Full text of National Economic Trends : July 1972
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n n n o n n L Economic t r c d d s PR EP A R ED MONTH E N D IN G : j u n e 3 0 , 1972 BY FE D ER A L RESER VE BANK OF ST. LOUIS RELEA SED : J u ly 26 , 1972 The pace of real economic activity picked up consider ably in the first half of 1972. Real product increased at a 7.7 percent annual rate from the fourth quarter of 1971 to the second quarter of 1972, compared with a 5.1 percent rise in the preceding year. Real product increased at a 3.7 percent rate in the 1957 70 period. Personal income rose at a 7.7 percent rate from December 1971 to June, compared with an 8 percent increase in the preceding year. Retail sales also have increased about as rapidly over the past six months as in the year ending December 1971. Retail sales increased at an 8.9 percent rate from December to June, after rising 9.9 percent in the preceding year. Production and employment have increased rapidly in the first half of 1972. Industrial production rose at an 8.7 percent rate from December to June, compared with a 3.3 percent increase in the preceding year. Payroll employment increased 3.9 percent in the first half of 1972, after rising 1.2 percent in the year ending December 1971. The rate of inflation has slowed since last summer. Sea sonally adjusted consumer prices (only seasonally adjusted price series data are contained in this release) increased at a 2.7 per cent rate from August 1971 to June, compared with a A.5 percent rise in the preceding year. Wholesale prices of industrial commodities increased at a 2.8 percent rate from August to June, after rising 4.4 percent in the preceding year. The implicit GNP price deflator in creased at a 2.9 percent rate from the third quarter of 1971 to the second quarter of 1972, compared with a 4.9 percent rise in the pre ceding year. 2 TOTAL C I V I L I A N ItPPI f,Y*FNT COMPOUNDED ANNUAL RATES OF CHANGT UF PERSONS MONTH 11- 70 12 - 70 12 - 7 0 1-71 2- 71 3- 71 4- 71 5- 71 7- 71 6- 71 8- 71 9- 71 10- 71 11- 71 12- 71 1- 7 2 2- 7 2 3- 72 5-72 4-72 73, 427. ____ -1.8 78. 718 1- 71 1. 3 4.5 2-71 -0.4 0.4 —3 . 6 3-71 -0.4 0. 1 -2.1 4- 71 0.6 1. 2 0.1 2.0 4.5 5- 71 0.7 1. 2 0.4 1. 8 3.0 6- 71 0. 1 0.4 -0.4 0.5 0.8 7- 71 0.9 1. 3 0. 6 1. 7 8- 71 L.l 1. 5 1. 0 1. 9 9- 71 1. 4 .... 1. 7 1. 4 10-71 1. 9 2. 2 1. 9 11-71 1. 9 2.2 12-71 l.fl 1- 72 78 . 475 78 . 446 -0.4 78. 732 1- 5 7 8 . 830 -1.0 -3.4 2.2 1. 4 1. 4 2.3 l.a 1. 9 2.1 2.6 2.2 2.4 4.4 3.4 V , 2.6 3. 0 2.8 3. 1 4 . ft 4.2 4.9 5.9 2.0 2.6 3.0 2.8 3. 0 4-4 3. 9 4.2 4.4 2. 1 1. 9 2.5 2. 3 2.6 2.a 3.8 3*3 3.4 3.3 2.0 1. 2 2. 3 _ 2.6 2. 4 ?.o 3.4 3.2 3. 5 4.5 4.1 4. 4 4. 5 4.1 4,f 8.4 2- 72 2. 1 2.4 2. 2 2. 7 3.0 -2 . 9 3.0 3.9 3. 5 3. 6 3.6 3.0 3.0 4.0 -0.2 3-72 >. 6 2.9 2. 7 3. 2 3. 6 3.5 3.7 4.5 4.3 4.5 4. 6 4.3 4.6 5.3 4.6 9.6 2. 6 2 . !> 3.0 3.2 3. 1 3*3 4.0 3*7 3.»3 3. 8 3.5 3.6 4.2 2.9 4.4 -0.5 2.4 2.7 2. 5 3.0 3.2 3. 1 3.3 3. 9 3.6 3.7 3*7 3.4 3. 5 3.9 2.8 3.9 l.l 1 2 - ..... 2 . 5 2.7 2*7 2 - 8 _. _3j .7. .... 2.5,, .. . 2^6... 4.0 ..2. 1 12- 71 1-72 A - 7? 5- 72 11 - 70 12- 70 3.0 1- 71 2- 7 1 7 8 . 600 4- 71 5- 71 7 9 . 199 2.9 , 3 . 2 ....2.*2..... ....2*3 w 3- 71 79 . 014 \ 4.7 6- 71 7- 71 79. 451 - 71 INITIAL 9- 71 7 9 . 832 2.9 \ j - 3 . 9 % 10- 71 11- 71 80 . 0 2 0 N . 8 0 . 098 80.636 80 . 6 2 3 81. 241 8 1 . 205 2.8 81 . 394 .— 3 . 9.. _..2a 1_.„...1.5.... 2- 7 2 3-72 4-72 A JLU.66.7........ - 5- 72 MONTH PREPARED BY FEDERAL RESERVE BANK OF S T . JULY 7. 1972 LOUI S PAY*HLL FMPLGYMENT TFRMINAI MONTH INITIAL 11-70 12-70 1-71 2-71 3-71 4-71 5-71 6-71 7-71 MONTH a - 7.1 THOUSANDS OF PERSONS 9-71 10- 71 11- 71 12- 71 1- 72 2-72 8 1-71 4. I 2.4 2 — 71 7.3 Q .7 -1.1 3-71 7.l 1 .0 0.? 4-71 2 .1 1 .7 O.ft 1.8 2.0 «5-71 7.3 1 .6 1.3 7.7 9.5 2.9 6-71 1.7 1. 0 0.7 1. 1 1 .0 0.5 -1 . 9 7-71 1.? 0.5 _ 0.2 0.* 0.2 —0 . 4 -9.0 -2.1 A-71 1- 0 o.5_ n. 9 0.4 0.2 -0.1 -1.3 -1 . 1 -n.n f* 1 1- 5 i .o 0.9 1. 1 1.1 0.9 0. 4 1. 1 2. 8 m-71 1. 3 0.9 0.7 1.0 0.9 0.7 0.3 O.fl 1 .8 2.7 - 0*1 11-71 1** i .1 1. 0 1*7 1 .9 1.1 O.A 1.3 2.7 7.9 1 .6 1 12-71 ____ 1 . 6 1. 2 1.1 1 .4 1 .3 1.2 1.0 1 .5 2. 7 2. a 1. 9 ?, 2.* 1 - 7 ? ____2 . 0 1.7 1 .6 1 .9 1.9 1.9 1 -7 2.*» 3.0 3.6 3.1 4 .2 4.7 6.9 9-7 5 9.n 1- 7 1 .7 1 .Q 1 .0 1 .Q 1 .A 7.% 7.Q 1.4 1.0 3 .P 1.0 4.7 9.5 1-7? 9.9 1.Q 1 .0 9. 1 9.9 2.2 9. 1 2.6 1.9 3.7 1.4 4 .1 4.9 4.« I.ft 5.2 O 12-70 3-72 4-72 5- 7 2 70 . 3 1 3 70 . 4 5 4 70. 391 1 .5 70 . 4 8 0 70 . 599 70.769 70.657 70.531 70 . 5 2 9 L 70.«51 7 0 . R4A 71.042 \ + « % 71.185 71.584 X 7 1 -79Q 79.030 4-79 9.1 9 .1 2.0 9.3 7.1 2.4 2.3 2.7 3.3 3.7 3.4 4 .0 4.7 4 . ft I.ft 4.6 4.0 5-72 2.4 7 .9 2.9 9.4 9.5 9.5 2.5 2.9 3.4 3* A 3.6 4, . 1 4.3 4.6 4.1 4.6 4.1 4.7 6-7 9 7.1 9.1 9. 1 2.3 9.3 9.4 9.1 2.7 3.1 rm 1.7 3 .6 1*7 1.9 3.1 3.5 1.0 9 .5 0.1 11 - 70 12- 70 1- 71 2- 71 3- 71 4- 71 5- 71 6- 7 1 7-71 10- 71 11- 71 12- 71 1-72 2- 72 3-72 4-72 5- 72 9-71 9- 71 77.263 77.540 77.556 I N I T I A L MONTH P R E P A R F O BY F E D E R A L J U L Y 7, 13172 RESERVE B A N K OF ST. L O U I S „ 3 EMPLOYMENT RATIO SCALE MILLIONS RATIO OF P E R S O N S SEASONALLY MILLIONS ADJUSTED SOURCEi PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR P E R I O D S LATEST DATA PLOTTED-. SCALE OF P E R S O N S U. S . DE P A R T M E N T OF LABOR I N D I C AT E D . JUNE P R E L I M I N A R Y PREPARED BY FEDERAL R E SE RV E BANK OF S T . LO UIS 4 IN D U S T R IA L P R O D U C T IO N .£QM,PQUttQ£D AMHUAL RATES QE..CHAMEE.,.. TERMINAL MONTH ■126.7. • .100 ■INITIAL. HQMTH -Il-L a -1 2 = 1 Q — i r l i __ 2=21__ 1=21____4 - 7 1 s -7 i & -7 I 7 -7 1 a -7 i 9 -7 1 1 0 -7 1 n -7 1 1 2 -7 1 ____ 1£L2 ____1=21— IrJ Z .... ± i22 — 5 rl2 _ -12=11)__ - 1 Q A a j 6.,, 1 Q 5 .3 1—71 1Q1m2. - 1 Z jl6___ _______ iu JL . .2-11 P - _a*i__L L 10S. S - L J ___r2 > 2 . P R E L IM IN A R Y PR E P A R E D JULY 2 0 . BY FE D E R A L 1972 R E SERVE BANK OF ST. L O U IS 5 INDUSTRIAL RATIO PRODUCTION SCALE RATIO 1967-100 1964 1967-100 SEASONALLY ADJUSTED 1965 1966 PERCENTAGES ARE ANNUAL RATES LATEST DATA PLOTTED« OF 1968 CHANGE FOR P E R I O D S 1969 1970 1971 1972 I ND I C AT E D . JUNE P R E L I M I N A R Y DATA R E V I S E D FROM MAY 1971. 1967 SCALE PREPARED BY FEDERAL RESERV E BANK OF S T . L O U IS 6 RETAI L SALES COMPCUNDED ANNUAL «ATES OF CHANGE INITIAI MILLÍÜNS Qf MONTH DO LLAR S -k-12. 11. a__ lll+S.. 1.1..2_11.2_LL^l. - L C U J _____ a * 5 _ 11- 70 12- 70 -1 + 2 — 1-71 a^fl ___ 1£. «4_____2*J _____ 5 ^ 3 _____1 ^ 1 ____ k^3.___ l ? - 4 q-i 4*2_lfl.2_13..C_11.ft - £- - 72. 2- 71 3-71 4- 71 -2 * 2 — a..o---5-71 1 7. 1 36,287 17.1 1 A ^ 5 ___ L 8 Lu 6 ___ 1 9 . 1 . 1 6 t9 ? fa P ^ * 5 ---------6l^ 3 ____ Í L - J _____ a ^ a ___ LQ*u3____ a * 3 ___ ___________2 . 1 6- 71 7-71 8-71 0- 71 10- 71 11-71 12-71 1- 72 2-7? 3- 72 36.41 IF -IS -* 4- 72 5- 72 I N I T I A L MONTH P- PRELIMINARY E— ESTIMATE!)___ PREPARED BY FEDERAL RFSERVF BANK CF S T . LOUI S JULY 11, 1972 PERSONAL INCOME CnMPflUNDfO ANNUAL BATES OF CHANGF1 N 1 T IA L ^ 7 n n.?n 1-71 ?-7 i x-7 1 4-71 s^7i B I L L I O N S OF _____O flLl.AE-S------ANNUAL RATES MDN.T-H. A - 7 1 --- 1 * J 4--- &s 2 J--- 9 - 7 1 1 0 - 7 1 .1-1-71, 1 2 - 7 1 ---- L = i 2 — 1=22.— 2&Z2— k=32— 5=J¿- -aZA*4-8 3 3 * S - - 1 2 * 0 ------ 1 4 . 7 . . Í UX. Aa . -3 8 1 3 .4 . U - f l ----- --------------t u a ----- — M ^ Û ~ -x~4- ua 869,1 — - A ~ s. 0.12*2. 87.4^-a-ÄO- - w - 11 - W — 1 ^ - 8. 2 B. 5 .TO tf »6 8 5 6i ? 9 0 8.9 9i 7 Il 12.1 10. 8 8.5 #. S 4 .4 ft .V fl. -i 9, ? IQ.* U .? 10 .1 q, ? t? ft ■ ? fc, ¡f ■n i * tí. K ° .ft 1Or ^ t i. .7-5 aT4 ’i o 4 M, 0 a 6 — 7? 0 '} 7.O 7 .K 7 .7 11-70 12-70 1-71 T? 2-71 7 A 3-71 7 7. 4-71 7 . A. 5-71 a 7. A 7-71 8-71 7 6-71 INITIAL a .n « 5- 71 .0 .aas-^s *, 3 ß, 1 .A. .-------- 14^9- 6. 8«4 3 , «% 11 ■89a. 9. B j4 ft '•*« *r 6 890. A -S*-5----- U ~ S ----- l**-l------« - * a , * 8 i fr 6 '- 7 ? 4 i 8.. J--------- 8 . 7 -ÍUA-14-^2-1^4- . A a.o 7-7 10- 71 11-71 12-71 o 10.2 A Q X 9 „4 7,4 a ra 7 . f? A -* «i. > 1- 72 2- 72 16 Q l ° i r4 7,0 0 5 4 . . Qß... 3- 72 4-72 5- 72 MONTH P- PRtLÎMINA^Y ■■ ° 2 A i, n o PREPARED BY ftOERAL RESERVE BANK OF ST. LOUIS JU LY > Í - î91? 7 R E T A I L SALES RATIO SCALE BILLIONS OF 1964 RATIO SEASONALLY ADJUSTED DOLLARS 1965 1966 1967 1968 1969 SOURCEi P E R C E N T A G E S A R E A N N U A L R A T E S OF C H A N C E F O R P E R 10 0 8 L A T E S T D A TA P LO TTE D « M AY P R E L I M I N A R Y , BILLIONS 1970 U .S . PERSONAL MONTHLY SCALE 1964 1965 19 6 6 IN D IC A T E D . RESERVE BANK OF S T . L O U IS INCOME 1968 1969 SOURCEt P E R C E N T A G E S A R E A N N U A L R A T E S OF C H A N C E F O R P E R I O D S L A T E S T D A TA P L O T T E D i 1972 D E P A R T M E N T O F COM M ERCE T O T A L S AT A N N U A L R A T E S 1967 SCALE DOLLARS JU N E A D V A N C E E S T I M A T E PREPARED BY FED ER A L RATIO 19 7 1 OF 1970 U .S . RATIO 19 7 1 SCALE 1972 D E P A R T M E N T OF COM M ERCE IN D IC A T E D . JU N E P R E L IM IN A R Y D A T A R E V I S E D F R O M 1989. P R E P A R E D BY FE D E R A L R E S E R V E BAN K OF ST. LOUIS 8 GROSS NATIONAL PROOUCT IN CURRENT DOLLARS ---------COMPGUNOFO ANNUAL BATES OF CHANGE-------------BI LLI ONS OF DOLL AftS-- INITIAL QUARTEB QUARTER ..&rhl— k=Ll __1-iiB___Zzhh___irfrfl__4-aa ANNUAL RATES i-aq_________ 3=£â__i-7n__________ ?-7 n *-7n__ 4 -7 fl__1-71 7-71 ^-71 ¿>-71 1-7? _SL*5--- LflLA___1 1 . 7 - 0~8----- 10. I 875—2-- - i UX. 9fl7>n 923» S 3- 67 4- 6 7 I - 68 2- 63 3- 68 4- 68 1- 69 2- 69 3- 69 4- 69 1- 70 2- 7 0 3- 7 0 4-70 1- 71 2- 71 3-71 4- 71 1- 72 I NI T I A L QUARTER P - PRELIMINARY PREPAREO BY FEDERAL RESERVE BANK OF ST . LOUIS JULY 21. 197? GROSS NATIONAL PRODUCT IN CONSTANT 1958 DOLLARS rnMPntmncn ammhai QUARTFR 3.-6.2__4-67 1 -ftg 7-6H __4-Aft ratf<; n r /imankf____________ BI LLI ONS OF nm I a a s ___ ANNUAL RATES 1 -feQ__2=ù2__I-if.Q__4-69__1.-2U__2=2i3__l=Jil— à=2Û— L^2J---2^2.3___3rJJ___â=JJ---LlI2_ IN IT IA L Q U A fiJfft- 1 -6 8 7ns^ 71?. 3 71 h - S _uja--L+Jt— ■1.2 ■ — Z 2 JS u X - 1-70 Z-ZÜ7?A»fl. A_7n 1 . 7 - 2* 2 - 1 7 1 . 1 ■2— L n 7 n . l. - n . * - n . 7 - 1 »2 - l - a -n.4, - i -ù . 7i ft.n -*. V 731 « 9 U 6 --------U A _ . CU-9------- --------------CL-5------- 0+2- 1 .4 . 2.* 2 n . i -U 3 - -U-5--2^0--2+1--2^S_ -U3--1~6— ■2 «-3--------U 3 _ 7 1 2 >9... + 6.0% -WC- 4 .1 1.1 3-67 -*-1 4 —67 ? Q 9.7 9_A 9 .A 9-«ï 9-A 9 . A -i-1 1- 68 2- 68 3- 68 4- 68 1- 69 2- 69 3- 69 4- 69 “» . A 1- 70 A. 1 A- A. 2- 70 3- 70 6 .0 *• i o 9-7 9 *-A A - 1 7 -Ä 7 -7 Ä-O 1- 71 2- 71 3- 71 4- 71 1- 72 1 7 A * - INITIAL QUARTER P- P R E L I M I N A R Y PREPARED 8Y FEDERAL RESERVE BANK OF ST. LOUIS JULY ?l, 1972. IP 9 DEMAND AND PRODUCTI ON RATI O SCALE 1964 QUARTERLY 1965 1966 U.6NP IN CURRENT DO L L A R S . Ü6NP IN 1967 TOTALS AT 1968 ANNUAL RATI O RATES 1969 S OU R C E ' 1970 U.S. 1971 DEPARTMENT SCALE 1972 OF COMMERCE 1958 DO L L A RS . P ER C ENT AGES ARE ANNUAL RA TE S L ATES T DATA P L OT T ED : INDICATED. 2ND QUARTER P R E L I M I N A R Y DATA R E V I S E D FROM 1969. OF CHANGE FOR P E R I O D S PREPARED BY FEDERAL RE S E R V E BANK OF ST. LOUIS 10 C Q M PENSA TION PFR M AN-HOUR, TOTAL PRIVATE ECONOMY ___________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 ____________ Qu a r t e r 2 -6 7 3 -6 7 4 -6 7 1 -6 8 2 -6 8 3 -6 8 1 -6 9 4 -6 8 5 .3 4 -6 7 5 .3 5 .3 l-t>:? 6 .6 7 .3 9 .3 ?-6 * 6 .8 7 .3 6 .4 7 .5 3 -6 3 7 .3 7 .7 8 .6 3 .2 4 -6 8 7 .5 7 .9 3 .6 8 .4 3 .8 9 .7 1 -6 3 7 .3 7 .7 H. 1 . 7.<5 8 .0 7 .5 _ 6 .3 7 .5 7 .9 7 .6 7 .6 7 .2 6 .4 6 .5 7 .6 7 .Q 7 .6 7 .7 7 .4 6 .9 7 .2 7 .9 ?-h-> 3-6'"» 7 .2 _ 7. 3 3 -6 9 2 -6 9 1-6 7 4 -6 9 1 -7 0 2 -7 0 3 -7 0 4 -7 0 1 -7 1 2 -7 1 3 -7 1 4 -7 1 1 0 0 .8 1 0 2 .1 1 0 4 .4 1 0 6 .3 . 8 .9 1 0 8 .6 1 1 0 .9 1 1 2 .6 1 1 4 .4 1 1 6 .6 4 —6 9 7 .4 7 .6 7 .9 7 .7 7 .8 7 .5 7 .2 7 .5 8 .0 8 .1 1 -7 0 7 .4 7 .6 7 .9 7 .7 7 .7 7 .5 7 .3 7 .5 7 .9 7 .9 7 .6 2 -7 0 . 7 .2 7 .3 7 .6 7 .4 7 .3 7 .1 6 .9 7 .0 7 .1 6 .8 6 .1 1 -7 0 7 .4 7 .5 7 .7 7 .6 7 .6 7 .4 4 -7 0 7 .3 7 .4 7 .6 7 .4 7 .4 7 .3 . 1 1 8 .9 1 2 1 .1 1 2 2 .5 4 .7 7 .2 7 .4 7 .6 7 .5 7 .2 7 .1 9 .5 7 .1 7 .2 7 .3 7 .2 7 .0 6 .8 7 .8 7 .2 7 .4 7 .5 7 .4 7 .3 7 .2 8 .0 7 .3 8 .4 7 .2 7 .1 6 .9 7 .5 6 .9 7 .2 6 .0 1 2 5 .3 1 2 7 .2 6 .2 7 .3 7 .5 7 .7 7 .5 7 .5 7 .4 7 .3 7 .4 7 .5 7 .4 7 .4 7 .3 7 .1 7 .2 7 .3 3 -7 1 7 .2 7. 3 7 .5 . 7 .3 7, 3 7 .2 . 7« Q 7 .1 7 .2 7 .1 6 .9 6 .8 7 .2 6 .7 6 .9 6 .1 6 .2 4 -7 1 7 .0 7 .1 7 .3 7 .1 7 .1 6 .9 6 .8 6 .8 6 .9 6 .8 6 .6 6 .5 6 .7 6 .2 6 .2 5 .5 5 .2 4 .3 1 -7 2 7 .1 7 .2 7 .3 7 .2 7 .2 7 .1 . . 6 . 9 .. 7 .0 7 .0 6 .9 6 .8 6. 7 7 .0 6 .6 6 .7 6 .2 6 .3 6 .4 8 .6 2 -* 7 3 -6 7 4 -6 7 1 -6 8 2 -6 8 3 -6 8 1 -6 9 2 -ft 9 3 -6 9 4 -6 9 1 -7 0 2 -7 0 3 -7 0 1 -7 1 2 -7 1 3 -7 1 4— 71 * 4 -6 8 o 1 -7 1 2 -7 1 1 2 9 .8 1 3 1 .7 1 3 3 .7 1 3 5 .1 1 3 7 .9 QUARTER IN IT IA L PREPARED . JU N E 1 4 , BY F E D E R A L 1972 RESERVE BANK OF ST. L O U IS OU TPU T P F R M A N -H O U R , TO T AL P R IV A T E ECONOM Y CO M P O U N D ED ANNU AL R A T E S OF CH A N G E ________ TF3MINAL QLAOTEP IN IT IA L 2 -6 7 3 -6 7 4 -* 7 1 -6 « 2 -6 8 3 -6 3 4 -6 d 1 -6 9 2 -6 9 Q U ARTER 3 -6 9 4 -6 9 1 -7 0 2 -7 0 3 -7 0 4 -7 0 1 -7 1 2 -7 1 3 -7 1 4 -7 1 ________________________________________________________________________________ 10.0* 6 „1 - A f i - -2-A iL. _ 2* 2.5 2_ 102.7 3+.6_ 3.0 2.7 ¿■»■3____ ix 2.4 2 , ^ ____ 1 .8 2tQ . 1 0 3 .3 IQ 3 x 7 1 .6 1.2 IQ 3 *.6 o.5%- -USi____ U i t ____ U f i _____L*i2 ____ 0 x 4 ___ ~ Q «3 3-69 .4-6-2.- 1.3 __ 0*,9 - 1-2 1 .0 ____ U * 2 _ - H jJ ___- 0 * 3 _ U 2 ____ L*l_ 3-70 -1*5___ L*5_ 4-70 _JL*£____ L * it _ 1 . 0 ____ 0 * 52. ■■ _ L*2 _ 1 .1 . W 1.9 0 .2 , 1 . 6— _ ! * * ____ 1 *1 _ 3 -6 7 4 -6 7 1 -6 8 1 2 -6 8 1Q3.«.4 -1.5 1Q3«.Q 2 .7 1 Q 3 .7 1 . 5 _____________ 1 * Q ____ 3 * 1 - .b ? . l. 1 0 5 .3 2 . 5 ____ _______ 6 - 3 . _ Q * f i_ - 2 * 2 ____ 2 * 2 2.2 2 . 3 ____ ZuJs— 2 .5 -JL*2 _ 2.7 10 5 i3 1Q6*9 1 Q 7 .4 -1 .9 —4 *L- _ 3 .a . 1. 8 1.8 2. n 2 .3 2 .5 7 .7 3 -6 8 4 -6 8 1 -6 9 2 -6 9 3 -6 9 4 -6 9 1 -7 0 3 .4 2 -7 0 IQ S . 5 .4.2 2 . 8 _____i^_5____ 3 * 6 ____ 1 ^ 3 ____ 1 * 2 ____ 3*J2____ 3..A.. 3. 3 IN ITIA L n\ + 3 . 3 % - J ____ f i* 2 ____ X 3.6 Z . L_ _ L * 3 ____ 2*12____ ¿ * 6 _ 1 .9 -0.8 -1 * 2 - 1 .7 . 1-7 2 Q . 6 ____ Q ^ Q . . .¿1*0____0 - J ____ 0 * 6 ____ Q .A -. I . 4 ____ I -2 *1 . 2 -6 7 -Q « l- - 1 * 0 ____ Q * 2 _ 1. j .L. t.2 - 0 * 6 ___=IL 1 Q .A.. .2-70..., 3 -.Z.L. 1031 1 - U f l ____ 0 x 5 ____ ______ - Q . 4 J L * it ____ L eA - 1QQ. 3 - 3 a..a.. 2 .9 3 .5 2 .R 3 .1 2 .6 2 .2 3 -7 0 4 -7 0 1 -7 1 2 -7 1 3 -7 1 4 -7 1 1 0 9 .9 QlJAPTFR PRFPARED BY FEDERAL RESERVE BANK CF S T . JUNE 14, 1972 LO U IS 11 PRODUCTIVITY, COMPENSATION, RATIO SCALE 1967-100 1964 AND LABOR SEASONALLY ADJUSTED 1965 1966 1967 1968 COSTS RATI O SCALE 1967-100 1969 1970 1971 1972 SOURCEt U .S. DEPARTMENT OF LABOR PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIODS INDICATED. LATEST OATA PLOTTED* 1ST QUARTER PREPAREO BY FEDERAL RESERVE BANK OF ST. LOUIS UNIT LA80P COSTS, TOTAL PRIVATE ECCNCMY CQMPfJUNDFO ANN U A L R A T E S OF C H A N G E 3-67 3 ,7 4-67 4 ,3 4.9 1-69 .3 4.6 4-67 1-68 2-68 3-68 2-f9 3-69 4-69 1-70 2-70 3-70 4 .2 4.4 4.6 4.9 4.9 5.1 6.3 4-68 ,0 5.3 5.4 5.8 6.7 4.0 103.5 105.1 7.0 1-69 5 ,3 5.6 5.7 6.0 6.8 7.0 ,7 6.Ü 6.7 6.5 7.1 7.4 3-69 *>, ft 6.1 6.3 6.6 7. 1 .n A- 3 fi.5 6.8 7.3 ft.7 6.8 7.7 106.9 s 108.7 7.6 a .i 110.9 7.1 7.4 7.7 7 .C 7.5 7.6 7 .8 7.5 e . a ^ v 7.6 7.8 8.0 8 .3 8.3 H.n 9.7 112.8 1 1 5.0 \ 11 7.7 t 6.P *.3 6.5 6 . ft 6.9 6.9 6 ,<i 6.5 6.3 5.5 1.4 3— 7 0 5 .7 S.9 6.0 6.7 6.4 6.4 6.3 6 .? 5.8 5.5 4.7 7.7 3.1 4-70 s ,7 S.9 6. 1 6.3 6.3 6.3 6.? 5.8 5.6 5. 3.4 4.5 5.8 5 .fi 6.0 5.9 5.« 5 .7 5.3 5.0 4.4 3.1 3- 7 4.1 5.1 4.8 5. 3 5.8 5.7 5 .H 5.8 5.6 5.4 5.4 5.5 5.5 5.3 5 3. 1 4-71 5 •0 5.1 5.1 5.1 5.7 5.1 5.0 4 .fl 4.4 4.1 3.7 1- 7 ? 5 .1 5-1 5.1 5.7 5.3 5.7 5. 1 4 .9 4.6 4.4 4.0 2 - 67 3-67 4-67 1-68 2-68 3-68 4-68 1-69 2-69 3 - 6 9 ~"4-69~ IN ITIAL 118. 1 3.3 * 5 .? i 5 .4 5 c 1 5.7 <5.6 fc i 5 .9 ¡ 7— 70 3-71 4-71 X ^ + 6 . 4 % 7-69 7-71 3-71 102.5 3-68 1-71 2-71 IOC.2 2-68 1-70 1- 6 9 101.4 4 .? 4-6 Q 4-68 1 i r 67 3-6 7 196 7 = 100 OUAKTER * i 0 INITIAL TfeOMlNAL QUARTFP 2.d O H 1-70 1 19.0 _ 4.1 Ì.5 3.1 3.7 4.0 3.7 3.1 2.4 ___ 1.2. 3-70 170.7 171.4 . 3 . 6 ___ 7 - 9 Ì..5 2-7C \+ 3 .3 % 4-7C 2.4 177.6 173. 3 2.3 _ 1. 6 ...__ 3 * 2 __ I .0 123.6 3.6 175.5 I - 7 1 “ 2 - 7 l ~ 3-71“‘ “4 - 7 Ï “ QUARTER PREPARED RY F EOERAL «ESEKVÉ JUNE 1<5, 1972 BANK GF S T . LÒUÌ S 12 C ONS UME R P R I C F ---------- c j T M g n u a n F o IN D E X , SEASO NALL Y ADJUSTEO &a i £ S c f c h a n g e _______ amnual LE.RM. l N AL-------------------------------------------------------------------------------------------------------------------------- I N 1.1J AL. MONTH________________________________________________________________________________________1 9 * 7 MONTH 1 1 - . 7 0 - 1 / r . f l l - I j J I .. —£=uLJ_ * —7 1 ■4 r . I l ZJ___ J>= J.I .— Z.-sJ-l . ■a- 71 — 2 = JLL. 1 Q - 2 L . ■Ll.- JLl... 1 ? —71 —L - 1 2 — 2 = 1 2 ___ 3 - 7 . 2 ___ à r - 2 2 - - 5 = 2 2 ____ 12 -7 0 - - 5^.4- a =2i . V 7 1 1 ° r3* i.n 1 JO.. A C 3-71 3. 6 3 .0 2.7 2 .5 4 - 71 1*5- 3,0 2.9 2 iff 3 .4 3.7 "*,9 5-71 6-71 4--1- 3.fl 7-71 4.0 ?,$ - fl-7 l 4,0 3,^ 9-71 3.7 _ . 3. 6. .. 3 .6- 3 .4 3, * 3.3 10-71 1 1 -7 1 1 2 *7 1 3. « 1 « . ? 2 -....... 3..5. 3,4 3,7 3-72 4-7? 4 .2 4 ,7 5 .5 4 ^ .0 4 .4 4 .8 4 9.9 3,7 4 ,1 4, f 3.9 4 ,0 3 .5 3,c 2,9 3 3.5 3.6 3 .7 3» i 2 , 7 2.6 1.8 1 ,9 *. * * .* 3 .A 3*5 3.0 2 ,7 2 ,5 1, 9 2 ,1 7 13 3. 3 3.4 3 ,i 3 .5 3 2 ■8 2,7 2 .4 2 .6 3 «0 3,4 3.4 3,5 3, 2 2 ,9 2 .9 2.6 2 19 3 ,2 2 ,7 , i 3,i .... 3 , 0 3 .3 -3-, 3 3 .4 3 4 i 9 1-71 3,4 X 3 k5 3 *3 3, 1 K 4 3.4 3 *2 3, 0 3,0 3,4 3 .5 ■3-, 2 .3 .■ 1 ■ 3u. 5 •> ... 1 2-71 2 9 3-71 4-71 \ 1 72 -03 1.7 ... 2 . 8 1 2 ? 1■3 9 ^ + 2 .9 % ! 7 ? 1i 4 2 3 •9 1231 3 .7 3.6 4• 5*3 7 iQ 3 ,4 3 *7 3*6 3.7 o*4 3 ,2 3 .3 3.2 3.1 l»2 2.0 1 2 3 , t3 4 1241 124,11 0 1 2 4 , ,31 3,1 2i 9 ,1 3,4 3 ,3 2.1 3iO 4.0 17 4 1 72 0 9 0 9 7 9 0 ■a A •a. 1 9 0 5 4 1 a 9 9 9 a 1 9A . 7 0 6 - 71 7-71 8-71 9 - 71 1 0 - 71 1 1 - 71 12-71 1-72 2-7? 3-72 4-72 n 5 - 71 2. 9 3*1 ? INITIAL WrtCLfcSALP 1 7 ? 1■2 0 3,4 3 l9 3.3 12 -7 0 1 71 1. * ? 4 .3 ? ,4 11 -7 0 \ 3.7 3 j4 9 1211r?0 j ^ .0 3.6 3.6 9 1701 °? 4, 1 3 ^4 X 120 ,21 4, 3 3.3 9 1 1 9 ■9 0 3.1 4 .7 3,5 5-72 ¿.-79 IP O 119 » 0 3 3.4. 3-71 » PRICES - IN D U S T R I A L 3 .5 5-72 MONTH C OM M ODIT IE S, P R EP A RE D BY *1111Y ¿1. « 197? SEA SO NALLY F E D ER AL RE SE RV E BANK OF ST. LOUIS ADJUSTED __________________________________________________________C Q MPQ UflQfcP ANNUAL SATES QF CHANGE----------------------------------------------------------T F R M 1 N A I _______________________________________________________________________ I N I T I A L .MflftLlM----------------------------------------------------------------------- 1 9 A ? »...100 MONTH 4-7? 5-72 1-72 3-72 8-71 5-71 5-71 _ 7-71 1- 7 1 ?- 71 1 0 - 7 1 1 1 - 7 1 1 2 - 7 1 ? " r2 4-71 71 3- 71 1 1 -'7Q 1 2 - 70 17-70 1 1 1 ..78 3,,? 1 1 2 .. 1 0 1 -71 3, 3 .5 9-71 ? .^ ?,. 6 1.7 1-71 ?., 9 ? .Q ?. «S 4-71 3,,4 1 .5 *.5 4 ,4 5 ,5 5-71 1 ,irt 1 .. 0 4.n 4 5 •ft 5.7 6-71 1 .,rt 4 .n 4.1 4 .IS 5 ,f 4 .<} 7-71 4., 3 4 .4 4.6 5 ,? 5 .6 5.7 5.7 7.1 ft— 7 1 4 ,5 4 .7 4.Q 5 .4 5 ,9 6 .n 6.0 7.H 6 .« r 0-7 1 4 .0 4 .1 4. ? 4 ,5 4 ,7 4.6 4.1 4.4 1 ,4 3 .5 -*.5 3 ,7 3 ,7 *31.4 3.0 3 ,4 3 ,4 •J . ; P.7 U3-71 1 .? 1 1 ?. 1 1 ?..*7 3 ,4 115.07 1 1 *..59 1 1 *..«7 4.1 114..64 x 115.27 i.n -n. a 1 1 S. PI ? .7 1 .1 -1.4 -? .? ? .4 1 .1 - n . «; - n ,5 115..on 1 1 -71 1 ,3 3 .1 17— 7 1 '4, ? 3 .? 1.? 3 .4 3 ,4 1.1 ?^7 ?. * . 1 .6 0 . -i n .ft 1-7? ,3 3 .1 1 .1 3 ,4 3 ,5 1. ? ?.<?__ ?. * ?.n 1.1 1 .5 ?.ft 1.6 4.1 9-7? ,4 1 .4 1.4 3 •ft 3 •ft ^ t4 1.1 1 . !l ? .4 1 .7 ,>, ? 1.1 4.n 4.A '4 15..1 ? 1 115..IQ 115..AO 4.Q 1 Ifc,■?* 11*, ,S7 9-7? 1 ,4 1 .4 1. 4 1 ,5 1 t4 3. 2 3. I ? »5 1 1« ? ,4 1T1 l t« 4 t? 4 T1 3 ,? 4-79 3 .. 5 .5 -*.5 3 ,7 ,7 1 .5 1.1 3. 3. ?.P ?. 4 ? .3 1.6 4.1 4.4 4.5 4 .3 5.1 5-7? 3 ■6 V .6 1 .6 ,7 3 ,7 4 .A 1.4 1.4 1.0 ?.A 3 .0 1.7 4.1 4.4 4.4 4 .3 4.« 4.1 117..4ft A-7 9 2k.A 9 .7 -* _ 7 9 .a 7 .A 9 .7 9 .6 1 .5 1- 7 ?. q 1 ? 1.<J 4.1 4.5 4.6 4 .5 4 .Q 4. 7 1 1 7 .«7 1 1-70 1 2- 70 2- 71 3- 71 4-71 5-71 6-71 7-71 8-71 q- 71 10-71 11-71 12-71 1-72 2- 72 3-72 4-72 1-7 1 INITIAL . 117..07 5-72 «ONTH PPFPARFD BY FEDERAL RESERVE BANK OF S T . L O U I S J U LY l i t 197? 1 RAT 3 PRICES 0 SCALE 196 -1 00 130 SEASONALLY RA T I O SC 1967- ADJUSTED 1 0 0 130 125 125 120 120 CONSUM ER .*5. 1 15 9Z 115 1 10 1 1 0 105 105 10 0 100 95 95 ’ 4M. ' 6 4 125 m r . 4M * W '65 ____ Li_ .Lt.. _ L _j L_ _ 125 1 20 120 15 115 1 1 10 1 1 0 105 105 100 100 95 95 90 90 1964 1965 1966 1967 1968 ER C E N T A G E S ARE ANNUAL R A T E S OF CHANCE FOR P E R I O D S ATES T DATA PLOTTED« 1969 1970 1971 1972 INDICATED. JUNE PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 14 WHOLESALE !£.&*& A!____ MONTH LI— 70 PRICES - ALL COMMODITIES# INITIAL 1 ?- 70 1-71 2-71. 3-71 4-71 5-71 _ 6-71 7-71 SEASONALLY AOJUSTEO MONTH S-71 9-71 1967 * 10-71 11-71 12-71 1-77 2-72 3-72 4-72 111.24 12-JLQ.. „ - 1 .6 1-U.„ ? ,1 111.82 & .4 112.46 7.1 2-71 1 ,9 3-71 3. •|S ,4 .A. 8 7 . ft 4- 7 1 4_i n 4 *5.1 4- 1 5 - ft 5-71 3 ,9 .5. 1 4.7 3.9 4 . ft 3. 7 A- 7 1 4 1 % .n 4.7 4-7 4.7 6-3 4.9 7-71 i 8 4 .ft 4. V 3.« 4. 1 3. ft 3.A 7-3 « -71 4 ,4 «1 ? 5.0 4-7 5-1 5.0 5-4 5-7 9-7 9-7 1 3 ft 4 ,? 1 .<5 3. «5 3 -ft 3. ? •3.1 7.5 ?.ft - 3 . ft _.._.3. 4 3 ,9 3.7 ..3.-2. 3-3 3-n 7.3 7.3 -0.9 1-fl 1 1-71 3 ? 3 ,7 3.4 .4.-0. 3-1 7.7 7-1 7.1 -ft- 7 1-A 1 .4 12-71 .3 .ft 4 .o 3.5 _ \.A 3.3 3 r_l __ 3.(1 3.1 1-7 3-5 4-3 7-3 1-7? .ft 4 .? 4.0 3.3 3.9 3.7 3-7 3 - *5 3.7 7 - ft 4.3 5. 1 7.0 7-7? 4 .0 IX)— 7 V 100 5-72 ft 112.70 t i l . 21 113.55 ? -A 114.00 114.22 115.06 114.71 1 14. A A 115.01 11«.69 A.7 116.1? 4 .4 4-7 4- il 4 -1 .4.0 4.n 3- <2 4.1 A. 3 ¿-A 5.5 A.Q A.7 A.7 _3 - 7 7 8 ...4 .? 4*n 3 -ft 3.9 3-7 3-7 3 -A 3.a 3-n 4.7 A.7 5-5 4.9 4-0 1 .3 4-7? 3 ■ft . 4 .1 4.0 .3 - R 3-9 3-7 3 - 7 ___ 3. A 3.7 3. 1 4.1 4.5 5.1 4.5 3. a 7.4 3.4 5-7? 3 .9 4 4-1 3 - 9 ... 4 . 0 3-9 3-9 3-9 3.4 4-3 4 . f t 5.7 4.7 4.7 3-4 4.5 5.4 A-7? 4 .0 4 .3 *-? 4.0 4-1 4-.3 4.0 4.1 3^ A <*. 4 4 .A 5-7 4.9 4^5... 4-0 4.9 5.A 5.7 1 1 - 70 1 2 - 70 1-71 2-71 3-71 .4-71 5-71 7-71 8-71 9-71 10-71 I 1— 71 12-71 2-72 3-72 4-72 5-72 116.9« 1 1 7 . OA 117.41 117.94 lift.4 9 - 6-71 1-72 IM O N T H INITIAL PREPAREO J U L Y 11 . WHOLESALE TERMINAL MONTH 11-70 12-70 17-70 PP I C E S - F A R M PRODUCTS ANO PRO C E S S E D FOOOS AND 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 INITIAL 1-71 2-71 3-71 4-71 5-71 6-71 -12, 7-71 FFEOS, BY F E O E R A L 1972 RESERVE B ANK OF ST. SEAS . ADJ. MONTH 8-71 9-71 LOUIS 1967 ■ 100 10-71 11-71 12-71 1-72 2-72 3-72 4-72 5-72 110.0 1-71 -1..6 lfli,3 2-71 6.6 17,,5 25.2 110.9 3-71 4,,7 1 1 ,.n 11.3 -1.1 4-71 5,.¡1 9, 9.7 2.7 A.ft 113.ll_ _ 112.9 lli.5 111.7 5-71 4. ft.,3 7 - ft 7.5 4.3 7- 1 A— 7 1 4. 7 •ft 7^1 7.9 4-3 3.7 4-3 7-7 1 7 ft *>,.2 4.4 ll.6- 1.1 .- 0 . 7 -7.1 «-71 4 ? 6. «4.9 3.0 3.9 3.7 3.6_ <5-7! ? 3 4 .n 3..3 0.5 fi-7 **n.4 ,-l.l_. 10-71 3 *1 ■0 6 .5 ?. 1 ?-ft i .‘ J 1-9 11-71 3 4 «1, n 4 -A 7-4 ?.A 7.3 7-3 114.1 113.3 3.7 1-V 1 5 . .9 114.7 a.i -1 3 - 7 4-7 -0. 5 14-7 ¿-ft 1.1 9.3 111.3 114.6 4.4 115-0 1? - 7 1 4 5 A . i) 5. ft 3.3 4-4 4. 1 4-4 4.4 7.1 5. 1 17.7 10-9 IS-O 1-7? 4. 9 ft ,4 ft-n 4.4 5.^ 4 . ft 5-7 5.-» 7.7 A.? 11.H 10-9 14-4 io.a 5-9 17.5 ? — 7? A ft 7,.n ft . 7 5.3 '4-7? *5 0 A_.2 s. n 4.A 4-7? 4 ft .7 *».4 4^2 4 - ft 116.6 117.6 5-« A-3_ A .e n .a 7 - ft 17.0 14-7 1 3.0 1*5-3 4-Q 5-2 5. 3 7- 1 5-9 9 - ft M-A 9.7 7.0 5.7 -4.0 4-4 4. A 4. A A.? 5.0 A.n A -9 7-5 5^0 3. 1 -7.5 -1 .0 _ 1 .4 4. 1 9.5 7.5 4 - ft 7. A A. 7 4-72 5-72 5-7? 9 .n S.7 4.5 6.9 4-fl 5.0 5. 1 A . r. 5.5 ft- ? 7-3 7 . ft 5.9 4.7 ft-7? 4 9 ft..0 S-7 U .ft 5.0 4-9 * .1 5-7 A . *; *;. a ft-n 7.7 7 - ft 5-9 _ 5^0_ ii-7a 12-70 1-71 3-71 4-71 5-71 6-71 9-71 10-71 2-71 7-71 8-71 INITIAL 11-71 12-71 1-72 119.0 2-72 11 A . 6 3-72 1 1 fl-5 119.6 170.0 MONTH PREPAREO BY FEDERAL RESERVE J U L Y 11 , 1972 BANK OF S T . L O U IS 15 GENERAL RATIO PRICE INDEX* RATIO SCALE 196 4 SCALE 195 8-1 00 1 958-100 1965 1966 1967 1968 1969 «AS USED IN NATIONAL INCOME ACCOUNTS 1970 1971 1972 SOURCEt U .S. DEPARTMENT OF COMMERCE PERCENTAGES ARE ANNUAL RATES OF CHANCE FOR PERIODS INDICATED. LATEST DATA PLOTTED* 2ND QUARTER PRELIMINARY DATA REVISED FROM 1»«0. PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS IMPLICIT PRICE D t FLATCR FOR GROSS NATI O N A L PRODUCT ____________ C O M P n U N D F H A N N U A L KA T E S O f C HANfiF______________ ■I N 1 1 L A I.. ¿LlAfi-Tf R zJA___2.=.in___ I-.ID__ it=_LQ___L r Z J ___ 2-r.ZJ___ 3j=2J___ 4 n J ] ___ L =22- a ! ___ L = .U h ___ 2-=ixJj____3 - A H___ 4 - A r i ____I t A 3 ___ ? ~ h < i ____W t i ___ .121 . 5 7 3- 67 4-67 1-64 2-M 3-68 4-68 L-b9 2-69 3-69 4-69 INITIAL P- 1-7C 2-70 3-70 4-70 1-71 2-71 3-71 4-71 1-72 QUARTER preliminary PREPARED BY F EOFRAL RESERVE IULY 2 1 , 197? BANK CF S T . LOUIS I N V E N 1 U H ( t S COMPARED W l i h M A N U F A C T U R I N G AND MONTHLY TRADE SALES* 72 68 64 60 56 52 48 44 1 . 44 40 36 1 .36 1958 * R A T I OS 1959 1960 BASED ON 1961 1962 SEASONALLY 1963 ADJUSTED S H A D E D A R E A S R E P R E S E N T P E R I O D S OF A S D E F I N E D BY THE N A T I O N A L B U R E A U LATEST R E V I S E D DATA FROM PLOTTED; 1966 MAY 1964 1965 1966 DATA. 1967 1968 SOURCE: 1969 1970 U . S . DEPARTMENT 1971 OF 1972 COMMERCE BUSINESS RECESSIONS OF E C O N O M I C R E S E A R C H . PRELIMINARY PREPARED BY FEDERAL RE S ERVE BANK OF ST. LOUIS
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