Full text of National Economic Trends : March 1973
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nnnonnL PREPARED M O N T H E N D IN G : BY February 28, 1973 Economic FEDERAL RESERVE BANK m OF u s ST. L O U IS RELEASED: March 21, 1973 Economic activity has expanded at a strong pace in the past six months. Since August, the growth of personal income, industrial production, and retail sales have accelerated slightly. Consumer and wholesale prices also have shown more rapid rates of increase recently. Personal income rose at an 11.8 percent annual rate from August 1972 to February 1973, compared to an 8.2 percent increase in the previous twelve months and a 6.6 percent trend rate from 1957 to 1971. The growth of retail sales accelerated to an 11.9 percent annual rate from August 1972 to February 1973, compared to a 9.6 percent rise in the previous twelve months. The inventories/sales ratio continued to fall sharply over the past year, declining to 1.43 in January 1973. For comparison, this ratio reached its lowest level during the 1961-69 expan sionary period in early 1966 when it fell to 1.42. Industrial production rose at a 10.1 percent rate in the six-month period ending February. For comparison, in dustrial production increased 9 percent in the previous twelve months and at a 4 percent trend rate from 1957 to 1971. The unemployment rate of all civilian workers was reported at 5.1 percent in February, compared to 6 percent in late 1971. Wholesale prices of all commodities rose at a rapid 11 percent annual rate in the six-month period ending February 1973, after rising by 4.4 percent in the previous year. Much of the acceleration in this index has resulted from an accelera tion in the wholesale prices of farm products. Wholesale prices of farm products and processed foods and feeds rose at a 31 percent rate in the past six months, compared to an 8 percent increase in the previous twelve months and a trend rate of 1.4 percent from 1957 to 1971. Consumer prices increased at a 5.2 percent rate in the past six months, compared with a rise of 2.9 percent in the previous twelve months. 2 T O T A L CIVII. I AN E M P L O Y M E N T C O M P O U N D E D A N N U A L R A T E S QC C H A N G E TERMINAI MONTH INIT I A L 7-71 8— 71 2 .6 8-71 9- 7 1 10-71 1 1 -71 1 2 -71 1-7 2 2-72 3-72 THOUSANDS OF P E R S O N S MONTH 4-72 5-72 6-72 7-7 2 8-72 9-72 10-72 11-72 1-73 12-72 79.264 9-71 2.9 3.3 10-71 3.3 3.6 4.0 1 1-71 3 .4 3. 7 3.9 3. n . o.n 79,476 79.738 79,987 2. 9 3.0 2 .9 1-72 3.8 4.0 4.2 't, 3 4.5 8.4 2- 7 2 3.3 3.4 3.4 3. 3 3.1 4.2 0.2 3-77 4. 0 '♦.3 4. 4 4. 5 4. 7 6.0 4. 8 9. 7 '*-7? 3.6 3. 7 3.3 3. 7 3.7 4.4 3.2 4. 7 -0.1 5-72 3.6 3.7 3.8 3. 7 3.7 4.3 3.3 4.4 1.8 3.7 6-72 3. 7 3.-4 3.3 3. 3.8 4.3 3.5 4.4 2.7 4.1 4.4 7-72 3.4 3.5 3 .5 3. 4 3 .4 3.8 3.0 3.6 2.1 2 .9 2.4 0.4 7? 3.5 3.5 3.6 ìt i. *> 3.8 3.2 3.7 2 .5 3.2 3.0 2.3 5 o o o 00 1 2-71 2 3 80,579 80.594 81.216 81,209 81,458 81,752 81.782 82.061 4 .2 9-7? 3.4 3.r> 3.5 3. 4 3.4 3.7 3.1 3.6 2.6 3. 1 3.0 2 .5 3 .5 2.9 10 — 7 ? 3.3 3.'. 3.4 3. 3 3. 3 3.5 3.0 3.4 2.5 2 .9 2.8 2.4 3.0 2.5 2 .1 11-7? •5- ? 3.3 3.3 3. ? 3.2. 3.4 2.9 3.2 2.4 2.8 2.6 2.3 2.8 2.3 2.0 82,256 82.397 1.9 82.525 12-72 3.3 3. i 3.3 3. 3 3.2 3.4 3.0 3.3 2.6 2.9 2.8 2.5 3.0 2.7 2.6 2.8 3 .8 1-73 >.1 ? .9 2. 9 ?, 8 2.7 2 .9 2.5 2. 7 2.0 2.2 2.0 1.7 1.0 1.5 1.1 0.8 0 .2 -3.2 2 - 73 3.? 3.2 3.2 3. ? 3. 1 3.3 2.9 3. 1 2.6 2. 8 2.7 2.5 2.8 2.6 2.6 2.7 2.9 2.5 8.6 7-71 3-71 9-7 1 12-71 1-72 2-7? 3-7? 4-/2 5-72 6-72 7-72 8-72 9-72 10-72 11-72 12-72 1-73 io- n 1 1- 7 1 82,780 82.555 83.127 INITIAL M O NTH P R E P A R E D BY F E D E R A L R E S E R V E M ARCH_9, 1973 B A N K OF ST . L O U I S P AYROL1 E M P L O Y M E N T 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 T F R M I N Al MONTH I NI T I A L 7-71 3-71 r 9-71 10-71 1 1-71 12-71 1-7 2 2-72 3-72 4-72 THOUSANDS OF P E R S O N S MONTH 5-72 6-72 7-72 8-72 9-72 10-72 11-72 12-72.. 1 - 7 3 70,548 \ 8-71 o .3 9-71 2.7 5.1 1 ">— 71 1.9 2.7 0.3 11-71 2.4 3. 2 2.2 70,843 70,861 71.103 4.2 71,291 1 2-71 2.6 3.2 2.6 3. r 3 .2 1 -72 2.9 3.4 3.0 4.0 3.8 4.5 3.8 3.7 3 .9 3.3 3. 1 7 1 »552 71.744 3.0 3.4 3-7? 3.2 3.6 3. 3 3.9 3. 9 4.1 3. 9 4.6 4-72 3. 3 3. 6 3.4 3 .9 3.9 4. 1 3.9 4. 3 4.0 ^ + 3 . 8 % 72,246 4.2 4.2 4.4 4.4 4.3 4.9 72,592 2-7? 72,011 S-72 3.5 3.9 3 .7 6-72 3 .4 3.7 3.5 3.9 3.9 4.0 3.9 4.0 3.9 3 .8 7-72 3.0 3.3 3.1 3.4 3.3 3. 3 3.1 3. 1 2.7 2.3 0.6 3.5 3.6 3.5 3.5 3.3 3.1 2 . 2 ...2 . 4 . 3.6 X 1.8 72,699 72.661 -0.6 8-72 3.2 3. 5 3.3 9-72 3.2 3.4 3.3 3.6 3 .5 3.5 3.4 3.4 3.3 3.1 2.4 2.7 4.3 3 . 2 \ 10 - 7 ? 3.5 3.7 3.6 3. 8 3. 8 3. 9 3.8 3.9 3 .8 3.8 3.3 3.7 5.2 5.1 7 . 0 \ 3.9 4.0 4.0 4.0 3.6 4.0 5.2 5.1 6.1 5 . z \ 3. 9 4.0 7 2 t984., ............. .. 73.1.176. 73.589 73.899 3. 6 3.8 3.7 4.0 12 — 7? 3. 5 3. 7 3. 6 3.8 3.8 3. 8 3.8 3 .8 3.7 3.7 3.4 3.7 4.6 4.3 4.7 3.6 2.1 1-73 3.4 3.6 3.5 3.7 3.7 3.7 3.6 3. 7 3.6 3.5 3.2 3. 5 4.2 3.9 4.1 3 .1 2.1 2.1s 74.155P 4.0 3. 9 3.9 3 .7 3 .9 4.6 4.5 4.7 4.2 3.8 4.7 74.596P 5-72 6-72 7-72 8-72 9-72 10-72 11-72 12-72 1 1-72 7-TK 1.6 7-71 3.8 8- 7 1 3.7 9-71 3. 9 1 0 -/1 3.9 11- 7 1 4.0 12- 7 1 3.9 1- 7 2 2-72 3-72 4-72 I N ITIAL 74,026 1 1-73 MONTH P - PRC L I M I N A « Y P R E P A R E D BY F E O E R A L R E S E R V E M A R C H 9, 1 97 3 B A N K O F ST. L O U I S 3 EMPLOYMENT RATIO SCALE MILLIONS OF 1965 RATIO PERSONS 1966 1967 seasonally 1968 MILLIONS ADJUSTED 1969 1970 1971 SOURCEs PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR P E R I O D S L A T E S T DATA P L O T T E D : 1972 OF SCALE PERSONS 1973 U . S . D E P A R T M E N T OF LABOR INDICATED. FEBRUARY P R E L I M I N A R Y PREPARED BY FEDERAL RESERVE BANK OF S T . LOUIS 4 ----------I NPUST R IA L P ffT T O U m rm — C O M P O U N D E D A N N U A L R A T E S OF C H A N G E INITIAL MONTH TERMINAL TWNTH 7 -71 8-71 8-71 9-71 1 0-71 1 1 - 7 1 1 2 - 7 1 1 -72 2 -7 2 3-72 - 11.7 4-72 5-72 1947 = 100 6-72 7-72 8-72 9-72 10-72 11-72 12-72 1-73 105.6 9-71 2.3 18.4 107.1 1 0- 7 1 0.4 7 .0 106.8 11-71 2.0 7.0 1.7 7*0 \ 12-71 3.2 7. 3 3. 8 7.5 8.1 1-72 3.8 7 .2 4 .5 7.3 7.5 ■ 3 . \ 2-7? 5.4 8. 5 6.6 9.3 3-72 6.4 9.3 7.8 10.2 4-72 7.7 10.4 9.3 5-72 7.4 9.7 6-72 *.9 7-72 6.7 8-72 107.4 108.1 6 . 9 \ 108.7 10.0 1 1.0 1 5 . 3 \ 11.0 1 2.0 14.6 13. 11. 6 12.5 13.6 16. 0 16.3 1 8 . 7 \ 8.7 10. 5 11.1 11.7 12.9 12.2 11.3 8. 9 7. 9 9.4 9.8 10 . 0 10.7 9.6 8.2 3.2 2. I s 8.6 7.7 9. 0 9.2 9.4 9.8 8.7 7 .5 4.0 3.8 5 . * \ 7 .2 9.0 8.2 9.4 9. 7 9.9 10.3 9.5 8 .6 6 .2 6.9 9.3 » 9-72 7.5 9.1 8.4 9.5 9 .8 10.0 10.4 9.7 9.0 7.2 7.9 9.9 12.2 10.9 10-72 8.0 9.* 8.9 10.0 10.3 10.s 10. 9 10.4 9.9 8.*; 9.4 11.2 13.3 13.2 15. 5 11-72 3.2 9.7 9.1 10.1 10.3 10.5 10.9 10.4 1 0.0 8.8 9.6 l l.l 12.4 12.3 13.1 12-72 8.1 9.5 8 .9 9.9 10.1 10.3 10.6 10.1 9.7 8.6 9.3 1 0.5 11.5 11.1 ll.l 9.0 7 . 3 \ 1-73 8.1 9.4 8.8 9.7 9.9 10.0 10. 3 9.9 9.5 8 .5 9.0 10.0 10. 8 10.3 10. 1 8.4 7.3 7 ^ \ 2-73 8.2 9.4 8.9 9.7 9.9 10.0 10.2 9.8 9.5 8.6 9.1 9.9 10.6 10.1 10.0 8.7 8.0 8.3 7-71 8-7 1 9-71 1 0 - 7 1 11- 7 1 12- 7 1 1-72 2-72 3-72 4-72 5-72 6-72 7-72 8-72 9-72 10-72 110.0 111.2 112.8 +9.4% 4.3 113.2 113.4 113.9 . 1 15 . 1 V \ 116.1 V 117.5 1 0 . Y \ 118.5 119.2 11-72 12-72 1 1 9 . 9P 9.4\ 1 2 0 . 8P 1-73 I N I T ! A t 1P O N T H P- P R E L I M I N A R Y P R E P A R E D BY ¿ E D E R A L R E S E R V E B A N K O F ST. L O U I S M A R C H 16, 1 9 7 3 5 INDUSTRIAL RATIO PRODUCTION SCALE 1967-100 RATIO SEASONALLY ADJUSTED PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR P E R I O D S LA TES T DATA P L O T TE D : SCALE 1967=100 INDICATED. FEBRUARY P R E L I M I N A R Y PREPARED BY FEDERAL RESERVE BANK OF S T . LOUIS 6 retail sales C O M P O U N O F O A N N U A L R A T E S OF C H A N G E 8-71 _ 8-71 9-71 10-71 ____________________________________ I N I T I A L M O N T H _______________ __________________________________________________M I L L I O N S O c DOLLARS 11-71 12-71 1-72 2-72 3-72 5-72 6-72 7-72 8-72 1-73 9 - 7 2 10-72 11-72 12-72 1 M T E R M I N A L __ MONTH 7-71 40.4 34,655 9 - 71 30. 6 21.4 10-71 16.0 5.5 -8.4 i1 - 7 1 I 7.8 11.0 6.2 12-71 9.8 2.1 -3.6 -1.2 -2 0 . 6 1-72 7.2 1.6 -2.8 -0.9 -11.1 35,219 34,964 23.1 35,574 34,896 -0.3 34,886 2-72 8.6 4. C 0.9 3.3 -2.6 8.0 17.0 3-72 12.5 9. 0 7.1 10.5 7.6 19 . 0 30. 1 35,345 44.7 36,450 +10. 3% 4-72 10.5 7.2 5.3 7.8 4.9 12 . 5 17 . 2 17 . 3 -5.0 5-72 12.4 9.7 8.3 10.9 9. 0 16.1 20.7 21 . 9 11. 9 31.8 6-72 10.2 7.5 6.1 8.1 6.1 11.3 13.8 13 . 1 4.1 9.0 36,296 37,141 -9.8 36,822 7- 72 L 0.8 8.5 7.3 9. 2 7.5 12.3 14.6 14.1 7.5 12.0 3. 3 18.3 dr 72 11.7 9.6 8.5 10.4 9.1 13 . 5 15 . 6 15 . 4 10.3 14.5 9.2 20.2 22 . 1 9-72 10.2 3.2 7.2 8. 7 7.4 11. 0 12.5 11 . 9 7.2 9.9 5.0 10.4 6.7 -6.8 LO-72 12 . 7 10. 9 10.1 11.8 10.9 14.6 16. 4 16 . 4 12.8 16.1 13 . 2 19.8 20.3 19.4 11- 7? 11.0 9.3 8.4 9.9 8.8 12.0 13.3 12.9 9.5 11.7 8.6 12.8 11 . 4 8.1 12- 72 11.7 10. 1 3.4 10. 8 9. 9 13.0 14.2 14.0 11.0 13.2 10.7 14 . 6 13. 9 11 . 9 11.9 14.9 16.3 16.2 13.7 16.0 14.2 18.1 18.0 17. 2 11.0 13. 9 13.3 11.9 5-72 6-72 7-72 8 -72 1 - 73 13.2 11.8 11.2 12.6 ._2 t 7.3 11.7 10 . 3 9.7 11 . 0 10.2 12.8 13.9 13 . 6 11 . 2 12.9 7-71 8-71 9- 7 1 10-71 11-71 12-71 1- 7 2 2-72 3-72 4-72 iNtflAl 37,342 37,969 37,746 52.9 39,106 16.4 - 1 1 . 4 38,713 18 . 9 4.9 39,417 24.2 15.8 16.1 8. 3 15. 8 9- 7 2 10-72 11-72 40,571P 11.9 - 1 1 . 4 12-72 40,162E 1-73 MOKltH P-' P R E L I M I N A R Y P R E P A R E D BY F E D E R A L R E S E R V E S A N K O F ST. L O U I S M A R C H 12# 1 9 7 3 PERSONAL INCOME C O M P C U N D t D A N N U A L R A T E S OF C H A N G E B I L L I O N S OF DOLLARS ANNUAL RATES INITIAL M O N T H H- 3 M I N A L MLNTh 7-71 8-71 9.7 8-71 9-71 10-71 11-71 1 2 - 7 1 1-7 2 2-72 i-72 4-72 5-72 6-72 7-72 8-72 9-72 10-72 11-72 12-72 1-73 869.1 872.2 ‘ 5-71 7.0 4. 4 i ¿ - 71 5.9 4. 0 3.6 11-71 6.0 4.8 5.1 874.8 6.5 879.4 890.4 12-71 8.0 7.5 8.6 11. 2 16.1 1-72 8.6 8.4 9.5 11.5 14.1 12.1 2-72 9.3 9.3 10.3 12.0 13. 9 12.8 13.6 3 -72 9.0 8.9 9.7 11.0 12.1 1C.8 10.2 4-72 8. 9 8.8 9.5 10.5 11.3 10.1 9.4 7.4 7 .9 5 - 72 8. 6 8.5 9.0 9. 8 10.4 9. 3 8.6 7.C 7.0 6.2 6-72 7.7 7.5 7.8 8.4 8.6 7.4 6.5 4.8 4.1 2.3 -1.4 5 .9 13.8 7.1 11.6 898.9 908.5 6.9 913.6 919.4 924.0 922.9 7 - 72 8. 2 8.0 3.4 9. 0 9.3 8.3 7.7 6. 6 6.5 6.0 3 -72 8.3 8.2 8.5 9.0 9.3 8.5 8.0 7.1 7.1 6.9 9-72 8.3 6.2 8.6 9.0 9. 3 8.5 8.1 7.3 7.4 7.3 7.6 10.8 9.3 9.0 9.6 9.9 10.7 l i .9 13. 9 932. 9 9.5 940.0 946.8 1 0 -72 9.3 9.3 9.7 10.2 10 . 5 IC. O 9.7 9.3 16.2 23.8 11 - 72 9.7 9.7 10. L 10.7 11.C 10.6 10. 4 10. 1 10.5 10.8 1 1.6 14.4 1 4.6 16.3 20.1 16.6 12-72 9.7 9.7 10.0 10.5 10.8 10.4 10.2 9. 9 1G.2 10.5 11.2 13 . 4 1 3.3 14.3 16.1 12.5 8.6 1-73 9.3 9.3 9.6 10.0 10.3 9.8 9.6 9. 3 9.5 9.7 10 . 2 11.9 11.6 12.0 12.8 9.A 5 .9 3.3 2-73 9.4 9.4 9.7 10.0 10. 3 9. 9 9.7 9. 4 9 .6 9.8 1 0.2 11.8 11.5 11.3 12.4 9. 7 7.5 6.9 IC.6 7-71 8-7 1 9-71 10-71 11-71 12-71 1- 7 2 2-1?. 3-72 4-72 5-72 6-72 7-72 8-72 9-72 10-72 11-7? 1 2 -72 1-73 P- 963.8 976.2 982.9 9 8 5 . 6P 9 9 3 . 9P PRELIMINARY ------------ — --- — ----- ------------------------- “ P R E P A R E D 9Y F F O t R A L R E S E R V E M A R C H 19, 1973 * A N K 0*= ST. *L ö Ü Ï S 7 RETAIL SALES R A T I O SCALE R A T I O SCALE 1965 1966 B I L L I O N S OF DOLLARS SEASONALLY ADJUSTED B I L L I O N S OF OOLLARS 1967 1968 1969 1970 1971 1972 1973 SOURCE* U.S. DEPARTMENT OF COMMERCE PERCENTAOES ARE ANNUAL RATES OF CNANOE FOR PERIODS IMO IGATED. LATEST DATA PLOTTEOt JANUARY PRELIMINARY, FEIRUARV ADVANCE ESTIMATE PREPAREO IY FEDERAL RESERVE SANK OF ST. LOUIS PERSONAL R A T I O SCALE T R I L L I O N S OF OOLLARS 1965 INCOME R A T I O SCALE M O N T H L Y T O T A L S AT A N N U A L R A T E S 1966 1967 SEASONALLY ADJUSTED 1968 1969 1970 T R I L L I O N S OF OOLLARS 1971 1972 1973 SOURCE« U.S. DEPARTMENT OF COMMERCE PERCENTAGES ARE ANNUAL RATES OF CHANCE FOR PERIODS INDICATEO. LATEST OATA PLOTTEOt FEBRUARY PRELIMINARY PREPAREO BY FEDERAL RESERVE BANK OF ST. LOUIS 8 G R O S S N A T I O N A L P R O D U C T 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 _______ 1 1 R HP - Al QUARTER .1-68 2-68 ¿-6 8 -1-69 3-68 4-68-1-69 2-69 1-70 2-70 3-70 4-70 1-71 2-71 3-71 4-71 1-7 2 2-72 3- 7 2 857.4 8.6 875.2 907.0 -0 x 5 ____ L lB_ a.5 7.7 _ L l6 ____ Z x § _ 7«9 - -3-69 941.7 - I * £ ____! * £ ____ -1.- 6 9 6 .6 6.2 5.6 i-70 - U À ____ tLx$_ --5*6 5.0 -¿r7Q - U S X ____fc*£_ -¿*J2____5 . 7 5. 2 ■¿.9 -A .Q____5 . 7 5.4 A-.7Q 6t4 -¿.9 _Ld__ -IxJ___ 6xl_ ■ 7.1 4.7 5.3 6.0 6.1 4.3 4.4 3.7 S u à ---- k±Â____ 6 x 2 ____ %jt.7. 6.2 6.5 6-8 J L mJx ____ ZjJL. -¿--72 -1.4 3-72 2-o8 3-68 6.0 6.5 6.2 5.9 6.4 -Li __ 1.023.4 1 . 0 4 3 .0 7.7 U-l 7.2 9.2 -& * £ ----------- 6 * 4 ___________ 6 ^ 6 ....7 t0____7.2 7.4 8 . 9 ____ Z±2____t s l 8.3 -L l Q ---- k*3.____6 . 9 6.8 >9.9% 1 »056. I .076 . 1 _1jlLQ9_..1... 6. 8 7.2 7.6 7.9 8.1 9.5 8.4 8.5 10.1 12.0 7.2 7. 6 8.0 8.3 8.6 9.8 _ 9±_0_ 9.2 10.5 11.7 11.4 -1 * 4 ---- 1*4 ____1 * 4 ____1*3 ____7 . 7 8.1 8.4 8.6 9.7 9.0 9.2 10.1 10.8 10.1____ £ ¿ 9 , .8,9,. 9.9 9.3 9 . 5 ___10&3-.lJk J___ lU±4___10..0 4-70 1-71 7.3 _l x ^ ____liiL. 1 -6 8 6.3 1.4 7.0 7.3 -¿r72 3. 5 5 x 4 ----l a ____4 jl2____4 a 1 -6x±____6 . 3 1-72 4-69 -2*1 ¿-69 1“7 I 3-69 LI.7 - 3 - 6 9 ____ 10.1 4 — 68 BILLIONS D O L L A R S __ A N N U A L RATfcS INITIAL Q U A RTER 4-68 1-69 7.3 7. 6 2-69 -1*6___ 8x13___ â*4___ Sx6_ 3-69 4-69 1-70 2-70 3-70 2-71 3-71 4-71 1-72 1 ♦ 139.4 2-72 1.164.0 ll.oj 1.194.<> 3-72 INITIAL QUARTER P R E P A R E D BY F E D E R A L R E S E R V E F E B R U A R Y 20. 1 9 7 3 B A N K OF S T. L 0 U l ‘ G R O S S N A T I O N A L P R O D U C T IN C O N S T A N T 1 9 5 8 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 ___________ ¿-fr,8 . 2-68 B I L L I O N S GDQLLARS A N N U A L RATL'S INITIAL Q UARTER ■TERMINAL... Q U ARTFf 't-68 1-69 ¿ ’6 9 ,3-6.2.- 4 7 6 , 3 .I t I Q .. ¿ - 7 9 ?t79 W O 1-71 ¿ ’71 3-71 Jtzll— l-7g ?-7? 3-7£ 7.5 ,7.U>i-L_ 1- 6 9 _^xi___ ¿x5___ Ixi- 2 r6 9 ¿ .5 722.4 2. 6 ____ Ls9_ I N I T I A L QUARTfcR P R F P A R E O BY FEDERAL F F B R U A R Y 20. 19 7 3 RESERVE B A N K OF ST. L O U I S 9 DEMAND AND P R O D U C T I O N RATIO QUARTERLY TOTALS AT ANNUAL RATES SCALE TRILLIONS OF D O L L A R S SEASONALLY ADJUSTED RATIO TRILLIONS SCAL E OF D O L L A R S 1.3 1 . 2 1.1 1.0 0.9 0.8 0.7 0.6 0.5 1965 1966 1967 yjBNP IN CURRENT DOLLARS. 1968 1969 1970 1971 1972 1973 SOURCEt U . S . DEPARTMENT OF COMMERCE KJBNP IN 1 958 DOLLARS. PERCENTAGES ARE ANNUAL RATES Of CHANCE FOR PERIODS IN DIC ATE O . LATEST OATA PLOTTED* 4TH QUARTER PREPARED BY FEDERAL RESERVE BANK OF S T . LOUIS 10 C O M P E N S A T I O N PFP M A N — wpi |C t T OT At PR I V A T F FrONf'MY rO M P OIJNPEO ANNUAt P & T F S 'IF T H A M O F __________ QDf tKTf P _________________________________________________________________ 19<S7 TERM INAL _______________________________________________________________ I N I T I A I » 100 QUARTER 1-68 2-6* ?- 68 3-68 4-68 1 -69 2-69 3-69 4-69 1-70 2-70 3-70 4-70 1-71 3-71 ?-7l 4-7i 1-72 2-72 3- 72 7 .5 106.3 3-68 8 .2 8. 9 4-68 8.4 8.8 «.7 1- 6 9 7.» 7.9 7. 3 2-69 7.8 7.9 7.6 7.0 9.1 3-69 7.7 7.8 7.5 7.0 7.6 7.2 ',-69 8.0 8.1 8.0 7. R 8.4 8.5 9.9 1-70 7 .9 7.9 7.8 7 .6 8.0 8.0 3.4 6.9 2-70 7.7 7.7 7.5 7.3 7a 6 7.«; 7.6 6. 5 6.1 3-70 7.8 7.9 7. P 7.6 7.9 -/ o 3. 1 7.4 7.7 9. 4 4-70 7.' 7.6 7.5 7.3 7.5 7.4 7.5 6.9 6.9 7.3 5.? i-n 7.7 7.8 7. 7 7.* 7.7 7.7 7.8 7.4 7.5 8.0 7. 3 9.4 2- '1 7. A T .A 7.5 7.4 7.5 7.5 7-5 7. 1 7.2 7.5 6.8 7-7 c*. 9 3-71 7.5 7.5 7.4 7.7 7.4 7.3 7.3 6.9 7.0 7. L 6.6 7.1 5.9 5.9 4- 7 1 7.3 7. 7.? 7.0 7-1 7.1 7.0 6.7 6-7 . 6. 8 . 6. ? A -5 5. 6 5. 4 4*8 1-72 7 .4 7.4 7.3 7. 1 7-3 7.2 7-? 6- 9 6-9 7.0 A. A 6. 9 6.3 6. 4 6.7 a.s •>-?? 7.3 7.3 7. 1 7 .0 7jtJL_ 7.0 7.0 6.8 6. 7 6. 8 6 .c 6. 7 6.1 6.2 6 .3 7.0 3-7? 4-7? 10 8 . 6 110.9 112.5 5. Q 114.7 116.7 119.5 1?1.5 1 ? 3.3 1 2 6.1 127.7 1 3 0.6 132.5 134.4 136.0 138 . 8 5.6 140.7 ?. I 7.0 6. 9 6 .9 6.8 6.8 A. *> 6.5 6.5 6.2 6. 3 5.8 .. 5.3. 5.8 6.1 5.0 4.3 •? 7. 1 7.0 6.9 7.0 6.9 6.9 6.7 6.6 6. 7 6 .4 6.6 6. ? A. 2 6. 3 6.6 6.0 6.2 8. 1 1-68 2-6 8 3-68 4-68 i— 69 2-69 3-69 4-69 1-70 2-70 3-70 4-70 1-71 2-7 1 3- 7 1 4-71 1-72 2-72 3 -72 142.2 145.0 INITIAL QUARTER P R E P A R E D BY F E D E R A L PE S E R V E S A N K OF ST. L O U I S M A R C H 2» 1 9 7 3 O U T P U T OTP M A N - H O U R , T O T A L PR I V A T F E C O N O M Y C Q MPitJNpEQ A N N U A t R A T E S OF C H A N C E ______________________________________________________________ -Tf=o m t KtAI__________________________________________________________________ I N I T I A L Q U A R T E R _________________________________________________________________ 1 9 6 7 » 100 QIUOTCO 1-68 ?-68 3-68 4-6? 1-6 9 2-69 3-69 4-6^ 1-70 2-70 3-70 4-70 1-71 2- 7 1 3-71 4-71 1-72 2-72 3-72 ?- A 8 102.7 3 .6 3- A 8 ^.0 2.4 4-V* 2,5 ? ♦0 .lfl&J 1.6 r V. ________________ _________________________________________________ 103,7, 103.6 103.4 103.3 4-69 0.7 0.3 -0.? -0. A -O.A -0.6 -0.8 X _____________________________________________________________________________________________103. 1 i-70 0.5 0. ! -0.3 -1.0 -1.2 2-70 0.6 0.3 -0. 7 | - 0 . 8 = r 0.? O.l -0.8 0 ,9 0,5 0.8 1.6 ,2 3-70 1.5 1.2 l.l 1.0 1.3 1.7 2.2 3.2 «?,r5 6. 7 4-70 1.2 0.9 0.8 0.7 0.8 l.l 1.4 1.9 3..0 2.3 102.8 103.9 \ 105.6 -1.9 105 . 1 107 .Q 1-71 1 .7 1.5 1.4 1.4 1.6 ?.o 2. 4 3.0 4,,1 4.0 2.7 7.4 ?-71 1.7 1.6 1.5 1.5 1.7 ?.o 2.4 2.9 3.,7 3.6 2.5 4.8 2.,3 3-71 1.8 1.7 1.7 1.7 1.9 2.2 2.5 3.0 3if 7 3.5 2. 7 4. 3 i? ^ X + 4 . 0 % 107.6 10 8 . 5 3. 4 _ 4-71 1.9 1.8 1.8 1.8 ?.o 2.3 2. 6 3.0 3,.ft 3.5 2. 9 4.1 3«,0 3.4 3.4 1-72 ?.l 2.0 1.9 2.0 2.2 ?.4 2.7 3.1 3,,7 3.6 3.1 4.1 3.,3 3.6 3.7 4.1 109.4 7? ?. 3 2. 2 ?. ? ?« 3 2. 5 2.8 3.1 3.4 4,.0 3. 9 3.5 4.5 3 <,9 4.3 4. 6 5.2 110.5 112.2 6.3 3- 7 ? 2.4 7.3 ?. 3 2.4 ?.6 2.9 3.1 3.5 4,.0 3. 9 3.6 4.4 3,,9 4. 2 4.4 4.8 5.1 4 . ( 1 ^ ^ 4- 7 2 2.5 2 >5 2 5 2.5 ? .7 3.0 3.? 3. 6 4,.0 4. 0 3.7 4.4 4,.0 4.3 4 .5 4.8 5.0 4.3 4.7 1- 8 ?--:r8 3-6.5. 4- A p 1-69 2-69 3-69 i»-A9 1- 70 ?-7 0 3-70 0 r1 1-71 2-71 3-71 4-71 i -72 2-72 3-72 113.3 1 114.6 INITIAL QUARTER P R F P A R E O BY F E D E R A L M A R C H 2, 1 9 7 3 RESERVE 8 A N K OF ST. L O U I S . 11 PRODUCTIVITY, COM PENSATION, AND LABOR COSTS R A T I O SCALE R A T I O SCALE SEASONALLY ADJUSTED 1967-100 1965 1966 1967 1968 1969 1970 1967-100 1971 1972 1973 SOURCEi U.S. DEPARTMENT OF LABOR PERCENTAGES ARE ANNUAL RATES OF CHANOE FOR PERIODS INDICATED. LATEST DATA PLOTTEOi 4TH QUARTER PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS U N I T -LABOR C ^ S T S , TOTAI P P I V A T E E C O N O M Y C O M P O U N D E D A N N U A L F A T E S OF C H A N G E TER M I►!At. QUARTER I-6P INITIAL 2-68 3- 6 8 4-68 1-69 2-69 3-69 4-69 1-7 0 7-70 1D U A F T E R 3-70 1967 * 4-70 1-71 2-71 3-71 4-71 1-72 2-72 100 3-72 7-68 4.0 3-68 5. 1 6.3 4-68 *>.8 6.7 7.0 1-69 6.0 6.6 6. 8 6.5 ?-69 6.5 7. 1 7.4 7.6 8.7 3-69 6.7 7.2 7.4 7.6 8.1 7.4 4-60 7.2 7.8 8. 1 8.3 8.9 9.0 10.7 1-70 7.4 7.9 8. 1 8. 4 8.8 8.9 9.6 8.6 118.2 2-73 6.7 7.1 7.2 7.2 7.4 7.0 6.9 5.1 118.7 6.5 6.1 5. 8 4.2 2.0 6.3 6.0 4. 9 3.7 103.5 105.1 106.9 108.6 110.9 112.9 115.8 ^-70 6.3 6. 6 6. 6 6.5 4-70 6.4 6. 6 6. 7 6.6 6.6 1-71 6. 0 6. ? 6.1 6.0 6.0 5.6 5.3 4.3 3 .? 3.7 4.4 1.7 2-71 5. 8 6.0 5. 9 5.8 5.8 5.4 5.1 4,? 3 .4 3.8 4.3 7.3 2.4 119.4 7 .2 121.5 122.0 4.0 s ^ + 2 .5 % 123.2 3-71 5.6 *.7 5.6 5. 5 5.4 5.0 4.8 3.9 3.? 3,5. 3.8 ?._6 3.1 2.3 N . 4-7 1 5.3 5.3 5.3 5. 1 5.0 4.6 4.3 3. 6 2*2 l-l 3.2 2. 2 2.4 1.6 1.0 124.2 1-7? 5.2 5.3 5.2 5.1 5. 0 4.7 4.4 3.7 3.1 3.3 3.5 7.8 3.0 2.7 2.9 125.7 2-7? 4. 9 4.9 4.8 4.7 4.6 4.2 3.9 3.3 2.7 ...2*9 2.2 2.3 .U . 9 ..J^l 2.1 -0.6 3-7? 4.6 4.6 4.5 4.4 4.2 3.9 3.6 3.0 7.4 2,5 1.« 1 .9 1.5 1.3 1.4 -0.3 3.6 3.Q 2*5. 2.6 2.6 0.8 1.6 3.2 3-69 4-69 1-70 2-70 3-70 1-7 2 2-72 3-72 4-72 4.5 4.6 4.5 4. 3 4. 2 3.8 1-68 ?- 68 3-68 4-6 8 1-69 2-69 4-70 123.9 2*1 1.8 1.7 1.9 1-71 2-71 3-71 4-71 125.5 0. ( ) V w 125.5 V 126.5 INITIAL QUARTER P R E P A R E D BY F E D E R A L R E S E R V E B A N K OF ST. L O U T S M A R C H 2, 1 9 7 3 12 CONSUME H PKICc COMPCUNDEC TfRMlNAI MONTH IKOfcX, S E A S O N A L L Y A D J U S T E D A N N U A L WATfcS C F C H A N G E INITIAL 7-71 9-71 8- 7 1 9-71 10-71 11-71 12-71 1-72 2-72 MONTH 4-72 3-72 5-72 1 9 6 7 = 100 6-7? 7-72 8-72 9-72 10-72 11- 7 2 12-72 1-73 <».l 9-71 122.03 1 1 > 122.20 10-7 1 *•.6 i. a 1.9 11- 7 1 2.5 1. 9 2. 1 .•> 12-71 2.7 2.4 2.6 3.0 3.8 1-72 2. ) 2.4 2 .9 3.2 3.7 2 - 7?. 3.5 3.4 3.7 4. 1 4 .H 5 .3 7.0 i-t? 3.1 2.9 3. 1 3.4 3.7 3.6 3.7 0. 4 * 4-7? 3.0 ?. n 3.0 3.2 3.3 3.2 3.1 1.2 122.39 122.6? 123.00 123.36 s 124.06 124. 10 \ +3.7% 124.31 j-72 3. 1 2.9 3.1 3. 3 3.5 3.4 3.3 2.1 3.0 6-7? 2.3 2.7 2.8 3 .0 3. 1 ¿.9 2.8 1.8 2.2 2.3 0.7 124.79 7-7? 5.0 2.9 3.1 3.2 3.3 3.2 3.2 2.4 3.0 3.3 2.9 125.31 124. 12 •)- 12 3 .0 ¿*.9 3. 1 3.2 3.3 3.2 2.2 2.5 3.0 3 .2 2.9 ‘ i-7? 3.2 3.2 3.3 3.4 3.5 3.5 3.5 3.C 3.4 3. 1 3.6 4 . fc 4.3 5.7 JJ-72 ,.Jt3 3.2 3.3 3.4 3.5 3.5 3.5 3. 1 3.5 3.7 3.6 4.4 4.1 4.7 -LLr.7? 3.3 3.2 3. J 3. 4 3.5 3.5 3.5 3.1 3.4 3.6 3.6 4.2 3.9 4.2 3.5 3.3 125.62 126.20 X 126.59 126.93 1 2 -72 3.2 3.2 3.3 3.4 3.4 3.4 3.4 3.C 3 .3 3.5 3.4 3 .9 3.7 3.9 3.2 2.9 2.6 1 -73 3.4 3 .4 3.5 3. 6 3.7 3 .6 3.7 3.4 3.7 3.0 3.8 4.3 4.1 4.4 4.C 4. 1 4.5 6 .5 12 7.8 7 2-73 3 .7 3. 7 3. H 3.9 4. 1 4.1 4.1 3.9 4.2 4.4 4 .5 4.9 4.9 5.2 5.2 5.5 6 .3 ■). i 128. «7 *-71 10-71 12- 7 1 1 -72 2-72 3-7 ? 4-72 5-72 6-72 7-72 8 -7 ? 9-72 10-72 11-72 1?- 7 2 7-71 8-7 1 11-71 12 7 . 2 0 1-73 INITIAL MONTH . P R E P A P F D RY -r f-0 F R 41 PESc! <VF P AN< C r ST. L O U I S M A R C H 21. 19 73 PRICES - INDUSTRIAL COMMODITIES, SEASONALLY ADJUSTED 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 WHOLESALE INITIAL TERMINAL month 7-71 3-71 9-71 8-71 9-71 10-71 11-71 12-71 1-72 2-72 3-72 1 9 6 7 * 100 MONTH 4-72 5-72 6-72 7-72 8-72 9-72 10-72 11-72 12-72 1-73 115.27 6.8 . 1 3.0 -0.6 115.21 115.00 10-71 1.3 -1.4 -2.2 X 11-71 1.3 -0.5 -0.5 1 2 -71 1.6 0. 3 0. 6 2.1 2.9 1-72 2.0 I. 1 1.5 2.8 3.6 4. 3 s* 2-72 2. 4 1.7 2.2 3.3 4.0 4.6 116.26 116.57 115.12 1.3 115.39 115.80 3-72 2.5 1. 9 2.4 3.3 3.8 4.2 4.1 3. 2 4-72 2.8 2.4 2.8 3. 6 4.1 4.4 4.5 4.3 5.3 5-72 3.0 2.6 3.0 3.7 4. 1 4.4 4.4 4.3 4.8 +3.3% 117.07 4.3 117.48 117.97 5.1 6-72 3.2 2.8 3.2 3.9 4.3 4.5 4. 6 4.5 4.9 4.7 7- 7 2 3.1 2.8 3.2 3.8 4.1 4.3 4.3 4. 1 4.4 4.1 3.9 3.9 4.1 4.3 4. 3 4. 2 4.4 4.2 4 .1 3. 7 4.6^^ 8-72 3.2 3. 0 3. 3 118.24 118.68 9-72 3.2 2.9 3.2 3. 7 4.0 4.1 4.1 3.9 4 .1 3.8 3.7 3.2 3.4 2 ? 4 Sv\ 10-72 2. 9 2. 6 2.9 3.3 3.5 3.6 3. 5 3.3 3. 3 3.0 2.7 2. 1 1.9 0.6 -1?1S\ 3.5 3.6 3.3 3.2 2.8 2.8 2.2 2 .1 5.5 X 118.91 118.80 119.33 3.1 2. 8 3.1 3.5 3.7 3.7 3.7 12-72 3.0 2.7 3.0 3.3 3. 5 3.6 3.5 3.4 3.4 3.1 3.0 2.6 2.6 2.1 2.0 3.6 1 .7 1-73 3. 0 2.8 3.0 3.4 3.5 3.6 3.5 3.4 3.4 3 .2 3.1 2.8 2.8 2.5 2.5 3.7 2.8 4^ 0 \ ^ 119.89 4.2 4. 1 4 .1 3.9 4.1 4.0 4.4 5.8 5.9 8.0 121.05 3-72 4-72 5-72 6-72 7-72 8-72 9-72 10-72 11-72 12-72 11-72 2-73 3. 5 3.3 3.6 3. 9 4.1 4.2 4.2 4. 1 7-71 8-7 1 9- 7 1 10 - 7 1 11- 7 1 1 2 -71 1-72 2-72 INITIAL 119.50 12.2 ^ 1-73 MONTH P R E P A R E D BY F E D E R A L R E S E R V E M A R C H 8, 1 9 7 3 B A N K OF ST. LOUIS 13 RAT 0 196 135 - 1 00 PR I C E S SCALE SEASONALLY RATIO SC AL E 1 9 6 7 * 100 135 ADJUSTED 130 1 30 125 125 1 20 120 1 15 1 15 1 10 1 10 105 1 30 125 1 00 1 20 95 1 15 90 1 10 85 105 105 1 00 1 00 95 95 90 90 1965 1966 1967 1968 1969 » ERCENTA6 E S ARE ANNUAL RATES OF CHANGE FOR P E R I O D S . A T E S T DATA PLOTTED-. 1970 1971 1972 1973 INDICATED. FEBRUARY PREPARED BY FEDERAL R E SERVE BANK OF S T . LOUIS 14 WHO L E S A L E PRI C E S - ALL C O M M O DITIES. S E A S O N A L L Y ADJ U S T E D ________________ 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 _______ _TE R H I NAL MONTH ___________ 7-7 1 8-7 1 9-71 10-71 11-71 INITIAL M O N T H 1 9 6 7 * 100 — ------ ---------------------------------------------------------------------------------------------------------------12-71 1-72 2-72 3-72 4-7 2 5-72 6-72 7-72 8-72 9 - 7 2 10-72 11-72 12-72 1 - 7 3 __________ _ _ 2 «6 -3*6 2.3 -0.9 2.1 -0.2 1.6 1.4______________________ ___________________________ ______________________ ____________________________________________________1 1 5 . 0 1 3.1 1.7 3.5 4.3 3.7 2. 6 4.3 5.1 3.8 3.0 4.2 4-72 3.7 3.1 5-72 3. 9 3. 4 11-7 6 -72 ___________________________________ __ _____________________________ __ _____________________________________________________________ 114. 71 7.3____________________________________________________________________________________________________ ____ 115.69 116.95 5.5 6.9 6.7 6 . 7 ______ ___________________________________________________________________________________________ 4.7 5.5 4.9 4.0 1.3 4.1 4.5 5.1 4.5 3.8 2.4 3 . 4 ___________________________________ _________________________________________________ U 7 . 4 1 4.3 4.6 5.2 4.7 4.2 3.4 4.5 5 . 6 _____________________________________________________ 117.94 4.1 3. 6 4.4 4.8 5.2 4.9 4. 5 4.0 4.5 4.0 4.8 5. 2 5.7 5.4 5.2 4.9 5 .8 6.6 7.2 8 . 6 ________________________________ ;_____________________________1 1 9 . 3 1 4.7 4.4 5.1 5.4 5.9 5.7 5.6 5.4 6.2 7.0 7.4 8.3 7 . 9 ______________________________________________________ 1 2 0 . 0 7 4.6 4.3 5.0 5.3 5. 7 5.5 5. 3 5 .1 5.8 6.3 6.4 6.7 5.7 1 1 -72 4. 6 4.3 4.9 5.1 5.4 5.2 5.1 4.9 5.4 5.6 5.7 5.6 4.93.9 4.1 12 -72 5.5 5. 3 5.9 6.2 6.6 6.5 6.5 6.5 7.0 7.5 7.8 8.1 8.08.1 9.6 14.2 2 1 . 5 __________________________1 2 3 . 2 1 8.99.1 10.6 14.0 17.4 3 . 6 ______________________________________________ 1 2 0 . 4 2 10-72 1-73 5.9 5.7 6.3 6.7 7.0 7.0 7.0 7.1 7 .7 8.2 8.5 8.9 2-73 6.7 6.5 7.2 7.5 7.9 8.0 8.1 8.2 8.8 9.4 9.8 10.3 10.6 11.0 7-71 8-71 9- 7 1 10-71 11-71 12-71 1-72 2-72 3-72 4-72 5-72 6-72 7-72 8-72 7 . 4 _________________________________ 1 2 1 . 2 3 12.6 15.7 1 3 . 5 _________________ 1 2 4 . 5 2 18.6 17.2 21.1 9-72 10-72 11-72 126.52 12-72 1-73 INITIAL M O N T H P R E P A R E O BY FED E R A L RESERVE M A R C H 8» 1 9 7 3 B A N K OF ST. L O U I S W H O L E S A L E ~ P R i C E S - F A R M P R O D U C T S A N D P R O C E S S E D F O O D S A N D F E E D S , S E A S . ADJ. ________________________________________________________________ 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 __________________________________________________________________ __________________________________________________________ 1 9 6 7 * 100 T E R M I N A L __________________________________________________________________ I N I T I A L M O N T H ________ ‘ MCIN T H 1-73 6-72 8- 7 2 9-72 10-72 11-72 12-72 5-72 7-72 2-72 4-72 3-72 7-71 8-71 9-71 10-71 1 1 -71 12-71 1-72 8-71 114.7 15. 9 0 . 0 -13. 7 113.3 1 0-71 4.7 -0.5 114.6 11-71 4. 6 1. 1 9.3 4.3 1 2-71 7.1 5.1 12. 2 10. 9 18. 0 1-72 7.7 6.2 11.8 10.9 14. 4 1 0.8 2-72 8.8 7.6 12.5 12.0 14.7 13.0 3-72 7.1 5 .9 9.6 8. 6 9 .7 7.0 5.2 -4.0 4-72 6.2 5.0 8.0 6.9 7.5 5.0 3.1 -2.5 9-71 14 . 7 115.0 116.6 117.6 119.0 1 5.3 118.6 -1.0 118.5 119.4 5 -7 2 6.5 5.5 8.2 7.3 7.8 5. 9 4.7 1.4 4.1 6-72 6.5 5.6 8.0 7.2 7.6 5. 9 5. 0 2.5 4.8 9.5 7.8 6.2 7-72 7.9 7.2 9.5 8.9 9.5 8.4 8.0 6.6 9.4 13. 1 14 . 9 24.4 3 -72 8.6 8.0 10.2 9.8 10 . 4 9. 5 9.4 8.4 11.1 1 4.3 15.9 21.2 18.0 9-72 8.7 8« 2 10.2 9.8 10.4 9.6 9.5 8. 6 1 0.9 13. 5 14.5 17.4 14,0 10.1 10-72 8.2 7.7 9.6 9.2 9.6 8.8 8.6 7.8 9,6 11 . 4 11 . 8 13.3 9. 8 6.0 1 .9 10.5 12. 3 12 . 8 14 . 1 11.7 9.7 9.5 17. 6 120.0 122.2 123.9 124.9 125.1 126.8 1 1 -72 8.8 8.4 10. 1 9. 8 10.3 9.6 9.5 8.8 12-72 12. 2 12.0 14.0 13 . 9 14 . 7 14.4 14.7 14.7 17.0 19. 4 20.9 23.6 23.4 24.8 30.1 47.0 83.8 1-73 13.7 13.5 15 . 5 15.6 16.4 16.3 16.8 16.9 19 . 2 21.7 23.3 26.0 26.2 27.9 32.8 45.1 61.2 41.3 7-73 15 . 2 15.1 17.1 17.3 18.2 18.2 18. 8 19.1 21 . 4 23.9 25.6 ,1 « . 3 28.9 30.8 35.4 45.3 56.0 43.6 46.0 7-71 8-71 9-71 10-71 11-71 12-71 1-72 2-72 3-72 4-72 5-72 6-72 7-72 »-72 9-72 10-72 11-72 12-72 1-73 INITIAL 133.4 137.3 141.7 MONTH PREPARED BY FEDERAL RESERVE MARCH 8, 1973 BANK OF S T. LOUIS 15 GENERAL PRICE INDEX* R A T I O SCALE R A T I O SCALE 1958-100 1958-100 1965 1966 1967 1968 1969 1970 1971 1972 1973 ■AS USED IN NATIONAL INCOME ACCOUNTS SOURCE: U.S. DEPARTMENT OF COMMERCE PERCENTAGES ARE ANNUAL RATES OF CHANCE FOR PERIODS INDICATED. LATEST DATA PLOTTED» 4TN QUARTER PREPARED SY FEDERAL RESERVE SANK OF ST. LOUIS IMPLICIT PR I C E D E F L A T O R FOR G R O S S N A T I O N A L P R O D U C T ___________ C O M P O U N D E D A N N U A L R A T E S OF C H A N G E _____________ INITIAL QU A R T E R 1 9 5 8 = IOQ QUARTEP 1-6 8 ¿-68 J-68 4-68 I~69 2-69 3-69 4-69 1-70 2-70 3-70 4-70 1-71 2-71 3-71 4-7 1 1-72 2-72 3-72 3. 9 ________________________________________________________________________________________________________________________________________________ 3 - 6 9 .- 4.1 122.87 +4.8%- 1 “6 2 . 4.3 4.4 4.4 4.2 2-69 4. 5 4.7 4. 8 4.9 ■1-62.. tt'à -¿ jlQ ____ 1 * 1 ____ §_j_3_ 5. 5 5 .5 . 5..2 1-70 5 .1 5. 3 5.4 Z = 7Q_ 5.3 5.1.. .5^1____5,4.. 5. 6 5. 9 6.0 6.0 6.5 5_.6 . 5. 6 5.4 5.4 _5*_L___ hJL 4-70. .. 1-71 5..Q -¿jt.2_ 5.2 5.1 5* 2 5.3 i_r_LL- 4,5 5.4 5.5 \+5.2% 5.3 5.1 5.0 _ 5 _._5 _5,4 5.3 4.9 5.2 6.5 5.5 5.4 5.2 5.5 6.2 5.5 134.38 137.85 5.9 4.6 4.8 r \ 139.84 5. 6 5,._4 3 .6 4.8 4.8 4.7 4.6 4.5 _ 4 j_S____4_*_8____4a_fi____ ^ l Ö____ 4 . 6 4.6 4.3 4.3 4.3 4.0 4.0 4*6 4.2 4.2 4.2 3.6 2.9 +3.0%2.2 3.9 3.5 3.2 3.3 4.0 3.6 3.1 2.8 2.8 3.5 4. 2 4.1 3.9 3.8 3.8 3 .4 3.0 2.7 2.7 3.1 4.3 4.3 4.3 4.3 4.3 4*3 4U 4.C 3 .8 3. 7 3.7 3.3 3 .0 2.8 2.7 3.0 2.4 2.6 1-6 8 2-68 3-68 4-68 1-69 2-69 3-69 4-69 1-70 2-70 3-70 4-70 1-71 2-71 3-71 4-71 1-72 2-72 A il - J l z Tj L - 4-72 5.5 132.97 4 .3 A . 9 ____ _______ 5^j3_ 4.7 2 -72 5.3 ____ ^ 2 ____ 5^2____ i±3_ 2.-11- 127.24 :+6,o%" -3.8.. ..Jt t it- 2.8 1 147.23 3-72 INITIAL QUARTER PRtPARED FEBRUARY 8Y F E D E R A L 20, 1973 RESERVE B A N K Oh ST. L O U I S I N V E N T O R I E S COMPARED W I T H MONTHLY S A L E S * MANUFACTURING AND TRADE 72 .68 68 .64 64 . 60 60 .56 56 .52 52 .48 48 . 44 . 43 _ 44 . 40 40 . 36 36 1962 * RAT I OS B A S E D 967 1 ON S E A S O N A L L Y ADJUSTED 1968 DATA. 1969 SOURCE: 1970 1971 U . S . DEPARTMENT 1972 OF 1973 COMMERCE S H A D E D A R E A S R E P R E S E N T P E R I O D S OF B U S I N E S S R E C E S S I O N S AS D E F I N E D BY T H E N A T I O N A L B U R E A U OF E C O N O M I C R E S E A R C H . LATEST DATA PLOTTED: JANUARY PRELIMINARY PREPARED BY F E D E R A L RESERVE BANK OF ST. LOUIS
@FedFRASER