Full text of National Economic Trends : February 1972
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nnTionflL Economic PR EP A R E D MONTH E N D IN G : Jan u ary BY 3 1 , 1972 FE D ER A L RESER VE BANK trciids OF ST. LOUIS RELEA SED : F e b ru a ry T o t a l s p e n d i n g o n g o o d s a n d s e r v i c e s r o s e a t a 7. 6 p e r c e n t a n n u a l r a t e fro m t h e t h i r d t o t h e f o u r t h q u a r t e r o f 1971. R e a l p r o d u c t in c r e a s e d a t a 5.8 p e r c e n t a n n u a l r a t e , r e v is e d s l i g h t l y fro m t h e p r e l im in a r y e s t im a t e o f 6 . 1 p e r ce n t. P r i c e s , a s m e a s u r e d b y t h e i m p l i c i t GNP d e f l a t o r , in c r e a s e d a t a 1.7 p e r c e n t a n n u a l r a t e , up fro m t h e p r e l i m i n a r y e s t im a t e o f a 1.4 p e r c e n t r a t e . Th e r e v is e d f ig u r e s f o r t h e y e a r 1 9 7 1 sh o w t h a t t o t a l s p e n d i n g i n c r e a s e d 7 . 5 p e r c e n t , c o m p a re d w i t h a 4 . 8 p e r c e n t i n c r e a s e i n 1 9 7 0 . Real p r o d u c t r o s e 2. 7 p e r c e n t i n 1 9 7 1 co m p a re d w it h a 0 . 6 p e r c e n t d e c lin e i n t h e p r e v io u s y e a r . T h e r a t e o f i n f l a t i o n s lo w e d fro m 5. 5 p e r c e n t i n 19 7 0 t o 4.7 p e r c e n t i n 1 9 7 1 . P e r s o n a l in c o m e i n c r e a s e d a t a 7 . 1 p e r c e n t a n n u a l r a t e f r o m A u g u s t t o J a n u a r y , a p e r i o d w h ic h i n c l u d e s t h e p r ic e -w a g e f r e e z e . B y c o m p a r i s o n , p e r s o n a l in c o m e r o s e a t a 7.6 p e r c e n t a n n u a l r a t e fro m J a n u a r y t o A u g u s t 1 9 7 1 . R e t a il s a l e s r o s e a t a 6 . 9 p e r c e n t r a t e fro m J u l y t o D e ce m b e r, a f t e r i n c r e a s in g a t a 1 0 . 6 p e r c e n t r a t e fro m D ece m b er t o J u l y 1 9 7 1 . I n d u s t r i a l p r o d u c t i o n a n d e m p lo y m e n t h a v e c o n t i n u e d t o i n c r e a s e i n t h e p a s t fe w m o n t h s . I n d u s t r i a l p r o d u c t io n r o s e a t a 6 p e r c e n t r a t e fro m A u g u s t t o J a n u a r y , a f t e r c h a n g in g l i t t l e fro m J a n u a r y t o A u g u s t 1 9 7 1 . P a y r o l l e m p lo y m e n t in c r e a s e d a t a 3 p e r c e n t a n n u a l r a t e fro m A u g u s t t o J a n u a r y , a f t e r r i s i n g a t a 0 . 2 p e r c e n t r a t e i n th e p r e v io u s e ig h t m o n th s. T o t a l c i v i l i a n e m p lo y m e n t i n c r e a s e d a t a 4 . 4 p e r c e n t r a t e fro m A u g u s t t o J a n u a r y , co m p a re d w it h a o n e p e r c e n t r a t e o f in c r e a s e fro m J a n u a r y t o A u g u s t 1 9 7 1 . Consum er p r ic e s In c r e a s e d a t a 2.2 p e r c e n t a n n u a l r a t e fro m l a s t A u g u s t t o J a n u a r y , a f t e r r i s i n g a t a 4 . 2 p e r c e n t r a t e i n t h e p r e v io u s e ig h t m o n th s. B y c o m p a r is o n , co n su m e r p r i c e s r o s e a t a 1.4 p e r c e n t r a t e fro m 19 5 7 t o 1 9 6 5 an d a 4 . 2 p e r c e n t r a t e fro m 19 6 5 t o 1 9 7 0 . 2 5 , 1972 2 TOTAL C I V I L I A N EKPLCYMENf COMPOUNDED ANNUAL RATES OF CHANGE TERMINAL MONTH THOUSANDS OF PERSONS I N I T I A L MONTH 6-70 7-70 8-70 9-70 10- 70 11- 7C 12- 70 1- 71 2- 71 3- 71 4- 71 5- 7 1 <S-71 7- 71 8-71 9-71 10- 71 11- 71 12-71. 78 . 631 7- 7Û 3.4 8- 70 0.8 -1.8 9-70 0.2 -1.4 -1.0 10- 70 1. 0 0.2 1. 3 3.6 11- 70 0.4 -0.3 0.2 0.8 -2.0 12-70 Û.0 -0.6 -0.3 -0.1 -1.9 -1.8 1-71 0.7 0.2 0. 6 1. 0 0.2 1. 3 4. 5 2- 71 0. 1 -0.3 -0.1 0.1 -0.8 -C.4 0. 4 -3.6 3- 71 0.1 -0.4 -0. 1 -0.0 -0.7 - C .4 0. 1 -2.1 -0.4 4- 71 0.5 0.2 0.6 0. 1 0. 6 1. 2 0. 1 2. 0 78* 514 0.4 78,448 78*678 78 , 548 78 . 427 78,718 7 8 . 475 7 8 . 446 78. 732 4. 5 5- 71 0.6 0.3 0.5 0.7 0.3 0. 7 1. 2 0.4 1. 8 3. 0 1. 5 6-71 0.2 -0.0 0.1 0.3 -0.1 C.l C. 4 -0.4 C. 5 0. 8 -1.0 7-71 0.7 0.5 C. 7 0.9 0.6 0.9 1. 3 1.7 2. 2 1. 4 0.8 78.830 - 3. 4 7 8 . 600 r 7 9 , 014 T T f * > 79 , 199 +4.5% e-7i 0.9 0.7 0. 9 1.0 0.8 l.l 1. 5 l.C 1.9 2. 3 1. 8 1. 9 4.7 2.8 9- 71 1.1 0.9 l.l 1. 3 1. 1 1. 4 1.7 1. A 2. 1 2.6 2. 2 2.4 4.4 3.4 3.9 5 .9 ^ ^ 79 , 832 4. 4 2 .9 ^V ^ 8 0 , 020 79, 451 1C-71 1. 4 1. 2 1. 4 1. 6 1. 5 1. 8 2. 2 1. 5 2. 6 3. 0 2. 8 3.1 4. 8 4. 2 4.9 11-71 1. 4 1. 3 1. 5 1. 7 1. 6 1.9 2.2 2. C 2. 6 3.0 2. 8 3. 0 4.4 3.9 4.2 12-71 1. 4 1. 3 1. 5 1. 7 1. 5 1. 8 2. 1 1. 9 2. 5 2. 8 2. 6 2.8 3.8 3.3 3.4 3.3 2.0 1. 2 4.5 4.1 4.7 9- 7 1 10- 71 11- 71 1- 72 1. 8 1. 7 1. 9 6-70 7-70 8- 7 0 2. 1 2.0 9- 7 0 10- 70 2. 6 2. 4 3. 0 3. 4 3. 2 3.5 4.5 4. 1 4.4 11- 7C 12- 7C 1- 71 2- 71 3- 71 4- 71 5- 71 6- 71 7- 71 8- 7 1 2. 3 80, 098 8.4 \ 80 , 636 12- 71 I N I T I A L MONTH 6AÈÊÀRE0 BY PEDÈRÀL RESERVE bANK UF S T . LOUI S FERRUARY 4 , 1972 PAYROLL EMPLOYMENT COMPQUNOED ANNUAL RATES OF CHANGE TERMINAL MCNTH INITIAL 6- 70 7- 7 0 3-70 9- 7 0 10- 70 11- 70 12- 70 1- 71 2- 71 3- 71 THOUSANDS OF PERSONS MONTH 4- 71 5- 71 6- 71 7- 71 8- 71 9- 7 1 10- 71 11- 71 12- 71 70, 605 7- 7 C -0.5 8- 70 -1.6 -2.7 9-70 -0.9 -1.1 10- 70 -2.3 -2.9 -3.1 -6.6 11- 70 -2.2 -2.6 -2.6 -4.1 -1.6 12- 70 -0.9 -1.0 -0.6 -0.9 2.0 5. 8 70 , 445 70 , 480 0.6 70 , 082 69 , 985 70 , 313 7 0 , 454 1- 71 -0.4 -0.4 0.0 -0.1 2. 1 4.1 2. 4 2- 71 -0.5 -0.5 -0.2 -0.3 1. 3 2. 3 0.7 -1.1 3-71 -0.3 -0.3 0. 1 0.0 1. 4 2. 1 l.C 0.2 4- 71 -0.1 -0.0 0. 3 0.3 1. 5 2. 1 1. 2 0.8 1. 8 2. 0 5- 71 0.2 0.3 0. 6 0.6 1. 7 2. 3 1.6 1. 3 2. 2 2. 5 70, 391 70 , 480 1.5 70 , 599 70 , 769 2. 9 6- 71 0.0 0t l 0. 4 0. 3 1. 2 1. 7 UO 0. 7 1.1 l.C 0.5 -1.9 7- 71 -0,1 -0.1 0. 1 0. 1 0. 9 1. 2 0.5 0. 2 C. 5 0. 2 -0.4 -2.0 -2.1 70 , 657 8-71 -0.1 -0.1 0. 1 0. 1 0.8 1. 0 0. 5 0. 2 C .4 0.2 -0.3 -1.3 -l.l -0.0 70, 531 70 , 529 9- 71 0.2 0. 3 0.5 0.5 1. 2 1. 5 1. 0 O. S 1.1 l.l 0.9 0.4 1.1 2.8 5.7 1C- 71 0. 2 0.3 0, 5 0. 5 1. 1 1. 3 0. 9 0. 7 1. 0 0. 9 0.7 0.3 0. 8 1. 8 2.7 -0.1 11-71 0.4 0. 5 0.7 0. 7 1. 3 1. 5 1. 1 1. 0 1.2 1.2 l.l 0.8 1. 3 2.2 2.9 1. 6 70 , 853 70, 848 3. 3 71, 042 12-71 0.5 0.6 0.8 0. 8 1. 3 1. 6 1. 2 l.l 1. 3 1. 3 1. 2 1. 0 1. 4 2.2 2.7 1.8 2. 7 2.1 1- 72 0.7 0.8 1. 0 1. 0 1. 5 1. 7 1. 4 1. 4 1. 6 1. 6 1. 5 1. 4 1. 8 2.5 3.0 2. 4 3.2 3. 1 4.1 6- 70 7-70 8- 7 0 9- 7 0 10- 70 11- 70 12- 70 1- 71 2- 71 3- 71 4- 7 1 5- 71 6- 71 7- 71 8- 7 1 9- 7 1 10- 71 11- 71 12- 71 INITIAL 7 1 , 167P 7 1 , 407P ...... MONTH P- PRELIMINARY PREPAREO BY FEDERAL RESERVE BANK OF S T . LOUIS FEBRUARY 4 , 1972 3 EMPLOYMENT RATIO SCALE MILLIONS 1964 OF RATIO PERSONS 1965 1966 SEASONALLY 1967 MILLIONS ADJUSTED 1968 1969 1970 SOURCE« *DATA FOR TOTAL EMPLOYMENT R E V I S E D FROM JANUARY OF P E R S O N S 1972 U. S . DEPARTMENT OF LABOR 1970 PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR P E R I O D S LATEST DATA PLOTTED« 1971 SCALE I ND I CAT E D . JANUARY P R E L I M I N A R Y PREPARED BY FEDERAL RESERVE BANK OF ST. L O U IS 4 I NDUSTRIAL PPOOUCTION COMP HtNOPl) ANNUAL EATFS OF CHANG*____________________________________________ ____________________________________________________________ TERMINAL________________________________________________________________I N I T I A L MONTH______________________________________ f* -^ 0 7- 70 -1.1 a-7.i -T .6 <*-70 *-7 0 o- 7 0 10- 70 11- 70 I -j 7—- 0 o •niNTH 1-71 ?- 71 3-71 4- 71 5- 71 6- 71 7- 71 5- 71 '_______________ 1067 « 9- 71 10-71 * 107. 5 107. 5 0 .0 -4 ,0 10- 70 -10. 5 - n . 4 11- 70 -1 0 .3 -n .t 12- 70 "6 # A -1 0 .6 106. 5 -19. 4 - 77 .4 103. 7 -1 7 .0 -2 0 .1 -12.0 -7 .0 -f.9 4 .3 102. 6 26.1 1-71 -3 .4 -4 .1 -4 .*» -*<.3 16 . « ?-7 l - ? . '> -?.c -? . -1 .5 1?. * 3-^1 r 104. 6 \ 105. 3 6.?» 4. 7 105. 7 105. 5 -7 .5 -5.? -1 . 9 4 .2 S .7 3 .5 l.l A —71 -1 .* - ! .6 -1 .« -o.s 4 .9 H .h 4 .7 3 .S ?. * *.3 5 -7 1 -0 .4 - 0 . '» -0 . A 0. 7 S . *5 y.* 5 .6 4 .c *••0 *.6 A -rt -0 .4 -0 .*» - o . ■* 0 .° *>.1 7 .3 5 .C 4 .4 4 ,1 4 . '• 7 -7 1 -1 . 3 -1. < -1 .4 - 0 . r* *.l 5 .2 0 . ‘> 1 .7 2 .5 1 .* 106. 2 +2.9% O .A 5. 5 -0 .4 2. 3 X -4 .9 107. 0 107.2 . -It.6 106.1 105. 3 8 -7 1 - 1 .-1 -1 . 0 -2 .0 -1 .2 1 .9 ?.«> 1 .0 0 .0 -O.S -2 .5 -6 .2 -1 0 .2 -8 .7 9 -7 1 -1 .0 -1 .0 -1 .1 - o . -* ?.*• 4 .? 2 .0 1 .3 0.5 1 .3 0 .0 -2 .2 -3 .7 0 .6 1 0 .5 1 0 -7 1 -0 .* - 0 . *J ~ 0 . 'i -0 . t 2 .6 4 .0 2 .1 1 .4 1 .0 1 .5 0 .4 -1 .3 -2 .2 1 .1 6 .4 2 .3 11-^1 -0 .4 -;).•» -Ì.4 0 .4 2.9 4 .3 2 . *> 1 .9 i .< ?. 1.3 0 .0 -0 .4 ¿ , fc 6,6 4.6 7. 0 I ?-7 l 0 .0 0 .1 0 .1 0 .3 3. ? 4 .5 2 .9 2 .4 1. 0 0. 7 3.4 4. 7 5. 4 7. 0 J -7 2 6- n 100 11-71 12- 71 0. ? 0. 3 1 .0 1. ? 4 .4 7 -7 0 A-7 0 «5-70 1 0 -7 0 1 1 -7 0 12- 70 -0 .« 2 .2 1 2. 7 ?.3 106. 2 ’ .S 2 .3 2 .7 2 .1 1. 3 l. l 3 ,4 6 .0 4 .9 1 -7 1 2 -7 1 3 -7 1 4 -7 1 5 -7 1 6 -7 1 7 -7 1 5 -7 1 9 -7 1 106. 4 5 .5 107. 0 6.9 107.4® 5 .2 1 0 7 . 9P 3.* Ì 16-71 lt-71 12-71 I NT T I U "M<Wm P- PRPLTMT^A'iY PPfPARpr) *Y FEDERAL RESFRVF BANK OF S T . L O U l l FF^PtJARY 15» 197? 5 INDUSTRIAL RATIO PRODUCTION SCALE 1964 RATIO 1965 1966 1967 1968 PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR P E R I O D S LATEST DATA PLOTTEDs 1969 1970 1971 SCALE 1972 I ND I C A T E D . JANUARY P R E L I M I N A R Y PREPARED BY FEDERAL RESERV E BANK OF S T . L O U IS RETAI L SALES P(IMPOUNDED ANNUAL RATES OP CHANGE ..TERMINAL MONTH 6- 7 0 .7- 7 0 6-7ft.. Z-7Q S-7.Q 9-7Q 1Qt7Q 11-70 I2r.I.Q__ 1=21___2 = U __ i = U __ à=Jü__ * - 7 l 6 -7 1 ___ J ^ n __ flfcil__ 9-71 IQ-71 1L-73— 3,7 ..31*29.3 JUQ ___12,3.. -L - 9 - 71) .MILLION S QF I N I T I A L MONTH -5.-ZQ m2 31« 6Q1 31. 710 ____fixJ____^ . 2 - L * ± ____a* 2 ____Éi^fl____ä^5_ l i t 951 I N I T I A L MONTH P- PRELIMINARY PREPARED BY FEDERAL RESERVE BANK OF S T . LOUIS FEBRUAR* 14, 197? PERSONAL INCOME COMPOUNDED ANNUAL RATES OF CHANGE ft iLl. IONS OF DOLLARS ÀNNUACRÏ TF5' I N I T I A L MONTH MONTH 6- 7 0 9- 70 10-70 11- 70 12- 70 2- 71 3- 71 4- 71 5- 71 6- 71 7- 71 8- 71 9- 71 10-71 11-71 12-71 809. 0 5. 8 5. 7 9- 70 6. 9 7. 4 9.1 10- 70 4. 6 4.2 3. 5 -1.9 4.3 3.9 3. 4 0. 6 4. 9 4.7 3. 0 815. 7 3. 1 5. 5 7. 9 820. 9 14. 0 829. 9 1-71 6. 2 6. 2 6. 3 5. 6 8. 3 10. 0 1 4.5 814. 9 813. 6 IM 12- 70 1-71 805. 3 00 1 o 6.0 8- 70 1 -j o 7- 70 7- 70 5. 9 5. 8 5. 9 5. 2 7.1 8. 4 8. 7 3.7 3-71 6 .2 6.2 6.3 5. 8 7. 4 8. 5 8. 8 6 .2 3. 8 A- 71 6. 3 6. 3 6. 4 6. 0 7. 4 8 .2 8. 3 6. 5 7. 9 6 .0 8 .2 8. 3 6.9 8 .0 7. 6 9. 3 832. 4 838. 3 843. 0 IT 1 848. 6 6.4 6. 5 6.6 6. 3 7. 5 6-71 *. 4 8.6 8. 9 8. 9 10. 3 11. 4 12. 0 11 . 6 13. 6 15. 3 1^.7 7-71 6. 5 6. 5 6. 6 6.3 7.3 7. 8 7. 8 6 .8 7. 5 7. 1 7.2 6. 6 - 1 4 . 1 8-71 6. 9 6. 9 7. 1 6. 9 7. 8 8. 3 8. 4 7. 6 8. 3 8.1 8. 4 8. 5 -1.7 12. 4 9- 71 6. 9 6. 9 6. 9 6. 7 7. 6 8 .0 8. 0 7. 3 7. 8 7. 1 7. 8 7. 7 0. 6 8. 3 5. 4 868. 6 32. 3 857. 7 866. 1 869. 9 6. 5 6. 6 6.4 7.1 7.4 7. 4 6. 7.1 6. 8 6. S 6. 5 0. 9 6. 4 3.6 1.8 6. 4 6. 4 6. 5 6. 3 6.9 7. 3 7. 2 6. 5 6 .0 6. 6 6. 6 6. 3 1. 7 6. 1 4. 1 3. 5 5. 2 12-71 6. 8 6. 8 6.9 6. 7 7. 4 7.7 7. 7 7.1 7. 5 7. 3 7» A 7.? 3. 6 7. 5 6.3 6.6 9. 1 13.1 6. 9 7. 9 7.0 7. A 7. 7 7. 6 7.7 7.6 A.5 7. 9 7. 1 7. 5 9. 5 11. 6 2- 71 3-71 4- 71 5-71 6- 71 7- 71 8- 71 1-7? 7. 0 7.1 7- 70 9- 70 1 «P 6.9 0 r1 O' 6. 5 11-71 0 10-71 7. 6 10- 70 11- 70 12- 70 7 1-71 871. 2 9- 71 10-71 874. 9 8 8 3 . 9P 10.2 8 9 1 . IP 11—71 12- 71 P - PRELIMINARY PRFPAftÈD &Y FÉDÉRÀL ftF$E*vP B'ANK OP S T . LOUIS FEBRUARY 15, 1972 7 RETAIL RATIO SALES RATIO SCALE BILLIONS OF 19 6 4 S E A S O N A L L Y A D JUSTED DOLLARS 1965 1966 1 96 7 1968 1969 BILLIONS 1970 SOURCE« U .S . PERCENTAGES ARE ANNUAL RATES OF CHANCE FOR PERIO DS 1971 OF SCALE DOLLARS 19 7 2 DEPARTMENT OF COMMERCE INDICATED. LATEST DATA PLOTTED. DECEMBER PRELIM IN ARY PREPARED BY FEDERAL RESERVE BANK OF ST. LO UIS PERSONAL RATIO ---------------- 1964 INCOME M O N T H L Y TOTALS AT ANN UAL R ATES SCALE RATIO SCALE --------------1------------------- ------- 1-------------------------------------------- 1-------1--------------------1------------------- K------------------ 10> 4 1965 19 6 6 1967 Ì 96 8 19 6 9 1970 SOURCE» U .S . PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIODS 197 1 1972 DEPARTMENT OF COMMERCE INDICATED. LATEST DATA PLOTTED« JANUARY PRELIM IN ARY PREPARED BY FEDERAL RESERVE BANK OF ST. LO UIS 8 GPOSS NATIONAL PRODUCT IN CURRENT DOLLARS COMPOUNDED ANNUAL RATES OF CHANGE _ B ILL I ONS OF _______ _______________________________________________________I N I T I A L QUARTER______________________________________________________________ OOLLARS ANNUAL RATES 1- 71 2- 71 3- 71 1- 67 2- 6 7 3- 69 4- 6 9 4-67 1- 68 2- 6 8 3- 68 4- 6 8 1- 69 2- 69 1- 70 2- 70 3 - 7 0 <o i m ■r* • o TERMINAL QUARTER 2- 67 5. 3 784. 5 800. 9 3- 67 7. 0 4- 6 7 7. 2 8.6 8. 2 7.7 1- 68 7. 7 8.5 8. 4 9. 2 2- 68 8. 5 9.3 9.5 10. 4 815. 9 83 4. 0 11. 7 857. 4 875.». 3- 68 8.5 9. 1 9. 3 9.8 10.1 4- 68 8. 3 8. 8 8. 8 9. 1 9. 1 1- 69 8. 2 8. 6 8.6 8.8 8. 7 7.7 7. 3 7.5 2- 69 8. 1 8. 4 8. 4 8.5 8. 3 7.5 7. 2 7. 2 8. 1 8.4 8. 3 3.4 8.3 7. 7 7. 4 7. 9 7. 8 7. 8 7. 6 6.9 6. 6 3- 69 7. 8 890. 2 7. 0 90 6. 4 7. 0 921. 8 7. 6 7. 6 8. 2 940. 2 6.5 6. 2 5. Ö O' <o 1 948. 0 7. 6 1- 70 7. 3 7. 5 7. 3 7. 3 7.1 6.4 6. 1 5. 5 5. 0 3. 4 2- 70 7.1 7. 3 7.2 7. 1 6. 0 0.3 6.0 5. 8 5. 4 5. 1 4.0 4.4 3- 70 7. 1 7. 2 7.1 7. Ü 6. 3 6.3 6. 0 5. 9 5. 6 5. 3 4. 6 5.0 3. 4 956. 0 968. 5 5.a 983. 5 988. 4 4- 7 0 6. 7 6. b 6. 7 6.6 6. 4 • 5. 9 5. 6 5. 4 5.1 4.4 4. 1 4. 3 4.5 4.7 1-71 7. 2 7.3 7. 2 7.1 7. 0 6. 5 6. 3 6.3 6. 1 6.0 5. 6 6. 1 6. 6 7. 3 7. 7 7.0 1 1 i ^ 13.8 \ + 8 . 5 % 2- 71 7. 2 7. 3 7. 7 7. 2 7. 0 6.6 6. 5 6.4 6. 3 6. 2 5. 9 6.4 7. 0 7. 4 7.7 10.7 7.7 \ 1, 040. 0 3-71 7. 1 7. 2 7. 1 7. 1 6.9 6. 5 6. 4 6.3 6. 2 6. 1 5. 8 6.2 6.7 7.0 7. 1 8. 9 6. 5 5.3 \ 1.053.4 4- 71 7. 1 7. 2 7. 1 7. 1 6.9 6.6 6. 5 6. 4 6. 3 6.3 6. 0 6.4 6. 8 7. 1 7.2 8. 5 6. 9 6.4 7. 6 1—67 2- 67 3- 67 4- 67 1-6B 2- 68 3- 68 4-68 1- 69 2- 69 3- 69 4-69 1 - 70 2- 70 3-70 4- 70 1- 71 2- 71 3- 71 .. 1 I t 020. 8 1, 0 7 2 . 9 I N I T I A L QUARTER PREPARED BY FEDERAL RESERVE BANK OF S T , LOUIS FEBRUARY 1 » , 1972 GROSS NATIONAL PRODUCT IN CONSTANT 1958 DOLLARS ________CUMPGUNOFO ANNUAL PATES OF CHANGE__________________ TLPMINAL_________________________________________________________________I N I T I A L QUARTER__________________________________ QUARTER 2- 67 3- 69 4- 69 1-67 3-67 4- 67 l-o8 2- 68 1- 70 2- 70 3 - 7 0 4- 70 3- 68 4 - 6 8 1- 69 2- 69 _ _ BI LL IONS OF DOL^LARS ANNUAL RATES ____ 1-71 2- 71 671. 6 2- 67 3. 0 3- 67 3. 7 4. 4 4- 67 3. 4 3. 6 2. 8 4. 1 1-68 3. 9 4.2 2- 68 4. 6 5. 0 3- 68 4. 5 4 •B 678. 9 683. 6 692. 6 5. 4 6.4 7. 5 4. 9 5. 6 5. 8 705. 3 712. 3 4. 0 716. 5 4- 68 4. 2 4.4 4.4 4.8 4.6 3. 2 2. 4 1- 69 4.0 4. 2 4. 1 4. 4 4. 2 3.1 2. 6 2. a 2- 69 3. 8 3. 8 3.9 3. 6 ¿ .1 2.2 2. 2 1 .6 3- 69 3. 6 3. 6 3. 6 3. 4 2. 5 2. 2 2 . 1_ 1 .8 2. 0 4- 69 3. 1 3.1 3.0 7. 7 1. 9 1. 4 1. 2 C. 7 0. 3 -1.4 1-70 2. 6 2. 6 2. 4 2. 3 1.9 1.2 0. 7 0. 4 -C.2 -0.8 -2.2 -2. i 7- 70 7. 4 2. 4 2. 2 2. 2 i.a i.l 0. 7 0. 4 _ - 0 . 0 -0.4 -1.2 - 1. 1 3- 70 2.4 2. 3 7. 1 1. 7 1.1 0. 8 0.5 _ -0.6 -0.3 1. 0 -i., -0.7 -1.4 -4.0 0.5 1. 4 1. 6 1. 8 7. 9 \ + 4 . 9 % 3. 5 721. 4 724. 2 727. 8 725. 2 1 .3 % 719. 8 0. 7 721. 1 0. 2 -0.1 -Ü.C -0.4 -0.3 0. 8 0. 6 0. 4 1.2 1. 1 0. 9 0. H 0. 6 I.Ü I.a 2. 0 2.3 5. 6 4- 70 1. 9 1. 8 1. 6 1. 6 1. 2 0. 6 0. 2 1-71 2. 3 2. 2 2. 1 2. 0 1.3 1.2 l.C 2. 3 2. 2 2. 1 1. 9 1.4 2-71 3-71 EE3 i . l 0. 2 723. 3 ] 715. 9 729. 7 735. 8 3-71 2. 4 7. 3 2. 2 2. 2 1. 9 1. 5 1. 3 1. 2 l.l 1. 0 0. 9 1.2 1.9 2. 2 2.4 4. 6 3. 0 2. 7 4-71 2. 6 2, 5 ?, 4 2. 4 2, 2 1. 8 1. 7 1.6 1. 5 1.5 1. 4 1. 8 2. 5 2. 8 3. 1 4. 9 4. 0 4.3 5. 8 1- 67 2- 67 3- 67 4-' 7 l-b8 2-6 3 3—6fl 4- 6 3 1-69 2- 69 i-69 4- 6 'i 1- 70 2- 70 3- 70 4- 70 1-71 2- 71 3-71 740. 7 1 751. 3 I NI T I AL QUARTER PKE PAREU~ 8Y FEÖERAL RESERVE RANK“ CF ST . LOUIS FEBRUARY IB , 1972 9 DE MAND R A T I O SCA L E 1964 AND PRODUCTION TOTALS AT QUARTERLY 1965 1966 ILCNP IN CURRENT DOLLARS. Ü.GNP IN 1967 1968 ANNUAL R AT I O SCALE RATES 1969 SOURCE: 1970 U.S. 1971 1972 DEPARTMENT OF COMMERCE 1956 OOLLARS. PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR P ER I O D S L A T E S T DATA PLOTTED. I ND I C AT E D . 4TH QUARTER PREPARED BY FEDERAL RESERV E BANK OF ST. L O U IS 10 FINAL SALES IN CURRENT DOLLARS C'jMPCUNOED ANNUAL RATES UF CHANGE TERMINAL QUARTFR 2- 67 1-67 _ BI LLI ONS ÖF OOLLARS ANNUAL RATES I N I T 1AL QUARTER 3- 67 4- 67 1- 68 2—68 3- 68 4- 68 1- 69 2- 69 3- 69 8. 2 3-67 7. 3 6.4 4- 67 7. 2 6.8 7.1 1 - 6 8 ___-8_,_7 8. 9 10. 1 _ 2 - 6 8 __ _. 8.. 6 8. 7 9. 5 „10 . 7 4- 70 1-71 2- 71 3- 71 A3_.2_ _ » •? _ 867. 5 8. 9 9. 5 10.3 8. 9 9. 6 4- 68 3*. .5. 8. 5 9. 0 9.5 8. 2 8. 3 6. 9 8. 9 9. 2 «.3 8. 3 7. 6 ___L- 69 __ .. .... .8 . 8 8 2 . 1 ___ 8. 3 899. 8 915. 0 2- 69 8. 3 8. 3 8. 6 8. 8 8. 0 7. 9 7.4 7. 6 6.9 - . dr 6.9 «*1 8. 1 8. 3 8.5 7.8 7. 7 7. 2 7.3 6. 8 7. 9 8. 0 8. 1 7. 4 7. 3 6. 8 6. 8 6. 3 6. 1 5 . 5 X 7. 7 7. 8 7.9 7.2 7. 1 6. 7 6.6 6. 2 6.0 5. 6 5.8 5. 6 5. 3 5. 2 J i r h 'à . 7.7 2- 7 0 7. 5 - ¿ - I Q... 7. 3 J U I 4—7 0 7.0 6. 9 -Lr.LL... 7. 4 . 7. 5 J..5 a . 9 _ ..<u& 6.9 6. 4 __ 6jl3_ . 5, 9. 929. 8 ___ 6. 6 9 4 2 . 3 ___ 6.6 6. 2 6. 1 5. 7 5. 5 5. 2 5. 1 J>.9 t,. 4 6. 2 5. 8 5. 7 5.*1 5 ^0 4. 7 4. 5 -L.4 . 7.0 6. 9 6.6 6. 6 ____Z-*J____ - 2- i J____1x4____7*4____ ZsJÌ ____^ 4- 71 3- 7 0 805. 9 8. 8 ...3-7L 2- 70 792. 2 3- 68 1- 70 1- 70 4- 69 780. 0____ 2- 67 + 4 .7 % 955. 6 966. 5___ 4. 1 3.8 984. 7 2 . 6 K 1, 0 1 7 . 7 + 8 .7 % _ 6 i J ____ 6t4 ____6_j_ó__ . 6.4 6. 3 1, 0 35. 4 7.1 1, 0 54. 6 —Lî_4____ L l O____6^9____6 J ____6 J ____6_*6__ —Liit____L*4_ 7. 3 7. 3 7.3 7. 4 7. 0 6. 9 6.7 6.7 6. 5 6.5 6. 5 6.6 6.7 7.0 7. 5 8. 7 1- 67 2- 6 7 3- 67 4- 6 7 1-68 2- 6 8 3- 68 4-6« 1- 69 2- 69 3- 69 4-69 1- 70 2- 70 3- 7 0 4- 70 7. 0 6.9 ---------------------------1-71 2- 71 6 . lì 1, 0 7 0 . 4 1 ...................... 3-71 I N I T I A L QUARTER PREPARED W FEDERAL- T Ê S T r V Ë BANK OF S t . T O U T S FEBRUARY 18, 197?_______ _________________ FINAL SALES IN CONSTANT 1958 DOLLARS COMPOUNDED ANNUAL RATES CF CHANGE__ TERMINAL BI LLI ONS OF OOLLARS ANNUAL PATES . M l TI AL QUARTER 1- 67 2- 67 3- 67 4- 6 7 1- 68 2- 68 3- 68 4-6r 1- 69 2" 69 3- 69 4- 69 1- 70 ? - 70 3 -70 4 - 7 0 - 1-71 2- 71 3-71 6 . 1______________________________________________________________________ ___ ________________________ ___ _________________ ________ _ 4.0 670. 6 2. 0 674. 4 ____ U À ____ L * ± -4 , 6___ i ^ 9 ___ 9 ^ L. . 1-68 2 -6 8 3 -6 8 _4^I_ As 9____4 . 5 4. 1 4 - 6 3.. 1-692 -U L . 4. 3 4. 1 _690.0 __ éu / _ J i l ____ 4 .5 b.2 5. 2 6. 2 J t± h ___ 5_&.jL_ 4.4 4. 9 3. 7 3. 7 696. 5 705. 3 3. 0 _iuJ3____i±8____1^2____1*3____ i i i ____3sJ _ t _ 67 2- 67 3- 67 4- S7 1-69 709. 0 _1«L_ 3. 7 2- 69 3- 66 3 .9 715. 8 _LsA_ 718. 3 4- 68 1- 69 ? - 69 3- 69 4- 69 1-70 2- 70 3- 7 0 4- 70 1-71 2- 71 3- 71 I N I T I A L QUARTE* PRE PARE Ö ttY""FFOE RAL RFSERVE BANK OF STV LOUIS “ FEBRUARY 18, 1972 11 FINAL SALES TOTAL SP ENDING L E S S CHANGES RATIO SCALE QUARTERLY T R I L L I O N S OF D O L L A R S TOTALS IN B U S I N E S S AT SEASONALLY ANNUAL INVENTORIES R A T I O SCALF RATES ADJUSTED 1. T R I L L I O N S OF D O L L A R S 1.3 1. • oL . 1.1 ! ! .0 . 0 . 0.9 0 . 0 . 8 0 . 0.7 0 . 0.6 0 0 SOURCE: PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR P ER I O D S LATEST DATA PLOTTED: U.S. DEPARTMENT OF COMMERCE I N D I C AT E D . 4TH QUARTER PREPARED BY FEDERAL RESERV E BANK OF ST. L O U IS 12 r. U NMIMFR PR ICE''""'INDEX * C O M P O U N D E D A N N U A L R A T F S OF C H A N G E TERMINAL MONTH INITIAL 6-70 7-70 7-70 8-70 9-70 10-70 11-70 12-70 1-71 2-71 MONTH 3-71 4-71 1967 * 100 5-71 6-71 7-71 8-71 9-71 10-71 11-71 12-71 jr . > X 116.7 1 8-70 3.1 2.1 9-70 4.2 4.2 6.3 10-70 4.7 4.9 6.3 11-70 4.6 4.7 5.6 5 «2 4.1 0 1 <yj 4.9 5.0 5.8 5.6 5.2 6.2^"V 119.1 1-71 4.3 4.3 4.8 4.4 3.8 3.6 1. V \ 119. 2 2-71 4.0 4.0 4.3 3.9 3.3 3.1 1.5 2.'oV \ 10-71 3. 9 3. 9 4.0 3. 8 3. 6 3. 6 3. 3 3. 6 116. 9 117. 5 118. 1 \ + 4 .5 % 118. 5 119. 4 11-71 3. 8 3. 8 3. 9 3. 7 3. 5 3. 5 3. 2 3. 4 3. 6 3. 5 3. 4 3.0 2.2 2.2 12-71 3. 9 3. 8 4.0 3. 8 3. 6 3. 6 3. 4 3. 6 3. 7 3. 7 3. 6 3.3 2. 7 2.0 2.0 2.6 1-72 3. 7 3. 7 3.8 3. 6 3. 4 3. 4 3.2 3. 4 3. 5 3. 4 3. 3 3. 0 2. 4 2. 3 6- 7 0 7- 70 8- 70 9- 70 10-70 11- 70 12- 70 1-71 2- 71 3- 71 4- 71 5- 71 NCT 3. 7 3. 7 3. 8 3. 2 6 - 7 T ~ 7- 71 1.6 2.0 2.0 2. 5 3. 0 3. 5 5 . 0 \ 123.1 2.2 2. 5 2.6 3.0 123.2 1. 5 8- 71 9- 71 122. 4 2. 0 ^ s ^ 122.6 1.0| 10- 71 11-71 12- 71 SEASONALLY ADJ UST ED “PRTP7TRETS B Y F E D E R A L ~ R E S F R V E B A N K U F S T . F E B R U A R Y 22, 1 9 7 2 WHOLESALE PRICES - INDUSTRIAL COMMODITIES ♦ C O M P O U N D E D A N N U A L RAXES...Of C H A N G E _________ IN ITIAL .hr 7.Ù___I,r-7 Q___8 - 7 0 9-70 10-70 11-70 12 - 7Q 1-71 1967 « W O MTH-. 3 - 7 1 ___ <t r U ___ ^ 1 1 ___ ÒZ.11___ ZzZl___ 8 - 7 1 2-71 9-71 10-71 jl-M 12 100 - M __ 2^2________________________________________________________________________ :__________________________________________________________________ 9-70 12.-1 Q.„ -2 * 2 110.2 - 2 * 2 ____ 1 x 2 ____ 1 x 2 -. 110.A 3.5 3.7 4.1 ■Zx 2 . . . A ..45 . Q ____ 3 * 3 ____ 5 , Q ____ 5 .5 -1£7.L. 4 . 1 ______ 4 j l 0 ... 1.2- 4.4 4.3 112 . 8 j u a ____5^4,1. _i.Z_ .. 3..7____ 1 * 2 ____ h .1, - 3^5- 4.4 S-70 7-70 B -70 9-70 10-70 11-70 2. 1 _ 4 ^ 3 ____ ________ 4^,3 4.3 12-70 1-71 2-71 3-71 INITIAL N OJ 113.7 4.3 4...Q____ l u i ____ 1 * 3 ____ iuSl____ 3 . 2 4 . 3____4. 3 7 - 71.. 4.9 4-71 5-71 6.5 6 -M 7-71 0-71 9-^1 10 -M U-^i 1^-71 MONTH S E A S O N A L L Y A O J U S T EQ PRFPAttEO BY FFDFRAL FEBRUARY 24, 197? RFSERVF BANK OF S T . LOUIS 13 PR I C E S RATIO SCALE 1 967 = 1 00 130 RATI O SCALE 1967-100 130 1 125 + 2 . “ ■ 4 Z 125 I l 2 3 .2 120 120 C O N S U L 1 15 E R + 6 115 1 1 110 110 1 105 105 100 + 2 . 9 Z + 1 . 0 X 95 JA N . • 6 4 L _ 100 ^ .... - ___ ___________ ? N. .. ... $ M i* . ‘ 6 5 _______ !1 t 95 ? t ♦ i t t 1 20 120 1 * / . r . z / 1 15 L > h 1 5 . 9 115 * 1 to t 105 v s 1 10 ' 105 +4 ? ' g i ^ C + / . 6 Z 100 W H O L E S A L E N D U S T R 100 1A L + 0 . 6 Z Wv L $ ---------- 95 JA M . ‘ 6 4 90 1964 K ........... ............ . Ì ? t t 1965 1966 1967 " ? t 1968 1969 1970 y 5 i i t l 1971 ------------ 90 1972 SOURCE* U.S.DEPARTMENT OF LABOR P E R C E N T A G E S ARE ANNUAL RATES OF CHANGE FOR P E R IO D S LATEST DATA PLOTTEDt 95 IN D IC A T ED . JANUARY PREPARED BY FEDERAL RESERVE BANK OF S T . L O U IS 14 WHOLESALE PRICES, COMPOUNOED ANNUAL ALL C O M M O D I T I E S R A T E S OP C H A N G E * T E R M I N A L _______________________________________________________________________ I N I T I A L M O N T H _______________ ________________________________________________________ 1 9 6 7 MONTH 5-'71 7-71 8-71 9-7 1 10-71 11-71 1 2 - 7 1 6-70 7-70 8-70 1-71 2-71 3-71 4-71 6 - 71 9-70 10-70 1 1 -70 12-70 7-70 6 110.9 ,,7 110.5 o rr OC -4, . 2 1 ,. 1 9-70 ?-. 6 0 ,, 5 5., 6 ,.4 ?..7 0 , .0 1 1 1 . 0 10-70 1 ..9 0 11-70 1 ,.3 0 , .0 1 ..5 - 0 ,.5 12-70 1 .3 o, 1 ,4 0 »0 0 , 1 .1 1 1 1 . 0 110.9 - 1 ,. 1 1 1 1 . 0 1-71 2 it3 Ì ,.ft ?, ? ,? ?,,9 *>,0 ? - 71 3 ,4 3,» o 4,, ? 3.. 9 4 7,0 2-71 3 ,3 2 ,9 3,,9 3.6 4,,4 4.-71 ... 3 .3 2 ,9 3,.8 3 .6 4.2 5.3 6 .5.-71 .... 3 .5 9,iO 1 0 1 1 1 . 8 ,, I 1 1 112 .8 ,, 3 113.0 7,,4 fti•ft ? ,1 ,.3 5,,5 2 ,7 3,. 2 113.3 113.8 3,. 1 4,. 0 3 4 ,4 5.3 6 . .2 5,, 5 3.6 4,, 3 5.4 6-71 3,. 6 3,.3 4 ,\ 4.0 4 ,5 5.3 6 .iQ 5,, *} 4.0 4,r 7 5.4 5 ,4 .1 - 1 1 JL. 6 3 .3 4 .1 3 .9 4 ,3 5.0 5,■ft 5,, 1 3 ,9 4,, 3 4-7 4 .3 3 ,? -3.-71 . - Ì .ft 3 .3 4.0 3 .R 4,2 4. fl 5 ,3 4,.fl 3.8 4-,, 1 4.3 3 .9 3 9- 7 1 3 •n ? •R 3 .3 3 ,2 3 ,4 3.9 4 „? 3,■6 ? • ft ?i,7 ?.6 1 ,9 0 ,7 -0.5 -4.1 [lQ-Tl. -2 .• 8 ? .5 3 •n ? • ft 3 .1 3.4 3 .7 3 ,1 ? ,1 ? (. 1 2.0 1f3 0 ,3 -0.7 -2.6 -1.0 1 1 - 7 1 ......... 2 .7 ? .4 ?.9 ? ,7 ? .9 3 ,? 3 .4 ? ,9 ?.0 2 o ,4 -0.3 -1.4 0.0 1. 1 12-71 ? tfl 3 •3 3 t? 3 .4 3.7 4.0 3 ,5 ? .a a ? .8 ? ,4 1 tq 1.7 1.3 3.2 5.4 9.9 ... -3 . 4 . 3 .? 3 .7 3 .6 .3 4.? 4 .4 4 .0 3 .4 3 ,5 3.5 3 t3 3 ,0 3.0 2.9 4.3 6.8 9. 8 6 —70 7 - 70 8 - 70 9- 70 - 70 l- 71 - 71 3- 71 4-71 5 - 71 6 - 71 7-71 8-71 9-71 10-71 3.1 1-7? 10 - 70 1 '- 7 0 12 2 .0 INITIAL NQT = 100 1 .fl 1 t? 114.3 114.6 114.9 3.2 114.5 114.4 114.5 11-71 115.4 lift.3 9.8 12-71 MONTH SEASONALLY ADJUSTED PREPARED FEBRUARY BY F E D E R A L 2 4. 1 9 7 2 RESERVE BANK OF ST. LOUIS WHOLESALE PRICES - FARM PRODUCTS, AND PROCESSED FOODS AND FEEDS* ____________________C O M P O U N D E D A N N U A L P A T E S OF C H A N G E ________________________ INITIAL TERMINAL MONTH l o ft" 70 8-70 9 - 70 9-'70 10-70 11-70 \ 2 ~ 70 1 - 71 2-71 3-71 -2 6-71 7-71 8-71 9-71 10-71 11-71 12-71 113.4 1 1 1 . 2 -4 . 2 16 . 2 - 3 .7 - 1 0 .5 -4 . 8 3.3 11-70 ..- 3 . 8 -4 . 3 .5 -1 11 2 . 6 -2 1 .9 110.3 109.9 -9 . 0 -4 . 6 -13 . 6 -4.3 t5 -5 , 0 - 1 1 .2 -5.3 -6.4 .1 -5 . 0 1 .5 4.4 16 ,5 .3 u .4 ?,1 9.? 14.2 26 . 1 3 6 .4 •Q 3 ,4 1 ,4 6.9 9.9 f9 15 . f -2.1 1 1 ,4 9 t7 -1.6 -8 - 4 .7 2 — 71 ?,6 0 3-71 ?.0 0 - 1 109.3 110.7 4-71 1 .1 ? .3 .1 5.5 7.6 5-71 0 ,5 1 .0 3 t7 ,3 6.3 8 .? 11 ,3 10 ,1 6-71 3 ,3 1 ,9 4 ,5 3 ,3 7.0 8.7 11 ,5 10 7-71 ? .7 1 .4 3 .7 ? • ft 5.7 7.0 9.1 7 ,9 3-71 ? 3. 1 9- 7 1 0 .7 -0 3 .9 1 1-71 1 .? 1 113.4 113.3 - 1.1 2.5 4.9 1 1 . 1 4.9 7.2 1 1.6 12 .2 3.0. 4.3 6.1 3.7 -4. 1 3.5 1 . 1 -4.1 -4.1 -0.6 -3.4 I ,9 4.7 5.7 7 ,4 ft. 1 1.8 -o . 3 1 .5 ft,4 2.7 3.4 4 3,, 1 -0.9 -0.7 .3 1 .4 0 .3 2.4 3.1 4.1 ? .9 - 0 . 8 . -SU. 6 _ . - 0 . 5 1 .7 0 .fl 2.9 3.4 4 .3 3.2 -0 0.1 1 ,.ft 3.2 ? ,3 4.3 3 .? ? .3 3 .9 3.2 5.1 - 70 7-'70 - 70 9- 70 8 o » o ? .5 1-7? 0.0 0.3 115.0 114.6 -9.1 -10.0 -15.5 ._-2».Z_ - 6 . 1 -6.9 -8.1 -3.7 -3.6 -3.4 3.2 16.4 2.1.2 .1 16.5 21 . 8 16.7 1-71 12-71 -1 . 2 1 13.0 5.0 ft. 0 5.1 2.4 3.0 3.5 2.4 0.9 3.4 10.7 ft. 8 ft. 1 3.7 4.2 4.9 4.1 3.0 4.2 6.0 1 2 - 71 ? - 71 3-71 4-7] 5-71 6-71 7-71 8-71 1 1-70 12 - 70 1 113.0 0.0 1.9 INITIAL SEASONALLY 0.5 114.3 115.4 oH in 12-71 6 ,5 113.6 2.6 1 .0 ,9 in-71 NOT 5-71 .7 - 2 0 .9 12-70 *. 4-71 19 f 9 9-70 10-70 7 - 70 1967 = 100 MONTH 113.6 6.6 9- 7 1 10-71 1 115.9 117.4 MONTH A D J U S T ED PREPARED BY FEDERAL RFSFRVF FEBRUARY 24, 1 9 7 ?. BANK OF S T . L OU I S 15 GENERAL RATIO PRICE INDEX* SCALE RATIO 1958-100 1964 SCALE 1958-100 1965 1966 1967 1968 1969 ■AS USEO IN NATIONAL INCOME ACCOUNTS 1970 1971 1972 SOURCEt U .S. DEPARTMENT OF COMMERCE PERCENTACES ARE ANNUAL RATES OF CHANCE FOR PERIOOS INDICATED. LATEST DATA PLOTTED« 4TH QUARTER PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS I MPLI CI T PRICE DEFLATOR FOR GROSS NATI ONAL PRODUCT __________ COMPOUNDED ANNUAL RATES OF CHANGE_____________________________ TERMINAL QUARTER 1958 * 100 I N I T I A L QUARTER 1- 67 2- 6 7 4-6/ 3-6 7 1- 68 2-68 3- 68 4-68 1- 69 2- 6 9 3- 6 9 4-69 1- 7 0 2-70 3-70 4-/0 1- 71 2- 71 3- 71 2. 1 >0 i 116. 8 2- 6 7 3U 4.2 '♦-6 7 3. 7 4.5 118. 0 4.8 ^ + 4 .2 % 119. 4 120. 4 1- 68 _ 3.6 4. 1 4. 1 3. 4 2- 6 a 3.7 4. 1 4.1 3. 7 4.0 3- 68 3.H T7 1 4.2 3. 9 4.2 121. 6 12 2. 9 ^ > 1 4^ \ + 4 ‘8 % 124. 3 4- 6 8 3.9 4.2 4.2 4.1 4.3 l-o9 4.0 4.2 4.2 4.1 4.3 4.4 4.4 4.2 2- 6 9 4. 1 4.4 4.4 4.4 4,6 4.7 4.8 4.<i 5. 5 4.6 12 5. 6 127. 3 | 8% 129. 2 4.6 4.8 5. 0 5. 1 5. 3 5. 8 4.6 4.6 4.8 4.9 5. 0 5. 1 5. 5 5. 4 *.vX 4.8 4.8 5.0 5.2 5. 3 5. 4 5. 7 5. 8 5. 7 * ,> ]— ^ 132. 8 5. 1 5.2 5 . 3 .. 5. 5 5. 5 5. 3 5.6 1 4.6 134. 3 5. 1 5. 2 ...5. 3 ...5 . 4 . 5. 4 5. 3 5.4 4.9 5 .2 5. 1 5. 2 5. 3 5.4 *>. 6 5. (> 5. 5 5.7 5. 4 5. 7 5. 2 5. 3 5. 4 5.5 5. 5 5. 4 5. 6 5. 3 5. 6 4.6 4 - 69 4.4 4.6 1- 70 4.6 4.8 2- 70 4.6 4.a 4.8 4.8 5.0 3- 70 4.6 4.8 . 4.8 4.8 _ 5,0 4- 7 0 4.7 4.9 5.0 5.0 130. 7 \ N . 136. 0 Ta .4a . 2007. /o 138.1 5.8 5. 3 ^ ^ 139. 9 1-71 4.7 4.9 5.0 5.0 5. 1 7-71 4.7 4.9 4.9 4.9 5. Ü 5. 1 5. 2 5. 3 5, 4 5. 4 5. 2 5. 3 5. 1 5.2 5.2 4. 7 4. 1 3- 71 4.6 4.7 4.8 _ 4.8 4.9 4.9 5. 0 5. 0 . 5.1 5.0 4.9 4.9 4.7 4.7 4.6 4.0 3. 3 2. 6 4- 71 4.4 4.6 4.6 4.6 4.7 4.7 4.7 4.7 4. 8 4. 7 4. 5 4.5 4. 2 4. 2 4.0 3.4 2.8 2.1 1. 7) 1- 67 2-67 3-67 4-6 7 1- 68 2-68 3- 68 4-68 1- 69 2-69 3- 69 4-69 1- 70 2-70 3-70 4- 7 0 1- 71 1 4.3 i 3- 69 141. 3 142. 2 ^ 142. 8 I N I T I A L QUARTER PREPARED QY FEDERAL RESERVE BANK OF S T . LOUIS FEBRUARY 10, 1972 INVENTORIES COMPARED WI TH MONTHLY S A L E S * MANUFACTURING AND TRADE 72 68 . 6 8 64 .60 60 . 56 56 .55 52 . 48 48 44 40 . 36 36 1958 * R A T I OS 1959 1960 1961 BASED ON 1962 SEASONALLY 1963 ADJUSTED S H A D E D A R E A S R E P R E S E N T P E R I O D S OF A S D E F I N E D B Y THE N A T I O N A L B U R E A U LATEST DATA PLOTTED: DECEMBER 1964 1965 1966 1967 1968 1969 DATA. SOURCE: 1970 U . S . D E P A R TMENT 1971 OF 1972 COMMERCE BUSINESS RECESSIONS OF E C O N O M I C R E S E A R C H . PRELIMINARY PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
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