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n r t i o n r l Economic
PREPARED

MONTH ENDING:

BY

M a r c h 31, 1968

FEDERAL

RESERVE

BANK

treiids
OF

ST. LOUIS

RELEASED: A p r i l 19,

1968

E c o n o m ic a c t iv it y a c c e le r a t e d in the f i r s t q u a r te r o f
th is y e a r . A lth ou g h p r o d u c tio n in c r e a s e d s ig n ific a n t ly , d em a n d f o r
g o o d s and s e r v i c e s r o s e m o r e r a p id ly , p la c in g u p w a rd p r e s s u r e on
p r i c e s . T o ta l sp en d in g has in c r e a s e d at a 9 p e r c e n t annual ra te
s in c e m i d - 1967, c o m p a r e d w ith a 6 p er c e n t a v e r a g e r a te o f g ro w th
f r o m 1957 to 1966. R e a l p r o d u c t r o s e s h a r p ly in the f i r s t q u a r te r and
has in c r e a s e d at a 5 p e r ce n t annual r a te s in c e the s e c o n d q u a r te r o f
la s t y e a r . In d u s tr ia l p r o d u c tio n in c r e a s e d a t a 6 p e r c e n t annual
ra te f r o m June to M a r c h , w ith r e c e n t ga in s r e fle c t in g ex p a n d ed p r o ­
d u c tio n o f a u t o m o b ile s and s o m e in d u s tr ia l m a t e r ia ls .
C o n s u m e r sp en d in g has a c c e le r a t e d this y e a r , a c c o u n tin g fo r
m o s t o f the f i r s t q u a r te r in c r e a s e in G N P. S p en d in g f o r b o th d u r a b le
and n o n -d u r a b le g o o d s has r is e n . The va lu e o f r e t a il s a le s in c r e a s e d
at a 10 p e r c e n t annual ra te f r o m la s t s p r in g to M a r c h , R a p id e x p a n ­
s io n o f in c o m e has stim u la te d the in c r e a s e in c o n s u m e r s p en d in g .
F r o m la s t s p r in g to M a r c h , p e r s o n a l in c o m e in c r e a s e d at a 9 p e r
c e n t annual r a t e , c o m p a r e d w ith a tren d g r o w th o f 6 p e r c e n t o v e r the
p e r io d f r o m 1957 to 1966.
In v e s tm e n t in in v e n t o r ie s d e c lin e d in the f i r s t q u a r te r
to an annual r a te o f $3. 9 b illio n fr o m a $9. 2 b illio n r a te in the p r e v io u s
q u a r t e r . The r e d u c tio n p r o b a b ly r e f le c t e d e x p a n s io n o f c o n s u m e r
sp en d in g b ey on d the s a le s e x p e c ta tio n s o f f i r m s . H o u se h o ld s s a v e d a
s o m e w h a t s m a lle r p o r tio n o f th e ir t a k e -h o m e pay in the f i r s t q u a r t e r .
B u s in e s s in v e s tm e n t in p lan t and eq u ip m en t, w h ich had m o d e r a t e d in
1967, sh ow ed a la r g e in c r e a s e in the f i r s t q u a r t e r . G o v e r n m e n t
d em a n d f o r g o o d s and s e r v i c e s con tin u ed to r i s e r a p id ly in the q u a r t e r .
The e x p a n s io n o f d em a n d r e la t iv e to p r o d u c t io n has p la c e d
u p w ard p r e s s u r e on p r i c e s . P r i c e s paid fo r c o m m o d it ie s o th e r than
fo o d in c r e a s e d a t a 4 p e r c e n t annual ra te f r o m July to F e b r u a r y « F o o d
p r i c e s , w h ich had d e c lin e d la s t fa ll, r o s e f r o m N o v e m b e r to F e b r u a r y .
W h o le s a le p r ic e s o f in d u s tr ia l c o m m o d it ie s r o s e in F e b r u a r y and sh ow ed
a 4 p e r ce n t r a te o f in c r e a s e f r o m July to F e b r u a r y .




2
TOTAL C IV IL IA N EMPLOYMENT
COMPOUNDED ANNUAL RATES OF CHANGE

THOUSANDS
TERMINAL
MONTH

____

IN IT IA L

08-66 09-66

1C—66 11-66 12-66 01 -67 0?—67 03-67 OU—67 05-67 0 6 -6 7 0 7 -6 7 08 -6 7 0 9 -6 7 10-67 11-67 12-67 01 -6 8 0 2 -6 8

.3

. J).9=6A...

OF PERSONS

MONTH

73.161

_ 10-66

1 .3

2.4

11-66

3.7

_ 5.5

8.6

3.5

14.1

12-66

7 3 .3 08
7 3 ,8 1 6
7 3 .7 9 6

» 3-

01 -6 7

3. 1

3 .9

4 .4

2.3

5.0

02 -6 7

2 .5

3 .0

3.1

1.3

2.2

.5 -

03 -6 7

1.6 .... 1.8

1.7

.0

.2

2.2 -

0 4 -6 7

1. 6

1.7

.4

.6

1.8

• 8—

73 ,8 22

3 .8 1.0 -

1.9

73 ,9 39

.8

.6

.7-

2 .2 -

2 .7 -

2 .2 - •

6 .1 -

_.0 6-67

1.7

1.8

1.8

.8

1.0

•2

.4

1.9

1.9

. .0 7-6 7

_2 . 0

2.2

2. 1

1.4

1.6

1.0

1.4

2 .7

3 .0

7 .8

5.1

2.2

2.2

1.5

1.8

1 .3

1.6

2 .8

3 .0

6 .2

4.1

0 5 -6 7

.7 _

.8 -•

74* 094
74 .0 63

73 ,5 50
74, 1Ó9

10.6

74 ,4 7 8
3.0

74 .6 64

08-6 7

2. 1

0 9 -6 7

1 .9

2 .0

2 .0

1 .3

1.5

1.1

1.3

2.2

2.3

4 .5

2.6

1 .3

.4-

10-6 7

1 .9

2 .0

2 .0

1.4

1.5

1.2

1.4

2.1

2 .2

3.9

2.3

1 .4

.6

1.6

11-67

2.0

2 .4

2 ,5

4.0

2.7

2 .1

1.8

3.0

..... 12-67

__ 2. 5

2.2

2, 1

1.6

...

1.8

1.5

1.7

7 4 .6 38
74 ,7 3 5
75 .0 05

4,4

7 5 ,5 77

2.6

2.7

2.2

2.4

2.2

2.5

3 .2

3.3

4 .8

3 .8

3 .6

3.7

5.1

7.0

9.6

2.1

2.0

1.6

1.7

1.5

1 .6

2 .2

2 .2

3 .3

2 .3

1 .9

1.6

2.1

2.3

1.3

2.3

2.5

2.5

2 .1 __ 2 . 2

2.0

2 .3

2.8

2.9

4.0

3 .2

2.9

2.9

3.6

4.1

3 .9

1.2

9.4

__ 2 . 3

2.4

2.4

2 .0

2.0

2 .2

2 .7

2.8

3 .7

3 .0

2 .7

2.6

3.1

3.5

3.2

1.2

5.2

0 8-6 6 09 -66

10-66

01 -6 8

l-J L

0 2 -6 8
03 -6 8

2 .2

6 .3 -

7 5 , 167
75,731
1. 1

75 ,802

11-66 12-66 01 -6 7 02 -67 03-67 04 -67 05 -6 7 06 -67 07 -6 7 08 -67 0 9 -6 7 10-67 11-67 12-67 0 1 -6 8 0 2 -6 8
IN IT IA L MONTH
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
APRIL 11,1968

PAYROLL EMPLOYMENT
COMPOUNDED ANNUAL RATES OF CHANGE

THOUSANDS
OF PERSONS

IN IT IA L MONTH

TERMINAL
MONTH
08 -66 09 -66

10-66 11-66 12-66 01-6 7 02-67 03-67 04 -6 7 05-67 06-6 7 07-6 7 08-67 0 9 -6 7 10-67 11-67 12-67 0 1 -6 8 0 2 -6 8
6 4 ,394

09-66

.9

10-66

3.3

5.7

11-66

4 .2

5 .9

6.1

1 2 - 6 6 __

4.3

5 .4

5 .3

4.5

01 -6 7

4.6

5.6

5 .5

5 .2

5.9

02 -6 7

4.2

4.9

4.7

4.2

4. 1

2.4

0 3 - 6 7 __

3.8

4.3

4 .0

3 .4

3. 1

1.7

64 ,6 94
65 ,0 1 4
65 ,251
65 ,5 6 4
6 5 .6 92
65 ,7 49

1.1

0 4 -6 7

__ 3 .1

3.4

3.0

2.4

1.9

.5

.4-■

1.8 -

0 5-6 7

2.7

2.9

2.5

1.9

1.4

.3

.3-■

1.0 -

__06 -6 7

65 ,6 5 3
65 ,6 39

.2 -

65 ,9 0 3

2.9

3.1

2.8

2.4

2.0

1.3

1.0

.9

2.3

5.0

0 7 -6 7___

2.7

2 .9

2.6

2.1

1.8

1.1

.9

.9

1.8

2 .8

.6

08 -6 7

65 ,9 3 9
6 6 ,1 90

2 .9

3.1

2.8

2.4

2 .2

1.6

1.5

1.6

2,5

3.4

2,6

4,7

. 09-6.7___

2.5

2.6

2.3

1.9

1 .7

1.1

1.0

.9

1.5

1.9

.9

1.1

_ 10-67

2.5

2 .7

2.4

2.1

1 .8

1.4

1.3

1.3

1.8

2 .2

1.6

1.9

,5

3.5

1 1-67

3.2

3.4

3.2

2.9

2.8

2 .5

2.5

2,7

3.3

3.9

3.7

4 .5

4.5

8.1

12 .9

6 6 ,0 5 5

2 .4 -

66 ,2 4 3
66 ,9 18
67 ,1 26

12-6 7

3.2

3.4

3.2

3.0

2.9

2.6

2.6

2 .8

3 .4

3 .9

3.7

4.4

4.3

6.6

8.3

3 .8

0 1 -6 8

3.0

3 .2

3.0

2.8

2.7

2.4

2.4

2 .5

3.0

3 .4

3 .2

3 .7

3 .5

5.0

5.5

2.0

0 2 -6 8

3.5

3.6

3.5

3.3

3 .2

3 .0

3. 1

3 .3

3 ,8

4 .2

4.2

4.7

4.7

6 .1

6.8

4.8

5 .4

10 .8

0 3 -6 8

3.4

3 .6

3 .4

3 .3

3 .2

3.0

3.0

3 .2

3.7

4.1

4.0

4.4

4.4

5.5

5 .9

4.3

4.4

6.6

08 -6 6 0 9 -6 6

10-66 11-66 12-66 01 -67 02-67 03-67 04 -6 7 05-67 06 -6 7 07 -67 08 -6 7 0 9 -6 7

6 7 ,1 3 7

.2

67,712 ?
2.6

Ó7.855P

10-67 11-67 12-67 0 1 -6 8 0 2 -6 8

IN IT IA L MONTH
P- PRELIMINARY




PREPARED BY FEDERAL RESERVE BAMK OF ST. LOUIS

APRIL 11,1966

3

Employment
Ratio Scale

Ratio Scale

Source: U.S. Department of Labor
Percentages are annual rates of change between periods indicated.They are presented to aid in
comparing most recentdevelopments with pasf'trends.”
L a t e s t d a t a p lo tte d : M a r c h p r e lim in a r y




Prepared by Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION
COMPOUNDED ANNUAL RATES OF CHANGE
100

o
0

1
CO
o

TERMINAL__________________________________________________________I N IT IA L MONTH_____________________________________ __________________ 1957-5 9 /
MONTH
09 -6 6 1C-66 11-66 12-66 01 -6 7 02 -6 7 03-67 0U-67 05 -67 06 -6 7 07 -67 08 -6 7 09 -6 7 10-67 11-67 12-67 0 1 -6 8 0 2 - 6 8
09 -6 6

2.3

10-66

6.2

10.3

11-66

3 .3

3.9

2 .2 -

12-66

3 .3

3.6

.4

158.1
159.4
159.1
3 .1

159.5

0 1 -6 7

.6

.2

2.0 -

3 .3 -

0 2 -6 7

1.5 -

2 .3 -

5.2 -

6 .1 -

0 3 -6 7

1.5 -

2.1 -

4.5 -

5.0 -

7 .5 -

6.6—

0 4 -6 7

1.2 -

1.7-

3 .6 -

3.9 -

5 .5 -

U .2 -

.*»-

05 -6 7

1.9 -

2.4 -

4. 1-

U.U-

5 .8 -

U. 9-

2.5 -

3 .0 - -

6 .7 -

0 6 -6 7

1.7 -

2.1 -

3 .6 -

3.7 -

U .8-

3.9 -

1.9 -

2 .0 - •

3.U -

0 7 -6 7

.8-

1.1 -

2.3 -

2.3 -

3 .1 -

2 .0 -

.0

0 8 -6 7

.2

.0

1.0-

. 8-

1.3 -

.1-

1.9

2,6

09 -6 7

.6 -

.8-

1.8 -

1.7-

2 .2 -

1.3 -

.2

.5

.5

2.3

3.1

.8

9.4-

10-67

.5 -

.7 -

1.6 -

1.5-

2 .0 -

1.1-

.3

.6

.5

2.0

2 .5

.8

4.5 -

11-67

.9

.8

. 1

.3

.0

1.0

2.5

3 .0

3.3

5.1

6.1

5*7

3 .6

10 .8

2 1 .8

12-6 7

2.0

2 .0

l.U

1.7

1.6

2.6

Ü.2

4.8

5.3

7 .2

8.4

8.5

7 .6

13 .9

2 1 .2

2 0 .5

01 -6 8

1 .5

1.5

.9

1.1

1.0

1.9

3 .2

3 .7

U.O

5.5

6.3

6 .0

4 .8

8.7

11.4

6.6

5.8 -

02 -6 8

1 .6

1.5

1.0

1.2

1.1

1 .9

3.1

3 .6

3 .9

5.1

5 .7

5.4

4.4

7.3

9.1

5 .1

1.8 -

2.2

03 -6 8

1 .7

1.7

1.2

1.1»

1.3

2. 1

3.2

3 .6

3 .9

5 .0

5 .6

5.3

4 .4

6.9

8.1

5.0

.2

3 .4

08 -6 6 09-6 6 1C-66

9 .3 -

158.2

10.1*- 1 1 . 5 -

156.6
1.5-

156.4
.8

•U

156.5
155.6
.0

155.6

.3

3 .9

8 .0

3.1

6.6

10.0

156.6
12.1

158.1
156.8
.8

156.9

11-66 12-66 01 -6 7 C2-67 03-67 04 -6 7 0 5 -6 7 06-6 7 07 -6 7 08 -6 7 0 9 -6 7 10-67

159.5
162.0
161.2
1 6 1 .5P
4.6

1 6 2 . IP

11-67 12-67 0 1 -6 8 0 2 -6 8

IN IT IA L MONTH
P- PRELIMINARY




PREPARED BY FEDERAL RESERVE BANK OF ST . LOUIS
APRIL 16,196 8

5

Industrial Production

I960

1961

1962

1963

1964

1965

1966

1967

1968

Percentages are annual rates of change between periods indicated.They are presented to aid in
comparing most recentdevelopments with past "trends.”
Latest d ata plotted: March prelim inary




Prepared by Federal Reserve Bank of St. Louis

6
RETAIL SALES
CQMPQUNÜEÛ ANNUAL RAIES.JIE-CHAN&E.
MILLIONS OF
TERMINAL_________________________________________________________ I N IT IA L MQNIM___________________________________________________________DOLLARS.
MONTH
08 -66 09 -6 6 10-66 11-66 12-66 0.1-67 02 -6 7 03-67 04 -67 05-67 06 -6 7 07-6 7 08 -67 09 -67 10-67 11-67 J 2-6.7 01 -6 8 0 2 -6 8
0 9 -6 6

25 .7 03

6 .3
.5 -

6.9 -

11-66

.6

2 .1 -

2.9

12-66

2 .4 -

5 .1 -

4.2 -

1 0 .8 -

0 1 -67

1.1

2 .2

1.8

10-66

02 -67

_ _. 8 -

03-6 7

1. 1

04 -6 7
05 -6 7

.2-

25 ,5 50
25 ,6 10
2 5 ,3 68
25 ,6 87

16.2

2 ,2 -

2.4

9.7 -

.3

1.8

1.5

6.0

1.2

13.4

2.0

1.4

2 .9

2 .9

6.6

3.7

11.0

8 .7

1 .7

1.1

2 .3

2.3

5. 1

2.5

6.9

3 .7

06 -67

4.6

4.4

5 .9

6.3

9 .5

8.2

13.2

13.1

15.4

34 .5

07 -67

3.7

3.5

4.7

4.9

7 .4

6.0

9.4

8. 5

8 .4

13.4

2 .2 -

.9 -

25 ,4 7 0
2 5 ,739
2 5 ,9 18
2 5 ,8 97

1.0 -

08 -6 7

3.3

3.1

4. 1

4 .3

6 .3

5.0

7.6

6 .5

6.0

8 .4

0 9 -6 7

4.2

4.0

5. 1

5.3

7.2

6.2

8 .6

7.9

7 .7

10.0

26 ,5 44
26,444

4 .4 2 .7 -

1.0 -

2 .9

6.7

10-67

1 .7

1.4

2. 1

2.0

3 .4

2. 1

3 .7

2. 3

1.3

1.8

5 .1 -

5 .3 -

11-67

2.6

2.4

3. 1

3. 1

4.5

3.4

5 .0

3 .9

3 .3

4. 0

1.2 -

.4 -

2 6,4 22
15.0

26,7 32
2 6 ,0 8 9

7 .3 - 2 5 .3 .2 -

7 .0 -

15.8
9. 1

2.7

26,411

12-67

2 .6

2.4

3. 1

3.1

4.3

3.3

4.7

3 .8

3. 2

3. 8

.2

.5

3.9 -

0 1 -68

4. 1

4.0

4.7

4.9

6.2

5 .4

6 .9

6.2

6 .0

6 .8

3.4

4.8

5. 9

3.8

15.8

15 .8

3 0 .6

02 -6 8

4.9

4.8

5 .6

5 .8

7. 1

6 .4

7 .9

7.4

7. 3

8. 2

5 .4

6.8

8 .2

6.9

16.9

17.2

25.3

20.1

0 3 -68

5.9

5.9

6.7

7 .0

8 .3

7.7

9.2

8. 8

8 .8

9 .9

7.4

9.0

10.5

9.8

18.6

19.3

25.4

22.8

08-66 09 -66

.6 -

26,4 70
27 ,0 65
2 7 , 482P
25.6

28.009P

10-66 11-66 12-66 0 1 -6 7 02-67 03-67 04-67 05-67 06 -67 07 -67 08-67 09 -67 10-67 11-67 12-67 01-6 8 02 -6 8
I N IT IA L MONTH

P- PRELIMINARY
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
APRIL 11,1968
PERSONAL INCOME
COMPOUNDED ANNUAL RATES OF CHANGE
IN I T I A L MONTH

TERMINAL
MONTH

08- 66 09 -6 6 1C-66 11-66 12-66 01-67 02-67 03-67 04-6 7 05-67 06 -6 7 07-6 7 08-6 7 09 -6 7
09-66

10.7

10-66

8.9

BILLIONS OF
DOLLARS
ANNUAL RATES
10-67 11-67 12-67 01 -6 8 0 2 -6 8
594.1
5 9 7.5

7.1

602.1

11-66

9. 1

8 .4

9 .6

12-66

8.3

7.6

7 .8

6.0

01-6 7

8.9

8.5

e .9

8.6

6 0 5.0
610.4

11.2

61 2. 6

0 2 -6 7

8. 1

7.6

7. 8

7.2

7 .8

4.4

03-6 7

7 .8

7.4

7.4

6.9

7 .2

5 .2

04-67

7. 1

6.6

6 .5

5 .8

5.8

4. 1

3 .9

1.8

05-6 7

6.6

6 .2

6 .0

5 .4

5 .3

3.9

3.7

2 .6

5 .9

5.9

4.9

5 .0

4.6

6.1

8 .9

6 .3

6.3

5 .5

5.7

5 .7

7.0

8 .9

8.8

61 5.6

6 .0

61 6.5
3 .4

6 1 8. 2

0 6 -6 7

6.9

6.5

6 .4

0 7 -6 7

7.0

6.7

6.6

08 -67

7.2

6.9

6.9

6.6

6 .7

6.0

6.3

6 .4

7.5

9 .0

9.0

9.2

09-6 7

7. 1

6.8

6.8

6 .5

6.5

6.0

6.2

6. 2

7.1

8.1

7.8

7.3

62 2. 6
62 7.0
6 3 1. 6
63 4.4

5 .5

10-67

6.8

6.5

6.4

6.1

6.2

5 .6

5.8

5 .7

6 .4

7 .0

6.6

5.8

4 .2

2.9

11-67

7.2

6.9

6 .9

6.7

6.8

6.3

6.5

6.6

7 .3

8.0

7.8

7.6

7.0

7.8

13.0

635. 9
642.4

12-67

7.6

7.4

7.4

7. 2

7 .3

7.0

7 .2

7 .4

8.1

8 .8

8.8

8.8

8 .7

9.7

13.3

13.7

01 -6 8

7.3

7.1

7.1

6 .9

7 .0

6.6

6.8

6.9

7 .5

8.0

7 .9

7.8

7.5

8.0

9.8

8.2

02 -68

7.8

7.6

7. 7

7 .5

7. 6

7 .4

7 .6

7 .8

8 .4

9.0

9.0

9.0

9.0

9.7

11 .5

10 .9

9 .6

1 6 .6

0 3 -6 8

8. 1

7.9

8 .0

7.9

8 .0

7.8

8.0

8.2

8.8

9.4

9.4

9.5

9.5

10 .2

1 1.7

11.4

10 .7

1 4.8

08-6 6 09 -66

649.3
3.0

65 0. 9
6 5 9. 3
12 .9

6 6 6 . OP

1C-66 11-66 12-66 01 -6 7 02-67 03 -67 04-6 7 05-6 7 06 -6 7 07 -6 7 08 -6 7 09 -6 7 10-67 11-67 12-67 0 1 - 6 8 02 -6 8
I N I T I A L MONTH

P- PRELIMINARY




PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
APRIL 16 .1 96T




7

Retail Sales

I9 6 0

1961

1962

1963

1964

1965

1966

1967

1968

Source: U.S. Department of Commerce
Pe rc en tages a re annual ratesof change between periods indicated.They are presented to aid in
comparing most recent developments with past "trends.’’
Latestdata plotted: March preliminary

Prepared byFederal Reserveionic ofSt.Louis

Personal Income
Ratio Scale
Billions of Dollars

M onthlyTotalsatAnnual Rates
Seasonally Ad ¡usted

Ratio Scale
Billions of Dollars

Percentages are annual ratesofchange between periods indicated. They are presented to aid in
comparing most recent developments with past "trends."
Latest data plotted: March prelim inary

Prepared by Federa I Reserve Bank of St. Loui*

GRCSS NATIONAL PRODUCT IN CONStANT 1956 DOLLARS

---------------------------------------------------------------------------- COMPOUNDED ANNUAL BATES flE CHANCE____________________________________________________ _

BILLIONS OF
TERMINAL_________________________________________________________ IN IT IA L QUARTER_____________________________ ___________________________ OOLLARS
QUARTER
ANNUAL RATES
Q* -$3 0 2 -4 3 OH-63 C1-6H C2-6H Q3-6H CH-6H 01-65 0 2 -6 5 03 -65 OH-65 0 1 -6 6 02 -6 6 0 3 -6 6 0H-66 01-6 7 0 2 -6 7 0 3 -6 7 OH-67
0 3 -6 3

6« 5

55H.7

OH-6 3

6.0

5.H

01-6H

6.2

6.0

6 .6

562.1
571.1

02-6»»

6.0

5.8

6 .0

5.H

03-6H

5.8

5 .6

5 .7

5.2

5.1

0H-6H

5 .1

H.9

H.7

H.1

3 .5

1.9

0 1 -6 5

5 .7

5.6

£ .6

5.3

5 .3

5.H

9. 1

5 7 8 .6
58 5 .8
5 8 8 .5
60 1.5

0 2 -6 5

5.7

5.6

5 .6

5.H

5.H

5 .5

7 .3

5.6

0 3 -6 5

5 .9

5.8

5 .8

5.7

5 .8

6 .0

7.H

6 .5

0 4 -6 5

6 .2

6.2

6 .2

6.2

6 .3

6.6

7.8

7.H

8.3

9.1

01 -6 6

6.3

6 .3

6 .3

6.3

6.H

6.7

7.7

7 .3

7 .9

8.1

7.1

0 2 -6 6

6 .0

5.9

5 .9

5 .9

5 .9

6.1

6 .8

6.3

6.5

6 .2

H.8

2.H

03 -6 6

5 .8

5.7

5.7

5.6

5.7

5.7

6.3

5.8

5 .9

5.5

H.3

2.9

3.H

OH-66

5 .6

5.6

5.6

5.5

5 .5

5.5

6 .0

5 .6

5.5

5.2

H.2

3.3

3 .7

0 1 -6 7

5 .2

5 .1

5. 1

5.0

H.9

H.9

5 .3

H.8

H.7

H.3

3 .3

2.H

2.H

1.8

0 2 -6 7

5 .0

H.9

H.9

H. 8

H.7

H.7

5 .0

H.5

H.H

H.O

3.2

2.H

2.H

2 .0

6 0 9 .7
7. H

6 2 0 .7
63H.H
645.H
6H9.3
65H.8
3 .9

661.1
.2 1.1

6 6 0 .7
2.5

66H.7

03 -6 7

5.0

H.9

H.9

H.8

H.7

H.7

H.9

H.5

H.H

H.1

3.H

2.7

2 .8

2.6

2.2

3.5

H.5

OH-67

5.0

H.9

H.9

H.8

H.7

H.7

H.9

H.5

H.H

H.1

3.5

3.0

3.1

3.0

2.8

3.8

H.5

H.6

0 1 -6 8

5.0

5 .0

H.9

H.8

H.8

H.8

5 .0

H.7

H.6

H.3

3.8

3.H

3 .5

3.5

3.5

H.H

5.0

5.3

6 7 2 .0
6 7 9 .6
6.1

689.7P

0 2 -6 3 03 -6 3 0H-63 01-6H C2-6H 03-6H CH-6H 01-65 02 -6 5 03 -65 OH-65 01 -6 6 02 -6 6 03—66 OH-66 0 1 -6 7 0 2 -6 7 0 3 - 6 7 OH-67
IN IT IA L QUARTER
P- PRELIMINARY
PREPAREO BY FEDERAL RESERVE BANK OF :ST. LOUIS
APRIL 17, 1968
GROSS NATIONAL PRODUCT IN CURRENT OOLLARS
COMPOUNDED ANNUAL RATES OF CHANCE
BILLIONS OF
DOLLARS
IN IT IA L QUARTER
TERMINAL
ANNUAL RATES
QUARTER
OH-67
02-6 3 03 -6 3 OH-63 01-6H C2-6H 03-6 H 0H-6H 01-65 0 2 -6 5 03 -65 OH-65 0 1 -6 6 02 -6 6 0 3 -6 6 OH-66 01-6 7 0 2 -6 7 0 3 -6 7
7. H

59H.7

OH-63

7.5

7.7

6 0 5 .8

01-6H

7.7

7.9

02-6H

7.5

7.5

0 3 -6 3

61 7 .7

e .i
6.8

6 2 8.0
6 3 8 .9

7.H

7.U

7 .0

7. 1

0H-6H

6.8

6.7

6.0

5 .5

3.9

0 1 -6 5

7.5

7.5

7.3

7. H

7 .6

1 l. H

02 -6 5

7 .5

7. 5

7.H

7.6

7 .7

9.6

03-6H

6H5.1
6 6 2 .7
675.H

7.9

0 3 -6 5

7.7

7.7

7.7

7.8

8.0

9.H

8.H

8 .9

OH-65

8 .0

8.1

8.1

8.H

8.6

9.8

9 .3

10 .0

6 9 0 .0
70 8. H

11.1

7 2 5 .9

0 1 -6 6

8.2

8.3

8.H

8.6

8.9

9.9

9.5

10.1

10.7

10 .3

0 2 -6 6

8 .0

8.1

8 .1

8.3

8.5

9 .3

8.8

9 .1

9.1

8.2

6 .1

8.5

7 .7

6.H

6 .7

7 3 6.7
7H8.8

0 3 -6 6

7.9

8.0

8.0

8. 1

8 .3

8 .9

8 .5

8 .6

OH-66

7 .9

7.9

7.9

8.1

8 .2

8 .7

8 .3

8.H

8 .3

7.6

6 .7

7 .0

7 .3

7.2

6 .5

5 .6

5.H

H.7

2 .2

6.9

6 .2

5.H

5 .2

H.7

3.H

H.7

5.9

5 .9

5.7

5.1

6.6

8« 6

0 1 -6 7

7 .5

7.5

7 .5

7.5

7.6

8 .0

7.5

7 .5

0 2 -6 7

7.3

7.3

7 .2

7.3

7.3

7 .6

7.2

7.1

762.1
7 6 6.3
77 5.1
7 9 1 .2

0 3 -6 7

7.H

7.H

7.3

7.H

7.H

7 .7

7.H

7.3

7.1

6.5

OH-67

7 .5

7.5

7.H

7.H

7 .5

7 .8

7.H

7.H

7 .2

6 .8

6*3

6 .3

6 .2

5 .9

7.2

8.5

8.H

7 .7

7.7

7 .5

7 .1

6.8

6 .9

6 .9

6.8

8.0

9 .1

9.3

0 1 -6 8

7.6

7.6

7.6

7.6

7.7

8.0

8 0 7 .3
1 0 .3

8 2 7 . 3P

02-6 3" 0 3 -6 3 CH-65 01-6H È2-6H Ò3-6H 0H-6H 01-6ÏT 0 2 -6 $ 03-6$ 0H-6S 0 1 -6 6 Û2-66 0 3 -6 6 0H-66 0 1 -6 7 0 2 -6 7 0 3 -6 7 0H-6 7




I N IT IA L QUARTER

.

PREPAREO BY FEDERAL RESERVE BANK OF S T. LOUIS
Arf»RIL 17 1*68

9

Demand and Production
Ratio Scale
B i l l i ons of D o l l a r s

QuarterlyTotals at Annual Rates
Seasonally Adjusted

Ratio S c a le
B i l l i on s of D o l l a r s

Li GNP in current dollars.

Source: U.S. Department of Commerce
12 GNP in 1958 dollars.
Percentages are annual rates of change between periods indicated.They are presented to aid in
comparing most recent developments with past "trends.”
Latest data plotted:1 stquarter1968 preliminary




Prepared by Federal Reserve Bank of St. Louis

10
CONSUMER PRICE INDEX *
COMPOUNDED ANNUAL RATES OF CHANGE
TERMINAL
MONTH

195 7- 59 /

IN IT IA L MONTH
07-66 08 -6 6 09 -6 6

10-66 11-66 12-66 01-67 02-67 03-67 04-67 05-6 7 06-6 7 07 -67 08 -6 7 09 -67

08-6 6

5 .4

09 -66

4 .3

10-66

4.3

3 .8

4.3

11-66

3.5

2.8

2.7

1.0

10G

10-67 11-67 12-61. Q1 - 6 8
113.8
11 4. 1

3 .2
114.5
114.6

12-66

3.0

2 .4

2. 1

1.0

1. 1

C1-67

2.5

1 .9

1.6

.7

.5

02-67

2 .3

1 .8

1.5

.8

.7

.5

1. 1

03 -6 7

2.3

1 .8

1.6

1. 1

1.1

1.1

1.6

04-6 7

2.4

2 .0

1.8

1.4

1.5

1.6

2. 1

2 .7

3 .2

C5-67

2.4

2.1

2.0

1.7

1.8

1.9

2 .4

2 .8

3.2

114.7
114.7

.0

114 .8
11 5.0

2.1
115.3
3.2

115.6

06 -6 7

2.6

2 .3

2 .2

2.0

2. 1

2.3

2 .8

3 .2

3 .5

3.7

4 .2

07 -6 7

2 .8

2.6

2 .5

2.3

2 .5

2.7

3 .2

3.6

4.0

4 .2

4.8

5.3

Ü8-67

2.9

2 .7

2 .7

2 .5

2 .7

2 .9

3. 3

3 .7

4.0

4 .2

4.6

4.7

116.0
116.5
116.9

4.2

09-67

2.9

2.7

2 .6

2.5

2.6

2 .6

3 .2

3 .5

3 .7

3 .8

3 .9

3.9

3.1

2.1

10-6 7

3.0

2 .8

2 .8

2.6

2 .8

2 .9

3.3

3 .6

3 .8

3.9

4.0

3.9

3.5

3. 1

4 .2

11-67

3. C

2.8

2 .8

2.7

2 .8

3 .0

3 .3

3 .5

3 .7

3.8

3.8

3 .8

3.4

3. 1

3 .6

3. 1

12-67

3.0

2 .9

2 .9

2 .8

2 .9

3.1

3 .3

3 .6

3.7

3.8

3 .9

3.8

3.5

3 .4

3 .8

3 .6

4 .2

01 -68

3. 1

3.0

2 .9

2.9

3. 0

3.1

3 .4

3 .6

3.8

3.8

3.9

3.9

3 .6

3.5

3.9

3 .8

4. 1

4. 1

02 -68

3 .2

3 .0

3 .0

2.9

3. 1

3 .2

3.5

3 .7

3.8

3.9

3.9

3.9

3 .7

3.6

3. 9

3.9

4. 1

4. 1

07-66 08-66 09-66

10-66

1 1-66

117.1

12-66 01-67 02-67 03 -67 04 -67 05 -6 7 06-67 07-67 08-6 7 09-67

117.5
117.8
118.2
118.6
4.2

11 9.0

10-67 11-67 12-67 01 - 6 8

IN IT IA L MONTH
*

NCT SEASONALLY ADJLSTEC
PREPARED BY FEDERAL RESERVE BANK. OF ST . LOUIS
MARCH 27,196 8
WHOLESALE PRICES, ALL COMMODITIES *
COMPOUNDED ANNUAL RATES OF CHANGE

TERMINAL
MONTH

IN I T I A L MONTH
07-66 08-66 09-66

08-66

4,6

09-66

2.3

10-66

1957- 59 /

11-66 12-66 01-67 02-67 03 -6 7 04-67 05 -6 7 06-67 07 -67 08 -67 09 -67

10-/S7 11-67 12-67 ni —6B
10 6-8

.0

106.8

10-66

.8 -

3.3 -

6.5 -

1 1-66

1. 4-

3.3 -

4.9 -

3.3 -

12-66

1. 1-

2.5 -

3.3 -

1.7 -

.0

01-67

.4 -

1.3-

1.7-

.0

1.7

106.2
105.9
105.9
3.4

106.2

02 -6 7

. 6-

1.5 -

1.8 -

.6 -

.4

.6

2.2 -

03 -6 7

1.0 -

1.8 -

2. 1-

1.1-

.6 -

.8-

2 .8 -

3.4 -

04-6 7

1.4 -

2 .1 -

2.4 -

1.7 -

1.4-

1 .7 -

3 .3 -

3.9 -

05 -67

.7 -

1.2-

1.4 -

.6 -

.2 -

.2-

1.1-

.8 -

06-6 7

__ . 1.1

.6 -

.6 -

. 1

.7

.8

.2

.9

2.3

5 .8

5 .8

07 -6 7

.3 -

.3 -

.4

.9

1.0

.6

1.1

2 .3

4 .6

4 ,0

2.3

08-6 7

. 3-

.7 -

.7 -

.1 -

.3

.3

.2 -

,2

.9

2.3

1.1

1 .1 -

4.4 -

09 -67

.2 -

.5 -

.6 -

.0

.3

.4

.0

.3

1.0

2.1

1.1

.4 -

1.7-

1.1

106.0
105.7
4 .4 .6

105.3
5 .9

__ 1JQ5..8_____
106.3
106.5
__10.6* 1_____
106.2

. 2-

.6-

.6-

. 1-

.2

.2

. 1-

.1

.7

1.5

,7

.6 -

1 .5 -

.0

1.1-

. 1-

.4 -

.5 -

.0

.3

.3

.0

.3

.7

1.5

.8

.2 -

.8 -

.4

.0

12-67

. 3

.0

.0

.5

.8

.9

.6

.9

1.4

2.1

1.6

.9

.7

2.0

2.3

4.0

7 .0

C 1-68

.5

.3

.3

.8

1.1

1.1

.9

1.2

1.7

2.4

2.0

1 .5

1.3

2.5

2.9

4.2

5 .8

4.6

1. 0

.8

.8

1.3

1.6

1.7

1.6

1.9

2.4

3.1

2.8

2 .4

2 .4

3 .6

4. 1

5 .5

7 .0

6.9

10-67
_ ? 1-6 7___

02 -68

100

07-66 08 -66 09-66

10-66 11-66 12-66 01-6 7 02-67 03 -6 7 04 -6 7 05 -6 7 06 -6 7 07-67 0 8 -6 7 09 -6 7

106.1
1.1

IP A- 2 _
10 6.8
107.2
9 . 3 __

108.0 P

10-67 11-67 12-67 01 - 6 8

IN IT IA L MONTH
* NCT
SEASONALLY ADJLSTEC

P----Preliminary_________________________________ __________ ____________________________________ PREPARED BY FEDERAL
http://fraser.stlouisfed.org/
MARCH 27,1968
Federal Reserve Bank of St. Louis

RESERVE BANK OF ST. LOUIS

11

Prices
Ratio Scale

Ratio Scale

1957-59=100

1957-59=100

S o u rce: U.S. D e p a r t m e n t of L a b o r
Percentages are annual rates of change between periods indicated.They are presented to aid in
comparing most recentdevelopments with past "trends.”
Latestdata plotted:February prelim inary




Prepared by Federal Reserve Bank of St. Louis

12
WHOLESALE PRICES - INDUSTRIALS COMMODITIES *
_____ £QMPQUM.D£D ANNUAL RATES QF CHANGE_________
100

i
o
o

0
1
o

l i f f l L __________________________________________________________IN IT IA L MONTH_______________________________________________________ 1957-59 /
MCNTH
07-66 C8-66 09 -66 10-66
12-66
02-67 03 -6 7 04-67 05 -67 06 -67 07-67 08 -6 7 09-67 10-67 11-67 12-67 0 1 -6 8
08 -66

.0

09-66

.0

10-66

.4

.6

1.1

11-66

.9

1. 1

1.7

2.3

12-66

.7

.9

1.1

1. 1

.0

01-67

1.1

1 .4

1.7

1.9

1.7

3 .5

C2-67

1.3

1.5

1.8

2 .0

1.9

2 .9

2 .3

03-67

1. 1

1.3

1.5

1.6

1.4

1.9

1. 1

.0

04 -6 7

1.0

1.1

1.3

1.3

1. 1

1.4

.8

.0

.0

05-6 7

.9

1 .0

1. 1

1.1

1.0

1. 1

.6

.0

.0

.0

06-6 7

.8

.9

1.0

1.0

.8

1.C

.5

.0

.0

.0

105.2
.0

105.2
105.3
105.5
10 5.5
105.8
10 6.0
106.0
106.0
106.0__
.0

__ 106.J)__

07-67

.8

.8

.9

.9

.7

.8

.4

•0

.0

»0

.0

.0

08 -67

1.0

1 .0

1.1

1.1

1.0

1.1

.8

.6

.7

.9

1.1

1.7

3.4

0 9 -6 7

1. 1

1.1

1.2

1.2

1. 1

1.3

1.0

.8

.9

1.1

1.4

1.9

2 .9

2.3

10-67

1.2

1.3

1.4

1.4

1.3

1.5

1.3

1.1

1.3

1.5

1.8

2.3

3. 1

2 .9

3 .4

1 1-67

1.4

1 .4

1.6

1.6

1.5

1.7

1.5

1.4

1.6

1.8

2.1

2.5

3. 1

3.1

3.4

3.4

12-67

1. 5

1 .6

1.7

1 .7

1.7

1.8

1.7

1.6

1.8

2 .0

2.3

2.7

3.2

3.1

3.4

3 .4

3 .4

01-68

1.6

1 .7

1.9

1.9

1.9

2 .0

1.9

1.9

2 .0

2 .3

2 .6

2 .9

3 .4

3.4

3 .7

3 .8

4.0

4 .6

02 -68

1.9

2 .0

2. 1

2. 1

2. 1

2 .3

2 .2

2.2

2 .4

2 .6

2 .9

3.3

3 .8

3 .8

4.1

4 .3

4.6

5. 1

106.0
10 6.3
106.5

07-66 0 8—66 09-66 10-66 1 1-66 12-66 0 1-6 7 i0 2-67 03 -6 7 04-67 05 -6 7 06-67 07-67 0 8 -6 7 09-67

10 6.8
107. 1
107.4
107.8
5 .7

108.3 P

10-67 11-67 12-67 0 1 -6 8

IN IT IA L MONTH
*
P

NOT SEASONALLY ADJLSTEC
Preliminary

PREPARED BY FEDERAL RESERVE BANK OF ST . LOUIS
MARCH 27 ,196 8
WHOLESALE PRICES - FARM PRODUCTS,AND PROCESSED FOODS AND FEEDS •
COMPOUNDED ANNUAL RATES OF CHANGE

07-66 08-66 09-66
03-66

1957- 59 /

IN IT IA L MONTH

TERMINAL
MCNTH

10-66 1 1-66 12-66 G1-67 02-67 03 -6 7 04-67 05-67 06 -67 07-67 0 8 -6 7 09-67

100

10-67 11-67 12-67 0 1 -6 3
111.3

16.4

111.5

C9-66

9. 1

2 .?

10-66

3.9 -

11-66

7 .5 -

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

12-66

6.9 -

11. 9 -

1 6 .1 -

01-67

5.2 -

9.0 -

1 1 .6 -

6 .5 -

.6 -

3.4

02-67

6 .5 -

9 .8 -

1 2 .0 -

8 .3 -

5. 1-

5.5 -

13.6-

108.8

1 2 .7 - 2 5 . 5 -

1 1 .0 -

107. 1
106.7

4.4 -

10 7.0
105.7

03-67

7. 1- 1 0 .1 -

1 2 .0 -

9 .0 -

6 .8 -

7 .6 -

1 2 .7 -

04-67

7 .8 -

1 0 .5 -

12. 1-

9.7 -

8. 1-

9.0 -

1 2 .8 - 1 2 .4 -

5.9-

3 .9 -

3.8 -

2.7 -

.5 -

05-67

5 .3 -

7.5 -

8.6 -

06-67

3. 1-

4 .8 -

5 .6 4 .5 -

.2

5 .5 -

1 1 .8 -

104.6
1 2 .9 -

103.4

2 .6 -

2 .3

20 .2

.4 -

3.2

8 .7

21 .4

2 2 .6

3.7

8.0

16.0

13 .9

105.0
106.8

07-67

2 .4 -

3 .9 -

1.8 -

.3

1.0

.6

5.8

08 -67

4 .0 -

5 .5 -

6. 1-

4 .0 -

2 .4 -

2. 1-

2.9 -

.9 -

1.4

5.3

.8

107.3

8 . 7 - 21. 1-

105.2

09 -67

3 .6 -

5 .0 -

5 .6 -

3.5 -

2 .0 -

1 .7 -

2 .4 -

.6 -

1.3

4 .5

.9

5 .5 -

1 0 .7 -

1.1

10-67

4 .2 -

5 .6 -

6. 1-

4.3 -

3. 1-

2.9 -

3.6 -

2.3 -

.8 -

1.4

2.0--

7 .4 -

1 1 .4 -

6 .1 -

1 2 .9 -

11-67

4 .5 -

5.7 -

6.3 -

4.6 -

3.5 -

3 .4-

4 .0 -

2 .9 -

1.7 -

.0

3.0--

7 .5 -

1 0 .5 -

6 .7 -

10 .4 -•

10 5.3
104.1
7.8-

10 3.4

12-67

3 .3 -

4 .4 -

4.8 -

3 .2 -

2 .0 -

1.8-

2 .2 -

1 .0 -

.3

2 .0

.3--

3 .7 -

5 .5 -

1.1-

1.9--

4.1

17.5

01 -68

2 .8 -

3 .8 -

4 .2 -

2.6 -

1 .4-

1 .2 -

1.6-

.4 -

.8

2 .5

.4

2 .4 -

3.7 -

.2

.0

4.7

1 1.6

5.9

0 2-6 8

1 .8 -

2 .7 -

3.0 -

1.4 -

.2 -

.1

.2 -

2.3

4 .0

2 .3

.0

.8 -

3.1

3.5

8 .0

13.8

12.0

07 -66 08 -66 09-66

1.0

10-66 1 1-66 12-66 01-67 02-67 03-6 7 04-67 05-67 06-67 07 -67 08 -6 7 09 -6 7

104.8
10 5.3
1 8 .5

106.8 P

10-67 11-67 12 -67 0 1 -6 8

IN IT IA L MONTH
* FRASER
NOT SEASONALLY ADJUSTEC
for
P Prel iminary________________ _

Digitized


PREPARED BY FEDERAL RESERVE S ANK OF ST« LOUIS
MARCH 27,1968

13

General Price Index

Ratio Scale
1958=100

* As used in National Income Account*

Ratio Scale
1958=100

Source. U.S. Departmentof Commerce

Percentages ore annual rates of change between periods indicated. They are presented to aid in
comparing most recent developments v* ith past "trends.”
Latest data plotted: lstqu arte rl968 preliminary

Prepared by Federal Reserve Bank ofSt. Louis

IMPLICIT PRICE DEFLATOR FOR GROSS NATIONAL PR00UCT
_________ CONEOUIIDgD ANNUAL RATES QF CHANCE__________
1 958 /

INITIAL QUARTER

.TERMINAL
QUARTER

100

02-63 03 -6 3 04-63 01-64 C2-64 03-64 04-64 01-65 02 -45 01-65 0 4 -6 5 01-66 0 2 -6 6 0 3 - 6 6 04-66 01 -6 7 0 2 -6 7 0 3 -6 7 04 -6 7
107.2

01-6 J_

.8

04 -6 3_

1.5

2.3

91-64

1.5

1.9

02 -64
03-64
04-64

107.8
1.5

108.2

1.4

1.6

1.3

1.1

108.5

1,6

1.8

1.6

1.7

2.2

1.6

1.8

1.7

1.7

2 .0

01-65

1.7

1 .9

1.8

1.9

2.1

2 .0

2 .2

02-65

1.8

1.9

1.9

1.9

2.1

2.1

2.2

2 .2

03 -65

1♦ 7

1.9

i.e

1.8

2. a

1.9

2 .0

1. 8

04-6 5

._L *1

1.9

01-66

1 . 8 _ -2.0_

109.1
1.9

109.6
110.2
110.8
11 1.2

1.5

1.8

1.8

2 .0

1.9

1.9

1.8

1,6

1.8

1.9

2*0

2.1

2. !

2*1

2.1

2* 1

2 .4

2 .9

11 1.7
112.5

02 -66

2.0

.2 *1.

2.1

2 .2

2.3

2 .3

2 .4

2 .4

2.8

1 .3 1 .6

03 -66

1* L

2 .2

2.2

2.3

2 .4

2 .4

2.S

2 .5

2 .6

2 .9

3 .2

3 .4

3 .2

04 -66

_2 . 2

2.3

2.3

2.3

2 .5

2 .5

2 ,6

Z.J*

IfT

It*

3 .2

3 .3

3 .2

01 -67

..... 2 i l ,

2 .3

2t?

2 .4

2«3

2t3

2«t

2 .4

2 .7

2tf

3 .1

3 .1

2 .3

2 .3

2 .4

2 .3

2 .?

2 .6

2 .8

2 .9

2 .9

2 .7

2 .6

2 .3

2.1

2.4

2*4

2t7

2 .7

2 .9

3.0

3.1

3 .0

2.9

2 .8

3 .0

3 .8

3 .2

3.8

3.8

3 .5

3 .9

3.9

02-67

2 . 2 __.2.3_

03-6 7

2.3

2.4

2 .4

04 -67

2.4

2.5

*•5

01 -68

2.4

2 .5

2 .6

2*5

....2.5.

?t5

?.6

2i7

2 .7

2«e

2*6

2.7

2 .8

2 .6

i.f

2«!

113.5
114.4
3 .2
2*8

115.3
2 .5

1*9

1 .1

1 *2

iti

1. 1

3 .0

5. 1

3 .2

3 .3

3 .2

3 .2

3 .3

116.0
11 6.6
117.7
11 8.8
4.1

1 2 0 .OP

02-63 03-6 3 04 -63 01-64 C2-64 0 3 -64 04-6% 01-45 6 2 *4 S 0 1 -6 1 0 4 -6 4 0 1 -66 02 -6 6 Ó Ì- 6 6 04 -66 T l - 6 7 “ 02 -6 7 0 3 -6 7 0 4 -6 7

PRELIMINARY
Digitized forP-FRASER


PREPARED BY FEDERAL RESERVE BANK OF S T. LOUIS

APRIL I t ,

1946