Full text of National Economic Trends : April 1976
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niiTioniiL economic PREPARED M ONTH E N D IN G : BY March 31, 1976 FEDERAL RESERVE BANK t r e iid s OF ST. LOUIS RELEASED: April 26, 1976 Total spending increased almost 13 percent in the last year, after growing at only a 4.8 percent annual rate in the previous five quarters. However, since total spending is influenced by swings in Inventory accumulation, final sales tend to give a more accurate indication of the fundamental strength of the economy. Final sales have increased 10 percent since early 1975 compared to 7.5 percent in the previous year. Real output rose in each of the last four quarters and is up 6.9 percent from a year earlier. The advance of output follows five successive quarters of decline. Accompanying the expansion has been a marked deceleration in the advance of prices. The implicit price deflator for gross national product rose 5.5 percent in the last year, compared to an 11 percent rate of Increase during the recession period from late 1973 to early 1975. Buoyed by an 11.3 percent advance in disposable income and a resumption of growth in real wealth, personal consumption expenditures have increased 11 percent in the last year, after rising at a more moderate 9.2 percent rate during the recession. Expenditures for durable goods have been especially strong, growing 23 percent since a year ago. Investment expenditures have also advanced briskly in the past year mainly because the inventory situation has turned from massive liquidation to substantial accumulation in the most recent quarter. Residential construction is also up sharply from the depressed rates of a year earlier. Reflecting the advance in output, total civilian employment has risen 3.1 percent since a year ago March, which compares with a 2.2 percent decline the previous year. With the labor force increasing 2 percent, unemployment has been reduced to 7.5 percent from 8.5 percent a year earlier. Even though prices have slowed rather dramatically in recent months, it appears that the underlying rate of inflation continues to be about 6 percent. Wholesale industrial prices have risen 6 percent in the past year, and consumer prices have advanced 6.1 percent. By comparison, in the previous year wholesale industrial prices increased by 19 percent and consumer prices by 10 percent. TOTAL C IV ILIA N EMPLOYMENT COMPOUNDED ANNUAL RATES OF CHANGE TERMINAL MONTH 9-74 THOUSANDS OF PERSONS IN IT IA L MONTH 8 -7 4 9-74 10-74 11-74 12-74 1-75 2-75 3-75 4-7 5 5-75 -0 .2 10-74 - 1 .1 11-74 -2 .9 12-74 -3 .8 6-75 7-75 8-75 9-75 10-75 11-75 12-75 1-76 2-7 6 86*155 -2 .0 86*012 85*549 -5 .0 -6 .5 -c > \ -5 .2 % 85 *053 1-75 -4 .1 -5 .1 -6 .1 —6 .0 2-75 —4 .6 -5 .5 —6 .3 -6 .3 -6 .1 -6 .i\ 3-75 -4 .1 -4 .7 -5 . 2 -5 . 0 -4 .4 -3 .9 4-75 -3 .2 -3 .6 -3 .9 -3 .4 -2 .6 -1 .7 5-75 -2 .5 -2 .8 -3 .0 -2 . 4 -1 .5 -0 .5 84*666 84*163 -O ^ e X — 1 \ 2 .9 1.1 1.7 84*110 84*313 3 .0 84*519 3 .o \ 6-75 -2 .3 -2 .6 -2 .6 -2 .1 -1 .3 -0 .5 1.2 1.9 1.3 7-75 -1 .5 -1 .7 -1 .6 -1 .0 -0 .2 0 .7 2 .3 3.1 3.1 3.2 6 .9 \ 8-75 -1 .0 -1 .1 -1 .0 -0 .4 0 .4 1.3 2 .7 3 .4 3.5 3 .7 5.7 4 .6 9-75 -l.l -1 .2 -1 .1 —0 .5 0.2 0 .9 2*0 2,5 2.4 2.3 3.2 1.4 10-75 -1 .0 -1 .1 -1 .0 -0 . 5 0.1 0 .8 1.8 2 .1 2 .0 1.8 2.3 0 .9 -1 .0 11-75 -0 .9 -1 .0 -0 .9 -0 .4 0.2 0.7 1.6 1.9 1.8 1.6 1.9 0 .7 -0 .5 0.1 12-75 -0 .7 -0 .7 -0 .6 —0 .2 0 .4 0 .9 1.8 2 .0 1.9 1.8 2.1 1.2 0 .4 1.1 1 .7 3.1 85*394 1-76 0 .0 0 .0 0 .2 0 .6 1.2 1.8 2 .6 3 .0 3.0 3.0 3 .5 2 .9 2 .6 3 .7 5 .0 7 .4 86*194 2-76 0 .1 0.1 0 .3 0 .7 1,3 1.8 2.6 2.9 2 .9 2.8 3 .2 2 .7 2 .4 3 .3 4 .2 5.5 6 .7 i . e \ 3-76 0 .4 0 .4 0 .6 1.0 1.5 2 .0 2 .8 3 .1 3.1 3.1 3 .5 3.1 2 .8 3 .6 4 .4 5.4 6 .2 3 .5 9-74 :1 0-74 11-74 12-74 1-75 2-75 3-75 4 -7 5 5-75 6-75 7-75 8-75 9-75 10-75 11-75 12-75 1-76 8-7 4 84*498 -0 .3 V 84*967 \ 85.288 \ O . I /o 85.158 - 0 . l \ 85.151 85.178 86*319 5.31 86*692 2-76 IN IT IA L MONTH PAYROLL EMPLOYMENT COMPOUNDED ANNUAL RATES OF CHANGE 9-74 * 8-74 0 1 -w IN IT IA L MONTH TERMINAL MONTH 11-74 12-74 1-75 9-74 1.5 10-74 0 .4 11-74 -1 .8 -3 .4 12-74 -3 .8 -5 .5 1-75 -4 .3 —5 .6 -7 .3 -7 .8 -7 .4 -7 .8 -6 .9 . 2-75 3-75 4-75 5-75 6-75 THOUSANDS OF PERSONS 7-75 8-75 9-75 10-75 11-75 12-75 1-76 2 -76 78*830 —0 .6 78*790 78*374 -7 .9 77*723 77*319 2-75 -4 .8 -6 .1 3-75 -4 .9 -5 .9 1 -6 .9 -7 .1 —6 .3 -6 .4 —5 . l \ 4-75 -4 .3 -5 .1 -5 .8 -5 .8 -4 .8 -4 .4 -2 .6 5-75 -3 .7 -4 .4 -4 .9 -4 .7 -3 .7 -3 .1 -1 .5 0 .3 6-75 -3 .6 -4 .2 —4 .6 -4 .4 -3 .5 -3 .0 -1 . 8 -0 .7 -0 .9 7-75 -2 .8 -3 .3 -3 .6 -3 .2 -2 .3 -1 .6 -0 .4 0 .8 1.1 1.3 8-75 -2 .2 -2 .? -2 .7 -2 . 3 -1 .3 -0 .7 0.6 1.8 2.2 2 .7 5 .5 5x 9-75 -1 .7 -1 .9 -2 .0 -1 . 6 -0 .7 -0 .0 1.1 2.2 2 .7 3.2 5.2 5.0 10-75 -1 .3 -1 . 5 “ 1 .6 -1 .1 -0 .3 0 .4 1.5 2 .4 2 .9 3.3 4 ,8 4 .6 4 .2 3 .9 11-75 -1 .2 -1 .4 -1 .0 -0 .2 0 .4 1.3 2*5 2.8 3.9 3 .5 2 .9 2.1 76*804 X 76*468 1 —o . i \ 76*462 0 .8 \ 76.510 -2 .ò X 76.343 76.679 ^ 77.023 77.310 77.555 o i \ 77.574 12-75 -0 .9 -1 .1 -l.l -0 . 7 0.1 0 .7 1.6 2 .3 2 .6 2 .9 3 .8 3.5 3 .0 2 .5 1 .9 3^5^ 1-76 -0 .5 -0 .6 -0 .6 -0 .2 0 .5 1.1 2 .0 2 .7 3 .0 3.3 4 .2 4 .0 3 .6 3 .4 3 .3 4 .8 6 .lX 2-76 -0 . 4 -0 .5 -0 .4 -0 .1 0 .7 1.2 2 .0 2 .6 2 .9 3.2 3 .9 3 .7 3 .4 3 .2 3 .0 3 .9 4 .1 2 ^ X 3-76 -0 .2 -0 .3 -0 .3 0.1 0.8 1.3 2 .0 2 .7 2 .9 3.1 3.8 3 .6 3 .3 3.1 3 .0 3 .7 3 .7 2.6 8 -7 4 9-74 10-74 11-74 12-74 1-75 2-75 3-75 4-75 5-75 6-75 7-75 8-75 9-75 10-75 11-75 12-75 1-76 77.796 78.179 78.320P 3.0\ 7B.511P 2-76 IN IT IA L MONTH P - PRELIMINARY PREPARED BY FEDERAL RESERVE BANK OF S T . LOUIS APRIL 2, 1976 2 EMPLOYMENT RATIO SCALE RATIO SCALE MI LLI ONS OF PERSONS 1968 1969 MI LLI ONS OF PERSONS SEASONALLY ADJUSTED 1970 1971 1972 1973 1974 1975 1976 tOWCti ¥.*.DEPARTMENT Of IAtOft PERCENTAGES Ate ANIMAL KATES Of CHANCE FOff PERI00* INO1CATEO. LATEST OATA PLOTTED* MARCH MIELIMINA«Y PREPARE) §V FEDERAL RESERVE DANK Of ST. L08IS UNEMPLOYMENT RATES* PERCENT SEASONALLY ADJUSTED PERCENT SOURCEt O.S. DEPARTMENT OF LAOOff ■PERCENT Of CIVILIAN LAOOR FORCE IN CR09P LATEST OATA PLOTTED* MARCH PREPARED OV FEDERAL RESERVE SANK Of ST. LOUIS 3 CONSUMER PRICE INDEX* SEASONALLY ADJUSTED COMPOUNDED ANNUAL RATES OF CHANGE T E W N A l ___ __ ______________________________________ _____________________ IN IT IA L MONTH___________________________________________________________________ 19&7 « 100 MONTH 8-7 4 9-74 9 -7 4 10-74 11-74 12-74 1-75 2 -75 3-75 4-7 5 5-75 7-75 6-75 8-75 9-75 10-75 11-75 12-75 1-76 2-76 151.5 14.5 10-74 12 .6 10.8 11-74 12.3 11.2 11.6 12-74 11.6 10.7 10.7 152.8 154.2 155*4 9 .7 1-75 11.1 10 .2 10.0 9.3 2-75 10.3 9 .4 9 .1 8 .3 7 .6 3-75 9 .4 8.6 8.2 7 .4 6.6 4-75 9 .0 8.3 7 .9 7.1 6 .5 5 .7 5 .5 6 .3 s 5-75 8 .7 8.0 7 .6 7.0 6 .4 5 .9 5 .7 6.2 6. 2 s 156.5 157.3 157.9 5 .5 158.7 159.5 6-75 8 .7 8.1 7.8 7.2 6.8 6 .4 6 .4 7 .0 7 .4 8.6 7-75 9 .1 8 .5 8 .3 7 .9 7 .6 7 .4 7 .6 8 .4 9.1 10.6 160.6 \ O . 4 70 12 .6 V 162.2 8-75 8 .7 8.2 7 .9 7 .5 7 .2 7 .0 7 .1 7 .6 8.0 8.5 8.5 9-75 8 .4 7 .9 7 .7 7 .3 7.0 6.8 6 .9 7.2 7 .4 7 .7 7 .4 10-75 8 .4 7 .9 7 .7 7 .3 7.1 6 .9 6 .9 7 .3 7 .4 7 .7 7 .5 5.8 6 .4 7 .6 11-75 8 .3 7 .9 7 .6 7 .3 7 .1 6 .9 7 .0 7 .3 7.5 7 .7 7 .5 6 .2 6.8 7 .6 12-75 8.2 7 .8 7 .6 7 .3 7.1 6 .9 7 .0 7 .2 7 .4 7 .5 7 .4 6 .3 6.8 7 .3 7 .1 6 .7 1-76 8.0 7 .6 7 .4 7.1 6 .9 6.8 6.8 7 .0 7 .1 7.2 7 .0 6 .1 6 .5 6.8 6 .5 5 .9 2—76 7 .6 7 .3 7 .0 6.7 3-76 7 .3 7 .0 6 .7 8-7 4 162.8 163.5 ... 164.5 7 .5 165.5 166.4 5 .2 s 167.1 6.5 6 .4 6 .4 6 .5 6 .5 6.6 6 .3 5.5 5 .6 5 .7 5.2 4 .4 3 .3 l* 4 S Ss 167.3 1 6 .4 | 6.2 6.0 6.0 Ì6 . 1 6 .1 6.1 5 .9 5 .0 5 .1 5.1 4 .6 3 .9 2.9 1.8 167.6 9-7 4 10-74 11-74 12-74 1-75 2 -7 5 3-75 4 -7 5 5-75 6-75 7-75 8-75 9-75 10-75 11-75 12-75 1-76 2 . 2s* 2-76 IN IT IA L MONTH PREPARED BY FEDERAL RESERVE BANK OF S T . LOUIS APRIL 21. 1976 WHOLESALE PRICES - ALL COMMODITIES, SEASONALLY ADJUSTED _______________COMPOUNDED ANNUAL RATES OF CHANGE____________ TERMINAL MONTH 9-74 1967 * 100 IN IT IA L MONTH 8-7 4 9-74 10-74 11-74 12-74 1-75 2-75 3-75 4-7 5 5-75 6-7 5 7-75 8-75 9-75 10-75 11-75 12-75 1-76 2 -7 6 2 .9 167.0 10-74 15.7 30.1 11-74 16.5 24.0 12-74 11.2 14.1 1-75 8 .4 9.8 170*7 18.2 , f 6 .9 173.1 172*6 3 .8 -2 .7 2-75 5 .5 6.0 0 .7 -4 .5 3-75 3.8 4 .0 - 0.6 -4 .8 4—75 4.8 5.1 1 .4 -1 .7 172.3 -5 .1 - 1.2 -e .o V 171.1 - 6.8 -5 . 5 -0 .9 2.8 170.3 1 1 .9 ^ ^ 171.9 5-75 5.2 5 .4 2 .3 - 0 .1 0.6 1.2 4 .5 9 .9 8. 0 ^ 6-75 4 .6 4 .8 2.0 - 0 .1 0.5 1.0 3 .4 6 .5 3 .9 O .ù V 7-75 5.1 5.3 2 .9 1.1 1.8 2 .5 4 .7 7 .4 5 .9 173.0 - 173.0 5.0 10 . 2 V. 174.4 8-75 5.É» 5.8 3 .7 2.2 2.9 3 .6 5 .7 8.1 7.1 6 .9 10.5 10 . 8 \ V-75 6.0 to.3 4 .4 3.1 3.8 4 .6 6 .5 8.6 8.0 8.0 10.8 11.2 1 1 ^ \ 177.5 10-75 6.6 6 .9 5.2 4 .0 4 .8 5.6 7 .5 9 .4 9 .0 9 .3 11.7 12 .2 12.9 179.5 11-75 6.2 6 .5 4 .9 3.8 4 .5 5 .2 6.8 8 .4 7 .9 7 .9 9 .5 9 .4 8 .9 7 .7 1 .3 12-75 0.1 6 .3 4 .8 3.8 4 .5 5.1 6 .5 7 .9 7 .4 7 .3 8.6 8.3 7 .7 6 .5 2 .7 1-76 5 .6 5 .7 4 .3 3 .4 3 .9 4 .4 5 .6 6.8 6 .3 6.0 6 .9 6 .4 5.5 4 .1 0 .9 0 .7 2-76 5.0 5.1 3 .7 2.8 3.3 3 .7 4 .7 5 .7 5 .1 4.8 5 .4 4.8 3 .8 2 .3 -0 .5 - 1.1 -3 .6 4 .8 4 .9 3 .6 2.8 3.2 3 .6 4 .5 5 .4 4 .8 4 .5 5 .0 4 .4 3.5 2 .3 0 .0 -0 .3 - 1 .8 -1 .3 9-74 10-74 11-74 12-74 1-75 2 -75 3-75 4-75 5-75 6-75 7-75 8-75 9-75 10-75 11-75 12-75 1-76 6-74 175.9 1 4 .4 V 179.7 180.3 179.9 179.2 2 . 0 s* 179.5 2 -7 6 IN IT IA L MONTH PREPARED BY FEDERAL RESERVE BANK OF S T . LOUIS APRIL 21. 1976 4 RATIO SCALE PRICES RATIO SCALE FERCENTAOES ARE ANNUAL RATES OF CHAM E FOR FERIOOS I NOI CATEO. LA TEST OATA F L O T T E »! NARCH PREPARE» SY FEDERAL RESERVE BANK OF S T . LOO IS RATIO SCALE WHOLESALE P R IC E S RATIO SCALE FERCENTAOES ARE ANNUAL RATES OF CHANCE FOR FERIOOS I NO I CATEO. LA TE ST OATA FLOTTEOt NARCH FREFAREO SY FEDERAL RESERVE SANK OF S T . LOUIS 5 WHOLESALE PRICES - INDUSTRIAL COMMODITIES, SEASONALLY ADJUSTED --------------------------------COMPOUNDED ANNUAL RATES OF CHANGE__________________ TERMINAL 1967 « 100 IN IT IA L MONTH MONTH 6 -7 4 V— 74 14.3 1G-74 16.7 9-74 10-74 11-74 12-74 lr7 5 ... 2r75 3-75 4 -75 5-75 6-7& 7-75 8-75 9-75 10-75 11-75 12-75 1-76 2 -7 6 162.7 19.2 WHOLESALE PRICES-FARM PRODUCTS AND PROCESSED FOODS AND FEEDS, SEAS. ADJ. _________________ t PflPQWftfP ANNUAL RATES Qf CHANQE____________________ TERMINAL MONTH IN IT IA L MONTH ft—7** 9-74 9 -7 4 10-74 11-74 12-74 1-75 2-75 3-75 4-75 5-75 6 -75 1967 * 100 7-75 8-75 9-75 10-75 11-75 12-75 1-76 2-76 - 20 . b 178.7 10-74 13.6 62.7 11-7* 20.5 46 -0 12-74 6.6 20.7 6 .9 186.1 35 .7 190.9 3 .9 -2 0 .4 187.3 1-75 0 .7 2-75 -4 .8 - 1 . 2 - 1 2 .8 -2 4 .8 -2 6 .8 -2 7 .8 - 7 . 1 -2 3 .2 -2 5 .8 3-75 -7 .1 - 4 . 6 -1 4 .3 -2 3 .6 -2 4 .7 -2 4 .1 - 2 0 .1 4-75 - 2 .1 1 .0 - 6.8 -1 3 .5 -1 1 .7 182.7 177.8 _ 174.5 —6 .4 6.6 42.2 179.7 5-75 0.6 3 .6 - 2.8 - 8.1 -5 .4 0 .5 12 .2 33.0 2 4 .4 6-75 - 0 .1 2.5 -3 .3 -7 .9 —5 .6 -0 .9 7 .3 18.3 7 .9 -6 .4 7-75 1.9 4 .5 -0 .5 -4 .3 -1 .7 3 .0 10.6 19.9 13.3 8.1 24 .9 fi—75 3.1 5 .6 1.1 —2 . 2 0 .4 4 .8 11.6 19.3 14.1 10.9 2 0 .7 16.7 9-75 3 .8 6.2 2 .2 —0 .7 1.8 5 .9 11.8 18.3 14.0 11.6 18.3 15.1 13.6 10-75 4 .5 6 .7 3 .0 0 .5 2.8 6.6 12 .0 17.5 13.8 11.8 16.9 14.3 13.1 11-75 ¿ .9 4*9 1 .* - 1.0 0 .9 4 .1 8 .4 12.6 8 .9 6.6 9 .3 5.8 12-75 2 .3 4.1 0.8 -1 .5 0 .3 3 .0 6.8 10.3 6.8 4 .5 6 .5 3.1 0.0 1-76 0.6 2 .1 - 1.0 -3 . 2 -1 .7 0.6 3 .7 6 .4 3 .1 0 .7 1.7 -1 .7 -5 .0 -9 .2 -1 5 .5 -1 5 .1 - 22.8 183.8 2-76 -0 .7 0.6 -2 .3 -4 .5 -3 .2 - 1.2 1 .4 3 .6 0 .4 - 2.0 -1 .4 -4 .7 - 7 . 8 - 1 1 . 6 -1 6 .8 -1 7 .0 -2 1 .7 - 20.6 180.3 3-76 -o . e 0 .4 -2 .4 -4 .4 -3 .2 -1 .3 1.1 3 .1 0 .1 - 2.0 -1 .5 -4 . 4 - 7 . 1 - 10 .2 -1 4 .1 -1 3 .6 -1 5 .8 - 1 2 . 1 - 2 .6 9 -7 4 10-74 11-74 12-74 1-75 2-75 3-75 4 -7 5 5-75 6 -75 7-75 8-75 9-75 10-75 11-75 12-75 2 -76 8 -74 183.0 182.0 185.4 187.8 2 .4 189.8 12.7 191.7 - 2.8 -1 6 .2 188.9 -4 .1 - 1 1 . 6 - 6.8 187.8 1-76 179.9 IN IT IA L MONTH PREPARED BY FEDERAL RESERVE BANK OF S T . LOUIS APRIL 21, 1976 6 NDUSTRIAL P R OD U C T I O N RATI O S CALE R A T I O S CALE SEASONALLY ADJUSTED 1967-100 1 96 8 196 9 197 0 1971 1972 P ERCENTAGES ARE ANNUAL R A TES OF CHANCE FOR P ERIOO S 1973 196 7-1 00 197 4 19 75 19 76 IN D IC A T E D . L A T E S T OATA P L O TTE O t MARCH P R EL IM IN A R Y PREPAREO BY FEOERAL RESERVE BANK OF S T . L O U IS INDUSTRIAL PRODUCTION COMPOUNDED ANNUAL RATES OF CHANGE IN IT IA L MONTH TERMINAL MONTH 6 -7 4 9 -74 3*9 10-74 -1 .9 9 -7 4 10-74 11-74 12-74 2-75 3-75 4-75 5-75 6-75 1967 « 100 7-75 8-75 9-75 10-75 11-75 12-75 1-76 2-76 125.6 -7 .4 124.8 11-74 -1 0 .7 -1 7 .2 L 2b> 12-74 -1 7 .5 -2 3 .7 - 3 0 .7 -3 5 .1 1 —75 1-75 \ 121.7 117.4 22.5% - 20.6 -25*8 -3 1 .1 -3 3 .5 -3 1 .9 113.7 2-75 - 2 1 . 1 -2 5 .3 -2 9 .3 -3 0 .3 -2 7 .8 -2 3 .4 111.2 3-75 -1 9 .8 -2 3 .2 -2 6 .0 -2 6 .0 - 22.6 - 17.6 - U . 2 \ 110 .1 4 -75 -1 7 .8 -2 0 .5 -2 2 .5 -2 1 .7 -1 8 .0 -1 2 .7 5-75 -1 5 .7 -1 7 .9 - 1 9 .3 -1 8 .2 -1 4 .3 -9 .2 -3 .9 0.0 6-75 -1 3 .4 -1 5 .1 -1 6 .0 -1 4 .5 -1 0 .4 -5 .4 -0 .3 3 .7 6 .7 1 1 .5 \ 7-75 -1 1 .3 -1 2 .7 -1 3 .2 -1 1 .5 5 .8 8.6 12*0 12*6 - 6.8 - 2> 109.9 110 .1 111.1 -7 .5 - 2.6 2.2 8-75 - 8.8 -9 .9 - 1 0 . 1 - 8.1 -4 .1 0.8 5 .5 9 .2 12 .2 15.7 18*0 23*6 9-75 -6 .7 -7 .5 -7 .5 -5 .4 -1 .4 3 .3 7 .8 11.4 14.3 17.6 19*7 23*4 23^2 ^ 10-75 -5 .8 - 6.6 —6 .5 -4 .5 -0 .7 3 .5 7 .5 10.5 12.8 15.0 15*9 17*0 13*9 11-75 -4 .9 -5 .5 -5 .3 -3 .4 0.2 4 .1 7 .7 10.4 12.3 14.1 14*6 15*1 12*5 7*5 9 *t \ 12-75 -* .1 -4 .6 -4 .4 -2 .5 0 .9 4 .5 7 .8 10.2 11.8 13.3 13*6 13*8 11*4 7*8 9*1 8*5 1-76 -3 .3 -3 .7 -3 .5 - 1.6 1 .6 5 .0 8.1 10.2 11.7 12.9 13*1 13*2 11*3 8*5 9*6 9.5 2-76 -2 .7 -3 .1 - 2.8 -1.0 2.0 5 .3 6.1 10.0 11.3 12.4 12*5 12*5 10*8 8*5 9*3 9*1 9.5 3—7t> - 2.2 -2 .5 - 2 .2 -0 .5 2 .4 5 .4 8.0 8*3 8*9 8 .7 8 .7 7 .8 8 -7 4 9-74 1 0 -7 4 11-74 12-74 i-7 5 2-7* 9-75 10-75 11-75 1 * -Ï5 1-76 9 .8 I 1 1* 0 3-75 112 .2 114.2 11.9 11*9 11*9 10*3 4-75" 5 -7 * 6-75 7-75 8-75 11 6 .2 116.7 117.6 118.4 119.4 1 0 .6 V 120 .2P 1 20 .9P 2 -76 IN IT IA L MONTH P - PRELIMINARY PREPARED BY FEDERAL RESERVE BANK OF S T . LOUIS APRIL 16, 1976 7 P ERSON AL R A T I O S CALE TRILLIONS INCOME R A T I O S CALE MONTHLY TOTALS AT ANNUAL RATES OF DOLLARS T R I L L I O N S OF DOLLARS SEASONALLY ADJUSTED SOURCEi U.S. DEPARTMENT OF COMMERCE PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIODS INDICATED. LATEST DATA PLOTTED» MARCH PRELIMINARY PREPARED BY FEDERAL RESERVE BAKK OF 3 T . L O U IS PERSONAL INCOME COMPOUNDED ANNUAL RATES OF CHANGE BILLIONS OF DOLLARS ANNUAL RATES IN IT IA L MONTH TfckMINAL MONTH b—74 9-7 4 10-74 11-74 12-74 1-75 2-75 9-74 11,1 10-74 11,1 11.1 il-7 4 7.3 5.5 0.2 12—74 7 .7 6.6 4 .4 8 .7 1 —7b 6,6 5 .5 3 .6 5 .4 2.2 2—75 5.5 4 .5 2 .9 3,8 1.4 0,6 3-75 3.0 4 .0 2 .7 3.3 1.5 1,2 1.8 4—75 ■4.9 4 .0 2 .9 3 .4 2.2 2 ,1 2.9 3-75 4-75 5-75 6-7 5 7-75 8-7 5 9-75 10-75 11-75 12-75 1-76 2 -7 6 1 ,1 6 1 ,5 1 ,1 9 1 .9 1 ,1 9 2 .1 1 ,2 0 0 .4 1 , 202.6 1 ,2 0 3 .2 1 ,2 0 5 .0 4 ,1 1 ,2 0 9 .0 6,2 l 8 > 5—75 5.3 4 .6 3 .7 4 .3 3 ,4 3 ,7 4 ,7 6-75 7 .6 7 .3 6.8 7,8 7,6 8 ,7 10 ,8 14,0 19,4 3 1 ,\ 7-75 6.8 6 .4 5 .9 6,6 6 -3 7 ,0 8,3 10.0 12 .1 14.0 1 ,217 .2 1 ,2 4 5 .2 1 ,2 4 4 .0 6-75 7.8 7 .5 7.1 7 ,9 7,8 8 .7 10 ,1 11,8 13.8 15.7 8,6 9-73 Ò.4 8.2 8.0 6,6 6.8 9 .6 11,0 12 ,6 14.4 15.9 11.2 17.9 1 6 .6 ~ \ 1 ,2 7 8 .7 10-75 6 .4 8.2 8.0 8,8 8.8 9 .5 10,7 12 ,0 13,4 14.4 10.5 14,7 12.5 8 .5 \ 1 ,2 6 7 .4 i 1—73 8 .4 8.2 8.0 8.7 6.7 9 .4 10,4 11.5 12 ,6 13,3 10 .1 13.0 11.0 8 .3 8 .2 \ . 12-75 fc.2 8.0 7 .7 8 .3 6.3 6 .9 9 ,8 10,7 11,5 12 ,0 9 .0 11.2 9 .3 6 ,9 6 .1 1-76 Ò.4 Ö.3 8.1 8 .7 6,7 9 .2 10 ,1 10,9 11,7 12 ,1 9 .6 11.5 10.0 8 .4 8 ,4 8.5 2-76 6.6 8 .5 8 .3 8 .9 6 ,9 9 .4 10,2 11,0 11.7 12 ,1 9 .9 11.5 10.3 9 ,1 9 ,2 9 .6 12.5 1 1 , 8\ 3-76 8.5 8 .4 6.2 8.8 8,8 9 .3 10,0 10,7 11.3 11,6 9 .6 11.0 9 .8 8.8 8.8 9 ,0 10,6 9 ,4 9-74 10-74 11-74 T 2 -7 4 1-75 2-75 3-75 4-75 *>-75 6=75 ' 9-75 10-75 11-75 12-75 1-76 8-74 11 *107- 1 9 .3 \ è-75 1 ,2 6 2 .4 1 ,2 9 5 .9 1 ,300 .2 13.1 1 ,3 1 3 .6 1 ,3 2 5 .9 \ 1,333.5P 2-7 6 IN IT IA L MONTH P- PRELIMINARY “ ' - - .... ...... - ..... ... PREPARED BY FEDERAL RESERVE BANK OF S T , LOUIS APRIL 16, 1976 8 ------- RETAIL SALES R A T I O S CALE BILLIONS 196 8 R A T I O S CALE OF DOLLARS 196 9 BILLIONS SEASONALLY ADJUSTED 19 7 0 1971 OF DOLLARS 19 72 19 7 3 19 74 19T 5 19 7 6 SOURCE* O.S. DEPARTMENT Of COMMERCE PERCENTAGES ARE ANNUAL RATES Of CHANGE FOR PERIODS INDICATED. LATEST OATA PLOTTED« FEBRUARY, MARCH ADVANCE ESTIMATE PREPARED BY FEDERAL RESERVE BANK Of ST. LOUIS RETAIL SALES COMPOUNDED ANNUAL RATES OF CHANGE TERMINAL MONTH MILLIONS OF DOLLARS IN IT IA L MONTH 8 -7 4 9—74 -24*0 10-74 -1 3 .0 9 -7 4 10-74 11-74 12-74 1-75 2-7 5 3-75 4 -7 5 5-75 6-7 5 7-75 8-75 9-75 10-75 11-75 12-75 1-76 2-76 45,858 45,844 -0 .4 44,529 11-74 -1 8 .9 -1 6 .2 -2 9 .5 12-74 - 11.1 —6 .4 -9 .2 16.8 1—75 -4 . 6 1.0 1 .4 2 1 .6 26 .7 2 -75 —0 . 0 5.6 7 .2 23.2 26.5 3-75 -3 .5 0 .4 0.6 9.9 7 .7 4-7 5 -0 .3 3 .6 4 .3 12 .8 11.8 45,109 46,006 46,914 2 6 .4 - 0 . 7 - 22.0 7 .2 -1 .3 45,951 46,813 2 5.0 5-75 3 .6 7 .7 8 .9 17.0 17.1 14.8 11*2 32.8 4 1 .0 6-75 4 .3 8.0 9 .1 16 .1 16.0 13.9 11.0 2 4.9 24.9 10.6 7-75 6 .4 10 .0 11.2 17.8 17.9 16.5 14.6 26.2 26.6 19.9 30.1 9 .7 10 .8 16.5 1 6.4 15.0 13.2 22.0 2 1.3 15.4 17.8 6 .7 48,173 48,578 49,655 11 03 6 .4 9-75 5 .2 8.0 8.8 13.7 13.3 11.8 9 .8 16.3 14.6 8.8 8.2 -1 .3 -8 .7 10-75 5 .9 8.6 9 .4 13.9 13.6 12 .2 10 .6 16.2 14.8 10 .2 10 .1 4 .2 2 .9 16.0 11-75 5 .7 8.2 8 .9 12.9 1 2 .6 11.3 9 .7 14.5 13.1 9 .0 8 .7 3 .9 3 .0 9 .4 3 .1 12-75 8.0 1 0 .6 1 1 .4 15 .4 15.3 14.3 13.1 17.9 17.0 14 .0 14.5 11.7 12.9 2 1 .2 23 .9 48.9 1-76 6 .9 9 .2 9 .9 13.5 13.2 12 .1 10.9 14.9 13.8 10.8 10.9 6.0 8.2 12.9 11.9 16.5 - 8.8 2-76 7 .7 9 .9 10 .6 13.9 13.7 12 .8 11.7 15.4 14.5 11.9 12.1 9 .7 10 .2 14.4 14.1 18.0 5.0 3-76 9 .1 11.3 12 .1 1 5 .4 18.6 22.9 15.3 29.6 3 8.9 1-76 2-7 6 8-74 49,925 49,549 50,165 50,293 51,990 15.3 14.5 13.6 17.2 16.6 14.4 14.8 13.0 13.9 18.2 9 -7 4 10-74 11-74 l* -* 4 1-75 2-7 5 ¿-75 4 -75 5-7$ t -n >-75 8-75 9-75 10-75 11-75 12-75 51,592 20.9 52.414P 53*869E IN IT IA L MONTH P - PRELIMINARY E - ESTIMATED PREPARED BY FEDERAL RESERVE BANK OF S T . LOUIS APRIL 12- 1976 9 COMPENSATION PER HOUR* TOTAL PRIVATE ECONOMY _______ COMPOUNDED ANNUAL RATES OF CHANGE______ TERMINAL_________________________________ _______________ ____________ IN IT IA L QUARTER ___________________________________________________ 1967 « 100 QUARTER 1-72 2-72 3-72 4-72 1-73 2-73 3-7 3 4-73 1-74 2-7 4 3 -7 4 4 -7 4 1-75 2-75 3-75 1-71 2-71 3-71 4-71 131.0 2-71 7 .0 3-71 7.1 7 .2 4-71 5 .5 4 .8 2 .4 133.3 134.1 137.3 1-72 6 .6 0 .5 6 .1 9 .9 2-72 6 .2 6 .0 5 .6 7 .3 4 .7 3-72 5 .9 5.7 5 .3 6 .3 4 .6 4 .4 4-72 6 .2 6 .0 5.8 t>.6 5.6 6 .0 7 .6 1-73 7 .0 7 .1 7 .0 8 .0 7.5 8 .4 10.5 13.5 2-73 6 .8 6 .8 6 .8 7 .5 7 .0 7 .6 8 .7 9 .3 5 .2 138.9 140.4 143.0 147.6 149.5 152.0 3-73 6 .6 6 .6 6 .6 7 .4 7 .0 7 .5 8 .3 8 .5 6 .1 6 .9 4-73 7 .1 7 .1 7 .1 7 .7 7 .4 7 .8 8 .5 8 .7 7 .2 8 .2 9 .5 1-74 7.1 7.2 7.1 7 .7 7 .4 7 .8 8 .4 8 .5 7 .3 8 .0 8 .6 155.5 7 .7 , 158.4 2-74 7 .6 7 .6 7 .7 8.2 8 .0 8 .4 9 .0 9 .3 8 .4 9.2 10.0 10.3 13.0 7 .9 8 .0 6.1 8 .6 8.5 8 .9 9 .5 9 .8 9 .1 9 .9 10.7 11.1 12.9 ncor V M .J / O 12. 163.3 3-74 4-74 6*1 8.1 8.2 8.7 8 .6 9 .0 9 .5 V .7 9 .2 9 .9 10.5 10.7 11*8 11.2 172.2 168.3 9 .6 ^ V 1—75 8 .2 8 .3 6 .4 8 .6 8 .8 9.1 9 .6 9 .8 9 .4 10.0 10.5 10.7 11*5 11.0 10.1 10.6 2-75 8 .1 8.2 8.2 8 .7 8 .6 8 .9 9 .3 9 .5 9.0 9 .5 9 .9 10.0 10.4 9 .8 8 .8 8 .4 3-75 8 .0 8 .1 6.1 8.5 8 .4 8 .7 9 .1 9 .2 8 .8 9.2 9 .5 9 .5 9 .8 9 .2 8 .3 7 .9 6 .6 6 .9 4-75 8 .0 8 .1 8.1 8 .5 8 .4 8 .7 9 .0 9.1 8 .7 9.1 9 .3 9 .3 9 .5 8 .9 8 .2 7 .8 6 .9 7 .3 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 4 3 -7 4 4 -7 4 1-75 2-75 3-7 5 3 -7 4 4 -7 4 1-75 2-75 3 -75 176*6 h -. 1 \ 6 .3 \ 6 « 9 % 179.3 X 182.3 7 .7 1 185.7 IN IT IA L QUARTER OUTPUT PER HOUR OF ALL PERSONS* TOTAL PRIVATE ECONOMY ____________ COMPOUNOEO ANNUAL RATES OF CHANGE____________ TERMINAL QUARTER 1967 * 100 IN IT IA L QUARTER 1-71 2-71 0.8 2-71 3-71 4-71 1-72 2-72 3-72 4-72 1-73 2 -73 3-73 4-7 3 1-74 2 -7 4 107.0 3-71 3 .0 5 .3 4-71 1 .4 1 .7 - 1 .8 1-72 2 .1 2 .5 1.1 108.4 107.9 4 .1 109.0 2-72 2.8 3 .4 2 .7 5 .1 6.0 3-72 2 .9 3 .3 2.6 4 .3 4 .5 2 .9 4-72 3 .3 3 .8 3 .5 4 .8 5 .0 4 .6 6.2 1-73 3 .5 3 .9 3 .7 4.6 5 .0 4 .6 5 .5 1 10 .6 111.4 113.1 4 .7 114.4 2-73 2.6 2 .9 2 .5 3.2 3.1 2 .4 2.2 0.2 -4 .1 3-73 2 .4 2.6 2.2 2.8 2.6 1.9 1 .7 0.2 -1 .9 0 .4 4-73 2 .1 2 .3 1 .9 2 .4 2.2 1.6 1.3 0 .1 -1 .4 0.0 113.2 113.3 -o > ^ 5 % 113.2 1-74 _ 1 .5 1.6 1.2 1 .6 1.2 0.6 0.2 - 1 .0 -2 .4 - 1.8 - 2.8 2-74 1.2 1.2 0 .9 1.1 0.8 0.2 - 0 .2 - 1.2 -2 .4 -1 .9 -2 .7 -3 .8 -2 .5 3-74 1 .0 1 .0 0.6 0 .9 0.5 - 0.0 -0 .4 -1 .3 -2 .3 -1 .9 -2 .5 -3 .2 - 2 .1 111.7 111.0 110.5 -l.^ ^ v 4—74 0 .7 0 .7 0 .3 0 .5 0.2 -0 .4 - 0.8 - 1 .6 -2 .5 - 2.2 -2 .7 -3 .3 - 2.6 -2 .7 - 3 . .6 Ì| 1-75 0 .7 0 .7 0 .4 0 .5 0.2 -0 .3 “ 0.6 -1 .3 - 2.0 -1 .7 - 2 .1 -2 .4 -1 .7 -1 .4 -1 .3 l.i 2-75 l.o 1 .0 0 .7 0 .9 0 .7 0.2 0.0 - 0.6 - 1.2 - 0.8 - 1 .0 - 1.1 - 0 .2 0 .4 1.1 3.5 6.0 0.8 _1.4 109.5 X A Oft/ 109.8 V 111.4 3-75 1.5 1.5 1.3 1.5 1.3 0 .9 0 .3 - 0 .1 0 .3 0 .3 0 .4 2 .2 3 .2 5.5 7 .8 9 .7 4-75 1 .4 1.5 1.2 1*4 A* 3 0 .9 0.8 0 .3 —0 . 1 0 .4 0 .4 0 .4 1.3 1 .9 2 .7 4 .3 5 .4 5.1 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 4 3 -7 4 4 -7 4 1-75 2-75 114.0 0 .7 1 114.2 3-7 5 IN IT IA L QUARTER PREPARED BY FEDERAL RESERVE BANK OF S T . LOUIS MARCH 17* 1976 10 PRODUCTIVITY, COMPENSATION, AND LABOR COSTS RATIO SCALE RATIO SCALE 19 6 7 -1 0 0 SEASONALLY AD JU S TE D 1 9 6 7 -1 0 0 ttM C ti *.*. IEPA«TMCNT #f LAMft rcaccMTAtcs akc amnal m tcs m omamc fm remo#* im ica tm . LATEST *ATA PL«TTC»< 4TM MAHTCt PRCPAUCt f t riM IM . R C ttm BAtHC OF ST. IW I t UNIT LABOR COSTS* TOTAL PRIVATE ECQNOHY COHPOUNOED ANNUAL RATES OF CHANGE TERMINAL QUARTER IN IT IA L QUARTER 1-71 2-71 3-71 4 -71 1-72 2—71 6*1 3-71 3 .9 4-71 4 .1 3 .1 4 .6 1-72 4 .4 3 .8 4 .9 5.2 2-72 3 .3 2.6 2 .9 2 .1 -0 .9 2-72 3-72 4-72 1-73 2-73 3-73 1967 * 100 4-73 1-74 2-7 4 3 -7 4 4—74 1-75 2-75 3 -7 5 122.4 1.6 122.9 124.3 125.9 125.6 3-72 3 .0 2 .3 2 .5 1.8 0.2 1.3 4-72 2.8 2.2 2 .3 1 .8 0.6 1.4 1.6 126.5 1-73 3 .5 3 .1 3 .3 3 .1 2 .5 3 .7 5 .0 129.1 2-73 4 .1 3 .9 4 .2 4 .1 3 .9 5 .2 6 .5 9.0 9 .6 ^ 3-73 4 .4 4 .2 4 .5 4 .5 4 .3 5 .4 6 .5 8.2 8.1 6 .5 \ 4-7 3 4 .9 4 .7 5 .1 5.1 5.1 6.2 7 .2 8.6 8 .7 8.2 1-74 5 .5 5 .5 5 .9 6.0 6 .1 7 .2 8.2 9 .6 9 .8 9.9 11.6 13.4 2-74 6 .3 6 .3 6.8 7 .0 7 .2 8.2 9 .3 10.6 11.0 11.4 13.0 14.6 15.8 11.2 11.6 12 .1 13.5 14.7 15.4 14^9^^ 1 2 .0 T 11*5 1 . i !r 11.3 1 1 . 6 12.3 13.5 14.5 14.8 14.3 1 3 .8 s 11.9 12.9 13.5 13.5 1 2.7 11.6 9 .5 4 .8 126.0 132.1 ,, 134.2 9 .9 ^ 137.4 141.8 147.1 3-74 6 .9 7 .0 7 .4 7 .7 7 .9 8 .9 9 .9 4 -7 4 7 .3 7 .4 7 .9 8.2 8 .4 9 .4 10.4 1-75 7 .5 7 .6 8.0 8 .3 8 .5 9 .4 10.3 2-75 7 .0 7 .1 7 .5 7 .7 7 .9 8.6 9 .3 10 .1 10.3 10.4 11.0 11.1 10.7 9 .4 7 .7 3-75 6 .5 6 .5 6.8 6 .9 7 .0 7 .7 8.2 8 .9 8 .9 8.8 9.1 9 .0 8 .3 6.8 4 .9 __ 2 . 1 -1 .4 4 -75 6 .5 6 .5 6.8 6 .9 7 .1 7 .7 8.2 8 .7 8.8 8.7 8 ,9 8.8 8.1 6 .9 5 .4 3 .4 1 .4 2.0 1-71 2-71 3-71 4-7 1 1-72 2-72 3 -72 4-72 1-73 2-73 3 -73 4-73 1-74 2 -7 4 3 -7 4 4 -7 4 1-75 2-75 152.3 157.3 160.9 0 .2 ^ V ........... -2 .9 ^ 161.0 159.8 7 .2 > l_ 162.6 3-7 5 IN IT IA L QUARTER PREPAREO BY FEOERAL RESERVE BANK OF S T . LOUIS MARCH 17* 1976 11 GROSS NATIONAL PRODUCT IN CURRENT DOLLARS COMPOUNDED ANNUAL RATES OF CHANGE______ BILLÎÜN& ô f DOLLARS ANNUAL RATES IN IT IA L QUARTER TERMINAL QUARTER 2-71 3-71 4 -7 1 3-71 6 .3 4-71 6 .7 7 .2 1-72 9 .0 10.4 13.8 2-72 9 .5 10 .6 1 2 .4 1-72 2-72 3-72 4-72 1-73 2-73 3-7 3 4 -7 3 1-74 3-74 2 -7 4 4 -7 4 1-75 2-75 3-75 4 -7 5 1 ,0 7 2 .4 1 ,0 9 1 .2 1 ,1 2 7 .0 11.0 1 ,1 5 6 .7 3-72 9 .4 10 .2 11.2 9 .9 8.8 4-72 10 .1 10.8 1 1 .7 11.1 11.1 13.5 1 ,1 8 1 .4 1 ,2 1 9 .4 1-73 10.9 11.6 12 .6 12 .2 12.7 14.7 15.8 2-73 1 0.4 11.0 1 1.7 11.3 11.3 12 .2 11.5 7 .4 3-73 1 0 .4 10.9 11 .5 11.1 11.1 11.7 11.1 8.8 10.3 4 -7 3 10 .4 10.9 1 1 .3 11.0 11.0 11.4 10.9 9 .3 10.3 1 0 .4 1-74 9 .9 10.3 1 0 .7 10.3 10 .2 10.4 9 .8 8 .4 8 .7 7 .9 \ 5.5 \ 7 . 1 % 2-74 9 .6 9 .9 10 .2 9 .8 9 .7 9 .8 9.2 7 .9 8.0 7 .3 5 .7 3 -7 4 9 .6 9 .9 1 0 .2 9 .8 9 .7 9 .8 9 .3 8.2 7 .9 7 .1 4 -7 4 9 .3 9 .5 9 .7 9 .4 9 .2 9 .2 8 .7 7 .7 7.8 7 .3 6 .5 6 .9 7 .4 4 .8 1-75 8 .5 8.6 8.8 8 .4 8.1 8.0 7 .5 6 .5 6.3 5 .7 4 .8 4 .6 4 .1 1.3 2-75 8 .4 8.6 8 .7 8 .3 8 .1 8.0 7 .5 6.6 6.5 6.0 5v2 5 .2 5 .0 3 .4 1 ,2 6 5 .0 1 ,2 8 7 .8 1 ,3 1 9 .7 . 1 1 ,3 5 2 .7 1 ,3 7 0 .9 1 ,3 9 1 .0 8.0 1 0 .0 y 1 ,4 2 4 .4 1 ,4 4 1 .3 - 2> 2 .7 V -, r \ 7 .7 1 ,4 3 3 .6 1 ,4 6 0 .6 3-75 9 .1 9 .3 9 .4 9 .1 9 .0 9 .0 8.6 7 .9 7 .9 7 .6 7 .2 7 .5 7 .8 7 .3 8.1 1 3.7 > i o “t cr> ^ 1 2 .7 % 1 9 .9 ^ V 4-7 5 9 .3 9 .4 9 .6 9 .3 9 .2 9 .2 8 .9 8.2 8.3 8.1 7 .8 8 .2 8 .5 8 .3 9 .1 13.2 1 6.0 12 .1 V . 1-76 9 .4 9 .5 9 .7 9 .4 9 .3 9 .4 9.1 8 .5 8 .6 8 .4 8.2 8.6 9 .0 8.8 9 .6 12.7 14.5 11.8 ll.M 2 -7 1 3-71 4 -7 1 1-72 2 -72 3-72 4-72 1—73 2-73 3 -73 4-73 1-74 2-74 3-7 4 4 -7 4 1-75 2-75 3-75 4 -7 5 1 ,5 2 8 .5 1 ,5 7 2 .9 1 ,6 1 6 .3P IN IT IA L ÓOAfcTÉft P - PRELIMINARY GROSS NATIONAL PRODUCT IN CONSTANT 1972 DOLLARS _______ COHPOUNOEO ANNUAL RATES OF CHANGE__________ TERMINAL QUARTER 2-7 1 3-71 4 -7 1 1-72 2-72 3-72 4-72 1-73 IN IT IA L QUARTER ANNUAL RATES 2-73 3-7 3 4 -7 3 1-74 BILLIONS OF DOLLARS 2 -7 4 3 -7 4 4 -7 4 1-75 2-75 3-75 4 -7 5 1 , 111.0 3-71 2.8 4 -71 3 .1 3 .5 1-72 4 .6 5 .5 2-72 5 .4 6 .3 7 .7 7 .9 3 -7 2 5 .4 6.0 6 .9 6.6 5 .3 4 -72 5 .9 6 .5 7 .3 7 .2 6 .9 8 .5 1 ,1 2 0 .5 7 .6 1 ,1 4 1 .2 1 ,1 6 3 .0 1 ,1 7 8 .0 1 , 202.2 1-73 6 .3 6 .9 7 .6 7 .6 7 .5 8.6 8.8 . 2 -73 5 .5 5 .9 6 .3 6.1 5 .6 5 .7 4 .4 0 .^ X 1 * ^ % 1 ,2 2 8 .4 3 -73 5 .2 5 .5 5 .8 5 .5 5 .0 5 .0 3.8 1 .4 1 .2 3 6 .5 4 -7 3 4 .8 5 .2 4 .9 4 .4 3.2 1 .4 5 .0 4 .2 1 ,2 2 7 .7 2.0 1 ,2 4 0 .9 1 .4 h v 1-74 4 .0 4 .1 4 .2 3.8 3 .2 2.8 1 .8 0 .1 0.0 -1 .3 -3 .9 ^ 3 % 2 -7 4 3 .3 3 .4 3 .4 2 .9 2 .3 1*9 0.8 -0 .7 -0 .9 -2 .1 -3 .8 -3 .7 3 -7 4 2 .9 2 .9 2.8 2 .4 1.8 1 .4 0 .4 - 1.0 - 1 .2 - 2 .1 -3 .3 -3 .0 - 2. M 4 -7 4 2.1 2 .1 1 .9 1 .4 0.8 0 .3 - 0.6 -1 .9 -2 .3 -3 .2 —4 .4 -* . 5 -4 .9 1-75 1 .3 1.2 1.0 0 .5 - 0 .1 -0 .7 - 1.6 -2 .9 -3 .3 -4 .2 -5 .3 -5 .7 —6 .4 2-75 1 .4 1 .3 1.2 0 .7 0 .1 -0 .3 -l.l - 2.2 -2 .5 -3 .2 —4 .0 -4 .0 -4 .0 -4 .6 -3 . 1 3 .3 - 1.8 -1 .5 - 1.0 -0 .7 1 .7 7 .5 3-75 2.0 2.0 1 .9 4 -7 5 2.2 2 .2 1-76 2 .5 2 .4 2-71 3-71 ^ _ 1 ,1 8 6 .8 C 1 ,1 5 8 .6 -9 .2 V ^ - 0.0 -0 . 9 -1 . 0 -1 .4 1 .3 1.0 0 .4 -0 .3 -0 .4 -0 .7 - 1.0 —0.6 - 0 .1 0 .4 2 .5 6 .7 8 .4 5 .0 \ 1 .7 1 .4 0 .9 0 .3 0 .3 0 .1 - 0 .1 0 .4 1.0 1 .5 3 .5 6 .9 8.1 6.2 2 -7 2 3-72 4-7 2 1-73 2-73 3-73 4 -7 3 1-74 2 -7 4 3-7 4 4 -7 4 1-75 2 -75 3-75 1.0 2 .1 1.7 2 .4 2 .1 4 -7 1 1-72 1 ,1 6 8 .1 z. 007 0 .7 1.5 1 .2 1 7 .2 1 , 2 10 .2 O 0 07 - , . ^ 1 ,2 2 8 .7 1 ,2 0 1 .5 1 ,2 1 6 .2 7 .5 1 1.238.4P 4-7 5 IN IT IA L QUARTER P - PRELIMINARY PREPARED BY FEDERAL RESERVE BANK OF S T . LOUIS APRIL 19* 1976 12 DEMAND AND PRODUCTION RATI O SCALE QUARTERLY TOTALS AT ANNUAL RATES RATIO SCALE T R I L L I O N S OF DOL LARS SEASONALLY ADJUSTED T R I L L I O N S OF DOL L A RS 1 .8 1. 7 1 .6 1. 5 1. 4 1. 3 1 .2 1.1 1. 7 1. 6 1. 5 1. 4 1. 3 1. 2 1. 1 1.0 0 .9 0. 8 1968 1969 1970 1971 1972 1973 1974 1975 1976 SOURCE« U.S. DEPARTMENT OF COMMERCE 11.CNP IN CURRENT DOLLARS. I2GNP IN 1972 OOLLARS. PERCENTAGES ARE ANNUAL RATES OF CHANCE FOR PERIOOS INDICATED. LATEST DATA PLOTTED, 1ST OUARTER PRELIMINARY pREpARE() BY 13 RESERVE BAN|( 0F ST< L0„ (s GENERAL P R I C E INDEX* R A T I O SCALE R AT I O S CALE 1 97 2-1 00 197 2-1 00 *AS USED IN NATIONAL INCOME ACCOVMTS SOURCE» U.S. OEPARTMCMT OF COMMERCE PERCENTAGES ARE ANNUAL RATES OF CHANOC FOR PERIOPS INDICATED. LATEST DATA PLOTTED« 1ST QUARTER PRELIMINARY PREPARED BY FEDERAL RESERVE BANK OF ST. LOOIS IM P LIC IT PRICE DEFLATOR FOR GROSS NATIONAL PRODUCT _________ COMPOUNDED ANNUAL RATES OF CHANGE___________ 1972 * 100 IN IT IA L QUARTER TERMINAL QUARTER 3-71 4 -7 1 1-72 2 -72 3-72 4-72 1-73 2 -73 3 -7 3 4 -7 3 1-74 2 -7 4 3 -7 4 4 -7 4 1-75 2-75 3-75 4 -7 5 96.53 3-71 4-71 3 .5 3 1-72 4 .2 4 .7 . X \ j.y y o 5 .8 ^ 97.38 2-72 3 .9 4 .1 4 .3 2 . 8 SV^ 98.76 3-72 3 .8 3 .9 4 .0 3 .1 3 . X 4-72 I 3 .9 I 1 r 4*3 4 .0 4 .2 3 .6 4 .0 4 .4 4 .6 4 .3 4 .8 4 .9 1-73 2-7 3 4 .7 4 .8 5 .0 99.45 100.29 101.44 5 .6 103.04 6 .5 s r. 5 % 5 .4 6 .1 104.84 6 .8 7 .2 7 .0 7 .3 7.4 [ 7 . 5 ] 7 .8 I 1 7 .9 8 .3 8 .1 8 .ÎV 8 .7 9 .3 9 .8 s 3-73 5 .0 5 .2 5 .4 5 .3 5.8 6 .4 4 -7 3 5 .3 5 .6 5 .8 5 .8 6 .3 6 .9 1-74 5 .7 6 .0 6 .2 6 .3 6 .8 7 .4 2 -74 6 .1 6 .3 6 .6 6 .7 7 .2 7 .7 8 .3 8 .6 9 .0 9 .5 9 .9 3 -74 6 .6 6 .8 7 .1 7 .3 7 .8 8 .3 8 .9 9 .3 9 .7 10.3 10.8 4 -7 4 7 .0 7 .3 7 .6 7 .8 8 .3 8 .9 10.3 10.9 11«4| 12.0 12.9 13 . 4 \ _ 9 .4 9 .8 106.73 109.01 111.58 \ ll.4 7 o lO .O ^ V 114.28 11.3 117.70 121.45 123.74 1—75 7 .1 7 .4 7 .6 7 .8 8 .3 8 .8 9.2 9 .6 9 .9 1 0 .4 10 .7 10.9 11.2 10.5 2 -75 6 .9 7 .1 7 .4 7 .5 7 .9 8 .4 8 .7 9 .0 9 .2 9 .5 9 .6 9 .5 9 .4 8 .4 6 .0 * > \5 .9 % 125.04 3 -75 6 .9 7 .1 7 .4 7 .5 7 .9 8 .2 8 .6 8 .8 9 .0 9 .2 9 .2 9 .1 9 .0 8 .1 6*4 5 .7 t T X 127.21 7 .ÎX 4 -7 5 6 .9 7 .1 7 .4 7 .5 7 .8 8 .1 8 .4 8*6 8 .8 8 .9 8 .9 8 .8 8 .6 7 .8 6 .5 6 .1 7 .0 6 . i \ ^ 1-76 6 .7 6 .9 7 .1 7 .2 7 .5 7 .8 8.1 8 .2 8 .3 8 .4 8 .3 8 .2 7 .9 7 .1 IT T I 5 .5 5 .9 5 .3 2-71 3-71 4 -7 1 1-72 2-72 3-72 4-7 2 1-73 2-73 3-7 3 4 -7 3 1-74 2 -7 4 3 -7 4 4 -7 4 1-75 2 -75 3-75 3 .r \ 1 129.33 1 30 .5IP 4 -7 5 IN IT IA L QUARTER P - PRELIMINARY PREPARED BY FEDERAL RESERVE BANK OF S T . LOUIS APRIL 19, 1976 14 PERSONAL CONSUMPTION EXPENDITURES IN CURRENT DOLLARS ___________ COMPOUNDED ANNUAL RATES OF CHANGE____________ TERMINAL QUARTER BILLIONS OF DOLLARS ANNUAL RATES IN IT IA L QUARTER 2-71 3-71 4 -7 1 3-71 6 .9 4-71 7 .4 7 .9 J -7 2 8 .7 9 .7 11 .4 2-72 9 .3 10.1 11.2 1-72 2-72 3-72 4 -7 2 1-73 2 -7 3 3 -7 3 4 -7 3 1-74 2 -7 4 3-7 4 4 -7 4 1-75 2-75 3-75 4 -7 5 6 74 .1 687 .1 7 0 5 .9 11.1 72 4 .7 3-72 9 .2 9 .7 10.3 9 .8 8 .5 4-72 9 .7 10.3 1 0.9 10.7 10.5 12.5 1-73 10.2 10.8 1 1 .3 11.3 11.4 12.8 13.2 2 -7 3 9 .9 10.3 1 0 .7 10.6 10.5 11.1 1 0.4 7 .8 3 -73 9 .8 10.2 1 0 .5 10.4 10.2 10.6 10.0 8 .5 9 .2 4 -7 3 9 .4 9 .7 9 .9 9 .7 9 .4 9 .6 8 .9 7 .5 7 .4 5 .5 1-74 9 .4 9 .7 9 .9 9 .7 9 .5 9 .7 9 .1 8 .1 8 .2 7 .7 10.0 2 -7 4 9 .8 10.1 1 0 .3 10.2 10.1 10.3 9 .9 9 .3 9 .7 9 .8 12.0 14.0 3 -74 10.2 10.4 1 0 .7 10.6 10.5 10.8 10.5 10.1 10.6 10 .9 12.8 14.2 14.3 4-7 4 9 .4 9 .6 9 .8 9 .6 9.5 9 .6 9 .2 8 .6 8 .8 8 .7 9 .5 9 .3 7 .1 7 3 9 .7 76 1 .8 7 8 5 .7 8 00 .5 8 1 8 .4 829 .5 849.5 877.8 90 7 .7 9 0 8 .4 0 .3 9 2 6 .4 1-75 9 .3 9 .5 9 .6 9*5 9 .3 9 .4 9*1 8 .6 8 .7 8 .6 9 .2 9 .1 7 .4 4 .2 8*2 2 -75 9 .4 9 .6 9 .7 9 .6 9 .5 9 .5 9 .2 8 .8 9 .0 8 .9 9 .5 9 .4 8 .3 6 .3 9 .4 10.7 3-75 9 .6 9 .7 9 .9 9 .7 9 .6 9 .7 9 .5 9 .1 9 .3 9 .3 9 .8 9 .8 9 .0 7 .7 10.3 11*3 4-75 9 .6 9 .7 9 .9 9 .8 9 .7 9 .8 9 .5 9 .2 9 .4 9 .4 9 .9 9 .8 9 .2 8 ,1 10*2 10*9 11*0 10*0 1-76 V .7 9 .8 10.0 9 .9 9 .8 9 .9 9 .7 9 .4 9 .5 9 .6 10.0 10.0 9 .5 8 .7 10 «5 1 1.0 11.1 10.8 11 .5 2-71 3-71 4 -7 1 1-72 2-72 3-72 4 -72 1-73 2—73 3 -7 3 4 -7 3 1-74 2-74 3-74 4—74 1-75 2-75 3 -75 4 -7 5 i n i t i AL 95 0 .3 11*9 9 7 7 .4 1*001.0 1.028 .7 P òuAATÉft P - PRELIMINARY PERSONAL CONSUMPTION EXPENDITURES IN CONSTANT 1972 DOLLARS ______________ COMPOUNDED ANNUAL RATES OF CHANGE________________ TERMINAL QUARTER 2-71 3-71 BILLIONS OF OOLLARS ANNUAL RATES IN IT IA L QUARTER ?~7\ 4 -7 1 1-72 2-72 3-72 4 -7 2 1-73 2 -7 3 2 .4 3 -7 3 4-7 3 1-74 2 -74 3-74 4 -7 4 1-75 2-75 3-75 4 -7 5 69 3 .6 4-71 3 .7 5 .1 1-72 4 .7 5 .9 6 .7 2-72 5 .6 6*7 7 .5 8 .3 3-72 5 .5 6 ,3 6 .7 6 .8 5 .3 4-72 6 .0 6 .8 7 .2 7 .4 6 .9 _1—73 6 .2 6.8 7 .2 7 .3 7 .0 _ 2 r7 ? 5 .4 5 .9 6 .0 5 .8 _3—73 5 .1 5 .4 5 .4 5.2 4 -7 3 4 .1 *t3 4 .2 3 .9 1-74 3 .6 3 .7 3 .6 2 -7 4 3 .4 3 .5 _3—74 3 .3 _ 4 -7 4 2 .4 1-75 2 .4 2-75 3-75 70 2 .3 7 1 3 .7 7 28 .1 7 3 7 .5 752 .8 7 .8 7 .1 5 .2 5 .2 3 .6 0 .2 4 .6 4 .5 3 .1 1 .2 2 .3 3 .2 2 .7 1.3 -0 .5 -0 .9 3.2 2 .5 2 .0 0 .8 -0 .8 -t .l -2 .7 -1 . 5 3 .4 3 .0 2 .4 2 .0 0 .9 -0 .3 -0 .4 -1 .3 0 .1 3 .4 3 .3 2 .9 2 .4 2 .0 1.1 0 .1 0 .1 -0 .4 0 .8 1.9 2 .1 2t4 2 .2 1.8 1.1 0 .7 -0 .3 -1 .3 -1 .5 -2 .2 -1 .8 -1 . 9 -3 .7 -9 .2 2 .3 2 .1 1.8 1.2 0 .8 -0 .0 -0 .9 -1 .0 -1 .6 -1 .1 —1.0 -1 .9 -3 .8 1 .8 2 .6 2 .6 2 .4 2.1 1.6 1 .3 0 .6 -o .i -0 .1 -0 .5 0 .1 0t4 0 .1 -0 .5 4 .1 _ 6 .4 2 .7 2 .7 2 .5 2 .3 1.8 1.5 0 .9 0 .3 0 .3 0 .1 0 .7 * .o 0 .9 0 .6 4 .1 5 .2 4 .0 765 .8 766.2 7 70 .5 -3 .9 7 6 2 .8 760 .0 1 .7 763 .2 767.2 7 4 8 .9 7 52 .3 764 .1 7 7 1 .6 4 -75 2 .8 ? t? 2 .6 2 .0 1 .7 1.2 0 .6 0 .7 0 .5 1.1 1.4 1.3 4 .1 4 .8 4 .0 4 .1 1-76 3 .0 3 .0 2 .9 2 .7 2 .3 2 .1 1.6 1.2 1 .3 1.2 1.8 2.2 2 .3 2 .3 4 .8 5.5 5 .2 5 .8 7 .5 2 -71 3-71 4 -7 1 1-72 2-72 3 -72 4 -7 2 1 -73 2-73 3 -7 3 4 -7 3 1-74 2-74 3-7 4 4 -7 4 1-75 2-75 3-75 4 -7 5 7 7 9 .4 7 9 3 .7P IN IT IA L QUARTER P - PRELIMINARY PREPARED BY FEOERAL RESERVE BANK OF S T . LOUIS APRIL 19, 1976 15 GROSS PRIVATE DOMESTIC INVESTMENT IN CURRENT DOLLARS ___________ COMPOUNDED ANNUAL RATES OF CHANGE____________ TERMINAL QUARTER -2-71 3-71 BILLIONS OF DOLLARS ANNUAL RATES IN IT IA L OUARTER 3-71 4-7 1 1-72 2-72 3-72 4-72 1-73 2-73 0 .5 3-73 4 -7 3 1-74 2 -7 4 3-7 4 4 -7 4 1-75 2-75 3-75 4 -7 5 161.0 4-71 5 .8 1 1.4 1-72 _13 #4 20 .5 3 0 .3 2-72 15.0 20.3 2 5 .0 19.9 3-72 14.8 18.6 2 1 .2 16.8 13.9 165.4 176.7 184.9 191.0 4-72 15.8 19.2 2 1 .2 1 8 .4 17.6 2 1.4 1-73 17 .0 20.0 2 1 .8 19.8 19.8 22.8 24.3 ¿ -7 3 16.2 18.6 1 9 .9 17.9 17.4 18.6 17.2 200 .5 211.7 10.6 217.1 3-73 15.2 17.2 18.1 16.2 1 5.4 15.8 14.0 9 .2 7 .8 4-73 15.8 17.6 1 8 .4 16.8 16.3 16.8 15.7 12.9 14.1 221.2 20.8 2 31 .9 1-74 11.8 13.0 13.1 11.2 10.0 9 .3 7 .1 3 .2 0 .8 - 2 . 5 -2 1 .3 218 .4 2-74 9 .8 10.7 10 .6 8 .6 7 .3 6 .3 4 .0 0 .4 -2 .0 - 5 . 1 -1 5 .9 -1 0 .0 2 1 2 .7 3 -7 4 8 .2 8 .8 8 .6 6 .7 5 .3 4 .3 2 .0 -1 .3 -3 .5 - 6 . 1 -1 3 .7 -9 .6 -9 .3 4-7 4 8 .0 8*6 8 .3 6 .5 5 .3 4 .4 2 .4 -0 .4 -2 .1 -4 .0 -4 .9 -2 .2 1-75 1 .3 1.3 0 .6 -1 .5 -3 .3 -4 .8 - 7 . 4 -1 0 .7 -1 3 .4 -1 6 .5 -2 2 .5 -2 2 .8 -2 6 .6 -3 4 .0 -5 8 .6 - 8 . 3 -1 1 .4 -1 3 .8 -1 6 .5 -2 1 .5 -2 1 .5 -2 4 .1 -2 8 .5 -4 1 .1 -1 6 .2 -9 .3 207.6 5 .3 210 .3 168.7 161.4 2 -75 0 .1 0 .1 -0 .7 -2 .7 -4 .4 -5 .9 3 -75 4 .6 4 .9 4 .5 2 .8 1.6 0 .7 -1 .0 -3 .3 —4 .7 —6 .1 —9 .5 -7 .3 -6 .8 -6 .1 -9 .6 33.5 112.6 4-75 5 .6 5 .9 5 .6 4 .1 3 .0 2 .3 0.8 -1 .1 —2 .2 —3 .2 —5 .9 -3 .4 -2 .3 -0 .8 -2 .3 30*0 62.0 23.4 1-76 7 .8 8 .2 8 .0 6 .8 5 .9 5 .4 4 .3 2 .7 2 .1 1.5 -0 .4 2 .5 4 .5 6 .9 7 .3 36.1 60 .0 38.8 5 6.1 2 -71 3-71 4 -7 1 1-72 2-72 3-72 4 -72 1-73 2 -73 3-7 3 4 -7 3 1-74 2 -74 3-74 4 -7 4 1-75 2-75 3-75 4 -7 5 3-75 BILLIONS OF DOLLARS ANNUAL RATES 4-7 5 194.9 205 .4 2 2 9 .6P IN IT IA L QUARTER P - PRELIMINARY GROSS PRIVATE DOMESTIC INVESTMENT IN CONSTANT 1972 DOLLARS ______________ COMPOUNDED ANNUAL RATES OF CHANGE________________ TERMINAL WUARTER IN IT IA L QUARTER 2-71 3-71 4 -7 1 1-72 3-71 -3 .3 4-71 1 .5 6 .6 1-72 8 .6 1 5.0 2*. 1 2-72 10 .6 15.6 2 0 .4 16.8 2-72 3-72 4 -72 1-73 2-7 3 3 -7 3 4 -7 3 1-74 2 -7 4 3-74 4 -7 4 1-75 2-75 167.0 169.7 179.1 186.2 3 -72 10.2 13.9 16 .4 12.8 8.9 4-7 2 11.2 1 4.4 1 6 .4 14.0 12.6 16 .5 1-73 11.9 1 4 .6 1 6 .3 14.5 13.7 16.2 15.8 2 -73 10.6 12.8 1 3 .8 11.9 1 0.7 11.3 8 .8 2 .2 3 -73 9 .4 11.1 1 1 .7 9 .8 8 .4 8 .3 5 .7 1.0 4 -7 3 9 .8 11.3 11 .9 10.3 9 .2 9 .3 7 .6 5 .0 6 .4 1-74 5 .7 6 .6 6 .6 4 .6 2 .9 2 .0 -0 .7 -4 .4 -6 .5 2 -74 3 .0 3 .5 3 .2 1.2 —0 .6 -1 .9 -4 .7 - 8 . 4 -1 0 .8 -1 4 .1 -2 5 .3 -2 2 .5 190.2 197.6 205.0 206.1 2 06 .0 -0 .2 13*4 212.6 - 9 . 6 -2 7 .9 195.9 183.8 3 -74 0 .9 1 .2 0 .7 -1 .3 -3 .2 -4 .6 - 7 . 3 -1 0 .6 -1 3 .0 -1 5 .9 -2 3 .9 -2 1 .8 -2 1 .1 173.2 4 -7 4 -0 .3 -0 .0 -0 .6 -2 .5 -4 .3 —5 .6 -8 . 1 -1 1 .1 -1 3 .1 -1 5 .5 -2 1 .5 -1 9 .2 -1 7 .5 -1 3 .8 166.9 1-75 -6 .7 -7 .0 - 7 . 9 -1 0 .2 -1 2 .3 -1 4 .2 -1 7 .1 -2 0 .5 -2 3 .3 -2 6 .5 -3 2 .7 -3 3 .8 -3 7 .2 -4 3 .9 -6 3 .5 129.7 2 -75 -7 .3 -7 .6 - 8 . 6 - 1 0 .7 -1 2 .6 -1 4 .4 -1 7 .0 -2 0 .0 - 2 2 .4 -2 5 .1 -3 0 .2 -3 0 .6 -3 2 .5 -3 5 .9 -4 4 .7 -1 6 .2 124.1 3-75 -3 .0 -3 .0 -3 .6 —5 .3 -6 .9 - 8 . 1 -1 0 .0 -1 2 .3 -1 3 .7 -1 5 .3 -1 8 .8 -1 7 .1 - 1 6 .0 -1 4 .7 -1 5 .0 — 4—75 -2 .3 -2 .3 -2 .8 —4 .4 -5 .7 -6 .8 - 8 . 5 -1 0 .4 -1 1 .6 -1 2 .8 -1 5 .6 -1 3 .7 -1 2 .1 -1 0 .2 -9 .3 2 2 .9 48.8 10.1 1-76 -0 .3 —0 .1 -0 .5 -1 .9 -3 .0 -3 .8 -5 .2 -6 .8 -7 .6 - 8 . 3 -1 0 .4 -7 .9 -5 .7 -2 .8 -0 .4 2 8.0 4 7.4 26.1 4 4 .5 2-7 1 3 -71 4 -7 1 1-72 2 -72 3-72 4-72 1-73 2 -7 3 3 -7 3 1-74 2 -7 4 3-7 4 4 -7 4 1-75 2-75 3-75 4 -7 5 4 -7 3 147.8 29.9 101.2 151.4 1 6 6 .OP IN IT tA L QUARTER P - PRELIMINARY PREPARED BY FEDERAL RESERVE BANK OF S T . LOUIS APRIL 19t 1976 16 GOVERNMENT PURCHASES OF GOODS AND SERVICES IN CURRENT DOLLARS ________________COMPOUNDED ANNUAL RATES OF CHANGE__________________ BILLIONS OF J E KHINAL_____________________________________________________________ IN IT IA L QUARTER____________________________________________________________ DOLLARS QUARTER ANNUAL RATES 1-73 2-7 3 3-73 4-7 3 1-74 2-7 4 3-74 4 -7 4 1-75 2 -75 3-75 4 -7 5 .¿ r n 3-71 4 - 7 ^ _ lT ? 2 2-72 3-72 4 -7 2 3 -.Il 7 .8 4-71 7 .5 7 .1 10*5 l l fp 16.6 2-72 8 .7 8 .9 9 .8 3 .4 3-72 7 .5 7 .4 7 .5 3.2 3 .1 4-72 8 .0 8 .0 8 .2 5 .5 6 .6 10.2 8 .6 -1 = 2 2 — . 235.5 239.6 2 4 9 .0 251.1 2 5 3 .0 259.2 1-73 8 .3 8 .4 6 .7 7 .8 10.3 10.4 2-73 7.2 7 .1 7 .1 5 .3 5 .8 6 .7 5.1 0 .0 3-73 7 .2 7 .1 7*1 5 .5 6 .0 6 .7 5.6 3 .3 2 6 5 .7 2 6 5 .7 6 .6 270 .0 4-73 7 .7 7 .7 7 .8 6 .6 7.1 8 .0 7 .4 6 .4 9 .8 13.0 1-74 8 .3 8 .3 8 .4 7 .5 8 .0 8 .9 8 .6 8 .2 11.1 13.4 1 3.7 2-7 4 8 .9 8 .1 8 .7 9 .5 9 .4 9 .2 11.6 13.3 13.4 27 8 .4 2 8 7 .5 8 .7 8 .7 3-74 9 .0 9 .1 9 .3 8 .6 9 .2 10.0 9 .9 9 .8 11.9 13.3 13.4 13.2 13.3 4 -74 9 .2 9 .3 9 .5 8 .9 9 .4 10.1 10.1 10.1 11.9 13.0 12.9 12.7 12.4 11*6 1-75 9 .2 9 .3 9 .4 8 .9 9 .4 10.0 10.0 9 .9 11.4 12.3 12.1 11.7 11.3 10*3 8*9 2-75 8 .9 8 .9 9 .1 8.5 8 .9 9 .5 9 .4 9 .3 10.5 11.1 10.8 10.2 9 .5 8*3 6 .7 4 .4 3 -75 9 .1 9 .1 9 .3 8.8 9 .2 9 .7 9 .7 9 .6 10.7 11.2 11.0 10.5 10.0 9*2 8 .4 8 .2 12.1 11.5 11.3 10.9 10*6 10*1 9 .7 9 .9 12.8 13.4 8 .6 8 .5 9 .8 8 .7 4 .2 4 -7 4 1-75 2-75 3-75 4 -7 5 13.1 296 .5 3 05 .9 îltJ5 9 .3 9 .4 9 .5 9.1 9 .5 10.0 10.0 9 .9 11.0 1-76 9 .0 9 .1 9 .2 8 .8 9 .1 9 .6 9 .5 9 .5 1 0.4 10.7 10.5 10.1 9*7 9*1 2-71 3-71 4-7 1 1-72 2-72 3-72 4-7 2 1-73 2-7 3 3-73 4-7 3 1-74 2 -74 3 -7 4 3 1 4 .4 321.2 32 4 .7 334.1 344.8 348.4P IN IT IA L QUARTER P - H*EL1MINARY GOVERNMENT PURCHASES OF GOODS AND SERVICES IN CONSTANT 1972 DOLLARS ___________________ COMPOUNDED ANNUAL RATES OF CHANGE______________________ 2 -71 3-71 3-71 4-71 1-72 2-72 3-72 4 -7 2 1-73 2-7 3 3-73 4 -7 3 1-74 2 -7 4 3-7 4 4 -7 4 1-75 2-75 ?-75 4 -7 ? 250*5 6 .1 251*0 4-71 3 .4 0 .8 1-72 4 .0 2 .9 5 .0 2-72 2 .6 1.4 1 .8 254.1 -1 .4 253 .2 2 52 .0 3-72 1.7 0 .6 0 .5 -1 .6 -1 .9 4-72 1.7 0.9 0 .9 -0 .5 0 .0 1.9 2*2 2 .4 2 5 4 .7 1-73 1 .8 1.1 1.2 0 .2 2-73 0 .7 0 .0 -0 .1 -1 .1 -1 .1 -0 .8 -2 .1 -6 .4 3-73 0 .8 0 .1 0 .0 -0 .8 -0 .7 -0 * 4 -1 .1 -2 .8 1*0 4-73 1.1 0 .5 0 .5 -0 .1 0.1 0*5 0 .1 -0 .6 2*4 3*9 1-74 1.1 0 .6 0 .5 —0 .0 0 .2 0*5 0 .3 -0 .3 1*9 2 .3 2 -74 1 .1 0.6 0 .6 0 .2 0 .4 0 .7 0 .5 0*1 1*8 2*1 1.2 1 .6 3 -74 1 .0 0 .6 0 .5 0.1 0 .3 0 .5 0 .3 0 .0 1*3 1.4 0 .6 0 .6 -0 .5 4 -74 0 .8 0 .4 0 .3 -0 .1 0 .1 0 .3 0 .1 -0 .2 0*8 0.8 0*0 -0 .2 -1*1 -1 * 7 1-75 0 .9 0.5 0 .5 0.1 0 .3 0 .5 0 .3 0 .1 1*0 l.l 0*5 0 .4 0*1 0 .3 2-75 0 .8 0 .5 0 .4 0.1 0 .2 0 .4 0 .3 0 .0 0*9 0 .9 0*4 0 .3 -0 * 0 0*1 1*0 0 .8 0 .5 0 .7 0 .9 0 .8 0 .6 1*4 1.5 1*2 1.2 1*2 1*6 2*7 l.l 0.8 250.5 251.1 253.5 254 .0 0 .8 25 5 .0 254.7 Ztttt? 2 .4 2 ? ? .l 2 5 4 .9 -0*3 2*8_ 6*1 2 5 ? .7 5*3 4-75 1.3 1 .0 4 .0 0 .8 0 .9 1.2 1.1 1.0 1*7 1.8 1*6 1 .7 1*7 2 .2 3 .2 _ 1-76 1.2 1.0 1 .0 0 .7 0 .9 1.1 1 .0 0 .9 1*6 1.7 1.4 1.5 1*5 1 .8 2*5 2*5 3*5 2*3 0 .0 2-71 3-71 4 -7 1 1-72 2-72 3-72 4 -7 2 1-73 2 -7 3 3-73 4 -7 3 1-74 2-7 4 3 -7 4 4 -7 4 1-75 2-75 3-75 4 -7 5 2 4 lt* 261.6P IN IT IA L QUARTER P - PRELIMINARY ------------------ — ------ --------------------------------------------------------------------------------------------- ----------------------------------------------------------------------PREPARED BY FEDERAL RESERVE BANK OF ST* LOUIS APRIL 19» 1976 _ 253.2 0 .8 3-75 BILLIONS OF DOLLARS ANNUAL RATES IN IT IA L QUARTER TERMINAL QUARTER 17 . DISPOSABLE PERSONAL INCOME IN CURRENT DOLLARS COMPOUNDED ANNUAL RATES OF CHANGE________ BILLIONS OF TERMINAL____________________________________________________________ IN IT IA L QUARTER___________________________________________________________ DOLLARS QUARTER ANNUAL RATES _2~7l 3-71 W l 1-74 2-74 3-74 4 -7 4 1-75 2-75 3-75 4 -7 5 1.-7.?. _2 t 72_ 3-72 4-72 1-73 2-73 3-73 4 -7 3 ? -n 4 .3 4 -71 5.2 748.1 6 .0 759.1 1-7? 6 .3 7 .3 8 .6 2-72 6 .3 7 .0 7 .5 6 .3 3-72 7.1 7 .8 8 .4 8 .2 10.1 4-72 8t5 9 .4 1 0 .3 10.8 13.1 775.0 7 87.0 806.2 16.2 1-73 9 .4 10.3 1 1 .2 11.8 13.7 15.5 14.9 2-73 9.8 10.6 1 1 .3 11.9 13.3 14.4 13.5 12.1 3-73 9 .8 10.5 11.2 11.6 12.7 13.4 12.5 11.3 10.4 4-7 3 1Û.0 1 0.7 11 .3 11 .7 12.6 13.1 12.3 11.4 11.1 11.8 1-74 9 .7 10.2 1 0 .7 10.9 11.6 11.9 11.0 10.1 9 .4 8 .9 6 .0 2 -74 9 .4 9 .8 10.2 10.4 10.9 11.0 10.2 9 .3 8.6 • o CD 837.0 6 .1 6 .2 3 -7 4 9 .6 10.0 1 0 .4 10.6 11.0 11.2 10.5 9 .7 9 .3 9 .0 8.1 9.1 12.1 4 -7 4 9 .5 9 .9 10 .2 10 .3 10.8 10.8 10.2 9 .5 9.1 8 .8 8.1 8.8 10.1 1-75 9 .0 9 .4 9 .6 9 .7 10.0 10.0 9 .4 8 .7 8.2 7 .9 7.1 7 .4 7 .8 5 .6 3 .2 2-75 9 .9 10.3 1 0 .6 10.8 11.2 11.3 10.8 10.4 10.1 10.1 9 .8 10.6 11.7 11.6 13.4 24.5 3-7 5 9 .5 9 .8 10.1 10.2 1 0.5 10.5 10.0 9 .5 9.2 9.1 8 .7 9 .1 9 .7 9 .1 9 .5 12.7 2 .0 4 -7 5 9 .5 9 .8 10.1 10.2 1 0.4 10.5 10.0 9 .6 9.3 9 .2 8 .9 9 .3 9 .8 9 .3 9 .7 11.9 6.1 10.3 1-76 9 .5 9 .8 1 0 .0 10.1 10.4 10.4 10.0 9 .6 9.3 9 .2 9 .0 9 .3 9 .8 9 .4 9 .7 11.3 7 .3 10.0 9 .7 2-7 1 3—71 4 -7 1 1-72 2 -72 3—72 4 -7 2 1-73 2-73 3 -7 3 4 -7 3 1—74 2 -7 4 3-7 4 4 -7 4 1-75 2-75 3-75 4 -7 5 866.6 891 .7 914.1 939.9 953.8 968.2 996.3 8 .1 1 ,0 1 5 .9 1 ,0 2 4 .0 1 ,0 8 1 .7 1 ,0 8 7 .1 1 ,1 1 4 .0 1 ,140.0P IN IT IA L 6UART£fc P - P*èLÌ*ÌNA*V DISPOSABLE PERSONAL INCOME IN CONSTANT 1972 DOLLARS __________COMPOUNDED ANNUAL RATES OF CHANGE____________________________________________________________ BILLIONS OF TERMINAL_____________________________________________________________ IN IT IA L QUARTER___________________________________________________________ DOLLARS QUARTER ANNUAL RATES 3-71 4 -7 1 1-72 2-7 2 3-72 4-72 1-73 2-73 3-73 4 -7 3 1-74 2 -74 3 -7 4 4 -74 1-75 2-75 3-75 4-75 2-71 3-71 0 .0 769 .9 4-71 1 .6 775 .9 1-72 2 .4 3 .6 4 .1 2 -72 2 .7 3 .6 3 .9 3 .6 3-72 3 .5 4 .4 4 .8 5 .2 4 -72 4 .9 5 .9 6 .6 7 .5 9 .4 12.2 1-73 5 .4 6 .4 7 .0 7 .8 9 .2 10.4 8 .7 2 -7 3 5 .3 6 .1 6 .6 7 .1 7 .9 8 .3 6 .5 4 .3 3 .2 78 3 .7 790 .7 6 .7 80 3 .7 827.1 844.6 853.5 8 60 .7 3-73 5 .1 5 .7 6 .1 6 .4 7 .0 7 .1 5.5 3 .8 3 .4 4 -7 3 4 .7 5 .3 5 .5 5 .7 6.1 6 .0 4 .5 3.1 2.5 1.6 1-74 3 .8 4 .2 4 .3 4 .5 4 .1 2 .5 1.0 -0 .0 -1 .7 -5 .0 1.2 -0 .3 - 1 .4 -2 .9 -5 .1 -5 .3 864.2 853 .3 841.8 2 -7 4 3 .0 _ 3 .3 3 .3 3 .2 3 .2 2 .7 3 -7 4 2 .8 3 .0 3 .0 2 .9 2 .8 2 .4 1 .0 -0 .2 -1 .1 -2 .2 -3 .4 -2 .6 0 .1 4 -7 4 2 .4 2 .6 2 .6 2 .4 2 .3 1 .9 0 .6 -0 .5 -1 .2 - 2 .2 -3 .1 -2 . 4 -1 .0 -2 .1 ! —75 2 .1 _ 2 .2 2 .2 2 .0 1 .9 1 .4 0 .2 -0 . 8 -1 .5 -2 .3 -3 .0 -2 . 5 -1 .6 -2 .5 -2 .8 2-7 5 3 .1 3 .3 3 .3 3 .3 3 .2 2 .9 2*0_ 1 .3 1.0 0 .6 0 .4 1.5 3 .3 4 .4 7 .8 19.7 3-7 5 2 .6 2 .a 2 .7 2 .6 2 .6 2 .2 1 .4 0 .6 0 .2 -o .i -0 .4 0 .4 1 .6 1 .9 3 .3 6 .5 - 5 .2 4 -75 2 .7 2 .8 2 .8 2 .7 2 t7 2 .4 1.0 0.6 0 .3 0 .2 0 .9 2 .0 2 .4 3 .5 5.8 - 0 .6 4 .3 1-76 2 .8 3 .0 3 .0 2 .9 2 .9 2 .6 1 .9 1 .4 1.1 0 .9 0 .8 1.5 2 .5 3 .0 4 .0 5.8 1.5 5.0 5 .8 2-71 3-71 4 -7 1 1-72 2-72 3-72 4 -7 2 1-73 2-73 3 -7 3 4 -7 3 1-74 2 -7 4 3-74 4 -7 4 1-75 2-75 3-75 4 -7 5 8 37.6 831.6 Ç69t Ç 858.2 867 .3 8 7 9 .6P IN IT IA L QUARTER P - PRELIMINARY PREPARED BY FEDERAL RESERVE BANK OF S T . LOUIS APRIL 19, 1976 18 .... CORPORATE PROFITS AFTER TAXES * COMPOUNDED ANNUAL RATES OF CHANGE TERMINAL QUARTER BILLIONS 01DOLLARS ANNUAL RATES IN IT IA L QUARTER 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 2-71 29.5 3-71 26.8 24.2 J t r ll 26.2 24.5 1-72 25.5 24.2 24.2 2 3 .4 2-72 2 2 .9 21.3 2 0 .4 18.2 13.2 3-72 2 2.8 21.5 20.9 19.6 17.7 4-72 25.6 25.2 2 5 .4 2 5.6 2 6.3 33 .4 4 5 .4 1-73 ¿ 9 .3 2 9.2 30.1 31.1 33.1 40.5 50.6 56.0 2-73 2 6 .9 26.6 27 .0 2 7.3 28.1 32.1 35.6 30.9 3-73 23.2 22.5 22.2 21 .9 21.6 23.4 23*6 17.1 1.5 -6 .2 4-73 2 2.4 21.8 2 1.5 21.1 2 0 .7 22.0 2 2.0 16.7 6 .0 4 .1 15.5 1-74 2 5.0 24.6 2 4 .6 24 .0 2 4 .7 26.5 27*2 23.8 16.9 19.3 34.6 56.9 2-74 22.0 2 1.4 21.1 20.8 20.5 21.4 21.3 17*7 11.2 11.6 18.2 19.6 -8 .8 2-74 3-7 4 4 -7 4 1-75 2-75 3-75 43.1 45.5 24 .9 48.1 50 .7 52.3 55.0 22.3 6 0 .4 67.5 69.1 9 .8 6 8.0 7 0.5 7 8.9 77.1 3-74 2 4.7 2 4.3 2 4 .3 24 .3 24 .3 25.6 26.1 23.5 18*8 20 .7 28.5 33.2 2 2.7 65.1 8 7 .4 4-74 17.8 17.0 16.5 15.8 15*1 15.3 14.6 11.2 6 .0 5 .3 7.8 6 .0 -7 . 0 -6 .1 -4 6 .6 7 4 .7 1-75 10.2 9 .0 8 .0 6 .8 5.5 4 .9 3 .3 —0 .6 -6 .0 -8 .1 - 8 . 4 -1 2 .6 -2 4 .5 -2 9 .1 -5 3 .5 -5 9 .5 2-75 12.5 11.5 10.7 9 .7 6.8 8 .4 7 .2 4 .0 -0 .6 -1 .8 -1 .2 3-75 16.0 15.3 1*.7 14.1 13.4 13.4 12.7 10.2 6 .4 6 .0 7 .6 6 .6 -0 .1 1.8 4-75 15.4 14.7 14.2 13.5 12.9 12.9 12.2 9 .8 6 .3 6 .0 7 .4 6 .5 0 .7 1-71 2-71 3 -71 4-71 1-72 2-72 3-72 4-72 1-73 2-7 3 3-73 4-73 1-74 59.6 6 6.6 - 3 .7 -1 2 .7 -1 3 .6 -3 0 .4 -2 0 .5 55.9 -9 .8 7 .4 74.8 96.0 2 .4 -6 .9 7 .0 47.8 43.9 5 .7 2-74 3 -7 4 4 -7 4 1-75 2 -75 3 -7 5 7 8.8 7 9 .9 IN IT IA L QUARTER ♦ NATIONAL INCOME BASIS PREPARED BY FEDERAL RESERVE BANK OF ST* LOUIS APRIL 19» 1976 SOURCES OF DATA National Income and Product Accounts Data Source: National Income and Wealth Division, Bureau of Economic Analysis, U. S. Department of Commerce, Washington, D.C. 20230 An article describing the revisions and the set of seasonally adjusted quarterly information for the post World War II period will appear in the January 1976 Survey of Current Business, published in two parts. Additional annual detail for 1946-74 and annual estimates for 1929-45 will be published in a single volume this spring. 19 I NVENTORI ES COMPARED WITH MONTHLY S A L E S * MANUFACTURING AND TRADE 1 .76 76 72 72 68 68 64 64 60 60 56 56 1.52 52 48 48 1.47 - 44 44 40 40 1 1965 1 1966 1967 1968 1969 # RAT I OS BASED ON SEASONALLY ADJUSTED DATA. 1976 1971 SOURCE: U.S.DEPARTMENT OF COMMERCE SHADED AREAS REPRESENT PERI ODS OF BUS I NE S S R ECES S I ONS AS DEFI NED BY THE NATIONAL BUREAU OF ECONOMIC RESEARCH. LATEST DATA PLOTTED* FEBRUARY PRELI MI NARY PREPARED BY FEDERAL RESERVE BANK OF ST. 20 LOUI S
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