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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

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