Full text of National Economic Trends : June 1976
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n a i i o n m Ec onomi e h d s trc PREPARED B FEDERAL RESERVE BANK OF S . LOUIS Y T MONTH ENDING: May 31, 1976 RELEASED: June 25, 1976 Industrial production has risen at a 9.8 percent annual rate In the six-month period ending in May* This compares with a 10.4 percent rate of increase in the first eight months of the recovery period from March to November 1975. Industrial production posted increases in each of the last thirteen months, following declines in twelve out of the previous seventeen months — the duration of the recession. Productivity, as measured by output per hour of all employed persons in the total private economy, has made strong gains in the last several quarters. After declining at a 2.4 percent rate during the recession (defined as fourth quarter 1973 to first quarter 1975), productivity advanced 5.6 percent in the year ending first quarter 1976. Compensation per hour Increased at a 10.7 percent rate during the recession, and 7.4 percent in the year following the recession. The combination of the advance in productivity and the slowing of compensation increases has led to a marked slowing in the rise of unit labor costs. Unit labor costs increased only 1.7 percent in the last year, after rising at a 13.5 percent rate during the recession. Significant employment gains have been made in the last six months, with total civilian employment expanding at a 6 percent rate during this period. This increase compares with an advance at a 2 percent rate from March to November 1975. Personal Income and retail sales have continued to register strong increases in the last six months, as they did in the previous eight months. Prices continue to follow their moderating course* Consumer prices have risen at a 4.6 percent rate in the last six months, compared with a 7.3 percent rate of increase in the previous eight-month period. Wholesale prices of all commodities have increased at only a 2.1 percent rate in the last six months while wholesale prices of Industrial commodities have advanced at a 3.7 percent rate. From March to November 1975 wholesale prices of all commodities and industrial commodities rose at rates of 8.4 and 6.8 percent, respectively. Wholesale prices for farm products and processed foods and feeds have decreased at a 2.2 percent rate in the last six months, after increasing at a 12.6 percent rate from March to November. These recent rates of increase are low, especially when viewed in the context of the double-digit rates of inflation which prevailed from late 1973 through October 1974. TOTAL C IV IL IA N EMPLOYMENT . TfiftMlUAL , MONTH 10-74 11-74 12-74 A -7 > il- 7 * — 6*5 3-7P 4-75 5-75 6-75 7-75 THOUSANDS OF PERSONS 8-75 9-75 10-75 11-75 12-75 1-76 2-76 3-76 4-76 — 6*3 12-74 IN IT IA L MONTH 2-75 _ lz7 > 85*549 85*053 - 6 .0 ... - 6 .7 84*666 2-75 - 6 .3 - 6 .3 - 6 .1 - 6 .9 3-75 - 5 .2 — 5*0 - 4 .4 - 3 .9 - 0 .8 84.110 4-75 - 3 .9 ,-àx± r l.7 ia 84.313 84*163 5-75 — .0 3 - 2 .4 - 1 .5 - 0 .5 1 .7 3 .0 3 .0 \ 6-75 - 2 .6 -¿•1, - 1 .3 - 0 .5 1.2 1*9 1.3 7-75 - 1 .6 - 1 .0 - 0 .2 0 .7 2 .3 3 .1 3 .1 3 .2 8-75 - 1 .0 - 0 .4 0 .4 1 .3 2 .7 > .4 3 .5 3 .7 5 .7 4 .6 9-75 - l.l - 0 .5 0 .2 0*9 2 .0 2 .5 2 .4 2 .3 3 .2 1.4 - 1 .8 s \ 10-75 - 1 .0 - 0 .5 0 .1 0 .8 1.8 ?tl 2 .0 1*8 2 .3 0 .9 - 1 .0 -0 .1 11-75 - 0 .9 - 0 .4 0 .2 0 .7 1.6 1.9 1.8 1.6 1 .9 0 .7 - 0 .5 0.1 0 .4 ^ . 12-75 — .6 0 "'■0*2 0 .4 0 .9 1 .8 2 .0 1 .9 1.8 2 .1 1.2 0 .4 1.1 1 .7 3 .1 1-76 0 .2 0 .6 1.2 1 .8 2 .6 3 .0 3 .0 3 .0 3 .5 2 .9 ? .6 3 .7 5 .0 7 .4 2-76 0 .3 0 .7 1 .3 1.8 2 .6 2 .9 2 .9 2 .8 3 .2 2 .7 2 .4 3 .3 4 .2 5 .5 6 .7 .3 -7 * 0 .6 1 .0 1 .5 2 .0 2.8 3 .1 3 .1 3 .1 3 .5 3 .1 2 .8 3 .6 4 .4 5 .4 6*2 3 .5 _ 84*519 - 0 .3 \ 84*498 '■ N 84.967 . 85*288 A J >wor 85*158 ............. V 85.151 85*178 £5.394 11^8\ 86.194 86.319 5 .3 86.692 4-76 1.1 1.5 2 .1 2 .6 3 .3 3*6 3 .7 3 .7 4 .1 3 .8 3 .7 4 .6 5 .3 6 .4 7 .2 5 .7 7 .7 >-7* 1.2 1 .7 2 .2 2 .7 3 .3 3 .6 3 .7 _ 3 .8 _ 4 .1 3 .9 3.8 4 .5 5 .2 6 .0 6 .6 5.3 6 .5 7 .2 10-74 11-74 12-74 1-75 2-75 3-75 6-75 7-75 8-75 9-75 10-75 11-75 12-75 1-76 2-76 3-76 1 0 .2 ^ 87.399 4 . 2 sV 87.697 b ,7 . 4-75 5-75 4-^6 . IN IT IA L MONTH PAYROLL EMPLOYMENT COMPOUNDED ANNUAL RATES OF CHANGE IN IT IA L MONTH -TERMIN AL MONTH 10-7* 11-74 12-74 11-74___ r ^ Z _ 12-74___-7 tV _ _ _ _ 1-75 2-75 _ _ _ _ 3-75 _ _ 4-75 _ _ 5-75 _ _ 6-75 _ _ 7-75 _ _ 8-75 _ _ _ 9-75 10-75 11-75 12-75 _ _ _ _ _ _ _ _ 1-7* _ _ 2-76 3-76 THOUSANDS OF PERSONS 4-76------------- _ _ _ _ — _ _- -_ - _ - - _ - _- - _ - 79,374--_ - _ - - _ _- - _ 77»723— -1*5 1-75 -7 .3 -7 .8 -7*4 - 7 .8 - 6 .9 7 .3 27 1 - 6 .1 JL t7 ^ 76*804 - 7 .7 76i463_ 10-74 11-74 12-74 ~ ' 1-75 2-75 3=75 W 5 5^75 W 5 7-75 8-75 9-75 10-75 11-75 12-75 1-76 2-76 3-76 IN IT IA L MONTH P- PRELIM INARY PR EP A R ED BY FEO ERA L R E S E R V E BANK OF S T . JU N E 4 , 1976 2 L O U IS EMPLOYMENT RATIO SCALE MILLIONS OF PERSONS RATIO SCALE MI LLIONS OF PERSONS SEASONALLY ADJUSTED SOURCE« V .S.D EPA R T M EN T OF LAtO R PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR P E RIO D S IND ICATED. LATEST DATA PLO TTED . MAY P R ELIM IN A R Y PREPARED I Y FEDERAL R E SE R V E IAN K OF S T . L O U IS UNEMPLOYMENT RATES* SE ASONAL L Y ADJ US TE D PERCENT PERCENT 10.0 9. 9.0 8. 8 .0 7. 7.0 6. 6 .0 5. 5.0 4. 4.0 3. 3.0 2. 2 .0 Ì . 1 .0 1968 1969 1970 1971 1972 1973 1974 SOURCE« ■ PERCENT OF C I V I L I A N LA80R FORCE LATEST DATA PLOTTEDt U .S . 1975 1976 DEPARTMENT OF LABOR IN 6R0UP MAY PREPARED 8Y FEDERAL RESERVE SANK OF S T . LO U IS 3 CONSUMER P R IC E IN D E X , SEASO N ALLY A D JU ST ED COMPOUNDED ANNUAL R ATES OF CHANGE TERM INAL MONTH 1 0 - 7 * 11—74. 12-74 11-74 1 0 .7 2-75 3-75 4-75 5-75 6-75 1967 « 100 MONTH 7-75 8-75 9-75 10-75 11-75 12-75 1-76 2-76 3-7 6 4 -7 6 1 1 .6 12-74 IN IT IA L 1-75 9 .7 1 5 4 ,2 1 5 5 ,4 1-75 1 0 .0 9 .3 8 .8 ^ ^ 1 5 6 ,5 2-75 9 .1 8 .3 7 ,6 6 .3 ^ \ 1 5 7 ,3 3-75 8 ,2 7 ,4 6 .6 5 .5 4-75 7 .9 7 ,1 6 .5 5 .7 5-75 7 .6 7 ,0 6 .4 5 .9 5 ,7 6 .2 6 ,2 6-75 7 .8 7 ,2 6 .8 6 .4 6 ,4 7 ,0 7 ,4 1 5 7 ,9 5 ,5 6 ,3 1 5 8 .7 1 5 9 ,5 8 . 6 \ 1 6 0 ,6 7-75 8 .3 7 ,9 7 .6 7 .4 7 ,6 8 .4 9 ,1 1 0 ,6 1 2 ,6 8-75 7 .9 7 ,5 7 .2 7 ,0 7 .1 7 .6 8 ,0 8 .5 8 ,5 7 .7 7 ,4 \ A 1 6 2 ,2 A 07. 1 6 2 ,8 9-75 7 ,7 7 ,3 7 .0 6 .8 6 ,9 7 ,2 7 ,4 10-75 7 .7 7 ,3 7 .1 6 ,9 6 ,9 7 ,3 7 .4 7 .7 7 ,5 5 .8 6 .4 7 .6 11-75 7 .6 7 ,3 7 ,1 6 ,9 7 ,0 7 .3 7 .5 7 .7 7 .5 6 .2 6 .8 7 .6 12-75 7 .6 7 .3 7 ,1 6 ,9 7 .0 7 .2 7 .4 7 .5 7 .4 6 .3 6 .8 7 .3 7 ,1 1-76 7 .4 7 .1 6 ,9 6 ,8 6 ,8 7 .0 7 .1 7 .2 7 .0 6 ,1 6 .5 6 .8 6 ,5 5 ,9 5 2-76 7 .0 6 ,7 6 ,5 6 ,4 6 ,4 6 ,5 6 .5 6 .6 6 .3 5 ,5 5 .6 5 .7 5 ,2 4 ,4 3 .3 4 .9 1 6 3 ,5 1 6 4 ,5 1 6 5 ,5 6 ,7 ^ \ 1 6 6 .4 ^ \ 1 6 7 .1 1 ,4 1 6 7 ,3 3-76 6 .7 6 ,4 6 ,2 6 ,0 6 ,0 6 ,1 6 ,1 6 .1 5 .9 5 .0 5 .1 5 .1 4 ,6 3 ,9 * .9 1 ,8 4-76 6 .7 6 ,4 6 ,2 6 ,0 6 ,0 6 ,1 6 ,0 6 ,0 5 .8 5 .0 5 .1 5 .1 4 ,7 4 .1 3 ,5 2 ,9 3 ,6 3 . X 5— 7t> 6 .7 6 ,4 6 .2 6 ,1 6 .1 6 ,2 6 ,2 6 ,1 5 .9 5 .3 5 .4 5 ,4 5 ,1 4 ,6 4 .2 4 .0 4 ,9 6 ,2 10-74 11-74 1 2-74 1-75 2-75 3-75 4-75 5-75 6-75 7-75 8-75 9-75 1— 76 2-76 *-76 IN IT IA L 10-75 11-75 12-75 2 ,2 1 6 7 ,6 1 6 8 ,3 7 ,4 > 1 6 9 ,3 4 -7 6 ........................ . MONTH ■' 'XtetÀKÉb 6V KOÉftÀL ftÉSEftVÉ ftANk. OF ST. LOUIS JUN E 2 2 , 1976 WHOLESALE PR IC E S - A LL COM MODITIES, SEASONALLY ADJUSTED _________________COMPOUNDED ANNUAL RATES OF CHANGE______________ 1?67 . 1QQ« IN IT IA L MONTH TERMI MAI MONTH - lflr Jfc Jlr lfr - 13-7* .1-7? 2-7? 3~7? 4-7? ? ^7? 6-7? 7-7? 9-7? 9-7? 1Q-75.11-7.5-.12-75 .1-76 „2-76 3-76 H 6 173»! , llr 7 4___ L6U2- 12-74 6,9 172 .6 3,8 -2rI5_ -2 ,7 . 9t7 - 4 ,? -? t l 172 > 3 -2«! -1-71aX. r8 ,Q -L7 0 tl -1-7? Itit- r li? ^ 7 ? 2 t? - frtl 0 ,6 2 ,0 -5=21- - 0 .1 0 ,5 1,2 4.5 1 ,0 173.0 6,5 -2*2-- L.1___ 1*8___ 2*? 8t 7?_____ 2*2____2*2— _1 Z1 *2_ - I t 2 ...r f t t ? ____ 2 .8 .... l l t ^ L . 2 *2 ____¿±6____5 ,7 8 .1 ____ 7 .1 6 ,9 8 ,6 8 ,0 _2 n l [ L . >+4 f o l ____2*8____4*6____6»5 lf lr ? ? - -5*2 4.Q___ 1*8___ L*£___JL±5_ .2*4 . _ 8 ,0 173.P 10.2 1 7 +a . 1 0 .? 10,8 11 .2 17?«9- 10,8 11 .5 177t? 1 7 ?.5_ 11.7 -12.2 -12.?— 14.4.. 11-7?,___ 1*2.___2*£___ ______ 5*2___ ^ 8 ___ g_^___ 7,9 12r-7?, - 4 , 8 -IrE:___ 4.3 1 3 3 2 ,9 tO . ,7.^___ 5*2___?.9 ,7.9 9 ,4 ? .? 8 ,9 7 ,7 1 7 9 ,7 . >fl ____ 6 * 5 ____ 2 * 2 ____ T-z±____2 * 2 ____8 *6 ____8 * 2 ____ 7 * 1 ____6 ^ 5 ____ ________±*±- 180.3 2 .8 4 .? 3.4 3*9__ __________S±&__± l *2__ ès&__ 6*2__ 6*4__ 5*5__ ±±1__ 0*2__ ft*2_ - 3 .7 2 .8 3 .3 ___ >«7 . 4 J .___ 5 .7 5.1 4 .8 5 ,4 ___ ±*8____3*8____ 2f ? -2z7 6 . 3 .6 2 .8 3 .2 ____3*6____4^5____5 .4 4 .8 4 .5 5 .0 ___ ^ 4-76 4 *0 3 .2 ____ à*£___ 4 ^ _2 r 7 6 ,- 3.7 4 .0 10-74 11— 4 12-74 7 1-75 £ _ -?*>_____ 4 * o _ _3*_2_ 1 7 ?.?179,2.. -^ t ? " It i “ 3 .6 -4 y$ ____¿ * 2 ____0*0 -Q .3 -1*8 - 1 ,3 ____ 2j JEL 17?«? ___1*2___5*1___5*2___Sii___5*6___5*1___ 4*4 ___à*4 ___1*2___1*2___L*2___2*5___fr.2 10,.? 4 .9 ____ 5s2__ 5*2_ _ 2-7 5 3-75 4-75 ?*Q 5-75 ?♦ * __ 6-75 5*fi_ 1*2_ 1*5_ M __ 2U___1*2_ 2*5___5*5_ 2*2_ _ _ _ _ _ 7-75 8-7 5 9-75 10-75 11-75 12-75 1-76 2 -7 6 3 -7 6 lB lf c f l- s 4-1 18U6U l . 'à I N I T I A L MONTH P R E P A R O ) B Y FED ERA L R E S E R V E BANK OF S T . JU N E 4 , 1976 4 L O U IS PRICES R A T IO SCALE R A T IO SCALE PERCENTAGES ARE ANNUAL RATES OF CHANCE FOR PERIODS INDICATED. LATEST DATA PLOTTED. N^Y PREPARED BY FEDERAL RESERVE BANK OF ST . LOO IS WHOLESALE PRICES RATIO SCALE 1967-100 1968 RATIO SCALE SEASONALLY ADJUSTED 1969 1970 1971 1972 1973 PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIODS INDICATED. LATEST DATA PLOTTED. NAY 5 1967-100 4 1974 1975 1976 WHOLESALE P R IC E S - IN D U S T R IA L CO M M O D ITIES, SEA SO N A LLY A D JU ST ED _________________ COMPOUNDED ANNUAL R A T ES OF CHANGE_________________________ TERM INA L MONTH 10-74 1 1-74 1 2-74 11-74 IN IT IA L 1-75 2-75 3-75 4-7 5 5-75 6-75 1967 * 100 MONTH 7 -7 5 8-75 9-75 10-75 11-75 12-75 1-76 2-76 3-7 6 4-76 1 6 6 .6 1 1 .5 P _ 12-74 7 *9 \ 4 .4 lr-75 8 .5 7 .0 9 .7 2-75 6 .7 5 .1 5 .5 3 .9 1 6 7 .2 1 6 8 .5 1 6 8 .7 3-75 3 .6 4 .5 3 .4 3 .2 4 .2 . 3 .2 3 .0 1 .7 1 .8 2 *1 2 .1 , x 7-75 4 .2 3 .3 3 .2 2 .1 2 .3 2 .7 2 .9 3 .2 4 .3 ^ s ^ 8-75 4 .7 3 .9 3 .9 3 .1 3 .3 3 .9 4 .3 5 .1 6 .5 9-75 5 .2 4 .6 4 .7 4 .0 4 .4 5 .0 5 .6 6 .5 8 .0 9 .9 10-:75 6 .1 5 .7 5 .3 5 .7 6 .5 7 .2 8 .3 9 .9 11-75 6 .3 5 .9 6 .0 5 *7 6 .1 6 .8 7 .5 8 .4 12-75 6 .4 6 .0 6 .2 5 .8 6 .3 6 .9 7 .5 1-76 6 .3 S>t? 5 .8 6 .2 6 .7 2-76 _ 4 .0 4 .9 6-75 . 5 .5 4— 75 5-75 _ 5 .9 5 .6 5 .7 5 .4 5 .7 3-76 5 .8 5 .5 5 .6 5 .3 1 .1 0 .7 ^ \ 1 .4 1 .6 1 6 8 .8 2 .2 ^ \ 1 .7 1 6 9 .1 2 .2 1 6 9 .4 1 6 9 .7 » 1 7 0 .3 iay. 1 7 1 .5 1 1 .0 ^ \ 1 7 3 .0 1 1 .8 1 3 .3 1 5 .6 ^ \ 1 7 5 .1 9 .7 1 1 .1 1 1 .9 1 2 .4 8 .3 9 .4 1 0 .4 1 0 .9 1 0 .8 ... .... 7 .2 7 .9 8 .7 9 .5 9 .6 9 .3 7 .3 6 .3 4 .« i\ 1 7 8 .2 _ 6 .2 6 .6 7 .1 7 .7 8 .2 8 .1 7 .5 5 .6 4 .4 2 .7 0 .7 ^ - ^ 1 7 8 .3 5 .6 6 .0 6 .3 6 .8 7 .3 7 .7 7 .5 6 .9 5 .3 4 .3 3 *2 2 .4 4 .1 . . 1 7 6 .4 v 1 7 7 .5 1 7 8 .9 X 4-76 5 .7 5 .4 5 .5 5 .2 5 .5 5 .8 6 .2 6 .5 ' 7 .0 7 .3 7 .1 6 .5 5 .1 4 .3 3 .4 3 .0 4 .1 4 .1 5-76 5 .5 5 .1 5 .2 4 .9 5 .1 5 .* 5 .7 6 .0 6 .4 6 .6 6 .3 5 .8 4 .4 3 .7 2 .9 2 .^ 2 .9 2 .4 1 0- 7* 11-74 12-74 1-75 2-75 3-75 4-75 5-75 6-75 7-75 8-75 9-75 10-75 11-75 12-75 1-76 2-7 6 3-76 4-^6 2-76 3-76 4-76 IN IT IA L >^ 1 7 9 .5 1 7 9 .6 )Iti0.5 J MONTH W HOLESALE P R IC E S — FARM PRODUCTS ANO PR O C ESSED FOODS AND F E E D S , S E A S . A D J . __________________________ COMPOUNDED ANNUAL R A T ES OF CHANGE___________ ___________________ .. TERM IN A L MONTH 10-74 11-74 1 2-74 11-74 12-74 1-75 in it ia l 1-75 3—75 4-75 5-75 6-75 1967 * month 7-7 5 8-75 9-75 10-75 11-75 12—75 1-76 3 .9 - 2 0 .4 - 7 .1 - 2 3 .2 1 8 7 .3 - 2 5 .8 1 8 2 .7 - 2 6 .8 - 2 7 .8 1 7 7 .8 - 1 2 .8 - 2 4 .8 3r*75 - 1 4 .3 - 2 3 .6 - 2 4 .7 - 2 4 .1 4-75 - 6 .8 5-75 - 2 .8 - 8 .1 6-75 - 1 3 .5 - 1 1 .7 - 3 .3 - 7 .9 - 2 0 .1 1 7 4 .5 - 6 .4 6 .6 4 2 .2 - 5 .4 0 .5 1 2 .2 3 3 .0 2 4 .4 1 7 9 .7 - 5 .6 - 0 .9 7 .3 1 8 .3 7 .9 1 8 3 .0 - 6 .4 1 8 2 .0 7-75 - 0 .5 - 4 .3 - 1 .7 3 .0 1 0 .6 1 9 .9 1 3 .3 8 .1 2 4*9 8 t 75 1 .1 - 2 .2 ' 0 .4 4 .8 1 1 .6 1 9 .3 1 4 .1 1 0 .9 2 0 .7 1 6 .7 V— 75 2 .2 — .7 0 1 .8 5 .9 1 1 .8 1 8 .3 1 4 .0 1 1 .6 1 8 .3 1 5 .1 1 3 .6 _ 10-75 3 .0 0 .5 2 .8 6 .6 1 2 .0 1 7 .5 1 3 .8 u .e 1 6 .9 1 4 .3 1 3 .1 1 2 .7 11-75 1 .4 - 1 .0 0 .9 4 .1 8 .4 1 2 .6 8 .9 6 .6 9 .3 5 .8 2 .4 - 2 .8 - 1 6 .2 JL2-75 0 .8 - 1 .5 0 .3 3 .0 6 .8 1 0 .3 6 .8 4 .5 6 .5 3 .1 0 .0 - 4 .1 - 1 1 .6 - 9 .2 _ 100 1 9 0 .9 3 5 .7 ¿- 7 5 _ 2-75 1 85 *4 1 8 7 .8 1 8 9 .8 1 9 ^ .7 1 8 8 .9 — .8 6 1-76 - 1 .0 - 3 .2 - 1 .7 0 .6 3 .7 6 . 4 ■ 3 .1 0 .7 1 .7 - 1 .7 - 5 .0 _ 2-76 - 2 .3 - 4 .5 - 3 .2 - 1 .2 1 .4 3 .6 0 .4 - 2 .0 - 1 .4 - 4 .7 - 7 .8 - 1 1 .6 - 1 6 .8 - 1 7 .0 - 2 1 .7 - 2 0 .6 3-76 - 2 .4 - 4 .4 - 3 .2 - 1 .3 1 .1 3 .1 0 .1 - 2 .0 - 1 .5 - 4 .4 - 7 . 1 - 1 0 .2 - 1 4 .1 - 1 3 .6 _ 4-76 - 0 .4 — .. 2 i - 1 .0 1 .0 3 .4 5 .5 2 .9 1 .1 1 .9 - 0 .4 - 2 .3 - 4 .4 - 7 .0 - 5 .0 - 4 .6 2 .4 1 6 .3 3 9 .0 5-76 0 .2 - 1 .4 - 0 .2 1 .7 4 .0 6*0. 3 .6 2 .1 2 .9 0 .9 - 0 .7 - 2 .4 - 4 .3 - 2 .2 - 1 .3 5 .9 1 5 .2 2 5 .3 13.1- 10-74 11-74 12-74 1-75 2-75 3-75 4-75 5-75 6-75 7-75 8-75 9-75 10-75 11-75 12-75 1-76 2-76 3-76 4-Vfc- IN IT IA L - 1 5 .5 - 1 5 .1 1 8 7 .8 - 2 2 .8 1 8 3 .8 - 1 5 *8 - 1 2 .1 1 8 0 .3 - 2 .6 1 7 9 .9 1 8 4 .9 3 1 8 6 .8 / S 7 .5 MONTH P REPA RED BY FED ERA L R E S E R V E BANK OF S T * JU N E 4 , 1976 6 L O U IS INDUSTRIAL PROD UCTIO N^ RATIO SCALE RATIO SCALE Î 967-100 SEA SO N A LLY A D JU ST ED 1967-100 , /c ö / P ERC EN T ACES ARE ANNUAL R A T E S OF CHANCE FOR P E R IO D S IN D IC A T E D . LA T E ST DATA P LO T TED ) HAT P R E L IN IN A R Y j. i ¿F * ------ /A/ r l^ e r 2 )4 7 > 4 - r a ^ ii Jo io i, f x - io r .? * '(> * * * ■ > ? . + o \ 1^7 â PR EPAR ED BY FE D E R A L R E S E R V E BANK OF S T . L O U IS / J / . j O o + Q o m p û - t~ â b (jL not oj/Ajtaabl«. ¿ut -|hjv /¿U. f i m & TAL P R O D U C T IO N ^ COMPOUNDfcO ANNUAL R A T ES OF CHANGE IN IT IA L 1967 HONTH HONTH ^ û r7 4 11-74 12-74 1-75 2-7 5 3-75 4-7 5 5-75 6-75 7-75 8-75 9-75 IQ - 7 5 11-75 12-75 1-76 2-76 3-76 4-76 1 2 1 .7 11— 74 - 2 6 .ì\ 12-74 - 30 *7 - 3 5 . 1 \ 1 1 7 .4 'X ^ 2 . 5 w /0 - 3 1 .9 ^ V 1 1 3 .7 1-75 - 3 1 .1 - 3 3 .5 2 -75 2 - 2 9 . 3 - 3 0 .3 - 2 7 .8 — 3 . 4 V 1 1 1 .2 >-75 - 2 $ ,Q - 2 6 .0 - 2 2 . 6 - 1 7 .6 1 1 0 .1 4-7 5 - 2 1 .7 - 1 8 .0 - 1 2 .7 ti - li . i S v - 6 .8 1 0 9 .9 - 2 ,2 \ ^ 1 V 1 1 0 .1 5 -75 - 1 9 .3 - 1 8 .2 - 1 4 . 3 — .2 9 - 3 .9 o .o 6-75 - 1 6 . 0 - 1 4 .5 - 1 0 . 4 - 5 .4 — .3 0 3 .7 7-75 - 1 3 .2 - 1 1 .5 —7 , 5 -2.6 2*2 5 .8 8 .6 1 2 .0 1 2 .6 8-75 - W tl. - 8 .1 - 4 .1 0 .8 5,7,5 9 ,2 ,13,2 1 5 ,7 1 8 .0 2 3 .6 9 -75 - 7 ,5 - 5 .4 - 1 .4 3 .3 7 .8 1 1 .4 1 4 .3 1 7 ,6 1 9 .7 2 3 .4 2 3 .2 ^ v ^ 1 1 6 .2 10-75 - 6 .5 - 4 .5 - 0 .7 3 .5 7,f5 1 0 .5 1 2 .8 1 5 .0 1 5 .9 1 7 .0 1 3 .9 1 1 6 .7 2 .2 6 .7 \ 1 1 1 .1 1 1 .5 \ 1 1 2 .2 V 1 1 4 .2 11-75 - 5 .3 — ,4 3 0 .2 4 .1 7 .7 1 0 .4 1 2 .3 1 4 ,1 1 4 .6 1 5 .1 1 2 .5 7 .5 1 2-75 - 4 .4 , — *5 . ? 0 .9 4 .5 7 .8 1 0 .2 * 1 .8 1 3 .3 1 3 .6 1 3 .8 1 1 .4 7 .8 ’ •7 \ 9 .1 8 1 1 7 .6 1-7 6 - 3 .4 1 .7 5 .1 8 .2 1 0 .3 1 1 .8 » .1 1 3 .3 1 3 .4 1 1 .5 8 .8 9 .9 1 0 .1 . 5 1 1 8 .4 \ l l . 7 1 1 9 .5 \ 2-76 - 2 .4 - 0 .6 2 .5 5 .8 8 .6 1 0 .6 1,2.0 1 3 .2 1 3 .4 1 3 .5 1 1 .9 9 .8 1 0 .9 1 1 .3 1 2 .8 1 3 .^ ^ 3 -76 - 1 .8 0 .0 2 .9 6 .0 8 .7 1 0 .5 1 1 .8 1 2 .8 1 2 .9 1 3 .0 1 1 .5 9 .7 1 0 .6 1 0 .8 1 1 .6 1 1 .6 4 -7 6 - 1 .3 0 .3 3 .1 6 .0 M , 1 0 .2 ¿1 .3 1 2.1 1 2 .2 1 2 .2 1 0 .8 9 .2 9 .8 9 .9 1 0 .2 5-76 - 0 .8 0 .8 3 .5 6 .2 8 .5 1 0 .1 1 1 .1 1 1 .9 1 1 .9 1 1 .9 1 0 .6 9 .2 9 .7 9 .8 1 0 .0 1 0-74 11-74 1 2-74 1-75 2-75 3-75 4— 7i> 5-75 6-75 7-75 Ô-75 7 r 10-75 11-75 12-75 1 2 0 .8 9 . ^ \ 1 2 1 .7 9 .7 7 .7 6 .1 * ^ ^ 1 22. 3 P 9 .6 8 .2 7 .6 1-76 2-76 3-7* 1 2 3 .2P L . 1 4-76 INITIAL HONTH ' P - PRELIM IN A RY W E PAKH TB Y FEDERAI:' RÏSERVE BaNK ÖF ST . " L O U I S ' JU N E 1 7, 1976 n if i g f.Y P ERS ON AL RATI O SCALE TRILLIONS INCOME R A T I O SCALE MONTHLY TOTALS AT ANNUAL RATES OF DOLLARS TRILLIONS SEASONALLY ADJUSTED OF DOLLARS 1.5 1.4 1 .3 1 .2 1. 1 1 .0 0.9 0 .8 0.7 0 .6 1968 1969 1970 1971 1972 1973 1974 1975 1976 SOURCE* U.S. DEPARTMENT OF COMMERCE PERCENTAGES ARE ANNUAL RATES OF CHANCE FOR PERIODS INDICATED. LATEST DATA PLOTTED« MAY PRELIMINARY RESERVE BANK OF ST. LOUIS PERSO NAL INCOME IfW U IM k lv m m * 1 0 -74 1 1- 7 4 1 2-74 IN IT IA L 1-75 2-75 3—75 4 -7 5 5-75 6-75 B IL L IO N ^ ÛÉ DOLLARS ANNUAL RATES MONTH 7-75 8-75 9-75 10-75 11-75 12-75 1-76 2-76 3-76 4 -7 6 1 ,1 9 2 .1 U-74 0 *? 12-74 4 *4 8 .7 1-75 3 .6 5 .4 ?.2 2-75 2 ^9 3 .8 1 .4 1 - Î5 2 ml. 3 .3 1 .5 1*2 1*8 4-75 2 *9 3 .4 2 .2 2 .1 2 .9 4 .1 J? - 7 S .*•7 . 4 .3 3 .4 3 .7 4 .7 6 .2 1 ,2 0 0 .4 1 ,2 0 2 .6 1 ,2 0 3 .2 0 .6 1 ,2 0 5 .0 1 ,2 0 9 .0 \ v .8 .4 > S . 1 ,2 1 7 .2 1 ,2 4 5 .2 *- 7 5 6 *8 7 .8 7 .6 8 .7 1 0 .8 1 4 .0 1 9 .4 3 1 .0 ^ 7 r7 5 5 .9 6 .6 6 .3 7 .0 8 .3 1 0 .0 f2 .1 1 4 ,0 - 1 .1 s ®-75 7 .1 7 .9 7 .8 8 .7 1 0 .1 1 1 .8 1 3 .8 1 5 .7 8 ,6 1 9 .3 *- 7 5 9 *0 8 .8 8 .8 9 .6 1 1 .0 1 2 .6 1 4 .4 1 5 ,9 1 1 ,2 1 7 .9 1 6 .6 s 1 ,2 4 4 .0 1 ,2 6 2 .4 1 ,2 7 8 .7 10-75 8 .0 8 .8 8 .8 9 .5 1 0 .7 1 2 .0 1 3 .4 1 4 .4 1 0 ,5 1 4 .7 1 2 .5 8 ^ 5 \ 1 1 .3 % U-75 8 .0 8 .7 8 .7 9 .4 1 0 .4 1 1 .5 1 2 .6 1 3 ,3 1 0 ,1 1 3 .0 1 1 .0 8 .3 8 .2 \ ^ 6 .9 6 .1 1 ,2 8 7 .4 1 ,2 9 5 .9 4 ^ \ 1 ,3 0 0 .2 12-75 7 .7 8 .3 8 .3 8 .9 9*8 1 0 *7 1 1 .5 1 2 ,0 9 .0 1 1 ,2 9 .3 1-76 6 .1 8 .7 8 .7 9 .2 1 0 .1 1 0 .9 1 1 .7 1 2 .1 9 .6 1 1 .5 1 0 .0 8 .4 8 .4 8 ,5 1 3 ,1 a** 8 .9 8 *9 9 .4 1 0 .2 1 1 .0 *1 *7 1 2 ,1 9 .9 1 1 .5 1 0 .3 9 .1 9 .2 9 .6 1 2 .5 1 U 8 S\ 8 .4 8 *9 8 .9 9 .4 1 0 .1 1 0 .9 1 1 .5 1 1 .8 9 .8 1 1 .3 1 0 .2 9 .2 9 .3 9 .6 1 1 .6 1 0 .7 4-7 6 8 .5 9 .0 9 .0 9 .4 lO t l 1 0 .8 1 1 .3 11*6 9 .8 1 1 .1 1 0 .1 9 .2 9 .3 9 .6 1 1 .0 1 0 .3 9 .5 9 .6 s >-76 8 .5 9 .0 9 .1 9 .5 1 0 .1 1 0 .7 1 1 .3 1 1 .5 9 .9 1 1 .0 1 0 ,1 9 .3 9 .5 9 .7 1 0 .8 1 0 .3 9 .8 9 .9 1-75 2-75 3— 75 4 —75 5-75 6-7 5 7-75 8-75 9-75 10-75 11-75 12-75 1-76 ¿- 7 6 3-76 76. 3r76 10-74 11-74 12-74 % 1 *1 1 * A K T IN IT IA L MONTH ■*»".«*.......... ” JU N E 8 17* 1976 1 ,3 1 3 .6 1 ,3 2 5 .9 1 ,3 3 6 .0 9^5^\ 1 ,3 4 6 .2 10^3\ 4 -7 6 1 ,3 5 7 .2 P R E T A IL SALES RATI O SCALE BILLIONS RATI O SCALE OF DOLLARS BILLIONS SEASONALLY ADJUSTED OF DOLLARS SOURCE) U .S . DEPARTMENT OF COMMERCE PERCENTACES ARE ANNUAL RATES OF CHANCE FOR PERIODS INDICATED. LATEST DATA PLOTTED» A P R IL , MAY ADVANCE ESTIMATE PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS R ET A IL SA LES COMPOUNOEO ANNUAL RATES OF CHANGE M ILLIO N S OF DOLLARS IN IT IA L MONTH TERM INAL HONTH 10-74 11-74 12-74 1-75 «-75 3-75 4-75 5-75 6-75 7-75 8-75 9-75 10-75 11-75 12-75 1-76 2-76 3-76 4-76 44,529 11-74 -2 9 .5 12-74 - 9 .2 1-7$ 1 .4 21.6 2 6 ,7 ¿-7 5 7 .2 2 3 .2 2 6 ,5 45*109 1 6 ,8 46*006 2 6 ,4 46*914 - 0 ,7 -2 2 ,0 45*951 3-75 0.6 4-75 4 .3 12,8 11,8 5-75 8 .9 17 ,0 1 7 .1 1 4 ,8 6-75 9 .1 16 .1 1 6 .0 1 3 .9 11.2 10,8 8.8 17.8.. 17.9 1 6 .5 16*5 1 6 .4 1 5 .0 1 3 .7 1 3 .3 7-75 8-75 9 .9 7 ,7 7 ,2 — 1*3 25.Q. 46*813 1 3 2 .8 \ 4 1 .0 2 4 .9 2 4 .9 1 4 ,6 2 6 .2 2 6 .6 19*9 3 0 ,1 1 3 ,2 22.0 2 1 .3 1 5 .4 1 7 ,8 1 6 .3 1 4 .6 11.2 11*0 48*173 10.6 48*578 49*655 49*925 6 . 7 \ 10-75 9 .4 1 3 .9 1 3 .6 11.8 9 ,8 12.2 10,6 1 6 .2 14*8 4 ,2 2 ,9 1 6 ,0 11-75 8 .9 1 2 .9 12.6 1 1 .3 9 ,7 14 .5 1 3 .1 9*0 8 ,7 3 ,9 3 ,0 9 ,4 12-75 1 1 .4 1 5 .4 1 5 .3 1 4 .3 13 .1 1 7 .9 1 7 .0 1 4 ,0 1 4 ,5 1 1 ,7 1 2 ,9 21,2 1 4 .9 13 .8 10,8 1 5 .9 1 5 .0 1 2 ,4 1 2 .7 1 0 ,4 1 1 ,0 1 5 ,4 1 5 ,3 1 9 .7 16 .1 1 5 .3 13 ,0 1 3 .3 1 1 ,3 1 2 ,0 1 5 ,9 1 5 ,9 1 9 ,3 1 4 .7 1 3 .9 11*7 li . a 9 ,9 1 0 ,3 13 .3 1 2 ,9 1 5 ,0 7 .8 1 2 .4 1 1 .4 9 ,3 7 ,3 7 ,3 9 .5 9 ,6 3 ,0 9-75 1-76 9 .9 1 3 .5 1 3 .2 12.1 2-76 1Q.9 1 4 ,3 1 4 .1 1 3 .2 3-76 1 1 .3 14 ,5 1 4 .4 1 3 .5 4-76 10.6 13 ,5 1 3 .3 12 ,5 12,1 12,6 11,6 5-76 9 ,1 11,8 1 1 .5 10,6 9 ,7 10-74 11-74 12-74 1-75 1 0 ,9 2-75 3-75 4-75 8.8 8,2 10.2 10,1 5-7* 1 0 ,9 9 .2 6-75 - 1 .3 1 3 .0 - 8 .7 8,0 7-75 8 ,2 fi-75 12 ,9 49*549 50*165 50*293 3 ,1 2 3 ,9 1 1 ,9 8,6 51*990 4 8 ,9 16,5 - 8 ,8 7 ,3 51*592 26,2 10.6 22,2 75 9-75 10-75" 11-75" 12— 1 3 ,9 6,2 1-74 52*601 18,3 53*344 8,2 0 ,3 ¿-76 5 3 *l^ & 5 2 .I& ' -7 ,6 â-76 ( j g - J j) IN IT IA L MONTH P- PRELIMINARY E- ESTIM ATEO T* PRtPÀ tì ED BY" FEDERA L kEsfc RVt BANK- U SIr "L o u is JU N E 9 14* 1976 COMPENSATION PER HOUR, TOTAL P R IV A T E T ER M IN A L QUARTER ECONOMY 1967 * I N I T I A L QUARTER 2-71 3-71 4 -71 1-72 2 -7 2 3-72 4-72 1-73 2-73 3-73 4-7 3 1-74 2 -7 4 3-74 4-74 1-75 2-75 3-75 100 4 -7 5 1 3 3 .3 3-r7l 7 .2 4-71 4 .8 1-r~t2 fo-S ft- 1 9 .9 2-7^ 6-0 5 .6 7 .3 4 .7 3r-72 5-7 5 .3 6.2L 4 .6 U-72 i>-Û 5 .8 6«6_ 5 .6 6 .0 7 .6 1 3 4 .1 2 -4 1 3 7 .3 1 3 8 .9 1 4 0 .4 1 4 3 .0 1 4 7 .6 1-73 7 .1 7 .0 8 .0 7 .5 8 .4 1 0 .5 1 3 .5 2-73 6 .8 6 .8 7 .5 7 .0 7 .6 8 .7 9 .3 5 .2 3-7â 6 -8 6 .8 7 .4 7 .0 7 .5 8 .* 8 .5 6 .1 1 4 9 .5 1 5 2 .Û 6 .9 ¿^-73 7 *1 7 .1 7 .7 7 .4 7 .8 8 .5 , 8 .7 7 .2 8 .2 1 -7 4 7 .2 7 .1 7 .7 7 .4 7 .8 8 .4 8 .5 7 .3 8 .0 2-74 7 .6 7 -7 8 .2 8 .0 8 .4 9-.0-, 9 .3 ... a . 4 9-2 1 5 5 .5 9 .5 1 5 8 .4 7 .7 . 1 0 .0 1 3-O ^ v^ 10-3 163 -3 1&6-3 3 -74 &-o 8 .1 8-6 8-5 8 .9 9 -5 , 9 .8 9-1 9 -9 10-7 11-1 12-9 12^ 4-74 b .l , 8 .2 8 .7 8 .6 9 .0 9 .5 , 9 .7 9 .2 9 .9 1 0 .5 1 0 .7 1 1 .8 1 1 .2 9 -6 1-75 8 .3 8 .4 8 .8 8 .8 9 .1 9 .6 9 .8 9 -4 10-0 1 0 .5 1 0 .7 11-5 1 1 .0 1Û-1 10^6^ 2-75 8 .2 8 .2 8 .7 8 .6 8 .9 9 .3 9 .5 9 .0 9-5 9 .9 1 0 .0 1 0 .4 9 . fi 8-8 fi.4 6 .3 \ 3-75 8 .1 8 .1 8 .5 8 .4 8 .7 9 .1 9 .2 8 .8 9 .2 9 .5 9 .5 9 .8 9 .2 8 .3 7 JB 6 .4 4-75 £ .1 8 .1 8 .5 8 .7 9 .0 9 .1 8 .7 9 .1 9 .3 9 .3 9 .5 8-9 8 .2 7 .8 6 .9 7 -3 9 .1 9 .2 9 .2 9 .4 8 .9 8 .3 8 .0 7 .ft 7 .7 8 .3 8 .7 4-72 3-73 4-7 3 1-74 2-74 3-74 4-74 1-75 2-75 3-7 5 4 -7 5 8 .1 8 .1 8 .5 8 .4 8 .7 2-71 1-76 9 .0 3-71 4-7 1 1-72 2-72 3-72 ^ 8 .7 1-73 5 . CL 2-73 5 % 1 7 2 .2 176-6 _ 1 7 9 .3 1 8 2 .2 . 1 8 5 .7 \ 1 8 9 .6 I N I T I A L QUARTER OUTPUT P E R HOUR OF A L L P E R S O N S , TOTAL P R IV A T E ECONOMY __________ ____ COMPOUNDED ANNUAL R A T ES OF CHANGE______________ _ - INITIAL QUARTfef* QUARTER - ^ I L . 3 - JL - - A r Il 5 *3 l=rJ3 ______________________________ . 2-73 _ ^T3 JLSfelJLiM.1-74 2-74 3-74 4-74 1-75 2-75 3-75 4-75 _______________________________________________________________________________ _____________________________________________________________ r l.fl. - 4 s Z l■Jbn22 IrT 2 . ^ 2 r.I2 . 3 r I2 ,- L ^ l . 1 »1 , 1Q7*9 A * l. IQ9.Q ■ 2rI2. u ^ t.____ Z mI ___ J L mI ____ £l*£_ ■ 3 rZ2. ■r 3 .3 ¿«6 4 .3 ____4 .5 110*6 2 .9 -3*&___3*5___ _______ Ïm Ü ___ 4 .6 _ lr7 3 111.4 6 .2 ¿ « 2 ___ à^Z____ÎL *à ____£ *fi _ A .fr___ 5 .5 113.1 2 .6 ___ 2La2____2 *fi____2*£____1*9 JL m À---U 2___ 2.4. 1 .7 114.4 4 .7 -2*2___ 2*5____i* 2 ____3*1____2*4____2*2____ 0 .2 - ¿- 7 3 ^-4^ _m *2_ 113.3 . 0 .2 ^ 1 .9 0 .4 ¿«2___ 1.6 -. 1*3___ 3.1 -1.4 0.0 -0.4 - 2 .4 - 1 1 1 *2 - 2 ,0 % - O rl.4 ■1*6 1 .2 ____1 *6 ____ 1. 2 - 1 .8 - 2 .8 -2=24- ,1.2 0 .9 , 1.1------ÎUà___ k*2__ =û*2— =1*2 ..r2*4, - 1 . 9 -¿ .7 -3 .fi__ => - 1 .9 - 2 .5 - 3 .2 C h6____ Q^2_ ^ 1 .0 - I mÌ L___ 0*6____0 .9 0 .5 ■W 4 -fc*2--- IU 3 ____H aft, ft.2 -1=25.. -IU2- ÌL 4 ---&*5___ Ü*2 - -2=25_ - l* û ____Û*2____Q-*2____ft.2 . 0.2 ____g . O . r t .fr -JbLZft. -1*5 ___ U 3 ____1*5___ 1*3___ Qm S ___ ÇU£___ AtJ . . .,-3n74 - 1 .3 - 0 .4 - ^ .4 - ft.ft . r l . 6 -2 .5 - - 2 .2 - 2 .7 - 3 .3 rft.3 , -ft.ft . r l.3 -2*0. -1.7 -2.1 -2.4 J~ Li2 _-~ .Q ,8 - 1 .0 - It i l.S 1 . 2 ___ 1 *£ ____ 1*3____ k * 2 ____ ft*£____ Q *3 - I s IS l. 1 * .I 1 .? ___ 0 * 2 ____1 .5 3-71 4 -7 1 1-72 1 .3 2-7 2 - 2 .3 111.7 - 0 .0 -4 r7 S 2-71 108.4 4-72 -, 1-73 2-73 3-73 IN IT IA L 1* 6 - HQ^L 109*5. _t 2jl 7 _ - 3 .fr - J U . 4 - -1 J U ± ____i t i -IflgaÆ 3 tft____6 *£ - 1 1 1 **. .2 *2 ____ 3*2____ 5 *S____Ltfi-. Iti 4 -7 3 5 .1 Itî 1-74 .114.0 .9«? - L tS ____2*1____ft*â____ 5 .4 0 *4 1 .1 ____<Lt&____SUâ____tt*2____0*9 3-72 - tV.»1___ SL*3___ Û*3___Qt* . . ^ 1 ____ f t t i lll.f l 2-7 4 3 t2___ ±*6___ 3-74 4-74 1-75 -0*2 . -5*±___ 3.4 2-75 3-75 5 6 .1 114.2 -115 .3-- 4-7 5 QUARTER P REPA RED BY FED ERA L R E S E R V E BANK OF S T . JU N E 2 , 1976 10 L O U IS PRODUCTI VI TY, COMPENSATION, AND LABOR COSTS RATI O SCALE RATI O SCALE 1967-100 1967-100 SEASONALLY ADJUSTED SOORCEi U.S. D E PARTMENT OF LASOR PERCENTACCS ARE ANNUAL RATES OF CHANCE FOR PERIODS INDICATED. L ATEST DATA f L O T T E D « 1ST QUARTER PREPARED IY FEDERAL RESERVE RANK OF ST. LOO IS U N IT LABOR C O ST S , TOTAL P R IV A T E ECONOMY ___ COMPOUNDED ANNUAL R A T ES OF CHANGE T ER M IN A L QUARTER I N I T I A L QUARTER 2-7 1 3-71 . 3-r71 3 .1 X-72 2-72 3-72 4-72 1-73 2-7 3 3-73 4 -7 3 1-74 2-74 3-7 4 4-74 1-75 2-75 3-7Ç 4 -7 5 1 .6 4 -7 1 4 -7 1 1967 • 100 4 .6 1 2 2 .9 1 2 4 .3 l-r72 . 3 .Û 4 .9 5 .2 2-72 2 .6 2 .9 2 .1 ,- 0 .9 3-72 2 .3 2 .5 1 .6 0 .2 1 .3 . 4 -7 2 2 .2 2 .3 1 .8 0 .6 1 .4 1 .6 , 1-7 3 3 .1 3 .3 3 .1 2 .5 3 .7 5 .0 1 ' 8 ^ > 2-73 3 *9 4 .2 4 .1 3 .9 5 .2 6 .5 9 .0 9 .6 V 3-73 4 .2 4 -5 4 .5 4 *3 6 *5 8 *2 a .i * 2 5 .9 1 2 5 .6 1 2 6 .Û * 2 6 .5 1 2 9 .1 1 3 2 .1 6*5^ w 1 3 4 .2 9 > ^ 1 .3 % 4 -7 3 4 .7 5 .1 5 .1 5 .1 6 .2 7 .2 8 .6 e .7 8 .2 1-74 5 .5 5 .9 6 .0 6 .1 7 .2 8 .2 9 *0 9 .8 9 .9 1 1 .6 1 3 .4 ^ 2-74 ^ 6 .3 6 .8 7 .0 7 .2 8 .2 9 .3 1 0 .6 1 1 *0 1 1 .4 1 3 .0 1 4 .6 7 .7 3-7 4 7 .Û 7 .4 ^ 4-74 7 .4 7 .9 1-75 7 .6 8-.0 7 .7 7 .9 8 .6 9 .3 1 0 .1 1 0 .3 6 .9 7 .0 7 .7 8 .2 8 .9 8 .9 7 .7 8 .2 8 .7 8 .8 fi-3 8 *9 9*9 1 1 .2 1 1 .6 1 2 .1 1 3 .5 1 4 .7 1 5 .4 9 .4 10*4, 1 1 .5 1 2 .0 1 2 .3 1 3 .5 1 4 .5 1 4 .8 1 4 .3 8 .5 .9 .4 1 0 .3 1 1 .3 1 1 .6 1 1 .9 1 2 .9 1 3 .5 1 3 .5 1 2 .7 2-75 .7 .1 6 .5 6 .6 4-75 6 .5 6 .8 6 .9 7 .1 6 .3 6 .6 6 .7 6 .8 7 .3 T éJL 2-71 3 - Î1 4 -7 1 1-72 2-72 3-72 1 4 7 .1 7 *9 7 .5 l- 7 o 1 5 .8 \ 8 .4 3-75 . 1 3 7 .4 1 4 1 .8 1 1 .6 9-5^ r 1 6 0 .9 " v 0 .2 1 6 1 .0 8 .7 1 1 .0 1 1 .1 1 0 .7 9 .4 9 .1 * 0 .4 9 .0 8 .3 6 .8 4 .9 2 .*i - 1 .4 1 5 9 .8 8 .9 8 .8 8 .1 6 .9 5 .4 3 .4 1 .4 1 6 2 .6 7 .4 6 .3 4 .9 3 .2 l*7 1-74 2-74 3-7 4 4-74 8 .2 4-72 1 5 2 .3 1 5 7 .3 8 .1 8 .2 8 .1 1-73 2-7 3 3-73 4-73 1-75 2 .2 4 .8 2-75 3-75 2.5^1 1 6 3 .6 4-75 I N I T I A L QUARTER PREPA REO BY F E D E R A L R E S E R V E BANK OF S T * JU N E 2 , 1976 11 L O U IS GROSS NATIONAL PRODUCT IN CURRENT DOLLARS COMPOUNDED ANNUAL R A T ES OF CHANGE IN IT IA L BÌL LÌÒ N Ì> ÓF DOLLARS ANNUAL R A T ES QUARTER QUARTER 2 -71 3-71 4 -7 1 6*3 6*7 1— 72 2-72 3-72 4-72 1-73 2-73 3-73 4 -7 3 1-74 2-74 3-74 4 -7 4 __________________________________________________________________________________________ 1-75 2-75 3-75 4-75 ____________________________ 1>072 >4 7*2 1 ,0 9 1 ,2 9*0 1 0 *4 1 3*8 2 -72 9 *5 1 0*6 12*4 1 1 .0 1 ,1 5 6 * 7 -2 = 2 . 9 *4 10*2 1 1 *2 9 *9 1 ,1 8 1 * 4 1 ,1 2 7 * 0 4r-72 1 0*1 1 0 *8 1 1 *7 1.1*1 1 1 *1 13*5 1-7 3 1 0 *9 1 1 *6 1 2 *6 1 2 ,2 1 2 *7 1 4*7 2-73 1 0*4 11*0 1 1 *7 1 1 *3 1 1*3 12*2 11*5 7 *4 1 0 *4 1 0*9 1 1 *5 1 1 *1 1 1*1 11*7 11*1 8 *8 1 0 .3 1 0 *4 1 0 *9 1 1 .3 1 1 *0 1 1 *0 11*4 10*9 9 *3 1 0 .3 1 0 *4 1 ,3 5 2 * 7 9 *9 1 0 *3 1 0 *7 1 0 *3 1 0*2 1 0*4 9 *8 8 .7 7 .9 1 ,3 7 0 .9 9 *9 1 0 *2 9»8 9 *7 9 *8 4 -7 3 1 ,2 1 9 * 4 15*8 1 ,2 6 5 .0 1 ,2 8 7 *8 1 ,3 1 9 * 7 8 .0 9 *2 7 *9 1 ,3 9 1 .0 9 *3 8*2 8 .4 7 .9 7 .1 8 .0 1 0 .0 8 *7 7 *7 7 .8 7 .3 6 .5 6 .9 7 .4 6 *5 6 .3 5 .7 4 .8 4 .6 4 .1 1*3 -2 *1 3 -7 4 9 *6 9 *9 1 0 *2 4 -7 4 9 .3 9 *5 9 *7 9 *2 -A 5 zZ _ 8 *5 8 *6 8 *8 8 *1 8 *0 7 *5 8 *3 8 *1 8 *0 7 *5 6 *6 6 *0 5*2 9*1 9 *0 8 *6 7 *9 7 *9 7 *6 7*2 7 *5 7 *8 7 *3 8 *4 1 3 *7 19*9 8*2 8 .3 8*1 7 *8 8 .2 8 .5 8 .3 9 .1 1 3 .2 1 6 .0 1 2 .1 1 ,5 7 2 . 9 8*7 8 *6 8 *4 8 *7 9 *1 9*0 9 *8 13*0 14*8 12 1 ,6 2 0 * 4 "¿^75“ "3-73 ”4-73 1-74 2-74 2-7 5 8*4 3-75 9 *1 9 *3 4-7 5 9 *3 9*4 8 *7 9*6 “7 - 7 1 T 7 1 9 *6 9 *7 4 -7 1 9 *7 9 *2 9*8 9 *2 9 *4 9 *5 1 - 7 ? "2 - T 2 9 *1 '5 - 7 2 4 -72 i- 7 3 1 ,4 2 4 .4 1.3% - 1 ,4 4 1 . 3 1 ,4 3 3 .6 1 ,4 6 0 * 6 3-74 "4^74 1 ,5 2 8 * 5 1-75“ 2=75“ 3=75 " 4-75" — nanre cparter----------------- GROSS NATIONAL PRODUCT IN CONSTANT 1972 DOLLARS COMPOUNDED ANNUAL R A T E S OF CHANGE 2 -7 1 .3_71_ 2*8 3-71 3 .1 1-72 2-72 5*4 6 *3 6 *5 6 *3 1-73 2-73 3-73 4 -7 3 DOLLARS - jm U K C T K t t T 1-74 2-7 4 3-74 4 -7 4 1-75 2-75 3-75 1 , 111*0 1 ,1 2 0 * 5 6 *9 5 *5 1 ,1 4 1 * 2 7 *7 6 *9 6 *6 7 *3 5 *9 1 ,1 6 3 * 0 7*9 7 *2 7 *6 5 *3 1 ,1 7 8 * 0 7 *5 1 ,2 2 7 * 7 1, 202*2 > *6 5 *0 5 *8 5 *5 5 *Q 5*2 4 *9 4 *4 4 *1 4 *2 3*8 3*4 5 *2 1-74 2 -7 4 3 *3 3 *4 3-74 2 *9 1 *3 1*8 0 *1 0*0 1 ,2 4 0 * 9 -1*3 -3*9 xr3.3% 1 ,2 2 8 * 7 1 ,2 1 7 * 2 0 *8 -0*7 - 0 .9 - 2 .1 - 3 .8 - 3 .7 1 *4 0 *4 - 1 *0 - 1 *2 -2*1 -3*3 -3*0 0 *8 Q*3 -0*6 - 1 .9 -2 *3 - 3 .2 - 4 .4 - 4 *5 - 0 *1 -0 *7 - 1 .6 -2 »9 - 3 .3 - 4 .2 -5*3 - 5 *7 -6*4 -8 *3 -9*2 1 ,1 5 8 * 6 0 *1 - 0 *3 - 1 .1 - 2 .2 - 2 .5 - 3 .2 - 4 .0 -4 *0 -4 *0 -4*6 -3*1 1 ,1 6 8 * 1 1*0 0 *7 -0*0 - 0 *9 - 1 *0 -1*4 -1. -1*5 - 1 *0 -0 *7 1J J 1 ,2 0 1 * 5 1 ,2 1 6 * 2 1 *2 2*1 2 *5 ¿- V i 1 ,2 3 6 * 5 1 *9 1*5 2*2 2 *7 0 *5 2*0 1-76 1*4 3*2 1 *4 1*2 2-7 5 1 ,2 2 8 * 4 1*8 2*1 1-75 3*8 J.4 % 2 *3 2*9 2*1 0*2 5 *7 5 *0 4 -7 5 4-72 7 *6 5 *9 ■ IrT i. 3-72 3 .5 3-72 _ i= 7 3 _ 4 -7 1 ____________ ______ _________ , _______________________ ______________________ _ 1-72 2-72 BILLIO N S OF ' I N I T I A L QUARTER T ER M IN A L QUARTER 1 *7 1 *3 1 , 210*2 1 ,1 8 6 * 8 0 *4 - 0 .3 ¿-72 <*-12 1-73 - 0 .4 -0*7 - 1 .0 - 0 .6 - 0 .1 0 .4 2 .5 6 *7 8 *4 0 *4 1 *0 1*8 3-7l ~ W i~ l-72~ 2-72 • 5 = ^ .8.3%- - 2 *3 0 *2 0 *0 0 *5 1*1 1 *7 3*7 "7 * 2 | 8 *5 6 *8 ¿-73 3-73 4-74" l- 7 r 2-75 3-75 4 -7 3 " 1-74 2-74' 3^74 8 *7 ^ 1 ,2 4 1 * 8 4-/5~ ----- -------------------------------------------- INITIAL CUyRTCT----------------------------------------------- PREPARED "bV hbDERAL RESERVE g ANR 0»- ST* 'LOUIS ~ JU N E 12 17, 1976 DEMAND AND PRODUCTION R A T I O SCALE QUARTERLY TOT AL S AT ANNUAL RATES R A T I O SCALE T R I L L I O N S OF D OL L A RS SEASONALLY ADJUSTED T R I L L I O N S OF DOL L ARS 1 . 8 1.7 1 . 6 1.5 1.4 1 .3 1 .2 1.1 1.7 1.6 1.5 1.4 1.3 1.2 1. 1 1.0 0.9 0.8 1968 1969 1970 1971 1972 1973 1974 1975 1976 SOURCEt U .S . DEPARTMENT OF COMMERCE U.6MP in CURRENT DOLLARS. I2.6HP IN 1972 DOLLARS. PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIODS INDICATED. LATEST DATA PLOTTEDi 1ST QUARTER PREPAREO BY FEDERAL RESERVE BANK OF ST. LOUIS 13 GENERAL PRICE INDEX* RATIO SCALE RATIO SCALE 1972-100 1968 1972-100 1969 1970 1971 1972 1973 1974 1975 1976 *AS USED IN NATIONAL INCOME ACCOUNTS SOURCE* 0.8. DEPARTMENT OF COM ERCE M PERCENTAGES ARE ANNUAL RATES OF CHANCE FOR PERIODS INDICATED. LATEST DATA PLOTTED. 1ST QUARTER PREPARED BY FEDERAL RESERVE BANK O ST. LOUIS F IM P L IC IT PR IC E DEFLATOR FOR GROSS NATIONAL PRODUCT __________ COMPOUNDED ANNUAL RATES OF CHANGE____________ 3-71 3-71 1972 « 100 IN IT IA L QUARTER TERMINAL QUARTE* I 4-71 1-72 2-72 3-72 4-72 1-73 2-73 3-73 4-73 1-74 2-74 3-74 4-74 1-75 2-75 3-75 4-75 \ ?•+ X 96.53 97.38 3 .5 3 .6 1-7* 4 .2 4 .7 5 . 8 ^ 9 8.76 2-72 3*9 4 .1 4 .3 . . ï \ 99.4 5 3-72 3 .6 3 .9 4 .0 3 .1 4— 72 3 .9 4 *0 1-73 4*3 2-73 4 .7 4 .8 H I 100.29 101.44 4 .2 3 .6 4 .0 4 .7 \ ^ 4 .6 4 .3 4 .8 5 .6 6 .5 \ . 5 .0 4 .9 5 .4 6 .1 6 .8 7 .2 7 .0 7 .3 7 . aN ^ 6 .9 7 .5 7 .8 8 .1 8*M - v ?• * 7 .9 8 .3 8.7 9 .3 9 .8 3-73 5 .0 5 .2 5 .4 5 .3 4-73 5 .3 5 .6 5*8 5 .8 6 .3 I- ? * 5 .7 6*0 6 .2 6 .3 6 .Ç _ V^/ . J / 0 103.04 104.84 V 106.73 109.01 ' 111.58 6 .? 6 .6 6 .7 7 .2 7 .7 8 .3 8*6 9 .0 9 .5 9 .9 3-74 6 .6 6 .8 7 .1 7 .3 7 .8 8 .3 8 .9 9 .3 9 .7 10.3 10.8 11.3 1 2 . 5 \ 4-74 7 .0 7 .3 7 .6 7 .Ç 8 .3 8 .9 9 .4 9 .8 10.3 10.9 11.4 O • M H \ l l . 4 70 1 0 .0 ^ ^ 12 .9 1 0 .4 1 0 .7 10.9 *-7* 9 .5 9 .4 8 .4 6 .0 9.1 9 .0 8 .1 6 .«4 5 .7 7 ..S L 127.21 8 .9 6 .8 8 .6 7 .8 6 .5 6 .1 7 .0 6 .8 129.33 8 .4 6 .3 8.1 7 .9 7 .1 5 .9 5 .5 5 .9 5 .2 3-73 4-73 1-74 2-74 3-74 4— 74 1-75 2-75 3-75 9 .2 9 .6 9 .9 7 .4 7 .5 7 .9 8 .4 8 .7 9 .0 9 .2 9 .5 9 .6 7 .4 7 .5 7 .9 8 .2 8.6 8 .8 9 .0 9 .2 9 .2 7 *1 7 .4 7 .5 7 .8 8 .1 8 .4 8 .6 8 .8 8 .9 6 .7 6 .9 7 .1 7 .2 7 .5 7.© 8 .1 8 .2 8 .3 2-71 3-71 4 -7 1 1-72 2 -72 3-72 4-72 1-73 2-73 7*6 2-75 6 .9 7*1 3— 75 6 .9 7*1 4-75 6 .9 1-7* IN IIIA L 125.04 3 .ò \ 130.49 4-75 QUARTER --- 123.74 10.5 8. a 7*4 121.45 11.2 8 .3 7 .1 117.70 1 3 .4 % - ^ 7 .8 7 .8 1-75 114.28 PREPARED BY FEDERAT. KkStRVE” BANK U K S I • LUU1S JUNE 17* 1V76 14 PERSONAL CONSUMPTION EXPENDITURES IN CURRENT DOLLARS ____________ COMPOUNDED ANNUAL RATES OF CHANGE_____________ TERMINAL QUARTER MItlifcS OP DOLLARS ANNUAL RATES IN IT IA L QUARTER 2-71 3-71 4-71 1-72 2-72 3-72 4-72 1-73 2-73 3-73 4-73 1-74 2-74 3-74 4— 74 1-75 2-75 3-75 4-75 674.1 6 .9 4-71 3-71 7 .4 ® f? 9 .7 2-72 9*3 3-72 687.1 7 .9 1-72 1 1 .4 7 05.9 10.1 11.2 7 2 4 .7 9 ,2 9 .7 10.3 9 .8 8 .5 4-72 9 .7 10.3 1 0 .9 10 .7 10.5 12.5 1-73 10.2 10.8 11 .3 11*3 1 1 .4 12.8 13.2 2-73 9 ,9 10.3 1 0 .7 10 .6 10.5 11.1 10.4 11*1 7 3 9 .7 761.8 7 8 5 .7 8 00.5 7 .8 818.4 3-73 9 .0 10.2 1 0 .5 1 0 .4 10.2 10.6 10.0 8 .5 9 .2 4-73 9 .4 9 .7 9 .9 9 .7 9 .4 9 .6 8 .9 7 .5 7 .4 5 .5 1-74 9 .4 9 .7 9 .9 9 .7 9 .5 9 .7 9 .1 8.1 8 .2 7 .7 10.0 8 29.5 849.5 877.8 2-74 9 .8 10.1 10.3 10.2 10.1 10.3 9 .9 9 .3 9 .7 9 .8 12.0 14.0 3-74 10.2 10 .4 1 0 .7 1 0 .6 10.5 10*8 10.5 10.1 10.6 10.9 12.8 14.2 14.3 4-74 9 .4 9 .6 9 .8 9 .6 9 .5 9 .6 9 .2 8 .6 8 .8 8 .7 9 .5 9 .3 7.1 0 .3 9 0 7 .7 9 0 8 .4 9 2 6 .4 1-75 9 .3 9 .5 9 .6 9 .5 9 .3 9 .4 9 .1 8 .6 8 .7 8 .6 9 .2 9 .1 7 .4 4 .2 8 .2 2-75 9 .4 9 .6 9 .7 9 .6 9 .5 9 .5 9 .2 8 .8 9 .0 8 .9 9 .5 9 .4 8 .3 6 .3 9 .4 1 0.7 3-75 9 .6 9 .7 9 .9 9 .7 9 .6 9 .7 9 .5 9 .1 9 .3 9 .3 9 .8 9 .8 9 .0 7 .7 10 ^3 1 1.3 4-75 9 .6 9 .7 9 .9 9 .8 9 .7 9 .8 9 .5 9 .2 9 .4 9 .4 9 .9 9 .8 9.2 8 .1 10.2 1 0 .9 1 1.0 10.0 1-76 9 .7 9 .9 10.0 9 .9 9 .8 9 .9 9 .7 9 .4 9 .6 9 .6 10.1 10.1 9 .5 8 .8 10.5 11.1 11.3 11.0 1 1 .9 2-71 3-71 4-71 1-72 2-72 3-72 4-72 1-73 2-73 3-73 4-73 1-74 2-74 3-74 4-74 1-75 2-75 3-75 4-75 950 .3 9 7 7 .4 1 1 .9 1*001.0 1 *0 29 .6 INITIAL OUARTtft PERSONAL CONSUMPTION EXPENDITURES IN CONSTANT 1972 DOLLARS ________________ COMPOUNDED ANNUAL KATES OF CHANGE_________________ B IL L IO N S oF DOLLARS ANNUAL RATES IN IT IA L QUARTER TERMINAL QUARTER 2-71 2t 71 4-71 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 1-75 2-75 3-75 4-75 693 .6 7 0 2 .3 3 .7 5 .1 1-72 *T 7 5 .9 6 .7 2 -7 2 5 .6 6 .7 7 .5 7 1 3 .7 728.1 8.3 3-72 5 .5 6 .3 6 .7 6 .8 5.3 4— 72 6 .0 6 .8 7 .2 7 .4 6 .9 8 .6 1-73 6 .2 6 .8 7 .2 7 .3 7 .0 7 .8 7 .1 2-73 5 .4 5 .9 6 .0 5.8 5 .2 5 .2 3 .6 3-73 5 .1 5 .4 5 .4 5.2 4 .6 4 .5 ? .l 1.2 2 .3 4-73 4 .1 4 .3 4 .2 3 .9 3 .2 2 .7 1 .3 -0*5 - 0 .9 - 3 .9 1-74 3 .6 3 .7 3 .6 3 .2 2 .5 2 .0 0 .8 - 0 .8 - l.l - 2 .7 2-74 _ 4-74 2 .4 3 .4 3 .5 3 .4 3 .0 2 .4 2 .0 0 .9 - 0 .3 - 0 .4 - 1 .3 0.1 1 .7 ?-74 3 .3 3 .4 3 .3 2 .9 2 .* 2 .0 1.1 0 .1 0 .1 - 0 .4 0 .8 1.9 2 .1 4-74 2 .4 2 .4 2 .2 1.8 1.1 0 .7 0 .3 .-1.3 - 1 .5 -2 .2 - 1 .8 -1 .9 - 3 .7 - 9 .2 737 .5 752.8 765.8 7 66.2 0 .2 770.5 762.8 - 1 .5 7 6 0 .0 763.2 767.2 7 4 8 .9 1-75 2 .4 2 .3 2 .1 1.8 1.2 0 .8 - 0 .0 -0 .9 - 1 .0 - 1 .6 -l.l - 1 .0 - 1 .9 - 3 .8 1.8 2-75 2 .6 2 .6 2 .4 2.1 1.6 1 .3 0 .6 -0.1 -0 .1 -0 .5 0 .1 0 .4 0.1 -0 .5 4 .1 6*4 3-75 2 .7 2 .7 2 .5 2 .3 1.8 1.5 0 .9 0 .3 0 .3 0 .1 0 .7 1.0 0 .9 0 .6 4 .4 5.2 4 .0 4-75 2 .8 2 .8 2 .6 2 .4 2 .0 1.7 1.2 0 .6 0 .7 0 .5 1.1 1.5 1 .4 1 .3 4 .1 4 .8 4 .0 4 .1 1-76 3 .0 3 .1 2 .9 2 .7 2 .4 2 .) 1 .7 1.2 1.3 1.2 1.8 2 .2 2 .3 2 .4 4 .8 5 .6 5 .3 6 .0 8 .0 2-71 3-71 4-71 1-72 2-72 3-72 4-72 1-73 2-73 3-73 4-73 1-74 2-74 3-74 4-74 1-75 2-75 3-75 4-75 In i t i a l 7 5 2 .3 764.1 7 7 1 .6 7 7 9 .4 794.5 ouarter EftEfrAftEb 6V fet£*AL ft£SEfeV6 ftAKK 6 r 5 T . LOUIS MAY 24* 1976 15 " GROSS PRIVATE DOMESTIC INVESTMENT IN CURRENT DOLLARS ____________ COMPOUNDED ANNUAL RATES OF CHANGE_____________ Ö IL L IÖ N S 'Ö F DOLLARS ANNUAL RATES IN IT IA L QUARTER TERMINAL QUARTER 2-71 3-71 3-71 4-71 1-72 2-72 3-72 4-72 1-73 2-73 3-73 4-73 1-74 2-74 3-74 4-74 1-75 2-75 3-75 4-75 0*5 161.0 4-71 5 .6 11 .4 1-72 13.4 20.5 3 0 .3 2-72 15.0 2 0 .3 2 5 .0 1 9 .9 14.6 18.6 2 1 .2 16.8 13 .9 4-72 15.8 < M • H 2 1 .2 1 8 .4 1 7 .6 21.4 1-73 17.0 2 0 .0 2 1 .8 19.6 19.8 22.8 24.3 2-73 16.2 18.6 1 9 .9 17 .9 1 7 .4 18.6 17.2 3-72 165.4 176.7 184.9 191.0 200.5 2 11 .7 10.6 217.1 3-73 15.2 17.2 18.1 16.2 1 5 .4 15.8 14.0 9.2 7 .8 4-73 15.8 17.6 1 8 .4 1 6 .8 1 6 .3 16.8 15.7 12 .9 14.1 1-74 11.8 13.0 13 .1 11.2 1 0 .0 9 .3 7.1 3.2 0 .8 221.2 20.8 231.9 - 2 .5 -21.3 2 16.4 2-74 9 .8 10.7 1 0 .6 8 .6 7 .3 6 .3 4 .0 0 .4 - 2 .0 - 5 .1 -1 5 .9 -1 0 .0 3-74 8 .2 8 .8 6 .6 6 .7 5 .3 4 .3 2 .0 -1 .3 -3 .5 -6 .1 -1 3 .7 - 9 .6 - 9 .3 4-74 8 .0 8 .6 8 .3 6 .5 5 .3 4 .4 2 .4 « 0 .4 -2.1 - 4 .0 - 4 .9 -2 .2 1-75 1 .3 1 .3 0 .6 - 1 .5 - 3 .3 -4 .8 - 9 .3 2 12.7 20 7 .6 5 .3 210 .3 -7 .4 -1 0 .7 -13.4 -1 6 .5 -2 2 .5 -2 2 .8 -2 6 .6 -3 4 .0 -5 8 .6 166.7 - 8 .3 -11 .4 -13.8 -16 .5 -2 1 .5 -2 1 .5 -24.1 -2 8 .5 -4 1 .1 -16.2 161.4 2-75 0 .1 0 .1 - 0 .7 - 2 .7 - 4 .4 -5 .9 3-75 4 .6 4 .9 4 .5 2 .8 1.6 0 .7 -1 .0 - 3 .3 - 4 .7 - 6 .1 - 9 .5 - 7 .3 - 6 .8 - 6 .1 — 9«*6 33.5 112.6 4-75 5 .6 5 .9 5 .6 4 .1 3 .0 2 .3 0 .8 -1.1 -2 .2 - 3 .2 - 5 .9 - 3 .4 - 2 .3 -0 .8 - 2 .3 30.0 6 2 .0 2 3 .4 1-76 6 .0 8 .5 8 .3 7 .1 6 .3 5 .7 4 .6 3 .1 2 .5 2 .0 0 .1 3 .1 5 .1 7 .8 8 .2 37.6 6 2 .4 4 1 .9 6 3 .3 2-71 3— 71 4-71 1-72 2-72 3-72 4-72 1-73 2-73 3-73 4-73 1-74 2-74 3-74 4-74 1-75 2-75 3-75 4-75 194.9 205.4 GROSS PRIVATE DOMESTIC INVESTMENT IN CONSTANT 1972 DOLLARS ______________ COMPOUNDED ANNUAL RATES OF CHANGE___________________ BRITONS OF DOLLARS ANNUAL (UTES IN IT IA L QUARTER TERMINAL QUARTER 2-71 3-71 4-71 1-72 2-72 3-72 4-72 1-73 2-73 3-73 4-73 232.2 1-74 2-74 3-74 4-74 1-75 2-75 3-75 4-75 - 3 .3 167.0 4-71 1 .5 6 .6 1 69.7 1-72 6 *6 . 15.0 2 4 .1 2-72 10.6 15,6 2 0 .4 16.8 3-72 10.2 1 3 .9 1 6 .4 12.8 8 .9 4-72 11.2 1 4 .4 1 6 .4 14.0 1 2 .6 16.5 3-71 179.1 186.2 190.2 197.6 2 0 5 .0 1-73 11.9 14.6 1 6 .3 14.5 1 3 .7 16.2 15.8 2-73 10.6 12.8 1 3 .8 11.9 1 0.7 11.3 8.8 2 .2 3-73 9 .4 11.1 1 1 .7 9 .8 8 .4 8 .3 5 .7 1 .0 4-73 9 .8 11.3 1 1 .9 10.3 9 .2 9 .3 7 .6 5 .0 6 .4 1-74 5 .7 6 .6 6 .6 4 .6 2 .9 2 .0 - 0 .7 -4 .4 — .5 6 2-74 3 .0 3 .5 3 .2 1.2 — .6 0 -1 .9 - 4 .7 - 8 .4 -10.8 -14 .1 - 2 5 .3 -2 2 .5 163.8 206.1 206.0 -0 .2 13.4 2 12.6 — .6 — 7 .9 9 2 195.9 3-74 0 .9 1 .2 0 .7 - 1 .3 - 3 .2 - 4 .6 -7 .3 -10.6 -13.0 -1 5 .9 -2 3 .9 -2 1 .8 -21.1 173.2 4-74 - 0 .3 - 0 .0 — .6 0 - 2 .5 - 4 .3 -5 .6 -8.1 -11.1 -13.1 - 1 5 .5 -2 1 .5 -1 9 .2 -17 .5 -13.8 166.9 1-75 — .7 6 - 7 .0 6 - 7 .9 -1 0 .2 -1 2 .3 -14.2 -17.1 -20.5 -2 3 .3 - 2 6 .5 - 3 2 .7 -33 .8 -3 7 .2 -4 3 .9 — 3 .5 2-75 - 7 .3 - 7 .6 - 8 .6 - 1 0 .7 -1 2 .6 - 1 4 .4 -1 7 .0 -2 0 .0 -2 2 .4 -2 5 .1 -3 0 .2 -3 0 .6 -3 2 .5 -35 .9 - 4 4 .7 -16.2 3-75 - 3 .0 - 3 .0 - 3 .6 - 5 .3 - 6 .9 15 -8.1 -1 0 .0 -12.3 -13.7 - 1 5 .3 -18.8 -17.1 -1 6 .0 -1 4 .7 — «»0 4-75 - 2 .3 - 2 .3 - 2 .8 - 4 . 4 - 5 .7 -6 .8 1-76 - 8 .5 -10 .4 -11.6 -1 2 .8 -1 5 .6 -1 3 .7 -12.1 -10.2 - 9 .3 129.7 124.1 151.4 2 2 .9 48.8 10.1 2 9 .4 5 2 .0 3-75 4-75 — .0 0 0 .1 - 0 .2 - 1 .6 - 2 .7 -3 ,5 - 4 .9 - 6 .4 -7.1 - 7 .8 - 9 .9 - 7 .4 — .0 5 - 2 .0 0 .6 2 9 .6 49 .9 2-71 3-71 4-71 1-72 2-72 3-72 4-72 1-73 2-73 3-73 4-73 1-74 2-74 3-74 4-74 1-75 2-75 147.8 29 .9 101.2 166.1 INITIAL QUARTER t>R£PAftED W MAY 24* 1976 16 « D C A a L ftfeSfcftVE bank üf St. L ö u U GOVERNMENT PURCHASES OF GOODS AND S E R V IC ES IN CURRENT DOLLARS COMPOUNDED ANNUAL RATES OF CHANGE ___________ INITIAL QUARTER r&m iHAL ..fell. 3-71 4-71 1-72 2-72 3-72 2-73 3-73 4-73 1-74 2-74 3-74 4-74 1-75 2-75 3-75 4-75 235.5 239.6 7.5 16.6 8*9 9.8 3.4 7** 7.4 7*5 3.2 3.1 «.0 ♦-72 11.8 8*7 .. 7.1 10.5 * r lZ 1-73 T t8 r a r il . 4-72 B I C L T W S OF ' DOLLARS ANNUAL RATES 8.0 8.2 5.5 6.6 10.2 249.0 251.1 253.0 259.2 265.7 8.3 8*4 8.6 6.7 7.8 10.3 10.4 7.2 lr73 7.1 7.1 5.3 5*8 6*7 ?.l 0.0 . 7.1 5.5 6.0 6.7 5.6 3.3 265.7 270,0 *-73 7^2. V-73 jp t 7.7 7.8 6.6 7.1 8.0 7.4 6,4 9.8 13,0 «•3 8.3 8.4 7 .5 8 .0 8 .9 8 .6 8 .2 1 1 .1 1 3 ,4 1 3 .7 2^74 8 .7 8 .7 8 .9 8 .1 8 *7 9^5 9 .4 9 .2 1 1 .6 1 3 .3 1 3 .4 9 .9 6.6 278.4 2 8 7 .5 1 3 .1 2 9 6 .5 3 0 5 .9 9*1 9 .3 8 .6 9 .2 1 0 .0 9 .8 1 1 .9 1 3 .3 1 3 ,4 1 3 .2 9*3 9 .5 8 .9 9 .4 1 0 .1 1 0 .1 1 0 ,1 1 1 .9 1 3 .0 1 2 .9 1 2 .7 1 2 .4 1 1 .6 9 .2 9 .3 9 .4 8 .9 9 .4 1 0 .0 1 0 .0 9 .9 1 1 .4 1 2 .3 1 2 .1 1 1 .7 1 1 .3 1 0 .3 8 .9 2 -7 5 8 .9 8 .9 9 .1 8 .5 8 .9 9 .5 9 .4 9 .3 1 0 .5 1 1 .1 1 0 .6 1 0 .2 9 .5 8 .3 6 .7 3^7i 9 .1 9 .1 9 .3 8*8 9 .2 9f 7 9 ,7 9 ,6 1 0 .7 11*2 1 1 .0 1 0 .5 1 0 .0 9 .2 8^4 8 ,2 1 2 .1 4 -7 5 9 .3 9 .4 9 .5 9 .1 9 .5 1 0 .0 1 0 .0 9 ,9 1 1 .0 1 1 .5 1 1 .3 1 0 .9 10*6 1 0 .1 9 ,7 9 ,9 1 2 .8 1 3 .4 1 -7 6 9 .1 9 .1 9 .3 8 .8 9 .2 9 .6 9 .6 9 ,5 1 0 ,4 1 0 .8 1 0 .6 1 0 .2 9 .8 9 .2 8 ,8 8 .7 1 0 .2 9 .2 5 .2 2 -7 1 3 -7 1 4 -7 1 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 3 -7 4 4 -7 4 1 -7 5 2 -7 5 3 -7 5 4 -7 5 * t74 9*0 . * -? 4 9*2 1— 75 . 1 3 .3 3 1 4 .4 3 2 1 .2 4 .4 3 2 4 .7 3 3 4 .1 3 4 4 .8 3 4 9 .2 INITIAL OUAKTEir GOVERNMENT PURCHASES OF GOOOS AND SER VIC ES IN CONSTANT 1972 DOLLARS COMPOUNDED ANNUAL RATES OF CHANGE TERMINAL QUARTER 3-71 *-7 ! 4-71 .. 4-71 1-72 2-72 3-72 4-72 1-73 2-73 3-73 4-73 DOLLARS ANNUAL Ra T e s 1-74 2-74 3-74 4-74 1-75 2-75 3-75 4-75 250.5 6 ,1 .*•4 1-72 . BILLIONS OF IN IT IA L QUARTER 0 ,8 ?• * 2 5 1 .0 254.1 5 .0 2-72 2 .6 1 .4 1 .8 - 1 .4 3-72 1 .7 0 .6 0 .5 - 1 .6 - 1 .9 4-72 1 .7 0 .9 0 .9 - 0 .5 0 .0 253.2 2 5 2 .0 1 .9 253.2 1-73 1 .8 1.1 1 .2 0 .2 0 .8 2 .2 2 .4 2-73 0 .7 0 .0 - 0 .1 - 1 .1 - 1 .1 - 0 .8 -2 .1 - 6 .4 3-73 0 ,8 0 .1 0 .0 - 0 .8 — .7 0 - 0 .4 - 1 .1 - 2 .8 1.0 2 54.7 250 .5 251.1 4-73 1 .1 0 .5 0 .5 -0 .1 0 .1 0 .5 0 .1 -0 ,6 2 .4 3.9 lr-74 >•1 0 .6 0 .5 - 0 .0 0 .2 0 .5 0 .3 - 0 .3 1.9 2.3 0 .6 2-74 1.1 0 .6 0 .6 0 .2 0 .4 0 .7 0 .5 0 .1 1.8 2 .1 1.2 253.5 254.0 1.6 255.0 3-74 1 .0 0 .6 0 .5 0.1 0 .3 0 .5 0 .3 0 .0 1.3 1.4 0 .6 0 .6 - 0 .5 4-74 0 ,8 0 .4 0 .3 - 0 .1 0 .1 0 .3 0.1 -0.2 0 .8 0 .8 0 .0 -0.2 -1 .1 - 1 .7 1-75 0 .9 0 .5 0 .5 G .l 0 .3 0 .5 0 .3 0 .1 1.0 1.1 0 .5 0 .4 0 .1 0 .3 0 .3 0 .0 0 .4 0 .3 254.7 2 5 3 .6 2 .4 255.1 2-75 0 .8 0 .5 0 .4 0 .1 0 .2 0 .4 0 .9 0 .9 - 0 .0 0 .1 1 .0 3-75 1*1 0 .8 0 .8 0 .5 0 .7 0 .9 0 .6 0 .6 1 .4 1.5 1.2 1.2 1.2 1 .6 2*7 2 .8 6.1 4-75 1 .3 1 .0 1 .0 0 .8 0 .9 1.2 1.1 1.0 1 .7 1.8 1.6 1.7 1.7 2 .2 3 .2 3 .4 5 .3 4 .6 1-76 1 .2 1 .0 1 .0 0 .7 0 .9 1 .1 1 .0 0 .9 1 .6 1.7 1.4 1.5 1.5 1 .8 2 .5 2 .6 3 .6 2 .3 0 .2 2-71 3-71 4-71 1-72 2-72 3-72 4-72 1-73 2-73 3-73 4-73 1-74 2-74 3-74 4—74 1-75 2-75 3-75 4-75 — .3 0 2 54.9 2 5 8 .7 261.6 2 6 1 .7 IN IT IA L QUARTER PREPARED BY FEDERAL RESERVE BANK OF S t . MAY 2 4 , 1976 17 LOUIS DISPOSABLE PERSONAL INCOME IN CURRENT DOLLARS _______COHPOUNDED ANNUAL RATES OF CHANGE_________ TERMINAL QUARTER " BILLIONS OF I N IT IA L QUARTER 2— 71 3-71 4— 71 1-72 2-72 3-72 4-72 1-73 2-73 3-73 4-73 d o llars 1-74 2-74 3-71 5 .2 1-72 6 f3 7 .3 7 .0 7 .5 7 .8 8 #4 8 .2 1 0 ,1 9 .4 1 0 .3 1 0 .8 13#1 16.2 1-73 9 .4 1 0 .3 1 1 .2 11.8 1 3 .7 15.5 14.9 2-73 9 ,8 1 0 .6 1 1 .3 1 1 .9 1 3 .3 14.4 1 3 .5 12.1 3-73 9 .8 1 0 .5 U .2 1 1 .6 13.4 1 2 .5 11.3 10.4 4-73 },Q.o 1 0 .7 1 1 .3 1 1 .7 1 2 .6 13,1 1 2 .3 11.4 11.1 11.8 1-74 9 .7 10.2 1 0 .7 1 0 .9 1 1 .6 11.9 11.0 10.1 9 .4 8 .9 6 .0 2-74 9 .4 9 .8 1 0 .2 1 0 .4 10 .9 11.0 10.2 ? .3 8 .6 8 .0 6 .1 6 .2 9 .0 8 .1 9 .1 12.1 8 .8 8 .1 8 .8 10.1 ANNUAL k k U t 4-75 6 .3 7 .1 3-75 8 .6 6 .3 2-75 6 .0 2-72 1-75 4 .3 4-r71 3-74 . 4-74 4-72 7 48.1 759.1 7 7 5 .0 7 8 7 .0 8 06.2 83 7 .0 86 6 .6 8 9 1 .7 914 .1 9 39.9 953.8 968.2 3-74 9 .6 1 0 .0 1 0 .4 1 0 .6 1 1 .0 11.2 10.5 9 .7 9 .3 ^— 74 9 .5 9 .9 10 .2 1 0 .3 1 0 .8 10.8 10 .2 9 .5 9 .1 1-75 9 .0 9 .4 9 .6 9 .7 1 0 ,0 10.0 9 .4 8 .2 7 .9 7 .1 7 .4 7 .8 5 .6 3 .2 10 .8 1 1 .2 11*3 10.8 10.4 10.1 10.1 9 .8 10.6 1 1 .7 11.6 1 3 .4 2-75 9 .9 10.3 1 0 .6 9 9 6 .3 8 .1 1 «015.9 1*0 24 .0 2 4 .5 1 *0 81 .7 3-75 9 .5 9 .8 10 .1 10.2 10.5 10.5 10.0 9 .5 9 .2 9 .1 8 .7 9 .1 9 .7 9 .1 9*5 12.7 2 .0 4-75 9 .5 9 .8 1 0 .1 10 .2 1 0 .4 10.5 10.0 9 .6 9 .3 9 .2 8 .9 9 .3 9 .8 9 .3 9 .7 1 1 .9 6.1 10 .3 1-76 9 .5 9 .8 1 0 .1 10.1 1 0 .4 10.4 10.0 9 .6 9 .4 9 .3 9 .0 9 .4 9 .8 9 .4 9 .7 1 1 .4 7 .3 10.1 9 .9 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 >-74 1-75 2-75 3-75 4-75 1 »087.1 1*1 14 .0 1*1 40 .7 INITIAL QUARTER' DISPO SABLE PERSONAL INCOHE IN CONSTANT 1972 DOLLARS ________COMPOUNDED ANNUAL RATES OF CHANGE________________ INITIAL QUARTER TeUUNAL *-7* . J-71 3-71 4-71 1-72 2-?2 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 BILLIONS O r DOLLARS ANNUAL RATES 769.9 0.0 ¿.6 3.2 Irr7Z . ?f4 , 3.6 ... * s U , . _ ZrZZ .. 2.7 . 3-72 3.5 6^72 775.9 4.1 783.7 3.6 3.9 3.6 4.4 4.8 5.2 6,7 6.6 7.5 9** 12.2 790.7 803.7 827.1 1t 73 5.4 ?•? 6.4 7.0 7.8 9.2 10.4 S-73 5.3 6 .1 6.6 7.1 7.9 8.3. M l 5.1 5.7 6 .1 6.4 ?!> > < 7.1 5.5 3.8 3.4 4.7 5.3 5.5 5.7 6 .1 6.Q 4.5 3.1 2.5 1.6 3.8 4.2 4.3 4.3 4.5 4.1 2.5 1.0 -0.0 -1.7 -5.0 2-74 3.0 3.3 3.3 3.2 3.2 2.7 1.2 Ti>.3 -1.4 -2.9 -5.1 -5.3 >74 2.8 3.0 3.0 2.9 2.8 2.4 1.0 -0.2 -1 .1 -2.2 -3.4 -2.6 0.1 4-74 2 f4 2.6 2.6 2.4 2.3 1.9 0.6 -0.5 -1.2 -2.2 -3.1 -2.4 - 1.0 -2 .1 1^75 2 .1 2.2 2.2 2,0 1.9 1.4 0.2 -0.8 -1.5 -2.3 -3.0 -2.5 -1.6 -2.5 -2.8 2-75. 3.1 3.3 3.3 3.3 3.2 2.9 2.0 1.3 1.0 0.6 0.4 1.5 3.3 4.4 7.8 2.6 ..... . 8.7 844.6 4.3 853.5 860.7 864.2 853.3 841.8 842.0 837.6 831.6 19.7 869.8 3-75 2.6 2.8 2,7 2.6 2.2 1.4 0.6 0.2 -0 .1 -0.4 0.4 1.6 1.9 3*3 6.5 -5.2 4-75 2.7 2.8 2.8 2.7 2.7 2.4 1 .6 1.0 0.6 0.3 0.2 0.9 2.0 2.4 3.5 5.8 -0.6 4.3 1-76 2.9 3.0 3.0 2.9 2.9 2.6 1.9 1.4 1 .1 0.9 0.8 1.6 2.6 3.0 4.1 5.9 1.6 5.2 6.1 2-71 3-71 4-71 1-72 2-72 3-72 4 -72 1-73 2 -73 3 -7 3 4— 73 1-74 2-74 3-74 4— 74 1-75 2-75 3-75 4-75 INITIAL ÔUÀATËR 858.2 867.3 ‘ W É tA fc Ê tT B V F e ö e ra l RESERVE Bank OF S t . HAY 24« 1976 18 880.3 lo u i s CORPORATE PROFITS AFTER TAXES * COMPOUNDED ANNUAL RATES OF CHANGE TERMINAL QUARTER .2-71 IN IT IA L QUARTER 3-71 3-71 24-5 24-2 24.2 2-72 3-72 *»72 1-73 2-73 3-73 *-73 1-74 2-7* 3-7* *-7 * 1-75 2-75 3-75 4-75 2 4 .9 1^7? 1-72 24.2 4r-71 4-71 B IL L IO N S OF DOLLARS ANNUÀL RATES 4 5 .5 *«-1 50-7 2âi,4 2-72 21.3 2 0 .4 18«.2 13.2 3-72 2 1 .5 2 0 .9 19.»6 17 .7 2 2 .3 *-72 25 .2 2 5 .4 2 5 .6 2 6 .3 33 a* 4 5 .4 1-73 2 9 .2 30.1 31<»1 33.1 4 0 .5 5 0 .6 5 6 .0 52-3 55-0 6Ô-* 6 7 .5 69.1 2-73 2 6 .6 2 7 .0 27<,3 2641 32.1 35 .6 3 0 .9 9 .8 3-73 22-5 22-2 ?1 1 21-6 23-* 2^-6 17-1 1.5 -6-2 4«t73 21.fi 21.5 21 « ,1 2 0 .7 2 2 .0 2 2 .0 16.7 6 .0 4 .1 6A-Ô 70-5 15.5 78-9 1-7* 24 .6 2 4 .6 24<> 6 2 4 .7 24 .5 2 7 .2 2 3 .8 16.9 19.3 34-6 56-9 2V7* 2 1 .4 2 1 .1 2Qi> 8 2 0 .5 2 1 .4 2 1 .3 17*7 1 1 .2 11 .6 18.2 1 9 .6 -8 .8 3-74 2 4 .3 24 .3 24<,3 2 4 .3 2 5 .* 26 .1 23.5 18.8 2 0 .7 ? 8 .5 33.2 2 2 .7 65.1 8 7 .* 4-74 17.0 16.5 15..8 15.1 15 .3 14.6 11.2 6-0 5 .3 7 .8 6 .0 -7 .0 -6 .1 -46.6 7*. 7 1-75 9 .0 a .o 5 .5 4 .9 3 .3 - 0 .6 — .0 6 - 8 .1 -8-4 -1 2 .6 - 2 * .5 -2 9 .1 -53.5 - 5 9 .5 2-75 11.5 10.7 8 .8 8 .4 7 .2 4 .0 - 0 .6 - 1 .8 - 1 .2 Ÿ, r7 77-1 - 3 .7 -12.7 -13.6 -30 .4 - 2 0 .5 59-6 6 6 .6 5 5 .9 7 8 .8 3-75 15.3 14.7 14.»1 13 .4 13^4 12.7 10.2 6 .4 6 .0 7 .6 6 .6 -0 .1 1.8 -9 .8 7 .4 7 4 .8 9 6 .0 *-7 5 14.7 14.2 13.5 12.9 12.9 12.2 9 .8 6 .3 6 .p 7 .4 6 .5 0 .7 2 .* -6 .9 7 .0 4 7 .8 4 3 .9 5 .7 1-76 15.6 15.1 14 .6 14.0 14.1 13.5 11.4 8 .3 8 .1 9 .7 9*1 4 .2 6 .2 -1 .3 1 1 .6 4 3 .8 4 0 .0 1 8 .3 3 2 .* 2-71 3-71 4-71 1-72 2-72 3-72 4-72 1-73 2-73 3-73 4-73 1-74 2-7* 3-74 4-74 1-75 2-75 3-75 4-75 79-9 8 5 .7 IN IT IA L QUARTER * NATIONAL INCOME B A S IS PREPARED BY FEOERAL RESERVE BANK OF ST* LOUIS JUNE 18» 1976 SOURCES OF DATA National Income and Product Accounts Data Source: National Income and Wealth Division, Bureau of Economic Analysis, U.S. Department of Commerce, Washington, D. C. 20230 An article describing the revisions and the set of seasonally adjusted quarterly information for the post World War II period has appeared in the January 1976 Survey of Current Business, published in two parts. Additional annual detail and estimates for 1929-45 will be published in a subsequent volume. 19 _ I NVE NT OR I E S COMPARED WI T H MONTHLY S A L E S * .76 .72 .6 8 .64 .60 .56 .52 .48 .44 .40 «RATIOS BASED ON SEASONALLY ADJUSTED DATA. SOURCEt U.S.DEPARTMENT OF COMMERCE SHADED AREAS REPRESENT PERIODS OF BUSINESS RECESSIONS AS DEFINED BY THE NATIONAL BUREAU OF ECONOMIC RESEARCH. LATEST DATA PLOTTED) APRIL PRELIMINARY PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 20
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