Full text of National Economic Trends : February 1977
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noTionni Economic t 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 to 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 —0 . 5 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« 12.PAYROLL REVISED FROM JULY. 1975 THROUGH 1976 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 8-75 1 0 .1 7-75 6 -7 5 9-75 10-75 11-75 12-75 in it ia l 1-76 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 RATIO SCALE PRICES* RATIO SCALE 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 3 0 .7 8-75 2 3 .1 7-75 8-7 5 9-75 10-75 11-75 12-75 1-76 2-76 3-76 4-76 1967 * 5-76 6 -7 6 7-7 6 9-76 10-76 11-76 12-76 1 8 5 .7 1 8 8 .0 1 5 .9 9-75 1 6 .8 1 0 .4 5 .2 10-75 1 7 .1 1 2 .9 1 1 .4 11-75 9 .1 4 .3 0 .6 1 8 8 .6 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 —o . 1 - 3 .* - 5 .9 - 7 . 6 - 1 2 .0 - 1 0 .4 - 9 .5 - 8 .8 4-76 2 .5 —0 .2 - 2 .1 - 3 .1 —6 .2 - 3 .7 - 1 .1 2 .4 1 2 .9 2 9 .1 5—76 2 .8 0 .4 - 1 .2 - 2 .0 —4 . 5 - 2 .1 0 .3 3 .3 1 0 .5 1 7 .0 6 .0 6-76 3 .0 0 .8 - 0 .6 - 1 .3 —3 .4 - 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 * —0 . 3 - 2 .2 -3.*» - 4 .1 - 5 .9 —4 . 6 - 3 .6 - 2 .7 - 0 .7 —0 .6 - 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 —6 . 4 - 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 8 -7 6 100 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 -1 .6 B —75 6 .8 1 5 .9 8 -7 5 9-75 10-75 11-75 12-75 1-76 2-76 3-76 B I L L I O N S OF DOLLARS ANNUAL R A T ES MONTH 4-76 5-76 6-76 7-76 8 -76 9-76 D 1 IN IT IA L S> TERM INAL MONTH 11-76 12-76 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 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 .fa 1 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. WQNIti 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 8 *0 ____ 9 *6 _ 1=77____ 1 0 .0 ____ 9 *5 ____ 9 *5 6-75 7-75 6-75 lo*3 10*4 _2*3_ 53.9b.? 2 8 .5 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 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 1-76 :*>1Q0 - 0 . 1___12* 5 6 *3 ____ 6 *1 ___ 10*5 ____ 7 *2 ___ 10*5____ 7 *0 1 3 .1 9-75 10-75 11-75 12-75 53 .7 54 0 .4 ___10*5___- 5 . Q „ 4*9 - 9 *2 ___1 0 .2 ___1 £ *3 ____ 9 *9 ____ 8 *1 ____ 9 *3 ____ 7 .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 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 3 .3 3-72 2 .4 1 .5 *- 7 2 3 .7 3 .8 6 .3 1-73 * .2 4 .5 6. 0 5 .b 2-73 2 .* 2 .2 2 .4 0 .5 3-73 1 .7 1 .4 1 .4 - 0 .2 - 3 .1 2 -7 3 3-7 3 4-7 3 1-74 2-7* 3-7* 1967 * 4—74 l-> 5 2-75 3-75 4-75 1-76 2-76 100 3 -7 6 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 —6 .0 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 —0 .6 - 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-* «î - î j <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 LAR5> 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 «22ü .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 —6 . 5 - 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 —0 .9 - 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 1 .2 0 9 ,>3 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 .» —1 .0 1 .Û 0 . 9 _____ 1 . 3 l.b 2 .4 3 .b 6 .3 ____6 .4 _ 5 .2 5 .f a * . 2 _____ 3 . 9 *-7 6 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 4-74 I .272.22 .^ 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 -4-74 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,>6 1 fi. a ,7 1—7 to 7 .4 ____2 ,1 11.1___1 1 ,9 __ 12,4 11< 1 1 1,7 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____ ZmM____7 , fa 7 , 9 ___________ B .Q 7.* 2-72 3-72 4-72 1-73 2-73 3-73 4-73 1-7* 131,2.9 - 7 .4 ____6 , 3 . 5 .4 7 ,3 ____6* 2 _ 5 ,2 5.9 2-74 130,27- 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 9 ,3 ____9 ,3 ti*3 ^2-76 JL - J6 16, 114,64 7 , 4 ____ 2 * 3 ____ _________________ 9 .6 _ 7 ,2. 1 0 .1 J1 .2 % _3-74 3-75 9<?.*4 3-74 4-74 1-75 132.96 5 ,3 ____ 4 * 3 ____ 4 *2 ____ 4 * & 134,40.. 5 . 4 ____5* J ____ 4*6____ 5 .1 - 1 3 6 .2 9 2-75 3-75 4-75 1-76 2-76 3-76 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 1-72___2-72 —2—72— 1-73 .2-73 -3=23_ *- 7 3 1-7* 2-74__ 3-74__ 4-74___1-75___2=25___2=25— £t=25— 1=20— 2=10— 3-70 - 7 .4 ___ fc.9 752.fi 7fa6.fi 3 , a__ - Q . 5 S .9 7711*4 5 .2 ___ 4*0___ 4*5___ 3*J____L*2___ 1 .9 3 .3 1—7% 3 -7 3 - 2 ^ 0 ---- 2 * 3 ____ a * 4 ____ ft* 2 _ 1-7* ,4 = 2 4 2 -7 3 7 3 7 .5 4 .1 ____ 3 .4 3 -7 4 1—73 _Z2flL*l_ 4 -7 3 -2=24 »-72 -5.3 .3 - 7 2 -A - J2 2-7 2 _a*3_ 1 .7 _^*0___ 2*2____l.Q - 0 .3 __ - 0 . 2 - 2 .3 7.05.9 - Q.fr - 2 . 2__ r2L.l_ 7 o i. a 2 .2 2,2____1*0___ 0.9 -= 0.3 1 .9 7 0 1 .9 1 . 9 ____ _______ - Q . Q ___ —0 . 0 ___- 1 . 5 ___ - 1 . Q _____0 . 1 2 ,9 2 .fa 1 .7 ___ 1 ,1 —Q.9 0 .0 —0 .3 -0.2__ =Pjl2__ -0.2 - 1 . 5__ -l .f r 1 .2 Û .9 0 .1 —0 . 9 -0 .9 - 2 .3 __ - 2 .3 1.5 7 4 ß .l - 2 .4 __ -3 * 0 - - 6 .4 .. —l . * -1 .2 -0 .9 -1 -2 -2 -6 754k-.tO__ 2 .5 7 6 7 . ,5 2 -7 % 2 .2 1.a 1 .5 o .a —0 , 0 -0 .2 0 .1 0 .6 0 .7 0 .5 5 .2 7 ,0 2 —7% 2 .* 2 ,0 1.7 l-i Ü, * C .5 0 .3 0 .7 1 .2 1. * 1. * * .9 5 ,6 4 ,1 * —7% 2 .% 2 .1 1 ,9 l.* 0 .8 0 .9 o .a 1 .2 1 .6 1 .9 2 .0 * ,& 5 ,2 * ,3 * ,5 1—76 2 ,9 2 ,6 2 ,* 1 .9 1 .* 1 .6 1 ,6 2 .0 2 ,5 2 .9 3 .1 5,6 6,1 5 ,a 6 ,7 0,9 2-76 2 .0 2.7 2.5 2,1 1.6 i.a i,a 2.2 2.7 3 ,0 3.2 5.2 5,7 5,4 5.8 6.4 4 ,0 2—76 2.0 2.7 2.6 2.2 1.7 1.9 1.9 2.2 2. a 2.1 3.2 5,1 5,3 5,0 5,2 5 ,* 3,8 3.6 *— 76 2-2 2 .9 2 .a 2 .5 2 ,1 2 ,3 2 ,3 2 ,7 3 ,2 3 ,5 3 .7 5 .3 5 .6 5 .3 5 .6 5 ,8 * ,9 5 .2 7 .0 1-72 ¿- 7 2 3 -7 2 4-72 1-73 2-7 3 3 -73 4-73 1-7* 2-74 3-7* 4 -74 1-75 2-75 3 -7 5 4-7 5 1-76 2 -7 6 3 -7 6 G.O IN IT IA L 775. 7fl3u»9 ÜÛÛ-I.7 .0 ai5,*7 829, .7 QUARTER 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? 2-72 B I L L I O N S OF DO LLARS QUARTER 2-72 3 -7 2 *-72 1-73 2 -7 3 3 -7 3 4 -7 3 1-7* 2-7* 3-7* 4-7* 1-75 2-75 3 -7 5 4 -7 5 1-76 2 -7 6 3 -76 11 .1 7 2 * ,7 3-72 9•a a , »5 7 3 9 ,7 *-72 10 .7 10..5 1 2 ,5 1-73 11 .5 i t . .7 1 3 ,3 1 * ,0 1 1 ,2 1 0 ,6 7 ,2 7 6 1 ,8 7 8 7 .2 2 -7 3 10 .0 10..5 2-72 10,.3 10. 1 0 .6 1 0 ,0 8 ,0 8 ,9 *-73 9,•9 9.*7 1 0 ,0 9 ,* 7 ,8 8 ,2 7 ,5 1 -7 * a .a a .a 8 0 1 ,0 0 3 2 .1 9,.9 9<» a 1 0 ,0 9 ,5 a .* 2 -7* 10 .2 10..1 1 0 ,3 1 0 ,0 9 ,2 9 ,7 1 0 ,0 1 1 ,2 1 2 ,* 3 -7* 10,.5 10..5 1 0 ,7 1 0 .5 9 .9 1 0 .4 1 0 .8 1 2 .0 1 2 .9 1 3 .* 4 -7 4 9,.7 9,■0 9 ,7 9 .4 8 .7 9 .0 9 .0 9 .4 9 .1 7 .5 1 .9 9i.0 9 ,7 9 .* 8 ,9 9 .1 9 ,2 9 ,5 9 ,4 fi,* 5 ,9 1 0 ,1 1-75 9,• a 2 a ia . 10.1 8 5 2 .2 8 7 8 .7 9 0 6 ,8 9 1 1 .1 9 2 2 .2 2-75 9,•9 9-» a 1 0 .0 9 .7 9 .2 9 .5 9 .6 9 .9 9 .9 9 ,3 7 .9 1 1 .1 1 2 .1 3-75 10,.1 10.>0 1 0 ,1 9 .9 9 .5 9 .7 9 ,8 1 0 .2 1 0 .2 9 ,8 8 .9 1 1 .3 1 1 ,9 1 1 ,7 * —75 i n •i 10,»0 1 0 .1 9 .9 9 .6 9 ,a 9 ,9 1 0 .2 1 0 ,2 9 .9 9 .2 11.1 1 1 .* 1 1 .1 1 Û ,* 9 6 0 ,3 9 8 7 ,3 1 .0 1 2 .0 1-76 10, 10<,2 1 0 ,3 1 0 ,2 9 ,9 1 0 ,1 1 0 ,2 1 0 .5 1 0 .6 1 0 .2 9 .8 1 1 .5 1 1 .a 1 1 .7 1 1 .7 1 3 ,1 2-7 6 10, 10..1 1 0 ,2 1 0 .0 9 ,7 1 0 ,0 1 0 .0 1 0 .2 1 0 .2 10.1 9 .6 1 0 .9 1 1 ,1 1 0 ,9 1 0 ,6 1 0 ,7 8 ,3 2-76 11»,.1 10,ill 1 0 ,1 1 0 .0 9 .7 9 ,9 1 0 ,0 1 0.2 1 0 .2 1 0 .ft 9 ,6 1 0 .7 lO .fi 1 0 .5 1 0 ,3 1 0 ,2 a ,a 9 .2 *-76 10. 1(1..2 1 0-3 1 0 ,^ 9 ,9 1 0 .1 1 0 .2 1 0 .* 1 0 ,5 1 0 ,3 9 .9 1 1 ,0 1 1 ,1 1 0 ,9 1 0 ,8 1 0 .9 1 0 .1 1 1 .1 1 ? .9 1-72 2-72 3 -7 2 4-72 1-73 2-73 3 -7 3 *-73 1-74 2-74 3 -7 4 *-74 1-75 2 -7 5 3 -7 5 4 -7 5 1-76 2 -7 6 3 - 76 IN IT IA L QUARTER 15 1 .0 * 3 ,6 1 f0 6 * .7 1.0 8 8 .5 1 .1 2 2 , 0 (»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 T E R M I N A L ________________________________________________________________________________________ QUARTER IN IT IA L QUARTER________________________________________________ ______________________ D O L L A R S ANNUAL R A T ES .1 - 7 2 2-72 19-9 3-72 16-8 2 —7 Z 3-72 1-/3 ..*.7113 [2 _ 1-/6 18 4 .9 13-9 191 . 0 4-72 18-4 17-6 2 1 .4 1-73 19-2 18-9 2 1 .6 21-7 2-73 lt t.3 17-9 19-3 lb .2 l4 .fi 3-73 1 5 .7 14-9 15-2 1 3 .2 9-1 4-73 1 6 .7 1 6 .2 1 6 .6 1 5 .5 1 3 .4 1-74 10-7 9 .4 fa .7 6 .3 2 . fa 2-74 10-0 8-8 8 .1 6 .0 3 .1 7-8 6 .6 5 .7 3 .6 0 .9 - 1 .7 - 3 .0 - 1 0 .3 - 2 .8 - 9 .7 6-8 5 .5 4 .6 2 .7 C .2 - 2 .0 - 3 .1 —8 . 6 - 3 .0 —6 . 6 - 3 .3 3-74 l- / : » .5 - / 4 4 “ IA . 2 O i,. 5 7 18 -fi 3 .7 2 2 0 -Ü 1 2 .8 2 2 .6 - 1 .0 - 3 .2 - 2 3 .6 0 .4 - 0 .7 - 1 0 .7 ¿ 3 1 .5 2 1 6 .4 4 .5 2 lb .8 2 1 3 .3 2 1 1 .5 1-75 - Ü .fi -2-5 -4-0 —6 - 5 - 9 .5 - 1 2 .5 - 1 5 .0 - 2 1 .0 -20-3 -27-2 -34-7 - 5 5 .9 2-75 -2-2 -3-8 -5-3 -7-6 -10-4 -13-2 - 1 5 .3 - 2 0 .4 -19-7 - 2 4 .9 - 2 9 .3 - 3 9 .6 *-7*» 3-1 1 -9 1-0 —ti- 7 -2-7 -4-5 -5-4 —8 - 9 - 6 .2 -a. 2 —7 . 8 - 9 .2 30-2 1 0 4 ,. 9 3 .6 P .5 1.h ii. 1 - 1 -6 — 4-1 -3. A —6 - 7 —4 - 0 - 5 .4 - 4 .5 - 4 .8 23-0 5 0 , .1 9 .9 1-76 ¿>-8 5-9 5-4 4-3 2-9 1-9 1-7 - 0 .4 3-0 2-8 5-0 6 .8 3 3 .2 5 6 ,. 1 3 6 .2 6 8 .9 2-76 7 .4 6-6 6-2 5-2 4-0 3-1 3-1 1-3 4 .6 4 .6 6 .8 8 .6 3 0 .0 45 .5 2 9 .8 4 1 .1 1 7 .8 3-76 7-7 7-1 6 .6 5-7 4-7 3-9 3-9 2-4 5 .4 5 .5 7 .6 9 .3 2 7 .1 ftfli■*» 2 5 .6 3 1 .3 1 5 .7 1 3 .7 4 - 7 *» 6-9 6 .2 5 .a 4 .9 3 .9 3 .1 3 .1 1 .6 4 .3 4 .3 5 .9 7 .1 2 1 .6 29 .7 1 8 .3 2 0 .6 7 .7 3 .0 - 6 .6 1-72 2-72 3-7 2 4-72 1-73 2-73 3-73 4-73 1-74 2-74 3-74 4-74 1-75 2 - 75 3-75 4-75 1-76 2-76 3-76 1 7 2 .4 1 6 4 .4 - 1 7 .3 1 9 6 .7 201 .4 2 2 9 .6 Z 3 9 .Z 2 4 7 .0 242 .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 2-72 3-72 4-72 1-73 2-72 1 6 .8 3-72 1 2 .8 8 .9 4-72 1 4 .0 1 2 .6 1-73 1 4 .2 1 3 .4 1 5 .7 1 4 .9 2-73 1 2 .5 11 . 4 1 2 .2 1 0 .2 5-6 8 .0 7 .7 5 .0 0-3 3-73 9 -4» 2-73 3-73 4-73 1-74 2-74 3-74 4-74 1-75 2-75 3-75 4-75 1-76 2-76 3-76 1 8 6 .2 190-2 1 9 7 - fa 1 6 .5 204-6 207-4 2 L 4 .9 - 4 .7 4-73 1 0 .1 9 .0 9-0 7-2 4-7 4 .3 1 4 .2 1-74 4 .3 2 .6 1.6 - 1 .1 - 4 .8 - ft,• 0 —9 . 6 —2 8 . 4 211-8 2-74 2 .2 0 .5 -0-7 - 3 .3 —6 - 6 —9 . •4 - 1 0 .9 - 2 1 .3 - 1 3 .4 194-8 187-9 3-74 - 0 .7 - 2 .4 - 3 . fa —6 - 3 -9-5 - 1 2 ,. 2 -14-0 - 2 1 .8 - 1 8 .2 - 2 2 .7 4-74 - 2 .1 - 3 .8 - 5 .1 —7 . 5 - 1 0 .3 —1 2 , .7 -14-2 - 2 0 .2 - 1 7 .2 - 1 9 .0 - 1 5 .2 1-75 —1 0 . 3 -12-4 -14-3 -17-2 -2 0 -5 -?3 .7 —2 6 . 4 -32-6 - 3 3 .6 - 3 9 .2 - 4 6 .2 - 6 5 .8 >—7 5 - 1 0 .2 -12-2 - 1 3 .9 - 1 6 .4 -19-3 •0 - 2 4 .2 -29-2 - 2 9 .3 - 3 2 .8 -35-9 - 4 4 .3 —9 , .3 .7 - 1 4 .8 -18-3 - 1 6 .5 176-2 169-1 1 2 9 .3 126-2 148-7 *-7 5 —5 . 2 —6 . 7 - 7 .9 -9-8 - 1 2 .0 -13 - 1 7 .1 -15-6 - 1 5 .8 3 ?. , 3 9 2 .8 4-75 - 5 .1 - 6 .5 - 7 .6 -9-4 - 1 1 .3 - 1 ?,. 9 - 1 3 - 7 - 1 6 - 7 - 1 4 - 9 - 1 5 - 1 -13-5 -13-1 1ft,,7 3 5 .7 - 4 .5 1-76 - 1 .7 - 2 .8 - 3 .6 —5 - 0 - 6 .5 - 7 ,. 6 - 7 .8 26-3 2-76 - 1 .0 - 2 .0 - 2 .7 -3-9 - 5 .3 —6 . 1 3-7k - 0 .5 - 1 .4 - 2 .0 -3-2 —4 . 3 - *) 4-76 - 1 .1 - 2 .0 - 2 .6 - 3 .7 1-72 2-72 3-72 4-72 1 4 7 .0 167-1 6 7 .0 - 1 0 .0 - 7 .4 - 6 .5 -3-5 -0-9 ?9 i 45-4 -b . 2 -8-1 -5-5 -4-4 - 1 .5 1 .0 25. 3 6 .1 2 1 .1 3 6 .4 1 1 .5 .1 - 5 .1 - 6 .7 -4-2 -3-1 -0-3 2-0 ??< .4 3 0 .0 17-8 2 6 .4 9-9 8 .4 - 4 .9 -5 .6 - 5 .6 - 7 .1 - 4 .9 - 4 .0 - 1 .6 0 .2 1 6 ,. 8 2 1 .9 11-2 1 5 .5 2 .2 - 2 .2 1-73 2- 3-73 4-73 1-74 2-7 4 3 -7 4 4-74 1-75 2-75 3-75 4-75 1-76 73 IN IT IA L 171-7 2-76 1 7 5 .2 - 1 1 .8 169-8 3 -7 6 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_______________________ B I L L I O N S OF ANNUAL R A T ES QUARTER 1-72 2-72 2-72 3-72 4-7^ 1-73 ? - 73 3-73 1-74 4-73 2-74 3-74 4-74 • 1- 7& 2-75 3-75 4-75 1-76 2-76 3-76 251-1 3 .4 3-1? 3 .2 4-7? 5 .5 1-« 6 .7 7 .9 1 0 .4 1 0 .6 2-73 5-1 5-6 6-4 4-6 -1-0 3-7* 5 .4 S .fl 6 .4 5 .2 2 .7 4-7* 6 .% 7 .0 7-8 7-2 6-1 9-8 1 3 .2 1-74 7 .% 8 .1 V-O 8 .8 8 .4 11 . 7 1 4 .4 1 5 .5 2 53 - 0 3 .1 2 5 9 .2 1 0 .2 2 6 5 .8 2 6 5 .1 2 6 9 .3 6 .% 2 7 7 .8 2 8 8 .G 2-74 8 .3 8-9 9 .8 « * .7 9-6 1 2 .4 14-5 15-1 1 4 .6 3-74 9 .0 0 .4 » 1 0 .4 1 0 .5 io .% 12-9 1 4 .6 1 5 .0 1 4 .8 1 5 .0 4-74 9 .4 1 0 .0 1 0 .8 io .9 1 0 .« 13 1 4 .4 1 4 .7 1 4 .4 1 4 .2 mU 2 9 8 .Û 30 £ .6 1 3 .5 31 8 .5 1-7% « .4 9 .9 1 0 .6 1 0 .7 1 0 .7 1 ? .*> 1 3 .5 1 3 .5 1 3 .1 1 2 .% 1 1 .3 9 , ,? 2-7% 9 .4 9 .9 10 .5 1 0 .6 1 0 .6 1? .1 1 2 .9 1 2 .9 1 2 .4 1 1 .8 lO .A 9 ,, 4 î- 7 % 9-6 1 0 .1 1 0 .7 1 0 .7 1 0 .8 1? 12-9 12-8 1 2 .4 1 2 .0 1 1 .2 4-7% 9 .8 1 0 .3 1 0 .0 1 0 .9 1 1 .0 1? 1 2 .9 12-9 1 2 .5 12-1 1-76 9-2 9 .6 1 0 .1 lt i.l 1 0 .1 11 1 1 .6 11-5 1 1 .0 1 0 .5 2-76 9 .2 9 .6 1 Û .Û 1 0 .Û 1 0 .0 11» . 9 11-4 11-2 1 0 .7 10-2 3-76 9 .2 9 .5 9 .9 « .9 9 .9 10 -8 1 1 .1 10-9 10-5 10-0 9 .4 8 .9 4-76 « .1 9-4 9-8 9 - fa 9-7 1 0 *5 1 0 .8 10-6 1 0 .2 9 .8 9 .2 8 . .7 2-72 3-7 2 1-73 2 - 73 3-73 4-73 1-74 2-74 3-74 4-74 1- 75 1-72 4-72 3 2 5 .6 3 3 3 .2 9 .7 10, 11 .1 1 2 .6 11-6 11 1,1 11 . 7 1 2 .7 1 2 .9 9 .7 9 i •0 ft . 9 8 .7 6 .8 1 .0 9-5 8 ..9 ft •ft 8-6 7 .4 4 .7 8 .5 h •H 8-6 7-7 6-0 8 .6 8-7 ti • 6 8 .4 7-6 6 .3 8 .2 8-0 7-3 2-75 3-7 5 4-7 5 1-76 2-7 6 3-7 6 3 4 3 .2 3 5 3 .8 354-7 3 6 2 .0 3 6 9 .6 3 7 6 .z 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 - 1 .4 -3=I2-_ -1-6 - 1-9 4-72____ - U , S - 0 .fr 1-73 Q-4 3 -7 2 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 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_________ TERMINAL________________________________________________________________________________________ INIIIAL. QUARTER 1-72 2-72 3 -7 > 4-7 2 2 -72 6 .3 3-72 fa-2 1 0 .1 4-72 1 0 . fa 1 3 .1 1 6 .2 1 4 .V 1 3 .3 1-73 2 -7 3 3-73 4 -73 1-74 B I L L I O N S OF flUARTEft______________________________________________________________________________________DOLLARS 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 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 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 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 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 3 .2 3 -72 1 V .6 Î7 .7 T r .r 4 -7 2 25 *6 2 6 .3 3 3 .4 4 5 .4 1-73 2 9 .6 3 1 .2 3 7 . t> 4 6 .2 4 6 .9 2-73 2 5 .8 2 6 .3 29. 8 3 2 .4 2 6 .4 8 .7 3-73 1 9 .2 1 8 .5 1 9 .6 1 8 .9 1 1 .2 - 3 .3 - 1 3 .9 4-7 3 1 9 .3 1 8 .6 1 9 .7 1 9 .2 1 3 .4 4 .0 1 .8 2 0 .4 4-7!» 1 -7 4 B I L L I O N S OF DOLL a KS ANNUAL R A T ES QUARTER 2 -7 4 3-74" 4-7 4 1 -7 5 ~ 2 -7 5 " 3 -7 5~ 4—75 ~ 1 -7 6 ' 2-76 50. t 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 9 5 .2 5 .0 5 2 .5 4 7 .6 7 2 .1 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
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