Full text of National Economic Trends : May 1973
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nnnonnL P R EP A R E D E N D IN G : APr i l BY 30 > 1 9 7 3 economic FE D E R A L RESERVE BANK treiids OF ST. LOUIS RELEASED: M ay ’ 1973 According to recently revised data, total spending on goods and services increased at a 15 percent annual rate from fourth quarter 1972 to first quarter 1973. This is a more rapid rate of advance than initially reported last month, reflecting primarily an upward revision in prices. The implicit GNP price deflator is now reported to have increased at a 6.7 percent rate rather than 6 percent. The revised data indicate that real product grew at an 8 percent rate, little changed from the figure previously reported. A new chart showing both the unemployment rate of all civilian workers and the unemployment rate of household heads is presented on page 6. Although both rates are influenced by changes in the composition of the labor force and changing demand pressures, the unemployment rate of household heads is generally subject to less variation than the unemployment rate of all civilian workers. The unemployment rate of all civilian workers averaged 5 percent of the labor force in the first four months of 1973, compared with a 3 percent average rate of unemployment for household heads. The differential between the two rates has widened since the late 1960s. Unit labor costs rose rapidly in first quarter 1973, due primarily to a large increase in compensation per man-hour. Unit labor costs rose at a 6.8 percent annual rate from fourth quarter 1972 to first quarter 1973, following a 1.9 percent in crease in the preceding year. Compensation per man-hour rose at an 11.8 percent rate in the first quarter, compared to a 6.6 percent increase in the preceding year. Output per man-hour rose at a 4.6 percent rate, little changed from the previous year, but above the 3 percent trend rate from 1957 to 1972. Consumer prices have risen at a rapid 9.2 percent annual rate in the three months ending April. For comparison, consumer prices rose 3.7 percent for the year ending January 1973 and 2.7 percent annually from 1957 to 1972. Wholesale prices of industrial commodities have also risen rapidly in recent months compared to a year ago. Wholesale prices of industrial commodities rose at a 15 percent annual rate in the past three months. This compares with a 3.5 percent advance in the previous year and a trend rate of 1.6 percent from 1957 to 1972. 2 INDUSTRIAL PRODUCTION C Q M P Q U N O E D A N N U A L R A T E S O F CNANfif 10-71 11-71 12-71 1-72 2-72 3-72 4-72 5-72 -3.3 6-72 7-72 8-72 9-72 10-72 11-72 12-72 1-73 2-73 3-73 106.8 107.4 1 1-71 1.7 7. 0 12-71 3.8 7.5 8.1_________ 1-72 4.5 7.3 7.5 _____________________________________________________ 1 0 8 . 1 108.7 6.9 110.0 2-72 6.6 9.3 10 . 0 11.0 15 . 3 3-72 7.8 10.2 11.0 12.0 14.6 13 . 9 4-72 9. 3 11.6 12 . 5 13.6 16.0 16.3 18. 7 5-72 8. 7 10.5 11. 1 11.7 1 2. 9 12.2 11.3 6-72 7. 9 9.4 9.8 10.0 10.7 9.6 7-72 7.7 9.0 9.2 9.4 9.8 8.7 8-72 8. 2 9.4 9 .7 9.9 1 0.3 9.5 8. 6 9-72 8.4 9.5 9.8 10.0 10.4 9. 7 9.0 7.2 7.9 10-72 8. 9 10 . 0 10.3 10.5 10.9 10.4 9. 9 8. 5 9. 4 11-72 9.1 10.1 10. 3 10 . 5 10.9 10.4 10 . 0 8.8 9.6 9.9 10.1 10.3 10.6 10.1 9.7 8.6 9. 3 9.9 1 0. 0 10. 3 9.9 9.5 8. 5 9.0 10.2 10.5 10.1 9.8- 8.9 10.0 10.2 9.9 9.5 8.7 9.7 2-73 . 9.1 9.9 3-73 9.0 9,7 10.1 9.9 9*1 9.9 10.0 10.2 10.4 9-7 1 10-71 11- 7 1 12-71 1- 7 2 10.0 111.2 112.8 4.3 113.2 8.2 3.2 2.1 113.4 7.5 4.0 3.8 5.4 6.2 6.9 9.3 113.9 13.4 115.1 9.9 12.2 10*9 116.1 11.2 13.3 13 . 2 15 . 5 11.1 12.6 12.3 13. 1 10.7 10 . 5 11.5 11.1 11.1 9.0 7. 3 10.0 10.8 10.3 10. 1 OD 8 .8 1 .1-73 M ..1 1 -7 2 .,.. , 8*9. .... A - 7 3.. 1 9 6 7 » 100 INITIAL MONTH 10-71 7.3 7.3 9.4 10.4 11.1 10.7 10.6 9.5 9.1 10.0 12.7 9 .2 10.0 10.6 10.2 10 . 1 9.0 8.6 9.0 9.9 7.2 9.4 9.9 10.7 9.8 12.5 10-72 1 1 - 7 2 12-72 1-73 2-73 3-73 9.8 9.0 9.5 10.2 10.8 10.5 10.4 3-72 4-72 5-72 6-72 7-72 8-72 9-72 117.5 • TERMINAL MONTH — 9-71 9.6 118.5 119.2 119.9 121.1 1 2 1 . 8P 1 2 3 . OP INITIAL M O N T H P- P R E L I M I N A R Y P R E P A R E O BY F E D E R A L R E S E R V E M A Y 16, 1 9 7 3 B A N K O F ST. L O U I S 3 NDUSTRIAL RATIO PRODUCTION RATIO SCALE 1967=100 SEASONALLY ADJUSTED PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR P E R I O D S L A T E S T DATA P L O T T E D : APRIL SCALE 1967=100 INDICATED. PRELIMINARY PREPARED BY F ED ERA L R ESERVE BANK OF S T . LOUIS 4 TOTAL CIVILIAN EMPLOYMENT C O M P O U N D E D A N N U A L R A T E S OF C H A N G E THOUSANDS OF P E R S O N S MONTH ?-7i 1 0-71 4.0 10-71 1 1 - 7 1 1 2 -71 1-72 2-72 3-72 4-72 5-72 6-72 7-72 8-72 10-72 11-72 9-72 12-72 1-73 2-73 3-73 79,738 11-71 3.9 3.8 1 2-71 2.9 2. 3 0 .8 1-72 4. 2 4.3 4.5 79,987 80,040 8.4 80,579 3. 3 3* I 4.2 0.2 4.4 4.5 4.7 6.0 4. 8 9.7 4-72 3.8 3.7 3. 7 4.4 3.2 4.7 -0.1 5-72 3.8 3.7 3.7 4.3 3.3 4.4 1.8 6-72 3 .8 3.8 3.8 4. 3 3.5 4.4 2.7 4. 1 4.4 7-72 3.5 3.4 3.4 3.8 3.0 3.6 2.1 2.9 2.4 0.4 3.6 3.5 3.5 3.8 3.2 3.7 2. 5 3.2 3.0 2.3 4 .2 9 - 72 3.5 3. 4 3 .4 3.7 3.1 3.6 2.6 3.1 3.0 2.5 3.5 2.9 10-72 3.4 3. 3 3.3 3.5 3.0 3. 4 2.5 2.9 2 .8 2.4 3 .0 2.5 2.1 11-72 3 .3 3.2 3.2 3. 4 2.9 3.2 2.4 2.8 2.6 2 .3 2.8 2.3 2.0 1 .9 A 3. 4 3-72 r\J h- 2 -72 80,594 81,216 81,209 3.7 81,458 81,752 81,782 82,061 82,256 82,397 82,525 U-72 3.3 3.3 3.2 3 .4 3 .0 3.3 2.6 2.9 2.8 2.5 3.0 2.7 2.6 2.8 3.8 1-73 2.9 2.8 2.7 2.9 2.5 2.7 2.0 2.2 2 .0 1.7 1.9 1 .5 1.1 0.8 0.2 -3.2 82,780 82,555 2 - 73 3.2 3.2 3.1 3.3 2. 9 3.1 2.6 2.8 2 .7 2.5 2.8 2.6 2.6 2.7 2.9 2.5 8.6 3-73 3.7 3.6 3.6 3.8 3.5 3.8 3.3 3. 6 3 .6 3.5 3.9 3 .8 4.0 4.4 5.0 5.5 10.1 11.6 <*-73 3.5 3.5 3.4 3.6 3.3 3.5 3.1 3.3 3.3 3.2 3.5 3.4 3 .5 3.7 4.1 4.2 6 .8 5.8 0.4 9-71 10-71 11-71 12-71 1-72 2- 7 2 3-72 4-72 5-72 6-72 7-72 8-72 9-72 10-72 11-72 12-72 1-73 2-73 3-73 83,127 83,889 83,917 INITIAL MO N T H P R E P A R E D BY FEDERAL RE S E R V E M A Y 4, 1 9 7 3 B A N K OF ST. L O U I S PAYROLL EMPLOYMENT INITIAL MONTH T F R M INAI MONTH 9-71 10-71 0.3 11-71 2.2 10-71 11-71 12-71 1-72 2-7 2 3-72 4-72 5-72 6-72 7-72 8-72 9-72_ I S t l Z 1 1 - 7 2 12-72.. .1-71 — THOUSANDS OF P E R S O N S 2 - 7 1 . 3-.I1 70,861 4.2 71,103 71,291 12-71 2.6 3.7 3.2 1-72 3.0 4.0 3.8 4.5 2-72 3.1 3.8 3.7 3.9 3. 3 3. 9 71,552 71,744 72,011 4.6 3-72 3.3 3.9 3. 9 4.1 4-72 3.4 3.9 3.9 4.1 3 .9 4.3 4.0 5 - 72 3.7 4 .2 4. 2 4.4 4.4 4. 8 4.9 5. 9 6-72 3.5 3.9 3.9 4.0 3. 9 4.0 3 .9 3.8 1.8 7-72 3.1 3.4 3.3 3,3 3.1 3.1 2.7 2.3 0.6 -0.6 8-72 3.3 3.6 3.5 3,6 3 .5 3.5 3.3 3.1 2.2 2.4 5.5 9-72 3.3 3.6 3.5 3.5 3.4 3.4 3.3 3.1 2,4 2.7 4.3 3.,? 1 0-72 3.É» 3.8 3.8 3. 9 3.a 3.9 3.8 3.8 1*3 3.7 5 .2 5.1 7i_Q_ 11-72 3.7 4.0 3.9 4.0 3.9 4.0 4.0 4.0 5.1 6 .1 12-72 3.6 3 .8 3.8 3* 8 3.8 3.8 3.7 3,7 3.4 3.7 4 .6 4.3 4.7 3.4 3.7 4.4 4.2 4.4 72,246 72,592 72,699 72,661 4,0 72,984 73,116 „13x509 73,899 5.2 - 3,6 2 .1 74,026 1-73 3.6 3.8 3.8 3. 8 3.8 3.8 3.7 3.7 3.6 2.8 3.6 2 - 73 3.8 4. 1 4.1 4.1 4. 1 4. 2 4.1 4.1 3.9 4.2 4.9 4.8 5.2 4.7 4.5 5.8 8 .0 3-73 3.8 4.0 4.0 4.1 4.0 4.1 4. 1 3.9 4,1 4.7 4*6 4,9 4,4 4,3 5.0 5,7 3.4 4-73 3.7 3.9 3. 9 3*9 3.9 3.9 3.9 3.9 3.7 3.9 4.4 4.3 4.4 4.0 3.8 4,2 -4,4 2 .6 1.8 9-71 10-71 11-71 12 -71 1-72 2-72 3-72 4-72 5- 7 2 6-72 7-72 8-72 9-72 10-72 11-72 12-72 1-73 2-73 3-73 P- P R E L I M I N A R Y INITIAL 74,245 74,725 74.933P 75.042P MONTH PREPAREO BY FEDERAL RESERVE MAY 4 , 1973 BANK OF ST. LOUIS 5 E MP L OY M E N T RATIO SCALE MILLIONS RATIO OF P E R S ON S 1965 1966 seasonally 196/ 1968 MILLIONS adjusted 1969 1970 1971 SOURCE: PERCENTAGES LATEST ARE A N N U A L DATA P L O T T E D : RATES APRIL OF CH AN GE FOR P E R I O D S 1972 SCALE OF P E R S ON S 1973 U . S . DE P AR T M E N T OF LABOR INDICATED. PRELIMINARY PREPARED BY FEDERAL RESERVE BANK OF ST. LOUI S 6 UNEMPLOYMENT R A T E S * 1965 1966 1967 1968 1969 1970 1971 SOURCEi U . S . 1972 1973 DEPARTMENT OF LABOR »PERCENT OF C I V I L I A N LABOR FORCE IN CROUP LATEST OATA PLOTTEDi A P R IL PREPARED BY FEDERAL RESERVE BANK OF S T . LOUIS I NV ENTORI ES COMPARED WI TH MONTHLY S A L E S * MANUFACTURING AND TRADE 72 68 1.64 64 1.60 60 1 . 56 56 52 48 44 1.44 40 36 97 1 »RATIOS BASE D ON S E A S O N A L L Y ADJUSTED SHADED AR E A S R E P R E S E N T P E R I O D S OF AS D E F I N E D BY T H E N A T I O N A L BU RE A U LATEST DAT A P L O T T E D : DATA. SOURCE: U . S . DEPARTMENT 1972 OF 1973 COMMERCE BUSINESS RECESSIONS OF E C O N O M I C R E S E A R C H . MARCH P R E L I M I N A R Y PREPARED BY F E D E R A L RESERVE BANK OF ST. LOUIS 8 RETAIL SALES C Q M P O U N O E O ANN U A L R A T E S OP C H A N G E TERMINAL MONTH M I L L I O N S OF DOLLARS INITIAL MONTH 9-71 10-71 1-72 12- 7 1 11-71 2-72 4-72 1 -1 1 10-71 5-T2 6-72 8-72 7-72 9-72 10-72 11-72 12-72 1-73 3-73 2-73 34*964 11-71 6 .2 23/Ns. 35*574 12-71 -3,6 - 1 .2 - 20 * 6n'S^ 34*896 1-72 - 2 .8 - 0 . 9 - 1 1 .1 2-72 0.9 3.3 - 2 ,6 8 ,0 3*72 7.1 10# 5 7.6 4-72 5.3 7.8 5-72 8.3 10.9 6-7? 6 .1 8tl 7-72 7.3 9.2 8-72 8.5 10. 4 9-72 7 .2 8.7 10-72 1 0 .1 11-72 8.4 12-72 9.4 34*886 -0.3s 1 7 , 0 s S . __ X T 9 f t , 35*345 19. 0 30,1 36*450 4.9 12.5 17,2 1 7. 3 -5?<N^ 9.0 16.1 20,7 21.9 11,9 11,3 13,a 13 , 1 4,1 9,0 7.5 1 2.3 14,6 14,1 7,5 1 2 ,0 9 .1 13.5 1 5,6 15,4 1 0,3 14, 5 7.4 1 1 .0 12,5 11.9 7. 2 9,9 5,0 11.8 10.9 14.6 16.4 16,4 1 2,8 16.1 9.9 8.8 12.0 1 3.3 12.9 9.5 11.7 10 ,8 9.9 13,0 14.2 14.9 1 1 ,0 13. 2 *,! 44?^“ 36*296 37*141 36*822 3.3 37*342 i«.r 37*969 2 0,2 22 . 1s 10.4 6.7 13,2 19,9 20.3 19,4 8 ,6 1 2 .8 11.4 8 ,1 10,7 14.6 13.9 11,9 37*746 - 6 .8^ 39*106 38* 713 »6 .* - l l . O v ... 39*417 40*707 1-73 11.5 12.9 12,2 15. 3 16.7 16,7 14.2 14,7 10.8 18.8 18.2 25.4 17,4 35,2 4 7 . 2 ^ 2-73 1 1 .8 13.2 12.6 15.4 16.7 16,7 1 4, 4 16 . 6 15,0 18.5 18.6 18,0 23,7 17,3 28.8 31.| 17.0 3-73 12.3 13.7 13.1 15.8 17. 1 17,1 1 5,1 17.1 15 , 7 18.9 19,0 18,6 23,5 18,3 27,1 28,2 19,6 4-73 10 .6 11,8 1 1 ,2 13.5 1 4.5 14,3 12, 3 13.9 12,4 14,9 14,5 11*6 f l A . s t 1 1 , 7 17,0 15,3 6.2 11-71 12-71 1-72 2-72 3-72 4-72 5-72 6-72 7-72 8-72 9-72 10-71 11-72 12-72 1-73 9-71 1 0 -71 41*242 41.939P 22.3 41.328E 1 . 3 - 1 6 . lì 2-73 3-73 P- P R E L I M I N A R Y E- E S T I M A T E D PREPARCO BY PCOERAL RESERVE BANK O F MAY 11, 1 9 7 3 ST. L O U I S PERSONAL INCOME C O M P O U N D E D A N N U A L 1R A T E S OF C H A N G E TERMINAL MONTH B I L L I O N S OF HOLLARS ANNUAL RATES INITIAL PCNTH Î-71 10-71 11-71 12-71 1-72 2-72 3-72 4-72 5-72 6-72 7-72 8-72 9-72 * 0 W 2 11-7? 12-72 1-73 2-7? 3-73 3.6 874.8 11-71 5.1 6.5 679.4 12-71 &•* 1 1 .2 16.1 1-72 9.5 11.5 14.1 1 2 .1 2— 7 2 10.3 1 2 .0 13.9 1 2 .8 13.6 3-72 9.7 11.0 12.1 10 . a 10.2 6 .? 4-72 9.5 10.5 11.3 1 0 .1 9.4 7.4 5-72 9.0 9.8 10.4 9.3 8 .6 7.0 6-72 7.® 8.4 8.6 7.4 6.5 4.a 4 .1 2.3 7-72 8-4 9.0 9.3 8.3 7.7 6 .6 6.5 6 .0 5.9 13.a 8-72 8.5 9.0 9.3 8.5 a.o 7.1 1 .1 6.9 7.1 11.6 9-72 8.6 9.0 9.3 8.5 a. i 7. 3 7.4 7. 3 10-72 9.7 10.5 1 0.0 9.7 9.3 9.6 9. 9 10.7 13.9 11.9 16.2 2 3 . a ^ s+ H . 3 % 963.8 11-72 10.1 11. Û 10 . 6 10.4_ l û~ l 10 .5 lc.a 11.6 14.4 14.6 16.3 20.1 16.6 97*». 2 13.4 13.3 14.3 16. 1 12.5 a.6 10-71 10 . 7 690.4 898.9 908.5 913.6 919.4 7.9 6 .2 _ 924.0 922.9 932.9 «-5 940.0 9.3 946.8 12-72 1(L.0 10.5 lrt.A 10.4 10.2 9.9 10.2 10. 5 11-2 1-7-% 9.6 10. 0 10.3 9.9 S. 1 STÎ 9.* 9.8 1 0 .2 12r 0 1 1.7 12.1 12.9 9.5 6 .? 3.9 2-73 9.7 1 0 .1 10.3 9.9 9.8 9-5 9.7 9. 9 10.3 11.9 1 1 .6 11.9 17.5 9.9 7.7 7 .3 10.6 3-73 9.6 1 0 .0 1 0 .2 9. 9.7 9.4 9.^ 9. 8 10.1 11.5 1 1 .2 11.4 ll.fi 9.6 7.9 7.7 9.7 0.5 4-73 9.6 1 0 .0 10.2 9.a 9.7 9.4 9.7 ia«i Ì 11. 3I 11.0 11.2 11.5 9.6 8.2 8 .1 9,6 9,y 9-71 10-71 11-71 12-71 1-72 2-72 5-72 7-72 8-72 9-72 10-72 I1-72 12-72 1-73 2-73 fi 3-72 4-72 6-72 982.9 986.0 994.5 1,001.3 9.5 1 1.008.9 3-73 INITIAL MONTH PREPARED BY FEDERAL RESERVE MAY 16, 1973 B A N K OF ST. L G U I S RETAIL SALES R A T I O SCALE R A T I O SCALE tOURCE« U.«. DEPARTMENT OF COMMERCE PERCENTAGES ARE ANNUAL RATES OF CHANOE FOR PERIODS fNDICATED. LATEST DATA PLOTTEDi MARCH PRELIMINARY, APRIL ADVANCE ESTIMATE PERSONAL R A T I O SCALE MONTHLY T R I L L I O N S OF DOLLARS INCOME R A T I O SCALE T O T A L S AT A N N U A L R A T E S SEASONALLY ADJUSTED T R I L L I O N S OF DOLLARS 1. 1 1.0 0.9 0.8 0.7 0.6 0.5 0.4 1965 1966 1967 1968 1969 1970 1971 1972 1973 SOURCE« U.S. DEPARTMENT OF COMMERCE PERCENTAGES ARE ANNUAL RATES OF CNANSE FOR PERIODS INDICATED. LATE8T DATA PLOTTEDi APRIL PRELIMINARY PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 10 GROSS NATIONAL PROOUCT ---- C O M P O U N D E D A N N U A L IN C U R R E N T O O L L A R S RATES OP C H A N G E ______________________________ ____ _________ B I L L I O N S OF DU UO LL L A R S ANNUAL RATES T E 4 M I N AI.------------------------------ --- --------------------------------- m i l l A L Q»UwAiRn TiEs Rn ___________________________________ ____ QUARTER 2- 3-6* 4-64 1-6« 2-69 3-69 4-69 1— 7 0 2-70 3-70 4-7Û 1-71 2-71 3-71 4-71 1-72 2-7 2 3-72 4-72 3-64 875.2 _A.-AB. __ ... 7.0 890.2 ft 7.4 7. 7*4 7*4 7-4 _ i-Ai. _ 7.6 7.a 7 .ft 4-69 4.7 ¿-69 907.0 923.5 a.i 1-70 ... (u2L. 6..0 ..2 . - 7 0 ... __ A * 2 _ 4.0 5-7 6* Û 3.7 3-4 ..5uA 3.1 4-7 6.2 6-0 1-70 941.7 3.6 A.2 S.6 948.9 J.5 5.0 3.9 s^+4.1% 958.0 MV 4.3 9 7 1 . 7 ___ s 4.7 3-3 6.0 4_- 1Jl 4.3 4.4 3.7 1.4 w 3.7 6.2 6-4 7.2 7.7 14.3 6.3 6.0 6.3 7.0 7.3 7.7 11.1 7.9 - 6 . ft _ 7 . 0 7.2 9.2 6.7 7.2 986.3 \ .. 4-7X1_____ ___ 5 . A - 1-71 6.3 6*4 2-71 6-4 6.3 [L 989.7 1 »023.4 1.043.0 i_„..6 . 5. . 6.4 6.1 6.2 i.9 4-71 . , 6*4. 6.6 6.5 6 -4 6.2 6.6 7.0 7.2 7.4 4 .9 1-75 7 - ft 7.0 6-9 4-9 6 . ft 7-2 7.6 7.« ft.l 9 .3 4 .4 10.1 12. ¿-71 7._3__ 7-3 7-3 7-3 7.2 1.6 4 -a . ft-3 4-4 9 . ft 9.0 9.2 10.3 11.7 11.4 __ 2*.4_ — 2 *4 7-4 7-4 7.3 7.7 ft. 4 4 .6 9 .7 9 .0 9 .2 10.1 1 0 .ft 10.1 4-72 7*6 7*6 7 .4 7 .4 7-4 8 .0 B .4 ft.6 ft. 9 9 .9 1 - 7 3 .... ft-0 ft.l ft.l *.i ft.l ft. 3 ft. 9 9.2 9 .3 l i o . s l 3-68 4-68 1-69 2-69 3-69 4-6.9 1-70 2-70 ...Jlt T I — . .. ItII____ 2 - 3-70 4-70 1.056.9 6 . ft . ^ 1 0 5 % 1.078.1 1.109.1 1.139.4 ft.9 1.164.0 9 .^ 9.S 10.3 10.8 10.4 10.0 10.0 10.3 11.1 11.7 11.6 11.7 13.1 15.2 A 1-71 2-71 3-71 4-71 1-72 2-72 3-72 4-72 1.194.9 1.237.9 INITIAL QUARTER P R E P A R E O BY FE O CRAL R E S ER V E M A Y 17. 1 9 7 3 B A N K O F ST. L O U I S G R O S S N A T I O N A L P R O O U C T IN C O N S T A N T 1 9 5 8 O O L L A R S C O M P O U N D E D AN N UA L R A T ES OP C H A N G E .. INITIAL OUARTER T F A M I MAI QUARTER 3-AA 3— 6ft 4.0 4-68 3.2 1— 6 9 2-69 3-69 4-69 1-10 2-70 M O 4-70 M l 2-71 3-71 4-71 1-722-72 3-72 B I L L I O N S Of ... .... D OLLARS........ ANNUAL RATES 4-72 712.3 2.4 716.5 722.4 1-69 3.2 2.9 3.3 2— 69 2.9 2.5 2.6 1.9 3-69 2.7 2.4 2.4 1.9 725.8 729.2 1.9 4-69 1.9 1.4 1.2 0.4 -0.2 1 V -2.2 1-Î0 1.2 0.8 0.4 -0*1 -1.0 -2.4 -2it \ 2-70 1.3 0.9 0.6 0.1 -0.4 rl.l -Oil '1— 7 0 1.3 1.0 0-4 0-4 0.1 -0.3 4-70 0-7 0.4 0-1 1-71 1.4 1 .1 0.9 725.1 “ 1.12% 720.4 1.4^S^ 121*1 Oil l.ft 1 2 4 « ! .... .-Û*l_ - 0 . 1 i-1 . 2 ) -IftQ -0.4 On? 1.4 0 .7 0.1 0.5 0 .2 , x -1.4 -4 t l 1 . 6 ..1.1.4. ...Ai.Q... __ 71fi.fi .. TIL*.*. _ 2-71 1-3 1.3 1.2 0.9 0.4 hi 1. 9 2t0 2.0 3,? 7 3 7 . Î .... 3-71 1.6 1. 4 1.3 1.1 1.0 0 .9 1.4 2. 0_ 2 .1 2.2 4.6 2.9 742.5 4 -71 1.4 I . ft 1.7 1. 4 1. 6 1 .5 2«0 2.7 2.9 3.0 i>l 4* 1 — i t i . !— 7 7 3 -7 2 5.6 s ^ + 6 .5 % .7 5 A . 5 4 , A... 6 . 5^ ^ 7.5 7.9 9 . V S 'sN^ .131*3 ... 796.1 2.2 2-1 2.0 2.0 2.0 2«» ¡M 3*t. 5.4 4,a 7 5.2 2-7 2mA 2. 6 2.3 2.6 2.7 3.2 3.4 4 .1 4.4 6.0 5.6 6.2 2- 0 2.8 2.8 2.8 2.9 3.0 3*9 4.1 4.4 ^»7 6.1 5.8 6.3 7.2 7.4 7.9 6.4 3.3 }«ft 4.4 ftil 6.6 7.4 7.6 7.9 7.2 4. 1 4 . 1 „_i.IL. 4 -7 2 3 -2 3.1 3-2 3.2 i «i_ 1-7 3 3 .4 3 .4 3 .4 3.4 3 j*4_ ___3 . 1 2-68 3-68 4-68 1-69 2-69 3-69 4-69 1-70 1«? 2-70 }«Q 5.3 1 6.3 1 6*3 3-70 4-70 1-71 ...6 a «... lii,. 2-71 . 6.6 3.2 3-71 166*5.. l i « L . _ J 1*3 4-71 1-72 JL*±2-72 811.6 At,a.. A*Q 3-72 f U J U .. 827.3 4-72 I N I T I A L IQ U A R T E R PREPARED BY FEOERAL RESERVE MAY 17. 1973 BANK OF ST. LOUIS 11 DEMAND AND RATIO SCAL E TRILLIONS QUARTERLY OF D O L L A R S PRODUCTION T O T A L S AT AN N U A L RATIO RATES SEASONALLY ADJUSTED TRILLIONS 1 S C AL E OF D OL L A R S 4 1. 1. Î . 0 0.9 0 . 8 0 . 0.7 0 . 0.6 0.5 0 . 1965 1966 1967 U.CNP IN CURRENT DOLLARS. 1968 1969 1970 1971 1972 1973 SOURCEt U . S . DEPARTMENT OF COMMERCE 126NP IN 1958 DOLLARS. PERCENTAGES ARE ANNUAL RATES OF CHANCE FOR PERIODS IN DIC ATE D. LATEST DATA PLOTTEDi 1ST QUARTER PREPARED BY FEOERAL RESERVE BANK OF S T , L O U I S 12 COMPENSATION PER MAN-HOUR, TOTAL PRIVATE ECONOMY COMPOUNDED ANNUAL RATES OF CHANGE_________ TERMINAL________________________________________________________ IN ITIA L QUARTER_______________ __ _____________________________________ 1967 * 100 QUARTER 3-48 4-68 1-69 2-69 3-69 4-69 1-70 2-70 3-70 0 r1 <«• 2-68 1-71 2-71 1-69 7.9 7.3 5.9 2-69 7.9 7.6 7.0 8.1 3-69 7.8 7.5 7.0 7.6 7.2 4-69 8.1 8.0 7.8 8.4 8.5 9.9 1-70 7.9 7.8 7.6 8.0 8.0 8.4 6.9 2-70 7.7 7.5 7.3 7.6 7.5 7.6 6.5 3-70 7.9 7.8 7.6 7.9 7.9 8.1 7.4 7.7 9.4 7.6 7.5 7.3 7.5 7.4 7.5 6.9 6.9 7.3 5.2 7.8 7.7 7.5 7.7 7.7 7.8 7.4 7.5 8.0 7.3 9.4 2-71 7.6 7.5 7.4 7.5 7.5 7.5 7.1 7.2 7.5 6.8 7.7 5.9 3-71 7.5 7.4 7.2 7.4 7.3 7.3 6.9 7.0 7.1 6.6 7.1 5.9 5.9 4-71 7.3 7.2 7.0 7.1 7.1 7.0 6.7 6.7 6.8 6.2 6.5 5.6 5.4 o 4-71 1-72 2-72 3-72 4-72 110.9 * i a* 00 8.7 8.8 > i 8.9 1-71 3-71 108.6 3-68 112.5 114.7 116.7 119.5 121.5 123.3 6.1 126.1 127.7 130.6 132.5 134.4 136.0 4.8 1-72 7.4 7.3 7.1 7.3 7.2 7.2 6.9 6.9 7.0 6.6 6.9 6.3 6.4 6.7 8.5 2-72 7.3 7.1 7.0 7.1 7.0 7.0 6.8 6.7 6.8 6.5 6.7 6.1 6.2 6.3 7.0 5.6 3-72 7.1 7.0 6.9 6.9 6.8 6.8 6.5 6.5 6.5 6.2 6.3 5.8 5.8 5.8 6.1 5.0 4.3 4-72 7.1 7.0 6.9 7.0 6.9 6.9 6.7 6.6 6.7 6.4 6.6 6.2 6.2 6.3 6.6 6.0 6.2 8.1 1-73 7.4 7.3 7.2 7.3 7.2 7.3 7.0 7.1 7.2 6.9 7.1 6.8 7.0 7.2 7.6 7.4 8.0 9.9 11.8 2-68 3-68 4-68 1-69 2-69 3-69 4-69 1-70 2-70 3-70 4-70 1-71 2-71 3-71 4-71 1-72 2-72 3-72 4-72 INITIAL P- 138.8 140.7 142.2 145.0 1 4 9 . IP QUARTER PRELIMINARY P R E P A R E D BY F E D ERAL A P R I L 30« 1973 OUTPUT PER MAN-HOUR» _____________________________________________________________________ C O M P O U N D E D A N N U A L TOTAL RATES 3-68 2.4 2.0 1.6 1-69 1.2 0.6 -0.4 2-69 0.7 0.1 -0.6 -0.8 BANK OFST. LOUIS PKIVATE ECONOMY OF CHANGE T E R M I N A L ________________________________________________________________________ I N I T I A L Q U A R T E R ______________ " “O O A R T E I T 3-68 4-68 1-69 2-69 3-69 2-68 4-69 1-70 2-70 3-70 4-70 1-71 2-71 4-68 RESERVE 1967 * 3-71 4-71 1-72 2-72 3-72 100 4-72 103.3 | 103.7 103.6 3-69 0.5 0.0 -0.5 -0.6 -0.4 4-69 0.3 -0.2 -0.6 -0.6 -0.6 -0.8 1-70 0.1 -0.3 -0.7 -0.8 -0.8 -1.0 2-70 0.6 0.3 0.1 0.2 0.5 0.8 1.6 4.3 ut l o 103.4 1.2 1.1 1.0 1.3 1.7 2.2 3.2 5.5 4-70 0.9 0.8 0.7 0.8 1.1 1.4 1.9 3.0 2.3 -1.9 1-71 1.5 1.4 1.4 1.6 2.0 2.4 3.0 4.1 4.0 2.7 7.4 2-71 1.6 1.5 1.5 1.7 2.0 2.4 2.9 3.7 3.6 2.5 4.8 103.3 103.1 102.8 - I . * ' f-~\, 103.9 6.7 105.6 105.1 107.0 2.3 Sss < +4. 1% 107.6 3-71 1.7 1.7 1.7 1.9 2.2 2.5 3.0 3.7 3.5 2.7 4.3 2.8 3.4 4-71 1.8 1.8 1.8 2.0 2.3 2.6 3.0 3.6 3.5 2.9 4.1 3.0 3.4 3.4 1-72 2.0 1.9 2.0 2.2 2.4 2.7 3.1 3.7 3.6 3.1 4.1 3.3 3.6 3.7 4.1 3.1 3.4 4.0 3.9 3.5 4.5 3.9 4.3 4.6 5.2 6.3 108.5 109.4 110.5 2-72 2.2 2.2 2.3 2.5 2.8 3-72 2.3 2.3 2.4 2.6 2.9 3.1 3.5 4.0 3.9 3.6 4.4 3.9 4.2 4.4 4.8 5.1 4.0 4-72 2.5 2.5 2.5 2.7 3.0 3.2 3.6 4.0 4.0 3.7 4.4 4.0 4.3 4.5 4.8 5.0 4.3 1-73 2.6 2.6 2.7 2.8 3.1 3.3 3.7 4.1 4.1 3.8 4.4 4.1 4.3 4.5 4.7 4.9 4.4 4.6 2-68 3-68 4-68 1-69 2-69 3-69 4-69 1-70 2-70 T-TO 4-70 T-71 2-71 3-71 4-71 1-72 2-72 3-72 112.2 113.3 114.6 4. 6 ^ 115.9P 4-72 rWTTI*r"UU*RTCT P- PRELIMINARY FftTW REflniY"F'EOEVnkL ft'K E ftV lfB A N K OF ST. AP R IL 3 0 , 1973 LOUIS 13 PRODUCTIVITY, COMPENSATI ON, RAT 10 SCALE 1967-100 AND LABOR COSTS RAT 10 S OURCEt PE R C E N TA G ES ARE LATEST SCALE 1967-100 SEASONALLY ADJUSTED ANNUAL DATA PLO TTE D « R ATES 1ST OF QUARTER CHANGE FOR P E R IO D S U .S . D EPAR TM EN T OF LABOR ST. L O U IS I N D IC A T E D . 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 ES ER V E BANK OF UNIT LABOR COSTS, TOTAL PRIVATE ECONOMY COMP O U N D E D ANNUAL RATES OF CHANGE TERMINAL QUARTER INITIAL 2-68 3-68 4-68 1-69 2-69 3-68 6.3 4-68 6.7 7.0 1-69 6.6 6.8 2-69 7.1 7.4 7.6 8.7 3-69 7.2 7.4 7.6 8.1 7.4 3-69 4— 69 1-70 2-70 3-70 1967 - QUARTER 4-70 1-71 2-71 3-71 4-71 1-72 2-72 3-72 105.1 106.9 6.5 108.6 110.9 112.9 4-69 7.8 8.1 8.3 8.9 9.0 10.7 1-70 7.9 8.1 8.4 8.8 8*9 9*6 8.6 2-70 7.1 7.2 7.2 7.4 7.0 6.9 5.1 3-70 6.6 6.6 6.5 6.5 6.1 5.8 4.2 2.0 2.4 4-70 6.6 6.7 6.6 6.6 6.3 6.0 4.9 3.7 4.8 115.8 118.2 1.7 118.7 119.4 7.2 121.5 1-71 6.2 6.1 6.0 6.0 5.6 5.3 4.3 3.2 3.7 4.4 1.7 2-71 6.0 5.9 5.8 5.8 5.4 5.1 4.2 3.4 3.8 4.3 2.8 122.0 4.0 \j+ 2 ,9 % 123.2 3-71 5.7 5.6 5.5 5.4 5.0 4.8 3.9 3.2 3.5 3.8 2.6 3.1 2.3 4-71 5.3 5.3 5.1 5.0 4.6 4.3 3.6 2.9 3.1 3.2 2.2 2.4 1.6 i.o' 1-72 5.3 5.2 5.1 5.0 4.7 4.4 3.7 3.1 3.3 3.5 2.8 3.0 2.7 2.9 4.9 123.9 124.2 125.7 2-72 4.9 4.8 4.7 4.6 4.2 3.9 3.3 2.7 2.8 2.9 2.2 2.3 1.9 1.7 2.1 -0.6 3-72 4.6 4.5 4.4 4.2 3.9 3.6 3.0 2.4 2.5 2.5 1.9 1.9 1.5 1.3 1.4 -0.3 0.0 4-72 4.6 4.5 4.3 4.2 3.8 3*6 3.0 2.5 2.6 2.6 2.0 2.1 1.8 1.7 1.9 0.8 1.6 3.2 1-73 4.7 4.6 4.4 4.3 4.0 3.8 3.3 3.0 3.0 2.6 2.7 2.5 2.5 2.8 2.3 3.3 5.0 6.8 2-68 3-68 4-68 1-69 2-69 3-69 4-69 2-70 3-70 4-70 1-71 2-71 3-71 4-71 1-72 2-72 3-72 4-72 n r I i-70 INITIAL P- 100 4-72 125.5 125.5 126.5 \ 128.6P QUARTER PRELIMINARY PREPARED BY FEDERAL RESERVE BANK OF S T . LOUIS A P R IL 3 0 , 1973 14 CONS U M E R PRICE INDEX, SEASONALLY A D JUSTED TERMINAL MONTH INITIAL M O N T H 9-71 10-71 11-71 10-71 2.0 li — 71 2. 2 2.5 12-71 2.8 3.3 4.1 1 2 -71 1-72 2-72 3-72 4-72 5-72 6-72 7-72 1967 * 100 8-72 9-72 10-72 11-72 12-72 2-73 1-73 122.40 122.65 123.06 1-72 2.9 3.2 3. 5 3.0 2-7 2 3.5 3.8 4.3 4.4 5.9 3-72 3.1 3.3 3.5 3.3 3.5 1.2 4-72 3.0 3.1 3.3 3.1 3. 1 1.7 123.36 123.95 124.07 2.2 124.30 5-72 3.1 3. 2 3.3 3.2 3.2 2.4 3.0 3.7 6-72 2. 9 3.0 3.1 2.9 2.9 2 .1 2.5 2.6 1.5 7-72 3.1 3.2 3.3 3.2 3.2 2.7 3 .1 3.3 3.1 4 .8 ^ V 8-72 3.1 3.2 3.3 3.2 3.2 2.8 3 .1 3.3 3.2 4.1 3.3 9-72 3. 3 3.4 3.5 3.4 3.5 3.1 3.4 3.7 3.7 4.4 4.2 5.2 10-72 3.3 3. 4 3.5 3.5 3.5 3.2 3.5 3.8 3.8 4.3 4.2 4.6 11-72 3.3 3.4 3.5 3.5 3*5 3.3 3.5 3.7 3.7 4.2 4.0 4.3 3.8 3.6 12-72 3.3 3.4 3.4 3.4 3.4 3.2 3.4 3.6 3.5 3.9 3.7 3.8 3.4 124.68 124.83 125.32 125.66 126.19 5.7% 126.61 3.0 2.5 127.24 4.1 126.98 1-73 3.5 3.6 3.6 3.6 3.7 3.5 3.7 3.8 3.9 4.2 4.1 4.3 4.0 4.0 4.3 6.1 2-73 3.8 3.9 4.0 4.0 4.0 3.9 +.1 4.3 4.4 4.7 4.7 5.0 4.9 5.2 5.7 7.3 8.6 3-73 4.1 4.3 4.4 4.4 4.5 4.4 4.7 4.9 5.0 5.4 5.5 5.8 5.9 6.3 7.0 8.6 9.8 4-73 4.3 4.5 4.6 4.6 4.7 4.7 4.9 5.1 5.3 5.8 6.1 6.2 6.6 7.2 8.4 9.2 9.4 9-71 10-71 11-71 12-71 1-72 2-72 3-72 4-72 5-72 7-72 8-72 9-72 10-72 11-72 12-72 1-73 2-73 f 5.7 6-72 1 127.87 128.75 1 1 . 1 ^ INITIAL M ONTH WHOLESALE 7.8 \ 10-71 11-71 12-71 1-72 2-71 PRICES - INDUSTRIAL COMMODITIES, 3-72 4-72 5-7 2 6-72 B A N K O F ST. L O U I S SEASONALLY ADJUSTED __126_7 * . 1 0 0 -0.8 11-71 -0.1 0.7 12 - 7 1 1.1 2.1 3.4 1-72 1.8 2.6 3.6 3.8 2-72 2.4 3.2 4.0 4. 3 3-72 2.6 3.3 3.9 4.1 4. 2 3.6 4-72 2.8 3.4 4.0 4. 1 4.2 3.9 4.3 4.0 4. 2 4.2 2-73 1 -73 3-73 115.48 116.30 4.9 .. 117.45 4.2 3 a1 3.7 4.1 4.2 4.3 4.1 4 .3 4.3 4.5 3. 1 3.5 3.9 4.0 4.0 3.8 3.9 3.8 3.6 2.7 4.0 3.9 3.8 3.4 8 -7 2 3.2 3 .6 3. 9 4.0 4.0 3.9 _L16 2,64 _ . 117.05 4 .1 7-72 12-72 115.84 4.0 6-72 9-72 10-72 11-72 115.16 3.5 3.0 8-72 115.09 10-71 5-72 7-72 130.70 3-73 INITIAL M O N T H q— 71 129.88 ......... " " P R E P A R E O BY F EDERAL R E S E R V E M A Y 22, 1 9 7 3 7 RM IN Al MUNTH 3-73 _____ 1 1 1 * 1 8 .... 118.14 118.54 A.L 118.87 9-72 3 .2 3.6 3.9 3 .9 3.9 3.8 3. 9 3.8 3 .7 3.4 3.8 ..At*.., 10-72 3.0 3.3 3. 6 3.6 3.6 3.4 3.4 3.2 3.1 2.7 2*7 2.0 0.6 11-72 3.1 3.5 3.7 3.7 3.7 3.6 3.6 3.5 3.3 3 .1 3.2 2.9 2.7 118.93 4.8 119«. 4 0 \j+ 9 .0 % 12-7? 3. 1 3.3 3.5 3.6 3.5 3.4 3.4 3.3 3.1 2.9 2.4 3.4 1.9 1-7 3 3.1 3.4 3.5 3. 6 3.5 3.4 3. 4 3.3 3. 2 3 . 0 . I s J L .,2.9_ 2.7 3.4 2.7 3 . 6 ^ ^ 119.94 4.2 4.2 4.1 4.3 4.5 5.5 5.8 7.8 12.1 121.09 3.0 4.3 2.7 .....119.-5? 2-73 3.6 3.9 4. 1 4.1 4.2 4.1 4.2 3-73 4« 2 4,5 4.8 4.9 4.9 4.9 5.0 5.1 5.2 5. 3 5.6 5.8 6.3 7.4 8.1 10.2 13.7 4—7^ 4.9 5.2 5.4 5. 6 5.7 5.8 5. 9 6.1 6.2 6.4 6.8 7.2 7.7 1 9.0 Ì 9.8 11.9 14.8 16.1 17.0 ^ 9-71 10-71 11-71 12-71 1-72 2-72 3-72 4-72 5-72 6-72 7-72 8-72 9-72 10-72 11-72 12-72 1-7 3 2-73 3-73 ...... ........ ... I N I T I A L M O N T H 15.2 i22®53 / MAY 4 . 1973 124.14 15 RATIO PRICES SCALE 1965 1966 1967 1968 1969 PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR P E R IO DS L A T E S T DATA PL O T T ED * RATIO 1970 1971 1972 SCALE 1973 INDICATED. APRIL PREPARED BY FEDERAL RESERVE BANK OF S T . LOUIS 1 6 W H O L E S A L E P R I C E S - ALL C O M M O D I T I E S * S E A S O N A L L Y A D J U S T E D ________________ C O M P O U N D E D A N N U A L R A T E S OF C H A N G E _____________ T E R M I N A L ___________________________________________________________________ I N I T I A L M O N T H _________ _______________________________________________________ 1 9 6 7 » 1 0 0 MONTH . 9 - 7 1 10-71 1 1 - 7 1 1 2 - 7 1 1-72 2-72 3-72 A— 7 2 5-72 6-72 7-72 8-72 1-73 2-73 9-72 10-72 11-72 12-72 3-73 10-71 1.5 11 - 7 1 1.6 1.8 12-71 3.4 A.A 7.1 1-72 3.9 A.7 6.1 114.92 115.09 115.75 5.2 116.24 2-72 4.4 5. 2 6.3 5.9 6.6 3- 7 2 4.0 4.5 5.2 A. 6 A. 3 2.1 4- 7 2 3.9 A. 3 A.9 A.3 4.0 2.8 3. A 5-72 A.2 A.6 5.1 A.7 A. 6 3.9 A.8 6.2 6-72 4. 3 4. 7 5.1 A.7 A. 6 A.2 A. 9 5.6 5.0 7-7 2 A.7 5.1 5.5 5.3 5. 3 5.0 5. 7 6.5 6.7 116.86 117.06 117.39 117.98 118.46 8. A 119.26 8-72 4.9 5. 3 5.7 5.5 5.5 5.A 6. 0 6.7 6.8 7.8 7.2 9-72 5.0 5.3 5.7 5.5 5.6 5.A 6.0 6.5 6.6 7.2 6.6 6.0 1 0 -72 A. 6 A.9 5.2 5.0 5. 0 4.8 5.2 5.5 5.3 5.4 A.5 3.1 0.4 6. 1 5.5 4.9 4.4 8.6 119.95 120.53 120.57 11-72 A.9 5.2 5.5 5.3 5.A 5.2 5.6 5.9 5. 9 12 - 7 2 5.9 6.2 6.5 6.5 6.6 6,6 7 .1 7.6 7. 8 8.3 8.3 8.5 9.4 14.2 20.1 1-7 3 6.2 6.6 6.9 6.9 7.1 7.1 7.6 8.1 8.3 8.8 8.9 9.2 10.1 13.5 16.0 2-73 7.1 7. 4 7.8 7.9 8.4 8.2 8.8 9.3 9.7 10.2 10.5 11.1 12.1 15*3 17.6 16.3 20.9 3-73 8.3 8.7 9.1 9.3 9.6 9.8 10.5 11.1 11.6 12.A 12.9 13.8 15. 1 18.3 20.9 21.1 26.0 31.3 A — 73 8.5 8. 9 9.3 9. 5 9.8 10.0 10.6 11.2 11.7 12.4 12.9 13.6 14.7 17 . 3 19.1 18.9 21.2 21.4 121.40 \J+17.3% 123.27 12.0 124.44 126.42 129.32 12.>\ 130.58 1 9-71 10-71 11-71 12-71 1-72 2-72 3-72 A-72 5-72 6-72 7-72 8-72 9-72 10-72 11-72 12-72 1-7 3 2-73 3-73 INITIAL MONTH P R E P A R E O BY F E D E R A L MA Y 4,> 1 9 7 3 W H O L E S A L E P R I C E S - F A R M PRODUCTS AND P R O C E S S E D FOODS AND FEEDS, C O M P O U N D E D A N N U A L R A T E S OF C H A N G E T F OM I N Ai MONTH RESERVE B A N K OF ST. L O U I S SEA S . ADJ. 1 9 6 7 = 100 INITIAL MONTH i n -7 i 1 1-71 1 2-71 1—72 2-72 3-72 4-72 5-72 6-72 7-72 ft-7 2 9-72 10 - 7 2 1 1 - 7 2 1 2 - 7 2 1 - 7 3 ..2-7JL -i-Ji 114.6 10-71 ^ 9.9 11-71 7.1 A. 3 12-71 11 .0 11.5 115.0 19.3 116.7 117.3 1-72 9.8 9.8 12 . 6 2-72 10.2 10.3 12.A 6.3 9.1 11.9 3— 72 B.A 8.1 9.1 6.0 5.8 0.0 4-72 7.3 6.9 7.5 A.7 A.2 0.5 1*0 5-7 2 7.7 7.A 8.0 5.9 5.7 3.8 5. 7 10.6 6-72 7.6 7.3 7.7 5.9 5.8 A* A 5,9 8* A 8. 9 9.5 8. 2 8.5 7.9 9.9 13.1 1A , 3 118.A .......H 8 . A 118.5 119.5 6, 2 v ^ + 1 8 . 2 % 120.1 122.2 7-72 9.0 8-72 9.7 9.7 10 . 3 9. 3 9.7 9.3 11 . 3 14.0 1 5.2 20.0 16.9 <5-72 10.A 10. A 11.1 10.2 10.7 10.5 12.A 14*8 1 5. 8 19.2 17.3 17.8 10 - 7 2 9.2 9.2 9.6 8.7 9.0 8.6 9.9 11.4 11,6 13.0 9. 8 6.5 11-72 10.0 10.0 10.5 9. 8 10.1 9.9 11.2 12.8 13.1 14.6 12.5 11.1 7.9 21.0 12-7? 13.6 13. 9 1 A.7 1A.3 15. 1 15. A 17.2 19.4 20.8 23.4 23.4 25 rl 27,7 * 7 tQ 78,7 25.2 25.5 2 7 . 3 . ^ 9 , ft. A 3 . A „56.2 36.4 U3.8 -isJ .... 1 2 1 . 1 127.1 133. A 136.9 1- 7 3 1 A. 9 15.3 16.1 1 5.9 16.7 17.2 19.0 21.2 22.6 2-73 16. A 16. 8 17.7 17.6 18.5 19.1 21.0 23.2 2A.7 27.2 27.8 29.7 32.2 A3. 2 51.5 39.4 42.5 1—7 "3 19-3 19.8 20.9 21.0 22.1 22.9 25.1 27.5 29,4 32.2 33.4 36.0 39.3 A9.9 58.2 51.9 60.3 4-73 18. 2 18.7 19.6 19.6 20.6 23.0 25.1 26.5 28.7 29,3 _ 31*0 33.0 AO. 3 44.6 37.1 37.3 _34.8_ 9-71 10- 7 1 11-71 12-71 1-72 3-72 4-72 5-72 6-72 7-72 8-72 9-72 10-72 11-72 12-72 2-72 . 125,? 1-73 _1A_1.0 2-73 0 .8 \ 1 A 8 . 2 _____ 3-73 INITIAL M O NTH P R E P A R E O BY F E D E R A L M A Y A, 1 9 7 3 RESERVE B A N K OF ST. L O U I S 17 RAT 0 SCALE 196 145 - I 00 WHOLESALE SEASONALLY PRICES RATIO SC 1 9 6 7 « 100 145 ADJUSTED 140 140 135 135 130 130 125 125 120 160 1 15 155 110 150 145 105 140 100 135 130 95 125 90 1 20 120 1 15 115 1 10 110 105 105 100 100 95 95 90 90 1965 1966 1967 1968 1969 ERCENTAGES ARE ANNUAL RATES OF CHAN6E FOR P E R IO DS » TEST DATA P LO T T E D : 970 971 1972 1973 INDICATED. APRIL PREPARED BY FEDERAL RESERVE BANK OF S T . LOUIS 18 GENERAL RATI O PRICE INDEX* SCALE RATI O 1958*100 1965 *A S USED 1966 1967 IN N A T IO N A L PE R C E N TA G ES LATES T SCALE 1958-100 ARE 1968 1969 1970 INCOME ACCOUNTS ANNUAL DATA P L O T T E D t R A T ES 1971 SOURCEI OF CHANCE FOR P E R IO D S U .S . 1972 D EPA R TM EN T 1973 OF COMMERCE IN D IC A T E D . 1ST QUARTER P R EP A R E D BY FEDERAL RESERVE BANK OF ST. L O U IS IMPLICIT P R ICE O E F L A T O R FOR GR O S S N A T I O N A L P R O D U C T __________ C O M P O U N D E D A N N U A L R A T E S O F C H A N G E ____________ INITIAL QUARTER TFRM TNM QUARTER 2 -6 8 3-68 3-6S 4-68 1-69 2— 6 9 3-69 4-69 1-70 2-70 3-70 4-70 1 9 5 8 * 100 1-71 2-71 3-71 4-71 1-72 2-72 3-72 4-72 122.87 4.3 4-68 4.5 4.6 \ + 4 . 8 % 1-69 4.4 4.4 4. 2 2-69 4.7 4.8 4.9 124.26 125.55 5.5 127.24 3-69 5.0 5.1 5 .3 5.8 6 .1 \ + 6 sQ % ) 4-69 5.0 5.2 5 .3 5.7 5.8 5.5 1-70 5.3 5.4 5.6 5.9 6.0 6.0 6.5 2-70 5.1 5.3 5.4 5.6 5.6 5.4 5.4 4.3 129.14 130.88 132.97 134.38 f■5V . « / w 3-70 5. 0 5. 1 5. 2 5.3 5.3 5. 1 5. 0 4.2 4.0' 4-70 5.2 5. 2 5.3 5.5 5.5 5. 4 5.3 4.9 5.2 6.5 1-71 5.2 5. 3 5. 4 5.5 5. 5 5.5 5.4 5.2 5.5 6.2 135.71 137.85 5.9 139.84 2-71 5.2 5.2 5.3 5.4 5.3 5.3 5.0 5.2 5.6 5.1 4.4 3-71 5.0 5.0 5.1 5.2 5.1 5.0 4.9 4.6 4.7 4.9 4.4 3.6 2.9 4-71 4.7 4.8 4.8 4.8 4.7 4.6 4.5 4.2 4.2 4.2 3.6 2.9 2.2 1.5 1-72 4.8 4.8 4.8 4.8 4.8 4.6 4.6 4.3 4.3 4.4 3.9 3.5 3.2 3.3 5.1 2-72 4.6 4.6 4.6 4.6 4.5 4.4 4.3 4.0 4.0 4.0 3.6 3.1 2.8 2 .8 3.5 1.8 3-72 4.4 4.4 4.4 4.4 4.4 4.2 4 .1 3.9 3.8 3.8 3.4 3.0 2.7 2.7 3.1 2.1 2.4 4-72 4.3 4.3 4.3 4.3 4.3 4.1 *.o 3.8 3.7 3.7 3.3 3.0 2.8 2.7 3.0 2.4 2.6 2 . 8 ^ 1-23 4.5 4.5 4.5 4.5 4.4 4.3 4.2 4.0 4.0 4.0 3.7 f 3.4 3.3 3.4 3.8 3.4 3.9 4.7 2-68 3-68 4-68 1-69 2-69 3-69 4-69 1-70 2-70 3-70 4-70 1-71 2-71 3-71 4-71 1-72 2-72 3-72 INITIAL 141.34 142.35 i+ i 142.88 Â 07 144.68 145.34 146.21 147.23 ^ \ 149.62 4-72 QUARTER PREPARED BY FEDERAL RESERVE MAY 17. 1973 BANK OF ST. LOUIS
@FedFRASER