Full text of National Economic Trends : April 1975
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n n iion m PREPARED M ONTH E N D IN G : March 31, 1975 BY Econom ic FEDERAL RESERVE BANK trcdds OF ST. LOUIS RELEASED: April 23, 1975 Preliminary data for the first quarter indicate that total spending, a(^oaj^) of movements in aggregate demand, declined for the first time since 1960. Also, real product registered one of the largest quarterly decreases on record since 1947. The reduction in spending and output took the form of a massive inventory adjustment, as the book value of goods in stock was reduced at an $18 billion annual rate. Business inventories had Increased by almost $18 billion at an annual rate in the fourth quarter, and so the estimated liquidation in the first three months of this year represents a decrease of about $36 billion in this spending category. To the extent that inventories are held as buffers which smooth the effects of variations in demand, the recent inventory adjustment is indicative of better days ahead for aggregate production and employment. There are, however, several provisos to this type of analysis in the current situation. For example, much of the adjustment so far this year has been in auto stocks, but the depressed demand in that market reflects more than the general forces of economic recession. Demand for new automobiles also has been affected adversely by Increased costs of new car ownership and uncertainty about the future energy situation. Increased aggregate demand would do little to counter these considerations. Spending other than for inventories (final sales) increased at a 7 percent annual rate in the first quarter, about the same rate as in the previous year. Fixed investment continued to decline, however, with decreases reported in the first quarter for all major categories. Consumer spending increased at a 9.5 percent annual rate in the first quarter. Purchases of durable goods increased somewhat from the depressed level of the fourth quarter, but much of this was due to the temporary auto-rebate program. The rate of Increase of prices has fallen off substantially in recent months. The implicit price deflator for GNP rose at an 8 percent annual rate in the first quarter, compared to a 12 percent increase over 1974. Similar patterns are evident in both the consumer and wholesale price indexes, with the wholesale index actually declining in each of the past four months. This slowing in the growth of prices is partly a response to the severity of the current recession but, more importantly, it reflects the first stages of adjustment to the unsustainable rate of inflation experienced last year. The fundamental rate of inflation in the economy continues in the neighborhood of 5 percent per annum and, in the absence of any further stimulative shocks, the pressure will be for the rate of Increase of prices to approach that level. rOTM C I V IL I A N EMPLOYMENT ANNUAt f U * « "OF"CTWN&F" “ IN IT IA L ^PNTH OF PFftSONS MONTH — 9 -7T 'T5=7 3 "I T - 73 12-73— 1 -74 ~T5^T3" ¿-74— 7-74 ft-74 1 9-74 15-^74 11 -K 'T F - r S 1-75 ' 1-75" T iT W "T ^ T To^nr fl5*457~ ~57T~ ~ 4 '^ r“ T7B “ T 7T “ 12-73 T-7* 2-74" 3 .Z 1.4 T .5 779” 1 .6 T .0 Y-n> — 2.4 771 -5=T4* 2*1 ¿-T T — n r 7-74 TV4” 5=74 " ' '775 ' “ TT^7T“ "m r “ T I-T 4 - 0,5 \ + 0 .8 % l 1 .4 277 179“ U 7 9 - TT.T1 ' D7ft ' r . 9 - "T 7 2 “ ' ”576“ IT T ;t " 85♦800 86t 0 .9 85*7*79 o : * " “ h J-.T- -T 7 I 0 .5 177" -O'.T - 0 .5 85» t b V 571 5 .9 ’ " 5 .9 ■ 2 ; c r ”I 7 r " ns- 170 o .r 5 . ft 7 . 0 " "1 .5 ” 1.5 1 .5 ” 1.4 “ 1 .5 " 77 T " 1 .1 0 .9 ' l.'Z 1.1 1.7 rv ? ■ l.z - r :i 1*2 “ I T T " V .V 1 T72" 1.5 8 6 * z /4^ —ir .>£ - 0 .0 86*402 I . ft X - 1 .* ^ 86 * 304 -4 .9 - ft.2 - 3 .7 -5 .4 -7.4 —6 . 6 - 1 .2 ’ _- r . 4 “ ■=V.5~ - 1 . » '"-1 .9"" - 2 .6 - 3 .0 - 4 .2 - 4 .7 " —6 . 3 - 7 .8 - 7 ; f " -8 .7 - l ^ r - -179' - T . l 57ft“ "5;ft- 1.1 0 .8 0 .7 —0 .2 I 1-2 -572 - 0 .9 -07ft- - 0 .9 P" -0 .9 -1.0 -17 7 - 0 .3 - 1 .7 - 2 .0 - 2 .2 9-73 10-73 11-73 12-73 1-74 2-74 - r .r 1.0 1.7 86* 4(J3 -2 .1 o r r - 0 .2 - 5 .3 " -074- ■■^575“ - 1 .3 4 .5 \ + 1 .2 % -3 .3 0 .1 -0 .5 ' - 0 .9 2 .4 86»08ft -2 .6 O'.7 ” “ 573“ -T.TT 2.1 2 .9 1 .4 ""1 7 7 1.5 062 0 .4 “ =171“ - 2 .5 079" - 0 .8 \ T79 0 .2 O’. 9' 7 )^ ’1 . 5 " ” 1.1 b -575 1 .4 “ ’ 1 .3 " 2=75— - 3 .4 " -TT78" - T .3 - - r . r 8-73 i 1.4 ■ - 0 .0 " -U74- 3-75 A 5 *W I ’.TT 2 : 5 " " 1 .4 “ — T7T " T .T T "” T77 TQh :74 B 5*5TT T7FH 3.8 — 4-74 I-T5 T - 74— 3 -74 ' 4 -75— 5-74 —Z .Z 3-74 85*689 V»/ /w 85* 202 84* 562 N . -2*5 - 3 .1 - 3 .b -4 . ? -9.1 -6 . !> -7. r - f.r —8 .0 —^ .3 V . 84* 0Z7 - 2 .5 -3 .1 - 3 .5 - 4 .4 —4 . ft -5.ft —6 . T —6 . 3 —6 .2 —5 .0 —Z .5 | 83* 849 4-74 5-74 6-74 7-74 8-74 9-74 10-74 11-74 12-74 1-75 2-75 9-74 10-74 11-74 12-^4 ' l-7 ‘i " 2-75 IN IT IA L MONTH PAYROLL EMPLOYMENT COMPOUNDS') ANNUAL P A T c j 0c <*HANGF TERMINAL IN IT IA L MONTH T '7 5 9^73 16-73 9-7* 16-73 11-73 U - f 3 “ 1 - 7 4 " "¿- 7 4 “ ■S-T4 ""4 —f 4 ¥-74 THOUSANDS 6->4 - 7- 74- 8-74 2.4 77*315 3*8 " 57T 11-73 ' *•0 ^ .7 4 .2 12-73 * .0 3 .2 2.1 0.1 1-74 2 .4 2 .4 1.4 0.1 0 .0 ¿-74 2.3 ¿ .3 1.6 6 .7 1.0 2 .0 s 3-74 2.1 2 .0 1.4 0 .7 0 .8 1.3 0 .6 4-74 2.1 2 .0 1.5 1.0 1.2 1.6 1.3 2.1 5-74 2.1 ¿ .0 t .4 1.1 1.3 1.7 1.6 2.1 2.0 6-74 2.0 1.9 1.5 1.1 1.3 1.5 1.4 1.7 1.5 1.0 7-74 1.9 1.8 1.4 1 .1 1.2 1.4 1.3 1.5 1.3 0 .9 0 .9 8-74 1.9 1.9 1.6 1.3 1.4 1.6 1.6 1.8 1.7 1 ♦6 1 .9 \ 2 .8 9-74 2.0 2 .0 1.7“ ~ i7 V " T76 1.8 1.7 1.9 1.9 1.9 2 .2 2 .8 2 .8 10-74 1.9 1.8 "176 ~ 1.3 1.5 1.6 1.6 1.7 1.6 1.6 1.7 2 .0 1.6 11-74 1.3 1.2 0 .9 0 .6 0 .7 0 .7 0*6 0 .6 0 .4 0 .1 -0 .1 - 0 .3 - 1 .3 - 3 .3 - 6 .8 S 12-74 0 .5 0 .4 ~ 0 .0 - 0 .3 -0 .3 - 0 .3 - 0 .6 - 0 .7 - 1 .0 - 1 .5 - 1 .9 - 2 .4 - 3 .7 - 5 .7 - 8 .6 - 1 0 .4 S T - / . O W -- 77*690 1-75 0.1 -0.1 - o .V -078 - 0 .8 - 0 .9 - 1 .2 - 1 .3 -1 .7 - 2 .2 - 2 .6 - 3 .2 - 4 .3 - 6 .0 - 8 .1 - 8 .7 - 6 .9 77*227 77*649 77,91*5 77*924 77*925 78*053 78*089 + 1 .6 % 78*226 78*357 78*421 78*479 78*661 78*844 X 0 .3 s 78*865 78*404 2-75 -0 .4 - 0 .6 —0 .9 - 1 .3 - 1 .4 - 1 .5 - 1 .« - 2 .0 - 2 .4 - 2 .0 - 3 .3 - 3 .9 - 5 .0 - 6 .5 - 8 .1 - 8 .5 - 7 .6 -8 .2 ' 76*678P 3-75 - 0 .7 - 0 .8 -T7z - 1T 5 - 1 .6 - 1 .7 - 2 .0 - 2 .2 -2 .6 - 3 .1 - 3 .5 - 4 .0 - 5 .0 - 6 .2 - 7 .5 - 7 .6 - 6 .7 -6 .6 ~ _ - y . o ] 76*353P 8-73 9-73 10-73 11-73 l* - 7 ? 1-74 3 r.l± .*-7.4 ?~74 ♦-7* 7-74 - S t ? * 49-74 U - 7 A I f c J i INITIAL MtttTH PREPARED BYFEOERAL RESERVE BANK Of S T . tP U lj. APRIL * . 1975 2 EMPLOYMENT RATIO SCALE RATIO SCALE M IL L I O N S OF PERSONS SEASONALLY ADJUSTED M IL L I O N S OF PERSONS SOURCEt 0.S.DEPARTMENT Of LAMU PERCCNTAOES ARE ANNOAL RATCS Of CMANOE FOR PERIOOS INDICATED. LATEST OATA PLOTTED* MARCH PRELIMINARY PREPARED tY PEOERM RESERVE «AMR Of IT. LOOIS UNEMPLOYMENT RATES* 1967 1968 1969 1970 1971 1972 1973 1974 1975 SOORCEi U.S. DEPARTMENT Of LAOOR «PERCENT Of CIVILIAN LAOOR fOMC IN OROOf LATEST OATA PLOTTEOt MARCH PREPARCO OY fCDERM RESERVE OANK Of ST. LOOIS 3 CONSUMER PR IC E INDEX* SEASONALLY AOJUSTED IQ W P W NDtO. AM NUALJ A IE S QF .£J1AN ie TERMINAL MONTH 1967 * 100 IN IT IA L MONTH 8-73 9-73 5*0 10-73 7 .6 9-73 10-73 11-73 12-73 1-7» 2-7» 3-7» »-7» 5-7» 6-7» 7-7» 9-7» 10-7» 11-7» 12-7» 8-7» 1-75 2-75 135.50 10.2 136.60 137.67 11-73 6.3 10.0 12-73 8*1 9 .2 1-7» 9.2 10.2 10.2 10.5 13.5 12.2 1».6 15.7 12.5 1».2 l » .6 9 .8 138.50 7 .5 139.97 2-74 10.2 11.3 11.6 3-7» 10.7 11.7 12.0 »-7» 10.1 10.9 11.0 1 1.2 12.2 11.7 9 .8 6 .2 5-7» 10.5 1 1.2 11.3 11.6 12.5 12.2 11.0 9 .8 13.5 6-7» 10.6 1 1.2 11.3 11.6 12.3 12 .0 11.1 10.3 1 2 .» O il .. 1 » 3 .19 13.6 X 1 » 3 .91 s H 2 .6 % M t A i _____ l » 6 . 7» 11.3 1»7.75 7-7» ^0 . » 10.9 11.0 1 1.2 11.7 1 1 .» 10.6 9 .9 11.1 9 .9 8 .6 8-7» 11.0 11.5 11.7 11.9 1 2 .» 12.3 11.7 11.3 12.7 12 .» 12.9 1 7 .» 9-7» 1 1 .» ^2 . 0 12 .1 12.» 12.9 12.8 12 .» 12 .2 13.5 13.5 l » .2 17.2 16.9 1 » 9 .7» 151.70 10-7» 1 1 .» 11.9 12 .0 12 .2 12.7 12 .6 12.2 12 .0 13.0 12.9 13.4 15.0 13.8 10.8 11-7» 1 1 .» 11.8 12 .0 12 .1 112.61 12.5 1 2 .1 11.9 12 .8 12.7 13.0 l» .l 13.0 11.1 1 1 .» 12-7» 11.2 1 1.6 11.7 11.8 12.2 1 2 .1 11.7 11.5 12 .2 12 .0 12 .2 12.9 11.8 10.1 9 .8 8.2 i .... 1 5 » .38 155.»0 4 .7 A ar 1-75 11.0 1 1 .» 1 1 .» 11.6 11.9 11.7 1 1 .» 11.2 11.7 11.5 11.5 l? .l 11.0 9 .6 9 .2 8 .1 a .o 's. 2-75 10.8 11.2 11.2 11.3 11.6 1 1 .» 11.1 10.9 1 1 .» 1 1.1 11.1 11.5 10.5 9 .3 8 .9 8 .1 a .J 7 .9 157.40 3-75 10.» 1 0 .7 10^8 10.8 11.1 10.9 10.5 10.3 10* 6 10*4 LO .3 10.5 9 .5 8 .3 7 ,8 1 7 .0 1 6 . 6 5 .9 157.89 8-73 9-73 10-73 11-73 12-73 1-7» 2-7» 3-7» »-7» 5^74 6-74 7-7» 8-7» 9-7» 10-7» 11-7» 12-7» 1-75 l?6 t4 ft 2-75 IN IT IA L MONTH PREPARED BY EEOERAL RESERVE 8ANK OP ST* LOUIS APPIL ZZt 1973WHOLESALE PR IC ES - ALL CCMNOOITIES* SEASONALLY AOJUSTEO _____________ CCËEQW SfJ 4NKUH J W e S Of. Ç H A ^ fe___________ TERMINAL MONTH -fl=J3 H i - IN IT IA L MQiaTH 9~73 10*73 11-13 U r l i . 1-74 2-74 3-74 4 r l4 5-7^ m 7-74 8-74 9-7» 10-74 11-74 12-74 1-75 i ? iOO ¿-75 -1 6 .4 JLtt=22___ - 9 «Q 1-74 ’ Q .9 ____3 .0 7 ,2 - U Ä ____f l . 7 13.9 21. Q 8 t? 13t9 ¿ ¿ .1 33t3 *Q>3 146t79 -2=2±___ lû*2 1 6.6 ¿ 1 ,4 ¿fr.fr ¿3.>4 14ft*38.. -*=I±____11^0 16,3 20. 1 ¿ 3 ,6 ¿ 4 .5 - 4 = Ii____1.1*4 1 6 .0 19.1 21.7 ¿ 1 .9 ------ l^ xQ . 1 6.1 U iJB ¿ Ptfl -------- L l * 3 -1-U l--- l ± * J .^0^ 4 . 17.3 15.1 16.3 14.7 14.3 16t4 ü b t* 15«3 152.43 154.40 U f? 1 4 t9 LUÌ M i g 1 4 t * U 18*4 2 0 .a 2 2 .6 2 2 .8 20.1 20 .3 2 1 .6 24.1 ¿ a .l 55.0 t ? H t i U 15?» P - t l _____L * J _ 160.90 8-74 17.8 21 .5 24 .0 26.1 26 .7 2» . 9 25 .8 28 .1 31.8 3 7 .3 56.3 57 .6 9-74 1 6 .» 19.7 21.8 23.3 23.6 2 1.6 22.0 23.1 25.0 27.1 35.2 26.2 l.i 10-7» 17.6 2 0 .7 22.7 2» . 2 2» . 6 22.9 23.4 2 4 .6 2 6 .» 2 8 .» 3» . 8 28.7 16.3 33.7 167.12 1 167.27 171.37 11-7» 17.5 2 0 .3 22.2 23.5 23.7 22 . 2 22 .5 2 3 .» 2» . 8 26.2 30.7 2 5 .3 16.1 24.4 12-7» 15.8 1 8 .» 19.9 20.9 20 .9 19.3 19.3 19.8 20 .5 2 1.0 23.8 18.3 10.2 13.4 4 .4 - 5 .8 ^ ^ 172.60 18.1 19.0 18-8 17-2 17.0 17-2 17.5 17.6 1 9 .» 1 ».3 7 .2 8 .8 1.5 - 4 .9 172.02 173.»6 1-75 1».6 16.9 7-7« 13-1 15*2 16-3 1 6 .g 16-6 14-4 14.6 1»-« 14-6 1».3 1 5 .» 10. 7 » .3 5 .0 - 1 .2 —6-Z - 6 .4 -a. , \ 3-75 12 .0 13-8 1 ». 7 15.2 1» .8 13.2 1 2 ,1 12.5 1 2 .» 12.0 12.7 8 .3 1 2 .6 1 2 .9 —2 .4 —6 .4 —6 .7 - 8 .0 - 7 .1 11 8-73 9-73 10-73 11-73 12-73 1-7» 2-74 3-7» 4-7» 5-7» 6-7» 7-74 9-74 10-74 11-74 12-7» 1-75 2-75 8-74 -4 .0 170.70 169.65 IN IT IA L MONTH PREPARED 8V FEOERAL RESERVE BANK Of S T . LOUIS A PR IL 3 . 1974— 4 RATIO PRI CES SCALE 1967-100 1967 RATIO SEASONALLY ADJUSTED 1968 1969 1970 1971 rC itC C N TA U S Alte ANNOAL RATES Of CNANSC F t * U R I M S 1972 SCALE 1967-100 1973 1974 1975 IN OICATEO . LATCST SATA F L O T T E » ! MARCN PREPARES i t FEOEAAL RESERVE SANK S f S T . 1 0 « IS RATIO SCALE WHOLESALE PRICES r a t io s c a le FERCENTASES ARC AN*«AL RATES OF CHANCE FOR PERIOOS IN OICATEO . LATEST OATA fL O TTE O i NARCM FREFAREO » r FERERAL RESERVE SANK Of S T . LOUIS WHOLESALE PR IC ES - INDUSTRIAL COMMODITIES* SEASONALLY AOJUSTEO COMPOUNDED iANNUAL RATES OF CHANGE - TERMINAL, MONTH 8-73 9-73 9 .9 10-73 _ i0 .0 1967 « 100 IN IT IA L 1*GNTH 9-73 10-73 11-73 12-73 1-74 2-74 3-74 4-74 5-74 6-74 7-74 9-74 10-74 11-74 12-74 8-74 1-75 2-75 127.71 10*1 128.74 130.67 11-73 J3 .1 14.7 12-73 14.4 16.0 19.1 18.6 1-74 16.9 18.7 21.7 22.8 27.2 2-74 18.8 20.7 23.5 24.8 28.1 29.0 3-74 21.8 23.9 26.9 28.8 32.3 35.0 4 1 .7 \ + 3 i£ % 4-74 23.8 25.9 28.7 30.7 33.9 36.2 39.9 5-74 25.3 27.4 3 0 .J 31.9 34.7 36.7 39*3 19.5 132.54 135.22 138.12 142.16 146.07 38* J 3e*2 150.06 153.43 6-74 25.8 27.7 30.1 31.7 34.0 35.4 37.1 35.7 34.3 30.5 7-74 26*9 28*7 31.0 32.5 34.6 35.9 37*3 36*4 35.7 34.4 3 8 .4 8-74 27.6 29,3 31.4 32.8 35*6 36.9 36.1 35.5 34.6 3 6 .6 1 W 161.62 29.6 t 34 _ J 3 i).7 32.1 32.7 33.2 31 .9 30.7 28.8 28 .3 23.5 \ 13.1 28.3 29.1 30 .2 30.5 30.7 29.2 27.8 25.8 2 4 .6 20 .3 13.7 14.2 25.2 23.2 21 .7 17.9 12.7 12.5 10.8 21.7 19.5 17.8 14.1 9 .4 8 .2 5*3 Q .G ^ s . r 9-74 26. 4 10-74 2 5 .5 11-74 2 4 .4 2 i.5 26.8 27.4 28.3 28.4 2 8 .3 12-74 22.7 23.7 24.7 25.1 25.6 25.5 25.2 27 .9 157.64 23.5 163.29 165.11 S l4 & 5 % 166.53 166.53 167.40 1-75 21.7 22.5 23.4 23.7 24.1 23.8 23.3 21.7 19.9 17.8 16.1 12.6 8 .8 7.7 5.7 3 .2 o .S 2-7S 20 .8 21. 5 22.3 22.4 2 2 ,7 22.4 21 .9 20.2 18.5 16.5 14.9 11.9 8 .4 7.5 5.9 4 .3 6 .5 6 .6 3-75 19.8 20. 3 21.0 21.1 21.2 20.8 2 0 .2 18.6 16,9 15.0 13.4 ID . 6 P r .s i 6 ,6 5.2 3 .8 5.1 4 .4 8-73 9-73 10-73 11-73 12-73 1-74 2-74 3-74 4-74 5-74 6-74 7-74 8-74 9-74 10-74 11-74 12-74 1-75 168.30 i 168.61 2-75 IN IT IA L MONTH PREPARED BY FEDERAL ¿tSfckVE BANK OF S T . LOUIS A PR II 3* 1975 WHOLESALE PR1CES-FARM PRODUCTS ANO PROCESSED FOOOS AND FEEDS* SEA S. A D J. ________________________ COHPOUNOEP ANNUAL RATES OF CHANGE_______________________________________________________________ TERMINAL___________________________________________ ______________________ IM T 1 A L HCNTH___________________________________________________________________ l9 - 6 7 _ v lg & MONTH 1-75 2-75 8-73 9-73 10-73 11-73 12-7± 1-74 2-74 3-74 4-74 5-74 6-74 7-74 8-74 9-74 10-74 11-74 12-74 173 .8 170.0 © 11-73 -49.9 -3 8 .0 -23.3 £ 9-73 10-73 168.3 -17.5 -1 1 .4 12-73 -21 .4 -8 .7 - 0 .4 12.0 1-74 - 8 .0 7.1 19.7 39.0 72.5 2-74 - 5 .9 6 .8 16.0 26.8 34.9 5 .5 178.6 3-74 - 9 .0 0 .6 6.2 11.1 10.8 -1 1 .2 -2 5 .4 174.3 4-74 -1 1 .2 - 3 .6 0.1 2 .6 5-74 -1 2 .6 - 6 .3 -3 .6 - 2 .2 - 4 .9 -1 8 .0 -24.6 - 2 4 .3 -2 3 .2 166.4 6-74 -15.6 -1 0 .6 - 8 .9 - 8 .5 -1 1 .5 -2 2 .6 -28 .4 -2 9 .3 -31.3 -38.5 159.8 177.8 170.1 0 .4 - 1 6 .2 -2 5 .4 -2 5 .4 7-74 - 8 .3 - 2 .5 C .l 1 .0 0 .2 8-74 - 0 .6 5 .8 9 .2 11.8 11.8 5 .1 5.0 9-74 - 2 .3 3 .3 6.1 8 .0 7 .6 1.4 0 .9 - 8 .5 -1 1 .0 170.1 14.1 111.6 - 7 .1 0 .0 12.4 24.5 46.3 125.6 140.4 13.8 25.5 59.2 6. 1 179*5 ... 38.1 -2 0 .7 10-74 2.1 7.9 11.0 12.3 13.4 8 .3 8 .6 14.6 23.1 35.2 64.7 5 1 .5 20 .2 82.2 11-/4 4 .0 9 .6 12.6 14.9 15.2 10.6 11.2 16.9 24.6 35.1 58.1 4 7 .0 24.7 56.4 34.3 12-74 1.8 6. to 9 .3 11.1 11.0 6 .6 6 .8 11. 1 16.7 23.9 39.3 28.1 9 .5 21 .9 - 0 .3 -26 .0 1-75 -0 .1 4 .3 6 .4 2-7S - 2 .4 1.5 3 .3 3-75 - 3 .9 —0 .3 1.V 8-73 7.5 3.4 3 .2 6 .6 10.9 16. 1 27.1 3. A -0 .2 - 0 .6 2 .a i.2 o. a 1 7.1 1.5 —2 .3 - 2 .9 —O. 7 1 .9 4 .8 11.2 9-73 10-73 11-73 12-73 1-74 2-74 3-74 4-74 5-74 7.8 2.1 16.8 1.1 13Z±JL 193.4 188.6 183.8 7.4 -1 0 .0 -26 .3 -26.6 - 5 .9 - 2 .7 -1 6 .8 - ¿ 9 .0 —-*0.b -3 4 .2 177,5 2 .6 - 9 .2 -7 .1 - 1 8 .8 -2 8 .4 -29 .2 -3 0 .5 -26 .5 173.0 6-74 ~7-74 8-74 9-74 10-74 11-74 12-74 1-75 2-75 IN IT IA L MCNTH PREPAREO BY FEDERAL RESERVE BANK OF ST . LOUIS A P R I L S . 1975 6 INDUSTRIAL PRODUCTION RATIO SCALE RATIO SCALE 1967-100 1967-100 135 SEASONALLY AOJUSTED 130 125 120 115 110 105 100 95 90 1967 1968 1969 1970 1971 1972 1973 1974 1975 PERCENTAGES ARC ANNUAL RATES OP CNANOE FOR PERIODS INOICATE». LATEST OATA PLOTTED» MARCH PRELIMINARY PREPARED 8Y FEDERAL RESERVE DANK OF ST. LOUIS INDUSTRIAL PRODUCTION CQHPCUNDED ANNUAL KATES OF CHANOfc 1947 • 100 IN IT IA L HLNTM t e h ik a l h cn th 1-74 9-7* 10-/3 11-/3 12-73 2-74 3-74 4-74 5-74 6-74 7-74 8-74 9-74 10-74 f 1-74 12-74 1-75 2-75 5-73 2 .9 10-73 2*4 1.9 11-73 3*2 3 .4 4 .8 12-73 0*0 - 0 .9 - ¿ .3 - 9 .J 1-74 -2 .1 - 3 .3 - 4 .» - 9 .5 ■ 2-74 -3 .0 -4 .1 -5*6 - 8 .8 - o .7 3-74 - 2 .4 - 3 .3 - 4 .3 - 6 .4 -!> *6 -3 .3 l. o V 124*7 4-74 - 1 .9 -2 .6 -3 .3 - 4 .8 - 3 ./ -1 .6 1.5 124*9 5-74 -0 .8 - 1 .3 - 1 .7 - 2 .o - 1 .5 0 .7 3 .6 4 .9 6-74 -0 .7 - l.l - 1 .4 - ¿ .3 - l.l 0.3 2 .9 3 .6 4 .4 7-74 - 0 .9 -1 .2 -1 .6 - 2 .3 - 1 .4 0 .2 1.7 1.9 1.9 - 1 .0 8-74 —1.0 - I.h - 1 .7 -2 .4 -i.t> -0 .3 1.0 1.0 0 .7 - l.o - 2 .6 9-74 -0 .7 -3 .9 - 1 .2 - 1 .8 -0 .9 0 .2 1.4 1.4 1.4 - 0 .2 - 0 .6 0 .5 0 1 * 8-73 124*8 -1.2 -1 .5 -1.7 -2.3 - l.o - 0 .6 0 .2 0 .1 - 0 .2 -1 .7 - 2 .4 - 2 .2 i i- 7 4 - 3 .0 - 3 .5 - 3 .9 - 4 .5 -4.1 - 3 .5 -3 .1 - 3 .6 - 4 .4 - 6 .3 - 7 .6 - 8 .6 -1 0 .7 -17.2 -26. 12-74 -5 .4 ~ o. 0 -6 .5 -7 .3 -7 .2 - 6 .9 - 6 .9 - 7 .7 —6 .9 -11.1 -1 2 .9 - 1 4 .6 -1 7 .5 -2 3 .7 -3 0 .7 - 3 5 ? i \ ^ 1-75 - 7 .3 - / .9 - « .5 - 9 .4 -9.«* -9 .3 - 9 .5 - IC .5 -1 1 .8 -14.0 -1 5 .9 -1 7 .9 -2 0 .6 -25.8 -3 1 .1 -3 3 .5 - 3 l 7 9 \ ^ 2-75 -8 .5 - * .l -9.6 -10.7 -10.© -10.9 -1 1 .2 - 1 2 .2 - 1 3 .5 -1 5 .6 -1 7 .5 -1 9 .4 —21 .6 -26.1 -3 0 .2 -3 1 .5 - 2 9 ./ - 2 7 ^ 4 ^ U 0 .7 P 3-75 - » .7 - ^ •> -9.9 - U . 7 109.6P «-73 9-73 10-73 11-73 12-7* 127*0 127*5 126*5 125*4 X - 7 .4 124*6 125*8 125*5 125*2 125*6 124*8 - 1 .9 -10.8 -10. 9 -11.2 -12 .1 -13.3 -15.2 - 1 6 .» - 1 6 .4 -2 0 .4 -2 3 .9 - 2 6 .8 -2 7 .0 -24. J 1-74 2-74 ------------- p- o cELI*IN A i-Y 125*7 - 1 0 .7 % ■ 4-74 3-74 ■ " 5-74 JM ITTIL 6-t4' 7-74 8-74 9-74 10-74 11-74 12-7* 121*7 117*4 113*7 -19 .8 -11.3i 1-75 2-75 'fcuNTH ■ PREPARED dY f-fcOEKAL KtSfcRVe BANK OF ST« LO U IS APHTL 16« 1975 7 PERSONAL RATIO SCALE INCOME MONTHLY TOTALS AT ANNUAL RATES RATIO SCALE - I ----- 1--------- 1----- 1— I--------- 1-------- u --------- 1--------- 1--------- i _ i ------- 10 1967 1968 1969 1970 1971 1972 1973 SOURCEt U . S . PERCENTAGES ARE ANNUAL R A TES OF CHANCE FOR PER IO D S 1974 5 1975 DEPARTM ENT OF COMMERCE INO IC A T E D . L A T E S T DATA P L O TTE D t MARCH P R ELIM IN A R Y PREPARED SY FEDERAL RESERVE BANK OF S T . L O U IS _____________________________ PERSONAL INCOME ______________________ ____________________ COMPOUNDED ANNUAL RATES OF CHANGE B IL L IO N S OF DOLLARS ANNUAL RATES IN IT IA L MONTH TERMINAL MONTH 8-73 9-73 10-73 11-73 12-73 9-73 15.4 10-73 13« 8 12.2 11-7 3 12.7 11.4 12-73 11.5 10.3 9 .3 8 .0 1-74 9.1 7 .6 6 .1 3 .9 -0.1 2-74 8 .é 7 .5 6 .3 4 .0 3 .5 1-74 2-74 3-74 4-74 5-74 6-74 7-74 8-74 9-74 10-74 11-74 12-74 1-75 2-75 1 ,0 8 0 .4 1 ,0 9 0 .8 10.6 1 ,1 0 0 .0 1,1 0 7.1 1 »107*0 1 ,1 1 3 .4 7. Ì 3-74 8.1 6 .9 5.9 4 .7 3 .7 5 .6 4 .1 4-74 8.2 7 .2 6 .4 5 .4 5 .0 6 .7 6 .4 9 .1 5 -Ï4 8.5 "J.7 i.l 6 .5 6.2 7 .8 è .i 10.1 11.2 6-74 Ó.6 7. 9 ? .* 6 .9 6 .7 8 .1 è. 3 9 .8 10.2 7-74 9 .4 8 .8 e .5 8 .2 8 .3 9 .7 10.2 11.8 12.8 13.6 18.1 8-74 9 .3 8.8 8.5 8.2 8.3 9 .5 9 .9 11.1 11.6 11.8 13.1 8 .3 9-74 9 .5 9 .0 8.8 8 .6 8.6 9 .8 10.2 11.2 11.6 11.7 12*6 10.0 1 ,1 1 7 .1 1*124.2 1 ,1 3 5 .2 9 .1 1 ,1 4 3 .5 1 ,1 5 9 .5 1 *167.2 11.7 1*178.0 10-74 9.4 8 .9 8.6 8 .5 8.5 9 .5 9 .8 10*6 10.9 10.9 11.3 9 .1 9 .5 7 .4 11-74 8 .7 8.2 7.9 7 .7 7 .7 8 .5 8 .6 9 .Ì 9 .2 8 .9 8 .8 6*6 6 .1 3 .4 - 0 .5 12-74 8 .5 8.1 7.8 7 .6 7.6 8 .3 8 .4 8 .9 8 .9 8 .6 8 .5 6 .6 6 .2 4 .5 3 .1 6.8 1-75 8.0 7 .6 7 .3 7 .1 7 .0 7 .6 7 .6 8.0 7 .9 7 .5 7 .2 5 .5 5 .0 3 .4 2 .1 3 .4 2-75 7.7 7 .3 7 .0 6 .7 6 .6 7 .2 7 .2 7 .5 7 .3 6 .9 6*6 5 .1 4 .5 3 .2 2.1 3 .0 1.2 2 .3 3-75 7.4 6 .9 6 .6 6 .4 6 .3 6 .7 6 .7 6*9 6 .7 6 .3 6 .0 4 .6 4 .1 2 .8 2 .0 2.6 1.2 1.8 1 .2 9-73 10-73 11-73 12-73 1-74 2-74 3-74 4-74 5-74 6-74 7-74 8-74 9-74 10-74 11-74 12-74 1-75 2-75 8-73 1*185.0 1*184.5 1*191.0 0 .1 1*191.1 1 *1 93 .4 I* 1 9 4 .6 P IN IT IA L MONTH P- PR E L IM IN A R Y PREPARED BY FEDERAL RESERVE BANK OF S T . A PR IL 17, 1975 8 LOUIS.. R E T A IL SA LES RATIO SCALE RATIO SCALE B U L L IO N S OF DOLLARS B IL LIO N S SEASONALLY ADJUSTED OF DOLLARS 55 50 45 40 55 30 25 1967 1968 1969 1970 1971 1972 1973 1974 20 1975 tOMCtt U.S. DEPARTMENT f PERCENTAGES ARE ANNUAL RATES Of CHANCE FOR PER I MS INDICATED. COMMERCE LATEST 0ATA PLOTTED. fEURVARY, MARCH ADVANCE ESTIMATE PREPARED SY fEDERAL RESERVE SANK Of ST. LDMIS R ET A IL SALES ___________________________ COMPOUNOEO ANNUAL RATES OF CHANGE_____________________________ 9-73 0 1 t* 8-73 9-73 MILLIONS OF DOLLARS IN IT IA L MONTH TERMINAL MONTH 11-73 12-73 1-74 2-74 3-74 4-74 5-74 6-74 7-74 8-74 9-74 10-74 11-74 12-74 1-75 2-75 42*529 5.0 10-73 9 .0 11—73 6 .0 12-73 —1*7 42*970 6 .5 42*976 0 ,2 42*116 - 3 .8 -1 1 .3 - 2 1 .5 42*932 1-74 3*3 2 .9 -0 .4 - 0 .6 2-74 3 .7 3 .4 1.1 1 .5 1 5 .4 3-74 6 .2 6 .4 5.1 6 .4 17.8 13.9 4-74 6 .9 7 .2 6 .2 7 .5 16.2 13.2 43*134 5 *8 ^ 43*872 44*283 17.1 5-74 8.1 8 .5 7 .8 9 .1 16.6 14.3 17.3 14.8 6-74 6 .4 6 .5 5 .7 6 .5 12.1 9 .5 10.5 6«7 7-74 10.3 10. * 10.6 12.0 17.9 16.6 44*894 1 7 .9 V . 4 .3 44*593 -7 *8 ^ . 18.9 18.0 20.1 21.2 59.2 + 8 .3 % 46*356 8-74 11. 1 11.7 11.5 12.9 18.1 17.0 19.0 18.3 20.0 20.7 38 .1 19.7 47*056 9-74 8 .3 8 .6 8 .2 9 .0 13.1 11.5 12.4 10.8 1C .6 8 .8 15.0 -2 .3 46*177 10-74 6 .9 7.1 6 .6 7.2 10.6 9 .0 9 .4 7 .7 7 .0 4 .9 8 .4 - 4 .7 -15 .0 45*803 - 9 ^ 3 \ 44*469 11-74 4 .0 3.9 3.2 3 .5 6 .1 4 .3 4 .1 2 .0 0 .7 - 1 .9 12-74 4 .3 4 .3 3 .7 4 .0 6*4 4 .8 4 .7 2 .9 1.8 -0 .3 1.0 -7 .8 -1 3 .6 -1 1 .2 - 1 2 .2 9 .9 44*821 _ 1-75 5.9 6 .0 5 .5 5 .9 8 .4 7 .0 7 .2 5 .7 5.1 3 .6 5.3 -1 .7 -5 .5 - 1 .4 1 .3 21.8 45.955 2-75 6 .9 7 .0 6 .7 7 .1 9 .5 8 .4 8 .6 7 .4 6 .9 5 .8 7.6 1.8 - 1 .0 3 .4 6 .9 23*0 8-73 8 .3 7 .2 7 .3 6* I 5 .6 4 .4 5 .9 0 .6 - 1 .8 9-73 10-73 11-73 12-73 1-74 2-74 3-74 4-74 5-74 6-74 7-74 8-74 6 .2 5 .8 6.2 14.7 16.3 9-74 10-74 11-74 1 .6 4 .0 25.4 4 6 .83^P 8.0 46.5506 *>• 1 6 .1 JO .l to » -4 +■ 3-75 - 0 .7 -11 .7 -20 .2 -2 0 .2 - 2 9 . 9 \ -6.9\ 2-75 IN IT IA L MONTH P- PRELIM INARY E- ESTIMATED PREPARED BY FEOERAL KESERVE BANK Of ST . LO UIS A PR IL 11* 1975 9 ttiWtNSAYION "MU MAN-HOUR# TOTAL PRIVATE ECONOMY g., V.TBD U ____ TERMINAL IN IT IA L QUARTER q uarter 3-70 1-7° 2-70 4 ,8 3-70 7 .« 8 .7 4-70 6*7 4 .6 4-70 2-71 JM 1 4-21 1-72 2-72 3-72 1967 - 100 4-72 1-73 2-73 3-7S 4-73 1-74 2-74 3—74 122.9 129.5 4 .5 124.9 1-71 6 .9 7 .0 6 .1 7 .8 2-71 4 ,7 6 .7 6 .0 6 .7 5 .7 3-71 6 .7 6 .7 6 .2 6 .8 6 .3 129.1 131.1 6 .9 133.3 4—71 6 .3 4 .2 5 .8 6 .1 S .5 5 .4 4 .0 1-72 6 .6 6 .6 4 .2 6 .6 6 .3 6 .5 4 .2 8 .6 2-72 6 .5 6 .4 6.1 6 .4 6 .1 6.2 5 .9 7 .0 134.4 137.4 5 .3 139.2 3-72 6 .3 6 .2 5 .9 6 .1 5 .8 5 .9 5 .6 6 .2 5.0 4 .7 4-72 6 .3 6 .3 4 .0 6 .2 6 .0 6 .1 5 .9 6 .4 5 .7 5.8 7 .0 140.8 143.2 6 .9 4*9 4 ,7 6 .9 6 .8 7 .0 7 .0 7 .7 7.4 8.1 9.91. 12.9 2-73 6.8 4 .8 6 .6 6« 1 6 .7 6 .8 6 .8 7 .3 7.0 7.5 8c4j — j.«. 9.1 5*5 3-73 6.7 6 .7 6 .5 6 .7 6.6 6 .7 6 .6 7 .0 6.8 7.1 7 .7 7 .9 5 .5 4—73 6 .8 6 .8 6 .7 6 .9 6 .8 6 .9 6 .9 7 .3 7.1 7 .4 7 .9 8*2 6 .6 7.2 9 .0 i-74 6.8 6 .8 6 .7 6.8 6.8 6 .8 6 .8 7 .2 7.0 7.2 7.7 7 .8 6 .6 6 .9 7 .7 6 .3 2-74 7.2 7 .2 7.1 7 .3 7 .3 7 .4 7 .5 7 .8 7.7 8.0 8 .5 8 .8 8 .0 8 .6 9 .7 10.1 13.9 3-74 7 .4 7 .4 7 .3 7 .5 7 .5 7 .6 7 .7 8.Q 8.0 8 .3 8 .7 9 .0 8 .4 8 .9 9 .8 10.1 12.0 10.2 4-74 7 .5 7 .5 7 .6 7.6 7 .7 7 .8 8 .1 8.1 8 .3 8 .8 9 .0 8 .4 8 .9 9 .6 9.8 11.0 9 .6 8 .9 1-70 2-70 4-70 1-71 2-71 3-71 4-71 1-72 2-72 3-72 4-72 1-73 2-73 3-73 4-73 1-74 2-74 3-74 3-70 t N lT t i L (WAfW^R 147.4 149.4 5 .5 151.4 154.9 157.3 142.5 146.5 170.1 """" " OUTPUT PER MAN-HOUR» TOTAL PRIVATE ECONOMY CCMPCUNOEO ANNUAL RATES OF CHANGE IN IT IA L TERMINAL W t fT iir 1-70 2-70 4-70 3-70 1—7 i 2-71 3-7 } 1-72 4-71 1967 - 100 QUARTER 2-72 3-72 4-72 1-73 2-73 3-73 4-73 1-74 2-74 3-74 103.4 2-70 3-70 5.3 7 .6 s 105.3 104.8 4-70 2,9 2 .7 1-71 4 .5 4 .9 - 1 .9 s 3.6 9 ^ 5 \ fc 107.2 2-71 3.9 4 .1 2.9 5 .4 1 .5 s 107.6 3-71 3 .8 3 .9 3 .0 4.7 ¿ .4 4-71 3.7 3 .8 3 .0 4 .3 2 .6 3.2 1-72 3.5 3 .6 3 .a *t.G 2*6 3 .0 ¿ .B 2-72 3.7 3 .7 3 .a 4 .1 ? .G 3 .4 3 .5 3.5 3 .7 4 .2 3 ,6 \ 3.7 '•<«.* 4 .0 4 .5 4 .4 5. 1 4 .3 3,7 4 .0 4. 1 4 .4 4 .8 **8 ? .4 5 ,7 V 3 .3 3,3 3 .4 3.5 3 .2 3.1 2 .1 2.8 _ , V c J 2,fc 2 .6 2,2 1.9 a .8 - 1 .6 - 1 .7 s 2 .3 i.9 1.5 0*7 - 0 .9 -0 .7 1 ,2 1.0 0 .5 C.O -1 .0 - 2 .6 - 3 .0 - 3 .6 U l 1.0 C.5 0 ,1 - 0 .8 - 2 .0 - 2 .2 - 2 .3 F°1 4 .0 3 .7 3 .6 3 ,2 ___ 3._7____ 3 3 .2 :i.2 ?• 8 ? ,0 3 .0 : o ^ A- 74 £.3 £.2 2-74 S .2 1 3~?4 .1>9 -1.9 4-74 3 . 2___ 2 «6 4>t_ 1.9 .... 2„1 _ l .3 .4 ¿ . 0 ___ i_* 3__ 1.7 ,2 . 1.6 1.5 _ ;4 l.i 1 1 3 .7 ___ 115. i 114.9 - 1 .4 \ . 114.4 ¡1 4 .5 .... ______ 112.3 - 3 .6 *).* ¿1 2 .4 X 1.2 ___¿ .0 0 .8 0 ,7 0 .2 - 0 .2 - 1 .0 - t.O - 2 .2 - 2 .3 ~ * .l *J> 9 - ¿ . l \ ¿1 1 .8 0 .5 0 ,3 0 .1 - 0 .3 - 0 .8 - 1 .5 f - i T s - 2 .6 - 2 .8 - 3 .6 - ¿.2 ~ 3 .5 ~4.<A 110.4 3-71 4-7 i i-7 2 2-72 3 - ?2 4-72 i-7 3 2-73 3-73 4-73 1-74 2-74 3-74 1.6 1.5 1 .1 U3 0« 8 0 .7 1-70 2-70 3-70 4-70 ¿-71 2-71 112.3 3.5 1-73 3-73 111.3 - i. I 3.9 %~73 „r 3-4 3 .7 3.8 i— .... i * .5 110.0 V 3 .7 --4 .8 V ..' ^ %.0 3.7 2-73 109.3 4 .2 3-72 4-72 3.3 108.5 3 .4 ...W f T A r 'd U I R Y B T _ _ 10 ” PREPARED BY PEOERAL RESERVE BANK Of S T . LO UIS FIBRUARY 26» 1975 1 PRODUCTIVITY, COMPENSATION, AND LABOR COSTS RATIO SCALE RATIO SCALE 1967-100 SEASONALLY ADJUSTED 1967-100 165 i------ ------- ------- ------- --- - i---- — i-------------- ----- — 1165 1967 1966 1969 1970 1971 1972 1973 1974 1975 •OURCCi i . t . MPMTMNT 0F LAIM rtRClNTAft* ARC ANNUAL M T U OF CHANOI FOR ft* lOOt IN» I CATW . LATItT OATA FLOTTE»« 4TH OOARTER FREFARC» »Y Ft»ERAL RCtCRVC IANK OF ST. LOU 11 UNIT LABCR COSTS* TOTAL PRIVATE f COHO#Y CQHPOUNOEO ANNUAL RATES QF CHANCE TERMINAL 1967 - 100 IN IT IA L QUARTER q uarter i-_7_Q 2-70 2-70 r , > x 4-70 4-70 1-71 3-U 4-71 i- T ? 2-72 3-7Î 1-73 4-7 J 1-74 2-74 3-76 w 1 o 116*0 2.2 0 1*1 •4- 3 .5 3.7 6.2 1-71 2*4 2.1 2.5 2-71 2.7 £ .6 3.0 1.5 H .O * 3-71 2.8 2.b 3.1 2. 1 3 .7 3 .3 4-7 i 2.5 2 .4 2.6 uv 2.7 2 .0 119.2 121*0 120 »? 121*9 T 4 ,O V * 122*9 O - 'N v 123*1 125.0 i-72 3 .0 2.% 3.2 2 .6 3.0 3 .4 3 .4 ¿-72 2.7 2 .6 2 •li 2.2 2 .9 2 .6 2 .4 3 .3 3-72 2.5 2 .4 2.6 2.4 2.6 2 .3 2 .0 2 .5 4-72 ¿*4 ¿ .3 ^ ¿ .0 2.4 2.2 1 .9 2 .3 1.0 1.3 3.0 2 .8 2.7 3 .2 2 .4 3.1 4 .2 1-73 4 -f2 3-73 2.7 125*1 C .6 _ L > 125.6 ^ 125.9 126.0 W i-73 3.1 3.1 i.3 i.U 3.5 3.4 3 .4 3 .9 3.4 4.2 5.2 7.1 3-73 3.4 3.4 3.6 3,4 3.d 3 .8 3.8 4 .3 4 .0 4.7 5.7 7 .1 130.3 ! T .> \ 7.2 132.5 6 .9 3.4 V + 1 1 . 2 % --73 1. Î i.8 4 ,0 ->.8 4 .2 4 .2 4 .3 4 .8 4.6 5.3 6.2 7 .4 7.6 7 .7 1-74 4 .4 4 .* 4.7 4 .6 ? .l 5.2 5.4 5.9 i>.9 Ò.1 7. ? 6 .9 9.3 10.2 11.8 2-74 4.9 î.ü 5.3 5.2 5.7 5.8 6 .1 6 .6 6.7 7.5 8.4 J.Ò 10.2 10.9 12.3 14.2 3-74 5.3 5*5 % 7 5. / 6 .2 6 ,3 6 ,6 1 .2 7.2 3.0 •1.0 10.1 1 0 .t» 11.3 12*4 13.7 43.0 12.7 4-74 5.8 o.D £. 2 o. 2 t>.7 6 .9 7.2 T. 8 7.9 8.7 9 .6 10.7 11.2) 11.9 12. 9 14.1 13.6 13.9 1 5 .0Ì 1-70 2-70 2-70 4-70 1-71 2-71 ■ 3 -7 1 “ 4-71 1-72 2-72 3-n 6-72 1-73 2-73 3-73 4-73 1-74 2-74 3-74 135.2 140.1 144.5 1 J.2 ^ X . 146.9 154.2 IN IT IA L W À Î T i r PREPARED »Y FEDERAL RfcSERVE BANK JF ST • LOUIS FEBRUARY 26, 1975 11 GROSS NATIONAL PRODUCT IN CURRENT DOLLARS COMPOUNOtC ANNUAL RATES OF CHANGE IN IT IA L QUARTER Q U A P TP ft 2-70 tT 4-70 OP DOLLARS ANNUAL RATES b il l io n s TERMINAL 3-70 4-70 1-71 2-71 3-71 4—71 1-72 2-72 3-72 W 2 H 3 2^73 3-73 4-73 1-74 2-7* 3-74 4-74 T 987.4 ÂTÂ" 991.8 1-71 "T T T t í.4 15.3 2-71 7.9 3 .2 1 1.5 3-71 7 .4 4-71 7.6 1-72 8. 2 2-72 875 3-72 1 « 027.8 1*047.3 5 .5 7 .7 9.2 “773 <5.8 T75 377 8 .9 1*061.3 770“ 8 .5 §77 1074 1*083.2 1273 1*115.0 "ITT [074 r m nr T 7 U Y .6 878 979 970 972 1072 ÏÔT7 1Ö7Ö 975 1*169.3 4-72 "9 . Ó 9 .2 10.2 9 .5 9 .8 10.7 11.2 10.9 11.1 12.7 1-73 9 .6 9 .9 10.8 10.2 10.6 11.5 12.1 12.0 12.5 14.1 2-73 9 .6 9 .8 10.7 10.2 10.5 11.2 11.7 11.5 11.8 12.6 12.5 9 .9 10.6 10.2 10.4 11.1 11.4 11.3 11.5 11.9 11.7 9 .8 10.1 1*308.9 10.0 10.71 10.2 1075 ÏI7 Ï 1174 Í T 7 3 TI74 lT Te ÏT76 TÖ73 10.6 1*344.0 9 .6 10.2 9 .8 9 .9 10.4 10.6 10.4 10.4 10.5 10.1 9 .4 10.0 9 .6 9 .7 1 0 .1 10.3 10.1 10.0 10. 1 9 .7 8 .6 9 .3 «74 lo.o 976 977 to .i 1072 TÖ7Ö ToTo 1 0 .1 9 .7 8.7 9 .0 9 .1 9 .6 9 .2 9.3 9 .6 4-73 Q.7 1-74 3-74 _2-70_ 3-7Ç_ 4-7Q l- 7 j 2-71 >-71 1*204.7 15.5 1*248.9 1*277.9 8 .5 8.3 ITTTw 7 .8 1 *358.8 7 .7 b.O 8 .2 7 .2 4.5%- 1 *383.8 7 .6 ^ ^ 4 ^ 1*416.3 9 .7 9 .5 9.4 9 .4 9 .0 8.1 7 .8 7 .4 6 .5 7.1 8 .7 8 .4 8.2 8.1 7 .6 6 .6 6 .2 5 .5 4 .5 I 4 .4 3 .4 0 .4 - 3 .2 4-71 1-72 2-7Z 3-7¿ 4-72 1-73 2-73 3-73 1-74 2-74 3-74 4-74 4-73 4 .2 1*430.9 1 *4 1 9 .2P ___________________________________________________________________ IN IT IA L QUARTER________ _______________________________________________________ P- p r e l im in a r y GROSS NATIONAL PROOUCT IN CONSTANT 1958 DOLLARS COMPOUNDEO ANNUAL RATES OF CHANGE TERMINAL QUARTER 4-70 B IL L IO N S OF DOLLARS ANNUAL RATES IN IT IA L QUARTER 2-70 3-70 - 0 .8 -4.3 4-70 1-71 2-71 3-71 4-71 1-72 2-72 3-72 4-72 1-73 2-73 3-73 4-73 1-74 2-74 3-74 719.3 782.3P 2-70 3-70 4-70 ___________ 1-71 2-71 3-71 4-71 1-72 2-72 3-72 IN IT IA L 4-72 1-73 2-73 3-73 4-73 1-74 ¿-74 3-74 V3A- QUARTER________________________________________________________________ P- P P E L I M I N A P V 12 PREPARED BY f E P E M L A W I l I T , 1975 BANK JF ST. LOU 11 DEMAND AND P R O D U C T I O N R A T I O SCALE ------------ ^ 1967 R A T I O SCAL E QUARTERLY TOTALS AT ANNUAL RATES ^ 1968 --------- 1— 1969 I------------- u --------------- 1--------------- u ----------- u ------------------------------- 1 0 > 1970 1971 1972 1973 1974 1975 ILGNP IN CURRENT DOLLARS. SOURCEt U.S. DEPARTMENT OF COMMERCE I2.6NP IN 1956 DOLLARS. PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIODS INOICATED. LATEST DATA PLOTTED. 1ST OUARTER PRELIMINARY PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 13 5 GENERAL RATIO PRICE INDEX* SCALE RATIO 1958-100 1967 SCALE 1958-100 1968 1969 1970 1971 1972 1973 1974 1975 ■AS USED IK NATIONAL INCOME ACCOUNTS SOURCE« U.S. DEPARTMENT OF COMMERCE PERCENTAGES ARE ANNUAL RATES OF CHANCE FOR PERIOOS INOICATEO. LATEST DATA PLOTTEO. 1ST OUARTER PRELIMINARY PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS ____________________ IM P L IC IT P R IC E DEFLATOR FOR GROSS NATIGNAL COMPOUNDED ANNUAL PA T ES OF CHANGE TERM INAL QUARTER IN I T I A L 2 -?0 3-70 4-70 1-71 2-71 3-71 4-71 1-72 3-70 4-70 2-72 PRODUCT_______________ 1958 QUARTER 3-72 4-72 1-73 2-73 3-73 4-73 1-74 2-74 3-74 100 4-74 135.77 5.2 2-70 137.88 3 -70 4 -70 1-71 2-71 3-71 4-71 1-72 2-72 3-72 IN IT IA L 4-72 1-73 2-73 3-73 4-73 1-74 2-74 3-7_<e___4-7fr QUAETEP P- P R E L I M I N A R Y 14 P R E P A R E D BY F E O E R A L ¿ P O I L 17, 1975 B A N K üf LOUIS PERSGNAL CONSUME?ICH EXPENDITURES IN CURRENT OOLLARS CCHPOUNOEC ANNUAL RATES OF CHANGE TERMINAL Qì m p t e p 2-70 3-70 2-71 1-71 4-70 ~3-7o 6 .5 4-70 4 .7 3 .0 1-71 8.0 8 .8 ¿-71 7.8 f f v r “ n . < r “ 7'. 3” 3-71 7 .5 " y .8 4-71 7 .4 1-72 7.9 8 .6 4 .6 3-71 4-71 1-72 2-72 3-72 4-72 1-73 2-73 3-73 1-74 4->3 2-74 3-74 4-74 6¿3•7 65Ô.5 4.4 67Ö 6.2 776“ 8.8 ¿ .9 6 .7 7.1 ò v r 4 .2 " 7.8 8 .0 8.9 nr.T“ 8.Ö 4.7"" in i 11.3 672.1 ' 663.4 72Ö.6“ Ö.3 8« 7 S. 5 a. 7 è .9 9 .6 “ TffTT" 10*3 £ .3 4-72 8.7 9.C 4 .8 9.1 4.4 10.0 Tfl.7“ iô .r 10.4 ■ H .5 “ 11.5 12.6 T 3 . 5 “ 1-73 9 .2 9 .5 Id .2 9.Ó ^ -7 3 9.2 9 .4 T ö .'i“ 4 .6 4 .9 10.4 3 * .2 4 .4 10.0 4 .5 9 .8 10.2 4-73 8.8 Ô.9 4 .5 4.Ó 4 .1 9 .5 9 .8 4.6’ 1-74 è .7 Ô.9 4.4 8 .9 9 .1 9 .4 4 .6 4.5 ¿-74 $ .1 4 .3 4 .7 4 .3 3-74 $ .5 9 .6 4-74 8 .8 8 .9 1-75 8 .8 8 .9 4.5 9 .8 4 .3 "9.3 " 3-70 “ I&.Ó ' 10.6 4-70 l o . o i i ;t “ 1 1 .3 1Ö.4 " T ö .7 11.4 1 1 .3 4 .2 1Ò.8 T ÏÏ7 5 9 .0 8 .9 S .2 10.0 4.8 10.6 lo .5 1C.5 9 .2 9 .4 T . T " 4 .1 9 .0 9 .3 9 .4 1-71 2-71 3-71 4-71 7H4.0 1C.9 ld .i 9 .1 741.7 lC .5 9 .ê 8. 9 736.8 ll.ô ■Ç73 ” 757.2 ió.ò 1Ô.3 8 .9 ... 701.5 8.4 1Ô .1 ‘ 662. 1 ¿-72 2-70 “ ò ié .3 14.9 3-72 3 -7 B IL L IO N S Of DOLLARS IN IT IA L QUARTER é l6 .3 9.4 8 .8 7 .3 6 .3 3 . 8 " 4.2 8 .7 7.5 7.Ó 6 .0 "474 ■ 4.6 10.5 ì ó .6 è .8 9. 1 8 .8 10.Ô 8. 1 8 .8 l o . l "7.4 "523.9 877" " t t ;3 " " Ì0 .4"~ " T 2 . 7 7:7 “ 64o.6 "Ô.4 i4 . 3 ‘ ” 1 5 .0 è .7 8.9 " 9;3" 9.1 9.1 8 .8 8 .3 8.1 8 .0 8. 9 4 .0 1-72 2-72 3-72 4-72 1-73 2-73 3-73 4-73 1-74 « 9 .1 “ ‘ 1577"" 6 .2 -, 7 ^ 2-74 W I 7 J IW .i" - 2 .4 " 3.4 3-74 9 75“ 916.3# 4-74 IN IT IA L QUARTER P- PRELIM INARY PERSCNAL CONSUMPTION EXPENDITURES IN CONSTANT 1956 POLLARS COMPOUNDEC ANNUAL RATES OF CHANGE t e r m in a l in it ia l B IL L IO N S OF DOLLARS ANNUAL RATES quarter QUARTER 2-7C . 3-70 2.9 4-70 Ò .t 3-70 1-71 4-70 2-71 3-72 4-72 3 .5 3 .^ 11.0 3 .6 6 .9 3 .1 — 5 . 7 3.1 3.2 5.6 3.Ö 4 .2 3 .4 f 7 5 ‘ 3.*7 3.8 ' 4 .2 4 .4 2 -7 2 4 .7 4 .9 6 .3 3 -7 2 4 .9 5 . 1 6 .3 " 5 .2 4 .6 5 7 2 " 6 .2 7 .T 5 .4 6 .0 6 .9 7 7 7 &•*"" 3-74 4-74 6 .0 6 .7 7.2 7*3 " 6 .3 ....5 .5 512.8 523.2 5 .5 6 .6 5 .4 6 .4 7 . 1 7 .6 7. 7 7 .4 6 .7 6 .2 Ï.7 7 .3 7 . 7 7..Ô 7 .6 5= 73 5 . 1 5 .3 6 .1 5 .6 6 .3 6 .5 6*3 5 .9 531.2 Ô.5 542.2 T .~ 3 6.1 5.Ò 5.7 4 .3 """3-73 4 .8 4 .4 5.6 5.1 5.4 5 .6 5 .7 5 .5 4 .4 4.6 3 .3 4 -7 3 3.9 4 .0 4 .6 4 .0 4 .1 4 .2 4 .1 3 .1 ¿ .9 ¿ .3 0.8 1-74 ‘ 3 .3 3 .4 3 .Ó 3 .3 3 . 1 2 .6 1.4 1 .1 ... ... 1 .Î 3 7 3 " “ T . T " 2 7 T ' 3 .0 3 .7 3 .2 3 .2 3 .2 3.0 2 .6 2 .0 1 .9 1 .8 1 .6 ¿ .6 2 .1 ¿«0 1 .9 1 . 7 1-71 • 3-70 * 2-70 3. i 3 .7 ■ 2 .2 2 7 3 " “‘ Ì . 2 3 .2 ! 2 1=75 2-74 5 0 4 .1 “ 5 : 7 ' “ T . T 1-74 ‘ 5 .2 “ T . 7 4-73 493.6 5 .5 3 -7 4 3-73 ”497.7 I«=73 4 -7 4 2-73 490.1 ~ 4 - r r 2= 74 1-73 477.5 " 3.4 r = 7 2 _ 2-72 - ¿ .8 " 2 = 7 l ■ ^ 71 1-72 4-71 4 8 0 .9 I 1 T i ” 3=71 3-71 2-71 3-71 4-71 1.6 2 7 * ‘ ¿ •0 1 .5 ¿ .4 - Ô .3 — l.T 0 .6 Ò .l 1-72 2-72 3-72 ... ....................... 0 .6 0 .9 1.2 —2 .7 - 6 .4 - ó .4 - 2 .4 - 3 .4 - 5 . 6 -4.7 " 0.1 -1 .5 - 2 .0 - 3 . 0 - 1 .3 Ô.5 0.2 546.3 539.7 542.7 2 .2 3.4 -Ö.7 -T5V4 - 1 . 5 - 1 . 3 —¿ . 6 - 3 . 1 -3 .9 "=173 “ - 2 .8 -5.3 -13.2 -Ó.4 - 1 .4 -2 .2 -2 . 8 - 2 .1 - 1 .4 - 2 .5 -5 .4 3 . 1 4-72 1-73 2-73 3-73 4-73 1-74 2-74 3-74 4-74 ¿ .6 54 7 .2 • " 524.2 5 3 2 .3 P IN IT IA L QUARTER P- p r e l im in a r y PREPARED BY FEDERAL RESERVE BANK OF S T. LOUIS APRIL 17, 1975 15 """ 5 5 3 .7 5 5 5 .4 —1 . 6 1.2 l.Y ' ‘ 552.4 ' ------------ ------------TEPMINAL QUARTER 2-70 3-70 4-70 3-70 11.7 *-70 3.0 _________ GROSS PRIVATE PÇMESTIC INVESTMENT IN CURRENT OOLLARS COMPOUNOED ANNUAL PATES OF CHANGE ....... IN Ï TI AL QUARTE* 1-71 2-71 3-71 4-71 1-72 2-72 3-72 4-72 1-73 2-73 3-73 R i l l inw< ne DOLLARS ANNUAL RATES 4-73 1-74 2-74 3-74 4-74 139.2 - 5 .1 137.4 1-71 11.2 10.9 2 9 .6 2-71 13.7 14 .4 25.6 21.8 *-7 t 1Ó.6 lo .ä 15*4 9 .6 4 - il l^ .l 12.2 li* o 13.1 1-72 1 Ì. V 14.Ô 18. 2 Ü .6 t i .6 " i r . s 2 *.2 2-72 li.8 14.2 n r .j 1 * .* 14.0 19.6 Ï4 . 1 ii.i Ì4 .4 i> .* 15. o l4 .* là .6 18*0 1^.6 Ì5 .9 W 2 .1 i r . ? ■ Ì 6 .0 l4 .1 18*7 lè .3 1*77 T 7 .B " 14. Ó 1+Ó.2 16. 4 1S.8 16*9 Ì8 .6 1**3 18.2 "R .l 3 4-72 14.6 "T4.Ç 1-73 i* .o 15.4 fT.'4" 146.6 154.0 - 1 .3 ^ .0 , 153.5 20.4 ................. 1T57T 19*8 199.0 2-73 14.8 Ì5 . 1 lt.4 16.1 li.4 Ì 8 .0 1 7 7 r Ì6 .5 16.9 it. 2 Ì6 . 3 Ü .8 3-* 3 14.3 14.5 16.5 15.2 14.5 16.7 16.2 l* .0 15.0 14.8 13.4 10.3 7 .8 4-73 15.5 15.8 I"* .* 16.8 16.3 18.4 18*2 17.5 17.8 18.2 1 8.0 17.4 19.8 l->4 12.5 12.5 14.0 12.4 12.0 13.5 l2 .7 1 1 .* 11.0 10.1 8 .5 5 .8 3 .5 1 .4 -22. i 2-74 11.8 11.8 13.2 12.0 11.2 12.4 11.6 10*4 9 .9 9 .0 7 .4 5 .1 3 .3 1.8 - 1 1 .0 3-74 10.4 10.3 11.4 10.2 9 .3 10.3 9 .4 8 .1 7.3 6*3 4 .6 2 .3 0 .3 - 1 .5 - 1 0 .9 4-74 10.2 10.1 11.1 10.0 9 .2 10.0 9 .2 8 .0 7.3 6 .4 4 .9 3 .0 1.4 1-75 *71 378 473 27 9 171 270 077 - 1 .0 - 2.3 - 4 ,0 - 6 .2 -9 .1 -1 1 .8 -14.7 - 2 2 .0 -21.8 -28.3 -36.0 -61.8 2Z.JS..-L-7Q *-7.9 W | 1- 7 ? Z- ì l..,..ìrì2 Sr.1.2 1-73 ,i - n U ò .é U 4 .4 2 o * .i 209.0 33.1 0 .2 224.5 - 6 .7 %- z i _a-73 210.5 211.8 2 .5 - 4 .4 -1 0 .9 -0 .7 1-7+ -2 .3 205.8 2 09.4 7 .2 16 4 .6P . l - i * . .ir** IN IT IA L QUARTER P- PR ELIM IN A R Y G905S PRIVATE LOHESTIC INVESTMENT IN CONSTANT 1958 OOLLARS COMPCUHDEC ANNUAL PATES CF CHANGE TERMINAL QUARTEP IN IT IA L 2-70 3-70 4-70 1-71 2-71 4-71 1-72 2-72 3-72 4-72 1-73 2-73 3-73 4-73 1-74 2-7* 3-74 81 L IIO N S OF OOLLARS ANNUAL RATES 4-74 105.4 7 .5 3-70 - 2 .7 - 1 1 .9 4-70 102.1 107.9 4*8 2 4.7 2-71 8 .0 8 .2 19.9 15.3 i- T l 4 .9 4 .3 10.3 3. t - 6 .6 7 .2 7.1 12.4 8 .6 5 .4 1 - tl 4-7Ï 3-71 QUARTER ” 111.8 109.9 ÌÌ4 .è t9 .1 l-t'2 ¿ .$ è .7 lO . 7 9 .2 ia .o 2-^2 9.1 9 .3 13.3 11.2 10.2 16.4 3-*2 0 .4 9 .6 13.1 11.2 10.5 15.2 4-72 9 .8 10.1 13.2 11.7 11.1 1-73 10.0 10.2 1 3.0 11.6 11.1 2-73 9 .6 9 .8 12.3 10.9 3-73 8. t 8 .8 10.9 4-73 10.3 10.5 1-74 7.0 6 .9 119.4 17.0 ;y 13.4 13.9 12.4 15.0 14.0 13.0 12.9 14.3 14.4 13.4 12.6 12.3 12.7 U .l 10.4 13.1 12.1 11.2 10.6 10.3 8 .4 5.8 9 .6 9 .0 11.2 10.1 9*0 6.1 7.3 5 .0 2.1 12.6 11.6 11.2 13.4 12.7 12.1 11.9 12.0 11.4 11.5 14.4 32.9 145.8 8 .6 7 .3 6 .6 8.0 6 .9 5 .7 4 .6 3.5 1.5 - 0 .8 - 2 .9 - 3 .6 -3 0 .1 133.3 4 .0 2.8 1.7 - 0 .3 - ¿ .4 - 4 .4 - 5 .4 -20 .1 h 2-74 5 .9 5.6 7 .2 6 .0 5 .2 6 .4 5 .2 123.2 126.6 11.5 130.9 134.4 136.3 135.8 - 1 .5 130*3 -8 .7 122.7 3-74 4.1 3 .9 5 .0 3 .7 2 .9 3 .7 2.4 1.1 - 0 .2 - 1 .6 - 3 .6 - 5 .9 - 8 .1 - 9 .6 -2 0 .5 -15 .3 - 2 1 .* 4-74 3.4 3.2 4 .2 3 .0 2*2 2 .9 1.6 0 .3 -C .9 -2 .2 - 4 .1 - 6 .0 - 7 .9 - 9 .1 -1 7 .4 -1 2 .6 -1 4 .5 1-^5 - 2 .8 - 3 .3 - 2 .8 - 4 .3 - 5 .5 - 5 .4 - 7 .0 - 8 .8 -10.6 -1 2 .5 -15 .1 - 1 7 .9 -2 0 .8 - 2 3 .6 - 3 1 .7 -3 2 .0 -3 8 .4 -4 5 .5 - 6 8 .0 ___________ 2-70 3-7C 4-70 1-71 2-71 3-71 4-71 1-72 __ ____________________________________________________________________ 2-72 3-72 4-72 1-73 2-73 3-73 4-73 1-74 2-7* - 7 .0 _3^74_ 120.5 9 0 .6P------------ I N IT IA I QUAI» TER___________________________________________________________________________ P - P R E L I M I N A R Y ________________________________________________________________________________________________________________________________________________________ __ _______________________________________________________________________ _________________________________________P P £ P A c E O BY F E D E R A L R E S E R V E A PO R 17» 1975 16 B A N K Qr ST. LQULS- ------------------- ----------------------------------------------- COVfBWWtWT PURCHASES Cf COOPS «MO SERVICES IN CURRENT OOLLARS---------------------------------------------------------------CCMfOIMOEO ANNUAL RATES Of CHANGE __________ _____________________________________________ ______ ____________________________________________________ ____________ ______________________________ 8 IL L IONS Of TERMINAL IN IT IA L QUARTER OOLLAfS 2-70 3-70 5 .6 4-70 5.6 3 - to 4-70 1-71 2-71 3-71 4-71 l- t 2 2-72 3-72 4-72 1-73 ¿-73 3-7* 4-73 1-74 2-74 3-74” T=74 220 .3 223.3 5 .6 l- tl 6 .e 7 .0 fr.S 2-71 6 .4 6 .7 7.3 3 - ft ¿•7 2 1 7 :# ■’ 6 .1 231.3 >.0 ” “ 7 3 “ f.d f.8 2 * 4 .7 :* t.* ¿ .4 9 .4 11.5“ 1-72 ' 8 .6 9 .1 <♦8 16.2 11.4 13. t ti.7 2-72 ¿•1 ¿«4 8 .9 4 .0 ? .T 10.4 9 .4 4-71 t 242.1 .... .. 251.1 2 * 1 .1 4 .4 3->2 “ 7 ;; 7 .4 "T 7 T " T .8 4 .2 A .2 t.i 3 .2 ¿.1 4—12 t.9 » .I 8.4 ¿ .4 ¿ .8 9 .0 8 .5 6 .2 t.l I* . 3 1-73 6*1 8 .3 8.6 8 .6 4 .0 9 .2 6 .6 t.l 8 .1 11.2 2-f3 +.9 « .2 £.4 8 .4 A .7 8 .8 0 .4 7 .0 T .t 9 .6 8 .3 4 .5 3 -i3 t.7 7 .9 e .i ¿ .1 6 .3 8 .4 8 .0 6. t t.2 8.5 "t.i 6 .0 5 .4 4-73 8 .2 8 .4 8.6 8 .7 8 .9 9 .0 8 .8 7 .8 8.4 9 .1 4.1 8 .t 9 .8 14.4 1-74 8 .6 8 .8 9 .1 9 .1 9 .4 9 .6 9 .4 8. 6 9.1 10.5 10.1 10.1 11.4 14.5 2-74 8 .8 9 .0 9.3 9 .3 9 .6 9 .7 9 .6 8 .9 9 .5 10.6 10.3 10.4 11.4 13.5 1 3 .0 11.4 3-74 0 .9 9.1 9 .4 9 .4 9 .7 9 .8 9 .7 9 .1 9 .7 10.6 10*4 10.5 11.3 12.8 1 2 .2 11.1 10.6 4-74 9 .3 9 .5 9 .7 9 .8 10.1 10.3 io .i 9 .7 10.2 it . 2 11.0 11.2 12.0 13.3 1 3 .1 12.6 li.2 1-75 9 .4 9.6 9.8 9 .9 10.2 10.4 10.3 9 .4 10.4 11.2 11.1 11.2 11.9 13.0 1 2 .8 12.3 2 -7 0 3-70 4-70 1-71 2-71 3-71 4-71 1-72 2-72 3-72 4-72 1-73 2-73 3-73 4-73 1-74 255.1 24 2 .6 2 6 9 .0 10.1 273.3 27 6 .9 28 6 .4 296.1 1 4 .6 304.4 2-74 312.3 323.8 15.6 13.6 11.6 3-74 4-74 332.8P IN IT IA L QUARTER P- PRELIM INARY GOVERNMENT PURCHASES Of GTOOS ANO SERVIC ES IN CONSTANT 1958 DOLLARS COMPOUNDED ANNUAL RATES Of CHANCE TERMINAL OUAR^pR 2-7C ¿- to 4->0 1-71 3-to -3.1 4-76 - 1 .4 - 0 .6 1-TIC - 1 .* - 0 .7 -0 .$ 2-71 - M - 0 .5 -0 .4 0 .0 1.8 3 .2 V T i' 4-71 1-72 2-72 ' 0 .3 ", ^ f , 1 .9 '" ’V .'7 " 2-71 3-71 4—+1 B IL L IO N S OP OOLLARS ANNUAL RATES IN IT IA L QUARTER l- t 2 2-72 3-72 4-t2 1-73 2-t3 3-73 4-t J 1-74 2-t4 ¿- t4 4-74 138.0 “2 .7 ------- i j t 3 .i " “T . i " “ 6 .6 ” d t o t ; b ....... .. ............m . f f .4 8 .6 ....... ---- 2 .4 4 .4 6 .2 6 .6 3 .4 ¿•4 3 .4 4 .4 3 .4 l.t 1.4 ¿ .1 ¿ .5 1.4 - O .t " i4 3.fc 143.8 “ 5-72" 6 .9 1.4 4—7* t.i 1.6 1.9 ¿ .3 ¿.6 1 .4 0 .3 1-73 1.3 1.7 2.0 2 .4 2 .7 2.1 0 .8 0 .2 0 .3 3.3 3.1 2-73 1.1 i.i 1.7 2 .0 2 .3 l.t 0 .6 0 .1 O .l 2 .0 1.3 - 0 .6 - 2 . ft - 5 .4 -6".T‘ -1.1 ........ w n t 1 " ' 3.4 1 43.6 144.1 1 43.9 3-73 1.0 1.4 1.5 1.8 2 .0 1.4 0 .4 - 0 .0 - C .l 1.3 0 .7 - 0 .6 - 0 .6 4-73 1.3 1.7 1.9 2.1 2 .3 1.9 l.l 0 .8 C.9 2.2 1 .9 1.5 2 .5 5.7 l- t 4 1.3 t.6 1.8 2 .0 2.2 1.6 1.1 0 .8 0 .« 2.0 l.t 1.3 2.0 3 .2 0 .8 1« 8 2 .0 1 .6 0 .9 0 .6 0 .7 1.6 1.3 0 .9 1.3 2 .0 0 .1 - 0 .5 1.7 1.8 1.5 0 .8 0 .6 0 .6 1.4 1.2 0 .8 1.1 1.5 0 .2 - O .l 143.7 145.7 1 44.0 ?-74 1.2 1.5 1.6 3-74 l.l 1 .4 1.5 4-74 1.1 1.4 1.5 1.7 1.8 1.4 0 .9 0 .6 0.7 1.4 l.l 0 .9 l.l 1 .4 0 .4 0 .3 0.7 1.1 1-75 1.4 1.6 1.7 1 .9 2 .0 1.7 1.2 1.0 1.1 1.8 1.6 1.4 1.7 2 .1 1 .4 1#6 2 .3 3 .3 5 .6 2-70 3-70 4-70 1-71 2-71 3-71 4-71 1-72 2-72 3-72 4-72 1-73 2-73 3-73 4-73 1-74 2-74 >-74 4-74 145.8 0 .3 1 49.9 146.3 1 4 *.3 P * IN IT IA L QUARTER P- PRELIM INARY — .. ^ A R E O .T ^ A . 17 f c E S t f f 1 1 « a * * T . '« » ■ « 0ISP0 SA 6 LE PERSONAL INCOME IN CURRENT DOLLARS _______ CQMEOUNDEQ ANNUAL RATES OF CHANGE__________ INITIAL TER M IN AI QUARTER 2— 70 3-7Q 3-70 4-70 1-71 2 - 71___3-.71 W l ___ 1-72 2 -1 2 QUARTER 4-72 1 -1 2 1-71 2-73 1-73 4 - 7 3 -- 1-7* 2r. 1.4-- 1 - 7 4 4-7* B IL L IO N S OF -DOLLARS ANNUAL RATES ________________________________________________________________________________________________________________________________________ . 702*4 —4-70 2-71 8 .0 8 .0 10.7 3-71 7 .2 7 .0 8 .4 4-71 6 .9 6 .7 7 .7 1-72 6 .9 6 .7 7 .6 2-72 7.1 6 .9 7 .7 3-72 7 .3 7 .2 ____7*9 4-72 8 .2 8 .2 8 .9 744.1 3 .9 751.3 5 .7 761.8 774.7 5 .5 6 .3 6 .9 6.2 6 .9 7 .5 6 .1 6 .7 7 .4 6 .0 6.6 9 .0 8 #3 8.3 9 .1 10.0 1 1.1 12.5 16.2 7 790.0 807.2 638.1 1-73 8 .8 8 .9 9 .6 9 .3 10.2 11.2 12.2 13.6 1 6.0 15.6 2-73 9 .0 9 .1 9 .7 9§4 9 .5 10.3 1 1.1 11.9 12.9 14.3 13.3 10.8 3-73 9 .1 9 .2 9 .8 9# 5 9 .6 10.3 11.0 11.6 12.4 13.2 12 .2 1 0.5 10 .1 869.5 892.1 913.9 939.4 4-73 9 .3 9 .4 9 .9 9«7 9 .8 10.4 11.0 11.6 12.2 12.9 12 .1 10.9 10.9 1 1.6 1-74 9 .0 9 .0 9 .5 9 .3 9 .3 9 .9 10.3 10t 8 11.2 11.5 10.6 9 .3 8 .8 6.2 4 .9 950.6 2-74 8 .8 8 .9 9 .3 9 .1 9 .6 10.0 10.3 10.6 10.8 10.0 8 .6 6 .3 7 .7 5 .9 6 .9 3-74 9 .0 9 .0 9 .5 9 .1 9 .7 10.1 10.4 10.7 10.9 10.2 9 .3 9 .0 6 .7 7.7 9 .1 4-74 8 .8 8 .9 9 .1 9.1 9 .5 9 .8 10 .1 10.4 9 .7 8 .9 6 .5 8 .2 7-4 a .9 6 .5 1-75 8 .6 8 .6 8 .9 6.7 9 .0 9.3 9 .5 9 .6 9 .7 9 .0 8 .2 7 .6 7 .4 6.6 7 .0 7.1 5 .0 3 .5 2-70 3-70 4-70 2-71 3-71 4-71 1-72 2-72 3-72 4-72 1-73 2-73 3-73 4-73 1-74 2-74 3-74 4-74 9 .1 1-71 966.5 993.1 11.5 1 .0 0 6 .6 1 .0 1 7 .4 P IN IT IA L QUARTER PR ELIH IN A R Y DISPOSABLE PERSONAL INCOME IN CONSTANT 1958 OOLLARS COMPOUNDED ANNUAL RATES OF CHANGE TERMINAL QUa q t e p 2-70 3-70 4-70 1-71 2-71 3-70 4 .4 4-70 0 .6 - 3 .1 1-71 3 .2 2 .7 2-71 3 .6 3-71 3.1 2 .7 4 .7 T 3 .2 279 475 3. I 274 1-72 “ 372 370“ 4 .3 “ 172 277" 2-72 3 .5 3 .3 4 .4 3 .6 3 .4 T=7T T T T 3 .7 "477“ 4 .0 3 .9 572 574 5 .9 6 .1 “W 5 .1 2-73 4 .9 3-73 4 .7 4-73 4 .4 2-74 3 .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 annual m t e s 537.4 8 .8 548.8 4 .5 554.9 556.4 1.1 561.6 378 566.2 3 .3 4 .1 4 .3 ■“576” "579” 672 679 §71 975 13.1 776 876 978 1177 10.4 6 .1 5.3 573.6 *8 1 .9 5 .2 6 .2 5 .8 5 .4 5 .5 6. 2 7.8 8 .4 4 .7 5 .4 5 .1 5.2 5.7 6 .0 6 .7 6 .9 4 .7 4 .7 5.1 5.3 5 .7 5 .6 3 .6 3 .5 3 .8 3 .5 4 .0 2 .9 3 .4 3-74 2 .8 2 .7 3 .1 2 .3 2 .2 2 .6 2 .7 2 .6 2 .2 2.0 1-75 2 .1 2 .0 2 .3 1 .9 1.7 -2-70 3-70 4-70 1-71 2-71 2 .9 2 .6 2 .5 2 .2 1.9 1.8 1.5 1.7 1.6 1.4 1.1 3-71 4-71 1-72 2-72 2 .7 600.1 618.2 2 .2 621.8 2 .3 3 .8 1.7 1 .4 - 0 .8 - 1 .7 -3 .7 -7.8 2 .1 0 .4 - 1 .5 - 2 .4 - 3 .9 - 6 .1 - 4 .4 0 .3 - 1 .3 -2 .Û - 3 .0 - 4 .3 - 2 .4 1.0 -0 .4 - 1 .9 - 2 .5 - 3 .5 - 4 .5 -0 .7 - 2 .0 - 2 .5 - 3 .3 -4.1 4-72 1-73 2-73 3-73 4-73 3 .8 2.9 4-74 ________ ^ 3-71 541.6 4 .6 “ 577 4-72 1-73 P H U OHS OF DOLLARS IN IT IA L QUARTER 3-72 __________ IN IT IA L 0 .7 610.3 603.5 -0.4 602.9 -2.9 - 5 .3 -3.2 - 2 .a -3 .9 -2.5 1-74 2-74 3-74 4-74 594.8 5 9 1 .OP QUARTER_______________________________________________________________ PRELIM IN A RY 18 P«EPA«60 BY fEO£RAL * A M I t 17, 1975 t i BANK QF <T- 10UIS COPPOPATE PRO FITS AFTER TAXES ♦ COMPOUNDED ANNUAL RATES OF CHANGE TERMINAL QUARTER IN IT IA L 1-70 -4 .4 1 - 12.1 3-70 * 1 «4 O 2-70 2-70 3-70 4-70 1-71 2-71 3-71 4—71 1-72 B IL L IO N S OF OOLLARS ANNUAL RATES QUARTER 2-72 3-72 4-72 1-73 2-73 3-73 4-73 1-74 2-74 3-74 39.5 4.1 39.9 13.2 -13.7 -28.4 36.7 1-71 2 .5 7.8 9.8 68.3 2-71 6.7 14.7 18.4 52.4 37.9 3-7 Ì T Ö .7 Ì5 .9 19.0 41.0 29.1 20.9 4-71 11.9 16.5 19.2 35.4 2 6 .0 20.4 19.9 2 4 .* ¿ 6 .4 4 1 .8 1-72 14.4 18.8 21.4 35.0 27.8 2-Ï2 Ì4 . 8 18.7 ¿ 1 .0 32.1 25.8 3-72 15. 4 19.0 21.0 30.4 25.0 4-72 17.2 20.6 22.6 31.1 26.5 1-73 20.6 24.1 26.3 34.5 30.8 2-73 20.1 23.3 25.2 32.4 28.9 4 5 .3 4 7 .5 4 9 .7 33 .3 5 3 .4 ¿* .6 ie . 4 22.9 24 .0 1$.6 24.7 25.5 27.0 24.9 28. 3 36.3 29.8 3 1 .3 33.8 33.9 39.5 49.9 64.9 27.8 28.8 30.4 29.8 32.9 37.1 37.5 14.7 ....... "" 55.7 5 8 .4 20.8 63.1 71.5 7 4 .0 3-73 18.0 20.7 22.3 28.3 24.9 23.5 23.9 24.5 23.1 24.0 24.8 21.2 4 .0 -5.8 4-73 16.9 19.3 20.5 25.9 22.6 21.2 21.2 21.4 19.7 20.0 19.8 16.0 3.2 -2.2 1.7 1-74 19.5 22.0 23.4 28.6 25.8 24.7 25.1 25.7 24.8 25.8 26.6 24.8 16.4 16.9 3 0 .3 2-74 13.2 20.4 21.6 26.3 23.5 22.4 22.6 22.8 21 .7 22.1 22.3 20.1 12.8 12.3 19.1 28.9 -0 .5 3-74 20.5 22.7 24.0 23.6 26.2 25.3 25.7 26.2 25.5 26.4 27.1 25.8 20.3 21.4 2 9 .4 4 0 .2 28.5 6 5 .8 9 4 .3 4-74 15.1 16.8 17.6 21.3 18.7 17.4 17.2 17.0 15.6 15.3 14.7 12.2 6.2 4 .9 7 .2 8.6 - 5 .9 - 8 .5 -4 9 .5 79.5 • L-70 2-70 3-70 4-70 1-71 2-71 3-71 4-71 1-7? 2-72 3-72 4-72 1-73 2-73 3-73 4-73 1-74 2-74 72.9 73.2 66 .9 8 3 .2 83.1 3-74 IN IT IA L QUARTER * NATIONAL INCOME B A S IS PREPARED BY FEDERAL RESERVE BANK OF S T . LOUIS APRIL IT * 1975 SOURCES OF DATA National Income and Product Accounts Data Source: U.S. Department of Commerce, Bureau of Economic Analysis Historical Data Sources: 1970-73: 1968-69: 1966-67: 1964-65: 1929-63: Survey of Current Business, July 1974 Survey of Current Business', July 1972 Survey of Current Business', July 1970 Survey of Current Business, July 1968 the National Income and Product Accounts of the United Spites, 1929-65. Statistical tables (available from any U.S. Department of Commerce Field Office or from the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402). 19 INVENTORIES COMPARED WITH MONTHLY S A L E S * 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 «RATIOS BASED ON SEASONALLY ADJUSTED DATA. 1972 1973 1974 1975 SOURCE* U.S.DEPARTMENT OF COMMERCE SHADED AREAS REPRESENT PERIODS OF BUSINESS RECESSIONS AS DEFINED BY THE NATIONAL 8UREAU OF ECONOMIC RESEARCH. L AT E S T DATA PLOTTED: FEBRUARY P R E L I MI NA R Y PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 20
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