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nnnonnL
PREPARED

M O N T H E N D IN G :

BY

FEDERAL

O c to b e r 31, 1981

E c o n o m ti r e r d s
c
RESERVE

BA N K

O F

ST. L O U IS

RELEA SED :

N o v e m b e r 30, 1981

T h e re v is e d e s t im a te o f th e n a tio n 's r e a l G N P in th e th ir d q u a r t e r o f th is y e a r
in d ic a te s t h a t p ro d u c tio n ro se fro m th e s eco n d q u a r t e r a t a 0.6 p e rc e n t a n n u a l r a t e . T h e
re v is io n in d ic a te s t h a t in v e n to ry a c c u m u la tio n w as la r g e r in th e th ir d q u a r te r than
o r ig in a lly e s tim a te d , and th a t r e a l f in a l s a le s (p ro d u c tio n le s s in v e n to r y a c c u m u la tio n )
d e c lin e d in e a c h o f th e la s t tw o q u a rte rs , a v e ra g in g a 2.5 p e rc e n t r a t e o f d e c lin e fro m th e
f ir s t to th e th ird q u a r t e r o f th is y e a r . In v e n to r y a c c u m u la tio n w a s re v is e d u p w a rd fro m
$10.3 b illio n to $14.0 b illio n (1972 p r ic e s ) fo r th e th ird q u a r te r , a c c o u n tin g fo r most o f a
$4.6 b illio n in c re a s e in th e e s t im a te o f r e a l G N P . D e s p ite th is u p w a rd r e v is io n , r e a l G N P
d e c lin e d a t a 0.5 p e rc e n t r a t e fro m th e f ir s t to th e th ird q u a r t e r o f th is y e a r .
T h e re v is e d e s tim a te s o f co m p o n e n ts o f r e a l sp en d in g sho w t h a t th e sh arp est
d e c lin e o c c u r re d in n e t e x p o rts, w h ich f e l l fro m $50.9 b illio n in th e f ir s t q u a r te r o f th is
y e a r to $39.8 b illio n in th e th ird q u a r t e r (1972 p r ic e s ). D e s p ite a sh a rp in c re a s e in r e a l
f e d e r a l p u rch a se s fo r n a tio n a l d e fe n s e in th e th ird q u a r te r , t o t a l r e a l f e d e r a l purch ases
d e c lin e d a t a 2.7 p e rc e n t in th e p a st tw o q u a rte rs . S t a t e and lo c a l g o v e rn m e n t r e a l
p u rch a se s f e l l a t a 4.1 p e rc e n t r a t e d u rin g th e p ast tw o q u a r te r s . A f t e r d e c lin in g in th e
seco n d q u a r t e r , both r e a l n o n re s id e n tia l fix e d in v e s tm e n t and r e a l c o n s u m e r e x p e n d itu re s
rose in th e th ir d q u a r te r , so th a t fro m th e f ir s t to th e th ird q u a r t e r th e y both h ave risen
a t a b o u t a 1.0 p e rc e n t r a t e .
R e c e n t m o n th ly d a ta on e c o n o m ic a c t i v i t y sho w s a m o u n tin g d e te r io r a tio n
s in c e e a r ly in th e th ird q u a r te r . In d u s tr ia l p ro d u c tio n f e l l a t an a c c e le r a t in g r a t e in e a c h
o f th e th r e e m on th s s in c e J u l y . F ro m J u l y to O c to b e r, in d u s tr ia l p ro d u c tio n d e c lin e d a t
an 11.0 p e rc e n t r a t e . C iv ilia n e m p lo y m e n t d e c lin e d in e a c h o f th e th r e e m onths ending
in O c to b e r, a v e ra g in g a 3.0 p e rc e n t r a t e o f d e c lin e . P a y r o ll e m p lo y m e n t d e c lin e d a t a 0.6
p e rc e n t r a t e fro m J u l y to O c to b e r. R e t a i l s a le s w e re s tro n g o v e r th e th r e e m onths ending
in A u g u s t, e x p an d in g a t a 15.3 p e rc e n t r a t e , but d e c lin e d a t a 9.2 p e rc e n t r a t e fro m
A u g u st to O c to b e r.
U n e m p lo y m e n t in c re a s e d in th e th r e e m onths s in c e J u l y to 8.0
p e r c e n t o f th e c iv ilia n la b o r f o r c e , a f u ll p e rc e n ta g e p o in t a b o v e th e J u l y le v e l and h ig h e r
than th e p r io r p e ak le v e l o f 7.6 p e rc e n t o b s e rve d a s r e c e n t ly as M a y 1981.
T h e r a t e o f p r ic e in c re a s e has m o d e ra te d s u b s ta n tia lly th is y e a r .

C o n su m e r

p r ic e s rose a t a 9.6 p e rc e n t r a t e d u rin g th e f ir s t 10 m on th s o f th is y e a r , fo llo w in g a 12.4
p e r c e n t r a t e o f in c re a s e d u rin g 1980. P r o d u c e r p r ic e in c re a s e s h a v e s lo w e d e v e n m ore,
ris in g a t a 7.5 p e rc e n t r a t e during th e f ir s t 10 m onths o f th is y e a r , a f t e r in c re a s in g a t an
11.9 p e rc e n t r a t e in 1980. T h e G N P im p lic it p r ic e d e f la t o r s lo w e d fro m a 9.8 p e rc e n t
r a t e o f in c re a s e d u rin g th e fo u r q u a r te r s o f 1980 to an 8.5 p e rc e n t r a t e d u rin g the f ir s t
t h r e e q u a r te r s o f th is y e a r .
L a b o r c o s ts p e r u n it o f o u tp u t in th e p r iv a t e b u sin ess s e c t o r h a v e a ls o slo w ed .
D u rin g th e f ir s t th r e e q u a r te r s o f th is y e a r , u n it la b o r c o s ts rose a t an 8.0 p e rc e n t r a t e ,
f o llo w in g a 10.2 p e rc e n t r a t e o f in c re a s e in 1980. H o u rly c o m p e n s a tio n rose a t ab ou t th e
s a m e r a t e in both p e rio d s, but p r o d u c t iv it y rose a t a 2.4 p e rc e n t r a t e d u rin g th e f ir s t
t h r e e q u a r te r s o f th is y e a r , in c o n tr a s t t o no ch a n g e d u rin g 1980.




TOTAL CIVILIAN EMPLOYMENT
C O M P O U N O E D A N N U A L R A T E S OF C H A N G E
T E R M IN A L
M ONTH

IN IT IA L

>
3-80

4-80

5-80

6-80

7-80

8-80

9-60

10-80

11-80

THO USAN D S
OF PERSO NS

M O N TH

12-60

1-81

2-81

3-81

4-81

5-61

6-81

7-81

8-81

9-61
9 7 ,2 2 5

4-80

— # 8
4

5-80

-3 *1

- 1 .3

6-80

- 3 .4

- 2 .7

- 4 .1

7-80

- 1 .9

- 0 .9

- 0 .7

2 .7

8-80

- 1 .5

- 0 .7

- 0 .5

1 .4

9 7 ,1 1 6
9 6 ,7 8 0
9 6 ,9 9 9
9 7 ,0 0 3

0 .0

9 7 ,1 8 0

9-80

- 0 .9

- 0 .1

0 .2

1 .7

1 .1

2 .2

10-80

- 0 .7

- 0 .0

0 .2

1 .3

0 .9

1 .3

0 .3

n - eo

- 0 .4

0 .2

0 .5

1 .4

1 .1

1 .4

1 .0

1 .7

12-80

- 0 .5

9 7 ,2 0 6
9 7 ,3 3 9
9 7 ,2 8 2

0 .1

0 .3

1 .0

0 .7

0 .9

0 .4

0 .5

- 0 .7

1-81

0. 1

0 .6

0 .9

1 .6

1 .4

1 .7

1 .6

2 .0

2 .2

5 .2

2-81

0 .3

0 .9

1 .1

1 .8

1 .6

1 .9

1 .9

2 .2

2 .4

4 .0

2 .9

9 7 ,6 9 6
9 7 ,9 2 7
9 8 ,4 1 2

3-81

0 .8

1 .3

1 .6

2 .3

2 .2

2 .5

2 .6

3 .0

3 .3

4 .7

4 .5

6 .1

4 —8 1

1 .3

1 .8

2 .1

2 .7

2 .7

3 .1

3 .2

3 .7

4 .1

5 .3

5 .3

6 .6

7 .1

5-81

1 .4

1 .9

2 .2

2 .8

2 .8

3 .1

3 .2

3 .6

3 .9

4 .9

4 .8

5 .5

5 .1

1 .9

2 .2

2 .4

2 .5

3 .0

2 .0

2 .1

2 .2

2 .6

1 .1

1 .2

1 .1

1 .4

1 .1

1 .0

1 .0

1 .0

1 .2

8-8Ö

9-eo

1Ö -8Ö

11-80

12-80

1 .7

1 .6

1 .4

1 .6

2 .1

2 .0

2 .2

1 .3

1 .5

1 .9

1 .8

2 .0

0 .4

o
•
C
D

1 .8

1 .2

0 .9

1 .2

1 .1

1 .2

0 .4

0 .7

0 .8

1. 1

1 .0

3-80

4-80

6-Ô 0

7-«)

6-81

0 .6

1 .0

7-81

1 .0

8-81

0 .9

9-81
10-61

5-Ô Ô

1 .7

1 .7

2 .3

INITIAL

1 .7

9 9 ,2 3 5

3 .2

9 8 ,3 9 2

- 3 .5

- 9 .7

1 .7

- 0 .1

- 1 .6

7 .2

1 .3

—0 . 1

- 1 .2

3 .4

- 0 .2

0 .6

- 0 .3

- 1 .7

- 2 .9

- 0 .5

- 4 .1

- 7 .9

0 .4

- 0 .3

- 1 .5

- 2 .4

- 0 .5

- 3 .0

- 4 .3

—0 . 6

2-81

3 —81

4-81

5-81

6-81

7-81

8-81

9-81

1 .4

- 0 .1

2 .6

2 .6

2 .2

2 .1

0 .9
0 .7

1-81

9 8 ,9 7 6

9 8 ,9 6 2
9 8 ,9 4 4
9 8 ,2 7 0
9 8 ,2 1 7

m Wh
ô T

PAYROLL EMPLOYMENT
COMPOUNOED ANNUAL RATES Of CHANGE
IN IT IA L MONTH

TERMINAL
MONTH
3-80

4-80

5-60

6-80

7-80

8-80

9-80

10-80

11-80

12-60

1-81

THOUSANDS
OF PERSONS
2-81

3-81

4-81

5-81

6-81

7-81

8-81

9-81
_ 9 0 j» 8 1 7

4-80

- 0 .7

5-80

—2 . 8

- 4 .8

6-80

- 3 .4

- 4 .7

- 4 .7

7-80

- 3 .0

- 3 .7

- 3 .2

- 1 .7

8-80

- 1 .7

- 2 .0

- 1 .0

0 .9

3 .5

9-80

— . V
0

- 0 .9

0 .0

1 .7

3 .4

3 .3

10-80

- 0 .4

— . 3
0

0 .6

1 .9

3 .2

3 .0

2 .8

11-80

- 0 .0

0 .1

0 .9

2 .0

3 .0

2 .8

2 .6

2 .4

0. 1

0 .2

1 .0

1 .9

2 .7

2 .4

2 .2

1 .9

12-80

90 »446
9 0 ,0 8 7
___ 8 9 , 9 6 0
9 0 ,2 1 9
9 0 ,4 6 1
9 0 ,6 6 8
9 0 ,8 4 4
1 .4

9 0 ,9 4 9

1-81

0 .3

0 .4

1 .1

1 .9

2 .5

2 .3

2 .1

1 .9

1 .6

1 .9

2-81

0 .5

0 .6

1 .2

2 .0

2 .5

2 .3

2 .1

2 .0

1 .6

2. 1

2 .2

3-8 1

0 .5

0 .6

1 .2

1 .9

2 .3

2 .2

2 .0

1 .8

1 .7

1 .8

1 .7

1 .2

1 .9

1 .8

1 .6

1 .7

1 .6

1 .3

1 .5

4-81

0 .6

0 .7

1 .2

1 .8

2 *2

2 .1

9 1 ,0 9 1
9 1 ,2 5 8
9 1 ,3 4 7
91 ,4 5 8

5 - 81

0. 7

0.8

1 .2

1 .8

2 .1

2 .0

1 .8

1 .7

1 .6

1 .6

1 .6

1 .3

1 .4

1 .4

6- 81

0.7

0 .8

1 .2

1 .7

2 .0

1 .9

1 .7

1 .6

1 .5

1 .5

1 .4

1 .2

1 .2

1 .0

0 .7

7-81

0 .8

0.9

1.4

1 .8

2 .1

2 .0

1 .9

1 .8

1 .7

1 .8

1 .7

1 .6

1 .8

1 .9

2. 1

9 1 ,5 6 4
9 1 ,6 1 5
9 1 ,8 8 0

3 .5

1.3

1 .7

2 .0

1 .9

1 .7

1 .6

1 .6

1 .6

1 .5

1 .4

1 .5

1 .5

1 .5

1 .9

0 .3

0.9

1 .2

1 .6

1.9

1.8

1 .6

1 .5

1 .5

1 .5

1 .4

1 .3

1 .3

1 .3

1 .3

1 .5

0 .4

0 .6

10-81

0 .6

0.7

1.0

1.4

1 .6

1 .4

1 .3

1 .2

1 .1

1 .0

1 .0

0 .8

0 .7

0 .6

0 .5

0 .4

- 0 .6

-1 .0

- 2 .6

3-Ô0

4-80

5—
80

6-50

7-60

1-61

2 —0 1

3-81

4-61

3^-81

¿- 6 1

7-61

8-61

9-81

B '- êC T 9 - 6 0

o

0.9

0 .8

f

0. 8

o

6-81
9 -8 1

II-Ô Ô

12-60“

INITIAL HKWTfl
P-

MKfcLIHINARY




-------—

O

N O V E M B E R 6, 1981

9 1 ,9 0 1
91 , 9 4 8 P
91 , 7 4 3 P




EMPLOYMENT

RATIO SCALE
MILLIONS O PERSONS
F
I IO

?

?

1
$

£

§

RATIO
S E AS ONAL L Y

SCALE

M
ILL IONS O PERSONS
F

ADJ US TE D

1

s

1 10

\

i
$

1
%

$

\

*

H

1

105

105

+/. 8Z

100

TOTAL -

95

-2. OZ
f t . 9z

V

LA

-4. 3Z

•-

K

IV

85

x

PAYR OLL

4Z

80

75

75

V

70

70

5

65

90

-2. 4Z
v:

80

9L7

/

*0. 9Z
85

95

+ O
2. Z
0

90

100

¡5

$

*

♦

♦

§
♦

Si
♦

1973

1974

$
*

§
t

1975

1976

1977

1978

t

1979
SOURCE:

t
1980

t

65

1981

U.S.DEPARTMENT OF LABOR

PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIODS INDICATED.
LATEST DATA PLOTTED.

OCTOBER PRELIMINARY
PREPARED BY FEDERAL RESERVE BANK OF ST.

UNEMPLOYMENT

PERCENT

S E A S O N A L L Y

LOUIS

RATE

PERCENT

A D J U S T E D

ll.O

10.

10.C

9.

9. (

8. (

Ï .(

6. C

5. (

1.

4 .(

1973

1974

1975

1976

1977

1978

1979
SOURCE:

U.S.

1980

1981

DEPARTMENT OF LABOR

PERCENT OF CIVILIAN LABOR FORCE
LATEST DATA PLOTTED:

OCTOBER
PREPARED

3

BY F E D E R A L

RESERVE

BANK OF

S'.

LOUIS

C O N S U M E R P R 1 C E I N D E X FUR. A L L U R B A N C O N S O L E R 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 IN A L
M ONTH

_______ __________________________________________________________ I N I T I A L
3-80

4-80

5-80

6-80

7-60

8-60

9-eo

10-80

11-80

M ONTH
1-8 1

12-60

_______
2-81

3-61

______________________________________ ________
4-61

5-61

6-61

7 —8 1

8-61

1967 *1 0 0

9-61
2 4 2 .4

4-80

1 1 .0

5-80

1 1 .0

1 0 .9

6-80

1 1 .4

1 1 .7

1 2 .4

2 4 4 .5
2 4 6 .9

7-80

8 .7

8 .0

6 .6

1 .0

8-8C

8 .9

8 .4

7 .6

5 .2

9 .6

9-80

9 .6

9 .4

9 .0

7 .8

1 1 .4

2 4 7 .1
2 4 9 .0
2 5 1 .6

1 3 .3

10-80

10. 1

1 0 .0

9 .8

9 .1

1 2 .0

1 3 .2

1 3 .1

11-80

1 0 .6

1 0 .5

1 0 .5

1 0 .1

1 2 .5

1 3 .5

1 3 .6

1 4 .0

12-80

1 0 .8

1 0 .8

1 0 .7

1 0 .5

1 2 .5

1 3 .2

1 3 .2

1 3 .2

2 5 4 .2
2 5 7 .0
2 5 9 .5

1 2 .3

1-81

1 0 .6

1 0 .6

1 0 .5

1 0 .3

1 1 .9

1 2 .4

1 2 .1

1 1 .8

1 0 .7

9 .1

2-81

1 0 .8

1 0 .7

1 0 .7

1 0 .5

1 1 .9

1 2 .3

12. 1

1 1 .9

1 1 .2

1 0 .6

3-81

10. $

1 0 .4

1 0 .4

1 0 .2

1 1 .4

1 1 .6

1 1 .4

1 1 .0

1 0 .3

9 .6

9 .8

7 .5

4-81

10. 1

1 0 .0

9 .9

9 .6

1 0 .7

1 0 .8

1 0 .4

1 0 .0

9 .2

8 .4

8 .2

6 .3

5 .1

5-81

9 .9

9 .9

9 .8

9 .5

1 0 .4

1 0 .5

1 0 .2

9 .8

9 .1

8 .4

8 .3

7 .0

6 .7

8 .4

6-81

9. V

V. 8

9 .7

9 .5

1 0 .3

1 0 .4

1 0 .0

9 .6

9 .0

8 .5

8 .4

7 .5

7 .4

8 .6

2 6 1 .4
2 6 3 .9

12. 1
2 6 5 .5

2 6 6 .6
2 6 6 .4
2 7 0 .3

7-81

1 0 .2

1 0 .1

1 0 .1

9 .9

1 0 .7

1 0 .8

1 0 .5

1 0 .2

9 .8

9 .4

9 .5

9 .0

9 .3

1 0 .8

1 2 .0

1 5 .2

8-81

1 0 .2

1 0 .2

1 0 .1

1 0 .0

1 0 .7

1 0 .8

1 0 .5

1 0 .3

9 .9

9 .6

9 .6

9 .2

9 .6

1 0 .7

1 1 .5

1 2 .8

1 0 .6

9-81

1 0 .5

1 0 .4

1 0 .4

1 0 .3

1 1 .0

1 1 .1

1 0 .9

1 0 .7

1 0 .4

1 0 .1

10. 3

1 0 .0

1 0 .4

1 1 .5

1 2 .3

1 3 .5

1 2 .7

1 4 .8

10-81

1 0 .1

1 0 .1

1 0 .0

9 .9

1 0 .5

1 0 .6

1 0 .4

1 0 .1

9 .8

9 .6

9 .6

9 .3

9 .5

1 0 .3

1 0 .7

1 1 .2

9 .9

9 .5

4 .4

3 —8 0

•
t1
O
D
c

8 .8

i> 0
—8

6-8 0

7 —8 0

8-eo

9-80

10-80

11-80

12-80

1-81

2-81

3-61

4-61

5-81

6-61

7-61

8-61

9-81

IN IT IA L

PREPA RED

P R IC E

IN D E X «

f IN IS H E D

CO M PO U N D ED
IN IT IA L

2 8 0 .0

COOOS

ANNUAL

RATES

- SEA SO N A LLY
O f CHANGE

BY
24,

FED ERA L
1981

RESERVE

BANK

OF

ST.

L O U IS

A D JU S T E D

1967

M ONTH

5-80

7 .5

4-80

5-60

6-60

7-60

8-80

9-60

9 .4

©|

3-60
4-80

100

11-60

12-60

1-81

2-81

3-61

4-61

5-61

6-61

7-61

8-61

9-61

2 4 1 .7
5 .6

2 4 2 .8

6-80

6 .4

7 .9

1 0 .3

7-60

1 1 .6

1 2 .6

1 6 .3

2 2 .6

8-00

1 2 .5

1 3 .3

1 6 .0

1 9 .0

2 4 4 .8
2 4 9 .0
1 5 .5

2 5 2 .0

9-80

1 1 .0

1 1 .3

1 2 .7

1 3 .5

9 .3

3 .4

10-80

1 1 .1

1 1 .4

1 2 .6

1 3 .2

1 0 .2

7 .6

1 2 .0

11-80

1 0 .8

1 1 .0

1 2 .0

1 2 .3

9 .8

8 .0

1 0 .4

8 .8

12-80

1 0 .1

1 0 .2

1 0 .8

1 0 .9

8 .7

7 .1

8 .3

6 .5

252 .7
2 5 5 .1
2 5 6 .9
2 5 7 .8

4 .3

1 0 .5

1 0 .7

1 1 .3

1 1 .5

9 .7

6 .6

9 .9

9 .2

9 .5

1 4 .9

1 0 .5

1 0 .6

1 1 .1

1 1 .2

9 .7

8 .8

9 .9

9 .3

9 .5

1 2 .2

9 .6

3-61

1 0 .9

1 1 .0

1 1 .6

1 1 .7

1 0 .4

9 .7

1 0 .8

1 0 .6

1 1 .0

1 3 .3

1 2 .6

1 5 .6

4-61

1 0 .8

?

w

1-81
2-61

5-81

»

I

T E R M IN A L
M ONTH

2 7 Ì.8
2 7 9 .0

M ONTH

N O VEM BER

PR O O U C ER

2 7 3 .5

2 6 0 .8
2 6 2 .8
2 6 6 .0

1 0 .9

1 1 .4

1 1 .5

1 0 »4

9 .7

1 0 .7

1 0 .5

1 0 .8

1 2 .5

1 1 .7

1 2 .7

9 .9

1 0 .4

1 0 .8

1 0 .9

9 .8

9 .1

9 .9

9 .6

9 .7

1 0 .8

9 .9

9 .9

7 .2

4 .6

1 0 .1

1 0 .4

1 0 .5

9 .4

8.8

9 .4

9.1

9 .2

1 0 .0

9 .1

8 .9

6 .8

5 .3

6 .0

2 6 8 .1
2 6 9 .1 ^

6-81

1 0 .0

7-81

9 .6

9 .6

9 .9

9 .8

8.8

8 .3

8 .8

8.4

6 .3

8.9

6 .0

7 .7

5 .7

4 .4

4 .3

2 .7

8-61

9 .2

9 .2

9 .4

9 .4

8 .4

7 .9

8 .3

7 .9

7 .6

8 .3

7 .3

7 .0

5 .3

4 .2

4 .1

3 .1

3 .6

9-81

8 .8

8 .8

9 .0

8 .9

8 .0

7 .4

7 .8

7 .4

7 .2

7 .6

6 .7

6 .3

4 .6

3 .8

3 .6

2 .8

2 .9

2 .2

10-81

8 .7

8 .7

8 .9

8 .8

7 .9

7 .4

7 .7

7.3

7 .2

7.5

6 .7

6 .3

5 .1

4 .3

4 .2

3 .8

4 .2

4 .5

6 .8

3-60

4 —8 0

5-60

7-60

8-60

9-60

10-60 11-60

12-60

1-61

2-61

3-61

4-61

5-61

6-61

7-61

8-61

9-61




6-6 0

IN IT IA L

2 7 0 .4
2 7 1 .0
2 7 1 .8
272 .3
273 .8

M ONTH

PfcEPÀREO 6 V F E D E R A L R E S E R V E B A N K O F S T . L O U I S
N O V E M B E R 10, 1 9 6 1

4




PR I CES

RATIO SCALE
I 967-100

C P I- U

FOR ALL

DATA PLO TTED.

IN D IC A TED .

OCTOBER

PREPA RED BY FED ERAL

RATIO

P R O D U C E R

SC A LE

P R I C E S

PERC ENTAG ES ARE ANNUAL RATES OF CHANCE FOR P E R IO D S
LA TEST

I 967-100

URBAN CONSUMERS

PERC ENTAG ES ARE ANNUAL R ATES OF CHANCE FOR P E R IO D S
LATEST

RATIO SCALE

SEASONALLY ADJUSTED

DATA PLO TTED:

R ESER V E

BANK OF S I .

L O U IS

RATIO

SC A LE

IN D ICA TED .

OCTOBER

PR EP AR ED BY F E D E R A L R E S E R V E BANK OF S I .

LOUIS

PRODUCER P R IC E IN D E X * F IN IS H E D CONSUMER FOOOS - SEA SO N A LLY AO JU S TED
_________________ CPMPOUMOEO ANNUAL R A T E S OF CHANGE
________________
T E R M IN A L
MONTH

_______________________________________________________________ _________________ I N I T I A L
6-80

7-80

8-80

9-80

4-80

- 1 4 .9

5-80

- 5 .3

5 .3

6-80

- 1 .4

6 .2

1 0 .2

2 0 .2

2 8 .3

1 5 .2

2 4 .2

3 1 .2

4 5 .3

1 3 .7

2 0 .4

2 4 .5

3 1 .0

2 0 .8

10-80

1 2 .9

1 8 .4

2 1 .1

2 5 .0

1 6 .6

7 .5

1 1 .7

1 6 .2

1 8 .1

2 0 .4

1 3 .3

6 .3

6 .2

12-80

1 0 .4

1 4 .1

1 5 .4

1 6 .9

1 0 .6

4 .8

1-81

9 .4

1 2 .5

1 3 .5

1 4 .4

8 .9

4 .0

2-81

7 .8

1 0 .4

1 0 .9

1 1 .5

6 .4

3-81

8 .2

1 0 .5

1 1 .1

1 1 .5

7 .1

1-81

2-81

3 —8 1

4-81

5-81

6-81

7-81

*

100

9-81

8-81

8 .5

11-80

12-80

3 7 .0

9-80

M O N TH _______________________________________________________ _____________________ ____________ 1 9 6 7

5 4 .0

8-80

11-80

7 .0

7-60

o

5-80

?

4-80

o

3-80

2 2 9 .8
2 3 0 .8
2 3 2 .1
2 4 0 .6
2 4 7 .0
2 4 8 .3

6 .5

250 .0
3 .9

250 .8

4 .3

2 .2

0 .5

250 .9

3 .4

1 .8

0 .7

1 .0

2 .0

1 .2

—0 . 6

- 2 .1

- 3 .3

- 7 .4

3 .4

2 .9

1 .8

1 .3

1 .6

1 .9

2 5 1 .1
2 4 9 .5
2 5 1 .9

1 2 .2

2 5 1 .6

4 —8 1

7 .4

9 .5

9 .9

1 0 .2

6 .1

2 .8

2 .3

1 .3

0 .8

0 .8

0 .8

5 .2

- 1 .4

5-81

6 .9

8 .8

9 .1

9 .3

5 .6

2 .6

2 .1

1 .2

0 .8

0 .9

0 .8

3 .7

- 0 .2

1 .0

6-81

6 .8

8 .6

8 .8

9 .0

5 .6

2 .9

2 .5

1 .8

1 .5

1 .7

1 .8

4 .3

1 .8

3 .4

5 .9

7-81

7 .3

9 .0

9 .3

9 .4

6 .4

3 .9

3 .7

3 .2

3 .1

3 .4

3 .9

6 .3

4

7 .0

1 0 .2

1 4 .7

8-81

7 .0

8 .6

8 .8

8 .9

6 .0

3 .8

3 .6

3 .1

3 .0

3 .3

3 .6

5 .6

4 .3

5 .8

7 .5

8 .3

2 .4

9-81

6 .6

8 .1

8 .2

8 .3

5 .6

3 .5

3 .3

2 .8

2 .7

3 .0

3 .2

4 .9

3 .7

4 .7

5 .7

5 .6

1 .4

0 .5

10-81

6 .1

7 .4

7 .6

7 .6

5 .1

3 .1

2 .8

2 .4

2 .2

2 .4

2 .6

3 .9

2 .7

3 .4

4 .0

3 .5

0 .0

- 1 .2

- 2 .8

3 —8 0

4 —8 0

5-80

7 —8 0

8-80

9—8 0 i ó —
èo

11-80

12-80

1-81

2-81

3-81

5-81

6-81

7-81

8-81

9-81

6 —8 0

4-61

2 5 1 .8
2 5 3 .0
_ 2 5 5 .9
2 5 6 .4
2 5 6 .5
2 5 5 .9

tiüiTiÄ!.-*»™

PRO D U C ER

P R IC E

IN D E X , F IN IS H E D
C O M PO U N D ED

8-80

9-80

T E R M IN A L
M ONTH

IN IT IA L
3-80

4-80

&O O D S,
ANNUAL

4-80

5-80

6-80

7-80

10-60

11-80

12-80

E X C L U D IN G F O C O S R A T E S OF CHANCE

SEASO N ALLY

A D JU S T E D

' IO N T H
1-81

1967
2-81

3-81

4-81

5-81

6-81

7-81

8-81

*

100

9-81

1 8 .9

5-80

1 2 .0

5 .5

6 —8 0

1 1 .6

8 .4

1 1 .3

7-80

1 2 .3

1 0 .2

1 2 .6

1 3 .9

8-80

1 1 .6

9 .9

1 1 .4

1 1 .4

9 .0

9 —8 0

1 0 .0

8 .4

9 .1

8 .3

5 .6

10-80

1 0 .5

9 .2

1 0 .0

9 .6

8 .2

7 .9

1 3 .6

11-80

1 0 .5

9 .4

1 0 .0

9 .8

8 .8

8 .7

1 2 .0

1 0 .3

12-80

9 .9

8 .8

9 .3

9 .0

8 .0

7 .8

9 .7

7 .8

1-81

1 0 .9

1 0 .0

1 0 .6

1 0 .5

9 .9

1 0 .1

1 2 .1

1 1 .6

1 2 .2

1 9 .7

2-81

1 1 .2

1 0 .5

1 1 .1

1 1 .0

1 0 .6

1 0 .9

1 2 .7

1 2 .5

1 3 .2

1 7 .4

1 5 .1

3-81

1 1 .7

1 1 .0

1 1 .6

1 1 .6

1 1 .4

1 1 .7

1 3 .3

1 3 .3

1 4 .0

1 7 .1

1 5 .8

1 6 .5

4-81

1 1 .8

1 1 .3

1 1 .8

1 1 .8

1 1 .6

1 2 .0

1 3 .4

1 3 .3

1 4 .0

1 6 .2

1 5 .1

1 5 .1

1 3 .7

5-81

1 1 .4

1 0 .8

1 1 .3

1 1 .2

1 1 .0

1 1 .2

1 2 .4

1 2 .2

1 2 .5

1 4 .0

1 2 .6

1 1 .8

9 .5

5 .4

6 —8 1

1 1 .0

1 0 .5

1 0 .9

1 0 .8

1 0 .6

1 0 .7

1 1 .7

1 1 .4

1 1 .6

1 2 .7

1 1 .3

1 0 .4

8 .4

5 .9

6 .3

7-81

1 0 .2

9 .7

1 0 .0

9 .9

9 .6

9 .6

1 0 .4

1 0 .0

1 0 .0

1 0 .6

9 .2

8 .0

6 .0

3 .6

2 .7

8-81

9 .9

9 .3

9 .6

9 .5

9 .1

9 »!

9 .8

9 .4

9 .3

9 .8

8 .4

7 .4

3 .6

3 .7

3 *1

2 4 5 .3
2 4 7 .5
2 5 0 .2
252 .0
2 .4

2 5 2 .5
2 5 5 .2
2 5 7 .3
2 5 8 .4

5 .3
2 6 2 .3
2 6 5 .4

2 6 8 .8
2 7 1 .7
2 7 2 .9
2 7 4 .3
2 7 4 .1

- 0 .9
1 .5

4 .0

2 7 5 .0

1. T
10-81

9 .5

8 .9

9 .2

9 .0

3-80

4-80

5-80

6-80




8 .7

7-80

8 .7

9 .2

8-6Ô

9-80

8 .8

10-80^

8 .7

11-80

9 .0

tf-60

7 .9

1-8 IT

7 .0

5 .7

3-41

4 .5

“4 - é l

4 .3

3 .8

5-81

6-81

5 .4

6 .0

9 .5

r- è i

8-81

9-81

IN IT IA L MÖNTH

PR6PÀRED ftV F E D E R A L R E S E R V E ÏA > *
NOVEMBER 10* 1981

ùf- S T . LÙU1S

I N D U S T R I A L

RATIO

P R O D U C T I O N

SCALE

RATIO

I 967-100

PERCENTAGES ARE ANNUAL RATES OF CHAN6E FOR PERIODS

SCALE

1967-100

SEASONALLY ADJUSTED

INDICATED.

LATEST DATA PLOTTED t OCTOBER PRELIMINARY
PREPARED BY FEDERAL RESERVE BANK OF S’ LOUIS
.

INDUSTRIAL PROOUCTION
CONFOUNDED ANNUAL RATES OF CHAHfeC
terminal

MOUTH
--------- 4-$Q__________ 3-9 Q
4-80

-26.6 - 3 0 .3

6 -9 Q

7 -y>
___g-flO

ï rtQ . IQ - 9 Q ll~ 9 Q

_

12-4Q___I r f t l ___2-81

1967 * lOO
3-gl

4-01

3-61

6-81

7-01

8-61

9-61

—
26+6_______

5-60

_____________ IN IT IA L HONTH

H

O

- S S ?

140.2
_

- ¿4*6

7—
00

-21.3 -1 9 .7 -13.7

8-60

-14.9 - U . 7

---=9,9

143 »8

- 1 9 y3

1 4 j f 4i-

- 6 .9
3 .4

140.3
17.5

___ L tl___ 8*8 10*9

_ 1Q-9Q____^6*1

- 2 .1

1*2 , 2

20*2_________

144.4
146,6

4 .7

11.4

19.2

20.1

19.9

7*7

1 3 .e

20*3

21*2

2 1 .7

2

9 .0

I3 .|

18*3

- U - ÇO____-2^8
1 * - ? °____=1^5

18*3

_

149*2

17 .7

2 3 .5
1 6 ,6

10,1

1 3 0 ^-4.

1-61

- 0 .6

2 .9

0 .0

12.4

2-61

-0 .2

2 .9

7 .5

11.2

14.5

14.0

12.7

11.0

7 .2

5*7

3*2

0 .0

2*9

7 .0

10.2

12.9

12.2

10.9

9 .2

5 .9

4 .6

2 .8

2 .4

4-81

-0.5 1

2*5

6 .2

9 .0

11.2

10.4

9 .1

7 .4

4 .4

3*0

1 .3

0*4

-1.6

5-01

0 .3

2*0

6 .2

8 .7

10.7

10.0

0.7

7.2

4 .7

3 .7

2 .6

2 .4

2.4

6 .5

6-61

0 .4

2*7

5*0

0 .1

9.8

9 .1

7.9

6 .5

4 .3

3.4

2 .4

2 .2

2.1

4 .0

1 .6

7-01

0 .9

_ 3t 1

6 .0

0 .1

9.7

9 .0

7.9

6 .7

4*0

4 .0

3 .3

3*4

3.6

5 .4

4 .0

0 .1

•-01

0*7

2 .7

5 .4

7 .4

0*7

0.0

2*4

2.4

3.4

2 .4

2 .0

7.0

5.0

4 .0

3*2

2 .5

151.8

151.9
152.7
152.9
153.9
153.6

- 2 .3

*-81

-0 .1

1.7

4.1

5 .0

7.0

6.2

5.1

3*9

2*1

1*2

0 .4

0 .0

—
0.4

-0.2

-1 .0

- 2 .8

-7*9 -1 3 .2

151.8P

10-61

-1.1

0 .6

2 .0

4 .3

5.2

4 .4

3.3

2.0

0 .2

-0 .7

- 1 .7

- 2 .3

-2.9

-3 .1

- 5 .0

- 6 .5 -11.0 -1 5 .0 -16.7

149.5P

3-60

4-00

5-00

6-60

7-60

0-60

9-60 10-00 11-BO 12-60

1-01

2-01

3-61

4-61

5-61

6-61

7-61

6-61

9-61

IN IT IA L HONTH
PRELIMINARY




PREPAREO BY FEDERAL
N O V E M B E R 13» 1901

7

RESERVE

BANK O F ST.

LOUIS

P E R S O N A L

R A T II/ S C A L L

I N C O M E

MONTHLY TOTALS AT ANNUAL RATES

TRILLIONS O DOLLARS
F

s e a s o n a lly

RATIO

SCALL

TRILLIONS O DOLLARS
F

ADJ US TED

2.7

2
2 .

2.6

>

2.5
2.4

)

2. ?
2. ;
2.

2. C

I.

0.<
SO U R C E :
PERC EN TA G ES
'.A T E S T

ARE

ANNUAL R A T E S OF CHANGE FO R P E R IO D S

DATA P L O T T E D :

O CTO BER

U .S .

DEPARTM EN T

OF COMMERCE

IN D IC A T E D .

P R E L IM IN A R Y
PREPA RED

BY F E D E R A L

RESERVE

BANK

OF

L O U IS

PERSONAL INCOME
COMPOUNDED ANNUAL RATES OF CHANGE
IN IT IA L

T E K H IN a L
M ONTH
3-d 0

v-80

5-80

6-BO

7-80

8-60

9-80

10-60

11-80

B IL L IO N S OF
DOLLARS
ANNUAL RATES

M O N TH

12-60

1-81

2-81

3-61

4-61

5-61

6-81

7-61

8-61

9-81

2 »102»1

0.6

4-60

_2 fi l4f 1

______L t J ____ 1 * 1 —

2 > 127«1

kz&St______________ 1±±____ 1±ìl_
7 —8 0

8»8

1 1 »7

14»1

a-ao

9 ,2

1 1 *4

1 2 .9

1 5 .7

2 ,1 6 1 ,2

2 1 «0

î r ftV____ 10,2

2 » 1 7 9 ,4

1 0 .6

12.2

13.6

15.6

13.0

15.5

10-80

11.1

13,0

14.2

15.9

14.2

16,1

16,7

11-80

1 1 .4

13,0

14,0

15,4

14,0

15.1

15.0

13,3

12-6C

11,3

12,7

13,5

14,6

13,3

14,0

13,5

11,9

10,6

1-61

11,5

12,8

13,5

14,4

13,3

13,9

13.5

12.4

12.0

13.5

2-81

11.3

12.5

13.1

13.8

12,8

13.1

12.7

11.7

11.2

11.5

3-81

11.4

12.4

13.0

13.6

12.7

13.0

12,6

11,8

11,4 11,7

4-61

11,1

12,0

12.4

12.9

12.1

12.2

11.8

11.0

10.5

10,5

5-81

10,8

11,6

12,0

12,4

11.6

11.7

11.2

10.4

10.0

9 .8

6-81

10.6

11.4

11.7

12.1

11.3

11.4

10.9

10.2

9 .8

9 .7

7-81

11.1

11.9

12.2

12.6

11.9

12.0

11.7

11.2

10.9

10.9

8-81

11.3

12,0

12,3

12,6

12.0

12,2

11,9

11,4

11,2

11,2

9-81

11.2

11.8

12,1

12.4

11.8

11*9

11.6

11.2

11,0

11,0

10-81

10,9

11,6

11,8

12,1

11,5

11,6

11 ,3

10,8

10,6

10,6

10,3

10,4

10,2

10,7

11 ,4

12,1

9 ,9

8 ,2

5-80

6—
80

7^80

8-60

9-80 10-60 11-80 12-60 1-81

2-81

3-81

4-81

5-81

6-81

7-61

8HJ1

3-80

4-80

2 * 2 0 5 ,7
2 * 2 3 4 ,3

_

2 * 2 5 7 ,6
2 ,2 7 6 ,6
2 * 3 0 0 .7

9 ,5
10,8

_

2 * 3 1 8 .2

12,1_________

2 ,3 4 0 .4

9 .6
9 .0
8 .9
10.5
10,9
10.7

10,9

9 ,6
8 .8

8 .8

10.7

11,2

7.7
10.4

11.0

10,7

7,1
7.1

11.4

8 .0

11.5

12,0
12.5

2 * 3 5 3 .8

7 .2

2 ,3 6 7 .4

8 ,9 ____

13.8

1 3 .6
13,8

2 ,3 8 4 .3

18.8

16.1

2 ,4 1 8 .8

13.4

11*3

9 ,3

IN IT IA L MONTH

2 ,4 4 4 .2

__

2 .4 6 2 .4

7.2

2 ,4 7 6 .7P

9H&T
~

P- PRELIMINARY




PREPARED BY FEDERAL
N O V E M B E R 18* 1981

8

RESERVE

BANK OF

ST.

LOUIS

RETAIL
RATIO

SALES

SCALE

1973

RATIO

1974

1975

1976

1977

1978

1979

SOURCEt
PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIODS
LATEST DATA PLOTTED«

SEPTEMBER.

1980

U.S.

SCALE

1981

DEPARTMENT OF COMMERCE

INDICATED.

OCTOBER ADVANCE ESTIMATE
PREPARED BY FEDERAL RESERVE BANK OF ST.

R ET A IL SALES
COMPOUNDED A l*U *A

LOUIS

CHANGE

TERMIHAL
NONTH

HIIWIQHS

OF

DOLLARS
3-80

4-80

5-60

6-60

4-BO
5-BO

1.2

1 1 .B

7 .5

17.2

31.2

7 .0

14.1

21.9

16.3

2-61

3-61

4-61

5-61

6-61

7-61

6-61

9-61

28 .6

8-60

1-61

33.8

7-60

9-60 10-60 11-60 12-60

- 6 .5

*-•0

8-60

- 1 7 .0
- U t9

7-60

76*404
75 *97 >
77*843
79 *491
79*629

5.2

9-BO

7 .9

1 3 .B

19.5

15.1

8.8

12.6

10-80

8 .9

13.9

18.5

15.0

10.8

13.7

14.8

11-80

10.1

14.7

18.7

15.6

12.9

15.5

IT . 1

19 .4

12-80

10.2

14.1

17.4

14.9

12.3

14.2

14.6

14 .7

*>•629
81*552
82*764
83*443

10.3

1-81

12.3

16.1

19.3

1 7 .4

15.6

17.8

19.1

2 0 .6

21.2

33.2

2-81

13.0

16.6

19.5

17.8

16.3

18.3

19.4

2 0 .6

2 1 .0

26 .6

20 .6

3-81

12.9

16.1

18.6

17.1

15.7

17.3

18.1

16.6

16.6

21 .5

16.0

4-81

9 .6

12.4

14.3

12.5

10.8

11.5

11.4

10.8

9 .2

6 .9

1.8

- 6 .4 -21.5

5-81

8 .7

10*9

12.5

10.8

9.1

9.6

9 .2

6 .4

6 .7

6 .0

0 .1

- 5 .9 -13.6

- 4 .8

6-81

10.0

12.2

13.8

12.3

10.9

11.5

11.3

10.9

9 .8

9 .7

5 .5

2 .0

-1.0

11.2

29.9

7-81

9 .3

11.3

12.7

11.2

9.9

10.3

10.1

9 .6

6 .4

6.2

4 .5

1.5

-0.9

7.1

13.7

- 0 .5

85*463
66*810
11.6

67*608
65,655
85*501
67.364
97^350

11.7

13.1

11.7

10.5

11.0

10.8

1 0 .4

9 .5

9 .4

6 .4

4 .1

2.7

9 .9

1 5 .3

6 .6

18.4

11.0

12.2

10.8

9.7

10.0

9.8

9 .4

® »4

8^

5 .4

3 .4

2.1

7.7

1 1 .0

5 .4

8.4

10—
81

7 .6

9 .2

10.2

8 .9

7.7

7.8

7 .5

6 .9

5 .6

5 .4

2 .7

0 .6

-0.8

3.1

4 .8

- 0 .7

3-80

4-80

5-BO

6-80

7-60

8-60

9-60

1-61

2-61

3-81

4—
81

5-61

6-61

o

O

T

11-60

T
3

9 .8
9 .2

o
M

8-81
9-81

W j5 9 1

68 »536P

- 0 .8

- 9 .2 -16.9

87.179E

7-81

8-61

9-61

IN IT IA L NONTH
P- PRELIMINARY
E- E S T I M A T E D




PREPARED BY FEDERAL
N O V E N D E R 12» 19« I

_

- 0 .7

RESERVE

BANK OF ST.

LOUIS

HOURLY COMPENSATION, PRIVATE BUSINESS SECTOR
C O M P O U N D E D A N N U A L R A T E S O f CHANGE
T E R M I N A L ________________________ ________________
'

_________ I N I T I A L

Q U A R T E R ________________________________________________________ ___ __________ 1 9 7 7 « 1 0 0

Q U A R T E1T
4-76

1-77

2-77

3-77

4-77

1-77

7 .2
7 .6

8 .0

4-77

7 .4

7 .6

7 .6

7 .9

8 .1

8 .3

8 .3

7. V

8 .2

8 .3

8 .3

9 .0

2-79

1-79

9 .7

2-78

4-78

6 .9

1-78

3-78

7 .6

3-77

2-78

3-79

4-79

1-60

2-80

3-80

4-80

1-81

2-81

6 *9

2-77

1-78

9 7 .1
9 8 .9
1 0 0 .9

8 .3
1 0 2 .6
1 0 5 .0

1 0 7 .1

8 .2

3-78

8 .1

8 .3

8 .4

8 .4

8 .9

8 .6

8 .9

4-78

8 .2

8 .4

6 .6

8 .6

9 .1

8 .9

9 .2

9 .5

1 0 9 .4

1-79

8 .6

8 .8

9 .0

9 .1

9 .6

9 .5

1 0 .0

1 0 .5

2-79

8. V

9 .1

9 .3

9 .4

9 .8

9 .9

1 0 .3

1 0 .7

1 1 .4

1 1 .2

3-79

8 .9

9 .1

9 .3

9 .4

9 .7

9 .7

1 0 .0

1 0 .3

1 0 .6

1 0 .2

9 .1

4-79

8. V

9 .0

9 .2

9 .3

9 .6

9 .6

9 .8

1 0 .0

1 0 .1

9 .6

8 .8

1 1 1 .9
1 1 .6

1 1 5 .0
1 1 8 .1
1 2 0 .7
1 2 3 .2

8 .5

1 2 6 .4

i —8 0

9 .0

9 .2

9 .3

9 .4

9 .7

9 .7

9 .9

1 0 .1

1 0 .2

9 .9

9 .5

9 .7

1 0 .8

2-BO

9 .2

9 .4

9 .6

9 .7

1 0 .0

1 0 .0

1 0 .2

1 0 .4

1 0 .6

1 0 .4

1 0 .2

1 0 .5

1 1 .5

1 2 .2

3-80

9 *3

9 .4

9 .6

9 .7

9 .9

1 0 .0

1 0 .1

1 0 .3

1 0 .4

1 0 .2

1 0 .0

1 0 .3

1 0 .9

1 0 .9

1 3 0 *1
9 .5

1 3 3 *1

4-80

9 .2

9 .4

9 .5

9 .6

9*8

9 .8

1 0 .0

1 0 .1

1 0 .2

1 0 .0

9 .8

1 0 .0

1 0 .3

1 0 *1

9 .1

8 .7

1-81

9 .4

9 .5

9 .6

9 .7

1 0 .0

1 0 .0

1 0 .1

1 0 .3

10 *4

1 0 .2

1 0 .1

1 0 .2

1 0 .6

1 0 .5

1 0 .0

1 0 .2

1 1 .7

2-81

9 .4

9 .6

9 .7

9 .8

1 0 .0

1 0 .0

1 0 .2

1 0 .3

1 0 .4

1 0 .2

1 0 .1

1 0 .3

1 0 .5

1 0 .5

1 0 .1

1 0 .2

1 1 .0

1 0 .4

3-81

9 .4

9 .6

9 .7

9 .8

9 .9

1 0 .0

1 0 .1

1 0 .2

1 0 .3

1 0 .1

1 0 .0

1 0 .1

1 0 .4

1 0 .3

9 .9

1 0 .0

1 0 .4

9 .8

9 .2

4 —7 6

1-77

2-77

3-77

4-77

1-78

2-78

3-78

4-7Ó

1-79

2-Vv

3-79

4-79

1-80

2-éò

3-èo

4-80

1-81

2-81

4-80

1-61

2-81

1 3 5 .9
1 3 9 .7
1 4 3 .2
14 6 *4

I N I T I A L ÓuÀfcTÌR-

O UTP UT

PER

HOUR

OF

A LL

C O M PO U N O ED
T E R M IN A L
Q UARTER

PERSO N S.

ANNUAL

1 N IT IA L
4-76

1-77

2-77

3-77

4-77

1-78

2-78

3-78

4-78

P R IV A T E

RATES

OF

B U S IN E S S

SECTOR

CHANGE

QUARTER
2-79

1-79

1977
3-79

4-79

1-80

2-80

3-80

*

100

9 9 .5

1-77

5 .8

2-77

2 .7

- 0 .4

3-77

3 .5

2 .4

5 .3

4-77

2 .1

0 .9

1 .6

1-78

1 .2

0 .1

0 .3

- 2 .2

- 2 .4

2-78

1 .2

0 .3

0 .5

- 1 .1

— .6
0

9 9*4
1 0 0 *7
- 2 .0

1 00 *2

9 9 *6
9 9 *9

1 .2

3-78

1. 1

0 .3

0 .5

- 0 .7

- 0 .3

0 .8

0 .4

4-76

0. V

0 .2

0 .3

- 0 .6

- 0 .3

0 .4

0 .0

- 0 .4

1-7V

0 .7

0 .1

0 .2

- 0 .7

- 0 .4

0 .1

- 0 .3

-0 *6

2-7V

0 .6

0 .1

0 .2

—0 . 6

- 0 .3

C .l

- 0 .2

- 0 .4

- 0 .4

0 *0

3-79

0. 5

- 0 .0

0 .0

—0 . 6

- 0 .5

- 0 .1

- 0 .4

—0 . 6

- 0 .7

-0 *6

- 1 .2

4-79

0 .3

-0. 1

- 0 .1

- 0 .7

—0 . 6

- 0 .3

- 0 .5

- 0 .7

- 0 .8

-0 *8

- 1 .2

1-80

0 .4

0 .0

0 .0

- 0 .5

- 0 .3

- 0 .1

- 0 .2

- 0 .3

- 0 .3

-0 *2

- 0 .3

0 .2

1 .6

2-80

0 .3

- 0 .1

- 0 .1

—0 . 6

- 0 .4

- 0 .2

- 0 .4

-0 *5

- 0 .5

- 0 .5

- 0 .6

- 0 .4

0 .0

- 1 *6

3-80

0 .4

- 0 .0

0 .0

- 0 .4

- 0 .3

- 0 .1

- 0 .2

- 0 .3

- 0 .3

- 0 .2

- 0 .2

0 .0

0 .4

-0 *2

1 .2

4-80

0 .3

-0.

—0 . 1

- 0 .5

- 0 .4

- 0 .2

- 0 .3

- 0 .4

- 0 .4

- 0 .3

- 0 .4

- 0 .2

0 .0

-0 *5

0 .0

-1*2

1-81

O .i

0 .2

-0. 1

0 .0

0 .2

0 .1

0 .1

0 *2

0 *3

0 .3

0 .6

1 .0

0*8

1 *6

1*8

4 *9

2-81

0 .7

0 .4

0 .4

0.

1

0 .3

0 .5

0 .4

0 .4

0 .5

0 .6

0 .7

1 .0

1 *3

1*3

2 *0

2*3

4 *1

3 *2

3-81

0 .6

0 .3

0 .4

0 .0

0 .2

0 .4

0 .3

0 .3

0 .4

0 .5

0 .5

0 .8

1*0

0 *9

1*5

1*5

2 *4

1 *2

-0 *8

A —7 6

1-77

¿- > 7

5-77

4-7/

i- 7 8

"2 - '7 è

4-78

1-79

2-79

i- 7 9

4-79

1-60

¿- eo

> -80

4-60

1-61

2-81

I

0 .2




1 0 0 *0

"3 - 7 T T

9 9 *9
9 9 *7

- 0 .8

I n it ia l

9 9 *7
9 9*4
99*1

- 1 .2

99*5
99*1
99*4
9 9*1
1 0 0 *3

101*1
100*9

q u a r t er

^ f t éfrÀRED B Y F E Ò E R A L
N O V t N B E R 25. 1981

10

RESERVE

BANK O F ST * LOUIS

PRODUCTIVITY,
R AT I O

COMPENSATION,

AND LABOR COSTS

SCALE

RATI O

1977-100

1973

1974

1975

1976

1977

1978

1979
SOURCEi

PERC ENTAG ES ARE ANNUAL R ATES OF CHANGE FOR P E R IO D S
L A TEST

OATA PLO TTED;

S CA LE

1977-100

SEASONALLY ADJUSTED

U S

1980

.

1981

DEPARTMENT OF LABOR

IND ICA TED .

3RD OUARTER
» c o .o c

CSFRVE BANK OF S T .

L O U IS

U N IT LA BO R C O S T S » P R IV A T E B U S IN E S S SEC T O R
CO M PO U N D ED A N N U A L R A T E S OF C H A N G E

_______________________________ INITIAL QUARTER_______________________________

T E R M IN A L

1977

" < ® A k m
_____________ 4 - 7 6

1-77

2-77

3-77

4-77

1-78

2-78

3-78

*-7 8

1-79

2-79

3-79

4-79

1-60

2-BO

3-BO

4 -6 0

1-81

*

100

2-81

9 7 .7

1-77

1 .2

2-77

4 .4

7 »6

3-77

3 .9

i> .2

2 .8

4-77

5 .1

6 .5

5 .9

9 .1

9 9 .5

_

1-78

6 .5

7 .9

8 .0

1 0 .6

1 2 .2

2-7e

6 .7

7 .8

7 .8

9 .6

9 .8

7 . 4 ______________

3-78

6. V

7 .8

7 .9

9 .2

9 .2

7 .7

1 0 5 .4

8 .1

1 0 7 .3

_

112.1

4-78

7 .3

6 .2

8 .3

9 .4

9 .5

8 .6

9 .1

1 0 .2

1-79

7 .8

8 .7

8 .8

9 . 9

1 0 .0

9 .5

10 . 2

1 1 .3

1 2 . 3 __________

2-79

8 .2

9 .0

9 .1

1 0 .1

1 0 .2

9 .8

1 0 .4

1 1 .2

1 1 .7

1 1 .2

1 1 8 .5

3-79

8 .3

9 .1

9 .2

1 0 .1

1 0 .2

9 .9

1 0 .4

1 1 .0

1 1 .2

1 0 .7

1 0 .2

4-79

8 .5

9 .2

9 .3

1 0 .1

1 0 .2

9 .9

1 0 .3

1 0 .8

1 0 .9

1 0 .4

1 0 .0

9 .9

1-80

8 .5

V.l

9 .3

9 .9

1 0 .0

9 .8

1 0 .1

1 0 .5

1 0 .5

1 0 .1

9 .7

9 .4

9 .0

1 2 4 .3
1 2 7 .0

2-8C

8 .9

9 .5

9 .7

1 0 .3

1 0 .5

1 0 .3

1 0 .6

1 1 .0

1 1 .1

1 0 .9

1 0 .8

1 1 .0

1 1 .6

1 4 .2

3-80

8 .9

V .4

9 .6

1 0 .1

1 0 .2

1 0 .0

1 0 .3

1 0 .6

1 0 .7

1 0 .4

1 0 .3

1 0 .3

1 0 .4

1 1 .2

4-80

8 .9

9 .4

9 .6

1 0 .1

1 0 .2

1 0 .0

1 0 .3

1 0 .5

1 0 .5

1 0 .3

1 0 .2

1 0 .2

1 0 .2

1 0 .6

8.8

9 .3

9 .4

9. V

1 0 .0

9 .8

1 0 .0

1 0 .2

1 0 .2

9 .9

9 .7

9 .7

9 .6

9 .8

8.7

9.1

9.2

9.7

9.7

9.5

9.7

9.8

9.8

9.5

9.3

9.2

9.1

9.1

7.8

8 .8

9.2

9.3

9.7

9.7

9.6

9.7

9.9

9.8

9.6

9.3

9.2

9.3

8.3

8.4

8.0

1=77

7=71

3—7 7

4-77—

1=75—

2=75—

5=75—

*=75—

5=79

4=79

1-60

2-60

3-80

4-60

2-81

4 - 7 ¿>—

i-?9

---------------------- -------------------------------------------------- m n * L




2 -7 9

8 .9

137.0

9 .6
7 .2

8.3

10.3

1=91—

2-61

145.1

QUARttR

11

fHRÊPARËD B Y F E D E R A L R E S E R V E
NOVEMBER 25, 1981

BANK O F

ST.

LOUIS

G R O S S N A T IO N A L P R O D U C T I N C U R R E N T D O L L A R S
C O M PO U N D ED A N N U A L R A T E S O f C H A N G E ___________

_______________________

B IL L IO N S OF
1
-J

i

T E R M I N A L ________________________________________________________________________________________ I N I T I A L Q U A R T E R __________________________________________________________________________________ D O L L A R S
ANNUAL R A T ES
Q UARTER
1-79 _ 2-79
4-60
1-8 I
2-80
2-81
l- e o
3-80
3-78
4-78
_4“ 7 6
4-77
1-78 _ 2 -7 8
3-79
4-79
1-77
2-77
1 ,8 3 9 .1

1-77

JJ> .9

2-77

1 4 ,2

1 2 .»

1 ,8 9 3 * 9
1 * 9 5 0 .4

3-77

1 3 ,6

1 2 .5

1 2 .5

4-77

1 2 .2

n .o

1 0 .3

8 .1

1-79

1 1 .6

10. 5

9 .9

8 .6

9 .1

2-78

_ J3 * Q

1 2 .4

1 2 .4

1 2 .4

1 4 .7

2 0 .5

3-78

1 2 .9

1 2 .4

1 2 .3

1 2 .3

13.8

1 6 .2

1 1 .9

4-78

1 3 .2

1 2 .8

1 2 .9

1 3 .0

14 .2

1 6 .0

1 3 .8

1 5 .7

1-79

1 3 .2

1 2 .8

1 2 .9

1 2 .9

1 3 .9

15 .2

1 3 .4

1**2

2-79

1 2 .4

1 2 .0

1 2 .0

1 1 .9

1 2 .6

1 3 .3

1 1 .5

1 1 .4

9 .2

5 .9

3-79

1 2 .4

1 2 .0

1 2 .0

1 1 .9

12 .5

13 .1

1 1 .6

1 1 .6

10 .2

9 .0

4-79

1 2 .1

1 1 .8

1 1 .7

1 1 .6

12 .0

12 .5

1 1 ,2

1 1 .0

9 .9

9 .0

1 0 .5

8 .8

1 -8 0

12 . 1

1 1 .8

1 1 .8

1 1 .7

12 .1

1 2 .5

1 1 .4

1 1 .3

10 .4

9 .9

1 1 .2

1 0 .7

12.6

2 —00

11. 1

1 0 .8

1 0 .6

1 0 .5

10 .7

10.9

9 .7

9 *4

8 .4

7 .6

8 .0

6 .6

5 .6

-1 .1

1 0 .0

9 .7

8 .9

8 .3

8 .8

7 .9

7 .6

5 .2

3 -8 0

1 1 .2

4 -8 0
1 -8 1

1 ,9 9 8 * 6
2*0 3 2 *4

1 1 .0

2 *1 2 9 *6

2*190*5
2 * 2 7 1 .9
2 ,3 4 0 * 6

1 2 .7

2 »374*6
2 * 4 4 4 .1

1 2 .2

2 .4 9 6 * 3
2 .5 7 1 * 7
2*564*9
2 .6 3 7 * 3

1 0 .8

1 0 .7

1 0 .6

10 .8

1 1 .4

1 1 .1

1 1 .0

1 0 .9

11.1

1 1 .3

1 0 .5

1 0 .3

9 .6

9 .2

9 .8

9 .3

9 .4

8 .3

1 3 .3

1 4 .9

1 1 .9

1 1 .6

1 1 .5

1 1 .5

1 1 .7

1 2 .0

1 1 .2

li.l

1 0 .7

1 0 .4

1 1 .1

1 0 .9

11.3

1 0 .9

1 5 .3

1 7 .Q

1 9 .2

2-81

1 1 .4

1 1 .2

1 1 .1

1 1 .0

11 .2

11 .4

1 0 .7

1 0 .5

1 0 .0

9 .8

1 0 .2

1 0 .0

10.1

9 .7

1 2 .5

1 2 .8

1 1 *7

4 .7

3 -6 1

1 1 .4

1 1 .1

1 1 .0

1 1 .0

11 .2

11 .3

1 0 .6

1 0 .5

10 .1

9 .8

1 0 .2

1 0 .0

10.2

9 .7

1 2 .0

12*1

1 1 .2

7 .4

4 -7 6

1 -7 7

2 -7 7

3 -7 7

4 -7 7

1-78

2 -7 8

3 -7 8

4 -7 8

1 -7 9

2 -7 9

3 -7 9

4 -7 9

1 -8 0

2 -8 0

3 -8 0

4 -8 0

1 -8 1

IN IT IA L

IN IT IA L

2 .7 3 0 * 6

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

1972
OF

D O LLA RS
CHANGE
B IL L IO N S O F
D O LLARS
ANNUAL R A T E S

Q UARTER

4.t I £

2 -7 7

2 -7 7

4 -7 7

1-78

2 -7 8

3 -7 8

4 -7 8

2 -7 9

1 -7 9

3 -7 9

4 -7 9

1 -8 0

2 -8 0

3 -8 0

4 -8 0

1 -8 1

2 -8 1

9 .6
7 .4

1-77

1

Q UARTER

1 -7 7

2 ,9 5 6 * 6

Q UARTER

6 R 0 S S N A T IO N A L P R O D U C T I N
C O M PO U N D ED A N N U A L R A T E S

TE R M IN A L

11*9

1* 3 4 5 .9
5 .3

1^363*4

3 -7 7

7 .2

6 .0

6 .7

4 -7 7

5*8

4 .5

4 .2

1 .7

1 -7 8

5*3

4 .2

3 .8

2 .4

3.1

2 -7 8

5 .9

5 .1

5 .1

4 .5

6*0

9 .0

3 -7 8

5 .6

4 .9

4 ,9

4 .*

5 .3

6 .4

3 .9

4 -7 8

5*6

5 .0

4 ,9

4 .6

5 .3

6 .1

4 .7

5 .4

1 * 3 8 5 .8
1*391*5

1 * 4 3 2 .8
1 * 4 4 6 .7
1* 46 5.9

5 .4

4 ,9

4 ,8

4 .5

5.1

5 .5

4 .4

4 .6

3 .9

4 .6

4, 1

4 .0

3 ,6

3 .9

4 .0

2 .8

2 .5

1 .0

-1 .7

3 -7 9

4 .6

4 .1

4 .0

3 .6

3 .9

4 .0

3 .1

2 .9

2 .0

1 .1

4 -7 V

4 .3

3 .8

3 .6

3 .3

3 .5

3 .6

2 .7

2 .4

1 .7

1 -8 0

4 .2

3 .7

3 .6

3 .3

3 .5

3 .5

2 .7

2 .5

2 .0

2 -8 0

3. 1

2 .6

2 .4

2 .0

2 .0

1 .9

1.1

0 .7

-0 .1

1
n
y

3 .0

2 .6

2 .4

2 .0

2 .1

2 .0

1.2

0 .9

4 -8 0

3 .1

2 ,7

2 .5

2 .2

2 .2

2 .1

1.5

1 -8 1

3 .4

3 .0

2 ,9

2 .6

2 .7

2 .6

2 .1

2 -8 1

3. 1

2 .8

2 .6

'¿,'i

2 .4

2 .3

1.8

3 -8 1

3 .0

2.t>

2 .5

2 .2

2 .3

2 .2

4 -7 6

1 -7 7

2 -7 7

3 -7 7

4—77

1-78

0
0
0

1 -7 9
2 -7 9




1* 4 7 9 .9
1 * 4 7 3 .4
4. 1

^ g g .2

1 .0

2 .3

1 .4 9 0 .6

1 .5

2 .6

1 .8

3.1

-0 .9

-0 .7

-2 .2

-3 .6

-9 .9

0 .2

-0 .4

-€ .

-1 .1

-1 .7

-4 .0

1.2

0 .7

0 .2

0 .6

-0 .1

-0 .3

-1 .4

3. 1

3 .8

1.9

1 .5

1 .2

1 .7

1 .3

1.4

1 .0

4 .9

6 .1

8 .6

1 .6

1 .2

0 .9

1 .2

0 .8

0 .9

0 .5

3 .2

3*5

3*4

-1 .6

1 .7

1 .5

1 .2

0 .9

1 .2

0 .8

0 .8

0*5

2 .7

2 .8

2 .4

-0 .5

0 .6

2 -7 8

3 -7 8

4 -7 8

1 -7 9

2 -7 9

3 -7 9

4-7 9

2 -8 0

3 -8 0

4 -8 0

1 -8 1

2 -8 1

IN IT IA L

1

0 .6

1 ,5 0 1 * 9

1-8

0

1 ,4 6 3 * 3
1 .4 7 1 * 9

2 .4

1 .4 9 5 * 6
1 ,5 1 6 .4
1 .5 1 0 * 4
1 .5 1 2 * 9

Q UARTER

P R E P A R E D B Y F E D E R A L R E S E R V E B A N K O F ST. L O U I S
N O V E M B E R 1 9» 1 9 8 1

12

GROS S N A T I O N A L
R A T 10

SCALE

TR I L L I O N S

Q U A R T E R L Y

OF

DOLLARS

T O T A L S

AT

S E A S O N A L L Y

PRODUCT

A N N U A L

RATIO

R A T E S

T R IL L IO N S

A D J U S T E D

OF

SCALE

DOLLARS

3.
3.
3.

0

2

.

9

2

.

8

.

6

7

2 .
2

5

2 .
2

4

.

3

2 .
2
2

.

2

2

.

.

1

0

. 9
. 8

. 7

. 9
. 8

. 7

. 6

. 5

. 4

0

973

974

1975

1977

1976

1978
SO URCE :

P E R C E N T A G E S

A RE

LATEST

PLOTTED:

DATA




A N N U A L

R A T E S

3RD

OF

C H A N G E

F O R

P E R I O D S

1979
U.S.

1980
D E P A R T M E N T

1981
OF

C O M M E R C E

INDIC ATED .

QUARTER

PREPARED

13

BY

FEDERAL

RESERVE

BANK

OF

ST.

LOUIS

G E N E R A L

RATIO

P R I C E

I N D E X *

SCALE

RATIO

1 9 7 2 - 1 0 0

SCALE

1 9 7 2 - 1 0 0

1973

1974

1975

*A8 USED IN NATIONAL

1976

1977

1978

INCOME ACCOUNTS

1979

SOURCE:

U.S.

1980

1981

DEPARTMENT Of COMMERCE

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

3RD QUARTER
PREPARED BY FEDERAL RESERVE BANK OF S . LOUIS

IM P L IC IT

P R IC E

D EFLA TO R

FO R

G RO SS

N A T IO N A L

PRO DUCT

A N N l M l K A TES Q F _£ h a _N Q £_________________

______________

________________t P H P W N P E P

T E K H I NAL_____ _______ ______________ _______

_ ___________________ I N I T IA L QUARTER____ _________ ____

______

_

.

_________ 1972 - 100

QUARTER

4-76

1-77

1-77

2-77

3-77

4-77

1-78

2-78

3-78

4-78

1-79

2-79

3-79

4-79

1-80

2-80

3-80

4-60

1-91

2-81
1 36 * 6 4

. -5 . . Ï .

138.91

2-77

6 .3

6 .8

3-7 7

6.0

6.1

».4

4-7 7

6. 1

6 .2

5.8

6 .3

1-78

6.0

6.1

5.8

6.0

5. 8

2 —78

6.6

7.0

7.0

7.5

8.2

10 .6

3-78

6.9

7.1

7 .1

7.6

6.0

9 .2

7.7

4-78

7.2

7 .»

7.6

8.0

8.5

9.4

8.7

9.8

140 .7 5
142.91
1 4 4 .9 3
1 48 *«
1 51 ,4 1
_1 54 *Si
_1 58 *1£

1-79

7 .4

7.6

7 .7

6.1

8.4

9.1

8 .6

9 .1

8 .4

2-79

7.4

7.6

7 .7

8.0

6.3

8.9

8.4

8.7

8.1

7.8

8.3

8.5

8 .0

7.8

3 -79

7.5

7.6

7 .7

8 .0

8.3

8 .7

4-79

7 .5

7 .7

7.8

8 .0

8.3

8. 6

8.3

8.4

8.1

164 .2 3

7.8

7.9

8.0

1*7*47

8.1

7 .7

7.8

7.9

8 .2

8.4

8 .7

8.4

8.5

a
>

1 7 1 *2 ?

i-eo

8.3

8.4

8.7

9.3

2-80

7.8

8.0

6. 1

8.3

6.5

8.8

8.6

8.7

8.5

8 .6

8 .8

9.1

9.5

9.8

3-80

7.9

8.1

8.1

8 .4

8.6

8.9

8.7

8.8

8.6

8 .7

8.8

9.1

9.4

9.5

9.2

_ ..8*1

__e»2

.2d?

8.9

9*9

9.2

9*4.

9.8

9 .9

19*9

1 75 .2 8
179*18
1 8 3 .8 L

19*7

8t8

2*9

8*9

1-81

9 .2 ____ ________ 8 .4

8 .6 ____ 8*6

9 .1

8 .9 ____ 2*1____ 2*42____ 5*1____ 2jl2____ 2*5____ 2*5____ 2 *2 ____ 2 *5 ___1 0 » ?____ 2 * f l _

2 -81

8 .1

8 .2

8 .3

8 .»

8 .7

8 .9

8 .7

8 .8

8 .7

8 .8

8 .9

9 .Q

3-61

8 ,1

8 *3

6»4

6 .6

8 .7

6 .9

8 .6

8 .9

8 .8

8 .6

8 .9

9 .1 ____ 2*2____ 2 *2 ____ 2*1____ 2*1 ____ 8*^ ____7 .9 _____9 . »

4 -7 6

1-7 7

2 -7 7

3 -7 7

4 -7 7

1-78

2 -7 6

3-7 8

4 -7 6

1-7 9

2 -7 9

. f i t ? ..




8.6

.

3 -7 9

188*14

9 .2 ____ 2*2____ 2t_2____ 2 *2 ____ S_t£____ £ *4 ________ _______ 191.06

4 -7 9

1 -6 0

2 -8 0

3 -8 0

4 -8 0

1-6 1

19î>*44^

2 -8 1

INITIAL QUARTER

P R E P A R E O B Y F E D E R A L R E S E R V E BANK O F ST. LOUIS
N O V E M B E R 1 9* 1981

14

r'kKSONAL C O N S U M P T I O N E X P E N D I T U R E S IN C U R R E N T D O L L A R S
_____________ 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 _____________
BILLIONS OF
0 C H . L A R S____
ANNUAL RATES

INITIAL QUARTER

I I Rf l l NA L

QUARTER

ArTfr____1= 12 __ ¿--7. __ 3 - 7 7
7

1 - 7 8 ___ ¿L=Z£_
_

4-77

¿=22__ 4 - 7 6

1-79

2-79

3-79

4-79

1-80

2-80

3-60

4-80

I -01

2-81

_ l r J 7 ____ ü u *

1 11*3.9
,7->9 .

- ¿ - 7 7 ______l i u i L ,

- 1 - 2 7 ____ LiixJ____ v . 4

10.V

A - J 7 _____ L U a ;

l i t ? ____U .t.%

i V *>

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-lr.2£____ I S U i ____ 9 * 8

10,5

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>

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______L L » _ I . - 1 1 * > ____L 2 jl2 ____L L t i ____U ^ k ____ l± ± & ____U t >
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x J ____i l ^ L ____L 2 ^ > ____L L * y

J L r T t ______I 2 * U

1 1 *6

1 2 * 9 ____ 1 4 * 2

1 2 * 3 ______________ 1 2 * 5

-A«36_9_y9_

.

lA s ±

1 3 . 8 ____1 2 * 6

I* 4 l6 .6 _

L f u i_
1 2 *7

1 1 *0

I #478*0

-2--7V_____ L L t ^ ____L U 2 ____L L l 6 ____l i * 7

11*5

1 2 * 3 ____L U 1 ____LQ±y _

- 3 - 7 9 ______1 1 *1 ____1 1 ± 9 _____________ 1 2 * 1

12*0

1 2 * 7 ____L L s lS ____L L s ^ ___ 1 0 * 7

1 0 *6

1 1 * 4 _______________________ _____________________1 1 . 7

1 1 *9

1 4 *6

1 4 *7

1 2 * 4 ____L L t i ____1 1 * 9

1 2 *2

1 4 *0

1 3 *8

10*1

8 *6

■ fr-7?______U t ^

A l , $ ____- U t ?

l Zt<*

- L = £ b ____ U * U
2-eu

1 1*0

10 tV

n

*1
»3

11*2

I 1t l

11

11*6

11

11

1-81

1 1 . fc

11 *7

10*3

9 *7

9 .4

1 1 .6

11*0

10*8

10*3

10*2

10*9

1 2 *1

11*6

1 1 .5

11*2

1 1 .2

1 2 *0

12*3

1 1*9

1 1 .8

1 1 .5

1 1 .6

1 2 *3

11 *9

11*0

11*3

1 1 *4

1 1 *3
11*8
11*9

1 1♦v

1 4 *6

1 0 .6

1 1 *1

11*8

3-80
4 —80

8 *9

l >582*3
1»631*0
I »626*8

5 *7

- 1 .0

10*0

8 *5

6*4

1 4 .3

11*5

1 0 *7

9 .9

15*9

1 7 .4

1 1 .4

1 1 .0

15*3

1 5 .8

I »751*0
1 4 .2

2-81

11*3

11*2

11

*4

11*>

1 1 .4

1 1 *7

1 1 .2

I L* 1

10*8

1 0 .7

11*2

1 0*8

10*1

9 .6

12*4

1 1 .8

9 .1

4 .3

3-81

1 1 .4

>1 13

u .5

1 1 .6

1 1 .5

U .8

n .4

11*3

1 1 .0

11*0

1 1 .5

1 1 *1

10*6

10*2

1 2 .6

12*2

10*5

8*7

13*3

4-76

1- 7 7

2- 77

3-/7

4-77

1-78

2-76

3-78

4-78

1- 7 9

2-7 v

3- 7 9

4-79

1 - 80

2-80

3-80

4— 0
8

1—8 I

2-81

IN IT IA L

PERSO N AL

Q UARTER

C O N S U M P T IO N E X P E N D I T U R E S I N
1972 Q U L L A R S
C O M PO U N D ED A N N U A L R A T E S O F C H A N G E

Ö1LL1UNS UF
__ DOLLA R S __
ANNUAL RATES

T E R M IN A L
Q UARTER

4-76
1-77

4*0

2 -77

3-77

4-77

1-78

2-78

3-78

4-78

1-79

2-79

3-79

4-79

1-80

2-80

3— 0
8

4-80

1-61

2-8

6 *1

2-77

1-/7

1 »887*2

8 5 1 *9

1 *9

3-77

4 .3

3 *4

4»?

4-77

5 *0

4*6

6 .0

7*1

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4*2

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4*4

4. 1

1*3

4 . fc

4*S>

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7 .7

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4 *5

6 *2

4 *8

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5*5

2 —7 t
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4.6
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1 .3

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1 -81

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2 - 81

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2 .4

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1.4

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3 .9

3 .6

2 .5

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1 -7 7

> -/7

3-/7

4-77

1- /8

2-78

3-78

4-78

1-79

2-79

3 - 79

4 - 79

1- 80

2-80

3-80

4-80

1 - ttl

2-81

4-76




- 9 6 0 ,2

955*1
964*6

INITIAL QUARTER

P R E P A R E D 8 V F E O E R A L R E S E R V E BANK U F ST. LOUIS
N O V E M B E R 19, 1 9 8 1

15

GROSS PRIVATE OOMESTIC INVESTMENT IN CURRENT DOLLARS
______________COMPOUNDED ANNUAL RATES O f CHANGE _____________

TERMINAL

___________________________I N IT I A L QUARTER________ ________

BILLIONS Of
OQLLARS

______

QUART Eft

ANNUAL RATES
1 - T fr___ i _ 7 7 _

- 1 -77

^

- ¿ - 7 7 _____ „

Z r j l ___ ¿

" 7 7 _ 4 - /7___ _________ izis. ___ fL- I f i ____________

1-79

¿- 7 9

3-79

4-79

1-60

2-90

3-60

4-80

1-61

2 -6 1

t 4

2 9 6 .8

¿ 9 ^ _________________

3 1 £ ,7

diti

Z î t 9 - Z Z t è ___________________________________________________ ______ ____ ________________________________________________________________________________________________

4-77

2 7 .0

1 7 . 0 ____U t ?

1-78

¿ 5 . 2 ___ l i d i ___ H

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—

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it

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_
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1 7 .9

1 7 .7

15 »2

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_
2 . 9 __________

- A = I £ ____ 2 U 8 ___ ________ 1 4 ^ 9 ___ _ \ 6 f$__________l b * i _____8_. 0 _

3I M
3 8 0 .4

________

392 . 6

1-7V

¿ 1 . 2 ____1 6 » V

1 5 . 2 ____1 4 , 0

1 6 .8

1 6 ,4

1 0 ,9

1 5 .2

1 7 , 0 ____________

406.3

2-79

2 0 .6

1 5 .2

1 6 .6

1 6 .2

1 2 .0

1 5 .3

1 6 .2

1 5 .4

4 2 3 .2

1 2 . 1 ____1_3±8____ 1 3 ^ 1 _____ ± * 2 ____1 0 . 9

1 0 .0

6 .7

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9
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4-60

1 1 ,6

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9 .0

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1-7 7

- 3 .4

- 7 ,6

- 9 .6

- 9 .1

- ¿U 7

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3 .5

2. 1

4 .7

____ 7 * 6 ____ ^

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2-7 7

3-7 7

4-77

1-78

___ i t U ___ fLtS___ Ï*S_

2-7 8

3-7 8

4 - 76

6 .7

4 .8

1-7 9

2- 79

3-7 9

1-77

3 1 .6

17*3

2 9 .8

33*0

2U2

1 3 .7

2 1 .7

2 1 .1

1 0 .3

0 .4

1-6 0

2-8 0

3-80

4-80

1-81

2-81

D O LLARS
B IL L IO N S

1

2-78

C
D

1-78

.2
6 .9

IN IT IA L

O F

Q UARTER

D O LLA RS
ANNUAL “R A T ÏS

4-78

1-79

2-79

3-79

4-79

2-80

3-80

4-80

1-81

2-81

4 1 .8

2-77

4-77

4-79

P R IV A T E D O M E S T IC IN V E S T M 6 N T IN 1 9 7 2
C O M PO U N D ED A N N U A L R A T E S O F C H A N G E

T E R M I N A L ________________________________________________________________________________
Q UARTER
3-77

2 3 .7

QUARTER

_

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4-76

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3-78

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1-79

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6 .3

5 .1

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2-79

1 0 .4

7 .4

5 .7

4 .6

6 .7

4 .9

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6 .0

1 .7

3-79

8 .4

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3 .8

2 .7

4 .2

2 .3

- 0 .1

1 .4

0 .5

- 4 .2

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4-79

5 .9

3 .2

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- 2 .7

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1-80

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2-80

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3-80

1 .3

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4-80

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1-61

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3-81

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4-76

238 . 7
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7 .4

1 7 .4

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- 1 .7

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0 .5

1-77

2-77

3-77

4-T7

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2-78

3-78

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2-79

3-79

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2-80

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1-81

2-81




- 2 .7

2 3 7 .7

2 0 0 .5
2 1 1 *6
2 1 9 .7
2 2 0 .0

INITIAL QUARTER

— PREPA RED WT FED ERA L R E SE R V E BANK O f "ST. L O U IS
NOVEMBER W t 1981

16

-

GOVERNMENT PURCHASES OF GOODS ANO SERVICES IN CURRENT DOLLARS
___________________ W f g fflJNP.f P ANNUAL RATES OF CHANGE______________________

BILLIONS OF

TELRfU M A L
______ __________ _________
_
_
_
______ __________
I N I T I A L Q U A R T E R ______________________________________________ P O L L A R S
Q U A R T E R ----------------------------------------------------------------------------------------------------------------------------------------A N N U A L R A T E S

------------------ — 1-7 7 — Zz22_______ ¿-7-1__ 4 r I7 ___I r l i ! __ ¿~7£_ }~ 2 _______ 1 -7 9
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1 -6 0

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1 -8 1

2 -6 1 _________

Ir.H_____3 78 . 6
2.~7Y___________ j ^ g

__________________________________________________________________________________________________ 391*0

lr-2 7 ____1 .0 ^ _ L i i x i ___ ______________________________________ _________________________________________________________ 3 9 7 .9
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______________________>*iL___________________________________________________________________________________________ 4 l > t 7

¿r.78--------- £*£___ ' * ___ Sjt-2___ 9 .2
11
3=78____ l V u l __ 1V a 3___ ^

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1N1T1AL QUART ER

GLVtRNMt NT PURCHASfcS OE GOODS AND S E R V IC E S IN
COMPOUNDED ANNUAL RATES UE CHANGE
TERM1NAL
QUART fck

IN IT IA L
1—
77

2-77

3-77

2-77

3 .9

3 .9

3 .6

3 .6

3 .2

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t>

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3-78

2*9

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3-76

4-78

1-79

2-79

3-79

4-79

1-80

2 -8 0

3-80

4-60

1-81

2-61

3 .0

l- 7 b

2-78

3 .4

4-77

1-76

4 .4

3 .6

4-77

B I L L I O N S OF
DOLLARS
ANNUAL RATES

QUARTER

3 .»

u
>
1
3

4— 6
7
1-77

19 72 DOLLARS

4 -7 *

2 6 8 .5
2 7 1 .4
2 7 3 ,7

2 7»* 7
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- 1 .6

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3

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280 .

1-79

2 .4

2 .2

1 .9

1 .7

1.4

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0 .4

0 .7

2-79

2. 1

1 .9

1 .6

1*4

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3-79

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<,-76

1-77

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4-77

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1-79

2-79

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4-79

1-80

2-80

3-80

4-80

1-81

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3-60

0
0
1

3-ei




IN I T I A L

289*8
293*6
2 8 9 *»
2 88 *4

QUARTER

PREPARED BY FEDERAL RESERVE BANK OF S T .
NOVEMBER 1 9 , 1961

17

LOUIS

D I S P O S A B L E P E R S O N A L I N C O M E IN C U R R E N T D O L L A R S
________ C Q H P O Q N P E O A N N U A L R A T E S O F C H A M f r E ____________
TERMINAL
QUARTER

BILLIONS OF
OQLLARS
ANNUAL RATES

_____________________ I N I T I A L Q U A R T E R ________________________
4-76

1-77

2-77

3-77

4 - 7 7 ____ 1 - 7 8

2-78

3-78

4-78

1-79

2-79

3-79

4-79

I- S O

2-80

3-80

4-30

1-81

2~31

______

1~77 .
2-77.

10.2

11>9

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1-78

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2-78

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1 1 .7

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1 0 .9

1 2 .8

3-78

1 1 .3

1 1 .7

1 1 .7

1 1 .3

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1 2 .4

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4-78

1 1 .6

1 2 .0

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1 1 .8

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1 2 .9

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1-79

1 1 .8

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1 2 .2

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1 3 .0

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1 3 .7

1 3 .5

2-79

1 1 .5

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1 1 .8

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1 1 .9

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1 1 .7

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4-79

1 1 .6

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1 1 .9

1 1 .7

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1 2 .1

1 1 .7

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1 1 .6

1-80

1 1 .8

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1 1 .9

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6 .8

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2-80

1 1 .2

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3-80

1 1 .4

1 1 .6

1 1 .5

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1 1 .4

1 1 .6

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1 0 .7

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4-80

1 1 .4

1 1 .6

1 1 .6

1 1 .5

1 1 .5

1 1 .7

1 1 .6

1 1 .6

1 1 .3

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1 1 .4

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1 3 .1

1 2 .8

1-81

1 1 .4

1 1 .6

1 1 .6

1 1 .5

1 1 .5

1 1 .7

1 1 .6

1 1 .5

1 1 .3

1 1 .0

1 1 .4

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2-81

1 1 .2

1 1 .4

1 1 .4

1 1 .2

1 1 .2

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1 1 .3

1 1 .2

1 1 .0

1 0 .7

1 1 .0

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1 0 .*

9 .9

1 L .3

1 0 .6

9 .6

8 .0

3-81

1 1 .3

1 1 .4

1 1 .4

1 1 .3

1 1 .3

1 1 .4

1 1 .3

1 1 .3

11 . 0

1 0 .8

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9 .9

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4-76

1-77

2-77

3-77

4-77

1-78

2-78

3-76

4-78

1-79

2-79

3-79

4-79

i- e o

2-60

3-80

4-80

1-61

a.

2-81

1972

m

DO LLARS

IN IT IA L

D 1SPO SABLt

__________

PERSO NAL

_______£ g j y w w t o

l f $4Qt6_

1 3 .3

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1*9.42
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Q UARTER

IN C O M E

IN

m i v A L. s a i l s

qf

c . a n^
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________ _______________________________________ ________________________
B IL L IO N S

1-77

2-77

1-77

4 .8

2-78

3-78

4-78

1-79

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3-79

4 - 7 9 ____ j - g g

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3 » * _____ . 9 3 J U 6

3-77

4 - 7 7 ____ 1 - 7 8

1 .6

2-77

j- 7 ?

OF

_____ D O L L A R S _______
RATES

T E R M I N A L_
_
_
IN IT IA L Q UARTER
_
Q U A R T E R ___________________________________________________________________________________________________________________________________________________________________________________A N N U A L
______________ 4 - 7 *

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3-78

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3-79

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4-79

3 .6

3 .8

3 .6

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2 .9

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2 .9

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1-80

3 .4

3 .6

3 .4

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2 . 4 _____ __________ L*_S_____ l ± l _____ L t f i ______l± l________________________________________________ li9 2 1 * Q

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3-80

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1 . 2 _____ <k_fi_____ £L*_2_____ iLt_2_____ Q±1____r V i * _____ ± ± 1_____________ ____________ — I t Q l f l i »

4-80

2. V

3 .0

2 .8

2 .5

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2 .2

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1 .8

1 .4

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0 .8

1-81

2 .9

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2 . 6 _____ 2 ^ 9 _____ 2 . 7

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1 . 5 _____ L t 4 _____ Lt_S>_____ L t 2 ______L t 2 ______L t l _____ Z± 3._____ __________ ¿± 1 _____ L d t — l t t t * t *

3-81

2 .6

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1 .9

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1-77

2-77

> -/7

4-77

1-78

2-78

3-78

4-78

1-79




0 .6

3 .5

2 .9

ltQ 2 5 ,8
..

_

0 .8

IN IT IA L

1 .6

1 .4

1 ,4

U 5

2 .8

2-79

3-79

4-79

1-80

2 .5

2-80

2 .3

2 .0

2 *6

3-60

4-80

1-61

ly Q 4 ^ » .._

2-81

Q UARTER

PREPARED BY FEOERAL
N O V E M B E R 19, 1 9 8 1

18

RESERVE

BANK OF

ST.

LOUIS

CORPORATE PROFITS AFTER TAXES*
COMPOUNDED ANNUAL RATES OF CHANGE
IN IT IA L

T E R M IN A L
Q UARTER
4-76

1-77

1-77

3 1 .6

3-77

4-77

1-78

2-78

3-78

1 6 .7

4-78

1-7V

2-79

3-79

4-79

1-80

2-80

3-80

4-80

1~S I

2-81

4 8 .3

2-77

2-77

B IL L IO N S OF
D O LLARS
ANNUAL R A T ES

U U A RTEK

1 1 6 .6

3-77

¿6 . 5

1 6 .8

1 6 .8

4-77

1 9 .9

1 1 .7

9 .3

2 .3

1-78

1 6 .7

9 .9

7 .7

3 .4

4 .6

_2 -7 8

2 0 .8

1 5 .9

1 5 .7

1 5 .3

2 2 .4

A 3 .3

3-78

2 0 .3

1 6 .2

1 6 .1

1 5 .9

2 0 .8

2 9 .9

1 7 .7

4-78

2 2 .8

1 9 .5

1 9 .9

2 0 .6

2 5 .6

3 3 .6

2 9 .0

4 1 .3

1-79

2 3 .0

2 0 .1

2 0 .6

2 1 .2

2 5 .4

3 1 .3

2 7 .5

3 2 .7

1 2 4 .0
1 2 5 .4
1 3 7 .2
1 4 2 .9
1 5 5 .6
1 6 4 *6

2 4 .6

1 6 4 .6

1 7 .7

1 7 .8

1 7 .V

2 0 .8

2 4 .3

2 0 .0

2 0 .7

1 1 .6

0 .0

¿ 0 .7

1 8 .3

1 8 .5

1 8 .7

2 1 .2

2 4 .2

2 0 .7

2 1 .5

1 5 .5

1 1 .2

2 3 .7

4-79

1 7 .6

1 5 .2

1 5 .0

1 4 .8

1 6 .5

1 6 .3

1 4 .5

1 3 .9

8 .0

2 .9

A .4

- 1 1 .V

17. ü_ - J L 7 * I _

2 0 .6

1 7 t?

1 7 ,?

1 3 .7

1 1 .1

1 5 .1

1 1 .0

Q

¿0 .4

3-79

0
0
1

2-79

1 9 .2

1 7 .1

lf c , 9

2-80

1 0 .5

8 .Q

7 .3

6 .5

6 .9

3 - t it

1 2 .2

1 Q .0

9 .5

8 .9

9 .5

4-60____ 12.3_ 1Q._2____2^8____ ÏU
_

2

7 .2 ____ 3 .3
1 0 .0

6 .6

173>6

3 9 ,6

1 6 2 .9

1 .4___- 4 . 0___- 8 . 9 - i l l . 0. - ¿V 1 3 _ -2A . 1. .=$£* 8___
5 . 5 _____ L u i___ ~ Z * .Z ___ = ¿ * 7 ___ ~ Z jl ±___ - 7 . 1

____v*5___10.3____ 1*5___________

Z± 1 _ -Q«
_

J146.5

- 2 ^ . 3___ 3 9 . 1____ _______ .

1 r£._l _ _______ -2,3 - 13.3
__
_

___

25,6 ___U , 7

1* 4 .3

1-81

1 2 .3

1 0 .4

9 .9

9 .5

1 Q .Q

1 0 .5

7 .9

7 . 0 _____ Ì+ 1 _____ L * it _____ ________ ~ l ± l _____ 0 ^ 1 ____- 7 , 3 ___ ¿ 1 . 2 ____ l i . l ____1 2 ,i>

2-ßl

V. 1

7 .1

6 .5

5 .9

6 .1

6 .2

¿ .*

2 .4

- 0 .8

- 3 .3

- 3 .7

- 7 .1

- 6 .2

3-61

9 .7

6 .8

6 .3

5 .6

>.9

£.9

3.i>

¿.A

- 0 .5

- ¿ .8

-3.1

-6.0

-5.1 -1 1 .0

4-76

1-77

2-77

3-77

4-77

1-78

3-78

4-78

1-79

2-7V

3-79

4-79

» H M I Q ^ A I. W E * « ;

P- PRELIMINARY




2-78

1 6 6 *2

.

- 1 3 . 4 _____ ± ± 2___ ~ 5 , 3

1-60

frtól S ___________________________________________________________________________________________

3 .»

1 * 9 ,2

- 1 2 .*

____________

- 3 .5 _ -6 t 7 ~ 1 7 t l ____¿ t _ L _
_

2-60

3-80

4-60

1-61

BY

FED ERA L

RESERVE

2-61

BAW

1981

HISTORICAL SOURCES OF
NATIONAL INCOM AN PRODUCT ACCOUNTS DATA
E D
The National Income and Product Accounts of the United
States, 1929-76: S ta tistica l Tables, is now available from the
Superintendent of Documents, U.S. Government Printing Office,
Washington, D.C. 20402. (Stock number 003-010-00101-1, price
$10.00). National Income and Product Accounts, 1976-79 was
published in Ju ly 1981 as a Special Supplement to the Survey
(Stock number 003-010-721888-0, price $3.75). These
publications present the results of the comprehensive revision
of the national income and product accounts described in the
December 1980 Survey.
For further information, write to the National Income
and Wealth Division (BE-54) Bureau of Economic Analysis, U.S.
Department of Commerce, Washington, D.C. 20230.

19

_ JL 5 à ^ £ _

_________

PR E P AKfcD
N O V E M B fc K

QF

...

___ 1 2 2 * 1 ___

S I.

L O U IS

INVENTORIES COMPARED WI TH MONTHLY S A L E S *
M A N U F A C T U R I N G

AND

T R A D E

* R T IO BASED O SEASONALLY AD
A
S
N
JUSTED D
ATA.
SH D D AR
AE
EAS REPR
ESENT PERIO
DS O BUSINESS RECESSIONS
F

SO CE: 'I. S. D
UR
EPAR EN O C M E C
TM T F O M R E

LATEST D TA PLOTTED: SE
A
PTEM R
BE




PREPARED

20

BY

FEDERAL

RESERVE

BANK

OF

ST

LOUIS


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102