Full text of National Economic Trends : July 1987
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National Economic Trends Ju ly 1987 The nation’s GNP in both current and constant dollars rose slightly faster from mid-1984 to the end of 1986 than previously reported, according to annual benchmark revisions of the national income and product accounts prepared by the U.S. Department of Commerce. From the third quarter of 1984 to the fourth quarter of 1986, nominal GNP grew at a 5.4 percent annual rate instead of the 5.2 percent rate previously reported. Real GNP grew at a 2.6 percent rate over the same period, instead of the previously reported 2.4 percent rate. Nominal and real GNP growth in the four quarters of 1986 show the same revisions, as nominal GNP is estimated to have expanded 4.5 percent, up from the previously reported 4.2 percent, while real GNP growth was revised upward from 2 percent to 2.2 percent. The rate of price increase, as measured by the GNP deflator, was virtually unchanged at a 2.7 percent rate from mid-1984 to the fourth quarter of 1986. The revised data for GNP and some of its components are included on pages 12-19 of this release. Preliminary data for the second quarter indicate that real GNP grew at a 2.6 percent rate, down from a 4.4 percent rate in the previous quarter. The preliminary measure of the GNP deflator rose at a 3.8 percent rate, down slightly from a 4.2 percent rate in the first quarter. The second-quarter slowing in real GNP growth was associated principally with a slowing in the pace of inventory accumulation and a smaller increase in net exports. The change in business inventory declined from $47.6 billion (1982 prices) in the first quarter to $41.2 billion in the second quarter. Real final sales growth (GNP less the change in business inventory, both measured in 1982 prices) accelerated sharply in the second quarter, rising at a 3.3 percent rate after declining at a 2.3 percent rate in the first quarter. Net exports showed slower improvement in the second quarter, according to the preliminary estimate. In the first quarter of 1987, real net exports were $ —135.2 billion, up $16.6 billion from the fourth quarter of 1986. In the second quarter, real net exports rose only $7.4 billion. While most of the major categories of real final sales accelerated in the second quarter, the largest gain was in real nonresidential fixed investment, which rose at a 7.9 percent rate. Such investment fell at a 14.6 percent rate in the first quarter and 4.7 percent from the end of 1985 to the end of 1986. The declines in real nonresidential fixed investment in the first quarter of 1987 and 1986 previously had been reported at 9.7 percent and a 4 percent rates, respectively. —John A. Tatom THE FEDERAL RESERVE BANK of ST. I / H I S V ie w s ex p ressed do n o t n e c e ssa rily r e fle c t o ffic ia l p o sitio n s o f th e F ed era l R e se rv e sy ste m . TO TAL C I V I L I A N ENPLOYNENT CQft f W W D t P A tm tA L M TES Q f CHAWCE OF PERSO NS NONTH 1 1-f!5 12-85 1-86 2 -86 3-86 4-86 5-86 6-86 7-86 •-#6 1-97 9-86 10-86 11-96 12-86 2-97 3-87 4—97 5-97 1 09 .1 4 9 12-85 1-86 2 .3 2-86 3-86 1 09 .9 9 2 8 *6 ♦z - 3 .6 1 09.557 1 0 9 .9 0 7 2 .8 2 .5 - 0 .5 4-86 2 .3 0 .3 2 .3 1 #0 5-86 2 .3 0 .8 2 .3 2 .0 2 .2 6-86 2 .7 1 .6 2 .9 3 .0 3 .6 5 .0 7-86 2 .8 1 .8 3 .0 3 .0 3 .4 4 .0 3 .0 8-86 2 .7 1 .9 2 .8 2 .8 3 .1 3 .3 2 .5 2 .0 9-86 2 .3 1 .5 2 .3 2 .2 2 .3 2 .3 1 .4 0 .5 - 0 .9 10-86 2 .3 1 .6 2 .3 2 .2 2 .3 2 .3 1 .6 1 .1 0 .7 2 .3 11-86 2 .3 1 .7 2 .3 2 .2 2 .3 2 .3 1*9 1 .5 1*3 2 .5 2 .6 12-86 2 .3 1 .7 2 .3 2 .2 2 .3 2 .3 1 .9 1 .6 1 .6 2 .4 2 .4 2 .3 •3 1 09 .9 6 9 1 0 9 .1 6 5 1 0 9 .6 1 3 109 .9 9 7 1 10 .0 6 7 1 09 .9 9 7 110 .1 9 2 110 .4 3 2 1 10 .6 3 7 2 .4 1 .9 2 .5 2 .4 2 .5 2*5 2 .2 2 .1 2 .1 2 .9 3 .0 3 .2 4 .1 2 .6 2.1 2 .6 2 .6 2 .7 2 .7 2 .4 2 .3 2 .4 3 .1 3 .3 3 .5 4 .1 4 .1 1 11 .3 9 2 2 .6 2 .6 2 .7 1 .9 • 0 1 111.011 1-87 2-87 111*369 2 .4 2 .4 2 .1 2 .0 2 .0 2 .5 2 .6 2 .6 2 .6 2 .7 2 .4 2 .4 2 .4 2 .9 3 .0 3 .1 3 .3 3 .0 2 .5 5 .1 2 .9 2 .9 2 .9 3 .0 2 .8 2*9 2 .9 3*4 3 *5 3*7 4 *0 ?.9 3 .9 6 .0 6 .9 2 .6 2 .4 2 .4 2 .4 2 .9 2 .9 2 .9 2 .9 2 .7 2 .4 3 .2 2 .3 - 2 .0 5-86 6-86 7-86 •-86 9-96 10-96 11-96 12—B6 1-87 2—87 3-97 4-97 5-97 2 .4 2 .5 2 .2 2 .8 2 .4 2 .4 4-87 5-87 2 .5 2 .2 2 .5 2 .5 2 .6 12-85 1-86 2-86 3-86 4-86 6-87 11 -85 2 .4 1 .9 3-87 in it ia l 1 11 .9 3 5 112 .4 4 7 1 1 2 .2 5 7 month PRÉPAREO BY FEOERAL RESÉRVE BANK O f S T . L Ó O tS m ¿t t i ? r r ________________________________________________ PAYRO LL EHPLO YNENT CQNPQUNPEO ANNUAL R ATES OF CHANGE IN IT IA L TEflW INAL THOUSANOS OF PERSONS NONTH NONTH 11-85 12-95 2 .6 12-85 1-86 2-86 3-86 4-86 5-96 6-86 7-96 9—B6 9-96 10-96 11-96 12-96 1-97 2-97 3-87 4-87 5-97 9 9 .6 5 9 9 9 .7 7 6 1-96 2 .0 1 .4 2-86 1*9 1*6 1*7 3-96 1 .7 1 .4 1 .4 1 .2 4-96 2 .0 1 .8 1 .9 2 .1 2 .9 5-86 1 .9 1 .8 1 .9 1*9 2 .3 1 .7 6-96 1 .5 1 .4 1 .3 1 .2 1 .3 0 .4 - 0 .8 9 9 .9 1 4 9 9 .0 1 3 9 9 .2 5 2 9 9 .3 9 9 9 9 .3 2 3 9 9.6 0 1 7-96 1 .8 1 .6 1 .7 1 .7 1 .8 1.4 1 .3 3 .4 9-96 1 .8 1 .7 1 .7 1 .7 1 .8 1 .6 1 .6 2 .7 2 .1 9-96 1 .9 1 .9 1 .9 2 .0 2 .1 1 .9 2 .0 2 .9 2 .7 3 .3 10-86 2 .0 1 .9 1 .9 2 .0 2 .1 1 .9 2 .0 2 .7 2 .5 2 .7 2 .1 11-86 2 .0 1*9 2 *0 2 .0 2*1 2 .0 2*1 2*7 2 *5 2 *6 2*3 2*5 12-86 2 .0 1 .9 2 .0 2 .0 2*1 2 .0 2 .0 2 .5 2*3 2 .4 2 .1 2*2 1*9 9 9 .7 7 2 1 0 0 .0 3 9 1 0 0 .2 0 9 1 00 .4 1 5 100 .5 6 7 1-87 2 .2 2 .1 2 .2 2 .2 2 .3 2 .2 2 .3 2 .9 2 .7 2 .9 2 .7 2 *9 3 .0 4 *3 2-87 2 .2 2 .2 2 .2 2 .3 2 .4 2 .3 2*4 2 .9 2 .7 2 *9 2 *7 2*9 3 .0 3 *5 2*9 3-87 2 .2 2 .2 2 .2 2 .3 2 .3 2 .3 2*3 2 .7 2 .6 2 .7 2 .6 2 .7 2 .8 3*1 2*5 2 .1 4-87 2 .3 2 .2 2 .3 2 .3 2 .4 2 .4 2*4 2 .9 2 .7 2 *9 2 .7 2 *9 2 *9 3*1 2 .7 2 .7 3 *2 5-97 2 .2 2 .1 2 .2 2 .2 2 .3 2 .2 2*3 2 .6 2 *5 2*5 2 *5 2*5 2 .7 2 .3 2 .1 2 .0 0 .9 6—87 2 .1 2 .1 2 .1 2 .2 2 .2 2 .2 2 .2 2 .5 2 .4 2 .4 2 .3 2 *4 2*4 2*4 2*1 1 .9 1 .9 1 .1 1 .4 11-85 12—B5 1-86 2-86 3—86 4-86 5-96 6-96 7-96 •-•6 11-96 12-96 I —§7 2—87 3-97 4 -9 7 5-97 9-96 10-96 1 0 0 .9 1 9 1 01 .1 5 0 1 0 1 .3 2 9 101 .5 9 9 1 0 1 .6 7 2 P 101.7 9 8 P P- P H E L IN IN A R Y PREPAREO BY FED ER AL R f t t R V E m 2 y 2« BANK O f S T . L O U IS i » r r _______ _____________________________________________ EMPLOYMENT RATIO RATIO SCALE M ILLION S OF PERSONS SEASONALLY M I L L I ONS ADJUSTED OF SCALE PERSONS 125 I 20 I 15 1 10 105 100 95 90 85 80 75 SOURCE: U.S.DEPARTMENT OF LABOR BEGINNING JANUARY 1986, TOTAL EMPLOYMENT DATA INCORPORATE NEV PROCEDURES FOR ESTIMATING MEASURES OF IMMIGRATION AND EMIGRATION INCREASING TOTAL EMPLOYMENT BY ABOUT 0.3%. PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIODS INDICATED. LATEST DATA PLOTTED« JUNE PRELIMINARY PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS UNEMPLOYMENT SEASONALLY PERCENT RATE ADJUSTED PERCENT 12. 0 I 1 11.0 . 10. 10. 0 9. 9.0 8. 8.0 7. 7.0 6. 6.0 5. 5.0 4. 4.0 197 9 198 0 1981 1982 198 3 1984 1 98 5 19 8 6 1987 SOURCEt U .S. DEPARTMENT OF LABOR PERCENT OF C IV IL IA N LABOR FORCE LATEST DATA PLOTTED: JUNE PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 3 CONSUMER P R IC E IN D EX FOR ALL URBAN CONSUMERS* SEASON ALLY A DJUSTEO _________ _____________ COMPOUNDED ANNUAL R A T ES OF CHANGE____________________ ___ - I£ & ñ IÜ A l________________________________________________________________________ IN I T I A L MONTH______________________________________________________ ___________________ 1967-100 MONTH a-as 3-86 11-05 1? —8 5 5—86 fc-ftfe 7-86 9-86 10—B6 11-86 12-B6 1-B7 2-87 3-87 4-87 5-87 2-86 3 2 7 .6 12-85 3*7 1-86 3 .9 4*1 2-86 1 .5 0 .4 3 2 8 .7 3 2 7 .8 - 3 .2 3 2 6 .5 3-96 - 0 .1 - 1 .3 - 3 .9 - 4 .7 4-86 -0*7 - 1 .8 - 3 *7 -4*0 _~ 3*3 5-86 - 0 .1 - 0 .9 - 2 .1 - 1 .7 -0 *2 3*0 6“ 8 6 _ 01 6 0*1 -0*7 1*6 4*1 5 .3 7-86 0 .6 0 .2 -0*5 0*1 1 .3 2 .9 2 .8 8-86 . 0 .7 0 .4 - 0 .2 0 .4 1 .4 2 .6 9-86 1 .0 0 .7 0*3 0 *9 1*6 2 .8 10-86 l.* l 0 *9 0*5 1*0 1*8 11-86_ 1 .3 1.1 0 .8 1 .2 12-86 1 .4 1 .2 0 .9 1-87 1*8 1*7 1*5 2-87 2*1 1*9 3-87 2 *2 2 .1 4-87 2 .4 2 .3 5-87 2 .5 2 .4 6-87 2 .6 2 .5 2 .5 2 .8 1 1-85 12-85 1-86 2-86 3 2 5 .6 3 2 6 .4 3 2 7 .8 0 .4 3 2 7 .9 2 .5 1 .1 1 .8 3 2 8 .4 2*8 2 .0 2 .8 3 .7 2*7 2*7 2 .0 2 .6 3 .0 2*2 2 .0 2 .8 2 .7 2 .2 2 .7 3 .0 2 .6 1 .3 2*0 2*7 2*6 2*2 2*6 2*8 2 *5 2*6 2*2 1*9 2*6 3 .3 3 .3 3 .1 3 .5 3*8 3*9 4 .4 5 .2 8 .3 1*8 2*2 2 *8 3 .5 3 .5 3 .3 3 .7 4*1 4 .1 4 .6 5 .2 6 .7 5 .2 2*0 2*4 3 .0 3 .6 3 .7 3*5 3*9 4*2 4*3 4*7' 5 .2 6 .2 5 .1 2 .2 2 .6 3 .2 3 .8 3 .8 3*7 4 .1 4 .4 4 .5 4 .8 5 .2 6 .0 5 .3 5 .3 5 .5 2 .3 2 .7 3 .3 3 .8 3 .9 3 .7 4 .1 4*3 4 *4 4 *7 5*0 5 *6 4 .9 4*9 4 .7 4 .0 3 .3 3 .8 3 .9 3 .8 4*1 4 .3 4 .4 4 .7 4 .9 5 .4 4 .8 4 .7 4 .6 4 .2 4 .3 3-86 4-86 5-86 6-86 7-86 8-86 9-86 10-86 11-86 12-86 1-87 2-87 3-87 4-87 5-87 IN IT IA L 3 2 9 .4 3 3 0 .0 3 3 0 .8 2 *9 3 3 1 .4 3 3 3 .6 3 3 5 .0 3 3 6 .4 5 .1 3 3 7 .9 3 3 9 .0 3 4 0 .2 MONTH PREPA RED BY FED ERA L R E S E R V E BANK OF S T . m y ? ? t LOUIS 1 9 8 7 ___________________________________________________ PRODUCER P R IC E IN O EX * F IN IS H E D SOOOS - SEASON ALLY A O JU ST ED * ___________________ CQMPQllflDiLD AKNUAL R ATES. O f CHANGE__________ ________ TERM INAL MONTH 11-85 12-85 5*8 1-86 0*6 IN IT IA L 12-85 1-86 2-86 3-86 6-86 7-86 8-86 9-86 10-86 11-86 12-86 1-87 2-87 3-87 4-87 5-87 2 9 5 .9 - 4 .4 2 9 1 .5 -5*4 - 1 0 *6 -16 *5 3-86 —6 . 6 - 1 0 .5 - 1 3 .4 - 1 0 .2 - 9 .4 - 1 1 .0 - 8 .1 - 6 .1 - 6 .5 5-86 100 2 9 7 .0 2-86 4-86 4-B6 1967 * MONTH 2 8 8 .9 2 8 7 .4 2 8 8 .8 5-86 - 4 .5 - 6 .5 - 7 .0 - 3 .7 - 0 .2 6 .0 6-86 - 3 .6 - 5 .1 - 5 .2 - ? .l 0 .7 4 .2 2 .5 7-86 - 4 .2 - 5 .6 - 5 .8 - 3 .5 - 1 .8 - 0 .3 - 3 .3 2 8 9 .4 2 8 7 .2 - 8 .8 2 8 B .3 8-86 - 3 .3 -4 *4 - 4 .4 - 2 .2 - 0 .5 0 .9 - 0 .7 - 2 .3 V7 9-86 - 2 .6 - 3 .5 - 3 .4 - 1 .4 0 .1 1 .4 0 .3 - 0 .4 4 .0 3 .4 10-86 - 2 .0 - 2 .8 - 2 .6 - 0 .7 0 .7 1 .9 1.1 0 .7 4 .1 3 .8 4 .2 U-86 - 1 .8 - 2 *5 - 2 .3 - 0 .6 0 .7 1 .7 1 .0 0 .7 W 2 .7 2 .3 0 .4 12-86 - 1 .6 - 2 *2 - 2 .0 - 0 .5 0 .7 1 .6 1 .0 0 .7 2 .7 2 .2 1 .8 0 .6 0 .8 1-87 - l. 1 - 1 .6 - 1 .4 0 .1 1 .2 2 .0 1 .5 1 .4 3 .2 2 .9 2 .7 2 .2 3 .1 5 .5 2-87 - 1 .0 - 1 .5 - 1 .2 0 .1 1.1 1 .9 1 .4 1 .3 2 .8 2 .5 2 .3 1 .9 2 .4 3 .1 0 .8 3-87 —0 .6 -1 .0 - 0 .8 0 .5 1 .5 2 .2 1 .8 1 .8 3 .2 2 .9 2 .9 2 .6 3 .1 3 .9 3 .1 5 .5 4-87 - 0 .1 - 0 .4 - 0 .2 1 .1 2 .0 2 .7 2 .5 2 .5 3 .8 3 .7 3 .7 3 .6 4 .3 5 .1 5 .0 7 .2 8 .9 - 0 .2 0 .1 1 .3 ?• ? ?.• ?_ 2*6 ?• * 3 fffl! ?t7 3--L 3 .6 V * 4 *9 4 .7 6 .0 6 .3 3 .7 2 9 ^ .2 0 *0 0« 2 1 .4 2 .2 2 .8 2 .6 2 .6 3 .7 3 .6 3 .6 3 .5 4 .0 4 .5 4 .3 5 .2 3*1 3 .3 2 .9 ________ 29 » . 9 11-95 12-85 1-86 2-86 3-86 4-86 5-86 6-86 7-86 8-86 9-86 10-86 11-86 12-86 1-87 2-87 3-87 4-87 5-87 O .J., 6—67 0« 3 ♦DATA FOR FOUR MONTHS AGO R E V IS E D 2 8 9 .1 2 9 0 .1 2 9 0 .2 2 9 0 .4 2 9 1 .7 2 9 1 .9 2 9 3 .2 2 9 5 .3 5-87 I N I T I A L MONTH TO R E F L E C T LATE R E P O f t U P * _____________________________________________________________________________________ __ > R E F A R E 0 BY FED ERA L R E S E R V E BANK OF S T . L O U IS .jflAT iffi m ? _______________________________________ 4 RATIO PRICES SCALE 1967-100 CONSUMER M I C E INDEX C P I- 8 DATA 6E61MNI DATA PLO T TED . I NO IC A T E D . JU N E PR EPA RED BY FED ERAL RATIO PR OD U CE R SCALE 1967-100 PRICES SEASONALLY ADJUSTED PERC ENTAG ES AHE ANNUAL RATES Of CHANGE FOR PE R IO D S L A TEST DATA PLO T TED . SCALE 1967-100 IS FOR ALL M B A N CONSUMERS ( C P I - U ) . 1983 INCORPORATE A RENTAL EODI VALENCE MEASURE FOR HOMEOWMCRSHIP CO STS. PERCENT AfrtS ARE AMMiAL RA TES Of CH AH iE FOR P E R IO D S LA TEST RATIO SEASONALLY ADJUSTED R E S E R V E BANK Of S T . L O U IS RATIO scale 1967-100 IN D IC A T E D . JONE PR EPA RED BY FED ERA L 5 R E S E R V E BAMK Of S T . L O U IS PRODUCER P R IC E IN D E X , F IN IS H E D CONSUMER FOODS - SEASO N ALLY A D JU ST ED * ______________________ COMPOUNDED ANNUAL RATES OF CHANCE_____________________________ TERMINAL_____________ _ MONTH 1 1-85 17-ftS 12-85 11*1 1-86 0*4 _________ _____________________________________________I N I T I A L ?- R 6 1-flA 3-86 4—86 *)-flft 6-86 7 —86 WONTH_______________________________________________________ ___ ______________ 1967_^_LQ_Q. 8-86 9-86 ID —86 11-86 12-86 J3JZ_ 2-87 3-87 4-8 7 5-87 2 7 5 .9 2 7 3 .7 - 9 .2 2-06 -5*0 - 1 2 .2 -15*1 2 7 0 .0 2 7 0 .5 3-86 - 3 .3 - 7 .6 - 6 .8 2 .2 4-86 - 1 .6 - * .5 - 2 .9 3 .8 5 .5 5-86 1 .5 - 0 .3 2*0 8 .% 1 1*6 6-86 1 .5 0 .0 1 .9 6*T 8 .2 9 .6 .8 7-86 3 .* 2 .3 4 .4 8 .7 1 0 .4 1 2.1 .3 1 7 .3 8-86 4 .9 4 .2 6 .2 1 0 .2 U .9 1 3 .6 •\ 1 7 .7 2 7 1 .7 2 7 5 .5 1 8.1 \ 2 7 5 .9 2 7 9 .6 2 8 3 .5 19*1 2 8 3 .3 9-86 4 .3 3 .6 5 .3 8 .6 9 .7 1 0 .6 .7 1 1 .2 8 .2 - 0 .8 10-86 5 .0 4 .4 6 .0 9 .0 1 0 .0 1 0 .7 .3 1 1 .3 9 .3 5 .2 1 1 .6 11-86 4 .3 3 .7 5 .1 7 .6 8 .3 8 .7 .2 8 .4 6 .2 2 .6 4 .3 - 2 .5 2 8 5 .3 2 8 4 .0 2 8 5 .9 12-86 3 .5 2 .9 4 .1 6 .3 6 .7 6 .9 .3 6 .0 3 .8 0 .5 1 .0 - 3 .9 1-87 1 .7 1 .0 1 .9 3 .6 3 .8 3 .6 .9 1 .9 - 0 .4 - 3 .8 - 4 .5 - 9 .3 2-87 1.5 0 .9 1 .7 3 .3 3 .4 3 .1 .6 1 .6 - 0 .5 - 3 .3 - 3 .8 - 7 .3 —0 . 3 - 2 .6 - 2 .9 1 .5 - 5 .3 2 7 9 .0 - 1 2 .5 - 1 9 .2 - 8 .8 - 1 0 .5 - 0 .9 - 5 .6 - 6 .4 - 6 .7 0 .2 2 7 8 .8 279 .1 1 .3 3-87 1 .5 0 .9 1 .7 3.1 3 .2 3 .0 .6 4-87 2 .5 2 .0 2 .8 4 .2 4 .3 4 .2 .1 3 .2 1 .7 - 0 .2 - 0 .1 - 1 .9 - 1 .8 - 0 .8 6 .2 9 .9 1 9.1 5-87 3 .3 2 .8 3 .6 5 .0 5 .2 5 .2 .2 4 .4 3 .2 1 .7 2 .0 0 .7 1 .3 2 .6 9 .0 1 2 .5 1 8 .5 1 7 .8 6-87 3 .5 3 .0 3 .8 5 .1 5 .3 5 .3 .4 4 .6 3 .5 2 .2 2 .5 1 .4 2 .0 3 .3 8 .5 1 0 .9 1 4 .3 1 2 .0 6 .5 11-85 12-85 1-86 2-86 3-86 4-86 5- 86 6-86 7-86 8-86 9-86 10-86 11-86 12-86 1-87 2-87 3-87 4-87 5-87 in it ia l »DATA FOR FOUR MONTHS A60 R E V IS E D 2 8 3 .2 2 8 7 .1 2 0 0 .6 month TO R E F L E C T LATE R EPO R T IN G PREPA REO BY FED ERA L R E S E R V E DANK OF S T . L O U IS mr lQt ____________________ PROOUCER P R IC E IN D EX* F IN IS H E D COOOS» EXCLUOINC FOODS - SEASONALLY A D JU ST ED * ______________________________________________________________________ COMPOUNDED ANNUAL RATES O f CHANCE________________________________________________________________________ TERMINAL____________________________________________________________________ ___ I N I T I A L MONTH_________________________________________________________________________ 1967 » 100 MONTH 4-86 5-86 6-86 7-86 8-86 9-86 10-86 11-86 12-86 1-87 2-07 3-07 4-87 5-87 1 1-85 12-85 1-86 2-86 3-86 12-85 1-86 301*7 3*7 0*4 3 0 1 .0 - 2 *7 2 9 6 .4 2-86 -5*7 - 1 0 .1 - 1 6 *9 3-86 - 7 .9 - 1 1 .4 - 1 5 .4 - 1 4 .0 4-86 - 8 .2 - 1 0 .9 - 1 3 .5 - 1 1 .7 2 9 2 .7 2 9 0 .3 - 9 .4 5-86 - 6 .5 - 8 .4 - 9 .7 - 7 .2 - 3 .6 2 .5 6-86 - 5 .2 - 6 .6 - 7 .4 - 4 .9 - 1 .6 2 .5 7-86 - 6 .8 2 9 0 .9 2 9 1 .5 2 .5 2 8 7 .1 2 8 7 .2 8-86 - 6 .0 “ 7*1 - 7 .7 - 6 .1 - 4 .5 - 3 .2 - 5 .0 —8 .5 0*4 9-86 - 4 .9 - 5 .8 - 6 .2 —4 . 6 -2*9 - 1 .6 —2 .6 —4 .2 2 .7 5 .1 10-86 —4 .3 - 5 .1 - 5 .4 - 3 .8 - 2 .3 - 1 .0 - 1 .7 - 2 .8 2 .4 3 .4 1 .7 11-86 - 3 .8 “ 4 *5 —4 . 6 - 3 .2 - 1 .7 - 0 .6 —1 .8 2 .3 3 .0 1 .9 2 1 12-86 - 3 .3 - 3 .9 - 4 .0 - 2 .6 - 1 .3 - 0*2 —0 .6 - l.l 2 .4 2 .8 2 .1 2 3 2 .5 1-87 - 2.1 - 2 .5 - 2 .5 - l.l 0 .3 1 .4 1 .3 l.l 4 .4 5 .3 5 .3 6 5 8 .8 1 5 .5 2-87 - 1 .9 - 2 .2 - 2 .2 - 0 .9 0 .4 1 .4 1 .3 1 .2 4 .0 4 .6 4 .6 5 3 6 .4 8 .3 1 .6 3-87 - 1 .3 - 1 .7 - 1 .6 - 0 .3 0 .9 1 .9 1 .9 1 .8 4 .4 4 .9 4 .9 5 6 6 .5 7 .8 4 .2 6 .7 4-87 - 0 .9 - 1 .2 - I.1 0 .1 1 .3 2 .2 2 .2 2 .2 4 .5 5 .1 5 .0 5 6 6 .3 7 .3 4 .7 6 .3 5 .8 2 0 0 .4 2 0 0 .0 2 0 9 .3 2 0 9 .9 2 9 3 .4 2 9 3 .0 2 9 5 .4 2 96*0 5-87 - 0 .9 - 1 .2 - 1 .1 0 .1 1*1 2 .0 2 .0 1 .9 4 .0 4 .4 _ 4 .3 4 7 5 .1 5 .6 3 .3 3 .9 2 *5 —0 *8 6-87 - 0 .8 - 1 .0 - 0 *9 0 *2 1 .2 2 .0 2 .0 1 .9 3 .8 4 .2 4 .0 4 3 4 .7 5 .0 3 .1 3 .4 2 .3 0 .6 2 .d 11-85 12-85 1-86 2-86 3-86 4-86 5—86 6-86 7-86 8-86 9-86 10-86 11-86 12-86 1-87 2-87 3-87 4-8? 5-07 296*6 2 9 7 .1 ♦OATA FOR FOUR MONTHS A CO R E V IS E D TO R E F L E C T LATE REPORT1MC Ateo M r 6 k t& k n a m a r st * l o u is 19# i f f ? ______________________________________ _ INDUSTRIAL RATIO PRODUCTION RATIO SCALE 1977-100 197 9 SEASONALLY 1 98 0 1981 1983 1982 P E R C E N T A G E S AR E ANNU A L R A T E S OF C H A N C E FOR P E R I O D S L A T E S T D A T A PLO T T E D « SCALE 1977-100 ADJ USTED 1984 19 8 5 198 6 1987 INDICATED. JUNE P R E L I M I N A R Y P R E P A R E D BY F E D E R A L R E S E R V E BAN K OF ST. L O U I S IN D U S T R IA L P ftO O U C TIO N CQMPQUHPgfl U t m t f l l T l * OF cHAWSE n-as 12- 8 ? 1977 « jOO I W I T I A L HttfT M - IE R H IH A L i 2- a s i-a& 2 -tt> 3-86 »-aa s-84 4-84 t-«6 8-86 f-i4 10-86 h-86 1 2 - 8 4 ___L r l T Z - 9 7 ___2 z M J ____ 9u t£ _______________________________ _______________________________________ _______ _________________________ ____________________________________________________________________ 124*2 A -U l 1 2 3 .6 3-86 - 2 .9 - 6 *2 - 1 1 .7 -15*1 4-86 - 0 .2 -2*1 —4 .7 -2*0 1 1 .2 5-86 - 1 *0 - 2 .7 -4 *7 - 3 *5 2 *9 - 4 *7 1 2 4 .7 1 24 .2 1 24 .2 6-86 - 0 *8 - 2 .2 -3 *8 - 2 *6 2 *0 - 2 .4 0*0 7-86 0*1 - 1 .0 - 2 *0 - 0 *8 3*2 0 .6 3*4 7 .0 8-86 0 .3 - 0 *6 - 1 *5 -0*3 2 *9 1*0 2*9 4*4 1*9 124*9 125.1 1 24 .9 9—86 0 .1 - 0 .7 - 1 .5 - 0 *5 2*1 0 .4 1 .7 2 .3 0 .0 - 1 .9 10-86 0*4 - 0 .3 - 0 .9 0 .0 2 .4 1 .0 2 .1 2 .7 1 .3 1*0 3. 11-86 1*0 0 .3 - 0 .2 0 *7 2*9 1 .8 2 .9 3 .5 2 .7 2 .9 5. 1 25 .3 6« 1 26 .0 1 2 6 .7 12-86 1*4 0 .9 0 .4 1 .3 3*4 2 .4 3 .5 4 .1 3 .5 3 .9 5. 6. 6 .9 1-87 1*2 0 .7 0 .2 1*0 2*8 1 .9 2 .8 3 .2 2 .6 2 .7 3. 3. 2 .4 - 1 .9 2-87 1 .5 1 .1 0 .7 1 .5 3 .2 2 .4 3 .2 3 .6 3 .2 3 .4 4. 4. 3 .9 2 .4 6 .8 3-87 1 .5 l.l 0 .7 1 .5 3 .0 2 .3 3 .0 3 .3 2 .9 3 .0 3. 3. 3 .1 1 *9 3 .9 0 *9 4-87 1*4 1 .0 0 .7 1 .4 2 .8 2 .1 2 .7 3 .0 2 *6 2 .6 3. 3. 2 .5 1 .4 2 .6 0 .5 0 .0 5-87 1 .7 1 .3 1 .1 1 .7 3 .0 2 .4 3*1 3*3 3 .0 3 .1 3. 3. 3 .2 2 .5 3 .6 2 .5 3 .3 6*8 6-87 1 .7 1 .4 1 .1 1 .7 3 .0 2 .4 3 .0 3 .2 2 .9 3 .0 3. 3. 3 .0 2 .4 3 .3 2 .4 2 .9 4 .3 11-85 12-85 1-86 2-86 3-86 4-86 5-86 6-86 7-86 8-86 9-8 10-8 11-86 t*-è6 i-ét ¿-É7 3-87 1 26 .5 1 27 .2 1 2 7 .3 1 2 7 .3 1 2 8 .0 P 1 .9 1 2 8 .2 P 4-87 ^ 8 7 ■ nanm ansBm r P- P R E L IM !H A R T PR 6 PARÉÒ BY f é b t k A L my P i I»«?________ 7 ftAMt Ö # ST'. L Ö Ü 1 T “ PERSONAL RATIO SCALE TRILLIONS MONTHLY OF DOLLARS TOTALS INCOME* AT SEASONALLY ANNUAL RATIO RATES TR I L L I O N S ADJ USTED OF SCALE DOLLARS 4.0 3.8 3.6 3 3.4 3. 3.2 3 3.0 2. 2. 8 2. 2. 6 2. 2.4 2. 2 .2 2. 2.0 1 I .8 . 1979 19 8 0 1981 1982 1983 1984 198 5 198 6 1987 SOURCE: U .S . DEPARTMENT OF COMMERCE PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIODS INDICATED. LATEST DATA PLOTTED: JUNE P R E L IMI MARY «R EV ISED FROM 1984. PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS PERSONAL IN C O ttf* COMPOUNOEP ANNUAL RATES O f ÇHANÇE é a T f ô N S OP DOLLARS ANNUAL R A T ES MONTH 11-85 12-85 18*3 1-86 9*1 12-85 1-86 2-86 3-86 4-86 5-86 6-86 7-86 8-86 9-86 10-86 11-86 12-86 I- B 7 2-87 3-87 4—87 5-87 3 442 *7 3 444*4 0 *6 3 4 63 *8 2-86 8*4 3*7 7*0 3-86 7*9 4 *7 6*7 6 *5 4-86 9*5 7*4 9*8 1 1 .2 16*1 5-86 7*9 5 *9 7*3 7*4 7*8 0*0 3 482*1 3 5 2 5 .8 3 5 2 5 .9 3 5 2 8 .1 6-86 6*8 5 *0 5*9 5*7 5*4 0*4 0*8 7-86 6*5 4 *9 5 *6 5*4 5*1 1*7 2*5 4*2 4 *3 3 5 4 0 .3 3 5 5 2 .9 8-86 6 *3 4 *8 5*5 5*2 4 *9 2*3 3*1 4*4 9-86 6*1 4 *9 5*4 5*2 5*0 2*9 3 *6 4 *5 4 *7 5*0 10-86 5*9 4 *7 5*2 5 *0 4 *7 3*0 3*5 4 *3 4 *3 4 *2 3 *4 11-86 5*8 4 *7 5*1 4 *9 4 *7 3*2 3*7 4 *3 4 *3 4 *3 3*9 4 *4 12-86 5 *9 4 *9 5*4 5*2 5 *0 3*7 4 *3 4*9 5*0 5*2 5*2 6*1 7 *9 1-87 5*9 5*1 5*4 5*3 5 *2 4*0 4 *5 5*1 5*2 5*4 5*5 6*2 7 .1 6 *3 2-87 6*5 5 *7 6*1 6 *0 5 *9 5*0 5 .5 6*1 6*4 6*8 7*1 8*1 9 .3 10*1 3 5 6 7 .5 3 5 7 7 .5 3 5 9 0 .3 3 6 1 3 .0 3 6 3 1 .5 1 3 .9 3 6 7 1 .2 3-87 6 *3 5 *6 5*9 5 *8 5*8 4 *9 5*4 5 *9 6*1 6*4 6 *6 7 *3 8 .0 8*0 8 .9 4 .1 4-87 6*3 5 *6 5*9 5 *8 5*8 4 *9 5*4 5 *9 6*1 6*3 6*5 7 *0 7 .5 7 *4 7 .8 4 .9 5 *6 5-87 6*2 5 *6 5 .9 5 .8 5 .8 5 .0 5 .4 5 .9 6 .0 *T ? 6 .4 6 .8 7 .2 7.1 7 .3 5 .2 5 .7 5 .8 6-87 6*1 5*5 5*8 5 *7 5*7 5*0 5*4 5 *8 5*9 6*0 6 *2 6 *5 6 .8 6*6 6 .7 5 .0 5 .3 5 .1 4 .3 11-85 12-85 1-86 2-86 3-86 4-66 5-86 6-86 7-86 8-86 9-86 10-86 11-86 12-86 1-87 2-87 3-87 4-87 5-èt i W IT Ia l 3 6 8 3 .4 3 7 0 0 .3 3 7 1 7 .8 3 7 3 1 .OP mó NTh » R E V IS E D FROM 1984 P- PRELIMINARY ~P*£frA«Efr fcV ttte k k L fcESgftVE RAWy~ÖF ST* LOUI S my vt m i___________________ _ 8 RETAIL RAT I 0 SALES SCALE BILLIO N S 1979 OF RAT I 0 DOLLARS 1 98 0 SEASONALLY 1981 1982 BILLIO N S ADJUSTED 198 3 1984 198 5 SOURCEt U .S. 19 8 6 SCALE OF DOLLARS 1987 DEPARTMENT Of COMMERCE PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIODS INDICATED. LATEST DATA PLOTTEDt MAY, JUNE ADVANCE ESTIMATE PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS R E T A IL SA LES CQftfQUtfOED A f t H A l RATES O f CHAWSE IE f tf t lN A L __________________________________________________________________________I N I T I A L MONTH_________________________________________________________________________ M IL L IO N S OF DOLLARS MONTH 11-85 12-85 1-86 2-86 3-86 4—86 5—46 6 -8 6 7 - ifc 9-6 6 10-66 11-66 12-66 1-87 2-67 3-67 4-87 1 17 .3 8 9 12-85 10*5 1-66 1 0 .7 1 0 .8 2-96 4 .1 1 .0 - 7 .6 3-66 2 .2 4-66 3 .5 1 .9 - 0 .9 2 .7 9 .1 5-86 5 .4 4 .4 2 .8 6 .7 1 2 .1 1 5 .1 118*393 1 17 .5 9 0 1 17 ,2 5 9 1 1 6 ,1 1 3 1 19 ,5 0 7 1 19 ,7 0 5 6-86 4 .9 4 .0 2 .7 5 .5 6 .6 8 .4 2 .0 7-86 5 .4 4 .6 3 .7 6 .1 8 .6 8 .5 5 .3 8 .7 8-86 6 .6 6 .2 5 .5 7 .9 1 0 .3 1 0 .6 9. 2 1 2 .9 1 7 .3 2 5 .6 3 4 .7 4 9 .9 9 1 .5 6 .2 5 .3 - 0 .2 - 4 8 .0 4 .0 2 . 9 _ - 1 .6 - 2 9 .4 - 4 .3 - 4 .1 3 0 .2 120,541 1 22 ,1 5 6 126 ,9 5 2 9-86 13.1 1 3 .3 1 3 .7 1 7 .1 2 0 .9 2 3 .5 10-86 5 .4 4 .9 4 .2 5 .8 7 .2 6 .9 11-86 4 .5 3 .3 4 .7 5 .7 5 .2 12-86 6 .6 8 .7 8 .5 1 0 .3 1 1 .9 1 2 .3 1 1 .9 1 3 .6 1 4 .7 1 4 .0 1-87 1 .6 0 .9 0 .2 0 .9 1 .4 0 .5 —1 .2 - 1 .6 - 3 .2 - 6 . 9 - 2 2 .2 - 1 1 .1 2-87 5 .4 5 .0 ^•6 5 .7 6 .5 6 .3 5 .8 5 .4 4 .0 3 .7 3 .5 - 8 .5 1 22,121 1 21 ,6 7 8 127 ,6 1 3 77 .1 -I 1 16 ,5 7 9 .3 - 5 6 .6 5 .4 .6 - 1 4 .7 7 5 .7 124 ,2 6 0 3-87 5 .2 4 .9 4 .5 5 .5 6 .3 6 .0 5 .5 5 .1 3 .4 - 6 .6 4 .9 .4 - 9 .1 3 4 .6 3.1 4-87 5 .1 4 .6 4 .4 5 .3 6 .0 5 .8 5 .3 4 .9 3 .5 - 5 .2 4 .7 .6 - 6 .1 2 3 .3 3 .3 3 .6 5-67 4 .6 4 .3 3 .9 4 .7 5 .3 5 .0 4 *4 4 .0 2 .6 - 5 .1 3 .4 .8 - 5 .7 1 5 .9 0 .9 - 0 .2 - 3 .9 4 .6 4 .3 4 .0 4 .7 5 .3 5 .0 4 .5 4 .1 2 .9 - 4 .0 3 .7 .6 - 3 .9 1 3 .7 1 .9 1 .6 0 .6 11-85 12-85 1-86 2 -86 3-86 4-86 6-86 7-86 8-66 9-86 10-86 11- 86 12-86 1-67 6-87 5-87 5-86 tH iT lA L 1 24 ,5 9 3 3-67 1 24 ,9 6 0 1 2 4 ,5 4 * P 5 .2 1 25 ,0 7 7 E 4-<TT 5-67 H d H fti P - P R E L IM IN A R Y E - E S T I M A T E D ___________________________________________________________________________________________________________________________________________________________________ P R EP A R ED BY FED ERA L R E S E R V E BANK OF S T . L O U IS ------------------------------------------------------ --------------------------------------------------------------------------------------------------------------------------------------- 1 9 4 f ___________________________________________________________ HOURLY CO M PENSATIO N, B U S IN E S S SECTOR COMPOUNDED ANNUAL R ATES O f CHANCE----TERMINAL QUARTER IN IT IA L 2 3-82 4—ft? 1-81 2-83 3-83 4-83 1-84 ? —84 1977*100 QUARTER 3-84 4-84 1-85 2-85 3-85 1-86 —2-86 3-86 4-8 6 156*6 3-82 1 5 8 .3 4-82 4 .4 1-83 4 .3 4 .1 2-83 3 .7 3 .3 2 .5 3-83 3 .1 2 .7 2 .0 4-83 3 .6 3*3 3*1 3*4 5*3 1-84 3 .9 3 .8 3 .8 4 .2 5 .5 5 .7 2-8% 3 .8 3 .7 3 .6 3 .9 4 .6 4 .3 2 .9 1 5 9 .9 1 6 0 .9 161 .5 1 .5 163*6 165*9 167 .1 169*0 3-84 3 .9 3*8 3 .8 4 .0 4 .6 4*4 3*8 4 *6 4-84 3 .9 3 .8 3 .8 4 .0 4 .5 4 .3 3 .8 4 .2 3*8 1-85 3 .9 3 .8 3 .8 4 .0 4 .4 4*2 3 .9 4*2 3 .9 4 *0 2-85 4 .0 ... 4*0 4 .0 4*1 4 .5 4*4 4*1 4 *4 4*4 4 *6 5 .2 3-85 4 .0 4 .0 4 .0 4 .2 4 .5 4 .4 4 .2 4 .4 4 .4 4 *6 4 .8 4 .4 4 .4 4 .1 3 .7 1 7 6 .4 1 7 8 .0 4*1 4 *3 4*2 4 *3 3 .9 4 .0 3 .9 4 .0 3 .9 3 .5 3 .1 2 .5 4 .1 4*0 3 .8 3 .9 3 .8 3 .8 3 .7 3 .4 3 .0 2 .7 2 .9 3 .8 4 .0 3 .9 3 .7 3 .8 3 .7 3 .7 3 .6 3 .3 3 .0 2 .8 2 .9 2 .9 3 .6 3*7 3*9 3*7 3 .5 3 .4 3 .1 2 .8 2 .6 2 .6 2 .5 2 .0 3 .4 3 .4 3 .1 3 .0 2 .7 2 .4 2 .1 2 .0 1*7 1 .1 0 .2 4-84 1-85 2-85 3-85 4-85 1-86 2-86 3-86 4 -8 6 4*0 4 *0 4 .1 3 .9 3 .9 3 .9 4 .0 2-86 3 .8 3 .8 3 .8 3 .9 3-86 3 .8 3 .7 3 .7 4-86 3*7 3*6 1-87 3 .5 3 .4 1-83 2-83 -r i 00 174*5 4 .1 4 .0 1-86 3-82 172*3 4*3 4-85 2 170*6 4*4 3-83 4-83 3*5 3*6 3 .3 3 .3 3 .2 1-84 2-84 3-84 IN IT IA L 1 79 .1 180*4 181*7 182*6 182*7 QUARTER P REPA REO BY FED ERA L R E S E R V E BANK O f S T . L O U IS OUTPUT P ER HOUR O f ALL P E R S O N S , B U S IN E S S SECTOR __________ COMPOUNDED ANNUAL R A T ES O f CHANCE__________ IN IT IA L TERM NAL QUAR ER 2-82 3-82 4-82 1-83 2-83 3-83 4-83 1-84 2-84 3-84 4-84 0 .4 4-8 1*6 2*8 2*3 3 *2 2-85 3-85 4-85 1-86 2-86 3-86 4-8 6 1 0 1 .0 1 0 1 .9 3*6 7* Ä 3 .3 4 .3 5 .0 6 .4 3* 8 2 .2 2 .7 2 .6 2 .2 - 1 .9 0 .6 3 .1 1 0 3 .5 103*0 1 0 3 .8 2 .4 2 *8 2*8 2 .5 1 2 .7 3 .0 3 .1 2 .9 1 .8 3*7 4*3 2• Ä 2 .7 3 .0 3 .0 2 .9 2 *0 3 .4 3 *5 2 .7 2*3 2 *6 2 *5 2 *3 1 .5 2*4 2 ,2 1*1 -0*4 2 .1 2*3 2 .2 2 .0 1 .3 1 .9 1 .6 0 .8 -0*2 0 .0 2 .0 2 .1 2 .0 1 .8 1 .2 1 .7 1 .5 0 .8 0*1 0 .4 0 .8 2-8 2*0 2 .2 2*1 1 *9 1*4 1*9 1 .7 1 .1 0 ,8 1 .1 1 .7 t 1-85 1 0 0 .3 3-8 ft ft # 1977-100 QUARTER 1 0 4 .9 105*6 1 0 5 .5 1 0 5 .5 1 0 5 .7 106*4 2 .7 3—8 2 .1 2 .3 2 .2 2*1 1 .6 2 .1 1*9 1*5 1*3 1 .7 2 .3 3 .1 3 .4 4—8 1 .7 1 .8 1*8 1 .6 l.l 1 .5 1*2 0 .8 0 .5 0 *7 0 .9 0 .9 0 .0 -3*3 1-8 1 .8 1*9 1*5 1 .1 0 *9 1 .1 1 .4 1 .5 1 .1 0 *0 2—8 1 .7 3-8 1 .6 107*3 1 0 6 .4 1 0 7 .3 3 .4 1*9 1 .7 1 .3 1 .6 1 .8 1*8 1 *6 1 .2 1 .5 1*4 1 .1 0 *8 1 .0 1 .2 1 .3 0 .9 0 .1 1 .9 0 .4 1 .7 1 •6 1*5 1 .1 1 .4 1 *2 0 *9 0 .7 0 .8 1*0 1 .0 0 .7 0 *0 1 .1 0 .0 - 0 .4 1*4 1*5 1*4 1 *3 0*9 |,I 1 ,0 0 ,7 0 *5 0 ,5 0 .6 0 .3 - 0 ,4 0 .4 —0 .6 - l.l - 1 .9 1 .4 1*4 1 .3 1*2 0*9 1*1 0*9 0 *6 0 .4 0 .5 0 *6 0 .6 0 .3 -0*2 0 .4 —0 .4 —0 . 6 -0*7 0 .4 2-82 3-82 4-82 1-83 2-83 3—83 4-83 1-84 2—84 3-84 4-84 1-85 2-85 3-85 4-8 5 1-86 2-86 3-86 4 -8 6 1 0 7 .4 1 0 7 .3 1 0 6 .8 1 0 4 .9 TUTTHTSSSIYEF P R fP A R E O BY fttO ERÄ L R * * B W t ¿AM * Ö J $7« L O U IS *m it i?it______________________ ____ 10 PRODUCTI VI TY, RATIO COMPENSATION, AND LABOR COSTS SCALE RATIO 1977-100 1979 1980 1981 1982 1983 1977-100 1984 1985 SOURCEi PERC EN T AG ES ARE ANNUAL R A TES Of CHANGt FOR PE R IO D S L A TEST SCALE SEASONALLY ADJUSTED DATA PtO T T E D t 198 6 U .S . 1987 DEPARTMENT OF LABOR IN D IC A TED . 1ST OUARTER PREPARED BY FED ERAL RESERVE BANK OF S T . L O U IS U N IT LAftOft C O S TS * B U S IN E S S SEC TO « COMPOUNDED ANNUAL RATES O f CHANCE T E R M IN A L __________________________________________________________________________ I N I T I A L QUARTER_________________________________________________________________________ 1977-100 QUARTER 2-82 3-02 3-82 4-82 1-83 2-83 3-83 4-03 1-04 2-04 3-04 4-04 1-05 2-05 3—05 4-05 1-06 3—06 4 -0 6 1 5 6 .2 7 .2 4 .3 1 .5 1 5 6 .0 156*0 1-83 2 *9 0 *8 o .o 2-83 1 .3 - 0 .6 - 1 .7 - 3 .3 3-83 1 .7 0 .4 0 .0 0 .0 3 .4 4-83 1*8 0 .8 0 .6 0 .8 2 .« 1-84 1 .7 0 .9 0 .7 0 .9 2 .3 1 .8 1 .3 2-84 1 .6 0 .8 0 .6 0 .8 1 .8 1 .3 0*8 0 .3 1 .3 1 .2 1 .4 2 .4 2 .2 2*1 2 .5 155*5 156*0 157*7 2*3 150*2 1 5 0 .3 4 .9 160*2 3-84 1 .9 4-84 2 .1 1 .5 1 .6 1 .8 2 .6 2 .5 2*5 3 .0 4 .3 3 .0 1-85 2 .2 1 .7 1 .8 2 .0 2 .8 2*7 2 .7 3*1 4 .1 3 .7 3 .5 2-85 2 .2 1 .8 1 .8 2 .0 2 .7 2 .6 2 .6 2 *9 3 .6 3 .2 2 .9 2 .2 3-85 2 .1 1 .7 1 .7 1 .9 2 .5 2 .4 2 .4 2 .6 3*1 2 .6 2 .2 1«6 1 .0 4-85 2 .5 2 .1 2 .2 2 .4 3*0 2 .9 3 .0 3 .2 3 .8 3 .5 3*5 3 .4 4*1 7 .2 1-86 2 .3 1 .9 2 .0 2 .1 2 .6 2 .6 2 .6 2 .7 3 .1 2 .0 2*6 2 .4 2*4 3 .2 - 0 .7 2 .3 2 .0 2*0 2*1 2 .6 2 .5 2 .4 2 .9 0 *8 2 .4 2-86 2-06 2*6 2 *7 3*0 2 .6 161*7 2 .6 163*1 2*4 1 64*0 164*4 1 67*3 167*0 1 6 0 .0 3-86 2 .3 2 .0 2*1 2*2 2 .7 2 .6 2*6 2*7 3 .0 2 .0 2 .7 2 .5 2*6 3 .0 1*6 2 .0 3 .1 4-86 2*4 2 *2 2*2 2*3 2*8 2 *7 2*7 2 .9 3*1 2*9 2*0 2*7 2 .0 3 *2 2*2 3 .2 3 *6 4 .1 1-87 2 .3 2 .0 2 .0 2 .2 2 .6 2*5 2*5 2 *6 2 .0 2 .6 2 .5 2 .4 2 .4 2 .6 1 .7 2 .3 2*3 1*9 -0 *2 2-82 3-82 4-82 1-83 2-83 3-83 4-83 1-84 2-04 3-04 4-04 1-05 2-05 3-85 4-8 5 1-06 2-86 3-06 4-0 6 IN IT IA L 169*3 171*0 170*9 QUARTER P R E P A R E D BY fE O E R A L R ESER V E BANK O f S T * L Ô U IS m i_____________________ 11 GROSS NATIONAL PROOUCT IN CURRENT D O LLA RS» _____ L P N P W N P E O ANNUAL R A T ES OF CHANCE__________ b Tl l TERM INAL QUARTER - ¿ r .9 2 IN IT IA L 4-82 1-83 2-83 ?- 0 ? 4-83 3-84 1 -0* töWS W DOLLARS ANNUAL RATE$ QUARTER - Lr0 5 ±70* 2-85 3-85 4-82 4 .2 1-83 5 .5 6 .8 2-83 8 .0 9 .9 1 3 .0 3-83 8 .3 9 .7 1 1.2 9 .4 4-83 9 .1 1 0 .4 1 1 .6 1 0 .9 1 2 .4 1-84 10.1 1 l .4 1 2 .5 1 2 .4 1 3 .9 2-84 10. 0 1 0 .9 1 1 .8 1 1 .5 1 2 .2 12.1 8 .9 3-84 9 .4 1 0 .2 1 0 .8 1 0 .3 1 0 .6 1 0 .0 7 .4 5 .8 4-84 8 .9 9 .5 9 .9 9 .4 9 .4 8 .6 6 .5 5 .3 4 .7 1-85 8 .7 9 .3 9 .6 9. 1 9 .0 8 .4 6 .7 6 .0 6 .0 7 .4 2-85 8 .4 8 .9 9 .1 8 .6 8 .5 7 .9 6 .5 5 .8 5 .8 6 .4 5 .5 3-85 8 .3 8 .7 8 .9 8 .5 8 .3 7 .8 6 .6 6 .1 6.1 6 .6 6 .3 7 .1 4-85 8 .2 8 .5 8 .7 8 .2 8 .1 7 .6 6 .5 6 .1 6 .2 6 .6 6 .3 6 .7 6 .3 _4-85 1-86 2-86 3-86 4-86 1-87 3 t2 1 2 .5 3 *2 6 5 .8 3 *3 6 7 .4 3 *4 4 3 .9 3 * 5 4 5 .« 1 5 .4 3 *6 7 4 .9 3 *7 5 4 .2 3 * 8 0 7 .9 3 * 8 5 1 .8 3 *9 2 1 .1 3 * 9 7 3 .6 4 * 0 4 2 .0 4 * 1 0 4 .4 1-86 8 .1 8 .4 8 .5 8 .1 8 .0 7 .5 6 .6 6 .3 6 .3 6 .6 6 .5 6 .8 6 .7 7 .0 2-86 7 .8 8 .0 8 .1 7 .7 7 .6 7.1 6 .2 5 .9 5 .9 6 .1 5 .9 6 .0 5 .6 5 .3 3 .6 3-86 7 .6 7 .9 7 .9 7 .5 7 .4 7 .0 6 .1 5 .8 5 .8 6 .0 5 .8 5 .8 5 .5 5 .3 4 .4 5 .3 4-86 7. 3 7 .5 7 .5 7 .1 7 .0 6 .5 5 .8 5 .5 5 .4 5 .5 5 .2 5 .2 4 .5 3 .6 3 .7 2 .1 1-87 7 .4 7 .6 7 .6 7 .2 7 .1 6 .7 6 .0 5 .7 5 .7 5 .9 5 .7 5 .7 5 .5 5 .3 4 .9 5 .3 5 .3 8 .6 2-87 7 .3 7 .5 7 .5 7 .2 7 .1 6 .7 6.1 5 .8 5 .8 5 .9 5 .8 5 .8 5 .6 5 .5 5 .2 5 .6 5 .8 7 .6 6 .7 3-82 4-82 1-83 ¿-8 3 3-63 4-83 1-84 2-84 3-84 4-84 1-65 2-85 3-85 1-86 Z—86 3-86 4-86 1-8f « R E V IS E D FRON p- p r e l i m i n a r y 4 * 1 7 4 .4 4 * 2 1 1 .6 4 * 2 6 5 .9 4 * 2 8 8 .1 4 * 3 7 7 .7 1984 JftEÉ À ftED BY F ED ER A L R E S E R V E JU L Y 24* 1987 BAHR OF 5 T . L O U IS GROSS NATIONAL PRODUCT IN 1982 D O LLA RS* COMPOUNDED ANNUAL R ATES OF CHANGE_______ IN IT IA L T ERM IN A L QUARTER 3-8 2 4-82 4 * 4 4 8 .8P 4-82 1-83 2-83 3-83 4-83 \ -84 2-84 3-84 BILLIONS OP DOLLARS ANNUAL RATES QUARTER 4-84 1-85 2-85 3-85 4-85 1-86 2-86 3-86 4-86 1-87 0 .6 3 * 1 5 9 .3 3 * 1 8 6 .6 1-83 2 .0 3 .5 2-83 4 .4 6 .4 9 .3 3-83 4 .8 6 .3 7 .7 6 .0 4-83 5 .3 6 .5 7 .5 6 .7 7 .3 8 .0 9 .0 7 .4 7 .8 1-84 6 .2 7 .3 2-84 6 .1 7 .0 7 .7 3 * 2 5 8 .3 3 * 3 0 6 .4 3 *3 6 5 .1 3 * 4 5 1 .7 1 0.7 3 * 4 9 8 .0 5 .5 3 * 5 2 0 .6 3-84 5 .6 6 .4 6 .4 6 .5 4 .0 2 .6 4-84 5 .2 5 .8 5 .6 5 .5 5.1 3 .2 2 .1 1 .7 1-85 5 .1 5 .6 5 .3 5 .2 4 .8 3 .4 2 .7 2 .8 3 .8 3 .0 2-85 4 .8 5 .2 4 .9 4 .8 4 .4 3.1 2 .5 2 .5 3 * 5 3 5 .2 3 * 5 6 8 .7 3 *5 8 7 .1 2 .1 3 * 6 2 3 .0 3-85 4 .7 5 .1 4 .8 4 .7 3 .3 2 .8 2 .9 3 .3 3 .1 4 .1 4-85 4 .6 4 .9 5. 1 4 .7 4 .5 4 .2 3 .3 2 .9 3 .0 3 .3 3 .1 3 .6 3 .1 1-86 4 .7 5 .0 5 .1 4 .7 4 .6 4 .3 3 .5 3 .2 3 .3 3 .7 3 .6 4 .2 4 .2 5 .4 2-86 4 .4 4 .7 4 .7 4 .4 4 .2 3 .2 2 .9 3.0 3 .2 3 .0 3 .3 3 .0 3 .0 0 .6 3-86 4 .2 4 .4 4 .1 4 .0 3 .7 3 .0 2 .7 2 .8 2 .9 2 .8 2 .9 2 .6 2 .5 1 .0 1 .4 4-86 4 .0 4 .2 4 .0 3 .8 3 .5 2 .9 2 .6 2 .6 2 .7 2 .6 2 .7 2 .4 2 .2 1 .2 1 .5 1 .5 2 .4 2 .9 4 .4 4 .3 3 * 6 5 0 .9 3 * 6 9 8 .8 3 * 7 0 4 .7 3 * 7 1 8 .0 3 * 7 3 1 .5 3 * 7 7 2 .2 1-87 4 .1 4 .3 4 .3 4 .0 3 .8 3 .6 3 .0 2 .8 2 .8 2 .9 2 .8 2 .9 2 .7 2 .6 2 .0 2-87 4 .0 4 .2 4 .2 3 .9 3 .8 3 .5 3 .0 2 .8 2 .9 2 .9 2 .8 2 .9 2 .7 2 .6 2 .1 2 .5 2 .8 3 .5 2*6 3-é2 4-82 t- T 3 2 -S5 1-04 2-§4 5-84 4-84 1-85 2-85 3-85 4-85 1-86 2-86 3-86 4-86 1—8 7 3 * 7 9 6 .4 P * R E V IS E D FROM 1984 P- frftE LIH I^ A ftT - m E P M E P B T~F E P E * A L RfcSfcftVL BKWK OF S 1. ~L U U IS JU L Y 24» 1987 ________ ___________ ___________ 12 GROSS N A T I O N A L P R O D U C T * RATIO SCALE Q UAR TE RL Y TOTALS T R I L L I O N S OF DOLLARS SEASONALLY 4. AT ANNUAL RATIO SCALE T R I L L I O N S OF DOLLARS 4.6 RATES ADJUSTED 4.4 4.2 4.0 3. 3.8 3. 3.6 3.4 3.2 3. 3.0 4.4 4.2 4.0 2. 3.8 3.6 3.4 3.2 3.0 2. 8 2. 2. 6 1979 1980 1981 1982 983 1984 SOURCE: PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIO D S LATEST DATA PLOTTED: 1985 U .S . 1986 1987 DEPARTMENT OF COMMERCE INDICATED. 2ND QUARTER PR ELIM IN ARY ^ R E V IS E D FROM 1984. PREPARED BY FEDERAL RESERV E BANK OF S T . 13 LO U IS GENERAL RATIO PRICE INDEX* SCALE 1982-100 125 i ? 120 5 $ RATIO ; ? 5 $ I 15 SCALE 1982-100 125 \ $ 120 § S'\ 17.2 1 15 + 3 . fi I 10 r^-~- 1 10 105 105 f j ' y 100 100 w 95 / 90 + ,lo.oiy / / 95 90 85 80 85 '/ >s.rxA 75 1979 1980 $ $ S $ t g 5 t 1981 * % \ t 1982 80 t 1983 1984 AS USEO IN NATIONAL INCOME ACCOUNTS 198 5 SOURCEt U .S . 19 8 6 75 1987 DEPARTMENT OF COMMERCE PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIODS INDICATED. LATEST DATA PLOTTED» 2ND OUARTER PREL IN I NARY » R E V IS E D FROM 1944. PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS IM P L IC IT P R IC E DEFLATO * FOR CROSS NATIONAL PRODUCT* COMPOUNDED ANNUAL R A T ES OF CHANCE IN IT IA L TERMI NAL QUARTER 3-82 *- 8 2 1-83 2-83 3-83 *-83 1-84 2-84 1962 « 100 QUARTER 4-64 1-65 2-85 3-85 4-85 1-86 2-66 3-66 3 .6 1-83 3 .* 3 .2 1-87 1 0 2 .5 1 0 3 .3 2-03 3 .3 3 .2 3 .2 3-83 3 .* 3 .3 3 .3 3 .5 *-83 3 .6 3 .6 3 .8 * .1 1 04 .2 * .7 1 05 .4 1 0 6 .5 1-8* 3 .7 3 .8 3 .9 * .2 * .5 2-8 * 3 .6 3 .6 3 .7 3 .9 * .0 3 .6 3 .0 3-8* 3 .6 3 .6 3 .7 3 .8 3 .8 3 .6 3 .2 3 .4 *- 8 * 3 .5 3 .5 3 .6 3 .6 3 .7 3 .* 3.1 3 .2 3 .0 * .2 1 0 7 .3 1 08 .2 1 0 9 .0 1 0 9 .9 3 .5 3 .5 3 .6 3 .6 3 .* 3 .2 3 .2 3 .2 3 .3 3 .5 3 .5 3 .5 3 .6 3 .6 3 .* 3 .2 3 .3 3 .2 3 .3 3-85 3 .5 3 .* 3 .5 3 .5 3 .5 3 .3 3 .2 3 .2 3.1 3 .2 3 .1 2 .9 *- 8 5 3 .* 3 .* 3 .* 3 .* 3 .* 3 .3 3 .1 3.1 3.1 3 .1 3 .0 2 .9 2 .9 1-86 3 .3 3 .3 3 .3 3 .3 3 .3 3.1 3 .0 2 .9 2 .9 2 .9 2 .7 2 .5 2 .3 1 .8 2-86 3 .3 3 .2 3 .2 3 .2 3 .2 3.1 3 .0 2 .9 2 .9 2 .9 2 .8 2 .6 2 .5 2 .3 2 .9 3 .3 3 .3 3 .3 3 .3 3 .3 3.1 3 .0 3 .0 3 .0 3 .0 2 .9 2 .8 2 .8 2 .7 3 .2 3 .6 1 «0 3 .5 CD 1-85 2-85 110 .6 3 .3 1 1 1 .6 112 .4 1 1 2 .9 1 1 3 .7 1 1 4 .7 *- 8 6 3. 1 3 .1 3 .1 3 .1 3 .1 2 .9 2 .8 2 .8 2 .7 2 .7 2 .6 2 .5 2 .4 2 .2 2 .4 2 .1 0 .7 1-87 3 .2 3 .2 3 .2 3 .2 3 .1 3 .0 2 .9 2 .9 2 .9 2 .8 2 .6 2 .7 2 .7 2 .6 2 .8 2 .6 2 .5 2-87 4-66 1 0 1 .7 *-82 3 .2 3 .2 3-82 *- 8 2 3 .2 1-8 3 3 .2 3 .2 3.1 3 .0 3 .0 2 .9 2 .9 2 .9 2 .8 2 .8 2 .6 3 .0 3 .1 2 .9 2-83 3-83 *- 83 1-8 * 2-64 3-84 4-84 1- 6 $ 2-65 J -65 4-65 1-66 2-66 3-66 1 1 4 .9 4 .2 116.1 4 .0 3 .6 1 1 7 .2 P 4-86 1 -S7 * R E V IS E D FROM 1984 P- P R E L IM IN A R Y PA Ë P AftED SV FED ERA L R E S E R V E BANK OF 5 1 . L IW 1 S JU L Y 24» 1967_______________________________________________ 14 PERSONAL CONSUMPTION E X P EN D IT U R ES IN CURRENT D O LLA R S* COMPOUNDED ,ANNUAL RATES Of CHANCE TERMINAL QUARTER IN IT IA L ?- 8 2 *-82 1 0 .3 1-83 8 .0 ..*-82 1-83 2-83 *-83 1-8* 2 -8 * *-8* 3-85 *-85 1-86 2-86 3-86 *- 8 6 1 -87 2 » 1 * 6 .6 2 ,2 1 3 .0 9 .6 9 .3 1 3 .0 9 .5 9 .3 11. 1 9 .3 9 .6 9 .* 1 0 .6 9 .5 2 ,2 6 2 .8 2 , 3 15 o8 9 .7 2 ,3 6 1 .1 1-8* 9 .3 9 .1 1 0 .0 9 .0 8 .9 8 .1 2-8* 9 .* 9 .2 1 0 .0 9 .2 9 .2 8 .9 9 .8 3-8* 8 .9 8 .7 9 .2 8 .5 8 .3 7 .8 7 .7 5 .6 *-8* 8 .7 8 .5 8 .9 8 .3 8 .1 7 .7 7 .5 6 .* 7 .2 1-85 8 .8 8 .6 9 .0 8 .* 8 .3 8 .0 8 .0 7 .* 8 .3 9 .* 8.1 7 .7 8 .3 8 .9 8 .B 2-85 5 .7 3-83 2-85 1-85 2 .1 1 7 .0 2-83 *-83 3-83 B IL L IO N S Ö L DOLLARS ANNUAL AATF5 QUARTER 8 .6 8 .9 8 .* 8 .3 8 .1 2 ,* 1 7 . 0 2 ,* 5 0 . 3 2 ,* 9 3 .* 2 ,5 * 9 . 9 2 ,6 0 2 .0 8 .* 2 ,6 6 5 . * 3-85 8 .9 8 .7 9 .0 8 .6 8 .5 8 .* 8 .* 8 .1 8 .8 9 .3 9 .3 10.1 *-85 8 .6 8 .* 8 .7 8 .3 8 .2 8 .0 8 .0 7 .7 8 .1 8 .3 7 .9 7 .7 5 .3 1-86 8 .* 8 .2 8 .* 8 .0 7 .9 7 .7 7 .7 7 .* 7 .7 7 .8 7 .* 7 .0 5 .5 5 .7 2-86 8 .1 7 .9 8 .1 7 .7 7 .6 7 .* 7 .3 7 .0 7 .2 7 .2 6 .7 6 .3 5 .1 * .9 * .1 3-86 8 .3 8 .1 8 .3 7 .9 7 .8 7 .7 7 .6 7 .* 7 .6 7 .7 7 .* 7 .2 6 .* 6 .8 7 .* 10*7 *- 86 7 .9 7 .8 7 .9 7 .6 7 .5 7 .3 7 .2 6 .9 7 .1 7 .1 6 .7 6 .5 5 .8 5 .9 5 .9 6 .8 3 .1 1-87 7 .8 7 .6 7 .8 7 .* 7 .3 7.1 7 .0 6 .8 6 .9 6 .8 6 .5 6 .3 5 .6 5*7 5 .7 6 .2 * .0 5 .0 2-87 7 .7 7 .6 7 .7 7 .* 7 .3 7 .1 7 .0 6 .8 6 .9 6 .9 ¿>6 6 «* 5 .8 5 .9 6 .0 6 .* 5 .1 6*1 7 *1 3 -6 ? 4-82 1-83 2-83 3-83 4-83 1-8* 2-8* 3 -8 * *-8 * 1-85 2-85 3-85 *-85 1-86 2-86 i- 8 6 *-86 1-8 7 IN IT IA L 2 ,7 0 0 .1 2 ,7 3 7 .9 2 ,7 6 5 .8 2 ,8 3 7 .1 2 ,8 5 8 . 6 2 ,8 9 3 .8 2 , 9 4 4 . OP QUARTER » R E V IS E D FROM 19 8 *_______________________ __________________________________________________________________________________________________________________________________________________________ P- P R E L IM IN A R Y PR E P A R E D BY F ED ER A L R E S E R V E BANK OF S T . L O U IS ________________________________________ JU L Y 24 , 1987_______________________________________________ PERSONAL CONSUMPTION EXPEN D IT U R ES IN 1982 D O LLA RS* COMPOUNDED ANNUAL RATES OF CHANGE " bT l l I oNS Of TERMINAL________________________________________________________________________ IN I T I A L QUARTER_________________________________ ____________________________________ DOLLARS QUARTER AfcttJAL a a t e s 2-86 3-86 1-87 4 -8 6 1-86 2-83 3-83 *-83 1-8* 2 -8 * 3-8* *-8 * 1-85 2-8 5 3-85 *-85 1-9? .. *-82 *-82 5 .3 1-83 * .2 3 .0 2-83 5 .* 5 .5 8 .0 2 ,0 7 8 .7 2 ,0 9 4 .2 2 ,1 3 5 .1 3-83 5 .* 5 .* 6 .7 5 .3 *- 83 5 .* 5 .* 6 .3 5 .* 5 .5 1-8* 5 .1 5 .1 5 .6 * .8 * .6 2 ,1 6 3 .0 2 ,1 9 1 .9 3 .7 2 ,2 1 2 .1 2-8* 5 .3 5 .3 5 .8 5 .2 5 .2 3-8* * .9 * .8 5 .1 * .6 *.* * .0 * .l 1 .9 *-8* * .8 * .8 5 .0 * .5 * .3 * .l * .2 3 .1 6 .* 2 ,2 4 6 .7 2 ,2 5 7 . 3 * .3 2 ,2 6 1 .1 1-85 *.9 *.9 5. 1 * .7 * .6 *.* * .6 * .0 5. 1 <\l 00 1 * .8 * .8 5 .0 * .6 * .5 *.* * .5 * .0 * .7 * .0 3-85 5 .0 5 .0 5 .2 *.9 * .8 * .7 * .9 * .6 5 .3 5 .* * .3 * .3 * .0 *.* * .5 * .0 * .0 1 .2 *.* * .1 * .5 * .5 * .i * .2 2 .8 * .5 * .3 * .3 * .1 *.* *.* *•1 * .2 3 .3 * .3 * .1 *.* *- 85 * .7 * .7 * .8 * .5 * .* 1-86 * .7 * .7 * .8 * .5 *.* 2-86 * .7 * .6 * .7 * .5 *.* 5 .9 2 ,3 1 4 .1 2 * 3 3 7 .0 6 .9 2 ,3 7 6 .1 2 ,3 8 3 .2 2 ,4 0 9 .7 2 ,4 3 4 .3 3-86 * .8 * .8 *.9 * .7 * .6 * .6 * .6 * .8 * .8 * .7 * .8 * .3 5 .3 5 .7 7 .3 *- 8 6 * .6 * .5 * .6 *.* * .3 * .2 * .3 * .0 * .3 * .3 * .0 * .t 3 .5 *•1 3 .9 3 .6 0 .5 1-87 * .3 * .2 * .3 * .0 3 .9 3 .8 3 .8 3 .6 3 .8 3 .7 3 .* 3 .* 2 .8 3 .1 2 .7 2 »3 - O .l * .1 *. 1 3 .7 3 .5 3 .6 3 .5 3 .3 3 .2 2 .7 2 .9 2 .6 2 .2 0 *6 0 .7 2 .1 i- e * 2-8* 3-«* *-8 * 1-85 2-85 3-85 4-8 5 1-66 2—86 3-86 4-66 i- é 7 2-87 3-82 *- 8 2 * .l 3 .9 3 .8 3 .7 1-83 2-83 3-83 *- 8 3 2 ,4 7 7 .5 2 ,4 t0 .5 2 ,4 7 5 .9 - 0 .7 2 ,* S 8 .7 P I N I Î t À L QUARTER » R E V IS E D FROM 198*____________________________ ___________ ________________________________________________________________________ _______________________________ ________________ P- P R E L IM IN A R Y P*fpA*eO BV fE K ftA L fttK RVE BANK OF 5T. LOU 15 ___________ ______ ____________________________________________________________________________ J U tY 15 24, 1967____________________________________ ' GROSS P R IV A T E DOMESTIC INVESTM ENT IN CURRENT D O LLA RS* COMPOUNDED ANNUAL R ATES O f CHANCE T ER M IN A L QUARTER IN IT IA L -3~82 4-82 - 3 2.7 4-82 1-83 2-0 3 3-83 4-83 1-84 2-84 3-84 1-05 2-05 3-05 4-85 i- 8 6 _ 2-06 3-06 4-06 1-87 4 0 9 .6 4 2 0 .3 1-83 - 10.3 1 9 .6 2-83 8 .7 3 8 .1 5 9 .5 3-83 14.9 3 7 .4 4 7 .2 3 5 .9 4-83 2 2 .0 41 .6 4 9 .8 4 5 .1 5 4 .9 4 0 1 .3 5 1 9 .7 5 7 9 .8 1-84 29.1 4 7 .0 5 4 .8 5 3 .3 6 2 .8 7 1 .0 2-84 2 4 .6 3 8 .0 4 2 .0 3 8 .0 3 8 .7 3 1 .2 0 .7 3-84 2 1 .8 3 2 .5 3 4 .8 3 0 .3 2 9 .0 2 1 .3 2 .2 4-84 I 8.4 2 7 .1 2 8 .2 2 3 .7 2 1 .3 14.1 - 0 .2 - 0 .7 - 5 .0 1-85 1 4.8 2 1 .8 2 2 .1 1 7 .5 1 4 .7 8 .0 - 3 .7 - 5 .1 - 9 .2 - 1 3 .3 2-85 1 4.0 2 0 .2 2 0 .2 1 6 .1 1 3 .5 7 .7 - 1 .8 - 2 .4 - 4 .3 6 6 3 .0 6 6 4 .2 6 7 0 .3 3 .7 6 6 1 .0 6 3 0 .6 - 4 .0 6 .3 - 1 1 .7 6 4 0 .4 6 2 0 .6 4 .7 - 3 .5 - 4 .3 - 6 .2 - 6 .6 - 3 .1 1 0 .5 5 .9 - l.l - 1 .3 - 2 .3 - 1 .7 2 .6 0 .7 1 4 .9 1 1 .6 7 .6 1 .5 1 .6 1 .3 2 .6 7 .0 7 .3 1 8 .2 2 1 .6 1 0 .2 6 .5 1.1 1.1 0 .8 1 .8 5 .1 4 .8 1 0 .9 9 *0 - 2 .3 1 0 .2 8 .3 4 .9 - 0 .1 - 0 .2 - 0 .7 - 0 .1 2 .3 1 .5 5 .1 2 .1 - 6 .5 - 1 0 .5 9 .5 7 .6 4 .4 - 0 .2 - 0 .2 - 0 .7 - 0 .1 1 .9 1 .2 4 .0 1 .4 - 4 .5 - 5 .6 —0 *4 13.1 1 0 .5 8 .9 6 .0 1 .8 1 .9 1 .7 2 .5 4 .7 4 .5 7 .4 6 .0 2 .4 4 .0 1 2 .2 2 6 .3 1 2 .7 1 2 .3 9 .9 8 .4 5 .6 1 .8 1 .9 1 .7 2 .4 4 .3 4 .1 6 .5 5 .2 2 .2 3 .4 0 .5 1 3 .2 1 .4 4-82 1-83 2-83 3-83 4-83 1-84 2-84 3-84 4-84 1-85 2-05 3-85 4-05 1-06 2-86 3-06 4-86 1-07 1 1 .6 1 6 .9 1 6 .6 1 2 .6 4-85 1 1 .9 1 6 .7 1 6 .4 1 2 .8 1-86 1 2.5 1 7.1 1 6 .9 1 3 .6 2-86 1 1 .5 1 5 .6 1 5 .3 1 2 .2 3-86 9 .9 1 3 .6 1 3 .2 4-86 9 .3 1 2 .7 1 2 .2 1-87 1 0.2 1 3 .4 2-87 9 .7 3-82 3-85 B l L l t O W S OF OOLLARS ANNUAL RATES QUARTER 1 0 .0 6 5 0 .8 6 0 3 .4 6 7 9 .4 6 6 0 .0 6 6 0 .2 6 9 9 .9 7 0 2 . 3P TMITTAL &UARTER » R E V IS E D FROM 1984________________________________________________________________________________________________________________________________________________________________ P- P R E L IM IN A R Y -------------— -- — — ----------------------------------------------------------------WEAARED BVTÉBÉRAL RESERVE BAWTOF ST. LOUIS ___________________________________________________________________________________________________________________________ JU L Y 24* 1987______________________________________________ GROSS P R IV A T E DOMESTIC INVESTM ENT IN 1982 DO LLARS* ___________ COMPOUNDED ANNUAL RATES Of CHANSE_____________ IN IT IA L T ER M IN A L QUARTER 3-82 4-82 1-83 2-83 3-83 4-83 1-84 2-84 3-84 4-84 1-85 2-85 3-05 4-05 1-06 2-06 3-06 4-06 1-07 4 0 0 .0 4-82 -•31.0 1-83 - 9 .4 1 9.1 2-83 1 1 .5 4 1 .9 6 8 .9 3-83 1 7.0 3 9 .5 5 1 .0 3 5 .0 4 2 7 .1 4 0 6 .9 5 2 4 .0 5 7 7 .2 2 2 .3 4 1 .2 4 9 .4 4 0 .5 4 6 .3 1-84 2 8 .7 4 5 .8 5 3 .4 4 8 .6 5 5 .9 6 6 .0 2-84 2 4 .5 3 7 .4 4 1 .4 3 5 .2 3 5 .3 30.1 6 5 5 .2 6 5 6 .4 2 .0 6 6 4 .2 w I 4-83 2 1 .7 3 2 .0 3 4 .2 2 8 .2 2 6 .6 2 0 .6 2 .8 4-84 1 8 .4 2 6 .6 2 7 .8 2 1 .9 1 9 .5 1 3 .6 0 .1 1-85 1 4 .7 21 .4 2 1 .7 1 6 .1 1 3 .2 7 .5 - 3 .5 2-85 1 4.2 2 0 .1 2 0 .2 1 5 .2 1 2 .6 7 .8 - 1 .2 - 1 .9 - 3 .7 - 3 .0 3-85 1 1.6 1 6 .6 1 6 .3 1 1 .6 9 .0 4 .5 - 3 .3 - 4 .3 - 6 .2 - 6 .6 4-85 1 1 .7 1 6 .3 1 6. 1 1 1 .8 9 .5 5 .6 - 1 .0 - 1 .5 - 2 .5 - 1 .9 CD B IL L IO N S OF DOLLARS ANNUAL R ATES QUARTER 3 .6 - 0 . 8 - 5 .0 6 5 5 .7 - 5 .3 - 9 .4 - 1 3 .6 6 3 2 .1 6 4 5 .7 8 .9 - 2 . 8 6 2 3 .2 - 1 3 .2 2 .4 - 0 .7 1 3 .5 6 4 3 .3 1 6 .7 1 6 .4 1 2 .6 1 0 .6 7 .2 1 .5 1 .4 1 .0 2 .3 6 .7 6 .0 1 7.1 11.1 1 4 .9 1 4 .6 1 1 .0 9 .0 5 .9 0 .7 0 .5 0.1 1 .0 4 .2 3 .1 9 .2 7 .1 - 5 .1 3-86 9 .5 1 2 .9 1 2 .5 9 .0 7. 1 4.1 - 0 .6 - 0 .9 - 1 .5 - 0 .9 1 .4 - 0 .1 3 .5 0 .4 - 0 .5 - 1 1 .0 4-86 8 .4 1 1 .5 1 1 .0 7 .7 5 .8 3 .0 - 1 .4 - 1 .7 - 2 .3 - 1 .9 -0. 1 - 1 .5 1 .0 - 1 .9 - 0 .5 - 1 0 .1 - 0 .4 1-87 9 .4 1 2 .4 1 2 .0 9 .0 7. 3 4 .8 0 . 8 0 .7 0 .5 1 .1 3 .1 2 .3 5 .1 3 .5 —0 .4 1 .2 0 .5 2 0 .5 2-87 8 .9 1 1 .7 1 1 .3 8 .4 6 .9 4 .5 0 . 0 0 .0 0 .5 l.l 2 .9 2 .1 4 .5 3 .1 —0 .1 1 .2 5 .9 1 3 .9 1 .0 3-82 4-82 1-83 2-83 3-03 4-83 2-04 3-04 4-04 1-05 2-05 3-05 4-05 4-06 1-67 Í- 0 4 «D 1 2.4 • O 6 7 4 .4 1-86 2-86 6 6 5 .6 2-06 6 4 5 .0 6 3 1 .0 6 7 1 .6 6 7 3 .4 P » R E V IS E D FROM 1984____________ ___________________________ P- P R E L IM IN A R Y ------------------------------------------------------------------------------------------ PRÉPAAÉ6 6 y FEDERAL RESERVE BANK OF ST. LtAJIS ________________________________________________________________________________________________________ m Y 24t 1997_______________________________________ 16 GOVERNMENT PURCHASES OF GOOOS ANO S E R V IC E S IN CURRENT D O LLA R S* ___________________ COMPQUHOEO ANNUAL RATES OF CHANCE________________________ TERMINAL QUARTER IN IT IA L 3-82 4-82 16.2 1-83 6 .6 4-82 1-83 2-83 3-83 4-83 1-84 2-84 ?-<?* iQUART ER 4-94 1-85 2-85 3-86 4—86 6 7 5 .2 5 .8 1 .0 4 .3 1. 8 3 .8 4-83 3 .6 0 .6 1.6 0 .3 - 2 .7 1-84 5 .0 2 .9 4 .3 4 .2 4 .7 6 8 0 .7 3 .3 6 76 .1 6 9 6 .5 1 2.6 7 3 5 .8 2-84 7 .6 6 .3 8 .0 9 .0 1 0 .9 1 8.4 2 4 .6 3-84 7 .4 6 .2 7 .7 8 .4 9 .7 14.1 1 4 .9 6 .0 4-84 7 .7 6 .7 8 .0 8 .6 9 .7 13.1 1 3.2 8 .0 9 .9 1-85 8 .0 7.1 8 .3 8 .9 9 .9 1 2 .6 12.6 8 .8 1 0.3 10.7 2-85 8 .0 7 .3 8 .4 8 .9 9 .7 1 1.9 1 1.8 8 .8 9 .7 9 .6 8 .6 17.1 8. 1 9 .2 9 .0 8. 5 9. 5 8 .0 7 .4 8 .2 1-86 2-86 6 68 .1 5 .2 4-85 1-86 - 2 .2 3-83 8 .8 4-85 6 7 1 .0 2-83 3-85 3-85 © I L L l ö k S ÖF DOLLARS a NHu AL RATES' 1-07 7 4 6 .6 7 6 4 .5 7 0 4 .1 0 0 0 .5 0 3 2 .8 1 2.7 1 2.7 1 0 .4 1 1.5 12.1 1 2.8 10.8 1 2.6 1 2 .6 1 0 .7 11.7 12.1 1 2 .6 14.6 12.1 9 .1 10.5 10. 3 8 .4 8 .8 8 .5 8 .0 7 .8 3 .4 **4« 6 2 .4 9 .8 1 0.6 1 0 .0 8 .6 8 5 7 .0 8 4 6 .9 0 6 7 .2 8.1 7 .6 8.4 8 .7 9 .2 10.5 10.2 8 .6 8 .9 8 .8 8 .4 8 .3 3-86 7 .9 7 .4 8.1 8 .4 8 .9 10.0 9 .7 8 .2 8 .5 8 .3 7 .9 7 .7 5 .5 3 .4 7 .6 5 .3 4-86 7. 7 7 .2 7 .8 8.1 8 .5 9 .4 9 .2 7 .7 7 .9 7 .7 7 .3 7 .0 5 .1 3 .4 6 .3 4 .5 3 ,6 7 .8 8 .2 9.1 8 .8 7 .4 7 .6 7 .3 6 .9 6 .7 5 .0 3 .6 5 .8 4 .5 4 .1 4 .5 4 .2 6 .0 5 .1 5 .0 5 .7 6 .9 1-96 2—86 3-86 4-86 1-87 1-87 7 .5 7 .0 7 .6 2-87 7 .5 7 .0 7 .6 7 .8 8 .1 8 .9 8 .6 7 .4 7 .5 7 .3 6 .9 6 .7 5 .3 3-82 4-82 1-8 3 2-83 S-Ö3 4-öi 1-84 2-ä4 3—84 4-84 1-85 2-85 3-85 » REV ISE D P- FROM 1 2-86 Is 9 .9 5 .5 8 7 0 .5 8 8 6 .3 8 9 6 .2 9 1 1 .2P 1984_________________________________________________________________________________________________________________________________________________________________________________ P R E L IM IN A R Y ----------------------------------------------------------------------------------------------------------- f>RéPAft£D 6V P E O É R a L R E S E R V E BANK OF S T . L O U IS ________________________________________________________________________________________ ________ _____________ ____________JU L Y 2 4 , 1987_______________________________________________ GOVERNMENT PURCHASES OF GOODS AND S E R V IC E S IN 1982 DO LLARS* ______________ COMPOUNDED ANNUAL RATES OF CHANGE_______________________ T ERM INA L QUARTER 3-82 4-62 1-83 2-63 3-83 4-83 1-84 2-84 B I L L I O N S OF DOLLARS a * k U a l R A T ES QUARTER IN IT IA L 4-84 1-85 2-85 3-85 4-85 1-06 2-06 3-06 4-86 1-87 1 1.4 1-83 2.1 - 6 .4 2-83 1 .7 - 2 .8 3-83 1 .7 - 1 .3 1 .4 1 .7 00 1 o 0 6 6 0 .1 4-82 - 2 .7 - 1 .4 - 2 .7 - 6 .8 1-84 1.1 - 0 .9 0 .6 0 .4 - 0 .2 6 .9 6 4 9 .2 6 5 0 .9 1.1 6 5 3 .6 6 4 2 .2 6 5 3 .0 2-84 3 .3 2 .0 3 .8 4 .5 5 .5 1 2.2 1 7 .7 3-84 3 .2 2 .1 3 .6 4 .1 4 .7 8 .9 9 .9 2 .6 6 0 0 .2 4-84 3 .4 2 .5 3 .8 4 .3 4 .8 7 .9 8 .3 3 .9 5 .2 7 .6 7 .7 4 .6 5 .6 6 .0 604 . 5 6 9 3 .2 1-85 3 .7 2 .9 4 .1 4 .5 5 .0 2-85 3 .8 3 .1 4 .2 4 .6 5 .0 7.1 7 .2 4 .7 5 .4 5 .5 5 .0 3-85 4 .8 4 .2 5 .3 5 .8 6 .3 8 .3 8 .6 6 .8 7 .9 8 .8 1 0 .3 1 5 .7 4-85 5 .0 4 .5 5 .6 6 .0 6 .5 8 .3 8 .5 7 .1 8 .0 8 .7 9 .6 1 2 .0 8 .4 7 0 3 .4 7 1 2 .1 7 3 0 .6 7 5 3 .7 1-86 4 .0 3 .5 4 .3 4 .7 5 .0 6 .3 6 .3 4 .7 5 .1 5 .1 4 .9 4 .8 - 0 .3 - 8 .3 2-86 4 .3 3 .8 4 .6 4 .9 5 .2 6 .5 6 .4 5 .1 5 .5 5 .5 5 .4 5 .5 2 .4 - 0 .6 7 .0 3-86 4 .2 3 .7 4 .5 4 .8 5 .0 6 .2 6 .1 4 .9 5 .2 5 .0 5 .0 2 .5 0 .6 5 .4 3 .0 4-86 4 .4 4 .0 4 .7 5 .0 5 .2 6 .3 6 .3 5 .2 5 .5 5 .5 5 .4 5 .5 3 .6 2 .4 6 .2 5 .4 7 .9 1-87 3 .8 3 .4 4 .0 4 .2 4 .4 5 .3 5 .2 4 .1 4 .3 4 .1 3 .9 3 .8 1 .9 0 .6 3 .0 1 .4 0 .6 - 6 .2 2-87 3 .7 3 .2 3 .8 4 .0 4 .2 5 .0 4 .9 3 .9 4 .0 3 .9 3 .6 3 .5 1 .8 0 .8 2*7 1 .4 0 .9 - 2 .5 1 .4 3-82 4-82 1-83 2-83 3-83 4-83 1-84 '2 -8 4 3-84 4-84 4-d5 1-86 2-86 3-86 4-86 1-87 5 .2 IN IT IA L * R E V IS E D FROM 1984 P- P R E L IM IN A R Y 7 5 1 .6 7 5 7 .2 7 7 1 .0 7 5 9 .6 7 6 2 .2 P QUARTER “ ,_______________________________________________________ ^ * 5 7 3 7 .6 ------------------------------------- PR E P A R E D BV F E D E R A L R E S E R V E ______________ _____________JU L Y 24 ♦ 1987 __________ 17 BA M OF S I , L O U IS D IS P O S A B L E PERSONAL INCOflE IN CURRENT DOLLARS# ________ COMPOUNDED ANNUAL RATES OF CHANCE_____________ T ER M IN A L QUARTER _ i- 9 2 in it ia l 4-82 1-93 2-93___ ? - ? ? ___ 1-94 B IL L IO N S Of DOLLARS q uarter ANNUAL RATES 2-84 3-94 4-8% 1-95 2-85 3-85 4 - 85 1-86 2-66 3-86 4-86 1-67__________________ 2 *3 1 8 .1 2 *3 4 5 .7 2-83 2 *4 4 3 .2 7 .2 9 .5 9 .1 1 0.5 1 1 .4 U .6 1 0 .0 1 1 .3 1 2 .2 1 4 .3 9 .1 10*0 1 0 .3 1 1 .0 8 .5 9 .0 2 *5 2 7 .9 1 4.0 6 .2 7 .5 6.0 6. 6 5 .9 6 .1 2 *7 2 8 .6 2 *8 4 8 .4 6 .8 6.2 6 .7 6 .3 6 .3 2 * 8 4 7 .2 - 0.2 7 .4 5 .5 7 .5 6*1 6 .6 5 .3 6 .1 4 .9 2 *9 6 6 .0 3 * 0 2 2 .4 3 * 0 6 1 .6 3 * 1 2 5 .9 3-82 4^82 T ^ l 2^81 3^83 4-83 5 .8 5 .9 5 .8 5 .8 1-^4 ?^ 3 4 3-"84 V-84 ------------------ I N I T I A L 3 * 1 3 8 .5P 5 .0 FhT5 — 4^F?— T=F5— 2-65 — 3-66 4-86— Y ^ T T Q U A R T S ------- O R E V I SEO FROM 1984 P- P R E L I M I N A R Y ÊATÊAftEÔ 6V O D E R A I ftTSERVE BANK ÖF 5 T . " T 0 U IS JU L Y 24* 1987_______________________________________________ D ISP O SA B LE PERSONAL INCOME IN 1982 DO LLARS* B I L L IONS Of DOLLARS ANNUAL R ATES IN ITIAL QUARTER TERMINAL QUARTER 4-82 1-83 2-93 3-93 4-93 1-84 2-84 3-84 4-84 1-85 2-85 3-85 4-85 1-86 3-86 4-86 1-87 2 *2 7 6 .1 4-82 2 .3 1-83 2 .2 2 .2 2-83 2 .8 3 .1 4 .0 2 * 2 8 8 .4 2 *3 1 1 .1 3-83 3 .2 3 .5 4. 1 4 .3 4-83 4 .5 5 .1 6 .1 7 .2 1 0 .2 1-84 5 .3 6 .0 6 .9 7 .9 9 .8 2-84 4 .8 5 .2 5 .8 6 .3 7 .0 5 .4 1 .6 3-84 4 .7 5 .0 5 .5 5 .8 6 .2 4 .8 2 .7 3 .7 4-84 4 .4 4 .7 5. 1 5 .3 5 .5 4 .3 2 .7 3 .3 2.8 1-85 4 .2 4 .4 4 .7 4 .8 4 .8 3 .8 2 .4 2 .7 2 .2 2-85 4 .6 4 .8 5 .1 5 .2 5 .3 4 .6 3 .6 4 .1 4 .3 5 .0 8 .5 3-85 3 .9 4 .0 4 .2 4 .3 4 .3 3 .4 2 .5 2 .6 2 .4 2 .2 2 .5 4-85 3 .9 4 .1 4 .2 4 .3 4 .3 3 .5 2 .7 2 .9 2 .8 2 .8 3. 1 0 .6 4 .4 1-86 4 .2 4 .3 4 .5 4 .5 4 .6 3 .9 3 .3 3 .5 3.5 3 .6 4 .1 2 .7 5 .8 7 .2 2 * 3 3 5 .4 2 * 3 9 2 .7 2 * 4 4 6 .9 9 .4 2 * 4 5 6 .6 2 *4 7 9 .2 2 * 4 9 6 .3 2 * 5 0 6 .8 1 .7 2 *5 5 8 .4 2 * 5 3 6 .2 - 3 .1 2 * 5 6 5 .5 2 * 6 1 0 .5 2-86 4 .4 4 .6 4 .7 4 .8 4 .8 4 .3 3 .8 4 .1 4.1 4 .3 4 .9 4 .0 6 .5 7 .5 7 .8 3-86 4 .1 4 .2 4 .3 4 .3 4 .3 3 .8 3 .3 3 .5 3.4 3 .5 3 .9 3 .0 4 .5 4 .6 3 .3 3 .6 3.1 3 .2 3 .4 2 .5 3 .8 3 .9 4 .1 4 .1 4 .0 1-87 3 .8 3 .9 4 .0 4 .0 4 .0 3 .5 3 .0 3 .1 3.1 3.1 3 .3 2 .6 2-87 3 .4 3 .5 3 .5 3 .5 3 .5 3 .0 2 .5 2 .6 2 .5 2 .5 2 .6 1 .8 3-82 4-82 1-83 2-63 3-83 4-83 1-84 2-84 3-84 4-84 1-85 4-86 >0 00 1 rsi 3-82 3 .0 3 .2 3 .7 2 * 6 6 0 .2 2 * 6 5 3 .2 - 1 .0 - 0 .3 2 * 6 5 6 .7 0 .5 3 .6 2 .4 3 .6 3 .4 2 .5 0 .7 1 .6 2 .7 2 .6 2 .3 1 .3 - 0 .3 0 .0 —0 .3 - 3 .2 4-65^ 1-66 2-66 3-66 4-86 1-87 2 * 6 7 4 .6 2 * 6 5 3 .IP * R E V I SEO FROH 1984 P- P R E L IM IN A R Y H E *Á *E B ftV FEDERAL RÉS e *VE ftANK QF 51. LUUIS JULY 24* 1987________________________________________ 18 CORPORATE P R O F IT S AFTER T A X E S* C Q ffP W N P EP ANNUAL RATES OF CHANCE IN IT IA L t e r m in a l B IL L IO N S Of DOLLARS ANNUAL R A T E S 0UARTFR QUARTER l-§z 3-82 3-82 4-82 1-83 2-83 1-84 3-83 3-84 4-84 1-85 _ 2-85 3-85 4-65 1-86 2-86 3 -8 * 4 -8 6 1. 1 1 0 7 .3 4 -8 ? - 5 .0 - 1 0 .7 1-83 4 .5 6 .2 .2 6 .4 2-83 1 8 .3 2 4 .7 4 7 .3 3-83 2 4 .7 3 1 .4 4 9 .5 6 2 .5 5 3 .9 4-83 2 1 .6 2 6.1 3 7.5 4 1 .4 2 8 .3 7 .0 1-84 2 2 .4 2 6 .4 3 5.5 3 7 .9 2 8 .2 1 7.0 2-84 1 8 .9 2 1 .7 2 8. 1 2 8 .4 1 9 .4 9 .8 1 1 .2 3-84 1 3 .2 1 4 .8 1 9.0 1 7 .8 9 .2 0 .3 - 1 .9 - 1 4 .0 - 2 3 .5 4-84 11.1 1 2 .3 15.5 1 4 .0 6 .5 - 1 .0 - 2 .9 - 1 1 .5 - 1 5 .2 1-85 5 .4 5 .8 7 .8 5 .7 - 1 .4 - 8 .4 - 1 1 .2 - 1 9 .0 - 2 3 .6 - 2 3 .6 - 3 7 .8 2-85 5 .3 5 .6 7 .4 5 .5 - 0 .7 - 6 .7 - 8 .8 - 1 4 .8 - 1 7 .5 - 1 5 .3 - 1 9 .6 3-85 6 .1 6 .5 8 .2 6 .6 1.1 - 4 .1 - 5 .6 - 1 0 .2 - 1 1 .5 - 8 .3 - 9 .0 1 0.1 1 6 .7 4-85 6. 7 7 .2 8 .8 7 .3 2 .4 - 2 .1 - 3 .2 - 7 .0 - 7 .6 - 4 .0 - 3 .4 1 1 .8 1 6 .0 1 5 .3 - 9 .9 - 1 0 .7 - 2 .2 - 4 .1 - 1 3 .1 - 3 4 .5 - 0 .8 - 2 .0 - 7 .5 - 1 7 .2 4 .7 - 3 .7 3 .5 3 .4 0 .4 - 4 .1 1 6 .0 1 0 4 .3 1 1 0 .6 71 .7 1 2 6 .6 1 4 1 .0 1 4 3 .4 2 7 .9 1 5 2 .5 1 5 1 .2 - 3 .4 - 1 1 .0 - 1 2 .0 - 6 .2 - 9 .3 - 1 0 .1 3-86 4 .7 5 .0 6 .1 4 .8 0 .9 - 2 .6 - 3 .5 - 6 .1 - 6 .4 - 4 .0 1 2 4 .8 1 2 9 .7 1 3 4 .4 1 2 0 .9 1 2 2 .3 1 3 0 .2 2 8 .5 1 3 4 .0 4-86 5 .1 5 .4 6 .5 5 .3 1 .6 - 1 .6 - 2 .2 - 4 .6 - 4 .7 4 .7 4 .9 2 .6 —0 . 3 1 4 .7 o • o - 7 .3 - 5 .0 3 .9 I - 6 .0 - 1 .1 *■ - 1 .7 3. 1 1 2 3 .6 1 i\* 3 .0 4 .7 1 3 9 .2 CD 1 4 .6 3 .6 1 3 .5 3 .4 O 3 .3 - 6 .1 • «0 1-86 2-86 1 4 1 .4 12 .2 1-87 4 .0 4 .2 5 .1 3 .9 0 .5 - 2 .5 - 3 .2 - 5 .4 - 5 .6 - 3 .6 - 3 .3 2 .2 1 .9 - 0 .4 - 3 .2 6 .7 7 .4 - 1 .8 - 1 4 .1 2-82 3-82 4-82 1-83 2-83 3-83 4-63 1-64 ¿- 6 4 3-84 4-84 1-65 2-85 3-85 4-85 1-86 2-86 3-86 4 -8 6 » R E V !S E P 1 2 9 .0 FROM 1984 ■pffEPAAED BY FEDERAL RESERVE BAWT OF S T . LO U IS JULY 24 » 1 9 0 7 ____________________________________________ HISTORICAL SOURCES OF NATIONAL INCOME AND PRODUCT ACCOUNTS DAT A Estimates for the series in the regular quarterly presentation of NIPA tables for 1984-87:11 will be published in the July 1987 Survey of Current Business and 1983 in the July 1986 Survey of Current Business. Estimates for NIPA series for 1929-82 are published in The National Income and Product Accounts of the United States , 1929-82: Statistical Tables"] For further information and prices, write to the National Income and Wealth Division (BE-54), Bureau of Economic Analysis, U.S. Department of Commerce, Washington, D.C. 20230. 19 INVENTORIES COMPARED WITH MONTHLY SALES MANUFACTURING AND TRADE SEASONALLY ADJ USTED .72 .6 8 . 64 .60 .56 .52 .48 . 44 . 40 .36 SOURCEt «BEGINNING IN 1982, INVENTORY DATA REFL E CT SHADED AREAS R E P R E S E N T LATEST DATA PLOTTED: CHANGES U. S . DE P ART ME NT OF COMMERCE IN E S T I M A T I O N PROCEDURES. P E R I ODS OF B U S I N E S S R E C E S S I O N S . MAY P R E L I M I N A R Y PREPARED BY FEDERAL 20 RESERVE BANK OF S T. LOUIS
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