Full text of National Economic Trends : August 1977

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mmonoL Economic
PREPARED BY FEDERAL

RESERVE

MONTH ENDING: July 31, 1977

treiids

BANK OF ST. LOUIS

RELEASED: August 25, 1977

The economy has continued to advance in recent months, although
there are some indications that the rate of economic growth has moderated.
Increases in employment have been strong, on balance, and although the
trend rate of inflation remains high, there are signs that the exceptionally
high rates of price increase posted early in the year are subsiding. Re­
flecting the slight moderation in the pace of economic activity, personal
income has grown at a 7.6 percent annual rate since ilarch, compared to an
11.3 percent rate in the first two years of the recovery. The growth of
industrial production and retail sales also have been tempered in recent
months.
Despite a small decline in
since March has been more rapid than
two years of the current expansion.
employment advanced at a 3.1 percent
accelerated to a 3.7 percent rate of

July, civilian employment growth
increases registered during the first
From ilarch 1975 through March 1977,
rate. Since March employment has
growth.

The impact of the severe weather early in the year on the rate
of price increase appears to have abated somewhat. Wholesale prices,
which climbed at a 12.A percent rate from January through March, have
slowed to a 2.5 percent rate of advance from Ilarch through July. Likewise,
consumer prices, although still increasing rapidly by historical standards,
have advanced at a 7.2 percent rate since March, a reduction from the 10
percent rate of increase recorded over the January to Ilarch period.
Examination of the relative growth rates of the components of
industrial production shows that the early phases of the current expansion
were characterized by rapid advances in consumer goods production, while
more recently increases in output have been strongest in the capital goods
sector. Equipment production, which reflects additions to or replacement
of business capital, posted a relatively sluggish rate of growth over the
period from March 1975 through February 1977. Since February, production
of equipment has surged at a 13.8 percent rate. Hie strength of business
investment is of particular interest because it reflects business expectations
regarding future economic growth.

Industrial Production In The Current Recovery
(Compound Annual Rate of Change)

Market Groupings
Final Products
Consumer
Equipment
Intermediate
Products
Materials

3/759/75

9/758/76

8/762/77

i m ­
iti

21.6%
5.0

7.2%
4.3

5.2%
5.8

7.5:
13.8

21.2
24.8

8.8
10.9

5.9
-0.9

8.3
12.6

Total Industrial


Production


19.5%

8.2%

2.9%

10.8

TÛTAL CIVILIAN EMPLOYMENT
COMPOUNDED ANNUAL KATES OF CHANGE
TERMINAL

INITIAL MONTH

h QNTH______________________________________________________________________________________________________________________

1—7*

2-76

3—7t> 4-76

11.6

2-7<»

7.*

3.5

3-76

6.7

4.4

5.3

0.8

5.2

6.1

6.9

5-76

0*3

5.0

5.5

5.6

4.4

W ö

5.0

3.7

3.7

3.2

1.4

•4

5-76

6-76

7-76

8-76

9-76 10-76 11-76 12-76

1-77

2-77

3-77

4-77

5-77

6-77
t)6t226

l-7t>

*,\
0

12— 75

THOUSANDS
OF PERSONS

66 »471
86,845
67*329
67*640
£7*533

-1.5

7-76

4.7

3.6

3.7

3.3

2.1

1.0

3.5

6-76

4.2

3.2

3.2

2.6

1.7

0.9

2.1

V—7t>

3.7

2.7

2.6

¿.2

1.3

0.5

1.2

0.1

-0.5

1G—76

3.2

2.3

2.2

1.6

0.9

0.3

0.7

-0.2

—0.7

-0.8

11-76

3.6

2.6

2.7

2.4

1.6

1.3

1.9

1.5

1.8

2.9

6*8

12.-76

3.5

2.6

2.7

2.5

1.9

1.6

2.1

1.8

2.1

3.0

4.9

87*783
67*83*

0.7
8>*V^4

*7,738
88*220
88,441

3.0

1-77

3.4

2.7

2.6

2.4

1.9

1.6

2.0

1.8

2.0

2.6

3.8

2.3

1.6

2-77

3.5

2.9

2.9

2.7

2.2

2.0

2.5

2.3

2.6

3.2

4.2

3.4

3.6

5.6

06,556

¿-77

3.6

3.2

3.2

3.0

2.7

2.5

3.0

2.9

3.2

3.9

4.8

4.3

4.8

6.4

86,902
7.1

89,475

*+— 11

4.0

3.5

3.5

3.4

3.1

3.0

3.4

3.4

3.8

4.4

5.3

5.0

5.5

6.8

7.4

7.6

5-77

4.1

3.6

3.6

3.5

3.3

3.2

3.6

3.6

3.9

4.5

5.3

5.0

5.4

6.4

6.7

6.4

5.3

6-77

4.0

3.6

3.6

3.5

3.3

3.2

3.6

3.6

3.9

4.4

5.1

4.8

5.1

5.8

5.9

5.5

4.5

3.t

7-77

3.7

3.3

3.3

3.2

2.9

2.9

3.2

3.2

3.4

3.8

4.3

4.0

4.1

4.6

4.4

3.7

2.4

1.0

-1.6

12-75

1-76

2-76

3-76

4-76

5-76

6-76

7-76

8-76

9-76 10-76 11-76 12-76

1-77

2-77

3-77

4-77

5-77

6-77

V0*0i.3
90,406
90,<>79
90,561

INITIAL MONTH

PAYROLL EMPLOYMENT
COMPOUNDED ANNUAL RATES OF CHANGE
TERMINAL
MONTH
12-75

INITIAL MONTH
1-76

1-76

6.2

2-76

4.9

3.6

2-76

3-76

4— 76

5-76

6-76

7-76

8-76

THOUSANDS
OF PERSONS

9-76 10-76 11-76 12-76

Η77

2-77

3-77

4-77

5-77

6-77
7a ,*06
7t ,o35

3-76

5.1

4.5

5.4

4-76

5.1

4.7

5.3

78* V6C
5.2

79,31c

5-76

4.1

3.5

3.5

2.6

0.1

6—76

3.5

3.0

2.6

2.0

0.4

TV ,31V
0.7

79,366

7-76

3.3

2.6

2.7

2.0

1.0

1.5

2.2

ft—76

3.1

2.7

2.5

1.9

1.2

1.5

1.9

1.6

79,51^

9-76

3.3

2.9

2.8

2.4

1.8

2.3

2.8

3.1

7V»61t>
4.6

79,916

10-76

2 .a

2.4

2.3

1*0

1.3

1.5

1.7

1.5

1.5

-1.5

11-76

2.9

2.6

2.5

2.1

1.7

2.0

2.2

2.3

2.5

1.4

4.4

12-76

3.0

2.7

2.6

2.3

2.0

2.2

2.5

2.5

2.8

2.1

4.0

7V,019
6C,10©
3.6

60 »344

1-77

3.0

2.7

2.7

2.4

2.1

2.4

2.6

2.7

2.9

2.4

3.8

3.5

3.3

2-77

3.1

2«6

2.6

2.5

2.3

2.5

2.8

2.8

3.1

2.7

3.8

3.6

3.0

4.0

3.4

3.6

3.9

3.7

4.8

4.9

5.3

6.4

64,561
60,624

3—77

3.5

3.3

3.2

3.1

2.9

3.1

*-77

3.5

3.3

3.3

3.2

3.0

3.3

3.5

3.7

3.9

3.8

4.7

4.8

5.1

5.7

6.6

4.4

5-77

3.5

3.3

3.3

3.2

3.0

3.3

3*5

3.6

3.9

3.8

4.6

4.6

4.8

5.2

5.5

3.9

3.5

6-77

3.5

3.3

3.3

3.1

3.0

3.2

3*4

3.5

3.7

3.6

4.3

4.3

4.4

4.6

4.8

3.5

3.0

2.6

7-77

3.5

3.3

3.3

3.2

3*1

3.3

3.5

3.6

3.8

3.7

4.3

4.2

4.3

4.5

4.6

3.6

3.3

3.2

3*8

12-75

1-76

2-76

3-76

4-76

5-76

6-76

7-76

8-76

9-76 10-76 11-76 12-76

1-77

2-77

3-77

4-77

5-77

6-77

8.8

fai,395
öl *t»8t
01,921
62 »U95P
62 ,35 J.P

INITIAL MONTH
P- PRELIMINARY




PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
AUGUST 5* 1977

2




EMPLOYMENT
RATIO

SCALE

1969

RATIO

1970

1971

1972

1973

1974

1975
SO URCEt

P ER CEN TAG ES ARE ANNUAL RATES OF CHANCE FOR P E R IO D S
L A T E S T DATA P LO TTED »

1976

19 7 7

U .S .D E P A R T M E N T OF LABOR

IN D IC A T E D .

J U LY P R E L IM IN A R Y
PREPARED BY FE D E R A L R ESERVE BANK OF S T .

UNEMPLOYMENT

1969

1970

1971

1972

1973

LA TE S T DATA PLO TTED»

L O U IS

RATE

1974

1975
SOURCE*

PERCENT OF C I V IL IA N

SCALE

U .S .

1976

1977

DEPARTMENT OF LABOR

LABOR FORCE
JU LY
PREPARED BY FEDERAL RESERVE BANK OF S T .

3

L O U IS

CONSUMER PRICE INDEX» SEASONALLY ADJUSTED
COMPOUNDED ANNUAL RATES OP CHANGE
1ERHINAL___________________________________________________INITIAL MONTH___________________________________________________ 1 ^ 7 « ICO
month

12-75

1-76

2-76

3-76

4-76

5-76

6-76

7-70

8-76

9-76 10-76 11-76 12-7o

7.5

2-7o

4.4

1.4

3-7o

3.9

2.2

2.9

4-76

4.2

3.1

4.0

5.1

5-76

5.0

4.4

5.*

6.6

8.1

6—76

5.0

4.5

5.3

6.1

0.6

5.1

7-76

5.1

4.7

5.4

O.0

6.3

5.4

5.8

«-76

5.2

4.V

5.5

o*0

6.2

5.5

5.8

5.8

5.3

5.7

5.8

5.2

5.3

5.0

4.3

3-77

5-77

4-77

0-77

Ifc7.7
loo .*
16V.5
lit.2

171TC
171.8
172.4

4.0

10-70

5.0

4.7

5.2

5.5

5.5

5.0

5.0

4.8

4.3

4.3

11-76

4.9

4.6

5.0

5.2

5.2

4.8

4.7

4.5

4.0

3.9

3.5

4.9

4.0

5.0

5.2

5.2

4.8

4.8

4.6

4.2

4.2

4.2

12-7o

2-77

107. 2>

5.1

9-76

1-77

107.1

1—7o

173.0
173.5
17*. 2

5.0

175.6

1-77

5.3

5.1

5.4

5.7

5.7

5.4

5.5

5.5

5.4

5.7

6.1

7.5

10.1

2-77

5.8

5.0

6.0

6.3

6.4

6.2

6.3

6.4

0.5

7.0

7.6

9.1

11.2

12.3

3-77

5.9

5.8

6.1

6.4

6.3

6.5

0.6

6.7

7.1

7.7

8.7

10.0

10.0

7.7

4-77

6.1

O.0

6.4

6.6

6.6

6.8

6.9

7.1

7.5

8.0

8.9

10.0

9.9

8.8

0.8

177.3
17«.4
17V. b

9.8

lbG.V

5-77

6.2

6.1

6.5

o.7

0.8

6.7

6.9

7.0

7.1

7.5

8.0

8.7

9.5

9.3

8.4

8.7

7.6

0-77

6.2

6.2

6.5

6.7

0.8

6.7

6.9

7.0

7.1

7.4

7.8

8.4

9.0

8.6

8.0

8.1

7.2

6.8

7-77

6.2

6.1

6.4

6.6

6.7

0.6

6.7

6.8

6. V

7.1

7.5

8.0

8.4

8.1

7.3

7.2

0 .4

5.8

4.7

12-75

1-76

2-76

3-76

4-76

5-76

6-76

7-76

8-76

9-76 10-76 11-76 12-76

1-77

2-77

3-77

5-77

6-77

*-77

Itl.V
it 2 .o

INITIAL MONtH

PREpARtD_ BY fet>£RAL RfcStfcVt BANK ‘Of- STVuduTS:
AUGUST IV* 1977

WHOLESALE PRICES - ALL COMMODITIES» SEASONALLY ADJUSTED
COMPOUNDED ANNUAL RATES OF CHANGE
TERMINAL
MONTH
12-75

1967 * 100

INITIAL MONTH
1-76

2-76

3-70

4-76

5-76

6—76

7-76

8-76

9-76 10-76 11-76 12-76

1-77

2-77

3-77

4-77

5-77

6-77
179.8

1-76

3.4

2-76

0.7

-2.0

3—76

1.3

0.3

2.7

179.5
179.9
181.5

4-76

3.7

3.8

6.9

11.2

5-76

3.5

3.5

5.5

6.9

2.7

6-76

3.9

4.1

5.6

6.6

4.4

181.9
182.8

6.1

183.5

7-76

4.0

4.2

5.4

6.1

4.5

5.4

4.7

8-76

3.3

3.3

4.2

4.5

2.8

2.9

1.3

-1.9

9-76

3.8

3.9

4.7

5.1

3.9

4.2

3.5

3.0

183.2
184.4

8.1

10-76

4.0

4.1

4.9

5.2

4.2

4.5

4.2

4.0

7.1

6.0

11-70

4.3

4.4

5.2

5.5

4.7

5.0

4.8

4.8

7.2

6.7

7.4

185.3

12-70

4.6

4.7

5.4

5.7

5.1

5.4

5.3

5.4

7.4

7.1

7.7

8.0

5.4

5.5

7.1

6.8

7.1

7.0

186.4
187.6
5.9

1-77

4.7

4.8

5.5

5.8

5.2

5.5

2-77

5.2

5.3

6.0

6.3

5.8

6.1

6.1

6.3

7.8

7.7

8.1

8.4

8.6

11*4

3-77

5.7

5.9

6.5

6.8

6.4

6.8

6.9

7.2

8.6

8.6

9.2

9.6

10.2

12.4

13.4

4-77

6.3

6.4

7.1

7.4

7.1

7.5

7.7

8.0

9.3

9.5

10.1

10.6

11.3

13.1

14.0

14.6

188.5
190.2
192.2
194.*

5-77

6.2

6.4

6.9

7.2

0.9

i «>
•

7.4

7.7

8.8

8.9

9.3

9.7

10.0

11.0

10.9

9.7

5.1

6-77

5.4

5.5

6.0

6.2

5.8

6.1

6.1

6.2

7.0

6.9

7.0

7.0

6.8

7.0

6.0

3.6

-1.5

-7.7

7-77

5.0

5.1

5.6

5.7

5.4

5.6

5.5

5.6

6.3

6.1

6.2

6. 0

5.7

5.7

4.6

2.5

-1.2

-4.2

—0.6

12-75

1-76

2-76

3-76

4-76

5-76

6-76

7-76

8-76

9-76 10-76 11-76 12-76

1-77

2-77

3-77

4-77

5-77

6-77




195.2
193.9
193.8

INITIAL MONTH

PREPARED BY 'FEDERAL RESERVE
AUGUST 11» 1977

4

6ANK

OF ST* LOUIS




RATIO

PR I C E S

SCALE

PERCENTAGES ARE ANNUAL RATES OF CHANCE FOR PER IO D S
LATEST DATA PLO TTEO :

RATIO

IN D IC A T E D .

JULY
PREPARED BY FEDERAL RESERVE BANK OF S T .

RATIO

SCALE

SCALE

1967-100

WHOLESALE
SEA SO NALLY

PRICES
ADJUSTED

PERCENTAGES ARE ANNUAL RATES OF CHANCE FOR PER IO D S

RATIO

L O U IS

S CALE

1967-100

IN D IC A T E O .

LATEST DATA PLOTTEO« JULY
PREPARED BY FEDERAL RESERVE BANK OF S T . L O U IS

5

WHOLESALE PRICES - INDUSTRIAL COMMODITIES, SEASONALLY ADJUSTED
_____ ________ COMPOUNDED ANNUAL RATES OF CHANGE__________
IEKMINAL
MONTH
12-75

2-76

1-76

8*5

2-76

5.6

2.7

3-76

5.3

3.6

4*8
4*8

5.2

4.1
3.6

4.5
5.0

7-76

5.3

4—70

5-76

6-76

7-76

8-76

9-76 10-76 11-76 12-76

1-77

2-77

3-77

4-77

5-77

6-77

4*6

178.4
179*1
4*8

179*8

3*9

3*4

2*0

4*8

4*8

4*8

7.6

5*2

5*3

5*4

7.2

180*1
181*2
6*8

182*2

c

ft1

5-7o

3-76

178*0

*-7o

o-7 o

1967 * 100

INITIAL MONTH
1-76

5*6

5.2

5*6

5*7

6*0

7.3

7*2

7*5

9-76

6*0

5.7

0*1

6*4

6*7

7.9

8*0

8*5

9*0

10-70

o*5

6.3

6.7

7*0

7*4

6*5

8.7

9*3

10*2

10*9

11—7o

6 .O

6.*

0.9

7*1

7*5

8.4

8*5

9*0

9*5

9*4

8*0

12-7o

6*4

6.2

6.6

6*8

7*0

7*7

7*8

7*9

8*1

7*6

5*9

3*9

1-77

6.4

6.2

6.5

o*7

6*9

7*5

7*5

7*6

7*6

7*1

5*9

4*9

¿-77

0*5

6.3

6*6

6.8

7*0

7*5

7*5

7*6

7.7

7*3

6*4

5*9

6*9

7.9

3-77

6.7

0.0

0*9

7.0

7*2

7*8

7*8

7*9

8.0

7*7

7.1

6*9

7*9

8*9

9*9

*-77

6*6

6*6

0*9

7.1

7*3

7*8

7*8

7*9

8*0

7*7

7*2

7*1

7*9

8*5

8*8

7*8

7*4

5*1

183*3
184*7
186*3
187*5
188*1
5*9

189*0
190.2
191.7
192*9

5-77

6.7

0*5

0*8

6.9

7*1

7*6

7*5

7*6

7*6

6*9

6*7

7.3

7*6

7*6

6*4

0-77

0*5

6*3

0*0

6.7

o*8

7*2

7*2

7*2

7.2

6*9

6*4

6*2

6*6

6.7

6*4

5*3

4*1

3*1

7-77

0*5

6*3

0*0

0.7

6.8

7*1

7*1

7*1

7.1

6*9

6*4

6*2

6*6

6*7

6*4

5*6

4*9

4*7

6*4

12-75

1-76

2-76

3—?o

4-76

5-76

0-76

7-76

8-76

9-76 10-76 11-76 12-76

1-77

2-77

3-77

4-77

5-77

6-77

4-77

5-77

6-77

193*7
194*2
195.2

IN ITIA L HONTh

WHOLESALE PRICES—FARM PRODUCTS AIM) PROCESSED FOOOS AND FEEDS, SEAS* ADJ.
COMPOUNDED ANNUAL RATES OF CHANGE___________________
TERMINAL
MONTH
12-75

1967 « 100

INITIAL MONTH
1-76

2-76

3-76

4-76

5-76

6-76

7-76

8-76

9-76 10-76 11-76 12-76

1-77

2-77

3-77

1-76

-10*4

184.4

2-70

-13*7 —lo*8

181.6

3-76

-10*1 -10*0

181.2

-2*6

185*4

4—76

-1*1

2*2

13*2

31*6

5-76

0*3

3*1

10*8

18*1

6*0

6-76

1*0

3*4

9*2

13*4

5*3

4*6

7*8

0*9

-1*6

180*3
187*0

7-76

—0.3

1*5

5*6

-7*4

185*8

8-70

-4.5

-3*6

-1*2

-0*9

-7*7 -11*9 -19*1 -29*3

9-76

—3 *6

-2*7

-0.5

-0*1

-5*5

-8*1 -12*0 -14*2

4*1

10-76

-3*9

-3*1

-1*2

-1*0

-5*6

-7.8 -10*7 -11*7

-1*3

—6*4

11-76

-3*5

-2*8

-1*1

-0*9

—4*9

—6*5

—8*6

-8*9

-0*9

-3*3

0*0

12-76

-1*1

-0*2

1*6

2*1

-1*1

-2*1

-3*2

-2*3

5*9

6*6

13*7

29*3

1-77

-0*8

0*1

1*7

2*2

—0*6

-1*4

-2*3

-1*4

5*4

5*7

10*1

15*6

3.3

180*5
181*1
180*1
180*1
184*0
184*5

2-77

1*0

1.9

3*6

4*2

1*8

1*4

1*0

2*2

8*7

9*7

14*1

19*2

14*5

26*9

3-77

2*6

3*6

5*4

6*1

4*0

3*8

3*7

5*2

11*4

12*6

16*9

21*5

19*1

27*8

28*7

4-77

4*6

5*7

7*6

8*4

6*6

6*7

6*9

8*6

14*6

16*2

20*5

25*1

24*0

31*8

34*4

40*3

17*8

21*1

19*5

24*0

23*0

20*3

188*2

5-77

4*5

5*6

7*2

8*0

6*4

6*4

6*6

8*1

13*3

14*5

6-77

1*7

2.5

3*9

4*3

2*6

2*3

2*1

3*1

7*0

7*4

9*2

10*6

7*8

8*7

4*5

7-77

0*3

0*9

2*1

2*4

0*7

0*3

0*0

0*6

3*9

3*9

5*1

5*8

2*8

2*7

12-75

1-76

¿-76

3-76

4-76

5-76

6-7o

7-76

8-76

9-76 10-76 11-76 12-76

1-77




192.2
197*7
3*1

198*2

-2*5 -18*7 -35*9

191*0

-1*5

-7*9 -20*0 -29*5 -22*4

187.0

2-77

3-77

4-77

5-77

6-77

IN ITIA L mONTh

PREPARED BY FÉDERAL RESERVE BANK OF ST* LOUIS
AUGUST 1 1 , 1977

6

INDUSTRIAL
RATIO

PRODUCTION

SCALE

RATIO

1967-100

1969

1970

1 9 71

1972

1973

1974

PERCENTAGES ARE ANNUAL RATES OF CHANCE FOR P E R IO D S

S CALE

1967-100

S EAS ONALLY ADJ US T E D

1975

1976

1977

IN O IC A T E D .

LA TE S T DATA P LO TTED : JULY P R E L IM IN A R Y
PREPARED BY FEDERAL RESERVE BANK OF S T .

L O U IS

INDUSTRIAL PRODUCTION
COMPOUNDED ANNUAL RAYÉS OF CHANGE
1967 * 1ÖO

INITIAL MONTH

TERMINAL
month

12-75

1-76

2-76

3-76

4-76

5-76

6—76

7-76

8-76

9-76 10-76 11-76 12—76

1-77

2-yr

s1

125.7

13.3

iTr;3-

2-76

14*8

16.4

3-70

12.4

12.0

7.8

4—76

10.0

8.9

5.3

2*8

5-76

10.3

9.6

7.4

7.2

6-76

9.4

8.6

6.7

6.4

8.2

4.7

7-76

8.8

8.1

6.5

6.2

7.4

¿.2

5.7

lïi.l

128.4
129.6

11*8

1^0.1

6-76

8 m4*

7.8

6.4

6.1

6.9

5.4

5.7

lSö.7
131.3

5.7

ISO.Ó

V—76

6.9

6.1

4.8

4.3

4.5

2.8

2.2

0.5

-4.5

10-76

5.7

4.9

3.6

3.0

3.0

1 *3

0*5

-1.2

-4.5

-4.5

11-76

6.5

5.9

4.7

4.4

4.6

3.4

3.2

2.5

1.$

4.7

14.7

12-76

7.0

6*4

5.5

5.2

5.5

4.7

4.7

4.5

4.2

7.2

13.6

12.5

1-77

5.7

5.1

4.1

3.8

3.9

2.9

2.6

2.2

1.5

3.0

5.6

1.4

-8.7

2-77

6.0

5.5

4.6

4.4

4.5

3.7

3.6

3.3

2.9

4.5

6.8

4.3

0.5

1Ò.5

7.9

6*5

14.*

19.6

3-77

4^77 “5^77”“6-T7“

6.9

6.4

5.7

*-77

7.0

6.6

6.0

5.8

6*1

5-77

7.3

6.9

6.3

6.2

6.5

6—77

7.3

7.0

6.4

6.3

6.6

6.2

6*3

7-77

7.3

6.9

6.4

6.3

6.6

6.2

6.3

6*4

6#%

12-75

1-76

2-76

3-76

4-76

5-76

6-76

7-76

8-76

5.5

5.8

5.2

130.3
T3Ï.8
Ì3à.l
132.1
133.2
135.2

5.1

6.8

9.3

5.6

¿.6

7.2

9.3

8.2

7.2

13.0

14.3

9.2

6.2

6.2

7.7

9.5

8.T

7.9

12.5

13.2

10.2

ll.l

6.4 " 7 . 7

9.*

8.6

8.Û

11.6

11.4

*.5

9.6

8.1

7.6

9.Ô

è.T

7.7

10.7

10.8

8.7

8.5

7.2

6.2

9-76 10-76 11-76 12-76

1-77

2-77

3-77

4-77

5-77

6-77

5.3

5.2

5.6

$.7

6.0

6.1

136.2
137.4
138.3P
139.OP

INITIAL MONTH
P- PRELIMINARY




PREPAREO BY FEDERAL RESERVE BANK OF ST. LOUIS

7

PERSONAL
RATIO

S CALE

1969

INCOME
RATIO

MONTHLY TOTALS AT ANNUAL RATES

1970

19 71

1972

1973

1974

1975

SOURCEt U . S .
PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR P E R IO D S
LATE S T DATA PLOTTED«

1976

S CALE

1977

DEPARTMENT OF COMMERCE

IN D IC A T E D .

JULY P R E L IM IN A R Y
PREPARED BY FEDERAL RESERVE BANK OF S T . L O U IS

PERSONAL INCOME
COMPOUNDED ANNUAL RATES OF CHANGE
ItKfllNAL
HUNT«
12-75

INITIAL MONTH
1-76

2-76

£—76

4-76

5-76

6-76

7-76

8-76

9-76 10— 76 11-76 12-76

1-77

2-77

3-77

4-77

5-77

BILLIONS OF
OOLLARS
ANNUAL RATES
6-77
1«326.9

1-76

13.0

¿-76

12.5

11*4

¿-76

11.2

10.1

8.8

4—7c>

11.0

10.2

9.6

1,338.9
1,348.3
1,359.5

10.4

1,367.9

5-76

10.4

9.6

8.9

9.0

7.7

6-76

9.3

8.5

7.6

7.4

6.0

4.3

7-76

9.8

9.1

8.7

8.7

8.1

8*3

12.5

tt—76

9.*

8.8

6.*

8.3

7.7

7.8

9.5

6.7

V—76

9.1

b.O

b.2

b.l

7.6

7.0

8.8

6.9

7.2

10-76

9.3

8.9

8.6

8.5

8.2

8.3

9.3

8.3

9.2

1,372.7
1,386.2
1,393.7
1,401.8
1,414.2

11*1

ll-7o

9.9

9.0

9.4

9.5

9.3

9.0

10.7

10.3

11.5

13.7

16*3

1^-76

10.5

10.2

10.1

10.2

10.2

10.5

11.6

11.4

12.7

14.5

16.3

16*3

1,432.1

1-77

9.9

9.6

9.4

9.5

9.4

9 .O

10.4

10.1

10.8

11.7

11.8

9.7

3.4

13*1

11*6

20*4

1,450.2
1,454.3
o

2-77

10. o

10.4

10.3

10.5

10.5

10.8

11.6

11.5

12.3

13.4

13.9

j-77

11.2

11.0

11.u

11.2

11.3

11.6

12.5

12.5

13.3

14.4

15.0

14.7

14.2

20*0

19*5

«*-77

11.1

10.9

10*9

11.0

11.1

11.4

12.1

12.1

12*8

13.6

14*0

13.6

12*9

16*3

14*2

9*2

b—77

lO.tt

10.0

10.5

10.7

10.7

10.9

11.5

11.5

12.0

12.6

12.8

12.3

11.5

13.6

11.4

7.5

1.499.1
1,510.1
5*9

1,517.3

ti—77

10.5

10.3

10.2

10.3

10.3

10.5

11.0

10.9

11.3

11.8

11.9

11.3

10.5

11.9

9*9

0.9

5*8

5*7

7-77

10 «4

10.2

10.2

10.3

10.3

10.4

10.9

10.8

11.2

11.6 _11*6

11*1

10*4

11*6

9*9

7*6

7*0

7*6

9.6

12-75

l-7o

2-70

3-70

4-70

5-76

6-76

7-76

8-76

9—7o 10-76 11-76 12-70

1-77

2-77

3-77

4-77

5-77

6-77

1.524.3
1,536.OP

INITIAL HUNTH
P- PKtLlMlNARY




PREPARED BY FEDERAL RESERVE BANK OF S T . LOUIS
AUGUST 18 » 1977

8

RETAIL
RATIO

SALES

SCALE

BILLIONS

RATIO

OF D O L L A R S

1969

1970

BILLIONS

SEAS ONAL L Y ADJ UST ED

19 71

1972

1973

1974

1975

SOURCE: U . S .
PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR P E R IO D S
LA TE S T DATA P LO TTE D :

JUNE,

1976

OF

S CALE

DOLLARS

1977

DEPARTMENT OF COMMERCE

IN O IC A T E O .

J U L Y ADVANCE E S T IM A T E

PREPARED BY FEDERAL RESERVE BANK OF S T . L O U IS

r e t a i l SALtS
COMPOUNDED ANNUAL RATES u p C h a n g e

TERMINAL
MONTH
12-75

INITIAL MONTH
1-76

2-76

3—7o

*-7o

5-76

o—7o

7-76

b—76

MILLIONS OF
DOLLARS

9—7t> 10-76 11-76 12-70

1-77

2-77

3-77

*—77

5-77

6-77
51 >t>92

1-70

—3*2

2-76

10*5

26.2

3—76

13 *0

22.2

lb.3

4-76

11.b

17.3

13.2

5-76

5.3

7.6

2.0

6-76

8.9

11.5

b.l

*.9

3.3

2b .5

7-7o

6.b

8.6

5.3

2.3

0.4

1C.5

-5.0

8-76

b .6

10.4

7.9

5.9

5.4

l*.l

7.6

»001
53,3*4
0.2

*690

— λ.2 -17.0

52 ,86b
53,983
53 »75*
21.8

>4,0*3

9-76

6.1

7.4

*.9

2.9

l.b

7.2

0.9

3.9 -11.3

10—76

6.6

7.9

5.9

*.<:

3.5

6.2

3.7

6.7

-C.l

12.5

il-7o

b.l

9.3

7.0

6.3

6.1

10.5

7.2

10.5

Y.G

17.5

22.7

12-76

11 .V

13.*

12.2

11.5

12.0

lo .9

15.0

19.5

19.0

31.2

*1.6

63.5

1-77

8.8

9.6

b.*

7.5

7.*

1C.9

b.7

11.1

9.1

1*.9

15.7

12.3 -2^.8

2-77

10.6

11.7

10. o

9.9

10.1

13.0

11.9

14.5

13.

19.0

2 0.7

20.1

2.9

37.3

3-77

11.9

13.G

12.1

11.6

11.V

1^.3

13.9

l6.:>

15.6

21.v

22.8

22.9

11.7

J>*.4

31.0

*-77

11.0

12.0

11.1

10.5

1C .7

1^>.7

12.3

I*.*

13.î>

17.o

18.5

17.o

8.3

21.3

l*.l

-1.1

5-77

10.0

10.b

V .9

9.3

V.4

11.9

10.5

12. c

11.2

1*.*

14.7

13.4

5.*

1^.0

7.1

-3.*

-5.6

5V ,1b 1

6-77

8.5

9.2

8.c

7.6

7.5

9.7

8.3

9.5

b.*

lC.b

10.0

9.0

1.9

7.7

1.*

-7.1

-9.9 -14.1

5b »*j>8P

7-77

8.*

9.0

8.1

7.t>

7.*

9.*

8.1

9.3

b.2

10.*

10.1

b.7

2.5

7.5

2.*

-3.9

-*.6

—*.*

6.*

12-75

1—To

2—7o

3-76

*-7o

5— 7o

6—7o

7-76

fc—7o

9—7o 10—7c 11-76 12-/0

1-77

2-77

3-77

*-77

5-77

6-77

5**100
54 *0 3*
t*5*573
57,898
»OfcO
5t,175

5V,*o5

5o »7**It

INITIAL MONth
p- p r e l i m i n a r y
E- ESTIMATED




PREPARED bY FfcUtHAL RESEKVE bANK OF ST. LOUIS
AUGUST 12, 1977

9

HOURLY COMPENSATION, PRIVATE BUSINESS SECTOR
COHPOUNOEO ANNUAL RATES OF CHANGE

IN ITIA L QUARTER

TERMINAL
uUARTfcR
3-72
4-72

8.0

4-72

1-73

2-73

3-73

4-73

1-74

2-7*

3-74

*-7*

1967 - 100

1-75

¿-75

3-75

4-75

1-76

¿-76

3-76

4-76

1-77
141.8
146.5

1-73

10.9

13.9

2-73

9.0

9.5

5.3

3-73

6.5

8.6

6.1

148.4
6.9

150.9
154.1

4-73

8.5

8.7

7.0

7.8

8.8

1-74

8.4

8.5

7.2

7.8

8.2

7.7

2-74

9.0

9.2

8.3

9.0

9.7

10.2

12.8 \ I L J 7 o

161.8

3-7*

9.4

9.6

8.9

9.7

10.*

11.0

12.6

166.6

157.0

12.*

170.9

4-74

9.6

9.8

9.2

9.9

10.5

10.9

12.Ò

11.6

1Û.7

1-75

9.9

10.1

9.7

10.3

10.V

11.3

12.2

12.0

XI.,

2-75

9.6

9.8

9.3

9.8

10.3

lG.i>

11.1

16.4

10.0

9.7

6.5

3-75

9.2

9.3

8.9

9.3

9.6

9.7

10.0

9.4

8.7

8.0

5.6

4.8N

*-75

9.1

9.2

8.8

9.1

9.4

9.5

9.7

9.2

8.6

8.1

6*5

6.5

8.2

1-76

9.4

9.5

9.1

9.5

9.8

9.9

10.2

9.8

9.3

9.1

8.1

Ô.7

10.7

13.2

2-76

9.3

9.4

9.1

9.4

9.6

9.7

9.9

9.6

9.2

8.9

8.1

6.5

9.8

10.7

Ô .2 "

3-76

9.3

9.4

9.1

9.4

9.6

9.7

9.9

9.5

9.2

9.0

8.3

8.7

9.1

10.2

è.7

9.2

*-76

9.3

9.3

9.0

9.3

9.5

9.6

9.7

9.4

9.1

8.9

¿«5

6.6

9.4

9.7

8.6

8.8

8.5

9.4

9.8

10.1

I3.O V ^

176.2

5 6 %

TY^.C~ ”

V

161.1
iö4.r.
1$Ü.£

.3 %
194. 3
198.0
202.7

1-77

9.4

9.5

9.2

9.5

9.7

9.7

».9

9.6

9.4

9.2

8.8

9.1

9.8

IÒ.1

11.7 "v.

2-77

9.2

9.3

9.0

9.3

9.4

9.5

9.6

9.4

9.1

8.9

6.5

8.7

9.3

9.5

¿.8

8.9

8.8

4.Ó

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

2-76

3-76

4-76

1-77

2-76

3—76

4—76

1-77

6.3 ^

20874
211.6P

INITIAL QUARTER
P- PRtLlMIMARY

OUTPUT PER HOUR OF ALL PERSONS* PRIVATE BUSINESS SECTOR*
----------- CÖHPÖÜNDEÖ ÄIÄUALlOTfr'&F CHANèÉ-------------ÏN IT IA L QÜÀRTÉÏT

TtKMlNAL
QUARTER
3-72

*-72

1-73

2-73

3-73

4-73

1-74

2—74

3-74

4-74

1-75

■ m r i r w
2-75

3-75

4-75

1—76

112.5'
TK 7X

1-73

1 1 2 .8

*-73

1.3

-0.2

H275“

l.l

-0.1

1T274"

1-7*

0.1

2-7*

-O.*

-1.4

^277

^275

^23

~3^7*~

-0.7

-1.6

—2.6

-2.5

-;2 . 7 - 3 . 7

4-74

-0.9

-1.7

-2.8

-2.5

276

—3.4

—279

—279

1-75

-Ö77

-1.4

-2.3

-1.9

-2.Ò

-2.4

-1.8

- 1 . 4 - 0 . 5 --- Î75

0.3

—
072

—0.9

—0.4

—ö .3

—0.4

0.6

0.5

0.8

0.8

3-75

-

1.1

T T IT ö"

0.9

0.5

—0.Ò

0.7

0.3

-0.2

oTS

074

1-76

=379

0 .8

l.l

11Ö72-

—3 7 0 —37z

IÓ975-

1.8

T 72

1.5

27Ö“

1.1

3-72

4-72

1-73

2-73

2.7

4.3

9.4%

<T.Ö IÖ77

“TTTTÈT

9.*

6.7

1U.6

~ i r r “ 57F------ 571------ 67ö~

4.*

¿.8

3.7

4.8

5.5

4.2

279

2 .8

""376

475

575

379

279

¿75

“ 572

379

473

575

275

“279

575

472

475

577“

1.4

“Ï75

27Ö

3-73

*-73

1-7%

275”
2-74

115.5
116.5

¥75

57Ï

278

375

271

174

1iY 73“
Ö7Ä

“0 775“

"579------ 571------ 57«------ 57 Ï

119.1

578-----370-----272---- 279-----JT i -----KT-----174-----27T~

3.0
3-74

Uà.5

“2^6

2 .2

1.5

1.2

~T75~ "571

TüSTö“

2 .2

_ _
1-77

—¿75

1 7 3 ------ 275------ 371------ 475------ 5 3 ------ 3.1*-75
-l.f

“o75~
ÖTv

-2.9

4-74

1-75

____________________________________________________INITIAL QUARTER

2-75

3-75

4-75

1-76

2-76

_________________

3-76

4-76

118.5P
1-77

___

p- p r e l i m i n a r y
*-

R FVTSET)

FRflM

PREPAREO BY FEOERAL RESERVE BANK OF S T . LO UIS
A U W S T T Ö * 1977-----------------------------------------------------------------------------

1974.




10

"

P R O D U C T IV IT Y , COMPENSATION, AND LABOR C O S T S *
R A T IO SCALE
19 6 7 * I 0 0

« R E V IS E D

R A T IO SCALE
1967-100

SEASONALLY A D J U S T E D

FROM 1 9 7 4

SO URCEt

PER CENTAGES ARE ANNUAL RA TES OF CHAN6E FOR PER IO O S
LA T E S T DATA P L O T T E O t

U .S .

DEP ARTM ENT OF LABOR

IN D IC A T E D .

2ND QUARTER P R E L IM IN A R Y
PREPARED BY FEDERAL RESERVE BANK OF S T .

L O U IS

UNIT LABOR COSTSt PRIVATE BUSINESS SECTOR *_____________
CÒMWuNÒfcO AléiUAL' kAÎES Ö£ ChAMÖE
’

------

IN ITIA L QUARTER

TERMINAL
QUARTER
3-72

4-72

1-73

2-73

3-73

4-73

1-74

2-74

3-74

4-74

1-75

1967 * 100
4-75

2-75

1-76

2-76

5-76

1-77

4— 76

Uto.Ò

4-72

1 *6

1-73

4.7

\
7.8

2-73

6*5

3-73

7.1

" \ $ . 8 %
9.1 10.3 '
X
8.8
9.6
9.0

4-73

7.3

8.8

r

128.4

9.1

8.5

131.6
134.*

15771“

8.3 '
N

6.3

9.7

10.1

10.1

2-74

9.4

10.7

11.3

3-74

10.2

11.5

12.1

4-74

10.6

11.7

1—74

141.*

10.7

13.1

11.6

12.5

14.7

16.2

12.5

13.4

15.1

16.2

16.2

12.3

12.6

13.4

14.7

15.3

14.8

13.5

14.1%

146.8
152.4
157.3

1-75

10.7

11.7

12.2

12.5

13.1

14.1

14.4

13.8

12.6

2-75

9.3

10.1

10.3

10.3

10.6

10.9

16.5“

9.1

6.9

5 .T

-5 .7

3-75

B.2

8.8

8.9

8.7

8.7

8.8

8.1

6.$

4.3

1.4

-3.4

11.7 ]

161 •'i

3.4%

160.2
-3.2 '
1 \
3.3 10.2

158.9

\

*-75

8.3

8.9

9.0

8.9

8.9

9.0

8.4

7.1

5.4

3.5

6.9

1-76

8.1

8.6

8.7

8.5

8.5

8.6

8.0

6.9

5.4

3.8

2.0

3.9

t.1r

5.3

2-76

7.9

8.4

8.4

8.2

8.2

8.2

7.6

6.6

5.3

4.0

2.6

4.2

6.8

5.1

162.8
164.9
4.9

*_6.9%_

166 .V

3-76

7.8

8.2

8.2

8.0

8.0

8.0

7.4

6.5

5.4

4.3

3.1

4.5

6.5

5.3

5.3

> 5.6
N .'

4-76

7.8

8.2

8.2

8.1

8.0

8.6

7.6

6.7

5.7

4.8

3.9

5.2

6.9

6.1

6.4

7.2

8.8

1-77

7.7

8.1

8.1

7.9

7.9

7.8

7.4

6.6

5.7

4.9

4.1

5.2

6.7

6.0

6.2

6.6

7.1

5.4

6.3

6.5

7.0

7.4

6.7

4-75

1-76

2-76

3-76

4-76

2-77

7.7

8.0

8.1

7.9

7.9

7.8

7.4

6.7

5.9

5.2

4.5

5.6

6.9

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

169.Ì
172.8
\

175.1
>
8.0 \

178.5P

1-77

IN ITIA L QUARTER
P - PRELIMINARY
*-

PREPARED BY FEDERAL RESERVE BANK OF S T . LOUIS

REVISED FROM 1974.




11

GRÜSS NATIONAL PRODUCT IN CURRENT DOLLARS
COMPOUNDED ANNUAL RATES OF CHANGE

TEk MINAL___________________________________________________ INITIAL QUARTER______________________________________________
DOLLARS
QUAKTtR
ANNUAL RATES
3-72 *— 72 1-73 2-73 3-7^ *-73 1-7* 2-7* 3-7* *-7* 1-75 2-75 3-75 *-75 1-76 2-76 3—76 *—76 1-77
*-72

13.5

1-73

1*.7

15.9

2— 73

12 *3

11.6

7.5

3-73

11.5

10.9

fa.*

9.3

*—73

11.6

11.1

9.6

10.6

1«219.*
1 »265.3
1,288.*
1»317.5
11.9

1*355.1

1-7*

10.3

9.7

b.2

b.*

b.O

*-2X7.4%

1*369.0

2—7*

10.^

9.7

8.*

ö.7

b.*

6.8

,.;v

1»*00.1

9.5

6.5

8.7

8.5

7.*

9.1

7.2

8.2

3-7*

10.0

*—7*

9.0

9.1

b.2

Ô.3

8.1

1 »*30.1

Q 007_
7.6

6 . ^ \

1**52.*
1,*53.0

1-75

b .o

6.1

7.2

7.x

6.7

5.7

6.1

5.1

3.2

0.^r \

2-75

9.0

6.5

7.7

7.b

7.6

6.8

7.*

6.9

6.2

6.2

12.6

3-75

9.Ö

9.5

to.9

9.0

9.0

8.6

9.3

9.3

9.*

10.5

16.0

19.5

1,*96.6
1,56*.9
1,600.7

*-75

9.8

9.5

ö« 9

9.1

9.0

8.7

9.3

9.3

9.*

10.2

13.8

1*.*

9.5

1-76

10.0

9 .b

9.3

9.*

9.5

9.2

9.8

9.9

10.1

10.8

13.6

1*.0

11.3

2-76

10.1

9.6

9.*

9.5

9.5

9.3

9.9

9.9

10.1

10.7

13.0

13.0

11.0

11.7

9.8

9.9

lo.*

10.*

10.7

^ \ J 1 . 9 % .... .
13.2^V

1,651.2
1 ,691.9

10.2^\
9.*

8.6

1,727.3

3-76

10.0

9.7

9.3

9.*

9.*

9.2

9.7

12.2

12.2

*-76

9.6

9.5

9.1

9.2

9.2

*.0

9.5

9.5

9.5

9.9

11.*

11.2

9.6

9.7

8.5

7.6

6.7V\ ^

1-77

10.0

9.8

9.*

V.5

9.5

9.3

9.8

9.8

9.9

10.3

11.6

11.5

1C.2

10.*

9.7

9.5

9.9

13.2

2-77

10.1

10.0

9.6

9.6

9.8

9.6

10.1

10.1

10.2

10.6

11.9

11.8

10.7

10.9

10.5

10.5

11.1

13.*

13.7^

3-72

*-72

1-73

2-/3

3-73

*— 73

1-7*

2-7*

3-#*

*-7*

1—75

2—75

3-75

*— 7 5 T—76

2-76

¿-i6

*-/6

1-7/

1,755.*
1,810.8
1,869.7

GROSS NATIONAL PRODUCT IN CONSTANT r972 DOLLARS
CIMPOUNDED ANNUAL RATES OF CHANGE
TERMINAL
QUARTER
3-72

*-72

1-73

2-73

3-73

*-73

1-7*

2-7*

INITIAL QUARTER
ANNUAL RAIES
3-7* *-7* 1-75 2-75

BILLION S~TJF
DOLLARS
3-75

*-75

1-76

2-76

3-76

*-76

1-77
1,¿02.2

*-72

8.5

1-73

9.0

9.5

2-73

6.1

*.9

o ^ \ l 4 %

3-73

*.9

3.8

l.i

*-73

*.*

3.*

l.*

1.9

1-7*

2.9

1.9

0.0

-0.1

-1.0

-3.9 X 2 , 7 %

i ,230.2

2-7*

2.2

1.2

-0.3

-0.5

-1.3

-2.9

1,22*.5

1 ,229.8
1
1,231.1
1 ,230.3

1*7

1,2*2.6

2 ^ y-^

-1.8

_.*7 X07I
-5. > V

1,216.9

3-7*

1.6

0.7

-0.7

-0.9

-1.6

-2.7

-2.2

-2.^

4—7*

0.6

-0.1

-1.*

-1.7

-2.*

-3.5

-3.3

-*.0

1-75

-0.3

-1.2

-2.5

-2.9

-3.6

-*.7

-*.9

-5.9

-7.6

-9^6^

2-75

0.3

-0.5

-1.5

-1.8

-2.2

-2.9

-2.7

-3.0

-3.1

-1.9

3-75

1.2

0.6

-0.3

—o.*

-0.6

-1.0

-0.5

-0.2

0.3

2.3

8.9

11.*

*-75

1.3

0.8

0.0

—0*0

-0.2

-0.5

—0.0

0.3

0.8

2.5

6.9

7.1

3.0

1-76

1.8

1.*

0.7

0.7

0.6

0.5

1.0

1.5

2.1

3.7

7.*

7.7

5.9

8.8 \ 5 . 9 %

1,199.7
1,169.8
1,186.2

6.*

1,220.7
1 ,229.8
1 ,256 .0
1 ,271.5

2-76

2.1

1.6

1.0

1.1

1.0

0.9

1.5

1.9

2.5

*.0

6.9

7.0

5.6

6.9

5.0

3—76

2.2

1.8

1.2

1.3

1*3

1.2

1.7

2.1

2.7

3.9

6.*

6.*

5.2

5.9

*.5

3.9

*-76

2.1

1.7

1.2

1.3

1.3

1.2

1.7

2.0

2.5

3.6

5.6

5.5

*.3

*.7

3.3

2.5

i^

1-77

2.*

2.1

1.6

1.7

1.7

1.7

2.1

2.5

3.0

*.0

5.9

5.8

*.9

5.2

*.*

*.2

*.3

7.5

2-77

2.6

2.3

1.9

2.0

2.0

2.0

2.*

2.8

3.3

*.2

5.9

5.8

5.0

5.*

*.7

*.6

*.9

6.8

3-72

*-72

1-73

2-73

3-/3

*— 73

1-7*

2-7*

3-7*

*-7*

1-75

2-/5

3-75

4-75

1-76

2-/6




1,263.7
X ^

3— 7 6 * —7©

1,287.*
1 ,311.0
6. Ok

1,330.6

1-7/

INI U A L QUARTER

PRbPARbU bY“ KbüfcRAL KEStRVE BANK UH S I .
AUGUST 1 9 , 1977

12

LUUIS

DEMAND AND P R O DU CT I O N
R A T I O S CAL E
QUARTERLY TOTALS
T R I L L I O N S OF D OL L A R S
SEASONALLY

R A T I O S CAL E
T R I L L I O N S OF D O L L A R S

AT ANNUAL R A T E S
ADJUSTED

2.0
1.9

1.8
1.7
1 . 6

1.5
1.4
1.3
1.

1.7

1.

1 . 6

1.

1.5
1.4

0.

1.3
1.

2

1.

1 .1

1.

1 .0

0.

0.9

0.8
1969

1970

1971

1972

1973

1974

1975

SOURCE: U . S .

1976

1977

DEPARTMENT OF COMMERCE

UJSNP IN CURRENT DOLLARS.
I2JSNP IN 1 9 7 2 DOLLARS.
PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIODS IN D IC A T E D .
LATEST DATA PLOTTED, 2 N0 QUARTER




P R E P A R E D BY FEOERAL R E S E R V E

13

BANK OF S T . L O O .S

GENERAL
RATIO

PRICE

INDEX*

SCALE

RATIO

1972-100

1969

SCALE

1972-100

1970

1971

* A S USED IN NA TIO N A L

1972

1973

1974

INCOME ACCOUNTS

PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR P E R IO D S
LA TE S T DATA PLOTTED»

1975

SOURCEt U . S .

1976

1977

DEPARTMENT OF COMMERCE

IN D IC A T E D .

2ND QUARTER
PREPARED BY FEDERAL RESERVE BANK OF S T . L O U IS

IMPLICIT PRICE OEFLATOR FOR GROSS NATIONAL PRODUCT
COMPOUNDED ANNUAL RATES OF CHANGE
ItkhlNAL
"ü u a k T êr

1972 « 100

INITIAL QUARTER
3-72

*— 72

1-73

2-73

3-73

*-73

1-7*

2-7%

3-7*

4-74

1-75

2-75

3-75

4-75

1-76

2-76

3-76

4-76

1-77

4-72
5.3

3-73

6*3

102*89

X^7.5%-

106.57

6.8

109.05

4 -7 3

111*28

1-7*
2-7%

4-7%

6.«

8.7

9*3

9.8

9.9

11.5

Jl.0%

114.34

9.7

10.3

10.5

11.5

11.6

117.52

11.0

11.9

12.1

11*6

11*7

10*1

10*4

10*2

9.7

9.9

9.6

9.2

9.7

10*2

10*7

1-75

9.*

9*9

10.3

10*6

2-75

9.0

9*4

9*7

10*0

3-75
8.7

1-77

9.3

8.8

8.7

8.7

8*3

8*3

8 *2

2-76
3-76

9.3

7 *6

7.4

7*8

7.5

"3=72— %=T2—




7.6

7.7

8*3

12**21

6.5
8.5

7.5

7.8

6.8

7*4

7*9

7*9

7*5

7.0

7.9

7.7

7.7

7.3

6.8

7.7

7.5

7.5

7.5

7.%

6.7
7*1

1=73— 2^73 3-73 *-73— 1-74 2-7*

6*7

130.17
5*8
5*7

6.1

6*1

^=74' 4-74

128.20

7.3

133*06

5*6
4.5

4.8

5.5

5.1

4.7

5.0

5.5

5.1

4.9

5.1

5.1

5.4

5*3

138.13

5*6

5*%

5*2

5*5

5*6

5*9

6*2

1*0*51

1-75— 2-75

3-75

5*6

136.35

4-75— 1=75— 2=75— 3=75— 5=76

1=77^

------I NITIA L OUAKTEK------------------------------------------------------------------------------------------------- ---

" PREPARED BY FEDERAL RESERVE BAN* UP S I .
AUGUST 1 9 , 1977

14

LOUIS

PERSONAL CONSUMPTION EXPENDITURES IN CURRENT DOLLARS
COMPOUNDED ANNUAL RATES O f CHANGE______________

TERMINAL__________________________
QUARTER
3-72 *-72 1-73 2-73 3-73

INITIAL QUARTER
4-73

1-74

2-7*

3-74

1-75

*—74

2-75

BILLIONS UF
__________________________________________DOLLARS
AHNUAT"R*TES
3-75 4-75 1-76 2-76 3-76 4-76 1-77
761.8

*—72

12.5

1-73

13.3

14.0

2-73

11.2

10.6

7.2

3-73

10.6

10.0

8.0

787.2
801.0
8.9

818.2
833.1

4-73

10.0

9.*

7.6

6.2

1-7%

10.1

9.6

8.5

6*9

8.9

10.4

2-74

10.4

10.0

9.2

V.8

10.1

11.4

12.3

3—7%

10.9

10.6

10.1

10.6

11.1

12.3

13.3

4-74

10.0

9.7

9.1

9.%

9.5

10.0

9.6

8.6

3.2

1—75

9.9

9.6

9.1

9.3

9.4

9.8

9.7

8.8

6.1

9.2

2-75

10.2

10.0

9.5

9.8

9.9

10.4

10.4

9.9

8.4

11.1

13.2

3-75

10.*

10.2

9.8

10.1

10.3

10.7

10.7

10.4

9.5

11.6

12.9

7.5

854 .0
879.2
909.0

1*.3

916.2
936.5
965.9
995.1

12.7

*—75

10.5

10.4

10.0

10.3

10.5

10.9

10.9

10.7

10.0

11.8

12.7

12.4

12.2

1-76

10.7

10.6

10.3

10.6

1C.7

11.1

11.2

11.0

10.5

12.0

12.8

12.6

12.6

l,02*.l
13.1

1,056.0
1,078.5

2-76

10.6

10.4

10.2

10.4

10.6

10.9

10.9

10.8

10.3

11.5

12.0

11.7

11.3

10.9

8.8

3-76

10.5

10.4

10.1

10.3

10.4

10.7

10.7

10.6

10.1

11.1

11.5

11.1

10.8

10.3

8.9

9.1

4-76

10.7

10.6

10.*

10.6

1C.7

11.0

11.0

10.9

10.5

11.5

11.8

11.6

11.4

11.2

10.6

11.5

14.0

11.7

11.6

11.4

11.0

11.8

13.1

12.3

1,102.2
1,139.0
1,172.4

1-77

10.6

10.7

10.5

10.7

10.8

11.1

11.1

11.0

10.7

11*6

11.9

2-77

10.6

10.5

10.3

10.5

10.6

10.8

10.9

10.7

10.4

11.2

11.4

11.2

11.0

10.8

10*3

10.7

11.3

9.9

7.6

3-72

*-72

1-73

2~7¿

3-73

*-73

1-74

2-74

3-74

4-74

1-75

2-75

3—75

4-75

1-76

2-76

3-76

4-76

1-77

1,194.0

IN ITIA L QUARTER

PERSONAL CONSUMPTION EXPENDITURES IN CONSTANT 1972 DOLLARS
COMPOUNDED ANNUAL RATES OF CHANGE
TERMINAL________________ _________________ ______________ INITIAL QUARTER
QUARTÉ*
3-72 4-72 1-73 2-73 3-73 4-73 1-74 2-74 3-74 4-74 1-75 2-75
4-72

DOLLARS
ANNUAL RATES
3-75

4-75

1-76

2-76

3-76

1-77

4-76

8.6

752.8
767.7

1-73

8.4

8.2

2-73

5.3

3.8

—0.5

3-73

4.5

3.1

0.7

1.9
—0.2

-2.3

-0.9

-2.3

-2.2

4-73

3.1

1.7

-0.3

1-74

2 «2

0.9

-0.8

766.8
770.4
765.9
761.6

2-74

1.9

0.8

—0.6

-0.7

-1.5

-1.1

0.1

3-74

2.0

1.0

-0.1

-0.0

-0.5

0.1

1.3

761.7

4-74

0*9

0.0

-l.l

-1.2

-1.8

-1.7

-1.5

-2.3

-7.0

1-75

1*0

0.2

-0.7

-0.7

-1.2

-0.9

—0.6

-0.8

-2.5

2.1

2-75

1.6

0.9

0.2

0.2

0.0

0.4

0.9

1.1

0.7

4.7

7.3

2.6

766 .6
752.9
756 .9
770.4

3-75

1.9

1.3

0.6

0.8

0.6

1.1

1.6

1.9

1.8

4.9

6.3

5.2

4-75

2.2

1.7

1.2

1.3

1.3

1.7

2.3

2.7

2.7

5.3

6.4

5.9

6.6

1-76

2.6

2.2

L.7

1*9

1.9

2.4

3.0

3.4

3.5

5.7

6.6

6.4

7.0

2-76

2.7

2.3

1.9

2.1

2.1

2.5

3.1

3.5

3.6

5.5

6.1

5.9

6.1

5.8

4.2

3—76

2.8

2.4

2.0

2.2

2.2

2.6

3.1

3*5

3.6

5.2

5.7

5.4

5.4

5.1

3.9

3.6

4-76

3.1

2.8

2.4

2.6

2.7

3.1

3.6

4.0

4.1

5.6

6«1

5.9

6.1

5.9

5.4

6. 0

1-77

3.2

2.9

2*6

2*8

2*9

3.3

3.7

4.1

4.2

5.6

6.0

5.8

5.9

5.8

5.4

2-77

3.1

2.8

2.5

2.7

2.8

3.2

3.6

3.9

4.0

5.2

5.5

5.3

5.3

5.1

4.6

3-72

4-72

1-73

Z-Í3

3-73

4-73

1-74

2-74

3-74

4-74

1-75

2-75

3-75

4-75

1-76

2-76




780.2
792.8
807.2

7.5

815.5
822.7
8 .6

839.8

5.7

6.8

5.1

850.*

4.7

5.1

3.4

1.8

3-76

4—76

1-77

854.1

INITIAL WUAKItK

"PREPARED BV FEDERAL RESERVE BANK UF S T¿_ LOUIS
AUGUST 1 9 , 1977

15

V»KUSS Pk IV â TÉ DOMESTIC INVESTMENT IN CURRENT DOLLAR*
COMPOUNDED ANNUAL RATES OF CHANGE

1ERH1NAL
QUARTER

_______
3-72

*-72

21 •*

*-72

1-73

2-73

3-73

*— 73

1-7*

BILLIONS OF
DOLLARS

INITIAL QUARTER______
2-74

3-74

4-7*

1-75

2-75

ANNUAL kAlt*
3-75

1-76

4-75

2-76

3-76

4-76

1-77
200.5

1-73

21.6

21.7

2-73

19.3

1Ö.2

1*.8

210.6

3-73

15.2

13.2

9.1

3.7

4-73

lo.o

15.5

13.*

12.8

22.6

231.5

1-7*

9.0

6.6

3.2

—0.*

-2.* -22.4

217.3

2-7*

a.4

6.4

3.5

0.9

3-7*

5.0

2.9

0.0

-2.7

-*.2 -11.8

2.*

-C.l

-2.3

-3.5

218.0
220.0

-0.1

—9 .8

-9.1

4.9

219.9

—6.0 -15.7
-4.2

—8.5

210.7
-0.6

210.4

*—7*

4.*

1—75

-3.4

—5.t
o -to.6 —11.6 -14.1 -20.0 -19.4 -26.2 -30.9 —52.0

2-75

-3.9

—6.1

3-75

2.5

0.9

-1.0

-2.6

-3.4

—6.6

-3.7

-5.3

-2.5

-3.2

37.6 107.2

4-75

2.2

0.7

-1.0

-2.5

-3.2

—6.0

-3.4

-4.7

-2.3

-2.7

23.2

43.0

-1.4

-8.8 -11.4 -13.4 -18.2 -17.* -22.1 -24.2 -33.8

175.1
-8.6

171.2
205.4
204.7
231.3

1-76

5.6

*.5

3.2

2.2

2.0

-0.0

3.2

2.9

6.4

7.9

32.1

49.4

26.8

63.0

2-76

6.6

5.4

4.7

3.9

3.9

2.2

5.4

5.4

8.8

10.5

30.6

42.8

26.1

42.5

24.7

244.4
254.3

3-76

7.*

6.5

5.5

4.9

4.9

3.5

6.5

6.7

9.9

11.4

28.2

37.2

23.8

33.5

20.9

*-76

5.9

5.0

3.9

3.2

3.2

1.7

4.2

4.1

6.6

7.6

20.7

26.4

14.5

18.9

7.0

1-77

8.2

7.4

6.6

6.1

6.2

5.1

7.7

8.0

10.7

12.1

24.6

30.2

20.5

25.5

17.5

15.2

14.2

55.5

21.8

46*8

38.6

3-/6

4-76

1-77

4-76

BILLIONS OF
DOLLARS
ANNUAL KAlfc*
1-77

2-77

17.2

243.4

-0.8 -16.1

9.6

9.0

8.2

7.8

8.1

7.2

9.9

10.3

13.0

14.5

26.1

31.2

23.0

27.6

21.5

20.7

3-72

4-72

1-7*

2-73

3-73

4-73

1-74

2-74

3-74

4-7*

1-75

2-75

3-75

4-75

1-76

2-76

271.8
294.9

IN lllA rO U À K TtK

GROSS KKlvAlé DUMES!IC IdVESTHENl IN CONSTANT I9TZ DOLLARS
COMPOUNDED ANNUAL RATES OF CHANGE
TfcKMlHAL
QUARTER
3-72

INITIAL QUARTER
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

2-76

3-76

197.6

4-72

16.5

1-73

15.7

14.9

2-73

12.2

10.2

5.6

3-73

7.7

5.0

0.3

-*.7

4-73

9.0

7.2

*.7

4.3

1-74

2.5

-0.1

-3.5

—«».4

-7.2 -24.5

197.4

2-74

-0.1

-2.6

-5.8

-Ö.5

-9.7 -19.7 -14.5

189.8

3-74

-3.0

-6.2

-9.3 -12.1 -13.8 -21.5 -20.0 -25.0

176.6

4-74

-*.7

-7.1

-9.9 -12.2 -13.6 -19.5 -17.7 -19.2 -12.9

170.6

204.6
207.4
204.9
1*.2

211.8

133.0

1-75

-13.3 -16.1 -19.4 -22.4 -25.0 -31.1 -32.6 -37.8 -43.3 -63.1

2-75

-12.7 -15.2 -18.0 -20.6 -22.6 -27.4 -28.0 -31.0 -32.9 -41.1

-6.2

-8.9 -11.0 -12.6 -13.6 -16.9 -15.6 -15.8 -13.3 -13.4

32.5

3-75

-7.0

130.9
153.1

87.1

149.2

4-75

-7.2

-8.9 -10.8 -12.3 -13.2 -16.1 -14.8 -14.8 -12.6 -12.5

16.6

29.9

-9.8

1-76

-3.5

-4.9

-0.3

-7.*

-7.6

-9.8

-7.7

-6.7

-3.2

-1.2

26.4

39.6

20.6

61.1

2-76

-2.2

-3.*

-*.7

-5.5

-5.5

-7.3

-5.2

-3.9

-0.5

1.8

24.7

33.8

19.7

37.9

18.0

3—76

-1.5

-2.5

-3.7

—*.*

-4.3

-5.9

-3.8

-2.5

0.8

2.9

22.1

26.7

17.2

27.9

13.9

4-76

-2.7

-3.8

—4.9

-5.7

-5.7

-7.2

-5.5

-4.5

-1.9

-0.4

14.7

18.7

8.3

13.4

0.9

1-77

-0.4

-1.3

-2.3

-2.8

-2.6

-3.8

-1.8

-0.6

2.2

4.1

18*5

22.5

14.1

19.6

11.1

8.8

8.3

48.2

2-77

0.8

-0.0

-0.9

-1.3

-1.0

-2.0

-0.0

1.3

4.1

6.0

19.1

22.7

15.6

20.4

13.6

12.6

13.4

35.8

24.5

3-72

4-72

1-73

2-73

3-73

4-73

1-74

2-74

3-74

4-74

1-/5

2-/5

3-75

4-/5

1-76

2-76

3-76

4-76

1-77




168.1
175.2
179.%

9.9

169.2

-6.7 -20.9

186.7
197.2

1NI11AL QUARTER

PRhPAKfcU BY FEDERAL RESERVE BANK UF S U ~ LUU1S
AUGUST 1 9 , 1977

16

OUVERNMENT PURCHASES U F 6000S AND SERVICES IN CURRENT DOLLARS
_________________ COMPOUNDED ANNUAL RATES OF CHANGE

TERMINAL__________________________________________________ INITIAL QUARTER
QUAKTER
3-72 *-72 1-73 2-73 3-73 4-73 1-7* 2-74 3-74 4-74 1-75 2-75
4-72

10.2

1-73

10.*

10.6

2—73

6 •*

4.6

DOLLARS
ANNUAL KATES
3-75

1—7 to 2-76

*-75

3-76

4-76

1-77
259.2
265.8

-1.0

265.1

3—73

6.4

5.2

2.7

6.5

4-73

7.6

7.2

6.1

9.8

13.2

¿69.3

1-7*

6.8

8.6

8.1

11.3

13.8

14.4

277.8
287.3

2-74

9.8

9.7

9.5

12.3

14.4

14.9

15.4

3-Ï*

10.3

10.4

10.3

12.7

14.4

1*«6

14.9

14.4

297.8

*-7*

10.6

10.7

10.7

12.8

14.1

14.3

14.3

13.7

12.9

3C8.0
317.5

1-75

10.7

10.7

10.7

12.5

13.6

13.7

13.5

12.8

12.0

11.1

2-75

10.8

10.8

10.9

12.4

13.3

13.3

13.1

12.0

11*9

11.5

11.8

326.0

3-75

10.7

10.6

10.6

12.2

12.9

12.9

12.6

12.1

11.5

11.1

11.0

10.3

4-75

10.6

10.6

10.6

11.9

12.5

12.*

12.1

11.6

11*0

10.6

10.*

9.6

11.0

335.2
343.5
351.0

9.0

353.6

1-76

10.0

10.0

10.0

11.5

11.3

10.9

10.3

9*6

9.0

8*5

7.4

6.0

3.0

2-76

9.6

9.7

9.7

10.t
o 11.0

10.8

10.*

9.8

9.1

8.5

8.0

7.1

6.0

4.6

6.1

3-76

9.4

9.*

9.3

10.2

10.5

10.2

9.8

9.2

8.6

8.0

7.4

6.6

5.7

*•6

5.4

4.6

4-76

9.4

9.3

9.2

10.0

10.3

10.0

9.6

9.1

6*5

8.0

7.5

6.8

6.1

5.4

6.2

6.3

7.9

1-77

9.1

9.1

9.0

9.7

9.9

9.7

9.3

8.7

8*2

7.7

7.2

6.6

6.0

5.4

6.0

6.0

6.7

5.4

2-77

9.6

9.5

9.5

10.2

10.4

10.2

9.9

9.5

9.0

8.6

8.*

7.9

7.6

7.4

8.3

8.8

10.3

11.*

17.8

3-72

*—72

1-73

2-73

3-73

4-73

1-74

2-74

3-74

*-74

1-75

2-75

3-75

4—75

1-76

2-76

3-76

4-/6

1-77

358.9
3to3*0
370.C
374.9
390.6

IN ITIA L QUARTER

bUVfcKNMENT PURCHASES OF GOODS AND SERVICES IN CONSTANT 1972 DULL AH J>
CUMPOUNUED ANNUAL RATES OF CHANGE
TERMINAL

INITIAL QUARTER

DOLLARS
ANNUAL KAlbS

¿-72
4-72

1*9

1-73

2 «to

*-72

1-73

2-/3

1
u

v UAk U k

*— 73

1-7*

2-74

3-74

4-7*

1-75

2-75

3-75

1-76

4-75

4-76

1-77
253.2
255.2
251.2

-C.*

-1.6

-6.1

3—73

-0.1

-0.7

— 4É.O

1.0

4-73

c.o

—0*5

-1.7

C.o

0.3

1-7*

i.l

0 •V

t «4

2.7

¿.5

to.8

2-7*

1.3

1.2

C.8

2.5

3.1

*.5

2.2

3-7*

1.3

1.2

0.9

2.3

2.7

3.5

1.6

1.*

4—74

1.1

1.0

0.7

1.9

2.1

2.5

1.1

0.5

251.8
252.0
256.2
257.6
258.5
258.3

—0.3

1-75

1.2

1.1

C.8

1.9

2.0

2.3

1.2

0.9

0.7

1.7

2-75

1.5

1.*

1.2

2.2

2.*

2.7

1.9

1.8

2.C

3*1

4.5

3-75

1.7

1.0

1.5

2.4

2.5

2.9

2*2

2.2

2.4

3.*

4.2

3.9

*-75

1.6

1.6

1.*

2.2

2.4

2.to

2.0

2.0

2*1

2.7

3.1

2.4

0.9

1-76

1.3

1.3

1.1

1.6

1.9

2.1

1*5

1.4

1.*

1.7

1.7

0.6

-0.7

-2.2

2-76

1.3

1.2

1.1

1.7

1.8

1.9

1.4

1.3

1.3

1.6

1.5

0.8

-0.2

-0.8

1.2

1.0

1.6

1.7

1.6

1.2

3-76

3.2

2-73

3—76

2-76

1.3

1.2

1.2

1.*

259.*
262.3
264.8
265.4

1.3

0.7

-0.1

-0.4

263.9
264.4

0.8
0.5

264*6

0*3

*-76

1.2

1.1

1*0

1.5

1.5

1*6

1.2

1.1

1.0

1.2

1.1

0.6

-0.1

-0.3

0.*

0.2

0.0

1-77

1.0

0.9

0*o

1.3

1.3

1.4

0.9

0.8

0.7

0.9

0.7

0.2

-0.*

—0.6

-0.2

—0. 6

-1.0

-2*0

1.5

1.*

1.3

1.8

1.9

2.0

1.6

1.6

1«6

2.1

2.7

4.1

10.6

3-72

*-72

1-73

2-73

3-73

4-73

1-7*

2-7*

3-74

2-76

3-76

4-76

1-77

2-77




4-74

1.8

1.5

1.1

1.2

1*8

1-75

2-75

3-75

4-75

1-76

264.6
263.3
270.0

INITIAL QUARTER

PKEPAREP~BV FEDERAL RESERVE BANK UF S U " LO UIS
AUGUST 1 9 , 1977

17

DISPOSABLE p e r s o n a l incom e in CURRENT DOLLARS
COMPOUNDED ANNUAL RATES OF CHANGE

TERMINAL
QUAKltR

BILLIONS OF
OOLLARS
ANNUAL RATES

INITIAL QUARTER
3-72

*-72

1-73

2-73

*-72

16*2

1-73

15.5

1*.9

2-73

1* .2

13.3

11.7
9.5

3-73

*-73

1-7*

2-7*

3-7*

*— 7*

1-75

2-75

3-75

4-75

1-76

2-76

3-76

4-76

1-77
837.0
b66 .6
b 90 .9

3-73

13.0

12.0

10.6

*—7.»

12.6

12.0

11.1

10.8

12*1

1-7*

11.5

10.6

9.6

8.9

8.5

5*1

911.*
937.7
949.5

*
r*

1
M

11.*

10.6

9.7

9.2

9.1

7.7

10.3

3-7*

11.*

10.7

10.0

9.7

9.7

8.9

10.9

11.*

*-7*

lO.fc

10.2

9.5

9.2

9.1

a.*

9.5

9.1

6.8

973.1
999.7
1»016.2

*4

A
1

10.1

9.*

b.e

tt.*

e .2

7.*

8.0

7.2

5.2

2-7 5

11.7

11.2

10.8

10.7

10.9

10.7

11.9

12.2

12.5

15.5

28.7

3-75

10.8

10.3

9.8

9.6

9.6

9*3

10*0

10.0

9.6

lO.o

14.2

1.3

*—75

10.8

10.3

9.9

9.7

9.b

9.5

10.1

10.1

9.e

10.0

13.0

5.9

10.8

10.0

9.8

9.9

9.6

10.2

10.2

10.0

1*025.*

3.7

1*092.2
1,095.7

1
•J
0

l»12*.l

10.8

10.*

10.7

12.5

7.5

10.8

10.8

2-76

10.5

1C.2

9. b

9.6

9.6

9.*

9.9

9.8

9.6

10.1

11.4

7.5

9.7

9.1

7.4

3—7o

10.3

9.9

9.6

9.*

9.*

9.2

9.6

9.5

9.3

9.0

10.6

7.3

8.9

8.3

7.1

6.7

*-76

10*3

9.9

9*0

9.5

9.5

9.2

9.6

9*6

9.*

9.7

10.6

7.8

9.2

8.8

8.1

8.4

10.2

1-77

10.3

9.9

9.«»

9.5

9.5

9.3

9.7

9.6

9.*

9.7

10.5

8.1

9.3

9.0

8.6

9.0

10*2

10.1

2-77

10.*

10. i

9.9

9.7

9.tt

9.0

10.0

9.9

9.8

10.1

10.8

8.8

9.9

9.8

9.5

10.1

11.2

11.8

3-72

*—72^ 1-73

2-73

3-73

*— 73

1-74

2-74

3-7*

4-74

1-75

2-75

3-75

4-75

1-76

2-76

3-76

4-76

1,153.3
1,174.1
1,193.3
1,222.6
1,252.4
13.4

1,292.5

T W m XC ~QUARTER

DISPOSABLE PERSONAL INCOKE IN CONSTANT 1972 DOLLARS
COMPOUNDED ANNUAL RATES OF CHANGE
TERMINAL________________
QUARTER
3-72 *-72 1-73
*-72

12.2

INITIAL QUARTER
2-73

3-73

*-73

1-7*

2-74

3-74

*-74

1-75

OOLLARS
ANNUAL r a t e s
2-75

3-75

*-75

1-70

2-76

3-76

4-76

1-77
827.1
845.1

1-73

10.6

9.0

2-73

6.2

6.3

3.6

3-73

6.8

5.0

3.1

*—73

5.8

*.2

2.7

1-7*

3.5

1.9

0.2

—0.9

—¿.7

-7.0

2-7*

2.8

1.3

-0.2

— 1. 1

-2.3

-4.*

-1.7

-0.2

—0.9

-1.8

-2.9

-0.9

— 1.*

3-7*

2.*

1.1

*—7*

1.7

0.5

-0.7

1-75

1.2

0.1

-1.0

2-75

3.0

2.1

1.*

852.7
858.2

2.6
1.8

1.1

862.1
846.7
843.1
843.0

-0.0

835.1

-2.2

-3.1

-1.8

-1.9

-3.7

-2.3

-3.1

-2.1

-2.3

-3.3

-3.0

0.9

0.7

2.3

3.3

4.5

8.8

828.8
871.1

22.0

859.1

3-75

2.2

1.*

C.7

0.1

-0.2

1.0

1.5

1.9

3.9

7.*

-5.*

*-75

2.5

1.7

1.1

0.6

0.5

1.6

2.1

2.6

*.2

6.7

-0.2

5.3

1-76

2.7

2.0

1.*

1.2

1.1

1.0

2.0

2.6

3.0

4.4

6.*

1.6

5.3

5.3

870.2
881.5
887.8

2-76

2.7

2.0

1.5

1.*

1.2

1.2

2.1

2.6

3.0

4.2

5.7

1.9

4.5

4.1

2.9

3— 76

2.o

2.0

1.5

1.*

1.2

1.2

2.0

2.5

2.8

3.8

*.9

1.8

3.7

3.2

2.1

1.3

*-76

2.7

2.2

1.7

1.6

1.5

1.5

2.3

2.7

3.0

3.9

*.9

2.3

3.9

3.6

3.0

3.1

4.9

1-77

2. b

2.2

1.0

1.7

1.6

1.6

2.*

2.7

3.0

3.8

*.7

2.*

3.8

3.5

3.1

3.1

4.0

3.1

2-77

3.0

2.5

2.1

2.0

2.0

2.7

3.1

3.*

*.2

5.0

3.0

4.3

4.1

3.9

4.1

5.1

5.2

7.3

3-72

*-72

1-73

3-73

*-73

1-7*

2-74

3-7*

*-7*

1-75

2-75

3-75

4-75

1-76

2-76

3-76

4-76

1-77




2-73

890 .7
901.5
908.*
92*.5

INITIAL QUARltR

PREPARED BV FEDERAL RESERVE BANK UF S I .
AUGUST 19 » 1977

18

LUUIS

CORPORATE PROFITS AFTER TAXES *
COMPOUNOEO ANNUAL RATES OF CHANGE
INITIAL QUARTER

terminal

QUARTER
3-72
4-72

45.4

1-73

46.2

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

2-76

3-76

4-76

“BILLIONS OF
DOLLARS
ANNUAL KATES
1-77
60 .4

*6.9

66 .5
67.9

2-73

32.4

26.4

3-73

18.9

11.2

4-73

19.2

13.4

4.0

1.8

20.*

1-74

18.*

13.7

6.0

5.9

17.5

2-74

17.4

13.3

7.5

7.2

15.4

12.9

11.2

3-74

21.4

18.3

14.1

15.2

23.9

25.0

30.5

9.8

7.3

4.9

8.7

65.4

-3.3 -13.9

68.5
70.9

14.8

4-74

13.8

10.3

5.9

5.4

1-75

4.1

0.3

-4.4

—6.1

—*.7

2-75

8.1

5.0

1.1

0.2

2.4

-0.3

-3.1

8.4

6.4

11.6

10.4

9.6

7i.e
61.0

53.3

73.5

1.9 -32.2

60 «8

-9.1 -14.2 -21.4 -43.7 -53.2
-6.3 -20.5 -13.9
9.3

0.5

1*.6

58.3

68.2

79.2 102.9

81.4

3—75

14.0

11.5

4-75

13.5

11.2

8.4

11.2

10.1

9.5

9.Z

2.1

13.1

51.7

48.5

8.6

1-76

15.3

13.2

10.8

11.0

13.8

13.1

12.9

13.2

7.6

18.0

48.7

45.6

23.3

40.0

2-76

15.1

13.2

10.9

11.1

13.7

13.1

12.9

13.1

8.3

17.1

40.6

36.5

19.6

25.5

ttm4*

83.1
90.4
93.1

12.5

94.0

3-76

14.3

12.5

10.4

10.5

12.9

12.2

11.9

12.0

7.7

15*1

33.7

29.3

15.5

17.9

8.1

4-76

12.5

10.8

8.7

8.7

10.7

9.9

9.5

9.3

5.3

11.2

25.8

21.1

9.2

9.4

0.7

3.9

1-77

13.5

11.8

10.0

10.0

12.0

11.4

11.1

11.1

7.6

13.2

26.4

22.4

12.6

13.4

7.5

5.9

6.9

30.7

2-77

14.4

12.9

11.1

11.3

13.2

12.7

12.5

12.7

9.6

14.9

27.0

23.5

15.1

16.2

12.0

11.8

14.6

31.2

31.6

3-72

4-72

1-7S

2-73

3-73

4-73

1-74

2-74

3-74

4-74

1-75

2—75

3—75

*—75

1-76

2-76

3-76

4-76

1-77

90.9

-*.7 -12.6

97.2
104.IP

INITIAL QUARTER
* NATIONAL INCOME 8ASIS
P- PRELIMINARY

PREPARED 6Y FEDERAL RISERVE BANK OF"ST. LOUIS
AUGUST 1 », 1977

SOURCES OF DATA

NATIONAL INCOME AND PRODUCT ACCOUNTS DATA

Source:

1929-72:
1973:
1974-76:

U.S. Department of Commerce, Bureau of Economic
Analysis, Washington, D.C. 20230

The National Income and Product Accounts of the United States,
1929-74, A Survey of Current Business Supplement.
Survey of Current Business, July 1976.
¿urvey of Current Business', July 1977.

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

IN V E N T O R IE S COMPARED W ITH MONTHLY S A L E S *
MANUFACTURING

AND

* RAT I OS BASED ON S E A S O N A L L Y A D J U S T E D D A T A .

T R AD E

S OURCE :

U . S . D E P A R T ME N T

OF COMMERCE

S HADED A REAS 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 .
LATEST

DATA P L O T T E D ;




J UNE P R E L I M I N A R Y
P RE P ARE D BY F E D E R A L

20

R E S E R V E BANK OF S T .

LOUIS