Full text of National Economic Trends : September 1981
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n n n o n n L E c o n o mitcr e a d s PREPARED ft¥»£EDERAL RESERVE BANK OF ST. LOUIS Month E n d in g : August 3 1 , 1981 R e le a s e d : September 3 0 , 1981 The Economic Recovery Tax ^ ^ # ¿ ^ 1 , w hich was sig n e d i n t o law t h i s p a s t August, i s e x p e c te d t o a f f e c t g r e a t l y t h e f u t u r e c o 0 r H * » o f economic a c t i v i t y . Though t h e a c t c o n t a i n s many p r o v i s i o n s , i t c o n s is t s m a in ly o f t a x r a t e r e d u c t io n s f o r i n d i v i d u a l s and l i b e r a l i z e d p r o v i s i o n s f o r r e c o v e r y o f t h e c o s t o f c a p i t a l by b u s in e s s e s . A g r e a t d ea l o f f e d e r a l t a x l e g i s l a t i o n o v e r t h e l a s t 20 y e a r s i n v o l v e d t a x c u ts on i n d i v i d u a l and c o r p o r a t e incom e, y e t t o t a l governm ent r e c e i p t s in c r e a s e d from 2 7 . 5 p e r c e n t o f GNP in 1960 t o 3 1 . 9 p e r c e n t i n 1 9 8 0 . Comparing r e c e i p t s as a p e r c e n t o f GNP f o r d i f f e r e n t y e a r s i n d i c a t e s w h e th e r r e c e i p t s a r e grow in g f a s t e r o r s lo w e r th a n nominal GNP. S t a t e and l o c a l r e c e i p t s ro s e s h a r p ly r e l a t i v e t o GNP from 1960 t o 1 9 7 0 , b u t a lm o s t a l l o f t h e r e l a t i v e i n c r e a s e i n t o t a l r e c e i p t s from 1970 t o 1980 was due t o r a p i d g ro w th i n f e d e r a l r e v e n u e s . The r i s e i n f e d e r a l r e c e i p t s r e l a t i v e t o GNP o v e r t h e l a s t 10 y e a r s was a t t r i b u t a b l e t o r a p i d i n c r e a s e s i n p e rs o n a l t a x e s ( m a in ly i n d i v i d u a l income t a x e s ) and s o c ia l in s u r a n c e c o n t r i b u t i o n s , w hich more th a n o f f s e t t h e r e l a t i v e l y slow grow th in c o r p o r a t e and i n d i r e c t t a x e s . Recent t r e n d s i n d i c a t e t h a t i n t h e absence o f a change i n t a x l e g i s l a t i o n , f e d e r a l r e c e i p t s would have r i s e n t o ove r 23 p e r c e n t o f GNP by 1 9 8 4 ; t h e ta x c u t o f 1981 i s e x p e c te d t o reduc e t h i s f i g u r e t o a bo ut 1 9 . 5 p e r c e n t . GOVERNMENT RECEIPTS N a t io n a l Income Accounts B a s is 1980 " H 'lllo n s P ercen t o f d o l l a r s o f GNP 1970 ' i m r o h s " ' P e rc e n t of d o lla rs o f GNP 1960 " B T T IT o h s " Perceni o f d o l l a r s o f GNP P e rs o n a l t a x & non tax r e c e i p t s Federal S ta te & lo c a l $ 3 3 8 .5 2 5 7 .8 8 0 .7 C o r p o r a te p r o f i t s t a x a c c r u a ls Federal S ta te & lo c a l 8 2 .3 7 0 .2 1 2 .2 3 .1 2 .7 0 .5 3 4 .1 3 0 .6 3 .5 3 .4 3.1 0 .4 2 2 .6 2 1 .4 1 .2 4 .5 4 .2 0 .2 I n d i r e c t b u s in e s s t a x e s & n o n ta x a c c r u a ls Federal S ta te & lo c a l 2 1 2 .3 4 0 .6 1 7 1 .6 8 .1 1 .5 6 .5 9 4 .3 1 9 .3 7 5 .0 9 .5 1 .9 7 .6 4 5 .4 1 3 .4 3 2 .0 9 .0 2 .6 6 .3 C o n t r i b u t i o n s f o r s o c ia l in s u r a n c e Federal S ta te & lo c a l 2 0 3 .7 1 7 2 .2 3 1 .5 7 .8 6 .6 1 .2 5 8 .5 4 9 .3 9 .2 5 .9 5 .0 0 .9 2 1 .0 1 7 .6 3 .4 4 .1 3 .5 0 .7 T otal re c e ip ts Federal S tate & lo c a l* 8 3 6 .8 5 4 0 .8 2 9 6 .0 3 1 .9 2 0 .6 1 1 .3 3 0 2 .9 1 9 1 .9 1 1 1 .0 3 0 .5 1 9 .3 11.2 1 3 9 .5 9 6 .1 4 3 .4 2 7 .5 1 9 .0 8 .6 * E x c lu d e s f e d e r a l g r a n t s - i n - a i d 12.9% 9 .8 3 .1 $ 1 1 5 .8 9 2 .6 2 3 .2 11.7% 9 .3 2 .3 $ 5 0 .3 4 3 .6 6 .7 9.9% 8 .6 1 .3 T O T A L C I V I L I A N EMPLOYMENT COMPOUNOED ANNUAL R AT ES OF CHANGE TERMIN AL________________________________________________________________________ I N I T I A L MONTH________________________________________________________________________ THOUSANDS OF PERSONS MDNTH 6 -6 1 7 -8 1 5 -8 1 1-81 2 -8 1 3 -81 4 -8 1 6 -6 0 8 -8 0 9 -8 0 1 0-8 0 1 1 -8 0 1 2-80 4 -8 0 5 —60 7 -8 0 3 -8 0 1 -80 2 -8 0 2 -8 0 97 » 8 1 7 1 .3 3 -80 -0 .5 -2 .3 97*62 8 9 7 ,2 25 4 -8 0 -2 .0 -3 .6 -4 .8 5 -8 0 -1 .8 -2 .8 -3 .1 6 -8 0 -2 .3 -3 .1 -3 .4 -2 .7 -4 .1 -0 .7 2 .7 -0 .5 1.4 97,116 -1 .3 7 -8 0 -1 .4 -2 .0 —1.9 -0 .9 8 -8 0 -1 .2 -1 .7 -1 .5 -0 .7 9 6,7 80 96,9 *9 97,0 03 0 .0 97,1 80 9 -8 0 -0 .8 -l .l -0 .9 —0 . 1 0 .2 1.7 l.l 2*2 10— 80 -0 .7 -0 .9 -0 .7 -0 .0 0.2 1.3 0 .9 1*3 0*3 1 1 -8 0 -0 .5 -0 .7 -0 .4 0 .2 0 .5 1.4 1.1 1 .4 1*0 1 .7 1 2 -8 0 -0 .5 -0 .7 -0 .5 0 .1 0 .3 1.0 0*7 0 .9 0 .4 0 .5 -0 .7 1-81 -0 .0 -0 .1 0 .1 0 .6 0.9 1*6 1*4 1 .7 1 .6 2*0 2 .2 5 .2 2*2 2 .4 4 .0 2.9 2 -81 0 .2 0 .1 0 .3 0 .9 1.1 1*8 1*6 1.9 1 .9 97,2 06 9 7,3 39 9 7,2 82 9 7,6 96 9 7,9 27 98,4 12 0 ,6 0 .6 0*8 1*3 1*6 2*3 2*2 2 .5 2 .6 3 .0 3 .3 4 .7 4 .5 6 .1 1*0 1.0 1 .3 1 .8 2 .1 2 .7 2*7 3 .1 3 .2 3*7 4 .1 5 .3 5.3 6 .6 7 .1 5 -81 1 .2 1.2 1 .4 1*9 2*2 2 .8 2 .8 3*1 3 .2 3*6 3 .9 4 .9 4 .8 5 .5 5 .1 9 8,9 76 9 9,2 35 3 .2 0 .5 0 .4 0 .6 1 .0 1 .2 1*7 1*6 1*7 1 .7 1*8 1 .9 2 .3 1*7 1 .4 -0 .1 -3 .5 -9 .7 7 -81 0 .9 0 .8 1 .0 1 .4 1*6 2*1 2*0 2*2 2*2 2*4 2*5 3*0 2*6 2*6 1*7 —o . i -1 .6 7 .2 8 -81 0 .8 0 .9 1*3 1*5 1*9 1*8 Z* o 2*0 2*1 2 .2 2 .6 2 .2 2 .1 1*3 -0 .1 -1 .2 3 .4 -0 .2 2 -8 0 3 -8 0 4 -8 0 5-80 6 -8 0 7 -8 0 8 -8 0 9 -8 0 1 0-80 1 1 -8 0 1 2-80 1 -8 1 2 -8 1 3 -81 4 -8 1 5 -81 6 -8 1 7-81 3 -81 4 -8 1 5-81 6 -8 1 o 6 -81 CD 3 -81 4 —81 1 -80 IN ITIA L 98,3 92 9 8,9 62 98,9 44 MONTH PAYROLL EMPLOYMENT COMPOUNOED ANNUAL R AT ES OF CHANGE _______________ ___________________________________________________ I N I T I A L TER MINA L MONTH 3-80 4 -8 0 5—80 6 -80 7 -80 » © 2 -80 8 -80 9 -8 0 MONTH_________________________ 0 2 -8 0 1 1 -80 U -e o 1 2-80 1 -81 2-81 90,865 0*1 0 .6 -0 .3 -0 * 7 5 -80 -0 .8 -1 * 8 -2 * 8 -4 .8 6 -80 -1 * 6 -2 .5 -3 * 4 -4 .7 -4*7 7 -8 0 -1 .6 -2 .4 -3 .0 -3 .7 -3 *2 -1 .7 8 -8 0 -0 .9 -1 .4 -1 * 7 -2 .0 -1 .0 0*9 3*5 9 -8 0 -0 *4 -0 .8 -0 .9 -0 .9 0 .0 1*7 3*4 3.3 1 0 -8 0 -0 .0 -0 .3 -0 .4 -0 .3 0 .6 1*9 3 .2 3 .0 1 1 -8 0 0 .2 -0 .0 -0 .0 0 .1 0.9 2 .0 3 .0 2.8 2*6 2 .4 1 2 -8 0 0 .3 0 .1 0 .1 0 .2 1*0 1.9 2 .7 2 .4 2 .2 1*9 1 .4 1-81 0*4 0 *3 0* 3 0 *4 1*1 1.9 2.5 2*3 2*1 1*9 1 .6 1*9 2-81 0 .6 0 .4 0*5 0*6 1.2 2*0 2 .5 2*3 2 .1 2*0 1 .8 2*1 2*2 3-81 0 .6 0 .5 0*5 0 .6 1 .2 1*9 2 .3 2.2 2 .0 1*8 1 .7 1 *8 1 .7 1*2 . ^ -9 1 . 0*7 0*6 0*6 0*7 1*2 1.8 2 .2 2 .1 1 .9 1*8 1 .6 1*7 1 .6 1*3 1.5 5-81 0*7 0 .6 0*7 0*8 1.8 1*7 1 .6 1*6 1 .6 1*3 1.4 6-8-1 _Qs7 0 .6 0 .7 0 .8 7-81 0 .9 0 .9 0*9 1*0 . 8-81 0*9 0 .9 0*9 1*0 1 -8 0 2 -8 0 3-80 9 0,871 O p . 90,8 17 \ CD w 1*2 4 -8 0 . _________________ THOU SAN OS OF PERSONS 7 -8 1 90 ,4 4 6 9 0 ,0 87 8 9,960 90,2 19 2 .0 9 0,4 61 2*8 90,668 90,9 49 9 1,0 91 91,258 9 1,3 47 91 ,4 5 8 1*4 91,5 64 1 .8 2* 1 1*2 1*7 2*0 1 .9 1.7 1*6 1 .5 1 .5 1 .4 1.2 1 .2 1*0 0 .7 1*4 1*9 2*2 2*1 2*0 1*9 1*9 1*9 1 .9 1.9 2 .0 2*2 2*7 4 .7 1*4 1*8 2.1 2.0 1.9 1*8 1*7 1 .8 1*8 1 .7 1 .8 1*9 2*0 2 .7 5-80 6 -8 0 7-80 8 -80 9 -80 1 0-80 1 1-8 0 12-80 1 -81 2 -81 3 -61 4 -8 1 5-81 6 -61 1*2 IN ITIA L P- 9 0 ,8 44 9 1,6 15 9 1 ,9 6 6 P 0 .8 9 2 ,0 2 7 P 7 -8 1 MONTH PRELIMINARY PREPARED BY F ED ER A L RESERVE BANK O F S T . LO U IS S E PTEMBER 4 , 1981 2 EMPLOYMENT RATIO SCALE MILLIONS OF 1973 RATIO PERSONS 1974 SEASONALLY 1975 1976 ADJUSTED 1977 M I LLIONS 1978 1979 SOURCEs PERCENTAGES ARE AN NUAL R A TE S OF CH ANGE FOR P E RI OD S L A TE ST DATA P LO TT ED s AU6UST 1980 PERSONS 1981 U.S.DEPARTMENT OF LABOR INDICATED. PR EL IM IN AR Y PREP AR ED UNEMPLOYMENT SEASONALLY PERCENT OF SCALE BY FED ER AL RES ER VE BANK OF ST. LOUIS RATE ADJUSTED PERCENT 11. 0 10. 10.0 9. 9.0 8.0 7. 7.0 6. 6.0 5. 5.0 4 . 4.0 3. 3.0 1973 1974 1975 1976 1977 1978 1979 SOURCE: PE RC EN T LA TE ST OF C I V I L I A N LABOR U.S. 1980 1981 DE P A R T M E N T OF LABOR FORCE DATA P LO TT ED t AU 6UST PREPARED 3 BY FEDERAL RESERVE BANK OF ST. LOUIS CCWSWER PRICE INDEX FOR ALL URBAN CONSUMERS, SEASONALLY ADJUSTED ______________ COMPOUNDED ANNUAL RATES OF CHANCE TERMINAI MONTH IN ITIA L 2—80 3 -6 0 2 -80 1-80 4 -6 0 5 -60 6 -8 0 7 -6 0 8 -6 0 9 -8 0 16.5 19 67*100 HONTH 1 0-6 0 1 1-6 0 1 2-80 1- 81 2-6 1 3 -8 1 4 -6 1 5 -8 1 6 -61 7-81 2 37 .1 3 -8 0 1 7.0 1 7 .5 4— 80 15.0 14.2 1 1.0 2 4 0 .3 242.4 5 -80 13.9 1 3.1 11*0 1 0.9 6 —80 13.6 1 2.9 1 1.4 1 1.7 1 2 .4 7 -8 0 11*4 1 0.4 8 .7 8 .0 6.6 1.0 2 44.5 246 .9 8 -8 0 11.2 1 0.3 8 .9 8 .4 7*6 5 .2 9 .6 9 -8 0 1 1 .4 10.7 9 .6 9 .4 9.0 7 .8 1 1 .4 13.3 1 0 -8 0 11.6 1 1.0 10.1 1 0 .0 9.8 9 .1 1 2 .0 13.2 1 1 -8 0 11.9 1 1.3 1 0.6 1 0 .5 10 .5 10.1 1 2.5 13.5 13.6 14.0 1 2 -8 0 11.9 1 1.4 10.8 1 0 .8 1 0 .7 10.5 12.5 13.2 1 3.2 13.2 1 2.3 1 -8 1 11.7 1 1.2 1 0.6 1 0.6 10.5 1 0.3 11.9 12.4 12.1 11.8 1 0 .7 9 .1 2 -81 11.7 11.3 1 0 .8 10.7 1 0 .7 1 0.5 11.9 12.3 1 2 .1 11.9 1 1.2 10.6 1 2. 1 3-81 11.4 11.0 10.5 1 0 .4 1 0 .4 10.2 1 1 .4 1 1.6 1 1 .4 11.0 1 0.3 9 .6 9.8 7 .5 4-81 1 1.0 10.6 1 0.1 1 0 .0 9.9 9 .6 1 0.7 10.8 1 0 .4 1 0.0 9 .2 8 .4 8 *2 6 .3 5. 1 5-81 C D o • 247.1 1 0.4 9 .9 9 .9 9.8 9 .5 1 0.4 10.5 10.2 9 .8 9 .1 8 .4 8 .3 7 .0 6 .7 8 .4 6 -81 10.7 1 0.3 9 .9 9 .6 9.7 9 .5 1 0.3 1 0.4 1 0 .0 9 .6 9 .0 8 .5 8.4 7 .5 7 .4 8 .6 7-81 1 0.9 10.6 1 0 .2 1 0.1 10 .1 9 .9 1 0.7 10.8 10.5 1 0.2 9 .8 9 .4 9.5 9 .0 9 .3 1 0.8 1 2 .0 15.2 8 -81 10.9 10.6 10.2 1 0 .2 10.1 10.0 1 0.7 1 0.8 1 0.5 1 0 .3 9 .9 9 .6 9.6 9 .2 9 .6 1 0.7 11.5 1 2 .8 1 0 .6 1-tJU 2 -8 0 3 -8 0 4 -e u 5 -60 6-BO 7 -8 0 8 -8 0 11-60 I Z — 80 1 -81 2 -61 3 -6 1 4 -8 1 5-61 6 -6 1 7 -8 1 249 .0 251 .6 254.2 257 .0 c I c 3 c 1 3.1 IN ITIA L 259 . 5 261.4 263.9 265.5 2 66.6 2 66.4 270 . 3 8 .8 273.5 275.8 PTOKTK PREPARED" BY "FEDERAL "RESERVE BAWC OF S T . SEPTEMBER 2 4 t 1981 LO UI S PRODUCER PR IC E I N D E X , F I N I S H E D GOODS - SE ASONALLY AD J U S T ED ___________________COMPOUNDED ANNUAL R AT ES OF CHANGE_________________ TERMINAL MONTH IN IT IA L 1-80 2 -8 0 1 5,5 3 -60 4—60 5 -80 6 -60 7 -80 8 -6 0 9 -8 0 1 0 -6 0 1 1 -6 0 1 2 -80 l-«l 2 -8 1 3 -61 4 -6 1 5-61 6 -61 7 -6 1 2 3 7 .3 I7 t I 3-80 2 -8 0 1 9 6 7 * lO O MONTH 14,0 2 39 .9 2 41 .7 4-8 0 13** 11*7 5 -8 0 1 1.4 9 .6 7 .5 5*6 6 -8 0 11.2 9 .8 8 .4 7 .9 9*4 242 .8 1 0. 3 2 44 .8 2 49 .0 7-8 0 1 3.0 12.2 11.8 1 2.6 1 6 .3 8-80 13.4 1 2.8 1 2.5 1 3 .3 1 6 .0 1 9.0 1 5.5 9 -60 1 2.1 1 1.4 li.O 1 1 .3 1 2 .7 1 3.5 9 .3 3*4 1 0 -8 0 12.1 1 1.5 11.1 1 1.4 1 2 .6 1 3.2 1 0.2 7 .6 1 2 .0 1 1 -8 0 1 1.7 11.2 1 0.8 1 1 .0 1 2 .0 12.3 9 .8 8*0 1 0 .4 8*8 12-80 1 1.0 10.5 10.1 1 0 .2 1 0. 8 1 0.9 8 .7 7 .1 8 .3 6 .5 4 .3 1 -81 U*4 10.9 1 0.5 10 *7 11*3 11.5 9 .7 8*6 9 .9 9 .2 9 .5 8 .8 9 .9 9 .3 9 .5 1 2.2 9 .6 9 .7 1 0.8 10.6 1 1.0 1 3.3 12.6 1 5 .6 2 2 .6 2 52 .0 2 52 .7 2 55 .1 256 .9 2 57.8 1 4.9 2 60.8 2 -81 1 1.2 10.7 10,5 1 0 .6 11. X 1 1.2 9 .7 3 -81 1 1.5 11.1 1 0.9 1 1 .0 U .6 1 1 .7 10.4 4 -81 11*4 1 1.0 10*8 10*9 11*4 11*5 10*4 9*7 10*7 1 0.5 10*8 1 2.5 11.7 1 2 .7 9 .9 5 -8 1 1 0.7 10.3 1 0 .1 10*1 1 0 .5 1 0.5 9 .4 8*7 9 .4 9 .0 9 .1 1 0.1 8 .9 6 .6 5 .3 6-81 10.5 1 0.1 9*9 9 *9 IQ-rZ 10*2 9*1 0*5 9*1 8 .8 8 *8 9 .5 8.5 8*2 5 .8 3 .9 6 .9 7 -81 1 0.2 9 .8 9 .6 9 .6 9 .9 9*8 8*6 8*3 8*8 _ 8*4 8 .3 8 .9 8*0 7 .7 5 .7 4*4 6 .2 5 .5 8 -8 1 9 .9 9 .5 9 .2 9 .2 9.* 9*4 8*4 7*9 8 *3 7 ,9 7 .8 8*3 7 .3 7 .0 5*3 4 .2 5 .3 4 .5 3 .6 1 -80 2 -80 3 -60 4 -8 0 5-ao 6 -6 0 7 -8 0 8 -6 0 9 -8 0 10-60 11-8 0 1 2-80 1 -6 1 2 -61 3 -6 1 4 -6 1 5 -61 6 -6 1 7 -6 1 IN ITIA L 2 62 .6 2 6 6 .0 2 6 6 .1 0 .9 2 66.3 2 6 9 .6 27 1 *0 2 71 .8 HONTH PREPARED BY FEDERAL RESERVE BANK OF S T . LOUIS SEPTEMBER 4 , 1981 4 RATIO PRICES SCALE 1967-100 SEASONALLY CPI-U FOR A LL ARE LATEST PLOTTEDt ANNUAL RATES OF C H A N G E FO R P E R I O D S IND I C A T E D . AUGUST PREPARED RATIO PRODUCER SCALE 1967-100 SEASONALLY PERCENTAL LATEST SCALE 1967-100 URBAN CONSUMERS PERCENTAGES OATA RATIO ADJUSTED ARE ANHOAL DATA PLOTTED. RATES OF CHANGE BY F E D E R A L RESERVE PRICES 8AM OF RATIO ADJUSTED FOR P E R I O D S ST. LOUIS SCALE 1967-100 IND I C A T E D . AUGUST P RE PA RC O * Y 5 FEOERAL RESERVE BANK OF LOUIS PRODUCER PRICE INDEX, FIN IS H ED CONSUMER FOOOS - SEASONALLY ADJUSTED ____________________ COMPOUNDED ANNUAL RATES OF CHANGE_________________________ 100 > » 0» o T ERM IN AL ________ __ _______________________________ ____________________________ I N I T I A L MONTH__________________________________________________________________________1967 « MONTH 3 -61 4 -81 5 -81 6 -6 1 7 -6 1 5 -60 9 -6 0 1 0 -6 0 11-8 0 12-80 2 -61 2 -80 3-80 6 -6 0 7 -80 8 -80 1- 61 i -s o 2 -8 0 —6 . 5 230 .7 232 .9 3 -8 0 2 .4 12.1 -3 .7 -2 .3 -1 4 .9 -1 .5 0 .2 -5 .3 6 -8 0 0 .1 1.8 7 -8 0 7*6 8 -80 229.8 5 .3 230.8 -1 .4 6 .2 7.0 232.1 10.6 10.2 2 0 .2 28.3 5 4 .0 1 1.3 1 4.6 1 5.2 2 4 .2 31.2 45.3 3 7 .0 9 -8 0 1 0.7 1 3.4 1 3.7 2 0.4 24.5 3 1 .0 2 0.8 6 .5 10-80 10.5 1 2.8 1 2.9 1 8 .4 2 1 .1 2 5.0 16.6 7 .5 11-80 9 .8 11.8 1 1.7 1 6.2 18 .1 2 0 .4 1 3.3 6 .3 6 .2 3 .9 12-80 8 .9 10.6 1 0.4 14.1 1 5 .4 1 6.9 1 0.6 4 .8 4 .3 2 .2 5 -8 0 240.6 2 4 7 .0 2 4 8 .3 2 50.0 8 .5 250.8 0 .5 250.9 251.1 1-81 8 .2 9 .7 9 .4 12.5 13 .5 1 4.4 8.9 4 ,0 3 .4 1.8 0 .7 l.o 2-81 6 .9 8.1 7 .8 10.4 1 0 .9 1 1.5 6 .4 2 .0 1.2 -0 .6 -2 .1 -3 .3 -7 .4 3 -81 7 .3 8 .5 8.2 1 0.5 11 .1 11.5 7.1 3 .4 2.9 1.8 1 .3 1 .6 1 .9 2 49.5 1 2.2 251.9 2 51 .6 4 —81 6 .7 7 .7 7 .4 9 .5 9,9 10,2 6.1 2 .8 2 ,3 1 ,3 0.8 0 .8 0.8 5.2 5-81 6 .1 7 .0 6 .6 8 .5 8.8 8 .9 5.2 2 .2 1 .6 _e*7 0 .2 0 .1 -o .i 2 .4 -2 .1 -2 .8 6-81 6 .1 6 .9 6 .6 8 .3 8 .5 8 .7 5.3 2 .5 2,1 1*3 1 .0 1 .0 1 .1 3 .3 0 .5 1 .4 5.9 7 -81 6 .8 7 .6 7 .3 9 .0 9.3 9 .4 6 .4 3.9 3 .7 3 .2 3 .1 3 ,4 3.9 6 .3 4 .8 7 .0 1 2.3 1 9 ,1 8-81 6 ,5 7 .3 7 .0 8 .6 8*8 e,9 6 .0 3*8 3 ,6 3 .1 3 .0 3 .3 3,6 5 .6 4 .3 5 .8 8 ,9 1 0 .4 2 .4 1 -80 2 -8 0 3-8 0 4 -8 0 5-80 6 —80 7 -8 0 8 -6 0 9 -8 0 10-60 11-80 12-80 1 -81 2-81 3 -81 4 -81 5-81 6 -8 1 7-61 251 .0 2 52.2 255 .9 2 56 ,4 IN IT IA L MONTH PROOUCER PR IC E IN D E X , F I N I S H E D GOODS» EXC LU DI NG FOOOS - SEASONALLY AD J U S T ED ____________________________ COMPOUNDED ANNUAL R AT ES OF CHANGE________________________________ MONTH 1 IN IT IA L TERMINAL MONTH 1 -60 2 -80 3 -8 0 4 -80 5-80 6-6 0 7 -6 0 8 -6 0 9 -6 0 1 0 -6 0 11-80 1967 * lOD 1 2 -60 1 -6 1 2 -61 3 -61 4 -6 1 5 -61 6 -6 1 7 -61 2 3 7 .9 2 -8 0 2 5.8 3 -8 0 2 0,3 1 5 ,1 4-80 19.8 1 7.0 5 -8 0 1 6 .1 1 3.0 1 2.0 5 .5 6 -8 0 1 5.1 12.6 11.8 8 .4 1 1. 3 7 -80 1 4 ,9 12.9 1 2.3 10.2 1 2 ,6 1 3.9 9 .9 1 1 .4 11.4 8 -6 0 1 4.0 12.2 240 .7 2 44.2 1 8.9 1 1.6 2 45 .3 2 4 7 .5 2 5 0 .2 2 5 2 .0 9 .0 252 .5 9 -8 0 12.5 1 0.7 10.0 8 .4 9 .1 8 .3 5.6 2 .4 1 0 -8 0 1 2.6 1 1 .1 1 0.5 9 .2 1 0 .0 9 .6 8.2 7 .9 1 3.6 1 1 -8 0 12.4 11.0 10.5 9 .4 1 0 .0 9 .8 8.8 8 .7 1 2.0 2 5 5 .2 1 0 .3 257 .3 £ 1 2 11.7 10,4 9 .9 8 .8 9.3 9 .0 8 .0 7 .8 9 .7 7 .8 5 .3 1-81 12,4 11.2 10,9 1 0,0 1 0 ,6 1 0 .5 9 .9 10.1 12,1 1 1.6 12.2 1 9.7 2-81 12,6 1 1,6 11.2 1 0.5 1 1.1 n .o 10.6 1 0 .9 1 2 .7 12.5 1 3.2 1 7.4 1 5 .1 3 -81 12.9 1 1.9 11.7 11 .0 1 1 .6 1 1.6 1 1.4 1 1 .7 1 3.3 1 3 .3 1 4.0 17.1 1 5 .8 1 6 .3 4 -8 1 1 2.9 12.1 11.8 1 1 ,3 1 1,8 1 1.8 1 1.6 1 2 ,0 1 3.4 1 3.3 1 4.0 1 6.2 1 5.1 15.1 1 3 .7 5 -81 12.2 1 1.4 11.1 1 0.5 1 1 .0 10.9 1 0.6 1 0.8 1 1.9 1 1.7 11.9 1 3.3 1 1 .6 10.6 7 .8 2 .2 6 -8 1 11.9 11.1 1 0.9 1 0 ,3 10 .7 1 0.6 1 0.3 1 0 .5 1 1.4 1 1.1 11.2 1 2.3 1 0 .8 9 .8 7 .7 4 .7 7 .3 7 -81 1 1.3 1 0.5 10.2 9 .7 10,0 9 ,9 9 ,6 9.6 10.4 1 0 ,0 10.0 10.6 9 .2 8 .0 6 ,0 3 .6 4 .3 1 .3 8-81 1 0.9 1 0,1 9 .9 9 .3 9 ,6 9 .5 9 .1 9 ,1 9 .8 9 .4 9 .3 9 .8 6.4 7 .4 5 .6 3 .7 4 .2 2 .7 4 .0 1-80 2-80 3-80 4 -80 5 -8 0 6 -6 0 7 -60 8 -6 0 9 -60 1 0-60 1 1-8 0 12-80 1 -6 1 2-61 3 -6 1 4 -61 5 -8 1 6-61 7-61 IN ITIA L 256 . 4 2 62 .3 265 .4 2 66.6 2 71.7 2 72 .2 273.8 274. 1 2 75 .0 MONTH PREPARED BY FEDERAL RESERVE BANK OF S T . LOUIS SEPTEMBER 4* 1981 6 INDUSTRIAL RATIO PRODUCTION* SCALE RATIO 1967-100 SEASONALLY 1973 1974 1975 1976 1967-100 ADJUSTED 1977 1978 SCALE 1979 1980 1981 PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIODS INDICATED. LATEST DATA PLOTTED: AUGUST PRELIMINARY # REVISEO FROM 1980. PREPARED BY FEDERAL RESERVE 8ANK OF ST. LOUIS I N D U S T R I A L PRODUCTION* COMPOUNOED ANNUAL RA TE S OF CHANGE TE RMI NA L MONTH IN ITIA L 1 -80 3 -80 -3 .5 2 -8 0 3 -80 4 -6 0 5-80 6 -6 0 7 -6 0 8 -8 0 9 -8 0 1 0 -8 0 11-8 0 12-80 1- 61 2 -61 3—61 4 -61 5 -6 1 6 -61 7 -61 -1 .6 1 5 2 .8 -5 .4 1 5 2 .1 4 -8 0 -1 2 .0 -1 6 .8 -2 6 .8 5-B0 -1 7 .0 -2 1 .6 -2 8 .6 -3 0 .3 6 -8 0 -1 7 .2 -2 0 .8 -2 5 .3 -2 4 .6 -1 8 .3 7 -8 0 -1 5 .9 -1 8 .5 -2 1 .5 -1 9 .7 -1 3 .7 -8 .9 0 0 1 0 0 o 2 -8 0 1967 * 100 MONTH 1 4 8 .2 1 4 3 .8 1 4 1 .4 1 4 0 .3 -1 3 .4 -1 4 .9 .7 -4 .4 3 .4 17.5 -8 .3 -9 .2 -9 .9 -6 .0 1 .3 8 .8 18.9 2 0 .2 -2 .1 4.7 1 1.4 1 9.2 2 0 .1 19.9 1 4 2 .2 1 4 4 .4 0 C O 1 o 1 ^ -1 1 .8 9 -8 0 -5 .5 -6 .0 -6 .1 11-80 -3 .0 -3 .1 -2 .8 1 .2 7 .7 13.8 2 0 .3 2 1 .2 2 1.7 2 3 .5 12-80 -1 .9 -1 .9 -1 .5 2 .2 8 .0 13.1 1 8.2 1 8.3 1 7 .7 1 6 .6 10.1 1 4 6 .6 1 4 9 .2 1 5 0 .4 1-81 -1 .0 -1 .0 -0 .6 2 .9 8.0 12.4 1 6.4 1 6.2 1 5.3 13.8 9 .2 8 .3 2-81 -0 .7 -0 .7 -0 .2 2 .9 7.5 11.2 14.5 14.0 1 2 .7 1 1.0 7 .2 5 .7 3.2 1 5 1 .4 1 5 1 .8 3-81 -0 .5 -0 .4 0 .0 2 .9 7 .0 10.2 1 2.9 12.2 1 0.9 9 .2 5 .9 4 .6 2.8 2 .4 4-81 -0 .6 -0 .5 -0 .1 2 .5 6 .2 9.0 1 1.2 1 0.4 9 .1 7 .4 4 .4 3 .0 1 .3 0 .4 -1 .6 5-81 -0 .1 -0 .1 0 .3 2 .8 6.2 8 .7 1 0.7 10.0 8 .7 7.2 4 .7 3 .7 2 .6 2 .4 2 .4 6 .5 6-81 -0 .0 0 .0 0 .4 2 .7 5.8 8 .1 9 .8 9 .1 7 .9 6 .5 4 .3 3 .4 2 .4 2 .2 2 .1 4 .0 1 5 2 .1 1 5 1 .9 1 5 2 .7 1 5 2 .9 1 .6 7-61 0 .2 0 .3 0 .6 2 .8 5.7 7.8 9 .3 8 .6 7 .5 6 .2 4 .3 3 .4 2.7 2 .5 2 .6 4 .0 2 .8 4 .0 8-81 -0 . 1 0 .0 0 .3 2 .3 5 .0 6.9 8 .2 7 .5 6 .4 5 .1 3 .2 2 .4 1 .6 1.3 1.1 1 .8 0 .3 —0 . 4 -4 .6 1 -80 2 -8 0 3 -80 4 -80 5—60 6 -6 0 7-8 0 8 -6 0 9 -80 1 0 -6 0 11-6 0 1 2-80 1 -6 1 2 -61 3 -81 4 -61 5 -81 6 -61 7-61 IN ITIA L 1 53 .4 P 1 5 2 . 8P MONTH ♦ R EV IS E D FROM 1980 P - PRE LIM INA RY PREPARED BY FEDERAL RESERVE BANK OF S T . LOUIS SEPTEMBER 16# 1981 7 PERSONAL RATIO SCALE TRILLIONS MONTHLY OF DOLLARS INCOME TOTALS AT SEASONALLY ANNUAL RATIO RATES TRILLIONS ADJUSTED OF SCALE DOLLARS 2. 5 0.9 SOURCEi PERCENTAGES A RE LATEST PLOTTEDi DATA ANNUAL RATES AUGUST OF CHANGE FOR PERIODS U.S. DEPARTMENT OF COMMERCE INDICATED. PRELIMINARY PREPARED Co m p o u n d e d TERM INÂT" 8 Y FEDERAL PERSONAL INCOME An n u a l r a t e s o f ~TftTTT£E RESERVE 8 ANK OF ST. LOUIS ch an ge rv j 1 O a O 4^MT t-:-o “8 - ÔC 1 o 3-80 < ■ M ON TH 1 - W “' 2 - 8 0 B I L L I O N S OF do llar, A N N U A L RAT ES ^ T nT F T ' 1 0 - F I T ' 1 1 - B T T '1T - Ï Ü ' l - s r - Ç-_F1 3-31 6 —8 1 7-SI 2*086.A 5.T 3-80 7.T "'S.7 4-8C 4.9 A.6 5 — 80 5.4 5 ♦A ?♦101.0 0. 6 2,102.1 7. 1 2,114.1 6-80 5.9 ' 5~.1T 7 .4 7.6 7-80 3.3 8.'8 8 :b 11. J 14. 1 8-80 8*6 9.1 9.2 1 1. A 1279' ' 9 — 0’U" itto 97 ' 2,127.1 ” 2 l. X ) 15.7 2,161.2 10.6 2 , 1 7 9. 12 13 . 6 1 5 . 6 " 1 3.~0 15.3 1i . 0 14 .2 15.9 16. 1 11 . T " 1 1 .A 13 . 0 1 4. 0 r s r ? ' ■ l ^ ' .T T ■1 b . l ” 17.7- 1 3. 5 14.6 13.T i 3 . _3“ T 3 7 T n : y 10. O '' 10.2" i4~.~z "11-80 10. 5 1 Z- H0 " 1TTV5 11.0 1 1. 3 1 - 81 10.8 11.3 11.5 ” T 2 . t 13 . 5 14. 4 2-51 10. 7 'IT . T 11 . T I? .5 13. 1 13.8 12.8 13.r 5 - 81 10.8 11 11.4 12 .A 1B. cr 1 3. 6 12.7 13.0 4 - 8 1 '' 1 0. 5 " 10.9 I l . I 12 . 0 12 1277T 10.3 10. é 10. 8 1 1. 6 12 . 0 " 12.4 6-81 Y fj.i 10.5 107 6 11.4 1 1. 7 7-81 ÏÔ7 7 ‘ I 1 . 0 11. 1 11 V . 8-M 1 0. 9 il. 2 it.i 1-80 2-30 ¿- 8 0 1 4 . TT 16.7 l'b.TT 2 ,234T3 1 3. 3 2 »Z57.6 1 375 " 1 1 . 9 10 . 6 '— 2 , 2 7 5 7 * 1 27 Ü" 1 2.7 11.7 11.2 1 1 . 5 " " 97T" 12.6 TT78~ 1 1 . A" 11.7 10. 8 12.7 11.8 1 1. 0 " ' 1 0 7 5 " 10.5 9.6 9.6 " 7. 1 1 1. è 11.7 " i i .r o o 13.5 l' ?:4 9.Ô 9.0 8.8 7.1 7.2 1 2. 1 1 1. j 1 1. 4 1 0 . 9 " 1072 9.8 9.7 Ô7 9 - 8.e 7.7 8.0 8.9 12. 2 1 2. 6 11.9 1 2. 1 11.7 1 17 2 10.9 11. 0 10. 5 ‘ 1 0 . 8 " Ï Ô . 4 11.5 .8 18. V 12 . 0 12. 4 12.7 1 2. 1 12.2 11.9 11.5 11.3 11 . 4 11. 1 11.3 11.2 12.2 13.9 16.5 14. 1 4 - 80 5-eo 6-8 0 7-80 8-80 9-80 10- 80 1 1 - 80 12-80 1- 81 2-81 3-8 1 4-81 5-81 6-8 1 7-8 1 l ô. K INITIAL P- A 2,205.7 10.Z -nj78~" T l . 1 1 "0 ~ 10 —"80 ' ' 2,30077 2,318.2 12.1 2,34074 ¿735 3 . 0 2,367.4 2,184.3 2 ,4 19.0 2 »4 45 .8 H MONTH PRELIMINARY PREPAREO B Y FEDERAL SEPTEMBER 8 17» 1981 R E S E R V E riANK O F ST . LO UI S " RETAIL RAT ! 0 SALES SCALE 1973 RAT I 0 1974 1975 1976 1977 1978 1979 SOURCE: U. S. 1980 SCALE 1981 DEPARTMENT OF COMMERCE PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIODS INDICATED. LATEST DATA PLOTTED: JULY, AUGUST ADVANCE ESTIMATE PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS R E TA IL SALES COMPOUNDED ANNUAL RATES OF CHANGE IN IT IA L MONTH 1 -80 2 -8 0 2 -8 0 3 -8 0 4 -8 0 5-80 o-eo 7 -6 0 8 -6 0 9 -8 0 10-8 0 1 1 -8 0 M I L L I O N S OF 1 2 -80 1 -8 1 2 -61 3 -81 4-81 5 -6 1 6 -6 1 7 -61 -9 .5 78,899 -1 7 .5 -1 7 .0 0 CO 1 ¥\ * -1 2 .9 -1 4 .0 -1 1 .9 6 -8 0 -5 .1 -4 .0 1 .2 1 1.8 3 3 .8 7 -6 0 -0 .2 1.8 7 .5 17.2 3 1 .2 2 8.6 CD 1 o -1 3* 9 - 1 8 . 0 -1 5 .0 CD 3 -8 0 4 -8 0 77 ,6 0 3 76,404 -6 .5 75,975 77,843 7 9 ,4 9 1 0 .6 2 .4 7 .0 14.1 21.9 1 6 .3 9 -80 2 .0 3 .8 7 .9 13.8 1 9. 5 15.1 8.8 12.6 10-80 3 .4 5 .1 8 .9 13 .9 1 8.5 1 5.0 1 0.8 1 3 .7 14.8 1 1-80 4 .9 6.6 10.1 1 4 .7 1 8. 7 1 5.8 1 2.9 1 5.5 17.1 19 .4 12-80 5 .3 7 .0 10.2 1 4.1 1 7. 4 14.9 1 2.3 1 4.2 1 4.8 14 .7 1 0.3 1-81 7 .4 9 .1 12.3 16.1 19 .3 1 7.4 1 5.6 17.8 19.1 2 0 .6 2 1 .2 3 3.2 2-81 8 .4 10.0 1 3.0 16.6 1 9. 5 17.8 16.3 1 8 .3 1 9.4 2 0 .6 2 1.0 26.8 2 0.6 3-81 8.6 1 0.1 1 2.9 1 6.1 1 8. 6 27.1 1 5.7 17.3 18.1 1 8.8 1 8.6 21.5 16*0 1 1*6 4 -8 1 6 .3 7 .5 9 .8 12.4 1 4.3 12.5 10.8 11.5 1 1.4 10*8 9 .2 8 .9 1*8 —6 . 4 -2 1 .5 5 -81 5 .5 6 .6 8.7 10.9 1 2.5 10.8 9 .1 9 .6 9 .2 8 .4 6 .7 6 .0 0*1 -5 .9 -1 3 .6 -4 .8 6 -8 1 6.8 8 .0 1 0.0 12.2 13.8 12.3 1 0.9 1 1.5 11.3 10.9 9 .8 9 .7 5.5 2*0 -1 .0 1 1 .2 2 9.9 5 .2 7 9,829 8 0,6 20 81,552 82,764 83,443 8 5,463 86,810 87,608 85,855 8 5 ,5 0 1 6 .2 7 .3 9 .1 1 1.1 12 .5 1 1.0 9 .6 10.0 9 .8 9 .2 8 .0 7 .7 3.9 0 .9 -1 .6 6 .1 12 .0 -3 .4 8-81 6 .3 7 .3 9 .0 1 0 .9 12 .2 1 0.7 9 .5 9. 8 9 .6 9. 1 8 .0 7 .7 4 .5 2 .0 0 .2 6 .5 1 0 .6 2 .1 8 .0 1 -80 2 -80 3 -80 4 -8 0 5-80 ¿-8 0 7 -8 0 8 -8Ô $ -8 0 1 0-80 11—8 0 1 -6 1 2 -8 1 3 -61 4 -8 1 5 -6 1 6 -61 7 -61 o 7 -8 1 X 8 7,3 84 8 7,1 31 P 87 ,69 0 6 P - P R E LIM IN A R Y E - ESTIM ATED PREPARED BY FEDERAL RESBtVE BANK OF ST* LOUIS SEPTEMBER 11, 1961 9 HOURLY COM PENSATION* P R IV A T E B U S IN E S S S EC TO R * COMPOUNDED ANNUAL R A TE S OF CHANGE TERMINAL QUARTER IN ITIA L 3-76 4— 76 1 -77 2 -7 7 3— 77 4 -7 7 1-78 2-78 3 -78 1977 * 100 QUARTER 4 -7 8 1 -79 2 -7 9 3-79 4 -7 9 1 -8 0 2 -80 3-8 0 4 -8 0 1-81 95.5 A-7 6 7 .9 1-77 7 .4 6 .9 2 -7 7 7 .5 7 .2 7 .6 3 -77 7 .7 7 .6 8.0 8 .3 4 -7 7 7 .5 7 .4 7 .6 7 .6 6 .9 9 7.1 9 8 .9 1 00.9 1 02.6 1 05.0 1-78 7 .9 7 .9 8 .1 8 .3 8.3 9 .7 2-7 8 7 .9 7 .9 8 .2 8 .3 8 .3 9 .0 8.2 3-78 8 .1 8 .1 8 .3 8 .4 8.4 8.9 8 .6 8 .9 4 -7 8 8 .2 8 .2 8 .4 8 .6 8.6 9 .1 8 .9 9 .2 9.5 107. 1 109.4 111.9 115.0 1-79 8 .5 8 .6 8 .8 9 .0 9.1 9 .6 9 .5 10.0 10.5 1 1.6 2 -7 9 8 .8 8 .9 9.1 9 .3 9 .4 9 .8 9 .9 1 0.3 1 0 .7 1 1 .4 11.2 3 -7 9 8 .8 8 .9 9 .1 9 .3 9 .4 9 .7 9 .7 10.0 10.3 10.6 10.2 4-7 9 8 .8 8 .9 9 .0 9 .2 9 .3 9 .6 9 .6 9 .8 1 0 .0 1 0.1 9 .6 8 .8 8.5 1-80 8 .9 9 .0 9 .2 9 .3 9 .4 9.7 9 .7 9 .9 10.1 1 0.2 9 .9 9 .5 9 .7 1 0.8 2 -80 9 .1 9 .2 9 .4 9 .6 9.7 1 0 .0 1 0 .0 1 0.2 1 0.4 1 0.6 1 0.4 10.2 1 0 .5 1 1.5 1 1 8 .1 120.7 9 .1 123.2 126.4 1 3 0 .1 1 2 .2 3 -8 0 9 .2 9 .3 9 .4 9 .6 9 .7 9 .9 10.0 10.1 1 0.3 1 0 .4 10.2 1 0.0 10.3 10 .9 10.9 9 .5 4 -8 0 9 .1 9 .2 9 .4 9 .5 9.6 9 .8 9 .8 10.0 10.1 1 0.2 10.0 9 .8 10.0 1 0 .3 1 0.1 9 .1 8 .7 1 -8 1 9 .3 9 .4 9 .5 9 .6 9 .7 1 0 .0 10.0 10.1 1 0 .3 1 0 .4 1 0.2 10.1 10 .2 1 0.6 1 0.5 1 0.0 10.2 1 1 .7 2-81 9 .3 9 .4 9 .6 9 .7 9.8 1 0.0 1 0.0 1 0.2 1 0.3 1 0 .4 1 0.2 1 0 .1 10.3 1 0.5 1 0 .5 10.1 1 0.2 11.0 10.4 4— 76 1-77 2 -7 7 3-77 4 -7 7 1-78 2 -7 8 3 -7 8 4 -7 8 1-79 2-79 3 -79 4 -7 9 1 -8 0 2-80 3 -8 0 4 -0 0 1-6 1 2 -8 0 3 -80 4 —80 >75“ IN IT IA L R EV IS ED 1 3 3 .1 135.9 139.7 143.2 QUARTER FROM 1979 OUTPUT PER HOUR OF ALL PERSONS, P R IV A T E BUS IN ES S COMPOUNDED ANNUAL R AT ES OF CHANGE TERMINAL QUARTER IN ITIA L 3-76 4 -76 1-77 2 -7 7 4 -7 6 3 .1 1.9 2 .7 1 -78 2-78 3 -78 QUARTER 4 -7 8 1-79 1977 * 1 00 2 -7 9 3 -79 4-7 9 1-80 1-81 5 .8 2 -7 7 4 -7 7 0 .4 1 -77 3 -7 7 SECTOR* -0 .4 5 .3 9 8.1 99 .5 9 9.4 3 -7 7 2 .8 3 .5 2 .4 4 -77 1 .8 2 .1 0 .9 1 .6 -2 .0 1-78 1.1 1.2 0 .1 0 .3 -2 .2 -2 .4 2-78 1.1 1.2 0 .3 0 .5 -1 .1 —0 . 6 1 00.7 1 0 0 .2 9 9 .6 1 .2 99.9 3-78 1.0 1 .1 0 .3 0 .5 -0 .7 -0 .3 0 .8 0 .4 4-78 0 .9 0 .9 0.2 0 .3 -0 *6 -0 .3 0 .4 0 .0 -0 .4 1-79 0 .7 0 .7 0.1 0 .2 -0 .7 -0 .4 0 .1 -0 .3 -0 .6 2 -7 9 0 .6 0 .6 0 .1 0 .2 -0 .6 -0 .3 0 .1 -0 .2 -0 .4 -0 .4 0 .0 3 -79 0 .5 0 .5 -0 .0 0 .0 -0 .6 -0 .5 —0 . 1 —0 . 4 -0 .6 -0 .7 —0 . 6 -1 .2 4 -7 9 0 .3 0 .3 -o .i -0 .1 -0 .7 -0 .6 -0 .3 -0 .5 -0 .7 -0 .8 -0 .8 -1 .2 1-80 0 .4 0 .4 0.0 2 -8 0 0 .3 0 .3 -0 .1 100.0 99.9 -0 .8 9 9 .7 9 9 .7 9 9 .4 -1 .2 9 9.1 0 .0 -0 .5 -0 .3 -0 .1 -0 .2 -0 .3 -0 .3 -0 .2 -0 .3 0.2 1 .6 —CU 1 —0 . 6 -0 .4 -0 .2 -0 .4 -0 .5 -0 .5 -0 .5 -0 .6 -0 .4 0 .0 -1 .6 0 .4 -0 .2 1.2 9 9.5 9 9.1 3 -8 0 0 .4 0 .4 **o.;o 0 .0 —0 .4 -0 .3 -0 . 1 -0 .2 -0 .3 -0 .3 -0 .2 -0 .2 0 .0 4 -8 0 0 .3 0 .3 -0 .1 -0 . 1 -0 .5 -0 .4 -0 .2 -0 .3 -0 .4 -0 .4 -0 .3 -0 .4 -0 .2 0 .0 -0 .5 e .o 1 -8 1 0 .5 0 .5 0 .2 0 .2 -0 .1 0 .0 0 .2 0 .1 0 .1 0 .2 0 .3 0 .3 0 .6 1.0 0 .8 1 .6 1.8 4 .9 2 -81 0 .6 0 .6 0 .4 0 .4 0.1 0 .2 0 .4 0 .4 0 .4 0 .4 0 .6 0 .6 0 .9 1.3 1.2 1 .9 2 .2 3 .9 2 .8 3 -7 6 4 -7 6 1-77 2 -7 7 3-77 4 -7 7 1 -78 2 -78 " > -7 8 4 -78 1 -79 2-79 3 -79 4— 79 1 -80 2 -8 0 3 -8 0 4 -8 0 1-81 9 9 .4 -1 .2 99. 100.3 1 01.0 I N I T I A T - QUARTER »R E V I S E D FROM 1979 PREPARED ftV ÉéDÉftÀL ftÈSÉRVÉ ßA*K ÖP“ ^ V . AUGUST 2 6 , 1981 IO 1 LÖ u lS PRODUCTIVITY, RATIO COMPENSATION, COSTS* r a t i o 19 7 7 -1 00 * AND LABO R SCALE SEASONALLY ADJ USTED REVISED FROM 1979. PERCENTAGES A RE LATEST PLOTTEDt DATA S OURCE. ANNUAL RATES 2 ND OF CHANGE FOR PERIODS scale 197 7 - 1 0 0 U.S. DEPARTMENT OF LABOR ST. LOUIS INDICATED. QUARTER PREPARED BY F E D E R A L RESERVE BA N K OF U N I T L A W » CO S TS * P R IV A T E BU5TWESS SECTOR* COMPOUNDED ANNUAL RATES Of CHANGE T ER MI N AL QUARTER IN ITIA L 3 -7 6 4 -76 1-77 2 -7 7 3 -77 4 -7 7 1 -78 2 -7 8 3 -7 8 1977 * 100 QUARTER 4 -78 1-79 2-79 3 -7 9 4 -7 9 1 -6 0 2 -80 3 -6 0 4 -8 0 1 -81 9 7 .4 4— 76 7 .7 1-77 4 .4 1 .2 2 -7 7 5 .5 4 .4 7 .6 3-77 4 .8 3 .9 5 .2 2 .8 4 -7 7 5 .7 5.1 6 .5 5 .9 9.1 8 .0 10 .6 1 2.2 97 .7 7 .9 9 9 .5 100.2 102.4 105.4 1-78 6 .7 6 .5 2 -7 8 6 .8 6 .7 7 .8 7.8 9 .6 9 .8 7 .4 3 -7 8 7 .0 6 .9 7*8 7 .9 9.2 9 .2 7.7 8 .1 4 -7 8 7 .3 7 .3 8 .2 8 .3 9 .4 9 .5 8 .6 9 .1 1 07 .3 109.4 112.1 10.2 115.4 7 .8 7 .8 8 .7 8 .8 9.9 10 .0 9 .5 1 0.2 1 1.3 1 2.3 8 .1 8 .2 9 .0 9 .1 10 .1 1 0.2 9 .8 1 0 .4 11.2 1 1 .7 1 1.2 3 -7 9 8 .3 8 .3 9 .1 9 .2 10.1 10.2 9 .9 10 .4 1 1.0 11.2 10.7 118.5 121.4 1 0 .2 4-79 8 .4 8 .5 9 .2 9 .3 10 .1 1 0.2 9 .9 1 0.3 10.8 1 0.9 1 0.4 10.0 9 .9 1-80 8 .5 8 .5 9*1 9 .3 9 .9 1 0.0 9 .8 10.1 1 0.5 10.5 10.1 9 .7 9 .4 9 .0 2-80 8 .8 8 .9 9 .5 9 .7 10*3 1 0.5 1 0.3 1 0.6 1 1.0 1 1.1 10.9 10.8 1 1 .0 11.6 14 .2 W 1 C D O 1-79 2 -7 9 8 .8 8.9 9 .4 9 .6 1 0. 1 1 0.2 10.0 10.3 10.6 10.7 1 0.4 1 0.3 1 0 .3 1 0 .4 11.2 8 .2 1 24 .3 127 .0 131 .3 8 .8 8 .9 9 .4 9 .6 10 .1 1 0.2 10.0 1 0.3 1 0.5 10.5 10.3 1 0 .2 1 0 .2 1 0.2 1 0 .6 8 .9 9 .6 1-81 8 .7 8 .8 9 .3 9 .4 9 .9 1 0 .0 9 .8 1 0.0 1 0.2 1 0.2 9 .9 9 .7 9 .7 9 .6 9 .8 8 .3 8 .4 7 .2 2 -81 8 .7 8 .7 9 .2 9 .3 9 .7 9 .7 9 .6 9 .7 9 .9 9 .9 9 .6 9 .4 9 .3 9 .2 9 .2 8 .0 7 .9 7 .1 7 .1 3-76 4 ^7 6 3 -7 7 4 -7 7 1 -7 8 2 -7 8 3 -7 8 4-78 1 -7 9 2-79 3-79 4 -7 9 1 -8 0 2 -8 0 3 -8 0 4 -6 0 1-61 1 0» o * 133.9 T T - 7 7 - 2— 77 “ IN IT IA L 137.0 1 39 .4 141.8 QUARTER ♦R EV IS E D FROM 1979 PREPARED BY E E O E J U T T R E m V E AUGUST 2 6 , 1981 11 ftATjKTCir S i V T i M J i S GROSS N A TIO N AL PROOUCT IN CURRENT DOLLARS COMPOUNDED ANNUAL R A TES OF CHANGE T ERM IN AL QUARTER IN ITIA L 4-76 1-77 2 -7 7 3-77 4 -7 7 1 -7 8 2-78 3 -7 8 1-79 4 -7 8 2-79 3-79 4 -7 9 1 -00 © 0 0 1 3-76 4 -7 6 B I L L I O N S OF DOLLARS ANNUAL RAT ES QUARTER 3 -8 0 4 -8 0 1 -61 10.4 1 ,7 7 2 .5 1-77 13.1 1 5.9 2 -77 12.9 14.2 12.5 3 -7 7 1 ,8 3 9 .1 1 ,89 3.9 12.8 13.6 1 2.5 1 2.5 4 -7 7 1 1.8 12.2 11.0 1 0 .3 8.1 1-78 11.4 11.6 1 0.5 9 .9 8.6 9 .1 2 -7 8 1 2.6 13.0 12.4 1 2 .4 1 2 .4 14.7 20.5 3 -78 12.6 1 2.9 12.4 12 .3 1 2 .3 1 3.8 1 6.2 11.9 4 -7 8 12.9 13.2 12.8 1 2.0 1 3 .0 14.2 1 6.0 1 3.8 15.7 1-79 12.9 13.2 12.8 1 2.9 1 2 .9 13.9 15.2 13.4 14 .2 1 2 .7 2 -7 9 12.0 1 2 .0 1 1 .9 1 2.6 13.3 1 1.5 11.4 9 .2 5 .9 12.0 1 2.0 1 1.9 1 2.5 1 3 .1 11.6 1 1 .6 10.2 9 .0 1 ,95 0.4 1 ,90 8.6 2 ,0 3 2 .4 2 ,12 9.6 2 ,1 9 0 .5 2 ,2 7 1 .9 2 ,3 4 0 .6 12.2 12.4 3 -7 9 1 2.2 12.4 4 -7 9 1 2.0 1 2.1 11.8 1 1.7 11 .6 1 2.0 1 2 .5 11.2 11.0 9 .9 9 .0 10.5 8.8 1 -80 1 2.0 12.1 1 1.8 11.8 1 1 .7 12.1 12.5 11.4 1 1 .3 1 0.4 9 .9 1 1.2 1 0 .7 1 2.6 2 -8 0 1 1 .1 11.1 10.8 1 0 .6 1 0. 5 10.7 10.9 9 .7 9 .4 8 .4 7 .6 8 .0 6 .6 5.6 2 ,37 4.6 2 ,4 4 4 .1 12.2 2 ,4 9 6 .3 2 ,571 *7 2 .56 4.8 -l .l 3 -80 11. 1 1 1.2 1 0.8 1 0 .7 1 0. 6 1 0 .8 1 1.0 1 0.0 9 .7 8 .9 8 .3 8 .8 7.9 7 .6 5 .2 IX .8 4 -8 0 11.4 1 1.4 11.1 11.0 1 0. 9 1 1 .1 1 1 .3 10.5 10.3 9 .6 9 .2 9 .8 9 .3 9 .4 8 .3 13.3 1 4.9 1 -81 11.8 1 1.9 1 1.6 1 1 .5 11.5 1 1.7 1 2.0 1 1.2 1 1 .1 1 0.7 1 0.4 1 1 .1 10.9 1 1 .3 1 0.9 1 5 .3 1 7.0 1 9.2 2 -81 11.4 11.4 1 1.2 1 1.1 1 1. 0 1 1.2 1 1.4 10.7 1 0 .5 10.0 9 .8 10.2 1 0 .0 10,1 9 .7 12.5 12.8 1 1 .7 4 .7 3 -7 6 4 -7 6 1-77 2-77 3-77 4 -7 7 1- 7 8 2 -78 3-78 4 -7 0 1-79 2 -79 3-79 4 -79 1-80 2 -8 0 0 0 0 1 4 -e o 1-81 IN ITIA L 2 *637.3 2 .7 3 0 .6 2 .8 5 3 .0 2 .88 5.8 QUARTER GROSS NATI ONA L PRODUCT IN 1972 DOLLARS COMPOUNDED ANNUAL RAT ES OF CHANGE T E R M ! NAL QUARTER IN ITIA L 3 -76 4 -76 1-77 2-77 4 -76 6 .6 6 .2 7 .4 3 -7 7 6 .3 7 .2 6 .0 5 .4 5 .8 4 .5 4 .2 2 -78 3-78 4 -7 8 1-79 2 -79 3-79 4 -7 9 1 -80 2 -80 3 -8 0 4 -0 0 1-81 6 .7 4 -7 7 1- 78 9 .6 2 -7 7 4 -77 3 .8 1 -77 3 -7 7 B I L L I O N S OF DOLLARS ANNUAL RATES QUARTER 1 ,31 5.4 1 ,345.9 5.3 1 ,36 3.4 1 ,3 8 5 .8 1.7 1f 3 9 1 .5 1-78 5 .0 5.3 4 .2 3 .8 2 .4 3 .1 2 -78 5 .6 5 .9 5 .1 5 .1 4 .5 6 .0 1 ,4 0 2 .3 9.0 1 ,4 3 2 .8 3 -7 8 5 .4 5 .6 4 .9 4 .9 4 .4 5 .3 6.4 3 .9 4 -7 8 5 .4 5 .6 5 .0 4 .9 4 .6 5 .3 6.1 4 .7 5 .4 1-79 5 .2 5.4 4 .9 4 .8 4.5 5 .1 5.5 4 .4 4 .6 1 ,4 4 6 .7 1,46 5.8 3 .9 1 ,4 7 9 .9 1 ,47 3.4 2 -7 9 4 .6 4 .6 4.1 4 .0 3.6 3 .9 4 .0 2.8 2 .5 1.0 -1 .7 3 -7 9 4 .5 4 .6 4. 1 4 .0 3.6 3.9 4.0 3 .1 2 .9 2. 0 1 .1 4 .1 4 -7 9 4 .2 4 .3 3 .8 3 .6 3. 3 3 .5 3.6 2 .7 2 .4 1. 7 1 .0 2 .3 0.6 1 -8 0 4. 1 4 .2 3 .7 3 .6 3 .3 3.5 3.5 2 .7 2 .5 2. 0 1 .5 2 .6 1. 8 1 ,4 8 8 .2 1 ,4 9 0 .6 1 .5 0 1 .9 3 .1_ 1 .463.3 2 -8 0 3 .1 3.1 2 .6 2 .4 2 .0 2 .0 1 .9 l.l 0 .7 -0 . 1 -0 .9 -0 .7 -2 .2 “ 3 .6 -9 .9 3 -8 0 3. 1 3 .0 2 .6 2 .4 2 .0 2.1 2 .0 1 .2 0 .9 0. 2 -0 .4 -0 .1 -1 .1 -1 .7 -4 .0 4 -8 0 3.1 3 .1 2 .7 2 .5 2 .2 2 .2 2 .1 1.2 0. 7 0 .2 0 .6 -0 .1 -0 .3 . -1 .4 3.1 3 .8 1 -81 3 .4 3 .4 3.0 2 .9 2. 6 2 .7 2 .6 2 .1 1 .9 1.5 1.2 1 .7 1 .3 1 .4 1.0 4 .9 6 .1 8 .6 2-81 3 .2 3.1 2 .8 2 .6 2.3 2 .4 2. 3 1 .8 1 .6 1.2 0 .9 1 .2 0.8 0 .9 0 .5 .... 3 , 2 3 .5 3 .4 -1 .6 3-76 4 -7 6 1-77 3-77 4 -7 7 1 -7 8 2-78 3 -78 4 -7 8 1-79 2 -79 3-79 4 -79 1-80 2 -8 0 3 -8 0 4 -8 0 1-81 2-11 IN ITIA L 2 .4 1 ,4 7 1 .9 1tM 5 ,6 1 *516.4 1 ,5 1 0 .4 QUARTER PREPARED BY FED ER A L RESERVE BANK OF S T . SEPTEM BER 18* 1981 12 LO U IS GROSS N A T I O N A L PRODUCT RAT 10 S C A L E T R I L L I O N S OF 3 2 RATI O SCALE T R I L L I O N S OF D O L L A R S 0 9 QUARTERLY T OT AL S AT ANNUAL RAT ES DOLLARS SE ASONAL L Y ADJ US T ED 2 8 2 7 2 2 2 6 5 4 3 2 I 0 2 2 2 2 9 8 7 6 9 8 . 6 .5 .4 .3 . 2 0 SO URCE: PERCENTAGES ARE LATEST PLOTTED: DATA ANNUAL RATES 2N D OF CHANGE FOR PERIODS U.S. DEPARTMENT OF COMMERCE INDICATED. QUARTER PREPARED 13 BY F E D E R A L RESERVE BANK OF ST. LOUIS GENERAL RATIO PRICE INDEX* SCALE RATIO I972-IOO 1973 *AS USED 1974 IN NA TI ON AL 1975 1976 1977 1978 INCOME ACCOUNTS SOURCEi P E R C E N T A G E S ARE ANNUAL RA TES OF CHANGE FOR P ER IO DS L A T ES T SCALE 1972-100 DATA PLOTTEDt 1979 U.S. 1980 DE PA R T M E N T 1981 OF C O MM ER CE INDICATED. 2ND OUARTER PREP AR ED BY FE DERAL RE SER VE BANK OF ST. LOUIS I M P L I C I T PRICE O E F I A T O R FOR GROSS N A T I O N A L PRODUCT ___________ CCKPOUNOEO ANNUAL RATES OF CHANGE_____________ TE R MI N AL QUARTER IN ITIA L 3 -7 6 4 -7 6 1-77 4 -7 6 6 .1 6 .3 6 .3 4 -77 1 -7 8 2 -78 3 -78 OUARTER 4 -7 8 1-79 1972 * 100 2-79 3 -79 4 -79 1 -80 2 -8 0 4 -80 1-81 6 .8 1 3 4 .7 5 136.64 3 -7 7 6. 1 6 .0 6 .1 3 .4 6 .1 6. 1 6 .2 3 .8 6 .3 1-78 6 .1 6 .0 6 .1 3 .8 6.0 5 .8 2 -7 8 6. 7 6 .8 7.0 7 .0 7.5 8 .2 1 0.6 3 -78 6 .8 6 .9 7 .1 7. 1 7. 6 8 .0 9 .2 7 .7 * 1 C D 1 3 8 .9 1 4 -77 7.2 7.2 7 .3 7 .6 8 .0 8.5 9 .4 8.7 9 .8 1-79 7 .3 7 .4 7 .6 7.7 8.1 8.4 9. 1 8.6 9.1 8. 4 2-79 7 .3 7 .4 7 .6 7.7 8.0 8 .3 8.9 8.4 8 .7 8. 1 7 .8 7,5 -...7*6 7 .7 8.0 . 8 .3 8*7 8*3 8.5 8 .0 7 .8 1 4 0 .7 5 1 42 .9 1 144.93 1 4 8 .6 3 1 5 1 .4 2 1 5 4 .9 9 1 5 8 .1 6 1 6 1 .1 7 7 ,8 1 6 4 .2 3 4 -7 9 7 .4 7 .3 7 .7 7.8 8 .0 8 .3 8.6 8.3 8 .4 8. 1 7 .9 8 .0 8.1 1-80 7 .6 7 .7 7.8 7 .9 8 .2 8.4 8.7 8 .4 8.5 8. 3 8 .3 8 .4 8.7 9 .3 8 .3 .. 8 . 5 8*8 8.6 8 ,7 8*6 8 ,8 9,1 9 .5 9 .8 8.6 8.9 8.7 8.8 8 .7 8 .8 9. 1 9 .4 9 .5 9 .2 . ? -9 0 7 .7 7. 8 3-80 7 .8 7 .9 4 -80 8.0 . _ 3 -80 3.7 2 -7 7 3 -7 7 6 .5 1 -7 7 2 -7 7 . 8-1 8 .1 8 .4 __8, S . 8. 6 1 7 5 .2 8 1 79 .1 8 3.1 8.2 9 .3 8.6 8.8 9 .0 8.9 9 .0 8 .9 9 .0 9.2 9.4 9 .8 9 .9 1 0.0 1 0.7 8»? 8*? 8* 8.6 8.8 9. 1 8.9 9 .1 9. 0 9. 1 9 .2 9.5 9 .8 9 .9 9 .9 10. 3 9 .8 8 .0 8.1 8 .2 8 .3 8.5 8 .7 8 .9 8.7 8.8 8 .7 8 .8 8 .9 9 .0 9 .2 9 .2 9 .0 8.9 8 .0 6 .4 3-76 4-76 1-77 2-77 3-77 4-77 1 -7 8 2 -78 3-78 4 -7 8 1 -7 9 2 -79 3-79 4 -7 9 1 -80 2 -8 0 3 -8 0 4-8 0 1-81 . 1-?1 2^51 . 1 6 7 .4 7 1 7 1 .2 3 IN IT IA L 18 3. 81 1 8 8 .1 4 1 9 1 .0 6 QUARTER PREPARED BY FED ER AL RESERVE BANK OF S T . SEPTEMBER 1 8, 1981 14 LO U IS PERSONAL CON SUM PT ION EX P EN D ITU R ES IN CURRENT DOLLARS _____________ COMPOUNDED ANNUAL R ATES OF CHANGE______________ B IL L IO N S OF TER MINA L_______________________________________________________________________ I N I T I A L QUARTER______________________________________________________________________ DOLLARS QUARTER t ANNUAL R AT ES 2-77 4-76 1-77 3-77 4-77 3-76 1-78 2-78 3-78 3-79 4-79 4-78 1-80 4-80 2-80 1-79 2-79 3-80 1 -8 1 4-76 12.9 1-77 13.1 13.4 2-77 11.4 10 .6 7.9 3-77 11.3 10.7 9.4 10.9 4-77 11 .6 11 .2 10.5 1 1 .8 12.8 1-78 10.9 10.5 9.8 10.5 10.3 7.8 2-78 11.8 11.6 11.3 12 .1 12 . 5 12.4 17.2 3-78 11.9 11.7 11.5 1 2 .2 12. 5 12.4 14.8 4-78 12.2 12.1 11.9 1 2 .6 12.9 12.9 14.7 13.4 14.3 1-79 12 .0 12 .0 11.8 12.3 12.6 12.5 13.8 1 2 .6 12.7 1 1.0 2-79 11 .6 11.4 11 .2 11 . 6 11. 7 11.5 12.3 11.1 10.7 8.9 1*127.9 1,163.9 1,186.2 1*217.4 1,254.5 1,278.3 1,330.1 1,369.9 12.5 1 ,416.6 1,454.1 1 , 4 78 . 0 6.7 3-79 11,8 11.7 11,5 11.9 12.1 12,0 12,7 11 .8 11 .6 10.7 10.6 14,6 4-79 12.0 11.9 11.8 12 .2 1 2. 4 12.3 13.0 12.3 12.2 11.7 11.9 14.6 1 4. 7 1-60 12 . 1 12 .0 11.9 12.3 12.4 12.4 13.0 12.4 12.3 11.9 12.2 14.0 13. 8 1*529 ,1 1,582.3 l,63*f Q 12.9 1,626.« 2-80 11.2 11.0 10.9 11 . 1 11.1 11.0 11.3 1 0 .6 10.3 9.7 9.4 10.1 8.6 5.7 3-80 11.4 11.2 1l . l 11.3 11.4 11.3 11 .6 11.0 10 .8 10.3 10 .2 10.9 10.0 8.5 6.4 14.3 4-80 11.7 11.6 11.5 11 .8 11.8 1 1.8 12 .1 1 1 .6 11.5 1 1 .2 11 .2 1 2 .0 11. 5 10.7 9,9 15.9 17,4 1-81 11.8 11.8 11,7 11.9 12.0 11.9 12.3 11,9 11 .8 11. 5 11 .6 12.3 11. 9 11,4 1 1 ,0 15,3 15,8 14,2 2-81 11.4 11.3 11 .2 11.4 11.5 11.4 11.7 1 1.2 11.1 10.8 10.7 11.2 1 0.8 1 0 .1 9,6 12.4 1 1.8 9.1 4,3 3-76 4-76 1-77 2-77 3-77 4-77 1-78 2 -78 3-78 4-78 1-79 2-79 3-79 4-79 l-eo 2-80 3-80 4-80 1-81 IN ITIA L -1 .0 1,682.2 1.751,0 1, 810* 1 lf8 2 9 _ il QUARTER PERSONAL CONSUMPTION E X P 0 I D I T U R E S I N 1972 DOLLARS ___________ COMPOUNDED ANNUAL RAT ES OF CHANGE___________ TERMINAL QUARTER IN ITIA L 3-76 4-76 4-76 6 .1 4.7 4.0 3-77 4-77 1-78 2-78 3-78 4-78 1-79 2-79 3-79 4-79 1-80 2-80 3-80 4-80 1-81 6.1 2-77 2-77 6. 1 1-77 1-77 B I L L I O N S OF DOLLARS ANNUAL RA TE S QUARTER 839.4 851.9 1.9 856.0 3-77 4.8 4.3 3.4 4.9 4-77 5.2 5.0 4.6 6 .0 7. 1 1-78 4.5 4.2 3.8 4.4 4.1 1.3 2-78 5.0 4.8 4.5 5.2 5.3 4.4 7.7 3-78 5.0 4.8 4.6 5.1 5. 2 4.5 6 .2 4.8 4-78 5.0 4.9 4.7 5.2 5.2 4.8 6 .0 5.1 1-79 4.6 4.4 4.2 4.6 4.5 4.0 4.7 3.7 3.2 0.9 2-79 4. 1 3.9 3.6 3.8 3.7 3.1 3.5 2.5 1.7 -0.1 3-79 4.1 3.9 3.7 3.9 3.8 3.3 3.7 2.9 2.4 1.4 1.7 4.7 4-79 4. 1 3.9 3.7 3.9 3.8 3.4 3.7 3.0 2.7 2 .0 2.3 4.1 866.4 881.3 884.1 900.6 911.2 923,4 5.5 925,5 -1.2 922,8 933,4 3.6 9 41 *6 3.7 3.5 3.6 3.5 3. 1 3.3 2.7 2.3 1.7 1.9 3,0 2,2 0 ,8 2 .6 2.4 2.4 2,2 1.7 1.8 1.0 0.5 -0.3 -0.5 -0 ,4 -2,0 -4,7 -9.8 3-80 3.0 2 .8 2 .6 2 .6 2.4 2 .0 2 ,1 1.5 1.1 0.5 0.4 0,7 -0,3 -1.5 -2,7 l° 3.8 ?.9 L i 1-80 2-80 943.4 919*3 930.8 5.1 3.1 2.9 2.9 2.8 2.4 2.5 2 .0 1.7 1.3 1.3 1.7 _L ? L _ 0 ,6 0,5 6. 1 3.4 . 3,2 3.0 3. 1 3.0 2.7 2 .8 2.4 2 .1 1.8 1,9 2.3 1,9 1 ,6 1 .8 6 .0 6.4 2-81 3. 1 2.9 2.7 2 .8 2.6 2.3 2.4 2 .0 1,7 1. 4 1.4 1,7 1, 3 1 ,0 1 .0 3,9 3.5 4-76 1-77 2-77 3 - 77 4-77 1-78 2-78 3-78 4-78 1-79 2-79 3-79 4-79 1-80 2-80 3-80 ICO • 3.2 1-81 3-76 IN ITIA L ... 946*8 _ 9S?tl 5.8 960.2 -2 ,1 4-80 1-81 QUARTER PREPARED BY F E D E R A L R ESER VE BANK O F S T . SEPTEM BER 1 8 , 1981 15 L O U IS GROSS P R IV A T E D O M ESTIC IN VES TM EN T IN CURRENT DOLLARS ____________ COMPOUNDED ANNUAL R ATES OF CHANGE______________ BI L L I ONS OF DOLLARS ANNUAL RATES I N I T I A L QUARTER terminal QUARTER 3— 76 4-76 4-76 1- 77 2- 77 3- 77 4-77 1- 78 2- 78 3- 7 8 4-78 1- 79 2- 7 9 3- 79 4-79 1-60 2-80 3 -e o 4-60 1- 81 8. 1 2 6 4 .7 1-77 32 . 5 62.4 2-77 31. 5 45.0 29.4 3-77 29. 2 37. 1 25.9 22.5 4-77 23.0 27.0 17. 0 11.3 1.1 1- 78 22. 2 25 . 2 17.4 13 . 6 9. 4 18. 4 2-78 23.9 26.7 20.6 18 . 5 17.2 26. 2 34. 5 3- 7 8 21 . 1 ° co <j \ 1 7. 5 15 . 2 13.5 17. 9 17. 7 4-78 20.2 21. 8 16. 9 14.9 13.5 16. 8 16. 2 8. 0 13. 5 1- 79 19. 9 21. 2 16. o 15.2 14.0 16. 8 16. 4 10. 9 15. 2 17. 0 2-79 19. 4 20.6 16. 7 15.2 14.2 16. 6 16. 2 12. 0 15. 3 16. 2 15.4 13. 1 9. 2 10. 9 10. 0 6.7 -1.4 9.3 5. 6 6. 2 4. 4 0.6 -6.1 -10.6 2 9 6.6 316*7 3 3 5 .3 336*2 17.6 18. 5 14. 8 13.3 12.1 13. 8 4-79 15. 1 15.7 12. 2 10.6 9. 4 10. 4 3 7 7 .7 2.9 3 6 0 .4 39 2 .6 408*3 423*2 421*7 410*0 1- 80 14. 4 14 . 9 11. 6 10. 1 9. 0 9. 9 8.9 5. 6 6. 1 4.7 1. 8 - 2 .4 -2.9 5. 6 2-80 11. 5 11. 8 8. 6 7.0 5. 7 6. 2 4. 9 1. 7 1. 6 -0.3 -3.4 -7.6 -9.6 -9.1 3-80 9.8 9.9 6.9 5.3 4. 0 4.3 2. 9 -o .i -0.4 -2.3 -5.2 -8.8 -10.6 -1 0 . 6 4-80 10. 6 10. 7 7.9 6.5 5. 4 5. 8 4.7 2. 1 2.0 0. 6 -1.5 -4.1 -4.6 -3.0 -5.7 3.5 23.7 1- 81 12. 3 12. 5 10. 0 8 .8 7. 9 8. 4 7. 6 5. 5 5.7 4.9 3.5 1. 9 2 .4 5. 3 5.2 16 .1 34 . 4 45*9 2-81 12. 7 13. 0 10. 6 9.5 8. 7 9. 3 8. 6 6.7 7.0 6* 4 5.3 4.1 4. 9 7.8 8.2 17 . 3 29.8 33*Q 21*2 3- 7 6 4-76 1- 77 2- 77 3- 77 4- 77 1-78 2- 78 3- 7 8 4- 7 8 1- 79 2- 79 3- 79 4-79 1- 80 N ) 1 0 0 o 3-79 3 5 0 .7 3-80 4 —8 0 1- 81 415*6 -21.7 390*9 -1 7 . 7 - 1 3 . 4 377*1 397*7 437*1 458*6 I N I T I A L QUARTER GROSS PRIVATE DOMESTIC INVESTMENT IN 1972 DOLLARS __________ COMPOUNDED ANNUAL RATES OF CHANGE___________ TERMI NAL QUARTER 3- 7 6 4- 7 6 1- 77 2-77 3- 77 4-77 4-76 21. 3 2-77 21.6 3 1. 6 19. 5 25.3 17. 7 13. 6 16. 2 8.7 2.6 14. 1 16. 3 10. 6 7.0 3.9 14. 2 16. 0 11. 5 9.0 7. 5 15. 7 8.4 3- 79 4-79 1- 80 2-80 3-80 4-80 16. 4 2- 7 8 2- 79 -7.2 1- 78 1- 79 13 . 6 4-77 4-78 22 . 1 3-77 3- 7 8 BI LLI ONS OF DOLLARS ANNUAL RATES 1 -e i 3.7 1- 77 1-78 f\ > 1 -4 0 0 I N I T I A L QUARTER 186*3 41.8 203*3 213*7 220*6 216*5 224*9 15. 0 232*9 229*3 3- 78 11. 5 12. 6 5.8 3.9 8. 0 4. 0 -6.0 4-78 10. 6 11. 5 7.8 5.6 4. 0 7. 1 4. 1 -0.9 4.4 1 - 79 10 . 6 11 .4 8.1 6.3 5.1 7. 8 5. 7 2. 8 7.5 10. 6 2-79 9.8 10. 4 7. 4 5.7 4. 6 6. 7 4.9 2. 5 5. 5 6.0 1. 7 3- 7 9 9.0 8. 4 5. 5 _ .3*8 2. 7 4.2 2.3 -0.1 1. 4 0, 5 -4.2 4- 79 5. 8 5.9 3. 2 1. 4 0. 2 l.l -0.9 -3.3 -2.7 -4.4 -9 .0 -13.9 1 - 80 4.9 5.0 2.4 0.8 -0.4 0.4 -1.5 -3.6 -3.2 -4.7 -8.2 231*6 237*7 230* 7 232*6 -9*8 221*5 -17.8 - 11*2 - l i *9 218*3 -5.7 2-80 2.2 2.1 -0.4 -2.1 -3.4 -3.0 -5.0 -7.2 -7.4 -9 . 2 -12 .7 -16 .0 -18.0 -18.1 -28.8 3-80 1. 4 1. 3 - 1*1 -2.7 -4.0 -3.7 -5.5 -7.5 -7.7 -9 .3 -12.3 -14.8 -16.0 -1 5 .5 -20.0 -10.0 4-80 2.0 1.9 -0.4 -1.8 - 2 .9 -2.5 -4.1 -5.8 -5.8 -7.0 - 9 . 3 - 1 1 .0 - 1 1 .2 -9.5 1- 81 3. 1 3, 0 1 .0 -0.3 -1 .2 -0.7 -2.0 -3.4 -3.2 -4.0 -5 .6 -6.7 -6 .1 -3 .6 2- 81 3.7 3. 7 1. 8 0.7 -o .i 0.4 -0 .7 -1 .9 -1.5 -2.1 -3.4 -4 .1 -3*2 3-76 4-76 1- 77 2-77 3- 77 4-77 1-78 2- 78 3- 78 4-7 8 1- 79 2- 7 9 3- 79 -10.7 200*5 195*3 2 0 0 .5 0 .0 11*1 -3 . 1 7.4 17 . 4 24 . 1 -0 * 5 J£* 5 9 .6 17*0 2 0 .1 16*2 4 -7 9 1 - 80 2-80 3-80 4-60 1- 81 2 1 1 .6 219*7 I N I T I A L QUARTER PREPARED 6 Y FED ER A L RESERVE BANK O F S T . LO U IS SEPTEM BER 18* 1901 16 GOVERNMENT PURCHASES OF GOODS ANO S ER V IC ES IN CURRENT DOLLARS ___________________ COMPOUNDED ANNUAL R A TES OF CHANGE______________________ TE RMINAL QUARTER IN ITIA L 3 -76 4-76 4 -7 6 8 .9 10.5 11 .4 3-77 4 -77 1 -7 8 2 -7 8 3 -7 8 4 -7 8 2-79 1-79 3 -7 9 4 -7 9 1-80 2 -8 0 3 -8 0 4 -6 0 1-91 9 .2 2-77 2 -7 7 8.6 1 -77 1-77 B I L L I O N S OF DOLLARS ANNUAL R A T ES (3UARTER 3 70 .4 378 *6 13.8 3 9 1 .0 3-77 9 .7 10.0 1 0.5 7.2 4 -7 7 1 0.4 10.8 1 1.4 1 0.2 1 3.2 1-78 9 .5 9.7 9 .8 8 .5 9. 1 3 9 7 .9 4 1 0 .4 5 .3 4 15 .7 2-7 8 9 .5 9 .6 9 .7 8 .7 9.2 7.3 9 .4 3 -78 9 .9 1 0 .1 10.3 9 .6 10.2 9 .2 1 1.2 4 -78 10.2 10.4 10.6 1 0.0 1 0. 6 1 0.0 1 1 .6 1 2.7 1 2.4 1-79 9 .8 9.9 10.0 9 .5 9.9 9 .2 10.2 1 0.5 9 .3 6 .3 2 -79 9.5 9 .5 9 .6 9. 1 9.3 • 0 0 9 .4 9 .4 8 .2 6 .2 3-79 9 .4 9 .5 9 .5 9 .1 9 .3 8.8 9 .4 9 .4 8 .5 7 .2 7 .6 9*2 4 -7 9 1 0 .1 10.3 10.4 10.0 1 0. 3 1 0.0 10.7 10.9 10.5 1 0.0 11.3 13.9 18*9 li.O 1 0 .8 1 1.5 1 1.8 1 1.6 11.5 12.8 1 5 .1 1 8.2 1 1.7 425.1 13.0 4 38 .3 4 51.3 45 8 *2 46 5*1 6 *2 475 *4 496*4 1-80 1 0.6 10.8 1 0.9 1 0.7 2 -80 10.6 10.8 10.9 1 0.7 li.O 1 0 .8 11.4 1 1.5 1 1 .3 1 2.4 14.0 1 5. 6 1 4.0 1 0 .6 3 -80 1 0 .1 1 0 .2 1 0.3 10.0 1 0 .3 10.0 10.5 1 0.6 1 0.3 10.0 1 0.7 11.6 1 2. 2 10.1 6 .6 2 .7 4 -8 0 1 0.7 10.8 10.9 10.7 11*0 10.8 1 1.3 1 1.5 11*4 11*3 12*0 13*0 1 3. 0 1 2.5 10 * 9 1 1.1 2 0 .2 1 -81 10.8 11*0 11*1 10*9 11*2 1 1*0 11*5 11.7 11*6 11*5 1 2.2 13*1 13*7 12*7 1 1.6 1 1 .9 1 6.8 1 3 .4 2 -81 1 0.3 10.4 1 0.4 10. 2 10 .4 10.2 1 0.6 1 0 .7 10*5 10*4 10*8 11 * 4 1 1. 7 10.6 9 *3 8 .9 1 1.1 6 .8 0 .6 3- 7 6 4-76 1- 77 2-77 3- 77 4 -77 1 -7 8 2 -7 8 3 -7 8 4 -78 1 -79 2-79 3 -79 4 -7 9 l-e o 2 -80 3 -80 4 -8 0 1-81 IN ITIA L 5 16 *8 1 7 .5 5 30 *0 5 33 *5 5 58 *6 5 76.5 5 77 .4 QUARTER GOVERNMENT PURCHASES OF GOODS AND SER VICE S IN 1972 DOLLARS ______________ COMPOUNDED ANNUAL RAT ES OF CHANGE______________________ 3— 76 4-7 6 1-77 2-77 4 -76 1.9 2 -7 7 2 .7 3.9 2 .9 3 .8 3 .9 1-78 2 -78 3 -78 4 -7 8 1-79 2-79 3 -7 9 4 -7 9 1 -8 0 2 -8 0 4 -8 0 1 -81 4 .4 3 -77 4 -7 7 0 .3 1 -77 3-77 B I L L I O N S OF DOLLARS ANNUAL RAT ES QUARTER T o IN ITIA L CD T ERM IN AL QUARTER 3 .4 266*2 3 .5 268 *5 2 71 *4 2 7 3 .7 4 -77 2 .9 3 .6 3 .6 3 .2 3.0 1 -7 8 2 .1 2 .5 2 .3 1 .6 0 .7 2-7 8 2 .2 2 .5 2 .3 1.8 1 .3 0 .4 2.5 3 -78 2.6 2 .9 2.8 2 .5 2.3 2.1 4 .0 5 .5 4 -78 2.3 2 .6 2.4 2.1 1.9 1*6 2 .7 2.8 2 7 5 .7 2 7 4 .6 -1 .6 2 7 6 .3 280 .0 0 .1 2 8 0 .1 1-79 2 .2 2.4 2 .2 1.9 1 .7 1*4 2.2 2 .1 0*4 0*7 2-7 9 1.9 2 .1 1.9 1.6 1.4 1.1 1.7 1.4 0*1 0* 1 -0 .4 3-79 1.9 2*0 1*9 1*6 1*3 1.1 1*6 1.4 0 .4 0*5 0 *4 4 -79 2*2 2 .3 2 .2 2 .0 1.9 1.7 2*2 2*2 1.5 1*9 2*2 3*6 6 .1 1-80 2*5 2 .7 2*6 2 .5 2.4 2.3 2*8 2 .8 2 .4 2*8 3 .4 4*7 6.5 6 .9 2 -80 2.5 2 .7 2*6 2 .5 2*4 2 .3 2*8 2.8 2 .4 2*8 3*2 4*1 5 .2 4*7 2*5 3-80 2.0 2.1 2 .0 1 .9 1*7 2 .0 1 .9 1 .5 1*6 1*8 2*2 2*5 1*4 -1 .3 -5 .0 4 -80 2 .0 2. 1 2.1 1 .9 1*8 1 .7 2*0 1*9 1*5 1.7 1*9 2*2 2*5 1.6 -0 .1 -1 * 4 2 .2 l-e i 2*2 2*3 2*3 2. 1 2*0 2.0 2*3 2*2 1.9 2* 1 2*3 2*7 2*9 2 .3 1*2 0 .8 3*8 5 .3 2-81 1*8 1 .9 1*8 1 .6 1 .5 1.4 1.6 1*6 1*2 1.3 1 .4 1*6 1 .7 1.0 -0 * 2 -0 .8 0*6 -0 * 2 -5 .5 3-76 4 -76 1 -77 2-7 7 3 -7 7 4 -7 7 1-78 2 -7 8 3 -78 4 -7 8 1-79 2 -79 3-79 4-79 1-8 0 2 -8 0 3-80 4 -6 0 1-81 1.6 200 .6 2 8 0 .3 2 8 1 .1 1*1 2 8 5 .3 290 .1 29 1* 9 2 8 8 .2 2 89 .8 293 .6 2 89 .5 I N I T I A L QUARTER PREPARED BY FE D E R A L RESERVE BANK OF S T . S EP TEM B tR 1 8 , 1981 17 LO U IS D IS P O S A B LE PERSONAL INCOWE IN CURRENT DOLLARS _______ COHPOUfOED ANNUAL R A TES OF CHANGE__________ IN ITIA L te r m in a l B ILLIO N S Of DOLLARS ANNUAL RAT ES QUARTER QUART ER 3 -7 6 4 -7 6 1 -77 2 -7 7 3 -7 7 4 -77 1 -7 8 2-78 3-78 4-7 8 1-79 2 -79 3-79 4 -7 9 4 -76 1 -7 7 8*8 9 .8 10.2 1 0.7 11.3 12.6 10.8 1 1 .2 12.1 1 2 .3 10.5 10.8 11 .4 1 1 .2 10.1 9.1 2 -7 8 10.8 1 1 .1 1 1.7 1 1 .6 11.0 10.9 12.8 3 -78 1 1 .0 1 1.3 11.7 1 1.7 1 1 .3 1 1.3 12.4 12.0 4 -7 8 11.3 11.6 1 2.0 12.0 11.8 11.9 12.9 12.9 13.9 1 -79 1 1.5 11 .8 1 2.2 12.2 12.1 12.2 13.0 13.1 1 3 .7 1 3.5 2 -7 9 1 1 .2 11.5 11 .8 1 1 .8 11 .5 11 .6 12.1 1 1 .9 1 1.9 1 1 .0 8 *5 3 -7 9 11.4 1 1 .6 11 . 9 1 1.9 11.8 1 1.8 12.3 12.2 12.3 1 1 .7 10.8 13.3 4 -7 9 1 1.4 1 1 .6 1 1.9 1 1 .9 1 1 .7 11.8 12.2 12.1 12.1 1 1.7 1 1 .1 12.4 11.6 1 -80 1 1 .6 11.8 12.0 1 2 .0 1 1. 9 12.0 12.4 1 2.3 12.4 1 2.1 1 1 .7 12.8 1 2 .5 1 3.5 11.2 U .4 U .4 11*2 11*2 11*4 11.3 11*2 10*7 10 * 2 10*6 9 .8 8.8 1 -81 11.2 1-78 4 -8 0 1 3 .4 4 -7 7 3 -80 11.9 3 -7 7 2 -8 0 8.6 2 -7 7 1 -80 9 .0 1,229.6 1*255.2 1 ,2 9 1 .0 1 * 3 3 2 .1 1*367.8 1*398.0 1 *440.7 1 * 4 8 2 .1 1 *531.0 1*580.3 1*612.8 1*663*8 1 * 7 1 0 .1 1 1 .1 1 1 .2 11.4 1 1 .6 11.5 1 1. 4 U .4 1 1.6 11.5 1 1.4 1 1 .1 1 0.7 1 1 .1 10*6 10.3 8 .7 1 3 .3 1 1.3 11.4 11*6 11*6 11*5 11*5 11*7 11*6 1 1 .6 11*3 11*0 11.4 11.1 10.9 10.1 13.1 1 2.8 1-81 11*3 11*4 11*6 11*6 1 1 .5 11*5 11.7 1 1 .6 11*5 1 1.3 11*0 11.4 11.1 1 1 .0 1 0.4 1 2.4 1 2 .0 11.1 2 -81 1 1 .1 11 .2 U .4 11.4 11*2 ±U2 11*4 LI. 3 U .2 11*0 10.7 n .o 10*6 10*5 9 .9 1 1.3 10.6 9*6 8*0 3 -7 6 4-7 6 1-77 2 -7 7 3 -7 7 4 -7 7 1 -7 8 2 -7 8 3 -78 4 -7 8 1-79 2 -7 9 3-79 4 -7 9 1 -80 2 -80 3 -eo 4 -8 0 1-81 CD o 2- e o 3-80 * 1 1*765*1 IN ITIA L 4*4 1 * 7 8 4 .1 1,840*6 1 .89 7.0 1 .9 4 7 * 8 1 ,9 8 5 .6 QUARTER DISPOSABLE PERSONAL INCOME I N 1972 00 1LARS COMPOUNDED ANNUAL R A T ES Of CHANGE IN ITIA L term inal 3 -7 6 4 -7 6 4-7 6 2.0 3 -7 7 4 -77 1- 78 2 -78 3 -78 4 -7 8 1 -79 2 -79 3-79 4-7 9 1-80 2 -8 0 3 -80 4 -80 1-61 1.6 2 -7 7 2-77 2 .5 1 -77 1 -77 B I L L I O N S OF DOLLARS ANNUAL RATES QUARTER QUARTER 915.1 9 1 8 .7 3.3 3 .6 3 -7 7 5 .7 4 .2 4 .8 6 .5 7 .3 4 -7 7 4. 5 5 .0 6.2 6 .4 5 .5 931 .6 9 48.1 96 0* 9 1-78 4 .2 4 .5 5 .2 5. 1 4 .0 2.5 2 -78 4. 1 4 .4 4 .9 4 .7 3.9 3.1 3*6 3-78 4 .1 4 .4 4 .8 4 .6 4.0 3 .5 4*0 4 .3 4 -7 8 4 .2 4 .4 4 .8 4 .7 4 .2 3.9 4 .3 4 .7 5 .0 1-79 4. 1 4 .3 4 .6 4 .5 4 .0 3.7 4 .0 4 .1 4 .1 966.8 9 7 5 .5 985 .9 998 .0 3.1 1*005.7 2 -7 9 3 .8 3 .9 4 .2 4 .0 3.5 3.2 3.3 3*2 2.9 1*8 0* 5 3 -7 9 3 .7 3 .9 4.1 3 .9 3 .5 3.2 3.3 3*3 3*0 2 .4 2*0 3.5 4-79 3*5 3.6 3 .8 3 .6 3 .2 2.9 3.0 2*9 2*6 2.0 1*6 2.2 1 -80 3 .4 3.4 3 .6 3 .4 3. 0 2 .7 2.8 2*6 2*4 1.8 1*5 1*9 2 -8 0 2 .8 2.8 2.9 2 .7 2.3 1*9 1. 9 1*7 1*3 0 .7 0*2 0*1 1*006.9 1*015*7 0.8 1*017 .7 1*0 1*3 1*0 -1 * 9 -4 *9 1 *0 21 .0 1.008*2 2 .9 2 .9 3 .0 2 .8 2.4 2. 1 2.1 1*9 1*6 1.2 0*8 0*9 0*3 0. 1 -0 * 5 4 .1 A - 2 .9 2 .9 3 .0 2 .8 2*5 2.2 2.2 2*0 1*8 1.4 1*1 1*2 0.8 0*8 0*6 3*5 2 .9 1-81 2 .9 2 .9 3*0 2*8 2*5 2*3 2*2 2*1 1*9 1*6 1*4 1*5 1*2 1*2 1.2 3.3 2 .9 3 .0 2 -81 2.8 2.8 2.9 2 .7 2. 4 2*2 2*2 2*1 1*8 1*5 1 .4 1. 5 1*2 1*2 2*8 2 .4 2*2 3-7 6 4 -76 1 -77 2 -7 7 3 -77 4 -7 7 1 -7 8 2-78 3 -78 1 -79 2 -7 9 3-79 1 -80 2 -8 0 3 -8 0 o L 3 -8 0 4 -7 IN ITIA L 8 4 -79 1,018*5 1,025*8 4-80 1 * 0 33.3 1*4 1*036.8 1 -8 1 QUARTER PREPARED BY fE D E R A L SEPTEMBER 18* 1981 18 RESER VE BANK OF S T . LO U IS CORPORATE P R O F IT S A FT ER T AX ES * COMPOUNDED ANNUAL R AT ES OF CHANGE T ER M IN AL QUARTER IN ITIA L 3 -7 6 4 -76 1-77 2 -7 7 4-76 21.5 19.9 31.6 19.1 26.5 1 6 .8 2 -7 8 3 -78 1-79 4 -7 8 2 -79 3-79 4 -7 9 1 -60 2 -8 0 3-60 4 —60 1-61 1 6.7 3 -77 1-78 48.3 2 -7 7 4 -77 -0 * 4 1 -7 7 3 -77 B I L L I O N S OF DOLLARS ANNUAL RAT ES QUARTER 1 6.8 1 0 3 .4 114.1 1 1 8 .6 123 .3 4 -7 7 1 5.6 1 9.9 1 1.7 9 .3 2.3 1 -78 13.7 1 6.7 9.9 7 .7 3 .4 2 -78 17.5 2 0.8 15.9 15.7 1 5 .3 22 .4 43.3 3 -7 8 17.5 2 0.3 16.2 16.1 1 5 .9 2 0 .8 2 9 .9 17.7 2 5 .6 3 3 .6 2 9.0 1 2 4 .0 4 .6 1 2 5 .4 137.2 1 4 2 .9 4 -7 8 1 9.9 22.8 1 9.5 19.9 20*6 1 -79 2 0 .4 23.0 2 0.1 2 0 .6 21 *2 2 5.4 3 1 .3 2 7.5 3 2 .7 2 4 .6 2 -7 9 1 8.4 2 0 .4 17.7 1 7.8 1 7 .9 2 0.8 2 4 .3 20 .0 2 0 .7 11.6 0 .0 3 -7 9 1 8.8 2 0.7 1 8.3 1 8 .5 1 8 .7 21*2 2 4.2 2 0 .7 2 1 .5 15.5 11.2 4 -7 9 1 6 .1 17.6 15.2 15.0 14 .8 16.5 1 8.3 1 4.5 13.9 8.0 2 .9 4 .4 -1 1 ,9 1 -B O 17.7 19.2 1 7.0 17. 1 17 .1 1 8.9 20 .8 1 7.9 1 7.9 1 3.7 U*1 15*1 11,0 39.8 2-8Q 9 ,7 1 0.5 9*0 7 .3 6 ,3 6 ,9 7 .2 3 .3 1.4 -4 ,0 -8 .9 -1 1 .0 -2 0 ,3 -2 4 ,1 o> 3 -8 0 11.3 1 2.2 10.0 9 .5 8.9 9 .5 10.0 6 .8 5 .5 1 .2 -2 .2 -2 .7 -8 ,4 -7 ,1 -2 4 .3 3 9 .1 4 -8 0 11.5 1 2.3 1 0.2 9 .8 9 .2 9 .8 1 0.3 7 .5 6 .4 2.7 -0 ,1 -o .i -4 ,3 -2 ,3 -1 3 .3 2 5 .8 1 -81 11,5 12.3 10*4 9 .9 9,5 10*0 10*5 7*9 7*Q 3,7 1*4 1 ,6 -1*7 0*5 -7 .5 21*2 13,1 1 2 .5 2 -81 8.5 9 .1 7. 1 6 .5 5 .9 6 .1 6.2 3 .6 2 .4 -0 .8 -3 .3 -3 ,7 -7 .1 —6 . 2 - 1 3 . 4 4 .2 -5 .3 -1 3 .6 -3 3 ,7 3 -76 4 -7 6 3 -77 4-7 7 1 -7 8 2 -7 8 3 -78 4 -78 1 -79 2-79 3-79 4 -7 9 2— 80 3 -8 0 4 -8 0 1-81 1-77 2 -7 7 4 1.3 155.8 IN ITIA L * NATIONAL 164.6 1 6 4 .6 1 7 3 .6 23*7 168 .2 182*9 l-e o 146*5 159,1 13.7 1 6 4 .3 169*2 1 5 2 ,7 QUARTER INCOME B A S IS PREPARED BY F E D E R A L RESERVE BANK OF ST* SEPTEMBER 18 , 1981 SOURCES OF DATA NATIONAL INCOME AND PRODUCT ACCOUNTS DATA The D ecem ber 1 9 8 0 S u rv e y o f C u r r e n t B u s in e s s c o n t a i n s an a r t i c l e d e s c r i b i n g t h e m a j o r a s p e c t s o f t h e r e v i s i o n , summary a n n u a l e s t i m a t e s f o r 1 9 7 8 and 1 9 7 9 , q u a r t e r l y e s t i m a t e s f o r r e c e n t q u a r t e r s , and m o n t h ly e s t i m a t e s f o r O c t o b e r 1 9 7 9 t h r o u g h Novem ber 1 9 8 0 . N a t i o n a l Incom e and P r o d u c t T a b l e s , 1 9 7 6 - 7 9 , i n a s p e c i a l s u p p le m e n t t o t h e J u l y 1981 S u r v e y , c o n t a i n s e s t i m a t e s f o r 1 9 7 6 - 7 9 f o r t h e f u l l s e t o f a n n u a l and s e a s o n a l l y a d j u s t e d q u a r t e r l y and m o n t h l y n a t i o n a l incom e and p r o d u c t a c c o u n t s ( N IP A ) t a b l e s . N a t i o n a l Incom e and P r o d u c t A c c o u n ts o f t h e U n i t e d S t a t e s , 1 9 2 9 - 7 6 : S t a t is t ic a l ta b le s c o n ta in s a l l e s tim a te s c o v e rin g e a r l i e r y e a r s . T h is p u b lic a t io n i s e x p e c t e d t o be a v a i l a b l e f o r p u r c h a s e fro m t h e S u p e r i n t e n d e n t o f Docum ents l a t e r i n 1 9 8 1 . F o r f u r t h e r i n f o r m a t i o n , w r i t e t o t h e N a t i o n a l Incom e and W e a lth D i v i s i o n ( B E - 5 4 ) B u re a u o f Economic A n a l y s i s , U . S . D e p a r t m e n t o f Commerce, W a s h i n g t o n , D . C . 20230. The S u rv e y i s a v a i l a b l e fro m m ost d i s t r i c t o f f i c e s o f t h e D e p a r t m e n t o f Commerce o r fr o m t h e S u p e r i n t e n d e n t o f D o c u m e n ts , U . S . G o ve rn m e n t P r i n t i n g O f f i c e , W a s h in g t o n , D .C . 20402. 19 L OU IS INVENTORIES COMPARED W I T H MO N T H L Y S A L E S * MANUFACTURING 1967 1968 1969 1970 197 1 1 9 7 2 1973 1974 AND 1975 * RAT I OS BASED ON SEASONAL L Y ADJUSTED DATA. TRADE 1976 1977 SOURCE: 1978 1979 1980 1981 U . S . DEPARTMENT OF COMMERCE SHADED AREAS REP R E S E NT P E R I OD S OF B U S I N E S S R E C E S S I O N S . L A T E S T DATA P L O T T E D : J ULY PREPARED BY FEDERAL 20 RESERVE BANK OF S T . LOUI S
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