Full text of National Economic Trends : January 1971
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n n n o n m economic V (it t PREPARED MONTH ENDING: BY December 31, 1970 FEDERAL RESERVE BANK treiids OF ST. LOUIS RELEASED: January 21, 1971 Total spending on goods and services rose 4.9 per cent in 1970, compared with an 8 per cent annual rate of increase in the 1965 to 1969 period. The increase in total spending was mani fested in a 5.3 per cent rise in prices in 1970. Real product fell 0.4 per cent in 1970, after rising at a 4.2 per cent rate from 1965 to 1969. Real product declined at a 3.3 per cent rate in the strike-dominated fourth quarter of 1970, and prices rose at a 5.7 per cent rate. The slowing in economic activity, which began in late 1969, and was intensified early in the fourth quarter of 1970 by work stoppages in the automobile industry, apparently ended in November. A number of key business indicators, including in dustrial production, payroll employment, and personal income, rose significantly in December. The expected first quarter 1971 inventory rise (in anticipation of a mid-year steel strike), a likely recovery of automobile sales, and continued improvement in the housing sector should insure that the most recent eco nomic slowdown remains relatively mild. Industrial production rose rapidly in December, after falling at an 8.2 per cent rate from March to November. Payroll employment increased at a 5 per cent rate in December, compared with a 2.5 per cent rate of decline in the March to November period. The unemployment rate continued to rise at year-end, reflecting a rising supply of labor as well as some weakness in labor demand. Personal income increased at an 8 per cent rate in December, after rising at a 1.4 per cent rate from April to November. Wholesale prices of all commodities, which includes industrial commodities and farm products, processed foods and feeds, rose 3.6 per cent in 1970, compared with a 3.9 per cent increase in 1969. Wholesale prices of industrial commodities increased 3.7 per cent in 1970, after rising 3.4 per cent in 1969. Wholesale prices of both industrial and agricultural commodities slowed somewhat after last spring. Wholesale prices of industrial commodities rose at a 3.1 per cent rate from May to December and wholesale prices of farm products, processed foods and feeds declined at about a 3 per cent rate over the same period, after increasing at a 1.2 per cent rate from December 1969 to May 1970. 2 T OT AL C I V I L I A N EMPLOYMENT COMPOUNDED ANNUAL RATES OF CHANGE T ERMINAL ________________ _________________________________________________ I N I T I A L MONT H _______________________________________________________________________ THOUSANDS OF PERSONS MONTH 9 - 7 0 10- 70 11-70 6-70 7-70 8-70 4-70 5-70 5-69 6-69 7-69 8-69 3-70 9 - 6 9 1 0 - 6 9 11 - 6 9 1 2 - 6 9 1-70 2-70 6-69 6.7 7-69 4.8 77,741 77,931 3.0 78,142 8-69 4.3 3. 1 3.3 9-69 3.4 2.4 2.0 0.8 10-69 3.5 2.7 2.7 2.3 3.9 Ü . - 6 ? .... 3.1 2.4 2.3 2.0 2.6 1.3 12-69 3.2 2.6 2.5 2.3 2.8 2.3 3.2 1-70 3.4 2.9 2.9 2.8 3.3 3.1 4.0 2-70 2.6 2. 1 2.0 1.7 1. 9 1.4 1. 5 3-70 2.8 2.4 2.3 2.1 2.4 2.1 2.2 1.9 0.5 4.5 4-70 2.3 1.8 1.7 1.5 1. 6 1.2 1.2 0.7 -0.6 0.8 -2.8 78,194 78,445 78, 528 78,737 79,041 4.7 0.6 78,822 -3.3 79,112 78,924 0 r*1 IT 1*5 1.0 0.8 0.5 0.5 0.0 -0.2 -0.9 -2.2 -1.9 -4.9 -7.0 6-70 1.1 0.6 0.4 0.1 0.1 -0.4 -0.7 -1.3 -2.5 -2.3 -4.4 -5.2 78,449 -3.4 78,225 7-70 1.5 1.1 0.9 0.7 0.7 0.3 0.2 -0.2 -1.0 -0.6 -1.8 -1.4 1.5 6.5 8-70 1.2 0.8 0.6 0.4 0.4 0.0 -0.1 -0.6 -1.3 -1.0 -2.0 -1.8 -0.0 1.7 -2.9 78,638 78,445 9-70 1.1 0.7 0.5 0.3 0.3 -0.0 -0.2 -0.5 -1.2 -0.9 -1.7 -1.5 -0.1 1.0 -1.6 -0.3 10-70 1.2 0.9 0.8 0.6 0.6 0.3 0.2 -0.1 -0.6 -0.3 -0.9 -0.6 0.7 1.8 0.2 1. 9 4.1 11-70 1.0 0.7 0.6 0.4 0.4 0.1 0.0 -0.3 -0.8 -0.5 -1.1 -0.8 0.2 1.0 -0.4 0.5 0.9 -2.3 12-70 0.9 0.6 0.5 0.3 0.3 0.0 -0.1 -0.3 -0.8 -0.5 -1.1 -0.9 0.1 0.6 -0.5 O.l 0.2 -1.6 5-69 6-69 7-69 8-69 11-69 1 2 - 69 1- 70 2-70 3-70 4-70 5-70 6-70 7-70 8- 70 9-70 9-69 10-69 INITIAL INITIAL 5-69 6-69 6-69 7-69 8-69 9-69 10-69 11-69 12-69 7$*472 10-70 11- 70 PREPARED BY FEDERAL JANUARY 11, 1971 RESERVE BANK OF S T . MONTH THOUSANDS OF PERSONS 3-70 2-70 L OUI S 4-70 5-70 6-70 7-70 8-70 9-70 10-70 11-70 70, 347 7-69 2.0 8-69 1.9 1.3 1.7 9-69 1.7 1.3 1.4 1.2 10-69 2.3 2. 1 2.5 2.9 4.7 11-69 1.8 1.6 1.7 1.8 2.1 -0.5 70,400 1.6 0.1 0.6 70, 497 70,567 Tfl / v T | . / /o 70,836 70,808 12-69 1.6 1.4 1.5 1.5 1-70 1.8 1.6 1.7 1.7 1.8 0.9 1.6 2.6 2-70 1.8 1.7 1.8 1 . 8 .....1 . 9 __1.3 1.9 2.5 3-70 1.9 I1 .,7, JIr 1 . 8 70,842 70,992 2.4 71,135 1.9 2.0 1.4 1. 9 2.4 2.3 1.4 1.4 1.5 _ 0.9 1.2 1.4 J L. 0 0.2 0.8 0.7 0.6 0,!_ 2,1 . 71,256 T 4-70 1.5 1.4 5-70 1.0 0.8 6-70 0.6 0.4 0.3 0,2 7-70 0.5 0.3 0.2 0.1 -0.0 -0.2 -1.6 71, 163 0.0 . -0 .* .^1.6 -3.4 -5.1 -0,5 -0.5 -0._7_ -1.3 -2.2 -3.6 -4.6 -4.1 -0.5 -0.6 -0.7 -1.3 -2.0 -3.0 -3.4 -2.6 XX . 1\ J7 /° o/ -1.0 ^^"\ -Q«_l ~Q*7_ -0*5 -it* zZ fO -2.8 -3.1 -2.5 -1.6 -?,2 -0,5 -0.6 -1,0 -1.5 -2.0 -2.1 -1.4 -0.4 -0.1 2.0 -0.9 -i.o_ - 1 . 1 -1.5 -2.0 -2.6 -2.7 -2.3 -1.8 -2.0 -2.0 -5.8 0 . 0 ... G U _ 0.3 0.1 0.0 -0.1 0.4 0.2 0.2 0.0 10-70 0.0 -0.2 -0.2 ” 0.4 _ - 0 . 5 11-70 -0. 1 -0.3 -0.3 -0.5 -0.6 -1.0 -UP.._ z ls Z . 0.2 0.0 -0.0 -0.1 -0.2 “ 0.6 -0.6 5-69 6-69 7-69 8-69 9- 69 10-69 12-70 78,535 -1.0 3.0 0.9 8-70 1- 70 78,686 MONTH PAYROLL EMPLOYMENT COMPOUNDED ANNUAL RATES OF CHANGE TERMI NAL MONTH 78,424 - 0*1 . - 0 . 5 -0.7 11- 69 1 2 - 6 9 70,852 70,603 70,546 X 70,414 70,531 70,182 -2.0 -?• 5 -2.6 -2.2 -1.8 -2.0 -1.9 -3.8 -1.8 -i*0_ -1.3 -1.7 -1.7 -1.2 -0.7 -0.6 -0.2 -0.9 1.6 1-70 2-70 3-70 4-70 5-70 6-70 7-70 8-70 9-70 . INITIAL 7 0 , 076P 5.0 70.364P 10-70 11- 70 MONTH P - PRELIMINARY PREPARED BY FEDERAL RESERVE BANK OF S T . JANUARY 11 , 1971 L O UI S 3 Em ploym ent Ratio S c a l e Ratio S c a l e Source: U.S. Departm ent of Labor Percentages are annual rates of change for periods indicated. Latest d a t a plotted: D e c e m b e r p re lim in a ry Prepared by Federal Reserve Bank of St. Louis 4 I N D U S T R I A L PRODUCTI ON COMPOUNDED ANNUAL RAT ES OF CHANGE 6-69 8*7 7-69 7.5 6-69 7-69 8-69 9-69 10-69 11-69 12- 69 1-70 MONTH 2-70 1 9 5 7 - 5 9 * i OO 3-70 5-70 4-70 6-70 i INITIAL 5-69 o TERMI NAL MONTH 8-70 9-70 10-70 11 -7 0 173.7 6.4 ( 174.6 8-69 4.2 2.1 -2.0 9-69 2.5 0.5 -2.4 -2.7 10- 69 0.8 -1.0 -3.4 -4.1 -5.4 11- 69 -1.3 -3.1 -5.4 -6.5 -8.3 -11.2 12-69 -1.4 -3.0 -4.7 -5.4 -6.3 -6.7 174.3 173.9 173.1 171.4 -2.1 171.1 1-70 -1.8 -3.2 -4.8 -5.3 -5.9 -6.1 -3.5 -4.8 2-70 -1.5 -2.8 -4.0 -4.3 -4.6 -4.4 -2.1 -2.1 0.7 3-70 -1.0 -2.0 -3.0 -3.1 -3.2 -2.8 -0.5 0.0 2.5 4-70 -1.5 -2.4 -3.3 -3.5 -3.6 -3.3 -1.7 -1.6 -0.5 -1.1 -6.1 5-70 -2.0 -2.9 -3.8 -4.0 -4.2 -4.0 -2.8 -2.9 -2.4 -3.5 -7.1 -8.1 170.4 A AO/. f/O 170.5 _ 171.1 170.2 169.0 6-70 -2.0 -2.8 -3.6 -3.8 -3.9 -3.7 -2.6 -2.7 -2.2 -3.0 -5.3 -4.8 -1.4 7-70 -1.6 -2.4 -3.1 -3.2 -3.2 -3.0 -1.9 -1.9 -1.4 -1.8 -3.3 -2.3 0.7 168.8 2.9 169.2 8-70 -1.7 -2.4 -3.1 -3.2 -3.2 -3.0 -2.0 -2.0 -1.6 -2.0 -3.2 -2.4 -0.5 0.0 -2.8 9-70 -2.9 -3.7 -4.3 -4.5 -4.7 -4.6 -3.9 -4.1 -4.0 -4.7 -6.1 -6.1 -5.6 -6.9 -11.5 -19.4 -15.3 -21.0 -22.6 -12.9 -16.0 -14.3 -5.1 6.1 168.8 165.8 10-70 -4.2 -5.0 -5.7 -5.9 -6.2 -6.2 -5.8 -6.1 -6.3 -7.1 -8.7 -9.1 -9.3 -11.1 11- 70 -4.3 -5.0 -5.6 -5.9 -6.1 -6.1 -5.7 -6.0 -6.2 -6.9 -8.2 -8.5 -8.6 -9.9 12-70 -3.2 -3.8 -4.4 -4.5 -4.6 -4.6 -4.0 -4.2 -4.2 -4.6 -5.6 -5.5 -5.1 -5.7 -7.4 -8.5 -4.5 5-69 6-69 7-69 8-69 9-69 10-69 11-69 12-69 1-70 2-70 3-70 4-70 5-70 6-70 7-70 8-70 9-70 I nitial 162.3 1 6 1 . 6P 18.5 | 1 6 3 . 9P 10-70 11 -70 month P - PR E L I MI N AR Y PREPARED BY FEDERAL RESERVE J ANUARY 1 5 , 1971 BANK OF S T . LOUIS 5 Industrial Production Ratio Scale Ratio Scale Percentages are annual rates of change for periods indicated. Latest data plotted: D e c e m b e r p relim inary Prepared by Federal Reserve Bank of St. Louis RE T A I L SALES COMPOUNDED ANNUAL RATES OF CHANGE MI LLI ONS OF DOLLARS I N I T I A L MONTH MONTH 4- 69 5-69 6-69 7- 69 8-69 9 - 6 9 10- 69 11 - 69 12- 69 1- 70 2-70 3-70 4- 70 5- 7 0 6-70 7-70 8-70 9-70 10- 70 -0.9 29,386 6-69 -0.8 -0.6 2 9 , 371 7- 69 -4.3 -5 .9 -10.9 5-6 9 -0.6 -0.5 -0.5 11.1 9- 6 9 -1.2 -1.3 -1.5 3. 5 -3.5 5-69 29,090 29,346 29 , 2 5 9 29,620 1. 4 1, 9 2.6 7.5 5.7 15 . 9 0,4 0,6 0.8 4.0 1. 7 4.4 -5.9 12- 69 0.1 0. 2 0. 3 2.7 0.7 ..... 2 . 2 -4.0 -2. 1 1- 70 0.7 0.9 1. 2 3.3 1. 8 3.2 -0.7 2.0 6.3 2,3 2,7 3. 1 5.3 4.4 6.0 3.7 7. 1 12. 0 1 O 10- 69 11—69 2 9 , 471 29,419 29,570 29,980 18. 0 29 , 8 0 1 3-70 1. 5 1. 7 2.0 3.7 2.7 3.7 1. 5 3.4 5. 3 4.8 -6.9 4-70 3.8 4,3 4.8 6.7 6. 1 7.6 6.3 8.9 11. 8 13. 7 11. 7 34 . 0 9. 1 9.8 7. 1 15. 0 -1.3 30,536 ... 5- 7 0 3.4 3.8 4.2 5.9 30,502 5.3 6.4 5. 2 7. 1 6- 7 C 3. 2 3.6 3. 9 5.4 4.8 5.8 4.6 6.2 7. 6 7.9 5. 5 10.0 -0.4 0.6 7-70 3.6 3.9 4. 3 5.6 5. 2 6. 1 5.0 6.5 7.8 8.0 6. 1 9.6 2.6 4.5 . 4.1 5.4 4.9 5 . 7 __ _4.7_ 6.0 7.0 7. 1 5.4 8.1 2.4 3 . 7 __ 5 . 3 30,518 8.6 30,729 2.0 3 0 , 781 8- 7 0 3.5 3.8 9-70 ___3 . 5 3. 8 4. 1 5.3 4.8 5.6 4.7 5.8 6.7 6.7 5. 2 7.4 2.8 3.8 4.9 3. 1 1 0 - 70 2.5 2.7 3.0 4.0 3.5 4.0 3. 1 3.9 4.6 4.4 2.8 4.3 -0.0 0.3 0.2 -2.5 -4 .7 -12.8 3 0 , 534P 2.8 2.5 0. 9 1.9 -2.0 -2.1 -2.7 -5.3 -7.7 -13.1 -1 3 .3 3 0 , 173P 10- 69 1 1 - 6 9 12- 69 1-70 2-70 3-70 4-70 5-70 6-70 7-70 8-70 9- 70 10-70 1 1 - 70 1. 6 ___1. 8 4-69 5-69 1. 9 2.8 2.2 2.7 6-69 7- 69 8-69 9-69 1. 7 2.4 INITIAL 4. 1 30 , 8 8 5 MONTH P - PRELI MINARY PREPARED BY FEDERAL RESERVE BANK OF S T . JANUARY 12, 1971 PERSONAL ITÏCOME COMPOUNDED ANNUAL RATES OF CHANGE BI LL I O N S “OF DOLLARS ANNUAL RATES I N I T I A L MONTH TERMI NAL MONTH 5-69 6- 69 LOUI S 6-69 7-69 8-69 9-69 10- 69 1 1 - 69 12 - 6 9 1-70 2-70 3-70 4-70 5-70 6-70 7-70 8- 7 0 9- 7 0 10-70 11- 70 8.9 74 6 . 2 752. 7 7- 6 9 9.9 11 . 0 8-69 9.8 10. 3 9.6 758.5 9-69 9.3 9.4 1 \ 8 . 6 ___ 7 . 5 763.1 10- 69 8.6 8.5 7.6 6.7 5. 8 766.7 11 - 6 9 8.2 8.0 7.3 6.5 6.0 6.3 12 - 6 9 7.9 7.7 7.0 6.4 6.0 6.1 5.9 770.6 5.9 5.7 5.6 5.9 5.8 5.7 774.3 1- 7 0 7.6 7.4 6.8 6.2 5.9 2-70 7.4 7.2 6.6 6.2 5.9 3-70 —7 . 6 7.5 7.0 6.7 6.5 6.7 6.8 7.0 7.8 9.8 15. 3 20.3 777.8 5.9 781.5 ^ +5 w . 8% U/O NJ 787.6 - 4- 70 9.6 9.7 9. 6 9.5 9.8 10.5 11.4 12 . 8 5-70 7. 9 7.8 7.5 7. 3 7.3 7.5 7.7 8.1 8.7 9.6 9.6 - 9 . o \ 799.7 6.6 6.3 6.2 6.2 6.2 6.3 6.4 6.5 5.5 -5.7 -2.2 7 9 8. 2 7.0 806.0 3 1 .9 ^V 6-70 7. 1 7- 70 7.2 7. 0 6. 7 6.5 6.4 6.4 6.4 6.5 6.7 6.8 6.1 -1.3 2.7 7.9 8-70 7.0 6.9 6.6 6.3 6.2 6.2 6.2 6.3 6.4 6.5 5.8 0.1 3.4 6.3 4.7 8 0 3. 3 806.4 9-70 7. 1 7.0 6.7 6.5 6.4 6.4 6.5 6.5 6.6 6.8 6.3 1. 8 4.6 7.0 6.6 8. 5 10 - 70 6.5 6.3 6.0 5.8 5.6 5.6 5.6 5.5 5.5 5.5 4.9 1.0 3.1 4.5 3.3 2.6 -2.9 5.5 5.5 5.4 5.4 5.3 4.8 1. 4 3.3 4.4 3.5 3.1 0.5 4 . l \ 5.7 5.6 5.6 5.6 5.1 2.2 3.9 5.0 4.4 4.3 2.9 6.0 9 - 6 9 1 0 -6 9 1 1 -6 9 1 2 - 6 9 1- 70 2-70 3-70 4-70 5- 70 6-70 7-70 8-70 11 - 70 6.4 12-70 5 -6 9 6.2 5.9 5.7 5.5 6.3 6.0 5.8 5.7 6-69 7-69 8-69 811.9 809.9 8 1 2 . 6P 8 .0 8 1 7 . 9P 9 - 7 0 1 0 - 70 1 1 - 7 0 I N I T I A L MONTH PRELIMINARY PREPARED BY FEDERAL RESERVE BANK OF S T . JANUARY 15 , 1971 LOUIS 7 Retail Sa le s Ratio Scale Ratio Scale Source: U.S. D e p a r t m e n t of C o m m e r c e Percentages are annual rates of cha n g e for periods indicated. Latestdata plo t t e d : N o v e m b e r preliminary Prepared by Federal Reserve B a n k of St. Louis Personal Income Source: U.S. Department of C o m m e r c e Percentages are annual rates of c h a n g e for periods indicated. Latestdata plotted: D e c e m b e r preliminary Prepared by Federal Reserve B a n k of St. Louis 8 ....... GROSS NATI ONAL PRODUCT IN t URRENT DOLLARS COMPOUNDED ANNUAL RATES OF CHANGE B I L L I O N S OF DOLLARS ANNUAL RATES I N I T I A L QUARTER TERM INAL QUAPTER 1- 66 2-66 3-66 4-66 1-67 2-67 3-67 4-67 1- 6 8 2-63 3-68 4-68 1-69 3- 6<* 2-69 4- 69 1— 70 2-70 3-70 743.3 3- 6 8 4-68 7.6 7.6 %• J f •*t O« O >#T 7*U 7.6 7. 6 7.6 8.5 9.2 9.4 9.9 10. 0 8.5 7.5 7.6 7.5 8.4 8.9 8.9 9.3 9. 1 7.9 875.8 ^ 7 . 8 % “ - 891.4 9 0 7.6 1- 69 7. 6 7.5 7. 6 7.5 8.3 8.7 8.7 8.9 8.7 7.8 7*4 2-69 7.5 7.5 7.6 7.5 8.2 8.5 8. 5 8.6 8.4 7.6 7.4 7.4 7 . 3 \ 923.7 7.y 7.6 7.7 7.9 942.6 3-69 1-70 7.6 7.6 7.6 7. 6 7.3 7.3 7.3 7.3 7.8 7.1 7.0 7. 1 7.G 7.4 8. 2 8.5 8.5 8.6 7.6 7.5 7.5 8.4 7. 1 7.3 8.4 6.9 3.9 6.3 3.6 3.3 9 5 9.5 971.1 4.9 6.1 7.2 951.7 "+4.1%' 3-70 6.9 6.9 6.9 6.8 7. 1 7.3 7.2 7.1 6.9 6.3 6.1 5.9 5.6 5.3 4.6 4.8 5.5 ó . l ^ X 4-70 6.7 6.6 6.6 6.5 6.8 6.9 6.8 6.7 6.4 5.9 5.6 5.4 5.1 4.8 4. 1 4.1 4.4 4.1 2.2 1-66 2-66 3-66 4-6à 1- 6 7 2-67 3-67 4-67 1- 6 8 2-68 3- 6 8 4- 68 1-69 2-69 4-69 1- 70 2-70 3-70 3-69 985.5 1 990.9P QUARTER INITIAL PRELIMINARY T E RMINAL QUARTER ___________1 - 6 6 2-66 3-66 4-66 1- 6 7 PREPARED BY FEDERAL RESERVE BANK OF S T . LOUI S JANUARY 18, 1971______________________________ _________ GROSS NATI ONAL PRUDUCT IN CONSTANT 1958 DOLLARS ............. COMPOUNDED ANNUAL RATES OF CHANGE____________ B I L L I O N S OF I N I T I A L QUARTER_ DOLLARS ANNUAL RATES 2- 67 3- 6 7 4-67 1- 6 8 2-68 3- 68 4-68 1-69 2-69 3-69 4-69 1-70 2-70 3 - 7 0 _________________ 655.0 3.7_ 3-6 6 _ 4—66 3.9 1- 67 2.7 2.4 2-67 2.8 2.5 668.1 ■ J Z ,6 7 _ 4-67 66 0.2 3. 2 3 *4 6 6 6 .6 2. 3 l.l 3.0 2.8 2.2 3.7 678.9 2.8 2.8 2.3 3.3 3.0 3.7 4.6 3.8 3.9 3.8 4.5 4.9 5.0 5.7 5.6 3.7 3.7 3. 8 3.6. . 4.3 4.5 4.5 5.0 4.6 2-6JÌ 4-68 x+5.0%- 3.3 —3« 0.. i-68_ 3-68 671.6 3. 8 683.6 5.9 4.0 J lxZ 69 3.5 705.4 ____ ________I i O 712.6 3.5 2.8 <H2.9% 717.5 1- 69 3.6 3.6 3.6 3.5 4.1 4*2 4.2 4.5 4.1 2 2.7 722.1 2-69 3.5 3.5 3.5 3*4 3. 9 4.0 3.9 4.1 3.7 2. 9 2.5 726.1 3- 6 9 3.4 3.4 3.4 3.3 3.8 3.8 3.8 3.9 3.6 2.9 2.6 2.5 2.5 - 1 * 2 ____ LÜL 2.7 W 73 0.9 0.9 -0.9 1- 70 2.8 2.7 2.7 2.5 2.8 2.8 .2,6 2.6 2.2 1. 5 1. 0 0.7 0.2 -0.4 -1.9 2-70 2.6 2.6 2.5 2.4 2.6 2.6 2.4 2.4 2.0 1.4 1.0 0.7 0.3 -0.2 -l.l -1.2 3-70 2.6 2.5 2.5 2.3 2.5 ... 2 . 5 • 2.3 2.3 1.9 1. 4 1.0 0.8 0.5 0.1 -0.5 -0.3 4-70 2.2 2.2 2.1 1.9 2.1 2.1 1.9 1.8 1 .4 0.9 0.5 0.3 -0.1 -0.4 -1.1 -1.1 -0.5 -1.0 -3 .3 Ì 1- 6 6 2-66 3-66 4-66 1- 67 2-67 3-67 4-67 1- 6 8 2-68 3-68 4-68 1-69 2-69 3-69 4- 69 1-70 2-70 3-70 IN IT IA L 723*8 724.9 „ . y e 727.4 7 2 1 . 3P QUARTER P - PRELIMINARY PREPARED BY FEDERAL RESERVE l A N K Of S t . L O U IS JANUARY 18, 1971_________________ __________________ 9 Demand and Production Ratio S c a l e Trillions of D o lla r s Quarterly Totals at Annual Rates Seasonally Adjusted j_[GNP in current dollars. [2 G N P in 1958 dollars. Percentages are annual rates of change for periods indicated. Ratio S c a l e Trillions o f D o l l a r s Source: U.S. Department of Commerce Latest d a ta plotted: 4th quarter preliminary Prepared by Federal Reserve Bank of St. Louis ID FI NAL SALES IN CURRENT DOLLARS COMPOUNDED ANNUAL RATES OF CHANGE 2-66 1=66 2-66 3-66 1-67 4-66 2-67 3-67 4-6 7 1- 6 8 2- 6 8 3- 6 8 4-68 i —69 2-69 3-69 4-69 1-70 2-70 3-70 5. > ^ 6 . 1 % 727. 1 744.0 3-66 7.3 9.6 4-66 6.1 6.6 3.7 1-67 6.5 7.0 5.7 7 5 0. 8 7.7 7 6 4. 8 780.0 2-67 6.8 7.3 ^.5 7.9 8.2 3-67 6.3 7,1 6.5 7.4 7.3 4-67 6.8 7.1 6.6 .. 1 - 6 8 7.7 8.0 7.8 7.7 8.0 7.7 2-6 0 BI L L I O N S OF DOLLARS ANNUAL RATES I N I T I A L QUARTER TERMINAL QUARTER 792.2 8 0 5. 9 7.2 6.8 8.6 8. 8 9.0 10. 4 13,8 8.4 8.6 8.7 9,5 10.7 7.3 t .? 832.3 7.7 84 7 . 8 867.6 3-68 7.9 8.2 8.0 8.6 8.8 8.9 9,5 10.3 8.7 9.7 \ + 7 . 1 % 4-68 7.8 8.0 7.9 8.4 8.5 8. 5 9,0 9.5 8. 1 8.3 6.9 1-69 7,8 3,1 7.9 8,4 8.5 8.5 8,9 9.3 8. 2 8. 3 7,7 8,5 2-69 7.8 8.0 7.9 8,3 8.3 8.4 8,6 8.9 8. 0 8,0 7, 5 7*8 3,1 8.2 8. 2 8.4 8,6 7,** 7i 9 7.3 7.5 7. 0 6,9 8. 1 8.3 7*5 7»? 7*0 1* 1 *«é 6.3 3-69 7.7 7.9 7.8 4-69 7.6 7.8 7.6 8.0 8.0 8,0 88 2 . 1 900.2 915.9 7,2 931.2 944*5 5»! 1-70 7.5 7.6 7.5 7,8 7.8 7.8 7, 9 8,0 7,3 7,2 6.8 4*8 4,4 4.2 5.8 5. 8 2-70 7.3 7.4 7.3 7.5 7.5 7,5 7,6 7,6 6.9 6,9 6,5 4.4 4.0 5,7 5.3 5. 1 4.3 3-70 7.2 7.3 7.1 7.4 7.3 7.3 7,3 7,4 6,8 6,7 6,3 6.2 5. 8 5.6 5.2 5. 0 4.7 5 . 0 ^ v 980.0 4-70 6.9 7.0 6.9 7.1 7.0 7.0 7,0 7.0 6.4 6.3 5,9 5.8 5,4 5.1 4,7 4.5 4.0 3.9 9 8 6 . 8P 1-66 2-66 3-66 4-66 1-67 2-67 3-67 4-67 1- 68 2-68 3- 6 8 4-68 1- 6 9 2-69 3-69 4-69 1- 7 0 2-70 INITIAL P- 95 7 . 9 968. Î 2*8^ 3-70 QUARTER PRELIMINARY _ PREPARED BY F E O ^ R A C r E S E R V E JANUARY 18» 1971 I N C O N S T A N T 1 9 5 8 DOLLARS A N N U A L R A T E S OF CHANGE F IN A L SALES COMPOUNDED INITIAL TERMINAL QUARTER risr 66 2-66 3-66 2-66 0.8 v + 2 . 3 % 4-66 1-67 2-67 3-6 7 4-67 BANK OF $ T . L Q U I 5 1-68 QUARTER 2-68 3- 6 8 4-68 1-69 2- 69 3- 69 4- 69 1-70 B I L L I O N S OF DOLLARS ANNUAL RA T ES 2-70 3- 70 639.6 3-66 3.4 6. 1 649.1 4-66 2.3 3.1 649.5 1-67 3.0 3.7 1 2.6 \ 657.5 5.0 ^t O A / o 667.3 2-6 7 3.6 4.3 3.8 5.6 6.1 3-67 3.3 3.9 3.3 4.4 4.0 2.0 670.6 3.4 2.1 674. 4 4-6 7 3.2 3.6 3.1 3.8 1-68 4.0 4.5 4.3 I 5.1 2-68 3.9 4.3 4. 1 3-6 8 4. 4-68 3.9 1 1. . 4.7 I 1 5. 1 4.6 4.8 6.2 4.3 5, 1 10.3 > 691.1 695. 9 4.4 4.2 4.8 4.8 4,5 5. 2 6. 1 4.2 4.0 4.5 4.4 4.1 4.6 5. 1 4.4 4.4 4.1. 4.5 4.9 (t 4*; S.V 3. 5 3. 8 70 5 . 2 2. 2 709.0 3,1 716. 1 1-69 3.9 4.2 4.0 2-69 3.7 4.0 3.8 4.2 4. 1 3. 8 4.1 4.4 3. 1 3.4 „.lt.7 3,0 1. 9 3.8 3.6 3.9 3.8 3.5 3.7 3. 9 2.9 2.9 2.2 2.2 1. 3 ,1 1 A ° / 719.4 0 . 8 \ 720.9 3-69 3.5 4-69 3.4 3.6 3.4 3,6 3,5 3. 3 3. 4 3. 5 2» 6 ¿ft 2,0 2,0 1,3 1.0 1. 2 1-70 3.1 3.3 3. 1 3,3 3.2 2.9 3 . 0 ... 3 . 1 2.2 2.2 1. 6 1.5 0.9 0.6 0.4 -0.3 2-70 2.9 3.1 2.9 3, 2.9 2.7 2.7 2.8 2.0 1. 9 1. 3 1.2 0.6 0.3 0.2 — 0*3 1 723.0 722.4 - 0 , 3 721.9 \ 3-70 2.8 2.9 2.7 2.9 2.7 2.5 2.5 2.6 1. 8 1. 7 1. 2 1.1 0.6 0.4 0.3 -0.0 0.1 0.5 4-70 2.5 2.6 2.4 2.5 2.4 2.1 2. 1 2.1 1. 4 1. 2 0.8 0.6 0.1 -0.1 -0.3 -0.7 -0.8 -1.1 -2.7 1-66 2-66 3-66 4-66 1-67 2- 67 3-67 1- 68 2-68 3-68 4-68 1-49 2-69 3-69 4-69 Ï-70 2-70 3- 70 4-6 7 INITIAL P- 72 2. 8 1 7 1 7 . 8P QUARTER PRELIMINARY PREPARED BY.FEDERAI RESERVE B A N K O F T T . LOUTS JANUARY 18» 1971 11 Final Sales Total Spending Less Changes in Business Inventories Rotio Scale Trillions of D ollars Quarterly Totals at Annual Rates Seasonally Adjusted Ratio S c a l e Trillions o f D o l l a r s Source: U.S. Department of Commerce Percentages are annual rates of change for periods indicated. Latest d a t a plotted: 4th quarter preliminary Prepared by Federal Reserve Bank of St. Louis 12 CONSUMER PR IC E INDEX * COMPOUNPEO ANNUAL RATES OP CHANGE TERMI NAL MONTH IN ITIA L 4 -6 9 5-6 9 6-6 9 7-6 9 8 -6 9 9-6 9 10-69 1 1 -6 9 1 2 -6 9 1 9 5 7 - 59 * 100 MONTH 1 -7 0 2 -7 0 3-7 0 4-7 0 5 -7 0 6 -7 0 7 -7 0 8 -7 0 9 -7 0 10-70 126.8 3.9 6-6 9 1 2 7.6 ç .a 7 .8 7 -6 9 5 ,8 6 .« 5.8 8-6 9 5.6 6.1 5.3 4 .8 128.2 128.7 12 9.3 5 .6 6 .* 5 .4 5 .3 5 .7 10-A9 5.5 5 .« 5 .3 5.1 5 .2 4 .7 It-A O 5.6 5.9 5 .5 5 .5 5 .7 5.7 6 .7 19 -* 0 5 .« 6 .? 5.9 5 .9 6 .? 6.3 7 .1 l-? 0 5.7 6 .0 5.7 5 .7 5 .9 5 .9 2 r ™ 5.8 6 .0 5.8 5 .8 6 .0 6.0 3-7 * *•9 6.1 5*9 5 .9 6.1 6 .1 1 2 9.8 1 3 0.5 7 .6 131.3 6 .3 6 .1 4 .7 131.8 6 .4 6 .3 5.6 6 .6 6.4 6 .3 5 .9 6.5 6 .5 133.2 « -T O *•0 6 .2 6 .0 6.1 6.2 6 .3 6.6 6 .6 6.3 6 .8 7 .0 7 .5 5 -? 0 6 .0 6 .? 6 .0 6 .0 6 .? 6.2 6 .4 6 .4 6.1 6.5 6 .5 6 .5 *6-7 0 ? -7 n 1 3 4.0 rs. 1 v . 5 .5 X 134.6 *>.0 6 .1 6 .0 6 .0 6 .1 6.1 6.3 6 .3 6.0 6 .3 6.2 6 .1 5 .5 5 .5 5 .8 6 .0 5 .8 5 .9 5 .9 6 .0 6 .1 6 .0 5.8 6 .0 5 .9 5 .7 5 .2 5.0 4 .5 135.2 135.7 •.-70 5 .* 5 .* 5 .6 5 .6 5 .7 5 .7 5.8 5 .7 5 .4 5.5 5 .4 5 .1 4 .5 4 .2 3 .6 2.7 9 -7 0 5 .6 5 .7 5 .6 5 .6 5 .7 5 .6 5.7 5 .6 5 .4 5 .5 5 .4 5 .2 4 .7 4 .5 4 .2 4.0 5.4 5.1 5 .1 5 .0 5.1 6.3 I 4 .9 | 4.8 t. 4 .7 4 .7 5.4 .. . ^ 6-7 0 “7 - Î 0 6 -7 0 $ -7 0 10 - 7 0 10-70 ' I1 -T0 5.7 5 .8 5 .7 5 .7 5 .8 5.8 5 .9 5.8 5.6 5 .7 5 .6 5 .5 5 .6 5.** 5 .6 5 .6 5 .6 5 .6 5 .7 5 .6 5 .4 5 .5 5 .4 5 .2 4 -6 9 5 -6 9 6 -6 9 7 -6 9 8 -6 9 9 -6 9 10 -6 9 1 1 -6 9 1 2 -6 9 t-7 0 IN IT IA L ♦ NOT SFA SO N M LY 2 -7 0 3 -7 0 4 -7 0 5-7 0 by federal 6-6 9 keserve 0 .0 7 -6 9 1.1 2 .2 a-6 9 2 .2 3 .3 7 -6 9 8 -6 9 9-6 9 10-69 1 1 -69 12 -69 1 -7 0 2-7 0 3 -7 0 _2a 7 ,„_3.*6. 1 9 5 7 - 5 9 * 100 4-7 0 5 -7 0 7 -7 0 6 -7 0 8 -7 0 9 -7 0 1 0 -70 11-7C 4 .3 113.2 113.8 4*3 5.1 5 .4 6.5 3 .6 4 .3 4 .9 5 .1 5 .4 4 .3 114.2 1 1 4.6 12-69 3.7 4 .3 4 .8 4 .9 5 .0 4 .3 4.3 1-7 0 3 .9 4 .5 4 .9 5 .0 5 .1 4 .6 4 .8 2-7 0 3 .9 4 .4 4 .8 4 .9 4 .5 3-70 3 -9 4 .3 4 .6 4 .6 4 .6 4 .3 4-7 0 3.9 4 .3 4 .5 4 .6 4 .6 4 .3 5-7 0 3 .9 4 .3 4 .5 4 .5 4 .5 11 5.1 5 .4 115.5 4 .8 4 .3 4 .3 4 .3 3 .7 3 .2 4 .3 4 .2 3 .9 3*7 4 .2 4 .3 4 .2 4 .2 4 .0 3*9 4 .2 4 .2 3.8 3 .8 3 .7 3 .4 3 .1 3 .1 2 .6 115.8 116.2 116.6 1 X . 116.7 1.0 ^ ^ 3.7 4 .0 4 .2 4.2 4 .1 3 .6 3 ,9 4 .0 4*0 3 .9 3 .« 3 .6 3 .5 3.2 2.9 2 .9 2 .4 1.6 2 .1 3 .5 3 .7 3 .9 3 .8 3.8 3 .5 3 .4 3 .3 3 .0 2 .8 2.7 2 .3 1 .7 2 .1 2 .1 9-?70__ __ 3 . 5 3* 7 3 .8 3 .8 3.7 3.5 3 .4 3.3 3 .0 2.8 2.8 2 .5 2.1 2 .4 2.6 3 .1 4*1 4 .2 4 .2 4 .2 4 .0 3 .9 3 .9 3.7 3*7 3 .7 3 .6 3 .5 4 .2 4 .9 6 .3 9*6 3 .8 3.9 3 .9 3 .8 3 .6 3.6 3 .5 3 .3 3 .2 3 .3 3 .1 2.9 3 .3 1 2 - 7 Q . __ 3.6 3 . 6 „ _ J L . i l ___ 3 . 3 L 5-6 9 L O U IS 112.8 4*3 ...3.5 . 11-70 sr. 4.4 11-69 .l .Q r 7 0 _ of 112.4 JQ -6 9 8-7 0 rank 112 .2 6 -6 9 ...7 - 7.0__ ■ 1970 I N I T I A L MONTH -TERMINAI MONTH 5 -6 9 I MONTH prepared _JtrlQ 137.4 137.8 40JU STF0 . OECEMBE« 28* WHOLESALE P R IC E S - IN D U S T R I A L COMMODITIES ♦ COMPOUNDED ANNUAL RATES OF CHANGE 9-6 9 1 3 6 .6 6-6 9 7-6 9 . 8 -6 9 9 -6 9 1 0 -69 11-69 1 2 -6 9 1 -7 0 2 -7 0 3 -7 0 4 -7 0 3 . 1 |_ 3 . 5 5 -7 0 6-7 0 116.9 . 1 1 7 .1 117.4 118.3 3 .6 4 .2 4 .7 O ^ X 3 .7 4 .2 4 .5 2 .0 7 -7 0 8 -7 0 118.3 4 * lj „.A*® ? * -7 0 10 -7 0 11 -7 0 I N I T I A L MONTH * NCT SEASONALLY A k i U S I £ i L PREPAREO BY FEOERAL RESERVE BANK OF S T . L O U IS JANUARY 1 2 , 1974. 13 Prices Ratio Scale 1957-59=100 Ratio S c a l e 1957-59=100 Source: U.S. Department of Labor Percentages are annual rates of change for periods indicated. Latest data plotted: Consum er - Novem ber; W h o le sa le Industrial - December Prepared by Federal Reserve Bank of St. Louis WHOLESALE PRI CES* ALL COMMODI TI ES * COMPOUNDED ANNUAL RATES OF CHANGE TERMI NAL_____________________________________________________________________ I N I T I A L MONTH MONTH 5-69 6-69 7- 69 8-69 9- 69 10-69 11-69 12- 69 2-70 3-70 1-70 6-69 _____________ ___ _____________ _______________________ 1 9 5 7 - 5 9 * 100 4-70 5-70 6-70 7-70 8-70 9-70 10-70 11- 70 113.2 4.3 113.3 7-69 2.7 1*1 8-69 2.1 I.1 9- 69 2.1 1.4 1.6 2.1 10-69 2.6 2.1 2.5 3.2 4.3 11-69 3.4 3.2 3.8 4.7 6.0 7.6 12 - 6 9 3 m3 3.9 4.6 5.4 5.9 4.3 1-70 4,3 4.3 4.8 5.6 6.5 7.2 7.0 9.8 2-70 4.3 4.3 4.7 5.4 6.0 6.4 6. 1 7.0 113.4 1.1 113.6 114.0 114.7 115. 1 116.0 4.2 116.4 116.6 1-70 4.1 4.4 4.9 5.4 5.6 5.1 5.3 3.1 2.1 4- 7Q A .l 3.9 4.3 4.6 4.6 4.0 4.0 2.1 1.0 116.6 0.0 116.8 5-70 3.5 3.7 4.0 4.3 4.2 3.7 3.6 2*1 1.4 1.0 2.1 6-70 3.4 3.6 3.8 4.0 4.0 3.5 3.3 2.1 1.6 1.4 2.1 2.1 7-70 3.7 3.7 3.9 4.1 4.3 4.4 3.9 3.9 3.0 2.7 2.9 3.8 4.7 7.4 8- 70 3.1 3.0 3.2 3.4 3.5 3.4 2.9 2.7 1. 8 1.4 1. 2 1.6 1.4 1.0 -5.0 9-70 3.3 3.4 3.6 3.7 3.6 3.3 3.1 2.3 2.1 2.1 2.5 2.6 2.8 0.5 6.3 10- 70 3.1 3.2 3.3 3.4 3.3 3.0 2.8 2.1 1.8 1.8 2.1 2.1 2.1 0.3 3.1 0.0 11-70 2.9 2.9 3.0 3.1 3.0 2.6 2.5 1.8 1.5 1.4 1.6 1.5 1.4 0.0 1.7 -0.5 -1.0 12-70 2.8 2.8 2.9 2.9 2.9 2.5 2.3 1.7 1.4 1.4 1.5 1.5 1.4 0.2 1.5 0.0 0.0 7-69 8-69 9-69 10-69 11-69 12- 69 1-70 2- 70 3-70 4-70 5-70 6-70 7-70 8-70 9-70 5-69 3.5 6-69 117.0 117.7 117.2 117.8 117.8 117.7 1.0 117.8 10-70 11- 70 I N I T I A L MONTH NCT SEASONAL L Y ADJ USTEO______________________________________________________________ » PREPARED BY FEDERAL RESERVE BANK OF S T . L OUI S WHOLESALE PRI CES - FARM' PRODUCTS, AND PROCESSED FOODS* AND FEEDS* ___________________ COMPOUNDED ANNUAL RATES OF CHANGE_______________________ 15.8 7-69 7.6 6-69 7-69 8-69 9-69 10-69 11-69 12 - 69 1-70 2-70 4-70 6-70 8-70 9-70 115.5 0.0 8—69 1.8 -4.6 -9.0 9- 69 0.5 -4.1 -6.1 114.6 -3.1 114. 3 114.3 0.4 -3.1 -4.1 -1.6 0.0 11-69 2.8 0.4 0.5 3.9 7.6 15*7 12-69 3.5 1.6 1.9 4.8 7.6 11*5 7.5 1- 70 5.4 4.0 4.7 7.7 10.6 14. 4 13.7 20*2 9.5 12. 0 10 . 8 12*5 115.7 116. 4 118.2 118.7 5*2 2-70 5.4 4.2 4.8 7.3 3-70 5.0 3.8 4.3 6*4 8,0 9.7 8.3 8*5 3.1 4.0 5.0 5.9 4.0 3*1 -2.0 2.8 3.6 4.1 2.3 1*2 -3.0 -5*6 -8.8 -6.0 1*9 -1*4 -3*0 -4.3 -0.5 5.3 4-70 3.4 2.2 2.4 5-70 2.5 1.4 1.6 118.8 1.0 117.6 -5.4 -11.5 117.0 6-70 2.7 1.7 1.9 3.0 3.8 4,2 2.7 7-70 3.9 3.0 3.3 4.5 5.3 5.9 4.7 4.3 1*9 1.2 1.3 5.9 12.4 0*8 -1.7 -2.8 -3.6 -1.5 0.0 117.5 20.0 119.3 -2 .5 -20.8 117.0 8-70 2.0 1.1 1.2 2.1 2.6 2.8 1.5 9-70 2.9 2.1 2.2 3.1 3.7 4.0 2.9 2*4 0.4 -0.3 -0.5 1*8 3.9 3.4 -4.0 1.4 1.5 0.3 -0.4 -2.5 -3.4 -4.0 -2.7 -2.0 -3.8 -10.6 1.0 1*0 -0.1 -0.7 -2*6 -3.5 -4.0 -2*9 -2.4 -3.8 -9.0 - 4 . 7 -13*8 -4.1 -3.7 -4.2 -3.3 -2.9 -4.2 -8.4 -5.0 -11.3 -5.1 2-70 3-70 4-70 5-70 6-70 7-70 8- 70 9-70 10-70 1.2 0.3 0.3 1.0 11-70 0.9 0.1 0.1 0.7 12-70 11-70 115.5 10-69 0.5 -0.3 -0.3 0.3 0.5 0.5 -0.6 -1*2 -2*9 5-69 6-69 7-69 8-69 9-69 10-69 11-69 12-69 1-70 INITIAL * 3-70 5-70 H ? -w o 5-69 6-69 1957- ■59 * 100 MONTH -a 1 o INITIAL TERMI NAL MONTH 16.5 118.5 -5.0 -22.6 116.0 115.6 -6.1 115.0 10-70 11- 70 MONTH NCT SEASONALLY ADJ USTED PREPARED BY FEDERAL RESERVE BANK OF S T . JANUARY 1 2 , 1971 L O UI S 15 General Price Index* Ratio Seal* Ratio Seal« 1958=100 1958=100 1962 1963 1964 1965 1966 1967 *As used in N o tio n a l Incom e Accounts P ercentages a re a nnual rates of change for periods in d ica te d . 1968 1969 1970 Source: U.S. Departm ent of Com m erce Latestdata plotted: 4th quarter pre lim ina ry P repared by Fe de ral Reserve Bank of St. Louis T H P iR if PRicë DgTUfòR m SftäSS NATIONAL MflPUCT ____________ COMPOUNDED ANNUAL RATES QF C H A N G E _________ TERMI NAL QUARTER IN IT IA L 1 -6 6 2 -6 6 1 -6 7 2 -6 6 <!<Q .......... 3-66 4 -6 6 1-6 7 2 -6 7 3 -6 7 4-6 7 1-6 8 2 -6 8 1958 Q UA R TER 3-6 8 4 -6 8 1-6 9 2-6 9 3 -6 9 4 -6 9 1-7 0 2 -7 0 100 3 -7 0 - ____________ ____ __________________________ _______________________________________________ „ _______________________________________________________ 11 3.5 3.8 3.6 11 4.5 3.6 3.4 115.4 3.4 3.2 116*2 2.8 116.8 - 1 - 69 4-69 Ì . 3 .... I t i ..liJQ____ 1x1____ 1*1____ 1* 1 _ *3 4*8 4 .5 4 .7 4 .7 1 i Q- JhJL 1x1__ i±L_ *5 4*7 4*8 5*0 5*1 4* ? 4 ,7 I t 6_ 4 .2 l « j ..... I x L . Iti, J t x l _____l x 2 _ - ÌZ Ì .Q Ju 2 - 1 = 7.0- J i ± l ____ l x 1-66 ____ 1 * 1 - 4 .6 1x1.... Is ? 4*9 111 3 -6 6 4 -6 6 m l 4*8____ i t i 1-6 7 2^67 P 67 . A mË____ 1 , 9 5 , 0 5*0 5*2 5 .3 I +5.3%127*2 5*8 129*0 5*1 5 .3 4 .7 5 .5 5.7 5.7 130*5 :+4.9% 132*6 4*9 4*9 5*1 5 .1 5 .2 5*3 5*2 5*4 4*3 .7 4*8 4*9 5*0 5*1 5*1 5*2 5*0 5*1 4 .4 4 .6 135*5 *8 4*9 5*0 5*1 5*1 5*2 5*3 5*2 5*3 4*9 5*1 137.4P 4^67 1^68 2-6 8 3 -6 8 4 -6 8 1^69 2^6^ 3^ 6 9 JR 5 T-7T5 Is ? .1 a ....... u l ..... t a ____ l_ 2 -6 6 4*5 J b i ____ 1 x 5 ____ I x Z ____ l * i _ _ 1 * J ____ f U i _ -JLrT Q ... 4*3 4*9 134*0 3 -7 Ö -------------------------------------------------------------------------------------------------------m m J r w s w T g R -------------------------------------------- ---------------------------------------------------------------------------------P - FRASER PR E LIM IN AR Y Digitized for PREPARED BY FEDERAL RESERVE JANUARY 18» 1971 BANK OF ST* L O U TS " Inventories Compared With Monthly Sales* *Ratios based on seasonally adjusted data. Source: U.S. Department of Commerce Shaded areas representperiods of business recessions as defined by the National Bureau of Economic Research. Latest data plotted: Novem ber P r e p a r e d by F e d e r a l R e s e • B a n k cf St I ouis
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