Full text of National Economic Trends : November 1994
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NOVEMBER 1994 N ational Economic Trends Do Business Cycles Affect Real Wages? behavior of a typical individual’s real wage. Once the compositional bias is eliminated, however, the studies find that real wages are strongly procyclical. The chart provides an illustration of a potential source of compositional bias over business cycles — teenage employment as a percentage of adult male employ ment. The chart shows that this ratio tends to fall dur ing recessions, that is, there are relatively fewer teens employed during recessions than during expansions. Since adult males are a larger fraction of those people still employed during recessions, and their median earnings are more than twice the median earning of teenagers, the average wage of all employed indi viduals will be inflated during recessions. So, while the average real wage may not respond to business cycles, the behavior of individual real wages may be sensitive to cyclical movements. — Peter Yoo Examinations of the average real wage, like the average business sector real hourly compensation shown in the chart below, suggest that the average real wage does not respond to expansions or recessions. In fact, many economists have accepted the lack of cyclical variation of real wages as an empirical fact about the U.S. economy. One likely explanation for the unresponsiveness comes from recent studies that suggest average real wage series misrepresent the behavior of wages over the business cycle so that the average observed real wage is less cyclical than an individual’s real wage. These studies suggest that recessions have differential effects on low- and high-wage workers so the composition of the labor force changes over the Average Business Sector Real Hourly Compensation business cycle, introducing a and Teen-to-Adult Male Employment Ratio “compositional bias” in average 1987 prices (log scale) wage statistics. Specifically, if recessions eliminate more lowwage jobs than high-wage jobs, the average wage will be inflated because high-wage employees will have a greater weight in the composition of workers. Conversely, if expan sions create relatively more low-wage jobs, the increased weight of low-wage jobs will depress the average real wage. Thus, the compositional 1948 1953 1958 1963 1968 1973 1978 1983 bias introduces a countercyclical The shaded bars Indicate recessions. component to aggregate wage measures, masking the true Percent 1988 1993 Views expressed do not necessarily reflect official positions of the Federal Reserve System. National Economic Trends is published monthly by the Research and Public Information Division. Single-copy subscriptions are available free of charge by writing Research and Public Information, Federal Reserve Bank of St. Louis, Post Office Box 442, St. Louis, MO 63166-0442 or by calling 314-444-8809. Information in this publication is also included in the Federal Reserve Economic Data (FRED) electronic bulletin board. You can access FRED with a personal computer and a modem at 314-621-1824. C onsum er P rice Index - All Urban C onsum ers Percent Change From Previous Year Seasonally Adjusted Percent 1988 1989 1990 1991 Percent 1992 1993 1994 Prepared by Federal Reserve Bank of St. Louis Consumer Price Index (Compounded Annual Rates of Change) Terminal Month Initial Month 2-93 3-93 4-93 5-93 6-93 7-93 8-93 9-93 10-93 11-93 12-93 1982-84=100 1-94 2-94 3-94 4-94 5-94 6-94 7-94 8-94 143.5 3-93 2.5 4-93 3.4 4.3 5-93 3.1 3.4 6-93 2.5 2.5 1.7 0.8 7-93 2.4 2.3 1.7 1.3 1.7 8-93 2.5 2.5 2.1 2.0 2.5 3.4 9-93 2.3 2.2 1.8 1.7 2.0 2.1 0.8 10-93 2.5 2.5 2.2 2.2 2.5 2.8 2.5 144.0 2.5 144.3 144.4 144.6 145.0 145.1 4.2 145.6 11-93 2.6 2.6 2.4 2.4 2.7 2.9 2.8 3.8 3.3 12-93 2.6 2.6 2.4 2.4 2.6 2.8 2.7 3.3 2.9 2.5 146.0 1-94 2.4 2.3 2.1 2.1 2.3 2.4 2.2 2.5 1.9 1.2 0.0 2-94 2.4 2.4 2.3 2.2 2.4 2.5 2.4 2.7 2.3 1.9 1.7 146.3 146.3 3.3 146.7 3-94 2.6 2.6 2.4 2.4 2.6 2.7 2.6 2.9 2.7 2.5 2.5 3.7 4.2 4-94 2.5 2.5 2.4 2.3 2.5 2.6 2.5 2.7 2.5 2.3 2.3 3.0 2.9 1.6 5-94 2.5 2.5 2.4 2.4 2.5 2.6 2.5 2.7 2.5 2.3 2.3 2.9 2.8 2.1 6-94 2.6 2.6 2.4 2.4 2.6 2.6 2.6 2.8 2.6 2.5 2.5 3.0 2.9 2.5 2.9 3.3 7-94' 2.6 2.7 2.5 2.5 2.7 2.8 2.7 2.9 2.8 2.7 2.7 3.2 3.1 2.9 3.3 3.7 4.1 8-94 2.7 2.7 2.6 2.7 2.8 2.9 2.8 3.0 2.9 2.8 2.9 3.3 3.3 3.1 3.5 3.8 4.1 4.1 9-94 2.7 2.7 2.6 2.6 2.8 2.8 2.8 3.0 2.9 2.8 2.8 3.2 3.2 3.0 3.3 3.5 3.6 3.3 2.4 2-93 3-93 4-93 5-93 6-93 7-93 8-93 9-93 10-93 11-93 12-93 1-94 2-94 3-94 4-94 5-94 6-94 7-94 8-94 147.2 147.4 2.5 147.7 148.1 148.6 149.1 149.4 Prepared by Federal Reserve Bank of St. Louis October 14, 1994 Consumer Price Index - Food (Compounded Annual Rates of Change) Terminal Month Initial Month 2-93 3-93 4-93 5-93 6-93 7-93 8-93 9-93 10-93 11-93 12-93 1982-84=100 1-94 2-94 3-94 4-94 5-94 6-94 7-94 8-94 139.9 3-93 2.6 4-93 2.6 2.6 5-93 4.4 5.3 8.0 6-93 2.4 2.3 2.2 -3.3 7-93 1.9 1.7 1.4 -1.7 0.0 8-93 2.3 2.2 2.2 0.3 2.2 4.3 9-93 2.5 2.4 2.4 1.1 2.6 3.9 3.5 10-93 2.9 3.0 3.0 2.1 3.5 4.6 4.8 6.1 11-93 2.9 2.9 3.0 2.1 3.3 4.1 4.0 4.3 2.6 12-93 3.2 3.3 3.3 2.7 3.7 4.5 4.5 4.9 4.3 6.1 1-94 2.7 2.8 2.8 2.1 2.9 3.4 3.3 3.2 2.3 2.1 -1.7 2-94 2.2 2.2 2.1 1.5 2.1 2.4 2.1 1.9 0.8 0.3 -2.5 -3.3 3-94 2.2 2.1 2.1 1.5 2.1 2.4 2.1 1.8 1.0 0.6 -1.1 -0.8 4-94 2.1 2.0 2.0 1.5 2.0 2.2 1.9 1.7 1.0 0.7 -0.6 -0.3 1.3 0.8 5-94 2.2 2.2 2.2 1.7 2.2 2.4 2.2 2.0 1.4 1.3 0.3 0.8 2.3 2.5 4.3 6-94 2.3 2.3 2.3 1.8 2.3 2.5 2.3 2.2 1.7 1.6 0.8 1.3 2.5 2.8 3.8 3.4 7-94 2.5 2.5 2.5 2.1 2.6 2.8 2.6 2.5 2.2 2.1 1.6 2.1 3.2 3.6 4.6 4.7 6.0 8-94 2.7 2.7 2.7 2.3 2.7 2.9 2.8 2.8 2.5 2.4 2.0 2.5 3.5 3.9 4.7 4.8 5.5 5.1 9-94 2.7 2.7 2.8 2.4 2.8 3.0 2.9 2.9 2.6 2.6 2.2 2.7 3.6 4.0 4.6 4.7 5.1 4.7 4.2 2-93 3-93 4-93 5-93 6-93 7-93 8-93 9-93 10-93 11-93 12-93 1-94 2-94 3-94 4-94 5-94 6-94 7-94 8-94 140.2 141.1 140.7 140.7 141.2 141.6 142.3 142.6 143.3 143.1 142.7 1.7 142.9 143.0 143.5 143.9 144.6 145.2 145.7 Prepared by Federal Reserve Bank of St. Louis October 14, 1994 Consumer Price Index - Energy (Compounded Annual Rates of Change) Terminal Month Initial Month 2-93 3-93 4-93 5-93 6-93 7-93 8-93 9-93 10-93 11-93 12-93 1982-84=100 1-94 2-94 3-94 4-94 5-94 6-94 7-94 8-94 3-93 9.6 4-93 5.3 1.2 5-93 1.2 -2.8 -6.7 6-93 -0.6 -3.8 -6.1 -5.6 7-93 -0.5 -2.8 -4.1 -2.8 0.0 8-93 -1.7 -3.9 -5.1 -4.5 -4.0 -7.8 9-93 -2.1 -4.0 -5.0 -4.5 -4.2 -6.2 -4.6 10-93 0.9 -0.3 -0.6 0.7 2.3 3.1 9.1 24.6 11-93 -0.4 -1.6 -2.0 -1.1 -0.2 -0.3 2.4 6.0 -9.9 12-93 -1.2 -2.3 -2.7 -2.1 -1.5 -1.8 -0.3 1.2 -8.8 -7.8 1-94 -1.9 -3.0 -3.4 -3.0 -2.6 -3.1 -2.1 -1.5 -8.9 -8.4 -8.9 2-94 -0.2 -1.0 -1.3 -0.6 0.0 0.0 1.4 2.6 -2.3 0.4 4.8 20.5 3-94 0.2 -0.6 -0.7 -0.1 0.5 0.6 1.8 2.9 -0.9 1.5 4.7 12.3 4.7 4-94 -0.2 -0.9 -1.0 -0.5 0.0 0.0 1.0 1.8 -1.5 0.2 2.4 6.4 0.0 5-94 -0.9 -1.6 -1.9 -1.4 -1.1 -1.2 -0.4 0.1 -2.9 -1.7 -0.5 1.8 -3.8 -7.8 -11.0 6-94 -0.8 -1.5 -1.6 -1.2 -0.9 -0.9 -0.2 0.3 -2.4 -1.3 -0.2 1.7 -2.6 -4.9 -5.1 1.2 7-94 0.5 0.0 -0.1 0.4 0.9 1.0 1.8 2.5 0.3 1.6 3.0 5.2 2.3 1.7 3.9 12.3 24.6 8-94 1.5 1.0 1.0 1.5 2.1 2.2 3.1 3.8 2.0 3.4 4.8 7.0 4.9 4.9 7.4 14.3 21.6 18.6 9-94 1.0 0.5 0.5 0.9 1.4 1.5 2.2 2.8 1.0 2.2 3.4 5.0 3.0 2.7 4.2 8.4 10.9 4.7 -7.6 2-93 3-93 4-93 5-93 6-93 7-93 8-93 9-93 10-93 11-93 12-93 1-94 2-94 3-94 4-94 5-94 6-94 7-94 8-94 104.7 104.8 104.2 103.7 103.7 103.0 102.6 104.5 103.6 102.9 102.1 103.7 104.1 -4.5 103.7 102.7 102.8 104.7 106.2 105.5 Prepared by Federal Reserve Bank of St. Louis October 14, 1994 3 P roducer P rice Index - F in ish ed Goods Percent Change From Previous Year Seasonally Adjusted Percent 1988 1989 1990 1991 Percent 1992 1993 1994 Prepared by Federal Reserve Bank of St. Louis Producer Price Index - Finished Goods (Compounded Annual Rates of Change) Terninal Month Initial Month 2-93 3-93 4-93 5-93 6-93 3-93 2.9 4-93 4.4 5.9 5-93 2.9 2.9 0.0 6-93 0.7 0.0 -2.8 -5.6 7-93 0.6 0.0 -1.9 -2.8 0.0 8-93 -1.1 -1.9 -3.8 -5.0 -4.7 7-93 8-93 9-93 10-93 11-93 12-93 1982 = 100 1-94 2-94 3-94 4-94 5-94 6-94 7-94 8-94 125.1 125.7 125.7 125.1 125.1 -9.2 124.1 9-93 -0.7 -1.3 -2.7 -3.3 -2.5 -3.8 2.0 10-93 -0.7 -1.2 -2.4 -2.8 -2.1 -2.8 0.5 -1.0 11-93 -0.5 -1.0 -1.9 -2.2 -1.5 -1.9 0.6 0.0 1.0 12-93 -0.6 -1.0 -1.8 -2.0 -1.4 -1.7 0.2 -0.3 0.0 -1.0 1-94 -0.2 -0.5 -1.2 -1.3 -0.7 -0.8 1.0 0.7 1.3 1.5 3.9 2-94 0.2 0.0 -0.6 -0.6 0.0 0.0 1.6 1.6 2.2 2.6 4.4 4.9 124.3 124.2 124.3 124.2 124.6 125.1 3-94 0.4 0.2 -0.3 -0.4 0.2 0.2 1.7 1.6 2.1 2.4 3.6 3.4 1.9 4-94 0.3 0.1 -0.3 -0.3 0.2 0.2 1.5 1.4 1.8 1.9 2.7 2.3 1.0 0.0 5-94 0.2 0.0 -0.4 -0.5 0.0 0.0 1.1 1.0 1.2 1.3 1.7 1.2 0.0 -1.0 -1.9 6-94 0.2 0.1 -0.3 -0.4 0.1 0.1 1.1 1.0 1.2 1.2 1.6 1.2 0.2 -0.3 -0.5 1.0 7-94 0.6 0.4 0.1 0.1 0.5 0.6 1.5 1.4 1.7 1.8 2.2 1.9 1.3 1.2 1.6 3.4 5.9 125.3 125.3 125.1 125.2 125.8 8-94 1.0 0.8 0.5 0.6 1.0 1.1 2.0 2.0 2.3 2.5 2.9 2.8 2.4 2.5 3.1 4.9 6.9 7.9 9-94 0.6 0.5 0.2 0.2 0.6 0.6 1.4 1.4 1.6 1.6 1.9 1.7 1.2 1.1 1.3 2.2 2.6 1.0 -5.5 2-93 3-93 4-93 5-93 6-93 7-93 8-93 9-93 10-93 11-93 12-93 1-94 2-94 3-94 4-94 5-94 6-94 7-94 8-94 126.6 126.0 Prepared by Federal Reserve Bank of St. Louis October 13, 1994 4 Civilian E m ploym en t and U n em p loym en t Rate Seasonally Adjusted Millions of Persons 126 \ r'S V Unemployment Rate (Right Scale) t — t— 1— — T— 1988 t— T— — 1989 t— r * " 1990 • — i— r 1991 1994 Shaded area represents a period of business recession. Percentages are annual rates of change for periods indicated. 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 (Compounded Annual Rates of Change) Initial Month Terminal Month 2-93 3-93 4-93 5-93 6-93 7-93 8-93 9-93 10-93 11-93 12-93 3-93 1.2 4-93 0.7 0.2 5-93 2.5 3.2 6.2 6-93 1.9 2.1 3.1 0.1 7-93 1.9 2.1 2.7 1.0 1.9 8-93 2.1 2.3 2.8 1.7 2.6 3.3 9-93 1.6 1.7 2.0 1.0 1.3 1.0 -1.2 10-93 1.9 2.0 2.3 1.5 1.9 1.9 1.3 3.8 11-93 2.1 2.2 2.5 1.9 2.3 2.4 2.2 3.9 4.0 12-93 2.3 2.4 2.6 2.1 2.5 2.6 2.4 3.7 3.7 3.3 1-94 3.3 3.5 3.8 3.5 4.0 4.4 4.6 6.2 6.9 8.5 13.8 Thousands of Persons 1-94 2-94 3-94 4-94 5-94 6-94 7-94 8-94 118,562 118,585 119,180 119,187 119,370 119,692 vr 119,568 119,941 %■ 120,661 121,971 2-94 3.2 3.4 3.7 3.5 3.9 4.2 4.3 5.5 5.9 6.6 8.2 2.9 3-94 2.8 2.9 3.2 2.9 3.2 3.4 3.4 4.2 4.2 4.3 4.6 0.3 -2.1 4-94 2.8 2.9 3.2 2.9 3.2 3.3 3.3 4.0 4.0 4.0 4.2 1.2 0.4 3.0 5-94 3.0 3.1 3.3 3.1 3.4 3.5 3.6 4.2 4.2 4.3 4.5 2.2 2.0 4.2 5.4 6-94 2.5 2.6 2.8 2.5 2.7 2.8 2.8 3.2 3.1 3.0 3.0 0.9 0.4 1.3 0.5 -4.2 7-94 2.4 2.5 2.6 2.3 2.5 2.6 2.5 2.9 2.8 2.7 2.6 0.8 0.4 1.0 0.4 -2.0 0.2 8-94 2.6 2.7 2.9 2.7 2.9 2.9 2.9 3.3 3.2 3.2 3.1 1.7 1.5 2.2 2.0 1.0 3.7 7.2 9-94 2.7 2.8 3.0 2.8 3.0 3.0 3.0 3.4 3.4 3.3 3.3 2.0 1.9 2.6 2.5 1.9 4.0 5.9 4.6 2-93 3-93 4-93 5-93 6-93 7-93 8-93 9-93 10-93 11-93 12-93 1-94 2-94 3-94 4-94 5-94 6-94 7-94 8-94 120,332 122,258 122,037 122,338 122,872 122,430 122,452 123,166 123,628 Prepared by Federal Reserve Bank of St. Louis October 7, 1994 Payroll E m ploym ent Seasonally Adjusted Millions of Persons 1988 1989 1990 Millions of Persons 1991 1992 1993 1994 Shaded area represents a period of business recession. Percentages are annual rates of change for periods indicated. Prepared by Federal Reserve Bank of St. Louis Payroll Employment (Compounded Annual Rates of Change) Terminal Month 2-93 3-93 4-93 5-93 3-93 -0.6 4-93 1.3 3.2 5-93 1.6 2.7 2.1 6-93 1.4 2.1 1.5 1.0 7-93 1.7 2.3 1.9 1.9 6-93 7-93 8-93 Initial Month Persons 9-93 10-93 11-93 12-93 Thousands of 1-94 2-94 3-94 4-94 5-94 6-94 7-94 8-94 109,804 110,096 110,285 110,372 2.8 110,628 8-93 1.6 2.0 1.7 1.6 1.9 0.9 9-93 1.7 2.0 1.8 1.7 2.0 1.6 2.3 10-93 1.7 2.1 1.9 1.8 2.0 1.8 2.2 2.1 11-93 1.8 2.1 2.0 2.0 2.2 2.0 2.4 2.4 2.8 12-93 1.9 2.2 2.1 2.1 2.3 2.1 2.4 2.5 2.7 110,714 110,923 111,112 111,366 2.7 111,610 1-94 1.8 2.1 2.0 1.9 2.1 2.0 2.2 2.1 2.2 1.9 1.1 2-94 1.9 2.1 2.0 2.0 2.1 2.0 2.2 2.2 2.2 2.0 1.7 2.3 3-94 2.1 2.3 2.2 2.2 2.3 2.3 2.5 2.5 2.6 2.5 2.5 3.2 4.1 4-94 2.2 2.4 2.4 2.4 2.5 2.5 2.7 2.8 2.9 2.9 3.0 3.6 4.3 4.4 111,711 111,919 112,298 112,699 5-94 2.2 2.5 2.4 2.4 2.6 2.5 2.7 2.8 2.9 2.9 2.9 3.4 3.7 3.5 2.7 6-94 2.4 2.6 2.5 2.5 2.7 2.7 2.8 2.9 3.0 3.0 3.1 3.5 3.8 3.7 3.4 4.1 7-94 2.4 2.6 2.6 2.6 2.7 2.7 2.9 2.9 3.0 3.1 3.1 3.5 3.7 3.6 3.3 3.6 3.1 8-94 2.4 2.6 2.6 2.6 2.7 2.7 2.9 2.9 3.0 3.0 3.1 3.3 3.5 3.4 3.1 3.3 2.9 2.6 9-94 2.4 2.6 2.6 2.6 2.7 2.7 2.8 2.9 2.9 3.0 3.0 3.2 3.4 3.3 3.0 3.1 2.8 2.6 2.5 2-93 3-93 4-93 5-93 6-93 7-93 8-93 9-93 10-93 11-93 12-93 1-94 2-94 3-94 4-94 5-94 6-94 7-94 8-94 112,951 113,334 113,624 113,870 114,109 Prepared by Federal Reserve Bank of St. Louis October 7, 1994 Service-Producing Employment (Compounded Annual Rates of Change) Initial Month Terminal Month 2-93 3-93 4-93 5-93 6-93 7-93 8-93 9-93 10-93 11-93 12-93 1-94 2-94 3-94 4-94 6-94 7-94 8-94 Thousands of Persons 86,541 3-93 0.1 4-93 2.1 4.2 5-93 2.2 3.3 2.4 6-93 2.1 2.8 2.2 2.0 7-93 2.4 3.0 2.6 2.7 3.5 2.3 2.7 2.3 2.3 2.5 1.5 9-93 2.4 2.7 2.5 2.5 2.6 2.2 10-93 2.3 2.6 2.4 2.4 2.5 2.2 2.5 2.1 11-93 2.4 2.7 2.5 2.5 2.6 2.4 2.7 2.5 3.0 12-93 2.5 2.7 2.6 2.6 2.7 2.5 2.8 2.7 3.1 3.1 1-94 2.3 2.6 2.4 2.4 2.4 2.3 2.4 2.3 2.4 2.0 1.0 2-94 2.4 2.6 2.4 2.4 2.5 2.4 2.5 2.4 2.5 2.3 1.9 2.9 3-94 2.5 2.7 2.6 2.6 2.7 2.6 2.8 2.7 2.9 2.8 2.7 3.6 4.3 4-94 2.6 2.8 2.7 2.7 2.8 2.8 2.9 2.9 3.0 3.0 3.0 3.7 4.1 4.0 5-94 2.7 2.9 2.8 2.8 2.9 2.8 2.9 2.9 3.1 3.1 3.1 3.6 3.8 3.6 3.3 8-93 5-94 86,835 87,004 87,147 87,396 87,507 87,717 2.9 87,867 88,085 88,312 88,383 88,592 88,903 89,193 89,432 6-94 2.8 3.0 2.9 2.9 3.0 3.0 3.1 3.1 3.2 3.3 3.3 3.8 4.0 3.9 3.9 4.5 7-94 2.8 3.0 2.9 3.0 3.1 3.0 3.2 3.2 3.3 3.3 3.4 3.8 4.0 3.9 3.8 4.1 3.8 89,758 8-94 2.8 3.0 2.9 3.0 3.0 3.0 3.1 3.1 3.3 3.3 3.3 3.6 3.8 3.7 3.6 3.7 3.3 2.8 9-94 2.8 3.0 2.9 3.0 3.0 3.0 3.1 3.1 3.2 3.3 3.3 3.6 3.7 3.5 3.5 3.5 3.2 2.9 3.0 2-93 3-93 4-93 5-93 6-93 7-93 8-93 9-93 10-93 11-93 12-93 1-94 2-94 3-94 4-94 5-94 6-94 7-94 8-94 90,034 90,243 90,467 Prepared by Federal Reserve Bank of St. Louis October 7, 1994 Goods-Producing Employment (Compounded Annual Rates of Change) Terminal Month 2-93 3-93 4-93 5-93 6-93 7-93 8-93 Initial Month Persons 9-93 10-93 11-93 12-93 Thousands of 1-94 2-94 3-94 4-94 5-94 6-94 7-94 8-94 23,263 3-93 -3.1 4-93 -1.6 -0.1 5-93 -0.7 0.5 1.0 6-93 -1.3 -0.7 -0.9 -2.8 7-93 -0.9 -0.4 -0.5 -1.3 0.4 8-93 -1.0 -0.6 -0.7 -1.3 -0.5 -1.3 9-93 -0.9 -0.5 -0.6 -1.0 -0.3 -0.7 -0.1 10-93 -0.5 -0.1 -0.1 -0.4 0.3 0.2 1.0 2.0 11-93 -0.2 0.1 0.1 0.0 0.6 0.6 1.3 2.0 1.9 12-93 -0.1 0.2 0.2 0.1 0.6 0.7 1.2 1.6 1.4 0.9 1-94 0.0 0.3 0.4 0.3 0.8 0.8 1.3 1.6 1.4 1.2 1.6 2-94 0.0 0.3 0.3 0.3 0.7 0.7 1.0 1.3 1.1 0.8 0.7 -0.1 3-94 0.3 0.6 0.6 0.6 1.0 1.1 1.4 1.6 1.6 1.5 1.7 1.7 3.6 4-94 0.7 1.0 1.1 1.1 1.5 1.6 1.9 2.2 2.3 2.3 2.7 3.1 4.7 5.8 5-94 0.7 0.9 1.0 1.0 1.4 1.5 1.8 2.0 2.0 2.1 2.3 2.5 3.3 3.2 0.7 6-94 0.8 1.1 1.2 1.2 1.5 1.6 1.9 2.1 2.1 2.2 2.4 2.6 3.2 3.1 18 2.9 7-94 0.8 1.1 1.1 1.1 1.4 1.5 1.8 2.0 2.0 2.0 2.2 2.3 2.7 2.5 1.4 1.8 0.7 8-94 0.9 1.1 1.2 1.2 1.5 1.6 1.8 2.0 2.0 2.0 2.1 2.2 2.6 2.4 1.6 1.8 1.3 1.9 9-94 0.9 1.1 1.2 1.2 1.4 1.5 1.7 1.9 1.9 1.9 2.0 2.0 2.3 2.1 1.4 1.6 1.1 1.3 0.8 2-93 3-93 4-93 5-93 6-93 7-93 8-93 9-93 10-93 11-93 12-93 1-94 2-94 3-94 4-94 5-94 6-94 7-94 8-94 23,261 23,281 23,225 23,232 23,207 23,206 23,245 23,281 23,298 23,328 23,327 23,395 23,506 23,519 23,576 23,590 23,627 23,642 Prepared by Federal Reserve Bank of St. Louis October 7, 1994 7 Change in th e E m ploym en t Cost Index and Its C om ponents Percent Change From Previous Year Seasonally Adjusted Percent Percent Total compensation is the sum of benefits and wages and salaries for private industry workers. Prepared by Federal Reserve Bank of St. Louis Employment Cost Index - Total Compensation. (Compounded Annual Rates of Change) Terminal Quarter Initial Quarter 4-89 1-90 2-90 3-90 1-90 5.6 2-90 5.3 5.1 3-90 5.0 4.7 4.3 4-90 4.7 4.4 4.0 3.8 4-90 1-91 2-91 3-91 4-91 1-92 2-92 June 1989 = 100 3-92 4-92 1-93 2-93 3-93 4-93 1-94 2-94 103.8 105.1 106.2 107.2 1-91 4.7 4.4 4.2 4.2 4.6 2-91 4.7 4.5 4.4 4.4 4.7 4.9 3-91 4.6 4.4 4.3 4.3 4.5 4.5 4.1 4-91 4.5 4.4 4.3 4.3 4.4 4.3 4.1 4.0 1-92 4.4 4.3 4.2 4.2 4.2 4.2 3.9 3.8 3.6 108.4 109.7 110.8 111.9 112.9 2-92 4.3 4.2 4.1 4.0 4.1 4.0 3.7 3.6 3.4 3.2 3-92 4.2 4.1 4.0 3.9 3.9 3.8 3.6 3.5 3.4 3.2 3.2 4-92 4.2 4.0 3.9 3.9 3.9 3.8 3.6 3.5 3.4 3.3 3.4 3.5 1-93 4.1 4.0 3.9 3.9 3.9 3.8 3.6 3.6 3.5 3.5 3.5 3.7 3.9 2-93 4.1 4.0 3.9 3.9 3.9 3.8 3.7 3.6 3.5 3.5 3.6 3.7 3.8 3.8 3-93 4.1 4.0 3.9 3.8 3.8 3.8 3.6 3.6 3.5 3.5 3.6 3.7 3.7 3.6 4-93 4.0 3.9 3.8 3.8 3.8 3.7 3.6 3.6 3.5 3.5 3.5 3.6 3.6 3.6 3.4 3.4 1-94 3.9 3.8 3.8 3.7 3.7 3.6 3.5 3.5 3.4 3.4 3.4 3.5 3.4 3.3 3.2 3.1 2.7 2-94 3.9 3.8 3.8 3.7 3.7 3.7 3.5 3.5 3.4 3.4 3.5 3.5 3.5 3.4 3.3 3.3 3.2 3.7 3-94 3.9 3.8 3.7 3.7 3.7 3.6 3.5 3.5 3.4 3.4 3.4 3.5 3.5 3.4 3.3 3.3 3.2 3.5 3.3 4-89 1-90 2-90 3-90 4-90 1-91 2-91 3-91 4-91 1-92 2-92 3-92 4-92 1-93 2-93 3-93 4-93 1-94 2-94 113.8 114.7 115.7 116.8 117.9 3.4 118.9 119.9 120.7 121.8 122.8 Data are for the last nonth of quarter. Prepared by Federal Reserve Bank of St. Louis October 25, 1994 In d u stria l P rod u ction Seasonally Adjusted "I----- 1----- 1----- ----- 1----- [ 1988 1989 I --------- 1----- 1-----r 1990 1991 Shaded area represents a period of business recession. Percentages are annual rates of change for periods indicated. Prepared by Federal Reserve Bank of St. Louis Industrial Production (Compounded Annual Rates of Change) Initial Month Terminal Month 2-93 3-93 4-93 3-93 1.1 4-93 3.3 5.6 5-93 0.4 0.0 -5.3 6-93 1.4 1.5 -0.5 5-93 6-93 7-93 8-93 9-93 10-93 11-93 12-93 1987 = 100 1-94 2-94 3-94 4-94 5-94 6-94 7-94 8-94 110.0 110.5 110.0 4.5 110.4 7-93 2.2 2.5 1.5 5.0 5.6 8-93 2.2 2.4 1.6 4.1 3.9 2.2 9-93 2.2 2.4 1.7 3.6 3.3 2.2 2.2 10-93 2.7 3.0 2.5 4.2 4.1 3.7 4.4 6.7 11-93 3.5 3.8 3.6 5.2 5.3 5.2 6.3 8.4 10.1 12-93 4.5 4.9 4.8 6.3 6.6 6.8 8.0 10.1 11.8 13.5 1-94 4.7 5.0 5.0 6.3 6.6 6.8 7.7 9.2 10.0 10.0 6.5 2-94 4.6 5.0 4.9 6.1 6.3 6.4 7.1 8.2 8.5 8.0 5.4 4.3 3-94 5.0 5.4 5.3 6.5 6.7 6.8 7.5 8.4 8.8 8.5 6.8 7.0 9.8 4-94 4.7 5.0 5.0 6.0 6.1 6.2 6.7 7.3 7.5 6.9 5.4 5.0 5.3 1.0 5-94 4.8 5.1 5.1 6.0 6.1 6.2 6.7 7.2 7.3 6.9 5.6 5.3 5.7 3.7 6.4 6-94 5.1 5.4 5.4 6.3 6.4 6.5 7.0 7.5 7.6 7.2 6.2 6.2 6.7 5.6 8.0 9.7 7-94 5.1 5.3 5.3 6.1 6.3 6.3 6.7 7.2 7.2 6.9 5.9 5.8 6.2 5.3 6.7 6.9 4.2 8-94 5.3 5.5 5.5 6.3 6.4 6.5 6.8 7.3 7.3 7.0 6.2 6.2 6.5 5.9 7.1 7.4 6.3 8.5 9-94 5.0 5.2 5.2 5.9 6.0 6.0 6.3 6.6 6.6 6.3 5.5 5.4 5.6 4.9 5.7 5.5 4.1 4.1 0.0 2-93 3-93 4-93 5-93 6-93 7-93 8-93 9-93 10-93 11-93 12-93 1-94 2-94 3-94 4-94 5-94 6-94 7-94 8-94 110.9 111.1 111.3 111.9 112.8 114.0 114.6 115.0 115.9 116.0 116.6 117.5 117.9 118.7 118.7 Prepared by Federal Reserve Bank of St. Louis October 14, 1994 P erson al In com e in 1987 Dollars Seasonally Adjusted Trillions of Dollars -i r -----(----- 1---------- 1----- 1----- 1---------- 1----- 1 1988 1989 | 1990 Trillions of Dollars i----- 1----- 1---------- 1----- 1----- 1----- ----- 1----- 1----- 1---------- 1----- 1----- r 1991 1992 1993 1994 The personal consumption expenditures deflator is used to calculate real personal income Shaded area represents a period of business recession. Percentages are annual rates of change for periods indicated. Prepared by Federal Reserve Bank of St. Louis Disposable Personal Income in 1987 Dollars (Compounded Annual Rates of Change) Terminal Month Initial Month 2-93 3-93 4-93 5-93 3-93 5.8 4-93 8.3 10.9 5-93 5.9 5.9 1.2 6-93 3.5 2.8 -1.1 -3.3 6-93 7-93 8-93 9-93 10-93 11-93 12-93 1-94 2-94 3-94 4-94 5-94 6-94 7-94 Billions of Dollars Annual Rates 8-94 3,670.5 3,702.3 3,705.9 3,695.7 7-93 2.1 1.1 -1.9 -3.4 -3.6 8-93 3.8 3.4 1.6 1.8 4.4 13.0 9-93 3.1 2.6 1.0 1.0 2.5 5.6 -1.2 10-93 3.2 2.8 1.6 1.6 2.9 5.1 1.4 4.1 11-93 3.4 3.1 2.0 2.1 3.2 5.0 2.5 4.4 4.6 12-93 3.8 3.5 2.7 2.9 3.9 5.5 3.7 5.4 6.0 7.5 1-94 2.6 2.3 1.4 1.4 2.1 3.1 1.2 1.8 1.1 -0.6 -8.1 2-94 3.8 3.7 3.0 3.2 4.0 5.1 3.9 4.9 5.1 5.3 4.2 18.1 3,684.5 3,722.2 3,718.4 3,730.9 3,745.0 3,767.6 3,741.1 3,793.3 3-94 3.8 3.6 3.0 3.2 3.9 4.9 3.8 4.6 4.7 4.7 3.8 10.4 3.1 4-94 3.2 3.0 2.4 2.5 3.1 3.9 2.8 3.4 3.2 3.0 1.9 5.4 -0.4 -3.8 3,803.1 3,790.9 5-94 3.7 3.5 3.0 3.2 3.8 4.5 3.6 4.2 4.3 4.2 3.6 6.7 3.2 3.2 10.6 6-94 3.4 3.3 2.7 2.9 3.4 4.0 3.2 3.7 3.6 3.5 2.8 5.2 2.2 1.9 4.8 -0.6 7-94 3.3 3.1 2.6 2.7 3.2 3.8 3.0 3.4 3.4 3.2 2.6 4.5 2.0 1.7 3.6 0.2 8-94 3.3 3.2 2.7 2.8 3.2 3.8 3.1 3.5 3.4 3.2 2.7 4.4 2.3 2.1 3.6 1.4 2.4 3.7 9-94 3.4 3.2 2.8 2.9 3.3 3.9 3.2 3.6 3.5 3.4 3.0 4.4 2.6 2.5 3.8 2.2 3.2 4.2 4.7 2-93 3-93 4-93 5-93 6-93 7-93 8-93 9-93 10-93 11-93 12-93 1-94 2-94 3-94 4-94 5-94 6-94 7-94 8-94 3,822.9 3,820.9 1.1 3,824.4 3,835.9 3,850.7 Prepared by Federal Reserve Bank of St. Louis October 31, 1994 10 R etail Sales Seasonally Adjusted Billions of Dollars Billions of Dollars 200 200 180 ~t----- 1----- 1---------- 1----- 1----- 1---------- 1----- 1 1988 1989 i | * * i ----- 1-----r 1990 1991 Shaded area represents a period of business recession. The CPI is used to deflate retail sales data. Percentages are annual rates of change for periods indicated. Prepared by Federal Reserve Bank of St. Louis Retail Sales in 1982-84 Dollars (Compounded Annual Rates of Change) Terminal Month Initial Month 2-93 3-93 4-93 5-93 6-93 7-93 8-93 9-93 10-93 11-93 12-93 Millions of Dollars 1-94 2-94 3-94 4-94 5-94 6-94 7-94 8-94 3-93 -12.6 4-93 2.7 20.7 116,581 5-93 4.5 14.3 8.3 6-93 3.7 9.7 4.6 1.1 7-93 4.1 8.8 5.1 3.5 6.0 8-93 4.0 7.7 4.7 3.5 4.8 3.5 9-93 3.3 6.2 3.5 2.4 2.8 1.2 -1.1 10-93 5.5 8.3 6.4 6.0 7.3 7.7 9.9 22.1 11-93 5.4 7.8 6.1 5.8 6.7 6.9 8.1 12.9 12-93 5.9 8.2 6.7 6.5 7.4 7.7 8.8 12.3 7.7 1-94 3.9 5.7 4.2 3.7 4.0 3.7 3.7 5.0 -0.2 2-94 5.2 7.0 5.7 5.4 6.0 6.0 6.4 7.9 4.7 4.7 1.7 20.7 3-94 6.2 8.0 6.9 6.8 7.4 7.6 8.2 9.8 7.5 8.2 7.3 20.1 4-94 4.7 6.2 5.1 4.8 5.2 5.1 5.3 6.2 3.8 3.6 1.9 7.9 2.0 -12.9 5-94 4.2 5.6 4.5 4.2 4.4 4.3 4.4 5.1 2.8 2.6 0.9 5.1 0.4 -7.9 -2.6 6-94 4.5 5.7 4.7 4.5 4.7 4.6 4.7 5.4 3.5 3.3 2.1 5.7 2.3 -2.9 2.6 8.1 7-94 4.0 5.2 4.2 3.9 4.1 4.0 4.0 4.6 2.8 2.6 1.4 4.3 1.3 -2.8 0.8 2.5 -2.7 8-94 4.3 5.4 4.5 4.3 4.5 4.4 4.5 5.0 3.4 3.3 2.4 5.0 2.6 -0.5 2.9 4.8 3.2 9.4 9-94 4.4 5.4 4.5 4.3 4.5 4.4 4.5 5.0 3.5 3.5 2.6 5.0 2.9 0.4 3.3 4.8 3.7 7.1 4.8 2-93 3-93 4-93 5-93 6-93 7-93 8-93 9-93 10-93 11-93 12-93 1-94 2-94 3-94 4-94 5-94 6-94 7-94 8-94 118,424 119,213 119,321 119,905 120,252 120,143 122,158 4.5 122,604 11.0 123,679 -2.4 -14.2 122,107 124,034 19.5 125,885 124,443 124,167 124,976 124,688 125,628 126,122 Retail sales data deflated by CPI-U (1982-84=1001. Prepared by Federal Reserve Bank of St. Louis October 14, 1994 11 In ven tories Com pared With M onthly Sales Manufacturing and Trade Seasonally Adjusted Ratio -i---- 1---- 1---- ---- 1---- 1---- 1 1988 ---- 1---- 1---- 1 1989 i---- 1---- r 1990 1991 Shaded area represents a period of business recession. Prepared by Federal Reserve Bank of St. Louis Manufacturing and Trade Inventories (Compounded Annual Rates of Change) Terminal Month Initial Month 1-93 2-93 3-93 4-93 5-93 6-93 7-93 8-93 Millions of Dollars 9-93 10-93 11-93 12-93 2-93 3.1 3-93 4.6 6.1 4-93 4.3 4.9 3.7 5-93 3.8 4.0 3.0 2.3 6-93 3.3 3.4 2.5 1.8 1.4 7-93 3.1 3.1 2.3 1.9 1.7 2.0 8-93 2.9 2.9 2.3 1.9 1.8 2.0 2.0 9-93 2.9 2.8 2.3 2.0 2.0 2.2 2.3 2.5 10-93 2.7 2.7 2.2 2.0 1.9 2.0 2.1 2.1 1.7 1-94 2-94 3-94 4-94 5-94 6-94 7-94 846,950 851,123 853,729 855,316 856,313 857,693 859,113 860,885 862,110 11-93 3.1 3.1 2.8 2.6 2.7 2.9 3.2 3.6 4.1 6.6 12-93 2.7 2.6 2.3 2.1 2.1 2.2 2.2 2.3 2.2 2.4 -1.6 1-94 2.6 2.6 2.3 2.1 2.1 2.2 2.2 2.2 2.2 2.3 0.2 2.1 2-94 2.9 2.9 2.6 2.4 2.5 2.6 2.7 2.8 2.9 3.2 2.0 3.9 5.7 3-94 2.5 2.5 2.2 2.1 2.0 2.1 2.1 2.2 2.1 2.2 1.1 2.0 2.0 -1.7 4-94 2.9 2.8 2.6 2.5 2.5 2.6 2.7 2.8 2.8 3.0 2.3 3.3 3.7 2.7 7.3 5-94 3.6 3.6 3.4 3.4 3.5 3.7 3.9 4.1 4.3 4.6 4.3 5.5 6.4 6.6 11.0 14.9 6-94 3.7 3.7 3.6 3.5 3.6 3.8 4.0 4.2 4.4 4.7 4.5 5.5 6.2 6.3 9.1 10.1 5.4 7-94 3.9 3.9 3.8 3.8 3.9 4.1 4.3 4.5 4.7 5.1 4.9 5.8 6.5 6.6 8.8 9.3 6.6 7.8 8-94 4.3 4.4 4.3 4.3 4.5 4.7 4.9 5.2 5.4 5.8 5.7 6.7 7.3 7.6 9.6 10.1 8.6 10.2 12.6 1-93 2-93 3-93 4-93 5-93 6-93 7-93 8-93 9-93 10-93 11-93 12-93 1-94 2-94 3-94 4-94 5-94 6-94 7-94 866,720 865,584 867,065 871,110 869,873 874,989 885,185 889,100 894,689 903,585 Prepared by Federal Reserve Bank of St. Louis October 17, 1994 12 Gross D om estic P roduct Seasonally Adjusted Trillions of Dollars Trillions of Dollars Shaded area represents a period of business recession. Prepared by Federal Reserve Bank of St. Louis Percentages are annua! rates of change for periods indicated. Gross Domestic Product in 1987 Dollars (Compounded Annual Rates of Change) Terminal Quarter 4-89 1-90 2-90 3-90 4-90 1-91 2-91 1-90 3.5 2-90 2.5 1.5 3-90 1.4 0.3 -0.9 4-90 0.2 -0.8 -2.0 -3.2 1-91 -0.2 -1.1 -2.0 -2.6 -2.1 2-91 0.2 -0.5 -1.0 -1.0 0.0 2.2 3-91 0.3 -0.3 -0.6 -0.5 0.3 1.6 1.0 4-91 0.2 -0.2 -0.5 -0.4 0.3 1.1 0.5 3-91 Initial Quarter Annual Rates 1-92 2-92 3-92 4-92 4-91 Billions of Dollars 1-93 2-93 3-93 4-93 1-94 2-94 4,898.3 4,917.1 4,906.5 4,867.2 4,842.0 4,867.9 4,879.9 0.1 4,880.8 1-92 0.6 0.2 0.0 0.2 0.8 1.6 1.4 1.6 3.1 2-92 0.7 0.4 0.3 0.5 1.1 1.7 1.6 1.9 2.8 2.4 3-92 1.0 0.7 0.7 0.9 1.4 2.0 2.0 2.3 3.0 2.9 3.5 4-92 1.4 1.2 1.2 1.4 2.0 2.6 2.6 3.0 3.7 3.9 4.6 5.7 1-93 1.4 1.2 1.2 1.4 1.9 2.4 2.4 2.7 3.2 3.2 3.5 3.4 2-93 1.4 1.3 1.3 1.5 1.9 2.4 2.4 2.6 3.0 3.0 3.2 3.1 1.8 2.4 3-93 1.5 1.4 1.4 1.6 2.0 2.4 2.4 2.6 3.0 3.0 3.1 3.0 2.1 2.5 2.7 4,918.5 4,947.5 4,990.5 5,060.7 1.2 5,075.3 5,105.4 5,139.4 4-93 1.8 1.7 1.7 1.9 2.3 2.8 2.8 3.0 3.4 3.4 3.6 3.6 3.1 3.8 4.5 6.3 1-94 1.9 1.8 1.8 2.0 2.4 2.8 2.9 3.1 3.4 3.4 3.6 3.6 3.2 3.7 4.1 4.8 3.3 2-94 2.0 1.9 2.0 2.2 2.5 2.9 3.0 3.1 3.5 3.5 3.6 3.7 3.3 3.7 4.1 4.6 3.7 4.1 3-94 2.1 2.0 2.0 2.2 2.6 2.9 3.0 3.2 3.5 3.5 3.6 3.6 3.3 3.7 4.0 4.3 3.6 3.8 3.4 4-89 1-90 2-90 3-90 4-90 1-91 2-91 3-91 4-91 1-92 2-92 3-92 4-92 1-93 2-93 3-93 4-93 1-94 2-94 5,218.0 5,261.1 5,314.1 5,359.2 Third quarter data are advance estimates. Prepared by Federal Reserve Bank of St. Louis October 28, 1994 13 Im p licit Price D eflator for GDP Percent Change From Previous Year Seasonally Adjusted Percent 1988 1989 1990 1991 Percent 1992 1993 1994 Prepared by Federal Reserve Bank of St. Louis Implicit Price Deflator (Compounded Annual Rates of Change) Terminal Quarter Initial Quarter 4-89 1-90 5.2 2-90 4.8 1-90 2-90 3-90 4-90 1-91 2-91 3-91 4-91 1-92 2-92 1987 = 100 3-92 4-92 1-93 2-93 3-93 4-93 1-94 2-94 111.5 4.4 112.7 3-90 4.5 4.2 4.0 4-90 4.5 4.2 4.1 4.3 113.8 1-91 4.6 4.4 4.4 4.6 5.0 2-91 4.3 4.1 4.0 4.0 3.9 2.8 3-91 4.0 3.8 3.7 3.7 3.5 2.8 115.0 116.4 117.2 2.8 118.0 4-91 3.9 3.7 3.6 3.5 3.3 2.8 2.7 2.7 1-92 3.9 3.7 3.6 3.5 3.4 3.0 3.1 3.2 3.8 2-92 3.7 3.6 3.5 3.4 3.3 2.9 3.0 3.1 3.2 2.7 118.8 119.9 120.7 121.1 3-92 3.5 3.4 3.2 3.2 3.0 2.7 2.7 2.6 2.6 2.0 1.3 4-92 3.5 3.3 3.2 3.1 3.0 2.7 2.7 2.6 2.6 2.2 2.0 2.7 1-93 3.4 3.3 3.2 3.1 3.0 2.8 2.8 2.7 2.8 2.5 2.4 3.0 3.3 2-93 3.3 3.2 3.1 3.0 2.9 2.6 2.6 2.6 2.6 2.3 2.2 2.5 2.5 1.6 3-93 3.2 3.0 2.9 2.8 2.7 2.5 2.4 2.4 2.3 2.1 2.0 2.1 2.0 1.3 1.0 4-93 3.0 2.9 2.8 2.7 2.6 2.4 2.3 2.3 2.2 2.0 1.9 2.0 1.8 1.3 1.1 1.3 1-94 3.0 2.9 2.8 2.7 2.6 2.4 2.4 2.3 2.3 2.1 2.0 2.1 2.0 1.7 1.7 2.1 2.9 2-94 3.0 2.9 2.8 2.7 2.6 2.4 2.4 2.4 2.3 2.2 2.1 2.2 2.2 1.9 2.0 2.4 2.9 2.9 3-94 2.9 2.8 2.7 2.7 2.6 2.4 2.4 2.3 2.3 2.1 2.1 2.2 2.1 1.9 1.9 2.2 2.5 2.3 1.6 4-89 1-90 2-90 3-90 4-90 1-91 2-91 3-91 4-91 1-92 2-92 3-92 4-92 1-93 2-93 3-93 4-93 1-94 2-94 121.9 122.9 123.4 123.7 124.1 125.0 125.9 126.4 Third quarter data are advance estimates. Prepared by Federal Reserve Bank of St. Louis October 28, 1994 14 Final Sales in 1987 Dollars (Compounded Annual Rates of Change) Terminal Quarter Billions of Dollars Annual Rates 2-94 Initial Quarter 4-89 1-90 2-90 3-90 4-90 1-91 2-91 3-91 4-91 1-92 2-92 1-90 5.2 2-90 2.4 -0.4 3-90 1.8 0.1 0.5 4-90 1.2 -0.2 0.0 -0.6 1-91 0.4 -0.7 -0.8 -1.5 -2.4 2-91 0.7 -0.2 -0.2 -0.4 -0.3 1.8 3-91 0.4 -0.3 -0.3 -0.5 -0.5 0.5 -0.8 4-91 0.4 -0.3 -0.3 -0.5 -0.4 0.2 -0.5 -0.2 1-92 0.9 0.3 0.4 0.4 0.6 1.4 1.2 2.3 4.8 2-92 0.9 0.4 0.6 0.6 0.8 1.4 1.3 2.0 3.1 1.5 3-92 1.1 0.7 0.9 0.9 1.1 1.7 1.7 2.4 3.2 2.5 3.5 3-92 4-92 1-93 2-93 3-93 4-93 1-94 4,893.6 4,889.0 4,895.6 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 4-92 1.5 1.2 1.3 1.4 1.7 2.3 2.4 3.0 3.8 3.5 4.5 5.6 1-93 1.4 1.1 1.2 1.3 1.5 2.0 2.1 2.5 3.1 2.7 3.1 2.9 0.2 2-93 1.5 1.2 1.3 1.4 1.6 2.1 2.1 2.5 3.0 2.6 2.9 2.7 1.3 3-93 1.6 1.3 1.5 1.5 1.7 2.2 2.2 2.6 3.0 2.7 3.0 2.8 1.9 2.8 3.2 4-93 1.9 1.7 1.8 1.9 2.1 2.6 2.6 3.0 3.4 3.2 3.5 3.5 3.0 4.0 4.8 6.4 1-94 1.9 1.7 1.8 1.9 2.1 2.5 2.6 2.9 3.3 3.1 3.3 3.3 2.9 3.5 3.9 4.3 2.2 2-94 1.9 1.7 1.8 1.9 2.1 2.4 2.5 2.8 3.1 2.9 3.1 3.1 2.6 3.1 3.3 3.4 1.8 1.5 3-94 1.9 1.8 1.9 2.0 2.2 2.5 2.5 2.8 3.1 2.9 3.1 3.1 2.7 3.1 3.3 3.3 2.2 2.3 3.1 4-89 1-90 2-90 3-90 4-90 1-91 2-91 3-91 4-91 1-92 2-92 3-92 4-92 1-93 2-93 3-93 4-93 1-94 2-94 5,056.8 5,086.5 2.4 5,126.5 5,207.2 5,235.7 5,254.9 5,294.7 Prepared by Federal Reserve Bank of St. Louis October 28, 1994 Personal Consumption Expenditures in 1987 Dollars (Compounded Annual Rates of Change) Terminal Quarter 4-89 1-90 2-90 3-90 4-90 1-91 2-91 3-91 Initial Quarter Annual Rates 1-92 2-92 3-92 4-92 4-91 Billions of Dollars 1-93 2-93 3-93 4-93 1-94 2-94 3,264.4 1-90 2.8 2-90 1.8 0.9 3,271.6 3,288.4 3-90 1.9 1.5 2.1 4-90 0.7 0.1 -0.3 -2.7 1-91 0.0 -0.7 -1.2 -2.7 -2.8 2-91 0.4 -0.1 -0.4 -1.2 -0.4 2.1 3-91 0.5 0.1 0.0 -0.6 0.2 1.7 3,265.9 3,242.9 3,259.5 1.3 3,269.8 4-91 0.4 0.0 -0.1 -0.6 0.0 0.9 0.4 -0.5 1-92 0.9 0.7 0.7 0.5 1.1 2.1 2.1 2.6 5.8 2-92 1.0 0.8 0.8 0.6 1.2 2.0 2.0 2.3 3.7 3,265.3 3,311.4 3,325.4 1.7 3-92 1.3 1.1 1.2 1.0 1.6 2.3 2.4 2.7 3.8 2.8 3.9 4-92 1.6 1.5 1.6 1.5 2.1 2.8 2.9 3.3 4.2 3.7 4.7 5.6 1-93 1.6 1.5 1.6 1.5 2.0 2.7 2.7 3.0 3.7 3.2 3.7 3.6 1.6 2-93 1.7 1.6 1.7 1.6 2.1 2.6 2.7 2.9 3.5 3.1 3.4 3.3 2.1 2.6 3-93 1.8 1.8 1.8 1.8 2.3 2.8 2.8 3.0 3.6 3.2 3.5 3.4 2.7 3.2 3.9 4-93 2.0 1.9 2.0 2.0 2.4 2.9 3.0 3.2 3.6 3.3 3.6 3.5 3.0 3.5 3.9 4.0 1-94 2.1 2.1 2.2 2.2 2.6 3.0 3.1 3.3 3.7 3.5 3.7 3.7 3.3 3.8 4.2 4.3 4.7 2-94 2.1 2.0 2.1 2.1 2.5 2.9 3.0 3.1 3.5 3.2 3.4 3.4 3.0 3.3 3.4 3.3 3.0 1.3 3-94 2.1 2.1 2.2 2.2 2.5 2.9 3.0 3.1 3.4 3.2 3.4 3.3 3.0 3.2 3.4 3.2 3.0 2.1 3.0 4-89 1-90 2-90 3-90 4-90 1-91 2-91 3-91 4-91 1-92 2-92 3-92 4-92 1-93 2-93 3-93 4-93 1-94 2-94 3,357.6 3,403.4 3,417.2 3,439.2 3,472.2 3,506.2 3,546.3 3,557.8 3,583.9 Third quarter data are advance estimates. Prepared by Federal Reserve Bank of St. Louis October 28, 1994 15 Residential Fixed Investment in 1987 Dollars (Compounded Annual Rates of Change) Terainal Quarter Initial Quarter 4-89 1-90 1-90 2-90 3-90 4-90 1-91 2-91 3-91 4-91 1-92 2-92 3-92 4-92 1-93 2-93 3-93 4-93 Billions of Dollars Annual Rates 2-94 1-94 7.1 2-90 211.6 -6.4 -18.3 201.2 3-90 -12.0 -20.2 -22.1 4-90 -15.2 -21.6 -23.2 -24.3 176.3 1-91 -17.2 -22.4 -23.7 -24.5 -24.8 164.2 189.0 2-91 -14.3 -18.0 -17.9 -16.5 -12.3 2.2 3-91 -10.5 -13.2 -12.1 -9.4 -3.8 8.7 15.6 165.1 171.2 4-91 -7.6 -9.6 -8.0 -4.9 0.7 10.9 15.6 15.6 1-92 -4.7 -6.1 -4.2 -0.8 4.7 13.7 17.8 18.9 22.4 2-92 -2.2 -3.2 -1.2 2.2 7.5 15.4 19.0 20.2 22.6 22.7 3-92 -2.0 -2.8 -1.0 2.1 6.5 12.9 15.1 15.0 14.8 11.2 0.8 4-92 0.0 -0.7 1.3 4.3 8.5 14.4 16.5 16.7 17.0 15.3 11.7 23.8 177.5 186.7 196.5 196.9 207.7 1-93 0.4 -0.2 1.6 4.4 8.2 13.2 14.9 14.7 14.6 12.7 9.5 14.2 5.3 2-93 -0.2 -0.8 0.8 3.2 6.5 10.7 11.8 11.2 10.5 8.3 5.0 6.4 -1.3 -7.6 3-93 0.4 -0.1 1.5 3.7 6.8 10.6 11.5 11.0 10.4 8.5 5.9 7.2 2.1 0.6 9.4 4-93 1.9 1.6 3.2 5.4 8.4 12.0 13.1 12.8 12.5 11.1 9.3 11.1 8.1 9.0 18.4 28.2 1-94 2.4 2.1 3.6 5.8 8.5 11.9 12.8 12.5 12.2 11.0 9.4 10.9 8.5 9.3 15.5 18.7 10.0 2-94 2.6 2.4 3.8 5.8 . 8.4 11.5 12.3 12.0 11.6 10.5 9.1 10.3 8.2 8.8 13.3 14.7 8.5 7.0 3-94 2.1 1.8 3.1 5.0 7.3 10.0 10.7 10.3 9.8 8.6 7.1 8.0 5.9 6.0 8.9 8.8 3.0 -0.3 -7.2 4-89 1-90 2-90 3-90 4-90 1-91 2-91 3-91 4-91 1-92 2-92 3-92 4-92 1-93 2-93 3-93 4-93 1-94 2-94 210.4 206.3 211.0 224.5 229.9 233.8 229.5 Prepared by Federal Reserve Bank of St. Louis October 28, 1994 Nonresidential Fixed Investment in 1987 Dollars (Compounded Annual Rates of Change) Terninal Quarter 4-89 1-90 2-90 3-90 4-90 1-91 2-91 3-91 Initial Quarter Annual Rates 1-92 2-92 3-92 4-92 4-91 Billions of Dollars 1-93 2-93 3-93 4-93 1-94 2-94 1-90 10.4 2-90 2.9 -4.1 3-90 3.6 0.4 5.0 4-90 0.7 -2.4 -1.6 1-91 -2.2 -5.1 -5.4 -10.2 -12.7 2-91 -2.3 -4.7 -4.8 -7.9 -7.9 -3.0 3-91 -2.4 -4.4 -4.4 -6.7 -6.3 -3.0 -3.0 4-91 -2.8 -4.6 -4.7 -6.5 -6.2 -3.9 -4.4 -5.7 1-92 -2.5 -4.0 -4.0 -5.4 -5.0 -2.9 -2.9 -2.9 -0.1 2-92 -0.9 -2.1 -1.8 -2.8 -1.9 0.4 1.3 2.7 7.2 15.0 3-92 -0.4 -1.4 -1.1 -1.8 -1.0 1.1 2.0 3.3 6.4 9.9 5.0 4-92 0.3 -0.6 -0.3 -0.8 0.1 2.0 2.9 4.1 6.7 9.1 6.2 7.5 1-93 1.3 0.6 1.0 0.7 1.6 3.6 4.6 5.9 8.3 10.6 9.1 11.3 15.1 2-93 2.3 1.7 2.2 1.9 3.0 4.9 5.9 7.2 9.5 11.6 10.7 12.7 15.4 15.6 3-93 2.9 2.4 2.9 2.7 3.8 5.6 6.6 7.8 9.9 11.7 11.0 12.6 14.3 13.9 12.2 4-93 4.0 3.6 4.1 4.1 5.1 6.9 7.9 9.2 11.2 13.0 12.6 14.2 16.0 16.2 16.5 21.1 1-94 4.4 4.0 4.6 4.5 5.5 7.2 8.2 9.4 11.2 12.7 12.4 13.7 14.9 14.9 14.6 15.9 10.9 2-94 4.6 4.3 4.8 4.8 5.8 7.4 8.3 9.4 11.0 12.3 12.0 13.0 13.9 13.7 13.2 13.6 10.0 9.2 3-94 4.8 4.4 5.0 5.0 5.9 7.3 8.2 9.2 10.6 11.8 11.4 12.2 12.9 12.6 12.0 11.9 9.0 8.1 7.0 4-89 1-90 2-90 3-90 4-90 1-91 2-91 3-91 4-91 1-92 2-92 3-92 4-92 1-93 2-93 3-93 4-93 1-94 2-94 550.2 544.5 551.2 -7.7 540.2 522.2 518.3 514.4 506.9 506.8 524.8 531.2 540.9 560.3 581.0 597.9 627.2 643.6 657.9 669.2 Third quarter data are advance estimates. Prepared by Federal Reserve Bank of St. Louis October 28, 1994 16 Exports in 1987 Dollars (Compounded Annual Rates of Change) Terminal Quarter Billions of Dollars Annual Rates 2-94 Initial Quarter 4-89 1-90 2-90 3-90 1-90 12.1 2-90 9.8 7.6 3-90 5.8 2.7 -1.9 4-90 6.7 5.0 3.7 9.6 1-91 5.1 3.4 2.1 4.1 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 1-94 501.8 511.1 508.6 520.4 -1.1 519.0 2-91 7.6 6.7 6.4 9.4 9.3 20.7 3-91 6.5 5.6 5.2 7.1 6.3 10.2 0.6 4-91 7.4 6.8 6.6 8.4 8.1 11.4 7.0 13.7 544.0 544.8 562.6 1-92 7.3 6.7 6.5 8.0 7.7 10.0 6.7 9.8 6.1 2-92 6.7 6.1 5.9 7.1 6.6 8.3 5.3 7.0 3.8 3-92 6.5 6.0 5.8 6.8 6.4 7.8 5.3 6.6 4.3 3.4 5.3 4-92 6.6 6.1 6.0 6.9 6.5 7.7 5.6 6.7 5.0 4.6 6.2 7.2 1-93 6.0 5.5 5.3 6.1 5.7 6.5 4.7 5.4 3.8 3.2 3.8 3.0 -1.0 571.0 1.5 573.1 580.5 590.7 589.2 2-93 6.1 5.7 5.5 6.2 5.9 6.7 5.0 5.7 4.4 4.1 4.7 4.6 3.2 7.7 3-93 5.5 5.0 4.8 5.4 5.0 5.6 4.1 4.5 3.3 2.8 3.1 2.5 1.0 2.1 -3.2 4-93 6.4 6.0 5.9 6.6 6.3 7.0 5.7 6.3 5.4 5.3 6.0 6.1 5.8 8.2 8.5 600.2 595.3 625.2 21.7 1-94 5.8 5.4 5.3 5.8 5.5 6.1 4.8 5.3 4.4 4.2 4.6 4.4 3.9 5.2 4.3 8.3 -3.5 2-94 6.4 6.0 5.9 6.5 6.3 6.9 5.8 6.3 5.5 5.5 6.0 6.1 5.9 7.4 7.3 11.0 6.1 16.6 3-94 6.5 6.3 6.2 6.7 6.5 7.1 6.1 6.6 5.9 5.9 6.4 6.6 6.5 7.8 7.8 10.7 7.3 13.2 9.8 4-89 1-90 2-90 3-90 4-90 1-91 2-91 3-91 4-91 1-92 2-92 3-92 4-92 1-93 2-93 3-93 4-93 1-94 2-94 619.6 643.9 659.2 Prepared by Federal Reserve Bank of St. Louis October 28, 1994 Imports in 1987 Dollars (Compounded Annual Rates of Change) Terminal Quarter 4-89 1-90 5.6 2-90 5.5 1-90 2-90 3-90 4-90 1-91 2-91 3-91 Initial Quarter Annual Rates 1-92 2-92 3-92 4-92 4-91 Billions of Dollars 1-93 2-93 3-93 4-93 1-94 2-94 562.6 5.4 570.0 3-90 3.8 2.9 0.5 4-90 0.4 -1.3 -4.4 -9.1 557.2 1-91 -2.3 -4.1 -7.1 -10.7 -12.2 539.4 570.7 2-91 0.3 -0.7 -2.1 -3.0 0.2 14.4 3-91 1.7 1.1 0.3 0.2 3.5 12.4 10.4 4-91 2.2 1.7 1.1 1.2 4.0 10.0 7.9 5.4 1-92 2.7 2.3 1.9 2.1 4.5 9.2 7.5 6.0 6.6 2-92 3.7 3.4 3.2 3.6 5.9 9.9 8.8 8.3 9.8 13.0 557.8 571.8 579.4 588.8 607.1 3-92 4.1 3.9 3.8 4.2 6.2 9.7 8.7 8.3 9.3 10.7 8.4 4-92 4.3 4.2 4.0 4.4 6.3 9.2 8.4 8.0 8.6 9.3 7.4 6.5 1-93 4.8 4.8 4.7 5.1 6.9 9.5 8.8 8.6 9.2 9.9 8.8 9.0 11.6 2-93 5.5 5.5 5.5 6.0 7.6 10.1 9.6 9.4 10.1 10.8 10.3 10.9 13.2 14.9 3-93 5.6 5.6 5.7 6.1 7.6 9.8 9.3 9.2 9.7 10.2 9.7 10.0 11.2 11.1 7.4 619.4 629.3 646.8 669.6 681.6 4-93 6.3 6.3 6.4 6.8 8.3 10.4 10.0 9.9 10.5 11.1 10.7 11.2 12.4 12.7 11.6 16.0 1-94 6.4 6.5 6.6 7.0 8.4 10.3 9.9 9.9 10.4 10.9 10.6 10.9 11.8 11.9 10.9 12.7 9.5 2-94 7.1 7.2 7.3 7.8 9.1 10.9 10.6 10.7 11.2 11.7 11.6 12.0 13.0 13.2 12.8 14.7 14.1 18.9 3-94 7.4 7.5 7.6 8.0 9.3 11.0 10.8 10.8 11.3 11.8 11.6 12.0 12.8 13.1 12.7 14.1 13.4 15.5 12.1 4-89 1-90 2-90 3-90 4-90 1-91 2-91 3-91 4-91 1-92 2-92 3-92 4-92 1-93 2-93 3-93 4-93 1-94 2-94 707.4 723.6 755.6 777.5 Third quarter data are advance estimates. Prepared by Federal Reserve Bank of St. Louis October 28, 1994 17 Government Purchases of Goods and Services in 1987 Dollars (Compounded Annual Rates of Change) Terminal Quarter Initial Quarter 4-89 1-90 2-90 3-90 4-90 1-91 2-91 3-91 4-91 1-92 2-92 3-92 4-92 1-93 2-93 3-93 4-93 Billions of Dollars Annual Rates 2-94 1-94 1-90 7.0 2-90 <♦.0 1.1 3-90 2.4 0.2 -0.6 4-90 3.3 2.1 2.6 5.8 1-91 3.2 2.3 2.7 4.4 3.0 2-91 2.8 1.9 2.1 3.1 1.7 0.5 3-91 1.8 0.9 0.9 1.3 -0.2 -1.7 -3.9 4-91 1.2 0.4 0.3 0.4 -0.8 -2.1 -3.4 -2.9 1-92 1.2 0.5 0.4 0.6 -0.4 -1.2 -1.8 -0.7 1.5 2-92 0.8 0.1 0.0 0.1 -0.8 -1.6 -2.1 -1.5 -0.8 -3.0 3-92 1.0 0.4 0.4 0.5 -0.2 -0.8 -1.0 -0.3 0.6 0.1 3.4 4-92 1.0 0.5 0.4 0.5 -0.1 -0.5 -0.7 -0.1 0.7 0.4 2.1 0.9 1-93 0.5 -0.1 -0.2 -0.1 -0.8 -1.2 -1.5 -1.1 -0.7 -1.2 -0.6 -2.5 -5.9 2-93 0.5 0.0 0.0 0.0 -0.6 -1.0 -1.1 -0.7 -0.4 -0.7 -0.2 -1.3 -2.4 1.2 3-93 0.6 0.1 0.0 0.1 -0.4 -0.7 -0.9 -0.5 -0.2 -0.4 0.1 -0.7 -1.2 1.1 1.1 4-93 0.5 0.1 0.0 0.1 -0.4 -0.7 -0.8 -0.5 -0.2 -0.4 0.1 -0.6 -1.0 0.7 0.5 -0.1 1-94 0.2 -0.2 -0.3 -0.3 -0.7 -1.1 -1.2 -0.9 -0.7 -1.0 -0.7 -1.3 -1.8 -0.7 -1.3 -2.5 2-94 0.1 -0.3 -0.4 -0.3 -0.8 -1.1 -1.2 -0.9 -0.7 -1.0 -0.7 -1.3 -1.7 -0.8 -1.3 -2.1 -3.1 -1.2 3-94 0.4 0.1 0.0 0.0 -0.3 -0.6 -0.7 -0.4 -0.2 -0.3 0.0 -0.4 -0.6 0.3 0.1 -0.2 -0.2 2.3 5.9 4-89 1-90 2-90 3-90 4-90 1-91 2-91 3-91 4-91 1-92 2-92 3-92 4-92 1-93 2-93 3-93 4-93 1-94 2-94 928.1 930.6 929.2 942.4 949.5 950.6 941.3 934.4 937.8 930.7 938.5 940.6 926.5 929.3 931.8 931.5 -4.9 919.9 917.1 930.3 Third quarter data are advance estimates. Prepared by Federal Reserve Bank of St. Louis October 28, 1994 Corporate Profits (Compounded Annual Rates of Change) Initial Quarter Terminal Quarter 3-89 4-89 1-90 2-90 3-90 4-89 -3.1 1-90 14.7 35.7 2-90 19.9 33.3 3-90 2.9 4.9 -7.7 -35.0 4-90 1.2 2.3 -6.8 -21.4 1-91 5.2 6.9 0.7 -7.7 10.0 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 Billions of Dollars Annual Rates 1-94 354.5 382.6 31.0 409.3 367.5 362.8 -5.0 385.4 27.3 2-91 5.4 6.8 1.9 -4.3 8.8 16.4 6.5 3-91 4.4 5.5 1.2 -3.9 6.0 10.0 2.2 -1.9 4-91 4.5 5.5 1.8 -2.4 5.9 8.8 3.2 1.6 5.3 1-92 5.9 6.9 3.8 0.4 7.9 10.7 6.9 7.1 11.9 18.8 2-92 5.4 6.3 3.4 0.4 6.8 9.0 5.6 5.4 7.9 9.3 3-92 0.5 0.9 -2.1 -5.2 -0.6 0.1 -3.9 -5.8 4-92 6.1 6.9 4.6 2.2 7.5 9.2 6.8 6.9 8.7 9.6 6.7 9.9 101.1 1-93 6.3 7.1 5.0 2.9 7.7 9.2 7.2 7.2 8.9 9.6 7.4 9.8 48.4 9.6 2-93 7.8 8.6 6.8 4.9 9.6 11.2 9.5 9.9 11.7 12.8 11.7 14.7 42.3 19.7 3-93 8.4 9.2 7.5 5.9 10.3 11.8 4-93 9.9 10.8 9.3 7.9 12.2 13.7 12.6 13.2 15.0 16.3 15.9 18.7 36.1 23.4 1-94 8.1 8.8 7.4 5.9 9.7 10.9 9.7 10.0 11.2 11.9 11.0 12.6 25.1 13.8 14.8 10.0 2-94 9.4 10.1 8.7 7.5 11.2 12.4 11.3 11.8 13.1 13.9 13.4 15.1 26.3 16.9 18.4 15.5 14.5 4.7 33.6 3-89 4-89 1-90 2-90 3-90 4-90 1-91 2-91 3-91 4-91 1-92 2-92 3-92 4-92 1-93 2-93 3-93 4-93 1-94 10.4 391.5 10.8 389.6 394.7 412.1 412.6 0.5 363.2 -6.8 -10.5 -22.3 -40.0 12.5 13.6 12.8 15.4 35.9 432.5 19.2 442.5 473.1 30.7 24.4 18.4 28.4 27.4 493.5 37.0 533.9 6.0 -17.9 508.2 546.4 Corporate profits with capital consumption and inventory valuation adjustments. Second quarter data are final estimates. Prepared by Federal Reserve Bank of St. Louis October 2 8 , 1994 18 Gross Saving as a P ercen t of GDP Seasonally Adjusted Percent Percent Total saving equals private saving (personal saving plus business saving) plus government surplus or deficit. Prepared by Federal Reserve Bank of St. Louis Gross Private Saving (Compounded Annual Rates of Change) Terminal Quarter 3-89 4-89 8.9 1-90 14.3 4-89 1-90 2-90 3-90 4-90 1-91 2-91 Initial Quarter Annual Rates 4-91 1-92 2-92 3-92 3-91 Billions of Dollars 4-92 1-93 2-93 3-93 4-93 1-94 828.6 20.1 867.4 2-90 12.9 15.0 10.1 3-90 1.8 -0.5 -9.4 -25.5 888.5 4-90 5.1 4.2 -0.7 -5.6 19.5 1-91 9.8 10.0 7.6 6.8 27.8 36.7 2-91 8.6 8.6 6.4 5.5 18.5 17.9 1.8 3-91 6.4 6.0 3.8 2.6 11.2 8.6 -3.3 -8.0 4-91 7.8 7.7 6.0 5.3 12.9 11.3 3.9 5.1 20.0 1-92 7.8 7.7 6.2 5.7 12.0 10.6 4.9 6.0 13.8 7.9 2-92 7.2 7.0 5.6 5.1 10.4 8.9 4.1 4.7 9.3 4.3 0.9 3-92 7.4 7.3 6.1 5.6 10.4 9.1 5.1 5.8 9.5 6.2 5.4 825.5 863.1 933.2 937.3 917.9 960.7 979.1 981.2 10.2 1,005.3 4-92 5.2 4.9 3.7 3.0 6.8 5.3 1.5 1.4 3.4 -0.3 -2.9 1-93 6.8 6.7 5.6 5.2 8.9 7.8 4.6 5.1 7.4 5.1 4.4 5.6 3.3 -4.8 -17.7 957.5 1,022.0 29.8 2-93 5.4 5.1 4.0 3.6 6.7 5.5 2.5 2.6 4.2 1.8 0.6 0.6 -2.5 6.2 -13.2 3-93 5.1 4.9 3.8 3.4 6.2 5.1 2.4 2.5 3.8 1.7 0.7 0.7 -1.5 4.5 -6.2 1.3 4-93 5.3 5.1 4.2 3.8 6.4 5.4 3.0 3.1 4.4 2.6 1.9 2.0 0.5 5.6 -1.4 5.1 9.0 1-94 5.6 5.4 4.6 4.2 6.7 5.8 3.6 3.8 5.0 3.5 2.9 3.2 2.1 6.6 1.5 6.9 9.8 10.6 2-94 5.4 5.2 4.4 4.0 6.4 5.5 3.4 3.6 4.7 3.3 2.8 3.0 2.0 5.8 1.5 5.6 7.0 6.0 1.6 3-89 4-89 1-90 2-90 3-90 4-90 1-91 2-91 3-91 4-91 1-92 2-92 3-92 4-92 1-93 2-93 3-93 4-93 1-94 986.6 989.9 1,011.4 1,037.3 1,041.4 Second quarter data are final estimates. Prepared by Federal Reserve Bank of St. Louis October 28, 1994 19 B u sin ess P roductivity and C om pensation Percent Change From Previous Year Seasonally Adjusted Percent 1988 1989 1990 1991 Percent 1992 1993 1994 Prepared by Federal Reserve Bank of St. Louis Business Sector Output per Hour (Compounded Annual Rates of Change) Terminal Quarter Initial Quarter 3-89 4-89 1-90 2-90 3-90 4-90 1-91 2-91 3-91 4-91 1-92 1982 = 100 2-92 3-92 4-92 1-93 2-93 3-93 4-93 1-94 109.7 4-89 0.0 1-90 0.9 1.8 2-90 1.7 2.6 3.3 3-90 1.0 1.3 1.1 -1.1 4-90 0.6 0.7 0.4 -1.1 -1.1 1-91 1.0 1.2 1.1 0.4 1.1 3.3 2-91 1.2 1.4 1.3 0.8 1.4 2.7 2.2 3-91 1.2 1.4 1.3 0.9 1.4 2.3 1.8 1.4 4-91 1.3 1.5 1.4 1.1 1.6 2.3 1.9 1.8 2.2 1-92 1.7 1.9 1.9 1.7 2.2 2.9 2.8 3.0 3.8 5.4 2-92 1.7 1.8 1.8 1.7 2.0 2.6 2.4 2.5 2.9 3.2 1.1 3-92 1.8 2.0 2.0 1.9 2.3 2.8 2.7 2.8 3.1 3.4 2.5 3.9 4-92 1.9 2.1 2.1 2.0 2.4 2.8 2.7 2.8 3.1 3.4 2.7 3.5 3.1 1-93 1.7 1.8 1.8 1.7 2.0 2.3 2.2 2.2 2.3 2.3 1.6 1.7 0.7 -1.7 2-93 1.6 1.7 1.7 1.6 1.8 2.1 2.0 2.0 2.1 2.1 1.4 1.5 0.7 -0.5 0.7 3-93 1.7 1.8 1.8 1.7 1.9 2.2 2.1 2.1 2.2 2.2 1.7 1.8 1.3 0.7 1.9 3.1 4-93 2.0 2.1 2.1 2.0 2.2 2.5 2.5 2.5 2.6 2.7 2.3 2.5 2.2 2.0 3.2 4.5 5.9 1-94 2.0 2.1 2.1 2.1 2.3 2.5 2.5 2.5 2.6 2.7 2.3 2.5 2.3 2.1 3.1 3.9 4.3 2.7 2-94 1.7 1.8 1.8 1.8 1.9 2.2 2.1 2.1 2.1 2.1 1.8 1.9 1.6 1.3 1.9 2.2 1.9 0.0 -2.6 3-89 4-89 1-90 2-90 3-90 4-90 1-91 2-91 3-91 4-91 1-92 2-92 3-92 4-92 1-93 2-93 3-93 4-93 1-94 110.2 111.1 110.8 110.5 111.4 112.0 112.4 113.0 114.5 114.8 115.9 116.8 116.3 116.5 117.4 119.1 119.9 119.1 Prepared by Federal Reserve Bank of St. Louis September 7, 1994 20 Net Federal Debt (Compounded Annual Rates of Change) Terminal Quarter 3-89 4-89 1-90 4-89 9.1 1-90 12.1 15.2 2-90 11.8 13.2 11.2 3-90 11.7 12.6 11.3 2-90 3-90 <*-90 1-91 2-91 Initial Quarter Dollars 4-91 1-92 2-92 3-91 Billions of 3-92 4-92 1-93 2-93 3-93 4-93 1-94 2,237.4 2,317.9 2,380.1 11.5 2,445.8 4-90 12.2 13.0 12.3 12.8 14.2 1-91 11.8 12.3 11.6 11.7 11.8 2,528.1 9.6 2,586.5 2-91 11.7 12.1 11.5 11.6 11.6 10.3 11.1 3-91 12.2 12.6 12.2 12.4 12.6 12.1 13.4 15.7 4-91 12.0 12.3 11.9 12.0 12.1 11.6 12.4 13.0 10.3 1-92 12.0 12.3 12.0 12.1 12.2 11.8 12.4 12.8 11.4 2,655.5 2,754.2 2,822.6 12.4 2,906.5 2-92 12.0 12.3 12.0 12.1 12.2 11.8 12.3 12.6 11.6 12.2 12.1 3-92 11.8 12.0 11.7 11.8 11.8 11.5 11.8 11.9 11.0 11.2 10.7 9.3 4-92 11.5 11.7 11.4 11.4 11.4 11.0 11.2 11.3 10.4 10.4 9.8 8.6 8.0 1-93 11.2 11.4 11.1 11.1 11.0 10.7 10.8 10.8 10.0 10.0 9.3 8.5 8.0 8.1 2-93 11.3 11.4 11.2 11.2 11.1 10.8 11.0 10.9 10.3 10.3 9.8 9.3 9.3 10.0 11.9 3-93 10.8 11.0 10.7 10.6 10.6 10.2 10.3 10.2 9.5 9.4 8.9 8.3 8.1 8.1 8.1 4-93 10.7 10.8 10.5 10.4 10.4 10.0 10.1 10.0 9.4 9.2 8.8 8.3 8.1 8.1 8.1 6.2 8.0 1-94 10.4 10.5 10.2 10.2 10.1 9.8 9.8 9.7 9.1 9.0 8.5 8.0 7.8 7.8 7.7 6.4 7.3 6.7 2-94 10.1 10.2 9.9 9.8 9.7 9.4 9.4 9.2 8.7 8.5 8.1 7.6 7.3 7.2 7.0 5.9 6.3 5.5 4.3 3-89 4-89 1-90 2-90 3-90 4-90 1-91 2-91 3-91 4-91 1-92 2-92 3-92 4-92 1-93 2-93 3-93 4-93 1-94 2,990.4 3,057.5 3,116.6 3,178.1 3,268.6 3,304.7 4.5 3,368.7 3,423.9 3,460.2 Prepared by Federal Reserve Bank of St. Louis October 28, 1994 FEDERAL GO VERNM ENT DEBT (b illio n s o f d o lla rs ) S e a s o n a lly A d ju s te d E nd o f M o n th T o ta ls Gross federal debt Federal debt held by agencies and trusts Net federal debt Federal debt held by Federal Reserve Banks Federal debt held by private investors Federal debt held by foreign investors 1990 March June September December 3048.3 3146.3 3246.4 3353.0 734.2 766.9 799.0 820.6 2316.3 2380.4 2448.3 2527.5 223.9 231.1 235.5 251.3 2096.5 2153.8 2217.0 2286.0 420.5 426.0 443.9 456.6 1991 March June September December 3460.5 3541.4 3680.1 3787.6 880.5 886.3 923.9 958.5 2583.4 2656.6 2757.6 2822.2 253.0 255.0 268.0 272.1 2339.8 2411.3 2500.1 2560.4 463.8 472.7 480.7 488.8 1992 March June September December 3876.1 3988.9 4081.1 4160.9 978.8 998.6 1021.1 1036.4 2901.1 2992.5 3061.7 3116.5 274.0 277.0 300.1 291.7 2640.9 2727.5 2777.5 2836.6 508.4 529.1 538.4 546.4 1993 March June September December 4230.6 4356.4 4424.8 4513.1 1060.0 1089.9 1122.3 1139.8 3178.1 3268.6 3304.7 3368.7 313.0 330.0 329.7 330.6 2877.7 2950.2 2995.0 3041.6 563.1 568.8 596.3 620.3 1994 March June 4575.9 4650.5 1160.3 1192.2 3423.9 3460.2 351.4 359.1 3076.1 3100.6 632.2 633.8 Columns may not add because each component is seasonally adjusted separately. Gross federal debt equals debt held by agencies and trusts plus net federal debt. Net federal debt equals debt held by Federal Reserve banks plus debt held by private investors (which includes debt held by foreign investors). Sources: Original data may be found in the Treasury Bulletin and also in the Federal Reserve Bulletin-, seasonally adjusted series prepared by this Bank. Data have been revised to reflect changed seasonal adjustment factors. 21 FEDERAL GOVERNMENT BUDGETS (billions of dollars, quarterly totals seasonally adjusted at annual rates) Receipts Quarters National income accounts budget Surplus or deficit( - ) National Cyclically income accounts adjusted budget budget Expenditures Cyclically adjusted budget National income accounts budget Cyclically adjusted budget 1988 1 2 3 4 940.5 970.4 977.8 1000.6 924.9 949.5 953.0 971.4 1098.0 1105.0 1097.3 1135.5 1098.0 1111.4 1098.2 1156.1 -1 5 7 .5 -1 3 4 .6 -1 1 9 .5 -1 3 4 .9 -173.1 -1 6 1 .9 -1 4 5 .2 -1 8 4 .7 1989 1 2 3 4 1050.9 1064.5 1053.6 1068.3 1014.3 1032.2 1020.2 1035.4 1160.8 1174.2 1181.5 1209.8 1181.0 1187.3 1182.0 1208.2 -1 1 0 .0 -1 0 9 .7 -1 2 8 .0 -1 4 1 .5 -1 6 6 .7 -155.1 -1 6 1 .8 -1 7 2 .8 1990 1 2 3 4 1091.3 1114.5 1123.7 1115.8 1061.7 1093.4 1116.0 1132.1 1257.8 1266.5 1268.3 1306.9 1252.2 1275.4 1273,6 1311.2 -1 6 6 .4 -1 5 2 .0 -1 4 4 .6 -1 9 1 .0 -1 9 0 .5 -1 8 2 .0 -1 5 7 .6 -179.1 1991 1 2 3 4 1120.1 1121.8 1132.5 1140.5 1160 1 1173.7 1257.9 1319.3 N.A. N.A. -1 4 4 .4 -2 0 7 .6 -2 1 3 .6 -2 4 5 .8 - 97.8 -1 4 5 .6 N.A. N.A. 1264.5 1329.4 1346.0 1386.3 1992 1 2 3 4 1155.7 1171.0 1166.5 1219.9 N.A. N.A. N.A. N.A. 1435.6 1455.8 1460.4 1492.0 N.A. N.A. N.A. N.A. -2 7 9 .9 -2 8 4 .8 -2 9 3 .9 -272.1 N.A. N.A. N.A. N.A. 1993 1 2 3 4 1212.7 1263.7 1272.7 1313.6 N.A. N.A. N.A. N.A. 1496.2 1500.6 1497.6 1533.7 N.A. N.A. N.A. N.A. -2 8 3 .5 -2 3 7 .0 - 224.9 -220.1 N.A. N.A. N.A. N.A. 1994 1 2 3 1337.4 1380.7 N.A. N.A. N.A. 1513.7 1525.9 1542.5 N.A. N.A. N.A. -1 7 6 .2 -145.1 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. — Not Available Fiscal years Estimates Actual 1986 1987 1988 1989 1890 1991 1992 1993 1994 1995 Total budget Receipts Outlays Surplus or deficit (- ) $ 769.1 $ 854.1 $ 909.0 $ 990.7 $ 1031.3 $ 1054.3 $ 1090.5 $ 1153.2 1064.1 1143.2 1252.7 990.3 1003.9 1323.8 1380.9 1408.5 $ 1257.2 $ 1354.3 1521.4 1460.6 $ - 221.2 $-149.8 $ -155.2 $-152.5 $-221.4 $-269.5 $-290.4 $-255.3 $-203.4 $-167.1 Calendar years National income accounts budget $ 827.2 $ 913.8 $ 972.3 $ 1059.3 $ 1111.4 $ 1128.7 $ 1178.3 $ 1265.7 1028.2 1331.6 1460.9 1507.0 1065.6 1109.0 1181.6 1274.9 Receipts Expenditures Surplus or deficit( -) $ - 201.0 $-151.8 $ -136.6 $-122.3 $-163.5 $-202.9 $-282.7 $-241.4 Cyclically adjusted budget Receipts Expenditures Surplus or deficit( - ) $ 844.1 $ 917.6 $ 949.7 $ 1025.5 $ 1100.8 1029.4 1071.6 1115.9 1189.6 1278.1 $ - 185.4 $-154.0 $ -166.2 $-164.1 $-177.3 Fiscal years refer to the b udget year which runs from O ctober 1 through Septem ber 30. Total budget outlays in clu d e federal entities that are off-budget. Estim ates from O M B ’s M id-S ession Review of the FY1994 B udget (July 14, 1994). C yclica lly adjusted budget data are in process of revision. Totals m ay not add due to rounding. Source: O ffice of M anagem ent and Budget and U.S. Departm ent of Com m erce. 22 Prepared by Federal Reserve Bank of St. Louis G overnm ent D eficit( - )/S u r p lu s (+ ) Seasonally Adjusted Billions of Dollars Billions of Dollars National income accounts basis Prepared by Federal Reserve Bank of St. Louis Federal Defense Expenditures (Compounded Annual Rates of Change) Terminal Quarter 4-89 1-90 13.3 1-90 2-90 3-90 4-90 1-91 2-91 3-91 Initial Quarter Annual Rates 1-92 2-92 3-92 4-92 4-91 Billions of Dollars 1-93 2-93 3-93 4-93 1-94 2-94 312.1 2-90 6.7 0.5 3-90 2.9 -1.9 312.5 4-90 6.6 4.5 6.5 18.5 1-91 7.7 6.3 8.3 15.2 12.0 2-91 5.2 3.7 4.5 7.6 2.6 -6.1 3-91 3.4 1.9 2.1 3.8 -0.7 -6.5 -6.8 4-91 1.5 -0.1 -0.2 0.6 -3.4 -8.0 -9.0 -11.1 1-92 1.4 0.0 -0.1 0.7 -2.6 -5.9 -5.8 -5.3 0.8 309.1 -4.3 322.5 331.8 326.6 320.9 311.6 312.2 2-92 1.0 -0.3 -0.4 0.2 -2.6 -5.3 -5.1 -4.5 -1.0 -2.8 3-92 1.9 0.8 0.9 1.5 -0.7 -2.7 -2.0 -0.7 3.0 4.1 4-92 1.5 0.5 0.4 1.0 -1.0 -2.7 -2.2 -1.2 1.4 1.6 3.9 1-93 0.5 -0.5 -0.6 -0.3 -2.2 -3.8 -3.5 -2.9 -1.2 -1.7 -1.3 310.0 11.6 318.6 -3.2 316.0 -7.1 -10.9 307.0 2-93 0.3 -0.6 -0.7 -0.4 -2.1 -3.6 -3.2 -2.7 -1.2 -1.6 -1.4 -5.3 -6.4 -1.6 3-93 -0.3 -1.2 -1.3 -1.1 -2.7 -4.1 -3.8 -3.5 -2.3 -2.8 -2.8 -6.2 -7.1 -5.1 -8.6 4-93 -0.3 -1.1 -1.2 -1.0 -2.5 -3.7 -3.5 -3.1 -2.0 -2.4 -2.4 -4.9 -5.3 -3.4 -4.3 0.1 1-94 -0.9 -1.7 -1.8 -1.6 -3.0 -4.2 -4.0 -3.7 -2.9 -3.3 -3.4 -5.7 -6.2 -5.0 -6.1 -4.8 -9.5 2-94 -0.8 -1.6 -1.7 -1.5 -2.8 -3.9 -3.7 -3.4 -2.6 -3.0 -3.0 -4.9 -5.2 -4.0 -4.6 -3.2 -4.9 0.0 3-94 -0.3 -1.0 -1.1 -0.9 -2.1 -3.0 -2.8 -2.5 -1.6 -1.9 -1.8 -3.3 -3.3 -2.0 -2.1 -0.4 -0.6 4.2 8.6 4-89 1-90 2-90 3-90 4-90 1-91 2-91 3-91 4-91 1-92 2-92 3-92 4-92 1-93 2-93 3-93 4-93 1-94 2-94 305.8 299.0 299.1 291.7 291.7 297.8 Third quarter data are advance estimates. Prepared by Federal Reserve Bank of St. Louis October 28, 1994 23 Federal Reserve Bank of St. Louis Post Office Box 442 St. Louis, Missouri 63166 Subscriber: Please include address label with su b scrip tio n in q u iries or address changes. Federal Nondefense Expenditures (Compounded Annual Rates of Change) Terminal Quarter 4-89 1-90 2-90 3-90 4-90 1-91 2-91 3-91 Initial Quarter Annual Rates 1-92 2-92 3-92 4-92 4-91 Billions of Dollars 1-93 2-93 3-93 4-93 1-94 2-94 1-90 18.0 2-90 10.6 3.6 3-90 7.7 2.9 2.2 4-90 8.5 5.5 6.5 1-91 2.2 -1.4 -3.0 2-91 6.9 4.8 5.1 6.1 3-91 7.2 5.5 5.9 6.9 5.6 20.8 9.2 4-91 8.8 7.6 8.3 9.5 9.2 20.8 14.9 20.8 1-92 10.0 9.0 9.8 11.1 11.1 20.4 16.3 20.1 19.4 2-92 9.8 8.9 9.6 10.7 10.7 17.9 14.3 16.0 13.7 8.2 3-92 8.7 7.8 8.3 9.1 8.8 14.4 10.9 11.4 8.4 3.3 -1.4 4-92 9.0 8.2 8.7 9.5 9.3 14.2 11.2 11.6 9.4 6.3 5.3 12.5 1-93 8.7 7.9 8.3 9.0 8.8 12.9 10.2 10.4 8.4 5.9 5.1 8.5 4.6 2-93 8.2 7.5 7.8 8.3 8.1 11.6 9.2 9.1 7.3 5.1 4.3 6.2 3.2 1.9 3-93 7.7 7.0 7.3 7.7 7.4 10.6 8.2 8.1 6.4 4.4 3.7 5.0 2.6 1.6 1.3 4-93 8.0 7.4 7.6 8.1 7.8 10.7 8.7 8.6 7.2 5.5 5.1 6.5 5.0 5.1 6.8 12.6 1-94 7.3 6.6 6.8 7.2 6.9 9.4 7.5 7.3 5.9 4.3 3.7 4.6 3.1 2.8 3.0 3.9 -4.0 2-94 7.1 6.5 6.6 7.0 6.7 9.0 7.2 7.0 5.7 4.3 3.8 4.5 3.3 3.0 3.3 4.0 -0.1 4.1 3-94 6.9 6.3 6.5 6.7 6.5 8.6 6.9 6.7 5.5 4.2 3.7 4.4 3.3 3.1 3.3 3.8 1.1 3.7 3.4 4-89 1-90 2-90 3-90 4-90 1-91 2-91 3-91 4-91 1-92 2-92 3-92 4-92 1-93 2-93 3-93 4-93 1-94 2-94 945.7 954.0 959.2 10.9 984.4 -5.4 -19.4 3.8 932.7 33.6 1,002.8 1,025.1 1,074.7 1,123.4 1,145.8 1,141.8 1,176.0 1,189.2 1,194.8 1,198.6 1,234.6 1,222.0 1,234.2 1,244.7 Third quarter data are advance estimates. Prepared by Federal Reserve Bank of St. Louis October 28, 1994 24