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n t T i o n n i Economicr c d d s
t
PREPARED B FEDERAL RESERVE BANK OF S . LOUIS
Y
T

MONTH ENDING:

September 30, 1977

RELEASED:

October 26, 1977

Recently released third quarter GNP data confirmed the slowing in
the growth of economic activity which had been expected by many economic
analysts. The 9.2 percent rate of advance in nominal GNP during the third
quarter represented a return to a more sustainable pace of expansion,
following the very brisk 13.5 percent rate of growth recorded in the first
half of 1977. The more moderate growth of GNP in the third quarter
included a slower rate of inflation as well as a more temperate rate of
output growth.
The 3.8 percent rate of advance in output in the third quarter
was below the very strong 6.8 percent rate of growth in the first two
quarters of 1977. However, the recent rate of increase in output was in
line with trend rates of output growth recorded in the past. For example,
from 1950 through 1976, output growth averaged 3.4 percent per year. Real
output has advanced rapidly in the present expansion and now exceeds the
prior peak attained in 1973 by about 8 percent.
The continued growth of output, but at a less hurried pace, was
reflected in two of its major components. Advances in personal consumption
expenditures and investment spending (both measured in constant dollars)
were less rapid in the third quarter than in the first half of the year.
In particular, the rate of inventory accumulation slowed in the third
quarter, in contrast with the first half of 1977 when inventories were
growing at an accelerating rate. However, government purchases (also in
real terms) grew at a faster pace in the third quarter than in the previous
two quarters of 1977.
Several other indicators reflected the third quarter moderation
in economic activity. Since June, industrial production has advanced at a
2.9 percent rate, following a 7.3 percent rate of increase in the previous
six months. Civilian employment increased at a 1.8 percent rate in the
most recent three months, compared with a 5.1 percent rate in the prior six
months. The 9.4 percent rate of growth in personal income since June was
slightly slower than the 10.5 percent rate of increase from December to
June. However, speed-ups in industrial production, civilian employment,
and personal income in September offer indications of underlying strength
in the economy.
Accompanying the more moderate growth of output has been a
slowing in the pace of price increase. The annual rate of inflation in the
third quarter, as measured by changes in the GNP implicit price deflator,
was close to 5 percent, slower than the 6.2 percent annual rate of increase
recorded in the first two quarters of 1977. Declining food prices have
been a major aspect of the recent slowing in the rate of price increase.




TOTAL CIVILIAN EMPLOYMENT
COMPOUNOtO ANNUAL RATES OF CHANGE
THOUSANDS
OF PERSONS

I N IT IA L MONTH

TERMINAL
MONTH
2-76

3-76

*-7 6

5-76

6-76

7-76

8-76

9-76 10-76 11-76 12-76

1-77

2-77

3-77

4-77

5-77

6-77

7-77

8-77
86»845

3-76

5 .4

V-76

6*1

6 .9

5-76

5 .5

5 .6

6-76

3 .7

3 .2

7-76

3 .7

3*3

10-76

2.8
2*6 2*2
2.2 1.8

11-76

2 .7

2 .4

12-76

2 .7

2 .5

8-76
9-76

3 .2

87,329
87 »640

* .*

1. * - 1 .5
2.1 1.0

87,533
87,783

3 .5

1 .7

0 .9

1 .3

0 .5

2.1 0 .7
1.2 0.1

0 .9

0 .3

0 .7

-0 .2

87»834
87 »794

- 0 .5
- 0 .7

87»738

- 0 .8

2 .7

1*8 2 .9 6.8
1.8 2.1 3 .0 4 .9
1*6 2.1
1 .9
1.6 2.0 1.8 2.0 2.6 3 .8
1 .9
2.2 2.0 2 .5 2 .3 2.6 3 .2 4 .2

3 .0

2 .7

1-77

2.6 2. *

2-77

2 .9

3-77

3 .2

1.8

1.3

1 .9

2 .5

3 .0

88»220
88»441
88»558

1 .5

2 .9

3 .2

3 .9

3 .0
2 .3

1.6

3 .4

3 .6

5 .6

4 .8

4 .3

4 .8

6 .4

88,962
7 .1

89»475

*-77

3 .5

3 .*

3 .1

3 .0

3 .4

3 .4

3 .8

4 .4

5 .3

5 .0

5*5

6.8

7 .4

7 .6

5-77

3 .6

3 .5

3 .3

3 .2

3 .6

3 .6

3 .9

4 .5

5 .3

5 .0

5 .4

6 .4

6 .7

6 .4

5 .3

6-77

3 .6

3 .5

3 .3

3 .2

3 .6

3 .6

3 .9

4 .4

5.1

4 .8

5 .1

5 .8

5 .9

5 .5

4 .5

90,023

7-77

3 .3

3 .2

2 .9

2 .9

3 .2

3 .2

3 .4

3 .8

4 .3

4 .0

4 .1

4 .6

4 .4

3 .7

2 .4

8-77

3 .3

3 .2

2 .9

2.8

3 .2

3 .1

3 .3

3 .7

4 .2

3 .9

4 .0

4 .3

4 .1

3 .5

2 .5

9-77

3 .3

3 .2

3 .0

2 .9

3 .2

3 .2

3 .4

3 .8

4 .2

3 .9

4 .0

4 .3

4 .1

3.7

2 .9

3-76

*-7 6

5-76

6-76

7-76

8-76

9-76 10-76 11-76 12-76

1-77

2-77

3-77

4-77

90,408
3 .7

90,679

1.0 -1.6
1.6 0.6 2.8
1.8 3 .6
2 .3

90,771

5-77

6-77

90»561

4 .4

7-77

*-7?.

t—
77

91,095

8-77

INITIAL MONTH

COMPOUNDED ANNUAL RATES OF CHANCE
IN IT IA L MONTH

TERMINAL
MONTH
2-76
3-76

5 .3

*- 7 6

5-76

6-76

7-76

8-76

76
9-76 10-76 11-76 12—

2-77

3-77

4-77

5-77

6-77

78,480

5 .4

4-76

3—
76

THOUSANDS
OF PERSONS
1-77

5-76
6-76
7-76
8-76
9-76
10-76
11-76
12-76
1-77
2-77

79,312

5 .2

2.6 0.1
2.8 2.0 0. * 0 .7
2 .7
2.0 1.0 1 .5 2.2
1.2 1.5 1.9 1.6
2 .5
1 .9
2.8 2 .4 1.8 2 .3 2.8 3 .1 4 .6
2 .3
1.8 1 .3 1 .5 1 .7 1 .5 1.5 - 1 .5
2 .5
2.1 1 .7 2.0 2.2 2 .3 2 .5 1 .4
2.6 2 .3 2.0 2.2 2 .5 2 .5 2.8 2.1
2 .7
2 .4
2.1 2 .4 2.6 2 .7 2 .9 2 .4
2.8 2 .5 2 .3 2 .5 2.8 2.8 3 .1 2 .7

79,319

3 .5

79,368
79,513
79,618
74,918
79,819
4 .4

80,106

4 .0

3 .6

3 .8

3 .5

3 .3

80,344

3 .8

3 .6

3 .6

4 .0

80,561

8.8
6.6

4 .4

5 .2

5 .5

3 .9

3 .5

4 .7

4 .9

3 .6

3 .2

3 .0

4 .5

4 .6

3 .6

3 .4

3 .3

3 .6

3-77

3 .2

3 .1

2 .9

3 .1

3 .4

3 .6

3 .9

3 .7

4 .8

4 .9

5 .3

6 .4

4-77

3 .3

3 .2

3 .0

3 .3

3 .5

3 .7

3 .9

3 .8

4 .7

4 .8

5 .1

5 .7

5-77

3 .3

3 .2

3 .0

3 .3

3 .5

3 .6

3 .9

3 .8

4 .6

4 .6

4 .8

3 .5

3 .6

3 .8

3 .7

4 .4

4 .4

4 .5

3 .8

3 .7

4 .3

4 .3

4 .4

6-77

3 .3

3 .2

3 .0

3 .3

7-77

3 .3

3 .2

3 .1

3 .3

3 .5

3 .6

80,824
81,395
81,686
81,921
82,121
82,366

8-77

3 .2

3 .1

3 .0

3 .2

3 .3

3 .4

3 .6

3 .5

4 .0

3 .9

4 .0

4 .1

4 .1

3 .2

2 .9

2 .7

2 .5

1 .4

82 ,459P

9-77

3 .3

3 .2

3 .0

3 .2

3 .4

3 .5

3 .6

3 .5

4 .0

4 .0

4 .0

4 .1

4 .1

3 .4

3 .2

3 .1

3 .1

2.8

82,750P

2-76

3—
76

4-76

5-76

6-76

7-76

8-76

9-76 10-76 11-76 12-76

1-77

2-77

3-77

4-77

5-77

6-77

7-77

4 .3
8-77

IN IT IA L MONTH
P - PRELIMINARY




PREPARED BY FEDERAL RESERVE BANK OF S T . L o y n

0CT08ER7, 1977

2




EMPLOYMENT
R A T I O SCALE

R A T I O SCALE
M IL L IO N S

OF PE R SO N S

1969

1970

M IL L IO N S

S E A SO N A LL Y A D JU S T E D

1971

1972

1973

1974

1975
SO URCE*

PER C EN T A G E S ARE ANNUAL RATE8 OF CHANCE FOR P E R IO D S
L A T E S T DATA PLO TTED *

OF PER SO NS

1976

U .S .D E P A R T M E N T

1977
OF LABOR

IN D IC A T E D .

S E P T E M B E R P R E L IM IN A R Y
P R EP A R E D BY FE D E R A L R E S E R V E BANK OF S T .

L O U IS

UNEMPLOYMENT R A T E
S EASONALLY ADJ US TED

PERCENT

1969

1970

1971

1972

1973

1974

PERCENT

1975
SO U R CEt

PERC EN T
LA T E S T

OF C I V I L I A N

1976

1977

DEPARTMENT OF LABOR

LABOR FO RCE

DATA PLO TTED «

U .S .

SEPTEM BER

PREPARED BY FED ER A L R ES ER VE BANK OF S T . L O U IS

3

CQNSUrtfcft PftK fc. I W eX» SEASONALLY APJUSTfcP
COMPOUNDED ANNUAL KAT l S OF CHANGE

TERMINAL

IN IT IA L MONTH

1967 ® 100

M U M Th

2-76

3-76

*- 7 o

5—
7o

0—
76

7-76

8-76

LO—
76 ll- 7 o
9-76 :

12-76

1-77

2-77

3-77

*-7 7

5-77

6-77

7-77

8-77
167.7
. , ------1
168.4

3-76

2*9

*-76

*•0

5 .1

5-7o

5 .*

6 .6

8 .1

169.5
170.2

6—
7o

5*3

6 .1

6 .6

5 .1

7-76

5 .*

6 .0

6 .3

5 .4

5 .8

8-76

5 .5

6 .0

6 .2

5 .5

5.8

171.0
171.8

5 .8

172.4

9-76

5 .3

5 .7

¿ .8

5 .2

5 .3

5 .0

4 .3

10—
7o

5 .2

5 .5

5 .5

5 .0

5 .0

4 .8

4 .3

4 .3

11-76

5 .0

5 .2

5 .2

* .8

4 .7

4 .5

4 .0

3 .9

3 .5

12-7o

5 .0

5 .2

5 .2

* .8

4 .8

4 .6

* .2

4 .2

4 .2

5 .0

1-77

5 .*

5 .7

5 .7

5 .*

5 .5

5 .5

5 .4

5 .7

6 .1

7 .5

10.1

2-77

6 .0

0 .3

6 .*

6 .2

6 .3

6 .4

6 .5

7 .0

7 .6

9 .1

11 .2

12.3

173.0
173.5
174.2
175.6
177.3
178.4

3-77

6 .1

6 .*

6 .5

6 .3

6 .5

6 .6

6 .7

7 .1

7 .7

8 .7

1 0 .0

10.0

*-77

6 .*

6 .6

6 .8

6 .0

6 .8

6 .9

7 .1

7 .5

8 .0

8 .9

1 0 .0

9 .9

8 .8

9 .8

5—
77

6 .5

6 .7

6 .8

6 .7

6 .9

7 .0

7 .1

7 .5

8 .0

8 .7

9 .5

9 .3

8 .*

8 .7

6-77

6 .5

0 .7

0 .8

6 .7

6 .9

7 .0

7 .1

7 .4

7 .8

8 .4

9 .0

8 .8

8 .0

8 .1

7 .2

6. 8

7-77

6 .4

6 .6

0 .7

6 .6

6 .7

6 .8

6 .9

7 .1

7 .5

8 .0

8 .4

8 .1

7 .3

7 .2

6 .*

5 .8

4 .7

8-77

6 .2

6 .*

6 .5

6 .*

6 .5

6 .6

6 .6

6 .9

7 .1

7 .5

7 .8

7 .5

6 .8

6 .6

5 .8

5 .2

4 .4

4 .0

9-77

6 .1

6 .3

6 .*

0 .3

6 .3

6 .4

6 .*

6 .6

6 .8

7 .2

7 .4

7 .1

6 .4

6 .1

5 .4

4 .9

4 .2

4 .0

4 .0

2-7 ù

3-76

4-7t>

5—
70

0-76

7-76

8-76

9-76 :10-76 11-76 12-76

1-77

2-77

3-77

4-77

5-77

6-77

7-77

8-77

179.8
180.9

7*6

181.9
182.6
183.2
183.8

IN IT IA L MONTH

PREPARED BY FEDERAL R ESERVE BANK OF S T . LO U IS
OCTOBER 21* 1977
I
WHOLESALE P R IC ES - ALL COMMODITIES* SEASONALLY ADJUSTED
COMPOUNDED ANNUAL RATES OF CHANGE
1967 * 100

IN IT IA L MONTH

TERMINAL
MONTH
2-76

3-76

*-7 6

5-76

6-76

7-76

8-76

9-76 10-76 11-76 12-76

1-77

2-77

3-77

4—
77

5-77

6-77

7-77

8-77
179.9

3-76

2 .7

*-76

6 .9

11.2

5-76

5 .5

6 .9

2 .7

181.5
181.9
182.8

6-76

5 .6

6 .6

* .4

6 .1

7-76

5 .*

6 .1

* .5

5 .*

4 .7

8-76

* .2

* .5

2 .8

2 .9

1 .3

-1 .9

9-76

* .7

5 .1

3 .9

4 .2

3 .5

3 .0

8 .1

183.5
183.2
184.4
185.3

10-76

* .9

5 .2

* .2

4 .5

4 .2

4 .0

7 .1

6 .0

11-76

5 .2

5 .5

* .7

5 .0

* .8

4 .8

7 .2

6 .7

7 .4

12-76

5 .*

5 .7

5 .1

5 .*

5 .3

5 .4

7 .4

7 .1

7 .7

186.4
8 .0

187.6

1-77

5 .5

5 .8

5 .2

5 .5

5 .*

5 .5

7 .1

6 .8

7 .1

7 .0

5 .9

2-77

6 .1

6 .*

5 .9

6 .3

6 .3

6 .5

8 .0

8 .0

8 .5

8 .9

9 .3

12.8

188.5

3-77

6 .5

6 .8

6 .*

6 .8

6 .9

7 .2

8 .6

8 .6

9 .2

9 .6

10.2

1 2 .4

1 9 0.4
1 2 .0

192.2

*-77

7 .1

7 .*

7 .1

7 .5

7 .7

8 .0

9 .3

9 .5

10.1

1 0 .6

1 1 .3

13.1

1 3 .3

1 4 .6

5—
77

6 .9

7 .2

6 .9

7 .3

7 .4

7 .7

8 .8

8 .9

9 .3

9 .7

1 0 .0

11.0

1 0 .5

9 .7

5 .1

6-77

6 .0

6 .2

5 .8

6 .1

6 .1

6 .2

7 .0

6 .9

7 .0

7 .0

6 .8

7 .0

5 .6

3 .6

- 1 .5

- 7 .7

194.4
195.2
193.9

7-77

5 .6

5 .7

5 .*

5 .6

5 .5

5 .6

6 .3

6 .1

6 .2

6 .0

5 .7

5 .7

4 .3

2 .5

- 1 .2

- 4 .2

— .6
0

8-77

5 .3

5 .*

5 .1

5 .2

5 .2

5 .2

5 .8

5 .6

5 .6

5 .4

5 .1

5 .0

3 .7

2 .1

- O .S

— 6
2*

0 .0

0 .6

9-77

5 .3

5 .*

5 .1

5 .3

5 .2

5 .3

5 .8

5 .6

5 .6

5 .4

5 .1

5 .1

4 .0

2 .7

0 .5

- 0 .6

1 .9

3 .1

5 .7

2-76

3-76

*-7 6

5-76

6-76

7-76

8-76

9-76 10-76 11-76 12-76

1-77

2-77

3-77

4-77

5-77

6-77

7-77

8-77




193.8
193.9
194.8

IN IT IA L MONTH

PREPARED BY FEDERAL RESERVE BANK OF S T . -IQ V I*

OCTOBER 6 ,

4

1977




R A T IO

PRICES

SC A LE

S E A S O N A L L Y A D JU S T E D

1 9 6 7 - 1 0 0

R A T IO

SCA LE

1 9 6 7 - 1 0 0

PERCENTAGES ARE ANNUAL RATES OF CHANCE FOR PERIODS INDICATED.
LATEST DATA PLOTTED« SEPTEMBER
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

r a t io

scale

WHOLESALE P R I C E S

1 9 6 7 - 1 0 0

SEASO NALLY

A D JU S T E D

r a t io

sc a le

1 9 6 7 - 1 0 0

PERCENTAGES ARE ANNUAL RATES OF CHANCE FOR PERIODS INDICATED.
LATEST DATA PLOTTEDt SEPTEMBER
PREPARED BY FEO ER AL R ESER VE BANK OF S T .

5

LO U IS

W HOLESALE P R IC E S - IN D U S T R IA L C O M M O D ITIES, SEA SO N A LLY A D JU ST ED
COMPOUNDED ANNUAL R A T E S OF CHANGE

1967 « 100

IN IT IA L MONTH

TERMINAL
MONTH
2-76
3-76

4*8

*-7 6

5-76

6-76

7-76

8-76

1-77

2-77

3-77

4-77

5-77

6-77

7-77

8-77
17V. 1

4*8

4-76

3-76

9-76 10-76 11-76 12-76

4 .8

179.8
180.1

5-76

3*9

3 .4

2 .0

6-76

4 *8

4 *8

4 .8

7 .6

7-76

5*2

5 .3

5 .4

7 .2

6 .8

8-76

5 .6

5 .7

6 .0

7 .3

7 .2

161.2
182.2
183.3

7 .5

184.7

9-76

6 .1

6 .4

6 .7

7 .9

8 .0

8 .5

9 .6

10-76

6 .7

7 .0

7 .4

8 .5

8 .7

9 .3

10 .2

10.9

11—
76

6 .9

7 .1

7 .5

8 .4

8 .5

9 .0

9 .5

9 .4

12-76

6 .6

6 .8

7 .0

7 .7

7 .8

7 .9

8 .1

7 .6

5 .9

3 .9

1-77

6 .6

6 .7

7 .0

7 .6

7 .6

7 .7

7 .8

7 .3

6*1

5 .2

6 .6

2-77

6 .7

6 .9

7 .1

7 .7

7 .7

7 .8

7 .9

7 .6

6 .7

6 .3

7 .6

3-77

6 .9

7 .0

7 .2

7 .8

7 .8

7 .9

8 .0

7 .7

7 .1

6 .9

7 .9

8 .5

8 .5

4-77

6 .9

7 .1

7 .3

7 .8

7 .8

7 .9

8 .0

7 .7

7 .2

7 .1

7 .9

8 .3

8 .1

7 .8

5-77

6 .8

6 .9

7 .1

7 .6

7 .5

7 .6

7 .6

7 .4

6 .9

6 .7

7 .3

7 .5

7 .1

6 .4

5 .1

7 .2

7 .2

6 .9

6 .4

6 .2

6 .6

6 .6

6 .1

5 .3

4 .1

3 .1

6-77

6 .6

6 .7

6 .8

7 .2

7 .2

186.3
187.5

8 .0

168.1
189.1
1 9 0 .*

8 .6

1 91.7
192.9
193.7
1 9 *.2

7-77

6 .6

6 .7

6 .8

7 .1

7 .1

7 .1

7 .1

6 .9

6 .4

6 .2

6 .6

6 .6

6 .2

5 .6

4 .9

4 .7

6 .4

8-77

6 .5

6 .6

6 .8

7 .1

7 .1

7 .1

7 .0

6 .8

6 .4

6 .2

6 .5

6 .5

6 .2

5 .7

5 .2

5 .3

6 .3

6 .3

9-77

6 .7

6 .8

7 .0

7 .3

7 .3

7 .3

7 .3

7 .1

6 .8

6 .6

6 .9

7 .0

6 .8

6 .5

6 .2

6 .5

7 .6

8 .3

1 0 .2

2-76

3-76

4-76

5-76

6-76

7-76

8-76

9-76 10-76 11-76 12-76

1-77

2-77

3-77

4-77

5-77

6-77

7-77

8-77

6-77

7-77

8-77

195.2
190.2
197.8

IN IT IA L MONTH

WHOLESALE P R IC E S —
FARM PRODUCTS AND PROCESSED FOODS AW) FE E D S , SEAS » A D J,
COMPOUNDED ANNUAL RATES OF CHANGE
1967 « 100

IN IT IA L MONTH

TERMINAL
MONTH
2-76

3-76

4-76

5-76

6-76

7-76

8-76

9-76 10-76 11-76 12-76

1-77

2-77

3-77

4-77

5-77

181.2

3-76

- 2 .6

4-76

1 3 .2

3 1 .6

5-76

1 0 .8

18.1

6 .0

6-76

9 .2

1 3 .4

5 .3

4 .6

0 .9

- 1 .6

18^.4
186.3
187.0
185.8

- 7 .4

7-76

5 .6

7 .8

8-76

- 1 .2

- 0 .9

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

4 .1

180.5
161.1

9-76

- 0 .5

- 0 .1

- 5 .5

10-76

- 1 .2

- 1 .0

- 5 .6

- 7 .8 -1 0 .7 -1 1 .7

- 1 .3

— .4
6

11-76

- 1 .1

- 0 .9

- 4 .9

- 6 .5

- 8 .6

- 8 .9

- 0 .9

- 3 .3

0 .0

2 .1

- 1 .1

- 2 .1

- 3 .2

- 2 .3

5 .9

6 .6

1 3 .7

2 9 .3

1*6

180.1
164.0
184.5

1-77

1 .7

2 .2

— .6
0

- 1 .4

- 2 .3

- 1 .4

5 .4

5 .7

10.1

1 5 .6

3 .3

2-77

3 .6

4 .2

1 .8

1 .4

1 .0

2 .2

8 .7

9 .7

14.1

1 9 .2

1 4 .5

2 6 .9

3-77

5 .4

6 .1

4 .0

3 .8

3 .7

5 .2

1 1 .4

12.6

1 6 .9

2 1 .5

1 9 .1

2 7 .8

4-77

7 .6

8 .4

6 .6

6 .7

6 .9

8 .6

14 .6

16.2

2 0 .5

2 5 .1

2 4 .0

3 1 .8

3 4 .4

4 0 .3

5-77

7 .2

8 .0

6 .4

6 .4

6 .6

8 .1

1 3 .3

1 4.5

17.8

2 1 .1

1 9 .5

2 4 .0

2 3 .0

2 0 .3

6-77

3 .9

4 .3

2 .6

2 .3

2 .1

3 .1

7 .0

7 .4

9 .2

1 0 .6

7 .8

8 .7

4 .5

7-77

2 .1

2 .4

0 .7

0 .3

0 .0

0 .6

3 .9

3 .9

5 .1

5 .8

2 .8

2 .7

1
•
VI

12-76

180.1

8-77

0 .5

0 .7

- 0 .9

- 1 .4

- 1 .8

- 1 .3

1 .4

1 .2

2 .0

2 .2

- 0 .7

- 1 .3

- 5 .3 -1 1 .0 -2 0 .6 - 2 7 .2 - 2 2 .4 -2 2 .3

9-77

0 .2

0 .4

- 1 .2

- 1 .6

- 2 .0

- 1 .6

0 .9

0 .7

1 .3

1 .5

- 1 .2

- 1 .8

- 5 .3 -1 0 .0 -1 7 .7 -2 2 .2 -1 7 .0 -1 4 .2

2-76

3-76

4-76

5-76

6-76

7-76

8-76

9-76 10-76 11-76 12-76

1-77

4-77




188.2
2 8 .7

192.2
197.7
3 .1

198.2

- 2 .5 - 1 8 .7 - 3 5 .9

191.0

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

187.0

3-77

4-77

5-77

6-77

7-77

183.1
- 5 .1

182.3

8-77

IN IT IA L MONTH

PREPAREO 8Y FEDERAL RESERVE BANK OF S T . LO UIS
OCTOBER 6«

6

1977

INDUSTRIAL

PRODUCTION

R A T I O SCALE

R A T I O SCALE

1967-100

1969

1970

1971

1972

1973

1974

PERC EN T A G ES ARE ANNUAL R A T ES OF CHANGE FOR P E R IO O S
LA T E ST

1967-100

SEA SO N A LLY A D JU ST ED

DATA PLO T TED t

1975

1976

1977

IN D IC A T E D .

SE P T E M B E R P R E L IM IN A R Y
PREPA R ED BY FE D E R A L R E S E R V E BANK OF S T .

L O U IS

IN D U S TR IA L PRODUCTION
COMPOUNDED AMMUAL RATES OF CHANGE-

IN IT IA L MONTH
MONTH
W A

?-7fc

7a

*-7 fc

5-76

6—
76

7-76

ft—76

76 12-76
9-76 10-76 11—

1967 «
1-77

7-77

3-77

4-77

5-77

6-77

7-77

6-ft

128-3

5 .3

3 .a

_7

6-7

9-7

6—
76

5 .3

4-H

5 .7

0-9

7 -7 A

5 .9

5 .7

6 .4

4 .7

a .6

1U7A

5-Q

5 .7

6-7

5 .0

7.1

5 .7

«-7 fc

____ 4-1
__

2 .1

2 .5

- 0 .5

- 6 .2

0 .9

0 .9

-1-5

- 4 .9

— .6
3

5— k
7

a

3.1

1?R-7

2-6

2-3

1?9 .7
1?9 t H
I3H-7
131 .3
1 3 0 -6
1 3 0 -2

tl- 7 6

4 .1

3 .8

3 -fl

2 .a

3 .2

l.a

0 .6

4 .2

12 .7

17-76

5-1

* .9

5.1

4 .4

5 .0

4 .3

3 .9

7 .6

13 .6

14.6

1-77

4 .0

3 .a

i-7

3 -0

3 .3

2 .5

1 .8

4 .0

6 .6

3 .7

-6. 1

? -7 7

4 .2

4 .7

3 .6

4 .0

3 .3

2 .9

4 .a

7 -1

5 -3

O- 9

ft.

Î-7 7

5 -5

5 .6

5 .7

5 .7

5 .3

5 .3

7 -3

9 .7

8 .9

7. 1

14.»4

7 0 -6

5 .&

5 .7

5 .4

5 .9

5 .5

5 .5

7 -3

9 .3

8 .6

7 .,?

17.. 0

1 3 .8

7 .3
8 .2

* -7 7

5 .7

100

8-77

ft

131 -S
± 3 3 .0
1 3 2 -3
Ï3 3 -?
1 3 5 -3
à3fa - 1

4 -7 7

5 -0

5 .8

5 .9

5 -6

6 -1

5-

5 -ft

7 -4

9-1

8 .5

7- 4

11.■
0

1 1 .9

7 .8

4 -7 7

5 .9

5 .9

6 .0

5 .8

iv-7

5 .9

6 .0

7 .4

a .9

ft. 4

7.

io .

1 0 .7

7 .6

7 .7

7 .2

7 -7 7

6 .1

6 .1

to.2

6 .0

6 .4

6 .2

6 .2

7 .6

8 .9

8.<*

7« 6

10..1

1 0 .4

a .o

8 .2

a .i

9 .1

ft-77

5 .5

5 .4

5 .5

5- >

5-5

5-3

5-3

6-4

7-4

6-9

5-,9

7,1A

7 .6

5 .2

4 .7

3 .5

1.8

-5- 1

9-77

5 .5

5 .4

5 .5

5 .2

5 .5

5 .3

5 .3

6 .3

7 .2

6 .7

5 .,9

7.» 5

7 .3

5 .2

4 .8

4 .0

2 .9

0 .0

5 .3

2-76

3-76

4-76

5-76

6-76

7-76

0-76

77

2-77

3-77

4 -7 7

5-77

6-77

7-77

8-77

9-76 10-76 11-76 12-76

1-

137-0
l3 / .a
1 3 ii.fi

13 h -? P
I 3 f> .a p

IN IT IA L MONTH
P- PRELIM IN A RY




PREPA RED B Y F E D E R A L R E S t K V E BANK OF S T .
QCIO&fcR L9 • J9T7

7

L O U IS

PERSONAL
RATIO SCALE
TRILLIONS

INCOME
RATIO SCALE

MONTHLY TOTALS AT ANNUAL RATES

OF DOLLARS

T R I L L I O N S OF DOLLARS

SEASONALLY ADJUSTED

1.7
1. 6
1 .5
1. 4
1 .3
1. 2
1. 1

1 .0

0 .9

0.8
0 .7

0.6
1969

1970

1971

1972

1973

1974

1975

1976

1977

SOURCE* U .S . DEPARTMENT OF COMMERCE
PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIOOS IN D IC ATED.
L A T E S T DATA PLOTTED* SEPTEMBER PREL IMINARY
PREPARED BY FEOERAL RESERVE BANK OF S T . LOU IS

PERSONAL INCOME
CUMPQUNttLP ANNUAL &ATES QF IHANfclc
B IL L IO N S OF
TERMINAL

MONTH
?-

3-7h
4-76

MONTH
1

IN IT IA L

7o

3-76

4-76

5—
76

6—
76

7-76

a -76

9-76 10-76 11-76 12-76

DOLLARS

ANNUAL RATES
1-77

2-77

3-77

4-77

5-77

6-77

7-77

a-77

ft •A

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

9 •6

10.»4

ft .9

9,iO

7,, 7

7 •A

7,

6 .iO

7-76

ft .7

ft,,7

6 .,

A-76

ft

A., 3

7,.7

7. A

9-5

hi.7

9-76

A

ft,k1

7.»ft

7 .6

8.8

6 ..9

7 .2

a.6

5
A.■

A.

a.

9 .3

A,•H

9 .2

1 1 .1

IÛ-76

i

1 .3 6 7 .9
4 .,3
».

i ,3 7 2 .7
12.5

i ,3fcö.2
1 , 393.7
1 .4 0 1 .a
1 .4 1 4 .7

9,,«i

9,, ^

9- fi

1 0 .7

,
10, ^

11 .5

13.7

16.3

17—7/»

in .1

to ., ?

I o ,?
<

10. 5

1 1.6

t
11 . 4

1 2 .7

14.5

16.3

1 6 .3

1-77

9

9.

9..4

»
9. /

1 0 .4

10..1

lo .a

11.7

i i.a

9 .7

7—
77

10

10 ,

in .

in . A

1 1 .6

11 , 5

1 7 .3

13.4

1 3 .9

13.1

1 1 .6

*—
77

11 •0

,
11 1Ÿ

1 1 .,^i

»i ,6

1 ?-5

1 ?,.5

13.3

14.4

15 .0

1 4 .7

14.2

A—77

10 ,9

1 1 ..0

l l ., 1

11. 4

17.1

1?. , 1

1 2 .«

13.6

1 4 .0

1 3 .6

17*9

1 1-7fc

9 -4

1 .437 -1
1 f 450 -7
1 f A *W - i

3 .4
7 0 .4

I tu7 7 .n

G
C
iS

1 9 .5

16-3

14.7

9-7
5 .9

1 .4 9 9.1
I ,5 1 0 .1

5-77

10 -5

10 . 7
,

in ,,7

1 0.,9

1 1.6

.
11 ,«t

12 .0

12 .6

17. H

1 7 .3

1 1 .5

13.6

1 1 .4

7-5

6-77

10

IO i

20., H

10. 5

1 1.0

10.,9

11 .3

il.a

11.9

1 1 .3

1 0 .5

11-9

9 .9

6 .9

5 .8

5 .7

7-77

10

,4
10«

10 .>
4

10 .6

1 1 .1

1 1 .,0

1 1 .4

11 .9

17 .0

1 1 .4

10.7

12.0

1 0 .4

8 .2

7 .9

9 .0

a

10 .2

1 1 .2

1 .5 1 7 .3
1 r 5?4-3
1 7 .4

1 t *>39-7

H—
77

.
10, 1

10 .

IO i

IO . 3

1 rt-ft

.
10. 7

11 .0

11.3

11 .4

in .

9 .7

7 .a

7 .5

A.O

9 .2

6 .7

9-77

10 ,

10.>7

10 ..1

1 0 .3

10 .7

IO..6

1 0 .9

1 1 .2

1 1 .2

1 0 .7

10 .1

1 1 .0

9 .7

a .i

7 .9

8 .4

9 .4

7 .9

9 .6

2 - 7b

3-76

4-76

5—76

6-76

7-76

Ö—76

9-76 10—
76 11-76 12-76

1-77

2-77

3-77

4-77

5-77

6-77

7-77

a-77

1 t 54^-9
1 •538 .tlP

IN IT IA L MONTH
P- PRELIM IN A RY




PR EPA R ED BY FED ER A L R E S E R V E BANK OF S T *
ÜCTUB élR 1 9 , 1.977

8

L O U IS

RETAIL
RATIO

SALES
RATIO

SCALE

BILLIONS

1969

OF

SEASONALLY ADJUSTED

DOLLARS

1970

1971

1972

1973

BILLIONS

1974

1975

SO U R CEt
P E R C EN T A G E S A R E ANNUAL R A T E S OF CHANGE FOR P E R IO D S
LA TEST

DATA PLO T TED «

A U G U ST ,

U .S .

OF

1976

SCALE

DOLLARS

19 77

DEPARTMENT OF COMMERCE

IN D IC A T E D .

S E P T E M B E R ADVANCE E S T IM A T E
P R EP A R E D

BY F E D E R A L

R E T A IL s a l e s
ço h pq . *9EP an n m a l r a t e » o f
M

RESER V E

BANK OF S T .

L O U IS

ÇHAN&E

IfeRM lttA t___ _______________________________________________________________ tN lT lA V MONTH________________________ __________________________________________ M ILLIO N S OF
DOLLARS
MONTH
2-76 3—
76 4-76 5-76 6-76 7-76 8-76 9-76 10-76 11-76 12-76 1-77 2-77 3-77 4-77 5-77 6-77 7-77 8-77
3-76

18*3

4-76

1 3 .2

53 *344

0 .2

53*o96

5-76

2 .0

6—
76

8 .1

4 .9

3 .3

2 8 .5

7-76

5 .3

2 .3

0 .4

1 0 .5

- 1 7 .0

52*068
53*963

- 5 .0

53* 75 4

8-76

7 .9

5 .9

5 .4

14* 1

7 .6

9-76

* .9

2 .9

1 .8

7 .2

0 .9

3 .9 -1 1 .3

10-76

5 .9

4 .2

3 .5

8 .2

3 .7

6 .7

- 0 .1

12.5

11-76

7 .6

6 .3

6 .1

1 0 .5

7 .2

1 0 .5

7 .0

17.5

2 2 .7

12-76

2 1 .8

5 4*64 3
54*100
54* 63 4
55*573

1 2 .2

1 1.5

1 2 .0

1 6 .9

1 5 .0

1 9 .5

19 .0

31 .2

4 1 .6

6 3 .5

57*090

1-77

8

7 .5

7 .4

1 0.9

8 .7

1 1 .1

9 .1

1 4 .9

1 5 .7

1 2 .3 -2 2 .8

56 *060

¿- 7 |

J.0 .6

9 .9

1 0 .1

1 3 .6

1 1 .9

1 4 .5

1 3 .3

1 9 .0

2 0 .7

2 0 .1

2 .9

3 7 .3

5b*X75

3-77

1 2 .1

1 1 .6

1 1 .9

1 5 .3

1 3 .9

1 6 .5

1 5.8

2 1 .0

2 2 .8

2 2 .9

1 1 .7

3 4 .4

3 1 .6

4-77

1 1 .1

10.5

1 0 .7

1 3 .7

1 2 .3

1 * .*

13 .5

1 7 .6

18.5

17 .6

8 .3

2 1 .3

14.1

-1 .1

5-77

9 .9

9 .3

9 .4

1 1 .9

1 0 .5

1 2 .2

1 1 .2

1 4 .4

1 4 .7

1 3 .4

5 .4

14.0

7 .1

- 3 .4

59* 522
59*405

- 5 .6

59*181

6-77

8 .1

7 .5

7 .4

9 .6

8 .2

9 .4

8 .3

10 .7

1 0 .5

8 .8

1 .7

7 .5

1 .1

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

7-77

8 .3

7 .7

7 .6

9 .6

8 .3

9 .5

8 .5

1 0 .7

10.5

9 .0

2 .9

7 .9

2 .9

- 3 .3

8-77

8 .9

8 .3

8 .3

1 0 .3

9 .1

1 0 .2

9 .3

1 1 .4

11.3

10.1

4 .8

9 .5

5 .5

0 .9

9-77

7 .5

7 .0

6 .9

8 .6

7 .4

8 .3

7 .4

9 .1

2 .6

6 .3

2 .5

- 1 .7

2-76

3-76

4-76

5-76

6-76

7-76

Ô-76

9-7o 10-76 11-76 12-76

1-77

2-77

3-77

4-77

8 .8

7 .5

- 4 .0

58*390

- 3 .2

10.2

1 .4

3 .9

1 4.7

- 1 .8

- 0 .8

4 .4

5-77

6-77

5tt *400

1 9 .4

59*7431-'

1 .5 -1 3 .7
7-77

5 9 *0l5fc

6-77

IN IT IA L MONTH
P — PR ELIM IN A RY
fc- ESTIM ATEO_____________________________________________________________________________________________________________________________________________________________
PREPARED BY FEDERAL RESERVE BANK OF S T . LO UIS
OCTOBER 14, 1977




9

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 U F C H A N G E _________
1967 « 100

IN IT IA L QUARTER

TERMINAL
WUARTEK
3-72
*—
72

10.9

1-73

2-7^

3-73

*-73

1-7*

2-7*

*- 7 *

1-75

2-75

3-75

1-76

*-7 5

2-76

3-76

4—
76

1-77
141*8

o.O

1-73

* —72

3-7*

1 3 .9

146.5
14 8 .4

¿-73

9 .0

9.>

5 .3

3-73

b .5

t.O

6 .1

0 .9

**—
73

0 .5

5 .7

7 .0

7 .0

to.6

154.1

7 .2

7 .0

b .2

15 7 .0

6 .3

9 .0

9 .7

1—
7*»

tf.*

0 .5

¿- 7 *

9 .0

9 .*

3-7*

9 .*

9 .to

0 .9

9 .7

4-7 h

9 .t
o

9 .0

9 .2

9 .9

15 0.9

161*8

10.2

i2 > v JL 3 %

1 0 .4

11.0

12 .6

» > N

10 .5

10 .9

1 2 .0

11 .0

166*6
170*9

1 0 .7

1—
75

9 .9

10.1

9 .7

10.3

10.9

1 1 .3

12.2

12.0

1 1 .9

2-7 5

9 .t
o

9 .o

9 .3

9 .8

1 0 .3

10 .5

11.1

10.O

1 0 .0

3-7 i>

9 .*

9 .3

o .v

9 .3

9 .0

9 .7

1 0 .0

9 .*

13^0^S
—
1
o yo
6 .5 ^ ^
9 .7

0 .7

176*2
179.0
181.1

B.O

5 .6

4 >

6 .1

6 .5

6 .5

B .2

184.7

*-75

9 .1

9 .Z

t.fc

9 .1

9 .*

9 .5

9 .7

9 .2

b .o

1—
7o

9 .*

9 .5

9 .1

9. 5

9 .6

9 .9

1 0 .2

9 .6

9 .3

9 .1

B .l

6*7

1 0 .7

13 .2

2-76

9 .3

9 .*

V .l

9 .*

9 .6

9 .7

9 .9

9 .0

9 .2

£ .9

8 .1

8*5

9 .8

1 0 .7

8> \ 9 , 3 %

194.3

3-76

9 .3

9 .*

9 .1

9 .*

9 .0

9 .7

9 .9

9 .5

9 .2

9 .0

8 .3

8*7

9 .7

10*2

8 .7

9 .2 \

198.6

*-7o

9 .3

9 .3

9 .0

9 .3

9 .5

9 .6

9 .7

9 .*

9 .1

B .9

8 .3

8*6

9 .*

9 .7

B .6

8*8

8*5

1-77

9 .*

9 .5

9 .2

9.5»

9 .7

9 .7

9 .9

9 .0

9 .*

9 .2

6 .6

9 .1

9*8

10 .1

9 **

9 *8

10*1

2-77

9 .2

9 .3

9 .0

9 .3

9 .*

9 .5

9 .6

9 .*

9 .1

B .9

8 .5

8 .7

9 .3

9 .5

8 .8

8 .9

8 .8

9 .0

3-72

*— 7^

1-73

2—
73

3-7i

*-7 3

1-7*

2— *
7

¿- 7 *

*- 7 *

1-75

2-75

¿^ 75 '

*-75

1-76

2-76

3-76

4-76

190.5

2 0 2 .7

iut\

2 0 8 .4
6.3^1

211*6

1-77

IN IT IA L gUARTER

OUTPUT PER HOUR OF ALL PfcRSGNS, PR IV A T E B U SIN ESS SECTOR *
_____________ COMPOUNDED ANNUAL RATES OF CHANGE__________________
TERMINAL__________________________________________________________________ IN IT IA L QUARTER
__________________________________________________________1967 « 100
gUARTER
3-72 **-72 1-73 2-73 3-73 4-73 1-74 2-7* 3-74 4-74 1-75 2-75 3-75 4-75 1-76 2-76 3-76 4-76 1-77
*-72

112.5

5*9

114*1

1*73

5*9

5 .6

2-73

2*3

0 .5

- * .5

3-73

1 .3

— .2
0

- 3 .1

- 1 *8 \

*-73

1.1

-0 .1

- 2 .0

- 0 .7

112*8
112.3
0 *^ \

1 1 2 .4

O 0 07

1-7*

- 0 .1

— .2
1

- 2 .9

- 2 .*

- 2 .7

- 5 .6

2-7*

- 0 .*

— •*
1

- 2 .8

- 2 .*

- 2 .6

- * .1

3-7*

-0 .7

— .6
1

— .0
2

- 2 .5

- 2 .7

- 3 .7

- 2 .7

- 3 .*

- 2 .6

- 2 .7

*-7 *

- 0 .9

— .7
1

- 2 .8

- 2 .5

- 2 .6

V

110.8
110.1
109.3
108.6
108.9

1-75

- 0 .7

— •*
1

- 2 .3

- 2 .0

- 2 .0

- 2 .5

- 1 .7

-1 .5

- 0 .7

2-75

0 .3

- 0 .3

- 0 .9

— .5
0

- 0 .3

- O .*

0 .6

1 .5

2 .9

5.8

3-75

0 .9

0 .*

— .1
0

0 .*

0 .7

0 .7

1 .8

2 .7

* .1

6 .4

*-75

0 .7

0 .2

— .3
0

0 .2

0 .*

0 .*

1 .3

1 .9

2 .9

4 .3

5 .4

2 .9

r v
- 1 .7 s

1-76

1.1

0. 8

0 .*

0 .6

1.1

1 .2

2 .1

2 .7

3 .7

5 .0

6 .0

4 .4

2 .8

7 .6 s

2-70

1 .3

1 .0

O .o

1 .0

1 .3

1 .4

2 .2

2 .B

3 .6

4 .7

5 .4

4 .1

2 .9

5 .4

3 .2 s^

—

— r' ^ 9 . 2 %
1 0 .7 ^
9 .2

1 11.7
113.8
113.3
115.4
3 %

116.3

3-70

1 .*

1.1

cu t

1 .2

1 .*

1 .5

2 .3

2 .8

3 .6

4 .5

5*0

3 .9

3 .0

3 .1

3 .1 >

*-7o

1 .3

1 .0

0 .7

1 .1

1 .3

1 .*

2 .1

2 .5

3 .2

3 .9

4*3

3 .3

2 .4

3 .4

2 .1

!• 6

0. 0s

1-77

1 .0

1 .3

1 .0

1 .*

1 .6

1 .7

2 .4

2 .8

3 .*

4 .1

4 .5

3 .6

3 .0

3 .9

3 .0

3 .0

2 .9

5 ^ 9 \

118.9

3 .8

3 .0

2 .3

3 .0

2 .1

1 .9

1 .5

2 .2

1 18.5

1-75

2-75

3-75

4-75

1-76

2-76

3-76

4-76

2-77

1 .*

1 .2

0 .9

1.2

1 .*

1 .5

2 .1

2 .5

3 .0

3 .6

3—
72

* —7^

1-73

2—
7.3

3-73

*—
73

1-74

2-74

3-7*

4-74

i n i Via l

117.2
117.2

1-77

q Ua r T^ r

* REVISED FROM 1974.




PktPAktb
SE P T E M B ER

10

B Y P E W ftA L
1 3 , 1977

baMk OP S T * L O U IS

PRODUCTIVITY, COMPENSATION, AND LABOR C O S T S *
RATIO SCALE

RATIO SCALE
SEASO N ALLY

1 9 6 7 - 1 0 0

1 9 6 9
* REVI SED

1 9 7 0

1971

1 9 7 2

A D JU S T E D

197 3

1 97 4

FROM 1 974

1 9 7 5
SOURCEt

P E R C E NT A 6 E S ARE ANNUAL RATE S OF CHANCE FOR PERI ODS
L A T E S T DATA PLOTTED*

1 9 6 7 - 1 0 0

U. S.

1 9 7 6

1 9 7 7

DEPARTMENT OF L ABOR

I NDI CATE D.

2ND QUARTER
PREPARED BY F E DE RAL RE SE RVE BANK OF S T .

L OU I S

U N IT LABOR COSTS » PRIVA TE BU SIN ESS SECTOR *
COMPOUNDfcO ANNUAL RATES OF CHANGE
1967 * 100

IN IT IA L QOARTEK

TERMINAL
O O A K fc R
> -72
*-7 2

- *- 7 2

1-73

2-73

.» - 7 3

*-7 3

1-7*

2-7*

3-7*

*-7 *

1-75

2-75

3-75

*-75

1-76

2-76

3-76

4-76

1-77

l.t o

1 2 6 .0
1 2 8 .*

1-73

* .7

7 .0

2-7*

o .5

9 .J.

3 —7 *

7 .i

9 .0

V .t

* —7 ^

7 .o

b .O

9 .1

0 .5

9 .« »

1 0 .O

II« * »

1 1 .to

1 0 .2

1 1 .5

1^«1

12. 5

*-7 *

1 0 . to

1 1 .7

12. j

¿ 2 .0

1-75

1 0 ./

1 1 .7

1 2 .2

1 2 .5

9 .3

1 0 .1

1C.

\ 8 . 8 %
1 0 .3 ^ \

1 3 4 .*

1 0«*

3-75

1 3 1 .6

1 3 7 .1

0 .3

11.2

1 4 1 .7

0 .9

b .7

0 4 .1 %

i.3 .*

1 5 .1

1 5 .7

15.6

152 »4

i3 .*

1* .7

1 * .9

1 * .7

1 5 7 .3

1 3 .1

l * . l

JU > .7

1 1 .0 1 0 .*

o .to

9 .0

9 .0

1 1 .7

7 .1

* .0

- 3 .2

3 .9

2 .1

to .9

5 .*

J k r V

7 .7

O .G

3 —7 2

-»—7 2

* .3

1 —7.»

1 6 3 .0

1 0 .2

1 6 5 .1

3 .1

* .5

5.0

* .1

/. 9

7 .9
7 .9

7 .0

7 .*

to .7

5 .9

5 .2

¿- 7 ^

> -73

* —7 3

1-7*

2 —7 *

3 —7 *

* —7 *

5 .7

6 .5

*.7

5 .3

6 .9

. 6 .8 %

1 6 7 .0
1 6 9 .4

6 .1

5 .9

1 7 3 .0
5 .2

* .1

5 .2

6 .6

5 .9

* .5

5 .5

6 .6

6 .2

< > .*

6 .9

7 .2

6 .5

2 —7 5

3-75

* —7 5

1-76

2-76

3-76

*-7 6

1-75

RFVLSF.T) FRCM 1974«,




1 5 9 .1

- 3 .2

0 .1

7 .9

6 .1

160«*

2 .6

0 .2 ____ to. i
£ • 3____6 .1
>

F3,2%-

3 .3

7 .6

3 —7to

1 6 1 .7

- ¿ .2

5 .5
7 .9

2 - 7 to

2-77

1 2 .6

1 .5

9 .2

b .t>

9 .1

1 5 .5

1 0 .6

9 .0

l* .b

1 7 5 .2
7**\

1-77

P R EPA R ED bY F E D E R A L R E S E R V E BANK OF S T .
S E P T E M B ER 13* 1977

11

1 7 8 .5

L O U IS

GROSS NATIONAL PRODUCT IN CURRENT DOLLARS
COHPQUNOEP ANNUAL R A T ES OF CHANGE_______

TERMINAL
QUARTER

IN IT IA L QUARTER
4-72

1-73

2-73

3-73

0-73

2-74

1-74

1-73

11 «6
1 0 .9

8 .*

11.1

9 .6

1 0 .6

4 .2 s\ 7

3-75

1-76

4-75

2-76

3-76

4-76

1-77

2-77

1 1 .9
8 .0

2-75

9 .3

W 3

1-75

7 .5

3-73

4-74

1 5 .9

2-73

3-74

M ILLIO N S OF
DOLLARS
ANNUAL RATES
1 *¿65 . 3
1 * 2b8.4
1*317,5
1*355.1

1-74

9 .7

6 *2

8 .4

2-74

9 .7

8 .4

8 .7

8 .4

6 .8

3-74

9 .5

8 .5

8 .7

8 .5

7 .4

9 .1

4-74

9 .1

8 .2

8 .3

8 .1

7 .2

8 .2

i%

i* 3 o 9 .0
1*400.1
1*430.1

7 .6

6 .4 ^ \

1 *452.4

1-75

8 .1

7 .2

7 .1

6 .7

5 .7

6 .1

5 .1

3 .2

0^2^

2-75

8 .5

7 .7

7 .8

7 .6

6 .8

7 .4

6 *9 .

6 .2

6*2

3-75

9 .5

8 .9

9 .0

9 .0

8 .6

9 .3

9 .3

9 .4

4-75

9 .5

8 .9

9 .1

9 .0

8 .7

9 .3

9 .3

1-76

9*8

9 .3

9 .4

9 .5

9 .2

9 .8

9 .9

2-76

9 .8

9 .0

9 .5

9 .5

9 .3

9 .9

9 .9

3-76

9 .7

9 .3

9 .4

9 .4

9 .2

9 .7

1*4 53 .0

1 2 .6 V

1 *496.6

10.5

1 6 .0

19. 5^

1 * 5 64 .9

9 .4

10.2

1 3 .8

1 4 .4

10.1

10.8

1 3 .6

1 4 .0

11.3

1 3 .2 s \

10.1

10.7

1 3 .0

1 3 .0

1 1 .0

1 1 .7

9 .8

9 .9

1 0 .4

1 2 .2

1 2 .2

1 0 .4

1 0 .7

1 *t>00 . 7
1 *651.2

11 6 %
lO ^ V

l»ö 9 1 .9

a ìò V

9 .4

1 *727.3

4—
76

9 .5

9 .1

9 .2

9 .2

9 .0

9 .5

9 .5

9 .5

9 .9

1 1 .4

1 1 .2

9 .6

9 .7

8 .5

7 .6

6^7^^

1*7 55 .4

1-77

9 .8

9 .4

9 .5

9 .5

9 .3

9 .8

9 .8

9 .9

10.3

1 1 .6

1 1 .5

10.2

1 0 .4

9 .7

9 .5

9 .9

1 3 .2 s

1«b io .a

2-77

1 0 .0

9 .6

9 .8

9 .8

9 .6

10.1

10 .1

10.2

10.6

1 1 .9

1 1 .8

1 0 .7

1 0 .9

1 0 .5

1 0 .5

1 1 .2

1 3 .5

1*8 69 .9

3-77

9 .9

9 .6

9 .7

9 .7

9 .6

10 .0

10.1

10.2

10.5

1 1 .6

1 1 .5

1 0 .5

1 0 .7

1 0 .2

10*2

1 0 .7

1 2 .0

1 1 .4

4-72

1-73

2-73

3-n

4-73

1-74

2-74

3-74

4-74

1-75

2-75

3-75

4-75

1-76

2-76

3-76

4-76

1-77

9 .2 \

1*911. 3P

2-77

IN IT IA L QUARTER

GROSS NATIONAL PROOUCT IN CONSTANT 1972 DOLLARS
________ COHPOUNDEO ANNUAL RATES OF CHANGE
B IL L IO N S OF
DOLLARS
ANNUAL RATES

IN IT IA L QUARTER

TERM INAL
QUARTER
4-72

1-73

1—
73

4 .9

3-73

3 .8

4-73

1 .4

4-73

1-74

2-74

3-74

4-74

1-75

2-75

3-75

4-75

1-76

2-76

3-76

4-76

1-77

2-77

l . i

3 .4

3-73

9 .5

2-73

2-73

1 * 2 2 9 .0

1o ^ 4 \ j . 4 %

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

1 .9

1 * 2 4 2 .6

2 . ^ I'-" .
1

1-74

1 .9

0 .0

- 0 .1

- 1 .0

2-74

1 .2

- 0 .3

- 0 .5

- 1 .3

- 2 .9

- l. t t \ v

3-74

0 .7

- 0 .7

- 0 .9

- 1 .6

- 2 .7

- 2 .2

- 2>

4-74

- 0 .1

- 1 .4

- 1 .7

- 2 .4

- 3 .5

- 3 .3

- 4 .0

1-75

- 1 .2

- 2 .5

- 2 .9

- 3 .6

- 4 .7

- 4 .9

- 5 .9

- 7 .6

- 9 .M

2-75

- 0 .5

- 1 .5

- 1 .8

- 2 .2

- 2 .9

-2 .7

- 3 .0

-3 .1

-1 .9

6 .4

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

» v w .0 7 0
- 5 .5 ^

1 * 1 9 9 .7
l* l6 9 .e

r»w

1 V
1
1 * 1 8 8 .2

3-75

0 .6

- 0 .3

— .4
0

— .6
0

- 1 .0

-0 .5

- 0 .2

0 .3

2 .3

8 .9

1 1 .4

4-75

0 .8

0 .0

- 0 .0

- 0 .2

- 0 .5

-0 .0

0 .3

0 .8

2 .5

6 .9

7 .1

3 .0 \

1-76

1 .4

0 .7

0 .7

0 .6

0 .5

1 .0

1 .5

2 .1

3 .7

7 .4

7 .7

5 .9

8 .8

2-76

X »6

1 .0

1 .1

1 .0

0 .9

1 .5

1 .9

2 .5

4 .0

6 .9

7 .0

5 .6

6 .9

5 .0

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

1 * 2 5t> . 0

< 7 %
^ / / o

V

1 * 2 7 1 .5

3-76

1 .8

1 .2

1 .3

1 .3

1 .2

1 .7

2 .1

2 .7

3 .9

6 .4

6 .4

5 .2

5 .9

4 .5

3 .9

4-76

1 .7

1 .2

1 .3

1 .3

1 .2

1 .7

2 .0

2 .5

3 .6

5 .6

5 .5

4 .3

4 .7

3 .3

2 .5

1 .2

1-77

2 .1

1 .6

1 .7

1 .7

1 .7

2 .1

2 .5

3 .0

4 .0

5 .9

5 .8

4 .9

5 .2

4 .4

4 .2

4 .3

7 .5

2-77

2 .3

1 .9

2 .0

2 .0

2 .0

2 .4

2 .8

3 .3

4 .2

5 .9

5 .8

5 .1

5 .4

4 .7

4 .7

4 .9

6 .8

6 .1

3-77

2 .4

2 .0

2 .1

2 .1

2 .1

2 .5

2 .9

3 .3

4 .2

5 .7

5 .6

4 .9

5 .2

4 .6

4 .5

4 .6

5 .8

5 .0

4-72

1-73

2-73

4-73

1-74

2-74

3-74

4-74

1-75

2-75

3-75

4-75

2-76

3-76

4-76

1-77

3-73

1-76

1 * 2 8 3 .7
1 * ¿6 7 .4
1 * 3 1 1 .0
1 * 3 3 0 .7
3 . 8 s)

1 *3 4 3 .2 P

2-77

IN IT IA L QUARTER
P-PFJRT.TMTNARV'




P R E PARED BY FEDERAL RE S E R V E bANK OF S T . LOUIS
O C T O B E R 19, 197 7

12

DEMAND AND P R OD U C TIO N
R A TIO SCALE
QUARTERLY TOTALS
T R I L L I O N S OF D O L L A R S
S E A S O N AL L Y

AT ANNUAL
ADJUSTED

RATES

TRILLIONS

R A TIO SCALE
OF D O L L A R S
2. 0

.9
.8
.7

.6

.5
.4

.3

.7

.6
1 .

.5
.4

0 .

.3
. 2

1 .

1. 1

1 .

1 .0

0 .

0.9

0 . 8

1969

1970

1971

1972

1973

1974

1975

1976

1977

SOURCE« U.S. DEPARTMENT OF COMMERCE
U.6NP IN CURRENT DOLLARS.
12.6NP IN 1972 DOLLARS.
PERCENTAGES ARE ANNUAL RATES OF CHANCE FOR PERIODS INDICATED.
LATEST OATA PLOTTED* 3RD QUARTER PRELIMINARY pREpAREo 0Y FE0ERAL RESERVE BANK OF ST. LOUIS




13

GENERAL
R A T IO

PRICE

INDEX*

SCALE

R A T IO

197 2-100

1972-100

1969
*A S

U8E0

1970

1971

IN NATIO NAL

1972

1973

1974

INCOME ACCOUNTS

DATA PLOTTED *

1975

SO U R C Et

P E R C EN T A G E S ARE ANNUAL R A T ES OF CHANGE FOR P E R IO D S
LA TEST

SC A L E

U .S .

1976

1977

DEPARTMENT OF COMMERCE

IN D IC A T E D .

3RD QUARTER P R E L IM IN A R Y
P R EP A R E D

BY FE D E R A L R E S E R V E BANK OF S T .

L O U IS

IM P L IC IT PR IC E DEFLATOR FOR GROSS NATIONAL PROOUCT
__________ COMPOUNDED ANNUAL RATES OF CHANGE____________
TERMINAL
WUARTtK

IN IT IA L QUARTER
0-72

1-73

2-73

3-73

0-73

1-73

‘ 5>

2—
73

6 .0
6 .8
7*5

8 .1

6 .6

7 .7

8 .2

8 .5

9 .0

« t*

8 .8

9 .3

9 .8

9 .9

1-75

2-75

3-75

4-75

r \
8 .0

2-7o

0-70

1-76

2-76

3-76

4-76

2-77

* >

1-70

3-70

1972 « 100
1-77

7 .3

4-73

2-70

\ / .07©
7 .0 ^

3-73

1-74

\

102.89
104.65
106.57
109.05
111.28
114.34

1 1 > \ 1 1 .0 %

3—
7o

8*8

9 .3

9 .7

1 0 .3

1 0 .5

1 1 .5

1 1 .6 \

o-7o

9 .2

9 .7

1 0 .2

1 0 .7

1 1 .0

1 1 .9

1 2 .1

1 2 .ò \

i—
75

9 .0

9 .9

1 0 .3

1 0 .8

1 1 .0

1 1 .6

1 1 .7

1 1 .7

2-75

9 .0

9 .0

9 .7

1 0 .0

1 0 .1

1 0 .4

10.2

9 .7

8 .3

\
5 .8

3-75

8 .9

9 .2

9 .0

9 .7

9 .7

9 .9

9 .6

9 .1

7 .9

6 .5

0-75

8 .7

6 .9

9 .1

9 .3

9 .3

9 .4

9 .0

8 .5

7 .5

6 .4

6 .8

6 .3

1-7 6

8 .3

8 .5

8 .7

8 .8

8 .7

8 .7

7 .8

6 .8

5 .8

5 .9

5 .2

4 .ÌV

2-76

8 .1

8 .2

8 .3

8 .0

8 .3

8 .3

7 .9

7 .0

6 .5

5 .7

5 .6

5 .1

4 .5

3 - ?*

7 .8

8 .0

8 .0

8 .1

7 .9

7 .9

7 .5

7 .0

6*2

5 .5

5 .4

5 .0

4 .5

4 .8

0-70

7 .7

7 .8

7 .9

7 .9

7 .7

7 .7

7 .3

6 .8

6 .1

5 .5

5 .4

5 .1

4 .7

5 .0

1-77

7 .5

7 .6

7 .7

7 .7

7 .5

7 .5

7 .1

6 .7

6 .0

5 .5

5 .4

5 .1

4 .9

5 .1

5 .1

5 .4

5 .3 s

136*13

2-77

7 .5

7 .6

7 .6

7 .7

7 .5

7 .0

7 .1

6 .7

6 .1

5 .6

5 .6

5 .4

5 .2

5 .5

5 .6

5 .9

6 .2

140.52

*-77

7 .0

7 .5

7 .5

7 .5

7 .0

7 .3

7 .0

6 .6

6 .1

5 .6

5 .6

5 .4

5 .2

5 .4

5 .5

5 .7

5 .9

6 .1

<—
* 72

1-73

2-73

3—
73

4-73

1-70

2-70

3-70

4-74

1-75

2-75

3-75

4-75

1-76

2-76

3-76

4-76

1-77

8 .3

117.52
121*06
124.21
r

125.96
128.20
130.17
131.47

* A 07

133*06
130.56
5 .0

136*35

5 .4 s

102*29P

5 .1 ^
2-77

IN IT IA L QUARTER
P-PRRT.TMTNARY




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

_

PREPA REO BY FED ERA L R E S E R V E BANK OF S T .
OCTOBER 1 9 t 1977

14

L O U IS

PERSO NAL CONSUMPTION E X P E N D IT U R ES IN CURRENT D O LLA RS
_____________ COMPOUNDED ANNUAL RATES OF CHANGE_______________
B I L L I O N S OF
Ib R M lN A L

tiU A R ltK

______________________________________________________________IN IT IA L QUARTER_________________________________________________________________ DOLLARS
ANNUAL RATES
1-77 2-77
0-72
1-73 2-73 3-73 0-73 1-70 2—
7o 3-74 4-74 1-75 2-75 3-75 4-75 1-76 2-76 3-76 4-76

1-73

10*0

2-73

1 0 .o

7 .2

787.2
801*0

3-73

1 0 .0

8*0

0*9

0—
73

9 .0

7*8

0*2

7*5

l- 7 o

9 .6

6 .5

8 .9

8*9

1 0 .0

2-70

1 0 .0

9 .2

9 .«

10*1

11*0

12*3

3-70

1 0 .6

10 .1

1 0 .6

11*1

12*3

13*3

10*3

O—
7o

9 .7

9 .1

9 .4

9*5

10*0

9*8

8*6

1-75

9 .6

9 .1

9 .3

9*0

9*8

9*7

2-75

1 0 .0

9 .5

9 .8

9*9

10*0

10*4

3-75

1 0 .2

9 .6

1 0 .1

10*3

10*7

o-75

1 0 .0

1 0 .0

10*3

10*5

1-76

1 0 .6

10*3

10*6

2-76

10 .O

10*2

3-76

10*0

10*1

818*2
833*1
854*0
879*2
909*0
3*2

9 1 6 .2

8*8

6*1

9*2

936*5

9*9

8 *4

11*1

13*2

10*7

10*0

9*5

11*6

12*9

10*9

10*9

10*7

10*0

11*8

1 2 .7

12*4

10*7

11*1

11*2

11*0

10*5

12*0

12 .8

12*6

12*6

13*1

1 0 .0

10*6

10*9

10*9

10*8

10*3

11*5

12*0

11*7

11*3

10*9

8 *8

1 0 .3

10*0

10*7

10*7

10*6

10*1

1 1 .1

11*5

11*1

10*8

10*3

8 .9

965*9
995*1

12*7

1*024*1

12.2

1*056*0
1*078*5
1*102*2

9 .1

1 »139*0

0-76

10*6

lO .o

1 0 .6

10*7

11*0

11*0

10*9

10*5

11*5

11.8

11*6

11*4

11*2

1 0 .6

1 1 .5

1 4 .0

1-77

1 0 .7

10 .5

1 0 .7

10*8

11*1

11*1

11*0

10*7

11*6

11*9

11*7

11*6

11*4

1 1 .0

1 1 .8

13.1

1 2 .3

2-77

1 0 .5

10*3

10*5

10*6

10*8

10*9

10*7

10*4

11*2

11*4

11*2

11*0

10*8

1 0 .3

10*7

1 1 .3

9 .9

7 .6

3-77

1 0 .0

10*2

10*3

10*0

1 0 .6

10*6

10*5

10*2

10*9

11*0

10*8

10*6

10*3

9 .9

1 0 .1

1 0 .4

9 .2

7 .7

7 *8

0-72

1-73

2-73

3-73

0-73

i—
7o

2-70

3-74

4-74

1-75

2-75

3-75

4-75

1-76

2-76

3-76

4-76

1-77

2-77

1*172*4
1*194*0
1 *216*7P

IN IT IA L QUARTER

PERSONAL CONSUMPTION EXPEND ITURES IN CONSTANT 1972 DOLLARS
________________ COMPOUNDED ANNUAL RATES OF CHANGE_________________

B IL L IO N S OF
DOLLARS
ANNUAL RATES

IN IT IA L QUARTER

TERMINAL
QUARTER
4-72

1-73

2-73

3-73

0-73

1-70

2-74

3-74

0-74

1-75

2-75

3-75

4-75

1-76

2-76

3-76

4-76

1-77

2-77
7 6 7 .7

1-73

8*2

2-73

3*8

-0*5

3-73

3*1

0 .7

0-73

1*7

- 0 .3

-0 *2

-2*3

1-70

0*9

-0*8

- 0 *9

-2 *3

- 2 .2

2-70

0 *8

-0*6

-0 *7

-1*5

- 1 .1

766*6
770*4

1*9

765*9
7 o l* 6
0*1

761*7
766*6

3-70

1*0

-0*1

-0 *0

-0*5

0 .1

1*3

2*6

0-70

0*0

-1*1

-1 *2

-1*8

- 1 .7

-1*5

-2*3

-7*0

1-75

0*2

-0*7

-0 *7

-1*2

- 0 .9

-0*6

-0*8

-2*5

2 .1

0*7

4 .7

7*3

752*9
756*9
770*4

2-75

0 .9

0*2

0 *2

0*0

0 .4

0*9

1*1

3-75

1*3

0*6

0 *8

0*6

1 .1

1 .6

1*9

1*8

4 .9

6*3

5*2

0-75

1*7

1*2

1*3

1*3

1 .7

2*3

2*7

2*7

5*3

6*4

5*9

6*6

1*9

2 .4

3*0

3*4

3*5

5*7

6*6

6*4

7*0

780*2
792*8
807*2

7*5

1-76

2*2

1*7

1*9

2-76

2*3

1*9

2*1

2*1

2 .5

3*1

3*5

3*6

5*5

6*1

5*9

6*1

5*8

4 .2

3—
76

2 *4

2*0

2*2

2*2

2#6

3*1

3*5

3*6

5*2

5*7

5*4

5*4

5*1

3 .9

3 .6

0-76

2*8

2 *o

2*6

2*7

3 .1

3*6

4*0

4 *1

5*6

6*1

5*9

6*1

5 .9

5 .4

6 .0

8 .6

5 .8

6 .8

5 .1

815*5
822*7
8 3 9 .8
850*4

1-77

2*9

2*6

2*8

2 .9

3 .3

3*7

4*1

4 *2

5*6

6*0

5*8

5*9

5 .4

5 .7

2-77

2*6

2*5

2*7

2 .8

3*2

3*6

3*9

4 .0

5*2

5*5

5*3

5*3

5 .1

4 .6

4 .7

5*1

3 .4

1 .8

3-77

2*6

2*5

2 *7

2 .7

3*1

3*5

3*7

3 .8

4 .9

5*1

4*9

4*9

4 .6

4 .2

4*1

4*3

2 .9

1 .8

1*8

o-72

1-73

2-73

3-73

4-73

1-70

2-74

3-70

4-74

1-75

2-75

3-75

4-75

1-76

2-76

3-76

4-76

1-77

2-77

854*1
858*0p

IN IT IA L QUARTER
P-PRELIMINAFY




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 OF S T *
OCTOBER 1 9 . 1977

15

L O U IS

GROSS P R IV A T E DOMESTIC INVESTM ENT IN CURRENT DOLLARS
_____________ COMPOUNDED ANNUAL R A T ES OF CHANGE

TERMINAL
QUARTER

B IL L IO N S OF
DOLLARS
ANNUAL RATES

IN IT IA L QUARTER
4-72

1-73

2-7*

3-73

0-73

1-73

1 8 .2
1 3 .2

9 .1

1 5 .5

1 3 .4

1 2 .8

6 .6

3 .2

- 0 .4

6 .4

3 .5

0 .9

2-75

3-75

0-75

1-76

2-76

3-76

0-76

1-77

2-77

- 2 .4 - 2 2 .0

2-74

1-75

2 2 .6

1-74

4-74

3 .7

4-73

3-74

1 4 .6

3-73

2-74

2 1 .7

2-73

1-74

¿1 0 .6
¿ ltt.Q
220.0

- 0 .1

231. 5

- 9 .8

¿1 7 .3
4 .9

¿1 9 .9

3-7 *

2 .9

0 .0

- 2 .7

- 4 .2 -1 1 .8

- 6 .0 -1 5 .7

4-74

2 .4

- 0 .1

- 2 .3

- 3 .5

- 4 .2

1-75

- 5 .8

-Ô .8 - 1 1 .8 -1 4 .1 - 2 0 .0 -1 9 .4 -2 6 .2 -3 0 .9 -5 2 .0

2-75

— .1
6

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

— .6
6

171.2

3-75

0 .9

- 1 .0

- 2 .6

- 3 .4

- 6 .6

- 3 .7

- 5 .3

- 2 .5

- 3 .2

3 7 .6 107.2

¿0 S .4

4-75

- 9 .1

- 8 .5

¿1 0 .7
- 0 .6

2 10.4
17i>*l

0 .7

- 1 .0

- 2 .5

- 3 .2

- 6 .0

- 3 .0

- 4 .7

- 2 .3

- 2 .7

2 3 .2

4 .5

3 .2

2 .2

2 .0

- 0 .0

3 .2

2 .9

6 .4

7 .9

3 2 .1

4 9 .4

2 6 .8

6 3 .0

_ 2 t T6

5 .8

4 .7

3 .9

3 .9

2 .2

5 .0

5 .4

8 .8

10.5

3 0 .6

4 2 .8

26 .1

0 2 .5

2 4 .7

3-76

6 .5

5 .5

4 .9

4 .9

3 .5

6 .5

6 .7

9 .9

11.4

2 8 .2

3 7 .2

2 3 .8

3 3 .5

2 0 .9

4-76

5 .0

3 .9

3 .2

3 .2

1 .7

4 .2

4 .1

6 .6

7 .6

2 0 .7

2 6 .4

14 .5

1 8 .9

7 .0

4 3 .0

- 1 .4

200.7
¿3 1 .3
¿ 4 4 .*
1 7 .2

¿5 4 *3

- 0 .8 -16.1

¿*3 .4

1-77

7 .4

6 .6

6 .1

6 .2

5 .1

7 .7

8 .0

1 0 .7

12.1

2 4 .6

3 0 .2

2 0 .5

2 5 .5

1 7 .5

1 5 .2

1 0 .2

55 .5

2-77

9 .0

8 .2

7 .8

8 .1

7 .2

9 .9

10.3

13.0

14.5

2 6 .1

3 1 .2

2 3 .0

2 7 .6

2 1 .5

2 0 .7

2 1 .8

0 6 .8

3 8 .6

3-77

8 .9

8 .2

7 .9

8 .1

7 .2

9 .7

10.1

12.6

13.9

2 4 .1

2 6 .4

2 1 .0

2 4 .6

19.1

1 8 .0

16 .2

32 .5

2 2 .3

8 .0

4-72

1-73

2-73

3-73

4-73

1-74

2-74

3-74

4-74

1-75

2-75

3-75

4-75

1-76

2-76

3-76

0-76

1-77

2-77

¿7 1 .8
294.9
3 0 0 .oP

IN IT IA L QUARTER

GROSS PR IV A T E DOMESTIC INVESTMENT IN CONSTANT 1972 DOLLARS
________ _______ COMPOUNDED ANNUAL RATES OF CHANGE_________________
IN IT IA L QUARTER

TERM INAL
QUARTER
4-72

1-73

2-73

3-73

4-73

1-74

2-74

3-74

4-74

1-75

2-75

3-75

4-75

1-76

2-76

3-76

0-76

1-77

B IL L IO N S OF
DOLLARS
ANNUAL RATES
2-77
¿0 **6

1-73

1 4 .9

2-73

1 0 .2

5 .6

3-73

5 .0

0 .3

¿0 7 .4
¿0 4 .9

- 4 .7

0-73

7 .2

4 .7

0 .3

1 4 .2

¿1 1 .6

1-70

- 0 .1

- 3 .5

- 6 .0

- 7 .2 - 2 4 .5

197.4

2-74

- 2 .6

- 5 .8

- 8 .5

- 9 .7 -1 9 .7 -1 4 .5

189. 8

3-74

- 6 .2

- 9 .3 - 1 2 .1 - 1 3 .8 - 2 1 .5 -2 0 .0 -2 5 .0

170*6

0-70

- 7 .1

- 9 .9 - 1 2 .2 - 1 3 .6 - 1 9 .5 -1 7 .7 -1 9 .2 -1 2 .9

170.6
133.0

1-75

-1 6 .1 - 1 9 .4 - 2 2 .4 - 2 5 .0 - 3 1 .1 -3 2 .6 -3 7 .8 -0 3 .3 -63.1

2-75

- 1 5 .2 -1 8 .0 - 2 0 .6 - 2 2 .6 - 2 7 .4 -2 8 .0 -3 1 .0 -3 2 .9 -41.1

— .2
6

3-75

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

3 2 .5

8 7 .1

4-75

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

1 6 .6

2 9 .9

-9 .8

1-76

- 4 .9

2 6 .4

3 9 .6

2 0 .6

2-76
3-76

- 6 .3

- 7 .4

- 3 .4

- 4 .7

- 5 .5

- 5 .5

- 7 .3

- 2 .5

- 3 .7

-4 .0

- 4 .3

- 5 .9

- 0 .9

- 5 .7

4-76

- 3 .6

- 7 .6

- 9 .8

- 5 .7

- 7 .2

- 7 .7

-1 .2

130.9
153.1
149*2
16Ô.1

6 1 .1

- 6 .7

-3 .2

- 5 .2

- 3 .9

- 0 .5

1 .8

2 4 .7

3 3 .8

1 9 .7

3 7 .9

1 8 .0

- 3 .8

- 2 .5

0 .8

2 .9

2 2 .1

2 8 .7

17.2

2 7 .9

1 3 .9

6 .3

1 3 .4

0 .9

- 5 .5

-0 .5

- 1 .9

- 0 .4

1 4 .7

1 8 .7

173*2
179.4

9 .9

lo 9 .2

— .7 -2 0 .9
6

180*7

1-77

- 1 .3

- 2 .3

- 2 .8

- 2 .6

- 3 .8

-1 .8

— .6
0

2 .2

4 .1

1 8 .5

2 2 .5

14.1

1 9 .6

11.1

8 .8

8 .3

0 8 .2

2-77

- 0 .0

- 0 .9

- 1 .3

- 1 .0

- 2 .0

- 0 .0

1 .3

4 .1

6 .0

1 9 .1

2 2 .7

1 5 .6

2 0 .4

1 3 .6

1 2 .6

1 3 .4

3 5 .8

2 4 .5

3-77

0 .1

— .6
0

- 1 .0

— .8
0

- 1 .7

0 .2

1 .4

o .O

5 .7

1 7 .0

2 0 .4

1 3 .9

17 .8

11.8

1 0 .6

1 0 .8

2 3 .9

1 3 .3

3 .1

4-72

1-73

2-73

3-73

4-73

1-74

2-74

3-74

4-74

1-75

2-75

3-75

4-75

1-76

2-76

3-76

0-76

1-77

2-77

197*2
19<s. 7P

IN IT IA L QUARTER
P-PRELIMINARY




P R E P A R E D BY F E D E R A L R t S E R V E BANK OF ST.
O C T O B E R 19, 1 9 7 7

16

LOUIS

GOVERNMENT PU R C H ASES OF GOODS ANO S E R V IC E S IN CURRENT D O LLA RS
___________________ CUMPOUNDED ANNUAL RATES OF CHANGE______________________

TERMINAL
QUARTER

B IL L IO N S OF
DOLLARS
ANNUAL RATES

IN IT IA L QUARTER
4-72

1-73

4 *6

2-73

3-73

4-73

1-74

2-74

3-74

4-74

1-75

2-75

3-75

4-75

1-76

2-76

3-76

4-76

1-77

2-77
265.8

1 0 .6

2-73

1-73

3-73

2 6 5.1

- 1 .0

2 6 9 .3

2 .7

4-73

7 .2

6 .5

6 .1

9 .8

13 .2

2 7 7.8

1-74

8 .6

8 .1

1 1 .3

1 3 .8

9 .7

9 .5

1 2 .3

1 4 .4

1 4 .9

3-74

1 0 .4

1 0 .3

1 2 .7

1 4 .4

4-74

1 0 .7

1 0 .7

1 2 .8

1—
75

1 0 .7

10.7

1 2 .5

2-75

1 0 .6

1 0 .9

1 2 .4

2 8 7 .3

1 4 .4

2-74

2 9 7 .8

1 5 .4

30 8.0

14.8

1 4 .9

1 4 .4

14.1

1 4 .3

1 4 .3

1 3 .7

1 2 .9

1 3 .6

1 3 .7

1 3 .5

1 2 .8

1 2 .0

11 .1

1 3 .3

1 3 .3

13 .1

1 2 .6

11.9

1 1 .5

3 1 7 .5
3 2 6 .0
11.8

3 3 5 .2
3 4 3 .5

3-75

1 0 .8

1 0 .8

1 2 .2

1 2 .9

1 2 .9

1 2 .6

12.1

11.5

1 1.1

11.0

1 0 .3

4-75

10 *6

1 0 .6

1 1 .9

1 2 .5

1 2 .4

12.1

1 1 .6

11.0

1 0 .6

1 0 .4

9 .6

9 .0

1-76

1 0 .0

1 0 .0

1 1 .0

1 1 .5

1 1 .3

1 0 .9

1 0 .3

9 .6

9 .0

8 .5

7 .4

6 .0

3 5 1 .0
3 .0

3 5 3 .6
3 5 6 .9

2-76

9 .7

9 .7

1 0 .6

1 1 .0

1 0 .8

1 0 .4

9 .8

9 .1

8 .5

8 .0

7 .1

6 .0

4 .6

3-76

9 .4

9 .3

1 0 .2

1 0 .5

1 0 .2

9 .8

9 .2

8 .6

8 .0

7 .4

6 .6

5 .7

4 .6

6 .1
5 .4

4 .6

4-76

9 .3

9 .2

1 0 .0

1 0 .3

1 0 .0

9 .6

9 .1

8 .5

8 .0

7 .5

6 .8

6 .1

5 .4

6 .2

6 .3

3 6 3 .0
3 7 0 .0

7 .9

3 7 4 .9

5 .4

1-77

9 .1

9 .0

9 .7

9 .9

9 .7

9 .3

8 .7

8 .2

7 .7

7 .2

6 .6

6 .0

5 .4

6 .0

6 .0

6 .7

2-77

9 .5

9 .5

1 0 .2

1 0 .4

1 0 .2

9 .9

9 .5

9 .0

8 .6

8 .4

7 .9

7 .6

7 .4

8 .3

8 .8

1 0 .3

1 1 .4

1 7 .8

3-77

9 .9

9 .8

1 0 .5

1 0 .8

1 0 .6

1 0 .4

1 0 .0

9 .6

9 .3

9 .1

8 .8

8 .7

8 .6

9 .6

1 0 .3

1 1 .7

1 3 .0

1 7 .0

1 6 .3

4-72

1-73

2-73

3-73

4-73

1-74

2-74

3-74

4-74

1-75

2-75

3-75

4-75

1-76

2-76

3-76

4-76

1—
77

2-77

3 9 0 .6
4 0 5 .6 P

IN IT IA L QUARTER

GOVERNMENT PURCHASES OF GOODS AND SER V IC ES IN CONSTANT 1972 OOLLARS
_____________________ COMPOUNDED ANNUAL RATES OF CHANGE________________________
B IL L IO N S OF
DOLLARS
ANNUAL RATES

IN IT IA L QUARTER

TERMINAL
QUARTER
4-72

1-73

2-73

3-73

4-73

1-74

1-73
2-73

- 1 .6
- 0 .7

- 2 .6

- 0 .5

- 1 .7

0 .6

0 .9

0 .4

2 .7

3 .5

1 .2

0 .8

2 .5

3 .1

4 .5

2-75

3-75

2 .2

4-75

1-76

2-76

3—
7o

4-76

1-77

2-77

6 .6

2-74

1-75

0 .3

1-74

4—
74

1 .0

4-73

3-74

-6 .1

3-73

2-74

3 .2

2t>5.2
2 ^ 1 .2
2 5 1 .8
2i>2 . 0
2 i> 6 .2
2 5 7 .0

3-74

1 .2

0 .9

2 .3

2 .7

3 .5

1 .6

1 .4

4-74

1 .0

0 .7

1 .9

2 .1

2 .5

1 .1

0 .5

- 0 .3

1-75

1 .1

0 .8

1 .9

2 .0

2 .3

1 .2

0 .9

0 .7

1 .7

2 5 8 .5
¿ 5 8 .3
2 5 9 .4

2-75

1 .4

1 .2

2 .2

2 .4

2 .7

1 .9

1 .8

2 .0

3 .1

4 .5

3-75

1 .6

1 .5

2 .4

2 .5

2 .9

2 .2

2 .2

2 .4

3 .4

4 .2

3 .9

4-75

1 .6

1 .4

2 .2

2 .4

2 .6

2 .0

2 .0

2 .1

2 .7

3 .1

2 .4

2 0 2 .3
2 o 4 .8

0 .9

2o5 .4

1-76

1 .3

1 .1

1 .8

1 .9

2 .1

1 .5

1 .4

1 .4

1 .7

1 .7

0 .8

- 0 .7

-2 .2

2-76

1 .2

1 .1

1 .7

1 .8

1 .9

1 .4

1 .3

1 .3

1 .6

1 .5

0 .8

- 0 .2

- 0 .8

0 .8

3-76

1 .2

1 .0 _ 1 .6

1 .7

1 .8

1 .3

1 .2

1 .2

1 .4

1 .3

0 .7

- 0 .1

- 0 .4

0 .5

0 .3

4-76

1 .1

1 .0

1 .5

1 .5

1 .6

1 .2

1 .1

1 .0

1 .2

1.1

0 .6

- 0 .1

- 0 .3

0 .4

0 .2

0 .0

2 o * .9
2 6 4 .4
2 6 4 .6
2 0 4 .6

1-77

0 .9

0 .8

1 .3

1 .3

1 .4

0 .9

0 .8

0 .7

0 .9

0 .7

0 .2

- 0 .4

-0 .6

- 0 .2

- 0 .6

- 1 .0

- 2 .0

2-77

1 .4

1 .3

1 .8

1 .9

2 .0

1 .6

1 .6

1 .6

1 .8

1 .8

1 .5

1 .1

1 .2

1 .8

2 .1

2 .7

4 .1

10 .6

3-77

1 .9

1 .8

2 .3

2*4

2 .0

2 .3

2 .3

2 .3

2 .6

2 .7

2 .5

2 .3

2 .5

3 .3

3 .6

4 .7

6 .3

1 0 .7

1 0 .8

4-72

1-73

2-73

3-73

4-73

1-74

2-74

3-74

4-74

1-75

2-75

3-75

4-75

1-76

2-76

3-76

4-76

1-77

2-77

2 6 3 .3
2 7 0 .0
2 7 7 . OP

IN IT IA L QUARTER
p -p f e l im in a f y




PR E P A R E D BY F E D E R A L R E S E R V E BANK OF S T .
OCTOBER 1 9 , 1977

17

L O U IS

D IS P U T A B L E PERSO NAL INCOME IN CURRENT OOLLARS
CUMPOUNÜEÛ ANNUAL R A T ES OF CHANGE__________
B I L L I O N S OF

0
1
N

TERM IN A L__________________________ _______________________________________ IN IT IA L QUARTER__________________________________________________________ OOLLARS
wUARTfck
ANNUAL RATES
3-76 4-76
4-72
73 1-7* 2-74 3-74 *- 7 * 1-75 2-75 3-75 4-75 1-76
1-73 2-73 3-73 4 —
1-77 2-77
.1 - **

1 * .9

2-73

1 3 .3

1 1 .7

_à2 *0

1 0 .6

9 .5

*-7 3

12 *0

1 1 .1

1 0 .8

1 2 .1

1-74

1 0 .6

9 .6

8 .9

8 .5

5 .1

9 .1

7 .7

1 0 .3

866*6
69 0 .9
9 1 1 .*
93 7 .7
9 4 9 .5

2-74

1 0 .6

9 .7

9 .2

3-74

1 0 .7

1 0 .0

9 .7

9 .7

8 .9

10 .9

1 1 .4

*— *
7

1 0 .2

9 .5

9 .2

9 .1

8 .4

9 .5

9 .1

6 .8

1-75

9 .4

8 .8

6 .*

6 .2

7 .4

8 .0

7 .2

5 .2

3 .7

2-75

1 1 .2

1 0 .6

1 0 .7

1 0 .9

1 0 .7

1 1 .9

1 2 .2

12.5

15.5

2 8 .7

3-75

1 0 .3

9 .Ö

9 .6

9 .6

9 .3

10 .0

10 .0

9 .6

10.6

1 4 .2

1 .3

4-75

1 0 .3

9 .9

9 .7

9 .8

9 .5

10.1

10.1

9 .8

10 .6

1 3 .0

5 .9

1 0 .8

9 73.1
9 9 9 .7
1*016.2
1 *0 2 5 .4
1*0 92 .2
1 *0 9 5 .7
1 *124.1

1-70

1 0 .*

1 0 .0

9 .8

9 .9

9 .6

10 .2

1 0 .2

10.0

1 0 .7

1 2 .5

7 .5

1 0 .8

1 0 .8

2—
76

1 0 .2

9 .8

9 .6

9 .6

9 .4

9 .9

9 .8

9 .6

10.1

1 1 .4

7 .5

9 .7

9 .1

7 .4

3-76

9 .9

9 .6

9 .4

9 .4

9 .2

9 .6

9 .5

9 .3

9 .6

1 0 .6

7 .3

8 .9

8 .3

7 .1

6 .7

*-76

9 .9

9 .6

9 .5

9 .5

9 .2

9 .6

9 .6

9 .4

9 .7

1 0 .6

7 .8

9 .2

8 .8

8 .1

8 .4

10 .2

1-77

9 .9

9 .6

9 .5

9 .5

9 .3

9 .7

9 .6

9 .4

9 .7

1 0 .5

8 .1

9 .3

9 .0

8 .6

9 .0

1 0 .2

10 .1

2-77

1 0 .1

9 .9

9 .7

9 .8

9 .6

10.0

9 .9

9 .8

10.1

1 0 .8

8 .8

9 .9

9 .8

9 .5

1 0 .1

1 1 .2

11 .8

1 3 .4

3-77

1 0 .1

9 .8

9 .7

9 .7

9 .6

9 .9

9 .8

9 .7

1 0 .0

1 0 .6

8 .8

9 .8

9 .6

9 .4

9 .9

1 0 .7

1 0 .8

1 1 .2

9 .0

4-72

1-73

2-73

3-73

4—
73

1-74

2-74

3-74

4-74

1-75

2-75

3-75

4-75

1-76

2-76

3-76

4-76

1-77

2-77

1*153*3
1 *174.1
1 *1 93 .3
1 *2 2 2 .6
1 *2 52 .4
1 *292.5
1*320 *5P

IN IT IA L QUARTER

D ISPO SA BLE PERSONAL INCOME IN CONSTANT 1972 OOLLARS
__________ COMPOUNDED ANNUAL RATES OF CHANGE_____________
TERM INAL
QUARTER

B IL L IO N S OF
OOLLARS
ANNUAL RATES

IN IT IA L QUARTER
4-72

1-73

2-73

3-73

*-7 3

1-74

2-7*

3-74

4-74

1-75

1-73

9 .0

2-73

6 .3
5 .0

3 .1

*-7 3

4 .2

2 .7

2 .2

1 .9

0 .2

- 0 .9

- 2 .7

1 .3

- 0 .2

- 1 .1

- 2 .3

- 4 .4

1 .1

- 0 .2

- 0 .9

- 1 .8

- 2 .9

- 0 .9

4 -7 *

0 .5

- 0 .7

- 1 .4

- 2 .2

- 3 .1

- 1 .8

- 1 .9

0 .1

- 1 .0

- 1 .6

- 2 .3

- 3 .1

-2 .1

- 2 .3

- 3 .3

0 .7

2 .3

4 .5

8 .8

4-76

1-77

2-77

-3 .0

0*9

3-76

- 3 .7

1-75

2-76

-1 .7

3-74

1-76

- 7 .0

2-74

4-75

1 .8

1-74

3-75

3 .6

3-73

2-75

8 *6 .1

2 2 .0

8 5 2.7
2 .6

85Ö.2
8t>2 .1
8^6.7
8 *3 .1
8 *3 .0

- 0 .0

3 .3

835.1
6 28 .8
871.1

2-75

2 .1

1 .4

1 .1

3-75

1 .*

0 .7

0 .3

0 .1

- 0 .2

1 .0

1 .5

1 .9

3 .9

7 .4

- 5 .4

4-75

1 .7

1 .1

0 .8

0 .6

0 .5

1 .6

2 .1

2 .6

4 .2

6 .7

- 0 .2

5 .3

2 .0

1 .4

1 .2

1 .1

1 .0

2 .0

2 .6

3 .0

4 .4

6 .4

1 .6

5 .3

5 .3

2-76

2 .0

1 .5

1 .4

1 .2

1 .2

2 .1

2 .6

3-76

2 .0

1 .5

1 .4

1 .2

1 .2

2 .0

4-76

2 .2

1 .7

1 .6

1 .5

1 .5

2 .3

1-77

2 .2

1 .8

1 .7

1 .6

1 .6

2 .4

2-77

2 .5

2 .1

2 .0

2 .0

2 .0

2 .7

3 .1

3 .4

4 .2

3-77

2 .5

2 .2

2 .1

2 .1

2 .1

2 .8

3 .1

3 .4

4 .0

4-72

1-73

2-73

3-73

*-7 3

1-74

2-74

3-74

4-74

1-75

1-76

659.1
670.2
881.5
687.8

3 .0

* .2

5 .7

1.9

4 .5

4 .1

2 .9

2 .8

3 .8

4 .9

1 .8

3 .7

3 .2

2 .1

1 .3

2 .7

3 .0

3 .9

4 .9

2 .3

3 .9

3 .6

3 .0

3 .1

4 .9

2 .7

3 .0

3 .8

4 .7

2 .4

3 .8

3 .5

3 .1

3 .1

4 .0

5 .0

3 .0

4 .3

4 .1

3 .9

4 .1

5 .1

5 .2

7 .3

4.8

3 .0

4 .1

3 .9

3 .7

3 .9

4 .5

* .*

5 .1

2 .9

2-75

3-75

4-75

1-76

2-76

3-76

*-76

1-77

2-77

C90.7
901. i>
908.4

3 .1

9 2 * .^
9 3 1 .2P

IN IT IA L QUARTER
P-PFEUMINAFY




P R EP A R ED BY FEO ERA L R E S E R V E BANK OF S T .
OCTOBER 19* 1977

18

L O U IS

CORPORATE P R O F IT S A FTER T A X ES «

COMPOUNDED ANNUAL RATES 1 CHANGE
OF

B IL L IO N S OF
DOLLARS
ANNUAL RATES

IN IT IA L QUARTER

t e r m in a l

QUARTER
3-72
4-72

4-72

1-73

2-73

3-73

4-73

1-74

2-74

3-74

4-74

1-75

2-75

3-75

4-75

1-76

2-76

3-76

4-76

1-77
6Û . *

4 5 .4

6 6 .5

1-7*

4 6 .2

2-73

3 2 .4

3-73

IB .9

1 1 .2

*-7 3

1 9 .2

1 3 .4

* .0

* 6 .9

6 ? .9

B .7
- 3 .3 -1 3 .9
1 .8

6 8 .5

¿ 0 .4

1-7*

IB .4

1 3 .7

6 .6

5 .9

1 7 .5

1 7 .4

1 3 .3

7 .5

7 .2

1 5 .*

1 2 .9

3-74

2 1 .4

1 B .3

1 4 .1

1 5 .2

2 3 .9

4-74

1 3 .8

1 0 .3

5 .9

5 .4

9 .8

1-7»

4 .1

0 .3

- 4 .*

— .1
6

- * .7

5 .0

1 .1

0 .2

2 .4

7 0 .9

14*8

2-74

2-7*

1 1 .2

72 .8

2 5 .0

3 0 .5

6 1 .0

7 .3

4 .9

53 .3

7 3 .5

1 .9 — 2 .2
3

60 .8

- 9 .1 -1 4 .2 -2 1 .4 - 4 3 .7 -5 3 .2
- 0 .3

- 3 .1

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

68 .2

5 8 .3

8 1 .4

3-75

1 4 .0

1 1 .5

8 .4

8 .4

1 1 .6

1 0 .4

9 .6

9 .3

0 .5

1 4 .6

7 9 .2 102.9

4-75

1 3 .5

1 1 .2

8 .4

8 .4

11.2

10 .1

9 .5

9 .2

2 .1

1 3 .1

5 1 .7

4 8 .5

8 .6

1-76

1 5 .3

1 3 .2

1 0 .8

1 1 .0

1 3 .8

13 .1

1 2 .9

13 .2

7 .6

1 8 .0

4 8 .7

4 5 .6

2 3 .3

4 0 .0

8 3 .1
9 0 .4
9 3 .1

2-76

1 5 .1

1 3 .2

1 0 .9

1 1 .1

1 3 .7

1 3 .1

1 2 .9

13 .1

8 .3

17 .1

4 0 .6

3 6 .5

1 9 .6

2 5 .5

1 2 .5

3-76

1 4 .3

1 2 .5

1 0 .4

1 0 .5

1 2 .9

1 2 .2

1 1 .9

12 .0

7 .7

1 5 .1

3 3 .7

2 9 .3

15 .5

1 7 .9

8 .1

4-76

1 2 .5

1 0 .B

8 .7

8 .7

1 0 .7

9 .9

9 .5

9 .3

5 .3

1 1 .2

2 5 .8

2 1 .1

9 .2

9 .4

0 .7

1-77

1 3 .5

1 1 .8

1 0 .0

1 0 .0

1 2 .0

1 1 .4

1 1 .1

11.1

7 .6

1 3 .2

2 6 .*

2 2 .4

1 2 .6

1 3 .4

7 .5

5 .9

6 .9

3 0 .7

2-77

1 4 .4

1 2 .9

1 1 .2

1 1 .3

13*3

1 2 .8

1 2 .6

12 .7

9 .6

1 5 .0

2 7 .1

2 3 .7

1 5 .2

1 6 .4

1 2 .1

1 2 .0

1 4 .9

31.*7

3 2 .6

3-72

4-72

1-73

2-73

3-73

4-73

1-74

2-74

3-74

4-74

1-75

2-75

3-75

4—
75

1-76

2-76

3-76

4-76

1-77

9 4 .0

3 .9

9 0 .9

- 4 .7 - 1 2 .6

97 .2
104.3
N.À.

3-77
IN IT IA L QUARTER
* NATIONAL INCOME B A S IS
N.A.-Bot A valla b i«
OCTOBER 1 9 , 1977

SOURCES OF DATA
NATIONAL INCOME AND PRODUCT ACCOUNTS DATA

Source: U.S. Department of Commerce, Bureau of Economic
Analysis, Washington, D.C. 20230
1929-72: The National Income and Product Accounts of the United States,
19^9-74, A Survey of Current Business Supplement.
1973:
Survey of Current Business t July 1976.
1974-76: Survey of Current Business, July 1977.
The Survey is available from most district offices of the
Department of Commerce or from the Superintendent of Documents, U.S.
Government Printing Office, Washington, D.C. 20402.




19

INVENTORIES

COMPARED W I T H M O N T H L Y S A L E S *

MANUFACTURI NG

.72

AND

TR ADE

72

.6 8

68

.64

64

.6 0

60

.56

56

.52

52

.48

TY48

48

.44

44

.40

40

36

.36
1963
«R A T IO S

1964

1965

1966

1967

1968

1969

1970

1971

BASED ON SEASONALLY ADJUSTED DATA.

1972

1973

SOURCE:

1974

1975

1976

1977

U.S.DEPA RT MENT OF COMMERCE

SHADED AREAS R EP RESEN T PERIODS OF B U S IN E S S R E C E S S IO N S .
LATEST DATA PLOTTED:




AUGUST PR ELIM INA RY
PREPARED BY FEDERAL R ESERVE BANK OF ST.

20

L O U IS

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