Full text of National Economic Trends : May 1977
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nRTionoL Economic t r eh d s PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS MONTH ENDING: April 30, 1977 RELEASED: May 25, 1977 Despite scans slowdown in the advance of economic activity in April, the pace is up substantially from last fall. While sales, production, and enployment have all risen sharply, it is unlikely, and probably undesirable, that increases will continue at such rapid rates in coming months. The recent acceleration of activity has been accompanied by an uptick in the rate of inflation. Retail sales were little changed from March to April, but the April figure still represents an 18 percent rate of advance from last October. Such sales rose 16 percent in the first year of the recovery from March 1975, then slewed to about a 4 percent rate of increase from March to October 1976. Industrial production has been rising at an unsustainable rate in recent months. In part, the advance is attributable to a catch-up effect operating since a depressed January, but the 9 percent rate of increase since last fall is indicative of fundamental economic strength. The recent acceleration follows a 3 percent rate of growth frcm March to October 1976, and a 15 percent rise fran March 1975 to March 1976. Employment has shown exceptionally strong growth since last October. Total civilian enplayment has risen at a 5.3 percent annual rate since October, while payroll employment has advanced at a 4.6 percent rate. In comparison, total employment increased at a 2.6 percent average rate from March 1975 to October 1976. Of the population of working force age, 65.3 percent were employed in April, only slightly below the 65.4 percent figure recorded in the pre-recession peak of November 1973. Prices have also accelerated since last fall. With food and energy items increasing most rapidly, consumer prices have risen at an 8 percent annual rate since October, after increasing 5.2 percent in the previous year. Wholesale industrial prices rose at a 7.2 percent rate from October to April, compared to 6.6 percent in the previous year. TOTAL C IV IL IA N EMPLOYMENT COMPOUNDED ANNUAL RATES OF CHANGE TERM IN A L________________________________________________________________________ I N I T I A L MONTH___________________________________________________________________________THOUSAHOS OF PERSO N S MONTH 2-7 7 3 -7 7 9-7 6 10-76 11-76 12-76 1-77 8-76 7 -7 6 2-76 3-76 4-76 5-76 6 - 7 6 1-76 9-75 10-75 11-75 12-75 10—75 -0*4 8 5 *0 8 7 85*212 11-75 0 .7 1 .8 12-75 1 *6 2 .5 3 .3 1-76 4 .0 5 .5 7 .4 1 1 .6 2-76 3 .9 5 .0 6 .0 7 .4 3 .5 3-76 4 .1 5 .0 5 .9 6 .7 4 .4 5 .3 4-76 4 .5 5 .3 6* X 6 *8 5 .2 6 *1 6 .9 5—76 4 .5 5 .2 5 .8 6 *3 5 .0 5 .5 5 .6 4 .4 6—76 3 .8 4 .3 4 .7 5 .0 3 .7 3*7 3 .2 1 .4 -1*5 7-76 3 .8 4 .2 4 .6 4 .7 3 *6 3*7 3 *3 2 .1 1*0 3 .5 8-76 3 .5 3 .9 4 .1 4 .2 3 .2 3 .2 2 *8 1 .7 0 *9 2 .1 0 .7 9-76 3 .1 3 .5 3 .6 3 .7 2 .7 2 *6 2*2 1*3 0 *5 1 .2 0 .1 - 0 .5 10-76 2 .8 3 .1 3 .2 3 .2 2 .3 2 .2 1 .8 0 .9 0 .3 0 .7 - 0 .2 - 0 .7 - 0 .8 8 5*4 4 3 86*226 8 6*471 8 6*845 87*3 29 8 7*6 4 0 87*5 33 8 7*7 83 87*8 34 8 7*7 94 87*7 38 8 8*220 11-76 3 .1 3 .4 3 .5 3 .6 2 .8 2 .7 2 .4 1 .8 1 .3 1 .9 1 .5 1 .8 2 *9 6 *8 12-76 3 .1 3 *4 3 .5 3 .5 2 .8 2 .7 2 .5 1 .9 1 .6 2*1 1 .8 2 *1 3 .0 4 *9 1-77 3 .0 3 *3 3 .4 3 .4 2 .7 2 .6 2 .4 1 .9 1 .6 2 .0 1*8 2 *0 2 *6 3 .8 2 *3 1*6 3 *4 3 *6 8 8*441 3 .0 88*558 2-77 3 .2 3 .4 3 .5 3 .5 2 .9 2 .9 2 .7 2 .2 2 .0 2 .5 2 .3 2 .6 3 *2 4 .2 3-77 3 .4 3 .6 3 .7 3 .8 3 .2 3 .2 3 .0 2 .7 2 .5 3 .0 2 .9 3 .2 3 *9 4 .8 4 *3 4 *8 6 .4 7 *1 4-77 3 .0 3 . fa 4 .0 4 *0 3 .5 3 .5 3 .4 3*1 3 .0 3 .4 3 .4 3 .8 4*4 5 .3 5*0 5*5 6 *8 7 *4 7 .6 10-75 11-75 12-75 1-76 2-76 3-76 4-76 5—76 6 -7 6 7-76 8-76 9-76 10-76 11-76 12-76 1-77 2 -77 3 -7 7 10-76 11-76 12-76 1-77 2 -7 7 3 -7 7 9-75 IN IT IA L 5*6 88*962 89*4 75 90*0 23 MONTH PAYROLL EMPLOYMENT COMPOUNDED ANNUAL R A T ES OF CHANGE IN IT IA L T ERM IN A L MONTH 10-75 11-75 12-75 1-76 2-76 3-76 4-76 5-76 6-76 THOUSANDS OF PERSO NS MONTH 7 -7 6 8-76 9-76 77*596 10-75 4 .0 11-75 3 *0 2 *1 12-75 3 *5 3 *3 7 7 ,7 3 0 4 *4 7 8*0 12 7 8 ,4 0 6 1-76 4*2 4 *2 5 .3 6 *2 2-76 4 *1 4 *1 4 .7 4*9 3 .6 3-76 4*3 4 *3 4 .9 5 *1 4 .5 4 —76 4 *4 4*5 5*0 5 *1 4 .7 5 .3 .5 .2 5-76 3*9 3 *8 4*1 4 *1 3 .5 3 .5 2 .6 0 .1 6-76 3 *5 3 *4 3*6 3 *5 3 .0 2 .8 2 .0 0 .4 0 .7 7 8 ,6 3 5 5 .4 7 8 ,9 8 0 7 9 ,3 1 2 7 9 ,3 1 9 7 9 ,3 6 8 7-76 3 *4 3 *3 3 *5 3 *3 2 .8 2 .7 2 .0 1 .0 1 .5 2 .2 8-76 3 *2 3 *1 3*3 3 *1 2 .7 2 .5 1 .9 1 .2 1 .5 1 .9 1 .6 9-76 3 *3 3 *3 3 *4 3 *3 2 .9 2 .8 2 .4 1 .8 2 .3 2 .8 3 .1 10-76 3 *0 2 *9 2*9 2 *8 2 .4 2 .3 1 .8 1 .3 1 .5 1 .7 1 .5 1 .5 - 1 .5 11-76 3 *1 3 *0 3 .1 2 *9 2 .6 2 .5 2 .1 1 .7 2 .0 2 .2 2 .3 2 .5 1 .4 4 .4 12-76 3 *1 3 *0 3 *1 3 .0 2 *7 2 .6 2 *3 2 *0 2 .2 2 .5 2 .5 2 .8 2 .1 4 .0 3 .6 1-77 3 *1 3 *0 3 *1 3 *0 2 .7 2 .7 2 .4 2*1 2 .4 2 .6 2 .7 2 .9 2 .4 3 .8 3 .5 3 .3 3 *1 3 *2 3 *1 2 .8 2 .8 2*5 2 .3 2 .5 2 .8 2 .8 3 .1 2 .7 3 .8 3 .6 3 .6 4 .0 2-77 7 9 ,5 1 3 7 9 ,6 1 8 4 .6 7 9 ,9 1 8 7 9 ,8 1 9 8 0 ,1 0 6 8 0 ,3 4 4 8 0 ,5 6 1 8 0 ,8 2 4 3-77 3 .4 3 *4 3 *5 3 .4 3 .2 3 .2 3 .0 2 .8 3 .1 3 .4 3 .5 3 .8 3 .7 4 .7 4 .8 5 .2 6 .2 8 .4 W 7 3 *5 3 *4 3 *5 3 .5 3 .3 3 .3 3 .1 2 .9 3 .2 3 .5 3 .6 3 .8 3 .7 4 .6 4 .7 4 .9 5 .5 6 .2 4 .1 10-75 11-75 12-75 1-76 2-7 6 3-76 4-76 5-76 6-76 7 -7 6 8-76 9-76 10-76 11-76 12-76 1-77 2-7 7 3 -7 7 9 -7 5 8 1 .3 7 2 P 8 1 ,6 4 4 P I N I T I A L MONTH P - P R E L IM IN A R Y PREPARED BY F606RAL RESERVE BANK OF ST* LOUIS MAY 6* 1977 2 , EMPLOYMENT RATIO SCALE MILLIONS OF PERSONS RATIO SCALE MILLIONS OF PERSONS SEASONALLY ADJUSTED SOURCEs U.S.DEPARTMENT OF LABOR PERCENTAGES ARE ANNUAL RATES OF CHANCE FOR PERIODS INOICATED. LATEST DATA PLOTTEDt A P R IL PRELIMINARY PREPARED BY FEDERAL RESERVE BANK OF S T . LOUIS UNEMPLOYMENT R A T E S 3* SEASONALLY ADJ USTED PERCENT PERCENT 10.0 9. 9 .0 8. 8.0 7. 7 .0 6. 6 .0 5. 5 .0 4. 4 .0 3. 3 .0 2. 2. 0 1.0 1. 1969 1970 1971 1972 1973 1974 1975 SOURCEs « P E R C E N T OF C I V I L I A N LABOR FORCE L A T ES T DATA PLO TTEDs U .S . 1976 1977 DEPARTMENT OF LABOR IN GROUP A P R IL PREPAREO BY FEDERAL RESERVE BANK OF ST. LOUIS 3 CONSUMER P R IC E INOEX» SEASONALLY ADJUSTEO CONFOUNDED ANNUAL RATES OP CHANGE T E R M I N A L ________________________________________________________________________ I N I T I A L M O N T H _________________________________________________________________________ 1 9 6 7 « MONTH 1-77 2-77 3-77 3-76 5-76 6-76 7-76 8-76 9-76 10-76 11-76 12-76 9-75 10-75 11-75 12-75 1-76 2-76 4— 76 164.4 10-73 7*6 11-75 7.2 6*8 12-75 6.8 6*4 165.3 166.1 6.0 167.1 1— 7 6 6.9 6.7 6.7 7.5 2-76 5.8 5.4 4.9 4.4 5-76 5*5 4.9 4*4 3.9 2.2 2.9 4.2 3.1 4.0 4-76 100 5*3 4.9 4.4 1.4 167.3 167.7 168.4 5.1 5-76 5.7 5.4 5.1 5.0 4.4 5.4 6.6 8.1 6-76 5*6 5.3 5.1 5.0 4.5 5.3 6.1 6.6 5.1 7-76 5*6 5*4 5.2 5.1 4.7 5.4 6.0 6.3 5.4 •-76 5.6 5.4 5.3 5.2 4.9 5.5 6.0 6.2 5.5 5.8 5.8 9-76 5*5 5.3 5.2 5.1 4.8 5.3 5.7 5.8 5.2 5.3 5.0 4.3 10-76 5.4 5*2 5.1 5.0 4.7 5.2 5.5 5.5 5.0 5.0 4.8 4.3 169.5 170.2 5.8 171.0 171.8 172.4 4.3 173.0 11-76 5.3 5.1 5.0 4.9 4.6 5.0 5.2 5.2 4.8 4.7 4.5 4.0 3.9 3.5 12-76 5.3 5.1 5.0 4.9 4.6 5.0 5.2 5.2 4.8 4.8 4.6 4.2 4.2 4.2 5.0 1-77 5.5 5.4 5.3 5.3 5.1 5.4 5.7 5.7 5.4 5.5 5.5 5.4 5.7 6.1 7.5 10.1 5.8 5.8 5.6 5.6 6.0 6.3 6.4 6.2 6.3 6.4 6.5 7.0 7.6 9.1 11.2 12.3 5.9 5.9 5.8 6.1 6.4 6.5 6.3 6.5 6.6 6.7 7.1 7.7 8.7 10.0 10.0 7.7 6*1 6.1 6.0 6.4 6.6 6.8 6.6 6.8 6.9 7.1 7.5 8.0 8.9 10.0 9.9 8.8 9.8 11-75 12-75 1-76 2-76 3-76 4-76 5-76 6— 76 7-76 8-76 9-76 10-76 11— 7 6 12-76 1-77 2-77 3-77 2-77 5*9 5-77 6*0 4-77 6*2 6.2 9-75 10-75 173.5 174.2 175.6 177.3 178.4 179.8 INITIAL MONTH PREPARED BY FEDERAL RESERVE BANK OF ST# MAY 20» 1977 WHOLESALE PRICES - ALL COMMODITIES, SEASONALLY APJUSIEP« COMPOUNDED ANNUAL RATES OF CHANGE 1967 * 100 INITIAL MONTH TERMINAL MONTH 9-75 10-75 11-75 12-75 1-76 2-76 3-76 4-76 5-76 6-76 7-76 8-76 9-76 10-76 11-76 12-76 1-77 2-77 3-77 179.2 10-75 15.2 11-75 7.3 0.0 12-75 5.1 0.3 0.7 1-76 4.6 1.3 2.0 3.4 2-76 3.3 0.5 0.7 0.7 179.2 179.3 179.8 -2.0 179.5 1^9.9 3-76 3.2 0.9 1.2 1.3 0.3 2.7 4-76 4.3 2.6 3.1 3.7 3.8 6.9 11.2 5-76 4.1 2.6 3.0 3.5 3.5 5.5 6.9 2.7 6 — 7t> 4.3 3.0 3.5 3.9 4.1 5.6 6.6 4.4 7-76 4.4 3.2 3.6 4.0 4.2 5.4 6.1 4.5 5.4 4.7 8-76 3.8 2.7 3.0 3.3 3.3 4.2 4.5 2.8 2.9 1.3 -1.9 9-76 4.1 3.2 3.5 3.8 3.9 4.7 5.1 3.9 4.2 3.5 3.0 181.5 181.9 182.8 6.1 183.5 183.2 184.4 8.1 10-76 4.3 3.4 3.7 4.0 4.1 4.9 5.2 4.2 4.5 4.2 4.0 7.1 6.0 11-76 4.5 3.7 4.0 4.3 4.4 5.2 5.5 4.7 5.0 4.8 4.8 7.2 6.7 7.4 12-76 4.7 4.0 4.3 4.7 5.4 5.7 5.1 5.4 5.3 5.4 7.4 7.1 7.7 185.3 186.4 ' 187.6 8.0 1-77 4.8 4.1 4.4 4.7 4.8 5.5 5.8 5.2 5.5 5.4 5.5 7.1 6.8 7.1 7.0 5.9 2-77 5.2 4.6 4.9 5.2 5.3 6.0 6.3 5.8 6.1 6.1 6.3 7.8 7.7 8.1 8.4 8. 6 11.4 3-77 5.6 5.1 5.4 5.7 5.9 6.5 6.8 4.4 6.8 6.9 7.2 8.6 8.6 9.2 9.6 10.2 12.4 13.4 7.1 7.4 7.1 7.5 7.7 8.0 9.3 9.5 10.1 10.6 11.3 13.1 14.0 14.6 2-76 3-76 4-76 5-76 6-76 7-76 8-76 9-76 10-76 11-76 12-76 1-77 2-77 3-77 4-77 LOUIS 6.1 5.0 5.9 6.3 6.4 9-75 10-75 11-75 12-75 1-76 188.5 J90.2 192.2 194.4 INITIAL MONTH * D a t a revised 1976. PREPARED BY FEDERAL. R ESERVE BANK NAY 9 t 1977 4 O F ¿ I . _ L Q U L ¿ ________ PRICES* RATI O SCALE 1969 1970 1971 1972 1973 1974 RATI O SCALE 1975 1976 1977 PERCENTA6ES ARE ANNUAL RATES OF CHANCE FOR PERIO DS IN D ICAT E D . « A L L COMMODITIES R EVI8ED JANUARY 1 976 - OCTOBER 1 97 6 . LATEST DATA PLOTTED« A P R IL PREPARED BY FEOERAL R ESERVE BANK OF S T . LO U IS WHOLESALE RATIO SCALE 1967-100 SEASONALLY PR IC ES* ADJUSTED PERCENTAGES ARE ANNUAL RATES OF CHANCE FOR PER IO D S X R E V I S E D JANUARY 1976 - RATIO SCALE 1967-100 IN D ICAT E D . OCTOBER 1 9 7 6 . LA TEST DATA PLOTTED« A P R IL PREPAREO BY FEOERAL RESERVE BANK OF S T . LO U IS 5 WHOLESALE P R IC E S - INDUSTRIAL COMMODITIES. SEASONALLY ADJUSTED * COMPOUNDED ANNUAL RATES OF CHANGE TERMINAL MONTH INITIAL MONTH 9-75 10-75 1 1-75 12-75 1-76 2-76 3 -76 4 -7 6 5-76 6 -7 6 1967 « 100 7-7 6 8-76 9 -7 6 10-76 11-76 12-76 1-77 2-7 7 1 3*2 11-75 1 0 *5 7 *8 12-75 9*3 7 *4 7 *0 1-76 9 *1 7 *8 7 *7 8 *5 2 -76 7 *8 6 *5 6 *0 5 *6 175*8 176*8 178*0 1 7 8 *4 2 *7 179*1 3—76 7 *3 6 *2 5 *7 5 *3 3 *8 4*8 4 -76 6 *9 5 *9 5 *5 5 *2 4 *1 4 *8 4 *8 5-76 6*3 5 *4 5 *0 4 *5 3 *6 3*9 3 *4 2*0 179*8 180*1 1 81 *2 6-76 6*5 5 *6 5 *3 5 *0 4 *4 4 *8 4 *8 4 *8 7 *6 7-76 6 *5 5 *8 5 *5 5 *3 4 *8 5 *2 5 *3 5 *4 7*2 6 *8 8-76 6 *6 5 *9 5*7 5 *6 5*2 5 *6 5 *7 6 *0 7 *3 7 *2 1 82 *2 183*3 7 *5 1 84 *7 9—76 6 *8 6 *3 6 *1 6 *0 5*7 6 *1 6 *4 6*7 7 *9 8*0 8 *5 9 *6 10-76 7*1 6*6 6 *5 6 *5 6 *3 6 *7 7 *0 7 *4 8 *5 8 *7 9 *3 10*2 1 0 *9 11-76 7 *2 6*7 6 *7 6 *6 6 *4 6 *9 7*1 7 *5 8 *4 8 *5 9 *0 9*5 9 *4 8 *0 1 86 *3 1 8 7 .5 12-76 7 *0 6 *5 6*4 6 *4 6*2 6 *6 6 *8 7 *0 7 *7 7 *8 7 *9 8*1 7 *6 5 *9 3 *9 1-77 6*9 6*5 6 *4 6 *4 6 *2 6 *5 6 *7 6*9 7*5 7*5 7 *6 7 *6 7 *1 5 *9 4*9 2-77 7*0 6*6 6 *5 6 *5 6 *3 6 *6 6 *8 7 .0 7 *5 7 *5 7*6 7 *7 7 *3 6*4 5 *9 6 *9 7 *9 3-77 7 *1 6*8 6 *7 6 *7 6 *6 6 *9 7 *0 7 *2 7*8 7 *8 7 *9 8 *0 7 *7 7*1 6 *9 7 *9 8 *9 9 *9 4-77 7*2 6 *8 6 *8 6* 8 6 *6 6 *9 7 *1 7 *3 7*8 7 *8 7 *9 8*0 7 *7 7*2 7*1 7 *9 8 *5 8 *8 a - 2 6 _ . *=26_ 1Qt Z6- 11-76 »7-7 A 9-75 3-7 7 174 *7 10-75 10-7S - U r i a . IZ r r lt i 1-76. -2=26 3-7 6 J r 7 ( t . S r J ù . 6 -7 6 ._ L r 7 6 1 8 8 .1 5*9 1 8 9 .0 lr r li. 1 9 0 .2 1 9 1 .7 7 *8 1 9 2 .9 2 - 7 7 . .JL= 7 X .. INITIAL MONTH WHOLESALE PRICES— FARM PRODUCTS ANO PROCESSED FOODS AND FEEDS, SEAS* ADJ. * __________________________ C O M P O U N D E D A N N U A L R A T E S O F C H A N G E _________________________________ T E R M IN A L IN IT IA L 1967 M ONTH « ÌO O MONTH 9-75 10-75 11-75 12-75 1 7 *8 11-75 - 1 .6 - 1 7 .8 12-75 -5 *6 - 1 5 .5 —6 .8 - 1 3 .8 - 1 1 .8 - 1 0 .4 - 1 4 .6 - 1 3 .5 - 1 3 .7 3-76 - 7 .9 - 1 2 .3 - 1 0 .9 - 4 —7 6 - 3 .1 5-76 - 2 .0 —4 . 5 - 6-76 - 1 .3 - 3 .4 —1 7-76 -1 *9 - 3 .9 - —6 10-76 - 4 .3 11-76 - 3 .9 5-76 6-76 7-76 8-76 9-76 10-76 11-76 12-76 1-77 2-77 3-77 1 8 8 .3 - 6 .9 —4 . b 4-76 1 8 6 .1 1-70 - 4 .1 3 —7 6 - 1 3 .2 2-76 8-76 2-76 1 9 1 .4 10-75 9-76 1-76 -6 .2 .8 1 8 4 .4 - 1 6 .8 1 0 .1 - 1 0 .0 - 2 .6 1 .1 2 .2 1 3 .2 0 .3 3 .1 10 *8 1 8 .1 6 .0 .2 1 .0 3 .4 9 .2 1 3 .4 5 .3 2 .0 - 0 .3 1 .5 5 .6 7 .8 0 .9 1 .2 - 3 .7 - 2 .1 3 1 .6 - 1 8 7 .0 1 .6 - 7 .4 - 1 9 .1 - 2 9 .3 1 8 5 .8 1 8 0 .5 - 4 .5 - 3 .6 - - 0 .9 - 7 .7 - 1 1 .9 - 3 . fa - 2 .7 - 0 .5 -0 .1 - 5 .5 - f i.l - 1 2 .0 - 1 4 .2 4 .1 - 5 .9 - 4 .7 - 3 .9 - 3 .1 - 1 .2 - 1 .0 —5 . 6 - 7 .8 - 1 0 .7 - 1 1 .7 - 1 .3 —6 . 4 - 5 .4 - 4 .3 - 3 .5 - 2 .7 - 1 .0 - O .f i - 4 .8 - 6 .4 - fi.5 - fi.8 - 0 .7 - 2 .9 2 .1 0 .2 1 .6 2 .1 - -tJ-H n.i 1 .7 2 .2 -0 1.0 1 .9 3 .6 1 .1 - 2 .3 5 .9 6 .6 1 3 .7 2 1 1 .5 -1 . 4 5 .4 5 .7 1 0 .1 1 5 .2 3 .3 4 .2 l.fi 1 .4 2 .2 fi.7 9 .7 1 6 .1 1 9 .0 1 4 .5 2 6 .9 5 .4 6 .1 4 .0 3 . ft 3 .7 5 .2 1 1 .4 1 2 .6 1 6 .9 2 1 .3 1 9 .1 2 7 .1 1 2A .7 7 .6 8 .4 6 .6 6 .7 6 .9 fi.6 1 4 .6 1 6 .2 2 0 .5 2 4 .9 2 4 .0 3 1 .fi 3 4 .6 4 0 .3 3-76 4-76 5-76 6-76 7-76 8-76 9-76 10-76 11-76 12-76 1-77 2-77 3-77 -ft-? - 1 .3 — fi.ft 3-77 1 -2 fi.3 1-s 2 . fa 3 . fa 4-77 3 .0 2 .2 3 .5 4 .6 5 .7 9-75 10-75 11-75 12-75 1-76 2-76 1 .1 - 1 -ft INITIAL .2 1 A 4 -ft - 3 .2 - 2 .3 ?-7 7 - lfiO 0 .7 2 .1 - -1 .7 .1 1 fiO . 1 - 1 .4 - 3 .3 - 2 .9 - lf ll .6 - ?- n - 1 «7 .2 1 8 6 .3 4*6 - 5 .5 1-77 .6 lf il 1 8 5 .4 - 4 .6 12-76 lf ll 1 « 4 .5 1 Aft - 2 1 9 2 -2 1 9 7 .7 MONTH ‘* D a t a re v i s e d 1976. PREPARED BY FEDERAL RESERVE BANK OF ST* LOUIS MAY « . 6 1 «7 7 INDUSTRIAL RA T IO PRODUCTION R A T IO SC A L E 1967-100 1969 1970 1971 1972 1973 1974 PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIODS SCALE 1967-100 SEASONALLY ADJUSTED 1975 1976 1977 IN D ICATED . LATEST DATA PLO TTEDt A P R IL PR ELIM IN AR Y PREPARED BY FEDERAL RESERVE BANK OF S T . LO UIS IN D U S T R IA L PRODUCTION COMPOUNDED ANNUAL RATES OF CHANGE 1967 » 100 I N I T I A L MONTH T ER M IN A L MONTH 9 -7 5 10-75 1 1-75 12-75 1-76 2-76 3-76 4-76 5-76 6 -7 6 7-76 8-76 9-76 10-76 11-76 12-76 1-77 2-77 3 -7 7 1 2 2 .2 1 0-75 1 *0 11-75 7 .1 1 3 .5 12-75 7 «8 1 1 .3 1 2 3 .5 9 .1 1 2 4 .4 1 2 5 .7 1-76 9 .1 1 2 .0 1 1 .2 1 3 .3 2-76 1 0 .5 1 3 .1 1 2 .9 1 4 .8 1 6 .4 3-76 1 0 .1 1 2 .0 1 1 .6 1 2 .4 1 2 .0 7 .8 4-7 6 9 .0 1 0 .4 9 .8 1 0 .0 8 .9 5 .3 Î2 7 .3 1 2 8 .1 1 2 8 .4 2 .8 1 * 9 .6 5-76 9 .4 1 0 .6 1 0 .1 1 0 .3 9 .6 7 .4 7 .2 1 1 .8 6-7 6 8 .8 9 .9 9 .3 9 .4 8 .6 6 .7 6 .4 8 .2 4 .t 7-76 8 .5 9 .4 8 .9 8 .8 8 .1 6 .5 6 .2 7 .4 5 .2 8-76 8 .2 9 .0 8 .5 8 .4 7 .8 6 .1 6 .9 5 .4 5 .7 5 .7 9-76 7 .1 7 .7 7 .1 6 .9 6 .1 #•8 4 .3 4 .5 2 .8 2 .2 0 .5 - 4 .5 10-76 6 .3 6 .7 6 .1 5 .8 5 .0 3 .7 3 .1 3 .1 1 .5 0 .7 - 0 .9 - 4 .0 - 3 .6 11-76 6 .8 7 .2 6 .7 6 .5 5 .9 4 .7 4 .4 4 *6 3 .4 3 .2 2 .5 1 .5 4 .7 1 3 .7 1 3 0 .1 1 3 0 .7 5 .7 1 3 1 .3 1 30 .8 1 3 0 .4 1 3 1 .8 1 3 3 .1 12-76 7 .1 7 .6 7 .2 7 .0 6 .4 5 .5 5 .2 5 .5 4 .7 4 .7 4 .5 4 .2 7 .2 1 3 .1 1 2 .5 1-77 6 .1 6 .4 5 .9 5 .7 5 .1 4 .1 3 .8 3 .9 2 .9 2 .6 2 .2 1 .5 3 .0 5 .3 1 .4 - 8 .7 2-77 6 .3 6 .7 6 .2 6 .0 5 .5 4 .4 4 .5 3 .7 3 .6 3 .3 2 .9 4 .5 6 .6 4 .3 0 .5 1 0 .5 3-77 6 .9 7 .3 6 .9 6 .8 6 .3 5 .6 5 .4 5 .6 5 .0 5 .1 5 .0 4 .9 6 .5 8 .7 7 .5 5 .8 1 3 .9 1 7 .5 4-77 7 .1 7 .* 7 .1 7 .0 6 *6 5 .9 5 .8 6 .0 5 .5 5 .6 5 .5 5 .5 7 .0 8 .9 8 .0 6 .9 1 2 .7 1 3 .8 1 0 .2 10-75 11-75 12-75 1—7o 2-7 6 3-76 4-76 5-76 6 -76 7-76 8-76 9 -7 6 10-76 11-76 12-76 1-77 2-77 3 -7 7 9-75 IN IT IA L 1 3 2 .1 1 3 3 .2 1 3 5 .0 P 1 3 6 .I P MONTH P - P R E L IM IN A R Y PRFPAfttfì RV FEDERAL HAY 18» 1977 7 R E S E R V E BANK OF S T . L O U IS PERSONAL RATIO SCALE INCOME RATIO SCALE MONTHLY TOTALS AT ANNUAL RATES TRI LLI ONS OF DOLLARS TRI LLI ONS OF DOLLARS SEASONALLY ADJUSTED 1 .6 1.5 1.4 1 .3 1 .2 1 . 1 1 .0 0 .9 0. 8 0 .7 0.6 1969 1970 1971 1972 1973 1974 1975 SOURCE« P E R C E N T A G E S A R E A N N U A L R A T E S OF C H A N C E F O R P E R I O D S LATEST DATA PLOTTEDs APRIL U.S. 1976 1977 D E P A R T M E N T OF C O M M E R C E INDICATED. PRELIMINARY PREPARED BY FEDERAL R E S E R V E B A N K OF ST. LOUIS PERSO NAL INCOME CWtPQUNPfcP ANNUAL HATfcS OF CHANCE TER M IN A L MONTH IN IT IA L 9-75 10-75 11-75 12-75 10-75 1-76 2-76 3-76 4-76 5-76 B I L L I O N S OF DOLLARS ANNUAL R A T ES MONTH 6-7 6 7-76 9-76 10-76 11-76 12-76 8-76 1-77 2-77 3-77 1 * 2 9 0 .8 1 3 .7 1 * 3 0 0 .2 11-75 1 1 .4 9 .1 12-75 1 0 .1 8 .4 7 .6 1-76 1 0 .6 9 .6 9 .9 1 2 .2 1 * 3 0 8 .2 1 * 3 2 0 .8 1 * 3 3 1 .4 2-76 1 0 .5 9 .7 9 .9 1 1 .1 1 0 .1 3-76 1 0 .4 9 .8 9 .9 1 0 .7 1 0 .0 9 .9 4-76 1 0 .3 9 .8 9 .9 1 0 .5 1 0 .0 9 .9 1 * 3 4 1 .9 9 .9 1 * 3 5 2 .5 1 * 3 6 2 .9 5-76 1 0 .2 9 .8 9 .9 1 0 .3 9 .9 9 .8 9 .8 9 .6 6-76 V .9 9 .4 9 .4 9 .7 9 .3 9 .0 8 .8 8 .2 6 .8 7-76 9 .8 9 .4 9 .4 9 .7 9 .3 9 .1 9 .0 8 .6 8 .1 9 .5 8-76 9 .3 8 .9 8 .8 9 .0 8 .5 8 .3 8 .0 7 .5 6 .8 6 .8 4 .2 1 * 3 7 0 .4 1 * 3 8 0 .8 1 * 3 8 5 .5 1 * 3 9 1 .7 9-76 9 .0 8 .6 8 .5 8 .6 8 .2 7 .9 7 .6 7 .1 6 .5 6 .4 4 .8 5 .5 10-76 9 .2 8 .8 8 .8 8 .9 8 .5 8 .3 8 .1 7 .8 7 .4 7 .6 7 .0 8 .4 1 1 .3 11-76 9 .6 9 .3 9 .3 9 .3 9 .2 9 .1 9 .0 8 .9 8 .8 9 .2 9 .1 1 0 .8 1 3 .5 12-76 1 0 .0 9 .8 V .9 1 0 .0 9 .8 9 .8 9 .8 9 .8 9 .8 1 0 .3 1 0 .5 1 2 .2 1 4 .5 1 6 .1 1 6 .4 1-77 9 .5 9 .2 9 .2 9 .4 9 .1 9 .0 9 .0 6 .8 8 .8 9 .0 9 .0 9 .9 1 1 .1 1 1 .0 8 .7 1 .5 2-77 1 0 .1 9 .9 1 0 .0 1 0 .1 1 0 .0 1 0 .0 1 0 .0 1 0 .0 1 0 .0 1 0 .4 1 0 .6 1 1 .7 1 3 .0 1 3 .4 - 1 2 .6 1 0 .7 2 0 .8 1 .4 0 4 .2 1 5 .7 1 * 4 2 1 .4 1 * 4 3 9 .5 1 1 * 4 4 1 .3 1 * 4 6 4 .2 *- 7 7 1 0 .7 1 0 .5 1 0 .6 1 0 .8 1 0 .7 1 0 .7 1 0 .8 1 0 .9 1 1 .0 1 1 .5 1 1 .7 1 2 .8 1 4 .1 1 4 .6 1 4 .4 1 3 .7 2 0 .4 1 9 .9 4-77 1 0 .6 1G.<* 1 0 .5 1 0 .7 1 0 .6 1 0 .6 1 0 .7 1 0 .7 1 0 .8 1 1 .2 1 1 .4 1 2 .4 1 3 .4 1 3 .7 1 3 .4 1 2 .6 1 6 .6 1 4 .5 9 .3 9-75 10-75 11-73 12-75 1-76 2-76 3-7 6 4-76 5-76 6-76 7-7 6 8-76 9-76 10-76 11-76 12-76 1-77 2-77 3 -7 7 IN IT IA L 1 * 4 8 6 .5 1 * 4 9 7 .6 P MONTH P - P R E L IM IN A R Y PREPARED BY FEDERAL RESERVE BANK OF S T . LOUIS MAY 19. 1977 8 R E TAI L R A T IO SALES SCALE B IL LIO N S R A T IO OF DOLLARS B IL LIO N S SEASONALLY ADJUSTED SCALE OF DOLLA RS 2 5 C--------- -------- U ---------- ---------- -------- U ---------- L _ L ------ ---------- 1— I ---- 1969 1970 1971 1972 1973 1974 1975 1976 1977 SOURCE* U.S. DEPARTMENT OF COMMERCE PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIOOS INOICATEO. LATEST DATA PLOTTED* MARCH, APRIL ADVANCE ESTIMATE PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS RETAIL SALES COMPOUNDED ANNUAL R A T ES OF CHANGE IN IT IA L TERM INAL M IL L IO N S OF DOLLARS MONTH MONTH 9 -7 5 10-75 11-75 12-75 1-76 2-76 3 -7 6 4 -7 6 5-76 6 -7 6 7 -7 6 8-76 9 -7 6 10-76 11-76 12-76 1-77 2-77 3 -7 7 4 9 .9 9 5 10-75 8 *8 11-75 1 1 *5 1 4 .2 12-75 1 7-9 2 2 .fi 3 2 .0 1-76 1 2*2 1 3 .4 1 3 .0 - 3 *2 2 -7 6 1 4 .9 1 6 *5 1 7 .2 1 0 .5 2 6 .2 50*552 5 1 .7 3 4 51*592 52*601 3 -76 1 5 *5 1 6 .8 1 7 .5 1 3 *0 2 2 .2 1 8 .3 4 -7 6 1 4 *4 1 5 *4 15*6 1 1*8 1 7 *3 13*2 5-7 6 9 .9 1 0*1 9 *4 5 *3 T *6 6—76 1 1 *8 1 2*2 1 1*9 8 *9 1 1 .5 7 -76 1 0 *0 10*1 9 .7 6 *8 8 .6 8 -7 6 1 1 .0 1 1 .3 1 0 .9 8 *6 9 .0 9 .0 fl-% 10-76 9 .2 9 .3 fi.a 6 .8 11-76 1 0 .2 1 0 .3 ... 9 . 9 1 2 -7 6 1 3 .1 1 3 .4 1 3 -3 5 3*344 8*2 53*696 2 .0 - 5 .2 - 1 7 .0 52*868 8 .1 4 .9 3 .3 2 8 .5 5 .3 2 .3 0 .4 1 0 .5 —5 . 0 1 0 .4 7 .9 5 .9 5 .4 1 4 .1 7 .6 7 .4 4 .9 2 -9 1 -ft 7-7 0 -9 *-9 -11 - * 7 .9 5 .9 4 .2 3 .« ft-2 3 -7 6 -7 -0-1 1 2 .5 fi.l 9 .3 7 .6 6 .3 6 .1 1 0 -5 7-2 1 0 -5 T-O 1 7 .5 2 2 .7 1 1 .9 1 3 .4 1 2 .2 1 1 .5 1 2 .0 1 6 -9 1 5 -0 1 9-5 19-0 3 1 .2 4 1 .6 6 3 .5 5 3 .9 8 3 53*754 54*643 2 1 .fi 5 4 .6 3 4 5 5 .5 7 3 57.A9& 1-77 1 0 .4 1 0 .5 1i l-* 8 .8 9 .8 fi.4 7 .4 1 0 .9 8 .7 1 1 .1 9 .1 1 4 .9 1 5 .7 1 2 .3 - 2 2 .fi 2-77 ll.fi 1 2 .0 1 1 .9 1 0 .6 1 1 .7 10-6 9 .9 10-1 l* - 6 1 1 -9 14-5 13-3 1 9 -0 2 0 -T 2 0 .1 2 .9 3 7 .3 * -7 7 12-7 1 2 -9 1 ? -«* 1 1 -7 1 11-0 1 1-4 11-6 1 4-0 1 A .6 1 6-2 14-4 9 A .A 22-2 22-1 1 A -A * 2 .« 28-4 * —77 1 2 .0 1 2 .2 1 2 .1 1 0 .9 1 1 .9 1 1 .0 1 0 .4 10-6 13-5 1 2 .2 14-2 1 3 .3 17-4 lfi.2 1 7 .3 8 .0 2 0 .fi 1 3 .3 -0-1 10-75 1 1-75 12-75 1-76 2 -76 3-76 4-76 5-76 6 -7 6 7 -7 6 8-76 9-76 10-76 1 1-76 12-76 1-77 2-77 3-77 9 -75 7. 5 IN IT IA L 5 6 .6 6 0 5 8 .1 7 5 «9-4A A » 5 9 .3 9 7 F MONTH P - P R E L IM IN A R Y -----E=_ E S T IM A 1ÉJ1 PREPARED BY FEDERAL RESERVE BANK OF ST* LOUIS MAY 1 ? . 1977 9 HOURLY COM PENSATIO Nt P R IV A T E B U S IN E S S SECTOR COMPOUNDED ANNUAL R A T ES OF CHANGE TERM INAL QUARTER 1967 « 100 I N I T I A L QUARTER 2-7 2 3-72 4 -7 2 1-73 2 -7 3 3-73 4 -7 3 1-74 2 -7 4 3—74 4-/4 1-7* ¿-7 5 3-75 4-75 1-76 2-7 6 3—76 4-76 199*1 3-72 3 *6 *- 7 2 5 .V 8 .0 1-73 6 .5 1 0 .9 1 3 .9 2-73 7 .7 9 .0 9 .5 3 .3 3-73 7 .5 8 .5 8 .6 6 .1 141 *8 1 4 6 .5 1 49 *4 6 .9 1 5 6 .$ ro v i 4-73 7 .7 8 .5 8 .7 7 .G V .8 8 .6 1-74 7 .6 8 .5 8 .5 7 .2 Ï.9 8 .4 1 6 .Ó 2-74 6 .3 8 .9 9 .1 8 .2 8 .9 9 .6 1 0 .0 >Ì 2 >. Ò 3-74 6 .8 9 .4 9 .6 8 .9 9 .7 1 0 .4 1 T .Ô li. 5 4 -74 9 .0 9 .6 9 .8 9 .2 9 .8 1 0 .4 1Ô.Ô ll.ó 1 1 .T " ì ò . r v 1 70*6 1—75 9 .3 9 .9 1 0 .1 9 .6 1 0 .3 1 0 .8 1 1 .3 1 2 .1 1 2 .1 1 1 .7 1 3 .0 176*1 2-73 9 .Û 9 .5 9 .7 9 .2 9 .7 1 0 .1 1 0 .4 1 0 .9 1 0 .6 9 .8 9 .5 157*1 161 *6 1 6 6 .6 13. 6 1 7 ô *7 6 .0 180*8 3-75 6 .7 9 .1 9 .2 8 .8 9 .2 9 .3 9 .6 9 .8 9 .4 8 .5 7 .9 5 .4 4 .8 4-75 6 .6 9 .Û 9 .1 6 .7 9 .0 9 .3 9 .3 9 .3 9 .1 8 .4 7 .8 6 .2 6 .3 7 .7 1-76 tu b V .l 9 .2 8 .8 9 .2 9 .4 9 .4 9 .6 9 .3 8 *7 8 .3 7 .2 7 .6 9 .0 2-76 6 .6 8 .9 9 .0 8 .6 8 .9 9 .1 9 .1 9 .3 8 .9 8 .4 8 .0 7 .1 7 .3 8 .2 8 .4 6 *5 3-76 6 .6 8 .9 8 .9 8 .0 6 .8 9 .0 9 .0 9 .1 8 .8 8 .3 8 .0 7 .1 7 .4 8 .0 8 .1 7 .0 7 .5 4-76 b .3 6 .6 6 .9 6 .5 6 .8 8 .9 8 .9 9 .0 8 .7 8 .3 8 .0 7 .3 7 .5 8 .1 8 .1 7 .4 7 .9 8 .2 1-77 to.6 6 .9 V .O 6 .7 8 .9 9 .0 9 .1 9 .2 8 .9 8 .3 8 .3 7 .7 8 .0 8 .5 8 .6 8 .2 8 .8 9 .4 2 -72 3—72 4 -72 1-73 2-7 3 3-73 4-7 3 1-74 2 -74 3-74 4 -7 4 1-75 2-75 3-75 4-75 1-76 2-76 3-76 IN IT IA L 1 84*2 .7 .7 % 188*8 191 *8 1 95 *3 199*2 2 0 4 *3 P 1 0 .6 ^ 4 -7 6 QUARTER P - P R fcLIH lN A R Y OUTPUT P E R HOUR UF A L L P E R S O N S , P R IV A T E B U S IN E S S SECTOR COMPOUNDED ANNUAL * A Ì E Ì OF CHANGÉ T ERM IN A L QUARTER I N I T I A L QUARTER 2 -72 4 -7 2 1-73 2 -7 3 3-73 4—73 1-74 2 -7 4 3-7 4 4 -7 4 1967 * 1-75 12=75 3—75 4 -7 5 1—76 2 —76 3—76 100 4 -7 6 1 .8 3-72 110*9 3 .8 5 .9 112*5 4 .Ì 5 *9 1 Ì4 . 1 2-73 ¿.2 ¿ .3 3=73 1 .4 1.3 —6 .2 - 3 .1 > - 1r .Ó 4-7* 1 .F “ 1 .1 —0 . 1 —¿ * 0 - 0 .7 4-72 '" 3-72 1-73 ' s- r- 4 x. 5 0 .5 1 1 2 .8 1 1 2 .3 > s 0 .4 1 1 2 .4 1-74 0 .1 —0 . 2 - 1 .4 -3.2 - 2 .7 - 3 .2 —6 .6 2-74 —0 .5 —0 . 8 - 1 .9 - 3 .4 - 3 .1 - 3 .5 —5 .4 1 1 0 .5 —4 .3 1 0 V .3 3-74 - O .t - 1 .0 - 1 .9 - 3 .2 - 2 .9 - 3 .2 - 4 .4 - 3 .2 4 -74 - I.Ó - 1 .3 - 2 .2 - 3 .2 - 3 .0 - 3 .3 - 4 .2 - 3 .4 - 2 .9 - 3 .6 1-75 - 0 .8 - 1 .0 - 1 .8 - 2 .7 - 2 .4 - 2 .5 - 3 .1 -2.2 - l.£ - 1 .1 2-75 0 .2 0 .1 - 0 .5 - 1 .1 - 0 .7 —0 .6 - 0 .7 l.T 3.1 6 .6 1 2 .0 3-75 0 .8 0 .7 0 .3 - 0 .2 0 .2 0 .5 0 .5 1 .7 3 .0 4 .3 7 .1 lo.o 8 .2 4-75 0 .6 0 .5 0 .1 - 0 .4 0 .0 0 .2 0 .2 1 .2 2 .1 3 .0 477 5 .8 2 .9 -¿.1 1-76 1 .0 1 .0 0 *6 0 .2 0 .6 0 .8 0 .9 1 .9 2 .8 3 .6 5 .2 6 .1 4 .2 2.3 6 .9 2-76 1 .1 1 .1 0 .8 0 .4 0 .8 1 .0 1 .1 2 .0 2 .8 3 .5 4 .8 5 .4 3 .9 2 .5 4 .8 2 .8 3-76 1 .2 1 .2 0 .9 0 .5 0 .9 1 .2 1 .2 2 .1 2 .8 3 .4 4 .5 5 .0 3 .7 2 .6 4 .2 2 .8 4-76 1 .2 1 .1 0 .9 G .5 0 .9 1 .1 1 .2 1 .9 2 .3 3 .1 4 .0 4 .3 3 .1 2 .1 3 .2 2 .0 1 .6 0 .3 1-77 1 .3 1 .3 1 .0 0 .7 1 .1 1 *3 1 .3 2 .0 2 .0 3 .1 3 .9 4 .2 3 .1 2 .3 3 .2 2 .4 2 .2 1 .9 3*5 % -n 3-72 4 -7 2 1-73 2 -7 3 3-73 4 -7 3 1-74 2 -7 4 3-74 4 -7 4 1-75 2-75 3-75 4 -7 5 1-76 2-76 3-76 4-76 108 . f IN IT IA L 1 0 7 .7 166*1 i.5 > i l l *2 113.4 1 1 2 .Ô 114.7 1B.5 2 .8 \ 1 1 6 .3 1 1 6 .4 1 1 7 .4 P QUARTER P - P R E L IM IN A R Y P R EP A R ED BY FED ERA L R E S E R V E BANK OF S T * MAY 2 , 1977 10 L O U IS PRODUCTIVITY, COMPENSATION, AND LABOR COSTS RATIO SCALE RATIO SCALE 1967-100 1967-100 SEASO N ALLY AD JU STED SOURCE« PERCENTAGES ARE ANNUAL RA T ES OF CHANGE FOR PERIODS LAT EST DATA P L O TT E D « U .S. DEPARTMENT OF LABOR INOICATEO. 1ST OUARTER PRELI MI NARY PREPARED BY FEDERAL RESERVE BANK OF S T . LOUIS U N IT LABOR C O ST S , P R IV A T E B U S IN E S S SECTOR COMPOUNDED ANNUAL R ATES OF CHANGE T ER M IN A L QUARTER 3-72 4-72 1-73 2 -7 3 2*3 1 *9 1 .6 1-73 3 .9 4 .7 1-74 2 -7 4 3—74 4—? 4 1-75 2-75 3—75 4-7* 1-76 ¿- 7 6 ¿- 7 6 100 4-76 r \ 1 2 8 .4 7*8 \ ô .8 % 1 0 .3 - 5 .4 6 .5 9 .1 3-73 6 *1 7 .1 9 .0 9 .6 8 .8 4 -7 3 6 .5 1 .Ï 8 .6 9 .1 ' Ô .3 " 8 .6 T ïï.i 1 0 .7 TòVe" 7 4 -7 3 1 2 6 .0 2-73 ... 7 3-7 3 1 2 5 .5 3-72 4 -72 1-74 1967 * I N I T I A L QUARTER 2-72 131 .6 1 3 4 .4 8 .3 > 1 1 .6 1 3 7 .1 1 5 .4 1 4 2 .1 \ 2 -74 8 .9 9 .8 1 1 .3 1 2 .0 1 2 .4 1 3 .6 1 6 .4 1 7 .4 \ l 4 . 0 7 o 1 4 7 .9 3-7 4 9 .6 1 0 .5 1 1 .9 1 2 .5 1 3 .Ó 1 4 .1 1 6 .1 1 6 *4 1 5 .4 " 153 .3 4 -7 4 1 0 .1 1 1 .0 1 2 .2 1 2 .8 1 3 .2 1 4 .2 1 * .7 1 5 .8 1 ^ .0 1 4 .6 \ i 5 8 .£ 1 6 2 .9 1-75 1 0 .2 1 1 .0 1 2 .1 1 2 .6 1 3 .0 1 3 .7 1 4 .8 1 4 .6 1 3 .7 1 2 .9 1 1 .3 2-75 6 .8 9 .4 1 0 .2 1 0 .5 1 0 .5 1 0 .8 1 1 .2 1 0 .3 8 .7 6 .5 2 .7 - 5 .3 3-75 7 .8 8 .3 9 .0 9 .1 6 .9 8 .9 9 .0 8 .0 6 .2 4 .0 0 .8 - 4 .1 4-75 8 .0 8 .4 9 .0 9 .1 9 .0 9 .0 9 .1 8 .3 6 .8 5 .2 3 .0 0 .3 3 .3 9 .9 1-76 7 .7 8 .1 8 .6 8 .6 8 .5 8 .4 8 .5 7 .6 6.Ì 4 .9 3 .Ò 1 .0 3 .2 6 .5 2-76 7 .4 7 .7 8 .2 8 .2 8 .0 8 .0 8 .0 7 .2 5 .9 4 .7 3 .1 1 .5 3 .3 5 .5 1 6 0 .7 1 5 9 .5 - 3 .0 1 6 3 .3 ,4 % 1 6 4 .6 3 .3 3 .4 " 1 6 4 .0 “ 3-76 7 .2 7 .5 7 .V 7 .9 7 .8 7 .7 7 .6 6 .9 5 .8 4 .6 3 .3 2 .0 3 .5 5 .2 3 .7 3 .9 4-7 6 7 .3 7 .6 7 .9 8 .0 7 .8 7 .7 7 .7 7 .0 6 .0 5 .0 3 .9 2 .8 4 .3 5 .8 4 .8 5 .3 6 .2 8 .1 ' 1-77 7 .3 7 .5 7 .9 7 .9 7 .7 7 .7 7 .6 7 .0 6 .1 5 .2 4 .2 3 .4 4 .7 6 .0 5 .3 5 .8 6 .6 7 .6 2-72 3-72 4—72 1-73 2-7 3 3-73 4 -7 3 1-74 2 -7 4 3-74 4-74 1-75 2-75 3-75 4-75 1-76 2-76 3-76 1 6 7 .8 1 7 1 .1 7 .2 ^ 1 7 4 .I P 4-76 I N I T I A L QUARTfcR P - P R E L IM IN A R Y P REPA REO B Y FED ERA L. R E S E R V E BANK OF HAY 2» 1 9 ? ? 11 ST* W U GROSS NATIONAL PRODUCT IN CURRENT DO LLARS COMPOUNDED ANNUAL R A T ES OF CHANGE IN IT IA L T ER M IN A L QUARTER 2-72 3-72 3-72 4-72 1-73 2 -7 3 3-73 4-73 1-74 2 -74 QUARTER 4 -7 4 3-74 1-7? 2-75 4-75 3-75 1-76 2-76 4-76 3-76 BILLIONS OF DOLLARS ANNUAL RATES 1*181*4 6 .8 4-72 1 1 .1 1 3 .5 1-73 1 2 .7 14-7 1 5 .9 2 -7 3 1 1 .4 1 2 .3 1 1 .* 7 .5 1 1 .5 1 0 .9 8 .4 9 .3 1 1 .1 9 .6 1 0 .6 1 1 .9 8 .6 8 .4 3-7 3 1 1 .0 4 -7 3 1 1 .1 1*219*4 1.265.3 1-74 1 0 .3 1 0 .5 9 .9 8 .5 2-7 4 1 0 .0 1 0 .2 9 .fc 8 .4 1*288*4 1*317*5 S .. 1*355*1 ? , « I »372*7 6 .6 S . o V 1*399*4 ’ 5 . N 3-7 4 9 .9 1 0 .1 9 .6 8 .0 8 .7 7 .6 8 .8 9 .5 4-74 9 .4 9 .5 9 .0 to .l 8 .2 7 .9 6 .9 7 .5 7 .2 1-75 8 .5 8 .4 7 .9 6 .9 t». a 6 .4 5 .3 5 .4 4 .5 2*1 2-"75 a .6 fi-6 ft- 1 7-3 7-3 7-0 6 .2 6 .3 5 .9 4 .7 4 .6 1*431*6 O 107- 1*449*2 1*446.2 - 0 . 8 1— 1*482.3 1 0 .4 ^ 1.548*7 3-75 9 -4 9 -4 9-1 fa-4 fa-5 8 .4 7 .9 8 .4 8 .4 8 .2 9 .3 1 4 .7 10.2 4-75 9 -5 9 -5 9 -2 8 .6 8 .7 8 .7 8 .3 8 .7 8 .8 8 .7 9 .6 1 3 .3 1 4 .8 10.6 1-76 * .7 9 -8 v .5 a .v 9 .1 9 .1 8 .7 9 .2 9 .3 9 .3 1 0 .2 1 3 .1 1 4 .1 1 1 .6 1 2 ^ 6 ^ 2-76 9 -7 9-fi 9 .5 9 .0 9 .1 9-1 8 .9 9 .3 9 .4 9 .4 1 0 .1 1 2 .5 ,1 3 . 0 1 1 .0 1 1 .3 9 .9 \ 3—76 9 -t » 9-7 9 -4 9 -0 9-1 9-1 8-8 9 .2 9-3 9 .3 9 .9 1 1 .8 1 2 .1 1 0 .4 10^3 9.2 8 . 5 \ 4-76 9-t> 9-#» 9 -4 9 -0 9-1 9-0 fa-8 9-1 9-2 9-2 9 .7 1 1 .3 11-5 10-0 9 -9 9 .0 8 .5 1-77 S -7 <y-8 9-5 V-2 9-3 9 .3 9 .1 9 .4 9 .5 9 .5 1 0 .0 1 1 .4 11-6 10-4 1 0 .3 9 .8 9 .7 1 0 .3 1 2 .2 \ 2-72 3 -7 2 4-72 1-73 2-73 Ö-73 4-73 1-74 2-74 3-74 4 -7 4 1-75 2-75 3-75 4 -7 5 1-76 2-7 6 3-76 4-76 IN IT IA L ^ 1*588.2 11 4 % 1.636.2 1*675*2 1 .7 0 9 .8 8 - 5 \ 1 .7 4 5 .1 1 * 7 9 6 .1 QUARTER PREPA REO BY FED ERA L R E S E R V E BANK OF S T * HAY 19« 1977 L O U IS' GROSS NATIONAL PROOUCT IN CONSTANT 1972 DOLLARS _________COMPOUNDED ANNUAL RATES OF CHANGE____________ T ER M IN A L QUARTER B IL L IO N S OF DOLLARS ANNUAL R A T ES I N I T I A L QUARTER 2—72 3-72 3-72 5 .3 4 -72 6 *9 1-73 7 .7 2-73 5 .9 6 .1 4 -7 2 1-73 2-73 3-73 4-73 1-74 2 -74 3 -74 4 -7 4 1-75 2-75 3-75 4-75 1-76 2-76 3-76 4 -7 6 1 * 1 7 8 .0 8 *5 1 * 2 0 2 .2 9 .5 1 .2 2 9 .8 \ \ K 4 % 0 *4 1 .1 3-73 5 .0 4*9 3 .8 4-73 4 .5 4 .4 3 .4 1-74 3 .3 2 .9 2-74 2 .5 2 *1 3 -7 4 It? .. . 1 4 *9 1 * 2 3 1 .1 1 * 2 3 6 .3 1 .7 s 1 .9 1 .4 I 1 .9 — 7.1 —o . i 0 .0 - 1 .0 —3 1 .0 —0 .6 - 0 .8 - 1 .7 - 3 .5 - 3 .N . - 1 .2 - 1 .9 - 3 .2 ] - 2 .8 - 2 .6 W . I t ? . . Q tï 2 . lW 1 * 2 4 2 .6 ^9^^A 2% 1 * 2 3 0 .4 1 * 2 2 0 .8 1 * 2 1 2 .9 4 -7 4 1 .0 0 .5 —0 . 4 “ 1*8 - 2 .1 - 2 .9 - 4 .1 - 4 .2 - 4 .7 - 6 .^ V 1-75 - 0 .1 - 0 .6 - 1 .5 - 2 .8 - 3 .3 - 4 .1 - 5 .3 - 5 .6 —6 .5 - 8 .4 - 9 .9 V ^ 1 * 1 6 1 .1 2-75 0 .4 - 0 .0 - 0 .8 - 1 .9 - 2 .2 - 2 .8 - 3 .5 - 3 .5 - 3 .6 - 3 .9 - 2 .4 1 * 1 7 7 .1 3-75 1 .2 0 .9 0 .2 - « .7 - 0 .8 - 1 .1 - 1 .5 - 1 .1 - 0 .8 - 0 .3 2 .0 8 .5 1 1 .4 4-75 1 .4 1 .1 0 .5 - ft. 3 - C .4 - 0 .6 - 0 .9 - 0 .5 —0 .1 0 .4 2 .3 6 .7 7 .3 1-76 1 .9 1 .6 1 .1 0 -4 0 .4 0 .3 0 .1 0 .6 1 .2 1 .8 3 .6 7 .3 7 .9 6 .2 9 .2 2-7 6 2 .0 1 .8 1 .4 0 .7 0 .8 0 .7 0 .6 1 .1 1 .6 2 .2 3 .8 6 .8 7 .0 5 *6 6 *8 3-76 2-1 1 .9 1 .5 l.fc 1 .0 1 .0 0 .9 1 .3 1 .8 2 .4 3 .8 6 .3 6 .4 5 .2 5 .8 4 -7 6 2-2 2 -0 1 1-1 1 .1 1 .1 1 .0 1 .5 1-9 2 .4 3 .7 5-7 5 .8 4 -7 5 -0 3-7 3-3 2-6 \ 1-77 2 .4 2 .2 1 .9 1-4 1 .5 1 .5 1 .4 1 .9 2 .3 2 .8 4 .0 5 .8 5 .9 5 .0 5 .3 4 .3 4 .3 4 .5 2-72 3-72 4-7 2 1-73 2-7 3 3-73 4-73 1-74 2-74 3-74 4 -7 4 1-75 2-75 3-75 4 -7 5 1-76 2-76 3-76 IN IT IA L 1 * 1 9 1 .7 QUARTER 12 5 . 6 \ 1 * 2 0 9 .3 — 3 .3 \ t 007 --- ^ ÿ O . 0 /o---------- 1 *2 1 9*2 1 * 2 4 6 .3 1 * 2 6 0 .0 4 .2 1 * 2 7 2 .2 3 .S > \ ^ 1 .2 8 0 .4 6.4^1 4-7 6 1 .3 0 0 .3 DEMAND AND P R O D U C T I O N RATI O SCALE QUARTERLY TOTALS AT ANNUAL RATES RATI O SCALE T R I L L I O N S OF DOLLA RS SE A SONA LL Y ADJUSTED T R I L L I O N S OF DOLLARS 1. 1. 1. 1. 0 . 0 1 1. 1. 0 . 1969 1970 1971 1972 1973 1974 1975 1976 1977 SOURCE« U .S . DEPARTMENT OF COMMERCE U£NP IN CURRENT DOLLARS. fcj}NP IN 1972 DOLLARS. PERCENTACES ARE ANNUAL RATES OF CHANCE FOR PERIODS INDICATED. LA TE S T DATA PLOTTED« 1ST QUARTER PREPARED BY FEDERAL RESERVE BANK OF S T . LOUIS 13 GENERAL PRICE INDEX* RATIO SCALE RATIO SCALE 1972-100 1972-100 1969 *AS USED 1970 1971 IN NATIONAL 1972 1973 1974 INCOME ACCOUNTS PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIODS LATES T DATA PLO TTED. 1975 1976 1977 SOURCEt U .S . DEPARTMENT OF COMMERCE IN D ICATED . 1ST QUARTER PREPARED BY FEDERAL RESERVE BANK OF S T . LO UIS I M P L I C IT P R IC E DEFLATOR FOR GROSS NATIONAL PROOUCT ___________ CQHPQUNOEO ANNUAL RATES OF CHANGE_____________ T E R M IN A L QUARTER 1972 » 100 I N I T I A L QUARTER 2 -7 2 3-7 2 4-72 1-73 2 -7 3 3-72 3 .4 4 -7 2 4 .0 4 .7 1-73 4-6 5 .3 2—73 5 .2 5 .8 6 .4 7 .0 ^ 3 -7 3 5 .7 6 .3 6 .8 7 .3 4 —73 6 .3 6 .9 7 .5 8 .1 1-74 6 .8 7 .4 7 t9 2 -7 4 7 .4 7 .9 8 .5 3-73 4-7 3 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 0 0 .2 9 1 0 1 .4 4 I 5 .8 \ 1 0 2 .8 9 V .O 1 0 4 .6 5 1 0 6 .5 7 8 .6 v 1 0 9 .0 5 8 .9 9 .6 9 .5 1 0 .2 1 0 .5 U ri 3-7 4 7 .9 8 .5 9 .0 9 .6 1 0 .1 1 0 .8 4-74 9 .4 8 .9 * .5 1 0 .0 1 0 .5 1 1 .1 1-75 8 .5 9 .1 9 .6 1 0 .0 1 0 .5 li.O 2-75 8 .2 8 .6 9 .0 9 .4 9 .7 1 1 1 .5 6 n > ^ 1 1 .2 % 1 1 4 .6 4 1 1 .9 1 2 .4 ^ 1 2 .2 1 2 .5 1 2 .7 ^ 1 1 8 .0 3 lit? 1 1 .6 1 1 .7 1 1 .4 1 0 .0 1 0 .1 1 0 .2 9 .8 9 .0 7 .2 1 2 1 .6 0 *0 > s 124 .5 5 1 2 5 .9 3 3-75 8 .1 8 .5 8 .8 9 .2 9 .4 9 .6 9 .6 9 .6 9 .3 8 .5 7 .2 5 .7 4 -7 5 8 .0 8 8 .7 9 .0 9 .2 9 .3 9 .3 9 .3 8 .9 8 .2 7 .1 6 .2 7 .0 7^1V N ^ * ^ ro 1 3 0 .2 7 1-76 7 .7 8 .0 8 .3 8 .5 8 .6 8 .7 8 .6 8 .5 8 .1 7 .4 6 .3 5 .4 5 .7 5 .1 1 3 1 .2 9 2-7 6 7 .5 7 .8 8 .0 8 .2 8 .3 8 .4 8 .3 8 .1 7 .7 7 .0 6 .1 5 .4 5 .6 5 .1 4 .2 5 .2 3-76 7 .3 7 .6 7 .8 7 .9 8 .0 8 .0 7 .9 7 .7 7 .3 6 .7 5 .9 5 .2 5 .3 4 .9 4 .2 4 .8 4 .4 \ 4 —76 7 .3 7 .5 7 .7 7 .8 7 .8 7 .9 7 .7 7 .6 7 .2 6 .6 5 .9 5 .3 5 .4 5 .1 4 .6 5 .1 5 .1 1-77 7 .2 7 .4 7 .5 7 .6 7 .7 7 .7 7 .5 7 .4 7*0 6 .5 5 .8 5 .3 5 .4 5 .2 4 .8 5 .2 5 .2 2-7 2 3—72 4-7 2 ¿- 7 3 2-73 3-73 4-73 1-74 2-74 3-74 *-74 1-75 2-75 3-75 4 -7 5 1-76 2-76 IN IT IA L 1 2 8 .0 7 3 .2 \ . 1 3 2 .9 6 1 3 4 .4 0 1 3 6 .3 0 5 ^ 8 \ wl k 3-76 1 3 8 .1 4 4 -7 6 QUARTER PREPA RED BY FED ERA L R E S E R V E BANK OF S T . MAY IV * 1977 14 L O U IS PERSO NAL CONSUMPTION E X P EN D IT U R ES T ER M IN A L QUARTER IN CURRENT DO LLARS B I L L I O N S OF DO LLARS ANNUAL R A T ES I N I T I A L QUARTER 2-72 3-72 3-72 *-72 1-73 2-73 3-73 *- 7 3 1-74 2-74 3-74 4 -7 4 1-75 2-75 3-75 4-75 1-76 2 -7 6 3-76 4-76 7 3 9 .7 8 .5 4-72 1 0 .5 1 2 .5 1-73 1 1 .7 1 3 .3 7 6 1 .8 7 8 7 .2 1 4 .0 2-73 1 0*5 1 1 .2 1 0 *6 8 0 1 .0 7 .2 8 1 8 .2 3-73 1 0 .2 1 0 .6 1 0 .0 8 *0 _ 8 *9 4-73 9 .7 1 0 .0 9 .* 7 .8 8 .2 7 .5 1 -7 * 9 .8 1 0 .0 9 .5 8 .* 8 .8 6 .8 1 0 .1 2-74 10*1 1 0 .3 1 0 .0 9 .2 9 .7 10*0 11*2 12*4 3-74 1 0 .5 1 0 .7 1 0 .5 9 .9 1 0 .4 1 0 .8 1 2 .0 1 2 .9 1 3 .4 4-7 4 9 .6 9 .7 9 .4 8 .7 9 .0 9 .0 9 .* 9 .1 7 .5 1 .9 1-75 9 .6 9 .7 9 .* 8 .9 9 .1 9 .2 9 .5 9 .4 8 .4 5 .9 8 3 3 .1 8 5 3 .3 8 7 8 .7 9 0 6 .8 9 1 1 .1 9 3 3 .2 1 0 .1 9 6 0 .3 2-75 9 .8 1 0 .0 9 .7 V .2 9 .5 9 .6 9 .9 9 .9 9 .3 7 .9 1 1 .1 1 2 .1 3-75 1 0 .0 1 0 .1 9 .9 V .5 9 .7 9 .8 1 0 .2 1 0 .2 9 .8 8 .9 1 1 .3 1 1 .9 1 1 .7 4-75 1 0 .0 1 0 .1 9 .9 9 .6 9 .8 9 .9 1 0 .2 1 0 .2 9 .9 9 .2 1 1 .1 1 1 .4 1 1 .1 9 8 7 .3 1 .0 1 2 . 0 1 0 .4 1 .0 4 3 . 6 1-76 1 0 .2 1 0 .3 1 0 .2 9 .9 1 0 .1 1 0 .2 1 0 .5 1 0 .6 1 0 .3 9 .8 1 1 .5 1 1 .8 1 1 .7 ¿ i.7 1 3 .1 2 -7 6 1 0 .1 1 0 .2 1 0 .0 9 .7 1 0 .0 ÌO .O 1 0 .3 1 0 .3 1 0 .1 9 .6 1 0 .9 1 1 .1 1 0 .9 1 0 .6 1 0 .> 8 .3 3-76 1G.G lù .l 1 6 .0 V .7 **.9 1 Û .Û 1 0 .2 1C.2 1 U .0 9 .6 1 0 .7 1 0 .8 1 0 .5 1 0 .3 1 0 .2 8 .8 lf t . 7 1 ft-* i r>- y «rf-W 1 i. - 1 1ft-? lA - t 1ft- s 1ft-* Q-Q 1 1 .0 11-1 1 0 .0 IO .a 1 0 .0 1 Û.1 11 .1 1 2 .9 1-77 10 1 0 .5 lü .* Iti.2 1 0 .* 10*1 1 0 .7 1 0 .7 ili.6 1 0 .3 1 1 .3 .1 1 .4 1 1 .4 1 1 .3 1 1 .5 1 1 .1 1 2 .0 1 3 .4 1 3 .* 2-72 3-72 *-72 1-73 2-73 3-73 4 -7 3 1-74 2-7 4 3-74 4-74 1-75 2-75 3-75 4 -7 5 1-76 2-76 3-76 4 -76 1 .0 6 4 . 7 1 .0 8 8 .5 9 .2 1 .1 2 2 . 0 1 .1 5 9 .1 I N I T I A L QUARTER PERSO NAL CONSUMPTION EXPE N D IT U R ES IN CONSTANT 1972 O O LLARS T ER M IN A L QUARTER B I L L I O N S OF DO LLARS ANNUAL R A T E S I N I T I A L QUARTER 2-7 2 3-72 *-72 3-72 5 .3 4-72 6 .9 8 .6 1-73 7 .3 8 .4 8 .2 2-73 5 .3 5 .3 3 .8 1-73 2-73 3-73 4 -7 3 1 -7 * 2-7* 3-74 4 -7 4 1-75 2-75 3-75 4 —75 1-76 2-76 3-76 4-76 7 3 7 .5 7 5 2 .8 7 6 7 .7 7 6 6 .8 - 0 .5 7 7 0 .4 3-73 4 .6 4 .5 3*1 0 .7 1 .9 4-73 3 .4 3 .1 1 .7 - 0 .3 —0 .2 - 2 .3 7 6 5 .9 1-74 2 .6 2 .2 1 .0 - 0 .8 - 0 .9 - 2 .2 - 2 .1 7 6 1 .8 2-74 2 .3 1 .9 0 .8 - 0 .6 —0 .6 - 1 .5 —1 .0 0 .1 3-7 4 2 .2 0 .9 - 0 .3 - 0 .2 - 0 .7 - 0 .2 0*8 1 .5 4-7 4 1 .1 0 .6 - 0 .3 - 1 .5 - 1 .6 - 2 .3 - 2 .3 - 2 .4 - 3 .6 - 8 .4 1-75 1 .3 0 .9 0 .1 - 0 .9 - 0 .9 - 1 .4 - 1 .2 - 0 .9 - 1 .3 - 2 .6 _ 2-75 1 .8 1 .5 0 .8 - 0 .0 0 .0 - 0 .2 0 .1 0 .6 0 .7 0 .5 5 .3 7 .0 3-75 2 .0 1 .7 1 .1 0 .4 0 .5 0 .3 0 .7 1 .2 1 .4 1 .4 4 .9 5 .6 4 .1 4 .3 4 .5 4-7 5 2 .1 1 .9 1 .4 0 .8 0 .9 0 .8 7 6 1 .9 1 .2 1 .6 1 .9 7 6 4 .7 7 4 8 .1 7 5 4 .6 3 .5 2 .0 4 .8 5 .2 7 6 7 .5 7 7 5 .3 7 8 3 .9 1-76 2 .6 2 .* 1 .9 1 .6 1 .6 2 .0 2 .5 2 .9 3 .1 5 .6 6 .1 5 .8 6 .7 8 .9 2-76 2 .7 2 .5 2 .1 1 .6 1 .8 1 .8 2 .2 2 .7 3 .0 3 .2 5 .3 5 .7 5 .4 5 .8 6 .4 4 .0 3-76 2 .7 2 .6 2 .2 1 .7 1 .9 1 .9 2 .3 2 .8 3 .1 3 .3 5 .1 5 .3 5 .0 5 .2 _ 5 .4 3 .8 3 .6 8 0 0 .7 8 0 8 .6 8 1 5 .7 4-76 2 .9 2 .8 2 .5 2 .1 2 .3 2 .3 2 .7 3 .2 3 .5 3 .7 5 .3 5 .6 5 .3 5 .6 5 .a 4 .9 5 .3 7 .0 1-77 3 .2 3 .0 2 .7 ¿.* 2 .6 2 .6 3 .0 3 .5 3 .b * .0 5 .5 5 .7 5 .6 5 .8 6 .1 5 .4 5 .8 7 .0 7 .0 2-72 3-72 4-7 2 1-73 2-73 3-73 4-7 3 1 -7 * 2-7 4 3 -7 * 4—74 1-75 2-75 3-75 4 —75 1-76 2-76 3-76 4-76 IN IT IA L 8 2 9 .7 8 4 3 .8 QUARTER P R E P A R E D B Y F E D E R A L R E S E R V E BANK OF S T . NAY 1 9 . 1977 15 L O U IS - GROSS P R IV A T E DOMESTIC IN IT IA L T ER M IN A L QUARTER 2-72 3-72 INVESTM ENT 3-72 *-72 1-73 2 -73 3-73 4-73 1-74 BILLIONS OF DOLLARS ANNUAL RATES QUARTER 3 -7 4 2-7* IN CURRENT OOLLARS 4 -7 4 1-75 2-75 3-75 4-75 1-76 3-76 2-76 4-76 1 9 1 .0 1 3 .9 2 0 0 .5 *-72 1 7 .6 2 1 .* 1-73 18-9 2 1 .6 2 1 .7 2-73 1 7 .9 1 9 .3 1 8 .2 14. 8 3-73 1 * .9 1 5 .2 1 3 .2 9 .1 4 -7 3 1 6 .2 1 6 .6 1 5 .5 1 3 .* 1 2 .8 2 2 .6 1 -74 9 .4 8 .7 6 .3 2 .8 - 1 .0 - 3 .2 —2 3 *6 2-74 8 *0 8 .1 6 .0 3 .1 0 .4 3 -7 4 6 .6 5 .7 3 .6 C .9 - 1 .7 - 3 .0 - 1 0 .3 - 2 .8 - 9 .7 4-7 4 5 .5 * .6 2 .7 0 .2 - 2 .0 - 3 .1 - 8 .6 - 3 .0 - 6 .6 1-75 - 2 .5 - * .0 - 6 .5 - 9 .5 - 1 2 .5 2-75 - 3 .8 - 5 .3 - 7 .6 2 1 0 .6 2 1 8 .0 2 2 0 .0 3 .7 - I O . * - 1 3 .2 1 o - 0 .7 2 3 1 .5 2 1 6 .4 2 1 8 .8 4 .5 2 1 3 .3 2 1 1 .5 - 3 .3 - 1 5 .0 - 2 1 .0 - 2 0 .3 - 2 7 .2 - 3 4 .7 - 5 5 .9 1 7 2 .4 - 1 5 .3 - 2 0 .4 - 1 9 .7 - 2 * . 9 - 2 9 . 3 - 3 9 .6 - 1 7 .3 1 6 4 .4 1 9 6 .7 3-75 1 .9 1 .0 - 0 .7 - 2 .7 - 4 .5 - 5 .4 - 6 .9 - 6 .2 - 8 .2 - 7 .8 - 9 .2 3 0 .2 1 0 4 .9 4 -7 5 2 .5 1 .fa C/.l - 1 .6 —3 .1 - 3 .fi —6 .7 - * .0 - 5 .* - 4 .5 - 4 .8 2 3 .0 5 0 .1 9 .9 1 —76 5 .9 5 .* * .3 2 .9 1 .9 1 .7 - 0 .* 3 .0 2 .8 5 .0 6 .8 3 3 .2 5 6 .1 3 6 .2 6 8 .9 2-76 6 •£> 6 .2 5 .2 4 .0 3 .1 3 .1 1 .3 4 .6 4 .6 6 .6 8 .6 3 0 .0 4 5 .5 2 9 .8 4 1 .1 1 7 .8 3-76 7 .1 6 .6 5 .7 * .7 3 .9 3 .9 2 .* 5 .4 5 .5 7 .6 9 .3 2 7 .1 3 8 .5 2 5 .6 3 1 .3 1 5 .7 1 3 .7 6.> 5 .8 * .9 3 .9 3 .1 3 .1 1 .6 * .3 * .3 5 .9 7 .1 2 1 .6 2 9 .7 1 8 .3 2 0 .6 7 .7 3 .0 - 6 .6 K .l 7 .8 7 .1 6. 2 5 .7 5 .8 * .6 7 .* 7 .6 9 .5 1 1 .1 2 4 .7 3 2 .2 2 2 .9 2 5*6 1 6 .7 1 6 .3 1 7 .6 4 8 »2 2—72 3-72 *- 7 2 1-7 * 2-73 3-73 *-73 1-74 2-74 3-7* 4 -7 4 1-75 2-75 3-75 4 -7 5 1-76 2-7 6 3-76 4-76 3-76 B IL L IO N S OF DOLLARS ANNUAL R ATES 4-7 6 1-77 2 0 1 .4 2 2 9 .6 2 3 9 .2 2 4 7 .0 2 4 2 .8 2 6 7 .9 I N I T I A L QUARTER GROSS P R IV A T E DOMESTIC T ER M IN A L QUARTER 2 -7 2 8 .9 4-7 2 1 2 .6 3-7 2 4-72 1-73 2-7 3 3-73 4-73 1-74 2-74 3-74 4-7 4 1-75 2-75 3-75 4 -7 5 1-76 2-76 1 9 0 .2 1 9 7 .6 1-73 1 3 .4 1 5 .7 2 -7 3 1 1 .4 1 2 .2 1 0 .2 5 .6 0 .3 2 0 4 .6 2 0 7 .4 3 -7 3 8 .0 7 .7 5 .0 4 -7 3 9 .0 9 .0 7 .2 4 .7 4 .3 1 -74 2 .6 1 .6 - I.I - 4 .8 - 8 .0 2 -7 4 0 .5 - 0 .7 - 3 .3 —6 . 6 - 9 . 4 - 1 0 .9 - 2 1 .3 3 -7 4 - 2 .4 - 3 .8 - 3 .8 - 5 .1 - 9 .5 - 4 .7 - 1 2 .2 2 0 4 .9 1 4 .2 2 1 1 .8 - 9 .6 - 2 8 .4 - 1 4 .0 - 2 1 .8 1 9 4 .8 - 1 3 .4 1 8 7 .9 - 1 8 .2 - 2 2 .7 1 7 6 .2 - 7 . 5 - 1 0 . 3 - 1 2 . 7 - 1 4 .2 - 2 0 .2 - 1 7 .2 - 1 9 .0 - 1 5 .2 1 -75 - 1 2 .4 - 1 4 . 3 - 1 7 . 2 - 2 0 .5 - 2 3 . 7 - 2 6 .4 - 3 2 .6 - 3 3 .6 - 3 9 .2 - 4 6 .2 2 -7 5 - 1 2 .2 3 -7 5 - 6 .7 - 7 .9 - 9 .8 4-7 5 - 6 .5 - 7 .6 1-76 - 2 .8 - 3 .6 - 5 .0 2 -7 6 - 2 .0 - 2 .7 - 3 .9 1-77 CONSTANT 1972 DO LLARS 1 6 .5 1 * .9 3-7 6 IN I N I T I A L QUARTER 3-72 4 -74 INVESTM ENT - 1 3 . 9 - 1 6 . * - 1 9 .3 - 2 2 .0 - 2 4 .2 - 2 9 .2 1 6 9 .1 - 6 5 .8 1 2 9 .3 - 2 9 .3 - 3 2 .8 - 3 5 .9 - 4 4 .3 - 9 .3 - 1 2 .0 - 1 3 . 7 - 1 4 .8 - 1 8 .3 - 1 6 .5 - 1 7 .1 - 1 5 .6 - 1 5 .8 3 2 .3 9 2 .8 - 9 . 4 - 1 1 .3 - 1 2 . 9 - 1 3 .7 - 1 6 .7 - 1 4 .9 - 1 5 .1 - 1 3 .5 - 1 3 .1 1 8 .7 3 5 .7 - 4 .5 1 4 8 .7 1 4 7 .0 - 7 .6 - 7 .8 - 1 0 .0 - 7 .4 —6 .5 —3 .5 —0 . 9 2 9 .2 4 5 .4 2 6 .3 6 7 .0 —5 .3 - 6 .1 - 6 .2 - 5 .5 - 4 .4 - 1 .5 1 .0 2 5 .5 3 6 .1 2 1 .1 3 6 .4 1 1 .5 - 5 .1 - 1 .* - 2 .0 - 3 .2 - * .3 - 5 .L -2 .0 -2 .iv -3 .7 -* .9 -5 .6 - O .* - 0 .6 -1 .8 -2 .7 - 3 .3 2-72 3-7 2 4 -7 2 1-73 2 -7 3 1 2 6 .2 - 8 .1 1 6 7 .1 1 7 1 .7 —6 .7 - 4 .2 - 3 .1 - 0 .3 2 .0 2 2 .4 3 0 .0 1 7 .8 2 6 .4 9 .9 a .4 - 7 .1 -4 .9 —* . 0 —1 .6 0 .2 1 6 .8 2 1 .9 1 1 .2 1 5 .5 2 .2 —2 . 2 - 1 1 .« - 3 .2 —* . * - 2 .0 -C .9 1 .5 3 .6 1 9 .0 2 3 .7 1 4 .9 1 9 .2 9 .6 8 .9 9 .2 35^2 3 -7 3 *-73 1-7* 2-74 3-74 4 -7 4 1-75 2-75 3-75 4-7 5 1-76 2-76 3-76 4 -7 6 1 7 5 .2 1 6 9 .8 1 8 3 .1 I N I T I A L QUARTER PREPA RED BY FED ERA L R E S E R V E BANK OF S T * MAY 19* 1977 16 L O U IS GOVERNMENT PU R C H A SES OF GOODS AND S E R V IC E S IN CURRENT DO LLARS TEftMTMAI IN IT IA L B I L L I O N S OF OO LLARS ANNUAL R A T E S QUARTER QUARTER 2 -7 2 3 -72 3—72 4 -7 2 1-73 2 -7 3 3-73 4 -7 3 1-74 2-74 3-74 4-74 1-75 2-75 3-75 4 -7 5 1-76 2-76 3-76 4 —76 2 5 3 .0 3 .1 4 -72 2 5 9 .2 1 0 .2 1-7* 2 6 5 .8 7 .9 1 0 .4 1 0 .6 2 -73 5 *6 6 .4 4 .6 - 1 .0 3 -7 3 5 .8 6 .4 5 .2 2 .7 6 *5 4 -7 3 7 .0 7 .8 7 .2 6 .1 9 *8 2 6 5 .1 2 6 9 .3 1 3 .2 2 77 *8 2 8 8 *0 1-74 8 .1 9 .0 8 .8 8 .4 1 1 *7 1 4*4 1 5 .5 2 -7 4 8 .9 9 .8 9 .7 9 .6 1 2 *4 14*5 1 5 .1 14*6 3 -7 4 9 .6 1 0 .4 1 0 .5 1 0 .5 1 2*9 1 4*6 1 5 .0 14*8 4 -7 4 1 0 .0 1 0 .8 1 0 .9 1 0 .9 1 3 *0 1 4 *4 1 4 .7 1 4*4 14*2 1 3 .5 1-75 9 .9 1 0 .6 1 0 .7 1 0 .7 1 2 .5 1 3 *5 1 3 .5 13*1 12*5 1 1 .3 9 .2 2-7 5 9 .9 1 0 .5 1 0 .6 1 0 .6 1 2 .1 _ 1 2 .9 1 2 .9 1 2*4 1 1 .8 10*8 9 .4 9 *7 3—75 1 0 .1 1 0 .7 1 0 .7 1 0 .8 1 2 *2 1 2*9 1 2 .8 1 2*4 1 2 .0 1 1 .2 1 0 .5 11*1 1 2 .6 4 -7 5 1 0 .3 1 0 .9 1 0 .9 1 1 .0 12*2 12*9 1 2 .9 12*5 1 2 .1 11*6 1 1 .1 1 1 .7 1 2 .7 1 2 *9 1-76 9 .6 1 0 .1 1 0 .1 10*1 11*2 1 1 .6 1 1 .5 11*0 1 0 .5 9 .7 9 .0 8 .9 8 .7 6 *8 1 .0 2 -76 9 .6 1 0 .0 1 0 .0 10*0 1 0 .9 1 1 .4 1 1 .2 1 0 .7 1 0 .2 9 .5 8 .9 8 *8 8*6 7 *4 4 .7 2 9 8 *0 3 0 8 *6 1 5 .0 3 1 8 *5 3 2 5 .6 3 3 3 .2 3 4 3 .2 3 5 3 .8 3 5 4 *7 8 .5 3 6 2 *0 3 6 9 *6 9 .5 9 .9 9 .9 9 *9 1 0*8 1 1 .1 1 0 .9 1 0 .5 1 0 .0 9 .4 8 .9 8 *8 8 *6 7 .7 6 .0 8 .6 8 .7 9 .4 9 .8 9 .8 9 .7 1 0 .5 1 0 .8 1 0 .6 1 0 .2 9 .8 9 .2 8 .7 8 *6 8 *4 7 .6 6 .3 8 .2 8 .0 7 .3 1-77 9 .0 9 .4 9 .3 9 *2 1 0 .0 1 0 .2 1 0 .0 9 .5 9 .1 8 .5 8 .0 7 *8 7 *6 6 .7 5 .5 6 .7 ^ .1 4 .9 2 .5 2-72 3-72 4 -7 2 1-73 2-73 3 -73 4 -7 3 1-74 3-74 4-74 1-75 2-75 3-75 4 -7 5 1-76 2-76 3-76 4 -7 6 ¡£ 1 <M 3 -76 4 -7 6 3 7 6 .2 3 7 8 .5 I N I T I A L QUARTER GOVERNMENT PURCH ASES OF GOODS AND S E R V IC E S IN CONSTANT 1972 OO LLARS _________________ CQBPQUMPlsP-ANNUAL RATES Of CHANGE____________________ ANNUAL R A T ES 2-7 2 3-7 2 B I L L I O N S OF I N ITIAL- SMARTER. T ER M IN A L QUARTER 3-72 4 -7 2 1-73 2-7 3 3 -7 3 4 -7 3 1-74 Z - 74 3 -7 » 4 -7 4 1-75 2-75 3-75 4-75 1-76 2-7 6 3 -7 6 4-76 - 1 .9 2 5 2 *0 .JBtsQ J t 9 2 5 3 *2 _ U i ____ 3 .2 2 ??t? 2 5 1 *2 3-73 - 0 .4 - 0 .1 4 -7 3 - 0 .3 0 .0 2 5 1 .8 - 0 .7 - 1 .7 0 .6 0*3 2 5 2 .0 1-74 0 .5 0 .9 0 .7 0 .1 2 .2 2*9 5*5 2 -7 4 0 .6 0 .9 0 .8 0 .3 2 .0 2 .3 3 .3 l.l 2 5 5 .4 3 -7 4 0 .7 1 .0 0 .9 0 .5 1 .9 2 .1 2 .7 1 .3 4-74 0 .6 0 .9 0 .7 0 .4 1 .5 1 .6 1 .9 0 .8 0 .6 - 0 *3 1-75 0 .6 0 .« 0 .7 0 .4 1*3 1 .4 1 .6 0 .7 0 .5 0 .0 0 .3 2-75 o .a 1 .0 0 .9 0 .7 1 .6 1 .6 1 .9 1*2 1*2 1 .0 1 .7 3 .1 4 .2 5*2 4 .2 4 .8 4 .3 2 5 6 .1 2 5 7 .1 1 .6 2 5 6 .9 2 f?.l 2 5 9 .1 3-75 l.i 1 .4 1 .3 1 .1 2 .0 2 .1 2 .3 1 .8 2 .0 2 .1 2 .9 4 -7 5 1 .3 1 .6 1 .6 1 .4 2 .2 2 .3 2 .6 2 .2 2 .4 2 .5 3 .2 0 .9 1 .5 1 .6 1 .7 1 .3 1 .3 1 .2 1 .6 1 .9 1 .4 - 0 .4 - 4 .9 1 .5 1 .* 1 .7 0 .6 - 1 .2 2 .6 2 6 2 .4 2 6 5 .2 1 .1 1 .0 1 .0 1 .2 1 .2 1 .0 1 .6 1 .7 1 .8 1 .4 1 .7 2 .0 3—76 1 .1 1 .3 1 .3 1 .1 1 .7 1 .8 1 .9 1 .6 1 .6 1 .6 1 .9 2 .2 2 .0 1 .2 0 *2 2 .8 2 .9 4 -7 6 1 .0 1-2 1 .2 1 .0 1 .6 1 .6 1 .7 1 .4 1 .4 1 .4 1 .6 1 .8 1 .6 0 .9 0 .0 1 .7 1 .3 - 0 .3 1-77 o .a 0 .9 0 .8 0 .7 1 .2 1 .2 1 .3 0 .9 0 .9 0 .8 0 *9 1*0 0 .7 0 .0 - 0*8 0 .2 - 0 .6 - 2 .3 - 4 .3 3-72 4 -7 2 1-73 2-73 3-73 4-7 3 1-7 * 2-7 4 3-74 4-74 1-75 2-75 3-75 4 -7 5 1-76 2-76 3-76 4-76 oi 0 .9 1 <M l*i-76 2-7 6 2 6 1 .9 2 6 3 .6 2 6 5 .5 2 6 5 .3 2 6 2 .4 I N I T I A L QUARTER P REPA RED BY FÉ D É R A L R E S E R V E BANK OF S T * MAY 19* 1977 17 L O U IS D IS P O S A B L E PERSONAL INCOME IN IN IT IA L TERM INAL 3-72 4-72 1-73 3-72 10*1 4 -7 2 1 3 .1 1 6 .2 1-73 1 3 .7 1 5 .5 1 4 .9 2—7 3 . 1 3 .2 1 4 .2 1 3 .3 1 1 .7 2-73 3-73 4-73 1-74 2-7 4 B I L L I O N S OF DO LLARS ANNUAL R A T ES OUARTER gUARTER 2-72 CURRENT ÛO LLARS 4 -7 4 3 -7 4 1-75 2-75 3-75 4 -7 5 1-76 2-76 3-76 4 -7 6 8 0 6 .2 8 3 7 .0 8 9 0 .9 3 -7 3 1 2 .5 1 3 .0 1 2 .0 1 0 .6 4 -7 3 1 2 .4 1 2 .6 1 2 .0 1 1 .1 1 0 .8 1 2 .1 1-7 4 1 1 .2 1 1 .4 1 0 .5 9 .4 8 .7 8 .3 4 .6 2 -74 1 1 .0 1 1 .1 1 0*3 9 .4 8 .8 8 .6 6 .9 9 *2 3 -7 4 1 1 .1 1 1 .3 1 0 .6 9 .9 9 .5 9 .5 8*7 10*7 12*3 4 -7 4 1 0 .7 10. 8 10*2 9 *5 9 .1 9 .1 8 *3 9 *6 9 *8 8 *1 9 1 1 .4 9 .5 _ 9 3 7 *7 9 4 8 *4 9 6 9 *5 9 9 8 *0 7*3 1 .0 1 5 * 8 1-75 1 0 .0 1 0 .0 9 .4 6 .7 8 .3 7 *3 8 *0 7 *5 5 *2 3 .2 2 -7 5 J.1 .4 1 1 .5 1 1 .1 1 0 .6 1 0 .5 1 0 .7 1 0 .4 1 1 .6 12*2 1 2 .2 1 4 .8 2 7 .6 3-7 5 1 0 .6 1 0 .6 1 0 .1 9 .7 9 .4 9 .4 9*1 9 *8 9 *9 9 .4 10*1 1 3 .7 1*2 4-7 5 1 0 .6 1 0 .6 1 0 .2 9 .8 9 .6 9 .6 9 *3 10*0 10*1 9 .7 10*2 12*7 5 .9 10*8 1 *0 2 3 *8 1 .0 8 8 * 2 1 .0 9 1 * 5 1 * 1 1 9 .9 1-76 1 0 .6 1 0 .6 1 0 .2 9 .8 9 .6 9 .7 9 .4 1 0 .0 1 0 .1 9 .8 1 0 .3 1 2 .1 7 .3 1 0 .5 1 0 .3 2 -7 6 1 0 .5 1 0 .5 1 0 .1 9 .7 9 .6 9 .6 9 .4 9 *9 1 0 .0 9 .6 1 0 .0 1 1 .5 7 *7 1 0 .0 9 .6 9 *0 3 -76 1 0 .2 1 0 .2 9 .8 9 .5 9 .3 9 .3 9 *1 9 .5 9 .5 9 .2 9 .5 10*6 7 .4 9 .0 8 *5 7 .6 6 .2 4 -7 6 1 Û .2 1 Û .2 Q-h 9 .5 0 .4 0 .3 9 .1 9 .5 9 .5 0 .2 9 .4 1 0 .4 7 .7 9 .1 8 .6 8 .1 7 .6 9 .1 1-77 1 G .2 1 0 .2 9 .8 0 .5 9 .4 9 .3 9 .1 9 .5 9 .5 9 .3 9 .5 10*3 8 .0 9 .2 8 *9 6 .6 8 .4 9 .6 1 0 .0 2-72 3-72 4-72 1-73 2-73 3-73 4-73 1-74 2-74 3-74 4-74 1-75 2-75 3-75 4 -7 5 1-76 2-76 3-76 4 -7 6 1 .1 4 7 .6 1 .1 7 2 .5 1 .1 9 0 .2 1 * 2 1 6 .5 1 .2 4 5 .8 I N I T I A L QUARTER D IS P O S A B L E PERSO NAL INCOME IN CONSTANT 1972 DOLLARS B I L L I O N S OF DO LLARS ANNUAL R A T ES I N I T I A L QUARTER T ER M INAL QUARTER 2 -72 3-7 2 4 -7 2 1-73 3-72 6 .7 4 -72 9 .4 1 2 .2 1-73 9 .3 1 0 .6 9 .0 2-73 7 .8 8 .2 6 .3 3 *6 6 .8 6 *8 5 *0 3 *1 3-73 2 -7 3 3-73 4-73 1-74 2-7 4 3-74 4 -7 4 1-75 2-75 3-75 4 -7 5 1-76 2-76 3-76 4-76 8 0 3 .7 8 2 7 .1 6 4 5 .1 8 5 2 *7 8 5 8 *2 2 *6 • 8 6 2 .1 4-7 3 5 .9 5 .6 4 .2 2*7 2 *2 1*8 1-74 4 *0 3 .5 1 *9 0 *2 - 0 .9 -2*7 - 7 .0 2 -7 4 3 .1 2 *6 1*1 -0 *4 - 1 .4 -2*7 - 4 .9 - 2 .9 3-74 2 .8 2 *3 1 *0 - 0*3 -1*0 -1*9 - 3 .1 - 1 .2 4 -7 4 2 .2 1 *7 0 .4 -0*6 -1*5 -2*3 - 3 .3 - 2 .0 -1*6 -3*6 1-75. 1 *7 1*2 0 .0 -1*0 -1*7 -2*4 - 3 .2 - 2 .2 -2 *0 -3 *3 - 2 .9 2-75 3 .2 2 *9 2 .0 1 *3 1 *0 0 *8 0 .6 2 .2 3 *5 4*5 8 *7 21*8 3-75 2 .5 2 *2 1 .3 0 *6 0*2 - 0 *1 - 0 .3 0 .8 1 *6 1*8 3 *7 7 *2 - 5 .7 4-75 2 .7 2 *4 1 .6 1*0 0 *7 0 *5 0 .3 1 *4 2 *1 2 *4 4*0 6 *4 - 0 *5 4 *9 1-76 2 .9 2 *6 . 1 .9 1 .4 1 *2 1 .0 0 .9 2 .0 2 .7 3 *0 4*4 6*3 1 *6 5 *5 2-76 3 *0 2 *8 2 .1 1 .6 1 .5 1 .4 1 .3 2*3 2 .9 3 *3 4 .5 6 *0 2 *4 5*2 5 .4 4 .7 5k—76 2 *9 2 .6 2 .0 1 .6 1 .4 1 .3 1 .2 2 .1 2 *7 2 *9 3 *9 5*1 2 .0 4 *1 3 .8 2 .7 0 .7 4 -7 6 2 .9 2 .7 2 .1 1 .7 1 .5 1 .5 1 .4 2 .2 _ 2 .6 3 .0 3 .9 4 .9 2 .3 3 .9 3 .7 2 .9 2 .1 2 *6 3 *0 3*8 4 .7 2 .4 3 *8 3 .6 3 .0 2 .5 3 .4 3 .3 2-74 3-74 4-74 1-75 2-75 3-75 4—75 1-76 2-76 3-76 4-76 1-77 2a 9 2 .7 2-72 3-72 4-7 2 8 4 6 .7 1 .8 1 .7 1 .6 1*6 2 .3 1-73 2-7 3 3-73 4-73 1-74 8 4 0 .6 6 4 1 .7 0 *5 IN IT IA L 8 3 4 .0 8 2 7 .9 8 6 9 .7 8 57 *1 867 *5 6 .1 8 6 0 .4 8 9 0 .5 8 9 2 .0 8 9 9 .6 3 .5 9 0 7 .0 QUARTER PREPA REO BY FEO ER A L R E S E R V E BANK OF S T * L O U IS MAY 1 9 . 1977 18 C ORPORATE PROFITS AFTER TAXES * COMPOUNDED ANNUAL RATES OF CHANGE T ER M IN A L QUARTER 2-72 r BILLIONS Of DOLLARS ANNUAL RATES I N I T I A L QUARTER *-72 3- 1? 1-73 2-73 3-73 *- 7 3 1 -7 * 2-7* 3-74 4 -7 4 1-75 2-75 3-75 4-7 5 1-76 2-76 3-76 4-76 3-72 22 *3 4-72 3 3 .* »5 t 4 5 5 .0 1-73 3 7 .8 46, 2-7 3 2 9 .8 3 2 .4 i4 3-73 1 9 .6 18 .9 U t r? 4-7 3 1 9 .7 1 9 .2 13i ,<t 4 .0 1 .8 2 0 .4 1 4 .0 1 5 .8 3 4 .3 4 9 .9 75 . B 8 .0 1 6 .4 1 4 .5 - 1 2 .6 7 3 .3 1 4 .1 1 5 .2 2 3 .9 2 5 .0 1 4 .2 -*9.1 3 .5 2 .6 6 *3 3 .1 - 9 .0 - 7 .2 60*4 6 6 .5 4fh »9 1-74 2 3 .6 23 »6 19i»9 2-7 4 1 8 .4 17 t 8 1 3 .8 3-74 2 1 .5 ¿ lii4 19i,3 4-7* 1 2 .8 1 1 .►7 81>1 1-75 1 .2 - 0 .7 - *•9 2-75 5 .3 3,>8 Q<,4 6 7 .9 8 .7 6 5 .4 - 3 .3 - 1 3 .9 6 8 .5 B 1 .0 7 0 .6 - 4 2 .3 - 9 . 9 - 1 2 .3 - 1 2 .0 - 1 7 .3 - 2 8 .8 - 3 3 .5 - 5 5 .6 - 6 5 .8 -3-8 - 5 .2 - 3 .9 - 7 . 4 - 1 6 .0 - 1 6 .8 - 3 1 .5 - 2 5 .3 5 4 .0 6 1 .0 6 2 .8 3-75 10 . * 9,.4 3 .3 2 .7 5 .0 3 .0 - 3 .3 - 1 .3 - 1 1 .0 2 .8 7 8 .3 9 5 .2 4-75 1 0 .5 9,»6 7, ,1 4 .0 3 .6 5 .7 4 .0 - 1 .3 0 .7 - 6 .9 5 .0 5 2 .5 4 7 .6 1 1 .6 1 —7t> 11-9 11 i»? R.,9 6 .2 6 .0 8 .2 7 .0 2 .5 4 .9 - 1 .1 1 0 .2 4 7 .6 * 2 .8 2 2 .2 3 3 .8 2-76 1 2 .1 11. 9,,4 6 .9 6 .8 8 .9 7 .8 3 .9 6 .2 1 .2 1 1 .1 4 0 .6 3 5 .6 2 0 .1 2 4 .6 1 5 .9 3-76 1 2 .1 I l « >5 9 *.6 7 .3 7 .2 9 .2 8 .2 4 .7 6 .9 2 .5 1 1 .3 3 5 .4 3 0 .5 1 8 .0 2 0 .3 1 4 .0 12*1 *- 7 6 11 -9 \ 11 9, 7 .4 7 .3 9 .1 8 .2 5 .1 7 .0 3 .1 1 0 .9 3 1 .2 2 6 .5 1 6 .0 1 7 .1 1 2 .1 1 0 .2 8 .2 1-77 1 1 .5 10,.9 9«.1 7 .1 7 .0 8 .7 7 .9 4 .9 6 .7 3 .2 1 0 .1 2 7 .4 2 Ä .. 0 . 1 3 .9 1 4 .3 9 .9 8 .0 6 .0 3 .7 2-72 3-72 *- 7 2 1-73 2-73 3-73 4-73 1-74 2-74 3-74 4 -7 4 1-75 2-75 4-7 5 1-76 2-76 3-76 4-76 »7 7 2 .1 3-75 7 4 .1 7 9 .7 8 2 .7 8 5 .1 8 6 .8 8 7 .6 P I N I T I A L QUARTER * NAT I LINA L INCOME ttASIS P - P R E L IM IN A R Y PREPARED BY FEDERAL HAY 1». 19 7 7 RESERVE BANK OF ST. LOUIS SOURCES OF DATA NATIONAL INCOME AND PRODUCT ACCOUNTS DATA Source: 1929-72: 1973-76: 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 Current Business Supplement. Survey of Current Bus ine ss, July 1976. The survey is available from most district offices of the Department of Commerce or from the Superintendent of Documents, U. S. Government Printing Office, Washington, D. C. 20402. 19 IN VENTORIES COMPARED WI TH MONTHLY S A L E S * MANUFACTURI NG 1963 «R A T IO S 1964 1965 1966 1967 1968 1969 1970 AND TRADE 1971 BASED ON SEASONALLY ADJUSTED DATA. 1972 1973 SOURCEt 1974 1975 1976 1977 U . S . DEPARTMENT OF COMMERCE SHADED AREAS REP RESEN T PERIODS OF B U S IN E S S R E C E S S IO N S . LAT EST DATA PLOTTED! MARCH PRELIMINA RY PREPARED BY FEDERAL R ES E RV E BANK OF S T . 20 L O U IS
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