Full text of National Economic Trends : April 1970

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nftnonflL Economic
PREPARED

MONTH E N D IN G :

BY

March 31, 1970

FEDERAL

RESERVE

BANK

t r e iid s
OF

ST. LOUIS

R ELEASED:

April 22, 1970

Total spending rose at a reduced 3.5 per cent rate from the
fourth quarter of 1969 to the first quarter of 1970 (pages 8 and 9),
but price increases accounted for the entire gain. Real product de­
clined for the second consecutive quarter (pages 8 and 9), falling at
a 1 per cent annual rate from the third quarter to the first quarter.
Final sales (total spending other than for inventory accumulation)
rose at a 5.5 per cent rate over the last two quarters (pages 10 and
11), compared with a 7.2 per cent increase in the previous year.
Final sales adjusted for price increases rose at a 0.9 per cent rate
from the third to the first quarter, compared with a 2.1 per cent in­
crease in the previous year.
Much of the recent slowdown in economic activity has occurred
in consumer durable purchases, housing, inventory accumulation and govern­
ment spending. Consumer spending other than for durable goods remained
relatively strong in the most recent two-quarter period, rising at an
8.7 per cent rate, compared with a 7.9 per cent increase in the previous
year. Spending on consumer durables did not rise from the third to the
first quarter in dollar values and declined in real terms. Automobile
sales were particularly sluggish over the period. Nonresidential fixed
investment (which includes spending on producers' durable equipment and
structures) rose at a 6.4 per cent rate from the third to the first quar­
ter, while spending on residential structures declined at an 8.1 per cent
rate. Government spending rose at a reduced 1.7 per cent rate over the
most recent two-quarter period, compared with a 7.2 per cent increase in
the previous year. A decline in the change in business inventories during
the last two quarters of $7.8 billion, compared with an increase of $25.5
billion in final sales over the same period, indicates the significant
contribution of the inventory factor to the overall economic slowdown.
Industrial production rose slightly in March (pages 4 and 5),
but was down at a 4 per cent annual rate from August. Payroll employment
rose at a 1.3 per cent rate from August to March (pages 2 and 3), after
increasing 3.5 per cent in the previous year. Personal income increased
at a 5.7 per cent rate from August to March (pages 6 and 7), compared
with an 8.8 per cent rise in the previous year.
Prices rose at a 5 per cent rate from the fourth quarter of
1969 to the first quarter of 1970 (page 15), little changed from the 5.1
per cent increase in the previous year. Wholesale prices of industrial
commodities increased at a 4.6 per cent rate from August to March (pages
13 and 14), compared with a 3.6 per cent rise in the previous year.




2
TOTAt

C IVILIA N

IN IT IA L

TERM INAL

EMPLO YM ENT

THOUSANDS

M ON TH

OF

M ONT H
8- 6R

0 -6 R

10-68

11-68

17-68

1 -69

2-60

3-60

4 -69

5-69

7-69

6 -69

8-69

9 -69

10-69

11-69

12-69

1-70

PERSONS

2 -70

1 .4

7 6 .0 6 5

10- 6 *

1 . *»

1.2

7 6 .1 4 3

11-68

2 .2

2 .7

17-68

2 .R

3.*

4 .3

4 .5

1-60

3 .5

4. 1

5 .0

5 .5

6 .4

7-69

4- 1

4 .7

5 .5

6 .0

6 .8

7 .1

9 -6 R

7 6 .4 0 0

4 . 1

« 6 ftl

76

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

3-69

3 .8

4 .?

4 .8

5 .0

5.1

4 .5

7 .0

4 -69

3 .2

3 .5

3 .8

3 .8

3 .6

2 .7

0.5

-O .o

5-69

2 .4

7 .5

2 .7

7 .4

2 .0

0 .9

- 1 .0

- 2 .5

- 4 .1

6-69

2 .8

7 .9

3 .9

3 .0

7 .8

7.1

0 .8

0 .5

1.7

fe.a.1

7-69

2. «

3 .0

■* .1

1 .0

7 .8

2 .7

1 .1

1. 1

1 .8

4 .8

7 7 . 5 B9
7 7 .3 7 1

. __

7 7 .7 4 1

1 .0

7 7 .9 3 1

R- 6 0

2 .R

3 .0

1 .7

1 .1

2 .9

2 .4

1 .6

1.5

2 .2

4 .3

3 .1

O -f e q

2.7

2 .8

7 .0

7 . R

2 .6

7 .7

1 .5

1 .4

1.9

3 *.4 .

2 .4

78 • 142

3 .3

7 8 .1 9 4

0 .8

..

7 8 .4 4 5

10-69

?. R

2 .9

3 .0

2 .9

7 .8

2 .4

1 .8

1. 8

2 .2

3 .5

2 .7

7 .7

2 .3

3 .9

1 1-69

7-7

7 . R

2 .9

7 .8

2 .6

2 .1

1 .7

1 .7

2.1

1.1

2 .4

2 .3

2 .0

2 .6

1.3

17-69

7 .7

2 .8

2 .9

7 .8

7 .7

2 .1

1 .9

1 .9

2 .2

1. ’

2 _ « 6 . _ _ . 2 a.5 _ ____2 . 1

2 .8

2 .3

3 .2

3 .4

2 .9

2 .9

2 .8

3 .3

3 .1

4^0

4 .7

1 .9

2 .6

7.1

2 .0

1 .7

1 .9

1 .4

1 .5

0 .6

- 1 .1

--- 2 m.8_____ 2 m A . .......2 . 3

2 .1

7 .4

7.1

2 .7

1 .9

0 .5

4-5

7-69

8-69

9-69

10-69

11-69

12-69

1 -70

2-70

1-70

2 .R

2 .9

1.0

1 .0

? .*

2 .5

2 .1

2 .2

7-70

2 .5

2 .5

2 .6

2 .5

2 .4

2 .1

1^7

1 .6

1 -7 0

7-6

2 .7

2 .7

? - 7

? -S

2 .1

1 .9

1 . 9 ____

10-68

11-68

1-69

2-69

8-63

9- 6 R

17-68

1-69

4-69

.

5- 6 Q

IN ITIAL

6 -69

7 8 .5 2 1
7 8 f 717

PAYROLL

TE RM TNA t

7 8 .8 7 7

F*®LOYMFNT

A NNUAL

RATES

IN IT IA L

OF

RESERVE

B A NK

OF

MO NT H

O -^q

10-68

9-6 R

1 .9

T
C

3 .0

4 .2

3 .4

4 .2

4 .2

11 1 - 6 8

1L2 - 6 8

1-69

2-60

3 -60

4-69

5-69

6-69

7-69

8-69

9-69

10-69

11-69

12-69

1-70

6 8 .1 9 5

6 8 .6 6 4

3 .5

4 .0

4 .0

3 .8

1-69

'♦ .0

4 .5

4 .6

4 .8

6 8 .8 7 5
5 .8

6 9 .1 9 9

2 —6 9

4 .2

4 .6

4 .7

4 .9

5 .5

*%. 1

3-69

4 .1

4 .5

4 .6

4 .6

4 .9

4 .5

3 .9

4-69

3. R

4. "

4 .0

4 .0

4 .0

3 .5

2 .6

5 -69

3 .R

4 .0

4 .n

4 .0

4 -ft

l.A

1.1

6-69

3 .9

4. 1

4 .1

4. 1

4 .7

1 .9

1 .6

7-69

1 .5

3. 6

3.6

1 .5

3 .4

3.1

7 .6

R—6 9

1 .5

3-7

1.6

3 .6

1 .6

1 .7

7 .9

6 9 .4 8 7
6 9 .7 1 0
4 Q . 7 ft4

1 .4
1 .9
1 .4

ft.O il

7

7 0 t 100

4 .5

5 .0

2 .1

2 .7

7 .0

- 0 .9

7 .7

1.1

2 .8

1 .7

7 0 .7 4 7
4 .4

f l . Sftft

7

3. 1

3 .2

3.1

3 .0

.2 . 9

7 .6

7 .2

7 .0

2 .1

1 .6

0 .5

1.7

- 1 .9

10-69

3 .2

3 .3

3 .3

3 .2

3 .1

7 .8

7 .5

2 .3

2 .5

2 .2

1.5

7 .3

1 .3

4 .5

11-69

3 .0

3.1

3 .0

7 .9

7 .8

7 .5

7 .7

7 .0

2.1

1.8

1.1

1.7

ft.8

7.1

17-69

2 .3

2 .0

2 .8

2 .7

7 .6

7 .1

7.1

1 .9

1 .9

1 .6

1.1

1 .5

0 .8

1 .7

0 .7

0.8

1-70

2. R

2 .9

2 .8

2 .7

2 .6

2 .3

2.1

1 .9

2 .0

1 .7

1.3

1.6

1.1

l.§

0 .9

1 .6

7 .4

7 —7 0

2 .8

2 .9

2 .8

2 .7

2 .6

7 .4

2 .7

7 .0

7.1

1 .9

1 .5

1 .8

1 .4

7 .1

1 .4

7 .0

7.7

i.ft

■*-70

2 .7

2 .8

7 .7

2 .6

7 .5

2 .1

7.1

1 .9

1.9

1 .8

1 .4

1 m1 _ _

1 .1

1 .8

1 .1

1 .7

7 .0

r.a

ft.7

9- 6 R 1 0 - 6 8

11-68

12-68

l r 69

2-69

3 -69

4-69

5-69

8-69

9-69

10-69

11-69

12-69

1-70

7-70

IN ITIA L
P -

PERSONS

2-70

6 8 .4 2 7

12-68

R -6R

LO UIS

THOUSANDS
OF

8 —6 8

9 -69

ST.

'

CHANGE

M O N TH

11- 6 R

7 9 f 112

MONTH

P R E P A R E D BY F E D E R A L
A P R 11
11.
1970
COMPOUN DED

7 9 ,0 4 1

6 -69

7 -69

7 0 .1 9 0
7 0 .6 5 1
-ft. 1

7 ft.4 1 «
70 f 679
7 0 t 818
70. 990»
71 . 0 1 1 »

MONTH

PR ELIM INARY




P*E*A*eO BY FEOERAL RCSERVf BANK OF S T . L O U IS

_

3

Em ploym ent
Ratio S c a l e

Ratio S c a l e

Source: U.S. D e p artm e n to f Labor
Percentages are annual rates of change (or periods indicated.
Latest d a ta plotted: March preliminary




Prepared by Federal Reserve Bank of St. Louis

4

INDUSTRIAL

PRODUCTION

TTm raW Ö E B ANNUAL RATÉS OP CHANGÉ
TFÖMTMAL
MONTH
"TT-A'ÏÏ.. 9 - M "

t

ü=wr T ï - W

I N I t i AL M Ö N T H
1957-59
____________________________________________________________________________
1 2 - AS.. T - T T ..■ T = C T " 3 - A V 4 - A 9 H = C T ” A - « 9
7 - C T ■ | - W " 9 - ATT 1Ö- A9 T 1 - A 9 n - w - " T - T T T ....7 - 7 0 .......

165.9

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2.9

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12- 6R

A. 7

6.9

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6.6

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168 . 7
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6.9

4.7

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5. A

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773“

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A. 7

7.5

6.6

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9.6

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9-69
nr-69
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t 2-69

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1
a

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6.5

TTr74
171.7
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6.9

7.5

6.4

173.7
174.6

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5. 5

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' 5 7 T ......^ TV" .... 573“

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4.6

4.2

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114.3

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4.8

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0.5

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173.9

4. 1

4 . ft

4.1

3. 5

3.1

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2 . ft

2.8

3.1

1. V

I

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?.î

>.*5 ..... t .5~

1.8

1.4

1.3

2.2
""T'.T"

I.Ö

ô.ô

Ô. 7

-0.2

-0.5

-3*1

-5*4

-1.4

-3.0

-4.7

-5.4

17 3. 1

-ë.3

-11.2

-6.3

-6.7

-2.1
-4.1

171.4
1 7 1. 1

1.9

1.4

1.2

o. ê

Ò.7

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-1.2

-2.0

-3.4

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-5.6

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170

d.A

r i . 4 "-7T77“ - I . Ö

-1.3

- 2 .1

—3 . 3

-4'.7

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1.6

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0.6

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-3.8

-4.0

-4.2

-4.0

-2.1

-2.1

10 -6 8 1 1 - 6 8 1 2 - 6 8

1-69

2-69

3-69

4-69

5-69

6-69

7-69

8-69

9-69

10-69

11-69

12-69

1 . 0 .... 177"
«-69

..

-5.4

9-68

Ò. 1

-6.1

170. 2
tA4.4<>

0.0

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1

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0

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INITIAL MONTH
P - PR F LI NT N AP y




PREPARED
w

i t

BY F E D E R A L R E S E R V E BANK OF ST. L O U I S
u
t ô--------------------------------------------------------------------------------

Ratio Scale

Industrial Production

Ratio Scale

Percentages are annual rates of change for periods indicated.
Latest data plotted: M a rch prelim inary




Prepared by Federal Reserve Bank of St. Louis

6
R E TA IL SALES
"OMPOUNDED ANNUAL RATES OF CHANGE
“ TERMINAL
MONTH
....T - W

MILLIONS OF
DOLLARS

I N I T I A L MONTH
B-6H

Jl-M

I Z - 6R

7-69

1- 6 9

3 -6 9

4-69

0 -6 9

5-69

7 -6 9

8 -6 9

9^69" l b - 6 9 "TT-"ft!9" 1 2 - 6 9

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....

2 9 ,^ 4Z P

I N I T I A L MONTH
P - PRgt IMfNAQY__________________________________________________________________________________________________________________________________________________________ .
PREPARED BY FEDERAL RESERVE BANK OF S T . LOUIS

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ I p H|i

,|6>...W f p ----------------------------------------------------------------------------------------

PERSONAL INCOME
------------------------------------------------------------------------------------------------------------------------- ANNUAL RAT ES OP CHANGC------------------------------------------------------------------------------------------------------------------------------------------------------B I LL IO N S OF
T ERMI NAL--------------------------------------------------------------------------------------------------------------------------- I N I T I AL MONT H--------------------------------------------------------------------------------:-------------------------------------------- DOLLARS-------MONTH
ANNUAL RATES
■■9=*'g"lü-M n - & T T T - * R
7 -6 9
4 -6 4
T = * T " ”3 -6 9
4 - S 9 “ " T = R 9 “ 5 = 5 9 T ’ ... r=* v “ 8 T - T 9 i q - 6 y T T - 1 >9 " 1 7 - 6 9
1 -7 0
2- W
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8 .6

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8 .3

8 .5

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8. 6

8.^

8.4

8 .2

8 .3

9 .6

9 .8

7 .8

5 —6^

« • •»

8. 4

8.3

8.2

8.2

9.Z

9.2

+

8.5

8.é

9.4

8. 5

8.6

9.3

6-A9
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8. 7

8.7

8. 6

7 1 8 .7

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1 1 .«»

9.4

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8.7

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9.1

10.4

9.1

9.6

8.9

751.4

8-6^

8.«*

8.8

8. 8

8.7

8.8

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9.è

9.^

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8.5

8. 5

8.4

8.4

8.4

8. 9

8.9

8.4

8.5

8.6

8.1

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10-69

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8.1

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763.7

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7.9

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7.6

7.6

1 .1

6.6

5 .4

t.8

7.3.

7.3

7.2

6.7

6.2

5.3

5.3

5.5

4.8

7.8

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5.7

^.8

6.0

6.0

9-68 10-68 11-68 12-68

1-69

3-69

4-69

5-69

6-69

7-69

8-69

2-69

4. 8
■” t

."

767.6

:t

770.6
6 .2
” t ; 5 ”

774.5
... T7ifr;5^.......

¿ .4

6.4

6.4

6.5

9-69 10-69 11-69 12-69

1-70

2-70

7 8 2 . 6P

I N I T I A L MONTH
P - PREIfMI NARY




'

t60.7

PREPARED BY FEDERAL RESERVE BANK OF S T . LOUIS

m il i*> t o ----------------------




7

Retail Sales
Rafie Scale

Ratio Scale

Source: U.S. Department of Commerce
Percentages are annual rates of change for periods indicated.

lerivstdeta plottodt February preliminary
Prepared by Federal Reserve Bank of St. Louis

Personal Income

1962

1963

1964

1965

1966

1967

1968

1969

1970

Source: U.S. Deportment of Commerce
Percentages are annual rates of change for periods indicated.
Latest data plotted: March preliminary
Prepored by Federal Reserve Bank of St. Louis

8
GROSS NATI ONAL PRODUCT I N CURRENT DOLLARS
” ■ "CHMPOUNDED ANNUAL RATES OF CHANGE
INITIAL

INAL
QUARTER

1 —66

3—66

4-66

1-6

2 -6

r

r

3-6 f

4-6 r

2 - 6 8 ... •§—6to

1—60

4 —6 u

l-6y

7 - 6 V ” ■3= 5 9 — 4—69

691. I
710.0

Tft.4~_ 11.4
l 1.4

10.H

TT74

r t v .o

2-66

I T T. T

IÒ.2

0.6

7.8

3-66

0.4

9.4

8.7

7.4

743. 3

_

7.0

0.2

0. t

8.5

7.6

7.5

8.1

l-At

8.1

7.0

7.2

6.1

5.6

4.0

1. 8

7.7

7.4

6.8

5 . 0 ...

5.4

4.0

3.3

4.0

3—6?

7.8

7.6

7.1

6.4

6. 1

5.9

S.2

6. 9"

8.0

4-67

7.8

7.7

7.2

6.6

6.4

“ 6T3‘

5.0

7.3

8.5

8.1

1-68

8.0

7.9

2-68

8.3

“ 572”

_ 7VT

774 .2
78 3 . 5
HOu. 4
816.1
9.7

7.0

6.0

6.0

6.7

7.0

8.0

¥.0'

7.9

7.5

7.5

7.6

f. 5

8.6

0.6

0.8

in.

t

11 . /

835.3
..................

3-68

"T;!-

8.2

8. ft..

7.6

7.6

7.7

7.6

8.6

0.4

0. 5

ift.o

10 . 1

" 8.5'

4-68

8.3

8. 2

7.0

7.6

7.6

7.7

7.6

8.5

0.1

0. 1

9.4

0.2

8.0

7.6

1-69

8.2

ft. 1

7.9

7. 6

7.6

7.6

7.6

s •^

8.8

8.8

0.0

8.8

^. 8

7. 5

2- 60

8.2

8.1

7.8

7.6

7.6

... T 7 & "

7.6

8. ¿T

~8V6

8.6

8.7

8. 5"

7.7

T 74

7.4

7.3

77 ?

7.6

7. 6

7.6

7.6

8.2

~5T6"

'8. 5"

8.6

8.4

y. 8

7.6

7.6

7. 6

8.0

“3 - 6 0 .....

8.2

... 8 7 T '

T557T
................7 ru •.7

4—6 6

_

'

1-66

B I L L I O N S OF
DOLLARS
ANNUAL RATES

0.4

1-65" "
.... 4-6*5

4-6*>

c
c
1

4-6*>

2- 65

QUARTER

4-69

7.9

f •&

r. 6

p-Ç-

f. 5

f.4

/. 3 .... 775

"'”5 7 r .

8.0

1- 70

7.7

7.6

7.4

T.l

7.1

7.1

7.0

7.4

7.7

7.6

2-65

3-65

4-65

1-66

2-66

3-66

4-66

1-67

2-67

3- 67

INITIAL

1h ;

u

'

ì

775.... '"7". 2'
4- 67

1-68

»! >a. f
876.4
7T92. 5
9 UB. /

.' 7 7 5 ....

-974V8
...... . " 942T8 ”

f. 1

6.9

6. '

6.4

6.0

4 . Ö ............

6.6

6. 3

6.0

5. 7

5.2

3.8

3.5

2- 68

3-68

4-68

1-69

2-60

3-60

4-69

952 . 2

"
... ....

960.4P

QUARTE*

P - PRELI MI NARY
PREPARED BY FEDERAL RESERVE BANK OF S T .
APK1L 161 IV fU

___ ....

L OUI S

GROSS NATI ONAL PRODUCT IN CONSTANT 1058 DOLLARS
CDM^auNDEfr An n u a l KATES O’* CHANGE
INITIAL

TERMI NAL
QUARTER
2-65
" 1 - S 5 ..
4-65

3-65

4 - 6 1)

1- 6 6

¿ —66

3—66

4-66

1- 6 r

2-6 f

QUARTFR

3-6 f

..... ..

4 - 6 ! ” T = 6H

(if—ÖÖ

4- 6w

4-68

T75” ." " ' I T T '
t.o

*.9

3.7

■*—66

6. 5

6.1

5.0

3.4

4 —66

6.2

5. a

4 . 9 ... "779"

4.0

1 —57

5.2

4. 7

3.7

2.7

2.3

1.9

-1.0

8. 1

64V. I
' ............ ... ~ 6 5 3 TO..............
3.2

660.2
668. 1
666.5

?- 67

4.8

4.3

3.5

2.6

2.4

2.1

Ö.7

3—6 7

4. 8

4.4

3.7

2.9

2.8

2.7

2 . d .... 3'."5

4.^

4-67

4.6

4.2

*5•6

3.0

2.0

2.8

2.3

3.4

3.9

3.3

1-68

4. ?

4.4

3.0

T.T

3.3

3.3

3.0

4.

4.6

4.6

5.9

2-68

•>.0 ■

*77.

4 . 7 ...... T."8"

3.8

3.0

3. t

4. t

*.3

!>. 5

6.6

r.

3-6«

4.9

4. 6

4.2

3.8

3.0

3.8

4.6

5.0

5. 1

5.8

5.7

3 •6

2.4

ft

670.5
’" 5 7 8 . 0
“

4

...............
4.0

............

4. 8

4. 5

4 . 1 ......3 . 8

3.8

3.8

3.7

4.4

4.7

4.8

5.1

4.9

3.6

3.2

1-69

4.6

4.4

4.Ö

3.7

377"

3.6

"477"

4.4

4.4

4.6

4.3

3.3

2 . 9 ...... 2 . 6

3.7

3.0

3.5

3.5

3.6

3.4

3.0

4.1

4.0

4.2

3.8

3.0

2.6

Z.3

2.0

3.7

3.4

3.4

3.4

3.3

3.7

3.9

3.8

3.0

3.6

2.8

2.5

77T

2.1

1.6

ì.£

T ;t j

4-69

4.Ö

3.8

3.5

T. 2

3.1

3.1

3. 0

i.4

3.4

3.3

3.3

4.0

¿.4

1-70

1.7

3.5

3.2

2.0

2.8

2.8

2.6

2.0

3.0

2.8

Z. 8

2.4

177

1.3

2-65

3-65

4-65

1-66

2-66

3-66

4-66

1-67

2-67

3-67

4-67

1-68

2- 68

3-68

.........

r r .T

-0.4

0 . 9 ■' ‘ U 7 5

0.0

-1.0

-1.6

1-69

2-69

3-69

4-69

4-68

’ 718.5

"
7r?

12 Ì

. I

- 776.7
7 ^ 0 . 6 ---------72*7.8------/ ¿ 6. 9H

QUARTER

P - PRELI MI NARY




.....-

'71?. 8

”

4. 2

....

.......7 0 5 . 8
"

---------

4.1

INITIAL

683.5
" 693 . 3

4-68

4. 5

...... S 2 7 . S - ........

636.6

t.3

.....4 . 3

4—
' ..........

9.4

1- 6 6

2-69

3-69

8.2
8.8

2—66

3-69

1-69

B I L L I O N S OF
TTOLLARS
ANNUAL RATES

PREPARED BY FEDERAL RESERVE BANK OF S T . L OUI S
AFw i L l b , m y u ---------------------------------------------------------------------------------

9

Demand and Production
Ratio Seal«
Trillions of Dollars

Quarterly Totals at Annual Rates
Seasonally Adjusted

U .G N P in current dollars.
12GNP in 1958 dollars.
Percentages are annual rates of change for periods indicated.

Ratio Seal«
Trillions of Dollars

Source: U.S. Department of Commerce

Latest data plotted: Istquarter prelim inary




Prepared by Federal Reserve Bank of St. Louis

10
FI NAL SALES I N CURRENT DOLLARS
COHPHONDEO 1
a n n o t i : W 1 T R UF CHANGE
TERMINAL
QUAPTPP

BI L L IO N S OF
DOLLARS
ANNUAL RATES
4-é V "

I N I T I A L QUARTER
¿-65

3—63

4-6 V

I —ft®

z-6o

¿- Of»

ob

1- 6 r.. Z - 6 f

3-a r

4-6 r

ÿ—b i

t - o v ” 7-69

3— 6a

3-69

9.5

éi2 . 1

4—65

io . 3

II. 1

l-o o

IM.4

10. V

....... 7 0 0 .3
U ). o

66

9 .0

8.9

'.8

5.1

3-6 6

9. ?

9.1

«.4

...771

9.6

4 -ft 6

>1. ?

b«o

7 .?

6 .1

0*6

1-6 7

8.2

8.0

7 .3

6.5

t.o

5.8

■7.9

Z-67

8.2

8.0

7 .5

6.8

7.3

6.5

8 .0

8.1

J^ - o If

"T.Ü

f • ÎJ

F.3' "

6.8

771'..

6. ! )

7.5

f. 1

6.^

4-6 Ÿ

7.9

7. 7

6.9

7.2

6.7

7.4

7.3

6.9

7.3

1-6«

8.5

8.4

8.1

7 .7

8. 1

7.9

8 .7

8.9

9.2

IÔ .6

14.1

?-&«

9.4

8 •^

8.b

"7": 7

8.0

7.8

8.5

8.6

8.8

9.6

10.7

"7.5

W4i«ii

3-68

9.Ö

9 .7

id .5

to•71 10.0

•49 .2

“T .3

7Ü7« 1
7 4 4 .Ö "
3.7

750 . è
7 4 S .2
7 Ì0.Z

8. ^

8 •^

A .z

7.9

8 .3

8.1

8 .7

8.9

4-68

8 . -J

8. 2

8.0

' '7 . 8

8 .0

7.9

8.4

8.5

8.5

i-oM

8. «►

4. 3

H. 1

f .9

8. 2

8.0

8. 5

8.6

8.6

8. 2

8. 0

7.8

8.1

7.9

8 .4

8.4

3-6 9

8.Z

8« 1

7.9

7. 7

7.9

7.8

8. Z

8.?

4 -0 9

» .o

(J

/. 8

'. b

r .8

r.6

8. 0

1 —7 c*

7.9

7.8

7.6

T .5

7.6

7.5

2 - 65

3- 6 5

4- 6 5

1- 66

2- 66

3- 6 6

2- 6 9

1^2.4
9 04 *1

8 . 9 ......9 . 3

1

* 3 .4

7 .8

8.Ö

119. n

9.4

8.2

8 .S — 7#7

*9.4

8.5

8. 7

9.0

8.0

8. 1

8.3

7.2

8.?

0.4

8.6

7.7

7.8 " “ 7.2

7 .6

6.7

8. rJ

^.9 " 18.1

8. Z

7. 4

r.4

6.9

7. l

^•3 ..... 5 . 9

5 : b ........ ............... " w ; *

7 .8

7.8

7.7

7.9

7.9

7 .2

7 .1

6.7

6.8

6. 1

5. 8

5.5

5.6

4- 6 6

1- 6 7

2- 6 7

3-67

4-67

1- 68

2- 68

3-68

4-68

1- 6 9

2- 6 9

3-69

4-69

6.0

7. 5

912.0
..................—

6.3

f e r i v i ”— ..........

♦ i i .0
.........

9S7 . 5P

I N I T I A L OUARTF»
P - PRELIMINARY
PREPARED BY FEDERAL RESERVE BANK OF S T . LOUI S
A M i l 16» IV f ö
FI NAL SALES IN CONSTANT 1958 DOLLARS
COMPOUNDED ANNUAL RATES 1DF CHANGE

■*-6 *

4-é$" ' 1 -66

2-44

8. 1

4 - 65

8.5

9.0

1- 66

Ô.I

A. l ... T . 3

2- 66

6.2

5.6

4.0

0.«

3- 66

6.2

5.7

4.7

3.4

6. 1

4—66

5. 2

4. 6

3. ^

2. 3

3. 1

1- 67

5.2

4.7

3. 9

3. 1

2-67

5. 3

4.9

4. 2

3.6

3- 67

4.9

4.5

3.9

3.3

4-67

4.7

4.3

3.7

1- 68

5. 2

4.9

2- 64

5.0

4.7

5.0

1

3- 6 6

4- 6 6

1-47

2 - 6"

3-67

4-67

T-4A

Z-68

3-68

4-68

1- 64

2- 64

3-6 9

4 - 69
6 1 4 .0

3- 65

9*
00

¿-65

jj

BI L L I ONS OF
DOLLARS
ANNUAL RATES

I N I T I A L QUARTER

TFRMINAL
QUARTFP

4 2 7 .3
8.4
639.6
4 4 9 .1
Ô .2

649.*

3.9

2. 8

6 ^8 .0

4.3

3.8

5. 6

5.8

3.4

3. 3

4.4

3.4

2.0

3.2

3.6

3. 2

3.9

3.4

2. 2

2.5

4.4

4. 1

4. 6

4. 3

5. 2

5. 1

4.0

6.4

10. 5

4.3

4.0

4.4

4.t

4 . 8 ......4": 7“

4.4

5.Z

6 .6

2.9

4.8

4.4

4. 1

4.5

4.3

4.9

4.6

5.3

6« 1

4.2

"57T
3 .5

5. 3

4.8

467.4
4to.7
6 7 4 .8
"4 9 1 . 8
6^6. É
7 0 6 .3

4-6«

4.«

4.5

4.2

3.9

4.2

4.0

4.5

4.4

4. 1

4.5

5. 1

3.3

1- 60

4.A

4.5

4.2

4. 0

4 .’

4 .1

4.5

4.4

4.2

4 .4

5. 0

3.7

3.9

2- 69

4.6

4.4

4.0

3. 8

4. 1

3.9

4.2

4. 1

3.9

4.2

4 . 5 ....f . 3

3.4

2.7

3.3

z.o

3- 6 9

4. 3

4. 1

3. 8

3. 5

3.A

3.6

3.9

3.7

3.5

3.7

3.9

2.8

2 .1

"2.3

1. 1 '

G. 3

------T : 5 ■

2.8

1.5

7 0 9 .0

” 371.. T . 7

Vi 7. Z
72 0 .7
7 2 1 .3

4-69

4. Z

3.9

3. 6

3.4

3. A

3.4

3.6

3.5

3.3

3.4

Z. &

2 .5 ......i : 9

?:o

1.1

0. f

l •ò

1- 70

4. 0

3.7

3.4

3. 2

3.4

3. 2

3.4

3 . 3 “ .... 3 . fi

3.1

3 .2

2.3

2.2

1.7

1.7

l.o

0.7

0.9

2 - 65

3- 65

4-65

1- 66

2-66

3-66

4-66

3-67

4-67

1-6 8

2-68

3 -6 8

4-6 8

1-69

2- 6 9

3-69

1-67

2 -6 7

TS7 T ~ .... 7 2 4 . 4F

4- 6 9

I N I T I A L 1QUARTER
P - PRFLIMTNARY




PREPARED BY FEDERAL RESERVF BANK OF ST* LOUIS

iwti-igr’
iTyq----------------------

11

Final Sales
Total Spending Less Changes in Business Inventories
Ratio Scale

Quarterly Totals at Annual Rates

Ratio Scale

Source: U.S. Department of Commerce
Percentages are annual rates of change for periods indicated.

Latest d a ta plotted: Istq u a rte r p relim inary




Prepared by Federal Reserve Bank of St. Louis

12
CONSUMER PRICE INOEX *
___________________________________________________________________ r.nMpmiNnpn a n n iia i r a t e s o f CHANGE--------------------------------------------------------------------------------------------------------------------- -----------.lE P q iM A l_____________________________________________________________________ T M IT f AL MONTH----------------------------------------------------------------------------------------------------------------------------1 9 g ? -? 9 __?_1Q0,
MHNTH
8-68 9 - 6 8 i o - a a 1 1 -6 8 1 2 - 6 S__ 1 -69 -.2 -6 9 ...3-&9.... 4-6 9 ___ 5 -69 6 -6 9 7r:M — 8 -6 9 9 - 6 9 I Q - 6 ? 11-69 12-69 l r l f l . .. .fraUL

12 2 .2

9- ^3

**. 0

1 o-<>«

S.T

7. 1

11 - *R

5.0

6.0

5.0

l?-*8

4.5

5.0

4.0

’ .0

122.9
123.4
123.7
124.1

l-f>9

4.4

4.7

4.0

?-5

4.0

2-A9

4.5

4.8

4.2

3.9

4.4

4.9

3-69

5.3

5.6

5.4

5.4

6.3

7.5

10.1

4-69

*5.6

6.0

5.8

5.9

6.7

7.6

9.0

_ 5-49

5.4

•>.

5. «;

5.6

6. 1

6.7

7.3

5.9

3.9

6- 6 Q

5.6

5 . 9 ..... 5 . 8

5.9

6.4

6.9

7.4

6.5

5.8

. 7-69

5.7

5.9

5.8

5.9

6.3

6.7

7.1

6.3

5.8

6.8

5.8

A - AQ

5.A

5.8

5.7

5.8

6.1

6.4

6.7

6.0

5.6

6.1

5.3

4.8

Q-AQ

5.6

5.8

5.7

5.8

6. 1

6.4

6.6

6.0

5.6

6.0

5.4

5.3

5.7

10 - 6 9

5.5

5.7

5.6

5.7

5.9

6.?

6.3

5.8

5.5

5.8

5.3

5.1

5.2

4.7

1 1- A 9

5.6

5.8

5.7

5.8

6.0

6.2

6.4

5.9

5.6

5.9

5.5

5.5

5*7

5.7

6.7

12-69

5.7

5.9

5.8

5.9

6.1

6.3

6.5

6. 1

5.9

6.2

5.9

5.9

6 .2

6.3

7.1

7.6

1- 7 0

5.7

5.8

5.8

5.8

6.0

6.2

6.3

6.0

5.7

6.0

5.7

5.7

5.9

5.9

6.3

6.1

4.7

*>-70

*.7

5.0

5.8

5.9

6.1

6.2

6.3

6.0

5.8

6.0

5.8

5.8

6 .0

6 .0

6.4

6.3

5.6

6 .6

■»-70

5.8

5.9

5.8

5.9

6.1

6.**

6.4

6.1

5.9

6.1

5.9

5.9

6 .1

6.1

6.4

6 . 3 5 . 9

6.5

6.5

8-68

0-68

10 - 68

2- 69

3-69

4-69

5-69

6-69

7-69

8-69

1-70

2-70

7

11 - 6 8 1 2 - 6 8

1-60

124.6
125.6
126.4

7.9

126.8
127.6

7.8

128.2
128.7
129.3
129.8

9- 69 10-69

130.5
131.3

11-69 12-69

131.8
132.5
133.2

INITIAL MONTH
— NH1_S.EA SON A LL Y..A.!) J U S T£ P

..
W H O L E S A L E PRICES«
C O M P O U N D E D ANNUAL

I N I T ? AL M O N T H
O-Aft 1 0 - 6 8

9-68

4.5

io- 6 a

2.2

0 .0

11-6 8

3.4

2.8

11-6 8

12-6 8

1-69

2-69

3-69

4-69

5-40

1 9 5 7 - 5 9 » 100

6-69

7-69

8-69

9 - 6 9 lft-69 1 1 - 6 9

12-69

1— 7 0

2-70

109.

.1
109. 1

5.*

1 0 9 . ,6
1 0 9 . .A

1 2 —68

3.1

7.6

3.9

2 .2

1-A9

4.5

4.5

A -0

A.2

in.^

2-A9

4.5

4. 5

5 _A

*5-A

7.*

4.4

V-A9

4.8

4.8

5.8

5.9

7. 1

5.5

A.7

4-6 9

4.4

4.4

5.2

5.1

5.8

4 t4

4.4

2 -2

5-AO

5.1

5. 1 _.... 5.9__

5.0

A.7

5. A

A.*

A. |

A-A 9

5,0

5,0

5,7

7-AO

4 tA

4 TA

«-AO

A. A

4.«

5,7
■5 ^

6*3

5*1

4.7 _

4.4

«.n

lift.

1 1 1 ..1

n i ' ,9
in. j

1 1 2 ..fl.......

5**

5*8

•5t «5

7.2

4.3

4*8

4 .8

4*4

5.1

2.7

1 ,,i

4:9

*-?

*.7

4 T1

7 .1

11
,1

1 1 * 1 12
r3
I 1 3-^4 ......

1 ,, 1

Q —AO

4,2

¿*1

**5

4 t4

4*6

4.0

3,0

3**' ■ 3*7

2 .1

I ,,4

I,•6

2*1

10 — A O

4 T2

4 r1

4 t5

4,4

4*6

4,0

3,9

3,6

3*8

2*6

2 ,,1

? ,5

3*2

4*3

1 l-AO

4.4

4t4

4 t7

*T

*T°

**4

4,3

4,1

4, 3

3,4

3i,7

■
»,i8

4t 7

f . o

7.4

1 2-69

4.4

4,4

4.7

4.6

4*8

4.3

4. 3

4, i

4.3

3. 5

3,,4

3,,g

4.6

5.4

5*9

4.3

T

1-70

4,7

4, 7

5,0

*5,0

5.2

4 ,8

7— 7 O

A.7

4.7

5.0

4.0

5.1

... 4 . 7

**-70

4.5

4.5

4 . ft

4. A

4.0

8-68

9-68

11-68

12-68

10-68

ll3i 16
114, ,0
___ 114, , 7 ......
115..t

4.8

4.6

4.9

4. 3

4,,3

4,■
8

5.6

6.5

7,2

7,0

°*8

A.

ft

4 yA

A. A

4.»

4,,3

4 ,7

«.4

A 7rt

A t4

4.4

7 ,A

4. A

£l - A

A. 4

4.4

4.1

. 4.n

..... A..4

4.0

« 4

e.A

1-69

2-69

3-69

4-69

5-69

6-69

7-69

8-69

9-69 10-69 11-69 12-69

1 16.. 9
1 | A rA

4 7.
2. 1

a . i

11 A.. A ..

2-70

INITIAL MONTH
JÈ— NOT— S E A S O N A L L Y A D J U S T E D ______________________________________________________________




........ .

n i l ,7

1

8 -6 8

0

TERMINAL
MONTH

P R E P A R E D B Y F E O E R A L R E S E R V E BANK OF ST. L OUIS
.......... A P R I L 22, 1 9 7 0
ALL COM MOD ITI ES *
R A T E S .O F C H A N G E _____________________________________________ :_______ !_____________

PREPARED BY FEOERAL RESERVE

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

13

Prices
Ratio Scale

Ratio Seal*

1957- 59=100

1957- 59=100

'_______ L I _____ I_______ I___ 1___ I_____ I_J______ ' I _____ j 95

_____

1962

1963

1964

1965

1966

1967

1968

1969

1970

Source: U.S. Department of Labor
Percentages are annual rates of change for periods indicated.
Latest data plotted: March




Prepared by Federal Reserve Bank of St. Louis

M
WHOLESALE <»RICCS - I NDUS T RI AL COMMODI TI ES *
COMPOUNDED,. ANNUAl__ RAT £ S OF CHANGE_________
- I F RMINfllMONTH

- - I N I T I A L -- M O N T H —

-3 ^ 3 —

2 = 6J

,10 - 6 3

,1 1 -6 3

1 2 -6 8 —

L n ft3 —

2= h a —

1 -6 9 —

—

- 1 9 5 7 - 5 9 m 100

S .t 6 9 ____h = .L 2 ____7 - 6 9 ____f l - 6 9

9 - 69

m -6 9

ii-6 9

i? -6 9

1-7 0

? -7 0

_.9.-6a._____ 3 . 4 ■

109 .Z

1 0 - 6 8 _____ 4 . 5_

J J 1 9 . I _______

_i ^ a.
.1 2 - 6 8

?-69

■?^2

3,. 6

3. 7

4.5

4. 7

4.4

5.6

7.9

4,. 6

4. 9

4.7

5-6

6-7

3,3

1 1 0 , 2 __________
1 1 0 ^ 9 __________
1U 4

3-69

4,. 9

5. ?

5- 1

5 - ft

6-7

4-69

4 .4

4. 6

4.4

4,9_

5 . i __ _ 4 ^ 4

5-69

4,. 1

4. 1

3.9

4.?

4.4

6-69

3 .6

3. 7

3*4

—3*6 l „

3*7-

7-60

3.5

3. 5

3. 3

- 3* 4

ft- 69

3 .6

3. 6

3.4

3.5

9-69

3. 6

3 . 7 - .3*5

. 3*6- .

__ 1 t ? T n__________

^,1

...

3. a
?.9

3.6

11 2. 1

__I . L-

._ 2-.S__ .. 2* 2-

l -1

1 .1

0^7

0.5

0.0
i.i

~3t 4 __ 2*7

2*2

1. 1

1*1

3.6

3.(1

7.5

1. 7

1- 9

3.1

- 2. 8-

- 2. 2

2.4

..3 * 6

-

10 - 6 9

3. 8

3. 9

3.7

3.9

3t 9

3. 5 .

3*2

. -2* 8— — 3 . 1

1 1- A O

3,9

3,9

3 - ft

3.9

4,0

3,6

?.4

i .?

3, 9 . _ 3^3__—- 3 * 9 -

12-69

,9

\-7A

4.n

4, 0

i.Q

—4*0—

7-70

4 .n

4 ,, n

3-9

3-7n

4 o

,

4« n

3. 9

8 - 68

9- 6 R 10-68

n

- 4*0__ 3 * 6 - - 3^5

3*1 -

3.4

112.4

2^23.3

4.4

2.7

3*6-

4,3

3.5—

4 * 3 - „- _5*1_.

"3,6

4.3
4.3

- 3*7-

_

4.Q

11

*i, 4

- A*5-

*, 1

5.4

4, 3

5*0

4.3

4 .a - -4^9

A. 1 _ 3. a

3 ^ A - __ 3 . 3

3.6

3*9.

. 4*5

4- 1

4- 1

3, «

3T7

^.4

1,7

3.9

4 .4

4 .8

if ,

-4-.0-

4.0

.. 3*8

3.6

3.4

3.6

3.9

4*3

4*6

... 4 .6

12-68

1- 69

2-69

3-69

4-69

5-69

6-69

7-69

8-69

11 - 6 8

TNIT!at

in ,?

- .4*3 -

4 * 0 - — 5*0—
^

1 1 3 . a ------------------

- 5 * 4 - ___ 4^.6

114.2

4 ^ 3 .....
4*8—

___

114.6

-5.-4 -

4,5

4,6

4,9

4*^-

4.3

4*3— — 3*7 - -- 3 * 4 ? ---------- _ v i 5 * a

1 0 - 69 11- 69

12-69

4.3

1-70

l l 15.

2-70

MONTH

PREPARED RY FEDERAL &ESERVF BANK OF S T .
APRJ.t. J , 197 a —
WHOLESALF PRI CES - FARM PRODUCTS, AND PROCESSED FOODS AND FEEDS*
....._
CnilPQUNDEO ANNUAL- RATES- OF .CHANGE........................... — ........
— IN IT IA L

- T E RM I M A I.

.a=.68___9 - 6 8 1Q- 6B

-1.,7

1 1 - 6 8 12-. 6B___1nfcS___2^L<3l ^ 3 = L 9 .....4 - 6 a . _ 5 . T 6 9 - -¿ u z h 9 ___7.-69___E=.63___9 - 6 9 1.D- A9. 1 1 t 6 9 . . 1 ? - 6 9 ___1-.7D__ 7--IQ..
- 1 Q&.6-

-IP .

10 7.4

,5

7.

-1 ,.6 10,,5

7., 0

-0 .,7

1- 6 9

4.,7

?*-69

4. , 3

.8

- 1 Q B . 1-

5.,7

M

3,,4

9. , 7 ..

ft.6

16,6

3, , 1

7,,4

6.4

9.7

7.,5

6. R

ft.ft

iaa.4 103*&
-

3-69

4.

4. ,5

5 -6 9

R . n _____ Z - J ____i n > 9 ____ l l . n ____ L 3 * J ____ 1 7 . 7

,9
3 i>7

6 ..6 - 5 . 9

8 , 6 - - 1 1 ,-5___L l * 7 _
7-6.9_____ ~U9 ____ 2*3___LO*2___ 1 0 0 -

-8-69_____tuJk___ 6-J)___ a,_L
«v 7

.7*a

7tn

I D - 6 9 _______ 5 * 2 ______4 * 3 _____ 6 . 4

_5 . 6 — _ Z - L .
- 6*0-

5 . 7 --------Z * L -

-110.Q

2* 2-

4-69

11-69

7 ,9

5*a„

7 . 1 ... 4 . 1

1 3 * 5
- L U S —

4 2 * 9

_ L 10 * 7

5*0

U U I

I 5 . f t

1 8 . 5

2 7 ,6

1 5 ^ 8

1 2 * 4

— 1 3 . 6

-4 7 ^ 7

J , A

_ 0«^)

115*5-

--------------

114,6.

^ 4 . 6 ____ - = S U Q ~ .

- 7 * 3 ____6*2 — - 6 . a —

6 .6

7 .5

0 .5

- 4 * 1 ___=¿*1___=*3*L___________ _____

- L 4 j4*1

-6*6____5 * 5 ___ 5 , 9

5*6.___ 6 . 2

0 .4

- 3 * 1 - - - 4 * 1 — - 1 * 6 ____ 0*0_________

— 14 4 . 3 . .

- 7* 4--------6*5-------- Z*Q____ k*9____ 1*5____ 2*8____ 0*4____ 0*5____ 1*9____ 7 . 6

7 .-fl

- 8*3-

J 7*7- _ 8 * 2 -

6 , 5 ____ z*a_

7 „6

_a*i _

_2*5____ 7 . 9

-6.4

--6*2-------- 7*4—

-J*2_

ft- 68

9-68




0X5.5—

— f l * 2 -------------2 * 6 ------------- 8 * 5 ------------- a * 3 --------- L Q * 3 ______ L * 8 —

- 6*6

10-68

— 1-14*1-

1 5 . f l ____1 . 9 * . 9 ___ 4 H . 7 .
.

- 7*4—

- 1 - 7 0 _____ 6*8___ -6~- 6-____ a* 0_

1 1 0 .9 ,

2.2

-6 * 9 -

?-7fi_____ 6*7-,

LOUIS

19571-59 = j m

MONTH

_9-_6B____ L Q * i

10 —6 ft
11 - 6 8
12-68

15
-------

4. °
4,6 9-69

____

- 7.0

—7*6------- X . a —

11-68 12- 68

1-69

7.» 42-69

~A*9

7.5

a . 6—

3*5

1*9-

8*2

a.9-

5 * 4 - - * . 0 --- 4 .

7* 9 -

a*5-

5 . 4 ---- 4 * 2 ---- 4 * E _

7*3

7.8

5 ^ 5

3-69

4-69

5- 69

-

IN ITIA L

-

3 * 8

6-69

15 .7-

— LL5*2_

-4*a--- 7*6.- X L * 5 --- 7*5 -.... _

l - l &*4

-7^7— 10*6-- 14*4— 13*7— 20* 27.-3--- 0*5-- 12*0-- L0*8-- 12-5

4*3-7-69

- -8*08-69

9-69

448*2--

-u a*i-

—5*2—

9 ^ 7 ------- 8*3— -8 * 5 --------3*4--------1*0
10- 6«» 1 1 - 6 9

12- 69

1-70

111

2-70

MONTH

PREPARED BY FEDFRAL RESERVE

BANK OF S T .

L OUI S

15

General Price Index*
Ratio Seal«

Ratio Scalo

1958=100

1958=100

1962

1963

1964

1965

1966

1967

*A> tiMd in National Incam« Account!
Percentages are annual rates of change for periods indicated.

1968

1969

1970

Source. U.S. D e p a r t me n t of Commorco

Latestdata plotted: Istquarter preliminary
Prepared by Federal Reserve Bank of St. Louis

IMPLICIT
I C * D E F L A T O R FOR GROSS N A T I O N A L P R O D U C T
------------------------ C O M P O U N D E D A N N U I L R A T E S O F C H A N G * ----------------------------

“ T95B «

" T W T T n r n QUARTER

term inal

100.....

-

OUARTf*»
Ï —^*6

7-*^>

3” ^6

4-fcè

1- Ä T

7-67

3-67

..i - w

1—

../ - m r " ..3 - 6 T " '""*¡-»'9..
il l.ù

1.
4 —* ^

1•

1.*

111.5

1-1» A

■v.

^.4

i l ¿.'4 ..............

7-6A

?.

5 —46

?.

4—
t-4 7

*.

*-6 1
"v -/ rr..—

t

: —
„

4 .Ö

5.6

5.**

*.6

5. Ü

's.*»

3.4

91.*

5 .?

3 ,0

3. I

5.4

3. ^

5.2

r:i"

5 . 5 .... \ : t

T ;r.

7.4

3.>

3.1

1 .1

' '5 .T

5.4

5.*

5.?

U è .*
4 .7

11 tfc« 1

4.5

4.$

4.1

4.1

*.4

5.5

S .*

3.5

5.4

5. &

3. S

5 .6

TTBT

4 . 1 ..■■"47T

5.9 '

410"'

5.

5•

5.4

3.6

;5

5.7

5 .«

4.1

5.9

4 .0

*.

3 .*

5.7

1 .^

5.

^ •£

5.

3 .Y

3.1

Z-6*

3.

l-> n

'

■ 5;t "

5 . é “ " T :i"'"

* .9

3.

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4.0

3.

5 .^

4.

1,

5 .9

3-65

3 .9
4 .0

4 .Ö

4. t

♦. l

4.1

4.1

4.1

4-6*5

1-66

2-66

ft

t

ll< ».4 ~
5 .7

' * .l

IZÜ .9
12 1 .f
4".T5'

1 7 7 .9

5 . 71

5 . 11

5.9

4.1

4. 1

4.tt

“ ~47T~

4.2

.....‘4 . 5

3.8

5.9

4. 0

4.2

4: r

4.2

4.5

4.4

4 . ft

5.9

4 .0

4 .1

4.4

4.4

4.4

" 47* '

4 .1

4.1

47T"

4.7

4.1

4. ?

4 .2

4.4

3-66

4-6 6

1-6 7

"" T T T ”

4Y6 '“ 4".8"'

12 4.2
4.9
5.1

i7T». r ■

5.2

17 7 .3
....

4.5

4.5

4. &

4 .8

5 .Ö

5. 2

5 . ,5

*s.4

4.5

4.5

4 .Î

4. B

4.4

... 5 . T "

5.1

T>. 1 ... i4 i:

4.5

4.6

4 .6

4

4 .8

4 .9

5 .1 "

H .i

5.1

4.9

•».I

7-6 7

3-6 ?

1-68

2-6 *

3 -6 »

1-69

2-6 0

3-6 9

4-6 9

4 .5

IN IT IA L

4-6 7

4-6 8

t

"

&3 Ü .3
Ì5 ^ .ÌK

QUARTER

o - ORPLÎMIN pv




---------

116 . 7

?. 8
2 .4

5.$

5.

1-6«*

5.0

5.*5

5.

t-48

7-6 9

114.5
■ T r5 .ir

"5.2

5.5

4-6 *

4-6 *

113.5

5 •6
5.2

PREPARED BY FEDERAL RESERVE BANK OF S T . L O U IS
APRIL l b , 1H Ï ÏI--------------------------------------------------------------------------------

■

Inventories Compared With Monthly Sales*
Manufacturing and Trade

1956 T957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969

1970

’•'Ratios based on seasonally adjusted data.
Source: U.S. Department of Commerce
Shaded areas represent periods of business recessions as defined by the National Bureau of Economic Research.
Latest data plotted: February



Prepared by Federal Reserve Bank of St. Louis