Full text of National Economic Trends : September 1995
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
SEPTEMBER 1995 National Economic Trends Seasonal Adjustments: Why Bother? Many monthly and quarterly data series have noticeable seasonal patterns, with peaks and troughs recurring at the same times each year. For some series, the source o f the seasonal fluctuation can be easily explained. Agriculture, construction and utilities’ production, for example, are directly linked to the weather. Some industries vary production levels during the year because o f scheduled plant shutdowns for retooling or maintenance. Major holiday periods like Christmas also affect production levels. This seasonal volatility can make it difficult to sep arate growth or decline in the economy from a typical seasonal change. As a result, most published data, including those in National Economic Trends, are seasonally adjusted. One notable exception is interest rate data which show no significant seasonal pattern. The accompanying chart shows the unadjusted and seasonally adjusted monthly Index o f Industrial Production (IIP). The unadjusted data are shown by the thin line and, as expected, display more variation. A t first glance, this variation may appear random. But a closer look at the unadjusted series reveals three distinct peaks each year, two in the first half and a larger one in the second half. Removing these seasonal fluctuations gives a clearer picture o f the health o f the economy. In 1990, for example, the unadjusted IIP rose and fell in the second half o f the year as it usually does. Was this the normal seasonal drop or was there more to it? Looking at the seasonally adjusted series, it is clear that industrial production had decreased beyond the seasonal norm. This year, like most others, the unadjusted IIP increased from May to June and then fell again from June to July. Was this more than the usual July drop? This time, the seasonally adjusted data reveal that industrial production was almost flat from May to June and actually increased slightly from June to July. There is no way to isolate the “ true” seasonal pattern. Thus, seasonal adjustments must be made by using statistical models. In addition, seasonal patterns tend to drift over time, so estimates must be updated regularly. Imperfect estimation and updating of seasonal patterns make the adjusted data imprecise, but most economists believe such imprecision is a reasonable sacrifice to reveal underlying trends in the data. — Donald S. Allen i Total Industrial Production Index 1987=100 125 120 115 110 105 Not seasonally adjusted 100 " 1990 Tl I I I I I I I I I I I I I i l I I I I I "I" I I I I I I I I I I 1991 1992 I I I I I I I I I I I TTT 1993 1994 1995 Note: Shaded area indicates a business recession. Views expressed do not necessarily reflect official positions o f the Federal Reserve System National Econom ic Trends is published monthly by the Research Division o f the Federal Reserve Bank o f St. Louis. For more information on data, please call (314) 444-8573. Single-copy subscriptions are available free o f charge by writing Research Division, Federal Reserve Bank of St. Louis, Post Office Box 442, St. Louis, M O 63166-0442 or by calling (314) 444-8808 or (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. Table o f Contents Page 3-4 5-6 7-8 9 10 11 12-13 14 15 16-17 18-21 22 23 24 25-27 Nominal and Real Gross Domestic Product (GDP) Price Deflators Consumer and Producer Prices Employment Costs Productivity and Unit Labor Cost Industrial Production Employment and Unemployment Real Personal Income Retail Sales Inventories and Final Sales Components o f Real GDP U.S. International Transactions Gross Saving and Investment Corporate Profits and Cash R o w Government Budget Data How to Use the Triangles in this Publication This publication makes extensive use o f “triangles” to present compound annual rates o f change over various peri ods. Consider the simple, abbreviated triangle below for quarterly Real Gross Domestic Product from the first quar ter o f 1990 to the fourth quarter o f 1991. From this triangle, the reader can obtain rates o f change from any date on the top row to any date along the left column; actual dollar figures for the periods in the left-most column are shown in the right-most column. In our example, the compound annual rate of growth from n/1990 to m/1991 can be found at the intersection o f the n/1990 column and the m/1991 row, a -0.6 percent rate; similarly, the annual rate of change from 1/1990 to IV/1991 is -0.2 percent. Reading down the diagonal gives the growth rate from one quarter to the next. Real Gross Domestic Product (Compound Annual Rates of Change) Terminal Quarter Billions of Dollars 1-90 2-90 Annual Rates Initial Quarter 2-90 3-90 4-90 1-91 2-91 3-91 1.5 4,917.1 3-90 0.3 -0.9 4-90 -0.8 -2.0 -3.2 1-91 -1.1 -2.0 -2.6 -2.1 2-91 -0.5 -1.0 -1.0 0.0 2.2 3-91 -0.3 -0.6 -0.5 0.3 1.6 1.0 4-91 -0.2 -0.5 -0.4 0.3 1.1 0.5 4,906.5 4,867.2 4,842.0 Dollars are measured using 1987 prices. 2 4,867.9 4,879.9 0.1 4,880.8 Gross Domestic Product Seasonally Adjusted Trillions of Dollars Trillions of Dollars Real GDP is measured using 1987 prices. Shaded area represents a period of business recession. Prepared by Federal Reserve Bank of St. Louis Gross Domestic Product (Compound Annual Rates of Change) Terminal Quarter 3-90 4-90 1-91 2-91 3-91 4-91 4-90 1-91 2-91 3-91 4-91 1-92 2-92 3-92 4-92 1-93 2-93 3-93 4-93 1-94 2-94 3-94 4-94 1-95 1.0 1.9 2.9 3.2 3.0 3.7 3.9 4.0 4.5 4.5 4.5 4.4 4.7 4.8 4.9 5.0 5.1 5.1 2.8 3.9 3.9 3.5 4.2 4.4 4.5 5.0 4.9 4.8 4.7 5.0 5.1 5.2 5.3 5.4 5.3 5.0 4.4 3.8 4.6 4.7 4.8 5.3 5.2 5.1 4.9 5.2 5.3 5.4 5.5 5.5 5.5 2-95 5.0 5.2 5.3 3-90 4-90 3.8 3.2 4.5 4.7 4.7 5.3 5.2 5.1 4.9 2.6 4.8 4.9 4.9 5.6 5.4 5.3 5.1 5.3 5.4 5.5 5.6 5.5 5.3 Billions of Dollars Initial Quarter 1-92 2-92 3-92 4-92 1-93 2-93 3-93 4-93 5.4 5.6 5.6 5.7 5.6 7.1 6.1 5.7 6.4 6.0 5.7 5.4 57 5.8 59 5.9 6.0 5.9 5.2 5.0 6.2 5.8 5.4 5.2 5.5 5.6 5.8 5.8 5.9 5.8 5.4 5,6 5.5 1-91 2-91 3-91 4-91 4.9 6.7 6.0 5,5 5.2 5.6 5.7 5.8 5.9 5.9 5.8 5.6 8.6 6.5 57 5.2 5.7 5.8 60 6.0 6.0 5.9 5.6 4.4 4.3 4.1 5.0 5.2 5.5 5.6 5.7 5.6 5.3 1-92 2-92 3-92 4-92 4.2 4.0 5.2 5.4 5.8 5.9 5.9 5.8 S.4 SÊÈÈÈÊÊÈÊÈÊË illlll 3.8 5.7 5.9 6.2 6.2 6.2 6.0 5.6 77 6.9 7.0 6.8 6.7 6.4 5.9 6.1 6.6 6.5 6.5 6.1 5.6 1-93 2-93 3-93 4-93 Second quarter data are preliminary estimates. Annual Rates 1-94 2-94 3-94 4-94 1-95 7.2 6.7 6.6 6.1 5.4 6.2 6.3 5.8 5.0 6.4 5.5 4.6 4.7 3.7 2.8 1-94 2-94 3-94 4-94 1-95 Prepared by Federal Reserve Bank of St. Louis August 31, 1995 3 5,597.9 5,636.8 5.705.9 5,759.9 5,796.6 5,896.8 5.971.3 6,043.6 6.169.3 6,235.9 6,299.9 6,359.2 6.478.1 6,574.7 6.689.9 6,791.7 6.897.2 6,977.4 7,024.9 Real Gross Domestic Product Percent Change From Previous Year Seasonally Adjusted Percent 1989 1990 1991 1992 Percent 1993 199 4 1995 Shaded area represents a period of business recession. —— — - Trend is ten-year moving average of real GDP growth rate Prepared by Federal Reserve Bank of St. Louis Real Gross Domestic Product (Compound Annual Rates of Change) Terminal Quarter 4-90 1-91 2-91 3-91 4-91 1-92 2-92 3-92 4-92 1-93 2-93 3-93 4-93 1-94 2-94 3-94 4-94 1-95 2-95 Billions of Dollars Initial Quarter 1-92 2-92 3-92 4-92 1-93 2-93 3-93 4-93 3-90 4-90 1-91 2-91 3-91 4-91 -3.2 -2.6 -2.1 -1.0 0.0 2.2 -0 5 0.3 1.6 1.0 -0.4 0.3 1 1 0.5 0.1 0.2 0.8 1.4 1.6 1.6 3.1 0.5 0.9 1.4 2.0 2.0 2.3 3.0 2.9 3.5 1.4 2.0 5.7 2.6 2.6 3,0 3.7 3.9 4.6 1.4 1.9 2.4 2.4 2.7 3.2 3.4 1.2 3.2 3.5 1.5 1.9 2.4 2.4 3,0 3.2 1.8 2.6 3.0 3.1 1.6 2.0 2.4 2.4 2.1 2.6 3.0 3.0 3.1 3.0 1.9 2.3 2.8 2.8 3.0 3.4 3,4 3.6 3.6 3.1 2.0 2.4 2.9 2.8 3.1 3.4 3.4 3.6 3.6 3.2 2.2 2.5 2.9 3.0 3.1 3.5 3,5 3.6 3.7 3.3 2.3 2.6 3.0 3.0 3.2 3.5 3.6 37 3.7 3.4 2.4 2.8 3.1 3.2 3.4 3.6 3.7 3.8 3.9 3.6 2.4 2.8 3.1 3.2 3.3 3.6 3.6 3.7 3.7 3.5 2.4 2.7 3.0 3.0 3.2 3.4 3.4 3.5 3.5 3.3 3-90 4-90 1-91 2-91 3-91 4-91 1-92 2-92 3-92 4-92 1-95 JlliiiS! m V, : V V. - 4,867.2 4,842.0 4,867.9 4,879.9 4,880.8 4,918.5 4,947.5 ■ tl^fWflglff 4,990.5 2.4 2.5 3.8 3.7 3.7 3.8 4.0 3.8 35 2.7 4.5 4.1 4.1 4.1 4.2 4.0 3.7 6.3 4.8 4.6 44 4.6 4.2 38 3.3 3.7 3.8 4.1 3.8 3.4 1-93 2-93 3-93 4-93 Dollars are measured using 1987 prices. Second quarter data are preliminary estimates. Annual Rates 1-94 2-94 3-94 4-94 4 1 4 1 4.4 4.0 3.4 4.0 4.6 39 3.2 5.1 3.9 2.9 2.7 1.9 1-94 2-94 3-94 4-94 1 .1 5,060.7 5,075.3 5,105.4 5,139.4 5,218.0 5,261.1 5,314,1 5,367.0 5,433.8 5,470.1 5,485.2 1-95 Prepared by Federal Reserve Bank of St. Louis August 31, 1995 4 Implicit Price Deflator for GDP Percent Change From Previous Year Seasonally Adjusted Percent Percent Prepared by Federal Reserve Bank of St. Louis Implicit Price Deflator (Compound Annual Rates of Change) Terminal Quarter 3-90 4-90 1-91 2-91 3-91 4-91 4-90 4.3 1-91 4.6 5.0 2-91 4.0 3.9 Initial Quarter 1-92 2-92 3-92 4-92 1-93 2-93 3-93 4-93 ' 115.0 116.4 ' 2.6 3-91 3.7 3.5 2.8 2.8 4-91 3.5 3.3 2.8 2.7 2.7 1-92 3.5 3.4 3.0 3.1 3.2 3.8 2-92 3.4 3.3 2.9 3.0 3.1 3.2 2.7 2.6 2.8 <1/; 2.0 2.2 2.5 a a 117.2 118.0 118.8 3-92 32 30 27 27 4-92 3.1 3.0 2.7 2.7 1-93 3.1 3.0 2.8 2.8 2-93 3.0 2.9 2.6 2.6 2.6 2.8 2.7 A i» 3-93 2.8 2.7 2.5 2.4 2.4 2.3 2.1 4-93 2.7 2.6 2.4 2.3 23 22 26 2.6 1.3 2.0 2.7 2.4 oO 30 33 2.5 2:5 m i l - 2.0 2.1 2.0 2.0 1.8 l l l i l l 2.0 2.2 2.1 1-94 27 26 24 2.4 2.3 2.3 2.1 2.0 2.7 2.6 2.4 2.4 2.4 2.3 2.2 2.1 ¡lf|f§|. 1.3 2.9 2.9 2.6 2.4 1.9 2.1 2.3 20 1.6 1.3 2.1 2.2 2.1 2.0 2J 2.0 1.8 1.7 1.7 1.7 1.9 2.6 2.4 2.4 2.3 2.3 2.2 2.1 2.5 2.3 2.3 2.3 2.2 2.1 2.0 2a 2.0 1-95 2.6 2.5 2.3 2.3 2.4 2.3 2.2 2.1 2.1 2.0 2.0 2.1 2.5 2.2 2.2 2.1 2-95 2.3 24 1.9 1.8 1.9 2.1 2.0 1.9 124 1 29 1-93 2-93 3-93 4-93 Second quarter data are preliminary estimates. 2.1 2.4 2.3 2.0 1.9 1.9 2.7 123.7 1.3 1.7 2.6 123.4 1.1 2.0 3-94 .. ----\ 1.0 1.7 4-94 1-92 2-92 3-92 4-92 - ■ 1.9 2.1 2.2 2.2 1-91 2-91 3-91 4-91 119.9 120.7 121.1 121.9 122.9 ' 2-94 3-90 4-90 1987=100 1-94 2-94 3-94 4-94 1-95 125.0 125.9 126.5 126.9 127.6 2.2 1.9 1.6 128.1 1-94 2-94 3-94 4-94 1-95 Prepared by Federal Reserve Bank of St. Louis August 3 1 ,1 9 9 5 5 GDP Fixed Weight Deflator (Compound Annual Rates of Change) Terminal Quarter 3-90 4-90 1-91 2-91 3-91 4-91 3.5 4.4 53 4.2 4.0 3 1 3.8 3.8 3.1 3.1 2.9 2.7 3.6 3.6 3.0 3.6 3.2 3.2 3.2 3.7 3.6 3.2 3.2 3.3 3.5 3.6 3.6 3.4 3.4 3.1 3.1 3.1 3.3 3.4 3.4 3.1 3 1 3.2 3.1 3.4 3.2 3.2 3.4 3.2 3.3 3.1 3.2 3.4 3.3 3.1 3.1 3.2 3.0 3.0 3.2 3.0 3.0 3.0 3.0 3.2 3.2 3.0 2.9 2.9 3.0 3.2 3.0 3.0 3.1 3.0 3.0 3.0 3.2 3.0 3.1 2.9 30 3.0 3.0 3.2 3.1 3.0 2.9 3.0 3.1 3.1 2£ 3.1 3.1 3.0 3.0 2.9 3.0 3.1 3.1 3.0 2.9 2.9 3.0 3-90 4-90 1-91 2-91 3-91 4-91 4-90 1-91 2-91 3-91 4-91 1-92 2-92 3-92 4-92 1-93 2-93 3-93 4-93 1-94 2-94 3-94 4-94 1-95 2-95 Initial Quarter 1-92 2-92 3-92 4-92 1-93 2-93 3-93 4-93 1987=100 1-94 2-94 3-94 4-94 1-95 n s .3 116.8 117.7 118.6 119.4 120.5 iSsss&sss -'k h ' £ 5■><■'* 3.4 3.0 3.0 3.2 121.5 2.7 2.8 3.2 3.0 2.8 122.3 3.0 3.5 3.2 2.9 ...... .............. 4.0 3.3 2.8 31 2.9 2.9 2*8 2.8 2 8 2.8 2.9 2.8 2.8 2q 2,9 2.8 2.8 2.9 28 2.8 2.9 2.9 2.8 2.9 2.8 2.9 2.9 2.9 29 2.9 2.9 a.» 2.9 1-92 2-92 3-92 4-92 2.6 2.3 1.9 2.4 2.5 2.8 2.7 2.2 ¡ ¡ l i t : 2.7 2.5 2*8 2.9 2.9 2.7 V ■" / H f'. s 2.9 3Ö 3.0 2.9 2.7 2*7 2.9 27 28 2.9 3.0 2.7 2.8 24? 1-93 2-93 3-93 4-93 - /î' 3.0 s 2.8 3.0 2.9 3.0 3.1 „ Q 2.9 2,9 2.8 1-94 2-94 3-94 4-94 1-95 Second quarter data are preliminary estimates. .. s V ' . r \ 123,2 124.4 12542 125.8 126*6 127.5 I2 & 5 129.4 *< 130,3 131.3 132.2 Prepared by Federal Reserve Bank of St. Louis August 31,1995 Personal Consumption Expenditure Deflator (Compound Annual Rates of Change) Terminal Quarter 4-90 1-91 2-91 3-91 4-91 1-92 2-92 3-92 4-92 1-93 2-93 3-93 4-93 1-94 2-94 3-94 4-94 1-95 2-95 Initial Quarter 3-90 4-90 1-91 2-91 3-91 4-91 1-92 2-92 3-92 4-92 1-93 2-93 6.7 ____ 1 3.4 5.1 ; pppl p plfllt 2.9 2.4 4.2 ’H ..3.9" 3.0 2.7 3 1 \ 2.9 3.2 3.4 _ M . 3.1 3.7 3.4 3 1 3.0 3.3 33 3.5 3.7 3*2 3,2 3.4 35 3.7 3.4 30 2.9 3.0 3.0 2.9 2.6 ~ 1 6 3.5 3.2 3.9 3,1 3 1 3.2 3 1 3.1 28 2.6 3.4 3.0 3.0 3.1 3.1 3.0 2.9 2.7 33 2.4 3.3 3*0 2.9 3.0 2.9 2*2 ( . 2.8 2-6 2.9 3.0 2.0 1.8 1.3 3.1 2.8 2.7 2.8 2.8 2.7 2.6 2.3 2.5 2,7 1.9 1.7 3.1 28 2*7 27 2.6 2.5 2.3 2.5 2.1 2.9 ’ 2 6 2.6 26 1.8 1.6 25 23 22 1.9 2.5 2.3 2.9 2*7 2.6 2*6 2.6 2 A 2.5 :.... /AA........ 2.1 2.7 2.7 3.0 2.7 2.6 2.2 2.2 2.6 2.5 2.4 23 2.5 2.6 2.6 2.9 2*7 2.6 2.5 ' 2 .4 2.3 2.4 2*2 2.2 26 2.6 2.9 26 2.6 2.5 “ 2.4 2.2 2.3 2.4 2.2 2.2 2.6 2.6 2.8 2.6 2.5 2.5 2.4 2.3 2.4 2.2 ,2 * 2 ' 2,2 3-90 4-90 1-91 2-91 3-91 4-91 1-92 2-92 3-92 4-92 1-93 2-93 Second quarter data are preliminary estimates. 1987=100 3-93 4-93 1-94 2-94 3-94 4-94 1-95 117,5 118.5 1' "i? . -. . ■ ,■. <f -< ''■y ■ . ■" 119.2 120.1 121.1 122.1 123.2 123.7 - 2.2 1.7 1.3 2.4 2.5 3.2 3.1 2.3 2.3 2.3 2.6 2.4 3-93 4-93 124,9 125.7 126.4 126.8 127,5 127.9 128.9 129.9 2.0 <139,5 131.2 2.2 1-94 2-94 3-94 4-94 1-95 Prepared by Federal Resen/e Bank of St. Louis August 31,1995 6 Consumer Price Index Percent Change From Previous Year Seasonally Adjusted Prepared by Federal Reserve Bank of St. Louis Consumer Price Index (Compound Annual Rates of Change) Terminal Month Initial Month 12-93 1-94 2-94 3-94 4-94 5-94 6-94 7-94 8-94 9-94 10-94 11-94 12-94 1-95 2-95 3-95 4-95 5-95 6-95 PPPP v, , ! 1-94 0.8 2-94 2.1 3.3 3-94 9 9 29 2.5 4-94 2.3 2.8 25 2.5 5-94 2.1 2.5 2.2 2.1 1.6 6-94 2.5 2.8 2.7 2.7 4.1 2.9 7-94 2.6 2.9 2.8 2.9 3.0 3.7 6.3 8-94 2.9 3.2 3.2 3.3 3.5 4.1 4.1 5.0 9-94 2.8 3.1 3.1 3.2 2.4 3.3 3.7 3.6 3.7 2.9 2.9 10-94 2.7 2.9 3.0 3.3 1.6 3.1 3.0 2.0 11-94 2.6 2.8 2.7 2.8 2.8 3.0 2.8 2.6 1.9 1.6 1.6 12-94 2.6 2.8 2.7 2.7 2.8 2.4 2.9 2.7 2.0 1.9 2.0 2.6 1-95 2.7 2.8 2.9 / " 2.9 2.9 31 2.7 3.2 4.1 2.9 2.8 2.4 2.4 2-95 2.7 2.9 2.9 2.9 2.9 3.7 3.2 3.1 3.0 2.9 2.6 2.6 2.8 32 3-95 2.7 2.9 2.8 2.9 2.9 3.0 3.2 2.8 2.9 2.7 3.0 2.4 2.8 2.5 2.6 4-95 2.9 3.0 3.0 3.0 3.1 3.2 3.6 3.1 3.4 3.5 3.6 4.9 3.1 2.9 3.1 2.8 5-95 2.9 3.0 3.0 3.0 3.1 3.2 3.6 3.1 3.1 3.4 3.4 2.9 3.1 3.5 4.0 3.2 2.9 6-95 2.8 2.9 2.9 2.9 3.0 3.1 3.2 3.0 2.9 3.1 2.7 2.9 3.1 2.4 1.6 2.8 3.0 3.2 7-95 2.8 2.9 2.9 2.9 2.9 2.9 3.0 2.9 2.7 3.0 3.1 27 2.9 2.9 3.0 2.4 2.0 2.4 2.9 1982-84=100 146.4 146.8 147.1 147.4 147.6 148.1 148.5 149.1 149.4 149.6 149.8 150.1 150.6 151.0 151.3 151.9 152.3 152.5 152.8 12-93 1-94 2-94 3-94 4-94 5-94 6-94 7-94 8-94 9-94 10-94 11-94 12-94 1-95 2-95 3-95 4-95 5-95 6-95 Prepared by Federal Reserve Bank of St. Louis August 31,1995 7 Producer Price Index - Finished Goods Percent Change From Previous Year Seasonally Adjusted Percent Percent 8 -2 Prepared by Federal Reserve Bank of St. Louis Producer Price Index - Finished Goods (Compound Annual Rates of Change) in ? Terminal Month Initial Month 12-93 1-94 2-94 3-94 4-94 5-94 6-94 7-94 8-94 9-94 10-94 11-94 12-94 1-95 2-95 3-95 4-95 5-95 6-95 1-94 5.9 124.9 2-94 4.4 2.9 3-94 2.9 1.4 0.0 4-94 2.2 1.0 0.0 0.0 125.2 5-94 1.6 0.5 -0.3 -1.0 6-94 1.5 0.6 0.0 0.0 0.0 1.0 125.2 7-94 1.7 1.0 0.6 0.7 1.0 1.9 2.9 8-94 2.3 4.9 1.8 1.6 1.9 2.4 3.6 6.9 9-94 16 1.9 1.4 -3.7 1.1 0.8 1.0 12 1.7 10-94 10 0.2 -0.6 -4.2 -4.7 0.4 0.2 0.4 0.1 0.1 1.7 1.4 7.9 11-94 1.6 1.4 -0.3 1.2 1.0 1.1 1.2 1.6 0.7 22 5.9 3.9 12-94 1.8 1.4 1.4 1.6 2.1 1.9 1.2 1.9 5.9 4.9 5.8 1.7 3.1 1.7 2.0 2.4 2.6 2.6 1-95 2.1 1.8 1.8 4.9 3.9 1.8 2.9 3.9 1.9 1.7 1.8 2.0 2.4 2.5 2.5 2-95 2.1 1.8 2.7 4.3 3.4 2.0 2.4 1.8 3.2 1.8 1.7 1.8 2.3 2.5 1.9 3-95 2.1 1.9 2.9 4.2 3.5 2.0 2.2 2.4 2.6 2.0 3.4 1.9 1.8 2.6 2.5 2.9 4-95 2.2 3.8 2.4 2.3 2.5 3.8 2.9 1.8 1.7 1.8 2.0 22 1.8 2.7 1.9 1.9 0.0 5-95 2.0 1.9 1.6 1.6 1.7 1.8 2.1 2.1 3.0 2.0 2.0 1.5 2.3 2.1 6-95 1.9 1.3 1.2 0.9 -0.5 -0.9 1.5 1.6 1.7 1.5 1.8 1.9 1.8 1.4 2.7 1.9 2.0 1.8 7-95 1.8 1.1 0.7 -0.3 -0.5 0.9 0.0 12-93 1-94 2-94 3-94 4-94 5-94 6-94 7-94 8-94 9-94 10-94 11-94 12-94 1-95 2-95 3-95 4-95 5-95 6-95 1982=100 125.2 125.2 125.1 125.5 126.2 125.8 125.3 126.1 126.5 127.1 127.3 127.5 127.9 127.9 127.8 127.8 Prepared by Federal Reserve Bank of St. Louis August 31,1995 8 Employment Cost Index and Its Components Percent Change From Previous Year Seasonally Adjusted Percent Percent Benefits /x t \ / \ y s s - / \ )ta l Com pensa tion \ T< V ' v / X >i \ \ S X « r " x Wages and Salai ies \ S ' . ^ ------- \ \ \ \ N \ ... 1 .... 1 1 1 • I ' 1990 1989 1 1 1991 1 1 1 1992 1 1 1 i 1 | i I 1 1994 1993 1 1 1995 Total compensation is the sum of wages, salaries and benefits for private industry workers. Prepared by Federal Reserve Bank of St. Louis Employment Cost Index - Total Compensation (Compound Annual Rates of Change) Terminal Quarter 107.2 108.4 109.7 110.8 CO CO l|p l|fj 2.9 2.9 2.8 11111 3.2 3.4 3.9 3.5 3.6 4.1 4.2 3.5 3.6 3.9 3.8 3.5 3.5 3.6 3.8 3.7 3.5 3.4 3.4 3.5 3,7 3.6 3.4 3.4 3.4 3.4 3.5 3.6 3.5 3.3 3.3 3.2 3.0 3.4 3.5 3.5 3.5 3.3 3.3 3.3 3.2 3.4 3.4 3.4 3.5 3.5 3.3 3.3 3.3 3.2 3.3 3.4 3.4 3.4 3.2 3.2 3 2 3.1 3 1 3.0 2 6 3.2 3 3 3.3 3.2 3 1 3.1 3.0 2.9 2.9 2.7 2.5 2.3 3.2 3.2 3.3 3.2 3 1 3.0 3.0 2.9 2.9 2.8 2.6 2.6 2.9 1-92 2-92 3-92 4-92 1-93 2-93 3-93 4-93 1-94 2-94 3-94 4-94 1-95 Data are for the last month of quarter. June 1989=100 1-92 2-92 3-92 4-92 1-93 2-93 3-93 4-93 1-94 2-94 3-94 4-94 1-95 CO CO 4-90 1-91 2-91 3-91 4-91 1-92 2-92 3-92 4-92 1-93 2-93 3-93 4-93 1-94 2-94 3-94 4-94 1-95 2-95 Initial Quarter 3-90 4-90 1-91 2-91 3-91 4-91 3.8 4.2 4.6 4.4 4.7 4.9 4.3 4.5 4.5 4.1 4.3 4.4 4.3 4.1 4.0 4.2 4.3 4 2 4.0 4.0 4.0 3.4 3.9 3.9 3.8 3.6 3.4 3.2 3.9 3.9 3.8 3.6 3.5 3.4 3.9 3.9 3.8 3.7 3.6 3.6 3.9 3.9 3.8 3.7 3.6 3.5 3.8 3.8 3.8 3.6 3.6 3.5 3.8 3.8 3.7 3.6 3.6 3.5 3.7 3.7 3.7 3.6 3.5 3.5 3.7 3.7 3.7 3.5 3.5 3.4 3.7 3.6 3.5 3.7 3.5 3.4 3.6 3.6 3.6 3.5 3.4 3.4 3.6 3.5 3.5 3.4 3.3 3.3 3.5 3.5 3.4 3.4 3.3 3.3 3-90 4-90 1-91 2-91 3-91 4-91 111.9 113.0 113.8 114.6 115.7 116.9 117.9 118.9 119.9 120.8 121.8 122.8 123.6 124.3 125.2 Prepared by Federal Reserve Bank of St. Louis August 31, 1995 9 Business Productivity and Unit Labor Costs Percent Change From Previous Year Seasonally Adjusted Percent Percent 8 Shaded area represents a period of business recession. Prepared by Federal Reserve Bank of St. Louis Business Sector - Output Per Hour (Compound Annual Rates of Change) Terminal Quarter 3-90 4-90 Initial Quarter 1-92 2-92 3-92 4-92 1-93 2-93 3-93 4-93 . •: u 4-90 1-91 2-91 3-91 4-91 1-92 2-92 3-92 4-92 1-93 2-93 3-93 4-93 1-94 2-94 3-94 4-94 1-95 2-95 1-91 2-91 3-91 4-91 1.1 14 1.4 1.6 2.2 2.1 2.2 2.4 1.9 1.6 1.8 2.1 2.0 1.8 1.9 2.0 2.0 2.1 3.3 2.7 2.2 2.3 2.8 2.6 2.7 2.8 2.3 2.1 2.1 2.3 2.3 2.0 2.1 2.2 2.2 2.3 3-90 4-90 2.2 1.6 1.9 2.7 2.5 2.6 2.7 2.1 1.9 2.0 2.2 2.2 1.9 2.0 2.2 2.2 2.2 1-95 110,5 111.4 Ï 112.0 1.1 1.8 2.9 2.6 2.7 2.8 2.1 1.9 2.0 2.2 2.2 1.9 2.0 2.2 2.1 2.2 2.5 3.8 3,1 3.1 3.2 2.3 2.0 2.1 2,4 23 2.0 2.1 2.2 2.2 2.3 112.3 113.0 114.4 * 5.0 3.4 3.3 3.4 2.3 1.9 2.0 2.4 2.3 1.9 2.1 2.2 2.2 2.3 1-91 2-91 3-91 4-91 1982=100 1-94 2-94 3-94 4-94 18 2.5 2,8 1.6 1.3 1.5 2,0 1.9 1.6 1.8 2.0 2.0 2.1 114,9 3.2 3.3 1.5 1.2 15 2.0 2.0 1.6 1.8 2.0 2.0 2.1 115.8 3.5 0.7 0.6 10 1.8 1.8 1.3 1.6 1.9 1.9 2.0 -2.0 -0.9 0.2 1.4 14 1.0 1.3 1.7 17 1.8 1-92 2-92 3-92 4-92 0.3 1.4 2.5 2.3 1.6 1.9 2.2 2.2 23 2.4 3,6 3.0 1.9 2.2 2.5 2.4 2.5 4.9 3.3 1.7 2.1 2.5 2.4 2.5 1.7 0.2 1.2 1.9 2.0 2.1 1-93 2-93 3-93 4-93 -1.3 1.0 2.0 2.0 2.2 3.4 3.7 3.2 3.1 4.1 3.0 3.0 2.0 2.5 3.0 1168 116.2 116.3 117.0 118,4 118.9 118.5 119.5 120.7 121.3 122.2 1-94 2-94 3-94 4-94 1-95 Prepared by Federal Reserve Bank of St. Louis August 3 1 ,1 9 9 5 10 Industrial Production Seasonally Adjusted 1987-100 1987-100 1989 1990 1991 1992 1993 1994 1995 Shaded area represents a period of business recession. Prepared by Federal Reserve Bank of St. Louis Industrial Production (Compound Annual Rates of Change) Terminal Month Initial Month 12-93 1-94 2-94 3-94 4-94 5-94 6-94 7-94 8-94 9-94 10-94 11-94 12-94 1-95 2-95 3-95 4-95 5-95 6-95 1-94 0.0 2-94 4.8 9.8 3-94 6.8 10.4 10.9 4-94 5.3 7.2 5.8 10 4.2 7.4 7.2 6.4 5-94 5.7 6.4 4.9 6.9 6.3 6-94 5.8 7.0 5.2 4.2 2.1 118.2 5.5 4.2 7-94 5.3 6.2 5.7 9.5 5.2 6.3 5.9 6.7 6.1 8-94 5.8 3.4 4.1 -1.0 4.8 4.1 5.1 4.2 9-94 5.0 5.7 3.9 4.5 2.0 5.2 4.3 4.9 10-94 5.0 5.6 5.1 4.3 4.7 5.4 4.1 6.7 5.3 5.0 8.3 5.9 5.5 4.8 11-94 5.3 6.4 6.4 6.7 7.3 9.4 11.6 14.9 6.7 6.4 5.9 6.5 12-94 6.1 5.9 6.5 5.9 5.9 7.8 8.6 8.8 6.4 6.1 5.6 6.1 3.0 1-95 5.9 5.4 5.7 5.3 5.1 6.4 6.7 5.6 5.2 5.6 6.1 2.0 1.0 2-95 5.5 5.9 4.7 4.5 4.9 4.3 5.4 5.1 4.6 5.0 4.2 5.1 5.1 0.0 -1.0 3-95 5.1 1.0 3.4 3.5 3.3 2.7 4.1 3.6 3.9 3.2 2.9 1.8 -1.2 -2.6 -4.3 -7.6 4-95 4.2 4.5 3.2 3.0 3.1 4.2 3.9 3.4 3.6 2.4 25 5-95 4.0 2.8 1.5 *1.0 -2.0 -2.9 -3.9 0.0 3.2 2.6 2.7 3.5 3.1 2.9 6-95 3.7 3.9 2.0 2.4 2.0 1.1 -1.0 -1.8 -2.4 -2.9 -0.5 -1.0 3.5 2.8 2.6 2.6 3.8 3.0 3.1 7-95 3.6 2.0 2.0 0.5 2.0 2.3 1.2 -0.6 -1.1 -1.6 -1.7 0.3 1987=100 114.7 115.6 116.6 116.7 117.4 118.0 119.1 119.0 119.5 120.3 121.7 122.0 122.1 122.0 121.2 121.2 121.1 121.3 12-93 1-94 2-94 3-94 4-94 5-94 6-94 7-94 8-94 9-94 10-94 11-94 12-94 1-95 2-95 3-95 4-95 5-95 6-95 Prepared by Federal Reserve Bank of St. Louis August 31,1995 11 Civilian Employment and Unemployment Rate Seasonally Adjusted Millions of Persons 130 ~i--------------------- 1----------1 ‘ 1989 1990 i | * 1 1 1 1 1 1 1 1 1 1 1 1 1 i---------- ---------- ---------- ----------- ---------- ---------- ---------- ----------- ---------- ---------- --------------------- ---------- ---------- --------------------- ---------- ---------- r 1991 1992 1993 1994 1995 Shaded area represents a period of business recession. * Break in series. January 1994 figures reflect revised data collection procedures and are not directly comparable with previous data. Prepared by Federal Reserve Bank of St. Louis Civilian Employment (Compound Annual Rates of Change) Terminal Month Initial Month 12-93 1-94 2-94 3-94 4-94 5-94 6-94 7-94 8-94 9-94 10-94 11-94 12-94 1-94 13.1 2-94 7.9 3.0 3-94 5.1 1.3 -0.5 4-94 4.4 2.4 1.6 1.0 5-94 4.1 2.7 2.0 3.0 1.6 6-94 3.3 1.1 -0.7 1.4 1.1 1.6 7-94 3 0 1.4 0.4 1.4 1.1 1.5 1.2 8-94 3.2 2.0 2.8 4.1 1.8 1.6 2.0 1.6 9-94 3.3 4.4 2.0 2.4 4.3 2.5 3.3 2.1 23 10-94 3.5 3.7 4.7 2.4 2.9 2.8 4.5 2.5 2.8 4.9 4.0 3.7 11-94 3.4 2.4 2.8 2.5 2.8 3.5 2.8 4.0 2.6 3.2 2.7 2.6 3.5 3.4 2.1 12-94 3.2 2.4 2.6 3.0 2.3 1.6 2.4 2.4 3.0 2.4 2.4 2.2 2.2 2.8 2.8 1.1 1.6 0.7 1-95 3.0 2.7 3 1 3.3 2.7 2.6 3.2 2.4 2.4 2.9 2.4 2-95 3.2 2.3 2.7 2.5 3.1 2.5 2.9 2.7 2.2 2.1 2.4 2.3 2.6 2.9 2.3 3-95 3.0 2.1 2.4 2.1 2.2 2.2 2.5 2.3 2.0 2.0 1.5 4-95 2.7 1.3 1.2 12 1.4 1.3 1.5 1.5 0.8 0.2 -0,1 -0.5 1.5 1.5 1.4 5-95 2.1 1.4 1.5 1.5 1.5 1.3 1.5 15 13 0.9 0.4 6-95 2.1 0.1 -0.1 1.7 1.7 1.7 1.7 1.8 1.6 1.6 1.6 13 0.9 7-95 2.2 0.7 0.5 12-93 1-94 2-94 3-94 4-94 5-94 6-94 7-94 8-94 9-94 10-94 11-94 12-94 Thousands of Persons 1-95 2-95 3-95 4-95 5-95 6-95 4.8 3.1 1.4 -0.8 -0.3 1.4 -0.3 -2.6 -1.5 -1.9 -4.5 -2.5 -7.0 -2.8 1.6 4.7 0.5 -0.3 *0 8 -0.4 3 I 1-95 2-95 3-95 4-95 5-95 6-95 121,903 122,208 122,160 122,402 122,703 122,635 122,781 123,197 123,644 124,141 124,403 124,570 124,639 125,125 125,274 125,072 124,319 124,485 124,959 Prepared by Federal Reserve Bank of St. Louis August 31, 1995 12 Payroll Employment Seasonally Adjusted Millions Millions 120 120 115 115 1 1 110 110 * 105 105 i ! 100 100 1989 1990 1991 1992 1993 1994 1995 Shaded area represents a period of business recession. Prepared by Federal Reserve Bank of St. Louis Payroll Employment (Compound Annual Rates of Change) Terminal Month Initial Month 12-93 1-94 2-94 3-94 4-94 5-94 6-94 7-94 8-94 9-94 10-94 11-94 12-94 1-95 2-95 3-95 4-95 5-95 6-95 1-94 2.2 2-94 2.6 3.0 3-94 3.6 4.3 5,6 4-94 3.4 3.8 4.3 3.0 5-94 3.3 3.0 3.6 3.8 3.0 6-94 3.3 3.7 3.5 3.1 3.1 3.3 7-94 3.2 2.8 3.4 3.4 2.9 2.9 2.4 8-94 3.3 3.4 3.1 3.5 3.0 3.1 3.0 3.6 9-94 3.2 3.4 3.0 3.0 2.7 3.3 3.0 2.9 3.Ï 10-94 3.0 3.2 3.1 2.8 2.8 2.8 2.6 2.7 2.2 1.8 11-94 3.2 3,4 3.3 3.1 3.2 3.1 3.2 5.3 3.2 3.5 3.3 12-94 3.1 3.2 3.3 3.0 3.0 3.0 2.1 3.0 3.1 2.9 3.0 37 2.9 1-95 3.1 3.1 2.9 3.1 2.9 2.7 2.8 2.8 2.9 3.1 2,0 1.9 3.1 3.2 2.9 2-95 3.1 2.9 2.9 2.9 2.9 2.8 2.9 3 1 2.4 2.6 33 2.8 3.0 3-95 3.0 3.1 2.8 2.8 2.8 2.8 2.7 2.7 2.9 2.4 1.9 2,3 2.6 4-95 2.8 2.8 2.8 2.6 2.6 2.6 2.5 2.5 2.4 2.4 1.8 17 0 1 2.3 1.8 1.0 2.4 2.6 5-95 2.6 2.6 2.3 2.3 2.2 1.4 0.4 -0.3 -0.6 2.2 2.0 2.0 1.9 1.3 1.1 6-95 2.6 2.6 2.6 2.4 2.4 2.3 2.2 0.7 2.2 2.1 2.0 1.5 1.4 2.6 2.0 1.6 1.0 1.0 2.2 2.2 7-95 2.5 2.5 2.5 2.1 2,3 2.1 1.4 1.9 1.9 1.9 1,5 0.6 0.8 1.6 1.3 0.9 0.6 12-93 1-94 2-94 3-94 4-94 5-94 6-94 7-94 8-94 9-94 10-94 11-94 12-94 1-95 2-95 3-95 4-95 5-95 6-95 Thousands 112,301 112,576 113,087 113,363 113,638 113,943 114,171 114,510 114,762 114,935 115,427 115,624 115,810 116,123 116,302 116,310 116,248 116,498 116,553 Prepared by Federal Reserve Bank of St. Louis August 31, 1995 13 Real Personal Income Trillions of Dollars Seasonally Adjusted Trillions of Dollars Real incomes are computed using the personal consumption expenditure deflator (1987—100). Shaded area represents a period of business recession. Prepared by Federal Reserve Bank of St. Louis Real Disposable Personal Income (Compound Annual Rates of Change) iv;: : Terminal Billions of Dollars Month Initial Month Annual Rates 12-93 1-94 2-94 3-94 4-94 5-94 6-94 7-94 8-94 9-94 10-94 11-94 12-94 1-95 2-95 3-95 4-95 5-95 6-95 ..... 3,741.Î 1-94 -8.1 3,793.3 2-94 4.2 18.1 3-94 3.8 10.4 3,803.1 3.Î ........ 4-94 1.9 5.4 -0.4 -3.8 3,790.9 5-94 3.6 6.7 3,822.9 3.2 3.2 10.6 6-94 2.8 3,820.9 4.8 -0.6 5.2 2.2 1.9 7-94 2,7 4.6 2.1 3.8 0.5 1.6 3,826.0 18 8-94 2.9 2.4 1.7 2.9 4.2 3,839.2 4.5 2.3 3.9 2.7 5.1 5.9 9-94 3.2 4.7 2.9 2.9 4.3 3.9 3.857.6 5.4 8.7 11 1 16.5 10-94 4.5 4.7 6.2 6.9 6.0 4.5 3,907.0 5.0 5.9 6.5 6.8 -2.2 5.0 4.1 11-94 3.8 3.899.9 3.8 5.1 3.0 6.4 6.9 7.3 8.4 5.4 4.7 5.6 12-94 4.2 5.4 4.2 4.3 3,926.1 6.0 6.3 6,4 3.3 ..6,1... 3.9 5.2 4.6 5.3 1-95 4.2 5.3 4.2 4.3 3.938.6 5.1 56 5.9 5.8 3.3 5.2 3.7 5.1 4.5 4.1 4.2 2-95 4.1 5.1 3.5 3,950.0 5.0 5.4 5.6 5.0 4.4 5,5 3.5 4.9 3.8 5.1 4.1 4.2 3-95 4.1 3.8 4,0 3.962.9 2.7 3.0 3.2 3.1 2.7 3.3 0.5 1.1 -0.7 -2.2 -4.9 -13.0 4-95 3.0 37 2.8 2.8 3,917.2 3.7 3.1 3.7 3.6 3.3 1.6 2.2 1,0 0.3 *0,7 -3.0 8.2 4.0 3.1 3.1 3.5 5-95 3.3 I I S S 3.942.9 3.7 3.2 3.6 3.7 2.5 1.6 3.2 3.8 3.5 1.9 40 3.2 6-95 3.3 1.1 0.6 -0.6 6.3 4.5 3,957.3 3.9 3.4 3.9 4 4 3.4 3.9 3 4 2.9 2.1 1.8 1,5 0.9 6.0 5.0 5,4 3.974.8 „ M ? & . 12-93 1-94 2-94 3-94 4-94 5-94 6-94 7-94 8-94 9-94 10-94 11-94 12-94 1-95 2-95 3-95 4-95 5-95 6-95 Dollars are measured using 1987 prices. Prepared by Federal Reserve Bank of St. Louis August 31,1995 14 Retail Sales Billions of Dollars Seasonally Adjusted Billions of Dollars The CPI is used to deflate retail sales data (1 9 8 2 -8 4 —100). Shaded area represents a period of business recession. Prepared by Federal Reserve Bank of St. Louis Real Retail Sales (Compound Annual Rates of Change) Terminal Month 12-93 1-94 -12.6 2-94 3.8 3-94 7.0 4-94 4.0 5-94 2.3 6-94 3.5 7-94 2.4 8-94 3.8 9-94 4.1 10-94 5.0 11-94 4.7 12-94 4.3 1-95 4.1 2-95 2.9 3-95 3.1 4-95 2.5 5-95 3.0 6-95 3.3 7-95 2.9 Initial Month Billions of Dollars 1-94 2-94 3-94 4-94 5-94 6-94 7-94 8-94 9-94 10-94 11-94 12-94 1-95 2-95 3-95 4-95 5-95 6-95 121.553 23.2 123.681 125.005 18.3 13.6 124.543 10.2 4.3 -4 3 6.4 124.090 1.3 -4.3 -4.3 9.4 0.1 2.3 125.026 7.0 3.3 2.8 -3.4 0.4 124.663 5.2 1.9 -0.8 4 8 13.6 63 125.997 35 6.3 3.8 1.9 6.5 5.5 10.3 4.2 7.0 2.7 6,4 4.2 ........ .................. 126.712 7 7 7 3 11.2 56 128.003 7.1 4.1 9.9 12.9 5.3 5.2 8.9 7.4 7.5 2.3 6.6 5.0 39 68 6.3 128.251 5.7 4.4 5 1 69 3.4 4.7 0 8 -0 7 128.176 4.4 53 6.0 4.1 5.2 4.6 1.1 0.5 1.7 4.1 3.2 6.0 4.5 3.9 128.353 5.6 2.4 3.2 2.5 3.3 0.7 -2.2 -3 6 -5 1 -11.4 4.2 1.8 1.7 127.065 2.7 2.7 35 2.8 3.6 3.0 2.1 1.5 -0.6 -1.4 -1.6 -3.2 5.8 127.662 4.3 2.3 2.6 2.0 2.0 127.072 1.5 2.6 3.6 2.3 1.3 0.5 -1.4 -2.2 -2.6 -3.9 0.0 -5.4 2.7 2.6 32 1.7 0.1 -0.2 l i l i -0.6 4.0 2.9 2.1 3.3 2.2 2.1 10.2 128.107 3.3 3.7 3.2 3.2 3.1 8.8 1.2 129.008 3.8 2.9 2.4 1.0 1.2 4.7 4.3 9.5 4.3 2.6 1.3 2.6 3 1 2.6 2.8 2.4 -3.6 3.8 2.2 3.2 2.3 0.4 2.2 4.9 128.611 1.8 0.6 29 0.6 0.4 12-93 1-94 2-94 3-94 4-94 5-94 6-94 7-94 8-94 9-94 10-94 11-94 12-94 1-95 2-95 3-95 4-95 5-95 6-95 Prepared by Federal Reserve Bank of St. Louis August 3 1 ,1 9 9 5 Dollars are measured using the CPI (1982-84= 100). 15 Total Business Inventory/Sales Ratio Seasonally Adjusted Ratio Ratio à Is / 11 w \ H \ 11 I1 1.60 j 1.56 1.52 1.56 1.52 J 1.48 1.44 1.40 \ 1.36 1989 1990 1991 1992 1993 1.48 1.44 A / j i 1.36 1995 1994 Shaded area represents a period of business recession. Prepared by Federal Reserve Bank of St. Louis Inventories and Sales (Billions of Dollars) Manufacturing Period 1992 1993 1994 Retail Trade Total Business(3) Shipments (1) 2931.95 3100.14 3364.60 Inventories (2) 379.24 377.43 391.81 Sales (1 ) 1944.61 2072.61 2233.59 Inventories (2) 251.99 267.68 290.02 Sales (1) 6720.25 7113.59 7671.01 1994 August September October November December 288.08 286.13 283.98 291.19 296.05 387.01 386.53 388.06 389.99 391.81 187.86 189.31 191.49 192.12 192.39 283.52 287.25 288.67 289.99 290.02 652.89 651.40 653.12 661.90 671.28 897.79 902.12 908.57 913.83 916.55 1995 January February March April May June July 297.79 298.56 298.44 295.29 297.09 298.65 NA 396.10 399.73 402.08 405.68 408.29 408.94 NA 193.30 191.87 193.15 193.02 195.11 196.74 196.52 294.30 296.00 297.20 299.69 300.53 300.64 NA 673.92 675.48 674.80 672.91 678.44 683.08 NA 928.67 936.09 942.74 952.24 956.52 958.46 NA Inventories 838.90 860.98 916.55 1. Annual data are sums of monthly shipments/sales. 2. Annual data are end-of-year stocks. 3. Total business is the sum of manufacturing, retail trade and merchant wholesalers. Prepared by Federal Reserve Bank of St. Louis 16 1.40 Real Final Sales and Real GDP Percent Change From Previous Year Seasonally Adjusted Percent Percent 1989 1990 1991 1992 1993 1994 1995 Real final sales and real GDP are measured using 1987 prices. Shaded area represents a period of business recession. Prepared by Federal Reserve Bank of St. Louis Real Final Sales (Compound Annual Rates of Change) Terminal Quarter 4-90 1-91 2-91 3-91 4-91 1-92 2-92 3-92 4-92 1-93 2-93 3-93 4-93 1-94 2-94 3-94 4-94 1-95 2-95 3-90 -0.6 -1 5 -0.4 -0 5 -0.5 0.4 0.6 0.9 1.4 13 1.4 1.5 1.9 1.9 1.9 2.1 2.3 2.3 2.3 4-90 -2.4 -0.3 -0.5 -0,4 0.6 0.8 11 1.7 15 1,6 1.7 2,1 2.1 2,1 2.2 2,4 2.5 2.5 3-90 4-90 1-91 2-91 3-91 4-91 1.8 0.5 0.2 1.4 1.4 1.7 2.3 20 2.1 22 2.6 2.5 2.4 2.6 2.8 2.8 2.8 -0 8 -0 5 1.2 1.3 1.7 2.4 2 1 2.1 2.2 2.6 2.6 2.5 2.6 2.9 2.8 2.8 -0.2 23 2.0 24 3.0 25 25 2.6 30 2.9 2.8 29 3.1 3.1 4.8 3.1 32 3.8 3 1 3.0 3.0 34 3.3 3.1 3.2 3.4 34 33 1-91 2-91 3-91 4-91 Billions of Dollars Initial Quarter 1-92 2-92 3-92 4-92 1-93 2-93 3-93 4-93 1.5 25 3,5 27 2.6 27 3.2 3 1 2.9 3 1 3.3 3.2 32 35 4.5 3.1 2.9 30 3.5 3.3 3.1 3.2 3.5 3.4 3.3 5,6 2.9 27 2.8 3,5 33 3,1 3.2 3.5 3.4 3,3 02 1.3 1.9 3.0 29 2.6 2.9 3.2 3.1 3.1 1-92 2-92 3-92 4-92 2.4 2.8 4,0 3.5 3,1 3.3 3.7 3.5 3.4 6.4 4.3 3.4 3.6 4.0 3.8 3.6 2.2 1.8 2.6 3.4 3.2 1-93 2-93 3-93 4-93 1.5 2.9 3.8 3.5 3.3 4.3 5.0 4.2 3.8 5.7 4.1 3.6 1-95 2.6 2,5 2.5 1-94 2-94 3-94 4-94 1-95 4,888.0 4,858.4 4,879.8 4,869.5 4,867.3 4,924.8 4,943.2 4,985.3 5,054.1 5,056.8 5,086.5 5,126.5 5,207.2 5,235.7 5,254.9 5,310.0 5,384.4 5,419.0 5.452.5 Prepared by Federal Reserve Bank of St. Louis August 3 1 ,1 9 9 5 Dollars are measured using 1987 prices. Second quarter data are preliminary estimates. 3.2 4.8 3.9 3.3 3.5 3.9 37 35 Annual Rates 1-94 2-94 3-94 4-94 17 Components of Real GDP Growth Rate 2 * 95 Real GDP 1.11 1 -95 3-94 4-94 2-94 4.04 5.07 2.70 1-94 4-93 3-93 4.09 3.35 6.26 2.69 Components (1) 2.47 2.57 5.66 4.21 1.47 2.20 6.43 3.17 -1.34 0.13 -0.57 -0.16 2.59 1.12 -0.17 -0.46 2.24 1.06 3.39 2.04 0.88 3.11 2.67 2.61 0.97 2.47 2.22 1.40 1.40 1.67 3.38 1.70 1.55 2.63 2.12 1.67 1.09 1.26 2.30 1.33 -0.58 -0.15 0.10 -0.27 0.30 0.41 1.05 0.37 Final Sales Change in Business Inventories Personal Consumption Expenditures Fixed Investment Nonresidential Residential Government Purchases Federal State and Local Net Exports Exports Imports -0.13 -0.13 -0.73 1.13 -0.21 -0.89 -0.02 0.20 -0.30 -0.24 -0.97 0.66 -0.53 -0.72 -0.35 -0.21 0.17 0.11 0.25 0.46 0.31 -0.16 0.33 0.41 -0.61 -0.84 0.74 -0.39 -0.59 -1.66 0.32 -1.33 0.78 0.61 2.36 1.71 1.86 -0.43 2.35 -0.38 -1.38 -1.44 -1.59 -2.08 -2.41 -1.24 -1.99 -0.94 (1) Contribution of each component to the compound annual rate of real GDP growth in each quarter indicated. Elements may not sum to the total due to rounding. Prepared by Federal Reserve Bank of St. Louis Real Personal Consumption Expenditures (Compound Annual Rates of Change) Terminal Quarter 4-90 1-91 2-91 3-91 4-91 1-92 2-92 3-92 4-92 1-93 2-93 3-93 4-93 1-94 2-94 3-94 4-94 1-95 2-95 3-90 4-90 1-91 2-91 3-91 4-91 -2.7 -2.7 -2 8 2.1 *1.2 -0.4 -0 6 0.2 1.7 13 -0.6 -0.0 0.9 0.4 -0.5 0.5 1.1 2 1 2 1 26 5.8 0.6 1.2 2.0 3.7 2.0 2.3 16 23 24 1.0 27 3.8 4.2 2.8 2.9 3.3 1.5 2.1 3.7 1.5 2.0 2.7 2.7 3.0 1.6 2.1 2.6 3.5 2.7 2.9 1.8 2.3 2.8 28 3.0 3.6 2.9 2.0 2.4 3.0 3.2 3.6 2.2 26 3.0 3.7 3 1 3.3 2.5 2.9 3.1 3.5 2.1 3.0 2.9 3.1 2.2 2.5 3.0 3.5 2.7 3.0 2.4 3.1 3.3 3.6 3.0 2.3 2.6 3.0 3.1 3.4 2.4 2.7 3.0 3.0 3.2 3.4 3-90 4-90 1-91 2-91 3-91 4-91 Initial Quarter 1-92 2-92 3-92 4-92 1-93 2-93 3-93 4-93 1.7 2.8 3.7 3.2 3.1 3.2 3.3 3.5 3.2 32 3.4 3.2 3.3 3.9 4.7 37 3.4 3.5 3.6 3.7 3.4 3.4 3.6 3.4 3.4 5.6 3.6 3.3 34 3.5 37 3.4 3.3 3.5 3.3 3.3 1.6 2.1 2.7 3.0 33 3.0 3.0 3.3 3.1 3.1 1-92 2-92 3-92 4-92 2.6 3.2 3.5 38 3.3 3.2 3.5 3.3 3.3 4.0 4.3 33 3.2 3.6 33 3,3 4.7 3.0 3.0 35 3.1 3.2 1-93 2-93 3-93 4-93 1-94 2-94 3-94 4-94 1-95 1.3 2.2 3,1 2.8 29 * 3.1 4.1 3.2 3.3 5.1 3.3 3.3 1.6 2.5 3.4 1-94 2-94 3-94 4-94 1-95 3,265.9 3,242.9 3.259.5 3,269.8 3,265.3 3,311.4 3,325.4 3,357.6 3.403.4 3,417.2 3,439.2 3,472.2 3,506.2 3,546.3 3,557.8 3,584.7 3,629.6 3,643.9 3,674.3 Prepared by Federal Reserve Bank of St. Louis August 3 1 ,1 9 9 5 Dollars are measured using 1987 prices. Second quarter data are preliminary estimates. 3.9 3.9 4.2 3.4 3.4 3.7 3.4 3.4 Billions of Dollars Annual Rates 18 Real Residential Fixed Investment (Compound Annual Rates of Change) Terminal Quarter 4*90 1-91 3 1 3-91 4-91 1-92 2-92 3-92 4-92 1-93 2-93 3-93 4-93 1-94 2-94 3-94 4-94 1-95 2-95 3-90 4-90 1-91 -24.3 -24.5 -24.8 1 2 , 3 2, 2 -9.4 -3.8 8.7 -4.9 0.7 10,9 -0.8 4.7 13.7 2.2 7.5 15 4 2.1 6.5 12.9 4*3 8.5 14.4 4.4 8.2 13.2 3,2 6.5 10.7 3.7 6.8 10.6 5.4 8.4 12.0 5.8 8.5 11.9 5.8 8.4 11.5 5.1 7.4 10.1 4,9 7.0 9,6 4.4 6.4 8.7 3,4 5.2 7.3 3-90 4-90 1-91 2-91 3-91 4-91 Billions of Dollars Initial Quarter 1-92 2-92 3-92 4-92 1-93 2-93 3-93 4-93 M ill 15.6 15.6 17.8 Annual Rates 1-94 2-94 3-94 4-94 176.3 164.2 165.1 171.2 177.5 - 15.6 18.9 22.4 186.7 \ 19.0 20.2 22.6 22.7 15.1 15.0 14.8 11.2 0.8 14.7 11.2 11.0 12.8 12.5 12.0 10.4 9,7 8.7 7,1 3-91 14.6 12.7 9.5 10.5 8.3 5,0 10.4 8.5 5.9 12.5 11.1 9.3 12.2 11.0 9.4 11.6 10.5 9.1 9.9 8.7 7.3 9.3 8.1 6.8 8.2 7.1 5.8 6.5 5.4 4,1 4-91 1-92 2-92 ' y'r \ 196.5 196.9 : ¡¡iig j 16.5 1.6*7 17,0 15.3 11*7 23.8 14.9 11.8 11.5 13.1 12.8 12.3 10.8 10.1 9.2 7.6 2-91 1-95 14.2 5.3 6.4 -1.3 -7.6 y-fh- ■ . 7.2 2.1 0.6 9.4 11.1 8.1 9.0 18.4 10.9 8.5 9.3 15.5 10.3 8.2 8.8 13.3 9.2 8.1 6.1 6.2 7.5 5.6 5.6 8.0 6.3 6.3 4.5 4.4 3.6 4.4 2,6 2.3 3-92 4-92 1-93 2-93 WÊËÊ 28.2 18.7 10.0 14.7 8.5 7.0 9.1 3.4 0.3 77 0.9 3.1 5.8 1.8 -0.2 2.8 -0,9 -2 9 3-93 4-93 1-94 Dollars are measured using 1987 prices. Second quarter data are preliminary estimates. -6.0 -2.0 2.3 -2.4 -0.6 -3.4 -5.3 -5.0 -8.5 -13,2 2-94 3-94 4-94 1-95 207.7 210.4 206.3 211.0 224.5 229.9 233.8 230.2 231.5 229.5 221,5 Prepared by Federal Reserve Bank of St. Louis August 31,1995 Real Nonresidential Fixed Investment (Compound Annual Rates of Change) Terminal Quarter ________3-90 4-90 1-91 2-91 3-91 4-91 Billions of Dollars Initial Quarter 1-92 2-92 3-92 4-92 1-93 2-93 3-93 4-93 1-95 540.2 522.2 ------ -------- ------ --------— -:--I-------;--— --— ------- 1-91 Annual Rates 1-94 2-94 3-94 4-94 -10.2 -12.7 m m --.! \.....; ...■■■wii\I.,t 3-91 -6.7 -6.3 -3.0 . I. ■ i11jI -3.0 514.4 -5.7 1-92 -5.4 -5.0 -2.9 -2.9 -2.9 _ _ -0.1 506.8 : .—___ ____ __ 3-92 -1.8 -1.0 1.1 2.0 3.3 6.4 9.9 5.0 1-93 0.7 1.6 3.6 4.6 5.9 8.3 10.6 9.1 11.3 15.1 3-93 2.7 3.8 5.6 6.6 7.8 9.9 11.7 11.0 12.6 14.3 13.9 12.2 1-94 4.5 5.5 7.2 8.2 9.4 11.2 12.7 12.4 13.7 14.9 14.6 531.2 560.3 14.9 597.9 15.9 10.9 643.6 -I--- ,------- ------- --------3-94 5.4 6.3 7.8 8.7 9.7 11.3 12.5 12.2 13.1 14.0 13.8 13.4 13.7 11.4 11.6 14.1 1-95 6.9 7.8 9.2 10.1 11.1 12.5 13.6 13.5 14.4 15.2 15.1 15.6 14.6 15.5 17.7 3-90 4-90 1-91 2-91 3-91 4-91 15.2 1-92 2-92 3-92 4-92 1-93 2-93 3-93 4-93 Dollars are measured using 1987 prices. Second quarter data are preliminary estimates. 680.0 19.6 21.5 1-94 2-94 3-94 4-94 1-95 Prepared by Federal Reserve Bank of St. Louis August 31, 1995 19 Real Government Purchases of Goods and Services (Compound Annual Rates of Change) Terminal Quarter 4-90 3.0 1.7 -0.2 -0.8 -0.4 -0.8 -0.2 -0.1 -0.8 -0.6 -0.4 -0.4 -0.7 -0.8 -0 3 -0.5 -0 6 "0.6 4-90 1-91 2-91 0.5 -1.7 -2.1 -1.2 -0.8 -0.5 -1.2 -1.0 -0 7 -0.7 -1.1 -1.1 -0 5 -0.8 -0.8 3-91 4-91 : -3.9 -3.4 -1.8 -2.1 -1.0 -0.7 -1.5 -1.1 -0.9 -0.8 -1.2 -1.2 -0.6 -0.9 -0.9 -9-8 -0.8 1-91 2-91 Annual Rates 1-95 949.5 950.6 ¡IPlfllll B I ! ................... :.........'.................... :.... ;.......... 941.3 -2.9 -0.7 1.5 -1.5 -0.8 0.6 -0.3 0.7 -0.1 -1.1 -0.7 -0.7 -0.4 -0.5 -0 2 -0.5 -0.2 -0.9 -0.7 -0.9 -0.7 -0 3 -0.1 -0.6 -0.4 -0.6 -0.5 -0.6 -0.5 3-91 4-91 934.4 937.8 -3.0 0.1 0.4 -1.2 -0.7 -0.4 -0.4 -1.0 -1.0 -0 2 930.7 3.4 2.1 -0.6 -0.2 0.1 0.1 -0.7 -0.7 0 1 -0 4 -0.4 938.5 lÉ lll 0.9 940.6 -2.5 -5.9 926.5 ....'..............* i -1.3 ...“2.4 1.2 929.3 -0.7 -1.2 1.1 1.1 931.8 0.7 ...0.5 -0.1.... -0.6 ....................... 931.5; -1.3 -1.8 -0.7 -1.3 -2.5 -4.9 919.9 -1.3 -1.7 -0.8 “ 1,3 -2.1 -3.1 1.2 917.1 0.4 0.2 0.0 0.1 2.6 6.7 -0.3 -0 5 932.0 -0.3 .."0.5...-0.8 - 1 .0 ...0.3 ...1.1...-4-1...... 922.2 : "0.8 M M “0.6 -0.8 -1.0 -0 3 -0.5 -0.8 -0.9 0.1 0.5 -2.5 -0.7 -0.6 920.5 .> -0.6 -0.8 -0.9 -0.1 0.2 -1.9 -0.8 -0.6 -0x4 -p.e 1-92 2-92 3-92 4-92 1-93 2-93 3-93 4-93 1-94 2-94 3-94 4-94 1-95 o 7 1-91 2-91 3-91 4-91 1-92 2-92 3-92 4-92 1-93 2-93 3-93 4-93 1-94 2-94 3-94 4-94 1-95 2-95 3-90 5,8 4.4 3.1 13 0,4 0.6 0.1 0.5 0.5 -0.1 0,0 0.1 0.1 -0.3 -0,3 0 1 -0.2 -0.2 -0.2 3-90 Billions of Dollars Initial Quarter 1-92 2-92 3-92 4-92 1-93 2-93 3-93 4-93 1-94 2-94 3-94 4-94 ............. 1..1.................. ............ " .................. ........................................... ...................... “ Dollars are measured using 1987 prices. Second quarter data are preliminary estimates. Prepared by Federal Resen/e Bank of St. Louis August 31,1995 Real Federal Purchases of Goods and Services (Compound Annual Rates of Change) Terminal Quarter 4-90 1-91 2-91 3-91 4-91 1-92 2-92 3-92 4-92 1-93 2-93 3-93 4-93 1-94 2-94 3-94 4-94 1-95 Ü 95 3-90 7.5 8.4 5.1 1.1 -1.2 -1.2 -1.7 -0.5 -03 -1.9 -2.1 -2.2 -2.4 -3.0 -3.3 -2.5 -3.2 -3.2 4-90 9.3 4.0 -1.0 -3.2 -2.8 -3.2 -1.6 -1.2 -2.9 -3.0 -3.0 -3.2 -3.7 -4.0 -3.1 -3.8 -3.8 3-90 4-90 1-91 2-91 3-91 4-91 '0 > Billions of Dollars Initial Quarter 1-92 2-92 3-92 4-92 1-93 2-93 3-93 4-93 ' ' ! v* : Annual Rates 1-94 2-94 3-94 4-94 1-95 ¡¡j||§j|j s . 38&S 395.2 S i| 1 1B l l IB B - i.i -5.8 -10.2 : -7.1 -9.9 -9 5 -5.6 -7.1 -5.5 -1.3 .g.5 „6 5 ¡i|Ü |g -3.1 -4.8 -3.3 -2.7 -4.3 -4.3 -4.1 -4.2 -4.7 -5.0 -3.9 -4.7 -4.6 -3.7 -2.9 -4.8 -4.7 -4.5 -4.5 -5.1 -5.3 -4.1 -4.9 -4.8 1-91 2-91 -2.0 0.7 1.7 86 : -1,4 0.8 1.5 4.8 -3.9 -2.7 -3.0 -2.4 -3,8 -2.8 -3.1 -2.7 -3.7 -2.9 -3.1 -2.8 -3,9 -3.1 -3.4 -3.1 -4.5 -3.9 -4.3 -4.2 -4,8 -4.4 -4.7 -4.7 -3.6 -3.1 -3.2 -3.1 -4 5 -4 1 -4 3 -4.3 -4.4 -4.0 -4.3 -4.2 -dt" ft i -4.1 -4.3 i Jk 3-91 4-91 1-92 2-92 \ * 1.1 -7.5 -15.4 -6.2 -9.7 -5.4 -7.5 -5.3 -6.9 -6.2 -7.6 -6.4 -7.6 -4.4 -5.2 -5.6 -6.4 -5.4 -6.1 -3.6 -3.3 -3.9 -5.5 -6.0 -3.4 -5.0 -4.9 «4 9 3-92 4-92 1-93 Dollars are measured using 1987 prices. Second quarter data are preliminary estimates. 383.6 374.1 372.9 368.3 376.0 377.0 361.6 358.3 355.6 351.1 : 341.7 .334,7i 343.5 330.4 327.2 -3.0 -4.0 -6.1 -6.6 -3.3 -5.3 -5.1 -5.0 -7.7 -10.3 -7.8 -3.4 -2.9 -5.7 -5.4 -5.5 2-93 3-93 4-93 1.1 10.9 -2.6 -144 -4.2 -3.0 -9.3 -3.8 - -7 :8 1-94 2-94 3-94 4-94 1-95 Prepared by Federal Reserve Bank of St. Louis August 31,1995 20 Real Exports (Compound Annual Rates of Change) Terminal Quarter 3-90 4-90 1-91 2-91 3-91 4-91 4.1 1-91 2-9i 3-91 a a Billions of Dollars Initial Quarter 1-92 2-92 3-92 4-92 1-93 2-93 3-93 4-93 -1.1 QO OA 7 ........ ... ......... .......... Annual Rates 1-94 2-94 3-94 4-94 1-95 519.0 544.0 .. .. 7.1 6.3 10.2 0.6 544.8 lilllilllï 8.1 11.4 7.0 13.7 7.7 10.0 6.7 9.8 6.1 6.6 8.3 5.3 7.0 3.8 1.5 6.4 7.8 5.3 6.6 4.3 3.4 5.3 as 7.7 5.6 6.7 6.2 7.2 5*0 4.6 5.7 6.5 4.7 5.4 3.8 3.0 -1.0 3.8 3.2 ’TO?*gHKwv ;:., ;v . v 5.9 6.7 5.0 5.7 4.4 4.1 4.7 4.6 3.2 7.7 5.0 5.6 4.1 4.5 3.3 2.8 3.1 2.5 1.0 2.1 -3.2 6.3 7.0 5,7 6.3 5.4 5.3 8.2 8.5 21.7 6.0 6,1 5,8 5.2 4.3 8.3 -3.5 5.5 6 1 48 5.3 4.4 4.2 4.6 4.4 3.9 7.3 11*0 6.1 16,6 6.3 6.9 5*8 6.3 7,4 15& 6*0 6 1 ‘ 5.9 8.7 12.0 8.9 15.7 14.8 6.4 6.4 6.9 7.2 7.1 8.6 6.8 7.4 6.4 7.0 6.7 '* 20.2 7.6 8.2 7.4 7.9 .. 8*2... *.**V . . ' 7.2 7.3 7.9 8.2 9.5 9.7 12.1 10.2 14.0 13.1 12.3 4.8 7.4 8.0 7.2 7.7 8.3 7.2 7 .Ï 7.7 8.0 9.5 12,4 11.3 10.2 7.4 7.9 7.1 7.6 8.0 3-90 4-90 1-91 2-91 3-91 4-91 1-92 2-92 3-92 4-92 1-93 2-93 3-93 4-93 1-94 2-94 3-94 4-94 1-95 8.4 8.0 7.1 6.8 6,9 6.1 62 5.4 6.6 5.8 6.5 7.0 7.7 7.6 4-91 1-92 2-92 3 92 4-92 1-93 2-93 3-93 4-93 1-94 2-94 3-94 4-94 1-95 2-95 562.6 571.0 573.1 580.5 590.7 589.2 600.2 595.3 625.2 619.6 643.9 666.5 697.9 706.2 Prepared by Federal Reserve Bank of St. Louis August 31, 1995 Dollars are m easured using 1987 prices. Second quarter data are preliminary estimates. Real Imports (Compound Annual Rates of Change) Terminal Quarter 3-90 4-90 1-91 2-91 3-91 4-91 Billions of Dollars Initial Quarter 1-92 2-92 3-92 4-92 1-93 2-93 3-93 4-93 Annual Rates 1-94 2-94 3-94 4-94 1-95 m 1-91 -10.7 -12.2 539.4 3-91 0.2 3.5 12.4 10.4 1-92 2.1 4.5 9.2 7.5 571.8 ___________ 6.0 6.6 588.8 607.1 619.4 13.0 3-92 4.2 6.2 9.7 8.7 8.3 9.3 10.7 8.4 7.4 1-93 5.1 6.9 3-93 6.1 7.6 4-93 1-94 3-94 9.5 8.8 8.6 9.8 9.3 9.2 9.2 10.1 9.7 9.9 10.8 10.2 8.2 8.4 9.5 10.3 11.3 9.9 11.0 9.9 11.1 10.4 11.6 10.9 12.1 10.6 10.9 8.5 9.7 11.2 11.0 11.0 11.5 3-90 4-90 1-91 2-91 3-91 4-91 11.9 11.8 11.9 7.4 681.6 10.9 12.7 707.4 9.5 723.6 18.9 12.0 17.2 15.6 .3 13.5 11.4 12.5 11.8 12.1 13.3 13.6 13.4 15.0 13.1 13.3 13.1 14.2 12.8 13.5 12.9 12.6 14.6 755.6 783.5 13.0 14.0 12.4 10.8 10.1 1.9 12.4 12.5 12.2 13.0 12.5 13.1 11.6 10.4 9.8 9.5 1-94 2-94 3-94 4-94 1-95 1-92 2-92 3-92 4-92 1-93 2-93 3-93 4-93 Dollars are measured using 1987 prices. Second quarter data are preliminary estimates. 646.8 11.6 12.0 13.0 13.2 12.8 14.7 14.1 4-94 1-95 11.6 13.2 14.9 11.2 11.1 ' 11.2 12.4 12.7 11.6 16.0 -Ir.. 7.0 6.5 8.8 9.0 10.3 10.9 9.7 10.0 824.6 843.6 Prepared by Federal Reserve Bank of St. Louis August 31,1995 21 Trade and Current Account Balances Current Prices Billions of Dollars 1989 Billions of Dollars 1 99 0 1991 1992 1993 1994 1995 The goods and services trade balance and the current account are for the current plus 3 previous quarters until 1993. Since 1993, the goods and services trade balance uses the current plus previous 11 months. Shaded area represents a period of business recession. Prepared by Federal Reserve Bank of St. Louis U.S. International Transactions (Millions of Dollars, Seasonally Adjusted) 4-94 188,897 184,873 42,511 38,307 3-94 2-94 1 -9 4 col o> 1 1 -9 5 166,231 30,942 Exports Goods and Services Income Receipts on U.S. Assets Abroad 178,274 171,823 36,031 32,338 3-93 2-93 166,422 158,613 161,065 30,412 29,931 29,958 Imports Goods and Services Income Payments on Foreign Assets in the U.S. -218,920 -212,340 -207,081 -198,746 -189,247 -186,912 -180,601 -179,858 -45,209 -42,878 -38,564 -34,623 -30,826 -30,376 -26,741 -27,893 Balance on Current Account -40,503 -43,277 -39,714 -37,986 -30,271 -31,176 -27,032 -24,337 Change in U.S. Assets Abroad -63,951 -55,156 -27,940 -5,973 -36,783 -77,657 -46,270 -40,933 U.S. Official Reserve Assets -5,318 2,033 -165 3,537 -59 -673 -545 822 -58,656 -56,258 -27,492 -10,001 -37,125 -76,666 -45,529 -41,474 U.S. Private Assets Change in Foreign Assets in the U.S. 85,080 84,715 79,736 46,526 80,390 99,458 77,928 51,277 Foreign Official Assets 21,336 -421 19,691 9,162 10,977 24,311 19,386 17,495 Other Foreign Assets 63,744 85,136 60,045 37,364 69,413 75,147 58,542 33,782 Note: Negative values indicate dollar outflows from the United States Prepared by Federal Reserve Bank of St. Louis 22 Gross Saving as a Percent 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 Saving and Investment (Billions of Dollars and Percent of GDP) Gross Saving Period $ Billion 1990:1 735.5 765.9 705.5 683.8 %( Gross Private Saving Gross Private Domestic Investment U.S. Net Foreign Investment $ Billion % of GDP $ Billion % of GDP $ Billion % of GDP 13.5 13.8 12.6 12.2 867.4 888.5 825.5 863.1 15.9 16.0 14.8 15.4 828.9 837.8 812.5 756.4 15.2 15.1 14.6 13.5 -80.3 -73.8 -92.1 -67.7 -1.5 -1.3 -1.6 -1.2 4 798.8 744.5 722.1 740.1 14.2 13.0 12.5 12.8 933.2 937.3 917.9 960.7 16.6 16.4 15.9 16.6 732.8 733.1 756.5 756.8 13.0 12.8 13.1 13.1 55.8 17.6 -22.2 -18.8 1.0 0.3 -0.4 -0.3 1992:1 2 3 4 719.1 722.3 731.9 718.5 12.2 12.1 12.1 11.6 979.1 981.2 1005.3 957.5 16.6 16.4 16.6 15.5 747.7 787.9 795.5 822.0 12.7 13.2 13.2 13.3 -26.6 -54.1 -59.9 -85.6 -0.5 -0.9 -1.0 -1.4 1993:1 2 3 4 760.1 775.0 788.9 825.8 12.2 12.3 12.4 12.7 1022.0 986.6 989.9 1011.4 16.4 15.7 15.6 15.6 853.8 869.7 882.2 922.5 13.7 13.8 13.9 14.2 -68.3 -88.9 -98.8 -113.2 -1.1 -1.4 -1.6 -1.7 1994:1 2 3 4 886.2 923.3 922.6 950.3 13.5 13.8 13.6 13.8 1037.3 1041.4 1052.7 1082.7 15.8 15.6 15.5 15.7 966.6 1034.4 1055.1 1075.6 14.7 15.5 15.5 15.6 -116.4 -135.1 -153.6 -167.7 -1.8 -2.0 -2.3 -2.4 1995:1 2 1006.0 992.0 14.4 14.1 1126.4 1093.7 16.1 15.6 1107.8 1092.2 15.9 15.5 -160.4 -172.2 -2.3 -2.5 2 3 4 1991:1 2 3 Note: Gross Saving equals Gross Private Domestic Investment plus U.S. Net Foreign Investment minus a statistical discrepancy. U.S. Net Foreign Investment is the excess of U.S. investment abroad over foreign investment in the U.S.. 23 Prepared by Federal Reserve Bank of St. Louis Corporate Profits After-Tax (Compound Annual Rates of Change) Terminal Quarter - 4-90 1 91 2-91 3-91 4-91 1-92 2-92 3-92 4-92 1-93 2-93 3-93 4-93 1-94 2-94 3-94 4-94 1 95 2-95 3-90 4-90 1-91 2-91 3-91 7.4 35 4 70.7 24.6 34.1 5.4 15.2 18.0 -1.9 -8.7 14.1 15.9 9.7 1.8 0.1 5 6 13.6 14.7 16.2 5.5 2.0 5.8 2.6 11.1 11,7 3.7 3.2 -5.1 -7.1 -6.7 8.7 12.1 5.6 5.6 4.6 7.0 10.2 10.5 4.7 11.8 12.2 7.1 7.3 9.9 9.9 12.5 134 14.0 9.5 14 3 14.9 10.8 11.4 13.9 7.9 8.1 10.0 11.4 11.8 9.7 11.5 12.5 12.9 9.3 9.1 10.8 8.9 11.9 12.2 10.9 11.2 8.0 8.2 9 6 7.9 8 1 9.4 10 7 10.8 11.0 11.2 8.5 -8 .7 :: 9.9 3-90 4-90 1-91 2-91 3-91 4-91 17.6 3.9 -11.5 8.5 6.4 9.9 12.9 14.4 10.0 11.7 10.9 9.6 9.4 1-92 2-92 -8.2 -23.3 5.6 3.8 8.4 12.2 14.0 9.1 11.0 10.2 8.9 8.7 Billions of Dollars Initial Quarter 1-93 2-93 3-93 4-93 1-94 2-94 3-94 4-94 3-92 4-92 : Annual Rates 1-95 225.8 258.1 261.5 255.6 261.6 272.4 266.6 238.6 283.8 282.8 301.3 323.6 342.4 324.1 344.8 347.4 344.7 349.8 364.7 ■ -35.8 ijliillllllp : 13.3 100.2 liilllil 8.2 40.5 -1.4 12.7 28.8 13.0 86.5 16.8 35.6 19 1 30.9 33.1 18.2 33.5 20,6 29.0 29.1 2 5 3 11.2 14 6 11.8 22.7 10 2 0.3 -19.7 13.9 17.2 13.7 23.4 14.4 8.8 1.4 28.1 12.5 20.7 12.2 14.7 12.1 7.4 2.0 14.9 3.1 10.8 17.8 10.2 12.0 9.4 5.2 0.7 8.6 -0.1 -3.1 10.4 9.7 11.2 89 1.7 1.4 6.1 16.5 5.3 7.9 1.9 10 0 9.4 11,0 Ï6.7 10.6 12.0 10.0 ■ÜÜ 4.3 9,9 5 8 6.7 11,9 18.2 4-91 1-92 2-92 3-92 4-92 1-93 2-93 3-93 4-93 1-94 2-94 3-94 4-94 1-95 Corporate Profits After-Tax with Capital Consumption and Inventory Valuation Adjustments. Second quarter data are preliminary estimates. Prepared by Federal Reserve Bank of St. Louis August 31,1995 Corporate Profits and Net Cash Flow (Billions of Dollars) Period Corporate Profits(1) After-Tax Profits(1) Capital Dividends Consumption Inventory Capital Valuation Consumption Adjustment Adjustment Net Cash Flow 1990: 1 2 3 4 382.6 409.3 367.5 362.8 250.6 269.5 221.8 225.8 149.9 154.6 155.7 153.7 360.4 365.0 371.3 376.2 -2.0 8.9 -31.5 -19.5 35.8 31.4 22.8 13.5 463.1 471.0 468.9 467.9 1991: 1 2 3 4 385.4 391.5 389.6 394.7 258.1 261.5 255.6 261.6 158.0 159.4 161.6 160.9 380.7 382.4 384.1 386.1 10.4 12.1 1.4 -0.8 13.7 18.9 22.5 22.4 470.5 472.4 476.7 487.6 1992: 1 2 3 4 412.1 412.6 363.2 432.5 272.4 266.6 238.6 283.8 161.0 166.8 174.4 182.1 388.6 391.3 410.4 396.8 -4.0 -16.6 -7.3 2.1 19.0 15.8 10.9 16.9 504.0 507.9 481.8 496.5 1993: 1 2 3 4 442.5 473.1 493.5 533.9 282.8 301.3 323.6 342.4 188.2 190.7 193.2 194.6 402.3 404.8 413.3 411.1 -11.2 -10.0 3.0 -6.5 21.0 26.5 31.7 38.8 508.0 525.4 540.6 565.5 1994: 1 2 3 4 508.2 546.4 556.0 560.3 324.1 344.8 347.4 344.7 196.3 202.5 207.9 213.9 432.2 425.9 432.6 438.0 -12.3 -14.1 -19.6 -32.1 37.0 37.4 37.5 38.8 572.2 582.3 591.7 600.9 1995: 1 2 569.7 585.2 349.8 364.7 217.1 219.9 445.3 454.6 -39.0 -26.4 38.1 35.3 616.9 625.8 (1) Profits data includes the Inventory Valuation Adjustment and Capital Consumption Adjustment. The latter is the excess of depreciation allowances over Capital Consumption. Net Cash Flow equals After-Tax Corporate Profits less Dividends, less the Inventory Valuation Adjustment, plus Capital Consumption. Prepared by Federal Reserve Bank of St.Louis 24 Government D eficit(-)/S u rp lu s(+) Seasonally Adjusted Billions of Dollars 1989 1990 1991 1992 Billions of Dollars 1993 1994 1995 National income accounts basis Prepared by Federal Reserve Bank of St. Louis Federal Government Debt (Billions of Dollars) Seasonally Adjusted End of Month Totals Period 1991: March June September December 1992: March June September December 1993: March June September December 1994: March June September December 1995: March Gross Federal Debt Federal Debt held by Agencies and Trusts 3465.4 3539.0 3678.0 3785.6 881.3 885.5 922.7 959.4 2ms 35 & 4 2343.4 ....254.2 .. 267.8 274.2 B H tH N Ii I 2655.2 2755.9 2822.4 2409.1 2498.2 2560.2 475.0 481.2 488.1 3884.6 3984.8 4078.7 4157.2 980.3 998.0 1019.4 1036.8 2905.2 2989.9 3059.5 3116.5 m.i 264& 7 , Ü • IliSHWiKIHi , i 1 i - 275.7 299.7 294.9 2723.9 2775.2 2835.9 532.0 538.9 545.4 4237,1 4351.4 4426.9 4512.2 1061.6 1089.4 1119.9 1140.6 3175.8 3266.0 3307.0 3367.4 A 326.5 329.0 336.1 2877.6 2950.0 2993.9 3042.4 4585.2 4644.5 4709.1 4774.7 1162.5 1191.9 1216.2 1242.9 3422.8 3456.8 3492.5 3527.7 349.4 355.6 358.7 365.9 3077.1 3099.8 3139.5 3162.1 4875.1 1277.8 3598.2 376.6 3221 4 Net Federal Debt Federal Debt held Federal Debt held by Federal by Private Reserve Banks Investors Federal Debt held by Foreign Investors i n i i i ; 570.7 595.2 617.6 630.3 636.6 659.4 682.4 I M !!! 725.1 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: Orginal data may be found in the TREASURY BULLETIN and also in the FEDERAL RESERVE BULLETIN; seasonally adjusted series prepared by this Bank. Prepared by Federal Reserve Bank of St. Louis 25 Government Budgets (Billions of Dollars; National Income Account Basis) Federal 2 3 4 1991: 1 2 3 Receipts 1091.3 1114.5 1123.7 1115.8 Expenditures 1257.8 1266.5 1268.3 1306.9 1120.1 1264.5 4 1121.8 1132.5 1140.5 1329.4 1346.0 1386.3 1992: 1 1155.7 1435.6 2 1171.0 1166.5 1219.9 1212,7 1263.7 1272.7 1313.6 1337.4 1380.7 1388.8 1408.8 1441.0 1475.5 1455.8 1460.4 1492.0 1496.2 1500.6 1497.6 1533.7 3 4 1993: 1 2 3 4 1994: 1 2 3 4 1995: 1 2 1513.7 1525.9 1542.8 1569.9 1589.6 1603.3 Period 1990; 1 -166.4 -152.0 -144.6 -191.0 Expenditures 1676.1 1705.0 1728.7 1726.5 1734.0 1744.7 1768.5 1788.7 1808.0 1827.7 1848.6 1905.8 1868.4 1937.4 1964.2 2009.4 2073.5 2095.8 2110.5 2147.9 2162.9 2176.7 2181.9 -131.9 -122.7 -119.9 -179.3 -134.4 -192.8 -195.8 -220.7 -260.0 -258.9 -273.5 -239.1 -261.9 2221.0 -185.6 -151.1 -118.1 -130.1 -132.3 -120.4 -101.7 3 4 1991: 1 -207.6 -213.6 -245.8 -279.9 -284.8 -293.9 -272.1 -283.5 -237.0 -224.9 2 3 4 1992: 1 2 3 4 1993: 1 2 3 4 1994: 1 -220.1 -176.2 -145.1 -154.0 -161.1 -148.6 -127.8 Surplus/ Deficit(-) Receipts 2 » Period 1990: 1 Federal. State and Local Surplus/ Deficit(-) 2 1813.5 1836.9 1837.0 1908.8 1901.0 1965.1 1980.9 2035.4 2066.5 2121.9 2138.8 2171.1 3 4 1995: 1 2211.2 2 2252.6 127.7 131.9 131.9 137.6 144.3 151.7 154.7 162.6 164.6 172.8 174.6 176.6 176,7 182.9 187.8 197.0 190.0 194.4 200.3 205.5 -211.6 -201.0 2217.6 2240.1 2268.9 2303.4 2331.7 2354.3 Grants-in-Aid(l) 211.0 215.7 (1) Federal Grants-in-Aid to state and local government are part of federal expenditures and state and local receipts, but are netted out in computing total government measures. Federal Budgets Fiscal Years (Billions of Dollars; Unified Budget Basis) Estimate Total Budget Receipts Outlays Surplus or Deficit(-) 1535 $1,357 1.518 -161 1994 1993 1592 $1,257.7 1.460.9 -203.2 $1,153.5 1.408.7 -255.1 $1,090.5 1.380,9 -290.4 I S M $1,054.3 1.323.4 -269.2 1990 $1,031.3 1.252.7 -221.4 Calendar Years (Billions of Dollars; National Income Account Basis) National Income Account Budget Receipts Expenditures Surplus or Deficit(-) 1534 1533 1552 1531. 1333 $1,379.0 1.538.1 -159.1 $1,265.7 1.507.0 -241.4 $1,178.3 1,4603 -282.7 $1,128.7 1.331.6 -202.9 $1,111.4 1,274 3 -163.5 Note: 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. Estimate is Congressional Budget Office baseline projection from THE ECONOMIC & BUDGET OUTLOOK: UPDATE (August 1995). Prepared by Federal Reserve Bank of St. Louis 26 Federal Government Receipts (Compound Annual Rates of Change) Terminal Quarter 3-90 -2.8 -0.6 -0.2 0.8 1.2 19 2.4 1.9 3,7 3.1 4.4 4.2 4.9 5.1 5.6 5.4 5,5 5.7 5,9 4-90 1-91 2-91 3-91 4-91 1-92 2-92 3-92 4-92 1-93 2-93 3-93 4-93 1-94 2-94 3-94 4-94 1-95 2-95 Billions of Dollars Annual Rates Initial Quarter 4-90 1-91 2-91 3-91 4-91 1.6 1.1 2.0 2.2 2.9 3.3 2.6 4.6 3.8 5.1 4.9 5.6 5.7 6.3 6.0 6.0 6.2 6.4 0.6 2.2 2.4 3.2 3.6 2.7 5.0 4.1 5.5 5.2 6.0 6.1 6.6 6.3 6,3 6.5 6.7 3.9 3.4 4.0 4.4 3.2 5.7 4.6 6.1 5.8 6.5 6.6 7.2 6.8 6.7 6.9 7.1 1-92 2-92 3-92 4-92 1-93 2-93 3-93 4-93 1-94 2-94 3-94 4-94 1-95 1,115.8 1,120.1 1,121.8 1,132.5 2.9 4.1 4.6 3.0 6.1 4.7 6.5 6.0 6.8 6.9 7.5 7.0 6.9 7.1 7.3 1,140.5 5.4 5.4 3 1 7.0 50 7.1 6.5 7.3 7.3 7.9 7.4 7.3 7.5 7.6 3-90 4-90 1-91 2-91 3-91 4-91 5.4 19 7.5 49 7.4 6.6 7.6 7.6 8.2 7.6 7.5 76 7.8 -1.5 8.5 48 7.9 6.9 8.0 7.9 8.6 7.9 7.7 7.8 8.0 19.6 8.1 -2.3 11.3 7.3 9 1 5.8 10.0 7.7 95 76 10.1 8.6 9 1 7.7 8.7 7.5 8.8 7.7 7.9 8.9 17.9 10 1 11.2 10.3 10.9 9.5 8.9 9.0 9.1 2.9 8.1 7.9 9.3 7.8 7.5 7.8 8.1 13.5 10.4 7.4 11.5 10.5 13.6 9.1 77 7.8 8.5 7.2 7.2 7.7 7.7 86 8.2 6.8 8.1 1-92 2-92 3-92 4-92 1-93 2-93 3-93 4-93 2.4 4 .Î 5.9 6.9 5.9 7.7 8.4 9.5 9.7 9.9 1,155.7 1,171.0 1,166.5 1,219.9 1,212.7 1,263.7 1,272.7 1,313.6 1,337.4 1,380.7 1,388.8 1,408.8 1,441.0 1,4 r b. 1-94 2-94 3-94 4-94 1-95 Prepared by Federal Reserve Bank of St. Louis August 31,1995 Second quarter data are preliminary estimates. Federal Government Expenditures (Compound Annual Rates of Change) Terminal Quarter 4-90 1-91 2-91 3-91 4-91 1-92 2-92 3-92 4-92 1-93 2-93 3-93 4-93 1-94 2-94 3-94 4-94 1-95 2-95 3-90 12.7 -0.6 6,5 6.1 7.4 8.6 8.2 7.3 7.5 6.8 6,3 5.7 6,0 5.2 5.1 5.0 5.1 5.1 ' 5.1 3-90 Billions of Dollars Initial Quarter 4-90 1-91 2-91 3-91 4-91 -12.4 3.5 4.0 6.1 7.8 7.5 6.6 6.8 6.2 5.7 5.1 5.5 4.6 4.5 4.5 4.7 4.7 4.6 4-90 22.2 13.3 5.1 13.0 8.7 12.5 13.5 10.8 13.8 15.0 11,9 9,5 11.0 10.3 7.2 8.5 10.1 7.8 7.6 8.0 8,6 9.9 7.3 6.3 8.8 7.0 6.4 5.4 7,9 6.2 4.5 5.4 5.5 7.0 5.2 7,3 5.9 6.0 4.0 6.2 4.8 4.8 4,7 3.9 6.0 4.7 4.7 4.0 4.7 5.8 4.2 5.9 4.9 4.8 4.9 4.3 5.9 4.9 5.7 4.8 4.8 4.2 1-91 2-91 3-91 4-91 ______ 5.7 3.5 1.3 5.3 5,0 8.9 4.2 3.7 1.1 5.0 3.6 3.1 3.7 1,2 1.2 2.9 23 2.5 0.5 0.2 -0.8 3.8 3.5 4.0 2.8 3.4 4.5 10 0 2.7 2.3 1.2 2.2 2.4 1.2 1.2 2.7 2.4 1.7 2 5 2.5 1.5 1.6 2.6 2.9 2.2 3.0 2.8 1.9 2.1 3.3 3.1 3.3 2.6 2.8 3,1 3.8 3.2 3.5 4.1 3.4 2.9 3.1 3.3 3.5 3.3 3.4 4.0 3.5 2.9 3.1 1-92 2-92 3-92 4-92 1-93 2-93 3-93 1-94 2-94 3-94 4-94 1-95 ____________________ -5.1 >1.0 0.8 2.4 2.9 ¡1-0 4-93 3.3 3.9 4.5 7,2 5.9 5.0 6.2 5.1 5.6 5.0 5,3 4.3 3.5 4.7 5.1 1-94 2-94 3-94 4-94 1-95 1,264.5 1,329.4 1,346.0 1,386.3 1,435.6 1,455.8 1,460.4 1,492.0 1,496.2 1,500.6 1,497.6 1,533.7 1,513.7 1,525.9 1,542.8 1,569.9 1,589.6 1,603.3 Prepared by Federal Reserve Bank of St. Loui: August 31,1995 Second quarter data are preliminary estimates. Annual Rates 1-92 2-92 3-92 4-92 1-93 2-93 3-93 4-93 1,306.9 27 Federal Reserve Bank of St. Louis Post Office Box 442 St. Louis, Missouri 63166 Subscriber: Please include address label with subscription inquiries or address changes.