Full text of National Economic Trends : September 1972
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nflTionoL economic PREPARED ENDING: BY August 31, 1972 FEDERAL RESERVE BANK t r e i ) ds OF ST. LOUIS RELEASED: September 25, 1972 Economic activity continued to expand at a moderately rapid pace through August, according to the latest monthly indicators. The growth of production, employment, and personal income was somewhat slower in the April-August period than in the preceding four months, but retail sales increased at a slightly more rapid rate. Consumer prices and wholesale prices of industrial conmodities increased at about the same rate in the second four months of 1972 as in the first four months. Personal income rose at a 6 . 8 percent annual rate from April to August, compared with a 10.1 percent rate of increase in the preceding four months and an 8 percent rise in the year ending December 1971. Retail sales increased at a 15.1 percent rate from April to August, after rising at a 12.4 percent rate in the first four months of 1972. The ratio of inventories to sales declined unevenly from 1.57 in December 1971 to 1.50 in July, the latest month for which data are available. Industrial production increased at a 4 percent rate in the four-month period ending in August, compared with a 13.6 percent rate in the preceding four-month period. For comparison, industrial production rose at a 4 percent annual rate from 1957 to 1971. Payroll employment increased at a 2.5 percent rate from April to August, after rising at a 4.6 percent rate from December 1971 to April. Unemployment relative to the civilian labor force fell from 6 percent last December to 5.6 percent in August. Wholesale prices of farm products and processed foods and feeds increased rapidly throughout the first eight months of 1972, with the exception of March and April. These prices rose at a 9.5 percent rate from December to August, compared wi t h a 6 percent increase in the preceding year. Wholesale prices of industrial commodities increased at a 4.2 percent rate from April to August, after rising at a 4.4 percent rate in the first four months of the year. Consumer prices increased at a 3.2 percent rate from April to August, the same rate of increase as in the December to April period. 2 TOTAL _______________________________________________________________________C O M P O U N D E D CIVILIAN EMPLOYMENT A N N U A L R A T E S O F C H A N G E __________________________________________________________ T E R M I N A L _________________________________________________________________________ I N I T I A L M O N T H __________________________________________________________________________ T H O U S A N D S OF P E R S O N S MONTH 7-72 5-72 3-72 6-72 1-71 2-71 4 - 71 4-72 2-72 3-71 5-71 6-71 8-71 1-72 7-71 9 - 7 1 1 0 - 7 1 1 1 - 71 1 2 - 7 1 78,, 4 7 5 2-71 -3.6 3-71 -2.1 -0.4 4-71 0.1 2.0 4.5 5-71 0.4 1.8 3.0 1 .5 6-71 -0.4 0.5 0.8 -1 .0 -3.4 7-71 0.8 1.7 2.2 1 .4 1.4 8-71 1.0 1.9 2.3 I .8 1.9 4.7 2.8 9-71 1.4 2.1 2.6 2 .2 2.4 4.4 3.4 3.9 78,r44 6 78,, 7 3 ? 78,»8 ? 0 78,r6 0 0 r s 1 79,, 0 1 4 6.5 79,. 1 9 9 79,r4 5 I 79,> 8 3 ? 10-71 1.9 2.6 3.0 2 .8 3.1 4.8 4.2 4.9 5.9 11-71 2.0 2.6 3.0 2 .8 3.0 4.4 3.9 4.2 4.4 2.9 12-71 1.9 2.5 2.8 2 .6 2.8 3.8 3.3 3.4 3.3 2.0 80,,0 2 0 +3 .7 % 1 .2 80,,0 9 3 80,►6 3 6 1-72 2.4 3.0 3.4 3 .2 3.5 4.5 4.1 4.4 4.5 4.1 4 .7 8.4 2-72 2.2 2.7 3.0 2 .9 3.0 3.9 3.5 3.6 3.6 3. 0 3 .0 4.0 -0.2 3-72 2.7 3.2 3.6 3 .5 3.7 4.5 4.3 4.5 4.6 4.3 4 .6 5.8 4.6 9.6 4-72 2.5 3.0 3.2 3 .1 3.3 4.0 3.7 3. P. 3.8 3. 5 3 .6 4.2 2.9 4.4 -0.5 5-72 2.5 3.0 3.2 3 .1 3.3 3.9 3.6 3.7 3.7 3.4 3 .5 3.9 2.8 3.9 1.1 2.8 6-72 2.6 3.0 3.3 3 .2 3.3 3.9 3.7 3.8 3.7 3.S 3 .6 4.0 3.1 3.9 2.1 3.5 7-72 2.5 2.9 3.1 3 .0 3.1 3.6 3.4 3.4 3.4 3. 1 3. 1 3.4 2.6 3.2 1.6 2.4 2.1 0.2 8-72 2.6 3.0 3.2 3 .1 3.2 3.7 3.5 3.5 3.5 3.2 3 .3 3.5 2.9 3.4 2.2 2.9 2.9 2.3 4.4 1-71 2-71 3-71 4 - 71 5-71 6-71 7-71 8-71 9-71 10-71 1 1 - 71 12-71 1-7? 2-72 3-72 4-72 5-7 2 6-7? 7-72 INITIAL 80,,6 2 3 81 ,,2 4 1 81,.2 0 5 81,i 3 9 4 4.1 81 ,,6 6 7 \ 81,, 682 81,,9 7 3 MONTH P R E P A R E D BY r E D E R A L S E P T E M B E R 1, 1 9 7 2 RESERVE BANK OF ST. LOUIS PAYROLL EMPLOYMENT C O M P O U N D E D A N N U A L R A T E S OF C H A N G E ______________________________________________________________________ T E R M I N A L ________________________ ________________________________________________ I N I T I A L M O N T H ___________________________________________________________________________ T H O U S A N D S OF P E R S O N S MONTH 5-7 2 6-72 1-12 1-71 2-71 3-71 8-71 3-72 4-72 4-71 5-71 6-71 7-71 9-71 10-71 11-71 12-71 1-72 2-72 70, t3 91 2-71 -1.1 3-71 0.2 1.5 4-71 0.8 1.8 2.0 5-71 1.3 2.2 2.5 6-71 0.7 1 .1 1 .0 0.5 -1.9 7-71 0.2 0.5 0.2 -0.4 -2.0 -2.1 8-71 0.2 0.4 0.2 -0.3 -1.3 -1.1 -0.0 9-71 0.9 1 .1 1. 1 0.9 0.4 1.1 2.8 5.7 10-71 0.7 1.0 0.9 0.7 0.3 0.8 1.8 2.7 -0.1 1.6 3.3 70,.48 0 70,, 5 9 9 70,,76 9 2.9 70,,6 5 7 70,!5 3 1 70,,5 2 9 70, P 5 3 70,.8 4 8 11-71 1.0 1.2 1.2 1.1 0.8 1.3 2.2 2.9 12-71 1.1 1.4 1.3 1.2 1.0 1.5 2.2 2.8 1.9 2.9 2.4 1-72 1.6 1.9 1.9 1.9 1.7 2.3 3.0 3.6 3.1 4.2 4.7 6.9 2-72 1.7 1.9 1.9 1.9 1.8 2.3 2.9 3.4 3.0 3.8 3.9 4.7 2.5 3-72 1.9 2.1 2.2 2.2 2.1 2.6 3.2 3.7 3.4 4.1 4.2 4.3 3.8 5.2 4-72 2.0 2.3 2.3 2.4 2.3 2.7 3.3 3.7 3.4 4.0 4.2 4.6 3.3 4.6 4.0 71, 0 4 2 71,■1 85 +3.3% 71,.5 84 71,,7 2 9 72, 0 3 0 \ 72, 2 6 3 5-72 2.2 2.5 2.5 2.6 2.5 2.9 3.5 3.9 3.6 4.2 4.3 4.7 4. 1 4.7 4.5 5.0 6-72 2.2 2.4 2.4 2.5 2.4 2.8 3.3 3.6 3.4 3.« 3.9 4. 1 3.5 3.8 3.4 3.1 1.2 7-72 2.0 2.2 2.2 2.3 2.2 2.5 2.9 3.2 3.0 3.3 3.3 3.4 2.8 2.9 2.4 1 .8 0.3 -0.6 8-72 2.2 2.3 2.4 2.4 2.4 2.7 3.1 3.3 1 3.1 3.4 3.4 3.6 3. 1 3.2 2.8 2.5 1.7 ?.o 4. 7 t-71 2-71 3-71 4-71 5-71 6-71 7-71 9-71 10-71 11-71 12-71 1-72 2-72 3-72 4-7? 5-72 6-7 2 7-72 8-71 INITIAL 72,,55 8 72,i6 30 72,.5 °2P 72,, 8 7 1 P MONTH P- PRELIMINARY PREPARED BY FEDERAL SEPTEMBER 1* 1972 RESERVE BANK OF S T . LOUI S 3 EMPLOYMENT RA T I O RATI O SCALE MI L L I O N S OF PERSONS SEASONALLY MI LLI ONS ADJUSTED SOURCE: P E R C E N T A G E S A R E ANNUAL LATEST DATA PL OT T ED» RATES AUGUST BF CHANGE FOR P E R I O O S SCALE OF PERSONS U.S.DEPARTMENT OF LABOR INDICATED. PRELIMINARY PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 4 INDUSTRIAI. COMPOUNDED ANNUAL 2-71 3-71 4-71 5-71 6-71 7-71 8-71 9-71 11-71 G 1-71 2-71 1967 MONTH 1 INITIAL TERMINAL MC.NTH P R O D U C T IUN R A T E S Uc C H A N G E 12-71 1-72 2-7? 3-72 4-72 5-72 6-72 * 100 7-72 4.7 105.7 105.5 3-71 1 .1 *-71 *.5 -?.? 2.9 4.3 5-71 6.1 6.6 11 . i 14.4 6 W 71 4. 7 4.9 7.4 7.0 Ü.0 106.2 107.4 107.4 7-71 2.9 2.5 Ì.7 2.3 -3.3 -6.? 106.8 «-71 0.5 -0.2 0.2 -1.7 -f. .5 -9.fi - 1 2 . 7 105.6 9-71 2.Ò 2.3 ?. i 2.0 -¡).8 -1.1 1.7 18.4 107.1 10-71 1.3 1.6 ?.l 1.1 -1. * -1.7 0.0 7.C 11-71 2. '♦ 2.2 2.7 1.9 0.0 0.0 1.7 7.C 1.7 7.0 \ 2.7 Î. 3 2.7 1.1 1.3 2.9 7.3 3.8 7. 5 3.1 12-71 106.8 107.4 108.1 ^ ^ + 8 . 2 % 1-7? 3.2 3.1 3.7 ’.2 l.H 2.1 3.6 7.2 4.5 7.3 7.5 6.9 2-72 4. 1 4.1 4.7 4.3 ?. ? 3.7 5.2 8.5 6.6 9.3 10.0 11.0 15.3 3-72 4.3 4. *i 5.* 5.1 6. •$ 4.7 6.2 9.3 7.6 10.? 11.0 12.0 14.6 4-7 ? 5.7 r>. 7 '>.? 5.Ï 6.1 l.(. 10.4 9.3 11.6 12.5 13.o 16.0 16.3 18.7 «5-72 5.6 5.6 s.? 6.1 5.A 5.3 7.? 9.7 a.7 1C.5 n .i 11.7 12.9 12.2 11.3 6-7? 5.4 5.4 5.9 5.3 5.1 5.6 6.4 8.c 7.9 9.4 9.8 10.0 10.7 9.6 8.2 3.2 2.1 7-72 5.2 5.? 5. .■ ? 5.6 5.0 5.4 6.5 8.4 7 t* 9.7 8.9 9.0 9.4 8.3 6.9 3.2 2.7 3.2 8-72 5.3 5.4 5.3 5.7 5. 1 5.5 6.5 1 8.2 1 7.4 8. 5 3.7 9.7 9.0 8.0 6.8 4.0 3.9 4.9 6.5 1-71 2-71 3-71 4-71 5-71 6-71 7-71 10-71 1 1-71 12-71 1-72 2-7? 3-72 4-72 5-72 6-72 7-72 8-71 9-71 IN 1 1 IA L P- 108.7 110.0 13.« 111.2 112.8 4.3 113.2 113.4 1 1 3 . 7P 1 1 1 4 . 3P MONTH PRELIMINARY P R f P A R Ê D eY f-EDERAl _S§ PTEMBfcR 1 5 * 1 9 7 2 RESERVE BANK OF ST. LOUIS 5 INDUSTRIAL RATIO PRODUCTION RATI O SCALE 1967=100 SEASONALLY PERCENTAGES ARE LATEST PLOTTED* DATA ANNUAL RATES AUGUS T OF ADJUSTED CHANGE FOR P E R I O D S SCALE 1967-100 INDICATED. PRELIMINARY PREPARED BY FEDERAL RESERVE BANK OF ST. LO U IS 6 R E TA IL SALES TERMINAL IN IT IA L MILLIONS MONTH 2-71 1-71 7-71 3-71 4-71 5-71 6-71 7-71 9-71 a-71 10-71 11-71 1 6 .6 16 .9 14. 1 1 1 .5 S - 71 1 1 .7 8 .2 4.2 -2 .7 t»-7 1 1 1 .a 9.2 6.8 4 .5 3 .8 1. 3 7-72 a . ft (S . ? 3 .4 -4 .8 3 3 .6 8 8 3 4 ,6 5 5 1 1 .3 10 .3 9 .9 14. 5 15 .6 40 .4 1 2 .7 12.0 12.1 1 6 .2 17.5 3 Q ir6 2 1. 4 i n - 71 1 1 .2 9 .8 8 .9 8.4 10.8 10.4 ldi «,Q 5 , ,5 -8 .3 1 1 -7 1 1 2 .3 1 1 .2 1 0 .5 1 0 .4 12.8 12.8 17«>8 li. 0 6.2 34 .9 64 23.1 35 .5 7 4 34 ,8 9 6 8.8 7 .5 6.6 5.9 7.2 6.4 fli.ft 2. 1 -3 .6 - 1.2 - 20.6 a.A 6. a 5 .» 5 .2 6.3 5.4 7, 1 .i t - 2.8 -0 .9 -1 1 .1 -0 .3 7-17 H. 7 7 .6 6.8 6.3 7.4 6.8 B<• 6 4 . iC 0 .9 3.3 -2 .6 8.0 1?,,5 9 , »G 10. 1 9.5 9.4 9*a 8.3 fl*l- 1Q.4 9. -JL. . . . 2 * 3 m .Q 1 ft. 7 1-71 2-71 10 .7 10 .5 9.1 9 * 2. . .. 9*1. 7.1 1 0 .5 10,,4 .. 7. 5 .A 7.7 li. 2 7.7 q. q 0.8 1 0 .7 1 0 .5 11.8 3-71 4-71 5-71 6-71 7-71 _ 35 .2 19 1- 7 ? 1 0 .9 _ 3 3 .8 2 7 1 3 .9 ..ì j l I 9. 7 1 8-71 . ..a* 7.6 7 \ + 9 .7% 3 4 ,8 8 6 17 .0 35.3 45 1 9 .0 30 .1 4 4 .7 36 ,4 5 0 12*4. 17.1 17*1— 36,2 87 12*4 1 5 .1 - ..â.tJL 1 J aJL____ B .f t----------------------- 8.7 1 0 .6 9 .3 13 .7 15 .9 1 5 .7 1 0 .7 1 5 .1 1 0 .1 2 1 .7 9-71 10-71 11-71 12-71 1-72 2-72 3 -72 4-72 6-72 IN ITIAL PF- 6-72 12 .3 1 2 .9 fl-75 5-72 3 3 .5 0 2 « -7 1 7-72 4-72 3 3 .5 7 8 9 -7 1 1-72 3-72 3 2 .8 5 0 1 9 .7 . 2-72 3 3 ,2 7 4 i-7 1 1 /-7 1 1-72 12 -7 1 22 .9 a -7 1 7 -7 1 _ OF DO LLA RS MONTH 5-72 f• ' »r 3 8 , 02_4E ........ 7-72 MONTH PRELIMINARY EST IM A T ED S E P TE MB E R CUMPCUNOEO 13, 1972 PERSONAL INCOME A N N U A L R A T E S OF C H A N G E B ILLIO NS INITIAL ANNUAL 1-71 2-71 3-71 4-71 5-71 6-71 7-71 8-71 2-71 5.0 3-71 6.7 3 .3 4-71 6.6 7.5 6.6 5-71 7.2 7.9 7.7 8.8 6-71 11.7 13.5 15.3 1Q.<) 32.0 7-71 7.0 7.3 7 .1 7.3 6.5 -14.1 8-71 7.3 7.7 7.6 7.9 7.6 -2.9 9.7 9-71 7.0 7.3 7.1 7.2 6.9 -C.5 7.0 4.4 10-71 6.6 6.8 G.o 6.6 6. 1 0.5 5.9 4 .C 9-71 11-71 10-71 12-71 1-72 2-72 3-72 4-72 5-72 6-72 RATES 7-72 837.3 842.9 847.4 853.4 873.4 862.4 869.1 872.2 3.6 874.8 11-71 6.6 6.9 6.6 6.6 6.2 1.7 6.0 4.8 5.1 6.5 12-71 7.4 7. 7 7.6 1 .7 7. 5 3.9 8.0 7. 5 0.6 11.? 16.1 1-72 7.3 8. 1 «.0 9.2 -8.1 5.1 8.6 8.4 9.5 11.5 14.1 12.1 2-72 8.2 8.5 8.5 8.7 8.7 6.1 9.3 9.3 10.3 12.0 1 3.9 12.8 13.6 879.4 890.4 898.9 908.5 3-72 9.1 8.4 3.4 9.6 8.5 6.2 9.0 9 .S 9.7 11.0 12.1 10.8 10.? 6.9 4-72 9.1 8.3 ri.3 8.5 9.5 6.4 9,9 8.9 9.5 10.5 11.3 10.1 9.4 7.4 7.9 5-72 9.0 9.2 9.2 °.3 a. 3 6.3 8.6 8.5 9.0 9. *3 10.4 9.3 8.6 7.0 7.0 6.2 fc-H 7.4 7.6 7.5 7.6 7.5 5.7 7.7 7.5 7.8 9. 4 9.6 7.4 6.5 4.8 4. 1 2.3 -1.4 7-72 1.8 7.9 1.9 P.O _ 7.9 6.3 8.2 8 •C 8.4 9.0 9.3 8.3 7.7 6.6 6.5 6.0 5.9 13.8 8-72 7.3 '•*.0 8.0 8.1 •9.0 6.5 8.3 8. 1 9.5 9.0 9.3 8.4 7.9 7.0 7.0 6.8 7.0 11.5 9.2 3-71 4-71 5-71 6-71 7-71 9-71 10-71 11-71 12-71 1-72 2-7? 3-72 4-72 5-72 6-72 7-72 1 -7 1 OF MONTH MONTH 2-71 8-71 INITIAL 913.6 919.4 924.0 922.9 9 3 2 . 9P 9 3 9 . 8P MÜNTH P- p p f l im in a « y PREPAREO BY FEOERAL RESERVE BANK OF S T . LOUIS SEPTEMBER 15, 1972 7 RETAIL RATIO SALES SCALE RATIO SCALE SOURCEi U.S. DEPARTMENT OF COMMERCE PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIODS INDICATED. LATEST DATA PLOTTEDi JULY PRELIMINARY, AUGUST ADVANCE ESTIMATE PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS PERSONAL RATIO SCALE TRILLIONS INCOME RATIO MONTHLY TOTALS AT ANNUAL RATES OF D O L L A R S SEASONALLY ADJUSTED TRILLIONS SCALE OF O O L L A R S 0. 0.7 0. 0.6 0. 0.5 196 4 19 65 19 66 1967 1968 1969 19 70 1971 1972 SOURCE* U.S. DEPARTMENT OF COMMERCE PERCENTAGES ARE ANNUAL RATES OF CHANCE FOR PERIODS INDICATED. LATEST DATA PLOTTEDi AUGUST PRELIMINARY PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 8 G R O S S N A T I O N A L P R O D U C T IN C U R R E N T D O L L A R S C O M P O U N D E D A N N U A L R A T E S O F C H A N G E _______ IN ITIA L u m m è i B I L L I O N S OF DOLLARS QUARTER ANNUAL RATES QUARTER 3-67 -A--67 1-6 8 4-67 1-68 2-68 3-68 4-68 1-69 2-69 3-69 4-69 1-70 2-70 3-70 4-70 1-71 2-71 3-71 4-71 1-72 j u i _______________________________________________________ ;_______________________________________________________________________________________ -8 1 5 , 9 JU»tP 8»fr -2 -6 8 -3^—lfli*- 11.7. 8 57.4 3-6B --9.JL3____ â x J ___ liLfc-L- 815,2 9.1 ...A- 6 8 _ 1 = j£l2 _ ■2.r.69 _ I ^ ß ____ Z_*ü_ 89_Q*2 907.0 .jLlû____ a ^ a ____ a ^ a . , .i * a ____ u s ____ u± . _ X a I ____ I mA ____ U h ____ L l 5 _ Sa 5____ 3-67 4-67 1-68 2-63 3-68 4-63 1-69 2-69 3-69 4-69 INITIAL 1-70 2-70 3-70 4-70 1-71 2-71 3-71 4-71 1-72 QUARTER P R E P A R E D BY F E D E R A L A U G U S T 1 8 * 19 7 2 RESERVE BANK GF ST. L O U I S *• I -j o G R O S S N A T I O N A L “P R O D U C T IN C O N S T A N T 1 9 5 8 D O L L A R S ________ C O M P O U N D E D A N N U A L R A T E S O F C H A N G E _____________________________________________________________________ B I L L I O N S OF ■IfcftttlMl______________________________________________________________________ I N I T I A L Q U A R T E R ____________________________________________________________________ DOLLARS QUARTER ANNUAL RATES 3-69 4-67 2-69 3-67 4-69 1-70 b9 3 - 6 8 . 4 - 6 8 1-69 2-70 3- 70 2-71 3-71 4-71 1-68 1-71 4-67 7.8 1-68 4.1 Ç.,4 2-68 5.2 ,4 7.5 3-6« 4.9 •>..6 5.8 4,■fl 4-68 4-4 4.. 8 4.6 3 2.4 683.6 692.6 705.3 712.3 716.5 1-69 4.7 4. 4.1 3 7.9 3.1 >-69 1.9 4., 1 3.8 ? .9 7.5 2.6 1.9 3-69 3.6 3,ifi 3.5 ? .7 2.4 2.4 1.9 1 ,,9 4-69 3.0 ,0 7-7 1 .9 1.4 1 .7 0.5 ~n. , ? 722.4 725.8 729.2 725.1 V 1-70 7.4 ?,,4 2 .D ] .?• 0 .fl__ 0.4 -0.1 - i ,.n — 7.4 7-70 7.1 ?,,3 1.9 1.3 0.9 _ 0.6 0.1 -n,,4 - 1 -I — 1 .2 % 770.4 773.2 - 0 .,5 1-70 7.1 ?, 1 .9 1 ,3 1 .0 0.8 0.4 o,. 1 -0.3 0. 1 4-70 1.7 1 ,.7 1.3 n .7 0.4 0.1 -0.3 - a ,.7 -1.7 - 1 ..1) -0.4 -1.4 1-71 ?.? ? .I 1.9 l *4 1.1 0.9 0.7 n. c C.7 rt,, Î 1.6 1.6 1 .4 7-71 7.7 ?, 7.0 l 1.1 1.7 0-9 n,• A n.7 i ., ? i .q 7.0 7 .0 5.6 3-7 1 2.3 ?, 7.0 i .ft 1 .4 1.3 1.1 l ,. r C.9 l ,,4 2.0 2.1 2 ,? 4.6 2.9 ? 742.5 4-71 2.5 ? 2.3 l .9 1 .8 1.7 1.6 i ,.ft 1.5 ?,.0 2.7 2.9 3 .0 5.1 4.1 4.5 754.5 1-77 ?.7 ?,.7 2.6 ? 2. 1 2.1 2.0 ?,.fi 2.0 ?, 3 .1 3.4 3 • fi 5.4 4.7 5.2 6.6 6.5 2-72 3.1 3,. 1 3.0 ? .7 2.6 2.6 2.5 .6 2.7 3.,2 3.3 4.1 4 .4 6.0 5.6 6.2 7.5 7.9 3-67 4-67 1-6 8 2 - S8 3-68 4-68 1-69 2-69 3-69 4-69 70 4-70 1-71 2-71 3-71 4-71 INITIAL -4 1 1 1-70 7 7 6 . ft ? . o \ O _ .ft 71 8 . 0 1 8 .0 \ 731.9 1.1 737.9 V „V * î Oz. f\ot U T o ..... 766.5 9 ^ 1 783.9 1-72 QUARTER PREPARED 8Y FEDERAL RESERVE BANK OF S T . L O U IS AUGUST 1 8 , 1972 9 DEMAND AND PRODUCTI ON RATI O SCALE 1964 QUARTERLY 1965 1966 U.6NP I N C UR R E NT D O L L A R S . £GNP IN 1958 PERCENTAGES LATEST AT 1968 ANNUAL RATI O RATES 1969 SOURCE« 1970 U.S. 1971 DE P A R T M E N T SCALE 1972 OF COMMERCE DOLLARS. ARE ANNUAL R A T E S OF CHANGE FOR P E R I O D S DATA PL OT T ED« 1967 TOTALS INOICATED. 2ND QUARTER PREPAREO BY FEDERAL RESERVE BANK OF ST. LOU IS 10 C O M P E N S A T IO N P ER TERMINAL QUARTER MAN -H OU R* IN IT IA L 3-fr7 4-67 5,3 1-68 7*? 4-67 1-68 2-68 3-68 4 —6 8 1-69 2-69 3-69 TOTAL PRIVATE ECONOMY Q U AR T E R 4-69 1-70 1967 2-70 1-70 4-70 1-71 2-71 1-71 4-71 « 100 1-72 102.1 9.3 10 4.4 -■ 8 .4 ___ 1x5________ - 3 z 6.fl 10 6.3 -2x2-------______________ ÉLtiL 4-68 7.9 8.6 8 .4 8.8 8 .7 1 1 0.9 1-69 7 .6 8.1 7 .8 7.9 7.3 5.9 2-69 7 .6 7.9 7 .7 7 .7 7 .3 6.6 7 .3 1-69 7 .6 7.9 7.7 7 .8 7.5 7.0 7 .6 7.9 4-69 7.9 8.2 8.0 8.1 8*0 7 .8 8 .4 8 .Ç 9.9 1-70 7.8 8.0 7.9 7 .9 .. 7 . 8 7 .6 8.0 8.2 8 .4 6 .9 2-70 7 .5 7.8 7 .6 7.6 7.4 7.2 7.5 7.5 7 .4 6.1 11 2.5 1 1 4.5 11 6.7 • 5 .4 123.1 1-70 7.7 7 .9 7 .8 7.8 7 .7 7 .6 7 .a 8 .C 8.0 7.1 7 .5 9 .8 4-70 7.5 7 .7 7.6 7.6 7 .5 7.3 7.5 7.5 7.5 6.9 6.9 7 .6 5 .5 1-71 7.6 7.7 7.6 7.6 1.5 7 .4 7.5 7 .6 7.5 7 .0 7.1 7 .7 6.6 7.7 2-71 7 .5 7 .6 7 .5 7.5 7.4 7.2 7 .4 7 .4 7 .3 6.9 6.9 7 .2 6.4 6.a _2L-.11. __la.fi ._ -7.5 7 ,4 7.4 . — Lt.3 7.2 7 * 2 .....,....7x3 7.2 1 2 6.0 .1 x 1 ... 12 7.7 130.1 6.0 1 3 2.0 f r .f r .....A L L . 6.2 . . .6*5 -U 4 .1 l 7.4 7 .3 7.3 7 .1 7 .0 7.1 7 .1 7 .0 6.6 6.6 6 .9 6.2 6 .4 6.0 6.0 5 .5 1-72 7.3 7.5 7 .3 7 .3 7.2 7.1 7 .2 7.2 7.1 6.8 6.8 7.0 6.6 6. a 6.5 6.7 6 .a H. 2 2-72 7.2 7 .3 7.2 7.2 7 .1 7 .0 7.1 7.0 7.0 6.7 6.6 6.8 6 .4 6 .5 6 .1 6 .4 6j 3 6 .7 1-67 4-67 1-68 2-68 3-68 4-68 1-69 2 -69 1-69 4 -69 1-70 2-70 3-70 1-71 2-71 1 1 1 * 1-71 * >. 1 *• 7.1 -4 O 4-71 IN ITIAL 119.5 12 1.5 Q U AR T ER P R F P A R E D RY F E D E R A L SEPTFMBER 5 * 1 9 7 2 R E S E RV E RANK OF ST. LO UIS O U T P U T P ER M A N - H O U R * T O T A L P R I V A T E ECO NO MY C 0 M P C U N 0 6 D A N N U A L R A T E S OF C HA N G E _________________________________________________________________________________ T R I N A I IN ITIAL . 100 1967 Q U AR T ER QUARTER 1-67 4 -67 l-U ) 2 -6* 1-63 4-68 1-69 2-69 3-69 4 -69 1-70 2-70 3-70 4 -70 1 - 7 1 ____ 2-71 l “J l ...W 1 ------ 1=21- 4 - 6.L. ?-6S ■ *tlCL _ 2 a Ì1_ la i.3. - 2 x * ____ U 2 ____ L - J L 1Û3.7 - ¿ jlI _____ 4-68 1.Q2 » 7_ - 2 x 5 ____ J l x S ____ 1 0 3 ,4 ?-69 1.6 l.a 1.1___ (ILL___ OxJ__ -Q .fr 1-69 1.5 1 .6 1. 7 0.7 Of - 0 .1 - 0.2 -1 ,2 - 4-69 1. ? i . 1 0 .* 0.4 OflO -0 .4 - C . 5 ... - 0 . 2 - Î .2 o .e .... I0 3 .fr ia i.3 1 - 7( 1 fi.9 1 . 0 fj . /1 0.2 —')<. 2 -0 .7 -0 .5 - 1.2 - 1.2 lfli.O 7-70 1 . ? 1 . 1 1 .0 0.6 0 ,, 4 0.7 0.2 0.6 0.5 1.4 ........l û . 4 , 0 1-70 1.7 1 .* 1 .6 1.3 1 ,1 7 1.2 1.1 1 .9 7.1 1.2 U r lF _ ± 5.5 7.1 4-70 1 . 5 1 .6 Î . * 1.1 1 ,■0 C .9 1.0 1.4 1.5 2.2 1.4 3 .1 -o .a 1-71 1.9 2 . .1 1.8 1 .6 1 ,, 5 1.5 1.7 2.1 2.4 1 *_L_ 4 .2 *.3 .... 2 , S L . 7-71 1 . ) 7. 1 1 .* 1.6 1 .6 1.6 1.7 2. 1 2.1 2.9 3 .7 1.7 2 .5 4.2 1 .9 1 —7 1 ... LQ5.fr .... l q i \ + 4 . 0 % . ’ .il 7.1 1 .9 1 . < 1 ,7 1.8 1.9 2.3 2.5 3 .0 J .7 3 .7 2.8 4 .1 2.8 4-71 1 7.7 ?. 1 7 .0 1 .s 2.0 2.1 2 .5 2 .7 3.1 3 .8 3 .7 1.1 4.1 1.2 ... 1- 7 7 7.7 7.1 7. 1 2 .3 7 .0 7.1 2.2 2 .5 2.7 3.2 1.7 3 .7 1 .1 3.9 3.3 3.7 3.7 3.3 7-17 7.4 7. 5 7 .4 7 -1 7 2.4 2 .5 2 .9 i.O 3.5 ITTI I"11 ^ 4.0 3.6 4 .3 3.9 4 .4 4 .6 4.8 6.3 '3-6 7 4-6 7 1 - 6*1 2 - 6* 4-6^ 1-69 2 - 6 «? 3-69 4-69 2-70 3-7C 4 -70 1-71 2-71 3-71 4-71 1-72 l - < sa INITIAL 1-70 .j 1 0 1 .fi 1M . 8 _ _ .m s**.. 110 .a X ! ... 112*5— QUARTER PREPARED BY FEDERAL RESERVE BANK OF S T . LO UIS AUGUS T .1*. .1972 11 PRODUCTIVITY, COMPENSATION, AND LABOR COSTS RATIO SCALE RATIO SCALE 196 7-1 00 196 7-1 00 SEASONALLY ADJUSTED 1964 1965 1966 1967 1968 19 69 1970 1971 1972 SOURCE« U.S. DEPARTMENT OF LAROR PERCENTAOES ARE ANNUAL RATES OF CHANCE FOR PERICOS INOICATEO. LATEST OAfA PLOTTED» 2ND QUARTER PREPARED RY FEDERAL RESERVE RANK OF ST. LDUIS UNIT LAHOR COSTS, TOTAL PRIVATE E C O NOMY C r W C U N O F P * W U A L R A T E S O F C H A N G E _______ TfftXINAL Q U A * T*' R INITIAL -6 3 3. M 4-69 1-69 2-69 3-69 1967 » QUARTER A r 69 1-70 2-70 W O 4-70 1-7.1 2-71 3-71 _lûl*4_ inöL_ 102*2.. Jkjth____ fL1±- -.M J lzASL. ...I*.!.. 10 ? * $. i,« 3.. io.s*.i- - I jJ 5.4 _1 û Îl L9__ _£ l* 1 ____ l * l _ . ____ il*5____ ft. 6 -2.-6.9- 6.1 JLLÛ*2_. ____ L * 2 _ _ 1 1 2 ju L_ .7.«JL. _ 1 * 2 ____ L * 1 ____ L*_2____ I* ìl _ — L«-L w a . .AzlSL. -SU.L, -JLoJ____ i . g -ÏU2- 6 --9_____ 7 . 0 7.1) Q,. ? S lêJ l . 1 1 5 .6 g«B _1JJL*SL_ ■7.» 2 ... 6,,?____ fc^J____ ftal- 1 1 8 .3 _Éi^5____ fi*â____ ________________________ *-J---- 2 * û ------- 2L*JL _LLSLJL— ___ 5uJL_ Jââ., 5 «q _1*3___ 2*£___ 3*-3-, _i*i____ 5lU _ --- 1x13___ 1*1___JL*4___ 2*5___ 1*1:..-2.6. 3.4 „ ^ .,.1 7 - 2 * 1 ____ l*iî____ 1 * Û ____ 2 * 2 ____ 2 . 6 2.0 - £ u 5 ____ i u J ____ l a i---- 1 * $ ---- 1 * 3 ---- 1 * 2 ---- 1 * 1 ---- 2 * 1 ---- 1 * 2 _5*J____ 1* 1 . >-7 1 2 1 .,.2 122.1.. - i * 2 ____ i * 2 ____ àuLi____ l * ü ---- i x ü ---- 1 * 5 ---- 1*1. . ^ 5 ____ i*JÏ 5 . 3 ____ 5*2.., - i r l i .. -J&-a-2 -¿.«-à____ É u J ____ éujì ____ ________ 5 ^ 2 ____ 4 * 6 - fr.2 - 5 ^ ___ 7, _L=2JL. -2r.7-L.. 100 A=11------I z l L - 4.7 4.7 4 - A .4—67 4- i>7 1 —6 * 4. a **-7 4.S 4.4 4.1 3.* 3.1 i 3-t.*} 4-63 1-69 2-69 1-69 4-69 2-6 IN ITIA L _L23*2_ ■121.fr. ltl 125,1- 3 . 0 ___ Lu i____ £ * £ _ 2 .6 2 .* 2 .8 2 .2 2 .4 2 .Ò 1.8 2.1 - 0.6 1-70 2-70 3-70 4-70 1-71 2-71 3-71 4-71 1-72 1 124.9 QUARTER PREPARED BY FEDERAL RESERVE BANK OF S T . LOUIS A U Û U iL .3 . 1912 12 CONSUMER PRICE COMPOUNDED INDEX, ANNUAL IN ITIA L 1-71 2-71 2-71 3-71 4-71 5-71 6-71 7-71 9-71 9-71 SEASONALLY ADJUSTED R A T E S OF C H A N G E 1967 MONTH 10-71 11-71 12-71 1-7? 2-72 3-72 4-72 5-72 6-72 7-72 1 19 .65 JkQ__________________________________________________________________________________:________________________________ 1 19.90 3 -71 120.21 4 -71 -5-71 4.7 6.3 4.2 A.7 5.5 4.8 A .8 4.0 4.3 4.6 4.1 3.7 4.1 3.7 -6-71. 8-71 3.9 4.0 1 20.82 121.29 122.03 122.20 9-71 3.6 3.7 3.9 4.0 3.5 3.0 2.9 1.7 10-71 3.4 3.5 3.6 3.7 3.1 2.7 2.6 1.8 11-71 3.3 3.3 3.4 3.5 3.0 2.7 2.5 1.9 12-71 3.3 3.4 3.5 3.5 3.1 2.8 2.7 2.4 2.6 3.0 3.8 1-72 3.4 3.4 3.5 3.5 3.2 2.9 2.9 2.6 2,9 3.2 3.7 3.6 2-72 3.6 3.7 3.8 3.9 3.6 3.4 3.5 3.4 3.7 4. 1 4. fl 5.3 \ 7.0 3-72 3.4 3.4 3.5 3.5 3.3 3.1 3.1 2.S 3.1 3.4 3.7 3.6 3.7 o . N . 124,10 4-72 3.3 3.3 3.4 3.4 3.? 3.0 3.0 2.8 3.0 3.2 3.3 3.2 3.1 1.2 124.31 5-72 3.3 3.4 3.4 3.5 3.2 3.1 3.1 2.9 3.1 3. 3 3.5 3.4 3.3 ?.l 3.0 4 . 0 ^ ^ 6-72 3.2 3.2 3.2 3.3 3.0 2.9 2.8 2.7 2.8 3.0 3.1 2.9 2.8 1.8 2.2 2.3 0 . 7 ^ V 7-72 3.3 3.3 3.4 3.4 3.2 3.1 3.0 2.S 3.1 3.2 3.3 3.2 3.2 2.4 3.0 3.3 2.9 5. 1 ^ n . 8-72 3.3 3.3 3.3 3.4 3.2 3.1 3.0 3.1 3.2 3.3 3.2 3.2 2^5 3.0 3.2 2.9 4.1 1-71 2-71 3-71 4-71 5-71 6-71 7-71 9-71 10-71 11-71 12-71 1-72 2-72 3-72 4-7? 5-72 6-72 122.39 1.9 122.62 2.3 8-71 INITIAL 123.00 123.36 y + 2 . 9 % 124.06 PRICES - INDUSTRIAL COMMODITIES, INITIAL TERMINAL M1NTH 1-71 2-71 3-71 4-71 5-71 6-71 7-71 8-71 9-71 124.79 125.31 1 125.62 7-7? 10-71 SEASONALLY RESERVE BANK OP LOUTS ADJUSTtD ML1NTH 11-71 ST. 1967 12-71 t-72 2-72 3-72 4-72 5-72 6-72 * LOO 7-72 1 12..26 2-71 1.7 3-71 2.5 3.4 4-71 3.5 4.4 5.5 5-71 4.0 4.3 5.6 5.7 6-71 4.1 4.6 5. 1 4.9 4.1 7 - 7 1 ... 4.6 5.2 5.6 5.7 5.7 7.3 3-71 4.9 5.4 5.9 6.0 6.0 7.0 6.3 112..57 113..07 113. .59 1 1 3 . .97 _ ..........- * 9-71 4.2 4.5 4. 7 4.6 4.3 4.4 3.0 -0.6 3.5 3.7 3.7 3.4 3.0 2.7 1.3 -1.4 -2.2 11-71 3.2 3.4 3.4 3.1 2.7 2.4 1.3 -0.5 -0.5 11 5 . .21 1 1 5 . ,00 1.3 1 1 5 . ,12 12-71 3. 2 3.4 3.4 3. 1 * 2. 7 2.5 1.6 0.3 0.0 2.1 2.9 1-7? 3.3 3.4 3.5 3.2 2.9 2.8 2.0 1.1 1.5 2.8 3 .6 4.3 2-7? 3.4 3.6 3.6 3.4 3.1 3.0 2.4 I. ? .2 3.3 4.0 4.6 7 1 1 5 . ,39 ^ + 3 .0 % 1 1 5 . ,80 4.9 1 1 6 . .26 3-7 2 3.4 3.5 3.6 3.4 3.2 3. 1 2.5 1.9 ¿.4 3.3 3.6 4.2 4. 1 3.2 4-72 3.5 3.7 j. r 3.5 3.3 3.3 2.a 2.4 2.^ 3.6 4. 1 4.4 4 .5 4 .3 5.3 5-7 2 3.6 3.7 3.7 3.6 3.4 3.4- 3.0 2.6 ? .0 3.7 4. 1 4.4 4.4 4.3 4.8 4.3 6-72 3.7 3.8 3.3 3.7 3.6 3.5 3.2 2.8 3. 2 3.9 4.3 4.5 4.6 4.5 4.9 4.7 5 .1 7-7? 3.6 3.7 J.S 3 .c 3.5 3.5 3. 1 ¿.Z 3.2 3.8 4. 1 4 .3 4 .3 4. 1 4 .4 4 .1 3 .9 2 . a 4-7? 3.7 3. a 3.n 3 .7 3.6 3.5 3.2 3.0 J. 3 3.9 4. 1 4 .3 4. 3 4.2 4.4 4 .2 4 .1 3 .7 3-71 4-71 1 6-71 7-71 >1-71 3-71 10-71 2-72 3-72 4-72 5-72 6-72 ¿’ - 7 1 W m . .64 1 1 5 . ,27 10-71 1 - 71 3.0. MONTH P R E P A R E D PY F E D E R A L S E P T E M B E R 22, 1972 WHOLESALE 124.72 INITIAL 11-71 12-71 1-7? 11 6 . ,57 1 1 7 . ,07 117. 48 1 1 7 . .9 7 1 1 8 . ,2 4 ' N 4 .6 1 1 8 « ,68 7-72 MONTH PREPARED BY FEDEXAL StPTEMBfcfl 8 , 1972 RESERVfc BANK UF ST. L O U IS 13 RATI O PRICES SCAL E 1967-100 SEASONALLY 1964 PERCENTAGES LATEST 1965 ARE ANNUAL DATA P L O T T E D : 1966 1967 RATES OF CHANGE RATIO 1967 = 100 ADJUSTED 1968 FOR P E R I O D S 1969 SCAL E 1970 1971 1972 INDICATED. AUGUST P R E P A R E D BY F E D E R A L RESERVE BANK OF S T . LOUIS 14 W H O L E S A L E P R I C E S - ALL _________________ C O M P n U N D F O COMMODITIES, ANNUAL RATES SEASONALLY ADJUSTED O F C H A N G E _______________ T E R M I N A L _____________________________________________________________ ____________I N I T I A L M O N T H __________________________________________________________________________1 9 6 7 MONTH 1-71 2-71 3-71 7-72 4-71 5-71 6-71 6-72 7-71 8-71 9-71 10-71 11-71 12-71 1-72 2-72 3-72 4-72 5-72 2-71 7.1 3-71 4.8 2; 6 4-71 5.1 4.1 * 100 112.46 112.70 113.21 5.6 5-71 4.7 3.9 4.6 3.7 6-71 4.7 4.2 4.7 4.3 4.9 7-71 4.3 3.8 4.1 3.6 3.6 113.55 114.00 114.22 2.3 8-71 5.0 4.7 5.1 5.0 5.4 5.7 9.2 9-71 3.9 3.5 3.6 3.2 3.1 2.5 2.6 -3.6 10-71 3.7 3.2 3.3 3.0 2.8 2.3 2.3 -0.9 1.8 11-71 3.4 3.0 3.1 2.7 2.6 2.1 2.1 -0.2 1.6 1.4 12-71 3.8 3.5 3.6 3.3 3.3 3.0 3.1 1.7 3.5 4.3 1-72 4.0 3.8 3.9 3.7 3.7 3.5 3.7 2.6 4.3 5.1 7.0 6.7 2-72 4.2 4.0 4.1 4.0 4.0 3.9 4. 1 3.3 4.3 5.5 6.9 6.7 6.7 3-72 4.0 3.8 3.9 3.7 3.7 3.6 3.8 3.0 4.2 4.7 5.5 4.9 4.0 1.3 4-72 4.0 3.8 3.9 3.7 3.7 3.6 3.7 3.1 4.1 4.5 5.1 4.5 3.8 2.4 3.4 5-72 4.1 3.9 4.0 3.9 3.9 3.8 3.9 3.4 4.3 4.6 5.2 4.7 4.2, 3.4 4.5 5.6 6-72 4.2 4.0 4.1 4.0 4.0 3.9 4.1 3.6 4.4 4.8 5.2 4.9 4.5 4.0 4.9 5.6 7-72 4.4 4.3 4.4 4.3 4.3 4.3 4.5 4.0 4.3 5.2 5.7 5.4 5.2 4.9 5.8 6.6 7.2 8.6 8-72 4.6 4.5 4.6 4.5 4.6 4.5 4.7 4.4 5.1 5.4 5.9 5.7 5.6 5.4 6.2 7.0 7.4 8.3 . 1-71 2-71 3-71 4-71 5-71 6-71 7-71 8-71 9-71 10-71 11-71 12-71 1-72 2-72 3-72 4-72 5-72 115.06 114.71 114.88 INITIAL 115.01 115.69 7.3 116.32 116.95 117.08 117.41 118.49 5.7 6-72 119.31 7.9 120.07 7-72 MONTH P R E P A R E D 8Y F E D E R A L S E P T E M B E R 8, 1 9 7 2 WHOLESALE PRICES-FARM PRODUCTS AND PROCESSED __________________________ C O M P O U N D E D A N N U A L R A T E S O F T E R M I N A L ________________________________________________________________________ I N I T I A L 117.94 RESERVE BANK OF ST. LOUIS F O O D S A N D F E E D S , SE"AS. A D J . C H A N G E ______________________________________________________________________ M O N T H __________________________________________________________________________1 9 6 7 « 100 month 1-71 2-71 3-71 4-71 5-71 6-71 7-71 3-71 9-71 10-71 2-71 25.2 3-71 11.3 -1.1 4-71 9.7 2.7 6.6 5-71 7.0 2.5 4.3 2.1 6-71 7.1 2.9 4.3 3.2 4.3 7-71 4.4 O.b 1. 1 -0.7 -2.1 -8.1 8-71 5.9 3.0 3.9 3.2 3.6 3.2 9-71 3.3 0.5 0.7 -0.4 -1.1 -2.8 10-71 4.5 2.1 2.6 1.9 1.9 1.3 4.7 -0.5 14.7 11-71 4.5 2.4 2.8 2.3 2.3 1.9 4.6 1.1 9.3 4.3 12-71 5.6 3.8 4.4 4.1 4.4 4.4 7.1 5.1 12.2 10.9 11-71 12-71 1-72 2-72 3-72 4-72 5-72 6-72 7-72 113.0 112.9 113.5 113.7 114.1 113.3 15.9 114.7 0.0 -13.7 113.3 114.6 115.0 18.0 116.6 1-72 6.0 4.4 5.0 4.8 5.2 5.3 7.7 6.2 11.8 10.9 14.4 10.8 2-72 6.7 5 . 3__ 5.9 5.8 6.3 6.5 8.8 7.6 12.5 12.0 14.7 13.0 15.3 3-72 5.9 4 .£> 5.0 4.9 5.2 5.3 7.1 5.9 9.6 8.6 9.7 7.0 5.2 -4.0 4-72 5.4 4.2 4.6 4.4 4.6 4.6 6.2 5.0 8.0 6.9 7.5 5.0 3.1 -2.5 -1.0 5-72 5.7 4.5 4.9 4.8 5.0 5.1 6.5 5.5 8.2 7.3 7.8 5.9 4.7 i .4 4.1 9.5 6-72 5.7 4.6 5.0 4.9 5.1 5.2 6.5 5.6 3.0 7.2 7.6 5.9 5.0 2.5 4.8 7.8 7-72 6.7 5.7 6.1 6.1 6.4 6.5 7.9 7.2 9.5 8.9 9.5 8.4 8.0 6.6 9.4 13.1 14.9 24.4 3-72 7.3 6.3 6.8 6.8 7.1 7.3 3.6 8.0 10.2 9.8 10.4 9.5 9.4 8.4 11. 1 14.3 15.9 21.2 18.0 1-71 2-71 3-71 4-71 5-71 6-71 7-71 8-71 9-71 10-71 11-71 12-71 1-72 2-72 3-72 4-72 5-72 6-72 7-72 INITIAL 117.6 119.0 118.6 118.5 119.4 6.2 120.0 122.2 123.9 MONTH PREPARED BY FED ERAL RESERVE SEPTEMBER 8 . 1972 BANK OF S T . LOUIS _ 15 GENERAL RATIO PRICE INDEX* SCALE RATIO 195 8-1 00 1964 SCALE 195 8-1 00 1965 1966 1967 19 68 1969 «AS USED IN NATIONAL INCOME ACCOUNTS 1970 1971 1972 SOURCE: U .S. DEPARTMENT OF COMMERCE PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIOOS INDICATED. LATEST DATA PLOTTED: 2ND QUARTER PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS I M P L I C I T P * I C * O f c f l a t i j K f o r g r u s s n a t i o n a l P R O D UC T ______________ C.OMPOUNOfcl) ANNUAL K A T E S OF CHANGE____________________________________ TC'<M INM. OUARTFR I N I T I A L UUAATfcR 1-67 4- 6 7 4.7 4-67 1- 68 2- 68 3- 6H 4-6d 1- 69 2-69 .3-69 4-69 1- 70 1938 2-70 4-70 3- 70 1- 71 3- 71 2- 71 4- 71 100 1- 72 119, 15 1- 68 4.2 3. 6 ?- 63 4. 1 3. 8 3. 9 120*42 3 - «SH 4. 1 4. 0 4. 1 4.3 4- 6B 4.2 4. 1 4.3 4.5 1- 69 4.2 4. 1 4. 3 4.4 4.4 4. 2 ?-6? <».4 4.4 4. 5 4.7 4.8 4.9 5.5^ 3-69 4. 6 4.6 4.9 5. Ü 5. 1 5. 3 5. 3 4-69 4. 7 4. t 4.0 5.0 5. 2 5. 3 5. 7 5. 8 5. 5 1- 70 4.9 4.0 5. 1 5. 3 5. 4 5. 6 5.9 6.0 u. O 6 .5 V ^ ?-7f) 4. P 4. 9 5.0 5. 1 5. 3 5.4 5.6 5.6 5.4 5.4 3-n 4. # 4. S 4.9 5.0 5. 1 5.2 5. 3 5. 3 5. 1 5. 0 4.2 4 > V 4-70 4.<> 4.9 5.0 5.2 5.2 5. 3 5.5 5. 5 5. 4 5. 3 4.9 5. 2 6 . 5 ^ 117*85 1- 71 5. 0 5.0 5. 1 5.2 5. 3 5. 4 5.5 5.5 5.5 5. 4 5.2 5. 5 6. 2 119. 84 2- 71 4 . c> 5.0 5. L 5.2 5. 2 5. 3 5.4 5.4 5.3 5. 1 5. 0 5. 2 5.6 121*37 122. 87 1 V 4.0 . + 4 .8 % ___ 424# 26 _ 127. 24 123. 33 6. 1 . + 6 .0 % 129. 14 130. 88 ' 132, 97 4 . ^ ^ + 5.2 % 1) 4*1 8 . 135. 71 5. 1 „ 141. 34 X ^ 4. 1% 142*13 142*88 3- 7 1 4. a 4.3 4.9 5.0 5. 0 5. 1 5.2 5. 1 >. 0 4. 9 ^ •6 4. r 4.9 4# 4 3.6 2.9 4- 71 4. 6 4. 6 4. I 4.7 4.8 4« % 4. Ö 4. 7 4. 6 4. 5 4.2 4.2 4.2 3.6 2.9 2.2 U 5 X 1- 72 4. 6 4.6 4.7 4. Ö 4.8 4.8 4.8 4.8 4.6 4«6 4. 3 4.3 4.4 3.9 3. 5 3.2 3.3 > ,Ì \ . 144.68 2- 72 4. 5 4.5 4.5 4.6 4.6 4.6 4.6 4.5 4.4 4. 3 4.0 4.0 4.0 3. 6 3. 1 2 . ft 2.8 3.5 143.14 3- 67 4- 6 7 1- «M 3- 68 4- 6 * 1- 69 2-69 3- 69 4-fc9 1- 70 2-70 W O 4- to i-7t 3- 71 4- 71 INITIAL 2- 71 1.w 1- 72 QjARTR PREPARED BY F CJERAL REStRVt BANK UF S Ì . AUGUST IS , 1972 L O U IÌ I NVENTORI ES COMPARED WITH MONTHLY S A L E S * MANUFACTURING AND TRADE 72 68 64 60 56 52 1 . 50_ 48 44 40 36 1 . 36 1958 * R A T I OS 1959 1960 BASED ON 1961 1962 SEASONALLY 1963 ADJUSTED S H A D E D A R E A S R E P R E S E N T P E R I O D S OF A S D E F I N E D BY THE N A T I O N A L B U R E A U LATEST DATA PLOTTED: JULY 1964 1965 1966 1967 DATA. 1968 SOURCE: 1969 1970 U . S . DEPARTMENT 1971 OF 1972 COMMERCE BUSINESS RECESSIONS OF E C O N O M I C R E S E A R C H . PRELIMINARY P RE P ARE D BY FE D E RAL RESERVE BANK OF ST. LOUIS
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