Full text of National Economic Trends : August 1970
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n o T i o n m Economic PREPARED MONTH ENDING: July 31, 1970 BY FEDERAL RESERVE BANK treiids OF ST. LOUIS RELEASED: August 18, 1970 Total spending rose at a 4.9 per cent rate from the first to the second quarter of this year (pages 8 and 9), but virtually all the increase was due to continuing inflation. Real product increased at a 0.6 per cent rate after declining in the two preceding quarters (pages 8 and 9). Both real pro duct and real final sales, that is, spending other than for inventory accumulation deflated for price changes (pages 10 and 11), were about unchanged over the year ending second quarter 1970. Monthly data through July indicate industrial production, employment, and personal income also have declined or slowed considerably since last summer. Personal income rose at about a 6 per cent annual rate in the first seven months of this year (pages 6 and 7), approxi mately the same as in the last few months of 1969 but more slowly than the 8.5 per cent rate from 1965 to 1968. Dollar retail sales increased less rapidly than consumer prices over the past year. Corporate profits after taxes fell at an 11.5 per cent rate the first two quarters of this year, a slightly greater rate of decline than the 10.2 per cent rate over the second half of 1969. Payroll employment declined at a 3.3 per cent annual rate from March to July (pages 2 and 3), after growing at a 2 per cent rate in the preceding twelve months and at a 2.3 per cent rate from 1957 to 1968. Unemployment averaged 4.9 per cent of the labor force in the April to July period, up from an average of 4.2 per cent the first three months of the year. Industrial production declined about 3 per cent during the past year (pages 4 and 5), compared with a 4.6 per cent rate of increase from 1957 to 1968. Prices, which usually respond slowly to stabilization actions, have continued their upward trend. Overall prices rose at a 5.4 per cent rate the first half of 1970 (page 15), about the same rate of increase as in the second half of last year. Whole sale prices of industrial commodities have increased 4 per cent over the past year (pages 12 and 13). Consumer prices rose at a 6 per cent rate the first half of 1970 (pages 12 and 13), about the same as the rate which prevailed over the preceding six-month period. 2 T OT AL C I V I L I A N EMPLOYMENT COMPOUNDED ANNUAL RATES OF CHANGE TERMINAL____________________________________________________________________ I N I T I A L MONTH_______________________________________________ ________________ MONTH 2-69 3-69 8- 69 9 - 6 9 10 - 6 9 11- 69 1 2 - 6 9 5-70 12-68 4-69 5-69 6-69 7-69 1-70 2-70 3-70 4-70 6-70 1-69 THOUSANDS OF PERSONS 6.4 77,081 2-69 6.8 7.1 77,524 3-69 5. 1 4.5 2.0 4-69 3.6 2.7 0.5 -0.9 5-69 2.0 0.9 -1.0 -2.5 -4.1 6-69 2.8 2.1 0.8 0.5 1.2 6.7 1-69 77,650 77,589 77,321 7 7 , 741 7-69 2.8 2.2 1.3 1. 1 1.8 4.8 3.0 8—69 2.9 2.4 1.6 1.5 2.2 4.3 3. 1 3.3 9-69 2.6 2.2 1.5 1.4 1.9 3.4 2.4 7.0 10 - 69 2.8 2.4 1.8 1.8 2.2 3.5 2.7 2.7 2.3 3.9 11-69 2.6 2.3 1.7 1.7 2.1 3.1 2.4 2.3 2.0 2.6 12-69 2.7 2.3 1.9 1.9 2.2 3.2 2.6 7.5 2.3 2.8 2.3 3.2 1-70 2.8 2.5 2.1 2.2 2.5 3.4 2.9 2.9 7. 8 3.3 3.1 4.0 4. 7 7 7 , 931 78,142 78,194 0.8 78,445 1.3 78,528 78,737 79,041 2-70 2.4 2. 1 1.7 1.6 1.9 2.6 2.1 2.0 1.7 1.9 1.4 1.5 0.6 -3.3 3-70 2. 5 2.3 1.9 1.9 2.1 2.8 2.4 2.3 2. 1 2.4 2. 1 2.2 1.9 0.5 4.5 4-70 2.2 1.9 1.5 1.5 1.7 2.3 1. 8 1.7 1.5 1.6 1. 2 1.2 0.7 -0.6 0.8 -2.8 5-70 1.6 1.3 1.0 0.9 1.0 1. 5 1.0 0.8 0.5 0.5 0.0 -0.2 -0.9 -2.2 -1.9 -4.9 -7.0 6-70 1.3 1.0 0.7 0.6 0.7 l.l 0.6 0.4 0. 1 0.1 -0.4 -0.7 -1.3 -2.5 -2.3 -4.4 -5.2 -3.4 0.7 0.3 0.2 -0.2 -1.0 -0.6 -1.8 -1.4 1.5 6.5 9 -69 10-69 11-69 12-69 1-70 2-70 3-70 4-70 5-70 6-70 7-70 1.6 1.3 1.0 1.0 l.l 1.5 l.l 0.9 0.7 12-68 1-69 2-69 3-69 4-69 5-69 6-69 7-69 8-69 INITIAL 78,822 79,112 78,924 78,449 78,225 78,638 MONTH PREPARED BY FEDERAL AUGUST 10 1970 RESERVE BANK OF S T . L OUI S PAYROLL EMPLOYMENT COMPOUNDED ANNUAL RATES OF CHANGE TERMI NAL MONTH 12 - 6 8 1-69 INITIAL 1-69 2-69 3-69 4- 69 5-69 6-69 7-69 8-69 9-69 MONTH 10 - 69 1 1 - 6 9 12-69 1-70 2-70 3-70 4-70 5-70 THOUSANDS OF PERSONS 6-70 5.6 69,352 2-69 5.0 4.5 3-69 4.6 4.2 3.9 4-69 4.2 3.7 3.4 5-69 4.0 3.6 3.3 3.0 3. 1 6-69 3.8 3.5 3.2 3. 0 3.1 3.0 7-69 3.4 3.0 2.8 2.5 2.4 2.0 0.9 69,605 69,827 2.9 69,992 70,172 70, 347 70,400 8-69 3.2 2.8 2.6 2.3 2.2 1.9 1. 3 1.7 9-69 3.0 2.6 2.4 2.1 2.0 1.7 Î.3 1.4 10 - 6 9 3.1 2.9 2.7 2.5 2.4 2.3 2. 1 2.5 2.9 4.7 11-69 2.8 2.5 2. 3 2.1 2.0 1. 8 1.6 1.7 1.8 2.1 -0.5 70,497 70,567 1.2 70,836 70,808 12 - 69 2.6 2.3 2. 1 1.9 1.8 1.6 1. 4 1.5 1.5 1.6 0.1 0.6 1-70 2.6 2.4 2.2 2.0 1.9 1.8 1. 6 1.7 1.7 1.8 0.9 1.6 70,842 2.6 70 , 9 9 2 2- 70 2.6 2.4 2.2 2.0 2.0 1. 8 1. 7 1.8 1.8 1.9 1. 3 1.9 7.5 2.4 3- 7 Q 2. 6 2. 3 2.2 2.0 2.0 1.9 1. 7 1.8 1.9 2.0 1.4 1,9 2.4 2.3 4-70 2.3 2. 1 1.9 1. 8 1.7 1.5 1. 4 1*4 1.4 1.5 0.9 1. 2 1.-4 i.o 0.2 -1.6 5-70 1.8 1.6 1.4 1.3 1.1 1.0 0. 8 o.'a 0.7 0.6 0.0 0. 1 0.0 -0.6 -1.6 -3.4 0.7 0.6 0.4 0.3 -0.5 -0.5 -0.7 -0.7 71,135 71,256 2. 1 71,163 -5.1 7Q. 8 52 6-70 1.5 1.3 1.1 0.9 0.2 0. 1 -1.3 -2.2 -3.6 -4.7 -4.2 7-70 1. 3 1. 1 0.9 0. 7 0. 5 0.3 0. 1 0. 1 -0.1 -0.2 -0.7 -0.9 -1.5 -2.3 -3.3 -3.9 -3.3 -2.4 12 - 6 8 1-69 2- 69 3- 69 4-69 5-69 6-69 7-69 8-69 9 - 6 9 1 0 - 6 9 1 1- 6 9 12-69 1-70 7-70 3-70 4-70 5-70 6-70 INTTÎAL 7 0 , 598P 70.455P MONTH P - PRELI MI NARY PREPARED BY FEDERAL RESERVE ' AUGUST 10 1970 BANK OF S T . LOUI S Em ploym ent Ratio S c a l e Ratio S c a l e Source: U.S. Departm ent of Labor Percentages are annual rates of change for periods indicated. Latest data plotted: July preliminary Prepared by Federal Reserve Bank of St. Louis 4 I NDUS T RI AL PRODUCTION COMPOUNDED ANNUAL RATES OF CHANGE TERMI NAL MONTH 12 - 6 8 1- 69 2.9 2-69 5.1 I N I T I A L MONTH 1-69 2-69 3- 69 4-69 5-69 6-69 7-69 8-69 9-69 1 9 5 7 - 5 9 * 100 10-69 11- 69 12-69 1-70 2-70 3-70 4-70 5-70 6-70 169. 1 7.3 170.1 3- 69 6.6 8.4 9.6 4-69 5.4 6.3 5.8 2.1 5-69 5.5 6.2 5.8 3.9 5.7 6-69 6.0 6.7 6.5 5.5 7.2 8.7 7-69 6.1 6.6 6.5 5.7 6.9 7.5 171.4 171.7 17 2 . 5 173.7 6.4 174.6 8-69 5.0 5.3 5.0 4.1 4.6 4.2 2.1 -2.0 9- 69 4. 1 4.3 3.9 2.9 3.1 2.5 0.5 -2.4 -2.7 10 - 6 9 3.1 3.2 2.7 1.7 1.6 0.8 -1.0 -3.4 -4.1 -5.4 11- 69 1.7 1.6 1.0 0.0 -0.3 -1.3 -3.1 -5.4 -6.5 -8.3 -11.2 12 - 6 9 1.4 1.3 0.7 -0.2 -0.5 -1.4 -3.0 -4.7 -5.4 -6.3 1- 7 0 0.9 0.8 0.2 -0.7 -1.0 -1.8 -3.2 -4.8 -5.3 2-70 0.9 0.8 0.2 -0.6 -0.8 -1.5 -2.8 -4.0 -4.3 174.3 173.9 17 3. 1 171. 4 -6.7 -2.1 -5.9 -6.1 -3.5 -4.8 -4.6 -4.4 -2.1 -2.1 171. 1 170.4 0.7 1 7 0. 5 3-70 1.1 1.0 0.5 -0.2 -0.4 -1.0 -2.0 -3.0 -3.1 -3.2 -2.8 -0.5 0.0 2.5 4.3 4-70 0.7 0.5 0. 1 -0.6 -0.9 -1.5 -2.4 -3.3 -3.5 -3.6 -3.3 -1.7 -1.6 -0*5 -1.1 -6.1 5-70 0.2 0.0 -0.5 -1.2 -1.4 -2.0 -2.9 -3.8 -4.0 -4.1 -3.9 -2.7 -2.8 -2.3 -3.2 -6.8 -7.5 6-70 0.0 -0.1 -0.6 -1.2 -1.4 -2.0 -2.8 -3.6 -3.8 -3.9 -3.7 -2.6 -2.7 -2.2 -3.0 -5.3 -4.8 -2.1 7-70 0.2 0.0 -0.4 -1.0 -1.2 -1.6 -2.4 -3.1 -3.2 -3.2 -3.0 -1.9 -1.9 -1.4 -1.8 -3.3 -2.3 0.4 2.9 12-68 1-69 2-69 3-69 4-69 5-69 6-69 7-69 8-69 9- 69 10-69 11-69 12-69 1-70 2-70 3-70 4-70 5-70 6-7 0 INITIAL 17 1. 1 170.2 1 6 9. 1 1 6 8 . 8P 1 6 9 . 2P MONTH P - PRELI MI NARY PREPARED BY FEDERAL RESERVE BANK OF S T . AUGUST 14, 1970 LOUI S 5 Industrial Production Ratio S cale Ratio Sea le Percentages are annual rates of change for periods indicated. Latest data plotted: July prelim inary Prepared by Federal Reserve Bank of St. Louis 6 R E T A T I SALES COMPOUNDED ANNUAL RATES OF CHANGE TERMINAL____________________________________________________________________ I N T T T A L MONTH____________________________________________________________________ MI L L I ONS OF MONTH DOLLARS 6-69 8-69 1-69 9 - 6 9 1 0- 69 1 1 - 69 12 - 69 1-70 2-69 3-69 4-69 5-69 4-70 7-6<ï 2-70 3- 70 11- 68 1 2- 68 5- 70 12- 68 -12.1 1- 69 3.9 22. 8 ?-69 6.9 17. 9 13. 3 3-69 1.2- 6.0 -1.5 -14.4 4-69 5.4 10. 3 6.4 3.2 24.3 5- 69 4.3 8.0 4.5 1.8. 11.0 6- 69 3.6 6.5 3.5 l.Z 7.0 -0.8 -0.6 7-69 1. 7 3.8 0. 9 -1.4 2. 2 -4.3 -5.9 -10.9 8-69 2.7 4.7 2. 3 0.6 3.9 -0.6 -0.5 -0.5 11 .1 9- 6 9 2.0 3.7 1.6 0.0 2. 6 -1.2 -1.3 -1.5 3.5 -3.5 1 0- 69 3.2 4.9 3.1 1. 9 4.4 1.4 1. 9 2.6 7.5 5.7 15.9 11- 69 2.4 3.9 2.1 1. 0 3. 1 0.4 0. 6 0.8 4.0 1.7 4.4 -5.9 12 - 6 9 2. 1 3.4 1.7 0.7 2.5 0. 1 0.2 0.3 2.7 0. 7 2.2 -4.0 0.7 28,463 28,955 29,257 28,881 29,409 -0.9 29,386 29, 371 29,090 29,346 2 9 , 259 29,620 29, 471 -2. 1 29,419 l - 70 2.4 3.6 £. 1 1. 2 2.9 0.9 1.2 3.3 1. 8 3.2 -0 .7 2. 0 6.3 2-70 3.3 4.6 3.3 2.5 4.2 2.3 2. 7 3.1 5.3 4.4 6.0 3.7 7.1 12. 0 18.0 3- 7 0 2.7 3.7 2. 5 1.7 3.2 1. 5 1. 7 2.0 3.7 2.7 3.7 1. 5 3.4 5.3 4.8 -6.9 4—7 0 4. 3 5.4 4. 3 3.7 5. 3 3.8 4.3 4.8 6.7 6. 1 7.6 6.3 8.9 11. 8 13.7 11. 7 34.0 5-^0 4.0 5.0 4.0 3.4 4.9 3.4 3. 8 4. 2 5.9 5.3 6.4 5.2 7. 1 9. 1 9.8 7. 1 15 . 0 -1.3 6-7.0 3.6 4.6 3.6 3.0 4. 3 3.0 3.3 3. 6 5. 0 4.5 5.4 4.1 5.7 7.0 7. 1 4. 6 B. 7 -2.0 -2.7 1 1- 68 12-68 3-69 4-69 5-69 6-69 7-69 8- 6Q 9-69 10 - 69 11- 69 1 2- 69 1-70 2-70 3-70 4-70 5-Î0 2-6<5 INITIAL P- p RËL 29,570 29,980 29, 801 30,536 3 0 , 502P 3 0 , 432P MONTH ! Mï iviArtV PRFPAQFD BY FEDERAI AUGUST 11, 1970 RESERVE BANK OF S T . LOUI S PERSONAL INCOME COMPOUNDED ANNUAL RATES 0É CHANGE TFRMTNAI MONTH 1 ?-Aft INITIAL 1- A9 ?-A9 1- A9 4 - A <5 A9 6-69 7-69 8-69 9-69 1- AQ *5-7 2-69 7.2 8.7 8.7 1 n. ? 11. q 4-69 ft-^ 9.7 9. s 7.3 *Ï-A Q ft- ? ft. 9 ft.9 7.5 A - A9 ft. ^ ft. 9 ft. 9 8.0 8.3 8.9 7- AQ ft. 7 9.7 9. 3 8. 7 9. ? 9.9 1 L. O ft-A 9 ft. ft 9.^ 9.4 ft. 9 9.3 9. ft 10. 3 9.6 9 - A9 ft . 7 9. 1 9. 1 8.7 9.0 9.3 9.4 8.6 7.5 1n- A 9 ft. 4 ft. 7 ft. 7 8-3 8.4 8. 6 8.5 7.6 6.7 5.8 3-70 4-70 5-70 6-70 740.9 746.2 752.7 758.5 763.1 766.7 8. 2 8.0 7.3 6.5 6.0 6.3 7.7 7.0 6.4 6.0 6.1 5.9 7.6 7.6 7.6 7.4 6.8 6.2 5.9 5.9 5.7 . 5. 6 7.4 7.4 7.4 7.2 6.6 6.2 5.9 5.9 5.8 5.7 7.6 7.6 7.6 7. 5 7.0 6.7 6.5 6.7 6.8 7.0 7.8 9.8 9.3 9.5 9.6 9.7 9.6 9.5 9.8 10 . 5 11.4 12. 8 15. 3 20.3 "*8.7 ft.O ft. ? 7. 1—7 n 7.8 8.0 7.9 7—70 7.7 7.8 7.8 ft.O 7.9 9.4 9.5 8. 1 7.8 7.9 ft.4 8.2 736.3 8. 1 ft. 5 ft. ? ft 2-70 7.8 ft. ? 7. 1-70 732.0 ft.O 9.2 12-69 725.2 1} - A 9 * - 7n 10- 69 1 1- 69 720.2 1 ?- AQ 4-70 B I L L I O N S OF DOLLARS ANNUAL RATES MONTH ft 7.9 7.9 7.9 7.8 8. I 6.2 6.2 6.2 6.3 6.1 6.2 6.1 6.2 10-69 11- 69 12-69 1-70 7.0 6.6 6.3 6.9 6.5 6.2 7-69 8- 69 9-69 6-70 7.4 7.5 7. 5 7. 2 7. 2 7. 1 7- 70 7. 3 7.4 7. 3 7.1 7. 1 7.0 1 2 - 68 1- 69 2-69 3-69 4-69 5-69 6-69 777.8 5.9 7.7 7. 3 8.0 774.3 7.5 7.5 5-70 770.6 7.3 INITIAL 781.5 787.6 31.9 806.0 -9.0 799.T 9.6 9.6 6.4 6.5 5.5 -5.7 -2.2 6.3 6.3 5.5 -2.1 1.6 5.5 2-70 3-70 4-70 5-70 6-70 7 9 8 . 2P 8 0 1 . 8P MONTH P - PRELI MI NARY PREPARED BY FEDERAL RESERVE BANK OF S T . AUGUST 14 , 1970 L OU IS 7 R e ta il S a le s Ratio Scale Ratio Scale Source: U.S. D e p a r t m e n t o f C o m m e r c e Percentages are annual rates of change for periods indicated. Latestdata plotted: June preliminary Prepared by Federal Reserve B a n k of St. Louis Personal Income Source. U.S. Department of C o m m e r c e Percentages are annual rates of cha n g e for periods indicated. Latestdata plotted: July preliminary Prepared by Federal Reserve Bank of St. Louis 8 GROSS NATI ONAL PROOUCT IN CURRENT DOLLARS ____ C.OMPQ.UNQID. ANMUA.I__ BATfLS_ QF .CHAJNGJE______ ___ _________________________________________________________ B I L L I O N S OF TFRMINA1_____________________________________________________________________ IftLLLLAL JliiARLER__________ ________ ___ _____ ___ __________________________________ PJ3JJJLRS. ANNUAL RATES QUARTER 4-68 4 - 6 7 1-68 7-68 3-68 1-69 2- 69 3-69 7-66 1-70 2-67 3-67 4-69 3-66 4-66 1-67 *- 6 5 4-65 1-66 4-6«» 11 . 4 1- 66 11. 4 11.4 2—66 10. 2 9.6 7.8 3-66 9-4 8. 7 7.4 7.0 4-66 9- 1 8.5 7.6 7.5 8.1 1- 6 7 7.9 7.2 6.2 5.6 5.0 1. 9 2- 67 7.5 6.9 6.0 5.5 5. 1 3.6 5. 3 *-67 7.7 7. 1 6.4 6.2 6.0 5.3 7.0 8.6 4-67 7-7 7. 7 6.6 6.4 6.3 5.9 7.2 ft - 7 1—6ft 7-9 7-5 7-0 6.9 6.9 6.6 7.8 8.7 8.7 S.iL 2—68 ft- 7 7.9 7. 5 7.4 7.5 7.4 8.6 9.4 9.6 1CL.6 _ 1L.6 ft 4 - 6 ft R. 7 7-9 7.6 7-6 7.6 7.6 8.5 9-7 9-4 9.9 10.0 ft. 1 7.9 7-6 7.5 7.6 7.5 8.4 8.9 8.9 9.3 9.1 1- 69 a. i 7.8 7.6 7.5 7.6 7.5 8.3 8* 7 8J... 8.9 7-69 a.o 7.8 7.5 7.5 7.6 7.5 ft.7 8.5 8.5 8.6 1-69 ft . i 7.a 7-6 7.6 7.6 7.6 8.7 a. 5 8.5 8.6 *-6 710.0 729.5 743.3 755.9 770,7 774.4 ........... 784*5__ 800.9 7-7 ._ 875.8 8.5 891.4 7.9 7.3 7,8 7,* 8.4 7-6 7.4 7.4 7.3 8.4 7. 8 7.6 X.7 7.9 _7, 5 . 907.6 ........ 8.4 9 5 1 , 7 .................. 7.a 7.6 7. 3 7.3 7.3 7.3 7.8 8.0 8.0 8.0 7.8 _ L..1- . 6,9 i >.8 _6*5 6.2 7.3 7. 1 7.0 7. 1 7.0 7.4 7.6 7.5 7.5 7.2 6.6 6.3 6.1 5.7 5.2 3.6 3.3 7-70 7.4 7.7 7.0 6.9 6.9 6.8 7. 7 7.4 7.3 7.2 6.9 6.4 6.1 5.9 _5. 6 5.1 4,1 4.1 .4,9 3-65 4-65 1-66 2-66 3-66 4-66 1-67 2-67 3-67 4-67 1- 6 8 2-68 3-68 4-68 1- 69 2-69 3-69 4-69 1-70 3- 65 4-65 1- 6 6 2-66 3-66 959.5 QUARTER 636.6 649.1 1- 66 8.7 8. 1 2-66 7.0 5.9 3.7 1-66 6. 1 5-0 3-4 3-2 4-66 5.8 4.9 3.9 4.0 4.9 1- 6 7 4.7 3.8 7.7 2-4 1. 9 2-6 7 4.4 3.6 2.8 2. 5 7-3 i- 1 3. 0 3- 6 7 4.4 3.7 3.0 2.9 2.8 2.2 3. 7 4.4 4-67 4. 2 3.6 3. 0 2-9 7-8 2.3 3. 4 3.6 2.8 655.0 660.2 668.1 -n-9 666.6 671.6 678.9 683.6 1-Aft 4.4 3.9 3.4 3.3 3.3 3.0 4. 0 4.4 4.3 5.9 2-68 4.7 4.2 3. 8 3.8 3.9 3.7 4. 6 5.0 5.2 6.5 3 - 6 ft 4-6 4.2 3.8 3.8 3.9 3.8 4. *? 4-9 5.0 5.7 5.6 4.1 4-68 4.5 4. 1 3.7 3.7 3.8 3.6 4. 3 4.5 ..4*3 5...Q 4.6 3.5 693.5 7.0 705.4 712.6 2.8 717.5 4.3 4.0 3.6 3.6 3.6 3.5 4. 1 4.2 4.2 4.5 4.1 3.2 2.7 2.6 4-2 3.8 3. 5 3.5 3.5 3-4 3. ,9 4.0 3.9 4. 1 3.7 2.9 2.5 2.4 2.2 V69 4- 1 3.a 3.4 3.4 1.4 3.3 3 «,8 3.8 3.8 3.9 3.6 2.9 2.6 2.5 2.5 2.7 4-69 3- 3-5 3- 7 3- 1 3. 1 3-0 3-, 3 3.3 3.2 3.3 2.9 2.2 1.9 1.6 1.3 0.9 -0.9 3.4 3- 1 2.8 7-7 7.7 7. 5 7. ft 7.8 2.6 2.6 2.2 1. 5 1.0 0.7 0.2 -0.4 -1.9 -2.9 3.3 2.9 2.6 2.6 7-5 2.4 2. 6 2.6 2.4 2.4 2.0 1.4 1.0 0.7 0.3 -0.2 -l.l -1.2 0.6 3- 65 4-65 1-66 2-66 3-66 4-66 1-67 2-67 3-67 4-67 1-68 2-68 3-68 4-68 1-69 2-69 3-69 4-69 1-70 c f1 1-69 2-69 2-70 9 7 1 , 1 ................. PREPARED BY FEDERAL RESERVE BANK OF S T . L OUI S AUGUST 14, 1970 GROSS NATI ONAL PRODUCT iIN CONSTANT 1958 DOLLARS f. OMPOUNDFD ANNUAL RATES OF CHANGE B I L L I O N S OF I N I T I A L QUARTER DOLLARS ANNUAL RATES 1- 6 7 7-67 3-67 4-66 4 - 6 7 1- 6ft 2-68 3-68 4-68 1-69 2-69 3-69 4-69 1-70 9.4 ft 9 2 3 . 1 . ................ 942.6 3,9 7.6 INITIAL 9. 34, 9 ..........8 5 8 , 1_ ........... 1- 7 0 4-65 ... 815.9 4-69 TFRMTNAI QUARTER ... ........ INITIAL 722.1 726.1 730.9 729.2 723.8 724.9 QUARTER PREPARED BY FEDERAL RESERVE BANK OF S T . AUGUST 14, 1970 LO UIS 9 Demand and Production Ratio S c a l e Trillions of Do lla r s Q u a r t e r l y Totals at A n n u a l Rates S e a s o n a l l y A d jus ted Ratio S c a le Trillions of Dollars 1 .1 .9 .8 .7 .6 L L G N P in current dollars. |_2 G N P in 1 9 5 8 doll ars . P e r c e n t a g e s a r e a n n u a l rates of c h a n g e for pe r i o d s i n d i c a t e d . Source: U.S. Department of C o m m e r c e Latest d a ta plotted: 2nd quarter Prepared by Federal Reserve Bank of St. Louis ID F I NAL SALES IN CURRENT OOLLARS r.nMPnuNDFn amnua i r a t f s nF c h a n g f INITIAI TFRMTNA1 QUARTER 3- A5 4-A*ï 11 . 1 1- 66 4- 65 1- 6 6 2- 6 6 1-66 4—A A 1- A7 2—A 7 3-1f>7 B I L L I O N S OF DOLLARS ANNUAL RATES QUARTFR 4-6 7 1-68 2-68 3-68 4- 68 1-69 2- 69 10,. 6 fll,9 7i, ft 1-66 9., 1 ft.. 4 7,.3 9, 4 - AA ft,. n 7., ? 6,, 1 6.6 1, ,7 1- A7 7,, 9 7,, 3 6, , 5 7,. n 5,,7 7- A7 ft . n 7,, 5 6,. 7,, ^ 6i, 5 7.9 8,.2 1—67 7• ft 7,.3 6,. 8 7,.1 6,.5 7.4 7,. 3 6,. 4 727.1 5,, 1 ft 744.0 750.8 7. 7 764.8 780.0 792.2 7,. 7 7,. 3 6,. 8 7, i 6,. 6 7-1 7,.2 6 .8 7 •1 ft,. 1 ft,. 0 7,. 7 8,. 0 7,. 8 8.6 8,. 8 9 .0 10 . 4 13 . 8 7-Aft ft. ? 7,. 9 7,. 7 ft,. 0 7,. 7 8.4 8,. 6 8.7 9 .5 10 . 7 7.7 1—Aft ft . 3 ft . 1 7,. 9 ft . ? 8,. 0 ft - A 8,. 8 8.9 9 .5 10. 1 8. 7 9.7 4—A ft ft,. ? ft . 0 7.8 8 .0 7,. 9 8.4 8,. 5 8.5 9-0 9.5 8. 1 8.3 6.9 1- AQ ft « 7 8,. 0 7.8 8,. 1 7 .9 8.4 8,. 5 8.5 8.9 9.3 8.2 8.3 7.7 8.5 7- AQ ft. ? ft,. n 7,. 8 8.0 7,. 9 ft-1 8,. 3 fl. 4 8 •6 8.9 8.0 8.0 7.5 7.8 7.2 1- AQ ft . 1 7.9 7,. 7 7.9 7 .8 8. 1 8, 8.2 8 •4 8.6 7.8 7.8 7.3 7.5 7.0 6.9 4-A<) ft. 0 7.8 7,. 6 7 .8 7 .6 8.0 8,. 0 8.0 8, 1 8.1 7.5 7.5 7.0 7.1 6.6 6.3 7- ft fi 1-70 718.2 10,. 9 1—A 4-69 700.3 2-66 4- A7 3-69 ft 805.9 i-7n 7• 7.6 7 .5 7 •6 7,, 5 2-70 7-7 7.- 5 7. 3 7.4 7- 3 7.5 7.5 7.5 7.6 7.6 3 - 65 4 - 65 l - i 66 2 - 66 3 - 66 4- 66 I - « 67 2 - 67 3 - 67 4-67 832.3 847. 8 867.6 882.1 900. 2 915.9 931.2 944. 5 5.8 7 •a 7 •8 7.9 8.0 7.3 7.2 6.8 6.8 6.4 6.2 5.8 5.8 6.9 6.9 6.5 6.4 6.0 5.7 5.3 5.1 4.3 1- 6 8 2-68 3-68 4-68 1-69 2-69 3-69 4-69 1-70 957.9 QUARTER INITIAL PREPARED BY FEDERAL RESERVE BANK OF S T . AUGUST 14« 1970 TFRMTNAl QUARTER 1— 6 5 4— A S 1- A A 7— A A 1— AA 4-66 <3- 0 1-66 8.1 Z m3 - 2-66 5.6 4.0 O. f l F I N A L SALES I N CONSTANT 1 9 5 » DOLLARS r.nMPmiNnpn a nni i a i r a t f s <i f c h a n g f ___________________________________________ ______________________ B I L L I O N S OF I N I T I A L QUARTER OOLLARS ANNUAL RATES 1-67 2-67 1-67 4-67 1-68 2-68 3-68 4-68 1-69 2-69 4-69 1-70 3-69 638.4 639. 6 649.1 1-AA 5-7 4- 7 1.4 6. 1 4-66 4.6 1.5 2.1 1. 1 0.2 1-A7 4-7 l.ft 1-0 1.7 2.6 649.5 657.5 5.0 4.9 4.2 1.6 4. 3 1- ft 5. A 6- 1 4- 5 3-9 1-1 1-9 1-1 4-4 4.0 2.0 4-6 7 4.1 1.7 1.2 1.6 1- 1 l.ft 3.4 2- 1 2-1 1-68 4.8 4.4 4- 0 4-5 4.3 5.1 5.1 A*. 8 A* 2 <\ 4.7 4.2 1.9 4.3 4. 1 4.7 4.6 4.3 i.1 5 2.8 1-68 4-7 4.1 4. 1 4.4 4.2 4.8 4.8 4- 5 5.2 A. 1 4- 1 5.5 4.2 3-9 4.2 4.0 4.5 . 4-«-4 4.1 A* 6 _S*1 2 *5 3,8 oc <£ 1 2-6 7 1— A 7 4.5 L OUI S 627.3 4 —A 5 4-68 968.1 667. 3 670.6 674.4 691.1 10.3 695.9 705.2 709.0 2.2 1-69 4.5 4.2 3.9 4.2 4.0 4.4 4.4 4.1 4*5 — 4» 9 3,6 3.9 3. 1 4.1 2-69 4.3 4.0 3.7 4.0 3.8 4.2 4.1 3.8 4.1 4.4 3.3 3.4 2.7 3.0 1.9 1-69 4. 1 3.8 3.5 3.8 3.6 3.9 3.8 3.5 3.7 3, 9 2,9 2.9 2.2 2.2 1.3 0.8 4-69 3.9 3.6 3.4 3.6 3.4 3.6 3.5 3.3 3,4 3.5 2.6 2.6 2.0 2.0 1.3 1.0 1.2 716.1 719.4 720.9 723.0 1.7 3.4 3.1 3.3 3.1 3.3 3.2 2.9 3.0 3.1 2.2 2.2 1.6 1.5 0.9 0.6 0.4 -0.3 a 3.5 3.2 2.9 3.1 2.9 3.1 2.9 2.7 2.7 2.8 2.0 1.9 1.3 1.2 0.6 0.3 0.2 -0.3 -0.3 3-65 4-65 1-66 2-66 3-66 4-66 1-67 2-67 3-67 4-67 1-68 2-68 3-68 4-68 1-69 2-69 3-69 4-69 1-70 1 1-70 INITIAL 722.4 721.9 lQUARTER PREPARED BY FEDERAL RESERVE BANK OF S T • L O UI S AUGUST 1 4 , 1970 11 Final Sales Total Spending Less Changes in Business Inventories Ratio Scale 1962 Ratio Scale QuarterlyTotalsatAnnualRates 1963 1964 1965 1966 1967 1968 1969 1970 So u rce: U.S. D epartm ent of C o m m e r c e P e rc e n ta g e s a r e a n n u a l rates of c h a n g e for p e rio d s in d ic a te d . Latest d a t a plotted: 2nd quarter Prepared by Federal Reserve Bank of St. Louis 12 CONSUMER P R I C E I NOE X COMPOUNDED ANNUAL R A T E S OF * CHANGE T E R M I N A L __________________________________________________________________________________ I N I T I A L M O N T H ______________________________________________________________________________ 1 9 5 7 - 5 9 MO N T H 11-68 12-68 1-69 2-69 3-69 9-69 10-69 11-69 12-69 5-69 6-69 7-69 8-6 9 3-70 4-70 5-70 4-69 2-70 1-70 12-68 3.0 1-69 3.5 4.0 ? — 69 3.9 4.4 4.9 3-69 5.4 6.3 7.5 10.1 4-69 5.9 6.7 7.6 9.0 7.9 5-69 5.6 6. 1 6.7 7.3 5.9 3.9 124.1 124.6 125.6 126.4 126.8 6-69 5.9 6.4 6.9 7.4 6.5 5.8 7.8 5.9 6.3 6.7 7.1 6.3 5.8 6.8 5.8 8-69 5.8 6. 1 6.4 6.7 6.0 5.6 6.1 5.3 4.8 9-69 5.8 6.1 6.4 6.6 6.0 5.6 6.0 5.4 5.3 5.7 10-69 5.7 5.9 6.2 6.3 5.8 5.5 5.8 5.3 5.1 5.2 4.7 11-69 5.8 6.0 6.2 6.4 5.9 5.6 5.9 5.5 5.5 5.7 5.7 6.7 12-69 5.9 6.1 6.3 6.5 6.1 5.9 6.2 5.9 5.9 6.2 6.3 7.1 127.6 128.2 128.7 129.3 129.8 130.5 7.6 5.8 6.0 6.2 6.3 6.0 5.7 6.0 5.7 _ 5,7 5.9 5.9 6.3 6.1 4.7 5.9 6.1 6.2 6.3 6.0 5.8 6.0 5.8 5,8 6.0 6.0 6,4 6,3 5,6 6,6 3-7 0 5.9 6.1 6.3 6.4 6.1 5.9 5,9 5.9 6,1 6,1 6,4 6,3 5,9 6.5 6.5 4 -70 6.0 6.2 6.3 6.4 6.2 6.0 6.2 6.0 6.1 6.2 6.3 6.6 6.6 6.3 6.8 7.0 7.5 5 -7 0 6.0 6. 1 6.3 6.4 6.1 6.0 6.2 6.0 6.0 6.2 6.2 6.4 6.4 6.1 6,5 6.5 6.5 5.5 5.9 6. 1 6 .2 6.3 6.1 5.9 6.1 6.0 6.0 6.1 6.1 6.3 6.3 fr.O 6.3 6.2 6.1 5.5 5.5 1 1- 68 12-6 8 1-69 2-69 3-69 4-69 5-69 6-69 7-69 8-69 9-69 10-69 11-69 12-69 1-70 2-70 3-70 4-70 5-70 o 1-70 0 1 131.3 2-7 0 .... 6_a_ INITIAL NOT SEASONALLY 131.8 133,2 134.0 134.6 INITIAL 1-69 2-69 3-69 4-69 5-69 6-69 7-69 BY F ED E R A L 1970 MONTH 8-69 RESERVE 1957-59 9-69 10-69 11-69 12-69 1-70 7.9 2-69 6.7 5.5 3-69 6.7 6.1 6.7 4-69 5.3 4.4 3.8 1 .1 5-69 4.4 3.6 7.9 1 .1 1.1 6-69 3.7 2.8 7.7 0.7 0.5 7-69 3.4 2.7 7.2 1.1 1.1 1.1 2.2 «-69 3.6 3.0 7.5 1.7 1.9 2.2 3.3 4.4 9-69 3.6 3.1 2.8 2.2 2.4 2.7 3.6 4.3 4.3 10-69 3.9 3.5 3.2 2.8 3.1 3.5 4.3 5.1 5.4 6.5 11-69 4.0 3.6 3.4 3.0 3.2 3.6 4.3 4.9 5.1 5.4 12-69 4.0 3.6 3.5 3.1 3.4 3.7 4.3 4.8 4.9 5.0 4.3 4.3 1-70 4.1 3.8 3.6 3.3 3.6 3.9 4.5 4.9 5.0 5.1 4.6 4.8 2-70 4. 1 3.8 3.7 3.4 3.7 3.9 4.4 4.8 4.8 4.9 4.5 4.6 4.8 4.3 3-70 4.0 3.8 3.6 3.4 3.6 3.9 4.3 4.6 4.6 4.6 4.3 4.3 4.3 3.7 2-70 3-70 4-70 * B A N K QF S T • L O U I S 100 5-70 6-70 110.9 111.4 112.0 112.1 112.2 0.0 112.2 112.4 112,8 113.2 113,8 4.3 114.2 114.6 5.4 115.1 115.5 3.2 115.8 4.1 3.8 3.7 3.5 3.7 3.9 4.3 4.5 4.6 4.6 4.3 4.3 4.2 3.9 3.7 4.2 1 ir 4. 1 3.8 3.7 3.5 3.7 3.9 4.3 4.5 4.5 4.5 4.3 4.2 4.2 4.0 3.9 4.2 0 4-70 116.2 4.2 116,6 6-70 3.9 3.7 3. 5 3.3 3.5 3.7 4.0 4.2 4.2 4.1 3.8 3.8 3.7 3.4 3.1 3.1 2.6 1.0 7-70 3.8 3.6 3.5 3.3 3.4 3.6 3.9 4.0 4.0 3.9 3.6 3.6 3.5 3.2 2.9 2.9 2.4 1.6 2.1 12-68 1-69 2- 6*5 3-69 4-69 5-69 6-69 7-69 8-69 9-69 10-69 11-69 12-69 1-70 2-70 3-70 4-70 5-70 6-70 INITIAL NOT 135.2 jA D J U S T E D 1-60 * 132.5 1* 0 N T H PREPARED J U L Y 21» WHOLESALE P RI C E S INOUSTRTAL COMMODITIES ♦ COMPOUNDED ANNUAL R A T E S OF CHANGE TER MI NA L MO N T H 12-68 100 123.7 7-69 * » SEASONALLY 116.7 116.9 1i O N T H ADJUSTER PREPARED BY FEDERAL RESERVE BANK OF S T . AUGUST 10 1970 LO U IS 13 Prices Rotio Scole Ratio Scale 1957-59=100 1957-59=100 Source: U.S. D epartm en t of L a b o r P ercen ta g e s are a n n u a l rates of c h a n g e for p e r io d s in d ica te d . Latest data plotted: Consumer-June; Wholesale-July Prepared by Federal Reserve Bank of St. Louis 14 WHOLESALE PRICES* CQMPOUNDEO ANNUAL TER MI NA L MO N T H 17-68 1-69 INITIAL 1-69 2-69 3-69 4-69 5-69 6-69 7-69 8-69 9-69 ALL C O M M O D I T I E S P A T E S OF CHA NG E 1957- 59 MONTH 10-69 11-69 12-69 2-70 3-70 4-70 5-70 110.7 2-69 7.3 4.4 3— 69 7.1 5.5 6.7 4-69 5.8 4.4 4.4 2.2 5-69 6.7 5.8 6.3 6.1 10.1 6-69 6.3 5.5 5.8 5.5 7.2 H i . 1 111.7 111.9 112.8 4.3 113.2 7-69 5.5 4.8 4.8 4.4 5.1 2.7 1.1 5.0 4.2 4.2 3.7 4.1 2.1 1.1 1.1 9-69 4.6 4.0 3.9 3.4 3.7 2.1 1.4 1.6 2.1 10-69 4.6 4.0 3.9 3.6 3.8 2.6 2.1 Z .5 3.2 4.3 11-69 4.9 4. 4 4.3 4. t 4.3 3.4 3.2 3.8 4.7 6.0 7.6 12-69 4.8 4.3 4.3 4. 1 4.3 3.5 3.4 3.9 4.6 5.4 5.9 4.3 1-70 5.2 4.8 4.8 4.6 4.9 4.3 4.3 4.8 5.6 6.5 7.2 7.0 9.8 117.3 113.4 113.6 114.0 114.7 115.1 116.0 2-70 5.1 4.7 4.8 4.6 4.8 4.3 4.3 4.7 5.4 6.0 6.4 6.1 7.0 4.2 3— 70 4.9 4.6 4.6 4.4 4.6 4.1 4.0 4.4 4.9 5.4 5.6 5.1 5.3 3.1 2.1 4-70 4.6 4.2 4.2 4.0 4.2 3.7 3.6 3.9 4.3 4.6 4.6 4.0 4.0 2.1 1.0 116.4 116.6 0.0 116.6 5-70 4.5 4.1 4.1 3.9 4.0 3.5 3.5 3.7 4.0 4.3 4.2 3.7 3.6 2.1 1.4 t.O 2.1 6-70 4.3 4.0 4.0 3.8 3.9 3.4 3.4 3.6 3.8 4.0 4.0 3.5 3.3 2.1 1.6 1.4 2.1 2.1 7-70 4.5 4.2 4.2 4.0 4. 1 3.7 3.7 3.9 4.1 4.3 4.4 3.9 3.9 3.0 2.7 2.9 3.8 4.7 7.4 12-68 1-69 2-69 3-69 5-69 6-69 7-69 8-69 9-69 10-69 11-69 12-69 1-70 2-70 3-70 4-70 5-70 6-70 4-69 INITIAL NOT SEASONALLY 116.8 117.0 MO N T H P R I C E S - F A R M P R O D U C T S , A ND P R O C E S S E D COMPOUNDED ANNUAL R A T E S OF CHANGE INITIAL 1-69 2-69 3-69 4-69 5-69 6-69 7-69 8-69 9-69 P R E P A R E D BY F E D E R A L A UGUS T 10 1970 FOODS AND F E E D S * RESERVE BANK MONTH 10-69 OF 12-69 1-70 2-70 3-70 4-70 5-70 LOUIS * 100 6-7Q 16.6 2-69 9.2 2.2 3-69 8.8 5.0 7.9 4-69 7.1 4.1 5.0 2.2 5-69 13.1 12.2 15. 8 19.9 40.7 6-69 13.5 12.9 15.8 18.5 27.6 15.8 7-69 11.5 10.7 12.4 13.6 17.7 7.6 0.0 8-69 8.7 7.6 8.5 8.7 10.3 1.8 -4.6 -9 .0 9-69 7.3 6.2 6. 8 6.6 7.5 0.5 -4.1 -6 . 1 -3.1 10-69 6.6 5.5 5.9 5.6 6.2 0.4 -3.1 -4.1 -1.6 0.0 1 1— 6 9 7.4 6.5 7.0 6.9 7.5 2.8 0.4 0.5 3.9 7.6 15.7 12-69 7.4 6.6 7.0 6.9 7.5 3.5 1.6 1.9 4.8 7.6 11.* 7.5 1-70 8.3 7.7 8.2 8.2 8.9 5.4 4.0 4.7 7.7 10.6 14.4 13.7 20.2 2-70 8.1 7.5 7.9 7.9 8.5 5.4 4.2 4.8 7.3 9.5 12.0 10.8 12.5 5.2 3-70 7.6 7.0 7.4 7.3 7.8 5.0 3.8 4.3 6.4 8.0 9.7 8.3 8.5 3.1 1.0 4-70 6.3 5.6 5.9 5.7 6.0 3.4 2.2 2.4 4.0 5.0 5.9 4.0 3.1 -2 .0 -5 .4 -1 1 .5 5-70 5.5 4.9 5. 1 4.9 5.1 2.5 1.4 1.6 2.8 3.6 4.1 2.3 1.2 -3 .0 -5 .6 -8 .8 -6 .0 6-70 5.5 4.9 5.1 4.9 5.1 2.7 1.7 1.9 3.0 3.8 4.2 2.7 1.9 -1 .4 -3 .0 -4 .3 -0 .5 5.3 7-70 6.2 5.7 5.9 5.8 6.0 3.9 3.0 3.3 4.5 5.3 5.9 4.7 4.3 1.9 1.2 1.3 5.9 12.4 20.0 12-68 1-69 2-69 3-69 4-69 5-69 6-69 7-69 8-69 9-69 10-69 11-69 12-69 1-70 2-70 3-70 4-70 5-70 6-70 109.8 110.0 110.7 110.9 114.1 115.5 115.5 114.6 114.3 INITIAL NOT ST. 1957- 59 11-69 1-69 * 117.7 ADJUSTED WHOLESALE TERMINAL MONTH 12-68 100 6-70 10.3 8-69 ♦ 1-70 * SEASONALLY 114.3 115.7 116.4 1 18.2 118.7 118.8 117.6 117.0 117.5 119.3 MONTH ADJUSTED PREPARED BY FEDERAL RESERVE BANK OF S T . LO UI S AUGUST 10 1970 15 General Price Index* Ratio Scale 1958=100 Ratio Scale 1958=100 *As used in N a t i o n a l I n c o me Ac c o u n t s Sour ce: U. S. Depa r t men t of C o m m e r c e Per c e n t a ge s ar e a nn u al rates of c h a n g e for p e r i o d s i ndi cat ed. L at es t d a t a plotted: 2 nd q u a r t e r P r e p a r e d b y F ed e r al Reser ve Bank of St. Louis I M P L I C I T P R I C E D E F L A T O R F OR G R O S S N A T I O N A L P R O D U C T ____________ C O M P OU N D E D A N N U A L R A T E S O F C H A N G E _______________ TFRMINAl QUARTER I N I T I A L :QUARTER 4 - AS 4 - A5 1,.8 1-66 ?, .5 7—66 3, 3-Aft .0 1-Aft ? -i iSft 3— ftft 4-ftft 1- A T 7 - 67 3- 67 4-67 1958 * 100 1-68 2-68 3- 68 .0 .8 1 4, 3, 4-#. 6 3,.7 3. 3,.ft 113.5 3.4 114.5 3. ? 0 115.4 3.,4 3,, 4 3. ? 3, .0 3., 1 3,. 1 7.9 7. 7 3-67 3.. 1 3.,3 3,. 3 3 .7 3. 4 - A7 3.,3 3.,5 3, 3,. 4 3. 4 3,. 5 3.7 4 . 5 ... .4.8 1-68 3,.3 3., 5 3,. 5 3,. 4 3. 4 3,. 5 3.6 4. 1 4.1 3.4 7-68 3,.4 3, 3,.ft 3,. 5 3. 5 3, 3.8 4 .? 4.2 3.9 4.4 3- 68 3,, 3*.ft 3,■ft 3,■ 3. 3-8 4 4.2 3.9 4.2 4.0 4- 68 3.,5 3.,7 3,. 7 3,. 7 3. 7 3.9 4 4.2 4.1 4.3 4.3 4.6 3, 3, 1-70 2-70 3, .8 3. ft 8 3, .0 .6 3 .7 3i .8 3 .9 .0 4, .0 4. 1 4, .1 3, .8 4, .0 4, .0 4, .0 4 .1 4* 1 4 3,.9 4 .1 4.2 4 .7 4 .4 4. .0 4, 4« 3 4.2 4. 3 4.4 4, .0 4, 4 .2 3-65 3..ft 4-65 3,, 9 1—66 3i. 9 2-66 3. 9 3- 66 4, 4-66 116. 2 2.1 .... 3 , 1 1 .8 ft 7.4 116.8 4 .2 118.0 119.4 120.4 12 1 . 7 122.9 124.3 * o 3-69 .6 1 7 .8 Ì ,, 1 4-69 1-70 ft 1- A7 .6 4-69 3• 7 -6 1 3. 3-69 112.4 3, .ft 3,,7 2-69 111.5 3,,7 1- 6 9 1-69 3,.3 3, 6 7-69 4-68 4 .3 4.3 4.2 4.4 4.4 4.6 4.6 4.1 4 .4 4.4 4.3 4.5 4.5 4.7 4.7 4.9 4. 3 4 .5 4.6 4.5 4.7 4.8 5.0 5. 1 5.3 5.8 4*2 4,5 4.6 4.5 4.7 4.8 4.9 5.0 5.1 5.3 125.7 12 7. 2 1 2 9. 0 4.7 130.5 4.5 4 .7 4.8 4.8 4.9 5.0 5.2 5.3 5.5 5.7 5.7 6.6 4.5 4 ,7 4.7 4.7 4.9 4.9 5 •1 5.1 5.2 5.3 5.2 5.4 4.3 1-67 2-67 3-67 4-67 1-68 2- 68 3-68 4-68 1-69 2-69 3-69 4-69 1- 70 INITIAL 132.6 134.0 QUARTER PREPARED BY FEDERAL RESERVE BANK OF S T . L O UI S AUGUST 14* 1970 Inventories Compared With Monthly Sales* 1956 1957 1958 1959 1960 *Ratios b a s e d on s e a s o n a lly a d ju s t e d d a t a . 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 Source: U.S. D e p a rtm e n t of C o m m e r c e S h a d e d a r e a s represent periods of business recessions a s d efin e d by the N a tio n a l Bureau of Economic Research. Latest data plotted: June Prepared by Federal Reserve Bank of St. Louis
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