Full text of National Economic Trends : March 1977
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n n n o n R L E c o n o m ic treiids PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS MONTH ENDING: February 28, 1977 RELEASED: March 30, 1977 Recently released data regarding the current state of economic activity suggest that an undercurrent of strength is building. One indication of such strength is provided by data on industrial production. The February figures show a sharp rebound from January’ s weather-induced decline. Furthermore, the data for January, along with November and December, have been revised upward to indicate somewhat greater growth than was first reported. In February, industrial production rose at a substantial 12.5 percent rate, more than offsetting the 9.5 percent rate of decline which occurred in January. Initially, industrial production was reported to have risen, on balance, at a 3.4 percent rate from October through January. With the revisions and the addition of February, industrial production advanced at a considerably more rapid 6.6 percent rate in the period from October. Recent employment growth is also indicative of the economy's upward momentum. After a rather sluggish 1.6 percent rate of growth in January, total civilian employment grew at a considerable 5.6 percent rate in February. Such growth, however, was just sufficient to offset the rise in the number of individuals available for work, and the unemployment rate rose slightly from 7.3 percent in January to 7.5 percent in February. After plunging in January, February data on retail sales appear to reaffirm the upward trend established in the second half of 1976. The 23 percent rate of rise recorded in February follows a 24 percent rate of decline in January. In comparison, in the last six months of 1976, retail sales growth accelerated to a 15 percent rate from the near 9 percent rate which prevailed in the previous six months. The renewed vigor in the pace of economic activity is cast in an environment of continued strong inflationary pressures. For example, consumer prices have risen 6 percent in the past twelve months, slightly less than the 6.3 percent which occurred in the previous year (February 1975-February 1976). Wholesale prices continue to rise rapidly, also advancing 6 percent in the past twelve months, compared to 4.7 percent in the previous twelve months. TOTAL CIVILIAN EMPLOYMENT CO MPOUNDED ANNUAL RATES OF CHANGE TERM INA L MONTH THOUSANDS OF PERSO NS I N I T I A L MONTH 7-75 8-75 3 .7 fa-75 9-7 5 10-75 11-75 12-75 1-76 ¿- 7 6 3-76 4 -76 5-76 6—76 7-76 8-76 9-76 10-76 11-76 12-76 1-77 85*1 14 9-75 1 .8 0 .0 10—75 1 .1 - 0 .2 —0 . 4 11-75 1 .3 0 .5 0 .7 1 .6 85*115 8 5 ,0 8 7 85*212 12-75 1 .7 1 .2 1 .6 2 .5 3 .3 1-76 3 .3 3 .2 4 .0 5 .5 7 .4 2-76 3 .3 3 .2 3 .9 5 .0 6 .0 7 .4 3 .5 3-76 3 .5 3 .5 4 .1 5 .0 5 .9 6 .7 4 .4 5 .3 4-76 3 .9 3 .9 4 .5 5 .3 6 .1 6 .8 5 .2 6 .1 6 .9 5-76 3 .9 4 .0 4 .5 5 .2 5 .8 6 .3 5 .0 5 .5 5 .6 4 .4 6-76 3 .* 3 .4 3 .6 4 .3 4 .7 5 .0 -3.7 3 .7 3 .2 1 .4 85*443 1 1 .6 86*2 26 86*471 86*845 8 7*329 87*6 40 - 1 .5 87*5 33 7-76 3 .4 3 .4 3 .6 4 .2 4 .6 4 .7 3 .6 3 .7 3 .3 2 .1 1 .0 3 .5 8-76 3 .2 3 .2 3 .5 3 .9 4 .1 4 .2 3 .2 3 .2 2 .8 1 .7 0 .9 2 .1 0 .7 9-76 3 .0 2 .9 3 .1 3 .5 3 .6 3 .7 2 .7 2 .6 2 .2 1 .3 0 .5 1 .2 0 .1 - 0 .5 10-76 2 .7 2 .6 2 .6 3 .1 3 .2 3 .2 2 .3 2 .2 1 .8 0 .9 0 .3 0 .7 - 0 .2 - 0 .7 - 0 .8 11-76 3 .0 2 .9 3 .1 3.<* 3 .5 3 .6 2 .8 2 .7 2 .4 1 .8 1 .3 1 .9 1 .5 1 .8 2 .9 6« 8 12—76 3 .0 2 .9 3 .1 3 .4 3 .5 3 .5 2 .8 2 .7 2 .5 1 .9 1 .6 2 .1 1 .8 2 .1 3 .0 4 .9 3 .0 1-77 ¿.9 ¿.fa 3 .0 3 .3 3 .4 3 .4 2 .7 2 .6 2 .4 1 .9 1 .6 2 .0 1 .8 2 .0 2 .6 3 .8 2 .3 1 .6 2—77 3 .0 3 .0 3 .2 3 .4 3 .5 3 .5 2 .9 2 .9 2 .7 2 .2 2 .0 2 .5 2 .3 2 .6 3 .2 4 .2 3 .4 3 .6 5 .6 7-75 6-75 11-75 12-75 1-76 2-76 3-76 4-76 5-76 6—76 7-76 8-76 9-7 6 10-76 11-76 12-76 1-77 8-76 9-76 10-76 11-76 12-76 1-77 9-75 10-75 87*783 87*8 34 8 7*794 87*738 8 8*220 88 *441 68*558 88*962 I N I T I A L MONTH PAYROLL EMPLOYMENT COMPOUNDED ANNUAL R ATES OF CHANGE 7-75 8-75 THOUSANDS OF PERSO NS I N I T I A L MONTH TERM INAL MONTH 8-75 9 -7 5 10-75 11-75 12-75 1-76 2-76 3-76 4-76 5-76 6—76 7—76 77*059 5 .4 7 7*3 44 9-75 5 .0 4 .5 10-75 4 .7 4 .3 4 .0 77*5 96 11-75 4 .0 3 .5 3 .0 2 .1 12-75 4 .1 3 .8 3 .5 3 .3 4 .4 7 7*730 1-76 4 .4 4 .2 4 .2 4 .2 5 .3 6 .2 2-76 4 .3 4 .1 4 .1 4 .1 4 .7 4 .9 3 .6 78*012 7 8*4 06 78*635 78*980 3-76 4 .5 4 .3 4 .3 4 .3 4 .9 5 .1 4 .5 5 .4 4-76 4 .5 4 .4 4 .4 4 .5 5 .0 5 .1 4 .7 5 .3 5 .2 5-76 4 .1 3 .9 3 .9 3 .8 4 .1 4 .1 3 .5 3 .5 2 .6 0 .1 79*312 79*319 79*368 6—76 3 .8 3 .6 3 .5 3 .4 3 .6 3 .5 3 .0 2 .8 2 .0 0 .4 0 .7 7-76 3 .6 3 .5 3 .4 3 .3 3 .5 3 .3 2 .8 2 .7 2 .0 1 .0 1 .5 2 .2 8-76 3 .5 3 .3 3 .2 3 .1 3 .3 3 .1 2 .7 2 .5 1 .9 1 .2 1 .5 1 .9 1 .6 79*513 7 9*618 9-76 3 .6 3 .4 3 .3 3 .3 3 .4 3 .3 2 .9 2 .8 2 .4 1 .8 2 .3 2 .8 3 .1 4 .6 10-76 3 .2 3 .1 3 .0 2 .9 2 .9 2 .8 2 .4 2 .3 1 .8 1 .3 1 .5 1 .7 1 .5 1 .5 - 1 .5 11-76 3 .3 3 .2 3 .1 3 .0 3 .1 2 .9 2 .6 2 .5 2 .1 1 .7 2 .0 2 .2 2 .3 2 .5 1 .4 4 .4 12-76 3 .3 3 .2 3 .1 3 .0 3 .1 3 .0 2 .7 2 .6 2 .3 2 .0 2 .2 2 .5 2 .5 2 .8 2 .1 4 .0 3 .6 1-77 3 .3 3 .2 3 .1 3 .0 3 .1 3 .0 2 .7 2 .7 2 .4 2 .1 2 .4 2 .6 2 .6 2 .9 2 .4 3 .8 3 .4 3 .3 2-77 3 .3 3 .2 3 .2 3. 1 3 .2 3 .1 2 .8 2 .8 2 .5 2 .3 2 .5 2 .8 2 .8 3 .0 2 .7 3 .8 3 .6 3 .6 3 .9 7-75 6-75 9 -7 5 10-75 11-75 12-75 1-76 2-76 3-76 4-76 5-76 6-76 7-76 8-76 9-76 10-76 11-76 12-76 1-77 IN IT IA L 79*918 79*819 60*106 80*344 60 *559P MONTH P - PR EL1M1NARY PREPA RED BY FED ERA L R E S E R V E BANK OF ? T t H A R C H 4* 2 1977 8 0 .8 1 8 P E MP L O Y ME N T RA T IO SCALE RA T IO MILLIONS OF PERSONS 1969 1970 1971 1972 1973 SCALE MIL LION S OF PERSONS SEASONALLY ADJUSTED 1974 1975 1976 1977 SOURCEt U.S.DEP AR TM EN T OF LABOR PERCENTAGES ARE ANNUAL RATES OF CHANOE FOR PERIODS IN D IC A TE D . LA TE S T DATA P LO TTE D ) FEBRUARY PRELIMINARY PREPARED BY FEDERAL RESERVE BANK OF S T . LO UIS U NE MP L OY ME N T R A T E S * PERCENT SEASONALLY ADJUSTED PERCENT 10. 0 9.0 8.0 7.0 6.0 5.0 4.0 3.0 2.0 1969 1970 1971 1972 1973 1974 1975 SOURCEt U .S . 1976 1977 DEPARTMENT OF LABOR «P E R C E N T OF C IV I L I A N LABOR FORCE IN GROUP LA TE S T DATA PLOTTED* FEBRUARY PREPARED BY FEDERAL RESERVE BANK OF ST . LO UIS 3 1 .0 tQ fiS ü a fc& .g fillLJL ttP £ X jL SfcASQttAULY ADJUSTED COMPOUNDED ANNUAL R A T ES OF CHANGE IN IT IA L TERM INA L 1967 * MONTH 100 M Q N Ih 7-75 8-75 b—75 9-7 5 10-75 11-75 12-75 1-76 2-76 3-76 4 -7 6 5-76 6-76 7-76 8-7 6 9 -7 6 10-76 11-76 12-76 1-77 3 .8 1 6 2 .7 1 6 3 .4 9—75 4 .5 5 .3 10—75 5 .5 6 .4 7 .6 11-75 5 .8 6 .5 7 .2 1 6 4 .4 6 .8 1 6 5 .3 1 6 6 .1 12—75 5 .9 6 .4 6 .8 6 .4 1-76 6 .1 6 .6 6 .9 6 .7 6 .7 7 .5 2-76 5 .5 5 .7 5 .8 5 .4 4 .9 4 .4 1 .4 3-76 5 .1 5 .3 5 .3 4 .9 4 .4 3 .9 2 .2 2 .9 6 .0 1 6 7 .1 1 6 7 .3 1 6 7 .7 1 6 8 .4 4-76 5 .1 5 .3 5 .3 4 .9 4 .6 4 .2 3 .1 4 .0 5 .1 5-76 5 .4 5 .6 5 .7 5 .4 5 .1 5 .0 4 .4 5 .4 6 .6 8 .1 6-76 5 .4 5 .6 5 .6 5 .3 5 .1 D.O 4 .5 5 .3 6 .1 6 .6 5 .1 7-76 5 .4 5 .6 5 .6 5 .4 5 .2 5 .1 4 .7 5 .4 6 .0 6 .3 5 .4 5 .8 8-76 5 .5 5 .6 5 .6 5 .4 5 .3 5 .2 4 .9 5 .5 6 .0 6 .2 5 .5 5 .8 5 .8 9-76 5 .4 5 .5 5 .5 5 .3 5 .2 5 .1 4 .8 5 .3 5 .7 5 .8 5 .2 5 .3 5 .0 1 6 9 .5 1 7 0 .2 1 7 1 .0 1 7 1 .8 4 .3 1 7 2 .4 10-76 5 .3 5 .4 5 .4 5 .2 5 .1 5 .0 4 .7 5 .2 5 .5 5 .5 5 .0 5 .0 4 .8 4 .3 4 .3 11-76 5 .2 5 .3 5 .3 5 .1 5 .0 4 .9 4 .6 5 .0 5 .2 5 .2 4 .8 4 .7 4 .5 4 .0 3 .9 3 .5 12-76 5 .2 5 .3 5 .3 5 .1 5 .0 4*9 4 .6 5 .0 5 .2 5 .2 4 .8 4 .8 4 .6 4 .2 4 .2 4 .2 5 .0 1-77 5 .4 5 .5 5 .5 5 .4 5 .3 5 .3 5 .1 5 .4 5 .7 5 .7 5 .4 5 .5 5 .5 5 .4 5 .7 6 .1 7 .5 1 0 .1 2-77 5 .8 5 .9 5 .9 5 .6 5 .8 5 .8 5 .6 6 .0 6 .3 6 .4 6 .2 6 .3 6 .4 6 .5 7 .0 7 .6 9 .1 1 1 .2 1 2 .3 7-75 b-75 9-75 10-75 11-75 12-75 1-76 2-76 3-76 4 -7 6 5-76 6-76 7-76 8-76 9-76 10-76 11-76 12-76 1-77 IN IT IA L 1 7 3 .0 1 7 3 .5 1 7 4 .2 1 7 5 .6 1 7 7 .3 MONTH PREPA RED BY FED ERA L R E S E R V E BANK OF S T . MARCH 1 8 , 1977 L O U IS W HOLESALE P R IC E S - ALL CO M M O D ITIES, SEA SO N A LLY A D JU ST ED COMPOUNDED ANNUAL R ATES OF CHANGE IN IT IA L TERMINAL MONTH 7-75 (8-75 9-75 10-75 11 -75 12-75 1-76 2- 7 6 3-76 4-7 6 1967 * 100 MONTH 5-76 6-76 7-76 8-76 9-76 10-76 11-76 12- 7 6 1-77 1 7 c. (J 8-75 1 0 .1 9-7 5 8 .9 7 .8 10-75 1 1 .0 :1 1 .4 1 5 .2 11-75 8 .1 7 .5 7 .3 0 .0 12-75 6 .6 5 .7 5 .1 0 .3 1 77 .1 1 7 9 .2 1 7 9 .2 1 7 V .3 0 .7 1 7 9 .8 4 .6 1 .3 2 .0 3 .4 4 .0 3 .3 0 .5 0 .7 0 .7 - 2 .0 3 .9 3 .3 1 .1 1 .3 1 .6 0 .7 3 .4 4 .7 4 .3 2 .6 3 .1 3 .7 3 .8 6 .9 1-76 6 .0 5 .3 2-76 4 .9 3-76 4 .7 4-7 6 5 .3 1 79 .5 1 8 0 .0 1 81 .5 1 0 .5 1 8 1 .8 5-76 5 *0 4 .4 4 .0 2 .5 2 .9 3 .4 3 .4 5 .2 6 .2 2 .0 6-7 6 5 .1 4 .7 4 .3 3 .0 3 .5 3 .9 4 .1 5 .6 6 .4 4 .4 6 .8 7 -76 5 .0 4 .6 4 .3 3 .1 3 .5 4 .0 4 .0 5 .3 5 .8 4 .3 5 .4 1 8 2 .6 1 8 3 .4 4 .0 8 -76 4 .4 4 .0 3 .6 2 .6 2 .8 3 .1 3 .1 3 .9 4 .0 2 .5 2 .7 0 .7 - 2 .6 9-76 4 .7 4 .3 4 .1 3 .1 3 .4 3 .7 3 .8 4 .6 4 .8 3 .7 4 .2 3 .3 3 .0 8 .9 10-76 4 .9 4 .5 4 .3 3 .4 3 .7 4 .0 4 .1 4 .9 5 .1 4 .2 4 .7 4 .2 4 .2 7 .8 6 .7 11-76 5 .0 4 .7 4 .5 3 .7 4 .0 4 .3 4 .4 5 .2 5 .4 4 .7 5 .1 4 .8 5 .0 7 .6 7 .0 7 .4 12-76 5 .2 4 .9 4 .7 4 .0 4 .3 4 .6 4 .7 5 .4 5 .7 5 .1 5 .5 5 .3 5 .6 7 .7 7 .4 7 .7 8 .0 1-77 5 .2 5 .0 4 .8 4 .1 4 .4 4 .7 4 .8 5 .5 5 .7 5 .2 5 .6 5 .4 5 .6 7 .4 7 .0 7 .1 7 .0 5 .9 2-7? 5 .6 5 .3 5 .2 4 .6 4 .9 5 .2 5 .3 6 .0 6 .2 5 .8 6 .2 6 .1 6 .4 8 .0 7 .9 8 .1 8 .4 8 .6 1 1 .4 7-75 1B-75 9-75 10-75 11L—75 12-75 1-76 2!-76 3 -76 4-76 5-76 6-76 7-76 8-76 9-76 10-76 11-76 12- 76 1-77 IN IT IA L 183. Ü 1 8 4 .3 1 8 5 .3 1 8 6 .4 1 8 7 .6 18<J.$ 1 9 0 .2 MONTH PREPA RED BY FED ERA L R E S E R V E BANK OF S T . 4 MARCH 10, 1 9 7 7 L O U IS RA T IO P R IC E S SC A L E RATIO S E A S O N A L LY A D JU S TE D 1 9 6 7 -1 0 0 PERCENTAGES ARE ANNUAL RATES OF CHANCE FOR PERIODS SC A L E 1 9 6 7 -1 0 0 INDICATED. LATEST DATA PLOTTED« FEBRUARY PREPARED BY FEDERAL RESERVE BANK OF ST . LOUIS ra tio s ca le WHOLESALE P R I C E S ra tio scale PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PER 100$ INDICATED. LATEST DATA PLOTTED* FEBRUARY PREPARED BY FEDERAL RESERVE BANK OF S T . LO U IS 5 W H O L E S A L E P R I C E S - I N D U S T R I A L C Q M M Q P 1 T I E S . S E A S O N A L L Y APJUSTfcP C O M P O U N D E D ANNUAL RATES OF CHANGE 7-75 8-75 8-75 9-75 10-75 11-75 12-75 1-76 2-76 3-76 1967 * 100 MONTH IN IT IA L TERM INAL MONTH 5-76 4-76 6-76 7-76 8-76 10-76 11-76 9-76 12-76 1-77 8 *0 1 7 1 .6 1 7 2 .9 9-7 5 8 .7 9 .5 10-75 1 0 .2 1 1 .3 1 3 .2 11-75 9 .6 1 0 .2 1 0 .5 7 .8 12-75 9 .1 9 .4 9 .3 7 .4 7 .0 1 7 4 .7 17t*.8 1 7 6 .8 1 7 7 .9 1-76 8 .9 9 .0 8 .9 7 .5 7 .4 7 .7 2-76 8 .0 8 .0 7 .7 6 .3 5 .8 5 .2 2 .7 3-76 7 .6 7 .5 7 .2 6 .0 5 .6 5 .1 3 .8 1 7 8 .3 1 7 9 .0 4 .8 1 7 9 .8 4-7 6 7 .3 7 .3 6 .9 5 .9 5 .5 5 .2 4 .3 5 .2 5 .5 5-76 6 .7 6 .6 6 .2 5 .3 4 .8 4 .4 3 .6 3 .9 3 .4 1 .3 6-76 6 .7 6 .6 6 .3 5 .5 5 .1 4 .8 4 .2 4 .6 4 .5 4 .1 6 .9 7-76 6 .8 6 .7 6 .4 5 .7 5 .4 5 .2 4 .8 5 .2 5 .3 5 .2 7 .2 7 .5 1 6 0 .0 1 8 1 .0 1 82 .1 1 6 3 .1 8-76 6 .8 6 .7 6 .5 5 .8 5 .6 5 .4 5 .1 5 .5 5 .6 5 .6 7 .1 7 .2 6 .8 9 -7 6 7 .0 7 .0 6 .8 6 .2 6 .0 5 .9 5 .7 6 .1 6 .4 6 .5 7 .9 8 .2 8 .5 1 0 .3 10-76 7 .3 7 .2 7 .1 6 .6 6 .5 6 .4 6 .3 6 .7 7 .0 7 .2 8 .5 8 .9 9 .3 1 0 .6 1 0 .9 1 8 4 .6 It o . 2 1 8 7 .5 11-76 7 .4 7 .3 7 .2 6 .7 6 .7 6 .6 6 .5 6 .9 7 .2 7 .5 8 .5 8 .8 9 .2 1 0 .0 9 .8 8 .7 12-76 7 .2 7 .1 7 .0 6 .5 6 .4 6 .4 6 .3 6 .6 6 .8 7 .0 7 .8 8 .0 8 .1 8 .4 7 .8 6 .3 3 .9 1-77 7 .1 7 .1 6 .9 6 .5 6 .4 6 .4 6 .2 6 .6 6 .7 6 .9 7 .6 7 .7 7 .7 7 .9 7 .3 6 .2 4 .9 5 .9 2-77 7 .1 7 .1 7 .0 6 .6 6 .5 6 .5 6 .4 6 .7 6 .8 7 .0 7 .6 7 .7 7 .7 7 .9 7 .4 6 .6 5 .9 6 .9 7 .9 7-75 8-75 9-75 10-75 11-75 12-75 1-76 2-76 3-76 4-76 5-76 6-76 7-76 8-76 9-76 10-76 11-76 12-76 1-77 IN IT IA L IN IT IA L 7-75 8-75 8-75 9-75 10-75 1-76 2-76 3-76 4-76 A D J. 1967 * 100 IMONTH 5-76 6-76 7-76 8-76 9-76 10-76 11-76 12-76 1-77 1 5 .9 lfr e .u 1 8 8 .8 9-75 1 0 .4 5 .2 10-75 1 2 .9 1 1 .4 1 7 .8 11-75 4 .3 0 .6 - 1 .6 - 1 7 .8 0 .5 - 3 .0 - 5 .6 - 1 5 .5 12-75 11-75 12-75 1 9 0 .2 MONTH W HOLESALE P R IC E S—FARM PRODUCTS AND PRO CESSED FOOOS AND F E E D S , SfcA S. COMPOUNDED ANNUAL R ATES OF CHANGE TERMINAL MONTH 1 86 .1 1 8 9 .0 1 9 1 .4 1 8 8 .3 lfc o .l - 1 3 .2 1-76 - 1 .5 - 4 .7 - 7 .0 - 1 4 .0 - 1 2 .1 - 1 1 .0 1 8 * .3 2 -7 6 - 3 .7 —6 . 6 - 8 .8 - 1 4 .4 - 1 3 .3 - 1 3 . 4 - 1 5 .7 lb l.7 3-76 - 3 .4 - 5 .9 - 7 .6 - 1 2 .0 - 1 0 .4 - 9 .5 - 8 .8 - 1 .3 1 8 1 .5 1 8 5 .* 4-7 6 - 0 .2 - 2 .1 - 3 .1 —6 .2 - 3 .7 - 1 .1 2 .4 1 2 .9 5-76 0 .4 - 1 .2 - 2 .0 —4 .5 - 2 .1 0 .3 3 .3 1 0 .5 1 7 .0 6 .0 6 -7 6 0 .8 —0 . 6 - 1 .3 - 3 .4 - 1 .2 1 .0 3 .6 9 .0 1 2 .7 5 .3 4 .6 7 -76 0 .1 - 1 .3 - 1 .9 - 3 .9 - 2 .0 - 0 .3 1 .6 5 .5 7 .3 0 .9 - 1 .6 8 -76 - 2 .6 - 4 .0 - 4 .8 - 6 .8 - 5 .5 - 4 .5 - 3 .5 - 1 .3 - 1 .3 - 7 . 7 - 1 1 .9 - 1 9 .1 - 2 9 .3 9-7 6 - 2 .2 - 3 .4 - 4 .1 - 5 .9 —4 . 6 - 3 .6 - 2 .7 - 0 .7 - 0 .6 - 5 .6 - 8 .3 - 1 2 .2 - 1 4 .5 3 .4 - 1 .4 - 5 .7 - 7 .9 - 1 0 .8 - 1 1 .9 - 1 .7 - 0 .4 10-76 - 2 .5 - 3 .7 - 4 .3 - 6 .0 - 4 .8 - 3 .9 - 3 .1 - 1 .4 2 9 .1 1 8 0 .3 1 6 7 .0 1 6 5 .8 - 7 .4 1 8 0 .5 1 6 1 .u 1 80 .0 11-76 - 2 .2 - 3 .3 - 3 .9 - 5 .4 - 4 .3 - 3 .5 - 2 .7 - 1 .1 - 1 .1 - 4 .8 - 6 .4 - 8 .5 - 8 .8 - 0 .7 - 2 .6 1 .3 12-76 - 0 .7 - 1 .6 - 2 .1 - 3 .4 - 2 .2 - 1 .2 - 0 .2 1 .5 1 .8 - 1 .2 - 2 .2 - 3 .3 - 2 .4 5 .8 6 .0 1 3 .7 2 7 .6 1-77 - 0 .4 - 1 .3 - 1 .7 - 2 .9 - 1 .7 - 0 .8 0 .1 1 .7 2 .0 - 0 .6 - 1 .4 - 2 .3 -1 .4 5 .4 5 .9 1 0 .4 1 5 .2 4 .0 1 .0 2 .2 8 .7 9 .6 1 4 .3 1 9 .0 1 4 .9 2 6 .9 6 -76 7-76 8-76 9-76 10-76 11-76 12-76 1-77 2 -7 7 0 .8 0 .1 - 0 .2 - 1 .3 7-75 8-75 9-75 10-75 1 .0 2 .0 3 .6 4 .0 1 .8 1 .4 11-75 12-75 1-76 2-76 3-76 4-76 5-76 - 0 .0 l o u .2 lb 3 .9 1 6 * .5 1 8 6 .2 MONTH IN IT IA L 1 PRfcPARfD BY F tD E R A L RfcSfcRVfc BANK OF S T . MARCH 6 IO, 1 9 7 7 L O U IS INDUSTRIAL RAT I O PRODUCTION R AT I O SCALE 1967-100 1969 SEASONALLY 1970 1 9 71 1972 1973 1974 SCAL E 1967-100 ADJUSTED 1975 1976 1977 PERCENTAGES ARE ANNUAL RATES OF CHAN6E FOR PERIODS INDICATED. LATEST DATA PLOTTED» FEBRUARY PRELIMINARY PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS IN D U S T R IA L PRODUCTION COMPOUNDED ANNUAL R A T ES O f CHANGE TER M IN A L I N I T I A L MONTH 1 9 6 ? * 100 MONTH______________________ ,_____________________________________________________________ __________________________________________________________________________________________________ 4 -7 6 7-76 1-76 2-76 3-76 5-76 6-76 9-76 10-76 11-76 12-76 1- 77 8-75 9 -7 5 10-75 11-75 12-75 8-76 7 -75 8-75 2 9 *8 9-75 2 0 .3 1 1 .5 10-75 1 3 .5 6 .1 I 1\.0 11-75 1 3 .5 8 .5 7 .1 1 3 .5 12-75 1 2 .6 8 .7 7 .8 1 1 .3 9 .1 1 2 1 .0 . 122 .1 1 22 .2 1 23 .5 1 2 4 .4 1-76 1 2 .7 9 .6 9 .1 1 2 .0 1 1 .* 1 3 .3 2-76 1 3 .2 1 0 .7 1 0 .5 t i.l 1 2 .9 1 4 .8 Ì6 .4 1 2 5 .7 - m .3 3-76 1 2 .5 1 0 .3 1 0 .1 1 2 .0 1 1 .6 1 2 .4 1 2 .0 7 .8 4-76 1 1 .4 9 .3 9 .0 1 0 .4 9 .8 1Ó.0 8 .9 5 .3 \ 2 .8 5-76 1 1 .5 9 .6 9 .4 1 0 .6 1 0 .1 1 0 .3 9 .6 7 .4 7 .2 1 1 .8 6-76 1 0 .8 9 .1 8 .8 9 .9 9 .3 9 .4 8 .6 6 .7 6 .4 8 .2 4 .7 7-76 1 0 .4 8 .8 8 .5 9 .4 8 .9 8 .8 8 .1 6 .5 6 .2 7 .4 5 .2 \ 5 .7 8-76 1 0 .0 8 .5 8 .2 9 .0 8 .5 8 .4 7 .8 6 .4 6 .1 6 .9 5 .4 5 .7 5 . f 9-76 8 .9 7 .5 7 .1 7 .7 7 .1 6 .9 6 .1 4 .8 4 .3 4 .5 2 *8 2 .2 0 .5 - 4 .5 10-76 8 .0 6 .6 6 .3 6 .7 6 .1 5 .8 ¿.0 3 .7 3 .1 à .I 1 .5 Ö .7 - 0 .9 “ - 4 .0 11-76 8 .4 7 .1 6 .8 7 .2 6 .7 6 .5 5 .9 " 4 .7 " 4 .4 4 .6 3 .4 3 .2 2 .5 12-76 8 .6 7 .3 ~ y .i 7 .5 7 .1 6 .9 ¿.4 5 .4 5 .1 5 .4 4 .5 ~ 4 .5 4 .9 i- 7 7 7 .5 6 .3 ¿.0 6 .3 5 .è 5 .6 2-77 7 .7 6 .6 6 .3 6 .7 6 .2 6 .0 7-75 8-75 9 -7 5 10-75 11-75 12-75 1-76 " 128 .1 1 2 8 .4 $.3% 1 2 9 .6 1 30 .1 1 3 0 .7 \ 1 3 1 .3 1 .T “ 4 .3 “ 1 30 .8 - 3 .6 1 3 0 .A 4 .7 1 3 .7 6 .9 1 2 .6 131 .8 1 1 .5 133.C * .9 3 .6 S .7 ¿ .7 ¿.4 i.F ~ l.i ¿.5 4 .7 " 0 .3 - 9 .5 ' 4 .6 4 .4 4 .5 3 .7 3 .6 3 .5 “ ¿.9 4 .5 6 .6 4 .3 0 .9 2-76 3-7 6 4 -7 6 5-76 6-76 8-76 9-76 IN IT IA L 7-76 10-76 11-76 12-76 X 12 1 3 1 .9P 1 3 3 .2P 1- 77 MONTH P - P R E L IM IN A R Y PREPA RED BY FED ERA L R E S E R V E BANK OF S T . WkRCH 17, 1 *7 ? 7 L O U IS PERSONAL RATIO SCALE TRILLIONS INCOME R AT I O MONTHLY TOTALS AT ANNUAL R A T E S OF DOL LARS TRILLIONS SEASONALLY ADJUSTEO SC A L E OF DOLLARS 1 .6 1.5 1.4 1 .3 1 .2 1. 1 1 .0 0.9 0.8 0 .7 0. 0.6 1969 1970 1971 1972 1973 1974 1975 S O UR C Et P ER C EN TA G E S ARE ANNUAL R A TE S LA TE ST DA TA P L O T T E D « OF CHANGE FOR P E R IO D S U .S . 1976 19 77 DEPA R TM EN T OF COMMERCE I N O IC A T E D . FE BR UAR Y P R E L IM IN A R Y PREPARED BY FE O ER A L R ESER VE BANK OF S T . L O U IS PERSONAL INCOME COMPOUNDED ANNUAL RATES OF CHANGE TERMINAL MONTH 7-75 BILLIONS UF DOLLARS ANNUAL RATES INITIAL MONTH 8-75 9-75 10-75 11-75 12-75 1-76 2-76 3-76 4 -7 6 5-76 6-76 7-7 6 8-76 9 -7 6 10-76 11-76 12-76 1-7 7 1 ,2 6 7 .5 8-75 15.9 9-75 12.6 9 .5 10-75 1 3.0 11.5 1 3 .7 11-75 12.0 1 0.7 1 1 .4 9 .1 12-75 11.1 9 .9 1 0 .1 8 .4 7 .6 1-76 1 1.3 10.4 1 0 .6 9 .6 9 .9 1 ,2 7 7 .1 1 ,2 9 0 .8 1 ,3 0 0 .2 1 ,3 0 8 .2 12.2 1 ,3 2 0 .8 2-76 11.1 1 0.3 1 0 .5 9 .7 9 .9 11.1 10.1 3-76 1 1.0 10.3 1 0 .4 9 .8 9 .9 10.7 1 0.0 9 .9 1 ,3 3 1 .4 4-76 10.8 10.2 1 0 .3 9 .8 9 .9 10.5 1 0.0 9 .9 1 ,3 4 1 .9 9 .9 1 ,3 5 2 .5 5-76 10.7 10.2 1 0 .2 9 .8 9 .9 10.3 9 .9 9 .8 9 .8 9 .6 6-76 10.4 9 .8 9 .9 9 .4 9 .4 9 .7 9 .3 9 .0 6 .8 8 .2 6 .8 7-76 10.3 9 .8 9 .8 9 .4 9 .4 9 .7 9 .3 9 .1 9 .0 8 .6 8 .1 8-76 9 .8 9 .3 9 .3 8 .9 8.8 9 .0 8 .5 8 .3 8 .0 7 .5 6*8 6 .8 4 .2 9-76 9 .5 9 .0 9 .0 8 .6 8 .5 8 .6 8 .2 7 .9 7 .6 7 .1 6 .5 6*4 4 .8 5 .5 10-76 9 .6 9 .2 9 .2 8 .8 8 .8 8 .9 8 .5 8 .3 8 .1 7 .8 7 .4 7 .6 7 .0 8 .4 1 1 .3 11-76 1 0.0 9 .6 9 .6 9 .3 9 .3 9 .5 9 .2 9 .1 9 .0 8 .9 8 .8 9 .2 9 .1 10.8 1 3.5 1 5.7 12-76 1 0 .4 10.0 1 0 .0 9 .8 9 .9 10.0 9 .8 9*8 9 .8 9 .8 9 .8 10.3 10.5 12.2 1 4 .5 16.1 1 6 .4 1-77 9 .8 9 .5 9 .5 9 .2 9 .2 9 .3 9 .1 9 .0 8 .9 8 .8 8 .7 9 .0 8 .9 9 .9 1 1 .0 1 0.9 8 .5 1.2 2-77 10.1 9 .8 9 .8 9 .6 9 .6 9 .7 9 .6 9 .5 9 .5 9 .4 9 .4 9 .7 9 .8 1 0 .7 11.8 1 1.9 10.7 8 .0 1 5 .2 7-75 8-75 9 -7 5 10-75 11-75 12-75 1-76 2-76 3 -76 4 -7 6 5 -76 6-76 7 -7 6 8 -7 6 9 -7 6 10-76 11-76 12-76 1 -7 7 1 ,3 6 2 .9 1 ,3 7 0 .4 9 .5 1 ,3 8 0 .8 1 ,3 8 5 .5 1 ,3 9 1 .7 1 ,4 0 4 .2 INITIAL MONTH P- PRELIMINARY ' " “ MARCH 2 1 t 8 1977 1 ,4 2 1 .4 1 ,4 3 9 .5 1 ,4 4 0 .9 1,458.0P RETAIL R AT IO SALES SC A L E B IL L IO N S 1969 R AT IO OF DOLLA RS 1970 S E A SO N A LL Y 1971 1972 B IL L IO N S A D J U ST ED 1973 1974 1975 SOURCE» P ER C EN TA G E S ARE ANNUAL R A TE S LA TE S T D A TA P L O T T E D » OF CHANGE FOR P E R IO D S JA N U A R Y , U .S . SCALE OF DOLLARS 1976 1977 DEPA R TM EN T OF COMMERCE IN D I C A T E O . FEBR UAR Y ADVANCE E S T IM A T E P REPARED BY FE D E R A L R ESERVE BANK OF S T . L O U IS _______________ R E T A IL S A L E S ________________ COMPOUNDED ANNUAL R A T ES OF CHANGE T ER M IN A L I N I T I A L MONTH M IL L IO N S OF MONTH__________________________________________________________________________________________________________________________________________________________________________ DOLLARS 9-76 10-76 11-76 12-76 2-76 3-76 1-77 9 -7 5 10—75 11-75 12-75 * —7t> 5-76 6—76 7-76 8-76 7-75. Ü-75 1-76 4 9 ,7 7 4 8-75 9 .2 9-75 2 .9 10-75 4 .8 2 .7 11-75 7 .1 6*4 1 1 .5 14 .2 12-75 1 1 .7 1 2 .3 1 7 .9 22.8 3 2 .0 4 9*6 44 - 3 .1 8.8 * 9 ,9 9 5 5 0 ,5 5 2 5 1 ,7 3 4 1-76 9 .0 9 .0 12.2 1 3 .4 1 3 .0 - 3 .2 2-76 1 1 .3 1 1 .7 1 4 .9 16.5 1 7 .2 10 .5 2 6 .2 1 5 .5 1 6 .8 1 7 .5 1 3 .0 22.2 1 8 .3 1 4 .4 1 5 .4 1 5 .6 11.8 17 .3 13.2 9 .4 5 .3 7 .6 1 1 .9 8 .9 11.5 3-76 4-76 5-76 6-76 7-76 8-76 9-76 10-76 11-76 12-76 12.2 12.6 1 1 .7 12.0 10.1 10.1 10.2 11.8 12.2 8.8 8*8 10.0 10.1 9 .7 9 .8 11.0 1 1 .3 8.1 8.0 9 .0 9 .0 8 .5 8 .4 9 .9 5 1,5 9 2 8 .4 8 .3 9 .2 9 .3 9 .2 9 .2 10.2 1 0 .3 6.8 8.6 1 0 .9 8.6 1 0 .4 8 .5 6*1 7 .4 8.8 6.8 7 .9 9 .9 8.1 9 .3 1 3 .1 1 3 .4 1 3 .3 11.8 12.0 9 .7 1 1 .9 1 3 .4 1-77 9 .4 2-77 io .i 10.1 8.6 9 .6 10.2 11.0 11.2 11.Ô 9 .6 10.6 7-75 8-75 9 .5 1 0 .3 1 0 .4 9-75 10-75 11-75 12-75 1-76 5 2 ,6 0 1 2.0 8.1 5 .3 5 3 ,3 4 4 8.2 5 3 ,6 9 6 5 2 ,8 6 8 - 5 .2 -1 7 .0 5 3 ,9 8 3 4 .9 3 .3 2 8 .5 2 .3 0 .4 10*5 - 5 .0 5 3 ,7 5 4 21.8 5 4 ,6 4 3 7 .9 * .9 5 .4 14 .1 7 .6 4 .9 2 .9 1.8 7 .2 0 .9 3 .9 -1 1 .3 5 .9 4 .2 3 .5 8.2 3 .7 6. t 7 .6 6 .3 12.2 1 1 .5 8 .3 t .3 9 .4 Ô .7 2-76 3-76 6.1 12.0 >.2 4—76 IN IT IA L -0 .1 5 4 ,1 0 0 5 4 ,6 3 4 1 2 .5 1 0 .5 7 .2 1 0 .5 7 .0 1 7 .5 2 2 .7 1 6 .9 1 5 .0 1* . * 19.0 ü .* 4 1 .6 6 3 .& 5 7,8 9 8 1 0 .7 8 .4 lo .e 8 .7 1 4 .3 1 4 .9 11 .3 -2 4 .3 5 6 ,5 7 0 P 12.0 io a 1 2 .5 11.0 1 6 .1 1 7 .0 15.2 - 3 .4 2 3 .4 5-76 6-76 7-76 8-76 9-76 10-76 11-76 12-76 1-77 5 5 ,5 7 3 5 7 ,5 6 9 E MONTH P - P R E L IM IN A R Y E - E S T IM A T E O PREPA RED BY FEO ERA L R E S E R V E BANK OF S T . MARCH 14, 1977 9 L O U IS HOURLY COMPENSATION, PRIVATE BUSINESS SECTOR * 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 ___________ T t K f U NAL__________________________________________________________________ I N I T I A L QUARTER_________________________________________________________________ 1967 « 100 QUARTER 1 -7 2 2-72 3 -7 2 *-7 2 1-74 2-7 * 3 -7 4 4-74 1- 7 5 2-75 3-7 5 4 -7 5 1-76 2-7 6 3 -7 6 1 -7 3 2 -7 3 3-73 4-7 3 2-72 *.2 137.8 3- 7 2 *.0 3.8 4- 7 2 5 .3 5.9 1 -7 3 7.* 8.5 2-73 7.G 7.0 7 .2 7 .7 4-73 13 9. 1 1 4 1. 8 b .O 1 4 6. 5 10.9 13.9 7.7 9.0 9 .5 5.3 7.5 8 .5 b.o 6 .1 fc>-9 8 .5 8 .7 7.0 7.8 14 8 .4 1 5 0 .9 15 4,1 8.8 1 -7 * 7.3 7.8 8 .5 b.5 7.2 7 .9 8.4 1 \ 8 .0 2-7 * 7.8 8.3 t.9 9.1 b.2 b .9 9 .6 10 .0 3 -7 * b.3 8.6 9.* 9.6 8.9 9 .7 1 0 .4 1 1 .0 *-7* 6 .5 9.0 9.6 9.8 9.2 9.8 1 0 .4 10 .8 1 1 .8 1 1 .7 1 0 .5 ^ 17 0. 8 1—7 b o.9 9.3 9 .9 1 0 .1 9.6 10.3 10 .8 11.3 1 2 .1 12 .1 11 .7 17 6. 1 . 2-75 t.7 9*2 9 .7 10*1 l^JL* .. 10*9 10*6 9,8 _ 9.0 ... 9.5 15 7. 1 1 6 1. 6 1 6 6. 6 1 2 .5 13 .c \ 9,5 6^0^^ 3 - 7 5 _____ iUit____t^ 2 ____2*1____ SL^2____ ii*h____SUZ___________________ 2*JB____________iU l____2^2____^ ------— ^ « • __ 71V __ 7 i J __ 7t Mf_--- __ u t u __ / t v ____* __ 7 *A_ __ V t 3 ----- L i V*---- ___ 4 , 8 17 8 ,7 ................................... _______________________________ __ LMjl£_ AV T . t v . w ___I—x- f 1-76 8 .5 8.8 9 .1 9.2 b.8 9.2 9.4 9.4 9.6 9.3 6.7 8.3 7.2 7 .6 9.0 2-76 b.* b.6 b.9 9.0 6.6 8.9 9.1 9.1 9.3 b.9 6 .* 8 .0 7.1 7 .3 8.2 16 8.8 6.4 6.5 19 1. 8 3—7t> 8 .3 8.6 b .9 b .9 8.6 9 .0 9.0 9 .1 8.8 8,3 8.0 7 .1 7 .4 8 .0 8.1 7.0 7^5"\ 4-76 8 .3 8.5 b.8 8*9 b.6 8 .8 8 .9 9.0 9 ,0 8,7 8.3 8.0 7.3 7.5 8.1 8.2 7 .5 8.0 1-7 2 2—72 3 -7 2 *-7 2 1 -7 3 2-73 3-7 3 * -73 1 -7 * 2 -7 * 3-7 * *-7 * 1-7 5 2-75 3-75 4-75 1 -7 6 2-76 3-7 6 *-75 1 -7 6 2-76 3 -7 6 19 5 . 3 8 .* \ 19 9 .3 I N I T I A L QUARTER UUTPUT PER rlUUR OF ALL PERSONS* PRIVATE BUSINESS SECTOR * _____________ COhPOUNOEU ANNUAL RATES OF CHANGE__________________ 1967 * 100 I N I T I A L QUARTER TElsMlNAL QUARTER 1-72 2-72 3-7 2 1 -7 3 *-7* 2 -7 3 3-73 *-73 1-7 4 2-7 * 3 -7 4 4-7 * 1-7 5 2-7 5 3-7 5 1 1 0. 4 2- 7 2 3.3 3-72 2.6 l,b * -7 2 3 .7 3.8 11 0 .9 11 2.5 5.9 1 1 4. 1 1-7 3 *.2 * .5 5.9 5.8 2-73 2.* 2.2 2.3 0 .5 \ -4 .5 3 -7 3 1.7 1 .4 1.3 -0 .2 -3 .1 -l.b 4-73 1.5 1.2 1.1 -0 .1 -2 .0 -0 .7 r 11 2. 8 1 1 2 .3 112 . 4 0.4 /0 1-7 * 0.5 0.1 -0 .2 -1 .* -3 .2 -2 .7 -3 .2 —6 . 6 2 -7 * —C . l -0 .5 -O .b -1 .9 -3 .4 -3 .1 -3 .5 -5 .4 -l.C -1 .9 -3 .2 -2 .9 -3 .2 -* .4 -3 ,2 \ 110,5 1 0 9 .3 1 0 8 .7 3 -7 * —0 . 3 -C .7 * -7 * —0 . 6 -l.L -1 .3 -2 .2 -3 .2 -3 .0 -3 .3 -4 .2 -3 .4 -2 .9 -3 .6 1-7 5 - 0 .* —0 . 8 -1 .0 -1 .8 -2 .7 -2 .* -2 .5 -3 .1 -2 .2 -1 .5 -1 .1 _ 2 -7 5 G .5 0 .^ b. 1 -0 .5 -1 .1 -0 .7 —0 . 6 -0 .7 0.5 1.7 3.1 «> 11 6 .6 1 2 .0 1.7 3-7 5 1.0 O .b 0.7 t.3 -0 .2 C.2 0.5 0.5 * -7 5 t .b 0.6 0.5 0.1 -0 .4 0 .0 0.2 0.2 1- 70 1.2 1.0 1 .0 0.6 0.2 0 .6 0.8 0.9 1.9 -2 ^ 2 ^ \ 1 0 7 .7 1 08 .1 11 1 .2 3 ,0 *,3 7 .1 1 C .0 8.2 2.1 3.0 4.7 5 .8 2 .9 2.8 3.6 5 .2 6.1 4.2 11 3.4 11 2. 8 2 .3 6 .9 s 114.7 2 -7 6 1,3 1 .1 1 .1 0.8 0.4 0 .8 1 .0 1 .1 2.0 2,8 3,5 4.8 5.* 3 .9 2,5 4.8 2 ^ 8 \ 3- 7 6 1.3 1 ,2 1 .2 0.9 0,5 0 ,9 1.2 1 .2 2.1 2,6 3 .4 4.5 5.0 3.7 2 ,6 4,2 2,8 2 .fi\ 4-76 1,3 1. 2 1.2 0.9 t ,6 0 ,9 1.1 1 .2 1 .9 2.6 3.1 * .0 4.4 3.2 2 ,2 3 ,3 2.1 1.7 1-7 2 2-/2 3-7 2 *-7 2 1 -7 3 2-73 3-73 *-7 3 1-7* 2-7 * 3-7 4 *-7 4 1-7 5 2-75 3-75 4-75 1 -7 6 2-76 1 1 5. 5 116.3 0 .7 ^ \ 11 6. 5 3 -7 6 I N I T I A L QUARTER * Revised 1975- 76 P R E P A R E D BY F E D E R A L R E S E R V E B ANK OF ST. LOUIS M A R C H 21» 1 9 7 7 10 PRODUCTIVITY, COMPENSATION, AND LABOR C OSTS* RATIO SCALE 1 96 7-1 00 RATIO SCALE 1 96 7- 10 0 S E A S O N A L LY A D JU S TE D SOURCE« U .S . DEPARTMENT OF LABOR P E RCEN TABES ARE ANNUAL R A TE S OF CHAN6E FOR PEftlODS IN D IC A T E D . X R E V I S E D FROM 1975 L A T E S T DATA P LO TTE D « 4TH QUARTER PREPARED BY FEDERAL RESERVE BANK OF S T . LO U IS U N I T LABOR OUSTS» PRIVATE: BUSINESS SECTOR * _____COMPOUNDED ANNUAL KATES OF CHANCE__________ TERM INAL QUAR1ER IN IT IA L 1 -7 2 2 -7 2 3 - 7 2 . - . 4 - 7 2 ___ 1 - 7 3 2- 7 3 Z 3 .4 r J 3 - - 1 - 7 4 m .7 « i£Q W A R T fc R 2 r7 > 3 - ? 4 „4 -7 4 j - 7 ? 2 -7 ? ? ~ 7 ? 4 - 7 ? ___ l ~ 7 f r 2 -7 6 3 ~ 7 fr 2 -7 2 1 .0 _____________________________________________________________________________________________________________________________________________________________ 3 r?2 _ 1.6 2.-3 4-72 _U ü- 1-9 1 2 4. 8 12 5 * ? 126.0 l.fe *■7____ T_mJL^ $ . 6 % 10. ¿ V ___ 2-73 ^-7 a .a ^ 2 ____ ti—l _ 7 .1 V.Q ____ fa 7.3 8.8 1 3 L a 6 .. t i.& 1 3 4 ,4 •)>.7 t>-b 1-7* tit>ti 7 .7 b.6 10 .1 10.7 1 0 .8 1 1 .8 1 5 .4 2—74 ti<|V 8.9 9.8 11.3 12.0 12.4 13 .6 16*4 1 7 > n 1 ^ 8 % 147.9 3-7* »7 9.6 10. 5 11 . 9 12.5 13.0 14 .1 16 .1 16.4 1 5 3 .3 *— 7* V i. 2 10 . 1 1 1 .0 12 .2 12.8 13 .2 14.2 15 .7 15 .8 15.0 14*6 \ 1—7 i .4 10 .2 11 .0 12*1. 12 .6 13 .Q 13.7 I4 tti 14.6 13.7 12.9 f i.2 8 .8 V . 4 ___ 1 Q . 2 ___ 1 ^ 5 ____1 0 . 5 ____1 0 . 8 3-75— 7 .3 7 .8 8 .3 4 —7 Sl- . 7 . it 4-73 ¿- 1 5 — 9.1 8 .5 1 3 7. 1 8 . 3 sV— r \ 1 4 2. 1 1 1 . 2 ____1 0 . 3 V . O _____ __________ tU _ 2 _____ 8 . 9 9 .0 v *.q____ a * J ____ sufi____ 9 .o 9 .1 8.2 8.2 8.0 8 .0 8.0 7.2 2-76 7.0 7.* 7 .7 3-76 6 .9 7.2 7 .5 7.9 7.9 7.6 7.7 7.6 4-76 6.9 7 .2 7.6 7.9 7.9 7.8 7.7 7.6 1- 7 2 2 -7 2 3-72 *-7 2 1 -7 3 2-7 3 3-7 3 *-73 8 .G 158.6 1 1 .3 \ 1* 2« ? I6 0 t l _ 6 . 7 _____ __________ 2 * 1 ___ - 5 . 3 6 .2 _L& 9 *5_ 4 . 0 _____ ib _fi___ - 4 . 1 ___ - 3 . 0 163 . 3 3 .3 ____ S U i fr.e 3 .3 5 .5 2.0 3.5 2.8 4.2 1-75 2-75 5.9 4.7 3 .1 1.5 6 .9 5.8 4.6 3.3 7.0 6.0 5.0 3 .8 1-7* 2-7 * 3-7 * 4-7* 3 .3 3 .4 5.2 3.7 3 .9 5.7 4 .7 5.2 6.1 3-7 5 4-7 5 1-76 2-7 6 1 6 6 .0 167.8 7 .8 \ 171.0 3-7 6 I N I T I A L QUARTER » R e v is e d 1975-76 P REPARED BY FE D E R A L RESE R V E BANK OF ST. M A R C H 21» 1977 11 LOUIS GROSS NATIONAL PRODUCT IN CURRENT DOLLARS _____COMPOUNDED ANNUAL RATES OF CHANGE_______ TERMINAL QUARTER IN IT IA L -1=12 ___2-72 3 -7 2 * - 7 2 ___ 1-73 2-73 .3-73 H 3 ___1-74 B IL L IO N S OF DOLLARS ANNUAL RATES QUARTER 2-7 4 3 -7 4 4-7* 1-75___ 2-75___3-75 4-75___ 1-76 2-76 3-7 6 - 1 1 .Q_______________________________________________________________________________________________________________________________________ 3-72 - 1 * 1 5 6 ,7 9.9___ e . a 1 ,1 6 1 ,4 219*4 1. 265.» 3 J*=22--- 1 1 *J___11*1__ 13 .5 — li 1-73____ 1 2 .3 1 2 .7 1 4 .7 15*2_ ¿-7 3 ____ 11 *3 3 -73___ l l . o 1 1 .4 1 2 .3 11 .6 ____7*5 l l .o 1 1 .5 1 0.9 ___ iUA___ 9 .3 -4r73___ 11.1 11.1__ 11*6__ 11*1___ £ .6 __ 1P *6_11*2 1-74___ 10*4 1 0 .3 - I t 2 99 , 1 » 3 1 7 ,5 1 » 3 5 5 *1 1 0 .5 ___ 9*5___ ft*5___ fi*fi___ ft*6_ ■2r-74__ 1Û*J__1Q.0 1Q.2__ 2*6__ fi*4__ ft*6__ ft*±_ 3 -7 4 ___ l(L*ft_ 4 -7 4 1-75 9 .9 1 0 .1 .. 9 .6 ___ 8*6----- 6*8___ £ i l ----- 7*6 7 .9 ___ 6*2___ 1*5___ 7 .2 8 .7 6.4 8.5 8 .4 7.9 6.9 6.8 5.3 l >431,6 ____ 9 * 5 J 2*6___ 2*4___ 2*5___ 2*S___ &*1___ 8 .2 5.4 4.5 .1 *4 4 9 ,2 . 2.1 —0 .8 \ _ 1»446.2 a.a__ a_^b__ ft**__ a*i__ z*3__ z*3__ 1 * 0 __ 6*2 __ 6*3__ 5 *2 __ 4 * 7 __ 4 . 6 1 0 .4^ 3 -7 5 9.5 ___ 2*4___ 2*4___ 2*1____ft*4___ ft*5___ fi*4___ 2*2___ 8.4 9.3 14.7 4—75 9 .6 Jft*2___ 2*6 1 3.3 1 4.6 ^>■41.3% 10 1-76 9 .6 ___ 2*7___ 2*fi___ 2*5____ft*2___ 2*1____2ml___ fi*2___ 2*2___ 2*3___ 9 .3 13.1 14.1 1 1 .6 _2=25l_ *—76 9.5 ___ 9.2 B.6___ a*2___ 8.7 8.3 8.4 8.7 8.2 10.2 9 .5 ___ 9*0___ 2*1___ 9*1___ a*2___ 2*3___ 2*4___ 2*4__ 10.1 9.7 .2- 7 6 -3=J6 -2 * 5 1 »4 6 2 « 3 12.5__ 13.0 __ 11.0 - 2 . 7 ----- 2*6----- 2*2----- 2*4----- 2*fi----- 2*J------2*1___ &*£___ 2*2___ 2*3___ 2*3___ 2*2__ l l . f i . 12.1__ 1 0 .4 1 2 .6 " 1 »636*2 11.3 1 »675..2_ 1 0 .3 - 9*2 9.6 9.6 9 .6 9.4 9.0 9.1 9.0 6*8 9,1 9.2 9.2 9.7 11.3 11,5 10.0 9,9 9,0 8,5 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 1-76 2-76 8.5\ 1.745,1 3-76 INITIAL QUARTER GROSS NATIONAL PRODUCT IN CONSTANT 1972 DOLLARS ________ COMPOUNDED ANNUAL RATES OF CHANGE___________ B IL L IO N S OF DOLLARS INITIAL QUARTER T ER M IN A L QUARTER ANNUAL RATES 1-72 2-72 2 -7 2 3 -7 2 4 -7 2 __ 1=73 _2-73_ 3-73 4 -73 1-74 2 -7 4 3 -7 4 4 -7 4 1-75__ 2-75__ 3 -7 5 4 -75 1-76 2-76 3 -7 6 1,163.0 7*2____________ ________________________________________________________________________________________________________________ 1.178.0 J5..3 4—72 7 .2 ___ 6*2___ 8 .5 2-73 6 .3 ___ 5v9___ 6 .1 7 .8 ___ 2*2___ 2*J2___ 2*5- 5 .5 ___ 5 .0 4-7 3 5 .0 3-7* ■ A-74 1>231.1 1 .2 3 6 .3 —1*1____ 1 * Z * .4 3 .* 1 .4 1 .9 2 .l\ 1 , 2 4 2 .6 3 .3 ___ Z^S.___ 1*2___ 0*0__ rfl.J__ - 1 . 0 __ - 3 , 9 X j , - 2 % 1—74 -2.-74 4 .5 1 .2 2 9 .8 -4 .9 ___ Q.4 - 3 .0 — .2 .5 ___ 2 .1 2 .5 1 .9 1 .5 l.Q —Û.6 - 0 .fi - 1 .2 . — 3 .5 __ -3 * 1 0 .5 - 0 .9 - 1 .2 - 1 .9 -1*6----- 1*0----- 0*i»— - 0 . 4 __ - l . a __ -2 .1 - 3 .2 - 2 .8 _ 1 .2 3 Q .4 _ l» 2 2 Q .a ... - 2 .6 \ 1 ,2 1 2 .9 - 2 .9 __ -4 .1 __ =4*2__ - 4 .7 __ =6* 1*191.7 1-7% 0 .6 -0-1 - 0 .6 - 1 .5 - 2 .8 —3 .3 - 4 .1 - 5 .3 —5 .6 - 6 .5 - 8 .4 - 9 . 9N 2-75 1 .0 0 .4 - 0 .0 - 0 .8 - 1 .9 - 2 .2 - 2 .8 - 3 .5 - 3 .5 - 3 .6 - 3 .9 - 2 .4 5 .6 s 3r*75 ■ 1 *2 - -r0*7_ - 0 .8 - 1 .1 - 1 .5 - 1 .1 - 0 .8 - 0 .3 2 .0 . 8*5... -1*2. - 0 . 9 -UA_ -*=25- 0 .2 -0.5__ rr0 .3 __ =0.4__ - 0 .6 -0 .9 __ -0 .5 __ - 0 .1 1 .1 6 1 .1 1 ,1 7 7 .1 1 ,2 0 9 .3 .6 *3 ____2 *3____3 .3 —1*2------1*6____1*1____0*4___ 0*4___ 0*3___ 0*1____0*6____1*2___ 1*8___ 3*6___ 2*3___ 7 .9 ♦7% 6.2 9.2 -1*1____1*6___ 2*2___ 3*fi___ 6*8___ 2*0___ 5 .6 6 .8 1 »2 1 9 .2 1*246.3 1-76 2 .2 - 2- 7 6 2 . 4 ___ 2_*0_ 1 .3___ l . a 2 .4 *-76 2.5 2 .2 2 .0 1.6 1.1 1.1 1.1 1.0 1.5 1.9 2.4 3.7 5.7 5.8 4 .7 5.0 3.7 3.3 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 1-76 2-76 —1 * A _ 2 .4 ___ 2 *1. 1 .4 ___ 0*2___ Q*A___ 0 .2 -1*5 -0.6- 1 .0 ____ 1>0 1 .2 6 0 .0 4 .5 1*272.2 -3*£___ 6*3___ 6*4___ 5*2___ 5*ft___ 4*2___ 3*22 2.6 \ 1,280.4 3-76 IN IT IA L QUARTER PREPAREO BY FEOERAL RESERVE BANK OF S T . LOUIS MARCH 21* 1977 12 DEMAND AND PRODUCTION R A T I O SCALE T R I L L I O N S OF QUARTERLY D OL L ARS TOTALS AT ANNUAL S EAS ONAL L Y A D J US TE D RATIO SCALE T R I L L I O N S OF D O L L A R S RATES 1. 1.9 .8 .7 .6 .5 .4 .3 .2 1.7 1 .6 1.5 1.4 0 . .3 .2 1. 1.1 1 1 .0 0 . 0.9 0.8 0 . 1969 1970 1971 1972 1973 1974 1975 1976 1977 SOURCE« U.S. DEPARTMENT OF COMMERCE (LONP IN CURRENT DOLLARS. ILCNP IN 1972 DOLLARS. PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIODS INDICATED. LATEST OATA PLOTTED« 4TH QUARTER PREPAREO BY FEDERAL RESERVE BANK OF ST. LOUIS 13 GENERAL RAT I O PRICE INDEX* SCALE RATI O 1972-100 1969 «AS USED 1970 IN NATIONAL 1971 1972 1973 INCOME ACCOUNTS DATA PLO TTED * 1974 1975 SOURCE* P E R C EN T A G E S ARE ANNUAL R AT ES OF CHANGE FOR P E R IO O S LA TEST SC A L E 1972-100 U .S . 1976 1977 DEPARTMENT OF COMMERCE IN D IC A T E D . 4TH QUARTER P R EPA R ED BY FE D E R A L R E S E R V E BANK OF S T . im p l ic it p r ic e d e fla to r fo r g r o ss L O U IS n a t io n a l pr o d u c t __________ CflMPQUNPJEP ANNUAL RATES OF CHANGE____________ IN IT IA L QUARTER T E R M IN A L 1972 « 100 QUARTER 1-72 2-72 3-72 *-72 1-73 2-73 2-72 2 .« 2k—7 2 3 .1 3 .* < *-7? 3-6 * .0 * .7 1—7 3 * .2 * .6 5 .3 5 .8 2-73 * .7 5 .2 5 .8 6 .* 7 .0 ^ \ 3-73 *-7 3 1-7* 2 —7 4 3-74 4-74 1-75 2-75 3-75 4-75 1-76 2-76 3-76 9 9 .4 5 _ 1 0 0 .2 9 1 0 1 .4 4 1 0 2 .8 9 \ 7 .5 % 1 0 4 .6 5 1 0 6 .5 7 3-73 5 .2 5 .7 6 .3 6 .8 7 .3 *-73 5 .8 6 .3 6 .9 7 .5 8 .1 8 .6 1-7* 6 .3 6 . ft 7 .* 7 .9 8 .* 8 .9 \, 1\ 9 .6 9 .5 1 0 9 .0 5 1 1 1 .5 6 2-74 6 .9 7 .* 7 .9 8 .5 9 .0 9 .5 1 0 .2 1 0 .5 lli^ \ 1 1 .2 % 1 1 4 .6 4 3-7* 7 .* 7 .9 ft.5 9 .0 9 .6 1 0 .1 lO .f i 1 1 .1 1 1 .9 1 1 8 .0 3 * —7 * 7 .9 & .* ft .9 9 .5 1 0 .0 1 0 .5 1 1 .1 1 1 .5 1 2 .2 1-7*4 ft.O f l.S V . 1 9 .6 2-75 7 .a ft.2 ft.6 3-75 7 .7 & .1 8 .5 *-7 5 7 .7 8 .0 1 2 .5 1 2 1 .6 0 1 2 .7 s 1 ?* .5 5 1 0 .1 s 1 G .O 1 0 .5 11-0 1 1 .2 1 1 .6 1 1 .7 1 1 .4 9 .0 9 .* 9 .7 1 0 .0 1 0 .1 1 0 .2 9 .8 9 .0 7 .2 4 .5 8 .8 9 .2 9 .* 9 .6 9 .6 9 .6 9 .3 8 .5 7 .2 5 .7 7 .0 8 .* ft.7 9 .0 9 .2 9 .3 9 .3 9 .3 ft.9 8 .2 7 .1 6 .2 7 .0 1 2 5 .9 3 1 2 8 .0 7 7 .1 \ 5 .3 % 1 3 0 .2 7 1 3 1 .2 9 1-76 7 .* 7 .7 d .O 6 .3 fa .5 8 .6 8 .7 8 .6 8 .5 8 .1 7 .4 6 .3 5 .* 5 .7 5 .1 2-76 7 .2 7 .5 7 .8 6 .Û 8 .2 8 .3 & .* 8 .3 6 .1 7 .7 7 .0 6.1 5 .* 5 .6 5 .1 4 .2 5 . 2V 3-76 7 .1 7 .3 7 .6 7 . ft 7 .9 8 .0 f t.O 7 .9 7 .7 7 .3 6 .7 5 .9 5 .2 5 .3 4 .9 4 .2 4 .8 4 .4 * —7 1, 7 .0 _ 7 .3 7 .5 7 .7 7 .8 7 .8 7 .9 7 .7 7 .6 7 .2 6 .6 5 .9 5 .3 5 .4 5 .1 4 .6 5 .1 5 .1 2-72 3-72 *-7 2 1-73 2-73 3-73 *-7 3 1-74 2-74 3-74 4-74 1-75 2-75 3-75 4-75 1-76 2-76 1-72 1 3 2 .9 6 1 3 4 .4 0 \ 1 3 6 .3 0 3-76 IN IT IA L QUARTER PREPARED BY FEDERAL RESERVE BANK OF S T . LOUIS MARCH 21 • 1977 14 P E R S O N A L 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 D O L L A R S 1 F - k M IM A L IN IT IA L B I L L I O N S OF DOLLARS ANNUAL R A T ES UHARTER QUARTER 1-72 2-72 3-72 *-7 2 1-73 2-73 3-73 *-73 1-7* 2-7* 3-7* *-7* 1-75 2-75 3-75 11-1 3-7? 9»ß 8-5 *-7 2 10-7 10-5 12-* 2-76 3-76 739-7 761-8 787-2 1-7* 11-5 11-7 13-3 i* - o 2-73 10-6 10-5 11-2 1L-6 7-2 3 -7 i 10-2 10-2 1 0 .6 10-0 ft.fi 8-9 *-7 3 9-9 9-7 1Ü-0 9-* 7-B ¿1-2 8 o t -n 818-2 K33-1 7-5 1-7* 9-9 9-8 10-0 9-5 8-4 8-8 f i- A 10-1 2-7* 10-2 10-1 10-3 10-0 9-2 9-7 10-0 11-2 853-3 12-* 878-7 9 0 6 .8 3-7* 1 0 .5 10-5 10-7 10-5 9 .9 10-4 10-8 12-0 12-9 13-* *-7 * 9-7 9-6 9-7 9 .4 8 .7 9 .0 9-0 9-* 9-1 7-5 1-9 1-7* 9-8 • -A 9-7 9-* 8-9 9-1 9-2 9-5 9-4 8- * 5-9 10-1 2-7% 9-9 9-8 10-0 9-7 9-2 9-5 9-6 9-9 9-9 9-3 7-9 11-1 9 1 1 .1 933-2 960-3 12-1 987-3 3-75 10-1 10-0 10-1 9-9 9-5 9-7 9-H 10-2 10-2 9-8 8-9 11-3 1 1 -9 11-7 *-7 % 10-1 lo - n 10-1 9-9 9-6 9-A 9-9 10-2 10-2 9-9 9-2 11-1 11-* 11-1 10-* l- 7 h 10-3 10-2 10-3 10-2 9-9 10-1 10-2 10-5 10-6 10-3 9-8 11-5 11-8 11-7 11-7 9-7 10-0 10-0 4-76 1-76 7 2 * .7 2-72 2-76 4-75 1 0 -9 11-1 10-9 10-6 10-7 9-6 1 0 -7 10-8 10-5 10 -3 10-2 1 0 .3 9 .9 H .Q ^ 11-1 10-9 10. 8 2 -7 * 3-7* *-7* 1-75 2-75 3-75 9-9 10-0 10-1 10-3 10 -3 10-2 10-2 10-0 10-2 9-9 1 0 .1 1 0 .2 10-* 1 0 .5 4-72 1-73 2-73 3-7 3 *-7 3 1-74 10-1 lu -2 10-0 10-1 10-0 10-0 10-2 1(1-2 10-3 1-72 2-72 3-7 2 1 .0 * 3 -6 13-1 9 -6 9-7 1 0 -7 lft - 1 1. 0 1 2 - 0 1 *0 64 -7 8 -3 1t iiKfa-5 10 -9 8.8 10-1 1 1 .1 1 2 .9 4-75 1-76 2-7 6 3 -7 6 9-2 1 .1 2 2 .0 I N I T I A L QUARTER P E k SONAL CONSUMPTION EXP E N D IT U R ES IN CONSTANT 1972 DO LLARS _________________ COMPOUNDED ANNUAL RATES O f CHAN6E___________________ B I L L I O N S OF T F k M lN A L IN IT IA L D O LLA RS Q UARTER ANNUAL R A T ES UU A RTER 1-72 2-72 3-72 *-7 2 1-73 2-73 3-73 *-7 3 1-7* 2-74 2-72 8-3 3-72 6-8 5-3 *-7 2 7 .* 6 .9 8-6 1-73 7-6 7-3 8-* 8-2 2-73 5-9 5-3 5-3 3-8 -0-5 3-73 5 .2 *-6 *-5 3-1 0-7 1-9 *-7 3 * .1 3 .* 3 .1 1 .7 - 0 .3 - 0 .2 - 2 .3 - 0 .9 - 2 .2 - 2 .1 - 1 .5 - 1 .0 0-1 -0-2 —0 . 7 -0-2 O .fc 1 .5 3-7* *-7 * 1-75 2-75 3-75 *-75 2-76 3-76 728-1 737-5 752-8 767-7 766 765-9 1-7* 3-3 2 .6 2-2 1 .0 - 0 .6 2-9 2-3 1-9 G .b —0 - 6 3-7* 2-8 2-2 1 .8 0-9 -0-3 * —7 * 1-7 1-1 0 .6 —0 . 3 -1-5 -1-6 - 2 .3 - 2 .3 - 2 .4 - 3 .6 - 8 .* 1-75 1 .9 1-3 0 .9 0-1 -0-9 -0-9 -1-* -1-2 -0-9 -1-3 -2-6 3-5 2-75 2-3 1 -8 1-5 0-8 - 0 .0 G .O -0-2 0-1 0 .7 0 .5 5 .3 3-75 2 .* 2-0 1-7 1 .1 0-* C .5 G .3 0 .7 1 .4 1-* * .9 *-7 5 2 .5 2-1 1-9 1-* 0 .8 0 .9 1 .2 1 .6 1 .9 2-0 * .8 5-2 4-3 *-5 1-76 2-9 2-6 2-* 1 .9 1-* 1-6 1 .6 2 .0 2 .5 2 .9 3 .1 5 .6 6-1 5-8 6-7 8 .9 2-76 3 .0 2-7 2-5 2 .1 1 .6 1-8 1-8 2-2 2-7 3-0 3 .2 5 .3 5 .7 5-* 5-8 6 .4 761-8 1 .2 761 .9 7 6 * .7 7 * 8 .1 7 5 * -6 7 6 7 .5 7-0 7 7 5 .3 *-1 7 8 3 .9 800-7 8 0 8 -6 4 .0 2-7 2-6 2 .2 1-7 1-9 1-9 2 .3 2 .6 3-1 3 .3 5-1 5-3 5-0 5-2 5 .4 3-8 3-6 3 .2 2-9 2 .8 ¿- 5 2 .1 2 .3 2 .3 2 .7 3 .2 3 .5 3 .7 5 .3 5 .6 5-3 5 .6 5 .8 * .9 5-3 7 .0 1-72 2-72 3-72 *-7 2 1-73 2 -7 3 3-73 2-74 3-7* *-7 4 1-75 2-75 3-75 4-75 2-76 3-76 3-76 -ft 770-* 2-7* *- 7 4 » 1-76 *-7 3 1-7* 1-76 815-7 8 2 9 .7 I N I T I A L QUARTER PREPARED BY FEDERAL RESERVE BANK OF ST* F E B R U A R Y 18* 1 9 7 7 15 LOUIS UROSS PRIVATE DOMESIIC INVESTMENT IN CURRENT DOLLARS ____________COMPOUNDED ANNUAL RATES OF CHANGE________________ B IL L IO N S OF ■TfeKfUNAL_____________________________________________________________INITIAL QUARTER__________ _________________________________________________ D O L L A R S QUARTER ANNUAL RATES 1-72 2-72 19-9 3-72 16-A 2-72 3-72 *-7 2 1-73 2-73 3-73 4-73 1-7* 2-7* 3-74 4-74 1-75 2-75 3-75 1-76 2-76 3-76 13-9 191 .0 4-72 18-* 1 7 .6 1—7 3 19-? 1A - 9 ?11 ?11>6 2 1 .7 ,4 200-5 2-73 lfi- 3 1 7 .9 IV,, 3 1 6 .2 3-73 1 5 .7 1 * .9 1 1 *-7 3 1 6 .7 1 6 .2 li». 1-74 10-7 9 .4 .6 6.,7 2-74 10-0 6 .6 3-74 7 .8 6 *6 4-74 «>.8 5 .5 210-6 2 1 fi -Û 1 4 .8 3-2 9 .1 1 5 .5 1 3 .* 1 2 - fi 2 2 .6 6 *3 2 .6 - r .o - 3 .2 - 2 3 .6 b.. 1 6 .0 3 .1 0 .* - 0 .7 - 1 0 .7 5 ,k 7 3 .6 0 .9 - 1 .7 - 3 .0 -1 0 .3 - 2 .8 - 9 .7 2 .7 0.2 - 2 .0 -3 .1 - 3 .0 - 6 .6 *»«.2 1-75 -O .fi - 2 .5 *.6 -4 . ,0 ?-7% -2-2 -3 .fi —5,•à —6 .5 - 9 .5 - 7 .6 - 1 0 .* 3 .7 2 2 0 -Û 2 3 1 .5 -8 .6 2 1 6 .4 * .5 2 1 8 .8 213.3 -3 .3 2 1 1 .5 -1 2 .5 -1 5 .0 -2 1 .0 -2 0 .3 -2 7 .2 -3 4 .7 -5 5 .9 - 1 3 .2 - 1 5 .3 - 2 0 .4 - 1 9 .7 -2 *. 9 - 2 9 .3 172-4 -39-6 - 1 7 .3 1 6 4 .4 3 —7 b 3-1 1 .9 •û - 2 .7 - * .5 - 5 .* -ft. 9 - 6 .2 -a. 2 - 7 .8 - 9 .2 3 0 .2 1 0 4 .9 3 -6 2 .5 1, 1 —< i.7 *-7 * aft 0-1 - 1 .6 - 3 .1 - 3 - fi -6-7 - * .0 - 5 .* - * .5 - 4 .f i 2 3 .0 5 0 .1 9 .9 1 -7 6 6 -h 5-9 V*4 * -3 2 .9 1-9 1 .7 H l.* 3 .0 3 3 .2 5 6 .1 3 6 .2 7-4 6 -6 t> 3 —7 6 7-7 7 -1 4-76 6 .9 6 .2 1-72 2-72 3 - 72 2-76 4-75 184-9 5 .2 *-o 3 .1 3 .1 1 .3 6. 5-7 * -7 3-9 3-9 2 .* 5,. a * .9 3 .9 3 .1 3 .1 1.6 *-7 2 1-73 2-73 3-73 *-7 3 1-7 * 2 . fi 6 . 5 .0 fi fi.6 3 0 .0 7 .6 9 .3 5 .9 7 .1 3-74 4-74 * .6 6 .8 5 .* 5 .5 * .3 * .3 2-74 1 9 6 .7 2 0 1 -* 2 2 9 -6 6 8 .9 4 1 .1 1 7 .fi 2 S .6 3 1 .3 1 5 .7 1 3 .7 1 8 .3 2 0.6 7 .7 3 .0 —6 .6 3-75 4-75 1-76 2-76 3-7 6 4 5 .5 2 9 .8 2 7 .1 3 8 .5 2 1 .6 2 9 .7 1-75 2-75 ¿3 9 -2 247-0 2 42 -8 INITIAL QUARTER GROSS PRIVATE DOMESTIC INVESTMENT IN CONSTANT 1972 DOLLARS T E k M IN A L IN IT IA L B IL L IO N S O F D O LLARS Û 1 IA R T F R ANNUAL Q UARTER 1 - 7^ 2-72 3-72 *-7 2 16 .a 3-72 1 ? .h fi.» V *-7 2 l* .ù 1 2 .•ft 14 1 3. . 4 1 **., 7 1 * . ,9 1 1 ,■4 12. IO . 3-73 9 Ai ■0 7 ., 7 9 ,• il 9 .. 0 7. . * - .0 O. , 3 1-75 2-75 3-75 *-7 5 1-76 * , ,7 * . .3 - i. 1 —* . «A - a .■ 0 > -74 2 o —û ., 7 —3 . .3 —6 .•fi - 9 ., 4 —6 . 3 - 9 .,5 „4 - 3 .• ft - 3 .• fa - % .. 1 , -7. - in - 1 ? , ■4 - 1 *. -10 - 1 ? ,« ? - 1 3 a «ÿ - 1 6 -, 4 RATES 3-76 -17- 204-9 - 12. 211-8 14« » ? 194-8 - 9 . ■h - 2 8 - 4 —1 0 ., 9 - 7 1 . i3 —1 4 , >U - 2 1 . 1A7-9 -13-* - lit -2 176-2 -22-7 169-1 - l u , *3 - 1 2 ., 7 -14. - 2 0 ., ? -17-2 -19-0 -1%. -2 0. - ? 3 ,,7 -?ft.k4 - 3 2 . it i -33-6 -39-2 —* 6 . - h * » .iA - 1 9 .i3 - 2 2 .. 0 -24. -29. -29-3 —3 2 - A -35. —**. , 3 - 9 .3 - 1 3., 7 - 1 * . if l - 1 8 .,3 -16-5 -17-1 - 1 % . »6 - 1 % . if i 37-3 92 - A - 1 ? . ,<ÿ - 1 3 . , 7 - 1 6 .,7 —1 * - 9 -1 % - l -13. - 1 3 i.1 1 fi.7 35-7 - * .5 -Û,, 9 29-2 *5 -* 2 6 .3 6 7 .0 25-5 36-1 2 1.1 3 6 .4 1 1 .« 129-3 126-2 14A-7 3-7% -*» . 2 —6 ., 7 - 7 .9 -<*- h 4-7% -5 .1 —A . .*» - 7 , ■h - 9 . >4 - 1 1 ., 3 1-76 -1 - 3 . •6 -*»-,0 —6 . - 7 . ■A - 7 . •ft - 1 C . .Û -7-4 -6-5 -3. ?- 7 h - 1 •0 - 2 •ü —2 .. 7 —3 . , v - 5 ..3 —6 , 1 — h.%2 - A .kl —5 - % -4-4 -1. X-7h -f» .*» - 1 ,■4 - ? •0 -H . —* - 3 - 5 .a f - 5 ., 1 ,7 -4-2 -3-1 -ft.i 3 .o 22-* 30.0 1 7 .« 2 6 .* 9 .9 *— 76 -1 .1 -2,.0 -2 .o -3.,7 - * .9 -5,-6 -5..6 -7 . . 1 -*-9 —* . 0 - 1 - .6 0 .2 1 6 .8 2 1 .9 1 1 .2 1 5 .5 2 .2 1- 72 2—'72 3 - 72 *-7 2 1-73 2 -'73 3 -;73 *-7 3 1-7* 2-7 4 3-74 4-74 1-75 2-75 3-75 4-75 1-76 •7 2-76 207-* 1 ■h > -75 4-74 - * .,7 ? .1 3-7* 204-6 * 1-7% 2-7* 5 . 16 1-7* 4-74 1-7* 1 9 7 .6 1? - 0 .7 *- 7 3 10. 1-73 3-7* 3-73 1 9 0 .2 2 —7 3 1 Û .1 2-73 1 8 6 .2 2-72 *-7 3 1-73 •H —1 2 .• 0 i . kO 147-0 167-1 1 71 - 7 1 7%-2 f i.* - 2 .2 - 1 1 .8 2-76 169-8 3-7 6 INITIAL QUARTER PREPARED BY FEOERAL RESERVE BANK OF ST* LOUIS FEBRUARY 16* 1977 16 GOVERNMENT PURCHASES OF GOODS ANO SER VIC ES IN CURRENT DOLLARS T f- fc M ^ l IN IT IA L B IL L IO N S O F D O LLA RS ANNUAL RA TES GUARTER Q UARTER 1-72 2-72 3-72 4-72 1-7* £ —7 2 2-7* 4-73 1-74 3-74 2-74 _4—7 4 1-75 2-75 2 —7 5 4-75 1-76 2-76 3-76 251-1 2-7? * .4 2-7? *-2 3 .1 4-7? S .« i 6 .6 1 0 .2 1-7* 6-7 7 .9 1 0 .4 1 Û .6 2-7* 5-1 5-6 6 .4 4 .6 -1 -G 2-72 5-4 5 .8 6 .4 *»-2 2-7 6 -5 4 —7 * 6 .5 7 .0 7 .8 7 .2 6 .1 9 .8 1 2 -2 2 5 2 .0 2 5 9 .2 265-8 2 6 5 -1 7 6 9 -2 2 7 7 .8 2 8 8 .0 1-74 7 .5 8 .1 9 .0 8 .8 8 .4 1 1 .7 1 4 .4 15-5 2-74 8 .2 H-9 9 - fa 9-7 9 -6 12-4 14-5 15-1 14-6 *-7 4 9-0 9 .6 1 G .4 1 G .5 10-5 1 2 .9 1 4 .6 1 5 -0 14 - A 4 —7 4 V -4 10-0 lo .a 10-9 1 0 -9 1 2 .0 1 4 .4 14-7 14-4 14-2 12-5 1-7S *-4 4 .W 10-6 lii- 7 10-7 1 2 .5 l* -5 12-5 12-1 12-5 1 1 .2 9 -2 7-7K «-4 0-9 lii.S 10-6 i 0-6 12-1 1 2 -9 12-9 12-4 1 1 - ft lO -A 9-4 7 9h -0 2 G & -6 15-0 2 1 8 -5 2 7 5 -6 2 2 2 -2 9-7 2 4 2 -2 . *-7 * <»-6 10-1 10-7 lij- 7 lû .fl 1 2 .2 1 2 .9 1 2 .8 1 2 .4 1 2 .0 11-2 1 0 -5 11-1 1 2 .6 4 -7 1 Q -ft 1A .* 1 Cl- 9 10-9 1 1 -O 12-2 12-9 12-9 12-5 17-1 1 1 -6 11-1 11-7 17-7 1 2 .9 1-7#, 0 -2 Q -6 lii- 1 1 i.- 1 1 0-1 1 1 -2 11-6 11-5 11-0 1 0 -5 9-7 9 -0 ft-9 8-7 6 .8 1 .0 2 —7 A 9-7 9 -6 i n .o 10-0 1 0-0 10-9 11-4 11-2 10-7 10-2 9 .5 8 .9 a .a 7 .4 4-7 8-5 252 - a ..... 2 5 4 -7 2 6 2 -0 Ï-7 6 9 -2 9 .5 9 .9 9 .9 9-9 1 0 .8 11-1 10-9 1 0 .5 1 0 .0 9 .4 8 .9 b .b 8 .6 7 .7 6 .0 8 .6 f l- 7 4-76 9 .1 9 .4 V .b V .b 9 .7 1 0 .5 1 0 .8 1 0 .6 1 0 .2 9 .8 V .2 8 .7 8 .6 8 .4 7 .6 6 .2 ft.2 8 .0 7 .3 1-72 2-72 3-72 4 —7 2 1-73 2-73 3-73 4-73 1-74 2-74 3-74 4-74 1-75 2-75 3 -7 5 4-75 1-76 2-76 3-76 IN IT IA L 2 6 9 -6 2 7 6 .2 QUARTER GOVERNMENT PURCH ASES OF GOODS AND S E R V IC E S IN CONSTANT 1972 DO LLARS ________________________ COMPOUNDED ANNUAL RATES OP CHANGE___________________________ B I L L I O N S OF DO LLARS I N I T I A L QUARTER T E R M IN A L ANNUAL RATES QUARTER 1-72 2-72 3 -7 2 4-72 1-73 2 -7 3 3 -7 3 4 -7 3 1-7» 2-74 3-7 4 4 -7 4 1-75 2-75 3 -7 5 4-75___ 1-76 2 -7 6 3 -7 6 2-72____- 1 ,4 253,2- 3-72 252 «0 ~I>t>___—1*9 *- 7 2 ____ - 0 . 5 tufa 253*2- 1-23 1*1____ 2 *6 ____ 3 *2 _ 2 5 5 .2 2—73____ —0 «9___—Q .ti__ —0 . 4 “ 1 .6 2 5 1 .2 - -6 .1 3=23____ - G . 6___- ü - 4 __ -0-1___-0-7 __ - 2 . 6 2 5 1 -a 4 -73____ -ft «5___- U *3 ____ ÎLmQ__ - O . 5__ -1 - 7 0 .3 -252^- 1-74 0 ,3 ___ 0*5___ 0*2___ 0*2___ 0 .1 2-74 0 -3 Q-6____ 0 . 9 0*ti -0*3____2*fl _____ 2 . 3 3-74. 0-5 0 .7 ____ 1 .0 0 ,9 _ k ,5 ____ L*S____2*1____ 2*2____ 1,3 2 .2 2 .9 5 .5 -3*3- 255 ,42 5 6 ,1 . .1 *1 - 1 ,6 .25741- 1 -7 5 0 -4 0 -6 G-fa G .7 G .4 1 .2 1 -4 1 .6 0 .7 0 -5 ù .û 0 .3 2 -7 5 0 .6 O .h 1 .0 0 .9 à j.7 1 .6 1 .6 1 .9 1 .2 1 -2 1-0 1 .7 2 -7 5 0 -9 1 -1 1 -4 1 .2 1 -1 2 .G 2 .1 2 .3 1 -8 7 .0 7 -1 2 .9 4 .2 4 —75 1 -1 1- * 1- 6 1-6 1- 4 2 -2 2 -2 2 -6 2-2 7 .4 7 .S 2-2 4 -7 1-76 G -h 0 .9 1 .1 A .G 0 .9 1 .5 2-76 0-9 1 -O 1 .2 1 .2 1. G 2-76 4-76 0 .9 1-72 5 -2 76? - 4 7 6 S -? 4-2 1 .6 1 .7 1 .3 1-2 1-2 1 .6 1 .9 1 .4 -0-4 -4-9 1 .8 1 .4 1-5 1-4 1 .7 2 .0 1 .7 0 .6 - 1 .2 2 .6 1 .9 7-7 2 .0 1 .2 0 .2 2 .8 2 .9 1 .8 1 .6 0-9 0 .0 1 .7 1-3 1-75 2-75 3 -7 5 4-75 1 .3 1 .3 1 .1 1 .7 1 .8 1 .9 1 .6 1 .6 1 .6 1-0 1 .2 1 .2 l.U 1 .6 1 .6 1 .7 1 .4 1 .4 1 .4 2-72 3-72 4-72 2-73 3-73 4-73 1-74 2-74 3-74 ?% 9-1 1 .7 1 .1 1-73 2 5 7 -1 3 .1 4-74 261-9 1-76 it 6 3 - 6 2-76 765-5 - 0 .3 2 6 5 .2 3 -7 6 1N1TIAL QUARTER PREPARED BY FEDERAL RESERVE BANK OF ST- LOUIS FEBRUARY 18. 1977 17 _ DISPOSABLE: P E R S O N A L I N C O M 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 _________________________________________________________________ B I L L I O N S OF T ERM INA L________________________________________________________________________ I N I T I A L QUARTER______________________________________________________________________ DOLLARS UUARTER ANNUAL RATES 1-72 2-72 2-72 3-72 *-7 2 1-73 2-73 3-73 * .3 *-7 3 1-7* 2-7* 3-7* *-7 * 1-75 2-75 3-75 *-7 5 J —7 6 2-76 3-7* 787-0 3-72 ii.2 1 0 .1 *-7 2 lO .f a 1 3 .1 1 6 .2 1-73 1 1 .à 1 3 .7 1 5 .5 1 * .V 2-73 i l . a 1 3 .2 1 * .2 1 3 .3 8 0 6 .2 8 3 7 .0 8 6 * .* 1 1 .7 8 9 0 .9 3-73 n .4 1 2 .5 1 3 .0 1 2 .0 lO .* 9 .5 *-7 3 11 . 5 1 2 .* 1 2 . fa 1 2 .0 1 1 .1 1 0 .8 1 2 .1 1-7* 1 0 .6 11-2 1 1 .* 1 0 .5 9 .* fa . 7 8 .3 * .6 1 1 .1 1 0 .3 a .6 6 .9 9 .2 911 . * 9 V Ï- 7 9 *A -* 4 9 .* a .a 3-7* 1 0 .6 1 1 .1 1 1 .3 1 0 .6 9 .9 9 .5 9 .5 8 .7 1 0 .7 1 2 .3 *-7 * 1 0 .3 1 0 .7 1 0 . fa 1 0 .2 9 .5 9 .1 9 .1 8 .3 9 .6 9 .8 7 .3 1—7 5 9 .7 10-0 1 0 .0 9 .* a .7 a-3 8 .1 7 .3 a .o 7 .5 5 .2 3 .2 2-75 1 1 .0 1 1 .* 1 1 .5 1 1 .1 1 0 .6 1 0 .5 1 0 .7 1 0 .* 1 1 .6 1 2 .2 12-2 i* - a 2 7 .6 3-75 1 Û .3 1 0 .6 1 0 .6 1 0 .1 9 .7 9 .* 9 .* 9 .1 9 .8 9 .9 9-* 1 0 .1 1 3 .7 1 .2 * —7*» 1 0 .3 1 0 .6 lu .b 1 0 .2 9 .a 9 .6 9 .6 9 .3 1 0 .0 1 0 .1 9 .7 1 0 .2 1 2 .7 5 .9 1 0 .h 1 λ 1 0 .5 1 1 .0 fa 9 * 9 .5 998-0 1 .0 1 5 .8 1 .0 2 3 - 8 1 .0 8 8 - 2 1 *091 - 5 1 .1 1 9 - 9 1-76 1 0 .3 1 0 .6 1 0 .6 lu .2 9 . 9 .6 9 .7 9 .* 1 0 .0 1 0 .1 9 .8 1 0 .3 1 2 .1 7 .3 1 0 .5 1 0 .3 2-7* 10-2 10-5 1 0 .5 10-1 9-7 9-6 9-6 9 .* 9 .« * 1 0 .0 9-* 10-0 1 1 .5 7-7 10-0 9 .6 9 .0 3-7* 1 0 .0 10-2 1 0 .2 9. a «-5 9 -3 9 .3 V-l 9-% 9 .5 9-2 9 .5 1 0 .6 7-* 9 .0 a .5 7 .6 6 .2 9 .5 9 .2 9 .* to .* 7-7 9 .1 a .6 8 .1 7 .6 9 .1 *-7* 1-75 2-75 4-75 1-76 2-76 3-76 4*—7 * 1 0 .0 1 0 .2 1 0 .2 V .fe 1-72 2-72 3-72 *-7 2 9 .5 1-73 9 .3 2-73 9 .3 9 .1 9 .5 3-73 4-73 1-74 3-7* 2-7* IN IT IA L 3-75 1 t 1 4 7 .6 1 r 172-5 1 r l 9 0 .2 1 *2 1 6 .5 UUARTER D IS P O S A B L E PERSO NAL INCOME IN CONSTANT 1972 DOLLARS ___________ COMPOUNDED ANNUAL R A T ES OF CHANGE_______________ T ER M IN A L B I L L I O N S OF DOLLARS ANNUAL RATES I N I T I A L QUARTER m u a r t ek 1-72 2-72 3 .6 2—#2 3 -7 2 *-72 1-73 2-73 3-73 * —73 1-74 2-7 4 3 -7 4 4-74 1-75 2-75 3-75 *- 7 5 1-76 2-76 3 -7 6 790-7 3-72 _ 5 .2 * .7 *-72 7 .5 9 .* 1 2 .2 8 0 3 .7 827-1 1-73 7 .8 9 .3 1 0 .6 9 .0 2 -73 7 .0 7 .a 8 .2 6 .3 3 .6 fi* b - l 3-73 6 .2 6 .8 * .8 5 .L 3 .1 H S P .7 8 58-2 *-73 5 .6 5 .9 5 .8 2 .7 2 .2 1 .8 1 -7* 3 .9 4 .0 3 .5 1 .9 0 .2 —C .9 - 2 .7 - 7 .0 8 * 2 .1 2-7* 3 .2 3 .1 2 .6 1 .1 - 0 .4 - 1 .* - 2 .7 - 4 .9 - 2 .9 6 4 6 .7 8 *0 .6 3-74 2 .9 2 .8 2 .3 1 .0 - 0 .3 - 1 .0 - 1 .9 - 3 .1 - 1 .2 0 .5 4-7* 2 .3 2 .2 1 .7 0 .* - 0 .8 - 1 .5 - 2 .3 - 3 .3 - 2 .0 - 1 .6 - 3 .6 1-75 1 .8 1 .7 1 .2 - l.G - 1 .7 - 2 .4 - 3 .2 - 2 .2 - 2 .0 - 3 .3 - 2 .9 2-75 3 .3 3 .2 2 .9 1 .3 1 .0 0 .8 0 .6 2 .2 3 .5 4 .5 8 .7 2 1 .a 8 4 1 .7 8 3 4 *0 827-9 8 6 9 .7 3-75 2 .* 2 .5 2 .2 1 .3 Û .6 0 .2 - 0 .1 - 0 .3 0 .8 1 .6 1 .8 3 .7 7 .2 -5-7 *-75 2 .7 2 .7 2 .4 1 .6 1 -O 0-7 0 .5 0 .3 1 .4 2 .1 2-4 * .o *-* —0-5 *-9 1-76 3 .0 2 .9 2 .6 1 .9 1 .* 1 .2 1 .0 0 .9 2 .0 2 .7 3 .0 * .* 6 .3 1 .6 5 .5 6 .1 2-76 3 .1 3 .0 2 .8 2 .* 5-2 5 .* * .7 3-76 2 .9 2 .9 2 .6 *- 7 6 2 .9 2 .9 2 .7 2 .1 1-72 2-72 3-7 2 4-72 2 .1 1 .6 1 .5 1 .4 1 .3 1 .6 1 .* 1 .3 1 .7 A.5 1 .5 1-73 2-73 3-73 6 .0 8 * 7 .5 8 8 0 .4 8 9 0 .5 2 .3 2 .9 3 .3 1 .2 2 .1 2 .7 2 .9 3 .9 5 .1 2 .0 * .1 3 .8 2 .7 0 .7 1 .4 2 .2 2 .8 3 .0 3 .9 * .9 2 .3 3 .9 3 .7 2 .9 2 .1 3 .5 4-73 1-74 2-74 3-74 *-7 * 1-75 2-75 3-75 4-75 1-76 2-76 3-76 IN IT IA L * .5 857-1 8 9 2 .0 8 9 9 .6 QUARTER PR E P A R E D BV F E D ERAL R E S E R V E BANK OF ST. F E B R U A R Y 18* 1 9 7 7 18 LOUIS CORPORATE PROFITS AFTER TAXES * OF CHANGE COMPOUNDED ANNUAL RATES 1 T ER M IUA L QUARTER B I L L I O N S OF DO LLARS ANNUAL R ATES I N I T I A L QUARTER 1-72 2-72 3-72 *- 7 2 1-73 2-72 1 3*? 5-7? 17-7 72-3 4-7? 24-3 3 3 .6 4 *-* 1 -7 * 31-2 3 7 .a 4 6 .2 4 6 .9 2-73 24».3 2 « .a 3 2 .4 2 6 .* 3-7* 1 8 .5 1 9 .6 1 8 .9 11-2 4-73 la .a 1 9 .7 1 9 .2 13-* 4 -0 2-73 3-73 *-73 1-7* 2-74 3-7* 4-74 1-75 2-75 3-7 5 4 -7 5 1-76 2-76 3 -7 6 *2 -3 **-n 60-4 66-* fl-7 67-9 - 3 - 3 - 1 3 .9 6 *-4 i.a 2 0 .* 68-* 1-74 2 2 .Î 2 3 .6 2 3 .a 1 9 .9 1 4 .0 1 5 .fi 3 * .3 * 9 .9 2-7* 1 7 .a ia .4 1 7 .a I3 .a a .i 8 .Û 1 6 .4 1 * .* - 1 2 .6 3 -7 4 2 0 .6 21. 5 2 1 .4 ia .3 1 4 .1 1 5 .2 2 3 .9 2 5 .0 1 * .2 4-7* 1 2 .a 12 . a 1 1 .7 a .i 3 .* 2 .6 6 .3 3 .1 - 9 .0 1-75 _ 2 .1 1 .2 - 0 .7 —* - 9 5 .« S .3 3-fi Û-* 75-8 - 9 . 9 - 1 2 .3 - 1 2 .0 - 1 7 .3 - 2 8 .8 - 3 .fi - 5 .2 - 3 .9 73-3 4 9 .1 81 .0 7 0 .6 - 7 .2 - * 2 .3 54*0 —3 3 .5 - 6 5 .6 -65. ifi - 7 . 4 - 1 6 .0 - 1 6 .8 - 3 1 .5 --25.>3 61 . 0 6 2 .8 3 -7 * 1 0 .6 1 0 .4 9-* 6 .7 a .3 2 .7 5 .0 3 .0 -3 - 3 2t ifi 7 8 .3 9 5 .2 4-7* 10-6 1Û-* 9-6 7-1 4 .0 3 .6 5 .7 4-Ô -1-3 0-7 -6-9 >0 52-5 *7 -6 11 . 6 1-76 1 2 .0 1 1 .9 1 1 .2 fi - 9 6-2 6 .Û a. 2 7-0 2-5 4 -9 -1-1 10., 2 47-6 42-8 22-2 - 1 .3 - 1 1 .0 7 2 .1 7 4 .1 33-8 79-7 2 -7 6 1 2 .2 1 2 .1 1 1 .5 9 .* 6 .9 6 .8 8 .9 7-8 3-9 6 .2 1 .2 11«.1 4 0 .6 35-6 20-1 2*-6 1 * -9 3-7* 1 2 .2 1 2 .1 1 1 .* 9 .6 7 .3 7 .2 9 .2 8 .2 * .7 6-9 2-5 11.. 3 3 5 .4 3 0 .5 1 8 -0 2 0 -3 1 4 .0 12-1 4 -7 6 1 2 .0 1 1 .9 1 1 .* 9 .* 7 .* 7 .3 9 .1 a .3 5 .1 7 .0 3 .2 10.*9 3 1 .2 2 6 .6 1 6 .1 1 7 .3 12 .2 1 0 .4 fi.7 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 4-7 5 1-76 2-76 3 -7 6 82-7 8 5 .1 8 6 . 9P I N I T I A L QUARTER * NATIO NAL INCOME B A S IS P - P R E L IM IN A R Y PREPAREO BY FEOERAL MARCH 21. 1*TJ RESERVE BANK OF ST. SOURCES OF DATA NATIONAL INCOME AND PRODUCT ACCOUNTS DATA Source: 1929-45: 1945-72: 1973-76: U. S. Department of Commerce, Bureau of Economic Analysis, Washington, D.C. 20230 Annual data will be published at a later date. Survey of Current Business, Parts I and II, January 1976. Survey of Current Business, July 1976. The survey is available from most district offices of the Department of Commerce or from the Superintendent of Documents, U. S. Government Printing Office, Washington, D.C. 20402. 19 LOUIS IN VEN TO RIE S COMPARED WITH MONTHLY S A L E S * MANUFACTURING AND TRADE 1963 1964 1965 1966 1967 1968 1969 1970 1971 «RATIOS BASED ON SEASONALLY ADJUSTED DATA. SHADED AREAS REPRESENT PERIODS OF BUSINESS RECESSIONS. 1972 1973 1974 1975 1976 1977 SOURCEt U.S.DEPARTMENT OF COMMERCE LATEST DATA PLOTTEDt JANUARY PRELIMINARY PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 20
@FedFRASER