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n f m o n A L E c o n o m i ct r e h d s
PREPARED

MONTH ENDING:

BY

FEDERAL

RESERVE

August 31, 1975

BANK

OF

ST. LOUIS

RELEASED:

September 24, 1975

The U.S. economy continues on a path of strong recovery
from the recession. Income, sales, production and employment have
all shown strong gains through the summer. Inflation, however, is
still a nagging problem. Price increases at both the wholesale and
consumer levels have slowed somewhat in recent months, but the
rate of increase remains high by historical standards.
SUMMARY OF MAJOR ECONOMIC INDICATORS: SELECTED PERIODS
(Compounded Annual Rates of Change)
10/73-10/74
Personal Income
Retail Sales

8.6%
6.6

10/74-3/75
2.2%
0.6

3/75-8/75
12.7%
20.0

Industrial Production
Total Employment
Payroll Employment

-1.7
1.0
1.6

-26.1
-6.7
-7.4

6.4
4.4
2.1

Consumer Prices
Wholesale Industrial
Prices

12.0

7.9

7.5

28.2

5.5

4.2

Income and sales have increased rapidly in recent
months. Personal Income was buoyed in the early summer by a
one-time payment and an 8 percent cost-of-living adjustment for
social security beneficiaries. From March to August personal
income increased at a 12.7 percent annual rate, compared to a 2.2
percent rate of advance from October to March. Retail sales have
risen at a 20 percent annual rate since March, compared to less
than a 1 percent rate of increase from October to March.
The quickened pace of economic activity has translated into
gains in production and employment. Industrial production has risen
at a 6.4 percent annual rate since March, with gains distributed across
major industrial categories. Employment, which is usually one of the
last of the major indicators to pick up following a recession, has also
advanced since March, with total employment growing at a 4.4 percent
annual rate and payroll employment at a 2.1 percent rate.
Even with the recovery starting from a low level of activity
by historical standards, inflation continues to be a problem. Consumer
prices have risen at a 7.5 percent annual rate since March, compared to
a 10.3 percent increase in the previous year. Wholesale industrial
prices have advanced at a 4.2 percent annual rate since March, but
since May the increase has been at a 6 percent rate.



TOTAL C IV IL IA N EMPLOYMENT
^IMPOUNDED ANNUAL RATES OF CHANGE
Or PERSONS

month

-lr74

¿-74

5-74

}-2±

6-24

7-74

8-74

9-74 10-7* 11-74 12-74

1-75

3-75

2-75

4-75

7-75

5-?i>

2-74

0.9

3-74

-0.1

- l.l

_ 4-74

-0.1

- 0 .5

0.1

85.787

_ 5-74

0.9

0 .9

2 .0

86.062

6-74

Q.8

0 .8

1.4

2.1

0 .4 N .

1.5

? .2

2 .9

2.4

1.7

1.0

1.3

- 1 .8 s

1.2

1.5

- 0 .0

0 .7

0 .8

-0.5

0.2

- 1 .1

- 2 .5

- 2 .7

- 4 .9

7-74

85.861
85.779

86.088

4 .5

.+ 1 .2 %

86.403

a-74

. 0.9

1.0

1.4

9-74

1*1

1.1

1.5

10-74

0 .6

0 .8

1.1

11-74

-0 .2

- 0 .3

-0.2

- 0 .9

12-74

- 0 .8

- C .9

- 0 .9

- 1 .7

- 2 .0

- 3 .3

-3*7

- 5 .4

-7**

-6^6S s v L - 6 . 7 %

1-75

-1 .4

-1 .6

-1.7

-2 .6

- 3 .0

— •2
A

-4 .7

- 6 .3

- 7 .8

- 7 .6

2-75

- 1 .9

-2 .1

-2 .2

-3.1

-3 .6

- 4 .7

-5.1

-6.5

-7 .7

-7.5

-8 .0

-7^3^^

pTTTj - 6 ^

1.2

...«6 1ÎL74
86.402
86.304

- i> v

3-75

- 2 .0

-2 .2

-2 .2

-3 .1

- 3 .5

- 4 .4

-4 .8

- 5 .8

4-75

- 1 .6

- 1 .8

-1 .8

- 2 .5

- 2 .8

- 3 .6

-3 .8

- 4 .6

5-75

-1 .4

-1 .9

-2 .1

- 2 .8

-2 .9

-3.5

- 1 .7

- 1 .9

- 2 .5

- 2 .5

_«5i2QI
84.562
84.027

- 6 .2

- 5 .0

- 4 .4

- 3 .9

-2 .2

-3.7

- 3 .0

-2 .2

—C .6

1.8

4 .0

- 3 .0

- 3 .2

- 2 .5

-1 .8

- 0 .3

1 .5

2 .9

2 .6

0 .6 \ w

84.444
A S .n ? A

-5 .1

- 2 .5 > k
0 .4

.8 3 .8 4 ?

84.402

- 1 .2

- 1 .4

6-75

-1.1

- 1 .2

-1.2

7-75

— .6
0

-0 .6

-0.6

-0.7

-1.0

-1 .1

- 1 .5

- 1 .5

- 1 .8

- 1 .9

-1 .1

- 0 .2

1.2

3 .0

4 .5

A.ft

4 .9

9 .4

8-75

-0 .3

- 0 .4

-0 .4

- 0 .4

-0 .7

-0.7

-1.1

-1 .1

-1 .3

-1.3

-0 .5

0 .3

1 .6

3 .2

4 .4

4 .6

4 .6

6.6

1-74

2-74

3-74

4-74

5-74

6-74

7-74

8-74

9-74 10-74 11-74 12-74

1-75

2-75

3-75

IN IT IA L

.

84.086

3 .4 X

4-75

5-75

3 . 9 s*

6-75

85.352

7-75

MONTH

PAYROLL EMPLOYMENT

_________________________ _________ ,____________________ CPH
fJPUMPEJB .¿ NïMil M TÜ
.
MONTH

wf tHAftf£

________________ . ____________________________________
_

__________________________________________________________________ IN IT IA L MONTH_____________________________________________________________________THOUSANDS
OF PERSONS
1-74 2-74 J - Î 4
4-74 5-74 6-74 7-74 8-74 9-74 10-74 11-7} 12-74 1-75 2-75 3-75 4-75 5-75 6-75 7-75

2-74

2 .0

3-74

1.3

0 .6

4-74

1.6

1.3

78.053
78.089
78.226

2.1

78.357

5-74

2 .0

1.7

1.6

2.1

6-74

1.5

1.4

1.7

1.5

1.0

7-74

1.4

1.3

1.5

1.3

0.9

0 .9

8-74

1*6

1.6

1.8

1.7

1.6

1.9

2 .8

78.421
78.479
78.661

9-74

1.8

1.7

1.9

1*9

1.9

2.2

2 .8

2.8

10-74

1.6

1.6

1*7

1 .6

1.6

1.7

2 .0

1.6

0 .3

11-74

0 .7

0 .6

0 .6

0 .4

0.1

-0 .1

-0 .3

-1 .3

-3 .3

12-74

-0.3

-0 .6

-0« 7

-1 .5

- 1 .9

- 2 .4

- 3 .7

-5 .7

- 8 .6 - i o > \ - 7 . 4 %

1-75

-C .9

-1 .2

-1.3

-2 .2

- 2 .6

- 3 .2

-4.3

— .C
6

- 8 .1

- 8 .7

- 3 .3

-3 .8

- 4 .9

-6 .4

- 8 .0

- 8 .4

- 7 .3

- 7 .8 \

3-75

-1.7

-2 .0

-2.2

-3 .0

- 3 .5

- 4 .0

-4.9

-6 .2

- 7 .4

-7 .6

— .6
6

— .5
6

— .2 \
5

- * .o

2-75

78.844
78.865
1 \
— .8
6

78.404
77.690
77.227
76.708
76.368

4-75

-1.6

-1 .9

-2.1

-2 .8

-3 .2

-3 .6

-4.4

-5 .4

-6 .3

-6 .2

- 5 .1

- 4 .5

-2 .8

t
• V .
-0 .3 \

_ 5-75

-1 .4

- 1 .7

-1 .8

-2 .5

-2 .8

- 3 .1

-3 .8

-4 .6

-5 .2

-5 .0

- 3 .9

-3 .1

-1 .5

0.5

6-75

- 1 .5

-1 .7

-1.8

-2.4

-2.7

- 3 .0

-3.6

-4 .3

-4 .9

-4.6

-3 .6

- 2 .9

-1 .6

-0 .4

-0 .5

0 .5

0 .8

0 .6

3 .5

1 2 .1 1 2 .7

3 .2

6 .0

5-75

6-75

-1.2

-1 .4

-1 .5

- 2 .0

- 2 .3

- 2 .5

- 3 .0

- 3 .5

— .C
4

-3 .6

-2 .6

- 1 .9

-0 .6

-0 .7

-0 .9

-1.0

-1 .4

- 1 .5

- 1 .7

-2 .1

-2 .5

-2 .8

-2 .3

-1 .3

- 0 .4

0 .9

1-74

7-7 5
^-75

2-74

3-74

5-74

6-74

7-74

8-74

1
9-74 : 0-74 11-74 12-74

1-75

2-75

4-74

3-75

76.349
76.428

4-75

76.291

— . l sVw
2

-Z A .SO IP .
8 .6 \

T ?t0 3 iP

7-75

IN IT IA L MONTH
P- P R E L IM IN A R Y




“

P R E P A R E O BY F E D E R A L R E S E R V E
S E P X E M Ä E R 5. 1 9 7 5

2

_

B A N K OF ST* L O U I S




EMPLOYMENT
RATIO SCALE
M I L L I ON S

RATIO SCALE

OF PERSONS

M I L L I ON S OF PERSONS

SEASONALLY ADJUSTED

SOURCCt U .S .D E P A R TM E N T OF LA0OR

PERCENTAGES ARE ANNUAL K ATES OF CHANCE FOR P ERIOD S
L A T E S T DATA P L O TTE D t

IN D IC A T E D .

AUCUST P R ELIM IN A R Y
VE «A U K OF S T .

L O U IS

UNEMPLOYMENT RATES*
SE AS O NAL L Y

PERCENT

AD J US TE D

PERCENT

9.

9.0

8.

8.0

7.

7.0

6.

6.0

5.

5.0

4.

4.0

3.

3.0

2.

2.0

1 .0

1967

1968

1969

1970

1971

1972

1973
SOURCE*

■ PERCENT OF C I V I L I A N LA tOR FORCE
L A T E S T DATA PLO TTED*

U .S .

1974

1975

DEPARTMENT OF LA tO R

IN CROUP

AUGUST

PREPARED 0Y FEDERAL RESERVE tANK OF S T . LO U IS

3

LONSUMtk P R IC E INOEX
SC T 30 N A ILY ADJU
COMPOUNDED ANNUAL RATfcS OF CHANGE

1 ‘

TERMINAL___________
-'HOKTVT1-74 2-74

IN IT IA L MONTH
4-74

5—
74

6-74

7-74

8-74

l * 67 * 100

9-74 10-7* 11-74 12-74

1-75

2-75

3-75

4-75

5-75

6-75

7-75
141.63

2-74

14.5

3-74

13.7

1 2 .*

4-74

1 1 .b

10.5

143.07
6.1

144.00
145.47

5-74

12 «1

11.3

1 0.5

13.0

t-74

12*0

11.4

10.9

12.3

11.6

7-74

11 .6

11.2

10.8

11.7

11.1

10.5

8-74

1 2 .?

11.6

1 1.6

12.4

12.3

12.6

146.81
148.04
149.74

14.7

151.49

9-7*

12.5

12.2

12.1

12.9

12.9

13.4

14.8

15.0

10-74

12.4

12.1

12.0

12.7

12.6

12.9

13.6

13.1

11.3

11-74

12.3

12.1

12.0

12.5

12.5

12.6

13.2

12.7

11.5

11.7

154.27

12-74

12.1

1 1 .b

11.7

12.2

12.1

12.2

12.5

11.9

11.0

10.8

155.48

1-75

11.7

11.5

11.4

11.7

11.6

11.6

11.7

11.1

10.2

9.6

8 .9

8 .0

10.4

8.2

7 .4

6 .8

7 .0

6 .0

5 .0

152.85

156.48
157.34

2-75

1 1.4

11.1

10.9

11.2

11.0

10.9

11.0

*•5

9 .1

3-75

lo .e

10.5

10.3

10.5

10*2

10.1

10.0

9 .4

6.5

7 .9

4-75

1C.5

10.3

10.0

10.2

10.0

9.8

9 .7

9.1

8 .3

7 .8

7 .0

6 .4

5 .8

5 .3

5-7*

10.1

9.6

9 .6

9.7

9 .5

9 .3

9 .2

6 .6

7.8

7 .3

6 .6

6 .0

5 .4

5 .0

5 .6

4 .3

159.27

6-75

10.1

V •8

9 .6

9.7

9.5

9 .3

9 .2

8 .7

6 .0

7 .6

7 .0

6.6

6 .3

6 .1

7 .1

7 .0

160.50

7-75

1 0.4

10.1

9 .9

10.1

9 .9

9 .7

9 .7

9 .2

8 .7

8 .4

8 .0

7 .7

7 .6

7 .8

9 .0

9 .5

12.2

14.7

8-75

9 .9

9 .7

9 .5

9 .5

9 .3

9 .2

9 .1

8*6

8 .0

7 .7

7 .3

7 .0

6 .8

6 .8

7 .5

7 .6

8 .7

8.2

3-74

4—
7**

5-/ 4

6-74

7-/4

8-/4

74
9-74 10-74 11-T4 1Z—

1—
75

Z-75

” 2=7*-

157.77

3*3 ^ 7 . 3 %

158.71

162.35
2 .0 s)

162.62

*-75

------------------------------------------------------- PKfcPARtP H T M U E HAL RESERVE "PIW~T)F~5T> "LO U IT
S EPT EK tER 19» 1975
WHOLESALE P R IC E S - A LL COMMODITI f S* SEAS3M ALLY A O JU S iE O
_________________ COHPCUNOEO ANNUAl RATES 3F CHANGE_________________________________________________________________
TFRMINAL_________________________________________________________________________I N I T I U MONTH__________________________________________________________________________1967 » lQO
MONTH
1-74
¿« 7 4
3-74
4- 74
5-74
6-74
7-74
3-75
¿-7 5
7-/5
8—7 > 9-74 1 0 - / f 11-74 12-74
<
1-75
2-75
3-75
4-7^
2-74

1 8 .5

3-74

1 7 .3

4-74

1 7 .6

1 7.1

10.1

5-74

1 7 .1

1 6 .6

1 6 .9

15. 7

6-7^

1 3 .5

1 2 .3

1 1 .0

7. 7

0 .2

7-74

2 0 .1

2 0 .4

2 1 .5

2 2. 7

2 6 .3

5 9 .2

8-74

2 4 .6

2 5 .6

2 7 .6

30.1

3 5 .3

5 7 .2

5 5 .2

9—/4

2 1 .1

2 1 .5

2 2 .4

2 3 .3

2 5 .3

3 4 .9

2 4 .2

- 0 .6

10 74

2 3 .2

2 3.3

¿4 . 9

2 6.1

2 8 .3

3 6 .4

2 9 .6

1 8 .4

4 1 .0

11-74

2 2 .7

2 3 .1

2 4 .u

2 4 .9

2 6 .5

3 2 .6

2 6 .6

1 8 .3

2 9 .1

12-74

1 9 .2

19. j

IS .6

I5 4
**

¿0 .4

2 4 .1

l« .l

10. 3

1 4 .2

1-75

1 7 .2

17 .1

1 7 .2

17.1

1 7 .2

1 9 .9

l<*.4

7 . f>

9 .7

2 75

1 4 .9

1 4 .6

1 A .4

1 4.1

1 3 .9

15.7

10.6

4. 5

5.6

-1.8

- 7 .7

- 6 .2

- 9 .5

3-75

13.2

12.8

12.5

12.1

11.7

13.0

8.3

2.9

3.5

- 2 .7

- 7 .3

- 6 .3

- 8 .0

1 3 .7

U .3

13.1

12.7

1 2 .4

1 3 .7

9.6

4 .9

5 .7

0 .0

-2 .4

- 0 .3

0 .6

6.1

12.5

12. 0

11. /

12.8

9 .0

4 .8

5.5

1.3

- 1 .3

0 .6

1.5

5.5

11.9

148.07
16.2

1 50 .7 4
1 52 .0 4
154.71
154 .7 4
160 .8 5
1 66 .0 5
166.77
171.61
1 74.02

1 8 .2 ^

172.41

2 .8 - 1 0 . 6 ^ ^
0 .)

-s. 7

1 /2 .0 1

170.50
- 6 .3 v + 1 . 6 %

I S ? .63
172.26

5-75

13.1

U .7

A- 7S

12.1

11.7

11.5

11.0

1 0. 6

11.6

8 .0

4 .2

4 .7

0 .9

- 1 .4

0.3

0.9

3 .6

7 .2

1.3

-1. /

7-7*»

12.3

U .O

J1 .7

1U3

11.0

11.9

8.7

5 .2

5.8

2.5

0 .6

2 .4

3 .2

6 .0

9 .3

6.0

» .i

*-75

12.2

11.9

11.6

11.2

10.9

1 1 ./

8 .7

5 .6

6.1

3.2

{ 1.6 1

3.2

4 .1

6 .6

9 .4

o. V

/. /

1-74

2 - 7a

J- 7 *

4-74

5-/4

6-74

7-74

8-74

9-74 10-74 11-74 12-74

1-75

2-75

3-75

4-75

3-7*




IN IT IA L

172.87

% .i

1/2.53
174, 7 t _
l£ .d

5-75

1/6.12

9 .M

7-75

MONTH

PREPARE») B Y h E J c t U L
SFPTftMBFR 5. U f o

4

*=*-KVE

K

ST.

LOU I S




R AT I O SCALE
1967-100

PRICES
SEASONALLY ADJUSTED

RA T I O S CALE
1967-100

fCRCfNTAm A« ANNUAL M T U OF CMANtC F f PC*IOCS IN0ICATC».
Ot
LATUT MTA FLOTTEti AMMT
FREFAUCO § FCHftAL UtCRVt IANK OF ST. INIS
V

RATIO SCALE

WHOLESALE P R I C E S

RATIO SCALE

FCftCCNTAtCS ARC ANNUAL lUT C t OF CHANCE FOft P C «1001 INOICAfCO.
LATCIT »AIA FLOTTO» A»C0ST
FftCFARCO IV FC tC M L RCtCRVC tANK Of ST. LOV IS

WHOLESALE P R IC ES - INDUSTRIAL COMMODIT JfcS, SEASONALLY ADJUSTfcO
__________________ CCHPCUNOEO ANNUAL RATES UF CHANGE
_________ _______
TTRHINAL ___________________________________________________________________ IN IT IA L

MP\th
1-74
2-7*

2-74

3-74

4- 74

5-74

6-74

7-74

8-74

HONTH____________________________________________ _______________________19<
>7 » WO

9-74 10-74 11-74 12-74

1-75

2-75

3-75

4-7?

>-/5

W 5

7-7?
138.48

26.9

3-74

33*2

474

33.9

37.6

35.5

r -74

34.0

36.4

34.8

34.0

6-7

33.2

34.8

33.2

32. C

3 9 .«
146.05
149.66
3 0 .0

152.97
157.38

7-74

34.4

35.9

35.0

34. 8

35.2

8-7 ‘

34.3

35.6

34.8

34.6

34. 8

37.2

33 .8

< -74
>

31.4

32.0

so . a

29. 8

2 b. 8

28.4

22.7

40.6

161.25
12.4

162.83
165.20

10-74

29.9

30.3

29.0

27.9

2 6 .8

26 .0

21.4

15.6

18.9

11-74

27.8

2 7 .9

26.5

25. 3

2 3 .8

22.6

18.5

13.8

14.5

10.3

12-74

25.5

25. *

23.9

22.5

2C.9

19.5

15.6

11.5

11.1

7.4

17.5

14.0

10.5

1 0. 0

7.1

166.55
r 'N .
4 .7 ^ N s.

167.19

5 .6

168.07

6 .5 \

1-75

23.8

23.5

22.0

20.6

19. 0

2-75

22.2

21.9

20.3

18.9

17.3

15.9

12.7

9 .5

8.9

6 .6

5 .4

5.7

3-7*

20.6

2 0 .1

18.6

17.2

15.6

14.1

11.2

8 .3

7 .6

5.5

4 .3

4 .2

4-75

19.2

18.7

17.2

15.8

14.2

12.8

10.0

7.4

6.6

4.7

3.7

5-75

18.0

17.5

16.0

14.6

13.2

11.7

9 .2

6« 8

6 .1

4*3

3.4

3.1

2.3

4.5*

1.6

¿.1

< -75
>

17.2

16.6

15.2

13.9

12.5

11.1

8 .8

6 .5

5.9

4 .4

3.6

3.4

2.8

2 .3

2 .6

3.4

4 ./

173.00

7-75

16.5

15.9

14.6

13*3

12 .0

10.7

8.5

6 .4

5.9

4.5

3 .8

3 .2

2*9

3 .3

4 .0

i. U

170.74

6-75

16.0

15.5

14.2

13.0

11. 7

10*5

8.4

6 .6

6.0

4 .8

1 4 .2 l

4*2

3*9

3*7

4 .2

5*0

i-74

2-74

3-74

4-74

5-74

6—
74

7-74

8-T4

9-74 10-74 11-74 12-74

1-/5

2-75

3-75

4-/5

168.74
1.1 V ^ M .2 %

IS 8.90

l.l

3 .0

169.06

l.l^ ^

169.35

171.82
*-75

6-75

7-/5

>-7i

S-/5

7-/»

IN IT IA L HONTH
WHOLESALE PR 1CES-FARM PRODUCTS AND PfiCCESSEO FOODS A>ID FEEDS* SEAS« AOJ.
________________________COMPOUNDED ANNUAL R6TES OF CHANGE___________________________
\ fr»•M'JAl

1967 » 103

IM T I A l MONTH

movth

>-74
2-74
3-7**

2-74

3-74

4-74

5-74

6-74

7-74

8-74

9-74 10-74 11-74 U - 74

1-/5

2-75

3-/5

4-75

177.6

7.0

173.9

-tt.8 - 2 2 .3

4 7 -

10.6 - 1 8 .3 -1 4 .2

171.7

r-7

13.6 -1 9 .5 -1 8 .1 -2 1 .9

168.2

6-74

- 21.9 - 2 7 .b - 2 9 .6 -36.2 - 4 / .9

159.3

7-74

4 .7

- 6.9

* ¿ .6

1.6

15.9 158.1

F-7'

4.2

3. b

9.9

17.0

33.8 114.5

78.2

180.9

°- 7 V

2.3

1.6

6.3

11.0

¿ 1 .1

60.5

26.5 - 1 0 .1

179.3

10-74

a .9

9 .2

14.6

20.3

31.1

65.2

42.3

2 7 .2

0
0

11-74

12.2

12.8

Id .2

23. 7

33.6

61.3

43.4

3 3 .4

62.4

46.6

12-74

6 .6

6 .b

10.3

13.8

¿0 .1

38.1

21.9

10.8

18.8

-3* 5 -36.4

187.2

1-T*

3.3

3 .0

c .O

8. 5

13.0

26.2

12.1

2 .1

5.5 -11.8 -3 1 .5 -26.3

182.5

2-/S

0.1

0.6

1.6

3.4

6 .6

16.6

4.1

- 4 .8

-3 .7 -17.6 -3 2 .0 -29.8 -3 3 .0

176.5

7r

- 1.9

- 2 .5

-0 . 7

0. 6

3.2

11.4

0 .3

- 7 .6

-7.2 -18.7 -29*9 -27.6 - 2 8 .2 -2 3 .0

1/2.7

4-75

2 .0

l.t

3.8

5 .4

8.3

16.6

6 .7

0 .1

l -l >

2 .?

2 .0

4 .0

5.6

8.3

15.7

6 .8

0 .9

6-7'.

1.2

0 .8

2 .6

3. 9

6 .2

12.7

4 .6

- 0 .9

7-7'

4 .2

4 .0

5 .9

7 .4

9 .9

16.4

8 .9

4 .2

5.7

- 0 .4

3 .3

5 .0

6 .4

8 .6

14.4

7 .5

3 .0

4 .3

- 1.2

2-74

3-74

4-74

5-74

6. 7A

7_ 74

e_ 7A

1-74




189.3

0
0

ti-7r-

172.4

1.6

194.4

- 7 .6 -1 5 .8

- 9 .6

- 3 .2

16,3

75.6

181.0

2 .4

-5 .6 -12*3

- 6 .4

- 0 .7

13.3

i7 .4

0 .2

— . 8 -12.7
6

-8 .0

- 3 .8

5*4

17.0

- 4 .6 - 1 5 .3

- 5 .0

0 .6

5 .9

16*1

2 8 .6

15.9

-5*4

- 0.6

3 .7

11.5

2 0 .1

<*_7 v to-74 11-74 12-74

1-76

2-75

3-75

2 0 .3

1/9.6
187.8

7 0 .9

2 5 .0
4-75

I N IT I At. MONtl-

i-/i>

-8.6

6-7*

186.4

f-75

"

PftEPA^EO B Y F t 3 3 R \ L
S E P T E M B E R 5, 1 9 7 5

6

182.1

/. 5

<:SC vVE 8A>4K 'J f ST.

LOUIS

INDUSTRIAL PRODUCTION
RATIO SCALE

RATIO SCALE
1967-100

1967-100

SEASONAL L Y AOJ UST EO

PERCENTAGES ARE ANNUAL RATES OF CMANCE FOR P ERIOD S
L A T E S T DATA P LO TTE O *

IN D IC A T E D .

AUCUST P R ELIM IN AR Y
PREPARED t Y

FEDERAL RESERVE SAUK OF S T .

LO tM S

INDUSTRIAL FK00UCT10M

tOUPOUNBEP ANNUAL RATES Of CHAWfrt.
TERHINAL
MONTH

1967 * 100

IM IT I AL MONTH
1-74

2-74

3—
74

4-74

5-74

6-74

7-74

1—
74

2-74 10-74 11-74.
124.6

2-74

-7 .4

3-74

- 3 .3

1.0

4-74

- 1 .6

1 .5

1 .9

124.7
1 2 4 .*
125.7

5-74

0 .7

3 .6

4 .9

8 .0

6-74

0 .8

2 .9

3 .6

4 .4

1 .0

7-74

0 .2

1 .7

1.9

1.9

-1.0

-2.fi -

125*8
125.5
125.2

B—
74

- 0 .3

1.0

1 .0

0 .7

-1 .6

- 2 .8

- 2 .8

9-74

0 .2

1 .4

1 .4

1 .4

-0 .2

- 0 .6

0 .5

3 .9

10-74

- 0 .6

0 .2

Û .l

- 0 .2

- 1 .7

- 2 .4

- 2 .2

- 1 .9

- 7 .6

124.8
121.7

-8 .8 - 1 0 .7 -17.2 -26.1

11-74

- 3 .5

- 3 .1

- 3 .6

- 4 .4

12-74

— .V
6

- 6 .9

- 7 .7

-8 .9 -11.1 - 1 2 .9 -1 4 .8 -1 7 .5 -23.7 -3 0 .7 -35.1

117.4

1—
75

- 9 .3

- 9 .5 -1 0 .5 - l i . e -1 4 .0 -1 5 .9 -1 7 .9 —
20*6 -25.8 -3 1 .1 -3 3 .5

113*7
111.2

(S
)
1
V
U

- 6 .3

125.6

-1 0 .5 -10.8 -11 .8 -1 3 .0 -15.1 - 1 6 .9 - 1 8 .7 -2 1 .1 -25.3 -2 9 .3 -30.3

3-75

-1 0 .6 -10.9 -11.8 -12 .9 -14.8 - 1 6 .4 -1 7 .9 -1 9 .9 -23 .3 -26 .1 -2 6 .2 -22*9 - 1 8 .0 -12*2

*-75

- 1 0 .0 -10.2 -1 1 .0 -12 .0 -1 3 .6 “ 15.0 -1 6 .2 -I7*i_-2CL«5 -22*5 - 2 1 .7 - lft* 0 -J.2*7_ -6 .8

110.0
109.9

-1*1

- 9 .3

- 9 .4 -10.1 -1 1 .0 - 1 2 .4 - 1 3 .5 -1 4 .5 - 1 5 .7 -1 7 .9 - 1 9 .3 -1 8 .2 - 1 4 .3

- 9 .2

- 3 .9

0 .5

6-75

-8 .3

— .o
v

-9 .7 -10.9 -11 .8 -1 2 .6 -1 3 .5 -A5j *3. - 1 6 .2 -1 4 .7 -10 ,8

- 5 .8

-o *i

3 .3

5 .6

7-75

- 7 .5

- 7 .5

- e .o

-e. 7

— .8 -1 0 .5 -1 1 .2 -1 1 .9 -13*3 -1 4 .0 - 1 2 .3
V

8-75

- 6 .4

— .4
6

—
4>.8

-7 .3

-8 .2

- 8 .9

- 9 .3

- 9 .8 -11.0 - 1 1 .3

1-74

2-74

3-74

4-74

5-74

6-74

7-74

8-74

110.1

2 .2 s

-fc.4

5-75

- 3 .8

.0 ,6

4 .1

6 .0

7 .9

-5 .7

- 1 .2

3 .1

6j*4

GEI

10.6

9-74 10-74 11-74 12-74

1-75

2-75

3-75

IN IT IA L

- 9 .5

4-75

110.9

9 .1
6*7

111.5P
112.9P

5-75

MONTH

F- PRELIM INARY




PREPAREO BY FEOERAL RESERVE BANK OF S T . LOUIS
SEPTEMBER 17. 1975

7

PERSONAL
RATIO SCALE

i-:S7

I NCOME

1968

1969

1970

1971

1972
SOURCEt

ret

riTACES a r e a n n u a l r a t e s o f c h a n c e FOR P ER IO D S

A lt S T

RATIO SCALE

MONTHLY T O T A L S AT ANNUAL RAT ES

DATA PLOTTED«

1973
U .S .

1974

1975

DEPARTMENT OF COMMERCE

IN O ICATEO .

AUGUST P R ELIM IN A R Y
PREPARED BY FEDERAL R E SE R V E SANK OF S T .

PERSO NAL

L O U IS

IN C O M E

______________________________________________ ________________________________________&.PH. Q U NP.ED- A W ^ L ^ . H A T E ^
P

Of .

C H A N fr E _______________________________________ ____________________________________
S IL L IC H S

OF

l E h f l l M A L ________________________________________________________________________________________ U i l I l A l . _ Mp N.T H ___________________________________________________________________ ______________________ D O L L A R S _____
M ONTH
ANNUAL R A T ES
1-7*
2-7*
3-74
4-74
5-74
6-74
7-74
6-74
9-74 10-74 11-74 12-74
1-75
2-75
3-75
4-75
5-75
6-75
7-75

1

2-74

7 .2

3-7*

5 .6

4 .1

4-74

6 .7

6 .5

5-74

7 .8

6 .1

fa -3

7-7*

9 .7

6-7*

V .5

_

8 .1

_6-74

1

10 .1

10 .2

9 .1

12. d

1 3 .6

1 6 .1

1 1 .1

V .9

11 .2

9 .8

11 .6

11 .6

1 3 .1

6 .3

.2

11 .2

11 .6

1 1 .7

12 .6

10 .0

1 1 .7

9 .5

9 .6

10 .6

1 L / .9

1 0 .9

1 1 .3

9 .1

9 .5

7 .4

11-74

6 .5

6.6

6 .9

e.e

6 .6

6 .1

3 .4

1 1 7 8 .0
I
r

12-7*

b .3

8 .4

7 .0

7 .6

£

2-75

7 .2

7 .2

7 .5

.0

_

1 8 5 .0

I

1 8 4 .5

X

1 9 1 .0

1

1 9 1 .1

^
- 0 .5

6 .9

6 .V

1-75

1 5 9 .5

1 1 6 7 .2

9 .6

9 .2

1 4 3 .5

1

9-7*

.2

1 3 5 .2

1

I D —7 *

V

1 2 5 .2

1

9 .1

1 1 .8

.1 0

1 1 3 *4

1 1 1 7 .1

6 .6

6 .5

6 .6

6 .2

4 .5

3 .1

6 .8

7 .9

7 .5

7 .2

5 .5

5 .0

3 .4

2 .1

3 .4

0 .1

7 .3

6 .9

6 .6

5 .1

4 .5

3 .2

2 .1

3 .0

1.2

1 1 9 3 .4

2 .3

3 —7 5

6.6

6 . fa

7. u

6 .9

6 .4

6 .1

4 .7

4 .2

3 .0

2 .2

2 .9

1.6

2 .3

2 .3

*-7 5

6 .9

6 .9

7 .1

6 .9

t>. 5

6 .5

5 .0

4 .6

3 .7

3 .1

3 .8

3 .1

4 .1

5 .0

4 .7

4 .3

5 .1

4 .8

6 .0

7 .2

9 .7

11 .6

I

2 1 4 .9

7 .6

8 .8

9 .1

1 1 .0

1 3 .3

1 7 .2

2 2 .3

I

2 4 4 .1

6 .1

7 .0

7 .0

8 .2

9 .4

11 .2

1 2 .4

12 .8

- 4 .9

. n

8 .2

8 .4

9 *7

10. V

1 2 .7

1 4 .0

1 4 .8

6 .3

1 8 .9

11-74

12-74

1-75

2-75

3-75

4-75

5-75

6-75

7-75

___ i>
rYJ> .

7 .2

7 .2

7*4

7 .3

7 .0

6 .6

5 .7

5 .4

6-75

6.6

6 .7

9 .0

9 .0

b .f c

8 .8

8 .0

8 .0

7.*L

7 .6

_

6 .1

6 .0

7 .6

7 .7

6.8

6 .7

6.2

ô » *+

6 .4

_

6 .7

6 .7

6 .5

6 .4

7 .7

7 .7

7 .3

3-74

4-74

5-74

6-74

7-74

6-74

9-74

lr.7£
tir75

.

1-74

2-74

7 .6

n

10-74

IN IT IA I

1 1 9 5 .7

1 2 0 3 .1

7 .7

3 3 .6

1 2 3 8 .9
1

1 2 5 6 .9 P

M O N TH

P- PRE L I M I N A R Y




P R E P A R E D B Y F E D E R A L R E S E R V E B A N K OF S T . L O U I S
S E P T E M B E R 1 8 « 1 2 Z 5 l_

8

RETAIL
R A TI O SCALE
B I L L I O N S OF DOLLARS
55

SALES
R A TI O SCALE
B I L L I O N S OF OOLLARS

SEASONALLY ADJUSTED

50

45
40

35

30

25

.20

1967

1968

1969

1970

1971

1972

1973

SOMtCE*
PCACCNTAOM AKC ANNUAL RATCS Of C A O fOK fEIIIOOS INDICATED.
MM C

1974

1975

DCPARTNCNT Of COMKftCC

tATCSt DAIA PlOTTCOt JULY, AttM tf ADVANCE ESTIMATE
PMfAJtEO Ot fC H lU l UtCKVC tM K Of ST* LOUIS
-7
________

______________________ > EIA 1 L.SA L £ S _________________________________
COMPOUNDED ANNUAL RATES O f CHANGE

TE I V
M

'

Y ITUL

nl
*
n
MONTH
“
H i L LIONS OF
MONTH_______________________________________ ______________________________________ _______________________________________________ _____________ __________________ LQLLARS--" I - 7 4 ” ¿-7 4 3-74 -»-74 5 - 7 4 6-74 7-74 8-74 9 -7* 10-7* 11-74 12-74 1-75 2-75 3-75 ~4— t
6-75 7-75
7

t-vr

" 2- 74“ “

43»134

5*fc

T-V«T~ i 3 . V “ 22.0
4-74

T h "n

13.2

1 7 .1

c t v “7

t

.3

43 f t 72
11.6

44*263

14.T ” ‘ 1V . 9“

*4*fe94

6-74

9*5

T o ’.V

7-74

16.6

IE .9

6-74

1 7 .0

19.0 T Y . 3 ~ “20.0

*-74

11.5

I? .*

10.8 ~T o . 6

10-74

9 .0

9 .4

7 .7

7 .0

4 .9

11-74

4 .5

*. 1

2 #o~

0 .7

- l. T

12-74

4 .®

4 .7 ~

2.V“
■"TV*”"

20.1 21.2

1-75

7 .«

7 .2

5 .7

6 .5

e .5

7~2T

6 .0 ~

4 7 7 *"

7 .0

7 .1

6 .0

“ 5-7 5 " “

8.9**"

~ .’2

4 .4

8 73“ ~ b . 0 ~ ~ 7 .< f

9 .4

9 .7

6 .9

b .6

7-75

10.6

1 0 .9

10.2

9 .7

“ 9 .0

6 .8

¿

t

b .0

b .i

U l .-1 = 7 *- -*=Z±. - L - Jiu

—

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

45i803~“

- 9 .3

-20.T - 2 4 .9

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

4 4 **6 9

44*fc21~

'

9 .9

45*955

5 .3

- 1 .7

- 5 .5

- 1 .4

1 .3

2 1 .8

3 5 .0

1 .7

- 1 .0

3 .4

6 .8

2 2 .9

2 9 .9

2 5 .0

4 .0

- 1 .4

- 4 .1 ' - 1 .1

0 .6

1 0 .2

1 0 .2

- 0 .4

— 0 .6
2

5 .7

1 .0

2 .0

4 .0

12.5

13.2

6 .8

- 1 .4

-1 .1

4 6 *8 1 9
" 4 5 *9 2 6

2 2 .6

46»Vl2*“

3 2 .4 ~ * * 3 .0

* 6 tl2 4 ~ "

8 .7

4 .6

3 .0

6 .4

8 .8

17.1

1 8 .6 ” i 4 r r T f . 6

9 .4 ~

5 .7

4 .4

*7 .6 ~

9 .9

1 7 .2

1 8 .4

15.4* ~ i 3 7 r 2 7 .V

2 9 .7

1 7 .e

11 .0

10.1

“ 8- 7 5 “ ~ 9 . 5 ~

l
- 4 .7 — t . 0

7 .6

3 .4

~ 2 .6 ~

6-75

46♦I 77

-20*73“

b .4

1 .0

~V.Y~
5 .5

*7*056^

1 9 .7

f».b ~15.0~

4 .9

5 .9 *~

46t 356~”

59.2

V o .7 ~ 3&.1

5.1

2- 7 *

3- 75
*“
4-75

44*593

6.*7~~~ 4 . 3 ~ ”-7 . 6
16 .0

7 .7

6 .7

9 .9

12.2

19.0

2 0 .4

18.1

2 8 .6

30 .7

2 5 .u

9 .5

6 .3

5 .3

8 .0

9 .9

15.5

16.2 ~ £

T ~ i£ 5 T “20 . 0 * T 4 . 3

1 2 .*

-2=2*-—£=2.4 .. *=2ft.

j

16.8

12=2«- .1= 21. _2=2&_. ¿= 2 1 . 4 r7 £ .. ir . T f

48 »7 7 9

* 2 .9
V . t ~-4.2~~

*V *5 4 8 t

.. 6«r75_ 7, 7^

___________ If U U A L - M f t lt t _________

P- P K IL IP .IN A tY
E - E V IlM A T tt




£ E U c A iL U L M -Ffc'OtKAL.-LLii.LVL
SEPTEMBER 12f 1975

kamk

fag

LC*U1£.—

COMPENSA T1ON P ER <CUR. TOTAL P R IV A Ife ECONOMY
: GHPOLNO60 ANNUAL RATES Of CHANGE
T ERM INA L

IN IT IA L

(U A R T ER

1967 «

i 00

-flüAftlfR _____________________________________________ ___ _________________________________________________________________________________ ________________________ _
4- 74 1-75
3-70 4-70
4-73
1-74 2-74 3-74
1-71
2-71
3- n
V 71
1-72 2-72 3-72
1 -73 ¿-7 3 3-73
4-72
4-70

126. 7

2.9
—r

1-71

5 .6

2-71

5.9

7.4

6.3

3-71

5.9

6 .9

6.1

5 .9

4-71

5.4

6 .0

5.2

4 .6

2 .3

8 .5

131.3
iJT Ï T~
134.3
13 7*7

1-7?

6 .2

6 .9

6.5

é .6

6 .9

10.5

2-72

6 .ü

6 .5

6. 1

6.1

6.2

7.6

4 .7

3-7?

5.8

6 .2

4 .4

4.1

4-7?

5.9

1-7 3

6 .6

?-73

6 .5

1T 9. T
14 0. 7

5.8

5 .7

5.6

t.4

6 .3

6 .0

t .O

6 .0

6.6

5.4

5. 7

7.3

7.1

6 .9

1.0

7.1

7.9

7.3

8. 1

1 0. 2

13.2

6 .8

6 .6

é .7

6 .8

7.4

6. 7

7.3

8.3

8.8

143.2
147.7
4 .7

149.4
151.6

3-73

6 .4

6 .7

6 .6

6 .6

6 .7

7.2

6.6

7. C

7.7

7.9

5.4

4-7 3

6 .6

6 .9

6 .8

6 .8

é .9

7.4

7. C

7.3

€ .0

8.2

6 .6

6 .3
7 .5

9 .0

1-74

6 .7

7.0

¿ .8

6 .9

7.0

7.4

7.C

7.3

7.9

8 .0

6 .8

7 .5

8 .2

7 .4

2-74

7.1

7 .4

7.3

7.4

7.5

7.5

7.6

8. 0

8.6

8.8

7 .9

8 .8

9 .7

10.1

154. 9
157.7
162.5

12.7

166.7

3-74

7.3

7.6

7.5

7 .6

7 .8

8.2

7.9

8.3

8.8

9.1

8.4

9 .2

13.0

10.3

11.7

10.7

4-74

7.4

7.7

7.6

1.7

7.8

8.2

8. C

8.3

8.8

9 .0

8 .4

9 .1

9 .7

9 .9

10.7

9.7

8.7

1-7 S

7.6

7.8

7.8

7.9

8.0

8.4

8.2

8* 6

5.0

9.2

8 .7

9 .3

9.9

10.1

10.7

10.0

9 .7

10.7

2-75

7.6

7 .8

7.8

1.9

o .0

8.4

8.2

8. 5

8 .9

9.1

8 .6

9 .1

9 .6

9 .7

10.1

9 .5

9.1

9 .3

7. 8

3-70

4-70

1-71

2-71

>-11

4-71

1-72

2-72

3-72

4-72

1-73

2-7 3

3-73

4-73

1-74

2-74

3- 74

4-74

1-75

2-74

3- 74

4- 74

1-75

170.2
174.6
1 77.9

1NI TI AL WJARTER
OLTPLT PER HOUR OF ALL PER SLK S. TOTAL PRIVATE ECONOMY
COMPOUNDED ANNUAL RATES OF CHANGE
TERMINAL

1967 « 100

IN IT IA L iQUARTER

CH1AAT F A

3-70

4-70

1-71

4-70

3.8
2.7

5.2

1-72

2-72

3-72

4-72

10.3

2-71

3-71

V 71

1-73

0 .4

2-7 3

3-73

4-73

1-74

-2 .3

1-71

¿-71

105.0
107.6
107.7

3-71

3 .2

5.1

i .6

4 .9

4-71

2.9

4 .2

2 .2

2.2

1.5

109.0
109.4

1-72

2.9

4.0

2.5

2 .2

2 .4

3 .3

2-7?

3 .3

4 .3

3.1

2 .8

3 .4

4 .4

5 .6

110.3
111.8

3-72

3.3

4 .1

3.1

3 .7

2 .4

4. C

4 .4

3 .3

4-7?

3.6

4 .3

3 .5

4 .0

3 .9

4 .5

4. 9

4 .5

5 .8

1-73

3.8

4 .4

3.7

4 .2

4.1

4 .7

9*0

4. 8

5 .6

2-73

3.2

3.7

3.0

3 .4

2 .2

3.4

3 .5

3« 0

2 .8

1.4

3-73

2.8

3.3

/•6

2 .9

2 .6

2 .8

2*7

2 .1

l.S

0 .6

-1.7

- 1 .»

4-73

2.7

3.1

2.4

2 .7

2 .4

2 .5

2 .4

1 .9

1 .6

0 .6

-0 .9

-0 .2

0 .7

1-74

1.9

2 .2

1 .6

1.7

1.1

0 .5

C.O

- I. 1

-2.7

-2 .8

- 3 .6

2-74

1.8

2.1

1.5

J *6

1.3

1*2

1.0

0.4

0*1

-0 .9

-2.1

-2 .3

- 2 .3

-3.8

3-74

1.5

1.8

J .2

1.3

l. C

C.9

0 .7

C.2

- 0 .2

- I. 1

-2.1

-2.3

- 2 .3

- 3 .2

- 0 .9

- 2 .1 '

4-74

1.1

1.4

0.8

0 .8

0 .5

C.4

0 .2

- C .4

- 0 .8

- 1 .5

-2 .5

-2.5

-2 .8

- 3 .7

- 2 .2

- 3 .5

1-75

1.1

1.3

0 .7

C .8

C.5

C.4

0 .2

- 0 .3

- 0 .7

-1 .4

2-75

1.2

1.4

0 .9

1.0

0 .7

0 .7

0 .5

0.1

- 0 .2

-0 .8

Jr 7 Û

-Lr.TA




1.3

1 *3

-¿=21 .- f c JL L . Jr r .l l

Jfc L L L .JL

l

112. 7
114.3
115. 8

5.4

115.1

ifg

t ih

115.0
112.7

- 7 .a ^ J~ 5 %

112.8
112.2
- 4 .9

110. a

- 2 .2
- 2 .2
p *
i

- 2 .3

- 2 .9

- 1 .7

- 2 .4

- 2 .5

r*« » i

- 1 .7

- 0 .5

- 0 .7

- 0 .2

2 .2

110.8

0 .0

- 1 .4

J r U . - Iz I ? , ¿ 7 ÎÀ

U-

114. 8

4 .0 |

112.0

3-74 Jr - I±

sm ash*

» t w »
8 t fto a u . n e s e tv E »t-tx. o f
AUGUST 2«. 1975

10

s t.

lo w s

PRODUCTIVITY,
R
ATIO SC
ALE
1967-100

COMPENSATION, AND LABOR COSTS
R T I0 SCALE
A
1967-100

SEASONALLY a d ju ste d

SOURCE*
PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIO D S
LATEST DATA PLOTTED»

U .S .

OEPARTMENT OF LABOR

IND ICATED.

2ND QUARTER P R ELIM IN A R Y
PREPARED BY FEDERAL R ESER V E BANK OF S T .

L O U IS

UHIT LABOR COSTSt TOTAL PRIVATE. £ «*Q H Y
COMPOUNDED ANNUAL RATES OF CHANGE
IN IT IA L QUARTER

TERMINAL
QUARTER
4-70

1-71

2-71

3-71

4-71

1-72

2-72

3-72

4-72

1-73

2-73

3-73

4-73

1-74

2-74

3-74

4 —7 4

1-75

12 0 .6

1

-d
o

3 —7 0

1967 • 100

5 .1

1-71

1 .9

- 1 .3

2-71

3 .0

2 .Ü

5 .4

3-71

2 .7

l.v

3 .5

4-71

2 .5

1.8

2 .V

1.6

1.6

1-72

3 .2

2.8

3 .9

3 .4

* * .3

2-72

2 .6

2 .2

2 •V

¿ .3

2 .5

3 .0

3-72

2 .4

2.0

2.6

2.0

2 .1

2 .3

0 .0

1.0

4-72

2 .3

2.0

2 .4

2.0

2 .0

2 .1

0 .5

1 .3

1.6

12 0 .2
12 1.8
1 .7

1 2 2 .3

12 2 .8
124.

7 .0
-

1.0

1 2 4 .6
1 2 4 .9
1 2 5 .4

1-73

2.8

1 .5

3 ,0

¿ .7

2 .9

3 .1

2 .2

3 .2

4 .4

7 .2

2-73

3 .2

3 .0

3 .5

3 .2

3 .5

3 .8

3 .1

4 .2

5 .3

7 .1

7. I s

3-73

3 .5

3 .4

3 .6

3 .7

3 .9

4 .3

3 .8

4 .8

5 .8

7 .2

7 .2

7 .3 s

3 .8

4 .2

4 .1

4 .4

4 .7

4 .4

5 .3

6 .2

7 .4

7 .5

7 .7

<*-73

3 .9

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

8 .1

1-74

4 .7

4 .7

5 .2

5 .2

5 .5

6 .0

5 .8

6 .8

7 .9

9 .1

9 .6

1 0 .5

1 2 .2

1 6 .4

><1 0 .2 %

2-74

5 .2

5 .2

5 .7

5 .8

6 .1

6.6

6 .6

7 .5

8 .5

9 .T

10 .2

11 .0

1 2 .3

1 4 .4

12. 6 ^

3-74

5 .7

5 .7

6.2

6 .3

6 .7

7 .2

7 .2

8 .1

v .o

1 0 * 1.

10 .6

1 1 .4

1 2 .4

1 3 .9

1 2 .7

4-74

6 .2

6.2

6 *fc

o .9

7 .3

7 .7

7 .8

8 .7

9 .6

10. ?

11 .2

1 1 .9

12 .8

1 4 .0

1 3 .3

1 3 .6

1 4 .5 *

1-75

6 .4

6 .5

7 .0

7 .1

7 .5

8 .0

8 .1

8 .9

9 .7

1 0 .7

11 .1

1 1 .7

1 2 .5

1 3 .4

1 2 .7

1 2 .7

12 .6

¿- 7 5

6 .3

6 .3

t .

0 .9

7 .2

7 .6

7 .7

8 .4

9 .1

9 .«

10 .6

1 1 .1

1 1 .6

1 0 .7

1 0 .3

9 .4

3-71

4-71

1-72

2-72

2-73

3-73

4-73

1-74

2=24,

3-70

4 —7 u




8

1-71

2-71

9

3-72

j i i d

4 —7 ?

l

1-73

1 3 9 .9
1 4 4 .1

.

1 4 8 .5

1 2 .8 s

3-74

1 5 3 .6

10. 8 s
7 .0

4 —7**

1 5 7 .6
3 .3 ^

1 5 8 .9

1-75

IN IT IA L QUARTER

PREPARED ft*. FEDERAL RESERVE BANK OF S T . LOUIS
AUGUST 28» 1975

11

G R O S S N A T I O N A L P R O D U C T IN C U R R E N T D O L L A R S
___________ ____________________________________ _________________ C O M P O U N D E D A N N U A L R A T E S O f C H A N G E ________
B IL L IO N S

JL K M IN A L ___________________________________________________ . _____________ IN IT IA L QUARTER _
_
QUARTER
4-71
1-72 2-72 3-72 4-72
_3-7G 4-70
1-73 2-73
1-71
2-71
3-71
4-70

a. 4

3-73

1-74

4-73

¿ “ 74

3-74

4-74

1-75

2-71

OF

DOLLARS
ANNUAL RATES
991 .8

l.a

1-71

_________

1 * .3
1 .0 4 7 .3

7.8

3-71

7 .5

9 .5

£>.6

5.5

4-71

7 .7

< .2
>

7 .^

7 .0

b.5

1-72

ft. 4

O .ft

A .S

8 .7

10.4

12.5

2-72

8 .7

9 .V

fc.9

v .i

10.4

11.3

3-72

e .a

9 .9

9 .0

9 .2

10.2

10.7

10.0

4-72

<#.2

1li .2

9 .5

V .8

10.7

11.2

10.9

11.1

12.7

1-73

9 .9

10. (i

10.2

10.6

11.5

12.1

12.0

12.5

14.1

15.5

2-73

9 .8

10.7

10.2

10.5

11.2

11.7

11.5

li.a

12.6

12.5

9 .6

3-73

0 .9

1li

10.2

10 .4

11.1

11.4

11.3

11.5

11 .9

11.7

9.8

10.1

*-73

10.0

10.7

10.2

10.5

11.1

11.4

11.3

11.4

11.8

11.6

10.3

10.6

11^2^

1-74

9 .A

10.2

9 .8

9.<*

10.4

10.6

10.4

10.4

10.5

10.1

8 .8

8 .5

7 .a

4^5SNs n^’7 . 2 %

£—
74

. 9^4

lU .G

9 .6

9 .7

10.1

10.3

10.1

10.0

10.1

9 .7

8 .6

8 .3

7 .7

6 .0

3-74

9 .4

10.0

9 .6

9.7

lu .l

10.2

10.0

10.0

10.1

9 .7

8 .7

8.6

8 .2

7 .2

8 .6

9 .? V

4-74

9.1

<
*-&

9 .2

9 .3

V.6

9 .7

9 .5

9 .4

9 .4

9 .0

8.1

7.8

7 .4

6 .5

7 .1

6 .9

1-7*

a. 4

fa.7

8 .4

8 .4

8 .6

8 .6

8 .3

8.1

8 .0

7 .5

6 .5

6.1

5 .4

4 .3

4 .3

3 .2

0 .0

2-75

ft. 3

8 .7

8 .3

b .3

a* 5

a .5

8 .2

6 .0

7 .9

7 .4

6 .6

6.2

5 .6

4 .8

*
•

11.5

2 .3

lt.4

3-70

4-70

1-71

2-71

3-71

4-71

1-72

2-72

3-72

4-72

1-73

2-73

3-73

4-73

2-74

3-74

4-74

1 .083.2
1 .1 1 5 .0

— v ^ i- iu ./ y o

_
1 .1 4 3 .0 _
1.1 6 9 .3
\

1 ,2 0 4 .7 _ _
1 .2 4 8 .9
1*277.9
1 .3 0 8 .9
1 ,3 4 4 .0
1 .3 5 8 .8

C
D

*

1 .3 8 3 .8

1-74

1 ,4 1 6 .3
4 > \ + 2 .3 %

1 .4 3 0 .9
1 .4 1 6 .6
7*0^i.... A»44£*£_.

1-75

IN IT IA L QUARTER
GROSS NATIONAL PRODUCT ¿H CONSTANT 1958 DOLLARS
________COMPOUNDED ANNUAL RATES OF CHANGE_____________ _____________________________________ ______
B IL L IO N S OF
IfeftrtlMAi . ___________________________________________________________ INITIAL. QUARTER____________________________________ ____________________________ DOLLARS
QUARTER
ANNUAL RATES
3-70 4-70
1-71 2-71 3-71 4-7 J
1-72 2-72 3-72 4-72
1-73 2-73 3-73 4-73
1-74 2-74 3-74 4-74 1-75
4-70

- 4 .3

1-71

2 .7

719.3

1
1
1 0 .2

736.9

2-71

2 .7

6 .4

2 .9 ^ ^

742.1

3-71.

2 .8

5 .2

2 .8

2.8

747.2

4-71

3 .5

5 .5

4 .0

4 .6

6.5

1-72

4 .0

5 .7

4 .6

5.2

6 .4 l

6 .4

2-72

4 .6

6 .1

5 .4

6 .0

7.1

7 .4

8 .4

3-72

4 .8

6 .1

5 .5

6 .0

6.8

6 .9

7.2

v+6.7%

759.1
770.9
786.6
6 .0

798.1

4-72

5 .2

6 .4

5 .9

6 .4

7.1

7 .3

7 .6

7 .1

8 .3

1-73

5 .6

6 .7

6 .3

6.8

7.5

7 .7

8 .0

7 .9

8 .9

2-73

5 .3

6 .3

5 .8

6 .2

6 .7

6.8

6 .8

6 .5

6 .6

5.8

3-73

5 .0

5 .8

5 .4

5 .7

6.1

6 .0

6 .0

5.5

5 .4

4 .4

1.9

4-73

4 .8

5 .5

5 .1

5 .4

5.7

5.6

5 .4

4 .9

4 .7

3 .9

2.1

2 .0

1-74

3 .9

4 .5

4 .1

4 .2

4 .3

4 .1

3 .8

3 .2

2 .7

1.6

-0 .3

-1.1

- 2 .4

- 7 .0

2-74

3 .5

4 .1

3 .6

3 .7

3.5

3.2

2 .5

2.1

1.1

-0 .5

-1.2

- 2 .2

- 4 .4

3-74

3 .1

3 .7

3 .2

3.2

3 .3

3 .0

2 .7

2 .0

1.6

0 .6

-O.fl

- 1 .4

— .1
2

-3.5

- 1 .8

-1 .9

4-74

2 .4

2 .8

2 .4

2 .3

2.3

1.9

1.5

0 .9

0 .3

— .6
0

-2 .0

- 2 .7

- 3 .5

- 4 .9

-4 .2

- 5 .5

1-75

1.6

1.9

1 .4

1.3

1.2

a .a

0 .4

-0.3

-0 .9

- 1 .9

-3 .2

-4 .0

- 4 .9

- 6 .3

-6 .1

- 7 .5 -10.2 - 1 1 . 4 X

2-75

1 .6

1.9

1*5

1.4

1.3

0 .9

0 .5

-0 ,1

-0 .7

r lx i.

“ 2 »7

-StQ

- 4 .5

- 5 .3

1*-6.3

- 5 .0

1 .9

3-70

4-70

1-71

2-71

3-71

4-71

1-72

2-72

3-72

4-72

1-73

4-73

1-74

2-74

3-74

4-74

1-75




_

814.2

- I P \

\+2.1%

837.4
840.8

2-73

"N
1

3-73

\^3.5%

____ 630^5_.

- 1 .6

827.1
823^1
- 9 .0

X^6.3%

804
780.0
jL

...722,£

IN IT IA L QUARTER

P R E P A R E D BY F t O E R A L R E S E R V E
S E P T E M B E R 18, 1 9 7 5

12

B A N K OF ST.

LOUIS

_

DEMAND AND P R O D U C T I O N
R A T I O SCALE
QUARTERLY TOTALS
T R I L L I O N S OF DOLLARS
SEASONALLY

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

AT ANNUAL RATES
ADJUSTED

1.

.6
.5

1.

1.1

1.

1 .0

0 .

0.9

0 .

0.8

0 .

0.7

0 .

0.6

0.5

0 .

1967

1968

1969

1970

1971

1972

1973

1974

1975

UJBNP IN CURRENT DOLLARS.
SOURCE* U .S . DEPARTMENT OF COMMERCE
12.6NP IN 1958 DOLLARS.
PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIODS IN O ICATED.
LA TE S T DATA P LO TTED i 2ND QUARTER




PREPARED BY FEDERAL RESERVE BANK OF S T . LO U IS

13

GENERAL

PRICE

INDEX*

RATIO SC
ALE

R
ATIO SC
ALE

1 5 -1 0
98 0

1967

1958-100

1968

1969

1970

1971

1972

1973

1974

1975

■AS USED IN NATIONAL INCOME ACCOUNTS
SOURCE* U.S. DEPARTMENT OP COMMERCE
PERCENTAGES ARE ANNUAL RATES OF CHANOE FOR PERIODS INDICATED.
L A T E S T OATA P L O TTE O i

2ND QUARTER

PREPARED tY FEDERAL RESERVE «ANK OF ST. LOUIS

IM P L IC IT PR IC E DEFLATOR FOR GROSS NATIONAL PRODUCT
___________ LUWPUUNUtU ANNUAL K A itb OF IHANGt_____________

3-70

100

IN IT IA L QUARTER

ILK* I N¿k.

QUARTER

4-7u

1-71

¿>71

3—
> 71

4-71

1-72 . 2-72 .3 ^ ?2 _ W g ._ _ .i.r ? 3 ._ _ 2r73

3-73 ,4 - 7 3

j- 7 4

? . - 7

» _ 4^7^

_ Î L ^ L _ ________________________________________________________________________________________________________________1-----------------------

137*86

1-71




P R E P A R E O B Y F E O E R A L R E S E R V E B A N K OF ST. L O U I S
S E P T E M B E R 16* 1 9 7 5

14

pe = S<-NAl

^O N S l lM p T ir N

______________ r H * P P U N C £ 0

-X P Ç N 0 1 T U P C S IK CU ° * fN T
AN N U A L

3F

COLLARS

CrtANG"________________________________________________________ _______________________

B IL L IO N S OF
TC RfTN M ______________ _____________________________________ _____________________ I N I T I A L Q U A R T E R ___________________________________________________________OQLJLifiLS.
ANNUAL R A T FS
o u i OT(r°
1-75
2-74
3-74
4-74
3-72
4-72
3-7U
1-7*
4-73_ _ 1-74
2-72
3-73
1-71
4-71
1-72
2-73
2-71
3-71
70
6 28 .3 _.

4-70

3 .0

1-71

tì.tì

14 ,9

2-71

ft.3

11 . 0

3-71

7 .8
7 .6

4 6 2 .1

9 .4

4-71

4 * 0 .5
7 .3

6 7 2 .1

6 .2
6 .9

.a*. 8

6 .7

6 8 3 .8

7 .1

701. *

1 -7?

a . 2 __

9

7 .8

8 .0

8 .9

1 0 .8

2-72

8 .6

9 .6

« .5

8 .8

9 .7

1 1.1

1 1 .3

3-72

a. 7

r ,5

8 .7

8 .9

9 .6

1 0 .5

1 0 .3

9 .3

7 2 0 .6
7 3 6 .8
7 * 7 .2

4-72

9 .0

9 .1

9 .4

1 0 .0

1 0 .7

1 0 .7

1 0 .4

1 1 .5

1-73

<5.5

IQ , ?

9 .6

1 0 .0

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IN IT IA L QU*RT£R
P P R S P M L C1NÎUHPTTCN ÇXP*:NriTURtS

IN CONSTANT 1958 DOLLARS

_________________ CCMPSUNQEP ANNUAL E ATg S jC CHANC,«____________________________________________________ ____________________

B IL L IO N S OF
0UAPTÇO
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ANNUAL RATFS

* 2A * 2

* * 1 -*
* * 0 .7

IN IT IA L QUARTER

PRFRARfeO BY *ED€RAL RCSFRVE BANK OF ST . LOUIS
AUGUSL 21« 1975

15

GROSS PRIVATE DOMESTIC INVESTMENT IN CURRENT DOLLARS
LUHrUmxutu A N N U A L R A T E S OF CHANGE
B IL L IONS OF
T E R M IN A L

IN IT IA L

O U A R T Fft

O O LLA RS

0U4RTCO

3-70
4-70

4-70

1-71

2-71

3-71

4-71

1-72

2-72

3-72

4 —7>

1-73

2-73

4-73

2-73

1-74

2-74

ANNUAL RATES
3-74

4-74

1-7*

-5.1

1 3 7 .4

I- 7 I

10.9

2 9 .6

2-71

14.4

25.6

3-71

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IN IT IA L QUARTER

GROSS PRIVATE DOMESTIC iNVESTMfcNT IN CONSTANT 1958 DOLLARS
B IL ltO N S OF
TPOMTNAL
QUAG TcR

IN IT IA L

ANNUAL RATES
3-7Q_

4 -7 0

DOLLAR5

QUARTER

4-7 0

1-71

2-71

3-71

4-71

1-72

2-72

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IN IT IA L

1-73

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1-75

QUARTER

PREPARED BY FEOERAL RESERVE BANK CF S T . LO UIS
AUGUST—21_*_ 197*

16

GOVERNMENT PURCHASES OF GOODS ANO SERVICES IN CURRfNT OOLLARS
___________________ COMPOUNDED ANNUAL RATES OF CHANGE_______________________________________________________________________

0 IL L IONS OF
TERM INAt____________ ___________________________________________________ IN IT IA L QUARTER_______________________ __________________________________________DOLLARS____
QUAPTFR
ANNUAL RATES
--------- 3’ 7Q 4-70
1-71
7-71 3-71 4—
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1-72 2-72
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3-73

4-73

1-74

2-74

3-74

4-74

1-75

IN IT IA L QUARTER

GOVERNMENT PURCHASES g f goods ano SER VIC ES IN CONSTANT 1958 DOLLARS
COMPOUNDED ANNUÌL RATES OF CHANGE
TERMINAL
QUAPTPR

B IL L IO N S o f
DOLLARS
ANNUAL RATES

IN IT IA L QUARTER
3-70

4-70

1-71

4-70

- 0 .7
-0 .5

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1-72

2-72

3-72

4—12

1-73

2-73

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3-74

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1-75

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3-71

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137.8
137.5
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4-71

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7.6

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1.7

3-12

1.4

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4-72

1.6

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2.3

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1.5

0.2

-0 .1

0 .3

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74

1.4

1.5

t .7

1 - ft

1.4

ft.Q

ft.6

ft.7

1 .4

1 -1

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1-75

1.5

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1 .A

1.4

1 .2

1-5

I -A

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1-2

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2-75

1.7

1 -H

1.9

2. I

1 .8

1-3

1. 1

1.2

1 .«

I- 7

1. 6

l.A

2-2

1-A

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2 -»

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3-70

4-70

1-71

2-71

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4-71

1-72

2-72

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1-73

2-73

3-73

4-73

1-74

2-74

3-74

4-74

1-75




1 45*9
l- l

14JL-*
1-0

fA7-7
140.9

IN IT IA L QUARTER

PREPARED 8V FfO fR A L RESERVE MNK OF S T . LO U IS
AUGUST..2 I • 1975

17

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------ Cü m p l u k o f e
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1-71

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2-72

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1-74

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1-72

0.7

7 .6

6 .3

5 .5

6 *3

6 .9

2-72

6 .9

7 .7

6 .7

6 .£

6 .9

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1-73

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9 .2

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1 0 .2

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1 3 .6

1 6 .0

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2-73

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9 .4

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9 .4

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9 .3

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1 -7 4

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3 - 7 4

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4-74

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9 .7

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9 .7

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3 - 7 1

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4 .5

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2 .7

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5 .8

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7 1 .4

1-75

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U t H IN A l_
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3-70

4-70

1-71

2-71

3-71

CORPORATE PROFITS AFTER TAXES •
COMPOUNDED ANNUAL RATES OF CHANCE_________________________________________________________________
B IL L IO N S OF
____________________ IN IT IA L QUARTER________________________________________________________________ DOLLARS___
ANNUAL RATES
1-74 2-74 3-74 4-74 1-75
4-71
1-72 2-72 3-72 4-72 1-73 2-73 3-73 4-73

.Ar.7iL_ .j- 2 b .4
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27.8

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2 6 .4

33.3

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32.1

25 .8

23.0

23.7

2 5.6

18.4

3-72

21.0

25 .0

22.5

22.9

24 .0

19.6

20.8

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5 5 .7
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22.6

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24.7

25.5

27.0

24.9

28.3

36.3

1-73

26.3

34.5

30.8

29.8

31.3

33.8

33.9

39*5

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2-73

25.2

32.4

2 b .9

27.8

28 .6

30.4

29.8

32.9

37.1

37.5

14.7

23.1

24.0

24.8

21.2

4 .0

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3-73

2 2 .3

4-73
1-74

6 4 .9

7 1 .5
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20.3

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23.5

23.9

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20.5

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2 2 .6

21.2

21.2

2 1 .4

19.7

20.0

19.8

1 6 .D

3 .2

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1.7

23. 4

28 .6

25.8

24.7

25.1

25.7

24.8

25.8

26.6

24. a

16 .4

16.9

30.3

6 6 .9

2-74

21 .6

24.3

2 3 .5

2 2 .4

22 .6

22.8

21.7

22.1

22.3

20.1

12.8

12.3

19.1

28.9

7 3 .2
83.2
83.1

- 0 .5

3-74

24.0

28.6

26.2

25.3

25.7

26.2

25.5

2 6 .4

27.1

25.8

2 0 ,3

21.4

29.4

40.2

2 8 .5

65.8

9 4 .3

4-74

17.6

21.3

18.7

17.4

17.2

17.0

15.6

15.3

14.7

12.2

6 .2

4 .9

7 .2

8 .6

- 5 .9

- 8 .5 -49.5

7 9 .5

1-75

10.4

13.3

10.5

8 .9

8 .1

7 .2

5 .3

4 .2

2 .6

-0 .6

- 6 .7

-9 .4

- 9 .9 -12.1 -2 5 .1 -3 1 .9 - 5 6 .4 - 6 2 .3

- 0 .7

-2.5

— * l_
2

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

62 .1

1-73

2-73

3-73

4-73

1-75

12.7

15.5

1 3 .0

11.6

11.0

10.4

8 .e

8 .1

7 .0

3—
70

^2-75

4 .4

4-70

1-71

2-71

3-71

4-71

1-72

2-72

3-72

4-72

1-74

2-74

3-74

4-74

6 2 .3
7 0 .a

IN IT IA L QUARTER
* NATIONAL INCOME B A S IS
PREPARED BY FEOERAL RESERVE BANK OF S T . LOUIS
SEPTEMBER 18t 1975

SOURCES OF DATA
National Income and Product Accounts Data




Source: U.S. Department of Commerce, Bureau of Economic Analysis
Historical Data Sources:
1970-73
1968-69
1966-67
1964-65
1929-63

Survey of Current Business, July 1974
Survey of Current Business, July 1972
Survey of Current Business', July 1970
Survey of Current business, July 1968
the National Income and Product Accounts of the
United States, 1^2^-65. Statistical Tables"
(available from any U.S. Department of Commerce
Field Office or from the Superintendent of
Documents, U.S. Government Printing Office,
Washington, D.C. 20402).

19

IN V E N T O R IE S

COMPARED WI TH MONTHLY S A L E S *

MANUFACTURING AND TRADE

76

76

72

72

68

68

64

64

60

60

56

l .56 -

56

52

52

48

48

44

44

40

40
1961 1962 1963 1964 1965 1966 1967
«RATIOS BASED O SEASONALLY ADJUSTED DATA.
N

1968

1969

1970 1971 1972 1973 1974 1975
SOURCE: U. S . DEPARTMENT OF COMMERCE

SHADED AREAS REPRESENT PERIODS OF BUSINESS RECESSIONS
AS DEFINED BY THE NATIONAL BUREAU OF ECONOMIC RESEARCH.
DATA REVISED FROM 1972.
LATEST DATA PLOTTED: JULY PRELIMINARY




PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

20

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