Full text of National Economic Trends : January 1976
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nflTionm economic PREPARED MONTH EN DING: BY December 31, 1975 FEDERAL RESERVE BANK trciids OF ST. LOUIS RELEASED: January 29, 1976 The U.S. economy continues on an upward course which began In the spring of 1975. Production, employment, and Income have been Increasing since spring. Prices are rising more slowly, on average, when compared to the double-digit Inflation rates which prevailed during 1974; however, the rates of Increase con tinue high by historical standards. Despite a major revision in the GNP data, the contours of the recent recession and the current recovery are not substan tially changed from those depicted by earlier data. Real GNP has risen at a 6.8 percent rate since first quarter 1975, after de clining for 4 consecutive quarters. The implicit price deflator for GNP rose at a 6.5 percent rate in fourth quarter 1975 and has risen at a 5.9 percent rate since first quarter last year, which compares with an 11 percent rate of increase in the previous year. Industrial production rose at a 13 percent rate in December, about the same as the rate of growth since April 1975. Industrial production decreased at a 10.0 percent rate during the recession period from November 1973 to April 1975. Total civilian employment and payroll employment have both risen at a 2.6 percent rate since last April. Retail sales have increased at about a 17 percent rate since April and have shown Increases in seven of the last eight months. The Increases in consumer and wholesale prices since last April have been slower than in the previous year, with consumer prices rising at a 7.3 percent annual rate and wholesale prices at a 6.5 percent rate. By comparison, consumer and wholesale prices rose 10 and 13 percent, respectively, in the year ending April 1975. Major comprehensive revisions in personal income and the national income and product accounts were announced January 16, 1976. The revisions, which go back to 1946, are the largest revisions to take place since 1965. The revisions Include: (1) regular updating for the estimates of 1972-1974 which usually take place in July; (2) benchmarking of GNP-related estimates to various censuses con ducted since 1963; (3) a change In the valuation period for constant dollar estimates from 1958 to 1972; and (4) a number of changes in definition and classification. TOTAL C I V IL I A N EM PLO Y A N T COMPOUNDED ANNUAL RATES OF CHANGE IN IT IA L TERM INAL MQNTH 5-7* 6-74 7-74 9-74 10-74 11-74 12-74 1-75 0 *4 7-74 2 .4 4 .5 1 .0 1 .3 - 1 .8 2-75 3-75 4-75 5-75 6-75 7-75 8-75 9-75 10-75 11-75 86 »403 8 6 ,2 7 4 8 6 ,4 0 2 9-74 1 .2 1 .5 - 0 .0 1 .8 l u —74 0 .7 0 .8 - 0 .5 0 .2 - 1 .4 11-74 - 0 .9 - 1 .1 - 2 .5 - 2 .7 —4-.9 - 3 .7 - 5 .4 8 6 ,3 0 4 r \ 8 5 ,6 8 9 - 8 .2 v x -6 .7 7 o 12-74 - 1 .7 - 2 .0 - 3 .3 - 7 .4 —6 .6 1-75 - 2 .6 - 3 .0 - 4 .2 - 4 .7 - 6 .3 - 7 .8 - 7 .6 - 8 .7 2-75 - 3 .1 - 3 .6 - 4 .7 - 5 .1 - 6 .5 - 7 .7 - 7 .5 - 8 ,0 - 7 .3 8 - 5 .8 - 6 .7 - 6 .3 —6 .2 - 5 .0 - 3 .8 - 4 .6 - 5 .1 - 4 .4 - 3 .9 - 2 .2 - 3 .7 - 3 .0 - 2 .2 - 0 .6 3-75 - 3 .1 - 3 .5 —4 ,*t 4-75 - 2 .5 - 2 .8 - 3 .6 5-75 - 1 .9 - 2 .1 - 2 .8 - 2 .9 - 3 .5 - 1 .7 - 1 .9 - 2 .5 - 2 .5 - 3 .0 - 3 .2 - 2 .5 - 1 .8 7-75 - 1 .0 - 1 .1 - 1 .5 - 1 .5 - 1 .8 - 1 .9 -1 .1 8-75 - 0 .7 - 0 .7 - 1 .1 - 1 .1 - 1 .3 - 1 .3 - 0 .5 9-75 - 0 .6 —0 . 6 - 1 .0 - Û .9 - 1 .1 -1 .1 8 5 ,2 0 2 8 4 ,5 6 2 8 4 ,0 2 7 8 3 ,8 4 9 •? - 5 i 0 .4 3 .4 1 .8 4 .0 4 .6 - 0 .3 1 .5 2 .9 2 .6 0 .6 - 0 .2 1 .2 3 .0 4 .5 4 .8 4 .9 9 .4 0 .3 1 .6 3 .2 4 .4 4 .6 4 .6 6 .6 3 .9 . 8 5,3 5 2 - 0 .4 0 .3 1 .5 2 .9 3 .8 3 .8 3 .7 4 .7 2 .4 0 .9 8 5 ,4 1 8 8 4 ,0 8 6 8 4 ,4 0 2 8 4 ,4 4 4 8 5 ,0 7 8 0 1 VJ1 6-75 THOUSANDS OF PERSO NS MONTH 86*088 6-74 8-74 8-74 - 0 .5 —0 .6 - 0 .9 - 0 .8 - 1 .0 - 1 .0 - 0 .3 0 .3 1 .4 2 .5 3 .3 3 .2 3 .0 3 .6 1 .7 0 .6 0 .3 11-75 —0 .6 - 0 .7 - 1 .0 - 0 .9 - 1 .1 - 1 .1 - 0 .5 0 .1 1 .0 2 .0 2 .6 2 .4 2 .1 2 .4 0 .7 - 0 .3 - 1 .0 - 2 .3 12-75 - 0 .4 - 0 .4 - 0 .7 - 0 .7 - 0 .8 —0 . 8 - 0 .2 0 .4 1 .2 2 .1 2 .7 2 .6 \J 2 .3 2 .5 1 .2 0 .6 0 .4 0 .5 7-7^t e-74 y-74 10-74 11-74 12=74 ._ lr 7 5 2-75 3“75 4~75 5-75 6-75 7-75 8-75 9-75 10-75 11-75 10-75 THOUSANDS OF PERSO NS 11-75 5-74 IN IT IA L 8 5 ,4 4 1 8 5 ,2 7 8 3 .3 \ 8 5 ,5 1 1 MONTH PAYROLL EMPLOYMENT COMPOUNDED ANNUAL RATES OF CHANGE IN IT IA L T ERM INA L MONTH 5-74 6-74 6-74 0 .7 7-74 1 .2 1 .8 7-7* 8-74 9-74 2-75 3-75 4-75 5-75 6-75 7-75 8-75 9-75 7 8 ,6 4 8 7 8 ,7 3 3 8-74 1 .3 1 .6 1 .3 1 .3 1 .5 1 .4 1 .5 10-74 0 .9 1 .0 0 .7 Ü .4 —0 .6 - 1 .8 - 3 .4 - 0 .3 1-75 7 8 ,5 3 0 9-74 11-74 10-74 11-74 12-74 MONTH - 0 .5 - 1 .0 7 8 ,8 3 0 7 8 ,7 9 0 - 6 .2 7 8 ,3 7 4 \ 12-74 - 1 .7 - 2 .0 - 2 .8 - 3 .8 - 5 .5 - 7 .9 - 9 .5 ‘N ^ o . y y o 1-75 - 2 .2 - 2 .6 - 3 .4 - * .3 - 5 .6 - 7 .3 - 7 .8 2-75 - 2 .8 - 3 .3 —<♦.0 —4 .8 - 6 .1 7 7 ,7 2 3 —6 . 1 7 7 ,3 1 9 - 7 .4 - 7 .8 ' 1 - 7 .1 - 6 .9 - 7 .7 7 6 ,8 0 4 " é H 91 3-75 - 3 .1 - 3 .5 - 4 .1 - 4 .9 - 5 .9 —6 .3 —6 .4 - 5 .1 4-75 - 2 .8 - 3 .2 - 3 .7 - 4 .3 - 5 .1 - 5 .8 - 5 .8 - 4 .8 - 4 .4 - 2 .6 - 0 .1 5-75 - 2 .5 - 2 .8 - 3 .3 —3 . 7 - 4 .4 - 4 .9 - 4 .7 - 3 .7 - 3 .1 - 1 .5 0 .3 6-75 - 2 .5 - 2 .8 - 3 .2 - 3 .6 - 4 .2 - * .6 - 4 .4 - 3 .5 - 3 .0 - 1 .8 - 0 .7 - 0 .9 - 2 .6 7-75 - 2 .0 - 2 .2 - 2 .5 - 2 .8 - 3 .3 - 3 .6 - 3 .2 - 2 .3 - 1 .6 - 0 .4 0 .8 1 .1 1 .3 5 .4 6-75 - 1 .5 - 1 .6 - 1 .9 - 2 .2 - 2 .5 - 2 .7 - 2 .3 - 1 .3 - 0 .7 0 .6 1 .8 2 .2 2 .7 5 .5 7 6 ,4 6 8 \ 7 6 ,4 6 2 0 .8 7 6 ,5 1 0 7 6 ,3 4 3 Vo 7 6*6 79 5 .5 7 7 ,0 2 3 9-75 - 1 .1 - 1 .2 - 1 .5 - 1 .7 - 1 .9 - 2 .0 - 1 .6 - 0 .7 - 0 .0 1 .1 2 .2 2 .7 3 .2 5 .2 5 .0 ... 10-75 -O.fc - 0 .9 - 1 .1 - 1 .3 - 1 .5 - 1 .6 - 1 .1 - 0 .3 0 .4 1 .5 2 .4 2 .9 3 .3 4 .8 4 .6 4 .2 11-75 - 0 .8 - 0 .9 - 1 .Ü - 1 .2 - 1 .4 - 1 .4 - 1 .0 - 0 .2 0 .4 1 .3 0 .7 1 .6 1-75 2-75 —0 . 6 —0 . o 5-74 6-7* —0 .8 7-7 4 - 0 .9 8-74 - 1 .0 - l.l - 0 .7 0 .1 9-74 10-74 11-74 12-74 IN IT IA L 3 .9 "V . 2 .5 2 .8 3 .9 3 .5 2 .8 1 .9 0 .0 E E 2 .6 2 .9 3 .8 3 .5 3 .0 2 .5 1 .9 3-75 4-75 5-75 6-75 7-75 8-75 9-75 10-75 1- 12-75 7 7 ,3 1 0 \ 2 .1 ■— 7 7 ,5 5 5 7 7 ,5 5 8 P 3 .8 ^ 77 *798P 11-75 MONTH 1 P - P R E L IM IN A R Y PREPA RED BY FED ERA L R ESE R V E BANK OF S T . JANUAR Y 9 , 1976 2 L O U IS EMPLOYMENT RATIO SCALE RATIO SCALE MILLIONS OF PERSONS MILLIONS OF PERSONS SEASONALLY ADJUSTED SOORCEs i.S.DEP A RTM EN T OF LAOOR PERCENTAGES ARE ANNOAL RATES OF CHANCE FOR PERIODS IMOICATED. LATEST OATA PLOTTED« DECEUDER PRELimMARY PREPARED 8Y FEDERAL RESERVE DANK OF S T . LOUIS UNEMPLOYMENT RATES* 1968 1969 1970 1971 1972 1973 1974 1975 1976 SOM C E t f . S . OEPARTNENT OF LAROR ■PERCENT OF C IV IL IA N LA10R FORCE IN SROOP LATEST OATA PLOTTEOt OECEWOER PREPARCO SY FEDERAL RESERVE RANK OF S T . LODIS 3 CO N SUMER PRICE INDEX, 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 TERMINAL MONTH IN IT IA L 5 -7 * 6 - 7 *, 7 -7 4 8 -7 4 9 -7 4 1 0 -7 4 1 1 -7 4 1967 « 100 M O N TH 1 2 - 7 4 ___ 1 = 2 5 ___2 - 7 5 3 -7 5 4 -7 5 5 -7 5 6 -7 5 7 -7 5 8 -7 5 9 -7 5 1 0 -7 5 1 1 -7 5 . .6- 2 4 ____ 1 1 . 6 1 4 6 .8 1 . IrU t ------ 11.1 io.S - 8 = 2 4 -------- L2_^2___1 2 . 6 148.04 1 * .7 1 4 9 .7 4 - . 9 - 2 4 -------- 12 * 5 — 1 3 . 4 ___1 4 . a___1 5 . 0 1 5 1 .4 9 . 1 0 - 7 * -------- 12 ,0 1 2 . 9 ___1 3 . 6 1 3 .1 1 1 .3 ■1Irlh------ 12.5 12.6 13.2 12.7 11.5 11.7 .12=14------ 12-. 1 - 12.2 10.8 1 5 2 .8 5 - 154.27, 155,46.- 12.5 11.9 11.0 -1=15------ LL.fr 11.6 11.7 11.1 10.2 9.8___ 8.9 8.0 -2=25------ 11.0 1Q.9 11.0 10.4 9.5 9.1 __ 8.2 7.4 6 * 8- -2=15------ LCU2__ l£ * l__ 10.0 9.4 8.5 7.9___ 7.0 6.0 5.0 4-75 5-75-6-7.57-75.. „ ftr75.. 1Q.0 Ç 9.8 -2*2____2*1____ 8*3____2*&____l* û ____6*4____5.JB ■9«5------ 2*3___ 2*2___ fc*6___ 2*8___ 1*3___ 6*6___ 6.0 -2*5___ 2*3___ 2*2___ 8.7 9.9___ 2^1___ 5*2-5*3___ 2*2_ 156.48 9.1 8.0 7.6___ 7.0 6 .7 .8 .0 -.6 .6 _157*34_ .157*77 5 .3 15ft*TL 5.4___ 5.0 5.8___ 4.3__ _£*3___ 6.1 7 . 1___ 7.0 159.27 9.7 160.50 7 .7 ____2*6____2*8____ 2*û____2*5__ 12.2 -8 .6 ___ 8*û___ 2*.7__ 2*3___ X*û___ 6*fl___ 6.8 9*1___ 8*3___ 8L*8___ 8*4___ 7.8 J.2 % 7.6 162.35 8.7 8.2 -2mQ 162.62 6*7____fa* 2___ 2*2____2*2____ 2*5___ 2*3____3 .8 5.7 10-75 5.Q___ 8*9___ 8*8___ fi*A___ 2*5__ 7.6__ _Z*2___ 7.0 6.8___ 6.8 7.4 7.4 6 .9 ____8.1 164.44 1.1-75 5.Q___ 8*5___ a*Jfi___ 8*4___ 7.9 7.7___ 7.3 7.0 7.5 7V«K 7.7___ 6 .1 _.J*5___ 8.4 165.57 12-75 8*9____8*1____8*6____8*2 7*5 5-7* 6-74 7-74 8-74 - 7 . 1 ___ 6 .8 7.5 7.8 7.1 _2*_2_ 7.0 _7jl Û____6^9_ -6*9 9-74 10-74 11-74 12-74 1-75 2-75 8.0 4-75 5.2 -163*37- -164*38- 7 t 8____ 2 * 5 ____________ 2*1____ 2*6____ 2 * 3 ____ 6 * £ _ ? t3 ( - 7 t V 3-475 7.5 5-75 6-75 7-75 8-75 9-75 10-75 11-75 IN IT IA L MONTH PREPARED BY FEDERAL RESERVE BANK OF S T . LOUIS JANUARY 21* 1976 1VLO MUU türinuw»! 11 L J f CCMPUUNDfcO ANNUAL RATES OF CHANGE n n u Lt; IN IT IA L TERM INAL MONTH 5-74 6-74 0 .2 o-7* 7-7 4 8-74 9-74 10-74 11-74 12-7* 1-75 2-75 1967 * MONTH 3-75 4—75 5-75 7-75 8-75 9-75 10-75 100 11-75 1 5 4 .7 4 1 6 0 .8 5 7-7* 2 6 .3 t>9.2 6-74 35 .3 5 7 .1 5 5 .2 9-74 2 5 .3 3 * .9 2 4 .2 - 0 .6 1 6 6 .8 5 1 6 6 .7 7 171 .6 1 10-74 2*5 .3 36 .4 2 9 .6 1 6 .4 * 1 .0 11—74 2 6 .5 31 .6 2 6 .6 1 8 .3 2 9 .1 1 6 .2 1 £—74 2 0 .4 2 4 .1 lb .l 1 0 .3 1 * .2 2 .8 - 1 0 .6 1 7 4 .0 2 172 .4 1 172 .0 1 1—75 1 7.2 1V .V 1 4 .* 7 .6 9 .7 0 .9 - 6 .7 - 2 .7 2-75 1 3 .9 1 5 .7 1 0 .6 4 .5 5 .6 - 1 .8 - 7 .7 - 6 .2 - 9 .5 3-75 1 1.7 1 3 .0 Ü .3 2 .9 3 .5 - 2 .7 - 7 .3 —o . 3 -fa. 0 4-75 1 2.4 1 3 .7 9 .6 4 .9 5 .7 0 .8 - 2 .4 - 0 .3 0 .6 6 .1 2 0 .1 5-75 1 1 .7 1 2 .6 9 .0 4 . fc 5 .5 1 .3 - 1 .3 0 .6 1 .5 5 .5 1 1 .9 4 .3 6-75 10. 6 il. 6 6 .0 * .2 * .7 0 .9 - 1 .4 0 .3 0 .9 3 *6 7 .2 1 .3 -1 *7 1 1 .0 1 1 .9 6 .7 5 .2 5 .8 2 .5 0 .6 2 .4 3 .2 6 .0 9 .3 o .O 6 .8 7—75 6-75 1 70 .5 8 1 69 .6 5 —6 . 3 ^ ^ * . 1 7 2 .2 6 V O .U / 0 1 7 2 .8 7 1 7 2 .6 3 1 5 .9 ^ 1 7 4 .7 7 8-75 1 0.9 1 1 .7 8 .7 5 .6 6 .1 3*2 1 .6 3*2 * .1 6 .6 9 .* 6 .9 7 .7 1 2 .8 9 .7 V—75 1 0 .7 1 1 .5 fa .7 5 .7 0 .3 3 .0 2 .2 3 . fa 4 .6 6 .8 V .l 7 .1 7 .8 1 1.1 8 .8 7 .9 10-75 1 1 .* 1 2 .2 9 .6 6 .9 7 .5 5 .1 4 .0 5 .6 6 .5 8 .7 11.1 V. 6 1 0 .7 1 4 .1 1 3 .5 1 5 .4 2 3 .5 1 7 6 .1 2 1 7 7 .2 4 180 .3 8 11-75 10. fa 1 1 .* 9 .u 6 .4 7 .0 " 4 .7 3 .7 5 .1 5 .9 7 .7 9 .7 8 .2 8 .9 1 1 .1 1 0 .0 1 0 .1 1 1 .2 0 .1 12-75 9 .9 1 0 .5 0 .1 5 .7 6 .1 4 .0 | 3 .0 4 .2 4 .9 6 .4 7 .9 6 .5 6 .8 8 .3 6 .8 6 .1 5 .6 - 2 .4 5-74 o-74 7-74 fa- 7 * 9-7* 10-7* 11-7* 12—7 * 1-75 2-75 3-75 *-75 5-75 6-75 7-75 8-75 9-75 10-75 IN IT IA L 1 8 0 .4 0 —4 . 9 Ì 1 79 .6 5 11-75 MONTH PREPARED BY FEDER AL RESERVE BANK OF S T . L O U IS JANUAR Y 9 , 1 976 4 P R IC E S RATIO SCALE 1967-100 SEASONALLY ADJUSTED RATIO SCALE 1967-100 PERCENTAGES ASE ANIMAL RATES OF CHAM6E FOR PERIODS IMOICATEO. LATEST OATA PLOTTED. DECEWER lANK OF S T . L O flS RATIO SCALE W H O LESALE P R IC E S RATIO SCALE PERCEMTA6ES ARE AMISAL RATE3 OF CMAMOE FOR FERIOOS IMOICATEO. LA TEST OATA FLOTTEOt OECEMSER fREPAREO SY FEDERAL RESERVE SAMK OF ST. LOUIS 5 WHOLESALE PR IC ES - INDUSTRIAL COMMCDITIfcS» SEASONALLY ADJUSTED COMPOUNDED ANNUAL RATES OF CHANGE 1967 * 100 IN IT IA L MONTH t e r m in a l MONTH • 5-7a- 6-74 0-74 30.0 7-74 35. * 7 -7 * 8-74 V—74 10-74 11-74 12-74 1-75 2-75 4-75 5-75 6-75 7-75 8-75 9-75 10-75 11-75 152.97 157.38 <*0.6 161*25 8-74 34.il 37.2 33 .ft V-74 2b.b 2 b .4 22 .7 12.4 10-7* 26.6 2c .0 ¿ 1 .* 15.6 11—74 23. t 22 .6 1fc . 5» 13.6 14.5 10.3 12-74 2 0 .V IV .5 15.6 11.5 11.1 7 .4 4 ,7 10 .0 7.1 5.6 162.83 165.20 ld . V 166.55 167.19 168.07 6 .5 1-75 IV .0 17.5 14.0 10.5 2-7i> 17.3 1 5 .V 12.7 V.5 e .9 6 .6 5.-4 5.7 4 .9 3-75 15.6 14.1 11.2 e.3 7.6 5.5 4 .3 4 .2 3.0 1.1 1*.<- 1 2 .b 10.0 7***- 6 .6 4 .7 3 .7 3 .4 2 .4 1.1 4-75 3-75 168.74 168.90 169.06 1.1 5-75 13.2 11.7 V .2 £>.(( 6.1 4 .3 3 .4 3.1 2 .3 1.5 1.6 k e a< w 2.1 N ÿ . y / o 6-75 12*5 11.1 b.fc 6 .5 5 .9 4*4 3 .6 3 .4 2 .8 2 .3 2 .6 3 .4 7-75 12*0 10.7 8 .5 6 .4 5 .9 * .5 3 .8 3 .7 3.2 2 .9 3.3 4.0 5 .0 5 .4 6-75 11.7 10.5 t .4 6.6 6v0 4 .6 4 .2 4 .2 3 .9 3 .7 4 .2 5.0 6 .0 6 .6 169*35 170.00 170.74 7 .9 ' 171.82 173.03 9-75 11.5 10.4 8 .5 6 .7 6 .3 5.2 4 .7 4 .7 4 .5 4 .4 5.0 5.7 6 .7 7 .3 8 .3 8.8 10-75 11.7 10.7 fe.V 7 .3 6 .9 t>.0 5 .6 5.7 5.6 5.7 6 .4 7 .3 8 .4 9 .3 10.7 12.1 15.5 7 .0 6.1 5.8 5.9 5.8 5.9 6 .5 7 .3 8 .2 9 .0 9 .9 10.6 11.5 7 .6 7 .0 6 .2 Lid 6 .0 6 .0 6.1 6 .6 7 .4 8 .1 8 .7 9 .4 9 .8 10.1 7.5 V -7 * 10-74 11-74 12-74 1-75 >-7Î l 5-75 6-75 7-75 $ -7 5 11-75 11.5 10.5 6.6 7 .3 12-75 11.3 lu .3 6.6 7 .4 5 -7 * 6-74 7-74 ,e-7* 2=2S_. 3 -7 ? IN IT IA L #\r\n rixwwvw i n u _u 6-74 7-74 8-74 177.25 9-7*.. .19-75. U - 7 ? MONTH rr\wwb^« IN IT IA L MONTH 5-74 7-74 7 .5 ]| COMPOUNDED ANNUAL RATES OF CHANGE TERMINAL MONTH 6-74 175.12 176.19 9-74 10-74 11-74 12-74 1-75 2-75 3-75 1967 « 100 4-75 5-75 6-75 7-75 8-75 9-75 10-75 11-75 -47.9 159.3 15.9 158.1 1 72.4 8-74 33.8 114.5 7 8 .2 180.9 9-74 21.1 2 6 .5 -10 .1 179.3 10-74 31.1 65.2 4 2 .3 27.2 6 0 .0 6 1 .3 4 3 .4 3 3 .4 6 2 .4 46*6 18.8 - 3 .5 -3 6 .4 60 .5 188.3 194.4 11—7* 33 .6 12-74 ♦ 20.1 36.1 2 1 .9 10.8 1-75 13.0 26.2 12.1 2.1 2-75 6 .6 16.6 4 .1 - 4 .8 - 3 .7 -17*6 -3 2 .0 -2 9 .8 - 3 3 .0 - 7 .2 -18*7 -2 9 .9 -27.6 -28 .2 -23.0 187.2 5 .5 -11*8 -3 1 .5 -2 6 .3 182.5 176.5 3-75 3.2 1 1 .4 0 .3 - 7 .6 4-75 8 .3 16.6 6 .7 0 .1 1 .6 -7*6 ^15.8 - 9 .6 - 3 .2 16.3 7 5 .6 5-75 6 .3 15.7 6 .8 0 .9 2 .4 - 5 .6 - 1 2 .3 - 6 .4 - 0 .7 13.3 3 7 .4 6-75 6 .2 12.7 4 .6 - 0 .9 0 .2 - 6 .8 - 1 2 .7 —8 .0 -3 .8 5 .4 17.0 -4 .6 -15 .3 7-75 9 .9 16.4 6 .9 4 .2 5 .7 - 0 .4 - 5 .0 0 .6 5 .9 16.1 2 8 .6 15.9 2 0 .3 7 0 .9 8-75 8 .6 1 4 .4 7 .5 3 .0 4 .3 - 1 .2 - 5 .4 —0 .6 3 .7 11.5 20.1 9 .2 9 .8 2 5 .0 - 8 .6 9-75 9.8 15.4 9 .0 4 .9 6 .3 1 .3 - 2 .3 2 .4 6 .7 14.1 2 1 .8 13.2 1 4 .7 26.8 9 .3 30.7 10-75 10.5 15.8 9 .8 6 .1 7 .4 2 .9 —0 .3 4 .2 8 .3 15.1 2 1 .8 14.6 16.1 2 5 .6 1 3 .4 2 6 .3 11-75 9 .0 13.9 6*2 4 .7 5 .8 1.6 - 1 .5 2 .5 5 .9 11*5 16.8 10.1 10.6 16.6 6 .0 11.4 - 0 .3 2 .5 7 .0 11.0 4 .8 4 .4 8 .1 - 1 .4 0 .5 - 7 .9 -20.1 - 2 6 .3 9-74 10-74 11-74 12-74 1-75 2-75 3-75 4-75 5-75 6-75 7-75 8-75 9-75 10-75 11-75 12-75 6 .8 11.2 5 .8 2 .4 5-74 6-74 7-74 8-74 3 .3 - 0 .7 - 3 .7 172.7 181.0 7 .5 182.1 179.6 187.8 186.4 190.6 22.1 2 .9 -13 .3 193.8 191.5 186.7 IN IT IA L MONTH PREPARED BY FEDERAL RÇS6RVE BANK OF -ST. LOUIS JANUARY 9t 1976 6 NDUS TRI AL PRODUCTION RATI O SCALE R ATI O SCALE 1967-100 1968 1967-100 SEASONALLY ADJUSTED 1969 1970 1971 1972 1973 PERCENTAGES ARE ANNUAL RATES OF CHANCE FOR PERIOD S L A T E S T OATA P L O TTE D « 1974 1975 1976 IN O IC A T E D . DECEMBER P R ELIM IN AR Y PREPARED BY FEDERAL RESERVE BANK OF S T . L O U IS COMPOUNDED ANNUAL RATES OF CHANGE TERMINAL MDMTM IN IT IA L MONTH 5-74 6-74 6-74 7-74 8-74 9-74 10-74 11-74 12-74 2-75 1 .0 1967 • 100 3-75 4-75 5-75 6-75 7-75 9-75 10-75 11-75 8-75 125*8 7-74 -1 .0 - 2 .8 8-74 - 1 .6 - 2 .8 - 2 .8 9-74 - 0 .2 - 0 .6 0 .5 3 .9 10-74 - 1 .7 - 2 .4 - 2 .2 - 1 .9 11-74 - 6 .3 - 7 .6 - 8 .8 -1 0 .7 -17.2 -26.1 12-74 1-75 125.5 1*9^2 125*6 - 7 .4 124.8 121*7 -11.1 - 1 2 .9 -1 4 .8 -1 7 .5 -2 3 .7 -3 0 .7 -3 5 .1 N - 1-75 - 1 4 .0 -1 5 .9 -1 7 .9 -2 0 .6 -2 5 .8 -31 .1 - 3 3 .5 -31 .9 113.7 -1 5 .1 -1 6 .9 -1 8 .7 -21.1 -2 5 .3 -2 9 .3 - 3 0 .3 -27.8 -2 3 .4 -14 .8 - 1 6 .4 -1 7 .9 - 1 9 .9 -2 3 .3 -2 6 .1 - 2 6 .2 -2 2 .9 4-75 .-13.6 -1 5 .0 -1 6 .2 -17 .8 - 2 0 .5 0» • A o 2-75 3-75 b id 117.4 22.5% -2 1 .7 -18.0 - 1 2 .7 111.2 -12.2 - 6 .8 110.0 - 1 .1 V 109.9 x 5-75 -1 2 .4 - 1 3 .5 -1 4 .5 - 1 5 .7 -1 7 .9 -1 9 .3 -1 8 .2 -1 4 .3 - 9 .2 - 3 .9 0 .5 2 .2 6-75 -1 0 .8 - 1 1 .7 -1 2 .4 - 1 3 .4 -1 5 .1 -1 6 .0 -1 4 .5 -1 0 .4 - 5 .4 - 0 .3 4 .1 6 .7 11.5 - 2 .6 2 .2 6.1 8 .6 12 .0 12.6 12.2 1 5 .7 18.0 7-75 - 9 .3 - 1 0 .0 - 1 0 .6 -1 1 .3 -1 2 .7 -1 3 .2 -1 1 .5 8-75 - 7 .4 -7.5 - 8 .0 - 8 .3 - 8 .8 - 9 .9 -10.1 - 8 .1 -4.1 0 .8 5.5 9.4 110.1 111.1 \ 42.0% 112.2 2 3 .6 X 114.2 . 9-75 - 5 .7 - 6 .2 - 6 .4 - 6 .7 - 7 .5 - 7 .5 - 5 .4 - 1 .4 3 .3 7 .8 11.6 14.3 1 7 .# 1 9 .7 2 3 .4 2 3 .2 ' 10-75 - 5 .1 - 5 .5 - 5 .7 - 5 .8 - 6 .6 - 6 .5 - 4 .5 - 0 .7 3 .5 7 .5 10.7 12.8 1 5 .0 15.9 1 7 .0 1 3.9 5 .3 11-75 - 4 .5 - 4 .8 - 4 .9 - 5 .1 - 5 .7 —5 .6 - 3 .6 -0.1 3 .8 7 .4 10.1 11.8 13.5 13 .9 1 4 .3 11.3 5.8 6 .3 12-75 - 3 .7 - 3 .9 - 4 .0 - 4 .0 - 4 .5 - 4 .3 - 2 .4 0 .9 4 .6 7 .9 10.4 1 3 .4 13.8 1 4 .0 11 .7 8 .2 9 .6 5-74 6-74 7-74 8-74 9-74 10-74 11-74 12-74 1-75 2—75 3-75 5-75 _ 6-75 7-75 8-75 l 12- ° l 4-75 116.2 116.7 ^ 13.0 117.3P } 1 1 8 .5P 9-75 1 0 - 7 5 1 1 - 7 5 IN IT IA L MONTH P - PRELIM INARY PREPARED BY FEDERAL RESERVE BANK OF S T . LOUIS JANUARY 19» 1976 7 PERSONAL R A T I O SCALE T R I L L I O N S OF OOLLARS INCOME MONTHLY TOTALS AT ANNUAL RATES SEASONALLY ADJUSTED R A T I O SCALE T R I L L I O N S OF DOLLARS ------ ---- 1— ------- ----- U ------- ------- 1------- 1— I ---- 1------- 0 .6 1968 1969 1970 1971 1972 1973 1974 1975 1976 SOURCEt « . S . P ERCCNTA0E3 ARE ANNUAL R ATES OF CHANCE FOR FE R IO O S L A T E S T DATA P L O T T E D . DEPARTMENT OF COMMERCE I KOI C A TE O . DECEMBER P R ELIM IN A R Y PREPAREO BY FEOERAL RESERVE BANK OF S T . L O U IS PERSONAL INCOME COMPOUNDED ANNUAL RATES OF CHANGE TERMINAL B IL L IO N S OF DOLLARS ANNUAL RATES IN IT IA L MONTH month 5-74 6-74 6-74 8.1 7—74 14.1 20.5 a-74 12.6 14.9 7-74 8-74 9-74 10-74 11-74 12-74 1-75 2-75 3-75 5-75 4-75 6-75 7-75 8-75 9-75 10-75 11-75 1 »144*4 1 .1 6 2 .3 9 .6 1 .1 7 1 .2 9-74 12-2 13.6 10.3 11.1 10-74 12.0 13.0 10.6 11.1 11.1 11-74 <?.<? 10-3 7 .9 7 .3 5 .5 0.2 12-74 9 .7 10. 0 8 .0 7 .7 6 .6 4 .4 8 .7 1-75 8 .8 8 .9 7 .1 6 .6 5 .5 3-6 5 .4 2-2 2-75 7 .8 7 .8 6 .1 5 .5 4 .5 2 .9 3 .8 1.4 1 .1 8 1.5 1 .1 9 1 .9 1.1 9 2.1 1*200.4 1*202.6 0-6 1 .2 0 3.2 3-7 f> 7 .2 7.1 5 .6 5 .0 4 .0 2 .7 3 .3 1.5 1.2 1.8 4-75 6 .9 6 .8 5 .4 4 .9 4.0* 2 .9 3 .4 2 .2 2.1 2 .9 4 .1 5-75 7.1 7 .0 5-7 5-3 4-6 3 .7 4 .3 3-4 3 .7 4 .7 6 .2 8 .4 6-75 fc.8 8 .8 7-8 7 .6 7 .3 6 .8 7 .8 7 .6 8 .7 10.8 14.0 19.4 7—75 8 .0 8 .0 7 .0 6 .8 6-4 5 .9 6 .6 6 .3 7 .0 8 .3 10.0 12.1 14.0 —1.1 8-75 h -7 8 .6 7-9 7.8 7-5 7-1 7 .9 7.8 8 .7 10-1 11.8 13.8 15.7 8 .6 19.3 'v 1.767-4 V—75 9 .2 9 .3 8 .5 8 .4 f i- ? 8-0 8-8 8 .8 9 .6 1 1.0 12.6 14-4 15.9 11-2 17-9 1 6 .6 ^ ^ 1.278-7 1.287-4 1 .2 0 5 .0 1*209.0 r \ 1.217-2 1.245-2 31.4 X il (w / 1.244-0 9.2 9 .2 8 .5 8 .4 8-? ft - Li 8-8 8-8 9 .5 10-7 12.0 13-4 14.4 10.5 1 4 .7 12.5 11-75 9.1 9-2 8-5 8 .4 ft- ? fl-0 8-7 ft-7 9-4 10-4 11-5 12.6 13.3 10.1 13.0 11-0 8 .3 12-75 b .9 8 .9 8 .3 8.2 8 .0 7.8 8 .4 8.4l 9 .0 9 .8 10.8 11.6 12.1 9 .2 1 1 .4 9 .5 7 .2 5-74 6-74 7-74 8-74 9-74 11-74 12-74 1-75 2-75 3-75 4-75 5-75 6-75 7-75 8-75 0 1 * I l i —75 1 .7 9 5 - Q 6 .6 4 .9 1 1 *3 0 1 .I P 9-75 10-75 11-75 IN IT IA L MONTH P- PRELIMINARY P R E P A R E D BY FED E R A L R E S E R V E BANK OF ST. LOUIS -IANUARY 2 1 « 1 9 7 6 8 RETAIL SALES RA TI O SCALE R AT I O SCALE ------ i — 1-----------------------------u --------------- ----------------L I ---------- 3--------------- ---------------1 ---------------1 2 5 1968 1969 1970 1971 1972 1973 SOURCE* PERCENTAGES ARE ANNUAL RATES OF CHANCE FOR PERIOD S L A T E S T DATA P LO TTE D « 1974 U .S . 1975 1976 DEPARTMENT OF COMMERCE I HO IC A T E D . NOVEMBER, DECEMBER AOVANCE E S T IM A T E PREPARED BY FEOERAL RESERVE BANK OF S T . L O U IS R ET A IL SALES COM^OUNDÉD ANNUAL *ÂTÉS ÒP ¿HÀfiê'Ê TfcKMlNAL MONTH IN IT IA L MONTH 5-74 6-74 6-74* - 1 .6 7-74 15.^y 36 .6 7-74 8-74 9-74 10-74 11-74 12-74 1-75 2-75 3-75 MILLIO NS ÛF DOLLARS 4-75 r-75 6—75 7=75' 8-75 9^-75" 10-75 11-»75 44,727 45,V05 e-74 2Ö.4 33.3 3Ö.0 9-74 7 .3 10*5 —0 .6 -24.0 10-74 S .7 7 *7 -Ö.5 - l3 .0 11-74 - 1 .2 - l.i 12-74 1.2 1.7 1-75 4 .1 5 .0 46,920 45,858 —0 .4 45 »844 - 6 .7 -18.9 -16.2 -277? —4 . l - i l : i Ö.4 - 4 .6 44,529 - ¿ .4 —9 .2 l6 .8 1.0 1.4 21 .6 45,109 4 6,0Ü6 ¿ 6 .7 2-75 6 .4 '77 4 " 3 .8 -Ö.0 7 .2 23.2 3- V i 3*1 3.7 0 .2 —3.5 0 .4 0 .6 V.9 4—75 4 .* 5.6 2 .6 - 0 .3 376 4 .3 ■ rz T tr T1TB“ " T 7 7 - -=173 Z F.O 5-75 7 .6 5 .4 6.Ò à *6 7 .7 6 .9 1 7 .Ö 17.1 14.8 32 .8 ¿6 .5 7 .7 2 6 .4 46 »V14 11.2 6-75 7 .6 8 .6 6 .4 4 .3 6 .0 $ .1 16.1 lTVflT it 7-75 9 .2 1Ö.1 Ò.2 6 .4 1ÏÏ70 ir.2 n r r .ô n .v " 16.5 " 1 *7 ^ 8-75 9.1 9 .9 6 .1 6 .4 io . è T575 16.4 1570 - T ;r 45 ,V51 —0*7 -277Ö" .* 11. Ö " 2 ^ 9 4 6 ,B l3 48,173 41.0 48,578 24.9 10.6 26 .2 26.6 19.9 30.1 r s .2 22.Ô 21.3 15.4 17.8 6 .7 49,655 49,925 9-V i T .* & .5 6 .8 ' 5V2 Ô.0 ÏÏ7"B"" n : 7 13.3' T T .Ö " S.ft 16.3 14.6 8 .2 -1 .3 =1.7 10-75 8 .3 9 .0 7 .4 57~9 6 .6 9 .4 13.9 1776 ir ; 2 H576 T h.2 14.6 1Ô.2 10.1 4 .2 2 .9 16.0 11-75 8.1 8 .7 *7.2 5.8 8 .3 9 .0 13.1 Î2 . 7 11.4 9 .9 14.7 13.3 972 9 .0 4 .3 3 .4 IÖ .1 4 .5 12-75 10.0 10.7 9 .3 8.2 l o . 't 11.6 15.6 15.5 I5Y5 13.4 18.2 17.4 14 .4 15.0 l i .2 13. 6 22.2 55 .5 9-74 10-74 11-74 12-74 1-75 2-75 3-75 4—75 5-75 6-75 7-75 8-75 9-75 10-75 11-75 ô ; ô" 49,549 50,165 5ô»35M> 50.6 52 »098E • 5-74 6-74 7-7* 8-74 IN IT IA L MONTH P- PRELIM INAR ? E — ESTIMATED PREP A.. _D BY FEDERAL RESERVE BANK OF S T . LOUIS 9 "" COMPENSATION PER HOUR. TOTAL P R IV A T E ECONOMY* _________i:Q M £ P U ^ E JL A ^ A l^ g M g .S _ Q J^ £ M N M _________ TERMINAL________________________________________________________________________ I N I T I A L QUARTER _________ „ _________ QUARTER 2-74_ 1-74 4-71 1-72 3-72 4-70 2-72 4-72 1-73 2-73 3-73 4-73 1-71 2-71 3-71 _______________________ 1967....?_100_. 4-74 3-74 8 .5 2-71 7 .4 6 .3 1 33 .1 3-71 7 .1 6 .5 6 .6 6 .1 5 .3 4 .8 3 .0 1-72 6 .8 6 .4 6 .5 6 .4 9 .9 1 3 4 .1 137*3 2-77 6 .6 6 .2 6 .2 6 .1 7 .6 5 .3 1-7 ? 6 .3 5 .9 5 .8 5 .6 6 .5 4 .9 4 .4 4-7? i». 4 6 .1 6 .1 6 .0 6 .8 5 .8 6 .0 7 .6 1-73 7.1 6 .9 7 .0 7 .0 7 .9 7 .4 8 .0 9 .9 7-73 6 .8 6 .6 6 .7 6 .7 7 .3 6 .8 7 .7 8. 1 8 .4 4 .7 3-73 6 .8 6 .6 6 .6 6 .7 7 .2 6 .7 7 .0 7 .7 7 .7 5 .5 6 .3 4-73 6 .9 6 .8 6 .9 6 .9 7 .4 7 .0 7 .3 7 .9 8 .0 6 .6 7 .5 139*1 1 4 0 .6 1 4 3 .2 1 2 .3 1 4 7 .4 149.1 1 5 1 .4 8 .7 1 54 .6 1-74 6 .9 6 .8 6 .8 6 .9 7 .3 7 .0 7 .2 7 .7 7 .7 6 .6 7 .2 7 .7 6 .6 7-74 7 .1 7 .3 7 .3 7 .4 7 .9 7 .A 7 .9 8 .4 Ä .6 7 .8 8 .7 9 .4 9 .8 *- 74 7 . f» 7 .5 7 .* 7 .7 A. 1 8 .0 8. * 8 .8 8 .9 8 .4 9 .1 9 .8 1 0 .2 4-74 7 .6 7 .6 7 .7 7 .8 8 .7 8 .0 8 .3 8 .7 8 .9 8 .4 9 .0 9 .6 9 .8 1 0 .8 9 .7 8 .4 1-75 7 .8 7 .7 7 . ft 7 .9 8 .3 8 .7 8 .4 8 .8 _ 9 .0 8 .6 9 .2 9 .6 9 .8 1 0 .6 9 .8 9 .2 1 0 .0 7—75 7 .8 7 .7 7 .8 7 .9 f t .* 8 .1 8 .4 8 .8 8 .9 8 .5 9 .0 9 .4 9 .5 10. 1 9 .3 8 .8 8 .9 8 .5 . -ß.6 ....a , a 8 .7 9 .0 3-'72 2-73 3-73 .. 7 .7 7-7 7 .7 7-£ 8..1 B .O 8 .2 4-70 1-71 2-71 3-71 4-71 1-72 2-72 4-72 1-73 IN IT IA L IN IT IA L TERMINAL QUARTER 1-71 2-71 3-71 4-71 1-72 2-72 3-72 4-72 1 57 .1 1 3. 1 12.1 1 6 2 .0 1 1 .0 1 66 .3 .._SL*A_ 4-73 1-74 1 6 9 .7 _ 2-74 1 73 .fi 7 .8 177 .1 . 7 *0 fr 3-74 4-74 1-75 2-75 3-74 4-74 1-75 2-75 . J7 9 .8 QUARTER OUTPUT PER HOUR OF ALL P ER SO N S. TOTAL P R IV A T E COMPOUNDED ANNUAL R ATES OF CHANGE 4-70 2-75 1 3 1 .0 4-71 3-75 1-75 1 2 9 .0 1-71 ECONOMY* 1967 « 100 QUARTER 1-73 2-73 3-73 4-73 1-74 1 0 7 .4 1-71 9 .9 7-71 5 .2 0 .7 3-71 5 .1 2 .8 4 .9 4-71 4 .2 2 .4 3 .2 1 .5 1-72 3 .9 2 .4 3 .0 2 .0 1 0 7 .6 1 0 8 .9 1 0 9 .3 1 1 0 .0 2 .6 1 1 1 .7 2-72 4 .3 3 .2 3 .8 3 .4 4 .4 6 .3 3-72 4 .1 3 .2 3 .7 3 .4 4 .0 4 .8 3 .3 4-72 4 .3 3 .6 4 .0 3 .9 4 .5 5. 1 4 .5 1 1 2 .6 1 1 4 .2 5..8 1-73 4 .4 3 .7 4 .1 4 .0 4 .5 5 .0 4 .6 5. 4 .6 7-73 3 .7 3 .0 * .* * .1 3 .4 *.*» 2 .9 ? , ,7 1 .7 -7. 1 Nw *- 7 * * .* 7. A 7 . ft 7. A 7 .7 7 . ft 7.1 1 ,.8 0.«5 - 1 .6 - 1 .0 4—7* *.1 ?-*> 7 .A 7 .4 7 .5 7.<5 l.ft i -.6 0 .5 - 0 .8 - 0 .2 1 1 5 .5 p v 1 1 4 .9 1 1 4 .6 0 .7 ^ ^ 1 1 4 .a r2 .3 % - 1-74 7.1 1. S 1 .A 1 .7 1 .7 1 .O 0 .3 - n ., ? - 1 .* - 7 .ft - * .n - 4 .0 - 8 .4 7-74 7 .0 1.4 _ 1 .5 1 .7 1.1 1 .0 0 .* -n. , 1 - 1 .1 - ?.? - ?.? - 2 .6 - 4 .1 0 .4 * —74 1 .ft 1 .7 1 -? n .Q 0 .0 0 .7 O. 1 -n., 3 - 1 .1 - 7 .0 - 7 .0 - 7 .3 - * .? - 0 .5 - 1 .4 - 2 .5 - 2 .6 - 2 .9 - 3 .7 - 2 .1 - 3 .4 - 5 .3 | —2 3 1 - 2 .3 - 2 .5 - 3 .1 - 1 .8 - 2 .5 -3 .0 - o > 110.3 1 1 2 .3 1 1 2 .4 1 1 2 .0 4-74 1 .* 0 .8 0 .8 0 .4 0 .4 0 .7 - O .A -n. ■8 - 1 .6 1-75 1 .7 0 .7 0 .7 0 .4 0 .3 0.1 -O-S -r».. A - 1 .5 7-75 1. 4 0 .9 0 .9 O.A 0 .6 0 .4 - 0 .1 -0..4 - 1 .0 - 1 .6 - 1 .5 - 1 .6 - 1 .9 - 0 .6 - 0 .8 - 0 .6 1 .8 1 1 1 1 .5 3-75 1 .8 1 .4 1 .5 1 .2 1 .2 1.1 0 .7 0 .5 0 .1 - 0 .4 - 0 .2 - 0 .1 - 0 .2 1 .2 1 .4 2 .1 4 .7 1 7 .6 1 1 0 . 8 sV 1 1 4 .4 4-70 1-71 2-71 3-71 4-71 1-72 2-72 3-72 4-72 1-73 2-73 3-73 4-73 1-74 2-74 3-74 4-74 1 1 0 .5 1-75 2-75 IN IT IA L QUARTER *THESE DATA DO N OT IHCORPORATB T H E R E C E N T R E V I S I O N O F N A T I O N A L INCO M E A H D P R O D U C T A C C T S ______ P R E P A R E D BY F E D ERAL O E C E M B E R 2, 1 975 10 R E S E R V E B A N K OF ST. L O U I S PRODUCTIVITY, COMPENSATION, AND LABOR COSTS* R A T I O SCALE R A TI O SCALE 1967-100 1967-100 SEASONALLY ADJUSTED 1967 1968 1969 197>0 1971 1972 1973 1974 SOURCEt U . S . PERCENTAGES ARE ANNUAL R A TES OF CHANGE FOR PERIODS 1975 DEPARTM ENT OF LABOR IN O IC A T E D . L A T E S T DA TA P L O T T E D ' 3RD OUARTER PREPARED *Y FEDERAL RESERVE SANK OF S T . U N IT LABOR COSTS» L O U IS TOTAL PR IV A T E ECONOMY* -CHANGE_____ __ CCLMPQj DE P_. _A_N_Nl )A L,R AI f TERMINAL________________________________________________________________________ I N I T IA L QUARTER OUARTER 4-72 1-73 4-70 1-71 3-71 1-72 2-73 2-71 4-71 2-72 3-72 1-71 - 1 .6 ________ 3-73 4-73 2-74 1-74 3-74 4-74 1-75 1967 » 100 2-75 120a 2-71 2 .0 5 .8 3-71 1 .8 3 .5 1 .3 1 2 1 .8 4-71 1 .8 3 .0 1 .6 2 .0 1-72 2 .8 4 .0 3 .4 4 .5 2-72 2 .1 2 .9 2 .2 2 .5 2 .8 - 1 .3 3-72 ? .o ?.6 ?.0 ?- ? 2 .* 0 .0 1 .3 4-7? ?.0 ? .n ?- 1 ? .1 0 .5 1 .5 1 .6 1-7* ?- 5 *. 1 2-7 2 .9 3 .1 2 .2 3 .3 4 .4 7 .? ? —7 * * .0 *- 5 *- ? 3-5 3 .A 3 .1 4 .* 5 .3 7 .1 7. *- 7 * * -4 * .9 * -7 4 .0 4 .* * -A 4.<3 5 . ft 7 .? 7 .? 7 .3 s 4 -7 * * . ft 4« * 4 .1 4 .4 4 .7 4 .4 5 .4 6 .? 7 .4 7 .5 7 .7 1-74 4- 7 <5- ? S .? 5 .6 6. A 5r A 6. Q 7. Q 9. 1 9 .6 10.5 1 2.2 1 6 .4 ? —74 5. ? S . ft 5. A 6. ? 6 .6 6 .6 7 .6 ft. 5 0 .7 io .? 11 .O 1? . * 1 4 .4 1? . 6s *-74 5 .7 * 6-* 6 .7 7 .? 7. ? A.1 ... 9 .0 10. 1 1 0 .6 1 1 .4 1 2 .4 1 3 .9 12^7 1 2 .8 s 4-74 6 .? A-fi A . «3 7 .* 7 .7 7 . ft _ ft.ft 9 .6 1 0.7 1 1 .? 1 1 .9 12. a 1 4 .0 13^3 1 3 .6 1 4 .5 s 1 -7* 6 .5 7 .n 7-1 7 .5 fi.n A.O ft.g 9. 7 in .7 [77771 i l 1 1.7 1 2.4 1 3 .3 12.6 ..IZmJL 1 2 . 5_ ? —7 5 6 .* 6. a 6 .9 7 .? 7 .6 7 .7 f t .4 9. 1 9 .9 1 0 .? 10.6 1 1. 1 1 1 .6 1 0 .7 *-75 S .7 6- 1 6 .? 6 .5 6-A 6 . ft 7 .4 7 .9 R. 5 ft.7 8 .9 9 .1 9 .2 4-7 0 1-71 2-71 3-71 4-71 1-72 2-72 3-7 2 4-72 1-73 2-73 3-73 4-73 1 2 2 .2 1 2 2 .8 1 2 4 .9 7 .0 1 2 4 .5 1 2 4 .9 1 2 5 .4 1 2 7 .6 1 3 2 .1 8- Is 1 3 4 .7 1 .1 % IN IT IA L » t h e s e data do not in c o r p o r a t e t h e r ec e n t r e v is io n o f n a t ional i n come AND PRODUCT ACCOUNTS. 1 2 9 .8 1 3 9 .9 1 44 .1 1 0 .2 _ f i . û _ .... I ..2 1-74 2-74 1 4 8 .5 1 5 3 .6 10^5 9 .4 5 .8 _ 3-74 1 5 7 .5 6jl SL . 4-74 1 5 8 .8 _Lr:0 • 5 1 4 * 2 \ 1-75 1 5 7 .1 2-75 OUARTER ________________________________________ ________________________________________ PREPARED BY FED ER AL RESERVE BANK OF S T . L O U IS OFCEMRFR 1975 - 11 G R O 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 ____ 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 _______ BILLIONS OF J-fcEMINAL__________________________________________________________________ IN IT IA L QUARIfB_____________________________________________________________ DOLLARS QUARTER ANNUAL RATES 1-74 2-74 3-74 4-74 1-75 2-75 3-75 -1—71 2-71 3-71 4-71 1-72 2-72 3-72 4-72 1-73 2-73 3-73 4-73 2-71 8 .9 3-71 7 .6 4-71 __7. 4 6 .7 7 .2 1-72 9 .0 9 .0 1 0 .4 13.8 2-72 9 .4 9 .5 1 0 .6 1 2 .4 11.0 3-72 St.3 9 .4 1 0 .2 11.2 9 .9 8 .8 10*1 10.8 1 1 .7 11.1 11*1 13.5 1-73 10.6 10.9 1 1 .6 12.6 12.2 12.7 14.7 15*8 2-73 10 .2 10 .4 1 1 .0 1 1 .7 1 1 .3 11.3 12.2 11.5 1 .056.2 6 .3 4-72 1 .0 7 2 .4 1 .001 .7 1 .1 7 7 .0 1 .1 5 6 .7 1 . I f l l .4 1 .2 1 9 .4 1*265.0 1*287.8 3-73 10 .3 1 0 .4 1 0 .9 11.5 11.1 11.1 11.7 11.1 8 .8 10.3 4-73 *10.3 1 0.4 1 0 .9 1 1.3 1 1 .0 11.0 11.4 10.9 9 .3 10.3 1 0 .4 1-74 9 .9 9 .9 10 .3 1 0 .7 10 .3 10.2 1 0.4 9 .8 8.4 8 .7 7 .9 \ 5 .5 \ 2-74 9 .6 9 .6 9 .9 10.2 9 .8 9 .7 9 .8 9 .2 7 .9 8 .0 7 .3 5 .7 X 1 .3 9 1 .0 3-74 9 .6 9 .6 9 .9 10.2 9 .8 9 .7 9t 8 9 .3 8.2 8 .4 7 .9 7 .1 8 .0 1 .4 2 4 .4 1 .3 1 9 .7 1 .3 5 2 .7 r 1 .3 7 0 .9 7 1 4-74 9 .3 9 .3 9 .5 9 .7 9 .4 9 .2 9 .2 8 .7 7 .7 7 .8 7 .3 6 .5 6 .9 7 .4 _ 1-75 8 .5 8 .5 8 .6 8.8 8 .4 8.1 8 .0 7 .5 6.5 6 .3 5 .7 4 .8 4 .6 4 .1 1 .3 2-75 _ 8 .5 a .4 a .6 a .7 a .3 a .i a .o 7 .5 6 .6 6 .5 6 .0 5.2 5 .2 5 .0 3 .4 1 .4 4 1 .3 -2> \ 1 .4 3 3 .6 2 .7 ^ N J3 . 2 % 3-75 9 .1 9 .1 9 .3 0 .4 9.1 9 . ft 9 . ft ft. 6 7 .0 •7.0 7. A 7 .2 7 .5 T_a 7 .3 A .I 13-7 ,.- x . 1 4-75 9 .2 9 .3 9 .4 9 .6 9 .3 9 .2 9 .2 a .9 8.3 8 .3 a .i 7 .8 8 .2 8 .6 8 .3 9 .2 13.2 16.0 12.2^ 1.5 7 3 .2 P 1-71 2-71 3-71 4-71 1-72 2-72 3-72 4-72 1-73 2-73 3-73 4-73 1-74 2-74 3-74 4-74 1-75 2-75 3-75 1 .4AO-A .«i?ft-5 IN IT IA L QUARTER P- PR ELIM IN A RY GROSS NATIONAL PRODUCT IN CONSTANT 1972 DOLLARS ________ m HPQüflßEa„ANf*lM L BATES-flF CHANfeE___________ . T LKMINAL QUARTfcR B IL L IO N S OF DOLLARS ANNUAL RATES IN IT IA L QUARTER 1-71 2-71 2-71 3 .0 3-71 2 .9 2 .6 4-71 3.1 3.1 3-71 4-71 1-72 2-72 3-72 4-72 1-73 2-73 3-73 4-73 1-74 2-74 3-74 4-74 1-75 2-75 3- 75 1 .1 0 3.3 1*111.0 1 f 120.5 3.5 1-72 4 .2 4 .6 5 .5 7 .6 ¿-72 4 .9 5 .4 6 .3 7 .7 7 .9 1 .141.2 3-72 5 .0 5 .4 6 .0 6 .9 6 .6 5 .3 1*163.0 1.1 7 8.0 _ 4-72 5 .5 5 .9 6 .5 7 .3 7 .2 6 .9 8.5 1-73 5 .9 6 .3 6 .9 7 .6 7 .6 7 .5 8.6 8 .8 2—73 5 .2 5 .5 5 .9 6 .3 6 .1 5 .6 5.7 4 .4 0.2 V J . 4 % 1 .2 2 8 .4 3-73 5 .0 5 .2 5 .5 5 .8 5 .5 5 .0 5 .0 3.8 1.4 1.2 3 6.5 4-73 4 .6 4 .8 5 .0 5.2 4 .9 4 .4 4 .2 3.2 1.4 1-74 3 .9 4 .0 4 .1 4 .2 3 .a 3.2 2 .8 1.8 0.1 0 .0 - 1 .3 -3^9v ^ t 3 . 3 % 1 .2 2 8 .7 2-74 3 .3 3.3_ 3 .4 3 .4 2 .9 2 .3 1 .9 0 .8 -0 .7 - 0 .9 -2 .1 -3 .8 -¿K 1 .217.2 1*202.2 1 .2 2 7.7 1*240.9 -r>! 3-74 2 .9 2 .9 2 .9 2 .8 2 .4 1.8 1 .4 0 .4 -1 .0 - 1 .2 - 2 .1 4-74 2 .2 2 .1 2 .1 1 .9 1 .4 0 .8 0 .3 -0 .6 -1 .9 - 2 .3 - 3 .2 1-3.3 L ! —4 ,4 - 4 .5 - 4 .9 - ^ S .3 % V -7 .5 _ 1-75 1 .4 1 .3 1.2 1.0 0 .5 -0.1 -0 .7 -1 .6 - 2 .? -3 .3 -4 .2 i > . y - 5 .7 - 6 .4 - 8 .3 2-75 1 .5 1 .4 1 .3 1.2 0 .7 0 .1 -0 .3 -1.1 -2 .2 - 2 .5 - 3 .2 - 4 .0 - 4 .0 - 4 .0 - 4 .6 3-75 2 .1 2 .0 2 .0 1.9 1 .5 1.0 0 .7 - 0 .0 -0 .9 -1 .0 - 1 .4 -1 .8 - 1 .5 - 1 .0 - 0 .7 1.7 7 .5 _ 4-75 2 .2 2 .2 ^ 2 .2 2 .1 1.7 1 .3 1 .0 0 .4 -0 .3 - 0 .4 - 0 .7 - 1 .0 -0 .5 0 .0 0 .5 2 .6 6 .8 8 .6 3-71 4-71 1-72 2-72 3-72 4-72 1-73 2-73 3-73 4-73 1-74 2-74 3-74 4-74 1-75 2-75 1-71 2-71 1 .2 1 0 .2 1*186.8 1.1 5 8.6 k -3.1 1*168.1 3^3Snv w6 . 8 % 1.2 0 1.5 1 1 > X 5¡ . V I 1 .2 1 7 .4 P 3-•75 IN IT IA L QUARTER P- PRELIMINARY P R EPARED BY FEOERAL RESERVE BANK OF ST. LOUIS IANUARY 23. 1976 12 Demand and Production So u rce: U.S. D ep artm en t of C om m erce P e rc e n ta g e s a re a n n u a l rates of c h a n g e for p erio d s in d ic a te d . l i G N P in current dollars. 12 G N P in 1972 dollars. L a te s t d a t a p lo tte d : 4th q u a r t e r p r e lim in a r y P r e p a r e d b y F e d e ra l R e s e r v e B a n k o f St. Louis 13 GENERAL PRICE INDEX* R A TI O SCALE R A TI O SCALE 1972-100 1972-100 1968 " A S U3E0 1969 IN N A TIO N A L 1970 1971 1972 1973 INCONE ACCOUNTS PERCEN TAOES ARE ANNUAL RATES O f CHANCE FOR PER IO D S L A T E S T DATA P LO TTED* 1974 SOURCE* U . S . 1975 1976 O E fA R TN E N T OF COMMERCE IN D IC A T E D . 4 TH QUARTER P R ELIM IN AR Y PREPARED BY FEOERAL RESERVE SANK OF S T . L O U IS IM P L IC IT PR IC E DEFLATOR FOR GROSS NATIONAL PRODUCT --------- COMPOUNDED ANNUAL RATES QF CHANGE_____________ JE&M1NAL 1972 « 100 IN IT IA L QUARTER QUARTER -It J I . 1-71 2 ~ 7 1 ___3 - 7 1 H 2-71 4-71 3-71 I ------ 1 - 7 2 1-72 2-72 3-72 4-72 1-73 2-73 3-73 4-fl3 1-74 2-74 3-74 4-74 1-75 2-75 3-75 2-72 3-72 4-72 1-73 2-73 3-73 4-73 1-74 2-74 3-74 4-74 1-75 2-75 3-75 IN IT IA L QUARTER P- PRELIM INARY PREPARED BY FEDERAL RESERVE BANK OF S T . LOUIS J A N U A R Y 2 3 , 1Q7A 14 PERSONAL CONSUMPTION EXPENDITURES IN CURRENT DOLLARS TERMINAL QUARTER J- 7 1 ____ i n 2-71 3-71 4-71 2-71 9 .1 3-71 8.Q 6 .9 4-71 8 .0 7 .4 7 .9 1-72 8 .8 8 .7 9 .7 11.4 2-72 9 .3 9 .3 10.1 11.2 3-72 1-72 2-72 3-72 4-72 1-73 it ia l B IL L IO N S OF DOLLARS ANNUAL RATES QUARTER 2-73 3-73 4-73 1-74 2-74 3-74 4-74 1-75 2-75 3-75 6 6 2 .9 9 .2 674.1 9 .2 9 .7 687.1 10.3 705.9 11.1 9.8 7 2 4 .7 8 .5 7 3 9 .7 4-72 9 .6 9 .7 1 0 .3 10.9 10.7 10.5 12.5 1-73 10.1 10.2 10 .8 11.3 11.3 11.4 12,8 13.2 2-73 9 .8 9 .9 1 0 .3 10.7 10.6 10.5 11.1 10.4 3-73 9 .7 9 .8 10.2 10.5 10.4 10.2 10.6 10.0 8 .5 9.2 4-73 9 .4 9 .4 9 .7 9 .9 9 .7 9 .4 9 .6 8 .9 7 .5 7 .4 5.5 1-74 9 .4 9 .4 9 .7 9 .9 9 .7 9 .5 9 .7 9 .1 8 .1 8.2 7 .7 761.8 7 8 5 .7 7 .8 800.5 8 1 8 .4 829.5 849.5 10.0 2-74 9 .8 9 .8 10.1 10.3 10.2 10.1 10.3 9 .9 9 .3 9 .7 9 .8 12.0 14.0 3-74 10.1 10.2 1 0 .4 10.7 10.6 10.5 10.8 10.5 10.1 10.6 10.9 12.8 14.2 14.3 4-74 9 .4 9 .4 9 .6 9 .8 9-6 9 .5 9 .6 9 .2 8 .6 a .a 8 .7 9 .5 9 .3 7 .1 0 .3 877.8 9 0 7 .7 9 0 8 .4 1-75 9 .3 9 .3 9 .5 9 .6 9.5 9 .3 9 .4 9.1 8 .6 8 .7 8 .6 9.2 9.1 7 .4 4 .2 8.2 2-75 9-4 9-4 9 .6 9 .7 9-6 9-5 9 -5 9-2 8 .8 9 .0 8 .9 9 .5 9 .4 8 .3 6 .3 9-4 10.7 3-75 9 .5 9 .6 9-7 9 .9 9 .7 9 .6 9 .7 9-5 9 .1 9 .3 9 .3 9 .8 9 .8 9 .0 7 .7 10.3 11.3 4-75 9 .5 9 .5 9 .7 9 .8 9-7 9 .6 9 .7 9 .4 9 .1 9 .3 9 .3 9 .7 9 .7 9 .0 7 .9 9 .9 10.5 10 .4 9 .0 1-71 2-71 3-71 4-71 1-72 2-72 3-72 4-72 1-73 2-73 3-73 4-73 1-74 2-74 3-74 4-74 1-75 2-75 3-75 9 2 6 .4 9 5 0 -3 9 7 7 .4 1 1 .9 9 9 8 .7P IN IT IA L QUARTER P - PRELIM INARY PERSONAL CONSUMPTION EXPENDITURES IN CONSTANT 1972 DOLLARS _____________ CPMPPUW EP ANNUAL RATES QF CHANfrE_______________ IEHMINAL QUARTER B IL L IO N S OF DOLLARS ANNUAL RATES IN IT IA L QUARTER 1-71 2-71 4-»3 3-71 3 .3 2-71 3-71 4-71 1-72 2-72 3-72 4-72 1-73 2-73 3-73 4-73 1-74 2-74 3-74 4-74 1-75 2-75 3-75 689.5 2 .4 693.6 4-71 3 .9 3 .7 5.1 1-72 4 .6 4 .7 5 .9 6 .7 2-72 5 .3 5.6 6 .7 7 .5 7 0 2.3 7 1 3 .7 8 .3 728.1 3-72 5 .3 5 .5 6 .3 6 .7 6 .8 5 .3 4-72 5 .8 6 .0 6 .8 7.2 7 .4 6 .9 8 .6 1-73 5 .9 6 .2 6 .8 7 .2 7 .3 7 .0 7.8 2-73 5 .3 5 .4 5 .9 6 .0 5 .8 5.2 5.2 3 .6 0 .2 3-73 5 .0 5.1 5 .4 5.4 5.2 4 .6 4 .5 3.1 1.2 2 .3 4-—73 4 .1 4 .1 4 .3 4 .2 3 .9 3 .2 2 .7 1 .3 -0 .5 - 0 .9 - 3 .9 1-74 3 .7 3 .6 3 .7 3 .6 3.2 2 .5 2 .0 0 .8 -0 .8 -1 .1 - 2 .7 2-74 3 .5 3 .4 3 .5 3 .4 3 .0 2 .4 2 .0 0 .9 -0 .3 - 0 .4 -1 .3 0.1 1.7 3-74 3 .4 3 .3 3 .4 3.3 2 .9 2 .4 2 .0 1.1 0 .1 0 .1 - 0 .4 0 .8 1.9 2 .1 4-74 2 .5 2 .4 2 .4 2.2 1.8 1.1 0 .7 —0-3 -1 .3 -1 .5 -2 .2 -1.8 - 1 .9 —3-7 -0-2 1-75 2 .5 2 .4 2 .3 2.1 1.8 1.2 0 .8 -0-0 -0 .9 -1 .0 - 1 .6 -1.1 -1 .0 - 1 .9 - 3 .8 1-8 2-75 2 .7 2 .6 2 .6 2 .4 2.1 1 .6 1.3 0-6 -0.1 -0.1 - 0 .5 0.1 0 .4 0 .1 -0-5 4 .1 3—75 2 .8 2 .7 2-7 ?-*i 1 -fi i:s ft-* ft-* 0.1 0 .7 1 .0 0-9 0-6 4 .1 5.2 4 .0 4—75 ?-ft 7-7 2 .7 2.6 2-3 1-9 1-7 1 -1 0-6 0-4 0 .4 1.0 1 .4 1 .3 1-1 3 .9 4 .6 3 .7 3-5 1-71 2-71 3-71 4-11 1-72 2-72 3-72 4-72 1-73 2-73 3-73 4-73 1-74 2-74 3-74 4-74 1-75 2-75 3-75 737.5 752.8 7.1 765.8 766.2 770.5 762.8 7 6 0 .0 -1 .5 763.2 7 67.2 748-0 7 5 2.3 6 .4 764.1 771-A 778-7P IN IT IA L QUARTER P - PRELIM INARY PREPARED BY FEDERAL RESERVE BANK OF S T . LOUIS JA N U A R Y 23. 1976 15 GROSS PRIVATE DOMESTIC INVESTMENT IN CURRENT DOLLARS T ER M IN A L QUARTER J - 71 2-71 _23*0 B IL L IO N S OF DOLLARS ANNUAL R ATES I N I T I A L QUARTER 2-71 3 -7 1 4 -71 1-72 2-72 3-72 4-72 1-73 2-73 3-73 4-73 1-74 2-74 3 -7 4 4 -7 4 1-75 2-75 3-75 1 6 0 .8 3-71 - i l *2 0 .5 4 -71 1 1 .2 5 .8 1 1 .4 1-72 1 5 *7 1 3*4 2 0 .5 2-72 1 6*5 1 5 .0 2 0 .3 2 5 .0 1 9 .9 3-72 1 6 .1 1 4 .8 1 8 .6 2 1 .2 1 6 .8 1 3 .9 4-72 1 6*8 1 5 .8 1 9 .2 2 1 .2 1 8 .4 1 7 .6 2 1 .4 1-73 1 7 .7 1 7 .0 2 0 .0 2 1 .8 1 9 .8 1 9 .8 2 2 .8 2 4 .3 1 6 1 .0 1 6 5 .4 3 0 .3 1 7 6 .7 1 8 4 .9 1 9 1 .0 2 0 0 .5 2 1 1 .7 2-73 1 6 ,V 1 6 .2 1 8 .6 1 9 .9 1 7 .9 1 7 .4 1 8 .6 1 7 .2 1 0 .6 3-73 1 6 .0 1 5 .2 1 7 .2 1 8 .1 1 6 .2 15*4 1 5 .8 1 4 .0 9 .2 7 .8 4-7 3 1 6 .4 1 5 .8 1 7 .6 1 8 .* 1 6 .8 1 6 .3 1 6 .8 1 5 .7 1 2 .9 1 4 .1 1-74 1 2 .7 1 1 .8 1 3 .0 1 3 .1 1 1 .2 1 0 .0 9 .3 7 .1 3 .2 0 .8 2-74 1 0 .7 9 .8 1 0 .7 1 0 .6 8 .6 7 .3 6 .3 4 .0 0 .4 - 2 .0 - 5 . 1 -- 1 5 .9 - 1 0 .0 3-74 9 .2 8 .2 8 .8 8 .6 6 .7 5 .3 4 .3 2 .0 - 1 .3 - 3 .5 - 6 .1 - 1 3 .7 - 9 .6 - 9 .3 4-74 £ .9 8 .0 8 .6 8 .3 6 .5 5 .3 4 .4 2 .4 - 0 .4 - 2 .1 —4 .0 - 9 .3 - 4 .9 - 2 .2 1-75 2 .5 1 .3 1 .3 0 .6 - 1 .5 - 3 .3 - 4 .8 - 7 .4 - 1 0 .7 - 1 3 . 4 - 1 6 .5 - 2 2 .5 - 2 2 .8 - 2 6 .6 - 3 4 .0 - 5 8 .6 2-75 1 .3 0 *1 0 .1 - 0 .7 - 2 .7 - 4 .4 - 5 .9 - 8 .3 - 1 1 .4 - 1 3 .8 - 1 6 .5 3-75 5 .6 4 .6 4 .9 4 .5 2 . fi 1 .6 0 .7 - 1 .0 4-75 6 .6 5 .9 6 .2 5 .9 4 .5 3 .5 2 .7 1 .3 1-71 2-71 3-71 4-71 1-72 2-72 3-72 4-72 2 1 7 .1 2 2 1 .2 2 0 .8 2 3 1 .9 - 2 . 5 «- 2 1 .3 2 1 8 .4 2 1 2 .7 - 2 1 .5 - 2 1 .5 - 2 4 .1 2 0 7 .6 2 1 0 .3 5 .3 1 6 8 .7 1 6 1 .4 - 2 8 .5 - 4 1 .1 - 1 6 .2 - 4 .7 - 6 .1 - 9 .5 - 7 .3 - 6 .8 - 6 .1 - 9 .6 3 3 .5 1 1 2 .6 —0 .6 - 1 .6 - 2 .6 - 5 .2 - 2 .7 - 1 .4 0 .3 - 1 .0 3 2 .5 6 6 .6 3 0 .5 1-73 2-73 3-73 4-73 1-74 2-74 3-7 4 4 -7 4 1-75 2-75 3-75 1 9 4 .9 2 0 8 . 3P I N I T I A L QUARTER P - P R E L IM IN A R Y GROSS P R IV A T E DOMESTIC IN VESTM EN T IN CONSTANT 1972 DOLLARS _________________ COMPOUNDED ANNUAL R A T ES OF CHANGE___________________ I N I T I A L QUARTER T ER M IN A L QUARTER 1-71 2-71 3-71 4-71 1-72 2-72 3-72 4-72 1-73 2-7 3 3-73 4-73 1-74 2-74 4 -7 4 1-75 2-75 1 6 8 .4 2-71 1 6 .2 3-71 6 .0 - 3 .3 4-71 6 .2 1 .5 6 .6 1 6 7 .0 1 6 9 .7 1-72 1 0 .4 8 .6 1 5 .0 2 4 .1 2-72 1 1 .7 1 0 .6 1 5 .6 2 0 .4 1 6 .8 3-72 1 1 .2 1 0 .2 1 3 .9 1 6 .4 1 2 .8 4-72 1 1 .9 1 1 .2 1 4 .4 1 6 *4 1 4 *0 1 2 .6 1 6 .5 1-73 1 2 .4 1 1 .9 1 4 .6 1 6 .3 1 4 .5 1 3 .7 1 6 .2 1 5 .8 2-73 1 1 .2 1 0 .6 1 2 .8 1 3 .8 1 1 .9 1 0 .7 1 1 .3 8 .8 1 7 9 .1 1 8 6 .2 1 9 0 .2 8 .9 1 9 7 .6 2 0 5 *0 2 0 6 .1 2 .2 2 0 6 .0 3-73 1 0 .0 9 .4 1 1 .1 1 1 .7 9 .8 8 .4 8 .3 5 .7 1 .0 - 0 .2 4 -73 1 0 .3 9 .8 1 1 .3 1 1 .9 1 0 .3 9 .2 9 .3 7 .6 5 .0 6 .4 1-74 6 .5 5 .7 6 .6 6 .6 4 .6 2 .9 2 .0 - 0 .7 - 4 .4 - 6 .5 2-74 3 .9 3 .0 3 .5 3 .2 1 .2 —0 .6 - 1 .9 —4 .7 - 8 . 4 - 1 0 .8 - 1 4 .1 - 2 5 .3 - 2 2 .5 3-74 1 .9 0 .9 1 .2 0 .7 - 1 .3 - 3 .2 —4 .6 - 7 .3 - 1 0 .6 - 1 3 .0 - 1 5 .9 - 2 3 .9 - 2 1 .8 - 2 1 .1 4-7 4 O .fi - 0 .3 - 0 .0 —0 .6 - 2 .5 —4 .3 - 5 .6 - 8 .1 1-75 - 5 .4 —6 .7 - 7 .0 - 7 .9 - 1 0 .2 - 1 2 .3 - 1 4 .2 - 1 7 .1 2-75 - 6 .1 —7 .3 - 7 .6 - fc.6 - 1 0 .7 - 1 2 . ö - 1 4 .4 - 1 7 .0 - 2 0 .0 - 2 2 . 4 - 2 5 .1 - 3 0 .2 - ? .O - 3 .0 - 3 .0 - 3 .6 - 5 .3 - 6 .0 -fl-1 - 1 .1 - 2 .0 -1 - 2 . 4- - 4 .0 —5 .3 - 6 .3 -fc.O - 9 .9 - 1 1 .0 1-71 ¿1-71 3 -71 4-71 1-72 2-72 3-72 4-72 1-73 4 -75 3-74 B IL L IO N S OF DOLLARS ANNUAL R ATES 3-75 2 1 2 .6 1 3 .4 1 9 5 .9 - 9 . 6 - 2 7 .9 - 1 1 .1 - 1 3 .1 - 1 5 .5 - 2 1 .5 - 1 9 .2 1 8 3 .8 - 1 7 .5 - 2 0 .5 - 2 3 .3 - 2 6 .5 - 3 2 .7 - 3 3 .8 - 3 7 .2 - 3 0 .6 - 3 2 .5 - 1 0 .0 - 1 2 .3 - 1 3 .7 - 1 5 .3 - 1 8 .fi - 1 7 .1 2-73 IN IT IA L - 1 2 .2 - 1 4 .9 3-73 4-73 1 6 6 .9 - 4 3 .9 -63.»5 1 2 9 .7 2-74 1 2 4 .1 - 3 5 .9 -44,,7 - 1 6 .2 1 4 7 .8 >0 2 9 .9 1 0 1 .2 - 9 .0 -7,.8 2 5 .6 5 3 .8 1 7 .6 3 -74 4 -7 4 1-75 2-75 3-75 - 1 6 .0 - 1 4 .7 -1 - 1 2 .0 - 1 1 .2 1-74 1 7 3 .2 - 1 3 .8 1 *>3.9P QUARTER P - P R E L IM IN A R Y PREPARED BY FEDERAL JANUAR Y ? 3 . 1076 16 RESERVE BANK OF S T . LO U IS G O V E R N M E N T P U R C H A S E S O E G O O D S A N D S E R V I C E S IN C U R R E N T D O L L A R S TER M IN A L QUARTER B I L L I O N S OF DO LLARS ANNUAL RATES IN IT IA L QUARTER 1-71 2-71 3-71 4-71 1-72 2-72 3-72 4-72 1-73 2-73 3-73 1-74 4-73 2-74 3 -7 4 4-74 1-75 2-75 3-75 2 3 1 .1 2-71 4 .1 3-71 __i> *9 7 .8 4-71 6 .3 7 .5 7 .1 2 3 5 .5 2 3 9 .6 2 4 9 .0 1-72 e .e 1 0 .5 1 1 .8 2-72 7 .7 8 .7 8 .9 9 .8 3 .4 3-72 6 .9 7 .5 7 .4 7 .5 3 .2 V - 72 7 .4 8 .0 8 .0 8 .2 5 .5 6 .6 1 0 .2 1-73 7 .8 8 .3 8 .4 8 .6 6 .7 7 .8 1 0 .3 1 0 .4 2-73 6 .9 7 .2 7 .1 7 .1 5 .3 5 .8 6 .7 5 .1 0 .0 3-73 6 .8 7 .2 7 .1 7 .1 5 .5 6 .0 6 .7 5 .6 3 .3 4-73 7 .4 7 .7 7 .7 7 .8 6 .6 7 .1 8 .0 7 .4 6 .4 9 .8 1 3 .0 1-74 7 .9 8 .3 8 .3 8 .4 7 .5 8 .Û 8 .9 8 .6 8 .2 1 1 .1 1 3 .4 2 5 1 .1 2 5 3 .0 3 .1 2 5 9 .2 2 6 5 .7 2 6 5 .7 2 7 0 .0 6 .6 2 7 8 .4 1 3 .7 2 A 7 .5 2 9 6 .5 2-74 8 .3 8 .7 8 .7 8 .9 8 .1 8 .7 9 .5 9 .4 9 .2 1 1 .6 1 3 .3 1 3 .4 1 3 .1 3-74 ß .7 9 .0 9 .1 9 .3 8 .6 9 .2 10. 0 9 .9 9 .8 1 1 .9 1 3 .3 1 3 .4 1 3 .2 1 3 .3 4-74 fi . f i <5-3 9 .5 ft.9 9 -4 10-1 10.1 1 0.1 11 .9 1 3 .0 1 2 .9 1 2 .7 1 2 .4 11 .6 9 .3 9 .4 8 .9 9 .4 1 0 .0 1 0 .0 9 .9 11 .4 1 2 .3 12.1 1 1 .7 1 1 .3 1 0 .3 8 .9 «Î.2 3 0 5 .9 3 1 4 .4 371 .2 1-75 8-9 7-75 8 .6 8 .9 fi.9 V .l ft.5 fl-9 9 .5 9 .4 9 .3 1 0 .5 1 1.1 1 0 .8 1 0 .2 9 .5 8 .3 6 .7 4 .4 3-7 S ft -ft <»*1 9-1 9-3 fl- ft 9-7 9 .7 9-7 0-6 10-7 11-2 11-0 10-5 10-0 0-2 R .4 ft - 7 1 2 .1 4-75 9 .0 9 .2 9 .3 9 .4 9 .0 9 .4 9 .9 9 .9 9 .8 1 0 .9 1 1 .3 11.1 1 0 .8 1 0 .4 9 .8 9 .4 9 .5 1 2 .1 1 2 .1 1-71 2-71 3-71 4-71 1-72 2-72 3-72 4-72 1-73 2-73 3-73 4-73 1-74 2-74 3 -7 4 4-7 4 1-75 2-75 3 -7 5 3 2 4 .7 3 3 4 .1 3 4 3 . 8P I N I T I A L QUARTER P - P R E L IM IN A R Y GUVERNMENT PURCHASES OF GOODS AND S E R V IC E S IN ThKM lNAL QbA KT ER B I L L I O N S OF DOLLARS ANNUAL R A T ES I N I T I A L QUARTER 1-71 2-71 3-71 4-71 1-72 2-72 3-72 2-71 - ä .8 3-71 1 .0 6 .1 4-71 1 .0 3 .4 0 .8 1-72 2 .0 4 .0 2 .9 5 .0 2-72 1 .3 2 .6 1 .4 1 .8 3-72 0 .7 1 .7 0 .6 0 .5 - 1 .6 - 1 .9 _ 4-72 0 .9 1 .7 0 .9 0 .9 - 0 .5 0 .0 1 .9 1 .1 1 .8 1 .1 1 .2 0 .2 0 .8 2 .2 1-73 CONSTANT 1972 DO LLARS 4-72 1-73 2-73 3—73 4-73 1-74 2-74 3-74 4 -7 4 1-75 2-75 3-75 2 4 6 .8 2 5 0 .5 2 5 1 .0 2 5 4 .1 - 1 .4 2 5 3 .2 2 5 2 .0 2 5 3 .2 2 .4 2 5 4 .7 2-73 0 .2 0 .7 0 .0 - 0 .1 - l.l - l.l - 0 .8 - 2 .1 - 6 .4 3-73 0 .3 0 .8 0 .1 0 .0 - 0 .8 - 0 .7 - 0 .4 - 1 .1 - 2 .8 1 .0 4-73 0 .6 1 .1 0 .5 0 .5 - 0 .1 0 .1 0 .5 0 .1 - 0 .6 2 .4 1-74 0 .6 1 .1 0 .6 0 .5 - 0 .0 0 .2 0 .5 2-74 0 .7 1 .1 0 .6 0 .6 0 .2 0 .4 0 .7 3-74 0 .6 1 .0 0 .6 0 .5 0 .1 0 .3 _ 0 .5 4-74 0 .5 0 .8 Û .4 0 .3 - 0 .1 0 .1 0 .3 0 .3 2 5 0 .5 2 5 1 .1 3 .9 2 5 3 .5 0 .8 2 5 4 .0 - 0 .3 1 .9 2 .3 0 .5 0 .1 1 .8 2 .1 1 .2 1 .6 0 .3 0 .0 1 .3 1 .4 0 .6 0 .6 - 0 .5 0 .1 - 0 .2 0 .8 0 .8 0 .0 - 0 .2 - 1 .1 -1 -7 2 5 5 .0 2 5 4 .7 2 5 3 .6 1-75 0 .6 0 .9 0 .5 0 .5 0 .1 0 .3 0 .5 0 .3 0 .1 1 .0 1.1 0 .5 0 .4 0 .1 0 .3 2 .4 2-75 0 .5 0 .8 0 .5 0 .4 0 .1 0 .2 0 .4 0 .3 0 .0 0 .9 0 .9 0 .4 0 .3 - 0 .0 0 .1 1 .0 —0 .3 3-7 S ü .b 1 .1 0 .8 0 .8 0 .5 0 .7 0 .9 0 .8 0 .6 1 .4 1 .5 1 .2 1 .2 1 .2 1 .6 2 .7 2 .8 6 .1 4-75 1 .0 1 .3 1 .0 1 .0 0 .7 0 .9 1 .1 1 .0 0 .9 1 .7 l.ft 1 .5 1 .6 1 .6 2 .0 3 .0 3 .1 4 .9 3 .8 1-71 2-71 3-71 4-71 1-72 2-72 3-72 4-72 1-73 2-73 3-73 4-73 1-74 2-74 3 -7 4 4 -7 4 1-75 2-75 3-75 2 5 5 .1 2 5 4 .9 2 5 8 .7 2 61 - IP I N I T I A L QUARTER P- P R E L IM IN A R Y PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS JANUARY 17 2*. IOTA DISPOSABLE PERSONAL INCOME IN CURRENT DOLLARS I N I T I A L QUARTER -LÉBMINAL QUARTER 3-71 2-71 4-71 1-72 2-72 2-71 . 9 .4 3-71 . 6 .8 4 .3 *- 7 1 6 .6 5 .2 6 .0 1-72 7 .1 6 .3 7 .3 2-72 . 6 .9 6 .3 7 .0 7 .5 6 .3 3-72 . 7 .5 7 .1 7 .8 8 .4 8 .2 10-1 00 • 1-71 9 .4 1 0 .3 1 0 .8 1 3 .1 3-72 4-72 1-73 2-73 3-73 4-73 1-74 2-74 3 -7 4 4 -7 4 1-75 2-75 3-75 b i l l i o n s OF DOLLARS ANNUAL RATES 7 4 0 .2 7 4 8 .1 759-1 775-0 787 -0 A06-? W 2 8 .7 1-73 9 .4 9 .4 1 0 .3 1 1 .2 1 1 .8 1 3 .7 1 5 .5 1 4 .9 2-73 9 .7 9 .8 1 0 .6 1 1 .3 1 1 .9 1 3 .3 1 4 .4 1 3 .5 1 2 .1 3-73 9 .8 9 .8 1 0 .5 1 1 .6 1 2 .7 1 3 .4 1 2 .5 1 1 .3 1 0 .4 4-7 3 1 0 .0 1 0 .0 1 0 .7 1 1 .3 1 1 .7 1 2 .6 1 3 .1 1 2 .3 1 1 .4 1 1 .1 1 1 .8 1-74 9 .6 9 .7 '1 0 . 2 1 0 .7 1 0 .9 1 1 .6 1 1 .9 1 1 .0 1 0 .1 9 .4 8 .9 6 .0 2-74 9 .4 9 .4 9 .8 1 0 .2 1 0-4 1 0 .9 1 1 .0 1 0 .2 9 .3 8 .6 8 .0 6 .1 6 .2 3 -74 0 -6 9-6 10-0 10-4 10-6 11-0 11-2 10-5 9-7 9-3 9-0 8-1 9-1 1 6 .2 837-0 8 6 6 .6 891-7 914-1 939-9 953-8 968-2 1 2 .1 996-3 4—74 _ 9-5 9-5 9-9 10-2 10-3 in - fl 10-fi 10-2 9 .5 9 .1 8-8 8 .1 8-8 10-1 ft- 1 1-75 9-1 9 .0 9 .4 9-6 9-7 1 0 .0 10-0 9 .4 8 .7 8 .2 7 .9 7 .1 7 .4 7 .8 5 .6 3-2 2-75 9 .9 9 -9 10-3 10-6 10-8 11-2 11-3 10-8 1 0 .4 1 0 .1 1 0 .1 9-8 1 0 .6 1 1 .7 1 1 .6 1 3 .4 24-5 3-75 9-% 9-5 9-8 10-1 1 0-7 10-5 10-5 10-0 9-5 9-2 9-1 A-7 9-1 9-7 9-1 9-5 1 ? -7 2-0 4-7 S 9-5 9-5 9 .8 10-1 10-2 10-4 1 0 .5 1 0 .0 9-6 9-3 9 .2 8 .9 9 .3 9 .8 9 -4 9-7 1 1 .9 6 .1 10-4 1-71 2-71 3-7 1 4-71 1-72 2-72 3-72 4-72 1-73 2-73 3-73 4-73 1-74 2-74 3 -7 4 4 -7 4 1-75 2-75 3-75 1 .0 1 5 - 9 1 .0 2 4 - 0 1 .0 8 1 - 7 1 .087-1 1 .1 1 4 .4 P I N I T I A L QUARTER P - P R E L IM IN A R Y D IS P O S A B L E PERSONAL INCOME I N CONSTANT 1972 DOLLARS T ER M IN A L QUARTER B I L L I O N S OF DOLLARS ANNUAL R ATES I N I T I A L QUARTER. 1-71 2-71 3 -71 2-71 4 .5 3-71 2 .2 0 .0 4-71 2 .5 1 .6 3 .2 4-71 1-72 2-72 3-72 4-72 1-73 2-73 3 -73 4-73 1-74 2-74 3 -7 4 4 -7 4 1-75 2-75 3-75 7 6 9 .9 7 6 9 .9 775 -9 7 8 3 .7 1-72 2 .9 2 .4 3 .6 4 .1 2-72 3 .1 2 .7 3 .6 3 .9 3 .6 3-72 3 .7 3 .5 4 .4 4 .8 5 .2 6 .7 4 -72 4*.b 4 .9 5 .9 6 .6 7 .5 9 .4 1 2 .2 1-73 5 .3 5 .4 6 .4 7 .0 7 .8 9 .2 1 0 .4 8 .7 2-73 5 .2 5 .3 6 .1 6 .6 7 .1 7 .9 8 .3 6 .5 4 .3 3-73 5 .0 5 .1 5 .7 6 .4 7 .0 7 .1 5 .5 3 .8 4 -73 4 .7 4 .7 5 .3 5 .5 5 .7 6-1 6 .0 4 .5 3 .1 2 .5 1 .6 1-74 3 .9 3 .8 4 .2 4-3 4 -3 4-5 4-1 2 .5 1 .0 - 0 .0 - 1 .7 -5-0 2-74 3 .1 3 .0 3 .3 3-3 3-2 3-2 2 .7 1 .2 - 0 .3 - 1 .4 - 2 .9 —5-1 - 5 .3 3-74 2 .9 2 .8 3 .0 3 -0 2-9 2 .8 2 .4 1 .0 - 0 .2 - 1 .1 - 2 .2 - 3 .4 - 2 .6 0 .1 4-74 2 -6 2 .4 2 .6 2 .6 2 -4 2-3 1 .9 0 .6 —0-5 - 1 .2 - 2 .2 - 3 .1 -2-4 - 1 .0 - 2-1 1-75 2 .2 2 .1 2 .2 2 .2 2 .0 1 .9 1 .4 0 .2 - 0 .8 - 1 .5 - 2 .3 - 3 .0 - 2 .5 - 1 .6 - 2 .5 - 2 .8 2 -75 3-2 3 .1 3-3 3 .3 3 .3 3-2 2 .9 2 .0 1-3 1 .0 0 .6 0 .4 1 .5 3 .3 4 .4 7 .8 1 9 .7 6 .1 7 9 0 .7 8 0 3 .7 8 2 7 .1 8 4 4 .6 8 5 3 .5 8 6 0 .7 3 .4 8 6 4 .2 8 5 3 .3 8 4 1 .8 8 4 2 .0 837 *6 8 3 1 .6 8 6 9 .8 3-75 7-7 7-6 2-8 2 .7 2-6 7-6 2-2 1-4 0-6 0-2 - 0-1 -0 - 4 0 .4 1 .6 1 -9 3 .3 6-5 4-75 7 - ft 2-7 2 .9 2 .9 2-8 2-7 2 .4 1 .6 1 .0 0 .7 0 .4 0-2 1 .0 2 .1 2 .5 3-7 5 .9 - 0 .3 4 .8 1-71 2-71 3-71 4-71 1-72 2-72 3-72 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 3-75 8 5 8 .2 8 6 8 .4 P I N I T I A L QUARTER P - P R E L IM IN A R Y PREPAREO BY FEOERAL RESERVE BANK OF S T . LOUIS .1 A N t t â R V 18 73. 1076 CORPORATE PRO FITS AFTER TAXES * COMPOUNDED ANNUAL RATES OF CHANGE B IL L IO N S OF URtilflAL______________________________ _________ _____ ______________ INITIAL-QUA&TER_____________________________________________________ ______ POLLARS. QUARTER ANNUAL RATES 4-70 1-71 2-71 3-71 4-71 1-72 2-72 3-72 4-72 _ 1-73 2-73 3-73 4-73 1-74 2-74 3-74 4-74 1-75 2-75 4 0 .4 1-71 46.8 2-71 37 .9 29.5 3-71 33.2 26.8 2 4 .2 4-71 31.1 26.2 2 4 .5 1-72 2 9 .5 25.5 2-72 2 6 .6 22.9 3—72 2 6 .0 43.1 45 .5 4ÌU1 2 4 .9 50 .7 24.2 2 3 .4 2 1 .3 2 0 .4 18 .2 13.2 2 1 .5 2 0 .9 19 .6 17.7 52.3 55.0 2 2 .3 6 0 .4 4-72 28 .3 25.8 25.2 2 5 .4 2546 2 6 .3 3 3 .4 4 5 .4 1-73 31.1 2 9 .3 2 9 .2 30.1 31.1 33.1 4 0 .5 50.6 5 6 .0 2-73 28.8 2 6 .9 2 6 .6 27 .0 2 7 .3 28.1 32.1 35.6 30.9 9 .8 3-73 25.1 23.2 2 2 .5 22.2 2 1 .9 21.6 2 3 .4 23.6 17.1 1.5 *-73 24 .3 2 2 .* 21 -a 21 .5 21-1 20-7 22-0 22.0 16.7 6 .0 4.1 15.5 T-7* 26 .6 25-0 2*-6 2 4 .6 24-6 2 *. 7 26.5 27-2 23.8 1 6 .9 19.3 34.6 56 .9 2-74 23-6 22-0 21-* 21.1 20 .8 20.5 2 1 .4 21.3 17.7 11.2 11.6 18.2 19.6 - 8 .8 3-7* ?fa-Q 24-7 24-3 24 .3 2*-3 2*. 3 2S-6 26-1 23-5 18.8 20-7 28-5 33-2 22-7 65-1 87 .4 *-7* 19-4 17-fi 17-0 16.5 15.8 15.1 15.3 14.6 11.2 6 .0 5.3 7 .8 6 .0 - 7 .0 - 6 .1 -4 6 .6 7 4 .7 ... 1-75 12-1 10-2 9-0 8 .0 6-a 5-5 * .9 3-3 - 0 .6 -6-0 - a .i - « .4 -12.6 -24.5 -2 9 .1 -5 3 .5 -5 9 .5 6 7 .5 $9tl 6 8 .0 -6 .2 70.5 7 8 .9 77 .1 7-7% 14-2 12-5 11-5 10-7 9-7 fi-fi ft-* 7-2 *-o -0-6 -1-8 -1-2 3-75 17.5 16.0 15.3 14.7 14.1 13.4 13.4 12 .7 10.2 6 .4 6 .0 7 .6 6 .6 -0.1 1 .8 - 9 .8 7 .4 7 4 .8 9 6 .0 * 1 O -3-7 -12-7 -13-6 -30-4 - 2 0 . «5 59.6 1-71 2-71 3-71 4-71 1-72 2-72 3-72 4-72 1-73 2-73 3-73 4-73 1-74 2-74 3-74 4-74 1-75 2-75 66.6 55-9 78.8 IN IT IA L QUARTER ♦ NATIONAL INCOME B A S IS PREPARED BY FEOERAL RESERVE BANK OF S T . LOUIS JANUARY 2 3 . 1976 SOURCES OF DATA National Income and Product Accounts Data Source: National Income and Wealth Division, Bureau of Economic Analysis, U. S • Department of Commerce, Washington, D.C. 20230 An article describing the revisions and the set of seasonally adjusted quarterly information for the post World War II period will appear in the January 1976 Survey of Current Business, published in two parts. Additional annual detail for 1946-74 and annual estimates for 1929-45 will be published in a single volume this spring. An advance package consisting of the tables that will appear in the January Survey may be ordered for $25.00 from the National Income and Wealth Division, Bureau of Economic Analysis, U.S. Department of Commerce, Washington, D.C. 20230. (Check payable to Bureau of Economic Analysis). 19 - IN V E N T O R IE S COMPARED WI T H MONTHLY S A L E S * MANUFACTURING AND TRADE 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 « R A T I O S BASED ON SEASONALLY ADJUSTED DATA. SOURCE: U.S.DEPARTMENT OF COMMERCE SHADED AREAS REPRESENT PERIODS OF BUSINESS RECESSIONS AS DEFINED BY THE NATIONAL BUREAU OF ECONOMIC RESEARCH. LATEST DATA PLOTTED: NOVEMBER PRELIMINARY PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 20
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