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nuTionni E co nomic t r c o d s
PREPARED

BY

MONTH ENDING: October 31, 1977




FEDERAL

RESERVE

BANK

OF ST. LOUIS

RELEASED: November 30, 1977

Revised figures for third quarter gross national
product were recently released by the U.S. Department of
Commerce. The revision indicates that the growth of total
spending and output was stronger than previously estimated.
Total spending (nominal GNP) advanced at a 10 percent annual
rate, with output increasing at a 4.7 percent rate and prices at
a 5 percent rate. These revisions are indicative of continuing
economic strength; since a year ago, income, sales, production,
and employment have all registered substantial gains.
Personal income rose 11.8 percent in the last twelve
months, somewhat faster than in the previous year. Accompanying
the strong advance of personal income was a 10.8 percent increase
in retail sales over the last year. Although income and sales
can diverge for short periods, over periods of a year or more
they usually rise concomitantly.
October rates of production were well above a year
earlier, even though the growth of industrial production has
slowed since mid-summer. Over the past year, industrial
production rose 6.8 percent, about the same as the 6.5 percent
increase from October 1975 to October 1976.
Total civilian employment has continued to rise, but
with parallel growth in the labor force since April, the
unemployment rate has changed little since then. Over the last
year employment showed significant strength, advancing 4 percent,
somewhat greater than the 3.1 percent rise in the previous year.
Civilian employment comprised 65.6 percent of the population of
working force age (16-64 years) in October, one of the highest
proportions in the post-World War II period.
Price trends have not changed significantly over the
last two years, except for prices of farm products and processed
foods, which have been characteristically volatile. Consumer
prices rose 6.5 percent from October 1976, representing an uptick
from the 5.2 percent increase in the previous year. Wholesale
industrial prices have advanced steadily over the last two years,
at a 6.7 percent average annual rate. Farm and food prices rose
2.6 percent from a year earlier, after declining 5.9 percent from
October 1975 to October 1976.

TOTAL C IV IL IA N EMPLOYMENT
COMPOUNPEO ANNUAL RATES OF CHANCE

__itn n in m

__ U U lIIW i

MONTH

3 -76

4 -7 6

5—76

6 -7 6

7-76

8 -7 6

fn w yíH H ü -OF PERSONS

T r a in

9 -7 6 10-76 11-76 12-76

1-77

2 -77

3 -7 7

4 -7 7

5-7 7

6 -7 7

7 -7 7

8 -7 7

9 -7 7
87.329

4-7 6

6 .9

5—76

5 .6

4 .4

6 -7 6

3 .2

1 .4

7-76

3 .3

2 .1

1 .0

3 .5

8-76

2.8

1 .7

0 .9

2*1

0*7

9 -7 6

_ 2 .2

1 .3

0 .5

1*2

0*1

-0 * 5

«7 .6 4 0
»7 .5 3 3

-1 .5

07.783
87.834
87.#94
8 7 .7 3 «

10-76

1.8

0 .9

0 .3

0 .7

-0*2

-0 * 7

-0 .8

11-76

2 .4

1 .8

1 .3

1.9

1*5

1*8

2*9

6*8

12-76

2 .5

1.9

2*1

1*8

2*1

3*0

4*9

88.220
3*0

S « .441
«8 .5 5 8

1-77

2 .4

1*9

1*6

2*0

1*8

2*0

2*6

3*8

2*3

1*6

2-77

2 .7

2*2

2*0

2*5

2*9

2*6

3 .2

4*2

3 .4

3.6

5 .6

3-77

3 .0

2 .7

2 .5

3*0

2*9

3*2

3*9

4*8

4*3

4 .8

6*4

7*1

4 -77

3 .4

3*1

3 .0

3*4

3*4

3*8

4*4

5*3

5*0

5*5

6*8

7*4

7*6

88.V62
«9 .4 7 5
90.023
VO.4 0 «

5-77

3 .5

3 .3

3*2

3 .6

3*6

3*9

4*5

5*3

5*0

5*4

6*4

6*7

6*4

5*3

6—77

3 .5

3 .3

3 .2

3*6

3*6

3*9

4*4

5*1

4 .8

5.1

5*8

5.9

5.5

4*5

3*7

7-77

3 .2

2*9

2*9

3*2

3*2

3 .4

3 .8

4 .3

4*0

4*1

4*6

4*4

3 .7

2*4

1*0

-1 * 6

90.67V
V0»!X>1

8-77

3 .2

2 .9

2 .8

3 .2

3.1

3 .3

3 .7

4*2

3*9

4*0

4*3

4*1

3*5

2*5

1*6

0*6

2*8

9 -77

3 .2

3 .0

2 .9

3*2

3*2

3*4

3*8

4*2

3*9

4*0

4*3

4*1

3*7

2*9

2*3

1*8

3*6

4*4

10-77

3 .2

9*0

2 .9

3*2

3*1

3*3

3*6

4*0

3*7

3*8

4 .0

3.8

3 .4

2*7

2*2

1 .«

3*0

3*1

1*8

3-76

4 -7 6

5-76

6 -76

7-76

8 -7 6

9-7 6 10-76 11-76 12-76

1-77

2 -77

3 -7 ?

4 -7 7

5-7 7

6 -7 ?

7 -7 7

8—?7

9 -7 7

V O .771
91.095
91.230

IN IT IA L MONTH
PAYROLL EMPLOYMENT
CPNPOUNPEP ANNUAL RATES OF CHANCE
TERMINAL

THOUSAND»
OF PERSONS

I NI TIA L MÇffTH
MONTH
3 -76 . W f e

W fe

H 6

6-7 6

0 .4

2 .0

1 .0

1.5
1*5

g-7fr

?-7fr IQ -76 U - T ft IZ-7t>

I ‘ 77

Z-77

? - 77

V »7 7

>~77

fr~77

T~T7

»-# 7

?~77

0 .7

7 -76
...

2 -0

7 -7 *

>>2

*9.312

p -76

1 .9

1 .2

9 -76

2 .4

i .a

79.36 «
2.2

79.513

10-76

1.8

1 .3

11-76

2 .1

1 .7

12-76

2 .3

2 .0

2 .2

1.9

1*6

2 .8

3*1

79.618
4 .6

79.918
79.819

1*7

1.5

1*5

-1 .5

2 .2

1*5

2 .3

2 .5

1*4

4 .4

2 .5

2 .5

2*8

2*1

4*0

3*6

«0 .1 0 6
«0 .3 4 4

1-77

2 .4

2 .1

2 .4

2 .6

2 -7

2*9

2*4

3*8

3*5

3*3

2-7 7

2 .5

2 .3

2 .5

2*8

2*8

3*1

2*7

3*8

3*6

3*6

4 .0

3 -77

3.1

2 .9

3 .1

3 .«

3 .6

3 .9

3 .7

4*8

4*9

5*3

6*4

3 .9

3 .8

4 .7

4 .8

00.561
80.824
8*8

«1 .3 9 5
« 1 .686

4 -7 7

3 .2

3 .0

3 .5

3 .7

5*1

5*7

6*6

5 -7 7

3 .2

3 .0

3 .3

3*5

3 .6

3*9

3 .8

4*6

4*6

4*8

5*2

5*5

3*9

3*5

6 -7 7

3 .2

3 .0

3 .3

3 .5

3 .6

3*8

3*7

4*4

4*4

4*5

4*7

4*9

3*6

3*2

3*0

7 -7 7

3*2

3*1

3*3

3*5

3 .6

3 .8

3 .7

4 .3

4 .3

4*4

4 .5

4*6

3*6

3*4

3*3

3*6

8 -7 7

3 .1

4*4

81.V21
«2 .1 2 1
«2 .3 6 6

3 .0

3 .2

3 .4

3 .4

3 .6

3 .5

4 .0

4 .0

4*0

4*1

4*1

3*2

2*9

2*8

2*7

1*7

3 .1

3 .3

3 .5 .

3 .5

3*7

3*6

4 .1

+ .1

4*1

4*2

4*2

3^5

3*3

3*3

3*4

3*3

4.9_

3 .1

3*0

3*2

3*3

3 .4

3*6

3*5

3*9

3*8

3*9

3*9

3*9

3*2

3*1

3*0

3*0

2*7

3*3

1*7

3-76

4 -7 6

5-76

6 -7 6

7-76

8 -7 6

9 -7 6 1<K76 11-76 12-76

1-77

2 -7 7

3 -7 7

4 -7 7

5 -77

6 -7 7

7-7 7

8 -7 ?

9 -7 7

9 -7 7
10-77

«2 .4 8 0
«2.807P
«2.926P

IN IT IA L MONTH
PREL




PREPARED BY FEOERAL RESERVE BANK OF ST* LOUIS
NOVEMBER 4 » 1977

2

EMPLOYMENT
RATIO

R AT I O

SCALE

1969

1970

197 1

1972

1973

1974

1975

1976

SCALE

1977

SOURCEt U.S.DEPARTMENT OF LABOR
PERCENTAGES ARE ANNUAL RATES OF CHANCE FOR PERIOOS INDICATED.
LATEST DATA PLOTTED. OCTOBER PRELIMINARY
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

UNEMPLOYMENT
SEASONALLY

PERCENT




RATE

ADJUSTED

PERCENT
10.0

9.

9.0

8.

8.0

7.

7.0

6.

6.0

5.

5.0

4.

4.0

3.

3.0

2.

2.0
1969

1970

19 7 1

1972

1973

1974

1975

1976

1977

SOURCEt U.S. DEPARTMENT OF LABOR
PERCENT OF CIVILIAN LABOR FORCE
LATEST DATA PLOTTEOt OCTOBER
PREPARED BY FEOERAL RESERVE BANK OF ST. LOUIS

3

C0W5UWBI m r c E i n d e x » -sc t s o w a ix t a p j ps t e d
CONPOUNOEO ANNUAL RATES OF CHANCE
TERMINAL________________
’ monTR"'
3 -7 6 4 -7 6 5 -7 6
4-7 6

6*6

6—76

7 -7 6

8 -76

9 -7 6 10-76 11-76 12-76

1967 * 100

1 - 77

3 -7 7

4 -7 7

5 -7 7

6 -7 7

7-77

8 -7 7

9 -7 7
168.4

5 .1

$-76

IN IT IA L MONTH

B .l

169.5
170.2

6-76

6*1

6 .6

7-76

6 .0

6 .3

5 .4

5.8

•-76

6*0

6 .2

5 .5

5 .8

5 .8

9-76

5 .7

5 .8

5 .2

5.3

5 .0

10-76

5 .5

5 .5

5 .0

5 .0

4 .8

4 .3

4 .3

11—76

5 .2

5 .2

4 .8

4 .7

4 .5

4 .0

3 .9

3 .5

12-76

5 .2

5 .2

4*8

4 .8

4 .6

4 .2

4 .2

4 .2

5 .0

5 .1

171.0
171.8
172 .4

4 .3

173.0
173.5
174.2
175.6

1-77

5 .7

$ .7

5 .4

5 .5

5 .5

5 .4

5 .7

6 .1

7 .5

10.1

2-77

6*3

6 .4

6 .2

6 .3

6 .4

6 .5

7 .0

7 .6

9 .1

11.2

12.3

3-77

6 .4

6 .5

6 .3

6 .5

6 .6

6 .7

7 .1

7 .7

8 .7

10.0

10 0

7 .7

4 -77

6 .6

6 .6

6 .6

6 .8

6 .9

7 .1

7 .5

8 .0

8 .9

10.0

9 9

8 .8

9 .8

177.3
178.4
179.8
180.9

5-77

6 .7

6 .8

6 .7

6 .9

7 .0

7 .1

7 .5

8 .0

8 .7

9 .5

9 3

8 .4

8 .7

7 .6

6-77

6 .7

6 .8

6 .7

6 .9

7 .0

7 .1

7 .4

7 .8

8 .4

9 .0

8 8

8 .0

8 .1

7 .2

6 .B

7 -77

6 .6

6 .7

6 .6

6« 7

6 .8

6 .9

7 .1

7 .5

8 .0

8 .4

8 1

7 .3

7 .2

6 .4

5 .8

181.9
182.6

4 .7

B—77

6 .4

6 .5

6 .4

6 .5

6 .6

6 .6

6 .9

7 .1

7 .5

7 .8

7 5

6 .8

6 .6

5 .8

5 .2

4 .4

4 .0

9 -77

6 .3

6 .4

6 .3

6 .3

6 .4

6 .4

6 .6

6 .8

7 .2

7 .4

7 1

6 .4

6 .1

5 .4

4 .9

4 .2

4 .0

4 .0

10-77

6 .1

6 .2

6 .1

6 .2

6 .2

6 .2

6 .4

6 .5

6 .8

7 .0

6 7

6 .0

5 .7

5 .1

4»6

4 .0

3 .8

3 .7

3 .3

3 -7 6

4 -7 6

5 -7 6

6-7 6

7 -7 6

8 -7 6

2-77

3—77

4 -7 7

5 -7 7

6 -7 7

7 -77

8 -7 7

9 -7 7

9-7 6 10-76 11-76 12—76

1-n

183.2
183.8
184.3

IN I1 IA L HOTIH

PREPAREUBY FEDERAL RESERVE SANK Of ST* LOUIS
NOVEMBER 22» 1977
WHOLESALE PRICES - ALL COMMODITIES* SEASONALLY A0JUSTE0
_______________ COHPOUMOfcO ANNUAL RATES OF CHANCE_____________
IN IT IA L MONTH

THtfUfták
MONTH
3 -7 6

4 -7 6

» -7 6

6 -T 6

7 -7 6

8 -76

9 -7 6 10-76 11-76 12-76

1-7 7

1967 » 100
2 -77

3 -7 7

4 -7 7

5 -7 7

6 -7 7

7 -7 7

8 -7 7

9 -7 7
íe i.s

_ Í = I 6 ____

Jfc=l6____ f c j L j i l
.

6- 7 »

-2 = 3 6 ___ m

182.8

6t.6___ i i i ------ 6 t |
-fiULl___ 4*1___ ^^4

_4.7

1 M »3

, . i f f __ fcty .. . j f r...__

9 -76

5 .1

3 .9

4 .2

3 .5

3 .0

10-76

5 .2

4 .2

4 .5

4 .2

4 .0

184.4
6 .0

185.3

11-76

5 .5

4 .7

S .O

4 .8

4 .8

6 .7

7 .4

12-76

5 .7

5 .1

5 .4

5 .3

5 .4

7 .1

7 .7

8 .0

1-77

5 .8

5 .2

5 .5

5 .4

5 .5

6 .8

7 .1

7 .0

5 .9

5 .9

6 .3

8 .0

8 .5

8 .9

9 .3

12.8

2-7 7

186.4
187.6
188.5
190.4

1-77

6 .9

6 .6

7 .0

7*1

7 .4

8 .9

9 .4

10.0

10.6

13.1

13.4

___ 4 -7 7

J* 5

7 .2

7 .6

7 .7

«a

9 .6

10.2

10.7

11.4

13 .4

13.6

13.9

^ 5 -7 7

7 .2

6 .9

7 .3

7*4

7 .7

8*9

9*3

9 .7

1 0 .0

11 .0

10.5

9 .1

4 .4

4-7 7

6 .2

5 .8

6 .1

. 6 *1

6 .2

6 .9

7.0

7 .0

6 .8

7 .0

_ 5 .6

3.2

-1 .8

-7 .7

1 9 2 .4 R
194.5 R
195.2
193.9

7-77

5 .7

5 .4

5 .6

5 .5

5 .6

6# 1

6 .2

6 .0

5 .7

5 .7

4 .3

2 .2

-1 .4

-4 .2

-0 .6

8-77

5 .4

5 .1

5 .2

5.2

5 .2

5 .6

5 .6

5 .4

5.1

3 .0

3 .7

J .9

-0 .9

-2 .*

0 .0

0 .6

9 -77

5 .4

5.1

5 .3

5.2

5 .3

5 .6

5 .6

5 .4

5.1

5.1

4 .0

2 .5

0 .4

-0 .6

1 .9

3 .1

5 .7

10-77

5 .7

5 .4

5 .6

5 .5

5 .6

6 .0

6 .0

5 .9

5 .7

5 .6

4 .8

3 .6

2 .0

1 .5

3 .9

5 .5

8 .0

10*3

3—76

4 -7 6

5 -7 6

6-7 6

7 -7 6

9 -76 10-76 11-76 12-76

1-77

2-77

3 -7 7

4 -7 7

5 -7 7

6 -7 7

7 -7 7

8 -7 7

9 -7 7

193.8
193.9
194.8
196.4

IN IT IA L MONTH

R - REVISED




PREPAREO BY FE0ÉRAL RESERVE BANK OF ST* LOUIS
NOVEMBER 3 » 1977




PRICES

R A T I O S CAL E
1967-100

SEA SO N A LLY

PER C EN T A G ES ARE ANNUAL KA T ES OF CHANCE FOR P E R IO D S
L A T E S T OATA PLOTTED*

R A T I O S CAL E
1967-100

A DJU STED

IN D IC A T E D .

OCTOBER
PREPA RED 8Y F ED ER A L R E S E R V E SANK OF S T .

WH O L E S A L E

R A T I O S CA L E
1967-100

1969

SEA SO N A LLY

1970

1971

1972

PRICES

L A T EST DATA P LO T T E D t

R A T I O S CALE
1967-100

ADJU STED

1973

P ER C E N T A G ES ARE ANNUAL R A TE S OF CHANGE FOR P E R IO D S

1974

L O U IS

1975

1976

1977

IN O IC A T E O .

OCTOBER
PREPAREO BY FED ER A L R E S E R V E BANK OF S T .

5

L O U IS

WHOLESALE PRICES - INDUSTRIAL COMMODITIES* SEASONALLY AOJUSTEO
_________________ COMPOUNDED ANNUAL RATES OF CHANGE__________________

7 -7 6

8-7 6

3— ?6

4 -7 6

3 .4

5 .3

5 .4

7 .2

5 .7

6 .0

7 .3

7 .2

4 .4

6 .7

7 .9

8 .0

8 .5

7 .0

7 .4

8 .5

8 .7

9 .3

10.2

7 .1

7 .5

8 .4

8 .5

9 .0

9 .5

9 .4

12-74

7 .0

7 .7

7 .9

8 .1

7*4

5 .9

6 -7 7

7-77

• -7 7

9 -7 7

8 .0

6 .8

5 -7 7

10.9

11-74

4 -7 7

9 .6

10—74

3-7 7

7 .5

9-74

2-77

6 .8

• -74

1-77

2 .0

7-74

1967 « 100

» q n th

in it io

MONTH
5 -7 4

6—76

9 -7 4 10-76 11-76 12-76

179.8

4 -7 6
5-76
4-7 4

180.1
181.2

7 .4

7.8

182.2
183.3
184.7
186.3
187.5
188.1

3 .9

189.1

1-77

6 .7

7 .0

7 .6

7 .6

7 .7

7 .8

7 .3

Ò* 1

5 .2

6 .6

2-77

6 .9

7 .1

7 .7

7 .7

7 .8

7 .9

7 .4

6 .7

6 .3

7 .6

8 .6

3 -77

7 .1

7 .3

7 .8

7 .9

8 .0

8 .1

7 .8

7.2

7 .0

8 .1

8 .9

190.4
191.8R

9 .2

1 9 3 .OR

4-7 7

7 .1

7 .3

7 .6

7 .9

8 .0

8 .0

7 .8

7i3

7.2

8 .0

8.5

8 .5

7 .8

5-77

6 .9

7 .1

7 .0

7 .5

7 .6

7 .6

7 .4

6 .9

6 .7

7 .3

7 .5

7 .1

6 .1

4 .4

6-77

6 .7

6 .8

7 .2

7 .2

7 .2

7 .2

6 .9

6 .2

6 .6

6 .6

0 .1

5.1

3 .8

6 .9

4 .6

7-77

6 .7

6 .8

7 .1

7 .1

7 .1

7 .1

8-77

6 .6

6 .8

7 .1

7 .1

7 .1

6 .8

7 .0

7 .3

7 .3

7.3

7 .3

10-77

6 .6

7 .0

7 .3

7 .2

7 .3

7 .3

3 -7 6

4 -7 6

5-7 6

0 -7 6

7 -7 6

•—76

194.2
195.2

6 .4

6 .4

6 .2

6 .6

6 .6

6 .2

5 .4

6 .4

6 .2

6 .5

6 .5

6 .2

5 .6

5 .1

5 .3

6 .3

6 .3

7 .1

6 .8

6 .6

6 .9

7 .n

6 .8

6 .4

6 .1

6 .5

7. 6

8 .3

10.2

7 .1

6 .8

6 .7

6 .9

7.0

6 .8

6 .4

6 .2

6 .6

7 .4

7 .8

8 .5

6 .9

9-76 10-76 11-76 12-76

1-77

2-77

3 -7 7

4 -7 7

5-77

6 -7 7

7-77

8-7 7

9 -7 7

7-77

6 -7 7

9 -7 7

7 .0

9 -77

193.7
3 .1
4 .7

196.2
197.8
198.9

IN IT IA L MONTH
WHOLESALE PRICES—FARM PRODUCTS AND PROCESSED FOOOS ANO FEEDS* SEAS. ADJ.
_______________________CQMPOUNOEO ANNUAL RATES OF CHANGE__________________________
TERMINAL
MONTH

IN IT IA L MONTH
3 -7 6

- W fr-

W 6

5 -7 6

0 -7 6

7-7 6

8 -7 6

9 -7 6 10-76 11-76 12-76

1967 « 100

1-77

2 -77

3 -7 7

4 -7 7

5-7 7

6 -7 7

185.4

H t4

5—76___
6 - 7 4 ____ U

187.0

* 4 ____

- 2 t 74____ Z*S___ 0 .9

-1 .6

-7 .4

185.8

•~76___ - 0 . 9

—7 .7 -1 1 .9 —19.1 -2 9 .3

180.5

9-7 6

-Q .l

-5 .5

- 8 . 1 -1 2 .0 -1 4 .2 ___ 4 ^

181.1

10-70

-1 .0

-5 .6

- 7 . 8 -1 0 .7 -1 1 .7

-1 .3

-6 .4

■11-74___ - 0 . 9

-4 .9

-4 .5

-0 .9

-3 .3

12-74____ 2 .1

-1 .1

-¿ .1

-3 .2

- 2 . 3 ___ 5*9___ 6 .4

13.7

29 .3

2 .2

-0 .4

-1 .4

-2 .3

-1 .4

5 .4

5 .7

10.1

15.4

3 .3

■¿-77____ ±*2___ L tà___ 1 .4

1 .0

2 .2

8 .7

9 .7

14,1

19.2

14.5

2 4 .9

Jfc*l___ _______ 3 .8

3 .7

5 .2

1 1 .4

12.4

14.9

2 1.5

19.1

2 7 .8

28.7

■H T ____ fiLt*___ fe ll___ 4 .8

7 .0

8 .7

14 .7

14.3

20.4

25.2

2 4.2

32.1

3 4.8

-1 t 77 .

_a-77

-8 .6

-8 .9

180.1
0 .0

180.1
184.0

-ir li

BiQ-----_______________________ f t i l _ L b i __ H a 2 — 1 7 «? — 21*1— 12*2—
_

.4 -7 7

4 .3 ___ 2 .4

2 .3

2 .1

192.2
4 1.1

1 9 7 .8 R

__ iàt9.__ 2£*2____2 .5

3 .1

7 .0

7 .4 ___ 9 t g

8 .7

0 .4

3 .9

3 .9 ___ S*1____&*S___ 2*5___ 2 .7

4 .5

m to

- 7 . 9 -2 0 .1 -2 9 .5 -2 2 .4

I fiTtQ

2 .4

0 .7

•-77

0 .7

-0 .9

-1 -4

—1 .8

- 1 . 3 ___ l* ± ___ 1*2___ ¿*2___ 2 .2

-0 .7

-1 .3

- 5 . 3 -1 1 .0 -2 0 .7 -2 7 .2 -2 2 .4 -2 2 .3

-It ?

-It »

-? tP

—1»4___ 0*9___ 0*7___ 1*3___ 1.5

-U 2

-1 .8

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

10-77____ I t *

-ftt.»

-9 t4

~ 9 t»

- 9 t 5 ___ 2*S___ 1±*___ i* 6 ___ ^ 8 ___ 0*5___ Q . l

-2 .8

- 4 . 4 -1 2 .8 -1 5 .4

-9 .4

-4 .0

5 .4

1 7 .0

3 -7 6

4 -7 4

5—70

6 -7 6

7 -7 6

2=77

3 -7 7

6 -7 7

7=77

8=77

9 -7 7

5=74

9 -7 4 10-74 11-74 12-74

W 7

-1 .5

* »«t?

- 2 . 5 -1 $ .9 -3 5 .9

-2 -7 7

» -7 7

0 .3 ___ 0 .0

!Q t 6___ 7 .8

M «t2

4 -7 7

5=77

133 t l
-5 .1

182.3
_ 1 8 4 ± I_

IN IT IA L MONTH

PREPAREO BY FE06RAL RESERVE BANK OF S T . LOUIS
NOVEMBER 3* 1977

R - REVISED.




6

INDUSTRIAL

PRODUCTION

R A T I O S CALE

R A T I O S CALE

1967-100

SEASONALLY AOJUSTEO

1969

1970

1971

1972

1973

1967-100

1974

1975

1976

1977

PERCENTAGES ARE ANNUAL RATES OF CHANCE FOR PERIODS INOICATED.
LATEST OATA PLOTTEOt OCTOBER PRELIMINARY
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

IN D U S T R I A L PRO D U C T 1 U *
C QHP U U N U E O A N N U A L RATfcS U F C H A N G E

4 — 70

> -/ o

0-7 0

?-7o

0-70

9-76 10-76 11-76 12-76

1-77

2 -/ 7

3-7 7

4 -7 7

5 -7 7

6 -7 7

7 -7 7

8-7 7

9 -7 7
I2fc.7

3 .0

129.7

5 .2

0 .9

7-70

5 .7

0 .4

4 .7

0 -7o

5 .7

0 .2

5 .0

7.1

5 .7

9-7 0

¿ .O

3 .0

2 .1

2 .5

—0 .5

-6 .2

2 .0

2 .*

0 .9

0 .9

-1 .5

-4 .9

-3 .0

ll-7 o

d .f t

3 .«

2.tt

3 .2

1.0

0 .6

4 .2

12.7

lZ -7 o

4 .9

5.1

4 .4

5.0

4 .3

3 .9

7 .6

13.6

14.6

1-77

3 .0

3 .7

3 .0

3 .4

2 .5

1 .0

4 .0

0 .6

3 .7

—6 .1

2-77

4 .*

4 .Z

3 .0

4 .0

3.3

2 .9

7.1

5.3

0 .9

8 .5

3-77

5 .5

5 .0

5 .2

5.7

5 .3

5 .3

7 .3

9 .7

8 .9

7*1

14.4

2 0.6

4—77

5 .0

5 .7

5 .4

5 .9

5.5

5 .5

7.3

9 .3

0 .6

7 .2

12*0

13.8

7 .3

5-77

5 .0

5 .9

5 .0

o. 1

5.0

5 .8

7 .4

9.1

8 .5

7 .4

11.0

11.9

7 .8

8 .2

1

9 .7

4 .0

Û

0 .7

6—7to

©
1
0

4 -7 o

1967 * 100

IN IT IA L MONTH
1
«*
»
0

TERMINAL
MO*tH

129.8
130.7

0 .0

131.3
130*6
130.2
131.5
133.0
132.3
133.2
135.3
136*1
137.0
137.8

0-7 7

5 .9

o.O

5 .0

0 .2

5 .9

o.O

7.4

0 .9

0 .4

7 .3

10.3

10.7

7 .6

7 .7

7 .2

7 -Î 7

O .0

o .z

5 .9

0 .3

0.1

o .2

7.5

8 .0

8 .3

7 .5

9 .9

10.2

7 .7

V .9

7 .7

8 .1

0—77

5 .4

5 .5

5*2

5.5

5 .3

5 .3

0 .4

7 .4

6 .9

5 .9

7 .8

7 .6

5 .2

4 .7

3 .5

1.8

-4 .2

9-77

5..»

5 .4

5*2

5 .4

5.2

5 .2

6 .2

7.1

6 .6

5.8

7 .3

7 .2

5 .1

4 .6

3 .8

2» 6

0 .0

4 .4

10-77

5 .2

5 .3

5 .1

5 .^

5.1

5 .1

6 .0

6 .0

6 .3

5 .5

6 .9

6 .7

4 .9

4 .5

3 .7

2 .9

1.2

4 .0

3 .5

3 -7 0

4— 70

5 -7 0

0 -7 0

7 -7 0

0 -7 0

9 -76

1 0 -7 6

11-7 6

1 2-7 6

1 -77

2-77

3 -7 7

4 -7 7

5 -7 7

6 -7 7

7 -7 7

8 -77

9 -7 7

1 3 6 .7 R
130.2
1 3 0 .7P
1 3 9 . IP

I N I TIAL H U N T H
P- P R E L I M I N A R Y

R-

REVISED




7

PREPARED BY FEDERAL RESERVE ttAN* ÛF S T . LO UU
NOVEMBER 16» 1977

PERSONAL
RATI O SCALE

1969

INCOME
RATI O SCALE

MONTHLY TOTALS AT ANNUAL RATES

1970

1971

197?

1973

1974

1975

1976

1977

SOU R C E t U.S. D E P A R T M E N T OF C O M M E R C E
P E R C E N T A G E S A R E A N N U A L R A T E S OF C H A N G E FO R P E R I O D S

INOICATED.

LATEST OATA PLOTTED* OCTOBER PRELIMINARY
P R E P A R E D BY 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

________________________________________________________________________ P ERSONAL lNCOMfc______________________________________________________________________
CO M P O U N D E D A N N U A L RATfcS OF CHA N G E
_______________________________________________________________________________________________________________________________________________________________ftlLLJtflNS Qf
T ERMINAL
INITIAL M O N T H
DOLLARS
MONTH
ANNUAL RAT ES
3 -76

4 -7 6

5 -7 6

6 — 76

7 -76

4 — 76
5 -7 6

9 .0
7 .4

6 .0

B .7

B .l

8 .3

8 .3

7 .7

7 .8

9 .5

l l — 76 1 2 - 7 6

1 -7 7

2 -7 7

3— 17

6 .7

4 -7 7

5 -7 7

6 -7 7

7 -7 7

8 -77

9 -7 7

12.!»

B -T6

10-76

4 .3

7 -7 6

9 -7 6

7 .7

6 -7 6

8 -7 6

AO » 4

A , 3 59 .5
1 *367.9
1 *3 72.7
1 *386.2
1*393.7

9 -7 6

B .l

7 .6

7 .6

8 .8

6 .9

7 .2

1 0 -7 6

8 .5

8 .2

6 .3

9 .3

8 .3

9 .2

1 1 .1

1 1-7 6

9 .5

9 .3

9 .6

1 0.7

10.3

1 1 .5

1 3 .7

16.3

1 2-7 6

10 . 2

1 0 .2

1 0 .5

1 1.6

1 1 .4

1 2 .7

1 4 .5

1 6 .3

1 *401.8
1*414.2
1*432 .1
1 6 .3

1*450.2

1—77

9 .5

9 .4

9 .6

1 0 .4

1 0 .1

1 0 .8

11.7

ll.tt

9 .7

3 .4

2 -77

1 0 .5

1 0 .5

1 0 .6

1 1 .6

1 1 .5

1 2.3

1 3 .4

13.9

1 3.1

1 1 .6

2 0 .4

3— 77

1 1.2

11.3

11*6

12 .5

1 2 .5

1 3 .3

1 4.4

1 5.0

1 4.7

1 4 .2

2 0 .0

1 9.5

4 -7 7

11* 0

1 1.1

1 1 .4

1 2 .1

1 2 .1

1 2 .8

13 .6

14.0

1 3 .6

1 2 .9

1 6 .3

1 4.2

9 .2

5 -7 7

1 0 .7

1 0 .7

1 0 .9

1 1.5

1 1 .5

1 2 .0

1 2 .6

1 2.8

1 2 .3

1 1 .5

1 3 .6

1 1 .4

7 .5

5 .9

6 -7 7

1 0 .3

1 0 .3

1 0 .5

1 1.0

1 0 .9

11 .3

1 1.8

11.9

1 1 .3

10.5

1 1.9

9 .9

6 .9

5 .8

5 .7

7-77

1 0 .4

10.4

1 0 .6

1 1 .1

1 1 .0

1 1 .4

1 1.9

1 2.0

11.4

1 0 .7

1 2 .0

10 .4

b.2

7 .9

9 .0

1 2 .4

B— 77

1 0.3

1 0 .2

1 0 .4

1 0 .9

1 0 .7

11.1

1 1 .4

1 1.5

1 1 .0

1 0 .3

1 1 .3

9 .9

8 .0

7 .8

8 .4

9 .8

7 .2

9 -77

10 . 4

10.2

1 0 .4

10*8

1 0 .7

1 1 .0

1 1 .3

1 1.4

10.9

1 0 .3

1 1 .2

9 .9

8 .4

8.2

6 .8

9 .9

8 .6

1 0 .0

10-7 7

1 0 .6

1 0 .6

1 0 .8

1 1 .2

1 1 .1

1 1 .4

1 1.7

11.8

1 1 .4

10.9

1 1.8

1 0.7

9 .5

9 .6

1 0 .4

1 1.6

1 1.3

1 3 .4

a - i*

*= U l

2 -7 * 1Q-7& U z2fc_ 1 2 - 7 6

1t 77

2 -7 7

.* t I 7

_£ t X7 J>-77

7-77

<?-?7 _ 2 -7 7

6 -7 6

.Zr.Ifc._- 8 - 7 6

1*4 54 .3
1*477.0
1*499 .1
1*510.1

* = n

1*517.3
1 *5 24 .3
1*539.2
1*548.2
1*560.6
1 6 .8

1 »5 80 .9 P

INITIAL M O N T H

i.

________

__________

__________________________________________________________________________________




8

t Y l-tD&KXL K U L K V t . _ & _ A M P.F-M. LOUIS

RETAIL

SALES*

R A T I O S CALE
BILLIONS

1969

R A T I O S CALE

OF DOLLARS

1970

BILLIONS

SEASONALLY ADJUSTED

1971

1972

1973

1974

1975

1976

OF DOLLARS

1977

SOURCEt U.S. DEPARTMENT OF COMMERCE
PERCENTAGES ARE ANNUAL RATES OF CHANCE FOR PERIODS INOICATEO.
LATEST DATA PLOTTED« SEPTEMBER, OCTOBER ADVANCE ESTIMATE
* REVISES FROM 1BB7.
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

RETAIL SALES*'
COHPUUNUED ANNUAL HATES OF CHANGE
TERMINAL
HUMTH

IN IT IA L MUNTH
3 -7 6

W o

1 .4

5 -7 o

6—7o

7-76

8-7 6

9 -7 6 10-76 11-76 12-76

1-77

MILLIONS OF
OOLLARS
2-77

3-7 7

4 -7 7

5-77

6 -7 7

7 -77

8 -77

9 -7 7
*¿♦600

10.3

5-7o

4-76

52*298

—6 .7

5 .6

3 .7

15 .1

7-76

4.i>

2 .7

7 .7

0 .7

6—76

4 .6

3 .4

7.1

3 .2

5 .6

9 -7 6

4 .6

3 .5

6 .3

3 .5

4 .9

4 .0

0
f*
1
O
M

52*916

6-7 6

6 .7

6 .1

8 .8

7 .3

9 .6

11.5

19.6

11-76

7 .7

7 .4

9 .9

6 .9

11.0

12.6

17.5

15.4

12-76

11.7

11.9

14.8

1 4 .«

17.8

21.0

27.3

31.3

49.3

1-77

6 .*

7 .9

9 .9

9 .2

10.7

11.7

13.7

11.8

10.0 -1 8 .9

2-77

10.7

10.6

12 .9

12.7

14.5

1 6.0

18.5

18.3

19.3

6 .6

40.1

3-77

ll.i

11.2

1 3.2

13.0

14.0

15.9

18.1

17.8

18.4

9 .5

2 7 .3

15.7

4-77

10.5

10.5

1 2 .3

1 2.0

13.3

14.3

15.8

15.2

15.2

7 .9

18.7

9 .2

52*946
53*197
53*370
54*171
54*822
56*685
55*703
57*291
57*990
3 .2

58*142

5-77

9 .5

9 .4

1 0 .9

10. 5

11.6

12.2

13.3

12.4

11.9

5 .7

1 2.9

5.1

0 .1

-2 .8

56*003

6-7 7

0 .6

6 .5

9 .7

9 .3

10.1

10.5

11.3

10.3

9 .6

4 .1

9 .4

2 .8

-1 .1

—3 . 2

57*825

7-77

9 .0

9 .0

10 .2

9*8

10.6

1 1.0

11.8

10.9

1 0.4

5 .7

10.5

5 .4

2 .9

2 .9

5 .8

16.2

6-77

9 .1

9*0

10 .2

9 .6

10.5

10.9

11*6

10.8

10*3

6 .2

1 0.4

6»1

4 .3

4*6‘

7 .2

13*1

10.0

9-77

6*5

Ô #4

9 .5

9 .1

9 .7

10.0

10.5

9 .7

9 .2

5 .5

9 .0

5 .1

3 .5

3 .5

5 .2

8 .3

4 .6

-0 .5

10-77

9 .3

9 .2

10.2

9 .9

1 0.6

10.9

11.5

10.8

10 .4

7 .2

10.5

7 .3

6. 2

6 .7

8 .7

12.0

10.6

10.9

2 3 .7

3 -7 6

4-7 6

5 -7 6

6 -7 6

7 -7 6

8 -7 6

9 -7 6 10-76 11-76 12-76

1-77

2 -77

3 -7 7

4 -7 7

5 -7 7

6—77

7 -77

•—77

9 -7 7

58*552
59*020
56.993P
60*047E

IN IT IA L HaNTH
fc— ESTlM ATtU

*- REVISED FROM 1967.




~

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUTC
NOVEMBER 16, 1977

9

HOURLY COMPENSATION, PRIVATE BUSINESS SECTOR
COMPOUNDED ANNUAL RATES OF CHANGE_________
TERMINAL
QUARTER

IN IT IA L QUARTER
4>T2

1-7 3

2 -7 3

3 -7 3

1-7 3

9 .5
8 »6

6*1

4 -7 3

8 ,7

7 .0

8 .5

7 .2

3-74

V 7*

1-73

2-75

3-75

4 -7 5

1-76

2-7 6

3 - 76

4 -7 6

1-77

2 -7 7

8*8

1-7 4

2 -7 4

5*3

J£ 2 * _

1-74

1 3 .9

2-73

4 -7 3

1967 * 100

t>.2

14* .5
148 .4
6 .9

1» 0 .9
154.1

157.0
J l.3 %

_____t _L I—

ID I .O

3 -7 4

9 .6

8 .9

9 .7

10.4

11.0

12.6

12.4

4 -7 4

9 .8

9 .2

9 .9

10.5

10.9

12.0

11.6

10.7

10.1

9 .7

10 .3

10.9

11.3

12.2

12.0

11.9

1 3 ^0 ^

9 .8

9 .3

9 .8

10.3

10.5

11.1

10.6

10.0

9 .7

........

166.6
170.9
f

2-75

176.2

'Q
6 .!> V ^

179.0

0*7
"4=75

I=7J— ^ n — J=7S

i-? 4 ~ ? -7 4

3P?4

d.8__ 8,7___ 8^7

4-74 ~ T=7F” ’2'-75~ 3 ^ r ~ 4 ^ 7

7.3

4 - 7 6 “ i~7? ~ z - T r ~

IN IT IA L <WART£R

f - MELWI*iAftV
R- Revised
OUTPUT PER HOUR OF ALL PERSONSf PRIVATE BUSINESS SECTOR
____
COHPOUNOED ANNUAL KATES OF CHANGE
TERMINAL
QUARTER
1-73

1967

IN IT IA L QUARTER
4 -7 2

1-73

2 -7 3

3-7 3

4 -7 3

1-74

2 -7 4

3-74

4 -7 4

1-75

2 -75

3-75

4-75

1-76

2-7 6

3-76

4-7 6

1-77

2 -7 7
114.1

5 .8

112.8

2-73

0 .5

-4 .5

3-73

-0 .2

-3 .1

-l .b \

4 -7 3

-0 .1

-2 .0

-0 .7

112.3
o

>

^

2

. 3

112 .4

%

1-74

-1 .2

-2 .9

-2 .4

-2 .7

2 -7 ^

-1 .4

-2 .6

-2 .4

-2 .6

—4 .1

-2 ^ 5 ^ ^ ^

110.8
110.1

3-7-»

* 1 80

-2 .8

-2 .5

-2 .7

-3 .7

-2 .7

109.3

4 -7 4

-1 .7

-2 .8

“ 2 .6

—3 .4

—2 . 6

—2 .7

1-75

“1 .4

-2 .3

“ 2 .0

-2 .0

-2 .5

-1 .7

-1 .5

-0 .7

1 .1

2 -75

-0 .3

-0 .9

-0 .5

-0 .3

-0 .4

1 .5

2 .9

5 .b

10.7

2 .7

4 .1

6 .4

9 .2

s?‘ % ”
2

111.7

3 -75

0 .4

-0 .1

0 .4

0 .7

©
•
ro

113.8

4 -7 5

-0 .3

0 .2

0 .4

0 .4

1 .3

1.9

2*9

4*3

5 .4

2 .9

-1 .7 s

1-76

0 .8

0 .4

0 .8

1.1

1.2

2 .1

2 .7

3 .7

5 .0

6 .0

4 .4

2 .8

7 ^6 ^

0 .6

1 .0

1.3

1.4

2 .2

2 .8

3 .6

4 .7

5 .4

4 .1

2 .9

5 .4

2 -7 6

1 .0

1.8

7 .7 N

0 .7

113.3
115.4
116.3

.

'x / . / y o

3 -76

1.1

0 .8

1 .2

1 .4

1.5

2 .3

2 .8

3 .6

4 .5

5.0

3 .9

3 .0

4 .6

3 .1

3- l^ V

4 -76

1 .0

0 .7

1.1

1.3

1 .4

2 .1

2 .5

3 .2

3.9

4 .3

3 .3

2 .4

3 .4

2 .1

1 .6

m

1-77

1 .3

1 .0

1 .4

1.6

1 .7

2 .4

2 .8

3 .4

4 .1

4 .5

3 .6

3 .0

3 .9

3 .0

3 .0

2.9

2-77

1 .2

0 .9

1*1

1 .4

1.5

2 .1

2 .5

3.0

3 .6

3 .8

3 .0

2 .3

3 .0

2.1

1 .9

1.5

2 .2

3-77

1 .4

1.1

1.5

1.7

1.8

2 .3

2 .7

3.2

3 .7

4 .0

3.2

2 .7

3 .3

2 .6

2 .5

2 .4

3 .2

1.9

4-7 *

1—7;»

2-7 *

3-73

4-73

1-74

2 -7 4

3-74

<
»—74

1-75

¿ — 75

3-75

« — 75
♦

1-76

2-76

3-76

4 -7 6

1-77

117.2
117.2

V

118.9
-u K .

118.5
5*^\

1 20 . O R

2 -7 7

P- P RELIHINAKV




PREPARED bY F tO E R A L
NOVEMBER 1 , 1977

10

RESERVE BANK OF S T .

LOUIS

P R ODUCTI VI T Y,

COMPENSATION, AND LABOR COSTS

RATI O SCALE

RATI O SCALE

1967-100

1967-100

SEASONALLY ADJUSTED

200

200

1969

1970

1971

1972

197 3

1974

1975

1976

1977

SOURCE* U.S. DEPARTMENT OF LABOR
fERCENTACES ARE ANNUAL RATES OF CHANCE FOR PERIODS INOICATEO.
LATEST OATA PLOTTED* JRO QUARTER PRELIMINARY
PftEPAREO BY FEDERAL RESERVE BANK OF ST. LOUIS

UNIT LAbU* CUSTS» PRIVATE bUSlNtSS SECTOR
CUHPOUNÜfcO ANNUAL RATtS OF CHANGE
1967 « 100

IN IT IA L UUARTEK

T ER M IN A L

WUAKTtK
«♦-7*

1 -7 *

¿ -1 *

* —1 3

*♦"■73

1 -/4

¿ -7 4

3—7 4

4 -7 4

1 -75

2 -75

3 -7 5

4 -7 5

1 -7 6

2 -7 6

3 -7 6

4 -7 6

1 -7 7

2 -7 7

126,4

3-75

o .9

9*0

0 .0

fc.b

4 -75

9 .0

9 .1

to*V

9 .0

l-/ o

to.

7

o .7

fc*6

b.o

2 -Ï6

to.4

b.**

O .^

to.

2

b .9

d.O

0*6

4 .4

1.5

-3 ^

7 .2

5 .5

3 .6

1.1

5 .5

3 .9

2.1

3.9

7 .7

5*3^

__(*o _ 6 .0

5 .4

4 .1

2*6

4 .1

6 .7

5 .0

4 . 7 sV

9 .0

6*2

to*>

3—7o

«♦ C

to.

2

0 .1

b.O

b.O

7.«*

0 .5

4—?6

0*4.

b .d

0*1

to*l

to .l

7 .5

o.t o

5 .

1 -7 7

0 .1

to .l

7 .9

7.9

7.0

7 .^

0 .0

5 .7

7 .0

7 .o

7 .J

0 .7

5 .9

5 .2

/.o

7 .5

7 . i

6.* »

5 .7

5 .0

¿ “ 74

o -T h

t-7 ^

1—7*

2 -7 7

4 .0

c *0

¿ —7 ?

/ . c

7 .b

7 .0

1 -7 .3

¿ -/ 3

s -lo

159*1
1
10. 2 \ ^

j b . o ___ 7 .9 _ 6 .9
_

5.H

7*9

-» .ÎN

4 -7 *

t
o

163 »0
165*1
167*0

A

4 .3

3 .1

4 .5

6 .5

5 .3

5 .3

4*9

3 .9

5 .2

6 .9

6 .1

6 .4

7 .3

4 .9

4.1

5 .2

6 .6

5 .9

6 .1

6 .6

7 .0

4 .5

5 .5

6 . b

6 .2

6 .4

6 .8

7 .1

6*3

7

4.*»

5 .2

6 .3

5 .b

5 .9

6 . 1

6 .2

5 .4

5 .4

2=75

3—75

4=75

ï=77

IN IT IA L UUAKltk

^=75

1=76

16 9 * 4

¿=76

173*0

3=75

175*2
. 5

178*4

V

3 .4 \

179.9P

2-77
--------------

P - PKCLlrtANAKY

_R:__Revised




PREPARED bY he UERÀL R C S c K V t H i K I S F ' S T . " I 3 D I S
NUVEH bEK I t 1*77

11

r

CROSS NATIONAL PROPUCT IN CURRENT DOLLARS
COMPOUNDED ANNUAL RATES OF CHANGE
TERMINAL
UHARTER

BILLIONS OF
DOLLARS
ANNUAL RATES

IN IT IA L QUARTER
4 -7 2

2 -7 3

1-73

3 -7 3

i-n

11 *6
1 0 .9

8 .4

>—74

2 -7 4

4 -7 4

1-75

2 -7 5

3-75

4 -7 5

1-76

2 -7 6

3-76

4 -76

1-77

2 -7 7

7 .5

3 -7 3

1 -74

1 5 .9

2 -7 3

4 -7 3

9 .3
1 1 .9

1*265.3
1 ,2 6 8 .4
1 ,3 1 7 .5

4 -7 3

1 1 .1

9 .6

10 .6

1 -7 4

9 .7

8 .2

8 .4

8.0

2 -7 4

9 .7

8 .4

8 .7

8 .4

6.8

9 .4 s

3 -7 #

9 .5

8 .5

8 .7

8 .5

7 .4

9 .1

8 .9 \

4 -7 4

9 .1

8 .2

8 .3

8 .1

7 .2

8 .2

7 .6

1 -75

e .i

7 .2

7 .1

6 .7

5 .7

6 .1

5.1

3.2

2 -7 5

8 .5

7 .7

7 .8

7 .6

6.8

7 .4

6 .9

6#2

6.2

12 .6

1 ,355 .1
' 4 .2 S \ 7 . 4 %

1 ,3 6 9 .0
1,400 .1
1,4 3 0 .1

16 .4 ^ 3 . 2 %
1

1 ,452 .4
1 ,4 5 3 .0
1 ,4 9 6 .6

3-75

9 .5

8 .9

9 .0

9 .0

8 .6

9 .3

9 .3

9 .4

10.5

16.0

1 9 .5 ^

4 -7 5

9 .5

8 .9

9 .1

9 .0

8 .7

9 .3

9 .3

9 .4

10.2

13.8

1 4.4

9 .5

9 .8

9 .3

9 .4

9 .5

9 .2

9 .8

9 .9

10 .1

10.8

13.6

14.0

11.3

^
13.2

h -707

1-76
2 -7 6

9 .8

9 .4

9 .5

9 .5

9 .3

9 .9

9 .9

10 .1

10.7

13.0

13.0

11.0

1 1.7

1 0 .2 % ^

1 ,5 6 4 .9

\

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

3 -7 6

9 .7

9 .3

9 .4

9 .4

9 .2

9 .7

9 .8

9 .9

10.4

12 .2

12 .2

10.4

10 .7

9 .4

8.6

4 -7 6

9 .5

9 .1

9*2

9 .2

9 .0

9 .5

9 .5

9.5

9 .9

1 1 .4

1 1 .2

9 .6

9 .7

8 .5

7 .6

6 .7

1-77

9 .8

9 .4

9 .5

9 .5

9 .3

9 .8

9 .8

9 .9

10.3

11 .6

1 1 .5

10.2

1 0 .4

9 .7

9 .5

9 .9

13.2

2 -7 7

10.0

9 .6

9 .8

9 .8

9.6

10.1

10.1

10.2

10.6

11.9

11.8

10.7

1 0.9

10.5

10.5

11.2

13.5

13.7

3 -7 7

10 .0

9 .6

9 .8

9 .8

9 .7

10.1

10.1

10.2

10.6

11 .7

11.6

10.6

10.8

10 .4

1 0.4

10.9

12.3

11.8

l o .o j

4 -7 2

1-73

2 -7 3

3 -7 3

4 -7 3

1 -74

2 -7 4

3-74

4 -7 4

1-75

2-75

3-75

4 -7 5

1-76

2 -7 6

3 -7 6

4 -7 6

1-77

2 -7 7

2 -7 6

3-7 6

4-7 6

1-77

2 -7 7

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

IN IT IA L QUARTER

GROSS NATIONAL PRODUCT IN CONSTANT 1972 DOLLARS
COMPOUNDED ANNUAL RATES OF CHANGE
TERMINAL

IN IT IA L QUARTER

DOLLARS
ANNUAL RATES

QU AR TER

4 -7 2

1-73

2 -7 3

3 -7 3

4 -7 3

1-74

2-7 4

3 -74

1-73

4 .9
3 .6

l.i

4 -7 3

3 .4

1. 4 1

1 -7 4

1 .9

0 .0

- 0 .1

1 .2

- 0 .3

-0 .5

-1 .3

-2 .9

0 .7

- 0 .7

-0 .9

—1 .6

-2 .7

-2 .2

-2 .5 S

4 -7 4

-0 .1

- 1 .4

-1 .7

-2 .4

-3 .5

-3 .3

4 -7 5

1-76

-1 .8 "

3 -7 4

3-75

/
—1 .0 ' - 3 . 9 \ ^ £ . / wo

2 -7 4

2 -7 5

1 0 . 4s

3 -7 3

1-75

9 .5

2 -7 3

4-7 4

- 4 . 0 *—5 .5

1 ,2 2 9 .8

— ,
...

1,2 3 1 .1
1,2 3 6 .3

1 .7 s

1

1 ,2 4 2 .6

2^1%

1 ,2 3 0 .2
1 ,2 2 4 .5

Pv

1 ,2 1 6 .9
-7 .6 %
1 ,1 9 9 .7

1—75

-1 .2

- 2 .5

-2 .9

-3 .6

-4 .7

-4 .9

-5 .9

-7 .6

2 -7 5

-0 .5

- 1 .5

-1 .8

-2 .2

-2 .9

-2 .7

-3 .0

-3 .1

- 1 .9

6 .4

3 -7 5

0 .6

- 0 .3

-0 .4

—0 .6

— 1 .0

-0 .5

-0 .2

0 .3

2 .3

8 .9

4 -7 5

0 .8

0 .0

-0 .0

-0 .2

-0 .5

-0 .0

0 .3

0 .6

2 .5

6 .9

7 .1

3. 0 '

1-76

1 .4

0 .7

0 .7

0 .6

0 .5

1 .0

1.5

2 .1

3 .7

7 .4

7 .7

5 .9

8 .8

2 -7 6

1 .6

1 .0

1 .1

1 .0

0 .9

1 .5

1 .9

2 .5

4 .0

6 .9

7 .0

5 .6

6 .9

5 .0

3 -7 6

1 .8

1.2

1 .3

1.3

1.2

1.7

2 .1

2 .7

3 .9

6 .4

6 .4

5.2

5 .9

4 .5

3. 9 '

4 -7 6

1 .7

1 .2

1 .3

1 .3

1.2

1 .7

2 .0

2 .5

3 .6

5 .6

5 .5

4*3

4 .7

3 .3

2 .5

1.2

1 ,1 6 9 .6
1 ,1 8 8 .2
1,2 2 0 .7

1 1 .0

1,229*8
1 ,2 5 6 .0

¡.8 %

1,271*5
1,283*7
1,287*4

1 -77

2 .1

1 .6

1 .7

1 .7 ,

1 .7

2 .1

2 .5

3 .0

4 .0

5 .9

5 .8

4 .9

5 .2

4 .4

4 .2

4 .3

2 -7 7

2 .3

1 .9

2 .0

2 .0

2 .0

2 .4

2 .6

3.3

4 .2

5 .9

5 .8

5 .1

5 .4

4 .7

4 .7

4 .9

6 .6

6.1
5 .4
1-77

3 -7 7

2 .4

2 .0

2 .1

2 .1

2 .2

2 .6

3 .0

3 .4

4 .3

5 .6

5 .7

5 .0

5 .3

4 .7

4 .7

4 .9

6 .1

4 -7 2

1-7 3

2 -7 3

3 -7 3

4 -7 3

1-74

2 -7 4

3 -7 4

4 -7 4

1-75

2 -7 5

3-75

4 -7 5

1 -7 6

2 -7 6

3-7 6

4 -7 6




X
2 -7 7

IN IT IA L QUARTER

PMPÀK6D »V F6D6KAL RESERVE BAtft Of S T .
NOVEMBER IT* 1977

12

1,311*0
1,330*7
1,346*1

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

AT

ANNUAL

RATIO SCALE
T R I L L I O N S OF D O L L A R S

RATES

ADJUSTED

.9

.8
.7

.6
.5

.4
.3

1.
.7

1.

.6
1.

.5

.4

0 .

.3
. 2

1.

.

1

1.

1.0

0 .

0.9

0

8
969

971

970

1972

1973

1974
SOURCE:

U.GNP

U.S.

1976

1977

DEPARTMENT OF COMMERCE

IN CURRENT DOLLARS.

I2JSNP

1975

IN 1972 DOLLARS.

PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR P E R IO D S
LATEST DATA PLOTTED.




IN D IC A T E D .

3RD QUARTER
PREPARED BY FEDERAL R E S E R V E BANK OF ST.

13

LO U IS

GENERAL

PRICE

INDEX*
R A T I O SCALE

R A T I O S CALE

1972-100

ì 972-100

1969

1970

197 1

1972

1973

1974

1975

1976

1977

«AS USED IN NATIONAL INCOME ACCOUNTS
SOURCE: U.S. DEPARTMENT OF COMMERCE
PERCENTAGES ARE ANNUAL RATES OF CHANCE FOR PERIODS INDICATED.
LATEST DATA PLOTTEOt 3RD QUARTER
PREPAREO BY FEDERAL RESERVE BANK OF ST. LOUIS

IM P L IC IT PRICE PEfLATQft-fOft 6&PSS NATIONAL P&QPU£J._
COMPOUNDED ANNUAL RATES OF CHANGE
IN IT IA L QUARTER

TERMINAL
-HILARIES.
4 -7 2

1-7 3

2 -7 3

3 -7 3

4 -7 3

1 -74

2 -7 4

3-74

4-74

1-75

2 -75

1972 « 100
3-75

4 -7 5

1-76

2-76

3-76

4-7 6

1-77

2 -7 7

1 -73
104.05

2 -7 3
7 .3

3 -7 3
4 -7 3

7 .5

106.57

8 .1

109*05

1-74

7 .7

6 .2

2 -7 4

8*3

8 .8
9 .3

3 -7 4

8 .5

9 .0

8 .4

9 .8

9 .9

11.5

9 .7

1 0 .3

1 0 .5

11.5

11.6

1 1 .0 % -

114.34

4 -7 4

9 .2

9 .7

1 0 .2

10 .7

11.0

11.9

12.1

1-75

9 .4

9 .9

1 0 .3

10.8

1 1.0

11.6

11.7

2 -7 5

9 .0

9 .4

9 .7

1 0.0

10.1

10 .4

10.2

3 -7 5

8 .9

9 .2

9 .9

9 .6

4 -7 5

8 .7

8 .9

9 .1

9 .3

9 .3

9 .4

9 .0

8 .5

7.5

6 .4

6 .8

6 .3

1 -76

8 .3

8 .5

8 .7

8 .8

8 .7

8 .7

8 .3

7 .8

6.8

5.8

5 .9

5 .2

2-7 6

8 .1

8 .2

8 .3

8 .4

8 .3

6 .5

5 .7

5*6

9 .7

8 .3

7 .9

12.6

121.06
124.21

128.20

7 .4

5.1

130.17

131.47

4 .1 V

\

4 .5

5.6%

133.06

4 .9 ^

8

'V .

134.56

3 -7 6

7 .8

8 .0

8 .0

8 .1

7 .9

7 .9

7 .5

7 .0

6.2

5 .5

5 .4

5.0

4 .5

4 -7 6

7 .7

7 .8

7 .9

7 .9

7 .7

7 .7

7 .3

6 .8

6.1

5 .5

5 .4

5.1

4 .7

5 .0

5 .0

5 .4 '

1-77

7 .5

7 .6

7 .7

7 .7

7 .5

7 .5

7.1

6 .7

6.0

5 .5

5 .4

5 .1

4 .9

5.1

5 .1

5 .4

5.3 V

4 .6

136.35

2-7 7

7 .5

7 .6

7 .6

7 .7 . 7 .5

7 .4

7 .1

6 .7

6.1

5 .6

5 .6

5 .4

5.2

5 .5

5 .6

5 .9

7 .4

7 .5

7 .5

7 .5

7 .3

7 .0

6 .6

6.0

5 .6

5 .6

5 .3

5 .2

5 .4

5 .5

5 .7

5.8

4-74

1-7*

2-75

3-75

1-76

2-7«

140.52

6 .2

3 -7 7

138.13

4 -7 2

1-73 2 -7 3




7 .3

3t72_ 4-73 _i=74 2-73L

, ,
6 .1

' N .0j
5

142.-¿5

W 6 _ 1-77 2-77

IN IT IA L QUAEJEft

PREPAREO BY FEDERAL RESERVE BANK QF ST« LOUIS
NOVEMBER 17» 1977

14

PERSONAL CQKSUHPTIQW EXPENDITURES Ml C4ttAE»T ! » « ■ * » «
CONPOUNOED ANNUAL RATES OF CHANCE
TERMINAL
ÛtlâftTCR
4 -7 2

IN IT IA L QUARTER
1-73

2 -7 3

3 -73

4 -7 3

1 -74

2-7 4

3-74

4 -7 4

1-75

2 -75

3-75

4-7 5

I
1-76

DOLLARS
ANNUAL RATES
2 -7 6

3 -7 6

4 -7 6

1-77

2 -7 7
787.2

1-73

14*0

2 -7 3

10 »6

7 .2

3 -7 3

10*0

8 .0

8 .9

♦ -7 3

9*4

7 .8

8 .2

801.0
818.2
833.1

7 .5

1-7 4

9 «6

8 .5

8 .9

8 .9

10*0

9 .2

9 .8

10.1

1 1 .4

854.0

10 .4

2 -7 4

12.3

879.2
909 .0

3 -7 4

10*6

10.1

1 0 .6

11.1

12.3

13.3

4 -7 4

9 .7

9 .1

9 .#

9 .5

10.0

9 .8

8 .6

3.2

1-75

9 .6

9 .1

9 .3

9 .4

9 .8

9 .7

8 .8

6« X

9 .2

9 .9

1 0 .4

1 0 .4

9 .9

8 .4

11.1

2 -7 5

10*0

9 .5

9 .8

14.3

916.2
936.5
13.2

965.9
995.1

3-7 5

10*2

9 .8

1 0 .1

10.3

10.7

10*7

1 0.4

9 .5

11.6

12.9

12.7

4 -7 5

10 *4

1 0.0

10 .3

10.5

10.9

10.9

10.7

10.0

11.8

12.7

1 2.4

12.2

10.7

11.1

1 1.2

11.0

10.5

12.0

12.8

12.6

12.6

13.1

10.9

1 0.9

10.8

10.3

1 1.5

12.0

11.7

11.3

1 0.9

1-76

10*6

10.3

1 0 .6

2-7 6

10*4

10.2

1 0 .4

10.6

1 ,0 2 4 .1
1 ,0 5 6 .0
1 ,0 7 8 .5

8 .8

1 ,1 0 2 .2

3-7 6

10*4

10.1

1 0 .3

10.4

10.7

10.7

10.6

10.1

11.1

11.5

11.1

10.8

10*3

8 .9

9 .1

4 -7 6

10 *6

1 0 .4

1 0 .6

10.7

11.0

11.0

10.9

10.5

11.5

11.8

11*6

11.4

11.2

10.6

1 1.5

14.0

1-77

10*7

10.5

1 0 .7

10.8

11.1

11.1

11.0

10.7

11.6

11.9

11*7

11.6

11.4

11.0

11.8

13.1

2 -77

10*5

1 0.3

1 0 .5

10.6

10.8

1 0.9

10.7

10.4

11.2

11.4

11.2

11.0

10.8

10.3

1 0.7

1 1.3

9 .9

7 .6

3-7 7

10*4

10.2

10 .3

10.4

10.6

10.6

10.5

10.2

10.9

11.0

10.8

10.6

10.4

9 .9

10.1

1 0 .4

9 .2

7 .7

7 .9

6 -7 2

1-73

2 -7 3

3 -7 3

4 -7 3

1-7 4

2 -7 4

3 -7 4

4 -7 4

1-75

2 -75

3-75

4 -7 5

1-76

2 -7 6

3 -7 6

4 -7 6

1 -77

2 -7 7

1 ,1 3 9 .0
1 ,1 7 2 .4

12.3

1 ,1 9 4 .0
1 ,2 1 6 .9

IN IT IA L QUARTER

PERSONAL CONSULT I OU EXPENDITURES IN CONSTANT 1972 DOLLARS
COMPOUNDED tANNUAL RATES OF CHANGE
TERMINAL
4 -7 2
1 -73

3 .8

1-7 3

2 -7 3

3 -7 3

4 -7 3

1 -7 4

2 -7 4

3 -74

4 -7 4

1-75

2-75

3-75

4 -7 5

1 -76

2 -7 6

3 -7 6

4 -7 6

1 -77

2 -7 7

8 .2

2 -7 3

BILLIO NS OF
DOLLARS
ANNUAL RATES

IN IT IA L QUARTER

QUARTER________

767 .7
-0 .5

766.8

3-7 3

3 .1

0 .7

1 .9

4 -7 3

1 .7

-0 .3

-0 .2

-2 .3

1-74

0 .9

-0 .8

-0 .9

-2 .3

-2 .2

2-7 4

0 .8

—0 .6

-0 .7

-1 .5

-l.l

0 .1

3 -7 4

1 .0

-0 .1

-0 .0

-0 .5

0 .1

1 .3

2 .6

4 -7 4

0 .0

-l.l

-1 .2

-1 .8

-1 .7

-1 .5

-2 .3

-7 .0

77 0 .4
765 .9
761 .6
7 6 1 .7
766 .6
7 5 2 .9

1-75

0 .2

-0 .7

-0 .7

-1 .2

-0 .9

-0 .6

-0 . 8

-2 .5

2 .1

2 -7 5

0 .9

0 .2

0 .2

0 .0

0 .4

0 .9

1.1

0 .7

4 .7

7 .3

3 -7 5

1 .3

0 .6

0 .8

0 .6

1.1

1 .6

1 .9

1.8

4 .9

6 .3

5.2

4 -7 5

1 .7

1.2

1 .3

1.3

1 .7

2 .3

2 .7

2 .7

5 .3

6 .4

5 .9

6 .6

1-76

2 .2

1 .7

1 .9

1 .9

2 .4

3 .0

3 .4

3 .5

5 .7

6 .6

6 .4

7 .0

7 .5

2 -7 6

2 .3

1 .9

2 .1

2 .1

2 .5

3 .1

3 .5

3 .6

5 .5

6.1

5 .9

6 .1

5 .8

4 .2

3 -7 6

2 .4

2 .0

2 .2

2 .2

2 .6

3 .1

3 .5

3.6

5 .2

5.7

5 .4

5 .4

5 .1

3 .9

3 .6

4 -7 6

2 .8

2 .4

2 .6

2 .7

3 .1

3 .6

4 .0

4 .1

5 .6

6 .1

5 .9

6 .1

5 .9

$•4

6 .0

8 .6

1-77

2 .9

2 .6

2 .8

2 .9

3 .3

3 .7

4 .1

4 .2

5 .6

6.0

5 .8

5 .9

5 .8

5 .4

5 .7

6 .8

5 .1

2 -7 7

2 .8

2 .5

2 .7

2 .8

3 .2

3 .6

3 .9

4 .0

5 .2

5.5

5 .3

5 .3

5 .1

4 .6

4 .7

5 .1

3 .4

1.8

3 -7 7

2 .8

2 .5

2 .7

2 .7

3 .1

3 .5

3 .8

3 .9

4 .9

3.2

4 .9

4 .9

4 .7

4 .2

4 .2

4 .4

3 .0

2 .0

2 .2

4 -7 2

1 -73

2 - 1 3 - 3 -7 3 _&r7*

lr 7 +

2 -7 4

3 -7 4

4 -7 4

1-75

2-75

V75

4 -7 5

1—76

2 -7 6

3 -7 6

4 -7 6

1—T7

Î-7 7




756 .9
7 7 0 .4
780 .2
792 .8
807 .2
8 1 5 .5
8 2 2 .7
839.8
8 5 0 .4
854.1
8 5 8 .7

IN IT IA L QUARTER
\
»W A K E D IY

FEDERAL R U E » » » « ANK W

S T . L O U IS

-Sftfl&S- PRI VATE PtmfcSIIfc IMVE-STMENT IN CURRENT QQLLA&S.
COMPOUNDED ANNUAL RATES OF CHANGE
TERMINAL

IN IT IA L QUARTER

M U M 1r a

4 -7 2
1-73

18.2

2 -7 3

3 -7 3

4 -7 3

1-74

2 -7 4

3-74

4-74

1-75

2-75

3-75

4 -7 5

1-76

_â

2-76

3-76

4-76

1-77

210.6
14.8

2 1 « .0

3 -7 3

13.2

9 .1

3 .7

4 -7 3

15.5

13 .4

1 2.8

22*6

1 -74

6 «6

3 .2

-0 .4

- 2 . 4 -2 2 .4

2 -7 4

6 .4

3 .5

0 .9

3 -74

2 .9

0 .0

-2 .7

—4 .2 -11*8

-6*0 -1 5 .7

4 -7 4

2 .4

-0 .1

—2*3

-3 .5

-4*2

1-75

DOLLARS
ifiNUAL RATES

2 -7 7

21 .7

2-7 3

1-73

220.0

-0 .1

2 3 l7 &

-9 .8

-9 * 1

2T 7 T 3

4*9

219.9

-8*5

¿10.7
-0*6

210.4

- 8 . 8 - 1 1 . 8 -1 4 .1 -2 0*0 -19*4 -26*2 -30*9 -52*0

175.1

2-75

-6 .1

3-7 5

0 .9

-1 .0

-2 .6

-3 .4

—6*6

-3*7

—5 .3

-2*5

-3 .2

37.6 107.2

4 -7 5

0 .7

-1 .0

-2 .5

-3 .2

-6*0

-3*4

-4 .7

-2*3

-2 .7

23.2

43.0

-1*4

1-76

4 .5

3 .2

2 .2

2 .0

-0 * 0

3*2

2 .9

6 .4

7.9

32.1

49*4

26*8

63*0

2-7 6

5 .8

4 .7

3 .9

3 .9

2*2

5*4

5 .4

8*8

10.5

30.6

42*8

26*1

42*5

24*7

- 8 . 8 - 1 1 . 4 -1 3 .4 -18*2 -1 7 .4 -22*1 -24*2 -3 3 .8

-8 .6

171.2
205.4
204.7
231.*
244.4

3 -7 6

6*5

5 .5

4 .9

4 .9

3*5

6*5

6 .7

9*9

11.4

28.2

37.2

23.8

33.5

2 0.9

4 -7 6

5 .0

3 .9

3 .2

3*2

1*7

4*2

4 .1

6.6

7.6

20.7

2 6 .4

14.5

18.9

7 .0

1-77

7 .4

6 .6

6*1

6*2

5*1

7 .7

8*0

10.7

12.1

24.6

30.2

20.5

2 5.5

17.5

15.2

14*2

55.5

17*2

254.3

-0 * 8 -16*1

243.4
271.8

2-77

9 .0

8 .2

7*8

8*1

7*2

9 .9

10*3

13.0

14.5

26.1

31*2

23.0

27 .6

21.5

20 .7

21.8

46.8

38*6

3-7 7

9 .0

8 .4

8*0

8 .3

7*4

9 .9

10*3

12.8

14.1

2 4 .4

2 8 .8

21.3

25 .0

19.5

18.5

18.9

33*5

23*7

1 0 .4

4 -7 2

J -7 3

2 -7 3

3 -7 3

4 -7 3

1-74

2 -7 4

3-74

4-74

1-75

2-7 5

3-75

4-7 5

1-76

2-76

3-76

4-76

1-77

2 -7 7

294.9
302.3

IN IT IA L QUARTER

GROSS PRIVATE DOMESTIC INVESTMENT IN CONSTANT 1972 DOLLARS
COMPOUNDED ANNUAL RATES OF CHANGE
TERMINAL

IN IT IA L QUARTER

q u a r te r

4 -7 2

1 -7 3

2 -7 3

3—T3

4 -7 3

1-74

1-73

10 .2
5 .0

0 .3

7 .2

4 .7

4 .3

1-75

2-75

-4 .7

4 -7 3

4 -74

5 .6

3 -7 3

3-74

3-75

4 -75

- 7 . 2 -2 4 .5

1-76

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

2 -76

3-76

4-76

1-77

14*9

2 -7 3

2 -7 4

BILLIONS OF
DOLLARS
ANNUAL RATES
2 -7 7
204.6

207.4
204.9
14.2

211.8

1-7 4

-0 .1

-3 .5

-6 .4

2 -7 4

-2 .6

—5 .8

-8 .5

3 -7 4

—6 .2

- 9 . 3 - 1 2 . 1 -1 3 .8 -2 1 * 5 -2 0 .0 -25*0

176.6

4 -7 4

-7 .1

- 9 . 9 -1 2 . 2 - 1 3 .6 -19*5 -1 7 .7 -19*2 -1 2 .9

170.6

197 .4
189*8

1 -75

- 1 6 . 1 - 1 9 .4 - 2 2 . 4 -2 5 .0 -31*1 -3 2 .6 -37*8 -4 3 .3 -6 3 .1

2 -7 5

-1 5 .2 -1 8 .0 -2 0 . 6 -2 2 .6 -2 7 * 4 -2 8 .0 -31*0 -3 2 .9 -4 1 .1

-6 .2

3 -7 5

- 8 . 9 -1 1 .0 - 1 2 . 6 -1 3 .6 -1 6 * 9 -1 5 .6 -1 5 .8 -13*3 -1 3 .4

32*5

4 -7 5

- 8 . 9 - 1 0 .8 - 1 2 . 3 -1 3 .2 -16*1 -1 4 .8 -1 4 .8 -12*6 -1 2 .5

1-76

-4 .9

2 -7 6

-6 .3

-7 .4

-7 .6

-9 * 8

-3 .4

-4 .7

-5 .5

-5 .5

3 -7 6

-2 .5

-3 .7

-4 .4

-4 * 3

4 -7 6

-3 .a

-4 .9

-5 .7

-5*7

1-7 7

-1 .3

-2 .3

-2 .8

-2 * 6

2 -7 7

-0 .0

-0 .9

-1 .3

-1 * 0

3 -7 7

0 .2

-0 .5

-0 .9

4 -7 2

1 -7 3

2 -7 3




133 *0
130.9
87.1

153.1

16*6

29 .9

-9*8

26*4

3 9 .6

20*6

24*7

33.8

19*7

37*9

18.0

22*1

28 .7

17*2

27*9

13.9

149.2
61*1

-7 .7

-6 .7

—3*2

-7 * 3

-5 . 2

-3 .9

-0*5

1*8

-5 * 9

-3 .8

-2 .5

0*8

2.9

-7 * 2

-5 .5

-4 * 5

-1*9

-0 .4

14*7

18.7

8*3

13*4

0*9

-3 * 8

-1 .8

-0 .6

2*2

4*1

18.5

22 .5

14*1

19*6

11.1

8 .8

8 .3

48*2

-2 .0

-0 .0

1.3

4*1

6*0

19*1

2 2 .7

15*6

20*4

13.6

12.6

13*4

35*8

24*5

-0 * 6

-1 .5

0*4

1.6

4*2

5.9

17*7

2 0 .7

14*3

18*2

12*2

11.1

11.4

24*9

14*6

3 -7 3

4 —73

1-74

2 -7 4

3-74

4-74

1-75

2-75

3-75

4 -7 5

1-76

2 -76

3-76

4-7 6

1-77 _ 2 -7 7

-1*2

168*1
175*2
179.4

9 .9

169.2

—6 .7 -2 0 .9

186.7
197.2
5 .6

199.9

IN IT IA L QUARTER

PREPARED BY FEDERAL RESERVE BAHK QF ST. LQUIS
NOVEMBER 17, 1977

16

frOVERNHENT PURCHASES OP COOPS AMP SERVICES IN CURRENT DOLLARS
COMPOUNOED ANNUAL RATES OP CHANCE
TERMINAL
M IA IT M
4 -7 2

1-73

2 -7 3

3 -73

4 -7 3

1-7 4

2 -7 4

3 -7 4

IN IT IA L QUARTER
ANNUAL RATES
4 -7 4 1—T5 2—75 3-75

B IL L IQ K S .jy
OOLLARS
4-7 5

1-76

2 -7 6

3 -7 6

4 -7 6

1-77

2—77
265.8

1-73

10*6

2 -7 3

4*6

-1 .0

3-7 3

5*2

2 .7

6 .5

269 .3

4-73

7 .2

6 .1

9 .8

13.2

277,8

1 -74

B .6

8 .1

11 .3

13.8

14.4

2 -7 4

9 .7

9 .5

1 2 .3

14.4

14.9

15.4

3-7 4

1 0 .4

10.3

1 2 .7

14.4

14*8

1 4.9

14.4

4 -7 4

10 .7

10.7

1 2 .8

14.1

14.3

14.3

13.7

12.9

265.1

287 .3
297.8
308.0
317.5
326.0

1-75

10 .7

10.7

1 2.5

13.6

13.7

13.5

12.8

12.0

11.1

2-7 5

io .a

10.9

1 2 .4

13.3

13.3

13.1

12.6

11.9

11.5

11*8

3-75

10 .8

io . a

12.2

12.9

12.9

12.6

12.1

11.5

11.1

11*0

10.3

4-7 5

10*6

10.6

1 1 .9

12.5

12.4

12.1

11.6

11.0

10.6

10.4

9 .6

9 .0

1-76

10 .0

10.0

1 1 .0

11.5

11.3

10.9

10.3

9 .6

9 .0

8.5

7 .4

6 .0

3 .0

7 .1

6 .0

4 .6

335.2
343.5
351 .0
353.6
358.9

6 .1

2 -76

9 .7

9 .7

1 0 .6

11.0

10.8

10.4

9.8

9 .1

8 .5

8.0

3-7 6

9 .4

9 .3

10.2

10.5

10.2

9 .8

9 .2

8 .6

8 .0

7 .4

6 .6

5 .7

4 .6

5 .4

4 .6

4 -7 6

9 .3

9 .2

10 .0

10.3

10.0

9 .6

9 .1

8 .5

8 .0

7.5

6 .8

6 .1

5 .4

6 .2

6 .3

7 .9

1-77

9 .1

9 .0

9 .7

9 .9

9 .7

9 .3

8 .7

8 .2

7 .7

7.2

6 .6

6 .0

5 .4

6 .0

6 .0

6 .7

5 .4
17.8
15.7

363.0
370.0

2-77

9 .5

9 .5

10 .2

10 .4

10.2

9 .9

9 .5

9 .0

8 .6

8 .4

7 .9

7 .6

7 .4

8 .3

8 .8

10.3

11 .4

3-77

9 .a

9 .7

1 0 .4

10.6

10.5

10.2

9 .8

9 .4

9 .1

8 .9

8 .6

8 .4

8 .3

9 .2

9 .8

11.1

12.2

_a.-za

4 -7 3

1 -1 4 .

3 - 7 * ..4=24_ .1-75 . 2-2 2

3—75

Jk=32—. . i r i a

3 74 .9

4-25. .1 = 7 6 - 2=26.. 3=26.. 4-7 6 ., 1—77

390.6
1 3 .7

4 0 3 .3

2 - j EZ...._

IN IT IA L QUARTER

GOVERNMENT PURCHASES OP COOPS ANO SERVICES IN CONSTANT 1972 OOLLARS
COMPOUNOED ANNUAL RATES OP CHANCE
TERMINAL
OllAftTM
4 -7 2

IN IT IA L QUARTER
1-73

1-73

-1 .6

3-7 3

4 -7 3

1 -74

2 -7 4

3-7 4

4-7 4

1-75

2 -7 5

3-75

4 -7 5

1-7*6

2 -7 6

3 -7 6

4 -7 6

1-77

3 .2

2-7 3

2 -7 3

-BILLIONS PP_ _
OOLLARS
IHWIAL RATES
2 -7 7

—6 .1

255.2
251.2

3-73

-0 .7

-2 .6

1 .0

4 -7 3

-0 .5

-1 .7

0 .6

1-74

0 .9

0 .4

2 .7

3 .5

6.8

2 -7 4

1 .2

0 .8

2*5

3 .1

4 .5

251.8
0 .3

252 .0
256.2
2 .2

257 .6

3 -7 4

1 .2

0 .9

2 .3

2 .7

3 .5

1.8

1 .4

4 -7 4

1 .0

0 .7

1 .9

2.1

2 .5

1.1

0 .5

-0 .3

1-75

1.1

0 .8

1 .9

2 .0

2 .3

1 .2

0 .9

0 .7

1 .7

2 58 .5
2 5 8 .3
25 9 .4

2 -75

1 .4

1 .2

2 .2

2 .4

2 .7

1.9

1 .8

2 .0

3 .1

4 .5

3-75

1 .6

1 .5

2 .4

2 .5

2 .9

2 .2

2 .2

2 .4

3 .4

4 .2

3 .9

4 -7 5

1 .6

1 .4

2 .2

2 .4

2 .6

2 .0

2 .0

2 .1

2 .7

3 .1

2 .4

1-76

1 .3

1 .1

1.8

1 .9

2*1

1.5

1 .4

1 .4

1 .7

1.7

0*8

-0 .7

-2 .2

2 -7 6

1.2

1.1

1 .7

1.8

1.9

1 .4

1.3

1.3

1 .6

1.5

0 .8

-0 . 2

-0 .8

0 .8

26 2 .3
264.8
0 .9

2 6 5 .4
263 .9
2 6 4 .4

3 -7 6

1.2

1 .0

1 .6

1.7

1.8

1 .3

1 .2

1.2

1 .4

1.3

0 .7

-0 .1

-0 .4

0 .5

0 .3

4 -7 6

1 .1

1 .0

1 .5

1 .5

1 .6

1.2

1.1

1.0

1.2

1.1

0 .6

-0 .1

-0 .3

0 .4

0 .2

0*0

1-77

0 .9

0*8

1 .3

1 .3

1.4

0 .9

0 .8

0 .7

0 .9

0 .7

0 .2

-0 .4

-0 .6

-0 .2

—0 .6

-1 .0

-2 .0

* -77

1 .4

1 .3

1 .8

1 .9

2 .0

1 .6

1 .6

1 .6

1.8

1.8

1.5

1.1

1.2

1 .8

2 .1

2 .7

4 .1

1 0 .«

3 -77

1 .8

1 .7

2 .2

2 .3

2 .4

2 .1

2 .1

2 .2

2 .4

2 .5

2 .2

2 .0

2*2

2 .9

3 .4

4 .2

5 .6

9 .6

8 .6

4 -7 2

1-7 3

2 -7 3

3 -7 3

4 -7 3

1—74

2 -7 4

3 -7 4

4 -7 4

1-75

2 -75

3-75

4 -7 «

1—74

2 -7 4

3 -7 4

4 -7 *

1-77

2 -7 7




264 .6
26 4 .6
26 3 .3
2 7 0 .0
2 75 .6

IN IT IA L QUARTER
%

17

»«»A M D 1» H U t lll
•wvfM Eit i t , i r r r

» i t » «

« « t t . m u tt

JHSfOSAdLE P SQ**^ INCOME in c u rre n t d o lla r s
fcfe
COMPOUMOfcO k m jA L RATES OF CHANGE
_____________________________________________________
TERMINAL
M iw iv ia
4 -7 2 1 -7 3 2 -7 3 3 -7 3 4 -7 3 1-74 2 -7 4

IN IT IA L QUARTER
3-74

4-74

W 5

2 -7 5

3-75

4 -75

1-76

2 -76

3-76

1-73

14*9

2 -7 3

13*3

11*7

3 -7 3

12*0

10*6

9*5

4 -7 3

12*0

11*1

10*8

12*1

1-74

10*6

9*6

8*9

8*5

5*1

2 -7 4

10*6

9*7

9*2

9*1

7*7

10.3

3 -7 4

10*7

10*0

9*7

9*7

8*9

10*9

11.4

4 -7 4

10*2

9*5

9*2

9*1

8*4

9*5

9 .1

6 .8

1-75

9*4

•*•

6*4

8*2

7*4

8*0

7 .2

5.2

3 .7

2 -7 5

11*2

10*0

10*7

10*9

10*7

11.9

12.2

12.5

15.5

2 8 .7

3-7 5

10*3

9*B

9*6

9*6

9*3

10.0

10.0

9 .6

10.6

14*2

1 .3

4 -7 5

10*3

9*9

9*7

9*8

9*5

10.1

10.1

9 .8

10*6

13*0

5 .9

10.8

1-76

10*4

10*0

9*8

9*9

9*6

10.2

10.2

10.0

10.7

12*5

7 .5

10.8

10.8

2 -7 6

10*2

9*8

9*6

9*6

9 .4

9 .9

9 .8

^•6

10.1

11.4

7 .5

9 .7

9 .1

7 .4

3-76

9*9

9*6

9*4

9*4

9 .2

9 .6

9 .5

9 .3

9 .6

10.6

7 .3

8 .9

8 .3

7 .1

6 .7

4 -7 6

9*5

9*5

9 .2

9 .6

9 .6

9 .4

9 .7

10.6

7 .8

9 .2

8.8

8 .1

8 .4

4 -76

t i l l tons or
----------------------- DOLLARS
.
. M NUAL RATES
1-77 2 -7 7

10.2

•

866 «6
890.9
911.4
937.7
949.5
973.1
999.7
1 *016.2
1*025.4
1*092.2
1*095.7
1*124.1
1*153.3
1*174.1
1*193.3

9*9

9*6

1-77

9*9

9*6

9*5

9*5

9 .3

9 .7

9 .6

9 .4

9 .7

10.5

8 .1

9 .3

9 .0

8 .6

9 .0

10.2

10.1

2-77

10.1

9*9

9*7

9*8

9 .6

10.0

9 .9

9 .8

10.1

10.8

8 .8

9 .9

9 .8

9 .5

10.1

11.2

11.8

13.4

3-7 7

10*1

9*8

9*7

9*7

9 .6

9 .9

9 .9

9 .8

10.0

10.7

8 .8

9 .8

9 .7

9*5

9 .9

10.8

11.0

11.4

9 .3

4 -7 2

1—73

2 -7 3

3 -7 3

4 -7 3

1-74

2 -7 4

3-74

4-74

1-74

2-75

3-75

4 -7 5

1-76

2-76

3 -7 6

4 -7 6

1-77

2 -7 7

1*222.6
1*252.4
1*292.5
1*321.7

----- --------------------------------------------------------------------------------------------------------------------------------- i n i t i a l QUARTER

MSPQSM Lfe ttlSOHM. INCflttt IN CTNSTAHT 1911 DOLLARS
CONPOUNOEO ANNUAL RATES OF CHANCE

OOLLARS
ANNUAL RATES

IN IT IA L QUARTER

TERMINAL
4—72
1-7 3
2 -7 3

6*3

1 -7 3

2 -7 3

3 -7 3

4 -7 3

1-74

2 -7 4

3 -74

4 -7 4

1-75

2 -7 5

3-75

4 -7 5

1-7 6

2 -7 6

3-7 6

4—76

1—77

2 -7 7
845*1

9 .0

852 .7

3*6

858.2

3 -7 3

5*0

3*1

2*6

4 -7 3

4*2

2*7

2*2

1*8

1-7 4

1*9

0*2

-0 * 9

-2 .7

-7 * 0

846.7

—4*4

-1 .7

843.1

862.1

2 -7 4

1*3

-0 * 2

-1 * 1

-2 .3

3 -7 4

1*1

-0 * 2

-0 * 9

-1 .8

-2 * 9

-0 * 9

-0 * 0

4 -7 4

0*5

-0 * 7

-1 * 4

-2 * 2

-3 * 1

-1*8

-1 .9

-3 * 7

1-7 5

0 .1

-1 * 0

-1 * 4

-2 * 3

-3 * 1

-2 * 1

-2 .3

-3 .3

2 -7 5

2 .1

1*4

1*1

0*9

0*7

2*3

3 .3

4*5

8*8

22*0

3 -7 5

1*4

0*7

0*3

0*1

-0 .2

1*0

1.5

1*9

3*9

7*4

-5 .4

4 -7 5

1 .7

1*1

0*8

0*6

0 .5

1*6

2 .1

2*6

4 .2

6 .7

-0 .2

5 .3

6 .4

1 .6

5 .3

5 .3

1 -76

2*0

1*4

1*2

1*1

1.0

843.0
835.1
828.8

-3 * 0

2*0

2 .6

3*0

4 .4

871.1
859.1
870.2
881.5

2 -7 6

2*0

1*5

1*4

1*2

1.2

2*1

2 .6

3*0

4*2

5 .7

1 .9

4 .5

4 .1

2 .9

3 -7 6

2*0

1*5

1*4

1*2

1.2

2*0

2 .5

2*8

3*8

4 .9

1.8

3 .7

3 .2

2 .1

1 .3

4 -7 6

2*2

1*7

1*6

1*5

1.5

2*3

2 .7

3*0

3*9

4 .9

2 .3

3 .9

3 .6

3 .0

3 .1

4 .9

1 -77

2*2

1*8

1*7

1*6

1 .6

2*4

2 .7

3*0

3*8

4 .7

2 .4

3 .8

3 .5

3 .1

3.1

4 .0

2 -7 7

2*5

2*1

2*0

2*0

2 .0

2*7

3*1

3*4

4*2

5 .0

3 .0

4 .3

4 .1

3 .9

4 .1

5 .1

5 .2

7 .3

3 -7 7

2*4

2*2

2*1

2*4

2 .1

2*8

3*2

3*4

4*1

4 .8

3 .1

4 .2

4 .0

3 .8

4 .0

4 .7

4 .7

5 .4

3 .6

4 -7 2

1 -7 3

4 -7 3

1-74

2 -7 4

a-74

4 -7 4

1-75

2 -7 5

3-75

4 -7 5

1-76

2 -7 6

1-77

2-.Z2-

2—n

________________________________________________________________________ I N I TIAL Q U A R T E R




_ _

18

887.8
890.7
901.5
908 .4

3 .1

924.5
932.8

__________________________________________________________________________

PREPARED BY FEDERAL RESERVE BANK OF ST* IflUIS
NOVEMBER 17* 1977

COMPOUNOEO ANNUAL RATES OF CHANCE
TERMINAL
OUARTEft
4 -7 2

A ILLIO N S OF
DOLLARS
ANNUAL RATES

IN IT IA L QUARTER
1 -73

2 -7 3

3-7 3

4 -7 3

1-7 4

2 -7 4

3 -7 4

4 -7 4

1-75

2 -75

3-75

4 -7 5

1-76

2 -7 6

4 -7 6

3 -7 6

1-77

2 -7 7
6 6 .5

1-73

4 6 .9

2 -7 3

26*4

3 -7 3

1 1.2

4 -7 3

1 3 .4

4 .0

6 7 .9

8 .7

6 5 .4

-3 .3 -1 3 .9
1 .8

6 8 .5

20 .4

7 0 .9

1-74

1 3 .7

6 .6

5 .9

17.5

14.8

2 -7 4

1 3.3

7 .5

7 .2

1 5.4

12.9

11.2

3 -7 4

1 8 .3

14.1

1 5 .2

23.9

25 .0

3 0 .5

4 -7 4

10 .3

5 .9

5 .4

9 .8

7 .3

4 .9

1-75

0 .3

-4 .4

—6 .1

-4 .7

2-75

5 .0

1 .1

0 .2

2*4

-0 .3

-3 .1

7 2 .8
• 1.0

53.3

7 3 .5

1 .9 -3 2 .2

6 0 .8

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

68 .2

58.3

8 1 .4

3 -7 5

11.5

8 .4

8 .4

11.6

1 0 .4

9 .6

9 .3

0 .5

14.6

79.2 102.9

4 -7 5

11.2

8 .4

8 .4

11.2

10.1

9 .5

9 .2

2 .1

13.1

5 1.7

48 .5

8 .6

1-76

13.2

10.8

1 1 .0

13.8

13.1

12 .9

13.2

7 .6

18.0

48 .7

4 5 .6

23.3

4 0 .0

2 -7 6

13.2

10.9

11 .1

13.7

13.1

1 2.9

13.1

8 .3

17.1

40 .6

3 6 .5

19.6

2 5 .5

12.5

3-7 6

12.5

10 .4

1 0 .5

12.9

12.2

11 .9

12.0

7 .7

15.1

3 3.7

2 9 .3

15.5

1 7.9

8 .1

4 -7 6

10.8

8 .7

8 .7

10.7

9 .9

9 .5

9 .3

5 .3

11.2

25.8

21.1

9 .2

9 .4

0 .7

1 -77

li.e

1 0.0

1 0 .0

12.0

1 1 .4

11.1

11.1

7 .6

13.2

2 6 .4

2 2 .4

12.6

13 .4

7 .5

5 .9

6 .9

3 0 .7

83.1
9 0 .4
93 .1
9 4 .0

3 .9

9 0 .9

- 4 . 7 - 1 2 .6

9 7 .2

2-7 7

12.9

11.2

1 1 .3

13.3

12.8

1 2.6

12.7

9 .6

15.0

27.1

2 3 .7

15.2

16 .4

12.1

1 2 .0

1 4 .9

3 1 .7

3 2 .6

3-7 7

12.1

1 0 .4

1 0 .5

12.2

1 1.7

11.5

11.5

8 .6

13.3

23 .8

2 0 .5

12.9

13.5

9 .6

9 .0

1 0 .3

19 .2

13.8

-2 .3

6—72

1 -73

2 -7 3

3 -7 3

4 -7 3

1-7 4

2 -7 4

3-7 4

6 -7 4

1-75

2-7 5

3—75

6 -7 5

1-76

2 -7 6

3 -7 6

6 -7 6

1-7 7

2—77

104.3

IN IT IA L QUARTER
• NATIONAL INCONE BASIS
F M » AftED BV FBflgftAL
NOVEMBER I T , 19TT

» » * « "■ ”

SOURCES OF DATA
NATIONAL INCOME AND PRODUCT ACCOUNTS DATA
Source: U.S. Department of Commerce, Bureau of Economic
Analysis, Washington, D.C. 20230
1929-72: The National Income and Product Accounts of the Uhited States,
1929-74, A Survey of Current Business Supplement.
1973:
Survey of Current Business, July 1976.
1974-76: Survey of Current Business', July 1977.
The Survey is available from most district offices of the
Department of Conrieree or from the Superintendent of Documents, U.S.
Government Printing Office, Washington, D.C. 20402.




19

103.7R

INVENTOR IE S COMPARED WITH MONTHLY S A L E S *
MANUFACTURING

AND

TRADE
72

Ì

68

1

64

1

60

1 .56

56

52

1.47-

48

1

44

1

40

36
1963

1964

1965

19 6 6

196 7

1968

1969

1970

1971

* RAT I OS BASED ON S EASONALLY ADJUSTED DATA.
SHADED AREAS R EPRES ENT P E R I O D S OF B U S I N E S S
LA T ES T

DATA PLOTTED:

HREVISED

FROM S E P T .

COMPLETE R E V I S I O N




1972

1973

SOURCE:

1974

1975

1976

1977

U . S . DEPARTMENT OF COMMERCE

RECESSIONS.

SEPTEMBER P R E L I M I N A R Y

1976
'67-*76

PREPARED BY FEDERAL RES ERVE BANK OF ST.
NOT YET A V A I L A B L E .

20

LOUIS

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