Full text of National Economic Trends : January 1977
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nRTionm Economic ntcnos PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS MONTH ENDING: December 31, 1976 RELEASED: January 26, 1977 Total spending rose at a 9.4 percent annual rate in the fourth quarter after increasing at an 11.8 percent rate during the first six quarters of the recovery which began in first quarter 1975. Real GNP increased at a 3 percent rate in the fourth quarter, compared to a 6.3 percent rate in the previous six quarters. However, real final sales, which is real GNP less the change in real business inventories, grew at a 4.8 percent rate in the fourth quarter compared to growth at a 4.5 percent rate during the previous six-quarter period. The implicit price deflator for GNP rose at a 6.2 percent rate in the quarter just ended, after advancing at a 5.2 percent annual rate from first quarter 1975 to third quarter 1976. A major component of GNP that has displayed a different pattern of growth in this recovery than in past recoveries is nonresidential fixed investment. Such investment includes expenditures for nonresidential structures and producers' durable equipment. Expenditures for new plant and equipment serve as an indicator both of businesses’confidence in the state of the economy and the rate at which the productive capacity of the nation is growing. The table below provides a summary of the pattern of real nonresidential fixed investment during the recession and recovery periods since World War 11. There were declines in real capital spending in all of the postwar recessions. The extent of the decline experienced in the latest recession was exceeded only during the 1948-49 and 1957-58 recessions. Despite the severity of the decline in the latest recession, nonresidential fixed investment has demonstrated little strength in the current recovery to date, increasing at only a 1.7 percent annual rate. Surveys of plant and equipment spending plans, however, indicate that such spending will rise more rapidly in 1977. Real Nonresidential Fixed Investment (Compounded Annual Rates of Change) Seven Quarters from Trough Recessions IV/48 111/53 111/57 11/60 IV/69 IV/73 - IV/49 11/54 11/58 1/61 IV/70 1/75 - 16.0 % - 5.1 - 16.7 - 5.9 - 7.2 - 11.0 IV/49 11/54 11/58 1/61 IV/70 1/75 - 111/51 1/56 1/60 - IV/62 - 111/72 - IV/76 13.0 % 9.5 7.8 6.4 5.5 1.7 TOTAL CIVILIAN EMPLOYMENT C O M P O U N D E D A N N U A L RA T E S OF C H A N G E IN IT IA L T ERM INAL MONTH 5-75 6-75 7 -7 5 8-75 9-75 10-75 12-75 11-75 2-76 3 -7 6 4-76 5-76 6—76 7 -7 6 8-76 9-76 10-76 11-76 84*498 6-75 - 0 .3 7-75 3 .2 6 .9 8 4 ,9 6 7 8 5 ,2 8 8 8-75 3 .7 5 .7 4 .6 9-75 2 .3 3 .2 1 .4 - 1 .8 10-75 1 .8 2 .3 0 .9 - 1 .0 - 0 .1 11-75 1 .6 1*9 0 .7 - 0 .5 0 .1 0 .4 12-75 1 .8 2 .1 1 .2 0 .4 1 .1 1 .7 3 .1 1-76 3 .0 3 .5 2 .9 2 .6 3 .7 5 .0 7 .4 1 1 .8 3 .2 2 .7 2 .4 3 .3 4 .2 5 .5 6 .7 2-76 1-76 THOUSANDS OF PERSO NS MONTH 2 .8 8 5 ,1 5 8 8 5 ,1 5 1 8 5 ,1 7 8 8 5 ,3 9 4 8 6 ,1 9 4 1.8 8 6 ,3 1 9 3-76 3 .1 3*5_ 1* A _ 2 .8 3 .6 4 .4 5 .4 6 .2 3 .5 5 .3 4-76 3 ,7 S I 3*e 1 *7 4 .6 > *3 6 *4 7 *2 5 *7 7 .7 1 0 .2 5-76 3 *8 4 *1 3 *9 3 .8 4 .5 6 .0 6 .6 5 .3 6 .5 7 .2 4 .2 6-76 3 *3 3 *6 1 *3 _ 3*1 3 *7 4 .2 4 *7 5 .0 3*7 4 .2 3 *e o .? 7-76 3 .4 3 .7 3 *5 3*4 3 *9 4 *3 4 .8 5 a 4 *0 4 *5 4 .3 2 *3 1 *4 5 *7 3_*3 3*J> 1*1. 1*2 1** 4 .0 3^6 ?*$ 1*3 3 .3 1 *9 3*1 2 *9 2 *7 3*1 3 *4 3 *7 3*8 2*8 3*0 1*6_ 1 *2 Q-*4_ I* ? —0 . 6 —2 . 2 2 .5 2 .8 3 .1 3 .3 3 .4 2 .4 2 .5 2*1 0 .9 0 .2 0 .9 - 0 .6 - 1 .4 2 .7 2 .8 2*5 1 *4 1*0 1*7 0 *8 0 *7 2.1 5 .0 _2*9 _JL>6 1 *6 1*3 2 *0 1 *2 1*1 2*4 4 .0 2-76 3-76 4—76 5-76 6-76 7 -7 6 e-76 _ 9-76 _ J* * 4 _ 4 *6 11-76 2 .8 3 .0 2 .0 2 .7 3 *0 3 *2 3 .5 3 .5 12-76 2 .8 3 *0 2 *8 2 .7 3*0 3*2 1*4 1 *5 5-75 6-75 7 -7 5 8-75 9-75 10-75 11-75 12-75 . 8 6 ,6 9 2 **9 1-76 IN IT IA L . 8 7 ,3 9 9 8 7 ,6 9 7 _ 8 7 ,5 0 0 -2*7 8 7 ,9 0 7 1 .0 8 7 ,9 8 1 8-76 8 7 ,8 1 9 8 7 ,7 7 3 - 0 .6 8 8 ,1 3 0 3 .1 8 8 ,3 5 2 9-76 10-76 11-76 MONTH PAYROLL EMPLOYMENT COMPOUNOED ANNUAL R A T ES OF CHANGE IN IT IA L TERMINAL MONTH 5-75 6-75 6-75 7-75 8-75 9-75 10-75 11-75 12-75 1-76 MONTH 2-7 6 3-76 THOUSANDS OF PERSO NS 4-76 5-76 6-76 7 -7 6 8-76 9-76 10-76 11-76 7 6 ,4 4 4 - 2 .1 7 6 ,7 0 6 7-75 1 .0 4 .2 8-75 2 .2 4 *3 4 *5 9-75 2 .6 4 .2 4 .2 4 .0 10-75 2 .8 4 .1 4 .0 3 .8 3 .6 11-75 2 .5 3 .5 3 .3 2 .9 2 .4 1 .1 12-75 2 .7 3 .5 3 .3 3 .1 2 .7 2 .3 3 .5 3 .5 4 .7 6 .0 3 .8 7 6 ,9 8 8 3 .6 7 7 ,2 3 9 3 .5 7 7 ,4 7 0 7 7 ,5 4 2 7 7 ,7 6 4 78,14 2 1-76 3 .1 3 .8 2-76 3 .1 3 .8 3 .7 3 .6 3 .5 3 .5 4 .3 4 .7 3 .4 3-76 3 .3 3 .9 3 .9 3 .8 3 .8 3 .8 4 .5 4 .9 4 .3 5 .2 4-76 3 *5 4 .0 4 .0 4 .0 4 .0 4 .0 4 .6 4 .9 4 .5 5 .1 5 .0 5-76 3 .2 3 .7 3 .6 3 .5 3 .5 3 .4 3 .8 3 *9 3 .4 3 *3 2 .4 tO * 1 _ 6-76 3 .0 3 .4 3 .3 3 .2 3 .1 3*1 3 .3 3 *3 2*8 2*6 I* * 0*2 0 ,6 7 9 ,0 4 3 2 .7 2*5 1 *4 . 7 9 ,1 8 3 78,35 8 7 8,6 9 2 7 9 ,0 1 1 7 9 ,0 0 6 7-76 2 .9 3 .3 3 .2 3 .1 3 .0 3 *0 3 .2 3 .1 1*9 0*? 8-76 2 .8 3 .2 3 .1 3 .0 2 .9 2 *8 3 .0 2 *9 2*5 2 .4 * .0 1 .0 1*4 * .e 1 .4 9-76 2 .9 3 .3 3 .2 3 .1 3 .0 3 .0 3 .1 3 .1 2 .8 2 *7 2 .2 1 .7 2*2 2 .7 3 .0 10-76 2 .6 3 .0 2 .9 2*8 2 .7 2 *6 2 .7 2 *6 2*3 2 *1 1*X_ 1*2 1*4 1*6 _ J * 4 1 .4 2 *1 7 9 ,2 7 8 4 .5 7 9 ,5 7 2 - 1 .6 7 9 ,4 6 7 11-76 2 .7 3 .0 2 .9 2*8 2 .7 2 .7 2*8 2 .7 2 *4 2 *3 1 .9 1 .5 1 *0 2 .0 2*0 2 .1 1 .0 3 .6 12-76 2 .8 3 .0 3 .0 2*9 2 .8 2 *7 2*9 2 *B 2*5 2*5 2*1 J.ft 2 .1 2 .3 2 .4 2 .6 1 .9 3 .8 5-75 6-75 7-7 5 8-75 9-75 10-75 11-75 12-75 1-76 2-76 3-76 4-76 5—76 6—76 7-7 6 8-76 IN IT IA L 7 9 ,7 OOP 3 .9 7 9 ,9 5 7 P 9-76 10-76 11-76 MONTH P- P R E L IM IN A R Y P R E P A R E O BY FEDERAL RE S E R V E BA N K OF ST* LOUIS J A N U A R Y 1 2. 1977 2 EMPLOYMENT RATI O RATI O SCALE MILLIONS OF 1969 PERSONS 1970 SE ASO NA LLY 1971 1972 MILLIONS AD JU ST ED 1973 1974 1975 SO URCEt PERC EN TAGES ARE ANNUAL RATES OF CHANCE FOR P E R IO O S LA T EST DATA PLOTTED» SCALE PERSONS 1977 U .S .D E P A R T M E N T OF LABOR IN D ICATED * DECEMBER P R E L IM IN A R Y PR EPAR ED UNEMPLOYMENT SEASONALLY PERCENT 1976 OF BY FED ER AL R E S E R V E BANK OF S T . L O U IS RATES* A D JU S T E D PERCENT 10. 0 9. 9.0 8. 8.0 7. 7.0 6. 6.0 5. 5.0 4. 4.0 3. 3.0 2. 2. 0 1 . 1.0 1969 1970 1971 1972 1973 1974 1975 SO URCE. ■ PERCCNT OF C I V I L I A N L A T EST DATA PLO T TED . LABOR FORCE U .S . 1976 1977 DEPARTMENT OF LABOR IN CROUP DECEMBER PREPARED BY FED ER A L R E SE R V E 3 BANK OF S T . L O U IS C O N S U M E R P R ICE INDEX, S E A S O N A L L Y A D J U S T E D COMP O U N D E D ANNUAL RATES OF CHANCE TERM INA L____________ ____________________________________________________________ I N I T I A L MONTH_______________________ __________________________________________________ 1967 « 100 MONTH 5-76 4-76 6-76 7-76 8-76 9-76 10-76 11-76 5-75 6-75 7 -75 8-75 9-75 10-75 11-75 12-75 1-76 2-76 3-76 160.6 6 —75 8 .6 7-75 1 0 .6 1 2 .6 8-75 8 .5 8 .5 162 . 2 4 *5 162*8 163.5 9-75 7 .7 7 .4 4 .9 5*3 10-75 7 .7 7 .5 5 .8 6 *4 7 .6 11-75 7 .7 7 .5 6 .2 6*8 7 .6 7 .5 12-75 7 .5 7 *4 6 .3 6*8 7 *3 7*1 1^,5 165.5 166.4 6 .7 1-76 7 .2 7 .0 6 *1 6*5 6*8 6 *5 5 .9 5 .2 2-76 6*6 6 .3 5*5 5 .6 5*7 5*2 4 .4 3 .3 1*4 3-76 6 *1 5 .9 5*0 5 .1 5*1 4 *6 3 .9 2 .9 1*8 2*2 4-76 6 .0 5 .8 5 *0 5*1 5*1 4 *7 4.1 3*5 2 *9 3*6 5*1 167.1 167.3 167.6 1 68 . 3 5-76 6*1 5 .9 5 *3 5.4 5*4 5.1 4 .6 4 .2 4 *0 4 *9 6*2 7 .4 6—76 6*1 5*9 5 *3 5 .4 5 .4 5 .1 4 .8 4*5 4 *4 5*1 6*1 6*6 5*8 7-76 6 .1 5 .9 5 *4 5 .4 5 ,5 5 .2 4 ,9 4 .7 4 *6 5*2 6*0 6*3 5*8 5*8 169.3 170.1 1 7 0 .9 8—76 6 .1 5 .9 5 .5 5 .5 5 .6 5 .3 5 .1 , 4*9 4 .9 5 .5 6 *1 6 *4 6 .0 6 ,1 6 .5 9-76 6 .1 5 .9 5 *4 5 .5 5 .5 5 *3 5*1 4 *9 4 *9 5*4 5*9 6 .1 5*8 5*8 5 .8 5 .0 10-76 5 .9 5 .8 5*3 5 .4 5 .4 5 .2 5 .0 4*9 4 .8 5*2 5*7 5 .8 5*5 5*4 5 .2 4 .6 11-76 5 .8 5*6 5 .2 5 .3 5 .3 5 .1 4 .9 4 .7 4 *7 5 .1 5 .4 5*5 5*1 5*0 4 .8 4*3 3*9 3*5 12-76 5 .8 5 .6 5 ,2 5*3 5 .3 5 .1 4 *9 4 *7 4*7 5*0 5*4 5*4 5*1 5 *0 4 .8 4*4 4 .2 4 .2 5-75 6-75 7 -7 5 8-75 9-75 10-75 11-75 12-75 1-76 4 1 <M 3-76 4-76 5-76 6-76 7-76 8-76 9-76 IN IT IA L 171.8 172.5 4*3 173.1 173.6 4 .9 174.3 10-76 11-76 MONTH PREPA RED BY FED ERA L R E SE R V E BANK OF ST * JANUARY 19» 1977 L O U IS W HOLESALE P R IC E S - A LL C O N N O O IT IE S , SEA SO N A LLY A O JU ST ED _________________ COHPOUMOEO ANNUAL R A T ES OF CHANGE_______________ IN IT IA L TERM INAL MONTH 5-75 6-75 0 *0 7-75 5 *0 6-75 7-7 5 8-75 9-75 10-75 11-75 12-75 1-76 4-76 5-76 6-76 7 -7 6 8-76 9-76 1 7 4 .4 10*5 1 0*8 10*8 1 1 .2 1 1 .5 f» 1 o 175*9 6 *9 8 *0 9 *3 11*7 1 2 .2 1 2 .9 177*5 1 4 .4 179*5 11-75 7 *9 9 .5 9 .4 8 .9 7 *7 1*3 12-75 7*3 8*6 8 .3 7 .7 6*5 2 .7 4 .1 1-76 6 *0 6 *9 6 .4 5 .5 4*1 0 .9 0 .7 179*7 180*3 -2*6 179*9 2-76 4*8 5*4 4 .8 3 .8 2*3 - 0 .5 - 1 .1 - 3 *6 —4 .6 3-76 4 *5 5 *0 4 .4 3 .5 2 .3 0 .0 - 0 .3 - 1 .8 - 1 .3 2 .0 4-76 5 .1 5 .6 5 .1 4 .4 3 .4 1 .7 1 .7 1 .2 2 .5 6 .2 5 .4 5 .0 4 .3 3 .5 2 .0 2 .1 1 .7 2 .9 179*2 5 .5 179 *5 1 0 .5 7 .2 181*0 4 .1 181*6 6-76 5*0 5 .4 5 *0 4 .5 3 .7 2 .4 2 .6 2 .3 3 .4 5 .5 6 .6 4 .7 5 .4 7-76 4 *9 5 .3 4 *9 4 .4 3 .7 2 .6 2 .6 2 .6 3 .5 5 .2 6 .0 4 .5 4 .7 4 .0 8-76 4 *5 4 .8 4 *4 3 .9 3 .3 2 .2 2 .3 2 .1 2 .8 4 .1 4 .5 3 .0 2 .7 1 .3 4 *9 5 .3 4*9 4 .5 3 .9 3 .0 3*2 3 .1 3 .9 5 .1 5 .6 4 .7 4 .9 4 .7 5 .0 1 1 .7 5 .1 5 ,4 5*1 4 .7 4 *2 3 .4 3*6 3*5 4 .2 5 *4 5 .9 5 .1 5 .4 5 .4 5 .8 9 .5 7 .4 11-76 5 ,2 5 .6 5 .3 4*9 4 *5 3 .7 4 *0 3 .9 4 .6 5*7 6 .2 5 .6 5 .8 5 .9 6 .4 9 .0 7 .7 8 .0 12“ 76 5-.6 5 ,9 5 .6 5 .3 4 *9 4 .3 4 *5 4 *5 5 .2 6 *3 6 .7 6 ,3 6 .6 6 .8 7 .4 9 .6 9 .0 9 .7 1 1 .5 5-75 6-75 7-75 8-75 9-75 10-75 11-75 12-75 1-76 2-76 3-76 4-76 5-76 6-76 7 -7 6 8-76 9-76 10-76 11-76 9-76 10-76 _ 100 10-76 11-76 10*2 8-75 5*0 3-76 1 7 3 .0 9-75 5-76 1967 * MONTH 2-76 IN IT IA L 182*4 183 *0 - 1 .3 182*8 184*5 185 *6 1 8 6 .8 188*5 MONTH P R E P A R E D BY F E D E R A L R E S E R V E B A N K O F ST. L O UIS J A N U A R Y 12, 1977 4 RATIO PR I CES SCALE SEASONALLY 1967-100 PERCENTAGES a r e an n ua l rates of RATIO ADJUSTED CHANCE f o r PERIODS SCALE 19 6 7 - 1 0 0 INDICATED. LATE8T DATA PLOTTEDt PREPARED 6Y FEDERAL RESERVE BAWK OF ST. RATIO SCALE WHOLESALE 1967-100 SEASONALLY PR IC ES RATIO SCALE AD JUSTED PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIODS LATEST DATA PLOTTEDt L OUIS IHDlCATED. DECEMBER PREPARED 6V FEDERAL RESERVE BANK OF ST . 5 LO U IS WHOLESALE P R IC E S - IN D U S T R IA L C O M M O D ITIES, SEASO N ALLY A D JU ST ED ____________ _______ COMPOUNDED ANNUAL R ATES OF CHANGE______________________ 5-75 6-75 6-75 7-75 8-75 9-75 10-75 11-75 1-76 3-76 2-76 4-76 5-76 6—76 7-7 6 8-76 9-76 1 6 9 .7 1 7 0 .3 3 .2 4 .3 8-75 5 .1 6 .» 8 .8 9-75 6 .5 8 .0 9 .9 10-75 8 .3 9 .9 1 1 .8 1 3 .3 1 5 .6 11-75 8 .4 9 .7 1 1 .1 1 1 .9 1 2 .4 9 .3 1 0 .9 1 0 .8 8 .5 7 .7 8 .3 100 10-76 11-76 2 .1 7-75 12-75 12-75 1967 * MONTH 1 IN IT IA L TERM INAL MONTH 9 .4 1 0 .4 1 7 1 .5 1 7 3 .0 1 1 .0 1 7 5 .1 1 7 6 .4 1 7 7 .5 1 7 8 .2 1-76 7 .9 8 .7 9 .5 9 .6 9 .3 7 .3 6 .3 4 .8 2-76 7 .1 7 .7 8 .2 8 .1 7 .5 5 .6 4 .4 2 .7 0 .7 3—76 6 .8 7 .3 7 .7 7 .5 6 .9 5 .3 4 .3 3 .2 2 .4 4 .1 4-76 6 *5 7 .0 7 .3 7 .1 6 .5 5 .1 4 .3 3 .4 3 .0 4 .1 4 .1 5-76 6 .0 6 .4 6 .6 6 .3 5 .8 4 .4 3 .7 2 .9 2 .4 2 .9 2 .4 0 .7 6—76 6 .0 6 .4 6*6 6 .3 5 .8 4 .7 4 .0 3 .4 3 .1 3 .7 3 .6 3 .4 6 .2 1 7 8 .3 1 7 8 .9 1 7 9 .5 1 7 9 .6 6 .2 6 .6 6 .8 6 .6 6 .1 5 .1 4 .6 4 .2 4 .1 4 .8 4 .9 5 .2 7 .6 9 .0 6 .4 6 .7 6 .9 6 .7 6 .3 5 .4 5 .0 4 .7 4 .7 5 .3 5 .6 6 .0 7 .8 8 .6 8 .2 181 .8 9-76 6 .7 7 *0 7 .2 7 .1 6 .8 6 .0 5 .7 5 .4 5 .5 6 .2 6 .6 7 .1 8 .8 9 .6 7 .5 8 .1 9 .6 o 7-76 «-76 o 1 8 0 .5 1 8 3 .0 1 1 .7 1 8 4 .7 10-76 7 .1 7 .4 7 .6 7 .5 7 .2 6 .6 6 .3 6 .2 6 .3 7 .1 1 0 .5 1 1 .0 1 2 .4 11-76 7 ,2 7 .5 7 .7 7 .7 7 .4 6 .8 6 .6 6 *5 6 .7 7 .4 7 .8 8 .4 9 .7 1 0 .4 1 0 .8 1 1 .6 1 1 .6 1 0 .1 12-76 7 .1 7 .3 7 .5 7 .4 7 .2 6 .6 6 .4 6 .3 6 .4 7 .0 7 .4 7 .8 8 .8 9 .3 9 .4 9 .6 8 .9 6 .9 3 .9 5-75 6-75 7-75 8-75 9-75 10-75 11-75 12-75 1-76 2-76 3-76 4-76 5-76 6-76 7 -7 6 8-76 9-76 10-76 11-76 IN IT IA L 1 3 .1 1 86 . 6 1 8 8 .1 1 8 8 .7 MONTH WHOLESALE P R IC E S —FARM PROOUCTS AND PRO CESSED FOODS ANO F E E D S , S E A S . A D J. __________________________ COMPOUNDED ANNUAL R A T ES OF CHANGE______________________________ 5-75 6-75 7-75 8-75 9-75 10-75 11-75 12-75 1-76 - 6 .4 7-75 8 .1 2 4 .9 8-75 1 0 .9 2 0 .7 1 6 .7 9-75 1 1 .6 1 8 .3 1 5 .1 1 3 .6 10-75 1 1 .8 1 6 .9 1 4 .3 1 3 .1 2-76 4-7 6 5-76 6—76 7 -7 6 8-76 9-76 10-76 11-76 1 8 5 .4 1 8 7 .8 1 8 9 .8 1 2 .7 1 9 1 .7 - 2 .8 1 8 8 .9 11-75 6 .6 9 .3 5 .8 2 .4 12-75 4 .5 6 .5 3 .1 0 .0 - 4 .1 - 1 1 .6 1-76 0 .7 1 .7 - 1 .7 - 5 .0 - 9 .2 - 1 5 .5 - 1 5 .1 - 2 2 .8 2-76 -2 .0 - 1 .4 - 4 .7 - 7 .8 - 1 1 .6 - 1 6 .8 - 1 7 .0 - 2 1 .7 - 2 0 .6 - 2 .0 3 -76 1 8 2 .0 6-75 3-76 1967 * 100 I N I T I A L MONTH TERMINAL MONTH - 1 .5 - 4 .4 - 7 .1 - 1 0 .2 - 1 6 .2 - 1 4 .1 1 8 7 .8 - 6 .8 1 8 3 .8 - 1 3 .6 - 1 5 ,8 - 1 2 .1 1 8 0 .3 1 7 9 .9 - 2 .6 4-76 1 .1 1 .9 - 0 .4 - 2 .3 —4 * 4 - 7 .0 - 5 .0 - 4 .6 2 .4 1 6 .3 39*i> 5-76 2 .1 2 .9 0 .9 - 0 .7 - 2 .4 - 4 .3 - 2 .2 - 1 .3 5 .0 1 5 .2 * > .o _ 18 . 0 1 8 4 .9 1 8 6 .8 i? t L . 4 .6 1 8 7 .5 6-76 2 .3 3 .0 1 .2 —0 *2 - 1 .6 - 3 *3 - 1 .3 - 0 .3 4 .9 1 2 .5 7-76 1 .3 1 .9 0 .2 - 1 .2 -2*6 - 4*2 - 2 .5 - 1 .9 2 .1 7 .3 8-76 - 1 .2 - 0 .8 - 2 .5 - 4 .0 - 5 .4 - 7 .1 - 6 .0 - 5 .9 - 3 .2 0.0 0 t5 . - 7 .3 9-76 - 0 .4 0 .0 - 1 .5 - 2 .8 -4*1 - 5 .5 - 4 .3 —4 .0 - 1 .4 1 .7 2 t5 _ - 1 *6 - 7 .4 “ 1 0*9 _8 *t 1 8 5 .7 - 1 0 .9 l . I .z29 tj>_ - 1 1 .o - U . 1 1 8 0 .3 1 2 .7 1 8 2 .1 10-76 - 1 .0 - 0 .7 - 2 .2 - 3 .4 —4 . 6 - 5 .9 - 4 .9 - 4 .7 _ -2*S_ O .I 0 .5 - 4 .8 - 8 * 0 - 1 0 .9 11-76 - 0 .8 - 0 .5 - 1 .9 - 3 .0 - 4 .1 - 5 .3 - 4 .3 - 4 .1 - 2 .0 0 .4 0 .8 - 3 .8 - 8 .4 - 7 .7 1 .1 - 4 .2 2 .7 12-76 0 .9 1 .3 0 .1 - 0 .9 - 1 .8 - 2 .7 - 1 .6 - 1 .2 1 .1 3*_5_ 4 .2 0 .6 - 1 .1 - 2 .0 - 0 .1 9 .1 7 .9 1 8 .6 5-75 6-75 7 -7 5 8-75 9-75 10-75 11-75 12-75 1-76 3 -7 6 4 -7 6 5-76 6-76 7 -7 6 8-T6 9-76 2-76 IN IT IA L 1 8 0 .4 0 .3 - 1 0 .6 1 8 0 .8 3 6 .9 1 8 5 .6 10-76 11-76 MONTH P REPA RED BY F E D E R A L R ES E R V E DANK OF S T . JANUARY 12* 1 9 7 ? 6 L O U IS INDUSTRIAL RATI O PRODUCTION SCALE RATI O 1967-100 SEA SO N A LLY 1969 1970 PERCENTAGES ARE LATEST PLOTTEDi O ATA 1971 ANNUAL RATES DECEMBER 1972 OF CHANG E 1973 FOR PER IO O S SCALE 1967-100 AD JU ST ED 1974 1975 1976 19 77 IND ICATED. PRELIM INARY PREPARED BY FEOERAL RESERVE BA N K OF ST. LOUIS IN D U S T R IA L PRODUCTION COMPOUNDED ANNUAL R ATES OF CHANGE IN IT IA L T ERM INA L MONTH 5-75 6-75 7-7» 8 -7» 9 -7 » 10-7» 11-7» 12-75 1-76 1967 * 100 MONTH 2-76 3-76 4-76 5-76 6—76 7 -7 6 8-76 9-76 10-76 U - 7 6 1 1 6 .4 6-75 3 2 ,5 7-75 2 7 ,5 2 2 .7 8 -7» 2 8 *3 2 6 ,2 29. 8 2 1 .1 2 0 .3 1 1 .5 1 1 8 .4 1 2 1 .0 1 22 .1 9-75 2 3 .6 10-75 1 8 .9 1 5 ,7 1 3 .» 6 .1 1 .0 11-75 1 8 .0 1 5 ,3 1 3 .5 8 .5 7 .1 1 3 .5 1 2 3 .5 12-75 1 6 .7 1 4 .2 1 2 .6 8 .7 7 .8 1 1 .3 1 2 4 .4 1 2 2 .2 1 2 5 .7 1-76 1 6 .2 1 4 .1 1 2 .7 9 .6 9 .1 1 2 .0 1 1 .2 1 3 .3 2-76 1 6 .3 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 5 .4 1 3 .6 1 2 .» 1 0 .3 1 0 .1 1 2 .0 1 1 .6 1 2 .4 1 2 .0 4-76 1 4 .2 1 2 .5 1 1 .4 9 .3 9 .0 1 0 .4 9 .8 1 0 .0 8 .9 » .3 2 .8 »-76 1 4 .0 1 2 ,4 1 1 .» 9 .6 9 .4 1 0 .6 1 0 .1 1 0 .3 9 ,6 7 .4 7 .2 1 1 .8 6-76 1 3 ,2 1 1 .8 1 0 .8 9 .1 8 .8 9 .9 9 .3 9 .4 8 .6 6 .7 6 .4 8 .2 4 .7 8 .8 8 .9 8 .8 8 .1 6 .» 6 .2 7 .4 5 .2 1 2 7 .3 7 .8 ^ \ 128 .1 \7.0% 1 2 8 .4 1 2 9 .6 130 .1 5 .7 1 3 0 .7 7-76 1 2 ,7 1 1 ,3 1 0 .4 8 .5 9 .4 8-7t> 1 2 .2 1 0 .9 1 0 .0 8 .» 8 .2 9 .0 8 .» 8 .4 7 .8 6 .4 6 .1 6 .9 5*4 5 *7 5 .7 76 1 1 .1 9 ,3 « .9 7 .» 7 .1 7 .7 7 .1 6 .9 6 .1 4 .8 4 .3 4 .5 2*8 2 .2 0 .5 - 4 *5 10-76 1 0 ,2 8 ,9 8 ,0 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 1 3 1 .3 1 30 .8 - 3 .6 1 3 0 .4 11-76 1 0 .4 9 .2 8 .4 7 .1 6 .8 7 .3 6 .8 6 .6 5 .9 4 .8 4 .» 4 .7 ? .6 3 .4 2 .8 1 .8 5 ,2 14*7 12-76 1 0 .3 9 ,2 8 ,4 7 .2 7 .0 7 .4 6 .9 6 .8 6 .2 5 .2 4 .9 5 .2 4 .3 4 .2 3 .9 3 .5 6 .3 11*6 5-75 t>—75 7-75 6-75 9-75 10-75 11-75 12-7» 1-76 2-76 3-76 4-76 5-76 6-76 7-76 8-76 IN IT IA L 9-76 10-76 1 3 1 ,9P 8 *5 I 1 3 2 ,8P 11-76 MONTH P - P R E L IM IN A R Y P R E P A R E D B Y F E D E R A L R E S E R V E B A N K O F ST. L O U I S J A N U A R Y 18, 197 7 7 PERSONAL RATIO SCALE TRILLIONS MONTHLY OF DOL LARS TOTALS INCOME AT ANNUAL SEASONALLY RATIO RA T E S TRILLIONS ADJUSTED OF SCALE DOLLARS 1 .6 1 .5 1. 4 1 .3 1 .2 1. 1 1. 0 0.9 0. 0.8 0. 0.7 0 .6 1969 1970 1971 1972 1973 1974 1975 SOURCE» PERCENTAGES ARE LATEST PLOTTED» DATA ANNUAL RATES DECEMBER OF CHANGE FOR PERIO D S U .S. 1976 1977 DEPARTMENT OF CO MM ERC E IND ICATED . PRELIM INARY PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS PERSONAL INCOME COMPOUNDED ANNUAL RATES OF CHANGE IN IT IA L TERM INAL MONTH 5-7» 6-75 7-75 0-75 9-75 10-75 11-75 12- 75 1-76 2-76 B I L L I O N S OF DOLLARS ANNUAL R ATES MONTH 3-76 5-76 4-76 6-76 7-76 8-76 9-76 10-76 11-76 1 ,253.7 6-75 33* 7 7-75 14.7 -1.6 8-75 15.1 6.8 1,252*0 15.9 1,267*5 9-75 13.7 7.7 12.6 9.5 10— 75 13.7 9.1 13.0 11.5 1,277*1 13.7 1.290.8 11-75 12.9 9.1 12.0 10.7 11.4 9.1 12-75 12.1 8.9 11.1 9.9 10.1 8.4 7.6 1-76 12.1 9.3 11.3 10.4 10.6 9.6 9.9 12.2 2-76 11.9 9.4 11.1 10.3 10.5 9.7 9.9 11.1 10.1 3— 76 11.7 9.5 11.0 10.3 10.4 9.8 9.9 10.7 10*0 9*9 4— 76 11.5 9.5 10.8 10.2 10.3 9.8 9.9 10.5 10.0 9.9 9.9 5-76 11 . 4 9*5 10-7 10.2 10-2 9.8 9.9 10.3 9-9 9-8 9.8 9.6 6-76 11.0 9.3 10.4 9.8 9.9 9.4 9.4 9.7 9.3 9.0 8.8 0.2 6.6 7-76 10.9 9.3 10.3 9.8 9.8 9.4 9.4 9.7 9.3 9.1 9.0 8.6 8.1 9.5 fi—76 10-4 8-9 9 - ft 9-3 9-3 8-9 8-8 9.0 8.5 8.3 8.0 7.5 6-8 6.8 4.2 1,300.2 1 , 3 0 8 *2 X , 3 2 0 *6 1,331*4 1,341*9 1,352.5 1,362.9 . 1,370.4 1 ,380.8 1*385.5 9—76 1Û. 1 8-7 9-5 9-0 9.0 8-6 8.5 8.6 8.2 7.9 7.6 7.1 6^5 6*4 . 4*6... 1O— 7fc 10.2 8.9 9.6 9.2 9.2 8.8 8.8 8.9 6.5 Ô.3 6.1 7.8 7,4 7 *.6 7*0 6*4 11*3 1 1-76 10.5 9.3 10.0 9.6 9.6 9.3 9.3 9.5 9.2 9.1 9.0 8.9 8.6 9.2 9.1 10.8 13.5 15.7 12-76 10.9 9.7 10.4 10.1 10.1 9.9 9.9 10.1 9.9 9.9 9.9 9.9 10*0. 10*5 10*7 12.4 14. f i 16*6^ 5-75 6-75 7-75 8-75 9-75 10-75 11-75 12-75 1-76 2-76 3-76 4-76 5-76 6— 76 7-76 8-76 9-76 IN IT IA L 3.5 1*391.7 1,404*2 10-76 1*421.4 1 7*6 1.V40.7P 11-76 MONTH P - P R E L IM IN A R Y PREPARED BY FEDERAL RESERVE BANK OF S T . JANUARY 16• 1977 8 L O U IS RETAIL RATIO SALES SCALE BILLIONS RATIO OF 1969 DOLLARS 1970 SEASONALLY 1971 1972 BILLIONS ADJUSTED 1973 1974 1975 SOURCEt PERCENTAGES ARE LATEST PLOTTED! DATA ANMUAL RATES OF NOVEMBER, CHANGE FOR DECEMBER PER IO D S ADVANCE U .S. OF 1976 SCALE DOLLARS 1977 DEPARTMENT OF CO MM ERC E IN D ICATED . ESTIM ATE PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS R E TA IL SALES COMPOUNDED ANNUAL RATES OF CHANGE TERMINAL M ILLIONS OF DOLLARS I N I T I A L MONTH MONTH 5 -7 5 6 -7 5 6 -7 5 1 2 .7 7 -7 5 1 6 .5 2 0 .* 8 -7 5 1 4 .0 14*7 7 -7 5 8 -7 5 9 -7 5 1 0 -7 5 1 1 -7 5 12 -7 5 3 -7 6 4 -7 6 5 -7 6 6 -7 6 7 -7 6 8 -7 6 9 -7 6 1 0 -7 6 1 1 -7 6 4 9 ,4 1 1 9 .2 4 9 .7 7 4 4 9 ,6 4 4 9 -7 5 9 .5 8 .4 2 .9 -3 .1 9 .3 8 .5 4 .8 2 .7 8 .8 1 1 -7 5 1 0 .1 9*6 7 .1 6*4 1 1 .5 14*2 1 3 .1 1 1 .7 1 2 .3 17*9 22*8 3 2 .0 13*0 2 -7 6 48 ,6 5 2 1 0 -7 5 1 2 -7 5 1 -7 6 4 9 ,9 9 5 50 ,5 5 2 51 ,7 3 4 1 -7 6 10*8 1 0 .6 9 .0 9 .0 12*2 13*4 1 3 .0 -3 .2 2 -7 6 12*4 1 2 .4 11*3 11*7 1 4 .9 1 6 .5 1 7 .2 1 0 .5 2 6 .2 51 ,592 3 -7 6 1 3 .0 1 3 .1 1 2 .2 1 2 .6 1 5 .5 1 6 .8 1 7 .5 1 3 .0 22*2 1 8 .3 4 —76 1 2 .6 12*6 1 1 .7 1 2 .0 1 4 .4 1 5 .4 1 5 .6 1 1 .8 17*3 1 3 .2 5 -7 6 9 .B 52,601 9 .5 8 .5 8 .4 9 .9 1 0 .1 9 .4 5 .3 7*6 2 .0 1 1 .0 1 0 .1 1 0 .2 11*8 12*2 1 1 .9 8 .9 11*5 8 .1 5 3 ,344 53 ,696 8 .2 5 2 ,8 6 8 —5*2 - 1 7 . 0 4 .9 3 .3 5 3 ,9 8 3 28*5 7 -7 6 9 .9 9 .6 6 .8 e .a 10*0 1 0 .1 9 .7 6*8 8*6 5 .3 2 .3 0 .4 1 0 .5 -5 .0 8 -7 6 10*6 10*5 9*7 9 .8 11*0 11*3 1 0 .9 8*6 10*4 7 .9 5 .9 5 .4 1 4 .1 7 .6 9 -7 6 9*1 8 .9 8*1 8 .0 9*0 9 .0 8 .5 6 .1 7*4 4 .9 2 .9 1 .8 7 .2 0 .9 3 .9 -1 1 .3 1 0 -7 6 9 ,3 _ 9*1 8 .4 8 .3 9*2 9 .3 8 .8 6. 8 7 .9 5 .9 4 .2 3 .5 8 .2 3 .7 6 .7 5 3 ,7 5 4 5 4 ,6 4 3 2 1 .8 -0 .1 54 ,100 54*634 1 2 .5 5 5 ,657P 1 1 -7 6 1 0 .1 10*0 9 .3 9 ,3 10*3 1 0 .4 1 0 .1 8*3 9 .5 7 .8 6 .6 6 .3 1 0 .8 7 .6 1 1 .0 7 .6 1 8 .6 2 4 .9 1 2 -7 6 1 1 ,7 1 1 .6 U tl 11*2 12*3 1 2 .5 1 2 .4 10*9 1 2 .3 1 1 .0 1 0 .2 1 0 .4 1 5 .0 1 2 .9 16*9 1 5 .7 2 6 .5 34 »1 5 -7 5 6 -7 5 7 -7 5 8 -7 5 9 -7 5 1 0 -7 5 1 1 -7 5 12 -75 1 -7 6 2 -7 6 3 -7 6 4 -7 6 5 -7 6 6— 76 7 -7 6 8 -7 6 9 -7 6 1 0 -7 6 1 1 -7 6 IN IT IA L 4 3 .9 57,371E MONTH P - P R E L IM IN A R Y i ^ - E S T iM AJ E P __________________ _____ ____________________________ ___ _______________________________________________________________________________________________________________ PREPA RED BY FED ERA L R E S E R V E BANK OF S T . L O U IS JANU ARY 12# 1977 9 HOU*LY COMPENSATION, PRIVATE B U SIN ESS SECTOR _____COMPOUNDED ANNUAL RATES OF CHANCE__________ TERM IN A L___________________ ___________________________ _________________________ I N I T I A L QUARTER_______________________________________________________________________ 1967 - 100 QUARTER 4-72 1-72 2-7 2 3-72 1-75 4-71 3-75 4-75 3-73 3-74 4 -7 4 2 -75 1-73 2-73 4-7 3 1-76 2-76 1-74 2 -7 4 136 .1 1-72 8 .3 2-72 6 .7 5 .1 3-72 5 .8 4 .6 1 3 7 .8 4 .1 1 3 9 .2 4-72 6 .4 5 .7 6 .0 8 .0 1-73 7 .7 7 .6 8 .4 10*6 1 3 .3 2-7 3 7 .4 7 .2 7 .8 9 .0 9 .5 5 .9 1 4 1 .9 1 4 6 .4 1 4 8 .5 3-73 7 .3 7 .2 7 .6 8 .5 8 .6 6 .4 6 .9 4-73 7 .5 7 .4 7 .7 8 .5 8 .6 7 .1 7 *7 8 .5 1-74 7 .5 7 .4 7 .8 8 .4 8 .5 7 .3 7 .8 8 .2 8 .0 2-74 8 .0 8 .0 8 .4 9 .0 9 .1 8 .3 9 .0 9 .6 1 0 .2 1 2 ^ \ 1 l, 2 % 1 6 1 .e 3-74 8 .4 8 .5 8 .8 9 .4 9 .6 9 .0 9 .7 1 0 .4 1 1 .0 1 2*6 1 2 .7 1 6 6 .7 1 0 .3 1 0 .8 1 1 .7 1 1 .3 1 5 1 .0 1 5 4 .1 1 5 7 .1 4-74 8 .6 8 .6 8 .9 9 .5 9 .7 9 .2 9 .7 1-75 8 .9 8 .9 9 .3 9 .8 1 0 .0 9 .6 10*2 10*8 1 1 .2 1 2 .0 1 1 .9 1 1 .5 2-75 8 .8 8 .8 9 .1 9 .6 9 .7 9 .3 9 .8 1 0 .2 1 0 .5 1 1 .0 1 0 .6 1 0 .0 1 0 .0 7 .0 8 .8 8 ,4 6 ,1 5 .2 8 .7 8 .4 6 ,9 6 ,8 3-75 _§f£_ 0 *5 4-75 8 .8 9 .2 9 ,3 8 .9 9 ,3 9 .6 9 .7 1 0 ,0 9 .5 8 .8 9 .1 9 .2 8 .9 9 .2 9 .4 9 .6 9 .8 9 .3 » > 1 7 0 .7 1 7 6 .0 W 1 7 9 .0 1 6 1 .3 v / ./ y o 1 8 5 .0 8 * 4 V 1-76 8 .7 8 .7 8 .9 9 .3 9 .4 9 .0 9 .3 9 .6 9 .7 9 .9 9 .5 9 .0 8 .9 7 .8 8 .1 9 .6 1 0 .8 2-76 8 .6 8 .6 8 .8 9 .2 9*2 8 .9 9 .2 9 .4 9 .5 9 .7 9 .3 8 .8 6 .6 7 .8 8 .0 8 .9 9 .2 7 .6 ^ \ 1 9 3 .3 3-76 8 .5 8 .5 8 .7 9 .0 9 .1 8 .8 9 .0 9 .2 9 .3 9 .4 9 .1 8 .6 8 .4 7 .7 7 .8 8 .5 8 .5 7 .4 1 9 6 .7 4-71 1-72 2-72 3-72 4-72 1-73 2-73 3-73 4-73 1-74 2 -7 4 3-74 4-7 4 1-75 2-75 3-75 4—75 1-76 2-7 6 3-75 4-75 1-76 2 -7 6 IN IT IA L 1 8 9 .8 7 .2 1 QUARTER OUTPUT P E R HOUR OF A LL PERSO N S » P R IV A T E B U S IN E S S SECTOR _______________COMPOUNDED A W U A L R A T ES OF CHANGE__________ 1967 «= 100 I N I T I A L QUARTER TERMINAL QUARTER 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 -7 4 1-75 2-75 3 .4 109.^ 2-72 3 .7 110.4 3-72 3 .1 2 .9 1 .8 4-72 3 .9 4 .0 4 .0 6 .3 1-73 4 .1 4 .3 4 .4 5 .7 1-72 4 .1 1 1 0 .V 112.6 114.0 5 .1 1 112.9 2-73 2 .7 2 *6 2 .3 2 .4 0 .5 - 3 .8 3-73 2 .0 1 .8 1 .4 1 .3 —0 . 4 - 3 .0 - 2 .1 4-73 1 .8 1 .6 1 .2 1 .1 - 0 .2 - 1 .9 - 0 .9 0 .4 1-74 0 .9 0 .5 0 .1 - 0 .2 - 1 .5 - 3 .1 —2*8 - 3 .2 2-74 0 .4 0 .0 - 0 .5 - 0 .8 - 1 .9 - 3 .2 - 3 .1 - 3 .4 - 5 .3 - 3 .9 3-74 0 .1 - 0 .2 - 0 .7 - 1 .0 - 2 .0 - 3 .1 - 3 .0 - 3 .2 - 4 .4 - 3 .2 - 2 .5 ^ 4-74 - 0 .2 - 0 .6 - 1 .0 - 1 .3 - 2 .2 - 3 .2 - 3 .2 - 3 .4 - 4 .3 - 3 .5 - 3 .3 - 4 .0 112.3 \ "r\ 112.4 .6 % - 6 .6 110.5 109.4 ioe.7 107.6 1-75 - 0 .1 - 0 .4 - 0 .8 - 1 .0 - 1 .8 - 2 .6 - 2 .5 - 2 .5 - 3 ,1 - 2 .2 - 1 .6 - 1 .1 ! > , —'■'w 1 108.1 2-75 0 .8 0 .6 0 ,3 0 ,2 - 0 .4 - 1 .0 - 0 .7 - 0 .5 —0 . 6 0 .7 1 .8 3 .3 7 .2 1 2 .8 111.4 3-75 1 .3 1 .1 0 .9 0 ,8 0 .3 —0 .1 0 ,3 0 .6 0 .6 1 .9 3 .1 4 .5 7 .5 1 0 .4 4-75 1 .1 0 .9 0 .7 0 .6 0 .2 - 0 .3 0 .1 0 .4 0 .4 1 .4 2 .3 3 .3 5 .2 6 .3 3 .3 - 1 .4 1-76 1 .5 1 .3 1 .2 1 .1 0 .7 0 .4 0 .8 1 .1 1 .1 2 .1 3 .0 4 .0 5 ,7 6 .7 4 .7 3 .0 7 ,6 2-76 1 .6 1 .5 1 .3 1 .3 0 .9 0 .6 1 .0 1 .3 1 .4 2 .3 3 .1 3 .9 5 .3 6 .0 4 .4 3 .2 5 .6 3 .5 3 .2 4 .7 3 .3 3-75 4-75 1-76 3-76 8 .1 1 .7 1 .6 1 .4 1 .4 1 .1 0 .8 1 .2 1 .4 1 .5 2 .4 3 .1 3 .8 5 .0 5 .5 4 .1 4-71 1-72 2-7 2 3-72 4-72 1-73 2-73 3-73 4-7 3 1-74 Z —74 3-74 4 -7 4 1-75 2-75 113.6 5 % V 113.2 115.3 116.3 3 > ^ 117.2 2-7 6 I N I T I A L Q U A RtER P R E P A R E D BY F E D E R A L R E S E R V E B A N K OF ST. D E C E M B E R 1, 1 9 7 6 10 LOUIS PRODUCTIVITY, RATIO COMPENSATION, AND LABOR COSTS SCALE RATIO 1 9 6 7 -1 0 0 seasonally 1 9 6 7 - 1 0 0 SOt RCEi fERC lMTA WS AM AWMWAL RATES Of CHAM6E FOR PERIODS LATEST DATA PLOTTED. SCALE adjusted I.J. ttfA M T W iH T Of LABOR INDICATED. 3RD QUARTER PREPARED S t FEOERAL R ESERVE BAHT Of ST. LOUI S U N IT LABOR C O ST S , P R IV A T E B U S IN E S S SECTOR COH POUNDED ANNUAL RATES OF CHANCE_______ 1967 * I N I T I A L QUARTER T ERM IN A L QUARTER 4—7 i 1-72 2-72 3-72 4 -7 2 1-72 4 .6 2-72 2 *6 1 .0 3-72 2.6 1 .6 4-72 2 .4 1 .6 1 .9 1 .6 1-73 3 .4 3 .1 3 .9 4 .7 7 .8 2-73 4 .6 4 .5 5 .4 6 .5 9 .1 1-73 2-73 3-73 4-73 1-74 2-74 3-74 4-74 1-75 2-75 3-75 4-75 1-76 100 2 -7 6 124.5 1 2 4 . fa 2 .3 12 5 . 5 126.0 1 128.4 1 0 .3 131.6 3-73 5 .1 5 .2 6 .1 7 .1 9 .0 9 .6 8 .8 4-7 3 5 .5 5 .7 6 .5 7 .3 8 .8 9 .1 8 .5 1-74 6 .6 6 .8 7 .7 8 .6 1 0 .1 1 0 .7 1 0 .8 1 1 .8 1 5 .4 2-74 7 .6 8 .0 8 .9 9 .8 1 1 .3 1 2 .0 1 2 .4 1 3 .6 1 6 .4 1 7 .4 3-74 8.3 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 4 -74 tì.8 9 .2 1 0 .1 1 1 .0 1 2 .2 1 2 .8 1 3 .2 1 4 .2 1 5 .7 1 5 .8 1 5 .0 1-75 9 .0 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 7 .9 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 3-75 7 *2 7 .3 7 .8 8 .3 9 .0 9 .1 8 .9 8 .9 9 .0 8.0 6 .2 4 ,0 0 .8 - 4 .1 - 3 .0 4 -75 7 .3 7 .5 8 .0 8 ,5 9 .1 9 .2 9 .0 9 .1 9 .2 8 .3 6 .9 5 .2 3 .0 0 .4 3 .4 1 3- 4. 4 1 3 7 .1 1 42.1 \14.8% 147.9 153.3 158.6 ... 1 1 .3 . ^| 1 \ 2 .7 - 5 .3 162.V 160.7 159.5 \2 .U 7 o 1 0 .1 163.4 1-76 7 .1 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 s 2 -76 6 .9 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 ^ 1 66.1 3-76 6 .7 6 .9 7 .2 7 .5 7 .9 7 .9 7 .8 7 ,7 7 .6 6 .9 5 .8 4 .6 3 .3 2 .0 3 .5 5 .2 3 .6 3 .8 1 67.8 4-71 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 2-7 5 3-75 4-75 1-76 164.7 2 -7 6 I N I T I A L QUARTER PR E P A R E D BY FEDE R A L RE S E R V E BANK OF ST. D E C E M B E R 1, 1 9 7 6 11 LOUIS G R O S S N A T I O N A L P R O O U C T IN C U R R E N T O 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 OF C H A N G E ________ B I L L I O N S OF DOLLARS ANNUAL RATES INITIAL Q U A R T E R T ERM INAL QUARTER 1-72 2~22 _ ll. f i _ 3-72 9 .9 2-72 3-72 4-72 1-73 2-73 3-73 4-73___ 1~74 =11___ 3 -7 » 2~74___3_- 7 4 _ 4-.14___I r l S ___ 2 4 -7 » 1-76 2-76 3-76 l t l» 6 .7 8 .8 u ie i.4 4-72____ 1 1 .1 1 1 ,1 ___ 1 1 .5 1 - 1 3 ____ 1 2 .3 1 2 , 7 ___1 4 . 7 ___15 .9 1 ,2 6 » >3 2-73 1 1 .4 ___1 2 .3 ___1 1 .6 ____ L t 2 e e .4 11*3 3 r 7 3 ____ 1 1 . 0 _ 4 r I 3 ____ 1 1 , 1 - Lt.2 1 9 ,4 . 1 1 . 0 ___ L U S ___ 1 0 . 9 6.4 1 1 , 1 ___ 1 1 . 6 11.1 9,6 9 t l. 10.6 1 »3 1 7, 5 10.4 10.3 10.» 9.9 8 .» 8.6 2 , 7 4 ____ 1 0 . 1 10,0 10.2 9,6 6.4 8.4 1-74 4 - 74 9,6 9 . 4 ____ 9 . » ____ 9 , 0 8.1 8.2 1-7 5 8 .7 8 ,» 6 .9 6 .8 2^75 8.6 7 ,9 8.6 6 % 6.6 6 .4 » ,3 -JU431.6 r 2 .1 % - » ,4 2 .1 4 .» 1 »449. 2 . —0 , 1 ,44 6 .2 ____ 1 , 1 ____ 7 , 3 ____ 7 , 0 ____ ^ , 2 ____ £ j d ____ » , 9 ____ 4 , 7 4,6 10,4 I ,4 3 2 . 3 ft^.4____ 8 ^ » ____ &*4____ 7 , 9 ____ S_,4____ ________ 8 , 2 9,3 14,7 1 ,5 4 3 ,7 6.7 9.6 13.3 14.8 it» e e .2 9.3 10.2 13.1 14.1 1 ,6 3 6 . 2 9 , 4 ____ 9 . 4 10.1 12.» 1 3 . 0 ___ 1 L . 0 1 *675.2 .9 ^ 5 4r J 5 . 9 ^ 6 ____ 2 ^ 5 ____ 2 ^ 5 ____ 2*2____ 2 ^ 6 ____ 6 ^ 2 ____ &±1____ 6 . 3 _ 2 . 4 ____ 9 , 1 --9_>fl____ 9 , 2 1 ,3 9 9 .4 .9 * » J L t I ____ » . o 3-7» 1^76 1 ,3 7 2 .7 _LdL_ 7 ,6 3 - 7 4 ___ l i U S ____ 9 1.9__- LQ . 1____ 9 „ 6 ____ ^ 6 6 ,4 1,3 » » .l 11,9 6,7 8.6 - 9 . » ____ 6 , 9 ____ 2*1____ 9 , 1 ____ 6 * 2 ____ 9 , 2 _ 2-76 3-76 9-. 7____ 9 . 6 9 . 7 ____ 9 . 4 9 .0 ___ 9 .1 9.1 9.2 9 .3 ___ 2^3___ 2^2__ LUâ__ 12.1__ 10^.4__ 10,3___ 2^2___ 6 .5 4-76 9 *7 9 .6 9 .7 9 .4 9 .0 9 .1 9 .1 8 .9 9 .2 9 .3 9 .3 9 .8 1 1 .» 1 1 .6 1 0 .2 1 0 .1 9 .3 8 .9 1-72 2-72 3-72 4-72 1-73 2-73 3-73 4-73 1-74 2-74 3-74 4-74 1-7» 2-75 3-75 4 -7 » 1-76 2-76 1 ,7 4 8 ,»P 9 ,4 \ 3-7 6 I N I T I A L QUARTER P - P R E L IM IN A R Y GROSS NATIONAL PRODUCT IN CONSTANT 1972 DOLLARS _________ COMPOUNDED ANNUAL PA TES QF C H A N S E __________ l E R ttlNA l_ BILLIONS OF IN IT IA L QUARTER l- IZ JZ r l Z-.,, 3. - 7 2 — ,4 r 7 2 ___ 1 - 7 3 ,2-73 3-73 4-73 1-74 2-74 3-74 E Q J .L A R .S _ ANNUAL RATES 4-74 1-7» 2-7» 3-7» 4 - 7 » ___ l ~7fr 2-76 3~7<> 2-72 7 , 9 ____________________________ _________________________________________________________________________________________________________________________________________________________ _____ 1 ,1 6 3 ^ 0 3-72 6 . 6 _____ » , 3 1 ,1 7 8 .0 4-72 JLsl___ £*2____6 . 5- 1-13_ 2-73 3-73 i t 202^2 7 ,7 ____ 9 10____ 9 , » 6. . 3 _ » . 2 ____ 6 . 1_ . 5 *5 ____ ________ 4 ju SL 5 .0 _ 3 * 4 ____ L - 4.» 3-74 A%. 1 .2 3 1 .1 _i ^ i ____ L t i - _L-7 4, _2 r2 4 1 ,2 2 9 .6 J .4^ 9- 1 |2 4 2 ,6 1 .9 0 .0 - 0 .1 ~3.2% 1 .2 3 0 .4 1.0 -0 ,6 - O .E -1 . 7 - 3 .» - 3 .j_ 1 .9 1 .5 0 ,» - 0 .9 - 1 .2 - 1 .9 - 3 .2 - 2 .8 - 2 .ô \ _ 1 .6 ____ 1 .0 0,5 -0.4 -1. - 2 .1 - 2 .9 - 4 .1 - 4 .2 - 4 .7 a _1^0____ 2 .» A t .Z W Æ . _1 1.212.9 4%1 .1 9 1 ,7 1-7» 0 .6 -0. 1 —0 . 6 - 1 .» -2.6 - 3 .3 - 4 .1 - » .3 - 5 .6 —6 , 5 - 8 .4 - 9 .9 X 2 -7 5 1 .0 0 .4 - 0 .0 - 0 .8 - 1 .9 - 2 .2 - 2 .8 - 3 .» - 3 .5 - 3 .6 - 3 .9 - 2 ,4 -0.8 - 0 .3 3-75 l -4-75 i- lt L -1.2 — 1 .6 - . .0 ,9 -1^1 2 ,4 _ 0.2 -0*7 .-0.6 .2 ,0 \ 1 .1 7 7 .1 6 ,5 1 .2 0 9 .3 1 1 .4 ^ - 1 ,1 -1*» - 1 ,1 _ Q*5___=0 «l3___r Q . 4 __ - 0 .6 - 0 ,9 - 0 .5 ___~Q . 1____ 0 .4 ----2.-3----6 .7 --- 7 . 3 1 . 2 ____ 1 ,8 1 .1 6 1 .1 ' » ,6 3 > \ 5 ,8 % 0.3 0.1 0 .6 _ 1.6 0 .7 0 .6 1.1____1,6___ 2a 2___ l^fi___ t>,3___ 7^0___ 5*6 1 . 4 ____ 0 . 7 . 3 .6 1 , 1 _____ 7 . 9 _____ 6 1»219.2 ±2 1 . 6 ____ 1 , 1 ____ 0 , 4 ____ 0 . 4 I . 2 4 6 .3 1.272*2. 2 .1 JL .9 ____ 1 .5 1 .3- 1 .8 2 .4 ____ 3^ß____ 6 jl3 _ 2 .» 2 ,2 2 ,0 1 .6 1 .1 1 .2 1 .1 1 .0 1 .5 2 .0 2 .» 3 .7 » .8 5 .8 4 .7 5 .1 3 .8 3 .4 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 4-75 1-76 2-76 -3—76 4-76 1 .2 T - . Qfc.9_ ____ 5^ß____ 4 .2 3 .0 \ 1 .2 6 1 . 5 P 3-76 INITIAL QUARTER P- PRELIMINARY P R E P A R E D BY F E D E R A L R E S E R V E BANK OF ST. J A N U A R Y 18, 1 9 7 7 12 LOUIS _ DEMAND AND PRODUCTION R A T I O S CAL E T R I L L I O N S OF R A T I O S C AL E QU AR TE R LY TOTALS AT ANNUAL RATES T R I L L I O N S OF D OL L A RS DOLLARS SEASON ALL Y ADJUSTED 1 .9 1 8 1 .7 1 .6 1 .5 1. 4 1 .3 1. 1. 2 1 .7 1 .6 1. 1.5 1.4 0 . 1 .3 1 .2 1.1 1 . 1.0 0.9 0 . 0.8 0 . 1969 1970 1971 1972 1973 1974 1.875 1976 1977 SOURCE. U.S. DEPARTMENT OF COMMERCE U.CNP IN CURRENT DOLLARS. £.CNP IN 1972 DOLLARS. PERCENTAGES ARE ANNUAL RATES OF CHANCE FOR PERIOOS INDICATED. LATEST DATA PLOTTED. 4TH OUARTER PRELIMINARY BV CT PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 13 GENERAL RATIO PRICE INDEX* SCALE RATIO 1 9 72 -1 00 1969 *AS USED SCALE 1972- 100 1970 IN NATIONAL PERCENTAGES ARE LATEST PLOTTED« DATA 1971 INCO ME ANNUAL RATES 4TH 1972 1973 1974 ACCOUNTS OF QUARTER 1975 SOURCE« CHANCE FOR PERIO DS U .S. 1976 DEPARTMENT 1977 OF CO MM E RC E INDICATED. PRELIM INARY PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS I M P L I C IT P R IC E DEFLATOR FOR GROSS NATIONAL PROOUCT ___________ CQHPOUNOEO ANNUAL RATES OF CHANGE _________ T ER M IN A L QUARTER IN IT IA L 1-72 2-72 3-72 4-72 1-73 2-73 3-73 4-73 1-74 1972 « 100 QUARTER 2-74 3-74 4—74 1-75 2-75 3-75 4-75 1-76 2-76 3-7 6 99*45 2-72 2^e 3-72 3 .1 3 .4 4-72 3 .6 4 .0 4 .7 1-73 4 .2 4 .6 5 .3 5 .8 2-73 4 .7 5 .2 5 .8 6 .4 \ 7 .5 % 7 .0 ^ 1 04 .6 5 3-7 3 5 *2 5 .7 6 .3 6 .8 7 .3 106*57 1 0 0 .2 9 101*44 1 102*89 7 .5 109 .0 5 4-73 5*8 6 .3 6 .9 7 .5 8 .1 8 .6 1-7^ 6 *3 6 , S. 7 .4 7 .9 8 *4 8*9 9 .6 9 .5 2-74 6 .9 7 .4 7 .9 8*5 9 *0 9 .5 1 0 .2 1 0.5 3-74 7 ,4 7 .9 4—74 7 *9 $ .4 1-75 8 .0 8 .5 2-75 7 .8 . £ .2 8 .6 8 .5 v 1 11 .5 6 11.5 1 1 4 ,6 4 1 2 .4 ^ 118 .0 3 9*0 9 .6 10*1 10*8 11.1 8 *9 9 .5 1 0*0 1 0 .5 1 1.1 1 1 .5 12.2 12*5 12*7 9 .1 9 .6 1 0 .0 1 0 .5 1 1 .0 1 1.2 1 1.6 1 1 .7 1 1 .4 9 .0 9 .4 9 .7 1 0 .0 10.1 10.2 9 .8 9 .0 7 .2 8 *5 if! rl m 7 .7 £ .1 4-75 7 .7 . ÌL.0 1-76 7 .4 7 .7 2—76 7 .2 7 .5 7 .8 8 .0 3-76 7 .1 7 .3 7 .6 7 .8 4-76 7.<J 7 .3 7 .5 7 .7 1-72 2-72 3-72 4-72 - 6 .0 11.9 \M L2 % 1 2 4 .5 5 1 2 5 .9 3 4 .5 1 2 8 .0 7 8 .8 9 .2 9 .4 9 .6 9 .6 9 .6 9 .3 8 .5 7 .2 5 .7 7 .0 8 .7 9 .0 9 .2 9 .3 9 .3 9 .3 8 *9 8 .2 7 .1 6 .2 7 .0 7 .1 6 .3 8 .5 8 .6 8 .7 8 .6 8 .5 8 .1 7 .4 6 .3 5 .4 5 .7 5 .1 8 .2 8 .3 8 .4 8 .3 8 .1 7 .7 7 .0 6 .1 5 .4 5 .6 5 .1 4 .2 5 .2 7 .9 8 .0 8 .0 7 .9 7 .7 7 .3 6 .7 5 .9 5 .2 5 .3 4 .9 4 .2 4 .8 7 .9 7 .9 7 .8 7 .6 7 .2 6 .7 5 .9 5 .3 5 .5 5 .2 4 .7 5 .3 5 .3 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 1-73 IN IT IA L P- 1 2 1 .6 0 i o ^ i 'Sss_ ^ .3 % 1 3 0 .2 7 1 31 .2 9 1 32 .9 6 1 34 .4 0 6 .2 \ 1 3 6 .44P 3-76 QUARTER P R E L IM IN A R Y PREPARED BY FEDERAL RESERVE BANK OF S T * JANUARY 16* 1977 14 LO U IS P E R S O N A L C O N S U M P T I O N E X P E N D I T U R E S IN C U R R E N T O O L L A R S ____________ C O M P O U N D £0 A N N U A L R A T E S Q F C H A N G E ________ T ER M IN A L______________________ __________________________________________________I N I T I A L B I L L I O N S Of QUARTER_________________________________ _______________ ______________________DOLLARS QUARTER ANNUAL RATES J j -7.2 2rZ2_.. 1 1 .1 3 -7 2. _9 *.6 3-72 2 -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 3-76 2-76 7 2 4 .7 e .5 7 3 9 .7 4-22_ 1 0 .7 1 0 *? 12*5 1-73 JL U 5 . 1 1 *7 U .3 14*0 2-73 1 0 .6 _1C>.5 1 1 .2 1 0 .6 1 0 .2 7 6 1 .8 7 8 7 .2 8 0 1 .0 7 .2 3-73 1 0 .3 1 0 .6 1 0 .0 8 .0 8 .9 4-73 9 ,9 9*7 - 1 0 .0 9*4 7 .8 8*2 7 .5 l- ? 4 9 .9 9 .6 9 .5 8 .4 8 .8 8 .8 1 0 .0 8 1 8 .2 8 3 3 .1 8 5 3 .3 1 0.1 2 - J4 10*2 10*1 10*3 10*0 9 .2 9 *7 1 0 .0 11.2 12*4 3-74 _10^5. .10 ,5 10*7 1 0 .5 9 .9 10*4 1 0 .8 12*0 12*9 1 3 .4 9 .7 9 .4 8 .7 9*0 9*0 9*4 9 .1 7 .5 1 .9 9 .7 9 .4 8 .9 9 .1 9 .2 9 .5 9 .4 8 .4 5 .9 10.1 4-74 9 .7 9 .6 1-75 _ 9 .e 9 .6 8 7 8 .7 9 0 6 .8 9 1 1 .1 9 3 3 .2 2-75 9 .9 9*6 1 0 .0 9 .7 9 .2 9 .5 9 .6 9 .9 9 .9 9*3 7 .9 1 1.1 12*1 3-JT5 1 0 .1 1 0 .0 1 0 .1 9. V 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 4-75 1 0 .1 1 0.0 1 0 .1 9 .9 9 .6 9 .8 9 .9 1 0.2 1 0 .2 9 .9 9 .2 11.1 1 1 .4 1 1.1 1 0 .4 9 6 0 .3 9 8 7 .3 1 * 0 1 2 .0 1-76 1 0 .3 1 0 .2 1 0 .3 1 0 .2 9 .9 1 0.1 1 0.2 1 0 .5 1 0.6 1 0 .3 9 .8 1 1 .5 1 1 .8 1 1 .7 1 1 .7 1 3 .1 2-76 1 0 .2 10.1 1 0 .2 1 0 .0 9 .7 1 0 .0 1 0.0 1 0 .3 1 0 .3 1 0.1 9 .6 1 0 .9 1 1.1 1 0 .9 1 0 .6 1 0 .7 6 .3 3-76 1 0.1 1 0 .0 1 0 .1 1 0 .0 9 .7 9 .9 1 0 .0 1 0 .2 1 0 .2 1 0 .0 9 .6 1 0 .7 1 0 .8 1 0 .5 1 0 .3 1 0 .2 8 .8 9 .2 4-70 lft.2 _ I0 « 1 1 0 .2 1 0.1 9 .8 10*0 10.1 10*3 10*3 10*1 9 .7 1 0 .7 10*8 10*6 1 0 .4 1 0 .4 9 .6 1 0 .2 1 1 .1 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 -7 5 4-75 1-76 2-76 3-76 1-72 2-72 IN IT IA L 1 * 0 4 3 .6 1 .0 6 4 .7 1 * 0 8 6 .5 1»117a5P QUARTER P - P R E L IM IN A R Y PERSONAL CONSUMPTION E X PEN D IT U R ES IN CONSTANT 1972 DOLLARS _______________COMPOUNDED ANNUAL RATES OF C H A NG E____________________ B I L L I O N S OF IN IT IA L TERM INAL QUARTER QUARTER . . ANNUAL RATES 1-72 2-72 3-72 4-72 2-72 8 .3 3-72 6 .8 5 .3 4-72 7 .4 6 .9 8 .6 1-73 7 .6 7 .3 8 .4 8 .2 2-73 5 .9 5 .3 5 .3 3*8 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 -7 6 _______ 752 *8 7 6 7 .7 -0*5 7 6 6 .8 7 7 0 .4 3-73 5 .2 4 .6 4 .5 3. 1 0 .7 1 .9 4-73 4 .1 3 .4 3*1 1*7 —0 *3 -0*2 - 2 *3 1-74 3 .3 2 *6 2 *2 1 .0 - 0 .8 - 0 .9 - 2 .2 7 65 *9 - 2 .1 7 6 1 .8 7 6 1 .9 2-74 2 .9 2 .3 1 .9 0*8 - 0 *6 - 0 .6 - 1 .5 - 1 .0 0 .1 3-74 2 .8 2 .2 1 .8 0 .9 - 0 .3 - 0 .2 - 0 *7 - 0 .2 0*8 1*5 4-74 1 .7 1 .1 0 .6 - 0 .3 *-1*5 - 1 .6 - 2 .3 - 2 .3 - 2 *4 - 3 .6 - 6 *4 1-75 1 .9 1 .3 0 .9 0 .1 - 0 .9 - 0 .9 - 1 .4 - 1 .2 - 0 .9 - 1 .3 - 2 .6 7 6 4 .7 7 4 6 .1 7 5 4 .6 3 .5 2-75 2 .3 1 .8 1 .5 0 .8 - 0 .0 0 .0 - 0 .2 0 .1 0 .6 0 .7 0 .5 5 .3 7*0 3-75 2 .4 2 .0 1 .7 1 .1 0 .4 0 .5 0 .3 0 .7 1 .2 1 .4 1 .4 4 .9 5*6 4 .1 4-75 2 .5 2 .1 1.9 1 .4 O.fi 0 .9 0 .8 1 .2 1 .6 1 .9 2 .0 4 .8 5 .2 4 .3 4 .5 7 6 7 .5 7 7 5 .3 7 8 3 .9 1-76 2 .9 2 .6 2 .4 1 .9 1 .4 1 .6 1 .6 2 .0 2 .5 2 .9 3 .1 5 .6 6 .1 5 .8 6 .7 8 .9 2-76 3 .0 2 .7 2 .5 2 .1 1 .6 1 .8 1 .8 2 .2 2 .7 3 .0 3*2 5*3 5*7 5 .4 5 .8 6 .4 4 .0 3-76 3 .0 2 .7 2 .6 2 .2 1 .7 1 .9 1 .9 2 .3 2 .8 3 .1 3 .3 5 .1 5 .3 5 .0 5 .2 5 .4 3 .8 3 .6 3 *2 5 .1 5 .3 5 .4 4 .3 4 .5 5 .5 1-75 2-75 3-75 4-75 1-76 2-76 3-76 4-76 2 .9 1-72 2-72 2 .7 (M ri 3 .1 J2 £ _ ^ _ 7 3 7 .5 2 .4 2 .0 2 .2 2 .2 2 .6 3 .0 3 .3 3 .5 5 .1 4-72 1-73 2-73 3-73 4-73 1-74 2-74 3-74 4-74 8 0 0 .7 8 0 8 .6 8 1 5 .7 8 2 6 .6P I N I T I A L QUARTER P - P R E L IM IN A R Y PREPARED BY FEDERAL RESE R V E BANK OF ST. J A N U A R Y 18* 1977 15 LOUIS GROSS P R IV A T E DOMESTIC IN VE S TM EN T IN CURRENT D Ot LAR S _____________ COMPOUNDED ANNUAL RATES OF CHANGE_______________ B I L L I O N S OF T J l& H I N A L ________________ _______ ________________________________________________ I N I T I A L QUARTER ________________________________________ _____________________________ DOLLARS QUARTER ANNUAL RATES 1- 7 2 2-72 3-7 2 4-72 1-73 2-73_ 3 -7 3 4-73 1- 7 4 2-74 3-74 4-74 1- 7 ?. _ 2 - 7 5 3-75 4-75 1- 7 6 2 -7 6 3-76 _2-72 19 ,9 .3-72 16-8 13.9 184*9 19 1. 0 4 -7 2 1 8 -4 17 .6 . 2 1 . 4 2 0 0. 5 1-7 3 19.2 18.9 21,JL> 21.7 2-73 18 .3 1 7 .9 19 .3 16*2 14.8 3-73 1 5 .7 14.9 15.2 13 .2 9.1 210.6 2 1Ê.0 3.7 220.0 > -7 3 16 .7 16 .2 16.6 15*5 13*4 12*8 22*6 _l-7 4 10 .7 9 .4 8.7 6.3 2.8 -1 .0 - 3 * 2 - 23 *6 10 .0 8.6 _6*1 6*0 3*1 0*4 -0* 7 -10*7 4*5 3-7 4 7.8 6*6 5*7 3.6 0*9 -1 * 7 - 3 * 0 - 1 0 *3 _“ 2*8. -9* 7 4-7 4 6.8 5.5 4*6 2.7 0*2 -2 * 0 -3*1 -3*0 -6*6 1 -7 5 0. 8 -2 .5 —4 . 0 —6 . 5 -9 .5 -3 .8 -5 .3 -7 .6 2-7 5 -2 .2 r> I m 3 .1 1.9 1.0 4 -7 5 3.6 2.5 1.6 G. 1 -€ .7 231.5 - 8 *6 -1 2 .5 -1 5 .0 -2 1 .0 -1 0 .4 -13 .2 216.4 2 1 8 .6 2 1 3 .3 2 1 1 .5 -3*3 -2 0 .3 -2 7 .2 -3 4 .7 -5 5 .9 172.4 - 1 5 . 3 - 2 0 . 4 -1 9 .7 - 2 4 . 9 -2 9 .3 -3 9 .6 -1 7 . 3 -2 .7 -4 .5 -5 .4 -8 .9 -6 .2 - 1 .6 -3 .1 -3 .8 -6 .7 -4 .0 164.4 -8 .2 -7 .8 -9 .2 3 0 .2 10 4. 9 -5 .4 —4 . 5 -4 .8 23.0 50 .1 196.7 9.9 201.4 1 -7 6 6 .8 5.9 5.4 4 .3 2.9 1. 9 1. 7 -0 .4 3 .0 2.8 5.0 6.8 33.2 56.1 3 6 .2 66 .9 2-7 6 7.4 6.6 6 .2 5 .2 4.0 3 .1 3.1 1 .3 4 .6 4.6 6.8 8*6 30.0 45.5 29*6 41*1 17*6 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 27.1 38.5 25 .6 31.3 15.7 1 3 .7 4-7 6 7*5 6.8 6*4 5.6 4*6 3 .9 3.9 2*5 5.2 5*3 7.1 8.5 23.4 31 „9 20 .8 23.6 1 1 .4 6.4 3 .3 1-7 2 2-72 3-72 4-72 1-73 2-73 3 -7 3 4-73 1-74 2-74 3-7 4 4-7 4 1—75 2 -7 5 3-75 4-75 1 -7 6 2-76 3-76 2-76 BIL L IO N S OF DOLLARS ANNUAL RATES 3-76 229.6 239*2 247.0 2 4 9 . OP I N I T I A L QUARTER P - PRELIMINARY GROSS PRIVATE DOMESTIC INVESTMENT IN CONSTANT 1972 DOLLARS ________________COMPOUNQEO ANNUAL RATES OF CHANGE_________________ I N I T I A L QUARTER TERMINAL QUARTER 1-72 2-72 3-7 2 2-7 2 16*6 3-7 2 1 2 .8 4-72 14.0 12.6 16.5 4-72 1-73 2-73 3-73 4 -7 3 1-7 4 4-7 4 1- 7 5 2-75 3-7 5 4-75 1- 7 6 190*2 197*6 1-7 3 14 .2 15.7 14.9 2-73 12.5 11.4 12.2 10 .2 5.6 3-73 9.4 8 .0 7 .7 5.0 0 .3 -A .7 4-73 10.1 9 .0 9 .0 7.2 4 .7 4.3 1 -7 4 4*3 2*6 1.6 -l.l -4 .8 -8 .0 2-74 2.2 0*5 -0 .7 -3 .3 -6*6 -9 .4 -1 0 .9 -2 1 .3 -13 .4 3 -7 4. -0 .7 -2 * 4 -3 .8 —6* 3 -9 .5 4-74 -2 .1 -3 .6 -5 .1 -7*5 -1 0 .3 1 -I 3-7 4 186*2 8.9 13.4 2 -7 5 2-7 4 20 4 . 6 •10.3 - 1 2 . 4 - 1 4 . 3 - 1 7 . 2 - 2 0 . 5 --10.2 - 1 2 .2 - 1 3 . 9 —1 6 . 4 - 1 9 . 3 2 0 7 .4 2 0 4 .9 21 1 .8 14.2 -9 .6 -2 8 .4 19 4. 8 18 7 .9 -1 4 .0 -2 1 .8 -1 8 .2 -2 2 .7 176.2 - 1 2 . 7 - 1 4 . 2 -20 *2 - 1 7 . 2 -1 9 * 0 - 1 5 . 2 169.1 -1 2 .2 12 9. 3 -2 3 .7 -2 6 .4 -3 2 .6 -33 .6 -3 9 .2 -4 6 .2 -6 5 .8 -2 2 .0 -24 .2 -2 9 .3 -3 2 .8 -3 5 .9 -4 4 .3 -9 .3 -1 3 .7 -14 .8 -1 8 .3 -16.5 -17 .1 -1 5 .6 -1 5 .8 3 2 .3 92*8 -29.2 12 6.2 -5l.2 - 6 .7 4—75 -5 .1 -6 .5 -7 .6 - 9 . 4 -1 1 .3 -1 2 .9 -1 3 .7 -1 6 .7 -1 ^ .9 -15 .1 1 8 .7 35.7 -4 .5 1-7 6 -1 .7 -2 ^0 - 3 .6 -5 .0 -6 .5 -7 .6 -7 .8 -1 0 .0 -7 .4 -6 .5 -3 .5 -0 .9 29.2 45 .4 26.3 67*0 2-76 -l.Q _ - 2 .0 -2 .7 -3 .9 -5 .3 -6 .1 -6 .2 -8 .1 -5 .5 -4 .4 -1 .5 1.0 25.5 36 .1 21.1 3 6 .4 11*5 3-76 —0 . 5 -1 .4 -2 .0 -3 .2 -4*3 -5 .1 -5 . 1 —6 . 7 -4 .2 -3 .1 -0 .3 2.0 22.4 3 0 .0 1 7 .8 26.4 9.9 8*4 4— 76 -0 .6 -1 .5 - 2 .1 -3 * 2 -4*3 -4 .9 -5 .0 -6 .4 —4* 1 —3* I —£*J> 1.4 18*4 23.7 13*2 18*2 5*3 2*3 -3*4 1-72 2-72 3-7 2 4-72 1- 7 3 2 -7 3 3-73 4-73 1-7 4 2-7 4 3-7 4 4-7 4 1-75 2-7 5 3-75 4-75 1-7 6 2-76 3-7 6 3 -7 5 -7 .9 —9 . 8 - 1 2 . 0 -1 3 .5 -1 3 . 1 14 8 .7 147.0 167.1 171*7 175*2 173.7P I N I T I A L QUARTER P - PRELIMINARY PREPARED BY FEDERAL RESERVE BANK OF S T . JANUARY 18* 1977 16 LO U IS GOVERNMENT PURCHASES OF GOODS AND S ER VI CE S B I L L I O N S OF DOLLARS ANNUAL RATES I N I T I A L QUARTER TEi Wl N AL QUARTER 2 -7 2 1-7 2 3-72 4 -7 2 z-iz 3*4 3-7 2 _3*2 3 .1 .4=72 5.5 6.6 1 0 .2 1=73 6,7 7,9 10.4 10.6 5,1 5,6 6.4 4.6 .¿=73 .. IN CURRENT DOLLARS 1- 7 3 2-73 3-73 4-7 3 1 -7 4 2-7 4 3-74 4-74 1-75 2 -7 5 3-7 5 4-75 1- 7 6 2-76 3-76 2 5 1 .1 253.0 259.2 26 5 . 8 265*1 -1 .0 3 -7 3 5,4 5,8 6,4 5.2 2,7 6.5 4=73. 6,5 7,0 7 .8 7. 2 6 .1 9.8 13,2 269,3 1=74 7 15 e .* l 9.0 8.8 8.4 11 .7 14 .4 15.5 277, £ 288.0 2-7 4 6,3 e,9 9 .6 9.7 9.6 12.4 14. 5 15.1 14 .6 3 -7 4 9,0 9,6 10.4 10.5 10 .5 1 2 .9 14. 6 15.0 14.8 15.0 4-74 9.4 10,0 io .e 10.9 10 .9 13 ,0 14 .4 14 .7 1 4 .4 14.2 13 .5 1-7 5 9.4 9.9 10.6 10 .7 1 0 .7 12,5 13.5 13.5 13.1 12 .5 11 .3 2 9 8 ,0 308.6 318,5 32 5 .6 9.2 2- 7 5 9 ,4 9.9 10,5 10 .6 10.6 12,1 1 2 .9 12. 9 12.4 11.8 10.8 9.4 9 .7 3-75 9.6 10 .1 10 .7 10 .7 10 ,8 1 2 .2 12 .9 12.8 12.4 1 2 .0 11 .2 10.5 11.1 12 .6 4-75 9.6 10 .3 10.9 10 .9 11.0 12 .2 1 2 .9 12 .9 1 2 .5 12.1 11 .6 11.1 11 .7 1 2 .7 33 3 . 2 3 4 3 ,2 35 3. 8 12 .9 3 5 4 .7 1-7 6 9.2 9.6 10.1 10 .1 10,1 11 .2 11 .6 11.5 1 1 .0 10 .5 9.7 9.0 8.9 8.7 6 .8 1 .0 2-76 9.2 9.6 10.0 10 .0 10.0 10.9 11.4 11.2 10.7 10 .2 9.5 8.9 8.8 8.6 7 *4 4 .7 8*5 3-76 9 .2 9-5 9 .9 9.9 9.9 10 .8 11.1 10.9 10 .5 10 .0 9.4 8.9 8.8 8.6 7.7 6 .0 8.6 8 .7 4-76 9.1 9 .4 9 .8 9.8 9.8 10.6 10 .9 10 .7 10.3 9.8 9.3 8 .8 8.7 8.5 7 .8 6.5 8.4 8.3 8 .0 1-72 2- 7 2 3 -7 2 4 -7 2 1-7 3 2-73 3 -7 3 4-73 1 -7 4 2-74 3 -7 4 4-74 1-75 2-75 3 -7 5 4-75 1-76 2-7 6 3-7 6 362,0 369.6 376 «_8P _ I N I T I A L QUARTER P- PRELIMINARY GOVERNMENT PURCHASES OF GOODS AND SERVICES IN CONSTANT 1972 DOLLARS ______________________ COMPOUNDED ANNUAL RATES OF CHANGE_________________________ B I L L IO N S OF DOLLARS 13 i l l A _ L Q U A R T E R , QUARTER __________ 1- 7 2 2-72 3-7 2 4-72 1 -7 2 ¿-73 3 -7 3 4-73 ANNUAL RATES 1 -7 4 2-74 3-74 4-74 1- 7 5 2-75 3-75 4 - 7 5 ___l~7ò___2=7 6 _ 3 - 76_________________ 2=72____ =1*4 3-72 - 1 *6 ___= 1 .2 4=72_ 1-73 _0 *4 _2~73___ -t>*9 2 5 2 «P -Q t ft -i*a 1+1 2*6 ¿5 3 * 2 3,2 -Q *8__ -Q*4__ r lt6 - 3 -7 3 —0 . 6 -0 .4 -0 .1 -0 .7 -2 .6 1 .0 4-73 -0 .5 -0 .3 0.0 -0 .5 -1 .7 0.6 0.3 1 -7 4 0,3 0.5 0.9 0.7 0.1 2.2 2.9 _^5U 2_ 6*1 251,8 252,0 255,4 5.5 2 5 6 ,1 2 -7 4 0 ,3 0.6 0 .9 0 .8 0.3 2 .0 2.3 3.3 1,1 3 -7 4 0,5 0,7 1*0 0.9 0*5 1.9 2 .1 2 .7 1 .3 1, 6 4-74 0.4 0.6 0*9 0*7 0.4 1 .5 1 ,6 1,9 0,8 0*6 -0 ,3 25 7, 1 256,9 1-7 5 0 .4 0.6 0 .8 0.7 0 .4 1.3 1.4 1 .6 0.7 0 .5 0.0 0.3 2 -7 5 . 0.6 0.8 1 .0 0.9 0.7 1.6 1.6 1 .9 1.2 1.2 1.0 1. 7 3.1 3 -7 5 0 .9 1.1 1.4 1.3 1.1 2.0 2 .Ì 2.3 1.8 2.0 2.1 2.9 4,2 5.2 4-75 1.1 1 .3 1 .6 1 .6 1.4 2.2 2.3 2.6 2.2 2.4 2.5 3.2 4,2 4 .8 4 .3 257.1 259*1 262,4 2 6 5 ,2 1- 76 0.8 0.9 1.1 1 .0 0 .9 1 .5 1 .6 1.7 1 .3 1.3 1.2 1. 6 1 .9 1.4 —0 . 4 -4 .9 2-76 0.9 1.0 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 1.0 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 4-76 1.0 1.1 1.3 1.2 1. 1 1.6 1 .7 1,8 1 .5 1, 5 1 .5 1, 7 1*9 1.7 1*0 0,2 2*0 1*7 0.5 1-7 2 2-72 3-72 4 -7 2 1- 7 3 2-7 3 3-73 4-73 1 -7 4 2-74 3-74 4-74 1-7 5 2-75 3-75 4-7 5 1 -7 6 2-76 3-7 6 2 61 *_9 _ ¿ 6 3 , 6 ... 265.5 ¿ 6 5 , 8P I N I T I A L QUARTER P- P R E LI M IN A R Y PREPARED BY FEDERAL JANUARY 18* 1977 17 RESERVE BANK OF S T . L O U IS . D IS P O S A B L E PERSONAL INCOME IN CURRENT DOLLARS COMPOUNDED ANNUAL _RA L£Si_Q£_ CHANGE__________ B I L L IO N S OF DOLLARS ANNUAL RATES I N I T I A L QUARTER TEKMINAL QUARTER 1~72 2-72 _ 3-72 4-72 1-73 2-73 3-73 2*7 2 J> .3 ¿ “ 72 8 .2 1 0 .1 4 =7 2 _ L £ .e 13.1 16.« 2 1-73 1 1 .8 13.7 15.5 14.9 2-73 1 1 .6 13.2 14.2 13.3 11.7 _ 2 = 73 11.4 12.5 13.0 1 2 .0 10,6 9,5 4-73 1 1 .5 1 2 .4 1 2 .8 1 2 .0 1 1 ,1 io , e 1 2 ,1 e ,7 4-73 1-74 2- 2. 4 _ ä = I 4 _ . 4 =7 4 .1-22.. 2 = I 5 _ 3 =15 W 5 .. 1=76 2-76 3-76 787.0 . 8 06.2 8 3 7 .0 866.6 890.9 9 1 1 .4 9 3 7 .7 .1=74 1 0 .6 1 1 .2 1 1 ,4 1 0 ,5 9.4 8 .3 4 ,6 2-74 1 0 .5 1 1 .0 1 1 ,1 1 0 .3 9 .4 8 .8 8 ,6 6 ,9 9 ,2 ¿= 7 4 1 0 .6 n a 1 1 .3 1 0 .6 9 .9 9 .5 9 .5 8 .7 1 0 .7 1 2 .3 10.2 9.5 9 .1 9 .1 8 .3 9. 6 9.8 7.3 946 .4 9 6 9 .5 9 9 8 .0 _A=74 1 0 .3 1 0 .7 1 0 .8 1 -7 5 9.7 10.0 1 0 .0 9.4 6.7 8.3 8,1 7 .3 8 ,0 7.5 5.2 3.2 2=75 1 1 .0 11.4 11.5 11.1 1 0 .6 10 .5 10 .7 10 .4 11.6 12 .2 12 .2 14 .8 2 7 .6 3 -7 5 10.3 10.6 10.6 10.1 9.7 9.4 9 .4 9 .1 9.8 9.9 9.4 10.1 1 3 .7 4-75 1 0 .3 10 . 6 10 . 6 10 .2 9.8 9 .6 9.6 9.3 10 .0 1 0 .1 9.7 10 .2 1 2 .7 5.9 1 0 .8 1 -7 6 10.3 1 0 .6 10 .6 10 .2 9.8 9.6 9.7 9.4 10.0 10 .1 9.8 1 0 .3 12 .1 7.3 10.5 10 .3 2-76 1 0 .2 10 .5 10.5 10 .1 9.7 9 .6 9.6 9.4 9.9 1 0 .0 9 .6 10.0 1 1 .5 7.7 10.0 9.6 3 -7 6 1 0 .0 10 .2 1 0 .2 9.8 9.5 9 .3 9.3 9 .1 9.5 9 .5 9.2 9.5 1 0 .6 7 .4 9 .0 4-76 J.CL.0 1 0 .2 10.2 9. Q 9.5 9.3 9.3 9.1 9.5 9.5 9.2 9.5 10.4 7.7 9.1 1-72 2-72 3-72 1 -7 3 2-73 3 -7 3 4—73 1 -7 4 2-74 3-7 4 4-7 4 1-7 5 2 -7 5 3-75 4-75 4-72 1.015.8 1.023.8 1.0 88.2 1 .091.5 1 .2 1.1 1 9 .9 1.147.6 9.0 1.1 7 2 .5 8.5 7.6 6.2 1.190.2 8.7 6,1 7 .7 9*3 1-7 6 2-76 3-7 6 1 .2 1 6 . 9 P I N I T I A L QUARTER P - P R E L IM IN A R Y DISPOSABLE PERSONAL INCOME IN CONSTANT 1972 DOLLARS __________ COMPOUNDED ANNUAL RATES OF CHANGE___________ B I L L IO N S Of DOLLARS ANNUAL RATES I N I T I A L QUARTER TERMINAL QUARTER 1-72 2 -7 2 3_*6 2 -7 2 3-7 2 4-72 1-73 2-73 3 -7 3 4—73 1-7 4 2-74 3-74 4-74 1-7 5 2-75 3-75 3- 7 2 5.2 6 .7 4-72 7 .5 -9*4 12.2 1 -7 3 1*3 9.3 10,6 9,0 2-7 3 7*0 7.8 8 .2 6.3 2-76 3-7 6 8 2 7 .1 8 4 5 .1 3.6 852.7 3-73 6 .2 6.8 6 .8 5.0 3.1 2.6 £♦6. 5 .9 _ 5,8 4,2 2.7 2.2 1.8 1-74 3,9 4 .0 3 .5 1.9 0.2 -0 .9 -2 .7 858.2 86 2. 1 -7 .0 846.7 2-7 4 3*2 _ 3.1 2*6 1. 1 -0 .4 -1 .4 -2 .7 -4 .9 -2 ,9 3-74 2.9 2*8 2.3 1.0 -0 .3 -1 .0 -1 .9 -3 .1 -1 .2 0.5 4-74 2 .3 2*2 1.7 0.4 -0 .8 -1 .5 -2 .3 -3 .3 -2 ,0 -1 .6 -3 .6 1-7 5 1 .8 1.7 1.2 0.0 -1 .0 -1 .7 -2 .4 -3 .2 -2 .2 -2 .0 -3 .3 -2 .9 2-75 _3*3 3.2 2 .9 2.0 1.3 1 .0 0.8 0.6 2.2 3.5 4.5 8.7 21.8 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 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 4 .9 _. 3-75 2 .7 1-7 6 803.7 4-7 3 4-75 4-75 790.7 84 0,6 841.7 83 4 .0 8 2 7 .9 8 6 9 .7 8 57.1 8t>7 . 5 1-7 6 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 5 .5 6. 1 2-76 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 -7 6 2.9 2 .9 2 .6 2.0 1.6 1.4 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 3.0 2.9 2.7 2.1 1.7 1. 6 1.5 1.5 2. 3 2.8 3.0 3.9 4.9 2.3 4 .0 3.8 3.0 2.2 3 .7 1-7 2 2-72 3-72 4-72 1-73 2-73 3- 7 3 4 -7 3 1-74 2 -7 4 3-74 4-74 1-75 2-75 3-75 4 -7 5 1-7 6 2 -7 6 3-76 8 8 0 .4 89 0 . 5 8 9 2 .0 9 0 0 . 2P I N I T I A L QUARTER P - PRELIMINARY PREPA RED BY FED ERA L R ESE R V E JANUARY 1 8 * 1977 18 BANK OF S T . L O U IS CORPORATE PRÜF IT S AFTER COMPOUNDED ANNUAL k A ltS TERMINAL GUARTfck IN ITIA L 4-71 1-72 T - 7 Ï ''T-72 -♦-72 1-73 2 -7 3 ' 3-73 4-73 1- 7 4 TAXES * üf - c h a n g e B IL L IO N S OF DOLLARS annual ra te s quarter ¿ -74 3-74 4-74 Y^7S 2-75 " 3-73 4-75 1-76- - ' 2 - 1 6 1 -7 2 23.4 2 -7 2 16.2 13 .2 3 -7 2 19.6 17 .7 22 .3 4 -7 2 25 .6 2 6 .3 33.4 45.4 1 -7 3 29.6 31 .2 37. c 4 6 .2 46.9 2 -7 3 25. 6 26.3 2 9. b 3 2 .4 26.4 8.7 3 -7 3 19.2 18.5 19.6 18 .9 11.2 -3 .3 -1 3 .9 4 -7 3 19 .3 18 .6 1 9 .7 1 9 .2 1 3 .4 4 .0 1.8 20 .4 1 -7 4 2 2 .4 22.3 23 .6 ¿ 3.6 19 .9 14 .0 15.6 34.3 2 -7 4 lb . 4 17 .6 16.4 17 .6 13 .6 6.1 8 .0 16.4 14 .5 - 1 2 . 6 3 -7 4 20.9 2 0 .6 2 1.5 2 1 .4 18 .3 14.1 15.2 2 3 .9 25.0 14.2 49 .1 8 1 .0 4 -7 4 13 .6 1 2 .6 12 . 6 11 .7 6.1 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 e>c.7 52 . 3 bb.G ■ 60 .4 6 6 .5 67.9 65 .4 68.5 7 5 .t 4V.9 73.3 - 1 2 . 3 - 1 2 . 0 —1 7 .3 —2 b .b —3 3. 5 - 5 5 . 6 2—75 7.0 5 .9 5 .^ 3. b 0.4 -3 .6 —5.2 -J>.9 -7 .4 3 -7 5 11 . 4 10 .6 1 0 .4 9.4 6.7 ^>.3 2.7 5 .0 3.0 4-75 11 . 4 10 .6 1 0 .5 9.6 7 .1 4.0 3 .6 5 .7 1 -7 6 12 . 6 12 .0 1 1 .9 11 .2 b .9 6.2 6.0 6.2 2-76 12. 6 12.2 12.1 11 .5 9 .4 6.9 6.6 3—76 12 .b 12.2 12.1 11. 5 9 .6 7.3 ^-71 1 -7 2 2 -7 2 3-72 4 -7 2 1-73 5 4 .0 - 6 5 .8 -1 6 . 0 -1 6 .6 - 3 1 . 5 -2 5.3 62 . 6 6 1 .0 78.3 95 .2 72 .1 5.0 52.5 47 .6 1 1. 6 74 . 1 -1 .1 10.2 47.6 42 .8 22.2 33.8 6.2 1.2 11.1 4 0 .6 35 .6 2 0. 1 24 .6 15.9 4.7 6.9 2.5 11 .3 3574 30.5 18.0 2 0 .3 1 4 .0 12.1 1-7 4 2-74 3-7 4 4-74 1-75 2-7 5 3 -7 5 4-75 1 -7 6 2 -7 6 -3 .3 -1 .3 -1 1 .0 2.8 H .o -1 .3 0.7 -6 .9 7.0 2 .5 4.9 6.9 7.6 3.9 7.2 9.2 6 .2 2-73 3 -7 3 4-7 3 7 9 .7 b2.7 4-76 65 .1 N.A. I N I T I A L QUARTER * NATIONAL INCOME BASIS N.A. » Not available PREPARED BY DECEM bER ¿ u , federal RESERVE BANK OF S T . 1976 SOURCES OF DATA N A T IONAL INCOME A N D PRODUCT ACCOUNTS D A T A Source: 1929-45: 1945-72: 1973-76: U. S. Department of Commerce, Bureau of E c o nomic Analysis, Washington, D.C. 20230 Annual data wil l be published at a later date. Survey of Current B u s i n e s s , Parts I and II, J a n u a r y 1976. Survey of Current B u s i n e s s , July 1976. The survey is ava i lable from most dist r i c t o f f i c e s of the Department of Commerce or from the Supe r i n t e n d e n t of Documents, U. S. G o vernment Printing Office, W ashington, D.C. 20402. 19 LOUIS I N V E N T O R I E S COMPARED WI T H MONTHLY M A N U F A C T U R I N G AND T R A D E SALES* .76 .72 . 68 .64 .60 .56 .52 . 48 . 44 . 40 1963 1964 1965 1966 1967 «RATIOS BASE D ON S E A S O N A L L Y SHADED AREAS REPRESENT A DJ US T E D PERIODS L A T E S T DATA P L O T T E D : NOVEMBER _ * # D A T A R E V I S E D FROM 1958 1968 1969 1970 197 972 SOURCE ; DATA. OF B U S I N E S S 1973 1974 1975 U.S.DEPARTMENT 1976 OF 1977 COMMERCE RECESSIONS. PRELIMINARY P RE P A R E D 20 BY FEDERAL RESERVE BANK OF S T . LOUIS
@FedFRASER