Full text of National Economic Trends : August 1976
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n m i o n m Economic t r e ii d s PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS MONTH ENDING: July 31, 1976 RELEASED: August 26, 1976 The brisk advance In major economic indicators experienced in the first year of the recovery has slowed to a more sustainable pace. While growth of production and income has moderated, the rate of expansion remains strong. During the span of a recovery, the first twelve months usually show the most vigorous growth, with a slowing pattern following in subsequent months. This slowdown is often due to diminishing pressure to rebuild inventories following the run-off during the recession. Business inventories have increased an average of $14.1 billion per quarter over the last two quarters. This increase followed four consecutive quarters of decline which averaged $14.6 billion. Economic Indicators (Compounded Annual Rates of Change) Recession (11/73-3/75** Real GNP* (in quarters) Industrial production Payroll employment Personal income Implicit price deflator* (in quarters) Wholesale prices, industrial Consumer prices - 5.3% First Year of Recovery (3/75-3/76) 7.3% 3/76-7/76 4.3% -11.6 - 1.5 7.5 14.7 2.8 11.1 5.5 1.9 9*8 11.2 5.4 5.1 21.1 10.9 6.0 6.1 4.9 6.0 * These rates of change are over quarters IV/73-I/75, I/75-I/76 and I/76-II/76, respectively. ** March 1975 is used as the tentative reference trough for the current cycle. During the recession, corporate profits after taxes fell at a 17 percent average annual rate. Since then, corporations have made large advances in recouping those losses. Profits after taxes have increased at a 39 percent rate in the five-quarter period since first quarter 1975 which should provide good support to economic expansion in future quarters. CÖ*tt)UNDED ANNUAL RATe £ TERMINAL MOUTH 12-7* CHANCE THOUSANDS OF PERSONS IN IT IA L MONTH 1-75 2-75 3-75 4^*5 "5—75~ 6-75 7->5 8-75 1-76 9—7* 10-15 T i - 7 5 1 2 ^ 5 2-76 ¿-76 *-76 5-76 6 -76 8* *666 1-75 - 5 .3 ’ 2-75 - 6 .1 - 6 .9 3-75 - 4 .* - 3 .9 - 0 .8 7* - 2 .6 - 1 .7 1.1 1 2 .9 £—75 - 1 .5 -0 ,5 1 .7 i.o S .d 84,519 —1 .3 - 0 .5 1.2 1.9 l.S 84,498 “ T-7s -Ö.2 0 .7 2 .* 3.1 3 .F " 6 .$ •-75 0 .* 1.3 2 .7 *•+ 3 .5 3 .7 5 .7 4 .6 9-75 ¿.2 0 .9 2 .0 2 .5 2 .4 2 .i i.2 1 .4 id - V s 0 .1 0 .8 1.8 2*1 2*6 1.8 6 .4 -1 .3 -6 .1 11-75 0 .2 0 .7 1.6 TS 1.8 1 .6 1 .4 6 .7 -Ö.5 0.1 6 .4 ii- H Ö .4 0 .9 1.8 2.Ö 1 .* t.^ 2.1 1.2 0 .4 l.i 1 .7 “ 1-76 1 .2 84,163 1.8 ¿.6 84,116 84 ,*13 3 .0 3 .0 84,447 ¿.3 2 .4 8$,288 - 85,158 - 1 .8 2 .6 85,151 N . ^ ,3 .4 % j.i 3 .7 5 .0 7 .4 85,178 85,394 ^ 1 1 .8 s. 86,194 86,319 2-76 1 .3 1.8 2 .6 ¿ .9 “ 2.7~~ 2 .4 3 .3 4 .2 5 .5 6 .7 1 .8 3—76 1 .5 2 .0 2 .8 i.l i.i 3 .1 i.5 " X I ' 2 . ft 3 .6 4 .4 5 .4 6 .2 3 .5 5 .5 86,^92 4—76 2 .1 2 .6 3 .3 3 .6 ¿ .7 3 .7 * .i 3 .8 3 .7 4 .6 5 .3 6 .4 7 .2 5 .7 7 .7 87,399 ¿ .8 \ 87,697 5-76 2 .2 2 .7 3 .3 3*6 3 .7 3 .8 4 .1 3 .9 3 .8 4 .5 5.2 6 .0 6 .6 5 .3 6 .5 7 .2 * .2 6-76 1 .9 2 .* 3 .0 2 .2 i.2 3 .3 1 .4 1 .3 ¿ .1 }.7 4 .2 4 .7 5 .6 3 .7 * .2 3 .8 0 .7 - 2 .7 7-76 2 .1 ¿ .5 3.1 4 ¿.4 ^•7 3 .5 3 .4 3 .4 4 .3 4 .8 5.1 * .0 * .5 4 .S ' 2 .3 1 .4 12-74 1-75 2-75 >-75 4-7^ ^*;75 7-75 8-75 9-75 10-75 11-75 12-75 1-76 2-76 3-76 *-76 5-76 6 -76 1-76 2-76 3-76 *-76 5-76 6*-76 ■ 5“ 7> ^ X 5 .7 | 87,£00 87,407 IN IT IA L MONTH PAYROLL EMPLOYMENT COMPOUNDED ANNUAL RATES OF CHANCE TERMINAL .MONTH ........... . . 12-7* 1-75 THOUSANOS OF PERSONS IN IT IA L MONTH 2-75 3-75 4-75 6-75 5-75 7-75 8-75 9-75 10-75 11-75 12-75 77,319 1-75 —6 .1 2-75 —6 .9 - 7 .7 3-75 —6 .3 —6 . * -s. i 4-75 - 4 .8 - * .* - 2 .6 1 -0 .1 76,804 76,468 76,462 5-75 - 3 .7 - 3 .1 - 1 .5 0 .3 0 .8 6-75 - 3 .5 - 3 .0 - 1 .8 - 0 .7 - 0 .9 7-75 - 2 .3 -1 .6 - 0 .* 0 .8 1.1 8-75 - 1 .3 - 0 .7 0 .6 1*8 2 .2 \ 76,510 76,343 - 2 .6 A 1 .3 2 .7 \ 76,679 5 .* 5 .5 5 .5 ^ \ 4 .6 77,023 \ 77,310 9-75 - 0 .7 - 0 .0 1.1 2.2 2 .7 3 .2 5.2 5 .0 10-75 - 0 .3 0 .* 1.5 2 .4 2 .9 3 .3 *•8 4 .6 4 .2 11-75 -0 .2 0 .4 1.3 2.2 2 .5 2 .8 3 .9 3 .5 2 .9 12-75 0 .1 0 .7 1 .6 2 .3 2 .6 2*9 3 .8 3 .5 3 .0 2 .5 1.9 1-76 0 .5 1.1 2 .0 2 .7 3 .0 3 .3 *•2 4 .0 3 .6 3 .4 3 .3 * .8 6 .1 78,179 2-76 0 .7 1.3 2 .0 2 .7 3 .0 3 .3 * .0 3 .8 3 .5 3 .3 3.2 * .2 * .5 78,368 , 2 .1 0 .3 6% 77,555 V 77,574 77,796 3-76 0 .9 1 .5 2 .2 2 .8 3.1 3 .3 * .0 3 .8 3 .6 3 .4 3 .4 * .1 * .* 3 .5 * .1 78,630 4-76 1 .2 1.7 2 .* 3 .0 3.3 3 .5 * .1 4 .0 3 .8 3 .7 3 .7 * .* * .6 * .1 * .6 78,963 5-76 1 .1 1.6 2 .2 2 .7 3 .0 3 .2 3 .7 3 .5 3 .3 3 .1 3 .0 3 .5 3 .5 2 .9 2 .9 2 .3 - 0 .6 6-76 1 .0 I.* 2 .0 2*5 2 .7 2 .9 3 .3 3 .2 2 .9 2 .8 2 .6 2 .4 2 .9 2 .2 2 .1 1 .* - 0 .5 7-76 1*1 1.5 2 .1 2*6 2 .8 2 .9 3 .* 3.2 3 .0 2 .8 2 .7 3 .0 2 .9 2 .* 2 .3 1.4* li- 7 * 1-75 2-75 3-75 4-7 5 . 5-75 6-75 Tr75 8-75 9-75 10-75 11-75 12-75 1-76 2-76 ____ 3-76 78,923 78,900P - 0 .3 \ 0 .8 1.5 *-76 5-76 3*i 79,121P 6 -76 IN IT IA L MONTH P- PRELIMINARY FEOERAL RESERVE BANK OF S T . LOUIS AUGUST 6 , 1976 2 EM PL O YM EN T RATIO SCALE RATIO SCALE MILLIONS OF PERSONS MILLIONS OF PERSONS SEASONALLY ADJUSTED SOHRCEt PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR P ER IO O S L A T E S T DATA P L O TTE D « U .S .D E P A R TM E N T O f LASOR I NO I C A TE O . J U L Y P R EL IM IN A R Y PREPAREO t Y FEOERAL RESERVE BANK OF S T . L O U IS U N EM P LO YM E N T R A T E S * PERCENT S E A SO N A L LY AD JU ST E D SOURCE. »P E R C E N T OF C I V I L I A N L A T E S T DA TA P L O T T E O t LASOR FORCE PERCENT U.S. DEPARTM ENT O f LASOR IN CROUP JU L Y PREPARED t Y 3 FEDERAL RESERVE DANK O f S T . L O U IS CONSUMER PR IC E IND EX, SEASONALLY ADJUSTED -----COMPOUNDED ANNUAL RATES"UF"CHANGE----TERMINAL ” MONTH 12 1 -7 5 1947 * 100 INITIAL HONTH ~ 1 -7 5 2'^75 3 -7 5 4 -7 5 5 -7 5 ' "4 -7 5 7 - 7 5 " 8 -7 5 1 0 -7 5 T F 7 5 9 -7 5 IT -7 5 1 -7 6 2 -7 4 4 -7 4 6 —74 'T 5 6 .5 " 1 5 7 .3 2 -7 5 " 6 *3 3 -7 5 "' 5 .5 4 .* 1 5 7 .9 1 5 8 .7 " 5 .7 5 .5 4^.3 5-7 5 ' ' ~ 5 .9 5 .7 6 .2 6 .2 6^75 4 .4 6 .4 7 .0 Y .4 8 .6 4 -7 5 1 5 9 .5 160 .4 ' 7 -7 5 7 .4 7 .6 8 .4 9 .1 10 .6 1 2 .4 “ '" * - 7 5 7 .6 7 .1 7 *6 8 .0 8 .5 8 .5 4 .5 - "* = 7 5 4.1) 6 .9 7 .2 7 .# 7 .7 7 .4 4 .9 5 .3 10-7* 6 .9 6 .9 5 .8 4 .4 7 .6 6 .9 7 .0 7 .3 7 .5 7 .7 " 775" 6 .2 4 .8 7 .6 7 .5 ' 1 2 -7 5 4 .9 7 .0 7 .2 7 .4 7 .5 7 .4 6 .3 4 .8 7 .3 7 .1 4 .7 " 1-76 6 .8 4 .8 7 .0 7 .1 7 .2 7 .0 6 .1 4 .5 6 .8 4 .5 5 .9 2-76 6 .4 6 .4 4 .5 6 .5 6 .4 4 .3 r .T " 5 .6 5 .7 5 .2 4 .4 3 .3 1 .4 3-74 6 .0 6 .0 6 .1 6 .1 6« 1 5 .9 r.o 5 .1 5 .1 4 .6 "3 ."9” 2 .9 1 .6 2 .2 '4 -7 4 6 .0 4 .0 4 .1 6 .0 4 .0 " 5 .8 5 .0 5 .1 5 .1 4 .7 4 .1 3 .5 2 .9 3 .6 "1 1 -7 5 ” 3 -7 4 5 -7 4 7 .4 '7 .7 7 .3 163.5 164.5 I45Y5 164.4 167.1 5 .2 167.3 1 6 7 .6 166.3 5 .1 5 -7 6 6*1 4 .1 6 .2 4 .2 6 .1 "5 T3T 5 .4 5 .4 5 .1 4 .6 4 .2 4 .6 4 .9 6 .2 7 .4 6-76 6 .1 6 .6 6 .1 6 .1 4 .1 ” T 7 9 ~ 5 .3 5 .4 5 .4 5.1 4 .8 4 .5 4 .4 5 .1 6 .1 6 .6 5 .6 7-76 6 .0 4 .0 4 .1 6 .1 4 .1 5 .9 5 .4 5 .4 5 .5 5 .2 4 .9 4 .7 4 .6 5 .2 4 .0 6 .3 n r .r 5 .6 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 -7 6 2-76 3-76 4-76 5-76 6-76 12 5 .9 ....T42T7 162.6 169.3 lt O .l 176.9 I N IT IA L HONTH PREPARED BY FEOERAL RESERVE BANK OF S T . LOUIS --------------------------------------------------- AUGUST 20, 1 W -------------------------------WHOLESALE P R IC E S - ALL COMMODITIES, SEASONALLY ADJUSTED _________________ C O M P O U N D E D TERMINAL ANNUAL RATES OF CHANGE ___________________________________________ _____________________ ____________________________________________________INITIAL MONTH______________________________________ _____ __________ 1967 « IQO MONTH 12-74 1-75 -2.1 ?-7«k -5-1 1-75 3-75 *.— 7 5 A-75 7-75 8-75 9-75 10-75 11-75 12-75 1-76 2-76 3-76 4-76 5-76 6-76 172.3 171.1 170.3 — 5.5 171.9 4-75 - 1 >2 -0.9 2.8 11.9 5-75 0.6 1.2 4.5 9.9 8.0 ¿-75 0.5 1 .Ci 3.4 6.5 3.9 7-75 1.8 2.5 4.7 7.4 8-75 2.9 3.6 5.7 8.1 9-75 3.8 4.6 6.5 8.6 8.0 10-75 4.8 7.5 9.4 11-75 4.5 12-7* 1-7A 5.2 fc.fi 4.5 5.1 6.5 *.9 4.4 5.A 7.9 173.0 0.0 173.0 5.9 5.0 10.2 174.4 7.1 6.9 10.5 10.8 8.0 10.8 11.2 1 1 . 5_ 9.0 9.3 11.7 12.2 12.9 14.4 7.9 7.9 9.5 9.4 8.9 7.7 175.9 177.5 179.5 .. _ 1.3 179.7 7.4 7.3 8.6 8.3 7.7 A.5 2.7 4.1 A.3 6.0 6.9 6.4 5.5 4.1 0.9 0.7 -2.6 -3.6 -1.8- r l * J L _ 180.3 5.7 5.1 4.8 5.4 4.8 3.8 -0.5 -1.1 4.5 5.4 4.8 4.5 5.0 4-4 3.5 2.3 0.0 -0.3 5.3 5.1 5.6 5.1 4.4 3.4 1.7 1.7 1.2 5.2 5.0 5.4 5.0 4.3 3.5 2.0 2.1 9 5.-7 5-0 5-4 5.0 4.5 3.7 2.4 2.6 4.1 4.9 5.1 4.9 5.3 4.9 4.4 3.7 2.6 2.8 1-75 2-75 4-75 5-75 6-75 7-75 9-75 10-75 11-75 3.3 i-7A 1.7 3.7 4-?6 3. 4 *.o *..9 5-7A 3.7 <►.0 <*-V A - 7 fa 3-ft 4.1 7-76 3 . fa 3 —75 1 5.7 CD 4.7 2.3 2-76 12-74 5-75 -fl-O - A . ft V7 < 2-75 179.9 -4.6 179.2 2.0 6.2 179.5 181.0 10.5 7^2_ 1*.7- 2 m 9. 5.5 2-3 3.4 .5.* 5 6^6 4.7 5.4 5.2 6.0 4.5 4*7 4.0 2-76 3-76 4 — 76 5-76 6-76 12-75 1-76 4.1 1.81 .6 1 f.2 163.0. IN IT IA L HONTH 4 PREPA RED BY FED ERA L R E S E R V E BANK OF S T . AUGUST 12 • 1976 L O U IS _ RATIO SCALE 1967-100 PRICES SEASO N ALLY PER C E N T A 6 E S ARE AMÌ9AL R A TES Of CHAM«E F M RATIO SCALE A O JU S TE O 1967-100 FERI Of 8 IMO ICA TED. L ATEST DATA PLOTTED« JiLY PREPA R E » «Y F E K I A l RESE R V E «Al* Of ST. L OMIS ratio s c al e W H O LE SA L E P R IC E S PE R C E M T A 6 E S ARE AMKVAL R ATES OF CHANCE FOR P ERIODS ratio scale INDICATED. L A TEST DATA PLOTTED» JULY PREPARED SY FEDERAL RESERVE SAW« OF ST. LOUIS 5 WHOLESALE PRICES - INDUSTRIAL COMMODITIES, SEASONALLY ADJUSTED COMPOUNDED ANNUAL RATES OF CHANGE TNTTT At TERMINAL 1967 * MONTH too MONTH 17-7*. —1— 75 2-75 3-75 4-75 S-.7 7-75 5-5 1.4 3-9 1-1 1-4 1.4 2.2 5-75 3-2 1-6 1.7 2.2 2.1 6-75 3-0 1-7 1-8 2.1 2.1 4-75 5-75 6-75 7-75 ft— 75 <»-75 10-75 11-75 17-75 1-76 7-76 3-76 4-76 5-76 6-76 16ft -5 1— 75 16ft -7 168 -ft 0-7 169 -1 169 -4 2.1 169 .7 7-75 3-2 2-1 ... 2.3 2.7 2.9 3.2 4.3 8-75 3-9 3.1 3.3 3.9 4.3 5-1 6.5 a.ft «#-75 4-7_ 4.Ü 4 .A - 5.0 5.6 6.5 a.o 9.9 5.7 6.5 7.2 8.3 9.9 11.8 13.3 15.6 6 . fa 7.5 6.4 9.7 11.1 11-9 12.4 9-3 6-9 7.5 fa.3 9.4 10.4 i o .o 10.8 ft -5 170 .3 171 . -5 11.0 10-75 5-7 5.3 11-75 6-0 5-7 17—75 6-2 5 . fa 6-3 1-76 6-1 5.8 6.2 6.7 7.2 7.9 8.7 9.5 9-6 9.3 7.3 6.3 4.8 2-76 5-7 5.4 5-7 6.2 6.6 7.1 7.7 8.2 8.1 7.5 5.6 4-4 2.7 5-3 5-6 6. £ 6-3 6- fa 7.3 7.7 7.5 6.9 5-3 4-3 3-7 7-4 4-1 4-76 5*5 5.2 5.5 5 . fa 6.2 6.5 7.0 7.3 7.1 6.5 5.1 4.3 3.4 3-0 4.1 4-1 5-76 5-2 4.9 5.1 5.5 5.7 6.0 6.4 6.6 6.3 5.8 4-4 3-7 7-0 7-4 7-0 7-4 6-76 5-7 5-f, 5-2 5-5 5 . ft 6-4 6-6 6-3 5-8 4-7 4-0 3-4 3-1 3-7 3-6 3-4 6-7 7-76 5.4 5.2 5.4 5.7 6.0 6.2 6.6 6.8 6.6 6.1 5.1 4.6 4.2 _ 4.1 4.8 4-9 5 .2 7.6 9-0 1 2 -7 4 1-75 2 -7 5 3 -7 5 1 -7 6 2 -7 6 3 -7 6 4 -7 6 5 -7 6 6 -7 6 3-76 j 4 -7 5 5 -7 5 6 -7 5 7-75 B— 75 -O 173 9-75 175..1 176.>4 7-7 177..5 178..2 0-7 1 0 -7 5 1 1 -7 5 1 2 -7 5 178,»3 17ft.»9 179. »5 0-7 170..6 iftn..5 181. .8 INITIAL MONTH WHOLESALE PRICES—FARM PRODUCTS AND PROCESSED FOODS AND FEEDS, SEAS« ADJ. ______________________ CQHPQUNbfcD ANNUAL KATES QF CHAMfti__________________________ 1967 * IN1TIAL MONTH TERMINAL MONTH 12-7* 7- 7*» 1- 1-75 -75. ft 7-75 — 76-li 3-75 -76-7 -76., 1 -7G . 4*— 75 -11 -7 5-75 — 5-6 6-75 -5-6 7-75 -1 -7 A— 75 0-4 «*-75 3-75 4-75 7* 6-75 7- 7«j 6 —75 9-75 10-75 11-75 1 ?- 7S 1-76 2-76 3-76 4-76 5-76 100 6 -76 182.7 -77 •ft -6 ,4 Li — .,9 3 •h 177.fi 1 - 6 .6 4?-7 1? . ? i^-íl 74-4 1t- -3 7.0 lii •6 1 0-0 13.3 fi .1 24.9 1 1 aft 10-3 14.1 10 -O 70.7 11 1ft -3 14-0 1 1 .6 18.3 11 .1 n 11 14 13 -1 7 183-0 182-0 -A-4 . 1 -h 5. 7 -« 6 -6 17 ■fi 17-5 13 . ft -8 16-9 11-75 ti-O 4. 1 h.4 17-á, fc-O 6-6 0-3 5,•fi ? -4 —7-ft -16.2 15-?*» Í.-3 3.■fi * •ft 1ft. 3 A -ft 4 t «l 6-5 .1 n -fi - A .l -1 1 - 6 1-7* -1 .7 Ü •h .7 h-4 3.1 0 .7 1-7 -i .7 -•j -O — V-2 -15-5 -15.1 -4 .7 7-7* — 3-7 —1 . 1 3-* ii. 4 .ft -1 -4 3— 7* — 3.5 —1 ., 3 1,i '<.1 it. 1 — 7■ 0 -1-5 A—7* -1 -fi 1 .■0 3 •4 5-5 7.0 t 5-7* — ii -7 1 ..7 4.■it 6-0 3-6 *— 7* it -1 1 .■ft 4,1 5.0 7-7* — ii-5 1 ..1 3.. 6 -fa 1 2 -7 4 1 -7 5 1 2 -7 5 3 -7 5 .6 -7 -fa - 1 1 -6 . . .lS l^ T - -16.8 -7 -1 -10-7 -14-1 18£-.9 1A7.8 . -17-0 183.8 - ? ? .fi -2 1 .7 -20 .6 -13-6 -15 .ft -17-1 -ft,,4 -? .3 -4.4 -7-0 -5.0 -4 •6 ? ,, 1 2.9 o..9 - Ü -7 -7-4 -4-3 -2 .2 -1 3.7 ?, 3-0 1, -ft .7 -1-* — 3.3 -1-3 -0 2-7 1 ,.3 1.9 0.»2 -1 .2 -2.6 -4.2 -2.5 -1 5 -7 5 6 -7 5 8- 75 9 -7 5 7 -7 5 . 169.fi 12-7 1.9 4 -7 5 .1 lfii.4 187-8 16 .7 1T.-75 •ft U4»5 L79..7 . 1 0 -7 5 11 -7 5 .3 .9 . 1 2 - 75 ia o .3 - 2 -6 179-0 2*4 16-3 39-0 5 *4 15.2 25.3 13.1 4^.9 12-5 lft-O 8-7 7-3 10-0 1.7 -3 .5 - 1 ft .9 2 -7 6 3 -7 6 4 -7 6 5 -7 6 6 -7 6 Z jlI 1 -7 6 184-.9— 186.8 1R7.5 4-6 1A5-7 INITIAL MONTH PREPARED BY FEDERAL RESERVE BANK OF S T . LOUIS AUGUST 1 2 . 1 0 7 6 6 INDUSTRIAL PRODUCTION RATIO SCALE R A T I O SCALE 1967-100 140 1967-100 SEASONALLY ADJUSTED 135 130 125 120 115 110 105 100 95 1968 1969 1970 1971 1972 1973 P ERCENTAGES ARE AHM8AL R A TES OF CHANCE FOR P ER IO D S L A T E S T DATA P L O TTE D « 1974 1975 1976 IN D IC A T E D . JU L Y P R EL IM IN A R Y PREPARED RV FEDERA L RESERVE RANK OF S T . LO O IS INDUSTRIAL PROOUCTION COMPOUNDED ANNUAL RATES OF CHANCE MONTH 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 2-74 3-74 4-74 5-74 4-74 1-75 ?-75 -28-9 -23-1 3-75 -23-1 4-75 -15.9 -8.7 112.7 -16-9 -10-1 111-7 -0-5 10-1 112.6 . 5-75 -10-9 -3-9 3-4 11.2 1 2 . 4 ^ \ 4-75 -4-8 2-5 10.2 17.9 22-0 32-5 Vw 7-75 — 1.3 5.6 12.6 19.1 22.3 27-5 2 2 . 7 \ 8-75 2.1 8.8 15.3 21.2 24.1 28-3 26.2 29.8 «-75 3-1 9.1 14.7 19.5 21.5 23.8 21.1 20.3 10— 75 2.9 8.2 12.9 16.7 17.8 18.9 15.7 13.5 6.1 1.0 11-75 3.8 15.3 13.5 8.5 7.1 13.5 17-7% 4.3 14.2 12.6 8*2. 1*0- 1 1.3 9 .6 9 .1 ___12«Q__ 11*2___13,3 1-76 8.7 13.0 16.3 17.2 18.0 12.6. 1 5 .« 16.1 1 6.2. ,4 * 3 ___ ______ 1 2 .6 ____9 ml _2=Z6_ 1 3 .0 113-7 116-4 15.2__ ________16 »2___1Jt * l___1 2 .7 1 5 .3 I S . 9 ___16.3 14.4___13.2 _ ta. i llfi-4 121.0 122.1 n > v I \ . 10.7 122-2 123-5 . Afc.W ■ lli.B — t t . i Vy, 127.3 J~IH_ a n — 4-76 5.7 9.1 11.8 13.7 14.0 14.2 12.5 11.4 9-3 9-0 10-4 9.8 10.0 8.9 5.3 2.8 5-74 6.0 9.2 11.8 13.6 13.9 14.0 12.4 11.5 9-6 9-4 10-6 10.1 10.3 9.6 7.4 7-2 4-74 5-9 9-0 11-4 13-0 13.2 13-2 11-8 10-8 9-1 8-8 9-9 9-3 9-4 8-6 4-7 6-4 8*2 4 ^ 7 ^ ^ 7-74 5.8 8.6 10.8 12.3 12.5 12.5 11.1 10.1 8.5 8-2 9-0 8.5 8.4 7.6 5.9 5-5 6-4 3-8 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 2-76 3-76 4-76 5-76 JLfc.g A W . J __ A W . A ---L A S _ _ _LULi lì _______ 1 28* .4 1 1 ^ ^ 129 . >4 130-.IP 2-a\ 6-76 INITIAL MONTH P- PRELIMINARY PREPARED BY FEDERAL RESERVE BANK OF S T . LOUIS AUGUST 1 6 . 1976 7 . 1 2 i* 7 ^ 2 % - 10.5___11*1___12*2__ 1A*3__ 16, fr.4 ... _124..4 PERSONAL RATIO SCALE INCOME RATIO SCALE MONTHLY T O T A L S A T ANNUAL R ATES TRILLIO NS OF DOLLARS TRILLIO NS OF OOLLARS S EA SO N ALL Y AD JU ST ED I . 0 .9 0. 8 0 1968 1969 1970 1971 1972 1973 SOURCE* PERCEN TA 6ES ARE ANNUAL RATES OF CHANCE FOR P ERIOO S L A T E S T DATA P L O TTE D » 1974 U .S . 1975 1976 DEPARTMENT OF COMMERCE IN D IC A T E D . JU L Y P R EL IM IN A R Y PREPAREO BY FEDERAL RESERVE BANK OF S T . L O U IS PfcKSONAL INCOMfc COMPOUNDED ANNUAL RATES OF CHANGE TERMINAL MONTH 1 2 -7 4 ETLLTONS OF DOLLARS ANNUAL RATES INITIAL MONTH 1 -7 5 2 -7 5 3 -7 5 4 -7 5 5 -7 5 6 -7 5 7 -7 5 0 -7 5 9 -7 5 1 0 -7 5 1 1 -7 5 1 2 -7 5 1 -7 6 2 -7 6 3 -7 6 4 -7 6 5 -7 6 6 -7 6 1 -7 5 0 .5 1. f !9 9 2 -7 5 1 *4 1»201.6 3 -7 5 3 .2 4 .5 6 .9 1 2 -7 4 — 1=75— 2=75— 3=75— 4=75— 5=75— 5=75— 7=75— 8=75 .4 1 * 2 0 8 .3 9 -7 5 1 0 -7 5 1 1 -7 5 1 2 -7 5 — 1=75— 2=75— 3=75— 4=75— 5 -7 6 6 -7 6 --------------------------------------------------------------------------------------------------------- IN ITIAL" WOWIH-----------------------------------------------------------------------------------------------------PKfcLIAINART BY FEDERAL-"RESERVE BANK OF S T . LOUIS AUGUST 19» 1976 8 RETAIL SALES“ RATIO SCALE RATIO SCALE B IL L IO N S OF DOLLARS 1968 1969 BIL L IO N S OF DOLLARS S E A S O N A LL Y A D JU S T ED 1970 1971 1972 1973 1974 SOURCE* PERCENTAGES ARE ANNUAL RATES OF CHANCE FOR PERIOD S »D A TA U .S . 1975 1976 DEPARTM ENT OF CQMNERCE IN O IC A T E D . R E V ISE D FRON 1 9 7 3 -7 5 . L A T E S T DATA P LO TTE D * JU N E , JU L Y ADVANCE E S T IM A T E PREPARED BY FEDERAL RESERVE BANK OF S T . L O U IS R ET A IL SALES * COMPOUNDED ANNUAL RATES OF CHANGE 2 3 .0 ¿-75 2 5 .7 2-75 3-75 4-75 5-75 6-75 7-75 6-75 9-75 *o4 1-75 1-75 £ 1 12-74 11-75 12-75 <0 , r* 1 IN IT IA L MONTH MONTH M ILLIO NS OF DOLLARS 2-76 3-76 4-76 5« 4 5 1V84 46,954 28.5 -C .3 -2 2 .6 45,962 ->-75 6 .9 4-75 12.1 8 .7 -0 .1 2 9 .0 5-75 16.5 15.0 10.8 32 .5 3 6.2 46,948 f-- I 48,171 6-75 15.9 14.5 11.2 2 5 .5 23 .9 12.7 7-75 16.5 15.5 13.0 24.2 22 .7 16.5 2 0 .4 Ö-75 15.6 14.5 12.4 21.1 19.2 14.0 14.7 9.2 48,652 49,411 49,774 V—75 13.3 12.2 10.0 1 6 .7 14.3 9 .5 2 .9 - 3 .1 10-75 12.9 11.6 9 .9 15.5 13.4 9 .3 8 .5 4 «8 2 .7 8 .8 11-75 13 .0 12.0 10.3 15.3 13.5 10.1 9 .6 7.1 6 .4 11.5 12-75 13.5 12.6 11.2 1 5 .7 14.2 1 1.3 11.1 9 .3 9 .4 13.9 16.5 1 8 .o \ 1-76 13.0 12.2 10.6 14.9 13.4 10.8 10.6 9 .0 9 .0 12 .2 13.4 13.0 7 .5 2-76 13.9 13.2 12.0 15.9 1 4 .6 12 .4 12.4 11.3 11.7 14.9 16.5 17.2 16 .4 26.2 3-76 14.2 13.6 12.5 16.1 15.0 13.0 13.1 12.2 12.6 15.5 16.8 17.5 17.1 2 2 .2 18/3^^ 4-76 13.8 13.2 12*2 1 5 .4 1 ^ .4 12 .6 12.6 11.7 12.0 1 4 .4 1 5 .4 13*6 14.8 17 .3 13.2 * > -7 6 1 1 .7 11.0 10.0 12 .7 11.6 9 .8 9 .5 8 .5 8 .4 9 .9 10.1 9 .4 7 .6 7 .6 2 .0 6 -7 6 1 2.4 11.6 10.8 13.5 12 .5 10 .6 10.7 9 .8 9 .9 11.4 11.8 11.4 10.2 10.8 7 .3 3 .8 1.7 7-76 10.8 10.2 9 .2 11.6 1 0.5 8 .9 8 .6 7 .7 7 .5 8 .7 8 .7 8 .0 6 .5 6 .4 2 .8 - 0 .8 -3 .6 12-74 l->5 2-75 3-75 4-75 $-75 6-75 7-75 8-75 9-75 10-75 11-75 12-75 1-76 2-76 3-76 4-76 49,995 14.2 4 0 .5 % 50,552 51,283 51,592 52,601 53,344 8.2 53,696 - 5 . 2 -1 7 .0 52,868 2 4 .6 53,8471» 3.9 - 1 3 . 4 j 5-76 53,205 e 6-76 I n IT I a l m o n Th P — PRELIM INARY fc- ESTIMATED *- DATA REVISED FROM 1973-1975 PREPAREO BY FEDERAL RESERVE BANK OF S T . LOUIS AUGUST 12 , 1V76 9 HOURLY COMPENSATION* PRIVATE BUSINESS SECTOR* ----- C P f T Q W P e P BATES O F C H A N G E __________ 1967 « 100 i W I T I AL QVAETE* QUARTER -àr l X 4-TL. W 1 -I"1* i-K 3-72 H 2 1-7 3 2 -7 3 1 -7 3 H 3 1-7 4 2 -74 3 -74 4 -? * ^ 1 -7 5 2 -7 ? 3-75 1 -7 » -¿>1_____________________________________________ 133.4 8 .3 — 5l.2 -.-1—72 136.1 5*? — 2=22.. 137.8 _3r72 4 .9 — 5 .8 --- 4 .6 4 .1 _4-72 6 .4 5 .7 6 .0 6 .0 7 .6 8 .4 10 .6 13.3 139.2 141.9 - Ir li . 6 .8 2 .2 - Z z tt 6 .6 7 .4 7 .2 7*9 9 .0 9 .5 5 .9 7 .3 7 .2 _ 7 .6 6 .5 8 .6 6 .4 6 .9 7 .4 2*7 6 .5 6 .6 7.1 7 .7 JL-T3 146.4 148.5 151.0 - & rJ3 6 .9 7 .5 _ lr l4 7 .0 _.7-t? 7 t4 -7*9 8 .4 8 .5 7 .3 7 .8 8 .2 I .V . . 2.-74 7 .5 1x9 9*9 B .4 9 .0 9 .1 6 .3 9 .0 9 .6 1 0 .2 7 .9 ...3 * 4 0 .» 9 .4 9 .6 9 .0 _ 9 .7 10.4 1 1 .0 1 2 .6 9 .5 9 .7 9 .2 9 .7 10.3 1 0 .6 11.7 11.3 JSL.fi 10.0 9 .6 1 0 .2 1 0 .8 1 1 .2 1 2 .0 11.9 11.5 13^0^ 9 .7 9 .3 9 .8 1 0 .2 10.5 11.0 1 0 .6 1 0 .0 1 0 .0 9 .3 8 .9 9 .3 9 .6 9 .7 1 0 .0 9 .5 8 .8 8 .4 6 .1 5> \ 8 .7 8 .4 6 .9 6 .8 — a-74 _..*r74 4 -75 . _ f i.l. -.-£*9._ ___ ì LéA - — Ô...9 ... fi*9 - 2 r7 S È.M Î. . fi.fi __3r25 â .l ...4-75 8 .5 fi.fi 9 .3 .9 .1 . 8 .5 _ _A.fi . 9 .2 8 .5 154.1 157.1 u > 0 '- 2 % 161.8 166.7 9 .ì\ 170.7 176.0 179.0 7.7 % 181.3 f i . l _..fi.> fit 5 8 .8 9 .1 9 .2 8 .9 9 .2 9 .4 9 .6 9 .8 9 .3 8 .7 b .7 8 .9 9 .3 9 .4 9 .0 9 .3 9 .6 9 .7 9 .9 9 .5 9 .0 8 .9 7 .8 8 .1 9 .6 _ J U 2. __ 8 .6 8 .6 8 .8 9 .1 9 .2 8 .9 9 .2 9 .4 9 .5 9 .6 9 .3 8 .8 8 .6 7 .7 7 .9 8 .8 9 .1 1-72 2-72 3-72 4-72 1-73 2-73 3-73 4-73 1-74 2-74 3-74 4-74 1-75 2-75 3-75 4-75 -L-2 fr . 2-7* £ .3 3-71 4-71 185.0 10 . 8 ^ . 189.8 7 .4 \ 1 9 3 .2P 1-76 INITIAL QUARTER ♦OATA R EVISED P - PRELIMINARY OUTPUT PER HOUR OF ALL PERSONS* PRIVATE BUSINESS SECTOR* _____________ COMPOUNDED ANNUAL RATES OF CHANGE__________________ TERMINAL__________________________________________________________________ INITIAL QUARTER__________ _______________________________________________________1967 « 10P_, QUARTER 1-75 2-75 3-75 4-75 1-76 3-71 4-71 1-72 2-72 3-72 4-72 1-73 2-73 3-73 4-73 1-74 2-74 3 - 7 4 4 - 7 4 ioef ? 4-71 - 0 .4 1-72 1 .5 3 .4 2-72 2 .6 4 .1 109*1 - 4 .9 110*9 3-72 2 .3 3 .2 3 .1 1.5 4-72 3 .2 4 .2 4 .4 4 .2 7 .0 1-72 3 .5 4 .3 4 .5 4 .4 5 .9 ...112x7 ... 4 .7 114*0...... 2-73 2 .4 2 .8 2 .7 2 .2 2 .4 0 .2 r x - 4 .1 3-73 1 .8 2 .1 1 .9 1 .4 1.4 - 0 .5 - 3 .0 4-73 1 .7 1 .9 1 .7 1 .2 1 .2 - 0 .3 - 1 .9 - 0 .7 - 3 .1 - 2 .7 - 3 .2 1-74 0 .8 0 .9 2-74 0 .4 0 .4 3-74 0 .1 0 .2 4-74 -0 .2 -0 .2 110.4 Il? f8 112.3 -1.8 V 0 .4 V — 112.4 o -7or /u 110.5 -6 . 6 * \ 0 .1 —0 .2 - 1 .6 0 .1 - 0 .5 —0 .7 - 2 .0 - 3 .2 - 3 .0 - 3 .4 - 5 .3 - 3 .9 -0 . 1 - 0 .7 - 1 .0 -2 .0 - 3 .1 - 2 .9 - 3 .2 - 4 .4 - 3 .2 - 2 .5 \ 109*7 - 0 .5 - 1 .0 - 1 .3 - 2 .3 - 3 .2 -3 .1 - 3 .4 - 4 .3 - 3 .5 - 3 .3 107.6 - 2 .3 - 1 .7 .-A x*. 0 .6 1-75 -0 . 1 -0 . 1 - 0 .3 -0 .8 - 1 .0 - 1 .9 - 2 .7 - 2 .5 - 2 .6 - 3 .1 2-75 0 .7 0 .8 0 .6 0 .3 0 .2 - 0 .5 -1 .1 -0 .7 - 0 .5 - 0 .7 3-75 1 .2 1.3 1 .2 0 .9 0 .8 0 .3 -0 . 1 0 .3 0 .6 0 .6 . _ ..109,4. 109*0 £=*____ f i2. e \ 1 .7 3 .2 7 .0 1.9 ? « J_ 4»? 1*> IQ t* 9> 1.4 2 .3 3 .3 5 .2 6 .5 3 .4 I I I . 3 ____ ^ 6; 0v % U 3*£ - l.4 \ 4-75 1 .0 1 .1 1 .0 0 .7 0 .7 0 .1 - 0 .3 0 .1 0 .4 0 .4 1-76 1 .4 1.5 1.4 1 .1 1 .1 0 .7 _ 0 .3 0 .8 1 .0 1 .1 2 .1 3 .0 3 .9 5 .6 G t7 4 .7 2 .8 7 .3 V 2-76 1 .5 1 .6 1 .5 1 .3 1.3 0 .9 0 .6 1 .0 1 .2 1 .3 2 .3 3*1 3 .9 5 .3 6 tO 4 .4 3 .1 5 .4 3 .5 Ì 3-71 4-71 1-72 2-72 3-72 4-72 1-73 2-73 3-73 4-73 1-74 2-74 3-74 4-74 1-75 2-75 3-75 4-75 1-76 ll?t I ll? i2 ... 1 1 6 .2P IN IT IA L QUARTER ♦DATA REVISEO P- PRELIM INARY PREPARED BY FEDERAL RESERVE BANK ÖF“ s Y . LOUIS AUGUST 13, 1976 10 _ PR O D U C TI V IT Y, COMPENSATION, AND LABOR COSTS* RATIO SCALE RATIO SCALE 1967-100 196 7-100 SEASON ALLY AD JUSTED SOVRCEs U . S . PERCENTAGES ARE ANNUAL RATES OF CHANCE FOR FERIOOS L A T E S T DATA P L O TTE D » DEPARTMENT OF LABOR IN D IC A TE D . 2ND OUARTER PRELIM IN AR Y PREPARED BY FEDERAL RESERVE BANK OF S T . L O U IS UNIT LABOR COSTSt PRIVATE BUSINESS SECTOR* ____ COMPOUNDED ANNUAL RATES OF CHANGE________ INITIAL QUARTER TERMINAL QUARTER 3 -7 1 4 -7 1 2 .6 1 -72 3*6 2 -7 2 2 .5 3 -7 2 2*5 4 -7 1 1 -7 2 2 -7 2 3 -7 2 4 -7 2 1 -7 3 2 -7 3 4 -7 3 3 -7 3 1 -7 4 1967 » 100 2 -7 4 3 -7 4 4 -7 4 1—75 2 -7 5 3—75 4 -7 5 1 -7 6 1 2 3 .3 1 2 4 .7 2 .4 0 .3 1 2 4 .8 1 .4 2 .6 1*0 1 2 5 .6 4 -7 2 2 *2 2 .1 1 .3 1 .8 1 -7 3 3 .2 3 .3 3 .0 3 .9 4 .5 f . > 2 -7 3 4 .2 4 .4 4 .4 5 .4 6 .4 9 .3 1 2 5 .9 1 2 8 .4 > 9%" 1 0 .3 1 3 1 .6 3 -7 3 4 .6 5 .1 5 .2 6 .2 7 .1 9 .2 9 .7 9.1s 1 3 4 .5 4 -7 3 5 .1 5 .4 5 .6 6 .5 7 .3 8 .9 9 .1 8 .5 1 3 7 .1 1 -7 4 6 .1 6 .5 6 .8 7 .7 8 .6 1 0 .2 1 0 .7 1 0 .9 1 1 .8 15 . f \ 2 -7 4 7 .1 7 .5 7 .9 8 .9 9 .8 1 1 .3 1 2 .0 1 2 .4 1 3 .5 1 6 .4 3-74 7 .6 8 .3 8 .6 9 .6 1 0 .5 1 2 .0 1 2 .6 1 3 .0 1 4 .1 1 6 .2 1 6 .4 4 -7 4 8 .3 8 .8 9 .1 1 0 .1 1 0 .9 12 .2 1 2 .8 1 3 .2 1 4 .1 1 5 .7 1 5 .7 1 5 .0 1 4 .3 V r 1 4 2 .2 1 4 7 .9 1 5 3 .4 1 5 8 .6 1—75 8 .5 ft*? 9 .3 1 0 .2 1 1 .0 1 2 .1 1 2 .6 1 3 .0 1 3 .6 1 4 .8 1 4 .6 13.7 12.8 li.3 \ 2 -7 5 7 .5 7 t* 6 .1 8 .8 9 .4 1 0 .3 1 0 .5 1 0 .5 1 0 .7 1 1 .2 1 0 .3 8 .7 6 .5 2 .8 - 5 .1 \ 1 6 2 .9 160.fi 7 .3 7 .9 8 .3 9 .0 9 .1 9 .0 8 .9 9 .1 8 .0 o * • o -4 .0 -3 .0 7 .3 7 .5 6 .0 f a .5 9 .1 9 .2 9 .1 9 .1 9 .2 8 .3 6 .9 5 .2 3 .1 0 .5 3 .4 1-76 6 •b 7 .0 7 .2 7 .7 6 .1 6 .6 8 .7 8 .5 8 .4 8 .5 7 .6 6 .3 4 .9 3 .1 1 .1 3 .2 6 .5 3 * i \ £ -76 6.6 6 .9 7 .0 7 .4 7 .8 8 .3 8 .3 8 .1 8 .0 8 .0 7 .2 6 .0 4 .7 3 .2 1 .6 | ! 3 .4 5j»6 3 ,3 3 -7 1 4 -7 1 1 -7 2 2 -7 2 3 -7 2 4 -7 2 1 -73 2 -7 3 3 -7 3 4 -7 3 1 -7 4 2 -7 4 3 -7 4 4 -7 4 2-7 5 ' 3—75 4 -7 5 CO 7 .1 7 .0 m 0 .8 >0 v j.6 % 3 -7 5 4 -7 5 T^75 1 5 9 .6 16 3 .5 ■ 1 6 4 .7 3 ,7 ) r 166 «2P__ 1 -7 6 I N I T I A L QUARTER ♦DATA R E V IS E D ___________________________ __________________________________________________________ P - P R E L IM IN A R Y ^PREPARED EY FED ERA L RESER V E BANK OF S T . AUGUST 1 3 , 1976 11 L O U IS GROSS NATIONAL PRODUCT IN CURRENT DOLLARS COMPOUNDED ANNUAL RATES OF CHANGE TERMINAL QUARTER B IL L IO N S OF DOLLARS ANNUAL RATES _______________________________________________________ IN IT IA L QUARTER_____ 3-71 4-71 1-72 4-71 7 .2 1-72 10*4 13.8 2-72 10 .6 1 2 .4 1 1 .0 3-72 10.2 11.2 9 .9 2-72 3-72 4-72 1-73 2-73 3-73 4-73 1-74 2-74 3-74 4-74 1-75 2-75 3-75 4-75 1-76 1*091.2 1*127.0 1 *1 56 .7 8 .8 1*181.4 4-72 10.8 11 .7 11.1 11.1 13.5 1-73 1 1 .7 12.6 1 2 .3 12.7 14.7 15.9 2-73 11.1 1 1 .7 1 1 .3 11.4 12.3 11.6 7 .5 3-73 10.8 1 1 .4 11.0 11.0 11.5 10.9 8 .4 9 .3 4-73 1 1 .0 11 .4 11.1 11.1 11.6 11.1 9 .6 10.6 11.9 1-74 1 0 .4 10.7 1 0 .4 10.3 10.5 9 .9 8 .5 8 .8 8.6 5 ^ \ 7 .6 % 1 *3 72 .7 2-74 1 0 .2 10.5 10 .1 10.0 10.2 9 .6 8 .4 8 .6 8 .4 6.6 1*3 99 .4 1*2 19 .4 1*265.3 1*268.4 1 *3 17 .5 1*355.1 8 .o " \ 3-74 10.1 10 .4 1 0 .0 9 .9 10.1 9 .6 8 .6 8 .8 8 .7 7 .6 8 .8 9 .5 \ 4-74 9 .7 9 .9 9 .6 9 .4 9 .5 9 .0 8.1 8.2 7 .9 6 .9 7 .5 7 .2 9 .1 8 .7 8 .5 8.4 7 .9 6 .9 6 .8 5 .3 5 .4 4 .5 9 .0 9 .1 8 .8 8 .6 8.6 8.1 7 .3 7 .3 7 .0 6 .2 6 .3 5 .9 3-75 9 .6 9 .8 9 .5 9 .4 9 .4 9 .1 8 .4 8 .5 8 .4 7 .9 8 .4 8 .4 4-75 9 .7 9 .8 9 .6 9 .5 9.5 9 .2 8 .6 8 .7 8 .7 8 .3 8 .7 8 .8 1-76 9 .6 10.0 9 .8 9 .7 9 .8 9 .5 8 .9 9.1 9 .1 8 .7 9 .2 9 .3 9 .8 10.0 9 .8 9 .7 9 .7 9 .5 9 .0 9.1 9 .1 8 .8 9 .2 9 .4 3-71 4-71 1-72 2-72 3-72 4-72 1-73 2-73 3-73 4-73 1-74 2-74 <0 8 .9 1 M 1-75 2-75 1*431.6 1 \ 7 .l7 o 5 .0 ^ 2 .1 1*449.2 -0^8^ r x 4 .7 4 .6 1 0 .4 8 .2 9 .3 1 4 .7 8 .7 9 .6 9 .3 10.2 9 .4 3-74 1*446.2 1*482.3 19> x J 2 4% 1 *5 46 .7 1 3 .3 14.8 1 0 .6 \ 1 *5 88 .2 13.1 14.1 11.6 1 2 .6 s\ 1*636.2 10.1 12 .4 12.9 10.9 11.1 4-74 1-75 2-75 3-75 4-75 9 .6 \ 1*674.1 1-76 I N I t i A L QUARTER GROSS NATIONAL PROOUCT IN CONSTANT 1972 DOLLARS COMPOUNDED ANNUAL RATES OF CHANGE B IL L IO N S 0^ TERMINAL__________________________________________________________________ IN IT IA L QUARTER_________________________________________________________________ POL LARS ANNUAL RATES QUARTER 3-75 4-75 1-76 3-71 4-71 1-72 2-72 3-72 4-72 1-73 2-73 3-73 4-73 1-74 2-74 3-74 4-74 1-75 2-75 1*120.5 4-71 3 .5 1-72 5 .5 7 .6 2-72 6 .3 7 .7 7 .9 1*1 41 .2 1*163.0 1 *178.0 3-72 6 .0 6 .9 6 .6 5 .3 4-72 6 .5 7 .3 7 .2 6 .9 8.5 1-73 7 .0 7 .7 7 .8 7 .7 9 .0 9 .5 1 *229.8 2-73 6 .0 6 .5 6 .3 5 .9 6.1 4 .9 1*231.1 1*202.2 1*236.3 3-73 5 .5 5 .8 5 .5 5 .0 4 .9 3.8 l.i 4-73 5 .1 5 .3 5 .0 4 .5 4 .4 3 .4 1.4 1 .9 1-74 4 .2 4 .2 3 .8 3 .3 2 .9 1 .9 6 .0 -0 .1 1*242.6 - 1 .0 -3 > ^ r 3 .2 % 1*230.4 1*220.8 2-74 3 .5 3 .5 3 .0 2 .5 2 .1 1 .0 -0 .6 - 0 .8 - 1 .7 - 3 .5 - , . K 3-74 3 .0 2 .9 2 .5 1.9 1.5 0 .5 - 0 .9 -1 .2 - 1 .9 - 3 .2 - 2 .8 - 2 .6 W 4-74 2 .2 2 .1 1 .6 1.0 0 .5 - 0 .4 -1.8 -2 .1 - 2 .9 - 4 .1 - 4 .2 - 4 .7 1*2 12 .9 1*191.7 - 6 .8 °V 1*161.1 -9T 9 N \—. r \ - 2 .4 5 .6 1-75 1*3 1.1 0 .6 - 0 .1 - 0 .6 -1 .5 -2 .8 -3 .3 -4 .1 - 5 .3 —5 .6 - 6 .5 - 8 .4 2-75 1 .6 1 .4 1 .0 0 .4 - 0 .0 -0 .8 - 1 .9 -2.2 - 2 .8 - 3 .5 - 3 .5 - 3 .6 - 3 .9 3-75 2 .1 2 .1 1 .7 1 .2 0 .9 0 .2 —0 .7 -0 .8 - 1 .1 - 1 .5 -1 .1 -0.8 - 0 .3 2 .0 8 .5 0 .4 2 .3 6 .7 7 .3 3 .3 \ 4-75 2 .2 2 .1 1 .8 1 .4 1.1 0 .5 -0 .3 - 0 .4 - 0 .6 - 0 .9 - 0 .5 -0.1 1*177.1 n > \ 6 .7 % 1*2 09 .3 1*219.2 1-76 2 .6 2 .5 2 .2 1 .9 1.6 1.1 0 .4 0 .4 0 .3 0 .1 0 .6 1 .2 1.8 3 .6 7 .3 7 .9 6 .2 9 .2 1 *2 46 .3 2-76 2 .7 2 .6 2 .3 2 .0 1.6 1.3 0 .7 0 .8 0 .7 0 .5 1 .0 1 .6 2 .2 3 .8 6 .7 7 .0 5 .6 6 .7 1*2 59 .4 3-71 4-71 1-72 2-72 3-72 4-72 1-73 2-73 3-73 4-73 1-74 2-74 3-74 4-74 1-75 2-75 3-75 4-75 1-76 IN IT IA L QUARTER PREPARED BY FEDERAL RESERVE BANK OF S T . LOUIS AUGUST 19* 1976 12 DEMAND AND P R O D U C T I O N RATIO SCALE T R I L L I O N S OF Q U A R T E R L Y T O T A L S A T AN NU AL R A T E S RATIO SCALE DOLLARS s e a s o n a l l y ADJUSTED T R I L L I O N S OF D O L L A R S 1 .7 6 1 . 5 4 3 2 1 .1 1 . 1 1 . 0 0 .9 0.8 1968 1969 1970 1971 1972 1973 1974 1975 1976 SOURCEt U .S . DEPARTMENT OF COMMERCE QjBNP IN CURRENT DOLLARS. 12.CNP IN 1972 DOLLARS. PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIODS IN D IC A TE D . LA TE S T DATA PLOTTED« 2ND QUARTER PREPARED BY FEDERAL RESERVE BANK OF S T . LO U IS 13 GENERAL P RI CE RATIO INDEX* SCALE RATIO SCALE 1972-100 145 1972-100 145 140 140 135 ^32.93 130 125 135 130 125 +n.2z// 120 115 ? V 110 120 115 / 110 105 v 105 ÿ 100 100 / 1 95 95 90 90 85 85 80 /sr 75 W " "iA 1968 « A S «S C O à WML .,„.1i ? T 1969 IN N A TIO N A L 1970 V7 4m y /* 4IN9êm.•/* isr êm . v y iw L. if 1971 1972 1973 INCOME ACCOUNTS 1974 SOURCE» U . S . PERCEN TAGES ARE ANNUAL RATES OF CHANCE FOR PER IO D S L A T E S T OATA P L O T T E O t it* ! 1975 80 75 1976 DEPARTM ENT OF COMMERCE IN D IC A T E D . 2ND OUARTER PREPAREO BY FEOERAL RESERVE BANK OF S T . LOO IS IMPLICIT PRICE DEFLATOR FOR 6R0SS NATIONAL PRODUCT __________ COMPOUNDED ANNUAL RATES Of CHANGE_________ TERMINAL QUARTER 3-71 1972 * 100 INITIAL QUARTER 4-7 1 1 -72 2 -72 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 -7 5 3-75 4 -7 5 1 -7 6 97.38 4-71 3 .6 1-72 4 .7 5 .8 2-72 4 .1 4 .3 98.7 6 99.45 2 .8 3 .1 100.29 3 .4 3-72 3 .9 4 .0 4-72 4 .0 4 .2 3 .6 4 .0 4 .7 1-73 4 .3 4 .5 4 .2 4 .6 5 .3 2 -73 4 .7 4 .9 4 .7 5 .2 5.8 6 .4 \ y .5 % 7 .0 H 101.44 ( \ 102.89 5 .8 ................................... 104.65 106.57 3 -7 3 5 .1 5 .3 5 .2 5 .7 6 .3 6 .8 7 .3 7 .s \ 4—73 5 .6 5 .8 5 .8 6 .3 6 .9 7 .5 8 .1 8 .6 9 .6 ^ _ 109.05 1-74 6 .0 6 .2 7 .9 8 .4 8 .9 9 .6 1 1 1 .5 6 9 .5 10.2 10.5 11 2-74 7 .4 7 .9 8 .5 1 1 4 .6 4 1 1 8 .0 3 3 -7 4 6 .9 7 .2 7 .4 7 .9 8 .5 9 .6 10.1 10.8 11.1 1 1.9 12.4 4 -7 4 7 .4 7 .7 7 .9 8 .4 8 .9 9 .5 1 0.0 10.5 11.1 1 1.5 12.2 12.5 1 2.7 1-75 7 .6 7 .9 8 .0 8 .5 9 .1 9 .6 1 0.0 10.5 11.0 11.2 1 1 .6 1 1.7 1 1 .4 7 .3 7 .6 7 .8 7 .3 7 .6 7 .7 7 .3 7 .5 7 .7 1-76 7 .1 7 .3 7 .4 7 .7 8 .0 8 .3 8 .5 2 -7 to 7 .0 7 .2 7 .2 7 .5 7 .8 8 .0 8 .2 3-71 4-71 1—*2 ¿ -7 2 3-72 4 -72 1-73 2-73 3-75 4-75 1 2 1 .6 0 1 2 4 .5 5 1 0 .1 V 8 .6 9 .0 9 .4 9 .7 9 .8 9 .0 7 .2 4 .5 8 .1 8 .5 8 .8 9 .2 9 .4 9 .6 9 .6 9 .6 9 .3 8 .5 7 .2 5 .7 7 ^ T \ 5 .3 % 128.07 8 .0 8 .4 8 .7 9 .0 9 .2 9 .3 9 .3 9 .3 8 .9 8 .2 7 .1 6 .2 130.27 8 .6 8 .7 8 .6 8 .5 8 .1 7 .4 6 .3 5 .4 5 .1 3 .2 131.29 8 .3 ®#4 8 .2 8 .1 7 .7 7 .0 6 .1 5 .3 7.0 5.7 5.6 5 .1 4 .1 132.93 3 -7 i 4 -7 3 i-n ^ -7 4 4—74 1-75 2-75 3-75 4-75 1-76 PREPAREO BY FEOERAL RESERVE BANK OF S T . LOUIS AUGUST 19« 1976 14 PERSONAL CONSUMPTION EXPENDITURES IN CURRENT DOLLARS CONPOUNOEP ANNUAL RATES OF CHANCE_______________ __________________ QUARTER 3-71 4-71 1-72 2-72 3-72 4-72 1-73 2-73 _____ BILLIONS Or INITIAL QUARTER__________________________________________________________ DOLLARS ANNUAL RATE! 3-73 4-73 1-74 2-74 3-74 4 -7 4 1-75 2-75 3-75 4-7 5 1-76 687 .1 4-71 7 .9 1-72 9 .7 11.4 2-72 10.1 11.2 11.1 3-72 9 .7 10.3 9 .8 8 .5 4—72 10.3 10.9 1 0 .7 1 0.5 12.5 7 0 5 .9 7 2 4 .7 7 3 9 .7 7 61 .8 7 8 7 .2 1-73 10.9 11.5 1 1 .5 1 1.7 13.3 1 4.0 2 -73 1 0.4 10.8 1 0 .6 10.5 11.2 10.6 7 .2 3-73 10.2 10.5 1 0 .3 10.2 10.6 10.0 8 .0 4 -73 9 .9 10.1 9 .9 9 .7 1 0.0 9 .4 7 .8 8 .2 7 .5 1-74 9 .9 10.1 9 .9 9 .8 1 0 .0 9 .5 8 .4 8 .8 8 .8 10.1 10.0 11.2 12.4 8 0 1 .0 8 18 .2 8 .9 2 -74 10.1 10.3 1 0 .2 10.1 10.3 10.0 9 .2 9 .7 833.1 85 3 .3 8 7 8 .7 90 6 .8 3-74 1 0 .4 10.6 1 0 .5 10.5 1 0 .7 10.5 9 .9 10.4 10.8 12.0 1 2.9 13.4 4-7 4 9 .7 9 .9 9 .7 9 .6 9 .7 9 .4 8 .7 9 .0 9 .0 9 .4 9.1 7 .5 1 .9 1-75 9 .7 9 .9 9 .8 9 .6 9 .7 9 .4 8 .9 9 .1 9 .2 9 .5 9 .4 8 .4 5 .9 10.1 911.1 933 .2 9 6 0 .3 2-75 9 .9 10.0 9 .9 9 .8 1 0.0 9 .7 9 .2 9 .5 9 .6 9 .9 9 .9 9 .3 7 .9 11.1 1 2 .1 3-75 1 0.0 10.1 10.1 10.0 10.1 9 .9 9 .5 9 .7 9 .8 10.2 10.2 9 .8 8 .9 1 1 .» 1 1 .9 1 1 .7 4-75 1 0.0 10.2 10.1 1 0.0 10.1 9 .9 9 .6 9 .8 9 .9 10.2 10.2 9 .9 9 .2 11.1 1 1 .4 11.1 1 0.4 1-76 10.2 1 0.3 1 0 .3 10.2 1 0.3 10.2 9 .9 10.1 10.2 10.5 10.6 10.3 9 .8 1 1.5 1 1 .8 1 1 .7 1 1 .7 13.1 2-76 10.1 10.2 1 0 .2 10.1 10.2 10.0 9 .7 1 0.0 10.0 10.3 10.3 10.1 9 .6 1 0.9 1 1.1 10.9 10.6 1 0 .7 8 .3 3-71 4—71 1 -72 2-72 3-72 4-72 1-73 2-73 3-73 4 -7 3 1-74 2—74 3 -74 V 4 -7 4 1-75 2-7 5 3-75 4 -7 5 1-76 987 .3 1*012.0 1 ,0 4 3 .6 PERSONAL CONSUMPTION EXPENDITURES IN CONSTANT 1972 DOLLARS _____________ CONPOUNOEP ANNUAL RATES OF CHANGE _______________ 1 ,0 6 4 .7 Of POLLARS ANNUAL RAtES b illio n s TERMINAL QUARTER 3 -71 INITIAL QUARTER 4 -71 1-72 2-72 3-72 4 -7 2 1-73 2-73 3 -73 4 -7 3 5 .1 1-72 5 .9 6 .7 2-72 6 .7 7 .5 8 .3 3-74 4 -7 4 1 -7 5 2 -7 5 3 -7 5 4 -7 5 1 -7 6 7 1 3 .7 728 .1 7 37 .5 3-72 6 .3 6 .7 6 .8 5 .3 4 -72 6 .8 7 .2 7 .4 6 .9 8 .6 1-73 7 .0 7 .4 7 .6 7 .3 8 .4 8 .2 2-73 5 .9 6 .0 5 .9 5 .3 5 .3 3 .8 - 0 .5 3-73 5 .4 5 .4 5 .2 4 .6 4 .5 3 .1 0 .7 1 .9 4 -7 3 4 .5 4 .4 4 .1 3 .4 3 .1 1 .7 - 0 .3 - 0 .2 - 2 .3 - 0 .9 -2 .2 -2 .1 3 .8 2-74 7 0 2 .3 4-71 1-74 1-74 3 .7 3 .3 7 52 .8 7 6 7 .7 2 .6 2 .2 1 .0 - 0 .8 766 .8 770 .4 7 65 .9 761 .8 7 61 .9 2 -7 4 3 .5 3 .3 2 .9 2 .3 1 .9 0 .8 -0 .6 —0 .6 -1 .5 - 1 .0 0 .1 3 -74 3 .3 3 .1 2 .8 2 .2 1 .8 0 .9 - 0 .3 -0 .2 -0 .7 - 0 .2 0 .8 1 .5 4-7 4 2 .4 2 .1 1 .7 1 .1 0 .6 -0 .3 - 1 .5 - 1 .6 - 2 .3 - 2 .3 -2 .4 •3.6 -8 .4 7 64 .7 748.1 1-75 2 .4 2 .2 1 .9 1 .3 0 .9 0 .1 -0 .9 - 0 .9 -1 .4 - 1 .2 -0 .9 - 1 .3 -2 .6 3 .5 2-75 2 .7 2 .6 2 .3 1 .8 1 .5 0 .8 -0 .0 0 .0 -0 .2 0 .1 0 .6 0 .7 0 .5 5 .3 7 .0 3-75 2 .8 2 .7 2 .4 2 .0 1 .7 1 .1 0 .4 0 .5 0 .3 0 .7 1.2 1 .4 1 .4 4 .9 5 .6 4 .1 4 -7 5 2 .9 2 .8 2 .5 2 .1 1 .9 1 .4 0 .8 0 .9 0 .8 1.2 1 .6 1 .9 2 .0 4 .8 5 .2 4 .3 4 .5 1-76 3 .2 3 .1 2 .9 2 .6 2 .4 1 .9 1 .4 1 .6 1 .6 2 .0 2 .5 2 .9 3 .1 5 .6 6 .1 5 .8 6 .7 « .9 2*76 3 .3 3 .2 3 .0 2 .7 2 .5 2 .1 1 .6 1 .8 1 .8 2 .2 2 .7 3 .0 3 .2 5 .3 5 .7 5 .4 5. 6 .4 4 .0 3 -71 4-71 1-72 2-72 3-72 4 -72 1-73 2-73 3 -7 3 4 -7 3 1 -74 2-74 5-7 4 4 -7 4 1-75 ¿-7 5 4-75 1 -7 6 7 5 4 .6 767 .5 775 .3 7 83 .9 8 00 .7 8 08 .6 PftEPAfttD BY FEOERAL RESERVE BANK OF ST. LOUIS AUGUST 19» I f H 15 CROSS PRIVATE DOMESTIC INVESTMENT IN CURRENT DOLLARS ________ __________________________________________________________COMPOUNDED ANNUAL RATES OF CHANGE__________________________ B IL L IO N S OF TERMINAL QUARTER __________ 3-71 4 -7 1 1 -7 2 2—72 3 -7 2 4 -7 2 1-T3 2-73 INITIAL QUARTER ANNUAL RATES 3-73 4 -7 3 1-74 2-74 DOLLARS 3 -7 » 4-T 4 1-75 2-75 3-75 4-75 4-71 11.4 ______________________________________ ________________________________________________________________________________ 165.4 1-76_______________ 1-72 2 0 .5 3 0 .3 ____________________________________________________________________________________________ _______________________________________ 176^7 2-72 2 0 .3 2 5 .0 1 9 .9 ___________________________________________________________________________________________________________ 3-72 1 8 .6 2 1 .2 1 6 .6 1 3 .9 4 -72 19.2 2 1 .2 1 8 .4 1 7.6 2 1 .4 184.9 1 9 1 .0 200.5 1-73 19.6 2 1 .3 1 9 .2 1 8 .9 2 1 .6 2 1 .7 2-73 1 8.9 2 0 .2 1 8 .3 1 7 .9 1 9 .3 18.2 14.8 3-73 1 6 .9 1 7.7 1 5 .7 1 4 .9 15.2 13.2 9 .1 4-7 3 17.5 1 8 .3 1 6 .7 1 6.2 1 6 .6 15.5 1 3.4 U .8 22.6 1-74 12.6 12.7 1 0 .7 9 .4 8 .7 6 .3 2 .8 -1 .0 - 3 .2 -2 3 .6 2 -7 4 U .8 11.8 1 0 .0 8 .8 8 .1 6 .0 3 .1 0 .4 - 0 .7 -1 0 .7 4 .5 3-74 9 .8 9 .7 7 .8 6 .6 5 .7 3 .6 0 .9 - 1 .7 - 3 .0 -1 0 .3 - 2 .8 - 9 .7 4 -7 4 B.B 8 .5 6 .6 5 .5 4 .6 2 .7 0 .2 - 2 .0 - 3 .1 - 3 .0 - 6 .6 1-75 2 .0 1 .3 -0 .8 - 2 .5 - 4 .0 - 6 .5 2-75 0 .6 - 0 .2 -2 .2 -3 .8 - 5 .3 3-75 5 .1 4 .7 3 .1 1 .9 1 .0 -0 .7 - 2 .7 - 4 .5 - 5 .4 -8 .9 - 6 .2 -6 .2 - 7 .8 4 -7 5 5 .4 5 .0 3 .6 2 .5 1 .6 0 .1 - 1 .6 -3 .1 - 3 .8 -6 .7 - 4 .0 - 5 .4 - 4 .5 210.6 218.0 3 .7 220.0 231.5 - 8 .6 216.4 218.8 213.3 - 3 .3 211.5 -9 .5 -1 2 .5 -1 5 .0 -2 1 .0 -2 0 .3 - 2 7 .2 -3 4 .7 -5 5 .9 172.4 - 7 .6 -1 0 .4 -1 3 .2 -1 5 .3 -2 0 .4 -1 9 .7 -2 4 .9 - 2 9 .3 -3 9 .6 -1 7 .3 - 9 .2 164.4 3 0 .2 104.9 2 3 .0 50.1 196.7 9 .9 201.4 1-76 8 .2 8 .0 6 .8 5 .9 5 .4 4 .3 2 .9 1 .9 1 .7 - 0 .4 3 .0 2 .8 5 .0 6 .6 3 3.2 56.1 36.2 6 8 .9 2 -76 8 .7 8 .5 7 .4 6 .6 6 .2 5 .2 4 .0 3 .1 3 .1 1 .3 4 .6 4 .6 6 .8 6 .6 3 0 .0 4 5 .5 29.8 4 1.1 3-71 4 -7 1 1-72 2-72 3-J2 4 -72 1-73 *-74 4-T4 - 1-75' 3-73 4-73 1-74 F-75 Ü -7 T 4=W 229.6 1 7 .8 239.2 t-* 6 INITIAL QUARTER GROSS PRIVATE DOMESTIC INVESTMENT IN> CONSTANT 1972 DOLLARS COMPOUNDED ANNUAL RATES OF CHANGE TERMINAL QUARTER 3 -7 1 4 -71 INITIAL QUARTER 4 -71 1-72 2 -72 3-72 4-72 1-73 2-73 3-73 4 -7 3 1-74 2-74 3 -7 4 4 -7 4 1-75 2-75 3-75 4 -75 BILLIONS OF DOLLARS ANNUAL RAtES 1-76 169.7 6 .6 179.1 1-72 1 5 .0 2 4.1 2-72 1 5.6 2 0 .4 1 6.8 3-72 1 3 .9 1 6 .4 1 2.8 4 -72 1 4 .4 16 .4 1 4 .0 1 2.6 1 6.5 1 -73 1 4.5 16*1 1 4 .2 1 3 .4 1 5 .7 1 4.9 2 -7 3 13.2 1 4 .3 1 2 .5 1 1 .4 1 2 .2 10.2 186.2 190.2 8 .9 197.6 204.6 5 .6 207.4 204.9 3 -73 10.8 1 1 .4 9 .4 8 .0 7 .7 5 .0 0 .3 4 -7 3 11.1 1 1 .7 1 0.1 9 .0 9 .0 7 .2 4 .7 - 4 .7 4 .3 14.2 211.8 1-74 6 .4 6 .3 4 .3 2 .6 1 .6 -l .l - 4 .8 - 8 .0 - 9 .6 -2 8 .4 194.8 2 -7 4 4 .4 4 .2 2 .2 0 .5 -0 .7 - 3 .3 —6 .6 - 9 .4 -1 0 .9 -2 1 .3 -1 3 .4 187.9 3 -74 1.8 1 .4 -0 .7 -2 .4 - 3 .8 —6 .3 - 9 .5 -1 2 .2 -1 4 .0 -2 1 .8 -1 8 .2 - 2 2 .7 176.2 4 -7 4 0 .4 - 0 .1 - 2 .1 -3 .8 - 5 .1 - 7 .5 -1 0 .3 -1 2 .7 -1 4 .2 -2 0 .2 -1 7 .2 - 1 9 .0 -1 5 .2 169.1 1-75 -7 .0 129.3 - 8 . 0 - 1 0 .3 - 1 2 .4 -1 4 .3 -1 7 .2 -2 0 .5 -2 3 .7 -2 6 .4 -3 2 .6 —3 3 .6 -3 9 .2 -4 6 .2 -6 5 .8 126.2 2 -75 - 7 .2 - 8 .1 -1 0 .2 -1 2 .2 -1 3 .9 -1 6 .4 -1 9 .3 -2 2 .0 -2 4 .2 -2 9 .2 -2 9 .3 -3 2 .8 -3 5 .9 - 4 4 .3 -9 .3 3-75 - 2 .9 - 3 .5 - 5 .2 -6 .7 -7 .9 - 9 .8 -1 2 .0 -1 3 .7 -1 4 .8 -1 8 .3 -1 6 .5 -1 7 .1 - 1 5 .6 -1 5 .8 3 2 .3 9 2 .8 4 -7 5 - 3 .0 -3 .5 -5 .1 -6 .5 -7 .6 - 9 .4 -1 1 .3 -1 2 .9 -1 3 .7 - 1 6 .7 -1 4 .9 -1 5 .1 -1 3 .5 -1 3 .1 1 8.7 3 5 .7 - 4 .5 1-76 0 .0 -0 .4 -1 .7 -2 .8 -3 .6 - 5 .0 —6 .5 - 7 .6 - 7 .8 - 1 0 .0 -7 .4 - 6 .5 - 3 .5 -0 .9 2 9 .2 4 5 .4 2 6.3 6 7 .0 2 -7 6 0 .6 0 .3 -1 .0 -2 .0 -2 .7 - 3 .9 - 5 .3 - 6 .1 - 6 .2 - 8 .1 - 5 .5 - 4 .4 - 1 .5 1 .0 2 5 .5 3 6.1 2 1.1 3 6 .4 1 1 .5 3-71 4 -7 1 1-72 2 -72 3 -7 2 4 -7 2 1-73 2-73 3-73 4 -7 3 1-74 2-74 3-74 4 -7 4 1-75 2-75 3-75 4-75 1 -7 6 148.7 147.0 167.1 171.7 ifctTlAL QUARTER "PREPAREO BY FEDERAL RESERVE BANK OF S T . LOUIS AUGUST 19t 1976 16 GOVERNMENT PURCHASES OF GOOOS ANO SER V IC ES IN CURRENT DOLLARS COMPOUNDED ANNUAL RATES OF CHANGE ___ -----------------------------— BILLIONS Of TERMINAL_______ __ _________ ___________________________ '______________INITIAL QUARTER_______________________________________________ ____________ DOLLARS ANNUAL RATES QUARTER 3-71 4-71 1-72 2-72 3-72 4 -7 2 1-73 2-73 3-73 4-73 1-74 2-74 3-7 4 4 -7 4 1-75 2 -75 3-75 4-75 1 -7 6 239 .6 4 -71 7 .1 1-72 11*8 16.6 2-72 8 .9 9 .8 3 .4 2 4 9 .0 251.1 7 .5 3 .2 3 .1 8 .2 5 .5 6 .6 1 0.2 1-73 8 .4 8 .7 6 .7 7 .9 1 0 .4 10.6 2-73 7 .0 7 .0 5 .1 5 .6 6 .4 4 .6 • o 7 .4 CD 253.0 3-72 4-72 259 .2 265.8 265.1 -1 .0 269 .3 3-73 6 .9 6 .9 5 .4 5 .8 6 .4 5 .2 2 .7 6 .5 4 -7 3 7 .6 7 .7 6 .5 7 .0 7 .8 7 .2 6 .1 9 .8 13.2 1-74 8 .4 8 .5 7 .5 8 .1 9 .0 8 .8 8 .4 11.7 1 4.4 277 .8 288 .0 15.5 2-74 8 .9 9 .1 8 .3 8 .9 9 .8 9 .7 9 .6 12.4 14.5 15.1 14.6 3-74 9 .4 9 .6 9 .0 9 .6 1 0 .4 10.5 10.5 12.9 14.6 15.0 1 4.8 298 .0 15.0 308.6 318.5 4 -74 9 .7 10.0 9 .4 10.0 1 0.8 1 0.9 10.9 13.0 1 4.4 14.7 1 4.4 14.2 1-75 9 .7 9 .9 9 .4 9 .9 1 0 .6 1 0 .7 1 0.7 12.5 13.5 13.5 13.1 12.5 1 1.3 9 .2 2-75 9 .7 9 .9 9 .4 9 .9 1 0.5 1 0.6 10.6 12.1 1 2.9 12.9 1 2.4 11.8 1 0.8 9 .4 9 .7 3-75 9 .9 10.1 9 .6 1 0.1 1 0.7 1 0 .7 10.8 12.2 1 2.9 12.8 1 2 .4 1 2.0 1 1.2 1 0 .5 1 1.1 1 2 .6 4-75 10.1 10.2 9 .8 1 0.3 1 0 .9 10.9 11.0 12.2 1 2.9 12.9 12.5 12.1 11.6 11.1 1 1 .7 1 2 .7 1 2.9 1-76 9 .5 9 .7 9 .2 9 .6 10.1 10.1 10.1 11.2 1 1.6 11.5 1 1.0 10.5 9 .7 9 .0 8 .9 8 .7 6 .8 1 .0 2-76 9 .5 9 .6 9 .2 9 .6 1 0 .0 1 0 .0 1 0.0 10.9 11.4 11.2 1 0 .7 10.2 9 .5 8 .9 8 .8 8 .6 7 .4 4 .7 8*5 4 -7 2 1-73 2-73 3 -73 4—73 1—74 2-74 3 -7 4 4 -7 4 1 -75 2 -7 5 3-75 4 -7 5 1 -76 4 —71 a - n t - n 2 -7 * 1 3.5 325.6 333.2 343.2 353.8 354 .7 362 .0 GOVERNMENT PURCHASES OF GOOOS ANO SERVICES IN CONSTANT 1972 DOLLARS COMPOUNDED ANNUAL RATES Of CHANGE BILLIONS OF DOLLARS ANNUAL RATES INITIAL QUARTER 4-71 1-72 2-72 3-72 4 -7 2 1-73 2-73 3-73 4 -73 1 -74 2-74 3 -7 4 4 -7 4 1 -75 2 -7 5 3-75 4 -7 5 1 -7 6 2 51 .0 4-71 © i* • TERMINAL QUARTER 3-71 1-72 2 .9 5 .0 2-72 1 .4 1 .8 -1 .4 3-72 0 .6 0 .5 -1 .6 4-72 0 .9 0 .9 2 5 4 .1 2 5 2 .0 -1 .9 0 .0 1 .9 2 53 .2 1-73 1 .2 1 .3 0 .4 1*1 2 .6 3 .2 2-73 0 .2 0 .1 -0 .9 - 0 .8 -0 .4 -1 .6 -6 .1 3-73 0 .3 0 .2 -0 .6 - 0 .4 - 0 .1 - 0 .7 -2 .6 4 -73 0 .3 0 .2 -0 .5 - 0 .3 0 .0 -0 .5 - 1 .7 0 .6 0 .3 1-74 0 .8 0 .8 0 .3 0 .5 0 .9 0 .7 0 .1 2 .2 2 .9 5 .5 2-74 0 .8 0 .8 0 .3 0 .6 0 .9 0 .8 0 .3 2 .0 2 .3 3 .3 3 -74 0 .9 0 .9 0 .5 0 .7 1 .0 0 .9 0 .5 1 .9 2 .1 2 .7 1 .3 1 .6 09 -0 .5 253 .2 0 .4 0 .6 0 .9 0 .7 0 .4 1.5 1*6 1 .9 0 .8 0 .6 - 0 .3 0 .8 0 .7 0 .4 1 .3 1 .4 1 .6 0 .7 0 .5 0 .0 255.2 2 51 .2 1 .0 251 .8 2 5 2 .0 2 5 5 .4 1.1 2 56 .1 o • 257 .1 4-7 4 0 .8 1-75 0 .7 0 .7 0 .4 0 .6 2 -75 0 .9 0 .9 0 .6 0 .6 1 .0 0 .9 0 .7 1«6 1 .6 1 .9 1 .2 1 .2 1 .0 1 .7 3 .1 3-75 1 .2 1.2 0 .9 1.1 1 .4 1 .3 1 .1 2 .0 2 .1 2 .3 1 .6 2 .0 2 .1 2 .9 4 .2 5 .2 4-75 1 .4 1 .4 1 .1 1 .3 1 .6 1 .6 1 .4 2 .2 2 .3 2«6 2 .2 2 .4 2 .5 3 .2 4 .2 4 .6 4 .3 1-76 1 .0 1 .0 0 .8 0 .9 1.1 1 .0 0 .9 1 .5 1 .6 1 .7 1.3 1 .3 1 .2 1 .6 1 .9 1 .4 - 0 .4 - 4 .9 2-76 1 .1 1 .1 0 .9 1 .0 1 .2 1 .2 1 .0 1.6 1 .7 1 .8 1 .4 1 .5 1 .4 1 .7 2 .0 1 .7 0 .6 - 1 .2 2 .6 3-71 4-71 1-72 2-72 3^f2 4-T5 1-73 2-73 2—74 “ 3-^4 4 -7 4 1 -t* 2—75 3-75 4-75 1 -76 4 -7 5 ~ l -* 4 initial 2 56 .9 257.1 0 .3 259.1 2 6 2 .4 265 .2 261 .9 2 63 .6 ~&OA*m PREPARED BY FEDERAL RESERVE BANK OF S T . LO UIS AUGUST 19* 1976 17 DISPOSABLE PERSONAL INCONE IN CURRENT DOLLARS ________________________________________________________________ CONPOUNOEO ANNUAL RATES Of CHANGE TERMINAL_____________________________________________________________ INITIAL QUARTER__________ QUARTER 3-71 4-71 1-72 2-72 3-72 4-72 1-73 2-73 3-73 4 -7 3 1-74 2-74 3 -7 4 4-71 6 .0 1-72 7 .3 8 .6 2-72 7 .0 7 .5 6 .3 3-72 7 .8 8 .4 8 .2 10.1 4-72 9 .4 1 0.3 1 0 .8 13.1 16.2 1-73 1 0 .3 11.2 1 1 .8 1 3 .7 15.5 14.9 2-73 1 0 .5 1 1.3 1 1 .8 13.2 14.2 13.3 11.7 3-73 1 0 .4 1 1 .0 1 1 .4 1 2 .5 1 3.0 1 2.0 10.6 9.5 4 -7 3 1 0 .6 11.1 1 1 .5 1 2.4 12.8 1 2.0 11.1 10.8 12.1 1-74 1 0 .0 1 0.4 1 0 .6 11.2 1 1 .4 10.5 9 .4 8.7 8 .3 4 .6 2 -74 9 .9 1 0.3 1 0 .5 1 1.0 11.1 1 0.3 9 .4 8 .8 8 .6 6 .9 9 .2 B IL L IO N S OF DOLLARS ANNUAL RATES 4 -7 4 1-75 2-75 3-75 4-75 1-76 775.0 787.0 806.2 837.0 866.6 890.9 911.4 937.7 948.4 969.5 3 -7 4 10.1 10.5 1 0 .6 11.1 11.3 1 0.6 9 .9 9 .5 9 .5 8 .7 1 0 .7 12.3 4 -7 4 9 .9 10.2 1 0 .3 1 0 .7 10.8 10.2 9 .5 9.1 9 .1 8 .3 9 .6 9 .8 7 .3 1-75 9 .4 9 .6 9 .7 1 0.0 1 0.0 9 .4 8 .7 8 .3 8 .1 7 .3 8 .0 7 .5 5 .2 3 .2 2 -75 1 0.5 10.8 1 1 .0 1 1 .4 1 1.5 11.1 10.6 10.5 1 0 .7 1 0.4 1 1.6 12.2 1 2.2 14.8 2 7 .6 9 98 .0 1 ,0 1 5 .8 1 ,0 2 3 .8 1 ,0 8 8 .2 3 -7 5 9 .9 10.2 1 0 .3 1 0.6 10.6 10.1 9 .7 9 .4 9 .4 9 .1 9 .8 9 .9 9 .4 10.1 1 3 .7 1.2 4 -7 5 1 0 .0 10.2 1 0.3 1 0.6 10.6 10.2 9 .8 9 .6 9 .6 9 .3 10.0 10.1 9 .7 10 •.?_ 1 2 .7 5 .9 1-76 1 0.0 10.2 1 0 .3 1 0 .6 10.6 10.2 9 .8 9 .6 9 .7 9 .4 1 0.0 10.1 9 .8 10.3 12.1 7 .3 10.5 1 0.3 2 -7 6 9 .9 10.1 1 0.2 10.5 10.5 10.1 9 .7 9 .6 9 .6 9 .4 9 .9 10.0 9 .6 10.0 1 1.5 7 .7 1 0.0 9 .6 9 .0 3 -71 4 -7 1 1-72 2-72 3-72 4-72 i- n 2-73 3 -75 4 -7 3 1-74 2—74 3 -7 4 4 -7 4 1T*5 2-75 3-75 4-75 1 -76 1 ,0 9 1 .5 10.8 1 ,1 1 9 .9 1 ,1 4 7 .6 1 ,1 7 2 .5 IN IT iA L 'Ö U A f t m DISPOSABLE PERSONAL INCOME IN CONSTANT 1972 DOLLARS COMPOUNDED ANNUAL RATES Of CHANGE ------------------------------------------ --------------------------------- ---------------S f C U Iij f ß T ^ - TERNINAL____________________________________________________________ INITIAL QUARTER___________________________________________________________ DOLLARS QUARTER ANNUAL RATES 3-71 4-71 1-72 2-72 3-72 4-72 1-73 2-73 3-73 4 -7 3 1-74 2-74 3 -7 4 4 -7 4 1-75 2-75 3-75 4-75 1 -76 4-71 3 .2 1-72 3 .6 775.9 783.7 4 .1 2-72 3 .6 3 .9 3 .6 3-72 4 .4 4 .8 5 .2 6 .7 4-72 5 .9 6 .6 7 .5 9 .4 12.2 1-73 6 .4 7 .1 7 .8 9 .3 10.6 9 .0 2-73 6 .0 6 .5 7 .0 7 .8 8*2 6 .3 3 .6 3-73 5 .6 5 .9 6 #2 6 .8 6 .8 5 .0 3.1 2 .6 4 -73 5 .2 5 .4 5 .6 5 .9 5.8 4 .2 2 .7 2 .2 1.8 790.7 803.7 827.1 645.1 852.7 858.2 862.1 846.7 1-74 3 .9 4 .0 3 .9 4 .0 3 .5 1 .9 0 .2 -0 .9 -2 .7 - 7 .0 2-74 3 .2 3 .3 3 .2 3 .1 2 .6 1.1 - 0 .4 - 1 .4 - 2 .7 -4 .9 -2 .9 3-74 3 .0 3 .0 2 .9 2 .8 2 .3 1 .0 - 0 .3 -1 .0 -1 .9 - 3 .1 -1 .2 840.6 0 .5 841.7 834.0 4 -74 2 .5 2 .4 2 .3 2 .2 1 .7 0 .4 -0 .8 -1 .5 - 2 .3 - 3 .3 -2 .0 - 1 .6 -3 .6 1-75 2 .1 2 .0 1.8 1 .7 1.2 0 .0 - 1 .0 - 1 .7 -2 .4 - 3 .2 -2 .2 - 2 .0 - 3 .3 -2 .9 2-75 3 .3 3 .3 3 .3 3 .2 2 .9 2 .0 1 .3 1.0 0 .8 0 .6 2 .2 3 .5 4 .5 8 .7 2 1 .8 3-75 2 .7 2 .7 2 .6 2 .5 2 .2 1 .3 0 .6 0 .* - 0 .1 -0 .3 0 .8 1 .6 1 .8 3 .7 7 .2 -5 .7 4-75 2 .8 2 .8 2 .7 2 .7 2 .4 1 .6 1 .0 0 .7 0 .5 0*3 1 .4 2 .1 2 .4 4 .0 6 .4 - 0 .5 4 .9 1-76 3 .0 3 .0 3 .0 2 .9 2 .6 1 .9 1.4 1.2 1 .0 0 .9 2 .0 2 .7 3 .0 4 .4 6 .3 1 .6 5 .5 6 .1 2-76 3 .1 3 .1 3 .1 3 .0 2 .8 2 .1 1.6 1.5 1.4 1 .3 2 .3 2 .9 3 .3 4 .5 6 .0 2 .4 5 .2 5 .4 4 .7 5-71 4-71 1-72 2-72 5-72 4-72 1-73 2-73 3-73 4—73 1-74 2-74 3-74 4 -7 4 1-75 2-75 3-75 4-75 1-76 827.9 869.7 857.1 867.5 880.4 890.5 I M T t A L 6UARTIA P*EPAREO BY fEOERAL RESERVE BANK OF S T . LOUIS AUGUST 1 9 , 1976 18 CORPORATE PROFITS AFTER TAXES • COMPOUNDED ANNUAL RATES OF CHANCE --------------------------------------------------------------------------------------TERMINAL__________________________________________________ QUARTER 1-73 3-71 4-71 1-72 2-72 3-72 4-72 — 2-73 ' ~TÌLLIONS OF IN IT IA L QUARTER_______________________________________ ___ ______________________ DOLLARS ANNUAL RATES 1-75 2-75 3-75 4-75 1-76 3-73 4-73 1-74 2-74 3-74 4-74 4 8.1 4-71 2 4 .9 1-72 24.2 2-72 20*4 18.2 13*2 3-72 20 .9 19.6 1 7 .7 22 .3 2 3 .4 50.7 52.3 5 5 .0 4-72 2 5 .4 25.6 2 6 .3 3 3.4 4 5 .4 1-73 28 .6 29.6 31.2 37.8 46 .2 4 6 .9 2-73 2 5 .7 25.8 2 6 .3 2 9 .« 3 2 .4 2 6 .4 6 0 .4 6 6 .5 8 .7 6 7 .9 3-73 19.9 19.2 1 8 .5 19.6 18.9 11.2 4-73 1 9.9 19.3 10.8 19.7 19.2 1 3 .4 4 .0 1.8 2 0 .4 1-74 22 .6 2 2 .4 2 2 .3 23 .6 23 .8 19.9 14.0 15.8 34 .3 -3 .3 -13.9 6 5 .4 68.5 75.8 49 .9 2-74 18.9 18.4 17.8 18.4 17.8 13.8 8.1 8 .0 16.4 14.5 -12.6 3-74 2 1 .2 20.9 2 0 .6 2 1 .5 21 .4 18.3 14.1 15.2 2 3 .9 25.0 14.2 49.1 81.0 4-74 14.5 13.6 12.8 12.8 11.7 8 .1 3 .5 2 .6 6 .3 3.1 - 9 .0 - 7 .2 -4 2 .3 70.6 1-75 5 .0 3 .6 2 .1 1.2 - 0 .7 - 4 .9 2-75 8 .1 7 .0 5 .9 5 .3 3.8 0 .4 3-75 73.3 - 9 .9 -1 2 .3 - 1 2 .0 -17.3 -28.8 -33.5 -55.6 -6 5 .8 -3 .8 -5.2 - 3 .9 -7 .4 -16.0 -16.8 -31.5 -2 5 .3 12.2 11.4 10.6 10.4 9 .4 6 .7 3 .3 2 .7 5 .0 4-75 12.2 11.4 10 .6 10.5 9 .6 7 .1 4 .0 3 .6 5 .7 4 .0 1-76 13.3 12.6 1 2.0 11.9 11.2 8 .9 6 .2 6 .0 8 .2 7 .0 2-76 12.9 12.3 11.7 11.6 10.9 8 .8 6 .3 6 .1 8 .1 7 .0 3-71 4-71 1-72 2-72 3-72 4-72 1-73 2-73 3-73 3 .0 4-73 -3 .3 -1 .3 -11.0 2 .8 -1 .3 0 .7 -6 .9 5 .0 2 .5 4 .9 -1 .1 10.2 3 .0 5.2 0 .1 9 .7 4-74 1-74 2-74 3—74 54.0 61.0 6 2 .8 95.2 72.1 52 .5 4 7 .6 11.6 74.1 4 7 .6 4 2 .8 22.2 33.8 3 8 .5 3 3.0 17.0 19.8 7 .2 1-75 2-75 3-75 4-75 1-76 7 8 .3 79 .7 8 1 .I F I N I T I AU QUARTER * NATIONAL INCOME B A S I S f>- PRELIM INARY THŒfAHÎtTVTEMftAL AÏSMVe »ANK ö i ST. Lòuii AUGUST 1 9 . 1976 SOURCES OF DATA NATIONAL INCOME AND PRODUCT ACCOUNTS DATA Source: 1929-45: 1945-72: 1973-76: U. S. Department of Commerce, Bureau of Economic Analysis, Washington, D.C. 20230 Annual data will be published at a later date. Survey of Current Business, Parts I and II, January 1976. Survey of Current Business, July 1976. 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 I E S COMPARED WI T H MONTHLY S A L E S * MANUFACTURING AND TRADE 76 76 72 72 1 .68 68 64 64 1.60 60 1.56 56 .52 52 .48 48 44 44 . 40 40 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1 «RATIOS BASED ON SEASONALLY ADJUSTED DATA. 1973 1974 1 1 SOURCE: U.S.DEPARTMENT OF COMMERCE SHADED AREAS REPRESENT PERIODS OF BUSINESS RECESSIONS AS DEFINED BY THE NATIONAL BUREAU OF ECONOMIC RESEARCH. REVISED FROM 1973-75. LATEST DATA PLOTTED: JUNE PRELIMINARY PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 20
@FedFRASER