Full text of National Economic Trends : September 1976
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ninonm e c o n o mi c PREPARED BY FEDERAL M O N T H ENDING: August 31, 1976 RESERVE tre iid s BANK OF ST. LOUIS RELEASED: September 27, 1976 Most measures of economic activity indicate a moderation of growth from the very rapid and unsustainable pace which occurred early in the recovery. Industrial production grew at a 6.3 percent rate in the five months ending August 1976, less than half the 14.7 percent increase which was experienced during the first year of the recovery. The growth in personal income has been significantly slower in the last five months when compared with the previous year. Personal income grew at an 8.7 percent rate from March to August of this year, compared with the 11.1 percent rise of the previous year. Consumer prices for all items Increased at a 6.1 percent rate in the last five months, the same as that for the year ending March 1976. Wholesale prices for industrial commodities have exhibited a similar pattern of growth over these two periods, increasing at a 5.6 percent rate in the last five months, compared with a 6 percent rise during the previous year. The unemployment rate has averaged 7.6 percent of the labor force during the last five months, after averaging 8.4 percent during the first year of the recovery. During the first year of the recovery, civilian employment grew 3.1 percent. In the following five months, employment growth accelerated slightly to a 3.6 percent annual rate. The civilian labor force only expanded 2 percent during the year ending March 1976, but since then the rate of increase has more than doubled. Several reasons have been proposed for the upsurge in the labor force, including entry into the labor force of so-called "discouraged workers". These are individuals who had previously not sought work because of the expected unavailability of jobs associated with the recession. The participation rate of women has risen significantly, with an average 47.1 percent of the female population of labor force age either working or looking for jobs during the last five months. This compares to an average of 46.2 percent in the first year of the recovery. The participation rate of teenagers also has followed this pattern, averaging 55.1 percent of the teenage labor force during the five-month period ending in August, compared to 54.1 percent in the preceding year. TO TAL C IV IL IA N EMPLOYMENT ________ ________________________________________________________ COMPOUNDED ANNUAL RATES OF CHANGE_______ TE KMINAL_____________________________________________________ _____________ I N I T I A L MONTH THOUSANDS ~TJF PERSONS m ôn T h 1 -7 5 2 -7 5 2 -7 5 3 -7 5 4 -7 5 5 -7 5 6 -7 5 7 -7 5 8 -7 5 9 -7 5 -6 * 9 1 0 -7 5 1 1 -7 5 1 2 -7 5 1 -7 6 2 -7 6 3 -7 6 4 -7 6 5 -7 6 7 -7 6 6 -7 6 8 4 ,1 6 3 8 4 ,1 1 0 3 -7 5 -3 .9 —0 .8 4 -7 5 -1 .7 1 .1 5 -7 5 -0 .5 1 .7 6 -7 5 -0 .5 1 .2 1 .9 1 .3 -0 .3 7 -7 5 U .7 2 .3 3 .1 3 .1 3 .2 6 .9 \ 8 -7 5 1 .3 2 .7 3 .4 3 .5 3 .7 5 .7 4 .6 \ ^ -1 .8 8 4 ,3 1 3 8 4 ,5 1 9 3 .0 8 4 ,4 9 8 8 4 ,9 6 7 8 5 ,2 8 8 9 -7 5 O .V 2 .0 2 .5 2 .4 2 .3 3 .2 1 .4 1 0 -7 5 O.to 1 .6 2 .1 2 .0 1 .8 2 .3 0 .9 -1 .0 1 1 -7 5 0 .7 1 .6 1 .9 1 .8 1 .6 1 .9 0 .7 -0 .5 0 .1 0 .4 1 2 -7 5 0 .9 1 .8 2 .0 1 .9 1 .8 2 .1 1 .2 0 .4 1 .1 1 .7 3 .l\ ^ 8 5 ,3 9 4 1 -7 6 1 .fa 2 .6 3 .0 3 .0 3 .0 3 .5 2 .9 2 .6 3 .7 5 .0 7 .4 6 6 ,1 9 4 2 -7 6 1 .8 2 .6 2 .9 2 .9 2 .8 3 .2 2 .7 2 .4 3 .3 4 .2 5 .5 6 .7 1 .8 8 6 ,3 1 9 3 -7 6 2 .0 2 .8 3 .1 3 .1 3 .1 3 .5 3 .1 2 .8 3 .6 4 .4 5 .4 6 .2 3 .5 5 . 3 86 ,6 9 2 4 -7 6 2 .6 3 .3 3 .6 3 .7 3 .7 4 .1 3 .8 3 .7 * .6 5 .3 6 .4 7 .2 5 .7 7 .7 1 0 .2 5 -7 6 2 .7 3 .3 3 .6 3 .7 3 .8 4 .1 3 .9 3 .8 4 .5 5 .2 6 .0 6 .6 5 .3 6 .5 7 .2 4 .2 6 -7 6 2 .4 3 .0 3 .2 3 .2 3 .3 3 .6 3 .3 3 .1 3 .7 4 .2 4 .7 5 .0 3 .7 4 .2 3 .8 0 .7 7 -7 6 2 .5 3 .1 3 .4 3 .4 3 .4 3 .7 3 .5 3 .4 3 .9 4 .3 4 .8 5 .1 4 .0 4 .5 4 .3 2 .3 1 .4 5 .7 8 -7 6 2 .5 3 .0 3 .2 3 .2 3 .3 3 .5 3 .3 3 .2 3 .6 4 .0 4 .4 4 .6 3 .6 3 .9 3 .6 2 .0 1 .3 3 .3 1 -7 5 2 -7 5 3 - 7 5 " 4 -7 5 5 -7 5 6 -7 5 7 -7 5 8 -7 5 9 -7 5 1 0 -7 5 11—75 1 2 -7 5 1 -7 6 2—76 3**76 4 -7 6 5 -7 6 6 -7 6 8 5 ,158 85 ,151 3.2% 8 5 ,1 7 8 11 .8 \ ^ 8 7 ,3 9 9 8 7 ,6 9 7 -2 .7 8 7 ,5 0 0 8 7 ,9 0 7 i.o \ 87 ,981 iS 1 h» PAYROLL EMPLOYMENT COMPOUNDED ANNUAL RATES OF CHANGE TERMINAL__________________________________________________________________ I N I T I A L MONTH_____________________________________________________________________ THOUSANOS "OF PERSONS 8 -7 5 9 -7 5 1 0 -7 5 1 1 -7 5 1 2 -7 5 1 -7 6 2 -7 6 3 -7 6 4 -7 6 2 -7 5 3 -7 5 4 -7 5 5 -7 5 6 -7 5 7 -7 5 1 -7 5 5 -7 6 6 -7 6 7 -7 6 m o n Yh 2 -7 5 -7 .7 3 -7 5 —6 .4 -5 .1 4 -7 5 -4 .4 - 2. J 5 -7 5 -3 .1 -1 .5 0 .3 0 .8 6 -7 5 -3 .0 -1 .8 -0 .7 -0 .9 7 -7 5 -1 .6 -0 .4 0 .8 1 .1 1 .3 8 -7 5 -0 .7 0 .6 1 .8 2 .2 2 .7 5 .5 5 .5 9 -7 5 —O .G 1 .1 2 .2 2 .7 3 .2 5 .2 5 .0 4 .6 1 0 -7 5 0 .4 1 .5 2 .4 2 .9 3 .3 4 .8 4 .6 4 .2 1 1 -75 0 .4 1 .3 2 .2 2 .5 2 .8 3 .9 3 .5 2 .9 2 .1 1 2 -75 0 .7 1 .6 2 .3 2 .6 2 .9 3 .8 3 .5 3 .0 2 .5 76 ,8 0 4 76 ,468 —0 .1 N 7 6 ,4 6 2 . 7 6 ,5 1 0 -2 .6 7 6 ,3 4 3 7 6 ,6 7 9 7 7 ,0 2 3 7 7 ,3 1 0 77 ,5 5 5 7 7 ,5 7 4 1 .« 3 .s ''\ 7 7 ,7 9 6 1 -7 6 1 .1 2 .0 2 .7 3 .0 3 .3 4 .2 4 .0 3 .6 3 .4 3 .3 4 .8 6 .1 • 0 rl 1 .3 2 .0 2 .7 3 .0 3 .3 4 .0 3 .8 3 .5 3 .3 3 .2 4 .2 4 .5 3 -7 6 1 .5 2 .2 2 .8 3 .1 3 .3 4 .0 3 .8 3 .6 3 .4 3 .4 4 .1 4 .4 3 .5 7 8 ,1 7 9 2 .9 7 8 ,3 6 8 4 ^ l \ 7 8 ,6 3 0 4 -7 6 1 .7 2 .4 3 .0 3 .3 3 .5 4 .1 4 .0 3 .8 3 .7 3 .7 4 .4 4 .6 4 .1 4 .6 5 .2 5 -7 6 1 .6 2 .2 2 .7 3 .0 3 .2 3 .7 3 .5 3 .3 3 .1 3 .0 3 .5 3 .5 2 .9 2 .9 2 .3 -0 .6 7 8 ,9 2 3 6 -7 6 1 .5 2 .1 2 .6 2 .8 2 .9 3 .4 3 .2 3 .0 2 .8 2 .7 3 .0 3 .0 2 .4 2 .2 1 .6 -0 .2 7 8 ,9 4 3 7 8 ,9 6 3 7 -7 6 1 .6 2 .2 2 .7 2 .8 3 .0 3 .4 3 .3 3 .1 2 .9 2 .8 3 .1 3 .1 2 .6 2 .5 2 .2 1 .2 2.1 3 .» \ 8 -7 6 1 .7 2 .3 2 .7 2 .9 3 .0 3 .5 3 .3 3 .1 3 .0 2 .9 3*2 3 .2 2 .8 2 .7 2 .5 1 .8 2 .6 3 .8 1 -7 5 2 -7 5 4 -7 5 5 -7 5 6 -7 5 7 -7 5 8 -7 5 9 -7 5 10 -75 1 1 -75 1 2 -7 5 1 -7 6 2—76 3—76 4 -7 6 5 -7 6 6 -7 6 * - 75" 7 9 ,1 9 2P 3 .7 ] 79,431P 7 -7 6 INITIAL MONTH P - P R E tIH IK a K Y ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- PREPARED BY FEDERAL REStRVE“ ff*NK OF S T . U D U IJ SEPTEMBER 3 , 1976 2 EMPLOYMENT R A T I O SCALE R A T I O SCALE MILLIONS OF PERSONS MILLIONS SEASONALLY ADJUSTED M W W > OF PERSONS ••S.tCPAMTttNT * LAMft f C M C M T A t C t ASC A M M A L » A T M «f CMAHtC F M P C I 1 M S I M 1 C A T O . LATEST 0ATA P U T T « « A M M T f* £11*I«AIY P t t f M U it P t M M L MSCItVf u m ST. L M l t UNEMPLOYMENT R A T E S * 1968 1969 1970 1971 1972 1973 1974 1975 1976 S f M C C t *.l. •CfAATMCNT Of L A M « «fCllCCMT Of CIVILIAN L A M M F0*C£ IN M O O T LATCST »ATA fLOTTil, AtfttfiT PifPAftEO tv F C K K A L KCtCKVC M I K OF ST. 1 0 « It 3 CONSUMER ft*ICE IN D E X , SEASONALLY ADJUSTED COMPOUNDED ANNUAL RATES OF CHANCE TERMINAL___________________________________________________________________ I N I T I A L MONTH_________ _____________________________________________________ 1967 * 100 m o n th 1 -7 5 2 -7 5 3 -7 5 4 -7 5 5 -7 5 6 -7 5 7 -7 5 8 -7 5 9 -7 5 1 0 -75 1 1 -7 5 1 2 -7 5 1 -7 6 2 -7 6 3 -7 6 4 -7 6 5 -7 6 6 -7 6 7 -7 6 1 5 7 .3 2 -7 5 6 .3 3 -7 5 5 .5 4 .7 4 -7 5 5 .7 5 .5 6 .3 5 -7 5 5 .9 5 .7 6 .2 6 .2 6 -7 5 6 .4 6 .4 7 .0 7 .4 8 .6 7 -7 5 7 .4 7 .6 8 .4 9 .1 1 0 .6 1 2 .6 8 -7 5 7 .0 7 .1 7 .6 8 .0 8 .5 8 .5 4 .5 6 .9 7 .2 7 .4 7 .7 7 .4 4 .9 5 .3 6 .4 7 .6 7 .6 9 -7 5 1 5 7 .9 1 5 8 .7 1 5 9 .5 1 6 0 .6 1 6 2 .2 1 6 2 .8 1 0 -7 5 6 .9 6 .9 7 .3 7 .4 7 .7 7 .5 5 .8 1 1 -7 5 6 .9 7 .0 7 .3 7 .5 7 .7 7 .5 6 .2 6 .8 1 2 -7 5 6 .9 7 .0 7 .2 7 .4 7 .5 7 .4 1 -7 6 6 .8 6 .6 7 .0 7 .1 7 .2 2 -7 6 6 .4 6 .4 6 .5 6 .5 6 .6 3 -7 6 6 .0 6 .0 6 .1 4 .1 6 .1 6 .0 6 .1 6 .0 6 .0 5 .8 4 -7 6 1 6 3 .5 1 6 4 .5 7 .5 1 6 5 .5 6*8 7 .3 7 .1 6 .7 6 .5 6 .8 6 .5 5 .9 5*2 5*5 5 .6 5 .7 5 .2 4 .4 3 .3 5 .0 6 .3 6 .3 6 .1 5 .1 5 .1 4 .6 3 .9 2 .9 1 .8 2 .2 5 .0 5 .1 5 .1 4 .7 4 .1 3 .5 2 .9 3 .6 5 .1 1 6 6 .4 1 6 7 .1 1*4 1 6 7 .3 1 6 7 .6 1 6 8 .3 5 -7 6 6 .1 6 .1 6 .2 6 .1 5 .9 5 .3 5 .4 5 .4 5 .1 4 .6 4 .2 4 .0 4 .9 6 .2 7 .4 6 -7 6 6 .1 6 .0 6 .1 6 .1 6 .1 5 .9 5 .3 5 .4 5 .4 5 .1 4 .8 4 .5 4 .4 5 .1 6 .1 6 .« 5 .8 6 .0 6 .1 6 .1 6 .1 5 .9 5 .4 5 .4 5 .5 5 .2 4 .9 4 .7 4 .6 5 .2 6 .0 6 .3 5 .8 5 .8 6 .1 6* I 6 .1 6 .1 6 .1 5 .5 5 .5 5 .6 5 .3 5 .1 4 .9 4 .9 5 .5 6 .1 6 .4 6 .0 6* 1 6 .5 1 -7 5 2 -7 5 3 -7 5 4 -7 5 5—75 7 -7 5 8 -7 5 9 -7 5 10 -75 1 1 -7 5 1 2 -7 5 1 -7 6 2 -7 6 3 -7 6 4 -7 6 5—76 6 -7 6 7 -7 6 7 -7 6 8 -7 6 6 -7 5 1 6 9 .3 1 7 0 .1 1 7 0 .9 1 7 1 .8 INITIAL MONTH --------------------------------------------------------------------------------------««PARED BY" FEOEKAL- RESERVE BANK OF TTV EtHJIS SEPTEMBER 2 1 , 1976 WHOLESALE PRICES» - A LL COM M ODITIES, SEASONALLY ADJUSTED ________________ COMPOUNDED ANNUAL RATES OF CHANGE_____________________________________________ ______ TERMINAL____________________________________________________________ MONTH 8 -7 5 6 -7 5 7 -7 5 4 -7 5 5 -7 5 3 -7 5 1 -7 5 2 -7 5 9 -7 5 10 -75 11 -75 1 2 -7 5 1 -7 6 2 -7 6 3 -7 6 4 -7 6 5 -7 6 6—76 -8 .0 3 -7 5 —6 .6 -5 .5 4 -7 5 —V .9 2 »b 1 7 0 .3 1 7 1 .9 1 1 .9 1 7 3 .0 5 -7 5 1 .2 4 .5 9 .9 8 .0 6 -7 5 1 .0 3 .4 6 .5 3 .9 0 .0 7 -7 5 2 .5 4 .7 7 .4 5 .9 5 .0 1 7 3 .0 1 0 .2 1 7 4 .4 1 7 5 .9 8 -7 5 3 .6 5 .7 7 .1 6 .9 1 0 .5 9 -7 5 4 .6 6 .5 8 .6 8 .0 8 .0 1 0 .1 1 1 .2 1 1 .5 1 0 -7 5 5 .6 7 .5 9 .4 9 .0 9 .3 1 1 .7 1 2 .2 1 2 .9 1 4 .4 9 .5 9 .4 8 .9 7 .7 1 .3 8 .3 1 7 9 .5 1 7 9 .7 6 .5 7 .9 7 .4 7 .3 8 .6 7 .7 6 .5 2 .7 4 .1 5 .6 6 .8 6 .3 6 .0 6 .9 5 .5 4 .1 0 .9 0 .7 -2 .6 4 .8 5 .4 3 .8 2 .3 -0 .5 -1 .1 -3 .6 12—75 5 .1 1 -7 6 4 .4 3 .7 1 7 7 .5 7 .9 6 .8 4 .7 3 -7 6 3 .6 4 .5 4 -7 6 4 .0 5 -7 6 4 .9 6 -7 6 *♦1 4 .V 7—7© 4 .1 3 .6 4 .5 1 -7 5 “ 2 -7 5 5 .7 1 7 9 .9 -4 .6 1 7 9 .2 1 7 9 .5 4 .6 4 .5 5 .0 4 .4 3 .5 2 .3 0 .0 -0 .3 -1 .8 -1 .3 2 .0 5 .1 5 .6 5 .1 4 .4 3 .4 1 .7 1 .7 1 .2 2*5 6 .2 1 0 .5 5 .2 5 .0 5 .4 5 .0 4 .3 3 .5 2 .0 2 .1 1 .7 2 .9 5 .5 7 .2 1 8 1 .0 1 8 1 .6 4 .1 1 8 2 .4 5 .2 5 .0 5 .4 5 .0 4 .5 3 .7 2 .4 2 .6 2 .3 3 .4 5 .5 6 .6 4 .7 5 .4 5 .1 4 .9 5 .3 4 .9 4 .4 3 .7 2 .6 2 .8 2 .6 3 .5 5 .2 6 .0 4 .5 4 .7 4 .0 i> .l 4 .7 4 .5 4. 4 .4 3 .9 3 .3 2 .2 2 .3 2 .1 ? .8 4 .1 4 .5 3 .0 2 .7 1 .3 -1 .3 3 -7 5 4 -7 5 5 -7 5 6 -7 5 ? - 7 i " b—75 9 -7 5 10 -75 11 -75 1 2 -7 5 1 -7 6 2 -7 6 3 -7 6 4 -7 6 5 -7 6 6 -7 6 7 -7 6 4 .9 6 -7 6 5 .1 180*3 5 .3 5 .4 4 .9 4 .0 5 .7 7 .9 1 0 .8 6 .4 5 «¿ 2 -7 6 100 7 -7 6 1 7 1 .1 2 -7 5 1 1 -7 5 ________ I N I T I A L MONTH____________________________________ _______________ _______________ 1967 « 5 .6 t o 1 8 3 .0 1 8 2.8 I n i t i a l M Ñ lH PREPARED BV FEDERAL RÉSÉRVF~B*IW O F "S T . LOOTS SEPTEMBER 2 , 1976 4 , R A TIO PR ICES SCALE 1967-100 SEASONALLY ADJUSTED rcncCNTAtes a*e ammml m tcs or UTCtT MTA PLOTTEtt AN9ST cmamc f m RAT I 0 SCALE 1967-100 r tiiM t tm tm u t r fekral u t n v c urn of #t. lo* is ra tio s c a le WHOLESALE PR ICES ra tio s c a le PERCEKTASES ARE AJMVAL RATES OF CHANCE FOR PERIOOS IMOICATEO. LATEST DATA PLOTTED* AfCiST PREPARED 8Y fEOERAl RESERVE BAMK OF ST. 108 IS 5 WHOLESALE PRICES - IN D U S TR IAL COMMODITIES* SEASONALLY ADJUSTEO ___________________COHPOUNOEO ANNUAL RATES OF CHANGE ___________________ i f 1 1 TERMINAL___________ _______________________________________________________ I N I T I A L MONTH_________________ ____________________________ MONTH 3 -7 5 ¿ -7 5 7 -7 5 8 -7 5 9 -7 5 1 0 -7 5 1 1 -7 5 1 2 -7 5 1 -7 6 2 -7 6 4 -7 6 5 -7 6 1 -7 5 4 -7 5 5 -7 5 6 -7 5 2 -7 5 1967 * 100 6 -7 6 7 -7 6 1 6 8 .7 1 .4 1 6 8 .8 3 -7 5 1 .1 0 .7 4 -7 5 1 .% 1 .4 2 .2 5 -7 5 1 .6 1 .7 2*2 2 .1 1 6 9 .1 1 6 9 .4 1 6 9 .7 6 -7 5 1 .7 i 2 .1 2 .1 2 .1 7 -7 5 2 .1 ¿ .3 2 .7 2 .9 3 .2 4*3 B—75 3 .1 3 .3 3 .9 4 .3 5 .1 6 .5 V—75 4 .0 4.«* 5 .0 5 .6 6 .5 8 .0 9 .9 11*0 1 0 -75 5 .3 5 .7 6 .5 7 .2 6 .3 9 .9 11*8 13*3 15*6 1 1 -7 5 5 .7 6 .1 6*6 7 .5 6 .4 9 .7 1 1 .1 11*9 1 2 .4 9 .3 1 2 -7 5 5 .6 6*3 6* V 7 .5 ft .3 9 .4 1 0 .4 10*9 1 0 .8 8 .5 7 .7 1 -7 6 5 .8 6*2 6 .7 7 .2 7 .9 B .7 9 .5 9*6 9 .3 7 .3 6 .3 4 .8 2 -7 6 5 .4 5 .7 6 .2 6 .6 7 .1 7 .7 8 .2 8*1 7 .5 5 .6 4 .4 2 .7 C .7 3 -7 6 5 .3 5*6 6 .0 6. 3 6 .6 7 .3 7 .7 7*5 6*9 5 .3 4*3 3 .2 2 .4 4 .1 1 7 0 .3 1 7 1 .5 8 .6 1 7 3 .0 1 7 5 .1 1 7 6 .4 1 7 7 .5 1 7 8 .2 1 7 8 .3 1 7 8 .9 1 7 9 .5 4 -7 6 5 .2 5 .5 5 .B 6 .2 6 .5 7 .0 7 .3 7*1 6 .5 5 .1 4 .3 3 .4 3 .0 4 .1 4 .1 5 -7 6 4 .V 5*1 5 .5 5 .7 6*0 6 .4 6*6 6*3 5*8 4.4 3 .7 2 .9 2 .4 2*9 2 .4 0 .7 6 -7 6 5 .0 5 .2 5 .5 5 .6 6*0 6 .4 6*6 6*3 5 .8 4 .7 4 .0 3 .4 3*1 3 .7 3 .6 3 .4 1 7 9 .6 6 .2 1 8 0 .5 7 -7 6 5 .2 5*4 5 .7 6 .0 6*2 6 .6 6*6 6*6 6* 1 5 .1 4 .6 4 .2 4*1 4 .8 4 .9 5 .2 7 .6 9 .0 8 -7 6 5 .4 5*6 5 .9 6 .1 6*4 6 .7 6*9 6 .7 6 .3 5 .4 5 .0 4 .7 4*7 5 .3 5 .6 6 .0 7 .8 8 .6 8 .2 1 -7 5 2 -7 5 3 -7 5 4 -7 5 5 -7 5 6-75 7-75 8-75 9 -7 5 1 0 -7 5 11-75 1 2 -7 5 1 -7 6 2 -7 6 3-76 4 -7 6 5 -7 6 6 -7 6 7 -7 6 1 8 1 .8 1 8 3 .0 I N l t l A L MONTH WHOLESALE PRICES-FAkM PRODUCTS AND PROCESSED FOODS ANO FEEDS* SEAS• A D J. ________________________COMPOUNDED ANNUAL RATES OF CHANGE__________________ 1 o TERMINAL_________________ ________________________________________________ I N IT IA L MONTH___________________________________________________________________ 1967 » 100 MONth 7 -7 6 1 -7 6 2 -7 6 3— 76 4 -7 6 6 -7 6 b -7 5 1 1 -75 1 2 -7 5 5 -7 6 9 -7 5 7 -7 5 5 -7 5 6 -7 5 3 -7 5 4 -7 5 l-7 t ¿ -7 5 2 -7 5 1 7 7 .8 -2 7 .b 1 7 4 .5 3 -7 5 -¿ 4 .1 —¿ C . l 4 -7 5 —6 .4 6 .6 4 ^ .2 12 .2 3 3 .0 1 7 9 .7 1 8 3 .0 2 4 .4 5 -7 5 0 .5 6 -7 5 —i> .9 7 .3 lb .3 7 .9 —6 .4 7 -7 5 3 .0 1 0 .6 1 V .V 1 3 .3 8 .1 2 4 .9 b -7 5 4 .b 1 1 .6 IV .3 1 4 .1 1 0 .9 ¿ 0 .7 1 6 .7 9 -7 5 5 .v 1 1 .b lb .3 1 4 .0 1 1 .6 lb .3 15*1 1 3 .6 1 8 2 .0 1 8 5 .4 1 8 7 .8 1 8 9 .8 1 9 1 .7 10 -75 6 •© 1 2 .0 1 7 .5 1 3 .8 1 1 .8 1 6 .9 1 4 .3 1 3 .1 1 2 .7 1 1 -7 5 4 .1 b .4 1 2 .6 8 .9 6 .6 9 .3 5*8 2 .4 -2 .8 -1 6 .2 1 2 -75 3 .C c .b 1 0 .3 4 .5 6 .5 3*1 0 .0 -4 .1 -1 1 .6 1-7 6 o .c 3 .7 6 .4 3 .1 0 .7 1 .7 -1 .7 —5 .0 -9 .2 -1 5 .5 2 -7 6 -1 .2 1 .4 3 .6 0 .4 -2 .0 -1 .4 -4 .7 -7 .8 -1 1 .6 -1 6 .8 -1 7 .0 -2 1 .7 -2 0 .6 1 8 0 .3 0*1 -2 .0 -1 .5 —4 .4 -7 .1 -1 0 .2 -1 4 .1 1 7 9 .9 ¿ .9 1 .1 1 .9 -0 .4 -2 .3 3 -7 c - 1 .3 1 .1 3 .1 4 -7 6 1 .0 3 .4 5 .5 -4 .4 -7 .0 1 8 8 .9 187. b -6 .6 -1 5 .1 -2 2 .8 -1 3 .6 -1 5 .8 -5 .0 “ 4 66 1 8 3 .6 -1 2 .1 2 .4 1 6 .3 1 8 4 .9 3 9 .0 1 8 6.6 5 -7 6 1 .7 4 .0 C .0 3 .6 2 .1 2 .9 0 .9 -0 .7 -2 .4 -4 .3 -2 .2 -1 .3 5 .0 1 5 .2 2 5 .3 1 3 .1 6—7c 1 .0 4 .1 5. V 3 .7 2 .3 3 .0 1 .2 —0 .2 — 1 .6 -3 .3 -1 .3 -0 .3 4 .9 1 2 .5 1 8 .0 8 .7 4 .6 -1 .2 -2 .6 —4 .2 -2 .5 -1 .9 2 .1 7 .3 1 0 .0 1 .7 -3 .5 -1 0 .V -7 .1 —6 .0 -5 .9 -3 .2 0 .0 0 .5 -7 .3 -1 3 .2 -2 0 .9 -2 9 .6 1 0 -7 5 1 1 -75 1 2 -7 5 1 -7 0 2 -7 6 3 -7 6 4 -7 6 5 -7 6 6 -7 6 7 -7 6 7 -7 o 1 .1 3 .1 2 .7 1 .3 1 .9 0 .2 6—76 —0.© o .v 2*3 0 .3 -1 .2 -0 .8 -2 .5 -4 .0 -5 .4 2 -7 5 3 -7 5 4 -7 5 5 -7 5 6—75 7 -7 5 8 -7 5 9 -7 5 i-n 1 8 7 .5 1 8 5 .7 1 8 0 .3 I N I T I A L MONTH PfctPAfcED BY FEDERAL RESERVE bANK OF S T . L&U1S SEPTEMBER 2* 1976 6 IN DU STR IA L RATIO PRODUCTION RATIO SCALE 1967-100 1968 1969 1970 1971 1972 1973 SCALE 1967-100 SEAS ONA LLY AD JU ST ED 1974 1975 19 7 6 PERCENTAGES ARE ANNUAL RATES OF CNANOE FOR PERIOfS IN01CATE0. LATEST OATA fLOTTEO« A M N S T PRELIMINARY PREPARED OY FEDERAL RESERVE RANK OF ST. LOOI5 1N0USTRIAL PRODUCTION COHPOUNOCP A ltU A L RATES OF CHANCE 1—75 2 -7 5 1947 « 100 I N I T I A L NONTH TERMINAL HONTH 2 -7 3 3 -7 5 W i 5 -7 5 6 -7 » 7 -7 5 6 -7 5 9 -7 5 1 0 -7 5 1 1 -7 5 1 2 -7 5 1 -7 6 2 -7 6 3 -7 6 4 -7 6 5 -7 6 6 -7 6 7 -7 6 1 1 2.7 -2 3 * 1 _ 1 1 1.7 ::îT q^ 112.6 1 6 .9 - 1 0 . I > - 7?___ 1 1 3 .7 5 -7 5 -3 .9 3 .6 1 1 .2 6 -7 5 2 .5 1 0 .2 17*9 2 2 .0 7 -7 5 5*6 12*6 19*1 22*3 27*5 8 -7 5 8*8 15*3 21*2 24*1 28*3 26*2 9 -7 5 9*1 14*7 19*5 21*5 23*8 21*1 20*3 11*5" 4 9 -7 5 8*2 1 2 .9 1 6 .7 1 7 .8 18*9 15*7 13*5 6*1 1*0 n -7 5 8*7 13*0 16*3 17*2 18*0 15*3 13*5 8*5 7*1 13*5 1 2 -7 5 8*7 12*6 15*4 16*1 1 6 .7 14*2 12*6 8*7 7*8 11*3 -I r ?» 9*1 12*6 15*2 15*8 16*2 14*1 12*7 9*6 9*1 12*0 11*2 13*3 9*7 13*0 1 5 .3 15*9 16*3 14*4 13*2 10*7 10*5 13*1 12*9 14*8 16*4 llt> .4 1 1 8.4 121.0 122.1 122.2 12 3.5 12 4.4 1 2 5 .7 8.3% 3 -7 6 9*5 12*6 1 4 .7 15*1 15*4 13*6 12*5 10*3 10*1 12*0 11*6 12*4 12*0 4 -7 6 9*1 11*8 13*7 14*0 14*2 12*5 11*4 9*3 9*0 10*4 9*t 10*0 8*9 5*3 2*8 5 -7 6 9*2 11*6 13*6 13*9 14*0 12*4 11*5 9*6 9*4 10*6 10*1 10*3 9*6 7*4 7*2 126.1 7*b \ ^ 12 6.4 12 9.6 1 1 * 8 \ 6 -7 6 8*9 11*3 12*9 13*1 13*2 11*7 10*7 9*0 0*7 9*7 9*2 9*2 8 .4 4*5 6*1 7*7 3*8 . . 7 -7 6 6*8 U .O 12*5 1 2 .7 12*7 11*3 10*4 8*8 8*5 9*4 8*9 8*8 8*1 6*5 6*2 7*4 5*2 6*7 \ 8 -7 6 6*7 1 0 .6 1 2 .1 1 2 .3 1 2 .3 10*9 10*1 8*6 8*3 9*1 8*6 8*6 7*9 6*5 6*3 7*2 5 .7 6 .6 1 -7 5 2 -7 5 3 -7 5 4 -7 5 5 -7 5 6 -7 5 7 -7 5 8 -7 5 9 -7 5 1 0 -7 5 1 1 -7 5 1 2 -7 5 1 -7 6 2 -7 6 4 -7 6 5 -7 6 6 -7 6 S W k \ 1 3 0 .0 ‘v 1 3 0 .7P 6 .6 ) 1 131.4P 7 -7 6 I N I T I A L NONTH P - PRELIM INARY PREPAREO BY FEDERAL RESERVE BANK OF ST* LOUIS SEPTEMBER 20* 1976 7 PERSO NA L RATIO SCALE TRILLIONS INCOME RATIO MONTHLY TOT ALS AT ANNUAL RATES OF D O L L A R S TRILLIONS S EA SO NA LLY AD JU ST ED SCALE OF D O L L A R S 0.8 0.7 0. 19 6 8 1969 19 7 0 1971 1972 1973 1974 1975 1976 SOURCE* U.S. OEPAIITMEMT OF COMMERCE PERCENTAGES ARE ANNUAL RATES OF CHANOE FOR PERIODS INOICATEO. LATEST OATA PLOTTED» AUGUST PRELIMINARY PREPARED SY FEDERAL RESERVE BANK OF ST. LOUIS PERSONAL INCONE COMPOUNDED ANNUAL RATES' U F CHANCE-------------------------------------------------------------- -------------------------- _________________________________________________________________________________ B ILL IO N S Of lNlflAL M N H OT £-75 "3 -7 f" 4—5 ■5-75” 6— '7^75' 0^75 7^ 75 ^-75 2.2 ^-75' 4.5 4. è 6.1 6 T#0 "779" 1Ö.6 "■"■5-75 ' "H-75“ ■ "7-75 l,2Cr.T 1— 74 2— 74 r-74" 4-74 5-74 4-74 7-74 DOLORS ANNUAL RATES 6*4 7r 9-75 10-75 11-75 N TERM INAL MNH OT 1-75 T,~201.y 5.3 j 1«213.5 II”.? ' là .6 15.4 ~2T."S iô .i a.i 1«253.7 Ì4.7 — 1.4 H 73 " "Ï2.T" 14*0 15*1 4.8 11.2 .... " T*223.T 1T.T 4.6 fc-t5 ~ t:ü - i;-25 15.9 1«¿67.5 11.ü 4-7i> U .7 13*0 13.7 7.7 12.4 4.5 11.3 1 2 .Ó 13.Ï 13*7 9.1 13*0 rn r 13.T 11.1 11.6 12.6 12.9" 9.1 12.T ) 10.7 11.4 9.1 ' \ 1 0 . 7 % I »304.2 8.4 7.4 1*300.2 9.4 4.9 12.2 9.4 11.1 10.1 4.é 4.4 1Ó.7 10. Ö 1»277« 1 \ "'1^=75 ” 1Ö.3 11-75 "12^75" lû .2 3-76 4.9 Ì0.7 11.2 11.4» 12.1 8.4 11.1 4.4 10.1 10.4 11.3 12.ô li.l ♦.S 11:3 16.4 10.4 lô .l l-> 6 1Ô.1 10.8 n .2 11.è 11.9 9.4 n n " 16.3 10.1 10.7 li.l 11.6 n .7 4.5 rra 10.3 ltf.4 ^ 1«¿90.8 1GVT "977" 1 »3 2 0 .8 1 ,3 3 1 .4 4.9 1 ,3 4 1 .9 4-76 10.1 1Ó.7 il.6 il.5 11.5 4.5 10.8 1Ô.2 Îd .3 4:é ' 4.4 1Ô.5 io.ô 4.4 4.4 5-76 lô .l 10.6 io . 4 11.3 11.4 4.5 16.7 10.2 1Ô.2 4.8 9.9 1Ô.3 4.9 9.8 4.8 4.4 6-76 4.4 10.4 10*6 11.0 ll.O 4.3 10.4 9.8 4.4 4.4 9.4 4.7 4.3" 4.Ô è .6 ¿«2 4.8 10.Ó 10*5 io*7 1 1 .1 i l A ' iô .ô i ô '.T 4.7 4.è iô .i 4.7 4.6 9.4 4.5 9 .4 12.0 4.7 1Ô.2 10.4 TÖ.7 1Ô.7 4.2 lo .l 4.4 4.4 9 .2 9 .3 4 .5 4 .1 è .4 8 .7 8 .4 8 .0 8 .7 1 -7 5 2-75 3 -7 5 4-75 5 -7 5 4-75 7 -7 5 8 -7 5 9 -7 5 1 0 -7 5 1 1 -7 5 1 2 -7 5 1-74 2-74 3-74 4-74 5-74 4-74 t-76 8— 76 ' 4.5 T Ö 3 1*352.5 1,362.4 1*370.4 1*38^.4 5 .4 1 1 ,3 0 9 .* >P 7-76 I N I T I A L MONTH P - PRfcLIMINARY PREPARED BY FEDERAL RESERVE BANK OF S T . LOUIS 8 RETAIL RATIO SA LE S SCALE BILLIONS RATIO OF D O L L A R S 1968 1969 1970 1971 BILLIONS ADJUSTED seasonally 1972 1973 1974 SCALE OF D O L L A R S 1975 1976 SOOftCEt 9. S. DEPARTMENT OF COMMERCE PERCENTAGES ARE ANNUAL RATES OF CMAMOE FOR PERIODS INDICATED. LATEST DATA PLOTTED* JULY, AUCUST ADVANCE ESTIMATE PREPARED (V FEDERAL RESERVE OAMK OF ST. LOO IS R E TA IL SALES _________________________________________________________________ COMPOUNDSP ANNUAL RATES OF CHANGE________________________________ ______________________ IfcKHINAL__________________________________________________________________ I N I T I A L MONTH__________________________________________________________________ M ILLIONS OF MONTH DOLLARS 9 -7 5 1 0 -7 5 1 1 -7 5 1 2 -7 5 1 -7 4 2 -7 4 3 -7 4 *—75 5 -7 5 * -7 4 5 -7 4 4 -7 6 7 -7 6 2 -7 5 3 -7 5 6 -7 5 7 -7 5 8 -7 5 1 -7 5 2 -7 5 2 8 .5 3 -7 5 -0 .3 -2 2 . 6 * 6 ,9 5 * * -7 5 6 .7 -0 .1 2 9 .0 5 -7 5 1 5 .0 1 0 .8 3 2 .5 3 6 .2 o -7 5 1 * .5 1 1 .2 2 5 .5 2 3 .9 1 2 .7 ^ ^ 7 -7 5 1 5 .5 1 3 .0 2 * .2 2 2 .7 1 6 .5 2 0 .* 6 -7 5 1 * .5 1 2 .* 2 1 .1 1 9 .2 1 * .0 1 * .7 *5,962 *6 ,9*8 *6,171 *b,fc>52 \ **,<♦11 ,77<* V—75 1 2 .2 1 0 .0 1 6 .7 1 * .3 9 .5 8 .* 2 .9 10—75 1 1 .b 9 .V 1 5 .5 1 3 .* 9 .3 8 .5 * .8 2 .7 8 .8 1 1 -7 5 1 2 .0 1 0 .3 1 5 .3 1 3 .5 1 0 .1 9 .6 7 .1 6 o4 1 1 .5 1 2 -7 5 1 2 .6 1 1 .2 1 5 .7 1 * .2 1 1 .3 11 .1 9 .3 9 .* 1 3 .9 1 6 .5 i 1 -7 6 1 2 .2 1 0 .8 1 4 .9 1 3 .* 1 0 .6 1 0 .6 9 .0 9 .0 1 2 .2 1 3 .4 1 3 .0 7 .5 2 -7 6 1 3 .2 1 2 .0 1 5 .9 1 * .6 1 2 .* 1 2 .* 1 1 .3 1 1 .7 1 * .9 1 6 .5 1 7 .2 1 6 .* 2 4 .2 ¿ —76 1 3 .6 1 2 .5 1 6 .1 1 5 .0 1 3 .0 1 3 .1 1 2 .2 1 2 .6 1 5 .5 1 6 .8 1 7 .5 1 7 .1 2 2 .2 1 8 .3 V —76 1 3 .2 1 2 .2 1 5 .* 1 * .* 1 2 .6 1 2 .6 1 1 .7 1 2 .0 1 * .* 1 5 .* 1 5 .6 1 4 .8 1 7 .3 1 3 .2 8 .2 5—7© 1 1 .0 1 0 .0 1 2 .7 1 1 .6 9 .8 9 .5 8 .5 8 .* 9 .9 1 0 .1 9 .4 7 .6 7 .4 2 .0 -5 .2 -1 7 . 0 6 -7 © 1 2 .0 1 1 .0 1 3 .7 1 2 .7 1 1 .1 1 1 .0 1 0 .1 10.2 1 1 .8 1 2 .2 1 1 .9 1 0 .8 1 1 .5 8 .1 4 .9 3 .3 7—7to 1 1 .0 1 0 .1 1 2 .5 1 1 .5 9 .9 9 .7 8 .9 8 .8 1 0 .1 1 0 .3 9 .8 8 .6 8 .7 5 .5 2 .4 0 .8 1 1 .0 -* .1 8 -7 6 1 2 .0 1 1 .2 1 3 .5 { 1 2 .6 1 1 .2 1 1 .1 1 0 .* 10.5 1 1 .9 1 2 .2 1 2 .0 11 .1 1 1 .7 9 .* 7 .7 7 .6 1 7 .3 12.2 3 1 .M 1 -7 5 2 -7 5 3 -7 5 5 -7 5 6 -7 5 ^ r - T r 6-75 S 16-75 11-75 12-75 1 -7 4 2 -7 6 -7 4 *-7to 5 -7 6 6 -7 6 7 -7 6 * -7 5 * 9 ,6** -7 5 *9 , V95 n 8 50,552 a o 7- 51,283 ^ a ^ V 51,592 52,601 53,3** i 53.694 52 »846 28^5^^ 53,983 53.797P 55,025E I N I T I A L MONTH P - PRELIMINARY t — fcSTlHAT tO PREPAREO BY FEOERAL RESERVE BANK OF S T . LOUIS SEPTEMBER 1 3 , 1976 9 HOURLY COMPENSATION» PRIVATE BUSINESS SECTOR COMPOUNDED ANNUAL RATES O f CHANGE_________ TERMINAL________________________ __________________________________________ I N I T I A L QUARTER_____________________________________ __ QUARTER 1 -7 3 3—71 4 -7 1 2 -7 4 3 -7 4 4 -7 4 1 -7 5 2 -7 5 3 -7 5 2 -7 2 3 -7 2 4 -7 2 1 -7 2 2 -7 3 3 -7 3 4 -7 3 1 -7 4 4 -7 1 5*2 5 .2 6 .7 5 .1 4 .6 1 -7 6 8 .3 2—72 4 -7 5 2*1 1—72 1967 « 100 3—72 * .9 5 .6 4—72 5 .5 6 .4 1 -7 3 6*B 7 .7 2 -7 3 6 «6 3 -7 3 6 .7 4 -7 3 1 3 6 .1 13 7 .8 1 3 9.2 4 .1 1 4 1 .» 6 .0 6 .0 7 .6 6 .4 1 0 .6 1 3 .3 7 .4 7 .Z 7 .6 9 .0 9 .5 5 .9 7 .3 7 .2 7 .6 8 .5 8 .6 6 .4 6 .9 £ .9 7 .5 7 .4 7 .7 8 .5 6 .6 7 .1 7 .7 7 .4 1 4 6 .4 146. b 1 5 1 .0 15 4.1 8 .5 1 -7 4 7 .0 7 .5 7 .6 8 .4 8 .5 7 .3 7 .8 8 .2 2 -7 4 7 .5 8 .0 6 .4 9 .0 9 .1 6 .3 9 .0 9 .6 1 0 .2 1 2 . 5 sv j l . 2 % 15 7.1 3 -7 4 7 .V 8 .4 8 .6 9 .4 9 .6 9 .0 9 .7 1 0 .4 1 1 .0 1 2 .6 4 -7 4 8 .1 6 .6 8 .9 9 .5 9 .7 9 .2 9 .7 1 0 .3 1 0 .6 1 1 .7 1 6 1 .6 1 6 6 .7 1 1 .3 1 7 0 .7 9 .9 s 1 -7 5 8 .4 8 .9 6 .9 9 .3 9 .8 1 0 .0 9 .6 1 0 .2 1 0 .8 1 1 .2 1 2 .0 1 1 .9 1 1 .5 2 -7 5 8 .3 6 .6 8 .6 9 .1 9 .6 9 .7 9 .3 9 .8 1 0 .2 1 0 .5 1 1 .0 1 0 .6 1 0 .0 1 0 .0 3 -7 5 6 .1 8 .5 8 .5 8 .8 9 .2 9 .3 8 .9 9 .3 9 .6 9 .7 1 0 .0 9 .5 8 .8 8 .4 4 -7 5 6 .1 8 .5 6 .5 6 .6 9*1 9 .2 8 .9 9 .2 9 .4 9 .6 9 .8 9 .3 8 .7 1 -7 6 8 .3 8 .7 6 .7 8*9 9 .3 9 .4 9 .0 9 .3 9 .6 9 .7 9 .9 9 .5 9 .0 2 -7 6 8 .3 8 .6 8 .8 9 .2 9 .2 8 .9 9 .2 9 .4 9 .5 9 .7 9 .3 3 -7 1 4 -7 1 2 -7 2 3 -7 2 4 -7 2 1 -7 3 2 -7 3 3 -7 3 4 -7 3 1 -7 4 2 -7 4 1 -7 2 1 7 6 .0 1 7 9 .0 6 .1 ^ 7 . 8 % 8 .4 6 .9 6 .8 8 .4 \ 6 .9 7 .8 8 .1 9 .6 8 .9 8 .7 7 .8 6 .0 9 .0 9 .3 3 -7 4 4 -7 4 1 -7 5 2 -7 5 3 -7 5 4 -7 5 1 6 1 .3 1 8 5 .0 1 0 .8 \ 1 8 9 .6 X 7 .8 \ 1 9 3 .4 1 -7 6 I N I T I A L QUARTER OUTPUT PER HOUR OF A LL PERSONS» PR IVATE BUSINESS SECTOR _______ COMPOUNDED ANNUAL RATES OF C H A N G E ________________ TERMINAL_________________________________________________ _________________I N I T I A L QUARTER__________________ ______________________________________________ 1967^ * 100 WUARTER 1 -7 5 2 -7 5 3 -7 5 4 -7 5 1 -7 6 3 -7 4 4 -7 4 2 -7 4 1 -7 3 2 -7 3 3 -7 3 4 -7 3 1 -7 4 3 -7 2 4 -7 2 1 -7 2 2 -7 2 3 -7 1 4 -7 1 4 -7 1 1 .5 1 0 8.2 -0 .4 1 -7 2 3 .4 1 09.1 1 1 0.4 2 -7 2 2 .6 4 .1 4 .9 3 -7 2 2 .3 3 .2 3 .1 1 .5 4 -7 2 3 .2 4 .2 4 .4 4 .2 7 .0 1 -7 3 3 .5 4 .3 4 .5 4 .4 5 .9 “ 1 1 0.6 1 1 2 .7 114*0 4 .7 1 11 2.8 2 -7 3 2 .4 2 .8 2 .7 2 .2 2 .4 0 ., 3 -7 3 1 .8 2 .1 1 .9 1 .4 1 .4 -0 .5 -3 .0 -1 .8 4 -7 3 1 .7 1 .9 1 .7 1 .2 1*2 -0 .3 -1 .9 -0 .7 1 -7 4 0 .8 0 .9 0 .6 2 -7 4 0 .4 0 .4 0 .1 3 -7 4 0 .1 0 .2 -0 .1 1 1 2 .3 1 1 2 .4 0 .4 ^ 2 7 % 110.5 -0 .2 -1 .6 -3 .1 -2 .7 -3 .2 —6 .6 -0 .5 -0 .7 -2 .0 -3 .2 -3 .0 -3 .4 -5 .3 -3 .9 s -0 .7 -1 .0 -2 .0 -3 .1 -2 .9 -3 .2 -4 .4 -3 .2 -2 .5 -4 .3 -3 .5 -3 .3 -4 .0 0 .1 1 0 9 .4 1 0 6 .7 1 0 7 .6 4 -7 4 -0 .2 -0 .2 -0 .5 -1 .0 -1 .3 -2 .3 -3 .2 -3 .1 -3 .4 1 -7 5 -0 .1 -0 .1 -0 .3 -0 .8 -1 .0 -1 .9 -2 .7 -2 .5 -2 .6 -3 .1 -2 .3 -1 .7 -1 .3 2 -7 5 0 .7 0 .8 0 .6 0 .3 0 .2 -0 .5 -1 .1 -0 .7 -0 .5 -0 .7 0 .6 1 .7 3 .2 7 .0 1 2 .6 3 -7 5 1 .2 1 .3 1 .2 0 .9 0 .8 0 .3 -0 .1 0 .3 0 .6 0 .6 1 .9 3 .1 4 .5 7 .5 1 0 .6 4 -7 5 1 .0 1 .1 1 .0 0 .7 0 .7 0 .1 —0 .3 0 .1 0 .4 0 .4 1 .4 2 .3 3 .3 5 .2 6 .5 ... - S 1 -7 6 1 .4 1 .5 1 .4 1 .1 1 .1 0 .7 0 .3 0 .8 1 .0 1 .1 2 .1 3 .0 3 .9 5 .6 6*7 4 .7 2 .8 7^3*^ 2 -7 6 1 .5 1 .6 1 .5 1 .3 1 .3 0 .9 0 .6 1 .0 1 .3 1 .4 2 .3 3 .1 3 .9 5 .3 6 .1 4 .5 3 .2 5 .6 3 -7 1 4 -7 1 1 -7 2 2 -7 2 3 -7 2 4 -7 2 1 -7 3 2 -7 3 3 -7 3 4 -7 3 1 -7 4 2 -7 4 3 -7 4 4 -7 4 1 -7 5 2 -7 5 3 -7 5 4 -7 5 1 0 8 .0 r 1 1 1 .3 1 1 3 .6 .¿ .r a 11 3.2 115.2 3.91 1 1 6 .3 1 -7 6 IN I T I A L QUARTER PREPARED BY FEDERAL RESERVE BANK OF S T . AUGUST 3 0 » 1976 10 LOUIS PRODUCTIVITY, COMPENSATION, AND LABOR COSTS R ATI O SCALE R A TI O SCALE 1 96 7 -10 0 SEASONALLY ADJUSTED 1 96 7 -10 0 SOVRCEt O.S. fCPAKTMCNT Of LAMft PERCENTAtES ARC ANNUAL RATES OF CHANOE F M P1RIO0S INOICATCO. LATEST DATA PLOTTED» 2N0 OtfARTER PREPARES »Y FEDERAL RESERVE RANK OF ST. LORIS U N IT LABOR COSTS« PRIVATE BUSINESS SECTOR COMPOUNDED ANNUAL RATES OF CHANGE _________________________________________ _________________ 1967 « 100 TERMINAL________________________________________ i_________________________ I N IT IA L QUARTER QUARTER 2 -7 5 3 -7 5 4 -7 5 1 -7 6 2 -7 4 3 -7 4 4 -7 4 * -7 5 1 -7 3 3 -7 3 3 -7 1 4 -7 1 1 -7 2 2 -7 2 4 -7 2 1 -7 4 3 -7 2 2 -7 3 4 -7 1 1 -7 2 3*6 1 2 3 .3 2 .6 1 2 4 .7 4 .6 1 2 4 .8 2 -7 2 2 .5 2 .4 0*3 3 -7 2 2*5 2*5 1*4 2 .6 1 2 5 .6 4 -7 2 2*2 ¿*1 1*3 1*8 1*0 1 2 5 .9 1 -7 3 3 .2 3 .3 3 .0 3 .9 4*5 2 -7 3 4 .2 4*4 4 .4 5 .4 6 .4 9 .3 3 -7 3 4*8 5*1 5*2 6 .2 7*1 9 .2 1 2 8 .4 1 8 .2 \ 1 3 1 .6 10*3^ 9 .7 1 3 4 .5 9 ,r 137*1 4 -7 3 5*1 5 .4 5*6 6*5 7*3 8 .9 9*1 8*5 1 -7 4 6 .1 6*5 6.8 7*7 8 .6 1 0 .2 1 0 .7 10*9 11*8 8*0\ I5 .7 \ 2 -7 4 7*1 7 .5 7 .9 8*9 9 .8 1 1 .3 1 2 .0 1 2 .4 13*5 1 6 .4 i7 .o \ 3 -7 4 7 .8 8 .3 8*6 9*6 10*5 1 2 .0 12*6 13*0 14*1 lé «2 1 6 .4 15^7\ 4 -7 4 8*3 8 .8 9 .1 10*1 10*9 12*8 13*2 1 4 .1 15*7 15*7 15*0 1 4 V . 1 -7 5 8*5 8 .9 9 .3 1C*2 11*0 U f 1 12*6 13*0 1 3 .6 1 4 .8 1 4 .6 !? ♦ ? 1 2 .8 2—75 7 .5 7 .9 8 .1 8 .6 9 .4 10. 3 1 0 .5 10*5 1 0 .7 U «2 10*3 142*2 1 4 7 .9 1 4 .8 % 153*4 158*6 1 6 2 .9 1 1 .3 V 6 .5 2 .8 1 6 0 .8 —5*1 3 -7 5 6*8 7 .1 7 .3 7 .9 8 .3 9 .0 9 .1 9 .0 8*9 9*1 8*0 6 .3 4 .0 0 .8 -4 .0 —3*0 4 -7 5 7*0 7 .3 7*5 8 .0 **5 9*1 9*2 9*1 9*1 9 .2 8 .3 6 .9 5 .2 3 .1 0*5 3*4 1 -7 6 6*8 7 .0 7 .2 7*7 8*1 8*6 8 .7 8 .5 8*4 8*5 7** 4 .9 3 .1 1*1 3 .2 6*5 3 .0 2 -7 6 6 .6 6 .9 7 .0 7 .4 7*8 8 .3 8 .3 8 .1 8 .0 8 .0 7*2 6 .0 4 .7 3 .2 1*6 3 .4 5 .6 3 .3 3 -7 1 4 -7 1 1 -7 2 2 -7 2 3 -7 2 4 -7 2 1 -7 3 2 -7 3 3 -7 3 4—73 1 -7 4 2 -7 4 3 -7 4 4 -7 4 1 -7 5 2 -7 5 3 -7 5 4 -7 5 159*6 1 0 * l\ 1 6 3 .5 1 6 4 .7 à 1 6 6 .2 1 -7 6 IN I T I A L QUARTER PREPAREO BY FEDERAL RESERVE BANK OF S T . AUGUST 3 0 « 1976 11 LOUIS GROSS NATIONAL PROOUCT IN CURRENT DOLLARS CONPOUNOEO ANNUAL RATES OF CHANGE TERMINAL QUARTER v m io r c or DOLLARS I N I T I A L QUARTER 3— 71 4 -7 1 1 -7 2 2 -7 ? 3 -7 2 4 -7 2 1 -7 3 2 -7 3 3 -7 3 4 -7 3 1 -7 4 2 -7 4 3 -7 4 4 -7 4 1 -7 5 2 -7 » 3 -7 5 4 -7 » 1 -7 » ÄÄ O Ä L RATES 7 >2_________ 1 »0 9 1 »2 1 -7 2 10 >4 U .l 2 -7 2 1 0 ,4 12>4 11*0 1 »1 5 6 ,7 3 -7 2 1 0 ,2 1 1 ,2 9 ,9 1 »1 6 1 ,4 4 -7 2 1 0 ,a 1 1 ,7 1 1 ,1 1 »1 2 7 ,0 1 1 ,1 ~S=H “ 4^71" ~l-"7 ?~ 2 "-7 2 ~ 1 3 ,5 3 -7 2 4 -7 2 ' 1 -7 5 2 -7 3 5 -7 3 T 4 -7 3 1 -7 4 2 -7 4 3 -7 4 4 -7 4 1 -7 5 2 -7 5 " 5 -7 5 4 -7 5 1 -7 4 i N l t l A L QUARTER GROSS NATIONAL PRODUCT IN CONSTANT 1972 DOLLARS _________COMPOUNDED AIÜUAL RATES O f CHANGE___________ B IL L IO N S Of DOLLARS ANNUAL RATES I N I T I A L QUARTER TERM INAL QUARTER 3 -7 1 4 -7 1 1 -7 2 4 -7 1 3 ,5 1 -7 2 5 ,5 6 ,0 6 ,9 4 -7 2 6 .5 7 ,3 7 .2 1 -7 3 7 ,0 7 ,7 7 ,6 6 ,5 3 -7 3 5 ,5 5 ,6 4 -7 3 5 ,1 3 -7 2 4 -7 2 1 -7 3 2 -7 3 3 -7 3 4 -7 3 1 -7 4 2 -7 4 3 -7 4 4 -7 4 1 -7 5 2 -7 5 3 -7 5 4 -7 5 1 -7 6 1 »1 2 0 ,3 7 ,6 3 -7 2 2 -7 2 _____________________________________________________ ___________ ______________________________________________ 5 ,3 7 ,7 1 -7 4 1 »1 6 3 ,0 7 ,9 1 »1 7 6 ,0 3 ,3 6 .5 1 »2 0 2 .2 7 ,7 9 ,0 1 »2 2 9 ,6 6 ,3 5 ,9 6 ,1 1 »2 3 1 .1 5 ,5 5 ,0 4 ,9 1 »2 3 6 .3 1 »2 4 2 ,6 4 ,2 ____4 ,2 ____ 3 ,6 ____ 3 ,3 3 .0 2 .9 -3 .9 -0 .6 -0 .6 -1 .7 -3 .5 0 .5 -0 .9 -1 .2 -1 .9 0 .5 -0 .4 -1 .6 -2 .1 -2 ,9 2 .5 3 .0 2.1 -1 .0 1 .0 1 .5 3 .5 1 .0 ~3.2% -2 .a -4 ,1 1 »2 3 0 .4 1 »2 2 0 .8 -3 .1 -2.6 1 » 2 12 .9 S=8.4%" 1 »1 9 1 .7 -4 ,2 1 .3 1 .1 0 ,6 -0 ,1 -0 ,6 -1 ,5 -2 .8 -3 .3 -4 .1 —5 ,3 -5 .6 1 .6 1 .4 1 ,0 0 ,4 -0 ,0 -0 ,6 -1 .9 -2 .2 -2 .8 -3 ,5 -3 .5 3 -7 5 2 .1 2 .1 1 .7 1 ,2 0 ,9 0 .2 -0 .7 -0 .8 -1 .1 -1 ,5 -1 .1 -0 ,8 -0 ,3 2 ,0 a ,5 4 -7 5 2 .2 2 .1 1 .6 1 ,4 1 ,1 0 .5 -0 .3 -0 .4 -0 .6 -0 .9 -0 .5 -0 .1 0 ,4 2 ,3 6 ,7 7 ,3 1 -7 6 2 .6 2 .5 2 .2 1 ,9 X«6 1 .1 0 .4 0 .4 0 .3 0 .1 0 .6 1 ,2 1 ,8 3 ,6 7 ,3 7 ,9 6 ,2 9 .2 ^ ^ ^ 1 .2 4 6 .3 • 0 f* I 1 » 1 61 .1 1 -7 5 2 -7 5 2 .7 2 .6 2 ,4 2 ,0 1 .1 1 ,6 6,8 1 .2 6 0 .0 ¿-71 “ 4-71 1-72 4-75 1 #8 2-72 ^ 7 2 1 .4 0 .7 4-72 1-75 0 ,8 0 .7 0 ,6 2-73 "5-75" "4-75“ 1 -7 4 -6 .5 -6 ,4 -3 ,9 —9 , 9 1 " ' ~1 -2 ,4 5 ,6 1 .1 7 7 .1 1 »2 0 9 .3 1 .2 1 9 .2 3,8 6,8 7 ,0 5,6 2-74 ~5=*74 ■ "4-74 1-75 2-75 3-75 2,2 4.5j 1 -7 6 " PREPARED BY FEDERAL RESERVE BAWTOT s r . SEPTEMBER 2 1 » 1976 12 LOU?S DEMAND AND P R O D U C T I O N R A T I O SCALE QUARTERLY TOTALS AT ANNUAL RATES R A T I O SCALE T R I L L I O N S OF DOLLARS SEASONALLY ADJUSTED T R I L L I O N S OF D O L L A R S 1 8 .6 1.1 0 .9 0.8 1968 1969 1970 1971 1972 1973 1974 1975 1976 SOURCE* U.S. DEPARTMENT OF COMMERCE UJ8NP IN CURRENT DOLLARS. B£NP IN 1972 DOLLARS. PERCENTACES ARE ANNUAL RATES OF CHANCE FOR PERIODS INOICATEO. LATEST DATA PLOTTED« 2ND QUARTER PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 13 GENERAL P R I C E RATIO IN D E X * SCALE RATIO 1972-100 1968 SCALE 1972-100 1969 1970 1971 19 7 2 1973 1974 1975 1976 *A8 UtCD tN NATIONAL INC M E ACCOUNTS SOOftCEt U.S. DEPARTMENT OF COMMERCE PERCENTAOCS ARE ANNUAL RATES OF CMAMOE FOR PER 1008 INOICATED. LATEST DATA FLOTTE«« 2MD M A R T E « PREPARED DY FEDERAL RESERVE DANK OF ST. LOUIS IM P L IC IT PRICE DEFLATOR FOR GROSS NATIONAL PROOUCT __________ COMPOUNDED ANNUAL RATES OF CHANGE_________ TERMINAL__________________________________________________________________ I N I T I A L QUARTER____________________________________________ ______________ Q ua r ter 2 -7 3 2 -7 5 3 -7 1 4 -7 1 1 -7 2 2 -7 2 1 -7 4 2 -7 4 3—74 4 -7 4 I -7 5 3 -7 2 1 -7 3 3 -7 3 4 -7 3 3 -7 5 4 -7 5 4 -7 2 1 -7 6 4 -7 1 3 *6 1 -7 2 4 .7 5 .6 2 -7 2 4 .1 4 .3 2 .8 5 -7 2 3 .9 4 .0 3 .1 3 .4 * -7 2 4 .0 4 .2 3 .6 4 .0 1972 * 100 9 7 .3 8 9 8 .7 6 9 9 .4 5 10 0.29 10 1.44 4 .7 1 -7 3 4 .3 4 .5 4 .2 4 .6 5 .3 2 -7 3 4 .7 4 .9 4 .7 5 .2 5 .8 6 .4 7 .0 ^ \ 3 -7 3 5 .1 5 .3 5 .2 5 .7 6 .3 6 .8 7 .3 7 10 2.89 .7 104.65 10 6.57 ^ \ 4 -7 3 5 .6 5 .8 5 .8 6 .3 6 .9 7 .5 8 .1 8.6 1 -7 4 6 .0 6 .2 6 .3 6 .8 7 .4 7 .9 8*4 8 .9 9 .6 2 -7 4 6 .5 6 .7 6 .9 7 .4 7 .9 8 .5 9 .0 9 .5 10 .2 1 0 .5 1 1 .5 v j l . 2 % 10 9.05 W 11 1.56 114.64 3 -7 4 6 .9 7 .2 7 .4 7 .9 8 .5 9 .0 9 .6 10 .1 10 .8 1 1 .1 1 1 .9 4 -7 4 7 .4 7 .7 7 .9 8 .4 8 .9 9 .5 10 .0 1 0 .5 1 1 .1 1 1 .5 1 2 .2 12 .5 12 ^ t \ 1 -7 5 7 .6 7 .9 8 .0 8 .5 9 .1 9 .6 10 .0 1 0 .5 1 1 .0 I I . 2 ! 1 1 .6 11.7 1 1 .* 1 0 .l\ 2 -7 5 7 .3 7 .6 7 .6 b .2 8.6 9 .0 9 .4 9 .7 10 .0 1 0 .l 1 0 .2 9 .8 9 .0 7 .2 — 1 11 8.03 12 1.60 124.55 12 5.93 v ^ 5 .4 % 3 -7 5 7 .3 7 .6 7 .7 8 .1 8 .5 8.8 9 .2 9 .4 9 .6 9 .6 9 .6 9 .3 8 .5 7 .2 5 .7 7 .0 4 -7 5 7 .3 7 .5 7 .7 8 .0 8 .4 8 .7 9 .0 9 .2 9 .3 9 .3 9 .3 8 .9 8 .2 7 .1 V2 7 .0 7 .X . 13 0.27 1 —7o 7 .1 7 .3 7 .4 7 .7 8 .0 8 .3 8 .5 8 .6 8 .7 8.6 8 .5 8 .1 7 .4 6 .3 5 .4 5 .7 5 .1 3 .2 13 1.29 2 *76 7 .0 7 .2 7 .2 7 .5 7 .8 8 .0 8 .2 8 .3 8 .4 8 .3 8 .1 7 .7 7 .0 6 .1 5 .4 5 .6 5 .1 4 .2 3 -7 1 4 -7 1 1 -7 2 2 -7 2 3 -7 2 4 -7 2 1 -7 3 2 -7 3 3 -7 3 4 -7 3 1 -7 4 2 -7 4 3 -7 4 4 -7 4 1 -7 5 ” 2 -7 5 3 -7 5 4 -7 5 in it ia l 12 8.07 5 .2 ) 13 2.96 1 -7 6 o u a r te r PREPARED F£DERal RÉSERVÉ Sank öf s ì . SEPTEMBER 21* 1976 14 lö u IT PERSONAL CONSUMPTION EXPENDITURES IN CURRENT DOLLARS . COMPOUNDED ANNUAL RATES OF CHANGE TERMINAL QUARTER ___________ 3 -7 1 ______ 4 -7 1 1—72 2 -7 2 3 -7 2 4 - 7 1 _ 7 ,9 _ 4 -7 2 1 -7 3 QUARTER 2 -7 3 3 -7 3 4 -7 3 1 -7 4 2 -7 4 3 -7 4 4 -7 4 1 -7 3 2 -7 5 3 - 75 4 -7 5 t -7 6 DOLLARS ANNUAL PATES _____ ____ 6 8 7 .1 7 0 5 .9 1 -7 2 9 ,7 1 1 ,4 _______ ______________________________________ ______ 2 -7 2 1 0 ,1 1 1 ,2 1 1 ,1 3 -7 2 9 ,7 1 0 .3 9 .8 4 -7 2 1 0 ,3 1 0 .9 1 0 ,7 1 0 .5 1 -7 3 1 0 ,9 1 1 ,5 1 1 ,3 1 1 ,7 1 3 .3 1 4 ,0 2 -7 3 1 0 ,4 1 0 ,8 1 0 ,6 1 0 ,5 1 1 ,2 1 0 ,6 3 -7 3 1 0 .2 1 0 ,5 1 0 ,3 1 0 .2 1 0 .6 1 0 ,0 8 ,0 8 .9 4 -7 3 9 ,9 1 0 ,1 9 .9 9 .7 1 0 .0 9 ,4 7 .8 8 .2 2 -7 4 1 0 ,1 1 0 ,3 1 0 .2 1 0 .1 1 0 .3 1 0 .0 9 .2 9 .7 1 0 ,0 1 1 .2 1 2 .4 3 -7 4 1 0 .4 1 0 .6 1 0 .5 1 0 .5 1 0 .7 1 0 .5 9 .9 1 0 .4 1 0 .8 1 2 .0 1 2 .9 1 3 .4 4 -7 4 9 ,7 9 .9 9 ,7 9 .6 9 ,7 9 .4 • .7 9 .0 9 .0 9 ,4 9 .1 7 .5 1 .9 2 -7 5 9 ,9 1 0 .0 9 ,9 9 .0 1 0 .0 9 .7 9 .2 9 .5 9 .6 9 .9 9 .9 9 .3 7 .9 1 1 .1 1 2 .1 3 -7 5 1 0 .0 1 0 ,1 1 0 .1 1 0 .0 1 0 .1 9 .9 9 .5 9 .7 9 .8 1 0 .2 1 0 .2 9 .8 0 .9 1 1 .3 1 1 .9 1 1 .7 4 -7 5 1 0 ,0 1 0 .2 1 0 .1 1 0 .0 1 0 .1 9 .9 9 .4 9 .8 9 .9 1 0 .2 1 0 .2 9 .9 9 .2 1 1 .1 1 1 .4 1 1 .1 1 0 ,4 1 -7 6 1 0 .2 1 0 .3 1 0 .3 1 0 .2 1 0 .3 1 0 .2 9 .9 1 0 .1 1 0 .2 1 0 .5 _____________ 7 2 4 .7 8 , 5 _______________________________________________________________________________________ 739^7_ 1 2 ,5 ____________________________________ _____________ 7 ,2 8 0 1 ,0 8 1 8 .2 __ 8 3 3 ,1 7 .5 1 -7 4 853j»3>__ 8 7 8 ,7 9 0 6 ,8 9 1 1 ,1 1 -7 5 9 3 3 ,2 9 6 0 ,3 9 8 7 ,3 1 »0 1 2 ,0 1 * 0 4 3 ,6 3-71 4 -7 1 1 -7 2 2-72 3-72 4-72 1-73 2-73 3-73 4 -7 3 1 0 .6 1 0 .3 9 .8 1 1 .5 1 1 .0 1 1 .7 1 1 .7 1 3 ,1 1 0 .3 10.1 9 .6 1 0 .9 1 1 .1 1 0 .9 1 0 .6 1 0 ,7 8 ,3 1-74 2-74 1-74 4-74 1 -7 5 2 -7 5 3 -7 5 4 -7 5 1 -7 6 1 »0 6 4 ,7 I N I T I A L QUARTER PERSONAL CONSUMPTION EXPENDITURES IN CONSTANT 1972 DOLLARS COMPOUNDED ANNUAL RATES OF CHANGE TERMINAL QUARTER 3 -7 1 4 -7 1 B IL L IO N S DOLLARS ANNUAL RAtES I N I T I A L QUARTER 4 -7 1 1 -7 2 2 -7 2 3 -7 2 4 -7 2 1 -7 3 2 -7 3 3 -7 3 5 ,1 4 -7 3 1 -7 4 2 -7 4 3 -7 4 4 -7 4 1 -7 5 2 -7 5 3 -7 5 4 -7 5 1 -7 6 7 0 2 ,3 1 -7 2 5 ,9 6 ,7 2 -7 2 6 ,7 7 ,5 8 .3 7 1 3 ,7 3 -7 2 6 ,3 6 ,7 6*8 5 ,3 4 -7 2 6 ,8 7 ,2 7 ,4 6 ,9 8 ,6 1 -7 3 7 ,0 7 ,4 7 .6 7 ,3 8 .4 8.2 2 -7 3 5 ,9 6 ,0 5 .9 5 ,3 5 ,3 3 ,0 -0 .5 3 -7 3 5 ,4 5 .4 5 ,2 4 ,6 4 ,5 3 ,1 0 .7 4 -7 3 4 .5 4 ,4 4 ,1 3 ,4 3 ,1 1 ,7 -0 ,3 -0 ,2 -2 .3 1 -7 4 3 ,8 3 .7 3 ,3 2 ,6 2 ,2 1 .0 -0 .8 -0 ,9 -2 ,2 -2 .1 2 -7 4 3 ,5 3 .3 2 .9 2 ,3 1 ,9 0 .8 -0 .6 -0 ,6 -1 .5 -1 .0 7 2 8 ,1 7 3 7 ,5 7 5 2 ,8 7 6 7 ,7 7 6 6 ,8 1 ,9 7 7 0 ,4 7 6 5 ,9 7 6 1 ,8 0 .1 7 6 1 .9 3 -7 4 3 ,3 3 ,1 2.8 2 .2 1 .8 0 .9 -0 .3 -0 ,2 -0 .7 -0 .2 0 ,8 1 .5 4 -7 4 2 ,4 2 ,1 1 .7 1 .1 0 .6 -0 .3 -1 .5 -1.6 -2.3 -2.3 -2 ,4 -3.6 -0 .4 1 -7 5 2 .4 2,2 1 ,9 1 .3 0 .9 0 .1 -0 .9 -0 .9 -1 .4 > -1 .2 -0 ,9 -1.3 -2.6 2 -7 5 2 .7 2 ,6 2 ,3 1 .8 1 ,5 0 .8 -0 ,0 0 .0 -0 .2 0 .1 0 ,6 0 .7 0 .5 5 .3 7 .0 3 -7 5 2,8 2 ,7 2 ,4 2,0 1 ,7 1 .1 0 ,4 0 ,5 0 .3 0 .7 1,2 1.4 1.4 4 .9 5 .6 4 ,1 4 -7 5 2 ,9 2 ,8 2 ,5 2 ,1 1 .9 1*4 0 ,8 0 ,9 0 .8 1 .2 1.6 1 .9 2 .0 4 .0 5 .2 4 .3 1 -7 6 3 .2 3 ,1 2 ,9 2 ,6 2 .4 1 .9 1 .4 1 ,6 1 .6 2.0 2 .5 2 .9 3.1 5 .6 6*1 5 .0 6 .7 8 ,9 2 -7 6 3 ,3 3 ,2 3 ,0 2 ,7 2 ,5 2 .1 1 .6 1 ,8 1 .8 2 .2 2 .7 3 .0 3.2 5 .3 5 .7 5 .4 5 ,8 6 ,4 4 ,0 3— 7l 4 -7 1 1 -7 2 ¿ -7 2 5^72 4=72 l-7 i F -T i 3—7i 4 -7 3 1-74 2 -7 4 3 -7 4 4 -7 4 1 -7 5 2 -7 * 3 -7 5 4 -7 5 1 -7 6 7 6 4 ,7 7 4 8 ,1 7 5 4 .6 3 .5 7 6 7 ,5 7 7 5 ,3 7 8 3 ,9 4 .5 8 0 0 ,7 8 0 8 ,6 INITIAL QUARTER PREPARED BY FEDERAL RESERVE BANK OF S T . LOUIS AUGUST 1 9 » 1976 15 M O S S PRIVATE DOMESTIC INVESTMENT IN CURRENT DOLLARS ____________ CONPOUNOED ANNUAL RATES O f CHANGE_________________ TERMINAL__________________________________________________________________ I N I T I A L QUARTER__________________________________________ _ QUARTER 3 -7 2 4 -7 2 1 -7 2 2 -7 2 1 -7 3 1 -7 5 2 -7 5 3 -7 1 4 -7 1 2 -7 3 3 -7 3 4 -7 3 3 -7 5 1 -7 4 2 -7 4 3 -7 4 4 -7 4 4 -7 1 20*5 2 0 .3 2 5 .0 1 -7 6 3 0 .3 2 -7 2 4 -7 5 11*4 1 -7 2 B IL L IO N S OF DOLLARS ANNUAL RATES ____ 1 6 5 .4 1 7 6 .7 1 9 .9 1 8 4 .9 3 -7 2 1 8 .6 2 1 .2 1 6 .8 1 3 .9 4 -7 2 1 9 .2 2 1 .2 1 8 .4 1 7 .6 2 1 .4 1 -7 3 1 9 1 .0 2 0 0 .5 1 9 .6 2 1 .3 1 9 .2 1 8 .9 21*6 2 1 .7 2 -7 3 IB *9 2 0 .2 1 8 .3 1 7 .9 1 9 .3 1 8 .2 1 4 .8 3 -7 3 1 6 .9 1 7 .7 1 5 .7 1 4 .9 1 5 .2 1 3 .2 9 .1 4 -7 3 1 7 .5 1 8 .3 1 6 .7 1 6 .2 1 6 .6 1 5 .5 1 3 .4 1 2 .8 2 2 .6 1 -7 4 1 2 .6 1 2 .7 1 0 .7 9 .4 8 .7 6 .3 2 .8 -1 .0 -3 .2 2 1 0 .6 2 1 8 .0 3 .7 2 2 0 .0 2 3 1 .5 -2 3 .6 2 1 6 .4 1 1 .B 1 1 .8 1 0 .0 8 .8 8 .1 6 .0 3 .1 0 .4 • 4 .5 9 .8 9 .7 7 .8 6 .6 5 .7 3 .6 0 .9 -1 .7 -3 .0 -1 0 .3 -2 .8 -9 .7 4 -7 4 8 .B 8 .5 6 .8 5 .5 4 .6 2 .7 0 .2 -2 .0 -3 .1 -3 .0 -6 .6 -9 .5 o -0 .7 % 2 -7 4 3 -7 4 -8 .6 2 1 8 .8 2 1 3 .3 2 1 1 .5 —3 .3 1 -7 5 2 .0 1 .3 —0 .8 -2 .5 -4 .0 -6 .5 2 -7 5 0 .6 -0 .2 -2 .2 -3 .8 -5 .3 - 7 . 6 -1 0 .4 -1 3 .2 -1 5 .3 -2 0 .4 -1 9 .7 -2 4 .9 -2 9 .3 -3 9 .6 -1 7 .3 -1 2 . 5 - 1 5 . 0 - 2 1 . 0 - 2 0 . 3 - 2 7 . 2 —3 4 .7 - 5 5 . 9 1 .0 3 -7 5 5 .1 4 .7 3 .1 1 .9 4 -7 5 5 .4 5 .0 3 .6 2 .5 1 .6 0 .1 -1 .6 -3 .1 -3 .8 -6 .7 -4 .0 1 -7 6 8 .2 8 .0 6 .8 5 .9 5 .4 4 .3 2 .9 1 .9 1 .7 -0 .4 3 .0 2 -7 6 8 .7 8 .5 7 .4 6 .6 6 .2 5 .2 4 .0 3 .1 3 .1 1 .3 3 -7 1 4 -7 1 1 -7 2 2-72 3-72 4 -7 2 1-73 2-73 3-73 4-73 -0 .7 -2 .7 -4 .5 -5 .4 -6 .9 1 7 2 .4 1 6 4 .4 3 0 .2 1 0 4 .9 -7 .8 -9 .2 -5 .4 -4 .5 -4 .8 2 3 .0 5 0 .1 9 .9 2 .8 5 .0 6 .8 3 3 .2 56*1 3 6 .2 6 8 .9 4 .6 4 .6 6 .8 8 .6 3 0 .0 4 5 .5 2 9 .8 4 1 .1 1 7 .8 1-74 2-74 3-74 4-74 1-75 2-75 3 -7 5 4-75 1-76 —6 .2 -6 .2 1 9 6 .7 2 0 1 .4 2 2 9 .6 2 3 9 .2 GROSS PR IVATE DONESTIC INVESTMENT IN CONSTANT 1972 DOLLARS ________________COHPOUNOEO ANNUAL RATES OF CHANGE_____________________________ ___________ B IL L IO N S OF TERM INAL__________________________________________________________________ I N I T I A L QUARTER _____________________________________________________________ DOLLARS ANNUAL RATES QUARTER 2 -7 5 1 -7 4 3 -7 5 4 -7 5 3 -7 2 1 -7 3 2 -7 3 1 -7 5 1 -7 6 3 -7 1 4 -7 1 2 -7 4 3 -7 4 4 -7 4 1 -7 2 2 -7 2 4 -7 2 3 -7 3 4 -7 3 1 6 9 .7 4 -7 1 6 .6 1 -7 2 1 5 .0 2 4 .1 2 -7 2 1 5 .6 2 0 .4 1 7 9 .1 1 6 .8 1 8 6 .2 1 9 0 .2 3 -7 2 1 3 .9 1 6 .4 1 2 .8 8 .9 4 -7 2 1 4 .4 1 6 .4 1 4 .0 12*6 1 6 .5 1 -7 3 1 4 .5 1 6 .1 1 4 .2 1 3 .4 1 5 .7 1 4 .9 2 -7 3 1 3 .2 1 4 .3 1 2 .5 1 1 .4 1 2 .2 1 0 .2 1 9 7 .6 2 0 4 .6 2 0 7 .4 5 .6 2 0 4 .9 3 -7 3 1 0 .8 1 1 .4 9 .4 8 .0 7 .7 5 .0 0 .3 -4 .7 4 -7 3 1 1 .1 1 1 .7 1 0 .1 9 .0 9 .0 7 .2 4 .7 4 .3 14 .2 1 -7 4 6 .4 6 .3 4 .3 2 .6 1 .6 -1 .1 -4 .8 -6 .0 -9 .6 2 -7 4 4 .4 4 .2 2 .2 0*5 -0 .7 -3 .3 —6 .6 - 9 . 4 -1 0 . 9 - 2 1 . 3 - 1 3 . 4 -9 .5 2 1 1 .8 1 9 4 .8 —2 8 .4 1 8 7 .9 1 7 6 .2 3 -7 4 1 .8 1 .4 -0 .7 -2 .4 -3 .8 -6 .3 4 -7 4 0 .4 -0 .1 -2 .1 -3 .8 -5 .1 - 7 . 5 - 1 0 . 3 - 1 2 . 7 -1 4 . 2 - 2 0 . 2 - 1 7 . 2 - 1 9 . 0 - 1 5 . 2 1 -7 5 -7 .0 -6 .0 - 1 0 . 3 - 1 2 . 4 - 1 4 . 3 - 1 7 . 2 - 2 0 . 5 - 2 3 . 7 - 2 6 . 4 —3 2 .6 - 3 3 . 6 - 3 9 . 2 - 4 6 . 2 - 6 5 . 8 2 -7 5 -7 .2 -8 .1 -1 0 .2 -1 2 .2 -1 3 .9 -1 6 .4 -1 9 .3 -2 2 .0 -2 4 .2 3 -7 5 -2 .9 -3 .5 -5 .2 -6 .7 -7 .9 -9 .8 4 -7 5 -3 .0 -3 .5 -5 .1 —6 .5 -7 .6 1 -7 6 0 .0 -0 .4 -1 .7 -2 .8 2 -7 6 0 .6 0 .3 -1 .0 -2 .0 3 -7 1 4 -7 1 1 -7 2 “ 2-73"" -1 2 .2 - 1 4 . 0 - 2 1 . 8 - 1 8 . 2 - 2 2 . 7 16 9.1 1 2 9 .3 12 6.2 -2 9 .2 -2 9 .3 -3 2 .8 -3 5 .9 -4 4 .3 -9 .3 -1 5 .6 -1 5 .8 3 2 .3 9 2 .6 - 9 . 4 - 1 1 . 3 -1 2 . 9 - 1 3 . 7 - 1 6 . 7 - 1 4 . 9 - 1 5 . 1 - 1 3 . 5 - 1 3 . 1 1 6 .7 3 5 .7 -1 2 . 0 - 1 3 . 7 - 1 4 . 8 - 1 6 . 3 - 1 6 . 5 - 1 7 . 1 1 4 8 .7 1 4 7 .0 -4 .5 -5 .0 —6 .5 -7 .6 -7 .8 -1 0 .0 -7 .4 -6 .5 -3 .5 -0 .9 2 9 .2 4 5 .4 2 6 .3 6 7 .0 16 7.1 -2 .7 -3 .9 -5 .3 -6 .1 -6 .2 -6 .1 -5 .5 -4 .4 -1 .5 1 .0 2 5 .5 3 6 .1 2 1 .1 3 6 .4 1 7 1 .7 3 -7 2 4—72 1 -7 3 2 -7 3 3 -7 3 4 -7 3 1 -7 4 2 -7 4 3 -7 4 4 -7 4 1 -7 5 2 -7 5 3 -7 5 4 -7 5 1 -7 6 W lf t A L fe lA tm PREPAREO BY FEOERAL RESERVE BANK OF S T . LOUIS AUGUST 1 9 , 1976 16 GOVERNMENT PURCHASES OF GOOOS AND SERVICES 1 1 CURRENT DOLLARS 1 ______________ COHPOUNOCO ANNUAL RATES OF CHANGE________________ TERMINAL QUARTER B IL L IO N S OF DOLLARS ANNUAL RATES I N I T I A L QUARTER 3 -7 1 4 -7 1 1 -7 2 2 -7 2 3 -7 2 4 -7 2 1 -7 3 2 -7 3 3 -7 3 4 -7 3 1 -7 4 2 -7 4 3 -7 4 4 -7 4 1 -7 5 2 -7 5 3 -7 5 4 -7 5 1 -7 6 2 3 9 .6 4 -7 1 7 .1 1—72 11*0 16*6 2 -7 2 8 .9 9*8 3 .4 249*0 251*1 253*0 3 -7 2 7 .4 7 .5 3 .2 3 .1 4 -7 2 B .O 8 .2 5 .5 6 .6 1 0 .2 1 -7 3 • *4 8 .7 6 .7 7 .9 1 0 .4 1 0 .6 239*2 265*8 265*1 2 -7 3 7 .0 7 .0 5 .1 5 .6 6 .4 4 .6 -1 .0 3 -7 3 6 .9 6 .9 5 .4 5 .8 6 .4 5 .2 2 .7 6 .5 4 -7 3 7 .6 7 .7 6 .5 7 .0 7 .8 7 .2 6 .1 9*8 269*3 277*8 1 3 .2 288*0 1 -7 4 8 .4 8 .5 7 .5 8 .1 9 .0 8 .8 8 .4 1 1 .7 1 4 .4 1 5 .5 2 -7 4 • •9 9 .1 8 .3 8 .9 9 .8 9 .7 9 .6 1 2 .4 1 4 .5 1 5 .1 1 4 .6 3 -7 4 9 .4 9 .6 9 .0 9 .6 1 0 .4 1 0 .5 1 0 .5 1 2 .9 14*6 1 5 .0 1 4 .8 1 5 .0 4 -7 4 9 .7 1 0 .0 9 .4 1 0 .0 1 0 .8 1 0 .9 1 0 .9 1 3 .0 1 4 .4 1 4 .7 1 4 .4 1 4 .2 1 3 .5 296*0 308*6 318*5 1 -7 5 9 .7 9 .9 9 .4 9 .9 1 M 1 0 .7 1 0 .7 1 2 .5 1 3 .5 1 3 .5 1 3 .1 1 2 .5 1 1 .3 9 .7 9 .9 9 .4 9 .9 1 0 .* 1 0 .6 10*4 1 2 .1 1 2 .9 1 2 .9 1 2 .4 11*8 1 0 .8 9 .4 3 -7 5 9 .9 1 0 .1 9 .6 1 0 .1 1 0 ,7 1 0 .7 1 0 .8 1 2 .2 1 2 .9 1 2 .8 1 2 .4 U** 1 1 .2 4 -7 5 1 0 .1 1 0 .2 9 .8 1 0 .3 1 0 .9 1 0 .9 1 1 .0 1 2 .2 1 2 .9 1 2 .9 1 2 .5 1 2 .1 1 1 .6 1 -7 6 9 .5 9 .7 9 .2 9 .6 1 0 .1 1 0 .1 1 0 .1 1 1 .2 1 1 .6 1 1 .5 1 1 .0 1 0 .9 9 .7 9 .5 9 .6 9 .2 9 .6 1 0 .0 10*0 1 0 .0 1 0 .9 1 1 .4 11 .2 1 0 .7 1 0 .2 3 -7 1 4 -7 1 1-72 2-72 3-72 4-72 1-75 2 -7 3 1-71 4-71 1-74 2-74 325*6 9 .2 2 -7 5 2 -7 6 333*2 9 .7 343*2 1 1 .1 1 2 .6 1 1 .1 1 1 .7 1 2 .7 1 2 .9 9 .0 8 .9 8 .7 6 .8 1 .0 9 .5 8 .9 8 .8 8 .6 7 .4 4 .7 8 .5 1-74 4-74 1-75 2-75 3 -7 5 4 -7 5 1 -7 6 353*6 354*7 362*0 GOVERNMENT PURCHASES OF GOODS AND SERVICES IN CONSTANT 1972 DOLLARS ANNUAL RATES OF CHANGE_________________________ B IL L IG * * » POLLARS ANNUAL RATES TERMINAL QUARTER 3 -7 1 4 -7 1 4 -7 1 1 -7 2 2 -7 2 3 -7 2 4 -7 2 1 -7 3 2 -7 3 3 -7 3 4 -7 3 1 -7 4 2 -7 4 3 -7 4 4 -7 4 1 -7 5 2 -7 5 3 -7 5 4 -7 5 1 -7 6 251*0 0 .8 254*1 1 -7 2 2*9 5 .0 2 -7 2 1 .4 1 .8 -1 * 4 3 -7 2 0*6 0 .5 -1 * 6 -1 .9 4 -7 2 0 .9 0 .9 -0 .5 0 .0 253*2 252*0 2 5 3 .2 1*9 2 5 5 .2 1 -7 3 *?2 1 .3 0 .4 1 .1 2 .6 3 .2 2 -7 3 0 .2 0 .1 -0 .9 -0 .8 -0 * 4 -1 .6 -6 .1 -0 * 4 -0 * 1 -0 * 7 —2 6 1 .0 0 .6 3 -7 1 0 .3 0*2 -0 .6 4 -7 3 0 .3 0 .2 -0 .5 -0 .3 0 .0 -0 .5 —1 .7 1 -7 4 0 .6 0 .8 0 .3 0 .5 0 .9 0 .7 251*2 0 .1 2 5 1 .8 252*0 0 .3 2 .9 255*4 5 .5 3 .3 2 -7 4 1 .3 _ 2 5 * .i 1 .1 3 -7 4 0 .9 0 .9 0*5 0 .7 1*0 0 .9 0*3 1 .9 2 .1 2*7 4 -7 4 0 .8 0 .8 0 .4 0 .6 0 .9 0 .7 0 .4 *•9 1 .6 1 .9 1 -7 5 0 .7 0 .7 0 .4 0 .6 0 .8 0 .7 0 .4 1 .3 1 .4 1 .6 2 -7 5 0 .9 0 .9 0 .6 0 .8 1 .0 0 .9 0 .7 1 .6 1 .6 1*9 2 5 7 .1 Itf 2 5 6 .9 ft* -0 .1 0 .7 0 .5 0 .0 0 .3 1 .2 M 1 .0 1 .7 3 .1 2 5 7 .1 2 5 9 .1 3 -7 5 1 .2 1 .2 0 .9 1 .1 1 .4 1 .3 1 .1 2 .0 2 .1 2 .3 1 .8 2 .0 2 .1 2 .9 4.2 5.2 4 -7 5 1 .4 1*4 1 .1 1 .3 1 .6 1 .6 1 .4 2*2 2 .3 2.6 2 .2 2.4 2.5 3 .2 4 .2 4 .8 4 .3 0 .9 1 .4 -0 .4 -4 .9 1 -7 6 1 .0 1*0 0 .8 2 -7 6 1 .1 1*1 0 .9 1*0 3=71 4 -7 1 1 -7 2 2-72 262*4 265*2 261*9 3-72 1 .0 0 .9 1 .5 1 .6 1 .7 1 .3 1 .3 1 .2 1 .6 1 .2 1 .1 1 .9 1 .0 1 .6 1 .7 1 .6 1 .4 1 .5 1 .4 1 .7 2 .0 1 .7 0 .6 -1 .2 2 .6 4-71 T-74 2-74 3 -7 4 4 -7 4 1=75 2-75 3 -7 5 4 -7 5 1 -7 6 4 -7 2 “ 1=73 2-71" 3-Ti 2 6 3 .6 PREPAREO èY FEÔERAL RESERVE BANK OF ST* LOUIS AUGUST 1 9 « 1976 17 DISPOSABLE PERSONAL INCOME IM CURRENT DOLLARS COMPOUND«) ANNUAL RATES OP CHANGE________ 1ÜAL B ILL IO N S Of IM IT IA L QUARTER QUARTER 4 -7 1 H I 1 -7 2 2 -7 2 3 -7 2 4 -7 2 1 -7 3 2 -7 3 3 -7 3 4 -7 3 1 -7 4 2 -7 4 3 -7 4 4 -7 4 1 -7 5 2 -7 5 3 -7 5 ANNUAL RATES 4 -7 5 1 -7 4 4*0 75 9.1 1 -7 2 7*3 8 .4 2 -7 2 7*0 7 .5 4 .3 1 -7 2 7 .8 B .4 8*2 10 .1 1 -7 3 10*3 1 1 .2 1 1 .8 1 3 .7 2 -7 3 1 0 .5 1 1 .3 1 1 .8 13 .2 1 4 .2 1 3 .3 1 1 .7 3—73 10 «4 1 1 .0 1 1 .4 1 2 .5 1 3 .0 1 2 .0 1 8 .4 9 .5 4 -7 3 10*4 11.1 1 1 .5 1 2 .4 1 2 .8 1 2 .0 11*1 18 .8 12.1 2 -7 4 7 .9 1 0 .3 1 0 .5 1 1 .0 11 .1 1 0 .3 9 .4 8 .8 8 .4 4 .9 9 .2 3 -7 4 10*1 1 0 .5 1 0 .4 11*1 1 1 .3 1 0 .4 9 .9 9 .5 9 .5 8 .7 1 0 .7 1 2 .3 4 -7 4 9*9 1 0 .2 1 0 .3 1 0 .7 1 0 .8 10 .2 9 .5 9 .1 9 .1 8 .3 9 .4 9 .8 7 .3 10*5 1 0 .B 1 1 .0 1 1 .4 1 1 .5 Il.I 1 0 .4 10 .5 1 0 .7 1 0 .4 1 1 .4 12 .2 1 2 .2 1 4 .8 2 7 .4 7 7 5 .0 7 8 7 .0 8 0 4 .2 4 -7 2 8 3 7 .0 1 5 .5 1 4 .9 8 4 4 .4 8 9 0 .9 9 1 1 .4 9 3 7 .7 1 -7 4 9 4 8 .4 9 4 9 .5 9 9 8 .0 1*015.8 1—75 1 .0 2 3 .8 i o m 2 -7 5 3 -7 5 9 .9 10 .2 1 0 .3 1 0 .4 1 0 .4 10 .1 9 .7 9 .4 9 .4 9 .1 9 .8 9 .9 9 .4 10 .1 1 3 .7 1 .2 4 -7 5 1 0 .0 1 0 .2 1 0 .3 1 0 .4 1 0 .4 1 8 .2 9 .8 9 .4 9 .4 9 .3 1 0 .0 10.1 9 .7 1 0 .2 1 2 .7 5 .9 1 -7 4 J 0 *0 10*2 1 0 .3 1 0 .4 1 0 .4 1 0 .2 9 .8 4 .4 9 .7 9 .4 1 0 .0 10.1 9 .8 1 0 .3 1 2 .1 7 .3 10 .5 10*3 2 -7 4 9 .9 1 0 .1 1 0 .2 1 0 .5 1 0 .5 1 0 .1 9 .7 9 .4 9 .4 9 .4 9 .9 1 0 .0 9 .4 1 0 .0 1 1 .5 7 .7 1 0 .0 9 .4 9 .0 3-71 4 -7 1 1 -7 1 2-72 3-72 4-72 1-7 3 2-73 5 -t t 4 -7 3 1 74 2 -7 4 — 5 -7 4 4 -7 4 1—7 » 2 -7 5 3 -7 5 4 -7 5 1 -7 4 1*091.5 10 .8 1*119*9 1*147*4 DISPOSABLE PERSONAL INCOME IN CONSTANT 1972 OOLLARS ___________ COMPOUNDEO ANNUAL RATES OP CHANGE______________ 1*172.5 f c it L T « iT s r DOLLARS IN IT IA L QUARTER ANNUAL RATES QUAHTOt 3-71 4 —T1 4-71 1-72 2-72 3-72 4-72 1-73 2-73 3-73 4-73 1-74 *-74 3-74 4-74 1-75 2-75 3-75 4-75 1-74 775.9 3.2 783.7 1-72 3.4 2-72 3.4 3.4 3—72 4.4 5.2 790.7 803.7 4.7 4-72 827.1 1-73 845.1 2-73 852.7 3-73 5*4 4.2 4.8 4*8 5.0 3.1 858.2 2.4 842.1 4-73 5.2 5.4 5.9 5*8 4.2 2.7 2.2 1*8 1-74 3.9 3.9 4.0 3*5 1.9 0.2 -0.9 -2.7 -7.0 2-74 3.2 3.2 3*1 2*4 1.1 -0.4 -1.4 -2.7 -4.9 -2*9 3-74 3.0 2.9 2*8 2.3 1.0 -0*3 -1*0 -1.9 -3.1 -1*2 0*5 841.7 -3*4 834.0 844.7 840.4 4-74 2.5 2.3 2*2 1.7 0*4 -0.8 -1.5 -2.3 -3.3 -2*0 —1 4 1-75 2.1 1*8 1*7 1.2 0.0 -1.0 -1.7 -2.4 -3.2 -2*2 -2*0 — 3*3 -2.9 827.9 849.7 2-75 3.3 3*3 3*2 2.9 2.0 1.3 1.0 0.8 0.4 2*2 3*5 4*5 8.7 21*8 3-75 2.7 2*4 2*5 2.2 1.3 0.4 0.2 -0.1 -0*3 0.8 1*4 1*8 3.7 7*2 -5.7 4-75 2.8 2*7 2*7 2.4 1.4 1.0 0.7 0.5 0*3 1*4 2*1 2*4 4.0 4*4 -0.5 4.9 1.2 1.0 0*9 2*0 2*7 3*0 4.4 4*3 1.4 5.5 4.1 3*3 4.5 4*0 2.4 5.2 5.4 4.7 5-74 4-74 1-75 2-75 3-75 4-75 1-74 1-74 3.0 3*0 2*9 2.4 1.9 1.4 2-74 3.1 3.1 3*0 2.8 2.1 1.4 1.5 1.4 1*3 2*3 *- n 4 — 7 l "" 1 - 7 2 J-TT *- n 1-75 ¿-75 5-75 4 -=T5 1-7* 5-72" z-74 857.1 847.5 880.4 890.5 ~P*t*A*£0 ÉV ttO E*A L RESERVE BANK OF S I . UHI IS AUGUST 17* 1976 18 CORPORATE PROFITS AFTER TAXES * COMPOUNOEO ANNUAL RATES OF CHANCE „ -------------------------------------- ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------B IL L IO N S OF TERMINAL__________________________________________________________________IN IT IA L QUARTER_______________________________________________________________DOLLARS ANNUAL RATES QUARTER 1 -7 4 3 -7 5 4 -7 5 1 -7 3 1 -7 5 2 -7 5 3 -7 1 3 -7 3 4 -7 3 1 -7 4 2 -7 4 3 -7 4 4 -7 4 2 -7 3 4 -7 1 1 -7 2 2 -7 2 3 -7 2 4 -7 2 4 8 .1 4 -7 1 2 4 .9 l-7 c 2 4 .2 2 3 .4 2 -7 2 2 0 .4 1 8 .2 1 3 .2 3 -7 2 2 0 .9 1 9 .6 1 7 .7 2 2 .3 4 -7 2 2 5 .4 2 5 .6 2 6 .3 3 3 .4 5 0 .7 5 2 .3 5 5 .0 4 5 .4 6 0 .4 4 6 .5 1 -7 3 2 8 .8 2 9 .6 3 1 .2 3 7 .8 4 6 .2 4 6 .9 2 -7 3 2 5 .7 2 5 .8 2 6 .3 2 9 .8 3 2 .4 2 6 .4 8 .7 3 -7 3 1 9 .9 19.2 1 8 .5 1 9 .6 1 8 .9 1 1 .2 -3 .3 -1 3 . 9 4 -7 3 1 9 .9 1 9 .3 1 8 .8 1 9 .7 1 9 .2 13*4 4 .0 1 .8 2 0 .4 6 7 .9 6 5 .4 6 8 .5 1 -7 4 2 2 .6 2 2 .4 2 2 .3 2 3 .6 2 3 .8 1 9 .9 1 4 .0 1 5 .8 3 4 .3 4 9 .9 2 -7 4 1 6 .9 1 8 .4 1 7 .8 1 8 .4 1 7 .8 1 3 .8 8 .1 8 .0 1 6 .4 14 .5 -1 2 .6 3 -7 4 2 1 .2 2 0 .9 2 0 ,6 2 1 .5 21*4 18*3 1 4 .1 1 5 .2 2 3 .9 2 5 .0 1 4 .2 4 9 .1 4 -7 4 1 4 .5 1 3 .6 1 2 .8 1 2 .8 1 1 .7 8 .1 3 .5 2 .6 6 .3 3 .1 -9 .0 -7 .2 1 -7 5 5 .0 3 .6 2 .1 1 .2 -0 .7 -4 .9 -9 .9 2 -7 5 8 .1 7 .0 5 .9 5 .3 3 .8 0 .4 -3 .8 -5 .2 7 5 .8 7 3 .3 8 1 .0 7 0 .6 -4 2 .3 5 4 .0 - 1 2 . 3 - 1 2 . 0 - 1 7 .3 -2 8 .8 -3 3 . 5 - 5 5 . 4 - 6 5 . 8 -3 .9 -7 .4 -1 6 .0 -1 6 .8 -3 1 .5 -2 5 .3 4 1 .0 4 2 .8 7 2 .1 3 -7 5 1 2 .2 1 1 .4 1 0 ,6 1 0 .4 9 .4 6 .7 3 .3 2 .7 5 .0 3 .0 -3 .3 -1 .3 - 1 1 .0 2 .8 7 8 .3 9 5 .2 4 -7 5 1 2 .2 1 1 .4 1 0 .6 1 0 .5 9 .6 7 .1 4 .0 3 .6 5 .7 4 .0 -1 .3 0 .7 -4 .9 5 .0 5 2 .5 4 7 .4 1 1 .6 1 -7 6 1 3 .3 1 2 .6 1 2 .0 1 1 .9 1 1 .2 8*9 6 .2 6 .0 8 .2 7 .0 2 .5 4 .9 -1 .1 1 0 .2 4 7 .4 4 2 .8 2 2 .2 3 3 .8 2 -7 6 1 3 .4 1 2 .8 1 2 .2 1 2 .1 11*5 9 .4 6 .9 6 .8 8 .9 7 .8 3 .9 6 .2 1 .2 1 1 .1 4 0 .6 3 5 .6 2 0 .1 2 4 .4 1 5 .9 3 -7 1 4-71 2 -12 i-72 4 -7 2 i-n 4 -7 3 1 -7 4 2-74 3—74 4 -7 4 1— 75 2 -7 5 3—75 4 -7 5 1 -7 6 in ITia L 7 4 .1 7 9 .7 82*7 OOAftTE* * NATIONAL INCOME BASIS WEPARED % y R Ö C T Ä -R E 5 T R V F BÄHK 0F S T . U N I R SEPTEMBER 21« 1976 SOURCES OF DATA NATIONAL INCOME AND PRODUCT ACCOUNTS DATA Source: 1929-45: 1945-72: 1973-76: U. S. Department of Commerce, Bureau of Economic Analysis, Washington, D.C. 20230 Annual data will be published at a later date. Survey of Current Business, Parts I and II, January 1976. Survey of Current Business, July 1976. 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 I N V E N T O R I E S COMPARED WI T H MONTHLY S A L E S * MANUFACTURING AN 76 1.72 72 1 .6 8 68 1 64 Î 60 . 56 1 56 52 . 48 . 44 1 48 1 44 . 40 1 40 964 «RATIOS 1 1 1 1968 1969 1970 1971 BASED ON SEASONALLY ADJ USTED DATA. 1 SOURCE: 1974 1975 1976 U . S . D E P A R T M E N T OF COMMERCE SHADED AREAS R E P R ES E NT P E R I OD S OF B U S I N E S S R E C E S S I O N S . L A T E S T DATA P L O T T E D : J ULY P R E L I M I N A R Y PREPARED BY FEDERAL RESERVE BANK OF S T . 20 LOUIS