Full text of National Economic Trends : September 1984
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National Economic Trends The demand for producers' ca p it al goods has been exceptionally strong during the current economic expansion. This s tr e n g t h is indicated by the grow th of real nonresidential fixed investment purchases and its components, equipment and s tru ct ur e s, in the tab le below. The pace of investment, led by equipment purchases, outstripped t h a t experienced in the com parable period of the six previous expansions. Indeed, the growth in plant and equipment inve stmen t has been f as te r than in any six- qu art er period since 1947, ex ce pt from mid-1963 to early 1965, when such purchases rose at about a 17 pe r c e n t rate. Both inve stm ent booms were fueled by major new tax incentives arising from liberalized de pr ec iat io n rules and extensions of inve stm ent tax credits. The r ec e n t s tr en g th is also noteworthy in light of the tendency for producers' investment to be even str on ger in the la t e r s ta g es of an expansion. In th e early sta ge of an expansion, growth in demand for cap ital services can be met more cheaply by increased utilization of existing, but idle, plant and equipment resources. At the last recession trough, the Federal Res erv e index of capacity utilization in manufacturing was 69.0 p erc e n t, th e lowest level since 1947. This measure rose to 82.8 pe r c e n t in July and August of this year, the fa s te s t p ac e of increase during the initial six quarters of expansion since the 1949-51 period. In the past, inv estment booms have tended to occur when capacity utilization equals or exceeds about 82 p er ce n t, since the demand for additional capital services increasingly requires new purchases. Real GNP and Purchases of Capital Goods In The First Six Q uarters of Economic Expansions (compounded annual r a t e s of change) Expansion period IV/1982 - 11/1984 1/1975 - III/1976 IV/1970 - 11/1972 1/1961 - III/1962 11/1958 -• I V /1959 11/1954 -- IV/1955 IV /1949 - 11/1951 Real GNP 7.1 ? 5.3 5.7 6.0 5.7 6.6 11.2 Real nonresidential fixed investment 16.4% 3.7 5.3 8 .1 7.0 12.3 14.1 Producer durable equipment Producer structures 21 .0 % 6.2 % 4.4 7.9 11.2 2 .1 0.9 4.5 2.5 7.5 15.0 10.8 15.9 13.2 —John A. Tatom http://fraser.stlouisfed.org/ V ie w s ex pre ssed do n o t necessarily re flect official positi ons of th e Federal Reserve Syste m . Federal Reserve Bank of St. Louis T O T A L C I V I L I A N EMPLOYMENT COMPOUNDED ANNUAL R A TES OF CHANGE 4-83 5-8 3 6-8 3 7-83 8-83 THOUSANDS UF P E R S O N S MONTH INITIAL 3-83 2-83 1-83 9-83 10-83 11-8 3 12-83 1-84 2-83 0.2 3-83 1.0 1.8 4-63 1 .8 2.7 3.6 5-83 1.9 2.4 2.7 1.9 6-83 3.9 4.8 5.9 7.0 12.5 7-83 4.2 5.0 5.9 6.7 9.1 5.9 8-83 4.1 4.7 5.3 5.8 7.1 4.5 3.1 Q-83 4.1 4.7 5.2 5.6 6.5 4.6 3.9 4.7 10-83 3.8 4.3 4.6 4.8 5.4 3.7 3.0 2.9 l.l 11-83 4.2 4.6 5.0 5.2 5.8 4.5 4.1 4.5 4.4 12-83 4.? 4.6 4.9 5.1 5.5 4.4 4.1 4.4 4.2 5.9 4.0 -ICO 1 4.1 4.4 4.7 4.8 5.2 4.2 3 .9 4.1 3.9 4.9 3.5 2.9 8.5 2-84 3-64 I OD * TERMI NAL MONTH 5-84 6—6 4 7-84 V 9 , >172 9 9 , > 316 v v , >o C 6 99,, 762 1 0 0 , ►7 4 3 I t 1,, 2 2 5 101, , 4 8 4 I C I ,, 6 76 1C 1 1>9 70 7.7 1 0 2 , , 6 Go 1 02 i» 9 4 1 1 0 3 i, 190 2-84 4.4 4.8 5.0 5.2 5.6 4.7 4.6 4.8 4.8 5.8 5. 1 5.7 3-84 4.3 4.6 4.9 5.0 5.3 4.5 4.4 4.5 4.5 5.2 4.6 4.7 5.7 2.9 4-84 4.2 4.5 4.7 4.8 5.1 4.4 4.2 4.3 4.3 4.8 4.3 4.3 4.8 3.0 3.1 5 — 8*« 4.6 4.9 5.1 5.3 5.5 4.9 4.8 5.0 5.1 5 .6 5.3 5.6 6.2 5.5 6.8 10.7 6-84 4.6 4.9 5.1 5.3 5.5 5.0 4.9 5.1 5.1 5.6 5.3 5.5 6.1 5.5 6.3 8.0 7-84 4.2 4.4 4.6 4 .6 4.8 4.3 4- . 1 4.2 4.2 4.5 4.1 4.1 4.3 3.5 3.7 3.9 0.6 -3.9 8-84 3.7 3.9 4.0 4.0 4.2 3.6 3.4 3.4 3.3 3.5 3.1 3.0 3.0 2.1 1.9 1.6 -1.2 -4.3 -4 .7 1-83 2-8 3 3-83 4-03 3-8 Ï 6-83 9-83 9-83 10-83 11-93 12-93 1-84 2-94 3-94 4 — 64 5-84 6-8 4 7- 1 ) 4 7-8 3 i 03 1, 0 9 2 l U 4* ,, 140 104,,402 1 0 5 , •¿ 8 8 5.4 1 0 5 , , V48 105,,395 104 ,, 9 6 9 T h lT T il'K T N T H P A Y R O L L E MP L O Y ME N T C OMP OUN D E D A N N U A L R A T E S OF TERMI NAL MONT H INITIAL .. zl*3 2-83 3-83 4-93 5-9 3 6-63 7-63 8-03 9-83 10-83 11-83 12-83 1-84 2-84 3-84 4-84 5-84 6 —d4 88.728 0.8 3.0 4-83 .. 2*0 3*6 88.945 4*3 89 . ^ 5 9 5-83 2.6 3.9 4.3 4.4 6-83 3*0 ^.1 4.5 4.6 4.8 7-83 3,3 4*2 ^*5 4.6 4* 8 4.7 8-83 2.1 2.7 2.6 2.2 1.5 -0.1 -4.6 9-83 3.7 4.5 4.7 4.8 4.9 4.9 5.0 15.7 89.578 89.927 90*274 89,918 91.018 3.8 4.5 4.7 4.7 4.8 4.8 4.8 9.9 4.4 3.9 4.5 4.7 4.7 4.8 4.8 4.8 8.1 4.5 4.6 12-83 3.9 4.5 4.6 4.7 4.7 4.7 4.7 7.2 4.5 4.6 4.5 1-84 4.0 4.5 4.7 4.7 4.7 4.7 4.7 6.7 4.6 4,7 4.7 4.9 2-84 4.2 4.6 4.8 4.8 4.9 4.9 4.9 6.6 4.9 5.0 5.1 5.5 6.1 4.1 4.5 4.6 4.7 4.7 4.7 4.7 6.1 4.5 4.6 4.5 4.6 4.4 2.8 4-84 4 *1 4.5 4.7 4.7 4.7 4.7 4.7 5.9 4.6 4.7 4.7 4.7 4.7 4.0 5.2 5-84 4.2 4.5 4.6 4.7 4.7 4.7 4.7 5.8 4.6 4.6 4.6 4.7 4.6 4.1 4.8 4.4 6-84 4.2 4.5 4.6 4.7 4.7 4.7 4.7 5.7 4.6 4.6 4.6 4.6 4.6 4.2 4.7 4 . *) 4.6 7 —84 4.1 4.4 4.5 4.5 4.6 4.5 4.5 5.4 4.4 4.4 4.4 4.4 4.3 3.9 4.2 3.9 3.7 2.8 8-84 4.0 4.3 4.4 4 .4 4.4 4.4 4.3 5.1 4.2 4.2 4.1 4.1 4.0 3.6 3.8 3.4 3.1 2.4 2.0 I-33 2-83 3-83 4-83 5-83 6-83 7-8 3 8— 8 3 9— 83 10-83 11-83 12-83 1-84 2-94 3-84 4 —' 84 5-84 6-84 7-84 1 CD 10-8 3 11-83 91.345 INITIAL P- PtRSONS /— 8 4 _ 3-83 > _ .2-83 THOUSANDS OF 1-83 _ C HA NG E MONTH 91,688 92*026 92*391 92.8^6 93,058 93.4V? 93,786 9 4 , 1 35 94,351P 94.510P MONTH PRELIMINARY PREPARED BY FED ER AL R ES tR V E SEPTEM BER 7 , 1 984 2 BANK OP S T . L O U IS EMPLOYMENT RATIO SCALE MILLIONS 1976 OF RATIO PERSONS 1977 MILLIONS S E A S O N A L L Y ADJ US TED 1978 1979 1980 1981 1982 SOURCE: PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR P E R IO D S LA TEST DATA PLOTTED: 1983 SCALE OF PERSONS 1984 U .S.D EP AR TM EN T OF LABOR IN D IC A T E D . AUGUST P R E L IM IN A R Y PREPARED BY FEDERAL RE SE R V E BANK OF ST . L O U IS UNEMPLOYMENT RATE SEASONALLY PERCENT ADJUSTED PERCENT 12.0 11. 11. 0 10. 10.0 9. 9.0 8. 8.0 7. 7.0 6. 6.0 5. 5.0 4. 4.0 1976 1977 1 978 1979 1980 1981 1982 SOURCE: PERCENT OF C I V I L I A N LA TEST DATA PLOTTED: U .S . 1983 1984 DEPARTMENT OF LABOR LABOR FORCE AUGUST PREPARED BY FEDERAL RESERVE BANK OF ST. 3 L O U IS CONSUMER P R IC E INDEX FOR A LL URBAN CONSUMERS, SEASO NALLY COMPOUNDED ANNUAL R A TE S OF CHANGE TERMINAL IN ITIA L MONTH 19 6 7* 10 0 MONT H ______________________________________________________________________ 1 -8 3 2-83 -0 .8 3 -8 3 0 .0 3 -83 2 -83 4 -83 5 -83 6-83 7-83 8 -8 3 9 -8 3 1 0-83 11-83 12-83 1 -84 2 -84 3 -8 4 2 93 .7 4 .6 8 .5 3 .4 4 .9 6 .9 5 .4 6 —8 3 3 .2 4 .2 5.4 3 .9 2 .5 7-83 3 .4 4 .3 5 .2 4 .1 3 .5 4 .5 8 -03 297 .0 2 97 .6 298.7 2 99.8 3 .6 4 .3 5.1 4 .2 3 .8 4 .5 4 .5 9-83 3 .7 4 .4 5 .0 4 .3 4 .0 4 .5 4 .5 4 .5 1 0-83 3.8 4 .4 5 .0 4 .4 4 .2 4 .6 4 .6 4 .7 4 .9 11-8 3 3 .9 4 .4 4 .9 4 .4 4 .2 4 .6 4 .6 4 .6 4 .7 4 .5 1 2-83 3.8 4 .3 4 .7 4 .2 4 .0 4 .3 4 .2 4 .2 4 .0 3 .6 2 .8 1-84 4.1 4 .6 5 .0 4 .6 4 .5 4 .8 4 .8 4 .9 5 .0 5 .0 5 .3 7.8 2-84 4 .1 4 .6 4 .9 4 .6 4 .5 4 .7 4 .8 4 .8 4 .9 4.8 5 .0 6 .1 4 .4 3-84 4 .0 4 .4 4 .7 4 .4 4 .3 4 .5 4 .5 4 .5 4 .5 4 .4 4 .4 5 .0 3 .6 2 .8 4 .7 5 .1 4 .3 4 .2 5 .6 4.1 5 -84 4 .0 4 .4 3 .9 4 .2 3 .9 1-83 2 -8 .3 4 .6 4 .6 4.6 4 .3 4 .2 4 .4 4 .4 4 .2 4 .1 4 .2 4 .1 4 .0 4 .1 3 00.9 302.1 3 0 3 .2 3 03 .9 3 0 5 .8 3 0 6 .9 3 07 .6 3 09 .0 4 .6 4 .7 4 .6 4 .4 4 .4 4 .4 4.3 4 .3 4 .6 3.0 3 .6 4 .0 2 .4 4 .2 4 .1 4.1 4 .0 3 .9 4 .1 3 .4 3 .2 3 .3 2 .2 2 .0 4 .1 4 .1 4 .0 3 .9 3 .9 4 .0 3 .4 3 .2 3 .4 2 .6 2 .7 4.5 4 .2 4.1 4 .2 4 .2 4 .2 4 .2 4.1 4 .1 4 .2 3 .7 3-8 3 4-83 5-83 6-83 7-83 8 -83 9-83 10-83 1 1-83 « CO 1 4.2 4 .4 4.4 4 .2 4 .0 4 .5 4.8 4 .5 4-8 4 0 7 -8 4 2 95 .7 2 .8 1 CD * 6 -0 4 0 .8 5 -83 8-84 5 -84 2 9 3 .5 4 —83 7 -0 4 4 -8 4 1-84 3 .6 _ 3 .8 3“ $ * 3 0 9 .6 3 .7 3 .3 . 310.1 311.0 3 .5 4 .5 4 -9 4 3 1 2 .4 5 .5 7 - 9 * . ____________________________________________________________________________________I N I T I A L MGNTH ♦DATA BE GINNING 1983 INCORPORATES RENTAL EQUIVALENCE MEASURE. __________________________________________________________________________________________________________________________________________ P R E PA RE D 0 Y F E D E R A L SEPT f cMBER 2 1 , 1 9 8 4 RSSEgVE P R O D U C E R P R I C E I N D E X , F I N I S H E D GOODS - S E A S O N A L L Y A D J U S T E D * _________ _____ _______ C O H P Q UNQ E D A N N U A L R A T E S OF C H A N G E___ ____ _____________________ TERMINAL INITIAL MONT H frAN^ QF STt I QUIS- _____________________________________ _________________ 19 6 7 « 100 MONTH 1 -03 2-03 3-83 4-83 5-83 7 -83 8 -83 9 -0 3 1 0 - 8 3 11-83 1 2 -03 2-84 3 -0 4 4 -0 4 5 -84 6-84 7-04 2 8 3 .8 2 -8 3 0 .8 3 -83 —0 . 4 -1 .7 4-83 -0 .4 -1 .1 -0 .4 5 -8 3 0 .5 0 .4 1 .5 3 .4 6 -8 3 1 .4 1.5 2 .6 4 .1 4 .7 l.l 1 .2 1 .9 2 .7 2 .3 7 -8 3 6 —8 3 1 -0 4 283.4 2 83 .3 284 .1 2 85 .2 0 .0 2 8 5 .2 2 86.3 8 -8 3 1 .6 1 .8 2 .5 3 .2 3 .1 2 .3 9 -8 3 1 .6 1.7 2 .3 2 .8 2 .7 2 .0 4 .7 3 .0 1 .3 1 0-83 1 .6 1.7 2 .2 2 .7 2 .6 2 .0 2 .7 1 .7 2 86 .6 2 .1 2 87 .1 2 8 6 .9 11-83 1 .4 1 .5 1 .9 2 .2 2 .0 1 .4 1.8 0 .8 0 .6 -0 .8 1 2-83 1 .5 1.5 1 .9 2 .2 2 .0 1 .5 1 .9 1.2 1 .1 0 .6 2 .1 1 -8 4 1 .9 2 .0 2 .4 2 .7 2 .7 2.4 2 .8 2 .4 2 .6 2 .8 4 .7 7 .3 2 -8 4 2 .1 2 .3 2 .6 2 .9 2 .9 2 .6 3 .0 2 .7 3 .0 3 .3 4 .7 6 .0 4 .7 287 . 4 2 8 9 .1 2 90 .2 2 9 1 .4 3 -84 2 .4 2.5 2 .8 3 .1 3 .1 2 .9 3 .3 3 .1 3 .4 3 .6 4 .6 5 .7 4 .9 5 .1 4 -8 4 2 .2 2 .3 2 .6 2 .9 2 .8 2 .6 2 .9 2 .7 2 .9 3 .0 3 .8 4 .2 3 .2 2 .5 0 .0 5-84 2 .1 2.2 2 .4 2 .7 2 .6 2 .4 2 .7 2 .4 2 .6 2 .6 3 .2 3 .5 2 .5 1 .8 0 .2 0 .4 2 9 1 .4 2 91.5 6 -8 4 1 .9 2.0 2 .3 2 .4 2 .4 2 .2 2 .4 2 .1 2 .2 2 .3 2 .7 2 .8 1 .9 1.2 0 .0 0 .0 —0 . 4 7-84 2 .0 2 .1 2 .3 2 .5 2 .4 2 .3 2 .5 2 .3 2 .3 2 .4 2 .8 2 .9 2 .2 1 .7 0 .8 1 .1 1 .4 3 .3 8 -8 4 1.8 1.9 2 .1 2 .3 2 .2 2 .0 2.2 2 .0 2 .0 2 .0 2 .3 2 .4 1 .7 1.2 » o 0 .5 0 .6 1 .0 1-83 2 —8 T 3 -C 3 ~4^B3 5 -«3 6 -8 3 7 -3 3 8 -8 3 9—83 1 0 -8 3 1 1-83 12-8 3 1 -8 4 ¿—8 4 3 -0 4 4 —84 5-84 6 -04 *0 AT A FOR cOUR MONTHS AGO R E V IS E D TO R E F L E C T L A T E 2 91.4 2 92 .2 -1 .2 291 .9 /—04 IN I 11AL HUN 1H R EP OR TIN G P R EPA R ED “BY F E D E R A L R ES ER V F BANK D F SEPTEM BER 1 4 , 1984 4 S T . tU U IS R A T IO PRICES SCALE 1967-100 RA T IO SEASONALLY AOJUSTED SCALE 1967-100 CONSUME* PR I CE IMOEX B E 0 IK N IM 6 J A W A R Y 1 * 7 « IS P O « ALL i t i A* C0NS4MEJIS C F I - i M T A t E C IN N I N C 1013 I M C O t f M A T t A R E N TA L E Q U IV A LE N C E M E A S M E F M HOMEOWCItSH I P C O S T S . P E R C EN TA6ES AHE ANK8AL R A TES O f CHANCE F M LA TES T »A T A P L O TT E O » P E R IO * S IN D IC A T E D . AW 8ST P R EP A R E » Ì Y ratio PRODUCER SCALE 1 9 6 7 -1 0 0 SE A SO N A L L Y PERCEN T A6ES A M LATEST »A T A AMMVAL B A T E S O f P L O TTE »t AUGUST CHANCE F M F E »E R A L HESEUVE »AMC Of PRICES A D JU STED PER I O f S S T. RATIO SCALE 1 9 6 7 -1 0 0 I NO I C AT E D . PREPARED BY FEO EitAL R E S tR V E BANK OF S T . 5 L O » IS L 0 3 IS PRODUCER P R IC E I N O E X , F I N I S H E D CONSUMER FOODS - SEAS ONA LLY AD JU S T ED * ______________________COMPOUNDED ANNUAL R AT ES OF CHANGE_____________________________ TERMINAL MONTH ________________________________________________________________ I N I T I A L 1 -83 2 -8 3 2 -8 3 3-83 4-83 5-83 6 -83 7 -8 3 8 -83 9-83 MONTH_________________ 1 0-83 11-63 12-83 1 -8 4 ________________________________________ 1967 « 2 -8 4 3 -8 4 4 -84 5 -8 4 6 -6 4 100 7 -8 4 261 .1 10.2 261 .1 3 -8 3 5^ 0 0 .0 4 -83 6 .5 4 .7 9 .6 5 -6 3 3 .5 1.4 2 .1 2 63 .1 -4 .9 2 6 2 .0 6 -6 3 1 .4 -0 .7 -0 .9 -5 .8 -6 .7 7 -0 3 0 .2 -1 .6 -2 .1 -5 .7 -6 .0 -5 .4 8 -83 0 .8 -0 .7 -0 .8 -3 .3 -2 .7 -0 .7 4 .2 2 60 .5 259 . 3 2 60 .2 9 -83 1 .8 0 .7 0*8 -0 .9 0 .1 2 .5 6 .7 9 .1 10-8 3 3 .0 2.1 2 .4 1 .3 2 .6 5 .0 8 .8 11.1 1 3.1 1 1-83 2 .3 1.4 1 .6 0 .5 1.5 3 .2 5 .4 5 .8 4 .2 -4 .0 1 2-83 2 .9 2 .2 2 .4 1.5 2 .5 4 .1 6 .1 6 .6 5 .8 2.3 9 .0 2 6 2 .1 2 64 .8 263 .9 2 6 5 .8 1 -8 4 5 .3 4 .9 5 .4 4 .9 6 .2 8 .2 10.7 1 2.0 12.8 12.6 2 2 .0 3 6 .6 2 -8 4 5 .5 5.1 5 .6 5 .2 6 .4 8 .2 1 0.3 1 1.3 1 1 .7 1 1.4 1 7.1 2 1 .3 7 .7 3 -8 4 5 .7 5 .4 5 .9 5 .5 6 .6 8 .2 1 0.1 1 0 .9 1 1.2 1 0.8 1 4 .9 1 6.9 8 .2 4 -8 4 4 .7 4 .4 4 .7 4 .3 5 .2 6 .4 7 .8 8 .3 8 .2 7 .4 9 .8 1 0 .0 2 .4 -0 .2 -8 .3 5 -8 4 3 .7 3.3 3 .5 3 .1 3 .8 4 .8 5 .9 6 .0 5 .7 4 .6 6 .2 5 .6 -1 .0 -3 .7 -9 .4 -1 0 .4 6 -84 3 .1 2 .6 2 .8 2 .3 2 .9 3 .8 4 .6 4 .7 4 .2 3 .1 4 .2 3 .4 -2 .2 -4 .5 -8 .5 —6 . 6 272 .8 2 74.5 8 .6 2 76 .4 2 74.4 2 71 .9 -6 .8 2 7 0 .3 7 -8 4 3 .8 3 .5 3 .7 3 .3 3 .9 4 .8 5 .7 5 .8 5 .5 4 .7 5 .9 5 .4 1 .0 -0 .3 -2 .5 -0 .4 5.0 1 8.2 8 -8 4 3 .5 3 .2 3 .4 3 .0 3 .6 4 .3 5.1 5 .2 4 .8 4 .0 5 .0 4 .5 0 .6 -0 .6 -2 .3 -0 .8 2 .7 7 .8 -1 .7 1 -83 2 -8 3 3 -83 4 -8 3 5-83 6-83 7 -8 3 8 -8 3 9 -8 3 10-83 1 1-83 1 2-8 3 1 -84 2 -8 4 3 -84 4 -8 4 5 -8 4 6 -84 7 -8 4 ♦DATA FOR FOUR MONTHS AGO R E V IS E D TO R E F L E C T LA T E 274 .1 2 73 .7 REPO RTI NG PRODUCER PR IC E I N D E X , Ff N T S H E D GOOOS, EXC LU D IN G FOOOS - SE ASONALLY A D J US T ED * __________________________ COMPOUNDED ANNUAL RATE S OF CHANGE_________ ___________________ -1 .6 3 -8 3 -1 .9 -2 .1 4 -83 -2 .3 -2 .7 -3 .3 5 -8 3 -0 .3 0.1 1.3 6 .0 6 -6 3 1 .4 2 .2 3 .7 7 .3 * 1 2 -8 3 1967 « 2-84 CD TERMINAL________________________________________________________________________ I N I T I A L MONTH_____________ HONTrt 1-83 2 -83 3 -83 4 -8 3 6 -8 3 9 -8 3 10-83 11-83 12-83 5 -83 7 -83 8 -83 1 -8 4 4 -84 5-84 6-84 100 7-84 289.2 288 .7 2 87.9 2 8 9 .3 8 .6 2 9 1 .3 7 -6 3 1 .5 2 .2 3 .3 5 .5 5 .3 2 .1 8 -8 3 1 .9 2 .5 3 .4 5 .2 4 .9 3 .1 4 .2 2 .7 4 .0 3 .5 1 .8 1 .7 -0 .8 2 9 1 .8 292 .8 9 -6 3 1 .6 2 .0 10-63 1 .2 1.6 2 .1 3 .1 2 .5 1 .0 0 .7 -1 .0 -1 .2 1 1 -6 3 1 .2 1.5 2 .0 2 .8 2 .2 1 .0 0 .7 -0 .4 -0 .2 0 .8 1 2-83 1 .1 1.3 1.7 2 .4 1 .8 0 .6 0 .5 -0 .4 -0 .3 0 .2 -0 .4 1 -8 4 0 .9 1 .2 1.5 2 .0 1 .6 0 .6 0 .3 -0 .4 -0 .3 0 .0 -0 .4 -0 .4 2 -6 4 1 .1 1.3 1 .7 2 .2 1 .8 0 .9 0 .8 0 .2 0 .4 0 .6 0 .6 1 .4 3 .3 2 9 2 .6 2 92 .3 2 9 2 .5 2 9 2 .4 2 92 .3 2 93 .1 3 —64 1 .3 1.5 1.8 2 .3 2 .0 1 .2 1 .1 0 .7 1 .0 1 .4 1 .5 2 .2 3 .5 3 .7 4 -6 4 1 .4 1 .7 1 .9 2 .4 2 .1 1 .4 1 .4 1 .0 1 .3 1 .7 1 .9 2 .5 3 .5 3 .5 3 .3 5 -6 4 1 .6 1.6 2 .1 2 .5 2 .2 1 .6 1 .6 1 .3 1 .6 2 .0 2 .2 2 .7 3 .5 3 .6 3 .5 3 .7 6 -6 4 1 .6 1 .6 2 .1 2 .5 2 .2 l.T 1 .6 1 .4 1 .6 2 .0 2 .2 2 .6 3 .2 3 .2 3 .0 2 .9 2 .0 7 -6 4 1 .4 1.6 1 .9 2 .2 2 .0 1 .5 1 .4 1.2 1 .4 1 .6 1 .7 2 .1 2 .5 2 .3 2 .0 1 .5 0 .4 -1 .2 8 -6 4 1 .3 1.5 1 .7 2 .0 1 .6 1 .3 1 .2 1 .0 1 .2 1 .4 1 .5 1 .7 2 .0 1 .6 1 .4 0 .9 0 .0 —1 .0 -0 .8 1-63 2 -6 3 3 -93 4 -63 5 -6 3 6 -63 7 -63 8 -8 3 9 -6 3 10— 83 1 1 - 6 3 1 2-6 3 1 -8 4 2 -8 4 3 -6 4 4 -6 4 5 -6 4 6 -8 4 7 -6 4 ♦DATA FOR FOUR MONTHS AGO R E V IS E D TO R E F L E C T L A T E 294 .0 2 94 .8 2 9 5 .7 2 9 6 .2 2 95.9 2 9 5 .7 1 N I I 1 A L flUNIH R EP OR TIN G PREPARED BY FEDERAL RESERVE BANK OF S T . LOUIS SEPTEM BER 6 14, 1964 I NDUS T RI AL RATIO PRODUCTION SCALE RATIO 1967-100 1976 1967-100 SEASONALLY ADJUSTED 1977 1978 197 9 1980 SCALE 1981 1982 1983 1984 PERCENTAGES ARE ANNUAL RATES Of CHANGE FOR PERIODS INDICATED. LATEST DATA PLOTTEDt AUGUST PRELIMINARY PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS I N D U S T R I A L PRO DUC TION COMPOUNDED ANNUAL RAT ES OF CHANGE TE R M IN AL MONTH IN ITIA L 1 -83 2 -6 3 3-63 4 -63 5 -6 3 6 -8 3 7 -6 3 6 -8 3 9 -6 3 10-6 3 MONTH 11—63 1967 « 1 2-6 3 1 -84 2 -6 4 3 -84 4 -64 5 -8 4 6 -6 4 100 7 -84 2-6 3 6 .3 3 -63 1 1.9 17.8 4 -6 3 16.0 21.2 2 4 .7 5 -6 3 16*1 19.5 2 0 .4 6 -6 3 1 6.4 1 9.1 19.6 1 7.1 1 7.9 7 -6 3 1 8.7 2 1 .4 2 2.3 2 1 .5 24.1 3 0 .7 8 -6 3 1 8 .6 2 0 .8 2 1 .4 20 .6 2 2 .1 2 4.3 1 8.2 9 -6 3 16.4 2 0.3 2 0.7 19.9 20.8 2 1 .8 17.6 1 7.0 1 0 -6 3 1 7 .4 18.9 19.1 1 8.1 1 8.5 18.7 1 4.9 1 3.3 9 .8 11-6 3 1 5.8 1 6.9 16.8 1 5.7 15.7 15.2 11.6 9 .5 6 .0 2 .3 1 2-6 3 1 5 .0 15.9 15.7 14.6 1 4.4 13.8 1 0 .7 9 .0 6 .4 4 .7 7 .2 1 -6 4 1 5 .4 16.2 16.1 1 5.1 1 5.0 1 4 .6 1 2.1 1 0.9 9 .5 9 .3 1 3 .0 1 9 .2 2 -6 4 15.1 15.9 1 5.7 1 4.8 1 4.7 1 4.3 12.1 1 1.1 9 .9 1 0.0 12.7 15.5 1 2 .0 3 -6 4 1 4 .4 15.1 14.9 14.0 13.8 1 3.3 1 1.3 10.4 9 .3 9 .2 11.0 1 2 .3 9 .0 6 .2 4 -6 4 1 4.1 1 4.7 14.5 1 3.7 1 3.4 1 3.0 1 1.2 10.3 9 .4 9 .4 10.8 1 1 .6 9 .4 6 .1 10.1 5 -64 1 3 .6 1 4 .1 13.8 1 3.0 12.7 1 2.3 1 0.6 9.8 8 .9 8 .6 9 .9 1 0 .4 8 .4 7 .2 7 .7 5 .3 6 -6 4 1 3.5 1 3.9 1 3.7 12.9 12.7 12.2 1 0.7 10.0 9 .2 9 .1 1 0.1 1 0 .6 9 .0 8 .3 9 .0 8 .4 1 1.6 7 -6 4 1 3.3 1 3.8 13.5 1 2.8 12.6 1 2.2 10.8 10.1 9 .4 9 .4 1 0 .3 1 0.8 9 .4 8 .9 9 .6 9 .4 1 1 .6 11.5 8 -6 4 12.8 1 3.1 1 2.9 1 2.2 1 1.9 11.5 10.1 9 .5 6 .8 8 .7 9 .5 9 .8 8 .5 7 .9 8.3 7 .8 8 .6 7 .1 2 .9 1-83 2-63 3-83 4 -8 3 5-63 6 -6 3 7 -83 6 -8 3 9 -6 3 1 0 -6 3 11-6 3 12-8 3 1 -84 2-64 3-6 4 4-84 5 -6 4 6 -64 7-64 138.1 140 .0 1 42.6 1 6.2 1 44.4 1 46.4 1 49.7 151.8 153.8 155 .0 155.3 1 56.2 158.5 160.0 160.8 162.1 162.8 164.3 1 6 5 . 8P 1 6 6 . 2P 1 N 1 I 1 A L P U N IH P - P R E L IM IN A R Y PREPARED BY FED ER A L RESERVE BAfW TOF S T . SEPTEM BER 1 4 , 1964 7 L O U IS PERSONAL RATIO SCALE TRILLIONS INCOME MONTHLY TOTALS AT ANNUAL OF DOLLARS S E A S ONA L L Y RATIO RA T ES TRILLIONS ADJ US TED OF SCALE DOLLARS 3.2 3 .1 3.0 2.9 2.8 2.7 2 .2 2 .1 2.0 .9 .8 .7 .6 .5 .4 .3 . 2 1976 1977 1978 1979 1980 1981 1982 SOURCE: PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR P E R IO D S LA TEST DATA PLOTTED: U .S . 1983 1984 DEPARTMENT OF COMMERCE IN D IC A T E D . AUGUST P R E L IM IN A R Y PREPARED 8Y FEDERAL RESERVE BANK OF ST . PERSONAL T F R MT N A I MONT H INITIAL 1- A 3 2-ft3 2-A3 3 —« 3 4-H3 S— R 3 ti— R 3 7-8 3 ft- ft 3 9— ft 3 1n - 8 3 LO U IS INCOME B I L L I O N S OF n m 1 Aß <v ANNUAL. R A T E S NT) N T H 1 1— ft 3 1 ?- f l 3 1-fiA 7 -R L . 3— H4 A-H L. S- ft i L -1 .3 ?, 3-83 2*8 7.0 4-ft3 •5.1 ft - 5 1o . n 5-83 6.5 9.2 10.3 10.5 ? ,, 67 1 -ft 7t ? ,,71 5 . ft OQ 1 < 6.9 9.0 9.7 9.5 8.5 7-8 3 6.5 8.1 8.4 7.9 6.6 4.7 8-83 6.5 7.9 8.1 7.6 6.7 5.7 ? ,, 7 3 ^ . à ? .. 7 4 4 . 9 6.8 2.,75 9.9 9-83 7.1 8.4 8.7 8.4 7.8 7.6 9.1 11.5 10-83 7.9 9.1 9.4 9.2 9.0 9.1 10.6 12.6 13.7 11-83 7*9 9.0 9.3 9.1 8.9 9.0 10.1 11.2 11.1 8.5 12-03 8.3 9.3 9*5 9.5 9.3 9.4 10.4 11.3 11.3 10.1 1-84 8.9 9.9 10.2 10.2 10.2 10.4 11 . 4 12.4 12.6 12.2 14.1 16.7 2-84 9.1 10.0 10.3 10.3 10.3 10.6 11.4 12.2 12.4 12.0 13.2. 14.0 11*4 3-84 9.0 9.8 10.1 10.1 10.0 10.2 10.9 11.5 11.5 11.1 11.7 11.7 9.3 7.2 4-84 9.2 10.0 10.2 10.2 10.2 10.4 11.0 11.5 11.6 11.2 11.8 11.8 10.2 9.6 5-84 8.9 9.6 9.8 9.8 9.7 9.8 10.3 10.7 10.6 10*2 10.5 10.2 0.7 6-84 9.0 9.7 9.9 9.9 9.8 10.0 10.4 10.8 10.7 10.4 10.6 10.5 9.3 7-84 9.0 9.6 9.8 9.8 9.7 9.8 10.3 10.6 10.5 10.2 10.4 10.2 8-84 8.9 9.5 9.6 9 9.5 9 *6 10.0 10*3 10.L 9*0 9.9 1-83 2-83 3-83 5-83 6-83 7-83 8-83 9-83 10-83 11-83 11.7 a n£] aa INITIAL 2.834.2 <N 4-83 2.785.Ü 2.,8 1 ^ .9 ?. 897.4 ? . 923.5 2. 94G .6 12.0 ? . 96H-5 8.1 4.2 0.8 9.3 7.9 11.7 9.1 0.7 9. Q 8.1 1Q.Û 9.7 8.8 0.3 8.5 7 *7 8.9 .. 7 . 5 6.6 12-83 1-84 2-64 3-84 4-84 5-84 6-84 7-04 978.8 3 f 006.5 3 t n?< S- 7 HONTH P - P R EL IM IN A R Y PREPARED BY FED ER AL RESERVE SEPTEM BER 19* 1984 8 BANK OF S T . L O U IS RETAIL RATIO SALES SCALE BILLIONS OF 197 6 RATIO DOLLARS 1977 seasonally 197 8 197 9 BILLIONS ADJ US TED 198 0 1981 1982 SOURCE: PERCENTAGES ARE ANNUAL RAT ES OF CHANGE FOR P E R IO D S LA TEST DATA PLO TTE0: JU LY, U .S . 1983 OF SCALE DOLLARS 1984 DEPARTMENT OF COMMERCE IN D IC A T E D . AUGUST ADVAMCE E ST IM A T E PREPARED BY FEDERAL R E SERVE BAMK OF ST . L O U IS R E T A I L SALES COMPOUNDED ANNUAL RAT ES OF CHANGE IN ITIA L T ERM IN AL Ho n T h 1-83 2 -6 3 2 -8 3 3 -63 4 -8 3 5 -8 3 6 -8 3 7 -8 3 8 -8 3 9 -8 3 10-8 3 M I L L I O N S OF DOLLARS MONTH 1 1-83 1 2-8 3 1 -84 2 -8 4 3—8 4 4 -8 4 5 -84 6— 84 7-84 92 *2 11 -4 .0 93,8 04 3 -83 8 .6 2 2 .8 4 -8 3 1 1 .7 2 0.5 1 8.3 5 -8 3 16.1 2 3 .7 2 4 .1 3 0 .2 6 -8 3 1 6.6 2 2 .4 22 .3 2 4.3 1 8.7 7 -8 3 14.1 18.1 17.0 1 6.5 1 0.2 2 .4 8 -8 3 1 0.9 13.6 1 1.8 1 0.3 4 .3 -2 .2 -6 .5 95,1 25 97,2 39 9 8,638 9 8 ,8 32 98,2 77 9 9,5 37 9—8 3 1 1 .6 1 4 .0 1 2.6 11.5 7 .3 3 .7 4 .4 1 6.5 1 0-8 3 1 2.3 1 4 .5 13.4 12.6 9 .3 7 .1 8 .7 1 7.3 1 8.1 1 1-8 3 1 2 .3 1 4.2 13.2 1 2 .5 9 .8 8 .1 9 .6 1 5.6 15.1 12-8 3 1 1 .7 13.5 1 2.5 1 1 .8 9 .3 7 .9 9 .0 1 3.2 1 2.2 9 .4 6 .6 1 -8 4 15.2 17.1 1 6.6 1 6 .4 1 4.8 14.2 1 6 .3 2 1 .5 2 2 .8 2 4 .5 3 1.1 6 1.3 2 -8 4 1 2.9 14.4 13.7 13.2 1 1.5 1 0 .6 1 1 .8 1 5.2 1 4 .9 14.2 1 4 .8 1 9 .2 -1 1 .9 100,923 101,896 1 2.2 102,438 106,602 105,482 3 -8 4 1 0 .4 11.6 1 0.7 10.1 8 .2 7 .1 7 .7 1 0.0 8 .9 7 .2 5 .9 5 .7 -1 4 .4 -1 6 .8 4 -8 4 12.8 1 4.1 1 3.4 1 3.0 1 1.6 1 0.9 1 1 .9 1 4 .4 1 4.1 1 3 .5 1 3 .7 1 5 .6 3 .4 12.1 5 1.0 5 -8 4 1 2 .5 1 3 .7 1 3 .1 1 2 .7 1 1.3 1 0 .7 11.5 1 3.7 1 3 .4 1 2.7 1 2.8 1 4.1 4 .7 1 0.9 2 8 .0 8 .5 6 —8 4 12.5 1 3 .6 1 3 .0 1 2.7 1 1 .4 1 0 .8 1 1 .6 13.6 13.3 1 2 .7 12.8 13.9 6 .2 1 1.3 2 2.7 10.6 7 -8 4 1 0 .3 1 1.2 1 0.5 1 0 .0 8 .7 7 .9 8 .4 9 .9 9 .2 8 .3 7 .8 8 .0 1 .0 3 .8 9 .7 -1 .3 -5 .9 -2 1 .5 8 -8 4 9 .1 9 .9 9 .2 8 .6 7 .3 6 .6 6 .9 8 .1 7 .4 6 .3 5 .7 5 .6 -0 .6 1 .4 5 .5 -3 .5 -7 .2 -1 5 .8 -9 .7 1 -83 2 -83 3 -8 3 4 -8 3 5—€ 3 6 -8 3 7 -8 3 8 -8 3 v —83 1 0-8 3 1 1 -8 3 12—8 3 1 -8 4 2 -8 4 3 -8 4 4 -8 4 5 -84 6 -8 4 7 -8 4 103,873 107,505 108 ,23 7 1 2 .7 109,322 1 0 7 , 142P 106,2326 1 N I I 1 A L NU NI H P - P R E L IM IN A R Y E - ESTIMATED PREPARED BY FED ER A L RÉSERVE BANK OF S T . L O U IS SEPTEM BER 1 4 , 1984 9 HOURLY C O M PE N S AI IO N , B U S IN ES S SECTOR COMPOUNDED ANNUAL R A T E S OF CHANGE______ INITIAL 3 -79 4 -7 9 9 .0 1 -flf) 10.6 4-7<» 2- a o 1-flO 4 —60 3 -ao 1 -81 2-81 3—61 4 —81 1 97 7* 10 0 QUARTER 1-82 3 -82 ?-ft? 1-63 4 -82 2 -83 3 -8 3 Ï TERMINAI QUARTER 1 22.6 126.2 1? - 3 C OC 1 <\ 1 1 .0 1 2.1 1 1.9 3 -8 0 10.6 11.1 1 0.6 9 .2 4 -8 0 1 0 .3 1 0.7 1 0.2 9 .3 9 .4 1 2 9 .a 1 32.7 1 35.7 1-81 10.4 1 0 .7 10.3 9 .8 1 0.0 1 0 .7 2 -8 1 10.0 1 0 .1 9 .7 9 .2 9 .1 9 .0 7 ,4 3 -6 1 1 0 .0 _ 1 0 1-L 9 .6 9 .3 9 .3 9 .3 0 .7 139.2 141.7 9 .9 145.1 4 -8 1 9 .6 9 .7 9 .4 0 .9 a .9 8 .8 0 .1 0 .5 7 .1 1 -0 2 9 .7 9 ,9 -9 * A 9tZ 9.t2 9 ,2 9 .0 9 .2 9 .9 10*7 2 -8 2 9,5 9 ,5 9,_2_ 0 ,9 8 .8 0 .0 0*_4_ 0 .6 0 ,2 6 .7 6 .6 153.9 3 -6 2 9 .3 9 .3 9 .0 8 .7 6 .7 8 .6 0 .2 0 .4 8 .0 6 .3 7 .1 7 .5 4 -6 2 8 .9 8 .9 8 .6 0 .3 8 .2 0 .0 7 ,7 7 ,7 7 .3 7*3 6 .2 5*9 4*4 1-63 8.6 6 .6 6 .3 0 ,0 7 .0 7 .7 7 .3 7 .3 6 .6 6 .0 5*6 5*5 4*5 4 .6 2 -6 3 8.2 8 .1 7 .8 7 .4 7 .3 7 .1 6 .7 6 .6 6 .1 6 .0 5 .0 4 .6 3 .7 3 .3 2 ,0 u> 1 00 W _ 1 47.6 1 51 ,4 7 .6 7 .7 7 .4 7 .0 6 .8 6 .6 6 .2 6 .1 5 .6 5 .4 4 *5 4 .1 3 .3 2.9 2 .0 2 .0 4 -6 3 7 .7 7 .6 7 .3 6 .9 6 .8 6 .6 6 .2 6 .1 5 .6 5 .5 4 .7 4*4 3*8 3 .7 3 .3 4 .0 6 .1 1-6 4 7 .6 7 .5 _ 7 .2 6 .9 6 .7 6 .5 6 .2 6 ,1 5 .7 5 ,6 4 .9 4 ,7 4*2 4*2 4 ,1 4*7 6 ,1 6 .2 Z t 84 7,3 7 .2 6 ,9 6 .6 6 ,4 6 .2 5 .9 5*J 5*4 5*2 4 .6 4 .3 3*9 3 .8 3*6 4 .0 4 .7 4 .1 1 ,9 3-79 4 -7 9 1-80 2 -80 3 -8 0 4 -8 0 1 -81 2 -81 3-81 4-61 1-82 2-62 3 -62 4 -8 2 1 -83 2 -83 3 -8 3 4 -8 3 1 -84 IN ITIA L REVISED F ROM 156 .7 158*4 160.2 1 61.0 161.8 1 64.2 1 66.7 1 67.5 QUARTER 1979 OU TP UT PER HOUR OF A L L PERSONS» B U S IN E S S SECTOR ________ COMPOUNDED ANNUAL. RAI £ S -Of. CHANkE________ I N I T I A L QUARTER T ER MINA L . QUARTER 1977-1QQ .a- ? ?__i-a o ._2r9Q .._3t 8Q -fr- 80 . l~ fll__2=fil__ 3-91.. 4~91__ ___________ 3.-92. < t~QZ__ .¿S I.. V-Q3_J,-g4. 4 - 79____ -9 - 8 * 8 - I -8 0 ____ L,.2_ 99 , 1 ZrQQ ___ =£*£__ z£ , g__ 96.4 3 - 9 0 ____ - Q i 2 ____ Q ^ Q ___- 0 * 6 1*6 ____ 0 ^ 2 ___- 0 . 1 1*2 lrfll _L*Q____ Lt it ____ ________ 2 , 9 J 9 8 . 8 ... 0_*8_ 3 .? . 99 , 0 . <? t Z 100*5 0 , 9 ____ 1^2____ i . 2 ____ 2* 2____ 2_*4____ 3*3_ 3.T0 1 _ L t 5 _____1 , 6 ____ 1 , 6 2 *5 ¿ , 7 ____ 3*4 100,6 2*0 3 ,6 1 -82 0.8 0 .9 0 .9 1 .4 1.4 1.5 0*4 0* 4 -1 * 2 2 .4 2 -82 0.5 0 ,6 0*5 1*0 0*9 _ 0*9 -0 *2 -0 * 3 -1 * 6 0*0 1 00 .9 -2*4 100.3 3 -8 2 0 .6 0 .8 0 .7 1 .1 1.1 1 .1 0 .3 0 .2 -0 .6 0 .8 0 .0 2*4 4 -8 2 0.0 0 ,9 0*9 1 .3 1*2 1*3 0*6 0 .7 0*1 1 .3 0 .9 2*6 2 .8 1~03 0.9 1 ,0 1*0 1 .4 1*4 1 .4 0 *8 0 .9 0 .5 1 .5 1 .3 2*5 2*6 2 .4 100.9 1 01 .6 102.2 2 -63 1.2 1 .4 1 .4 1 .7 1 ,7 1.0 1*4 1 .5 1 +2 2 .2 2 .1 3 .3 3*6 4 .0 5 .6 3_^fi3 U2_ 1 .5 1 .5 1*8 1*0 1*9 1* 5 1*6 1♦ 2 .3 2*2 3*2 3 .4 3 .6 4 .2 2 .7 4r83 1 .3 1 .5 1 .5 1 ,0 1*0 1*9 1*5 1*6 2 .2 2*1 2*9 3 .0 3 .1 3 .3 2 .1 1 .5 2*4 2*4 3*0 3*1 3 .2 3*4 2 .7 2 .7 3 .9 2 .5 2 .6 3 .2 3 .3 3 .4 3 .6 3 .1 3 .2 4 .1 4 .2 1-82 2-82 3-62 4 -82 1 -63 2 -83 3 -8 3 4 -6 3 1 -8 4 Ir fl 4. __1*? 1 .6 2 -8 4 . 1*6 lt7 3-79 4 -7 9 1 .6 1-60 1 ,9 1 ,9 2 .0 1,7 1*0 2* 1 2*1 2*2 1 .9 2 .0 2 -80 3 -60 4— 80 1-81 2-81 1 +6 3 -61 4-81 IN IT IA L 103.6 1 04.3 104 .7 1 0 5 .7 106.8 QUARTER R E V I S E D FROM 1 97 9 10 PREPAREO BY F ED ERA L RESERVE BANK OF S T . AUGUST 2 7 » 1964 LOUIS P R OD UC T I V I T Y , COMPENSATI ON, RATI O SCALE I977-IOO 1976 AND LABOR COSTS RATIO SEASONALLY 1977 1978 1979 ADJUSTED 1980 1981 1982 SOURCEt P E R C E N T A G E S ARE AHtflJAL. R A T E S OF CHANCE FOR P E R IO O S LA T E S T DATA P LOTTED : REV ISEJ) FROM U .S. 1983 SCALE 1977-100 1984 DEPARTM ENT Of LABOR BANK OF S T . L O U IS IM O IC A T E O . 2N0 OUARTER 1979. PREPAflED BY FED ER A L RESERVE U N I T LABOR C O S T S , BU S IN ES S SECTOR COMPOUNDED ANNUAL RA TE S OF CHANGE TE RMI NA L QUARTER I N I T I A L iQ UARTER 3 -79 4 -7 9 1-80 2 -8 0 3 -80 4 -8 0 1 -81 2-81 3 -81 4 -81 1 -8 2 1977-1 00 2-82 3-82 4 -82 1 -83 2 -8 3 3 -83 4 -8 3 1 -8 4 4 -7 9 9 .6 1 -8 0 10.3 1 1.1 2 -80 1 1.8 1 3 .0 14.9 3 -8 0 10.9 11.3- 1 1.3 8 .1 4 -8 0 10.4 1 0.6 10.4 8 .2 8 .3 1-81 9 .3 9 .3 8 .8 6 .8 6 .2 4.1 2 -8 1 9 .0 8 .9 8 .5 6 .9 6 .5 5 .6 7 .1 3 -8 1 8 .6 8 .4 8 .0 6 .7 6 .3 5 .7 6 .5 5 .8 1 42 .9 4 -8 1 9 .0 8 .9 8 .6 7 .6 7 .5 7 .3 8 .4 9 .0 1 2.3 1 47.1 1 -8 2 8 .9 8 .8 8 .6 7 .7 7 .6 7 .5 8 .3 8 .7 10.2 8 .1 2 -8 2 8 .9 8 .9 8 .6 7 .9 7 .8 7 .8 8 .5 8 .9 9 .9 8 .7 9 .4 3 -8 2 8 .6 8 .5 8 .3 7 .6 7 .5 7 .4 7 .9 8 .1 8 .7 7 .5 7 .2 4 -8 2 8 .1 7 .9 7 .6 6 .9 6 .8 6 .6 7 .0 7 .0 7 .2 6 .0 5 .3 3 .3 1.6 1 -8 3 7 .6 7 .5 7 .2 6 .5 6 .4 6 .1 6 .4 6 .3 6 .4 5.2 4 .5 3 .0 1 .9 2 .3 2 -8 3 6 .9 6 .7 6 .3 5 .6 5 .4 5 .1 5 .3 5 .0 4 .9 3 .7 2 .9 1 .3 0 .1 -0 .6 -3 .5 3 -8 3 6 .4 6 .1 5 .8 5 .1 4 .9 4 .6 4 .6 4 .4 4 .2 3.1 2 .3 0 .9 -0 .1 -0 .7 -2 .2 -0 .8 4 -8 3 6 .2 6 .0 5 .7 5 .1 4 .9 4 .6 4 .6 4 .4 4 .2 3 .2 2 .6 1 .5 0.8 0 .6 0 .0 1 .8 4 .5 1 -84 6 .0 5 .8 5 .5 4 .9 4 .7 4 .4 4 .4 4 .2 4 .0 3 .1 2 .5 1 .6 1.0 0 .9 0 .6 2 .0 3 .4 2 .3 2 -8 4 5 .6 5 .4 5 .0 4 .5 4 .2 3 .9 3 .9 3 .7 3 .5 2 .6 2 .0 1.1 0 .6 0 .4 0 .1 1 .0 1 .6 0 .1 -2 .0 3-79 4 -7 9 1 -80 2 -8 0 3 —80 4 -8 0 1 -Ö 1 2 -81 “ 5-81 4 -51 2 -8 ? 3-82 4-ÎT 2 ï-é 3 2 -8 * 3 -83 4 -8 3 1 -8 4 1 24.0 1 2 7 .3 131.8 1 3 4 .4 1 37.1 138 .5 140 .9 1 50 .0 153 .4 5 .0 1 55 .3 1 55 .9 1 56.8 1 5 5 .4 1 5 5 ;i 156.8 1 57 .7 1 56 .9 I N I T I A L OUARTER R E V I S E D FROH 197 9 11 PREPARED BY F E D E R A IT RESERVE BANK OF S T . AUGUST 2 7 , 1984 LOUIS GROSS NA TIO NA L PRODUCT I N CURRE NT DOLLARS COMPOUNOED ANNUAL RA TE S OF CHANGE_______ IN ITIA L TE R MI N AL QUARTER 3 -7 9 4 -7 9 1-80 4 -7 9 8 .1 1 -8 0 9 .9 11.7 2 -80 6 .8 6 .2 0 .9 3 -8 0 7 .5 7 .3 5 .2 2 -8 0 3 -8 0 4 -80 1-81 2 -81 3 -81 B I L L I O N S OF DOLLARS ANNUAL R AT ES QUARTER 4-81 1 -82 2 -82 3 -8 2 4 -8 2 1 -83 2-83 3-83 4 -83 1-84 2 ,5 0 2 .9 2 ,5 7 2 .9 2 ,5 7 8 .8 9 .7 2 ,6 3 9 .1 4 -8 0 9 .1 9 .3 8 .5 1 2.6 15.5 1-81 11.1 1 1.8 11.8 15.6 18.7 22.1 2 -81 1 0 .4 10.8 1 0.6 1 3.2 1 4.3 1 3.7 6 .0 3 -8 1 1 0.7 1 1.1 1 1.0 13.1 1 4.0 1 3.5 9 .5 13.1 4 -8 1 9 .8 1 0 .0 9 .8 11.3 11.6 10.7 7 .1 7 .7 2 .5 1 -82 8 .7 8 .8 8 .4 9 .6 9 .5 8 .4 5 .2 5 .0 1.1 -0 .3 2 -82 8 .4 8 .4 8 .0 9 .0 8 .8 7 .8 5.1 4 .9 2 .3 2 .2 4 .7 3 -82 7 .9 7 .8 7 .5 8 .2 8 .0 7 .0 4 .7 4.4 2 .4 2.3 3 .6 4 -8 2 7 .5 7 .5 7 .1 7 .8 7 .6 6 .6 4 .6 4 .3 2 .7 2 .7 3 .7 3 .2 3 .9 1 -8 3 7 .6 7 .6 7 .2 7 .8 7 .7 6 .8 5 .1 4 .9 3 .6 3 .8 4 .9 4 .9 6 .2 8 .5 2 -8 3 7 .9 7 .9 7 .6 8 .2 8 .1 7 .4 5 .8 5 .8 4 .8 5 .2 6 .3 6 .7 8 .2 10.4 1 2.3 2 ,7 3 6 .0 2 ,8 7 5 .8 2 ,9 1 8 .0 3 ,0 0 9 .3 3 ,0 2 7 .9 3 ,0 2 6 .0 3 ,0 6 1 .2 3 ,0 8 0 .1 2 .5 3 ,1 0 9 .6 3 ,1 7 3 .8 3 ,2 6 7 .0 3-83 8 .1 8.1 7 .8 8 .3 8 .2 7 .6 6 .3 6 .3 5 .5 5 .9 6 .9 7 .4 8 .7 10.3 1 1.2 1 0 .1 4 -8 3 8 .2 8 .2 8 .0 8 .5 8 .4 7 .8 6 .6 6 .7 6 .0 6 .5 7 .5 7 .9 9 .0 1 0.4 11.0 10.3 10.6 3 ,3 4 6 .6 1 -8 4 8 .6 8 .6 8 .4 8 .9 8 .9 8 .4 7 .3 7 .4 6 .9 7 .4 8 .4 8 .9 1 0 .0 11.3 12.0 11.9 1 2 .7 1 4.9 2 -8 4 8 .7 8 .7 8 .5 9 .0 9 .0 8 .5 7 .6 7 .7 7 .2 7 .7 8 .6 9 .1 1 0.1 1 1.2 1 1 .7 1 1.6 1 2.0 1 2.8 1 0.7 3 -7 9 4 -7 9 1 -80 2 -8 0 3-80 4 -8 0 1 -8 1 2 -81 3 -81 4 -8 1 1-82 2-82 3 -8 2 4 -82 1—83 2 -8 3 3 -8 3 4 -8 3 1-84 3 ,4 3 1 .7 3 ,5 5 3 .3 3 ,6 4 4 .7 iw rrrA ir tkjarter' GROSS NA TI O N A L PRODUCT IN 1972 DOLLARS COMPOUNDED ANNUAL RATES OF CHANGE 0 .7 1 -8 0 1 .3 1 .9 2 -8 0 -2 .3 -3 .7 1 -80 2-80 3 -8 0 4 -80 1 -8 1 2 -81 3-81 1 8 4 -79 * 1 >0 3 -7 9 & I L L IONS OF DOLLARS ANNUAL RAT ES QUARTER 1 00 IN ITIA L T ER M IN A L QUARTER 2-82 3 -8 2 4 -82 1-83 2 -8 3 3 -8 3 4 -8 3 1 -84 1 ,4 8 9 .3 1 ,4 9 6 .4 1 ,4 6 1 .4 -9 .0 1 ,46 4.2 3 —8 0 -1 .5 -2 .2 -4 .3 0 .8 4 -8 0 -0 .5 -0 .8 -1 .6 2 .3 3 .8 1 -81 1 .2 1.3 1 .1 4 .8 6 .8 1 ,4 7 7 .9 1 ,51 3.5 10.0 1 ,5 1 1 .7 2 -8 1 1 .0 1 .0 0 .8 3 .4 4 .3 4 .6 -0 .5 3 -8 1 1 .2 1.3 1.1 3 .3 4 .0 4 .0 1 .1 2 .8 4 -8 1 0 .4 0 .4 0 .2 1 .8 2 .0 1 .6 -1 .1 -1 .4 -5 .4 1 ,52 2.1 1 ,5 0 1 .3 1 ,48 3.5 1 -8 2 -0 .1 -0 .2 -0 .4 0 .9 0 .9 0 .3 -2 .0 -2 .5 -5 .0 -4 .7 2 -8 2 -0 .1 -0 .2 -0 .5 0 .7 0 .6 0 .1 -1 .7 -2 .1 -3 .6 -2 .8 -0 .8 3 -82 -0 .2 -0 .3 -0 .5 0 .5 0 .4 -0 .0 -1 .6 -1 .8 -3 .0 -2 .1 -0 .9 -0 .9 4 -8 2 -0 .2 -0 .2 -0 .4 0 .5 0 .4 0 .0 -1 .3 -1 .5 -2 .3 -1 .5 -0 .4 -0 .2 1 -8 3 0 .1 0 .0 -0 .1 0 .7 0 .7 0 .4 -0 .7 -0 .8 -1 .4 -0 .5 0 .5 0 .9 1 .9 3 .3 2 -8 3 0 .7 0 .7 0 .6 1 .4 1 .5 1.3 0 .3 0 .4 0 .1 1 .0 2 .2 3 .0 4 .3 6 .3 1 .8 1 .9 1 ,4 8 0 .5 1 ,47 7.1 1 ,47 8.8 0 .5 1 ,4 9 1 .0 9 .4 1 ,5 2 4 .8 1 ,5 5 0 .2 3 -6 3 1.1 1.1 1 .0 1.8 1.0 1.1 0 .9 1 .8 3 .0 3 .7 4 .9 6 .5 8 .1 6 .8 4 -8 3 1.3 1.4 1.3 2 .1 2 .2 2 .1 1 .4 1 .6 1.5 2 .4 3 .4 4 .1 5 .1 6 .3 7 .4 6 .4 5 .9 1 -8 4 1 .8 1 .9 1 .9 2 .6 2 .8 2 .7 2.1 2 .3 2 .3 3 .2 4 .2 4 .9 6 .0 7 .1 8 .0 7 .6 8 .0 10.1 2 -8 4 2 .1 2.1 2 .2 2 .9 3 .0 3 .0 2 .5 2 .7 2 .7 3 .6 4 .5 5 .2 6 .1 7 .1 7 .9 7 .5 7 .7 8 .6 7 .1 5— 79 4 -79 1 -80 2 -80 3-80 4 -8 0 1 -8 1 2-81 3-81 4 -81 1-82 2 - B Z ' 3 -82 4-82 1 -83 2 -8 3 3 -8 3 4 -8 3 1-84 IN ITIA L 1 ,5 7 2 .7 1 ,6 1 0 .9 1 ,6 3 8 .8 QUARTER PREPARED BY FED ER A L RESERVE BANK OF S T . SEPTEM BER 2 0 , 1984 12 LO Ü 1 5 GROSS RATI O SCALE 976 NAT I ON AL PRODUCT 977 1978 1979 1 980 1981 SOURCE: PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR P E R IO D S LATEST DATA PLOTTED, RATI O QUARTERLY TOTALS AT ANNUAL RATES 2ND OUARTER U.S. 1983 1984 DEPARTMENT OF COMMERCE IN D IC A T E D . pR£pARE0 By 13 19 8 2 SCALE p g S g Ry g BAMK 0F L0U ts GENERAL P R I C E RATIO INDEX* SCALE RATIO 1972-100 1976 • A S USED SCALE 1972-)00 1977 IN NATIONAL 1978 1979 1980 1981 INCOME ACCOUNTS P ERCENT AGES ARE ANNUAL RATES OF CHANGE FOR P E R IO D S LA TE ST DATA PLOTTED» 1982 SOURCE» U .S . 1983 1984 DEPARTMENT OF COMMERCE IN D IC A T E D . 2ND QUARTER PREPARED BY FEDERAL RESERVE BANK OF ST . L O U IS I M P L I C I T PR ICE DE FLATOR FOR GROSS N A T I O N A L PRODUCT ___________ COMPOUNDED ANNUAL RATES OF CHANGE________ TE R M IN A L QUARTER 4 -7 9 4 -7 9 1-80 2 -80 3 -8 0 4 -60 1 -8 1 2-81 7 .3 3-81 4 -81 1 -82 2 -82 3 -8 2 4 -8 2 1 -83 2 -8 3 3-63 4 -83 100 1 -84 1 68.05 1 -6 0 8 .4 9 .6 o ® T 9.3 10.3 10.9 3 -8 0 9 .2 9 .8 9 .9 171 .94 176 .46 8 .8 1 80 .24 4 -0 0 9.6 1 0.2 10.4 10.1 1 1.3 1 -6 1 9 .8 10.3 1 0.5 10 .4 1 1.1 11.0 2 -81 9 .3 9 .7 9 .7 9 .4 9 .6 8 .7 185.13 190.01 6 .5 193 .03 3-61 9 .4 9 .7 9 .8 9 .5 9 .7 9 .2 8 .3 10.0 4 -6 1 9 .3 9 .6 9.5 9 .3 9 .4 8 .9 8 .3 9 .2 8 .3 8.8 9 .0 8 .9 8 .6 8 .6 8.1 7 .4 7 .6 6 .5 CD N» 1972 « I N I T I A L IQUARTER 3 -7 9 1 97 .70 201 .69 2 0 3 .98 4.6 2 -6 2 8 .5 8 .6 8 .5 8 .2 8 .2 7 .6 7 .0 7 .1 6.2 5 .1 5 .6 3 -6 2 8 .1 8 .2 8 .0 7 .7 7 .6 7 .0 6 .4 6 .4 5 .5 4 .5 4 .5 3 .4 7 .6 7 .3 7 .1 6 .6 6 .0 5 .9 5 .1 4 .3 4 .1 3 .4 3 .4 6 .9 6 .4 5 .8 5 .7 5 .1 4 .4 4 .4 4 .0 4 .2 5 .0 4 -6 2 7 .7 7 .8 1 -63 7 .5 7 .5 7 .4 7 .1 2 06 .77 2 08 .53 2 10 .27 2 12 .87 2 -6 3 7 .2 7 .2 7 .0 6 .7 6 .5 6 .0 5 .5 5 .4 4 .7 4 .1 4 .0 3 .6 3 .7 3 .8 2 .6 3 -6 3 6 .9 6 .9 6.7 6 .4 6 .2 5 .7 5.2 5.1 4 .5 4 .0 3.9 3 .5 3 .5 3 .6 2 .9 3 .1 4 -6 3 6.8 6 .7 6 .6 6 .3 6 .1 5 .6 5 .2 5 .0 4 .5 4 .0 3 .9 3 .7 3 .7 3 .8 3 .4 3 .7 4 .4 1-64 6 .6 6 .6 6 .4 6 .1 5 .9 5 .5 5.1 5 .0 4 .5 4 .1 4 .0 3 .8 3 .8 3 .9 3 .6 4 .0 4.4 4 .4 2 -6 4 6 .5 6 .4 6 .2 6 .0 5 .8 5 .4 5 .0 4 .8 4.4 4 .0 3.9 3 .7 3.7 3 .8 3 .6 3 .8 4.0 3 .9 3 .3 3 -79 4 -7 9 2 -8 0 3 -8 0 4 -8 0 1-81 Z -S l 3-81 4—81 1-82 2 -8 2 3 -8 2 4 -8 2 1 -6 3 2 -8 3 3 -8 3 4 -8 3 1 -84 1-9 Ö IN ITIA L 214 .25 2 1 5 .89 2 18 .21 220 .58 2 2 2 .4 0 <G UARtER PftÉÊARÉb ÔV É Éb éftA L RëSëRVë ban k öP SEPTEM BER 2 0 , 1964 14 ST. L ö U I i PERSONAL CONSUMPTION EXPEND ITURE S IN CURRENT DOLLARS ___ _________ COMPOUNDED ANNUAL RATES OF CHANGE_______________ TERMIN AL QUARTER IN ITIA L 3 -79 4 -7 9 1 3.7 1—80 1 2.4 4 -7 9 1-80 2 -8 0 3 -8 0 4 -80 1 -8 1 2 -81 3-81 B I L L I O N S OF DOLLARS ANNUAL RAT ES QUARTER 4 -81 1 -8 2 2-82 3 -8 2 4 -82 1 -83 2 -8 3 3 -83 4 -83 1-84 1 ,57 8.0 1 1.2 1 ,6 2 0 .5 2 -8 0 8 .6 6 .2 1.5 3 -8 0 1 0 .1 9 .0 7 .9 14.8 4 -6 0 1 1.0 1 0.4 1 0 .1 1 4 .7 1 ,6 2 6 .4 1 ,6 8 3 .4 1 4.6 1 ,7 4 1 .9 1 -81 11 .4 1 1.0 10.9 14.3 1 4.1 1 3 .5 2 -8 1 10*8 1 0.4 10.2 12.5 11.7 1 0.3 7 .2 3 -8 1 10.fi 1 0.4 10.3 12.2 1 1.5 10.5 9 .0 1 0.9 4 -81 9 .9 9 .5 9 .2 1 0.6 9 .8 8 .6 7 .0 6 .9 1 -8 2 9 .8 9 .4 9 .2 1 0.3 9 .6 8 .6 7 .4 7 .5 5 .8 8 .6 2 -82 9 .5 9.1 8 .8 9 .8 9 .1 8 .2 7 .2 7 .2 6 .0 7 .4 1 ,79 7.9 1 ,82 9.3 1 ,8 7 7 .3 1 ,89 1.8 3 .1 1 ,93 1.3 1 ,9 6 0 .9 6 .3 3 -8 2 9 .4 9 .0 8 .8 9 .7 9 .0 8 .3 7 .4 7 .5 6 .6 7 .8 7 .4 8 .5 4 -8 2 9 .4 9 .0 8 .8 9 .6 9 .1 8 .4 7 .7 7 .8 7.1 8 .2 8 .0 8 .9 2 ,0 0 1 .3 2 ,0 4 6 .1 9 .3 1 -83 9 .1 8 .7 8 .5 9 .2 8 .6 8 .0 7 .3 7 .3 6 .7 7.5 7 .2 7 .5 7 .0 4 .8 2 -83 9 .4 9 .1 9 .0 9 .6 9 .1 8 .6 8.1 8 .2 7.8 8 .6 8 .6 9 .2 9 .5 9 .6 1 4.5 3 -8 3 9 .3 9 .0 8 .9 9 .5 9 .0 8 .5 8 .0 8 .1 7 .8 8 .5 8 .5 8 .9 9 .0 8 .9 1 1.0 7 .6 4 -8 3 9 .3 9 .0 8 .9 9 .4 9 .0 8 .6 8 .2 8 .2 8 .0 8 .6 8 .6 9 .0 9 .0 9 .0 1 0.4 8 .4 9 .3 1 -8 4 9 .3 9 .0 8 .9 9 .4 9 .0 8 .6 8 .2 8 .3 8 .0 8 .6 8 .6 8 .9 9 .0 8 .9 10.0 8 .5 8 .9 8 .6 2 -8 4 9 .3 9.1 8 .9 9 .4 9 .1 8 .7 8 .3 8 .4 8 .2 8.7 8 .8 9. 1 9 .2 9 .1 1 0 .0 8 .9 9 .4 9 .4 3 -79 4 -79 1 -80 2 -80 3-80 4 -8 0 1 -8 1 2 -81 3 -81 4 -81 1 -8 2 1-83 2 -6 3 3 -8 3 4 -8 3 2 -82 3 -82 2 ,0 7 0 .4 2 ,1 4 1 .6 2,1 8 1 .4 2 ,2 3 0 .2 2 ,2 7 6 .5 1 0.2 2 ,3 3 2 .7 ' I N I T I A L QUARTER PERSONAL CONSUMPTION EX PE NDI TU RE S IN 1972 DOLLARS ___________ COMPOUNDED ANNUAL RATES OF CHANGE____________ B I L L I O N S OF TE RMIN AL________________________________________________________________________ I N I T I A L QUARTER_______________________________________________________________________ DOLLARS QUARTER ANNUAL R AT ES 3 -7 9 4-7 9 1-80 2-80 3-80 4 -8 0 1 -8 1 3-81 2-81 4-81 1 -84 1 -83 4 -8 3 1 -8 2 2-82 3 -82 4 -8 2 2 -8 3 3-83 4 -7 9 3 .3 9 3 8 .6 1 -8 0 1.6 -0 .1 2 -80 -1 .6 -4 .0 -7 .7 3 -6 0 -0 .2 -1 .3 -1 .9 4 -8 0 0 .8 0.1 0 .2 4 .5 4 .6 1 -81 1 .4 1.0 1.3 4 .5 4 .5 4 .4 2 -81 l.l 0 .7 0 .9 3 .2 2 .8 1.9 3 -6 1 1 .3 1.0 1.2 3 .1 2 .8 2 .2 1.2 2 .8 4 -6 1 0 .8 0 .4 0 .5 2 .0 1.5 0 .7 -0 .5 -0 .5 -3 .7 1 -8 2 1 .0 0 .7 0 .8 2 .1 1 .7 1 .2 0 .4 0 .6 -0 .4 2 .9 2 -6 2 1.1 0 .9 1 .0 2 .1 1 .8 1 .3 0 .7 1 .0 0 .4 2 .6 2 .2 3 -8 2 1 .2 1.0 1 .1 2 .1 1 .9 1 .5 1 .0 1 .3 0 .9 2 .5 2 .2 2 .2 4 -62 1 .5 1.3 1 .5 2 .4 2 .2 1 .9 1 .6 1 .9 1 .7 3.1 3 .2 3 .7 5 .1 1 -6 3 1 .6 1 .4 1 .5 2 .4 2 .2 2 .0 1 .7 2 .0 1.9 3 .0 3 .0 3 .3 3 .8 2 .6 2 -63 2 .1 2 .0 2 .2 3 .0 2 .9 2 .8 2 .6 3 .0 3 .0 4 .1 4 .4 4 .9 5 .6 6 .2 9 3 8 .3 9 1 9 .6 4 .3 9 2 9 .4 9 4 0 .0 9 5 0 .2 -0 .5 9 4 9 .1 9 5 5 .7 9 46.8 9 53 .7 9 5 8 .9 9 6 4 .2 9 7 6 .3 9 8 2 .5 1 0.0 1 ,0 0 6 .2 3 -63 2 .2 2 .1 2 .3 3 .1 3 .0 2 .9 2 .7 3 .1 3.1 4 .1 4.3 4 .7 5 .3 5 .4 6 .9 3 .6 4 -6 3 2 .5 2 .4 2 .6 3 .4 3 .3 3 .2 3.1 3 .4 3 .5 4 .4 4 .6 5 .0 5 .6 5 .7 6 .6 3 .3 1-64 2 .6 2 .5 2 .7 3 .4 3 .4 3 .3 3 .2 3 .3 3 .6 4 .4 4 .6 5 .0 5 .5 5 .5 6 .3 5 .1 5 .7 4 .6 2 -6 4 2 .9 2.6 3 .0 3 .7 3 .7 3 .6 3 .5 3 .9 4 .0 4 .6 5 .0 5 .3 5 .6 5 .9 6 .6 5 .6 6 .4 6 .3 7 .9 3 -T? 4 -7 ? 1 -60 2 -6 0 3 -6 0 4 -6 0 1-81 2-81 3 -81 4-81 1 -8 2 2-82 3 -8 2 4 -8 2 1 -83 2 -8 3 3 -83 4 -83 1-84 M iT U L w 1 ,0 1 5 .6 1 ,0 3 2 .4 6 .8 1 ,0 4 4 .1 1 ,0 6 4 .2 Ar Te A PfcËÊAftED &Ÿ PÉÔÊftAL ftÉSËftVÊ 6ANK ÖF SEPTEM BER 2 0 , 1984 15 S T. L O U IS GROSS P R IV A T E D O M ESTIC IN V E S TM E N T IN CURRENT DOLLARS _____________COMPOUNDED ANNUAL R ATES OF CHANGE_______________ TE R MI N AL QUARTER IN ITIA L 3-79 4 -79 1-80 2-8 0 3 -80 4 -7 9 - 13.3 1 -8 0 -4 .5 5.1 2 -8 0 - 11.4 -1 0 .5 -2 3 .8 3 -8 0 - 1 2 .1 -1 1 .8 -1 9 .1 -1 4 .2 4 -8 0 -3 .8 -1 .2 -3 .2 9 .0 3 8 .5 4 -80 1 -8 1 2 -81 3 -8 1 B I L L I O N S OF DOLLARS ANNUAL RAT ES QUARTER 4 -81 1 -8 2 2—82 3 -82 4 -8 2 1 -83 2 -8 3 3 -8 3 4 -8 3 1 -84 4 16 .8 4 22 .0 3 9 4 .3 3 7 9 .5 4 11.7 1 -81 5 .5 9 .7 1 0.9 2 5.7 5 2.1 6 7.1 2 -8 1 6 .4 1 0 .0 1 1.1 2 2.0 37.2 3 6 .6 11.6 3 -6 1 8 .2 1 1 .7 1 2.8 2 2 .0 3 3 .3 3 1 .6 16.8 22 .2 4 -81 5 .0 7 .5 7 .9 1 4.3 2 1.0 1 7.0 3 .9 0 .2 -1 7 .7 4 68 .1 4 81 .1 505 .8 4 8 1 .7 1 -8 2 0 .4 2.0 1 .7 5 .9 9 .7 4 .7 —6 . 8 -1 2 .2 -2 5 .6 -3 2 .8 2 -8 2 -0 .1 1.4 1 .0 4 .6 7 .6 3. 1 -6 .4 -1 0 .4 -1 9 .2 -1 9 .9 -4 .5 3 -8 2 -1 .3 -0 .1 —0 . 6 2 .4 4 .7 0 .6 -7 .6 -1 1 .0 -1 7 .8 -1 7 .8 -9 .1 -1 3 .5 436 . 2 4 31.2 415 .9 4 -8 2 -4 .2 -3 .4 -4 .1 -1 .9 -0 .4 -4 .4 -1 1 .7 -1 5 .1 -2 1 .1 -2 1 .9 -1 7 .9 -2 3 .9 -3 3 .1 1 -8 3 -1 .8 -0 .9 -1 .4 1 .0 2 .6 -0 .7 -7 .0 -9 .4 -1 3 .8 -1 3 .0 -7 .2 -8 .0 -5 .2 3 4 .3 376 .2 4 0 5 .0 2 -8 3 1.1 2.2 2 .0 4 .5 6 .4 3 .6 -1 .8 -3 .3 —6 . 5 -4 .5 2 .5 4 .3 1 0.9 4 2 .8 5 1.9 3 -6 3 3 .3 4 .5 4 .5 7 .0 9 .0 6 .7 2 .0 1 .0 -1 .4 1.2 8 .3 1 1 .1 1 8 .3 4 3 .0 4 7 .5 4 3.3 4 -6 3 5 .4 6 .7 6 .8 9 .4 1 1.5 9 .5 5 .3 4 .7 3 .0 5 .9 13.0 1 6.2 2 3 .2 4 3 .5 4 6 .8 4 4 .3 4 5 .2 1 3.0 1 5.3 1 3.6 10.0 9 .9 8 .7 12.2 19.6 23.5 3 1 .0 4 9 .9 5 4 .0 5 4 .7 6 0 .8 7 8.1 449 .6 4 9 1 .9 5 4 0 .0 1 -8 4 8 .5 1 0.0 1 0.3 2 -8 4 8 .2 9 .5 9 .8 1 2.3 1 4 .3 1 2 .8 9 .4 9 .2 8.1 1 1 .1 1 7.5 2 0 .6 2 6 .4 4 0.6 4 1 .9 3 9.5 3 8 .2 34.8 2 .1 3 -79 4 -79 1 -é Ò 2 -éó 3 -8 0 4 -80 1—81 2 -6 1 5 -a t 4 -81 1 -82 2-62 3 -62 4 -6 2 1 -63 2 -8 3 3 -6 3 4 -6 3 1 -64 6 23 .8 6 27 .0 INITIAL QUARTER GROSS P R IV A T E DOME ST IC IN VE S TM EN T IN 1972 DOLLARS ___________ COMPOUNDED ANNUAL RATE S OF CHANGE____________ TER MIN AL QUARTER IN ITIA L 3 -79 4 -79 1 -80 4 -7 9 -1 8 .6 1 -80 -1 0 .6 -1 .8 2 -80 -1 9 .1 -1 9 .3 -3 3 .7 3 -6 0 -1 6 .8 -1 6 .2 -2 2 .5 2 -8 0 3 -8 0 4 -8 0 1 -8 1 2-81 3 -8 1 B I L L I O N S OF DOLLARS ANNUAL R ATES QUARTER 4-81 1-82 2-82 3-82 4-82 1 -63 2 -83 3-83 4 -83 1-84 2 2 5 .3 2 24 .3 202 .4 197 .4 * 1 CD O -9 .5 -9 .3 -6 .8 -8 .4 7 .7 2 8 .1 1 -8 1 -2 .5 1 .1 1 .9 1 7.6 34 .0 4 0 .2 2 -8 1 -1 .1 2 .2 3 .0 1 5 .0 2 4 .6 2 2 .9 7 .7 3 -8 1 0 .3 3.3 4 .2 1 4.0 20 .8 1 8.5 8.9 10.2 4 -8 1 -2 .6 -0 .4 -0 .2 6 .9 10.5 6 .5 -2 .8 -7 .7 -2 2 .6 2 1 0 .0 228 .5 2 3 2 .8 2 3 6 .5 2 2 3 .7 2 0 4 .7 1 -6 2 -5 .7 -4 .2 -4 .5 0 .6 2 .5 -2 .0 -1 0 .4 -1 5 .8 -2 6 .3 -2 9 .9 2 -82 -5 .9 -4 .6 -4 .9 -0 .5 0 .9 -3 .1 -1 0 .0 -1 3 .9 -2 0 .7 -1 9 .7 -8 .1 3 -8 2 -6 .4 -5 .2 -5 .6 -1 .8 -0 .8 -4 .3 -1 0 .2 -1 3 .5 -1 8 .5 -1 7 .1 -9 .9 -1 1 .6 4 -8 2 -8 .5 -7 .6 -8 .1 -5 .1 -4 .5 -8 .0 -1 3 .4 -1 6 .4 -2 0 .9 -2 0 .5 -1 7 .1 -2 1 .3 -2 9 .9 1 -8 3 -6 .0 -4 .9 -5 .2 -2 .0 -1 .2 -4 .1 -8 .5 -1 0 .6 -1 3 .7 -1 1 .8 -6 .5 -6 .0 -3 .1 3 4 .0 2 -8 3 -2 .9 -1 .6 -1 .6 1 .7 2 .7 0 .5 -3 .2 -4 .4 -6 .4 -3 .3 3 .1 6 .1 1 2.8 43.0 5 2 .5 3 -8 3 -0 .7 0 .6 0 .8 4 .1 5 .3 3 .5 0 .4 -0 .4 -1 .7 1 .8 8 .3 11.9 1 8 .7 4 1.4 4 5.3 3 8 .4 4 -8 3 1 .2 2 .6 2 .9 6 .2 7 .5 5 .9 3 .2 2 .8 2 .0 5 .6 12.0 1 5.7 22.1 4 0 .3 4 2 .5 3 7 .7 3 7 .0 1 -8 4 4 .2 5 .7 6 .2 9 .6 11.1 9 .9 7 .7 7 .7 7 .5 1 1.5 1 8.1 2 2.4 2 9.2 4 6.1 4 9 .2 4 6 .2 5 3 .3 2 -8 4 3 .9 5 .3 5 .7 8 .8 1 0 .2 9 .0 6 .9 6 .8 6 .5 10.0 1 5.6 19.0 2 4 .2 3 6 .6 3 7.1 33.5 3 1 .9 2 9.5 -2 .2 3— 79 4 -79 1-80 2-8 0 3-60 4 -60 1 -6 1 2-81 3 -8 1 4-81 1-82 ~ 2 -S ? 5 -6 2 4 -6 2 1 -65 2 -6 3 3 -6 3 4 -6 3 1 -64 in it ia l 2 0 0 .4 1 9 4 .3 1 77.8 1 9 1 .3 2 12 .6 230 .6 249.5 285 .5 7 1.5 2 8 3 .9 quarter PREPARED BY FEDERAL RESERVE BANK OP S T . LÙU1S SEPTEM BER 2 0 , 16 1 984 GOVERNMENT PURCHASES OF GOODS AND S E R V IC E S IN CURRENT DOLLARS ___________________ COMPOUNDED ANNUAL RATES OF C H A N G E _____________________ TERMINAL QUARTER T ■0 IN ITIA L 4 -7 9 1-80 2 -8 0 3-80 4 -80 4 -7 9 1 6.9 1 -8 0 1 7.0 17.1 2-8 0 16.2 15.8 1 4.6 3-8 0 1 2.7 1 1.3 8 .5 2 .7 4 -80 13.2 12.3 10.8 9 .0 1-81 13.2 12.5 11.4 1 0.4 14.4 13.2 2 -8 1 12.2 1 1.4 10.3 9 .3 11.6 9 .6 1-81 2 -81 3 -81 QUARTER 4-81 1 -8 2 3-82 2 -82 4 -8 2 1-83 2 -8 3 5 17.6 5 35 .5 5 39.1 15.6 559 .0 5 76.6 6 .2 5 8 5 .3 3 -8 1 1 2 .1 11.4 10.5 9 .7 11.5 10.2 8 .8 1 1.4 1 2.4 1 1.9 1 1 .1 1 0.6 12.2 1 1.4 10.8 1 3 .2 1 5.0 6 0 1 .3 6 2 2 .7 1 -82 11.7 11.1 10.4 9.8 11.1 10.2 9 .4 10.5 10.1 5 .4 2 -8 2 1 0 .8 10.2 9 .4 8 .8 9 .7 8 .7 7 .8 8 .3 7 .2 3 .6 1 .8 3 -8 2 1 1 .1 1 0.6 10.0 9 .5 1 0.3 9 .6 9 .0 9 .6 9 .1 7 .3 8 .2 15.0 6 30 .9 6 3 3 .7 6 5 6 .3 4 -8 2 1 1 .5 1 1 .0 10.5 1 0 .1 1 0.9 10.4 1 0.0 10.6 10.5 9 .4 1 0.7 1 5 .5 1 5.9 1-83 10.5 10.0 9 .5 9 .0 9 .7 9 .0 8 .5 8 .8 8 .4 7 .1 7 .6 9 .6 7 .0 -1 .3 2 -8 3 9 .0 9 .4 8 .9 8 .4 8 .9 8 .3 7 .8 8 .0 7 .5 6 .3 6 .5 7 .7 5 .3 0 .4 2 .0 3 -6 3 9 .6 9 .1 8 .6 8.1 8 .6 7 .9 7 .4 7 .6 7 .1 6 .0 6.1 7 .0 5 .1 1 .7 3 .3 4 .5 9.0 8 .6 8 .0 7 .6 8 .0 7 .3 6 .8 6.9 6 .4 5 .4 5 .4 6 .0 4 .3 1 .5 2 .5 2 .7 CD 4 -8 3 4 9 7 .6 4-8 1 * 1 3 -8 3 B I L L I O N S OF DOLLARS ANNUAL RATE S 1 -84 6 81 .0 6 7 8 .8 6 8 2 .2 6 89 .8 0 .9 6 9 1 .4 1 -8 4 9 .0 8.5 8 .0 7 .6 7 .9 7 .4 6 .9 7 .0 6 .5 5 .6 5 .7 6 .2 4 .8 2 .7 3 .8 4.4 4 .3 7 .7 2 -8 4 9 .7 9 .3 8 .9 8 .6 9 .0 8 .5 8.1 8 .3 8 .0 7 .4 7 .6 8 .3 7 .4 6 .0 7 .6 9 .0 1 0.6 1 5.7 2 4 .3 3-79 4 -7 9 1-80 2-Ô0 3- ÖÖ 4 -8 0 1 -8 1 3-81 4-— 81 1 -8 2 '3 -8 2 4 -8 2 1 -83 ~ 2-83 3 -8 3 ~ 4 -8 T' 1 -84 2 -83 3-83 4-83 1-84 IN ITIX l QUARTER GOVERNMENT PURCHASES OF GOODS AND S ER VIC ES IN COMPOUNDED ANNUAL RATES OF CHANGE TERMIN AL QUARTER ______ 3-79 4 -7 9 4 -7 9 7 0 4 .4 1972 DOLLARS I N I T I A L QUARTER 1 -8 0 2 -80 3 -80 4 -8 0 1 -8 1 2-81 3 -81 7 43 .7 4-81 1 -8 2 DOLLARS ANNC iMT ^AT fr S 2 -82 3 -82 4 -8 2 1-83 3 .5 2 8 1 .2 1 -80 3.8 4.0 2 -8 0 3 .8 4 .0 4 .0 2 84 .0 3 -8 0 1 .9 1.3 0 .0 -3 .8 4 -8 0 l.l 0.5 -0 .7 -3 .0 -2 .1 1 -81 1.7 1 .4 0 .7 -0 .4 1 .4 5 .0 2 -8 1 1.3 0 .9 0 .3 -0 .6 0 .5 1.8 2 86 .8 2 84.0 2 82 .5 2 86 .0 285 .1 -1 .3 3 -8 1 1 .5 1.3 0 .8 0 .2 1.2 2 .3 1.0 3.3 4 -8 1 1.7 1 .5 1. 1 0 .6 1.6 2 .5 1 .7 3 .2 3.1 1 -82 I .6 1 .4 l.l 0 .7 1 .5 2 .2 1 .5 2 .4 2 .0 0 .8 2 8 7 .4 2 8 9 .6 290 .2 2 -8 2 l.l 0 .8 0 .5 0 .0 0 .6 1.1 0 .3 0 .7 -0 .2 -1 .8 -4 .3 3 -82 1 .6 1 .5 1.2 0 .9 1 .5 2 .1 1 .6 2 .2 1 .9 1 .5 1 .8 8 .3 4 -8 2 2 .3 2 .2 2 .1 1 .9 2 .6 3 .2 2 .9 3 .6 3 .7 3 .8 4 .8 9 .7 2 8 7 .0 2 92 .8 11.1 3 00 .6 1 -8 3 1 .6 1.4 1.2 0 .9 1.4 1 .8 1 .4 1.8 1.6 1.3 1.4 3 .4 1.0 -8 .1 2 -8 3 1.3 l.l 0 .9 0 .6 1 .1 1 .4 1 .0 1.3 1 .0 0 .6 0 .6 1 .9 -0 .2 -5 .4 -2 .6 3 -8 3 1.2 1 .0 0 .8 0 .6 0 .9 1.2 0 .8 l.l 0 .8 0 .5 0 .4 1 .4 -0 .3 -3 .8 -1 .6 -0 .5 4 -8 3 0 .8 0 .7 0 .4 0 .2 0 .5 0 .7 0 .4 0 .5 0 .2 -0 .1 -0 .3 0 .4 -l.l -3 .9 -2 .5 -2 .4 —4 . 3 1 -8 4 0 .8 0 .7 0 .5 0 .3 0 .5 0 .8 0 .4 0 .6 0 .3 -0 .0 -0 .1 0 .5 -0 .8 -3 .0 -1 .6 -1 .3 -1 .7 1 .0 2 -8 4 1 .7 1.6 1.5 1 .3 1 .7 1.9 1 .7 1 .9 1.8 1 .7 1.8 2 .6 1.8 0 .3 2 .1 3 .3 4 .6 9 .4 1 8.6 3 -7 ? 4 -7 9 1-8Ö 2 -8 Ö 3 -8 0 4-6 0 1-81 2 -8 1 3 -5 1 4 -S T 1-82 2 -8 2 3 -82 4 -8 2 1 -8 3 ¿ -8 3 3 -8 3 4 -8 3 1 -84 IN ITIA L 2 94 .3 2 9 2 .4 292 .0 2 88 .8 2 89 .5 3 02.1 QuAR IER PREPARED BV F ED ER A L R E S E R V E T A N K SEPTEM BER 2 0 , 1984 17 OF S T T 'L O U I S D IS P O S A B LE PERSONAL INCOME IN CURRENT DOLLARS _______ COMPOUNDED ANNUAL RATES OF CHANGE__________ IN ITIA L TERMINA L QUARTER 1 -80 2 -80 3 -80 1-80 1 2.0 13.9 2 -8 0 9 .3 8 .9 0 CO 1 *<■> 1 0.3 1 0.3 8 .6 13.2 4 -8 0 11 .0 11.3 1 0.4 1 3.6 1 4.1 1-81 1 1.5 1 1.8 1 1.3 1 3.8 14.2 4 -8 0 1 -8 1 2 -8 1 3 -8 1 4 -81 2 -82 1 -8 2 3 -82 4 -8 2 1 -83 m 4 -7 9 1 0 .1 00 1 <N 3 -79 4 -7 9 ¿ T L l IONS o f DOLLARS ANNUAL RATES QUARTER 3 -8 3 4 -8 3 1-84 1 ,71 4.9 1,77 1.7 4 .1 1 ,78 9.8 1 ,84 6.0 1 ,9 0 8 .0 14.2 1 ,9 7 2 .5 2 -8 1 10.0 11.0 1 0.4 12.1 1 1.7 10.5 7 .0 3-8 1 11.4 1 1 .6 1 1 .2 1 2.7 1 2 .6 1 2 .1 11 .0 15.3 4 -81 10.8 1 0.9 10.5 1 1.6 11.3 1 0.6 9 .4 1 0.6 6.1 1 0.5 10.1 9 .3 8.1 8 .5 5.2 4 .3 2 ,0 0 6 .0 2 ,0 7 8 .6 2 , 109 .8 1 -82 10.1 10.2 9 .7 2-82 9 .6 9 .6 9.1 9 .8 9 .3 8.5 7 .4 7 .5 5 .0 4 .5 4 .7 3 -82 9 .5 9 .4 9 .0 9 .5 9 .1 8 .4 7 .4 7.5 5 .6 5.5 6 .1 7 .4 4 -8 2 9 .3 9 .3 8 .9 9 .3 8 .9 8 .3 7 .5 7 .6 6.1 6 .1 6 .7 7 .6 7 .8 2 ,1 3 2 .0 2 ,1 5 6 .8 2 ,1 9 5 .8 1 -8 3 9 .0 8 .9 8 .5 8 .9 8 .5 7 .8 7.1 7.1 5.8 5 .7 6.1 6 .5 6 .1 4 .3 2 -83 8 .9 8.8 8 .4 8 .8 8 .4 7.8 7 .1 7 .1 6 .0 6 .0 6 .4 6.8 6 .6 5 .9 7 .5 3 -8 3 9 .0 < > .o 8 .6 9 .0 8 .6 8 .2 7 .6 7 .6 6.7 6 .8 7 .2 7 .7 7 .8 7 .8 9 .6 4 -8 3 9 .1 9 .1 8.8 9 .1 8 .8 8 .4 7 .9 7 .9 7.2 7 .3 7 .7 8.2 8 .4 8 .5 1 0.0 11.2 10.7 1 -8 4 9 .3 9 .3 9 .0 9 .3 9 .1 8 .7 8 .3 8 .4 7 .7 7 .9 8 .3 8 .9 9 .1 9 .4 1 0.6 1 1.7 11.7 12.7 2 -8 4 9 .3 9 .3 9 .0 9 .3 9 .0 8 .7 8 .3 8 .4 7 .8 7 .9 8 .4 8 .8 9 .0 9 .2 1 0.2 10.9 1 0.7 1 0.6 8 .6 3 -79 4 -7 9 1-80 2 -8 Ö 3-80 4 -80 1 -8 1 2 -81 3 -8 1 4 -81 1 -8 2 2 -82 3-82 4-82 1-83 00 2 ,2 3 7 .5 3-83 4 -8 3 1-84 2 ,2 6 1 .4 2 ,3 0 2 .9 M 1 1 1.7 2 ,3 6 7 .4 2 ,4 2 8 .6 2 ,5 0 2 .2 2 ,55 4.3 I N I T I A L QUARTET*' DIS P OS A BL E PERSONAL INCOME I N 1972 DOLLARS COMPOUNDED ANNUAL RATES OF CHANGE IN ITIA L T ER M IN AL QUARTER 3 -7 9 4 -7 9 4 -7 9 1 -80 2 -8 0 3 -80 4 -80 1 -8 1 2 -8 1 3 -8 1 BTLLIQNS O F " DOLLARS ANNUAL RAT£5 QUARTER 4 -81 1 -8 2 2 -82 3 -8 2 4 -8 2 1-83 2 -8 3 3 -8 3 4 -8 3 1-84 1 ,02 0.1 0 .1 1 ,025.8 1 -8 0 1 .2 2 .3 2 -8 0 -1 .0 -1 .6 -5 .3 3 -8 0 -0 .1 -0 .1 -1 .3 4 -8 0 0 .8 0 .9 0 .5 3 .5 4 .1 1 -8 1 1 .5 1 .8 1.6 4 .0 4 .6 5.1 2 -8 1 1 .2 1.3 1.2 2 .8 2 .8 2 .2 -0 .7 3 -8 1 1 .9 2.1 2 .1 3 .6 3 .8 3 .7 3 .0 6 .9 4 -8 1 1 .6 1 .7 1.7 2 .9 2 .9 2 .6 1.7 3.0 -0 .8 1 -6 2 1 .3 1 .4 1 .3 2 .3 2 .2 1.8 1 .0 1 .6 -1 .0 -1 .2 2 -6 2 1 .2 1 .3 1 .2 2 .1 2 .0 1 .6 0 .9 1.4 -0 .4 -0 .2 1 ,0 1 2 .0 1 ,01 9.2 2 .9 1 ,02 9.6 1 ,04 2.5 1 ,04 0.7 1 ,0 5 8 .1 1 ,05 6.0 1 ,0 5 2 .8 1 ,05 4.8 0 .8 1 ,0 5 7 .9 3 -8 2 1 .2 1.3 1 .2 2 .0 1 .9 1 .6 1 .0 1.3 -0 .0 0 .2 1 .0 1.2 4 -6 2 1 .4 1.5 1 .5 2 .2 2 .1 1 .8 1.4 1.7 0 .7 1.1 1.9 2 .4 3 .7 1 -6 3 1 .5 1.6 1.5 2 .2 2 .1 1 .9 1.5 1.8 0 .9 1 .3 1 .9 2 .3 2 .9 2.1 1 ,0 6 7 .6 1 ,0 7 3 .1 1 ,0 8 2 .0 2 -6 3 1 .6 1 .7 1 .7 2 .3 2 .2 2 .0 1 .7 2 .0 1.3 1 .6 2.2 2 .6 3 .0 2 .7 3 .4 3 -6 3 2 .0 2.1 2 .1 2 .7 2 .6 2 .5 2 .3 2 .6 2.1 2 .5 3.1 3 .6 4 .2 4 .3 5 .5 7 .7 4 -6 3 2 .3 2 .5 2 .5 3 .1 3 .1 3.0 2 .8 3.1 2 .7 3 .2 3 .8 4 .3 5 .0 5 .3 6 .4 8 .0 8 .3 1 -6 4 2 .7 2.8 2 .8 3 .4 3 .4 3 .4 3 .3 3 .6 3.3 3 .8 4 .4 4 .9 5 .6 6 .0 6 .9 8 .2 8 .4 8 .6 2 -6 4 2 .8 3 .0 3 .0 3 .6 3 .6 3 .6 3 .5 3.8 3 .6 4 .0 4 .6 5 .1 5 .7 6 .0 6 .8 7 .7 7 .7 7 .4 6 .3 4 -7 9 I -8 0 2 -8 0 3 -8 0 4 - 6 0 n -61 2 -Ö 1 4 -81 1 -8 2 ~ Z -62 3 -82 4-82 ~ 1 -8 3 2 -63 3 -6 3 4 -8 3 1 -64 3- s r 1 ,10 2.2 1, 124.3 1 ,14 7.6 1 ,16 5.3 INITIAL QUARTER PREPARED BY FEDERAL RESERVE BANK OF ST, LO UIS SEPTEM BER 2 0 , 18 1964 CORPORATE P R O FI T S AFT ER TAX ES * COMPOUNDED ANNUAL RATES OF CHANGE 0 00 1 B I L L I O N S ÖF T ERM IN AL________________________________________________________________________ I N I T I A L QUARTER_______________________________________________________________________DOLLARS QUARTER ANNUAL R AT ES 3 -7 9 4 -79 1 -8 0 3 -8 0 2 -81 3-81 4-81 4 -8 0 1-81 1 -83 2-83 3-83 1-84 4 -83 3 -8 2 4 -8 2 1 -8 2 2 -82 4 -7 9 — 10 *4 1 -8 0 —4*0 2 .9 2 -80 -2 3 .0 -2 8 .6 1 65 .0 1 66.2 -5 0 .5 1 3 9 .4 3 -8 0 -1 3 .4 -1 4 .4 -2 1 .9 2 3.3 4 -8 0 -1 1 .0 -1 1 .1 -1 5 .3 10.7 -0 .5 1-81 -7 .8 -7 .2 —9 . 6 1 0 .5 4 .5 9 .9 2 -8 1 -1 2 .1 -1 2 .3 -1 5 .1 -2 .9 -1 0 .3 -1 4 .8 3 -81 -9 .3 -9 .2 -1 1 .1 0 .0 -5 .1 —6 . 6 - 1 3 . 9 1 2.4 4 -8 1 -9 .6 -9 .5 -1 1 .2 -2 .1 -6 .5 -8 .0 -1 3 .3 —0 . 6 1 4 6 .9 1 46 .7 1 50.2 1 3 5 .4 -3 4 .0 1 39 .4 -1 2 .0 1 35 .0 1 0 4 .7 1 -8 2 -1 7 .5 -1 8 .3 -2 0 .6 -1 5 .1 -2 0 .2 -2 3 .6 -3 0 .3 -2 9 .0 -4 3 .6 2 -8 2 -1 5 .5 -1 5 .9 -1 7 .8 -1 2 .4 -1 6 .6 -1 9 .0 -2 3 .8 - 2 1 .0 -2 9 .8 -3 7 .3 8 .7 3 -8 2 -1 4 .2 -1 4 .6 -1 6 .2 -1 1 .1 -1 4 .7 -1 6 .5 -2 0 .2 -1 7 .2 -2 3 .2 -2 6 .7 4 .4 0 .4 4 -82 -1 4 .8 -1 5 .1 -1 6 .6 -1 2 .2 -1 5 .4 -1 7 .1 -2 0 .4 -1 7 .9 -2 2 .8 -2 5 .3 -4 .9 -1 1 .1 -2 1 .2 -1 3 .4 1 -8 3 -1 3 .4 -1 3 .6 -1 4 .9 -1 0 .5 2 -83 -8 .1 -8 .0 -8 .8 -4 .0 3 -8 3 -4 .2 -3 .8 -4 .3 4 -8 3 -4 .2 -3 .8 1 -8 4 -2 .6 -2 .1 2 -8 4 -2 .5 -2 .1 3-79 4 -79 -6 3 .8 1 0 6 .9 107 .0 100 .8 1 02.6 -1 4 .7 -1 7 .4 -1 4 .7 -1 8 .5 -1 9 .7 -2 .0 -5 .3 -8 .1 7 .3 —6 . 1 -6 .7 -8 .4 -4 .5 -6 .7 -5 .8 14.0 15.4 2 0 .9 4 9 .9 109 .3 0 .7 -1 .0 -1 .0 -2 .1 2 .3 1.1 3 .2 2 2 .9 2 5.9 3 3 .3 5 8.8 9 3 .2 -4 .3 0 .3 -1 .2 -1 .3 -2 .2 1 .7 0 .5 2 .2 1 8.6 20.3 2 4.8 4 0.0 5 2 .9 3 0.7 -4 .1 -2 .4 2 .1 0 .7 0 .8 0 .1 3 .9 3 .1 5 .0 1 9.9 2 1.6 2 5 .6 3 7 .9 4 6 .8 3 0.4 1 1.5 2 9 .8 -2 .4 1 .9 0 .6 0 .7 0 .0 3 .5 2 .8 4 .4 1 7.4 18.5 2 1 .4 3 0.5 3 5 .6 2 1 .7 7 .2 13.3 -1 .1 1-60 2 —8 0 3-80 1 -6 1 2 -61 3-81 4 -61 1 -8 2 2 -62 3 -82 4 -82 1 -83 2 -83 3 -6 3 4 -6 3 1 -84 4 -6 Ô 123 .4 1 42 .6 7 8.3 1 41.1 1 5 0 .6 1 50.2 TÏÏTTTÏTT<5OTffTÊîr * NATIONAL I N C O ME BASIS PftÉFAftÊb W P É K R Â ' L SEPTEMBER 2 0 , ftÉSÊftVE ÖÄNK öf- 1984 HISTORICAL SOURCES OF NATIONAL INCOME AND PRODUCT ACCOUNTS DATA The NIPA estimates for 1929-76 are in The National Income and Product Accounts of the United States, 1929-76: S t a t is t ic a l Tables (Stock number 003-010-00101-1, price $10.00). Estimates for 19//-'/9 and corrections for e a rlie r years are in the July 1982 SURVEY; estimates for 1980 and corrections for e a r lie r years are in the July 1983 SURVEY; estimates for 1981-83 are in the July 1984 SURVEY. Estimates for the periods since, appear in subsequent issues of the monthly Survey of Current Business. These publications are available from the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402. For further information, write to the National Income and Wealth Division (BE-54) Bureau o f Economic Analysis, U.S. Department of Commerce, Washington, D.C. 20230. 19 ST 7 ~IÖU 1T INVENTORIES COMPARED WI TH MONTHLY S A L E S * MANUFACTURING AND TRADE . 68 68 .64 64 .60 60 .56 56 52 .48 48 44 .40 40 .36 36 32 28 24 1 * RAT I OS BASED SHADED AREAS LATEST DATA 5 1 ON S E A S O N A L L Y REPRESENT PLOTTED: ADJUSTED PERIODS J UL Y OF 981 1 DATA. BUSINESS SOUR. CE: 1982 U . S . DEPARTMENT 1983 OF 1984 C OMME R C E RECESSIONS. PRELIMINARY PREPARED 20 BY FEDERAL RESERVE BANK OF ST. LOUIS
@FedFRASER