Full text of National Economic Trends : March 1979
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n m io n m PREPARED BY E co n o m ic FEDERAL MONTH ENDING: February 28, 1979 RESERVE BANK n tc n o s OF ST. LOUIS RELEASED: March 29, 1979 Total spending (GNP) in fourth quarter 1978 was more vigorous than previous estimates indicated. GNP growth from third to fourth quarter 1978 registered a 15.6 percent annual rate of increase, according to most recent figures. Real output rose at a substantial 6.9 percent rate, up 4.4 percent from a year earlier. The general level of prices increased at an 8.2 percent rate in the fourth quarter. For the year, the 8.3 percent increase in prices was considerably higher than the 6.1 percent rise in the previous year. Gross private domestic investment accelerated at a 16.9 percent rate during the fourth quarter, but much of this apparent growth reflected higher prices. The constant dollar rate of gross private investment in the economy rose 5.8 percent, somewhat below the 6.5 percent increase recorded over the four quarters of 1978. The difference between nominal and real magnitudes is particularly evident in residential fixed investment. Total outlays for residential structures rose at a 17.2 percent rate during fourth quarter 1978, but, in 1972 dollars, growth in these outlays was at only a 4.1 percent rate. Over the four quarters of 1978, residential fixed investment rose 13.2 percent, but real growth was virtually flat. In contrast, real housing investment rose 15.3 percent in 1977. The rise in real investment spending during the fourth quarter and for the year was primarily in nonresidential fixed investment. Fourth quarter investment in new plant and equipment rose at a 9.3 percent rate when measured in 1972 dollars, the same as the 9.4 percent rate of expansion for the year ending fourth quarter 1978. In the previous year, real investment in plant and equipment increased 9.1 percent. Inventory accumulation, which slackened in the third quarter, slowed further during fourth quarter 1978. Real inventory investment was at an $8.2 billion annual rate compared to an average rate of $11.3 billion over the first three quarters of 1978. Price increases continue to affect the economy. For the two-month period ending in February, producer prices rose at a 17.4 percent rate, up considerably from the already rapid 11 percent rate of increase during the three months ending in December. Consumer prices also escalated during the first two months of 1979. From December to February, the consumer price index rose at a 14 percent annual rate. TOTAL C I V IL I A N EMPLOYMENT CQMPQUNQE£l ANNUAL RATES OF CHANGE I M I T I A L MONTH MONTH 0 F HPER S0 N S 7-77 8-77 9-77 10-77 11-77 12-77 8-77 4 .0 9-77 3 .9 3 .8 10-77 3 .4 3 .1 2 .5 11-77 5 .4 5 .8 6 .9 1 1 .4 12-77 5 .3 5 .6 6 .2 8 .1 4 .8 1-78 2-78 3-78 4-78 5-78 6-78 7-78 8-78 9-78 5 .2 5 .4 5 .8 7 .0 4 .8 4 .8 4 .7 4 .8 5 .0 5 .6 3 .7 3 .2 1 .6 3-78 4 .5 4 .5 4 .6 5 .1 3 .6 3 .2 2 .3 3 .1 1-7* 9 2 .9 2 3 9 3 .2 8 2 9 3 .7 0 4 4-78 4 .6 4 .7 4 .8 5 .2 4 .0 3 .8 3 .4 4 .3 5 .6 5-78 4 .5 4 .5 4 .6 4 .9 3 .8 3 .6 3 .4 4 .0 4 .4 3 .2 6-78 4 .9 5 .0 5 .1 5 .4 4 .6 4 .5 4 .5 5 .2 6 .0 6 .1 9 .1 7-78 4 .2 4 .3 4 .3 4 .5 3 .7 3 .5 3 .3 3 .6 3 .8 3 .2 3 .2 - 2 .4 9 3 .9 5 3 9 4 .6 4 0 94.<*46 8-78 4 .2 4 .2 4 .2 4 .4 3 .7 3 .5 3 .3 3 .6 3 .7 3 .3 3 .3 0 .5 3 .6 9-78 4 .2 4 .2 4 .2 4 .3 3 .7 3 .5 3 .4 3 .6 3 .7 3 .4 3 .4 1 .6 3 .6 3 .7 4. 1 4 .1 4 .1 4 .2 3 .6 3 .5 3 .3 3 .6 3 .6 3 .3 3 .3 1 .9 3 .4 3 .3 3 .0 95 f 241 4 .2 4 .3 4 .4 3 .8 3 .8 3 .7 3 .9 4 .0 3 .8 3 .9 2.8 4 .2 4 .4 4 .8 6.6 12-78 4 .1 4 .1 4 .1 4 .2 3 .7 3 .6 3 .4 3 .6 3 .7 3 .5 3 .5 2 .6 3 .6 3 .6 3 .6 3 .9 l .3 1-79 4 .1 4 .2 4 .2 4 .3 3 .8 3 .7 3 .6 3 .8 3 .9 3 .7 3 .8 3 .0 4 .0 4 .0 4 .1 4 .5 3 .5 2-79 4 .2 4 .2 4jt2 4 .3 3 .8 3 .8 3 .7 3 .9 3 .9 3 .8 3 .8 3 .2 4 .0 4 .1 4 .2 4.2L 7-77 8-77 9-77 10-77 11-77 12-77 1-78 2-78 3-78 4-78 5-78 6-78 7-78 8-78 9-78 10-78 11-78 12-78 9 2 .2 0 3 1-78 1 GD 11-7« 9 1 t 374 2-78 0 10-78 IN IT IA L 9 Ü r 751 11-78 9 5 f H55 5 .7 9 À t ^nO 5 .1 4 .4 12-78 1-7 9 MONTH PA YR O LL EMPLOYMENT TERM IN A L MONTH ....... 8-77 9-77 10-77 11-77 12-77 1-78 _ 6-78 7-78 8-78 9-78 ____ THOUSANDS 10-78 11-78 12-78 1-79 8 2 .6 0 . 9-77 3 .8 5 .5 10-77 3 .7 4 .4 3 .3 8 2 .9 7 3 8 3 .1 9 9 8 3 .5 4 9 4 .7 4 .2 5 .2 3 .7 4 .1 3 .6 3 .8 2 .5 1-78 3 .5 3 .7 3 .3 3 .3 2 .3 8 3 .8 7 1 2 .2 2-78 3 .6 3 .9 3 .6 3 .6 3 .1 3 .4 4 .6 3-78 4 .2 4 .4 4 .3 4 .5 4 .3 4 .9 6 .3 7 .9 8 4 .1 8 8 4-78 4 .8 5 .2 5 .1 5 .4 5 .5 6 .2 7 .6 9 .1 1 0 .3 5-78 4 .6 4 .9 4 .8 5 .0 5 .0 5 .5 6 .4 7 .0 6 .5 2 .8 8 5 .4 1 8 8 5 .6 1 8 6-78 4 .7 4 .9 4 .9 5 .1 5 .1 5 .5 6 .2 6 .6 6 .1 4 .1 5 .4 7-78 4 .3 4 .5 4 .4 4 .6 4 .5 ^ •8 5 .2 5 .3 4 .7 2 .9 2 .9 0 .5 8-78 4 .1 4 .3 4 .2 4 .3 4 .2 4 .4 4 .7 4 .7 4 .1 2 .6 2 .5 1 .1 1 .6 3 .8 3 .4 2 .1 1 .9 O- ft 0 .9 2 .7 2 .7 2 .0 2 .5 8 5 .9 9 6 8 6 .0 3 3 8 6 .1 4 9 fl- ? 3 .9 3 .8 3 .9 4 .1 4 .1 4 .1 4 .0 4 .1 4 .3 4 .3 3 .0 5 .9 4 .2 4 .2 4 .2 4 .3 4 .5 4 .5 4 .1 3 .3 3 .3 2 .9 3 .5 4 .2 6 .2 6 .6 4 .1 4 .2 4 .1 4 .3 4 .4 4 .4 4 .0 3 .3 3 .4 3 .0 3 .5 4 .0 5 .3 5 .0 A .4 4 .1 4 .0 4 .1 4 .0 4 .1 4 .3 4 .3 3 .9 3 .2 3 .3 2 .9 3 .4 3 .7 4 .6 4 .2 * .0 2 .6 4 .1 4 .0 4 .1 4 .0 4 .1 4 .3 4 .3 3 .9 3 .3 3 .4 3 .1 3 .5 3 .8 4 .5 3 .4 3 .4 4 .2 9-7 7 10-77 11-77 12-77 1-78 2-78 3-78 4-78 5-78 6-78 7-78 8-78 9-78 10-78 11-78 12-78 1-79 9-78 3 .8 10-78 4 .0 11-78 4 .1 4 .3 12-78 4 .1 4 .2 1-79 4 .0 2-79 4 .0 7-77 8 -7 7 4 .0 9 1* 4 .0 «0 11-77 12-77 T 2 .2 ...1M I1 A L MONTH OF PERSO N S 2-78 3-78 4-78 5-78 OB * 7-77 8-77 ............. IN IT IA L 8 6 .5 7 3 6 7 .0 3 6 fi7 r 7H l h 7 f 4£>5P 8 7 .7 6 6 P MONTH P- PRELIMINARY PREPAREO BY FEOERAL RESERVE BANK OF ST. LOUIS MARCH 9. -1979 2 EMPLOYMENT RATIO SCALE M ILLIO NS OF RATIO SE A SO N A LL Y PERSONS A D JU S T E D M ILLIO NS OF SCALE PERSONS SOURCE* U.S.D EPARTM EN T OF LABOR PERCENTAGES ARE ANNUAL RATES OF CHANCE FOR PERIOOS INOICATEO. LATEST OATA PLOTTEOt FEBRUARY PRELIM IN ARY PREPARED BY FEDERAL RESERVE BANK OF S T . LO U IS UNEMPLOYMENT RATE P E R C E NT SEASONALLY ADJUSTED P E RCE NT 0 .0 9. 9.0 8. 8 .0 \ 0 6. 6 .0 5. 5.0 4. 4.0 3. 3.0 2. 1971 1972 1973 1974 1975 1976 1977 1978 1979 SOURCEt U . S . DEPARTMENT OF LABOR PERCENT OF C I V I L I A N LABOR FORCE LATEST OATA PLO TTEOt FEBRUARY PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 3 2 .0 CONSUMER P R IC E . TERMINAL MONTH 7 -7 7 9 -7 7 1 0 -7 7 =lâ__ 2 - 7 8 1 1 -7 7 1 2 - 7 7 ___1 3 -7 8 SEASON ALLY A D JUSTEO • 4 - 7 8 ___5= lfi___6_Zfl__Z.-_2fl__ 8 - 7 8 9 -7 8 1 0 -7 8 1 1 -7 8 l? - 7 8 1- 7 9 ? .4 - f l - 77 -2=21 10-77 11*77 8~7.7 IN D E X , 1 A 3 .Q .h Q ____ 4 . 7 _ f t * I ____ 4 .3 4 .0 5 .4 ___ 5 ^ ___ 3 .7 7 -7 7 8 -7 7 lfl4 « 3 7* 4 9 - 7 7 1 0 -7 7 1 1 -7 7 1 2 - 7 7 1 -7 8 2 -7 8 3 -7 8 4 -7 8 5 -7 8 6 -7 8 7 -7 8 8 -7 8 9 -7 8 1 0 -7 8 1 1 -7 8 1 2 -7 8 1 -7 9 IN I T IA L MONTH ♦ CPI-« FOR URBAN WAGE EARNERS ANQ C L E R IC A L WORKERS PREPAREO BY FEOERAL RESERVE BANK OF S T . LO U IS MARCH 2 3 t 1979_________ PRODUCER P R IC E INDEX» A L L COMMODITIES - SEASONALLY AOJUSTEO __________ COMPOUNDED ANNUAL RATES OF CHAN6E_________________ TERMINAL MONTH I N I T I A L MONTH 7 -7 7 8 -7 7 2 .5 9 -7 7 3*4 8 -7 7 9 -7 7 1 0 -7 7 1 1 -7 7 1 2 - 7 7 1 -7 8 2 -7 8 3 -7 8 4 -7 8 5 -7 8 W 6 -7 8 7 -7 8 8 -7 8 9 - 7 8 1 0 -7 8 1 1 -7 8 1 2 -7 8 ? « 109 1 -7 9 1 9 4 .7 4 .4 1 9 5 .4 1 0 -7 7 4 .2 5 .0 5 .7 1 1 -7 7 5 .5 6 .5 7 .6 9 .6 1 2 -7 7 5 .5 6 .3 6 .9 7 .6 5 .6 f \ 1 9 8 .7 1 -7 8 6 .3 7 .0 7 .7 8 .4 7 .8 10. l \ 2 0 0 .3 2 -7 8 7 .1 7 .9 8 .6 9 .3 9 .2 1 1 .0 3 -7 8 7 .5 8 .2 8 .9 9 .5 9 .5 1 0 .9 1 1 .3 10. 6 \ 2 0 3 .9 4 -7 8 8 .2 8 .9 9 .6 1 0 .2 1 0 .4 1 1 .6 1 2 .1 1 2 .1 1 3 .7 2 0 6 .1 11*2 1 0 .9 1 1 .1 1 9 6 .3 1 9 7 .8 12 . 0 \ 2 0 2 .2 5 -7 8 8 .2 8 .9 9 .4 1 0 .0 1 0 .0 1 1 .0 8—78 8 .3 8 .9 9 .5 9 .9 1 0 .0 1 0 .7 1 0 .9 1 0 .6 1 0 .6 9 .1 9 .7 7 -7 8 8 .1 8 .6 9 .0 9 .4 9 .4 9 .9 9 .9 9 .5 9 .2 7 .8 7 .5 8 .5 2 0 7 .5 ^ 1 0 .8 % 2 0 9 .1 5 .3 2 1 0 .0 8 -7 8 7 .8 8 .2 8 .6 8 .9 8 .8 9 .2 9 .1 8 .6 8 .2 6 .8 6 .3 4 .7 4 .1 9 -7 8 7 .9 8 .4 8 .7 9 .0 8 .9 9 .3 9 .2 8 .8 8 .5 7 .5 7 .3 6 .5 7 .1 1 0 .1 1 0 -7 8 8 .4 8 .8 9 .1 9 .4 9 .4 9 .8 9 .8 9 .5 9 .3 8 .6 8 .7 8 .4 9 .5 1 2 .3 1 4 .^ \ 1 1 -7 8 8 .5 8 *9 9 .2 9 .5 9 .5 9 .9 9 .8 9 .6 9 .5 8 .9 9 .0 8 .8 9 .7 1 1 .7 1 2 .5 1 0 .5 1 2 -7 8 8 .5 8 .8 9 .2 9 .4 9 .4 9 .7 9 .7 9 .4 9 .3 8 .8 8 .8 8 .7 9 .4 1 0 .8 1 1 .0 9 .3 8 .0 1 -7 9 9 .0 9 .4 9 .7 9 .9 1 0 .0 1 0 .3 1 0 .3 1 0 .2 1 0 .1 9 .8 9 .9 1 0 .0 1 0 .8 12*1 1 2 .6 1 2 .1 1 2 .8 1 7 ^ ^ 2 2 1 .0 2 -7 9 9 .4 9 .8 1 0 .1 1 0 .4 1 0 .4 1 0 .8 10.8 1 0 .7 1 0 .7 1 0 .5 1 0 .7 1 0 .8 1 1 .6 1 2 .9 1 3 .5 1 3 .3 1 4 .2 1 7 .4 2 2 3 .9 9 - T ? 10-77 11-77 12-77 1-78 3 -7 8 4 -7 8 5 -7 8 6—78 7 -7 8 8 -7 8 9 -7 8 8-Tt 2 1 0 .7 2 1 2 .4 2 1 4 .8 R 2 1 6 .6 2 1 8 .0 1 0 -7 8 1 1 -7 8 1 2 -7 8 1 6 . 9 s\ 1 -7 9 PREPARED BY FEDERAL RESERVE BANK OF ST* LOUIS MARCH 8» 1979 4 RATIO SCALE P R I C E S 1967-100 SEASONALLY ADJUSTED RATIO S CAL E . 1967-100 ILCri-U FOR ALL URBAN CONSUMERS Bffl-W FOR URBAN WA6E EARNERS ANO CLERICAL «ORKERS PERCENTABES ARE ANNUAL RATES OF CHANCE FM PERIODS INDICATED. LATEST DATA PLOTTED* FEBRUARY PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS RATIO SCALE 1967-100 PRODUCER PR IC ES SEASO N ALLY AO JUSTEO RATIO SCALE 1967-100 PERCENTAGES ARE ANNUAL RATES OF CHANCE FBt PERIOOS INDICATED. LATEST OATA PLOTTEOi FEBRUARY PREPAREO BY FEftERAL RESERVE BANK OF ST. t N I I 5 PRODUCER P R IC E T ERM IN A L MONTH ___________ 7 - 7 7 IN O EX * IN D U S T R IA L COMMODITIES - SEA SO N A LLY A D JU ST ED COMPOUNDED ANNUAL R ATES OF CHANGE IN IT IA L 8 —7 7 9 —7 7 1 0 -7 7 1 1 -7 7 1 2 -7 7 1 -7 8 2 -7 8 3 -7 8 MONTH 4 -7 8 5 -7 8 6 -7 8 7 -7 8 8 -7 8 9 -7 8 1 0 -7 8 1 1 -7 8 1 2 -7 6 1 -7 9 6 .3 9-77 1 V6 .9 6 .6 6 ,9 6 ,5 6 .6 19 8 .0 19V. 0 11-77 1 VV.4 8 .4 8 .5 7 -7 7 8 -7 7 8.6 9 -7 7 •1 7»4 T# V 7#^ 7*0 '. » 7*g I t t i 411° kPS-V, 8 .7 9 .2 9 .4 9 .4 9 .6 9 .9 9 .9 1 0 .0 10.2 1 0 .3 10.8 1 1 .4 11.6 12.2 1 4 .6 1 0 -7 7 1 1 -7 7 1 2 -7 7 1 -7 8 2 -7 8 3 -7 8 4 -7 8 5 -7 8 6 -7 8 7 -7 8 8 -7 8 9 -7 8 1 0 -7 8 7 2 -7 9 IN IT IA L —kUxJL.,. -fc-Lt-M- 1 1 -7 8 1 2 -7 8 2 2 2 .5 1 3 . 3 s! 1 -7 9 MONTH R-REVISED PREPAREO BY FED ERAL M A R C H 8» 1 9 7 9 PRO O UCER P R I C E I N D E X t F A R M P R O D U C T S & P R O C E S S E D FO O O S & F E E D S - S E A S . _______________ CO 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 ____________________ ____________________________________________I N I T I A L T E R M IN A L MQNTH 7 -7 7 8 -7 7 -1 1 .0 8 -7 7 9 -7 7 1 0 -7 7 1 1 -7 7 1 2 -7 7 1 -7 6 2 -7 8 3 -7 8 MONTH____________________________ 4 -7 8 5 -7 8 6 -7 8 7 -7 8 8 -7 8 RESERVE BANK OF ST. A D J. |9 6 ? ______ 9 -7 8 L O U IS 1 0 -7 8 1 1 -7 8 1 2 -7 8 1 -7 9 1 84 .5 9 -7 7 -8 .1 1 0 -7 7 -3 .4 -5 .1 0 .7 6 .7 1 1 -7 7 5 .4 1 1 .5 2 0 .9 3 6 .9 1 2 -7 7 5 .5 10.1 1 5 .6 2 0 .4 5 .8 1 -7 8 6 .7 10.6 1 4 .9 1 7 .7 9 .2 1 v 12.6 2 -7 8 9 .6 1 3 .4 1 7 .5 2 0 .4 1 5 .4 2 0 .4 1 8 4 .7 1 8 9 .6 1 9 Q ..5 1 9 2 .4 2 8 .8 1 9 6 .5 3 0 .8 201.2 3 -7 8 12.2 1 6 .0 20.0 22.8 1 9 .5 2 4 .4 4 -7 8 1 3 .9 1 7 .5 21.1 2 3 .7 21.2 2 5 .3 2 9 .9 3 0 .4 5 -7 8 1 3 .0 1 6 .1 1 9 .0 2 0 .9 1 8 .4 21.1 2 3 .3 2 1 .5 1 6 .2 5 .4 1 7 .9 20.0 21.6 1 9 .8 1 5 .8 10.0 3 2 .8 2 0 5 .4 2 0 6 .3 J 6 . 0% 6 -7 8 1 3 .2 1 5 .9 1 8 .5 20.1 7 -7 8 1 1 .3 1 3 .6 1 5 .6 1 6 .6 1 4 .3 1 5 .6 1 6 .1 1 3 .7 9 .4 3 .8 2 .9 8 -7 8 9 .5 1 1 .4 1 3 .1 1 3 .7 1 1 .4 12.1 12.0 9 .5 5 .3 0 .3 -1 .4 —8.6 12.2 1 3 .8 1 4 .5 1 2 .5 1 3 .2 1 3 .3 11.2 8.0 4 .4 4 .1 0.8 1 4 .9 2 0 8 .7 2 0 7 .3 -7 .8 2 0 5 .6 22^ 2 0 9 .1 \ 1 0 -7 8 1 1 .7 1 3 .6 1 5 .1 1 5 .9 1 4 .1 1 5 .0 1 5 .2 1 3 .7 11.2 8 .5 9 .2 7 .8 1 3 .6 2 7 .2 3 2 .o \ . 1 1 -7 8 1 1 .7 1 3 .4 1 4 .8 1 5 .4 1 3 .8 14*6 1 4 .8 1 3 .3 11.1 8.8 9 .4 8 .4 12.8 2 1 .4 20.8 10.6 1 2 -7 8 1 1 .5 1 3 .1 1 4 .5 1 5 .0 1 3 .5 1 4 .2 1 4 .3 1 3 .0 1 0 .9 9 .0 9 .5 8.6 12.2 1 8 .4 1 7 .1 1 0 .2 1 -7 9 12.2 1 3 .8 1 5 .1 1 5 .6 1 4 .3 1 4 .9 1 5 .1 1 4 .0 12.2 10.6 1 1 .3 1 0 .7 1 4 .2 1 9 .6 2 -7 9 1 3 .2 1 4 .7 1 6 .0 1 6 .6 1 5 .3 1 6 .0 1 6 .3 1 5 .3 13*8 1 2 .5 1 3 .3 1 3 .1 1 6 .5 2 1 .5 2 1 .3 1 8 .7 21.6 2 7 .9 3 * ^ "Ì-T 7 8 -7 7 9 -7 7 1 0 -7 7 1 1 -7 7 1 2 -7 7 1 -7 8 2 -7 8 3 -7 8 4 -7 8 5 -7 8 6 -7 8 7 -7 8 8 -7 8 9 -7 8 1 0 -7 8 1 1 -7 8 1 2 -7 8 1 -7 9 .......2.14 tO eo * 1 0 .4 * 9 -7 8 2 5 .3 2 1 5 .8 2 1 7 .5 9 .9 1 6 .9 U\..t> 1 2 2 6 .6 INITIAL MONTH PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS NARCH 8« 1979 6 1 INDUSTRIAL RATIO PRODUCTION SCALE RATIO 1967-100 SEA SO N A LLY PER C EN TAGES ARE LA TES T P L O TTE D » D A TA ANNUAL R A TES OF FEBRUARY CH A N G E FOR A D JU S T E D P E R IO O S SCALE 1967-100 IN D IC A T E D . P R E L IM IN A R Y PR EPAREO BY F E D E R A L RESERVE SANK OF S T. L O U IS IN D U S T R IA L PRODUCTION COMPOUNDED ANNUAL R A T ES OP CHANGE ____________ T ER M IN A L MONTH IN IT IA L 9-77 10-77 11-77 12-77 8-7 7 - 5 .1 9 -7 7 - 0 .9 3 .5 10-77 0 .6 3 .5 3 .5 11-77 1 .3 3 .5 3 .5 3 .5 12-77 1 .7 3 .5 3 .5 3 .5 3 .5 1-78 0 .1 1 .2 0 .7 - 0 .3 - 2 .1 - 7 .5 1-78 » r* I fOl 8-77 « 1 7-77 4-78 MONTH 5-78 1967 « 100 6-78 7-78 8-78 9-78 10-78 11-78 12-78 1-79 138 .1 1 3 8 .5 1 3 8 .9 1 39 .3 1 3 9 .7 138.8 2-7 8 0 .6 1 .6 1 .2 0 .6 - 0 .3 - 2 .1 3 .5 3-78 2 .4 3 .5 3 .5 3 .5 3 .5 3 .5 9 .4 1 3 9 .2 1 5 .7 1 4 0 .9 4 -7 8 4 .3 5 .6 5 .9 6 .3 6 .9 7 .7 1 3 .3 1 8 .5 2 1 .4 3-78 4 .5 5 .6 5 .9 6 .2 6 .7 7 .4 1 1 .4 1 4 .2 1 3 .5 6 .0 6-78 4 .9 5 .9 6 .2 6 .5 7 .0 7 .6 1 0 .9 1 2 .8 1 1 .8 7 .3 8 .7 1 43 .2 1 4 3 .9 1 4 4 .9 7-78 5 .3 6 .3 6 .6 7 .0 7 .4 8 .0 1 0 .8 1 2 .3 1 1 .5 8 .3 9 .5 1 0 .4 8-7 8 5 .6 6 .5 6 .8 7 .1 7 .5 8 *0 1 0 .5 1 1 .7 1 0 .9 8 .4 9 .2 9 .5 8 .5 146.1 147 .1 9 -7 8 5 .6 6 .5 6 .7 7 .0 7 .4 7 *8 9 .9 1 0 .8 1 0 .0 7 .9 8 .4 8 .2 7 .2 5 .9 10-78 5 .7 6 .5 6 .8 7 .1 7 .4 7 .8 9 .6 1 0 .4 9 .7 7 .8 8 .2 8 .1 7 .3 6 .7 7 .6 11-78 5 .8 6 .6 6 .8 7 .1 7 .4 7 .8 9 .4 1 0 .1 9 .4 7 .8 8 .1 8 .0 7 .4 7 .0 7 .5 12-78 6 .1 6 .8 7 .0 7 .3 7 .6 7 .9 9 .5 1 0 .1 9 .5 8 .1 8 .4 8 .3 7 .9 7 .7 8 .4 8 .8 1 0 .1 1 -79 5 .7 6 .4 6 .6 6 .8 7 .0 7 .3 8 .6 9 .1 8 .5 7 .1 7 .3 7 .1 6 *5 6 .1 6 .2 5 .8 4 .9 0 .0 2-7 9 5 .6 6 .2 6 .4 6 .6 6 .8 7 .0 8 .2 8 .6 8 .0 6 .7 6 .8 6 .6 6 .1 5 .7 5 .6 5 .1 4 .3 1 .6 3 *2 7-77 8 -77 9-77 10-77 11-77 12-77 1-78 2-78 3-78 4-78 5-78 6-78 7-78 8-78 9 -7 8 10-78 11-78 12-78 1-79 IN IT IA L 1 4 7 .8 1 4 8 .7 7 .5 1 4 9 .6 1 50 .8 1 5 0 .8 P 1 5 1 .2P MONTH P - P R E L IM IN A R Y PREPAREO BY FEDERAL RESERVE BANK OF ST* LOUIS MARCH 16« 1979 7 PERSONAL RATIO TRILLION S IN COM E RATIO SCALE MONTHLY TOTALS AT ANNUAL RATES SCALE OF TRILLIONS SEA SO N A LLY ADJ USTED DOLLARS OF DOLLARS 2.0 1.9 1 .8 1. 1.6 1.5 1. 1.3 1 .; 1. 1.0 0.9 0. 1971 1972 1973 1974 1975 1976 1977 1978 1979 0. SOURCEt PER C EN TA G ES ARE LA TES T P L O TTE O t DATA ANNUAL R A TES OF CHANCE F O R P E R IO D S U .S . D E P A R TM E N T OF 0.8 COMMERCE IN D IC A T E O . F EB R U A R Y P R E L IM IN A R Y PR EP A RED BY FEDERAL RESERVE BAN K OF S T. L O U IS PERSO NAL INCONE CONFOUNDED ANNUAL R A T ES OF CHANCE B I L L I O N S OF TERN IN A t MONTH I N I T I A L NONTH i 9-77 1 0-77 11-77 12-77 8-7 7 5 .8 9-7 7 9 .5 1 3 *4 10-77 1 1 .8 1 5 *0 16*6 11-77 1 2 .0 1 4 *2 14*6 1 2 .6 12-77 12*3 1 3 *9 14*1 1 2 .9 1-78 2-78 3-78 4-78 5-78 7-78 8-78 ANNUAL R A T E S 10-78 11-78 12-78 1-79 1 ,5 4 0 .7 1 ,5 5 6 .9 1 ,5 7 7 .0 1 ,5 9 2 .7 1 3*2 1 ,6 0 9 .2 1-78 1 1*0 12*1 1 1*7 1 0 .1 8 *9 4*8 2-78 1 0 .4 1 1 .2 10*8 9 .4 8 *4 6 *0 7 *3 3-78 11*2 1 2 .0 11*8 10*9 1 0 *4 9 *5 1 2 .0 16*9 4-78 12*0 1 2 .8 1 2*7 12*1 11*9 1 1 *6 14*0 1 7 .6 1 8 .2 1 ,6 1 5 .5 1 ,6 2 5 .0 1 ,6 4 6 .3 1 ,6 6 9 .4 5-78 1 1 .7 1 2 .4 1 2 .3 11*7 1 1*5 1 1*2 12*9 14*8 13*8 9*5 6-78 1 1 .6 1 2 .2 12*1 11*5 11*3 1 1*0 12*3 1 3 *6 12*6 9*8 1 0 .1 1 2 .1 1 2 .7 1 2*6 12*2 12*1 1 2*0 13*3 14*5 1 3*9 12*5 1 4 .0 7-78 6-78 I 8-77 ® 7 -7 7 1 ,6 8 2 .1 1 ,6 9 5 .7 18*0 1 ,7 1 9 .2 8-78 11*8 1 2 .4 12*3 11*8 11*8 1 1 *6 12*6 1 3 .5 12*8 1 1 .5 1 2 .2 13*2 8 .6 9-78 1 1 .7 12 . 2 1 2 .1 1 1*7 1 1 .6 1 1 *4 12*2 1 3 .0 12*3 1 1 .2 1 1 .6 1 2 .1 9 .2 9 *8 10-78 1 2 .1 1 2 .6 1 2 .5 1 2 *2 1 2*1 1 2 *0 12*8 1 3 .6 13*1 1 2 .3 1 2 .8 1 3 .5 12*0 1 3 *8 1 7 .8 11-78 12*1 1 2 .6 1 2 .5 1 2*2 12*2 12*1 1 2*8 1 3 .5 13*1 1 2 .3 1 2 .8 13*4 12*2 13*5 15*3 12*8 12-78 12*5 1 2 .9 1 2 .9 1 2 *6 1 2*6 1 2 .6 13*3 1 3 .9 1 3*6 1 3 .0 13*6 1 4 .1 1 3*4 1 4*6 16*2 15*5 18*1 1-79 12*0 1 2 .4 1 2 .3 1 2 *0 1 2 *0 1 1*9 12*5 1 3 *0 12*6 1 2 .0 1 2 .4 1 2 .7 11*8 12*5 1 3 .1 1 1 .6 1 1 .0 4 *3 2-7 9 11*8 1 2 .1 1 2 .0 11*8 1 1 .7 1 1 *6 12*1 1 2 *6 12*2 1 1 .6 11*8 1 2 .0 11*2 1 1*6 1 2 .0 1 0 *6 9 .8 5 .9 7*6 7 -7 7 8-7 7 9 -7 7 10-77 11-77 12-77 1-78 2-78 3-78 4-78 5-78 6-78 7-78 8-78 9-78 10-78 11-78 12-78 1-7 9 1 » 7 3 1 .1 1 ,7 4 4 .7 1 ,7 6 8 . 7 1 ,7 8 6 .6 1 * 8 1 1 .6 1 ,8 1 7 .9 1 , 8 2 9 . OP ___ i___ f- M E L iw ir o r r MÉPAfcËÔ BY FEDERAL RESERVE BANK OF ST. LOUIS NARCH 19, 1979 8 R ET A IL RATIO SA LES RATIO SCALE BILLIO N S OF BILLIO NS S E ASONALLY AOJ USTEO DOLLARS SOURCE» PER C EN TAGES ARE LATEST P L O TTE D t * D A TA R E V IS E D FROM ANNUAL R A TES OF JA N U A R Y , CH AN GE FOR P E R IO D S FEB R U A R Y AOVANCE 1077. U .S . OF SCALE DOLLARS DEP IN D IC A T E D . E S T IM A T E P R EP AREO BY FED ER A L RESER VE BANK OF S T. L O U IS _____________ R E T A IL SALES »__________ COMPOUNDED ANNUAL RATES OF CHANGE M ILLIO N S OF DOLLARS I N I T IA L MONTH TERMINAL MONTH 7 -7 7 8 -7 7 9 - 7 7 1 0 -7 7 1 1 -7 7 1 2 -7 7 1 -7 8 8—77 8*1 9 -7 7 8 *2 8« 4 1 0 -7 7 1 2 .5 1 4 .8 2 1 .7 1 1 -7 7 1 4 .0 1 6 .0 2 0 .1 1 8 .5 1 2 -7 7 9 .4 9 .8 1 0 .3 4 .9 -7 .1 1 -7 8 5 .8 5 .3 4 .6 - 0 .6 -8 .9 -1 0 .7 2 -7 8 7 .9 7 .8 7 .7 4 .5 0 .2 4 .1 2 1 .3 2 -7 8 3 -7 8 4 -7 8 5 -7 8 6 -7 8 7 -7 8 8 -7 8 9 - 7 8 1 0 -7 8 1 1 -7 8 1 2 -7 8 1 -7 9 6 0 * 56 6 6 0 ,9 7 3 6 1 ,9 7 9 6 2 ,8 6 2 6 2 ,4 8 0 6 1 ,8 9 2 6 2 ,8 9 8 3 -7 8 9 .9 1 0 .1 1 0 .4 8 .3 5 .9 1 0 .6 2 3 .1 2 4 .9 4 -7 8 1 1 .2 1 1 .6 1 2 .0 1 0 .5 8 .9 1 3 .4 2 2 .7 2 3 .5 2 2 .0 5 -7 8 1 0 .8 1 1 .1 1 1 .4 1 0 .0 8*6 1 2 .1 18*6 1 7 .8 1 4 .3 7 .2 6 4,0 > £ 6 5 ,1 4 6 6 5 ,5 2 2 6 -7 8 1 0 .5 1 0 .8 1 1 .1 9 .8 8 .6 1 1 .5 1 6 .5 1 5 .3 1 2 .3 7 .8 8 .4 7 -7 8 1 0 .1 1 0 .2 1 0 .4 9 .2 8 .1 1 0 .5 1 4 .5 1 3 .2 1 0 .4 6 .8 6 .6 4 .8 8 -7 8 1 0 .9 1 1 .1 1 1 .4 1 0 .4 9 .5 1 1 .8 1 5 .5 1 4 .5 1 2 .5 1 0 .3 1 1 .3 1 2 .8 9 -7 8 1 1 .2 1 1 .4 1 1 .7 1 0 .8 1 0 .1 1 2 .1 1 5 .4 1 4 .6 1 2 .9 1 1 .2 1 2 .2 1 3 .5 1 8 .1 1 4 .9 1 0 -7 8 1 1 .5 1 1 .8 1 2 .0 1 1 .3 1 0 .6 1 2 .6 1 5 .5 1 4 .8 1 3 .5 1 2 .1 1 3 .1 1 4 .3 1 7 .7 1 5 .8 1 6 .8 1 1 -7 8 12 .2 • CM 1 2 .8 1 2 .1 1 1 .6 1 3 .5 1 6 .2 1 5 .7 1 4 .6 1 3 .5 1 4 .7 1 5 .9 1 8 .9 1 8 .1 1 9 .7 2 2 .7 1 2 -7 8 1 2 .3 1 2 .6 1 2 .8 1 2 .2 11*8 1 3 .5 1 6 .0 1 5 .5 1 4 .5 1 3 .6 1 4 .5 1 5 .6 1 7 .9 1 7 .0 1 7 .7 1 8 .2 1 3 .B 1 -7 9 1 1 .7 1 1 .9 1 2 .1 1 1 .5 1 1 .0 1 2 .6 1 4 .8 1 4 .2 1 3 .2 1 2 .2 1 2 .9 1 3 .5 1 5 .0 1 3 .8 1 3 .6 1 2 .5 7 .7 1 .9 2 -7 9 1 1 .5 1 1 .7 1 1 .9 1 1 .3 1 0 .8 1 2 .2 1 4 .2 1 3 .6 1 2 .7 1 1 .8 1 2 .3 1 2 .8 14*0 1 2 .8 1 2 .4 1 1 .3 7 .7 4 .B 7 .7 7 -7 7 8 -7 7 9 - 7 7 1 0 -7 7 1 1 -7 7 1 2 -7 7 1 -7 8 2 -7 8 3 -7 8 4 -7 8 5 -7 8 6 -7 8 7 -7 8 J^ 7 8 9—7 8 1 0 -7 8 1 1 —78 1 2 -7 8 1 -7 9 6 5 ,9 6 4 6 6 ,2 2 4 2 1 .4 6 7 ,3 0 3 6 8 ,0 8 5 6 8 ,9 7 1 7 0 ,1 5 8 7 0 ,9 1 8 7 1 ,0 3 1 P 7 1 ,4 7 2 E I N I T I A L MONTH P - PR ELIM INARY E - ESTIMATED *- REVISED FROM 1977. PREPARED BY FEDERAL RESERVE BANK OF S T . UMI1S___ MARCH 1 3 t 9 1979 HOURLY COMPENSATION* PRIVATE BUSINESS SECTOR COMPOUNDED ANNUAL RATES OF CHANGE________ QUARTER L 2 -7 4 1 IN I 1 -7 4 2 -7 4 3 -7 4 4 -7 4 1 -7 5 2 -7 5 3 -7 5 4 -7 5 1 -7 6 2 -7 6 3 -7 6 4 -7 6 1 -7 7 2 -7 7 3 -7 7 4 -7 7 1 -7 8 2 -7 « * lO O 1 -7 8 16g^3 1 3 .0 3 -7 4 1 3 .5 1 4 .0 4 -7 4 1 2 .6 1 2 .3 1 0 .7 1 -7 5 1 2 .1 1 1 .7 1 0 .6 1 0 .6 2 -7 5 11*2 1 0 .8 9 .7 9 .3 3 -7 5 1 0 .5 1 0 .0 9 .0 8 .5 7 .4 8 .6 7 .9 7 .9 9 .0 ^ \ 8 .2 8 .3 9 .1 8 .3 8 .3 8 .8 1 6 7 .7 1 7 2 .0 1 7 6 .4 1 1 7 9 .8 6 .8 1 8 2 .8 1 0 .3 9 .8 9 .0 1 -7 6 1 0 .1 9 .7 9 .0 2 -7 6 9 .9 9 .6 8 .9 3 -7 6 9 .9 9 .6 9 .0 8 .8 8 .5 8 .6 9 .0 9 .0 9 .0 9 *6^ V'sS^ 4 -7 6 9 .8 9 .5 9 .0 8 .8 8 .5 8 .6 9 .0 9 .0 9 .0 9 .2 8 * 9 X 1 -7 7 9 .6 9 .3 8 .9 8 .7 8 .5 8 .5 8 .8 8 .8 8 .7 8 .8 8 .4 7 .9 2 -7 7 9 .4 9 .1 8 .6 8 .4 8 .2 8 .2 8 .4 8 .3 8 .1 8 .1 7 .6 6 .9 8 .5 8 .3 8 .3 8 .5 8 .5 8 .3 8 .3 8 .0 7 .7 7 .7 m 8 .1 8 .2 8 .3 8 .2 8 .1 8 .1 7 .8 7 .5 7 .3 8 .0 6 .7 8 .6 8 .5 8 .5 8 .7 8 .7 8 .6 8 .6 8 .5 8 .4 8 .5 9 .4 9 .4 8 .4 8 .5 1 4 -7 5 8 .7 3 -7 7 9 .4 9 .1 8 .7 4 -7 7 9 .2 8 .9 8 .5 1 -7 8 9 .4 9 .1 8 .8 2 -7 8 9 .3 9 .1 8 .7 8 .6 3 -7 B 9 .4 9 .1 8 .8 8 .7 4 -7 8 9 .3 9 .1 8 .8 8 .7 8 .6 1 -7 4 2 -7 4 3 -7 4 4 -7 4 1 -7 5 1 8 6 .8 1 9 0 .9 8 .7 8 .4 1 9 4 .8 1 9 9 .3 2 0 3 .6 2 0 7 .5 5 .9 2 1 0 .5 2 1 5 -3 \ 2 1 8 .8 2 2 5 .2 1 2 .2 ^ ^ ^ 8 .6 8 .6 8 .5 8 .6 8 .4 8 .3 8 .4 9 .1 9 .0 1 0 .1 8 .0 8 .8 8 .8 8 .7 8 .8 8 .7 8 .6 8 .8 9 .4 9 .3 1 0 .2 9 .3 \ 2 2 9 .6 8 .6 8 .8 8 .8 8 .7 8 .8 8 .7 8 .6 8 .7 9 .2 9 .2 9 .8 9 .0 9 .5 2 -7 5 3 -7 5 4 -7 5 1 -7 6 2 -7 6 3 -7 6 4 -7 6 1 -7 7 2 -7 7 3 -7 7 4 -7 7 1 -7 8 2 -7 8 3 -7 8 4 -7 7 1 -7 8 2 -7 8 3 -7 8 1 0 .5 \ 2 3 5 .4 8 .6 ’ 2 4 0 .3 I N I T I A L QUARTER OUTPUT PER HOUR OF A LL PERSONS« PR IV A TE BUSIN ESS SECTOR ______________ CPHP W N P E P ANNUAL flA T ES O f CH ANCE_________________ - .IE E A IM A L QUARTER I N I T I A L QUARTER i-7 * __£-74 4 -7 4 .2 .- 1 + -It8 3 -7 4 -1 .8 -1 .8 4 -7 4 - 2 .0 - 2 .2 -2 .5 1 -7 5 -1 .4 -1 .2 -0 .9 1 -7 5 2 -7 5 3-75 4 -7 5 1 -7 6 2 -7 6 3 -7 6 1 9 6 7 • lO O 4 -7 6 2 -7 7 3 -7 7 1 1 0 .4 1 0 9 .? 2 -7 5 1 .0 1 .7 2 .9 0 .7 ^ I \ 9 ,7 % 5 .8 1 1 .0 ^ ~ \ 3 -7 5 2 .2 3 .0 4 .3 6 .< 4 -7 5 l» t 2 .2 _ . lr J t 2«Q 2 .6 2 -7 6 2 .1 2 .5 _JLrO_ 1 0 9 .4 1 1 2 .3 9 .7 1 1 4 .A «^4^ ..A ± 5 .. 4«£ 5 .5 3 .7 1 .4 3 .2 4 .2 4 .9 3 .4 1 .7 3 .5 2 1 1 5 .4 ^ 1 1 6 .1 2 *1 3*2 ib a 4 .6 3 .4 2 .2 3 .5 3 .0 3 .5 4 -7 6 2 .0 2 .4 2 .9 3 .6 4 .0 2 .9 1 .9 2 .7 2 .1 1 .9 o .a V 1 -7 7 2 .1 2 .4 2 .9 3 .5 3 .8 2 .8 1 .9 2 .7 2 .2 2 .1 1 .4 2 .4 3 -7 6 1 -7 7 1 1 7 .1 1 1 7 .2 1 1 7 .9 2 -7 7 l. B 2 .1 2 .4 2 .9 3 .2 2 .2 1 .4 1 .9 1 .4 1 .1 0 .3 0 .3 -1 .7 3 -7 7 2 .0 2 .3 2 .7 3 .1 3 .4 2 .6 1 .9 2 .4 2 .0 1 .9 1 .5 1 .9 1 .7 5 . 2 SNw 1 1 8 .9 4 -7 7 1 .9 2 .2 2 .5 2 .9 3 .1 2 .3 1 .7 2 .1 1 .8 1 .7 " 4 .3 1 .5 1 .2 2 .7 1 1 9 .0 2 .3 2 .4 1 .7 1 .0 X 1 1 7 .4 0 .3 ^ _ 1 -7 B 1 .5 1 .7 2 .0 1 .4 0 .9 0 .7 0 .3 0 .3 -0 .3 0 .2 -2 .2 - 4 .6 \ 2 -7 8 1 .5 1 .7 1 .9 2 .2 2 .4 1 .7 1 .1 1 .4 1 .0 0 .8 0 .4 0 .5 0 .1 0 .5 -1 .0 -1 .7 3 -7 8 1 .6 1 .0 2 .0 2 .3 2 .4 1 .8 1 .3 1 .5 1 .2 1 .1 0 .8 0 .9 0 .6 1 .1 0 .1 4 -7 8 1 .6 1 .8 2 .0 2 .3 2 .4 1 .8 It* 1 .6 1 .3 1 .2 0 .9 1 .0 0 .8 1 .2 1 -7 4 2 -7 4 3 -7 4 4 -7 4 1 -7 5 2 -7 5 3 -7 5 4 -7 5 1 -7 6 2 -7 6 3 -7 6 4 -7 6 1 -7 7 2 -7 7 1 1 7 .6 1 .4 X . 1 1 8 .0 0 .A 2 .4 1 1 9 .0 0 .5 Z o .5 \2 .3 2 .7 3 -7 7 4 -7 7 1 -7 8 2 -7 8 3 .4 ^ 2 .0 s * 1 1 9 .6 3 -7 8 I N I T I A L QUARTER .PREPARED BY FEOERAL RESERVE BANK OF ST* LOUIS F«b ru*ry 28,,1979 10 PRODUCTIVITY, COMPENSATION, AND LABOR COSTS RATIO SCALE RATIO SCALE 1967-100 1967-100 S E A S O N A L L Y A D JU S T E D 1971 1972 1973 1974 1975 1976 1977 1978 1979 SOURCEt P E R C EN TA6ES LA TES T ARE AN N U AL DATA P L O TT E O i R A T E S OF CH AN OE FOR P E R IO O S U .S . D E P A R TM E N T O F LA B O R I N O IC A T E O . 4 T H O U A R TE R PR EPAREO 8 Y F E O E R A L RESERVE BAN K OF S T. L O U IS UNIT LABOR CO STS, PRIMATE BUSINESS SECTOR COMPOUNDED ANNUAL RATES OF CHANGE I N I T IA L QUARTER 2 -7 4 3 -7 4 4 -7 4 1 -7 5 2 -7 5 3 -7 5 4 -7 5 1 -7 6 2 -7 6 3 -7 6 1967 « 100 4 -7 6 1 -7 7 2 -7 7 3 -7 7 4 -7 7 1 -7 8 2 -7 8 i 1 -7 4 CD TERMINAL ____IEII 2 -7 4 15*2 3 -7 4 1 5 .6 1 4 7 .0 1 6 .1 1 5 2 .6 4 -7 4 1 5 .0 1 4 .9 1 3 .8 1 -7 5 1 3 .6 1 3 .1 1 1 .6 9 .5 2 -7 5 1 0 .1 8 .9 6 .6 3 .2 -2 .7 1 6 0 .1 3 -7 5 8 .1 6 .7 4 .5 1 .6 | -2 .1 4 -7 5 8 .5 7 .5 5 .8 3 .9 2 .2 4 .7 r s , 1 1 .2 1 5 9 .5 1 -7 6 8 .0 7 .0 5 .5 3 .9 2 .6 4 .4 7 .5 4 .0 2 -7 6 7 .7 6 .8 5 .5 4 .2 3 .2 4 .7 6 .9 4 .8 5 .7 3 -7 6 7 .5 6 .7 5 .6 4 .5 3 .6 5 .0 6 .6 5 .2 5 .8 4 -7 6 7 .7 6 .9 6 .0 5 .0 4 .4 5 .6 7 .1 6 .1 6 .8 7 .4 9 .0 ^ 1 -7 7 7 .4 6 .8 5 .9 5 .0 4 .5 5 .6 6 .8 5 .9 6 .4 6 .7 7 .1 5 .2 2 -7 7 7 .5 6 .8 6 .0 5 .3 4 .8 5 .8 6 .9 6 .2 6 .7 6 .9 7 .3 6 .4 3—7 7 7 .2 6 .6 5 .9 5 .2 4 .8 5 .6 6 .6 5 .9 6 .2 6 .3 6 .5 4 -7 7 7 .2 6 .6 5 .9 5 .3 4 .9 5 .7 6 .5 6 .0 6 .2 6 .3 6 .4 I 5 .8 1 -7 8 7 .8 7 .3 6 .7 6 .2 5 .9 6 .7 7 .6 7 .2 7 .6 7 .8 8 .2 V 2 -7 8 7 .7 7 .3 6 .7 6 .2 6 .0 6 .7 7 .5 7 .1 7 .5 7 .7 3 -7 8 7 .7 7 .2 6 .7 6 .2 6 .0 6 .7 7 .4 7 .1 7 .4 4 -7 8 7 .6 7 .2 6 .7 6 .2 6 .0 6 .7 7 .3 7 .0 7 .3 1 5 7 .6 1 6 1 .2 r \ - 2 . i% 1 6 3 .8 \ 1 6 5 .4 \ 1 6 7 .7 5 .8 s 1 7 0 .1 1 7 3 .8 1 7 6 .0 7 .7 ^ 1 7 9 .3 4 .1 1 8 1 .1 1 6 .0 5 .2 6 .3 r 8 .7 9 .1 1 1 .7 1 7 .3 8 .0 7 .8 8 .4 8 .5 1 0 .1 1 2 .0 6*9 7 .6 7 .8 7 .7 8 .1 8 .2 9 .2 1 0 .2 > 6 .8 7 .5 7 .7 7 .5 7 .8 7 .8 8 .6 1 8 3 .9 « IN IT IA L 1 9 4 .6 6 *7 6 .5 G 1 -7 H 191 . 4 1 9 7 .8 6 .2 ^ 2 0 0 .8 * _-rm OUAftTFB PREPARED BX EE0ERA1 RESERVE BANK OF ST* LOUIS FEBRUARY 28, 1979 11 GROSS NATIONAL PROOUCT IN CURRENT DOLLARS CQHPQUN060 ANNUAL R A T ES OF CHANGE T ER M IN A L QUARTER IN IT IA L 1 -7 4 2 -7 4 3 —7 4 4 -7 4 1 -7 5 2 -7 3 3 -7 5 4 -7 5 1 -7 6 B I L L I O N S OF DOLLARS ANNUAL R ATES QUARTER 2 -7 6 3 -7 6 4 -7 6 1 -7 7 2 -7 7 3 -7 7 4 -7 7 1 -7 8 2 -7 8 3 -7 8 2 -7 4 1 > 400«! 1 -7 4 2 -7 4 3 -7 4 4 -7 4 1 -7 5 2 -7 5 3 -7 5 4 -7 5 1 -7 6 2 -7 6 IN IT IA L 3 -7 6 G RO SS N A T IO N A L PR O D U CT IN C O H PO U N O ED A N N U A L R A T E S TERMINAL IN IT IA L 4 -7 6 1 -7 7 2 -7 7 3 -7 7 4 -7 7 1 -7 8 2 -7 8 3 -7 8 QUARTER 1 97 2 D O LLAR S OF CHANGE B IL L IO N S OF O O LLA R S ANNUAL RATES Q UARTER Q UARTER 1 -7 4 2 -7 4 3 -7 4 4 -7 4 1 -7 5 2 -7 5 3 -7 5 4 -7 5 1 -7 6 2 -7 6 3 -7 6 4 -7 6 1 -7 7 2 -7 7 3 -7 7 4 -7 7 1 -7 8 2 -7 8 3 -7 8 1 ,2 2 4 .5 2 -7 4 -1 .8 3 -7 4 -2 .2 —2 + 5 4 —7 4 —3 . 3 —4 . 0 1 -7 5 -4 .8 -5 .7 2 -7 5 - 2 .6 - 2 .8 3 -7 5 - 0.6 -0 .3 4 -7 5 - 0.1 1 ,2 1 6 *9 —5 I t 1 7 1 ,6 l fl89.9 -2 ' \ 7 .2 % 1 0 .5 ^ Y 0 .3 2 .3 8 .4 0.2 0 .7 2 .4 6 .5 6 .5 2 .6 1 , 220.0 1 ,2 2 7 .9 1 -7 6 1.0 1 .4 2.1 3 .7 7 .2 7 .4 5 .9 2 -7 6 1 .4 1.8 2 .4 3 .8 6 .5 6.6 5 .3 6.6 3 -7 6 1 .5 1 .9 2 .4 3 .6 5 .9 5 .8 4 .6 5 .3 4 -7 6 1.6 1 .9 2 .4 3 .5 5 .4 5 .2 3 .4 I , 2 5 5 .5 - ------ r N ^ 4 .0 1 ,2 6 8 .0 1 ,2 7 6 .5 2 .7 4 .2 4 .6 3 .0 2 .5 2 .4 1 ,2 8 4 .0 1 -7 7 2.0 2 .4 2 .9 3 .9 5 .6 5 .5 4 .7 5 .1 4 .1 4 .1 *•8 7 .3 2 -7 7 2 .3 2 .7 3 .2 4 .1 5 .6 5 .5 4 .9 5 .2 4 .4 4 .5 5 .2 6.6 5 .9 3 -7 7 2.6 2 .9 3 .4 4 .2 5 .6 5 .6 5 .0 5 .3 4 .6 4 .8 5 .3 6 .3 5 .8 5 . 7 s" 4 -7 7 2*6 2 .9 3 .4 4 .1 5 .4 5 .3 4 .8 5 .0 4 .4 4 .5 4 .9 5 .5 4 .9 4 .4 1 .3 0 6 .7 ^ 4 .4 % 1 ,3 2 5 .5 1 ,3 4 3 .9 1 ,3 5 4 .5 3 .2 1 ,3 5 4 .2 2 .4 2 .7 3 .1 3 .8 4 .9 4 .8 4 .3 4 .4 3 .9 3 .8 4 .0 4 .4 3 .6 2 .9 1 .5 2.8 3 .1 3 .5 4 .1 5 .2 5 .1 4 .7 4 .9 4 .4 4 .4 4 .7 5 .1 4 .6 4 .3 3 .9 4 .2 8^ 7^ ^ 1 ,3 8 2 .6 3 -7 8 2.8 3 .1 3 .4 4 .0 5 .0 4 .9 4 .5 4 .7 4 .2 4 .2 4 .4 4 .7 4 .3 4 .0 3 .5 3 .6 5 .6 2^ 6^ ^ 1 ,3 9 1 .4 4 -7 8 3 .0 3 .3 3 .6 4*2 5 .2 5 .1 4 .7 4. 4 .4 4 .5 4 .7 5 .0 4 .6 4 .4 4 .2 4 .4 6 .0 4 .7 1 ,4 1 4 .7 1 -7 4 2 -7 4 3 -7 4 4 -7 4 1 -7 5 2 -7 5 3 -7 5 4 -7 5 1 -7 6 2 -7 6 3 -7 6 4 -7 6 1 -7 7 2 -7 7 3 -7 7 4 -7 7 1 -7 8 2 -7 8 8 IN IT IA L - 0.1 1 -7 8 2 -7 8 6 . 9 s! 3 -7 8 QUARTER P REPA RED BY FE D E R A L R E S E R V E BANK OF S T . HARCH 2 0 , 1979 12 L O U IS GROSS RATIO SCALE TRILLIONS NATIONAL PRODUCT QUARTERLY TOTALS AT ANNUAL RATES OF DOLLARS SEASONALLY ADJUSTED RATIO TRILLIONS OF SCALE DOLLARS 2 SOURCE. U .S . DEPARTMENT OF COMMERCE PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIOOS INDICATED. LA T EST DATA PLO TTED * 4TH Q U ARTER PREPA RED 13 BY FED ER A L R ESE R V E BANK OF S T . L O U IS GENERAL RATIO P R IC E IN D E X * SCALE RATIO 1972-100 SCALE 1972-100 1971 1972 1973 1974 1975 1976 1977 1978 1979 *AS U SED IN N A T IO N A L IN C O M E PER C EN TAGES ARE ANNUAL LA TES T P L O TTED * DATA A C C O U N TS R A TES 4TH OF SOURCE« C H A N CE FOR P E R IO O S U .S . D E P A R TM E N T OF COM M ERCE IN D IC A TE D . O U A R TER PR EP A RED BY FEDERA L RESERVE BAN K OF S T. L O U IS IM P L I C IT P R IC E OEFLATOR FOR GROSS NATIO NAL PROOUCT _________ COMPOUNOEP ANNUAL R A T ES OF CHANGE IN IT IA L T ER M IN A L QUARTER l- > 4 2—7 4 3—74 W 4 W 5 2^75 3^75 4^75 H 6 QUARTER 2^76 IN IT IA L 3^76 1972 « 100 W 6 W 7 2^77 3^77 W 7 1-78 2-78 3-78 QUARTER P R EPA R EO BY FEO ERA L R E S E R V E BANK OF ST * MARCH 20« 1979 14 L O U IS PERSONAL CONSUMPTION E X P E N D IT U R ES J N CURRENT D O LL A R S COMPOUNDED ANNUAL RATES OF CHANGE T ERM INAL I N I T I A L QUARTER DOLLARS ■QÜARTEH____________________________________________________________________________________________________________________ _____________________AMNil AI * 1 1 -7 * 3-74 4-74 1-75 2-75 3-75 4-75 2-74 1 2 .3 3-74 1 3 .3 1 4 .3 4-74 9 .8 8 .6 3 .2 1-75 9 .6 8 .7 6 .0 8 .8 2-75 1 0 .3 9 .7 8 .3 1 0 .9 1 3 .1 3-75 1 0 .7 1 0 .3 9 .4 1 1 .5 1 2 .8 4-75 1 0 .8 1 0 .5 9 .8 1 1 .5 1 2 .4 1 2 .1 1 1 .6 1-76 1 1 .1 1 0 .9 1 0 .4 1 1 .8 1 2 .6 1 2 .5 1 2 .4 1 3 .2 2—76 1 0 .8 1 0 .6 1 0 .1 1 1 .3 1 1 .8 1 1 .4 1 1 .0 1 0 .7 3-76 1 0 .6 1 0 .4 9 .9 1 0 .9 1 1 .3 1 0 .9 1 0 .5 4-7 6 1 0 .9 1 0 .7 1 0 .3 1 1 .2 1 1 .6 1 1 .3 1 1 .1 1-77 1 1 .0 1 0 .9 1 0 .5 1 1 .4 1 1 .7 1 1 .5 1 1 .3 2-77 1 0 .7 1 0 .6 1 0 .2 1 1 .0 1 1 .2 1 1 .0 1-76 3-76 2-76 4-76 1-77 2-77 3-77 4-77 1-78 2-78 3-78 8 7 9 .2 9 0 9 .0 9 1 6 .2 9 3 5 .7 9 6 4 .9 1 2 .6 9 9 4 .0 1 * 0 2 1 .6 1 * 0 5 3 .8 8 .3 1 * 0 7 5 .1 1 0 .1 8 .6 9 .0 1 * 0 9 8 .4 1 1 .0 1 0 .2 11.2 1 3 .5 1 1 .3 1 0 .8 1 1.6 1 3 .0 1 2 .5 1 0 .8 1 0 .6 1 0 .1 1 0.6 11.1 9 .9 I * 1 3 3 .7 1 * 1 6 7 .7 7 .4 1 , 1 8 8 .6 3-77 1 0 .6 1 0 .5 10.1 1 0 .8 1 1 .0 1 0 .8 1 0 .5 1 0 .4 9 .9 1 0.2 1 0 .6 9 .6 8 .2 9 .0 4-77 1 0 .8 1 0 .7 1 0 .4 1 1 .1 1 1 .3 1 1 .1 1 0 .9 1 0 .8 1 0 .5 1 0 .9 1 1 .3 1 0 .7 1 0.1 1 1 .5 1 4 .1 1 0 .7 1 0 .9 1 0 .7 1 0 .5 1 0 .4 1 0 .1 1 0 .3 1 0 .5 1 0 .0 9 .3 1 0 .0 1 0 .5 7 .0 1 * 2 1 4 .5 1 * 2 5 5 .2 1-78 1 0 .6 1 0 .5 1 0 .2 2-78 1 0 .8 1 0 .8 1 0 .5 1 1 .1 1 1 .2 1 1 .1 1 1 .0 1 0 .9 1 0 .6 1 0.9 1 1 .2 1 0 .8 1 0.5 1 1 .3 1 2 .1 1 1 .1 1 5 .3 3**78 1 0 .8 1 0 .7 1 0 .5 1 1 .0 1 1 .2 1 1 .1 1 0 .9 1 0 .9 1 0 .6 1 0 .9 11.1 1 0 .8 10.5 1 1 .2 1 1 .7 1 0 .9 1 3 .0 1 0 .7 4-78 1 1 .0 1 1 .0 1 0 .8 1 1 .3 1 1 .4 1 1 .3 1 1 .2 1 1 .2 1 1 .0 1 1.3 1 1.5 1 1 .3 1 1 .1 1 1 .7 1 2 .3 1 1 .8 1 3 .5 1 2 .6 1-74 2-74 3-74 4-74 1-75 2-75 3-75 4-75 1-76 2-76 3-76 4-76 1-77 2 -77 3-7 7 *-77 1 -7« 7-7® IN IT IA L 1 * 2 7 6 .7 1 * 3 2 2 .9 1 * 3 5 6 .9 1 4 .6 1 * 4 0 3 .9 QUARTER PERSONAL CONSUMPTION E X P E N D IT U R ES IN 1972 DO LLARS COMPOUNDED ANNUAL R A T ES OF CHANGE T ER M IN A L QUARTER I N I T I A L QUARTER 1-74 2-7 4 3-74 2-7 4 0 .1 3-74 1 .3 2 .6 4 -7 4 - 1 .5 - 2 .3 - 7 .0 4-7 4 1-75 2-75 3-75 4-75 1-76 2-76 3-76 4-76 1-77 2-77 3-77 4-77 1-78 2-78 ~ bT l l i o n s ~ O F " O O LLARS ANNUAL R A T E S 3 -7 8 761 .7 7 6 6 .6 7 5 2 .9 1-75 - 0 .6 - 0 .8 - 2 .4 2 .3 2-75 0 .9 l.l 0 .6 4 .6 7 .0 7 5 7 .2 3-75 1 *6 1 .9 1 .7 4 .8 6 .0 5 .0 4-7 5 2 .2 2 .6 2 .5 5 .1 6 .0 5 .5 6 .0 7 7 0 .2 7 7 9 .7 7 9 1 .1 1-76 2 .9 3 .3 3 .4 5 .6 6 .5 6 .3 6 .9 7 .9 2 -7 6 3 .0 3 .4 3 .5 5 .3 6 .0 5 .7 5 .9 5 .9 3 .9 3 -7 6 3 *0 3 .4 3 .5 5 .1 5 .5 5 .2 5 .3 5 .1 3 .7 4 -7 6 3 *5 3 .8 3 .9 5 .4 5 .8 5 .6 5 .8 5 .7 5 .0 5 .5 7 .7 1-77 3 .6 3 .9 4 .1 5 .4 5 .7 5 .6 5 .6 5 .6 5 .0 5 .4 6 .4 5 .1 2-77 3 .4 3 .7 3 .8 4 .9 5 .2 5 .0 5 .0 4 .9 4 .3 4 .4 4 .7 3 .2 1 .4 8 0 6 .3 8 1 4 .0 3 .4 8 2 0 .9 8 3 6 .2 8 4 6 .6 8 4 9 .5 3 -77 3 .5 3 .7 3 .8 4 .9 5 .1 4 .9 4 .9 4 .7 4 .2 4 .3 4 .5 3 .5 2 .7 4 *1 4 -7 7 3 .8 4 .1 4 .2 5 .2 5 .5 5 .3 5 .3 5 .3 4 .9 5 .1 5 .4 4 .8 4 .8 6 .5 9 .0 1-78 3 .5 3 .7 3 .8 4 *7 4 .9 4 .7 4 .6 4 .5 4 .1 4 .1 4 .2 3 .6 3 .2 3 .8 3 .6 - 1 .4 8 5 8 .0 8 7 6 .6 8 7 3 .5 2-78 3 .6 3 .9 3 .9 4 *8 5 .0 4 .8 4 .8 4 .7 4 .3 4 .3 4 .5 4 .0 3 .7 4 .3 4 .4 2 .2 6*0 3-78 3 .7 3 .9 4 .0 4 .7 4 .9 4 .7 4 .7 4 .6 4 .3 4 .3 4 .4 4 .0 3 .8 4 .3 4 .3 2*6 5 *0 4*0 4-78 3 .9 4 .1 4 .2 4 .9 5 .1 4 .9 4 .9 4 *8 4 .6 4 .6 4 .8 4 .4 4 .3 4 *8 5 *0 4*0 5 *9 5 *8 7 *7 3-74 4-7 4 1-75 2-75 3-75 4 -7 5 1-76 2-76 3-76 4-76 1-77 2-7 7 3-77 4-77 1-78 2-78 3-7 8 t- n 8 8 6 .3 8 9 5 .1 9 1 1 .8 I N I T I A L QUARTER PREPAREO BY FEDERAL RESERVE BANK OF ST* LOUIS MARCH 20, 1979 15 GROSS P R IV A T E OOHESTIC INVESTM ENT IN CURRENT DO LLARS COMPOUNDED ANNUAL RATES OF CHANGE T E R M I N A L ___ QUARTER ___________ 1 -7 4 — ... _ 4 . 9 __ 3 - 7 4 _ B I L L I O N S OF I N I T I A L QUARTER 2 -7 * 3 -7 4 4 -7 4 1 -7 5 2 -7 5 3 -7 5 4 -7 5 1 -7 6 2 -7 6 3 -7 6 4 -7 6 1 -7 7 2 -7 7 3 -7 7 4 -7 7 1 -7 8 2 -7 8 OOLLARS ANNUAL RATES 3 -7 8 ______________ __ 2 1 9 .9 - 6 .0 -1 5 .7 210»7 -4 .2 —8 . 5 - 0 . 6 _______________________ ___________________________________ ________ ;___________ 1 -7 5 - 1 8 . 2 - 2 4 . 7 - 2 8 .9 - 4 9 . 1 2 -7 5 -1 5 .8 - 2 0 .3 -2 1 .8 - 3 0 .7 - 5 .5 ________ ____ _____ 2 1 0 .4 1 7 7 .7 1 75 .2 3 -7 5 -3 .2 -4 .8 -1 .9 -2 .3 3 5 .4 4 -7 5 -3 .6 -4 .9 -2 .6 - 3 .1 2 0 .1 3 5 .4 -5 .5 1 -7 6 3 *2 3 .0 6 .5 7 .9 3 0 .3 4 5 .0 2 5 .3 6 6 .2 2 -7 6 5 .2 5 .2 8 .6 1 0 .2 2 8 .7 3 9 .0 2 4 .3 4 2 .6 2 2 .4 3 -7 6 5 .8 5 .8 8 .9 1 0 .3 2 5 .5 3 2 .9 2 0 .8 rft 1 6 .5 4 -7 6 4 .8 4 .8 7 .3 8 .4 2 0 .7 2 5 .8 1 5 .3 2 1 .2 9 .1 3 .0 - 4 .4 1 -7 7 7 .8 8 .1 1 0 .8 1 2 .2 2 3 .8 2 8 .7 2 0 .2 2 6 .1 1 7 .7 1 6 .2 1 8 .9 4 7 .9 2 -7 7 9 .9 1 0 .4 1 3 .1 1 4 .6 2 5 .4 2 9 .9 2 2 .6 2 8 .1 2 1 .6 2 1 .4 2 5 .1 4 3 .1 3 8 .5 3 -7 7 1 0 .7 1 1 .1 1 3 .7 1 5 .1 2 4 .9 2 8 .8 2 2 .4 2 7 .0 2 1 .4 2 1 .2 2 3 .9 35*1 2 9 *2 4 -7 7 1 0 .3 1 0 .7 1 3 .0 1 4 .2 2 2 .9 26*2 2 0 .3 2 4 .0 1 8 .9 1 8 .3 19*9 2 6 .9 2 0 .5 1 2 .5 5 .0 1 -7 8 1 0 .4 1 0 .8 1 3 .0 1 4 .1 2 2 .0 2 4 .9 1 9 .5 2 2 .6 1 8 .1 1 7 .5 1 8 .6 23*8 1 8 .4 1 2 .4 8 .6 12*3 2 -7 8 1 1 .5 1 2 .0 1 4 .1 1 5 .2 2 2 .7 2 5 .4 2 0 .5 2 3 .5 1 9 .5 1 9 .1 2 0 .3 25*0 2 0 .9 1 6 .8 1 5 .7 2 1* 4 3 1 .2 3 —7 8 1 1 .2 1 1 .6 1 3 .5 1 4 .5 2 1 .4 2 3 .7 1 9 .2 21*7 1 8 .0 1 7 .5 1 8 .4 22* 0 1 8 .2 14*5 13*0 1 5 .9 1 7 .7 5 .6 4 -7 8 1 1 .5 1 1 .9 1 3 .7 1 4 .7 21*1 2 3 .2 1 9 .0 2 1 .3 1 7 .9 1 7 .4 1 8 .2 2 1* 4 1 8 .0 1 4 .9 13*8 1 6 .1 17*4 1 1 .1 1 6 .9 1 -7 5 2 -7 5 i —75 4 -7 5 1=76 2=76 3=76 4=76 1=77 2 -7 7 3 -7 7 4 -7 7 1 -7 8 2=78 3 -7 8 9 4 .1 2 0 6 .8 2 0 3 .9 2 3 1 .5 2 4 3 .5 • M 1 0 .9 2 4 9 .9 2 4 7 .1 2 7 2 .5 2 9 5 .6 2 0 .5 3 0 9 .7 3 1 3 .5 3 2 2 .7 3 4 5 .4 3 5 0 .1 3 6 4 .0 I N I T I A L QUARTER GROSS PR IV ATE DOMESTIC INVESTMENT IN 1972 DOLLARS __________ COMPOUNDED ANNUAL RATES OF CHANGE__________ B IL L IO N S OF TERM INAL_____________________________________________________________ I N I T I A L Q U ARTER___________________________________________________________OOLLARS ANNUAL RATES « lA t t E f t 1 -7 7 2 -7 7 4 -7 7 2 -7 6 1 -7 8 2 -7 8 3 -7 7 2 -7 4 4 -7 4 1 -7 5 4 -7 5 1 -7 6 3 -7 6 4 -7 6 3 -7 8 1 -7 4 3 -7 4 2 -7 5 3 -7 5 2 -7 4 - 1 4 .5 1 8 9 .8 1 7 6 .6 3 -7 4 -2 0 .0 - 2 5 .0 4 -7 4 -1 7 .7 - 1 9 .2 -1 2 .9 1 7 0 .6 1 -7 5 -3 1 .8 - 3 6 .8 - 4 1 .9 - 6 1 .3 1 3 4 .6 2 -7 5 - 2 7 .0 - 2 9 .8 -3 1 .3 -3 8 .9 -3 .8 3 -7 5 - 1 5 .4 - 1 5 .5 - 1 3 .0 - 1 3 .0 3 0 .4 7 6 .8 4 —7 5 - 1 4 .9 - 1 4 .9 - 1 2 .8 - 1 2 .7 1 3 3 .3 1 5 3 .7 1 4 8 .9 1 4 .4 2 4 .8 - 1 1 . 9 1 -7 6 - 7 .6 - 6 .6 -3 .1 - 1 .0 2 5 .2 3 6 .7 20* 2 6 4 .0 2 -7 6 -5 .3 - 4 .1 - 0 .6 1 .6 2 3 .2 3 1 .1 1 8 .6 3 7 .7 15*6 3 -7 6 -4 .2 -3 .0 0 .1 2 .2 2 0 .1 2 5 .5 15*2 2 6 .0 10*5 5 .6 4 —7 6 - 4 .6 -3 .6 -0 .8 0 .8 1 5 .6 1 9 .2 10*1 1 6 .5 3 .9 - 1 .5 - 8 .1 1 -7 7 -1 .9 -0 .7 2 .1 3 .9 1 7 .6 2 1 .0 1 3 .6 1 9 .5 1 0 .4 8 .8 1 0 .4 32* 7 1 6 8 .5 1 7 4 .7 1 7 7 .1 1 7 3 .4 1 8 6 .1 1 9 7 .1 2 -7 7 - 0 .0 1 .3 4 .1 5 .9 1 8 .5 2 1 .6 1 5 .3 2 0 .6 1 3 .4 1 2 .8 1 5 .3 2 9 .2 3 —7 7 0 .6 1 .9 4 .5 6 .3 1 7 .6 2 0 .2 1 4 .6 1 8 .9 1 2 .7 1 2 .2 1 3 .9 2 2 .3 1 7 .5 9 .7 4 -7 7 0 .4 1 .6 4 .0 5 .5 1 5 .6 1 7 .7 1 2 .5 1 6 .0 1 0 .4 9 .5 1 0 .3 1 5 .5 1 0 .3 3 .3 - 2 .7 1—7 8 1 .0 2 .2 4 .5 5 .9 1 5 .2 1 7 .1 1 2 .4 1 5 .4 1 0 .5 9 .8 1 0 .5 1 4 .6 1 0 .5 5 .9 4 .0 1 1 .2 2 -7 8 1 .8 2 .9 5 .1 6 .6 1 5 .2 1 6 .9 1 2 .6 1 5 .4 1 1 .0 1 0 .4 1 1 .2 1 4 .7 1 1 .4 8 .1 7 .6 * 3 .2 3 -7 8 1 .4 2 .5 4 .5 5 .8 1 3 .6 1 5 .1 1 1 .0 13*4 9 .3 8 .6 9 .0 1 1 .7 8 .5 5 .4 4 .3 M 4 -7 8 1 .7 2 .6 4 .6 5*8 1 3 .1 1 4 .4 1 0 .6 1 2 .7 9 .0 8 .3 8 .6 1 0 .9 8 .1 5 .4 4 .6 1 -7 4 2 —7 4 3 -7 4 4 -7 4 1 -7 5 2 -7 5 3 -7 5 4 -7 5 1 -7 6 2 -7 6 3 -7 6 4 -7 6 1 -7 7 2 -7 7 3 -7 7 2 5 .8 20_U_7_ . 2 0 0 .3 1 5 .2 2 1 3 .1 2 1 0 .4 4 .6 - 5 .0 6 .5 5 .0 0 .3 5 .8 4 -7 7 1 -7 8 2 -7 8 3 -7 8 I N I T I A L QUARTER MARCH 2 0* 1979 16 2 0 5 .7 . 2 1 3 .4 GOVERNMENT PURCHASES OF GOODS AND S E R V IC E S IN CURRENT DOLLARS COMPOUNDED ANNUAL RATES OF CHANGE T ER M IN A L QUARTER B I L L I O N S OF DOLLARS ANNUAL R A T E S I N I T I A L QUARTER 1-74 2-74 3-74 4-7 4 1-75 2-75 3-75 4-75 1-76 2-74 1 5 .4 3-74 1 4 .9 1 4 .4 4 -7 4 1 4 .3 1 3 .7 1 2 .9 1-75 13*4 1 2 .7 1 1 .9 1 0 .9 2-75 1 2 .9 1 2 .2 1 1 .5 1 0 .8 1 0 .7 3-75 1 2 .4 1 1 .8 1 1 .1 1 0 .5 1 0 .3 9 .9 4-75 1 2 .2 1 1 .7 1 1 .1 1 0 .7 1 0 .7 10*6 1 1 .3 1-76 1 1 .0 1 0 .4 9 .7 9 .1 8 .7 8 .0 7 .0 2 .9 2 -7 6 1 0 .2 9 .5 8 .8 8 .2 7 .6 6 .9 5 .9 3 .3 3 .7 2-76 3-76 4-76 1-77 2-77 3-77 4 -7 7 1-78 3-78 2-78 .2 9 7 . 8 _ 3 1 7 .5 3 2 5 .8 3 3 4 .2 34 2 .2 3 5 1 .5 3 5 4 .0 3 5 7 .2 3-76 9 .5 8 .8 8 .2 7 .5 7 .0 6 .2 5 .3 3 .4 3 .6 3 .6 4-7 6 9 .2 8 .6 8 .0 7 .4 6 .9 6 .3 5 .6 4 .2 4 .7 5 .2 6 .7 1-77 9 .3 8 .7 8 .2 7 .7 7 .3 6 .8 6 .3 5 .3 5 .9 6 .7 8 .3 3 6 0 .* 3 6 6 .3 9 .8 3 7 5 .0 2 -7 7 9 .8 9 .3 8 .8 8 .4 8 .2 7 .9 7 .6 7 .0 7 .8 8 .8 10*6 1 2 .7 1 5 .6 3-77 9 .9 9 .5 9 .1 8 .7 8 .5 8 .3 8 .0 7 .6 8 .4 9 .4 1 0 .8 1 2 .3 1 3 .5 1 1 .5 4 -7 7 10.1 9 .8 9 .4 9 .1 9 .0 8 .8 8 .7 8 .3 9 .1 1 0.1 11*4 1 2 .6 1 3 .6 1 2 .6 1 3 .7 1-78 9 .7 9 .4 9 .0 8 .7 8 .5 0 *4 8 .2 7 .9 8 .5 9 .2 1 0 .2 1 0 .9 11.1 9 .7 8 .8 4 .1 2-78 9 .6 9 .3 8 .9 8 .7 8 .5 8 .3 8 .2 7 .9 8 .4 9 .0 9 .8 1 0 .4 1 0 .5 9 .2 8 .5 6 .0 3-78 9 .9 9 .6 9 .3 9 .1 9 .0 8 .8 8 .7 8 .5 9 .1 9 .7 1 0 .5 1 1 .0 1 1 .2 1 0 .4 1 0 .1 8 .9 1 1 .4 1 5 .0 4-78 1 0 .1 9 .9 9 .6 9 .4 9 .3 9 .2 9 .1 8 .9 9 .5 1 0.1 1 0 .9 1 1 .4 11*6 1 1 .0 1 0 .9 1 0 .2 1 2 .3 1 4 .5 1 4 .1 1-74 2-74 3-74 4 -7 4 1-75 2-75 3-75 4-75 1-76 2-76 3-76 4-76 1-77 2-77 3-7 7 4 -7 7 1-78 2-78 3-7 8 3 8 8 .8 3 9 9 .5 4 1 2 .5 * 1 6 .7 4 2 4 .7 7 .9 4 3 9 .8 4 5 4 .5 I N I T I A L QUARTER GOVERNMENT PURCHASES OF GOOOS AMO S E R V IC E S IN 1972 DO LLARS COMPOUNDED ANNUAL RATES OF CHANGE T ER M IN A L QUARTER 1-74 2 -7 4 3-74 4-74 1-75 2-74 2 .2 3-74 1 .8 1 .4 4 -7 4 1 .1 0 .5 1-75 1 .2 0 .9 1 .6 2-75 1 .7 1 .6 2 .6 3 .6 2-75 3-75 I N I T I A L QUARTER ANNUAL R A T E S 2-76 4-75 1-76 3-76 B IL L IO N S O f OO LLARS 4-76 1-77 2-77 3 -7 7 4 -7 7 1-78 2-78 3-7 8 2 5 7 .6 2 5 8 .5 - 0 .3 2 5 8 .3 2 5 9 .3 2 6 1 .6 3-75 2 .0 1 .9 2 .8 3 .5 3 .4 4-75 2 .1 2 .1 2 .9 3 .3 3 .2 2 .9 1-76 1 .6 1 .5 1 .9 1 .9 1 .4 0 .4 - 2 .1 2-76 1 .2 l.l 1 .3 1 .2 0 .6 - 0 .3 - 1 .9 - 1 .7 3-76 1 .0 0 .8 0 .9 0 .8 0 .3 - 0 .5 - 1 .6 - 1 .4 - l.l 4 -7 6 0 .7 0 .6 0 .6 0 .4 - 0 .1 —0 . 8 - 1 .7 - 1 .5 - 1 .4 - 1 .8 1-77 0 .9 0 .7 0 .8 0 .7 0 .3 - 0 .3 - 0 .9 - 0 .6 - 0 .2 0 .2 2 .3 2-77 1 .4 1 .3 1 .5 1 .5 1 .2 0 .9 0 .6 1 .1 1 .8 2 .8 5 .1 8 .0 2 6 3 .8 2 6 5 .7 2 6 4 .3 2 6 3 .2 2 6 2 .5 2 6 1 .3 2 6 2 .8 2 6 7 .9 3-77 1 .7 1 .7 1 .9 1 .9 1 .7 1 .5 1 .3 1 .9 2 .6 3 .5 5 .3 6 .9 4 -7 7 1 .9 1 .8 2 .0 2 .1 1 .9 1 .8 1 .6 2 .2 2 .8 3 .6 5 .1 6 .0 5 .0 4 .2 1-78 1 .5 1 .5 1 .6 1 .6 1 .4 1 .2 1 .1 1 .5 1 .9 2 .4 3 .3 3 .5 2 .1 0 .3 - 3 .5 2-78 1 .4 1 .4 1 .5 1 .5 1 .3 1 .1 0 .9 1 .3 1 .6 2 .0 2 .7 2 .8 1 .5 0 .1 - 1 .9 - 0 .3 3-78 L lL _ 1 .7 1 .9 1 .9 1 .7 1 .6 1 .5 1 .9 2 .2 2 .7 3 .3 3 .5 2 .6 1 .8 1*1 3 .4 7 .3 4-78 1 .8 1 .8 2 .0 2 .0 1 .9 1 .8 1 .7 2 .D 2 .4 2 .8 3 .4 3*6 2 .8 2 .3 1 .8 3 .6 5 .6 4 .0 1-74 2-7 4 4-7 4 1-75 2-75 3-75 4-75 1-76 2-76 3-76 4-76 1-77 2-77 3 -7 7 4-77 i- 7 8 2-78 3 -7 8 3-74 5 .8 2 7 1 .7 2 7 4 .5 2 7 2 .1 2 7 1 .9 2 7 6 .7 2 7 9 .4 INITIAL QUARTER PREPAREO BY FEOERAL RESERVE BANK OF ST. LOUIS MARCH 20* 1979 17 DISPOSABLE PERSONAL INCONE IN CURRENT DOLLARS COMPOUNOEO ANNUAL RATES OF CHANGE________ TERMINAL QUARTER 1 -7 4 2 -7 4 3 -7 4 4 -7 4 2 -7 4 1 0 .3 3 -7 4 1 0 .9 1 1 .4 9 .5 9 .1 6.8 7 .2 5 .2 3 .7 1 2 .5 1 2 .9 1 6 .1 4 -7 4 2 -7 5 8.0 12.1 3 -7 5 1 0 .3 1 -7 5 4 -7 5 1 -7 6 1 -7 5 2 -7 5 3 -7 5 4 -7 5 ___ _____ 3 -7 6 4 -7 6 1 -7 7 2 -7 7 3 -7 7 4 -7 7 1 -7 8 2 -7 8 3 -7 8 10.1 11.2 10.2 10.2 10.0 10.8 10.2 10.2 9 . 9 10.6 1 0 .3 I f 0 9 5 .1 1 5 .1 1 .9 1 3 .3 5 .7 9 .6 1 2 .4 7 .0 9 .7 1 ,1 0 0 . 3 1 ,1 2 5 . 8 9 .8 9 .9 1 1 .2 6 .9 3 -7 6 9 .6 9 .5 9 .2 9 .6 1 0 .6 7 .1 8.6 8.1 8 .4 8.0 4 -7 6 9 .6 9 .5 9 .3 9 .6 1 0 .5 7 .6 8 .7 1 -7 7 9 .5 9 .5 9 .3 9 .6 1 0 .3 7 .8 8.8 8.6 2 -7 7 9 .8 9 .7 9 .6 9 .9 1 0 .6 8 .3 3 -7 7 9 .8 9 .8 9 .7 3 -7 8 10.0 9 . 9 10.0 9 . 9 10.2 10.1 10.2 10.1 4 -7 8 1 0 .3 1 0 .3 1 -7 4 2 -7 4 9 9 9 .7 1 ,0 2 5 . 4 9 .4 10.0 10.0 10.2 10.2 _ 3 0 .1 9 .7 2 -7 8 2 -7 6 1 ,0 1 6 . 2 9 .8 1 -7 8 1 -7 6 9 7 J .I __ 2 -7 6 4 -7 7 B IL L IO N S OF OOLLARS ANNUAL RATES I N I T I A L QUARTER 10.0 10.6 10.2 1 0 .8 10*2 1 0 .7 8 .6 9 .0 9 .1 1 0 .3 1 0 .9 9 .4 1 0 .3 1 0 .8 9 .4 1 0 .3 1 0 .5 1 0 .9 9 .7 3 -7 4 4 -7 4 1 -7 5 2 -7 5 9 .3 8 .5 9 .2 1 ,1 5 2 . 5 6 .4 1 ,1 7 0 . 6 7 .1 7 .8 8.1 8 .9 10.0 8 .3 8 .9 9 .5 9 .0 9 .1 9 .8 1 0 .5 1 0 .7 1 2 .5 10.8 1 1 .7 1 0 .9 1 1 .3 12.1 1 1 .9 1 2 .9 1 1 .5 11.2 1 1 .3 9 .8 I ,1 9 ? .8 10.0 10.6 9 .9 9 .9 9 .9 11.0 1 0 .5 9 .9 9 .9 9 .9 1 0 .4 10.8 10.1 10.1 10.2 1 0 .7 11.1 10*1 10*1 10.2 10.6 11.0 1 0 .4 10*4 1 0 .3 10.8 11.2 9 .5 3 -7 5 9 .5 4 -7 5 9 .4 1 -7 6 2 -7 6 3 -7 6 1 ,2 2 1 . 5 1 ,2 4 8 . 0 1 * 2 8 5 .3 1 * 3 1 9 .1 1 * 3 5 9 .6 11.0 11.2 11.1 1 1 .7 1 1 .5 1 1 .7 1 1 .1 1 2 .5 1 1 .5 11.2 1 1 .3 1 0 .8 1 1 .3 1 1 .3 1 1 .7 1 1 .5 11.6 1 1 .3 4 -7 6 1 -7 7 2 -7 7 3 -7 7 4 -7 7 1 ,3 9 1 . 6 1 * 4 3 3 .3 1 1 .9 10.2 11.6 1 3 .0 1 -7 8 2 -7 8 3 -7 8 1 * 4 6 8 .4 1 ,5 1 3 .9 QUARTER IN IT IA L < D ISPO SABLE PERSONAL INCOME IN 1 97 2 OOLLARS COMPOUNDED ANNUAL RATES OF CHANGE 1 -7 4 2 -7 4 2 -7 4 3 -7 4 4 -7 4 1 -7 5 2 -7 5 - 0 .9 -0 .0 -1 .8 -1 .9 -3 .7 1 -7 5 -2 .0 - 2 .1 -3 .1 -2 .5 1 -7 6 2 -7 6 3 -7 6 4 -7 6 1 -7 7 2 -7 7 3 -7 7 4 -7 7 1 -7 8 2 -7 8 3 -7 8 8 4 3 .0 - 2.6 3 .7 4 .9 9 .6 3 -7 5 1 .3 1 .9 2 .4 4 .5 -4 .9 4 .4 - 0 .5 3 -7 6 2.2 2 . 7 2.1 2.6 3 . 0 2.1 2 . 5 2 . 9 2.1 2 . 5 2.8 4 -7 6 2 .3 1 .7 2 .7 3 .0 8 3 5 .1 8 2 9 .8 2 -7 5 2 -7 6 4 -7 5 8 4 3 .1 3 -7 4 1 -7 6 3 -7 5 -1 .7 4 -7 4 4 -7 5 B IL L IO N S OF DOLLARS ANNUAL RATES I N I T I A L QUARTER TERMINAL QUARTER 2 3*1 4 .4 6 .3 4 .0 5 .4 3 .8 4 .9 3 .9 4 .8 4 .4 8 7 4 .1 1.2 8 6 3 .1 8 7 1 .7 4 .0 4 .4 8 8 1 .8 4 .7 3 .6 3 .4 1.6 2.0 2.0 3 .3 3 .0 2.1 2.2 2 .4 3 .5 3 .3 2 .9 3 .3 3 .2 3 .0 2.6 2.8 3 .0 1 .7 2 .5 3 .6 3 .6 3 .3 3 .6 4 .1 4 .0 6.2 1 .4 8 8 6 .3 8 9 1 .5 4 .3 9 0 0 .9 1 -7 7 2.2 2.6 2 .9 3 .6 2 -7 7 2 .5 2 .9 3 .2 3 .9 3 -7 7 2.8 3 .1 3 .4 4 .1 4 .8 2 .9 3 .9 3 .9 3 .8 4 .1 4 .5 4 .6 6 .1 5 .9 4 -7 7 3 .1 3 .5 3 .7 4 .4 5 .0 3 .4 4 .3 4 .4 4 .3 4 .7 5 .2 5 .4 6 .7 6 .9 7 .8 1 -7 8 3 .0 3 .3 3 .5 4 .1 4 .7 3 .2 4 .0 4 .0 3 .9 4 .2 4 .5 4 .5 5 .2 4 .9 4 .4 1.1 2 -7 8 3 .0 3 .3 3 .5 4 .1 4 .6 3 .2 4 .0 3 .9 3 .9 4 .1 4 .3 4 .3 4 .9 4 .5 4 .1 2 .3 3 .5 3 -7 8 3 .0 3 .3 3 .5 4 .0 4 .5 3 .2 3 .9 3 .9 3 .8 4 .0 4 .2 4 .2 4 .7 4 .3 3 .9 2 .7 3 .5 3 .5 4 -7 8 3 .2 3 .5 3 .7 4 .2 4 .6 3 .4 4 .1 4 .1 4 .0 4 .2 4 .4 4 .5 4 .9 4 .6 4 .4 3 .5 4 .4 4 .8 6 .1 ¿-*6 3 -7 6 4 -7 6 1 -7 7 2 -7 7 3 -7 7 4 -7 7 1 -7 8 2 -7 8 3 -7 8 i- n 2 -7 4 i- f 4 t-t6 9 0 4 .8 9 1 8 .6 9 3 1 .9 9 4 9 .6 9 5 2 .1 9 6 0 .3 9 6 8 .7 9 8 3 .2 INITIAL QUARTER PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS MARCH 20, 1979 18 CORPORATE P R O F IT S AFTER TAXES * COMPOUNDED ANNUAL RATES OF CHANGE TERM IN A L QUARTER IN IT IA L 1-74 2-74 11*2 3-7 4 3 0 .5 4-7 4 4 .9 2 -7 4 3-74 4-74 1-75 2-75 3-75 4-75 1-76 B I L L I O N S OF D O LLA RS ANNUAL R A T E S QUARTER 2-76 3-76 4-76 1-77 2-77 3-77 4-77 1-78 2-78 3 -7 8 7 2 .8 5 3 .3 8 1 .0 1 .9 - 3 2 *2 7 3 .5 1-75 - 1 6 .6 - 2 4 .3 - 4 6 *8 - 5 8 .2 2-75 - 7 .2 - 1 1 .3 - 2 6 *0 - 2 2 .8 5 9 .1 4 2 *8 6 4 .6 3-75 6 .7 5 .8 - 3 *6 8 .4 7 4 *6 1 1 3 .6 7 8 .1 4-7 5 7 .4 6 .8 - 0 *7 9 .3 5 0 .5 5 4 .5 1 1 .8 8 0 .3 1-76 1 2 .0 1 2 .2 6*5 1 6 .5 50*6 5 3 .3 2 9 .9 5 0 .9 2-76 12*5 1 1 .7 7 *8 1 6 .5 4 3 .0 4 3 .0 2 5 .1 3 2 .4 1 6 .2 3-7 6 11*5 11*6 7 *2 14*5 3 5 .4 3 4 .0 1 9 .2 2 1 .8 9 .4 3 .1 4-7 6 10*0 9 *9 5 *9 1 2 .0 2 8 .9 2 6 .8 1 4 .2 1 4 .8 4 .8 - 0 .4 - 3 .8 1-77 1 0 .8 1 0 .8 7 *3 12*9 2 7 .8 2 5 .8 1 5 .1 1 5 .8 8 .4 6 .0 7 .4 2 0 .0 2-7 7 12*1 1 2 .2 9 *1 1 4*4 2 7 .9 2 6 .1 1 7 .0 1 7 .9 1 2 .2 1 1 .3 1 4 .1 2 4 .3 2 8 .8 8 9 .0 92 .4 9 3 .1 9 2 .2 9 6 .5 102 .8 3 -7 7 1 1 .8 1 1 .9 9 *0 13*8 2 5 .8 2 4 .0 1 5 .8 1 6 .4 1 1 .5 1 0 .6 1 2 .6 1 8 .6 1 7 .9 8 .0 4-7 7 10*9 1 0 .8 8 .1 12*4 2 3 .0 2 1 .2 1 3 .8 1 4 .0 9 .5 8 .5 9 .6 1 3 .2 1 1 .1 3 .1 - 1 .5 7 .1 5 .9 6 .3 8 .5 5 .8 - 0 .9 - 5 .1 1 0 4 .8 1 0 4 .4 1-78 9 .5 9*4 6 .8 10*6 2 0 .0 1 8 .1 1 1 .3 1 1 .3 2-78 1 3 .3 1 3 *4 1 1 .2 15*2 2 4 .5 2 3 .1 1 7 .1 1 7 .6 1 4 .4 1 4 .2 1 5 .9 1 9 .5 1 9 .4 1 7 .2 2 0 *5 3 3 .2 9 4 .0 3—78 12*2 12*3 1 0 .1 13*8 2 2 .2 2 0 .7 1 5 .1 1 5 .4 1 2 .4 1 2 .0 1 3 .2 1 5 .8 1 5.1 1 2 .6 1 3 .7 1 9 .3 3 6 .3 -4*2 4-78 1 3 .7 1 3 .9 1 1 .9 15*5 2 3 .6 2 2 .3 1 7 .2 1 7 .6 1 5 .0 1 4 .9 1 6 .3 1 9 .1 1 8 .9 1 7 .4 1 9 *3 2 5 .2 3 9 .0 1 7 .6 4 4 .5 1-74 2 -7 4 3-74 4-74 1-75 2-75 3-75 4-75 1-76 2-76 3-76 4-76 1-77 2-7 7 3-7 7 4-77 1-7 8 2-78 3 -7 8 1 0 2 .1 —a . 5 1 2 0 .5 1 1 9 .2 1 3 0 .7 P I N I T I A L QUARTER * NATIO NAL INCOME B A S I S P - P R E L IM IN A R Y PREPARED SV F E O E R A l RESERVE B A f« OF S T . L O U IS MARCH 2 0 , 1 97 9 SOURCES OF DATA NATIONAL INCOME AND PRODUCT ACCOUNTS DATA Source: 1929-72: 1973 1974 1975-77 U .S . Department of Commerce, Bureau of Economic Analysis, Washington, D.C. 20230 The National Income and Product Accounts of the United States, 1929-/4, A Survey of Current Business Supplement. Survey of Current Business, July 1976. Survey of Current Business, July 1977. Survey of Current Business, July 1978. 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 IN V E N T O R IE S CO MP ARE D WITH M A N U FA C T U RIN G 72 AND MONTHLY SALES* TRADE 72 68 68 64 64 60 60 56 56 52 52 48 48 44 44 40 40 36 36 1965 RATIOS 196 6 B AS E D SHADED A R E A S LATEST * 196 7 1968 1970 1971 ON S E A S O N A L L Y A DJ U S T E D DATA. REPRESENT DATA P L O T T E D : 1969 PERIODS OF B U S I N E S S 1972 1974 1975 S OUR C E : 1976 1977 U . S . DEPARTMENT 1978 OF '9 7 9 COMMERCE RECESSIONS. J ANUARY P R E L I M I N A R Y REVISED FROM 1978. 1973 PREPARED 20 BY F E D E R A L RESERVE BANK OF S T . LOUIS
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