Full text of National Economic Trends : June 1975
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n n T i o n n Economic PREPARED M ONTH ENDING: BY FEDERAL MaY 31, 1975 RESERVE BANK trcdds OF ST. LOUIS RELEASED: June 26, 1975 The forces of economic recovery seem to be set firmly in motion as income, sales, and employment have shown strong gains in the last two months. Accompanying the quickening pace of activity has been a deceleration in the rate of inflation. Employment conditions have improved since last winter, even though the most widely publicized indicator of labor market conditions, the unemployment rate, would suggest that the employment situation has worsened. The unemployment rate has risen steadily since last November, reaching 9.2 percent of the labor force in May of this year. This adverse development is contrasted with an increase in total employment since March and a halt to the decline in employment as a percent of working age population in May. This latter measure is often used as a gauge of the demand for labor, and can be regarded as responsive to the thrust of recent aggregate demand policies. INDICATORS OF EMPLOYMENT CONDITIONS Date 1950 1955 1960 1965 1970 1975 (May) Unemployment as a Percent of Civilian Labor Force 5.3% 4.4 5.5 4.5 4.9 9.2 Employment as a Percent of Working Age Population 59.8% 61.4 61.5 62.4 64.0 62.9 The unemployment rate reflects both demand and supply considerations, and at certain times provides a misleading picture of fundamental employment conditions. For example, in periods of rapid inflation, as in the period since 1965, the supply of labor tends to Increase as evidenced by a rise in the labor force participation rate. A larger share of women have entered the labor force in recent years, and second and third members of many households have sought jobs to meet the rising cost of living. As such, the unemployment rate tends to be biased upward by inflationary trends, which, in turn, are primarily the result of overly stimulative aggregate demand policies in the past. Although still high relative to most of the postwar experience, the rate of inflation has been slowing in recent months. Consumer prices have risen at a 6.6 percent annual rate since last November, compared to a 12.4 percent rate of increase in the previous 11 months. Even more dramatic has been the slowdown of wholesale industrial prices — a 3.4 percent rate of increase since November, compared to a 28 percent rate of increase in the period from December 1973 to November 1974. TOTAL C IV IL IA N EMPLOYMENT _C_QMPflUNDEC ANNUAL PATES Of CHANGE THOUSANOS OF PERSONS INITIAL ftQNTfr . Ti PEl NAl . . I D z U U r 7J i t - U ___1- J * ¿- 7k 3-74 4-74 5-14 6-74 7-74 8-74 9-74 10-7+ 11-74 12-74 1-75 2-75 3-75 4-75 IN IT IA L MONTH PAYROLL EMPLOYMENT CCMPCUNDIC ANNUAL RATES OF CHANGE THoy^yjBS-. OF PERSONS mcnth 10-73 11-73 12-73 1-74 2-74 3-74 4-74 5-74 6-14 7-74 8-74 9-74 10-74 11-74 12-74 1-75 2-75 3-75 4-75 77,915 11-73 12-73 77,924 2* 1 77,925 1-74 1.4 0.1 0 . 0s 2-74 1.6 0 .7 1.0 ¿ .0 3-74 1.4 0 .7 0 .8 1.3 1.5 1.0 4-74 78,053 78,009 0 .6 * 1.2 1.6 1.3 v + i.o y © 2 .1 ^ \ 78,226 78,357 5-74 1.6 1.1 1.3 1.7 1 .6 2.1 2 .0 n'v (. 6-74 1.5 1.1 1.3 1.5 1.4 1.7 1 .5 1. 0s 7-74 1.4 1.1 1.2 1.4 1.3 1.5 1.3 0.<J 78,421 78,479 0 .9 s 8-74 1.6 1.3 1.4 1.6 1.6 1.8 1 .7 1.6 1.9 2 .8 9-74 1.7 1.4 1.6 1.8 1.7 I.Ç 1.9 1 .9 2 .2 2 .8 78,661 2 .8 ^ 78.844 78,865 10-74 ■i|I T■T i «] W3 1.5 1,6 1.6 1 .7 1.6 1.6 1.7 2 .0 1.6 11-74 0.9 0 .6 0 .7 0 .7 0 .6 0 .6 0 .4 0 .1 -0 .1 - 0 .3 - 1 .3 - J.3 - 6 .e \ 78.404 12-74 0.0 - 0 .3 -C .3 - 0 .3 - 0 .6 - 0 .7 - 1 .0 - 1 .5 - 1 .9 - 2 .4 - 3 .7 - 5 .7 - 8 .6 - 1 0 . Î V 77.690 1-75 - 0 .4 - 0 .8 - 0 .8 - 0 .9 - 1 .2 - 1 .3 - 1 .7 - 2 .2 - 2 .6 - 3 .2 - 4 .3 —6 . 0 - 8 .1 - 8 .7 - 6 .9 ^ - A 77,227 2-75 - 0 .9 - 1 .2 - 1 .3 - 1 .4 -1 .7 - 1 .9 - 2 .3 - 2 .8 - 3 .3 - 3 .8 - 4 .9 —6 .4 - 8 .0 —8 .4 —7 .3 -7«8^Sw. 76,708 3-75 - 1 .2 - 1 .5 - 1 .6 - 1 .7 - 2 .0 - 2 .2 - 2 .6 -3 .C - 3 .5 - 4 .0 - 4 .9 - 6 .2 - 7 .4 —7 .6 —6 .6 —6 .5 —5.2 76,368 4-75 -1.1 - 1 .4 - 1 .5 -1 .6 - 1 .8 - 2 .0 - 2 .4 - 2 .7 - 3 .1 - 3 .5 - 4 .3 - 5 .3 - 6 .2 - 6 .1 - 5 .0 - 4 .3 - 2 .5 5-75 -1 .0 - 1 .3 - 1 .3 - 1 .4 - 1 .7 - 1 .8 - 2 .1 - 2 .4 - 2 .7 - 3 .1 - 3 .7 0 > V . - 4 .5 f - 5 . 2 - 4 .9 - 3 .8 - 3 .0 7 6,3*1* - 1 .4 0 .. ^ 2-75 3-75 4-75 1 76, 4 W lù ^ b k 10-73 11-73 12-73 1-74 2-74 3-74 4-74 5-74 6-74 ?—74 8-74 9-74 10-74 11-74 12-74 1-75 IN IT IA L MONTH P- PRELIMINARY P R E P A R E D BY FEDERAL R E S E R V E JIINF 6« 1975 2 B A N K OF S T. LOUIS . EMPLOYMENT RATIO SCALE M IL L IO N S RATIO SCALE OF PERSONS SEASONALLY ADJUSTED M IL L I O N S OF PERSONS 100 95 90 85 80 75 70 65 60 SOURCEt PERCENTAGES ARE ANNUAL RATES OF CHANCE FOR P ERIOD S L A TE S T DATA P LO TTE D * U . S . DEPARTMENT OF LABOR IN D IC A T E D . MAY P R ELIM IN AR Y PREPARED 8Y FEDERAL RESERVE SANK OF S T . L O U IS UNEMPLOYMENT RATES * S E AS ONAL L Y PERCENT AD J US TE D PERCENT <o 9. 8.0 7.0 6.0 5.0 4.0 3.0 2. 2.0 1 .0 1. 1967 1968 1969 1970 1971 1972 1973 SOURCE* MPERCENT OF C I V I L I A N LASOR FORCE L A T E S T DATA PLO TTE D * MAY U .S . 1974 1975 DEPARTMENT OF LABOR IN GROUP PREPARED BY FEDERAL RESERVE BANK OF S T . 3 L O U IS CONSUME* PR IC E INDEX. SEASONALLY ADJUSTED COMPOUNDED ANNUU RATES OP CHANCE v gRM|N*L_________________ ________ _ _______________________________________ IN IT IA L NQNTH___________________ ________________________________________________196T « 100 month 10-73 -11-73 A Z - 73 2-74 1-74 3-T4 4-74 5-74 7-74 6-74 8-74 10.3 12-73 9 ,4 8 .5 1-T4 10*« 11.1 2-74 11.8 12.2 14.2 14.5 3-74 12.0 12.4 13.7 13.7 12.9 4-74 11.3 11.5 12.3 11.8 10.5 3-75 4-75 140.04 13.8 141.63 143.07 144.00 8.1 5-74 11.6 11.8 12.4 12.1 11.3 10.5 11.6 1 1.7 12.3 12.0 11.4 10.9 12.3 11.6 7-74 11.4 1 1.6 12.0 11.8 11.2 10.8 11.7 11. 1 12.4 «-74 11.8 11.9 9-74 12.1 12.2 __12 *7 . J2_._2 _ 1 U 8 12.5 12.2 12.4 12.3 146.81 148.04 10.5 , 12.6 J 4 . 7 11.6 12.4 12.1 12.9 . 12.9 13.4 12.0 1 2 .T 12.6 12.9 13.6 13.1 11.3 12.5 12.6 13.2 12.7 11.5 11.7 14.8 151.49 152.85 12.1 11-74 t ? .o \2*l 12-74 11.$ 11 ±1 _ L 2 ^ . U iX 11.8 11.7 12.2 12.1 12.5 11.9 11.0 10.8 1-75 11.6 11.7 in 9 11,7 1K5 11.4 11.7 11.6 11.6 11.7 ll.l 10*2 9 .8 2-75 11.3 U *> 11.5 11.4 11.1 10.9 11.2 11.0 10.9 11.0 10.4 9 .S 9 .1 * 8.2 3-75 10.8 10.8 11.0 10.8 10.5 10.3 10.5 10.2 1 0 .1 10_.J>_ 9 .4 4-75 10.6 10.6 10*7 10.5 10.3 1 0 .o 10.2 10.0 9 .8 J * j i V _ -12 ._L. J ^ O . 9.7 154.27 9 .8 ^ 155.48 8 .9 156.48 X a A 7 .4 6.8 A % 157.34 157.77 8 .5 7.9 7.0 6 .0 5.0 3.3 9.1 8 .3 7.8 7 .0 6 .4 5.8 5.3 7 .4 7.8 7 .3 1 6 .6 j 6 .0 5 .4 5 .J 5 .8 9-74 10-74 11-74 12-74 1-T5 ¿-75 3-75 10.3 10.1 9 .8 9 .6 9 .7 9 .5 9 .3 9.2 8 .6 10-73 11-73 12-73 1-74 2*74 3-74 4-74 5-74 6-74 7-74 8-74 10,2 149.74 15.0 12*0 12.5 12.1 145.47 ^ + 1 2 .4 % LO-74 10.2 2-75 138.54 6-74 5-75 1-75 9-74 10-74 11-74 12-74 137.60 A X z iy 158.71 4 .^ V 139.27 4-75 IN IT IA L MONTH — m t m t iv t t m i i JUNE 20* 1973 k im ^ t »am* a* s t . t m f WHOLESALE PR IC E S - ALL COMMODITIES, SEASONALLY A O J U S T E O _____________________________ !___ ' C flW O W B W AWHML FATES GF CHANCE TE*M?NAL MONTH 10-73 “I1-T3 1 7 -7 3 " I - 7 V "2-74" ” J= 7 T 4 .7 12-71 13.1 It.7 ' "1-74 J i.4 2 4 .0 41.1 5-74 2 l.0 ¿ * .4 24.4 14.5 3-74 20 .0 2 3 .0 24.8 17. 3 14.2 2 2.0 ~ 7 Y .T ' IT . 6 if.I lfc .l T 4 4 T V - H J0 — month 7-74 8-74 9-74 lb - t 4 i r - n 12-74 i-7 5 "7^73 "5-"75 4-75 IV .l 14.6 14.9 140.64 142.41 148.47 1 5 7 > .n . ""T 5 7 .B S ’ 19.1 ¿ 0 .9 2 1 .4 4-14 1 6.4 17 .7 11. 7 " T 3 .T "■i r . r 11.0 7 .7 - 0 .2 W 7T' ¿ 2 .2 2 2 .4 ¿6 .1 ¿ 6 .4 ¿ 1 .* 22 .7 ¿ 4 .3 7 !7 ! 15.7 " 59.2 154.71 154.74 ......" " 140.15 ---- 4-74 ¿ 5 .7 ¿ 6 .6 24.4 ¿ 4 .6 ¿ t .4 %6A * 5 .* * 1 .2 2 Y .J ¿ ¿ . 6 ~2372 ¿ 1 .1 ¿ 1 .5 ¿ 2 .4 2 i.3 25 .3 3 4 .$ " “2477 * - 0 .6 ^ SS' ' S %s “17^74 7 M 24.2 ¿ 4 .9 23.2 ¿ i.8 2 4 .9 26.1 2*8. 3 3 4 .4 ¿ 9 .6 18.4 4 l.O Ii- t 4 ¿2 .5 23.7 ¿ 4 .3 1*2.7 ¿ 3 .1 24 .6 ¿ 4 .4 2 6 .5 3 2 .6 ¿6 . 6 18.3 29.1 12-74 19.7 20.6 20 .9 19.2 19.3 19.6 19.8 2 0 .4 24.1 18.1 10.3 14.2 l- f5 14.1 18.8 18.9 "17.'*' 17.1 17.2 17.1 “ T r y 1 9 .* 14.4 >.6 4 .7 0 .9 7-75 i6 . r 16.7 16.6 14.9 14.6 14.4 14.1 13.9 l4 .7 16.6 4 .4 5 .6 -1 .4 -77 7" - 6 .2 - 4 .5 14.9 1 3 .2 12.8 1 * .* !2 .l 1 1 .t 13.0 8.3 - 2 .* - 7 7 r - 6 .3 -4 .0 - 6 .r 169.65 —0 . i 0.6 4 .1 2 0 .1 ^ V s S s. 1Y2.24 0 .6 1.5 5.5 1 1 .9 4 .3 9-74 10-74 11-74 12-74 1-75 2-75 3-75 4-75 3-75 14.7 15.1 15.0 15.4 " 1 T . t 5-75 14.4 “ 14.7 1 4 4 .fr 53.2 144.77 171.61 174.62 18.2 ^ M .8 % il.i ii.i li.l 12. t i¿ . 4 IT . 7 4 .6 ” 14 .5 13.1 12.7 12.5 12.0 11.7 12.8 9 .0 10-73 11-73 12-73 1-74 2-74 3-74 4-74 5-74 6-74 7-74 - ' 9-74 4-7* ■ 144.74 "5-74 " 7=74 4-74 1 11-73 4-^4 IN IT IA L 4-74 " T = 7 r _______ IN IT IA L <T.'9'~ “5 .7 " I 1 1 ■■■! | 4 .8 1 5 .5 8-74 2 .8 -1 0 .6 - 6 .7 ' 0 .8 " - y . r 1.3 172-.4T -1 .3 172.61 172.87 month PREPARED BY FEDERAL RESERVE BANK 0p ST . LOUIS JUNE 5, 1975 4 ” 170.54 J " • R A T IO SCALE PRICES P U C O I T M U A M AJMMAl RATE* OF CttftMC F W m M H RATIO S CAL E IHS1CATU. LATEST fATA PttTTC»* MAY m f A t u «T r t K l U i « i t H W C M M K OF ST. L M I f RATIO SCALE WHOLESALE PRICES r a t i o scale rCRCCMTAtCS ARC AMWAL RATES Of C HAMCE FOR PER 100 8 IMO 1CATEO. LA TEST DATA M O T T E t » MAY PRETARE» it FEDERAL RESERVE SAMK OF ST. LOUIS WHOLESALE P P IC E S - IN P U S T R IA L CO M M O DITIES, s e a s o n a l l y COMPOUNDED ANNUAL RATES OF CHANGE TERMINAL MONTH_____________ IN IT IA L 10-73 11-73 12-73 1-74 2-74 11-73 l°.2 12-73 21.3 1-74 23.3 25.4 27.5 2-74 24.2 25.9 27.2 26.9 3-74 27.2 29.2 31.3 33.2 39.0 4-74 28.5 30.5 32.3 33.9 37 .6 3-74 4-74 5-74 6-74 a o ju s t e o MONTH 7-74 1967* 8-74 9-74 10-74 11-74 12-74 l->5 2-75 3-75 100 4-75 130.73 133.04 135.76 138.48 142.40 \ < J ; 3 3 . 4 % 35.5 146.05 5-74 29.3 31.1 32.6 34.0 36.4 34.3 3 4 .0 s 6-74 29.4 30.9 32.2 33.2 34.8 33.2 32 .0 30 .0 7-74 30.6 32.1 33.4 34.4 35.9 35.0 34.8 35.2 4 0 .6 8-74 30.9 32 .3 33.4 34.3 35.6 34.8 34.6 34.8 3 7 .2 9-74 29.1 30.1 30.9 3 1.4 32.0 30.8 29.8 26 .8 28 .4 22.7 12.4 149.66 152.97 157.38 161.25 33#8 10-74 28.2 29.1 29.7 29.9 30.3 29.0 27.9 2 6 .8 2 6 .0 21.4 15.6 11-74 26.8 27 .4 27.8 27.8 27.9 26.5 25.3 23.8 22 .6 18.5 13.8 162.83 165.20 14.5 166.55 10.3 ^ ^ + 6 . 8 % 12-74 25.0 25 .5 25.7 25.5 25.4 23.9 22.5 20 .9 19.5 15.6 11.5 11.1 7 .4 4 .7 1-75 23.7 24.0 24.1 23.8 23.5 22.0 20.6 19.0 17.5 14.0 10.5 10.0 7.1 5 .6 6 .5 2-75 22.4 22.7 22.6 22.2 21 .9 20.3 18.9 17.3 15 .9 12.7 9 .5 8 .9 6 .6 5 .4 5 .7 4.9 167.19 168.07 S N. 168.74 3-75 21.1 21.2 21.0 20.6 20.1 18.6 17.2 15.6 14.1 11.2 8 .3 7 .6 5.5 4 .3 4 .2 3 .0 1.1 4-75 19.9 19.9 19.7 19.2 18.7 17.2 15.8 14.2 12.8 10.0 6 .6 4 .7 3 .7 3 .4 2 .4 1.1 u 5-75 18.9 18.8 18.6 18.0 17.5 16.0 14.6 13.2 11.7 9.2 7 .4 r 1-- 11 | 6 .8 | 6 .1 4 .3 3 .4 3 .1 2.3 1.5 1.6 10-73 11-73 12-73 1-74 2-74 3-74 4-74 5-74 6-74 7-74 9-74 10-74 11-74 12-74 1-75 2-75 3-75 8-74 168.90 r v . 169.06 169.35 2.1 1 4-75 IN IT IA L MONTH WHOLESALE PRICES-FARM PRODUCTS AND PROCESSED FOODS AND FEEDS* SEA S. A9J< c o m po u n d « a m m u u a m s Of CHANGE 1967 « 100 IW T 1 A L MOMTH TCftMINAl month 12-73 1 0 - 7 3 “" I T - 7 3 “ T l- 7 3 " - 7 .5 12 -7 3 " -3.1 T-TT 1 7 .3 2-74 1 4 .6 1 -7 4 23.1 3 5 . 7 ?. 4 4 . 5 5. 2 - 1 3 .4 5 -7 4 -1*5 - 0 .5 [ 6-f4 -9 .1 - 9 .3 - 0 . 9 -1 3 .6 ■-16. 9 -2 1 .9 2.1 3.4 8-74 8 .0 9.8 9-74 6 .2 7. 7 “T27B 3 . 7 10 . 9 5 7 4 14. 0 T iT -T 4 1 1 .0 ~ i 'i - 7 4 T 3 V 4 r s ;3 16. < r ;s 1 6 .1 10. 9 6.6 775 7. 5 * .0 3 .7 *. 9 5-75 1.2 ’4 :4 4 .6 9 -7 4 10 -74 T P 74 1 2 - 7 4 P T 5 "T -7 5 ' 3 -7 5 4 -7 5 1.8 l . 7 8 177.6 7 .6 »-74 3-75 8 -7 4 176.6 - 8 .8 4-74 7 -7 4 it . 0 " 3 2 .1 12. 6 2-75 6-74 168.6 ■9.7 " 'i - 7 4 ■ 5- 7 * 168.6 6 .0 TT-74 4 -7 4 1.4 3-74 " '7 - 7 4 2-t4 - 3-T* -4 .7 4 .2 ~ r. 3 ft.9 -Z77T 173.9 -1 8 .3 -1 4 .2 1 7 1 .7 - 2 7 . JT - 2 9 . 6 - 6 .9 ... -277 3 . ft 1 6 8 .2 -36.2 - 4 7 . 9 159.3 1.6 ~ l ' 5 7 9 ‘ 158.1 fT .O 3 3 . S' 1 1 4 . 5 1 7 2 .4 186.9 7 8 .2 21.1 6 0 .4 f6 .* " = T r .T 1 7 9 .3 188.3 14.6 2 6 .3 3 1 .1 ¿ 5 .2 42.3 27 .2 8 0 .0 ^ 5 7 ^ 6 1 .3 4 3 .4 33 .4 6 2 .4 4 6 .6 194.4 16.8 18.8 - 3 .5 -3 6 .4 187.2 T272 ■ p .r 1 6 .2 2 3 .7 6 .6 " ¿ .« r 16 73 1T75 ¿6.1 38.1 21.9 6 .0 8.5 13.0 ¿ 6 .2 12.1 ¿ .I 1.6 3 .4 6 .6 16.6 4 .1 - 4 .8 - 3 .7 -17.6 - 3 2 .0 - ¿ 9 .6 -3 3 .6 176.5 - 7 .2 -1 8 .7 -2 9 .9 - 2 7 .6 -2 8 .2 -23.3 172. 1 5 .3 -0 .1 -1 .9 5 .6 - 0 .6 4 .5 - 1 1 .8 - i t . 5 0 .6 3 .2 11.4 0.3 -7 .6 "3 75 " 5 .4 8. 3 16.6 6 .7 6 .1 1.6 - 7 .6 2 .0 4 .0 5.6 8 .3 15.7 6 .8 0 .9 2 .4 - 5 .6 -1 2 .3 2-74 3-74 4-74 5-74 6-74 7-74 - 0 .7 -2 .5 5 .3 2 .3 1-74 - 2 1 .9 6 .3 " rr.'o 9 .2 2 .6 ■ i . 6 10-73 11-73 1 2 - 7 3 9 .9 T 7 7 4 . i ■ ■■■574 5. 5 -1 8 .1 - " 1 9 .5 “ IN IT IA L 8-74 182.5 - 2 6 .3 181.0 - 9 .6 - 3 .2 16.3 - 6 .4 - 0 .7 13.3 37.4 7.5 9-74 10-74 11-74 12-74 1-75 2-75 3-75 4-75 - 1 5 . ft ' 7 5 .6 182.1 MONTH PREPARED BY FEOERAL R ESE R V E BANK r>F J U N F 5, 1975 6 ST. L O U IS INDUSTRIAL PRODUCTION RATIO SCALE RATI O SCALE 1967-100 1967-100 SEASONALLY ADJUSTED P U C C N T A O C S AIE ANNUAL M T U Of CHAIMC FOR PC«I00* INO ICA ICO. LATCtT OATA PlOTTCOt MAY NteLt 111NARY fiffA«£• OY FCOCJtAL RCSCJIVC OAMC OF ST. LOVIS INDUSTRIAL PRODUCTION CQHPQUNDEC ANNUAL PATES OF CHANGE TERMINAL MONTH 10-73 11-73 12-73 11-73 12-73 1967 « 100 IN IT IA L MONTH 1-74 2-74 3-74 5-74 4-74 6-74 7-74 8-74 9-74 10-74 11-74 12-74 1-75 2-75 3-75 4-75 127.5 4 .8 . ■.....r ^ - 2 .3 - 9 .0 126.5 1-74 - 4 .9 - 9 .5 - 9 .9 2-74 - 5 .6 - 8 .8 - 8 .7 3-74 - 4 .3 - 6 .4 - 5 .6 125.4 V - 3 .3 124.6 , 124.7 1.0 4-74 - 3 .3 - 4 .8 - 3 .7 - 1 .6 1.5 1.9 5-74 - 1 .7 - 2 .8 - 1 .5 0 .7 3 .6 4 .9 ^ 7 .3 % 124.9 8 .0 125.7 4 .4 125.8 6-74 - 1 .4 - 2 .3 - l.l 0 .8 2 .9 3 .6 7-74 - 1 .6 - 2 .3 - 1 .4 0 .2 1.7 1.9 1.9 - 1 .0 8-74 - 1 .7 - 2 .4 - 1 .5 - 0 .3 1.0 1.0 0 .7 - 1 .6 - 2 .8 - 0 .9 0 .2 1.4 1.4 1.4 - 0 .2 —0 .6 0 .5 0 .2 - 2 .2 125.5 125.2 125.6 9-74 - 1 .2 - 1 .8 10-74 - 1 .7 - 2 .3 - 1 .6 - 0 .6 0 .1 - 0 .2 - 1 .7 - 2 .4 - 4 .5 - 4 .1 - 3 .5 - 3 .1 11-74 - 3 .6 --34.9 .4 - 6 .3 - 7 .6 - 8 .9 -1 1 .1 -1 2 .9 -14 .8 - 1 7 .5 - 2 3 .7 -3 0 .7 - 3 5 , l X - 1 .9 - Tf3"1 , . * V .... - 8 .8 - 1 0 .7 - 1 7 .2 -2 6 .1 \ 124.8 - 121.7 117.4 12-74 - 6 .5 - 7 .3 - 7 .2 - 6 .9 - 6 .9 i- ? ? - 8 .5 - 9 .4 - 9 ,4 - 9 .3 - 9 .5 -1 C .5 - 1 1 .8 - 1 4 .0 -1 5 .9 -1 7 .9 -2 0 .6 - 2 5 .8 - 3 1 .1 -3 3 .5 - 3 1 . 9 ^ 2 ^ ’^ 2-75 .-9 ,5 -«10.4 -1 0 .5 - 1 0 .5 -1 0 .8 -1 1 .8 -13 .0 -1 5 .1 - 1 6 .9 -1 8 .7 -2 1 .1 - 2 5 .3 - 2 9 .3 -3 0 .3 -27*8 - 2 3 . 4 ^ ^ ^ 3-75 -9 .8 --10.6 -1 0 . 7 -10.8 - i l . O 4-75 - 9 .4 -’ *<>•? -1 0 .3 - io a 5-75 - 9 .1 - 9 .8 - 9 .9 10-73 11-73 12-73 - 7 .7 113.7 111.2 109.8 -1 1 .9 - 1 3 .1 - 1 5 .0 - 1 6 .6 -1 8 .2 -^ 0 .1 - 2 3 .6 -2 6 .5 -2 6 .6 -2 3 .5 - 1 8 .9 - 1 4 . 1 ^ -10.5 - 1 1 .3 -12 .3 - 1 4 .0 - 1 5 .3 - 1 6 .6 -1 8 .2 -2 1 .0 -2 3 .0 -22 .4 -1 8 .9 -14 .0 - 8 .8 - 3 .2 ^ V w - 9 .9 -1 0 .0 -1 0 .8 -1 1 .7 - 1 3 .1 -1 4 .3 -1 5 .4 - 1 6 .7 - 1 8 .9 l~20.sk - 1 9 .5 -1 6 .0 - 1 1 .4 - 7 .0 - 3 .2 -3.2 \ I - »4 2-75 3-75 4-75 2-74 3-74 4 - t4 ""S-"f4 è-n 6-74 *- n w -n u - n tt- n 1-75 109.5P 109.2P IN IT IA L MONTH P- PRELIMINARY ....................... ---PPEPA^EO BY FEDERAL RESERVE BANK OF S T . LOUIS j m 17» 1975 7 __ PERSONAL R ATI O SCALE T R I L L I O N S OF DOLLARS 1967 1968 INCOME m onthly t o t a l s a t a n n u al r a t e s SEASONALLY ADJUSTED 1969 1970 1971 1972 R AT I O SCALE T R I L L I O N S OF DOLLARS 1973 1974 1975 SOURCE* 9.S. DEPARTMENT OF COMMERCE PERCENTAGES ARE ANNUAL RATES OF CHANGE FW PERIODS IMOICATE0. LATEST OATA PLOTTED. MAY PflEL IMI NARY PREPARED SY FEOERAL RESERVE SANK OF ST. LOUIS PERSONAL INCOME CQNPQUNPE P . ÜfflUâL-ËâlfS- PP ÇHAjffi£_ - I f gNlNAk MONTH 10-73 11-73 12-73 IN IT IAL ttQNT.H 1-74 2-74 3-74 4-74 5-74 6-74 7-74 0-74 9-74 10-74 U - T 4 12-74 1-75 2-75 3-75 B IL L IO N S OF ____ POLLANS_____ ANNUAL ®ATFS 4-75 1 .1 0 0 .0 11-73 10.6 12-73 9.3 0 .0 1,107.1 1 ,107.0 1-74 6* 1 3 .9 -0 .1 2-74 6 .3 5 .0 3 .5 7 .2 3-74 5 .9 4 .7 3.7 5.6 4.1 4-74 6 .4 5 .6 5 .0 6 .7 6 .5 9.1 5-74 7.1 6 .5 6*2 7.0 0.1 10.1 11.2 6-74 7.3 6 .9 6 .7 8.1 0*3 9 .0 10.2 9 .1 7-74 0.5 8 .2 0*3 9 .7 10.2 11.0 12.0 13.6 10.1 0-74 8.5 0 .2 0.3 9 .5 9 .9 11.1 11.6 11.8 13.1 0 .3 9-74 0.0 0 .6 0 .6 9 .0 10.2 11.2 11.6 11.7 12.6 10.0 1,1 1 3 .4 1,117.1 1 ,125.2 1 ,135.2 1,1 4 3.5 1,159.5 ♦ ' 1 ,167.2 11.7 1,170.0 1 ,105.0 10-74 0 .6 0 .5 0.5 9 .5 9 .0 10.6 10.9 10.9 11.3 9,1 9.5 7.4 11-74 7 .9 7 .7 7 .7 0 .5 0 .6 9 .2 9 .2 0 .9 0 .0 6 .6 6.1 3 .4 - 0 .5 12-74 7 .0 7 .6 7.6 8.3 0 .4 0 .9 0 .9 0 .6 0 .5 6 .6 6 .2 4 .5 3 .1 6 .0 1-75 7.3 7.1 7.0 7 .6 7.6 8 .0 7.9 7.5 7 .2 5 .5 5.0 3 ,4 2 .1 3 .4 2-75 7 .0 6 .7 6 .6 7 .2 7.2 7 .5 7.3 6 .9 6 .6 5.1 4 .5 3 .2 2 .1 3 .0 1.2 ?.3 _ 3-75 6 .7 6 .5 6 .4 6 .0 6 .0 7 .0 6 .9 6 .4 6 .1 4 .7 4 .2 3 .0 2 .2 2 .9 1.6 2 .3 2 .3 4-75 6 .7 6 .5 6 .4 6 .9 6 .8 7 .0 6 .9 6 .5 6 .2 5 .0 4 .6 3 .6 3 .0 3 .7 3 .0 3 .9 4 .7 7 .1 ^ ^ 2r.75 6 .9 6 .7 6 .6 7 .0 7 .0 7 .2 7 .1 6 .0 6 .5 5 .4 5.1 4 .3 3 .9 4 .7 4 ,3 5 .3 6 .3 0 .4 10-73 11-73 12-73 1-74 2-74 3-74 4-74 5-74 6-74 7-74 0-74 9-74 10-74 11-74 12-74 1-75 2-75 3-75 1 X 1,104.5 1,191.0 0.1 s + 3 .9 % 1,191.1 1,1 9 3 .4 ... „ 1 * 1 ^ 7 Ny 1.202*6... X 9 .7 1 l, 2 1 i . 9 P 4-75 IN IT IA L MONTH P- PRELIMINARY PREPARED BY FEOERAL RESERVE BANK OF S T . L C U l ? JUNE 19, 1975 8 RETAIL SALES RATIO SCALE BILLIONS RATIO SCALE OF DOLLARS BILLIONS SEASONALLY ADJUSTED OF DOLLARS 55 I----- ----- ----- ----- ----- ----- ----- ----- ----- 155 50 50 ' 1 a 45 * 0 . 4X’ \s j f" / 47-’ 45 \ V 40 40 ^/J, - 35 35 À f +3.5X ,— 30 ' ' - 30 +r,4. 25 25 à- V , « •n f 20 1 4' 1967 •rs m r^ rt 1 ..... 1968 1969 1970 20 1971 1972 1973 SOURCEt U . S . PERCEN TAGES ARE ANNUAL RATES L A T E S T DATA P L O T T E D . OF CHANCE FOR FCJMOOS 1974 1975 DEPARTM ENT OF CQMMERTE IN D IC A T E D . A P R I L , NAY AOVANCE E S TIM A T E PREPARED BY FEOERAL RESERVE BANK OF S T . L M IS R ET A IL SALES COMPOUNDED ANNUAL P A I£ S OF CHANfrf TERHIMM. MONTH 1Q-T1 11-73 12-T3 L lr ll INITIAL w iiU Q S S .QPDOLLARS MONTH 1>T4 2-74 3-74 4-74 5-74 6-74 7-74 8-74 9- 7 4 IP - 7 4 11-74 12-74 1-75 2-75 3-75 4-75 1-74 2-74 3-74 4-74 5-74 6-74 7-74 8-74 9-74 10-74 11-74 12-74 1-75 2-75 3-75 4-75 Û.2 10-73 11-73 12-73 IN IT IA L MONTH P- PRELIM INA RY PREPAREO BY FEDERAL RESERVE BANK OF ST* LOUIS JiJN F 11, 1^75 9 COMPENSATION PER HAN-HOUR* TOTAL PRIVATE ECONOMY _________ COHPQUNOED ANNUAL RATES OF CHANGE___________ TERMINAL____________________________ . _____________________ IN IT IA L QUARTER_______________ ______________________________________________ ___ « 1 0 0 ° 3-70 1 2-70 1* QUARTER 1-71 2-71 3-71 4-71 1-72 2-72 3-72 4-72 1-73 2-73 3-73 4-73 1-74 2-74 3-74 4-74 125.8 3-70 10, 1 4-70 6 .5 2 .9 1-71 7 .1 5 .6 2-71 6 .9 5 .9 7 .4 6 .3 3-71 6 .7 5 .9 6 .9 6 .1 5 .9 4-71 6 .1 5.4 6 .0 5 .2 4 .6 3 .3 126j*7 J ___ 129.3 8.5 131.3_____ 133.2 134.3 137.7 1-72 6 .8 6 .2 6 .9 6 .5 6 .6 6 .9 10.5 2-72 6.5 6 .0 6 .5 6 .1 6.1 ¿«2 7 .6 4 .7 3-72 6 .2 5 .8 6 .2 5 .8 5 .7 5 .6 6 .4 4 .4 4 .1 139, 3 140.7 143.2 4-72 6.3 5.9 6. 3 6 .0 6 .0 6 .0 6 .6 5 .4 5 .7 7. 3 1-7 3 6 .9 6 .6 7.1 6 .9 7 .0 7.1 7 .9 7 .3 8.1 10.2 13.2 2-73 6.8 6 .5 6.8 6 .6 6 .7 6.8 7 .4 6 .7 7 .3 8.3 8 .8 147.7 149.4 4 .7 151.6 3-7 3 6 .7 6 .4 6 .7 6 .6 6 .6 6 .7 7 .2 6 .6 7 .0 7.7 7 .9 5 .4 6 .0 4-73 6 .9 6 .6 6 .9 6 .8 6 .8 6 .9 7 .4 7 .0 7 .3 8 .0 8 .2 6 .6 7 .5 9 .0 1-74 6 .9 6 .7 7 .0 6 .8 6 .9 7 .0 7 .4 T .O 7 .3 7 .9 8 .0 6 . 8 7 .5 8.2 7 .4 2-74 7 .3 7 .1 7.4 7.3 7 .4 7 .5 7 .9 7 .6 8 .0 8 .6 8 .8 7 .9 8 .8 9 .7 10.1 12.7 3-74 7.5 7 .3 7 .6 7 .5 7 .6 7 .8 8 .2 7. 9 6 .3 8 .8 9 .1 8 . 4 9 .2 10.0 10 .3 11.7 10.7 9 .7 9 .9 10. 7 9. 7 8 .7 154.9 157.7 162.5 166.7 170.2 4-74 7 .5 7 .4 7 .7 7 .6 7 .7 7 .8 8.2 8 .0 8 .3 8. 8 9 .0 8. 4 9 .1 1-75 7 .7 7 .5 7.8 7 .8 7.9 8 .0 8 .4 8 .2 8 .5 9 .0 9 .2 8 . 7 9 .3 9 .8 1 0 .0 10.7 10.0 9 .6 10.5 2-70 3-70 4-70 1 - 7 i 2-71 3-71 4-71 1-72 2-73 3-73 4-73 1-74 2-74 3-74 4-74 2 - 7 2 3-72 IN IT IA L 1-73 4 - 7 2 q u 174.5 A RTEr OUTPUT P EP MAN-iHOUR, TOTAL P R IV A T E ECONOMY COMPOUNOEC ANNUAL RATES OF CHANGE T EC m jm a l OUA&TPtJ IN IT IA L 2-70 3-70 4-70 1-71 3-70 6.7 4-70 2. 1 1-71 4 .8 3 .0 10.3 2-71 3.7 2 .7 5.2 0 .4 2-71 3-71 4-71 1-72 2-72 1967 * 100 QUARTER 3-72 4-72 1-7 3 2-73 3-73 4-73 1-74 2-74 3-74 4-74 105.6 - 2 .3 105.0 1 0 7 .6 1 0 7 . 7 3-71 3 .9 3.2 5. 1 2« 6 4 .9 4-71 3 .5 2 .9 4 .2 2.2 3 .2 1.5 1-72 3.5 2 .9 4 .0 2 .5 3 .2 2.4 3 .3 2-7 2 3 .7 3.3 4 .3 3.1 3.8 3 .4 4 .4 5 .6 3-72 3.7 3.3 4. 1 3. 1 3 .7 3 .4 4 .0 4 .4 4-72 3.9 3 .6 4 .3 3 .5 4 .0 3.9 4 .5 4 .9 4 .5 5.8 1-73 4 .0 3.8 4 .4 3. 7 4 .2 4. 1 4 .7 5. 0 4 .8 5 .6 5 .4 2-73 3 .5 3 .2 3.7 3 .0 3 .4 3 .2 3 .4 3 .5 3 .0 2.8 1 .4 3-73 3.1 2,8 3.3 2 .6 2 .9 2 .6 2 .8 2 .7 2.1 1.9 0 .6 - 1 .7 - i . o 4-73 2 .9 2.7 3.1 2 .4 2 .7 2 .4 2 .5 2 .4 1.9 1 .6 0 .6 - 0 .9 - 0 .2 1-74 2.2 1.9 2.2 1 .6 1.7 1.3 1.3 I. 1 0 .5 0 .0 - 1 .1 - 2 .7 - 2 .8 - 3 .6 2-74 2.1 1.8 2.1 1.5 1.6 1.3 1.2 1.0 0 .4 0. 1 - 0 .9 -2 .1 - 2 .0 - 2 .3 109.0 109.4 110.3 111.8 3 .3 112.7 114.3 115.8 1 1 5 .1 3-74 1.8 1.5 1.6 1.2 1.3 1.0 O .o 0 .7 0 .2 - 0 .2 - I . 1 -2 .1 - 2 .0 4-74 1.4 I. 1 1.4 0. 3 0 .8 0 .5 0 .4 0 .2 - 0 .4 - 0 .8 - 1 .5 - 2 .5 - 2 .5 1-75 1.3 1.1 1.3 0.7 0 .7 0.4 0 .4 0. 1 - 0 .4 - 0 .7 - 1 .4 - 2 .2 - 2 .2 2-70 3-70 4-/0 1-/1 2-71 3 - tl 4-71 1-72 2-72 ■ 3 -7 7 " 4-72 " 1 - 7 } ¿ -7 3 IN IT IA L Lh j a p t 1 114.8 \ 115.0 2 , 2 % 112.7 112.8 - 3 .8 o - 2 .3 - 3 .2 - 0 .9 - 2 .l\ ^ - 2 .8 - 3 .7 - 2 .2 -3 .5 - 4 .9 110.8 - 2 .4 - 3 .0 - 1 .8 -2.5 - 2 .7 110.7 3-73 4 -7 3 ” "1 -7 4 "2 -7 4 3-74 . i \ 112.2 4-74 fcK P R Ë P  P E D B Y F E D E R A L R E S F P V E B A N K OF ST. L O U I S M A Y 29* 1 975 10 PRODUCTIVITY, COMPENSATION, AND LABOR COSTS RATI O SCALE 1967-100 RATI O SCALE 1967-100 SEASON ALLY A D JU STED SOURCE I fC R CCM TASCS ARC ANNUAL M H S LA TE ST M T A F L O TT E S * O f CHANftC fO R fE A IO S S U . S . M P A R TM £ N T O f LABOR IN ftlC A TC O . 1ST QUARTER fRCPARCO t Y f C O C M l RESERVE SANK O f S T . L O U IS UNIT LABCR COSTS» TOTAL PRIVATE ECONOMY COMPQUNOEO ANNUAL RATES OF CHANGE *• I o TERMINAL____________________________ :______________________________________ IN IT IA L QUARTER______________________________________ __________________________ 1967 « 100 QUARTER 1-71 2-71 3-71 4-71 1-7 2 2-72 3-72 4-72 3-74 4-74 2-70 3-70 1-73 2 -73 3-73 4-73 1-74 2-74 3-70 3.4 4-70 4 .3 5.1 1-71 2 .4 1.9 - 1 .3 2-71 3.1 3 .0 2 .0 119. 1 120.6 120.2 5 .4 121.8 3-71 2.8 2. 7 1.9 3.5 1.7 4-71 2 .6 2 .5 1.8 2.9 1.6 1.6 122.3 122.8 1-72 3 .3 3.2 2.8 3 .9 3 .4 4 .3 7 .0 2-72 2 .7 2 .6 2 .2 2 .9 2.3 2 .5 3 .0 - 1 .0 3-72 2 .5 2 .4 2 .0 2 .6 2 .0 2.1 2 .3 0 .0 1.0 4-72 2 .4 2 .3 2 .0 2 .4 2 .0 2 .0 2 .1 0 .5 1.3 1.6 __ 1-73___ 2 .9 2 .8 2« 5 3 .0 2 .7 2 .9 3. 1 2. 2 3.2 4 .4 7 .2 2-73 3.2 3.2 3 .0 3 .5 3.2 3 .5 3 .8 3. 1 4 .2 5.3 7.1 3-73 3 .5 3.5 3 .4 3.8 3 .7 3.9 4 .3 3 .8 4 .9 5.8 7 .2 4-73 3.8 3 .9 3 .8 4 .2 4 .1 4 .4 4 .7 4 .4 5.3 6.2 7.4 7 .5 7 .7 1-74 4. 6 4* 7 4 .7 5 .2 5 .2 5 .5 6 .0 5 .8 6 .8 7.9 9.1 9 .6 10.5 12.2 1 6 ^ 4 *^ 139*9 2-74 5.1 5.2 5 .2 5.7 5 .8 6 .1 6 .6 6 .6 7.5 8.5 9 .7 10.2 1 1 .0 12.3 14.4 12.6 144.1 3-74 5 .5 5.7 5.7 6 .2 6 .3 6 .7 7 .2 7 .2 8.1 9 .0 10.1 10.6 11.4 12.4 1 3 .9 12*7 4-74 6 .0 6 .2 6 .2 6 .8 6*9 7 .3 7 .7 7 .8 8 .7 9.6 10.7 11.2 11.9 12.6 14 .0 13*3 I3 . o 14.5 1-75 6 .3 6« 4 6 .5 7 .0 7.1 7 .5 8 .0 8. 1 8.9 9 .7 10.7 11.1 11.7 12.5 1 3 .4 12-7 12.7 12.6 io7a| 2-70 3-70 4-70 1-71 2-71 3-71 4—71 1-72 2-72 3-72 4-72 1-73 2-73 3-73 4-73 1-74 2-74 3-74 4-74 124.9 124.6 124.9 125.4 127.6 129.8 7 .2 7 .3 132.1 8 .1 ^ 134.7 + 1 1 .1 % 148.5 12 .» 153*6 157.6 IN IT IAL IHICTTf f P R E P A R E D BY FEDE R A L M A Y 2 9* 1 975 11 RESERVE B A N K OF ST. LOUIS' GROSS NATIONAL PRODUCT IN CURRENT DOLLARS COMPTUNDEO ANNUAL RATES CF CHANGE IN IT IA L QUARTER t e r m in a l q uarter 3-7<L_ 4-70 1-70 3-70 7 .1 1-71 2 -7V 3-71 4-71 1-72 2-72 3-72 4-72 ’t-73 2-73 3-73 < *-73 1-74 2-74 :3-74 6 ILLIÖ N 5 ÖP DOLLARS IW iD A L T A T E S " 4-74 987.4 991.8 4-70 _4*4 1.8 _ _1-71 7 .9 8 .4 15,3 2-71 7 .9 8.2 11.5 7 .8 3-71 7 .4 7 .5 9 .5 6 .6 5 .5 4-71 7.6 7 ,7 9 .2 7.3 7 .0 8 ,5 1-72 8 .2 8 .4 9 .8 8 .5 8 .7 10.4 12.3 \ . + 1 0 7 % 1 .1 1 5 .0 11.3 10,4 1 .1 4 3 .0 2-72 8.7 8. 5 1.027*8 1.0 4 7 .3 1 .0 6 1.3 9 .9 8 .9 9.1 10.4 1 ,0 6 3 .2 1.169*3 3-72 6. 6 8 .8 9 ,9 9 .0 9 .2 10.2 10.7 10,0 9 .5 4-72 9 .0 9 .2 10.2 9 .5 9 .8 10.7 11.2 10.9 ll.l 12.7 11.5 12.1 12.0 12.5 14.1 15.5 11.5 11.8 12.6 12.5 1.204*7 1.248*9 1-73 9 .6 9 ,9 10.8 10.2 10.6 2-73 9 .6 9 .6 10.7 10,2 10.5 11.2 11.7 9 .9 10.6 10.2 10.4 11*1 11.4 11.3 11.5 11.9 11.7 9 .6 10.1 10.2 10*5 11.1 11.4 11.3 11*4 11.8 11.6 10.3 10.6 11.2 9 .6 9 .9 10.4 10.6 10.4 10.4 10.5 10.1 8.8 8 .5 7.8 4 .5 6 .0 1.277*9 9 .6 1.306*9 3-73 9 .6 4-73 9 .7 1-74 9 .4 2-74 9 13 9 .4 10.0 9 .6 9 .7 10. 1 10.3 10. 1 10.0 10.1 9 .7 8 .6 8 .3 7 .7 3-74 9 .3 9 .4 10.0 9 ,6 9 .7 10.1 10.2 10.0 10.0 10.1 9 .7 8 .7 8 .6 8.2 9 .6 9 .7 9 .5 9 .4 9 .4 9 .0 8.1 7 .8 7 .4 6 .1 5 .4 ~2-T3~ 3-73 10.0 f io T T I t t 7. 10.2 9 .6 4-74 9 .0 9 .1 9 .6 9 .2 9 .3 1-75 8 .3 8 .4 8 .7 8 .4 6 ,4 8.6 8,6 8 .3 8.1 8 .0 7 .5 6 .5 2-70 3-70 4-70 1-71 2-71 3-71 4-71 1-72 2-72 3-72 4-72 1-73 1.344*0 | V£7 2 % 1.358*8 1 .3 6 3 .6 9.7 1.416*3 7 .2 1 8 .6 L ^ — ~T 7.1 6 .5 J.A 6 .9 4 - ^ V 1.430*9 4 .3 4 .3 3.2 0 .0 1.416*6 4 - f3 1-74 2-74 3-74 x - 3 ,_ 9 \ 4-74 IN IT IA L QUARTER GROSS NATIONAL PROOUCT 1tN CONbTANT 1958 t>6LlAftS COMPOUNDS ANNUAL RATES OF CHANGE TERMINAL QUARTER ftlCLTGNS OF DOLLARS ANNUAL' RAT65 IN IT IA L QUARTER £-70 3-70 -O'. 8 -4*3 4-70 1-7* _ j - n 3-71 4-71 1-72 2-72 3-72 4-72 1-73 2-73 3-73 4-73 1-74 2-74 3-74 4-74 _3 r7 0 727*2 1-71 ...J-.71 719*3 736 .9 2 «r 2 „7 10.2 2 .8 ?*7 6 .4 2 .9 . ?*? . ¿-A 5 .2 2 .8 3.4 4-71 1-72 742*1 747*2 2 .6 6 .5 V t 6 . 7 % 759,1 3 .5 5 .5 4 .0 4 .0 5 .7 4 .6 5.2 6 .4 6 .4 5 .4 6 .0 7 .1 7 .4 8 .4 6 .0 6 .8 6 ,9 7 .2 6 .0 770*9 2-72 4 .4 4 .6 6.1 3-72 S ? 4 ,6 6 .1 4 .9 5^2. 5 .9 6 .4 7.1 7 .3 7 .6 7.1 8.3 5 .3 5 .6 6 .3 6 ,8 7 .5 7.7 8 .0 7.9 8.9 9 .5 ?fl 5*3 _ 6 ,3 5*8 6 ,2 6 .7 6 .8 6 .8 6 .5 6 .6 5 .8 5 ,7 6.1 6 .0 6 ,0 5 .5 5 .4 4 .4 5 .7 5 .6 5 .4 4 .9 4 .7 3 .9 4 .3 4 .1 3 .8 3.2 7 3 .5 3.2 2 .5 ....2. A 1-73 2-73 .3^73 _ 4r23... 1 z l* . 2-24 Iz Z * ? ,l 4-74 2 .4 1-15 It f r 1,. 5 .0 5 .8 5 .4 ii.8 _ 5 i3 %1- 3 .9 4*5 4.1 3j.5_ 4 .1 4 ,2 __3»6 __ 3. 7___ 3j8_ 2 .8 2 .4 -JU 6 . 2-70 ~T-7(T 2.3 i*.?_ 4--70 “ "1-71“ 796.1 814.2 2-71 2 .3 1.2 3 -T l 1.9 .... P.tl. W 1 1.5 0 .9 0 .4 -0 .3 - r-72 ~2^72 832.8 2 .2 1.9 X t2 .1 % 637*4 640*6 1.6 645*7 2 .4 j 1*6 r r r i 2 .0 r.- ' ^ - 0 .3 - l.l - 2 .4 - 7 .o \ c ? * 5 % 830.5 1.1 - 0 .5 -2 .2 - 4 .4 827*1 - 1 .2 - i . X 0*6 -0 .8 * 1 .4 -2.1 -0 .6 -2.0 - 2 .7 - 3 .5 - 1 .8 -i - 4 .9 - 4 .2 - 5 .5 - 1 .9 -3 .2 -4 .0 - 4 .9 - 6 .3 - 6 .1 - 7 .5 [■•10.2 - 1 1 . 0 3-72 -<*-T2~ 1-73 2-73 3-73 4-73 1-74 2-74 3,3 . ..Is JL _ ^ 7 . . __ 2 .0 ___l._6 _ ____ 3 .7 2 .4 766.6 0. 3 - 0 .9 INITIAL .a - 1 . 9 K . 1A 0071 - 9 .o V ^ 3-n 823*1 804*0 780*0 4-74 QUARTER 12 PREPARED BY FEDERAL RESERVE BANK OF ST . LOUIS JUNE 20* 1975 DEMAND AND P R O D U C T I O N R A T I O SCALE QUARTERLY TOTALS T R I L L I O N S OF DOLLARS SEASONALLY 1967 1968 1969 1970 RATI O SCALE T R I L L I O N S OF DOL L ARS AT ANNUAL RATES ADJUSTED 1971 1972 1973 1974 1975 IL6NP IN CURRENT DO LLARS. SOURCE. U .S . DEPARTMENT OF CONNERCE BpNP IN 1958 D O LLARS. PERCENTAGES ARE ANNUAL RATES OF CHAM6E FOR PERIODS IN D IC A TE D . L A T E S T OATA P L O TT E D « 1ST QUARTER PREPARED BY FEDERAL RESERVE BANK OF S T . LO U IS 13 GENERAL PRICE INDEX* R A T I O SCALE R A T I O SCALE 1958-100 1967 1958-100 1968 1969 1970 1971 1972 1973 1974 1975 ■AS USED IN NATIONAL INCOME ACCOUNTS SOURCE* U.S. DEPARTMENT OF COMMERCE PERCENTAGES ARE ANNUAL RATES OP CHANCE FOR PERIOOS INilCATE». LATEST OATA PLOTTEOt 1ST QUARTER PREPAREO QY FEDERAL RESERVE SANK OF ST. LOUIS IM P L IC IT PR IC E DEFLATOR FOR GROSS NATIONAL PRODUCT COMPOUNDED ANNUAL RATES OF CHANGE ? —7 0 3-70 1938 » 100 IN IT IA L QUARTER TEPMINAL QUARTER 3-70 4-70 1-71 2-71 3-71 4-71 1-72 2-72 3-72 4-72 1-73 2-73 3-73 4-73 1-74 2-74 3-74 4-74 135.77 4. 1 137.88 4-70 5.2 6 .4 1-71 _ 5.1 5 .5 4*7 2-71 5 .0 5 .3 4 .8 139.47 4 .8 141.13 142.03 3-71 4 .5 4 .6 4 .0 3 .7 4-71 4 .1 4 .1 3 .5 3 .1 2.2 1 .9 ^ + 3 - 2 % 1-72 4 .3 4 .3 3 .9 3 .7 3 .3 3 .7 144.62 145.31 2 .6 142.70 2-72 4 .0 4 .0 3 .6 3 .3 3 .0 3.1 3 .7 3-72 3 .9 3 .9 3 .5 3 .3 3 .0 3.1 3 .6 2 .6 3 .3 4-7 2 3 .9 3 .9 3 .6 3 .4 T 3 .2 1 3 .3 3 .7 3 .1 3 .7 4 .0 1-73 4 .1 4 .1 3.8 3.7 3 .5 3.7 4 .0 3 .7 4 .3 4 .8 5 .5 2-73 4 .3 4 .3 4 .1 4 .1 4 .0 4 .2 4 .6 4 .4 5 .0 5 .6 6 .4 7 .3 __I 1 .9 146.50 147.96 | 149.95 1 7 A Of. yu 152.61 155.67 3-73 4 .6 4 .7 4 .5 4 .5 4 .5 4 .7 5.1 5 .0 5 .7 6 .3 7 .0 7 .8 8 .3 4-73 4 .9 5.0 ___4 .8 4 .9 4 .9 5.1 5 .5 5 .5 6 .2 6 .7 fTTl 8 .1 8 .5 8 .6 1-74 5 .4 5 .5 5 .4 5 .5 5 .5 5.8 6 .3 6 .4 7 .0 7.6 8.4 9 .1 9 .7 10.5 158.93 163.61 12.3 167.31 2-74 5 .6 5 .7 5 .7 5 .a 5 .3 6.1 6 .6 6. 7 7.3 7 .9 8 .5 9 .2 9 .6 10.1 10.8 9 .4 3-74 6 .0 __ 6.1 6 .1 6 .2 6 .3 6 .6 7 .0 7.2 7 .8 8.4 9 .0 9 .6 10.1 10.5 11*2 10.6 11.9 4-74 6 .4 _ 6*6 6 .6 6 .7 6 .9 7.2 7 .6 7 .8 8 .4 9 .0 9 .7 10.3 10.8 11.3 12.0 11.9 13.1 14.4 1-75 6 .5 6 .7 6 .7 6 .8 7 .0 7 .3 7 .7 7 .9 8 .4 9 .0 9 .5 10.1 10.5 10.8 111.31 11.0 t r 11.6 1 1 .4 8 .5 2-70 3-70 4-70 1-71 2-71 3-71 4-71 1-72 2-72 3-72 4-72 1-73 2 -f3 3-73 2 -tV 3-74 4-74 4 - t3 1-74 172.07 177.97 ^ 181.62 IN IT IA L QUARTER 14 RftËÊARÉD BY F E D E R A L J U N E 20, 1 9 7 5 RESERVE BAM K OF St. L O U I S C C N S U M P T I C N E X P E N D I T U R E S IN C U R R E N T O C L L A R S C O M P O U N U E C A N N U A L R A T E S UF_CHANfc£______________ T.EPJULflAL B IL L IO N S OF OOLLARS ANNUAL RATES J . N I T I A I QUAfiTEP QUARTER 2-70 3-7 c 4-70 2-7 1 3-71 4- 7 1 1-72 2-72 3-72 4-72 1-73 2-73 3-73 4-73 l~ l± . 2-74 3-74 4-74 6 2 3 .7 3-70 6. 5 4-70 - A t 7. I r .T L .. -§*2____&>.§.-1« «» - Iz U L 1-71 jtP 650.5 662.1 J L l Ì- 3-71. 7.5 7.6 6 .8 ____ 6 .2 *-71 7.4 7.6 6 ,9 1-72 7.9 8 .2 6 .7 S .2 8 .5 2-72 3-72 ft.4 4 -7 2 8.7 9 .8 672.1 6 63.8 -LÜ 8 .9 10.8 701.5 720.6 9 .7 11.1 11.3 8. 7 8.9 9 .6 10.5 10.3 9 .3 9 .1 9 .4 1 0 .C 10.7 10.7 10.4 736.8 11.5 757.2 781.7 1-73 9 .2 9 .5 10.2 9 .6 10.0 10.6 11.3 11.4 11.5 12.6 2-73 9.2 9.4 10,1 S .6 9.9 10.4 10.9 U .O 10,9 lj.4 lj.3 9 .2 -222*2- 9 .8 10.2 10.7 10.6 1C.5 10.8 10.5 9 .0 816.3 9 .6 9.3 8 .8 7 .3 1C. J 13.6 9 .2 9 .4 9 .5 S.O S .l 9 .5 9 .8 8 .7 8 .9 9 .4 8 .9 9 .1 9 .4 9 .6 ___ ______________ 9 t 2 2-74 9.1 9 .3 9 .7 9.3 9.5 9 .8 10.1 10.0 S .8 9 .9 9.6 8.8 arJ*.. 9 .5 9 .6 10.1 9.8 10.0 10.3 10,6 10.5 1Ç,5 8 .9 9 .3 JU1 9 .0 9 .2 9 .4 S .3 8.7 8.8 9 .2 8.9 v.O 9 .2 9 .3 9 .2 2-7 0 3-7C 4-70 1-71 2-71 3-71 4-71 1-72 3-73 1-75 6 .3 3 .8 m IQ .l 8 .7 11 .3 14.3 10.4 12.7 15.0 7.7 8 .7 8.9 869.1 10.6 10.5 10.0 ____ 2i l 8.8 8.1 9.0 9 .0 8.7 8.1 7.9 7.8 8 .6 8.6 ó. 8 2 .7 8 .0 2-72 3-72 4-72 1-7.* 2-73 3-73 4-73 1-74 2-74 3-74 4-74 in it ia l * ?. 840.6 _ g .it ___ L l L . 15,7_ - ? t + . 9 13.2 q uarter PERSONAL CCNSUMPTICN EXPENDITURES IN CONSTANT 1958 DOLLARS COMPOUNDED ANNUAL RATES iOF CHANGE TERMINAL QUARTER B IL L IO N S OF DOLLARS ANNUAL RATES 2-7C 3-70 * l -4 O IN IT IA L CUARTER 0 .0 - 2 .e _ 1-71 ?-5 3 .9 U .O 2-71 3.4 3.6 6 .9 3.1 3-71 3.4 3 .5 5.7 J.l 3.2 4-71 3. 7 3. a 5.6 3 .a 4 .2 4-70 1-71 2-71 3-71 4-71 1-72 2-72 3-72 4-72 1-73 2-73 3-73 4-73 1-74 2-74 3-74 4-74 480 .9 - I zlTQ-..,. 477.5 490.1 493.8 497.7 5 .2 504.1 1-72 4.2 4 .4 5.9 4 ♦6 5.2 6 .2 7,1 2-72 4 .7 4 .9 6 .3 5.4 6 .0 6 .9 7 .7 8.4 3-72 4 .9 5.1 6 .3 5 .5 6 .0 6 .7 7 .2 7 .3 4-72 5.2 5.5 6.6 6 .4 7.1 7 .6 7 .7 7.4 8. 5 .IzJL 5.5 5.7 6.7 6 .7 7 .3 7 .7 7 .P 7.6 8.3 8.1 5 .9 6 .2 6 .5 6 .3 * 5.8 5.7 4 .3 512.8 523.2 • 6 .3 531.2 542.2 552.9 2-73 ?>tl 5 .3 6.1 5,6 3-73 4 .8 4 .9 5 .6 5.1 5.4 5.6 5 .7 5. 5 4 .9 4 .6 3 .3 0 .9 1.2 4-73 3.9 4 .0 4 .6 4 .0 4 .1 4 .2 4 .1 3 .7 2 .9 2.3 0 .8 - 1 .6 - 2 .7 - 6 .4 fc JÎL . 3.3 3 .4 3 . fi 3 .3 3 .3 3.3 3*1 2 .6 1.8 l.l - 0 .4 - 2 .4 - 3 .4 - 5 .6 - 4 .7 lz l\ 3 .3 3 «? 3 .7 3 .2 3 .2 3 .2 3 .0 2 .6 1.8 1.2 0.1 - 1 .5 - 2 .0 - 3 .0 - 1 .3 2.2 ir.7.4.. ? t? - I t ? 3 «.7 3,2 3,2 3 .2 3 .0 2. 6 2 .0 1.5 0.5 - 0 .7 - 0 .9 - 1 .5 0 .2 2 .8 A-?A ?-3 2,2 2.6 1.9 1.8 1 .6 I.1 C .4 - 0 .3 - 1 .3 - 2 .6 -3 .1 -3 .9 - 3 .3 - 2 .8 - 5 .3 -13.2 JLr7? 2 .3 2 .2 2 .6 2 .0 1.9 1.6 1.2 C .6 0 .0 - 0 .9 - 2 .0 - 2 .3 - 2 .9 - 2 .2 - 1 .5 -2 .7 -5 .7 2 .5 2-70 3-70 4-70 2-71 3-71 4-71 1-72 2-72 3-72 4-72 1-73 2-73 3-73 4-73 1-74 ¿-74 3-74 4-74 1-71 0 .6 553*7 555.4 546.3 539.7 542.7 3.4 547.2 528.2 531.5 IN IT IA L CUARTER P R E P A P E O BY FfcDfcRAL PfcSEÉVE B A N K O F S T. L O U I S M A Y 20. 1 975 15 G R O S S P R I V A T E C C M E S T I C I N V E S T M E N T IN C U R R E N T O O L L A R S ____________ C C H P G U N D g p A N N U A L R A T E S O F C H A N G E ______________ B IL L IO N S OF C U A R T E R ---------------------------------------------------- DOLLARS ANNUAL RATES ■JfcfiM N AL--------------------------------------------------------- IN IT IA L Q UARTER -------- 2 * 7 C 3 - 7 Q ^-.70-- L r U -- ¿nLi-- i l l J -- i r l l -- 1 - 7 2 2 - 7 2 3 - 7 2 4 - 7 2 1 - 7 3 2 - 7 3 ____ 3 - 7 3 4 - 7 3 1 - 7 4 2 - 7 4 4 - 7 4 ______________ 3 - 7 4 — 3 - r 7 .P ______ L k J __________________________________________________________________________________________________________ _________ _____________________________________________________________________________________________________________________ 1 3 9 * 2 4-70 3,Q - I ttT I____ 11.2 -5» 1_______________________________________________________________________________________________________________________________________________ 137,4 10,9 ¿ 9 ,6 ________________________________________________________ _____________________________ ___________________________________ _ ____________146,6 2 - 7 1 1 3 , 7 1 4 ,4 2 5 ,6 3-71 10,6 10*3 15,9 4-71 12.1 12 ,2 1 ?♦ 0 13,1____ 9.Q 1-72 13.7 14.0 i e .2 15.6 13.6 21.8 23 .2 2-72 13.8 14.2 17. 7 15.5 14.0 19.6 19.1 15.2 175.5 17,3 15,6 14.3 18.6 16,0 15,6 162.1 3-72 2 1 ^ 8 _____________________________________________________________________________________________________________________________ __________________ _ _ _________________;_____________________________ 1 5 4 , 0 ).6 - 1 ,3 ________________________________________________________________________________________________________ ______________ 153,5 __________________________________ ____ _________________________________ _____________ _____________________ 160*8 169.4 14,1 14,4 4-72 14.6 14.9 17.7 16.0 15.1 16.7 16.3 16.7 17.5 19.0 1-73 15,0 15.4 17.9 16.5 15.8 18.9 18.6 17.5 18.2 19.4 19.8 2-73 14,6 15,1 17,4 16,1 15,4 18,0 17,6 16,5 16,9 17.2 16.3 190.2 199.0 205.1 12,8 209.0 3-73 14,3 14.5 U .S 15.2 14.5 16.7 16*2 15.0 15,0 14. 8 13,4 10. 3 7.8 4-73 15.5 15.8 17.3 16,8 lt.3 18.4 18.2 17.5 17.8 18.2 16,0 17.4 19.8 1-74 12.5 12.5 14.0 12.8 13.5 12.7 U .5 11.0 10.1 6 .5 5*8 3.5 1 .4 -22.7 2-74 11,-6 11.8 13.2 12.0 12.4 11.6 1C. 4 9 .9 9 .0 7 .4 5 .1 3 .3 1.8 -1 1 .0 - 1 ,5 -1 0 .9 11.2 33,1 224. 5 210.5 2 .5 211.8 3-74 10.4 10.3 11,4 10,2 9 ,3 10,3 9 .4 8.1 7 .3 6. 3 4 .6 2 .3 0.3 4-74 10.2 10,1 11.1 10.0 9 ,2 10.0 9.2 8.0 7 .3 6 .4 4 ,9 3 .0 1.4 1-75 4 .0 3 ,6 4.1 2 .7 1.5 1.7 0.4 - 1 .3 - 2 .6 - 4 .3 - 6 .6 - 9 .5 -1 2 .3 - 1 5 .? -2 2 . 6 -22 .5 -2 9 .4 -37 .2 -63 .2 2-70 3-70 4-70 1-71 2-71 3-71 4-71 1-72 2-72 3—72 4-72 1-73 IN IT IA L 2-73 0 ,2 3-73 - 6 .7 4-73 205.8 - 4 .4 -1 0 .9 - 0 .7 1-74 - 2 .3 2-74 7*2; 209 .4 163.1 3-74 4-74 3-74 B IL L IO N * OF OOLLARS ANNUAL RAT&S 4-74 CUARTER GRCSS PRIVATE COMESTIC INVESTMENT IN CONSTANT 1958 OOLLARS COMPOUNDED ANNUAL PATES OF CHANGE TERMINAL QLARTER IN IT IA L 2-7C 3 -7 ) 4-70 1-71 *1-71 3-71 4-71 1-72 2-72 3-72 4-72 1-73 2-73 3-73 4-73 1-74 2-74 105.4 7.5 -1 1 ,9 4-70 1-71 3—7ü CUARTER 102.1 107.9 24. 7 5,7 4. t 2-71 8 .0 8 .2 19.9 3-71 4 .9 4 .3 10.3 3. 7 4-71 7 .2 7.1 12.4 8 .6 111.6 15.3 109.9 - 6 .6 5 .4 114.6 19. I 119.4 1-72 e .5 8.7 13.3 10.7 9 .2 i e .c 17.0 2-72 9. 1 9.3 13. 3 11.2 10.2 16.5 15.2 13.4 3-72 9 .4 9.6 13. 1 11.2 10.5 15.2 13.9 12.4- 11.5 4-72 « ,8 10.1 13.2 11.7 11.1 15.0 14* 0 13.0 12.9 123.2 126.6 130.9 14.3 134.4 1-7 3 10.0 10.2 13.0 11.6 11.1 14.4 13.4 12.6 12.3 12.7 11.1 2-73 9 .6 9,8 12.3 10 .9 10.4 13.1 12.1 11.2 10.6 10. 3 8 .4 5.8 2-73 3.7 Ö.8 10.9 9 .6 9 .0 11.2 10.1 9 .0 E .l 7.3 5 .0 2.1 4-73 10.3 10.5 12.6 11.6 11.2 13.4 12.7 12. 1 11.9 12.0 11.4 11.5 14.4 32.9 1-7*» 7. C 6 .9 8. ö 7.3 6 .6 8.0 6 .9 5.7 4 .6 3 .5 1.5 - 0 .8 - 2 .9 - 3 .6 - 3 0 .1 2-74 5,9 5.6 7.2 6 .0 5.2 6 ,4 5.2 4 .0 2 .8 I. 7 - 0 .3 -2 ,4 - 4 .4 - 5 .4 -20.1 3-74 4,1 3 .9 5 .0 3 .7 2 .9 3.7 2.4 1. 1 -C.2 - 1 .6 - 3 .6 - 5 .9 - 8 .1 - 9 .6 -2 0 .5 -1 5 .3 -2 1 .4 4-74 3.4 3.2 4.2 3 .0 2 .2 2.9 1.6 0.3 - C .9 ,2 - 4 ,1 - 6 .0 - 7 .9 - 9 .1 - 1 7 ,4 - 1 2 .6 -14.5 1-75 -3 . 1 - J.6 - 3 .1 - 4 .6 - 5 .8 - 5 .8 -7 .4 - 9 .2 - 1 1 . 0 -1 3 .0 -1 5 .6 --18.5 - ¿ 1 .5 - 2 4 .4 - 3 2 .4 -3 3.0 -39.0 -4 7 .0 -69.8 2-7 0 3-7C 4-70 1-71 2-71 3-71 4-71 1-72 2-72 3-72 4-72 1-73 136.3 135.8 - 1 .5 2-73 3-73 145.8 4-73 133.3 130.3 - 8 .7 1-74 2-74 122.7 120.5 - 7 .0 3-74 89.3 4-74 IN IT IA L CUARTER P R E P A R E O BY F E D E R A L MA Y 20» I97i> 16 «ES^vE eA.Ni' ü F ST« LOUIS GOVERNMENT PURCHASES CF GCCDS ANO SERVICES IN CURRENT DOLLARS CGMFOUNDfcC ANNUAI RATF* Of- CHANGE TERMINAL QUARTER -2—7 C 2.T.7Ö B IL L IO N S OF DOLLAft« ANNUAL M T E S IN IT IA L C4JARTPR 3-70 4-7Ü 1-7 1 ;- 7 i 3-7 1 4-71 1-72 2-72 3-7? 4-72 1-73 2-73 3-7'3 4-7T 1-74 ¿-74 •3-74 4-T4 220.3 5#4 . \zlQ 5.C 5 .6 1-71 6 .6 7.0 8,5 2-71 6t 4 6 .7 7 6.1 3-71 6*7 7.9 7.5 7 .0 7.8 4-71 7t > 7,8 e.4 8 .4 9.6 11,3 1-7 2 a ,6 9.1 9.8 10.2 11.6 13.5 15.7 2-72 ?tl 0*4 . 8,9 9 .0 9,7 10.4 9 .9 4 ,4 3r72 7t<! 7.6 7.9 71^ 8.2 8.2 7 .? 3 ,2 2. 1 4-72 7*9 e .i 8.4 8,4 8.8 9 .0 8 ,5 6 ,2 7.1 1-73 8 .3 t .o 2-71 T t? 9 .2 — 223,3 8.1 227.9 m .3 235 .7 242.1 251.1 253. a 255.1 12.3 262.6 8 .* 9 .0 9.2 8 .6 7,1 11.2 10.1 8 .4 8, f 8.8 8 ,4 7, C 9,6 8,3 3.1 8,3 8.4 8 .0 6 ,7 7.2 8.5 0.7 8.9 9.C 8 .6 7.6 €.4 9.7 3-73 7t 7 7f9 4-73 a .2 8.4 1-74 8.6 4 .8 9 .1 9.1 9,4 9.6 9t^ 2-74 a. 8 9 .0 9. J 9 ,3 9 ,6 9 ,7 9f 6 6.9 ? t7 9.5 2 49.0 6 .5 273,3 7.3 6 ,0 276 .9 9.1 8.7 9 .« 14.4 10,5 10.1 10,1 11.4 14.5 14.6 10*6 10.3 10.4 11.4 13.5 13.0 5 .4 2 66.4 296.3 304.4 1U4 3-74 0.9 9 .1 9,4 9,4 9,7 9.8 9f 7 9.7 10, 6 10.4 10.5 11.3 12.8 12.2 11.1 10.8 4-74 °t ? 9 .5 9.7 9 ,8 10. 1 10.3 19r2 9 ,7 1 9 t? 11,2 .11.0 11.2 1 2 .0 13.3 13.1 12.6 13.2 15.6 1-75 9.3 9 ,5 9, 8 9 .8 10.1 10.2 10.2 4.7- 10.2 11,1 JL0 .9 14.0 11.7 12.0 12.4 11,9 12.1 12.7 10,0 2-70 3-70 4-70 1-7 i 2-71 3-71 4-71 1-72 2-72 3-72 4-72 1-73 2-73 3-73 4-73 1-74 2-74 3-74 4-74 9. 1 in it ia l 312.3 323.6 331.6 cu artek GOVERNMENT PURCHASES CF CCODS AND St& V IC ES IN CONSTANT 1958 OOLLARS COMPQUfiDEC ANNUAL PATES OF Ch ANGE TfPMINAL QUARTER .2-70 IN IT IA L 3-70 4-70 1-71 2-71 4-71 1-72 2-72 3-72 _4-72 1-73 2-73 3-73 4-73 1-74 2-74 3-74 4-74 13 0 .0 3-70 -3.1 4-70 -1 .9 - 0 .6 1-71 - It ^ -0 .7 -C.9 137.8 1 *7 .5 137.5 ¿-71 -1 .2 - 0 .5 -0 .4 0 .0 3-71 0*3 1.2 1.8 3.2 6 .6 4-71 \t7 1-72 3-71 B IL L tO N S OF DOLLAHS ANNUAL RATES LUARTER 139.7 2,7 3,5 5*0 7.6 8.6 2,8 3.5 4 .6 6 .2 6 .0 1 4 2 .6 143.8 3 .4 143.8 2-72 1.7 2.4 2. 9 3 .6 4 .6 3 ,9 1,7 0 .0 3-72 0.9 1.4 1.6 2.1 2 .5 1.5 - 0 .7 - 2 .8 - 5 .4 4-72 1.1 1,6 1.9 2 .3 2 .6 1.9 0 .3 - 0 .7 -1 .1 3.4 1-73 *•3 1.7 2.0 2 .4 2 .7 2.1 0 .8 0.2 C .3 3.3 2-73 141.8 163.0 144.1 3.1 143.9 1.1 1.5 1.7 2 ,0 2 ,3 1,7 0 .6 C .l 0.1 2.0 1.3 -0*6 3-73 \*9 1.4 1.5 1,8 2 ,0 1,4 0 .4 - 0 .0 - C .l 1.3 0 .7 - 0 .6 - 0 .6 4-73 1.3 1,7 1.9 2,1 2 ,3 1.9 l.l C.8 C.9 2.2 1.9 1.5 2.5 5 ,7 1-74 1.3 1.6 1.8 2 ,0 2 .2 1.6 1. 1 C. 8 C.9 2.0 1.7 1.3 2.0 3 .2 0 ,$ 2^74 M l? 5 1,6 1.8 2 .0 1.6 C.9 C. 6 C.7 1« 6 1.3 .__U._9. 1.3 2 .0 0 ,1 -0 .5 145.8 _ 3.-74 h i I a_4 1.5 lf7 „it# 1.5 0 .6 0 .6 C .6 1,4 1.2 0 .8 1*4 1,5 0«_2_ - Q fi 145.9 4-74 1.1 1.4 1*.5 1. 7 1,8 1,4 0 ,9 0 ,6 C.7 1.4 1,1 0 ,9 1.1 1.4 0 .4 Jh i- 1-75 *f2 1.5 ... .*•<> 1.8 1.9 1.1 0 .9 1.0 1.6 1 ,4 1.2 1.5 1.8 1.1 W 1-71 2-71 4-71 1-72 2-72 3-T2 4-72 1-73 2-73 3-73 4-73 2-70 3-70 4-70 3-71 143.7 145.7 146.0 1-74 146.3 — 1*1 1.7 2 .5 3.9 2-74 3-74 4-74 147.7 INITIAL CUARTEK ” 17 P R F P A R E O 0Y FEDfcRAL R t S E R V E B A N K U F S T. L O U I S HA Y 20. 197 5 DISPOSABLE PERSONAL INCOME IN C U R R E N T DOLLARS INITIAL tUARTER TERMINAL QUARTER 2 —7 f 3 -7 0 4 -7 0 1-7 1 2-71 3-71 ¿-72 4 -71 _ 1-72 3-72 4-72 1-73 2-73 3-73 4 -7 3 1-74 ¿ -7 4 3-74 4-74 B IL L IO N S OF DOLLARS ANNUAL RATES 702*4 3-70 8 .0 4-70 5.4 ¿ .a 1-71 7.7 7 ,6 707.2 728,6 12,7 i 2-71 8 .0 rt.C 10.7 3 .8 3-71 7 ,2 7 .0 Ç.4 6 .3 3 ,9 4-71 6 .9 6 ,7 7.7 6 ,1 4 ,8 744,1 751*3 5,7 761*8 774,7 6 .9 1-72 h.9 6 .7 7.0 6 .3 5 .5 6 ,3 2-72 7,1 6 .9 7. 7 6 ,7 6 .2 6 ,9 7.5 8 .1 3-72 7,3 7 ,2 7.9 7.1 C.7 7,4 8 .0 8. 6 9.0 9,1 10.0 11. 1 12,5 16.2 79 0,0 807,2 838,1 4-72 8,2 8.2 o ,9 8 .3 • 6.3 1-73 B.8 8 .9 9 .6 9 .2 9 .3 10,2 11.2 12.2 12,6 16,0 15.8 2-73 9 ,0 9. 1 S. 7 9 .4 9 .5 10.3 11.1 11. 9 12*9 14,3 U .3 _ 10,8 9 .5 9 ,6 10.3 11,0 11.*6 12.4 13,2 12.2 10*5 10,1 i. 7 9 ,8 10,4 11.0 11.6 12.2 12,9 12.1 10,9 10.9 3-73 9 .1 9 .2 S .4 4-73 9 .3 9 .4 9,9 869,5 892,1 _ 91 3,9 93 9,4 11.6 950.6 1-74 9.C 9 .0 9 ,5 9 .3 9 ,3 9 ,9 10.3 10.8 11,2 11.5 10*6 9 ,3 8.8 8 .2 _ 4 .9 _ 2-74 3, tí 8. 9 9.3 9. 1 9, l 9,6 1 0 .c 1C, 3 1C.6 10,8 10.0 8 .8 8 .3 7 .7 5 .9 6 ,9 3-74 9 .0 9 ,0 9 .5 9 ,3 9*? 9 .7 10.1 1C,4 1C.7 10. 9 lfl.2 9. 3 9 .0 8 .7 7 ,7 9,1 4 -74 3.8 8 .9 9 ,3 9 .1 9 ,1 9 .5 9*8 10.1 10.3 10.4 c .7 8 .9 8 ,5 8 .2 7 .4 8,2 <J.v 6 ,5 1-75 8.5 8.5 8.9 8.7 8*6 9 .0 9 .2 9 .4 9.6 9 .6 8.9 8.1 7.7 7 .3 6,4 6.8 6 .6 4 .6 2.7 2-7C 3-70 4-/0 1-71 2-71 3-71 4-71 1-72 2-72 3—72 4-72 1-7 3 2-73 3-7 3 4-73 1-7* 2-7* 3-74 4-74 IN IT IA L 96 6,5 993,1 ... U .5 ---------1 tQQflt ft. -----1*015.5 QUARTER OISPO SABLfc PERSCNAL IN C C *E !N CONSTANT 195Ö DOLLARS ____________ CQMPQUKQEC. ANNUAL B A J t S L»F C hArtüE_______________ B IL L IO N S OF - If Ji'U N ALOU^PTÊP P Q l l A frS J L Ml.I.I aL CUAFTEfi . ANNUAL PATES ¿= 2 H — ÀZ.LÛ .fr-7 W___ i z U — ¿ z lA — ì z l l ___ ±z21___ l z . l L - 2 z lZ h r J i ___ L-73 ¿- 7 3 3-73 4-73 1-74 ¿- 7 4 J- 7 4 4-74 3-70 4-70 541*6 1-71 2-71 537,4 0 .6 3,3 2 ,7 3-71 4-71 348,8 - ¿ tl. 3 ,e * 3 ,2 2,8 1, 1 J, 1 ¿ ,4 3,9 2 ,7 3,6 3 ,0 -1 2 .U 556*4 561*6 566,2 3,3 2-72 3,5 3.3 JiiiL 3.4 „1 1 1 4.3 _5 .3 _ 3-72 3 .7 3 ,7 4 .7 3 .9 4 .6 4 .8 5.6 581*9 4-72 4 .6 4 .7 5 , 7_ 5,4 6.2 6 .9 8. 1 600.1 5,2 ¿,2 7 .6 t,6 - à r l3 _ 4 ,7 JL iJ. ____ h J l____ $ * rJ 6,2 _fci.fr 5 .1 5.2 5.7 .6 iQ _ 4 ,7 4 ,7 5, 1 5.3 -A ri. 4-73 - L = I¿ ----- __________________________U Á ____ 3 ,8 2-74 3. O 2.8 - L lZ ± ----- Ix í ---- L L L ____ ¿ i J ____ ¿,-7 2 .0 __ LsJ--- 573,6 9.9 3-7C 4-70 1- 7i 2-71 6^1,8... é. 7 6 .9 4 .9 2. ¿ ¿. 3 5,6 5,7 5.6 3 .8 1.7 1,5 3.8 3.8 3.6 3.2 1.4 - 0 ,e - 1 ,7 - 3 ,7 -7*e 610*3 2.9 2. 9____ ¿«6 ¿•1 0*4 - 1 .5 - 2 .4 -3 .9 - 6 .1 603.5 2 .7 _L t£ _ 2.1 1.9 3-71 615,1 10.4 Is .},----I t i ----ât_4____ _______ À 1 9 ___ ¿^2____Lt-8___ ^-Vt9 U8 1,3 1,4 2-70 1 1 ,? 4-71 1-7 2 2-72 622.9 0 ,7 .rXt4 - ?tP 1.0 - 0 ,4 - 1 .9 - 2 .5 - 3 .5 - 4 .3 - 3 ,4 >2,9 - £ t 3„ 0 .6 —0,7 - 2 , 0__ - 2 ,5 - 3 .3 - 4 ,1 - 3 ,2 - ¿ .b -3 ,9 -2 ,5 3-72 4-72 Ï-73 3-73 4-73 1-74 2-74 3-74 4-74 2-73 591,0 INITIAL CUARTER P R t P A R F O BY F E D E R A L RfcSfcRVE B A N K Ú F ST, L O U I S M A Y 20, 1 9 7 5 18 CORPORATE PROFITS AFTER TAXES * “ COMPOUNOEO ANNUAL RATES OF CHANGE 4-70 3-70 *1 o 2-70 3-70 B IL L IO N S OF DOLLARS ANNUAL f A T fS IN IT IA L OUARTER TERMINAL OUARTER 1-71 2-71 3-71 4-71 1-72 2-72 3-72 4-72 1-73 2-73 3-73 4-73 1-74 2-74 3-74 4-74 3 9 .9 4,1 3 4 .7 -1 3 .7 -2 8 .4 9 ,8 6 8 .3 4 1 .0 2-71 14.7 18.4 5 2 .4 37 .9 4 5 .3 3-71 15.9 19,0 4 1 .0 29.1 4-71 ttr? 1 9 ,2 3 5 ,4 26,0 20.4 19,9 Ifrf 2 1 .4 3 5 ,0 27,8 24 .5 2 6 .4 1-71 1-72 4 7 ,9 2 0 .9 4 9 .7 33,3 3 3 .4 3 3 .7 21 .0 32.1 25*8 2 3 .0 23.7 25 .6 3-72 19.0 2 1 .0 30 .4 25.0 2 2 .5 22.9 2 4 .0 1 9 .6 2 0 .0 4-72 ?0 tt 22 .6 31.1 26 ,3 24 ,7 25.5 2 7 ,0 2 4 .9 2 0 .3 3 4 .3 2 9 ,8 3 1 .3 3 3 .0 3 3 .9 39.5 4 9 .9 6 4 .9 27 ,8 2 8 ,8 3 0 .4 2 9 ,0 3 2 .9 37.1 37.5 14.7 2-72 1 0 ,4 9 0 .4 6 3 .1 7 1 .9 i-73 24,1 2 6 .3 34,5 30.8 2-73 23.3 25.2 3 2 .4 28.9 3-73 20 ,7 22.3 28.3 24.9 23.5 23.9 24 .5 2 3 .1 2 4 .0 2 4 .0 2 1 .2 4 .0 - 5 .0 2 2 .6 21.2 21.2 2 1 ,4 19.7 2 0 .0 19.0 16 .0 3 .2 - 2 .2 1 .7 25,1 2 5 ,7 2 4 .0 25 .0 2 6 .6 24 .0 16.4 16.9 3 0 .3 4-73 19.3 2 0 .5 2 5 .9 1-74 22.0 2 3 .4 28.6 25 .8 24 .7 7 4 .0 7 2 .9 7 3 .2 •3 .2 6 *. 9 03.1 2-74 20.4 21 .6 26.3 23.5 2 2 .4 22 .6 2 2 .0 2 1 .7 22.1 22 .3 20 .1 1 2 .0 12.3 19.1 20*9 - 0 .5 3-74 22.7 2 4 .0 28.6 26,2 25.3 25.7 2 6 ,2 2 5 .5 2 6 .4 27.1 2 5 .0 20 .3 2 1 .4 29.4 4 0 .2 20.5 6 5 ,8 9 4 .3 4-74 16.8 17.6 21.3 18.7 17.4 17,2 17,0 15 .6 15,3 14.7 12.2 « .2 4 .9 7 .2 0 .6 - 5 .9 - 0 .5 -4 9 .3 7 9 .9 1-75 10.1 10.4 11,3 10.5 8 .9 8.1 7 ,2 5 .3 4 .2 2 .6 —0 .6 - 6 .7 - 9 .4 2-70 3-70 4-70 1-71 2-71 3-71 4-71 1-72 2-72 3-72 4-72 1-7* - 9 .9 - 1 2 .1 -2 3 .1 -3 1 .9 -3 6 ,4 -6 2 .3 J-7J 4-73 1-74 ¿ -7 4 3 -7 4 62 .3 4 -7 4 I N I T I A i QUARTER ♦ NATIONAL INCOME B A S IS M I U H 6 IV TEKKHTTOfffTI him OF ST. töUlT" JUH € 20, 1973_________________________________________ SOURCES OF DATA National Income and Product Accounts Data Source: U.S. Department of Commerce, Bureau of Economic Analysis Historical Data Sources: 1970-73 1968-69 1966-67 1964-65 1929-63 Survey of Current Business, July 1974 Survey of Current business^ July 1972 Survey of Current Business', July 1970 Survey of Current Business, July 1968 The National Income and Product Accounts of the United States, 1929-65. Statistical Tables (available from any U.S. Department of Commerce Field Office or from the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402). 19 I N V ENTORIES C O M P A R E D W I T H M O N T H L Y S A L E S * MANUFACTURING AND TRADE * RAT I OS BASED ON SEASON ALLY AD JU STED D A TA . SOURCE $ U . S . DEPARTM ENT OF COMMERCE SHADED AREAS R EPRESENT PER IO D S OF BU S IN ES S R EC ESS IO N S AS D E F IN E D BY T h e n a t i o n a l BUREAU OF ECONOMIC RESEARCH. LATEST DATA P l C’ -E:-. APR l pRE l : M ! NAR f PREPARED BY FED ER AL R ESERVE BANK OF ST. LOUIS 20
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