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n n n o n A L E c o n otmr ieci i d s
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONTH ENDING:

September 30, 1981

RELEASED;

October 30, 1981

Tbe economy appears to have slipped into a recession. According to
Estimates, the nation's real GNP declined at a 0.6 percent annual
rate during the third quarter, following a 1.6 percent rate of decrease in the
second quarter of this year. Industrial production declined at a 6.5 percent
rate from July to September. Civilian employment fell at a 4.1 percent rate
during the same two-month period. Unemployment edged up from 7.0 percent
in July to 7.5 percent of the civilian labor force in September.
The slowing in real economic activity has occurred despite
temporarily strong growth in nominal GNP. Since the fourth quarter of 1980,
nominal GNP has risen at a 10.7 percent rate, faster than the 9.4 percent rate
of the prior four quarters. During the first three quarters of this year, the
money stock (M1B) slowed to only a 4.7 percent rate, so that velocity growth
has been at a 5.6 percent rate over this period. A temporary surge in velocity
growth, however, is not unusual when the growth rate of the money stock is
reduced.
The decline in the nation's output since the first quarter of this year
virtually matches the decline in housing investment from $51.0 billion to $43.2
billion (1972 prices) over the same period, but the recession has been more
widespread. Real net exports declined more sharply (from $50.9 billion to
$39.5 billion) than housing over the same period. Real spending by state and
local governments declined at a 3.9 percent rate from the first to the third
quarter of this year. Despite rapid growth in real federal spending for
national defense in the third quarter, total real federal spending on goods and
services declined at a 1.8 percent rate from the first quarter to the third
quarter. Real nonresidential fixed investment declined at a 1.2 percent rate
during these two quarters. The latter declines were offset by increases in real
consumer expenditures and inventory accumulation. A strong rebound in real
personal consumption expenditures in the third quarter yielded a 1.0 percent
rate of increase in such spending from the first to the third quarter of this
year. Some inventory build-up occurred in each of the last two quarters, as
production cutbacks have not equaled the decline in real spending.
The GNP price deflator rose at a 9.4 percent rate in the third
quarter of this year. From the fourth quarter of 1980 to the third quarter of
this year, this price measure has risen at an 8.5 percent rate, well below the
9.8 percent rate of increase over the prior four quarters of 1980. This pattern
of price developments largely reflects an adjustment to energy price
developments early in 1980 and 1981. During the first nine months of this
year, consumer prices rose at a 10.1 percent rate and producer prices rose at
a 7.6 percent rate, below their rates of increase over the prior 12 months of
12.4 and 11.9 percent, respectively.




TOTAL C I V I L I A N

EMPLOYMENT

COMPOUNDED ANNUAL RATES OF CHANGE

2-80
3 -8 0

-3 .6

4-80

5-80

6 -6 0

7-80

8—80

9-60

1 0 -8 0 11 -6 0 1 2 -8 0

1-81

2-81

3-6 1

4 -8 1

5-6 1

6-61

7 -6 1

8-81
97,6 2 8

-2 .3

4-8 0

3-80

THOUSANDS
OF PERSONS

HOkTH

IN IT IA L

T é r HIK a l
MONTH

-4 .8

977225
97 ,1 16

5 -8 0

-2 .8

-3 .1

-1 .3

6 -8 0

-3 .1

-3 .4

-2 .7

-4 .1

7 -8 0

-¿ .Ô

-1 .9

-0 .9

-0 .7

2.7

8 -8 0

-1 .7

-1 .5

-0 .7

—0 . 5

1.4

96 ,7 8 0
96*999
97 ,0 0 3

0.0

9-80

-1 .1

-0 .9

-0 .1

0.2

1.7

1.1

2.2

10-80

-0 .9

-0 .7

-0 .0

0 .2

1.3

0.9

1 .3

0.3

97 ,1 8 0

11-80

-0 .7

-0 .4

0.2

0 .5

1.4

1.1

1.4

1.0

1.7

12-80

-0 .7

-0 .5

0.1

0.3

1.0

0.7

0.9

0.4

0.5

-0 .7

1-81

-0 .1

0.1

0.6

0.9

1.6

1.4

1.7

1 .6

2.0

2.2

5.2

2- 8 1

0.1

0 .3

0.9

1.1

1.8

1. 6

1.9

1.9

2 .2

2.4

4 .0

2 .9

97 ,2 0 6
97 ,3 39
9 7, 282
97 ,6 96
97 ,9 2 7

0.8

1.3

1. 6

2 .3

2.2

2.5

2.6

3.0

3.3

4 .7

4 .5

6.1

1.0

1.3

1.8

2.1

2.7

2.7

3. 1

3.2

3.7

4.1

5.3

5.3

6.6

7.1

5-8 1

1.2

1 .4

1.9

2.2

2.8

2.8

3.1

3 .2

3.6

3.9

4 .9

4.8

5 .5

5 .1

6 -8 1

0 .4

0.6

1. 0

1. 2

1.7

1.6

1. 7

1 .7

1 .8

1. 9

2 .3

1.7

1.4

-0 . 1

-3 .5

-9 .7

7-8 1

0.8

1.0

1*4

1 .6

2.1

2.0

2.2

2 .2

2.4

2.5

3 .0

2.6

2.6

1.7

-0 . 1

-1 .6

7.2

8- 8 1

0. 8

0 .9

1 .3

1.5

1.9

1.8

2.0

2.0

2 .1

2.2

2.6

2.2

2.1

1.3

-0 .1

-1 .2

3 .4

0.3

0 .4

0.8

0 .9

1.2

1.1

1.2

1.1

1.2

1 .1

1.4

0.9

0.6

-0 .3

-1 .7

-2 .9

-0 .5

-4 . 1

-7 .9

2-80

3—80

4-80

5-8 0

6-eo

7-6 0

8-8 0

1-81

2-6 1

3- 6 1

4-6 1

5-61

6- 6 1

7-61

8-61

1

9 -6 0 10-80

Ï

9 -8 1

a>
©

0.6

0

3-8 1
4-81

98 »412
98 ,9 7 6
9 9 ,2 3 5

3.2

9 8, 392
9 8, 962
9 8 ,9 44

-0 .2

98 ,2 70

IN IT IA L MONTH

PAYROLL EMPLOYMENT
COMPOUNDED ANNUAL RATES OF CHANGE
T É ft Ml MAL
MONTH

In
2-80

3-8 0

3—80

-0 .3
-1 .8

-2 .8

6-80

>-6 0

8-60

9 - 6 0 1 0 -6 0 1 1 -6 0 1 2 -6 0

THOUSANDS
OF PERSONS
1-81

2-61

3- 6 1

4-61

5-61

6-61

7-61

8-61

-0 .7

5 -8 0

5-8 0

0.1

4-80

4-80

HONtH

it ia l

9 0 ,8 71
9 0 ,8 1 7
-4 .8

6 -8 0

-¿ .5

-3 .4

-4 .7

-4 .7

> -0 6

-2 .4

-3 .0

-3 .7

-3 .2

- r . r

8- 8 0

-1 .4

-1 .7

-2 .0

-1 .0

0.9

3.5

9 -8 0

-0 .8

-0 .9

-0 .9

0 .0

l . t

3. 4

3.3

0
1
CD
O

9 0 ,4 46

3.0

2.8

3.0

*.8

¿•6

90 ,0 8 7

—0 . 3

-0 .4

-0 .3

0 .6

1 .$

11 —80

-0 .0

-0 .0

0 .1

0.9

2 J>

12-80

Ô.

8 9 ,9 60
90 ,2 1 9

9 0 ,6 68
2 .4

90 ,8 4 4

1

0 .1

0.2

1.0

1.9

2.7

2.4

2. 2

1 .9

1 .4

1-81

0.3

0 .3

0.4

1. 1

1.9

2.5

2.3

2.1

1 .9

1.6

1.9

2- 8 1

0.4

0.5

0.6

1.2

2 J )

2.5

2 .3

2 .1

2.0

1.8

2.1

2.2

3-8 1

0.5

0 .5

0.6

1.2

1.9

2.3

4 — 81

Ô.6

O .é

Ô .7

i;y

1.8“

5-8 1

0 .6

0 .7

0.8

1.2

1.8

6-8 1

0.6

0.7

0.8

1.2

7-81

0.8

0.8

0.9

1.4

9 0 ,9 49
91 ,0 9 1
9 1 ,2 5 8

2.2

2.0

1.8

1 .7

1 .8

1 .7

1.2

““ *. 1

1.9

1.8

1.6

1.7

1.6

1.3

1.*

2. 1

2.0

1.8

1.7

1 .6

1.6

1.6

1.3

1 .4

1 .4

1.1""

2.0

1.9

1. 7

1 .6

1.5

1.5

1.4

1.2

1.2

1.0

0 .7

1.8

2 .1

2.0

1.9

1*8

1.7

1 .8

1 •>

1.6

1.8

1.9

2.1

3.5

9 1 ,3 4 7

91,458
91,564
91,615

91 ,880

8-8 1

Ô.Ô

0 .8

0.9

1.3

1.8

2.0

1.9

1.8

1.7

1*6

1.6

1.6

1.5

1 .5

1.6

1.6

2.1

0 .6

9- 8 1

0.7

0 .7

6.8

1.2

1.6

1.8

1.7

1. 6

1.5

1.4

1 .4

1.3

1.2

1.2

1. 1

1. 0

1.1

-0 .0

-0 .7

2-80

3-80

4-8 0

5-80

6- 6 0

7-60

8-80

9 -e o

10-8 0 11 -6 0 12 -6 0

1-81

2-61

3 -6 1

5 -6 1

6-61

7-61

8-61

4-61

9 1 ,929F
9 1 »875P

IN IT IA L MONTH
P - PRELIMINARY




~

9 0 ,4 61

PREPARED B Y FED ER A L RESERVE BANK O F S T . L O U IS
OCTO BER 2 , 1981
—

2

EMPLOYMENT
RATIO

SCALE

M IL L IONS

OF

RATIO
PERSONS

SEASONALLY

MILLIONS

ADJUSTED

OF

SCALE

PERSONS
1 10

105

100

95

90

85

80

75

70

65
1973

1974

1975

1976

1977

1978

1979

1980

1981

SOURCE; U.S.DEPARTMENT OF LABOR
PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIODS INDICATED.
LATEST DATA PLOTTED; SEPTEMBER PRELIMINARY
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

UNEMPLOYMENT
SEASONALLY

PERCENT

RATE

ADJUSTED

PERCENT
11. 0

10

.

10.0

9.

9.0

I.

8.0

7.

7.0

6.

6.0

5.

5.0

4.

4.0

3.




3.0
1973

1974

1975

1976

1977

1978

1979

1980

1981

SOURCE: U.S. DEPARTMENT OF LABOR
PERCENT OF CIVILIAN LABOR FORCE
LATEST DATA PLOTTED; SEPTEMBER
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

CONSUMER PRICE INDEX FOR ALL URBAN CONSUMERS, SEASONALLY ADJUSTED
_____________________ COMPOUNDED ANNUAL RATES OF CHANGE_____________________
TERMINAL_________________________________________________________________ I N I T I A L MONTH________________________________________________________________
N6NTR3-BO 4 - 8 0
2-60
5 - 8 0 6—60
7 —80 8-BO 9 —60 10 -8 0 11- 60 12 -80
3 -e i
7-81
8-81
1-81
2-81
5-81 6 -8 1
4- 8 1
3 -0 0

17 .5

4 —80

14.2

11 .0

5-80

13 .1

1 1 .0

10 .9

6-80

1 2 .9

1 1 .4

11 .7

7-BO

1 0 .4

8.7

8 .0

6.6

1.0

8 -8 0

10 .3

8.9

8 .4

7 .6

5.2

1 9 6 7 « IOO

24 0. 3
242*4
¿44t5>
12.4

2<&*9
247*1
9.6

24 9. 0

9-80

1 0 .7

9.6

9.4

9 .0

7.8

11 .4

13 .3

10-80

11 .0

10.1

10 .0

9.8

9.1

12.0

13 .2

13.1

11-80

11 .3

10 .6

10. 5

1 0 .5

10.1

12. 5

13.5

13. 6

14 .0

12-80

11 .4

10.8

10.8

1 0 .7

10.5

12*5

13.2

13.2

13.2

1 2 .3

1-81

U .2

10. 6

10 .6

1 0 .5

10.3

11*9

12 .4

12. 1

11 .8

1 0 .7

9.1

2 -8 1

11 .3

10.7

10.5

11 .9

12.3

12.1

11.9

11.2

10.6

??>l*6
254 . 2
2 5 7.0
259 .5

o
0
0

261*4

10.7

3- 8 1

11.0

10 .5

1 0 .4

1 0 .4

10.2

11.4

1V .6

11.4

11 .0

10 .3

9 .6

9.8

4-81

10.6

10 .1

10 .0

9 .9

9.6

_ 10 .7

10 .0

1 0 ,4

10*0

9*2

8.4

8.2

6.3

5.1

5-8 1

10 .4

9.9

9 .9

9 .8

9. 5

10 .4

1 0 .5

10 .2

9.8

9. 1

8 .4

8 .3

7.0

6.7

6- 8 1

10 .3

9 .9

9.8

9.7

9. 5

10 .3

10 .4

1 0 .0

9 .6

9.0

8.5

8.4

7.5

7.4

8.6

8 .8

7-81

10. 6

10 .2

10 .1

10.1

9.9

10 .7

10.8

10.5

10.2

9.8

9.4

9 .5

9.0

9.3

10.8

12.0

15 .2

8-8 1

10 .6

10.2

10 .2

10 . 1

10*0

10 .7

10 .8

10 .5

10.3

9.9

9 .6

9 .6

9.2

9.6

10. 7

11 .5

1 2 .8

10 .6

9- 8 1

10 .8

10.5

10.4

10 .4

10.3

11 .0

11.1

10 .9

1 0 .7

1 0 .4

10.1

10 .3

10.0

10 .4

11*5

12.3

13 .5

12.7

14.8

2-80

3-80

4-80

5-8 0

6-8 0

7-60

8 -e o

9 - 8 0 10 -8 0 11-80 12 -80

1-81

2-81

3-8 1

4 —81

5-81

6-81

7 -8 1

8-81

12.1

263*9
26 5. 5
266*6
8.4

26 8. 4
27 0 .3
273 .5
275 .8
279 . 0

I N I T I A L MONTH

PREPARED BY FEDERAL RESERVE BANK OF S T . LOUIS
OCTOBER 2 3 , 1981

PRODUCER PRICE INDEX, FIN ISHED GOODS - SEASONALLY ADJUSTED
_________________ COMPOUNDED ANNUAL RATES OF CHANGE________________
TERMINAL_________________________________________________________________ I N I T I A L MONTH___________________________________________________________________ 1967 « 100
MONTH
2 -8 0
3- 8 0 4 - 8 0
5 - 8 0 6-60
7 -8 0 8 - 0 0 9 - 0 0 10 -60 11-60 12 -8 0
1-81
2-81
3-61
4-61
5 -0 1 6 - 8 1
7- 6 1
8 -6 1
3 -8 0

14.0

4 -8 0

U .7

239*9
9.4

241*7

5 -8 0

9*6

7*5

5*6

6- 8 0

9.8

8.4

7*9

1 0 .3

7-8 0

12*2

11*8

12.6

16.3

22*6

8 -8 0

12*8

12*5

13*3

1 6 .0

19*0

24 2.8
24 4.0
24 9.0
15.5

2 5 2. 0

9- 8 0

U .4

11.0

11*3

1 2 .7

13.5

9.3

3. 4

10-80

11.5

11.1

11 .4

1 2 .6

13*2

10.2

7 .6

12 .0

n -e o

11.2

10.8

11.0

12 .0

12.3

9 .8

8.0

10*4

1Z- 90

10. 5

10.1

10.2

10 .8

10.9

8 .7

7.1

8 .3

6.5

4.3

i-e i

10.9

10.5

10. 7

1 1 .3

11.5

9.7

8.6

9.9

9.2

9.5

14 .9

2-81

10 .6

11 .1

11.2

9.7

8 .8

9.9

9.3

9.5

12 .2

252 *7
255.1
256 . 9

8.8

257*0
26 0.0
9.6

26 2.0

1 0 .7

10.5

3-81

11.1

10.9

11 .0

1 1 .6

11.7

10 .4

9.7

10 .8

10 .6

11. 0

13 .3

12*6

15*6

4-8 1

11 .0

10. 8

10.9

1 1 .4

11.5

10 .4

9.7

10 .7

10 .5

10*8

12.5

11*7

12*7

9.9

5-81

10.6

10 .3

10*4

1 0 .8

10.9

9.8

9 .1

9.9

9*6

9.7

10*8

9*9

9*9

7 .2

6- 8 1

10.1

9*9

9*9

10*2

10*2

9.1

8. 5

9.1

6.8

0 .0

9*5

0 ^ ..

0*2

5 .«

3 .9

3.2

7- 8 1

9.8

9.6

9*6

9.9

9*8

8. 8

8 .3

8 .8

0*4

0*3

8.9

8*0

7*7

5.7

4.4

4*3

5.5

8- 8 1

9.5

9*2

9*2

9*4

9*4

8 .4

7.9

8.3

7 .9

7*8

0*3

7*3

7*0

5,3

4*2

4*1

4*5

3.6

9 -8 1

9. 1

8.8

8.8

9.0

8.9

0*0

7.4

7*8

7 .4

7*2

7 .6

6 .7

6*3

4*9

3*0

3*6

3*0

2*9

2*2

2-80

3 -0 0

4-80

5 -80

6 -8 0

7-80

8 -8 0

9 - 8 0 10 -8 0 11-60 12 -0 0

1-81

2-61

3- 6 1

4-61

5 -8 1

6- 0 1

7-81

0-61




2 6 6 .0
260.1
4*6

269.1
26 9. 0
27 1. 0
27 1. 0
272*3

I N I T I A L MONTH

PREPARED B Y FED ER A L RESERVE BANK O F S T .
O CTOBER 9 , 1981

4

L O U IS




RATIO

P RICES

SCALE

1967-100

1973

SEASONALLY

1974

1975

1976

RATIO

19 7 7

1978

SCALE

1967-100

ADJUSTED

1979

1980

1981

C Pl - U FOR ALL URBAN CONSUMERS
PERCENT ACES ARE ANNUAL RATES OF CHANGE FOR PERIODS I NDI CATED.
LATEST DATA Pl OTTEOt

SEPTEMBER

PREPARED IY FEDERAL RESERVE BANK Of ST. LOUI S

ra tio

scale

PRODUCER

P RICES

RATIO

SCALE

PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIODS I NDI CATED.
LATEST DATA PLOTTED:

SEPTEMBER
PRCPAREO er FEOERAl RESERVE BANK OF ST.

5

LOUI S

PRODUCER P R I C E I NDEX« F I N I S H E D CONSUMER FOODS - SEAS ONAL LY A D J U S T E D
______________________COMPOUNDED ANNUAL R AT E S OF CHANGE___________________________

J I M 1 S A L _____ __________ __________________________________________________ IN IT IA L MQNTH___________________________________________________________ _______ 1967 * 1 0 0
MONTH

2-eo.
3-eo
4 -8 0

3 -8 0

4-60

5-80

6 -«)

7-6 0

8-80

9 - 8 0 1 0 - 8 0 11 -8 0 12 -80

1-81

2-81

3-81

4-8 1

5-81

6-8 1

.

7-8 1

232>9

12*1

229.8

.-2*3. - 1 4 . 9

5- 8 0

0.2

-5 .3

5.3

6 —80

1.8

-1 .4

6.2

7.0

7- 8 0

10.6

10.2

20.2

28.3

54.0

230.fi
23 2 .1
2 4 0 .6
2 4 7 .0

8 -8 0

14 .6

15 .2

2 4 .2

3 1 .2

45.3

3 7 .0

9 -8 0

13 .4

13 .7

20.4

24.5

31.0

2 0 .8

6.5

10-80

12 .8

1 2 .9

18.4

2 1 .1

25.0

16 .6

7.5

2 4 8 .3
250.0

8.5

11-80

11.8

1 1 .7

16 .2

18 »1

20.4

13.3

6.3

6 .2

3.9

12-80

10 .6

1 0 .4

14.1

1 5 .4

16.9

10 .6

4 .8

4.3

2.2

0.5

1-81

9.7

9.4

12.5

13.5

14.4

8.9

4.0

3.4

1.8

0.7

1 .0

2- 81

8.1

7.8

10 .4

10 .9

11.5

6.4

2.0

1.2

—0 . 6

-2 . 1

-3 .3

-7 .4

3- 8 1

8.5

8 .2

10 .5

1 1 .1

11.5

7.1

3.4

2.9

1 .8

1 .3

1.6

1 .9

4-8 1

7.7

7 .4

9.5

9.9

10.2

6.1

2.8

2 .3

1.3

0.8

0 .8

0.8

5.2

-1 .4

5- 8 1

7.3

6 .9

8 .8

9 .1

9. 3

5 .6

2.6

2. 1

1.2

0 .8

0 .9

0.8

3.7

-0 .2

1 .0

6 -8 1

6 .9

6.6

8.3

8.5

8.7

5 .3

2 .5

2 .1

1.3

1. 0

1.0

1.1

3.3

0.5

1.4

1.9

7-8 1

7.6

7.3

9 .0

9.3

9 .4

6.4

3 .9

3.7

3.2

3.1

3 .4

3.9

6 .3

4.8

7.0

10.2

19.1

9—81

7.3

7 .0

8.6

8.8

8.9

6 .0

3 .8

3.6

3.1

3.0

3.3

3.6

5.6

4 .3

5.8

7.5

10.4

2.4

9-8 1

6.9

6 .6

8. 1

8.2

8.3

5,6

3. 5

3*3

2j»8

2.7

3.0

3.2

4 .9

3.7

4, 7

J5.7

7.0

1,4

0 ,5

2-80

3 -8 0

4-80

5—80

6-80

7-60

8 -8 0

9 - 8 0 10 -8 0 11 -80 12-8 0

1-81

2-81

3 -6 1

4-81

5-81

6-81

7- 8 1

8-8 1

_____ 25 0. 9
-251.1
24 9 .5
12.2
2 5 1 .6
2 5 1. 8
252 . 2
2 5 6 .9
256.4
2 5 6 .5

I N I T I A L MONTH

PRODUCER PRICE INDE X, FINISH ED GOODS, EXCLUDING FOODS - SEASONALLY AOJUSTEO
__________________________ COMPOUNDED ANNUAL RATES OF CHANGE____________________________
J E ^ U N A l _________________________________________________________________ IN IT IA L MONTH___________________________________________________________________ 1?$7 - 1 0 0
MONTH
6-80
2 -8 0
3 -8 0 4 - 8 0
7-80
9 - 8 0 1 0 - 8 0 11-8 0 1 2 -8 0
1-81
2-81
4-61
5-81
6-81
7-81
8-8 1
5-8 0
8-80
3 -6 1
3- 8 0

15.1

4-80

17 .0

1 8 .9

240.7

5-80

1 3 .0

12.0

6 -8 0

1 2 .6

11 .8

8.4

11.3

7 -8 0

12 .9

1 2 .3

10.2

1 2 .6

13.9

8 -8 0

1 2 .2

11 .6

9 .9

11.4

11.4

9 .0

9 -8 0

10.7

1 0 .o

8.4

9 .1

8.3

5.6

10-80

li.l

10 .5

9.2

10 .0

9.6

8 .2

7.9

1 3 .6

11-80

11 .0

10.5

9.4

1 0 .0

9.8

8.8

8.7

1 2 .0

1 0 .3

12-80

10 .4

9.9

8.8

9.3

9 .0

8 .0

7.8

9.7

7.8

24 4. 2
5.5

245.3
2 4 7. 5
250.2
25 2. 0
2 .4

252 . 5
255 . 2
257.3
5.3

258.4

1-81

11 .2

10 .9

10.0

10.6

10.5

9.9

10.1

1 2 .1

1 1 .6

12 .2

19 .7

2-8 1

11 .6

11.2

10 .5

11 .1

11.0

10.6

1 0 .9

12.7

12.5

13.2

1 7 .4

15 .1

3-8 1

11*9

1 1 .7

1 1 .0

1 1 .6

11.6

11 .4

1 1 .7

1 3 .3

1 3 .3

14.0

17 .1

15.8

16.5

1 1 ,8

11.8

11 .6

12.0

13.4

13.3

14.0

1 6 .2

15.1

15.1

13.7

26 2.3
2 6 5 .4
268.8
27 1 .7

5-81

11 .6

1 1 .4

10.8

11.3

11.2

11 .0

11.2

1 2 .4

1 2 .2

1 2 .5

14 .0

12.6

11.8

9.5

5.4

6- 8 1

11.1

1 0 .9

10 .3

10.7

10.6

10 .3

10 .5

11.4

1L*1

11 .2

12 .3

10 .8

9 .8

7.7

4 .7

4 .0

7- 8 1

10.5

10 .2

9 .7

10.0

9. 9

9.6

9.6

1 0 .4

10 . 0

10 .0

1 0 .6

9.2

8 .0

6,0

3 .6

2 .7

1 .3

8-8 1

10 .1

9 .9

9.3

9 .6

9.5

9.1

9. 1

9.8

9*4

9*3

9*8

8.4

7*4

5.6

3.7

3 .1

2 .7

4.0

9-8 1

9 ,7

9 .4

8,9

9 ,1

9.0

6. 6

8.6

9,1

8,8

8.6

9.0

7.7

6.7

5 .1 ,

3 ,5

3*0

2 .7

3.3

2 .6

2-80

3-80

4-80

5-80

6—60

7 -6 0

8 -8 0

9 - 6 0 10 -6 0 11 -8 0 1 2 -8 0

1-81

2-81

4-81

5-61

6-81

7-8 1

8-81




3-81

272 . 9
27 3. 8
274. 1
27 5 .0
2 7 5. 6

I N I T I A L MONTH

PREPARED BY F E D E R A L R ESERVE BANK O F S T .
OCTOBER 9 . 1901

6

LO U IS

INDUSTRIAL
RATIO

PRODUCTION

SCALE

RATIO

1967-100

SEASONALLY

1973

1974

1975

1976

1977

1978

SCALE

1967-100

ADJUSTED

1979

1980

1981

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

SEPTEMBER PRELIMINARY
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

I N D U S T R I A L PRODUCT I ON
COMPOUNDED ANNUAL RAT ES OF CHANGE
T ERMI NAL
MONTH

INITIAL
2—80

3-80

4-80

5-80

6 —bO

7-80

-2 1.6

-28.6

-20. 8 -2 5 .3

-24.6

-2 1.5

-19.7

-13.7

-13.4

-1 4 .9

-11 .7

-4.4

3. 4

-9.2

-9 .9

—6 . 0

1.3

8.8

18.9

2-81

3-81

4-61

5-8 1

6 -8 1

7-81

8 -6 1

17.5

9-80

196 7 * 100
1-81

—8 . 9

8-80

12-80

-18.3

-18.5

11-80

-3 0.3

6-80

10-80

-2 6.8

5 - f>0

9 —60

-5.4
-16.8

CD

1
o

3-80
4-80

8-60

MONTH

152.1
148.2
143.8
141.4
140.3
142.2
144.4

20.2

10-80

-6.0

-6.1

-2.1

4.7

1 1. 4

19.2

20. 1

19.9

11-80

-3. 1

-2.8

1.2

7.7

13. 8

20.3

21.2

21.7

23.5

12-80

-1.9

-1.5

2.2

8.0

13. 1

18.2

18.3

1 7.7

16.6

10. 1

1-81

-1.0

- 0 .6

2.9

8.0

1 2. 4

16.4

16.2

15.3

13.8

9.2

8.3

2-81

-0. 7

-0.2

2.9

7.5

11. 2

14.5

14.0

12.7

11.0

7.2

5.7

3-81

-0.4

0.0

2.9

7.0

10. 2

12.9

12.2

10.9

9.2

5.9

4 .6

2.8

2.4

4-81

-0.5

-0 .1

2.5

6.2

9.0

11.2

10.4

9. 1

7.4

4.4

3.0

1.3

0.4

10.0

8.7

7. 2

4.7

3.7

2.6

2.4

2 .4

6.5

7.9

6.5

4.3

3.4

2.4

2.2

2 .1

4.0

1.6

146.6
149.2
150.4
151.4
151.8

3.2

152.1
-1.6

151.9

5-81

-0 . 1

0.3

2.8

6.2

8.7

10.7

6-81

0.0

0.4

2.7

5.6

8. 1

9.8

7-81

0.5

0.8

3.0

5.9

8. 1

9.6

8.9

7.9

6.6

4 .7

3.9

3.2

3.2

3 .4

5. 1

4 .4

7.3

8-81

0.2

0.6

2.6

5. 3

7.2

8.5

7.8

6.7

5.5

3.7

2.9

2.2

2.0

1.9

2.8

1.6

1 .6

9-81

-0.3

0.0

1.9

4.3

6.0

7.2

6.4

5.3

4.1

2.3

1.5

0.7

0 .3

0.0

0 .3

-1 .2

-2 .1

—6. 5

-9 .0

2-80

3-80

4-80

5— 8u

6 —80

7-80

11-60 12-80

i-ôi

2-81

3-81

A -«I

5-81

6 -6 1

7-61

8- 6 1

9. 1

6 - 8 0 ■ - ^ < r 10-00

INITIAL
P-

152.7
152.9
153.8
1 5 3 . 3P

-3 .8

1 5 2 . IP

MONTH

PRELI MI NARY




PREPARED BY F E O ER A L R ES tR V E BANK OF S T . LO U IS
OCTOBER 1 6 » 1981

7

PERSONAL
RATIO

SCALE

TRILLIONS
2 .

monthly

OF

DOLLARS

totals

I NCOME
at

SEASONALLY

annual

RATIO

rates

TRILLIONS

ADJUSTED

OF

SCALE

DOLLARS
2 . 5

2.4
2.3
2. 2
2

. 1

2. 0

.9

.7
.6

.5
.4
.3
. 2

0.9

0.

1973

1974

1975

1976

1977

1978

1979

1980

19 8 1

SOURCEt U.S. DEPARTMENT OF COMMERCE
PERCENTAGES ARE ANNUAL RATES OF CHAN6E FOR PERIODS INDICATED.
LATEST DATA PLOTTED s SEPTEMBER PRELIMINARY
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

PERSONAL INCOME
COMPOUMOED ANNUAL RATES OF CHANGE
B I L L IO N S OF
TERMINAL
MONTH

I N I T I A L MONTH
3 -8 0

4 -8 0

I

5?
o

2 -8 0
u>

dollars

ANNUAL RATES

4 .6
5 .4

3.8

6.0

5 .1

7 .4

8-80

9 - 0 0 10 -0 0 1 1 -0 0 12-8 0

1-81

2-01

3-0 1

4-6 1

5-01

6-6 1

7- 0 1

ÖHU

7.1

6-80

7-e o

0.6

5 -8 0

6-e o

8 .7

4 -8 0

5-80

2*1 01 .0
2*1 02.1
2,1 14.1
7.6

2,127.1

7-80

8.8

8.8

11.7

14 .1

2 1*0

8 -8 0

9.1

9.2

1 1 .4

12.9

15.7

10 .6

9-80

1 0 .0

10.2

12.2

1 3 .6

15.6

13.0

1 5 .5

0
00
1
2

10 .8

11.1

13 .0

14.2

15.9

14 .2

16.1

1 6 .7

11-80

1 1 .1

11 .4

13 .0

1 4 .0

15.4

14 .0

15.1

15 .0

13 .3

12-80

1 1 .0

11 .3

12.7

1 3 .5

14.6

13 .3

14 .0

1 3 .5

1 1 .9

10 .6

1-81

1 1 .3

11.5

12.8

13.5

14.4

13 .3

13. V

1 3 .5

12.4

12 .0

13.5

2 -8 1

11. 1

1 1 .3

12.5

13 .1

13.8

1 2 .8

13. 1

12.7

1 1 .7

11 . 2

11.5

9.5

3- 8 1

11 .2

11. 4

12.4

13.0

13*6

12.7

13.0

12.6

11.0

11 .4

11.7

10.8

12.1
7 .1

2,161.2
2,1 7 9 .4
2,2 05.7
2,2 3 4 .3
2,257.6
2,276.6

2 ,3 00.7
2,318.2
2,340.4

4-81

10 .9

11.1

12 .0

12.4

12.9

12.1

12 .2

11 .8

1 1 .0

10.5

1 0 .5

9.6

9.6

5 -8 1

10 .6

10.8

11.6

12.0

12 .4

11 .6

11 .7

11.2

1 0 .4

10.0

9 .0

9.0

0.0

7.1

7.2

6- 8 1

10 .5

10 .6

1 1 .4

11.7

12.1

1 1 .3

11 .4

10.9

10 .2

9.0

9 .7

8 .9

0.0

7.7

0.0

7-8 1

11 .0

11 .1

11 .9

12 .2

12.6

11*9

12 .0

1 1 .7

11. 1

10 .9

10 .9

10 .5

10.7

10.3

1 1 .4

13 .6

10.5

8-8 1

11 .0

11 .2

11 .9

12.2

12.5

11 .9

1 2 .0

1 1 .7

1 1 .2

11 .0

1 1 .0

10.7

10.9

10 .6

11.5

13.0

15*1

11.9

9 -8 1

11.0

11 .1

11.8

1 2 .1

12.4

11*8

11 .9

11.6

11.1

10.9

10 .9

10.6

10.0

10 .5

1 1 .2

12.3

13.4

11.0

10.1

2-80

3—80

4-80

5-80

6- e o

7-60

8—00

9-80

10- 00 11-00 1 2 -0 0

1-01

2-0 1

3- 0 1

4-01

5-01

6 -0 1

7 -0 1

8-01

2,3 5 3 .8
2,3 6 7 .4
0.9

2,364.3

2,418.2
2* 44 1 .0
2 ^ 4 6 0 . 6P

I N I T I A L MONTH
P - PRELIMINARY




PREPARED B Y FE D E R A L RESERVE BANK O F S T* L O W S
0 C T0 6 E R 20 » 1 90 1

8

RETAIL
RATIO

SALES

SCALE

BILLIONS

OF

1973

RATIO
DOLLARS

1974

1975

1976

BILLIONS

ADJUSTED

seaso nally

1977

1978

1979

OF

1980

SCALE
DOLLARS

1981

SOURCE: U.S. DEPARTMENT OF COMMERCE
PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIODS INDICATED.
LATEST DATA PLOTTED: AUGUST,

SEPTEMBER ADVANCE ESTIMATE
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

________________ R E T A I L SALES______________
COMP OU NO ED ANNUA L R A TES OF CHANGE
T E R MI N AL
I N I T I A L MONTH
M I L L I O N S OF
MONTH_________________________________________________________________________________________________________________________________________________________________________ DOLLARS
2-80
3-8 0
6-60
4-80
5-80
7-80
8-80
9 - 8 0 1 0 - 8 0 1 1 - 8 0 12-8 0
5-81
7-61
1- 81
6-ei
8-61
2-81
3-81
4-ei
0
0
0
1

-18.0

4-80

-17.5

-17.0

5-8C

-14.0

-11.9

-6.5

6-80

-4.0

1.2

11.8

33.8

7-80

1.8

7.5

17.2

31.2

28.6

8-80

2.4

7.0

14.1

21.9

16. 3

5.2

9-80

3.8

7.9

13.8

19.5

15. 1

8.8

10-80

5. 1

8.9

13.9

18.5

15. 0

10.8

13.7

14.8

11-80

6.6

10. 1

14.7

18.7

15. 8

12.9

15.5

17.1

19.4

12-80

7.0

10.2

14.1

17.4

1 4. 9

12.3

14.2

14.8

14.7

10.3

1-81

V. 1

12.3

16.1

19.3

17. 4

15.6

17.8

19.1

20.6

21.2

33.2

2-81

10.0

13.0

16.6

19.5

17. 8

16.3

18.3

19.4

20.6

2 1.0

26.8

20.6

3-81

10. 1

12.9

16.1

18.6

17. 1

15.7

17.3

18.1

18.8

18.6

21.5

16.0

1 1. 6

4-81

7.5

9.8

12.4

14.3

12. 5

10.8

11.5

11.4

10.8

9.2

8.9

1 .8

—6 . 4

-2 1.5

5-81

6.6

8.7

10.9

12.5

1 0. 8

9.6

9.2

8.4

6. 7

6.0

0.1

-5 .9

-13.6

-4.8

6-81

8.0

10.0

12.2

13.8

12. 3

10.9

11.5

11.3

10.9

9.8

9.7

5.5

2.0

-1.0

11.2

29 » 9

7-81

7.4

9.3

11.3

12.7

11. 2

9.9

10.3

10.1

9.6

8.4

8.2

4.5

1.5

-0.9

7.1

13.7

8-81

7.9

9.7

11.6

12.9

11. 6

10.4

10.8

10.6

10.2

9.3

9. 1

6.1

3.8

2.3

9.3

14.5

7.5

16.2

9-81

7.8

9.4

11.2

12.4

1 1. 1

10.0

10.4

10.2

9.8

8.9

8.7

6.0

4.0

2.8

8.5

12.2

6.8

10.7

5.4

2-80

3-80

4-80

5-80

6-80

7-8 0

8-80

9-80

10-80

11-60

12-80

1-81

2-81

5-81

6-81

7-81

8-81

77,603
76,404
75,975
77,843
79,491

9. 1

79 , 82V
12.6

80 , 6 2 0
81,552
82,764

___________________ _______________________________________________________________ I N I T I A L

83,443
85 , 4 6 3
86,810
87,608

?-8L_

85,855
85,501
87,384
-0.5

87,350
88 » 449P

MONTH_____________________________________________________________________________________

P - PREL I MI NARY
t - EST I MATED
—
_____ ___________________________________________________ _________________ ________________________________________________PREPARED BY F E D E R A L RESERVE BANK OF S T »
OCT OBER 1 4 , 1 9 8 1




88 ,8381:

9

L OU I S

HOURLY COMPENSATION, PRIVATE BUSINESS SECTOR*
COHPOUNOED ANNUAL RATES OF CHANGE
TERMINAL
QUARTER

1977 * 100

IN IT IA L QUARTER
3 -7 6

4-76
1-7 7

7.4

4— 76

1 -7 7

2 -7 7

3-77

4 -7 7

1 -7 8

2 -7 8

3-78

4-7 6

1 -7 9

2-79

3-79

4-7 9

1-80

2-8 0

3-8 0

4-80

1 -6 1

7.9

9 5 .5
6.9

97 .1

2 -7 7

7.5

7.2

7.6

3 -7 7

7.7

7.6

8 .0

8 .3

4-77

7.5

7.4

7.6

7.6

9 8 .9
10 0. 9
6.9

10 2. 6

1-78

7.9

7.9

8.1

8.3

8.3

9 .7

2-7 8

7.9

7.9

8.2

8 .3

8.3

9.0

8. 2

3 -7 8

8.1

8 .1

8.3

8 .4

8 .4

8.9

8.6

4-78

8.2

8.2

8 .4

8 .6

8.6

9.1

8.9

9.2

9.5

1-79

8.5

8.6

8.8

9 .0

9.1

9.6

9.5

10.0

1 0 .5

11.6

2- 7 9

8.8

8.9

9.1

9 .3

9.4

9.8

9.9

1 0 .3

10.7

11.4

11 .2

1 0 5. 0
107. 1
10 9. 4

8.9

11 1.9
11 5.0
118.1

3 -7 9

8.8

8 .9

9.1

9 .3

9.4

9.7

9 .7

1 0 .0

10.3

10.6

10 .2

9.1

4 -7 9

8.8

8.9

9.0

9.2

9.3

9.6

9.6

9.8

10.0

10 . 1

9 .6

6 .8

8. 5

1-80

8.9

9.0

9.2

9.3

9.4

9.7

9.7

9.9

10.1

10 .2

9.9

9 .5

9.7

2-8 0

9.1

9.2

9.4

9 .6

9 .7

10.0

10.0

1 0 .2

10.4

10.6

1 0 .4

10.2

10.5

1 1 .5

1 2 .2

3-80

9.2

9 .3

9.4

9 .6

9. 7

9.9

10.0

10.1

10 .3

10.4

10 .2

10.0

10.3

10.9

10 .9

9 .5

4 -8 0

9 .1

9.2

9.4

9 .5

9. 6

9.8

9.8

1 0 .0

10 .1

10 .2

10.0

9 .8

10. 0

10.3

10 .1

9.1

8 .7

1-81

9.3

9 .4

9.5

9 .6

9.7

10.0

10.0

10 .1

10 .3

1 0 .4

10.2

10.1

10.2

10 .6

10.5

1 0 .0

10 .2

11.7

2- 8 1

9.3

9.4

9.6

9 .7

9 .8

10 .0

1 0 .0

10 .2

1 0 .3

10.4

10 .2

10.1

10 .3

1 0 .5

10.5

10.1

10 .2

11 .0

1 0 .4

3-76

4-76

1-77

2-77

3-77

4-7 7

1 -7 8

2-78

3-78

4-78

1 -7 9

2- 7 9

3-79

4-7 9

1 -8 0

2-80

3-80

4-6 0

1-81

2-80

3-80

4-80

1-6 1

12 0. 7
12 3.2
12 6 .4

10.8

130.1
133.1
13 5. 9
13 9. 7
14 3. 2

IN IT IA L QUARTER
♦ REVI SE D FRON 1979

OUTPUT PER HOUR OF ALL PWSONS* PRIVATE BUSINESS SECTOR*
COMPOUNDED ANNUAL RATES OF CHANGE
TERMINAL
QUART tR

1977 * 100

I N IT IA L Q U A R T «
3-76

4 -7 6

1-7 7

2-7 7

3—77

4-7 7

1-7 8

4-76

3.1
1.9

2.7

3 -7 7

2.8

3.5

2.4

2.1

0.9

1.6

1-78

1.1

1.2

0.1

0 .3

-2 .2

1 .2

0.3

0 .5

-1 .1

-0 .6

0.3

0 .5

-0 .7

-0 .3

0.8

4-7 9

1-80

-2 .4

1 .1

3-7 9

-2.0

2-7 8

2-79

5.3

1.8

1- 7 9

-0 .4

4-77

4-78

5.8

2-77

3 -7 8

0.4

1-7 7

2-78

98 .1
99 . 5
99.4
10 0.7
100.2
99.6
1 .2

9 9 .9

3-7 8

1.0

1.1

4-7 8

0.9

0.9

0.2

0 .3

—0 .6

-0 .3

0.4

0.0

-0 .4

1-79

0.7

0.7

0.1

0 .2

-0 .7

-0 .4

0.1

-0 .3

-0 .6

2-79

0 .6

0 .6

0.1

0 .2

-0 .6

-0 .3

0 .1

-0 .2

-0 .4

-0 .4

0.0

3 -7 9

0 .5

0.5

—0 . 0

0.0

—0 .6

-0 .5

-0 .1

—0 . 4

—0 . 6

-0 .7

-0 .6

-1 .2

0.4

10 0. 0
99.9
-0 .6

99.7
99 .7
9 9.4

4 -7 9

0.3

0 .3

-o .i

-0 .1

-0 .7

^©.6

-0 .3

-0 .5

-0 .7

-0 .8

-0 .6

-1 .2

-1 .2

1- 80

0.4

0.4

0 .0

0 .0

-0 .5

-0 .3

-0 .1

-0 .2

-0 .3

-0 .3

-0 .2

-0 .3

0 .2

1 .6

2-80

0.3

0.3

-0 .1

-0 . 1

-0 .6

-0 .4

-0 .2

-0 .4

-0 .5

-0 .5

-0 .5

-0 .6

-0 .4

0.0

9 9 .1
9 9 .5
-1 .6

99.1

3-80

0 .4

0 .4

-0 .0

0 .0

-0 .4

-0 .3

-0 .1

-0 .2

-0 .3

-0 .3

-0 .2

-0 .2

0.0

0.4

-0 .2

1.2

4-80

0.3

0.3

-0 .1

-0 .1

-0 .5

-0 .4

-0 .2

-0 .3

-0 .4

-0 .4

-0 .3

-0 .4

-0 .2

0 .0

-0 .5

0.0

-1 .2

1-81

0.5

0.5

0.2

0.2

-0.1

0.0

0.2

0.1

0 .1

0.2

0.3

0.3

0.6

1.0

0.8

1.6

1.8

4.9

2-81

0 .6

0.6

0 .4

0 .4

0. 1

0.2

0.4

0.4

0.4

0.4

0 .6

0.6

0 .9

1.3

1.2

1.9

2.2

3.9

2.8

3-76

4-76

1-77

2-77

3-77

4-77

1 -7 8

2 -7 8

3-78

4-7 8

1 -7 9

2 -7 9

3 -7 9

4-7 9

1-8Ö

2-80

3-80

4-80

l-e i

99.4
99 . 1
10 0. 3
10 1. 0

IN IT IA L QUARTER
♦REVISED FROH 1979




TO E P À R E O ftV P ë D éR a L RÉSÉRVÉ 6A m ' Û P
AUGUST 2 6 , 1981

10

S t.

LO UiS

PRODUCTIVITY,
RAT I 0

C O M P E N SA T I O N ,

RAT I 0

1977-100

*

AND LABOR C O S T S *

SCALE
SEASONALLY

« V I S E D MO *

197«.

SCALE
1977-100

ADJUSTED

SOURCE i U S

DEPARTMENT OF LABOR

PERCENTAGES ARE ANNUAL RATES OF CHANCE FOR PERIODS I NDICATED.
LATEST DATA PLOTTEDi

2ND QUARTER
PREPARED BT FEDERAL RESERVE BANK OF ST.

LOUI S

U N I T LABOR COSTS, PRIVATE BUSINESS SECTOR*
COMPOUNDED ANNUAL RATES Of CHANGE
TERMINAL
OUAKItK

I N IT IA L QUARTER
3 -7 6

4-76

1 -7 7

4-7 6

4 .4
5.5

4.4

4-7 7

1-7 8

2-78

3 -7 8

1-7 9

4-78

1977 * 100
2 -7 9

3-79

4-79

1 -8 0

2-80

3-60

4-e o

1-8 1

1.2

2-77

3-77

7 .7

1 -7 7

2 -77

7.6

97. 4
97 .7
99.5

3-7 7

4 .8

3.9

5 .2

2.8

4-7 7

5 .7

5.1

6.5

5.9

9 .1

1-7 8

6 .7

6 .5

7.9

8.0

10.6

12 .2

2-78

6.8

6.7

7.8

7.8

9.6

9.8

7.4

3 -7 8

7 .0

6.9

7.8

7.9

9.2

9.2

7.7

8 .1

4 -7 8

7 .3

7.3

8.2

8 .3

9.4

9.5

8.6

9 .1

1 0 .2

1-7 9

7 .8

7.8

8.7

8 .8

9 .9

10.0

9.5

10 .2

11 .3

2-79

8.1

8.2

9.0

9.1

10.1

1 0 .2

9.8

1 0 .4

11.2

11.7

11 .2

3-79

8 .3

8.3

9.1

9 .2

10.1

10 .2

9.9

10.4

11 .0

11.2

10.7

10.2

4-79

8 .4

8.5

9.2

9 .3

10.1

10.2

9.9

1 0 .3

1 0 .8

10 .9

1 0 .4

10.0

9.9

1 -0 0

8.5

8.5

9.1

9.3

9.9

10 . 0

9.8

10 .1

1 0 .5

10 .5

10 .1

9.7

9 .4

9 .0

2-8 0

8.8

8.9

9.5

9.7

10.3

10 .5

1 0 .3

10 .6

11 .0

1 1. 1

10 .9

10.8

11.0

11 .6

1 00 .2
10 2.4
1 0 5. 4
10 7. 3
109.4
11 2.1
12 .3

11 5 .4
11 8. 5
12 1. 4
12 4 .3
1 2 7. 0
14.2

13 1 .3

8 .8

8.9

9 .4

9 .6

10.1

10.2

1 0 .0

10.3

10 .6

10.7

10.4

10.3

10.3

10.4

11.2

8.2

8.8

8.9

9.4

9 .6

10.1

10 .2

10.0

1 0 .3

10.5

10 .5

1 0 .3

10.2

10.2

10 . 2

10 .6

8 .9

9 .6

1- 8 1

8.7

8.8

9.3

9 .4

9 .9

10.0

9.8

10.0

10 .2

1 0 .2

9.9

9 .7

9 .7

9 .6

9 .8

8.3

8 .4

7.2

2-61

8.7

8.7

9.2

9 .3

9 .7

9.7

9 .6

9.7

9 .9

9 .9

9 .6

9 .4

9 .3

9 .2

9 .2

8.0

7 .9

7 .1

7 .1

3-76

4-76

1 -7 7

3-7 7

4 -7 7

1-7 8

2-78

3 -7 «

4 -7 8

1—79

2 -7 9

3 -7 9

4 -7 9

1-80

2-80

3-8 0

4 -6 0

1-8 1

1

3-80
4 -8 0

13 3.9
13 7. 0
13 9. 4
14 1. 8

I N I T I A L ÖUARTE t
♦REVISED FROM 1979




FRERARED ftV FEDERAL RESERVE fcAWC
AUGUST 2 6 ,

11

1981

Í . LÔUIS

GROSS NATIONAL PR00UCT IN CURRENT DOLLARS
COMPOUNDED ANNUAL RATES OF CHANGE_______
TERMINAL
QUARTER

B ILL IO N S OF
DOLLARS
ANNUAL RATES

IN IT IA L QUARTER
4-76

1- 7 7

2-77

3-7 7

4 -7 7

1-78

2-78

1-7?
2-7 7

14 .2
13 .6

12 .5

12.2

11.0

1 0 .3

11 .6

10.5

9.9

8.6

13 .0

12.4

12.4

12.4

14.7

1 2 .9

12.4

12 .3

12 .3

13.8

16.2

13.2

12.8

12 .9

13.0

14.2

1 6 .0

13 .8

1 -6 0

2-60

3-8 0

4-8 0

1 -8 1

2-61

11 .9

4-78

4 -7 9

20.5

3 -7 8

3-79

9.1

2 -7 8

2-79

8.1

1-7 8

1 -7 9

12 .5

4-7 7

4 -7 8

1 2 .5

3-7 7

3 -7 8

15 .9

1 »8 3 9 . 1
1*893.9
1*950.4
1*988.6
2* 03 2 .4
2* 12 9 .6
2,1 9 0 .5
1 5 .7

2*2 71 .9

1 -7 9

13.2

12 .8

12 . 9

1 2 .9

13.9

15 .2

1 3 .4

14.2

12 .7

2-7 9

1 2 .4

12 .0

12 .0

11.9

12.6

13 .3

11 .5

11 .4

9 .2

5.9

3-79

12 .4

12.0

12.0

11.9

12*5

13.1

11.6

1 1 .6

10.2

9.0

4-7 9

12 .1

11 .8

11 .7

1 1 .6

12. 0

12 .5

11.2

11 .0

9.9

9.0

1 0 .5

8 .8

1- 8 0

12 .1

11 .8

11 .8

11 .7

12.1

12 .5

11. 4

11 .3

10.4

9.9

11.2

10.7

2 -80

1 1 .1

10 .8

10.6

10.5

10 .7

1 0 .9

9 .7

9.4

8.4

7.6

8.0

6 .6

5 .6

-1 .1

10.6

10.8

11 .0

10 .0

9.7

8.9

8.3

8.8

7.9

7.6

5.2

11.6

2* 34 0 .6
2*3 74 .6
12.2

2* 444.1
2 * 49 6 .3
12 .6

2 * 5 7 1 .7
2*5 64 .8
2 .6 37.3

3-80

11.2

10 .8

1 0 .7

4-80

1 1 .4

1 1 .1

1 1 .0

10.9

11.1

1 1 .3

1 0 .5

1 0 .3

9.6

9.2

9 .8

9 .3

9.4

8.3

13.3

14.9

1 -8 1

11.9

11 .6

11.5

11.5

11 .7

12.0

11 .2

11 .1

1 0 .7

1 0 .4

1 1 .1

10 .9

11 .3

10.9

15.3

17.0

1 9 .2

2 -8 1

11.4

11.2

11 .1

11.0

11.2

11 .4

1 0 .7

10.5

10 .0

9.8

10 .2

1 0 .0

10.1

9.7

12.5

12*8

11.7

4 .7

3 -8 1

11.3

1 1 .0

1 1 .0

1 0 .9

11.1

11 .2

10 .5

10 .4

9 .9

9.7

10 .1

9.8

9.9

9.5

11.8

11.7

10.7

6.7

6 .8

4-76

1 -7 7

2-77

3-7 7

4 -7 7

1-78

2 -7 8

3 -7 8

4- 7 8

1-7 9

2-79

3-79

4-79

1-60

2-60

3-6 0

4-8 0

1-6 1

2 -8 1

2* 73 0 .6
2.853.0
2,6 6 5 .8
2 * 9 4 7 .OP

I N IT IA L QUARTER
P - PRELIMINARY

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

I N IT IA L QUARTER

TERMINAL
QUARTER
4-7 6

1-7 7

2-77

3-7 7

4 -7 7

1-7 8

1-77
2-7 7

7.4
7.2

6.0

5 .8

4 .5

4.2

1 -7 8

5.3

4.2

3.8

2 .4

5 .9

5 .1

5.1

4 .5

6.0

1 -7 9

2-7 9

3 -7 9

4-79

3.1

2-78

4-78

1 -6 0

9 .0

2-80

3—60

4-8 0

1-8 1

2-8 1

6.7

4 -7 7

3 -7 8

5.3

3-77

2-7 8

9 .6

1*345,9
1»3 63,4
1*385,8
1.7

1*391,5
1* 402.3
1*432.8

3-78

5 .6

4.9

4 .9

4 .4

5. 3

6 .4

3.9

4-78

5 .6

5.0

4 .9

4 .6

5.3

6.1

4 .7

5 .4

1 -7 9

5.4

4 .9

4.8

4 .5

5.1

5.5

4.4

4.6

1*446.7
1*465.8
1.479.9

3.9

2 -7 9

4 .6

4.1

4.0

3 .6

3.9

4.0

2.8

2 .5

1.0

-1 .7

3-7 9

4 .6

4.1

4.0

3 .6

3 .9

4.0

3.1

2.9

2 .0

1.1

1.4 73.4

4-7 9

4 .3

3 .8

3 .6

3 .3

3.5

3.6

2.7

2.4

1 .7

1.0

2.3

0.6

1-80

4.2

3 .7

3.6

3.3

3.5

3.5

2.7

2 .5

2.0

1 .5

2.6

1 .6

3.1

2-80

3.1

2.6

2.4

2 .0

2.0

1 .9

1.1

0.7

-0 .1

-0 .9

-0 .7

-2 .2

-3 .6

-9 .9

4. 1

1*466,2
1,4 90,6
1*501,9
1* 463,3

3-80

3.0

2 .6

2.4

2 .0

2.1

2.0

1.2

0 .9

0 .2

-0 .4

-o .i

-1 .1

-1 .7

-4 .0

2 .4

4-8 0

3.1

2.7

2 .5

2.2

2 .2

2.1

1.5

1.2

0.7

0.2

0 .6

-0 .1

-0 .3

-1 .4

3.1

1*471,9
1.4 85,6

3 .8

1-8 1

3 .4

3.0

2.9

2 .6

2.7

2 .6

2.1

1.9

1.5

1.2

1 .7

1 .3

1,4

1 ,0

4 .9

6,1

8,6

2-81

3.1

2.8

2.6

2 .3

2 .4

2.3

1.8

1 .6

1 ,2 _

0.9

1*2

0,8

0.9

0.5

3 ,2

3.5

3.4

-1 ,6

3 -8 1

2.9

2.6

2.4

2.1

2 .2

2.1

1.6

1.4

1.0

0 .8

1.0

0 .7

0.7

0 ,3

2,4

2 ,5

2,0

-1 ,1

-0 ,6

4-76

1- 7 7

2-77

3 -7 7

4 -7 7

1-7 6

2- 7 8

3- 7 8

4 -7 8

1- 79

2 -7 9

3 -7 9

4 -7 9

1 -6 0

2-6 0

3-60

4 -6 0

l-e i

2 -6 1

1* 516,4
1.510,4
1* 50 8 ,2P

IN IT IA L QUARTER
P - PRELIMINARY




PREPARED B Y FE D E R A L RESERVE B A f* O F S T .
OCTOBER 2 1 » 196 1

12

LO U IS

GROSS N A T I O N A L
RATIO

SCALE

1973

QUARTERLY

1974

1975

1976

TOTALS

PRODUCT

AT ANNUAL

19 7 7

RATES

1978
SOURCE:

P ER CE N TAGES ARE ANNUAL RAT ES OF CHANGE FOR P E R I O D S
L A T E S T DATA P L O T T E D :




1979
U .S.

RATIO

1980

SCALE

19 81

D EP AR T M EN T OF COMMERCE

INDICATED.

3RD QUARTER P R E L I M I N A R Y
PREPARED BY FE D E R A L R E S E R VE BANK OF S T .

13

LOUIS

GENERAL
RATIO

PRICE

INDEX*

SCALE

RATIO

1972-100

SCALE

1972-100

1973

1974

1975

*AS USED IN NATIONAL

1976

1977

1978

INCOME ACCOUNTS

SOURCE:

1979

1980

1981

U.S. DEPARTMENT OF COMMERCE

PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIODS INDICATED.
LATEST DATA PLOTTEDt 3RD QUARTER PRELIMINARY
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

I M P L I C I T PRICE DEFLATOR FOR GROSS NATIONAL PRODUCT
__________ COMPOUNDED ANNUAL RATES OF CHANCE____________
TERMINAL_________________________________________________________________ I N I T I A L QUARTER________________________________________________________________ 1972 « 100
QUARTE*
4 -7 6
1 -7 7
2 -7 7
3 -7 7 4 -7 7
1-78
2 -7 8
3 -7 8 4 -7 8
1 -7 9 2 -7 9
3 -7 9
4 -7 9
1 -8 0 2 -8 0 3 -8 0 4 -8 0
1 -8 1
2 -8 1
1 -7 7

5 .7

2 -7 7

6 .3

6 .8

3 -7 7

6 .0

6 .1

5 .4

4 -7 7

6 .1

6 .2

5 .8

6 .3

1 -7 8

6 .0

6 .1

5 .8

6 .0

5.8

2 -7 8

6 .8

7 .0

7 .0

7 .5

8 .2

10 .6

3 -7 8

6 .9

7 .1

7 .1

7 .6

8 .0

9 .2

7 .7

4 -7 8

7 .2

7 .5

7 .6

8 .0

8 .5

9 .4

8 .7

9 .8

136.64
138*91
140.75
142.91
14 4.93
148.63
151.42
154.99

1 -7 9

7 .4

7 .6

7 .7

8 .1

8 .4

9 .1

8 .6

9 .1

2 -7 9

7 .4

7 .6

7 .7

8 .0

8 .3

8 .9

8 .4

8 .7

8 .1

7 .8

3 -7 9

7 .5

7 .6

7 .7

8 .0

8 .3

8 .7

8*3

8 .5

8 .0

7 .8

7 .8

4 -7 9

7 .5

7 .7

7 .8

8 .0

8 .3

8 .6

8*3

8*4

8 .1

7 .9

8 .0

8 .1

1 -8 0

7 .7

7 .8

7 .9

8 .2

8 .4

8 .7

8 .4

8 .5

8 .3

8 .3

8 .4

8 .7

9 .3

8 .4

158.16
161.17
164.23
16 7.47
171*23

7 .8

8 .0

8 .1

8 .3

8.5

8 .8

8 .6

8*7

8 .5

8 .6

8 .8

9 .1

9 .5

9*8

3 -8 0

7 .9

8 .1

8 .1

8 .4

8*6

8*9

8 .7

8*8

8*6

8 .7

8 .8

9 .1

9*4

9*5

9 .2

9 .2

9 .4

9*8

9*9

10*0

4 -8 0

8 .1

8 .2

8 .3

8 .6

8.8

9 .0

8 .9

9 .0

8*9

9 .0

1 -8 1

8 .2

8 .3

8 .4

8 .6

8.8

9 .1

8 .9

9 .1

9*0

9 .1

9 .2

9 .5

9*8

9*9

2 -8 1

8 .1

8 .2

8 .3

8 .5

8 .7

8*9

8 .7

8 .8

8*7

8*8

8 .9

9 .0

9*2

9*2

3 -8 1

8 .1

8 .3

8 .4

8 .5

8 .7

8 .9

8*8

8 .9

•i
•
0
0

2 -8 0

8*8

8*9

9 .1

9*2

4 -7 6

1 -7 7

2 -7 7

3 -7 7

4 -7 7

1-78

2 -7 8

3 -t 8

4— 78

1—79

2— »9

3 -7 9

4 -* 9

I n it ia l

175*28
179*18
10*7

183*81

9*9

10*3

9*8

188*14

9*0

8*9

8*0

6*4

9*2

9*1

9*1

8*5

7*9

9*4

1 -8 0

2 -8 0

3 -8 0

4 -6 0

1 -8 1

2 -8 1

191*06
195*40P

qua ATÉ r

P - H m iH IN A ftV




P R EP A R H ) B Y FED ER A L RESERVE B A t* O F S T . L O U IS
O CTOBER 2 1 » 1 981

14

PERSONAL CONSUMPTION EXPENDITURES IN CURRENT DOLLARS
____________CONFOUNDED ANNUAL RATES OF CHANCE_____________
B IL L I O N S OF

TERMINAL
QUARTER

____________________ _____________________________ _________IN IT IA L QUARTER____________________________ ____________________________________ DOLLARS
ANNUAL RATES
4 -7 6
1 -7 7
3 -7 7 4-77
1-78 2 -7 8
2 -7 7
3 -7 8
4 -7 8
4 -7 9
1 -6 0
1-8 1
2 -6 1
2 -8 0
1-7 9 2 -7 9
3 -7 9
3 -6 0 4 -8 0

1 -7 7

1 3 .4

2 -7 7

1 0 .6

7 .9

3 -7 7

1 0 .7

9 .4

4 -7 7

1 1 .2

1 0 .5

11 .8

1 2 .8

1-78

1 0 .5

9 .8

1 0 .5

1 0 .3

7.8

2—78

1 1 .6

1 1 .3

12 .1

1 2 .5

12.4

1 7 .2

3 -7 8

1 1 .7

1 1 .5

1 2 .2

1 2 .5

12.4

1 4 .8

1*163*9
1*186*2
1 0 .9

1*217*4
1*254.5
1* 278 .3
1*330.1
1*369.9

1 2 .5

4 -7 8

12 .1

1 1 .9

1 2 .6

1 2 .9

12.9

1 4 .7

1 3 .4

1 4 .3

1 -7 9

12 .0

1 1 .8

1 2 .3

12*6

12.5

1 3 .8

1 2 .6

1 2 .7

1 1 .0

2 -7 9

1 1 .4

11 .2

1 1 .6

1 1 .7

11.5

1 2 .3

1 1 .1

1 0 .7

8 .9

1*416.6
1*454.1
1* 478 .0

3 -7 9

1 1 .7

1 1 .5

1 1 .9

1 2 .1

12.0

1 2 .7

1 1 .8

1 1 .6

1 0 .7

10 .6

1 4 .6

4 -7 9

1 1 .9

11.8

1 2 .2

1 2 .4

12.3

1 3 .0

1 2 .3

1 2 .2

1 1 .7

1 1 .9

1 4 .6

14 .7

1 -8 0

1 2 .0

1 1 .9

1 2 .3

1 2 .4

12.4

1 3 .0

1 2 .4

1 2 .3

1 1 .9

12.2

1 4 .0

13 .8

2 -8 0

1 1 .0

1 0 .9

1 1 .1

1 1 .1

11.0

1 1 .3

1 0 .6

1 0 .3

9 .7

9 .4

10. 1

8 .6

5 .7

-1 .0

3 -8 0

1 1 .2

11 .1

1 1 .3

1 1 .4

11.3

1 1 .6

1 1 .0

1 0 .8

1 0 .3

10.2

1 0 .9

o
•
o

8 .5

6*4

1 4 .3

4 -8 0

11*6

1 1 .5

1 1 .8

1 1 .8

11.8

1 2 .1

1 1 .6

1 1 .5

1 1 .2

11 .2

1 2 .0

11 .5

10 .7

9*9

1 5 .9

1 7 .4

1-81

11 .8

1 1 .7

1 1 .9

1 2 .0

11.9

1 2 .3

1 1 .9

11 .8

1 1 .5

11 .6

1 2 .3

11 .9

11.4

1 1 .0

1 5 .3

1 5 .8

1 4 .2

2 -8 1

1 1 .3

11 .2

1 1 .4

1 1 .5

11.4

1 1 .7

1 1 .2

U*1

1 0 .8

1 0 .7

11*2

10*8

10*1

9 .6

12*4

i l *6

9* i

4*3

3 -8 1

1 1 .5

1 1 .4

1 1 .6

1 1 .6

11.5

1 1 .8

1 1 .4

1 1 .3

11 .0

11.0

1 1 .5

11*1

10*6

1 0 .3

12*7

1 2 .3

1 0 .6

8*9

1 3 .7

4 -7 6

1 -7 7

2 -7 7

3 -7 7

4 -7 7

1 -7 8

2 -7 8

3 -7 8

*
1
0
6

6 .7

1 -7 9

2 -7 9

3 -7 9

4 -7 9

1 -8 0

2 -6 0

3 -6 0

4 -6 0

1 -8 1

2 -6 1

1 -8 1

B IL L IO N S OF
DOLLARS
ANNUAL RATES
2 -8 1

1*529.1
1 * 562 .3
1*631.0

12.9

1*626.8
1.682*2
1*751 .0
1 .8 1 0 .1
1*829*1
1,888*6P

IN IT IA L QUARTER
P - PRELIMINARY

PERSONAL CONSUMPTION EXPENDITURES IN 1972 DOLLARS
___________COMPOUNDED ANNUAL RATES OF CHANGE___________
IN IT IA L QUARTER

TERMINAL
QUARTER
4— 76
1 -7 7
2 -7 7

4 .0

1-7 7

2 -7 7

3 -7 7

4 -7 7

1-7 8

2 -7 8

3 -7 8

4 -7 8

1-7 9

2 -7 9

3 -7 9

4 -7 9

1 -6 0

2 -6 0

3 -8 0

4 -8 0

8 5 1 .9

6 .1
1 .9

8 5 6 .0
8 6 6 .4

3 -7 7

4 .3

3 .4

4 .9

4 -7 7

5 .0

4 .6

6 .0

7 .1

1-78

4 .2

3 .8

4 .4

4 .1

1.3

2 -7 8

4 .8

4 .5

5 .2

5 .3

4 .4

7 .7

3 -7 8

4 .8

4 .6

5 .1

5 .2

4 .5

6 .2

4 .8

4 -7 8

4 .9

4 .7

5 .2

5 .2

4 .8

6 .0

5 .1

5 .5

1 -7 9

4 .4

4 .2

4 .6

4 .5

4 .0

4 .7

3 .7

3 .2

0 .9

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

3 .6

3 .8

3 .7

3.1

3 .5

2 .5

1 .7

-0 .1

-1 .2

3 .9

3 .7

3 .9

3 .8

3.3

3 .7

2 .9

2 .4

1 .4

1 .7

4 .7

4 -7 9

3 .9

3 .7

3 .9

3 .8

3.4

3 .7

3 .0

2 .7

2 .0

2 .3

4 .1

1

3 .9

3 -7 9

9 2 2 .8
9 3 3 .4
3 .6

9 4 1 .6

1 -8 0

3 .7

3 .5

3 .6

3 .5

3.1

3 .3

2 .7

2 .3

1 .7

1 .9

3 .0

2 .2

0 .8

2 -6 0

2 .6

2 .4

2 .4

2 .2

1.7

1.8

1 .0

0 .5

-0 .3

-0 .5

-0 .4

-2 .0

-4 .7

-9 .8

3 -8 0

2 .1

1 .5

1.1

0 .5

0 .4

0 .7

-0 .3

-1 .5

-2 .7

5. 1

1 .1

0 .6

0 .5

6. 1

7 .1

9 4 3 .4
9 1 9 .3

2 .8

2 .6

2 .6

2 .4

2 .0

4 -8 0

3 .1

2 .9

2 .9

2 .8

2.4

2 .5

2 .0

1 .7

1 .3

1 .3

1 .7

9 3 0 .8

1-6 1

3 .2

3 .0

3 .1

3 .0

2.7

2 .8

2 .4

2 .1

1 .8

1*9

2 .3

1 .9

1.6

1 .8

6 .0

6 .4

2 -8 1

2 .9

2 .7

2 .8

2 .6

2 .3

2 .4

2 .0

1 .7

1 .4

1*4

1 .7

1 .3

i.o

1 .0

3 .9

3 .5

3 -6 1

3 .0

2 .8

2 .9

2 .7

2.5

2 .5

2 .2

1.9

1 .6

1 .7

2 .0

1 .7

1.4

1 .5

4 .0

3 .7

2 .6

1 .0

4 -7 6

1 -7 7

2 -7 7

3 -7 7

4 -7 7

1-7 8

2 -7 8

3 -7 8

4 -7 8

1 -7 9

2 -7 9

3 -7 9

4 -7 9

1 -6 0

2 -6 0

3 -8 0

4 -6 0

1 -6 1

9 4 6 .8
5 .8

9 6 0 .2
-2 * 1

955*1
4 .3

965*2P

2 -6 1

I N IT IA L QUARTER
P - PRELIMINARY




PREPARED B Y F E D E R A L R ESER VE BANC O F S T .
O CTO B ER 21* 1 98 1

15

L O U IS

GROSS PRIVATE DOMESTIC INVESTMENT IN CURRENT DOLLARS
____________COMPOUNDED ANNUAL RATES OF CHANGE_____________
TERMINAL
QUARTER

B IL L IO N S OF
DOLLARS
ANNUAL RATES

IN IT IA L QUARTER
4 -7 6

1 -7 7

2 -7 7

1—77

4 5 .0
3 7 .1

2 5 .9

2 7 .0

1 7 .0

1 1 .3

2 -7 8

3 -7 8

4 -7 8

1 -7 9

2 -7 9

3 -7 9

4 -7 9

1 -6 0

2 -6 0

3 -8 0

4 -6 0

1 -6 1

2 -6 1

2 2 .5

4— 77

1-78

2 9 .4

3 -7 7

4 -7 7

6 2 .4

2 -7 7

3 -7 7

296 . 6
316*7
3 »* 3
1 .1

336 . 2

1 -7 8

2 5 .2

1 7 .4

1 3 .6

9 .4

18 *4

2 -7 8

2 6 .7

2 0 .6

1 8 .5

1 7 .2

2 6 .2

3 4 .5

3 -7 8

2 3 .0

1 7 .5

1 5 .2

1 3 .5

17 .9

1 7 .7

2 .9
1 3 .5

3 5 0 .7
377 . 7
3 8 0 .4

4 -7 8

2 1 .8

1 6 .9

1 4 .9

1 3 .5

16.8

16 .2

8 .0

1 -7 9

2 1 .2

1 6 .9

1 5 .2

1 4 .0

16.8

1 6 .4

10 .9

15 .2

1 7 .0

2 -7 9

2 0 .6

1 6 .7

1 5 .2

1 4 .2

16.6

16 .2

1 2 .0

1 5 .3

16 .2

1 5 .4

3 -7 9

1 8 .5

1 4 .6

1 3 .3

1 2 .1

13 .8

13 .1

9 .2

1 0 .9

1 0 .0

6 .7

4 -7 9

1 5 .7

1 2 .2

1 0 .6

9 .4

10 .4

9 .3

5 .6

6 .2

4 .4

0 .6

-6 .1

-1 0 . 6

1 -6 0

1 4 .9

1 1 .6

1 0 .1

9 .0

9 .9

8 .9

5 .6

6 .1

4 .7

1 .8

-2 .4

-2 .9

5 .6

2 -8 0

1 1 .8

8 .6

7 .0

5 .7

6 .2

4 .9

1.7

1 .6

-0 .3

-3 .4

-7 .6

-9 .6

-9 .1

6 . 8 -1 0 . 6

-1 0 .6

3 % .6
4 0 6 .3
4 2 3 .2
-1 .4

4 2 1 .7
4 1 0 .0
4 1 5 .6
39 0.9

-2 1 .7
-1 7 .7 -1 3 .4

3 7 7.1

3 -8 0

9 .9

6 .9

5 .3

4 .0

4 .3

2 .9

-0 .1

-0 .4

-2 .3

-5 .2

-

4 -6 0

1 0 .7

7 .9

6 .5

5 .4

5.8

4 .7

2 .1

2 .0

0 .6

-1 .5

-4 .1

-4 .6

-3 .0

-5 .7

1 -8 1

1 2 .5

1 0 .0

8 .6

7 .9

8 .4

7 .6

5 .5

5 .7

4 .9

3 .5

1 .9

2 .4

5*3

5 .2

16* L_ 3 4 .4

45*9

2 -8 1

1 3 .0

1 0 .6

9 .5

8 .T

9 .3

8 .6

6 .7

7 .0

6*4

5 .3

4 .1

4 .9

7*8

6*2

17*3

29*6

33*0

3 -8 1

1 1 .6

9 .5

8 .4

7 .6

8.1

7 .4

5 .5

5 .7

5 .1

3 .9

2 .7

3 .3

5*4

5*4

1 1 .9

1 9 .3

17*6

4—76

1 -7 7

2 -7 7

3 -7 7

4 -7 7

1-78

2 -7 8

3 -7 8

4 -7 8

1 -7 9

2 -7 9

3 -7 9

4 -7 9

1 -6 0

2 -6 0

3 -8 0

4 -8 0

3 .5

3 9 7 .7

2 3 .7

437*1
4 5 6 .6

21*2
-7 * 5
1 -6 1

4 4 9 .6P

2 -6 1

IN I T I A L QUARTER
P - PRELIMINARY

GROSS PRIVATE DOMESTIC INVESTMENT IN 1972 DOLLARS
__________ COMPOUNDED ANNUAL RATES OP CHANGE___________
TERMINAL
QUARTER

I N I T I A L QUARTER
4 -7 6

1 -7 7

2 -7 7

3 -7 7

4 -7 7

1-78

2 -7 8

3 -7 8

4 -7 8

1 -7 9

2 -7 9

3 -7 9

4 -7 9

1 -6 0

2 -6 0

3 -8 0

4 -6 0

1 -6 1

B ILLIO N S OF
DOLLARS
ANNUAL RATES
2 -6 1

1 -7 7

4 1 .8

2 -7 7

3 1 .6

2 2 .1

3 -7 7

2 5 .3

1 7 .7

1 3 .6

4 -7 7

1 6 .2

8 .7

2 .6

-7 .2

1 -7 6

1 6 .3

1 0 .6

7 .0

3 .9

16.4

2 2 4 .9

2 -7 8

1 6 .0

1 1 .5

9 .0

7 .5

15.7

232 .9

3 -7 8

1 2 .6

8 .4

5 .8

3 .9

8 .0

4 .0

-6 .0

4 -7 8

11 .5

7 .8

5 .6

4 .0

7.1

4 .1

-0 .9

4 .4

1 -7 9

1 1 .4

6 .1

6 .3

5 .1

7.8

5 .7

2 .8

7 .5

1 0 .6

2 0 3 .3
2 1 3 .7
22 0.6
2 1 6 .5

15 .0
2 2 9 .3
2 3 1 .6

2 3 7 .7
236 . 7

2 -7 9

1 0 .4

7 .4

5 .7

4 .6

6 .7

4 .9

2 .5

5 .5

6 .0

1 .7

3 -7 9

8 .4

5 .5

3 .8

2 .7

4.2

2 .3

-0 .1

1 .4

0 .5

-4 .2

4 -7 9

5 .9

3 .2

1 .4

0 .2

1.1

-0 .9

-3 .3

-2 .7

-4 .4

-9 * 0 - 1 3 . 9 -1 7 . 8

1 -8 0

5 .0

2 .4

0 .8

-0 .4

0.4

-1 .5

-3 .6

-3 .2

-4 .7

-8 .2

2 -6 0

2 .1

-0 .4

-2 .1

-3 .4

-3 .0

-5 .0

-7 .2

-7 .4

-9 .2

3 -6 0

1 .3

-1 .1

-2 .7

-4 .0

-3 .7

-5 .5

-7 .5

-7 .7

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

4 -6 0

1 .9

-0 .4

-1 .8

-2 .9

-2 .5

-4 .1

-5 .8

-5 .8

-7 .0

-9 .3

1 -6 1

3 .0

1 .0

-0 .3

-1 .2

-0 .7

-2 .0

-3 .4

-3 .2

-4 .0

-5 .6

2 -6 1

3 .7

1 .8

0 .7

-0 .1

0 .4

-0 .7

-1 .9

-1 .5

-2 .1

3 -6 1

3 .0

1 .2

0 .1

-0 .7

-0 .3

-1 .4

-2 .5

-2 .2

-2 .8

4 -7 6

1 -7 7

2 -7 7

3 -7 7

4 -7 7

1-78

2 -7 8

3 -7 8

4 -7 8

1 -7 9

2 3 2 .6

-9 .8

- 1 1 . 0 -1 1 . 2

22 1 .5
-5 .7
-1 8 .1

2 1 8 .3
2 0 0 .5

-2 8 .8

- 1 5 .5 - 2 0 . 0

1
o
•
o

-1 2 .7 -1 6 .0

•
0
1
•
o

-1 1 .2 -1 1 .9

19 5.3
2 0 0 .5

-9 .5

-1 0 .7

0 .0

1 1 .1

-3 .6

-3 .1

7 .4

1 7 .4

2 4 .1

2 1 1 .6

-6 .7

-6 .1

-3 .4

-4 .1

-3 * 2

-0 * 5

0*5

9 .6

17*0

20*i

16*2

-4 .0

-4 .7

-4 .0

-1 .8

-1 .2

5 .5

9 .8

9 .3

2 .7

-9 .3

2 -7 9

3 -7 9

4 -7 9

1 -6 0

2 -6 0

3 -8 0

4 -6 0

1 -6 1

2 -6 1

219*7
21 4.4P

IN I T I A L QUARTER
P - PRELIMINARY




PREPARED B Y F E D E R A L RESERVE BANK O F S T .
OCTO BER 2 1* 1 961

16

L O U IS

GOVERNMENT PURCHASES Of GOODS AND SERVICES IN CURRENT DOLLARS
_________________ COMPOUNDED ANNUAL RATES Of CHANCE____________________
B IL L I O N S OF

C
D

TERMINAL__________________________________________________ _______________I N I T I A L QUARTER________________________________________________________________ DOLLARS
QUARTER
ANNUAL RATES
4 -7 6
1 -7 7
2 -7 7
3 -7 7 4 -7 7
1—76
3 -7 8
4 -7 8
1 -6 0
4 -7 9
3 -8 0 4 -8 0
2 -8 1
1 -7 9 2 -7 9
1 -6 1
2 -8 0
3 -7 9
1 -7 7

9 .2

2 -7 7

1 1 .4

1 3 .8

3 -7 7

1 0 .0

1 0 .5

7 .2

4 -7 7

1 0 .8

1 1 .4

1 0.2

378 .6
39 1 .0
3 9 7 .9
1 3 .2

4 1 0 .4

1-7 8

9 .7

9 .8

8 .5

9 .1

5 .3

2 -7 8

9 .6

9 .7

8 .7

9 .2

7 .3

9 .4

3 -7 8

10 .1

1 0 .3

9 .6

1 0 .2

9 .2

1 1 .2

4 -7 8

1 0 .4

10 .6

1 0 .0

1 0 .6

10.0

1 1 .6

1 2 .7

1 2 .4

1 -7 9

9 .9

1 0 .0

9 .5

9 .9

9 .2

1 0 .2

1 0 .5

9 .3

6 .3

2 -7 9

9 .5

9 .6

9 .1

9 .3

8.7

9 .4

9 .4

8 .2

6 .2

6 .2

3 -7 9

9 .5

9 .5

9 .1

9 .3

8.8

9 .4

9 .4

8 .5

7 .2

7 .6

9 .2

4 -7 9

10 .3

1 0 .4

1 0 .0

1 0 .3

10.0

1 0 .7

1 0 .9

1 0 .5

1 0 .0

11 .3

1 3 .9

18 .9

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

4 3 8 .3
4 5 1 .3
4 5 6 .2
4 6 5 .1
4 7 5 .4
4 9 6 .4

1 -6 0

1 0 .8

1 0 .9

1 0 .7

1 1 .0

10.8

1 1 .5

1 1 .8

1 1 .6

1 1 .5

12 .8

15 .1

18 .2

17.5

2 -8 0

10 .8

1 0 .9

1 0 .7

1 1 .0

10.8

11 .4

1 1 .7

1 1 .5

1 1 .3

1 2 .4

14 .0

15 .6

14.0

1 0 .6

3 -8 0

10 .2

1 0 .3

1 0 .0

1 0 .3

10.0

1 0 .5

1 0 .6

1 0 .3

1 0 .0

1 0 .7

11 .6

12 .2

10.1

6 .6

2 .7

4 -8 0

10 .8

1 0 .9

10 .7

1 1 .0

10.8

1 1 .3

1 1 .5

1 1 .4

1 1 .3

1 2 .0

1 3 .0

13.8

12.5

1 0 .9

1 1 .1

2 0 .2

1-8 1

11 .0

11 .1

1 0 .9

1 1 .2

11.0

1 1 .5

1 1 .7

1 1 .6

11 .5

12 .2

13 .1

1 3 .7

12.7

1 1 .6

1 1 .9

1 6 .8

1 3 .4

2 -8 1

10 .4

1 0 .4

1 0 .2

1 0 .4

10.2

10 .6

1 0 .7

1 0 .5

1 0 .4

10 .8

1 1 .4

11 .7

10.6

9 .3

8 .9

1 1 .1

6*8

0 .6

3 -8 1

10 .3

1 0 .4

10 .2

1 0 .4

10.2

1 0 .5

1 0 .6

1 0 .4

1 0 .3

1 0 .7

11 .2

11.5

10.4

9 .3

9 .0

1 0 .7

7 .7

4 .9

9 .4

4 -7 6

1-7 7

2 -7 7

3 -7 7

4 -7 7

1-7 8

2 -7 8

3 -7 8

4 -7 8

1-7 9

2 -7 9

3 -7 9

4 -7 9

1 -6 0

2 -8 0

3 -8 0

4 -8 0

1-8 1

2 -6 1

51 6 .8
530 *0
533*5
559*6
576^5
5 7 7 .4
5 9 0 .5P

IN I T I A L QUARTER
P - PRELIMINARY

GOVERNMENT PURCHASES OF GOOOS AND SERVICES IN 1972 DOLLARS
COMPOUNDED ANNUAL RATES Of CHANGE
TERMINAL
QUARTER

B IL L IO N S OF
DOLLARS
ANNUAL RATES

IN IT IA L QUARTER
4 -7 6

1 -7 7

2 -7 7

3 -7 7

4 -7 7

1-78

2 -7 8

3 -7 8

4 -7 8

1 -7 9

1 -7 7

3 .9
3 .8

3 .9

3 .6

3 .6

3 .2

2 .5

2 .3

1 .6

0 .7

2 .5

2 .3

1.8

1 .3

0 .4

2 .5

3 -7 8

2 .9

2 .8

2 .5

2 .3

2.1

4 .0

5 .5

4 -7 8

2 .6

2 .4

2 .1

1 .9

1.6

2 .7

2.8

0 .1

1 -7 9

2 .4

2 .2

1 .9

1 .7

1.4

2 .2

2 .1

0 .4

2 .1

1 .9

1 .6

1 .4

1.1

1 .7

1 .4

0 .1

0 .1

4 -6 0

1 -6 1

2 -6 1

0 .7

2 -7 9

3 -6 0

-1 .6

2 -7 8

2 -6 0

3 .0

1 -7 8

1 -6 0

3 .4

4 -7 7

4 -7 9

4 .4

3 -7 7

3 -7 9

3 .5

2 -7 7

2 -7 9

-0 .4

2 6 6 .5
2 7 1 .4
2 7 3 .7
2 7 5 .7
274 . 6
2 7 6 .3
280 . 0
2 0 0 .1
2 0 0 .6
200 . 3

3 -7 9

2 .0

1 .9

1 .6

1 .3

1.1

1 .6

1.4

0 .4

0 .5

0 .4

1 .1

4 -7 9

2 .3

2 .2

2 .0

1 .9

1.7

2 .2

2 .2

1 .5

1 .9

2 .2

3 .6

6 .1

1-8 0

2 .7

2 .6

2 .5

2 .4

2.3

2 .8

2 .8

2 .4

2 .8

3 .4

4 .7

6 .5

6 .9

2 -6 0

2 .7

2 .6

2 .5

2 .4

2 .3

2 .8

2 .8

2 .4

2 .8

3 .2

4 .1

5 .2

4 .7

2 .5

3 -8 0

2 .1

2 .0

1 .9

1 .7

1.6

2 .0

1 .9

1 .5

1 .6

1*8

2 .2

2 .5

1.4

-1 .3

-5 .0

4 -8 0

2 .1

2 .1

1 .9

1 .8

1 .7

2 .0

1.9

1 .5

1 .7

1.9

2 .2

2 .5

1.6

-0 .1

-1 .4

2 .2

1-6 1

2 .3

2 .3

2 .1

2 .0

2 .0

2 .3

2 .2

1 .9

2 .1

2 .3

2 .7

2 .9

2 .3

1 .2

0 .6

3 .8

2 -8 1

1 .9

1 .6

1 .6

1 .5

1.4

1 .6

1.6

1.2

1 .3

1 .4

1 .6

1*7

1*0

-0 * 2

-0 .8

0*6

-0 * 2

“N5

3 -8 1

1 .8

1 .7

1 .5

1 .4

1.3

1 .5

1 .4

1 .1

1 .2

1 .2

1 .4

1 .4

0 .8

-0 .2

-0 .8

0 .3

-0 .3

-3 .0

-0 .6

4 -7 6

1 -7 7

2 -7 7

3 -7 7

4 -7 7

1-78

2 -7 8

3 -7 6

4— 78

1 -7 9

2 -7 9

3 -7 9

4 -7 9

1 -6 0

2 -6 0

3 -6 0

4 -6 0

1 -6 1

2 -6 1

28 1.1
2 8 5 .3
2 9 0 .1
2 9 1 .9
2 6 0 .2
2 0 9 .8
5 .3

2 9 3 .6
2 8 9 .5
2 8 9 .IP

IN I T I A L QUARTER
P - PRELIMINARY




PREPARED B Y FE D E R A L R fcSö lV E B A *
OCTOBER 2 1 » 1 9 0 1

17

OF S T .

LO U IS

DISPOSABLE PERSONAL IN COHE IN CURRENT DOLLARS
COHPOUNOED ANNUAL RATES OF CHANCE_________
B IL L I O N S OF

TERMINAL____________________________________________ _____________________ I N IT IA L QUARTER________ _______________________________________________________POL LARS
ANNUAL RATES
QUARTER
2 -7 8 3 -7 0 4 -7 0
3 -7 7 4 -7 7
1 -7 8
2 -0 1
1“60
2 -0 0 3 -0 0 * -* o
1 -7 7
2 -7 7
4 -7 9
4 -7 6
i-o i
1 -7 9 2 -7 9 3 -7 9
1 -7 7

8*6

2 -7 7

10*2

1 1 .9

1*255.2

3 -7 7

1 1 .3

1 2 .6

4 -7 7

1 1 .2

1 2 .1

1 2 .3

1 1 .2

1 -7 8

1 0 .8

1 1 .4

1 1 .2

1 0 .1

9 .1

2 -7 8

11*1

1 1 .7

1 1 .6

1 1 .0

10.9

12 .0

113

1 2 .4

1 2 .0

1*291*0
1*332*1

1 3 .4

1*367.8
I »3 9 6 .0
1*440*7
1 » 4 8 2 .1

3 -7 8

1 1 .3

1 1 .7

1 1 .7

1 1 .3

4 -7 8

1 1 .6

1 2 .0

1 2 .0

1 1 .8

11.9

1 2 .9

1 2 .9

1 3 .9

1 -7 9

1 1 .8

1 2 .2

1 2 .2

12 » 1

12 *2

1 3 .0

1 3 .1

1 3 .7

1 3 .5

2 -7 9

1 1 .5

1 1 .8

1 1 .8

1 1 .5

11 .6

12 .1

1 1 .9

1 1 .9

1 1 .0

8 .5

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

3 -7 9

1 1 .6

1 1 .9

1 1 .9

1 1 .8

11.8

1 2 .3

1 2 .2

1 2 .3

1 1 .7

1 0 .8

1 3 .3

4 -7 9

1 1 .6

1 1 .9

1 1 .9

1 1 .7

11.8

1 2 .2

12. 1

12 .1

1 1 .7

1 1 .1

1 2 .4

11 .6

1 -8 0

1 1 .8

1 2 .0

1 2 .0

1 1 .9

12.0

1 2 .4

1 2 .3

1 2 .4

1 2 .1

1 1 .7

1 2 .8

1 2 .5

2 -6 0

1 1 .2

3 -6 0

1 1 .4

1 1 .6

4 -8 0

1 1 .4

1 1 .6

1 1 .4

1 1 .4

1 0 .7

1 1 .4

1 1 .3

1 1 .2

11 .4

11 .6

1 1 .5

! 1*4

11*1

11.5

1 1 .7

1 1 .6

1 1 .6

1 1 .3

1 1 .2

11.2

1 1 .5

1 1 .4

1 1 .6

1 1 .5

1*710.1
l f 7*&. 1

13 .5

lt T B ^ .l

4 .4

1 0 .6

9 .0

0 *8

10*7

ilt i

1 0 .6

10*3

0*7

1 3 .3

1 1 .0

1 1 .4

1 1 .1

1 0 .9

1 0 .1

1 3 .1

1 0 .2

1 .8 4 0 .6
1 2 .8

1 .8 9 7 .0
1.947*5

1 -8 1

1 1 .4

1 1 .6

1 1 .6

1 1 .5

1 1 .5

1 1 .7

1 1 .6

1 1 .5

1 1 .3

li.O

1 1 .4

1 1 .1

1 1 .0

10*4

12*4

12*0

2 -8 1

1 1 .2

1 1 .4

1 1 .4

1 1 .2

11*2

1 1 .4

1 1 .3

11 .2

1 1 .0

1 0 .7

11*0

1 0 .6

10*5

9 .9

1 1 .3

1 0 .6

9*6

Ô.Q

3 -8 1

1 1 .2

1 1 .4

1 1 .4

1 1 .2

113

11 .4

1 1 .3

1 1 .2

1 1 .0

1 0 .8

11

1 0 .7

10*6

10*1

11*3

10*0

10*2

9* 1

1 1 .4

4 -7 6

1 -7 7

2 -7 7

3 -7 7

4 -7 7

1-70

2 -7 8

3 -7 0

4 -7 8

1 -7 9

2 -7 9

3 -7 9

4 -7 9

1 -6 0

2 -6 0

3 -8 0

4 -0 0

1-6 1

2 -8 1

11*1

1 .9 » * 6
2 »0 40*IP

I N IT IA L Q U A R T «
P - PRELIMINARY

DISPOSABLE PERSONAL INCOME IN 1972 DOLLARS
COMPOUNDED ANNUAL RATES OF CHANCE
TERMINAL
QUARTER

B IL L IO N S OF
DOLLARS
ANNUAL RATES

IN IT IA L QUARTER
4 -7 6

1 -7 7

2 -7 7

3 -7 7

4 -7 7

1-70

2 -7 0

3 -7 0

4 -7 8

1 -7 9

2 -7 9

3 -7 9

4 -7 9

1 -6 0

1 -7 7

3*6
4*8

6*5

5 .0

6*2

6*4

5*5

1 -7 8

4*5

5*2

5*1

4*0

4*4

4*9

4*7

3*9

3*1

3*6

3 -7 8

4*4

4*8

4*6

4*0

3*5

4*0

4 -7 8

4*4

4*8

4*7

4*2

3*9

4*3

4*7

5*0

1 -7 9

4*3

4*6

4*5

4*0

3*7

4*0

4*1

4 .1

3*1

2 -7 9

3*9

4*2

4 .0

3*5

3*2

3*3

3*2

2*9

1*8

0*5

3 -7 9

3*9

4*1

3 .9

3*5

3*2

3*3

3*3

3*0

2*4

2*0

3*5

4 -7 9

3*6

3*8

3 .6

3*2

2*9

3*0

2*9

2 .6

2*0

1*6

2*2

0*0

1 -8 0

3*4

3*6

3*4

3*0

2*7

2 .0

2*6

2 .4

1*6

1*5

1*9

1*0

1*3

2 -6 0

2*8

2*9

2*7

2*3

1*9

1*9

1*7

1 .3

0*7

0*2

0*1

-1 * 0

-1 * 9

2 -6 1

2*5

2 -7 8

1 -6 1

7*3

4 -7 7

4 -6 0

5*7

3 -7 7

3 -6 0

1*6

2 -7 7

2 -6 0

-4 * 9

910*7
931*6
946*1
960*9
966*8
975*5
985*9

4*3

990*0
1.0 05* 7
1»006*9
1.0 15* 7
1.0 17* 7
1*021*Q
1»008*2

3 -6 0

2*9

3*0

2*6

2*4

2*1

2 .1

1 .9

1*6

1*2

0*0

0*9

0*3

0*1

-0 * 5

4*1

4 -0 0

2*9

3*0

2*8

2*5

2*2

2*2

2 .0

1*0

1*4

1*1

1*2

0*0

0*0

0*6

3*5

2*9

1 -6 1

2*9

3*0

2*8

2*5

2*3

2*2

2*1

1 .9

1*6

1*4

1*5

1*2

1*2

1 .2

3 .3

2*9

2 -6 1

2*8

2*9

2*7

2*4

2*2

2*2

2*1

1*0

1*5

1*4

1*5

1*2

1*2

1*2

2*9

2*4

2*2

1*4

3 -6 1

2*8

2*9

2*7

2*4

2*2

2*2

2*1

1*9

1*6

1*5

1*6

1*3

1*4

1*4

2*7

2*4

2*2

1*0

2*3

4 -7 6

1 -7 7

2 -7 7

3 -7 7

4 -7 7

1-7 0

2 -7 0

3 -7 8

4 -7 0

1 -7 9

2 -7 9

3 -7 9

4 -7 9

1 -6 0

2 -6 0

3 -6 0

4 -6 0

1 -6 1

2 -6 1

1*010*5
1*025*0
1.033*3

3*0

1.036*0
1 »0 42*6P

IN I T I A L QUARTER
P - PRELIMINARY




PR EPAREO B Y F E D E R A L RESERVE BANK O F S T * L O U IS
O CTOB ER 21* 1 901

18

CORPORATE PROFITS AFTER TAXES*
COhPQUNOED ANNUAL RATES OF CHANCE
TERMINAL
QUARTER

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

I N I T I A L QUARTER
3-76

4-76

1- 7 7

2 -77

4-7 6
1—77

21*5
19 .9

31.6

19 .1

26.5

16 .8

1- 78

2 -7 8

3-78

4 -7 8

1-7 9

2-79

3 -7 9

4-7 9

1-8 0

2-8 0

3 -8 0

4-6 0

1-81

16.7

3-7 7

4-77

48.3

2-77

3-7 7

-0*4

16.8

1 0 3. 4
11 4.1
118*6
12 3 .3

4-77

15.6

19 .9

11.7

9.3

2.3

1- 7 8

13.7

1 6 .7

9.9

7.7

3.4

4.6

2-78

17 .5

2 0 .8

15.9

1 5 .7

15.3

22.4

43 .3

3-78

17 .5

2 0 .3

1 6 .2

1 6 .1

15.9

20.8

29.9

4-78

1 9 .9

22.8

19.5

19.9

20*6

25.6

33.6

29 .0

41 .3

1-7 9

20.4

23.0

20.1

20 .6

21 *2

25.4

31 .3

27.5

32.7

2-79

18 .4

20.4

17 .7

17.8

17.9

20.8

24 .3

20.0

20.7

11.6

0 .0

3 -7 9

18 .8

20 .7

18.3

18 . 5

18.7

21.2

24.2

20 .7

21*5

15*5

11 .2

4-79

16.1

17.6

15 .2

15.0

14.8

16.5

1 8 .3

14.5

13.9

8.0

2 .9

1 2 4. 0
125*4
137*2
142*9

17.7

155*8
1 6 4. 6

2 4 .6

164*6
173*6

?3*7

168*2

4 . 4 -11* 9

1—BO

17 .7

19.2

17 .0

17 .1

17.1

18.9

20 .8

17.9

17.9

1 3 .7

11 .1

2-80

9*7

10.5

8.0

7.3

6. 5

6.9

7.2

3.3

1.4

-4 .0

- 8 * 9 -1 1 * 0 -20*3 - 2 4 * 1 - 5 8 * 8

3 -8 0

11 .3

12.2

10.0

9 .5

8.9

9.5

10.0

6.8

5.5

1.2

-2 .2

-2 .7

-8 .4

-7 .1

-2 4 .3

39.1

-2 * 3 -1 3 * 3

15.1

11*0

39.8

182*9
146*5
159 .1

4-8 0

11. 5

12.3

10 .2

9.8

9. 2

9.8

10.3

7.5

6.4

2.7

-0 .1

-o .i

-4 .3

25*8

13*7

i-e i

11*5

1 2 .3

10 .4

9 .9

9 .5

10.0

10*5

7.9

7.0

3*7

1*4

1.6

-1* 7

0*5

-7 * 5

21*2

13*1

2-61

8*5

9.1

7. 1

6 .5

5.9

6.1

6.2

3.6

2.4

-0 .8

-3 .3

-3*7

-7*1

-6 .2

-13 *4

4*2

3-76

4-76

1-7 7

2-77

3-7 7

4 —77

1-78

2-78

3-78

4-78

1-7 9

2- 7 9

3-7 9

4-7 9

l-e o

2- B O

164*3
12*5

169*2

- 5 . 3 -1 3 * 6 -33*7

152*7
N. A.

3-81

3-BO

4-BO

1—6 1

IN ITIA L Q UAR T«
* NATIONAL INCOME BASIS
N.A.-Not Available

PREPARED BY FEDERAL RESERVE 8ANK OF S I * LOUIS
OCTOBER 2 1 » 19®I

SOURCES OF DATA
NATIONAL INCOME AND PRODUCT ACCOUNTS DATA
The December 1980 Survey of Current Business contains an
article describing the major aspects of the revision, summary annual
estimates for 1978 and 1979, quarterly estimates for recent quarters,
and monthly estimates for October 1979 through November 1980.
National Income and Product Tables, 1976-79, in a special supplement
to the July 1981 Survey, contains estimates for 1976-79 for the full
set of annual and seasonally adjusted quarterly and monthly national
income and product accounts (NIPA) tables. National Income and
Product Accounts of the United States, 1929-76: Statistical Tables
contains all estimates covering earlier years. This publication 1s
expected to be available for purchase from the Superintendent of
Documents later in 1981.
For further information, write to the National Income and
Wealth Division (BE-54) Bureau of Economic Analysis, U.S. Department
of Commerce, Washington, D.C. 20230.
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 MONT HL Y S A L E S *

MANUFACTURING
.

AND

TRADE

68

68

64

. 60

60

56

52

48

44

40

. 36

36

. 32

32
1968

1969

* R A T I OS

1967

BASED

ON

SHADED

AREAS

REPRESENT

LATEST

DATA




1970

1971

SEASONALLY

PLOTTED:

1972

ADJUSTED

PERIODS

OF

1973

1974

1975

1976

DATA.

BUSINESS

1977

SOURCE:

1978

1979

U . S . DEPARTMENT

1980
OF

1981

COMMERCE

RECESSIONS.

AUGUST
PREPARED

20

BY

FEDERAL

RESERVE

BANK

OF

ST.

LOUIS

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