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n n n o n n i Economict r e d d s
PREPARED BY FEDERAL

MONTH ENDING:

Septenfcer 30, 1976

RESERVE

BANK OF ST. LOUIS

RELEASED:

October 27, 1976

Nominal GNP rose at an 8.5 percent annual rate in the
third quarter, somewhat less than the 9*9 percent rate of growth
registered in the second quarter and significantly less than the
13.1 percent gain made in the year ending first quarter 1976.
Real product, following the same slowing pattern, increased at a
4.2 percent rate from the first quarter of this year, after
expanding 7.3 percent during the previous year. The implicit
price deflator, which is a measure of the general price level,
advanced 5.4 percent during the year ending first quarter 1976,
and has been followed by a 4.8 percent annual rate of increase
over the last two quarters.
Personal consumption expenditures, which account for
about 64 percent of total spending, expanded 11.8 percent in the
first year of the recovery and have been followed by an 8.9
percent rate of growth since the first quarter. Durable goods
expenditures, which account for about 15 percent of personal
consumption expenditures, grew at a 10 percent rate during second
quarter and slowed further to an 8.2 percent rate in the third
quarter. For comparison, durable goods spending rose 24 percent
in the year ending first quarter 1976. Nonresidential fixed
investment has grown at a rapid pace since the beginning of the
year, expanding at about a 12 percent rate, compared to an
increase of only 3.6 percent during the previous year.
Industrial production grew at a 3.7 percent annual rate
from June to September 1976, after increasing at a 6.4 percent
rate from March to June.
These rates of growth are
substantially slower than the 14.7 percent advance registered
during the first year of the recovery. Reflecting the slowdown
in production growth, civilian employment has increased at only a
1.5 percent rate since June of this year. During the three-month
period beginning with March, civilian employment grew at a 3.8
percent rate, and in the previous year it expanded by 3.1
percent. Unemployment has averaged 7.6 percent of the labor
force since March, which is considerably less than the 8.4
percent average posted for the first year of the recovery.
Wholesale prices of industrial commodities have
increased at a 6.6 percent rate since March 1976, slightly higher
than the rate of advance experienced during the previous year.
Consumer prices rose at a 5.9 percent rate in the six-month
period ending in September, about the same as the 6.1 percent
increase in the previous twelve months.




TOTAL CIVILIAN EMPLOYMENT
COMPOUNDED ANNUAL RATES OF CHANGE
TERMINAL
MONTH
2-75
3-75

INITIAL MONTH
3-75

4-75

5-75

6-75

7-75

a-75

THOUSANDS
OF PERSONS

9-75 10-75 11-75 12-75

1-76

2-76

5-76

4-76

5-76

6-76

7-76

8-76

-0.8

64,110

4-75

2.9

84,313

_2=ZS_____ i » 7

3.0

1.9

1,3

84 «519

3*0

1.2

*-7*

-0.3

84,498

7-75

2.3

3.1

$-75

2 >7

3.4

3.5

3.7

5.7

2.5

2.4

2.3

3.2

1.4

-1.6

85,158
65,151

9-75

3.2

84,967
85,288

10-75

1*8

2.1

2 .0

1.8

2.3

0.9

-1.0

U-75

1+6

1.9

1.8

1.6

1.9

0.7

-0.5

12-75

1.8

2 .0

1.9

1 .8

2 .1

1.2

0.4

1*1

2.6

3.0

3.0

3.5

2.9

2.6

3.7

- 1=26 -------¿Jtà ----- 2^9_ _
_

_ 3.1
_
4-76

2*9___ 2*8___ 3 ^
3.1

3.1

___

¿¿7___

3.7

3*3

3.6

3.7

?-7*___ 3.3

3.6

3.7

3.5

85,178
1.7

4.2

3.1

65,394
7.4

86,194
6.7

5.4

3.6

5.5

6.2

3.5

66,31»
5.3

66,692

6-76

3.7

4.6

5.3

7.2

5.7

7.7

10.2

_ft*l_ _____ 3.8
_

4.5

5.2

6.6

5.3

6.5

7.2

4.2

3.7

4.2

4.7

5.0

3.7

4.2

3.8

0.7

-2.7

3.9

4.3

5.1

-4.0

4.5

4.3

2.3

1.4

4.4

4.6

3.6

3.9

3.7

3.8

2.8

3.0

2.6

1.2

9-75 10-75 11-75 12-75

1-76

2-76

3-76

4-76

3.6

7-76

3.1

3.4

3.4

3.4

3.7

8-76

3.0

3.2

3.2

3.3

3.5

9-76

2.7

2.9

2.9

2.9

2-75

3-75

4-75

5-75

3.3
3.4
3.3
2.7

6-75

7-75

8-75

3.1

3.4

87,399
87,697
87,500
5.7

87,907
1.0

67,981

1.5
5-76

-0.6

-2^

6-76

7-76

67,8

8-76

INITIAL MONTH

PREPAREO BY FEDERAL RESERVE BANK OF ST. LOUIS
OCTOBER 8, 1976

PAYROLL EMPLOYMENT
COMPOUNDED ANNUAL RATES OF CHANGE
THOUSANDS
OF PERSONS

INITIAL MONTH

TERMINAL
2—75

3-75

4-75

5-75

6-75

7-75

8-75

9-75 10-75 11-75 12-75

1-76

2-76

3-76

4-76

5-76

6-76

7-76

8-76

3-75

-5.1

76i»68

4-75

-2.6

76,462
76,510

_
r
»-75_ -Itf
6-75

-1.6

-0.7

7-75

-0.4

0 .8

1.1

2.2

2.7

76,343

1.3

1.8

8-75
1 .1

-0.9

-2

76 ,679
5.5

77,023

5.2

2 .2

5.5

5.0

77,310

4.8

10-75

1.5

2.9

3.3

4.6

1.3

2.2

2.5

2 .8

3.5

2.9

12-75

1.6

2.3

2.6

2.9

3.5

77,555

4.2

_UZ75_

3.0

2.0
2-76

2.7

3.0

3.3

2.0

2.7

3.0

3.3

3-76
2.4

£-76.

3.5

4.1

4.0

3.0

3.3

2 .2

3.0

3.2

3.7

2 .6

2.8

2.9

3.4

2 .2

2-75

3-75

4-75

5-75

6.1

78,368

4.5

4.1

4.4

3.5

3.7

4.4

4.6

4.1

4.6
2.9

3.7

3.5

3.3

3.1

3.0

3.5

3.5

2.9

3.2

3.0

2.8

2.7

3.0

3.0

78,630

2.4

3.1

2.9

2.8

78,963
2.3

-

0.2

2.5

3.1

78.923

-0.6^

1.6
2.1

1.1

78.943
79,176

1*9

79.317P

3.0

2.9

2.5

2.4

2.1

1.4

2.0

2.9

3.1

3.0

2.7

2.6

2.4

1.8

2.4

3.2

3.0

9-75 10-75 11-75 12-75

1-76

2-76

3-76

4-76

5-76

6-76

7-76

3.0

2.8

3.0

2.9

7-75

8-75

3.3

6-75

77,796
78,179

4.2

3.2

2.9

2 .6

2.7

9-76

.7 %

3.8

3.3

2 .2

3.5

3.4

3.5

4.0

2 .1

7-76

1.9

3.4

3.8

3.3

2 .8

4—76

3.6

4.2

2.1

2.8

3.8>

79,561P

8-76

INITIAL MONTH
P- PRELIMINARY




PREPAREO BY FEDERAL RESERVE BANK OF ST. LOUIS
OCTOBER 8 V 1976

2




EMPLOYMENT
RATI O SCALE

RATI O SCALE
M I L L I O N S OF PERSONS

M I L L I O N S OF PERSONS

SEASONALLY ADJUSTED

SOURCEt U.S.DEPARTMENT OF LABOR
PERCENTAGES ARE AMMUAL RATES OF CHANCE FOR PERIOOS INDICATED.
LATEST DATA PLOTTEDt SEPTEMBER PRELIMINARY
PREPARED SY FEDERAL RESERVE BANK OF ST. LOUIS

UNEMPLOYMENT
PERCENT

RATES*

S E A S ON A L L Y ADJUSTED

PERCENT
10.0

9.0

8.0
7.0

6.0
5.0

4.0

3.0

2.0

1. 0
SOURCE* U.S. DEPARTMENT OF LABOR
«PERCENT OF CIVILIAN LABOR FORCE IN CROUP
LATEST DATA PLOTTEDt SEPTEMBER
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

CONSUMER PRICE INDEX* SEASONALLY ADJUSTED
COMPOUNDED ANNUAL RATES OF CHANGE

.TERMINAL____________________________________________________ INITIAL HQWTH___________________________________________________
MONTH
2-75 3-75 4-75 5-75 6-75 7-75 8-75 9-75 10-75 11-75 12-75 1-76 2-76 3-76 4-76 5-76 6-76 7-76 8-76

1967

100

4.7

157.9

4-75

5.5

6*3

158.7

5-75

5.7

6*2

6*2

7.0

7.4

8*6

3-75

6-75

159.5
160.6
162.2

7-75

7.6

8.4

9*1

10*6

12.6

B-75

7.1

7*6

•*0

8*5

8.5

4*5

162.8
163.5

9-75

6.9

7*2

7.4

7.7

7.4

4*9

5*3

10-75

6.9

7*3

7*4

7*7

7*5

5*8

6*4

7*6

11-75

7*0

7*3

7*5

7*7

7.5

6*2

6*8

7.6

7*5

12-75

7.0

7*2

7*4

7*5

7*4

6*3

6.8

7.3

7*1

6.7

1-76

6.0

7*0

7*1

7*2

7*0

6*1

6*5

6.8

6*5

5.9

6*6

6*3

5.5

5.6

5.7

5*2

4.4

3.3

2-76

6.4

6*5

6*5

164.5
165.5
166.4
167.1

5*2

167.3

1.4

167.6

3-76

6*0

6*1

6*1

6*1

5*9

5*0

5*1

5*1

4*6

3.9

2*9

1.8

2*2

4-76

6*0

6*1

6*0

6*0

5.8

5*0

5*1

5.1

4*7

4.1

3*5

2.9

3*6

5*1

5-76

6.1

6*2

6*2

6.1

5*9

5*3

5*4

5.4

5*1

4*6

4*2

4*0

4*9

6*2

168.3
7*4

169.3
170.1

6-76

6*0

6.1

6*1

6*1

5*9

5*3

5*4

5.4

5*1

4*8

4*5

4*4

5*1

6*1

6*6

7-76

6*0

6*1

6*1

6*1

5*9

5*4

5.<,

5.5

5*2

4.9

4*T

4*6

5*2

6*0

6*3

5*8
5*8

5*8

8-76

6*1

6*1

6*1

6*1

5*9

5*5

5*5

5.6

5*3

5.1

4*9

4*9

5*5

6*1

6*4

6*0

6*1

6*5

9-76

6.0

6*1

6*1

6*1

5*9

5*4

5.5

5.5

5*3

5.1

4*9

4*9

5*4

5.9

6*1

5*8

5*8

5.8

5.0

2-75

3-75

4-75

5-75

6-75

7-75

8-75

9—75 10-75 11-75 12-75

1-76

2-76

3-76

4-76

5-76

6-76

T-76

8-7T

170.9
171.8
172.5

INITIAL MONTH

PREPARED BY FEDERAL RESERVE BANK OF ST* LOUIS
OCTOBER 21» 1976
WHOLESALE PRICES - ALL COMMODITIES» SEASONALLY ADJUSTED
___________ COMPOUNDED ANNUAL RATES OF CHANGE__________
TERMINAL
MONTH
2-75

INITIAL MONTH
3-75

3-75

2*8
4*5

9.9

6-75

7-75

8-75

9-75 10-75 11-75 12-75

1-76

2-76

3-76

4-76

5-76

6—76

7-76

8-76

11.9

5-75

5-75

-5.5

4-75

4-75

1967 • 100

170.3
171.9
8.0

173.0

6-75

3.4

6.5

3.9

0.0

7-75

4.7

7.4

5.9

5.0

10.2

8-75

5.7

8.1

7.1

6.9

10.5

10.8

9-75

6.5

8.6

8.0

8.0

10.8

11.2

11.5

10-75

7.5

9.4

9.0

9.3

11.7

12.2

12.9

14.4

11-75

6.8

8.4

7.9

7.9

9.5

9.4

8.9

7.7

1.3

12-75

6.5

7.9

7.4

7.3

8.6

8.3

7.7

6.5

2.7

4.1

1-76

5.6

6.8

6.3

6.0

6.9

6.4

5.5

4.1

0.9

0.7

-2.6

2-76

4.7

5.7

5.1

4.8

5.4

4.8

3.8

2.3

-0.5

-1*1

-3*6

-4.6

3-76

4.5

5.4

4.8

4.5

5.0

4.4

3.5

2.3

0.0

-0.3

-1.8

-1.3

2.0

4-76

4.9

5.8

5.3

5.1

5.6

5.1

4.4

3.4

1.7

1*7

1.2

2.5

6.2

10.5

5-76

4.9

5.7

5.2

5.0

5.4

5.0

4.3

3.5

2.0

2*1

1.7

2.9

5.5

7.2

4.1

6-76

4*9

5.6

5.2

5.0

5.4

5.0

4.5

3.7

2.4

2.6

2.3

3.4

5.5

6*6

4.7

5.4

173.0
174.4
175.9
177.5
179.5
179.7
180.3
179.9
179.2
179.5
181.0
181.6
182.4

7-76

4.9

5.5

5.1

4.9

5.3

4.9

4.4

3.7

2.6

2.8

2.6

3.5

5.2

6.0

4.5

4.7

4.0

8-76

4.5

5.1

,4.7

4.5

4.8

4.4

3.9

3.3

2.2

2.3

2.1

2.8

4.1

4*5

3.0

2.7

I?3

-1.3

9-76

4.9

5.5

5.1

4.9

5.3

4.9

4.5

3.9

3.0

3.2

3.1

3.9

5.1

5*6

4.7

4.9

4.7

5.0

11.7

2-75

3-75

4-75

5-75

6-75

7-75

8-75

9-75 10-75 11-75 12-75

1-76

2-76

3-76

4-76

5-76

6-76

7-76

8-76




183.0
182.8
184.5

INITIAL MONTH

PREPARED BY FEDERAL RESERVE BANK OF ST* LOUIS
OCTOBER 7» 1976

4




RATIO

PRICES

SCALE

RATtO

SCALE

173 .

PERCENTAG ES ARE ANNUAL RATES OF CHANOE FOR P E R IO D S

IN D IC A T E D .

LA T EST OATA PLOTTED* SEPTEMBER
PREPARED BY FEDERAL R ESE R V E BANK OF S T .

RATIO

SCALE

WHOLESALE

1967-100

PRICES

SEASONALLY ADJUSTED

PERCENTAG ES ARE ANNUAL RATES OF CHANCE FOR P E R IO O S
LA T EST DATA PLOTTEOt

LOO I S

RATIO

SCALE

1967-100

IN D IC A T E D .

SEPTEMBER
PREPARED BY F EDERAL R ESER VE BANK OF S T .

5

L O U IS

WHOLESALE PRICES - INDUSTRIAL COMMODITIES* SEASONALLY ADJUSTED
________________COMPOUNDED ANNUAL RATES OF CHANGE_________________

TERMINAL
MONTH

____________________________________________INITIAL MONTH________________________________________________ 1967 « 100
2-75

3-75

4-75

5-75

6-75

7-75

8-75

9-75 10-75 11-75 12-75

1-76

2-76

3-76

4-76

5-76

6—76

7-76

8-76

0.7

168.8

W 5

1.4

2.2

169.1

5-75

1.7

2.2

2.1

6-75

1.8

2.1

2.1

2.1

7-75

2.3

2.7

2.9

3.2

4.3

8-75

3.3

3.9

4.3

5.1

6.5

3-75

169.4
169.7
170.3
8.8

171.5

9-75

4.4

5.0

5.6

6.5

8.0

9.9

11.0

10-75

5.7

6.5

7.2

8.3

9.9

11.8

13.3

15.6

173.0
175.1

11-75

6.1

6.8

7.5

8.4

9.7

11.1

11.9

12.4

9.3

12-75

6.3

6.9

7.5

8.3

9.4

10.4

10.9

10.8

8.5

7.7

1-76

6.2

6.7

7.2

7.9

8.7

9.5

9.6

9.3

7.3

6.3

176.4
177.5
4.8

178.2

2-76

5.7

6.2

6.6

7.1

7.7

8.2

8.1

7.5

5.6

4.4

2.7

0.7

3-76

5.6

6.0

6.3

6.8

7.3

7.7

7.5

6.9

5.3

4.3

3.2

2.4

4.1

4-76

5.5

5.8

6.2

6.5

7.0

7.3

7.1

6.5

5.1

4.3

3.4

3.0

4.1

4.1

5-76

5.1

5.5

5.7

6.0

6.4

6.6

6.3

5.8

4.4

3.7

2.9

2.4

2.9

2.4

0.7

6-76

5.2

5.5

5.8

6.0

6.4

6.6

6.3

5.8

4.7

4.0

3.4

3.1

3.7

3.6

3.4

7-76

5.4

5.7

6.0

6.2

6.6

6.8

6.6

6.1

5.1

4.6

4.2

4.1

4.8

4.9

5*2

7.6

9.0

8-76

5.6

5.9

6*1

6.4

6.7

6.9

6.7

6.3

5.4

5.0

4.7

4.7

5.3

5.6

6.0

7.8

8.6

8.2

9-76

5.9

6.2

6.4

6.7

7.0

7.2

7.1

6.8

6.0

5.7

5.4

5.5

6.2

6.6

7.1

8.8

9.6

10.0

11.7

2-75

3-75

4-75

5-75

6-75

7-75

8-75

9-75 10-75 11-75 12-75

1-76

2-76

3-76

4-76

5-76

6-76

7-76

8-76

6-76

7-76

8-76

178.3
178.9
17V. 5
179.6
6.2

180.5
181.8
183.0
184.7

INITIAL MONTH

WHOLESALE PRICES—FARM PROOUCTS AND PROCESSED FOODS AND FEEDS » SEAS • ADJ«
COMPOUNDED ANNUAL RATES OF CHANGE
TERMINAL
MONTH
2-75
3-75

INITIAL MONTH
3-75

4-75

5-75

6-75

7-75

8-75

9-75 10-75 11-75 12-75

1967 • 100
1-76

2-76

3-76

4-76

-20.1

174.5

4-75

6.6

42.2

5-75

12.2

33.0

24.4

6-75

7.3

18.3

7.9

-6.4

7-75

10.6

19.9

13.3

8.1

24.9

8-75

11.6

19.3

14.1

10.9

20.7

16.7

9-75

11.8

18.3

14.0

11.6

18.3

15.1

13.6

10-75

12.0

17.5

13.8

11.8

16.9

14.3

13.1

179.7
183.0
182.0
185.4
187.8
189.8
12.7

191.7

11-75

8 .4

12.6

8.9

6.6

9.3

5.8

2.4

-2.8 -16.2

12-75

6.8

10.3

6.8

4.5

6.5

3.1

0.0

-4.1 -11.6

. *“76

3.7

6.4

3.1

0.7

1.7

-1.7

-5.0

188.9
-6.8

187.8

-9.2 -15.5 -15.1 -22.8

183.8

2-76

1.4

3.6

0.4

-2.0

-1.4

-4.7

-7.8 -11.6 -16.8 -17.0 -21.7 -20.6

3-76

1.1

3.1

0.1

-2.0

-1.5

-4.4

-7.1 -10.2 -14.1 -13.6 -15.8 -12.1

-2.6

1.1

1.9

-0.4

-2.3

16.3

39.0

-0.7

13.1

180.3
179.9

4-76

3.4

5.5

2.9

5-76

4.0

6.0

3.6

2.1

2.9

0.9

—2.4

—4.3

—2.2

—1.3

5.0

15.2

25.3

6-76

4.1

5.9

3.7

2.3

3.0

1.2

-0.2

-1.6

-3.3

-1.3

-0.3

4.9

12.5

18.0

8.7

7-76
_

5-76

3.1

4.8

2.7

1.3

1.9

0.2

-1.2

-2.6

-4.2

-2.5

-1.9

2.1

7.3

10.0

1.7

8-76

0.9

2.3

0.3

-1.2

-0.8

-2.5

-4.0

-5.4

-7.1

-6.0

-5.9

-3.2

0.0

9-76

1.5

2.9

0.9

—0.4

0.0

-1.5

-2.8

-4.1

—5.5

—4.3

—4.0

-1.4

2-75

3-75

4-75

5-75

6-75

7-75

8-75

9-75 10-75 11-75 12-75

1-76




-4.4

-7.0

-5.0

-4.6

2.4

184.9
186.8
4.6

187.5

-3.5 -10.9

185.7

0.5

-7.3 -13.2 -20.9 -29.8

180.3

1.7

2.5

-3.6

-7.4 -11.0 -11.1

12.7

2-76

3-76

4-76

5-76

8-76

6-76

7-76

182.1

INITIAL MONTH

PREPARED BY FEDERAL RESERVE BANK OF ST* LOUIS
OCTOBER 7 t 1976

6

INDUSTRIAL

PRODUCTION

R AT I O S CALE

R A T I O S CALE

1967-100

1968

1967-100

S EAS ON ALL Y ADJUSTED

1969

rERCENTAOES ARC

1970

a nnual r a te s of

1971

1972

1973

CHANCE FOR PERIODS

1974

1975

1976

i n di c a te d .

LATEST DATA PLOTTEDt SEPTEMSER PRELIMINARY
PREPARED tY FEDERAL RESERVE SANK OF ST. LOUIS

_______INOUSTRIAI PRODUCTION
COMPOUNDED ANNUAL RATES OF CHANGE
TERMINAL
MONTH
2-75

1967 * 100

INITIAL MONTH
3-75

4-75

5-75

6-75

>-75

8-75

9-75 10-75 11-75 12-75

1-76

2-76

3-76

4-76

5-76

6-76

7-76

8-76
111.7

3-75

-10.1

4-75

-0*5

10.1

5-75

3.6

11.2

12.4

113.7

17.9

\ j 9 .5 %
22.0 32.5

116.4

112.6

6-75

10.2

7-75

12.6

19.1

22.3

27.5

22.7

8-75

15*3

21.2

24.1

28.3

¿6.2

29.8

9-75

14.7

19.5

21.5

¿3,6

21.1

20.3

10-75

12.9

16.7

17.8

18.9

lè.7

11-75

ii.o

14.3

17.Ì

10.0

15.3

12-75

12.6

15.4

16.1

16.7

14.2

118.4

15. S

121.0

N\

122.1
6.1

“> s
1.0

122.2

8.5
12.6

8.7

7.8

11.3

123.5

7.1 “ T3.T"

124.4

9.1

1-76

12.6

15.2

15.8

16.2

14.1

12.7

9.6

9.1

12.0

11.2

13.3

2-76

13.0

15.3

15.9

16.3

14.4

13.2

10.7

10.5

13.1

12.9

14.8

\ 16.4

125.7

3-76

12.6

14.7

15.1

15.4

13.6

12.5

10.3

10.1

12.0

11.6

12.4

12.0

7.8

4-76

11.8

13.7

14.0

14.2

12.5

11.#

9.3

9.0

10.4

9.8

10.0

8.9

5.3

127.3
128.1
128.#

2.8

5-76

11.8

13.6

13.9

14.0

12.4

11.5

9.6

9.4

10.6

10.1

10.3

9.6

7.4

7.2

11.8

6-76

11.4

13.0

13.2

13.2

11.8

10.8

9.1

8.8

9.9

9.3

9.4

8.6

6.7

6.4

8.2

4.7

129.6

7-76

11.0

12.5

12.7

12.7

11.3

10.4

8.6

8.5

9.4

8.9

8.8

8.1

6.5

6.2

7.4

5.2

5.7

130.1
130.7

8-76

10.7

12.1

12.2

12.2

10.9

10.0

8.5

8.2

9.0

8.5

8.4

7.8

6.4

6.1

6.9

5.4

5.7

5.7

V—76

10.1

11.#

11.5

11.#

10.1

9.3

7.8

7.5

8.2

7.6

7.5

6.8

5.4

5.1

5.5

4.0

3.7

2.8

_______ 2-75

3—75

4-75

5-75

6-75

7-75

8-75

9-75 10-75 11-75 12-75

1-76

2-76

3-76

4-76

5-76

6-76

7-76

131.3P
0.0 )

131.3P

8-76_________

________________________________________________ INITIAL MONTH_______________________________________________________________
P- P R E L I M I N A R Y _________________________________________________________________________________________________________




PREPAREO BY FEDERAL RESERVE BANK OF ST, LOUIS
OCTOBER 1 8 t 1976

7

PERSONAL
R A T I O S CA L E
TRILLIONS

IN CO M E
R A T I O SCALE

MONTHLY TOTALS AT ANNUAL RATES

OF DOLLARS

TRILLIONS

SEASO NA LLY ADJUSTED

OF DOLLARS

0.9

0.8

0 .7

1968

1969

1970

1971

1972

1973

1974

1975

1976

SOURCE, U.S. DEPARTMENT Of COMMERCE
PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIODS INDICATED.
LATEST DATA PLOTTED* SEPTEMBER PRELIMINARY
PREPAREO BY FEDERAL RESERVE BANK OF ST. LOUIS

PERSONAL INCOME
COMPOUNOED ANNUAL RATES OF CHANGE
INITIAL MONTH

TERMINAL
MONTH
2-75

3-75

4-75

5-75

6-75

7-7 > 8—*5
i

9-75 10—>5 11—>5 12-75

1—76

2-76

3-76

4-76

5-76

6-76

7-76

BILLIONS OF
OOLLARS
ANNUAL RATES
8-76
1,208.3

3-75

6.9

4-75

6.1

5.3

5-75

7.6

7.9

10.6

6-75

13.6

15.9

21.6

7-75

10.4

11.2

13.3

14.7

-1.6

8-75

11.3

12.2

14.0

15.1

6.8

15.9

9-75

11.0 TÏ.7

13.Ô

Ü.7

7.7

12.6

11.3

12.0

13.1

13.7

9.1

13.<T 11.5

li—75

11.1

11.6

li.6

12.9

9.1

12.0

1Ô.7

11.4

9.1

12-75

10.7

11.2

11.9

12.1

8.9

11.1

9.9

10.1

8.4

7.6

1-76

10.9

11.3

12.0

12.1

9.3

11.3

10.4

10.6

9.6

9.9

12.2

2-76

10.8

11.2

11.8

11.9

9.4

11.1

10.3

10.5

9.t

9.9

ll.l

>>
10.1

3-76

10.7

11.1

11.6

11.7

9.5

11.0

10.3

10.4

9.8

9.9

10.7

10.0

9.9

4-76

10.7

11.0

11.5

11.5

9.5

10.8

10.2

10.3

9.8

9.9

10.5

10.0

9.9

9.9

33.7

1,253.7
1,252.0
1,267.5
1,277.1

9.5

1,290.8

13.7

1,300.2
IO 0Q7~

.

1,308.2
1,320.8
1,331.4
1,341.9
1,352.5

5-76

10.6

10.9

11.3

11.4

9.5

10.7

10.2

10.2

9.8

9.9

10.3

9.9

9.8

9.8

9.6

6-76

10.4

10.6

11.0

11.0

9.3

10.4

9.8

9.9

9.4

9.4

9.7

9.3

9.Ô

8.8

8.2

7-76

10.3

10.5

10.9

10.9

9.3

10.3

9.6

'
C
0
0

10-75

1,213.5
1,223.7

9.4

9.4

9.7

9.â

9.1

9.0

8.6

10.4

è.9

9.Ô

9.3

9.3

8.9

8.8

*.0

6.$

8.3

Ô.0 " 7.5

6.8

6.8

9.0

8.6

8.5

8.7

8.2

8*0

7.6

7.2

6.6

¿.5 — S'.i " 6.6^

9-75 10-75 11-75 12-75

1-76

2-76

3-76

4-76

5-76

8-76

10.0

10.1

10.5

9-76

9.7

9.9

10.2

10.2

8.7

9.£

9.0

2-75

3-75

4-75

5-75

6-75

7-75

8-75

\

1,362.9
6.Ò
8.1

1,370.4
9.5

6-76

1,380.8
4.2^V

7-76

1,385.5
1,392.2P

8-76

INITIAL MONTH
P- PRELIMINARY




PREPAREO BY FEDERAL RESERVE BANK OF ST* LOUIS

-G m tk 16 , 1*76----- — --------------------C

8

RETAIL
RATIO

SALES

S CALE

BILLIONS

RATIO

OF DOLLARS

BILLIONS

SEA SON ALL Y ADJUSTED

SCALE

OF DOLLARS

SOURCEt U.S. DEPARTMENT Of COMMERCE
PERCENTAGES ARE ANNUAL RATES Of CHANGE FOR PER 1008 INDICATED.
DATA REVISED fROM 1073.
LATEST OATA PLOTTED« AUGUST. SEPTEMBER AOVANCE ESTIMATE
PREPAREO BY fEDERAL RESERVE BANK Of ST. LOUIS

RETAIL SALES
COMPQUNOEO ANNUAL RATES OF CHANGE
MILLIONS OF
DOLLARS

INITIAL MONTH

TERMINAL
MONTH
3-75

2-75

4-75

5-75

6-75

7-75

8-75

9-75 10-75 11-75 12-75

1-76

2-76

3-76

4-76

5-76

6-76

7-76

8-76
45.962

3-75

-22.6

4-75

-0.1

29.0

5-75

10.8

f
32.5 36*2

6-75

11.2

25.5

23.9

12.7^

7-75

13.0

24.2

22.7

16.5

B-75

46.948

19*2

12.4

48.171

14.0

48.652
49.411

20^
14*7

49.774

9.2^

49*644

9-75

10.0

16.7

14.3

9.5

8.4

2.9

10-75

9.9

15.5

13.4

9.3

8.5

4.8

2.7

11-75

10.3

15.3 _13.5

10.1

9.6

7*1

6.4

11.5

14.2s

12—75

11.2

15.7

14.2

11.3

11.1

9.3

9.4

13.9

16.5

1-76

10.8

14.9 JL3.4

10.8

10.6

9.0

9.0

12.2

13.4

13.0

2-76

12.0

15.9

14.6

12.4

12.4

11.3

11.7

14.9

16.5

17.2

16*4

26.2s"

49.995

8 ^ \
50.552

51.283
7.5"'

51.592
52.601

3-76

12.5

16.1

15.0

13.0

13.1

12.2

12.6

15.5

16.8

17.5

17.1

22.2

18.3^

4-76

12.2

15.4

14.4

12.6

12.6

11.7

12.0

14.4

15.4

15.6

14.8

17.3

13.2

5-76

10.0

12.7

11.6

9.8

9.5

8.5

8.4

9.9

10.1

9.4

7 .6

7.6

2.0

6-76

11.0

13.7

12*7

11.1

11.0

10.1

10.2

11.8

12.2

11.9

10.8

11.5

8.1

4.9

7-76

10.0

12.5

11.4

9.9

9.6

8.8

8.8

10.0

10.1

9.7

8.4

8.6

5.3

8-76

10.5

12.8

11.9

10.4

10.3

9.5

9.6

10.8

11.0

10.6

9.6

10.0

7.5

9-76

10.0

12.2

11.2

9.8

9.7

8.9

8.9

10.0

10.1

9.7

8.7

8.9

2-75

3-75

4-75

5-75

6-75

7-75

8-75

9-75 10-75 11-75 12-75

1-76

53.344
8.2s

53.696

'
-5.2 —17.0s

52.868

3.3

28.5s
*

2.3

0*4

10*5

5.4

4*7

13.2

6.2

6.6

4.7

4*1

10.1

4.6

9*7

2-76

3-76

«*-76

5-76

6-76

7-76

53.983
53.754

-5^0\

54.‘
*2CP

18.7\
1.4^

yr.99»t-

8-1b

INITIAL MONTH
P- PRELIMINARY
-£^_£JSJIMATfcO




PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
OCTOBER 14* 1976

9

HOURLY COMPENSATION» PRIVATE BUSINESS SECTOR
COMPOUNDED ANNUAL RATES OF CHANGE_______
TERMINAL________ _______________________________________ INITIAL QUARTER______________________________________________ 1967 ■ 100
QUARTER
3-71 4-71 1-72 2-72 3-72 4-72 1-73 2-73 3-73 4-73 1-74 2-74 3-74 4-74 1-75 2-75 3-75 4-75 1-76
133.4

4-71

2.1

1-72

5.2

8.3

2—72

5.2

6.7

5.1

3-72

4.9

5.8

♦•6

4.1

4-72

5.5

6.4

5.7

6.0

8.0

1-73

6.8

7.7

7.6

8.4

10.6

13.3

2-73

6.6

7.4

7.2

7.8

9.0

9.5

5.9

3-73

6.7

7.3

7.2

7.6

8.5

8 .6

6*4

4-73

6.9

7.5

7.4

7.7

8.5

8 .6

7.1

7.7

8.5

1-74

7.0

7.5

7.4

7.6

8.4

8.5

7.3

7.8

8.2 1 . ^

2-74

7.5

8.0

8.0

8.4

9.0

9.1

8.3

9.0

9.6

136.1
137.8
139.2
141.9
146.4
148.5
6.9

151.0
154.1
157.1

10.2

I2>\n.2%

161.8

3-74

7.9

6 #4

8.5

8.8

9.4

9.6

9.0

9.7

10.4

11.0

12.6

12^7^

4-74

8.1

8.6

8.6

8.9

9.5

9.7

9.2

9.7

10.3

10.8

11.7

11.3

. .*-75

8 *4

8.9

8.9

9.3

9.8

10.0

9.6

10.2

10.8

11.2

12.0

11.9

11.5

13^0^V

2-75

8.3

8.8

8.8

9.1

9.6

9.7

9.3

9.8

10.2

10.5

11.0

10.6

10.0

10.0

3-75

8.1

8.5

8.5

8.8

9.2

9.3

8.9

9.3

9.6

9.7

10.0

9.5

8.8

8.4

6.1

5 ^ 7 . 8 %

181.3

4-75

8.1

8.5

8.5

8.8

9.1

9.2

8.9

9.2

9.4

9.6

9.8

9.3

8.7

8.4

6.9

6.8

185.0

166.7
170.7

9^9\

176.0
179.0

IU4\

1-76

8.3

8.7

8.7

8.9

9.3

9.4

9.0

9.3

9.6

9.7

9.9

9.5

9.0

8.9

7.8

8.1

9.6

2-76

8.3

8.6

8.6

8.8

9.2

9.2

8.9

9.2

9.4

9.5

9.7

9.3

8.9

8.7

7.8

8.0

9.0

9.3

3-71

4-71

1-72

2-72

3-72

4-72

1-73

2-73

3-73

4-73

1-74

2-74

3-74

4-74

1-75

2-75

3-75

4-75

1-76

2-75

3-75

4-75

1-76

10^8\

169.8
7.8\

193.4

INITIAL QUARTER

OUTPUT PER HOUR OF ALL PERSONS» PRIVATE BUSINESS SECTOR
COMPOUNDED ANNUAL RATES OF CHANGE
INITIAL QUARTER

TERMINAL
QUARTER
3-71

4-71

1-72

2-72

3-72

4-72

1-73

2-73

3-73

1-74

4-73

1967 ■ 100 _
2-74

3-74

4-74

1-75

108.2

4-71

-0.4

1-72

1.5

3.4

2-72

2.6

4.1

1 09.1

4.9

110.4

3-72

2.3

3.2

3.1

1.5

4-72

3.2

4.2

4.4

4.2

7.0

1-73

3.5

4.3

4.5

4.4

5.9

11 0 .8
112.7

4.7

114.0

2-73

2.4

2.8

2.7

2.2

2.4

3-73

1.6

2.1

1.9

1.4

1.4

-0.5

-3.0

-1.8

4-73

1.7

1.9

1.7

1.2

1.2

-0.3

-1.9

-0.7

0.8

0.9

-0.2

-1.6

-3.1

-2.7

2-74

0.4

0.4

0.1

-0.5

-0.7

-2.0

-3.2

3-74

0.1

0.2

-0.1

-0.7

-1.0

-2.0

-3.1

4-74

-0.2

-0.2

-0.5

-1.0

-1.3

-2.3

-3.2

1-74

0.6

0.1

1 1 2 .8

0..I

112.3

O.Î\

1 1 2 .4

^2.7%

-3.2

—6.6

-3.0

-3.4

-5.3

-3.9\

-2.9

-3.2

-4 .4

-3.2

-2^5\

108.7

-3.1

-3.4

-4.3

-3.5

-3.3

-4^o\.

107.6

110.!>
109.4

1-75

-0.1

-o.i

-0.3

-0.8

-1.0

-1.9

-2.7

-2.5

-2.6

-3.1

-2.3

-1.7

-1.3

2-75

0.7

0.8

0.6

0.3

0.2

-0.5

-1.1

-0.7

-0.5

-0.7

0.6

1.7

3.2

7.0

12.8 \

3-75

1.2

1.3

1.2

0.9

0.8

0.3

-0.1

0.3

0.6

0.6

1.9

3.1

4.5

7.5

10.6

4-75

1.0

1.1

1.0

0.7

0.7

0.1

-0.3

0.1

0.4

0.4

1.4

2.3

3.3

5.2

6.5

3.4

1-76

1.4

1.5

1.4

1.1

1.1

0.7

0.3

0.8

1.0

1.1

2.1

3.0

3.9

5.6

6.7

4.7

2.8

7.3\

2-76

1.5

1.6

1.5

1.3

1.3

0.9

0.6

1.0

1.3

1.4

2.3

3.1

3.9

5.3

6.1

4.5

3.2

5.6

3.*

3-71

4-71

1-72

2-72

3-72

4-72

1-73

2-73

3-73

4-73

1-74

2-74

3-74

4-74

1-75

2-75

3-75

4-75

1-76

1.5\

106.0

r




111.3

8^5\6.1%

113.6

-1.4^\

113.2
1 1 5 .2
116.3

INITIAL QUARTER

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
AUGUST 30» 1976

10

PRODUCTIVITY, COMPENSATION, AND LABOR COSTS
RATIO SCALE
1967-100

RATIO SCALE
1967-100

SEASONALLY ADJUSTED

SOURCEt U.S. DEPARTMENT Of LABOR
PERCENTAOES ARE ANNUAL RATES Of CHANGE fOR PERIODS INOICATED.
LATEST DATA PLOTTED* 2ND OOARTER
PREPARED it FEDERAL RESERVE SANK Of ST. LOUIS

UNIT LABOR COSTS* PRIVATE BUSINESS SECTOR
CONFOUNDED ANNUAL RATES OF CHANGE
TERMINAL
QUARTER

INITIAL QUARTER
3-71

4-71

1-72

2-72

1-73

3-72

4-71

3*6

2-72

2.5

2*4

2.5

2.5

1*4

2*2

2*1

1.3

1.8

1-74

2-74

3-74

4-74

1-75

2-75

3-75

4-75

1-76

2.6

4—72

4-73

0.3

3-72

3-73

2.6

1-72

2-73

1967 * 100

1.0

123.3
4.6

124.7
124.8
125.6
125.9

1-73

3.2

3.3

3.0

3.9

4.5 1

2-73

4.2

4.4

4.4

5.4

6.4

9.3

10*3

3-73

4.8

5.1

5.2

6.2

7.1

9.2

9*7

4-73

5.1

5.4

5.6

6.5

7.3

8.9

9*1

8.5

1-74

6.1

6.5

6.8

7.7

8.6

10.2

10*7

10.9

11.8

15.7\

142.2

2-74

7.1

7.5

7.9

147.9

3-74

7.8

8.3

4-74

8.3

8*8

1-75

8.5

2-75

7.5

128.4
131.6
134.5

9.1s
8.0\

137.1

8.9

9.8

11.3

12*0

12.4

13.5

16.4

17^0^^ 1 4 . 8 %

9.6

10.5

12.0

12.6

13.0

14.1

*6t*

16.4

9.1

10.1

10.9

*2.2

12.8

13.2

14.1

*5.7

15.7

15.0

14.3s

8*9

9.3

10.2

11.0

l?tl

12.6

13.0

13.6

14.8

14.6

*3tT

12*8

lh3\

7.9

8.1

8.8

9.4

19«?

10.5

10.5

10.7

11.2

10.3

6.5

2.8

3-75

6.8 _ 7.1

7.3

7.9

8.3

9.0

9.1

9.0

8.9

4-75

7.0

7.3

7.5

8.0

8.5

9.1

9.2

9.1

9.1

1-76

6.8

7.0

7.2

7.7

8.1

8.7

8.5

8.4

7.8

8*3

8.3

8.1

8.0

3-72

4-72

1-73

2-73

3-73

4-73

2-76

6.6

6*9

7.0

7.4

3-71

4-71

1-72

2-72




153.4
158.6
162.9
-5.1

160.8
^.6%

8.0

6f?

4.0

0.8

-4.0

-3.0

8.3

6t9

5.2

3.1

0.5

3.4

8.5

7.6

6.3

4.9

3.1

1.1

3.2

6.5

3^ o \ .

164.7

8.0

7.2

6.0

4.7

3.2

1.6

3.4

5.6

3.3

166.2

1-74

2-74

3-74

4-74

1-75

2-75

3-75

4-75

*t*

159.6

i o o \

163.5

3.7\
1-76

INITIAL QUARTER

PREPARED BY FEDERAL RESERVE BANK OF ST* LOUIS
AUGUST 30, 1976

11

GROSS NATIONAL PROPUCT IW CURRENT DOLLARS

TO4WUN0ED ANNUAL RATES OF CHANGE
TERMINAL
..yUAKTÊft
.
4-71

1-72

2-72

3-72

4-72

1-73

2-73

1-72

12 *4
11.2

9.9

11.7

11.1

11.1

12.6

12.3

12.7

14.7

2-73

11.7

11.3

11.4

12.3

11.6

11.4

11.0

11.0

11.5

10.9

8.4

3-75

4-75

1-76

2-76

7.5

3-73

2-75

13.5

1-73

1-75

8.8

4-72

4-74

11.0

3-72

BILLIONS OP
DOLLARS

13.8

2-72

3-73

INITIAL QUARTER
ANNUAL RATES
4-73 1-74 2-74 3-74

9.3

1*127.0
1*1 t .7
5>
1*181.4
1*219.*
15.9

1*265.3
1*288.4
1*317.5

4-73

11.4

11.1

11.1

11.6

11.1

9.6

10.6

11.9

1-74

10.7

10.4

10.3

10.5

9.9

8.5

8.8

8.6

k
\
5.3 M A 0 7 o

2-74

10.5

10.1

10.0

10.2

9.6

8.4

8.6

8.4

6.6

3-74

10.4

10.0

9.9

10*1

9.6

8.6

8.8

8.7

7.6

8.8

9.5 ^

4-74

9.9

9.6

9.4

9.5

9.0

8.1

8.2

7.9

6.9

7.5

7.2

1-75

9.1

8.7

8.5

8.4

7.9

6.9

6.8

6.4

5.3

5.4

4.5

2.1

-0.8 ^

2-75

9.1

8.8

8.6

8.6

8.1

7.3

7.3

7.0

6.2

6.3

5.9

4.7

4*6

10.4

1*355.1
1*372.7

8.0

1*399.4
1*431.6

“\ 2 . J %
5.0

1*449.2
1*446.2
1*482.3

3-75

9.8

9.5

9.4

9.4

9.1

8.4

8.5

8.4

7.9

8.4

8.4

8.2

9.3

14.7

4-75

9.6

9.6

9.5

9.5

9.2

8.6

8.7

8.7

8.3

8.7

8.8

8.7

9.6

13.3

19.2 '
\l1.8%
14.8 1 0 . 6 V .

1-76

10.0

9.8

9.7

9.8

9.5

8.9

9.1

9.1

8.7

9.2

9.3

9.3

10.2

13.1

14.1

11.6

12.6

2-76

10.0

9.8

9.7

9.8

9.5

9.0

9.1

9.1

8.9

9.3

9.4

9.4

10.1

12.5

13.0

11.0

11.3

9.9 V .

1*675.2

3-76

9.9

9.7

9.6

9.7

9.4

9.0

9.1

9.1

8.8

9.2

9.3

9.3

9.9

11.8

12.1

10.4

10.3

9.2

1 »709.7P

4-71

1-72

2-72

3-72

4-72

1-73

2-73

3-73

4-73

1-74

2-74

3-74

4-74

1-75

2-75

3-75

4-75

1-76

.......

INITIAL QUARTER

1*548.7
1*588.2

\

1*636.2

8.5^
2-76

_________

_____

..
.

P- PRELIMINARY

ÇRO$$ NATIONAL PR.QPUCT IN CONSTANT m g . T O A A R $ .

COMPOUNDED ANNUAL RATES OF CHANGE
TERMINAL
QUARTER
4-71
1-72

1-72

2-72

3-72

4-72

1-73

2-73

3-73

INITIAL QUARTER
ANNUAL RATES
4-73 1-74 2-74 3-74

BILLIONS OF
DOLLARS
4-74

1-75

2-75

3-75

4-75

1-76

2-76
1*141.2

7.6

1*163.0

2-72

7.7

7.9

3-72

6.9

6.6

5.3

4-72

7.3

7.2

6.9

1*178.0
1*202.2

8.5

1-73

7.7

7.8

7.7

9.0

6.5

6.3

5.9

6.1

4.9

3-73

5.8

5.5

5.0

4.9

3.8

1*229.8

9.5

2-73

r \
0.4 ^ 4 %

1*231.1
1*236.3

1.1
*-7 \
1.9
2.1 j

1*242.6

4-73

5.3

5.0

4.5

4.4

3.4

1.4

1-74

4.2

3.8

3.3

2.9

1.9

0.0

-0.1

-1.0

-3.9

2-74

3.5

3.0

2.5

2.1

1.0

-0.6

-0.8

-1.7

-3.5

-3.1

3-74

2.9

2.5

1.9

1.5

0.5

-0.9

-1.2

-1.9

-3.2

-2.8

-2.6}

4-74

2.1

1.6

1.0

0.5

-0.4

-1.8

-2.1

-2.9

-4.1

-4.2

-4.7

8,4%
—6.8 V _

1-75

1.1

0.6

—0.1

—0.6

-1.5

-2.8

-3.3

-4.1

-5.3

—5.6

—6.5

-8.4

2-75

1.4

1.0

0.4

-0.0

-0.8

-1.9

-2.2

-2.8

-3.5

-3.5

-3.6

3-75

2.1

1.7

1.2

0.9

0.2

-0.7

-0.8

-l.l

-1.5

-1.1

-0.8

4-75

2.1

1.8

1.4

1.1

0.5

-0.3

-0.4

-0.6

-0.9

-0.5

-0.1

1-76

2.5

2.2

1.9

1.6

1.1

0.4

0.4

0.3

0.1

0.6

2-76

2.6

2.4

2.0

1.8

1.4

0.7

0.8

0.7

0.6

3—76

2.7

2.4

2.1

1.9

1.5

1.0

1.0

1.0

0.9

4-71

1-72

2-72

3-72

4-72

1-73

2-73

3-73

4-73

1*230.4
1*220.8
1*212.9
1*191.7

-9.9 ^

1*161.1

-3.9

-2.4

5.6

1*177.1

-0.3

2.0

8.5

11.4

0.4

2.3

6«7

7.3

1.2

1.8

3.6

7.3

7.9

1.1

1.6

2.2

3.8

6.8

1.3

1.8

2.4

3.8

6.3

1-74

2-74

3-74

4-74

1-75

2-75

1*209.3

\ ^ 3 %
3.3^^

1*219.2
1*246.3

6.2

9.2

7.0

5.6

6.8

4.5

Ò *4

5.2

5.8

4.2

3-75

4-75

1-76

1*260.0
3.9)

1*272.2P

2-76

INITIAL OUARTER
P- PRELIMINARY
---------------------------------------------------------- ------------------------PREPARED by FEDERAL RESERVE BANK OF ST. LOUIS---




OCTOBER 19» 1976

12

DEMAND AND P R O D U C T I O N
R A T I O S CAL E
QUARTERLY TOTALS AT ANNUAL RATES
RATIO SCALE
T R I L L I O N S OF DOLLARS
se a so n a lly adjusted
T R I L L I O N S OF DOL LARS
1.

0.

0.

1
1.

I.

0.

1968

1969

1970

1971

1972

1973

1974

1975

1976

SOURCEt U.S. DEPARTMENT OF COMMERCE
U.GNP IN CURRENT DOLLARS.
ßjSNP IN 1972 DOLLARS.
PERCENTA6ES ARE ANNUAL RATES OF CHANGE FOR PERIODS INDICATED.
LATEST DATA PLOTTED« 3R0 QUARTER PRELIMINARY




nv
Deeeo«r n.u* »
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

13

GENERAL

PRICE

INDEX*

R AT I O S CALE

R AT I O SCALE

1972*100

1968

1 9 7 2 -1 0 0

1969

1970

1971

1972

1973

1974

1975

1976

«AS USED IN NATIONAL INCOME ACCOUNTS
SOURCE* U.S. OEPARTMENT OF COMMERCE
PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIODS INDICATED.
LATEST DATA PLOTTED« 3RD QUARTER PRELIMINARY
PREPARED BY FEOERAL RESERVE BANK OF ST. LOUIS

IMPLICIT PRICE DEFLATOR FOR GROSS NATIONAL PRODUCT
COMPOUNDED ANNUAL RATES OF CHANGE
TERMINAL
QUARTER

1972 * 100

INITIAL QUARTER
4-71

1-72

2-72

1-72

4.3
#•0

3.1

#•2

3.6

#.0

2-73

3-73

4-73

1-74

2-74

3-7#

3.#

#-72

1-73

2.8

3-72

#-72

5*8

2-72

3-72

#-7#

1-75

2-75

3-75

#-75

1-76

2-76

98.76
99. #5
100.29
#.7

ICI.##

1-73

#•5

#.2

#.6

5.3

r \
5.8

2-73

#•9

#.7

5.2

5.8

6.#

7,5%
7.0 O r

104.65

3-73

5*3

5.2

5.7

6.3

6.8

7.3

106.57

4-73

5.8

5.8

6.3

6.9

7.5

8.1

8.6

9 . 6 ^

1-74

6*2

6.3

6.8

7.4

7.9

8.#

8.9

9.6

9.5

2-74

6*7

6.9

7.#

7.9

8.5

9.0

9.5

10.2

10.5

11.5 V U . ¿7°

114.6#

»->4

7.2

7.#

7.9

8.5

9.0

9.6

10.1

10.8

11.1

11.9

118.03

4-7#

7.7

7.9

8.#

8.9

9.5

10.0

10.5

11.1

11.5

12.2

12.5

12.7

1-75

7.9

8.0

*
•
0
0

9.1

9.6

10.0

10.5

11.0

11.2

11.6

11.7

11.#

2-75

7.6

7.8

8.2

8.6

9.0

9.#

9.7

10.0

10.1

10.2

9.8

9.0

7.2

102.89

7.5

109.05
111.56

12.#

121.60
124.55

10.1 )

125.93

#.5

3-75

7.6

7.7

8.1

8.5

8.8

9.2

9.#

9.6

9.6

9.6

9.3

8.5

7.2

5.7

7.0

4-75

7.5

7.7

8.0

8.#

8.7

9.0

9.2

9.3

9.3

9.3

8.9

8.2

7.1

6.2

7.0

7.1

128.07

1-76

7.3

7.#

7.7

8.0

8.3

8.5

8.6

8.7

8.6

8.5

8.1

7.#

6.3

5.#

5.7

5.1
5.1

130.27
131.29

2-76

7.2

7.2

7.5

7.8

8.0

8.2

8.3

8.#

8.3

8.1

7.7

7.0

6.1

5.#

5.6

3-76

7.0

7.1

7.3

7.6

7.8

7.9

8.0

8.0

7.9

7.7

7.3

6.7

5.9

5.2

5.3

#.9

*■'
- 1
#.2

#-71

1-72

2-72

3-72

#-72

1-73

2-73

3-73

4-73

1-74

2-7#

3-7#

#-7#

1-75

2-75

3-75

#-75

\

132.96
#.8

1-76

#.# ^

134.39P

2-76

INITIAL QUARTER
P- PRELIMINARY




PREPARED BY FEDERAL RESERVE BANK_QF__¿I* L t i S
f i L --

OCTOBER 19, 1976

14

PERSONAL CONSUMPTION EXPENDITURES IN CURRENT POLLARS

TERMINAL
OUARTER
#-71

1-72

2-72

3-72

#-72

1-73

COMPOUNDED ANNUAL RATES OF CHANGE
_______________________________________________________________ BILLIONS OF
DOLLARS
INITIAL QUARTER
ANNUAL RATES
2-73 3-73 #-73 1-7# 2-7# 3-7# #-7# 1-75 2-75 3-75 #-75 1-76 2-76
705.9

1-72

11.#

2-72

11*2

3-72

10*3

9.8

8.5

#-72

10.9

10.7

10.5

12.5

1-73

11*5

11.5

11.7

13.3

1#.0

11.1

72#. 7
739.7
761.8
787.2
801.0

2-73

10*8

10.6

10.5

11.2

10.6

7.2

3-73

10.5

10.3

10.2

10.6

10.0

8.0

8.9

#-73

10.1

9.9

9.7

10.0

9.#

7.8

8.2

818.2
833.1

7.5

853.3

1-7#

10.1

9.9

9.8

10.0

9.5

8.#

8.8

8.8

10.1

2-7#

10.3

10.2

10.1

10.3

10.0

9.2

9.7

10.0

11.2

12.#

3-7#

10.6

10.5

10.5

10.7

10.5

9.9

10.#

10.8

12.0

12.9

13.#

#-7#

9.9

9.7

9.6

9.7

9.#

8.7

9.0

9.0

9.#

9.1

7.5

67Ö.7
90O.6
911.1

1.9

933.2

1-75

9.9

9.8

9.6

9.7

9.#

8.9

9.1

9.2

9.5

9.#

8.#

5.9

10.1

2-75

10.0

9.9

9.8

10.0

9.7

9.2

9.5

9.6

9.9

9.9

9.3

7.9

11.1

12.1

3-75

10.1

10.1

10.0

10.1

9.9

9.5

9.7

9.8

10.2

10.2

9.8

8.9

11.3

11.9

#-75

10.2

10.1

10.0

10.1

9.9

9.6

9.8

9.9

10.2

10.2

9.9

9.2

11.1

11.#

11.1

10.#

1-76

10.3

10.3

10.2

10.3

10.2

9.9

10.1

10.2

10.5

10.6

10.3

9.8

11.5

11.8

11.7

11.7

13.1

2-76

10.2

10.2

10.1

10.2

10.0

9.7

10.0

10.0

10.3

10.3

10.1

9.6

10.9

11.1

10.9

10.6

10.7

8.3

3-76

10.2

10.1

10.1

10.1

10.0

9.7

9.9

10.0

10.2

10.2

10.0

9.6

10.7

10.8

10.6

10.3

10.3

8.9

9.#

#-71

1-72

2-72

3-72

#-72

1-73

2-73

3-73

#-73

1-7#

2-7#

3-7#

#-7#

1-75

2-75

3-75

#-75

1-76

2-76

960.3
987.3

11.7

INITIAL QUARTER

1 ,012.0
1,0#3.6
1,06#.7

.

l,G8b.9P

_

_

P- PRELIMINARY

PERSONAL CONSUMPTION EXPENDITURES IN CONSTANT 1972 OOLLARS
COMPOUNDED ANNUAL RATES OF CHANGE
INITIAL QUARTER

TERMINAL
QUARTER
#-71
1-72

1-72

2-72

3-72

#-72

1-73

2-73

3-73

#-73

1-7#

2-7#

3-7#

#-7#

1-75

2-75

3-75

#-75

1-76

BILLIONS OF
DOLLARS
ANNUAL RATES
2-76
713.7

6.7

728.1

2-72

7.5

8*3

3-72

6.7

6.8

5.3

#-72

7.2

7.#

6.9

8.6

7.#

7.6

7.3

8.#

2-73

6.0

5.9

5.3

5.3

3.8

-0.5

3-73

5.#

5.2

#.6

#.5

3.1

0.7

1.9

#-73

#.#

4.1

3.#

3.1

1.7

-0.3

-0.2

752.8
767.7

8.2

766.8
770.#
765.9

1-7#

3.7

3.3

2.6

2.2

1.0

-0.8

-0.9

-2.2

-2.1

2-7#

3.3

2.9

2.3

1.9

0.8

-0.6

-0.6

-1.5

-1.0

0.1

3-7#

3.1

2.8

2.2

1.8

0.9

-0.3

-0.2

-0.7

-0.2

0.8

1.5

#-7#

2.1

1.7

1.1

0.6

-0.3

-1.5

-1.6

-2.3

-2.3

-2.#

-3.6

-8.#

1-75

2.2

1.9

1.3

0.9

0.1

-0.9

-0.9

-1.#

-1.2

-0.9

-1.3

-2.6

3.5

2-75

2.6

2.3

1.8

1.5

CD

-2.3

o
•

1-73

737.5

761.8

-0.0

0.0

-0.2

0.1

0.6

0.7

0.5

5.3

7.0

3-75

2.7

2.#

2.0

1.7

1.1

0.#

0.5

0.3

0.7

1.2

1.#

1.#

#.9

5.6

#.1

761.9
76#.7
7#8.1
75#.6
767.5
775.3
783.9

#-75

2.8

2.5

2.1

1.9

1.#

0.8

0.9

0.8

1.2

1.6

1.9

2.0

#.8

5.2

#.3

#.5

1-76

3.1

2.9

2.6

2.#

1.9

1.#

1.6

1.6

2.0

2.5

2.9

3.1

5.6

6.1

5.8

6.7

8.9

2-76

3.2

3.0

2.7

2.5

2.1

1.6

1.8

1.8

2.2

2.7

3.0

3.2

5.3

5.7

5.#

5.8

6.#

#•0

3-76

3.2

3.0

2.7

2.6

2.2

1*8

1.9

2.0

2.3

2.8

3.1

3.3

5.1

5.#

5.1

5*3

5.6

#.0

3.9

#-71

1-72

2-72

3-72

#-72

1-73

2-73

3-73

#-73

1-7#

2-7#

3-7#

#-7#

1-75

2-75

3-75

#-75

1-76

2-76

800.7
808.6
816.#P

INITIAL QUARTER
P- PRELIMINARY




PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
OCTOBER 1 9 » 1976

15

GROSS PRIVATE DOMESTIC INVESTMENT IN CURRENT DOLLARS

TERMINAL
QUARTER
4-71

1-72

2-72

3-72

1-72

25.0

19.9

3-72

21.2

16.8

13.9

V-72

21.2

18.4

17.6

1-73

30 *3

2-72

4-72

COMPOUNOEO ANNUAL RATES OF CHANGE
___________________________________________________________________ BILLIONS OF
DOLLARS
INITIAL QUARTER
ANNUAL RATES
2-73 3-73 4-73 1-74 2-74 3-74 4-74 1-75 2-75 3-75 4-75 1-76 2-76
176.7

21.4

184.9
191.0
200.5

1-73

21.3

19.2

18.9

21.6

21.7

2-73

20.2

18.3

17.9

19.3

18.2

210.6
14.8

218.0

3-73

17.7

15.7

14.9

15.2

13.2

9.1

3.7

4—73

18.3

16.7

16.2

16*6

15.5

13.4

12.8

22.6

1-74

12.7

10.7

9.4

8.7

6.3

2.8

-1.0

-3.2 -23.6

2-74

11.8

10.0

8.8

8.1

6.0

3.1

0.4

-0.7 -10.7

4.5

3-74

9.7

7.8

6.6

5.7

3.6

0.9

-1.7

—3.0 -10.3

-2.8

-9.7

4-74

8.5

6.8

5.5

4.6

2.7

0.2

-2.0

-3.1

-3.0

—6.6

1-75

1.3

-0.8

-2.5

-4.0

—6.5

-9.5 -12.5 -15.0 -21.0 -20.3 -27.2 -34.7 -55.9

172.4

2-75

-0.2

-2.2

-3.8

-5.3

-7.6 -10.4 -13.2 -15.3 -20.4 -19.7 -24.9 -29.3 -39.6 -17.3

164.4

220.0
231.5

-8.6

216.4
218.8
213.3
—3.3

211.5

3-75

4.7

3.1

1.9

1.0

-0.7

-2.7

-4.5

—5.4

-8.9

—6.2

-8.2

-7.8

-9.2

30.2 104.9

4-75

5.0

3.6

2.5

1.6

0.1

-1.6

-3.1

-3.8

-6.7

-4.0

-5.4

-4.5

-4.8

23.0

50.1

9.9

196.7

1-76

8.0

6.8

5.9

5.4

4.3

2.9

1.9

1.7

-0.4

3.0

2.8

5.0

6.8

33.2

56.1

36.2

68.9

6.2

5.2

4.0

3.1

3.1

1.3

4.6

4.6

6. 8

8.6

30.0

45.5

29.8

41.1

17.8

201.4
229.6

2-76

8.5

7.4

6.6

3-76

8.7

7.6

6.9

6.5

5.5

4.5

3.7

3.7

2.2

5.2

5.3

7.3

8.9

26.6

37.8

24.8

30.2

14.3

11.0

4-71

1-72

2-72

3-72

4-72

1-73

2-73

3-73

4-73

1-74

2-74

3-74

4-74

1-75

2-75

3-75

4-75

1-76

2-76

1-76

BILLIONS OF
DOLLARS
ANNUAL RATES
2-76

239.2
245.5P

INITIAL QUARTER
P- PRELIMINARY

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

TERMINAL
QUARTER
4-71

1-72

2-72

3-72

1-72
2-72

20.4
16.4

12.8

16.4

14.0

12.6

2-73

3-73

4-73

1-74

2-74

3-74

4-74

1-75

2-75

3-75

4-75

8.9

4-72

1-73

16.8

3-72

4-72

24.1

179.1

16.5

186.2
190.2
197.6
204.6

1-73

16.1

14.2

13.4

15.7

14.9

2-73

14.3

12.5

11.4

12.2

10.2

5.6

3-73

11.4

9.4

8.0

7.7

5.0

0.3

-4.7

4-73

11.7

10.1

9.0

9.0

7.2

4.7

4.3

207.4
204.9
211.8

14.2

1-74

6.3

4.3

2.6

1.6

-1.1

-4.8

-8.0

-9.6 -28.4

194.8

2-74

4.2

2.2

0.5

-0.7

-3.3

—6.6

-9.4 -10.9 -21.3 -13.4

187.9

3-74

1.4

-0.7

-2.4

-3.8

—6.3

-9.5 -12.2 -14.0 -21.8 -18.2 -22.7

170.2

4-74

-0.1

-2.1

-3.8

-5.1

-7.5 -10.3 -12.7 -14.2 -20.2 -17.2 -19.0 -15.2

1-75

-8.0 -10.3 -12.4 -14.3 -17.2 -20.5 -23.7 -26.4 -32.6 -33.6 -39.2 -46.2 -65.8

2-75

-8.1 -10.2 -12.2 -13.9 -16.4 -19.3 -22.0 -24.2 -29.2 -29.3 —32.8 -35.9 -44.3

3-75

-3.5

-5.2

—6.7

-7.9

169.1

-9.8 -12.0 -13.7 -14.8 -18.3 -16.5 -47.1 -15.6 -15.8

129.3
126.2

-9.3
32.3

148.7

92.8

147.0

4-75

-3.5

-5.1

—6.5

-7.6

-9.4 -11.3 -12.9 -13.7 -16.7 -14.9 -15.1 -13.5 -13.1

18.7

35.7

-4.5

1-76

-0.4

-1.7

-2.8

-3.6

-5.0

-3.5

-0.9

29.2

45.4

26.3

67.0

-5.3

—6.1

-6.2

-8.1

-5.5

-4.4

-1.5

1.0

25.5

36.1

21.1

36.4

11.5

-6.5

-7.6

-7.8 -10.0

-7.4

-6.5

167.1
171.7

2-76

0.3

-1.0

-2.0

-2.7

-3.9

3-76

0.5

-0.7

-1.6

-2.2

-3.4

—4.6

—5.3

-5.3

-6.9

-4.5

-3.4

-0.7

1.6

21.8

29.2

16.9

25.0

8.2

5.0

4-71

1-72

2-72

3-72

4-72

1-73

2-73

3-73

4-73

1 -74

2-74

3-74

4-74

1-75

2-75

3-75

4-75

1-76

2-76

173.8P

INITIAL QUARTER
P- PRELIMINARY




PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
OCTOBER 19* 1976

16

GOVERNMENT PURCHASES OF GOODS AND SERVICES IN CURRENT DOLLARS

TERMINAL
QUARTER
4-71

1-72

2-72

3-72

4-72

1-73

COMPOUNDED ANNUAL RATES OF CHANGE
___________________________________________________________________ BILLIONS OF
DOLLARS
INITIAL QUARTER
ANNUAL RATES
2-73 3-73 4-73 1-74 2-74 3-74 4-74 1-75 2-75 3-75 4-75 1-76 2-76

1-72

16.6

2-72

9.8

3.4

3-72

7.5

3.2

3.1

4-72

8.2

5.5

6.6

10.2

1-73

8.7

6.7

7.9

10.4

10.6

2-73

7.0

5.1

5.6

6.4

4.6

-1.0

3-73

6.9

5.4

5.8

6.4

5.2

2.7

4-73

7.7

6.5

7.0

7.8

7.2

6.1

9.8

13.2

1-74

8.5

7.5

8.1

9.0

8.8

8.4

11.7

14.4

15.5

14.5

15.1

14.6

251.1
253.0
259.2
265.8
265.1

8.3

9.1

269.3

6.5

8.9

9.8

9.7

9.6

12.4

277.8
288.0
298.0
306.6

3-74

9.6

9.0

9.6

10.4

10.5

10.5

12.9

14.6

15.0

14.8

15.0

4-74

10.0

9.4

O
•
o

2-74

249.0

10.8

10.9

10.9

13.0

14.4

14.7

14.4

14.2

13.5

1-75

9.9

9.4

9.9

10.6

10.7

10.7

12.5

13.5

13.5

13.1

12.5

11.3

2-75

9.9

9.4

9.9

10.5

10.6

10.6

12.1

12.9

12.9

12.4

11.8

10.8

9.4

9.7

3-75

10.1

9.6

10.1

10.7

10.7

10.8

12.2

12.9

12.8

12.4

12.0

11.2

10.5

11.1

12.6

4-75

10.2

9.8

10.3

10.9

10.9

11.0

12.2

12.9

12.9

12.5

12.1

11.6

11.1

11.7

12.7

12.9

1-76

9.7

9.2

9.6

10.1

10.1

10.1

11.2

11.6

11.5

11.0

10.5

9.7

9.0

6.8

1.0

318.5
325.6

9.2

333.2
343.2

0
0
•
*

353.8

8.7

2-71
>

9.6

9.2

9.6

10.0

10.0

10.0

10.9

11.4

11.2

10.7

10.2

9.5

8.9

8.8

8.6

7.4

4.7

8.5

3-76

9.5

9.2

9.5

9.9

9.9

9.9

10.8

11.1

10.9

10.5

10.0

9.4

8.9

8.8

8.6

7.7

6.0

8.5

8.5

4-71

1-72

2-72

3-72

4-72

1-73

2-73

5-73

4-73

1-74

2-74

3-74

4-74

1-75

2-75

3-75

4-75

1-76

2-76

. ......

..... -

..
..
.

-

354.7
362.0
369.5P

INITIAL QUARTER

P- PRELIMINARY

_______________________________ GOVERNMENT PURCHASES OF GOOOS AND SERVICES IN CONSTANT 1972 DOLLARS______________________________
COMPOUNDED ANNUAL RATES OF CHANGE
_____________________________________________________ ____________________________________________________________ BILLIONS OF
TERMINAL
INITIAL QUARTER
DOLLARS
WARTfe*___________________________________________________________________________________________________________ a n n u a i RATES
1-76 2-76
4-71 1-72 2-72 3-72 4-72 1-73 2-73 3-73 4-73 1-74 2-74 3-74 4-74 1-75 2-75 3-75 4-75
5.0
1.8

-1.4

3-72

0.5

-1.6

-1.9

4-72

0.9

-0.5

©
•
o

254.1

1-72
2-72

1.9

1-73

1.3

0.4

1.1

2.6

3.2

2-73

0.1

-0.9

-0.8

—0.4

-1.6

-6.1

253.2
252.0
253.2
255.2
251.2

3-73

0.2

-0.6

-0.4

-0.1

-0.7

-2.6

1.0

4-73

0.2

-0.5

-0.3

0.0

-0.5

-1.7

0.6

0.3

1-74

0.8

0.3

0.5

0.9

0.7

0.1

2.2

2.9

251.8
252.0
5.5

255.4

2-74

0.8

0.3

0.6

0.9

0.8

0.3

2.0

2.3

1.1

3-74

0.9

0.5

0.7

1.0

0.9

0.5

1.9

2.1

1.3

1.6

4-74

0.8

0.4

0.6

0.9

0.7

0.4

1.5 • 1.6

1.9

0.8

0.6

-0.3

1-75

0.7

0.4

0.6

0.8

0.7

0.4

1.3

1.4

1.6

0.7

0.0

2-75

0.9

0.6

0.8

1.0

0.9

0.7

1.6

1.6

1.9

1.2

0.5
*
1.2

1.0

1.7

3.1

3-75

1.2

0.9

1.1

1.4

1.3

1.1

2.0

2.1

1.8

2.0

2.1

2.9

4.2

5.2

4-75

1.4

1.1

1.3

1.6

1.6

1.4

2.2

2.3

2.2

2.4

2.5

3.2

4.2

4.8

4.3

256.1
257.1
256.9
257.1

0.3

259.1
262.4
265.2
261.9

1-76

1.0

0.8

0.9

1.1

1.0

0.9

1.5

1.6

1.7

1.3

1.3

1.2

1.6

1.9

1.4

-0.4

-4.9

2-76

1.1

0.9

1.0

1.2

1.2

1.0

1.6

1.7

1.8

1.4

1.5

1.4

1.7

2.0

1.7

0.6

-1.2

2.6

3-76

1.2

1.0

1.1

1.3

1.3

1.1

1.7

1.8

1.9

1.6

1.6

1.6

1.9

2.2

2.0

1.2

0.2

2.8

3.1

4:7
r.1

1-72

2-72

3r72

4r72

1-7?

2r7?

3-73

4=7?

1=74

2“74_ 3-74

4r74

lr7?

2t 7?

M3L

1-7«

2-7«

263 .6
265.6P

________ ______________________________________________ INITIAL QUARTER______________________________________________________
P- PRELIMINARY_____________________________________________________ ___ _____________________________________________________
_______________________________________________________ _______________________________________ PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
OCTOBER 19» 1976




17

DISPOSABLE PERSONAL INCOME IN CURRENT DOLLARS

TERMINAL
QUARTER
#-71
1-72

7.5

2-72

3-72

#-72

1-73

6 *6

2-72

1-72

COMPOUNDED ANNUAL RATES OF CHANGE
___________________________________________________________________ BILLIONS OF
DOLLARS
INITIAL QUARTER
ANNUAL RATES
2-73 3-73 #-73 1-7# 2-7# 3-7# #-7# 1-75 2-75 3-75 #-75 1-76 2-76
775.0

6.3

787.Ü

3-72

8.#

8.2

10.1

4-72

10.3

10.8

13.1

16.2

1-73

11.2

11.8

13.7

15.5

806*2
837.0
1#.9

866.6

2-73

11.3

11.8

13.2

1#.2

13.3

11.7

3-73

11.0

11.#

12.5

13.0

12.0

10.6

9.5

4-73

11.1

11.5

12.#

12.8

12.0

11*1

10.8

12.1

1—74

10.#

10.6

11.2

11.#

10.5

9.#

8.7

8.3

#.6

2-7#

10.3

10.5

11.0

11.1

10.3

9.#

8.8

8 .6

6.9

9.2

3-7#

10.5

10.6

11.1

11.3

10.6

9.9

9.5

9.5

8.7

10.7

12.3

#-7#

10.2

10.3

10.7

10.8

10.2

9.5

9.1

9.1

8.3

9.6

9.8

890.9
911.#
937.7
948 •#
969.5
996.0
7.3

1*015.6

1-75

9.6

9.7

10.0

10.0

9.#

8.7

8*3

8.1

7.3

8.0

7.5

5.2

3.2

2-75

10.8

11.0

11.#

11.5

11.1

10.6

10.5

10.7

10.#

11.6

12.2

12.2

1#.8

27.6

3-75

10.2

10.3

10.6

10.6

10.1

9.7

9.#

9.#

9.1

9.8

9.9

9.#

10.1

13.7

1.2

9.6

9.6

9.3

10.0

10.1

9.7

10.2

12.7

5.9

10.8

#-75

10.2

10.6

10.3

10.6

10.2

9.8

1»023.8
1»068.2
1»091.5
1»119.9

1-76

10.2

10.3

10.6

10.6

10.2

9.8

9.6

9.7

9.#

10.0

10.1

9.8

10.3

12.1

7.3

10.5

10.3

2-76

10*1

10.2

10.5

10.5

10.1

9.7

9.6

9.6

9.#

9.9

10.0

9.6

10.0

11.5

7.7

10.0

9.6

9.0

3-76

9.9

10.0

10.2

10.2

9.8

9.5

9.3

9.3

9.1

9.5

9.6

9.2

9.5

10.6

7.#

9.1

8.5

7.6

6.2

#-71

1-72

2-72

3-72

#-72

1-73

2-73

3-73

#-73

1-7#

2-7#

3-7#

#-7#

1-75

2-75

3-75

#-75

1-76

2-76

INITIAL QUARTER

1*1#7.6
1»172.5
1»190.#P

........

P- PRELIMINARY

DISPOSABLE PERSONAL INCOME IN CONSTANT 1972 DOLLARS
COMPOUNDED ANNUAL RATES OF CHANGE
BILLIONS OF
DOLLARS
ANNUAL RATES

INITIAL QUARTER

TERMINAL
QUARTER
#-71

1-72

2-72

3-72

#-72

1-73

1-72

3.9
#.8

5.2

#-72

6.6

7.5

9.#

7.1

7.8

9.3

10.6

6.5

7.0

7.8

8.2

6.3

2-7#

3-7#

#-7#

1-75

9.0

2-73

1-7#

12.2

1-73

#-73

2-75

3.6

3-75

#-75

1-76

2-76

3.6

3-72

3-73

#.1

2-72

2-73

783.7
790.7
6.7

803.7
827.1
8#5.1
852.7
8 58.2

3-73

5.9

6.2

6.8

6.8

5.0

3.1

2.6

#-73

5.#

5.6

5.9

5.8

#.2

2.7

2.2

1.8

1-7#

#.0

3.9

#.0

3.5

1.9

0.2

-0.9

-2.7

-7.0

2-7#

3.3

3.2

3.1

2.6

1.1

-0.#

-1.#

-2.7

-#.9

-2.9

3-7#

3.0

2.9

2.8

2.3

1.0

-0.3

-1.0

-1.9

-3.1

-1.2

0.5

#-7#

2.#

2.3

2.2

1.7

0.#

-0.8

-1.5

-2.3

-3.3

-2.0

-1.6

-3.6

1-75

2.0

1.8

1.7

1.2

0.0

-1.0

-1.7

-2.#

-3.2

-2.2

-2.0

-3.3

-2.9

2-75

3.3

3.3

3.2

2.9

2.0

1.3

1.0

0.8

0.6

2.2

3.5

#.5

8.7

21.8

3-75

2.7

2.6

2.5

2.2

1.3

0.6

0.2

-0.1

-0.3

0.8

1.6

1.8

3.7

7.2

-5.7

#-75

2.8

2.7

2.7

2.#

1.6

1.0

0.7

0.5

0.3

1.#

2.1

2.#

#.0

6.#

-0.5

#.9

2.9

1.2

1.0

0.9

2.0

2.7

3.0

#.#

6.3

1.6

5.5

1-76

3.0

3.0

2-76

3.1

3.1

3-76

3.0

2.9

#-71

1-72

2-72

862.1
8#6.7
840.6
841.7
834.0
827.9
869.7
857.1
867.5
880.4

6.1

2.6

1.9

1.#

3.0

2.8

2.1

1.6

1.5

1.#

1.3

2.3

2.9

3.3

#.5

6.0

2.#

5.2

5.#

#.7

2.9

2.7

2.1

1.6

1.#

1.3

1.3

2.1

2.7

3.0

3.9

5.1

2.1

4.1

3.9

2.8

0.9

3-72

#-72

1-73

2-73

3-73

#-73

1-7#

2-7#

3-7#

#-7#

1-75

2-75

3-75

#-75

1-76

2-76

890.5
892.5P

INITIAL QUARTER
P- PRELIMINARY




PREPARED BY FEDERAL RESERVE BANK OF .5Tt IPiOS---

OCTOBER 19« 1976

18

CORPORATE PROFITS AFTER TAXES *

TERMINAL
QUARTER
3-71

4-71

1-72

2-72

3-72

4-71

24.2
20.4

18.2

20.9

19.6

17.7

25.4

25.6

26.3

33.4

4-74

1-75

2-75

3-75

4-75

1-76

22.3

4-72

3-74

13.2

3-72

2-73

23.4

2-72

1-73

ßllLfÜNS ÖL­
DOLLARS

24.9

1-72

4-72

INITIAL QUARTER
ANNUAL RATES
3-73 4-73 1-74 2-74

48.1

45.4

50.7
52.3
55.0
60.4

1-73

28.8

29.6

31.2

37.8

46.2

46.9

2-73

25.7

25.8

26.3

29.8

32.4

26.4

3-73

19.9

19.2

18.5

19.6

18.9

11.2

66.5
67.9

8.7

65.4

-3.3 -13.9

4-73

19.9

19.3

18.8

19.7

19.2

13.4

4.0

1.8

20.4

1-74

22.6

22.4

22.3

23.6

23.8

19.9

14.0

15.8

34.3

49.9

75.8

2-74

18.9

18.4

17.8

18.4

17.8

13.8

8.1

8.0

16.4

14.5 -12.6

73.3

68.5

3-74

21.2

20.9

20.6

21.5

21.4

18.3

14.1

15.2

23.9

25.0

14.2

49.1

81.0

4-74

14.5

13.6

12.8

12.8

11.7

8.1

3.5

2.6

6.3

3.1

-9.0

-7.2 -42.3

70.6

1-75

5.0

3.6

2.1

1.2

-0.7

-4.9

-9.9 -12.3 -12.0 -17.3 -28.8 -33.5 -55.6 -65.8

2-75

8.1

7.0

5.9

5.3

3.8

0.4

-3.8

-5.2

-3.9

3-75

12.2

11.4

10.6

10.4

9.4

6.7

3.3

2.7

5.0

-7.4 -16.0 -16.8 -31.5 -25.3
3.0

-3.3

4-75

12.2

11.4

10.6

10.5

9.6

7.1

4.0

3.6

5.7

4.0

-1.3

0.7

1-76

13.3

12.6

12.0

11.9

11.2

8.9

6.2

6.0

8.2

7.0

2.5

4.9

2-76

13.4

12.8

12.2

12.1

11.5

9.4

6.9

6.8

8.9

7.8

3.9

6.2

3-71

4-71

1—72

2-72

3-72

4-72

1-73

2-73

3-73

4-73

1-74

2-74

-1.3 -11.0

54.0
61.0

62.8

72.1

2.8

78.3

95.2

5.0

52.5

47.6

11.6

74.1

-1.1

10.2

47.6

42.8

22.2

33.8

79.7

1.2

11.1

40.6

35.6

20.1

24.6

15.9

3-74

4-74

1-75

2-75

3-75

4-75

1-76

-6.9

3-76

82.7
N .A .

INITIAL QUARtER
* NATIONAL INCOME BASIS
N.A. - Not Available

QGTOßE*

21» 1976

SOURCES OF DATA

NATIONAL INCOME AND PRODUCT ACCOUNTS DATA

Source:

1929-45:
1945-72:
1973-76:

U. S. Department of Commerce, Bureau of Economic
Analysis, Washington, D.C. 20230

Annual data will be published at a later date.
Survey of Current Business, Parts I and II, January 1976,
Survey of Current Business, July 1976.

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




19

I NVENTORI ES COMPARED WITH MONTHLY S A L E S *

« R A T I O S BASED ON SEASONALLY ADJUSTED DATA.

SOURCEt

U.S.DEPARTMENT OF COMMERCE

SHADED AREAS REPRESENT PERI ODS OF BUS I NESS R E CES S I ONS
LATEST DATA PLOTTEDi




AUGUST PRELI MI NARY
PREPARED BY FEDERAL RESERVE BANK OF ST.

20

LOUI S

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