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n m i o n m Economic m n o s
PREPARED BY FEDERAL RESERVE B A N K O F ST. LOUIS

M O N T H ENDlMii

M a y 31, 1981

RELEASED:

June 30, 1981

Productivity has risen since the 1980 trough in real G N P , but its performance
has been poor in comparison to the past. The nation's output of goods and services has
increased at a 4.9 pereSfft knaiwtbj*&te since the second quarter of 1980. This growth has
exceeded the 1.3 percent rate of eicpansion of civilian employment, so that real G N P per
worker has risen at a 3.5 percent rate. A rebound in productivity is typical of periods
following business recessions. Indeed, from World War II to 1973, these rebounds were
strong enough to restore productivity to the level implied by preceding trend growth.
Since 1973, however, this has not been the case.
In the first quarter of this year, real G N P per worker recovered the prior peak
level attained two years earlier. But this measure of productivity had risen at only a 0.4
percent rate from its prior cyclical peak, in the first quarter of 1973, to the first quarter
of 1979. As a result, real G N P per worker in the first quarter was only 3.3 percent higher
than the level achieved eight years earlier. In contrast, over the 20-year period ending in
early 1973, this measure of productivity rose at a trend rate of 2.0 percent each year. In
addition, the recent cyclical rebound in productivity has been weak when compared to the
initial three quarters of prior expansions. During the first three quarters of expansion
from the trough of the 1973-75 recession, G N P per civilian worker rose at a 4.3 percent
rate. The average rate of expansion during the first three quarters for earlier postwar
recessions was 6.5 percent.
Productivity as measured by output per hour in the private business sector has
shown the same dismal performance in the recent expansion and over the last eight years
as G N P per worker. The growth rates of output per hour are lower than those for output
per worker because of a secular tendency for hours per worker to decline. In addition,
cyclical movements in hours per worker amplify those of output per hour so that output
per worker exhibits greater declines during recessions and larger rebounds during the
early phase of an expansion. Despite growth at a 1.5 percent rate since the cyclical
trough in the second quarter of last year, output per hour has not regained its peak
achieved in the third quarter of 1977. Moreover, it expanded at only a 1.2 percent rate
between the cyclical peaks in the first quarter of 1973 and the third quarter of 1977. The
trend growth in this measure over the prior 20 years was 2.8 percent per year, in contrast
to the 0.6 percent rate achieved over the past eight years.
Since 1973, the pattern of productivity growth has diverged from past trend
and cyclical movements. The dominant factor has been the sharp increase in the price of
energy resources in 1973-74 and 1979-81 that rendered some productive capacity
economically obsolete. Higher energy costs lowered the value of the productivity of
existing capital without lowering its replacement cost. Consequently, investment in plant
and equipment slowed temporarily, contributing to a slower pace of productivity growth
than would have been expected due to cyclical factors alone.




TOTAL C IV IL IA N EMPLOYMENT
COMPOUNDED ANNUAL RATES OF CHANGE
T E R M IN A L
M ON TH

OF

10-79

11-79

12-79

1-80

IN IT IA L
PERSO NS
2-80

M ON TH

3-80

THO USAND S

4-80

5^80

6=80

11-79

078

12-79

272

375

1-8 0

1.1

T73

-0 .9

2-80

1*2

1 .3

0 .2

1 .3

0 .4

- 0 .6

- 0 .5

-2 *3

=<TT7

= T77

= 776

= 575

- 4 .8

- 0 .8

- 1 .6

- 1 .8

- 2 .8

- 3 .1

- 1 .3

- 1 ,3

-¿ * o

-¿ * 3 “ -5*1

- 3 .4

- ¿ * 7 - - 4 . 1 -------------------------------------

3-80

0 *5

4-05

= 774

5-80

-0 *6

—6^50----- 7 -8 6

7=80

8=80

$-80

16-80

11-80

f= 8 l

2^81

5=51

4^81

1.0

' " 9 f t 781

97*765“
9 7 ,8 1 7
9 7 ,6 2 8
$ 7 ,2 2 5
9 7 ,1 1 6 “

----------

—

-W T 7ÎZ T -"

= 7 ^ — =775— =T7*— =T75— =770— =175— =7)79— =777------2 7 7 ~

8 -6 0

-6 *5

-6 *7

-1 *5

= 175“

-1 *7

-

1*5

-6 *7

9-80

=073

=774

=775

=775

=T71

=(375

=771

16 -8 6-------=77?— =775— =777— =777

=779

-6 * 7 — =777-------- 777------- T73-------575------- 171—

11-80

^ÔTT

= 772

= 775

= 775

= 777

= 774

177

T77“

12-80

-7 7 1

-7 7 2

-7 7 5

-7 7 5

=777

=775

771

773

T77

777

779

77*

775

=777

1-81

0 *2

0 *2

-0 *1

- 0 *0

-0 *1

0 *1

0 *6

0 *9

1 .6

1 .4

1 .7

1 .6

2 .0

2 .2

2-81

0 .4

0 .3

0 .1

0 .2

0 .1

0 *3

0 *9

1 *1

1 *8

1 *6

1*9

1 .9

2 .2

2 .4

4 .0

2 .9

3 -8 1

577------- 077

075

076

076

Ö7ö

T73

T76

271

777

77?

776

577

573

477

471

7 -8 rT 7 1
~ 5 -8 l

12-80

' 9 7 *?»0 T

T71-------------- 77$
F77

10-79

172
11-79

T7Ô
12-79

777

- 6 * 5 ----- 1 7 4 -----7 7 7 “

¡372

T77

57?

T7*

"77?

F71

TT*

“ 9 7 V 3 ‘5 ^ _
9 7 ,2 8 2
5 .2

9 7 *6 9 6 '
9 7 ,9 2 7

671

9 8 ,4 1 2

T77

F75-------- 175-------771------- 777-------777------- 571------- 572-------377-------571------- 573-------573-------S76------- 7 7 T

Ï7 2

Î7 4

T79

272

778

778

371

372

1-80

2-80

3-80

4-80

5-80

6-80

7-80

8-80

9-80

CO M PO U N D ED

1-80

2-80

3-80

4-80

5-80

579

479

475

§7 s

571

10-80

11-80

12-80

1-81

2-81

3-81

^ 5 ,9 7 6
577"

“ W ,7 3 5 ~

4-61

E M P L O Y M E N T _____________

ANNUAL

6-80

576

M O N TH

IN IT IA L
12-79

~$7727*~

1715

______________ P A Y R O L L

11-79

9 7 ,1 0 0

T7T~

Î7 7

IN IT IA L

T E R M IN A L
M O N TH
10-79

------------------------------------------------- $ 7 , 7 7 : 5 ~

T7I

RATES

OF

CHANGE
THO USAND S
OF P E R S O N S

M O N TH

7-80

8-80

9-80

10-80

11-80

12-80

1-81

2-81

3-81

4-81
9 0 ,5 5 2

11-79

1 ,5

12-79

1 ,6

1 *7

1-80

2 *6

3 *2

4 *8

2-80

2 *5

2 *8

3 *4

3-80

1 *9

2 *0

2 *1

0 *7

-0 *6

4-80

1 *1

1 *1

0 *9

-0 *4

-1 *5

-2 *5

5-80

0 *1

-0 *2

-0 *6

-1 *8

-3 *1

-4 *4

-6 *2

6-80

-0 *7

-1 *0

-1 *4

-2 *6

-3 *7

-4 *7

-5 *8

-5 *4

7-80

-0 *8

-1 *1

-1 *3 "

- ¿*1

-3 *4

-4 *1

-4 *7

-3 *$

- ¿.4

8-80

-0 *4

-0 *6

-0 *9

-1 *7

-2 *3

-¿*6

-2 *6

-1 *4

0 .6

-0 *4

-1 *1

-1 *5

-1 *7

-1 *5

-0 *3

1 *5

9 0 ,6 7 8
9 1 ,0 3 1
9 1 ,1 8 6

2 *1

9 1 ,1 4 4
$ 6 ,9 5 1
9 0 ,4 6 5

9-80

-0 *1

-0 *2

10-80

0 *3

0*2

0 *0

-7 *5

-0 *8

-0 *8

-0 *^

0.6

11-80

0 *5

0 *5

0*3

-0 *1

-0 *3

-0 *3

0*0

1 *1

12-80

0 *6

0 *6

0 *5

0 *1

-0 *1

-0 *0

0 *3

1 *2

9 0 ,0 4 7
“
'

9 6 ,1 4 2

3 *7

9 0 ,3 5 4

3 *5

3 *3

2 *2

3*8

3 *8

4 .4

2 *5

3 *7

3*7

3 .9

3 .4

2 *4

3*4

3 *3

3 .3

2 .H
3 .4

3 .5

4 .Ö

"3 7 1 "

3 .5

2 .3

"9 7 7 7 1 7 “
9 0 ,9 6 1
2 .2

9 1 ,1 2 5

1-81

0*9

0 *9

0 *8

0 *5

0*4

0 *4

0 *8

1*7

7 .7 _

3*6

3*6

3.7

7-sl

1 *0

1 *0

0 *9

0 *6

0 *5

0 *6

0 *9

1*7

2 *7

3*4

3*4

3 .4

3 .1

3-81

1 *0

1 *0

0 *9

0 *6

0 *5

0*6

0 *9

1 *6

2*5

3*1

3 *0

2 .$

2 .7

275

¿ .6

1.5

4-81

0 *8

0 *7

0 *7

0 *4

0*3

0 *4

0 *6

1*2

1 *9

2 *4

"2 .5 “

2.1

1 .7

1 .4

1.2

0 .0

-1.1

-2 *8

5-81

0*7

0 *7

0 *6

0*4

0*3

0 *3

0 *5

1*1

1 *7

2 *1

2 .0

1 .8

1 .4

1 .1

0 .9

- 0 .0

- 0 .8

-1 *5

-0 *2

10-79

11-79

12-79

1-80

2-80

3-80

*-8 0

5-80

6-80

7 -ttO

8-80

9-80

10-80

1 1-80

12-80

1-81

2-81

3-81

4-81

"

IN IT IA L

P - PRELIMINARY




7 $ , 847 ~

_ $ I7 * 5 T

$r," 6$ 2~
0 .7

$ 1 ,7 6 5
$T74$7P~
"9 1 ,4 7 4 ^

M O N TH

__________________ _________ ________________________________________________________________________________
PREPARED *Y FEOERAL RESERVE BANK OF S T . LOUIS
JUNE 5 , 1981
---

2

EM PLO YM EN T
RATIO

RATIO SCALE
MILLIONS OF PERSONS

SCALE

M ILLIO N S

OF

PERSONS

S EASONALLY ADJ USTED

I 10

105
100

95
90
85

80

75

70

65
SOURCEt U . S . D E P A R T M E N T OF L A B O R
P E R C E N T A G E S AR E A N N U A L R A T E S OF C H A N C E F O R P E R I 0 0 S INOICATEO.
L A T E S T D A t A PLOT T E D « M A Y P R E L I M I N A R Y
ST. L O U I S

UN EM PLO YM EN T

PERCENT




SEASONALLY

RATE

ADJ USTED

PERCENT
1 KO

10. C

9. (

8. (

6. (

5. (

4 ♦(

3 ♦(
SOURCE« U.3
P E R C E N T OF C I V I L I A N L A 0 O R F O R C E
LATEST DATA PLOTTED« MAY
sr. l o u i s

3

CONSUMER PRICE

T

INDEX FOR ALL URBAN CONSUMERS» SEASONALLY ADJUSTED
C O M P O U N D E D A NN U A L R Ä t E S Of C H AN C E

e r m in a l -

in it ia l

1967*

m onth

H Q N T H _____________________________________________________________________________________________________________________________________________________

io -7 4

1 1 -7 * 12-79

11-7$

14. 1

12- 7 *

W .6

1 5 .2

i- è ó

B .7 "

Ì6 .6

2-80

1 5 .T

li

3 —8 0

1 6 .2

4—è6

IT .T

5 —8 0

15Y7

1-80

2-80

3 t 80

4-80

T -è o

6-80

è -è o

7-80

9-80

io o

______

___________________

10-80 11-80 12-60

1-81

2-81

à-81

4-81

226 »2
¿3 5 7 *“

15. ö

2 3 4 *1

5" n .2

16 . 5

1 6 .8

" 1 7 .5

1 7 .Ö

1 7 .5

l5 .6

1 5 .7

1 5 .ó

l4 .2

11 .0

1 4 .8

1 4 .?

1 5 .9

1 3 .1

ll.O

10.9

.

07*1
2 4 0 *3
2 4 2 *4
2 4 4 *5

T2.A

6 —8 0

1 4 .4

1 4 .5

1 4.3

1 3.6

1 2.9

11.4

n .7

7 -8 0

1 T.S

1777

12.3

1 1.4

1Ö.4

8 .7

8 .0

6 .6

1 .0

ò —S ö

1 2.5

1 2 .3

12.0

11" ."2

1 0 .3

Ö .9

8 .4

7 .6

5 .2

2 4 6 *9

¿ «7* 1
2 i* * 0

9 .6

9-80

1 2 .6

1 2 .4

' T27T

l i . 4

t ö .7

9 .4

9 .4

9 .0

7 .8

1 1.4

1 3 .3

10-80

Ì2 .6

12

1 2 .2

1 1 .6

ll.O

1 0 .1

1Ó.0

9 .8

4 .1

12.0

ü

. 2

ü .l

1 1-80

12.7

1 2 .6

12.4

l l . 9

11.3

10.6

10.*

10.5

TÖTT" "

H7S

1 3 .5

1 3 .6

12-80

12.7

l2 .6

1 2 .4

11.9

11.4

10.8

10.8

10.7

1 0.5

1 2.5

rs .2

1 3 .2

"0 .3

1-81

1 2 .5

1 2 .3

12.1

1 1 .7

11.2

10.6

10 .6

lO .5

1 0 .3

1 1 .9

1 2 .4

12.1

11.8

1 0 .7

9 .1

10.8

1 0 .7

1 0 .7

1 0 .5

1 1 .9

12. Ì

12.1

1 1 .9

l l .2

10 .6

12.1

2 5 1 .6

T

Tll

2 54 *2
2 5 7 *0

Ì4 .0

2 5 9 *5
2 6 1 *4

2-81

1 2 .4

1 2 .3

12.1

1 1 .7

1 1 .3

3-81

12.1

12.0

1 1 .8

1 1 .4

11.0

1 0 .5

1 0 .4

1 0 .4

10.2

1 1 .4

11.6

1 1 .4

11.0

1 0 .3

9 .6

9 .8

7 .5

4-81

1 1 .7

11.6

1 1 .4

11.0

10.6

1 0 .1

10.0

9 .9

9 .6

1 0 .7

10.8

1 0 .4

10.0

9 .2

8 .4

8 .2

6 .3

5 .1

5-81

11.6

1 1 .4

11.2

10.8

1 0 .4

9 .9

9 .9

9 .8

9 .5

1 0 .4

1 0 .5

10 .2

9 .8

9 .1

8 .4

8 .3

7 .0

6 .7

8 .4

10-79

11-79

12-79

1-80

2-80

3-80

4-80

5-80

6-80

7-80

8-80

9-80

10-80

11-80

12-80

1-81

2-81

3-81

4-81

IN IT IA L

PRQ ÜUC6R

P R IC E

1N O EX,

263 *9
26 5 *5
26 6 *6
2 6 6 *4

M O N TH

F IN IS H E O

GOODS

-

SEA SO N A LLY

PREPARED

BY

JUNE 2 3 ,

1981

FED ERA L

RESERVE

BA N K

OF

ST*

LW 1S

A O JU S T E U

______________________COMPOUNDED ANNUAL KATES UF CHANGE_____________________

TfcftfilNAL
10-3*

ll- - ia

1 2 - 7 9 ___ I r h Q ___ 2 r O Ù ___ i d i l l i ___4rttfl___ S c i ü i ___ b - Ü Q ___ 1 = £LL___ Ü - Q O ___ 9 - t tO

10-60

1 1 - f lf ì

1 2 - flO ____L = ü J ____ 1 = 0 1 ____ i = t ì J ____4 - h l

A l r T S _____ 17. >9

1 2 -7 9 ___ L i^ fl___ a * s __
1 - 8 0 ____ 1 6 . 3 ___1 3 * 6 ___2 J ^ Z _
. 2 - S f l_____ 1 6 * 5 ___ U u ü ____1 ? « 4 ___ L Z *J ___
3-80

1 6 » Q ____1 2 + h ____L 7 a 5 ___ 1 Ì a 5 ___ l A * ß _

4 -8 Q

1 4 * 9 ___ I 4 « j ____1 L » 4 ___ 1 3 * 4 ___ L U 2 ______V « 4

5—80

1 3 «5 ___ I Z

.ft-SQ___ 13*1

mÜ ___ L2^$___ 11

12*3__ 12*9

>4

11,2

-S U iL -

. 2 4 L »7

2*2.ti

_ Ì L Ì ____ S.fr

_SL^L_ -tf«4___ 2*2__ 1Q»3

7 —8 0

1 4 * 1 ____l ì t i ____1 ^ 2 ____l i d i ___ 1 2 * 2

8 —8 0

1 4 * 3 ____l ì t i ____1 4 * 4 ____l ì * 4 ___ L 2 * £ ____ 1 2 . S ____L ì t i ____1 6 * 0

1 9 * 0 ____1 S « S

9 —flG

1 3 . 2 ____1 2 * 8 ____1 3 . 1

1 3 . 5 _____ 9 . 3

1 2 .1

1 1 .4

1 1 » 8 ______________ L f t . 3

1 1 . 0 ____1 1 . 3

1 2 .7

2 2 > fr_____________

249*0

_______________

3 .4

1 0 - 8 0 _____ Ü L « J ____ 1 2 * 2 ____1 3 . Q____1 2 « ! ____ 1 L * 5 ____ 1 1 * 1 ____ 1 U 4 ____L Z * £ ___ L J . ? ____L ü * 2 _____ Z * 6 ____1 2 ,*Q

1 1 -8 0 _____ L 2 *8 ___ 1 2 «4 ___ L2*£t___ 1 L * 7 ___ L l * 2 ___ LQ*fl___ 1 1 *Ü ___ 1 2 * 0 ___ 1 2 *3

8 * f l ___ 1 Q*_4

1 2-flQ _____1 2 *2 ___ 11 m l___ 1 1 *9 ___ L U C ___ 10 >5___ Lü*J ____1ü * 2 ___ l Ä * f l ___ 111*3_____flL*Z____ Z * J _____8 * 3
_____ 1 2 *2 ___ 11 «fl___ 1 1 .9 ___ L L *J ___ 1Q^>

IQ .3

IQ .4

1 1 .Q

R m2___12*3-

1 1 .1

ü.2

-2_-61_____11*9___11*5___ LLm h___L ü * 3 ___1 0 **___ 10*0___1£*1___ I Q . 6

IQ.7

9.0

3-8 1

1 2 * J___ L l * ä ___ 1 1 .9 ___L l * 2 ___1Q.Ü___ 1 0.5 ___ I Q . 7___ 11.2

11.3

9 .9

9 t 1___1Ü*J----9*8___10*0__ 12*0__ LUuö__ lo . ?

4 -fi l

12*0__ 11*2— L1*JB___1_L*2— LÜ*2-- m *5 ___10*6__ 11.1

11-1

9-9

9 * 2 ___ 1 Ü * J -----9 * 8 ___ lfl.Q___1 K S ___L l * 2 ___ 1 l.il

— S — 81____ L l * 6 ___1 1 * 3 ___1 1 . 3 ___1 0 * 7 __ Lil*3___LÜ*1___1.0*1___ L0* 5 ___10 . 5

9.4

fl.7____9 * 4

10-79 11-79 12-79




1-80

2-80

3-80

4-80

5-80

6-80

7-80

8-80

9-80

9*0
10-80

fl*0

9 . 9 ____ 7-fe

267.3

9*1___ L0*J____ i * 5 ___10*1
11-80 12-60

1 - b l

2-81

3-dl

4 -8 1

INITIAL MONTH

PR6PARCD BY FEOERAL RESERVE

4

bANK O F S T • LOUIS




rtATIu SCALE
1967-100

PRICES

U T I O SCALE

SEASONALLY ADJUSTED

1967-100

CPt-U FOR ALL URBAN CONSUMMS
PERCEMTACES ARC ANNUAL RATES OF CHANGE FOR PERIODS INDICATEO
LATEST DATA PLOTTEO. MAY
PREPARED BY PEDEHAl RESERVE BANK OF S I . LOUIS

RATIO SCALE

PRODUCER

PR IC ES

RATIO SCALE

PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIODS INDICATEC
LATEST DATA PLOTTEO. HAY
P R E PA R E D BY F E D E R A L

5

R E S E R V E BANK OF

LOU I

PRODUCER PRICE

INDEX,

FINISHED CONSUMER FOODS -

CO M PO U N D ED
T E R M IN A L
MONTH_____________________________________________________________
10-79 11-79 12-79
2-80
3-80
1-80

IN IT IA L
M ONTH
______________________
4-80
5-80
6-80

ANNUAL

RATES

OF

SEASONALLY ADJUSTED

CHANGE
1967

7-80

8-80

9-80

10-80

1 1-80

* 100
________
______
2-81
3-81
1-81

12-80

4-81
2 3 2 .3

1 1-79

2 3 .2

12-79

1 4 .2

5 .8

2 3 3 .4

6 .6

- 0 .8

2 3 2 .0

3 .2

- 2 .7

- 6 .7

- 6 .5

3-80

4 .9

0 .8

- 0 .9

2 .4

1 2 .1

4-80

1 .3

- 2 .6

- 4 .6

-3 . 7

-2 . 3

- 7 .0

CD
o

ru

1

1-80

2 3 0 .7
2 3 2 .9
- 1 4 .9

2 2 9 .8
2 3 0 .8

5-80

1 .9

- 1 .3

- 2 .7

- 1 .5

0 .2

- 5 .3

6-Ô 0

2 .5

- 0 .1

- 1 .1

0 .1

1 .8

- 1 .4

6 .2

7 .0

5 .4

5 .3

"T Ö 7 5

1 0 .2

2 Ö .2

T B ': y

8-Ó 0

9 .9

6 .5

8 .9

1 1 .3

1 4 .6

i5 .2 _

2 4 .2

3r

.2

"" 4 5 . 3

3 7 .ô

9-80

9 .6

8 .3

5 .6 '

' 10. 1

1 3 .4

13 . 7

2 0 .4

2 4 .5

"3 1 .0

" 2 ó ♦6

10-60

9 .5

8 .3

8 .6

1 Ö .5

1 2 .6

1 2 .9

1 6 .4

2 1 .1

2 5 .0

1 6 .6

1 1-80

9 .1

8 .0

8 .2

9 .8

1 1 .8

IT 7T~

1 6 .2

1 6 .1

2 0 .4

1 3 .3

6 .3

6 .2

12-80

8 .4

7 .4

7 .5

8 .9

1 0 .6

1 0 .4

1 4 .1

1 5 .4

1 6 .9

1 0 .6

4 .8

4 .3

7 .2 " '

T - W

5 .3

2 3 2 .1
24Ö . 6

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” 24770
2 4 8 .3

6”. 5 '

7*5

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25D7Ö

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- 250T5~
2 ^ 0 .9

0 .5

¿ . '2

1-81

7 .9

6 .9

7 .0

8 .3

9 V T

9 .5

1 2 .6

1 3 .5

1 4 .5

9 .0

4 .1

3 .5

1 .9

1 .0

1 .4

2-81

6 .8

5 .8

5 .8

6 .8

8 .0

7 .7

1 0 .2

1 0 .8

1 1 .3

5 .2

1 .8

0 .9

- 1 .0

- 2 .5

- 4 .0

- 9 .1

3-81

7 .0

6 .0

6 .0

7 .0

8 .1

7 .8

1 0 .2

1 0 .6

1 1 .1

6 .6

2 .9

¿ .3

1 .1

0 .4

0 .3

- 0 .2

9 .5 "

~27'5

1 .9

0 .9

T T .T "

0 .2

- 0 .2

4 .7

0 .Ô

2 .2

1 .6

0 .7

0 .2

0 .1

- 0 .2

2 .9

- 0 .2

- 0 .5

8-80

9-80

10-80

11-80

12-80

1-81

2-81

3-81

4-81

4-81

6 .6

5 .6

5 .6

6 .5

7 .5

7 .2

9 .3

9 .6

9 .9

5 .9 '

5-81

6 .2

5 .3

5 .3

6 .1

7 .0

6 .6

8 .5

8 .8

8 .9

5 .2

10-79

11-79

12-79

1-80

2-80

3-80

♦- 8 0

5-80

6-80

7-80

I n it ia l

PRO D U C ER

P R IC E

IN D E X * F I N I S H E D
C O M PO U N D ED

3-80

4-00

10-79
11-79

1 5 .5

12-79

1 3 .6

11-79

12-79

1-80

2-00

5-80

6-00

<
3000S»
-A N N U A L

E X C L U O IN Ö FO O D S
R A T E S OF CHANGE

-

SEA SO N A LLY

A D JU S T E D

1967

M O N TH

7-8Ó

0-00

9-80

10-80

11-00

12-00

1-01

2-01

3-01

«

1 0Ò

4-01
2 2 5 .7
22 7 . 0

i- e o

2 0 .0

2 2 .3

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2 9 .7

2 5 .8

3-00

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2 1 .3

2 4 .6

20. 3

1 5 .1

4-00

1 9 .9

2 0 .0

2 3 .2

1 9 .8

lt .O

233#4
”

2 4 Ò .7
2 4 4 .2
¿4 5 .3

1 7 .7

1 0 .1

1 9 .4

1 6 .1

1 3 .0

1 2 .0

6-00

1 6 .9

l7 . 1

1 0 .0

1 5 .1

1 2 .6

1 1 .è

8 .4

7-00

1 6 .6

1 6 .7

1 7 .4

1 4 .9

1 2 .9

1 2 .3

1 0 .2

1 2 .6

1 3 .9

0-00

1575“

1 5 .6

1 6 .4

1 4 .0

Ï2 .2

1 1 .6

9 .9

1 1 .4

1 1 .4

5 .è

2 4 7 .5

1 Ï.1 "

25Ö72
252 •0

9 .0

9-00

1 4 .5

1 4 .4

" IT .7

1 2 .5

1Ô•7

1 Ô .Ô

6 .4

8 .3

5 .6

2 .4

10-00

1 4 .4

" 1 4 .3

1 4 .6

1 2 .6

1 1 .1

1 0 .5

9 .2

1 0 .0

9 .6

6 .2

7 .9

1 3 .6

11-00

1 4 .1

1 4 .0

1 4 .2

T27 4

1 1 .Ô

1 Ô .5

9 .4

1 0 .Ó

9 .6

6 .0

8 .7

1 2 .Ó

7 .0

9 .7

7 .Ô

5 .3

1 3 .3

1 3 .4

n

. 7

1 Ô .4

9 .9

9 :t "

6 .6

9 .3

9 .0

8 .Ô

25775"

“ 25773“

T Ö .3

2 5 Ô .4

1^51

1 3 .6

1T7T

1 3 .6

1 2 .1

1 Ô .9

1 Ó .5

9 .6

10. 1

1 Ô .Ô

9 .3

9 .4

1 1 .2

1 0 .4

1 0 .5

1 5 ."9

2-61

1 3 .6

1 3 .5

1 3 .6

1 2 .2

1 1 .1

1 6 .6

1 0 .0

1 0 .5

1 0 .4

9 .9

10. 1

1 1 .7

1 1 .2

1 1 .5

1 4 .Ô

1 3 .6

3-01

1 3 .9

1 3 .0

1 3 .9

1 2 .6

"T T 7 T "

1 1 .4

1 Ò .7

1 1 .3

1 1 .2

1 0 .9 " T T . 2

1 2 .7

1 2 .6

n

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1 5 .9

1Ô . 1

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261 . 6
:2 6 * 7 4 ~
2 6 0 .1

4-01

1 3 .6

1 3 .7

1 3 .8

12.6

T Ì7 7 -

1 Ì.5

1 0 .9

1 1 .4

1 1 .4

11.1

1 1 .4

1 2 .7

12. 6

1 3 .1

1 5 .1

1 4 .6

1 5 .4

1 2 .0

5-81

1 3 .4

1 3 .3

1 3 .4

12.2

1 1 .4

11.1

1 0 .5

1 1 .0

1 0 .9

10.6

10.8

1 1 .9

1 1 .7

1 1 .9

1 3 .3

1 2 .7

1 2 .3

9 .5

6 .4

10-79

1 1-79

12-79

1-80

2-80

3-80

4-80

5-80

6-80

7-80

8-80

9-80

10-80

11-80

12-80

1-81

2-81

3-01

4-01




23779—

1© 7 9

5-80

1 3 .5

2 5 1 .0

1 1 .0

2-80

12-00

251. r

month

IN IT IA L

T E R M IN A L
M ONTH

'

2 5 1 .2
~ ? 4 9 .2

IN IT IA L

270 .6
2 7 2 .2

M ONTH

PREPARED BY FEDERAL RESERVE BANK OF S T . LOUIS

JUNE 5* 1951

6

I N D U S T R I A L

RATIO

P R O D U C T I O N

SCALE

RATIO

I 967-100

SEASONALLY

ADJ USTED

SCALE

I 967-100
160
155
150
145

140

135

1 30

1 25

120

1 I!

I I<

105

10 0
1973

1974

1975

1976

1977

1978

1979

1980

1981

PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIODS INDICATED
'.ATEST DATA PLOTTED: MAY PRELIMINARY
PREPARED BY FEDERAL RESERVE BANK OF S

IN D U S T R IA L
C O M PO U N D ED A N N U A L

LOUIS

P R O D U C T IO N
R A T E S DP CHANGE

M O N TH

____________ 10-79 11-79 1 2 - 7 9
11-7 9

_______

12-7 9

-0 *8 ..

1 — ftQ

2-ftQ

3-flQ

4-flO__ 5-fiQ

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4 -8 1

l«i>

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—1 1 - 5

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141,6
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M O N TH

P R E L IM IN A R Y




PREPARED BY FEDERAL
JIIN P 1ft» m i

7

RESERVE

BANK O F

ST•

P ER S O N A L
RATIO

SCALE

TRILLIONS

OF

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MONTHLY TOTALS AT ANNUAL RATES

DOLLARS

S E A S O N A LL Y A D JU S TE D

RATIO

TRILLIONS

OF

SCALE

OOLLARS

2.5
2.4

2.:
2.C
2.
2. (
r
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O.S
SO U R C E * U.S. D E P A R T M E N T OF C O M M E R C E
P E R C E N T A G E S AR E A N N U A L R A T E S OF C H A N C E F O R P E R I O O S I N0ICATEO.
L A T E S T O A T A P L O TTEOt M A Y P R E L I M I N A R Y
P R E P A R E O B Y F E D E R A L R E S E R V E B A N K OF S i. L O U I S

PERSONAL INCOME

ÇQnPWNPgP ANNUM MTE& Of CHAN&6

BILLIONS OF

MONTH

ANNUAL
10-79

11-79

12-79

1 —B O

2-BO

3 —B O

4-BO

5-BO

4-BO

7 —B O

b

-b o

9 —B O

10-60

11-BO

12-BO

1-81

2-B1

3-B1

RATES

4-B1
2 .0 3 2 .7

1 1 *7 9

1 3 *5

12-79

1 2 *7

11 *9

2 .0 5 1 .B

1-BO

1 3 *8

1 3 *9

1 3 .9

2 .0 7 7 .2

2-BO

1 1 *4

11 *0

1 0 *4

5 .4

3-BO

1 1 .0

1 0 .4

9 .9

7 .1

8 .7

4-BO

9 *2

6 .4

7 .5

4 .9

4 .4

2 .0 8 4 .4
2 .1 0 1 .0
0 .4

2 .1 0 2 .1
2 .1 1 4 .1

5-BO

B#9

B .2

7#4

5 *4

5«4

3#B

4-BO

8 *8

B # I

7 *5

5 .9

4 .0

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7 .4

7 .4

7-BO

1 0 *1

9 *4

9*3

B .3

8 .8

B .B

1 1 *7

1 4 .1

2 W 0

B - ?0

1 0 *1

9*7

9 .5

B .4

9 .1

9 .2

1 1 .4

1 2 .9

1 5 .7

10.3

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1 3 .4

9-BO

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1ÎU1 -1QA-

9 .4
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1 5 .4

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11*1

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11*1

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11.0

1 1 .3

1 2 .7

1 3 .5

1 4 .4

1 3 .3

1 4 .0

13 >5

11.9

1 0 .4

2-B1

11.2

11.1

11.0

1 0 .7

n a

11 .3

1 2 .5

13*1

13*6

12.6

13.1

12 .7

11.7

1 1.2

3-B1

11-3

11.2

11.1

10 .6

11-2

1 1 .«

12.4

1 3 .0

13.4

12 .7

13 .0

12.4

11.8

4—81

11-0

1 Û .«

10.8

1 0.5

10-9

11.0

12.0

1 2.4

12.9

12 .0

1 2.2

11.6

11.0

5-B1

10.8

1 0.7

10.4

1 0 .3

10.4

1 0 .B

1 1.4

1 2.0

12.4

11.5

11.7

11.2

10.4

10-79 11-79 12-79

1-6 0

2-BO

____l i t ?

Z * > !• * -

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2 *2 7 4 .4

11.5

9 .5

11.4

11.7

10.B

1 2 .1

2 .3 1 6 .2

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1 0 .«

9 .5

9 .5

4 .9

9 .9

9 .6

B .9

6 .7

7 .1

2 .3 4 0 .4
2 .3 5 3 .5
7 .2

2.347 .2 P

4 -6 1
IN IT IA L MONTH

PRELIMINARY




PREPAREO BY PEOERAL RESERVE BANK OP
17» 1961

8

ST* LOUIS

RETAIL
RATIO

SALES

SCALE

B I L L I ONS OF

RATIO
DOLLARS

SEASONALLY

. I L L I ONS OF

AOJ USTED

SO U R C E :
PERC EN T A G ES

ARE

'.A T E S T

PLO TTED :

DATA

ANNUAL

RATES

A P R IL ,

OF

CHANGE

FOR

MAY ADVANCE

P E R IO D S

DEPARTM EN T

OF

COMMERCE

IN D IC A T E D .

E S T IM A T E
PREPA RED

K fc T A iL

___ I N I T I A L

BY

FE D E R A L

RESERV E

BANK

OF

S

L O U I!

S A L tS

A H N U f t L HATfcS Q F

TfcKHlNAL__

U .S .

SCALE

DOLLARS

CHAWA

M U N T H___

M O N TH
___________ 1 0 - 7 9

± 1~ J¥

U - 1 9 ____I - t f V ___ _______________________________ 5 - ttQ ___ Q - 0 0

0

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11-00

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7 V t> frl
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____ 1 W 1 ____l i t . . 7____i f l . 7 ______________ 1 2 * 3 ____l S

10—00

11-tìO 12-00

l- t tl

% - tU

MONTH

H< t L IH I N A k Y




P K tP A K tü BY FeO tK A L K tS tK V t
JUNh 1 1 . 1901

9

&AMK OF S T . LOUIS

H O U R L Y C O M P E N S A T IO N « P R I V A T E B U S IN E S S S E C T O R
COM POUNDED A N N U A L R A T E S OF C H A N G E
T E R M I N A L _____________ _____________ _______________________

____________ I N I T I A L

QUARTER

_________________

1977 « 100

QUARTER
2-76

3-76

4-76

2-77

3-77

4-77

1-78

2-78

3-78

4— 78

1-79

2-79

3-79

4-79

1-80

4-60

3-60

2-BO

93*7

3-76

9.0

4-76

8.5

7.9

1-77

7.9

7.4

6.9

2-77

7.9

7.5

7.2

3-77

7.9

7.7

4-77

7.8

7.5

1-78

8.0

2-78

1-77

95*5
97.1
7.6

96.9

7.6

8.0

8.3

100.9

7.4

7.6

7*6

6.9

7.9

7.9

8*1

8.3

8.3

9.7

8*1

7.9

7.9

8.2

8.3

8.3

9.0

102.6
105.0
107.1

8.2

109.4

3-78

8.2

8.1

8.1

8.3

8.4

8.4

8.9

8 .6

8.9

4-78

8.3

8.2

8.2

8 .4

8.6

8.6

9.1

8.9

9.2

9.5

1-79

8.6

8.5

8 .6

8*8

9.0

9.1

9.6

9.5

10.0

10.5

11.6

2-79

8.8

8.7

8.8

9.1

9.2

9.4

9.8

9.8

10.2

10.6

11.2

10.9

3-79

8.8

8.7

8.8

9.0

9.2

9.3

9.6

9.6

9.9

10.1

10.4

9.8

8.7

4-79

8.8

8.7

8.8

9.0

9.1

9.2

9.5

9.5

9.7

9.8

9.9

9.4

8.7

111*9
115.0
116.0
120.5
123.0

8*6

1-80

8.8

8.8

8.9

9.1

9.2

9.3

9.6

9.5

9.7

9.9

10.0

9.6

9.1

9.3

10.1

2-80

9.1

9.1

9.1

9.3

9.5

9.6

9.8

9.8

10.0

10.2

10.3

10.1

9.9

10.3

11*2

12.3

3-80

9.1

9.1

9.2

9.4

9.5

9.6

9.8

9.9

10.0

10.2

10.3

10.1

9.9

10*2

10.6

11*1

126.0
129.7
9.9

132.6

4-80

9.1

9.1

9.1

9.3

9.4

9.5

9.7

9.7

9.9

10.0

10.0

9.8

9.7

9.8

10.2

10.2

9.1

6.4

1-81

9.2

9.2

9.3

9.4

9.6

9.7

9.9

9.9

10.0

10*1

10.2

10.1

9.9

10.1

10.5

10.6

10.0

10.0

2-76

3^75

4^76

i-77

2-77

5-77

4-77

1-78

2-78

3-78

4-78

1-79

2-79

3^79

4-79

1-80

2-60

3-80

135.5
11*7

139.3

IN IT IA L QUARTER

OUTPUT

PER

H O U R OF A L L P E R S O N S , P R I V A T E B U S I N E S S
C O M P O U N D E D A N N U A L R A T E S OF C H A N G E

TERMINAL
QUARTER

INITIAL
2-76

3-76

4-76

3-76

1.2

4-76

0.8

0.4

1-77

2.5

3.1

5.8

2-77

1.7

1.9

2.7

1-77

2-77

3-77

4-77

1-78

2-78

SECTOR

QUARTER
3-78

1977

4-78

1-79

2-79

3-79

4-79

1-80

2-80

3-80

* 100

4-60
96.0
98.1
99.5

-0.4

99.4

3-77

2.4

2.8

3.5

2.4

5.3

4-77

1.7

1.8

2.1

0.9

1.6

100.7
-2.0

100.2

1-78

1.1

1.1

1.2

0.1

0.3

-2.2

-2.4

2-78

1.1

l.l

1.2

0.3

0.5

-l.l

-0.6

1.2

3-78

1.0

1.0

1.1

0.3

0.5

—0. 7

-0.3

0.8

4-78

0.9

0.9

0.9

0.2

0.3

-0.6

-0.3

0.4

0.0

-0.4

1-79

0.7

0.7

0.7

0.1

0.2

-0.7

-0.4

0.1

-0.3

-0.6

-0.8

99.6
99.9
0.4

100.0
99.9
99.7

2-79

0.6

0.6

0.6

0.0

0.1

—0 . 6

-0.4

0.0

-0.3

-0.5

—0.6

—0 .4

3 — T9

0.5

0.4

0.4

-0.1

-0.1

-0.7

-0.6

-0.3

—0.6

— 0.8

-0.9

-1.0

-1.6

4-79

0.4

0.3

0.3

-0.2

-0.2

-0.8

-0.6

-0.3

-0.6

-0.8

-0.9

-0.9

-1.2

99.6
99.2
-0.8

99.0

0.4

0.4

0.4

-0.1

-0.0

— 0.6

-0.4

-0.2

-0.3

-0.5

-0.5

-0.4

-0.4

0.2

1.2

0.3

0.2

0.2

-0.2

-0.2

-0.7

-0.6

-0.4

—0 . 6

-0.7

-0.7

-0.7

-0.8

-0.5

-0.4

3-80

0.4

0.3

0.3

-0.1

-0.1

-0.5

-0.4

-0.2

-0.3

-0.4

-0.4

-0.3

-0.3

0.0

0.3

-0.2

1*6

4 — 80

0.3

0.2

0.2

-0.2

-0.1

— 0.6

-0.4

-0.3

-0.4

—0.5

-0.5

-0.5

-0.5

-0.2

—0.1

-0.5

0.2

-1.2

1-81

0.5

0.4

0.4

0.1

0.1

-0.2

-0.1

0.1

0.0

—0 . 0

0.1

0.2

0.5

0.7

0.6

1.5

1.4

4.1

2-76

3— 7 6

4— 76

1-77

2-77

~ 3-77

4-77

1-75

2-78"

3-78

1-79

2-79

3-79

4-79

1-60

3-60

4-60




O
•
O

1-60
2-80

4-78

99.3
-2.0

PREPARED B Y FED ER A L
JU N E 1 , 1981

10

96.8
99.2

ftE S E R V f

96.9

BA>* O F

99.9

S T . L O U IS

PROD UC TI VI TY, COMPENSATION, AND LABOR COSTS
RATIO

SCALE

RATIO

SOURCEi
PERCENTAGES

ARE

LATEST

PLOTTED.

OATA

ANNUAL

RATES

OF C H A N C E

FOR PER IO D S

U.S.

OEPARTMEMT

SCALE

OF L A 6 0 *

INDICATED.

1S T Q U A R T E R
PREPARED 6T FE D ERA L

R ES ER VE

9 AN K OF

i

LOUIS

UNIT LABOK COSTS* PRIVATE BUSINESS SECTOR
COHPOUNOED ANNUAL RATES OF CHANGE
INITIAL QUARTER
QUARTER

2-76

3-76

4-76

1-77

3-76

7*4

4-76

7.6

7.7

1-77

5.4

*.4

1.2

2-77

6.0

5.5

4.4

7.6

3-77

5.3

4.8

3.9

5.2

2-77

3-77

4-77

1-78

2-78

3-78

4-78

1-79

2-79

3-79

4-79

1-80

2-80

3-80

4-80
95*6
97.4

97.7
99.5
2.8

100.2

4-77

5.9

5.7

5.1

6.5

5.9

9.1

1-70

6*8

6*7

6.5

7.9

8.0

10.6

12.2

2 — 70

6.9

6.8

6.7

7.8

7.8

9.6

9.8

7.4

102.4
105.4
107.3

3-70

7.0

7.0

6.9

7.8

7.9

9.2

9.2

7.7

8.1

4 — 78

7.3

7.3

7.3

8.2

8.3

9.4

9.5

8.6

9.1

10.2

1-79

7.8

7.8

7.8

8.7

8*8

9.9

10.0

9.5

10.2

11*3

12.3

2-79

8.1

8.1

8.2

9.0

9.1

10.1

10.2

9.8

10.4

11.2

11*7

11*2

3-79

0.2

8.3

8.3

9.1

9.2

10.1

10.2

9.9

10.4

11.0

11.2

10.7

4-79

8.3

8.4

8.4

9.1

9.3

10.0

10.1

9.8

10.2

10.7

10.8

10.3

9.9

9.5

1-80

8.4

8.5

8.5

9.1

9.3

9.9

10.0

9.8

10*1

10.5

10.5

10.1

9.7

9.4

9.3

2-80

8.7

8.8

8.9

9.5

9.7

10.3

10.5

10.3

10.6

11.0

11.1

10.9

10.0

11.0

11.8

1**2

3-80

8.7

8.8

8.9

9.4

9.6

10.1

10.2

10.0

10.3

10.6

10.7

10.4

10.3

10.3

10*5

11*2

8*2

4-80

8.8

8.0

8.9

9.4

9.6

10.1

10.2

10.0

10.3

10.5

10.5

10.3

10*2

10*2

10*3

10*6

«•9

9.6

1-81

8.7

8.7

8.8

9.3

9*4

9.9

10.0

9.8

10.0

10.2

10.2

9.9

9.7

9.7

9.7

9*8

8*3

8.4

7.2

2— 7 6

3— 76

4— 76

1-77

2-77

5-77

4-77

1-78

2-78

3 —7 8

4-70

1-79

2-79

5-79

4-79

1-80

2-80

3 —8 Û

4-8Ô




109.4
112*1
115.4
118*5
10.2

121.4
124.2
127.0

“ R T C F A fte t) Ô Y f É Ò É R A L
JU N E I t 1 9 8 1

11

131.3
133*9

* É ÌÉ * V É

137.0

B A N K Ó~F S Ï .

139*4

L o u is

G R O SS N A T IO N A L P R O D U C T I N C U R R E N T C O L L A R S
C O N P Q U N O E O A N N U A L R A T E S O f C H A N G E _________

TERMINAL

INITIAL

QUARTER
2-76
3-76

7*4

4-76

8 8 99

4-76

3-76

1-77

2-77

3— 7 7

4-77

1-78

2-78

A lU IO t tt O f
D O LLA RS
ANNUAL HATES

QUARTER

3-78

4-78

1-79

2-79

3-79

4-79

1-80

2-80

3-80

4-80
1,729.0

1D0É4

1,772.5

*

1-77

11.2

13.1

15.9

2-77

11.5

12.9

14.2

12.5

3-77

11.7

12.8

13.6

12.5

12.5

4-77

11.1

11.8

12.2

11.0

10.3

8.1

1-78

10.8

11.4

11.6

10.5

9.9

8.6

2-78

12.0

12.6

13.0

12.4

12.4

12.4

14.7

20.5

3-78

12.0

12.6

12.9

12.4

12.3

12.3

13.8

16.2

11.9

4-78

12.3

12.9

13.2

12.8

12.9

13.0

14.2

16.0

13.8

15.7

1-79

12.4

12.9

13.2

12.8

12.9

12.9

13.9

15.2

13.4

14.2

12.7

2-79

11.8

12.2

12.4

12.0

12.0

11.9

12.6

13.3

11.5

11.4

9.2

5.9

3-79

11.8

12.2

12.4

12.0

12.0

11.9

12.5

13.1

11.6

11.6

10.2

9.0

12.2

4-79

11.6

12.0

12.1

11.8

11.7

11.6

12.0

12.5

11.2

11.0

9.9

9.0

10.5

8.8

1-80

11.7

12.0

12.1

11.8

11.8

11.7

12.1

12.5

11.4

11.3

10.4

9.9

11.2

10.7

12.6

2-80

10.9

11.1

11.1

10.8

10.6

10.5

10.7

10.9

9.7

9.4

8.4

7.6

8.0

6.6

5.6

3-80

10.9

11.1

11.2

10.8

10.7

10.6

10.8

11.0

10.0

9.7

8.9

8.3

8.8

7.9

7.6

5.2

11.8

4-80

11.1

11.4

11.4

11.1

11.0

10.9

11.1

11.3

10.5

10.3

9.6

9.2

9.8

9.3

9.4

8.3

13.3

14.9

1-81

11.5

11.8

11.9

11.6

11.5

11.5

11.7

12.0

11.2

11.1

10.7

10.4

11.1

10.9

11.3

10.9

15.3

17.0

19.2

2-76

3-76

4-76

1-77

2-77

3-77

4- r r

1-78

2-78

3-79

4-78

1-79

2-79

3-79

4-79

1-80

2-80

3-80

4-80

1,839.1
1,893.9
1,950.4
1,968.6

9.1

2,032.4
2,129.6
2,190.5
2,271.9
2,340.6
2,374.6
2,444.1
2,496.3
2,571.7
-1.1

2,564.8
2,637.3
2,730.6
2,853.0

iN iTiA L óOARTÉft

G R O S S N A T I O N A L P R O D U C T IN 1 9 7 2 D O L L A R S
C O M P O U N D E D A N N U A L R A T E S OF C H A N G E
TERMINAL
QUARTER

6 I I L 10*5 »
DOLLARS
ANNUAL RATES

INITIAL QUARTER
2-76

3-76

4-76

1-77

3-76

2.3

4-76

3.0

3.8

1-77

5.2

6.6

9.6
5.3

2-77

3-77

4-77

1-78

2-78

3-78

4-78

1-79

2-79

3-79

4-79

1-80

2-80

3-80

4-80
1,303.3

1,315.4
1,345.9

2-77

5.2

6.2

7.4

3-77

5.5

6.3

7.2

6.0

6.7

4-77

4.9

5.4

5.8

4.5

4.2

1.7

1-78

4.6

5.0

5.3

4.2

3.8

2.4

3.1

2-78

5.2

5.6

5.9

5.1

5.1

4.5

6.0

1,363.4
1,385.6
1,391.5
1,402.3
9.0

1,432.8

3-78

5.0

5.4

5.6

4.9

4.9

4.4

5.3

6.4

3.9

4-78

5.1

5.4

5.6

5.0

4.9

4.6

5.3

6.1

4.7

5.4

1-79

4.9

5.2

5.4

4.9

4.8

4.5

5.1

5.5

4.4

4.6

3.9

2-79

4.4

4.6

4.6

4.1

4.0

3.6

3.9

4.0

2.8

2.5

1.0

-1.7

3-79

4.4

4.5

4.6

4.1

4.0

3.6

3.9

4.0

3.1

2.9

2.0

1.1

4-79

4.1

4.2

4.3

3.8

3.6

3.3

3.5

3.6

2.7

2.4

1.7

1.0

2.3

0.6

1-80

4.0

4.1

4.2

3.7

3.6

3.3

3.5

3.5

2.7

2.5

2.0

1.5

2.6

1.8

3.1

2-80

3.1

3.1

3.1

2.6

2.4

2.0

2.0

1.9

1.1

0.7

-0.1

-0.9

-0.7

-2.2

-3.6

-9.9

3-80

3.0

3.1

3.0

2.6

2.4

2.0

2.1

2.0

1.2

0.9

0.2

-0.4

-0.1

-1.1

-1.7

-4.0

4-80

3.1

3.1

3.1

2.7

2.5

2.2

2.2

2.1

1.5

1.2

0.7

0.2

0.6

-0.1

-0.3

-1.4

3.1

3.8

1-81

3.4

3.4

3.4

3.0

2.9

2.6

2.7

2.6

2.1

1.9

1.5

1.2

1.7

1.3

1.4

1.0

4.9

6.1

8.6

2-76

3-76

4-76

1-77

2-77

3- 1 1

4-77

i -n

2-78

3-76

4-78

1-79

2-79

3-79

4-79

1-80

2-80

3-80

4-80




1,446.7
1,465.6
1,479.9
1,473.4
4.1

1,488.2
1,490.6
1,501.9
1,463.3
1,471.9

2.4

1,485.6
1,516.4

iN lT lA L'SU A ftT E R

PREPARED
JU N E 1 8 ,

12

BY FE D E R A L R ES ER V E
1981

BANK

OF

ST.

L O U IS

G R O S S

RATIO

SCALE

1973

N A T I O N A L

QUARTERLY

1974

1975

1976

TOTALS

AT

1977

P R O D U C T

ANNUAL

RATES

1978
SOURCE:

1979
U. S.

RATIO

1980

SCALE

1981

DEPARTMENT OF COMMERCE

PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIODS INDICATED.

L A T ES T DATA PL OTT ED:




1ST QUARTER
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

13

GENERAL
R A T I O

PRICE

INDEX*

S C A L E

RAT

I 0

I 9 7 2 - 1 0 0

S C A L E

I 97 2 “ !0 0

1973

1974

1975

1976

1977

1978

1979

1980

1981

*AS USED IN NATIONAL INCOME ACCOUNTS
SOURCE: U.S. DEPARTMENT OF COMMERCE
PERCENTAGES ARE ANNUAL RATES OF CHAN6E FOR PERIODS INDICATED.
'.ATEST DATA PLOTTED t 1ST QUARTER
PREPARED BY FEDERAL RESERVE BANK OF <

LOUI!

I M P L I C I T PRICE DEFLATOR FOR GROSS NATI ONAL PRODUCT
_________ COMPOUNDED ANNUAL RATES OF CHANGE

1972

I N I T I A L QUARTER

100

QUARTER
2-76

3-76

4-76

1-77

2-77

3-77

4-77

1-78

2-78

3-78

4-78

1-79

2-79

3-79

4-79

1-80

2-80

3-60

4-80

4.9
5 .7

6 .5

134.75

1-77

5 .7

6 .1

5 .7

2-77

6 .0

6 .3

6 .3

6 .8

3-77

5 .9

6 .1

6 .0

6 .1

5 .4

4-77

5 .9

6 .1

6. 1

6 .2

5 .8

6 .3

1-78

5 .9

6 .1

6 .0

6 .1

5 .8

6 .0

5 .8

2-78

6 .5

6 .7

6 .8

7 .0

7 .0

7 .5

8 .2

1 0 .6

3-78

6 .6

6 .8

6 .9

7 .1

7 .1

7 .6

8 .0

9 .2

4-78

6 .9

7 .2

7 .2

7 .5

7 .6

8 .0

8 .5

9 .4

8 .7

9 .8

1-79

7. 1

7 .3

7 .4

7 .6

7 .7

8 .1

8 .4

9 .1

8 .6

9 .1

8 .4

2-79

7. 1

7 .3

7 .4

7 .6

7 .7

8 .0

8 .3

8 .9

8 .4

8 .7

8 .1

7 .8

3-79

7 .2

7 .4

7 .5

7 .6

7 .7

8 .0

8 .3

8 .7

8 .3

8 .5

8 .0

7 .8

7 .8

4-79

7 .3

7 .4

7 .5

7 .7

7 .8

8 .0

8 .3

8 .6

8 .3

8 .4

8 .1

7 .9

8 .0

8 .1

1-80

7 .4

7 .6

7 .7

7 .8

7 .9

8 .2

8 .4

8 .7

8 .4

8 .5

8 .3

8 .3

8 .4

8 .7

9 .3

2-80

7 .5

7 .7

7 .8

8 .0

8 .1

8 .3

8 .5

8 .8

8 .6

8 ♦7

8 .5

8 .6

8 .8

9 .1

9 .5

9 .8

1 3 6 .6 4
1 3 8 .9 1
1 4 0 .7 5
1 4 2 .9 1
1 4 4 .9 3
1 4 8 .6 3
7 .7

1 5 1 .4 2
1 5 4 .9 9
1 5 8 .1 6
1 6 1 .1 7
1 6 4 .2 3
1 6 7 .4 7
1 7 1 .2 3
1 7 5 .2 8

3-80

7 .6

7 .8

7 .9

8 .1

8 .1

8 .4

8 .6

8 .9

8 .7

8 .8

8 .6

8 .7

8 .8

9 .1

9 .4

9 .5

9 .2

4-80

7 .8

8 .0

8 .1

8 .2

8 .3

8 .6

8 .8

9 .0

8 .9

9 .0

8 .9

9 .0

9 .2

9 .4

9 .8

9 .9

1 0 .0

1 0 .7

1-81

7 .9

8 .1

8 .2

8 .3

8 .4

8 .6

8 .8

9 .1

8 .9

9 .1

9 .0

9 .1

9 .2

9 .5

9 .8

9 .9

9 .9

1 0 .3

9 .8

2-76

3-76

4 —7 6

1-77

2-77

3-77

4-7 Y

1-78

'1 = Ï8 '"

3-78

4-78

1-79

2-79

3-79

4-79

1-80

2-80

3-80

4-80




IN IT IA L

1 7 9 .1 8
1 8 3 .8 1
1 8 8 .1 4

Q UARTER

PREPA REO
JU N E 1 8 ,

14

BY FED ERA L
1981

RESERVE

BANK

OF

ST.

L O U IS

PERSONAL

C O N S U M P T I O N E X P E N D I T U R E S IN C U R R E N T
C O M P O U N D E D ANNU A L R A T E S OF C HANGE

DOLLARS

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

ftlLLlONSTOF

T E R M I N A L ________________________________________________________________________ I N I T I A L Q U A R T E R _______________________________________________________________________ D O L L A R S
A MféUAL ( U T Ê S

QUAftTÉft

2-76

3-76

3-76

1 0 .5

4-76

1 1 .7

1 2 .9

4-76

1-77

2-77

3-77

4-77

1-78

2-78

3-78

4-78

1-79

2-79

3-79

4-79

1-80

2-80

3-80

4-80
1 ,0 9 4 .2

1,127.9
1,163.9

1-77

1 2 .3

1 3 .1

1 3 .4

2-77

1 1 .2

1 1 .4

1 0 .6

7 .9

3-77

1 1 .1

1 1 .3

1 0 .7

9 .4

1, 186.2
1,217.4

1 0 .9

1,254.5

4-77

1 1 .4

1 1 .6

1 1 .2

1 0 .5

1 1 .8

1 2 .8

1-78

1 0 .9

1 0 .9

1 0 .5

9 .8

1 0 .5

1 0 .3

7 .8

2-78

1 1 .6

1 1 .8

1 1 .6

11 . 3

1 2 .1

1 2 .5

1 2 .4

3-78

1 1 .7

1 1 .9

1 1 .7

1 1 .5

1 2 .2

1 2 .5

1 2 .4

1 4 .8

1 2 .5

4-78

1 2 .0

1 2 .2

1 2 .1

1 1 .9

1 2 .6

1 2 .9

1 2 .9

1 4 .7

1 3 .4

1 4 .3

1-79

1 2 .3

1 2 .6

1 2 .5

1 3 .8

1 2 .6

1 2 .7

1,278.3
1,330.1

1 7 .2

1,369.9
1,416.6
1,454.1

1 1 .9

1 2 .0

1 2 .0

1 1 .8

2-79

1 1 .5

1 1 .6

1 1 .4

1 1 .2

1 1 .6

1 1 .7

1 1 .5

1 2 .3

1 1 .1

1 0 .7

8 .9

6 .7

3-79

1 1 .7

1 1 .8

1 1 .7

1 1 .5

1 1 .9

1 2 .1

1 2 .0

1 2 .7

1 1 .8

1 1 .6

1 0 .7

1 0 .6

1 4 .6

4-79

1 1 .9

1 2 .0

1 1 .9

1 1 .8

1 2 .2

1 2 .4

1 2 .3

1 3 .0

1 2 .3

1 2 .2

1 1 .7

1 1 .9

1 4 .6

1 4 .7

1 2 .3

1 2 .4

1 2 .4

1 3 .0

1 2 .4

1 2 .3

1 1 .9

1 2 .2

1 4 .0

1 3 .8

1 2 .9

1 1 .1

1 1 .1

1 1 .0

1 1 .3

1 0 .6

1 0 .3

9 .7

9 .4

1 0 .1

8 .6

5.7

1 0 .3

1 0 .2

1 0 .9

1 0 .0

8.5

6.4

1 4 .3

11.5

1 0 .7

9.9

15.9

17.4
15.8

1-80

1 2 .0

1 2 .1

1 2 .0

1 1 .9

2-80

1 1 .1

1 1 .2

1 1 .0

1 0 .9

1 1 .0

1,478.0
1,529.1
1,582.3
1,631.0
1, 626 . 8

- 1 .0

3-80

1 1 .3

1 1 .4

1 1 .2

1 1 .1

1 1 .3

1 1 .4

1 1 .3

1 1 .6

1 1 .0

1 0 .8

4-80

1 1 .6

1 1 .7

1 1 .6

1 1 .5

1 1 .8

1 1 .8

1 1 .8

1 2 .1

1 1 .6

1 1 .5

1 1 .2

1 1 .2

1 2 .0

1-81

1 1 .8

1 1 .8

1 1 .8

1 1 .7

1 1 .9

1 2 .0

1 1 .9

1 2 .3

1 1 .9

1 1 .8

1 1 .5

1 1 .6

1 2 .3

1 1 .9

1 1 .4

1 1 .0

15.3

2-76

3-76

4-76

1-77

2-77

3 - n

4-7?

1-/8

2-78

3-78

4-78

1-79

2-79

3-79

4-79

1-8Ó

2-80

1,682.2
1,751.0
14.2

1,810.1

4-86

I N I T I A L «WÀftTÉft

PERSONAL

C O N S U M P T I O N E X P E N D I T U R E S IN 1 9 7 2 O O L L A R S
COMP O U N D E D ANNUAL RATES OF CHANGE

----------------------------------------------------TERMINAL

______

------- Ô1LL10NSÙ*

I N I T I A L Q U A R T E R _______________________________________________________________________ OOLLARS

ANNUAL TUTES

QÜAftTEft
2-76
3-76

4 .7

4-76

5 .4

3 —7 6

4-76

1-77

2-77

3-77

4-77

1-78

2-78

3-78

4-78

1-79

2-79

3-79

4-79

1-80

2-80

3-80

4 -f0
027.1
839.4

6 .1

851.9

1-77

5 .6

6 .1

6 .1

2-77

4 .7

4 .7

4.0

1 .9

3-77

4 .7

4 .8

4 .3

3 .4

856.0
866.4

4 .9

881.3

4-77

5 .1

5 .2

5 .0

4 .6

6 .0

7 .1

1-78

4 .6

4 .5

4 .2

3 .8

4 .4

4 .1

1 .3

2-78

4 .9

5 .0

4 .8

4 .5

5 .2

5 .3

4 .4

7 .7

3-78

4 .9

5 .0

4 .8

4 .6

5 .1

5 .2

4 .5

6 .2

4 .8

4-78

5 .0

5 .0

4 .9

4 .7

5 .2

5 .2

4 .8

6 .0

5 .1

5 .5

1-79

4 .6

4 .6

4 .4

4 .2

4 .6

4 .5

4 .0

4 .7

3 .7

3 .2

0 .9

2-79

4 .1

4 .1

3 .9

3 .6

3 .8

3 .7

3 .1

3 .5

2 .5

1 .7

- O .i

3-79

4 .2

4 .1

3 .9

3 .7

3 .9

3 .8

3 .3

3 .7

2 .9

2 .4

1 .4

1 .7

4 .7

4-79

4 .1

4 .1

3 .9

3 .7

3 .9

3 .8

3 .4

3 .7

3 .0

2 .7

2 .0

2 .3

4 .1

1-80

3 .9

3 .8

3 .7

3 .5

3 .6

3 .5

3 .1

3 .3

2 .7

2 .3

1 .7

1 .9

3 .0

2 .2

0 .8

0 .5

- 0 .3

- 0 .5

- 0 .4

- 2 .0

-4 .7

-9 .8

884^.1
900.6
911.2
923.4
925.5
922.8

- 1 .2

933.4
941.6

3 .6

943.4
919.3

2-80

3 .0

2 .9

2 .6

2 .4

2 .4

2 .2

1 .8

1 .0

3-80

3 .1

3 .0

2 .8

2 .6

2 .6

2 .4

2 .1

1 .5

1 .1

0 .5

0.4

0 .7

- 0 .3

- 1 .5

- 2 .7

5 .1

4-80

3 .3

3 .2

3 .1

2 .9

2 .9

2 .8

2 .5

2 .0

1 .7

1 .3

1 .3

1 .7

1 .1

0 .6

0 .5

6 .1

7 .1

1-81

3 .4

3 .4

3 .2

3 .0

3 .1

3 .0

2 .8

2 .4

2 .1

1 .8

1 .9

2 .3

1 .9

1 .6

1 .8

6 .0

6 .4

5 .8

2-76

3-76

4-76

1-77

2-77

3-77

1-78

2-78

3-78

4-78

1-79

2-79

3-79

4-79

1-80

3-80

4-80




1 .7

4-77

2-80

930.8
946.8
960.2

INITIAL QUARTER

PREPARED
JU N E 1 8 ,

15

BY FED ER A L
1981

RESERVE

BANK O F

S T.

L O U IS

G R O S S P R I V A T E D O M E S T IC I N V E S T M E N T I N C U R R E N T D O L L A R S
C O M P O U N D E D A N N U A L R A T E S OF C H A N G E

_________ _
BtLLlbttS O F
T E R M I N A L ________________________ ________________________________________________I N I T I A L Q U A R T E R _______________________________________________________________________D O L L A R S
QUARTER
ANNUAL RATES
2-77
2-76
3-76
4-76
1-77
3-77
4-77
1-78
4-79
3-79
2-78
1-79
2-79
1-80
2-80
3-80
4-80
3-78
4-78
3-76

2.0

4-76

5.0

259.6
8.1

264.7

1-77

21.4

32.5

62.4

2-77

23.4

31.5

45.0

29.4

298.8
318.7

3-77

23.2

29.2

37.1

25.9

22.5

4-77

19.2

23.0

27.0

17.0

11.3

1.1

1-78

19.1

22.2

25.2

17.4

13.6

9.4

18.4

2-78

20.9

23.9

26.7

20.6

18.5

17.2

26.2

34.5

3-78

18.8

21.1

23.0

17.5

15.2

13.5

17.9

17.7

4-78

18.2

20.2

21.8

16.9

14.9

13.5

16.8

16.2

8.0

13.5

1-79

18.1

19.9

21.2

16.9

15.2

14.0

16.8

16.4

10.9

15.2

17.0

2-79

17.9

19.4

20.6

16.7

15.2

14.2

16.6

16.2

12.0

15.3

16.2

15.4

3-79

16.3

17.6

18.5

14.8

13.3

12.1

13.8

13.1

9.2

10.9

10.0

6.7

-1.4

4-79

14.1

15.1

15.7

12.2

10.6

9.4

10.4

9.3

5.6

6.2

4.4

0.6

— 6 .1

-10.6

335.3
336.2
350.7
377.7
2.9

360.4
392.6
408.3
423.2
421.7
410.0

1-80

13.5

14.4

14.9

11.6

10.1

9.0

9.9

8.9

5.6

6.1

4.7

1.8

-2.4

-2.9

5.6

2-80

10.9

11.5

11.8

8.6

7.0

5.7

6.2

4.9

1.7

1.6

- 0 .3

-3.4

-7.6

-9.6

-9.1

-21.7

3-80

9.3

9.8

9.9

6.9

5.3

4.0

4.3

2.9

-0.1

-0.4

-2.3

-5.2

-8.8

-10.6

-10.6

-17.7

-13.4

4-80

10.1

10.6

10.7

7.9

6.5

5.4

5.8

4.7

2.1

2.0

0.6

-1.5

-4.1

—4.6

-3.0

-5.7

3.5

23.7

1-81

11.7

12.3

12.5

10.0

8.8

7.9

8.4

7.6

5.5

5.7

4.9

3.5

1.9

2.4

5.3

5.2

16.1

34.4

45.9

2-76

3-76

4-76

1-77

2-77

5-77

4— 77

t-76

2-76

2-7$

5-74

4-74

1-66

2-80

3-66

4-60

3-80

6 I L U 0 H S Of
DOLLARS
U t W M L RATtS
4-60

1-7V

5-76 " 4 - 7 S

415.6
390.9
377.1
397.7
437.1

T M T I a U (WAftTEft

GROSS

Pf
COMPOUNDED

TERMINAL
QUARTER

ANNUAL

RATES

T IN 1 9 7 2 D O L L A R S
OF CHANGE

INITIAL Q U ARTER
2-76

3-76

4-76

1-77

3-76

-2.3

4-76

0.6

3.7

1-77

12.8

21.3

41.8

2-77

15.1

21.6

31.6

22.1

2-77

3-77

4-77

1-78

2-78

1-79

4-78

3-78

2-79

3-79

4-79

1-80

2-80

164.6
166.3
203.3
213.7

3-77

14.8

19.5

25.3

17.7

13.6

4-77

10.8

13.6

16.2

8.7

2.6

-7.2

1-78

11.6

14.1

16.3

10.6

7.0

3.9

16.4

220.6
216.5
224.9
232.9

14.2

16.0

11.5

9.0

7.5

15.7

15.0

9.8

11.5

12.6

8.4

5.8

3.9

8.0

4.0

-6.0

4-78

9.3

10.6

11.5

7.8

5.6

4.0

7.1

4.1

-0.9

4.4

1-79

9.4

10.6

11.4

8.1

6.3

5.1

7.8

5.7

2.8

7.5

10.6

2-79

8.7

9.8

10.4

7.4

5.7

4.6

6.7

4.9

2.5

5.5

6.0

1.7

3-79

7.2

8.0

8.4

5.5

3.8

2.7

4.2

2.3

-0.1

1.4

0.5

-4.2

-9.8

4-79

5.2

5.8

5.9

3.2

1.4

0.2

1.1

-0.9

-3.3

-2.7

-4.4

-9.0

-13.9

-17.6

1-80

4.4

4.9

5.0

2.4

0.8

—0.4

0.4

-1.5

-3.6

-3.2

-4.7

-8.2

-11.2

-11.9

-5.7

2-80

1.9

2.2

2.1

-0.4

-2.1

-3.4

-3.0

-5.0

-7.2

-7.4

-9.2

-12.7

-16.0

-18.0

-18.1

-28.8

3-80

1.2

1.4

1.3

-1.1

-2.7

-4.0

-3.7

-5.5

-7.5

-7.7

-9.3

-12.3

-14.8

-16.0

-15.5

-20.0

00
l"1

12.0

3-78

229.3
231.8
237.7
236.7
232.6
221.5
216.3
200.5
-10.0

195.3
200.5

4-80

1.7

2.0

1.9

— 0 .4

-1.8

-2.9

-2.5

-4.1

-5.8

-5.8

-7.0

-9.3

-11.0

-11.2

-9.5

-10.7

0.0

11.1

1-81

2.8

3.1

3.0

1.0

-0.3

-1.2

-0.7

-2.0

-3.4

-3.2

-4.0

-5.6

-6.7

-6.1

-3.6

-3.1

7.4

17.4

24.1

2-76

3-76

4-76

1-77

2-77

3-77

4-77

1-78

2-78

3-78

4-78

1-79

2-79

3-79

4-79

1-80

2-60

3-80

4-60




INITIAL

211.6

QUARTER

PREPAREO
JU N E 1 8 ,

16

BY FEDERAL
1981

RESERVE

BANK O F

S T.

L O U IS

G O VE R N M EN T P U R C H A S E S O f GOODS A NO S E R V IC E S IN C U R R E N T D O L L A R S
___________________ C O M P O U N D E D A N N U A L R A T E S O F C H A N G E ______________________
B IL L IO N S O f
T E R » H * AJ.________________________________________________________________________ I N I T I A L Q U A R T E R _______________________________________________________________________ P Q L L M S .
QUARTER
ANNUAL RATES
2-76
1-78
2-60
4-60
3-76
4-76
1-77
2-76
3-78
2-77
3-77
4-77
4-76
3-60
1-79
2-79
3-79
4-79
1-60
3-76

5.4

4-76

7.0

362.9
8.6

370.4

1-77

7.7

8.9

9.2

376.6

2-77

9.2

10.5

11.4

13.8

391.0

3-77

8.8

9.7

10,0

10.5

7.2

4-77

9.5

10.4

10.8

11.4

10.2

13.2

1-78

8.9

9.5

9.7

9.8

8.5

9.1

397.9
410.4
5.3

415.7
4 * 5 tl

2-78

9.0

9.5

9.6

9.7

8.7

9.2

7.3

9.4

3-78

9.4

9.9

10.1

10.3

9,6

10.2

9.2

11.2

13.0

4-78

9.7

10.2

10.4

10.6

10.0

10.6

10.0

11.6

12.7

12.4

1-79

9.4

9.8

9.9

10.0

9.5

9.9

9,2

10.2

10.5

9.3

6,3

2-79

9.1

9.5

9.5

9.6

9.1

9.3

8.7

9.4

9.4

8.2

6*2

6.2

3-79

9.1

9.4

9.5

9.5

9.1

9.3

8,8

9.4

9,4

8.5

7.2

7.6

9.2

4?lt?
4 5 9 *2
465.1
475*4...

4-79

9.8

10.1

10.3

10.4

10.0

10.3

10,0

10.7

10.9

10.5

10.0

11,3

13.9

18,9

1-80

10.3

10.6

10.8

10.9

10.7

11.0

10.8

11.5

11.8

11.6

11.5

12.8

15.1

16.2

17.5

2-80

10.3

10.6

10.8

10.9

10.7

11.0

10.8

11.4

11.7

11.5

11.3

12.4

14,0

15.6

14.0

4 ?6t 4 . _
516.8
10.6

5 M . 0

3-60

9.8

10,1

10.2

10.3

10.0

10,3

10.0

10,5

10.6

10,3

10.0

10.7

11,6

12,2

10.1

6.6

2.7

4-80

10.4

10.7

10.8

10.9

10.7

11.0

10.8

11.3

11.5

11.4

11.3

12.0

13.0

13.8

12.5

10.9

11.1

20.2

1-81

10.5

10.8

ll.o

11.1

10.9

11,2

11.0

11.5

11.7

11,6

11.5

12.2

13,1

13,7

1^,7

11.6

11*9

16*8

13,4

2-76

3-76

4-76

1-77

2-77

3-77

4-77

1-78

2-78

3-78

4-78

1-79

2-79

3-79

4-79

1-60

2-60

3-60

4-60

533,5
556.6
576.5

INITIAL QUARTFR

G O V E R N M E N T P U R C H A S E S OF G O O O S A N D S E R V I C E S IN 1 9 7 2 D O L L A R S
______________ C Q g g a m P E P A N N U A L R A T E .?. Q f CHANfcf_______________________

TERjiLNH _________________ _

___________________
BILLIONS Of

______________________________________ IN IT IA L QUARTER

QUARTER

ANNUAL
2-76

3-76

4-76

3-76

— 0 .6

4-76

-0.2

0.3
3,5

1-77

2-77

3-77

4-77

1-78

2-78

3-76

4-78

1-79

2-79

3-79

4-79

1-60

2 -80 _ 3-60

RATES

4-60
266.0
266.2

1-77

1,1

1,9

2-77

1.9

2.7

3.9

4.4

3-77

2.2

2.9

3.8

3.9

3.4

4-77

2.3

2,9

3*6

3.6

3.2

3.0

266.5
271.4
273.7

1-78

1.7

2.1

2.5

2.3

1.6

0.7

-1.6

1.8

2.2

2.5

2.3

1.8

1.3

0.4

2.5

3-78

2.2

2.6

2.9

2.8

2.5

2.3

2.1

4.0

5.5

V
1
CD

275.7

2-78

2.0

2.3

2.6

2.4

2.1

1.9

1.6

2.7

2.8

0.1

1-79

1.9

2.2

2.4

2.2

1.9

1.7

1.4

2.2

2.1

0.4

0.7

2-79

1,7

1,9

2,1

1,9

1.6

1.4

1.1

1,7

1.4

0.1

0,1

-0.4

274.6
276.3
260.0
260.1
280.6
280.3

3-79

1.7

1,9

2,0

1,9

1,6

1.3

l.l

1,6

1.4

0.4

0,5

0,4

1,1

4-79

2,0

2.2

2.3

2.2

2.0

1.9

1.7

2,2

2.2

1.5

1.9

2,2

3,6

6,1

1-80

2,3

2,5

2,7

2,6

2,5

2,4

2,3

2,8

2,8

2,4

2,8

3,4

4.7

6,5 _ 6.9

2-80

2,3

2,5

2.7

2,6

2,5

2,4

2,3

2.8

2,8

2.4

2,8

3,2

4,1

5.2

4.7

2.5

3-80

1.9

2,0

2,1

2,0

1,9

1.7

1.6

2.0

1.9

1.5

1.6

1,8

2,2

2.5

1.4

-1.3

-5.0

281.1
285.3
290.1
291.9
288.2

4-80

1.9

2.0

2,1

2,1

1,9

1.8

1.7

2.0

1.9

1.5

1.7

1.9

2.2

2.5

1.6

-0.1

-1.4

2.2

1-81

2.1

2,2

2^3

2,3

2.1

2.0

2.0

2,3

2.2

1.9

2.1

2,3

2,7

2.9

2,3

1.2

0.6

3.8

5.3

2-76

3-76

4-76

1-77

2-77

3-77

4-77

1-78

2-78

3-78

4-78

1-79

2-79

3-79

4-79

1-60

2-60

3-60

4-60




_

436.3

IN IT IA L

289.8
293.6

Q U AR TER

PREPAREO
JU N E 1 8 .

17

BY fE D E R A L R E S E R V E
1981

BANK O f

ST.

L O U IS

D I S P O S A B L E P E R S O N A L iN C O H E I N C U R R E N T D O L L A R S
________ C O M P O U N D E D A N N U A L R A T E S O f C H A N G E ___________

TERM INAL

_____________________ I N I T I A L

B IL L !O H S Of
DOUAHS

Q U A R T E R ________________________

Q U A R TER

ANNUAL R A TE S

2~7fr
?-7 6.-

3~76

W 6 ---- 1=22---- 2 -1 7

3-77

i~77__ I-7 B

2 -7 8

3 -7 8

4 -7 8

1 -7 9

2 -7 9

3 -7 9

4 -7 9

1 -8 0

2 -8 0

3 -8 0

4 -6 0

J L t £ _________

4 -7 6

1 »2 03 .?
_ U 2 2 9 . fr

_____9.*Q -

1 - 77

8 .5

8 . 8 ____ 8 . 6

-1»25?«2

2- 7 2 -

9 .3

9 .8

-I t2 9 1 .Q

3-7 7

I Q . 2___ 1 1 . 9

KL*_1___ I S U l ___ I U 1 ___ 1 2 _ ^ ___ I

_!• 3 3 2 . 1

_________

4-77

1 0 . 3 ___ ______ 11.2

12 t l __ 11*1

li» :

1-78

1 0 t l ___ ICLtl___ IS.

x\t 4

11*2

19» 1___

2-78

10*5

11.7

11*6

U *o
11*3

10 #8

11*1

A . 367.8

10*9

l i 398.0
12*8

1 .4 4 0 .7

3-78

10.6

11.0

11.3

11*7

11*7

11*3

12*4

12*0

4-78

10,9

llt 3

11*6

12*0

12*0

11*8

11*9

12*9

12*9

13*9

1-79

11.2

11.5

U *8

12*2

12*2

12*1

12*2

13*0

13*1

13*7

13,5

2-79

11.0

11.2

11.5

11.8

11.8

11.5

11.6

12.1

11.9

11.9

11.0

3-79

11.1

11.4

11.6

11.9

11*9

11.8

11.8

12.3

12.2

12.3

11.7

10.8

4-79

11.2

11 .4

11.6

11.9

11.9

11.7

11.8

12.2

12.1

12.1

11.7

11.1

12.4

11.6

1—ft0

11.3

11.6

1 l.ft

12.0

12-0

11 .9

12.0

12.4

12.3

12.4

12.1

11.7

12.8

12.5

1 .4 8 2 .1
1.531*0
1.580*3
1 .6 1 2 .fi

8 .5
13.3

1*710.1
1 .7 6 5.1

13.5

2-80

10.9

11.1

11.2

11.4

11.4

11.2

11.2

11.4

11.3

11.2

10.7

10.2

10.6

9 .8

8 .8

4 .4

3-80

11.0

11.2

11.4

11.6

11.5

11.4

11.4

11.6

11.5

11.4

11.1

10.7

11.1

10.6

10.3

8 .7

13.3

4-80

11.1

11.3

11 .4

1 1 .6

11.6

11.5

11.5

11.7

11.6

11.6

11.3

11.0

11.4

11.1

10.9

10.1

13.1

1 2 .ft

1-81

11.1

11.3

11.4

11.6

11.6

11.5

11.5

11.7

11.6

11.5

11.3

11.0

11.4

11.1

11.0

10.4

12.4

12.0

11.1

2-76

3-76

4-76

1-77

2-77

3-77

4-77

1-78

2-78

3-78

4-78

1-79

2-79

3-79

4-79

1-80

2-80

3-80

4-80

1*784.1
1 .8 4 0 .6
1 .8 9 7 .0
1 .9 4 7 .8

IN IT IA L QUARTIR

DISPOSABLE PERSONAL INCOME IN 1972 DOLLARS

_____ CQflgflimPEP AMtfUAL RATES OF CHANGE________

_

________________

B IL L IO N S Of
TERMINAL______________ _______ ____________________________________________ I N I TIA L QUARTER_________________________________________________________________POLLAR5,
QUARTER
ANNUAL RATES
2-76 3-76
1-79 2-79 3-79 4-79
1-80 2-80 3-80 4-80
4-76
1-77
2-77 3-77 4-77
1-78 2-78 3-78 4-78
3-76

2.1

4-76

2,3

909.5
915.1

2*5

918.7

1-77

2.1

2.0

1.6

2-77

3,0

3*3

3*6

5*7

3-77

3,8

4., 2

4,8

6*5

7*3

4-77

4.1

4*5

5*0

6*2

6 .4

5.5

1-78

3,9

4 ,2

4 ,5

5.2

5.1

4 .0

2 .5

2-78

3,8

4*1

4*4

4*9

4 .7

3 .9

3.1

3 .6

3-78

3.9

4*1

4*4

4*6

4.0

3 .5

4 .0

4,3

4-78

4*0

4*2

4*4

^9 P

4 .7

4.2

3 .9

4 .3

4.7

1-79

3*9

4*1

4*3

4*6

4 .5

4 .0

3*7

4 .0

4.1

3*1

2-79

3.6

3*8

3*9

4*2

4 .0

3.5

3*2

3*3

3.2

1*8

0*5

931.6
948.1
960.9
966.8
975.5
985.9
.

1.006*9

3-79

3 .6

3*7

3*9

4*1

3.9

3.5

3*2

3*3

3.3

2*4

2*0

3*5

4-79

3.4

3.5

3*6

3*8

3 .6

3.2

2*9

3 .0

2.9

2*0

1*6

2*2

0*8

1-80

3.3

3 .4

3.4

3*6

3.4

3.0

2 .7

2.8

2.6

1*8

1*5

1.9

1 .0

1.3

2-80

2.7

2.8

2.8

2*9

2.7

2.3

1.9

1.9

1.7

0*7

0*2

0.1

-1 .0

-1 .9

-4 .9

2 .9

2 . ft

2 .4

2.1

2 .1

1.9

1.2

0 .8

0 .9

0 .3

0.1

-0.5

4 .1

3 .0

2 . ft

2.5

2.2

2.2

2.0

1.4

1.1

1.2

0 .8

o .a

0 .6

3 .5

2 .9

1 .5

1.2

1.2

1.2

3 .3

2 .9

3 .0

3-79

4-79

1-80

2-80

3-80

4-80

3-80

2.8

2 .9

4-80

?.ft

2-9

1-81

2.8

2 .9

2 .9

3 .0

2.8

2 .5

2 .3

2 .2

2 .1

1.6

1 .4

3-76

4-76

1-77

2-77

3-77

4-77

1-78

2-78

4-78

1-79

2-76




iN in

.99f *0 .
1#0Q?.7

2-79

lt 0 1 5 . 2
1*01 7.2
1 .0 2 1 .0

1 .0 1 8 .5
1 .0 2 5 .a
1. 0 3 3 . 3

QUARTER

P R fP A R tO
JU N E 1 8 .

18

BY FED ERAL RESERVE
19 *1

BANK O f

ST.

L O U IS

C O R P O R A TE P R O F IT S A F T E R T A X E S *
C O M P O U N D E D A N N U A L R A T E S O F C H Aht& E

TERM INAL____________

_

___ ________________________________I NI T I A L QUART E R_________________________________ ______________

QUARTER
2-76

3-76

4-76

1-77

2-77

3-76

4,8

4-76

2.2

-0.4

1-77

15.7

21.5

2-77

15.9

19.9

31.6

16.7

3-77

16.1

19.1

26.5

16.8

16.8

4-77

13.7

15.6

19.9

11.7

9.3

3-77

4-77

1-78

2-78

3-78

1-79

2-79

3-79

4-79

1-80

2-80

3-80

103.5
103.4
48.3

114.1
n a . 6
123.3
124.0

2.3

1-78

12.3

13.7

16.7

9.9

7.7

3.4

4.6

2-78

15,8

17.5

20.8

15.9

15.7

15.3

22.4

43.3

3-78

16.0

17.5

20.3

16.2

16.1

15.9

20.8

29.9

17.7

4-78

18.3

19.9

22.8

19.5

19.9

20.6

25.6

33.6

29.0

41.3

1-79

18.9

20.4

23.0

20.1

20.6

21.2

25.4

31.3

27.5

32.7

24.6

2-79

17.2

18.4

20.4

17.7

17.8

17.9

20.8

24.3

20.0

20.7

11.6

0.0

3-79

17.7

18.8

20.7

18.3

18.5

18.7

21.2

24.2

20.7

21.5

15.5

11.2

4-79

15.3

16.1

17.6

15.2

15.0

14.8

16.5

18.3

14.5

13.9

8.0

2.9

4.4

1-flO

16.8

17.7

19.2

17.0

17.1

17.1

18.9

20.8

17.9

17.9

13.7

11.1

15.1

11.0

39.fi

2-80

9.4

9.7

10.5

8.0

7.3

6.5

6.9

7.2

3.3

1.4

-4.0

-8.9

-11.0

-20.3

-24.1

125.4
137*2
142.9
155.0

164.6
23.7
-11.9
102.9
146.5

-58.8

3-80

11.0

11 .3

12.2

10.0

9.5

8.9

9.5

10.0

6.8

5.5

1.2

-2.2

-2.7

-8.4

-7.1

-24.3

39.1

4-ftO

11.1

11.5

12.3

10.2

9.8

9.2

9.8

10.3

7.5

6.4

2.7

-0.1

-0.1

-4.3

-2.3

-13.3

25.fi

13.7

1-81

ll^Q

11.4

12.1

10.2

9.7

9.2

9.8

10.2

7.6

6.7

3.4

1.0

1.2

-2.2

-0.1

-8.1

20.0

11.5

9.3

2-76

3-76

4-76

1-77

2-77

3-77

4-77

1-78

2-78

3-78

4-78

1-79

2-79

3-79

4-79

1-00

2-00

3-00

4-00

INITIAL
»

4-78

6 1 L L IO H S O F
D O LLA RS
ANNUAL RATES
4-00

NA T I ONA L I N C O ME

BASH-

159.1
164.3

QUARTER

__________________________

PREPARED

BY

FfDERAL

RESERVE

BANK

OF

SOURCES OF DATA
NATIONAL INCOME AND PRODUCT ACCOUNTS DATA
The December 1980 Survey of Current Business contains an
a rticle describing the major aspects of the revision, simmary annual
estimates for 1978 and 1979, quarterly estimates for recent quarters,
and monthly estimates for October 1979 through November 1980.
National Income and Product Tables, 1976-79, forthcoming 1n a special
supplement to the Survey, contains estimates for 1976-79 for the fu ll
set of annual and seasonally adjusted quarterly and monthly national
Income and product (NIPA) tables. National Income and Product
Accounts of the United States, 1929-76: S ta tis tic a l Tables contains
a ll estimates covering earlier years. This publication 1s expected
to be available for purchase from the Superintendent of Documents
later in 1981.
For further information, write to the National Income and
Wealth Division (BE—
54) Bureau of Economic Analysis, U.S. Department
of Commerce, Washington, D.C. 20230.
The Survey is available from most d is tric t offices of the
Department of Commerce or from the Superintendent of Documents, U.S.
Government Printing Office, Washington, D.C. 20402.



16Ô.0

19

ST.

LOUIS

I N V E N T O R I E S COMPARED WI T H M O N T H L Y
M A N U F A C T U R I N G AND T R A D E

SALES*
. 68

.64
.60
.56
.52
.48
.44
.40
.36
.32
* R A T I OS

BASED

ON

SHADED

AREAS

REPRESENT

LATEST

DATA




SEASONALLY

PLOTTED:

ADJUSTED

PERIODS

OF

DATA.

BUSINESS

SOURCE:

'J. S . D E P A R T M E N T

OF

C O MME R C E

RECESSIONS.

APRIL
PREPARED

2 0

BY

FEDERAL

RESERVE

BANK

OF

ST.

LOUIS