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n n n o n H L Economic trkios
PREPARED BY FEDERAL

MONTH ENDING: November 30, 1976

RESERVE

BANK OF ST. LOUIS

RELEASED:

December 27, 1976

Most postwar economic recoveries have been characterized
by an initial period of rapid growth in both nominal and real
terms, followed by continued growth but at a slower pace. The
pattern of growth in the current recovery is no exception. The
period of rapid growth extended from early spring 1975 to early
spring 1976. Since early spring of this year, there has been a
slowing in the growth of production and employment.
A period of less rapid growth appears to have extended
from early spring of this year to fall. After advancing almost 15
percent in the first year of the recovery, industrial production
slowed to a 3.1 percent annual rate of increase from March to
October 1976. Total civilian employment rose 3.1 percent in the
year ending March 1976, and slowed to a 2.1 percent annual rate of
increase from March to October. Likewise, payroll employment
followed the same pattern, increasing 2.8 percent during the first
year of the recovery, followed by a 1.7 percent rate of growth
from March to October.
Since fall, the pace of economic activity appears to
have quickened, although the period is too short to provide a firm
basis for such a conclusion. Industrial production posted a 15.8
percent annual rate of increase in November, following two
consecutive months of decreases. Total civilian employment rose
at a 5 percent rate in November, after declining in the previous
two months. The unemployment rate for household heads has
remained constant over the last three months at 5.4 percent of the
civilian labor force, after averaging 5.1 percent during the
previous six months. Personal income has grown at an 11.8 percent
rate since September, following a 7.6 percent rate in the previous
six months.
Consumer prices have advanced at a 5.9 percent
annual rate during the entire recovery to date. Wholesale prices
of all commodities increased at a 5.1 percent rate from March 1975
to August of this year, but since then, have risen at a 9 percent
rate. Wholesale prices of industrial commodities have registered
an 11.6 percent rate of increase over the last three months,
compared to a 5.9 percent annual rate in the first 18 months of
the recovery.




TOTAL CIVILIAN EMPLOYMENT
ÇPHPPVNPEP
M T K QE P W t t E
TERMINAL
MONTH

THOUSANDS
OF PERSONS

INITIAL MONTH
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

6-76

7-76

8-76

9-76 10-76
04*519

5-75

3.0

6-75

1*3

-0.3

7-75

3.1

3*2

6.9

«-75

3*5

3.7

5.7

4*6

9-75

2*4

2*3

3*2

1.4

10-75

2*0

1*8

2*3

0*9

— 1.0

-0.1

1.9

0*1

0.4

84.498
84.967
85.288
-1.8

Ç5.158
85.151

11-75

1*9

1*6

0.7

—0.5

12-75

1*9

1*8

2*1

1*2

0.4

1.1

1.7

3.1

1-76

3*0

3.0

3*5

2*9

2*6

3.7

5.0

7.4

11*8

2-76

2*9

2*8

3*2

2*7

2*4

3.3

4.2

5*5

6*7

1*8

3-76

3*1

3.1

3*5

3*1

2*8

3.6

4.4

5*4

6*2

3*5

5.3

4-76

3.7

3.7

4.1

3*8

3*7

4.6

5.3

6*4

7*2

5.7

7.7

10.2

5-76

3.7

3.8

4.1

3*9

3*8

4*5

5*2

6*0

6.6

5.3

6*5

7.2

85.178
85.394
86.194
86.319
86.692
87.399
4.2

87.697

6-76

3.2

3.3

3*6

3*3

3*1

3*7

4*2

4*7

5*0

3.7

4*2

3.8

0.7

-2.7

7-76

3.4

3.4

3.7

3.5

3.4

3.9

4.3

4*8

5*1

4.0

4.5

4.3

2.3

1.4

5.7

8-76

3.2

3.3

3.5

3.3

3.2

3*6

4.0

4*4

4.6

3.6

3.9

3.6

2.0

1.3

3.3

2.9

2.7

3.1

3*4

3*7

3.8

2.8

3.0

2.6

1.2

0.4

1.5

-0.6

-2.2

2.5

2.8

3.1

3.3

3.4

2.4

2.5

2.1

0.9

0.2

0.9

—0.6

— 1.4

-0.6

3.0

3.2

3.5

3.5

2.7

2.8

2.5

1.4

1.0

1.7

0.8

0.7

2.1

9-75 10-75 11-75 12-75

1-76

2-76

3-76

4-76

5-76

6-76

7-76

8-76

9-76 10-76

5-76

6-76

7-76

8-76

9-76 10-76

9-76

2.9

2.9

3.1

10—76

2.7

2.7

2.9

11-76

2.8

2.8

3.0

2.8

2.7

4-75

5-75

6— 75

7-75

8-75

87.500
87.907
1.0

87.981
87.819
87.773
5.0

88.130

INITIAL MONTH

PAYROLL EMPLOYMENT *
COMPOUNDED ANNUAL RATES OF CHANCE
TERMINAL
MONTH

THWSANPS
OF PERSONS

INITIAL MONTH
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

76.577

5—75

1.4

6-75

—0.4

-2.1

7-75

1.1

1.0

4.2

8-75

2.0

2.2

4.3

4.5

76^444

76.988
77 #239..

9-75

2.4

2.6

4.2

4.2

4.0

10-75

2.6

2.8

4.1

4.0

3.8

3.6

11-75

2.4

2.5

3.5

3.3

2.9

2.4

1.1

12-75

2.5

2.7

3.5

3.3

3.1

2.7

2*3

3*5

1-76

2.9

3.1

3.8

3.8

3.6

3.5

3.5

4*7

6.0

2-76

2.9

3.1

3.8

3.7

3.6

3.5

3.5

4*3

4.7

3.4

3-76

3.1

77.470
77.542
77,76*.^
78.142

3.3

3.9

3.9

3.8

3.8

3.8

4*5

4.9

4.3

78.358
78.692

5.2

79.011

4-7fc

3.3

3.5

4.0

4.0

4.0

4.0

4.0

4*6

4.9

4.5

5.1

5.0

5-7 6

3.0

3.2

3.7

3.6

3.5

3.5

3.4

3.8

3.9

3.4

3.3

2.4

-0.1

6— 76

2.9

3.0

3.4

3.3

3.2

3.1

3.1

3.3

3.3

2.8

2.6

1.8

0.2

0.6

79.006
79.043

7-7#»

7

.ft

7-9

3*3

3-2

3.1

3.0

3.0

3.2

3.1

2.7

2.5

1.9

0.9

1.4

2.1

fi-76

2.7

2.8

3.2

3.1

3.0

2.9

2.8

3.0

2.9

2.5

2.4

1.8

1.0

1.4

1.8

1.4

9-7A

2.8

2.9

3.3

3.2

3.1

3.0

3.0

3.1

3.1

2.8

2.7

2.2

1.7

2.2

2.7

3.0

79.183
79.278
79.572

4.5

1Û—76

2.6

2.6

2.9

2.9

2.7

2.6

2.6

2.7

2.6

2.2

2.1

1.7

1.1

1.4

1.6

1.4

1.3

11-76

2.6

2.7

3.Ü

2.9

2.8

2.7

2.7

2.8

2.7

2.4

2.3

1.9

1.5

1.8

2.0

2.0

2.2

1.1

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

6-76

7-76

8-76

79 .45IP

-1.8
4.0

79*711£_

9-76 10-76

INITIAL MONTH
P- PRELIMINARY
*- DATA REVISED FROM 19Ç7.




.

79t7W

PREPARED BY FEDERAL RESERVE BANK OF ST* LOUIS
DECEMBER 3. 1976

2




EMPLOYMENT
RATIO

RATIO

SCALE

MILLIONS

1968

SEASONALLY ADJUSTED

OF P E R S O N S

1969

1970

1971

1972

MILLIONS

1973

1974

1975

SCALE

OF P E R S O NS

1976

SOURCE» U.S.DEPARTMENT OF LABOR
PERCENTAGES ARE ANNUAL RATES OF CHAN6E FOR PERIOOS INDICATED.
«OATA REVISED FROM 1067.
LATEST DATA PLOTTED« NOVEMBER PRELIMINARY
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

UNEMPLOYMENT
SEASONALLY

PE R CE N T

RATES*

ADJUSTED

P E R CE N T

9.0

8.0

7.0

6.0

5.0

4.0

3.0

2. 0

1.0
1968

1969

1970

1971

1972

1973

1974

1975

1976

SOURCEt U.S. DEPARTMENT OF LABOR
BPERCENT OF CIVILIAN LABOR FORCE IN GROUP
LATEST DATA PLOTTEDi NOVEMBER
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

CONSUMER PRICE INDEX, SEASONALLY ADJUSTED
COMPOUNDED ANNUAL RATES OF CHANGE
TERMINAL
meojju_
5-75

INITIAL MONTH
4-75

5-75

6-75

7-75

8-75

9-75 10-75 11-75 12-75

1-76

2-76

6.2

1*67 * 100
'"Tm ...
■"m\

4-76

6-76

5-76

7-76

8-76

9-76 10-76
159.5
160.6

6-75

7.4

8.6

7-75

9.1

10.6

12.6

8-75

8.0

8.5

8.5

4.5

162.2
162.8
163.5

9-75

7.4

7.7

7.4

4.9

5.3

10-75

7.4

7.7

7.5

5.8

6.4

7.6

11-75

7.5

7.7

7.5

6.2

6.8

7.6

164.5
7.5

165.5
166.4

12-75

7.4

7.5

7.4

6.3

6.8

7.3

7.1

1-76

7.1

7.2

7.0

6.1

6.5

6.8

6.5

5.9

5.2

2-76

6.5

6.6

6.3

5.5

5.6

5.7

5.2

4.4

3.3

1.4

3-76

6.1

6.1

5.9

5.0

5.1

5.1

4.6

3.9

2.9

1.8

4-76

6.0

6.0

5.8

5.0

5.1

5.1

4.7

4.1

3.5

2.9

3.6

5.1

5-76

6.2

6.1

5.9

5.3

5.4

5.4

5.1

4.6

4.2

4.0

4.9

6.2

7.4

6-76

~67Ì

6.1

5.9

5.3

5.4

5.4

5.1

4.8

4.5

4.4

5.1

6.1

6.6

7-76

6.1

6.1

5.9

5.4

5.4

5.5

5.2

4.9

4.7

4.6

5.2

6.0

6.3

5.8

5.8

8-76

6.1

6.1

5.9

5.5

5.5

5.6

5.3

5.1

4.9

4.9

5.5

6.1

6.4

6.0

6.1

6.5

9-76

6.1

6.1

5.9

5.4

5.3

5.5

5.3

5.1

4.9

4.9

5.4

5*9

6.1

5.8

5.8

5.8

10-76

6.0

5.9

5.8

5.3

5.4

5.4

5*2

5.0

4.9

4.8

5.2

5.7

5.8

5.5

5.4

5.2

4.6

4.3

11-76

5.8

5.8

5.6

5.2

5.3

5.3

5.1

4.9

4.7

4.7

5.1

5.4

5.5

5.1

5.0

4.8

4.3

3.9

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

6-76

7-76

8-76

6.7

167.1
167.3
167.6

2.2

168*3
169.3
170*1

5.8

170.9
171.8
172.5

5.0

173.1
3.5

173.6

9-76 10-76

INITIAL MONTH

PREPARED BY FEOERAL RESERVE BANK OF ST# LOUIS
DECEMBER 2 It 1976
WHOLESALE PRICES - ALL COMMODITIES* SEASONALLY ADJUSTED
COMPOUNDED ANNUAL RATES OF CHANGE
INITIAL MONTH

ItkMlNAL

MONTH

4-75

5-75

6-75

7-75

8-75

9-75 10-75 11-75 12-75

1-76

2-76

1 9 6 7 * 100
3-76

5-75

3.9
5-9

5.0

10.2

f — 75
t

7.1

6.9

10.5

9.0

9.3

11.7

12.2

12.9

11-75

7.9

7.9

9.5

9.4

8.9

7 .7
6.5

2.7

5.5

4 .1

0.9

0.7

-2.6

5^4. __ 4.8

3.8

2.3

-0.5

-1.1

-3.6

— 4.6

4 .4

_ £ .5—

2.3

0.0

-0.3

- 1.8

-1. 3

2.0

5.1

4.4

3.4

1.7

1 »7

1.2

2.5

6.2

10.5

5.5

7.2

9 - 7 6 10-76

4.1

6.4

8-76

1.3

7.7

7-76

10.8

1G-75

6-76

0.0

7-7%

5-76

8.0

6-75

4-76

1 73.0
173.0
174.4
175.9
177.5

1-76

6.3

6.9

6.0

_

4.5 __5i.iL
4-7 6

5-3

5.6

5.1

14.4

179.5
179.7
180.3
179.9

5.0

1*9.2
179.5
lfil.O
lfil.6

4 .1

6-76

5.2

__5.0

4.5

J,7

2.4

2.6

2.3

3.4

5.5

6.6

4.7

5.4

7 -76

5.1

4.9

5.3

4-9

4.4

3 .7

2.6

2.8

2.6

3.5

5.2

6.0

4.5

4.7

-Zm Z-

2.3

2.1

2.8

4.1

4. 5

3. 0

2.7

1.3

- 1.3

9-76

5.1

4.9

5.3

4.9

4.5

3.9

3.0

3.2

3.1

3.9

5.1

5.6

4.7

4.9

4.7

5.0

11.7

10-76

5.2

5.1

5 .4

5.1

4.7

4.2

3.4

3.6

3.5

4.2

5.4

5.9

5.1

5.4

5.4

5.8

9.5

7.4

4.5

^ 7 . _ 4*0__ _ 3.9

.4^

_5.7

.^ 2 _
.

5*6

5.8

5.9

6«4__ 9.0

7*7

9-75 10-75 11-75 12-75

1-76

2-76

3-76

4-76

5-76

6-76

.
JÏ.3

_5-iL

1 1 - 7 6 __

4-75

5-75

6-75




7-75

8-75

182.4
183.0

4.0

7-76

182.8

8-76

1 84.5
185-6
8.0

186.fi

9-76 10-76

1N L HNH
ITIA QT
PREPAREO BY FEOERAL RESERVE BANK OF ST. LOUIS
DECEMBER 3* 1976

4




PRICES

RATIO SCALE

1968

RATIO SCALE

SEASONALLY ADJUSTEO

1967-100

1969

1970

1 97 1

1972

1973

1967-100

1974

1975

1976

PERCENTAGES ARE ANNUAL RATES OF CHAN6E FOR PERIOOS INDICATED.
LATEST DATA PLOTTED. NOVEMBER
PREPAREO BY FEDERAL RESERVE BANK OF ST. LOU IS

WHOLESALE

RATIO SCALE

PRICES

RATIO SCALE

SEASONALLY ADJUSTED

1967-100

200

1967-100

200

1968

1969

1970

1 97 1

1972

1973

1974

1975

1976

PERCENTA6ES ARE ANNUAL RATES OF CHANCE FOR PERIOOS INOICATEO.
LATEST DATA PLOTTEOi NOVEMBER
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

WHOLESALE PRICES - INDUSTRIAL COMMODITIES» SEASONALLY ADJUSTED
________________COMPOUNDED ANNUAL RATES OP CHANGE_________________
MONTH
5-75

4-75

5r:75

6-75

7-75

8-75

V— 75 10-75 11-75 12-75

2.1

1-76

2-76

3-76

4-76

5-76

6-76

7-76

8-76

9-76 10-76

169*4

6-75

2.1

2.1

7-7*»

2-«

3.2

4.3

8-75

4.3

5.1

6.5

169.7
170.3
171.5

8.8

9-75

5.6

6.5

6.0

9.«

11.0

10-75

7.2

8.3

9.9

ll.fi

13.3

15.6

11-75

7.5

8.4

9.7

11.1

11.9

12.4

173.0
175.1
9.3

176.4

12-75

7.5

8.3

9.4

10.4

10.9

10.8

8.5

7.7

1-76

7.2

7.9

6.7

9.5

9.6

9.3

7.3

6.3

4*8

177.5
176*2

2-76

6.6

7.1

7*7

8.2

8.1

7.5

5.6

4.4

2.7

0.7

3—76

6.3

6.8

7.3

7.7

7.5

6*9

5*3

4*3

3.2

2.4

4.1

178.3

4 —76
»

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

5.7

6.0

6.4

6.6

6.3

5.8

4.4

3.7

2.9

2.4

2.«

2.4

0.7

6-7 A

5.a

6.0

6.4

6.6

6.3

5.8

4.7

4.0

3.4

3.1

3.7

3.6

3.4

6.2

7-76

6-tJ

6.2

6.6

6.8

6.6

6.1

5.1

4.6

4.2

4.1

4.8

4.«

5.2

7.6

9*0

8-76

6.1

6.4

6.7

6.9

6.7

6.3

5.4

5.0

4.7

4.7

5.3

5.6

6.0

7.8

8.6

8.2

«-76

6.4

6.7

7.0

7.2

7.1

6.8

6.0

5.7

5.4

5.5

6.2

6.6

7.1

8.8

9.6

10.0

10-7K

6.A

7.1

7.4

7.6

7.5

7.2

6.6

6.3

6.2

6*3

7*1

7*5

8*1

9*6

10.5

11*0

12*4

13*1

11-76

7.0

7.2

7.5

7.7

7.7

7.4

6.8

6.6

6.5

6.7

7.4

7.8

8.4

9.7

10.4

10.8

11.6

11.6

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

6-76

7-76

8-76

9-76 10-76

8-76

9-76 10-76

178.9
17«#.5
179*6
180. 5
181*8
183.0
11.7

184*7
186*6
10.1

188.1

INITIAL MONTH

WHOLESALE PRICES—FARM PROOUCTS AND PROCESSED FOODS AND FEEDS* SE AS• ADJ.
____________________ COMPOUNDED ANNUAL RATES. O F CHAHfiE_______________________
.
TERMINAL
M ONTH

INITIAL M O N T H
4-75

5-75

5-75

6-75

7— 75

8-75

9-75 10-75 11-75 1z - 75

24. 4

1-76

2-76

1 967 * 100
3-76

4-76

5-76

6-76

7-7 6

183*0

6 -75

7.9

-6.4

7-75

13.3

8.1

8-75

14.1

10.9

20i

16.7

9 -75

l4y.O

11.6

1 A,m?k

15.1

13.6

10-75

13.8

11.8

16,.9

14.3

13*1

11-75

8.9

6.6

9i>3

5.8

12-75

6.8

4.5

6 ■5

3.1

182.0
1 85.4

74,.9
187.8

189.8
l?i.7

191.7

2.4

-2,.8 -16.2

188.9

0.0

-4.1 - H i

—6*8

187.8

1-76

3.1

0.7

1,.7

-1.7

-5.0

2-76

0.4

-2.0

— 1.4

-4.7

-7.8 -11<*6 -16..8 - 17.0 - 2 1 . 7 - 2 0 . 6

-2*0

-1,.5

— 4*4

-7.1 -10.,2 - 14.1 -13.6 — 15 .6 -12*1

-9.2 — 15«,5 -15.1 -22 .8

183.8
1 60.3

3-76

0.1

4-7/,

2*9

1*1

,9
1,

—0*4

— 7*3

-4.k4

— 7.iO

— 4 •6

7*4

16* 3

39. 0

5-76

3*6

2*1

?,,9

0*9

-0*7

— 7.»4

— 4-,3

-2*7

-I •3

5*0

15*7

?5-»3

13..1

6- 7 K

3*7

2*3

3.•0

1-?

-0*7

— 1.>6

-3.

-1*3

- O •3

4*9

17*5

Ifl-»0

&.,7

7-7fc

7-7

1-1

1,

— 1*7

-7.*6

—4.,2

-7*5

-1 .9

7*1

7*3

in.» t
f

1,,7

8-76

0*3

-1.2

-?.S

-4 * 0

.4

— 7.,
1

-6*0

-5 .9

-3* 2

0. 0

0.,5

-0,•A

-2.6

179.9
1 84-9
186-8
4*6

1 87-5

-3*5 - 1 0 * 9

185-7

-7.f3 -1 3 * 2 - 2 0 . 9 - 2 9 . 8
t

180*3

9-76

0*9

—0*4

Q,>0

-1*5

-7 * 8

-5.,5

-4*3

*0

-1*4

1.7

7.

-3i>6

- 7 . 4 -11 .O -11.1

10-74

0*3

-1*0

-O..7

-2*7

— 3*4

-4.

— 5- 9

-4*9

- 4 .7

-7*5

0*1

o.,5

-4.

—8 - 0 - 1 0 * 9 - 1 0 * 9

0*3 -10*6

11-76

0.4

-0*8

-0.5

-1.9

-3.0

-4..1

-5..3

<-4.3

—4 .1

-2.0

0.4

0..8

-3..8

—6.3

-8.4

-7.7

1.1

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

6-76

7-76

8-76




.1

12.7

182.1

-4*2

1 80*4

2.7

180-8

9 - 7 6 10 - 7 6

INITIAL MONTH

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
DECEMBER 3. 1976

6

INDUSTRIAL
RATIO

PRODUCTION
RATIO

SCALE

SEASONALLY ADJUSTED

1967-100

SCALE

1967-100
140

135

130

125

120

115

110

105

100

95
1968

196 9

1970

1971

197 2

19 7 3

1974

1975

19 7 6

PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIODS INDICATED.
LATEST OATA PLOTTED* NOVEMBER PRELIMINARY
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

INDUSTRIAL PRODUCTION
COMPOUNDED ANNUAL RATES OF CHANCE
JfcflHINAL
MONTH
4-75

INITIAL NQNTH
5-75

6-75

7-75

8-75

9-75 10-75 11-75 12-7»

1-76

2-76

m 7
H 6

4-76

H 6

»-7» .7r76

6-76

9-76 10-76
11^ 7 -

_5=2S___12.4
6-75___ ¿2.0
7 -75

116*4

32. 5

22*3 . 27*5

6~75___ 24.1

« IW

U 6 t4

22*.t

121*9

28 «3

26*2

29*8

9-75___ 21*5. - 23.8

21.1

20.3

.15*7

13.5___ 6*1_

122*4

12*6___ 8*2_

124.*»

IQrrlti___ 17*8

18.9

.11=20___ 17*2

122*1

11*5

18«0 -15.H
.3

12r25___ 16*1_ 16*7 . 14«2

1-76___ 16.2

14t»l

12*7_________ ______ 9 «!

2=16___ 15*9

16,3 A 4..4

11*2

12S 7

13.2

10*7

10*5

13*1

12*9

127.3

12*5

10.3

10*1

12*0

U*6

l2A.fl.

3-76__,15*1

15*4

4=76---14.Q

14.2__12*5

11*4_ 9*3_ 9.0
_
_

10.4_ 9.8_

14*0

12.4

11*5___ 9*6___ 9*4

10*6__ 10*1__ 10*3___ 9*6___ 2*4___ 1*2__ 11*8_

6-76___ 13*2__ 13*2

11*8

10*8___ 9*1___ 8*8

-5=36___ 13*9

7-76—

13*6

12tP

12*7— 12*7__11.3__ 10*4___ 8*8___ a.5

-8=26--- 12.2

12.2__ 10.9

Striò___11*2__11*1

9*8

10.0___ 8*5___ 8*2
9*0

128*4
12V*6

9*9___ 9*3___ 9*4___ 8*6___ 6*7___ 6*4l_

l&Ltl

9,4

136*7

8 .9

8.8

_fi*l___6*5_ 6*2___1*4_ 5*2___5.7
_
_

9*0___ 8*5___ 8*4___ 2*8___ 6*4__ Jt*l___ 6*9___ 5*4___ i*7___ 5*7

__7*5___ 2*2___ 7*8___ 7*2___ 7*0___ 6.3

_4*9

131*3
13Q*?

_
_
_
9-4.7_ 3*0_ 2*5_ ft*. -3*6

-1A—76--- 10.3

10.2___ 8*9___ 8*0___ 6*6___ 6*3

6*7

6.1

5*8

11-76___ 10.6

1 0 . 5 _ 9*3
_

7*4

6*9

6*7___ 6*0___ 5*0___3* 6 ___ 4*9___ 3 * 1 ___3*5___ 3*0___ 2*1___ Sl
*JL

4-75

5-75

6-75

8*5

7*2

7-75

8-75

A*9_

9-75 10-75 11-75 12-75

5*0___ 3*7 . 3 .1, .3«!___ 1*5

1-76

2-76

3-76

4-76

5-76

0*7

6-76

-0.9

7-76

-4*0

8-76

-4*5

1f*£.
3t4,.
_L32^_P_

9-76 10-76

INITIAL MONTH
P- PRELIMINARY




PREPARED 8Y FEDERAL RESERVE BANK OF ST. LOUIS
DECEMb£A 17* 1976

7

PERSONAL
RATIO

TRILLIONS
1,

INCOME

MONTHLY TOTALS AT ANNUAL RATES

SCALE
OF

DOLLARS

SEASONALLY ADJUSTED

RATIO
TRILLIONS

OF

SCALE

DOLLARS

0.9

0
.

0.8

0
.

0.7

19 6 8

1969

1970

1971

1972

19 7 3

1974

1975

19 7 6

SOURCEt U.S. DEPARTMENT OF COMMERCE
PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIOOS INDICATED.
LATEST OATA PLOTTED» NOVEMBER PRELIMINARY
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

PERSONAL INCOME
----------- C<jffl>00NJ£i5 ANNUAL kATtS OF CHANGE-------------------------------------------------------BILLIONS OF
INITIAL MONfH
DOLLARS
ANNUAL RATES
9- n 10-75 n -?5 12-75 i - i * ' z - n
^ r ^r= r tr ^ n
i
r -n s-7* * - n 1 0 - n
--------------

TERMINAL
MONTH

--------- r - n

5-75

6-75

7— 75

b-75

»-7 5 10-75 11-75 12-75

1-76

2-76

3-76

*-76

5-76

6-76

7 -76

8-76

9-7 6 1 0-76

INITIAL MONTH_______________________________________________________
P- PRELIMINARY




PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
DtCfcMBtk ¿0» ÌV?6-------------------------------

8

RETAIL
RATIO

SALES

SCALE

BILLIONS

1968

OF

RATIO

SEASONALLY ADJUSTED

DOLLARS

1969

19 7 0

1971

1972

1973

BILLIONS

197 4

OF

19 7 5

SCALE

DOLLARS

1 97 6

SOURCEi U.S. DEPARTMENT OF COMMERCE
PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIODS INDICATED.
LATEST DATA PLOTTED« OCTOBER, NOVEMBER ADVANCE ESTIMATE
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

RETAIL SALES
COMPOUNDED ANNUAL RATES OF CHANGE
MILLIONS OF
DOLLARS

INITIAL MONTH

TERMINAL
MONTH

5-75

6— 75

7-75

6-75

9-75 10-75 11-75 12-75

1-76

2-76

3-76

4-76

5-76

6-76

7-76

8-76

9-76 10-76
48,171

5-75
6-75
7-75

22 >7

48,65c

23*9

49,411

16.5

49,774

8-75

52,668

5-76

11.6

6-76

12.7

11.1

11.0

7-76

11.4

9.9

9.6

8-76

12.1

10.6

10.5

9-76

10.5

9.1

8.9

10-76

10.7

9.3

9.1

8.4___ 9.3

11-76

11.3

10.0

9.9

9.2

9.2

4-75

5-75

6-75

7-75

8-75

R- Revised
P- PRELIMINARY
E- ESTIMATED




10.1

10.2

11.8

12.2

11.9

3.3

11.5

0.4

10.5

53,983

28.5
-5.

53,754

6.8

8.6

5.3

2.3

10.9

8.6

10.4

7.9

5»?

5.4

14.1

7.6

8.5

6.1

7.4

4.9

2.9

1.8

7.2

0.9

3.9 -11.3

6.8

8.0

6.0

4.3

3.7

8.4

3.9

7.0

0.3

13»4

8.1

9.4

7.6

6.4

6.1

10.5

7.3

10.6

7.1

17.Ô

9-75 10-75 li-ÏS 12-75

1-76

2-76

3-76

4-76

5— 76

6^6

7-76

8-76

8.8

10.0

10.1

9.7

9.8

11.0

11.3

9.0

9.7

8.9

9.0

10.2

10.3

10.0

54,643

21.8

54,100
54,669P
22.0 I

55,583E

9-76 10-76

INITIAL MONTH

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
DECEMBER 13* 1976

9

HOURLY COMPENSATION» PRIVATE BUSINESS SECTOR
COMPOUNDED ANNUAL RATES OF CHANGE________
TERMINAL________________________________________________________INITIAL QUARTER_______________________________________________________1967 « 100
UUARTER
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 2-76
1-72

6.7

136.1

8.3

2-72

137.8

5.1

139.2

3-72

5.8

*.6

4.1

4-72

6.4

5.7

6.0

8.0

1-73

7.7

7.6

8.4

10.6

13.3

2-73

7.4

7.2

7.8

9.0

9.5

5.9

3-73

7.3

7.2

7.6

8.5

8.6

6.4

6.9

4-73

7.5

7.4

7.7

8.5

8.6

7.1

7.7

8.5

1-74

7.5

7.4

2-74

8.0

141.9
146.4
148.5
151.0
154.1

7.8

8.4

8.5

7.3

7.8

8.2

8.0

8.4

9.0

9.1

8.3

9.0

9.6

10.2

iz.^Noi.2%

161.8

9.4

9.6

9.0

9.7

10.4

11.0

12.6

166.7

157.1

3-74

8.4

8.5

8.8

4-7*

8.6

8.6

8.9

9.5

9.7

9.2

9.7

10.3

10.8

11.7

11.3

1-75

8.9

8.9

9.3

9.8

10.0

9.6

10.2

10.8

11.2

12.0

11.9

11.5

13^0^W

2-75

8.8

8.8

9.1

9.6

9.7

9.3

9.8

10.2

10.5

11.0

10.6

10.0

10.0

7.0

179.0

3-75

8.5

8.5

8.8

9.2

9.3

8.9

9.3

9.6

9.7

10.0

9.5

8.8

8.4

6.1

5.2

161.3

4-75

8.5

8.5

e.8

9.1

9.2

8.9

9.2

9.4

9.6

9.8

9.3

8.7

8.4

6.*

6.8

8.4

V

165.0

1-76

8.7

8.7

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

10.8

169.8

2-76

6.6

8.6

8.8

9.2

9.2

8.9

9.2

9.4

».5

9.7

9.3

8.8

8.6

8.0

8.9

9.2

7.6\v

193.3

3-76

8.5

8.5

8.7

9.0

9.1

8.8

9.0

9.2

9.3

9.4

9.1

8.6

8.4

7.7

7.8

8.5

8.5

7.4

196.7

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

2-76

3-75

4-75

1-76

2-76

9 . 9 \

170.7
176.0

* t tot

7.2 \

INITIAL QUARTER

OUTPUT PER HOUR OF ALL PERSONS* PRIVATE BUSINESS SECTOR
___________ COMPOUNDED ANNUAL RATES OF CHANGE_____________
TERMINAL
QUARTER

1967 * 100

INITIAL QUARTER
4-71

1-72

3.7

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

109.3

3.4

2-72

1-72

4.1

110.*

3-72

3.1

2.9

1.8

4-72

3.9

4.0

4.0

6.3

110.V
112.6

1-73

4.1

4.3

4.4

5.7

5.1

2-73

2.7

2.6

2.3

2.4

0.5

-3.8

3-73

2.0

1.8

1.4

1.3

-0.4

-3.0

-2.1

4-73

1.8

1.6

1.2

1.1

-0.2

-1.9

-0.9

1-74

0.9

0.5

0.1

-0.2

-1.5

-3.1

-2.8

-3.2

-6.6^

2-74

0.4

0.0

-0.5

-0.8

-1.9

-3.2

-3.1

-3.4

-5.3

- 3.9

3-74

0.1

-0.2

-0.7

-1.0

-2.0

-3.1

-3.0

-3.2

-4.4

- 3.2

4-74

-0.2

—0.6

-1.0

-1.3

-2.2

-3.2

-3.2

-3.4

-4.3

- 3.5

-3.3

—4 . 0 V\

1-75

-0.1

-0.4

-0.8

-1.0

-1.8

-2.6

-2.5

-2.5

-3.1

- 2.2

-1.6

-1.1

2-75

0.8

0.6

0.3

0.2

-0.4

- 1.0

-0.7

-0.5

—0.6

0.7

1.8

3.3

7.2

1
12.8
10.4

114.0
I

112.9
112.3
0.4

112.4
110.5
109 .<1-2.5s

108.7
107.6
108.1
111.4

3-75

1.3

1.1

0.9

0.8

0.3

-0.1

0.3

0.6

0.6

1.9

3.1

4.5

7.5

4-75

1.1

0.9

0.7

0.6

0.2

-0.3

0.1

0.4

0.4

1.4

2.3

3.3

5.2

1-76

1.5

1.3

1.2

1.1

0.7

0.4

0.8

1.1

1.1

2.1

3.0

4.0

5.7

6.7

4.7

3.0

2-76

1.6

1.5

1.3

1.3

0.9

0.6

1.0

1.3

2.3

3.1

3.9

5.3

6.0

4.4

3.2

3-76

1.7

1.6

1.4

1.4

1.1

0.8

1.2

1.4

1.5

2.4

3.1

3.8

5.0

5.5

4.1

3.2

4.7

3.3

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

I— 75

2-75

3-75

4-75

1-76




8.1

113.6

C07-

3.3

113.2
115.3
116.3
3.1 ^

117.2

2-76

INITIAL QUARTER

PREPAREO BY FEDERAL RESERVE BANK OF ST* LOUIS
DECEMBER 1» 1976

10

PRODUCTIVITY,

COMPENSATION, AND LABOR C O S T S *

RATIO SCALE

RATIO SCALE
SEASONALLY ADJUSTED

1967-100

1967-100

SOURCE« U.S. DEPARTMENT OF LABOR
PERCENTAGES ARE ANNUAL RATES OF CHANCE FOR PERIOOS INDICATED.
LATEST DATA PLOTTEDt 3RD OUARTER
»D A T A R E V IS E D FROM 1 9 4 7 .

fR E P A R E D BY FE DE RA L RESERVE BANK OF S T .

L O U IS

UNIT LABOR COSTS* PRIVATE BUSINESS SECTOR
COMPOUNDED ANNUAL RATES OF CHANGE
TERMINAL
QUARTER

INITIAL QUARTER
4-71

1-72

2.8

3-72

2*6

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

2-76

4*6

2-72

1-72

1967 * 100

4-72

124.5
1.0

124. b

1.6

125.5

1.6

1*9

1.6

3.4

3.1

3.9

4.7

4f6

4.5

5.4

6,5

3-73

5.1

5.2

6.1

7.1

9.0

9.6

8.a\^

4-73

5*5

5.7

6.5

7.3

8.8

9.1

8.5

1-74

6.6

6.8

7.7

8.6

10.1

10.7

10.8

11.8

Ì- ^
15*4

2-74

7.6

8*0

8.9

9.8

11.3

12.0

12.4

13.6

16*4

it>

3-74

8.3

8.7

9.6

10.5

11.9

12.5

13.0

14.1

16*1

16.4

15.4\

153.3

4-74

8.8

9.2

10.1

11*0

12.8

13.?

14.2

15.7

15.8

15.0

14.6\

158.6

1-73

126.0

1

126.4
10.3^\

131.6
134.4
137.1
142.1
\J4.8%

147.V

1-75

9.4

10.2

11*0

12.1

12.6

13.0

13.7

14.8

14.6

13.7

12.9

11.M

T-?

8.2

8.8

♦.4

*©.2

10.5

10.5

10.8

11.2

10.3

8.7

6.5

2.7

1
I \
-5.3

3-75

7*2

7.3

7.8

8.3

9.0

9.1

8.9

8.9

9.0

8*0

6*2

4.0

0*8

-4.1

4-75

7*3

7.5

8.Q

8.5

9.1

9.2

9.0

9.1

*•2

8.3

6.9

5.2

3.0

0.4

3.4

1-76
_

9*0

2-75

7.1

7.2

7.7

8.1

8.6

8.7

8.5

8.5

8.5

7.7

6.3

4.9

3.1

1.1

3.3

6.6

3*2^

2-76

6.*

7.0

7.4

7.8

8.2

8.2

8.1

8.0

8.0

7*2

6.0

4.7

3.1

1.6

3*4

5.6

3*3

. X

166.1

3-76

6.7

6.9

7.2

7.5

7.9

7.9

7.8

7.7

7.6

6.9

5.8

4.6

3*3

2.0

3*5

5*2

3*6

3*8

167. b

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




162.9
160.7
-3.o\

159.5

\ ^ 0 %
10.1^

163.4
164.7

2-76

INITIAL QUARTER

PREPARED BY FEOERAL RESERVE BANK OF ST* LOUIS
DECEMBER 1* 1976

11

m o s s NATIONAL PRODUCT IN CURRENT DOLLARS
COMPOUNDED ANNUAL RATES OF CHANGE
TERMINAL
QUARTER
1-72

INITIAL QUARTER

*— 71

1-72

2-72

3-72

*-72

1-73

2-73

3-73

1-74

4-73

2-7*

3-7*

*-7*

¿-tt

1-75

3-75

*-75

1-76

2-76

BILLIONS OF
DOLLARS
ANNUAL RATES
1,127.0

13*6

2-72

12.*

11.0

3-72

11.2

9.9

b.b

4-72

11.7

11.1

11.1

1,156.7
1,181.*
1,219.*

13.5

1-73

12.0

12.3

12.7

1*.7

15.9

2-73

11.7

11.3

11.*

12.3

11.6

7.5

3-73

11.4

11.0 Tl.u

11.5

1C. 9

8.4

4-73

11.4

11.1

ll.to

il.!

9.t 10 .6
o

11.9

11.1

1,265.3
1 ,2éó.*
1,317.5

9.à

1,555.1
1 ,372.7

10.3

10.5

9.9

b.5

b.b

b.to

5.3

10.5

loTT

lo .0

lo.' “
2

9.6

b .4

b.to

b .4

6.t
o

6.0

3-7*

lu .*

lo.o

9.9

10.1

o
9. t

b .6

8.b

b.7

7. t
o

8.8

9.5\

*-7*

v.v

9.6

9 .*
t

9.5

9.0

6.1

6.2

7.9

6.9

7.5

7.2

5.0

1-75

9.1

b .7

b.5

b.*

7.9

6.9

t .8
o

to.*

5.3

5.4

*.5

2.1

—0.6

2-75

9.1

b.b

b .t
o

b.to

b.l

7.3

7.3

7.0

6.2

t .3
o

5.9

*.7

*.6

10.*

3-75

V.Ö

9.5

9.*

9.*

9.1

Ö.4

8.5

b.*

7.9

8.*

8.*

6.2

9.3

1*.7

19.2

*-75

9.6

o
9. t

9.5

9.5

9.2

b .6

b.7

b.7

8.3

8.7

6.8

8.7

9. t
o

13.3

1*.8

10.C

9.6

v.7

v.b

9.5

b.9

9.1

9.1

b.7

9.2

9.3

9.3

10.2

13.1

l*.l

11.6

12.6

10.0

9.b

9.7

9.b

9.5

9.0

9.1

9.1

b.9

9.3

9.*

9.*

10.1

12.5

13.0

11.0

11.3

9.9 \

9.9

9.7

9. t
o

9.7

9.4

9.0

9.1

9.1

b .8

9.2

9.3

9.3

9.9

11.8

12.1

10.*

10.3

9.2

*-71

1-72

3-7^

*-72

1-73

2-73

3-73

4-73

1-7*

2-7*

3-7*

*-7*

1-75

2-75

3-75

*-75

1-76

•
0
1

1-7* “TÖT7“ 1C •*
2-7*

2-76
3-7 t
o

2 — 72

1,399.4
1,431.6

\2.1%

1,**9.2
1 ,4*6.2
1 ,*62.3
1,5*8.7

48
1

\
. %
lO.toV^^^

1,588.2
1,636.2
1,675.2
8*5\

1,709.8

2-76

INITIAL QUARTER

GROSS NATIONAL PRODUCT IN CONSTANT 1972 DOLLARS
COMPOUNDED ANNUAL KÀTéìTOF^Chà NGE
TERMINAL
QUARTER

BILLIONS OF

DOLLARS

initial quarter
4— 71

1-7* 2-72

3-72

*-72 1=73 2F73

3-73

* -73

1— 7 4

2— 74

3— 74

1*
7

1-75

2-75

3-75

ANNUAL RATES
*-75

1-76

1,141.2

1-72
2-72

7.7

7 .9

3-72

6.9

6.6

5.3

*-72

7.3

772

6 .9

8.5

1,202.2

1-73

7.7

7.8

7.7

9.0

1 ,229.6

2-73

6.5

6 .3

5.9

6.1

*.9

0.* \ K 4 y o

1,231.1

3-73

5.t
o

5.5

5.0

*.9

3.8

1.1

1.7 '

1 ,23to.3

4-73
-

7.6

3.*

1.*

1.9

1,163.0

1,176.0

5.3

5.0

*.5

* .*

1-74

4.2

3.6

3.3

2.9

6.0 -0.1

-1.0

- 3.9

^ 2 %

2- 7 *

3.5

3.0

2.5

¿.1

1.0

—0.6

-0.6

-1.7

-3.5

-3.1

3- 7 *

2.9

2.5

1.9

1.5

0.5

-0.9

-1.2

-1.9

-3.2

-2.6

*-7*

2.1

1.6

1.0

0.5

-0.*

-1.6

-2.1

-2.9

-**.1

-4.2

-4. 7

—6.8

1-75

1.1

0.6

-0. 1

— 0.6

-1.5

-2.8

-3.3

-*.1

-5.3

-5.6

-6.5

-8.4

-9.9

2-75

1.*

1.0

0.*

—0.0

-0.8

-1.9

-2.2

-2.8

-3.5

-3.5

-3.6

-3.9

-2.*

3-75

2.1

1.7

1.2

0.9

0.2

-0.7

-0.6

-1.1

-1.5

-1.1

-0.6

-0.3

2.0

—0.6 -0.9

1 , 2 4 2 .to
1 ,230.4
1,220.b
“ 2* 6 1

1,212.9

■8.4%
L

1 ,191.7

1
N

l,ltol.l
1,177.1

5.6
8.5

1,209.3

11.*

1.*

1.1

0.5

-0.3

-0.*

0.4

2.3

6.7

7.3

3.3

2.2

1.9

1.6

1.1

0.*

0.*

0.3

0.1

0.6

1.2

1.8

3. t
o

7.3

7.9

6.2

9.2

2-76

2.6

2.*

2.0

1.6

1.*

0.7

0.6

0.7

O to
.

1.1

1.6

2.2

3.6

6.6

‘ 7.0

5.6

6.8

•

3-76

?

1.6

2.5

s
\

2.1

1-76

0
1

*-75

•

.6.3%

1,21V.2
1,246.3

2.7

2.4

2.1

1.9

1.5

1.0

1.0

1.0

0.9

1.3

1.8

2.4

3.6

6.3

6.*

5.2

5.8

*•2

*-71

1-72

2-72

3-72

*-72

1-73

2-73

3-73

*-73

1-7*

2-74

3— 74

4-7*

1-75

2-75

3-75

*-75

1-76




1,260.0

*.5
3.9]

1,272.2

2-76

INITIAL QUARTtK

PREPARED EY FEDERAL RESERVE BANK OF ST. LOUIS

12

DEMAND AND P R O D U C T IO N
R A T I O SCALE
QUARTERLY TOTALS
T R I L L I O N S OF DOLLARS
SEASONALLY
1

AT ANNUAL RATES

.

ADJUSTED

TRILLIONS

R A T I O S CAL E
OF DOL L ARS
1.9
1 . 8

1.7
1 . 6

1.5
1.4
1.3
1 . 2

1. 1

1.7
1.6

1.5
1 .4

0.

1.3
1 . 2

1.

1 .1

1.

1 .0

0.

0. 9

0.8
1968

1969

1970

1971

1972

1973

1974

1975

1976

SOURCEs U.S. DEPARTMENT OF COMMERCE
UJSNP IN CURRENT DOLLARS.
BJ5NP IN 1972 DOLLARS.
PERCENTACES ARE ANNUAL RATES OF CHANCE FOR PERIODS INDICATED.
LAICS! »AT. PLOTTED! » 0




QUARTER

b< ^

13

^

^

GENERAL
RATIO

PRICE

INDEX*

SCALE

RATIO

1972-1 00

SCALE

1972-100

19 6 8

1 96 9

1 97 0

1971

1 97 2

19 7 3

1974

19 7 5

19 7 6

«AS USED IN NATIONAL INCOME ACCOUNTS
SOURCE« U.S. DEPARTMENT OF COMMERCE
PERCENTAGES ARE ANNUAL RATES OF CHANCE FOR PERIODS INDICATED.
LATEST DATA PLOTTEDt 3RD QUARTER
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

IMPLICIT PRICE OEFLATQR FOR GROSS NATIONAL PROOUCT

COMfòUfcufcò ANNUAL

TERMINAL
QUARTER

RATfcS

OF

ChaNGE.

1972 * 100

INITIAL öuAftTIK
*-71

1-72

2-72

¿-72

'*-72—

z-7l— 5=T5“ *^73— 1-7*
ó

2-7*

3-7*

*-7*

1=75

2=75

3=75

4^75

1-76

2-75“
98.76“

5.8

2-72

1-72

*.3

99:*5

371

3-7ÎT

374“

160*29

3.6
1 -73

*.5

“*77“

*.2

“573 "

101***

r\

102.69

Ü.8V

2-73

J.5%
T 7 9 - 477---572---575---57*---771T
-

3-73

“573“

_5 72_

"577---573

*-73

5.8

“ 57ff~

”573---579“ T 7 F

1-7*

“572“

"573“

6.6

7.*

“779- ff74~
-

6.7

6.9

77*

7.9

“575

9.0

9.0

9.6

2-7*_
3 -7*

"77 2 “ "T7*-

575~

“975

7.3

106.57

“B7T"

109.05'

7.9

7.9

8.0

8 .5

9.1

9.6

10.1

lo.o "IÖ75"
10.0

2-7»
3 —7 5

7.6

7 .7

*-75

7.5

8.1

7 .7

1 -76

9.5

111.56

\

10.2

TÜ75— 11. 5

10.6

11.1

TT79

12.4

118.03

7.3

7.*

11.»

12.2

12.5

11.2

11.6

li.?

il.*

10.0

10.1

10.2

9. 6

9.0

778

771

773

775

*-71

1-72

2-72

3-72

7.2

1 25.93

*75

976976973875

7.2

577770

771

87 9

872

T77

8.7

~775

"870- 779---777---773---577"“
2-73

3-73

1 28.07

5 72“ "T7Ö“

9 73

87*873

77tT
1-73

12*.55

lo.i y .

9 73

9.2

8 .2

*-72

121750"

12.7

11.0

8.6

7.0




9.0

7.7

775

2-76

TT71T

10.5

9.2

6.7

114.64

1.2%

9.7

7.7
1-75

T7v

675~

104:55"

*-73

1-7 *

2-7*

_________ INITIAL QUARTER

3-7*

671

57*

575

5.9

T72~
1-75

2-75

1 30.27

57T~

“*72
3-75

131.29

3.2

57T" -472“

5.3

*-7*

>s5.2%

*-75

5.2

132.96

*78“
1-76

2-76

__________________________________________

PREPARED BY FfcOERAL RESERVE BANK OF ST* LOUIS

¿»¿¿ËN&Efc 20, 1976"

14

PERSONAL CONSUMPTION EXPENDITURES IN CURRENT DOLLARS
COMPOUNDED ANNUAL RATES OF CHANGE
BILLIONS OF
DOLLARS
ANNUAL RATES

INITIAL QUARTER

terminal

_ QUARTER
4-71

1-02

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

2-76

1L.4

705.9

2-72

11.2

724.7

3-72

10.3

9.8

B.5

4-72

10*9

10*7

10.5

12.5

761.8

13.3

14*0

787.2

1—72

11.1

739.7

1-73

11*5

11*5

1L.7

2-73

10.8

10.6

10.5

11.2

10.6

7.2

3-73

10*5

10.3

10.2

10.6

10.0

8.0

8.9

4-73

10.1

9*9

9. 7

10.0

9.4

7.6

8.2

S

601.0
8 18.2

7.5

833.1

1-74

10*1

9.9

10.0

9.5

8.4

8.8

8.8

10.1

2-74

10*3

10.2

10*1

10.3

10.0

9.2

9.7

10.6

11.2

12.4

3-74

10.6

10*5

10*5

10.7

10.5

9.9

10.4

10.8

12.0

12.9

13.4

4-74

9*9

9.7

9.6

9.7

9.4

6.7

9.0

9.0

9.4

9.1

7.5

853.3
878 .7
9 06.8
9 11.1

1.9

1-75

9.9

9««

9.6

9.7

9.4

8.9

9.1

9.2

9.5

9.4

8.4

5.9

ÌÒ.1

2-75

10^0

9.9

94«

10.0

9.7

9.2

9.5

9.6

9.9

9.9

9.3

7.9

11.1

12.1

3-75

10.1

10.1

10«4>

10.1

9.9

9.5

9.7

9.8

10.2

10.2

9.8

8.9

11.3

11.9

933.2
960.3

11.7

987.3

4-75

10.2

10.1

io*o

10.1

9.9

9.6

9.8

9.9

10.2

10.2

9.9

9.2

11.1

11.4

11.1

10.4

1-76

10.3

10.3

10u2

10.3

10.2

9.9

10.1

10.2

10.5

10.6

10.3

9.8

11.5

11.8

11.7

11.7

13.1

2-76

10.2

10*2

10.1

10.2

10.0

9.7

10.0

10.0

10.3

10.3

10.1

9.6

10.9

11.1

10.9

10.6

10.7

8.3

3-76

10.2

10.1

10.0

10.1

10.0

9.7

9.9

10.0

10.2

10.2

10.0

9.6

10.7

10.8

10.5

10.3

10.2

8.8

9.2

H 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

4 -2l_. *-72_ 2-72

1 »012.0
It0 4 3 . 6
1,064.7
1*088.5

INITIAL QUARTER

PERSONAL CONSUMPTION EXPENDITURES IN CONSTANT 1972 DOLLARS
COMPOUNDED ANNUAL RATES OF CHANGE
TERMINAL
QUARTER

BILLIONS OF
DOLLARS
ANNUAL RATES

INITIAL QUARTER
4-71

1-72

2-72

3-72

4-72

1-73

2-73

3-73

4-73

1-74

2-74

3-74

1-72
2-72

7.5
6.7

6.8

7.2

7.4

6*9

8.6

1-73

7.4

7.6

7W3

8.4

6.0

5.9

5.3

5.3

3.8

5.4

5.2

4.6

4.5

3.1

0.7

4.4

4.1

3.4

*.1

1.7

-0.3

-0.2

3.7

3.3

2.6

2.2

1.0

-0.8

-0.9

-2.2

-2.1

2-74

3.3

2.9

3.3

1.9

0.8

-0.6

-0.6

-1.5

-1.0

3-74

3.1

2.8

2.2

1.8

0.9

-0.3

-0.2

-0.7

-0.2

0.8

1.5

4-74

2.1

1.7

1.1

0.6

-0.3

-1.5

-1.6

-2.3

-2.3

-2.4

-3.6

2-76

-2.3

1-74

1-76

1.9

4-73

4-75

-0.5

3-73

3-75

8.2

2-73

2-75

5.3

4-72

1-75

8.3

3-72

4-74

6.7

-8.4

713.7
728.1
737.5
752.8
767.7
766.8
770.4
765.9
761.8
0.1

761.9
764.7
748.1

1-75

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 .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

2.7

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

4-75

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

3.1

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

8.9

2-76

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

5.8

6.4

3—76

754.6
767.5
775.3
783.9
800.7
4.0

808.6

3.2

3.0

2.7

2.6

2.2

1.7

1.9

1.9

2.3

2.8

3.1

3.3

5.1

5.3

5.0

5.2

5.4

3.8

3.6

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

2-76




815.7

INITIAL QUARTER

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
NOVEMBER IB* 1976

15

GROSS PRIVATE POMESTIC INVESTMENT IN CURRENT DOLLARS
COMPOUNDED ANNUAL RATES OF CHANGE
INITIAL QUARTER

TERMINAL
QUARTER
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

2-75

1-75

3-75

4-75

1-76

2-76

BILLIONS OF
DOLLARS
ANNUAL RATES
176.7

1-72

30*3

2-72

25.0

19.9

3-72

21.2

16.8

13.9

4-72

21.2

18.4

17).6

21.4

1-73

21.3

19.2

18.9

21.6

2-73

20.2

18.3

17.9

19.3

18.2

14.8

15.2

13.2

9.1

16479"!
191.0
200.5
21.7

210.6
218.0
3•i

220.0

3-73

17.7

15.7

14.9

4-73

18.3

16.7

16.2

16.6

15.5

13.4

12.8

22.6

1-74

12.7

10.7

9.4

8.7

6.3

2.8

-1.0

-3.2 -23.6

2-74

11.8

10.0

&.Ô

8.1

6.0

3.1

0.4

-0.7 -10.7

4.5

231.5
216.4
218.8

3-74

9.7

7.8

6.6

5.7

3.6

0.9

-1.7

-3.0 -10.3

-2.8

-9.7

4-74

8.5

6.8

5.5

4.6

2.7

0.2

-2.0

-3.1

-3.0

— 6.6

1—75

1.3

-0.8

-2.5

-4.0

-6.5

-7.6 -10.4 -13.2 -15.3 -20.4 -19.7 -24.9 -29.3 -39.6 -17.3

2-75

-0.2

-2.2

-3w6

-5.3

3-75

4.7

3.1

1.9

1.Ô

4-75

5.0

3.6

2.5

-8.6

213.3
-3.3

211.5
172.4

-9.5 -12.5 -15.0 -21.0 -20.3 -27.2 -34.7 -55.9

164.4

-0.7

-2.7

-4.5

—5.4

-8.9

-6.2

-8.2

-7.8

-9.2

30.2 104.9

1.6

0.1

-1.6

-3.1

-3.8

—6.7

-4.0

-5.4

-4.5

-4.8

23.0

50.1

9.9

5.4

4.3

2.9

1.9

1.7

-0.4

3.0

2.8

5.0

6. 8

33.2

56.1

36.2

68.9

196.7
201.4
229.6

1-76

8.0

6.8

5.9

2-76

8.5

7.4

6.6

6.2

5.2

4.0

3.1

3.1

1.3

4.6

4.6

6.8

8.6

30.0

45.5

29.8

41.1

17.8

3—76

8.6

7.7

7.1

6.6

5.7

4.7

3.9

3.9

2.4

5.4

5.5

7.6

9.3

27.1

38.5

25.6

31.3

15.7

13.7

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

2-16

1-76

BILLIONS OF
DOLLARS
ANNUAL RATES
2-76

239.2
247.0

INITIAL QUARTER

GROSS PRIVATE DOMESTIC INVESTMBIT IN CONSTANT 1*72 DOLLARS
COMPOUNDED ANNUAL RATES OF CHANGE
TERMINAL
QUARTER

INITIAL QUARTER
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

179.1

1-72

24.1

2-72

20.4

16.8

3-72

16.4

12.8

8.9

4-72

16.4

14.0

12.6

186.2
190.2
197.6

16.5

1-73

16.1

14.2

13.4

15.7

14.9

2-73

14.3

12«»

11*4

12.2

10.2

5.6

204.6

3-73

11.4

9.4

&.0

7.7

5.0

0.3

4-73

11.7

10.1

9. *

9.0

7.2

4.7

4.3

1-74

6*3

4.3

2. 6

1.6

-l.l

-4.8

-8.0

-9.6 -28.4

194.8

2-74

4.2

2.2

Owfr

-0.7

-3.3

-6.6

-9.4 -10.9 -21.3 -13.4

187.9

207.4
204.9

-4.7

211.8

14.2

3-74

1.4

-0.7

-2*4

-3.8

—6.3

-9.5 -12.2 -14.0 -21.8 -18.2 -22.7

1>6 .2

4-74

-0.1

—2*1

-3w8

-5.1

-7.5 -10.3 -12.7 -14.2 -20.2 -17.2 -19.0 -15.2

169.1

1-75

-8.0 -1Q.3 -121.4 -14.3 -17.2 -20.5 -23.7 -26.4 -32.6 -33.6 -39.2 -46.2 -65.8

2-75

-8.1 -10.2 -12*2 -13.9 -16.4 -19.3 -22.0 -24.2 -29.2 -29.3 -32.8 -35.9 -44.3

-9.3

129.3
126.2

3-75

-3.5

-5.2

-6*7

-7.9

-9.8 -12.0 -13.7 -14.8 -18.3 -16.5 —IT.l -15.6 -15.8

32.3

92.8

4-75

-3.5

-5.1

—6.5

-7.6

-9.4 -11.3 -12.9 -13.7 -16.7 -14.9 -15.1 -13.5 -13.1

18.7

35.7

-4.5

1-76

-0.4

-1.7

-2.8

— 3.6

-0.9

29.2

45.4

26.3

-5.0

—6.5

-7.6

-7.8 -10.0

-7.4

-6.5

-3.5

148.7
147.0
167.1

67.0

2-76

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

25.5

36.1

21.1

36.4

11.5

3-76

0.7

-0.5

-1.4

-2.0

-3.2

-4.3

-5.1

-5.1

-6.7

-4.2

-3.1

-0.3

2.0

22.4

30.0

17.8

26.4

9.9

8 .4

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

2-76




171.7
175.2

INITIAL QUARTER

PREPARED BY FEOERAL RESERVE BANK OF ST. LOUIS
NOVEMBER 18« 1976

16

GOVERNMENT PURCHASES OF GOODS AND SERVICES IN CURRENT DOLLARS
COMPOUNOED ANNUAL RATES OF CHANGE
BILLIONS OF
DOLLARS
ANNUAL RATES

INITIAL QUARTER

terminal

QUARTER
#-71

1-72

2-72

3-72

#-72

1-73

2-73

3-73

#-73

1-7#

?—7#

3-7#

#-7#

1-75

2-75

3-75

#-75

1-76

2-76
2#9.0

1-72

16.6

2-72

9.8

3.#

251.1
253.0

3-72

7.5

3.2

3*J.

#-72

8.2

5.5

6.6

10.2

1-73

8.7

6.7

7.9

10.#

10.6

2-73

7.0

5.1

5.6

6.#

#.6

-1.0

3-73

6.9

5.#

5.8

6.#

5.2

2.7

6.5

#-73

7.7

6.5

7.0

7.8

7.2

6.1

9.8

1-7#

8.5

7.5

&.1

9.0

8.8

8.#

11.7

1#.#

2-7#

9.1

8.3

8*9

9.8

9.7

9.6

12.#

1#.5

15.1

1#.6

3-7# ~

9.6

9.0

9.6

10.#

10.5

10.5

12.9

1#.6

15.0

1#.8

15.0

10.0

9.#

10*0

10.8

10.9

10.9

13.0

1#.#

1#.7

1#.#

1#.2

#-7#

259.2
265.8
265.1
269.3
277.8

13.2
15.5

288.0
298.0
306.6
13.5

318.5
325.6

1-75

9.9

9.#

9.9

10.6

10.7

10.7

12.5

13.5

13*5

13.1

12.5

11.3

9.2

2-75

9.9

9.#

9*9

10.5

10.6

10.6

12.1

12.9

12.9

12.#

11.8

10.8

9.#

9.7

3-75

10.1

9.6

10.1

10.7

10.7

10.8

12.2

12.9

12.8

12.#

12.0

11.2

10.5

11.1

12.6

#-75

10.2

9.8

10.3

10.9

10.9

11.0

12.2

12.9

12*9

12.5

12.1

11.6

11.1

11.7

12.7

12.9

1-76

9.7

9.2

9.6

10.1

10.1

10.1

11.2

11.6

11.5

11.0

10.5

9.7

9.0

8.9

8.7

6.8

1.0

333.2
3#3.2
353.8
35#.7

2-76

9.6

9.2

9.6

10.0

10.0

10.0

10.9

11.#

11.2

10.7

10.2

9.5

8.9

8.8

8.6

7.#

#.7

8.5

3-76

9.6

9.2

9w5

9.9

9.9

9.9

10.8

11.1

10.9

10.5

10.0

9.#

8.9

8.8

8 .6

7.7

6.0

8.6

8.7

#-71

1-72

2-72

3-72

#-72

1-73

2-73

3-73

#-73

1-7#

2-7#

3-7#

#-7#

1-75

2-75

3-75

#-75

1-76

2-76

362.0
369.6

INITIAL QUARTER

GOVERNMENT PURCHASES Of COOPS AND SERVICES IN CONSTANT 1972 DOLLARS
COMPOUNDED ANNUAL RATES OF CHANGE
TERMINAL
QUARTER
1-72

INITIAL QUARTER
#-71

1-72

2-72

3-72

#-72

1-73

2-73

3-73

#-73

5.0

1-74

2-7#

3-7#

#-7#

1-75

2-75

3-75

#-75

1-76

2-76

BILLIONS OF
DOLLARS
ANNUAL RATES

25#.1

3-72

0*5

— 1*6

-1.9

#-72

0.9

-0.5

0.0

1.9

252.0

1-73

1.3

0.#

1.1

2.6

3.2

253.2
255.2

2-73

0.1

-0.9

-0.8

-O.#

-1.6

—6.1

3-73

0.2

-0.6

-0.#

-0.1

-0.7

-2.6

1.0

#-73

0.2

-0.5

-0.3

0.0

-0.5

-1.7

0.6

0.3
2.9

251.2
251.8
¿52.0

1-7#

0.8

0.3

0.5

0.9

0.7

0.1

2.2

2-7#

0.8

0.3

0.6

0.9

0.8

0.3

2.0

3.3

1.1

3-7#

0.9

0.5

0.7

1.0

0.9

0.5

1.9

2.7

1.3

#-7#

0.8

0.#

Qmd>

0.9

0.7

0.#

1.5

1*6

1.9

0.8

0.6

-0.3

1-75

0.7

0.#

0**

0.8

0.7

0.#

1.3

1.#

1.6

0.7

0.5

0.0

0.3

2-75

0.9

0.6

0*8

1.0

0.9

0.7

1.6

1.6

1.9

1.2

1.2

1.0

1.7

1.1

1.#

1.3

1.1

1.8

2.0

5.5

255.4
256.1
1.6

157.1
256.9
257.1
259.1

3.1

¿62.4

3-75

1.2

0.9

2.0

2.3

2.1

2.9

#.2

5.2

#-75

1.#

1.1

1.3

1.6

1.6

1.#

2.2

2.6

2.2

2.#

2.5

3.2

#.2

#.8

#.3

1-76

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.#

-O.#

-#.9

2-76

1.1

0.9

1.0

1.2

1.2

1.0

1.6

1.7

1.8

1.#

1.5

1.#

1.7

2.0

1.7

0.6

-1.2

2.6

3-76

1.2

1.0

1.1

1.3

1.3

1.1

1.7

1.8

1.9

1.6

1.6

1.6

1.9

2.2

2.0

1.2

0.2

2.8

2.9

#-71

1-72

2-72

3 —72
c

#-72

1-73

2-73

3-73

#-73

1-7#

2-7#

3-7#

#-7#

1-75

2-75

3-75

#-75

1-76

2-76




265.2
261.9
263.6
265.5

INITIAL QUARTER

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
NOVEMBER 18» 1976

17

TERMINAL
QUARTER

4-71

1-72

1-72

2-72

3-72

4-72

1-73

DISPOSABLE PERSONAL INCOME IN CURRENT DOLLARS
COMPOUNDED ANNUAL RATES OF CHANGE
__________________________________________________________________________ BILLIONS OF
INITIAL QUARTER
DOLLARS
ANNUAL RATES
2-73 3-73 4—73
2-75 3-75 4-75 1-76 2-76
775.0

8.6

2-72

7.5

6.3

3-72

8.4

8*2

10.1

4-72

10.3

10*8

13.1

16*2

11*2

11.8

13*7

15.5

14.9

2-73

11.3

11*8

13*2

14.2

13.3

11.7

3-73

11.0

11.4

12.5

13.0

12*0

10.6

9.5

4-73

11.1

11.5

12*4

12.8

12*0

11.1

10*8

12.1

10*5

9.4

8.7

8.3

4.6

1-73

787.0 1
806.2
837.0
866.6
890.9
911.4
937.7

1-74

10.4

10*6

11.2

11.4

2-74

10*3

10.5

11*0

11*1

10.3

9.4

8.8

8.6

6.9

9.2

3-74

10*5

10*6

11*1

11*3

10*6

9.9

9.5

9.5

8.7

10.7

12.3

4-74

10.2

10.3

10*7

10*8

10.2

9.5

9*1

9.1

8.3

9.6

9.8

948.4
969.5
998.0
1*015.8

7.3

1-75

9*6

9*7

10.0

10.0

9.4

8.7

8.3

8.1

7.3

8.0

7.5

5.2

3.2

2-75

10.8

11.0

11*4

11.5

11.1

10.6

10.5

10.7

10.4

11.6

12*2

12.2

14.8

£7.6

3-75

10.2

10.3

10*4»

10.6

10.1

9.7

9.4

9.4

9*1

9.8

9.9

9.4

10*1

13.7

4-75

10.2

10.3

10.6

10.6

10.2

9.8

9.6

9.6

9.3

10.0

10.1

9.7

10.2

12.7

5.9

10.8

1-76

10.2

10.3

10*6

Kl.6

10.2

9.8

9.6

9.7

9.4

10.0

10.1

9.8

10.3

12.1

7.3

10.5

10.3

2-76

10*1

10*2

10*5

10*5

10.1

9.7

9.6

9.6

9.4

9.9

10.0

9*6

10.0

11.5

7.7

10.0

9.6

9.0

3-76

9.9

10.0

10*2

10.2

9*8

9.5

9.3

9.3

9.1

9.5

9.5

9.2

9.5

10.6

7.4

9*0

8.5

7.6

6.2

4-71

JL-1Î2

2-72

3-72

4-72

1-73

2—73_ 3-73

4-73

2-74

3-74

4-74

1-75

2-75

3-75

4-75

1-76

2-76

W 4

1*023.8
1*088.2
1*091.5

1*2

1*119*9
1*147*6
1*172.5
1*190.2

INITIAL QUARTER

DISPOSABLE PERSONAL INCOME IN CONSTANT 1972 DOLLARS
COMPOUNDED ANNUAL RATES OF CHANGE
TERMINAL
QUARTE*

BILLIONS OF
DOLLARS
ANNUAL RATES

INITIAL QUARTER
4-71

1-72

2-72

3-72

1-72
2-72

3.9
4.8

5.2

6.6

7*5

9*4

7.1

7*8

9*3

10.6

3-73

4-73

1-74

2-74

3—74

4-74

1-75

2-75

3-75

4-75

1-76

2-76

12.2

1-73

2-73

6.7

4-72

1-73

3*6

3-72

4-72

4*1

783*7
790.7
803*7
827*1
845*1

9.0

2-73

6.5

7*0

7.8

8*2

6*3

3*6

3-73

5.9

6.2

6*8

6.8

5.0

3.1

2.6

4-73

5.4

5.6

5.9

5.8

4*2

2.7

2.2

1.8

1-74

4.0

3*9

4* 0

3.5

1.9

0.2

-0.9

-2.7

-7.0

2-74

3.3

3.2

3.1

2*6

1.1

-0.4

-1.4

-2.7

-4.9

-2.9

3-74

3*0

2.9

2*8

2*3

1.0

-0.3

-1.0

-1.9

-3.1

-1.2

0*5

4-74

2.4

2.3

2.2

1.7

0.4

-0.8

-1.5

-2.3

-3.3

-2*0

-1.6

-3.6

-1.0

-1.7

-2.4

-3*2

-2.2

-2.0

-3.3

052*7
8 58*2
862*1

1-75

2.0

1.8

li.7

1.2

0.0

2-75

3.3

3.3

3.2

2.9

2.0

1.3

1.0

0.8

0.6

3-75

2.7

2*6

2.5

2.2

1.3

0.6

0.2

-0.1

-0.3

4-75

2.8

2*7

2.7

2*4

1.6

1.0

0.7

0.5

0.3

846*7
8 4 0*6
841*7
834*0
827*9

-2.9

869*7

2.2

3.5

4.5

8.7

21.8

08
*

1.6

1*8

3.7

7.2

-5.7

1.4

2.1

2.4

4*0

6.4

-0.5

857*1

4.9

867*5
880*4

1-76

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

2-76

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

3-76

3.0

2*9

2*9

2.6

2.0

1.6

1.4

1.3

1.2

2.1

2.7

2*9

3.9

5.1

2.0

4*1

3.8

2.7

0.7

4-71

1-72

2-72

>-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




6.1

890*5
892*0

INITIAL QUARTER

PREPAREO BY FEDERAL RESERVE BANK OF ST* LOUIS
NOVEMBER 18» 1976

18

CORPORATE PROFITS AFTER TAXES *

CÜMPÖUflUFD"'ÄNNUAL RATES OF Ch ANGE
TERMINAL
QUARTER

INITIAL QUARTER
4-71

1-72

i-7*

2-72 T- 72

4-72

1-73

2-7*

3-73" 4^73

1-74 2-74

23.<4

3-74

4-74

1-75

2=75 ” 3-75" 4^75

1-75" 2-76

BILLIONS OF
ÜOLLARS
ANNUAL RATES

50.7

2-72

16*2

13.2

3-72

IV.6

11.7

22.3

4-72

25 *6

26.3

33.4

45.4

52.3
55.0
60.4

1-73

29.6

31.2

37.b

46.2

46.9

2-73

25.8

26.3

29.8

32.4

26.4

3-73

19.2

18.5

19.6

18.9

11.2

66.5
67.9

8.7
-3.3 -13.9

65.4

4—73

19.3

18.6

19.7

19.2

13.4

4^.0

1.8

20.4

1-74

22.4

22.3

23.6

¿3.8

19.9

14.0

15.Ö

34.3

49.9

75.8

2-74

lb .4

17.8

18.4

17.8

13.8

8.1

8.0

16.4

14.5 -12.6

73.3

3-74

20.9

20.6

21.5

21.4

18.3

14.1

15.2

23.9

25.0

14.2

49.1

81.0

4-74

13.6

12.8

12.8

11.7

8.1

3.5

2.6

6.3

3.1

-9.0

-7.2 —42.3

70.6

68.5

1—75

3.6

2.1

1.2

-0.7

-4.9

2-75

7.0

5.9

5.3

3.8

0.4

-3.8

-5.2

-3.9

3-75

11.4

10.6

10.4

9.4

6.7

3.3

2.7

5.0

3.0

-3.3

4-75

11 .4

10.o

10.5

9.6

7.1

4.0

3.6

5.7

v.O

-1.3

0.7

1-76

12.6

12.0

11.9

11.2

8.9

6.2

6.0

8.2

7.0

2.5

4.9

54.0

-9.9 -12.3 -12.0 -17.3 -28.6 -33.5 -55.6 -65.8
-7.4 -16.0 -16.8 -31.5 -25.3

62.8

2.8

78.3

95.2

-6.9

5.0

52.5

4-7.6

11.6

-l.l

10.2

47.6

42.8

22.2

33.8

-1.3 -11.0

61.0
72.1
74.1

79.7

2-76

12 .b

12.2

12.1

11.5

9.4

6.9

6.8

8.9

7.8

3.9

6.2

1.2

11.1

40.6

35.6

20.1

24.6

15.9

3-76

12.6

12.2

12.1

11.5

9.6

7.3

7.2

9.2

8.2

4.7

6.9

2.5

11.3

35.4

30.5

18.0

20.3

14.0

12.1

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

2-76

* NATIONAL INCOME BASIS

«¿.7
85.1

INITIAL QUARTER

PREPARED BY FEDERAL RESERVE BANK OF ST* LOUIS
DECEMBER 20, 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

INVENT ORIES COMPARED WITH MONTHLY S A L E S *
MANUFACTURI NG AND

1.76

TRADE

76

72

72

68

68

64

64

1 .60

60

.56

56
1.52“

52

52

48

48

44

44

40

40
1969
"RATIOS

BA S E D

SHADED A R E A S
LATEST

ON S E A S O N A L L Y ADJUS TED
REPRESENT PERIODS

DATA P L OTTED*




1

DATA.

OF B U S I N E S S

1971

1

SOURCEt

1
U. S. DEPARTMENT

1976

OF COMMERCE

RECESSIONS.

OCTOBER P R E L I M I N A R Y
PREPARED

20

BY F EDER AL

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

LOUIS


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102