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NTRAL MISSISSIPPI VALLEY
ONOMIC INDICATORS

Prepared by Federal Reserve Bank of St. Louis

3RD QUARTER 1981



R e le a se d : D e c e m b e r 15, 1981

DATA DESCRIPTION

Selected economic data for the Central Mississippi Valley (CMV) are generally
provided for five states and eight metropolitan areas which are entirely or partially
within the Eighth Federal Reserve District. In addition, Federal Reserve member bank
data are provided for three smaller SMSAs (Standard Metropolitan Statistical Areas) and
for all seven states and nonmetropolitan areas within the Eighth District portion o f these
states. Also, the metropolitan summary o f population includes 13 SMSAs in the CMV.
Metropolitan areas refer to the 1973 SMSA definitions, except where noted, and states in
some cases refer only to the Eighth District portion o f the state. The latest data for
some series are preliminary and will be revised as final figures are received.

Income and Trade Indicators
Personal income and department store sales data are from the U.S. Department
o f Commerce. In April 1977, numerous revisions were incorporated into the department
store series, including boundary redefinitions for SMSAs. All agricultural data are from
the U.S. Department o f Agriculture.

Employment Indicators
Employment data are from the respective state Employment Security Offices
and the United States Department of Labor. Data for Memphis include only Shelby and
Tipton counties in Tennessee and Crittenden County in Arkansas. Total employment,
unemployment, and labor force are based on household (place-of-residence) data. Payroll
employment data, which include manufacturing, nonmanufacturing, and hours and earnings
in manufacturing, are based on establishment (place-of-work) data.

Production and Price Indicators
Consumer price indices are from the U.S. Department o f Labor. Electric
power consumption data for the Eighth Federal Reserve District are based on reports to
this Bank from various utility and self-generating firms in the District and U.S. data are
obtained from the Board o f Governors o f the Federal Reserve System. The series Value
o f Construction Contracts Let are from Dodge Construction Potentials, McGraw-Hill
Information Systems Company. Housing permits are from the U.S. Department o f
Commerce.

Financial Indicators
Total loan and deposit data for states, metropolitan areas, and nonmetropolitan
areas are only from member banks in the Eighth District. Such data are not strictly
comparable over time due to withdrawals and additions o f member banks (see average
number of member banks, page 35). In addition, beginning January 1981, member banks
with deposits of under $15 million (approximately 90 in the Eighth District) report deposit
figures quarterly rather than weekly. Savings and loan data are obtained from the
various Federal Home Loan Banks. These data for the Fort Smith metropolitan area
include only those counties in the State o f Arkansas, and for St. Louis include only
St. Louis City and St. Louis County in Missouri, and Clinton, Madison, Monroe, and
St. Clair counties in Illinois.




2

SUMMARY OF CENTRAL MISSISSIPPI VALLEY ECONOMIC ACTIVITY
Overall, economic activity in the Central Mississippi Valley (CMV) appears to have changed
little from the second to the third quarter. Payroll employment in both CMV states and metropolitan
areas was unchanged in the third quarter, while rising at a 1.6 percent annual rate in the United
States. The sluggish economic performance in the third quarter continues the slow economic activity in
the region that has persisted throughout much of the past two years. As shown in the table below,
payroll and manufacturing employment remain substantially below the level of two years ago. For
example, the three largest metropolitan areas in the region (St. Louis, Memphis, Louisville) have all
experienced declines in payroll employment of about 3 percent or greater and declines in
manufacturing employment of 6 percent or greater. Least affected among the metropolitan areas is
Springfield, Missouri which gained 1.9 percent in payroll employment and 5.3 percent in manufacturing
employment in the past two years. In comparison, payroll employment in the nation rose 2 percent in
the past two years and manufacturing employment declined 2.8 percent.
While total payroll employment in the region was unchanged in the third quarter, changes did
occur in individual industries. The automobile, housing and building materials industries, among the
hardest hit during the past two years, experienced declines in employment during the third quarter that
reduced or eliminated the gains in these industries in late 1980 and early 1981. These losses offset
third quarter employment gains in nonmanufacturing industries (other than construction) and in such
manufacturing industries as textile, apparel and leather, and electrical equipment.
Employment in transportation equipment manufacturing, of which automobile manufacturing
is the largest component, declined in the five CMV states at an 8.8 percent annual rate from the second
to third quarter, after an upturn late last year and this summer. With this latest decline, employment
in this industry stood 21 percent below the level of two years ago, but was still up slightly from a year
ago. Employment in lumber and furniture manufacturing also declined in the third quarter and is now
7.9 percent below two years ago, but still about 5 percent above a year ago. Construction employment
in the five states declined again in the third quarter and also stands 21 percent below two years ago.
Housing permits issued in the five states were 54 percent below a year ago, and in the first three
quarters of 1981, permits issued were 31 percent below a similar period a year ago. On the other hand,
nonresidential building contracts in the five states (dollar amounts) rose 31 percent over the relatively
high level in a similar period in 1980.
EMPLOYMENT
(Percent Change, III/1979 to III/1981)
Payroll
UNITED STATES
CMV STATES
Arkansas
Kentucky
Mississippi
Missouri
Tennessee
CMV CITIES
Evansville
Fort Smith
Little Rock
Louisville
Memphis
Pine Bluff
St. Louis
Springfield




2.0 %
-3.2
-0.4
-4.8
-2.6
-2.9
-3.8
-3.4
-3.3
-1.6
0.0
-4.0
-2.9
-1.7
-4.6
1.9

3

Manufacturing
-2.8 %
-5.1
-1.9
-7.6
-7.0
-8.4
-1.3
-8.7
-6.3
-6.3
-8.2
-12.4
-6.4
3.2
-9.4
5.3

INCOME AND TRADE

INDICATORS

PERSONAL

INCOME

SEASONALLY ADJUSTED
INDEX: 1971-100
1971-100




1971-100

ARKANSAS

KENTUCKY

M IS S IS S IP P I

MISSOURI

TENNESSEE

4

INCOME AND TRADE

PERSONAL

INDICATORS

INCOME

SEASONALLY ADJUSTED
_____ INDEX? 1971-tQO_____

COMPOUNDED ANNUAL
______ RATES OF CHANGE

1ST
QUARTER
1981

2ND
QUARTER
1981

UNITED STATES

269. 1

274.7

8.6

12.1

CMV STATE SUMMARY

274.4

278.4

6.0

11.1

ARKANSAS

298.9

305.9

9.6

13. 1

KENTUCKY

281.6

278.5

-4.3

8.9

M IS S IS S IP P I

280.2

284.9

7.0

10.9

MISSOURI

251.5

257.4

9.7

11.5

TENNESSEE

286.5

292.2

8.2

11.5

1ST OTR 1981
TO
2ND QTR 1981

2ND OTR 1980
TO
2ND QTR 1981

STATE SUMMARY—PERSONAL INCOME
COMPOUNDED ANNUAL RATES OP CHANGE
TERMINAL
QUARTER

IN IT I A L QUARTER
1 -7 7

2 -7 7

3 -7 7

2 -7 7

11*2

3 -7 7

1 1 .8

1 2 .4

4 -7 7

1 2 .3

1 2 .9

1 3 .4

4 -7 7

1 -7 8

2 -7 8

3 -7 8

4 -7 8

1 -7 9

3 -7 9

2 -7 9

197 M O O
4 -7 9

1 -8 0

2 -8 0

3 -8 0

4 -8 0

1 -8 1

1 8 2 .7
1 8 8 .1
1 9 4 .1
1 9 7 .7

1 -7 8

1 1 .1

1 1 .1

1 0 .5

7 .6

2 -7 8

1 2 .5

1 2 .9

1 3 .0

1 2 .9

3 -7 8

1 2 .6

1 2 .9

1 3 .0

1 2 .9

1 5 .6

1 3 .0

4 -7 8

1 3 .0

1 3 .3

1 3 .5

1 3 .5

1 5 .5

1 4 .1

2 0 6 .2

1 8 .3

2 1 2 .6
2 2 0 .3

1 5 .3

2 2 8 .0

1 -7 9

1 3 .2

1 3 .5

1 3 .7

1 3 .7

1 5 .3

1 4 .3

1 5 .0

1 4 .7

2 -7 9

1 2 .4

1 2 .5

1 2 .5

1 2 .4

1 3 .4

1 2 .2

1 1 .9

1 0 .2

5 .9

3 -7 9

1 2 .3

1 2 .5

1 2 .5

1 2 .4

1 3 .2

1 2 .2

1 1 .9

1 0 .9

9 .0

1 2 .1

4 -7 9

1 2 .3

1 2 .5

1 2 .5

1 2 .3

1 3 .0

1 2 .2

1 2 .0

1 1 .2

1 0 .1

1 2 .2

1 2 .3

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

1 -8 0

1 1 .9

1 2 .0

1 1 .9

1 1 .8

1 2 .3

1 1 .5

1 1 .2

1 0 .4

9 .3

1 0 .5

9 .7

7 .2

2 -8 0

1 1 .1

1 1 .1

1 1 .0

1 0 .8

1 1 .1

1 0 .2

9 .9

9 .0

7 .9

8 .3

7 .1

4 .6

2 .1

2 4 9 .3

3 -8 0

1 1 .3

1 1 .3

1 1 .2

1 1 .0

1 1 .4

1 0 .6

1 0 .3

9 .6

8 .8

9 .4

8 .7

7 .5

7 .7

2 5 0 .6
2 5 8 .7

1 3 .6

4 -8 0

1 1 .4

1 1 .4

1 1 .3

1 1 .2

1 1 .5

1 0 .8

1 0 .6

1 0 .0

9 .4

1 0 .0

9 .5

8 .9

9 .4

1 3 .3

1 3 .0

1 -8 1

1 1 .4

1 1 .5

1 1 .4

1 1 .2

1 1 .5

1 0 .9

1 0 .7

1 0 .3

9 .7

1 0 .3

1 0 .0

9 .5

1 0 .1

1 2 .9

1 2 .5

1 2 .1

2 -8 1

1 1 .1

1 1 .1

1 1 .0

1 0 .9

1 1 .1

1 0 .5

1 0 .3

9 .8

9 .3

9 .7

9 .4

8 .9

9 .2

1 1 .1

1 0 .3

9 .0

6 .0

1 -7 7

2 -7 7

3 -7 7

4 -7 7

1 -7 8

2 -7 8

3 -7 8

4 -7 8

1 -7 9

2 -7 9

3 -7 9

4 -7 9

1 -8 0

2 -8 0

3 -8 0

4 -8 0

1 -8 1




IN IT IA L

2 6 6 .7
2 7 4 .4
2 7 8 .4

QUARTER

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

INCOME AND TRADE

INDICATORS

DEPARTMENT STORE SALES
SEASONALLY ADJUSTED
INDEX:

1971-100

1971-100

1971-100

360
280

360
—

—

200

200
120
40

280

= — ^
n ilu - L ijJ ij.




IK
M 1 1 1 1 1 ■1 M

—

■ ■ ....................... ... ■

ST.

1.1. 1 1.1 1 l - l 1 I 1

LOUIS:

6

. ■1 H

M O-IL

1 1 ■ 1 1 . - i - l - L 1-1.1 I-1 .I L-L.

L-L.I L i 1 J 1 1 1 1

120
40

INCOME AND TRADE

INDICATORS

DEPARTMENT STORE SA LES
SEASONALLY ADJUSTED
__________INDEX; 1971-100
JUNE
1981

1M L

AUGUST
1981

UNITED STATES

247.3

240.0

247.4

8.2

11.9

CMV METROPOLITAN SUMMARY

216.5

216. 1

219.6

8.9

9.0

394.0

383.0

390.3

19.6

13.3

352.9
184.7
191.7
213.9
238.6

354.6
190.9
190.8
211.3
241.7

348.5
191.0
192.0
220.0
234.6

5.0
-4.9
-5.8
18.9
9.6

9.2

FORT SMITH: AR-OK
LI TT LE ROCK-NORTH
LI TT LE ROCK: AR
LOUI SV ILL E: K Y - 1N
MEMPHIS: TN-AR-MS
ST. LOUIS: MO- 1L
SPRINGFIELD: MO

JULY

COMPOUNDED ANNUAL
RATES OF CHANGE
3 MONTHS ENDING AUGUST 1981
FROM SAME
MONTHS A
FROM PREVIOUS
___3 MONTHS__
year m ,.

5.9
2.6
11.9
10.1

X DATA NOT COMPARABLE, SEE INCOME AND TRADE IND ICATORS, PA6E 2

U . S . DEPARTMENT STORE SALES
COMPOUNDED ANNUAL RATES OF CHAN6E
IN IT I A L

TERMINAL
QUARTER
1 -7 7
2 -7 7

2 -7 7

3 -7 7

4 -7 7

1 -7 8

2 -7 8

3 -7 8

4 -7 8

1 -7 9

2 -7 9

QUARTER
3 -7 9

1971*100
4 -7 9

1 -8 0

2 -8 0

3 -8 0

4 -8 0

1 -8 1
1 6 5 .3

2 7 .7

3 -7 7

2 5 .5

2 3 .3

4 -7 7

2 2 .9

2 0 .6

1 7 .8

1 -7 8

1 8 .2

1 5 .2

1 1 .3

5 .2

1 2 .9

1 0 .5

1 6 .1

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

2 -7 8

1 7 .8

1 5 .4

1 9 0 .8

3 -7 8

1 5 .9

1 3 .7

1 1 .4

V .3

1 1 .4

6 .9

4 -7 8

1 4 .4

1 2 .3

1 0 .2

8 .4

9 .5

6 .3

5 .7

1 -7 9

1 3 .2

1 1 .3

9 .4

7 .8

8 .4

6 .0

5 .5

2 -7 9

1 2 .7

1 1 .0

9 .4

8 .0

8 .6

6 .8

6 .7

7 .2

9 .1

3 -7 9

1 3 .2

1 1 .7

1 0 .3

9 .3

9 .9

8 .8

9 .2

1 0 .4

1 3 .0

1 7 .1

4 -7 9

1 3 .1

1 1 .7

1 0 .5

9 .6

1 0 .2

9 .3

9 .8

1 0 .8

1 2 .7

1 4 .5

1 2 .0

1 -8 0

1 1 .6

1 0 .2

9 .0

8 .0

8 .4

7 .3

7 .4

7 .7

8 .3

8 .1

3 .8

-3 .8

1 9 4 .0
1 9 6 .7
1 9 9 .3

5 .4
2 0 3 .7

2 1 1 .9
2 1 8 .0
2 1 5 .9

2 -8 0

1 0 .3

9 .0

7 .8

6 .8

7 .0

5 .9

5 .8

5 .8

5 .9

5 .1

1 .4

-3 .5

-3 .3

3 -8 0

1 0 .6

9 .3

8 .2

7 .4

7 .6

6 .7

6 .7

6 .9

7 .1

6 .7

4 .2

1 .8

4 .7

4 -8 0

1 0 .9

9 .6

8 .8

8 .1

8 .4

7 .6

7 .7

8 .0

8 .4

8 .2

6 .6

5 .2

8 .4

1 4 .8

1 6 .3

1 -8 1

1 0 .8

9 .8

8 .9

8 .2

8 .5

7 .8

7 .9

8 .1

6 .5

8 .4

7 .0

6 .0

8 .6

1 2 .9

1 2 .7

9 .2

2 -8 1

1 1 .1

1 0 .1

9 .3

8 .7

9 .0

8 .4

8 .6

8 .8

9 .2

9 .2

8 .2

7 .5

1 0 .0

1 3 .5

1 3 .6

1 2 .3

1 5 .5

1 -7 7

2 -7 7

3 -7 7

4 -7 7

1 -7 8

2 -7 8

3 -7 8

4 -7 8

1 -7 9

2 -7 9

3 -7 9

4 -7 9

1 -8 0

2 -8 0

3 -8 0

4 -8 0

1 -8 1




IN IT IA L

2 1 4 .1
1 3 .3

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

QUARTER

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

7

INCOME AND TRADE

INDICATORS

FARM CASH R E C E I P T S
SEASONALLY ADJUSTED
INDEX: 1971-100
1971-100




1971-100

M IS S IS S IP P I

8

INCOME AND TRADE

IND ICATORS

FARM CASH R E C E I P T S
SEASONALLY ADJUSTED

COMPOUNDED ANNUAL
RATES OF CHANGE
3 MONTHS ENDING AUGUST 1961
FROM SAME
MONTHS A
FROM PREVIOUS
3 MONTHS__
YEAB.AfcQ-

__________INDEX-. 1971-100_______
JUNE
1981

JULY
1981

AUGUST
1981

UNITED STATES

291.2

301.2

283.4

57.4

8.9

CMV STATE SUMMARY

335.8

346.9

262.5

228.8

12.9

ARKANSAS

410.7

345.5

280.6

100.0

17.7

KENTUCKY

368.6

359.6

318.7

175.1

9.2

M IS S IS S IP P I

289.4

270.0

249.3

377.3

12.5

MISSOURI

284.6

356.4

246. 1

194.6

7.3

TENNESSEE

357.7

301.2

250.4

362.4

23.6

STATE SUMMARY—FARM CASH RECEIPTS
COMPOUNDED ANNUAL RATES OF CHANGE
IN IT I A L

TERMINAL
QUARTER
1 -7 7

2 -7 7

2 -7 7

1 0 .4

3 -7 7

1 0 .6

1 0 .8

4 -7 7

1 3 .9

1 5 .7

3 -7 7

4 -7 7

1 -7 8

2 -7 8

3 -7 8

4 -7 8

1 -7 9

QUARTER
3 -7 9

2 -7 9

1971*100
4 -7 9

1 -8 0

2 -6 0

3 -8 0

4 -8 0

1 -8 1
1 8 4 .9
1 8 9 .7

2 0 .9

1 9 8 .9

1 -7 8

2 2 .9

2 7 .4

3 6 .6

5 4 .4

2 -7 8

2 0 .3

2 3 .0

2 7 .3

3 0 .7

2 2 1 .7
1 0 .7

2 2 7 .4

3 -7 8

1 3 .6

1 6 .7

1 8 .2

1 7 .3

2 .3

-5 .5

4 -7 8

1 7 .0

1 8 .1

1 9 .6

1 9 .3

9 .5

8 .9

2 5 .5

2 2 4 .2
2 3 7 .3

1 -7 9

1 9 .0

2 0 .3

2 2 .0

2 2 .2

1 5 .3

1 6 .9

3 0 .0

3 4 .6

2 -7 9

1 5 .1

1 5 .7

1 6 .4

1 5 .7

9 .2

8 .8

1 4 .0

8 .7

-1 2 .2

3 -7 9

1 2 .3

1 2 .6

1 2 .8

1 1 .7

5 .8

4 .9

7 .6

2 .3

-1 0 .9

-9 .5

4 -7 9

1 2 .3

1 2 .8

1 3 .0

1 2 .0

7 .0

6 .4

9 .0

5 .2

-3 .1

1 .8

1 4 .5

1 -8 0

1 1 .3

1 1 .6

1 1 .7

1 0 .8

6 .3

5 .6

7 .6

4 .4

-2 .1

1 .6

7 .6

1 .1

2 -8 0

8» 4

8 .2

8 .0

6 .8

2 .5

1 .5

2 .6

-0 .8

-6 .7

-5 .3

-3 .8

-1 1 .8

-2 3 .1

3 -8 0

1 3 .6

1 3 .8

1 4 .1

1 3 .5

1 0 .0

9 .9

1 2 .1

1 0 .3

6 .6

1 0 .9

1 6 .7

1 7 .4

2 6 .5

4 -8 0

a. 5

8 .3

8 .1

7 .2

3 .7

3 .0

4 .0

1 .5

-2 .5

-0 .7

1 .1

-2 .0

-3 .0

9 .0

-4 2 .9

1 -8 1

8 .7

8 .6

8 .5

7 .6

4 .4

3 .8

4 .8

2 .7

-0 .7

1 .1

2 .9

0 .8

0 .7

1 0 .1

-1 9 .9

1 2 .5

2 -8 1

9 .9

9 .8

9 .8

9 .0

6 .2

5 .8

6 .9

5 .2

2 .3

4 .3

6 .5

5 .2

6 .0

1 4 .8

-5 .8

2 1 .0

3 0 .2

1 -7 7

2 -7 7

3 -7 7

4 -7 7

1 -7 8

2 -7 8

3 -7 8

4 -7 8

1 -7 9

2 -7 9

3 -7 9

4 -7 9

1 -8 0

2 -8 0

3 -8 0

4 -8 0

1 -8 1




2 5 5 .6
2 4 7 .4

IN IT IA L

2 4 1 .3
2 4 9 .6
'

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

2 8 1 .5
2 4 4 .7
2 5 2 .0
2 6 9 .2

QUARTER

PREPAREO BY FEDERAL RESERVE BANK OF ST. LOUIS

9

EMPLOYMENT

INDICATORS

TOTAL EMPLOYMENT
SEASONALLY ADJUSTED
I NDEX: 1 9 7 1 - 1 0 0
1971-100




1971-100

ARKANSAS

KENTUCKY

135
125
115
105
95

M IS S IS S IP P I

135
125
115
105
95

MISSOURI

10

EMPLOYMENT

IND ICA TOR S

TO TAL EMPLOYMENT
SEASONALLY ADJUSTED
COMPOUNDED ANNUAL
RATES OF CHANGE
__________INDEX: 1971*100_______
3 MONTHS ENDING SEPTEMBER 1981
FROM SAME
MONTHS A
AUGUST
SEPTEMBER FROM PREVIOUS
JULY
3 MONTHS__
1981
1981
YEAR m
__ LMJ___

UNITED STATES
CMV STATE SUMMARY
CMV METROPOLITAN SUMMARY
ARKANSAS
FORT SMITH; AR-OK
LITTLE ROCK-NORTH
LITTLE ROCK; AR
PINE BLUFF; AR
KENTUCKY
EVANSVILLE: IN-KY
LOUISVILLE: K Y - 1N
M IS S IS S IP P I
MISSOURI
ST. LOUIS: MO-1L
SPRINGFIELD: MO
TENNESSEE
MEMPHIS: TN-AR

125. 1
121.4
117.1
129.2
131.5

125. 1
.121.7
117.6
129.8
131.5

124.2
121.4
116.9
130.8
131.2

-0.6
3.0
4.2
8.4
8.0

1.7
2. 1
2.9
3.0
6.0

135.4
126.0
127.7
123.5
117.7
124. 1
116.4
113.3
141.5
117.3
109. 1

136.2
126.9
127.3
125.2
118.2
122.0
116.5
112.9
142.2
I19.3
110.6

137.2
127.6
126.9
124.9
118.7
123. 1
115.2
111.4
138.7
119.6
111.2

10.3
8.3
6.5
3.3
2.8
-7.1
-1.7
0.0
4.7
7.0
9.6

2.9
0.5
2.9
0.6
2.5
-2.2
2.9
3.6
6. 1
2.1
0.9

STATE SUMMARY—TOTAL EMPLOYMENT
COMPOUNDED ANNUAL RATES OF CHANGE
TERMINAL_______________________________________________________________________________I N IT I A L QUARTER_________________________________________________________________________________1 9 7 1 = 1 0 0
QUARTER
3 -7 7
2 -7 9
3 -7 9
4 -7 9
1 -8 0
2 -8 0
3 -8 0
4 -8 0
1 -8 1
2 -8 1
4 -7 7
1 -7 8
2 -7 8
3 -7 8
4 -7 8
1 -7 9
1 -7 7
2 -7 7
2 —7 7

7 .2

3 -7 7

4 .8

1 1 5 .8
1 1 6 .5

2 .4

4 -7 7

3 .4

1 .6

0 .7

1 -7 8

2 .3

0 .7

-0 .2

1 1 6 .7
1 1 6 .4

-l .C

1 1 7 .2

2 -7 8

2 .4

1 .2

0 .8

0 .9

2 .8

3 -7 8

2 .4

1 .5

1 .3

1 .5

2 .8

2 .8

4 -7 8

2 .6

1 .8

1 .7

2 .0

3 .0

3 .1

1 1 8 .0
3 .4

1 1 9 .0

1 -7 9

2 .5

1 .9

1 .8

2 .0

2 .7

2 .7

2 .7

2 .0

2 -7 9

2 .5

1 .9

1 .8

2 .0

2 .6

2 .6

2 .5

2 .0

2 .0

3 -7 9

2 .3

1 .8

1 .7

1 .9

2 .4

2 .3

2 .2

1 .8

1 .7

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

1 2 0 .6

4 -7 9

2 .3

1 .8

1 .7

1 .8

2 .2

2 .2

2 .0

1 .7

1 .6

1 .3

1 .3

1 -8 0

2 .2

1 .6

1 .7

1 .8

2 .2

2 .1

2 .0

1 .7

1 .6

1 .4

1 .5

1 .7

2 -8 0

1 .7

1 .2

1 .1

1 .2

1 .4

1 .2

1 .0

0 .6

0 .3

-0 .1

—0 . 6

-1 .5

-4 .5

1 2 1 .0
1 2 1 .5
1 2 0 .1

3 -8 0

1 .3

0 .8

0 .7

0 .7

0 .9

0 .7

0 .4

0 .0

-0 .3

-0 .8

-1 .3

-2 .2

-4 .1

-3 .6

4 -8 0

1 .4

1 .0

0 .9

0 .9

1 .1

0 .9

0 .7

0 .4

0 .1

-0 .2

-0 .5

-0 .9

-1 .8

-0 .3

3 .1

1 -8 1

1 .5

1 .2

1 .1

1 .1

1 .3

1 .1

1 .0

0 .7

0 .5

0 .3

0 .2

-0 .1

-0 .5

0 .9

3 .2

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

1 2 0 .9

2 -8 1

1 .4

l.C

0 .9

0 .9

1 .1

l.C

0 .8

0 .5

0 .4

0 .2

0 .0

-0 .2

-0 .6

0 .4

1 .8

1 .2

-1 .0

3 -8 1

1 .5

1 .1

1 .1

1 .1

1 .2

1 .1

1 .0

0 .8

0 .6

0 .5

0 .4

0 .2

0 .0

0 .9

2 .1

1 .8

1 .0

3 .0

1 -7 7

2 -7 7

3 -7 7

4 -7 7

1 -7 8

2 -7 8

3 -7 8

4 -7 8

1 -7 9

2 -7 9

3 -7 v

4 -7 9

1 -8 0

2 -8 0

3 -8 0

4 -8 0

1 -8 1

2 -8 1




1 2 0 .6
1 2 1 .5

IN IT IA L QUARTER

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

EMPLOYMENT

INDICATORS

UNEMPLOYMENT RATE
SEASONALLY ADJUSTED
PERCENT




PERCENT

ARKANSAS

KENTUCKY

M IS S IS S IP P I

MISSOURI

TENNESSEE

12
9
6
3

0

12

EMPLOYMENT

INDICATORS

UNEMPLOYMENT RATE
SEASONALLY ADJUSTED
PERCENT
MONTHLY AVERAGE
3 MONTHS ENDING

UNITED STATES
CMV STATE SUMMARY
CMV METROPOLITAN SUMMARY
ARKANSAS
FORT SMITH: AR-OK
LITTLE ROCK-NORTH
LITTLE ROCK: AR
PINE BLUFF: AR
KENTUCKY
EVANSVILLE: 1N-KY
LOUISVILLE: KY-IN
M IS SI SS IP P I
MISSOURI
ST. LOUIS: MO-1L
SPRINGFIELD: MO
TENNESSEE
MEMPHIS: TN-AR

JULY

AUGUST

SEPTEMBER

SEPTEMBER

JUNE

1981

198.1-

__ L98J___

__ LS8J___

1981

7.0
7.4
7.6
8.5
8.5

7.2
7.9
7.9
9.2
8.8

7.5
8. 1
7.8
9.2
9. 1

7.2
7.8
7.8
9.0
8.8

7.4
7.9
7.9
8.3
8. 1

7.7
9.9
7.0
6.9
7.5
7.5
6.9
7.7
5.2
7.7
7.8

7.8
10.4
7.6
7.6
8. 1
8.3
6.9
7.7
4.8
8.8
8.3

7.5
10.0
7.6
9.0
7.3
8.8
7.1
7.8
5.6
8.9
8.2

7.7
10. 1
7.4
7.8
7.6
8.2
6.9
7.7
5.2
8.5
8. 1

7.3
9.4
8.3
8.2
7.9
7.9
7.4
8.5
6.0
8.2
7.3

C IV IL IA N

LABOR FORCE

SEASONALLY ADJUSTED
COMPOUNDED ANNUAL
RATES OF CHANGE
3 MONTHS ENDING SEPTEMBER
THOUSANDS OF PERSONS
FROM SAME
MONTHS A
AUGUST
JULY
SEPTEMBER FROM PREVIOUS
YEAR AGO
1981
1981
__ L24J___ __ 3 MONTHS__

UNITED STATES
CMV STATE SUMMARY
CMV METROPOLITAN SUMMARY
ARKANSAS
FORT SMITH: AR-OK
LITTLE ROCK-NORTH
LITTLE ROCK: AR
PINE BLUFF: AR
KENTUCKY
EVANSVILLE: 1N-KY
LOUISVILLE: KY-IN
MIS SI SS IP P I
MISSOURI
ST. LOUIS: MO-1L
SPRINGFIELD: MO
TENNESSEE
MEMPHIS: TN-AR




106,463.9
8,010.2
2,529.4
998.9
85.6

106,601.9
8,066.8
2,545.6
1,011.3
86.0

106,236.0
8,070.2
2,527.6
1,018.1
86. 1

193.3
40.5
1,640.3
144.3
433.3
997.3
2,347.0
1,123.7
109. 1
2,016.0
396.7

194.7
41.0
1,645.3
147.5
438.4
990. 1
2,347.2
1,120.7
109.2
2,075.4
404.3

195.5
41.0
1,641.6
149.4
436.3
1,004.3
2,326.6
1,106.6
107.4
2,083.6
406.0

-1.2
2.3
3.3
11.5
11.5

1.4
1.6
2.6
3.4
2.4

12.4
11.6
2.4
1.6
1.2
-5.9
-3.5
-3.3
0.7
8. 1
13.8

4.5
4.1
1.0
1. 1
1.4
-2.0
2.1
2.6
4.8
.2.6
3.0

PREPARED BY FEOERAL RESERVE BANK OF ST. LOUIS

13

EMPLOYMENT

INDICATORS

AVERAGE HOURLY EARNINGS
MANUFACTURING

AVERAGE WEEKLY HOURS WORKED
MANUFACTURING

SEASONALLY ADJUSTED

SEASONALLY ADJUSTED

HOURS PER WEEK

DOLLARS PER HOUR

KENTUCKY
—

t—
h

'

r

u

Im Im Ih i i i n i i i i n

" v --------—

v

A .

lllllllllll

■■18■1■111■ ■IlI u I u I i i,'

M IS S IS S IP P I

10
8

48
—

—

6

/

44
40

-

4

36
jul I i i

2

L i 11 1 1 i l l l l l l i l i l

- u l l l l l l l l i

■■11 a1a1 1 ■■ l l l l l l l l l l l

MISSOURI

LATEST DATA PLOTTED-. SEPTEMBER



14

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

0

EMPLOYMENT

INDICATORS

AVERAGE HOURLY EARNINGS - MANUFACTURING
SEASONALLY ADJUSTED
COMPOUNDED ANNUAL
RATES OF CHANGE
_________ DOLLARS PER HOUR_______ 3 MONTHS ENDING SEPTEMBER 1981
■ FROM SAME
JULY
AUGUST
MONTHS A
SEPTEMBER FROM PREVIOUS
1981
1981
YEAR AGO
1981
3 MONTHS

UNITED STATES
CMV STATE SUMMARY
CMV METROPOLITAN SUMMARY
ARKANSAS
FORT SMITH: AR-OK
LITTLE ROCK-NORTH
LITTLE ROCK: AR
PINE BLUFF: AR
KENTUCKY
LOUISVILLE: KY-IN
M IS SI SS IP P I
MISSOURI
ST. LOUIS: MO-1L
SPRINGFIELD: MO
TENNESSEE
MEMPHIS: TN-AR

8.02
7.08
8.52
6.30
6.58

8.02
7.1 1
8.59
6.30
6.38

8.15
7.20
8.67
6.44
6.40

7.3
6.4
5.8
7.1
10.4

9.7
8.9
8.8
9.9
10.2

7.01
7.64
7.93
9.24
6.00
7.94
8.98
7.43
6.72
7.53

7.04
7.82
7.95
9.42
6.05
8.00
9.05
7.46
6.72
7.52

7.23
7.86
8.02
9.47
6.12
7.99
9. 15
7.46
6.87
7.50

0.9
-1.8
8.6
4.0
6.7
4.4
9.9
-0.2
6.6

8.7
-0.3
6.9
9.9
9.7
9.0
9.3
11.8
9.9
6.6

0. 1

AVERAGE WEEKLY HOURS WORKED - MANUFACTURING
SEASONALLY ADJUSTED
__________ HOURS PER WEEK________

UNITED STATES
CMV STATE SUMMARY
CMV METROPOLITAN SUMMARY
ARKANSAS
FORT SMITH: AR-OK
LITTLE ROCK-NORTH
LITTLE ROCK: AR
PINE BLUFF: AR

KENTUCKY
LOUISVILLE:

KY-IN

MIS SI SS IP P I
MISSOURI
ST. LOUIS: M O - 1L
SPRINGFIELD:

MO

TENNESSEE
MEMPHIS:




TN-AR

MONTHLY AVERAGE
3 MONTHS ENDING

JULY
1981

AUGUST
1981

SEPTEMBER
__ LifiJ___

SEPTEMBER
1981

40.0
39.9
40.6
39.7
38.9

40.0
39.6
40.3
39.7
38.4

39. 1
39.2
39.4
39.5
38.4

39.7
39.6
40. 1
39.6
38.6

40.2
40.0
40.0
40. 1
39. 1

39.6
42.0
40. 1
40.6
39.4
39.9
40.5
41.6
40. 1
40.2

40.9
42. 1
39.0
39.9
39.2
39.8
40.4
40. 1
39.6
40.5

40.6
42. 1
38.9
40.0
39. 1
38.7
38.8
40.3
39.4
40.0

40.4
42.1
39.3
40.2
39.2
39.5
39.9
40.7
39.7
40.3

40.4
41.3
39.9
40.3
39.9
39.8
40.0
41.2
40.2
40. 1

JUNE
• 1981

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

15

EMPLOYMENT

INDICATORS

PAYROLL EMPLOYMENT - SELECTED I N D U S T R I E S *
SEASONALLY ADJUSTED
INDEX: 1972-100

CHEMICAL,
1972-100
140 I --------------------- 1i-----------------------120

___U . 5 . __________
_ 5 T A T E 5 _______

PETROLEUM,

AND RUBBER PRODUCTS

----------------------- —

'■----------------------

1972-100
140
-------------

100

—

100
80

80
1 1 1 1 1 1.1 1 1 1 1

60

...................... ...

■ ■■..........................

■■i ■■i ■■i ■. -L J—L i—1-1-1—1 J—L i- J 1.1 l.l 1 J 1 1 1 1 ■

60

CONSTRUCTION
140

140
1 2 0

_______ - — —

.

__

120

100

100

80

80
» *1« » 1» « 1» «

60

■. 1 ■ ■ 1. ■ 1 ■.

............1 ■ ■ 1 ■ ■

-1 .L-ll-l-i 1 1 1 1 1 -L l J.1J-i. L-I.J-L L.

.............................

60

ELECTRICAL EQUIPMENT
140

140

120
100

80
g Q

n

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11




1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11

1 1 1 1 1 1 1 1 1 11

60

FOOD AND KINDRED PRODUCTS
140
120
100

80
60

LUMBER AND FURNITURE

16

EMPLOYMENT INDICATORS

PAYROLL EMPLOYMENT -

SE LE C TE D

IN D U S TR IE S *

SEASONALLY ADJUSTED
COMPOUNDED ANNUAL
RATES OF CHANGE
__________INDEX-. 1972-100_______
3 MONTHS ENDING SEPTEMBER 1981
FROM SAME
JULY
AUGUST
SEPTEMBER FROM PREVIOUS
MONTHS A
1981
1981
1981
... 3 MONTHS
YEAR AGO

UNITED STATES
CHEMICAL, PETROLEUM, AND
RUBBER PRODUCTS
CONSTRUCTION
ELECTRICAL EQUIPMENT
FOOD AND KINDRED PRODUCTS
LUMBER AND FURNITURE
TEXTILE, APPAREL, AND
LEATHER
CMV STATE SUMMARY
CHEMICAL. PETROLEUM, AND
RUBBER PRODUCTS
CONSTRUCTION
ELECTRICAL EQUIPMENT
FOOD AND KINDRED PRODUCTS
LUMBER AND FURNITURE
TEXTILE, APPAREL, AND
LEATHER
ARKANSAS
CONSTRUCTION
ELECTRICAL EQUIPMENT
FOOD AND KINDRED PRODUCTS
LUMBER AND FURNITURE
PAPER AND PRINTING
TEXTILE, APPAREL, AND
LEATHER
KENTUCKY
CHEMICAL, PETROLEUM, AND
RUBBER PRODUCTS
CONSTRUCTION
ELECTRICAL EQUIPMENT
FOOD AND KINDRED PRODUCTS
NONELECTRICAL MACHINERY
TEXTILE, APPAREL, AND
LEATHER
MIS SI SSI PP I
CONSTRUCTION
ELECTRICAL EQUIPMENT
FOOD AND KINDRED PRODUCTS
LUMBER AND FURNITURE
TEXTILE, APPAREL, AND
LEATHER
TRANSPORTATION EQUIPMENT
MISSOURI
CONSTRUCTION
ELECTRICAL EQUIPMENT
FOOD AND KINDRED PRODUCTS
PAPER AND PRINTING
TEXTILE, APPAREL, AND
LEATHER
TRANSPORTATION EQUIPMENT
TENNESSEE
CHEMICAL, PETROLEUM, AND
RUBBER PRODUCTS
CONSTRUCTION
FOOD AND KINDRED PRODUCTS
LUMBER AND FURNITURE
PAPER AND PRINTING
TEXTILE, APPAREL, AND
LEATHER

119.3

96.9
98.4

113.6
109.9
119.4
95.8
97.2

113.9
109.4
119.6
95.8
96.3

2.9
-7.3
4.5
-3.3
-3.2

3.6
-1.3
4.5
-2.0
4.4

89.0

88.5

88.9

5.6

1.7

115.9
98.0
111.7
103.4
90.8

117.8
97.4
109.5
102.6
91.2

117. 1
97.0
112. 1
103.6
90.6

-1.0
-4.8
6.8
-4.9
-3.0

2.0
-5.4
7.6
-0.2
5.2

90.9

90.8

90.6

4. 1

1.6

98.7
MO.6
121.6
89.3
133.7

99.0
145.4
121.7
88.8
133.0

97.6
140.9
122.1
86.8
134.2

-8.5
14.0
-6.6
1.4
1.8

-7.1
13.3
0.4
7.4
2.2

85.8

83.8

81 .9

1.4

-1.8

131.6
94.8
84.9
97.3
131.0

129.0
94.3
73.2
93.8
134.0

127.2
95. 1
83.6
94.3
133.3

4. 1
-8.8
-18.4
0.4
-0.9

1.8
-6.8
1.5
-0.9
0.8

88.0

84.9

84.8

-5.0

-1.2

112.1
131.0
115.7
93.2

109.7
124.9
115. 1
92.8

110.0
127.2
116.0
92.8

-11.4
-4.3
-14.2
-3.8

-7.8
3.5
-2.5
1 .1

99.2
86.6

97.5
85.7

97.5
86.6

3.3
-8.3

0.4
4. 1

104.0
116.2
89.7
104.9

103.0
118. 1
89.5
105.2

103.2
118.9
90.0
105.9

-1.9
9.0
-6.0
-1.9

-2.0
4.5
-0.6
0.3

85.9
76.7

86.3
80.4

86. 1
77.2

4.3
-7.3

-1.7
-3.3

107.3
88.6
107.0
89.6
126.5

111.7
87.8
105.9
93.1
126.5

111.2
86.9
108.7
93. 1
126.0

-4.6
1.4
3.0
5.9
1.6

1.2
-5.8
1.5
9.7
7.9

118.5

121.9

121.0

6.6

5. 1

113.5
109.9

X ALL CATEGORIES ARE MANUFACTURING EXCEPT CONSTRUCTION.
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS



17

EMPLOYMENT

IND ICA TOR S

MANUFACTURING EMPLOYMENT

NONMANUFACTURING EMPLOYMENT

SEASONALLY ADJUSTED
INDEX: 1972-100
1972-100
150

- u.s.

------------- 1l
- U.S.
STATES

1

STATES

130

—

—

1972-100
150
-

—

-

110

MO
90
70

—

____

11111111111 11111111111 11111111111 11111111111 11111111111
1977
1979
1980
1981
1978

111

110

90

■11111ij 111 iiliiliiln llllillllll llllillllll llllillllll
1977
1978
1980
1979
1981

70

ISAS

150
130

—

—

_
~

—

_

__ 150
“““ 130
I 10

90
70

90
llllillllll I■1111S11■■ 11lll-lulu. llllillllll 111II1II 1II,

,li lu lu hi u l n l n l u

m Im Im Iii

«» 111111111 llllillllll

KENTUCKY

150
130

-

-

-----

-

I 10
■ ■ i n i ■» i ■■

11111111111

H I ■ 11111II

II

llllillllll 1i 1«111■1■i llllillllll llllillllll llllillllll

In IH IH

M IS S IS S IP P I
_

—

70
150

_

130 —

130

I 10

1 10

90

90
llllillllll -LjJ-U.ll.il II llllillllll n lu lull i Li 1.1.1llllll,

llllillllll llllillllll llllillllll llllillllll llllillllll

MISSOURI

150
130 —

—

—

70
150

____

“

110
90
70

130

90
■ 1 1 ■■i ■■i ■ i

150

70

150

110

90
70

70

130

110
90

llllillllll llllillllll

ii Iu IliIii

jj.lj.ihiln jj-Lulnlu iihilnlii ulnlnhi n.hihiln

llllllu lll. 1lLii 1II1II

TENNESSEE

150

-

130 —

—

150
-

—

110

70

130

110

90

90

70 ulnlnlu iiliiliili.i 111111■«1ssj.iliiJnln »»h »11111i
1977

1978

1979

1980

1981

LATEST DATA PLOTTED: SEPTEMBER



18

iiliiliiln llllillllll llllillllll llllillllll llllillllll
1977
1978
1979
1980
1981
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

70

EMPLOYMENT INDICATORS

M A N U F A C T U R IN G EMPLOYMENT
SEASONALLY ADJUSTED
COMPOUNDED ANNUAL
RATES OF CHANGE
__________INDEX: I972-IOO_______
3 MONTHS ENDING SEPTEMBER 1981
FROM SAME
AUGUST
JULY
SEPTEMBER FROM PREVIOUS
MONTHS A
1981
1981
YEAR AGO
__ LMJ___ __ 3 MONTH?__

UNITED STATES
CMV STATE SUMMARY
CMV METROPOLITAN SUMMARY
ARKANSAS
FORT SMITH: AR-OK
LITTLE ROCK-NORTH
LITTLE ROCK: AR
PINE BLUFF: AR
KENTUCKY
EVANSVILLE: IN-KY
LOUISVILLE: KY-IN
MIS SI SS IP P I
MISSOURI
ST. LOUIS: MO-1L
SPRINGFIELD: MO
TENNESSEE
MEMPHIS: TN-AR

107.0
103.3
91.6
116. 1
117.3

107.0
103.9
91.8
115.8
117.1

107.0
103.6
91.6
114.7
114.4

2.3
0.8
-3.4
2.8
1.4

2.5
2.7
-0.9
4. 1
9.6

103.5
109.4
102.4
99. 1
85.6
106.5
95.8
87.6
105.4
104.2
95.8

103. 1
109. 1
101.4
98.2
83.2
105.0
96.9
88.9
104.5
106.2
94.6

102.7
109.5
101.7
97.7
86.3
104.7
96.6
88.4
106.0
106.2
94.1

4.0
1.5
-1.6
0.4
-15.3
-1.5
-2.0
-1.3
10.9
3. 1
-1.3

-2.5
3.2
1.9
-0.7
-1.8
1.4
0.2
-2. 1
10. 1
5.0
-0.6

NONMAN UFA CT URIN G EMPLOYMENT
SEASONALLY ADJUSTED
COMPOUNDED ANNUAL
RATES OF CHANGE
__________INDEX: 1972-100_______
3 MONTHS ENDING SEPTEMBER 1981
FROM SAME
JULY
AUGUST
SEPTEMBER FROM PREVIOUS
MONTHS A
1981
1981
__ L22J_______ 3 MONTHS
YEAR AGO

UNITED STATES
CMV STATE SUMMARY
CMV METROPOLITAN SUMMARY
ARKANSAS
FORT SMITH: AR-OK
LITTLE ROCK-NORTH
LITTLE ROCK: AR
PINE BLUFF: AR
KENTUCKY
EVANSVILLE: IN-KY
LOUISVILLE: KY-IN
MIS SI SSI PP I
MISSOURI
ST. LOUIS: MO-1L
SPRINGFIELD: MO
TENNESSEE
MEMPHIS: TN-AR




130.8
126.3
122.5
134.6
139.9

131 .0
126.2
122.3
134.4
138.8

130.8
126.2
122.4
135. 1
140.3

0.9
-0.3
0.7
-0.6
2.3

1.6
-0.7
0. 1
0. 1
-0. 1

137.4
133.9
126.9
132.5
123.9
135.0
121.9
116.7
140. 1
124.3
119.4

137.8
133.8
126.7
133.3
124.3
133.8
121.9
116.4
139.9
124.2
119.3

137.5
131 .9
126.0
132.9
124.9
135.8
121.8
116.8
139.2
124.3
119.3

3.6
-2.4
5.6
4.0
2.0
-5.2
0.0
-0.7
2.9
-3.2
0.0

1.6
-3. 1
-1.5
-0.2
0.6
-1.0
0.4
-0.1
0.6
-1.6
-0.3

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

19

EMPLOYMENT

INDICATORS

PAYROLL EMPLOYMENT
SEASONALLY ADJUSTED
INDEX: I972-IOO
1972-100




1972-100

ARKANSAS

KENTUCKY

M IS S IS S IP P I

MISSOURI

TENNESSEE

20

EMPLOYMENT

PAYROLL EMPLOYMENT
SEASONALLY ADJUSTED
INDEX: 1972-100
1972-100




1972-100

21

INDICATORS

EMPLOYMENT

INDICATORS

PAYROLL EMPLOYMENT
SEASONALLY ADJUSTED
COMPOUNDED ANNUAL
RATES OF CHANGE
__________INDEX; 1972-100_______
3 MONTHS ENDING SEPTEMBER 1981
FROM SAME
MONTHS A
SEPTEMBER FROM PREVIOUS
JULY
AUGUST
3 MONTHS
YEAR AGO
1981
1981
1981

UNITED STATES
CMV STATE SUMMARY
CMV METROPOLITAN SUMMARY
ARKANSAS
FORT SMITH: AR-OK
LITTLE ROCK-NORTH
LITTLE ROCK: AR
PINE BLUFF: AR
KENTUCKY
EVANSVILLE: IN-KY
LOUISVILLE: KY-IN
M IS S I S S I P P I
MISSOURI
ST. LOUIS: MO-1L
SPRINGFIELD: MO
TENNESSEE
MEMPHIS: TN-AR

124.7
119.6
113.9
128.7
131 .9

124.8
119.5
113.7
128.5
130.8

124.8
119.5
113.8
128.4
130.3

1.6

1.9

0.0
0.0
0.0

0. 1

130.4
128. 1
120.2
120.6
111.5
125.8
115.2
108.3
130.6
117.8
114.8

130.7
128.3
119.8
121.1
111.5
124.7
115.3
108.3
130.0
118.3
114.2

130.3
126.7
119.4
120.6
112.2
125.8
115.2
108.5
130.2
118.1
114.3

3.4
-1.6
3.8
1.3
-1.8
-4.3
-0.7
-1 . 1
4.7
-1.3
-0.3

-0.1
1.3
3.0

3.1

0.9
-1 .8
-0.7
-0.3
0.0

-0.4
0.3
-0.6
2.6
0.3
-0.4

STATE SUMMARY-TOTAL PAYROLL EMPLOYMENT
COMPOUNDED ANNUAL RATES OF CHANGE
TERMINAL_______________________________________________________________________________ IN IT I A L QUARTER_________________________________________________________________________________1 9 7 2 * 1 0 0
QUARTER
1 -7 7
A—7 7
2 -7 7
3 -7 7
1 -7 8
3 -7 8
A—7 8
1 -7 9
3 -7 9
1 -8 0
2 -7 8
2 -7 9
A - 79
2 -8 0
3 -8 0
1 -8 1
2 -8 1
A -80
2 -7 7

7 .0

3 -7 7

3 .6

A —7 7

5 .7

5 .0

5 .3

1 -7 6

5 .0

A .A

A .2

3 .1

2 -7 8

6 .0

5 .7

6 .1

6 .5

9 .9

3 -7 8

5 .5

5 .3

5 .A

5 .A

6 .6

113.A
1 1 A .7

A .7

1 1 6 .2
1 1 7 .1
1 1 9 .9
3 .A

1 2 0 .9

A —7 8

5 .3

5 .0

5 .1

5 .0

3 .6

3 .5

3 .7

1 -7 9

A .9

A .7

A .7

A .5

A .9

3 .2

3 .2

2 .6

2 -7 9

A.6

A .A

A .3

A. 1

A .3

3 .0

2 .9

2 .5

1 2 2 .0
1 2 2 .8
2 .3

1 2 3 .5

3 -7 9

A. 2

3 .9

3 .8

3 .5

3 .6

2 .A

2 .2

1 .6

1 .1

0 .0

A—7 9

3 .8

3 .A

3 .3

3 .1

3 .0

1 .9

1 .7

1 .1

0 .7

-0 .2

-0 .3

1 -8 0

3.A

3 .0

2 .9

2 .6

2 .5

1 .5

1 .2

0 .7

0 .2

-O .A

-0 .6

-1 .0

2 -8 0

2 .5

2 .1

1 .9

1 .5

l.A

0 .3

-0 .1

-0 .7

-l .A

-2 .3

-3 .0

-A .3

-7 .6

3 -8 0

2 .0

1 .6

1 .3

1 .0

0 .8

-0 .2

-0 .6

-1 .2

-1 .9

-2 .7

-3 .3

-A .3

-5 .9

-A .2

A —8 0

2 .1

1 .7

1 .5

1 .2

1 .0

0 .2

-0 .2

-0 .7

-1 .1

-1 .7

-2 .0

- 2 .A

-2 .9

-0 .5

1 2 3 .5
1 2 3 .A
1 2 3 .1
1 2 0 .7
119.A
3 .A

1 -8 1

2 .2

1 .9

1 .7

1 .5

1 .3

0 .6

0 .3

-0 .1

- O .A

-0 .8

-0 .9

-1 .0

-1 .1

1 .2

2 -8 1

1 .6

1 .3

1 .1

0 .8

0 .6

-0 .1

—0 . A

-0 .8

-1 .2

-1 .6

-1 .9

-2 .1

-2 .3

-1 .0

0 .1

-1 .5

-7 .3

3 -8 1

1 .6

1 .2

1 .0

0 .7

0 .6

-0 .1

—O .A

-0 .8

-1 .1

-1 .5

-1 .6

-1 .8

-2 .0

-0 .8

0 .1

-1 .0

-3 .7

0 .0

1 -7 7

2 -7 7

3 -7 7

A—7 7

1 -7 8

2 -7 8

3 -7 8

A—7 8

1 -7 9

2 -7 9

3 -7 9

A—7 9

1 -8 0

2 -6 0

3 -6 0

A—8 0

1 -8 1

2 -6 1




IN IT I A L

A. 1

1 2 0 .A
A .7

1 2 1 .6
1 1 9 .5
______ 1 1 9 * 3

QUARTER

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

22

PRODUCTION AND PR IC E

INDICATORS

PRODUCTION OF SELECTED CROPS

1979

7,938,819
433,040
2,030
132,600
5,720
239,990
52,700

131,947
53,781
44,064
8,384
1,333

UNITED STATES
CMV STATES
Arkansas
Mississippi
Mi ssouri
SOYBEANS

6,647,534
245,610
1,036
103,600
2,464
109,710
28,800

2,267,901
571,435
144,200
53,950
118,900
183,645
70,740

21.8
80.4
163.5
47.7
206.0
102.6
99.4

145,063
64,182
52,615
9,226
2,341

182,627
86,639
69,000
14,405
3,234

25.9
35.0
31.1
56.1
38.1

1,792,062
344,235
65,250
36,000
61,600
135,485
45,900

2,076,998
456,750
100,050
51,000
81,400
163,200
61,100

15.9
32.7
53.3
41.7
32.1
20.5
33.1

2,025,203
679,905
518,876
161,029

13.6
28.6
24.4
43.9

15,464
2,620
650
1,525
165
280

40.4
33.4
46.4
33.4
-6.8
40.0

(1,000 Pounds)
1,526,549
447,974
343,145
104,829

UPLAND COTTON
UNITED STATES
CMV STATES
Arkansas
Mississippi
Missouri
Tennessee

1,782,618
528,893
416,962
111,931
(1,000 Bales)

14,531
2,371
606
1,437
157
171

11,018
1,964
444
1,143
177
200

♦November 1 forecast




8,097,231
442,990
2,730
153,000
7,540
222,300
57,420

(1,000 Bushels)

TOBACCO
UNITED STATES
CMV STATES
Kentucky
Tennessee

Percent Change
1980 to 1981

(1,000 CWT)

RICE

UNITED STATES
CMV STATES
Arkansas
Kentucky
Mississippi
Mi ssouri
Tennessee

1981 Indicated*

(1,000 Bushels)

CORN FOR GRAIN
UNITED STATES
CMV STATES
Arkansas
Kentucky
Mississippi
Missouri
Tennessee

1980

23

PRODUCTION AND PR IC E

INDICATORS

ELECTRIC

POWER C O N S U M P T I O N

SEASONALLY ADJUSTED
INDEX: 1971-100

CHEMICAL,

PETROLEUM,

AND RUBBER PRODUCTS

ELECTRICAL MACHINERY

LATEST DATA PLOTTED: SEPTEMBER



PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

24

PRODUCTION AND PR ICE

ELECTRIC

INDICATORS

POWER C O N SU M PT IO N

SEASONALLY ADJUSTED
COMPOUNDED ANNUAL
RATES OF CHAN6E
__________INDEXs 1971-100_______
3 MONTHS ENDIN6 SEPTEMBER 1981
FROM SAME
JULY
AUGUST
SEPTEMBER FROM PREVIOUS
MONTHS A
m i
1981
YEAR AGO
1981
3 MONTHS

UNITED STATES
TOTAL MANUFACTURING AND MINING

125.7

123.9

122.7

7.1

5.2

115.7

111.6

110.3

-6.5

1.0

113.9

110. 1

108.7

-9.5

0.5

DURABLES
ELECTRICAL MACHINERY
FABRICATED METALS
LUMBER AND FURNITURE
NONELECTRICAL MACHINERY
OTHER DURABLES
PRIMARY METALS
STONE, CLAY, AND GLASS
TRANSPORTATION EQUIPMENT

102.3
102.6
164.1
118. 1
147.5
148.8
77.7
99.4
97.4

99.3
97.0
154.8
123.0
130.6
148.2
76.2
88.9
96.8

99.7
92.7
159.6
107.8
131.7
148. 1
82.0
95.4
94.8

-10.4
-8.2
12.7
-27.9
6.4
-6.0
-13. 1
-18.3
5. 1

3. 1
2.6
7.1
1.7
0.8
3.5
2.7
1.8
3.7

NONDURABLES
CHEMICAL, PETROLEUM, AND
RUBBER PRODUCTS
FOOD, BEVERAGES, AND
TOBACCO
PAPER AND PRINTING
TEXTILE, APPAREL, AND
LEATHER

118.6

114.1

112.7

-11 .0

-0.4

118.5

112.9

109.4

-11.4

1.1

123.7
119.5

120.5
119.1

124.7
123.0

-4.4
-10.8

-5.6
-3.4

97.1

94.4

87.6

-8.9

1.3

213.0

199. 1

204.2

179.0

20.0

EIGHTH DISTRICT
TOTAL MANUFACTURING AND MINING
MANUFACTURING

MINING




PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

25

PRODUCTION AND PR ICE

INDICATORS

VALUE OF C O N S T R U C T I O N CONTRACTS L E T *
NOT SEASONALLY ADJUSTED
INDEX: 1974-100

RESIDENTIAL

BUILDING

LATEST DATA PLOTTED: 3RD QUARTER
Jj 4TH QUARTER DATA: 643.3

i) 4TH QUARTER DATA: 389.3


NONRESI DENT IAL BU IL D IN G

330
250
170
—I 90
10

26

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

PRODUCTION AND PRICE

INDICATORS

VALUE OF C O N S T R U C T I O N CONTRACTS L E T *
NOT SEASONALLY ADJUSTED
_____ INDEX: I974-IOO_____

TOTAL BUILDING
UNITED STATES
CMV STATE SUMMARY
CMV METROPOLITAN SUMMARY
ARKANSAS
FORT SMITH: AR-OK
LITTLE ROCK-NORTH
LITTLE ROCK: AR
PINE BLUFF: AR
KENTUCKY
EVANSVILLE: IN-KY
LOUISVILLE: KY-IN
MISSISSIPPI
MISSOURI - EAST
ST. LOUIS: MO-1L
SPRINGFIELD: MO
TENNESSEE - WEST
MEMPHIS: TN-AR-MS

COMPOUNDED ANNUAL
RATES OF CHANGE

3RD OTR 1980
TO
3RD OTR 1981

3RD QTR
TO
3RD QTR

2ND
QUARTER
1981

3RD
OUARTER
1981

198.7
197.6
184.7
159.2
125.9

183. 1
174.6
124.4
133.8
103.9

-0.2
-4.7
-29.4
-25.3
-17.1

-6.5
-7.7
-1 1. 1
2.6
3.2

135.4
106.5
183.4
488.7
157.4
157.0
332.2
207.9
350.7
138.5
136.9

89.2
103.8
238.9
110.1
158.9
165.9
177.1
138.4
206.0
93.7
84. 1

-36.8
47.0
30.0
-63.4
-7.3
-12.4
4.2
-12.5
-15.4
-52.7
-59.5

-9.6
-54.5
-17.2
33.0
-38.8
6.8
-31.7
-15.7
-52.1
49.5
62.0

212.1
192.6
130.9
199.7
148.9

180. 1
163.4
122.6
169.6
126.3

-13.7
-21.4
-26.5
-20.5
-3.4

-1 1. 1
-10.0
-17.8
-7.0
-1.3

124.4
254.3
207.5
221.4
125.0
198.5
196.1
129.9
151.4
131.5
109.3

95.2
220.8
153.5
158.2
108.5
155.4
231.4
162.0
98.9
94.8
81.5

-43.7
7.0
-25.0
-4.9
-32.3
-31.7
26.7
11.0
-49.2
-56. 1
-60.7

0.9
-56.3
-7.4
-23. 1
-15.9
8.6
-39.9
-34.4
-46.3
15.0
13.9

185.1
203.3
237.9
106.0
81.4

186.1
187.3
126. 1
87.2
61 .0

17.8
20.7
-31.9
-35.4
-45.9

0.4
-4.0
-4.0
30.7
14. 1

151.4
46.6
154.9
795.0
191.0
104. 1
457.0
279.5
565.3
145.0
160.2

80.7
56.4
339.7
55. 1
211.1
179.3
127.5
116.8
321.4
92.8
86.3

-20.3
263.9
113.4
-87.9
15.3
27.3
-19.5
-31.0
8.7
-48.7
-58.4

-27.7
-41.5
-28.7
91.2
-50.8
3.2
-20.0
9.0
-55.5
127.7
152.6

B.E$J-DEN_IIA|. BUILDING
UNITED STATES
CMV STATE SUMMARY
CMV METROPOLITAN SUMMARY
ARKANSAS
FORT SMITH: AR-OK
LITTLE ROCK-NORTH
LITTLE ROCK: AR
PINE BLUFF: AR
KENTUCKY
EVANSVILLE: IN-KY
LOUISVILLE: KY-IN
MISSISSIPPI
MISSOURI - EAST
ST. LOUIS: MO-1L
SPRINGFIELD: MO
TENNESSEE - WEST
MEMPHIS: TN-AR-MS
NONRES1DENT 1AL BUILDING
UNITED STATES
CMV STATE SUMMARY
CMV METROPOLITAN SUMMARY
ARKANSAS
FORT SMITH: AR-OK
LITTLE ROCK-NORTH
LITTLE ROCK: AR
PINE BLUFF: AR
KENTUCKY
EVANSVILLE: IN-KY
LOUISVILLE: KY-IN
MISSISSIPPI
MISSOURI - EAST
ST. LOUIS: MO-1L
SPRINGFIELD: MO
TENNESSEE - WEST
MEMPHIS: TN-AR-MS

IK USED WITH THE PERMISSION OF DODGE CONSTRUCTION
POTENTIALS, MCGRAW-HILL INFORMATION SYSTEMS COMPANY




PREPARED BY FEDERAL RESERVE BANK OF S

27

PRODUCTION AND P R IC E

INDICATORS

H O U S IN G P E R M I T S
SEASONALLY ADJUSTED
INDEX: 1974-100
1974-100
410
-

1974-100
410

u . s .

STATES

310

________
—

210

2 1 0
A

|■

110

I 10

10

. .

i . .

i . .

i . .

1975

. . 1 . . 1 . . 1 . .

1976

. .

1.

. 1.

. . 1 . . 1 . .

. 1 . .

1977

1 . .

. .

1978

1 . .

1 . .

1 . .

1 . 1 . .

1979

1 . .

1 . .

i * 1 1 1 1 1 1 1 1 1

1980

1981

ARKANSAS

410
310

310

410
—

—

1 1 0




310
210

2 1 0

10 ■I l l l l l l l l . i l . .

10

1 1 0
■ ■ 1 ■ ■ 1 ■ ■ 1 ■ ■

■1 i-Lt-l-l-l

1 1-1 1 .

■ 1 1 1 1 1 1 1 1 11

-1 1 1. 1 1 1. 1 1 1 i

1

1 1 1. 1 1 1

i

1 1.

i 1 ,Y

i ,

n > r i

. 7

10

KENTUCKY

M IS S IS S IP P I

410
310
210
1 1 0

10

MISSOURI

410
310

210
110
10

TENNESSEE

28

PRODUCTION AND P R IC E

INDICATORS

H O U S IN G P E R M I T S
SEASONALLY ADJUSTED
__________INDEX; 1974-100_______

AUGUST
fast

JULY
t ill

COMPOUNDED ANNUAL
RATIOS OF CHANGE
3 MONTHS In OINC SEPTfeflBEB t«tl

FROM PREVIOUS
3 Months

1981

FRQlf SAME
A
iiti A60'

monTRs

O ltlT iO STATES

05.0

68.0

a. s

-53.3

-36.9

CUT S tA T I SUMMARY

§ 4 .f

53.2

44.3

-59.3

-34.0

Cflnr K m C rP O L I T AN SMiftfARY

S r.6

SOT. 4

55.8

-74.3

-50.6

ARKANSAS
LITTLE ROCK-NORtH
LITTLE ROCK; AR

SB.t

36.1

50.0

-93.1

-70.3

37.7

24.5

11.5

-99.5

-8 l. 1

KENTUCKY
LOUISVILLE*. K Y -IN

S * .*
48.2

60.2
53.6

42.4
41. /

-57/
-87. V

-40.5
-37.5

( H S S lfS S lW l

at. 3

52.0

42. ?

-50.3

-52.1

NISSOURI
ST. USUIS; N ff-IL

Si. 7
$4.1

69.9
60S

58./
94. i

-37.2
- 20. 0

-46.7
-28.7

TENNESSEE
MEUPH1S: TN-AR-MS

71 . t
54.8

35.2
28.3

4%. 4
21 .0

-44.1
-82.0

-59.4
-76.0

STATE SUMMARY-HOUSING PERMITS
COMPOUNDED ANNUAL RATES OF CHANGE
TERMINAL
QUARTER

IN IT I A L
1 -7 7

2 -7 7

3 -7 7

2 -7 7

4 4 .6

3 -7 7

2 7 .9

1 3 .2

4 -7 7

1 0 .7

-3 .2

-1 7 .2

1 -7 8

1 .3

-9 .8

-1 9 .3

4 -7 7

1 -7 8

2 -7 8

3 -7 8

4 -7 8

1 -7 9

2 -7 9

QUARTER
3 -7 4

1974*100
4 -7 9

1 -8 0

2 -8 0

3 -8 0

4 -8 0

1 -8 1

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

-2 1 .7

1 3 0 .3

2 -7 8

3 .6

-2 .3

-7 .0

-1 .3

2 4 .0

3 -7 8

-1 .1

-8 .3

-1 3 .0

-1 1 .6

-6 iQ

1 5 8 .6

_

-2 6 .8

4 -7 8

1 .1

-4 .7

-8 .0

-3 .3

0 .6

-9 .4

15*4

1 -7 9

-1 3 .0

-1 9 .0

-2 3 .4

-2 4 .6

-2 5 .3

-3 7 .0

-4 0 .7

2 -7 9

—6 . 3

-1 1 .3

-1 4 .3

-1 3 .8

-1 2 .1

-1 9 .4

-1 5 * 9 - -2 8 ^ 3

68if

3 -7 9

-7 .2

-1 1 .6

-1 4 .3

-1 3 .9

-1 2 .6

-1 8 .5

-1 1 3 * 6 ^ 2 ^ 0

2 0 .0

-1 4 .7

4 -7 9

-1 1 .2

-1 3 .4

-1 8 .1

-1 8 .2

-1 7 .7

-2 3 * 2

-2 2 .0

-2 9 * 3

-6 .4

-3 0 * 3

1 4 5 .7
1 5 1 .0

—6 9 . 3

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

1 0 6 .8

1 -8 0

-1 3 .4

-1 9 .4 . - 2 2 .1

-2 2 .7

-2 2 .8

-2 7 * 8

-2 7 * 7

-3 4 .1

-2 lN r 2 - 3 7 * 8

-4 6 .8

-5 0 * 5

2 -6 0

-1 3 .3

—1 9 . 2

-2 1 .6

-2 2 .0

—2 2 * 1

-2 6 .4

-2 6 .1

-3 1 * 4

-1 * ^ 3

-3 2 i9

-3 8 .1

-3 5 .5

—1 5 . *

3 -8 0

-6 .4

-9 .3

-1 1 .1

-1 0 .6

-9 * 4

-1 2 .5

-1 0 .2

-1 3 .4

3 .1

-6 .6

-4 .4

1 3 .6

7 2 .0

2 5 1 .7

4 -8 C

—6 . 8

-4 .7

-1 1 .2

-1 0 .7

—9 . 6

-1 2 .4

-1 0 .4

-1 3 .2

0 .8

-7 .5

-6 .0

6 .6

3 7 .5

7 5 .9

1 -8 1

-1 4 .2

-1 7 .2

-1 9 .0

-1 9 .1

-1 8 .9

-2 2 * 0

-2 1 .3

-2 4 .6

-1 5 .5

-2 3 .3

-2 4 .8

-2 0 .6

-1 0 .6

-8 .8

2 -8 1

-1 6 .9

-1 4 .7

-2 1 .5

-2 1 .8

-2 1 .8

-2 4 .7

-2 4 .4

-2 7 .5

-2 0 .2

-2 7 .3

-2 8 .9

-2 6 .3

-2 0 * 2

-2 1 * 2

-5 2 .2

-6 4 .7

-4 9 .3

3 -8 1

-2 0 .1

-2 2 .8

-2 4 .6

-2 5 .1

-2 3 .4

-2 8 .2

-2 8 .2

-3 1 .2

-2 5 .4

-3 1 .8

-3 3 .7

-3 2 .3

-2 8 * 7

-3 1 .0

-5 4 .0

-6 3 .0

-5 4 .6

-5 9 .3

1 -7 7

2 -7 7

3 -7 7

* -7 7

1 -7 8

2 -7 8

3 -7 8

4 -7 8

1 -7 9

2 -7 9

3 -7 9

4 -7 9

1 -8 0

2 -6 0

3 -8 0

4 -8 0

1 -8 1

2 -8 1




8 9 .6
8 5 .8
1 1 7 .5
-1 2 .0

n s ;r

-3 3 * 5 - 7 5 •5

8 0 .1
6 7 .6

I N IT I A L QUARTER

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

29

5 4 .0

PRODUCTION AND PR IC E

INDICATORS

P R I C E S R E C E I V E D BY FARMERS -

UNITED

ST AT ES

NOT SEASONALLY ADJUSTED

L I VJgJOCK

INDEX: 1971-100
1971-100
350

ALL CROPS

L I

270 —

—

V E S T

D C K

MP R

O D U C T S

> 9 7 »'

—

—

190
/

1 10
11111111111 111111II 11I 11111111111 11111111111 * 1111111111
1977
1978
1979
1980
1981

-u lu ln lll

u l u l n l l l

1977

1978

CORN

■u l u l n l l l

X I 11 t l i i -Lli

i i l u l u l u

1980

1981

1979

350

270 —

_—

---

—

—

190

1 10
1«1■■1■i 11■ 1i l l 111.1.1 11 II 111 I I I I I I

j i I i i Li i

In ■i i ■111 ■i ■■

-u lu ln lll

-L illilii

III

RICE

i i l u l u l u

x iL

J

u

Ij i

.. I .. I .. I .T

350
—

—

—

—

—

1 10

30 .ululnlll

■■1i■1■i1■■ ■lllllllll.il nl

u

Lii In n 11 1 111 111-

iilu lu lu

■ n liiL u lii

SOYBEANS

■■1111 ■■i ■i u l l l l l l l . i l . u l u l n l l l

350
^

A,

—

270

—

190

110
30

30

HOGS

350
190

270
190

_

110

270

30

BROILERS

350

190

270
190

I 10

270

30

BEEF CATTLE

350

30

270
190

---

1 1 0

30

350

I 10
1■1■i 1i 111■

m

■11 ■i i ■■1■■ l l l l l l l l i u . L l l l . l l l l l l l

I m I m I m .ii I n l u l u -ii 1n i l il i.i -Liillij-lll-L

TOBACCO

m

I n I i i I ii

il

I u 1j i 1.i i .

30

MILK
350
—

—

270
190
110

11L1111111 111111111»1 1»11»11»11» »11111111»1 111l11»i111

30

TURKEYS
.1 1 1.

350
—

270
190
1 10

1111111i111
1977
LATEST DATA PLOTTED: SEPTEMBER



Iilu lu lu

1978

11111111111 11111111111 111i11ii111
1979
1980
1981

PREPARED BY FEDERAL RESERVE BANK OF S T. LOUIS

30

30

PRODUCTION AND P R IC E

PRICES

RECEIVED

BY FARMERS -

UNITED

INDICATORS

STATES

NOT SEASONALLY ADJUSTED
COMPOUNDED ANNUAL
RATES OF CHANGE
__________INDEX; 1971-100_______
3 MONTHS ENDING SEPTEMBER 1981
FROM SAME
JULY
MONTHS A
AUGUST
SEPTEMBER FROM PREVIOUS
1981
YEAR AGO
1981___ ___3 MONTHS
IMI

ALL FARM PRODUCTS
ALL CROPS
CORN
RICE
SOYBEANS
TOBACCO
UPLAND COTTON

LIVESTOCK AND LIVESTOCK
PRODUCTS
BEEF CATTLE
BROILERS
HOGS
MILK
TURKEYS

228.3
241.8
247.7
241.2
243.6
215.5
287.7

221.9
229.3
226.4
228.1
228.3
225.2
266.4

217.0
215.1
198.8
209.2
214.0
236.9
257.4

-13.3
-31.3
-38.9
-27.3
-31.1
-4.5
-30.2

-1.6
-1.8
-1.5
14.0
-6.3
17.7
-16.3

216.5
206.0
221.0
275.0
228.2
194.8

215.0
203.6
212.2
274.5
228.2
185.7

215.0
201.5
194.8
273.9
233.3
174.8

5.4
-6.6
10.8
80.9

-2.2
-7.1
-10.2
10.6
4.9
-2.2

0.0

-6.8

PRICES—ALL FARM PRODUCTS
COMPOUNDED ANNUAL RATES OF CHANGE
IN IT I A L QUARTER

TERMINAL
QUARTER
1 -7 7

2 -7 7

3 -7 7

4 -7 7

1 -7 8

2 -7 7

6 .7

3 -7 7

-1 0 .7

-2 5 .2

4 -7 7

-5 .2

-1 0 .6

6 .8

1 -7 8

3 .4

2 .4

1 9 .8

3 < *.4

# 2 -7 8

1 1 .3

1 2 .5

2 8 .9

4 1 .6

4 9 .1

3 -7 8

9 .3

9 .9

2 1 .0

2 6 .1

2 2 .1

2 -7 8

3 -7 8

4 -7 8

1 -7 9

2 -7 9

3 -7 9

1971*100
4 -7 9

1 -8 0

2 -8 0

3 -8 0

4 -8 0

1 -8 1

2 -8 1
1 6 8 .3
1 5 6 .5

1 5 9 .1
1 7 1 .3
1 8 9 .3
0 .0

1 6 9 .3

4 -7 8

9 .3

9 .7

1 8 .5

2 1 .6

1 7 .6

4 .4

8 .9

1 -7 9

1 3 .3

1 4 .3

2 2 .7

26 .1

2 4 .2

1 6 .8

2 6 .3

4 6 .3

2 -7 9

1 2 .8

1 3 .6

2 0 .6

2 3 .0

2 0 .9

1 4 .7

2 0 .0

2 6 .0

3 -7 9

1 0 .7

1 1 .2

1 6 .8

1 8 .3

1 5 .8

1 0 .1

1 2 .8

1 4 .2

0 .8

-6 .3

4 -7 9

9 .2

9 .4

1 4 .2

1 5 .1

1 2 .6

7 .5

9 .0

9 .0

-1 .1

-5 .6

-5 .0

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

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

1 -8 0

8 .2

8 .4

1 2 .5

1 3 .1

1 0 .7

6 .1

7 .2

6 .8

-1 .3

-4 .3

-3 .3

-1 .7

2 -8 0

6 .4

6 .3

9 .8

1 0 .1

7 .7

3 .4

3 .9

3 .0

-3 .9

-6 .8

-7 .0

-8 .0

-1 3 .9

3 -8 0

9 .3

9 .5

1 3 .0

1 3 .6

1 1 .7

8 .2

9 .3

9 .3

4 .1

3 .3

5 .8

9 .7

1 5 .8

4 -8 0

9 .6

9 .8

1 3 .1

1 3 .6

1 1 .9

8 .7

9 .8

9 .9

5 .5

4 .9

7 .3

1 0 .7

1 5 .1

3 3 .1

1 3 .8

1 -8 1

9 .0

9 .1

1 2 .1

1 2 .5

1 0 .9

7 .9

8 .7

8 .7

4 .8

4 .2

6 .1

8 .4

1 1 .1

2 1 .0

6 .7

0 .0

2 -8 1

8 .1

8 .2

1 0 .9

1 1 .2

9 .6

6 .8

7 .4

7 .3

3 .6

3 .0

4 .4

6 .1

7 .7

1 3 .9

2 .7

-2 .5

-4 .9

3 -8 1

6 .8

6 .8

9 .2

9 .3

7 .7

5 .1

5 .5

5 .2

1 .8

1 .1

2 .0

3 .1

3 .9

7 .9

-1 .6

-6 .2

-9 .2

-1 3 .3

1 -7 7

2 -7 7

3 -7 7

4 -7 7

1 -7 8

2 -7 8

3 -7 8

4 -7 8

1 -7 9

2 -7 9

3 -7 9

1 -8 0

2 -8 0

3 -8 0

4 -8 0

1 -8 1

2 -8 1




4 -7

J

2 1 0 .0
2 0 2 .3
5 5 .8

2 2 6 .0
2 3 3 .4
2 3 3 .4
2 3 0 .5

IN IT I A L QUARTER

31

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

2 2 2 .4

Farm Land Values

1977=100

1977=100

2201---

--- .220

________________Index 1977 = 100________________

________Percent Change

February
1977

February
1978

February
1979

February
1980

February
1981

1979 to 1980

United States

100

109

124

143

156

15.3

9.1

CMV State Summary

100

115

134

152

165

13.4

8.6

100
100
100
100
100
100
100

no
111
113
113
115
114
112

133
125
129
133
129
128
123

159
135
149
148
156
155
136

183
143
161
154
198
166
146

19.5
8.0
15.5
11.3
20.9
21.1
10.6

15.1
5.9
8.1
4.1
26.9
7.1
7.4

Arkansas
Illinois
Indiana
Kentucky
Mississippi
Missouri
Tennessee




32

1980 to 1981

PRODUCTION AND P RI CE

I NDI CATORS

Consumer Price Index-All Items*

Data are quarterly from March 1975 through March 1978; thereafter, data are bi-monthly.

ST. LOUIS

UNITED STATES

Percent Change to
September 1981
Index
1967 = 100
September 198-1

From Two
Months Ago
(Annuel Rate)

From
Previous
Year

273.4
274.4
294.6
186.5

9.2
3.3
12.7
15.4

8.3
5.2
8.9
3.5

270.4
279.5
225.8

3.9
10.7
20.8

11.0
13.1
5.4

All Items
Food
Housi ng
Apparel and
Upkeep
Transportation
Medical Care
Entertainment




33

Percent Change to
September 1981
Index
1967 * 100
September 1981

From Two
Months Ago
(Annual Rate)

From
Previous
Year

279.3
278.0
303.7
190.7

11.2
4.0
14.3
21.1

11.0
6.5
13.4
4.7

285.2
301.7
224.0

5.6
13.0
8.1

12.0
11.5
6.8

FINANCIAL

I NDI CATORS




METROPOLITAN MEMBER BANK DATA
SEASONALLY ADJUSTED
INDEX: 1974-100

EVANSVILLE:

L I T T L E ROCK -

IN-KY

NORTH L IT T L E ROCK:

L O U IS V IL L E :

AR

KY-IN
210
170
130
90
50

210
170
1 30
90
50

ST.

LOUIS:

MO-IL
210
170
130
90

50
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

34

FINANCIAL

INDICATORS

M E T R O P O L I T A N MEMBER BANK DATA
SEASONALLY ADJUSTED

TOTAL LOANS _
UNITED STATES**
*
METROPOLITAN SUMMARY*
COLUMBIA: MO
EVANSVILLE: IN-KY
FAYETTEV1LLESPRINGDALE: AR
FORT SMITH: AR
LITTLE ROCK-NORTH
LITTLE ROCK: AR
LOUISVILLE: KY-IN
MEMPHIS: TN-AR-MS
PINE BLUFF: AR
ST. LOUIS: MO-1L
SPRINGFIELD: MO
TEXARKANA: AR
TOTAL DEPOSITS
UNITED STATES**
*
METROPOLITAN SUMMARY*
COLUMBIA: MO
EVANSVILLE: IN-KY
FAYETTEV1LLESPR1NGDALE: AR
FORT SMITH: AR
LITTLE ROCK-NORTH
. LITTLE ROCK: AR
LOUISVILLE: KY-IN
MEMPHIS: TN-AR-MS
PINE BLUFF: AR
ST. LOUIS: MO-1L
SPRINGFIELD: MO
TEXARKANA: AR

COMPOUNDED ANNUAL
RATES OF CHANGE
__________INDEX-. 1974-100_______
3 MONTHS END IN6 SEPTEMBER 1981
FROM SAME
MONTHS A
JULY
AUGUST
SEPTEMBER FROM PREVIOUS
YEAR AGO
1981
3 MONTHS
1981
1981
182.2
164.1
212.3
195. 1

183.3
161.6
226. 1
199.5

186.5
166.7
231.7
200.2

11.2
4.3
30.0
9.2

11.1
3.5
15.5
3.0

208.0
21 1.8

210.8
210.7

206.5
206.2

-3.2
14.3

10.2
5.4

166.2
201.3
120.4
174.9
158.2
H3.0
217.7

158.4
194.8
116. 1
174.6
159.7
109.0
219.9

167.8
201.8
115.1
173.9
165.0
149.2
219.5

-4.7
1.8
2.4
4.7
7.3
-27.7
14.3

-6. 1
7.5
3.6
0.8
2.7
-5.5
5.2

172.5
156.5
219.5
201.1

175.5
158.0
228.6
204.9

181.0
157.9
228.5
203.9

12.2
5.2
12.2
4.4

11.8
9.6
7.6
8.6

189. 1
198.6

188.9
201.9

186.7
198.8

-2.7
8.0

8.2
4.6

162.9
193.0
131.3
168.7
140.6
135.8
203.6

164. 1
193.8
131.5
167.1
141.7
141.5
205.8

163.4
195.2
130.3
162.2
144.3
139.5
205. 1

6.4
8.7
-8.4
-1.2
9.5
13.4
5.5

3. 1
9.7
6.0
3.2
14.4
6.9
10.2

AVERAGE NUMBER OF MEMBER BANKS
STATE SUMMARY
CEIGHTH DISTRICT) w
METROPOLITAN SUMMARY*
NONMETROPOLITAN SUMMARY
ARKANSAS
FAYETTEV1LLESPRINGDALE: AR
FORT SMITH: AR
LITTLE ROCK-NORTH
LITTLE ROCK: AR
PINE BLUFF: AR
TEXARKANA: AR
NONMETROPOLITAN AREAS
KENTUCKY
LOUISVILLE: KY-IN
NONMETROPOLITAN AREAS
ILLINOIS
NONMETROPOLITAN AREAS
1NO 1ANA
EVANSVILLE: IN-KY
NONMETROPOLITAN AREAS
MISSISSIPPI
NONMETROPOLITAN AREAS
MISSOURI
COLUMBIA: MO
ST. LOUIS: MO-1L
SPRINGFIELD: MO
NONMETROPOLITAN AREAS
TENNESSEE
MEMPHIS: TN-AR-MS
NONMETROPOLITAN AREAS

JULY
1981

AUGUST

SEPTEMBER

-1 9 6 1 -

__ LMJ___

389.00
117.00
270.00
74.00

389.00
117.00
270.00
74.00

389.40
117.40
270.00
74.00

387.00
116.00
269.00
72.00

5.00
3.00

5.00
3.00

5.00
3.00

5.00
3.00

8.00
4.00
3.00
49.00
40.00
9.00
30.00
119.00
96.00
38.00
12.00
25.00
17.00
16.00
87.00
4.00
56.00
5.00
45.00
14.00
8.00
9.00

8.00
4.00
3.00
49.00
40.00
9.00
30.00
119.00
96.00
38.00
12.00
25.00
17.00
16.00
87.00
4.00
56.00
5.00
45.00
14.00
8.00
9.00

8.00
4.00
3.00
49.00
40.00
9.00
30.00
119.00
96.00
38.00
12.00
25.00
17.00
16.00
87.40
4.00
56.40
5.00
45.00
14.00
8.00
9.00

7.00
4.00
3.00
48.00
40.00
9.00
30.00
119.00
96.00
38.00
12.00
25.00
17.00
16.00
87.00
4.00
56.00
5.00
45.00
14.00
8.00
9.00

SEPTEMBER
1980

* EXCLUDES BANKS IN TWO METROPOLITAN AREAS
3K3K ALL DOMESTICALLY CHARTED COMMERCIAL BANKS



PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

35

FINANCIAL

I NDI CATORS

NONMETROPOLITAN MEMBER BANK DATA
SEASONALLY ADJUSTED
INDEX: 1974-100
1974-100
220

TOTAL LOANS

1974-100
220

TOTAL DEPOSITS

180

180

140

140

100

100

60

60

NONMETROPOLITAN ARKANSAS
220

220

180

—

—

”

140

140

100
60

180
100

i »111111111

««

11 1 1■ « i «■ n Ini ii In nlnliilu 1i1■■1I■11«

-1 ll.L i 111 1 1 1 n l n l i i l u

n l n l n l n

■ L lilllllJ ll

60

NONMETROPOLITAN KENTUCKY
220
—

■—

180
140
100

ulnl ul n ulnluln ulnlnlii

llllllllIlL

60

NONMETROPOLITAN M I S S I S S I P P I
220
^

—

—

180
140
100

■ul.lllull! ii1■■1■11■■ ■il.illA u . iilnlniii iilnlniii

60

NONMETROPOLITAN MISSOURI
220
—

180
140
100

n lnliilu

««I m 1««1m n i l

il

u lu

n luln ln

u ln lu ln

60

NONMETROPOLITAN TENNESSEE
220

220
—

180 —

—

140

140

100
60

180

100
■ 1111111111 11111111111 11111111l 11 111111111II 11111111111
1977
1978
1979
1980
1981
LATEST DATA PLOTTED: SEPTEMBER




11l 11111111 11111111111 11111111111 11111111l 11 11111111111
1977
1978
1979
1980
1981
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

36

60

FINANCIAL

INDICATORS

N O N M E T R O P O L I T A N MEMBER BANK DATA
SEASONALLY ADJUSTED
INDEX: 1974-100

TOTAL LOANS
NONMETROPOLITAN SUMMARY
ARKANSAS
ILLINOIS
INDIANA
KENTUCKY
MISSISSIPPI
MISSOURI
TENNESSEE
TOTAL DEPOSITS
NONMETROPOLITAN SUMMARY
ARKANSAS
ILLINOIS
INDIANA
KENTUCKY
MISSISSIPPI
MISSOURI
TENNESSEE

COMPOUNDED ANNUAL
RATES OF CHANGE
3 MONTHS ENDING SEPTEMBER
FROM SAME
MONTHS A
FROM PREVIOUS
YEAR AGO
3 MONTHS

JULY
1981

AUGUST
1981

SEPTEMBER
1981

195.6

196.8

197.7

4.8

6.7

180.3
215. 1
188.0
219.3
197.8
179.8
192.2

180.3
217.5
191 .0
217.4
196. 1
183.0
192.5

178.6
216.8
192.2
222.5
196.2
185.9
193.4

3.9
2.6
7.2
3.3
4.6
7.8
10.6

11.0
3.4
4.0
7.9
10.6
3.6
10.2

177.9

179.6

179.9

6.7

9.7

168.9
183.4
163.4
206.4
200.2
167.0
163.7

169.7
184.9
165.7
208.8
201.0
169.6
165.3

168.6
185.8
166.6
209.0
200.4
171 . 1
163.2

5.4
4.7
10.3
9. 1
9. 1
6.4
5.3

11.1
9.5
7.5
10.3
12.9
7.9
6.4

MEMBER BANK DATA BY S T A T E
SEASONALLY ADJUSTED
__________ INDEX-. 1974-1.00________

COMPOUNDED ANNUAL
RATES OF CHANGE
3 MONTHS ENDING SEPTEMBER 1981
FROM PREVIOUS
3 MONTHS

FROM SAME
MONTHS
YEAR Al

JULY
1981

AUGUST
1981

SEPTEMBER
1981

172.4

171.1

174.8

4.0

4.3

179.8
187.3
186.3
205.2
199. 1
162.7
128.3

177.0
188.9
190.2
199.7
197.2
164.2
124.6

179.2
187.8
191.4
206.2
197.6
171.6
123.7

2.5
0.9
9.6
0.8
4.8
7.8
3.3

3.5
4.3
3.4
7.0
10.1
2.5
4.8

163.6

165.5

165.3

6.0

9.7

171.6
159.7
177.8
197.1
202.3
149.6
135.7

172.3
160.5
181.8
198.5
202.9
152.3
135.5

171.2
160.4
181.3
199.7
202.3
155.6
134.5

4.6
1.8
7.2
8.5
9.6
10.3
-6.3

7.3
8.8
8.5
9.5
13.0
13.7
6.0

TOTAL LOANS
STATE S U M M A R Y

(EIGHTH DISTRICT )
ARKANSAS
ILLINOIS
INDIANA
KENTUCKY
MISSISSIPPI
MISSOURI
TENNESSEE

TOTAL DEPOSITS
STATE SUMMARY
(EIGHTH DISTRICT )
ARKANSAS
ILLINOIS
INDIANA
KENTUCKY
MISSISSIPPI
MISSOURI
TENNESSEE




PREPARED BY FEDERAL RESERVE BANK OF ST. LOUI

37

FINANCIAL

I NDI CATORS

SAVINGS AND LOAN ASSOCIATION DATA
SEASONALLY ADJUSTED
INDEX:

1974-100

M IS S IS S IP P I

TENNESSEE

300

300

250

—

200

250

200

150
11

100
LATEST DATA PLOTTED: SEPTEMBER



11 1 11 1 111
1977

11

11 1 11 1 11 1
1978

11

11 1 11 1 11 1
1979

11

11 1 11 1 11 1
1980

11

150
11 1 11 1 11 1
100
1981

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

38

FINANCIAL

I NDI CATORS

S A V I N G S AND LOAN A S S O C I A T I O N DATA
SEASONALLY ADJUSTED
INDEX; 1974-100

TOTAL SAVINGS
UNITED STATES
CMV STATE SUMMARY
CMV METROPOLITAN SUMMARY
ARKANSAS
FORT SMITH: AR
LITTLE ROCK-NORTH
LITTLE ROCK: AR
PINE BLUFF: AR
KENTUCKY
LOUISVILLE: KY-IN
MISSISSIPPI
MISSOURI
ST. LOUIS: MO-1L
SPRINGFIELD: MO
TENNESSEE
MEMPHIS: TN-AR-MS
MORTGAGE LOANS OUTSTANDING
UNITED STATES
CMV STATE SUMMARY
CMV METROPOLITAN SUMMARY
ARKANSAS
FORT SMITH: AR
LITTLE ROCK-NORTH
LITTLE ROCK: AR
PINE BLUFF: AR
KENTUCKY
LOUISVILLE: KY-IN
MISSISSIPPI
MISSOURI
ST. LOUIS: MO-1L
SPRINGFIELD: MO
TENNESSEE
MEMPHIS: TN-AR-MS

COMPOUNDED ANNUAL
RATES OF CHAN6E
3 MONTHS END 1N6 SEPTEMBER 1981
FROM SAME
FROM PREVIOUS
MONTHS A
3 MONTHS
..TEAR AQP

JULY
1911

AUGUST
J99I -

SEPTEMBER
1981

219.0
218.6
208.4
238.6
232.3

219. 1
219.0
204.6
239.6
233.8

218.9
218.7
204.4
240.0
280.9

-2.0
-2.5
-8.6
-2.3
22.5

4.4
4.4
1.5
3. 1
10.7

219. 1
173.6
210.3
179.0
272.3
206.4
216.9
176.0
224.4
201.5

218.2
192.2
209.9
177.6
273.9
206.6
210.7
175.2
225.3
201.5

196.6
192.8
210.6
180.4
273.0
206. 1
209.6
174.6
224.9
201.7

-16.9
25.6
-0.9
-5.8
-3.6
-3.4
-10.5
-12.4
-0.5
-4.8

-1.4
-0.6
5.2
2.5
5.6
3.5
1. 1
0.6
6.0
2.4

214.0
209.4
202.0
217.3
225.6

214.1
208.8
199.0
217.4
225.2

214.1
208.7
199.5
218.6
272.7

2.5
-0.6
-2.7
0.9
28.8

6.3
3.7
3.6
3.6
8.6

207.0
169.6
209.6
192.0
231.7
200.4
207.4
185.6
217.2
184.6

207.3
187.0
209.3
191.8
232.7
199.6
202.0
183.6
216.5
184.9

186. 1
201.4
209.0
195.5
233.0
199.0
201.5
182.5
216.2
184.7

-7.8
46.7
-1 . 1
4.0
-3.0
-1.2
-6.6
-6. 1
0.2
0.0

4.3
9.7
5.6
8.2
2.6
2.7
2.4
-2.8
4.7
3.0

NUMBER OF SAV1NGS AND LOAN ASSOC 1AT 1ONS

UNITED STATES
CMV STATE SUMMARY
CMV METROPOLITAN SUMMARY
ARKANSAS
FORT SMITH: AR
LITTLE ROCK-NORTH
LITTLE ROCK: AR
PINE BLUFF: AR
KENTUCKY
LOUISVILLE: KY-IN
MISSISSIPPI
MISSOURI
ST. LOUIS: MO-1L
SPRINGFIELD: MO
TENNESSEE
MEMPHIS: TN-AR-MS



JULY
1981,

AUGUST

SEPTEMBER

SEPTEMBER

1981

1981

1980

3,905
370
81
73
4

3,850
402
79
73
4

3,876
393
80
71
4

4,021
426

7
2
75
7
59
107
54
4
56
3

7
2
84
6
59
106
50
4
80
6

6
2
82
6
59
106
53
4
75
5

7
3
93
11
59
111
52
5
87
6

88

76
4

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

39

POPULATION
Bureau of the Census
Compounded Annual
Rates of Change
'1970
I960'
to
to
1980
1970

1970

1980*

203,302,031

225,478,656

1.0

1.3

15,964,668

17,890,393

1.1

.8

CMV Metropolitan Areas

5,655,075

5,991,673

0.6

1.3

Arkansas
FayettevilleSpringdale: AR
Fort Smith: AR-OK
Little Rock-North
Little Rock: AR
Pine Bluff: AR
Texarkana: AR-TX

1,923,322

2,284,037

1.7

.7

127,846
160,421

177,013
202,367

3.3
2.4

3.3
1.7

323,296
85,329
113,488

393,781
90,761
126,531

2.0
0.6
1.1

1.7
.5
1.2

Kentucky
ClarksvilleHopkinsville: KY-TN
Evansville: IN-KY
Louisville: KY-IN
Owensboro: KY

3,220,711

3,642,795

1.2

.6

118,945
284,959
867,330
79,486

149,331
307,103
901,672
85,702

2.3
0.8
0.4
0.8

.6
.5
1.4
1.2

Mississippi

2,216,994

2,511,491

1.3

.2

Mi ssouri
Columbia: MO
St. Louis: MO-IL
Springfield: MO

4,677,623
80,935
2,410,884
168,053

4,906,480
100,240
2,341,351
206,054

0.5
2.2
-0.3
2.1

.8
3.9
1.2
1.9

Tennessee
Memphis:

3,926,018
834,103

4,545,590
909,767

1.5
0.9

1.0
1.4

United States
CMV States

♦Provisional




TN-AR-MS

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