Full text of National Economic Trends : March 1980

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rs S T io n R L

ic o n o m ic

u m

m

PREPARED BY FEDERAL RESERVE BA 3K O F ST. LOUIS

MONTH ENDING: February 29, 1980

RELEASED: March 31, 1980

The U.S. economy is demonstrating considerable resiliency despite some
sectoral weaknesses. As is typical of most cyclical expansions in their advanced
stages, the rate of price increase has accelerated and the growth o f output has
slowed. The rate of price increase has been particularly rapid in recent months,
reflecting another sharp run-up in energy prices as well as expectational factors.
Production growth has been sluggish since late 1978, yet employment has
continued to advance, implying poor productivity performance. Industrial production
in February was up at a slight 0.7 percent annual rate from December 1978 compared
with a 6.6 percent average rate of expansion in the previous two years. Payroll
employment, however, rose at a relatively strong 2.5 percent annual rate from
December 1978 to February 1980, but less than the average rate o f advance in the
1976-78 period.
Although energy prices have been an important influence, the rise in prices
since late 1979 has been spread broadly over all sectors except food. The
accompanying table compares producer price movements over the past two months
with the previous two years. Energy prices, of course, have risen sharply, but food
prices have declined or increased relatively slowly. The jump in rates of increase for
finished consumer goods other than food and energy, capital equipment, and
intermediate materials other than food and energy indicates that the recent surge in
prices has not been attributable to special factors impinging on supply and demand in
one particular sector.

PRODUCER PRICES

Relative
importance
Dec. 1979
Finished goods
Consumer goods
Foods
Energy
Other
Capital equipment
Intermediate materials
Foods and feeds
Energy goods
Other

1 0 0 .0

%

19.9 %
21.9
-7.5
99.3
26.1
15.0

12.6 %
14.2
7.5
62.7
9.4
8.8

9.2 %
9.7
12.1
7.9
8.6
8.1

%

31.4%
16.9
71.8
26.0

15.9 %
8.3
42.5
12.8

8.6%
14.0
4.2
8.9

71.6
24.3
10.3
37.0
28.4
1 0 0 .0

5.1
13.6
81.3

* Computed from seasonally adjusted data.




Annual rates of change*
Dec. 1979
Dec. 1978
Dec. 1977
to
to
to
Feb. 1980
Dec. 1979
Dec. 1978

TOTAL CIVILIAN EMPLOYMENT
COMPOUNDED ANNUAL RATES OF CHANCE
INITIAL MONTH

TERMINAL
MONTH
7 -7 8

8 -7 8

9 -7 8 1 0 -7 8 1 1 -7 8 1 2 -7 8

2 -7 9

1 -7 9

8 -7 8

4 .9

9 -7 8

3 .5

2 .2

10 -78

4*2

3 .9

5 .5

1 1 -78

4 .2

4 .0

4 .9

4 .2

12—78

376

3 .3

3 .7

2 .7

1 .3

1 -7 9

3 .7

3 .5

3 .8

3 .2

2 .7

4*2

2 -T 9

378

376

3 .9

J .I

3 .2

4*2

3 .5

> .1

2 .8

Y .J

1. A

1 .3

i.T

6 .4

-1 .5
-0 .0

3 -7 9

THOUSANDS

OF PERSONS

5 -7 9

4 -7 9

7 -7 9

6 -7 9

8 -7 9

9 -7 9 1 0 -7 9 1 1 -7 9 1 2 -7 9

1 -8 0
«#<♦,602
9 4 ,9 7 3
*5.<»0i

----

■

3—79

375

5 .3

4—*?9

¿ .6

¿73

5 -7 9

2 .6

2 .4

2 .4

2 .0

1 .6

1 .7

1 .1

6 -7 9

2 .6

2 .3

274

2 .0

1 .7

1 .7

1 .2

0 .5 ~ 0 . 1

2.1

nT -----2 .0 ■

1 .6

9 5 , tt 31
V 6 ,1 5 7

---...

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

T .r

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

~ V6.496~

.....................

■'

•>6,623

9 6 ,2 5 4
-0 .8

3 .0 * c

—

96,V#5~

-------

7 -7 9

2 .9

2 .7

2 .8

2 .5

2 .3

2 .4

2 .1

1 .7

1 .8

3 .9

4 .4

6 .8

8 -7 9

2 .5

2 .3

2 .3

2 .0

1 .8

1 .8

1 .5

l7 l

0 .9

274

2 .1

2 .2

9 -7 9

2 .8

2 .6

2 .7

2 .4

2 .2

2 .3

2 .1

l.flf

1 .8

3 .1

3 .2

3 .6 ~ 2 7 0
2 .6

1 0 -7 9

2 «6

2 .4

2 .4

2 .2

2 .0

2 .1

1 .8

1 .5

1 .5

2 .6

2 .5

1 1 -7 9

2 .5

2 .4

2 .4

2 .1

2 .0

2 .0

178

175 " “ 17 5

2 .4

2 .3 “ "274 "

1 2 -7 9

2 .6

2 .5 '

2 7 5~

2 .3

2 .1

T .2

1 .8

1 .8

2 .6

2 .5

1 -8 0

2*4

2 .2

2 .2

2 .0

1 .9

1 .9

1 .5

1 .5

2 .2

2 .0

2 -8 0

2 7 3 ” ‘ 2 .2

2 .2

2 .0

1 .9 "

1 .9

1 .5

1 .5

T .l

2 .0

27T

-i= n

?-T9

9 6 ,6 5 7
V 7 ,ltt*

\ 1 . 5 %
-2 .2

^ ,0 0 4 ~
6 .4

V 7.5C K

1 .2

2 .9

-0 .4

1 .3

275

“076

9 7 ,^ 7 4

2 .6

1 .8

¿7s

~ i7 T

2 .7

3 .8

2 .1

1 .3

2 .0

0 .9

1 .4

1 .2

1 .4

2 .0

1 .1

175

1*4

Iz lf

8 -7 ?

f-7 ? 10-79 11-79 12-79

1-80

8-79

9-79 10-79 U -79 12-79

1-80

" ii r s “

V 7.6 0 6
V 7.91 2

1

,
*»!
oi
!

9 5 .7 2 «

------

7 -7 8

_9“14_ W f l W i

1 .7

1 1 -7 9 .12r l f i _ . 1 -7 9

^•7?

V 7 .6 0 4

-1 .3 ^

~ o .j T T »o \ .

9 7 ,9 5 3

INITIAL MONTH
_________ PAYROLL EMPLOYMENT________
COMPOUNDED ANNUAL RAtES OF~CHANtlE
TERMINAL
MONTH

INITIAL NONTH
7-78

8-78

2*7

9-78

2.4

10—78

3*4

u

- t T

12-78

470"
4*1

8-78

»-78 10-78 11-78 12-78

1-79

2-79

3-79

4-79

5-79

6-79

7-79

THOUSANOS
OF PERSONS

*6,8<»0
2*1

8 7 ,0 3 2

3*8

5.5

^75

r.7~

5.9

8 7 ,8 * 0

4*4

5*2

~57o

0 8 ,1 3 3

o 7 ,4 2 4

8 8 ,4 3 3
8 8 .7 0 0
“ 8 9 ,0 3 9 ”

4-79

3.6

3.7

4.0

3.7

3.3

3.1

2.8

3.3 " 372“

5-79

3.8

3.9

4.1

3.9

3.6

3.5

6-79

3.7

3.8

4.0

3.8

3.5

3.4

7-79

3.5

3.6

3.7

3.5

3.2

3.1

8-79

3.3

3.3

3.4

3.2

2.9

2.3

8 9 ,0 3 6

5.0

¿9,398~

3.2

2.7

4.0

3«!

2.9

2.8

2.3

3.1

2.1

1.2 v

278

2.6

2 .4”

1.6

0.9

0.7 v

2.0

2.5

897626

, 2 .1%

89,713
»9,702
89780F

9-79

3.1

3.1

3.2

3.0

2.7

2*5

2.3

27l

1.7

2.1

1*4

0.8

0*4

0.5 ' V

1 0 -7 9

3 .0

3 .1

3 .1

2 .9

2 .7

2 .5

2 .3

2 .2

1 .8

2 .1

1 .6

1 .2

1*2

1 .5

1 1 -7 9

2 .9

3 .0

3 .0

2 .8

2 .6

2 .4

2 .3

2 .1

1 .8

2 .1

1 .6

"173

1 .3

T 7 5 ~ T7o

1 2 -7 9

2 .9

2 .9

2 .9

2 .8

2 .5

2 .4

2 .2

2 .1

1 .8

2 .0

1 .6

1*4

r^ r

T .6

1 -8 0

3 .0

3 .0

3.1

2.9

2.7

2*6

2.4

2.3

2.1

2.3

2.0

1.9

2 .0

2 -8 0

2.9

2 .9

3.0

2.8

2 .6

2.5

2.4

2.3

270“

M

270

7-78

8-78

9-78 10-78 11-78 12-78

1-79

2-79

f 2 .1~|~ 2.3
3-79

4-79

»-79

6-79

7-79

2.2
2^2~
8-79

2*4 \

8 9 ,9 8 2
1 7 6 ^ ^

9 0 ,1 0 0 ’

¿7o

1 .7

i . 9 \

2.7

2.7

3.3

477^

9 0 ,5 9 0 P

2.3

2.3

2.8

3.3

9 0 »7 3 IP

90,241”

9-79 10-79 11-79 12-79

j-80

initial month

P - PRELIMINARY




PREPARED 8Y FEDERAL RESERVE BANK OF ST. LOUIS
MARCH 7» 1980




EMPLOYMENT
RATIO

R A T I O SC A L E

SC A L E

MILLIONS

OF P E R S O N S

M I L L I O N S OF P E R S O N S

SEASONALLY ADJUSTED

SOURCEt U.S.DEPARTMENT OF LABOR
PERCENTAGES ARE ANNUAL RATES OF CHANCE FOR PERIODS INDICATEO.
LATEST DATA PLOTTED: FEBRUARY PRELIMINARY
PREPAAEO BY FEDERAL RESERVE BANK OF ST. LOUIS

UNEMPLOYMENT
PERCENT

RATE

SEASONALLY ADJUSTED

PERCENT

9.

8.

7.

6.

5.

4.

3.

2.
SOURCE: U.S. DEPARTMENT OF LABOR
PERCENT OF X I VILI AN LABOR FORCE
LATEST DATA PLOTTED: FEBRUARY
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

CONSUMER PRICE INDEX* SEASONALLY ADJUSTEO ♦
COMPOUNDED ANNUAL RATES OF CHANGE
TERMINAL
MONTH
8 -7 8

1967*100

8 -7 8

9 -7 8

»V
1
00

IN I T I A L MONTH
7 -7 8

1 0 -7 8 1 1 -7 8

2 -7 9

1 -7 9

3 -7 9

4 -7 9

5 -7 9

6 -7 9

7 -7 9

6 -7 9

9 -7 9

1 0 -7 9 1 1 -7 9 1 2 -7 9

1 -8 0
1 9 7 .3

7 .6

19 8.9

9 -7 8

9 .9

1 0 .2

1 0 -7 8

9 .7

1 0 .8

1 1 .4

1 1 -7 8

9 .3

9 .9

9 .7

2 0 0 .7
8 .1

12 -78

9 .3

9 .7

9 .6

8 .7

1 -7 9

9 .7

1 0 .1

1 0 .1

9 .7

2 -7 9

1 0 .4

1 0 .8

1 0 .9

1 0 .8

3 -7 9

1 0 .7

1 1 .2

1 1 .4

4 -7 9

1 1 .0

1 1 .4

1 1 .6

¿ 0 2 .0
9 .3

¿O j .3
2 0 3 .4

1 0 .3 ' 1 1 .8
1 1 .8

1 3 .0

1 4 .3

¿ 0 7 .7

1 1 .4

1 2 .2

1 3 .2

1 3 .9

1 1 .6

1 2 .3

1 3 .1

1 3 .5

1 3 .1

1 2 .7

1 2 .9

1 2 .6

\

2 0 9 .9

1 3 .5 "
2 1 2 .0

5 -7 9

1 1 .1

1 1 .5

1 1 .7

1 1 .7

1 2 .3

1 3 .0

1 3 .3

6 -7 9

1 1 .3

1 1 .7

1 1 .9

1 2 .0

1 2 .5

1 3 .1

1 3 .3

1 3 .1

1 3 .0

13 .1

1 3 .7

7 -7 9

1 1 .5

1 1 .9

1 2 .1

12 . 1

1 2 .7

137*

1 3 .4

1 3 .2

1 3 .1

1 3 .3

1 3 .6

1 3 .5 X

8 -7 9

1 1 .6

1 2 .0

1 2 .1

12 .2

1 2 .7

1 3 .1

1 3 .3

1 3 .1

1 3 .0

13 .1

1 3 .3

1 3 .1

1 2 . o 'ssn^ ^

2 2 0 .9

9 -7 9

1 1 .8

1 2 .2

1 2 .3

1 2 .4

1 2 .8

1 3 .2

1 3 .4

1 3 .3

1 3 .3

1 3 .4

1 3 .6

1 3 .6

1 3 .6

14.

2 2 3 .4

10 -79

1 1 .9

1 2 .2

1 2 .3

1 2 .4

1 2 .8

1 3 .2

1 3 .3

1 3 .2

1 3 .2

1 3 .2

1 3 .4

1 3 .3

1 3 .2

1 3 .5

1 2 .5

1 1 -7 9

1 1 .9

1 2 .2

1 2 .4

1 2 .4

1 2 .8

1 3 .1

1 3 .3

1 3 .2

1 3 .1

13.2

1 3 .3

1 3 .2

1 3 .2

1 3 .3

1 2 .7

1 2 .9

12 -79

1 2 .2

1 2 .4

1 2 .6

1 2 .7

1 3 .0

1 3 .4

1 3 .5

1 3 .4

1 3 .4

1 3 .5

1 3 .7

1 3 .7

1 3 .7

1 3 .9

1 3 .7

1 4 .4

1 5 .8

1 -8 0

1 2 .5

1 2 .8

1 3 .0

1 3 .1

1 3 .4

1 3 .8

1 3 .9

1 3 .9

1 3 .9

14 .1

1 4 .3

1 4 .3

1 4 .3

1 4 .8

1 4 .9

1 5 .7

1 7 .2

1 8 .6

2 -8 0

1 2 .8

1 3 .1

1 3 .2

1 3 .4

1 3 .7

1 4 .0

1 4 .2

1 4 .2

1 4 .3

1 4 .4

1 4 .6

1 4 .8

1 4 .9

1 5 .3

1 5 .5

1 6 .2

1 7 .3

1 8 .1

Ift-ZJL. 11-78 12-78

1 -7 9

2 -7 9

3 -79 _4-Z9.

2.-7JL_

* -7 8

1 2 .6 \ u

. <

21 4.1

%

2 1 6 .4

5-79 . 6rJ9

¿ 1 8 .7

Ir.79 ..frr_I9

2 2 3 .6
2 2 7 .9
¿ 3 0 .7
2 3 4 .0
lT W '^

¿ 3 7 .2

9.-79 10-79 JL1.-7V 12^29 . „ l r f l O ..

IN I T I A L MONTH
•CPI-W FOR URBAN WAGE EARNERS ANO CLER IC AL WORKERS

Pft£PAftfeO BY FEP6RAJL A£Sfcftttfc_ BANK OF S T« LOUIS
HARCH 259 1980

PRODUCER PRICE IN D EX , FIN IS H ED GOOOS - SESAONAL
_____________ _____££M&UNQ£iL-AIifc(jUA4»-iiAIRLjQ£-£tiAMi£-

__TEJUUMAL-

1967 « 100

1M1TLAL MQHIhL

MONTH
7 -7 8

8—78__ 9 -7 8 1 0 -7 b 1 1 -7 8 1 2 -7 8 __ 1=29__ 2 r J 9 ,

__ S -7 9

6 -7 9 __ 7 -1 9 __ 8 -7 9

9 -7 9 1 0 -7 9 1 1 -7 9 1 2 -7 9 __ | -g Q _

S .Q ___________________ ______ ;____ ____________________________________________ ______________ _____________ _______________________________________

-1 9 7 . ft

-6 l*12____& «9_

__lQ~Zft____7.fr

_199*2
*£___ Zm.IL-

- .11.-26____1*±-

jQ »3

_Bjl2___ 9 »9

____lr 2 5 L

10*1

11*1__ _______ 12*fr

14t $ '1 5 .B

1 0 .6

1 1 .3

1 4 .3 ___

1 2 .0

U .Q

-290.j>0-

— U -r lg

2 r7 9

1 9 6 .4

1 2 .9

___ ISbJL - I l t A . .- - L L t l __ l ? t 7

13*3

l? t l,

¿QA jlL .

13 t 9

12t9

!?♦£
__LL*2

— 5 b Z9 ___Jtfl«* .

lP .t f .

11.0

11.4— l l t f i __ 11.5

11.2

11 .4

1 1.6

11.2__ L I . 7

11«?

10.4___ S>4

ll.it ..-1 1 .2 ...1 f t t S — M U S -O Q .fe . 12t2

1 0 r I9

1 1 .4 — 11 .9 — 12*1__ 12.4.

1 1 -7 9

1 1 .1 2 .Q

12.7__ 1 2 . 1 - 1 2 .3 __ IZ*Z-JL2jlZ __ 12*J>__ 13^9_ 15*5__ 15*1__ 16 .4

12.2— L2.4— 12^Ji— 12.7__ 12*4__ 12,3

1-flO____12*jQ__ 12*4__ L2*2___1 2 .9 __ 13*2___1 3 .2 __ 1 3 . Q__ 1 3 .0
2 -A O

17-4

12* «

13*0

7 -7 8

8 -7 »

9 -7 8

2 2 1 .>

1 3 .1 ^ ^ -^

223.9 R

12.3__ L2*£__ 13.7__ _______ L2^fl__ L i i i __ Li*4__ 1 3 .U

I2r.79____ L l* 5 __ 1 1 .9 __ 12*Z__ 12*4__ 12*1___12*£__ 12*3__ 12*2__ 1 2 .2 __ 1 2 .5




2 IB . 3

14tfr_ l& j £ * .

12.0__ 1 2 t 3 -1 2 .f r __ L2*£__ 12*1__ 11*.9_- 11.9 __ 12.2 _13*3L_16«1__ 16*£__ 1 3 t l S ^ _______ „

1 3 .4

1 4 .5

¿ 2 6 «2

1 4 .3 ___1 4 .4

1 2 .9 __ 12*4__ 1 1 . 1

_22fl*JL_

1 3 .0 __ 1 3 .3

1 4 .3

1 5 .3

1 5 .4 ___1 5 .6

1 4 .8 ___L i* J ___1 6 * J_

13*6

13*5

13 *%

13 * 6

1 3*9

14. H

15*8

13*9

16*2

15*6

1 0 -7 8 1 1 -7 8 1 2 -7 8

1 -7 9

2 -7 9

3 -7 9

4 -7 9

5 -7 9

6 -7 9

7 -7 9

8 -7 9

9 -7 9 1 0 -7 9 1 1 -7 9 1 2 -7 9

1* . *

1 3 *i»

16*1

17*1

1 V *9

l« # * l\

^ 35*3

1 -8 0

I N I T I A L MONTH

PREPAREO BY FtO ER AL RESERVE 0ANK OF S T . LOUIS
MARCH 7 . 19flQ----------------------------------------- ----------------------------------------

4




RATIO

PRICES

SCALE

1967-100

1972

SEASONALLY

1973

1974

1975

RATIO

1976

1977

SCALE

1967-100

ADJUSTED

1978

1979

1980

* Ite v i SCO FRON I f f f TO 1 9 7 7 .
l i p f l - M FOR A l l URBAN CONSUMERS
U £ P I - * POM URBAN V U I EARNERS AN» C LE R IC A L tORK ERS
PERCENTAGES ARE ANNUAL RATES OF CHANCE FOR P E R I Otl$ IN © 1C ATEO .
LATEST OATA P LO TTE D . FEBRUARY
PREPAREO t Y PEOERAL RESERVE SANK OP S T . L O U IS

RATIO SCALE

PRODUCER PRI CES

RATIO SCALE

PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR P E R IO O S I MO 1CATEO .
LATE ST DATA PLOTTED« FEBRUARY
P|EPA R EO BY FEOERAL RESERVE BANK OF S T . L O U IS

PROOUCER PRICE IN O C X , F IN IS H E O CONSUMER FQOOS - SEASONALLY AOJUSTfcO
____________________CONFOUNDED ANNUAL RATES OF CHANCE___________________
TERNINAL
NONTH

I N I T I A L NONTH
7 -7 8

8 -7 8

9 -7 8 1 0 -7 8 1 1 -7 8 1 2 -7 8

8 -7 8

-0 .6

9 -7 8

6 .5

1 0 -78

1 1 .6

1 8 .3

2 2 .6

11 -7 8

9 .5

1 3 .1

1 2 .6

3 .4

1 -7 9

2 -7 9

3 -7 9

4 -7 9

5 -7 9

1967 « 100
6 -7 9

7 -7 9

8 -7 9

9 -7 9 1 0 -7 9 1 1 -7 9 1 2 -7 9

i-e o
207.*9

1 4 .1

2 1 0 .2
2 1 3 .0
2 1 4 .4

1 2 -78

1 1 .3

1 4 .5

1 4 .6

1 0 .8

1 -7 9

1 2 .6

1 5 .4

1 5 .7

1 3 .5

1 9 .0

1 9 .2

2 -7 9

1 3 .5

1 6 .0

1 6 .4

1 4 .9

1 8 .9

1 9 .0

1 8 .9

1 8 .8

2 1 7 .5
2 2 0 .7
2 2 3 .9

3 -7 9

1 3 .8

1 6 .0

1 6 .3

1 5 .1

1 8 .2

1 8 .0

1 7 .5

1 6 .1

* -7 9

1 1 .6

1 3 .2

1 3 .1

1 1 .5

1 3 .2

1 1 .9

9 .6

5 .2

2 2 6 .7
-4 .7

2 2 5 .8

3 -7 9

9 .0

1 0 .1

9 .6

7 .9

8 .7

6 .7

3 .9

-0 .7

-8 .2 -1 1 .6

2 2 3 .5

6 -7 9

7 .0

7 .8

7 .1

5 .3

5 .6

3 .5

0 .7

-3 .4

- 9 .2 -1 1 .4 -1 1 .2

2 2 1 .3

7 -7 9

7 .1

-1 .2

-5 .1

-5 * 2

-1 .9

8 .4

___8 -7 9

7 .8

7 .2

5 .7

5 .9

4 .2

1 .9

8 .8

8 .3

7 .0

7 .4

6 .1

4 .3

2 .1

-0 .5

0 .5

4 .9

1 4 .0

1 9 .9

8 .4

7 .3

5 .9

4 .2

2 .3

3 .8

8 .0

1 5 .3

1 8 .8

1 7 .7

7 .5

6 .4

5 .1

3 .5

1 .8

2 .9

6 .1

1 1 .0

1 1 .8

7 .9

-1 .0

?•<>_

5 .8

_4*5

5 .9

9 .1

1 3 .7

1 5 .1

1 3 .5

1 1 .5

25*6

9 -7 9

8 .7

9 .5

9 .1 _

1 0 -7 9

8 .0

8 .7

8 .3

7 .2

?.•?

9 .4

••5

1 2 -7 9

8 .6

’ •2

1 -8 0

7 .6

8 .0

2 -8 0

6 .8

1*2

2 2 9 .3
2 2 9 .IR
2 3 3 .5

8 .4

7 .5

6 .5

5 .4

4 .3

5 .4

8 .1

1 1 .7

1 2 .4

1 0 .6

8 .3

1 3 .2

2 .1

6 .8

7 .0

6 .1

5 .1

4 .0

2 .8

3 .7

5 .8

8 .4

8 .4

6 .3

3 .6

5 .2

-3 .8

-9 .3

6 .1

5 .3

4 .3

3 .1

2 .0

2*7

4 .4

6 .6

6 .3

4 .2

1 .7

2 .4

-4 .4

-7 .5

-5 .5

1 0 -7 8 1 1 -7 8 12—78

1 -7 9

2 -7 9

3 -7 9

4 -7 9

5 -7 9

6 -7 9

7 -7 9

8 -7 9

9 -7 9 1 0 -7 9 U - 7 9

12—79

1 -8 0

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

1 -80

_
9 -7 8

2 2 6 .2

8 .0
7 .7

7 -7 8

___ 8 .1

2 2 2 .8

2 3 3 .9
2 3 2 .0
2 3 0 .9

PKUDUCER PRICE INDEX» FIN IS H ED GOODS » EXCLUDING FOOOS - SEASONALLY ADJUSTED
OF CHANGE___________________________________

________________________________COHPQtMQED ANNUAL RATES
IN IT IA L

TERMINAL
NONTH

7-7 8
11— 714

a -7h

9-78

10- 7 » 11-78 12-78

1-79

2-79

3-79

*-79

1967 * 1 0 0

MONTH

5-79

6-79

8-79

5.8

190.8
192.0

9-7 H

6 .H

7.8

10- 7 h

6. 0

6. 1

*.5

11 - 7 A

7.1

7.5

7.*

10 . *

12-78

fi. 1

H.

7

9.0

11 . *

192.7
19* . 3
196.2

12. *

198.3

1-79

9.0

9.7

10.2

12.1

13.0 ' 13.6

7«

9.5

1O. 1

10.6

12 . 1

12.7

12.9

12.1

3-79

9.7

10.3

10.7

12.0

12.4

12. *

11.7

11.3

*-79

10.3

10.9

11.3

12.5

12.9

13.1

12.9

13.3

15.2

5- 7 V

10 . 6

1 1.1

11.5

12.6

13.0

13.1

12.9

13.2

14.1

13.0

6-79

10.9

11. *

11.8

12.8

1 3 .1

13.3

1 3 .2

1 3 .*

1 4 .2

13.6

l* .2 ^ v

7- 7 9

11. *

1 1.9

12.*

13.3

13.6

13.8

13.9

1*.2

1*.9

1*.9

15.8

17.3

M—79

11.5

12 . Ù

12. *

13.2

13.5

13.7

13.7

13.9

1*.5

1*«3

1*.7

1*.9

9-79

12.1

1 2.6

13.0

13.8

l* .l

1* . 3

1* . *

1*.7

15.3

15.3

15.9

10-79

12 . S

1 4.0

13 . *

1* . 2

1* .6

1* . 8

1*.9

15.3

15.8

16.0

16.5

? -

7-79

200.2
20 2.0

206.5

\1 6 .4 %

17.1

209*9
.

..¿ 1 1 .6
2 1 3.7

12.6
16.0

19.5

L 7.1

19. *

216.9
19^

\

¿

211.1 R

221.7

11-79

12.3

1 2.8

13 . 1

13.8

l* .l

1*.3

1* .3

14.6

15.0

1*.9

15.3

15.5

15.0

15.8

1 *.0

12-79

12.4»

12.9

13.2

13.9

l* .l

1*.3

1* .3

1* . 6

1*.9

1*.9

15.1

15.3

1*.9

15.5

1*.2

11.7

1* . *

1-80

13.5

1* .G

14» . *

15.0

15.*

15.6

15.8

16.1

16.6

16.8

17.2

17.7

17.7

18.8

18.6

18.*

23.*

33.1

7-80

I * .?

1* . 7

15 . 1

15.8

16.2

16 . *

16.6

17.0

17.6

1 7.8

18.3

18.9

19.1

20. 2

20.3

20.6

2* . 7

30.3

7 -7 »

8- 7»

9-78 1 0 -7 8 1 1 -7 8 1 2 -7 8

1 -7 9

2 -7 9

3 -7 9

* -7 9

5 -7 9

6 -7 9

7 -7 9

8 -7 9

9 -7 9 1 0 -7 9 1 1 -7 9 1 2 -7 9

9. 1 ^

22* .2
229.6
2 7 .5 ^

23*.3

1 -8 0

I N I T I A L NONTH
R-REVISED




PREPARED BY FEDERAL RESERVE SANK OF S T . LOUIS
198 0 __________ _________________________

MARf.N T .

6

INDUSTRIAL

PRODUCTION

RATIO SCALE

RATIO SCALE

1967-100

SEASONALLY ADJUSTED

1972

1973

1974

1975

1976

1977

P E R C E N T A G E S ARE AN N U A L R A T E S OF CH ANGE FOR P E R IO D S
LATEST

O A TA P L O T T E O t

1967-100

1978

1979

1980

IN O IC A T E O .

FE B R U A R Y P R E L IM IN A R Y
PR E P A R E D BY F E D E R A L R E S E R V E BANK OF S T .

L O U IS

IN D U S TR IA L PRODUCTION

------------------------------------------------------------------------------------------------------ to^dUNOTCT««liUAir RATE S Of CHAS££------------------------------------------------------------------------------------------------------TERMINAL------------------------------------------------------------------------------------------------------ INITIAL H0N1H--------------------------------------------------------------------------------------------------------TOT » 1 0 0
MONTH
____________
8 - ? ^ * - 7 9 1 6 -7 9 1 1 -7 9 1 2 -7 9 1 -8 6
- T - 7 Î T 6 -7 8
*^7fc 1 5 -7 8 1 1 -7 8 1 2 -7 8 1 ^7 9 2 -7 9 3 -7 9 4 -7 9 3 - 7 9 “5^79 7 —79
8—78

> .6

9 -7 8

6*3

5 .0

1 0 -78

r .y

7 .1

1 48.0
14 8.6
9 .3

1 4 9.7

1 1 -7 8

7 .3

7 .2

8 .4

7 .5

12- t 8

? .!'

7 .9

8 .9

8 .7

1 0 .0

1 -7 9

6 .1

5 .8

6 .0

4 .9

3 .6

-2 .3

2 -7 9

5 .8

5 .5

5 .6

4 .7

3 .8

0 .8

\ 4.<>

3 -7 9

6 .1

5 .9

6 .0

5 .4

4 .9

3 .2

6 «1

* -7 9

3 .4

2 .9

2 .6

1 .5

0 .3

-2 .0

-1 .8

5 -7 9

*•3

4 .0

3 .9

3 .1

2 .4

1 .0

1 .8

1 .1

-2 .3

1 3 .5

6 -7 9

4 .1

3 .7

3 .6

2 .9

2 .3

1 .1

1 .8

1 .2

-1 .0

7 .4

15 0.6
151.8
15 1.5
15 2.0
8 .2

153.0

- 4 . 6 -1 6 .0

150.8
152.*

^ 0 .7 %

1* 2.6

1 .6

7 -7 9

3 .9

3 .5

3 .4

2 .8

2 .2

1*1

1 .7

1 .3

-0 .4

5 .4

1 .6

8 -7 9

2 .8

2 .4

2 .2

1 .5

0 .9

-0 .2

0 .1

-0 .5

-2 .2

1«6

-2 .1

15 2 .8

1 .6 *
-3 .9

151.6

-9 .0 "

9 -7 9

3 .1

2 .7

2 .6

2 .0

1 .4

0 .5

0 .9

0 .5

-0 .8

2 .6

0 .0

-0 .5

-1 .6

6 .5 \ ^

152.4

1 0 -7 9

2 .8

2 .4

2 .2

1 .7

1 .2

0 .3

0 .6

0 .2

-0 .9

1 .9

-0 .3

-0 .8

-1 .6

2 .4

-1 .6

15 2.2

1 1 -7 9

2 .5

2 .2

2 .0

1 .5

1*0

0 .2

0 .5

0 .1

-0 .9

1 .5

-0 .4

-0 .8

-1 .4

1 .3

-1 .2

152.1

1 2 -7 9

2 .4

2 .1

1 .9

1 .4

1 .0

6 .3

0 .5

0 .2

-0 .*

1 .4

-6 .2

-0 .5

-0 .9

1 .2

-0 .5

0 .0

0 .8 ^ s .

1 -6 0

2 .5

2 .2

2 .1

1 .6

1 .2

0 .5

0 .8

0 .5

-0 .2

1 .7

0 .3

0 .1

-0 .1

1 .6

0 .6

1 .3

2 .4

4 .0 ^

1 5 2 .7P

2 -6 0

2 .5

2 .2

2 .1

1 .6

1*3

0 .7

0 .9

0 .7

0 .0

1 .8

0 .5

0 .4

0 .2

1 .9

0 .9

1 .6

2 .4

3 .2

153.OP

7 -7 8

8 -7 8

9 -7 6 1 0 -7 6 1 1 -7 8 1 2 -7 8

1 -7 9

2 -7 9

3 -7 9

4 -7 9

5 -7 9

6 -7 9

7 -7 9

8 -7 9

" 1 5 2 .2

9 -7 9 1 0 -7 9 1 1 -7 9 1 2 -7 9

1 -6 0

I N I T I A L MONTH
P - PRELIMINARY




____________________ _________ PREPARED BY FEOERAL RESERVE BANK OF S T . LOUIS
MARCH 14» 1960

7

PERSONAL
RATIO SCALE

INCOME
RATIO SCALE

MONTHLY TOTALS AT ANNUAL RATES

TRILLIONS OF DOLLARS

TRILLIONS OF DOLLARS

SEASONALLY ADJUSTED

2.2

2. I
2.0
1 .9
1.8
1.7

1.6
1.5
1.4

1.3

I.2
I. I
1.0
0.9

1972

1973

1974

1975

1976

1977

1978

1979

1980

0.8

SOURCEt U.S. DEPARTMENT OF COMMERCE
PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIODS INDICATED.
LATEST DATA PLOTTED* FEBRUARY PRELIMINARY
PREPARED BY FEDERAL RESERVE SANK OF ST. LOUIS
PERSONAL INCONE
___________________________CQHPOUNOEO ANNUAL KATES OF CHANSfc_______________________________
B IL L IO N S OF
TERMINAL_______
___
_ _ ___ ;_____________________________I N I T I A L MONTH__________________ _________________________________________________ POL LARS
ANNUAL RATES
MONTH
3 -7 9 * -7 9
8 -7 9 9 -7 9 1 0 -7 9 1 1 -7 9 1 2 -7 9 1 -6 0
1 -7 9
2 -7 9
5 -7 9
6 -7 9
7 -7 9
7 -7 8 8 -7 b
9 -7 8 10—7 d 1 1 -7 8 1 2 -7 »
1 .7 * 1 .3

1 * J_
9^78

.....

1 * 7 5 6 .1

J?S*. J 0 . 7

1 0 -7b

12*3

1**5

I B .*

n -? b

1 2 .9

1**5

1 6 .5

12—71*

1 * .0

1 5 .5

1 7 .1

1 6 .5

1 8 .3

1 *b 26.b

1 2 .*

1 3 .3

1 * .0

1 2 .5

11*5

l.b 4 * .J

1 -7 9

1 .7 6 1 .0
1*. 6

1 * 8 0 1 .*

1 3 .5

1 2 .3

1 1 .6

b .*

1 1 .8

1 3 .2

1 3 .6

1 2 .7

1 2 .2

10*3

1 3 .0

1**3

* -7 9

1 1 .8

1 2 .2

1 2 .5

1 1 .5

1 0 .9

9 .1

1 0 .5

9 .9

îz l '*

1

!

1 3 .0

*
I

1 ,8 5 1 .*

12. à
1 2 .6

2 -7 9

^

v

1 .8 7 2 .1
1 .8 8 0 .7
1 .8 9 1 .6

n * l_

iliJ ?

M *®

10?

8 .7

9 .7

9 .0

6 .*

_.6“ T*

U si

li t * »

11*5

10 « 6

1 0 .1

b .b

9 .5

9 .0

7 .2

8 .0

7 -7 9

1 1 .7

1 2 .1

1 2 .2

1 1 .6

1 1 .2

1 0 .2

11*1

1 0 .9

10*1

11*6

13*9

1 9 .2 ^ ^

M r??

1 1 .5

L 1 .0

11*3

1 0 .9

1 0 .0

1 0 .7

1 0 .5

9 .8

1 0 .9

1 2 .1

1 3 .8

8

9—79

11 .3

1 1 .5

!!• * _

1 1 .0

1 0 .7

9 .8

1 0 .5

1 0 .3

9 .6

1 0 .*

1 1 .3

1 2 .1

8 .6

8

1 0 -7 9

1 1 .5

1 1 .7

11. b

1 1 .2

1 0 .9

10*2

1 0 .8

1 0 .7

10*2

1 1 .0

1 1 .7

12*5

10*3

1 1 .2

13*f \

1 .9 8 1 * 2

1 1 -7 9

IL .7

1 2 .0

U*1

11*6

1 1 .3

1 0 .7

11*3

11*2

1 0 .9

1 1 .6

1 2 .*

13*1

1 1 .6

1 2 .7

1**7

15*8

2 .0 0 3 .5

H -7 V

IW ?

1 2 .1

11*Z

il* 8

11*6

1 1 .0

11*6

11*6

11*3

1 2 .0

1 2 .7

1 3 .*

1 2 .2

1 3 .1

1 * .7

1 5 .1

1 4 .5

1-bO

1 1 .8

1 2 .0

1 2 .1

1 1 .7

1 1 .5

1 1 .0

1 1 .5

1 1 .5

1 1 .2

1 1 .8

1 2 .*

1 2 .9

1 1 .9

1 2 .6

1 3 .6

1 3 .5

1 2 .*

¿ -Ç 0

H fi

11*6

1 1 .6

11*2

1 1 .0

10*5

10*9

1 0 .8

1 0 .5

11*0

11 .5

1 1 .8

10 *8

11*1

11*6

1 1 .1

9*6

7 - 7b

8 —7 b

9 -7 b 1 0 -7 b l l - 7 b

1 2 -7 8

1 -7 9

2 -7 9

3 -7 9

* -7 9

5 -7 9

6 -7 9

7 -7 9

6 -7 9

9 -7 9 1 0 -7 9 11— 79 1 2 -7 9

\ -1 0 .5 %
8*9
V

1 .9 0 5 .1
1 .9 3 3 .2
1 .9 * 6 .5
j \

1 .9 6 0 .1

2*028*3
10^3^^
7 .2

* .l\

2 .0 * 5 .0
2 *031.9 P

1 -6 0

I N I T I A L MONTH
P - PRELIMINARY




PREPARED BY FEDERAL RESERVE BANK OF ST* LO U IS
NARCH IB* I 9 BO

8

RETAIL

SALES*

RATIO SCALE

RATIO SCALE

BI LLIONS OF DOLLARS

1972

1973

BILLIONS OF DOLLARS

SEASONALLY ADJUSTED

1974

1975

1976

1977

1978

1979

1980

SOURCEt U.S. DEPARTMENT OP COMMERCE
PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIOOS INDICATED.
LATEST DATA PlOTTEDt JANUARY, FEBRUARY ADVANCE ESTIMATE
* " tVIM # F"°" '* ” ■

PREPARED » r FEOEftAl «UCftVE SANK OF «1. 10«IS

R E TA IL SALES«
CQHPQUNOEO ANNUAL RATES OF CHANGE
I N I T I A L MONTH

TERMINAL
MONTH
7—7 b

8 -7 »

9 -7 8

1 0 -7 8 1 1 -7 8 1 2 -7 »

1 -7 9

2 -7 9

3 -7 9

* -7 9

5 -7 9

M ILLIO N S UF
OOLLARS
6 -7 9

7 -7 9

« —79

9 -7 9 1 0 -7 9 11—79 1 2 -7 9

1-BO
67*469

8 -7 8

12 *»

9 -7 8

1 1 .*

1 0 .0

10—78

1 5 .0

1 6 .1

2 2 .5

6 « »0 0 6
6 9 .1 6 *

1 1 -78

1 * .5

1 5 .0

1 7 .6

1 3 .0

12-71»

1 5 .1

1 5 .7

1 7 .7

1 5 .*

1 7 .8

6 9 .8 7 1

1 -7 9

1 3 .9

l* .i

1 5 .2

1 2 .9

1 2 .8

7 0 .8 3 2
8 .1

7 1 .2 9 3

2 -7 9

1 1 .»

1 1 .6

1 1 .9

9 .*

8 .2

3 .7

-0 .5

3 -7 9

1 2 .0

1 1 .9

1 2 .2

1 0 .3

9 .6

7 .0

6 .5

13. 9

7 .2

6 .1

3 .3

1 .8

2 .9

5 .0

* .3

5 .9

* -7 9

9 .7

9 .3

9 .2

5 -7 9

1 0 .0

9 .6

9 .6

7 .9

7 .0

7 1 .2 6 6
\

7 2 .0 * 5
7 1 .6 0 6
2 .1

72*^92

I 2 . l \

^ 9 .8 %

6 -7 9

8 .7

8 .3

8 .1

6 .*

5 .5

3 .6

2 .7

3 .5

0 .3

* .2

-3 .3

7 -7 9

6 .0

7 .5

7 .3

5 .7

* .V

3 .1

2 .3

2 .9

0 .3

2 .9

-1 .*

0 .5

8 -7 9

1 1 .1

1 1 .0

1 1 .1

1 0 .0

9*7

8 .7

8 .»

141.*

9 .7

1 * .3

1 5 .1

2 5 .5

5 è .7 \

7 2 .0 9 3
\

7 2 .1 2 1
7 4 .8 7 1

9 —79

1 2 .5

1 2 .5

1 2 .7

1 1 .9

1 1 .8

1 1 .1

1 1 .5

1 3 .3

1 3 .2

1 7 .8

1 9 .3

2 7 .9

* * .3

1 U -7 9

1 0 .*

1 0 .2

1 0 .2

9 .3

9 .0

B .l

8 .1

9 .2

8*6

1 1 .*

1 1 .3

1 5 .2

2 0 .6

5 .8 - 1 5 . 7 V

1 1 -7 9

1 0 .6

1 0 .5

1 0 .5

9 .6

9 .*

« .6

8 .7

9 .»

9 .2

1 1 .8

1 1 .7

1 5 .0

1 9 .0

8 .5

-1 .9

10*0

9*6

1 1 .8

1 7 .6

9 .*

2 .5

13*1

1 2 .1

3

^

7 6 .6 6 6
7 5 .5 8 3

l ^ l V

# 6 .421

_ 12—79

1 0 .7

1 0 .6

1 0 .6

9 .8

9 .6

8 .9

9 .0

11*8

1**5

l-eo

1 2 .3

1 2 .3

1 2 .*

11. B

1 1 .7

11*3

1 1 .5

1 2 .7

12*6

1 5 .0

1 5 .*

1 8 .3

2 1 .6

1 5 .6

1 1 .6

2 2 .5

2 7 .0

4 3 .»

2—BO

1 1 .2

1 1 .1

1 1 .1

1 0 .5

1 0 .3

9 .«

9 .9

10*8

1 0 .6

12*5

1 2 .5

14*7

1 6 .9

1 1 .3

7 .*

i* .l

14* i

1**2

7 -7 «

8 —7 «

9 -7 8 1 0 -7 « 11 -7 8 1 2 -7 B

1 -7 9

2 -7 9

3 -7 9

* -7 9

.5 -7 9

6 -7 9

7 -7 9

B—79

7 7 .1 5 0

9 -7 9 1 0 -7 9 U — 79 1 2 -7 9

f9 .5 2 3 P

-T > | I

7 8 .9 8 9 t

1-B O

I N I T I A L MONTH
•REVISED FROM 1 9 7 7 .
P - PRELIMINARY
fc- ESTIM ATED




PREPARED BY FEOERAL RESERVE BANK OF ST» LOUIS
MARCH IB* 1980

9

HOURLY COMPENSATION, PRIVATE BUSINESS SECTOR
______ COMPOUNDED ANNUAL RATES OF CHANGE__________
TERMINAL
QUARTER

196T » 100

I N I T I A L QUARTER

1-75

2 t I 5 _ J ?-7? -± rJ >
,7 .2 %

2 =15

8*T

_M5

7t2

5*7^

-4 t I5

7*7

7 .2

8*»

.Ir ? *

9**

8 .3

9 .6

2 -7 4

8 .5

8 .4

9 .4

3 -7 6

ft?

8 .4

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

2 -7 9

3 -7 9

1 8 2 .6
1 8 6 .5
1 0 .5 \

1 9 1 .2

9 .7

8 .9 s

1 V 5 .3

9 .3

8 .7

1 W .3

4 -7 6

8 .5

8 .5

9 .2

8 .7

8 .7

8 .5

8 .5

9fQ

9 .0

8 .6

8 .6

8 .6

2 -7 7

9f?

8 .2

8 .6

8 .5

8 .1

7 .9

7 .8

7 .2

6 .1

2 0 3 .6
2 0 7 .7

3 -7 7

8 .3

8 .3

8 .6

8 .6

8 .2

8 .1

8 .0

7 .7

7 .5

V . o ./ Vo
e . e V

4 -7 7

8 ti

8 .0

8 .3

8 .2

7*9

7*8

7 .6

7 .3

7 .0

7 .4

1 -7 8

8 .3

8 .3

8 .6

8 .5

8 .3

8 .2

8 .2

8 .0

7 .9

2 1 0 .8
2 1 5 .3

6 .1
8 .4

2 1 8 .5
IO .9 V

¿ 2 4 .2

2 -7 8

8 .3

8 .3

8*5

8 .5

8 .2

8 .2

8 .1

8 .0

7 .9

8 .4

8 .3

...

H

8 .4

8 .3

8.6

8 .5

8 .3

8 .3

8 .3

8*2

8.1

8 .6

8 .5

9 .3

8.6

9 .2 V

4 -7 8

8 .4

8 .3

8 .6

8 .5

8 .4

8 .3

8 .3

8 .2

8 .2

8.5

8 .5

9 .1

8 .5

8 .9

8 .5

lr I2 _ _

9*5 _ 8*5. _ 8 .7

.8*7

8 .6

8 .6

8 .6

. 8*1....

8 .6

8 .9

_ 8_,9

9 .5

9 ,2

9 .6

9 ,8

Zrl±

2 2 8 .5
2 3 3 .6
\

2 3 8 .4
2 4 4 .8

8 « fr ___ ________________8±it____________2*0____2*û____ 2*5____ 2*2____2*5____2*£__ LÛ*2____9 . 3
8*6____i u * ____fLi_Ü____ &*Ji____&*6____&*£____6*6

Jtrl9

1 -7 9

18 0 .1

X -7 7

i

4 -7 8

8*S____ ft*5_
1-7 5

2 -7 5

8 .6

-J U 2 ____2*Q____ 2*4____2*1____ 2*4____2*4____2*1____2*5____ft* I_

8*1____Z*1____0*4____8*5____8*5____ 8*5____8*5____ 8*8____8 .8
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

9 .1 ____ 8 .9
4 -7 7

1 -7 8

9 .0

9 .0

9 .1

8 .4

8 ,0

2 -7 8

3 -7 8

4 -7 8

1 -7 9

2 -7 9

-2 5 5 »A l_.
7 .2 )
3 -7 9

I N I T I A L QUARTER

OUTPUT PER HOUR OF ALL PERSONS, PR IVATE BUSINESS SECTOR
______________ CPHPQUNPEP ANNUAL HATE* QF XHA_NSE_________________

INITIAL QUARTER

1967 «

100

QUARTER
1 -7 5
2 -7 5

2 -7 5

3 -7 5

4 -7 5

1 -7 6

2 -7 6

3 -7 6

4 -7 6

2 -7 7

3 -7 7

4 -7 7

1 -7 8

2 -7 8

3 -7 8

4 -7 8

1 -7 9

2 -7 9

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

3 -7 5

9 .5

7 .3 X

4 -7 5

5 .4

2 .3

1 -7 6

5 .9

1

2 .5

7*6V
4 .4

1 .4 s
1 .6

1 1 3 .7
11 5 .8
1 1 6 .2

2 -7 6

5 .0

3.4 _

2 .1

3 -7 6

4 .5

3 .0

2 .0

3 .5

4 -7 6 ___ 4 .1

2 .8

2 .0

3 .1

1 .6

1.7

rT V .

4 .1

3 .1

2 .4

3 .4

2 .3

2 .6

3 .1

4. V s

* .7

2 .4

It*.

1 .5

1 .4

1 .2

2 -7 6

3 -7 6

4 -7 6

1 -7 7

1 -7 7

1 1 .8 s^ 9 . 5 %

2 .4

_2.-2T

1 *4

1 -7 5

_ l* û

2 -7 5




w

11 6 .7

V

1 1 7 .2
1 A 07

...........

- 2 . 0V

1 1 8 .5

1 1 7 .9

J 3 *l

3—75

4 —7 5

7^76

1 -7 7

2 -7 7

3 -7 7

4 -7 7

1 -7 8

2 -7 8

3 -7 8

4 -7 8

1 -7 9

2 -7 9

3 -7 9

I N I T I A L QUARTER

PREPARED BY FEDERAL RESERVE BANK OF S T . LO U IS
FEBRUARY 2 7 « 1980

10

PRODUCTIVITY,
RATIO

COMPENSATI ON,

AND LABOR COSTS
RATIO

SCALE

1967-100

SEASONALLY

SCALE

1967-100
240

ADJUSTED

220

200
180

300
280
260
240

220
200
180
160
140

120

100

80
1972

1973

1974

1975

1976

1977

1978
SOURCE:

PER CENTAG ES ARE ANNUAL RA TES OF CHANGE FOR PE R IO O S
LA T E S T DATA P L O T T E D :

U .S .

1979

1980

DEPARTM ENT OF LABOR

IN D IC A T E D .

4TH OUARTER
PREPARED BY FEDERAL RESERVE BANK OF S T .

L O U IS

10 .5

6 .2

7 .0

6 .5

7 .0

6 .9

7 .0

6 .9

7 .6

7 .*

8 .9

9 .2

5 .8

3 -7 8

5 .6

6 .3

6 .9

6 .5

6 .9

6 .9

6 .9

6 .9

7 .5

7 .3

8 .3

8#4

6 .2

6 .6

* -7 8

5 .8

6 .*

1 7 .0

6 .7

7 .0

7 .0

7 .1

7 .0

7 .6

7 .*

8 .3

8 .3

6 .8

7 .3

1 -7 8
2 -7 8

5 .5
- --- -

•
-0

CD
•
o

U N IT LABUR CU STSt PRIVATE BUSINESS SECTOR
COMPOUNOED ANNUAL RATES OF CHANGE

7 .1

6 .6

7 .1

7 .1

7 .2

7 .1

8 .1

1 2 .8 "

1 8 9 .*
1 9 2 .1
1 9 5 .2
1 9 9 .0

#- ° w

1 -7 9

6 .3 ~

6 .9

7 .5

7 .3

7 .6

7 .7

7 .8

7 .8

8 .*

8 .*

9 .3

9 .5

8 .7

9 .7

1 1 .3

1 * .6

2 -7 9

Ó. 6

7 .2

7 .8

7# b

8 .0

8*0

8*1

6*2

8 .8

8*8

9 .6

9 .9

9 .3

1 0 .2

1 1 .*

1 3 .2

1 1 .8 ^

3 -7 9

6*8

7 .*

8 .0

7 .8

8 .1

8 .2

8 .3

8 .*

8 .9

9 .0

9 .7

1 0 .0

9 .5

1 0 .2

1 1 .2

1 2 .2

1 1 .1

* -7 9

6 .9

7. *

8 .0

7 .8

8 .1

8 .1

8 .3

8*4

8 .8

8 .9

9 .5

9 .7

9 .2

9 .8

1 0 .5

1 1 .1

1 0 .0

1 ^ 7 i_ .2 -7 5

3 -7 5

W 5

i -7 2 -Jk-77 . i - z a _ 2-78

JLrZfi




1 -1 6 -

Z -l b ... 3 -7 6

.JLr7I . 2-77

2 0 5 .9
2 1 1 .7
lo .^ X
9 .1

4 t 7£ . 1 - 7 2 - 2 -1 3

2 1 7 .0
7 .8 \

2 2 1 .1

a -7 »

I N I T I A L QUARTER

11

PBPPAttfrn ftv EPnPttAI
FEBRUARY 2 7 , 1980

BPSfttWE RAM* n t S I - IfM llS

GROSS NATIONAL PROOUCT IN CURRENT DOLLARS
CPMPOUNOED ANNUAL RATES OF CHANGfe
TERMINAL
QUARTER

_________________I N I T I A L QUARTER___________________
1 -7 5

2 -7 5

3 -7 5

4 -7 5

1 5 .6

1 6 .6

1 3 .3

1 3 .7

9 .0

1 4 .0

1 1 .8

1 4 .7

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

* -7 8

1 -7 »

¿ -7 V

3 -7 V

0I I I i o n s u f
POLLARS
ANNUAL RATES

2.-7*

i £*98.« 6

4 -7 5

1 -7 5

1 *56* »U
A *5Vtt.U

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 8

1 -7 9

2 -7 9

3 -7 9

IN I T I A L QUARTER
GROSS NATIONAL PROOUCT IN 1972 DOLLARS
CONFOUNDED ANNUAL RATES OF CHANGE
B IL L IO N S OF
DOLLARS
ANNUAL RATES

I N I T I A L QUARTER
QUARTER
l -7 5 _

2 -7 5

3k75

4 -7 5

6 .4

3 -7 5

8 .4

1 0 .5

4 -7 5

6 .5

6 .5

2 .6

1 -7 6

7 .5

7 .9

6 .6

1 0 .7

2 -7 6

6 .5

6 .5

5 .2

6 .5

5 .9

3 -7 6

6 .0

2 -7 7

5 .8

2 -7 6

3 -7 6

1 -7 7

4 -7 6

2 -7 7

3 -7 7

4 -7 7

1 -7 8

2 -7 8

3 -7 8

* -7 8

1 -7 9

3 -7 9

2 -7 9

5 .8

1 * 2 2 0 .0

4 .7

1 * 2 2 7 .9

5 .*

5 .4
1 -7 7

1 -7 6

1 t lt t v .y

2 -7 5

5 .9
5 .8

5 .2

5 .7

5 .1

5 .5

1 * 2 5 9 .5
I 2 .5

1* 2 6 7 .4

2 .8

1 * 2 7 7 .1

. V

3*<> ___3 .3

3 .5

4 .5

6 .1

4 .5

5 .1
5 .0

5 .7

1 * 288.1
1* 3 1 5 .7

8 . 8 s"
\ ^ 4 .6 %

6 .8

1 * 331 .2

3 -7 7

6 .0

5 .9

5 .3

5 .7

4 .9

5 .4

6 .0

6 .9

5 .9

7 .0 ^

I *353.9

4 -7 7

5 .6

5 .5

5 .0

5 .3

4 .5

4 .9

5 .2

5 .7

4 .6

4 .6

1 * 3 6 1 .3

1 -7 8

5 .3

5 .2

4 .7

4 .9

4 .2

4 .5

4 .7

4 .9

4 .0

3 .7

5 .5

5 .4

5 .0

5 .2

4* T

4 .9

3 -7 8

5 .4

5 .3

4 .9

5 .1

4 .5

4 .8

* -7 8

5 .4

4ft9„

5 .1

4 f6

lr l±
2 -7 9
.Ir r »
4 -7 9

_ *♦*
_ S .9

_

4*J

4 .6

4 .2

4 .3

4» 6 . 4 , 1

. 4 .1

.. 4* g

4 .7

3 .8

5 .5

4 .8

* .8

4 .1

5 .0

8 .3 ^

5 .2

4 .6

4 .5

3 .9

4 .5

5 .9

3*5^

„5.2^ _ 4 . 7

4 .7

4 .3

4 .8

5 .8

4 .6

5 .6

4 .1

4 .6

3 .4

3 .3

1 .9

1 .4

4*6

_ 4 JLe.

4 .3

4 .2
3 .4

2 .9

3 .0

3 .2

3* 13*3

2. 9

3. 0

3 * 2 . . ?*2

3 .9

4 .0

4 .0 _ 3 . 5

1**

3*?

4*0^

4*4

4*2

4*^

4 ,1

3*6

3*7

1*$

1 -7 5

2 -7 5

3 -7 5

4 -7 5

1 -7 6

2 -7 6

3 -7 6




I *367.0
1 .3 9 5 .2

5 .0
5*0

. 4 * A _ _ 4*3. „ 4 , 5

1 .9 \

fM
*
US

2 -7 8

2 .1

3*6_

3 .7

2**
1 -7 7

4 -7 6
~

2 -7 7

3 -7 7

4 -7 7

1 * * 0 7 .4

1 .8 _

1 .* 2 6 .6
1 * * 3 0 .6

1 . X
-9 * *

-2 t ?

.

0 ,6

0 .4

3 .1 s

1*5

2*1

.1 * 2

[ U ± \ -0 * 3 -

1 -7 8

2 -7 8

3 -7 8

4 -7 8

1 -7 9

2*>
2 -7 9

I .* 2 2 .3
_____
1*Q\

l i * 4 0 fA

3 -7 9

I N I T I A L QUARTER- ~

PREPARED BY FEOERAL RESERVE BANK OF S T . LO U IS
MARCH 19« 1980

12

GROSS N A T I O N A L
R A T I O SCALE
T R I L L I O N S OF
2
2

PRODUCT
RATI O SCALE
T R I L L I O N S OF D O L L A R S

Q UAR T E R L Y TOT AL S AT ANNUAL R A T E S

DOLLARS

S E AS O NA L L Y AD J US T E D

6
2.5

A

2
2
2
2
2

2.3

0
. 9

.8
7

6
.5

.8
.7

.6
.5

.4
1.3

2
1. 1

0

1972

1973

1974

1975

1976

1977
SOURCE:

PERCENTAGES ARE ANNUAL RATES OF CHANGE FOP. PERIODS
LATEST DATA PLOTTED:




1978
U .S .

1979

1980

DEPARTMENT OF COMMERCE

INDICATED.

4TH QUARTER
PREPARED BY FEDERAL RESERVE BANK OF S T .

13

LOUIS

GENERAL

PRICE

INDEX*

RATIO SCALE

RATIO SCALE

1972-100

1972-100

1972
■AS USED

1973
IN

N A T IO N A L

1974

1975

1976

IN C O N E AC CO UN TS

SOURCE:

P E R C E N T A G E S ARE AN NUAL R A T E S OF CHANGE FO R P E R IO D S
LATEST

D A TA P L O T T E D *

1977

1978
U .S .

1979

1980

D E P A R T M E N T OF COMMERCE

I N D IC A T E D .

4 T H QU ARTER
PR E P A R E D BY F E D E R A L R E S E R V E BANK OF S T .

L O U IS

IM P L IC IT PRICE DEFLATOR FOR GROSS NATIONAL PROOUCT
___________ COMPOUNDED ANNUAL RATES OF CHANGE_____________

TERMINAI

I N I T I A L QUARTER

1972

QUARTER




PREPARED BY FEOERAL RESERVE BANK OF ST* LO U IS
MARCH 19• 1980

14

PERSONAL CONSUMPTION EXPENDITURES IN CURRENT DOLLARS
COMPOUNDED ANNUAL RATES OF CHANCE
TERMINAL___________________________ ______________________________________ IN I T I A L
QUARTER
1 -7 5
2 -7 5
2 -7 6
3—76 4—76
3 -7 5
1 -7 6
2 -7 7
4 -7 5

1-77

2 -7 5

3r77 4-77

1 -7 8

4 -7 8

1 -7 9

2 -7 9

3 -7 9

ANNUAL RATES
_____________
9 6 * .9

Urß

12. 6

4 -7 5

12, *

12,1

11*4

1 2 .5

12.*

v v * .o

1 -7 6

12.6

2 -7 6

lift

3 -7 6

11.*

11.1

11*5

11.2

11.0

1 -7 7

11.8

11.6

2 -7 7

1 1 .3

3 -7 7
* -7 7

1 , 021.6
1 3 .2

1• 0 5 3 .6

10,8

1 0 .5

7 .8

1 .0 7 3 .7

1 0 .7

10.*

9 .1

1 0 .4

10.8

10.0

11.2

12.0

11.*

11. *

1 0 .9

12.0

1 2 .9

11.1

1 0 .9

1 0 .7

10.2

1 0 .9

11.1

10.6

7 .5

11.2

11.0

10.8

1 0 .7

10*3

10.8

1 0 .9

10.6

9 .0

10*5

11.*

11*3

11*1

11.0

1 0 .7

11*2

11.*

1 1 .3

1 0 .5

12.0

1 3 .*

1 0 .5

10*9

11.0

JU 3

1 ,1 0 0 .5
1 ,1 3 2 .0
1 ,1 6 9 .1

1 3 .8

1 ,1 9 0 .5
1, ¿ 20.6
1 # 2 5 9 .7

!_-78 _

11.2

11.0

1 0 .9

10.8

10.8

10.1

11.0

11.2

9 .0

1 -7 6

11*3

H*3

11*2

l i t 2_ 1 0 .9

11*3 U ._5

11. *

1 0 .9

11.8

1 2 .3

1 1 .7

I* .4

3 -7 8

1 1 .3

1 1 .*

1 1 ,3

1 1 ,2

11*0

1 1 .4

11*5

11 *5

11*1

11*8

1 2 .2

1U 8

13*2

-13
1-7?

H*L _I1**
a *7 11*6

1 1 .5

1 1 .3

11.8

1 1 .5

12*2

12.6

1 2 .4

1 1 .3

11*7
U*T

11. B

1 1 .5

11.8

11.8

1 1 .3

12*1

12. *

12. ?

2 -7 9

1 1 .3

11.1

10.9

11.2

11.3

11.2

10.9

11*3

11,3

11.1

*2

1 1 .5

11,6

1 1 .5

1 1 .3

11*8

11*9

11.2

1 1 .5

11*1

3-7? 11*5. li*4 11*4 11*3 M
4 -7 *

3 -7 8

13*1

,3 r ll

4

2 -7 8

B IL L IO N S OF

1 ,2 8 / .*
1 * 3 3 1 .2

•

11*9

1 3 6 V ,3

1 3 .5

13*1

I ,* 1 5 .*

13.0

12*3

12.8

11. *

11*6

10*9

10*3

8 .7

6 .1

1 1 .7

12.1

11*7

11.6

10.8

1 0 .5

1 3 ,1

___

1**2

1 ** 5*,2
1 .4 7 5 . 9

lit?

11*6

1 1 ,5

11*5

11.4

11*7

11*8

1 1 ,8

11*6

1 2 ,0

1 2 ,2

1 2 .0

12*4

12*1

1 2 .2

1 1 .7

11 *7

14*7

14*3

1 -7 5

2 -7 5

3 -7 5

W 5

1 -7 6

2 -7 6

3 -7 6

W 6

1 -7 7

2 -7 7

3 -7 7

4 -7 7

1 -7 8

2 -7 8

3 -7 8

4 -7 8

1 -7 9

2 -7 9

3 -7 9

I t 5 « Q .4

I N I T I A L QUARTER

PERSONAL CONSUMPTION EXPENDITURES IN 1972 DOLLARS
COMPOUNDED ANNUAL RATES OF CHANSE________
B IL L IO N S OF
TERMINAL ________________________________________________________________ f -f * T | Al QUARTER_________________________________________________________________ B P ll* * ? _____
QUARTER
ANNUAL RATES
1 -7 5 2 -7 5
3 -7 5 * -7 5
1 -7 6
2 -7 6
3 -7 6 * -7 6
1 -7 7
2 -7 7 3 -7 7 * -7 7
1 -7 8
2 -7 8
3 -7 8
* -7 8
1 -7 9 2 -7 9
3 -7 9 _________________
2 -7 5

7 .0

3 -7 5

6 .0

5*0

* -7 5

6 .0

5 .5

6 .0

1 -7 6

6 .6

6 .5

7 .2

8 .*

2 -7 6

6 .0

5 .8

6 .0

6 .0

3 .6

3 -7 6

5 .8

5 .6

5 .7

5 .6

* .2

* .7

* -7 6

5 .8

5 .7

5 .7

* .8

5 .*

1 -7 7

5 .9

5 .7

5 .9

5 .8

5 .2

5 .7

2 -7 7

5 .*

5 .2

5 .3

5 .2

* .5

* .7

3 -7 7

5 .4

5 .8

____________________________________________________________7 9 1 .1
_______________________________________________________________ ;_________ ___________

« 0 7 .3

6 .2
6 .2
* .7

6 .3 ________________________________________________________________________________________________ 8 * 9 .2
* .0

1 .8 ________________________________________________________________________________________ « 5 3 .1

5 .2

5 .2

5 .1

* . 6 ___* .8

4 .8

* .*

3 .*

5 .1

5 .5

5 .6

5 .5

5 .1

5 .*

5 .5

5 .3

5 .0

6.6

8 .2 ______________________________________ '

3 .2 ____5 .1

5 .1

5 .0

* .6

* .7

4 .7

4 .*

3*9

4 .7

4 .4

0 .8 _________________________________________________________________ 8 8 2 .7

2 -T Ö

3 .3

3 .1

3 ,1

3 ,1

**7

4 .8

4 .8

* .6

4 .3

4 .9

4 .8

3 .2

3 -7 8

3 .2

3 .1

5 .1

3,Q ____ **7

* .8

*«8

M

4 -7 «

5 ,3

5 .2

5 ,2

5 .2

* ,9

5 ,0

5*0

4 .9

* -7 7
1 -Ii

5 .7

_________________________ _____________ ____________________________________ 8 6 3 .7

*«8

____ 4*4____4 .9
4 .7

5 .2

3 .2

_____________________________ « « 0 . 9

3 . 6_________________________________________________________ « 9 * . «

3 .7 ____5*2____*¿8________________________________________________ 9 0 5 .3
* .5

5 .7

5 .8

6 . 8 ___________ _____________________________ 9 2 0 .3

1 -7 9

5 ,0

4*9

4 ,9

4*9.

+ .3

4*£

4*4

*,,4____ * » 2

2 -7 9

4 .6

4 .4

4 .4 ____ 4 .2

3 .9

* .0

3 .9

3 .7

3 , 4 _____3*6

-j tl

- j t ?________________________ 9 1 3 .0

3 -7 9

* .6

* s4

4 ,*

* ,3

4±0

4 .0

4 .0

3*8

3 .3

3 .7

3 .3

2 .9

3*2

2 .8

2 .3

0 .8

0*9

4 .9 _________________ 9 2 3 .9

4 -7 9

4 ,5

*¿ 4

* A*

* ,3

4 ,0

4*0

4±0

3 .8

3 .6

3 .8

3 .6

3 .0

3 .4

3 .0

2 .7

1 .6

2 .0

* .3

4 .2

1 -7 5

2 -7 5

3 -7 5

* -7 5

1 -7 6

2 -7 6

3 -7 6

* -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 8

1 -7 9

2 -7 9

3 -7 9




_ 4 * 5 ___ 4*4____h>2____4 , 4

4 ,0

3*7____________ ___________________________ 3*1*9 .

3*4____ _______ Z s l ____Z±1____1*4

9 3 5 .*

IN I T I A L QUARTER

PREPARED BY FEDERAL RESERVE BANK OF ST* LOUIS
MARCH 19* 19B0

15

•

GROSS PRIVATE DOMESTIC INVESTMENT IN CURRENT DOLLARS
COMPOUNDED ANNUAL RATES OF CHANGE
U R H I N A L _____________________ ______
QUARTER
4 -7 5
1 -7 5
2 -7 5
3 -7 5

Ö ILL1Ü NS Of_____________________ ____________ I N IT IA L QUARTER________________________________________________________________ OQLLAKS
ANNUAL RATES
3 -7 6 4 -7 6
1 -7 6
2 -7 6
1-77
2 -7 7
3 -7 7
4-77
3-78 4 —7 «
1 -7 9 2 -7 v
1-7 8
3 -7 V
2 -7 8

2 -7 5

-S .5

3 -7 5

3 5 .4

9 4 .1

4 -7 5

2 0 .1

3 5 .4

-5 .5

L-7_6

31*4

4 6 .7

2 ? .5

2 -7 6

2 8 .0

38. 1

2 3 , 2_ 4 0 .7

.**•2

3 -7 ö

_24.2_

31.

1_?.0

2 8 .4

11.0

7*0

*_-76

2 1 .7

2 7 .0

16*6

2 3 .0

9 .9

7 .4

7*?

1 -7 7

2 5 .6

3 0 .8

2 2 .5

2 9 .0

2 0 .1

2 1 .8

2 9 .9

5 6 .5

.2 -7 7

2 6 .2

3 0 .9

2 3 .7

2 9 .4

2 2 .2

2 4 .0

3 0 .3

4 3 .2

3 1 .0

3 -7 7

2 5 .8

2 9 .9

2 3 .6

2®? 4

2 2 .3

2 3 .7

2 * .3

3 6 .0

2 6 .8

2?. 6

4 -7 7

2 3 ,4

2 6 .8

2 0 .9

2 4 .7

1 9 .1

1 9 .7

22. 5

2 6 .4

1 7 .7

1 1 .6

I7!>.<
¿06 .0
2 0 j •v
7 2 .0

...2.33 .!>
¿ 4 1 .9

.

_ ¿«*0.0
*!>0.7
2 0 0 .4
_300 . 0_
31j>.'/
1 .5

316 .V

1 -7 8

22*5

2 5 .5

2 0 .1

2 3 .4

1 8 .3

1 8 .8

2 0 .9

2 3 .7

1 6 .6

1 2 .2

7 .3

1 3 .4

2 -7 8

2 3 .4

2 6 .2

2 1 .4

2 4 .5

2 0 .1

2 0 .7

2 2 .8

2 5 .5

2 0 .0

1 7 .4

1 5 .7

2 3 .6

3 4 .7

3 -7 8

2 2 .0

2 4 .4

1 9 .9

2 2 .5

1 8 ,4

1 8 .8

2 0 .3

2 2 .2

1 7 .3

1 4 .7

1 2 .8

1 6 .9

1 8 .7

4 .5

4 —7.8

2 1 .6

2 3 .9

1 9 .7

22*0

1 8 .3

1 8 .6

2 0 .0

2 1 .6

17*3.

15.1

1 3 .7

1 6 .9

18_.l_

1 0 .6

1 -7 ?

2 0 .4

2 2 .4 . 1®*4

2 0 .5

17 .Q

1 7 .1

.1 8 .2

1 9 .4

15*_5

1 3 . 4 . J _ 1 .9

_.L4_._l

. 1 4 .3

._ _®_. 2

10*1.

2 -7 V

2 0 .7

2 2*6

18*9

2 0 ,8

1 7 .6

1 7 ,8

1 8 ,8

2 0 ,0

1 6 .5

1 4 .8

1 3 .7

1 5 .9

1 6 .4

1 2 .2

1 4 .9

3 -2 ?

l? f 2 .

2 0 .9

17*4

1?*!

1 6 ,0

1 6 .0

1 6 .8

I?.?

14*4 _ -12 *7

M'2.

1 3 .0

.1 2 .?

9 .0

10. L

4 - ? ? ..

1 7 ,8

1?* 3

1 5 «?

1 7 .4

1 4 .4

1 4 .4

15_.fi

11*6

1 2 .5 . 1.0*7 .

9 .?

1 0 ,5

liUl _**!

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

3 -7 7

4 -7 7

1-7 8

2 -7 7

3<i/.0
3 b 2 .3 _

2 -7 8

3 5 6.2
...370*5_

17*1 _

4 .?
3 -7 8

.3 .6 __

. .3 73^8. .

1 3 .9

2 5 .2

7 .9

1 0 .1

.4*5 .
4 -7 8

395.«»
.“^3*1__

_

- -5 .1

4 ^

-T 4 ,1

1 -7 9

2—79

3 * 2 .3
3d/.<:

3 -7 9

I N I T I A L QUARTER

GROSS PRIVATE 00MEST1C INVESTMENT IN 1972 DOLLARS
COHPOUNOED ANNUAL RATES OF CHANGE

1 -7 5

1 -7 5

Iris

-3 .8

3 -7 5

3 0 .4

4 -7 5

1 4 .4 _ 2 4 # 8

1 -7 6

? * t2

3 -7 5

♦ -7 5

1—76

2^76

3^76

4 -7 6 -.1 .-7 7

2 -7 7

3^77 __4_-77..

13 3 .3
1 5 3 .7

■=11»»

38*2

2 1 .2

1 * 8 .9
1 6 9 .9

6 9 .5

1 7 3 .0

2 -7 6

2 2 .7

3 0 .4

1 7 .8

3 6 ,2

9 ,5

1 8 .8

2 3 .9

1 3 .3

2 3 .3

5 .1

0 .9

4 -7 6

1 6 .4

2 0 .2

1 1 .3

1 8 .0

4 .6

2 .2

3 .5

1 7 4.2
1 7 5.7
191 .0

1 -7 7

1 9 .1

22. 8

1 5 .6

2 2 .0

1 2 ,4

1 3 ,4

2 0 .2

3 9 .7

2 -7 7

1 9 .1

2 2 .4

1 6 .1

2 1 .6

1 3 .8

1 4 .8

1 9 .9

2 9 .1

1 9 .3

3 -7 7

1 8 .7

2 1 .5

1 6 .0

2 0 .6

1 4 .0

1 4 .9

1 8 .7

2 4 .2

17 .1

1 9 9.6
2 0 6 .7

1 5 .0

4 -7 7

16*1

1 8 .3

1 3 .2

1 6 ,8

1 0 ,7

1 0 ,9

1 3 ,0

1 5 ,5

8 ,5

3 ,4

-7 ,0

L -7 8

IV*«-

17*8

1 3 .1

1 6 .3

.IP,?.

11*1

1 2 .9

1 4 .9

9 .4

6 .3

2 .2

1**«

1 7 .6

Ik?

1 6 ,2

1 1 .4

11s 7

1 3 ,3 _ L 5 ,e

9 .7

1 0 .8

1 1 .9

3 -7 8

14*2

1 -7 8

7 6 .8

3 -7 6

2 -7 9

B IL L IO N S OF
OOLLARS
ANNUAL RATES
3 -7 9

I N I T I A L QUARTER

TERN M A L
QUARTER

1 5 .7

1 1 .7

1 4 .1

9 .7

. _®*4

10_*7_
7 .9

2 0 3 .0

6 .6 _ 1 4 .1

5 .7

3 .5
4 .1

209 .U

1 2 .4

7 .3

_ 1? *5_.
4 .8

2 1 6 .6
£ 14 .0

-5 .1

7 .1

5 .4

0 .6

6 ,5

5 .4

.3 .?

. 0*2

.1*5

6 .1

4 .8

2 .3

4 .8

4 -7 8

1 3 .6

4 5 .0

11 «3

1 3 .4

? .4

? ,4

1Q.3

1.1.2

7 ,7

5 .9

1 -7 9

1 2 .7

1 3 ,9

1 0 ,4

1 2 ,3

8 ,5

8 ,4

9 ,2

?*?

4 ,6

*.?

2 -7 9

1 2 .5

1 3 .6

1 0 .3

1 2 .0

8 .5

8 .5

9 .2

9 .7

6 .8

5 .4

4 .1

.3 -7 ?

1 0 .9

lit*

• •7 .10*2

6 .8

6 .6

7 -1

7 .?

4 ,7

Jbti

1*®

3t.l

..1*7.

4 -7 9

9 ,6

1 0 ,4

7*3

9* 7

5*5

5 ,2

5*6

5 ,7

3 t l.

fi,2

.1*2

.=0*4

-2 * ft

=2*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

3 -7 7

4 -7 7

1 -7 8

2 -7 8

3 -7 8




2 -7 7

2 1 / .*
-0 .4 .
4 .0

- 1 *0.. . . . 0 *1 .. _-2*fi

4 -7 8

¿17*2
2 2 1 .7

8 .5
-2 * JL _-1 2 * ?

¿ 1 4 .2 _

ri*4

¿Mal.

1 -7 9

- 1 2 . 2 -1 1 ,< L ._
2 -7 9

3 -7 9

I N I T I A L QUARTER

PREPARED BY FEOERAL RESERVE BANK OF S T . LOUIS
MARCH 19* 1980

16

GOVERNMENT PURCHASES OF GOODS AND SERVICES IN CURRENT DOLLARS
COMPOUNDED ANNUAL RATES OF CHANGE

____________
B IL L IO N S OF
TERMINAL_______________________________________________________ _________ IN IT IA L Q U A R T E R ________ ____________________________________________________OOLLAKS
ANNUAL RATES
QUARTER
1 -7 9
3 -7 9
1 -7 5
2 -7 9
3 -7 6 4 -7 6
3 -7 0
4 -7 0
2 -7 5
2 -7 6
3 -7 7 4 -7 7
1 -7 0
2 -7 0
1 -7 7
2 -7 7
3 -7 5
4 -7 5
1 -7 6
33 h .2

2 -7 5

10*7

3 -7 5

10*3

9 .9

.W 5 .

1 0 .7

1 0 .6

1 1 .3

1 -7 6

9 .0

8 .4

7 .7

4 .2

2 -7 6

7 .7

7 .0

6 .0

3 .4

3 4 2 .2
3 5 1 .5
3 5 5 .1
2 .7

3t>7.5
3 6 2 .4

3 -7 6

7 .4

6 .7

5 .9

4 .2

4 .2

5 .6

4—76

7 .6

7 .1

6 .5

5 .3

5 .7

7 .3

9 .0

1 -7 7

8 .0

7 .6

7 .2

6 .4

7 .0

0 .5

9 .9

1 0 .9

2 -7 7

8 .5

8 .2

8 .0

7 .5

0 .1

9 .5

1 0 .9

1 1 .0

1 2 .0

3 7 0 .3
3 8 0 .0

3 -7 7

8 .6

8 .4

8 .2

7 .7

8 .4

9 .5

1 0 .5

1 1 .0

1 1 .1

* -7 7

9 .0

8 .8

8 .7

8 .4

9 .0

1 0 .1

1 1 .0

1 1 .5

1 1 .7

1 -7 8

8 .8

8 .6

8 .5

8 .2

8 .7

9 .6

1 0 .2

1 0 .5

1 0 .4

3 9 1 .6
* 0 0 .5

9 .4

4 1 2 .0

1 2 .9

H A

9 .7

9 .6

* 1 9 .*

6 .6

* ¿ » .3

2 -7 8

8 .8

8 .6

8 .5

8 .2

8 .7

9 .5

1 0 .0

1 0 .2

1 0 .0

9 .4

9 .4

7 .7

0 .0

3 -7 8

9 .0

8 .9

8 .8

8 .6

9 .0

9 .0

1 0 .3

1 0 .5

1 0 .4

1 0 .0

10 .1

9 .2

10 .5

1 2 .3

* -7 8

9 .2

9 .1

9 .1

8 .9

9 .3

1 0 .0

1 0 .5

1 0 .7

1 0 .7

1 0 .3

1 0 .5

9 .9

11 .1

1 2 .3

8 .8

1 -7 9

9 .0

8 .9

2 -7 9

8 .8

8 .7

3 -7 9

8 .9

8 .8

4 -7 9

9 .5
1 -7 5

«»* 0 .9
1 2 .2
_____* 6 0 .1

8 .6

9 .0

9 .6

1 0 .0

1 0 .1

1 0 .0

9 .6

9 .7

9 .1

9 .7

1 0 .0

0 .9

5 .7

8 .4

8 .8

9 .3

9 .6

9 .7

9 .6

9 .2

9 .1

0 .5

0 .9

0 .9

7 .0

5 .7

5*8

8 .7

8 .5

8 .8

9 .3

9 .7

9 .7

9 .6

9*2

9 .2

0 .7

9 .1

9 .1

0 .4

7 .1

7 .0

.1.0*0

9 .4

9 .4

9 .3

9*6

1 0 .1

1 0 .0

1 0 .4

12*1

1 3 .4

2 1 .1

2 -7 5

3 -7 5

4 -7 5

1 -7 6

2 -7 6

3 -7 0

4 -7 0

1 -7 9

2 -7 9

3 -7 9

3 -7 6

4 -7 6

1 -7 7

3 -7 7

2 -7 7

4 -7 7

1 -7 0

2 -7 0

* 0 9 .6
4 7 7 .«
> 0 1 .2

IN I T I A L QUARTER

GOVERNMENT PURCHASES OF GOOOS ANO SERVICES IN 1972 DOLLARS
COMPOUNDED ANNUAL RATES OF CHANGE
TERMINAL
QUARTER
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

2 -7 0

1 -7 8

3 -7 0

4 -7 0

1 -7 9

2 -7 9

3 -7 9
2 6 1 .6

2 -7 5

3 .6

3 -7 5

3 .5

3 .4

* -7 5

3 .3

3 .2

2 6 3 .8
2 6 5 .7

2 .9

1 -7 6

2 .1

1 .6

0 .7

-1 .5

2 -7 6

1 .1

0 .5

-0 .5

-2 .1

3 -7 6

0 .9

0 .3

-0 .4

-1 .5

-1 .5

-0 .3

_ 0*7.

0 .3

-0 .4

— 1 .2

-l.l

-0 .2

4—76

B IL L IO N S OF
OOLLARS
ANNUAL RATES

I N I T I A L QUARTER

2 6 4 .7
-2 ,7

2 6 2 .9
2 6 2 .7
-0 .2

262 . 6

1 -7 7

1 .0

0 .6

0 .2

-0 .4

-0 .1

0 .0

1*4

2 .9

2 -7 7

1 .4

1 .1

0 .8

0 .5

0 .9

1 .0

2 .5

3 .0

4 .0

3 -7 7

1 .7

1 .5

1 .2

1 .0

1 .4

2 .2

2 .9

3 .9

4 .4

4 .1

¿ 6 4 .5
2 6 7 .6
2 7 0 .3

4 -7 7

1 .7

1 .5

1 .3

1 .1

1 .5

2 .2

2 .7

3 .4

3 .5

? t*

1 .0

1 -7 8

1 .4

1 .3

1 .0

0 .8

1 .1

1 .7

2 .0

2*5

2 .3

1?5

0 .3

-1 .2

2 -7 8

1 .4

1 .2

1 .0 __ 0 .8

1 .6

1 .9

2 .2

2 .1

1*4

0 .5

-0 .1

2 7 1 .5
2 7 0 .7
0 .9

2 7 1 .3

3 -7 0

1 .7

1 .5

1 .4

1 .2

1 .5

2 .0

2 .3

2 .6

2 .6

? tl

1 .6

1 .6

3 .0

5 .1

4 -7 8

1*7

1 .3

1 .4

1 .3

1 «3 .

2 .0 _

2 .2

_ 2 .5

2 .5

2 .1

1 .7

1 .7

2 .6

3 .5

1 .9

1 -7 9

1*5

1*3

1 .2

1 .0

A il . _

1a6

1 .8

l± o

1*?

1*5

1 .1

0 .9

1 .5

1 .7

0 .0

1 .3

1 .5

1 .3

0*9

0 .4

0 .2

0 .5

0 .4

-1 .1

-2 .6

-3 .3

1*3

1* 4„.. 1 .3

0*9

. 0 .5

0*3

0#6

0*5

-0 .6

-1 * 4

-1 .2

1 .0

1*0

_1*3.

0 * 4 _ 1*2

_Ä *i

2 -7 9

1 .2

1 .0

0 .9

0 .7

0 .9

1 .2

3 -7 9

1 .2

1 .0

£*9

0*7

0 ,9

U l

4 -7 9

1*4

1*3

1*2

1*1

i* £

1 -7 5

2 -7 5

3 -7 5

4 -7 5

1 -7 6




1*7 _ l* J t
2 -7 6

3 -7 6

4 -7 6

L*7_
1 -7 7

1*4 _ .._ U 1 ._
2 -7 7

3 -7 7

4 -7 7

1 -7 0

_

l*4t
2 -7 0

2 7 4 .7

i> * i
3 -7 0

2 7 6 .0
-1 .9

4 -7 0

2 7 4 .7

1 -7 9

2 7 2 .4

2 -7 9

2 7 3 .1

____ -¿77*1_
3 -7 9

I N I T I A L QUARTER

PREPAREO BY FEOERAL RESERVE BANK OF ST* LOUIS
MARCH 19, 1900

17

DISPOSABLE PERSONAL INCOME IN CURRENT DOLLARS
__________ COMPOUNDED *NNIIA 1 RATES n c

______________

B IL L IO N S OF
TERN I N A L ____________________________________________________________ f M l T I H QUARTER__________________________________________ _____________________ OULLARS
QUARTER
ANNUAL KATES
1 ^7 5
2 -7 *
3 -T 5
4 -7 5
1—76 2 -7 6 3 -7 6 4 -7 6
1 -7 7 2 -7 7 3 -7 7
» -7 7
1 -7 8
2 -7 8 3 -7 8
4 -T 8
1 -7 9 2 -7 9
3 -7 9
-2=75—

_3 0 , 1 __________

-1=1* -------15.1

_

____________ ___________ ______________________

4 —75

13*3

5*7

9*6

1—76

12*4

7*0

9 .7

9 .7

2 -7 6

11*1

6*9

8*6

8*0

6*4

3 -7 6

10*6

7*1

8*4

8*0

7 .2

8 .1

4 -7 6

10*6

7*6

8*8

B .6

8 .2

9*2

10*3

1 -7 7

.-1Q*4

7*9

8 .9

8 .7

8 .5

9 .2

9*8

9 .3

2 -7 7

10*6

8*4

9 .3

9 .3

9 .2

9 .9

1 0 .5

1 0 .6

3 -7 7

1 0 .7

8*8

9 .7

_ -2* 7^

1 0 .3

1 0 .9

kk±l _ 1 2 . o . 1 2 .1

4 -7 7

-JLQ±*

9 .1

9 .9

1 0 .0

1 0 .0

1 0 .6

1 1 .1

1 1 .3

1 2 .0

1 2 .0

1 2 .0

l-7 §

JkQa*_

**2

1 0 .0

1 0 .0

10*0

1 0 .6

1 1 .0

ll.l

1 1 .6

1 1 .5

1 1 .1

1 0 .3

1 0 * 3 _ 1 0 .8

1 1 .2

1 1 .4

1 1 .8

1 1 .8

11*7

1 1 .5

_1Q*9

_

1,0 95* 1

_

U .l

9*9

1 ,15 2*2

1Q.*J

If tt *

1 0 .6

15*6

1 0 .7

1*170*2
1 ,1 93* 1
1 ,2 2 2 * 6
1 ,2 5 0 * 1
1 2 .0

1 ,2 8 6 .0
1*323*2
1*361*2
1 .3 9 5 .0
1 2 .7

1 ,4 3 7 * 3

1 0 .9

11*2

1 1 .4

1 1 .7

1 1 .7

11*6

11*5

1 2 .0

1 1 .4

1 1 .2

1 1 .5

1 1 .7

1 2 .0

1 2 .0

1 2 .0

12*0

1 2 .6

12*5

1 ,4 7 6 * 5
1 3 .7

1 .5 2 4 * 8

lrJS .

1 1 .3

1 0 .1

1 0 .7

10*8

1 0 .9

1 1 .3

1 1 .7

1 1 .6

1 2 .1

1 2 .2

1 2 .2

1 2 .2

1 2 .7

1 2 .7

1 3 .4

13*0

.*-?*

11*1

1 0 .0

10*5

1 0 .6

1 0 .7

11*0

1 1 .3

1 1 .4

1 1 .6

1 1 .6

1 1 .5

1 1 .5

1 1 .7

1 1 .4

1 1 .5

10*3

7 .7

3 -7 9

11 *0

10*0

1 0 .5

1 0 .6

1 0 .6

1 0 .9

1 1 .2

1 1 .3

1 1 .5

1 1 .4

1 1 .3

1 1 .2

11*4

1 1 .1

1 1 .1

1 0 .2

8*8

4 -7 9

_u* o

1<M>

10*6

1 0 .6

11*2 JL U * _ l i t *

.11*3

11*2

1 1 .?

1 1 .1

11*9

1 0 .4

M

lf i.4

IQ t ?

1 -7 5

2 -7 5

4 -7 5

1 -7 6

3 -7 7

4 -7 7

1 -7 8

2 -7 8

3 -7 8

4 -7 8

1 -7 9

2 -7 9

3 -7 9

3 -7 5

1 ,1 0 0 ,3
1 ,1 25* *

19*2

3 -7 8
4 -7 8

_

1 . » ______________________________________________________________________________________________ ___________________ _____________

_10*9_ 11*2
2 -7 6

3 -7 6

4 -7 6

1 -7 7

2—77

1 .5 7 2 * 2
1*601*7
9*9

1 .6 4 0 .0

I N I T I A L QUARTER
DISPOSABLE PERSONAL INCOME IN 1972 DOLLARS
COMPOUNDED ANNUAL RATES OF CHANCE

1 -7 5
2 -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

2 -7 8

3 -7 8

4 -7 8

8 .2
6 .8

-0 .5

4*0

1 -7 6

6 .4

1 .4

4 .7

5 .3

2 -7 6

5 .5

1 .6

3 .8

3 .7

2 .1

2 -7 9

3 -7 9

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

3 -7 6

5 .0

1 .8

3 .5

3 .3

2 .3

2 .6

4 -7 6

5 .0

2 .2

3 .7

3 .6

3 .1

3 .5

4 .5

1 -7 7

4 .6

2 .2

3 .4

3 .3

2 .8

3 .1

3 .3

903*3
2 .1

908*0
921*5

2 -7 7

4 .8

2*7

3*8

3 .8

3 .5

3 .8

4 .2

4 .1

3 -7 7

4 .9

3*1

4*2

4 .2

4 .0

4 .4

4 .8

4 .9

6 .3

6 .6

4 -7 7

5*1

3 .5

4* 4

4 .5

4 .4

4 .8

5 .2

5 .4

6 .5

6 .7

6 .8

4 .2

4 .1

4 .4

4 .7

4 .7

5 .4

5 .1

4 .4

2 .0

4 .9

6 .1

936*3
9 5 1 .8
9 5 6 .6
9 6 6 .1

2 -7 8

4*8

3 .4

4 .2

4 .2

4 .1

4*3

4*6

4 .6

5 .1

4 .8

4*3

3 .0

4 .0

3 -7 8

4 .8

3 .5

4 .2

4*2

4 .1

4*3

4 .5

4 .5

4 .9

4 .7

4 .3

3*4

4 .1

4 .2

4 -7 8

4 .9

3 .7

4 .4

4 .3

4 .5

4 .7

4 .8

5 .2

5 .0

4 .7

4 .2

4 .9

5 .3

9 7 6 .¿
9 9 1 .5

1 -7 9

4 .7

3 .6

4 .2

4 .2

4 .1

4 .3

4 .5

4 .5

4*8

4*6

4 .2

3 .7

4 .2

4 .2

4 .2

2 -7 9

4 .3

3 .2

3 .8

3 .8

3 .7

3 .8

3 .9

3*9

4 .1

3 .8

3 .4

2 .9

3 .0

2 .8

2 .3

0 .3

2 .1

m »6

993*4

3*1

3 .6

3 .5

3 .4

3 .5

3 .6

3 .5

3*7

3 .4

3 .0

2 .5

2 .5

2 .3

1 .8

0 .3

—0 * 4

0 .2

3 .9

2 .9

3 .4

3 .4

3 .3

3 .3

3 .4

3 .3

3 .4

3 .2

2 .8

2 .3

2 .3

2 .1

1 .6

0 .5

-0 .1

0 .6

1 .1

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

4 -7 8

1 -7 9

2 -7 9

3 -7 9

3 -7 9
*•79

1 -7 9

8 7 4 .1

4 -7 5

1 -7 8

1 -7 8

2 3 .1
-4 .9

3 -7 5

B IL L IO N S OF
OOLLARS
ANNUAL RATES

I N I T I A L QUARTER

TERMINAL
QUARTER




.

9 9 ^ .2

I N I T I A L QUARTER

PREPARED BY FEOERAL RESERVE SANK OF ST* LOUIS
MARCH 19, 1980

18

CORPORATE PR O FITS AFTER TAXES *
CQHPOUNOEO ANNUAL RATES OF CHANfeE
QUARTER

B IL L IO N S OF
POLLARE
ANNUAL RATES

IN IT IA L QUARTER

t e r m in a l

1-75

2-75

3—75

4—75

1-76

2—76

3-76

4-76

1-77

Z -J 1 _ 3—77_ W 7

1-78

2-78

3-78

4-78

1-79

2-7»

3-79_____________

2-75

+2*8

6 4 .6 ______

*-!?

74*6 113.6

7Ö.1

4-75

50.5

54.5

11.8

do ,3

54.0

57.9

35.8

64.9

42*0

41.8

23*7

30*1

2.7

3-76

35.2

33.7

19.0

21.5

4.2

V I. 0

/

V* .V

29.7

27.7

15.2

16.1

3.2

3.5

1.3

1-77

29.6

27.8

17.3

18.4

9 .0

11.2

1 4 .0

2 8 .3

2 -7 7

28.4

26.7 17*6

1 8 .6

11.0

1 3 .2

1 5 .8

23*8

W.2
103.7

1 9 .4

________ 107.«:____

3 -7 7

*619

2 5 .2

17*2

1 8 .0

1 1 .5

1 3 .4

1 5 .4

2 0 .5

1 6 .8

14 .2

4-77

24.5

2 2 ,8

15.4

1 5 .9

1 0 .2

1 1 .5

1 2 .7

1 5 .8

1 1 .9

8 .3

2 .6

1 -7 8

21*8

2 0 .0

1 3 .3

13*5

8 .3

9 .1

9.7

1 1 .4

7 .6

3 .9

-0 .9

-4 .4

2 -7 8

2 5 .1

2 3 .7

1 7 .7

18*4

14 .1

15*6

1 7 .1

1 9 .9

1 8 .3

18*0

1 9 .3

2 8 .7

3 -7 8

23*8

2 2 .4

1 6 .8

1 7 .3

13*4

14*7

1 5 .8

1 8 .0

16.4

15 .8

16*2

2 1 .2

36.4

7.4

4-78

2 4 .0 _ 2 £ .7 ^

17.6

1 8 .1

14*6

1 5 .8

1 7 .0

19*1

17.9

17.6

1 8 .3

2 2 .6

33*2

1 6 .8

27*1

A rJ9

2*.5

23*4

1 6 .6

19*2

| 6 .0

17 *1

1 8 ,5

2 0 .6

1 9 .6

19*7

2 0 .6

24*6

3 3 .1

2 1 .9

2 9 .9

2 -7 »

2 2 .4

2 1 .2

1 6 .7

17*0

14*0

l? tQ

lit?

17»4

16,3

l? t 9

16 t l

19,6

¿3,9

1? »9

16*9

lltfe

17t4. j7t8

15*0 _16*ji_16*9

18*4

17,4

\h i

_5rî?__ Zl s l

IU7.V
________ 1 0 6 . 7 ____
1^*4

7 3 .2

2 -7 5

3 -7 5

4 -7 5

1 -7 6

2 -7 6

3 -7 6

4 -7 6

1 -7 7

124.6
__

14<*.0

3 2 .7

19*?_

139*3

r2 ± A -

1 4 » *a

1*«^__!£*£_t^_!4.1
2 -7 7

__ _________

16*4-- _ 3 jlI

16*2 1>*.9
1 -7 5

»1*6

5.8

p

!
1+1 11

1-76
2-76

3 -7 7

4 -7 7

1 -7 8

2 -7 8

3 -7 8

4 -7 8

1 -7 9

2 -7 9

1*4_
3 -7 9

I N I T I A L QUARTER
»
INMHE PASIS
P - PRELIMINARY
PREPARED BY FEDERAL RESERVE BAfBC OF ST* L O U IS
MARCH 19* 1980

SOURCES OF DATA
NATIONAL INCOME AND PRODUCT ACCOUNTS DATA
Source:

1929-72:
1973
1974
1975
1976-78

U.S. Department of Commerce, Bureau of Economic
Analysis, Washington, D.C. 20230
The National Income and Product Accounts of the
United States, 1929-74, A Survey of (jurrent Business
Supplement.
Survey of Current Business, July 1976*
Survey of Current Business, July 1977*
Survey of Current Business, July 1978*
Survey of Current Business, July 1979*

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 COMPARED WI T H MONTHLY S A L E S *
MANUFACTURING

AND

TRADE

72

1

68

1 . 64

64

1

60

1.56

56

1

52

1.48

48

44

40
1. 3 8 -

36

1

1971

1

# RAT I OS B A S E D

ON S E A S O N A L L Y

REVI SED FROM 1 9 7 7 .

S HA D E D

AREAS

LATEST

D ATA




REPRESENT
PLOTTED:

ADJUSTED

PERIODS

1972

1973

1

DATA.

1976
SOURCE:

OF B U S I N E S S

1977

1978

U . S . DEPARTMENT

1979

1980

OF COMMERCE

RECESSIONS.

JANUARY P R E L I M I N A R Y
PREPARED

20

BY F E D E R A L

RESERVE

BANK

OF

ST.

LOUIS