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n n n o n H L Economic TRcnos
PREPARED B FEDERAL RESERVE BANK OF S . LOUIS
Y
T
MONTH ENDING:

Septenfcer 30, 1975

RELEASED:

October 29, 1975

The economic recovery seems to be well underway as
Indicated by a large increase In GNP In the third quarter. GNP
rose at a 17 percent annual rate, compared with a 2,3 percent
average rate of Increase in the previous three quarters. The
big jump in GNP consisted of an 11 percent rate of advance in
real output and a 5 percent rate of Increase in prices.
In recent quarters movements in (SIP have been dominated
by swings in the rate of inventory investment. After increasing
sharply in late 1974, Inventories were liquidated through the third
quarter. Because of the way GNP is calculated, the sharp advance in
the third quarter is traceable to a slowing in the rate of inventory
liquidation rather than to inventory accumulation as such. Auguring
well for the future is the relatively steady advance of final
sales over the last three quarters. Given current price trends,
and a continuation of the recent rate of advance of final sales,
it is likely that future output growth will be sustained at about
a 4 to 6 percent rate.
CHANGES IN GNP AND COMPONENTS
(Billions of Dollars)
111/74
to
IV/74
GNP
Inventory Change
Final Sales
Personal Consumption
Nonresidential Fixed
Investment
Residential Structures
Federal Purchases
State & Local Purchases
Net Exports

IV/74
to
1/75

1/75
to
11/75

11/75
to
111/75

$14.6

$-14.3

$24.3

$56.9

9.1
5.5

-37.0
22.7

-11.8
36.1

21.5
35.4

-5.5

17.4

25.4

31.4

0.3
-5.8
7.3
4.2
5.0

-4.3
-5.1
2.0
5.8
6.9

-4.2
1.1
1.9
4.6
7.4

0.9
4.4
1.5
3.5
-6.4

Prices have continued to advance , although at a much
slower pace than in 1973 and 1974. Consumer prices rose at a
6.8 percent annual rate from December 1974 to September, compared
to a 10.5 percent average rate of increase in the previous two
years. Wholesale prices of industrial commodities have advanced at a
4.7 percent annual rate since December, after increasing at an 18
percent average rate in 1973 and 1974.



TOTAL C IV IL IA N EMPLOYMENT
COMPOUNQEO ANNUAL RATES OF CHANCE
TERMINAL__________________________________________________________________ IN IT IA L MONTH__________________________________________________________________ THOUSANDS
OF PERSONS
MONTH
2-74 3-74 4-74
5-74 6-74
7-74 8-74 9-74 10-74 11-74 12-74 1-75 2-75
7-75 8-75
3-75 4-75 5-75 6-75
85,779

3-7%

- I.1

4-74

-0 .5

0.1

85,787

5-74

0.9

2 .0

86,062

6-74

0 .8

1.4

2.1

0 .4 ^

7-74

1.5

2 .2

2.9

2.4

\
1.270
4 .5 ^ — V

86,403

8-74

1.0

1.4

1.7

1.0

1.3

- ,> s

86,274

86,088

9-74

l.l

1.5

1.7

1.2

1.5

- 0 .0

10-74

0 .8

1.1

1.2

0.7

0.8

-0 .5

0 .2

86,402

ii- 7 4

- 0 .3

-0 .2

-0 .2

-0 .9

-1.1

-2 .5

-2 .7

12-74

- 0 .9

-0 .9

-1 .0

-1 .7

-2 .0

- 3 .3

-3.7

-5 .4

-7.4

1-75

* 1«6

-1.7

- 1 .9

-2 .6

-3 .0

- 4 .2

-4 .7

- 6 .3

- 7 .8

-7 .6

2-75

- 2 .1

-2 .2

-2 .5

-3.1

- 3 .6

- 4 .7

-5 .1

- 6 .5

-7 .7

-7 .5

- « .0

-7 .3

3-75

-2 .2

-2 .2

-2 .5

-3 .1

-3 .5

-4 .4

-4 .8

-5 .8

-6 .7

-6 .3

- 6 .2

-5 .0

86,304
85,689

-4 .9
85,202

84.562
84.027
83,849

I— _

4-75

-1 .8

-1 .8

-2.0

-2.5

-2.8

-3 .6

-3 .8

- 4 .6

-5.1

-4 .4

-3 .9

-2 .2

0 .4

5-75

- 1 .4

-1.4

-1.5

-1.9

-2 .1

-2 .8

- 2 .9

- 3 .5

-3t 7

- 3 .0

-2 .2

-0 .6

1.8

4 .0

4 .6

6-75

- 1 .2

-1 .2

-1.3

-1 .7

-1 .9

- 2 .5

-2 .5

- 3 .0

-3.2

-2 .5

-1 .8

-0 .3

1.5

2 .9

2 .6

« Qftr
V J. Ö / 0
O .ò M

84,086
84,402

N,

84,444
85.078

7-75

-0 .6

-0 .6

- 0 .7

-1 .0

- l.l

- 1 .5

-1 .5

-1 .8

- 1 .9

- l.l

- 0 .2

1.2

3 .0

4 .5

4 .8

4 .9

9 .4

8-75

-0 .4

-0 .4

-0.4

-0.7

-0.7

-1.1

-1.1

-1.3

-1.3

-0 .5

0 .3

1.6

3.2

4 .4

4 .6

4 .6

6 .6

3 ? 9 \

9-75

- 0 .3

-0 .3

-0 .3

-0.6

-0.6

-1.0

-0 .9

- l.l

- l.l

-0 .4

0 .3

1.5

2 .9

3.8

3.8

3 .7

4 .7

2 .<

0^

2-74

3-74

4-74

5-74

6-74

7-74

8-74

9-74 10-74 11-74 12-74

1-75

2-75

3-75

4-75

5-75

6-75

7-75

8-75

85,352
85,418

IN IT IA L MONTH
PAYROLL EMPLOYMENT
COMPOUNDED ANNUAL RATES OP CHANGE
TERMINAL__________________________________________________________________ IN IT IA L MONTH_____________________________________________________________________THOUSANDS
MONTH
OF PERSONS
2-74 3-74 4-74 5-74 6-74 7-74
7-75 8-75
8-74 9-74 10-74 11-74 12-74
1-75 2-75
3-75 4-75 5-75 6-75
_

78,236

3-_74 ____ 0._6__

___*-74

1.2

1.8

5-74

1.5

1.9

2.1

6-74

1.3

1.5

1.4

0 .7

7- 74 ____1 .4

1.6

1.5

1.2

1.8

8-74

1.4

1.5

1.5

1,3

1.6

1,3

9-74

1.4

1.5

1.5

1.3

1.5

1.4

1.5

1.2

1.1

0 .9

1.0

0 .7

0.4

- 0 .6

0 .3

0.1

- 0 .3

-0 .5

- 1 .0

- 1 .8

-3 .4

10-74
11-74

0 .3

78,351
78,486
78,530
78,648
78,733
78,830
78,790
78,374

s. - 6 .9 %

12-74
1-75
2-75

-1 .8

- 2 .0

- 2 .4

-2 .8

- 3 .3

- 4 .0

- 4 .8

-6 .1

3-75

- 2 .0

-2 .3

-2 .6

- 3 .1

- 3 .5

-4 .1

- 4 .9

- 5 .9

4-75

-1 .9

- 2 .1

- 2 .4

- 2 .8

- 3 .2

- 3 .7

-4 .3

5-75

- 1 .7

- 1 .9

-2.2

-2 .5

-2 .8

- 3 .3

6-75

-1 .8

- 1 .9

-2 .2

- 2 .5

-2 .8

7-75
_

- 1 .2

-1 .4

- 1 .4

- 1 .5

-1 .7

- 2 .0

-2 .2

8-75

- 1 .0

- l.l

- 1 .3

-1 .5

- 1 .6

9-75

-0 .8

- 0 .9

-1.0

-1 .2

2-74

3-74

4-74

5-74

- 1 .8

-2 .2

— 3
7

77,723

-7.8

-6.1

- 7 .4

- 7 .8

- 6 .9

-7 ,7

76,804

- 6 .9

-7.1

- 6 .3

- 6 .4

-5.1

- 5 .8

- 5 .8

•4# 8

- 4 .4

A
1
- 2 .6
-oa"

76,468

- 3 .7

-4 .4

-4.9

-4.7

-3 .7

-3.1

-1 .5

0.3

- 3 .2

- 3 .6

-4 .2

- 4 .6

-4 .4

-3 .5

-3 .0

- 1 .8

-0 .7

- 0 .9

- 2 .5

- 2 .8

-3 .3

-3 .6

-3 .2

-2 .3

-1.6

- 0 .4

0 .8

l.l

1.3

5 .4 s

- 1 .9

- 2 .2

- 2 .5

- 2 .7

- 2 .3

-1 .3

- 0 .6

0 .6

1.8

2 .2

2 .7

5 .5

- 1 .3

-*1.6

- 1 .8

-2 . 1

-2.2

- 1 .8

- 0 .9

- 0 .2

0 .9

2 .0

2 .4

2 .8

4 .6

6-74

7-74

8-74

9-74 ÏGH74~ 11-74 12-74

1-75

2-75

3-75

4-75

5-75

6-75

- 2 .6

- 3 .4

-4 .3

- 5 .6

77,319

76,462
0 .8 Nv
-----------

76,510

O A»
2 .U T o '

76,343

- 2 .6 ^ V

76.679
77,029P

5^6\.

7 7 ,211P

à
7-75

8-75

IN IT IA L MONTH
P- P R E L I M I N A R Y




P R E P A R E O BY F E D E R A L R E S E R V E
OCTOBER 3 » 1975

2

BANK

OF ST. L O U I S

_




EMPLOYMENT
RATI O SCALE
MILL I ONS OF PERSONS

R AT I O SCALE
MILL I ONS OF PERSONS

SEASONALLY ADJUSTED

SOURCEt O .S .O E P A R T M C N T O f LAOOR

P ER C tN TA O ES ARC ANNUAL R ATES O f CMANOE FOR PER IOOS

INO IC A T E D .

PAYROLL R C VIS CO fRON 1 0 7 0 .
L A T E S T DATA P L O T T E D .

SEP TEMOER P R ELIM IN AR Y
PREPAREO §Y fE O ER A L RESERVE RANK O f S T «

L O « IS

UNEMPLOYMENT RATES*
SEASONALLY ADJUSTED

PERCENT

PERCENT
10.0

9.0

8.0
7.0

6.0
5.0

4.0

3.0

2.0

1967

1968

1969

1970

1971

1972

1973
SOURCEI « . S .

» P E R C E N T O f C I V I L I A N LAOOR FORCE
L A T E S T OATA P L O T T E D .

1974

1975

DEPARTM ENT O f LAOOR

IN CROUP

SCPTCM tCR

PREPAREO tY fEOERAL RESERVE SANK Of ST. LOUIS

3

1 .0

CONSUMER PRICE INDEX, SEASONALLY ADJUSTED
COMPOUNOSO ANNUAL RATES OF CHANGE
TERMINAL___________________________________________________________________IN IT IA L MONTH___________________________________________________________________ 1967 « 100
MONTH
2-74

3-74

4-74

5-74

3-74
4-74

1 0 .5
11*3

1 0 .5

11*4

1 0 .9

1 2 .3

8-74

9-74

10-74 11-74 12-74

1-75

2-75

4-75

3-75

5-75

6-75

7-75

8-75

1 3 .0

*- 7 4

7-74

8 .1

5-74

6-74

1 2 .9

U .6

1 4 3 .0 7
1 4 4 .0 0 _
1 4 5 .4 7
1 4 6 .8 L

7-74

1 1 .2

1 0 .8

11*7

11*1

1 0 .5

9-74

11*8

1 1 .6

12*4

12*3

1 2 .6

1 4 .1_

9-74

1 2 .2

1 2 .1

1 2 .9

1 2 .9

1 3 .4

1 4 .8

10-74

1 2 .1

1 2 .0

12*7

1 2 .6

1 2 .9

13 .6

13*1

1 1 . 2_

11-74

1 2 .1

1 2 .0

1 2 .5

1 2 .5

1 2 .6

1 3 .2

12*7

1 1 .5

1 1.7

12-74

1 1 .8

1 1 .7

1 2 .2

1 2.1

12*2

12*5

1 1.9

1 1 .0

1 0 .8

19 *8

1-75

1 1 .5

11*4

11 .7

1 1 .6

1 1 .6

1 1 .7

11*1

1 0 .2

9 .8

8 *9

2-75

1 1 .1

1 0 .9

II. 2

n .o

1 0 .9

1 1 .0

1 0 .4

9 .£

9 .1

8 .2

7 .4

3-75

1 0 .5

1 0 .3

1 0 .5

1 0 .2

1 0.1

10*0

9 .4

8 *5

7 .9

7 .0

6 *0

5 .0

3 .3

4-75

1 0 .3

10. 0

1 0 .2

1 0 .0

9 .8

9 .7

9 .1

8 .3

7 .8

7 .0

6 .4

5 .8

5 .3

7 .4

1 48 .0 4
1 4 9 .74_
1 5 1 .4 9

1 5 .0

152 .8 5
1 5 4 .2 7

\

15-5 . 48

X

1 5 6 .4 8
1 57 .3 4
1 5 7 .7 7

^ i or
7 .1

%

158.71 __

5-75

9 .8

9 .6

9 .7

9 .5

9 .3

9 .2

8 .6

7 .8

7 .3

6 .6

6 .0

5 .4

5 .0

5 .8

4 .3

1 5 9 .2 7

6-75

9 .8

9*6

9 *7

9 .5

9 .3

9*2

8*7

8 .0

7 .6

7 .0

6 *6

6 .3

6 .1

7 .1

7 .0

1 6 0 .5 0

7-75

1 0 .1

9 .9

1 0 .1

9 .9

9 .7

9 .7

9 .2

a . r

8 .4

8 .0

7 .7

7 .6

7 .8

9 .0

9 .5

7 .3 :

7 .0

6 .8

6 .8

T .5

7 .1

6 .8

6 .7

6 .7

7*2

12-74

1-75

2-75

8-75

9 .7

9 .5

9 .5

9 .3

9 .2

9 .1

8 .0

7 .7

9-75

9 .4

9 .2

9 .3

9 .1

8 .9

8* ft

8 .4

7 .8

7 .5

2-74

3-74

4-74

5-74

6-74

7-74

8-74

9-74

10-74

1

I

11-74

3-75

1 2 .2

1 4 .7

1 62.35

fl. 7

8 .2

2 .0

7 .2

7 .9

7 .3

3 .8

4-75

5-75

6-75

7-75

V

1 62 .6 2
5 .7 I

1 6 3 .3 7

8-75

IN IT IA L MONTH

PREPAREO BY FEDERAL RESERVE BANK OF ST . LOUIS
OCTOBER 22* 1975
WHOLESALE PR IC E S * ALL COMMODITIES* SEASONALLY ADJUST60
________________ COMPOUNDED ANNUAL RATES OF CHANGE_______________________________________________________________
TERMINAL__________________________________________________________________ IN IT IA L MONTH___________________________________________________________________ 1967 » 100
MONTH
7-75 8-75
2-74 3-74 4-74 5-74 6-74 7-74 8-74 9-74 10-74 11-74 12-74 1-75 2-75 3-75 4-75 5-75 6-75
150.74

3-74

16.2

4-74

17*1

1»*1

152*84

5-74

16*6

16*9

15*7

6-74

12*3

11*0

7*7

0*2

7-74

20*4

21*5

22*7

26.3

59*2

8-74

25*6

27*6

30*1

35*3

57*2

154*71
154.74
160.85
166.85

55*2

166.77

9-74

21*5

22*4

23*3

25*3

3 4 .9

24*2

-0*6

10-74

23*»

24*9

26*1

2»* 3

36*4

29*6

18*4

4 1.0

11-74

23*1

24*0

24*9

26*5

32*6

26*6

18*3

29.1

12-74

19*3

19*6

19.8

20*4

24*1

1»*1

10*3

14.2

2*8 -10.6

172.41

1-75

17.1

17*2

17.1

17*2

19*9

14.4

7*6

9 .7

0*9

- 6 .7

172*01

2-75

14*4

14*4

14*1

13*9

15*7

10*6

4 .5

5*6

-1*8

- 7 .7

-6 .2

- 7 .3

171.61
174.02

18*2

170.58

3-75

1 2 .»

12*5

12*1

11*7

13*0

8*3

2*9

3*5

-2*7

-6*3

-8*0

4-75

13.3

13*1

12*7

12*4

13*7

9*6

4*9

5*7

0*8

-0*3

0 .6

6*1

5-75

12*7

12*5

12*0

11*7

12*»

9*0

4 .8

5*5

1*3

- It?

0*6

1*5

5*5 J 1 . 9

- 6 * Ì\

169.65

O

172.26

2 0 *^ ^

172.87

4 * 3 \

6-75

_

11*7

11*5

11*0

10*6

11*6

8*0

4*2

4*7

0*9

-1*4

0*3

0*9

3*6

7 .2

1*3

7-75

12*0

U .7

11*3

11*0

11*9

8*7

5*2

5*8

2*5

0*6

2*4

3*2

6*0

9*3

6*0

6*8

15.9

174.77

»-75

11*9

11*6

11*2

10*9

11*7

8*7

5*6

3 .2

1*6

3*2 _

4*1

6*6

9*4

6 .9

7*7

12*8

176.12

9-75

11*6

11*4

11*0

10*7

11*5

8*7

5 .7

6*3

3 .6

2 .2

3*8

4 .6

6 .8

9 .1

7.1

7 .8

11.1

8 .8

2-74

3-74

4-74

5-74

6-74

7-74

8-74

9-74 10-74 11-74 12-74

1-75

2-75

3-75

4-75

5-75

6-75

7-75




- 1 .7 \

172.63

177.24 _
8-75

IN IT IA L MONTH

PREPARED BY PEOCRAL RESERVE BANK OF S T . LOUIS
OCTOBER 5* 1975

4




R A T IO

PRICES

SCALE

R A T IO

SCALE

PCRCCMTAtCS ARC AM M AL RATCf Of CtlAUtC FOR PCRtOOS IM IC A T C O .
L A T f t T »A TA PLOTTCOi SCPTCMMR
PRCPARCD I Y FCOCRAl RCURVC tAMK OF S T . 100 U

RATIO SCALE

WHOLESALE P RI CE S

RATIO SCALE

PCRCCNTAOC* ARI AMNVAL R ATCI Of CMAM6C FOR f C R I O f t IMOICATCO.
L.ATCIT »A TA FLOTTCOi M FTC litC R

FRCfARCI «Y FCMRAl RCURVC OAHK Of ST. LO«I t

WHOLESALE P R IC E S - INDUSTRIAL COMMODITIES, SEASONALLY ADJUSTED
__________________ COMPOUNDED ANNUAL RATES Of CHANGE____________________
_ TERMINAL___________________________________________________________________IN IT IA L MONTH___________________________________________________________________ 1967 » 100
MONTH

2-74

3-74

4-74

5-74

6-74

7-74

8-74

9-74 10-74 11-74 12-74

1-75

2-75

?-75

4-75

5-75

6-75

7-75

8-75
142*4Q

3-74

39.8

4-74

37*6

3 5 .5

5-74

36*4

3 4 .8

34.0

146.05
149.66
152.97

6-74

34* 8

3 3 .2

32 .0

3 0 .0

7-74

35 .9

3 5 .0

34.8

35.2

40 .6

8-74

35*6

3 4 .8

34.6

34.8

37*2

33*8

157.38
161.25
162.83

9-74

32*0

3 0 .8

29.8

28*8

28*4

22*7

12.4

10-74

30*3

2 9 .0

27.9

26*8

26*0

21*4

15*6

18*9

11-74

27*9

2 6 .5

25.3

23.8

22*6

18*5

13.8

}4 *5

10*3

12-74

25*4

2 3.9

22.5

2 0.9

19*5

15*6

11*5

11*1

7 .4

17*5

14*0

10*5

10*0

12*7

9*5

8*9

6 .6

5*4

5*7

14*1

11*2

8*3

7*6

5 .5

4*3

4*2

10*0

7.4

6*6

4 .7

3*7

3*4

2*4

1*1

. . N

, 6*8

6 ,1

3*1

?*3

1.5

^*6

1-75

23*5

2 2 .0

20*6

19.0

2-75

21.9

20 .3

18.9

17.3

3-75

20*1

18.6

17.2

15.6

4-75

18*7

17.2

15*8

14*2

12*8

5-75

17.5

16.0

14.6

13*2

11*7

6-75

16*6

15.2

13.9

12*5

7-75

15.9

14*6

13.3

12*0

8-75

15.5

14.2

13*0

9-75

15*1

13.9

2-74

J- 7 4

.

11*1

8*8

6*5

10*7

8*5

6*4

f 4*7

10*5

8*4

12.7

11*5

10*4

4-74

5-74

6-74

165*20

M

166*55
167.19
«

168.07
168.74
3*0

U

A V«.

l \

168.90

T

169.06

a

169.35

. i V

5*9

4*4

3*6

3*4

2*8

2*3

2*4

3*4

5*9

4*5

3*8

3*7

3*2

2 ,9

3*3

4*0

5 ,0

170.74

6*6

6*0

4*8

V ?

4*2

3*9

3*7

4 .2

5*0

6 *0

171,82

8.5

6*7

6*3

5*2

4*7

4*7

4 .5

4*4

5*0

5*7

6*7

7 .3

8.3

7-74

8-74

4-74 10-74 11-74 12-74

1-75

2 -75

i- 7 4

4-7$

5-7*

6-75

7-75

8-75

6-75

7-75

8-75

I n I T i Al

170*00

8.8^

173*03

HONTh

WHOLESALE PRICES-FARM PRODUCTS ANO PROCESSED FOODS ANO FEEO St SEAS • A D J.
COMPOUNDED ANNUAL RATES OF CHANGE

2-74
3-74

1967 * 10

IN IT IA L MONTH

TERMINAL
MONTH
3-74

4-74

5-74

6-74

7-74

8-74

9-74 10-74 11-74 12-74

1-75

2-75

3-75

4-75

5-75

173.9

-22.3

171.7

4-74

-18.3 -14.2

5-74

-1 9 .5 -18.1 -2 1 .9

6-74

-2 7 .8 - 2 9 .6 -36.2 -47*9

168*2
159,3
172.4

7-74

- 6 .9

- 2 .6

1.6

15.9 158.1

8-74

3 .8

9 .9

17.0

33.8 114.5

78.2

180.9

9-74

1.6

6*3

11.0

21.1

26.5 -10.1

179.3

60.5

188.3

80.0

10-74

9 .2

14.6

20.3

31.1

6 5 .2

42.3

27.2

11-74

12.8

18.2

23.7

33.6

61*3

43.4

33.4 , 62*4,

4 ^.6

12-74

6 .5

10.3

13.8

20 .1

38.1

21.9

10.8

-3*5 >36.4

1-75

3 .0

6 .0

8.5

13.0

2 6.2

12.1

2.1

2-75

- 0.6

1.6

3.4

6. 6

16 .6

4 .1

-4 .8

•32*0 - ? 9 .8 -33*9
-3*7 -17.6 -

3-75

-2 .5

- 0 .7

0.6

3.2

11.4

0 .3

-7 .6

-29.9 -2 7 .6 -28*2 -23*0
- 7 .2 -18*7 -

4-75

1 .6

3.8

5.4

8 .3

16*6

6 .7

0.1

5-75

2.0

4 .0

5.6

8 .3

15*7

6 .8

0 .9

6-75

0.8

2.6

3.9

6 .2

12*7

4 .6

4 .0

5 .9

7 ,4

9 .9

16*4

8 .9

___7-75

18.8

194.4
187,2
182.5

5 .5 7 1 1 * 8 •31*5 -26*3

176.5
172*7

1*6

- 7 .6 -15*8

-9 .6

-3*2

16.3

75*6

2*4

-5*6 -12*3

- 4.4

- O f7 ,13*3

37*4

-0 .9

0*2

- 6*8 -12.7

- 8*0

-3*8
T

,5*4
1

17*0

-4*6 -15*3

4 .2

5 .7

-0*4

- 5 .0

0*6

5*9

16*1

28*6

15*9

181.0
182.1

7*5

179*6

2<?. 3

187.8

70*9

8-75

3.3

5 .0

6 ,4

8.6

14*4

7*5

3*p

4*3

-1*2

-5*4

"9*4,

3*7

U *5

20*1

?*,2

9*q

2 5 .0

-8*6

9-75

4 .6

6 .3

7.6

9 .8

15*4

9 .0

4*9

6 .3

1.3

-2*3

2*4

6 .7

14.1

21*8

13.2

14*7

26.8

9 ,3

3 0 .7

2-74

3-74

4-74

5-74

6 -f4

7-74

8-74

9-74 10-74 11-74 12-74

1-75

2-75

3-75

4-75

5-75

6-75

7-75

8-75




186.4
190,6

IN IT IA L MONTH

-------------1--------- * M > * w r W ’ P F 6 ^ * L
OCTOBER 3* 1975

6

RESERVE 8ÁNK Of s t . ‘T o u r s

Industrial Production

Percentages or* annual rat«» of change for periods indicated,
lotest d ata plotted: September prelim inary

Prepared by Federal Reserve Bank of St. Louis

T W D u rn r n a t r d o o c t îïïn
COHPQUNOEO ANNUAL PATES OF CHANGE
TERMINAL________________________________________________________________

IN I T I A L

MONTH________________________________________________ ________________________1967 - 100

tion T h

2-7»

3-?74

4-74

5-74

6-74

3- 74

1*5
3*6

4 .9

2 .9

3 .6

4 .4

1.7

1.9

1.9

—1.0

1.0

1.0

0 .7

-1 .6

-2 .8

3-75

4-75

5-75

6-75

7-75

8-75

- 2 .8

8-74

2-75

1.0

7—
74

1-75

8.0

6-74

9-74 10-74 11-74 12-74

1.9

5-74

8-74

1.0

4-74

7-74

424.7
424.9
125.7
425.6
125.5
-2 .8

125*2

9-74

1.4

1.4

1.4

-0 .2

-0 .6

0.5

3.9

10-74

0.2

0.1

- 0 .2

- 1 .7

-2 .4

- 2 .2

-1 .9

44—74

-3 .1

- 3 .6

- 4 .4

-6 .3

- 7 .6

12-74

- 0 .9

-7 .7

-8.9 -14. 4 -42.9 - 4 4 .to -47.5 -23.7 -3 0 .7 - » . N

1-75

425.6
-7.4

424.8

!
-8 .8 -10.7 -47.2 -26. 1

424.7
.

447.4

-9 .5 -1 0 .5 -11.8 -44.0 -15.9 -1 7 .9 -20.6 -25.8 -31.1 -3 3 .5 -31.9

443.7

2-75

-10.0 -1 1 .8 -13.0 -45. 4 -16.9 -18.7 -24.1 -25.3 -29.3 -30.3 -27.8 -23.4

441.2

3—
75

-10.9 -1 1 .8 -1 2 .9 -44.8 -1 6 .4 -1 7 .9 -49.9 -23.3 -26.1 -26.2 -22.9 -18.0 -12.2

410.0

4-75

-10.2 -1 1 .0 -12.0 -13.6 -15.0 -16.2 -17.8 -20.5

5-75

-21.7 -16.0 -12.7
t
J
- 9 .» - i O . l -41.0 -4<i.4 - l i . i -14. i> -45.7 -17.9 -19.3 -16.2 -14.3
-9.2

-6.8

-1.4

-3 .9

0.5

2.2

4. 1

6 .7

0.1

H. 6

12.0

9.0

11.6

6-75

-H.2

-8 .8

-9 .5 - io . e -11.7 -12.4 -43.4 -15.1 -16.0 -14.5 -40.4

-5.4

-0 .3

7-75

-7.1

-7 .6

- 8 .2

-9 . i -10.0 -10.6 -44.3 -12.7 -13.2 -11.5

-7 .5

-2.6

2.2

#—
75

-5 .3

-6.1

-6 .6

-7 .5

-8.1

- 8 .5

-8.9 -10.0 -10.3

-8.3

-4 .3

0.5

5.1

9-75

-4*3

-4 .6

-5 .0

-5 . 7

-0.2

-6.4

-6 .7

-7.5

- 5 .4

-4 .4

3.3

7.8

2-7»

3-74

4-74

5-74

6-74

7-74

8-74

9-74 10-74 11-74 12-74

1-75

2-75

-7.5

IN IT IA L

P- PRELIMINARY




409.9
140.4
411,1
1 2 .6 ^ ^

142.2

1 4 .9

16.7

21.

11.6 rr~4.3.i

47.6

19.7

23*4_

25.8 1

3-75

5-75

6-75

7-75

8-75

4-75

1 4 4 .OP
44 6 .2P

MONTH

-------------------------------------------------------P R E P A R E D BY F E O E R A L R6Sfc«Vt B A N K O F ST* L O U I S
O C T O B E R 17* 1 975

7

PERSONAL

INCOME

RATIO SCALE
MONTHLY TOTALS AT ANNUAL
TRILLIONS OF DOLLARS
SEASONALLY ADJUSTED

HATES

RATIO SCALE
TRILLIONS OF OOLLARS

1 .4 ............. ............. ............. ............. ............. .......................... ....... ..... ........ — 1 1.4
1

tf.ar -

1.3
1.2

■ 'n v Y T B i

1.3
1.2

1.1

1.1

1.0

1.0

0.9

0.9

+r.oz

0.8

0. 8

0.7

0.7

0.6

0.6
mr^sr

M 9
tV n

0.5

ter. w ' ser. v a r
*
t l 1

♦i

1967

1968

1969

PCftC€MTAt€f ARE A M M A L RATE« f

1970

1971

1972

1973

1974

1975

0.5

SMftCEt •.«. KPAftTMEUT If CtMMERCE
CNANtC Mft PER I O M IMtlCATCO.

LATEST »ATA PLOTTER* SEPTEMBER M E L IMl (MAY
PREPARED OY fEOERAL R C S U V C SANK Of ST. LOO If

PERSONAL INCONE
COMPOUNDED ANNUAL RATES Of CHANGE________________________________________________________
e IL L io N $ ^
TERMINAL__________________________________________________________________ IN IT IA L MONTH__________________________________ ________________________________ DOLLARS
TORT h "
ANNUAL RATES
4-74 5-74 6-74 7-74
2-74 ¿-7 4
8-74 9-74 10-74 11-74 12-74 1-75 2-75
3-75 4-75 5-75 6-75
7-75 8-75
3-74

4 .1

4-74

6 .5

9 .1

1 .1 1 7 .1
1 .1 2 5 .2

5-74

8.1

10. 1

11.2

6-74

8 .)

9 .8

10,2

9.1

1 .1 3 5 .2

7-74

10.2

11.8

12.8

13.6

«-74

9 .9

IU 1

11.6

11.8

13.1

8.3

9-74

10.2

11.2

11.6

11.7

12.6

10,0

11.7

10-74

9 .8

10.6

10.9

10.9

11.3

9.1

9 .5

7 .4

11-74

8 .6

9 .2

9 .2

8 .9

8 .8

0 .6

6 ,1

3 .4

12-74

8 .4

8 .9

8 .9

8 .6

8.5

6 .6

6 .2

4 ,5

3 .1

1-75

7*6

8 .0

7 .9

7 .5

7 .2

5 .5

5 .0

3 ,4

2a

2-75

7.2

7 .5

7 .3

* ,9

6 ,6

5,1

4 ,5 _ 3*2

3-75

6 .8

7 .0

6 .9

6 .4

6 .1

4 ,7

4 .2

3 .0

2 .2

4-75

6 .9

7 .1

6 .9

6 .5

6 .3

5 .0

4 .6

3 .7

3 .1

5-75

7 ,2

7 .4

7 .3

7 .0

6 .*

5*7

5 .4

4 .7

4 .3

*-75

8.7

9 .0

9 .0

8 .8

8 .8

8 .0

8 .0

7.6

7-75

7 .*

8.1

8 .0

7 .8

7 .7

6 .8

6 .7

6 .2

T.O

7 .0

a .2 _

8-75

8 .4

8 .6

8 .4

7 .7

7 .6

7 .2

7 .2

8.1

8 .3

9 .5

9-75

8 .7

8 .9

8 .9

8 .8

8 .8

8*1

8.1

7 .8

T 7 .9 J

8 .8

9 .0

10.1

2-74

3-74

4-74

5-74

6—
74

7-74

8-74

9-74 10-74 11-74 12-74

1-75

1 .1 4 3 .5
18.1

1 .1 5 9 .5
1.1 6 7 .2
1 .1 7 8 .0
1 .1 8 5 .0
*

\
- 0 .5

X

1 .1 8 4 .5
I . 191.0
3 ,4

0.1

3 ,0

1.2

2 .3

2 ,9

1.6

2 .i_

2 .3

3 .8

3 .1

4 .1

5 ,0

7 .7

5.1

4 .8

6 ,0

2 «-2
- __

9 .7

11.8

7.4_ _ 8* 8

9 .1

U .O

13.3

1 1 .2

2 2 .3

3 3 .8

9 .4

11.2

12.4

1 2 .«

- 4 .9

10.7

12.5

1 }.S

14.4

5. a

11 .3

12.9

13-9

14.5

8.7

16.2

2-75

3-75

4-75

5-75

6-75

7-75

1 .1 ^ 1 .1
1 .1 9 3 .4
1 .1 9 5 .7
1 .2 0 3.1
1 .2 1 4 .1
i . 244.1
1 .2 3 8 .9
V

1 .2 5 5 .9
1

1 .2 7 0 .3 »

8-75

IN IT IA L MONTH
P - PRELIMINARY




PREPARED BY FEOERAL RESERVE BANK Of S T . LOUIS
O C JD D E R ,^ . 1975

8

RE TAI L
RA TI O SCALE
B I L L I O N S OF DOLLARS

SALES
R A TI O SCALE
B I L L I O N S OF DOLLARS

SEASONALLY ADJUSTED

55 -------------- ------- ------- ------- ------- ------- ------- ------- ,55
50

50

+ /O.JZ

45

45

*0.4X~
/

40

40

* / J .'

J

35

35

+3.5Z

30

30

+7.4.

25

25

A

79
r
20 1

*

1967

*1!.......... ....

1968

1969

1970

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

1971

‘
7J

1972

1973

SOURCEt U . S .
PERCEN TAGES ARE ANNUAL R ATES

OF

CHANCE FOR P ERIOD S

J W l '^ F

1
m

1974
DEPARTM ENT

1975
OF

20

COMMERCE

IN 9 I C A T E 0 .

OATA R E V ISE O FROM 1 0 7 4 .
L A T E S T OATA P L O TTE D t

A U G U S T,

SEPTEMBER AOVANCE E S T IM A T E
FEDERAL RESERVE SANK OF S T .

L O U IS

_____________ R ET A IL SALES_____________
COHPOUNDÉD ANNUAL RATES OF CHANGE
I

t è r m ìn a i

¿-74“ V 7 4 " T ^ 7 V "5 -7 4 " 6-7*- 7-TV 'T - T 4 " V 7 4

n it ia l

month

10-74 li- 7 4

lf - T V

m il l io n s

1-75

2-75

3-75

4-75

5-75

6-75

7-75

of

8-75
43«938

3—
74

19.4

4-74

16.4

1 3.6

44*406

14.5

12.2

10.9

Ì0 .3

7*4

4 .4

— .6
1

7-74

15.1

14.0

14.2

15.9

36.6

8->4

U A

17.1

1 8.0

2 0 .4

3 3 .3

30.0

9-74

10.4

8 .4

8 .0

t. 3

10.5

- 0 .6 - 2 4 .0

10-74

4 .0

7. 6

6 .6

$7T

7 .7

Ü-74

Ì.8

2.Ó

0.$

li- 7 4

* .0

3 .6

2 .4

1.2

1.7

- 6 .4

- 9 .2

16.8

1-75

6 .9

5. f

4 .8

4 .1

5 .0

0 .4

- 4 .6

1.0

1 .4

21 .6

26.7

2-75

8 .4

7 .4

6 .8

6 .4

7.4

3 .8

- 0 .0

5 .6

7 .2

23.2

26.5

- 3 .5

0 .4

0 .6

9 .9

7 .7

•
0
1

44*789

5-74
4-74

3 .6

4 .3

12.8

11.8

7 .2

- 1 .3

2 5 .0

7 .7

8 .9

17.0

17.1

14.8

11.2

32.8

4 1 .0
2 4 .9

10.6

- 1 .2

44*727

- l.l

1
o
•
V
*

45*905
46*920

- tà .ó

45*858
- 0 .4

45*844
44*529

- 8 .7 -1 8 .9 -16 .2 -2 9 . Ì
- 4 .1 -1 1 .1

3-75

5 .6

4 .6

3.8

3.1

3 .7

0 .2

4-75

6 .9

6 .0

5*4

4 .9

5 .6

2 *6

7.8

7 .6

8 .4

6 .0

45*109
46*006
46*914

26*4
- 0 .7 -2 2 .0

45.951
46*813

5-75

8 .9

8 .2

4-75

9 .0

8 .4

8 .0

7 .8

8 .6

6 .4

4 .3

8 .0

9.1

16.1

16.0

13.9

11.0

2 4 .9

7-75

10.2

9 .6

9 .3

9 .2

10*1

8 .2

6 .4

10.0

11.2

17.8

17.9

16.5

14.6

26.2

26.6

19.9

30.1

8-75

9 .8

9 .3

9 .0

8 .9

9 .7

7 .9

6 .2

9 .5

10.5

16.2

16.1

14.7

12.8

2 1 .5

20 .6

14.5

16.5

4 .2

9-75

9 .5

9 .0

Ö. 8

8 .6

9 .3

7 .6

6 .1

9 .1

10.0

15.0

14.7

13.3

11.6

18.5

17.2

11.9

12.3

4 .4

4 .5

_ 2-74

3-74

4-74

5—
74

6-74

7-74

8-74

9-74 10-74 11-74 12-74

1-75

2-75

3-75

4-75

5-75

6-75

7-75

8-75

3 .6

48*173
48*578
49*655
49.827P
50,0126

IN IT IA L MONTH
p- PRELIMINARY_____________________________________________________________________________________________ ___________________________________________ ___ ____________
E- ESTIMATED

_____ ______________________________________________________________________ -___PAEfiftfP s v . f E P f f m ftisewE



OCTOBER 16» 1975

9

m n k qf s t > l oui s

rn w M ^ tin « . m «cu». tc ta i »«»mai» rrnmm
SCWMNDf. ANNUAL «AVO Of CM M
A KC
ff» * ! M i

4949 • 400

!« H 4 t CU407E*
1-90 4-70

4-7i

<-74 *- n

4* 94

4-72 2-12 3-92 4-92

4-93 M 3

3—
93

1-94 2-94 3-94

M3

4-94

1-95
424.7

4-70

;•«

M l

5*4

129*3

4.5
1.4

6.1

434.3

4.9

6.1

5.9

433.2

i.2

4.è

1.3

M l
5.9
4-91

4.4

1*7?

^•1

4 .«

4.5

<•4

4.5

IC .f

«-72

<•1
*«

6.5

4.1

6.4

>.4

4.9

*.#

4.2

!•»

f.?

t «2
« .6

4.4

4.4

4.4

è«i

6.0

4.0

4.0

4.4

5.4

5.1

9.3

7.1

6.«

l.o

? .4

l.S

9.3

4*4

40.2

43.2

♦-t;
6*6

1-91

434.3
437.7
lit » )
440b7
443.2
447.7
449.4

;* n

4.%

6.1»

* .*

€.7

4.ê

1.4

4.9

9.3

4.3

4.4

4.9

i- T l

6.4

*.7

e.6

é.c

6.7

7.2

4.4

7. C

9.9

9.9

5.4

4. 9

6.9

e.rt

è.é

4.«

9.4

7.C

1.3

f.O

4.2

4«4

9. 5

9.0

7.U

4.«

4.'4

7.4)

1.4

7.C

7.3

9.4

4.0

4.4

9. 5

4.2

4-1%

154.4
454.9
457.7

1-74

6.7

?*n

7*1

7.4

9.3

1.4

7.5

9.5

9.4

4.0

4.6

4.4

9*9

4. 4

9.9

10.1

42.9

1-74

7*1

7.1»

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1.9

4.3

4.4

9.4

4.4

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13.0

40.3

44.9

40.9

4-74

7.4

7.7

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7.4

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4.3

4.4

9.0

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1-94 2-94 1-94

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105.0
107.4
107.7
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409.4
440.3
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* ____

PRODUCTIVITY, COMPENSATION, AND LABOR COSTS
RATI O SCALE
RATI O SCALE
1967-100
SEA SO N A LLY ADJUSTED
1967-100
------- 1 ---- 1165
—
165 i------- ------- ------- ------- ------- ------- ------- 1

1967

1968

1969

1970

1971

1972

1973
SOURCEi

PERCEN TAGES ARE ANNUAL R ATES OF CHANGE FOR PERIOOS
L A T E S T DATA P L O T T E D .

U .S .

1974

1975

DEPARTM ENT O f LA tO R

IM O IC A TE D .

2 MO QUARTER P R E L IN IN A R Y
PREPARED « Y FEOERAL RESERVE BANK OF S T .

L O U IS

UNIT LAbUR C U S U * TOTAL FMVATfc fcCONOMV
COMPOUNDED ANNUAL RATES OF CHANGE
IN IT IA L QUARTER

TERMINAL
QUARTER
3—
7o
4-70

4-70

1-71

2-71

3-71

4-71

1-72

2-72

5-72

4-72

1-75

1947

2-75

5-75

4-75

1-74

»

100

2-74 v 5-74

5.1
- 1 .3

1—
71

l.V

2-71

3 .0

2 .0

5 .4

5-71

1 .7

l.V

T-..5

1.7

4-71

? .i/

1.

b

? .v

1 .6

1 .6

1-72

3.2

2 .6

S .V

3 .4

«*•3

7 .0

2-72

2*6

2*2

2 .9

2 .3

2 .5

5 .0

- 1 .0

5—
72

2 .4

2 .0

2 .6

2 .0

2 .1

2 .5

0 .0

1 .0

4-72

2 .3

2 .0

2 .4

2 .0

2 .0

2 .1

0 .5

1 .5

1 .6

1-75

2 .8

2 .5

3 .0

2 .7

2 .9

5 .1

2 .2

5 .2 '

4 .4

7 .2

2-75

3 .2

3 .0

3 .5

3 .2

3 .5

3 .8

5 .1

4 .2

5*5

7 .1

7 .1 s

5-75

5 .5

3 .4

3 .8

3 .7

3 .9

4 .5

5 .8

4 .t

5 .8

7 .2

7 .2

4-75

3 .9

3 .8

4 .2

4 .1

4 .4

4 .7

4 .4 ~ 5 .5

6 .2

7 .4

7 .5

" 7 .7

1-74

4 .7

4 .7

¡>.2

5.2

5 .5

6 .0

5 .8

6 .8

7 .9

9.1

9 .6

10.5

12.2

7 .5 s
8 . 1 sV
16.4 < 1 0 . 2 %

2-74

5 .2

5.2

5 .7

5.6

6 .1

6 .6

6 .6

7 .5

" 8 .5

9 .7

10.2

11 .0

12.5

14.4

u

5-74

5 .7

5 .7

6 .2

6 .3

6 .7

7 .2

7 .2

8 .1

9 .0

10.1

10.6

11.4

12.4

15.9

1 2 .7

0-74

¿ .2

6 .2

6 .d

o .9

7 .5

7 .7

7 .8

8 .7

9 .6

10.7

11.2

11.9

12.8

14.0

15*5

15.6

14 .5

1—
75

6 .4

0 .5

7 .0

7 .1

7 .5

6 .0

8.1

8 .9

9 .7

10.7

11.1

11.7

12.5

1 5 .4

1 2 .7

1 2 .7

12.6

2-75

6 .5

6 .3

¿ .8

o*9

7.2

7 .6

7 .7

8 .4

9 .1

9 .9

ED

10.6

11.1

11.6

1 0 .T

1 0 .5

9 .4

£-7o

*-70

1—
71

2-71

5-71

4-71

1-72

2-72

5-72

4-72

1-73

2-73

5-75

«*-75

1-74

2-74

1-14




. Î S

w

1 2 .8 s

7 .0

IN IT IA L QUARTER

PREPARED ftY FEDERAL RESERVE
AUGUST 28« 1975

II

ftANK

OF S T . LOUIS

g Ao s s

n a t io n a l

pr o o u c t

in

c u rren t

d o llars

COHPOUNQ6P ANNUAL RATES OF CHANGE________
TERMINAL
QUARTER
>fcc70

B IL L IO N S Of

IN IT IA L QUARTER
1-71

2-71

3-71

4-71

1-72

2-72

4-72

1-73

2-73

3-73

4-73

2-74

i- 7 *

3-74

4-74

1-75

ANNUAL RATES

2-75

1-71

1 .0 2 7 .8

2-71

11*5

7 .8

3-71

9 .5

6 .6

5 .5

1 .0 6 1 .3

4-71

9 .2

7 .3

7 .0

1 .0 8 3 .2

lr7 2

9 .8

8 .5

8 .7

1 .0 4 7 .3
‘

1 .1 1 5 .0
4 0 7 %

2-72

9 .9

8 .9

9 .1

U .3

10.4

3-72

9 .9

9 .0

9 .2

10.7

10.0

9 .5

4-72

1 0.2

9 .5

9 .8

11.2

10.9

11.1

1 .1 4 3 .0
I » 169.3
12.7 X

1 .2 0 4 .7

1-73

10 .6

10.2

1 0.6

12.1

12.0

12.5

14.1

15.5

2-73

10.7

10.2

10.5

11.7

11.5

11.8

12.6

12.5

9 .6 ^ s .

1 .2 7 7 .9

3-73

10.6

10.2

10.4

11.4

11.3

11.5

11.9

11.7

9 .8

1.308*9

4-73

iT S T r l

1 0 .2

10.5

11.4

11.3

11.4

l it ?

11.6

10.3

1 .2 4 8 .9

1 .3 4 4 .0

11.2
*

•
IS»

10.6

9 .8

9 .9

10.6

10.4

10.4

10.5

10.1

8 .8

8 .5

7 .8

2-74

10 .0

9 .6

9 .7

10.3

10.1

10.0

10.1

9 .7

8 .6

8 .3

7 .7

* >

1 .3 8 3 .8

1-74

10.0 .

9 .6

9 .7

10.2

10.0

10.0

10.1

9 .7

8 .7

8 .6

8.2

8 .6

1 .4 1 6 .3

4-74

9 .6

9 .2

9 .3

9.7

9.5

9 ,4

9 .4

9 .0

8.1

7.8

7 .4

6 .5

7*1

6 .9

1-75

8.7

8 .4

8 .4

8.6

8.3

8.1

8 .0

7 .5

6 .5

6 .1

5 .4

4 .3

4 .3

3 .2

2-75

8 .7

8 .3

8 .3

8 .5

8.2

8 .0

7.9

7 .4

6 .6

6 .2

5 .6

4 .8

4 .8

4 .1

2 .3

1 .4

9 .1

8 .7

8 .8

9 .0

8.8

8.7

8 .6

8.2

7 .5

7.3

7 .0

6 .4

6 .7

6 .5

5 .8

6 .3 111.81

4-70

1-71

2-71

4-71

1-72

2-72

3-72

4-72

1-73

2-73

3-73

4-73

1-74

2-74

3-74

o

1-74

J- 7 5

L Z

1 .3 5 8 .8

Ü

4 .2

1.4 3 0*9

\

I 0 . 0 1 - 3 .9

4-74

1 .4 1 6 .6

11
1
7 .0

1-75

'sw

1 .4 4 0 .9

16.8 1

1 .4 9 7 .8P

2-75

I N IT IA L QUARTER
P- PRELIM INARY
GROSS NATIONAL PROOUCT IN CONSTANT 1958 DOLLARS
_________COh POUNOEQ ANNUAL RATES Of CHANGE___________
B IL L IO N S OF

’

TERMINAL

SuiftfW

> «70

»

1-71

IN IT IA L QUARTER

V

10.2

1-71

2-71

3-71

4-71

1-72

2-72

3-72

ANNUAL RATES
4-72

1-73

2-73

3-73

4-73

1-74

2-74

3-74

4-74

1-75

2-75

X

736.9

2-71 _

6 .4

1-71

_

5 .2

2 .8

2 .8 ^

_

5 .5

4 .0

4 .6

1-72 _

5 .7

4 .6

5.2

2-72

6 .1

5*4

6 .0

7.1

7,4

8 .4 ^ ^

3-72

6 .1

5 .5

6 .0

6 .8

6 .9

7.2

6 .0

4-72

6 .4

5 .9

6 .4

7 .1

7 .3

7.6

7 .1

8.3

1-73

[ 6 .7 ]
L - I—
J

6 .1

6 .8

7*5

7 .7

8 .0

7 .9

8.9

9 . 5 K

812.8

2-71

6 .1

5 .8

6 .2

6 .7

6 .8

6 .8

6 .5

6 .6

5 .8

817.4

1-73

5 .8

5 .4

5 .7

6 .1

6 .0

6 .0

5 .5

5.4

4 .4

1 .9

4-71

5*5

5 .1

5 .4

5 ,7

5,6

5 .4

4 .9

4 .7

3 .9

| 2 .1 |

1-74

4 ,5

4 .1

4 .2

4 .3

4.1

3.8

3.2

2 .7

1.6

2-74

4 ,1

3 .6

3 .7

3 .8

3 .5

3 .2

2 .5

1-74

3 .7

1 .2

1 .2

l.J

3 .0

2 .7

2 .0

4-74

2 .8

2 .4

2 .3

2 .3

1.9

1.5

0.9

1-75

1.9

_ 1 .4

1.1

1.2

0 .8

0 .4

2-75

1 .9

1 .5

1 .4

1.1

0 .9

1-75

2 .4

2 .0

1.9

1 .9

1 .6

4-70

1-71

2-71

3-71

4-71

1-72

4-71

742.1
7 47.2

%

759.1

6 .4

770.9
7 86.6
798.1
814*2

- 0 .1

1 .6 ^ S w
2 .0

840.8

2 .4 W

845.7

- 1 .1

- 2 .4

-7. oN 3 ^ 5

- 2 .2

- 4 .4

- 1 .6

%

810.5
827.1

1.1

- 0 .5

- 1 .2

0 .6

- 0 .8

- 1 .4

- 2 .1

[- 3 .5

| - 1 .8

0 .3

- 0 .6

- 2 .0

-2*7

-1*5

-4 *9

- 4 .2

-5 . 5

- 0 .1

-0*9

- 1 .9

- 4 .9

- 6 .3

- 6 .1

-7 .5
M
UM

0 .5

-0 .1

-0*7

- 1 .5

- 2 .7

- 3 .3

- 3 .9

- 5 .0

- 4 .5

- 5 .1

- 6 .3

- 5 .0

1 .2

0 .7

0*3

- 0 .4

- 1 .4

- 1 .8

- 2 .2

- 2 .8

- 2 .1

-2 *2

— .2
2

0.1

2-72

3-72

4-72

1-73

2-73

3-73

4-73

1-74

2-74

3-74

4-74

2.1

- 1 .9^

-110.2%
-9. 0

823.1
804.0

^

(-10 . 2k- 1 1 . 4 K ^46^4%
,, tar
t

780.0
783.6

l.9 ^ C
1 6 .4 1 11.2
1-75

1

804.6P

2-75

IN IT IA L QUARTER

P- PRELIMINARY




PREPAREO 8Y FEOERAL RESERVE BANK OF ST« LOUIS
OCTOBER 20* 1975

12

DEMAND AND P R O D U C T I O N
R A T I O SCALE
QUARTERLY TOTALS
T R I L L I O N S OF DOLLARS
SEASONALLY

R A T I O SCAL E
T R I L L I O N S OF DOL L ARS

AT ANNUAL RATES
ADJUSTED

1

0 .

0 .

0 .

1967

1968

1969

1970

1971

1972

1973

1974

1975

U.CNP IN CURRENT DOLLARS.
SOURCE* U .S . DEPARTMENT OF COMMERCE
fcPNP IN 1958 DOLLARS.
PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIODS IN D IC A TE D .
L A TE S T DATA P LO TTE D t 3RD QUARTER PR ELIM IN AR Y




PREPARED BY FEDERAL RESERVE BANK OF S T . LO U IS

13

GENERAL

PRICE

INDEX*

R A TI O SCALE

RA T I O SCALE

1958-100

1958-100

U tE O

IN N A TIO N A L

INCOME ACCOUNTS

SOURCEt U . S .

PERCENTAGES ARE ANNUAL RATES OF CHAM6E FOR P ERIODS
L A T E S T DATA P L O TTE D «

DEPARTMENT OF COMMERCE

IN D IC A TE D

8RD QUARTER P R ELIM IN AR Y
PREPARED SY FEDERAL RESERVE BANK OF S T .

L O U IS

IM P L IC IT P R IC E DEFLATOR FUR GROSS NATIONAL PRODUCT
___________ COMPOUNDED ANNUAL PA T E S OF CHANGE_____________
T ER M IN A L _____________________________________________ _________________________I N I T I A L
QUARTER
4-72
3-72
1-71
2-71
3-71
4 -7 0
1-72
2-72
4-71
1-71

4 .«

2-73

3-TJ

4-73

1-74

2-74

4-74

3-74

1-75

1958 «

4 ,8

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

3-71

A iiî

3 ,7

2 .6 X

4—71

3 .5

3 .1

2 .2

1 .9

1-72

3 .9

3 .7

3 .3

3 .7

2-72

¿« 6

3 .3

3 .0

3 .1

3 .7

3-72

3 .5

3 .3

3 .0

3.1

3 .0

2 .o

3 .3 ^

4-72

3 .6

3 .4

r 3#2i
L _ J

3 .3

3 .7

3 .1

3 .7

4 .0

142 .0 3
N.
•—

< 007
%
/o

1 4 2 .7 0
144.62
145.31
146.50
1 47.96

1-73

3 ,8

3 .7

3 .5

3 .7

4 .0

3 .7

4 .3

4 . ti

5 .5

2-73

4 .1

4 .1

4 .0

4 .2

4 .6

4 .4

5 .0

5 .6

6 .4

i- 7 3

4 .5

4 .5

4 .5

* .7

5 .1

5 .0

5 .7

6 .3

7 .0

V /

149.95

/©

1 52 .6 1
8 .3

7 .8

1 55 .6 7

4 .9

4-73
1-74

5 .4

2-74

100

2-75

4 *7

2-71

QUARTER_____________________________ ______________________________________

* .9

5. 1

5 .5

5 .5

6 .2

0 .7

(T 7 1

8 .1

(?. 5

8 .6

5 .5

5 .5

5. >
i

6*3

6 .4

7 .0

7 .6

8 .4

9 .1

9 .7

1 0 . t»

1 2 .3 ^ V ^

H .5

9 .2

9 .6

1 0 .1

1 0 .b

9 .4

9 .6

10. *

1 0 ,5

1 1 .2

1 0 ,6

1 1 .9

_
_

1 58 .9 3 _
ftO£

5 .7

5 .0

5 .8

6. 1

6*0

6 .7

7 .3

7 .9

3-74

6#_1

0 .2

6 .3

6 .6

f.v

7 .2

7 .6

d .4

4-74

to .6

6 .7

o .'*

7 .2

7 .0

7«h

e .4

9 .0

9 .7

1 0.3

1 0 .B

1 1 .3

I 1 2 .0
jr.:

1 1 .9

13. 1

1-75

c .7

6. b

7 .0

7 .3

7. 7

7 .9

6 .4

9 .0

9 .5

10.1

10. 5

1 0. *

1 1 .3

1 1 .0

1 1 .6

2-75

L .O

0 .7

to.b

7. 1

7 .}

7 .7

a. 2

d .6

9 .1

9 .5

V.Ö

1 0. J

10. z
!

9. a

J- 7 5

0 .5

0 .6

6 .7

7 .0

7 .3

7 .5

7 .9

9 .3

fc.7

9 .0

4 .2

9 .4

9 .5

9 .0

4-7 J

1-71

2-71

3-M

4-71

1-72

2-72

3-72

4-72

1-73

2-73

3-73

4-73

1-74

16 3.6 1

IN IT IA L

167.31

9 .9 .

U 2 t û 7 ....

1 1 .4
9. 3
b. 2

2-74

....

r—*v_
11
N
5 X $ .2 %

3-74

i a t .6 ?
1 83 .8 8

5. 1

0.2
4-74

S . l ' l 1.
l-7t>

117 * * I

1 6 6 . 15P

2-75

QUART EH

P- PRELIMINARY




PREPARED ÖY FEOCRAL
UCTOdER 2 0 , 1975

14

RFStftVfc' HANK OF S T .

LOUIS

PERSONAL CONSUMPTION EXPENDITURES IN CURRENT DOLLARS
_____________COMPOUNDED ANNUAL RATES OF CHANGE______________
A IL L IO N S Of

TERMINAL
QUARtER
*
I
o

ANNUAL RATES
1-71

1-71

11.0

1-72

2-72

1-72

4-72

1-73

2-73

3-73

4-73

1-74

2-74

3-74

4-74

1-75

2-75

7 .3

3-71

4-71

3-71

14.9

2-71

2-71

650.5
662,1

9 ,4

6 .8

6.2

4-71

8 ,8

6 .9

6 .7

7.1

1-72

9,2

7 .8

8.0

8 .9

10.8

2-72

9 .6

8 .5

8.8

9 .7

11,1

ll,l_

3-72

9 ,5

8.7

8 .9

9 .6

10.!>

10.3

9 ,3

4-72

9 ,8

9t 1

9.4

10.0

10.7

10.7

10,4

672.1
6ft3.8
701.5
720.6
736.ft
11.5

757.2

1-73

10,2

9 ,6

10.0

10.6

11.3

11,4

11.5

¿ 2 .*

13.4

T ftl.7

2-73

10,1

9 .6

9 .9

10.4

10,9

11,0

10,9

n .4

11,3

« .2

7 * 9 .0

3-73

10.0

9 .5

9 .8

10.2

10,7

10,6

}0 , S

10. ft

10.5

9 .0

ft.9

4-73

9,5

9 ,0

9,1

9 .5

9 .8

9 ,6

9 ,3

9 .4

ft.ft

7 .3

6 .3

3 .6

1-74

9 .4

8 .9

9.1

9 .4

9 .6

9 ,5

9 ,2

9 .2

8 .7

7^5

7 .0

6 ,0

8 ,4

2-74

9.7

9 .3

9 .5

9.8

10.1

10,0

9 ,8

9 ,9

9t 6

e t 8 - 1*7

lit ?

J ‘ l+ ____ ÌO jtl____ f r a

19.1&... ......................... 1 9 t*

1^9

Jb 2 i_

-1^0____I t i ____ 9,4

9,3

M

9 ,1

8 .8

8«!

____9 ,3

9 ,2

9 .0

9 ,0

8 .7

ft, I

-1*2___ SLtJ2_

19t,l .I9 y 1

ft*
ljt7

- 2 a i____ SU fl____ SLd____ l a ____ SU5____ S L a ____ 9.^2

Jls J i____2±À____9 ,4

Î- 1 S

4-70

1-71

2-71

•16.1
M l- «
M40.6
■l *

t * ....................... ...

.

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

1 |« J,

7 ,9

7 .7

8 .7

7 ,9

7 ,6

8 ,6 ____ _______ fu 8 .. ..¿m l____la fl-

8 .9 ____É U

- ¿t» .

9 .8

9 ,7

£«.6

9f 6

9 ,4

?.0

3-71

4-71

1-72

2-72

3-72

4-72

1-73

in it ia l

9 ,0

9 ,0

9 .8

2-73

3-73

4-73

111.2
9 3 J« A

10,0 ____2*2____ 7*A

1 U 2 ___U^JB___U . l -

1-74

4-74

2-74

3-74

a

Jt iâ JL

____ & a ____ f l* J____ *« 1 ■ 3 »2____ fe d ____ 2 *A ____ U A
■

9, à

M ia i
m

■1 ?« E

97fl.Hr.

1-75

2-7$

1-75

ftILLIO N S OF
M U JM S .
ANNUAL RATES
2 r Ji.

q uarter

P- PRELIMINARY
PERSONAL CONSUMPTION EXPENDITURES IN CONSTANT 19>8 OOLLAftS
________________ C0HP0UN0€0 ANNUAL RATES Of C H A N G E ____________
TERMINAL

IN IT IA L QUARTER

T G Ï Rt î R “
4-70

1-71

2-71

3-71

4-71

1-72

2-72

3-72

W 2

1-73, 2-73

3-73

4-73

1-7^

2-74

1 -T 4 _ .4-7.4

-LLsO_________________________________________________________________________________________________________________________________ ______
l - J i _____ fri *

JS 2 « L

U l

-2=1X____ t t l ___ id i___ i l l 3 .8

Jb .IL .
5 ,9

1-72

■ llla JL

4 .2
6*2

- ¿ Z ì i ____
5 ,5

6 .0

1-73

6 .7

6 .2

2-73

6 ,1

5 ,6

5 ,6

5.1

2z l ?

6 .7

7,2

6 ,4

4-72

■

7.1

7.6

7 .4

7,3

7.3

7.7

7 ,8

7,6

8 ,3

5.9

6 .3

6 .5

4 ,3

5,8

5.4

i

L

8 .5

6 .7

6 ,3

JU liiL

8,1

*Ì U Ì

> »«T

5 .6

5 .7

5 ,5

4 ,9

4 ,6

3,3

0 ,9

1,2

ftrfr____±t£____i i i ____ 4 .2

4.1

3 .7

2 ,9

2 T3

0 ,8

-1 c*

- 2 .7

- 6 ,4

3.1

2 .6

1.1

- 0 .4

- 2 .4

- 3 ,4

- 5 ,6

1-74

3.8

.2-7+

3 .7

3 .2

3.2

J U i ____ 3.o_

3-74

3 .7

3 .2

3,2

3,2____ 3 .0

4-74

» ¿ il
J U

M l ____ «a±6 ,3

3-72

7,1

3.3

2t6_

3.3

.2 * 0 ____ U 1 ____ b_§____ U 4 .

¿«9 . .¿ jt P

» h i

2t 6___ p s J____ U 1 ____Q t L - z i y l ,
L
2 .6
U L

2 ,0
-

-

1 .5

0t S

311.nl

- 4 .7
- I t i ____1*2-

- 0 .7

-1. 5

*±ZmZ

¿ , 2 ____¿jtfi.___ ia±-

1 ^ 1 , - I ^ „ - ¿ 1 6 _ - ^ t l - ri t 9

M I» *
- 1 **2 -

1,6

1.2

0 ,6

0 .0

- 0 ,9

- 2 ,0

- 2 .3

- 2 ,9

- 2 .2

- 1 ,5

- 2 .7

- 5 .7 ---

____¿ â j ____¿*2 ____ 2 .2

-2r.7S

..¿ juP____ 1.9

2 .0

1.6

1 .0

0 .6

- 0 .2

-1 .1

-1^3

- 1 .6

- 0 .8 ____Q,Q

-Q .6

- U f l--- &*£--- tu Ju

U l.

0 .4

1-0.3

- 0 .4

- 0 .6

0 .3

3-72

4-72

1-73

2-73

3-73

4-73

___ ¿Lt_5___ ______ 2 ^ ___ 2 t3
4-70

1-71

2-71

3-71

4-71

2 tfl___ U 5_
1-72

2-72

311 «5

1.1____ 0*3____ -------J u J ____to. 7
1-74

2-?4

3-74

4-74

1-75

U Z mZ .
7.0

54ft«*P

2-75

IN IT IA L QUARTER
P- PRELIMINARY




PREPARED BY FEDERAL RESERVE BANK OF S T . LO U IS
OCTOBER 20, 1975

15

GKOSS PRIVATE OOMESTIC INVESTMENT IN CURRENT DOLLARS
COMPOUNDED ANNUAL RATES Of CHANGE
IN IT IA L QUARTER

*
1
o

TERMINAL
QUARTER
1-71

2-71

3-71

1-7?

4-71

?-72

3-72

4-72

1-73

2-73

3-73

4-73

1-74

2-74

3-74

4-74

1-75

B IL L IO N S Of
OOLLARS
ANNUAL RATES
2-75
__
146.6

1-71

2 9.6

2-71

2 5.6

2 1 .8

3-71

1 5 .9

9 .6

4-71

17.0

13.1

9 .0

20.4

1-72

18.2

15.6

13.6

2 1 .a

23.2

2-72

17.7

15 .5

14.0

19.6

19.1

15.2

154.0
153.5

- 1 .3

160.8
169.4
175.5

3-72

17.5

1 5 .6

14.3

16« 6

16.0

15.6

15.9

4-72

17.7

16*0

15.1

IB .7

18.3

16.7

17.5

19.0

182.1

1-73

17.9

16*5

1 5 .B

18.9

18.6

1 7 .i

18.2

19.4

19.8

2-73

17.4

16.1

1 5.4

18.0

17.6

lo .S

16.9

17.2

16.3

12.8

3-73

16.5

15.2

14.5

16.7

16.2

15.0

15.0

14.8

13.4

10.3

7.8

4-73

17.8

16« 8

16.3

18.4

18.2

17.5

17.8

18.2

18. a_

17.4

19. a

1-74

14.0

12.8

12.0

13.5

12.7

A l.5

li.Q

10« 1

8.5

5 .8

3.5

._ .

**0 t ?
199.0

....

2-74

13. 2

12.0

11.2

12.4

11.0

10.4

9.9

9 .0

7.4

5.1

11.4

10.2

9*3

10.3

9 .4

8.1

7 .3

6 .3

4.6

2 .3

0 .3

4-74

11.1

1 0 .Ü

9 .2

10.0

* .2

8.0

7.3

6 .4

4.9

3 .0

. m « i—
209.0

1 3 .L

______

1.4 - 2 2 .7
i.a

3.3

3-74

_

1.4

-1 1 . 0

- 1 .5 - 1 0 .9
0 .2

- 6 .7

—

........... ..
2 .5

- 2 .3

..........
7.2

....

1-75

4.1

2« 7

1.5

1.7

0 .4

-1 .3

-2.6

- 4 .3

- 6 .6

2-75

1.7

0 .2

- 1 .0

- 1 .0

- 2 .2

-4.1

- 5 .5

- 7 .2

3-75

5.2

4 .0

3 .0

3 .3

2 .3

0 .9

-0 .1

-1 .3

-3.0

- 5 .0

- 6 .8

- 8 .5 - 1 3 .3 -1 1 .6 -1 4 .2 -1 5 .0 -21.3

4-70

1-71

2-71

3-71

4-71

1-72

2-72

3-72

4-72

1-73

2-73

3-73

163*1 ..

-9.5 -1 2 .3 -1 5 .0 -1 7 .9 -2 4 .2 - 2 4 .5 -30.1 -35.5 -50.0 -3 2 .0

1-74

2-74

3-74

2<H*ft.

........... 2 0 9 .*

- 9 .5 -1 2 .3 - 1 5 .2 -2 2 .6 -2 2 .5 -2 9 .4 —17.2 TÔ3.2.

4-73

4-74

148.1

I S j JL , 94*5.
1-75

-

174,.9fL

2-75

IN IT IA L QUARTER
PRELIM INARY
GROSS PRIVATE OOMESTIC INVESTMENT IN CONSTANT 1958 DOLLARS
________________ fiflg.PflUMPgft-AMW .A l RATES Qf
__________________
B IL L IO N S Of

IN IT IA L QUARTER

QUARTER
1-71

V79
1-71

19.9
10. J

3 .7

4-71

12.4

1-72

P t?

1 0.7

2-72

lit i

1 1 .2

3-72

IM

— l *2
l

4-71

1-72

2-72

3-72

4-72

1-73

2-73

3-7 3

4-73

1-74

2-74

3-74

4-74

1-75

ANNUAL RATES
2-75

15 .3

3-71

3-71

24t7

2-71

2-71

107.9
11 i . a
- 6 .6

109.9

5 .4

19.1

9 .2

1 8 .0

17.0

10.2

16.5

15.2

13.4

10.5

15.2

13.9

12.4

11.5

15.0

14.0

13.0

12.9

114.8
119.4
123.2
126.6
14.3

4-72

iM

U .l

1-73

\ h 9 .. 1 1 .6

11.1 —14.4

IS * 4

12.6

12.3

12.7

U .l

2-73

1 2 « J_ ^L0 .9

10.4 _1 3 . 1

12.1

11.2

10.6

10.3

8.4

3-73

10.9

4-73

1 2 .6 _

9 .6

9 .0

130.9
134.4
5 .8

136.3

11.2

10.1

9 .0

8.1

7.3

5.0

2.1

- 1 .5

11.2 —13.4

12.7

12.1

11.9

12.0

11.4

11.5

14.4

3 2 .9

- 0 .8

- 2 .9

-3 .0 - 3 0 .1

- 4 .4

- 5 .4 -2 0 .1

135.8
1 4 5 .a

1-74

8.6

7 .3

8 .0

6 .9

5.7

4.6

3 .5

1.5

2-74

7.2

„6 .0

5 .2

6 .4

5 .2

4 .0

2.8

1.7

-Q.3

3-74

5 .0 _

3 .7

2 .9

3 .7

2 .4

1.1

--Q.2

- 1 .6

-3.6

- 5 .9

-8 .1

t

4-74

4.2

3 .0

2 .2

2 .9

1.6

0.3

-0 .9

-2 .2

-4.1

- 6 .0

- 7 .9

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

1-75

- i.l_

- 4 .6

- 5 .8

- 5 .6

- 7 .4

2-75

- 5 .L

- 7 .8

- 7 .9

- 9 .6 -1 1 .4 -13 .2 -15 .1 -1I*±_ -20 .3 -23 .1 -2 5 .7 -3 2 .6 -33 .1 -3 8 .1 -4 2 .8 -55.1 - 3 3 .3

3-75

- 1 .5

- 2 .8

- 3 .6

— .9
4

- 6 .4

- 7 .7

-9 .2 -11.0 -1 3 .0 - 1 4 .9 -16.4 -2 1 .8 -2 0 .3 -2 2 .4 -2 2 . 7 - ¿ 7 .3

4-70

t- 7 l

3-71

4-71

1-72

2-72

3-72

6 .6

2-71

133.3
- 8 .7

130.3

9 .6 -2 0 .5 -1 5 .3 -2 1 .4

1 2 ?.7
- 7 .0

120.5

-9*2 -11 .0 -1 3 .0 -15.6 -18.5 -2 1 .5 -2 4 .4 - 3 2 .4 - 3 3 .0 -3 9 .6 - 4 7 .0 -69.8

4-72

1-73

2-73

3-73

4-73

1-74

2-74

3-74

4-74

89.3
80.7

12.9

91.2

1-75

9 4 .9P

2-75

IN IT IA L QUARTER
P - P R E L IM IN A R Y




P R E P A H E O BY F E D E R A L R E S E R V E
O C T O B E R 20. 197 5

16

.

211«?

- 4 .4 -1 0 .9
- 0 .7

Z iQ .ti

B A N K OF ST. L O U I S

GOVERNMENT PURCHASES OF GOODS AND SER VIC ES IN CURRENT OOLLARS
_________________ COMPQUNOEO ANNUAL RATES OF CHANGE____________________
TERMINAL
4-70
1-71
_

B IL L IO N S OF
OOLLARS
ANNUAL RATES

IN IT IA L QUARTER

2-71

7# 3

1-71

2-71

3-71

4-71

1-72

2-72

>-72

4-72

*-73

2-73

3-73

H

)

1-74

2-74

3-74

4-74

2-75
2 27.9
231.3

6 ,1

3-71

7 .5

7 .0

7.8

4-71

8.4

8 .4

9 .6

11.3

1-72

9*8

10.2

1 1.6

13.5

15.7

2-72

8*9

9 .0

9.7

10.4

9 .9

235.7
242.1
251.1
4 .4

253.8

3-72

7*9

7.8

8 .2

8.2

7.2

3.2

2 .1

4-72

8.4

8 .4

8 .8

9 .0

8 .5

6 .2

7.1

12.3

1-73

8*6

8 .6

9.0

9 .2

8 .8

7.1

8 .1

V I. 2

10.1

255.1
2 62 .6
269.0

2-73

8♦
4

8 .4

8.7

8 .8

8 .4

7.0

7 .7

9 .6

8 .3

6 .5

3-73

8 .1

8 .1

3.3

8 .4

8.0

6 .7

7 .2

8 .5

7.3

6.0

5 .4

4-73

8*6

8.7

8.9

9 .0

8 .8

7 .8

8 .4

9 .7

9.1

8.7

9.8

273.3
276 .9
286 .4

14.4

1-74

9.1

9. 1

9.4

9 .6

9 .4

8.6

9 .3

10.5

10.1

10.1

11.4

14. 5 _ 1 4 .6

2-74

9.3

9 .3

9 .6

9 .7

9 .6

8 .9

9 .5

10.6

10.3

10.4

11.4

13.5

13.0

11.4

3-74

9 .4

9 .4

9.7

9 .8

9 .7

9.1

9 .7

10.6

10.4

10.5

11.3

12.8

12 .2

1 1.1

4-74

9 .7

9 .8

10.1

10.3

10.2

9 .7

10.2

11.2

11.0

11.2

12.0

13.3

13.1

12*6

13.2

15.6

1-75

9.8

9 .8

10.1

10.2

10.2

9 .7

10.2

1 1.1

10.9

1 1.0

11.7

12.8

12 .*

11.9

12*1

12.7

10.0

2-75

9.7

9 .7

10.0

10.1

10.0

9 .6

10.0

10.8

10.6

10.7

11.2

12 .1

11.7

1 1.1

1 1.1

11.2

9 .0

1Z.U -...... 9 .5

9 .5

9.7

IQ jl2 .

LQ*2

10*6

1 1 «?

IQ i 9

10.3

1 0 . 0 . S mSL.

4-70

1-71

2-71

4-72

1-73

2-73

3-73

4-73

1-74

2-74

< K S ..

3-71

9 .7
4-71

-10*4
i-72

2-72

3-72

296.3
304.4
312.3

10.6

3-74

323.8
331.6
A. 1

338.1

3*1
4-74

6 .Q

1-75

. 2 *3 .1 P

2-75

IN IT IA L QUARTER
P- PRELIMINARY
GOVERNMENT PURCHASES OF GOODS ANO SERVICES IN CONSTANT 1958 OOLLARS
______________________ COMPOUNOEO ANNUAL RATES OF CHANGE_________________________
B IL L IO N S OF
IN IT IA L QUARTER

TERMINAL
QUARTER
I
©

....

1-75

8.5

1-71

- 0 .4

2-71

3-71

4-71

1-72

2-72

3-72

*-72

1-73

2-73

3-71

4-73

1-74

2-74

3-74

4-74

1-75

2-75

- 0 .9

2-71

iANNUAL RATES
1-71

137.5
0 .0

137.5

3-71

1.8

3 .2

4-71

3 .5

5 .0

7.6

8 .6

1-72

3.5

4 .6

6 .2

6 .0

2-72

2.9

3 .6

4 .6

? .9

1.7

0 .0

3-72

1.6

2 .1

2 .5

1.5

- 0 .7

- 2.8

- 5 .4

4-72

1.9

2 .3

2.6

1 .9

0 .3

- 0 .7

- l.l

3 .4

1-73

2 .9

2 .4

2 .7

2 .1

0.8

0 .2

0 .3

3 .3

3 .1

2-73

1.7

2 .0

2 .3

1.7

0 .6

0 .1

0 .1

2.0

1.3

-0 .6

o
o
t

139.7

6 .6

142.6
3 .4

143.8
143.8
141.8
1 43.0
144.1
143.9

3-73

1.5

1.8

2 .0 _ 1 .4 .

0 .4

-0 .1

1.3

0 .7

-0 . 6

4-73

U9

2 .1

2.3

1.9

1.1

0.8

0.9

2 .2

1 .9

1.5

2 .5

5 .7

2 .2

1.8

1.1

0.8

0.9

2 .0

1.7

1.3

2.0

3.2

0.8

1.6

0 .9

0.6

0 .7

1.6

1.3

0.9

1.3

2 .0

0.1

- 0 .5

143.7
145.7

1-74

1.8

2.0

2-74

1.6

1.8

2.0

3-74

1.5

1 .7

1 .8

1.5

0 .8

0 .6

0 .6

1.4

1.2

0 .8

1.1

1.5

0.2

-0 .1

0 .3

4-74

1.5

1.7

1.8

1.4

0 .9

0.6

0 .7

1 .4

1.1

0 .9

1.1

1.4

0 .4

0 .3

0 .7

1-75

1.6

1.6

1.9

1.6

1 .1

0 .9

1.0

1.6

1 .4

1.2

1.5

1.8

1.1

1 .2

1 .7

L .9

2 .1

1.8

1 .3

1.1

1.2

1 .9

1 .7

1.6

1 .8

2 .2

1.6

1 .7

2 .3

3 .0

4.0

4.1

1 .7

.1.9 _ 2 . 0

1.7

1.3

1 .1

1.2

1.8

1.7

1.5

1.7

2 .0

1 .5

1.6

2 .1

2 .5

3 .0

2 .6

1.1

3-71

4-71

1-72

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

2-75
3-75

4-70

1-71

2-71

146.0
1 4 S.8
145.9
144.3

1.1

147-7

3 .9

149.2
149.6»

IN IT IA L QUARTER
P- PRELIMINARY




PREPARED BY FEDERAL RESERVE BANK OF ST* L O U IS
OCTOBER 20. 1975

17

0 I S P 0 S A 8 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 N P Q U N O F O A N N U A L R A T E S OP C H A N G E __________
T ERH IN A L
Qu a r t e r

IN IT IA L

4-70
1-71

¿-71

3-7 1

4-7 1

1~72

2-72

3-72

4-72

1-73

2-73

j-73

4-73

1-74

2-7»

3-74

4-74

1-75

2-75

B IL L IO N S Of
DOLLARS
ANNUAL RATES

12» 7

2-7 1

1-7 1

QUARTER

10.7

728.6
- 7 ^ «t

3-71
4-7 1

3,9
7. 7

1-72
2-72

7 *1 .3
5. 7

7»KB

6.3

6.3

774.7

7.7

- I2 9 i9

3-72

8,3

9.1

10.0

11.1

12.5

16« 2

9 .2
9 .7

6 .7

8 ,3

2-73

7.1

9 .3

10.2

11.2

12.2

13.6

16.0

15.8

9 .4

9 .5

10.3

11.1

11.9

12.9

14.3

13.3

1 0 .ft

2*2—

9 ,8

10,»

n .Q

11.6

u ,2

n .v

12 .1

10.9

10.9

11.0

9 .9

IJ.3

10,8

11.2

,1,1.5

10,6

9 .3

8 .8

8.2

8 ,0

9 .0
-■UJM

. « m tl.

3-73

9 L3 .9

_ıI2---- 2 i2 —
9 .5
2-74

9 .3

9 .1

9 .1

9 .6

10.0

10.3

10.6

10.8

10.0

3-74

9 .5

9 .3

9 .3

9 .7

IQ .l

10,4

10f 7

10.9

10,2

9 .3

9 .1

1-75

- 1 *1 . l .Qt.1
____ g-rfr

iQ t* ___9 ,7

ft,9

939.»
? S 0 t6

7 .7
9 .3
8 .5

6 .9

8 .7

9 .0

5 .9
7 .7

9.1

11.5

U l___ tt*A 6 .8
___

6 .8

8 .2

-2 6 6 .3

7 .4

-2 * 2 -------2*±___ 2*6___ 2*6___ fi* l ___ ft*l ____1*1___

.w a i a » s .

4 .6

2 .7

1 1 . 6 ___ 1 1 . 6

1 4 .3

^ 7 .2

, lf l* 6 — L £ *ü ___ LO .Q

9 .9

9 .6

10.6

-1=11---- 2^2--- -------i * l --- 1*1--- SL*1____2*2___UU1___ kU 2 ____2*6____2*JÖ____a . a

0 .7

8 .2

a .d

9 .2

a .7

9 .4

12 ,9

0 .2

3-73

4-73

1-74

2-74

3-74

4-74

1-75

2-75

1-75

B IL L IO N S OF
Q Q U ** S
ANNUAL RATES
¿ - J S _________________

-2=11---- -------- 2 *1 ----2 *1 — U * J — U U ä — L 4 * l — L£*a— I U I

4-70

1-71

2-71

3-71

4-71

1-72

2-72

3-72

4-72

1-73

2-73

lt Q ia .S

ItQ .T g a lP .

IN IT IA L QUARTER
P- PRELIM INARY
DISPOSABLE PERSONAL INCOME IN CONSTANT 1958 OOLLARS
COMPOUNDED ANNUAL RATES OF CHANGE
IN IT IA L QUARTER

TERMINAL
QUARtER
4-70

1-71

1-71
2-71

6 .6

2-71

J—
71

4-71

1-72

2-72

3-72

4-72

1-73

2-73

3-73

4-73

1-74

2-74

3-74

4-74

8 .8
4 .5

52l* * 2 _ .

3-71

4 .7

2 .8

m

4-71

4 .5

3 .1

2 .4

3.8

3 .2

2.7

3.6

.2 * 1 *6 —
3.3

1-72

4 .3

2-72

4 .4

3 .6

3.4

4.1

4.3

5.3

3-72

4 .7

4 .0

3 .9

4 .6

4 .8

5.6

5 .9

4-72

5 .7

5 .2

5 .4

0. 2

6 .9

8.1

9 .5

li.l

1-73

6 .2

5 .9

6,1

6 .9

7.6

8.6

9.8

11.7

10.4

...... -.111x1—
581.9
600,1
615 ,1

2-73

5. b

5 .4

5.5

6.2

6 .0

7.3

7.8

8 .4

6.1

2 .0

3-73

5.4

5 .1

5.2

5.7

6 .0

6 .4

6.7

6 .9

4 .9

2 .2

2 .3
1,5

0,7

621tft—

4—73

5 .0

4 .7

4 .7

5. l

5.3

5.6

5.7

5 .6

3,8

1 .7

1-74

4 .0

3 .6

3.5

3.d

3•H

3.8

3.6

3.2

1,4

- 0 .8

- 1 .7

- 3 .7

2-74

3.4

3 .0

2.8

3.0

2 ,o

2 .9

2.6

2.1

0 ,4

- 1 .5

- 2 .4

- 3 .9 ..-6 ,1

- 4 .4

2.6

2.5

2 .2

1,.8

0 .3

- 1 .3

- 2 .0

- 3 .0

- 4 .3

-2 ,4

- 0 .4

1.9

1.8

1.5

1 .0

- 0 ,4

- 1 .9

-2 .5

- 3 .5

- 4 .5

- 3 .4

- 2 .9

- 2 .0

- 2 .5

- 3 ,3

-4 .1

- 3 .2

- 2 .8

0 .2

- 0 .1

- 0 .3

1.3

2 * J_ o * i_

■« 2 * 2 —
610,3

- 7 .8

3-74

2 .7

2 .6

4-74

2 .6

2 .2

2 .0

2.1

1-75

2 .3

1 .9

1.7

1.7

1.6

1.4

1.1

0 .6

- 0 .7

2-75

3. 2

2 .9

2.8

2.9

2 .*

¿ .8

2 .6

2 .3

1.3

*-75

2-7

2 .4

2.3

2 .4

2.3

2.2

1.9

1.6

0 .6

- 0 .3

-0 .5

- 0 .9

-1 .1

0*0.

4-70
■

3.1

2 .7

1-71

2-71

3-71

4-71

1-72

2-72

3-72

4-72

1-73

2-73

3-73

4-73

1-74

"

-

0 .4 ,

603.5

2-74

6 0 2 .A
594.6

-5#1_

5 9 1 .a

—3. 9_ - ¿ * £ .
.

3 « 1 . . Im .1.

1* 2.
3-74

62 0^2—

21.3

3*0

<L»7

4-74

1-75

-fr*Q_

610 .6 P

2-75

IN IT IA L QUARTER

P- PRELIM INA RY




P R E P A R E O 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
O C T O B E R 20. 1 9 7 5

18

CORPORATE PROFITS AFTER TAXES *
COHPOUNOEO ANNUAL RATES OF CHANGE
TERMINAL
QUARTER

B IL L IO N S OF
DOLLARS
ANNUAL RATES

IN IT IA L QUARTER
5-70

4-70

4-70

9.8
18.4

52.4

3—
71

4-71

1-72

2-72

3-72

4-72

1-73

2-7 J

3-73

4-73

1-74

2-74

3-74

4-74

1-75

68.3

2-71

2-71

-28.4

1—
71

1-71

36 .7
41. 6
37.

4 5 .3

3-71

19.0

4 1 .0

29.1

20.9

4-71

19.2

35 .4

26.0

20.4

47*5
19.9

49*7

1-72

21.4

3 5 .0

27.8

24.5

20.4

2-72

21 .0

32 .1

2 5 .<
i

23.0

23.7

25.6

18.4

3-72

21.0

30 .4

25.0

22.5

2 2 .9

24.0

19.6

20.8

4-72

22.6

31.1

26.5

24.7

25.5

27.0

24.9

28.3

36.3

1-73

26.3

3 4 .5

30.8

29.8

31.3

33 .8

33.9

39.5

49*9

2-73

25.2

3 2 .4

28.9

27.8

2 ft.8

30.4

29.8

32.9

37.1

37.5

14.7

3-73

22.3

2 8 .3

24.9

¿ 3 .5

23.9

24.5

23*1

24.0

2 4 .a

21.2

4 ,0

- 5 .8

4-73

20.5

25.9

22.6

21.2

21.2

21.4

19.7

20.0

19.8

16.0

3*2

- 2 .2

1.7

1-74

23.4

2 8 .6

25.8

24.7

25.1

25.7

24*8

25.8

26*6

24.8

16*4

16.9

30.3

6 6 .9

2-74

21.6

26* 3

23.5

22.4

22.6

22.8

21.7

22.1

22.3

20.1

12.8

12.3

19.1

2 8 .9

- 0 .5

3-74

24.0

2 8 .6

26.2

25.3

25.7

26.2

25.5

26.4

27*1

25.8

20.3

21.4

29.4

40 .2

29*5

65 .8

9 4 .3

4-74

17*6

21*3

18.7

17.4

17.2

17.0

15*6

15.3

14*7

12.2

6.2

4 .9

7.2

8 .6

- 5 .9

- 8 .5 -4 9 .5

79*5

1-75

10.4

13.3

10.5

a .9

8.1

7.2

5.3

4 .2

2 .6

-0 .6

-6 .7

- 9 .4

- 9 .9 -1 2 .1 -25*1 - 3 1 .9 - 4 6 .4 - 6 2 .3

2-75

12.7

15.5

13.0

11.6

ll.ö

10.4

8 .8

8*1

1*0

4 .4

- 0 .7

- 2 .5

-2 .1

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

6 2 .1

3-70

4-70

1-71

2-71

3-71

4-71

1-72

2-72

3-72

4-72

1-73

2-73

3-73

4-73

1-75

33.3

5 3 .4

58*4
63*1
71*5

64*9

7 4 .0
72*9
73.2
83 .2
83.1

6 2 .3
70.3
I.A .

3-75

1-74

2-74

3-74

4-74

IN IT IA L QUARTER
« NATIONAL INCOME B A S IS _________________________________________________________________
PREPARED BY FEOERAL RESERVE BANK OF ST* LO UIS
OCTOBER 20« 1975

SOURCES OF DATA
National Income and Product Accounts Data




Source: U.S. Department of Commerce, Bureau of Economic Analysis
Historical Data Sources:
1970-73
1968-69
1966-67
1964-65
1929-63

Survey of Current Business, July 1974
Survey of: Current Business', July 1972
Survey of Current Business^ July 1970
Survey of Current Business, July 1968
The National Income and "Product Accounts of the
United States, 1929-65. Statistical Tables
(available from any U.S. Department of Commerce
Field Office or from the Superintendent of
Documents, U.S. Government Printing Office,
Washington, D.C. 20402).

19

INVENTORIES COMPARED WITH MONTHLY SALES*
R A n u r i

76

u r\ i n ü

in n u

76

72

72

68

68

64

64

60

60

56

56
1.54 _

52

52

48

48

44

44

40

40

1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1
■RATIOS BASED O SEASONALLY ADJUSTED DATA.
N
SOURCEt U.S.DEPARTMENT OF COMMERCE
SHADED AREAS REPRESENT PER 1003 OF BUSINESS RECESSIONS
AS DCFI NED BT THE NATIONAL BUREAU OF ECONOMIC RESEARCH.
1

DATA REVISED FROM 1971.
L ATE ST

DATA PLOTTED:




AUGUST P R E L I MI N A R Y
PREPARED BY FEDERAL

2 0

R ES E R V E BANK OF ST .

L O U IS

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