Full text of National Economic Trends : November 1993
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Novem ber 1993 N ational Economic Trends Did Employment Rise or Fall? The two most prominent data series on U.S. em ployment (see pages 5 and 6) come from different sources. The monthly household survey covers about 60,000 households containing about 113,000 adults. The monthly establishment or payroll survey gathers information on employees at more than 370,000 workplaces. As the lower part of the chart shows, the surveys frequently disagree on a month-to-month basis, sometimes dramatically. Why? One reason is that the payroll survey does not ver about 13 million self-employed, agricultural, usehold and unpaid family workers, all of whom are included in the household survey. In months when the two surveys disagree, much of the difference can sometimes be traced to changes in these excluded categories. The November 1992 household survey, for example, reports that employment had increased by 377,000 persons while the payroll survey reports an increase of only 132,000. Excluding the four cate gories mentioned above, household employment rose by only 157,000, roughly consistent with the results of the payroll survey. In September 1993 by contrast, household survey employment fell by 253,000 while payroll employ ment rose by 156,000. This time the same four cate gories collectively accounted for only 22,000 of the difference. Much of the difference can be attributed to a second factor that statisticians call sampling vari ation. In September 1993, 61.58 percent of adults in the household survey were employed. Statisticians can show that if a different 113,000 people were surveyed, about a third of the time that percentage Q would be more than 61.72 or less than 61.44. This small variation in the estimated fraction of the popula tion employed means that there is about a one-third probability that the actual number of people employed is more than about 300,000 higher or lower than the published figure. These approximate calculations do not incorporate detailed information about sampling procedures, but they give some idea of the reliability of the household survey’s employment estimates. The payroll survey reports information on about 45 million employees (compared to only about 113,000 in the household survey), which means there is far less sampling variability, though there are other potential sources of error. Consequently, employment as recorded by the payroll survey is much smoother than household (civilian) employment (compare pages 5 and 6). Over a longer period sampling variation in the household survey tends to cancel out, as shown in the upper half of the chart, so that the two employ ment measures usually show similar trends. — Joseph A. Ritter Household and Payroll Employment Index, October 1992 * 1.0 - 1.02 _.»" Payroll Index - 1.01 ii i»*' - 1 1000800 600 400 200 - Change (thousands) "IHousehold Payroll m -200 -400 - J r flB i! Ü O 'N ■D 'J 1992 j J I X T — 'F _ » — M ' A 'M ' J ' J 1993 . l ì ’ A 1 S 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. Information in this publication is also included in the Federal Reserve Economic Data (FRED) electronic bulletin board. You can access FRED with a personal computer and a modem at 314-621-1824. C onsum er P rice Index - All Urban C onsum ers Percent Change From Previous Year Seasonally Adjusted Percent 1987 1988 1989 1990 Percent 1991 1992 1993 Prepared by Federal Reserve Bank of St. Louis Consumer Price Index (Compounded Annual Rates of Change) Terninal Month Initial Month 2-92 3-92 4-92 5-92 6-92 7-92 8-92 9-92 10-92 11-92 12-92 3-92 4.4 4-92 4.0 3.5 5-92 3.2 2.6 6-92 3.1 2.6 2.2 2.6 7-92 3.1 2.8 2.6 3.0 3.5 8-92 3.0 2.8 2.6 2.9 3.0 2.6 9-92 2.9 2.6 2.4 2.6 2.6 2.2 1.7 10-92 3.2 3.0 2.9 3.1 3.2 3.2 3.5 5.2 11-92 3.1 2.9 2.8 3.0 3.1 3.0 3.2 3.9 1982-84=100 1-93 2-93 3-93 4-93 5-93 6-93 7-93 8-93 139.3 139.7 1.7 139.9 140.2 140.6 140.9 141.1 141.7 2.6 142.0 12-92 2.9 2.8 2.7 2.8 2.9 2.8 2.8 3.2 2.1 1.7 1-93 3.2 3.1 3.1 3.2 3.3 3.3 3.4 3.9 3.4 3.9 6.1 2-93 3.3 3.2 3.2 3.3 3.4 3.4 3.6 4.0 3.6 4.0 5.2 4.3 3-93 3.2 3.1 3.0 3.2 3.2 3.2 3.3 3.6 3.2 3.4 4.0 3.0 1.7 4-93 3.3 3.2 3.2 3.4 3.4 3.4 3.5 3.8 3.6 3.8 4.3 3.7 3.4 5.1 5-93 3.2 3.1 3.1 3.2 3.3 3.3 3.3 3.5 3.3 3.4 3.8 3.2 2.8 3.4 6-93 3.0 2.9 2.9 3.0 3.0 3.0 3.0 3.1 2.9 2.9 3.1 2.5 2.1 2.2 0.8 0.0 7-93 2.9 2.8 2.7 2.8 2.8 2.8 2.8 2.9 2.6 2.7 2.8 2.3 1.9 1.9 0.8 0.4 0.8 8-93 2.9 2.8 2.8 2.8 2.9 2.8 2.8 2.9 2.7 2.7 2.9 2.4 2.1 2.2 1.5 1.4 2.1 3.4 9-93 2.8 2.7 2.6 2.7 2.7 2.6 2.6 2.7 2.5 2.5 2.5 2.1 1.8 1.8 1.2 1.0 1.4 1.7 0.0 2-92 3-92 4-92 5-92 6-92 7-92 8-92 9-92 10-92 11-92 12-92 1-93 2-93 3-93 4-93 5-93 6-93 7-93 8-93 142.2 142.9 143.4 143.6 144.2 1.7 144.4 144.4 144.5 144.9 144.9 Prepared by Federal Reserve Bank of St. Louis October 15, 1993 Consumer Price Index - Food (Compounded Annual Rates of Change) Terminal Month Initial Month 2-92 3-92 4.5 4-92 2.6 0.9 5-92 0.0 -2.2 8-92 9-92 10-92 11-92 12-92 4-93 5-93 6-93 7-93 8-93 137.6 -1.1 -0.9 0.5 0.4 2.3 3.1 7.2 1.0 1.0 2.6 3.2 5.4 3.5 1.3 0.9 0.9 2.1 2.4 3.5 1.7 0.0 1.3 0.9 0.9 1.9 2.1 2.9 1.5 0.4 0.9 2.1 2.3 3.0 2.0 1.4 2.2 3.5 1.5 3-93 137.5 0.0 1.2 2-93 -5.1 -1.7 7-92 1982-84=100 1-93 138.1 -2.2 0.0 11-92 7-92 -1.2 0.2 10-92 6-92 0.9 6-92 9-92 5-92 138.0 3-92 8-92 4-92 137.5 138.3 138.7 138.7 138.8 139.2 12-92 1.5 1.2 1.2 1-93 1.7 1.5 1.5 2.4 2.6 3.2 2.4 2.2 2.9 4.0 4.4 2-93 1.7 1.5 1.6 2.3 2.5 3.0 2.3 2.1 2.6 3.2 3.1 1.7 3-93 1.7 1.5 1.6 2.3 2.4 2.8 2.2 2.0 2.4 2.8 2.6 1.7 1.7 4-93 1.9 1.7 1.8 2.5 2.6 3.0 2.5 2.4 2.8 3.1 3.0 2.6 3.0 4.4 5-93 2.1 2.0 2.1 2.7 2.9 3.2 2.8 2.7 3.1 3.5 3.5 3.3 3.8 4.8 5.2 6-93 1.7 1.5 1.5 2.1 2.2 2.5 2.0 1.8 2.1 2.2 2.0 1.6 1.5 1.4 0.0 -5.0 7-93 1.6 1.4 1.4 1.9 2.0 2.3 1.8 1.6 1.8 2.0 1.7 1.3 1.2 1.1 0.0 -2.5 0.0 8-93 1.7 1.5 1.6 2.0 2.1 2.3 2.0 1.8 2.0 2.1 1.9 1.6 1.6 1.5 0.9 -0.6 1.7 3.5 9-93 1.7 1.5 1.6 2.0 2.1 2.3 1.9 1.8 2.0 2.1 1.9 1.6 1.6 1.6 1.0 0.0 1.7 2.6 1.7 2-92 3-92 4-92 5-92 6-92 7-92 8-92 9-92 10-92 11-92 12-92 1-95 2-93 3-93 4-93 5-93 6-93 7-93 8-93 139.7 139.9 140.1 140.6 141.2 140.6 140.6 141.0 141.2 Prepared by Federal Reserve Bank of St. Louis October 15, 1993 Consumer Price Index - Energy (Compounded Annual Rates of Change) Terninal Month Initial Month 2-92 3-92 4-92 5-92 6-92 7-92 8-92 9-92 10-92 11-92 12-92 1982-84=100 1-93 2-93 3-93 4-93 5-93 6-93 7-93 8-93 101.0 3-92 3.6 4-92 3.6 3.6 5-92 4.4 4.8 6.1 6-92 7.3 8.6 11.1 16.4 7-92 7.5 8.5 10.2 12.4 8.5 8-92 5.4 5.8 6.3 6.4 1.8 -4.5 9-92 4.6 4.8 5.0 4.8 1.2 -2.3 0.0 10-92 4.8 5.0 5.2 5.0 2.3 0.4 2.9 6.0 11-92 4.5 4.6 4.8 4.6 2.3 0.9 2.7 4.1 2.3 12-92 3.8 3.8 3.9 3.6 1.6 0.2 1.5 1.9 0.0 -2.3 1-93 4.0 4.1 4.1 3.9 2.2 1.2 2.3 2.9 1.9 1.7 5.9 2-93 3.3 3.2 3.2 2.9 1.3 0.3 1.2 1.4 0.3 -0.4 0.6 -4.5 3-93 3.7 3.7 3.7 3.4 2.1 1.3 2.2 2.5 1.9 1.7 3.1 1.7 8.4 4-93 3.6 3.6 3.6 3.3 2.1 1.4 2.2 2.5 1.9 1.9 2.9 1.9 5.3 5-93 2.5 2.5 2.4 2.1 0.8 0.1 0.6 0.7 0.0 -0.4 0.0 -1.4 -0.4 -4.5 -10.9 6-93 2.2 2.1 2.0 1.7 0.6 -0.1 0.3 0.4 -0.3 -0.7 -0.4 -1.6 -0.9 -3.8 -6.7 -2.3 7-93 2.1 2.0 1.9 1.6 0.5 -0.1 0.3 0.3 -0.3 -0.6 -0.3 -1.3 -0.7 -2.8 -4.5 -1.1 0.0 8-93 1.6 1.5 1.4 1.1 0.1 -0.5 -0.2 -0.2 -0.8 -1.2 -1.0 -2.0 -1.5 -3.4 -4.8 -2.7 -2.9 -5.6 9-93 1.3 1.2 1.0 0.7 -0.2 -0.8 -0.5 -0.6 -1.2 -1.5 -1.4 -2.3 -2.0 -3.6 -4.7 -3.1 -3.4 -5.1 -4.6 2-92 3-92 4-92 5-92 6-92 7-92 8-92 9-92 10-92 11-92 12-92 1-93 2-93 3-93 4-93 5-93 6-93 7-93 8-93 101.3 101.8 103.1 103.8 103.4 103.4 103.9 104.1 103.9 104.4 104.0 104.7 104.9 2.3 103.9 103.7 103.7 103.2 102.8 Prepared by Federal Reserve Bank of St. Louis October 15, 1993 P rod u cer P rice Index - F in ished Goods Percent Change From Previous Year Seasonally Adjusted Percent 1987 1988 1989 1990 Percent 1991 1992 1993 Prepared by Federal Reserve Bank of St. Louis Producer Price Index - Finished Goods (Compounded Annual Rates of Change) Terminal Month Initial Month 2-92 3-92 4-92 5-92 6-92 7-92 3-92 3.0 4-92 3.0 3.0 5-92 3.3 3.5 4.0 6-92 3.2 3.3 3.5 3.0 7-92 2.6 2.5 2.3 1.5 0.0 8-92 2.3 2.2 2.0 1.3 0.5 1.0 8-92 9-92 10-92 11-92 12-92 1982 = 100 1-93 2-93 3-93 4-93 5-93 6-93 7-93 8-93 122.5 122.8 123.2 123.5 123.5 123.6 9-92 2.4 2.3 2.2 1.7 1.3 2.0 3.0 10-92 2.2 2.1 2.0 1.6 1.2 1.6 2.0 1.0 11-92 1.7 1.6 1.4 1.0 0.6 0.7 0.6 -0.5 -1.9 12-92 1.6 1.4 1.2 0.8 0.5 0.6 0.5 -0.3 -1.0 0.0 1-93 1.8 1.7 1.5 1.2 1.0 1.1 1.2 0.7 0.6 2.0 3.9 2-93 2.0 2.0 1.9 1.6 1.5 1.7 1.8 1.6 1.7 2.9 4.4 4.9 3-93 2.2 2.1 2.0 1.9 1.7 1.9 2.1 1.9 2.1 3.2 4.3 4.4 3.9 4-93 2.5 2.5 2.4 2.3 2.2 2.5 2.7 2.6 2.9 3.9 4.9 5.3 5.4 6.9 5-93 2.3 2.3 2.3 2.1 2.0 2.2 2.4 2.3 2.5 3.3 3.9 3.9 3.6 3.4 0.0 6-93 1.9 1.8 1.7 1.6 1.5 1.6 1.7 1.5 1.6 2.1 2.4 2.1 1.5 0.6 -2.4 -4.7 7-93 1.7 1.6 1.5 1.3 1.2 1.3 1.3 1.2 1.2 1.6 1.8 1.5 0.8 0.0 -2.2 -3.3 -1.9 8-93 1.1 1.0 0.9 0.7 0.6 0.6 0.6 0.4 0.3 0.5 0.6 0.1 -0.6 -1.5 -3.5 -4.7 -4.7 -7.4 9-93 1.2 1.1 1.0 0.8 0.6 0.7 0.7 0.5 0.4 0.7 0.8 0.4 -0.3 -1.0 -2.5 -3.1 -2.5 -2.8 1.9 2-92 3-92 4-92 5-92 6-92 7-92 8-92 9-92 10-92 11-92 12-92 1-93 2-93 3-93 4-93 5-93 6-93 7-93 8-93 123.9 124.0 123.8 123.8 124.2 124.7 125.1 125.8 125.8 125.3 125.1 124.3 124.5 Prepared by Federal Reserve Bank of St. Louis October 14, 1993 Civilian E m p loym en t and U n em p lo y m en t Rate Seasonally Adjusted Millions of Persons 1987 1988 1989 1990 Percent 1991 1992 1993 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 of Change) Terninal Month 2-92 3-92 4-92 5-92 6-92 7-92 8-92 3-92 3.1 4-92 2.9 2.6 5-92 2.1 1.6 0.6 6-92 1.4 0.8 0.0 -0.7 7-92 1.6 1.2 0.7 0.7 2.2 8-92 1.4 1.1 0.7 0.7 1.4 0.6 9-92 1.1 0.8 0.4 0.4 0.7 0.0 -0.6 Initial Month Persons 9-92 10-92 11-92 12-92 Thousands of 1-93 2-93 3-93 4-93 5-93 6-93 7-93 8-93 117,264 117,518 117,580 117,510 117,722 117,780 117,724 10-92 0.9 0.6 0.3 0.2 0.5 -0.1 -0.5 -0.4 11-92 1.3 1.0 0.8 0.8 1.1 0.9 1.0 1.7 3.9 12-92 1.4 1.2 1.0 1.1 1.4 1.2 1.4 2.0 3.2 2.5 1-93 1.0 0.8 0.6 0.6 0.8 0.6 0.6 0.9 1.3 0.0 -2.4 2-93 1.3 1.1 1.0 1.0 1.2 1.1 1.1 1.5 2.0 1.3 0.7 3.9 3-93 1.3 1.1 1.0 1.0 1.2 1.1 1.1 1.4 1.8 1.3 0.9 2.5 1.2 4-93 1.1 0.9 0.8 0.8 0.9 0.8 0.8 1.0 1.2 0.7 0.3 1.2 -0.2 -1.5 5-93 1.6 1.5 1.4 1.4 1.6 1.6 1.7 2.0 2.3 2.1 2.0 3.1 2.8 3.6 9.0 6-93 1.4 1.3 1.2 1.3 1.5 1.4 1.5 1.7 2.0 1.7 1.5 2.3 2.0 2.2 4.1 -0.5 7-93 1.4 1.3 1.2 1.3 1.4 1.3 1.4 1.6 1.8 1.6 1.4 2.1 1.7 1.9 3.0 0.1 0.8 8-93 1.6 1.5 1.4 1.4 1.6 1.6 1.6 1.8 2.1 1.9 1.8 2.4 2.1 2.3 3.3 1.5 2.5 4.2 9-93 1.3 1.2 1.2 1.2 1.3 1.3 1.3 1.5 1.6 1.4 1.3 1.8 1.5 1.5 2.1 0.5 0.8 0.8 -2.5 2-92 3-92 4-92 5-92 6-92 7-92 8-92 9-92 10-92 11-92 12-92 1-93 2-93 3-93 4-93 5-93 6-93 7-93 8-93 117,687 118,064 118,311 118,071 118,451 118,565 118,416 119,273 119,219 119,301 119,710 119,457 Prepared by Federal Reserve Bank of St. Louis October 8, 1993 5 Payroll E m ploym en t Seasonally Adjusted Millions of Persons 1987 1988 1989 1990 Millions of Persons 1991 1992 1993 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 Aiinual Rates of Change) Thousands of Persons Initial Month Terminal Month 2-92 3-92 4-92 5-92 6-92 7-92 8-92 9-92 10-92 11-92 12-92 1-93 2-93 3-93 4-93 5-93 6-93 7-93 8-93 108,164 3-92 1 3 4-92 1 7 2.0 5-92 1 6 1.7 1.4 6-92 1 1 1.1 0.6 -0.2 7-92 1 2 1.2 1.0 0.7 1.7 8-92 1 1 1.0 0.7 0.5 0.9 0.1 9-92 1 0 0.9 0.7 0.6 0.8 0.4 0.7 10-92 1 0 1.0 0.8 0.7 0.9 0.7 1.0 1.3 11-92 1 1 1.1 0.9 0.8 1.0 0.9 1.1 1.4 1.5 12-92 1 1 1.1 1.0 1.0 1.2 1.1 1.3 1.5 1.6 1.8 1-93 1 2 1.2 1.1 1.1 1.2 1.2 1.4 1.6 1.6 1.7 1.7 2-93 1 4 1.4 1.3 1.3 1.5 1.5 1.7 1.9 2.1 2.3 2.6 3.4 3-93 1 3 1.3 1.2 1.2 1.4 1.3 1.5 1.6 1.7 1.8 1.8 1.8 0.3 4-93 1 4 1.4 1.4 1.4 1.5 1.5 1.7 1.8 1.9 2.0 2.1 2.2 1.5 2.8 5-93 1 5 1.5 1.5 1.5 1.6 1.6 1.8 1.9 2.0 2.1 2.2 2.3 1.9 2.7 2.6 6-93 1 4 1.4 1.4 1.4 1.5 1.5 1.6 1.8 1.8 1.9 1.9 1.9 1.5 2.0 1.5 0.5 7-93 1 5 1.5 1.5 1.5 1.6 1.6 1.7 1.8 1.9 2.0 2.0 2.0 1.8 2.1 1.9 1.5 2.6 8-93 1 4 1.4 1.3 1.3 1.5 1.4 1.5 1.6 1.7 1.7 1.7 1.7 1.4 1.6 1.3 0.9 1.1 -0.4 9-93 1 4 1.4 1.4 1.4 1.5 1.5 1.6 1.6 1.7 1.7 1.7 1.7 1.4 1.6 1.4 1.1 1.3 0.6 1.7 2-92 3-92 4-92 5-92 6-92 7-92 8-92 9-92 10-92 11-92 12-92 1-93 2-93 3-93 4-93 5-93 6-93 7-93 8-93 108,347 108,470 108,454 108,605 108,615 108,674 108,789 108,921 109,079 6 109,235 109,539 109,565 109,820 110,058 110,101 110,338 110,297 110,453 Prepared by Federal Reserve Bank of St. Louis October 8, 1993 Service-Producing Employment (Compounded Annual Rates of Change) Initial Month Terminal Month 2-92 3-92 4-92 5-92 6-92 7-92 8-92 9-92 10-92 11-92 12-92 Thousands of Persons 1-93 2-93 3-93 4-93 5-93 6-93 7-93 8-93 84,897 3-92 1.7 4-92 2.3 2.8 5-92 2.2 2.4 1.9 6-92 1.8 1.8 1.3 85,096 85,233 0.7 85,282 7-92 1.9 1.9 1.7 1.5 2.3 8-92 1.8 1.8 1.6 1.5 1.8 1.4 85,445 9-92 1.8 1.8 1.6 1.5 1.8 1.5 1.7 10-92 1.8 1.8 1.6 1.6 1.8 1.6 1.8 1.9 11-92 1.8 1.8 1.7 1.6 1.8 1.7 1.8 1.9 1.9 85,542 85,662 85,794 85,926 12-92 1.9 1.9 1.8 1.7 1.9 1.8 1.9 2.0 2.1 2.4 1-93 1.9 1.9 1.8 1.8 1.9 1.9 2.0 2.0 2.1 2.2 2.0 2-93 2.0 2.0 1.9 1.9 2.1 2.1 2.2 2.3 2.4 2.6 2.6 3.3 3-93 1.9 1.9 1.9 1.9 2.0 1.9 2.0 2.1 2.1 2.2 2.1 2.2 1.1 4-93 2.1 2.1 2.0 2.1 2.2 2.2 2.3 2.4 2.5 2.6 2.6 2.8 2.6 4.1 5-93 2.1 2.2 2.1 2.1 2.3 2.3 2.4 2.4 2.5 2.6 2.7 2.9 2.7 3.5 3.0 6-93 2.1 2.1 2.1 2.1 2.2 2.2 2.3 2.3 2.4 2.5 2.5 2.6 2.4 2.9 2.2 1.5 7-93 2.2 2.2 2.2 2.2 2.3 2.3 2.4 2.4 2.5 2.6 2.6 2.7 2.6 2.9 2.6 2.4 3.2 8-93 2.1 2.1 2.0 2.0 2.1 2.1 2.2 2.2 2.3 2.3 2.3 2.3 2.2 2.4 2.0 1.6 1.7 0.2 9-93 2.1 2.1 2.0 2.0 2.1 2.1 2.2 2.2 2.3 2.3 2.3 2.3 2.2 2.4 2.0 1.8 1.9 1.2 2.3 2-92 3-92 4-92 5-92 6-92 7-92 8-92 9-92 10-92 11-92 12-92 1-93 2-93 3-93 4-93 5-93 6-93 7-93 8-93 86,094 86,234 86,470 86,549 86,840 87,052 87,160 87,390 87,402 87,566 Prepared by Federal Reserve Bank of St. Louis October 8, 1993 Goods-Producing Employment (Compounded Annual Rates of Change) Terminal Month 2-92 3-92 4-92 5-92 6-92 7-92 8-92 Initial Month Persons 9-92 10-92 11-92 12-92 Thousands of 1-93 2-93 3-93 4-93 5-93 6-93 7-93 8-93 3-92 0.1 4-92 -0.4 -0.8 5-92 -0.5 -0.8 -0.7 6-92 -1.2 -1.6 -2.0 -3.3 7-92 -1.1 -1.4 -1.6 -2.0 8-92 -1.7 -2.0 -2.3 -2.8 -2.5 -4.4 9-92 -1.9 -2.2 -2.4 -2.9 -2.7 -3.8 -3.1 10-92 -1.7 -2.0 -2.2 -2.5 -2.3 -2.8 -2.0 -0.9 11-92 -1.6 -1.7 -1.9 -2.1 -1.8 -2.1 -1.3 -0.4 0.0 12-92 -1.4 -1.6 -1.7 -1.9 -1.6 -1.8 -1.1 -0.5 -0.3 -0.5 1-93 -1.2 -1.4 -1.4 -1.5 -1.3 -1.4 -0.7 -0.1 0.1 0.2 0.8 2-93 -0.8 -0.9 -0.9 -1.0 -0.7 -0.7 0.0 0.6 1.0 1.3 2.2 3.6 3-93 -1.0 -1.1 -1.1 -1.1 -0.9 -0.9 -0.4 0.0 0.2 0.3 0.5 0.4 -2.7 4-93 -1.1 -1.1 -1.2 -1.2 -1.0 -1.0 -0.6 -0.2 -0.1 -0.2 -0.1 -0.4 -2.3 -1.9 5-93 -0.9 -1.0 -1.0 -1.0 -0.8 -0.8 -0.4 0.0 0.1 0.1 0.2 0.1 -1.1 -0.3 1.4 6-93 -1.0 -1.1 -1.1 -1.2 -1.0 -1.0 -0.7 -0.4 -0.4 -0.4 -0.4 -0.6 -1.7 -1.3 -1.0 -3.3 7-93 -1.0 -1.0 -1.0 -1.1 -0.9 -0.9 -0.6 -0.3 -0.3 -0.3 -0.3 -0.5 -1.3 -0.9 -0.6 -1.5 0.4 8-93 -1.1 -1.1 -1.2 -1.2 -1.0 -1.1 -0.8 -0.6 -0.5 -0.6 -0.6 -0.8 -1.5 -1.3 -1.1 -1.9 -1.2 -2.7 9-93 -1.0 -1.1 -1.1 -1.1 -1.0 -1.0 -0.7 -0.5 -0.5 -0.6 -0.6 -0.7 -1.3 -1.1 -1.0 -1.5 -0.9 -1.6 -0.4 2-92 3-92 4-92 5-92 6-92 7-92 8-92 9-92 10-92 11-92 12-92 1-93 2-93 3-93 4-93 5-93 6-93 7-93 8-93 23,267 23,251 23,237 23,172 -0.6 23,160 23,073 23,012 22,995 22,995 22,985 23,001 23,069 23,016 22,980 23,006 22,941 22,948 22,895 22,887 Prepared by Federal Reserve Bank of St. Louis October 8, 1993 7 Change in th e E m p loym en t Cost Index and Its C om ponents Percent Change From Previous Year Seasonally Adjusted Percent Percent 8 / ✓ Benefits 8 I 1 % ..Æ ... ......... _.... \ .. ... / / / S ' * _ ... I ./ \ 1 j____ . » / a 4 \ \ i _ r H .....1..... 1 1987 \ \ ........ _Sh. Wages and Salaries w ■ ' T °t al Compensate jn l 6 ✓N 1 1988 1 1 ' 1 1989 ' 1 — r- | 1990 i 1 1991 1 1 1 '2 1 " ■>. I 1992 1993 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 of Change) Terminal Quarter Initial Quarter 4-88 1-89 2-89 3-89 4-89 1-90 2-90 3-90 4-90 1-89 4.2 2-89 4.3 4.5 3-89 4.7 4.9 5.3 4-89 4.7 4.9 5.1 4.8 1-90 4.9 5.1 5.2 5.2 5.6 2-90 4.9 5.1 5.2 5.2 5.3 5.1 3-90 4.8 4.9 5.0 4.9 5.0 4.7 4.3 4-90 4.7 4.8 4.8 4.7 4.7 4.4 4.0 3.8 1-91 4.7 4.7 4.8 4.7 4.7 4.4 4.2 4.2 4.6 1-91 2-91 October 1989 = 100 3-91 4-91 1-92 2-92 3-92 4-92 1-93 2-93 98.8 99.9 101.2 102.4 103.8 105.1 106.2 107.2 108.4 2-91 4.7 4.8 4.8 4.7 4.7 4.5 4.4 4.4 4.7 4.9 3-91 4.7 4.7 4.8 4.7 4.7 4.5 4.4 4.4 4.6 4.7 4.4 4-91 4.6 4.6 4.6 4.6 4.5 4.4 4.3 4.3 4.4 4.3 4.1 3.7 1-92 4.5 4.6 4.6 4.5 4.5 4.3 4.2 4.2 4.3 4.2 4.0 3.8 4.0 109.7 110.9 111.9 113.0 2-92 4.4 4.4 4.4 4.4 4.3 4.2 4.1 4.0 4.1 4.0 3.7 3.5 3.4 2.9 3-92 4.3 4.4 4.3 4.3 4.2 4.1 4.0 3.9 3.9 3.8 3.6 3.4 3.4 3.0 3.2 4-92 4.3 4.3 4.3 4.2 4.2 4.0 3.9 3.9 3.9 3.8 3.6 3.4 3.4 3.2 3.4 3.5 1-93 4.3 4.3 4.3 4.2 4.2 4.0 3.9 3.9 3.9 3.8 3.7 3.6 3.6 3.5 3.6 3.9 4.2 2-93 4.2 4.2 4.2 4.2 4.1 4.0 3.9 3.9 3.9 3.8 3.7 3.6 3.5 3.5 3.6 3.7 3.8 3.5 3-93 4.2 4.2 4.2 4.1 4.1 4.0 3.9 3.8 3.8 3.8 3.6 3.5 3.5 3.5 3.6 3.7 3.7 3.5 3.4 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 2-92 3-92 4-92 1-93 2-93 113.8 114.7 115.7 116.9 117.9 118.9 Data are for the last aonth of quarter. Prepared by Federal Reserve Bank of St. Louis October 26, 1993 8 In d u strial P rod u ction Seasonally Adjusted 1----- 1----- 1----- ----- 1----- [----- 1----- ----- 1----- )----- 1---------- 1----- 1 1987 1988 1989 r 1990 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 of Change) Terminal Month Initial Month 2-92 3-92 4-92 5-92 6-92 7-92 8-92 3-92 3.5 4-92 5.8 8.3 5-92 5.4 6.4 4.6 6-92 2.0 1.5 -1.7 -7.6 7-92 3.5 3.4 1.9 0.6 9.4 8-92 2.5 2.3 0.8 -0.4 3.4 -2.2 -1.4 0.8 -3.3 -4.4 9-92 10-92 11-92 12-92 1987 = 100 1-93 2-93 3-93 4-93 5-93 6-93 7-93 8-93 105.6 106.3 106.7 106.0 106.8 106.6 9-92 1.5 1.1 -0.2 10-92 3.2 3.1 2.3 1.8 4.3 2.6 5.2 15.7 11-92 3.9 4.0 3.4 3.2 5.5 4.6 6.9 13.1 10.5 12-92 4.1 4.2 3.7 3.6 5.5 4.8 6.6 10.6 8.1 5.7 1-93 4.2 4.2 3.8 3.7 5.4 4.7 6.2 9.0 6.9 5.1 4.5 2-93 4.4 4.5 4.1 4.0 5.6 5.0 6.3 8.6 6.8 5.7 5.6 6.8 3-93 4.2 4.3 3.9 3.8 5.2 4.7 5.7 7.5 5.9 4.8 4.5 4.5 4-93 4.1 4.2 3.9 3.8 5.0 4.5 5.4 6.9 5.5 4.5 4.2 4.1 2.8 3.3 5-93 3.7 3.7 3.4 3.3 4.3 3.8 4.5 5.7 4.3 3.3 2.9 2.5 1.1 0.5 -2.2 6-93 3.7 3.7 3.4 3.3 4.2 3.8 4.4 5.4 4.2 3.3 3.0 2.7 1.6 1.5 0.5 3.3 7-93 3.6 3.6 3.3 3.2 4.1 3.7 4.2 5.1 4.0 3.2 2.9 2.6 1.8 1.6 1.1 2.8 2.2 8-93 3.5 3.5 3.2 3.1 3.9 3.5 4.0 4.8 3.8 3.1 2.8 2.5 1.8 1.8 1.4 2.6 2.2 2.2 9-93 3.4 3.4 3.1 3.0 3.8 3.4 3.8 4.5 3.6 2.9 2.6 2.3 1.7 1.6 1.3 2.2 1.8 1.6 1.1 2-92 3-92 4-92 5-92 6-92 7-92 8-92 9-92 10-92 11-92 12-92 1-93 2-93 3-93 4-93 5-93 6-93 7-93 8-93 106.2 107.5 108.4 108.9 109.3 109.9 2.2 110.1 110.4 110.2 110.5 110.7 110.9 111.0 Prepared by Federal Reserve Bank of St. Louis October 15, 1993 P erso n a l Incom e in 1987 Dollars Seasonally Adjusted Trillion» of Dollars ~t | I I 1987 | I I 1988 | I I 1989 J------ T Trillions of Dollars ------ T 1990 | I I 1991 | I I 1992 1“ 1993 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 of Change) Terminal Month Initial Month 2-92 3-92 4-92 5-92 6-92 7-92 8-92 3-92 4.7 4-92 2.9 1.1 5-92 2.9 2.0 3.0 6-92 2.5 1.7 2.1 1.2 7-92 2.0 1.4 1.5 0.7 0.2 8-92 2.5 2.1 2.4 2.1 2.6 5.1 9-92 2.4 2.0 2.2 2.0 2.2 3.3 1.5 10-92 3.5 3.3 3.7 3.9 4.6 6.0 6.5 9-92 10-92 11-92 12-92 1-93 2-93 3-93 4-93 5-93 6-93 7-93 Billions of Dollars Annual Rates 8-93 3,597.1 3,600.4 3,609.2 3,612.7 3,613.4 3,628.4 3,632.8 11.8 3,666.8 11-92 2.7 2.5 2.7 2.7 3.0 3.7 3.2 4.0 -3.2 12-92 8.3 8.7 9.7 10.7 12.3 14.9 17.5 23.4 29.7 73.7 1-93 1.4 1.1 1.1 0.9 0.9 1.0 0.2 -0.2 -3.9 -4.2 -47.2 2-93 1.5 1.2 1.2 1.0 1.0 1.1 0.4 0.2 -2.5 -2.2 -26.6 1.9 3,656.9 3,829.1 3,630.7 3,636.5 3-93 2.0 1.8 1.8 1.7 1.8 2.0 1.5 1.5 -0.4 0.3 -16.5 5.0 8.2 4-93 2.6 2.5 2.6 2.6 2.7 3.0 2.7 2.9 1.5 2.5 -10.2 7.2 9.9 11.7 5-93 2.5 2.4 2.5 2.5 2.6 2.8 2.6 2.7 1.4 2.2 -8.0 5.6 6.9 6.3 1.1 6-93 2.2 2.1 2.2 2.1 2.2 2.4 2.1 2.1 1.0 1.6 -7.1 4.0 4.6 3.4 -0.5 -2.1 7-93 1.8 1.6 1.6 1.5 1.5 1.6 1.3 1.3 0.2 0.7 -6.9 2.3 2.4 1.0 -2.3 -3.9 -5.8 8-93 2.5 2.3 2.4 2.4 2.5 2.7 2.5 2.5 1.7 2.2 -4.3 4.1 4.5 3.8 1.9 2.1 4.3 15.5 9-93 2.4 2.3 2.4 2.4 2.4 2.6 2.4 2.5 1.7 2.2 -3.7 3.8 4.1 3.4 1.9 2.1 3.5 8.4 1.8 2-92 3-92 4-92 5-92 6-92 7-92 8-92 9-92 10-92 11-92 12-92 1-93 2-93 3-93 4-93 5-93 6-93 7-93 8-93 3,660.4 3,694.2 3,697.7 3,691.2 3,673.0 3,717.4 3,722.9 Prepared by Federal Reserve Bank of St. Louis October 29, 1993 10 R etail Sales Seasonally Adjusted Billions of Dollars 1987 1988 1989 1990 Billions of Dollars 1991 1992 1993 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 of Change) Terminal Month 2-92 3-92 4-92 5-92 6-92 7-92 8-92 Initial Month Dollars 9-92 10-92 11-92 12-92 Millions of 1-93 2-93 3-93 4-93 5-93 6-93 7-93 8-93 3-92 -11.2 4-92 -6.7 -1.9 5-92 -3.0 1.4 4.8 6-92 -2.7 0.4 1.5 -1.6 7-92 -1.5 1.1 2.1 0.7 3.1 8-92 -0.4 1.9 2.9 2.2 4.2 5.3 9-92 0.7 2.8 3.8 3.6 5.4 6.5 7.7 10-92 2.9 5.1 6.3 6.6 8.8 10.8 13.6 19.7 11-92 2.0 3.8 4.7 4.7 6.0 6.7 7.1 6.9 -4.7 12-92 3.0 4.7 5.6 5.7 7.0 7.8 8.4 8.6 3.5 12.3 1-93 2.2 3.7 4.3 4.3 5.2 5.5 5.5 5.0 0.5 3.2 -5.2 2-93 1.6 2.9 3.4 3.2 3.8 4.0 3.7 2.9 -0.9 0.4 -5.1 -4.9 3-93 0.4 1.5 1.8 1.5 1.8 1.7 1.1 0.1 -3.4 -3.1 -7.8 -9.1 -13.0 4-93 1.6 2.7 3.1 2.9 3.4 3.4 3.2 2.6 0.0 0.9 -1.7 -0.5 1.7 19.0 5-93 2.0 3.0 3.4 3.3 3.7 3.8 3.6 3.1 0.9 1.9 -0.1 1.3 3.4 12.8 7.0 6-93 2.2 3.2 3.6 3.5 3.9 4.0 3.9 3.5 1.6 2.5 1.0 2.2 4.1 10.5 6.6 6.2 7-93 2.4 3.3 3.7 3.6 4.0 4.1 4.0 3.6 2.0 2.8 1.5 2.7 4.3 9.1 6.0 5.6 5.0 8-93 2.4 3.3 3.6 3.5 3.9 4.0 3.9 3.5 2.0 2.8 1.7 2.7 4.0 7.8 5.2 4.6 3.9 2.8 9-93 2.4 3.2 3.5 3.4 3.7 3.8 3.7 3.3 1.9 2.6 1.6 2.5 3.6 6.7 4.4 3.7 2.9 1.9 1.0 2-92 3-92 4-92 5-92 6-92 7-92 8-92 9-92 10-92 11-92 12-92 1-93 2-93 3-93 4-93 5-93 6-93 7-93 8-93 114,894 114,711 115,158 115,004 115,297 115,798 116,517 118,280 117,811 118,956 118,427 117,933 116,567 118,265 118,931 119,526 120,010 120,289 120,392 Retail sales data deflated by CPI-U (1982-84=100). Prepared by Federal Reserve Bank of St. Louis October 14, 1993 11 In ven tories Compared With M onthly Sales Manufacturing and Trade Seasonally Adjusted Ratio Ratio 1.42 1987 1988 1989 1990 1991 1993 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) Initial Month Terminal Month 1-92 2-92 2-92 3-92 4-92 5-92 6-92 7-92 8-92 Millions of Dollars 9-92 10-92 11-92 12-92 1-93 2-93 3-93 4-93 5-93 6-93 7-93 830,846 1.2 832,300 3-92 1.7 2.1 4-92 2.8 3.6 5.2 5-92 2.1 2.4 2.5 -0.2 6-92 2.9 3.3 3.7 3.0 6.3 7-92 3.3 3.7 4.1 3.7 5.7 5.1 8-92 3.1 3.4 3.7 3.3 4.5 3.6 2.2 835,805 835,685 839,937 843,411 844,942 9-92 2.5 2.7 2.8 2.4 3.0 2.0 0.4 -1.3 10-92 2.4 2.5 2.6 2.1 2.6 1.7 0.6 -0.2 1.0 11-92 2.4 2.5 2.5 2.2 2.6 1.8 1.1 0.7 1.7 12-92 2.5 2.6 2.7 2.4 2.8 2.2 1.6 1.5 2.4 3.2 4.0 1-93 2.6 2.7 2.7 2.5 2.8 2.3 1.9 1.8 2.6 3.1 3.5 3.0 2-93 2.7 2.9 2.9 2.7 3.0 2.7 2.3 2.3 3.1 3.6 4.0 4.0 5.1 3-93 3.0 3.1 3.2 3.0 3.4 3.1 2.8 2.9 3.6 4.1 4.6 4.8 5.7 6.3 4-93 3.1 3.3 3.3 3.2 3.5 3.2 3.0 3.1 3.8 4.2 4.6 4.8 5.4 5.6 4.8 5-93 3.1 3.2 3.3 3.1 3.4 3.2 3.0 3.1 3.6 4.0 4.3 4.3 4.7 4.5 3.6 2.4 6-93 2.9 3.0 3.1 2.9 3.1 2.9 2.7 2.7 3.2 3.5 3.6 3.6 3.7 3.4 2.4 1.2 0.0 7-93 2.7 2.8 2.8 2.7 2.9 2.6 2.4 2.4 2.8 3.0 3.1 2.9 2.9 2.5 1.6 0.5 -0.4 -0.9 8-93 2.7 2.8 2.8 2.7 2.9 2.6 2.4 2.5 2.8 3.0 3.1 2.9 2.9 2.6 1.8 1.1 0.7 1.0 2.9 1-92 2-92 3-92 4-92 5-92 6-92 7-92 8-92 9-92 10-92 11-92 12-92 1-93 2-93 3-93 4-93 5-93 6-93 7-93 844,011 844,728 2.4 846,374 849,117 851,190 854,715 859,094 862,478 864,198 864,227 863,612 865,664 Prepared by Federal Reserve Bank of St. Louis October 15, 1993 12 Gross D om estic P roduct Seasonally Adjusted Trillions of Dollars Trillions of Dollars 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 Quarter 4-88 1-89 1-89 3.2 2-89 2.5 1.8 3-89 1.7 0.9 2-89 3-89 4-89 1-90 2-90 3-90 Initial Quarter Annual Rates 1-91 2-91 3-91 4-91 4-90 Billions of Dollars 1-92 2-92 3-92 4-92 1-93 2-93 4,817.6 4,839.0 0.0 4,839.0 4-89 1.6 1.1 0.7 1.5 1-90 2.0 1.7 1.6 2.5 3.5 2-90 1.9 1.6 1.6 2.2 2.5 1.5 3-90 1.5 1.2 1.1 1.4 1.4 0.3 -0.9 4,856.7 4,898.3 4,917.1 4,906.5 4-90 0.9 0.6 0.4 0.5 0.2 -0.8 -2.0 -3.2 1-91 0.5 0.2 0.0 0.0 -0.3 -1.2 -2.1 -2.8 -2.4 2-91 0.6 0.3 0.2 0.2 0.0 -0.7 -1.3 -1.4 -0.5 1.5 3-91 0.7 0.5 0.3 0.3 0.2 -0.4 -0.7 -0.7 0.1 1.4 4-91 0.7 0.5 0.3 0.4 0.2 -0.2 -0.5 -0.4 0.3 1.2 1.0 0.6 1-92 0.9 0.7 0.6 0.7 0.6 0.2 0.1 0.2 0.9 1.7 1.8 2.0 3.5 4,867.2 4,837.8 4,855.6 1.4 4,872.6 4,879.6 4,922.0 2-92 1.0 0.9 0.8 0.9 0.8 0.5 0.4 0.6 1.2 2.0 2.1 2.3 3.2 2.8 3-92 1.2 1.1 1.0 1.1 1.0 0.8 0.7 0.9 1.5 2.2 2.3 2.6 3.3 3.1 3.4 4-92 1.5 1.4 1.3 1.4 1.4 1.2 1.2 1.5 2.0 2.7 2.9 3.2 3.9 4.0 4.6 5.7 1-93 1.4 1.3 1.3 1.4 1.4 1.2 1.2 1.4 1.9 2.5 2.6 2.8 3.2 3.2 3.3 3.2 0.8 2-93 1.5 1.4 1.3 1.4 1.4 1.3 1.2 1.4 1.9 2.4 2.5 2.7 3.0 2.9 2.9 2.8 1.3 1.9 3-93 1.5 1.4 1.4 1.5 1.5 1.4 1.4 1.5 2.0 2.4 2.5 2.7 3.0 2.9 2.9 2.8 1.8 2.4 2.8 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 2-92 3-92 4-92 1-93 2-93 4,956.5 4,998.2 5,068.3 5,078.2 5,102.1 5,138.0 Third quarter data are advance estimates. Prepared by Federal Reserve Bank of St. Louis October 28, 1993 13 Im p licit Price D eflator for GDP Percent Change From Previous Year Seasonally Adjusted Percent Percent Prepared by Federal Reserve Bank of St. Louis Implicit Price Deflator (Compounded Annual Rates of Change) Terminal Quarter Initial Quarter 4-88 1-89 2-89 3-89 4-89 1-90 1-89 5.4 2-89 5.0 4.6 3-89 4.6 4.2 3.8 4-89 4.4 4.0 3.7 3.7 1-90 4.5 4.3 4.2 4.4 2-90 4.5 4.3 4.3 4.4 4.8 4.4 3-90 4.4 4.3 4.2 4.3 4.5 4.2 2-90 3-90 4-90 1-91 2-91 1987 = 100 3-91 4-91 1-92 2-92 3-92 4-92 1-93 2-93 106.9 108.1 109.1 110.1 5.2 111.5 112.7 4.0 113.8 4-90 4.4 4.3 4.2 4.3 4.5 4.2 4.1 4.3 1-91 4.5 4.3 4.3 4.4 4.6 4.4 4.4 4.6 5.0 2-91 4.3 4.2 4.2 4.2 4.3 4.1 4.1 4.1 4.0 3.1 3-91 4.2 4.1 4.0 4.1 4.1 4.0 3.9 3.9 3.7 3.1 3.1 4-91 4.1 3.9 3.9 3.9 3.9 3.7 3.6 3.6 3.4 2.9 2.7 2.4 1-92 4.0 3.9 3.9 3.9 3.9 3.7 3.7 3.6 3.5 3.1 3.1 3.1 3.8 2-92 4.0 3.9 3.8 3.8 3.8 3.7 3.6 3.5 3.4 3.1 3.1 3.1 3.4 3-92 3.8 3.7 3.6 3.6 3.6 3.4 3.3 3.2 3.0 2.7 2.7 2.5 2.6 2.0 4-92 3.7 3.6 3.6 3.6 3.5 3.4 3.3 3.2 3.1 2.8 2.8 2.7 2.8 2.5 2.2 3.3 1-93 3.7 3.6 3.6 3.6 3.5 3.4 3.3 3.3 3.1 2.9 2.9 2.9 2.9 2.8 2.7 3.5 3.6 2-93 3.7 3.6 3.5 3.5 3.5 3.3 3.2 3.2 3.1 2.9 2.8 2.8 2.8 2.7 2.6 3.1 3.0 2.3 3-93 3.5 3.4 3.4 3.4 3.3 3.2 3.1 3.0 2.9 2.7 2.7 2.6 2.7 2.5 2.4 2.7 2.5 2.0 1.6 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 2-92 3-92 4-92 1-93 2-93 115.0 116.4 117.3 118.2 118.9 120.0 120.9 3.0 1.0 121.2 122.2 123.3 124.0 124.5 Third quarter data are advance estimates. Prepared by Federal Reserve Bank of St. Louis October 28, 1993 14 Final Sales in 1987 Dollars (Compounded Annual Rates of Change) Terminal Quarter Initial Quarter 4-88 1-89 1.5 2-89 1.8 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 2-92 3-92 Billions of Dollars Annual Rates 2-93 4-92 1-93 4,776.3 2.2 4,802.0 3-89 1.8 2.0 1.8 4-89 1.5 1.6 1.2 0.7 1-90 2.3 2.5 2.6 2.9 5.2 2-90 1.8 1.9 1.8 1.8 2.4 3-90 1.6 1.7 1.6 1.5 1.8 0.1 0.5 4-90 1.3 1.3 1.2 1.1 1.2 -0.2 0.0 -0.6 1-91 0.9 0.8 0.6 0.4 0.4 -0.8 -0.9 -1.6 -2.7 2-91 1.0 0.9 0.8 0.7 0.6 -0.3 -0.2 -0.5 -0.4 3-91 0.9 0.8 0.7 0.5 0.5 -0.3 -0.3 -0.5 -0.4 0.8 -0.4 4-91 0.8 0.7 0.6 0.5 0.4 -0.2 -0.2 -0.4 -0.3 0.5 -0.2 4,823.0 4,831.8 4,893.6 -0.4 4,889.0 4,895.6 4,888.0 4,855.2 1.9 4,878.0 4,873.5 4,872.5 -0.1 1-92 1.1 1.0 0.9 0.9 0.9 0.3 0.4 0.4 0.6 1.5 1.3 2.2 4.5 2-92 1.1 1.1 1.0 0.9 0.9 0.5 0.6 0.6 0.8 1.5 1.3 1.9 2.9 4,926.9 1.4 4,943.8 3-92 1.3 1.3 1.2 1.1 1.2 0.8 0.9 0.9 1.2 1.8 1.8 2.4 3.2 2.5 3.7 4-92 1.5 1.5 1.5 1.5 1.5 1.2 1.4 1.5 1.7 2.4 2.5 3.0 3.8 3.6 4.7 5.8 1-93 1.4 1.4 1.3 1.3 1.4 1.0 1.2 1.2 1.4 2.0 2.0 2.4 2.9 2.5 2.8 2.4 -0.8 2-93 1.5 1.5 1.5 1.4 1.5 1.2 1.3 1.4 1.6 2.1 2.1 2.5 2.9 2.6 2.9 2.7 1.2 3.2 3-93 1.6 1.6 1.6 1.6 1.6 1.4 1.5 1.6 1.8 2.2 2.3 2.6 3.0 2.7 3.0 2.9 1.9 3.3 3.3 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 2-92 3-92 4-92 1-93 2-93 4,988.6 5,059.6 5,048.9 5,089.1 5,130.8 Prepared by Federal Reserve Bank of St. Louis October 28, 1993 Personal Consumption Expenditures in 1987 Dollars (Compounded Annual Rates of Change) Terminal Quarter 4-88 1-89 2-89 3-89 1-89 0.1 2-89 0.6 1.1 3-89 1.4 2.0 2.9 4-89 1.2 1.6 1.9 0.8 1-90 1.5 1.9 2.2 1.8 4-89 1-90 2-90 3-90 Initial Quarter Annual Rates 1-91 2-91 3-91 4-91 4-90 Billions of Dollars 1-92 2-92 3-92 4-92 1-93 2-93 3,203.6 3,212.2 3,235.3 3,242.0 2.8 3,264.4 2-90 1.4 1.7 1.8 1.5 1.8 0.9 3-90 1.5 1.8 1.9 1.6 1.9 1.5 2.1 4-90 1.0 1.1 1.1 0.8 0.7 0.1 -0.3 -2.7 1-91 0.6 0.6 0.5 0.2 0.0 -0.7 -1.2 -2.8 -2.8 2-91 0.7 0.7 0.7 0.4 0.3 -0.2 -0.4 -1.3 -0.6 1.8 3-91 0.7 0.8 0.8 0.5 0.4 0.1 -0.1 -0.6 0.0 1.5 1.3 4-91 0.7 0.7 0.7 0.4 0.4 0.1 -0.1 -0.5 0.0 1.0 0.7 0.0 1-92 0.9 1.0 1.0 0.8 0.8 0.6 0.5 0.3 0.9 1.8 1.9 2.2 3,271.6 3,288.4 3,265.9 3,242.7 3,256.9 3,267.1 3,267.5 4.3 3,302.3 2-92 1.0 1.1 1.1 0.9 0.9 0.7 0.7 0.5 1.0 1.8 1.8 2.0 3.0 1.8 3-92 1.2 1.3 1.3 1.2 1.2 1.1 1.1 0.9 1.5 2.2 2.3 2.6 3.4 3.0 4.2 4-92 1.5 1.6 1.6 1.5 1.6 1.5 1.5 1.5 2.0 2.7 2.9 3.2 4.0 3.8 4.9 5.6 1-93 1.4 1.5 1.6 1.5 1.5 1.4 1.5 1.4 1.9 2.5 2.6 2.8 3.3 3.1 3.5 3.2 0.8 2-93 1.6 1.6 1.7 1.6 1.6 1.6 1.6 1.6 2.0 2.6 2.7 2.9 3.3 3.1 3.5 3.3 2.1 3.4 3-93 1.7 1.8 1.8 1.8 1.8 1.7 1.8 1.8 2.2 2.7 2.8 3.0 3.5 3.3 3.6 3.5 2.8 3.8 4.2 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 2-92 3-92 4-92 1-93 2-93 3,316.8 3,350.9 3,397.2 3,403.8 3,432.7 3,467.9 Third quarter data are advance estimates. Prepared by Federal Reserve Bank of St. Louis October 28, 1993 15 Residential Fixed Investment in 1987 Dollars (Compounded Annual Rates of Change) Terminal Quarter 4-88 1-89 -5.4 2-89 1-89 2-89 3-89 4-89 1-90 2-90 3-90 Initial Quarter Annual Rates 1-91 2-91 3-91 4-91 4-90 Billions of Dollars 1-92 2-92 3-92 4-92 2-93 1-93 222.2 -8.6 -11.7 215.4 3-89 -8.3 -9.7 -7.6 211.2 4-89 -7.7 -8.4 -6.8 -5.9 1-90 -4.9 -4.8 -2.3 0.4 2-90 -7.3 -7.6 -6.6 -6.3 3-90 -9.6 -10.2 208.0 211.6 7.1 201.2 -6.4 -18.3 189.0 -9.9 -10.5 -12.0 -20.2 -22.1 4-90 -11.5 -12.4 -12.5 -13.5 -15.2 -21.6 -23.2 -24.3 176.3 1-91 -13.2 -14.1 -14.5 -15.6 -17.4 -22.6 -24.0 -24.9 -25.5 163.8 2-91 -11.9 -12.6 -12.7 -13.4 -14.5 -18.3 -18.3 -17.0 -13.1 1.2 164.3 3-91 -9.5 -9.9 -9.8 -10.0 -10.6 -13.2 -12.2 -9.5 -4.0 9.0 17.3 4-91 -7.4 -7.5 -7.1 -7.1 -7.2 -7.5 -4.2 1.6 12.6 18.8 -9.1 171.0 20.3 179.1 1-92 -5.7 -5.7 -5.2 -4.9 -4.8 -6.2 -4.3 -1.0 4.5 13.7 18.2 18.6 16.8 2-92 -4.0 -3.8 -3.2 -2.8 -2.4 -3.4 -1.4 2.0 7.2 15.3 19.1 19.6 19.3 186.2 21.8 195.6 3-92 -3.6 -3.5 -2.8 -2.4 -2.1 -3.0 -1.1 1.9 6.3 12.8 15.3 14.7 12.9 11.0 1.2 4-92 -1.7 -1.4 -0.6 -0.1 0.4 -0.2 1.8 4.9 9.3 15.4 18.0 18.1 17.6 17.8 15.9 32.8 1-93 -1.5 -1.2 -0.5 0.0 0.5 0.0 1.8 4.6 8.4 13.6 15.5 15.2 14.2 13.5 10.9 16.1 1.5 2-93 -1.9 -1.7 -1.1 -0.6 -0.2 -0.8 0.8 3.2 6.5 10.8 12.0 11.3 9.8 8.5 5.4 6.9 -4.1 -9.5 3-93 -1.4 -1.1 -0.5 0.0 0.4 -0.1 1.5 3.8 6.8 10.7 11.8 11.1 9.9 8.8 6.3 7.6 0.4 -0.2 10.1 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 2-92 3-92 4-92 1-93 2-93 196.2 210.6 211.4 206.2 211.2 Prepared by Federal Reserve Bank of St. Louis October 28, 1993 Nonresidential Fixed Investment in 1987 Dollars (Compounded Annual Rates of Change) Terminal Quarter 4-88 1-89 2-89 3-89 4-89 1-90 2-90 3-90 Initial Quarter Annual Rates 1-91 2-91 3-91 4-91 4-90 Billions of Dollars 1-92 2-92 3-92 4-92 1-93 2-93 539.5 1-89 0.5 2-89 1.3 2.0 3-89 0.7 0.9 -0.3 4-89 -0.4 -0.7 -2.0 -3.7 542.2 541.8 536.7 550.2 1-90 1.7 2.0 2.0 3.1 10.4 2-90 0.7 0.7 0.4 0.7 2.9 -4.1 3-90 1.3 1.4 1.3 1.7 3.6 0.4 5.0 4-90 0.1 0.1 -0.2 -0.2 0.7 -2.4 -1.6 1-91 -1.4 -1.7 -2.2 -2.5 -2.3 -5.2 -5.6 -10.5 -13.2 2-91 -1.6 -1.8 -2.3 -2.6 -2.4 -4.7 -4.9 -8.0 -8.1 -2.7 3-91 -1.8 -2.0 -2.4 -2.7 -2.6 -4.6 -4.7 -7.0 -6.7 -3.3 -3.8 4-91 -2.1 -2.3 -2.7 -3.0 -2.9 -4.7 -4.8 -6.6 -6.3 -3.9 -4.5 -5.1 1-92 -1.6 -1.8 -2.2 -2.4 -2.2 -3.7 -3.6 -5.0 -4.4 -2.1 -1.9 -0.9 3.5 2-92 -0.5 -0.6 -0.8 -0.9 -0.6 -1.7 -1.5 -2.3 -1.4 1.1 2.1 4.2 9.2 15.1 3-92 -0.2 -0.3 -0.5 -0.5 -0.2 -1.2 -0.9 -1.6 -0.7 1.6 2.5 4.1 7.4 9.3 3.8 4-92 0.2 0.2 0.1 0.1 0.4 -0.4 -0.1 -0.6 0.3 2.4 3.3 4.8 7.4 8.8 5.7 7.6 1-93 1.0 1.0 1.0 1.1 1.4 0.7 1.2 0.8 1.8 3.8 4.8 6.3 8.8 10.1 8.5 11.0 14.4 2-93 1.8 1.9 1.9 2.0 2.5 1.9 2.4 2.1 3.2 5.2 6.2 7.7 10.1 11.4 10.5 12.8 15.5 16.6 3-93 2.0 2.1 2.1 2.3 2.7 2.2 2.7 2.5 3.5 5.3 6.2 7.6 9.5 10.5 9.6 11.1 12.3 11.3 6.3 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 2-92 3-92 4-92 1-93 2-93 544.5 551.2 540.2 -7.7 521.4 517.8 512.8 506.1 510.5 528.8 533.8 543.7 562.3 584.3 593.3 Third quarter data are advance estimates. Prepared by Federal Reserve Bank of St. Louis October 28, 1993 16 Exports in 1987 Dollars (Compounded Annual Rates of Change) Terminal Quarter Initial Quarter 4-88 1-89 2-89 3-89 4-89 1-89 15.7 2-89 16.0 16.3 3-89 10.7 8.3 0.8 4-89 11.3 9.9 6.8 13.1 1-90 11.5 10.4 8.5 12.6 12.1 2-90 10.8 9.8 8.3 10.9 9.8 1-90 2-90 3-90 4-90 1-91 2-91 3-91 4-91 1-92 2-92 3-92 4-92 Billions of Dollars Annual Rates 2-93 1-93 454.5 472.0 472.9 487.7 501.8 7.6 511.1 3-90 8.9 7.8 6.2 7.5 5.8 2.7 -1.9 4-90 9.0 8.0 6.7 8.0 6.7 5.0 3.7 1-91 7.8 6.9 5.6 6.5 5.2 3.5 2.2 4.3 -0.8 2-91 8.9 8.2 7.2 8.2 7.4 6.5 6.2 9.1 8.8 19.4 3-91 8.4 7.7 6.8 7.5 6.8 5.9 5.6 7.5 6.8 10.9 3.0 4-91 8.8 8.2 7.4 8.2 7.6 6.9 6.8 8.7 8.4 11.7 8.0 13.3 1-92 8.5 7.9 7.2 7.8 7.3 6.7 6.5 8.0 7.7 9.9 7.0 9.0 508.6 520.4 9.6 519.4 542.9 546.9 564.2 571.0 4.9 2-92 7.8 7.2 6.5 7.0 6.5 5.8 5.6 6.8 6.3 7.8 5.0 5.7 2.1 -0.6 3-92 7.7 7.2 6.5 7.0 6.5 5.9 5.7 6.7 6.3 7.5 5.3 5.9 3.6 2.9 6.5 4-92 7.8 7.3 6.7 7.1 6.6 6.2 6.0 6.9 6.6 7.7 5.9 6.5 4.9 4.8 7.6 8.8 1-93 7.2 6.6 6.0 6.4 5.9 5.4 5.2 6.0 5.6 6.4 4.7 4.9 3.4 3.0 4.2 3.0 -2.4 2-93 7.0 6.5 5.9 6.2 5.8 5.3 5.1 5.8 5.4 6.1 4.5 4.8 3.4 3.1 4.0 3.2 0.5 3.6 3-93 6.5 6.0 5.5 5.8 5.3 4.8 4.6 5.2 4.8 5.3 3.9 4.0 2.7 2.4 3.0 2.1 0.0 1.2 -1.1 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 2-92 3-92 4-92 1-93 2-93 570.2 579.3 591.6 588.0 593.2 591.5 Prepared by Federal Reserve Bank of St. Louis October 28, 1993 Imports in 1987 Dollars (Compounded Annual Rates of Change) Terminal Quarter 4-88 1-89 2-89 3-89 4-89 1-89 -4.8 2-89 0.4 5.8 3-89 2.4 6.2 6.5 4-89 2.6 5.2 4.9 3.3 1-90 3.2 5.3 5.1 4.4 5.6 2-90 3.6 5.3 5.2 4.8 5.5 1-90 2-90 3-90 Initial Quarter Annual Rates 1-91 2-91 3-91 4-91 4-90 Billions of Dollars 1-92 2-92 3-92 4-92 1-93 2-93 534.3 541.9 550.5 555.0 562.6 5.4 570.0 3-90 3.1 4.5 4.2 3.7 3.8 2.9 0.5 4-90 1.5 2.4 1.9 1.0 0.4 -1.3 -4.4 1-91 0.0 0.6 -0.1 -1.2 -2.0 -3.8 -6.7 -10.1 -11.1 2-91 1.1 1.8 1.3 0.6 0.1 -0.9 -2.4 -3.4 -0.4 11.7 3-91 2.0 2.8 2.4 1.9 1.7 1.1 0.3 0.2 3.5 11.7 4-91 2.4 3.1 2.8 2.4 2.3 1.8 1.2 1.4 4.2 9.9 9.0 6.3 1-92 2.5 3.1 2.9 2.5 2.5 2.1 1.6 1.8 4.1 8.4 7.3 5.1 2-92 3.4 4.1 3.9 3.7 3.7 3.5 3.3 3.7 6.0 9.8 9.3 8.6 9.7 15.9 3-92 3.8 4.4 4.3 4.1 4.2 4.1 3.9 4.4 6.5 9.7 9.3 8.7 9.5 12.5 9.2 4-92 3.9 4.5 4.4 4.3 4.3 4.2 4.1 4.5 6.4 9.1 8.7 8.1 8.5 10.2 7.4 5.6 1-93 4.3 4.9 4.9 4.8 4.9 4.8 4.8 5.2 6.9 9.4 9.1 8.7 9.2 10.5 8.8 8.6 11.6 2-93 4.8 5.4 5.4 5.3 5.5 5.4 5.5 5.9 7.5 9.9 9.6 9.3 9.8 11.1 9.9 10.1 12.5 13.3 3-93 4.7 5.2 5.2 5.1 5.2 5.2 5.2 5.6 7.0 9.0 8.7 8.4 8.7 9.5 8.2 8.0 8.8 7.4 1.9 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 2-92 3-92 4-92 1-93 2-93 570.7 -9.1 557.2 541.0 556.2 11.8 571.9 580.7 3.8 586.2 608.2 621.8 630.3 647.9 668.4 671.5 Third quarter data are advance estimates. 17 Prepared by Federal Reserve Bank of St. Louis October 28, 1993 Government Purchases of Goods and Services in 1987 Dollars (Compounded Annual Rates of Change) Terninal Quarter 4-88 1-89 2-89 3-89 4-89 1-89 -1.6 2-89 1.8 5.3 3-89 2.6 4.9 4.5 4-89 2.0 3.3 2.3 0.2 1-90 3.0 4.2 3.8 3.5 7.0 1-90 2-90 3-90 Initial Quarter Annual Rates 1-91 2-91 3-91 4-91 4-90 Billions of Dollars 1-92 2-92 3-92 4-92 1-93 2-93 890.8 902.3 912.2 912.6 928.1 2-90 2.7 3.6 3.1 2.7 4.0 1.1 3-90 2.2 2.9 2.4 1.9 2.4 0.2 -0.6 4-90 2.6 3.3 2.9 2.6 3.3 2.1 2.6 5.8 1-91 2.7 3.2 2.9 2.7 3.2 2.2 2.6 4.3 2.8 2-91 2.5 3.0 2.7 2.5 2.9 2.1 2.3 3.3 2.1 1.4 3-91 2.1 2.5 2.2 1.9 2.2 1.4 1.5 2.0 0.7 -0.3 -2.0 4-91 1.5 1.8 1.5 1.2 1.3 0.5 0.4 0.6 -0.7 -1.8 -3.4 -4.7 1-92 1.6 1.9 1.6 1.3 1.5 0.8 0.8 1.0 0.1 -0.6 -1.3 -0.9 3.0 2-92 1.4 1.7 1.4 1.1 1.2 0.6 0.5 0.7 -0.1 -0.7 -1.2 -1.0 1.0 -1.0 3-92 1.6 1.9 1.6 1.4 1.5 0.9 0.9 1.1 0.5 0.1 -0.2 0.3 2.0 1.5 4.1 4-92 1.4 1.6 1.4 1.2 1.2 0.7 0.7 0.8 0.2 -0.1 -0.4 -0.1 1.1 0.5 1.3 -1.4 1-93 1.0 1.1 0.8 0.6 0.6 0.1 0.0 0.1 -0.5 -0.9 -1.3 -1.2 -0.4 -1.3 -1.3 -3.9 -6.4 2-93 1.1 1.3 1.1 0.8 0.9 0.4 0.4 0.5 -0.1 -0.4 -0.6 -0.4 0.3 -0.2 0.0 -1.3 -1.2 4.3 3-93 1.0 1.2 0.9 0.7 0.7 0.3 0.3 0.3 -0.2 -0.4 -0.7 -0.5 0.1 -0.3 -0.2 -1.2 -1.2 1.5 -1.1 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 2-92 3-92 4-92 1-93 2-93 930.6 929.2 942.4 948.9 952.3 947.6 936.2 943.1 940.7 950.2 946.9 931.3 941.1 938.4 Third quarter data are advance estimates. Prepared by Federal Reserve Bank of St. Louis October 28, 1993 Corporate Profits (Compounded Annual Rates of Change) Terminal Quarter 3-88 4-88 1-89 2-89 3-89 4-89 1-90 2-90 Initial Quarter Annual Rates 4-90 1-91 2-91 3-91 3-90 Billions of Dollars 4-91 15.0 1-89 2.3 -9.1 2-89 1.7 -4.4 3-89 -2.2 -7.3 -6.4 -12.9 4-89 -2.4 -6.3 -5.3 3-92 4-92 1-93 369.4 369.9 0.5 -8.2 357.3 -3.1 354.5 382.6 1-90 3.1 0.9 3.6 4.6 14.7 35.7 2-90 6.7 5.4 8.6 10.7 19.9 33.3 3-90 0.3 -1.6 -0.3 -0.5 2.9 4-90 -0.3 -2.1 -1.0 -1.3 1-91 0.4 -1.1 0.0 2-91 0.5 -0.8 3-91 -0.6 4-91 1.1 31.0 409.3 4.9 -7.7 -35.0 367.5 1.2 2.3 -6.8 -21.4 -5.0 -0.1 2.2 3.3 -3.5 -12.8 1.0 7.4 0.2 0.1 2.1 3.0 -2.5 -9.4 1.2 4.5 -1.9 -1.1 -1.3 0.2 0.7 -4.2 -10.0 -2.3 -1.4 0.0 0.9 1.0 2.6 3.4 -0.6 2.5 4.4 -5.0 362.8 369.3 370.8 1.6 359.0 -5.5 -12.1 3.4 4.4 24.0 378.8 409.9 1-92 3.3 2.5 3.5 3.8 5.6 6.7 3.5 0.1 7.6 10.3 11.0 14.3 30.4 37.1 2-92 3.2 2.4 3.4 3.6 5.3 6.2 3.3 0.3 6.7 8.8 9.1 11.0 20.0 18.1 -0.8 -0.1 -0.2 0.9 1.3 -1.6 5.0 6.6 7.4 5.2 0.2 2-92 378.3 4-88 3-92 1-92 -4.7 0.0 0.7 4-92 4.4 3.8 4.7 2.9 8.3 10.1 1-93 3.8 3.2 4.0 4.2 5.6 6.3 4.1 2.0 6.7 8.1 2-93 4.9 4.3 5.2 5.5 6.9 7.6 5.7 3.8 8.3 9.8 3-88 4-88 1-89 2-89 3-89 4-89 1-90 2-90 3-90 4-90 -0.3 -0.7 2.4 411.7 1.8 367.5 -4.0 -19.6 -36.5 439.5 14.0 104.6 12.0 17.6 16.0 9.7 9.1 13.2 11.1 5.4 6.7 38.2 -6.6 10.1 11.2 14.9 13.5 9.3 11.3 34.2 8.6 26.3 1-91 2-91 3-91 4-91 1-92 2-92 3-92 4-92 1-93 10.5 8.2 432.1 458.1 Corporate profits with capital consunption and inventory valuation adjustments. Second quarter data are final estinates. Prepared by Federal Reserve Bank of St. Louis October 28, 1993 18 Gross Saving as a P ercen t of GDP Seasonally Adjusted Percent 1987 1988 1989 Percent 1990 1991 1992 1993 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 of Change) Terminal Quarter 3-88 4-88 1-89 2-89 3-89 4-89 1-90 2-90 Initial Quarter Annual Rates 4-90 1-91 2-91 3-91 3-90 Billions of Dollars 4-91 1-92 2-92 3-92 <*-88 9.2 1-89 7.6 6.0 2-89 2.3 -0.9 -7.4 3-89 1.8 -0.6 -3.7 0.1 4-89 3.2 1.7 0.3 4.4 8.9 1-90 5.8 5.1 4.9 9.4 14.3 20.1 2-90 6.4 5.9 5.9 9.6 12.9 15.0 10.1 3-90 1.8 0.7 -0.1 1.4 1.8 -0.5 -9.4 -25.5 4-90 3.6 2.9 2.5 4.2 5.1 4.2 -0.7 -5.6 19.5 1-91 5.9 5.5 5.5 7.4 8.7 8.7 6.0 4.7 24.0 28.8 2-91 6.0 5.7 5.6 7.4 8.5 8.4 6.2 5.2 18.1 17.4 3-91 4.4 4.0 3.8 5.1 5.7 5.3 3.0 1.6 9.8 6.8 4-91 5.8 5.6 5.5 6.9 7.7 7.6 5.9 5.2 12.7 11.1 5.7 5.1 25.0 1-92 5.9 5.6 5.6 6.9 7.6 7.5 6.0 5.4 11.7 10.2 5.9 5.6 15.4 6.6 2-92 5.9 5.7 5.6 6.8 7.4 7.3 5.9 5.4 10.8 9.4 5.9 5.6 12.1 6.1 3-92 6.3 6.1 6.1 7.2 7.8 7.7 6.6 6.2 11.0 9.8 6.9 6.9 12.1 8.1 8.9 4-92 4.7 4.4 4.3 5.2 5.6 5.4 4.1 3.5 7.4 6.0 3.1 2.4 5.5 1.1 -0.6 1-93 5.7 5.5 5.5 6.4 6.9 6.8 5.7 5.3 9.0 7.9 5.6 5.4 8.5 5.5 5.2 5.0 1.6 2-93 4.6 4.4 4.3 5.1 5.4 5.2 4.1 3.6 6.8 5.6 3.3 2.8 5.1 2.0 1.2 0.1 -3.7 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 2-92 3-92 4-92 1-93 814.8 826.7 811.0 811.2 828.6 867.4 888.5 825.5 863.1 919.4 7.0 935.0 -2.8 -11.6 906.6 958.7 974.1 5.7 987.7 12.2 1,016.5 -3.7 -17.3 969.4 24.9 1,024.8 3.9 -13.5 4-92 988.3 1-93 Second quarter data are final estimates. Prepared by Federal Reserve Bank of St. Louis October 28, 1993 19 B u sin ess P rod uctivity and C om pen sation Percent Change From Previous Year Seasonally Adjusted Percent Percent Prepared by Federal Reserve Bank of St. Louis Business Sector Output per Hour (Compounded Annual Rates of Change) Terninal Quarter Initial Quarter 3-88 4-88 1-89 2-89 3-89 4-89 1-90 2-90 3-90 4-90 1-91 4-88 0.4 1-89 -1.1 -2.5 2-89 -0.8 -1.4 -0.4 3-89 -1.0 -1.4 -0.9 -1.4 4-89 -0.8 -1.1 -0.6 -0.7 0.0 1-90 -0.4 -0.5 0.0 0.1 0.9 1.8 2-90 0.2 0.1 0.7 0.9 1.7 2.6 3.3 3-90 0.0 -0.1 0.4 0.5 1.0 1.3 1.1 -1.1 4-90 -0.1 -0.2 0.2 0.2 0.6 0.7 0.4 -1.1 -1.1 1-91 0.0 0.0 0.3 0.4 0.7 0.9 0.6 -0.2 0.2 1.5 2-91 0.3 0.3 0.6 0.7 1.0 1.2 1.0 0.5 1.0 2.0 2.5 1982 = 100 2-91 3-91 4-91 1-92 2-92 3-92 4-92 1-93 110.9 110.2 110.1 109.7 109.7 110.2 111.1 110.8 110.5 110.9 111.6 111.9 3-91 0.3 0.3 0.6 0.7 1.0 1.1 1.0 0.6 1.0 1.7 1.8 1.1 4-91 0.6 0.6 0.9 1.0 1.3 1.4 1.4 1.1 1.5 2.2 2.4 2.3 3.6 1-92 0.9 0.9 1.2 1.4 1.7 1.8 1.8 1.6 2.1 2.7 3.1 3.2 4.3 5.1 2-92 1.0 1.0 1.3 1.5 1.7 1.9 1.9 1.7 2.1 2.7 2.9 3.0 3.7 3.8 2.5 3-92 1.2 1.3 1.5 1.7 1.9 2.1 2.1 2.0 4.2 4-92 1.4 1.4 1.7 1.8 2.1 2.3 2.3 1-93 1.2 1.2 1.5 1.6 1.8 1.9 2.0 2-93 1.1 1.1 1.3 1.4 1.6 1.7 3-88 4-88 1-89 2-89 3-89 4-89 112.9 114.3 115.0 116.2 2.4 2.9 3.2 3.3 3.8 3.9 3.4 2.2 2.6 3.0 3.3 3.4 3.8 3.9 3.5 4.0 3.8 1.8 2.1 2.5 2.6 2.9 2.8 2.2 2.1 1.0 -1.7 1.7 1.6 1.8 2.1 2.2 2.2 2.3 2.1 1.5 1.3 0.3 -1.4 -1.0 1-90 2-90 3-90 4-90 1-91 2-91 3-91 4-91 1-92 2-92 3-92 4-92 1-93 2.6 117.3 116.8 116.5 Prepared by Federal Reserve Bank of St. Louis September 9, 1993 20 Net Federal Debt (Compounded Annual Rates of Change) Terminal Quarter 3-88 4-88 1-89 2-89 3-89 4-89 1-90 2-90 4-88 4.9 1-89 6.0 7.1 2-89 5.8 6.3 5.6 3-89 6.2 6.7 6.5 7.5 4-89 6.7 7.2 7.3 8.1 8.7 1-90 8.1 8.7 9.1 10.3 11.8 15.0 2-90 8.6 9.2 9.6 10.6 11.7 13.2 11.5 3-90 9.0 9.6 10.0 10.9 11.8 12.8 11.7 11.9 4-90 9.5 10.1 10.5 11.3 12.1 13.0 12.3 12.7 Initial Quarter Dollars 4-90 1-91 2-91 3-90 Billions of 3-91 4-91 1-92 2-92 3-92 4-92 1-93 2,086.6 2,122.5 2,151.7 2,190.8 2,236.9 2,316.3 2,380.4 2,448.3 2,527.5 13.6 1-91 9.4 10.0 10.3 11.0 11.6 12.2 11.5 11.5 11.3 9.1 2-91 9.7 10.1 10.5 11.1 11.6 12.1 11.6 11.6 11.5 10.5 11.8 3-91 10.2 10.7 11.0 11.7 12.2 12.7 12.3 12.5 12.6 12.3 13.9 4-91 10.1 10.6 10.9 11.5 11.9 12.3 12.0 12.0 12.0 11.7 12.5 12.9 9.7 1-92 10.2 10.7 11.0 11.5 11.9 12.2 11.9 12.0 12.0 11.7 12.3 12.5 10.7 2-92 10.4 10.9 11.1 11.6 12.0 12.3 12.1 12.1 12.2 11.9 12.5 12.6 11.5 12.4 13.2 3-92 10.4 10.8 11.0 11.5 11.8 12.1 11.8 11.8 11.8 11.6 12.0 12.0 11.0 11.5 11.4 9.6 4-92 10.2 10.5 10.8 11.2 11.5 11.7 11.4 11.4 11.3 11.0 11.3 11.2 10.3 10.4 10.0 8.5 7.4 1-93 10.0 10.3 10.5 10.9 11.1 11.3 11.0 11.0 10.9 10.6 10.7 10.6 9.7 9.7 9.2 7.9 7.1 6.9 2-93 10.2 10.5 10.7 11.0 11.3 11.4 11.2 11.1 11.1 10.8 11.0 10.9 10.2 10.3 10.0 9.2 9.1 10.0 13.2 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 2-92 3-92 4-92 1-93 2,583.4 2,656.6 2,757.6 16.1 2,822.2 2,901.1 11.7 2,992.5 3,061.7 3,116.5 3,168.6 3,268.6 Prepared by Federal Reserve Bank of St. Louis October 28, 1993 FEDERAL GOVERNMENT DEBT (billions of dollars) Seasonally Adjusted End of Month Totals Gross 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 2487.7 2548.8 2613.8 2673.0 499.0 528.4 552.2 584.4 1988.5 2021.2 2062.0 2086.6 220.9 227.1 232.3 231.7 1765.0 1796.5 1830.5 1855.1 331.0 343.3 348.5 363.1 1989 March June September December 2738.8 2801.7 2869.3 2942.2 617.4 650.6 679.0 701.9 2122.5 2151.7 2190.8 2236.9 232.8 231.4 223.6 221.4 1886.9 1919.9 1967.3 2013.2 375.1 367.3 398.5 429.2 1990 March June September December 3048.3 3146.3 3246.4 3353.0 734.2 766.9 799.0 820.6 2316.3 2380.4 2448.3 2527.5 223.9 231.1 235.5 251.3 2096.5 2153.8 2217.0 2286.0 420.5 426.0 443.9 456.6 1991 March June September December 3460.5 3541.4 3680.1 3787.6 880.5 886.3 923.9 958.5 2583.4 2656.6 2757.6 2822.2 253.0 255.0 268.0 272.1 2339.8 2411.3 2500.1 2560.4 463.8 472.7 480.7 488.9 1992 March June September December 3876.1 3988.9 4081.1 4160.9 978.8 998.6 1021.1 1036.0 2901.1 2992.5 3061.7 3116.5 274.0 277.0 300.1 291.7 2640.9 2727.5 2777.5 2836.6 508.4 529.1 538.9 545.9 1993 March June 4226.4 4356.4 1058.9 1089.9 3168.6 3268.6 312.7 328.5 2869.2 2953.2 565.5 566.9 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. Data have been revised to reflect changed seasonal adjustment factors. 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 deficit( - ) 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 -149.9 -206.3 -182.0 -187.2 -133.7 -183.7 -179.5 -190.6 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 -183.3 -223.8 -219.7 -177.5 -185.0 -213.0 -180.3 -163.2 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 -189.7 -130.3 -134.5 -152.7 -182.3 -122.3 -138.4 -173.0 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 -157.5 -134.6 -119.5 -134.9 -173.1 -161.9 -145.2 -184.7 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 -110.0 -109.7 -128.0 -141.5 -166.7 -155.1 -161.8 -172.8 1990 1 2 3 4 1091.3 1114.5 1123.7 1115.8 1061.7 1093.4 1116.0 1132.1 1257.8 1266.5 1268.3 1306.9 1252.2 1275.4 1273.6 1311.2 -166.4 -152.0 -144.6 -191.0 -190.5 -182.0 -157.6 -179.1 1991 1 2 3 4 1115.8 1120.3 1132.6 1142.5 1160.1 1173.7 1257.9 1319.3 N .A. N .A. -145.2 - 206.2 -217.7 -244.7 - 97.8 -145.6 N.A. N.A. 1261.0 1326.5 1350.2 1387.2 1992 1 2 3 4 1165.9 1176.1 1169.1 1221.1 N.A. N.A. N.A. N.A. 1436.1 1456.0 1459.8 1485.3 N .A. N .A. N .A. N .A. -270.2 -279.9 -290.7 - 264.2 N .A. N .A. N .A. N .A. 1993 1 2 3 1218.4 1268.0 N.A. N.A. N.A. 1481.9 1490.6 1480.2 N .A. N .A. N.A. -263.5 -222.6 N .A. N .A. N .A. N .A . N .A. N .A. N .A. N .A . — N o t Available Fiscal years Estimates Actual 1986 1985 Total budget Receipts Outlays Surplus or deficit (- ) 1987 769.1 $ 854.1 990.3 1003.9 $ 734.1 946.4 $ $- 212.3 $ -2 2 1 .2 $ -1 4 9 .8 1988 $ 1989 1990 1991 1992 909.0 $ 990.7 $ 1031.3 $ 1054.3 $ 1090.5 1380.9 1064.1 1143.2 1252.7 1323.8 $ -1 5 5 .2 $ -1 5 2 .5 $ -2 2 1 .4 $ -2 6 9 .5 $- 290.4 1993 1994 $ 1144.1 $ 1241.3 1425.2 1500.1 $ -2 8 1 .1 $ -2 5 8 .7 Calendar years National income accounts budget Receipts Expenditures Surplus or deficit( - ) Cyclically adjusted budget Receipts Expenditures Surplus or deficit( - ) $ 788.6 $ 827.2 1028.2 969.9 $ -1 8 1 .4 $ $ -2 0 1 .0 $ 913.8 $ 972.3 $ 1059.3 $ 1107.4 $ 1127.8 $ 1183.0 1109.0 1181.6 1459.3 1065.6 1273.6 1331.2 $ -1 5 1 .8 808.5 $ 844.1 $ 917.6 980.3 1029.4 1071.6 $ -1 7 1 .9 $ -1 8 5 .4 $ -1 5 4 .0 $ -1 3 6 .6 $ $ -1 2 2 .3 $ -1 6 6 .2 949.7 $ 1025.5 1115.9 1189.6 $ 1100.8 1278.1 $ -1 6 6 .2 $ -1 6 4 .1 $ -2 0 3 .4 $ -2 7 6 .3 $ -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 O M B’s Mid-Session Review of the 1994 Budget using CBO economic assumptions (September 1, 1993). Cyclically adjusted budget data are in process of revision. Totals may not add due to rounding. Source: Office of Management and Budget and U.S. Department of Commerce. Prepared by Federal Reserve Bank of St. Louis 22 G overnm ent D eficit(—)/S u r p lu s( + ) Seasonally Adjusted BWions of Dollars Billions of Dollars National income accounts basis Prepared by Federal Reserve Bank of St. Louis Federal Defense Expenditures (Compounded Annual Rates of Change) Terminal Quarter 4-88 1-89 2-89 3-89 4-89 1-90 2-90 3-90 Initial Quarter Annual Rates 1-91 2-91 3-91 4-91 4-90 Billions of Dollars 1-92 2-92 3-92 4-92 1-93 2-93 293.5 1-89 -4.4 2-89 0.9 6.6 298.2 305.3 3-89 3.8 8.2 9.9 4-89 1.9 4.1 2.9 -3.6 1-90 4.1 6.3 6.3 4.5 13.3 2-90 3.5 5.1 4.8 3.2 6.7 0.5 3-90 2.3 3.5 2.9 1.2 2.9 -1.9 -4.3 4-90 4.2 5.5 5.4 4.5 6.6 4.5 6.5 18.5 1-91 5.0 6.3 6.2 5.6 7.6 6.2 8.1 14.9 11.5 2-91 3.9 4.8 4.6 3.9 5.2 3.6 4.4 7.5 2.4 -6.0 302.5 312.1 312.5 309.1 322.5 331.4 326.3 321.2 3-91 2.9 3.7 3.4 2.6 3.5 1.9 2.2 3.9 -0.5 -6.1 -6.1 4-91 1.6 2.2 1.7 0.9 1.4 -0.2 -0.3 0.5 -3.5 -8.0 -9.0 -11.9 1-92 1.6 2.1 1.7 0.9 1.4 0.0 0.0 0.7 -2.5 -5.8 -5.7 -5.5 1.4 2-92 1.3 1.7 1.3 0.6 1.0 -0.2 -0.3 0.2 -2.5 -5.1 -4.9 -4.5 -0.5 -2.4 3-92 1.7 2.2 1.9 1.2 1.7 0.6 0.6 1.2 -1.0 -3.0 -2.4 -1.4 2.4 2.8 4-92 1.6 2.0 1.6 1.0 1.4 0.4 0.4 0.9 -1.1 -2.7 -2.2 -1.4 1.4 1.5 3.4 -1.3 315.7 1-93 0.6 0.9 0.6 0.0 0.2 -0.8 -0.9 -0.6 -2.5 -4.1 -3.8 -3.4 -1.6 -2.4 -2.4 -7.4 -13.1 304.8 311.2 312.3 310.4 8.4 316.7 2-93 0.8 1.1 0.8 0.2 0.5 -0.4 -0.5 -0.2 -1.9 -3.3 -2.9 -2.4 -0.8 -1.2 -0.9 -3.8 -5.1 3.7 3-93 0.4 0.7 0.3 -0.2 0.0 -0.9 -1.0 -0.7 -2.3 -3.6 -3.3 -3.0 -1.6 -2.1 -2.1 -4.5 -5.6 -1.6 -6.7 307.6 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 2-92 3-92 4-92 1-93 2-93 302.3 Third quarter data are advance estimates. Prepared by Federal Reserve Bank of St. Louis October 28, 1993 23 Federal Reserve Bank of St. Louis Post Office Box 442 St. Louis, Missouri 63166 Subscriber: Please include address label with su bscription in q u iries or address changes. Federal Nondefense Expenditures (Compounded Annual Rates of Change) Terminal Quarter 4-88 1-89 1-89 2-89 3-89 4-89 1-90 2-90 3-90 Initial Quarter Annual Rates 1-91 2-91 3-91 4-91 4-90 14.4 Billions of Dollars 1-92 2-92 3-92 4-92 1-93 2-93 867.3 2-89 9.1 4.1 3-89 6.0 2.1 0.1 876.0 4-89 8.2 6.2 7.3 15.0 1-90 10.1 9.0 10.7 16.5 18.0 2-90 9.0 7.9 8.9 12.0 10.6 3.6 3-90 8.0 6.9 7.5 9.5 7.7 2.9 2.2 4-90 8.3 7.5 8.1 9.8 8.5 5.5 6.5 1-91 4.7 3.5 3.5 4.0 2.0 -1.7 -3.4 2-91 t.i 6.5 6.9 7.9 6.7 4.6 4.8 5.7 3.2 34.0 3-91 7.7 7.1 7.4 8.4 7.5 5.8 6.2 7.3 6.1 22.5 12.0 4-91 8.7 8.2 8.6 9.6 8.9 7.7 8.4 9.6 9.3 21.5 15.7 19.6 1-92 9.4 9.0 9.5 10.5 10.0 9.0 9.8 11.1 11.2 20.9 16.8 19.3 19.0 876.2 907.3 945.7 954.0 959.2 984.4 10.9 929.6 -6.1 -20.5 1,000.2 1,029.0 1,076.0 1,123.8 2-92 9.3 8.9 9.4 10.2 9.8 8.9 9.6 10.7 10.6 18.2 14.5 15.4 13.4 8.0 3-92 8.6 8.2 8.5 9.3 8.8 7.9 8.4 9.2 8.9 14.8 11.3 11.1 8.4 3.5 -0.9 4-92 8.7 8.3 8.6 9.3 8.8 8.0 8.5 9.2 9.0 14.0 11.0 10.8 8.7 5.5 4.2 9.6 1-93 8.3 7.9 8.2 8.8 8.3 7.6 7.9 8.5 8.3 12.5 9.8 9.4 7.4 4.7 3.7 6.0 2.6 2-93 7.9 7.6 7.8 8.3 7.9 7.1 7.4 7.9 7.6 11.3 8.8 8.3 6.5 4.2 3.3 4.7 2.3 2.0 3-93 7.4 7.0 7.2 7.7 7.2 6.5 6.7 7.1 6.7 9.9 7.5 7.0 5.3 3.2 2.2 3.0 0.9 0.1 -1.7 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 2-92 3-92 4-92 1-93 2-93 1,145.6 1,143.1 1,169.6 1,177.1 1,183.0 1,177.9 Third quarter data are advance estimates. Prepared by Federal Reserve Bank of St. Louis October 28, 1993 24