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October 1992

N ational
Economic
Trends
Per Capita Incomes in
the States Converging on
the National Average
Between 1978 and 1988, states with per capita in­
comes greater than the national average (high-income
states) grew more rapidly than states with per capita
incomes less than the national average (low-income
states). Consequently, the disparity in per capita in­
comes between states increased. Since 1988, however,
the trend has reversed. (See the movements in the co^ lc ie n t o f variation on the chart below.) The recent
srsal reflects a common feature o f U.S. economic
growth— the convergence over time o f per capita in­
come across states. A trend toward equality in states’
per capita incomes was the norm from the early 1930s
to the late 1970s. Because labor and capital tend to
move in search o f higher returns and barriers impeding
the flow o f resources across state borders are
minor, this convergence was readily explained.
Between 1978 and 1988, however, state per
capita incomes diverged from the national aver­
age. High-income states that grew much more
rapidly than other states and low-incom e states
that grew much less rapidly than other states
0 counted for the divergence. All o f the highcome, high-growth states are located on the
Atlantic Coast. Four states— New Hampshire,
Connecticut, New Jersey and Massachusetts—
experienced especially rapid growth, which
boosted their per capita incomes relative to the

national average by more than 20 percentage points.
One industrial characteristic shared by these four states
is a concentration o f high-technology manufacturing.
Meanwhile, the low-income states that contributed to
the divergence o f state per capita incomes are located
in the interior o f the country. Economic growth here is
generally intertwined with energy production, mining,
and to a lesser extent agriculture.
In recent years a key factor in the return toward
equality in states’ per capita incomes has been a
relative slowing in economic growth in the high-in­
come states in the Northeast. For example, per capita
income in New Hampshire and Massachusetts relative
to the national average fell by more than 5 percentage
points between 1988 and 1991. California experienced
a similar decline as well. Although it is too early to
say whether this convergence o f per capita incomes
will continue, it would not be surprising in view of
U.S. economic history.
— Cletus C. Coughlin

Views expressed do not necessarily reflect official positions of the Federal Reserve System.
National Economic Trends is published monthly by the Research and Public Information Division. Single-copy subscriptions are available free of charge by
writing Research and Public Information, Federal Reserve Bank of St. Louis, Post Office Box 442, St. Louis, MO 63166-0442 or by calling (314) 444-8809.




C on su m er P ric e In d ex —All U rban C o n su m ers
Percent Change From Previous Year
Seasonally Adjusted

Percent

1986

1987

1988

1989

Percent

1990

1991

1992

Prepared by Federal Reserve Bank of St. Louis

Consumer Price Index
(Compounded Annual Rates o f Change)
Terainal
Month

Initial Mo n t h
1-91

2-91

3-91

4-91

5-91

6-91

7-91

2-91

1.8

4-91

2.1

2.2

2.2

2.4

2.7

2.5

2.7

3.0

3.1

2.2

2.3

2.5

2.4

2.2

8-91

2.4

2.5

2.7

2.7

2.7

2.2

2.7

2.8

3.0

3.0

3.1

3.0

4.0

4-9 2

5-92

6-9 2

7-92

3.6

9-91

3-92

3.6

7-91

2-92

2.7

6-91

1-92

2.7

5-91

1982-64*100

9-91 10-91 11-91 12-91

1.8

3-91

8-91

134.9
1.8

135.1
135.4
135.7
136.1
0.9

136.2
136.6
4.5

137.1

10-91

2.7

2.8

2.9

3.0

3.0

2.9

3.6

3.6

2.7

11-91

2.9

3.0

3.1

3.2

3.3

3.2

3.8

3.9

3.6

4.5

12-91

2.8

2.9

3.1

3.1

3.2

3.1

3.6

3.6

3.2

3.5

2.6

1-92

2.7

2.8

2.8

2.9

2.9

2.8

3.1

3.0

2.6

2.6

1.8

0.9

2-92

2.7

2.8

2.9

2.9

3.0

2.9

3.2

3.1

2.8

2.9

2.3

2.2

3.5

3-92

3.0

3.1

3.2

3.2

3.3

3.2

3.5

3.5

3.4

3.5

3.3

3.5

4.9

6.2

4-92

3.0

3.0

3.1

3.2

3.2

3.2

3.4

3.4

3.3

3.4

3.2

3.3

4.1

4.4

2.6

5-92

2.9

3.0

3.0

3.1

3.1

3.0

3.3

3.2

3.1

3.1

2.9

3.0

3.5

3.5

2.2

1.7

6-92

2.9

3.0

3.1

3.1

3.1

3.1

3.3

3.3

3.1

3.2

3.0

3.1

3.5

3.5

2.6

2.6

3.5

7-92

2.9

2.9

3.0

3.0

3.0

3.0

3.2

3.1

3.0

3.0

2.8

2.9

3.2

3.1

2.4

2.3

2.6

1.7

8-92

2.9

2.9

3.0

3.0

3.1

3.0

3.2

3.1

3.0

3.1

2.9

2.9

3.2

3.2

2.6

2.6

2.9

2.6

3.5

1-91

2-91

3-91

4-91

5-91

6-91

7-91

8-91

9-91 10-91 11-91 12-91

1-92

2-92

3-92

4-92

5-92

6-9 2

7-92




137.4
137.9
138.2
138.3
138.7
139.4
139.7
139.9
140.3
140.5
140.9

Pr e pared by Federal R e s e r v e Bank of St. Louis
Sept e m b e r 15, 1992

Consumer Price Index - Food
(Compounded Annual Rates o f Change)
Terminal
M onth

Initial M o n t h
1-91

2-91

3-91

4-91

5-91

6-91

7-91

8-91

-0.9

1-92

2-92

3-9 2

4-9 2

5-92

6-92

7-92

135.3

M

1.3

3.6

4-91

3.0

5.0

5-91

2.9

4.2

4.5

2.7

6-91

3.4

4.5

4.8

4.0

5.4

7-91

1.8

2.3

2.0

0.6

-0.4

-5.9

8-91

\

1982-84=100

9-91 10-91 11-91 12-91

1.1

1.5

1.1

-0.2

-1.2

-4.3

-2.6

135.7
6.4

136.4
136.7
137.3
136.6
136.3

9-91

1.2

1.5

1.2

0.2

-0.4

-2.3

-0.4

1.8

10-91

1.0

1.2

0.9

0.0

-0.5

-2.0

-0.6

0.4

-0.9

11-91

1.4

1.7

1.4

0.8

0.4

-0.5

0.9

2.1

2.2

5.4

12-91

1.6

1.9

1.7

1.1

0.9

0.1

1.4

2.4

2.7

4.5

3.6

1-92

1.0

1.2

1.0

0.4

0.1

-0.6

0.3

0.9

0.7

1.2

-0.9

-5.1

2-92

1.2

1.4

1.2

0.7

0.5

-0.1

0.8

1.3

1.2

1.8

0.6

-0.9

136.5
136.4
137.0
137.4
136.8
3.6

137.2

3-92

1.6

1.8

1.6

1.2

1.1

0.6

1.4

2.0

2.1

2.7

2.0

1.5

4.9

6.3

4-92

1.4

1.6

1.4

1.0

0.9

0.4

1.2

1.7

1.6

2.1

1.4

0.9

3.0

2.7

-0.9

137.9

5-92

1.1

1.2

1.0

0.6

0.4

0.0

0.6

1.0

0.9

1.1

0.4

-0.2

1.1

0.3

-2.6

6-92

1.1

1.2

1.1

0.7

0.5

0.1

0.7

1.1

1.0

1.2

0.6

0.1

1.2

0.7

-1. 2

-1.3

1.8

7-92

0.9

1.0

0.9

0.5

0.4

0.0

0.5

0.8

0.7

0.9

0.3

-0.1

0.7

0.2

-1.3

-1.4

0.0

-1.7

8-92

1.4

1.6

1.5

1.2

1.1

0.7

1.3

1.6

1.6

1.9

1.5

1.2

2.1

1.9

1.0

1.5

3.5

4.4

11.0

1-91

2-91

3-91

4-91

5-91

6-91

7-91

8-91

9-91 10-91 11-91 12-91

1-92

2-92

3-9 2

4-92

5-92

6-92

7-92

137.8
-4.3

137.3
137.5
137.3
138.5

P r e p a r e d b y F ederal Res e r v e Bank of St. Louis
S eptember 15, 1992

Consumer Price Index - Energy
(Compounded Annual Rates o f Change)
Terminal
Month

Initial Mon t h
1-91

2-91

3-91

4-91

5-91

6-91

7-91

8-91

1982-84=100

9-91 10-91 11-91 12-91

1-9 2

2-92

3-9 2

4-9 2

5-9 2

6-9 2

7-92

2-91

-37.2

3-91

-31.1 -24.5

4-91

-2 3 . 2 -15.1

5-91

-17.0

-8.9

0.0

4.9

6-91

- 14.3

-7.3

-0.8

1.2

-2.3

7-91

- 12.9

-7.0

-2.1

-1.2

-4.1

-5.8

8-91

- 10.3

-4.8

-0.2

0.9

-0.4

0.6

7.4

9-91

-8.8

-3.8

0.2

1.2

0.3

1.2

4.9

2.4

10-91

-7.8

-3.3

0.2

1.0

0.2

0.9

3.2

1.2

0.0

11-91

-6. 2

-1.9

1.3

2.2

1.8

2.6

4.8

4.0

4.8

9.9

'2-91

-5.6

-1.6

1.3

2.1

1.7

2.4

4.1

3.3

3.6

5.4

1-92

-6.5

-3.0

-0.6

-0.1

-0.7

-0.5

0.4

-0.9

-1.8

-2.3

-7.9 -16.2

2-92

-6. 8

-3.7

-1.5

-1.2

-1.8

-1.8

-1.2

-2.6

-3.5

-4.4

-8.7 -13.3 -10.2

3-92

-5. 8

-2.9

-0.8

-0.4

-0.9

-0.8

-0.1

-1.2

-1.8

-2.1

-4. 9

-6.9

-1.8

7.5

4-92

-5.2

-2.3

-0.4

0.0

-0.4

-0.2

0.4

-0.4

-0.8

-1.0

-3.0

-4.0

0.4

6.2

4.9

5-92

-4.4

-1.7

0.2

0.5

0.2

0.4

1.1

0.4

0.1

0.2

-1.4

-1.9

2.1

6.6

6.1

7.4

6-92

-2.8

-0.1

1.7

2.2

2.0

2.4

3.1

2.7

2.8

3.1

2.2

2.4

6.5

11.2

12.5

16.5

26.4

7-92

-2.5

0.1

1.8

2.3

2.1

2.5

3.2

2.8

2.8

3.2

2.4

2.5

6.0

9.6

10.2

12.0

14.4

3.5

8-92

-2.5

-0.1

1.6

2.0

1.8

2.1

2.7

2.4

2.4

2.6

1.8

1.9

4.8

7.5

7.6

8.2

8.5

0.6

-2.3

1-91

2-91

3-91

4-91

5-91

6-91

7-91

8-91

9-91 10-91 11-91 12-91

1-92

2-9 2

3-9 2

4-9 2

5-9 2

6-92

7-92

1

103.7
101.3
-4.6

100.9




101.3
101.1
100.6
101.2
101.4
101.4
102.2
102.3

1.2

100.8
99.9
100.5
100.9
101.5
103.5
103.8
103.6

P r e p a r e d by Federal Res e r v e Bank of St. Louis
S e p t e m b e r 15, 1992

3

P ro d u cer P rice In dex - F in ish ed Goods
Percent Change From Previous Year
Seasonally Adjusted

Percent

1986

1987

1988

1989

Percent

1990

1991

1992

Prepared by Federal Reserve Bank of St. Louis

Producer Price Index - Finished Goods
(Compounded Annual Rales o f Change)
Terminal
Month

Initial Mo n t h
1-91

2-91

3-91

4-91

5-91

6-91

7-91

8-91

1982 = 100

9-91 10-91 11-91 12-91

1-92

2-92

3-92

4-92

5-92

6-9 2

7-92
121.6

2-91

-7.6

3-91

-5.7

-3.9

4-91

-3.2

-1.0

2.0

5-91

-1.9

0.0

2.0

2.0

6-91

-1.9

-0.5

0.7

0.0

-2.0

7-91

-2.0

-0.8

0.0

-0.7

-2.0

-2.0

8-91

-1.3

-0.2

0.6

0.2

-0.3

0.5

3.0

9-91

-0.7

0.3

1.0

0.8

0.5

1.3

3.0

3.0

10-91

-0.3

0.6

1.3

1.2

1.0

1.7

3.0

3.0

3.0

11-91

-0.2

0.7

1.2

1.1

1.0

1.6

2.5

2.3

2.0

1.0

12-91

-0.3

0.5

1.0

0.9

0.7

1.2

1.8

1.5

1.0

0.0

-1.0

1-92

-0.4

0.3

0.7

0.5

0.4

0.7

1.2

0.8

0.2

-0.7

-1.5

-1.9

2-92

-0.2

0.5

0.9

0.8

0.7

1.0

1.4

1.2

0.8

0.2

0.0

0.5

3.0

3-92

0.0

0.6

1.0

0.9

0.8

1.1

1.5

1.3

1.0

0.6

0.5

1.0

2.5

2.0

4-92

0.3

0.8

1.2

1.2

1.1

1.4

1.8

1.6

1.4

1.1

1.2

1.7

3.0

3.0

4.0

5-92

0.4

0.9

1.3

1.2

1.2

1.4

1.8

1.6

1.5

1.3

1.3

1.8

2.7

2.6

3.0

2.0

121.2
121.4
121.6
121.4
121.2
121.5
121.8
122.1
122.2
122
121
122.2
122.4
122.8
123.0

6-92

0.5

1.0

1.4

1.3

1.3

1.6

1.9

1.8

1.6

1.5

1.5

2.0

2.8

2.7

3.0

2.5

3.0

7-92

0.5

1.0

1.4

1.3

1.3

1.5

1.8

1.7

1.6

1.4

1.5

1.8

2.5

2.4

2.5

2.0

2.0

1.0

8-92

0.6

1.0

1.3

1.3

1.2

1.5

1.8

1.6

1.5

1.4

1.4

1.7

2.3

2.1

2.2

1.7

1.6

1.0

1.0

1-91

2-91

3-91

4-91

5-91

6-91

7-91

8-91

9-91 10-91 11-91 12-91

1-92

2-92

3 -92

4-92

5-92

6-92

7-92




4

123.3
123.4
123.5

Pre p a r e d by Federal R e s e r v e Bank of St. Louis
Septe m b e r 11, 1992

C ivilian E m p lo y m e n t and U n e m p lo y m e n t R ate
Seasonally Adjusted

Percent

Millions of Persons

1986

1991

1990

1989

1988

1987

1992

Shaded area represents a period of business recession.
Percentages are annual rates of change for periods indicated.
Prepared by Federal Reserve Bank of St. Louis

Civilian Employment
(Compounded Annual Rates o f Change)
Terminal
Month

Initial M onth
1-91

2-91

3-91

4-91

5-91

6-91

7-91

8-91

9-91 10-91 11-91 12-91

1-92

2-92

3-92

4-92

5-92

6-92

7-92

Thousands of
Persons
116,937

2-91

-0.4

3-91

-0.7

-1.1

4-91

1.4

2.3

116,834
117,388

5.8

5-91

-0.6

-0.7

-0.5

-6.5

116,730

6-91

-0.1

-0.1

0.3

-2.4

1.9

-2.2

0.0

-1.8
-2.2

-2.5

7-91

-0.4

-0.4

-0.3

8-91

-0.7

-0.8

-0.7

-2.3

-0.8

116,909
116,729
116,484

9-91

0.1

0.2

0.4

-0.6

0.9

0.6

1.9

6.4

10-91

-0.1

-0.1

0.0

-0.9

0.3

-0.1

0.5

2.0

-2.3

11-91

-0.2

-0.2

-0.1

-0.9

0.1

-0.3

0.1

1.0

-1.6

-1.0

12-91

-0.2

-0.2

-0.1

-0.8

0.0

-0.3

0.0

0.6

-1.2

-0.7

-0.5

1-92

0.1

0.2

0.3

-0.3

0.5

0.3

0.7

1.3

0.1

0.9

1.8

2-92

0.1

0.1

0.2

-0.4

0.4

0.2

0.5

1.0

-0.1

0.5

0.9

1.6

3-9 2

c.3

0.3

0.4

0.0

0.6

0.5

0.8

1.3

0.4

1.0

1.5

2.1

1.2

3.2

4-9 2

0.5

0.5

0.7

0.2

0.9

0.8

1.1

1.5

0.9

1.4

1.9

2.5

1.9

3.3

3.4

5-9 2

0.4

0.5

0.6

0.2

0.8

0.7

1.0

1.3

0.7

1.2

1.5

1.9

1.4

2.1

1.6

-0.2

6-92

0.4

0.4

0.5

0.1

0.7

0.6

0.8

1.1

0.6

0.9

1.2

1.5

0.9

1.4

0.8

-0.5

-0.8

7-92

0.5

0.5

0.6

0.3

0.8

0.7

0.9

1.2

0.7

1.0

1.3

1.5

1.1

1.5

1.1

0.3

0.6

2.0

8-9 2

0.4

0.5

0.5

0.2

0.7

0.6

0.8

1.1

0.6

0.9

1.1

1.3

0.9

1.2

0.8

0.2

0.3

0.8

-0.4

•" 1-91

2-91

3-91

4-91

5-91

6-91

7-91

8-91

9-91 10-91 11-91 12-91

1-92

2-92

3-92

4 -92

5-92

6-92

7-92




117,089
116,867
116,772
116,728
117,117

4.1

117,043

-0.8

117,348
117,675
117,656
117,574
117,772
117,737

P r e pared by Federal Res e r v e Bank of St. Louis
September 4, 1992

P a y ro ll E m p lo y m e n t
Seasonally Adjusted

Millions of Persons

1986

1987

1988

Millions of Persons

1990

1989

1992

1991

Shaded area represents a period of business recession.
Percentages are annual rates of change for periods indicated.
Prepared by Federal Reserve Bank of St. Louis

Payroll Employment
(Compounded Annual Rates o f Change)
Terminal
Month

Initial Honth
1-91

2-91

3-91

4-91

5-91

6-91

7-91

8-91

9-91 10-91 11-91 12-91

1-92

2-92

3-92

4-92

5-92

6-92

7-92

Thousands of
Persons
108,557

2-91

-3.1

3-91

-2.7

-2.3

4-91

-2.4

-2.1

-1.8

5-91

-1.6

-1.1

-0.4

1.0

108,344
108,178
108,265

6-91

-1.4

-0.9

-0.4

0.3

-0.4

7-91

-1.2

-0.8

-0.4

0.0

-0.4

-0.4

8-91

-0.9

-0.5

-0.2

0.2

0.0

0.2

108,227
108,190
0.9

108,267

9-91

-0.8

-0.4

-0.1

0.3

0.1

0.2

0.6

0.3

10-91

-0.7

-0.4

-0.1

0.2

0.0

0.2

0.4

0.1

-0.1

11-91

-0.8

-0.5

-0.3

-0.1

-0.2

-0.2

-0.1

-0.5

-0.9

-1.6

12-91

-0.7

-0.4

-0.2

0.0

-0.2

-0.1

-0.1

-0.3

-0.5

-0.7

0.2

1-92

-0.7

-0.5

-0.3

-0.1

-0.2

-0.2

-0.2

-0.4

-0.5

-0.7

-0.2

-0.6

2-92

-0.6

-0.4

-0.2

0.0

-0.2

-0.1

-0.1

-0.2

-0.3

-0.4

0.0

-0.1

0.5

3-92

-0.5

-0.3

-0.1

0.0

-0.1

0.0

0.0

-0.1

-0.2

-0.2

0.2

0.2

0.6

0.6

4-92

-0.3

-0.1

0.0

0.2

0.1

0.2

0.2

0.2

0.1

0.2

0.5

0.6

1.0

1.3

2.0

5-92

-0.2

0.0

0.1

0.3

0.2

0.3

0.3

0.3

0.3

0.3

0.7

0.8

1.1

1.3

1.7

1.3

6-92

-0.3

-0.1

0.1

0.2

0.1

0.2

0.2

0.2

0.2

0.2

0.5

0.5

0.7

0.8

0.8

0.3

-0.8

7-92

-0.2

0.0

0.2

0.3

0.3

0.3

0.4

0.3

0.3

0.4

0.6

0.7

0.9

1.0

1.1

0.8

0.6

2.0

8-92

-0.2

0.0

0.1

0.2

0.2

0.2

0.3

0.2

0.2

0.3

0.5

0.5

0.7

0.7

0.7

0.4

0.1

0.5

-0.9

1-91

2-91

3-91

4-91

5-91

6-91

7-91

8-91

9-91 10-91 11-91 12-91

1-92

2-92

3-92

4-92

5-92

6-92

7-92




108,293
108,285
108,139
108,154
108,100
108,142
108,200
108,377
108,496
108,423
108,600
108,517

Pr e p a r e d by Federal Rese r v e Ban k of St. Louis
September 4, 1992

Service-Producing Employment
(Compounded Annual Rates o f Change)
Terminal
M onth
2-91

Initial Ho n t h
1-91

2-91

3-91

4-91

5-91

6-91

7-91

8-91

9-91 10-91 11-91 12-91

1-92

2-92

3-92

4-92

Thousands of
P ersons
5-92

6-92

7-92

-2.4

84,476

3-91

-1.7

-1.0

84,406

4-91

-1.6

-1.1

-1.2

5-91

-0.9

-0.4

0.0

1.2

6-91

-0.7

-0.2

0.1

0.7

0.2

7-91

-0.6

-0.2

0.0

0.4

0.0

-0.3

8-91

-0.4

0.0

0.2

0.6

0.4

0.4

1.1

9-91

-0.2

0.1

0.3

0.6

0.5

0.6

1.0

0.9

10-91

-0.1

0.2

0.4

0.6

0.5

0.6

0.9

0.7

0.6

11-91

-0.2

0.1

0.2

0.4

0.3

0.3

0.5

0.2

-0.1

-0.8

12-91

-0.1

0.1

0.3

0.4

0.3

0.4

0.5

0.3

0.2

-0.1

0.6

1-92

-0.1

0.1

0.2

0.4

0.3

0.3

0.4

0.3

0.1

0.0

0.3

0.0

2-92

0.0

0.2

0.3

0.4

0.3

0.4

0.4

0.3

0.2

0.1

0.4

0.3

0.6

3-92

0.0

0.2

0.3

0.5

0.4

0.4

0.5

0.4

0.3

0.2

0.5

0.5

0.7

0.7

4-92

0.2

0.4

0.5

0.6

0.6

0.6

0.7

0.7

0.6

0.6

0.9

1.0

1.3

1.6

2.6

5-92

0.3

0.4

0.6

0.7

0.6

0.7

0.8

0.7

0.7

0.7

1.0

1.1

1.3

1.6

2.0

1.4

6-92

0.3

0.4

0.5

0.6

0.6

0.6

0.7

0.7

0.7

0.7

0.9

0.9

1.1

1.2

1.4

0.8

0.1

7-92

0.4

0.6

0.6

0.8

0.7

0.8

0.9

0.9

0.8

0.9

1.1

1.2

1.3

1.5

1.7

1.4

1.3

2.6

8-92

0.4

0.5

0.6

0.7

0.7

0.8

0.8

0.8

0.8

0.8

1.0

1.1

1.2

1.3

1.4

1.1

1.0

1.5

0.4

1-91

2-91

3-91

4-91

5-91

6-91

7-91

8-91

9-91 10-91 11-91 12-91

1-92

2-92

3-92

4-92

5-92

6-92

7-92

84,318
84,401
84,418
84,398
84,476
84,538
84,581
84,526
84,570
84,573
84,617
84,668
84,847
84,948
84,953
85,136
85,161

P r e pared by Federal R e s e r v e Bank of St. Louis
S e ptenber 4, 1992

Goods-Producing Employment
(Compounded Annual Rates o f Change)
1-91

2-91

3-91

4-91

5-91

6-91

2-91

-6.2
-5.4

-5.4

-4.0

-3.6

6-91

-3.8

-3.4

-2.1

-1.3

-3.3

-2.9

-1.8

-1.1

-1.8

-2.8

-2.4

-1.5

-0.9

-1.2

-0.5

2-92

3-9 2

4-9 2

5-9 2

6-9 2

7-92

-0.9

8-91

Thousands of
1-92

-2.7

7-91

Initial Ho n t h
Persons
9-91 10-91 11-91 12-91

-3.8

5-91

8-91

-6.9

4-91

7-91

-5.5

3-91

1

Terminal
Mon t h

24,081

00

23,938
23,860
0.2

23,864
23,809
23,792
-0.1

23,791

9-91

-2.7

-2.3

-1.5

-1.1

-1.4

-0.9

-0.9

-1.8

10-91

-2.7

-2.3

-1.7

-1.3

-1.6

-1.3

-1.5

-2.2

11-91

-2.9

-2.6

-2.0

-1.8

-2.1

-2.0

-2.2

-3.0

-3.5

-4.5

12-91

-2.8

-2.5

-2.0

-1.7

-2.0

-1.9

-2.1

-2.6

-2.8

-3.0

-1.5

1-92

-2.8

-2.5

-2.1

-1.9

-2.1

-2.0

-2.2

-2.6

-2.9

-3.0

-2.2

-2.9

2-92

-2.6

-2.3

-1.9

-1.7

-1.9

-1.8

-1.9

-2.2

-2.3

-2.2

-1.5

-1.5

-0.1

3-92

-2.4

-2.1

-1.7

-1.5

-1.7

-1.5

-1.6

-1.9

-1.9

-1.7

-1.0

-0.9

0.1

0.4

4-92

-2.2

-2.0

-1.6

-1.4

-1.5

-1.4

-1.5

-1.6

-1.6

-1.5

-0.8

-0.7

0.1

0.1

-0.1

5-92

-2.0

-1.8

-1.4

-1.2

-1.3

-1.2

-1.2

-1.4

-1.3

-1.1

-0.5

-0.4

0.3

0.4

0.4

0.9

6-92

-2.1

-1.9

-1.6

-1.4

-1.5

-1.4

-1.5

-1.6

-1.6

-1.5

-1.0

-1.0

-0.6

-0.7

-1.0

-1.5

-3.9

7-92

-2.0

-1.8

-1.5

-1.3

-1.4

-1.3

-1.4

-1.5

-1.5

-1.3

-0.9

-0.9

-0.5

-0.6

-0.9

-1.1

-2.1

-0.3

8-92

-2.2

-2.0

-1.7

-1.6

-1.7

-1.6

-1.7

-1.8

-1.8

-1.8

-1.4

-1.4

-1.2

-1.4

-1.8

-2.2

-3.2

-2.9

-5.4

1-91

2-91

3-91

4-91

5-91

6-91

7-91

8-91

9-91 10-91 11-91 12-91

1-92

2-92

3-92

4 -92

5 -92

6 -92

7-92




23,755
-2.5

23,704
23,613
23,584
23,527
23,525
23,532
23,530
23,548
23,470
23,464
23,356

Pr e p a r e d by Federal R e s e r v e Bank of St. Louis
Se ptenber 4, 1992

C hange in th e E m p lo y m e n t Cost In d ex and Its C o m p o n en ts
Percent Change From Previous Year
Seasonally Adjusted

Percent

Percent

Total compensation is the sum of benefits and wages and salaries for private industry workers.
Prepared by Federal Reserve Bank of St. Louis

Employment Cost Index - Total Compensation
(Compounded Annual Rates o f Change)
Terainal
Quarter

Initial Q uarter
3-87

4-87

1-88

2-88

3*88

4-88

1-89

2-89

3-89

4 -89

1-90

June 1989 = 100
2-90

3-90

4-90

1-91

2-91

3-91

4-91

1-92
93.3

4-87

3.5

1-88

4.4

5.2

94.5
95.7

2-88

4.6

5.2

5.2

3-88

4.4

4.7

4.5

3.8

4-88

4.6

4.8

4.7

4.4

5.1

1-89

4.6

4.8

4.7

4.5

4.8

4.6

2-89

4.5

4.7

4.5

4.4

4.6

4.3

4.1

3-89

4.6

4.8

4.7

4.6

4.8

4.7

4.7

4-89

4.6

4.8

4.7

4.6

4.8

4.7

4.7

5.1

4.8

1-90

4.7

4.9

4.8

4.8

4.9

4.9

5.0

5.2

5.2

5.6

2-90

4.7

4.8

4.8

4.7

4.9

4.8

4.9

5.1

5.0

5.1

96.6
97.8
98.9
99.9
5.3

101.2
102.4
103.8
4.7

105.0

3-90

4.7

4.8

4.8

4.7

4.9

4.8

4.9

5.0

4.9

5.0

4.7

4.7

4-90

4.6

4.7

4.7

4.6

4.7

4.7

4.7

4.8

4.7

4.7

4.4

4.2

3.8

1-91

4.7

4.8

4.7

4.7

4.8

4.7

4.7

4.8

4.8

4.7

4.5

4.5

4.4

4.9

2-91

4.7

4.7

4.7

4.7

4.7

4.7

4.7

4.8

4.7

4.7

4.5

4.5

4.4

4.7

4.5

3-91

4.6

4.7

4.7

4.6

4.7

4.6

4.6

4.7

4.6

4.6

4.4

4.4

4.3

4.5

4.3

4.1

4-91

4.6

4.6

4.6

4.6

4.6

4.6

4.6

4.6

4.6

4.5

4.4

4.3

4.3

4.4

4.2

4.1

4.0

1-92

4.5

4.6

4.6

4.5

4.6

4.5

4.5

4.6

4.5

4.5

4.3

4.3

4.2

4.3

4.1

4.0

4.0

4.0

2-92

4.4

4.5

4.4

4.4

4.4

4.4

4.4

4.4

4.3

4.3

4.1

4.1

4.0

4.0

3.8

3.6

3.5

3.2

2.5

3-87

4-87

1-88

2-88

3-88

4-88

1-89

2-89

3-89

4-89

1-90

2-90

3-90

4-90

1-91

2-91

3-91

4-91

1-92

106.2
107.2
108.5
109.7
110.8
111.9
113.0
113.7

Data are for the last »onth of quarter




P r e pared bv F ederal Res e r v e Bank of St. Louis
July 26, 1992

8

In d u str ia l P r o d u c tio n
Seasonally Adjusted

1987=100

1986

1987

1988

1 9 8 7 -1 0 0

1989

1990

1991

1992

Shaded area represents a period of business recession.
Percentages are annual rates of change for periods indicated.
Prepared by Federal Reserve Bank of St. Louis

Industrial Production
(Compounded Annual Rates o f Change)
Terainal
Month

Initial Mo n t h
1-91

2-91

3-91

4-91

5-91

6-91

7-91

8-91

1987 = 100

9-91 10-91 11-91 12-91

1-92

2-92

3-92

4-92

5-92

6-92

7-92
105.7

2-91

-9.7

3-91

-8.7

-7.7

4-91

-4.1

-1.1

5.9

5-91

-0.6

2.7

8.3

10.7

6-91

1.6

4.6

9.1

10.7

10.6

7-91

2.8

5.5

9.1

10.2

10.0

9.3

8-91

2.3

4.4

7.0

7.3

6.2

4.0

-1.1

9-91

2.5

4.4

6.6

6.7

5.7

4.2

1.7

4.5

10-91

2.3

3.9

5.6

5.6

4.6

3.1

1.1

2.2

0.0

11-91

1.7

3.0

4.5

4.3

3.2

1.8

0.0

0.4

-1.6

-3.3

12-91

0.8

1.9

3.1

2.7

1.6

0.2

-1.5

-1.7

-3.6

-5.4

-7.5

1-92

0.0

0.9

1.8

1.4

0.3

-1.1

-2.8

-3.1

-4.9

-6.5

-8.0

-8.6

2-92

0.5

1.4

2.3

1.9

1.0

-0.1

-1.4

-1.5

-2.6

-3.3

-3.3

-1.1

7.0

3-9 2

0.8

1.7

2.5

2.2

1.4

0.4

-0.7

-0.6

-1.5

-1.8

-1.4

0.7

5.8

4.6

4-9 2

1.1

1.9

2.7

2.5

1.7

0.9

0.0

0.1

-0.5

-0.6

0.0

2.0

5.7

5.1

5.7

5-92

1.6

2.4

3.2

3.0

2.3

1.6

0.9

1.1

0.7

0.8

1.5

3.4

6.6

6.5

7.5

6-92

1.3

2.0

2.7

2.4

1.8

1.1

0.4

0.6

0.1

0.1

0.6

2.1

4.3

3.7

3.4

2.2

-4.3

7-92

1.6

2.3

3.0

2.8

2.3

1.6

1.0

1.2

0.9

1.0

1.5

2.9

4.9

4.5

4.5

4.1

1.7

8.0

8-92

1.2

1.8

2.4

2.2

1.7

1.0

0.4

0.6

0.2

0.2

0.6

1.7

3.2

2.6

2.2

1.4

-1.1

0.6

-6.4

1-91

2-91

3-91

4-91

5-91

6-91

7-91

8-91

9-91 10-91 11-91 12-91

1-92

2-92

3-92

4-92

5-92

6-92

7-92

105.0




105.5
106.4
107.3
108.1
108.0
108.4
108.4
108.1
107.4
106.6
107.2
107.6
108.1
9.3

108.9
108.5
109.2
108.6

Pre p a r e d by Federal Reserve Bank of St. Louis
September 16, 1992

P e r so n a l In co m e in 1987 D ollars
Seasonally Adjusted

Trillions of Dollars

Trillions of Dollars

1986

1987

1988

1989

1990

1991

1992

The personal consumption expenditures deflator is used to calculate real personal income
Shaded area represents a period of business recession.
Percentages are annual rates of change for periods indicated.
Prepared by Federal Reserve Bank of St. Louis

Disposable Personal Income in 1987 Dollars
(Compounded Annual Rates o f Change)
Ter«inal
Month
1-91

2-91

3-91

4-91

5-91

6-91

7-91

8-91

Initial Month
Annual R ates
9-91 10-91 11-91 12-91

2-91

0.9

4.1

4-91

0.7

2.2

1.5

2.8

2.1

1.7

2.7

2.3

3.3

7-91

1.2

1.9

1.4

1.8

0.7

-1.2

8-91

1.2

1.7

1.3

1.5

0.7

-0.2

0.8

9-91

0.9

1.4

1.0

1.1

0.4

-0.3

0.2

1.4

1.9

1.6

1.8

1.4

1.1

1.8

2.4

0.8

1.2

0.8

0.9

0.4

0.0

0.3

0.1

0.4

2.0

2.4

2.2

2.5

2.3

2.2

2.9

3.4

4.8

4.5

7-9 2

-4.3

12-91

6-92

5.3

11-91

5-92

-0.5

10-91

4-92

4.0

6-91

3-92

0.3

5-91

2-92

-2.3

3-91

B i l lions of Dollars
1-92

14.2

3,482.5
3 ,494.3
3,495.2
3,506.6
2.5

3,513.9
3,510.4
3,512.7
3,511.3
3,526.4
3,513.4
3,552.5

1-92

1.7

2.1

1.9

2.1

1.8

1.7

2.2

2.5

3.3

2.6

6.3

-1.1

2-92

2.0

2.4

2.2

2.4

2.3

2.2

2.7

3.1

3.8

3.4

6.1

2.3

5.8

3 -9 2

2.3

2.6

2.5

2.7

2.6

2.6

3.1

3.4

4.1

3.8

6.0

3.4

5.6

5.5

4 -9 2

1.9

2.2

2.1

2.2

2.1

2.0

2.4

2.6

3.0

2.7

4.1

1.8

2.7

1.3

-2.8

5-92

1.9

2.2

2.1

2.2

2.1

2.0

2.3

2.5

2.9

2.6

3.7

1.8

2.5

1.4

-0.6

1.8

6 -9 2

1.7

2.0

1.9

2.0

1.8

1.8

2.0

2.2

2.5

2.1

3.1

1.3

1.8

0.9

-0.6

0.5

-0.8

7 -9 2

1.7

1.9

1.8

1.9

1.7

1.7

1.9

2.0

2.3

1.9

2.8

1.2

1.6

0.8

-0.3

0.5

-0.1

0.6

8-92

1.2

1.4

1.3

1.3

1.2

1.1

1.2

1.3

1.4

1.1

1.7

0.2

0.4

-0.5

-1.6

-1.3

-2.3

-3.0

-6.5

1-91

2-91

3-91

4-91

5-91

6-91

7-91

8-91

9-91 10-91 11-91 12-91

1-92

2-92

3-92

4-92

5-92

6-92

7-92




3,549.3
3,565.9
3,581.9
3,573.3
3,578.6
3,576.1
3,577.8
3,557.8

Pr e p a r e d by Federal R eserve Bank of St. Louis
Se ptember 25, 1992

10

R eta il S a les
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

170

150

130

110

90
1988

1987

1986

1992

1991

1990

1989

Shaded area represents a period of business recession.
The CPI is used to deflate retail sales data.
Percentages are annual rates of change for periods indicated.
Prepared by Federal Reserve Bank of St. Louis

Retail Sales in 1982-84 Dollars
(Compounded Annual Rates o f Change)
T erminal
M onth

Initial Mon t h
1-91

2-91

3-91

4-91

5-91

6-91

7-91

2-91

15.7
7.5

0.1

8.4

3.6

1.5

5.9

1.8

-0.2

3.4

4.7

1.2

-0.4

2.0

-2.3

2.6

-0.6

-2.3

-1.0

-4.7

-5.2

-9.3

5-9 2

6-92

7-92

-0.9

8-91

4-92

-3.6

7-91

3-92

11.0

6-91

2-92

-7.2

5-91

1-92

8.0

4-91

9-91 10-91 11-91 12-91

24.0

3-91

8-91

Millions of
Dollars
112,980
113,710
113,005
113,991
113,644
113,554

112,630

9-91

2.2

-0.6

-2.0

-0.9

-3.7

-3.7

-5.1

-0.7

10-91

1.8

-0.6

-1.8

-0.9

-3.1

-3.0

-3.7

-0.7

-0.8

11-91

0.8

-1.5

-2.6

-1.9

-3.9

-4.0

-4.7

-3.1

-4.3

-7.8

12-91

0.7

-1.4

-2.4

-1.8

-3.5

-3.5

-4.0

-2.6

-3.3

-4.5

112,567
112,496
111,742
111,635

-1.1

1-92

2.8

1.1

0.4

1.3

0.2

0.7

1.0

3.2

4.2

5.8

13.4

30.0

2-92

3.5

1.9

1.4

2.3

1.4

2.0

2.5

4.6

5.7

7.3

12.9

20.6

3-92

1.8

0.2

-0.4

0.2

-0.8

-0.5

-0.4

0.9

1.2

1.6

4.1

4-92

1.7

0.3

-0.3

0.3

-0.6

-0.3

-0.2

1.0

1.2

1.6

5-92

1.9

0.5

0.0

0.6

-0.2

0.1

0.2

1.3

1.6

1.9

6-9 2

1.5

0.2

-0.3

0.2

-0.5

-0.3

-0.2

0.7

0.9

1.1

2.4

3.0

-1.7

-4.8

7-92

2.0

0.8

0.4

0.9

0.2

0.5

0.7

1.6

1.8

2.1

3.4

4.1

0.3

-1.8

8-92

1.4

0.2

-0.2

0.2

-0.4

-0.2

-0.2

0.7

0.8

0.9

1-91

2-91

3-91

4-91

5-91

6-91

7-91

8-91

114,106
11.9

115,179

5.9

-4.4 -18.3

113,252

3.5

4.7

-2.5

-9.0

1.3

3.6

4.6

-1.0

-4.9

2.6

3.8

113,732

0.2

-0.3

113,316

2.8

3.3

3.0

10.9

0.0

-1.3

0.2

-9.3

4 -92

5-92

6-92

7-92

2.3

-1.1

-3.1

0.2

9-91 10-91 11-91 12-91

1-92

2-92

3-92

1.9

113,375

-4.3

114,293
113,363

Retail sales d ata deflated by CPI-U (1982-84=100).




Pr e p a r e d b y F ederal R e s e r v e Bank of St. Louis
Septe m b e r IS, 1992

11

In v e n to r ie s C om pared With M onthly S a les
Ratio

1.62

1.58

1.54

1.50

1.46

Manufacturing and Trade
Seasonally Adjusted

i
1
1
1
i
\ VV
L/v 1
v \ r

Ratio

1.62

1.58

1.54

ÎSjv

!v\\

1986

1987

1988

1989

1990

1991

1.50

1.46
1992

Shaded area represents a period of business recession.
Prepared by Federal Reserve Bank of St. Louis

Manufacturing and Trade Inventories
(Compounded Annual Rates of Change)
Terminal
M onth
12-90

Initial Honth
1-91

2-91

3-91

4-91

5-91

6-91

7-91

8-91

9-91 10-91 11-91 12-91

1-92

2-92

3-92

4-92

5-92

6-92

1-91

7.4

2-91

1.8

3-91

-2.9

-7.7 -11.7

4-91

-2.7

-5.8

-6.9

-1.9

5-91

-3.4

-5.9

-6.7

-4.0

-6.1

6-91

-3.6

-5.7

-6.2

-4.3

-5.5

-5.0

7-91

-3.3

-5.0

-5.2

-3.5

-4.1

-3.1

-1.1

8-91

-2.9

-4.3

-4.4

-2.9

-3.1

-2.1

-0.7

-0.2

9-91

-2.2

-3.3

-3.3

-1.8

-1.8

-0.6

0.8

1.8

4.0

10-91

-1.6

-2.6

-2.5

-1.1

-0.9

0.1

1.5

2.3

3.7

3.4

11-91

-1.4

-2.2

-2.1

-0.8

-0.6

0.3

1.4

2.1

2.8

2.3

1.2

12-91

-0.9

-1.7

-1.5

-0.3

-0.1

0.8

1.8

2.4

3.1

2.8

2.6

4.0

1-92

-1.3

-2.0

-1.9

-0.8

-0.7

0.0

0.7

1.0

1.3

0.6

-0.3

-1.0

-5.7

2-92

-1.2

-1.8

-1.7

-0.7

-0.6

0.1

0.7

1.0

1.2

0.6

0.0

-0.4

-2.6

0.7

3-92

-0.9

-1.5

-1.4

-0.4

-0.3

0.3

0.9

1.2

1.4

0.9

0.4

0.3

-1.0

1.5

2.3

4-92

-0.7

-1.2

-1.0

-0.1

0.0

0.6

1.2

1.4

1.6

1.3

1.0

0.9

0.2

2.2

3.0

3.6

5-92

-0.7

-1.2

-1.0

-0.2

-0.1

0.5

1.0

1.2

1.3

1.0

0.7

0.6

0.0

1.4

1.7

1.3

-0.9

6-92

-0.3

-0.8

-0.6

0.2

0.3

0.9

1.4

1.6

1.8

1.5

1.3

1.3

0.9

2.3

2.7

2.8

2.4

5.7

7-92

-0.2

-0.6

-0.5

0.3

0.4

0.9

1.4

1.6

1.8

1.5

1.3

1.3

1.0

2.1

2.4

2.5

2.1

3.6

1.5

12-90

1-91

2-91

3-91

4-91

5-91

6-91

7-91

8-91

9-91 10-91 11-91 12-91

1-92

2-92

3-92

4 -92

5-92

Mi l l i o n s of
D ollars

6-92

8 40,981
-3.5

8 38,491




8 29,818
8 28,508
8 24,177
8 20,671
8 19,898
8 19,746
8 22,401
8 24,672
8 25,505
8 28,184
8 24,150
8 24,609
826,204
828,630
828,032
8 31,872
8 32,916

P r e p a r e d by Federal R e s e r v e Bank of St. Louis
Sept e m b e r 16, 1992

12

Gross D o m estic P ro d u c t
Seasonally Adjusted

Trillions of Dollars

1986

1987

1988

Trillions of Dollars

1990

1989

1992

1991

Shaded area represents a period of business recession.
Prepared by Federal Reserve Bank of St. Louis

Percentages are annual rates of change for periods indicated.

Gross Domestic Product in 1987 Dollars
(Compounded Annual Rates of Change)
Terminal
Qua r t e r

Initial Quarter
3-87

4 -87

1-88

2-88

3-88

4-88

1-89

2-89

3-89

4-89

1-90

2-90

3-90

4-90

1-91

2-91

3-91

4-91

B i l l i o n s o-f D o l l a r s
Annual Rates
1-92

4-87

5.9

1-88

4.3

2.6

2-88

4.3

3.5

4.3

3-88

3.8

3.2

3.4

2.5

4-88

3.8

3.3

3.6

3.2

3.9

1-89

3.7

3.3

3.5

3.2

3.5

3.2

2-89

3.5

3.1

3.1

2.9

3.0

2.5

1.8

3-89

3.0

2.6

2.6

2.3

2.2

1.7

0.9

0.0

4-89

2.8

2.5

2.4

2.1

2.1

1.6

1.1

0.7

1.5

1-90

2.8

2.5

2.5

2.2

2.2

1.9

1.5

1.4

2.2

2.8

2-90

2.7

2.4

2.3

2.1

2.0

1.7

1.4

1.3

1.8

1.9

1.0

3-90

2.3

2.0

1.9

1.7

1.6

1.2

0.9

0.7

0.9

0.7

-0.3

-1.6

4-90

1.8

1.5

1.4

1.1

0.9

0.6

0.2

-0.1

-0.1

-0.5

-1.6

-2.8

-3.9

1-91

1.5

1.1

1.0

0.7

0.5

0.2

-0.2

-0.5

-0.6

-1.0

-1.9

-2.9

-3.5

-3.0

2-91

1.5

1.2

1.1

0.8

0.6

0.3

0.0

-0.2

-0.3

-0.5

-1.2

-1.7

-1.8

-0.7

1.7

3-91

1.5

1.2

1.1

0.8

0.7

0.4

0.1

-0.1

-0.1

-0.3

-0.8

-1.2

-1.0

-0.1

1.5

1.2

4-91

1.4

1.1

1.0

0.8

0.7

0.4

0.2

0.0

0.0

-0.2

-0.6

-0.9

-0.7

0.1

1.2

0.9

0.6

1-92

1.5

1.2

1.2

0.9

0.8

0.6

0.4

0.3

0.3

0.2

-0.2

-0.3

-0.1

0.7

1.6

1.6

1.7

2.9

2-92

1.5

1.3

1.2

1.0

0.9

0.7

0.5

0.4

0.4

0.3

0.0

-0.1

0.1

0.8

1.6

1.6

1.7

2.2

1.5

3-87

4-87

1-88

2-88

3-88

4-88

1-89

2-89

3-89

4-89

1-90

2-90

3-90

4-9 0

1-91

2-91

3-91

4-91

1 -9 2

4,625.5
4,655.3
4,704.8
4,734.5
4,779.7
4,817.6
4,839.0
4,83 9 . 0
4,856.7
4,890.8
4,902.7
4,882.6
4,833.8
4,796.7
4,81 7 . 1
4,831.8
4,838.5
4,873.7
4,892.4

S e c o n d quarter 1992 data a r e final estimates.




P r e p a r e d by F e d e r a l R eserve B a n k o f St. Lo u i s
S e p t e n b e r 24, 1992

13

Im p lic it P rice D efla to r fo r GDP
Percent Change From Previous Year
Seasonally Adjusted

Percent

Percent

Prepared by Federal Reserve Bank of St. Louis

Implicit Price Deflator
(Compounded Annual Rates o f Change)
Ter m i n a l
Quarter

Initial Quarter
3 -87

4-87

4-8 7

3.6
3.9

4.0

3-88

4-88

1-89

2-89

3-89

4-89

1-90

1987 = 100
2-90

3-90

4-90

1-91

2-91

3-91

4-91

1-92

3.6

2-88

2-88

3.6

1-88

1-88

101.2
102.1
4.4

103.2

5-88

4.2

4.4

4.8

5.1

4-8 8

4.1

4.2

4.5

4.5

3.9

104.5

1-89

4.3

4.5

4.7

4.8

4.6

105.5
5.4

106.9

2-89

4.4

4.5

4.7

4.7

4.6

5.0

4.6

3-89

4.3

4.4

4.5

4.5

4.4

4.6

4.2

3.8

108.1

4-89

4.2

4.3

4.4

4.4

4.3

4.4

4.0

3.7

3.7

109.1
110.1

1-90

4.3

4.3

4.4

4.4

4.3

4.4

4.1

4.0

4.1

4.4

2-90

4.3

4.4

4 .4

4.5

4.4

4.4

4.2

4.2

4.3

4.6

4.8

3-90

4.3

4.4

4.5

4.5

4.4

4.5

4.3

4.3

4.4

4.6

4.7

4.7

4-9 0

4.3

4.4

4.4

4.4

4.3

4.4

4.3

4.2

4.3

4.5

4.5

4.3

3.9

1-91

4.4

4.4

4.5

4.5

4 .4

4.5

4.4

4.4

4.5

4.6

4.7

4.6

4.6

5.3

2-91

4.3

4.4

4.4

4.4

4.4

4.4

4.3

4.3

4.3

4.4

4.4

4.4

4.2

4.4

111.3
112.6
113.9
115.0
116.5
117.5

3.5

3-91

4.2

4.2

4.3

4.3

4.2

4.2

4.1

4.0

4.1

4.1

4.1

4.0

3.8

3.7

2.9

2.4

4-9 1

4.1

4.1

4.1

4.1

4.1

4.1

3.9

3.9

3.9

3.9

3.8

3.7

3.5

3.4

2.8

2.4

2.4

1-92

4.0

4.0

4.1

4.1

4.0

4.0

3.9

3.8

3.8

3.8

3.7

3.6

3.4

3.3

2.8

2.6

2.7

3.1

2-92

4.0

4.0

4.0

4.0

3.9

3.9

3.8

3.7

3.7

3.7

3.6

3.5

3.3

3.2

2.8

2.6

2.7

2.9

2.7

3-87

4-87

1 -88

2-88

3 -88

4-88

1-89

2-89

3-89

4 -89

1-90

2-90

3-90

4-90

1-91

2-91

3-91

4-91

1-92

118.2
118.9
119.8
120.6

S e c o n d quarter 1992 d a t a a r e final estimates.




Pr e p a r e d by Federal R e s e r v e Bank of St. Louis
Sept e m b e r 24, 1992

14

Final Sales in 1987 Dollars
(Compounded Annual Rates o f Change)
T erminal
Quarter

Initial Quarter
3-87

4-87

1-88

2-88

3-88

4-88

1-89

2-89

3- 8 9

4-89

1-90

2-90

4-87

3.6
4.0

5.5

3.4

4.3

3.2

3.6

4.2

3.5

3.0

3.2

3.7

3.0

2.5

2.8

3.1

3.4

2.9

2.4

2.6

1.8

3-89

2.9

3.2

2.7

2.3

2.4

1.8

2.0

1.8

4 -89

2.7

2.9

2.4

2.0

2.0

1.5

1.6

1.2

0.7

1-90

2.8

3.0

2.6

2.4

2.4

2.1

2.2

2.3

2.5

4.3

2-90

2.5

2.6

2.2

1.9

1.9

1.6

1.6

1.4

1.3

1.6

-1.1

3-90

2.3

2.4

2.0

1.7

1.7

1.3

1.3

1.2

1.0

1.1

-0.5

0.1

4-90

2.0

2.1

1.7

1.5

1.4

1.1

1.0

0.8

0.6

0.6

-0.6

-0.4

B i l l i o n s of Doll a r s
A n nual Ra t e s
1-92

1.5

2-89

4-91

4.1

1-89

3-91

1.9

4-88

2-91

4.6

3-88

1-91

6.3

2-88

4-90

1.0

1-88

3-90

4,56 5 . 6
4,63 6 . 2
4,6 8 8 . 7
4,7 1 0 . 9
4 ,758.7
4 ,776.3
2.2

4,802.0
4,823.0
4 ,831.8
4 ,883.3
4,870.0
4,871.4
-0.9

4,8 6 0 . 6

1-91

1.6

1.7

1.3

1.0

0.9

0.6

0.5

0.2

0.0

-0.2

-1.3

-1.3

-2.0

- 3.2

2-91

1.6

1.7

1.3

1.0

1.0

0.7

0.6

0.4

0.2

0.1

-0.8

-0.7

-0.9

-1.0

3-91

1.5

1.5

1.2

0.9

0.8

0.6

0.5

0.3

0.1

0.0

-0.7

-0.6

-0.8

-0.8

0.4

-0.5

4-91

1.4

1.4

1.1

0.9

0.8

0.5

0.4

0.2

0.1

0.0

-0.6

-0.5

-0.7

-0.6

0.3

-0.3

0.0

1-92

1.6

1.6

1.3

1.1

1.0

0.8

0.8

0.6

0.5

0.5

0.0

0.2

0.2

0.4

1.3

1.4

2.3

4. 7

2-92

1.5

1.5

1.2

1.0

1.0

0.7

0.7

0.6

0.5

0.4

0.0

0.1

0.2

0.3

1.0

1.0

1.5

2.2

-0.1

3-87

4-87

1-88

2-88

3-88

4-88

1-89

2-89

3-8 9

4-89

1-90

2-90

3-90

4-90

1-91

2-91

3-91

4-91

1-92

4,8 2 1 . 8
4 ,837.4

1.3

4 ,83 1 . 2
4 ,83 0 . 9
4,886.3
4,88 4 . 6

P r e p a r e d by F ederal R e s e r v e B ank of St. Louis
S e p t e n b e r 24, 1992

Personal Consumption Expenditures in 1987 Dollars
(Compounded Annual Rates o f Change)
Terainal
Quarter
3-87

4 -87

1-88

2-88

3-88

4-87

3.4
3.1

4.8

3.1

4.2

2.7

3.3

4.2

3.2

3.5

2.8

3.3

2.4

2.4

2.1

3-90

4 -90

1-91

2-91

3-91

4-91

1-92

4.1

1-89

B i l l i o n s of D o l l a r s
2-90

2.9

4-88

Initial Quarter
A n nual Ra t e s
3-8 9 4-89 1-90

2.5

3-88

2-89

7.1

2-88

1-89

-0.1

1-88

4-88

3,074.7
3,128.2
3,14 7 . 8
3 ,170.6
3,20 2 . 9
0.1

3,203.6

2-89

2.5

3.0

2.1

2.0

1.8

0.6

1.1

3-89

2.6

3.0

2.3

2.2

2.0

1.4

2.0

2.9

4-89

2.4

2.7

2.1

2.0

1.8

1.2

1.6

1.9

0.8

1-90

2.3

2.6

2.1

2.0

1.9

1.4

1.7

2.0

1.5

2.2

2-90

2.1

2.4

1.9

1.8

1.6

1.2

1.4

1.5

1.0

1.1

0.1

3-90

2.1

2.3

1.8

1.8

1.6

1.3

1.5

1.5

1.2

1.3

0.9

1.7

4-90

1.7

1.8

1.4

1.3

1.1

0.7

0.8

0.7

0.3

0.2

-0.5

-0.7

-3.1

1-91

1.3

1.5

1.0

0.9

0.7

0.3

0.3

0.2

-0.2

-0.5

-1.1

-1.5

-3.1

-3.0

3,21 2 . 2
3,23 5 . 3
3,2 4 2 . 0
3,259.5
3 ,260.1
3,273.9
3 ,248.0
3,223.5

2-91

1.4

1.5

1.1

1.0

0.8

0.5

0.5

0.4

0.1

-0.1

-0.5

-0.6

-1.4

-0.5

2.0

3-91

1.4

1.5

1.1

1.0

0.8

0.5

0.6

0.5

0.2

0.2

-0.2

-0.2

-0.7

0.1

1.7

1.5

4-91

1.3

1.4

1.0

0.9

0.8

0.5

0.5

0.5

0.2

0.1

-0.2

-0.2

-0.6

0.0

1.1

0.6

-0.3

1-92

1.5

1.6

1.3

1.2

1.1

0.8

0.9

0.9

0.7

0.6

0.5

0.5

0.3

1.0

2.0

2.1

2.4

5.1

2-92

1.4

1.5

1.2

1.1

1.0

0.8

0.8

0.8

0.6

0.6

0.4

0.4

0.3

0.8

1.6

1.5

1.5

2.4

-0.1

3-87

4-87

1-88

2-88

3-88

4-88

1-89

2-89

3-89

4-89

1-90

2-90

3-90

4-9 0

1-91

2-91

3-91

4-91

1-92

3,239.3
3,251.2
3,24 9 . 0
3,289.3
3,288.5

S e c o n d q uarter 1992 d ata are final estimates.




P r e p a r e d b y Fed e r a l R e s e r v e B a n k of St. Lo u i s
Se p t e n b e r 24, 1992

15

Residential Fixed Investment in 1987 Dollars
(Compounded Annual Rates o f Change)
Terainal
Quarter

Initial Q uarter
3-87

4 -87

1-88

2-88

3 -88

4-88

1-89

2-89

3-89

4-89

1-90

2-90

3-90

4-90

1-91

2-91

3-91

4-91

B i l l i o n s of D ollars
Annual Rates
1-92

4 -87

-1.8

1-88

-3.8

-5.8

2-88

-1.4

-1.2

3.7

3 -88

-0.4

0.1

3.2

2.7

4-88

0.4

0.9

3.2

3.0

3.3

1-89

-0.6

-0.4

1.0

0.1

-1.2

-5.4

2-89

-2.3

-2.4

-1.7

-3.0

-4.8

-8.6 -11.7

3-89

-3.0

-3.1

-2.7

-3.9

-5.5

-8.3

-9.7

-7.6

4-89

-3.3

-3.5

-3.2

-4.2

-5.6

-7.7

-8.4

-6.8

-5.9

1-90

-2.5

-2.5

-2.1

-2.9

-3.9

-5.2

-5.2

-2.9

-0.5

2-90

-3.8

-4.0

-3.8

-4.7

-5.7

-7.1

-7.4

-6.3

-5.9

3-90

-5.5

-5.9

-5.9

-6.9

-8.0

-9.5 -10.2

4-90

-6.9

-7.4

-7.5

-8.6

-9.7 -11.2 -12.0 -12.1 -13.0 -14 . 7 -20.4 -22.6 -22.4

1-91

-8.5

-9.0

-9.3 -10.4 -11.6 -13.1 -14.1 -14.4 -15.5 -17.3 -22.1 -24.1 -24.7 -26.9

2-91

-7.6

-8.0

-8.1

-9.1 -10.1 -11.3 -11.9 -12.0 -12.6 -13.7 -17.0 -17.3 -15.3 -11.6

3-91

-6.3

-6.6

-6.7

-7.5

-8.3

-9.2

-9.6

-9.4

-9.6 -10.1 -12.5 -11.8

-8.7

-3.7

10.6

14.4

4-91

-5.4

-5.6

-5.6

-6.2

-6.9

-7.7

-7.9

-7.5

-7.5

- 7.7

-9.4

-8.3

-5.0

-0.1

10.9

12.9

11.3

1-92

-4.1

-4.3

-4.2

-4.7

-5.2

-5.8

-5.8

-5.3

-5.0

-4.9

-6.1

-4.7

-1.2

3.6

13.1

15.2

15.6

20.1

2-92

-3.3

-3.4

-3.2

-3.7

-4.1

-4.6

-4.5

-3.9

-3.6

-3. 3

-4.2

-2.7

0.6

5.1

13.0

14.6

14.6

16.3

12.6

3-87

4 -87

1-88

2-88

3 -88

4-88

1-89

2-89

3-89

4-89

1-90

2-90

3-90

4-90

1-91

2-91

3-91

4-91

1-92

223.3
220.0
222.0
223.5
225.3
222.2
215.4
211.2
208.0
5.3

210.7

-5. 9 -15.9

201.8

-9.9 -10.5 -11 . 9 -19.5 -22.9

189.1
177.5
164.1
7.0

166.9
172.6
177.3
185.6
191.2

Pre p a r e d by Federal R e s e r v e Bank of St. Louis
S eptember 24, 1992

Nonresidential Fixed Investment in 1987 Dollars
(Compounded Annual Rates o f Change)
Te r m i n al
Quarter
3-87

4-8 7

1-88

2-88

3-88

4-88

1-89

2-89

Initial Q uarter
Annu a l Rates
3-89 4 - 8 9 1-90

Bi l l i o n s of D ollars
2-90

3-90

4-90

1-91

2-91

3-91

4-91

1-92
510.6

4-87

1.6

1-8 8

3.6

5.7

2-8 8

6.0

8.3

11.0

3-88

5.2

6.5

6.9

2.9

4-88

4.7

5.5

5.5

2.8

2.7

1-89

4.0

4.5

4.2

2.0

1.6

0.5

2-89

3.7

4.1

3.8

2.0

1.7

1.3

2.0

3-8 9

3.2

3.4

3.1

1.6

1.2

0.7

0.9

-0.3

4-8 9

2.4

2.5

2.1

0.7

0.2

-0.4

-0.7

-2.0

-3.7

1-90

2.8

2.9

2.6

1.4

1.2

0.9

1.0

0.6

1.1

6.2

2-90

1.9

1.9

1.5

0.4

0.0

-0.4

-0.6

-1.2

-1.5

-0.4

-6.6

3-90

2.2

2.3

1.9

1.0

0.7

0.4

0.4

0.1

0.2

1.5

-0.7

5.6

4-9 0

1.2

1.2

0.8

-0.2

- 0.5

-0.9

-1.1

-1.6

-1.8

-1.4

-3.8

-2.3

1-91

-0.1

-0.2

-0.7

-1.7

-2.1

-2.7

-3.1

-3.8

-4.3

-4.5

-6.9

-7.1 -12.8 -15.8

2-91

-0.3

-0.4

-0.9

-1.8

-2.2

-2.7

-3.1

-3.7

-4.2

-4.2

-6.2

-6.1

3-91

-0.5

-0.6

-1.1

-1.9

-2.3

-2.8

-3.1

-3.6

-4.1

-4.1

-5.7

-5.6

-8.1

-7.6

-3.2

-3.4

4-91

-0.8

-0.9

-1.3

-2.2

-2.6

-3.0

-3.3

-3.8

-4.2

-4.2

-5.6

-5.5

-7.6

-7.0

-3.9

-4.3

-5.2

1-92

-0.6

-0.7

-1.1

-1.8

-2.2

-2.5

-2.8

-3.2

-3.5

-3.5

-4.6

-4.3

-5.9

-5.1

-2.2

-1.9

-1.2

3.0

2-92

0.3

0.2

-0.1

-0.8

-1.0

-1.3

-1.4

-1.7

-1.8

-1.7

-2.5

-2.0

-3.0

-1.8

1.2

2.3

4.3

9.4

16.1

3-87

4-87

1-88

2-88

3 -88

4-88

1-89

2-89

3-89

4-8 9

1-90

2-90

3-90

4-90

1-91

2-91

3-91

4-91

1-92

517.7
531.4
535.2
53 8 . 8
53 9 . 5
542.2
541.8
536.7
544.8
5 35.6
5 42.9
5 29.3

-9.6

-9.7

-9.7

507.0
503.0

-3.1

498.7
492.1
495.8
514.7

S e c o n d quarter 1992 dat a are final estimates.




Pre p a r e d b y Federal R e s e r v e Bank of St. Louis
S e ptenber 24, 1992

16

Exports in 1987 Dollars
(Compounded Annual Rates o f Change)
Terainal
Quarter
3-87
4-87

4-87

1-88

2-88

3-88

4-88

1-89

2-89

Initial Quarter
Annual Ra t e s
3-89 4-89 1-90

16.7

Billions of D o l l a r s
2-90

3-90

4-90

1-91

2-91

3-91

4-91

1-92

386.1
407.1

1-88

20.1

23.6

2-88

16.7

16.8

10.3

3-88

14.2

13.3

8.5

4-88

14.1

13.5

10.3

10.3

14.0

1-89

14.4

13.9

11.6

12.1

14.9

15.7

41 7 . 2
6.8

424.1
43 8 . 2
45 4 . 5

2-89

14.7

14.3

12.6

13.1

15.3

16.0

16.3

3-89

12.8

12.3

10.5

10.5

11.5

10.7

8.3

472.0

4-89

12.9

12.4

10.9

11.0

11.8

11.3

9.9

6.8

13.1

1-90

12.6

12.2

10.8

10.9

11.6

11.2

10.1

8.0

11.9

10.7

2-90

12.1

11.7

10.4

10.4

11.0

10.5

9.4

7.8

10.2

8.8

7.0

3-90

11.0

10.5

9.3

9.2

9.5

8.9

7.8

6.1

7.5

5.7

3.3

-0.2

4-90

11.1

10.6

9.5

9.4

9.7

9.2

8.3

7.0

8.3

7.2

6.0

5.5

11.6

1-91

9.8

9.3

8.2

8.0

8.2

7.5

6.5

5.2

6.0

4.6

3.1

1.9

3.0

472.9

0.8

48 7 . 7
50 0 . 2
50 8 . 7
5 08.4
5 22.6
-5.0

51 5 . 9

2-91

10.3

9.8

8.8

8.7

8.9

8.4

7.6

6.6

7.4

6.5

5.7

5.4

7.3

5.2

16.6

3-91

10.0

9.6

8.6

8.5

8.7

8.2

7.5

6.5

7.3

6.5

5.8

5.5

7.0

5.5

11.3

536.1

4-91

10.2

9.8

8.9

8.9

9.0

8.6

8.0

7.2

7.9

7.3

6.8

6.8

8.3

7.4

11.9

9.7

13.3

1-92

9.8

9.4

8.6

8.4

8.6

8.2

7.5

6.8

7.4

6.8

6.3

6.2

7.3

6.5

9.6

7.4

7.9

2.9

2-92

9.2

8.8

7.9

7.8

7.9

7.4

6.8

6.1

6.6

5.9

5.4

5.2

6.0

5.1

7.3

5.1

4.7

0.7

-1.4

3-87

4-87

1-88

2-88

3-88

4-88

1-89

2-89

3-89

4-89

1-90

2-90

3-90

4-90

1-91

2-91

3-91

4-91

1-92

544.2

6.2

561.4
5 65.4
563.4

P r e p a r e d by F ederal R e s e r v e Ban k of St. Louis
S e p t e n b e r 24, 1992

Imports in 1987 Dollars
(Compounded Annual Rates o f Change)
Terminal
Quarter

3-87

4-87

1-88

2-88

3-88

4-87

3.6

2-88

1.0

-2.6
1.0

2.2

4.6

3.6

5.3

10.2

3.0

1.9

2.7

5.0

3.1

3-90

4-9 0

1-91

2-91

3-91

4-91

1-92

11.7

1-89

B i l l i o n s of D o l l a r s
2-90

8.7

4-88

Initial Quarter
Annual Rat e s
3-8 9 4-89 1-90

-4.0

2.9

2-89

-1.2

3-88

1-89

8.7

1-88

4-88

522.1
520.5
51 5 . 2
526.1
540.9
-4.8

534.3

2-89

3.4

2.5

3.3

5.2

4.0

0.4

5.8

3-89

3.8

3.1

3.8

5.4

4.6

2.4

6.2

6.5

4-89

3.7

3.1

3.7

5.1

4.4

2.6

5.2

4.9

1-90

3.6

3.0

3.6

4.7

4.1

2.6

4.5

4.1

3.0

2.6

2-90

3.7

3 .3

3.8

4.8

4.2

3.0

4.7

4.4

3.7

3.9

5.1

3-90

3.5

3.1

3.5

4.4

3.9

2.8

4.1

3.8

3.1

3.1

3.3

1.5

4-90

2.6

2.1

2.4

3.0

2.4

1.3

2.2

1.6

0.7

0.1

-0.8

-3.6

1-91

1.2

0.7

0.8

1.3

0.6

-0.6

0.0

-0.9

-2.0

-3.1

-4.4

-7.4 -11.6 -14.6

2-91

2.1

1.7

1.9

2.4

1.9

0.9

1.6

1.1

0.3

-0.2

-0.7

-2.1

-3.3

- 0.6

15.6

3-91

3.0

2.6

2.9

3.5

3.1

2.3

3.0

2.7

2.3

2.1

2.0

1.4

1.4

5.0

16.4

17.1

4-91

3.1

2.7

3.0

3.5

3.1

2.5

3.1

2.9

2.5

2.4

2.4

1.9

2.0

4.8

12.2

10.5

4.2

1-92

3.1

2.8

3.0

3.5

3.2

2.5

3.2

2.9

2.6

2.5

2.5

2.1

2.2

4.5

9.9

8.1

3.9

3.5

2-92

3.7

3.4

3.7

4.2

3.9

3.4

4.0

3.9

3.6

3.7

3.8

3.6

3.9

6.1

10.9

9.7

7.4

9.0

14.7

3-87

4-87

1-88

2-88

3-88

4-88

1-89

2-89

3-8 9

4-89

1-90

2-90

3-90

4-90

1-91

2-91

3-91

4-91

1-92

541.9
550.5
3.3

555.0
55 8 . 6
565.6
56 7 . 7
-8.5

55 5 . 3
533.8
553.5
575.8
581 . 8
586 . 8
607.3

S e cond q uar t e r 1992 data are final estimates.




P r e p a r e d by F e d e r a l Rese r v e B ank of St. L ouis
S e p t e n b e r 24, 1992

17

Government Purchases of Goods and Services in 1987 Dollars
(Compounded Annual Rates o f Change)
Terminal
Q uarter

Initial Quarter
3-87

4-87

1-88

2-88

3-88

4-88

1-89

2-89

3-89

4-89

1-90

2-90

3-90

4-90

1-91

2-91

3-91

4-91

Billions of Dollars
Annual Rates
1-92

4-87

3.7

1-88

-0.3

-4.1

2-88

0.1

-1.7

0.9

3 -88

-0.1

-1.4

0.0

-0.9

4 -88

0.9

0.2

1.6

2.0

5.0

1-8 9

0.4

-0.2

0.8

0.8

1.6

-1.6

2-89

1.1

0.7

1.7

1.9

2.8

1.8

5.3

3 -89

1.5

1.2

2.1

2.4

3.2

2.6

4.9

4.5

4 -89

1.4

1.1

1.9

2.0

2.6

2.0

3.3

2.3

0.2

1-90

1.9

1.7

2.4

2.6

3.2

2.9

4.0

3.6

3.2

6.4

2-90

1.8

1.6

2.3

2.4

2.9

2.6

3.5

3.0

2.5

3.7

1.1

3-90

1.5

1.3

1.8

1.9

2.3

1.9

2.5

2.0

1.4

1.8

-0.4

-2.0

4-90

1.8

1.7

2.2

2.3

2.7

2.4

3.0

2.7

2.3

2.8

1.7

2.0

6.1

1-91

1.9

1.8

2.3

2.4

2.7

2.5

3.0

2.7

2.4

2.8

2.0

2.3

4.4

2.8

2-91

1.8

1.6

2.1

2.2

2.5

2.2

2.7

2.4

2.1

2.4

1.6

1.7

3.0

1.5

0.2

3-91

1.5

1.4

1.8

1.9

2.1

1.8

2.2

1.8

1.5

1.7

1.0

0.9

1.7

0.2

-1.0

-2.3

4-91

1.3

1.1

1.5

1.5

1.7

1.4

1.7

1.4

1.0

1.1

0.4

0.3

0.7

-0.6

-1.7

-2.6

-3.0

1-92

1.3

1.1

1.5

1.5

1.7

1.4

1.7

1.4

1.1

1.2

0.5

0.5

0.9

-0.1

-0.9

-1.2

-0.7

1.7

2-92

1.1

1.0

1.3

1.3

1.5

1.2

1.5

1.2

0.9

0.9

0.4

0.3

0.6

-0.3

-0.9

-1.2

-0.8

0.2

-1.2

3-87

4-87

1-88

2-88

3 -88

4-88

1-89

2-89

3-89

4-89

1-90

2-90

3-90

4-90

1-91

2-91

3-91

4-91

1-92

893.0
883.7
885.6
883.7
894.5
890.8
902.3
912.2
912.6
926.8
929.4
924.8
938.5
945.1
945.6
940.2
933.1
937.0
934.2

S e c o n d quarter 1992 d a t a are final estimates.
Prepared by Federal Res e r v e Bank of St. Louis
September 24, 1992

Corporate Profits
(Compounded Annual Rates of Change)
Te r m i n a l
Quarter

3-87

4 -87

1-88

2-88

3-88

4-88

1-89

2-89

Initial Q uarter
Annual Rates
3-89 4-8 9 1-90

4 -8 7

8.5
10.5

12.5

8.1

8.6

7.6

9.4

10.2

10.0

7.9

6.1

6.0

4.9

1.9

2.3

5.3

5.1

4.0

1.6

1.7

-4.4

3 -8 9

2.8

2.3

1.0

-1.5

-2.2

-7.3

2.1

1.6

0.4

-1.8

-2.4

-6.3

-5.3

-8.2

-3.1

1-90

3.4

3.1

2.2

0.5

0.4

-2.3

-0.5

-0.8

5.8

1-92

-6.4 -12.9

4-89

4-91

-9.1

2-89

3-91

15.0

1-89

2-91

1.2

4 -8 8

1-91

14.5

3-88

4-90

10.7

2-88

3-90

6.4

1-88

Billions of Dollars
2-90

343.3
352.1
364.2
365.3
3 78.3
369.4
3 69.9

0.5

3 57.3
354.5
15.6

367.6

2-90

4.7

4.6

3.9

2.7

2.9

1.0

3.1

3.8

10.1

17.3

19.1

3-90

1.3

0.9

-0.1

-1.6

-1.9

-4.1

-3.3

-4.0

-1.7

-1.2

-8.6 -29.9

4-90

0.5

0.1

-0.8

-2.3

-2.6

-4.6

-4.0

-4.7

-3.0

-3.0

-8.5 -19.7

-8.2

1-91

1.0

0.6

-0.2

-1.5

-1.7

-3.4

-2.7

-3.2

-1.4

-1.1

-4.9 -11.8

-1.0

6.7

2-91

0.7

0.3

-0.4

-1.6

1

CO

-3.4

-2.7

-3.1

-1.6

-1.4

-4.4

-9.6

-1.6

1.9

-2.6

3-91

0.2

-0.2

-0.9

-2.0

-2.2

-3.7

-3.1

-3.5

-2.3

-2.2

-4.8

-9.0

-2.9

-1.1

-4.7

-6.8

4-91

0.6

0.3

-0.4

-1.4

-1.6

-2.8

-2.2

-2.5

-1.3

-1.0

-3.2

-6.5

-1.0

0.9

-1.0

-0.1

7.1

384.0
351.4
344.0
349.6
347.3
341.2
347.1

1-92

2.9

2.7

2.2

1.4

1.4

0.5

1.3

1.4

2.9

3.6

2.2

0.0

6.1

9.2

9.8

14.3

26.7

49.8

2-92

3.0

2.8

2.3

1.6

1.6

0.8

1.6

1.6

3.1

3 .7

2.5

0.6

5.9

8.4

8.8

11.8

18.9

25.2

4.7

3-87

4 -87

1-88

2-88

3-88

4-88

1-89

2-89

3-89

4-89

1-90

2-90

3-90

4-90

1-91

2-91

3-91

4-91

1-92

384.0
388.4

C o r p o r a t e profits w i t h capital c o nsumption and inventory valu a t i o n adjustments. S e c o n d q uarter dat a a r e p r e l i m i n a r y estimates.




P repared by Federal R e s e r v e Bank of St. Louis
S eptenber 24, 1992

18

Gross Saving as a P e r c e n t of GDP
Seasonally Adjusted
Percent

Percent

Total saving equals private saving (personal saving plus business saving) plus government surplus or deficit.
Prepared by Federal Reserve Bank of St. Louis

Gross Private Saving
(Compounded Annual Rates o f Change)
Terminal
iuarter
3-87

4-87

4-87

25.0

2-88

3-88

4 -88

1-89

2-89

Initial Q uarter
Annu a l R a t e s
3-89 4-89 1-90

8.8

B i l l i o n s of D o l l a r s
2-90

3-90

4-90

1-91

2-91

3-91

4-91

1-9 2

43.6

1-88

1-88

78 3 . 7
80 0 . 4

2-88

15.4

3.4

-1.7

3-88

11.3

2.3

-0.8

0.0

79 7 . 0

4-88

10.9

4.0

2.4

4.5

9.2

1-89

10.1

4.4

3.3

5.0

7.6

6.0

2-89

7.4

2.3

1.1

1.8

2.3

-0.9

-7.4

3-89

6.4

2.0

0.9

1.4

1.8

-0.6

-3.7

0.1

797.0
814.8
826.7
811.0
81 1 . 2

4-89

6.7

2.8

2-0

2.6

3.2

1.7

0.3

4.4

8.9

1-90

7.5

4.0

3.5

4.2

4.9

4.1

3.7

7.6

11.6

14.4

2-90

7.8

4.7

4.3

5.0

5.8

5.2

5.1

8.4

11.4

12.7

11.0

879.5

3-90

4.7

1.7

1.0

1.3

1.5

0.4

-0.5

1.0

1.2

-1.2

-8.2 -24.1

820.9

828.6
85 6 . 9

4-90

5.8

3.1

2.6

3.1

3.4

2.7

2.2

3.9

4 .7

3.7

0.4

-4.5

20.1

1-91

6.4

4.0

3.6

4.1

4.5

4.0

3.7

5.4

6.3

5.8

3.8

1.5

17.4

2-91

6.2

3.9

3.6

4.0

4.4

3.9

3.7

5.2

5.9

5.4

3.7

2.0

12.5

8. 9

3.4

3-91

5.4

3.3

2.9

3.3

3.5

3.0

2.8

4.0

4.4

3.8

2.2

0.5

7.8

4.0

-1.0

-5. 2

4-91

6.5

4.5

4.2

4.7

5.0

4.7

4.6

5.8

6.5

6.2

5.1

4.1

11.0

8.8

6.9

8.6

24.5

1-92

6.5

4.6

4.4

4.8

5.1

4.8

4.7

5.9

6.5

6.3

5.3

4.5

10.2

8.4

6.8

8.0

15.3

6.7

2-92

6.6

4.8

4.6

5.0

5.3

5.0

5.0

6.1

6.6

6.4

5.6

4.9

9.9

8.3

7.0

7. 9

12.7

7.3

7.8

3-87

4-87

1-88

2-88

3-88

4-88

1-89

2-89

3-89

4-89

1-90

2-90

3-90

4-90

1-91

2-91

3-91

4-91

1-92

859.3
889.4

1 4. 8

896.9
884.9
934.8
95 0 . 1
968.1

iecond quarter 1992 data are final estimates.




P r e p a r e d b y F e d e r a l Res e r v e B a n k o f St. L ouis
S e p t e m b e r 24, 1992

19

B u sin e s s P ro d u c tiv ity and C o m p en sa tio n
Percent Change From Previous Year
Seasonally Adjusted

Percent

1986

1 98 7

1988

1989

Percent

1990

1991

1992

Prepared by Federal Reserve Bank of St. Louis

Business Sector Output per Hour
(Compounded Annua] Rates o f Change)
Initial Q uarter
3-87

4-87

1-88

2-88

3 -88

4-88

1-89

2-89

3-89

4-89

1-90

198 2 = 100
2-90

3-90

4-90

1-91

2-91

3-91

4-91

1-92
110.3

4-67

1.5

1-68

1.3

1.1

2-68

0.2

-0.4

3-68

0.5

0.2

1
®
r)
s

T e r m i n al
Qu a r t e r

1.5

4-8 8

0.4

0.2

-0.1

0.7

0.0

1-69

-0.1

-0.4

-0.8

-0.5

-1.4

-2.9

2-89

-0.1

-0.4

-0.7

-0.4

-1.0

-1.4

0.0

3-89

-0.3

-0.6

-0.8

-0.7

-1.2

-1.6

-0.9

-1.3

4-89

-0.2

-0.5

-0.7

-0.5

-0.9

-1.1

-0.5

-0.7

0.4

1-90

-0.1

-0.3

-0. 5

-0.3

-0.6

-0.7

-0.2

-0.2

0.6

0.7

2-90

0.1

0.0

-0.2

0.0

-0.2

-0.2

0.4

0.5

1.2

1.7

2.6

3-9 0

0.0

-0.2

-0.3

-0.1

-0.3

-0.4

0.1

0.1

0.5

0.6

0.5

-1.4

4 -90

-0.1

-0.2

-0.4

-0.2

-0.4

-0.5

-0.1

-0.1

0.2

0.2

0.0

-1.3

-1.1

1-91

-0.2

-0.3

-0.5

-0.3

-0.5

-0.6

-0.3

-0.3

-0.1

-0.1

-0.4

-1.3

-1.3

-1.5

2-91

-0.1

-0.2

-0.3

-0.2

-0.4

-0.4

-0.1

-0.1

0.1

0.1

-0.1

-0.7

-0.5

-0.2

1.1

3-91

0.0

-0.1

-0.2

-0.1

-0.2

-0.2

0.1

0.1

0.3

0.3

0.2

-0.2

0.1

0.5

1.5

1.8

4-91

0.2

0.1

0.0

0.2

0.1

0.1

0.3

0.4

0.6

0.6

0.6

0.3

0.7

1.1

2.0

2.4

2.9

1-92

0.4

0.3

0.3

0.4

0.3

0.4

0.6

0.7

0.9

1.0

1.0

0.8

1.2

1.7

2.5

2.9

3 .5

4.0

2-92

0.4

0.4

0.3

0.5

0.4

0.4

0.7

0.8

1.0

1.1

1.1

0.9

1.2

1.6

2.3

2.6

2.8

2.7

1.4

3-87

4-87

1-68

2-88

3-8 8

4-88

1-89

2-89

3-89

4 -89

1-90

2-90

3-90

4-90

1-91

2-91

3-91

4-91

1-92

110.6
110.1

-1.8




110.5
110.5
109.7
109.7
109.2
109.3
109.5
110.2
109.8
1 09.5
109.1
109.4
1 09.9
1 10.7
1 11.8
112.2

Pr e p a r e d by Federal R e s e r v e B ank of St. Louis
September 3, 1992

20

Net Federal Debt
(Compounded Annual Rates o f Change)
Terminal
Quarter

B i l l i o n s of
Dollars

Initial Quarter
2-87

3-87

4-87

1-88

2-88

3-88

3-87

7.2
7.9

9.2

7.6

8.4

8.1

7.8

8.4

8.2

7.6

7.2

7.6

7.3

6.6

6.4

7.2

7.5

7.3

6.7

6.7

5.9

2-90

3-90

4-90

1-91

2-91

3-91

4-91

4.6

1-89

1-90

8.3

4-88

4-8 9

6.8

3-88

3-89

9.4

2-88

2-89

8.9

1-88

1-89

5.4

4-87

4-88

1,903.1
1 ,944.1
1,988.4
2,0 2 1 . 6
2,062.4
2 ,085.7
7.2

2 ,122.1
2 ,152.7

2-89

7.1

7.3

7.0

6.6

6.5

5.9

6.5

5.9

3 -8 9

7.1

7.3

7.1

6.7

6.7

6.3

6.8

6.6

7.4

4-89

7.2

7.4

7.2

6.9

6.9

6.7

7.2

7.2

7.9

8.3

1-90

7.9

8.2

8.1

7.9

8.1

8.0

8.7

9.1

10.2

11.6

15.0

2-90

8.2

8.5

8.5

8.4

8.6

8.6

9.3

9.7

10.7

11.8

13.5

12.0

3-90

8.5

8.8

8.8

8.7

8.9

9.0

9.6

10.0

10.9

11.8

12.9

11.9

11.7

4-90

8.8

9.1

9.1

9.1

9.3

9.4

10.0

10.5

11.2

12.0

13.0

12.3

12.4

13.1

1-91

8.9

9.1

9.1

9.1

9.3

9.4

10.0

10.3

10.9

11.6

12.2

11.5

11.3

11.1

2,191.4
2,235.7
2,315.4
2,382.2
2,449.1
2,5 2 5 . 8
2,582.0

9.2

2 ,658.9

2-91

9.1

9.3

9.4

9.4

9.6

9.7

10.2

10.5

11.1

11.7

12.3

11.7

11.6

11.6

10.8

12.5

3-91

9.5

9.7

9.8

9.8

10.0

10.2

10.7

11.1

11.6

12.2

12.8

12.4

12.4

12.6

12.5

14.1

15.8

4-91

9.5

9.7

9.8

9.8

10.0

10.1

10.6

10.9

11.4

11.9

12.3

11.9

11.9

12.0

11.7

12.5

12.5

9.4

1-92

9.6

9.8

9.8

9.9

10.1

10.2

10.6

10.9

11.4

11.8

12.2

11.9

11.8

11. 9

11.6

12.2

12.1

1 0.3

11.3

2-87

3-87

4-87

1-88

2-88

3-88

4-88

1-89

2-89

3-89

4-89

1-90

2-90

3-9 0

4-9 0

1-91

2-91

3-91

4-91

2 ,758.3
2,820.8
2,897.3

P r e p a r e d b y Fed e r a l R e s e r v e B ank of St. Louis
J u l y 20, 1992

FEDERAL GOVERNMENT DEBT
(billions of dollars)
Seasonally Adjusted End of Month Totals
G
ross
federal debt

Federal debt held
by agencies
and trusts

Net
federal debt

Federal debt held
by Federal
Reserve Banks

Federal debt held
by private
investors

Federal debt held
by foreign
investors

1988 March
June
September
December

2487.5
2548.8
2614.3
2672.8

498.9
528.3
552.1
584.8

1988.4
2021.6
2062.4
2085.7

220.8
227.1
232.7
231.6

1765.2
1796.9
1830.8
1853.8

330.9
343.5
348.6
362.7

1989 March
June
September
December

2738.1
2801.9
2870.1
2942.1

617.3
650.3
678.7
702.9

2122.1
2152.7
2191.4
2235.7

232.5
231.2
224.4
221.1

1887.1
1921.0
1967.8
2011.0

374.8
367.7
398.8
391.7

1990 March
June
September
December

3046.9
3146.8
3247.7
3353.0

734.0
766.2
798.4
822.3

2315.4
2382.2
2449.1
2525.8

223.5
230.7
236.8
250.9

2096.6
2156.0
2217.6
2282.6

383.3
390.0
407.8
418.9

1991 March
June
September
December

3458.3
3542.0
3681.5
3788.4

880.3
884.9
922.9
961.4

2582.0
2658.9
2758.3
2820.8

252.3
254.4
269.8
271.7

2339.8
2414.6
2500.6
2556.6

425.4
436.2
443.8
449.8

1992 March

3873.6

978.4

2897.3

273.1

2640.2

466.6

Columns may not add because each component is seasonally adjusted separately. Gross federal debt equals debt held by agencies and trusts plus net federal debt.
Net federal debt equals debt held by Federal Reserve banks plus debt held by private investors (which includes debt held by foreign investors). Sources: Original
data may be found in the Treasury Bulletin and also in the Federal Reserve Bulletin', seasonally adjusted series prepared by this Bank.




21

FEDERAL GOVERNMENT BUDGETS
(billions of dollars, quarterly totals seasonally adjusted at annual rates)

Quarters

Receipts
National
income accounts
budget

Expenditures
National
Cyclically
income accounts
adjusted
budget
budget

Cyclically
adjusted
budget

Surplus or d e fic it(-)
National
Cyclically
income accounts
adjusted
budget
budget

1985 1
2
3
4

797.8
758.6
794.3
803.6

819.3
780.7
811.8
822.0

947.7
964.9
976.3
990.8

953.0
964.4
991.3
1012.6

-1 4 9 .9
-2 0 6 .3
-1 8 2 .0
-1 8 7 .2

-1 3 3 .7
-1 8 3 .7
-1 7 9 .5
-1 9 0 .6

1986 1
2
3
4

809.4
814.2
828.2
856.8

816.4
832.2
852.1
875.5

992.7
1038.0
1047.9
1034.3

1001.4
1045.2
1032.4
1038.7

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

-1 8 5 .0
-2 1 3 .0
-1 8 0 .3
-1 6 3 .2

1987 1
2
3
4

858.4
928.6
924.5
943.5

875.1
938.1
927.2
930.0

1048.1
1058.9
1059.0
1096.3

1057.4
1060.4
1065.6
1103.0

-1 8 9 .7
-1 3 0 .3
-1 3 4 .5
-1 5 2 .7

-1 8 2 .3
-1 2 2 .3
-1 3 8 .4
-1 7 3 .0

1988 1
2
3
4

940.5
970.4
977.8
1000.6

924.9
949.5
953.0
971.4

1098.0
1105.0
1097.3
1135.5

1098.0
1111.4
1098.2
1156.1

-1 5 7 .5
-1 3 4 .6
-1 1 9 .5
-1 3 4 .9

-173.1
-1 6 1 .9
-1 4 5 .2
-1 8 4 .7

1989 1
2
3
4

1050.9
1064.5
1053.6
1068.3

1014.3
1032.2
1020.2
1035.4

1160.8
1174.2
1181.5
1209.8

1181.0
1187.3
1182.0
1208.2

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

-1 6 6 .7
-155.1
-1 6 1 .8
-1 7 2 .8

1990 1
2
3
4

1086.7
1109.6
1119.9
1113.3

1061.7
1093.4
1116.0
1132.1

1254.5
1266.5
1265.5
1307.9

1252.2
1275.4
1273.6
1311.2

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

-1 9 0 .5
-18 2 .0
-1 5 7 .6
-179.1

1991 1
2
3
4

1114.6
1117.3
1127.7
1129.4

1160.1
1173.7
N.A.
N.A.

1264.4
1329.4
1348.7
1388.1

1257.9
1319.3
N.A.
N.A.

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

- 97.8
-1 4 5 .6
N.A.
N.A.

1992 1
2

1143.3
1149.8

N.A.
N.A.

1432.5
1452.7

N.A.
N.A.

-2 8 9 .2
-3 0 2 .9

N.A.
N.A.

N.A. — Not Available

Fiscal years

Actual
1984

1985

1986

1987

1988

Estimates
1989

1990

1991

1992

1993

Total budget
Receipts
Outlays
Surplus or deficit ( - )

$ 666.5 $
851.8

734.1 $
946.3

769.1 $ 854.1 $ 909.0 $ 990.7 $ 1031.3 $ 1054.3
1144.1
990.3
1003.8
1064.1
1251.8
1323.8

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

$ - 1 5 3 .4

$ - 2 2 0 .5

$ - 2 6 9 .5

$ 1073.6 $ 1162.9
1407.1
1503.9
$ - 3 3 3 .5

$ - 3 4 1 .0

Calendar years
National income accounts

budget
Receipts
Expenditures
Surplus or deficit(-)

$

725.8 $
892.7

$ - 1 6 6 .9

788.6 $ 827.2 $ 913.8 $ 972.3 $ 1059.3 $ 1107.4 $ 1122.2
1332.7
969.9
1028.2
1273.6
1065.6
1109.0
1181.6

$ - 1 8 1 .4

$ -2 0 1 .0

$ - 1 5 1 .8

$ - 1 3 6 .6

$ - 1 2 2 .3

$ -1 6 6 .2

$ - 2 1 0 .4

Cyclically adjusted budget

Receipts
Expenditures
Surplus or deficit(-)

$

754.5 $
890.3

808.5 $ 844.1 $ 917.6 $ 949.7 $ 1025.5 $ 1100.8
1029.4
980.3
1071.6
1115.9
1189.6
1278.1

$ - 1 3 5 .8 $ - 1 7 1 .9 $ - 1 8 5 .4 $ - 1 5 4 .0 $ - 1 6 6 .2 $ - 1 6 4 .1

$ - 1 7 7 .3

Fiscal years refer to the budget year which runs from October 1 through September 30.
Total budget outlays include federal entities that are off-budget.
Estimates from Office of Management and Budget’s Mid-Session Review of the FY1992 Budget (July 24, 1992).
Cyclically adjusted budget data are in process of revision.
Source: Office of Management and Budget and U.S. Department of Commerce.
Prepared by Federal Reserve Bank of St. Louis




22

G o v ern m en t D eficit( - ) / S u r p lu s(+ )
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

-1 0

-10

-6 0

-6 0

-1 1 0

-110

-1 6 0

-1 6 0

-210

-2 1 0

-2 6 0

-2 6 0

-3 1 0

-3 1 0
1986

1987

1988

1990

1989

1991

1992

National income accounts basis
Prepared by Federal Reserve Bank of St. Louis

Federal Defense Expenditures
(Compounded Annual Rates o f Change)
T e r minal
Quar t e r

Initial Quarter
3-87

4-87

1-88

4-87

-0.1
-0.9

-0.7

-1.0

-0.8

-1.8

1-89

2-89

3-8 9

4-89

1-90

2-90

3-90

4-90

1-91

2-91

3-91

4-91

B i l l i o n s of D o l l a r s
A n nual R a t e s
1-92

-2.5

3-88

4-88

1.2

2-88

3-88

-1.5

1-88

2-88

2 95.8
2 96.7
294.8
-1.1

294.0

4-88

0.0

0.3

0.0

1.4

3.9

1-89

-0.8

-0.6

-1.1

-0.6

-0.3

-4.4

2-89

0.2

0.5

0.4

1.2

1.9

0.9

6.6

3-8 9

1.4

1.8

1.9

2.8

3.8

3.8

8.2

2 96.8
2 93.5
2 98.2
9.9

30 5 . 3

4-89

0.8

1.1

1.1

1.7

2.3

1.9

4.1

2.9

-3.6

1-90

2.0

2.3

2.5

3.2

4.0

4.0

6.2

6.0

4.2

12.6

2-90

1.9

2.3

2.4

3.0

3.6

3.6

5.3

4.9

3.3

7.0

1.7

3-90

1.3

1.5

1.6

2.0

2.4

2.2

3.4

2.7

1.0

2.6

-2.0

-5.6

4-90

2.6

3.0

3.2

3.7

4.3

4.4

5.7

5.5

4.7

6.8

5.0

6.7

20.6

1-91

3.3

3.7

3.9

4.5

5.0

5.2

6.4

6.4

5.8

7.8

6.7

8.4

16.2

11.9

2-91

2.5

2.8

2.9

3.4

3.8

3.8

4.8

4.5

3.8

5.1

3.7

4.2

7.6

1.7

-7. 6

3-91

2.0

2.3

2.4

2.7

3.1

3.0

3.8

3.5

2.7

3.6

2.2

2.3

4.4

-0.5

-6. 2

-4.8

4-91

1.4

1.6

1.6

1.9

2.1

2.0

2.6

2.2

1.4

2.0

0.6

0.4

1.6

-2.6

-7.0

-6.8

-8.7

1-92

1.2

1.4

1.4

1.7

1.9

1.7

2.2

1.8

1.1

1.6

0.3

0.1

1.1

-2.4

-5. 7

-5.0

-5.1

-1.4

2-92

1.0

1.2

1.2

1.4

1.6

1.4

1.9

1.5

0.8

1.2

0.0

-0.2

0.6

-2.4

-5.0

-4.4

-4.2

-1.9

-2.4

3-87

4-87

1-88

2-88

3-88

4-88

1-89

2-89

3-89

4-89

1-90

2-90

3-90

4-90

1-91

2-91

3-91

4-91

1-92

30 2 . 5
31 1 . 6
31 2 . 9
30 8 . 4
32 3 . 2
33 2 . 4
32 5 . 9
32 1 . 9
31 4 . 7
31 3 . 6
31 1 . 7

seco n d quarter d ata are final estimates.




P r e p a r e d by F e d e r a l Rese r v e B a n k o f St. Louis
Se p t e m b e r 24, 1992

23

Federal Nondefense Expenditures
(Compounded Annual Rates o f Change)
Termi n a l
Qu a r t e r

3-87

4 -87

1-88

2-88

3-88

4-88

1-89

2-89

Initial Q uarter
Annual Rates
3-89 4-89 1-90

B i l lions of D ollars
2-90

4-87

10.6
8.5

2.4

5.4

0.5

0.5

8.0

4.8

6.3

7.2

9.0

6.6

8.2

9.5

16.6

8 .3

6.2

7.4

8.1

12.2

9.1

4.1

3 -89

7.2

5.3

6.1

6.5

9.1

6.0

2.1

0.1

4-8 9

8.1

6 .5

7.4

7.8

10.2

8.2

6.2

7.3

15.0

1-90

8 .9

7.5

8.5

9.1

11.3

9.8

8.7

10.3

15.8

16.6

2-90

8.5

7.3

8.0

8.5

10.3

8.9

7.9

8.9

11.9

10.5

4.6

3-90

7.9

6.7

7.4

7.7

9.2

7.8

6.8

7.3

9.2

7.4

3.0

1.5

4-9 0

8.2

7.1

7.8

8.1

9.5

8.4

7.5

8.1

9.8

8.5

6.0

6.6

1-91

5.9

4.8

5.2

5.2

6.1

4.8

3.7

3.6

4.2

2.2

-1.2

-3.0

2-91

7.6

6.7

7.2

7.4

8.4

7.4

6.7

7.0

8.1

6.9

5.1

5.2

3-91

7.7

6.9

7.3

7.6

8.5

7.6

7.0

7.3

8.3

7.3

5.8

4-91

8.4

7.6

8.1

8.4

9 .3

8.6

8.1

8.5

9.4

8.8

7.7

1-92

8.9

8.2

8 .7

9.0

9.9

9.3

8.9

9.3

10.3

9.8

2-92

8.9

8.2

8.7

8.9

9.8

9.2

8.8

9.2

10.1

3-87

4-87

1-88

2-88

3-88

4-88

1-89

2-89

3-89

1-92

14.4

2-89

4-91

18.8

1-89

3-91

-3.4

4 -88

2-91

4.5

3-88

1-91

0.4

2-88

4-90

21.7

1-88

3-90

800.5
801.3




810.2
803.3
838.7
867.3
876.0
876.2
907.3
942.9
953.6
957.1
984.7

12.0

932.0

-5.2 -19.7

1*003.5

6.5

3.9

6.1

7.3

5.7

21.4

9.6

8.2

9.6

9.0

20.7

14.4

19.4

8.9

9.6

11.0

10.8

20.1

15.6

18.7

18.1

9.6

8.8

9.4

10.6

10.3

17.6

13.7

15.1

13.0

8.1

4-89

1-90

2-90

3-90

4-90

1-91

2-91

3-91

4-91

1-92

34.4

1,026.8
1,073.4
1,118.9
1,141.0

Pr e p a r e d by Federal R e s e r v e Bank of St. Louis
S e ptember 24, 1992

24

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