .9

1 8 .3

1 9 .9

2 6 .9

2 0 .5

1 2 .5

5 .0

1-78

8 .9

8 .1

1 0 .4

1 0 .8

1 3 .0

1 4 .1

2 2 .0

2 4 .9

1 9 .5

2 2 .6

1 8 .1

1 7 .5

18 m
b

2 3 .8

1 8 .4

1 2 .4

8 .6

2-78

1 0 .0

9 .3

1 1 .5

1 2 .0

1 4 .1

1 5 .2

2 2 .7

2 5 .4

2 0 .5

2 3 .5

1 9 .5

1 9 .1

2 0 .3

2 5 .0

2 0 .9

1 6 .8

1 5 .7 _ 2l74~

3 1 .2

3-73

4 -7 3

1-74

2-74

3-74

4-74

1-75

2-75

3-75

4-75

1-76

2-76

3-76

4-76

1-77

2-77

3-77

1-78

9 4 .1

2 0 3 .9

IN IT IA L

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

2 4 9 .9

3 .0 “ - 4 .4

2 4 7 .1
2 7 2 .5
2 9 5 .6
3 0 9 .7
3 1 3 .5
1 2 .3

3 2 2 .7

4—
77

3 4 5 .4

QUARTER

GROSS P R IV A T E DOMESTIC INVESTM ENT IN 1972 OO LLARS
COMPOUNDED ANNUAL R A T ES OF CHANGE
TERM IN A L
QUARTER

IN IT IA L
3-73

4 -7 3

1-74

2 -7 4

3-74

4-73

- 7 .2

2-74

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

4-74

2-75

3-75

4-75

1-76

2!—
76

- 1 3 .6 - 1 9 .5 - 1 7 .7 - 1 9 .2 - 1 2 .9

3-76

4 -7 6

1-77

2-77

3-7 7

4 -7 7

- 9 . 7 - 1 9 .7 - 1 4 .5

3-74

1-75

B I L L I O N S OF
OOLLARS
ANNUAL R A T E S
1-78

1 4 .2

1-74

4-74

QUARTER

2 1 1 .8
- 2 4 .5

1 9 7 .4
1 8 9 .8

- 2 5 .0
1 7 0 .6

1-75

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

2-75

- 2 1 .8

- 3 1 .3 - 3 8 . ?

- 3 .8

3-75

- 1 3 .4 - 1 6 .7 - 1 5 .4 - 1 5 . 5 - 1 3 .0 - 1 3 .0

3 0 .4

4-7 5

- 1 3 .2 - 1 6 .2 - 1 4 .9 - 1 * . 9 - 1 2 .8 - 1 2 .7

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

1 3 4 .6
1 3 3 .3
7 6 .8

1 4 .4

2 4 .8 - 1 1 .9

1-76

-775

- 9 .7

—
T76

- 6 .6

- 3 .1

- 1 .0

2 5 .2

3 6 .7

2 0 .2

6 4 .0

2-76

- 5 .6

- 7 .4

- 5 .3

- 4 .1

- 0 .6

1 .6

2 3 .2

3 1 .1

1 8 .6

3 7 .7

1 5 .6

3“ 76

-^7

— .3
6

- 4 .2

— .0
3

Ö7l

2 l2

2 0 .1

2575

1 5 .2

2 6 .0

1 0 .5

576

4 -7 6

- 5 .0

- 6 .5

- 4 .6

- 3 .6

- 0 .8

0 .8

1 5 .6

1 9 .2

1 0.1

1 6 .5

3 .9

- 1 .5

- 8 .1

1-77

- 2 .7

- 3 .9

- 1 .9

- 0 .7

2 .1

3 .?

1 7 .6

2 1 .0

1 3 .6

1 9 .5

1 0 .4

8 .8

1 0 .4

3 2 .7

2 7 7

- i* ®

- 27 5

=0 .0

173

471

579

ib . 5

2 1 .6

1 5 .3

2 0 .6

1 3 .4

1 2 .8

1 5 .3

2 9 .2

2 5 .8

3-77

- 0 .4

- 1 .3

0 .6

1 .9

4 .5

6 .3

1 7 .6

2 0 .2

1 4 .6

1 8 .9

1 2 .7

1 2 .2

1 3 .9

2 2 .3

1 7 .5

9 .7

- 0 .5

- 1 .4

0 .4

1 .6

4 .0

5 .5

1 5 .6

1 7 .7

1 2 .5

1 6 .0

1 0 .4

9 .5

1 0 .3

1 5 .5

1 0 .3

3 .3

- 2 .7

1-78

0 .1

- 0 .7

1 .0

2 .2

4 .5

5 .9

1 5 .2

1 7 .1

1 2 .4

1 5 .4

1 0 .5

9 .8

1 0 .5

1 4 .6

1 0 .5

5 .9

4 .0

1 1 .2

2-78

0 .8

0 .1

1 .8

2 .9

5 .1

676

1 5 .2

1 6 .9

1 2 .6

1 5 .4

1 1 .0

1 0 .4

1 1 .2

1 4 .7

1 1 .4

871

776

1 3 .2

T572~

3 -7 4

4 -7 4

1-75

2-75

3-75

4-75

1-76

2-76

3-76

4 - 76

1-77

2 -7 7

3 -7 7

4-7 7

1-78

3-13

4-73- 1=2A- 2-T74
-

-----------




-

1 4 8 .9

___________________I N I T I A L

1 6 8 .5

QUARTER

1 7 4 .7
1 7 7 .1
1 7 3 .4

__________

1 8 6 .1

1 9 7 .1
2 0 1 .7
2 0 0 .3
2 0 5 .7
2 1 3 .1

_

PREPARED BY FEDERAL REStRVE PANK OF ST. W0UI5SEPTEM8ER 20♦ 1978

16

GOVERNMENT PURCHASES OF GOOOS ANO SERVICES IN CURRENT DOLLARS
CÔMPÔÜNDÉDAMNUAL ftÀTR“» CHANGÉ
Te r m i n a l

IN IT IA L

BILLIONS OF
COLLARS
ANNUAL RATES

QUARTER

q uarter

3 -7 3

4— à
7

1 -7 4

à—
74

4 -7 4

1 -7 5

4 -7 5

2 -T F

1 -7 6 “ 2 -7 6 "

3 -Ï6 "

4 -t6

l- f f

2 -7 7

3 -7 7

4~7>

l- ? 8
2 7 t .8

4 -7 3

13*2

1 -7 4

13*8

1 4 .4

2 -7 4

1 4 .4

1 4 .9

1 5 .4

2 87 *3
2 97 *8

3 -7 4

1 4 .4

1 4* 8

1 4 .9

14* 4

4 -7 4

14*1

1 4 .3

1 4 .3

13* 7

1 2 .9

1 -7 5

13*5

13*6

1 3 .4

l*f7

11*9

3 0 8 .0
3 1 7 .5
3 2 5 .8

1 0 .9

2 -7 5

13*1

1 3 .1

1 2 .9

12*2

11*5

1 0 .8

3 -7 5

1 2 .7

1 2 .7

12*4

11*8

1 1 .1

TÖ 3

T Ö .3

4 -7 5

ll* t

11*1

1 0 .>

ló . t

3 3 4 .2

iò . r

£ 4 2 .2

"9 *9 1 1 .3

3 5 1 .5

8 .0

Y .o

2 .9

3 * 4 .0

6*9

5 .9

3 .3

3*7

5 .3

3 .4

3 .6

6*3

5 .6

4 .2

4 *7

5 .2

6*7

6 .8

6 .3

5 .3

5 .9

6 .7

8*3

9*8

7 .9

7 .6

7 .0

7 .8

8 .8

10* 6

12* 7

1 5 .6

8 .3

8 .0

7 .6

8 .4

9 .4

10*8

12*3

1 3 .5

1 1 .5

12*6

l£ * 4

li. 2

1 -7 6

1 1 .6

1 1* 4

1 1 .0

1 0* 4

9 .*

9 .1

8 .~ y

2 -7 6

1 0 .8

10*6

10*2

9*5

8 .8

8 .2

7 .6

3 -7 6

10* 2

9 .9

9*5

8 .8

8 .2

7 .5

7 .0

6 .2

4 -7 6

9 .9

9 .7

9*2

8*6

8 .0

7 .4

6 .9

1 -7 7

9 .9

9 .7

9*3

8*7

8 .2

7 .7

7 .3

2 -7 7

1 0 .3

10*1

9*8

9*3

8*8

8 .4

• *2

3 -7 7

1 0 .4

10*2

9*9

9 *5

9 .1

8 .7

8 .5

tO .6

3 5 7 .2
3 6 0 .4

3 .6

3 6 6 .3
3 7 5 .0
388 *8
3 9 9 .5

4 -7 7

10*6

10*4

10*1

9*8

9 .4

9 .1

9*0

8 .8

8 .7

8 *3

9 .1

10*1

11*4

1 2 .6

1 3 .6

12*6

1 3 .7

1 -7 8

10*2

10*0

9*7

9*4

9 .0

8 .7

8*5

8 .4

8 .2

7 .9

8 .5

9*2

10*2

1 0 .9

1 1 .1

9 .7

8 .8

4 .1

2 -7 8

1 0 .1

9 .9

9 .6

9 .3

8 .9

è .t

8*5

8 .3

8 .2

7 *9

8 .4

9*0

9*8

1 0 .4

Ì0 .5

9 .2 —

175"

6 .Ò

7 .9

3 -7 3

4 -7 3

1 -7 4

2 -7 4

3 -7 4

4 -7 4

1 -7 5

2 -7 5

3 -7 5

4 -7 5

1 -7 6

2 -7 6

3 -7 *

4 -7 6

1 -7 7

4 -7 7

1 -7 8

2 -7 7

3 -7 7

412*5
4 1 6 .7

I N I T I A L QUARTER

GOVERNMENT PURCHASES OF COOPS AND SER VIC ES IN 197 2 DOLLARS
COMPOUNDED ANNUAL RAŸES OF CHANGE
BI
TERMINAL
9MARHR

I N I T I A L QUARTER
ANNUAL R A T ES
3 -7 3

4 -7 3

3*5

2 -7 4

3 -7 4

4 -7 4

1 -7 5

2=75

3 -7 5

4 -7 5

1-7 6

2 -7 6

3 -* 6

4 -7 6

P

2 -7 7

3 —7 7

4 -7 7

1 -7 «

0*3

1 -7 4

4 -7 3

252*0
6*6

2 56 *2

2 -7 4

3*1

3 -7 4

2 .7

3*5

2 5 8 .5

4 -7 4

2 .1

2 *5

2 5 8 .3

1 -7 5

2 .0

2*3

2 -7 5

2*2

2 *5

3 -7 5

2 .4

2 *6

3 *5

3 .4

4 -7 5

2*4

2*7

3*3

3 .2

¿57*6

2 *2

2 5 9 .3
3* 6

2 6 1 .6
2 6 3 .8
2 .9

2 6 5 .7

1 -7 6

2 6 4 .3

2 -7 6

1*6

1*8

1*2

0 .6

-0 .3

-1 .9

-1 .7

3 -7 6

1*4

1*5

0*8

0 .3

-0 .5

-1 .6

-1 .4

-1 .1

4 -7 6

1*1

1*2

0*4

-0 .1

- 0 .8

-1 .7

-1 .5

- 1 .4

-1 .8

1 -7 7

1*2

1*3

0*7

0 .3

- 0 .3

-0 .9

-0 .6

-0 .2

0 .2

2 .3

2 -7 7

1*7

1*8

1*5

1 .2

0 .9

0 .6

1 .1

1 .8

2 .8

5 .1

8 .0

3 -7 7

1*9

2 *0

1*9

1 .7

1 .5

1 .3

1 .9

2 .6

3 .5

5 .3

6 .9

5 .8

4 -7 7

2*1

2*2

2*1

1 .9

1 .8

1 .6

2 .2

2 .8

3 .6

5 .1

6 .0

5 .0

1 -7 8

1*7

1*8

1 .6

1 .4

1 .2

1 .1

1*5

1 .9

2*4

3 .3

3 .5

2 .1

0 .3

-3 .5

2 -7 8

1*6

1*7

1*5

1 .3

1 .1

0 .9

1 .3

1 .6

2 .0

2 .7

2 .8

1 .5

0 .1

-1 .9

-0 .3

3 -7 3

4 -7 3

1 -7 5

2 -7 5

3 -7 5

4 -7 5

1 -7 6

2 -7 6

3 -P S

4 -7 6

1 -7 7

2 -7 7

3 -7 7

4 -7 7

1 -7 8

— ---- ----------------




2

3

2 6 3 .2
2 6 2 .5
2 6 1 .3
2 6 2 .8
2 6 7 .9
2 7 1 .7
4 .2

2 7 4 .5
2 7 2 .1
2 7 1 .9

I N I T I A L QUARTER

PREPARED BY FEOCKAL RESERVE BANK OF ST, LOUIS
SEPTEMBER 20» 1978

17

DISPOSABLE PERSONAL INCOME IN CURRENT DOLLARS
COMPOUNDED ANNUAL RATES OF CHANGE
TERMINAL
QUARTER
3 -73
4 -7 3

BILLIONS OF
DOLLARS
ANNUAL RATES

INITIAL QUARTER
4-73

1-74

2-7 4

3-74

4-7 4

1-75

2-75

3-75

4-75

1-76

2-76

3-76

4-76

1-77

2-77

3-7 7

4 -7 7

1-78
9 3 7 .7

1 2 .1

1-74

9 4 9 .5

5 .1

9 7 3 .1

2-7 4

9 .1

7 .7

1 0 .3

3 -7 4

9 .7

8 .9

1 0 .9

1 1 .4

4 -7 4

9 .1

8 .4

9 .5

9 .1

~ 9 9 9 .7 ~
6 .8

“ ïT ô lô .T “

7 .4

1-75
2-7 5

1 1 .1

3-7 5

9 .9

8 .0

7 .2

5 .2

3 .7

1 0 .9

1 2 .1

1 2 .5

1 2 .9

1 6 .1

1 * 0 2 5 .4
30*1

1 * 0 9 5 .1

9 .6

1 0 .3

1 0 .3

1 0 .1

1 1 .2

1 5 .1

1 .9

9 .6

4 -7 5

1 0 .2

1 0 .2

1 0 .0

1 0 .8

1 3 .3

5 .7

1 * 1 0 0 .3
9 .6

1 * 1 2 5 .8

9 .6

1 0 .2

1 0 .2

9 .9

1 0 .6

1 2 .4

7 .0

9 .7

9 .8

2-7 6

9 .5

9 .3

9 .8

9 .7

9 .4

9 .9

1 1 .2

6 .9

8 *6

8 .1

6 *4

3 -7 6

9 .4

9 .1

9 .6

9 .5

9 .2

9 .6

1 0 .6

7 *1

8*4

8 .0

7*1

7 .8

4-76

9 .4

9 .2

9 .6

9 .5

9 .3

9 .6

1 0 .5

7 .6

8 *7

8 *5

8 .1

8 .9

1 0 .0

1-77

9 .4

9 .2

9 .5

9 .5

9 .3

9 *6

10*3

7 .8

8*8

8 *6

8 .3

8 .9

9 .5

9 .0

2-7 7

9 .6

9 .4

9 .8

9 .7

9 .6

9 .9

1 0 .6

8 *3

9 *3

9 *2

9 .1

9 .8

1 0 .5

1 0 .7

1 2 .5

1-76

1 * 1 5 2 .5
1 * 1 7 0 .6
1 * 1 9 2 .8
1 * 2 2 1 .5
1 * 2 4 8 .0
1 * 2 8 5 .3

3-77

9 .7

9 .5

9 .8

9 .8

9 .7

10*0

1 0 .6

8 *6

9*5

9*5

9 .4

1 0 .0

1 0 .6

1 0 .8

1 1 .7

1 0 .9

4 -7 7

9 .9

9 .7

1 0 .0

1 0 .0

9 .9

1 0 .2

1 0 .8

9 *0

9 *9

9 *9

9 .9

1 0 .5

1 1 .0

1 1 .3

1 2 .1

1 1 .9

1 2 .9

1-78

9 .9

9 .7

1 0 .0

1 0 .0

9 .9

10*2

1 0 .7

9 *1

9 *9

9 *9

9 .9

1 0 .4

1 0 .8

1 1 .0

1 1 .5

1 1 .2

1 1 .3

9 .8

9 .9

1 0 .2

1 0 .2

1 0 .1

1 0 *3

1 0 .9

9 *4

10*1

10*1

1 0 .2

1 0 .7

1 1 .1

1 1 .2

1 1 .7

1 1 .5

1 1 .7

1 1 .1

1 2 .5

4-7 3

1-74

2-74

3-74

4-7 4

1-75

2-75

3-75

4-75

1-76

2-76

3-76

4-7 6

1-77

2-77

3-7 7

4 -7 7

1-78

2 -78

3-73

IN IT IA L

1 *3 1 9 .1
1 * 3 5 9 .6
1 ,3 9 1 .6
1 * 4 3 3 .3

QUARTER

D IS P O S A B L E PERSO NAL INCOME IN 1972 DOLLARS
COMPOUNDED ANNUAL R A T ES OP CHANGE
T ER M IN A L
ttjA R T |R

IN IT IA L
3—73

4—
73

1-74

2 -7 4

3-7 4

4 -7 3

- 2*7
-2*3

-4*4

- 1 .8

-2*9

-0*9

- 3 .1

- 1 .8

- 1 .9

3-75

4-75

1-76

2-76

3-76

4 -7 6

1-77

2-7 7

3 -7 7

4 -7 7

1-78

-0*0

- 2 *2

2-75

-1*7

4-74

1-75

- 7 .0

2-74

4 -7 4

1*8

B I L L I O N S OF
O O LLARS
ANNUAL R A T E S

QUARTER

862*1

- 3 .7

8 4 3 .1
8 4 3 .0

1-75

- 2 .2

- 3 .0

- 2 .0

- 2 .1

- 3 .1

1 .1

0 .9

2 *6

3 *7

4 .9

9 *6

3-75

0 *3

0*1

1 *3

8 2 9 .8

- 2 .5

2-75

4-7 5

2-76

2 *4

4 *5

8 *2

-4*9

2 .7

4 .4

6 .8

- 0 .5

2 .6

3 .0

4 .4

6 .3

1 .2

2 .1

2 .5

2 .9

4 .0

5 .4

2*1

2 *5

2 .1
1 .1

1*3
1*5
1 .5

1 *5

2 *3

8 7 1 .7

1 .4

3 *6

3 .4

1 *6

3*3

3 *0

4 .8

2*0

3 *5

3 *3

2 *0

3*2

3 *0

3 *9

4 *6

2 *5

3 *6

3 *8
3*0

3 *9

891*5
2 *9

3 *3

3 *3

3 *6

9 0 0 .9

4 *3

4*1

1 *5

2 *2

2 *6

2 *5

2*9

2 *1

2 *1

2 *8

3 *1

3 *4

4*1

4 *8

2 *9

3 *9

3 *9

3*8

4 *1

4*5

4 *6

6*1

2 .4

2 .4

3 .1

3 .5

3 .7

4 .4

5 .0

3 .4

4 .3

4 .4

4 .3

4 .7

5 .2

5 .4

6 .7

6 .9

7 .8

1-78

2 .3

2 .4

3 .0

3 .3

3 .5

4 .1

4 .7

3 .2

4 .0

4 .0

3 .9

4 .2

4 .5

4 .5

5 .2

4 .9

4 .4

1 .1

2-78

2 .4

2 .4

3 .0

3 .3

3 .5

4 .1

4 .6

3 .2

4 .0

3 .9

3 .9

4 .1

4 .3

4 .3

4 .9

4 .5

4 .1

2 .3

3 .5

3-73

4-73

1-74

2 -7 4

3 -7 4

4-7 4

1-75

2-75

3-75

4-7 5

1-76

2-76

3-76

4-76

1-77

2 -7 7

3 -7 7

4 -7 7

1 .7

2 *6

9 1 8 .6

6«2

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

:

3-7 7

3 *6

8 8 6 .3

2*1

1*8

2 -7 7

2 *9

8 8 1 .8

4 .7

1
•

1-77

1 *9
2 .2

0 .6
1 .1

3-76

8 7 4 .1

23*1




IN IT IA L

QUARTER

PREPAREO BY FEDERAL RESERVE BANK OF ST. LOUIS
SEPTEMBER 20, 1978

18

CORPORATE PROFITS AFTER TAXES »
COMPOUNDED ANNUAL RATES OF CHANGE
TERMINAL

BILLIONS Of
DOLLARS

I N I T I A L QUARTER

3 -7 3
4 -7 3
1 -7 4

1 7 .5

4 -7 3

1 -7 4

2 -7 4

3 -7 4

4 -7 4

1 -7 5

2 -7 5

3 -7 5

4—
75

1 -7 6

2 -7 6

3 -7 S

4 -7 6

1 -7 7

2 -7 7

3 —7 7

4 -7 7

1 -7 »
6 8 .5

2 0*4

----- ■ ■

1 4 .8

2 -7 4

1 5 .4

1 2 .9

2 3 .9

2 5 .0

3 0 .5

4 -7 4

9 .8

7 .3

4 .9

7 2 .8

1 1 .2

3 -7 4

7 0 .9

8 1 .0

5 3 .3

7 3 .5

1 .9 - 3 2 . 2

5 9 .1

1 -7 5

— .5 -1 1 .1 - 1 6 .6 - 2 4 .3 -4 6 .8 - 5 8 .2
6

2 -7 5

-0 .7

-3 .8

3 -7 5

9 .3

7 .8

6 .7

5 .8

-3 .6

8 .4

7 4 .6 1 1 3 .6

7 8 .1

4 -7 5

9 .6

8 .3

7 .4

6 .8

-O .t

9 .3

5 0 .5

5 4 .4

t l.8

8 0 .3

1 -7 6

1 3 .1

1 2 .3

1 2 .0

1 2 .2

6 .5

1 6 .5

5 0 .6

5 3 .3

2 9 .9

5 0 .9

2 -7 6

1 3 .4

1 2 .7

1 2 .5

1 2 .7

7 .8

1 6 .5

4 3 .0

4 3 .0

2 5 .1

3 2 .4

3 -7 6

1 2 .5

1 1 .8

1 1 .5

1 1 .6

7 .2

1 4 .5

3 5 .4

3 4 .0

1 9 .2

4—7 6

1 1 .1

1 0 .4

1 0 .0

9 .9

5 .9

1 2 .0

2 8 .9

2 6 .8

1 4 .2

1 -7 7

1 1 .8

1 1 .1

1 0 .8

1 0 .8

7 .3

1 2 .9

2 7 .8

2 5 .8

2 -7 7

1 2 .6

1 2 .3

1 2 .1

1 2 .2

9 .1

1 4 .4

2 7 .9

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

6 4 .6

4 2 .8

8 9 .0
1 6 .2

9 2 .4

2 1 .8

9 .4

3 .1

9 3 .1

1 4 .0

4 .8

-0 .4

- 3 .8

1 5 .1

1 5 .0

8 .4

6 .0

7 .4

2 0 .0

2 6 .1

1 7 .0

1 7 .9

1 2 .2

1 1 .3

1 4 .1

2 4 .3

9 2 .2
9 6 .5
1 0 2 .8

2 0 .0

3 -7 7

1 2 .5

1 2 .0

1 1 .8

1 1 .9

9 .0

1 3 .8

2 5 .8

2 4 .0

1 5 .0

1 6 .4

1 1 .5

1 0 .6

1 2 .6

1 8 .6

1 7 .9

8 .0

4 -7 7

1 1 .6

1 1 .1

1 0 .9

10*8

8 .1

1 2 .4

2 3 .0

2 1 .2

1 3 .8

1 4 .0

9 .5

8 .5

9 .6

1 3 .2

1 1 .1

3 .1

- 1 .5

1— 6
7

1 0 .4

9 .8

9 .5

9 .4

6 .8

1 0 .6

2 0 .0

1 8 .1

1 1 .3

1 1 .3

7 .1

5 .9

6 .3

8 .5

5 .8

- 0 .9

-5 .1

-0 .5

2—
78

1 3 .7

1 3 .4

1 3 .3

1 3 .4

1 1 .2

1 5 .2

2 4 .5

2 3 .1

1 7 .1

1 7 .6

1 4 .4

1 4 .2

1 5 .9

1 9 .5

1 9 .4

1 7 .2

2 0 .5

3 9 .2

3 -7 3

4 -7 3

1 -7 4

2 -7 4

3 -7 4

4 -7 4

1 -7 5

2 -7 5

3 -7 5

4 -7 5

1 -7 6

1 0 4 .8
1 0 4 .4
1 0 2 .1
9 4 .0

1 2 0 .5

I N I T I A L QUARTER
♦ NATIONAL INCOME O A SIS
PREPARED BY F E O fR A L RESERVE » A I* OF S T . LO U IS
20 t 1970

s e f Te m k r

SOURCES OF DATA
NATIONAL INCOME AND PRODUCT ACCOUNTS DATA
Source:

1929-72:
1973:
1974:
1975-77:

U.S. Department of Commerce, Bureau of Economic
Analysis, Washington, D.C. 20230
The National Income and Product Accounts of the
United States, 19Z9-74, A Survey of Current Business
Supplement.
Survey of Current Business, July 1976.
Survey of Current Business, July 1977.
Survey of Current Business, July 1978.

The Survey is available from most district offices
of the Department of Commerce or from the Superintendent of
Documents, U.S. Government Printing Office, Washington, D.C.
20402.




19

INVENTORIES COMPARED WITH MONTHLY SALES*
MANUFACTURINC

AND

TRADE

* RAT I OS BASED ON SEASONALLY ADJUSTED DATA.

SOURCE:

U.S.DEPARTMENT OF COMMERCE

SHADED AREAS REPRESENT PERIODS OF BUSINESS RECESSIONS.
LATEST




DATA

PLOTTED:

JULY

PRELIMINARY
PREPARED

20

BY

FEDERAL

RESERVE

BANK

OF

ST

LOUIS


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102