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n o T i o n n i Economict r e a d s
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

month

ENDING:

January 31, 1977

RELEASED:

February 28, 1977

In contrast to the economic gains made in 1976, sales
and production declined in January. Industrial production
declined at an 11 percent annual rate, after increasing 6.8
percent in the year ending December 1976. Retail sales fell at
a 21 percent rate, after rising 11.6 percent during 1976. This
disruption in the recovery is attributable to the severe winter
weather and energy shortages which led to temporary shutdowns of
schools and industrial facilities nationwide during January.
Even though production was curtailed, unemployment
fell from 7.8 percent of the civilian labor force in December to
7.3 percent in January, the lowest since May 1976. Underlying
the drop in the unemployment rate was a 5.4- percent annual rate
of decline in the civilian labor force and a 1.6 percent rate of
increase in employment. However, the January survey of
employment conditions was taken before the onset of the severe
weather later in the month.
After moderating in 1976, the rate of advance of
prices quickened sanewhat in January. Consumer prices rose at a
10 percent rate in January, compared to a 4.9 percent increase
in the previous twelve months. The January advance partially
reflected sharply higher prices for fuel and food, but due to
the early survey date, further effects can be expected in
February.
The housing industry has made substantial gains since
the recession which ended in March 1975. This resurgence in
housing follows one of the most severe declines for this sector
since World War II. Housing starts declined at about a 34
percent annual rate during the 1973-75 recession. The number of
private housing starts increased at about a 44 percent rate from
March 1975 to December 1976. Homebuilding was temporarily
disrupted in January because of the weather, with housing starts
dropping sharply.




TOTAL C I V IL I A N EMPLOYMENT *
COMPOUNDED ANNUAL R ATES OP CHANGE
TERM INAL________________________________________________________________________ I N I T I A L MONTH___________________________________________________________________________ THOUSANDS
■ Hon T h
0F‘ PERSONS
tí—
75
V—
75 10-75 11-75 12-75
8-76
9-76 10-76 11-76 12-76
0-75
7-75
7-76
1-70
2—
76
3—
76 4 -7 6
5-76
6-76
7-75

5 .2

6-75

4 .5

3 .7

8 4 ,8 5 6

9-75

3 .0

1 .8

0 .0

10-75

2 .1

1 .1

- 0 .2

- 0 .4

11-75

2 .0

1 .3

0 .5

0 .7

1 .8

12-75

2 .3

1 .7

1 .2

1 .0

2 .5

8 5 ,1 1 4
8 5 ,1 1 5
6 5 ,0 6 7
8 5 ,2 1 2
3 .3

8 5 ,4 4 3

1-76

3 .5

3 .3

3 .2

4 .0

5 .5

7 .4

1 1 .6

2-76

3 .5

3 .3

3 .2

3 .V

5 .0

6 .0

7 .4

3 .5

3-76

3 .7

3 .5

3. 5

4. 1

5 .0

5 .9

6 .7

*♦.4

5 .3

4-76

4 .0

3 .9

3. V

4 .5

5 .3

6 .1

6 .8

5 .2

6 .1

6 .9

5-76

4 .1

3. V

4 .0

4 .5

5 .2

5 .8

6 .3

5 .0

5.5

5 .6

4 .4

6—
7o

3 .0

3 .4

3 .4

3.8

<♦.3

4 .7

5 .0

3 .7

3 .7

3 .2

1 .4

- 1 .5

7-76

3 .6

3.«t

3.*

3.

4 .2

4 .6

4 .7

3 .0

3.7

3 .3

2 .1

1 .0

3 .5

t
o

8 6 ,2 2 6
8 6 ,4 7 1
8 6 ,8 4 5
8 7 ,3 2 9
8 7 ,6 4 0
8 7 ,5 3 3
8 7 ,7 8 3
8 7 ,8 3 4

8-76

3 .4

3 .2

3 .2

3.5

3 .V

4 .1

4 .2

3 .2

3 .2

2.b

1 .7

0 .9

2 .1

0 .7

9-76

3 .1

3 .0

2. V

3 .1

3 .5

3 .6

3 .7

2.7

2.6

¿.2

1 .3

0.5

1 .2

0 .1

— .5
0

10-76

2 .9

2 .7

2.0

2.t

3 .1

3 .¿

3 .2

2 .3

2.2

l.b

0 .9

0.3

0 .7

- 0 .2

- 0 .7

8 7 ,7 9 4
8 7 ,7 3 8

-0 .8

11-76

3 .1

3 .0

2 .9

3.1

3 .4

3 .5

3 .6

2.8

2 .7

2 .4

l.b

1.3

1 .9

1 .5

1 .8

2 .9

6 .8

12-76

3 .1

3 .0

¿.V

3 .1

3 .4

3 .5

3. 5

2.8

2.7

2.5

1 .9

1.6

2 .1

1 .8

2 .1

3 .0

4 .9

3 .0

1-77

3 .0

¿.9

x.b

3.0

3 .3

3 .4

3 .4

2.7

2.6

2.4

1 .9

1.0

2.0

1 .8

2 .0

2 .6

3 .8

2 .3

6-75

7— 75

b-75

9-75

10-75

11-75

12-75

1-76

2 -/0

3-76

4-76

t —76

6-76

7-76

8-76

6 6 ,2 2 0
8 8 ,4 4 1
1 .6

8 8 ,5 5 8

9—
76 10-76 11-76 12-76

I N I 11AL HUN IH

"* Revised

PAYROLL EMPLOYMENT *
COMPOUNDED ANNUAL R A T ES OF CHANGE
IN IT IA L

T ERM INA L
MONTH
6-75
7-75

7-75

8 -75

9-75

10-75 11-75

12-75

1-76

2-76

3-76

MONTH
4-7 6

THOUSANDS
OF PERSO NS
5-76

6-76

7-76

8 -7 6

9-76 10-76 11-76 12-76
7 6 ,7 1 9

4 .4

8-75

4 .9

5 .4

9-75

4 .6

5 .0

4 .5

7 7 ,0 5 9

10-75

4 .6

4 .7

4 .3

4 .0

7 7 ,3 4 4
7 7 ,5 9 6

11-75

4 .1

4 .0

3 .5

3 .0

2 .1

12-75

4 .1

4 .1

3 .8

3 .5

3 .3

4 .4

7 7 ,7 3 0

1-76

4 .4

4 .4

4 .2

4 .2

4 .2

5 .3

6 .2

2-76

4 .3

4 .3

4 .1

4 .1

4 .1

4 .7

4 .9

3 .6

3-76

4 .4

4 .5

4 .3

4 .3

4 .3

4 .9

5 .1

4 .5

4-76

4 .5

4 .5

4 .4

4 .4

4 .5

5 .0

5 .1

4 .7

5 .3

5 .2

5-76

4 .1

4 .1

3 .9

3 .9

3 .8

4 .1

4 .1

3 .5

3 .5

2 .6

0 .1

6-76

3 .8

3 .6

3 .6

3 .5

3 .4

3 .6

3 .5

3 .0

2 .8

2 .0

0 .4

0 .7

7-76

3 .7

3 .6

3 .5

3 .4

3 .3

3 .5

3 .3

2 .8

2 .7

2 .0

1 .0

1 .5

2 .2

8-76

3 .5

3 .5

3 .3

3 .2

3 .1

3 .3

3 .1

2 .7

2 .5

1 .9

1 .2

1 .5

1 .9

1 .6

7 8 ,0 1 2
7 8 ,4 0 6
7 8 ,6 3 5
5 .4

7 8 ,9 8 0
7 9 ,3 1 2
7 9 ,3 1 9
7 9 ,3 6 6
7 9 ,5 1 3
7 9 ,6 1 8

9-76

3 .6

3 .6

3 .4

3 .3

3 .3

3 .4

3 .3

2 .9

2*8

2 .4

1 .8

2 .3

2 .8

3 .1

4 .6

10-76

3 .3

3 .2

3 .1

3 .0

2 .9

2 .9

2 .8

2 .4

2 .3

1 .8

1 .3

1 .5

1 .7

1 .5

1 .5

- 1 .5

11-76

3 .4

3 .3

3 .2

3 .1

3 .0

3 .1

2 .9

2 .6

2 .5

2 .1

1 .7

2 .0

2 .2

2 .3

2 .5

1 .4

4 .4

7 9 ,9 1 8
7 9 ,8 1 9
8 0 ,1 0 6

12-76

3 .4

3 .3

3 .2

3 .1

3 .0

3 .1

3 .0

2 .7

2 .6

2 .3

1 .9

2 .2

2 .4

2 .5

2 .7

2 .0

3 .8

3 .3

1-77

3 .4

3 .3

3 .2

3 .1

3 .0

3 .1

3 *0

2 .7

2 .7

2 .4

2 .1

2 .3

2 .6

2 .6

2 .8

2 .4

3 .7

3 .4

6-75

7-75

8-75

9-75

10-75

11-75

12-75

1-76

2-76

3-76

4-7 6

5-76

6-76

7-76

8 -7 6

9-76

ÍN t tiA L

6 0 ,3 2 2 P
3 .5

8 0 ,5 5 3 P

10-76 11-76 12-76

MONTH

P - P R E L IM IN A R Y
*- REVISED
_




PREPA RED BY FED ERA L R E S E R V E BANK OF S T .
FEBRU A RY 1 0 , 1977

2

L O U IS




E MP L O Y ME N T
RATI O

SCALE

MI L L I ONS

RATIO

OF P E RS ONS

MILLIONS

SEASONALLY ADJUSTED

SCALE

OF P E R S O N S
Ì 00

95
90
85
80

75

70

65

60
SOURCE«

U.S.DEPARTMENT OF LABOR

PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIODS INDICATED
U/OTAL REVISED FROM 1972 THROUGH 197«
1 .PAYROLL REVISED FROM JULY. 1975 THROUGH 1976
2
LATEST DATA PLOTTED: JANUARY PRELIMINARY
PREPARED SY FEDERAL RESERVE BANK OF ST.

LOUIS

U N E MP L O Y ME N T R A T E S *
SEASONALLY

PERCENT

PERCENT

ADJUSTED

10. 0

9.

9.0

8.

8.0

7.

7.0
6 .0

5.0
4.

4.0

3.

3.0

2.

2 .0

I.

1 .0

1969

1970

1971

1972

1973

1974

1975
SOURCE:

U. S.

1976

1977

DEPARTMENT OF LABOR

»PERCENT OF C I V I L I A N LABOR FORCE IN GROUP
ilREVISED FROM 1972
LATEST DATA PLOTTEDt

JANUARY

PREPARED BY FEDERAL RESERVE BANK OF ST .

3

LO U IS

CONSUMER PR IC E 1NOEX, SEASONALLY ADJUSTED *
COMPOUNDED ANNUAL RATES OF CHANGE________
TERM IN A L
MONTH

7-75

1967 *

I N I T I A L MONTH
6-7 5

7-75

8 -7 5

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

1-76

2-76

3-76

4 -7 6

5-76

6 -7 6

8 -7 6

7-76

100

9-76 10-76 11-76 12-76
1 6 2 .2

1 1 .8

8-75

7 .7

3 .8

9-75

6 .9

4 .5

5 .3

10-75

7 .1

5 .5

6 .4

7 .6

1 6 2 .7
1 6 3 .4
1 0 4 .4

11-75

7 .0

5 .8

6 .5

7 .2

6 .6

12-75

6 .6

5 .9

6 .4

6 .8

6 .4

6 .0

1-76

6 .9

6 .1

6 .6

6 .9

6 .7

6 .7

7 .5

1 6 5 .3
1 66 .1
1 6 7 .1

2-76

6 .2

5 .5

5 .7

5 .8

5 .4

4 .9

4 .4

3-76

5 .8

5 .1

5 .3

5 .3

4 .9

4 .4

3 .9

2 .2

2 .9

<*-76

5 .8

5 .1

5 .3

5 .3

4 .9

^•6

4 .2

3 .1

4 .0

5 .1

5-76

6 .0

5 .4

5 .6

5 .7

5 .4

5 .1

5 .0

4 .4

5 .4

6 .6

1 6 7 .3

1 6 7 .7
1 6 8 .4

8 .1

169-5

6-76

5 .9

5 .4

5 .6

5 .6

5 .3

5 .1

5 .0

4 .5

5 .3

6 .1

6 .6

5 .1

7-76

5 .9

5 .4

5 .6

5 .6

5 .4

5 .2

5 .1

4 .7

5 .4

6 .0

6 .3

5 .4

5 .8

6-76

5 .9

5 .5

5 .6

5 .6

5 .4

5 .3

5 .2

4 .9

5 .5

6 .0

6 .2

5 .5

5 .8

1 7 0 .2
171 . 0

5 .8

171 .f i

9 -76

5 .8

5 .4

5 .5

5 .5

5 .3

5 .2

5 .1

4 .8

5 .3

5 .7

5 .8

5 .2

5 .3

5 .0

4 .3

10-76

5 .7

5 .3

5 .4

5 .4

5 .2

5 .1

5 .0

4 .7

5 .2

5 .5

5 .5

5 .0

5 .0

4 .8

4 .3

4 .3

11-76

5 .6

5 .2

5 .3

5 .3

5 .1

5 .0

4 .9

4 .6

5 .0

5 .2

5 .2

4 .8

4 .7

4 .5

4 .0

3 .9

3 .5

172 .4
1 7 3 .0
1 7 3 .5

12-76

5 .5

5 .2

5 .3

5 .3

5 .1

5 .0

4 .9

4 .6

5 .0

5-2

5 .2

4 .8

4 .8

4 .6

4 .2

4-7

4-2

5 .0

1-77

5 .8

5 .4

5 .5

5 .5

5 .4

5 .3

5 .3

5 .1

5 .4

5 .7

5 .7

5 .4

5 .5

5 .5

5 .4

5 .7

6 .1

7 .5

6-75

7-75

8 -7 5

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

1-76

2-76

3-76

4-76

5-76

6-76

7-76

8 -7 6

1 74 .2

1 0 .1

1 7 5 .6

9-7 6 10-76 11-76 12-76

I N I T I A L MONTH
♦-REVISED
P REPA RED BY FEO ERA L R E S E R V E BANK OF S T *
FEBRU A RY 18» 1977

L O U IS

WHOLESALE P R IC E S - A L L C O M M O D ITIES, SEA SO N A LLY A D JU ST ED *
_________________ COMPOUNDED ANNUAL R ATES OF CHANGE_________________

,

T ERM IN A L
MONTH
6-75
7-75

1 0 .1

6 -7 5

9-75

10-75 11-75

12-75

1-76

1 0 .1

8-75

7-75

in it ia l

2-76

1967 *

month

3-76

4 -7 6

5-76

6-7 6

7-76

6-76

100

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

1 7 4 .0
1 0 .1

1 7 6 .0

9-75

9 .3

8 .9

7 .8

10-75

1 0 .6

1 1 .0

1 1 .4

1 5 .2

11-75

6 .5

8 .1

7 .5

7 .3

0 .0

12-75

7 .2

6 .6

5 .7

5 .1

0 .3

0 .7

1-76

6 .6

6 .0

5 .3

4 .6

1 .3

2 .0

3 .4

2-76

5 .5

4 .9

4 .0

3 .3

0 .5

0 .7

0 .7

- 2 .0

3-76

5 .3

4 .7

3 .9

3 .3

1 .1

1 .3

1 .6

0 .7

3 *4

4-76

5 .6

5 .3

4 .7

4 .3

2 .6

3 .1

3 .7

3 .8

6 .9

1 0 .5

5-76

5 .4

5 .0

4 .4

4 .0

2 .5

2 .9

3 .4

3 .4

5 .2

6 .2

2 .0

6—
76

5 .5

5 .1

4 .7

4 .3

3 .0

3 .5

3 .9

4 .1

5 .6

6 .4

4 .4

1 7 7 .1
179 .4t
1 7 9 .2
1 7 9 .3
1 7 9 .6
1 7 V .5
160. G
1 6 1 .5
1 8 1 .8
6 .6

1 6 2 .6

7-76

5 .4

5 *0

4 .6

4 .3

3 .1

3 .5

4 .0

4 .0

5 .3

5 .6

4 .3

5 .4

4 .0

8-76

4 «b

4 .4

4 .0

3 .6

2 .6

2 .8

3 .1

3 .1

3 .9

4 .0

2 .5

2 .7

0 .7

- 2 *6

3 .4

3 .7

3 .8

4 .6

4 .8

3 .7

4 .2

3 .3

3 *0

163*4
1 6 3 .0

9-76

5 .1

4 .7

4 .3

4 .1

3 .1

10-76

5 .2

4 .9

4 .5

4 .3

3 .4

3 .7

4 .0

4 .1

4 .9

5 .1

4 .2

4 .7

4 .2

4 .2

7 .8

6 *7

11-76

5 .3

5 .0

4 .7

4 .5

3 T7

4 *0

4 .3

4 *4

5 *2

5 .4

4 .7

5 .1

4 *6

5*0

7 *6

7 *0

7 *4

12-76

5 .5

5 .2

4 .9

4 .7

4*0

4 .3

4 .6

4*7

5 *4

5*7

5 *1

5 .5

5 *3

5 *6

7 *7

7 *4

7 *7

6 *0

1-77

5 .5

5 *2

5 .0

4 .6

4 .1

4 .4

4 .7

4 *8

5 *5

5 .7

5 .2

5 .6

5 *4

5 .6

7 *4

7 *0

7 *1

7 *0

6-75

7-75

8 -7 5

9-75

10-75 11-75

12-75

1-76

2-76

3-76

4 -7 6

5-76

6—
76

7-76

8 -7 6

IN IT IA L

8*9

1 8 4 .3
1 8 5 .3
lb o .4
167*6
5 *9

1 6 6 .5

9-7 6 10-76 11-76 12-76

MONTH

♦-REVISED




PREPARED BY FEDERAL RESERVE BANK OF S T . LOUIS
FEBRUARY 17, 1977

4




RA
TIO SC LE
A

PRICES*

RA
TIO SC LE
A

PERCENTAGES ARE ANNUAL RATE8 OF CHANCE FOR PERIO D S INDICATED.
* H EVISED FROM 1972
LATEST DATA PLOTTEOi JANUARY
PREPARED BY FEDERAL R ESER VE BANK OF S T . LO U IS

ra tio

SCALE

1 9 6 7 -1 0 0

WHOLESALE PR I C E S *
SEASO N ALLY

A D JU S T E D

PF»CENTA«ES ARE ANNUAL RATES OF CHANCE FOR PERIOD S
■ R E V ISED FRON 1072
l*f?sT OATA PLOTTED. JANUARY

ra tio

INDICATED.

PREPARED BY FEDERAL RESERVE BANK OF ST .

5

sca le

1 9 6 7 -1 0 0

LO UIS

WHOLESALE PRICES - INDUSTRIAL COMMODITIES* SEASONALLY ADJUSTED*
__________________ C O M P O U N D E D A N N U A L R A T E S O F C H A N G E ______________________
JJfcftHl NAC________________________________________________________________________ I N I T I A L MONTH__________________________________________________________________________ 1 9 (0 - « 1PQ
MONTH
6—75
1 - lb
e - lb
9-75 10-75 11-75 12-75
5-76
6-7 6
8—
76
1-76
2-76
3-76
4-76
7-76
9-76 10-76 11-76 12-76
7-75

170.

8-75

8. 0

5 .0

1 7 1 .6

V—
75

6 .5

8 .7

9 .5

10-75

8 .1

1 0 .2

1 1 .3

1 3 .2

il- 7 5

»♦1

9 .6

1 0 .2

1 0 .5

7 .8

12-75

7 .9

9 .1

9 .4

9 .3

7 .4

7 .0

1 7 2 .9
1 7 4 .7
1 7 5 .8
1 7 6 .8

1-76

7 .9

8 .9

9 .0

8 .9

7 .5

7 .4

7 .7

2-76

7 .2

8 .C

a .G

7 .7

6 .3

5 .8

5 .2

3—
7o

7 .0

7 .6

7 .5

7 .2

6 .0

5 .6

5 .1

3 .8

4 .8

4-76

6 .6

7 .3

7 .3

6 .9

5 .9

5 .5

5 .2

4 .3

5 .2

177. V
2 .7

1 7 8 .3
1 7 9 .0
5 .5

1 7 9 .it

5- 7 c

6 .3

6 .7

0 .6

6 .2

5 .3

4 .8

4 .4

3 .6

3 .9

3 .4

1 .3

6—
7o

6 .3

6 .7

6 .6

o .3

5 .5

5 .1

4 .8

4 .2

4 .6

4 .5

4 .1

6 .9

7-76

6 .4

6 .8

6 .7

6 .4

5 .7

5 .4

5 .2

4 .8

5 .2

5 .3

5 .2

7 .2

b—
76

6 .5

6 .8

6 .7

6 .5

5 .8

5 .6

5 .4

5 .1

5 .5

5 .6

5 .6

7 .1

7 .2

6 .8

¥-76

6 .7

7 .0

7 .0

6 .8

6 .2

6 .0

5 .9

5 .7

6 .1

6 .4

6 .5

7 .9

8 .2

8 .5

180. 0
1 8 1 .0
7 .5

1 8 2 .1
1 8 3 .1
1 8 4 .6

1 0 .3

10-76

7 .0

7 .3

7 .2

7 .1

6 .6

6 .5

6 .4

6 .3

6 .7

7 .0

7 .2

8 .5

8 .9

9 .3

1 0 .6

1 0 .9

11-76

7 .1

7 .4

7 .3

7 .2

6 .7

6 .7

6 .6

6 .5

6 .9

7 .2

7 .5

8 .5

8 .8

9 .2

1 0 .0

9 .8

8 .7

12-76

6 .9

7 .2

7 .1

7 .0

6 .5

6 .4

6 .4

6 .3

6 .6

6 .8

7 .0

7 .8

8 .0

8 .1

8 .4

7 .8

6 .3

3 .9

1-77

6 .8

7 .1

7 .1

6 .9

6 .5

6 .4

6 *4

6 .2

6 .6

6 .7

6 .9

7 .6

7 .7

7 .7

7 .9

7 .3

6 .2

4 .9

6—75

7-75

8 -7 5

9-75

10-75 11-75

12-75

1-76

2-7 6

3-76

4 -7 6

5-76

6-7 6

7-76

8-76

IN IT IA L

1 6 6 .2

9-76 10-76

1 8 7 .5
1 8 8 .1
5 .9

lb 9 .G

11-76 12-76

MONTH

WHOLESALE P R IC E S - F A R M PRODUCTS AND PRO C ESSED FOODS AND F E E D S * S E A S . A D J.*
__________________________ COMPOUNDED ANNUAL R A T ES OF CHANGE_______________________________
I N I T I A L MONTH

TERM INAL
MONTH
6-7 5
7-75

2 3 .1

8-7 5

9-75

10-75 11-75 12-75

1-76

2-76

3-76

4-76

5-76

6 -7 6

7-7 6

8 -7 6

9-76

1 8 5 .7
1 8 8 .0

1 5 .9

9-75

1 6 .8

1 0 .4

1 7 .1

1 2 .9

1 1 .4

11-75

9 .1

4 .3

0 .6

1 8 8 .6

5 .2

10-75

1 7 .8

1 9 1 .4

- 1 . 6 - 1 7 .8

1 8 8 .3

12-75

5 .0

0 .5

- 3 .0

- 5 .6 - 1 5 .5 - 1 3 .2

1-76

2 .6

- 1 .5

- 4 .7

- 7 . 0 - 1 4 .0 - 1 2 .1

2-76

0 .1

- 3 .7

- 6 .6

- 8 .8 - 1 4 .4 - 1 3 .3 - 1 3 .4 - 1 5 .7

3-76

— .1
o

- 3 .*

- 5 .9

- 7 . 6 - 1 2 .0 - 1 0 .4

- 9 .5

- 8 .8

4-76

2 .5

— .2
0

- 2 .1

- 3 .1

— .2
6

- 3 .7

- 1 .1

2 .4

1 2 .9

2 9 .1

5—76

2 .8

0 .4

- 1 .2

- 2 .0

— .5
4

- 2 .1

0 .3

3 .3

1 0 .5

1 7 .0

6 .0

6-76

3 .0

0 .8

- 0 .6

- 1 .3

— .4
3

- 1 .2

1 .0

3 .6

9 .0

1 2 .7

5 .3

4 .6

1 8 6 .1

0 .9

1 8 4 .3

- 1 1 .0

1 8 1 .7
- 1 .3

1 8 1 .5
1 8 5 .4
1 8 6 .3
1 8 7 .0

2 .1

0 .1

- 1 .3

- 1 .9

- 3 .9

- 2 .0

- 0 .3

1 .6

5 .5

7 .3

- 1 .6

- 7 .4

- 0 .5

- 2 .6

- 4 .0

—

8

- 6 .8

- 5 .5

- 4 .5

- 3 .5

- 1 .3

- 1 .3

- 7 . 7 - 1 1 .9

- 1 9 .1

- 2 9 .3

•
0
1
*

— .3
0

- 2 .2

-3.*»

- 4 .1

- 5 .9

— .6
4

- 3 .6

- 2 .7

- 0 .7

— .6
0

- 5 .6

- 8 .3 - 1 2 .2

-1«*.5

lO —/6

- 0 .7

- 2 .5

- 3 .7

- 4 .3

- 6 .0

— .8
^

- 3 .9

- 3 .1

- 1 .4

- 1 .4

- 5 .7

- 7 .9

11-76

- 0 .5

- 2 .2

- 3 .3

- 3 .9

-5.«*

-<*.3

- ¿.5

- 2 .7

- 1 .1

- 1 .1

- 4 .8

— .4
6

- 8 .5

12-76

0 .d

- 0 .7

- 1 .6

- 2 .1

—3 .4

- 2 .2

- 1 .2

- C .2

1 .5

1 .8

- 1 .2

- 2 .2

- ¿.9

- 1 .7

- 0 .8

0 .1

1 .7

2 .0

- 0 .6

- 1 .4

10-75 11-75

12-75»

1-76

2-76

3-76

4 -7 6

5-76

p*

7-76
8-76

1-77

100

10-76 11-76 12-76

3 0 .7

8-75

7-75

1967 *

1 .0

- 0 .4

- 1 .3

- 1 .7

6-75

7-75

8-7 5

9-75

1 8 5 .8

- 1 0 .8 - 1 1 .9

1 8 0 .5
3 .4

1 8 1 .0

- 1 .7

- 6 .4

- 8 .8

- 0 .7

- 2 .6

1 to . u

- 3 .3

- 2 .4

5 .8

6 .6

1 3 .7

2 7 .6

- 2 .3

- 1 .4

5 .4

5 .9

1 0 .4

1 5 .2

6-76

7-76

8-76

1 .3

1 8 0 .2
1 8 3 .V
4 .0

1 8 4 .5

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

I N I T I A L MONTh
♦-REVISED




P R E P A R E D t>Y F E D E R A L R E S t R V E bANK. O F S T . L O U I S
F E b K U A R Y 17» 1 9 7 7

6

INDUSTRIAL

PRODUCTION

RATIO SCALE

RATIO

1967-100

1969

1970

1971

1972

1973

1974

PERC EN T AG ES ARE ANNUAL R A T ES OF CHANGE FOR P E R IO D S
LA T E ST DATA PLOTTED»

SCALE

1967-100

SEASON ALL Y ADJ UST ED

1975

1976

19 77

IN D IC A T E D .

JAN UARY P R E L IM IN A R Y
PR EPAR ED BY FED ER A L R E S E R V E BANK OF S T .

L O U IS

IN D U S T R IA L PRODUCTION
COMPOUNDED ANNUAL R A T ES OF CHANGE
IN IT IA L

T ER M IN A L

1967 * 100

MONTH

m onth

6 -7 5

7-75

8 -7 5

9-75 10-75

11-75 12-75

1-76

2-76

3-76

4 -7 6

5-76

6-76

7-76

8-76

9-76 10-76

11-76 12-76
lib . * »

7-75

2 2 .7

8-75

2 6 .2

2 9 .8

9-75

2 1 .1

2 0 .3

1 1 .5

1 0-75

1 5 .7

1 3 .5

6 .1

' 1 .0 "

11-75

1 5 .3

1 3 .5

8 .5

7 .1

1 3 .5

12-75

1 4 .2

1 2 .6

8 .7

7 .8

1 1 .3

9 .1

1-76

1 4 .1

1 2 .7

9 .6

9 .1

1 2 .0

1 1 .2

2-76

1 4 .4

1 3 .2

1 0 .7

1 0 .5

1 3 .1

1 2 .9

1 4 .8

1 6 .4 "

3-76

1 3 .6

1 2 .5

1 0 .3

1 0 .1

1 2 .0

1 1 .6

1 2 .4

1 2 .0

7 .8

<—
► 76

1 2 .5

1 1 .4

9 .3

9 .0

1 0 .4

9 .8

1 0 .0

8 .9

5 .3

121 .0
122.1
1 22 .2
123 .5
1 24 .4
1 2 5 .7

1 3 .3

1 2 7 .3
1 26 .1
2 .8 ^

0

%

12b.<*

5-76

1 2 .4

1 1 .5

9 .6

9 .4

1 0 .6

1 0 .1

1 0 .3

9 .6

7 .4

7 .2

6—
76

1 1 .8

1 0 .8

9 .1

8 .8

9 .9

9 .3

9 .4

8 .6

6 .7

6.<t

8 .2

4 .7 V

1 2 9 . t>

7-76

1 1 .3

1 0 .4

6 .8

8 .5

9 .*

8 .9

8 .8

8 .1

6 .5

6 .2

7 .4

5 .2

«-76

1 0 .9

1 0 .0

8 .5

9-76

9 .8

8 .9

7 .5

10-76

8 .9

8 .0

11-76

9 .1

8 .3

12-76

9 .2

1-77

b .O

6 -7 5

1 1 .8 s *

130.1
1 3 0 .7

5 .7 s

131

9 .0

8 .5

8 .4

7 .8

6 .4

6 .1

6 .9

5 .4

5 .7

7 .1

7 .7

7 .1

6 .9

6 .1

4 .8

4 .3

4 .5

2 .8

2 .2

6 .6

6 .3

6 .7

6 .1

5 .8

5 .0

3 .7

3 .1

3 .1

1 .5

0 .7

- 0 .9

- 4 .0

7 .0

6 .7

7 .2

6 .6

6 .*

5 .8

4 .6

¿».2

4 .4

3 .3

3 .0

2 .3

1 .2

4 .2

12 . 6 '

8 .4

7 .2

7 .0

7 .*

6 .9

6 .8

6 .2

5 .2

4 .9

5 .2

* .3

* .2

3 .9

3 .5

6 .3

1 1 .6

7 .2

6 .1

5 .7

6 .0

5 .5

5 .3

4 .6

3 .6

3 .2

3 .2

2 .2

1 .9

1 .2

0 .4

1 .6

3 .4

7-75

8 -7 5

9-75 1 0-75

11-75

12-75

1-76

2-76

3 -76

**—76

5-76

6-7 6

7-76

8-7 6

s -’ '
0 .5

1 3 0 .b

- 4 .5 '

1 3 0 .4

- 3 .6 "

131 .7
1 3 2 .bP

1 0 . 5>
)
- 0 .9

1 3 1 .5P

- 1 1 .1
| 1 ^
1M O

i , A

IN IT IA L

, ,

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

MONTH

P - P R E L IM IN A R Y




PREPA RED BY FED ERA L R E S E R V E BANK OF S T .
F EBRU A RY 1 7 , 1977

7

L O U IS

PERSONAL
R A T IO

SCALE

T RILLIO N S

1969

INCOME

MONTHLY TOTALS AT ANNUAL RATES

OF DOLLARS

1970

sea so n a lly

1971

1972

1973

1974
SOURCEt

PERCEN TAGES ARE ANNUAL R ATES OF CHANGE FOR P ER IO D S
U T E S T OA TA P LO TTE D *

R A T IO

T R IL L IO N S

ADJUSTED

1975
U .S .

SCALE

OF DOLLARS

1976

1977

D E fARTM EM T O f COMMERCE

IN D IC A T E D .

JANUARY P R E L IM IN A R Y
PREPARED S Y FED ER A L RESERVE BANK OF S T .

L O U IS

PERSONAL INCOME
COMPOUNDED ANNUAL R A T ES OF CHANGE

6-75

7-75

7-75

6 .8

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

11-76 12-76

-1 .6

B—
75

8 -7 5

B I L L I O N S OF
DOLLARS
ANNUAL R A T ES

MONTH
D
1

IN IT IA L

S
>

TERM INAL
MONTH

1 5 .9

1 .2 5 2 . L
>
1 .2 6 7 . 5

9-75

7 .7

1 2 .6

9 .5

10—
75

9 .1

1 3 .0

1 1 .5

1 3 .7

11-75

9 .1

1 2 .0

1 0 .7

1 1 .4

9 .1

1 .2 7 7 .1
1 .? Q 0 -h

\
1 .3 0 8 - 2

12-75

8 .9

1 1 .1

9 .9

1 0.1

8 .4

7 .6

1-76

9 .3

1 1 .3

1 0 .*

1 0 .6

9 .6

9 .9

2-76

9 .4

1 1 .1

1 0 .3

1 0 .5

9 .7

9 .9

1 1 .1

1 0 .1

9 .8

9 .9

1 0 .7

1 2 .2

1 .3 2 0 .8
1 .3 3 1 .4

3—
76

9 .5

1 1 .0

1 0 .3

1 0 .4

1 0 .0

9 .9

4—
76

9 .5

1 0 .8

1 0 .2

1 0 .3

9 .8

9 .9

1 0 .5

1 0 .0

9 .9

9 .9

5-76

9 .5

1 0 .7

1 0 .2

1 0 .2

9 .8

9 .9

1 0 .3

9 .9

9 .8

9 .8

9 .6

1 .3 6 2 .9

6-76

9 .3

1 0 .4

9 .8

9 .9

9 .4

9 .4

9 .7

9 .3

9 .0

6 .8

8 .2

1 .3 7 0 .4

7-76

9 .3

1 0 .3

9 .8

9 .8

9 .4

9 .4

9 .7

9 .3

9 .1

9 .0

8 .6

8 .1

9 .5

8-76

8 .9

9 .8

9 .3

9 .3

8 .9

8 .8

9 .0

8 .5

8 .3

8 .0

7 .5

6 .8

6 .8

4 .2

9-76

8 .7

9 .5

9 .0

9 .0

ft. 6

8 .5

8 .6

8 .2

7 .9

7 .6

7 .1

6 .5

6 .4

4 .8

1 .3 4 1 .9
1 .3 5 2 .Î »

ï t 3feU

.fa

1
1 t ^ 9 l .7

5 .5

10-70

tt.9

9 .6

9 .2

9 .2

8 .8

8 .8

8 .9

8 .5

8 .3

8 .1

7 .8

7 .4

7 .6

7 .0

8 .4

1 1 .3

11-76

9 .3

1 0 .0

9 .0

9 .6

9 .3

9 .3

9 .5

9 .2

9 .1

9 .0

8 .9

8 .8

9 .2

9 .1

lO .f i

1 3 .5

1 5 .7

12-76

9 .7

1 0 .4

1 0 .0

1G.Û

9 .8

9 .9

1 0 .0

9 .8

9 .8

9 .8

9 .8

9 .8

1 0 .3

1 0 .5

1 2 .2

1 4 .5

1 6 .1

1 6 .4

1-77

9 .3

9 .9

9 .6

9 .6

9 .3

9 .4

9 .5

9*3

9 .2

9 .1

9 .1

9 .0

9 .3

9 .3

1 0 .3

1 1 .5

1 1 .6

9 .6

3 .2

6-75

7-75

8-75

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

1-76

2-76

3-76

4 -7 6

5-76

6-76

7-76

8-76

9-76 10-76 11-76

12-76

IN IT IA L

1 .4 0 4 .2
1 ,4 2 1

1 .4 4 3 .3 P

MONTH

P - P R E L IM IN A R Y




PREPAREO BY FEDERAL RESERVE BANK OF S T . LOUIS
FEBRUARY 18. 1977

8

...

1 . 4 3 9 . 5 ....

RETAIL
RATI O

SALES

SCALE

BILLIONS

RATI O

OF

1969

DOL L A R S

1970

SEA SON ALL Y A DJ US T ED

1971

1972

1973

BILLIONS

1974

1975

SOURCE*
PERC EN TAGES ARE ANNUAL RATES OF CHANGE FOR P E R IO D S
LA T E ST

DATA PLOTTED«

DECEM BER,

U .S .

OF

1976

SCALE

DOL L A R S

1977

DEPARTMENT OF COMMERCE

IN D IC A T E D .

JANUARY ADVANCE E ST IM A T E
PR EPA R ED BY FED ER A L R E S E R V E

BANK OF S T .

L O U IS

R E T A IL SALES
COMPOUNDED ANNUAL RATES OF CHANGE
TERMINAL
MONTH
_________ 6—
75

-INITIAL. W
QNIti

7-75

8-75

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

1-76

DOLLARS
2-76 3-76

4-76

H I I L I QNS .Q E ...

5-76

6-76

7-76

8-76

9-76 10-76 11-76 12-76______________
4 9 »^11

7=Z5____ 2 0*4._
6 -7 5

1 4 .7 ____ 9 * 2 _

2 .9

- 3 .1
49>995

__
I 10—
75______8 .5 ____ 4 t8 ____ 2 *7 _, 8 *ü _
11=75

9 .6 ____ 1 *1 ____ 6 .4

1 1 .5

1 4 .2

12-75

13.1

1 1 .7

1 2 .3

1 7 .9

2 2 .8

3 2 .0

1-76

1 0 .6

9 .0

9 .0

12.2

1 3 .4

13.0

- 3 .2

3-7 6

1 3 .1

1 2 .2

1 2 .6

1 5 .5

1 6 .8

1 7 .5

1 3 .0

4=76____ 12*6

11*7

12»P

1 4 ,4

15*4

5-76

9 .5 ____8*5____8 .4

6=76____ 1 1 *£ ___IS U 1 ___1 0 .2
8 .8

9 -76
10=76

8 . 9 ____ 8 .1

51.734
51*592

2 2 .2

9 .9 _ IQ *1 ____9*4____5*3____7*6____2 . 0
_
1 1 .8

9 *2

.^8*6___ 5*3

6-75

7-75

6-75

lo*3

53.9b.?

2 8 .5

53 .7 54

0 .4 ___10*5___- 5 . Q „

2 .9

1.8

7 .2

0 .9

3 .9 -1 1 .3

5 .9

4 .2

3 .5

8 .2

3 .7

6 .7

- 9 *2 ___1 0 .2 ___1 £ *3 ____ 9 *9 ____ 8 *1 ____ 9 *3 ____ 7 .6

1=77____ 1 0 .0 ____ 9 *5 ____ 9 *5

_2*3_

4*9

8 *0 ____ 9 *6 _

§ 12=76____ 12u*l— 1 1 *6 — 1 1 *8 ___1 2 .8 ___1 3 *1 ___ 13*1___ 1 1 .6
I

53*696

- 5 .2 -17.0

1 2 .2 ___1 1 *5 ____ 8 *9 ___1 1*5____ ft± l____ ________ 3 *3

8 . fl__ Ifi^fi__ lû * l___ 9*J___ 6*8,

9 *1 ____ 8 *4 ____ 8 *3 ____ 9 *2 ____ 9 *3 ____ 8 *8 ____ 6*i>____ 7 .9

11-76

53 « 3 44

1 8 .3

___L7 ì 3_ 11*2____ 8*2
_

10*4

1 1 .8

1 1 .1

1 1 .5

1 6 .3

1 4 .4

10 .2 ____ 8 *7 ____ 9 .7

8 .3

7 .4

7 .3

1 0 .8

8 .5

2-76

3-76

4-76

5-76

6-76

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

1-76

- 0 . 1___12* 5

6 *3 ____ 6 *1 ___ 10*5 ____ 7 *2 ___ 10*5____ 7 *0

1 3 .1

:*>1Q0

1 8 .7 ___1 8 *0

17*5 ___¿2 *7

¿ 9 * 8 ___3 9 *4 ___5 3 *3 ________________>1 t T ' t i P

1 0 .9 ____ 0 *8 ___14*5 ___15*2 ___ l l* fr -¿ 1 * 3 _______ 56>6006

7-76

8-76

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

IN IT IA L MONTH
P- PRELIM INARY

E- ESTIMATED___




PREPARED BY FEOERAL RESERVE BANK OF S T .
FEBRUARY 15* 1977

9

54 >634
X>t£73

HOURLY COMPENSATION» PRIVATE BUSINESS SECTOR *
C O MPOUNDED ANNUAL RATES OF CHANGE
TERM INAL
WUAKTEK

1967 *

I N I T I A L QUARTER
1-72

2-72

3-72

*-72

1-73

2-73

3-73

*-73

1—
74

2 -7 4

3-74

4 -7 4

1-75

2-75

3-75

4-75

1-76

2-7 6

100

3 -7 6
1 37 .8

2-72

4 .2

3-72

4 .0

3 .8

4-72

5 .3

5 .9

8 .0

1 3 9 .1
1 4 1 .8

1-73

7 .4

b .5

1 0 .9

1 3 .9

2-73

7 .0

7 .7

9 .0

9 .5

5 .3

1 4 6 .5

3-73

7 .0

7 .5

8 .5

8 .6

6 .1

1 4 8 .4
6 .9

1 5 0 .9
1 5 4 .1

*—
73

t.2

7 .7

8 .5

8 .t

7 .0

t.8

1 -7 *

7 .3

7 .8

8 .5

8 .5

7 .2

t.9

8 .4

8 .0

1= U

7 .8

8 .Ì

8 .9

9 .1

8 .2

8 .9

9 .6

1 0 .6

3-7*

8 .3

8 .8

9 .4

9 .6

8 .9

9 .7

1 0 .4

1 1 .0

8 .8

1 5 7 .1

\

li.o
1 2 .5

1 6 1 .6

'
....

1 6 6 .6

^

*- 7 4

8 .5

9 .0

9 .6

9 .8

9 .2

9 .8

1 0 .4

1 0 .8

1 1 .8

1 1 .7

1 0 .5

1-75

8 .9

9 .3

9 .9

1 0 .1

9 .6

1 0 .3

1 0 .8

1 1 .3

1 2 .1

1 2 .1

1 1 .7

1 3 .0

2-75

ti.7

9 .1

9 .6

9 .7

9 .3

9 .8

1 0 .2

1 0 .4

1 0 .9

1 0 .6

9 .9

9 .6

6 .3

1 7 0 .8
1 7 6 .1
1 7 8 .8

3-75

8 .5

8 .8

9 .2

9 .3

8 .9

9 .3

9 .6

9 .7

1 0 .0

9 .6

8 .8

8 .2

5 .9

5 .5 '

4-75

8 .5

8 .8

9 .2

9 .3

8 .9

9 .2

9 .5

9 .6

9 .8

9 .5

8 .8

8 .4

6 .9

7 .2

8 .9

1-76

b .6

8 .9

9 .3

9 .*

9 .0

9 .4

9 .6

9 .7

9 .9

9 .6

9 .1

8 .8

7 .8

8 .3

9 .7

1 8 1 .2
1 8 5 .1
1 0 .6

1 8 9 .8

2-76

b .5

8 .8

9 .1

9 .2

8 .9

9 .2

9 .4

9 .4

9 .6

9 .3

8 .8

8 .5

7 .6

7 .9

8 .8

8 .7

6 .9

3—
76

b .5

8 .7

9 .0

9 .1

8 .8

9 .0

9 .2

9 .3

9 .4

9 .1

8 .6

8 .4

7 .6

7 .9

8 .5

8 .4

7 .3

7 .7 '

*- 7 6

8 .5

8 .7

9 .0

9 .1

8 .8

9 .0

9 .2

9 .2

9 .3

9 .1

8 .7

8 .*

7 .8

8 .0

8 .6

8 .5

7 .8

8 .2

1-72

2-72

3-7 2

*-72

1-73

2-73

3-73

4 -73

1-7*

2-7 4

3-74

4-7*

1-75

2-75

3-7 5

4-7 5

1-76

2-76

IN IT IA L

1 9 3 .0
1 9 6 .6
2 0 0 .8 P

8 .8 ^^

3 -7 6

QUARTER

P - PRELIMINARY

OUTPUT P E R HOUR OF A LL P E R S O N S » P R IV A T E B U S IN E S S SECTOR *
COMPOUNDED ANNUAL R A T ES OF CHANGE
T ERM IN AL
QUARTER

I N I T I A L QUARTER
1-72

2-72

3-7 2

4-72

1-73

¿- 7 2

2 .4
3 .7

3 .8

* .2

4 .5

6. 0

2 .*

2 .2

2 .4

0 .5

3-73

1 .7

1 .4

1 .4

- 0 .2

- 3 .1

2-7*

3-7*

4—74

l-> 5

2-75

3-75

4-75

1-76

2-76

100

3 -7 6

5 .b

2-73

1-74

6 .3

1-73

4-7 3

1 .5

*- 7 2

3-7 3

3 .3

3-72

2 -7 3

1967 *

1 1 0 .*
1 1 0 .t
1 1 2 .5
1 1 * .1
- * .5 '

1 1 2 .6
- 1 .8 '

1 1 2 .3

4 -73

1 .5

1 .2

1 .2

- 0 .1

- 2 .0

- 0 .7

1-7*

0 .5

0 .1

- 0 .2

- 1 .4

- 3 .2

- 2 .7

- 3 .2

— .0
6

2-7*

- 0 .1

- 0 .5

- 0 .8

- 1 .9

- 3 .4

- 3 .1

- 3 .5

- 5 .4

- 4 .3 '

3-74

- 0 .3

- 0 .7

- 1 .0

- 1 .9

- 3 .2

- 2 .9

- 3 .2

- * .*

- 3 .2

- 2 .2

4-74

— .6
0

- 1 .0

- 1 .3

- 2 .2

- 3 .2

- 3 .0

- 3 .3

- 4 .2

- 3 .4

- 2 .9

- 3 .6 "

1 0 7 .7

- 1 .0

—l . b

- 2 .7

- 2 .4

- 2 .5

- 3 .1

- 2 .2

- 1 .5

- 1 .1

1 0 8 .1

0 .4 '

1 1 2 .4
2 .7 %
1 1 0 .5
1 0 9 .3
1 0 8 .7

1-75

- 0 .4

- 0 .8

2-75

0 .5

0 .2

0 .1

- 0 .5

- 1 .1

- 0 .7

- 0 .6

- 0 .7

0 .5

1 .7

3 .1

6 .6

1 2 .0 '

3-75

1 .1

0 .9

0 .8

0 .4

- 0 .2

0 .3

0 .6

0 .6

1 .9

3 .1

* .5

7 .4

1 0 .4

4-75

0 .9

0 .7

0 .7

0 .2

- 0 .3

0 .2

0 .4

0 .4

1 .4

2 .4

3 .4

5 .2

1-76

1 .3

1 .2

1 .1

0 .8

0 .3

0 .8

1 .1

1 .1

2 .1

3 .1

4 .0

5 .6

2-76

1 .4

1 .3

1 .3

0 .9

0 .6

1 .0

1 .2

1 .3

2 .3

3 .1

3 .9

5 .2

3-76

1 .5

1 .*

1 .4

1 .1

0 .7

1 .2

1 .4

1 .5

2 .3

3 .1

3 .8

4 .9

4-76

1 .5

1 .4

1 .4

1 .1

0 .8

1 .2

1 .4

1 .5

2 .3

2 .9

3 .5

1-72

2-72

3-72

4-72

1-73

2-73

3-7 3

4 -7 3

1-74

2 -7 4

3-74

IN IT IA L

1 1 1 .2
8 .9 '

1 1 3 .6

6 .5

3 .8

1 1 3 .3

6 .7

4 .9

3 .0

7 . 3 \ ^

6 .0

4 .5

3 .1

5 .2

3 .2 '

5 .5

4 .2

3 .1

4 .5

3 .1

3 .1 '

1 1 7 .1

4 .5

* .9

3 .7

2 .7

3 .7

2 .6

2 .3

1 1 7 . 5P

4-7 4

1-75

2-75

3-75

4-7 5

1-76

2-76

1 1 5 .3
1 1 6 .2

3 -7 6

QUARTER

P - P R E L IM IN A R Y
♦-REVISED




PREPA RED BY FED ER A L R E S E R V E BANK OF S T .

F E B R U A R Y 1*,

10

1977

L O U IS

PRODUCTIVITY, COMPENSATION, AND LABOR COSTS*
RATIO

SCALE

R ATIO
S E A S O N A L LY A D JU S T E D

1 9 6 7 -1 0 0

PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIODS

SCALE

1 9 6 7 - 1 0 0

INDICATED.

• R E V IS E »
LATEST DATA PLOTTEO,

4TH QUARTER PR ELIN IN A R Y pREpAR£0 ^

R£SERyE ^

$T

LQU|S

U N IT LABOR C O ST S , P R IV A T E B U S IN E S S SE C T O R *
COMPOUNDED ANNUAL RATES OF CHANGE
T ER M IN A L
QUARTER

IN IT IA L
1-72

2-72

2-72

3-72

4-72

1-73

2-7 3

3-7 3

4-73

1-74

2 -7 4

QUARTER
3-74

1967 • 100
4-74

1-75

2-75

3-7 5

4 -7 5

1-76

2 -7 6

3-76

1 .0

1 2 4 .8

3-72

1 .6

2 .3

4-72

1 .6

1 .9

1 .6

1 2 5 .5
1 2 6 .0

1-73

3 .1

3 .9

4 .7

7 .8

2-73

4 .5

5 .4

6 .5

9 .1

1 0 .3

3->3

5 .2

6 .1

7 .1

9 .0

9 .6

8 .8

4-73

5 .7

6 .5

7 .3

8 .Ô

* .1

6 .5

1-7*

6 .8

7 .7

8 .6

1 0 .1

1 0 .7

1 0 .8

1 1 .8

1 5 .4

2-74

8 .0

8 .9

9 .8

1 1 .3

1 2 .0

1 2 .4

1 3 .6

1 6 .4

3-74

8 .7

9 .6

1 0 .5

1 1 .9

1 2 .5

1 3 .0

1 4 .1

1 6 .1

1 6 .4

1 5 .4

4 -7 4

9 .2

1 0 .1

1 1 .0

1 2 .2

1 2 .8

1 3 .2

1 4 .2

1 5 .7

i.5 .8

1 5 .0

1 4 .6

1-75

9 .4

1 0 .2

1 1 .0

1 2 .1

1 2 .6

1 3 .0

1 3 .7

1 4 .8

1 4 .6

1 3 .7

1 2 .9

2-75

8 .2

8 .8

9 .4

1 0 .2

1 0 .5

1 0 .5

1 0 .8

1 1 .2

1 0 .3

8 .7

6 .5

2 .7

- 5 .3

9 .1

8 .9

8 .9

9 .0

8 .0

6 .2

4 .0

0 .8

- 4 .1

3 .4

1 2 8 .4

.8 %

1 3 1 .6

\

1 3 4 .4
8 .à >

1 3 7 .1
1 4 2 .1

\

1 7 .4

1 4 7 .9
1 5 3 .3
1 5 8 .6
1 1 .3 N

1 6 2 .9
1 6 0 .7

3-75

7 .3

7 .8

8 .3

9 .0

4 -7 5

7 .5

8 .0

8 .5

9 .1

9 .2

9 .0

9 .1

V .2

8 .3

6 .9

5 .2

3 .0

0 .4

1-76

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

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

3 .4 "

3-76

6 .9

7 .2

7 .6

8 .0

8 .0

7 .8

7 .7

7 .7

6 .9

5 .8

4 .7

3 .3

2 .1

3 .6

5 .3

3 .8

4 .0

4—
76

6 .9

7 .2

7 .5

7 .9

7 .9

7 .8

7 .7

7 .0

6 .9

6 .0

4 .9

3 .8

2 .8

4 .2

5 .7

4 .6

5 .1

1-72

2-72

3-72

4-72

1-73

2-73

3-73

4-73

1-74

2-7 4

3-74

4-74

1-75

2-75

3-7 5

4 -7 5

1-76

IN IT IA L

- 3 .0

1 5 9 .5
1 0 .1 ^ ^ 8 %

1 6 3 .4
1 6 4 .7
1 6 6 .1
1 6 8 .0
- , s \
5 .9
7 .1

2-7 6

1 7 0 .9 P

3-76

QUARTER

P - P R E L IM IN A R Y

♦-REVISED




P REPA REO B Y FE O E R A L R E S E R V E BANK OF S T .
FEBRU A RY

11

L O U IS

G R Ü S S N A T I O N A L P R O D U C T IN C U R R E N T D O L L A R S
_____CUHPUUNÜfct» A N N U A L R A T E S Q F C H A N G E ________
B I L L I O N S OF
DOLLARS.
ANNUAL RATES

— INIIIAL QUARTER
QUARTER
_ 1— 7 2

2 -7 2

_ 2 = 2 2 ____ 11 .0

3 -7 2

________

* - 7 2 ___ L _ - J ^ _ _ 2 - 7 3 ___3 - 7 JL

-ft= 2 3 — L r 2 *

2 - 7 4 ___ä = 2 .4

. 4 - 2 .4___ 1 - 7 5 ___2 = 2 5 — 3 ~ 7 5 — it = 2 5 ___ 1 - 7 6

2 -7 6

3 -7 to

_____________ ______________________________________________________________________ ____ _________________________________

1 > 1 5 6 .7
ia a i.*

4 -7 2

1

-11.1___ I I . J___Li

1»265.3

3-7Ü

- 1 1 .0 ___ L L * ii___ LL-J*- LG^SL.
-

It3 l7 .&
9 . to

1 0 . to

1 1 .V

_1 «355...L.

fT > \ 7 .6 %

J 5 . 5 ___ 6 . 6

-1 t3 ?2 .2 ...

_ JU 0.
b .6 --- b *.£-. J tU 2 _

3-7
■_9.4____V . 5 ..

*-7 *

1 -7 5

H- 7

a .5

ä.*

7 .6

- I >431 . ¿ _
.2 .1 %
5^QL_

____ 2^9____ 6^9____ Z . i _

7.9

to.V

to.b

5.3

6 .*
2 .Û

5.*

2.1

*.5^

.

-

o

.

1 .449.2

b

1 .**to.2

\

1.4 82.3

4 .7
6 .2

8 .4

1 > 5 4 S.2 -

_ S ^ ä ___1 4 .2 ___I V . 2
Jl.3 %

V .8

9 .7

9 .8

V. 5

« .9

9 .1

9 .1

8 .7

9 .2

9 .3

9 .3

1 C .2

1 3 .1

1 4 .1

1 1 .6

1 2 .6

1 .6 3 6 .2

V .8

9 .7

9 .b

9 .5

V .O

9 .1

9 .1

8 .9

9 .3

9 .*

9 .4

1 0 .1

1 2 .5

1 3 .0

1 1 .0

1 1 .3

1 .6 7 5 .2

3 - 7 to

9-7

9 - i»

* i- 7

9-*

« - îj
î

<y- 1

V. 1

ß .S

9-7

9 .3

9 .3

9 .9

1 1 .8

1 2 .1

1 0 .4

1 0 .3

9 .2

8 . 5 ^

* —7to

9 . to

9 . to

V .t o

9 .*

8 .9

9 .0

9 .0

8 .8

9. 1

9 .2

9 .2

9 .7

1 1 .3

1 1 .5

1 0 .0

9 .8

8 .9

8 .4

3-72

*-7 2

1-73

2-73

3-73

*-7 3

1-74

2-74

3-74

4-74

1-75

2-75

3-75

4-75

1-76

2-76

1 —7to

1-72

2-72

IN IT IA L

1 .7 0 9 .8
8 .3 \

1 .7 4 4 .3

3-76

QUARTER

GROSS NATIONAL PRODUCT IN CONSTANT 1972 DOLLARS
_________ COMPOUNDED ANNUAL RA T E S QF ¿H A N G E_____________
B I L L I O N S OF
T ER M IN A L

IN IT IA L

OflL LA 5
R >

QUARTER

ANNUAL R ATES

Q UARTER

1-72___2=22___3=22___it=22___ 1=23___2=23_ 3-73_ 4-73___1 -7 *
_
_

2-7 4 ___3 - 7 *

4-7*

1-75

2-75

3 -7 5

4-75___ 1-76___2-7fa_ 3 -7 6
_

2 -7 2

1 >2C2..2-

. 4 -727 .Û ____ 2^2____ 9^G____ 9 .5

1 , 2 2 9 ^ l-

3 -7 3
4= 23_
1-74
■2=24
3-74

, 4 - 74

1 »2 3 6 .3
5 .0

* .5

1 .4

1 . 2 * 2 . to

1 .9

1 .2 3 0 .*

_ 3 .f i____ i . 3 ____ 2 ^ ____ 1^4____ ÜmÜ___________ - 1 .0 ___- 3 . 9 ^ 3 . 2 %

3 .L ____2 .5

2 .1

1 .0 ___- D . 6___- O .b

- 1 .7 ___- 3 .5 _ - 3 .1
_

2 .5

1 .5

0 .5

- 1 .9

1 .9

- 0 .9

- 1 .2

- 3 .2

- 2 .8

Ï «2 2ü .b

It2 l2 * 9

- 2 .6 ^

I> 1 V 1 a 2-

1 «6----I a Û____ 6^5_ - 0 . 4 _ - 1 . 6 ___- 2 .1 _ - 2 . S_ - 4 . 1_ r f r . 2 ___- 4 . 7 _ - 6 . 8
_
_
_
_
_
_

1-75

0 .6

- 0 .1

—C . 6

- 1 .5

- 2 .8

2 -75

1 .0

0 .*

— .0
0

- 0 .8

- 1 .9

- 2 .2

3-75

1 .7

1 .2

C .9

G .2

- 0 .7

- 0 .8

*-75

1 .8

1 .*

1 .1

0 .5

- G .3

1-76

2 .2

1 .9

1 .6

1 .1

2 - 7 6 ... -.^2.4

..2 .i)

l.b

A-Ä._

1 .lto l,A

- 5 .3

- 5 . to

— .5
6

- 8 .*

-9. 9 s

- 2 .8

- 3 .5

- 3 .5

- 3 .6

- 3 .9

- 2 .*

- 1 .1

- 1 .5

- 1 .1

- 0 .8

- 0 .3

2 .0

8 .5

— .*
C

-O-to

— .9
0

- 0 .5

- 0 .1

0 .4

2 .3

to.7

7 .3

¡> \ 5 .7 %

G .*

ü .*

0 .3

0 .1

0 . to

1 .2

1 .8

3 .6

7 .3

7 .9

6 .2

0 .7

_ 0 .fi

0 .7

0.6...

1 .1

1 .6

2 .2 .

3 .b

6.fe

7 .0

5 .6

1 .5 .

- * .1

.

5 .6 s

1 .1 7 7 ,A
3
1 .2 0 9 ,>

1 1 .4 s

1 .2 1 9 ,
i. 2 4 6 , . 3

6 .Ô

1.261L .1j

4 .5 s

3-76

2 .4

2 .1

- 1 .»

— .0
1

1 .Û

0 . 9 _____ 1 . 3

l.b

2 .4

3 .b

6 .3 ____6 .4 _

5 .2

5 .f a

2 .4

2 .2

2 .0

1 .6

1 .1

1 .1

1 .1

1 .0

1 .4

1 .9

2 .4

3 . to

5 .7

5 .7

4^6

5 .0

3 .6

3 .Z

1-72

2-72

3-72

4-72

1-73

2-73

3-73

4-73

1-74

2-74

3-74

1-75

2-75

3-75

4-75

1-76

2-76

I .272.2-

* . 2 _____ 3 . 9

*-7 6




4-74

2 .^

1 .2 7 9 .V

3-76

1NIT1AL QUARTER

P R E P AR E D B Y F E DE R AL R E S E R V E BANK OF ST.
F E B R U A R Y 18» 1 9 7 7

12

LOUIS

_

DEMAND AND PRODUCTION
R A T IO SCALE
QUARTERLY TOTALS AT ANNUAL R A T E S
R AT IO SCALE
T R I L L I O N S OF D OL L A RS
S EAS ONAL LY ADJ US TED
T R f L L l O N S OF D OL L A R S

1

1.9
1 .8

1.7
1 .6

1.5

1.4

1.3
1 .2

1.7
1 .6

1. 5
1.4
1. 3
1 .2

1. 1
1.0

0.9

0. 8

1969

1970

1971

1972

1973

1974

1975

1976

1977

SOURCE; U.S. DEPARTMENT Of COMMERCE
U.6NP IN CURRENT DOLLARS.
B.GNP IN 1972 DOLLARS.
PERCENTAGES ARE ANNUAL RATES OF CHANCE FOR PERIODS INOICATED.
LATEST DATA PLOTTED, 4TH QUARTER
pREpAR£0 BY
^
^
^




13

GENERAL

PRICE

INDEX*

RAT IO SCALE

RATIO

197 2* 10 0

1969
USED

SCALE

Î 972 *100

1970
IN N A TIO N A L

1971

1972

1973

1975

SOURCEt

PER C EN TA G ES ARE ANNVAL R ATES OF CHAKCE FOR P ER IO D S
L A T E S T DA TA P L O T T E D »

1974

INCOME ACCOUNTS

U .S .

1976

1977

DEPARTM ENT OF COMMERCE

IN D IC A T E D .

4 TH O0ARTER
PREPARED 8 Y FE O ER A L RESERVE BANK OF S T .

L O U IS

I M P L I C IT P R IC E DEFLATOR FOR GROSS NATIONAL PRQOUCT
____________ COMPOUNDED ANNUAL R A T ES QF LhAMfcE______________

INITIAL QUARTER

T E R M IN A L

1972 « 1QO

QUARTER

—
1=22— 2—
72
2-72

3-72

H 2 — 1-73

2-73

3-73

W S

1-7*

2-74

3-74

4-74_ 1-75
_

2-75

3-75

W S ___1-76

2-76

3-76

2 , b _____________________________________________________________________________________________________________________________________________________________

100,29

_JL,J____ 3 . *
*—
72

3 .6

2 -73

4 ,7 ___ 5 ,2

5 ,a

4-7 3

5 .8

6.9

1Q1,44

- 4 .?

5 ,3

10 2,6 9

\ 7 .5 %

7 .ü M

7 ,3 ____7 ,5
6 .3

2-74

7 .5

a .i

a .6

106,57.
9 .< T \

1 0 9 .0 5

- 1 . 4 ___ _______ ft**___ _______9 .6

1 -7 *

.6,9

11 U .5 6

7 ,4 ----- 2*Si___ û^5___ 2*Û___ a*5_ lü*2__ lfi*5_ 11,5
_
_

_3-74

7 , 4 ____ 2 * 3 ____ _________________ 9 .6

-4-74

1 0 .1

16,

J1 .2 %

114,64

11.1___1 1 ,9 _ 12,4
_

7 ,9

B .4 ____6*3____9*5___liL *fi___1&*5_ L U Ì ___11,5_ 12*2___12,5___1 2 .7
_
_

1-7«»

8 .0

8.5

9.1

9.>6

i ti,,fi

11 «
if)

2-75

7.8

fi.2

a.t>

9i.0

9.i *

9.,7

10 i»0

a .i

a.a-

8,.a

9,t2

9,.4

9,

3-75

_ 7 ,2.

1 fi.

a ,7

1— t
7o

7 .4 ____2 ,1

>6

11<

,7
11 1

11 i,4

10..1

IO . .?

9i.a

9,>0

7«.2

125,93

9i16

9<
.3

a.>
5

7, .2

12 8 07
«,

9i>6

a .6

a .i

a .7

-3-76

_L*1____ 2*3____ Zm
M____7 , fa

7 , 9 ___________ B .Q

2-72

3-72




4-72

1-73

2-73

3-73

131,2.9

- 7 .4 ____6 , 3 .

5 ,2

4-73

1-7*

132.96

5 .4

7 ,3 ____6* 2 _

7.*

130,27-

6 ,2

7 .7 ____ 2*0___ 6 .1 _

-3-.Û____l * à ____________2 * 2 ____2 * 6 ____2 * 6 ____2 * 3 ____2 m2 ____7 * 6 1-72

124,55

IO-

-6 ,2____7,1

a . 3____a . 4

7 .5 ____ 7 ,a

121,60

11 .16

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INITIAL QUARTER

PREPARED BY FEDERAL RESE R V E BANK OF ST,
F E B R U A R Y IB. 1 9 7 7

14

LOUIS

PERSONAL CONSUMPTION EXPENDITURES IN CONSTANT 1972 OOLLARS
_________________ COMPOUNDED ANNUAL RATES QF CHANGE__________________

—TERMINAL

B IL L IO N S OF
D O LLA R S

IN IT IA L QUARTER

ANNUAL RATES

QUARTER
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P R EP A R ED BY F E D E R A L R E S E R V E BANK OF S T .
FEBRU A RY 18* 1977

L O U IS

PERSO N A L CONSUMPTION E X P E N D IT U R ES IN CURRENT O OLLARS
COMPOUNDED ANNUAL R ATES 1
QF CHANGE
It K M IN A L
QUARTER

IN IT IA L

ANNUAL RATES
1- 7?

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B I L L I O N S OF
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IN IT IA L QUARTER

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(»ROSS P R IV A T E DOMES! 1C INVESTM ENT IN CURRENT DOLLARS
_____________ COMPOUNDED ANNUAL R ATES OF CHANGE_______________
B I L L I O N S OF
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QUARTER

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242 .8

I N I T I A L QUARTER

GROSS P R IV A T E DOMESTIC IN VESTM EN T IN CONSTANT 1972 DOLLARS
_________________ COMPOUNDED ANNUAL R A T ES OF CHANGE___________________
B IL L IO N S OF
T E R M IN A L

IN IT IA L

Q UARTER

D O LLARS

ANNUAL R A T ES

QUARTER
1-72

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IN IT IA L

171-7

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QUARTER

P REPA RED BY FED ER A L R E S E R V E BANK OF S T *
FEBRU A RY 16* 1977

16

L O U IS

GOVERNMENT PU R C H ASES OF GOODS AND S E R V IC E S IN CURRENT DOLLARS
____________________COMPOUNDED ANNUAL R ATES O r CHANGE_______________________
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I N I T I A L QUARTER

GOVERNMENT PURCH ASES OF GOODS AND S E R V IC E S IN CONSTANT 1972 DO LLARS
________________________ COMPOUNDED ANNUAL RATES OF CHANGE___________________________
B I L L I O N S OF

TEM11NAL

DQLLARS-

IN IT IA L QUARTER

ANNUAL RATES

UUARTER
- .1 - 7 2

2 -7 2

2-72
-3=I2-_

-1-6

4 -7 2

___1-73

2 -7 3

3-7 3

4-73___ I

- 74

¿ r l *

3 - 7^

4 -7 4

1 - 7 ?

¿ - 7 ? ___ 3 - 7 S

W

5 ___ 1 - 7 6

2 -7 0

3 -7 6

- 1-9

4-72____ - U , S

3 -7 2

- 1 .4

- 0 .fr

1-73

Q-4

2 5 3 *2

2 5 2 .0

1-1____ 2 -6

255-2

3-2

*-7*

—0 . 6

- 0 .4

—0 - 1

- 0 .7

- 2 .6

1 .0

251 .8

4-73

-0-5

- 0 .3

0-0

-0-5

-1-7

0-6

0-3

1-74

Û-3

0-5

0-9

0-7

0-1

2-2

2-9

5 .5

2-3

3-3

1-1

2-7

1-3

252-0
2 55-4
256-1

2-74

0-3

0-6

0 .9

0-8

Û-3

2-0

3-74

0 .5

0 .7

1 .Û

0 .9

0 .5

1 .9

4-74

0 .4

0 .6

0 .9

0 .7

0 .4

1 .5

1-6

1 .9

0 .8

0 .6

- 0 .3

1-7%

0 .4

O .h

O .H

0 .7

0 .4

1 .3

1-4

1 .6

0 .7

0 .5

0-0

0 .3

2-7%

0 .6

O .K

1 .0

0 .9

u .7

1-6

1-6

1-9

1 .2

1-2

1-0

1-7

257-1

1-6

256-9
2 5 7 .1
2 5 9 .1

3-1

262 .4

*-7%

0 .9

1 .1

1 -A

1 .A

1 .1

2 .0

2 .3

1 .A

2 .Û

2-1

2 .9

4 .2

5 .2

it —7 %

1 .1

1 -A

1-A

1.h

1 -4

2 .2

2 .3

2 .6

2 .2

2 .4

2 .5

3 .2

4 .2

4 . A

4 .3

1-76

0 .8

0 .9

1 .1

i.O

0 .9

1 .5

1.6

1 .7

1 .3

1 .3

1-2

1-6

1 .9

1-4

-0-4

- 4 .9

2 —7 6

0 .9

1 -O

1 .2

1 .2

1 .0

1 .6

1 .7

1 .8

1 .4

1 .5

1-4

1 .7

2-0

1-7

0-6

-1-2

2 .6

3 -7 6

1 - ii

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

4 —7 6

0 -9

1 .0

1 .2

1 .2

1-0

1-6

1-6

1-7

1-4

1-4

1 .4

1 .6

1-8

1-6

0-9

0-0

1 .7

1-3

- 0 .3

2-72

3-72

4-72

1-73

2 -7 3

3-73

4-73

1-74

2-74

3 -7 4

4-74

1-75

2-75

3-7 5

4 -7 5

2-76

3-76

1-72




2 6 % .2
¿ 6 1 .9

1-76

¿ 6 3 .6
2 6 5 .5
265-3

I N I T I A L QUARTER

P R EP A R ED B Y FE D E R A L R E S E R V E BANK OF S T *
FEBR U A R Y 1 8 . 1977

17

L O U IS

DISPOSABLE p e r s o n a l in c o m e i n c u r r e n t d o l l a r s
______ COMPOUNDED ANNUAL RATES OF CHANGE_________
B I L L I O N S OF

TERMINAL________________________________________________________________________________________
INIIIAL. flUARTEft______________________________________________________________________________________DOLLARS

QUARTER
1-72

2-72

3 -7 >

4-7 2

2 -72

fa-2
1 0 . fa

1 3 .1

4 -73

1-74

2-7 4 _3r7.4

4-7 4

1-75

2-75

3 -7 5

4-75

1-76

2-76

3 -7 6

ANNUAL RATES

1 6 .2
1 4 .V
1 3 .3

3-73

1 0 .1

4-72

2 -7 3

6 .3

3-72

1-73

7 A 7 .n

1-73

it .a

1 3 .7

1 5 .5

2 -7 3

li. a

1 3 .2

1 4 .2

fi3 7 .fi
R66-6
1 1 .7

890-9

3-73

11 . 4

1 2 .5

1 3 .0

1 2 .0

1 0 .6

9 .5

4-7 3

11-5

1 2 .4

1 2 .6

1 2 .0

1 1 .1

1 0 .a

1 2 .1

911-4
937-7

1-74

1 0 .6

11 -2

1 1 .4

1 0 .5

9 .4

a .7

8 .3

4 .6

2 -7 4

1 0 .5

1 1 .0

1 1 .1

1 0 .3

9 .4

a .a

a .6

6 .9

9 .2

3-7 4

1 0 .6

1 1 .1

1 1 .3

9 .9

9 .5

9 .5

8 .7

1 0 .7

1 2 .3

4 -7 4

1 0 .3

1 0 .7

lo .a

1 0 .2

9 .5

9 .1

9 .1

8 .3

9 .6

9 .8

7 .3

1-75

9 .7

1 0 .0

1 0 .0

9 .4

8 .7

8 .3

8 .1

7 .3

8 .0

7 .5

5 .2

3 .2

2 -7 5

11 -O

1 1 .4

1 1 .5

1 1 .1

1 Û .6

1 0 .5

1 0 .7

1 0 .4

1 1 .6

1 2 .2

1 2 .2

1 4 .8

2 7 .6

3-75

1 0 .3

1 Û .6

1 Û .6

1 Û .1

9 .7

9 .4

9 .4

9 .1

9 .a

9 .9

9 .4

1 0 .1

1 3 .7

4-7*»

1 0 .3

1 0 .6

1 0 .6

1 0 .2

9 .a

9 .6

9 .6

9 .3

1 0 .0

1 0 .1

9 .7

1 0 .2

1 2 .7

5 .9

io . a

1-76

1 0 .3

1 0 .6

10. 6

lu .2

9 .a

9 .6

9 .7

9 .4

1 0 .0

1 0 .1

9 .8

1 0 .3

1 2 .1

7 .3

1 0 .5

1 0 .3

2 - lb ,

1 0 .2

10-5

1 0 .5

1 0 .1

9 .7

9 .6

9 .6

9 .4

9 .9

1 0 .0

9 .6

1 0 .0

1 1 .5

7 .7

1 0 .0

9 .6

9 .Û

3-76

IG - O

10-7

1 0 .2

9. a

9 .5

9 .3

9 .3

9 .1

9 .5

9 .5

9 .2

9 .5

1 0 .6

7 .4

9 .0

fl-5

7-6

6-?

4 -7 6

1 0 .0

1 0 .2

1 0 .2

9 .8

9 .5

9 .3

9 .3

9 .1

9 .5

9 .5

9 .2

9 .4

1 0 .4

7 .7

9 .1

8 .6

8 .1

7 .6

9 .1

1-72

2-72

3 -7 2

4 -72

1-73

2 -73

3-73

4-73

1-74

2 -7 4

3 -7 4

4-7 4

1-75

2-75

3-7 5

4-75

1-76

2-76

3 -7 6

94A-4
9*i9-*

IN IT IA L

998-0
1 .01 5-fi
1 .Û23-A
1 .0 8 8 .2
1 .2

1 .0 9 1 .5
1 .1 1 9 - 9
1 f 1 4 7 .6
1 f 1 7 2 .5
1 .19 0- 2
1 .2 1 6 .5

QUARTER

D IS P O S A B L E PERSO NAL INCOME IN CONSTANT 1972 DOLLARS

___________ COMPOUNDED ANNUAL KATES QF CHANGE________ _____
B I L L I O N S OF

TERM INAL

I N I T I A L QUARTER

d o lla rs

QUARTER

ANNUAL R A T ES

.1.-7 2

_2r~72

2-72

.3- 72

W

2___ 1-73

2-7 3

3 -7 3

4-7 3

1-74

2-74

3-74

4 -7 4 ___1-75

2-75

3 -7 5

4-75___ 1-76___2 -7 6

3-76

3 .6 ________________________________________________________________________________________________________________________________ ____________________________________ 7 9 0 .7

3-72

5 .2 ____ 6 * 7

*- 7 2

7 .5

9 . 4 ___1 2 *2

1-73

7 .8

9 . 3_ L£L*6____9 .0
_

2 -7 3 .
3-73
W

3

1~74

6 03 «7
627.1
._ a 4 5 * l

7 .6 ____ 0*2____6*3____3 .6
„

6 ,*2

6 .6

6.6

5.Q____ 3 .1

6 5 2 .7
fiS B .2

2 .6

2 .7

2 .2

1 .8

3 . 9 ____ 4 * fi____ 3 * 5 ____ 1*2 ____ 0 .2

- 0 .9

- 2 .7

5 . 6 ____ 5 * 5 ____ 5 * 6 ____ 4 . 2

-3*2 ___ 3*1____2*6___ 1*1__ -Q *4

A 6 2 .1
- 7 .0

6 4 6 .7

rl.4

- 2 .7

- 4 .9

-2 *9 ..

¿ . 9 ____ 2*6___ 2*3 ____ 1 .0

- 0 .3

- 1 .0

- 1 .9

- 3 .1

- 1 .2

0 .5

1-75

i.a

1 .7

1 .2

0 .0

- 1 .0

- 1 .7

- 2 .4

- 3 .2

- 2 .2

- 2 .0

- 3 .3

- 2 .9

2 -7 5

3 .3

3 .2

2 .9

2 .0

1 .3

1 .0

0 .8

0 .6

2 .2

3 .5

4 .5

8 .7

3-75

2 .6

2 .5

2 .2

1 .3

0 .6

0 .2

-0-1

- 0 .3

0 .8

1 -6

1 .8

3 .7 _

7 .2

- 5 .7

4 -7 5

2 .7

2 .7

2 .4

1 .6

1 .0

0 .7

0 .5

0 .3

1 .4

2 .1

2 .4

4 .0

6 .4

- 0 .5

1-76

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

2 -7 6

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

2 .9

2 .9

2 .6

2 .0

1 .6

1 .3

1 .2

2 .1

2 .7

2 .9

3 .9

5 .1

2 .0

4 .1

3 .8

2 .7

0 .7

4-76

2 .9

2 .9

2 .7

2 .1

1 .7

1 .5

1 .5

1 .4

2 .2

2 .8

3 .0

3 .9

4 .9

2 .3

3 .9

3 .7

2 .9

2 .1

3 .5

1-72

2-72

3-7 2

4-72

1-73

2-73

3-73

4-73

1-74

2 -7 4

3 -74

4 -7 4

1-75

2-75

3-7 5

4-75

1-76

2-76

3-76




640.6
...641*1-

a 27 .9
2 1 .8

8 6 9 .7
8 5 7 .1
8 6 7 .5

4 .9
5 .5

6 .1

8 8 0 .4
8 9 0 .5
8 9 2 .0
8 9 9 .6

1 N IT IA L QUARTER

PREPAREO BY FEDERAL RESERVE BANK OF S T . LOUIS
FEBRUARY 18* 1977

18

CORPORATE PROFITS AFTER TAXES *
COMPOUNDED TNNtML RATES OF Ch ANGE
T ER M IN A L
QUARTER

IN IT IA L
4-71

i—
72

" T - 7 2 "

3-72" 4-72

1 -7 5 “

2-73

“

3 -7 3

1-72

2 3 *4

2-72

l b *2
1 V .6

Î7 .7

25 *6

2 6 .3

3 3 .4

4 5 .4

1-73

2 9 .6

3 1 .2

37. t
>

4 6 .2

2 5 .8

2 6 .3

29. 8

3 2 .4

2 6 .4

1 9 .2

1 8 .5

1 9 .6

1 8 .9

1 1 .2

- 3 .3

1 9 .3

1 8 .6

1 9 .7

1 9 .2

1 3 .4

4 .0

1 .8

1 -7 5

~ 2 -7 5 "

- 1 3 .9

4-7 3

4-7 4

3 -7

5~

4—75

~

1 -7 6 ' 2-76

8 .7

3-73

3-74"

4 6 .9

2-73

2 -7 4

T r .r

4 -7 2

1 -7 4

1 3 .2

3 -72

4-7!»

B I L L I O N S OF
DOLL a KS
ANNUAL R A T ES

QUARTER

50. t

2 0 .4

5 2 .3
.................... 5 5 .Ö —
6 0 .4
6 6 .5
6 7 .9
65 . 4
6 8 .5

1-74

2 2 .4

2 2 .3

¿3 .6

¿3 .8

1 9 .9

Ì4 .0

1 5 .8

¿4 .3

4 9 .9

2 -7 4

lb . 4

1 7 .6

1 8 .4

1 7 .8

1 3 .8

8 .1

8 .0

1 6 .4

1 4 .5 - 1 2 .6

3-74

2 0 .9

2 0 .6

2 1 .5

2 1 .4

1 8 .3

1 4 .1

1 5 .2

2 3 .9

2 5 .0

1 4 .2

4 9 .1

8 1 .0

4 -7 4

1 3 .6

1 2 .8

1 2 .8

1 1 .7

8 .1

3 .5

2 .6

6 .3

3 .1

- 9 .0

- 7 . 2 - 4 2 .3

7 0 .6

1-75

3 .6

2 .1

1 .2

- 0 .7

- 4 .9

- 9 .9

2-75

7 .0

5 .9

5 .3

3 .8

0 .4

- 3 .8

- 5 .2

- 3 .9

3-75

1 1 .4

1 0 .6

1 0 .4

9 .4

6 .7

3 .3

2 .7

5 .0

3 .0

- 3 .3

4-75

1 1 .*

1 0 .ö

1 0 .5

9 .6

7 .1

4 .0

3 .6

5 .7

4 .0

- 1 .3

> 5 .8
7 3 .3

- 1 2 .3 - 1 2 .0 - 1 7 .3 - 2 6 .8 - 3 3 .5 - 5 5 .6 - 6 5 .8
- 7 . 4 - 1 6 .0 - 1 6 .8 - 3 1 .5 - 2 5 .3
- 1 . 3 - 1 1 .0
0 .7

- 6 .9

5 4 .0
6 1 .0

6 2 .8

2 .8

7 8 .3
5 2 .5

4 7 .6

7 2 .1

9 5 .2

5 .0

7 4 .1

1 1 .6

7 9 .7

1-76

1 2 .6

1 2 .0

1 1 .9

1 1 .2

8 .9

6 .2

6 .0

8 .2

7 .0

2 .5

4 .9

- 1 .1

1 0 .2

4 7 .6

4 2 .8

2 2 .2

3 3 .8

2-76

1 2 .6

12 .2

1 2 .1

1 1 .5

9 .4

6 .9

6 .8

8 .9

7 .8

3 .9

6 .2

1 .2

1 1 .1

4 0 .6

3 5 .6

2 0 .1

2 4 .6

1 5 .9

3-76

1 2 .b

1 2 .2

1 2 .1

1 1 .5

9 .6

7 .3

7 .2

9 .2

8 .2

4 .7

6 .9

2 .5

1 1 .3

3 5 .4

3 0 .5

1 8 .0

2 0 .3

1 4 .0

8 2 .7
1 2 .1

4-76

6 5 .1
N.A.

4-71

1-72

2-72

3-72

4-72

1-73

2-73

3-73

4 -7 3

1-74

2-7 4

3-74

4-74

1-75

2-7 5

3-75

4—75

1-76

2-76

I N I T I A L GUARTER
♦ NATIO NAL INCOME B A S I S
N.A. * Not a v a ila b le
PR EPA R ED BY FEO ERA L

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

FEBRUARY 18. 1977

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

L O U IS

I NVENT ORI ES COMPARED WI TH MONTHLY S AL E S *
MA N UF A CT URI NG AND T R A D E
1

1

76

72

1

68

1 .6 4

64

1

60

1

56

. 56

1

52

1

48

1

44

40

1

1963

1964 1965

1966 1967 1968 1969 1970 1971

« R A T IO S BASED ON SEASONALLY ADJUSTED DATA.

1972 1973 1974
SOURCE:

1975 1976 1977

U. S . DEPARTMENT OF COMMERCE

SHADED AREAS REPRESENT PERIODS OF BUSINESS RECESSIONS.
LATEST DATA PLOTTED:




DECEMBER PRELIMINARY
PREPARED BY FEDERAL RESERVE BANK OF ST.

20

LOUIS

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