Full text of National Economic Trends : July 1977

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nRTionoL Economic
PREPARED BY FEDERAL

MONTH ENDING: June 30, 1977

trefids

RESERVE BANK OF ST. LOUIS

RELEASED: July 29, 1977

Nominal GNP grew more rapidly in the first ha l f of 1977 than
earlier in the current recovery. The most recent a d v a n c e in GNP included
both faster output growth and an i n creased rate of inflation. Real GNP
e xpanded at a vigorous 7 percent annual rate in the first ha l f of 1977,
compared to a 5.6 p e rcent average rate of Increase in the first seven
quarters of the recovery, w h i c h b e g a n i n the first q u a r t e r of 1975.
Inflation, as m e asured b y the GNP implicit p r i c e deflator, accelerated
to a 6 percent rate of increase, exceeding the 5.5 percent rate of
advance in the previous seven quarters.
Growth of real spending in 1977 has b e e n c h a racterized b y a
shift in the relative growth of the major components of spending fro m the
pattern exhibited e a r lier in the recovery. For example, real perso n a l
consumption expenditures, w h i c h expanded at a 6.1 p e rcent rate over the
first pa r t of the recovery, have s l owed to a 3.6 p e rcent rate of increase
so far in 1977.
In marked contrast, real expenditures for gross p r i v a t e domestic
investment advanced at a 35.7 percent rate in the first half of 1977,
compared to a 14.7 percent rate over the first seven quarters of the
recovery. Of particular interest is the speed-up in real fixed nonresidential
investment, that is, b u s iness spending for plant and equipment, w h i c h grew at
a very slow 1.2 percent rate over the first seven quarters o f the recovery.
Over the most recent two quarters this m e asure of bu s i n e s s capital spending
has increased at a very b r i s k 13.9 percent rate.
Part of the strong advance in investment in the first hal f of 1977
is attributable to increases in prod u c t i o n he l d as inventories. As a result,
although the growth of output has accelerated, the growth of real final sales
(real GNP less real changes in inventories) has b e e n at the sam e rate in the
most recent two quarters as in the earlier quarters of the r e covery (4.7 per­
cent) .
Real government purchases, w h i c h grew at only a 1.1 p e r cent rate
in the first seven quarters of the recovery, advanced at a 4 p e r cent rate
in the first two quarters of 1977. P u r chases at bot h the Federal and state
and local levels rose, although increases at the Federal level w e r e at a
faster rate.




TOTAL C IV IL IA N EMPLOYMENT
COMPOUNDED ANNUAL RATES o f Ch ANGE
t L K M lN A L
MONTH___________
1 1 -7 1 » 1 2 - 7 5
3 «j

I-? « »

7 .4

1 1 .6

l-it>

6*0

7 .4

5 .9

4-76

6 .1

5 -V ò

5 .8

6-76

* .7

-?6 T - T 6

3-76

4 - t6

¿ > -7 6 " 6 = 7 6

7 -7 4

------------------

“ 1-76

* -7 6

1 6 -7 6

1 1 -7 6 1 2 = 7 4

2 -7 7

--"3 = 77 " 4 - 7 7

T H liU :» A *D 5
U f H EK^Q N S
5 -7 7

CO »¿.4.0
* .5

bt y

6 .7

4 .4

5 .3

t © *b<»t>

6 .8

5 .2

6 .1

0 .9

6 .ÌÌ

¡>•0

5 .5

5 .6

< *.4

/i

5 .0

3 . >

3 .7

S

.2

1 *4

b 7 t3 tV
t i* © H t
t 7 1 1>33

-1 .5

7-76

4 .6

4 .7

3*<o

3 .7

3 .3

2 .1

1.0

3 .5

6-76

4 .1

4 .2

3 .2

3 .2

2 .8

1 .7

079

2 .1

0 .7

9-76

3*6

3 .7

ZVT

2 .6

2 .2

1 .3

0 .5

1 .2

0 .1

-0 .5

1 0 —7 6

3 .2

3 .2

2 .3

2 .2

1 .8

0 .9

0 .3

0 .7

= 0 .2

—0 . 7

3 .4

2 .8

¿ «7

2 .4

1 .8

'1 .3

" 1 .9

1 .5

l.b

2 .9

6 .8

2 .1

1 .6

2 .1

3 .0

4 .9

3 .0

Z 7*r

1.8

2.0

2 .6

3 .8

2 .3

1*0
3 *6

11-76

1=77'

fct **»4 3

1 2 -1 5

3 —7 o

IN T T I A LM Q h T H
l

12-76

3u5

2 .8

2 .7

2 .5

1 .9

1.6

1 -7 7

3 .4

2 .7

2 .6

2 .*

1 .9

1.6

“

t /* /t>-i
t> f t 0 3 h
b /* / V h
-

0 .8

t 7 » 73t>
od

3*5

3 .5

2 .9

2 .9

¿•V

¿«2

2.0

2 .5

2 .3

¿•6

¿•2

4 .2

3 .4

3 -7 7

3 .7

3 .8

Ì

.2

3 .2

3 .0

2*7

2 .5

3 .0

2 .9

3 .2

3 .9

4 .6

4 .£

4 -7 )

4 .0

4 .0

3*5

3 .5

3 .4

3 .1

¿•0

3 .4

3 .4

3 .8

4 .4

5 .3

5 .0

5 -7 7

4*0

4 .1

3 .6

3*6

3 .5

3 .3

3.2

3*6

3 .6

3 .9

4 .5

5 .3

5*0

6-77

4*0

4 .0

A.6

3 .6

3 .5

3 .3

3 .2

3 .6

3 .6

3 .9

4 .4

5 .1

4 .8

11—75 12—75

1-76

2-76

3-76

4-76

5-76

6—76

7-76

8-76

*22 0

6 6 *4 4 1
b6 * 5 5 8
fc8 * 9 6 2

5 .4

c 9 * * 7 i»

6 .4

7 .1

5 .5

6.8

7 .4

7 .6

5 .4

6 .4

6 .7

6 .4

5 .3

5 .8

5 .9

5 .5

4 .5

3 .7

3-77

4-77

5-77

9-76 10-76 11-76 12-76

1-77

2-77

9 0 * 0 2 .»
9 u ***0 b
> w *6 7 v

IN IT IA L MONTH
PAYROLL EMPLOYMENT
COMPOUNDED ANNUAL H A T ES' OF CHANGE
TERMINAL
MOUTH

IN IT IA L HONTH

11-75 12-75

12-75

4 .4

1—7 6

5*3

6 h» 2

- 2-74

4.Y

4*#

'

1 -7 6

2— 7 6

3 -7 6

5— 76

6—76

7 —76

0—76

9—76

1 1 -7 6

12— 7 6

1=77 2-77

3 -1 1

4 -7 7

"5-77

THOUSANDS
OF PERSONS
78 » 0 1 2
7 B »404

J8 » 6 4 9

i.4

3-74

4*9

5 .1

% »5

5.4

'4-74

5 .0

5*1

4*7

5*3

5.2

5-74

4p»1

4 .1

3*5

3 .5

2*4

4*-74

3*4

J 3 " "

3U>

2 .8

2 .0

7-76

3.5

3^3"

2*. 8

2 .7

2*0

1-74

3 .3

3*1

2*7

2*5

1 .9

"7 .9

4-74 "

4 -7 6

175=74

lu»9bu
79,312
/ V v JIV ”

0 .1
"

'a * *

O i'7

1*0

1*5

.." n r

79*513

175

1 .9

1 .4

2*3

2 .8

3« 1

1.4

9*3

2*8

2 .4

1*8

16-7#

2*9

2 *r

¿•4

2 .3

1 .8

1 .3

1 .5

i l —7 6

3.1

2*4

¿•6

¿•5

2 .1

"i;7

2.0

1 2 -7 6

3k* 1

3 .0

¿•7

¿•6

2 .3

2 .0

*368

79
2*2

l* » 6 1 8
4 .6

w » 9 ia

1.7

1 .5

1 .5

— 1*5

272"

2 .3

2 .5

1 .4

2*2

2 .5

2 .5

2 .6

" 2 .1

"

79*619
80»106

4 .4
4 .0

3*6

8 0 »3 4 4

1-77

5*1

3*0

¿•7

2.7

2*4

¿•1

2 .4

2*6

2.7

2 .9

2 .4

3« 6

3*5

3*3

2-77

3 .2

3 .1

¿«8

2.8

2*4

2*3

2*5

2*8

2*8

3.1

2 .7

3#6

3 .6

3*6

4 .0

J- tt

1*5

3.5

3*3

3 .2

3.1

2 .9

3*1

3 .*

3*6

3 .9

3 .7

♦•8

4*9

5 .3

6 .4

8.8

tt0»56l
“ ¿07524 ”
8 l »3 9 5

4-W

3 »»6

3 .S

A.3

3*3

3 .2

3*0

3 .3

3*5

3 .7

3 .9

3 .8

4 .7

4*8

5.1

5.7

6*6

4 .4

5 -7 7

5*6

3*5

à .3

3*3

3 .2

3*0

3 .3

¿•5

3 .6

3 .9

3 .8

4«6

4 .6

4 .8

511

5 .5

3 .9

3 .T

6-77

3*5

3 *4

3*3

3*2

3*1

3*0

3*2

3 .4

3 .5

3 .7

3*6

4*2

4*2

4 *3

4 .5

4*6

3 .3

2 .7

2 .0

11-75 12-75

1-76

2-76

3-76

4-76

5—76

6-76

7-76

8-76

9-76 10-76 11-76 12-76

1-77

2-17

3-77

4-77

5-77

8 1 »6 8 6

6 i»921P
82»056P

IN IT IA L MONTH
P - PRELIM INARY




PREPARED BY FE OERAL RESERVE BANK OF S T . LOUIS

2




EMPLOYMENT
R A T I O SCALE
MI L L I O N S OF PERSONS

R A T I O SCALE
MI L L I O N S OF PERSONS

S E A SO N A LL Y A D JU ST ED

SO URCEt

P ERC EN T A G ES ARE ANNUAL R A T ES OF CHANCE FOR P E R IO D S
L A T E ST

DATA PLO T TED t

U .S .D E P A R T M E N T OF LABOR

IN D IC A T E D .

JU N E P R E L IM IN A R Y
PR EP A R ED

UNEMPLOYMENT
SEASONALLY

PERCENT

BY FE D E R A L R E S E R V E BANK OF S T .

L O U IS

RATES*

ADJ USTED

PERCENT
ÎO.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

1 97 1

1972

1973

1974

1975
SO U RCEt

»PERCEN T
LA T E ST

OF C I V I L I A N

DATA PLO T TED t

LABOR FORCE

U .S .

1976

1977

DEPARTMENT OF LABOR

IN GROUP

JU N E

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

CONSUMER P R IC E

IN D E X ,

SEASON ALLY A D JU ST ED

CÖHFÖlWÖFÖ AWNÜÄI“ RATE5 DF"ÜRAMGE
T e r m in a l

IM T I

ìl

W W Trt-------------------------------------

“ 1967*

lü ö

M O N T H _______________________________________ _______________________________________________________________________________________ _________________________ ________
4 - Ì6 ” 5 - 7 6 ' " 6—76” 7 = 7 6
5=77
4 -7 7
5 -7 7
1=77
2 -7 7
3 -7 6
6 -7 6 ' 9 -7 6 l f r -7 6 11—7 6 1 2 -7 6
1 2 -7 5 " 1 - 7 5 ”
I l -H
^ T o ò .l

12-75

6 .0

1-76

6 .7

7 .5

2-76

4 .9

4 .4

1 .4

3 -7 ò

4 .4

3 .9

2 .2

2 .9

4 -Ì6

^ «6

4 .2

3 .1

4 .0

5 .1

5-76

£ .i

5.0

4 .4

5.4

6 .6

8 .1

6—76

5 .1

5 .0

5

5 .3

o7T

6 .6

5 .1

1 7 0 .2

7—76

6 .2

5 .1

4 .7

5 .4

6 .0

6 .3

5 .4 " 5 7 5 "

1 7 1 .0

•-76

5 .3

5 .2

4 .9

5 .5

6.Ó

¿ .2

” 5~.5 - - 5 7 8 "

1 6 7 .1

167 . 3
1 67 . 7

I oB74
169.5

1 7 1 .8

5 .8

9-76

5 .2

5 .1

5 .3

"5VT

3 .6

5 .2

IO —7ò

$ .1

5 .0

4 .7

5 .2

5 .5

”5 .5

5 .6

i l —76

6 .0

4 .9

4.t>

5 .6

5 .i

5 .2

4 .8

lÌ- > 6

5 .0

4 .9

4 .6

5 .0

5 .2

5 .2

4.8

4 .8

^•6

4 .2

1-77

5 .3

5 .3

5 .1

5.4

577

5 .7

5 .4

5 .5

5.5

5 .4

"Ü - T T "

5 .8

5 .8

5 .6

6.Ó

6 .Ì

6 .4

¿ .2

6. 3

6.4

573

“K I T
. _ y .

172*4

57? r

4 .J

4.

4 .3

4 .3

- 4 .5 ”

4 .0

5 7 9 ”'

5 .5

4 .2

1 7 3 .0

173.5

174

4 .2

5 .0

.7

6 .1

7 .5

1 6 .1

¿•5

7 .6

7 ,1 »

9 .1

1 1 .2

l2 .ä

■5

175.6
1 7 7 .3

5-77

5 .9

5 .9

5 .6

6 .1

¿ .4

6 .5

¿ .3

6 .5

6 .6

¿ .7

7 .1

7 .7

8 .7

1 Ò .0

1 0 .0

7 .7

4-71
?

¿•1

6 .1

6 .6

6 .4

6 .6

6. 8

6 .6

6 .8

6 .9

7 ;r

7 .5

6 .0

8 .9

1 0 .O

9 .9

8 .8

9 .8

5-77

i.2

6 .2

6« 1

6 .5

6 .7

6 .8

6 .7

6 .9

7.Ó

7 ;r

8 .0

Ö.Y

9 .5

9 .3

8 .4

8 .7

7 .6

7 .8

8*^

9 .0

8 .8

8 .0

8 .1

7 .2

6 .8

9-76 10-76 11-76 12-76

1-77

3-77

4-77

5-77

4-77
11-75 12-75

1-76

6 .5

¿♦7

6 .8

6 .7

2-76

3-76

4-76

5-76

¿ .9

7 .0

6—76

7—7t»

7 .1

8-76

7V4

2-77

1 7 8 .4
1 7 9 .8

180.9
181 .9

IN IT IA L MONTH

PREPARED BY FEDERAL RESERVE BANK OF S T . LOUIS
JU LY Z l , 1¥77
WHOLESALE PR IC ES - ALL COMMODITIES, SEASONALLY ADJUSTED
COMPOUNDED ANNUAL R A T t r OF C H A N tr
TERMINAL
... * 9 * * 1
11-75 12-75

IN IT IA L MONTH
1-76

2-76

3-76

4-76

5-76

6—76

8-76

1967

9-76 1 6 — 7t» 11-76 12-76

0 .7

1-76

2 .0

3 .4

2-76

0 .7

0 .7

-2 .0

3-76

1 .2

1 .3

0 .3

2 .7

4-76

3 .1

3 .7

3 .8

6. V

4-77

« 100

5-77

_1 7 9 ; 5 -

179.9
11.2

181.5
1 8 1 .9

5-76

3 .0

3 .5

3 .5

5 .5

6 .9

2 .7

3 .5

3 .9

4 .1

5 .6

6 .6

4 .4

7-76

3 .6

4 .0

4 .2

5 .4

6« 1

4 .5

5 .4

4 .7

3 .0

3 .3

3 .3

4 .2

4 .5

2 .8

2 .9

1 .3

6.1
T53 .3 ”
- 1 .9

183.2

9-76

3 .5

3 .8

3 .9

4 .7

5.1

3 .9

4 .2

3 .5

3 .0

8.1

10-76

3 .7

4 .0

4 .1

4 .9

5 .2

4 .2

4 .5

4 .2

4 .0

r.T

6 .0

11-76

4 .0

4 .3

4 .4

5.2

5 .5

4 .7

5 .0

4 .8

7 .2

6 .7

1 6 4 .4

1 6 5 .3
7 .4

1 8 6 .4

12-76

4 .3

^• 6

4 .7

5 .4

5 .7

5 .1

5 .4

5 .3

5 .4

7 .4

7 .1

7 .7

8 .0

1-77

4 .4

4 .7

4 .8

5 .5

5.8

5 .2

5 .5

5 .4

5 .5

7.1

6 .8

7 .1

7 .0

5 ^

2-77

4 .9

5 .2

5 .3

6 .0

6 .3

5 .8

6 .1

6 .1

6 .3

7.8

7 .7 ~

8 .1

8 .4

8 .6

5 .9

3-77

5 .4

5 .7

4-77

5 .9

6 .3

5-77

5 .9

6 .2

6#^

1 6 6 .5

11 .4

195V2

6 .5

6 .8

6 .4

6 .8

6 .9

7 .2

8 .6

8 .6

9 .2

9 .6

10.2

1 2 .4

13.4

7 .4

7 .1

7 .5

7 .7

8 .0

9 .3

9 .5

10.1

10.6

ll.3

13.1

14.0

14.6

6 .9

7 .2

6 .9

7 .3

7 .4

7. 7

8 .8

8 .9

9 .7

1 6 .0

ll.Ó

1 6 .9

9 .7

5 .1

6 .1

6 .2

7 .0

6 .9

7 .0

6 .8

7 .0

6 .0

3 .6

- 1 .5

- 7 .7

6—76

7-76

8-76

9-76 10-76 11-76 12-76

1-77

2-77

3-77

4-77

5-77

5 .4

5 .6

6 .0

6 .2

5 .8

11-75 12-75

1-76

2-76

3-7*

4-76

5-76




16776

7 .1

6 .1

5 .1

3 -7 7

1 7 9 .Ö - -

6-76

6-77

1-77 “ 2 - 7 7

179.3

12-75

8-76

7-76

7 .0

1 9 2 .2
1 9 4 .4
lv 5 .2

193.9

IN IT IA L MONTH

PREPARED BY FEDERAL RESERVE BANK OF S T . LOUIS

"3ÖLY 20» 1977

4

"




PRICES

RATI O SCALE
1967-100

PE R C E N T A G E S ARE ANNUAL R A T E S OF CHANGE FOR P E R IO O S
LA TEST

RATIO SCALE
1967-100

SEASO NALLY AD JUSTED

DATA PLO TTED«

IN D IC A T E D .

JU N E
P R E PA R E D BY F E D E R A L R E S E R V E BANK OF S T .

WHOLESALE PRICES

RATI O SCALE
1967-100

1969

LA TE S T

RATI O SCALE
1967-100

SEA SO N A LLY A D JUSTED

1970

1971

PE R C E N T A G E S ARE ANNUAL
DATA PLO TT ED «

1972

1973

R A T E S OF CHANGE FOR P E R IO D S

1974

L O U IS

1975

1976

1977

IN D IC A T E O .

JU N E

PREPAREO BY FEDERAL RESERVE BANK OF S T . LOU IS

5

WHCLfcSALfc PR IC E S - IND USTRIAL COM M OOUItS, SEASONALLY ADJUSTED
COh po u RÙED ANNuàl“ RATES OF ChANgE-----------------TERM INA L

1961

I N I T I A L MONTh

TOO

KONTti

11-75 12-76 T - 7 6
12—7b

c-7o

T-Tto

4—76 ""6-7to

6-76

7-7*

to-76 “ *--7to 16-7* T l- 7 * "T2-7*

1-77

2-77 ~ 3=77

4—77” 5-77

7*0

i 7c .t>

1-76

7 .7

8 .5

2-76

6 .0

5 .6

2 .7

¿ —76

5 .7

5 .3

3 .o

4*6

4-76

5*5

5 .2

4*1

4*8

4*&

5-76

5*0

¿ .6

3 .9

3*4

2 .0

4*8

4 .8

7 .6

17to.C
17b .4
r 7 y .r
17**d
lb u '.l

6-76

5 .3

5 .0

4 .4

4 .b

7-76

5 .5

6 .3

4 .6

6 .2

i>*3

5 .4

7 .2

6 .8

8-76

» .7

5 .6

5*2

5 .6

" 5 .7 "

6 .0

7 .3

7.2

7 .5

V—76

6..1

6 .0

5 .7

6 .1

6 .4

6 .7

7 .9

S .0

6 .5

10—76

6 .5

6 .5

6 .3

6. 7

7 .6

7**Jr

6 .5

8 .7

^73

1 6 .2

10.9

1 1 -Ì6

6 .7

6 .6

6 .4

to.9

7.1 " 7 . 5

8 .4

¿.5

9 .0

9 .5

9 .4

6 .0

12-76

6 *4

6 .4

to.2

6. 6

6 .8

7 .0

7 .7

7.8

8 .1

7 .6

5 .9

¿.9

<».2

6 .5

6*7

6 .9

7 .5

7 .6

7 .6

7 .6

771 — 5 . *

4 .9

¿«6

0 .3

6 .6

to.6

7 .0

t.5

7 .5

7 .6

7 .7

7 .3

6 .4 " 3 V *

1-77

6».4

2-77

6 .5

l t l •J
“ re r.2 I b i . "3
9 .6

164*7
lfcto*3
167*5
188*1
5. V

18V.0
'

■^7.*

3-77

6*7

6. 7

6*6

0 .9

7 .0

7 .^

7.8

7 .8

7 .$

8 .0

7 .7

7 .1

6 .9

7 .$

57$~ ' * . 4

4—77

6 .6

6 .6

6 .0

to. V

7.1

7 .3

7 .8

7 .8

7 .9

8 .0

7 .7

7 .2

771"

7 .9

8 .5

8. 8

7.8

5-77

6k.7

0 .7

6*5

to. 6

6 .9

f.l

t.6

7 .5

>.6

f.6

7 .4

6 .9 “

6 .7

7 .3

'7 . 6

T .6

6*4

571

6-77

6 .5

6 .5

6*3

6 .6

t o .t

6 .8

7 .2

7 .2

7 .2

7 .2

6 .9

6 .2

6 .6

6 .7

6 .4

5 .3

4 .1

3 .1

1 1 -7 5

1 2 — 7l>

1 -7 6

2 -7 6

3 -7 6

4 -7 6

5 -7 6

0—76

7 -7 6

8—7 o

9 -7 6

10-76 1 1 - 7 6

1 2 -7 6

1 -7 7

2 -7 7

3 -7 7

4 -7 7

5 -7 7

I v ir . T "
1V1.7
1V2.9
i9 3 ;>
194*2

IN IT IA L MONTH
W HOLESALE P R IC E S —FARM PRODUCTS ANO P R O C E S S E 0 FOOOS ANO F E E D S , S E A S * A O J*
------------------------c ò m p ó ON&e ì ) ANNUAL * A T E S OF C h a n g e --------------------------IN IT IA L

TERMINAL

1**T * T W T

MONTH

month

1 1 -7 5
1 2 -7 5

1 2 -7 5

1 -7 6

2 - 7 to

5 -7 to

6 -7 6

> -7 6

8 -7 6

9 -7 6

1 0 -7 6

lt -7 6

1 2 -7 6

1 -7 7

2 -7 7

3 -7 7

4 -7 7

5 -7 7
186*1

1 -7 6

-1 1 . «

-1 0 .4

-1 3 .5

-1 3 .7

-1 6 .«

4-76

- 3 .7

- l.l

2 .2

161.6
-

—

4 - 7 to

1 6 4 *4

2 -7 6

5-76

3 -7 6

-1 3 .2

-2*1

T 8 I.Z

2 .6

13.2

18574

3 1 .6

0*3

3 .1

io . è

1 8 .1

186 .3

6 .0

187 *0

6-76

- 1 .2

1 .0

3 .4

9 .2

1 3 .4

6 .3

7-76

- 2 .0

- 0 .3

1 .5

5 .6

>.8

0*9

•-76

—5 .5

- 4 .5

- 3 .6

- 1 .2

- 0 .9

-> .7 -1 1 .9 -Y97T - 2 9 .3

9-76

- 4 .6

- 3 .6

- 2 .7

- 0 .6

—0 .1

—5 .5

10-76

- 4 .7

- 3 .9

- 3 .1

- 1 .2

—

1 .0

11-76

- 4 .4

- 3 .5

- 2 .8

- l.l

- 0 .9

12-76

- 2 .1

- 1 .1

- 0 .2

1 .6

1-77

- 1 .7

- 0 .«

0 .1

2-77

- 0 .0

1 .0

1 .9

185*8

- 7 .4

160.5
181.1

- 8 .1 -1 2 .6 -1 4 .2

4 .1

—5 .6

- 7 .6 -1 0 .7 -1 1 .7

- 1 .3

- 4 .9

- 6 .5

—0 .6

-8*9

-0*4

- 3 .3

0 .0

180 * 1

2 .1

- 1 .1

- 2 .1

- 3 .2

-2*3

S»*9

6 .6

1 3 .7

1 8 4 .O r

1*7

2 .2

- 0 .6

- 1 .4

-2 .3

-1 *4

5 .4

5 .7

10.1

15 .6

3 .3

3 .6

4 .2

1 .8

1 .4

1 .6

2 .2

8 .7

9 .7

14*1

14.2

1 4 .5

26*9

6 .1

4 .0

3*8

3 .7

5 .2

11*4

1 2 .*

16*9

2 1 .5

19.1

27 * 8

5 .4

166 * 1

184*5
188*2
192*2

28. 7

3-n

1 .5

2 .6

4 -7 T "

3 .5

^•6

5 .t

7 .6

6*6

6 .7

6 .9

8 .0

1 4 .6

1 6 .2

2 0 .5

2 5 .1

2 4 .0

3 1 .8

34. 4

4 6 .3

5 -7 *

3 .5

4 .5

5 .6

i» 2

8 .0

6 .4

6#4

6 .6

8 .1

1 3 .3

1 4 .5

1 ? .8

2 1 .1

1 9 .5

2 4 .0

2 3 .0

2 0 .3

0 .9

l.t

2 .5

3 .9

4 .3

2 «6

2 .3

2 .1

3 .1

7 .0

7 .4

9 .2

1 0 .6

7 .8

8 .7

4 .5

-2 .5

— 1 8 .7

—3 5 . 9

H -* 5

1 2 -7 5

1 -7 6

2 -7 6

3 -7 6

4 -7 6

5 -7 6

6—76

7 -7 6

• -7 6

9 -7 6

1 0 -7 6

1 1 -7 6

1 2 -7 6

1 -7 7

2 -7 7

3 -7 7

4 -7 7

5 -7 7

6 -7 7

3«6

- 1 .6

IN IT IA L

197*7

3 .1

190*2
191*0

MONTH

R--REVISED




PREPAREO BY FEDERAL RESERVE BANK OF S T . LOUIS
JU L Y 2 6 , 1$77--------------------------------------

6

INDUSTRIAL

PRODUCTION

RAT I 0 SCALE

RAT I 0 SCALE

I 9 6 7 - 1 00

1969

SEA SO N A LLY

1970

1971

1972

1967-100

A D JU S T E D

1973

1974

1975

1976

1977

PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIODS I NO ICATED.
LATEST DATA PLOTTEOt JUNE PRELIMINARY
PREPAREO BY FEDERAL RESERVE BANK OF ST. LOUIS

INDUSTRIAL PRODUCTION
COMPOUNDED ANNUAL RATES OF CHANGE
INITIAL

TERMINAL

1967 * TOO

MONTH

month

11-75 12-75
12-75

1-76

2-76

3-76

4-76

5-76

0—76

8-76

9-76 10-76 11-76 12-76

1-71

2-7*

3-n

4-T7

"5-T7
Ï2 4 .H
i'2F77

1-76

11.2 ~ 1 3 .3

2-76

1 2 .V

1 4 .e

1 6 .4

3-76

11 .6

12 .4

1 2 .0

7 .8

4-76

9 .8

10.0

8 .9

5 .3

2 .8

5-76

10.1

10.3

9 .6

7 .4

7 .2

4-76

9 .3

9 .4

8 .6

6 .7

6 .4

8 .2

4 .Ï

7-76

8 .9

8 .8

8 .1

6 .5

6 .2

7 .4

5.2

5 .7

6 .1

6 .9

* .4

i.t

8-76

7-76

9 .1

127.3

8 .5

8 .4

7 .8

6 .4

126.1
126.4
129.6

11.8

1*0.1
130.7
1*1.3

5 .7

9-76

7 .1

6 .9

6 .1

4 .8

4 .3

4 .5

2 .8

2 .2

0 .5

- 4 .5

10-76

6 .0

5 .7

4 .9

3 .6

3 .0

3 .0

1 .3

0 .5

-1.2

-4 .5

- 4 .£

11-76

6 .8

6 .6

5. V

8

4 .5

4 .7

3 .6

3 .4

2 .8

1.8

5 .2

1$»8

12-76

7 .1

6 .9

6 .4

5 .4

5 .1

5 .4

4 .5

4 .5

4 .3

3 .9

6.9~

1-77

5 .9

5 .7

5 .1

4 .1

3.8

3. V

2.9

2«6

2-77

6 .2

6 .0

5 .5

4 .6

4 .4

4 .5

3 .7

3.6

~2Ï2~ T75
3 .3

2 .9

150.é
T 3 ÏT .3
151.9

15.1

1 0 .5

3 .0 “~ 5 .6

079

- r .T

6 .8

4 .0

0 .9

10 .5
1 4 .9

19.6

4 .5

153.0’
152.1
155.2

3-77

7 .0

6 .9

6 .4

5 .7

575

V. 8

5 .2

5.3"

5.2"

57Ï

6 .8

9 .3

7 .7

6 .8

4-77

7 .2

7 .0

6.6

6.0

5.8

6.1

5.6 “

577"

5.6

5.6

7.2

9 .Ï

8.0

7 .4

13.0

14. â

972

5-77

7.5

7.4

7.0

6 .4

6 .3

6.6

6.2

6.3

6 .4

6 .4

Î.9

9.8

8.8

8.5

13.0

1579

11.1

13.1

7.5

7.1

6.6

6.5

6.8

6 .4

6.5

6.6

6.7

9 .7

F .9

8 .6

12.2

12.7

10.4

11.0

9 .1

11-75 lc- 7 5

1-76

¿-76

4-76

4-76

5-76

6—76

7-76

8-76

V—76 10-76 11-76 12-76

1-77

2-77

3-77

4-77

5-77

6-77

7.6

I. ÏT

15T.2
156.2
13V.6P

13b.t>F

I î^ Tl i L H Q N T H
P- PRELIMINARY




P R EP A R ED BY FED ERA L RfcSfcRVfc BANK OF S T . L O U IS
"j u l y “ 2 ô * 1 *7 7 ------------------ ----------------------

7

PERSONAL
RATIO

SCALE

T R I L L IONS

MONTHLY

OF

DOLLARS

T O T A LS

INCOME*

AT

SEA SO N A LLY

ANNUAL

RATIO

RATES

TRILLIONS

A D JU S T E D

OF

SCALE

DOLLARS
1.6
1 .5
1.4
1 .3
1 .2
1.
1 .0

0.9

0.

0. 8

0.

0.7

0.6
1969

1970

1971

1972

1973

1974
SOURCE:

PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERlO O S
* OATA R E V IS E D

1975
U .S .

1976

1977

DEPARTMENT OF COMMERCE

IND ICATED.

FROM 1974.

LAT EST OATA PLOTTED«

JU N E P R EL IM IN A R Y
PREPARED

8Y FEDERAL R E SE R V E BANK OF S T . L O U IS

PERSONAL INCOME *
COMPOUNDED ANNUAL
B IL L IO N S OF
t e r m in a l
I n I T i a l month
Tfl5ULiR5
MONTH__________________________________________________________________________________________ _______________ ____________________________ ______ __________ ANNUAL RATES
i7
7
~5=77~
"5=77 ” 3-77
11-75 12-75 1-76 2-76 3-76 4-76 5-76 6—76 7-76 8-76 9-76 TÖ-76 11-76 12-76

T75TT^-

12-75

8*1

1-76

10*8

13.6

2-76

11*0

12.5

1 1 .4

T*52ò.9
1 »338.V
1 »346 *3

3-76

10*4

11*2

IC .l

8 .8

4-76

10*4

11*0

1 0.2

9 .6

1 0 .4

5-76

10*0

10*4

V .o

8 .9

9 .0

T*559.5
1*367 *9

7*7

1*372 *7

6-76

9*1

9*3

8 .5

7 .8

7 .4

6*0

4 .3

7-76

9*6

9*8

9 .1

8 .7

8 .7

8*1

8 .3

12.5

8-76

9 .2

9 .4

8 .8

8 .4

8.5

7 .7

7.6

9 .5

6 .7

1*306 *2
1 *593*7
1*401*8

9-76

9*0

9 .1

8 .6

8*2

8 .1

7 .6

7.6

8 .8

6*9

7 .2

10-76

9 .2

9 .3

8 .9

8 .6

8 .5

8 .2

8 .5

9 .3

8 .3

9.2 T 1 . Ï

11-76

9*8

9 .9

9 .6

9 .4

9 .5

9 .3

9 .6

10.7

10.3

11.5

1 3 .7

16*5

12-76

10 .3

10.5

1 0 .2

10.1

10.2

10.2

10.5

11.6

11*4

12.7

14.5

16.3

1*414*2
1*432*1
1*450*2

16.3

T~*454.3

1-77

9 .8

9 .9

9 .6

9 .4

9 .5

9 .#

9 .6

10.4

10.1

10*8

11*7

11.8

9 .7

3 .4

2-77

10.5

10.6

1 0 .4

10.3

1 0 .5

10.5

10.8

11.6

11.5

12*3

1 3 .4

13.9

13.1

11.6

2 0 .4

12.5

12.5

13*3

1 4 .4

15.0

14.7

14.2

2 0 .0

19.5

I *4 77*0

1 *<*•99*1

3-77

1 1.0

11*2

1 1 .0

11.0

11.2

11.3

11.6

4-77

1 0 .9

11.1

1 0 .9

1 0.9

11.1

11.1

11.5

12.2

12.2

12*9

1 5 .7

14*1

li.7

15.1

16.5

14.6

9 .9

5-77

1 0 .7

10.9

1 0 .7

10 .7

10.8

10.8

11.1

11.7

11.6

12*2

12.9

13.1

12 .6

11.9

i4 :r

12'. Ô

8 .4

7.Ö

6-77

10.6

10.7

1 0 .6

10*5

10.6

ïô .7 ~ 10.9

11.5

11.4

11.8

12 .4

12*5

12.0

11 .3

1 2 .9

11.1

6.5

7 .8

6 .5

11-75 12-75

1-76

2-76

3—«t> 4-76

5-76

6—76

7-76

8-76

9-76 10-76 11-76 12-76

1-77

2-77

3-77

4-77

5-77

1*510*9

T75I¥75
1 *5 2 9 .9P

IN IT IA L MONTH
P- PRELIM INARY

*

PREPAREO BY FEDERAL RESERVE BANK OF S T . LOUIS

REVISED




JULY 20» 1977

8

RETAIL

SALES

R A T 10 S C A L E
BILLIONS

1969

OF

R A T 10 S C A L E
OOLLARS

1970

SEA SO N A LLY

1971

1972

BILLIONS

A D JU S T E D

1 97 3

1 974

1975

SOURCE« U .S .

OF

1976

DOLLARS

1 977

DEPARTMENT OF COMMERCE

PERCENTAGES ARE ANNUAL RATES OF CHANCE FOR PERIODS INDICATED.
LATEST DATA PLOTTEOt MAY, JUNE ADVANCE ESTIMATE
PREPARED BY FEOERAL RESERVE BANK OF ST. LOUIS

_______________________________________________________________________________________ K t T A i L

i>ALtl_______________________________________________________________________________________

CUMPUUNUtO ANNUAL KATfcS Of- OhANOb

1tKMINAL

INITIAL

ll- 7 t

1^—75

1—7o

¿-7o

3— 7o

4 —76

5-70

o-7o

7-70

MUNTm

t —7o

MILLIONS

9-70 10—7o 11-70 12- 7o

2-77

1-77

3-77

<*-77

OF

5-77
51 , 734

A2-75

3^ •o

i-lo

13 •u

- ¿ .2

¿ -I t .

17.4:

10.5

51*592
52*601

¿ 0 .2

53,344

1o. 3

3-7o

17.5

1 3 .C

<*-76

15.0

11.0

17.3

13. *

5-7o

V.H

5 .3

7 .0

/ .C

6—?o

1 1 .V

b .9

1 1 .5

b .l

4 .9

3 .3

2 0 .5

53*096

b .2

52,86b

-5 .2 -17.0
53,983

7—7o

9 .7

O.b

0 .0

5.3

¿ .3

0 .*

10.5

-5.0

b-7o

10.9

O.o

10 •<*

7.9

5. V

5 .*

14.1

7.0

9-7o

a »u

0 .1

7.H

<*.9

2 .9

l.b

7.2

0 .9

53,754
¿ 1 .0

54,043

3 .9 -1 1 .3

5*,100

iG-7o

a .o

o .b

7. v

5 .9

3 .5

b .2

3 .7

0 .7

—0 .1

12.5

ll- 7 o

v .v

b .l

9.3

7 .0

0 .3

0.1

1C. 5

7.2

10.5

7.w

17.5

22.7

12-7o

13 .3

1 1 .V

13.<*

1^.<:

¿ 1 .5

12.0

lo . 9

15.0

19.5

19.0

31.2

41*0

7 .4

10.9

b. 7

11.1

9 .1

14.9

15.7

12.3 -22. b

T1

13.0

11.9

14.5

13.3

19 .0

20 .7

20.1

2 .9

3 7 .3

54,63*
55,573
03.5

57 , b 9b

1-77

1 0 .3

b. b

V.fc

b.<*

7.5

¿-77

1 1 .V

10.0

11. /

lt»«o

9 .9

3-77

1^.1.

1 1 .V

13.0

12.1

11 .0

11.9

li>.3

1 3 .V

10.5

I5 . b

2 1 .0

22.8

2 2 .9

11.7

3 4 .4

31.6

4—77

Ic .l

1 1 .o

1<-.C

11.4

10.5

lt.7

13.7

12.3

1 * .*

13.5

17.6

lb .5

17.0

8 .3

2 1 .3

14.1

- l.l

5—77

ll.A

10.0

lo .v

it.u

9 .*

9 .5

12.1

l o .7

I* .4

11.4

14.0

14.9

13.7

5 .7

14 .3

7 .0

-2 .7

- 4 .3

0-77

10.3

V.H

lt.^

9.3

6 .7

b.b

11.1

9 .7

11.2

10.2

12.8

12.9

1 1.0

4 .7

11.2

5 .6

- 1 .9

-2 .3

-0.3

11- 7S

».-vs

7-/fa

iL—7o

9-7o l<W7o 11-7A 12-7fc

1-77

2-77

3-77

4-17

5-77

l-7r.

s —l t *

10

i-lft

h-76

---INITIAI
--------------------------------------------------------------------------------------

P w t L iM lN A h Y ______________ __________

50,660
58,175
59,522
5* ,<*05
59,247P
59,233k

MiHTh-------------------------------------------------------------------------------------------------------------------------------

________ ________________________________________________________________________ ____. _________________________________ ___ __________________________

fc- tl>1 IMA I tl>
------------------------------------------------- ------------------------------------------------------------------------------------------------------------------------------------------------- k y




JULY

9

,

14,

197?

^n»>TS

HOURLY COMPENSATION* PRIVA TE B U SIN ESS SECTOR
______ COMPOUNDED ANNUAL RATES OF CHANGE__________
TERMINAL
MUARTER
-2=22-- 3j »72

4 -7 2 -- 1- 13l

¿- 7 3

3-73

4-7 3 ___ 1-7%

2 -7 4

3 -7 4

IOO

1 967

IN IT IA L QUARTER
4 -7 4

1-75

2-75

3-75

4-75

1-76

2-76

3-76

4 -7 6

i3 v a

3=72

l4l ♦«

_ Jl* 0 _

-4=72

a . 5___ u l * s ___ 1 3 .9

2*2

Z.-73

.3=73

9 .5 ____5 ,3

14 b »4

6 .1

1SU V

_ a * s ____ a * A _

..t e ia

_ L a 2 ----a * 5 ---- tL * l---- Z * J 2_____2* £ _____a .fa

1-74

T *a___ a*^___ a*^___ 7 . 2

-&M&_____ 9

3= 74

.4

4n74

9 .0 ____9 .6

1—7%

9*3

2m 75

9 .0

-4=05-

«•«

9 ,8

Ifc .l

9 ,0

9 .7

9 * 7— I 0 * 4t___ 1 1 * 0 ___ 1 2 . S

13. Q
1 1 .7

1 0 .5

12,1

1 1 ,7

lü ,£

10.8

11,3

12,1

a . 7—

a*i

9 . 2 ---- a . a

_a *6 —

a*o

9 .1

a *6 —

_9*5

17&.1
6 .0

f l . 4 ----I a B _____6 ,2

lbQ.t
1B4.2

6 .3

\ Z .7 %
■9 * 3 ---- a - J ____ a * 3 ____ 2 * 2 _____Z * 6 ____ 9 , 0

-9.1___ a*j___ a^3___ a*s___ a*4___a*o___ 7 , 1

a .v

17E.*I

■J* .9 ____5 ^ l .

_ a .7

_a*a___ a*o___9.Q_

-ft. 9

-3-76

13-ON

a . 7 --- L Q . l --- 111*4____L Q . 9 ___ I Q . f r _____ a * £ _____ 9 . 5

-9 .4

-2—76

161 »Q

9 * f l___ 1 0 .4 ___ 1SLmA___ 1 1 . 8

- U eJ ì u .

...

_ JL b L ü _

_ua_

*3_________ a*i___ a*^___ a*a_ _9.t>__lo.o__ 1 2 . 0 ^ 1 1 - 3 %

2^74

_

r * i.

7 ,3

10
L 0 . 4 A 1 ____

6 .2

ìatub

6 .4 ____

1 9 1 . fc

7*4 ___a*o___ a*i___ 7.Q—

i9 a * 3

4 a r7 6

a .5

a* 2—

a*3—

a * o ___ 2*3___ 1*5___ a*j____a.i.

1-77

A .7

A-Q

* .o

8 .7

h .«

9 .1

9.1

<*.?

8 ,9

a ,5

8 .3

7 .7

a.O

8 ,5

8 ,7

8 ,3

8 ,9

9 .5

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

_ a . 9 ____ a * 9

-9*o—

199,2

- 7 . 4 _____ 7 . 9

1 0 .9 \

2C*4.4

4-76

IN IT IA L QUARTER
OUTPUT PER HOUR OF ALL PERSONS* PRIVA TE BU SIN ESS SECTOR
______________ COMPOUNDED ANNUAL RATES OF CHANCE_________________
IN IT IA L QUARTER

TERMINAL
QUARTER
2-72

4—72 -

3 —7 2

4-72

1-73

2-73

3-73

4-73

1-74

I S — L ^ l f e --- 2 = 2 é --- 3 = Z É L _ ± z Z É _

1 1 2 .5
1 1 4 .1

____ i * 2 ____ ä « J L

3~73

1«±___ 1*3

-0*2 =3*1._

A rP -

1.2

—0 . 1

1.1

O tl

- 2 .0

IU .3
U 2 .4

- 0 .7

^ 2 .7 % ”

-1«4 -3*2

-2..7 .r3«2

1 1 0 .5

-6*6

2 -T 4

-0 .5

-0 * 8

-1 .9

-3 * 4

-3 * 1

-3 * »

~ 5 * 4 ___ r 4 « 3

*-7 4

—0 . 7

- 1 .0

- 1 .9

- 3 .2

- 2 .9

- 3 .2

- 4 .4

4-74

- 1 .0

- 1 .3

- 2 .2

- 3 ,2

- 3 .0

-3 *3

- 4 * 2____ - 3 . 4

jr l.O

- l.a

- 2 .7

■2,4

-2*5

_£U2____0 .1

- 0 .5

- I . I___- 0 .7 __ =0*6—

1-75____- 0 .fi

o.a

0 .7 ____0 .3

0 .2

1*0____1 .0
_ 1 * J ____ 1 * X _

1 , 2 _____L * 2 _____0 * 9 ---------0 * 5 -

èr7fc-

1.2

1-77 .

1*4____1*4
2—72

3-72




l . i ____o * a _
4-72

- 1*5

- 1*1

1 ,7

3 ,1

1.7

0 .5 ____0*9____ 1 .1

-1*9

1-73

2-73

3-73

-2*1

112*8

2.JL-

3 .6 ____5*2____ fe*l--- ¿« 2 --- 2 * i

1 11*?

2*8
2 .8

1.2

-1*9

1-74

- 1 1 ÌA -

3 .0

2.0

4-73

-111x2-

3 .0 ____±*3____L*1___10 «Q

2,1

2 .2

JLfijU k6 .6 ___

2.L

1 .2

_1*2____ 1 .4 -

1 0 7 .7

_-3

-tt*5

_0*2____ 1*2 _
0 . 6 --- ( L A --- 0 . 9

- ¿*9

-2 .2

o.a____u o ___ i*i___

o.a.

3-76

- 1 .1

t Q*-1

l9S.i l

-3 *2

- 0 .2

Q,5____ Q^l__ - 0 .4

4-75

2 r7 à_

r li...V

a .a___ 5*g._

2 . 2 ____ ¿ * 3 ____ $ U 5 l _ ^ * » 5 _

_L=Z6_

4 - 7 4 ___ l z I 5 ___ 2 ~ 7 5 --- I

100

1 1 0 .9

2r73-_

J= K _

3-74

«

1*8

lr73_

2-75

2-74

1967

4 .7 ____£*£____2 .9

^ 3 * 5 ____ 4*JL_

3 ,4

2*5- -3*1-

5 .4 ,

4 .5 ____ ________3*7___ 2*4____4*2____2*8

life *3

4*0___**3___ 3*1---2*1___ 3*2___ 2*0___ 1.6

life * 4

3*3___ 2*fe___ 3*5___ 2*1___ ZmI___ 2*6

2 . 8 ____3 * 3 ____4 * 1

2-74

3-74

3 * 9 ____ 2 ^ 5 ____ 4 * J l

4-74

1-75

2-75

3-75

4-75

1-76

2-76

3-76

117*8
4-76

IN IT IA L QUARTER

PREPARED BY FEDERAL RESERVE BANK OF S T . LOUIS
MAY 3 L . 1 9 7 7

10

PRODUCTIVITY,
RATI O SCALE
1967-100

COMPENSATION, AND LABOR COSTS
RATI O SCALE
1967-100

SEASONALLY AOJUSTEO

SOURCEt U .S. DEPARTMENT OF LABOR
PERCENTAGES ARE ANNUAL RATES OF CHANCE FOR PERIOOS INDICATED.
LATEST DATA PLOTTED: 1ST OUARTER PRELIMINARY
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

UNIT LAbOk COSTS, PRIVATE BUSINESS SECTOR
tUMPOUNDED ANNUAl
TERMINAL
UUARTEk
2 -7 2

3-7¿

RATES OF CHANGE

1967 « 100

IN I T I A L OUARTER

3-72

4—72

l- 7 j

?-

3-7^

4-73

1-74

2-74

3-74

2 *3

4-7*

1-75

2-75

3-75

4-75

1-76

2-76

3-76

4-76

125.5
.

1 2 c .0

4-72

1.%

1.6

1-7*

3 .«

4 .7

\
7.8

2-73

5 .4

6 .5

9 .1

3-73

6.1

7 .1

9.0

9 .o

8 . ti

4-73

6-5

7 .3

8 .8

9 .1

b.à

;>
i i •8

1

10.3

128.4

.8.8%

131.6
134.4
137.1

.JLrlák

7 .7

6.6

10.7

10 .6

¿-74

8 .9

9 .8

11.3

l¿ t g

12.4 „1 3 .6

16.4

1 7 ^ \ J4 .8 %

147.9

3-7%

9.4»

10.5

11.9

Ut

l j , .0

14t i

16.1

16.4

15^4\

153.3

4-74

10.1

11.0

1-75

10.2

2-7%

a-a

3-75

&

1 5 .4 \

142.1

1 ¿ .2

12* 6

13.2

14 *2

15.7

15.8

15.0

14 *6^

12.1

12.6

13 »0

là .7

14.8

14.6

13.7

12.9

9.4»

10.2

ID . î

10,.5

IQ .8

11.2

10.3

8.7

6.5

2.7

-*>

7 .a

8 .3

9 .0

9. 1

ti,.9

8 .9

9.0

8.0

6.2

4.0

0.8

-4 .1

4 -7 5

tt.b

t i.4

9.0

9. i

9i>0

9 .0

9.1

8 .3

6.8

5.2

3.0

0 .3

3.3

O 007
9 . 9 s\
N i : * /0

163.3

1 -7 *

7 -7

fa.l

8 .6

ti. ft

ti,.â

a .4

8.5

7 .6

6 .3

4 .9

3.0

1.0

3 .2

6 .5

1 6 4 .6

2 -7 6

7 .4

7-1

8 .2

ti. 2

ti,.0

ti • 0

8.0

7 .2

5.9

4 .7

3.1

1.5

3 .3

5 .5

3 .3

3 .4

3 -7 6

7 -2

1-Jl .

7.9

7. 9

7,.a

7 .7

7 .6

6 .V

5.8

4 .6

3 .3

2 .0

3 .5

5 .2

3 .7

3 .9

. ti. C
i

7,.ti

7 .7

7 .7

7 .0

6 .0

5 .U

a .9

2 .8

4 .3

5 .8

4 .8

5 .3

6 .2

ti

7,»7

7,•6

1 *5

6*9

6 .0

5 .1

4 .1

3 .2

4 .5

5 .8

5 .0

5.5

6 .2

7 .0

1-73

2-73

3-73

4-73

1-74

2-74

3-74

4-74

1-75

2-75

3-75

4—75

1-76

2-76

3—76

1 -7 7

7 .Ü

7 .6

..Z.&

7 -2

7.5

7 .Û

2—72

3-72

4-72




7.

158.6
162.9

11 ^ 3 ^

160.7
159.5

1 6 6 .0

V

1 6 7 .8
1 7 1 -1

610s \

173.6

4—76

IN IT IA L OUARTER

PREPARED BY FEDERAL RESERVE BANK OF S T . LOUIS
NAY 31• 1977

11

bRUSS NATIONAL PRODUCT IN CURRfcNT DOLLARS *
CWÖÜNDEO ÄNNÜÄL TUTES GF"CfiÄN£I
TERMINAL
WÜARTER

IN IT IA L w U A R T E K
1-7.3

¿-*73

D IL L I OKS OF
DOLLARS
ANNUAL RATES
1 = 77"

3— 7*.

**-7/

1-14

i* .7

15. V

¿-73

12.3

11.0

l.b

3-7 3

11.5

10.9

6 .4

9 .3

4-73

11.0

11.1

9 .6

1C.6

11.9

1-7^

lO *3

9 .7

6 .*

B .4

tf .0

r x
4 .*

1 »364.0

b. 7

6 .4

6. b

I7 * C 6 .1

=73

1=7*—

2 -7 4

ä -7 4

4=74—

1=75—

1=75—

5 - 7 5 ... £ = 7 5

T = 7 5 ~ 2=75

5=7c—

5=75“

4-72

1 ,219.4

i »¿C 5.3
" *»288.4
r ,3 l7 .ÎT
1 ,355.1

2-74

10.<.

9 .7

b .4

5-74

10.0

9 .5

6 .5

t.7

6 .5

4-74

9 .6

9 .1

fc .l

6 .5

b .l

7 .2

8.2

M
K 3 . 2 %
7.6
0 .4

1-75

6 .6

6 .1

7. *

7.1

6 .7

5 .Ï

6 .1

5.1

3.2

2-75

9 .0

6 .5

7 .7

7 .6

7 .6

o .ti

7 .4

6 .9

6 .2

6 .2

1^.6

3-75

9.Ô

9 .5

6 .9

9. t

9 .0

b .6

9 .3

9 .5

9 .4

1 0 .S

o.Ó

b.7

975

9*4

10.2

1 3 .Ö

1*7*

i.5

TöTg

076

I h7 ì

TT75

4-75

9 .5

1 »43v>.1
1 ,4 ^ .4

V

1-76

"vT v

fö n
i_o : r

2-76

io .i

9 .8

9 .4 ‘

9 3 " - 9 .5 “

9 .5

4 .9

-474

i —76

10.0

9 .7

9 .4

9 .4

9 .4

9 .2

977“

9 .1 “ "4 7 4

4-76

9 .8

9 .5

9 .1

9 .2

9.C

9.0

_9.i>

4 .5

” 9 .5 “

9.0

9 .9

T. » 4 5 3 .O

13.0
10 .4 ~T2.2
4-7 4

1 »496.6
19.5 V

1 »564.9

T57T J 1 . 8 % -

n r ;? r" 11.0 ” 1177"“ IÜ 7 T
12.2

- 11.4 ” 1172™

1Ü.4
ç-;6‘

* .V

1077

\

~b ;£

9 ; r ' - Ö .5

1,72773“

7 .6 '

6 7 T \^

4 .5 "

O

1 .7 5 5 .4

ï- 7 7

10.0

9 .«

9 .4

9 .5

9.5

v .5

4 .6

11.6

TT75“

10.2

lO .4

’ ¿- n

16.1

10.0

9 .6

9.7

9 .6

9 .6

10.1

16.1 “ 1072 1 0 7 6

1 1 .Ô

11.6

li>.7

IÖ .T "

1 0 .4 " Tüi5 ' 11.1

15.4

I3 * 5 ^

3-72

4-72

1-73

2-73

3-73

4—7.3

1-74

¿ “ 74

1-75

2-75

3-75

4-75

1-76

4-76

1-77

3-74

16.5

4—74

9 .7

2-76

3-76

"1 3 T V

l,f c lO .Ö

1»069.OP

IN IT IA L QUARTER
P - PRELIM IN A RY
PREPAREO BY FbOERAL RESERVE BANK OF ST* LOUIS
M n r n 9 T » -----------------------------------------------

GROSS NA11UNAL PRUbUCT IN CONSTANT 1972 OULLARS *
CQMPUUNUfclTANNUAL kATtS ÖF CHÀNGE
B IL L IO N S OF
TERMINAL
OUARTER

in it ia l

3-7*

4-72

1 -7 3 ...¿ “ 7-»

T -W

i-K

DOLLARS

w u a r Te r

74 " i - T T

î- 7 r _3 ^ “ V 7 5

" 1-76

ANNUAL RATES
“I= 7 6 ~ 3 = 7 6 — *=75— 1-77

4-72

1 , 2 o 2 72

1,22475“

1-73

9 .0

2-75

6 .1

4 .9

5—73

4 .9

5 .8

l.i

1 .7 "

4—73

4 .4

5 .4

1 .4

1 .9

1 .2 4 2 .6
1 ,2 3 0 .2

1 ,2 3 1 J T
1 ,2 3 6 .d

t->4

2 .9

1 .9

¿ .0

- 0 .1

- 1 .0

-3.9 ^

2-74

2 .2

1 .2

—0 .3

- 0 .5

- 1 .3

- 2 .9

—1.8

3-74

1 .6

0 .7

- 0 .7

- 0 .9

- 1 .6

- 2 .7

- ¿ .2

4->4

0 .6

- 0 .1

- 1 .4

- i7 7

- ¿ .4

- 5 .5

- 3 .5

1-75

—0 .3

- 1 .2

- 2 .5

- 2 .9

- 3 .6

- 4 .7

- 4 .9

-5 .9

-7 .6

2-75

0 .3

—0 .5

- l.i

- 1 .8

—2 .^

- 2 .9

- 2 .7

- 3 .0

-3 .1

- 0 .4

—0 .6

-1.Ó

- 0 .5

-0.2

0 .3

¿ .5

8 .4

7

%

1 .2 2 4 .5
\

1 .2 1 6 .9
- " 5 V \ - '7 . 6 %
-4.0 -5 .5

1 .1 4 4 .7
1 .1 6 9 .6

-9 .6 ^ \
1
6 «4
- 1 .9

1»180.2
1 .2 2 0 .7

11^

3-75

1 .2

0 .6

- 0 .3

4-75

1 .3

0 .6

0 .0

- 0 .0

- 0 .2

—0 . 5

- 0 .0

0 .5

0 .6

¿.5

6 .4

7 .1

5 .0

1-74

1 .8

1 .4

0 .7

0 .7

0 .6

0 .5

1 .0

1 .5

2.1

3 .7

7 .4

7 .7

5 .9

8 .8 N J . r /o

1 »256.x

"3—76 '

2 .1

1 .6

1 .0

l.l

1.0

Ó.9

"175

"1 .3 "

¿ .5

4 .0

6 .9

"T.7T

5 .6

6 .4

5 .0

1 ,2 7 1 .5

T-76

2 .2

1 .8

1.2

1 .3

1.3

1.2

177

U T

2 .7

3 .9

6 .4

6 .4

5.2

5 .9

4 .5

4-76

¿•1

1 .7

1.2

1 .3

1.3

1.2

lT T

2.0

¿ .5

576 " 5 .6

1-77”

2 .4

¿ .1

1 .6

1 .7

1.7

1 .7

2.1

2 .5 "

5 .0

4 .0

2 .6

2 .3

1 .9

¿.0

2.£>

2 .0

2'.5

¿ .ö

3.5

4 .3

3-72

4-72

1-73

2-73

3-73

4-73

1-74

2-74

3-74

4—74

¿-7 7

* REVISED FROH 1974

1-75

\

1 ,2 8 3 .7

5 .4

1 ,¿ 8 7 .4

4 .5

4 .7

3 .5

2 .5

172

4 .9

5 .2

4 .4

4 .2

4 .3

5 .4

5.1

5 .4

4*8

4 .7 "

5 .0

7 .0

2-75

3-75

4-75

1-76

3-76

4-76

575"

5.4
5.4^

1,224 .fl

2-76

\ 6.4^1

1 , 5 1 l .0
1 ,3 3 1 .6P

1-77

IN IT IA L QUARTER

P - PRELIM INARY




12

PREPARED BY FEDERAL RESERVE BANK OF S T . LOUIS
JU LV 21. 1977"

DEMAND AND P R O D U C T I O N *
R A T I O SCAL E

1969

R A T I O SCALE

QUARTERLY TOTALS AT ANNUAL RATES

1970

1971

1972

1973

1974

1975

1976

1977

ILCNP IN CURRENT DOLLARS.
SOURCE« U.S. DEPARTMENT OF COMMERCE
I2.GNP IN 1972 DOLLARS.
* D A T A REVISEO FROM \974.
PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIOOS INDICATED.
LATEST DATA PLOTTED« 2ND OUARTER PRELIMINARY
PREPAREO BY FEDERAL RESERVE BANK OF ST. LOUIS




13

GENERAL

PRICE

INDEX*

RAT I 0 SCALE

RAT i 0 S CALE

1972-100

1972-100

*AS USEO IN NATIONAL INCOME ACCOUNTS

SOURCE« U .S . DEPARTMENT OF COMMERCE

PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIOOS INOICATEO.
DATA REVISEO FROM 1974.
LATEST DATA PLOTTED« 2N0 QUARTER PRELIMINARY
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

I H P L l L l T PRILfc U f c F L A T Q k F U k G R O S S N A T I O N A L P K U D U C T *
---------- C ^ O o N u t U ÀWTuÀl RATES OF CHANGE--------------

1972 « 100

IN IT IA L «UÀRTtft

TERMINAL
QUARTER
3-72

4-72

1-73

¿->3

3-7Ì

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

I- / f
101.44

4-72

4 *7

1-73

5.3

r s ,
5 .8 "

2-73

5 .8

6 .4

7 .0

3-73

6

0 .8

7 .3

102.89
7 .5 %

4-73

6 .9

1-74

7 .2

2-74

7 .8

3-74

8 .2

4-74
1-74

|----- 1
1 7-5 |

106.57

7 .5

109.05

6 .1

6 .6

6 .2

8 .5

9 .0

’ 8 .4

111.28

8 .3

8 .6

9 .3

9 .8

9 .9

1 1 .5

114.34

8 .8

9 .3

9 .7

10.3

10.5

11.5

1 1 .6

è .7

9 .2

9 .7

1 0 .2

1Ó.7

ll.O

11.9

1 2 .1

1 2 .6

121.04

8 *9

9 .4

9 .4

10

.J

1 0 .8

1 1 .6

1 1 .6

"T H T

11.7

124.21

8 *6

9 .0

9 .4

V .7

1 0 .0

1 0 .1

16.4

1 0 .2

9 .7

l0 *k
8 .3

5 .8

3-75

8 .5

8 .9

9 .2

9 .4

9 .7

V .7

9 .9

9 .6

9.1

7 .9

6 .5

7 .3

4-75

8 .4

8 .7

8 .9

9 .1

9 .3

9 .3

9 .4

9 .0

8 .5

7 .5

6 .4

6 .8

8 .0

^•3

8 .5

8 .7

8 .8

6 .7

8.7

8 .3

7 .8

6 .8

5.8

5 .9

5 .2

4 .T

7*8

8 .1

8 .3

8 .4

8 .3

8.3

7 '.*"

7 .4

o .5

5 .7

5 .6

5 .1

4 .5

4 .9

3-76

7 .6

7 .8

« .e

8 .0

8 .1

7 .9

7 .9

7 .5

7 .0

6 .2

5 .5

5 .4

5 .0

4 .5

4 .8

4 .6

4-76

7 .5

7 .7

# .e

7. v

7 .9

7 .7

7 .7

7 .3

.b

6 .1

5 .5

5.4

5.1

4 .7

5 .0

5 .0

2

-n

"

1-76
2 -*6

-

*3

104.65

“

i- 7 7 ¿-77

"

117.52

6

125.96
1 2 8 .2 0

¿ .s N r

130.17
171*47
133.04
134.56

\

136.35

5 .4

13B.13

7 .4

7 .5

7 .6

7 .7

F .7

'7 . 5

7.5

7 .1

6 .7

6 .0

5 .5

5 .4

5 .1

4 .9

5 .1

5. l

3 .TT“

5 .3

7 .3

7 .5

7 .6

7.6

7 .6

7V5

7.4

'7VT~

6 .7

0 .1

5 .6

5.6

5 .3

5 .2

5 .4

5. 5

5#8

6 .0

6 .6

3-72

4-7*

1-7.»

2—7^

3-7^

*■-73

1-lH

¿-74

3-74

1-75

2-75

3-75

4-75

1-76

2-76

3-76

4-76

1-77

* REVISED FRCM 1974

*-7*

IN IT IA L

V

\

1 4 0 .36P

UUA kTfck

P- PRELIM INARY




PREPARED BY FEOERAL RESERVE BANK OF S T . LO UIS

1977----------------------------------------

14

PERSONAL CONSUMPTION EXPENDITURES IN CURRENT DOLLARS »

CÜMPÜONutö aNNÜÄL- RÄ7ES ÖF CHANGE

------------------------------- ------------------------- I N I T I A L QUARTE*---------------------------------------------------

TERMINAL
QUAKlEK
T-72
4-7*

J

¿-73

i- lò

~ 4-7i

1-74

2-74

3-?4

4-7^T l-75'~~2-75

3-75

4-75— 1-76

2-75”

4-76" 1-77

3-76

ToTTB

1 * .5

1-73

767*2

14,0

"2^3“
3—73

<*-7c— W

b lL L lO N S OF
DOLLARS---ANNUAL RATES

10.6

1 0 .6

77*

10*0

ò •0

4-73

» o l .0

b .V

7*8

1-74

10*1

9 .6

2-74

10*4

10*0

V .*

3-74

1079

lü * 6

lÖ T I

4 -7 4

Iö 7 ö

977

971

833*1

~77F"

vTb

854*0

8.V

10*4

10.1

074

12*3

1273

1375

1 0 .o i l . l
9I 4

975

1 0 .0

9*8
977

1-75
2-75

10.2

10*0

V .*

V.b

V .9

10.4
1 Ö 7 T

8 7 9 .*
909*0

14*3

916*2 -

“ 576--- 372""
8*6

1574

6*1

“ 972

8 .4

il.l

936*5"
965*9 '

13.2

3-75

1074

1072

97b

1Ö7I

10.3

1Ò.4--- 9 .5

11.6

1 2 .9

4-75

1075

1074

1Ö7Ö

1073

1075

1079" l o . 9

1(577

n>7i>

¡171

T277

1274

12.2“

1-76

TÖ77

10.6

Tc73

1076

TÖ77

IT T I

IT7Ö

17573

F270

F275

T27ò

T27ò

T67 7

1X72

-------- 9 9 5 . 1 “

1 2 .7 -------

1,02471“
1571

1 ,0 5 6 .0 “

~

2-76

1076

1074

1072

TÖ74

1576

TöTv

iöTv

HTTe

1073

TT75

F27S

TT77

1173

n>79

575“

3-76

1075

1074

TöTi

1073

TÖ74

TÖ77

IÖ77

1Ü75

IÒ T I

TT7I

IT75

IT T I

1Ü75

1673

579

4—76

1 0 .7

10*6

10*4

10*6

7077

IT7Ö

IT7Ö

1079

1075

TT75

TT75

TTTò

1174

TT72

1-7 7

io75

IÖ77

1075

10.7

iö .’ä " i l . l

il.l

11*6

16*7

11*6" 11*9

IT C ?

2-77

lÖ Tö

1075

1073

lo * 5

10 .6

rö75

IÜ79

1677

1674

TTT2

117*

TITZ

3-72

4-72

1-73

2-7.»

3-73

4-73

1-74

2-74

3-74

4-74

1-75

2-75

1,07573"”
1 ,1 6 2 .2 "

97TT

TI575 IT75

1476

ii.5 '"1 1 .4

ll.ö

11*8

13*1

1176

1675

1673

IÜ 7 7

IT7 3

979

775

3-75

4-75

1-76

2-76

3-76

4-76

1 -7 7

1,139*0

1273---------- 1,1727*” "
1 *1 9 4 .OP

IN IT IA L QUARTER
P- PRELIM INARY
PERSONAL CONSUMPTION EXPENDITURES IN CONSTANI 1972 OOLLARS *
-------------- tÖ M W ü R o ttr ANNUAL ftATfeS W ^ H A N C E -----------------B IL L IO N S OF
TERMINAL

IN IT IA L QUARTER

---- D K E Z K 5 -----

ANNUAL RATES
3 -7 2

4 -Ì2

l-> 3

¿ -> 3

3 -7 3

" 4 -7 3

1 -7 4

¿ -7 4 "

3 -> 4

4=74"

1 -7 5

2 -7 5

3 -7 5

4 -7 5 "

1 -7 6

2 -7 6

4 -7 6

3 -7 6

1 -7 7
752*8

4 -7 2

8*6

1 -7 3

8*4

8*2

2 -7 3

5*3

3*8

74777

764*9

-0 * 5
1 .9

3 -7 3

4*5

3*1

0*7

4 -* 3

3*1

1*7

-0 * 3

l- U

2*2

0*9

-Ó

.8

-0 .9

-2 * 3

-

2 -7 4

l.V

0*8

— Ó .6

-6 .7

-1 .5

-1 * 1

1^74

2*0

1*6

-<*1

-

4 -t 4

0*9

0*6

-

.2

•1#8

1 -7 5

1.0

6.2

—0 * 7

-Ö .7

1.2

Z - Ì5

1 *6

0*9

0*2

6*2

0*0

3 -7 5

1*9

1*3

0*6

0*8

4 -7 5

2*2

1*7

1*2

1 -7 6

2*6

2*2

1 .7

1*1

-

0*2

0.0

770*4
-¿ * 3

745*9

2*2

741*4

6*1

741*7
_

2*6

0*1

173

—1*7

-1 * 5

-0 .9

— 0*6

-6 .8

-2 * 5

2*1

6 .4

0*9

1.1

6*7

4*7

0*6

1*1

1*6

1 .9

1*8

1*3

1*3

1*7

2*3

2 .7

2 .7

1*9

1*9

2*4

3*0

3 .4

—Ì

h

-

& 'T F "

-2 * 3

-7 .6

7*3
5*2

5*3

6*4

5*9

6*6

3 .5

5*7

6*6

6*4

7*6

7*5

792*5

¿77 '

2*3

1*9

¿*1

2 .1

2*5

3 .1

3 .5

3 .6

5*5

6*1

5*9

6* 1

5*8

4*2

2*4

2 .0

¿*2

2*2

2*6

3 .1

3 .5

3*6

5 .2

5*7

5*4

5*4

5*1

'3 .9 ~

3 .6

4 -7 4

3*1

2*8

2 .4

2*6

2*7

4*1

1 -7 7

3 .2

2*9

2*6

2*8

2*9

2 -t t

3*2

2*9

¿*6

2*7

3 -7 2

4 -7 2

1 -7 3

2 -7 3

3 .6

4 .0

3 .7

4 .1

2*8

3*2

3 .6

3 .9

4*6

3 -7 3

4-73

1 -7 4

2 -7 4

3 -7 4

• 1 5 * '5 ”
822*7

6*1

5*9

6*1

5*9

5 .4

6 .0

8 .6

5 .6

6*0

5*8

5 .9

5*8

5 .4

5 .7

6 .8

572"

5*5

5*3

5*3

5*1

4 .7

4 .8

5*2

3*4

2*0

1 -7 5

2 -7 5

3 -7 5

4 -7 5

1 -7 6

2 -7 6

3 -7 6

4 -7 4

1 -7 7

4 -7 4

7 5 6 .9 "

807*2

2*8

3*1

"

786*2

3 -7 6

573

7 5 2 ;9

7 70*4

6*3

i - n

"

"

859*8
—

850*4

5 .1

5 5 4 .6 P

IN IT IA L QUARTER
P - PRELIM INARY
* REVISED FROM 1974




PREPAREO BY FEDERAL RESERVE BANK Of ST* LO U IS

JUL7 - 21, 1977------------ —

15

--------------------------------------

ORUSS P R I V A Î t U U M E ST IC IN V E STM E N T IN CURRENT D O L L A R S *
CÜMÊU u NÜED ANNUAL R A T E S ÜF CliÀNGIe
______________________________________________________________________________________ _____________________________________________________________ M I L L I O N S O F
T
E
K
M
I
N
A
L
“
I N I 1 1AL g U A R T E K
UüLLÂfcS
g U A R T E K ______________________________________
_______
__________
___________________________ A N N U A L

J- 7 2

4-72

1 - fo

2-73

3 - f i "V=73

4-72

*4

1-73

2 1 .C

2 1 .7

2-73

1 9 .o

lb . 2

1 4 . t>

3-73

15.2

13.2

9 .1

4-73

16 .6

15.5

13 .4

l^ . b

22 .O

—0 .H

-2.*t -22.4

0 .9

3-74

1-74

4-74

1-75 “^ 7 5 “

¿-75

4-75

1-76

"2-76 “ 3 - 7 6 “ 5-76

RATES

1-77
208.5
2 lü.fc
21Ö.0

3. 7

2 20.X
T 3 ÌT 5 "

1-74

9 .0

6 .0

¿«2

2-74

b .4

O.H

3 .5

3—74

5 .0

¿ .9

0.1/

- 2 .7

—4 .* -11.8

- 6 .0 -15.7

4-74

* .4

2 .4

- 0 .1

- 2 .0

- 3 .5

—4 .2

1-75

—0 .1

—9 . b

—9 .1

217.3
4 .9

—¿• S

21Ò .T
-C.6

2 1C .4

—5 .b

—b .b - 1 1 .t -14.1 -2U.0 -19.4 —2 6 . 2

2-75

- 3 .9

—o . 1

—b . b -1 1 .4 - 1 3 .4 - lb .2 -1774 -22.1 —24.2 —33.b

- b .6

¿-75»

2 .5

0 .9

- 1 .0

- 2 .6

- 3 .4

—6 .6

-3 .7

- ¿ .3

—2 . 5

-3 .2

J7 .6

<»-75

2 .2

0 .7

- i.v

-2.D

- 3 .2

—6 .0

- 3 .4

- 4 .7

-2 .Ü

'-^ .7 " 2 3 . 2

- Ì0 . 9 -5 2 .0

" 1757T~
171 «¿.
1Ò7.2

■'205.4"

4 3 .0 '

- 1 .4
2 6 .è

l-7t>

5 .6

<♦.5

.>•2

2 .2

2 .0

-0 .0

3.2

2 .9

6 .4

7 .9

32.1

49.4

2-76

6 .b

¿.b

4 .7

0 .9

3 .9

2 .2

5 .4

S .4

è .b

16.5

iù .6

42.8 ” 26; 1

3-76

t.**

6 .5

5 .5

4 .9

4 .9

0 .5

6 .5

6 .7

9 .9

11.4

TS~.2

37.2

2 3 .t

TXT."7

26.4

14.5 " "T879

_

'

6 3 .4
42.5

"33.5 T n rcv

144.**

5 .y

5.C

3 .9

3 .2

3 .2

4.2

4 .1

6 .6

7.6

b.2

> .4

6 .6

6 .1

6 .2

5.1 “ ■ 7.7

Ö .0

10.7

12.1

2 4 .6 "3 0 .2 " 20.5

25.5 T 77 5 ■i s ;

2 -7 t

9 .4

b.b

b. 1

7.7

7.4

7.6

4 .6 " 1Ö.Ö

12.7

14.2

2 5.7

30.6

2 2 .5

27. G

3-72

4-72

1-73

2-73

3-73

4-73

3-74

4-74

1-75

2-75

3-75

4-75

7 .G

2tw ?

TSTTS"

254.3

17.2

1-77

2-74

’

2 4 .7

4-76

1-74

_

....

..........

-0 .8 -16.1
2

' 14.2

5575

20.8

19.9

20.8

44.9

35.0

1-76

2-76

3-76

4-76

1-77

243.4

............... 2 71. ri
— 2V3.ÜP ’

IN IT IA L gUARTER
P - PRELIM IN A RY
bkUSS PRIVATE DOMESTIC INVESTMENT 1N CONSTANT 1972 UÜLLARS *
CONPOUNOEO ANNUAL RATtS OF l h a No E
IN IT IA L OUARTER

TERMINAL
QUARTER
3-72 ' 4-72

1-73

2-73

3-73

4->3

1-74

¿-74

3—74

4-74

1-75

"2-75" T-T5

4-75

1-76

2-76

3—76

4-76

B IL L IO N S OF
DOLLARS
ANNUAL RATES
1-77
197

4-72

1 6 .5

1-73

1 5 .7

14 .9

2-73

12.2

10.2

204.6
207.4

5 .6

204.9

3-73

7 .7

5 .0

0 .3

- 4 .7

4-73

9 .0

7 .2

4 .7

4 .3

1-74

2 .5

-0.1

- 3 .5

2-74

-0.1

-2 .6

- 5 .8

3-74

- 3 .6

—6 .2

—9 .3 -12.1 - 1 3 .b -21.5 -20.0 -25.0

4-74

- 4 .7

14.2'

211.8

-6 .4

->.2 -24 .5

147.4

- 8 .5

-9.7 -19.7 -14.5

18978
176 Ȏ>

- 9 .4 -12.2 -1 3 .6 -1 9 .5

-17.7

-19.2 -1 2 .9

l7 0 .6

1—75

-13.3 -16.1 - 1 9 .4 -22.4 -25.0 -31.1

—3 2 .6

-37.8 -43.3 -63.1

133 .0

2->5

- 1 2 .7 - 1 5 .1 - 1 8 .0 -20.6 -22.6 -2/. 4 -28.0 -31. t -3 2 .9 - 4 l . l

—6 .2

130.9

3-75

-7.0

-8 .9 - l l . ü -12.6 -1^.6 -1 6 .9 -15.6 -15.8 -13.3 - 1 3 .4

32.5

87.1 "

4-75

- 7 .2

—b .9 - 1 0 .b - 1 2 .3 -1 3 .2 -16.1 - 1 4 .« -14.8 -1 2 .6 - ü . 5

16 .6

29.9

- 9 .8

1-76

- 3 .5

- 4 .9

-1 .2

2 6 .4

39.6

2 0 .6

2-76

- 2 .2

- 3 .4

3—76

- 1 .5

- 2 .5

4-76

- 2 .7

-3.8

1-77

- 0 .4
0 .8
3-72

4-72

2 -n

153.1
144.2
168.1

61 .1

- 7 .4

- 7 .6

-9 .8

-7.7

—6 . 7

-3.2

- 4 .7

- 5 .5

- 5 .5

-7 .3

-5 .2

-3 .9

-0 .5

1.8

2 4 .7

33.8

14.7

37.4

18.Ó

- 3 .7

-4 .4

—4 .3

- 5 .9

-3.«

-2 .5

0 .8

2 .9

22 .1 ' 28 . 7

17.2

2 7 .9

13 .4

9 .4

- 4 .9

- 5 .7

- 5 .7

-# .2

-5.5

-4 .5

- 1 .9

- 0 .4

14.7

18.7

8 .3

13.4

0 .9

-4.7

- 1 .3

—¿ . 3

—2 . b

- 2 .6

—3 .b

- l.b

-0.6

2.2

4 .1

18.5

22.5

14.1

19. 6

ll.l

8 .8

- 0 .1

- 0 .9

-1 .3

-1.0

-2.6

—0.Ò

1 .3

4 .1

5 .9

19.1

22.7

15.5

2 0 .4

13.6

12.5

1 3 *4

35.7

2 4 .2

1-73

2—7*

3-73

4-73

1-74

2-74

3 -7 4

4-74

1-75

2-75

3-75

4-75

1-76

2-76

3-76

4-76

1-77

- 6 .3

175.2
179.4
164.2

- 2 0 .9

18^.7

48. 2

1 9 7 .iP

IN IT IA L gUARTER
P - PRELIM INARY
*

REVISED FRON 1974




PREPARED BY FEDERAL RESERVE BANK OF S T . LOUIS

16

bUVtRNMtNI PURCHASES Of OOUOS ANO SER VIC ES IN CURRENT DOLLARS *
COMPOUNDED ANNUAL hATtS OF tHANfc?“
TERMINAL
«DARTER

IN IT IA L QUARtfcR
3—7<t

» —72

1 0 .^

4-72

1-7*

2-73

3-73

»-73

1-74

2—7»

3-7»

» —7»

l- t 5

2-75

3-75

4—75

1-76

2-76

3-76

»-76

B IL L IO N S OF
¡5ÖLLÄR5
ANNUAL RATES
1-77....... .

T5972—

1—7*

10.4

lw .c

¿6 5 .8

2-7*

6 .4

4 .6

- 1 .0

2&5 .1

3-73

6 .4

5 .*

*..7

»-73
fc.l
9.7

V •!>

2 6 9 .3

6 .5
9 .6

1 3 .2

ll.o

1*.8

I».»

-YSTTT
M

iio

1 4 .»

1 » .9

1 5 .»

3-7»

1 0 .*

1 0 .4

1 0 .*

12.7

14 .4

14.8

14.9

1 » .»

»-*»

10 .o

io 7 ?

TÖT7

1775

1471

1*73

1*75

1377

12.9

3 2 6 .Ö”

l-7i>

10.7

10.7

1077

rz ^

13.6

13.7

T375

1278

T27Ü

11.1

1 0 .8

1 0 .tt

1 0 .V

1^.4

13.3

1373

1371

177b

1179

11.5

3-75

1 Ö 7 ? 1 0 .b

ltTTb

12.2

12^9 12.9 12.0 ü.i—rT75 rm—rnx—tcts-

4-75

10 .6

1 0 .o

lo .c

TI79

n 75

1-76

10.0

10.0

10.0

11.0

1175

9 .8

“ 977

v7t

TÖTö

T IT S

9 .4

97*

9731072

10 .5

1072

9 .3

9 .*

10.0

10 .3

977

v 79

3-76
»-7 6

12.1

ITTo

TI73

n>79

IÖ73

1078

IÖ 7*

578

97b

9 .2

10.0

9.6

” 971

“s T T T

“ 975

FTTo

33572T

11.8

"3*375“

1ST*

97S“

9.6

"¥75

971

375” “ 573“

7 . 1 6 . 0 4 . 6

b .0

6 .6

675

577“

77*

8.0

7.5

7.7

7 .2

975

9 .0

77*

675

351.0~

röTö

“ 35375“

3 .0

"35879“

“ 671“

“3537TT

“ 577---*76--- 57*---*75“

376.C

“ 671------ 57*------ 675------ 573------ 779“

9 .1

9 .1

"2^77

“ 975

975

97*

10. i

lo 7 *~ "i6 .2 ----- 97?----- 97*----- 973----- 575----- 573----- 779----- 775----- 773----- 872----- 4 . 7

1 0 .1

1 1 .2

1772

3-72

»-72

1-73

2-73

3-73

3-76

» -7 6

1 -T 7

1-7»

2-7»

3-7»

»-7»

1-75

6 .6

2-75

6 .6

3-75

___________________________________________________ IN IT IA L QUARTER________-

£*»

"5775---57Ö--- 577--- 57*-------

1-77

»-73

r

31775“

2-75

1 2 .4

.

3ö8.ir

»-75

1-76

2-76

3 7 4 .r

311. IF

________________ ____________________________

P - PRELIM INARY
OUVtRNMfcNT PURCHASES UF feOOUS ANO SERVIC ES IN CONSTANT 1972 DOLLARS *
TÜMjFöUfcüED ANNUAL RATES OF CrfJWGfc
B IL L IO N S O f

DOtlAiS

IN IT IA L QUARTER

TERMINAL
3-72
»-72

1 .9

1-73

2 «6

»-72 "1^73

2-7*

3-7*

4-7*

1 - f c ' >-7»

3-7»- »-7»

1-75

2-75

3-75 "»^75

1 - 7 5 ”2-76

3 .2

r-77” “

2 55*2

-

251*2"'

-1 .6

- 6 .1

-0 .7

- 2 .6

1.0

»-73

0 .0

- 0 .5

- 1 .7

0 .6

1-7»

1.1

6 .$

0 .4

¿•7

*.5

6 .6

2-7»

1 .3

1 .2

6 .8

2 .5

3.1

» .5

2 .2

3 -7 »

1 .3

1.2

6 .9

2 .3

2 .7

3 .5

1.8

1 .»

4 -t4

1.1

1 .0

0 .7

1 .9

2 .1

2 .5

1*1

6 .5

—0 .3

1 -7 5

l.c

1.1

0 .8

1.9

2 .0

2 .3

1.2

0 .4

0 .7

1.7

2 -7 5

1 .5

1 .»

l.c

2 .2

2 .»

2 .7

1.9

1.6

2 .6

3.1

» .5

3-75

1 .7

1.6

1 .5

2 .»

2 .5

2 .9

2 .2

2.2

2 .»

3 .»

» .2

3*9

»-75

1 .6

1.6

1 .»

2 .2

2 .»

2 .6

2 .0

2 .6

2.1

2.7

371

274"

1-76

1 .3

1.3

1.1

1.8

1.9

2 .1

1.5

1 .»

1 .»

1.7

1.7

0 .8

-6*t

—2 .2

1.1

1 .7

1.8

i. *

1 .»

1 .3 "

1.3

1.6

1.5

0*6

—0 .2

—0 .8

0*6

3-73

4-76

2 53 * 2

-0 .1

2-73

3-76

ANNUAL RATES

¿ 5 1 .8
2 9 2.0

0*>

256 .2
ü 5 t *6

2 9 8 .3
23f
2 4 2 .3
2 6 4 .8
2 6 5 .*

0*9

2 U .I
2 6 6 .»

1 .3

1 .2

3-76

1.2

1 .2

1 .0

1 .6

1.7

1 .8

1*3

1.2

1.2

1.4

173

0*7

-Ö.1

-Ö .4

0*5

0 .3

4-76

1.2

1.1

1 .0

1.5

1.5

1 .6

1 .2

1.1

1.0

1.2

1.1

0*6

—O.l

-6 .3

0 .4

0 .2

0 .0

™ 1- t t

1 .0

0 .9

0 .6

1 .3

1.3

1 .»

0 .9

0 .6

6 .7

0.9

0 .7

0*2

-Ö .»

- 0*6

—0. 6

— 1.6

- 2 .6

¿ -t7

1 .»

1 .»

1 .3

1 .6

1.9

2 .0

1 .6

1.6

1*6

1.8

1*8

1*»

1 .1

1*1

1 •ft

2*0

2 .6

4 .0

1 4 .2

3-72

»-72

1-7*

2-7*

3-73

»-73

1-7»

2-7»

3-7»

»-7»

1-75

2-75

3-75

»-75

1-76

2-76

3-76

»-76

1 -7 7

2-76

2 6 6 .6
264*6
"’ 2 W . 3 ---

m

.if

IN IT IA L QUARTER
P- PRELIMINAKV
REVISED FROM 1974




PREPARED BY FEDERAL RESERVE BANK O f S T . LO UIS
JULY

17

21“. 1 W 7--------------------------------------------------------

D iSPÜ SA BLt PERSONAL INCUHE IN CURRENT DUl LARS »
CUMPOUNUED ANNUAL AaT£S OF Change
o lL L lÜ N S OF

1EMUNAL
WUAMtK

IN IT IA L WUARTEft
4-7 ^

4 - It

1-7*

4-/^

lb *c

1-7*

1 5 .5

1 4 .V

2-7*

14 *2

1 * .3

11.7

3-7*

l* .0

1^.0

1 0 .o

c- 7 *

*-73

4-73

1-74

2->4

3-74

4-74

1-75

DOLLARS
¿-75

3-73“ 4—75

1—76 "2-76

3-76

ANNUAL RATES
4-76

1-77
~ 63'7 .</
86b .6
890.9

9. i>

911.4

4-73

*b

1 2 .c

11.1

lo .b

12.1

1-74

11.3

10.6

9 .6

6 .9

b.5

¿.1

2-74

1 1 .4

lU *6

9 .7

9.4i

9 .1

7 .?

10.3

3-74

11 *4

i0 .7

1C.C

9 .7

9 .7

tt.9

10.9

11.4

4—74

1 0 .b

1w. 2

*.;>

9.^:

9 .1

8 .4

9 .5

9.1

6 .b

1-7*

10.1

9*4

b .b

b .4

8*2

7.4

8 .0

7.2

5.2

3 .*

2-75

11.7

11*2

1C . b

10.7

10.9

1C.7

11.9

12.2

12.5

15.5

28 .7

9T/77

449.5
973.1

494.7
1,016.2
1 ,0 2 5 .4
1 ,0 9 2 .2

3-75»

lo . b

1 0 .*

9. b

9 .6

9 .6

9 .3

10.0

10.0

9.6

10.6

14.2

1.5

4-7*

10 »6

10*^

9 .9

9 .7

9 .b

9 .5

10.1

10.1

9 .8

10.6

13.0

5 .9

1 0 .b

1-76

lO .o

10*4

10.1

9. b

9 .9

9 .6

10.2

10.2

10.0

10.7

12.5

>.5

10.8

2-76

10*3

10*2

9. b

9 .6

9*6

9 .4

9 .9

9 .8

9 .6

io .i

11.4

7.5

9.7“

3-76

lO .* ’ 9 .9

9 .6

9.**

9 .4

9 .2

9 .0

9.5

4.3

9 .6

10.4

7 .3

6 .7 " - B '.'S

ttt

6.7

4-7©

10*3

9 .9

9 .0

9 .5

9.*)

4.2

9 .6

9.6

4 .4

477

10.6

7 .b

9 -;ir

b .b

"871

8 .4

10.2

1-77

10.3

9*9

9 .6

9 .5

9 .5

9 .3 " " ? : ?

9.6

9 .4

4*7

T 6 .S

571

sn r

4.Ö

¿•6

4.Ö -

1 0 :2

1Ö.1

2-77

10.5

10.2

9 .9

9. b

V .b

9 .7

10.0

16.6

9 .9

10*2 ” 1Ö.4

6 .9

1Ö.ZT

9 .9

9 .7

16.3

11.5

12.2

14.4

«>—72

4-72

1-73

2-7*

3-73

4-73

1-74

2-74

3-74

4-75

1-76

2-76

3-76

4-76

1-77

4—74

1-75

2-75

1 ,0 9 5 .7

3-75

1 ,1 2 4.1
1 0 .Ö
t

:—

1 ,1 5 3 .3

1,174.1

-775“

T,143.3
1 ,2 2 2 .6

1,25274
1,245.2?“ '

IN IT IA L QUARTER
P- PRELIM IN A RY
DISPOSABLE PERSONAL INCOME IN CONSTANT 1972 DOLLARS *
CÜMPÖÜN6E0 ANNUAL iU T .ES OF CHAN&E--------------------------------------------------------------

B IL L IO N S OF
I

t e r m in a l

QUARTER____________ _______________
1-73 2 - t *
3-72 4-7^
4-72
1-73

""

3-73

4-73

l->4

2—T4 3 - 7 4

4-74 "T--75

d o llars

”2=75

3-75

4-75

1-76 '2-76

3-76

4-76

1-77

12.2

827 .1

1 0 .6

845.1

9 .0

B 5 2 .7

6 .3

3 .6

3-73

6 .8

5 .0

3 .1

2 .6

4-73

5 .8

4 .2

2 .7

2 .2

1 .8

'

o uarter

ANNUAL RATES

8 .2

2-73

n it ia l

858.2
862.1

1-74

3 .5

1 .9

0 .2

- 0 .9

- 2 .7

- 7 .0

846.7

2-74

2 *6

1 .3

—0 .2

- 1 .1

- ¿ .3

- 4 .4 "-^77

843 .1

3-74

2 .4

1 .1

—0 .2

- 0 .9

—1 .8

- 2 .9

- 6 .9

—0 .0

4-74

1 .7

0 .4

- 0 .7

- 1 .4

- 2 .2

- 3 .1

- 1 .8

-1 .9

—3.7

1-74

1 .2

0 .1

—l . C

- 1 .6

- 2 .3

-3 .1

-2 .1

-2 .3

-3 .3

2-75

3 .0

2 .1

1 .4

1.1

0 .9

0 .7

2 .3

3 .3

4 .5

b.b "2 2 .Ö

1 .0

1.5

1.9

3 .9

7 .4

—5 .4

2 .2

3-75

1 .4

0 .7

0 .3

0 .1

-0 .2

843 .0
835.1
828.8

-3.Ö

871.1
859.1
870.2

4-75

2 .5

1 .7

1 .1

0 .8

0 .6

0 .5

1.6

2.1

2 .6

4 .2

6 .t

-0 .2

5 .3

1-76

2 .7

2 .0

1 .4

1.2

1.1

1 .0

2 .0

2 .6

3.0

4 .4

6#^

1 .6

5 .3

5 .3

2-76

2 .7

2 .0

1 .5

1 .4

1 .2

1.2

2.1

¿•6

3 .0

4 .2

5 .7

1 .9

4 .5

4 .1

881.5
2 .4

887 .8
890 .7

3-76

2 .6

2 .0

1 .5

1 .4

1 .2

1.2

2 .0

2 .5

3. b

4 .9

i . r

3 .2

2 .1

1. 3

4-76

2 .7

2 .2

1 .7

1 .6

1 .5

1 .5

2 .3

2 .7

3 .0

3 .9

4 .9

3 .4

3 .6

3 .0

~3; t -

4.'4

2 .8

2*2

1.Ö

1 .7

1 .6

l.b

2 .4

2 .7

3 .0

3.8

4 .7

2 .4

3.Ö

3 .5

3 .1

'3 7 1 "

4.Ö

3 .1

3 .2

3 .5

4 .3

5.1

3 .2

4 .4

4 .3

4 .1

4 .4

5 .5

5 .8

8 .5

2-74

3-74

4-74

1-75

2-75

3-75

4-75

1-76

2-76

3—76

4-76

1-77

1-77
2-77

“

3 .1

2 .6

2 .2

2 .1

2 .1

2 .1

3-72

4-72

1-73

2-73

3-73

4-73

1-74

401.5
9 08.4
927 . l P

IN IT IA L QUARTER
P - PRELIM INA RY__________________________________________________________________________________________________________________________________________________________
* REVISED FROM 1 97 4
PREPARED BY FEDERAL RESERVE BANK OF S T . LOUIS
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- JULY 2 1 , 1 * 7 7 --------------------------------------------------------------- -




18

'

C U R H U R A l t P K Ü f-iT^ Al-Tth. TAXfci *
C U H P U U N U t b A N N U A L KAtfcS O F ChANbt:

_________
2-/2
3-72

*—7^

4—7 t

1-7*

2-7*

3 -Ï3

-4=73"

l- ? 4

'"¿"-75T

3-74

4-74

1-75

3—75

2=75'

* —75

1-74

2—"76

3—74

*-7 4
55 *0

2 2 .*

*-72

3 3 .4

4 5 .4

1-7*

3 7 .b

40 . Z

no. V

2-73

2 9 .b

3 2.4

2 6 .4

60**
6 4.5
6 7.9

b .7

6 5 .*

3-7*

19.6

lb .9

11 .2

<►-73

19.7

19.2

1* . 4

n.G

l.b

¿ 0 .4

1-7*

19.0

lb .4

1 3 .7

0 .0

i>.9

17.5

- 3 .3 —1 * .9

2-74

lb . U

17.4

1 3 .3

7.5

3-74

2 1 .5

21.4

lo .*

Ì4 . 1

4-74

1 4.6

1 *. b

lu .*

1-75

5 .6

4.1

0 .3

- 4 .4

7.2
15

6 8.5
14.0

7 0 .9

15.4

12.9

11.2

72 .8

2 3 .9

¿ 5 .0

*0 .5

53 . à

4 .9

1 .9

-9 .1 - Ì4 .2

-21.4

5 .4

9 .b

- c .l

—4 . 7

7.3

81 *0

73*5

-3171
- * 3 .7

-*3.2

2-75

9 .3

a .i

5 .0

1.1

u.2

2 .4

- 0 .3

-3".l

3-75

1**6

14.0

1 1 .5

0 .4

0 .4

11.0

10.4

9 .6

9 .3

0.5

1 *.6

11.2

b .4

0.4

11.2

10.1

9 .5

9.2

2.1

15.1

*-75

b lL L IO N S OF
~DOLLARS
ANNUAL RATES

IN IT IA L WUAKTtK

TERMINAL
WUAKlfch

l* .l

13.5

-¿ÏÏ75

4 0 .8

"5f :f
7V.2 16T.-T
i>1.7 *t.5

68*2
il *4
¿3*1

8 .6

™”W7V"

1-76

15. Ì

15.3

13.2

1 0 .t

11.0

13.b

13.1

12.9

1373”

7.6

1Ò.0

4 b .7

* 5 .6

23.5 *0.0

2-76

15.5

15.1

13.2

iO .9

11.1

13.7

Ì3.1

12.9

13.1

6 .3

17.1

* 0 .6

36.5

1 4.4

2575

12*5

3-76

14.6

14.3

1 2 .5

10.4

10.5

12.9

12 .2

11.9

12.0

777

Ì5 .1

33.7

15.5

1 7 .?

K l"

¿ 5 .0

21.1

9 .^

9 .*

0 .7

*-76

Ì3 .1

12.5

1 0 .o

b .7

b.7

10.7

9 .9

4 .^

9 .3

5.3

11.2

1-77

13.9

13.5

ll.t

10.0

lU .O

12.0

11.4

ll.l

ll.l

7.6

13.2

¿ 6 .*

2 2 .*

1 2 .6

1 3 .*

7*5

2- I t

3-72

*-72

1-7*

2-73

5-7*

*-7*

1—7*

2-74

3-74

* —7*

1-75

2-75

3-75

*-7 5

1-76

» .1
* * .0

3 .?

?U *9

- * . t -12*6
5 .T "
2-76

6*9

3 Ö .7

3-76

*- 7 6

97.2

IN IT IA L QUARTER
♦ NATIONAL- ÏNCUNè b A S IS
REVISED FROM 197«
PREPAREO 8V F E OCRA4. RESERVE BANK OF S T . LO UIS
JU L Y 21* 1977

SOURCES OF DATA
NATIONAL INCOME AND PRODUCT ACCOUNTS DATA
Source:

1929-72:
1973:
1974-76:

U.S. Department of Commerce, Bureau of Economic
Analysis, Washington, D.C. 20230
The National Income and Product Accounts of the United States.
1929-74, A Survey of Current Business Supplement.
Survey of Current Busjjiess, July 1976.
Survey of Current business', July 1977.

The Survey is available from most district offices of the
Department of Conmerce or from the Superintendent of Documents, U.S.
Government Printing Office, Washington, D.C. 20402.




19

"

I N V E NT OR I E S COMPARED WI T H MONTHLY S AL E S *
MANUFACTURING AND TRADE

72

1

68

1

64

60

. . 56

56

1 .5 2

52

48

1

,1.46-

1 . 44

44

1

40

36

1 .3 6
1963

1964

1965

1966

1967

1968

1969

1970

1971

« R A T I O S BASED ON SEASONALLY ADJUSTED DATA.

1972

1973

SOURCE:

1974

1975

1976

1977

U. S . DEPARTMENT OF COMMERCE

SHADED AREAS REPRESENT PERIODS OF BUSI NESS RECESSI ONS.
LATEST DATA PLOTTED:




MAY PRELI MI NARY
PREPARED BY FEDERAL RESERVE BANK OF ST.

20

LOUI S