Full text of National Economic Trends : April 1979
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nR T ionH L PREPARED BY MONTH ENDING: March 31, 1979 E co n o m ic FEDERAL RESERVE BANK trcods OF ST. LOUIS RELEASED: April 30, 1979 Total spending in the economy slowed in the first quarter, rising at a 9.5 percent annual rate compared to the 15.6 percent rate of increase in the previous quarter. Most of the advance in spending reflected price increases, as the implicit price deflator rose at an 8.7 percent rate. First quarter growth in output was hampered by winter weather and a major strike. The less than 1 percent rate of expansion in real output in the first quarter was down sharply from the nearly 7 percent rate of increase in the final quarter of 1978. Real consumer spending increased at a 1.7 percent rate, considerably slower than the 7.7 percent gain in the previous quarter. The slowdown in consumer spending reflected efforts to adjust spending to changes in real income growth. Real disposable personal income rose at a 3.2 percent rate in the first quarter, much slower than the 6.1 percent rate of rise in the fourth quarter. Over the two quarters, real consumer spending increased at a 4.7 percent rate, the same as the rate of growth in real disposable personal income. Real business investment in structures declined in the first quarter, in part, as a result of the impact of winter weather on construction activity. However, businesses invested heavily in producers* durable equipment in the first quarter, which rose at an 8 percent rate in real terms, following a 9 percent rate of expansion in fourth quarter 1978. Real investment in inventories rose at an annual rate of $11.8 billion during the first quarter, up from the $8.2 billion increase in the previous quarter. Total civilian employment growth continued unabated despite slowing in output. For the three months ending in March, total civilian employment increased at a 4.2 percent rate, above the 3.6 percent rate of growth for the year ending December 1978. The labor force grew less rapidly than employment, resulting in a reduction in the unemployment rate from 5.9 percent in December to 5.7 percent in March. Consumer and producer prices advanced sharply during the first quarter. Producer prices rose at a 16.5 percent annual rate for the first three months of 1979. From December to March, consumer prices rose at a 13.9 percent rate, compared to a 9.1 percent increase in the previous twelve months. TOTAL C IV IL IA N EMPLOYMENT COMPOUNDED ANNUAL RATES OF CHANGE TERMINAL I N I T I A L MONTH 8 -7 7 9 -7 7 3 .8 1 0 -7 7 3 .1 9 -7 7 1 0 -7 7 1 1 -7 7 1 2 -7 7 1 -7 8 2 -7 8 3 -7 8 5 -7 8 6 -7 8 THOUSANDS 7 -7 8 8 -7 8 9 -7 8 1 0 -78 1 1 -7 8 1 2 -7 8 1 -7 9 2 -7 9 9 1 ,1 8 7 9 1 ,3 7 4 2 .5 1 1 -7 7 5 .8 6 .9 1 1 .4 1 2 -7 7 5 .6 6 .2 8 .1 4 .8 1 -7 8 5 .4 5 .8 7 .0 4 .8 4 .8 9 2 ,2 0 3 9 2 ,5 6 1 S 2 .9 2 3 4 .8 5 .0 5 .6 3 .7 3 .2 1 .6 4 .5 4# 6 5 .1 3 .6 3 .2 2 .3 3 .1 4 -7 8 4 .? 4 .8 5 .2 4 .0 3 .8 3 .4 4 .3 5 .6 2 -7 8 4 -7 8 9 3 ,0 4 7 9 3 ,2 8 2 9 3 ,7 0 4 5 -7 8 4 .5 4 .6 4 .9 3 .8 3 .6 3 .4 4 .0 4 .4 3 .2 6 -7 8 5 .0 5 .1 5 .4 4 .6 4 .5 4 .5 5 .2 6 .0 6 .1 9 .1 7 -7 8 4 .3 4 .3 4 .5 3 .7 3 .5 3 .3 3 .6 3 .8 3 .2 3 .2 -2 .4 9 3 ,9 5 3 9 4 ,6 4 0 9 4 ,4 4 6 8 -7 8 4 .2 4 .2 4 .4 3 .7 3 .5 3 .3 3 .6 3 .7 3 .3 3 .3 0 .5 3 .6 9 -7 8 4 .2 4 .2 4 .3 3 .7 3 .5 3 .4 3 .6 3 .7 3 .4 3 .4 1 .6 3 .6 3 .7 1 0 -7 8 4 .1 4 .1 4 .2 3 .6 3 .5 3 .3 3 .6 3 .6 3 .3 3 .3 1 .9 3 .4 3 .3 3 .0 4 .3 4 .4 3 .8 3 .8 3 .7 3 .9 4 .0 3 .8 3 .9 2 .8 4*2 4 .4 4 .8 9 4 ,7 2 3 9 5 ,0 1 0 9 5 ,2 4 1 9 5 ,7 5 1 6 .6 1 1 -7 8 4 .2 1 2 -7 8 4 .1 4 .1 4 .2 3 .7 3 .6 3 .4 3 .6 3 .7 3 .5 3 .5 2 .6 3 .6 3 .6 3 .6 3 .9 1 .3 1 -7 9 4 .2 4 .2 4 .3 3 .8 3 .7 3 .6 3 .8 3 .9 3 .7 3 .8 3 .0 4 .0 4 .0 4 .1 4 .5 3*5 5 .7 2 -7 9 4 .2 4 .2 4 .3 3 .8 3 .8 3 .7 3 .9 3 .9 3 .8 3 .8 3 .2 4 .0 4 .1 4 .2 4 .5 3 .8 5 .1 4 .4 3 -7 9 4 .1 4 .1 4 .2 3 .8 3 .7 3 .6 3 .8 3 .8 3 .7 3 .7 3 .1 3 .8 3 .9 3 .9 4 .1 3 .5 4 .2 3 .4 2 .4 9 -7 7 1 0 -7 7 1 1 - 7 X 1 2 -7 7 1 -7 8 2 -7 8 3 -7 8 4 -7 8 5 -7 8 6 -7 8 7 -7 8 JB-78 _ 9 -7 8 1 0 -7 8 1 1 -7 8 1 2 -7 8 1 -7 9 2 -7 9 8 -7 7 95^855 ~ 9 6 ,3 0 0 9 6 ,6 4 7 9 6 ,8 4 2 I N I T I A L MONTH PAYËQLL EMPLOYMENT COMPOUNDED ANNUAL RATES OF CHANGE I N IT I A L MONTH TERM INAL MONTH 8 -7 7 9 - 7 7 1 0 -7 7 1 1 -7 7 1 2 -7 7 9 -7 7 5 .5 1 0 -7 7 4 .4 3 .3 1 1 -7 7 4 .7 4 .2 5 .2 1 2 -7 7 4 .1 3 .6 3 .8 1 -7 8 2 -7 8 3 -7 8 4 -7 8 5 -7 8 6 -7 8 THOUSANDS OF PERSONS 7 -7 8 8 -7 8 9 -7 8 10 -78 1 1 -7 8 1 2 -7 8 1 -7 9 2 -7 9 8 2 ,9 7 3 8 3 ,1 9 9 8 3 ,5 4 9 8 3 ,7 1 9 2 .5 0 3 ,8 7 1 1 -7 8 3 .7 3 .3 3 .3 2 .3 2 .2 2 -7 8 3 .9 3 .6 3 .6 3 .1 3 .4 4 .6 3 -7 8 4 .4 4 .3 4 .5 4 .3 4 .9 6 .3 7 .9 4 -7 8 5 .2 5 .1 5 .4 5 .5 6 .2 7 .6 9 .1 8 4 ,1 8 8 8 4 ,7 2 6 1 0 .3 8 5 ,4 1 8 5 -7 8 4 .9 4 .8 5 .0 5 .0 5 .5 6 .4 7 .0 6 .5 2 .8 6 -7 8 4 .9 4 .9 5 .1 5 .1 5 .5 6 .2 6 .6 6 .1 4 .1 5 .4 7 -7 8 4 .5 4 .4 4 .6 4 .5 4 .8 5 .2 5 .3 4 .7 2 .9 2 .9 8 5 ,6 1 8 8 5 ,9 9 6 0 .5 8 6 ,0 3 3 8 6 ,1 4 9 8 -7 8 4 .3 4 .2 4 .3 4 .2 4 .4 4 .7 4 .7 4 .1 2 .6 2 .5 1 .1 1 .6 9—78 4 .0 3 .8 3 .9 3 .8 3 .9 4 .1 4 .1 3 .4 2 .1 1 .9 0 .8 0 .9 0 .2 1 0 -7 8 4 .1 4 .0 4 .1 4 .0 4 .1 4 .3 4 .3 3 .8 2 .7 2 .7 2 .0 2 .5 3 .0 5 .9 8 6 ,1 6 3 4 .3 4 .2 4 .2 4 .2 4 .3 4 .5 4 .5 4 .1 3 .3 3 .3 3 .5 4 .2 6 .2 6 .6 4 .2 4 .1 4 .2 4 .1 4 .3 4 .4 4 .4 4 .0 3 .3 3 .4 3 .0 3 .5 4 .0 5 .3 5 .0 3 .4 1 -7 9 4 .2 4 .1 4 .1 4 .1 4 .2 4 .4 4 .3 4 .0 3 .3 3 .4 3 .1 3 .5 3 .9 4 .8 4 .5 3 .4 3 .4 2 -7 9 4 .2 4 .1 4 .1 4 .1 4 .2 ' 4 .4 4 .3 4 .0 3 .4 3 .5 3 .2 3 .6 3 .9 4 .7 4 .4 3 .7 3 .8 4 .3 3 -7 9 4 .2 4 .1 4 .2 4 .1 4 .2 4 .4 4 .3 4 .0 3 .5 3 .6 3 .4 3 .7 4 .0 3 .9 4 .1 4 .4 4 .5 0 - 7 7 1 0 -7 7 1 1 -7 7 1 2 -7 7 1 -7 8 2^78 3 -7 8 4 -7 8 5 -7 8 6 -7 8 7—78 8 -7 8 9 -7 8 10—78 1 1 -7 8 1 2 -7 8 1 -7 9 ?-7 Q 8 -7 7 •* 1 1 -7 8 1 2 -7 8 + \ + 8 6 ,5 7 3 2 .9 8 7 ,0 3 6 8 7 ,2 8 1 8 77^2 4 ~ 8 7 ,8 3 2 P 8 8 ,1 56P I N I T I A L MONTH P - PR ELIM IN A RY PREJLàREQ_EÜL FFO FR A l RFSFftVP RINK OP S T . LO U IS A P R IL 6» 1979 2 EMPLOYMENT RATIO SCALE RAT 10 S C A L E M ILLIONS OF P ERS ONS MILLIONS SEA SO N A LLY ADJU STED OF P E RS ONS SOURCE« U .S.D E P A R T M E N T OF LABOR P E R C E N TA G ES ARE ANNUAL R A T E S OF CHAN8E FOR P E R IO D S IN O IC A T E D . L A T E S T DATA PLO TTED « MARCH P R E L IM IN A R Y R E S E R V E SANK OF S T . UNEMPLOYMENT RAT E SEASONALLY ADJUSTED PERCENT L O U IS PERCENT 10.0 9.0 8. 8.0 \0 6. 6.0 5. 5.0 4. 4.0 3. 3.0 2. 2.0 1971 1 972 1973 197 4 19 7 5 1976 19 7 7 SOURCE« U . S . P E R C E N T OF C I V I L I A N 1978 19 7 9 DEPARTM ENT OF LABOR LABOR FO RCE L A T E S T OATA PLO TTED » MARCH PREPARED BY FE D ER A L R ESER VE BANK OF S T . L O U IS CONSUMER P R IC E IN D EX , SEASONALLY AOJUSTED * OF CHANGE_____ TERMINAL MONTH 1 9 é»7 « l Q Q -Sri?- 9 -7 7 ._19 .r 7 7 U - 77 __ l~7fi Z - U ... 3rZfl W .fl__ 5-7a 7-r7a a-78 9-7a 10-78 II—7fl 1 ?— 78 1-7« ?-7Q .A,? 9 -7 7 1 0 -7 7 1 1 -T 7 .— JLL-7 7 __Lti__________________________________________ __________________ -5*5 .é.t7 ___6*0 . 1-78 _ 3 -7 8 6*8 7 .2 7 .9 8 .0 8 .6 8 .6 4 -7 8 7*3 7 .7 __J? *3_ 8 . *> 9 .1 9 .3 9 .9 ............................................................... ~ ~ 10^6^\ 191, 5 -7 8 7 .6 8 .0 8 .6 8 .8 9 .4 9 .6 10.1 1 0 .5 1 0 .5 ^ ^ .¿ T lÊ 7 .9 a . 3.. 6 .8 9 .0 .2 .6 9*1 . 1 0 .2 1 0 .5 1 0 .4 ..Ir T ft 7 .9 8 .2 -9-« 3 _5*2_ 193 i 1 0 .4 ^ \ _L*a___ _______ a*5___ floLÎ*___ 2 *a___ 2*12___ 2 *2 _ JZ=M L -S-«-Q___ 8*2 10-76 _fi*2___ S*_5___ _______ 2*û___ 2*3___ 2*3___ 2*5___ 2*f»___ 2*â___ 2 .2 .. ilr7.fi. ■Lt 1 2 . _ _a*a_ 2* 2_ ■Q-.7____ft*5___ 2*1____2*2— 2* 3___ 2*_4 8t 1___ ______ a>7 —2* ft___ 9*1 ■ 2..1___ 2*2___ 2*3___ 2*3___ 2*J___ fi*2___ fl.6 .8« 4___ a * i ___ a*^ ___ i . i 1 2 r~ 7& 9 .4 .9*3___ 2 ^ L _2*5_ 1 0 .3 1 0 .3 1 0 .3 10*7 1 1 .2 1 1 .4 1 3 .9 1 4 .6 9 - 7 7 1 0 -7 7 1 1 -7 7 1 2 -7 7 1 -7 8 2 -7 8 3 -7 8 5 -7 8 6 -7 8 7 -7 8 8 -7 8 9 -7 8 1 0-78 1 1 -7 8 1 2 -7 8 1 -7 9 &> * 1 0 .4 00 1 0 .3 9 .6 00 « 1 0 .1 9 .3 1 1 .5 ______ mm a 1 0 .0 1 -J 1 « 8 -7 7 9*5__ 1 0 .5 __ 12*5. —u « u r« 9 .0 ¿qua 9*2___ 2*2___ 2*û___ a*a___ a* à___ a*5___ 2*2____a*2 ___ a*o____a * j _a*4___ fi*2___ 2*Q___ 2 * J____2*3___ 2* 4___ 2* 5 ___ 9 . 5 3 -7 9 .4 195.,>0 9*7___ 2*8 .fir78 . .8 1 2 .5 2 0 9 .9 2 -7 9 IN 1 T1 A L MONTH PREPARED BY FEOERAL RESERVE BANK OF S T . LO U IS A P R IL 2 6 , 1979 PROOUCER P R IC E INDEX« A L L COMMODITIES - SEASONALLY ADJUSTED COMPOUNDED ANNUAL RATES OF CHANGE 8 -7 7 9 -7 7 1 0 -7 7 1 1 -7 7 1 2 -7 7 1 -7 8 4 .4 5 .0 5 .7 1 1 -7 7 6 .5 7 .6 5 -7 8 6 -7 8 7 -7 8 8 -7 8 9 -7 8 1 1 -7 8 1 2 -7 8 1 9 8 .7 6 .3 6 .9 7 .6 5 .6 7 .7 8 .4 7 .8 2 -7 8 7 .9 8 .6 9 .3 9 .2 1 1 .0 1 2 .0 9 .5 1 0 .9 1 1 .3 8 .9 1 9 6 .3 1 9 7 .8 7 .0 9 .5 C \ ... 2 0 0 .3 10.1 2 0 2 .2 1 0 .6 2 0 3 .9 \ 2 0 6 .1 1 3 .7 4 -7 8 8 .9 9 .6 1 0 .2 1 0 .4 1 1 .6 1 2 .1 1 2 .1 5 -7 8 8 .9 9 .4 1 0 .0 1 0 .0 1 1 .0 1 1 .2 1 0 .9 1 1 .1 8 .5 6 -7 8 8 .9 9 .5 9 .9 1 0 .0 1 0 .7 1 0 .9 1 0 .6 1 0 .6 9 .1 9 .7 7 -7 8 8 .6 9 .0 9 .4 9 .4 9 .9 9 .9 9 .5 9 .2 '7 T 8 ~ 7.~5 5 .3 8 -7 8 8 .2 8 .6 8 .9 8 .8 9 .2 9 .1 8 .6 8 .2 6 .8 6 .3 4 .7 4 .1 9 -7 8 8 .4 8 .7 9 .0 8 .9 9 .3 9 .2 8 .8 8 .5 7 .5 7 .3 6 .5 7 .1 1 0 .1 1 0 -7 8 8 .8 9 .1 9 .4 9 .4 9 .8 9 .8 9 .5 9 .3 8 .6 8 .7 8 .4 9 .5 1 2 .3 1 4 .4 1 1 -7 8 8 .9 9 .2 9 .5 9 .5 9 .8 9 .8 9 .5 9 .4 8 .8 8 .9 8 .7 9 .6 1 1 .5 1 2 .2 9 .9 1 2 -7 8 8 .8 9 .2 9 .4 9 .4 9 .7 9 .7 9 .4 9 .3 8 .8 8 .8 8 .7 9 .4 1 0 .8 1 1 .0 9 .3 8 .6 1 0 .0 1 0 .3 1 0 .3 1 0 .2 10*1 9 .8 9 .9 1 0 .0 1 0 .8 1 2 .1 1 2 .6 1 2 .1 1 3 .1 9 .4 2 -7 9 * 1 -7 8 1 -7 9 1 -7 9 9 .6 1 2 -7 7 8 .2 4 -7 8 1 9 5 .4 9 -7 7 1 0 -7 7 3 -7 8 3 -7 8 00 I N IT I A L MONTH 2 -7 8 0 1 TERMINAL rrwii 1n_ 9 .7 9 .9 207 » b VS\ 2 0 9 .1 2 1 0 .0 2 1 0 .7 2 1 2 .4 2 1 4 .8 216. 5 R 2 1 8 .0 \ 2 2 1 .0 1 7 .8 “2 —79 9 .8 1 0 .1 1 0 .4 1 0 .4 1 0 .8 1 0 .8 1 0 .7 1 0 .7 1 0 .5 1 0 .7 1 0 .8 1 1 .6 1 2 .9 1 3 .5 1 3 .3 1 4 .4 1 7 .4 1 6 .9 3 -7 9 1 0 .0 1 0 .3 1 0 .6 1 0 .7 1 1 .0 1 1 .1 1 1 .0 1 1 .1 1 0 .8 1 1 .1 1 1 .2 1 2 .0 1 3 .2 1 3 .7 1 3 .6 1 4 .5 1 6 .5 1 5 .9 f i - 7 I _ 2 - 1 2 - 1 0 -7 7 l l - Z I - 1 2 -7 7 lr Z f L 2 -7 6 3 -7 fl 4 -7 8 5 -T fl ..A -T a _2 .*=2a .. . f l r j a . 2 2 3 .9 1 4 . 9 s) 2 2 6 .5 9 -1 5 . I0 -7 B 11-7Û 1 2 - lf l __ L—79... .2 - 7 9 . . R-Revised POP PAR FD B Y FEDCftAL R FSFRV E BANK Q F - S T . LO U IS A P R IL 5 , 1979 4 _ RATI O S CA L E 1 9 6 7 -1 0 0 P R IC E S SEA SO N A LLY A D JU S T E D RATI O S C A L E 1 9 6 7 -1 0 0 IL P r l-U FOR ALL URBAN CONSUMERS K PPI-W FOR URBAN «AOC EARNERS AMO CLERICAL WORKERS PERCENTAGES ARE ANNUAL RATES OF CHAM6E FOR PERIODS INOICATED. LATEST DATA PLOTTED* MARCH PREPAREO BY FEDERAL RESERVE BANK OF S T . LOO IS RATIO SCALE PRODUCER P R IC E S RATIO SCALE PERCEMTA6ES ARE ANNUAL RATES OF CHANCE FOR PERiOOS INOICATEO. LATEST OATA PLOTTEO« MARCH ^ PREPARED BY FEDERAL RESERVE BANK OF S T . LOUIS PKQDUCE« P R l£ £ _ J ? ie P J< i COMPOUNDED ANNUAL RATES OF CHANGE IN IT I A L MONTH T E R M IN A L ..BflMT H 8 -7 7 9 -7 7 1 0 -7 7 1 1 -7 7 1 2 -7 7 1 -7 8 2 -7 8 3 -7 8 4 -7 8 5 -7 8 6 -7 8 1967 * 100 7 -7 8 8 -7 8 9 -7 8 1 0 -78 1 1 -7 8 1 2 -78 1 -7 9 2 -7 9 6• 1 0 -7 7 6*6 1 1 -7 7 5 .2 1 98 • 0 1 9 9 .G~ 4 .3 2 .4 1 9 9 .4 -ft-12__ ±rzlJ. -1 0 -2 7 . 1 1 - 7 7 1 2 -7 7 __ l ^ J f l __ 2=2fl__ 3=2fl__ à=2fl __ 5 -7 8 __ 6 -7 8 __ 7 -7 fl__ a = J8 __ 9 -7 fl 10-7JB 1 1 -7 8 1 7 -7 8 __ L - Z S __ ? - 7 9 PRODUCER P R IC E JM D EX . FARM PRODUCTS & PROCESSED FOODS & FEE D S - S E A S . A D J. COMPOUNDED ANNUAL RATES OF CHANGE TERMINAL IN IT I A L MONTH • -7 7 9 - 7 7 10—77 1 1 -7 7 1 2 -7 7 1 -7 8 2 -7 8 3 -7 8 4 -7 8 5 -7 8 6 -7 8 1967 * 100 7 -7 8 8 -7 8 9 -7 8 1 0 -78 1 1 -7 8 1 2 -7 8 1 -7 9 2 -7 9 -5 .1 1 0 -7 7 0 .7 1 8 3 .7 6 .7 1 1 -7 7 1 1 .5 2 0 .9 3 6 .9 1 2 -7 7 1 0 .1 1 5 .6 2 0 .4 5 .8 1 1 -7 8 1 3 .2 1 4 .7 1 5 .3 1 3 .7 1 4 .4 1 4 .6 10 .8 8.6 1 3 .5 1 4 .2 1 4 .3 1 3 .0 1 0 .9 9 .0 9 .5 1 4 .3 1 4^.9. 1 5 .1 1 4 .0 1 2 .2 1 0 .6 1 1 .3 1 2 .5 1 3 .3 1 3 .3 1 4 .1 8 .0 1 2 .3 2 0 .7 1 9 .8 2 1 5 .5 R 8 .6 1 2 .2 1 8 .4 1 7 .1 1 0 .2 1 1 .7 1 0 .7 1 4 .2 1 9 .6 18^9 1 4 .8 1 7 .9 2 4 .4 1 3 .1 1 6 .5 2 1 .5 2 1 .3 1 8 .7 2 2 .3 2 7 .9 3 1 .4 1 4 .0 1 9 .3 2 2 .1 2 5 .7 2 6 .3 1 2 -7 8 1 3 .1 1 4 .5 1 5 .0 1 -7 9 1 3 .8 1 5 .1 15*6 2 -7 9 1 4 .7 1 6 .0 1 6 .6 1 5 .3 1 6 .0 1 6 .3 1 5 .3 1 3 .8 1 5 .0 1 6 .3 1 6 .9 1 5 .7 1 6 .4 1 6 .7 1 5 .8 1 4 .5 1 7 .1 2 1 .5 2 1 .3 3 r 7 7 lflh tZ l. -1 1 -7 7 12.-77 1 -7 8 2 - 7fl 3 -7 fl . 4 - 7 « - i - 7 f l .A-:7fl _2.-=7B -8-7B 9 -lflL . 1Q-7J1 1 1 -7 8 _12-7fi_ 1 -7 9 3 -7 9 . fl-7 7 2 1 7 .5 221 .5 2 2 6 .6 2 1 .5 ) 2 3 0 .3 2 -7 9 R -R ev ised PREPARED BY FEDERAL RESER V E RANK OP S T . I fMIl S A P R IL 5» 1979 6 I N D U S T R I A L PRODUCTION RATIO SCALE RATIO SCALE 1967-100 1971 SEA S O N A LLY 1972 1973 1974 1967-100 AD JU STED 1975 1976 1977 1978 1979 PERCEN TA G ES ARE ANNUAL RA TES OF CHANCE FOR PER IO D S IN D IC A TE D . LA T E S T DATA P LO T TE D . MARCH PR ELIM IN A R Y PREPARED BY FED ER A L R ESER V E BANK OF S T . LO U IS IN D U S T R IA L PROOUCTION CÛMPÙUNÙfcD- ANNUAL R A ÎË S Ô FCH A NG E TERHTHÀL MONTH ------- 8-77 ________ 8 -7 7 TN IT T AL MÛNTh - 1967 * 100 9-77 10-77 11-77 12-77— 1-78 2-75— 3-76 4-7B— 5=78— 5=71— 7=7B“ TP75— $-73 10=76 it-?* 12-76— i-7* F=T9----------- 9 - 7 7 1 0 -7 7 1 1 -7 7 1 2 -7 7 2 -7 6 4 -7 6 2-19 ____________ ______________ 1 -7 8 3 -7 8 5 -7 8 6 -7 8 7 -7 8 8 -7 8 9 -7 8 1 0 -7 8 1 1 -7 6 1 2 -7 8 I N I T I A L MONTH P - PR ELIM IN A RY 1 -7 9 ________________________ ______________________ ________________________________ ________________________________________________________________________________________________________ PREPARED BY FED ERAL R ESERVE BANK OF S I* LO U IS A P R IL 16« 197 9 7 PERSONAL RATIO SCALE INCOME RA T I O S C A L E m o n th ly t o t a l s a t a n n u a l r a t e s T R I L L I O N S OF DOL L A RS SEASO NALLY ADJUSTED T R I L L I O N S OF DOLL ARS 2 .0 1.9 1.8 ] 1 .6 1J 1. 1. 1. 1. 1 .0 0.9 0.8 1971 1972 1973 1974 1975 1976 1977 1978 1979 SOURCE* U . S . DEPARTMENT OF COMMERCE PERCEN TA G ES ARE ANNUAL R A TE S OF CHANCE FOR P E R IO D S IN D IC A T E D . LA T E S T DATA PLO T TE D t MARCH P R ELIM IN A R Y PREPAREO BY FED ER A L R E SE R V E SANK OF S T . L O U IS PERSONAL INCONE COMPOUNDED ANNUAL RATES OF CHANGE TERM INAL MONTH I N I T I A L MONTH 8 -7 7 9 - 7 7 1 0 -7 7 1 1 -7 7 1 2 -7 7 1 -7 8 2 -7 8 3 -7 8 4 -7 8 5 -7 8 6 -7 8 7 -7 8 8 -7 8 9 -7 8 1 0 -78 1 1 -7 8 1 2 -7 8 1 -7 ? B IL L IO N S OF ____J2QULAftS........... ANNUAL RA TES 2 -7 9 9 -7 7 1 0 -7 7 _ .1 5 ,0 . 16*6 1 .5 7 7 * 0 I I —7 7 1 4 .2 1 4 .6 12*6 1 2 -7 7 13*9 14*1 12*9 13*2 1 -7 8 12*1 1 1 .7 10*1 8 .* 4 .8 2 -7 8 11*2 10*8 9* 4 8*4 6 .0 1 .6 0 9 * 2 1 .6 1 5 * 5 7*3 1 .6 2 5 * 0 3 -7 8 12*0 11*8 10*9 10*4 9 .5 1 2 .0 1 6 .9 4 —78 12*8 12*7 12*1 1 1 .9 1 1 .6 14*0 1 7 .6 18*2 5 -7 8 1 2*4 12*3 11*7 1 1 .5 11*2 1 2 .9 1 4 .8 13*8 6 -7 8 12 *2 12*1 11*5 1 1 .3 1 1 .0 1 2 .3 1 3 .6 12*6 9*8 10*1 7 -7 8 1 2 .7 12 * 6 12*2 1 2 .1 1 2 .0 1 3 .3 14*5 13*9 12*5 1 4 .0 1 8 .0 8 -7 8 12*4 12*3 11*8 11*8 1 1 .6 1 2 .6 13*5 1 2 .6 11*5 12*2 13*2 1 .6 4 6 * 3 1 .6 6 9 * 4 1 .6 8 2 * 1 9*5 1 .6 9 5 * 7 1 .7 1 9 * 2 1 .7 3 1 * 1 8*6 9 -7 8 12*2 12*1 11*7 1 1 .6 1 1 .4 1 2 .2 13*0 12*3 11*2 11*6 1 2 .1 9*2 9*8 1 0 -7 8 12*6 12*5 12*2 1 2 .1 1 2 .0 1 2 .8 13*6 13*1 1 2 .3 12*8 13*5 12*0 13*8 17*8 1 1 -7 8 12*6 12*5 12*2 1 2 .2 1 2 .1 1 2 .8 1 3 .5 13*1 1 2 .3 12*8 13*4 12*2 1 3 .5 15*3 1 2 -7 8 12*9 1 2 .9 12*6 12*6 J2 .6 1 3 .3 13*9 13*6 13*0 1 3 .6 14*1 13*4 1 -7 9 12*4 1 2 .4 12*1 - JL 2 .1 12*4. 1 2 .6 13*1 12*7 12*1 12*5 1 2 .8 2 -7 9 12*2 12*2 11*9 1 1 .9 ll.t t 1 2 .3 12*7 1 2 .4 11*8 12*1 12*3 3 -7 9 12*3 12 *2 12*0 1 1 .9 1 1 .9 1 2 .4 12*8 12*4 11*9 12*2 8 -7 7 9 - 7 7 1 0 -7 7 1 1 -7 7 1 2 -7 7 1 -7 8 2 -7 8 3 -7 0 4 -7 8 5 -7 8 1 .7 4 4 * 7 1 .7 6 8 * 7 1 .7 8 6 * 6 12*8 14*6 16*2 15*5 1 8 .1 12*6 13*3 11*9 11*4 5*0 11*5 12*0 12*4 11*1 10*6 7 -0 9*0 12*4 1 1 .7 1 2 .2 12*6 11*6 1 1 .2 9 .0 1 1 .1 13*3 6 -7 8 7 -7 8 8 —78, 9 -7 8 1 0 -7 8 1 1 -7 8 1 2 -7 8 1 -7 9 2 -7 9 1 .8 1 9 * 0 1 * 8 3 2 .1 1 * 8 9 1 .2P I N I T I A L MONTH P - P R ELIM IN A R Y PREPAREO BY FEO ERA L RESER V E BANK OF ST* LO U IS AP R IL 1 9* 1979 8 RETAIL SALES RATIO SCALE RA T I O S CA L E B I L L I O N S OF DOLL ARS 1971 1972 SEASO NALLY 1973 1974 BILLIONS AD JU STED 1975 1976 1977 1978 OF DOLL ARS 1979 SOURCEt U . S . DEPARTMENT OF COMMERCE PERCEN TA G ES ARE ANNUAL RA TES OF CHANGE FOR PE R IO D S IN D IC A T E D . LA T E S T DATA PLOTTED» FEBRU A RY, MARCH ADVANCE E STIM A TE PREPARED BY F E D ER A L RESE R V E BANK OF S T . LO U IS R E T A IL S A LES COMPOUNDED ANNUAL RATES OP CHANGE TERM INAL____________________________________________ _________________ I N I T I A L MONTH______________________________________________________________M ILLIO N S OP DOLLARS 8 -7 7 9 - 7 7 1 0 -7 7 1 1 -7 7 1 2 -7 7 1 -7 8 2 -7 8 3 -7 8 4 -7 8 5 -7 8 6 -7 8 7 -7 8 8 -7 8 9 -7 8 1 0 -7 8 1 1 -7 8 1 2 -7 8 1 -7 9 2 -7 9 W k Th 8 .4 14*8 60*973 2 1 .7 61*979 1 1 -7 7 16*0 20*1 18*5 1 2 -7 7 9*8 1 0 .3 4*9 1 -7 8 5 .3 4* 6 -0 * 6 2 -7 8 7 .8 7*7 4*5 0*2 4*1 21*3 3 -7 8 10*1 10*4 8*3 5*9 10*6 23*1 2 4*9 4 -7 8 1 1 .6 12*0 10*5 8 *9 13*4 22*7 23*5 22*0 5 -7 8 1 1 .1 11*4 10*0 8* 6 12*1 18*6 17*8 14*3 7*2 6 -7 8 10*8 1 1 .1 9*8 8*6 11*5 16*5 15*3 12*3 7*8 7 -7 8 10*2 1 0*4 9*2 8*1 10*5 14*5 13*2 10*4 6*8 6 .6 4 .8 8 -7 8 11*1 11*4 10*4 9*5 11*8 15*5 14*5 12*5 10*3 1 1 .3 1 2 .8 2 1 .4 9 -7 8 11*4 11*7 10*8 10*1 12*1 15*4 14*6 12*9 11*2 1 2 .2 13*5 18*1 14*9 1 0 -7 8 11*8 12 * 0 1 1 .3 10*6 12*6 15*5 14*8 13*5 12*1 13*1 14*3 1 7 .7 1 5 .B I6 .i_ 1 1 -7 8 1 2 .5 12*8 1 2 .1 11*6 13*5 16*2 15*7 14*6 13*5 1 4 .7 15*9 1 8 .9 1 8 .1 1 9 .7 2 2 .7 1 2 -7 8 1 2 .6 12*8 1 2 .2 11*8 13*5 16*0 15*5 14*5 13*6 14*5 15*6 1 7 .9 1 7 .0 1 7 .7 1 9 .2 1 3 .8 1 -7 9 1 1 .7 11*9 1 1 .3 10*8 1 2 .3 14*5 13*9 12*8 1 1 .9 1 2 .5 13*0 1 4 .5 13*1 1 2 . 7_ 1 1 .4 6 .1 -1 .1 2 -7 9 11*3 11*5 1 0 .8 10*3 1 1 .7 13*7 13*0 12*0 1 1 .1 11*5 1 2 .9 11*6 1 0 .9 9*5 5 .5 1 .5 4*2 3 -7 9 1 1 .4 1 1 .5 1 1 .0 10*5 11*8 13*6 13*0 12*1 1 1 .2 11*6 11*9 \ 12*0 12*9 11*8 1 1 .3 1 0 .2 7 .3 5 .2 8 .5 1 2 .9 8 -7 7 9 -7 7 0 1 «4 9 -7 7 1 0 -7 7 1 1 -7 7 1 2 -7 7 1 -7 8 2 -7 8 3 -7 8 4 -7 8 5 -7 8 6 -7 8 7 -7 8 8 -7 8 9 -7 8 1 0 -78 1 1 -7 8 1 2 -7 8 1 -7 9 2 -7 9 62*862 -7 .1 6 2 .4 8 0 - 8 * 9 -1 0 * 7 61*892 62*898 64*075 65*146 65*522 8 .4 6 5 .9 6 4 6 6 .2 2 4 6 7 .3 0 3 6 8 .0 8 5 6 8 .9 7 1 7 0 .1 5 8 7 0 .9 1 8 7 0 .8 5 5 7 1 .0 9 7 P 7 1 .8 2 1 E I N I T I A L MONTH P - PR ELIM IN A RY e - ç s r i^ r e p PREPAREO BY FED ERAL RESER V E BANK OF ST* LO U IS A P R IL l i t 1979 9 HOURLY COMPENSATION» PR IV A TE B U S IN ES S SECTOR t e r m in a l in it ia l 1967 « io q quarter QUARTER -¿ -J* 3 -/4 _ i - 7 6 . _.Z-7fr Jz 7 2 .. 3-f€> . 4 - ^ 6 . i - . c z — ... S T L L l — . JL £ 2 * 3 . -2 -7 4 . !<?7t7 _ 1 4 .0 _ lr 7 4 4 -7 4 1 2 .6 1 7 2 .0 1 2 .3 1 C .7 1 -7 5 J l t L 1 0 .6 1 0 .o 2 -7 5 _ u :._ 2 _ 1 0 .8 1 7 0 .4 I«*- 9 .7 9.i> 7 .9 3 -7 5 1 0 .5 1 0 .0 9 .0 8 .5 7 ,4 6 .8 4 -7 5 1 0 .3 9 .8 9 .0 8 .6 7 .9 7 .9 9 .0 __LZ9jt8_ - ------- V 1 8 2 .8 1 8 6 .8 1 -7 6 1 0 .1 9 .7 9 .0 8 .7 8 .2 8 .3 9 .1 9 .1 2 -7 6 9 .9 9 .6 8 .9 8 .7 8 .3 8 .3 8 .8 8 .7 8 .4 3 -7 6 9 .9 9 .6 9 .0 8 .8 8 .5 8 .6 9 .0 9 .0 9 .0 9 .6 4 -7 6 9 .8 9 .5 9 .0 8 .6 8 .5 8 .6 9 .0 9 .0 9 .0 9 .2 8 .9 1 -7 7 9 .6 9 .3 8 .9 8 .7 8 .5 8 .5 8 .8 8 .8 8 .7 8 .8 8 .4 \ 8 .8 % 7 .9 2 -7 7 9 .4 9 .1 8 .6 8 .4 8 .2 8 .2 8 .4 8 .3 8 .1 8 .1 7 .6 6 .9 3 -7 7 9 .4 9 .1 8 .7 8 .5 8 .3 8 .3 8 .5 8 .5 8 .3 8 .3 8 .0 _ 7 .7 7 .7 4 -7 7 9 .2 8 .9 8 .5 8 .4 8 .1 8 .2 8 .3 8 .2 8 .1 8 .1 7 .8 7 .5 7 .3 8 .0 6*7. 1 -7 8 9 .4 9 .1 8 .8 8 .6 8 .5 8 .5 8 .7 8 .7 8 .6 8 .6 8 .5 8 .4 8 .5 9 .4 9 .4 1 2 .2 ^ \ 2 -7 8 9 .3 9 .1 8 .7 8 .6 8 .4 8 .5 8 .6 8 .6 8 .5 8 .6 8 .4 8 .3 8 .4 9 .1 9 .0 1 0 .1 8 .0 - -------- 1 9 4 .6 m « .i. ¿0^6 - 2 0 7 .5 2 1 0 .5 5 .9 9 .4 ¿ 1 8 .8 'm ^ 2 3 5 .* 3 -7 8 9 .4 9 .1 Ô .8 8 .7 8 .6 8 .6 8 .8 8 .8 8 .7 8 .8 8 .7 8 .6 8 .8 9 .4 9 .3 1 0 .2 9 .3 1 0 .5 4 -7 8 9 .3 9 .1 8 .8 8 .7 8 .6 8 .6 8 .8 8 .8 8 .7 8 .8 8 .7 8 .6 8 .7 9 .2 9 .2 9 .8 9 .0 V .5 1 -7 4 2 -7 4 3 -7 4 4 -7 4 1 -7 5 2 -7 5 3 -7 5 4 -7 5 1 -7 6 2 -7 6 3 -7 6 4 -7 6 1 -7 7 2 -7 7 3 -7 7 4 -7 7 1 -7 8 2 -7 d 3 -7 8 4 -7 7 1 -7 8 2 -7 8 3 -7 8 8*6^ 2 4 0 .3 N.A. 1-79 I N IT I A L QUARTER OUTPUT PER HOUR OP A LL PERSO NS, P R IV A T E B U SIN ESS SECTOR _____________ COHPQUNQEP ANNUAL RATES OF CHANGE________________ _______________ ___________ 1N.I_T.IAI QU AR TER_____________________________ T ^ R H IN A ^ QUARTER 3 -7 V ^ -7 ? J - 7 ? 4 -7 5 1 -7 » .2 -7 6 3 -7 6 4 -7 6 1 -7 7 2 -7 7 3 -7 7 - 1 = 7 4 ____ - ^ . 8 . .3- 7 4 ___ - U Î J L I P »4 - j t9 4 - 7 4 ____r 2 i.Q —.- 2 i .2 ... - 2 « S.. 1-7»___- l t 4 1*0 -It2 -103.» - 0 , 9___ Qt7 , 1*7___ 2*2____^ 6 __ U jtfi. 3 -7 5 2 .2 3 .0 4 .3 6 .6 9 .7 8 .4 s 4 -7 5 1 .6 2 .2 3 .0 4 .5 5 .8 3 .2 - 1. 7s : 1 -7 6 2 .0 2 .6 3 .3 4 .5 5 .5 3 .7 1 .4 2 -7 6 2 .1 2 .5 3 .* 4 .2 4 .9 3 .4 1 .7 3 .5 3 -7 6 2 .2 2 .7 3 .2 4 .1 4 .6 3 .4 2 .2 3 .5 3 .0 4 -7 6 2 .0 2 .4 2 .9 3 .6 4 .0 2 .9 1 .9 2 .7 2 .1 1 .9 _0 1 -7 7 2 .1 2 .4 2 .9 3 .5 3 .8 2 .8 _ 1 .9 2 .7 2 .2 2 .1 _ 1 .4 2 -7 7 1 .8 2 .1 2 .4 2 .9 3 .2 2 .2 1 .4 1 .9 ... 1 t it __ l . l 0 .3 l.t.2 _..2 * 4 _ . .2 * * _ 1 1 4 .6 4« 6 1 1 5 .4 1 1 6 .1 1 1 7 .1 . 3 ^ 2 ^ \ 1 .3 % 1 1 7 .9 0 .3 1 1 7 .4 1 .7 5 .2 \ 1 1 8 .9 __a=7? 2 .< L _ 2 * i._ - 2 jt l JfczTT1-78 .2=n JbTft 1 .9 2 .2 2 .5 2.< t___ U 1 1» 5 1 .7 2 .0 2 . J ___ ¿ ± 4 ____ I s J ___ L iO ____l t ,4 - 1 .5 1 .7 1 .9 2 . 2 ___ 2*4____l± 7 ____L l I ____1*4___ _______ 0*5___ Q»4 0 .5 1 .6 1 .8 2 .0 2 . 3 ___ L t 4 ____ L i S ____ L t 3 ____h t l ___ L t Z ____ 1 * 1 ___ 0 .8 0 .9 0 .6 1 .1 0 .1 ___ SUÄ___ J L lît Q 2 .0 2 .3 2 .4 1 .8 1 .3 1 .0 0 .8 1 .2 0 . 3 ___ 0*5___ 2 * J ___ 2*J!___ 2 ^ _HVt6 3 -7 4 4 -7 4 1 -7 5 2 -7 5 3 -7 5 4 -7 6 1 -7 7 2 -7 7 1.6 -Lr79 3t L. 3 t4 2 tA It? -..1*5. _ JU 5 _ --- 2*3--- 1*1--- Z±1--- U S --- 1*2 ___ I x l ___ L t l ___ L* 2 ___ 2*2_ 0*9 - Q ± 2 ____2 ^ 5 ____ Qt 3 . . . - Q t? ____ 9 t 2 _ ! ± 3 _____ ± 2 _ 0 .1 0 .5 _ U 7 t6 - 2*2 - - 1 . 0 __ ~L«_7_ N.A. 1 -7 4 2 -7 4 4 -7 5 1 -7 6 2 -7 6 3 -7 6 3 -7 7 4 -7 7 1 -7 8 2 -7 8 3 -7 8 I N I T I A L QUARTER N.A. - Hot A v a ila b le PREPAREO BY FED ERA L RESERV E BANK OF S T . L O U IS A p r il 27, 1979 10 PRODUCTIVITY, RATI O SCALE 1967- 100 1971 COMPENSATION, AND LABOR COSTS RATI O SCALE 19 67 - 1 0 0 SEASONALLY AOJUSTEO 1972 1973 1974 1975 1976 1977 1978 1979 SOURCE« U .S . OCrARTWCNT OF LABOR PERCENTAGES ARE ANNUAL RATES OF CHANCE FOR PERIOOS INDICATED, i DATA PLOTTEOi 4TH QUARTER PREPAREO BY FEOERAL RESERVE BANK OF S T . LO UIS -U N IT LABOR C O S T S , P R IV A T E B U SIN ESS SECTOR COMPOUNDED ANNUAL RATES OF CHANGE TERM INAL ___QUARTER I N IT I A L QUARTER 1 -7 4 2 -7 4 3—74 4 -7 4 1 -7 5 2 -7 4 1 5 .2 3 -7 4 1 5 .6 1 6 .1 4 -7 4 1 5 .0 1 4 .9 1 3 .8 1 -7 5 1 3 .6 1 3 .1 1 1 .6 2 -7 5 1 0 .1 8 .9 6 .6 3 .2 -2 .7 3 -7 5 8 .1 6 .7 4 .5 1 .6 -2 .1 2 -7 5 3 -7 5 4 -7 5 1 -7 6 2 -7 6 3 -7 6 1967 * 100 4 -7 6 1 -7 7 2 -7 7 3 -7 7 4 -7 7 1 -7 8 2 -7 8 3 -7 8 1 4 7 .0 1 52 . 6 1 5 7 .6 161.^ —2.1% -V 1 6 0 .1 - :W -IN IT IA L QUARTER-. N-A, - Hot A v a ila b le PREPAREQ BY F F 0F1A I 1FSFKVF H ilf, OP S T . LOUIS A p r il 11 2 8 , 1979 GROSS NATIONAL PROOUCT IN CURRENT DOLLARS TERM INAL QUARTER I N I T I A L QUARTER ? -7 4 7 .6 1 6 .4 i 8 .9 * 1 * ? -7 4 3 -7 4 4 -7 4 1 -7 5 2 -7 5 3 -7 5 4 -7 5 1 -7 6 2 -7 6 3 -7 6 4 -7 6 __ 1 -7 7 2 -7 7 3 -7 7 4 -7 7 1 -7 8 2 -7 8 3 -7 8 4 -7 8 B IL L IO N S OF D O LLA RS ANNUAL RATES 1 * 4 3 0 .1 \.5% — 1 * 4 5 ^ .4 1 -7 5 5 .2 3 .5 2 -7 5 7 .0 6 .4 3 -7 5 9 .3 9 .4 1 0 .4 1 5 .6 \ x l1 0 O . 4407 /0 18.6 V 4 -7 5 9 .2 9 .3 1 0 .0 1 3 .3 1 3 .7 1 -7 6 9 .8 1 0 .0 1 0 .7 1 3 .4 1 3 .7 1 1 .3 1 3 .6 1 .6 4 9 .7 2 -7 6 9 .7 9 .8 1 0 .4 1 2 .5 1 2 .5 1 0 .5 1 1 .2 1 ,6 8 3 .4 3 -7 6 9 .5 9 .5 1 0 .0 1 1 .6 11»4 9 .7 9 .8 1 1 .1 1 0 .9 0 . 6 s! 1 6 .5 1 2 .6 1 .4 5 4 .7 1 ,4 9 8 .6 1 .5 6 4 .0 9 . 0 V 1 .5 9 8 .0 1>715.6 9 .5 8 .2 7 .8 1 ,7 4 9 . 8 1 -7 7 9 .7 9 .8 1 0 .2 1 1 .4 1 1 .3 1 0 .1 1 0 .3 9 .5 9 .7 1 0 .9 1 3 .^ 2 -7 7 1 0 .1 1 0 .2 1 0 .6 1 1 .7 1 1 .6 1 0 .6 1 0 .9 1 0 .4 1 0 .8 1 1 .9 1 3 .8 1 1 .7 1 1 .6 1 0 .7 1 1 .0 1 0 .5 1 0 .8 1 1 .7 1 2 .9 1 2 .5 1 1 .1 >Qf 3 1 Q ,5__ 11*2__ 1 1 .9 1 1 .3 1 0 .0 8 .9 1 0 .0 1 0 .3 9 .0 8 .0 3 -7 7 1 0 .1 1 Q .3 1 0 .6 4 -7 7 1 0 .1 1 0 .2 10 »5__ li_ ,4 1 1 .3 __ lQ ,5 ____jQ_tI_ 1-70 1 0 .9 . - L l8 fr7i.fi- Q 9 .9 9 .9 1 0 .2 __ 1 1 .0 1 0 .9 1 0 .2 1 0 .3 9 .9 2-79___10.5 10.6 10.9__111 8 11,7 lltl__11.3 11.0 11.3__Ll*9__12^5__12*2__LU S __12.0 13.7 -i=lS___10«? 10,6 10tS__11.6 11t?__1-L.Q lltl 10.? 11,1__11,6 12-tl__1US__11.4 11.4 12t3__1 ^ 0 __ 9.6 1 0 .7 1 0 .8 1 1 .0 LU 7 1 1 .7 1 1 .2 11*3 1 1 .2 1 1 .4 1 1 .8 1 2 .2 1 2 .0 1 1 .7 1 1 .8 1 2 .4 1 3 .7 1 1 .5 1 2 .5 2 -7 4 3 -7 4 4 -7 4 1 -7 5 2 -7 5 3 -7 5 4 -7 5 1 -7 6 2 -7 6 3 -7 6 4 -7 6 1 -7 7 2 -7 7 3 -7 7 4 -7 7 1 -7 8 2 -7 8 3 -7 8 1 -7 9 1 0 .5 1 * 8 0 6 .8 1 4 .0 7 .1 Z iQ 9 7 t ^ 20.6 V 9 .5 \ 2 .2 6 5 .6 P 4 -7 8 I N I T I A L QUARTER GROSS NATIONAL PROOUCT IN 1972 OOLLARS COMPQWttfP ANNUAL RATES QF CHANGE_________________________________________________ TERM IN AL________ ___________ QUARTER 2 -7 4 3 -7 4 4 -7 4 3 -7 4 -2 .5 4 -7 4 -4 .0 . _____ 1 -7 5 _______ 2 -7 5 3 -7 5 4 -7 5 I N IT I A L QUARTER_____________________________ _________________ 1 -7 6 2 -7 6 3 -7 6 4 -7 6 1 -7 7 2 -7 7 3 -7 7 4 -7 7 1 -7 8 2 -7 8 3 -7 8 B IL L IO N S OF ____ DOLLARS ANNUAL R A TES 4 -7 8 1 ,2 1 6 .9 V r / .o r o -5 .5 1 .1 9 9 .7 1 .1 7 1 .6 -9 .0 \ 1 -7 5 -5 .7 f 7 2 -7 5 -2 .8 -2 .9 -1 .6 3 -7 5 -0 .3 0*3 2 .3 4 -7 5 0 .2 0 .7 2 .4 6 .5 6 .5 2 . 6 V 1 -7 6 1*4 2?l 3 .7 7 .2 7 .4 5 .9 2 -7 6 1 .8 2 .4 3 .8 6 .5 6 .6 5 .3 ’ > !1 6 .6 4 .0 3 -7 6 1 .9 2 t^ 3 .6 5 .9 5 .8 4 .6 5 .3 4—76 1 .9 2 .4 3 .5 5 .4 5 .2 4 .2 4 .6 3 .0 2 .5 2 .4 1 -7 7 2 .4 2 .9 3 .9 5 .6 5 .5 4 .7 5 .1 4 .1 4 .1 4 .8 2 -7 7 2 .7 3 .2 4 .1 5 .6 5 .5 4 .9 5 .2 4 .4 4 .5 5 .2 1 6 .4 V 8 .4 V. / 1 .1 8 9 ,9 /O 1 .2 2 0 .0 1 0 . 5 V 1 .2 2 7 .9 1 .2 5 5 .5 1 .2 6 8 .0 X 1 .2 7 6 .5 3 .4 1 .2 8 4 .0 1 .3 0 6 .7 6. 6 5 ,9 1 .3 2 5 .5 1 .3 4 3 .9 3 -7 7 2 .9 3 .4 4 .2 5 .6 5 .6 5 .0 5 .3 4 .6 4 .8 5 .3 6 .3 5 .8 5 ,7 ^ ^ 4 -7 7 2f 9 3 .4 4 .1 5 .4 5 .3 4 .8 5 .0 4 .4 4 .5 4 .9 5 .5 4 .9 4 .4 3 .2 l* 3 > 4 t ? 1 -7 8 2 .7 3 .1 3 .8 4 .9 4 .8 4 .3 4 .4 3 .9 3 .8 4 .0 4 .4 3 .6 2 .9 1 .5 \ - o - i y 1 .3 5 4 .2 2 -7 8 3 .1 3 .5 4 .1 5 .2 5 .1 4 .7 4 .9 4 .4 4 *4 4 .7 5 .1 4 .6 4 .3 3 .9 4 .2 8 .7 \ 1 .3 8 2 .6 1 .3 9 1 .4 3 .1 3 .4 4 .0 4 .9 4 .5 4 .7 4 .2 4 .2 4 .4 4 .7 4 .3 4 .0 3 -5 3 .6 5 .6 2 .6 3 .3 3 .6 4 .2 5 .2 5 .1 4 .7 4 .8 4 .4 4.5 4 .7 5 .0 4 .6 4 .4 4 .2 4 .4 6 .0 4 .7 61 * - 1 -7 9 3 .1 3 .4 4 .0 4 .9 4 .8 4 .4 4 .5 4 .1 4.1 4 .3 4 .5 4 .1 3 .9 3 .6 3 .7 4*7 3 .4 3 .8 2 -7 4 3 -7 4 4 -7 4 1 -7 5 2 -7 5 3 -7 5 4 -7 5 1 -7 6 2 -7 6 3 -7 6 4 -7 6 1 -7 7 2 -7 7 3 -7 7 4 -7 7 1 -7 8 2 -7 8 3 -7 8 f» 3 -7 8 4 -7 8 ___L d t l i t M l 1 .4 1 7 .3 P ’ 4 -7 8 IN IT I A L QUARTER P - PR ELIM IN A RY PREPARED BY FED ERA L R ESER V E BANK OF ST* LO U IS A P R IL 1 9 , 1979 12 GROSS N A T I O N A L R A T I O SCALE T R I L L I O N S OF QUARTERLY DOLLARS 2 . P R ODUCT RATI O SCALE T R I L L I O N S OF D O L L A R S T O T A L S AT ANNUAL R A T E S se a so n a lly ADJUSTED . 3 . 2 1 . .0 .9 .8 „7 . 6 .5 1. 1. .8 1. „ 7 .6 1. . 5 1. 4 , 3 1. 1. 1. 1. 0 0 . 0.9 1971 1972 1973 1974 1975 1976 SOURCE« PERCENTAGES ARE ANNUAL RATES OF CHANCE FOR PERIODS LATEST DATA PLOTTED« 1977 U .S . 1978 1979 DEPARTMENT OF COMMERCE INDICATED. 1ST QUARTER PRELIM IN A RY PREPARED BY FEDERAL RESERVE BANK OF ST. 13 LOUIS GENERAL P R I C E RATIO INDEX* SCALE RATIO SCALE 1972-100 1971 1972-100 1972 1973 1974 1975 1976 « A S USED IN NATIONAL INCOME ACCOUNTS 1977 1978 1979 SO URCE» U . S . DEPARTMENT OF COMMERCE PERCEN TA G ES ARE ANNUAL R A TES OF CHANCE FOR P E R IO D S IN D IC A T E D . L A T E S T DATA PLOTTED« 1ST QUARTER PR ELIM IN A R Y PREPARED BY FED ER A L RESE R V E BANK OF S T . LO U IS IM P L IC IT P R IC E DEFLATOR FOR GROSS NATIONAL PRODUCT _________ COMpQU*!ff)EB-ANf!yA l...&A.TES. OF CHAfftE_____ ____ -1 3 7-2-?- 1QQ QUARTER ? -7 4 3 -7 4 4 -7 4 1 -7 5 2 -7 5 3 -7 5 4 -7 5 2 -7 6 1 -7 6 3 -7 6 4 -7 6 1 -7 7 2 -7 7 3 -7 7 4 -7 7 1 -7 8 2 -7 8 3 -7 8 4 -7 8 1 1 .6 U7.*i>? . U i J L .! ? * £ _ 1 0 .6 1 -7 5 1 1 .6 11*6 2 -7 5 1 0 .2 9 .7 8 .2 3 -7 5 9 .6 9 .1 7 .9 6 .6 4 —75 9 .0 8 .5 7 .5 6 .5 6 .8 6 .2 1 -7 6 8 .3 7 .7 6 .8 5 .8 5 .8 5 .1 3 .9 2 -7 6 7 .8 7 .3 6 .4 5 .6 5 .5 4 .9 4 .3 3 -7 6 7 .4 6 .9 6 .2 5 .4 5 .3 4 .8 4 .4 4 .6 V . 5 .7 % 4 .5 ^ ~ \ 4 -7 6 7 .3 6 .8 6 .1 5 .5 5 .4 5 .0 4 .7 5 .0 5 .1 u > 1 2 5 .9 5 1 2 8 .1 9 1 ^ 0 .1 4 1 3 1 .4 0 1 3 2 .9 2 1 3 4 .3 9 1 3 6 .2 8 1 -7 7 7 .2 6 .7 6 .1 5 .5 5 .5 5 .2 5 .0 5 .2 5 .4 5 .9 6 .0 2 -7 7 7 .2 6 .8 6 .2 5 .8 5 .8 5 .5 5 .4 5 .7 6 .0 6 .5 6 .8 7 .7 3 -7 7 7 .0 6 .7 6 .1 5 .7 5 .7 5 .5 5 .4 5 .6 5 .8 6 .1 6 .3 6 .4 6 .1 5 .7 5 .7 5 .5 5 .4 5 .6 5 .8 5 .8 _ !t6 ? t9 6 .1 6 .4 ’ 6 .9 4 -7 7 _l-7 ft _ . 6 .6 6..t<L_ 6 .2 6 .1 .. 1 3 8 .2 7 1 4 0 .8 6 1 4 2 .6 3 5 .3 5 . 5 \---- __ 5 .8 6 .0 6 .1 *tQ _&*2 6*2 fc*ÌL_ 5 .9 6 .4 7 .2 \ 6 .6 7 .3 7 .2 7 .9 9 ,1 __ LL»_Q_ 6 .1 _ 1 4 7 .1 0 1 5 0 .9 8 6 .5 6 .9 7 .1 3-79 7 .2 6* 9 6 . 5 ____bjtl ___6 ^ ___ (¿jl2___ ______________________ 6 .9 7 .0 7 .2 7 .0 6 .6 6 . 4 ___ ^ 6.8 7 .0 7 .2 7 .4 7 .3 ____Z*2 ___ 3^3------ fi* Z ------Za5------ft-JL. 1-7« 7 -3 7 -1 6 .8 6 .5 6 .6 6 .5 6 .5 6 .8 6 .9 7 .2 7 .3 7 .5 7 .5 7 .9 8 .4 8 .7 7 -9 8 .4 2 -7 4 3 -7 4 4 -7 4 1 -7 5 2 -7 5 3 -7 5 4 -7 5 1 -7 6 2 -7 6 3 -7 6 4 -7 6 1 -7 7 2 -7 7 3 -7 7 4 -7 7 1 -7 8 2 -7 8 3 -7 8 ___ fr.fr. 1 4 4 .5 6 8.4% 6*9 Z-™. 121*06 1 2 4 .1 6 JL*1___ 1^6___ Ot-3— 1 5 3 .5 2 ___ 1 S 6 . 5 6 8 .7 ] 1 . 15.9. ÜÜR 4 -7 8 I N I T I A L QUARTER PR ELIM IN A R Y PREPARED BY FEO ERA L R ESERVE BANK OF S T . LO U IS APRI L 1 9 . 1979 14 PERSONAL CONSUMPTION EXPENDITURES IN CURRENT DO LLARS _________ COMPOUNDED ANNUAL RATES OP CHANGE__________ __ TERM INAL QUARTER B IL L IO N S OF 2 -7 4 3 -7 4 3 -7 4 14*3 4 -7 4 8« 6 3 .2 4 -7 4 _ J - 7 5 2 -7 5 3 -7 5 4 -7 5 1 -7 6 2 -7 6 4 -7 6 3-7 6 1 -7 7 3 -7 7 2 -7 7 4 -7 7 1 -7 B 2 -7 8 3—78 4—78 ANNUAL R ATES 9 0 9 .0 1 -7 5 8 .7 6 .0 8 .8 2 -7 5 9 .7 8 .3 1 0 .9 1 3 .1 3 -7 5 1 0 .3 9 .4 1 1 .5 1 2 .8 1 2 .6 4 -7 5 1 0 .5 9 .8 1 1 .5 1 2 .4 1 2 .1 1 1 ,6 9 3 5 .7 9 6 4 .9 9 9 4 .0 I » 02 1 .6 1 -7 6 1 0 .9 1 0 .4 1 1 .8 1 2 .6 1 2 ,5 1 2 ,4 2 -7 6 1 0 .6 1 0 .1 1 1 .3 1 1 .8 1 1 ,4 1 1 ,0 1 0 .7 8 ,3 3 -7 6 1 0 .4 9 .9 1 0 .9 1 1 .3 ' 1 0 ,9 1 0 ,5 1 0 ,1 8 ,6 1 * 0 5 3 .8 1 3 .2 L .0 7 i> ,l 1 .0 9 8 .* 9 ,0 4 -7 6 1 0 .7 1 0 .3 1 1 .2 1 1 .6 1 1 .3 1 1 .1 1 1 ,0 1 0 ,2 1 1 ,2 1 3 .5 1 -7 7 1 0 .9 1 0 .5 1 1 .4 1 1 .7 1 1 ,5 1 1 ,3 1 1 ,3 1 0 ,8 1 1 .6 1 3 .0 1 2 .5 2 -7 7 1 0 .6 1 0 .2 1 1 .0 1 1 .2 1 1 ,0 1 0 ,8 1 0 ,6 1 0 ,1 1 0 .6 1 1.1 9 .9 7 .4 3 -7 7 1 0 .5 1 0 .1 1 0 .8 1 1 .0 1 0 ,8 1 0 ,5 1 0 ,4 9 ,9 1 0 .2 1 0 .6 9 .6 8 .2 9 .0 4 -7 7 1 0 .7 1 0 .4 1 1 .1 1 1 .3 1 1 ,1 1 0 ,9 1 0 ,8 1 0 ,5 1 0 .9 1 1 .3 1 0 .7 1 0 .1 1 1 .5 1 ,1 * 3 .7 1 .1 6 7 ,7 1 .1 8 8 .6 . 1 .2 1 4 ,5 1 4 .1 1 -7 8 1 0 .5 1 0 .2 1 0 .7 1 0 ,9 1 0 ,7 1 0 ,5 1 0 ,4 1 0 ,1 1 0 ,3 1 0.5 1 0 .0 9 ,3 1 0 .0 1 0 .5 7 .0 2—78 1 0 .6 1.0*5 1 1 .1 1 1 .2 1 1 ,1 1 1 ,0 1 0 ,9 1 0 ,6 1 0 .9 1 1 .2 1 0 .8 1 0 ,5 1 1 .3 1 2 .1 1 1 .1 1 5 .3 3 -7 8 1 0 .7 1 0 .5 1 1 .0 1 1 .2 1 1 .1 1 0 .9 1 0 ,9 1 0 ,6 1 0 .9 1 1.1 1 0 .8 1 0 .5 1 1 .2 1 1 .7 1 0 .9 1 3 .0 1 0 .7 4 -7 8 1 1 .0 1 0 .8 1 1 .3 1 1 .4 1 1 .3 1 1 .2 1 1 .2 1 1 .0 1 1 .3 1 1 .5 1 1 .3 1 1 .1 1 1 .7 1 2 .3 1 1 . ft 1 3 .5 12.A 1 4 .6 1 -7 9 1 1 .0 1 0 .0 1 1 .3 1 1 ,5 1 1 ,4 1 1 .3 1 1 ,3 1 1 ,1 1 1 .3 1 1 .6 1 1 .4 1 1 .2 1 1 .8 1 2 .3 1 1 .9 1 3 .2 1 2 .5 1 3 .4 1 2 .1 2 -7 4 3 -7 4 4 -7 4 1 -7 5 2 -7 5 3 -7 5 4 -7 5 1 -7 6 2 -7 6 3 -7 6 4 -7 6 1 -7 7 2 -7 7 3 -7 7 4 -7 7 1 -7 8 2 -7 8 3 -7 « 4 —78 1 .2 7 6 .7 1 .3 2 2 .9 1 .4 0 3 .9 1 c 444 *7P I N IT I A L QUARTER P - PR ELIM IN A R Y PERSONAL CONSUMPTION EXPENDITURES IN 1972 DO LLARS ________ COMPOUNDED AMMU4L RATES Of CHAN6E________ QUARTER ___________________________ 2 -7 4 3 -7 4 4 -7 4 1 -7 5 ____ 2 -7 5 3 -7 5 3 -7 4 2 .6 4 -7 4 -2 .3 -7 .0 1 -7 5 - 0 .8 - 2 .4 2 .3 2 -7 5 1 .1 0 ,6 4 ,6 7 .0 3 -7 5 1 .9 1 .7 4 ,8 6 .0 5 ,0 4 -7 5 2 .6 2 .5 5 .1 6 .0 5 ,5 6 ,0 1 -7 6 3 .3 3 .4 5 ,6 6 ,5 6 ,3 6 ,9 4 -7 5 I N IT I A L QUARTER___________ 1 -7 6 2 -7 6 3 -7 6 4 -7 6 1 -7 7 2 -7 7 _ _ 3 -7 7 4 -7 7 1 -7 8 2 -7 8 3 -7 8 B IL L IO N S OF ____ DO LLARS ANNUAL R A TES 4 -7 8 7 5 2 .9 7 5 7 .2 7 7 0 .2 779 .7 7 9 1 .1 7 .9 8 0 6 .3 2 -7 6 3 .4 3 .5 5 ,3 6 ,0 5 ,7 5 ,9 5 .9 3 ,9 3 -7 6 3 .4 3 .5 5 ,1 5 ,5 5 .2 5 ,3 5 .1 3 .7 9 .4 4 -7 6 3 .8 3 .9 5 .4 5 ,8 5 ,6 5 ,8 5 .7 5 ,0 5 .5 8 1 4 .0 8 2 0 .9 7 ,7 8 3 6 ,2 1 -7 7 3 .9 4 .1 5 .4 5 ,7 5 ,6 5 ,6 5 .6 5 ,0 5 .4 6 ,4 5 .1 2 -7 7 3 .7 3 .8 4 .9 5 ,2 5 .0 5 ,0 4 .9 4 ,3 4 .4 4 .7 3 .2 1 .4 3 -7 7 3 .7 3 .8 4 .9 5 ,1 4 .9 4 .9 4 .7 4 .2 4 .3 4 .5 3 .5 2 .7 4 .1 8 4 6 .6 8 4 9 -5 8 5 8 .0 4 -7 7 4 .1 4 .2 5 .2 5 ,5 5 .3 5 .3 5 .3 4 .9 5 .1 5 .4 4 .8 4 .8 6 .5 9 .0 1 -7 8 3 .7 3 .8 4 .7 4 .9 4 .7 4 .6 4 .5 4 .1 4 .1 4 .2 3 .6 3 .2 3 .8 3 .6 -1 .4 2 -7 8 3 .9 3 .9 4 .8 5 ,0 4 .8 _ 4 .8 4 .7 4 .3 4 .3 4 .5 4 .0 3 .7 4 .3 4 .4 2 m2 » 7 6 .6 8 7 3 .5 8 8 6 .3 6 .0 3 -7 8 3 .9 4 .0 4 .7 4 .9 4 .7 4 .7 4 .6 4 .3 4 .3 4 .4 4 .0 3 .8 4 .3 4 .3 2 . ft 5 .0 4 .0 4 -7 8 4 .1 4 .2 4 .9 5 .1 4 .9 4 .9 4 .8 4 .6 4 .6 4 .S 4 .4 4 .3 4 . ft 5 .0 4 .0 « .« 5 . ft 1 -7 9 4 .0 4 .0 4 .7 4 .9 4 .7 _ 4 .7 4*3 4 .4 4 .5 4 .1 4 .0 4 .4 4 .4 3 .6 4 .8 2 -7 4 3 -7 4 4 -7 4 1 -7 5 1 -7 6 2 -7 6 3 -7 6 4 -7 6 1 -7 7 2 -7 7 3 -7 7 4 -7 7 1—7B 2 -7 5 3 -7 5 4 -7 5 2 -7 « m * i 7 .7 91 1 . 8 4 .7 1 .7 3 -7 8 4 -7 B 9 1 5 . 7P I N IT I A L QUARTER P - PR ELIM IN A R Y PREPARED B Y FED E R A L R ESER V E BANK OF ST* L O U IS A P R IL 19* 1 9 7 9 15 GROSS PR IV A TE OOMESTIC INVESTMENT IN CURRENT OOLLARS COMPOUNDED ANNUAL RATES OF CHANGE t e r m in a l . QUARTER 2 -7 4 - 3 - 7 * - 8 .5 _ i- 7 5 = 2 4 .7 2 -7 5 4 -7 4 1 -7 5 2 -7 5 3 -7 5 4 -7 5 1 -7 6 2 -7 6 3 -7 6 4 -7 6 1 -7 7 2 -7 7 3—77 4 -7 7 1 -7 8 2 -7 8 3 -7 8 4 -7 8 ANNUAL R ATES 210* f -0 .6 O•' =15*7 CO ÎSJ 1 3 -7 4 4 -7 4 -4 9 .1 - 2 1 .8 - 3 0 .7 3 -7 5 B IL L IO N S OF I N I T I A L QUARTER -* ? 8 -1 .9 4 -7 5 -2 * 3 1 7 7 .7 -5 .5 3 5 .4 1 7b .2 9 4 .1 - lâ . 6 . . ZÄJ.L. -2 Ô .*J .- 1 5 * 4 2 0 6 .8 =2*5 .......... 1—76 3 .0 6 ,3 7 .9 3 0 .3 4 5 .0 2 5 .3 6 6 .2 2 -7 6 5 .2 8 .6 1 0 .2 2 6 .7 3 9 .0 2 4 .3 4 2 .6 2 2 .4 3 -7 6 5 .8 8 .9 1 0 .3 2 5 .5 3 2 .9 2 0 .8 3 1 .2 1 6 .5 1 0 .9 4 —7 6 4 .8 7 .3 8 .4 2 0 .7 2 5 .8 1 5 .3 2 1 .2 9 .1 3 .0 I r U _____8 + 1 1 0*8 1 2 .2 2 3 .8 2 8 .7 2 0 .2 26*1 17*7 1 6 .2 -2=22___19.t4 U tl 14t6 i .5t4_..Z?t% _22t$ 29t l ? l tfr .21*+ 2?.d .—AStl 24?-f9 . 1 8 .9 4 7 .9 ____ l. 2 4 ,0 1 9 ,9 1.9,3 ??tQ 1 8 ,4 12*4_________________________________ 8 * 6 1 2 .3 2 3 .5 1 9 .5 1 9 .1 2 0 .9 1 6 .8 1 5 .7 2 1 .4 - f c ü ___ U%6. _L3 t5 __14»5 2 1 *4 „ 2 3 *7 L 9 t2 ___ 21*7 1 8 .0 1 7 .5 __ l£ * 4 __ ZZ^Q__ 1 8 .2 1 4 .5 1 3 .0 1 5 .9 __ L7.7___ .A rte ___llt-2 _13«7 -15.7 21,1 . 23.2 17«? 17.4 18 .2 .21.4— 13.0 _.14.9...13 .fi— L*ul__ 17*4 11.1 -2=2»____12*0 1 4 .1 1 5 ,2 2 2 .7 2 5 .4 1=29___11» 2—1 3 .4 .1.4.3 .20.3 .22*2 2 -7 4 3 -7 4 4 -7 4 1 -7 5 2 -7 5 2 0 .5 i ? ,? 2 6 t9 2 0 .3 2 5 .0 29 t ? _ _ L 2 ,S____5 . 0 31 3.fr 322.* 7 _____ 3 1 .2 350-.1 13.0 21.3 13*1 20t3 17*1 „ 16*fe__ 17t2 19t9 16.8 14«Q__ 12.9 14.6 - 15.2 .13.2 12.7 8 .6 3 -7 5 4 -7 5 1 -7 7 2 -7 7 4 -7 7 3 -7 8 4 -7 8 1 -7 6 2 -7 6 3 -7 6 4 -7 6 1. . .jL lL i 5 2Qf 3 l ? t ? .-2 3 * 6 26,2 ?31 »$ A S tl— U t l . . . IJfrtft. -4 = 2 2 ___ 1 2 ± 7_. U tP-. 1 .4 ,? __22*9 -1 = 2 1 ___ 2 4 f ? 2^3»? 3 -7 7 1 -7 8 2 -7 8 16.9 3 6 4 .Q I N I T I A L QUARTER P R E LIM IN A R Y GROSS P R IV A T E DOME S T IC INVESTMENT IN 1972 DOLLARS ________ ÇQHfWNPEP AMMUAU RAIES Of CHANGE________ TERM IN AL QUARTER I N I T I A L QUARTER 2 -7 4 3 -7 4 4 -7 4 3 -7 4 - 2 5 .0 4 -7 4 -1 9 .2 - 1 2 .9 1 -7 5 - 3 6 .8 - 4 1 .9 - 6 1 .3 1 -7 5 2 -7 5 3 -7 5 4 -7 5 1 -7 6 2 -7 6 3 -7 6 4 -7 6 1 -7 7 2 -7 7 3 -7 7 4 —77 1 -7 8 3 -7 8 1 7 6 .6 17p .6 1 3 4 .6 2 -7 5 -2 9 .8 - 3 1 .3 - 3 8 .9 -3 .8 3 -7 5 - 1 5 .5 - 1 3 .0 - 1 3 .0 3 0 .4 7 6 .8 4 -7 5 -1 4 .9 -1 2 .8 -1 2 .7 1 3 3 .3 1 5 3 .7 1 4 .4 2 4 .8 - 1 1 . 9 1 -7 6 -6 * 6 -3 .1 —I *0 2 5 .2 3 6 .7 2 0 .2 6 4 .0 2 -7 6 -4 .1 —0 * 6 1 .6 2 3 .2 3 1 .1 1 8 .6 3 7 .7 1 5 .6 3—7 6 -3 .0 0*1 2* 2 . o M 2 5 .5 1 5 .2 2 6 .0 1 0 .5 148. V 1 6 8 .5 3 .9 1 7 4 .7 1 7 7 .1 5 .6 * 4 -7 6 -3 * 6 -0 .8 0 .8 1 5 .6 1 9 .2 1 0 .1 1 6 .5 -1 .5 -8 .1 1 -7 7 -0 .7 2 .1 3 .9 1 7 .6 2 1 .0 1 3 .6 1 9 .5 1 0 .4 ' 8 . 8 1 0 .4 3 2 .7 2 -7 7 1*3 4 .1 5 .9 1 8 .5 2 1 .6 1 5 .3 2 0 .6 1 3 .4 1 2 ,8 15*3 2 9 .2 2 5 .8 1 7 3 .4 121*1 3 -7 7 1 .9 4 ,5 6 .3 1 7 .6 2 0 .2 1 4 .6 1 8 .9 1 2 .7 1 2 .2 1 3 .9 2 2 .3 1 7 .5 9 .7 4 -7 7 1 .6 4 .0 5 .5 1 5 .6 1 7 .7 1 2 .5 1 6 .0 1 0 .4 9 .5 1 0 .3 1 5 .5 1 0 .3 3 .3 -2 * 7 1 -7 8 2 .2 4 .5 5 .9 1 5 .2 1 7 .1 1 2 .4 1 5 .4 1 0 .5 9 .8 1 0 .5 1 4 .6 1 0 .5 5 .9 4 .0 LU 2L. 2 -7 8 2 .9 5*1 6 .6 1 5 .2 1 6 .9 1 2 .6 1 5 .4 1 L .0 1 0 .4 1 1 .2 1 4 .7 1 1 .4 8 .1 7 .6 1 3 .2 291*7 - 2 .5 4 .5 5 .8 1 3 .6 1 5 .1 1 1 .0 1 3 .4 9 .3 8 .6 9 .0 1 1 .7 8 .5 5 .4 4 .3 2 .6 4 .6 5 .8 1 3 .1 1 4 .4 1 0 .6 1 2 .7 9 .0 8 .3 8 .6 1 0 .9 8 .1 5 .4 4 .6 6 .5 4 . 6... J&ftl— 4 . 9 4*5 5 .7 1 2 .5 1 3 .7 10*2 12*1 8 .6 8 .0 8 .2 1 0 .2 7 .7 5 .3 1 -7 6 2 -7 6 3 -7 6 4 -7 6 1 -7 7 2 -7 7 2 1 3 .1 L S i2 _ 3 -7 8 2 .7 2 S& .3 2 0 5 .7 4 -7 » 1 -7 9 2 -7 8 B IL L IO N S OF OOLLARS ANNUAL R ATES 4 -7 8 _ 4*6 _n5. 0 . .0*3. 2 1 Û .4 2 1 3 .4 5 .Û 5 .1 4 .4 3 -7 8 4 -7 8 2 1 5 .7 P • 2 -7 4 3 -7 4 4 -7 4 1 -7 5 2 -7 5 3 -7 5 4 -7 5 3 -7 7 4 -7 7 1 -7 8 2 -7 8 I N I T I A L QUARTER P - P R ELIM IN A R Y PREPARED BY FEDERAL RESERV E BANK OF S T . LO U IS A P R IL 1 9 . 1979 16 - GOVERNMENT PURCHASES OF GOOOS ANO S E R V IC E S IN CURRENT DOLLARS _________ COMPOUNOEO ANNUAL RATES QF CHANGE____________ _____ TERM INAL QUARTER 3 -7 4 2 -7 4 4 -7 4 1 -7 5 3 -7 4 1 4 .4 4 -7 4 1 3 .7 1 2 .9 1 -7 5 1 2 .7 1 1 .9 2 -7 5 1 2 .2 1 1 .5 1 0 .8 1 0 .7 3 -7 5 1 1 .8 1 1 .1 1 0 .5 1 0 .3 2 -7 5 3 -7 5 4 -7 5 1 -7 6 2 -7 6 1-77 4 -7 6 3 -7 6 2 -7 7 4 -7 7 3 -7 7 2 -7 fi 3 -7 9 B IL L IO N S OF DOLLARS ANNUAL RATES 4 -7 * ..... ¿17 *5 3 2 5 .8 1 0 .9 334*2 _ 9 .9 1 1 .7 1 1 .1 1 0 .7 1 0 .7 1 0 .6 1 1 .3 1 -7 6 1 0 .4 9 .7 9 .1 8 .7 8 .0 7 .0 2 .9 2 -7 6 9 .5 8 .8 8 .2 7 .6 6 .9 5 .9 3 .3 3 .7 3 -7 6 8 .8 8 .2 7 .5 7 .0 5 .3 3 .4 3 .6 3 5 4 t.Q,._ 357 3 6 0 .4 3 .6 4—76 8 .6 8 .0 7 .4 6 .9 6 .3 5 .6 4 .2 4 .7 5 .2 6 .7 1 -7 7 8 .7 8 .2 7 .7 7 .3 6 .8 6 .3 5 .3 5 .9 6 .7 8 .3 9 .8 2 -7 7 9 .3 8 .8 8 .4 8 .2 7 .9 7 .6 7 .0 7 .8 8 .8 1 0 .6 1 2 .7 1 5 .6 37.S..tP 3 8 8 .8 3 -7 7 9 .5 9 .1 8 .7 8 .5 8 .3 8 .0 7 .6 8 .4 9 .4 1 0 .8 1 2 .3 1 3 .5 H .5 4 -7 7 9 .8 9 .4 9 .1 9 .0 8 .9 8 .7 8 .3 9 .1 1 0 .1 1 1 .4 1 2 .6 1 3 .6 1 2 .6 1 3 .7 1 -7 8 9 .4 9 .0 8 .7 8 .5 8 .4 8 .2 7 .9 8 .5 9 .2 1 0 .2 1 0 .9 1 1 .1 9 .7 8 .8 3 r* * s .. 4 .1 6 .0 7 .9 4 1 6 .7 2 -7 8 9 .3 8 .9 8 .7 8 .5 8 .3 8 .2 7 .9 8 .4 9 .0 9 .8 1 0 .4 1 0 .5 9 .2 8 .5 3 -7 8 9 .6 9 .3 9 .1 9 .0 8 .8 8 .7 8 .5 9 .1 9 .7 1 0 .5 1 1 .0 1 1 .2 1 0 .4 10. 1 a.9 1 1 .4 * 1 5 .0 4 -7 8 9 .9 9 .6 9 .4 9 .3 9 .2 9 .1 8 .9 9 .5 1 0 .1 1 0 .9 1 1 .4 1 1 .6 1 1 .0 1 0 .9 1 0 .2 1 2 .3 1 4 .5 1 -7 9 9 .6 9 .3 9 .1 9 .0 8 .9 8 .8 8 .6 9 .1 9 .6 1 0 .2 1 0 .6 1 0 .7 1 0 .0 9 .8 9 .0 1 0 .2 1 1 .0 9. 1 2 -7 4 3 -7 4 4 -7 4 1 -7 5 2 -7 5 3 -7 5 4 -7 5 1 -7 6 2 -7 6 3 -7 6 4 -7 6 1 -7 7 2 -7 7 3 -7 7 4 -7 7 1 -7 8 2 -7 8 3 -7 8 4 .3 9 .& 45». 5 1 4 .1 .. 4 5 9 .4 P 1. 4 -7 8 I N I T I A L QUARTER P - PR ELIM IN A RY GOVERNMENT PURCHASES OF GOODS ANO S E R V IC E S IN 1972 DOLLARS _______________COMPOUNDED ANNUAL RATES OF CHANGE________________ / f c ^ IN A L QUARTER I N I T I A L QUARTER ?-7* 1 .4 0 .5 4 -7 4 1-7 5 2 -7 5 3 -7 5 4 -7 5 1 -7 6 2 -7 6 3 -7 6 4 -7 6 1 -7 7 2 -7 7 3 -7 7 4 -7 7 1 -7 B 2 -7 8 4 -7 8 2 5 9 .5 .........25S_*3.. 1 -7 5 0 .6 1 .6 2 -7 5 1 .6 1 .6 2 .6 3 .6 3 -7 5 1 .9 2 .1 2 .8 3 .5 3 .4 4 -7 5 2 .1 2 .2 2 .9 3 .3 3 .2 2 .9 1 -7 6 1 .5 1 .5 1 .9 1 .9 1 .4 0 .4 -2 .1 2 -7 6 1 .1 1 .0 1 .3 1 .2 0 .6 -0 .3 -1 .9 - 1 .7 3 -7 6 0 .8 0 .8 0 .9 0 .8 0 .3 —0 . 5 -1 .6 -1 .4 - l.l 4 -7 6 0 .6 0 .5 0 .6 0 .4 -0 .1 -0 .8 -1 .7 -1 .5 -1 .4 -1 .8 1 -7 7 0 .7 0 .7 0 .8 0 .7 0 .3 -0 .3 -0 .9 -0 .6 -0 .2 0 .2 2 .3 2 -7 7 1 .3 1 .3 1 .5 1 .5 1 .2 0 .9 0 .6 I.1 1 .8 2 .8 5 .1 8 .0 3 -7 7 1 .7 1 .7 1 .9 1 .9 1 .7 1 .5 1 .3 1 .9 2 .6 3 .5 5 .3 6 .9 5 .8 2 .2 2 5 9 .3 2 6 1 .6 2 6 3 .8 2 6 5 .7 2 6 4 .3 2 6 3 .2 2 6 2 .5 2 6 1 .3 2 6 2 .8 2 6 7 .9 2 7 1 .7 4 -7 7 1 .8 1 .9 2 .0 2 .1 1 .9 1 .8 1 .6 2 .8 3 .6 5 .1 6 .0 5 .0 4 .2 1 -7 8 i.5 1 .5 1 .6 1 .6 1 .4 1 .2 1,1 1 .5 1 .9 2 .4 3 .3 3 .5 2 .1 0 .3 2=7B ... 1 .4 1 .4 1 .5 1 .5 1 .3 1 .1 0 .9 1 .3 1 .6 . 2.Q 2 .7 . ZsB t* 5 _ <L* 1 . - I . ? -0 .3 . 3- 7*_____ L t l ____l ± l ___ L L ? ___ L* 9 ___ L *2___________ L*J>----- 1^2 ___2*2___ 2*1___ 1*1___ 2*3____2*4___ L*fl____1 .1 3 .4 7 ,3 __ fa.g __ ~______JLMJB___ fc.g --- t u -----TT.I V__ ___/ u s ____u s - __ fctV------ ------------* 1 7 1 -7 9 3 -7 8 B IL L IO N S OF D OLLARS ANNUAL RA TES -0 .3 o • >0 3 -7 4 4 -7 4 3 -7 4 27». 5 - 3 .5 ---- Ufl.. . 2 7 2 .1 Jfc71.9 ____ 2 7 6 .7 -- j . p ____j .a. . 1 .5 1 .5 1 .7 1 .7 1 .5 1 .4 1 .3 1 .6 1 .9 2 .2 2 .6 2 .7 1 .9 1 .3 0 .7 1 .8 2 .5 0 .2 -3 -» 2 -7 4 3 -7 4 4 -7 4 1 -7 5 2 -7 5 3 -7 5 4 -7 5 1 -7 6 2 -7 6 3 -7 6 4 -7 6 1 -7 7 2 -7 7 3 -7 7 4 -7 7 1 -7 8 2 -7 B 3 -7 8 4 -7 8 2 7 7 . ftP I N I T I A L QUARTER P- . 3 5 L .5 _ _ 4 -7 5 6 .2 3 * 2 .2 PR6PARED BY FED E R A L R ESER V E BANK OF S T . L O U IS A P R IL 1 9 . 197 9 17 D ISPO SA BLE PERSONAL INCOME IN CURRENT DOLLARS COHPOUNOEO ANNUAL RATES OF CHANGE_________ TERM IN AL QUARTER I N IT I A L QUARTER 2—7 4 1 1 .4 4 -7 4 9 .1 3 -7 4 4 -7 4 2 -7 5 1 -7 5 3 -7 5 4 -7 5 1 -7 6 2 -7 6 3 -7 6 4 -7 6 1 -7 7 2 -7 7 7 .2 5 .2 3 .7 1 2 .5 1 2 .9 1 6 .1 3 0 .1 3 -7 5 1 0 .3 1 0 .1 1 1 .2 1 5 .1 4 -7 5 10*2 1 0 .0 1 3 .3 5 .7 9 .6 1 -7 6 10*2 9 .9 10*6 1 2 .4 7 .0 9 .7 9 .8 2 -7 6 9 .7 9 .4 9 .9 1 1 .2 6 .9 8 .6 8 .1 6 .4 3 -7 6 9 .5 9 .2 9 .6 1 0 .6 ' 7 .1 8 .4 8 .0 7 .1 7 .8 4 -7 6 9 .5 9 .3 9 .6 1 0 .5 7 .6 8 .7 8 .5 8 .1 8 .9 1 0 .0 1 -7 7 9 .5 9 .3 9 .6 1 0 .3 7 .8 8 .8 8 .6 8 .3 8 .9 9 .5 9 .0 2 -T 7 . 9*7 9 .8 10*5 1 0 .7 2 -7 8 3 -7 8 4 -7 8 1 2 .5 9 ,4 1 0 .0 10*6 1 0 .8 1 1 .7 1 0 .9 1 .0 2 3 .4 i ,0 9 5 .1 1 .9 9 i2 _ . 9 .8 9*7 5... 1 2 .1 1 1 .9 1 2 .9 9 .9 9 .9 9 .9 1 0 .4 10*8 11*0 1 1 .5 1 1 .2 1 1 .3 9 .8 1 0 .1 1 0 .1 1 0 ,2 10*7 1 1 .1 1 1 .2 1 1 .7 1 1 .5 1 1 .7 1 1 .1 1 2 .5 10*1 1 0 .1 10*2 1 0 .6 1 1 .0 1 1 .1 1 1 .5 1 1 .2 1 1 .3 1 0 .8 1 1 .3 1 0 .2 10*3 1 0 .4 10*4 1 0 .8 11*2 1 1 .3 1 1 .7 1 1 .5 1 1 .6 1 1 .3 1 1 .9 1 1 .6 1 0 .6 _1Q.*£ JL0_*7.. - I J ul L .1 1 * 4 ..1 1 .* _L1*? 1 1 .8 .1 2 * 4 .. 1 1 .8 12*4 12*3 ..13.«.4 2 -7 7 1 -7 8 2 -7 8 - 9 .7 4 -7 4 1 -7 5 1 .3 1 9 .1 11*3 1 0 .9 2 -7 4 1 .2 8 5 .4 11*0 X Q t l - U b i . 10*5 .1 1 *1 I ,2 4 b .0 1 0 .5 9 .4 IP .7 1 .2 2 1 .5 9 .9 10*3 1ft* 5 . _ 1 5 f4 1 »192 . ö 9 ,9 Iff e S L 3 -7 4 -9 * 2 .. 1 .1 7 0 .6 9 .9 10* I _ 1 0 . 3 ¿-7 .8 . 3 - 7 « . . 1 0 .2 1 * 1 5 2 .5 9 .0 9 .4 1 0 .3 1 • 1 2b .0 .... 5U5 _9,_SL_ ift* 2 _liL*_7. 1 0 .1 1 . 100 m'6 _IUA_ 10.JLÖ.. ..liL « 2 - 1 9 . e JlLt.Q L. 10*9 JL = IS _ 1 -7 8 W O .7 .. .A r i? . 4 -7 7 I *016 .? - J L - T S l..... _ ..4 r7 1. 3 -7 7 6 .8 o • CD 3 -7 4 B IL L IO N S OF DOLLARS ANNUAL RATES 2 -7 5 3 -7 5 4 -7 5 1 -7 6 2 -7 6 3 -7 6 * 4 -7 6 1 -7 7 3 -7 7 1 .3 5 9 .6 4 -7 7 1 .391 .*» ~ iA A 3 3 ’ 3 1 3 .0 3 -7 8 1 . 5 1 3 .9 4 -7 8 I N I T I A L QUARTER P - P R E LIM IN A R Y D ISP O SA B LE PERSONAL INCOME IN 19 7 2 OOLLARS COMPOUNDED ANNUAL RA TES OF CHANGE TERM IN A t QUARTER B IL L IO N S OFm OOLLARS \_ ANNUAL R A T E S * I N I T I A L QUARTER 2 -7 * 3 -7 4 4s~74 1 -7 5 2 -7 5 3 -7 5 4 -7 5 1 -7 6 2 -7 6 3 -7 6 4 -7 6 1 -7 7 2 -7 7 3 -7 7 4 -7 7 1 -7 8 2 -7 8 3 -7 8 4 -7 8 8 4 3 .0 3 -7 4 -0 * 0 4 -7 4 -1 * * -3 * 7 1 -T 5 -2 * 1 -3 * 1 2 -7 5 3*7 4 .9 9 .6 23*1 2*4 4 .5 8 .2 -4 .9 « ¿ 5 .1 -2 * 5 8 2 9 .8 8 7 4 .1 3 -7 5 1*9 4 -7 5 2*2 2*7 4 .4 6 .8 -0 .5 4 .0 1—7 6 2* 6 3*0 4*4 6 .3 1 .2 4 .4 4 .7 2 -7 6 2*5 2*9 4 .0 5 .4 1 .4 3 .6 3 .4 2 .1 8 6 3 .1 8 7 1 .7 8 8 1 .8 8 8 6 .3 8 9 1 .5 3 -7 6 2*5 2*8 3*8 4 .9 1 .6 3 .3 3 .0 2 .2 2 .4 4 -7 6 2* 7 3*0 3*9 4 .8 2 .0 3 .5 3 .3 2 .9 3 .3 4*3 1 -7 7 2*6 2 .9 3* 6 4 .4 2 .0 3 .2 3*0 2 .6 2*6 3*0 9 0 0 .9 1 .7 ____ 2 -7 7 2* 9 3*2 3*9 4 .6 2 .5 3 .6 3* 6 3 .3 3*6 4 .1 4 .0 6 ,2 3 -7 7 3*1 3* 4 4*1 4 .6 2*9 3 .9 3*9 3 .8 4*1 4 .5 4 .6 6 .1 5*9 4 -7 7 3*5 3*7 4 .4 5* 0 3* 4 4 .3 4*4 4 .3 4 .7 5 .2 5 .4 6 .7 6*9 9 3 1 .9 7«_0_ 9 49 .fr __ ...... 1*1 1 -7 8 3*3 3*5 4* 1 4*7 . 3*2 4 ,0 4 .0 3*9 4*2 4*5 4*5 5*2 4*9 2 -7 0 3*3 3*5 4 .1 4 ,0 3*2 4 .0 3*9 3 .9 4#1 4 .3 4* 3 4*9 4*5 4*1 2*3 3*5 3 -7 8 3*3 3 .5 4*0 4*5 3 .2 3 .9 3 .9 3*8 4* 0 4 .2 4 .2 4 .7 4 .3 3 .9 2 .7 3 .5 1*5 4 -7 8 3 .5 3 .7 4 .2 4 .6 3 .4 ' 4 .1 4 .1 4 .0 4 .2 _ 4 .4 4 .5 4 .9 4 .4 3 .5 4 .4 4 .8 6 .1 1 -7 9 3*5 3*7 4*5 3* 4 4 .0 4 .0 4*0 4*1 4 .3 4 .3 4 .7 4*4 4*2 3 .5 4*1._ 4 .3 4 .Z . 2 -7 4 3 -7 4 1 -7 5 2 -7 5 3 -7 5 4 -7 5 1 -7 6 2 -7 6 3 -7 6 4 -7 6 1 -7 7 2 -7 7 3 -7 7 4 -7 7 4 -7 4 1 -7 8 .9 * 0 .3 2 -7 8 9 6 8 .7 3 -7 6 ........ 3 .2 9 9 1 .0 * 4 -7 8 I N I T I A L QUARTER P - P R ELIM IN A R Y PREPARED BY FEDERAL R ESER V E SANK OF ST* LO U IS A P R IL 1 5 * 1979 18 CORPORATE P R O F IT S AFTER TAXES » COMPOUNDED ANNUAL RATES OP CHANGE TERMINAL QUARTER 1 -7 4 2 -7 * 1 1 .2 3—74 3 0 .5 4 -7 4 4 .9 2 -7 4 3 -7 4 B IL L IO N S OP ANNUAL R A TES 4 -7 4 1 -7 5 2 -7 5 3 -7 5 4 -7 5 1 -7 6 2 -7 6 3 -7 6 1 -7 7 4 -7 6 2 -7 7 4 -7 7 l- 7 6 _ 2-78_ 7 2 .8 5 3 .3 8 1 .0 1 .9 -3 2 * 2 7 3 .5 1 -7 5 - 1 6 .6 - 2 4 . 3 - 4 6 .8 - 5 8 .2 2 -7 5 - 7 . 2 - 1 1 . 3 - 2 6 . 0 - 2 2 .8 59*1 4 2 .8 6 4 .6 3 -7 5 6 .7 5 .8 -3 .6 8 .4 7 4 .6 1 1 3 .6 4 -7 5 7 .4 6 .8 -0 .7 9 .3 5 0 .5 5 4 .5 78*1 1 1 .8 8 0 .3 1—76 1 2 .0 1 2 .2 6 .5 1 6 .5 5 0 .6 5 3 .3 2 9 .9 5 0 .9 2—7 6 1 2 .5 1 2 .7 7 .8 1 6 .5 4 3 .0 4 3 .0 2 5 .1 3 2 .4 1 6 .2 3 -7 6 1 1 .5 1 1 .6 7 .2 1 4 .5 3 5 .4 3 4 .0 1 9 .2 2 1 .8 9 .4 3 .1 5 .9 12 ✓O 8 9 .0 9 2 .4 9 3 .1 4 -7 6 1 0 .0 9 .9 2 8 .9 2 6 .8 1 4 .2 1 4 .8 4 .8 -0 .4 1 -7 7 10*8 10*8 7 . 3 _12 .9 2 7 .8 2 5 .8 1 5 .1 1 5 .8 8 .4 6 .0 7 .4 20. 0 2 -7 7 1 2 .1 1 2 .2 9 .1 1 4 .4 2 7 .9 2 6 .1 1 7 .0 1 7 .9 1 2 .2 1 1 .3 1 4 .1 2 4 .3 3 -7 7 1 1 .8 1 1 .9 9 .0 1 3 .8 2 5 .8 2 4 .0 1 5 .8 1 6 .4 1 1 .5 1 0 .6 1 2 .6 1 8 .6 1 7 .9 8 .0 4 -7 7 1 0 .9 1 0 .8 8 .1 1 2 .4 2 3 .0 2 1 .2 1 3 .8 1 4 .0 9 .5 8 .5 9 .6 1 3 .2 1 1 .1 3 .1 -1 .5 1 -7 8 9 .5 9 .4 6 .8 1 0 .6 2 0 .0 1 8 .1 1 1 .3 _ 11*3 _ 7 .1 5 .9 6*3 8 .5 5 .8 -0 * 9 -5 .1 -8 * 5 _ 2 -7 8 1 3 .3 1 3 .4 1 1 .2 1 5 .2 2 4 .5 2 3 .1 1 7 .1 1 7 .6 1 4 .4 1 4 .2 1 5 .9 1 9 .5 1 9 .4 1 7 .2 2 0 .5 3 3 .2 9 4 .0 3 -7 8 1 2 .2 12*3 10*1 13*8 2 0 .7 1 5 .1 15*4 12*4 1 2 .0 1 3 .2 1 5 .8 1 5 .1 1 2 .6 1 3 .7 1 9 .3 3 6 .3 -4 .2 4 -7 8 1 3 .7 1 3 .8 1 1 .9 1 5 .4 2 3 .5 2 2 .3 1 7 .1 1 7 .6 1 4 .9 1 4 .8 1 6 .2 1 9 .0 1 8 .8 1 7 .2 1 9 .2 2 5 .0 3 8 .7 1 7 .3 4 3 .7 1 -7 4 2 -7 4 3 -7 4 4 -7 4 1 -7 5 2 -7 5 3 -7 5 4 -7 5 1 -7 6 2 -7 6 3 -7 6 4 -7 6 1 -7 7 2 -7 7 3 -7 7 4 -7 7 1 -7 8 2 -7 8 3 -7 8 -3 .8 9 6 .5 2 8 .8 1 0 4 .8 104 .4 _1192 1 3 0 .5 N.A. 1-79 * NATIONAL INCOME B A S IS I N I T I A L QUARTER N.A.-NOT AVAILABLE PREPARED 6V FED E R A L R ESER V E BANK OF S T . L O U IS A P R IL 1 » . 1979 SOURCES OF DATA NATIONAL INCOME AND PRODUCT ACCOUNTS DATA Source: 1929-72 1973 1974 1975-77 U.S. Department of Commerce, Bureau of Economic Analysis, Washington, D.C. 20230 The National Income and Product Accounts of the United States, 1929-/4, A Survey ot Current Business Supplement. Survey of Current Business, July 1976. Survey of Current Business, July 1977. Survey ot Current Business, July 1978. The Survey is available from most district offices of the Department of Commerce or from the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402. 19 I N V E N T O R IE S COMPARED WI T H MONTHLY S A L E S * MANUFACTURING AND TRADE .72 72 .6 8 68 .64 64 .60 60 .56 56 .52 52 .48 48 .44 44 40 36 .36 1965 1966 1967 1968 1969 1970 1971 19 7 2 1973 « R A T I O S BASED OH S E A S ONA L L Y ADJ USTED DATA. 1974 1975 SOURCE: 1976 1977 1978 1979 U . S . DEPARTMENT OF COMMERCE SHADED AREAS R E P R E S E N T P E R I O D S OF B U S I N E S S R E C E S S I O N S . L A T E S T DATA P L O T T E D : FEBRUARY P R E L I M I H A R Y PREPARED BY F E D E R A L R E S E R V E BAHK OF S T . 20 LOUIS
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