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National Economic Trends
November 1987
The nation’s output of goods and services rose rapidly in the third quarter of this year as real GNP grew at a 4.1 percent
annual rate. The components of real GNP, however, exhibited both considerable variation and a pattern that was at odds
with component trends of the past year. Both real consumption purchases and real gross private domestic investment expanded
faster than real GNP, rising at about a 5 percent rate during the quarter, with real nonresidential fixed investment booming
at a 26.3 percent rate. Real government purchases, on the other hand, grew at only a 1.3 percent rate, and real net exports
declined from $-132.7 billion to $-134.9 billion.
The pattern of growth in real purchases in the third quarter differed somewhat from developments over the past year,
when consumption was relatively weak and net exports were relatively strong. In the year ending in the third quarter,
real GNP rose 3.1 percent, faster than real consumption expenditures, which rose 1.6 percent. Real net exports rose $26.7
billion from $-161.6 billion a year earlier, as exports grew 14.1 percent and imports grew 5 percent. Real gross private
domestic investment expanded 5.7 percent, led by nonresidential fixed investment which rose 6.1 percent.
The relative strength of real nonresidential fixed investment over both the past year and the third quarter warrants some
qualification, however. In the third quarter of this year, such investment equaled 12.1 percent of real GNP, up from its
low of 11.3 percent in the first quarter of 1987 and 11.8 percent a year earlier. But such investment was well below its
previous peak of 12.7 percent at the end of 1985. The sharp drop of 1.4 percentage points from the peak to early 1987,
the equivalent of about $53 billion (1982 prices) in the first quarter of this year, is the largest to occur in a non-recessionary
period over the past 33 years and rivals the magnitude of the sharp declines in the 1957-58, 1974-75 and 1981-82 recessions.
Indeed, over the past 33 years, the only declines larger than 0.5 percent of real GNP in the absence of a recession occurred
in 1966-67, when the investment tax credit was suspended. The recent decline also was associated with the repeal of the
investment tax credit, which became effective at the beginning of 1986, and other changes in investment incentives such
as the lengthening of asset service lives for computing depreciation.
— John A. Tatom

Views expressed do not necessarily reflect official positions of the Federal Reserve system.




*

T OT A L C I V I L I A N EMPLOYMENT
COMPOUNDED ANNUAL RAT ES OF CHAN6 E
TERMI NAL
MONTH

INITIAL
3-86

4-86

5-86

6-86

7-86

8-86

9-86

10-86

11-86

THOUSANDS
OF PERSONS

MONTH

1
12-86

1-87

2-87

3-87

4— 87

5-8 7

6-87

7-87

9-87

8-87

108#969

4-8S

1.8

5-86

2.0

2.2

6 - 8í>

3.0

3.6

5.0
4.0

3.0

7-86

3.0

3.4

109,165
109,613
109,887
110,067

8- 8í>

2.8

3. 1

3.3

2.5

2.0

9-8í>

2.2

2.3

2.3

1.4

0.5

-0.9

10-86

2.2

2.3

2.3

1.6

1.1

0.7

2.3

11 - S S

2.2

2.3

2.3

1.8

1.5

1.3

2.5

2.6

12- 8í>

2.2

2.3

2.3

1.9

1.6

1. 6

2.4

2.4

2. 3

1- 87

2.4

2.5

2.5

2.2

2.1

2.1

2.8

3.0

3.2

109,987
110,192
110,432
110,637
4.1

111,011
111,382

4. 1

2-87

2.6

2.7

2.7

2.4

2.3

2.4

3.1

3.3

3.5

4.1

3-87

2.4

2.4

2.4

2.1

2.0

2.0

2.5

2.6

2.6

2.7

1.9

- 0.2

4-87

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

3.9

6.0

5-87

2.9

2.9

3.0

2.8

2.8

2.9

3.4

3.5

3.7

4.0

3.9

111,368
111,835
112 ,4-47

6.8

112,257

6-87

2.5

2.6

2.6

2.4

2.4

2.4

2.8

2.8

2.8

2.9

2.7

2.4

3.2

2.3

- 2.0

7-87

2.7

2.7

2.8

2.6

2.6

2.6

3.0

3.1

3.1

3.3

3. 1

2.9

3.7

3.2

1.5

5.1

8-87

2.8

2.8

2.9

2.7

2.7

2.7

3.1

3.2

3.2

3.3

3.2

3.1

3.7

3.4

2.3

4.5

3.8

112,727
113, 081
112,772

9-87

2.4

2.5

2.5

2.3

2.2

2.3

2.5

2.6

2.5

2.6

2.4

2.1

2.5

2.0

0.9

1.8

0.2

-3.2

1 0- 8 7

2.5

2.6

2.6

2.4

2.4

2.4

2.7

2.7

2.7

2.8

2.6

2.4

2.8

2.4

1.6

2.5

1.6

0.6

4.5

3-86

4-86

5-86

6-86

7-06

8-86

9-86

10—8o 1 1 - 8 6

12-86

1-87

2-Í7

3-87

4-8 7

5-87

6— 87

7-Ö7

8-87

9-87

113,187

PREPARED BY FEDERAL RESERVE BANK DF S T . L O U I S
NOVEMBER 6 , 1987__________________________________________

PAYROLL EMPLOYMENT
COMPOUNDED ANNUAL RAT ES Of CHANGE
TERM! NAL________________________________________________________________________ I N I T I A L MONTH____________________________________________________
MONT*
4-8 7
3-86
4-86
5-87
6-87
7-87
5-86
6-86
7-86
8-86
9 - 8 6 1 0 - 8 6 11 - 8 6 1 2 - 8 6
1-87
2-87
3-87
4-86

_______
8-87

THOUSANDS
ÖF PERSONS

9-87

2.9

99,252
99,309

3— 31
>

2.3

1.7

6-86

1.3

0.4

- 0.8

7-86

1.8

1.4

1.3

3.4

8-86

1.8

1.6

1.6

2.7

99,323
99,601
99,772

2.1

100,039

9-86

2.1

1.9

2.0

2.9

2.7

3.3

10-86

2.1

1.9

2.0

2.7

2.5

2.7

2.1

11- 86

2.1

2.0

2.1

2.7

2.5

2.6

2.3

12- 8 f
>

2.1

2.0

2.0

2.5

2.3

2.4

2.1

2.2

1.8

1 - 87

2.3

2.2

2.3

2.8

2.7

2.8

2.7

2.9

3.0

4.3

2-87

2.4

2.3

2.4

2.8

2.7

2.8

2.7

2.8

3.0

3.5

100,209
100,415

2.5

100,567
100,919
2.8

101,150

3-87

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

2.4

2.4

2.4

2.8

2.7

2.8

2.7

2.8

2.9

3.1

2.7

2.7

3.2

5-87

2.3

2.3

2.3

2.6

2.5

2.6

2.5

2.6

2.6

2.7

2.4

2.2

2.3

101,329
101,598
1.3

101,706

6-87

2.3

2.2

2.3

2.5

2.4

2.5

2.4

2.4

2.4

2.5

2.2

2.0

1.9

1.3

1.3

7-87

2.3

2.3

2.4

2.6

2.5

2.6

2.5

2.6

2.6

2.7

2.4

2.3

2.4

2.1

2.5

3.7

8-87

2.3

2.3

2.3

2.5

2.5

2.5

2.4

2.5

2.5

2*6

2.3

2.2

2.3

2.0

2.2

2.7

101,818
102,126
1.8

102,275

9-87

2.3

2.2

2.3

2.5

2.4

2.4

2.4

2.4

2.4

2.4

2.2

2.1

2.1

1.9

2.0

2.3

1.6

1.4

10-87

2.5

2.5

2.5

2.7

2.7

2.7

2.7

2.7

2.8

2.8

2.7

2.7

2.7

2.7

2.9

3.4

3.2

4.0

3 ^ 86

4^56

5^6

6^6

T^ îô

9 -Ô 6

1 0-8 6

11-8 6

1 2 -8 6

I^Ï7

Z ^Ï7

5=37

----------------------------------------------------------------------------------------------------------------------------------------------------------m u r a i
P-

Î^ Ï7 —

102,396P
6.6

102»945P

— 5 ^ * 7 — T ^ ï ï l — V=W7— V=V1 ---------------------------

m m i w ---------- -------------------------------------------------------------------------------------------------------------------------------------------- —

P R ELIM IN A R Y------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ --------------------------------------

P R E P A R E D ftV F E D E R A L R E S F K V E BAW U>- S T . L O U IS
_______ ___________________________________________________________________________________________________________________NOVEMBER 6 , 1967____________________________________




2

EMPLOYMENT
RATIO

SCALE

MILLIONS

1979

OF

RATIO
PERSONS

1980

SEASONALLY

1981

1982

MILLIONS

AOJUSTEO

1983

1984

1985

1986

OF

SCALE

PERSONS

1987

SOURCEt U.S.DEPARTMENT OF LABOR
BEGINNING JANUARY I9S6, TOTAL EMPLOYMENT DATA INCORPORATE NEW PROCEDURES FOR EST IMAT INO
MEASURES OF IMMIGRATION AND EMIGRATION INCREASING TOTAL EMPLOYMENT BY ABOUT 0.3%.
PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIODS INDICATED.
LATEST DATA PLOTTED* OCTOBER PRELIMINARY
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

UNEMPLOYMENT
SEASONALLY

PERCENT

RATE

ADJUSTED

PERCENT
12.0

.

11.0

10.

10.0

9.

9.0

8 .

8.0

7.

7.0

6.

6.0

11

5.0

4.




4.0
1 979

1980

1981

1982

1983

1984

1985

1986

1987

SOURCEt U.S. DEPARTMENT OF LABOR
PERCENT OF CIVILIAN LABOR FORCE
LATEST DATA PLOTTED« OCTOBER
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

CONSUMER PR I CE I N DE X FOR ALL URBAN CONSUMERS# SEASONAL LY A D J U S T E O
_______________________ COMPOUNDED ANNUAL RAT E S OF CHANGE_______________________
TERM! NAL____________________________________________________________________
I N I T I A L MONTH
MONTH
1-87
9-86 10-86 11-86 12-86
8-86
3-86
4-86
5-86
6-86
7-86

__________________________________________________ __________________ 1 96 7 * 1 0 0
2-87

3-87

4-87

5-87

6-87

7-87

8-87

9-87
325.6

4-86

-3.3

5-86

- 0.2

3.0

6-86

1.6

4.1

5.3

7-84

1.3

2.9

2.8

326.4
327.8
327.9

0.4

328.4

8-86

1.4

2.6

2.5

1.1

1.8

9-86

1.8

2.8

2.8

2.0

2.8

3.7

10-86

1.8

2.7

2.7

2.0

2.6

3.0

2.2

329.4
330.0
330.8

1 1- 8 6

2. a

2.8

2.7

2.2

2.7

3.0

2.6

2.9

12-86

2.0

2.7

2.6

2.2

2.6

2.8

2.5

2.6

2.2

1-87

2.6

3.3

3.3

3.1

3.5

3.8

3.9

4.4

5.2

2-87

2.8

3.5

3.5

3.3

3.7

4.1

4.1

4.6

5.2

6.7

5.2

3-87

3*0

3.6

3.7

3.5

3.9

4.2

4.3

4.7

5.2

6.2

5.1

5.1

4-87

3.2

3.8

3.8

3.7

4. 1

4.4

4.5

4.8

5.2

6.0

5.3

5.3

331.4
333.6

8.3

335.0
336.4
337.9

5.5

5-87

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

6-87

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

7-87

3.3

3.8

3.8

3.7

4.0

4.2

4.2

4.5

4.7

5.0

4.5

4.4

4.2

3.7

3.6

2.9

8-87

3.5

3.9

4.0

3.9

4. 1

4.3^

4.4

4.6

4.8

5.1

4.7

4.6

4.5

4.2

4.3

4.3

5.8

9-87

3.4

3.8

3.8

3.7

4.0

4.2

4.2

4.4

4.5

4.8

4.3

4.2

4.1

3.8

3.8

3.6

3.9

2.1

10- 87

3.4

3.8

3.9

3.8

4.0

4.2

4.2

4.4

4.5

4.8

4.4

4.3

4.2

3.9

3.9

3.8

4.2

3.4

4.6

3-86

4-86

5-36

¿-86

7 -86

»-86

9-86

10-86

l l —86

12-86

1-87

2-87

3-87

4-8 7

5-87

6-87

7-87

8-87

9-87

IN IT IA L

339.0
340.2
341.0
3 42.6
343.2
344.5

NONTH

PREPARED BY FEDERAL RESERVE BANK. UF S T • LOUIS
NOVEMBER 20#

1907_______________________________________

PRODUCER PR I CE I NDEX* F I N I S H E D GOODS - SEAS ONAL LY A D J U S T E D *
___________________ COMPOUNDED ANNUAL RAT E S OF CHANGE___________________
TERMI NAL________________________________________________________________________ I N I T I A L MONTH__________________________________________________________________________ 1967 »
MON T -1
8-87
9-87
7-87
5-87
6-87
1-87
2-87
3-87
4-87
8- 86
9 -86 10-86 11-86 12-86
7-86
3-86
4-86
5-86
6-86
4-86

- 0.2

287.4

- 6.1

5-86

288.8

6.0

6-86

0.7

4.2

- 1.8

-0.3

-3.3

289.4

2.5

7-86

- 8.8

287.2
288.3

4.7

8-86

-0.5

0.9

-0.7

-2.3

9-86

O.l

1.4

0.3

-0.4

4.0

3.4

10-86

0.7

1.9

1.1

0.7

4. 1

3.8

4.2

11-86

0.7

1.7

1.0

0.7

3.2

2.7

2.3

0.4

12-86

0.7

1.6

1.0

0.7

2.7

2.2

1.8

0.6

0.8

1 - 87

1.2

2.0

1.5

1.4

3.2

2.9

2.7

2.2

3.1

5.5

2-87

1. 1

1.9

1.4

1.3

2.8

2.5

2.3

1.9

2.4

3.1

289.1
290.1
290.2
290.4
291.7
291.9

0.8

293.5

3-87

1.6

2.3

2.0

1.9

3. 3

3.1

3.1

2.8

3.5

4.3

3.8

6.8

4-87

2.0

2.7

2.4

2.4

3.7

3.6

3.6

3.5

4.1

4.9

4.7

6.8

6.7

5-87

2.0

2.7

2.4

2.4

3.6

3.4

3.4

3.3

3.8

4.4

4.2

5.3

4.6

2.5

6-87

2.0

2.6

2.4

2.4

3.5

3.3

3.3

3.2

3.6

4.1

3.8

4.6

3.9

2.5

2.5

7-87

2 .2

2.8

2.5

2.5

3.6

3.4

3.5

3.4

3.7

4.2

3.9

4.6

4.0

3.2

3.5

4.5

3.1

3.0

3.3

3.6

3.4

3.8

3.2

2.4

2.3

2.2

296.3
297.4
o
•
o

297.4

2.5

3.3

3.2

3.2

3.1

3.4

3.6

3.4

3.8

3.3

2.6

2.7

2*7

1*8

3.7

2.1

2.9

2.8

2.7

2.6

2.8

3.0

2.7

2.9

2.4

1.7

1.5

1*3

0.3

0.4

- 2 *8

7-86

8-86

9-86

10-86

11-86

12-86

1-87

2-87

3— 8 7

4-87

5-87

6-87

7 — 87

8-8 7

7-8 1

2.6

9-87

2.2

2.7

2.5

10-87

1.9

2.4

2.1

3-86

4— 86

5-86

6-86

2.4

FOR FOUR MONTHS AGO R E V I S E D




295.7

3.2

2.1

2.4

295.1

3.3

8-87

*DAU

100

298.3
297.6

T O R E F L E C T L A T E REP OR T I NG

PREPARED BY FEDERAL RESERVE DANA. W- SI • LU U IS
NOVEMBER 1 3 »

4

1987___________________________




RATIO

PRICES

SCALE

1979

1980

CONSUMER P R IC E IN D E X
C P I- U DATA B E G IN N IN G

1981

DATA P LO T T E D .

1982

1983

1984

R A T E S OF CHANGE FOR P E R IO D S

1985

PRODUCER

SCALE

R ESERVE

BANK OF S T .

PRICES

1980

1981

1982

1983

PE R C E N T A G E S ARE ANNUAL R A T E S OF CHANGE FOR P E R IO D S
DATA P LO T T E D .

CO STS.

1984

L O U IS

RATIO

SEASONALLY ADJUSTED

1979

1987

OCTOBER

1967-100

LATEST

1986

IN D IC A T E D .

P R EP A R ED BY FED ER A L

RATIO

SCALE

1967-100

18 FOR ALL URBAN CON SU MERS ( C P I - U ) .
1983 IN CO RPO RATE A RENTAL E Q U IV A L E N C E M EASURE FOR H OM EOW NERS«IP

P ER C E N T A G ES ARE ANNUAL
LA T ES T

RATIO

S EASONALLY ADJUSTED

1967-100

SCALE

1967-100

1985

1986

1987

IN D IC A T E D .

OCTOBER
P R EP A R ED BY FED ER A L

5

RESERVE

BANK OF S T .

L O U IS

PRODUCER P R I C E I NDEX* F I N I S H E D CONSUMER FOODS - S EASONAL LY A D J U S T E D *
______________________COMPOUNDED ANNUAL R A T E S Of CHANGE_____________________________
T ERMI NAL
MONTH

_____________________________________________________________ I N I T I A L
3-86

*-86

11.6

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

6-87

7-87

8-87

271.7
18.1

275.5
275.9

6-86

8.2

9.6

1.8

7-86

10 . *

12.1

9.3

17.3

8-86

11.9

13.6

12.1

17.7

18.1

9-86

9.7

10.6

8.7

1 1.2

8.2

279.6
283.5
- 0.8

283.3
285.9

10-86

10.0

10.7

9.3

11.3

9.3

5.2

11.6

11- 86

8.3

8.7

7.2

8.*

6.2

2.6

*.3

-2.5

12-86

6.7

6.9

5.3

6.0

3.8

0.5

1.0

-3.9

-5.3

1-87

3.8

3.6

1.9

1.9

- 0.*

-3.8

-*.5

-9.3

-12.5

-19.2

2-87

3.4

3. 1

1.6

1.6

-0.5

-3.3

-3.8

-7.3

- 8.8

-10.5

-0.9

3-87

3.2

3.0

1.6

1.5

-0.3

- 2.6

-2.9

-5.6

- 6.*

-6.7

0.2

1.3

-0.9

6.0

9.6
12.6

*-87

* •3

100

9-8 7

5.5

5-86

*-86

MONTH__________________________________________________________________________1967 -

*.2

3.0

3.1

1.7

- 0.2

2Ò5.3

- 0.1

-1.9

28*.0

- 1.8

279.0

5-87

5.3

5.3

*.2

* •5

3.3

1.7

2.1

0.8

1.3

2.7

9.1

6-87

5.0

5.0

*.0

*.2

3.1

1.7

2.0

0.9

I.*

2.6

7.6

7-87

* •5

* •5

3.6

3.7

2.6

1.3

1.6

0.5

0.9

1.8

5.8

278.8
279.1
283.1

18.6

287.2

7.2

18.7

18.8

12.7

9.9

1.7

8.7

5.6

—0 . *

287.6
287.0

-2.5

283.3

8-87

3.3

3.2

2.3

2.3

1.2

- 0.1

0.0

-l.l

-0.9

- 0.*

2.7

3.3

3.6

0.2

-5.3

- 8.6

-I*.*

9-87

3.9

3.8

3.0

3.0

2.1

0.9

1.1

0.2

0.5

1.1

*.0

*.7

5.3

2.8

- 0.8

-1.7

- 1.2

14.0

10-87

3.6

3.5

2.7

2.8

1.9

0.8

0.9

0.1

0.3

0.9

3.5

4.4

2.2

—0 . 8

-1.5

- 1.1

6*3

- 0.8

4-S6

5-86

6-86

7-86

8-36

9-86

10-86 V I -8 6

12-86

1-87

4-87,

5— 87

6-87

7-87

8-87

9-87

♦DAT*

fOR f OUR MONTHS AGO R E V I S E D T O R E f L E C T L A T E

2-87

3-87

286.*
286.2

R E P ORT I NG

PREPARED E Y F E U E R A L TTE SERVE BANK UF ST . LU U IS
NOVEMBER 13. 19®7

PROOUCER P R I C E I NOEX* F I N I S H E D GOODS* E XC L U OI N G FOODS - SEASONAL LY A D J U S T E D *
_____________________________ COMPOUNDED ANNUAL RAT ES Of C H A N G E ____________________________
100

rv
1
G
D

TERMI NAL________________________________________________________________________ I N I T I A L MONTH__________________________________________________________________________ 1967 »
MONTH
8-8 7 9-8 7
1-87
5-8 7
6-87
7-87
*-86
5-86
6-86
7-86
8-86
9 - 86 10-86 11-86 12-86
3-87
4-87
3-86
*-86

-9.*

5-86

-3.6

2.5

290.3

6-86

- 1.6

2.5

290.9
2.5

291.5
287.1

7-86

-5.6

—* . 3

-7.6

8-86

-*.5

-3.2

-5.0

-8.5

0.*

9-86

-2.9

- 1.6

- 2.6

-*.2

2.7

5.1

10-86

-2.3

- 1.0

-1.7

- 2.8

2.*

3.*

11-86

-1.7

- 0.6

-l.l

- 1.8

2.3

3.0

1.9

2.1

12-86

-1.3

- 0.2

- 0.6

-l .l

2.*

2.8

2.1

2.3

1-87

0.3

2-87

0.*

1. *

1.3

3-87

1.1

2.1

2.1

I.*

*-87

1.2

2.2

1.3

-16.7

l.l

287.2
288.4
288.8

1.7

2 89.3

8.8

5.3

289.9

2.5
15.5

293.4

*.*

5.3

1.2

*.0

*.6

*.6

5.3

6.*

8.3

1 •6

2.0

*.6

5.3

6.0

7.0

8.5

5.2

8.9

*.9

5.5

6.2

7.1

*.*

5.9

2.9

2.1

2.1

*.*

293.8
295.9
296.6

5-87

0.9

1.8

1.7

1.6

3.7

*.l

*.3

*.6

5.0

2.6

2.9

0.0

- 2.8

6-87

1.1

1.9

1.8

1.7

3.6

3.9

*.l

*.*

*.7

2.6

2.9

0.9

0.0

2.9

7-87

1. *

2.2

2.2

2.2

3.9

*.2

*.l

*.*

*.7

5.0

3.*

3.7

2.5

2.3

5.0

8-87

1.7

2. *

2.*

2.*

*.0

*.*

*.3

*.5

*.8

5.1

3.7

*.1

3.1

3.2

5.2

6.4

5.8

9-87

1.6

2.3

2.3

2.3

3.8

*.0

*.2

*.*

*.6

3.3

3.5

2.7

2.6

*.0

4.4

3.1

0.4

10-87

1.3

2.0

1.9

1.9

3.3

3.5

3.*

3.5

3.6

3.7

2.5

2.6

1.7

1.6

2.5

2.3

0.8

- 1.6

-3.5

3-86

4-86

5-86

6-86

7-86

8-86

9-86

10-86

11-86

12-86

1—87

2-8 7

3-87

4-87

5-87

6-87

7-8 7

8-8 7

7^8 f

*DAT*

fOR f OUR MONTHS AGO R E V I S E D




TO REFLECT LATE

295.9
296.6
7.1

298.3
299.7
299.8
298.9

I N I 11AL MUNI H
R E P OR T I NG

PREPARED BY FEDERAL RESERVE ~B*W l Ul- S I . LU U IS
NOVEMBER 13» 1987_________________________

6

NDUSTRIAL
RATIO

PRODUCTION

SCALE

RATIO

1977-100

1979

1980

1981

1982

1983

SCALE

1977-100

SEASONALLY ADJUSTED

1984

1985

1986

1987

PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIODS INDICATED.
LATEST DATA PLOTTED« OCTOBER PRELIMINARY
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

------------------ i k w ï f k i ü T T f ô b u iiià k ------------COHTOUWOt O AWWUAL R A T E S Of C H A » 6 €
T ERNI HAL________________________________________________________________________ I M T I A L NONTH_________________________________________________________________________ 1977 NONTM
7-87
8-87
9-87
6-87
4-87
5-87
2-87
3-87
9 —8 6 10—86 1 1 - 8 6 1 2 - 8 6
1-87
4-86
5-86
6-86
7—8 6
8-86
3-86

100

124.7

4-8S

8.0

»-86

2*0

-3.8

6-86

0 *6

-2.9

-1.9

7-86

2.2

0.3

2.4

7.0

8- 86

1*9

0.5

1.9

3.9

9-86

1.0

-0.4

0.5

124.3
124.1

1.3

124.8
12* . 9

1.0
—1.4

124.5

-3.8

125.3

10-86

1.9

1.0

1.9

2.9

1.6

1.9

11-86

2.2

1.4

2.3

3.1

2.2

2.6

8.0

12-86

3.1

2.5

3.5

4.4

3.9

4.6

7.6

7.4

125.7
126.8

11.0

126.2

1-87

2.2

1.6

2.3

2.9

2.3

2.5

4.2

2.9

-5.5

2-87

2.8

2.3

3.0

3.6

3.2

3.6

5.1

4.4

1.4

8.9

3- 87

2.8

2.4

3.0

3.6

3.1

3.5

4.7

4.1

1.9

5.8

127.4

3.0

4.0

3.4

1*4

3.9

3.6

3.3

3.5

4.5

4.0

2.7

4.8

3.5

3.8

7.8

4.0

3.8

4.0

5.0

4.6

3.7

5.6

4.8

5.4

8.3

8.8

5.2

7.1

6.7

7.7

10.4

11.8

1 4. 9

5.5

5.0

6.6

6.2

6.9

8.7

9.0

9.2

3.7

4.9

4.3

5.6

5.2

5.6

6.7

6.5

5.7

1.4

-0.9

5.1

4.7

5.9

5.5

5.9

6.9

6.7

6.2

3.4

3.2

12-*6 n r - a ?

2-B7

3-87

4-87

5-87

6-87

7—87

8-87

2.6

5-87

3.0

2.6

3.1

6-87

3.3

3.0

3.6

7-87

4.0

3.8

4.3

4.8

4.6

5.0

5.9

5.7

8-87

4.0

3.8

4.3

4.7

4.6

4.9

5.7

9-87

3.7

3.5

4.0

4.4

4.4

5.1

1 0- 8 7

3.9

3.7

4.2

4.6

4.4

4.6

5.3

3-86

4-86

5- 86

6-86

7-86

8-86

9-46

2.7

127.4
0.0

2.8

4-87

2.2

1 27 . 1
2.9

3.2

10- S 6 1 1 - 4 6

I NTT I AL

1.4

1 28 . 2
1 29 . 1
130.6
131.0
1 3 0 . 9f>
7.6

1 3 1 . 7P

9-8 7

mmT H

K - P R E LIM IN A R Y

_______________________________________________________ _____________________________________________________________




7

P KEF AKF O BY FEDERAL KkSfcRVfc BANK Uh S T . LUU1S
NOV€HPER 16» 1987________________________________________

PERSONAL
RATIO

SCALE

TRILLIONS

MONTHLY

OF

DOLLARS

TOTALS

INCOME
AT AN N U A L

SEASONALLY

RATIO

RATES

TRILLIONS

ADJUSTED

OF

SCALE

DOLLARS

2.

2

2.0

.

1979

1980

1981

1982

1983

1984

1985

1986

1987

SOURCEt U.S. DEPARTMENT Of COMMERCE
PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIODS INDICATED.
LATEST DATA PLOTTED. OCTOBER PRELIMINARY
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
PERSONAL I NCOME
COHPOUNOEO ANNm
_ f t * T E $ . 0f _ C H A N 6 E
BlLLÎÔèii »
POLLARS
ANNUAL RAT ES

I N I T I A L »19NTH
HONTH
3-86
* - 8S

*-86

5-86

6-86

7-86

9-

9-86

10-86

11-86

12-86

L-87

2-87

3-87

4-87

5-87

6-87

7-87

8-87

9-87
3 525.8

16*1

3 525.9

5-8S

7.8

0.0

6 - 8*

5.*

o.*

0.8

7-8S

5. I

1.7

2.5

8 - 8S

*.9

2.3

3.1

*.3

*.*

9-8S

5.0

2.9

3.6

4*5

*.7

5 0

10 - 8 S

* •7

3.0

3.5

*.3

*.3

* 2

3.*

11- 8 S

* •7

3.2

3.7

*.3

*.3

* 3

3.9

*.*

12 - 8λ

5.0

3*7

<1.3

4.9

5.0

5 2

5.2

6.1

7.9

1-87

5.2

*.0

*.5

5.1

5.2

5 *

5.5

6.2

7. 1

6.3

3 528.1
3 540.3

*.2

3 552.9
3 567.5
3 577.5
3 590.3
3 613.0
3 631.5

2-87

5.9

5.0

5.5

6.1

6.*

6 8

7.1

8*1

9.3

10.1

13.9

3-87

5.8

*.9

5.*

5.9

6.1

6

6.6

7*3

8,0

8.0

8*9

4.1

*-87

5.8

5.0

5.5

5.9

6.1

6 *

6.5

7.1

7.6

7.6

8.0

5.1

6.2

6.4

6.7

6.5

6.5

4. 1

4.2

2.2

5-87

5.5

*.8

5.2

5.6

6-87

5.3

*.6

*.9

7-87

5.*

*.8

5. 1

6.0

3 671.2
3 6 83.4
3 701.9
3 708.5

5.7

5 9

5.3

5.*

5 5

5.6

5.8

6.0

5.7

5.6

3.6

3.5

2.2

2.2

5.*

5.6

5 7

5.7

6.0

6.2

5.9

5.9

4.3

4.*

3.8

4.7

7.2

3 736.8

6.0

6.2

6.0

6.0

4.7

*.8

4.5

6.4

3 756.1

3 715.3

8-87

5.5

*.9

5.2

5.5

5.6

5 7

5.8

5.2

6.8

9-87

5.6

5.0

5.3

5.6

5.7

5 8

5.9

6.1

6.3

6#1

6.1

5.0

5.2

5.0

5.7

6.8

6.7

7.0

10-87

6 .*

5.9

6.2

6.6

6.7

6 9

7.0

7.4

7.6

7.6

7.7

7.0

7.4

7.6

8.8

10.5

11.6

14.3

22.1

3-86

*-86

5-86

6-86

7-86

8 - i 86

9-86

10-86

11-86

1 2-86

1-87

2-87

3-87

4-87

5-87

6-87

7-87

8-87

9— ê ?

P-

3 777.2
3 840.5P

P REL IM INA RY




TKEP'AfcCft ÔV FE&EftAL RESERVE 5AWK "OF S T . LO U IS
NOVEMBER 2 5 »

8

1987_________________________________________

RETAIL
RATIO

SALES

SCALE

B I LL I ONS

OF

RATIO
DOLLARS

SEASONALLY

BILLIONS

ADJUSTED

OF

SCALE

DOLLARS

SOURCEt U.S. DEPARTMENT OF COMMERCE
PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIODS INDICATED.
LATEST DATA PLOTTED« SEPTEMBER, OCTOBER ADVANCE ESTIMATE
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

R E T A I L SALES
COMPOUNDED ANNUAL R A T E S Of CHANCE
IN ITIAL

T E R MI N A L
MONTH
3-86

4-86

5-86

6-66

7-66

6-66

9-66

10-66

11-66

12-66

MI L L I O N S OF
DOLLART

MONTH
1-87

2-87

3-67

4-67

5-67

6-87

7-67

8-67

9-67
118*113

*-86

9.1

5-66

12.1

15.1

6-86

8.2

7.8

1.0

119*507
119*605
120*476

7-86

8.5

8.3

5.0

9. 1

8-86

9.4

9.5

7.7

11.2

13.3

9-86

21.2

23.8

26.1

35.7

51.4

10- 8 Ì

1*5

7.2

5.7

6.9

6. 1

2.6

-47.8

11-86

5*1

5.2

3.7

4.2

3.0

- 0.2

-29.9

-5.8

12-86

11.9

12.3

11.9

13.8

14.8

15.2

-4.5

29.1

77.1

1-87

1.4

0.5

- 1.2

-1.5

-3.1

- 6.1

-22.5

- 11.6

-14.3

-58.6

2-87

6.5

6.3

5.*

5.9

5.5

4.2

-6.7

5.0

8.8

-14.7

1 21*735
129*101

102.4

122*288
121*678
1 27*613
118*579
75.7

1 24*280
124*593

3-87

6.3

6.0

5* I

5.6

5.2

4.1

-6.9

*. 6

7.4

-9.1

14.6

3.1

*-87

6.0

5.8

5.0

5.4

5.0

4.0

-5.*

4.4

6.6

-6.1

23.3

3.3

3.6

5-87

5.5

5.3

4.5

* •8

*.4

3.4

-4.9

3.6

5.3

-5.1

16.8

1.9

1.3

-0.9

6-87

6.1

5.9

5.2

5.6

5.3

4.5

-2.9

5.0

6. 6

-2.0

16.4

5.0

5.6

6.6

14.8

7-87

6.2

6.0

5.4

5.7

5.5

4.8

-1.9

5.2

6.7

-0.7

14.6

5.5

6. 1

6.9

11.0

7.4

8-87

6.9

6.8

6.3

6.6

6.5

5.9

- 0. 1

6.6

8.0

1.6

15.4

7.6

8.6

9.8

13.7

13.1

9-87

5.8

5.6

5.0

5.3

5.0

4.4

- 1.2

*.7

5.8

- 0.1

11.6

4.6

4.8

5.1

6.6

4.0

2.4 -1 2 .1

10-87

5.4

5*2

*.6

*.9

*.6

*.0

-1.2

*.2

5*2

-0.2

10.I

3.8

3.9

4.0

5.0

2.7

1.1

- 6.6

-1.3

3-^86— 4 = 8 6

5 =* 5

6=Sò

7=F5

5=57— ¥= S 7 — 5 = F7 — 5=9 7 — 7 ^ 5 7

B ^Sl

9 =1 7

5 =53— 4 =0 6

t f = Ï6

1 2 -0 6 — r = ¥ 7 — Z=S 7—

---------------------------------------------------------------------------------------------------------------------------------------------------r N I T I A L

124*960
1 2**867
126*307
127*061
19.2

128*931
127*555?

MONTH------------------

n^TTgLIHIMAftV
6- E S T I M A T E D
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ PREPARED B T FEDERAL RbSfcRVfc BANK 1 1 S I .
3NOVEHBER 13* 1987




1 27 *4186

9

LUUIS

H Ó u á L V ü m k t k iÁ T l f t ^ t

éUSfUESS i K T M T

COMPOUNDED ANNUAL RA TE S OF CHANfcE
TERMINAL ________________________________________________________________________ I N I T I A L QUARTER______________________________________________________ ______________
QUARTER
1-8*
3 -8 3
* -8 3
2 -8 4
3 -8 4
* -8 4
1-87
2 -67
4 -8 2
2 -83
4 -8 6
1 -83
1 -85
3 -8 5
4 -65
1 -8 6
2 -8 6
3 -6 6
2 -85

19 77 * 10 0

159*8

l-8 i

3.8

2-83

3 .2

2 .5

3 -8 i

2 .6

2 .0

160*6
161*4

1.5

143*6

* -8 }

3.3

3 .2

3.5

5 .6

1 -8 4

3 .8

3 .8

* .2

5 .5

5 .5

2-8*

3 .6

3 .5

3 .8

* .6

4 .1

2 .7

165*6
166*9
166*7

3-8*

3 .7

3 .7

3.9

4 .5

4 .2

3 .5

4*4

* -8 V

3 .7

3 .7

3 .9

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4. 1

3 .6

4 .1

1 -8 5

3 .9

3.9

*.1

4 .5

* .3

4 .0

4 .4

4 .4

5 .0

2-85

* .0

* .0

4 .2

* .6

* .*

4 .2

4 .6

4 .7

5. 1

5 .2

3-85

*. 1

* .2

* .*

4 .7

* .6

4 .5

4 .8

4 .9

5 .3

5 .4

5 .6

*-85

* .2

* .3

* .5

*.8

* .7

* .6

4 .9

5 .0

5 .3

5 .4

5.5

5 .3

170*3

3.8

172*4
174*6
177*0
179*3
160*7

1-86

* •2

* .2

* .3

* .6

* .5

* .4

* .6

4 .7

4 .9

4.8

4 .7

4 .2

3 .2

2-85

*.1

*. 1

* .3

* .5

* .*

4 .3

4 .5

* .5

4 .6

4 .5

4 .4

3 .9

3.3

3 .4

3-86

* .0

* .0

* .2

* .4

* .3

4 .2

4 .3

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4**

4 .3

4 .1

3 .7

3 .2

3 .2

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* .0

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* .1

4 .3

* .2

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* .2

* .2

4 .3

4 .2

* .0

3.7

3.3

3 .3

3 .3

3 .5

1 -8 7

3 .8

3 .8

3 .9

4 .1

* .0

3.9

3 .9

3 .9

3 .8

3 .6

3 .3

2 .9

2 .8

2 .6

2.4

1 .3

2 -87

3 .8

3 .8

3.9

4.0

3.9

3 .8

3 .9

3 .9

3 .8

3 .6

3 .3

3 .0

2 .9

2 .8

2 .7

2 .3

3 .3

3-87

3.8

3 .8

3 .9

4. 1

* .0

3 .9

3 .9

3 .9

3 .8

3 .7

3 .*

3.1

3. 1

3 .1

3 .1

3 .0

3 .8

4 .3

*-82

1-Ó3

4 -83

1 -14

3 -8 4

4 -8 4

1 -8 5

2 -8 5

3 -8 5

4 -8 5

2-36

3 -8 6

4 —#6

1 -87

2 -8 7

3 -8 3

2 -8 4

IN I T I A L
>-

1 -86

162*2
183*6

3.1

185*2
185*8
187*3
1 89.3P

QUARTER

P UE l I m í n a ^ ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

PREPARED BY FEDERAL RESERVE BANK. Ul- S I . LU U IS
_________________________________________________________________________________________________________________ NOVEMBER 2 » I9 8 T_______________________________________

6 ú t > Ü T « R HOUR
AL L > É R Í Ó N ¿ . ¿ u 5 I ^ 5 ¿ S « T M
__________ COMPOUNOED ANNUAL R AT ES OF CHANfcE
TERHI NAL_________________________________________________________________________I N I T I A L QUARTER
QUART ER
3-85
2- 8 *
*-82
1-83
2-83
3-83
4-84
1-85
2-85
4-83
1-84
3-84
1-83

____________________________________________________________ 1 9 7 7 « 1 0 0
4-65

1-86

2-86

3-86

4-86

1-67

2-87
101*9

3.6

103*4

2- 8}

*.8

6.0

3-83

2.6

2.2

-1.5

* - 8}

2.7

2.*

0.6

2.7

103*0
103*7
105*1

1- 8 *

3.2

3.1

2.2

*. 1

2 - 8*

3.0

2.9

2.1

3.4

1.9

3-8*

2.5

2.3

1.6

2.4

0.8

* - 8*

2.*

2.2

1.6

2.2

1.0

1-85

2.4

2.2

1.7

2.3

1.3

1. 1

1.9

2.3

2-85

2.*

2.3

1.8

2.3

2.2

1.6

1.5

2.2

2.5

2*7

105*6
105*5

—0 . *

105*9

1.5

106*5
107*2

3-85

2.5

2.*

2.0

2.5

2.5

2.0

2.6

2.9

3.2

3*6

*-85

2.2

2.1

1.7

2.1

2.0

1.5

1. *

1.8

1.9

1.8

1*3

- 1*1

1-86

2.5

2.*

2.1

2.5

2.4

2.1

2.1

2.5

2.7

2.8

2 *9

2.4

2 - 8S

2.*

2.3

2.0

2.3

2.3

1.9

1.9

2.3

2.4

2.4

2 *3

1.9

3*4

0*7

3-86

2.2

2.1

1.8

2.1

2.0

1.7

1.7

1.9

2.0

1.9

1*8

1.3

2*1

0*2

—0 * 4

2.0

1.7

1.9

1.9

1.5

1.5

1.7

1.7

1.7

1*5

1.0

1*6

0*1

- 0*2

0.0

106*2
107*9
6*1

109*5
109*7
109*6

1.9

1.6

1.8

1.7

1.4

1.4

1«6

1.6

1*5

1*3

0 *9

1*3

0*2

0*0

0.2

0 *4

1.9

1.8

1.6

1.8

1.7

1.4

1.4

1.6

1*6

1*5

1*3

1*0

1*4

0*4

0*4

0*6

0 *9

1*5

3-87

2.0

1 .9

1.7

1.9

1 .8

1 .5

1 .5

1.7

1*7

1*6

1*5

1*2

1*6

0 *9

0.9

1*2

1*6

2*2

2 *9

4 -82

1 -83

2-83

3 -8 3

4 -8 3

1 -8 4

2 -84

3 -8 4

4 -6 4

1 -8 5

2 -65

4 -8 5

1 -86

¿~ñb

3 -8 6

4 -8 6

1— 8 r

Z -8 Í

F ^ O Ñ I M

1

2.0

¿1

1-87
2-87

■S
J

«0
1

2.1

109*6
109*7
110*1
110.9P

? ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- -------------- -- -----------------------------------------------------------------------------------------

PREPARED BY FEDERAL RESERVE ~g*T* U f M * LU U IS
__________________________________________________________________ ______________________________________________ NOVEMBER 2 » 1987__________________ __________




10

P R O D UC T I V I T Y ,

COMPENSATION,

RATIO SCALE
1977-100

1979

AND LABOR COSTS
RATIO

SEASONALLY ADJUSTED

1980

1981

1982

1983

1984

1985
SOURCEt

PERCEMTA6ES
LATEST

ARE ANNUAL R A TE S OF C H A N «

DATA P LO T T E D .

FOR P E R IO D S

« .5 .

1986

SCALE
1977-100

1987

D E P A RT lttN T

OF LABOR

IN D IC A T E D .

3RD QUARTER P R E L IM IN A R Y
PREPARE© BY FED ER A L

R ESE R V E

BANK OF S T .

L O W IS

U N I T LABOR COST S* B USI NESS S f i df c *
____________________ COWeOUHOED ANNUAL RATES O f CHANGE___________________________
T ER M IN AL ________________________________________________________________________ I N I T I A L QUARTER_______________________________________________________________________ 1 97 7* 10 0
QUARTER
4-86
2-87
1-87
4-85
1-86
2-86
3-86
2-85
3-85
1-85
*-82
1- 83
2-83
3-83
4-83
1-84
2-84
3-84
4-84
156.8

1-83

0.0

2-83

-1.7

-3.3

3-83

- 0. 1

- 0. 1

3.1

4-83

0.6

0.8

2.8

2.6

1- 8 %

0.5

0.6

2.0

I.*

0.3

2- 8 *

0.5

0.6

1.6

1.1

0.*

155.5
156.7
157.7
157.8
0.5

158.0
159.9

*.9

3-8*

1.1

1 .3

2.3

2.0

1.9

2.7

4-8*

1.3

1. *

2.3

2.1

2.0

2.5

3.6

2.3

1-85

I.*

1.6

2.3

2.2

2.1

2.6

3.3

2.5

2.8

160.8
161.9
162.8

2-85

1.5

1.7

2.3

2.2

2.1

2.5

3.0

2.4

2.5

2.2

3-85

1.6

1.7

2.3

2.2

2.1

2.*

2.8

2.3

2.3

2.1

2.0

*- 85

L.9

2.1

2.7

2.6

2.6

3.0

3.*

3.1

3.3

3.5

4.1

6.3

1- 8 5

1.6

1.7

2.2

2.1

2.0

2.3

2.5

2.1

2. 1

1.9

1.8

1.7

- 2.6

2-86

1.7

1.8

2.2

2.2

2.1

2.3

2.6

2.2

2.2

2.1

2.1

2.1

0.1

2.9

3-85

1.8

1.9

2.3

2.2

2.2

2.*

2.6

2.3

2.4

2.3

2.3

2.4

l.l

3.1

3.2

2.5

2.6

1.7

3.2

3.4

3.6

163.6
166.1
165.0
166.2
167.5
169.0

*- 85

1.9

2.0

2.*

2.*

2. 3

2.5

2.7

2.5

2.5

2.5

I -87

1.8

2.0

2.3

2.3

2.2

2.*

2.6

2.3

2.3

2.3

2.3

2.3

1.6

2.7

2.6

2.3

1.0

2-87

1.8

1.9

2.3

2.2

2.2

2.*

2.5

2.3

2.3

2.2

2.2

2.3

1.6

2.5

2.4

2.2

1.4

1.9

3-87

1.8

1.9

2.2

2.2

2.1

2.3

2.*

2.2

2.2

2.1

2. 1

2.1

1.6

2.3

2.2

1.9

1.3

1.5

1.2

*- 82

1-83

2- 83

3-83

*-83

1- 8 *

2- 84

3-84

4-84

1- 85

3- 85

4-85

1- 86

2-86

3-86

4-86

1-87

2-87

------------------------------------------------------------------------------------------------------------------------------------------------- IN I T I A L
P-

P R E L I MI NA R Y

2- 85

169.4
170.2
1 7 0 . 7P

Q U A R TS

'

“

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- --------------------------------- P ftE FitE C TB V FEDERAL RESERVE BANK OF S T . LO U IS




___________________________NOVEMBER 2 »

11

1987__________________________________________

CROSS NAT I ONAL PROOUCT I N CURRENT DOLLARS
COMPOUNDED ANNUAL RAT E S OF CHANCE_______

B IL L IO N S OF
IN ITIAL

T ERMI NAL
QUARTER

QUARTER

DOLLARS

ANNUAL RATES
* “ 82

1-83

2-83

3-83

4-83

1-84

2-84

3-8*

4-84

1-85

2-85

3-85

4— 85

1—86

2-86

3-86

4-86

1-87

2-87
3 »265.8

I “ 8)

6.8

2*83

9.9

13.0

3-83

9.7

11.2

9.4

*-83

10.%

11.6

10.9

3*367.4
3*443.9
3*545.8

12.4

3*674.9

1- 8%

II .%

12.5

12.4

13.9

15.4

2- 8%

10.9

11.8

11. 5

12.2

12. L

8.9

3-8%

10.2

10.8

10.3

10.6

10.0

7.4

5.8

9.5

9.9

9.4

9.4

8.6

6.5

5.3

4.7

% - 8%

3*754.2
3*807.9
3*851.4
3*921.1

1-85

9.3

9.6

9.1

9.0

8.4

6.7

6.0

6.0

7.4

2-85

8.9

9.1

8.6

8.5

7.9

6.5

5.8

5.8

6.4

5.5

6.1

6.1

6. 6

6.3

7.1

3*973.6
4*042.0

3-85

8.7

8.9

8.5

8.3

7.8

6.6

% - 85

8.5

8.7

8.2

8.1

7.6

6.5

6# 1

6.2

6.6

6.3

6.7

6.3

1-86

8 .%

8.5

8. 1

8.0

7.5

6.6

6.3

6.3

6.6

6.5

6.8

6.7

7.0

7.7

7.6

7.1

6.2

5.9

5.9

6. I

5.9

6.0

5.6

5.3

3.6

2-86

8.0

8. 1

4*104.4
4*174.4
4*211.6
4 *265.9

3-86

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

7.5

7.5

7.1

7.0

6.5

5.8

5.5

5.4

5.5

5.2

5.2

4.8

4.5

3.6

3.7

2.1

1-87

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

7.5

7.5

7.2

7.0

6.7

6.0

5.8

5.8

5.9

5.7

5.8

5.6

5.5

5.2

5.5

5.6

7.5

6.3

3-87

7.5

7.5

7.2

7.0

6.7

6.1

5.9

5.9

6.0

5.9

5.9

5.8

5.7

5.5

5.8

6.0

7.3

6.6

7.0

4-82

1-83

2-83

3-83

4-83

1—84

2- 8 *

3-84

4-84

1-85

2-85

3-85

4-85

1-86

2-86

3-86

4-86

1-87

2-B7

4*288.1
4 *377.7
4 *445.1
4*520.5

INIT!AL QUARTER

PREPARED BY FEDERAL RESERVE BANK OF S T . LO UIS
NOVEMBER 24*

1947_________________________________________

GROSS NA T I ONAL PROOUCT I N 1982 DOLLARS
COMPOUNDED ANNUAL R AT E S OF CHANGE

-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- B IL L IO N S OF
T E R MI N A L

IN ITIAL

QUARTER

DOLLARS

"q u a r t e r ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ANNUAL RATES
4-82

1-83

2-83

3-83

4-83

1-84

2-84

3-84

4-84

1-85

2-85

3-85

4-85

1-86

2-86

3-86

4-86

1-87

2-87
3*186.6

1-83

3.5

2-83

6.4

9.3

3-83

6.3

7.7

6.0

4-83

6.5

7.5

6.7

7.3

1- 8*

7.3

8.3

8.0

9.0

10.7

2 - 8*

7.0

7.7

7.4

7.8

8.1

5.5

3-8%

6.4

6.9

6.4

6.5

6.2

4.0

2.6

* - 8*

5.8

6. 1

5.6

5.5

5. 1

3.2

2.1

3 *258.3
3 *306.4
3*365.1
3 *451.7
3*498.0
3*520.6
3*535.2

1.7

1-85

5.6

5.8

5.3

5.2

4.8

3.4

2.7

0
0
•
«N

3*568.7

3.8

2-85

5.2

5.4

4.9

4.8

4.4

3.1

2.5

2.5

3.0

2.1

3-85

5.1

5.3

4.8

4.7

4.3

3.3

2.8

2.9

3.3

3.1

4.1
3.1

3 *587.1
3*623.0
3*650.9

*-85

4.9

5.1

4.7

4.5

4.2

3.3

2.9

3.0

3.3

3. 1

3.6

1-86

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

4.7

4.7

4.4

4.2

3.9

3.2

2.9

3.0

3.2

3.0

3.3

3.0

3.0

0.6

2.8

2.9

2.6

2.5

1.0

3*698.8
3*704.7
3*718.0

3-86

4.4

4.5

4.1

4.0

3.7

3.0

2.7

2.8

2.9

*-85

4.2

4.3

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

1-87

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

2.4

2.9

4.4

2-87

4.2

4.2

3.9

3.7

3.5

3.0

2.8

2.8

2.9

2.8

2.9

2.7

2.6

2.1

2.4

2.8

3.4

2.5

3-87

*.2

4.2

3.9

3.8

3.5

3.0

2.9

2.9

3.0

2.9

3.0

2.9

2.8

2.4

2.4

3.1

3.7

3.3

4.1

*-82

1-83

2-83

3-83

4-83

1-84

2-44

3-84

4-84

1-85

2-85

3-85

4-45

1-86

2-86

3-46

4-46

i-87

2-87




1.4

3 *731.5
3*772.2
3*795.3
3*833.4

I N I T I AL QU ARTETT

PREPARED BV FEDERAL RESERVE BANK OF S T . LU U IS
NOVEMBER 2 4 »

12

I9 S T _______________________________

GROSS N AT I ONAL
RATIO SCALE
T R I L L I O N S OF
4.

QUARTERLY

DOLLARS

TOTALS

PRODUCT

AT ANNUAL

SEASONALLY

RATES

ADJUSTED

TRILLIONS

RATIO SCALE
OF D O L L A R S

.8

3.

2.
979

98 0

198

982

1983

1984
SOURCE«

PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIODS
L ATE ST DATA PLOTTED«




1985
U.S.

1986

1987

DEPARTMENT OF COMMERCE

I NDI CATED.

3RD QUARTER
PREPARED BY FE DERAL RE SE RVE BANK OF S T .

13

LOUIS

GENERAL
RATIO

PRICE

INDEX*

SCALE

RATIO

1982-100

SCALE

1982-100

1979

1980

1981

1982

1983

1984

«A3 USED IN NATIONAL INCOME ACCOUNTS

1985

SOURCE.

1986

1987

U. S. DEPARTMENT Of COMMERCE

PERCENTAGES ARE ANNUAL RATES Of CHAH8E FOR PERIODS INDICATED.

LATEST DATA PLOTTEDi 3RD OUARTER
PREPARE» §Y FEDERAL RESERVE SANK Of ST.

LOUIS

I M P L I C I T P R IC E DEFL AT OR FOR CROSS N A T I O N A L PRODUCT
___________ COMPOUNOED ANNUAL R AT ES OF CHÀNCE_____________
T E R M IN A L _________________________________________________________________________I N I T I A L QUARTER_______________________________________________________________________ 1982 QUARTER
4 -8 6
1 -87
2 -8 7
4 -85
1—^ 5
1-86
2 -8 6
3 -8 6
4 -8 3
2 -8 5
3-85
4 -8 2
1 -83
2 -8 3
3 -83
2 -8 4
4 -6 4
1 -84
3 -8 4
l-e j

100

102.5

3 .2

103.3

2-83

3 .2

3 .2

3 -03

3 .3

3 .3

3 .5

V— 83

3 .6

3 .8

* .1

* .7

1 -8*

3 .8

3 .9

* .2

* .5

4 .2

1 04.2
1 05.4
106.5
1 0 7 .3

2 -® *

3 .6

3 .7

3 .9

* .0

3 .6

3 .0

3— 8*

3 .6

3*7

3 .8

3 .8

3 .6

3 .2

3 .4

*-8*

3 .5

3*6

3*6

3 .7

3 .4

3 .1

3 .2

3 .0

108.2
109.0
109.9

1 -85

3 .5

3 *5

3 .6

3 .6

3 .4

3 .2

3 .2

3 .2

3.3

2 -8 5

3 .5

3 .5

3 .6

3 .6

3 .4

3 .2

3 .3

3 .2

3 .3

3 .3

3-85

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 .4

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 .1

3 .0

2 .9

2 .9

2 .9

2 .7

2 .5

2 .3

1 .8

2 -8S

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 -8 6

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

* -8 6

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 .1

3 .0

2 .9

2 .9

2 .9

2 .8

2 .8

2 .7

2 .7

2 .6

2 .8

2 .8

2 .5

4 .2

2 -8 T

3 .2

3 .2

3 .2

3 .2

3 .1

3 .0

3 .0

2 .9

2 .9

2 .9

2 .8

2 .8

2 .8

3 .0

3 .0

2*8

3 .9

3 .5

3-87

3 .2

3 .2

3 .2

3 .1

3 .0

2 .9

2 .9

2 .9

2 .9

2 .9

2 .8

2 .8

2 .8

2 .9

2 .9

2 .8

3 .5

3 .1

4 -8 2

1 -83

2 -8 3

3 -8 3

4 -8 3

1 -8 4

2 -8 4

3 -8 4

4— 84

1 -8 5

2 -85

5 -85

4 -8 5

1 -8 6

2= 1 4

4 -8 6

1 -1 7




110.8
1 11.6
112.4
112*9
1 13.7
1 14.7

3 .6

1 14.9
1 16.1
1 1 7 .1
2 .8

1 17.9

2 -8 1

T R E P A R E D BT F E DE RA L RE SERVE BAUK O f S I . U R J 1 V
NOVEMBER ¿ 4 » 1987_______________________________ ______

14

PERSONAL CONSUMPT I ON E XP E NOI T U RE S I N CURRENT OOLLARS
_____________ COHPOUNOED ANNUAL RAT ES OF CHANCE______________
T E R HI NAL_____________________________________________ ____ _____________ _______ l NI T I AL Q U A R T E R __________________________________________________________
OOLLARS
QUARTER
ANNUAL RA T E S
3-86
l-?3
2-83
*-86
1—86
2—86
1-87
2-87
3-83
2-85
* —85
* - 8*
1-85
3- 85
3-8*
4-83
2 - 8*
1-84

4-8?

1- 83

5*7

2-83

9.3

13.0

3-83

9.3

ll.l

9.3

*-83

9.*

10.6

9.5

2*146.6
2*213.0
2*262.8
9.7

2*315.8

1- 8*

9. I

10.0

9.0

8.9

8. 1

2- 8*

9.2

10.0

9.2

9.2

8.9

9.8

3-8*

8.7

9.2

8.5

8.3

7.8

7.7

2*361.1
2*417.0
2*450.3

5.6

* - 8*

8.5

8.9

8.3

8.1

7.7

7.5

6. *

7.2

1-85

8.6

9.0

8. *

8.3

8.0

8.0

7.*

8.3

9.*

2-85

8.6

8.9

8. *

8. 3

8. 1

8.1

7.7

8.3

8.9

8.4

8.5

8.*

8. *

8.8

9.3

9.3

10.1

8.2

8.0

8.0

7.7

8.1

8.3

7.9

7.7

7.*

7.7

7.8

7.*

7.0

5.5

5.7

6.7

6.3

5.1

*.9

*.1

3-85

8.7

9.0

8.6

*-85

8.*

8.7

8.3

8.*

8.0

7.9

7.7

7.7

8.1

7.7

7.6

7.*

7.3

1-86

8.2

2-86

7.9

7.0

7.2

2*493.4

7.2

2*549.9
2*602.0
2*665.4
2*700.1

5.3

2*737.9
2*765.8
2*837.1

3-8í>

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

7.8

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

7.6

7.8

7.*

7.3

7.1

7.0

6.9

6.8

6.5

6.3

5.6

5.7

5.7

6.2

4.0

5.0

2-87

7.6

7.7

7.*

7.3

7.1

7.0

6.9

6.9

6.6

6.*

5.8

5.9

6.0

6.4

5.0

6.0

7.1

3-87

7.7

7.8

7.5

7.*

7.2

7.2

6.9

7.1

7.0

6.8

6.6

6.2

6.3

6.4

6.9

6.0

7.0

8.0

8.8

*-82

1- 83

2- 83

3-83

*-83

1- 8 *

2- 8*

3-8*

* - 8*

1- 85

2-85

3- 85

*-85

1- 86

2 —86

3-86

*-86

1— 8 f

¿-(Jí

2*858.6
2*893.8
2*943.7
3*006.7

IN I T I AL QUAinTK

FR'E PARED BT F E U E K A L RESERVE BANR UF S I .
NOVEMBSR 24* 1987_____________
_______

LUUIS

PERSONAL CONSUNPT l ON EXPENDI TURES I N 1982 OOLLARS
____________CONPOUNOED ANNUAL RATES Of CHANCE____________

_

,------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------------------------------------------------------------------B ILLTO N 5 OF
TERHI NAL________________________________________________________________________ I NI T I AL QUARTER_______________________________________________________________________ OOLLARS
' ANNUAL RATES
QUARTER
2-87
4-86
1-87
4-82
1- 85
2-85
3-85
4-85
1- 86
2-86
3-86
1- 83
2- 83
3-83
4-83
1- 84
2- 84
3-84
4-84
2 *094.2

1-83

3.0

2-83

5.5

8.0

3-83

5.4

6.7

5.3

4-83

5.4

6.3

5.*

5.5

1- 8 *

5.1

5.6

*.8

4.6

3.7

2 - 8*

5.3

5.8

5.2

5.2

5.1

2*135.1
2*163.0
2*191.9
2 *2 1 2 . 1
6.4

2*246.7
2*257.3

3-84

4.8

5.1

4.6

4.4

4.0

4.1

1.9

* - 8*

4.8

5.0

4.5

4.3

4.1

4.2

3.1

1-85

4.9

5. 1

4.7

*.6

*.4

4.6

2-85

4.8

5.0

4.6

4.5

4.4

5.0

5.2

4.9

4.8

4.7

4.9

*- 85

4.7

*.8

4.5

4.4

4.3

5.1

4.5

3-85

4.3

2*281.1

4.3

4.7

5.9

2*314.1

5.0

2*337.0

4.0

2*376.1

5.6

4.6
4.4

5.4

6.9

4.5

4.0

4.0

1.2
2.8

4.5

2*383.2
2*409.7

4.7

*.8

4.5

*.*

4.3

4.4

4.1

4.5

4.5

4.1

2-86

4.6

*.7

4.5

*.*

4.3

4.3

4.1

4.4

4.4

4.1

4.2

3.3

4.3

4.1

3-85

4 ♦8

4.9

4.7

4.6

4.6

4.6

4.4

4.8

4# B

4.7

4.8

4.3

5.3

5.7

4.3

4.0

4.1

3.5

4.1

3.9

2*434.3
2*477.5

7.3
w
•
a

1-84

4.2

2*480.5

0.5

4- 86

4.5

4.6

4.4

4.3

4.2

4.3

4.0

4.3

1-87

4.2

4.3

4.0

3.9

3.8

3.8

3.6

3.8

3.7

3.4

3.4

2.8

3.1

2.7

2.3

—0 . 1

—0 . 7

2-87

4.1

4.1

3.9

3.8

3.7

3.7

3.5

3.6

3.5

3.3

3.2

2.7

2.9

2.6

2.2

0.5

0.6

1.9

3-87

4.1

4.2

3.9

3.9

3.8

3.8

3.6

3.7

3.6

3.4

3.4

2.9

3.2

3.0

2.7

1.6

2.0

3.4

4.9

*-82

1-83

2-83

3-83

4-83

1-84

2 - 8*

3-84

4-84

1-85

2-85

3-85

4-85

1-86

2-86

3-86

4-86

1- 8 /

2-8 í




IN iriA L

2*475.9
2*487.5
2*517.2

IHMKIkU

PRERAREP B T F E DERAL R E S E R V E BAHR UF 51 .
NOVEWBER 24* 1987____________________

15

L OUI S

GROSS P R I V A T E DOMEST I C I NVE S T ME NT I N CURRENT DOLLARS
_____________ COMPOUNOED ANNUAL RAT ES O f CHANGE______________
T E R MI N AL
QUARTER

INITIAL
*-82

1-83

2-83

3-83

*-83

2-84

1-84

3-8*

I - 8J

38. 1
37.*

47.2

35.9

* - 8}

* 1.6

*9.8

*5. 1

*7.0

5*. 8

53. 3

62.8

71.0

2- 8 %

38.0

*2 .0

38.0

38.7

31.2

32.5

3* . 8

30.3

29.0

21.3

2.2

27.1

28.2

23.7

21.3

I*. 1

- 0.2

-0.7

1-86

2-86

3— 86

4-66

1-87

2-87

3.7

* - 8*

4-65

0.7

3-8V

3-85

54.9

1- 8 *

2-85

59.5

3-8}

1-85

19.6

2-83

4-8*

B I L L I O N S Of
0 OL L A R S
ANNUAL RAT ES

QUARTER

-5.0

426.3
481.3
519.7
579.8
663.0
664.2
670.3
661.8

1-85

21.8

22. 1

17.5

14.7

8.0

-3.7

-5.1

-9.2

-13.3

2-85

20.2

20.2

16. 1

13.5

7.7

- 1.8

-2.4

-*.3

-*.0

6.3

3-85

16.9

16.6

12.6

10.0

*.7

-3.5

-4.3

- 6.2

- 6.6

-3.1

-11.7

*-85

16.7

16.*

12.8

10.5

5.9

- I . 1

-1.3

-2.3

-1.7

2.6

0.7

14.9

638.6
648.4
628.6
650.8

I - 8b

17.1

16.9

13.6

11.6

7.6

1.5

1.6

1.3

2.6

7.0

7.3

18.2

21.6

2-85

15.6

15.3

12.2

10.2

6.5

1. 1

1. 1

0.8

1.8

5.1

4.8

10.9

9.0

3-86

13.6

13.2

10.2

8.3

*.9

- 0.1

- 0.2

-0.7

-O .l

2.3

1.5

5.1

2.1

-6.5

-10.5

4.0

1.4

-4.5

-5.6

-0.4

*-86

12.7

12.2

9.5

7.6

*.*

- 0.2

- 0.2

-0.7

-O .l

1.9

1.2

683.4
-2.3

679.4
660.8
660.2
699.9

1-87

13.*

13.1

10.5

8.9

6.0

1.8

1.9

1.7

2.5

*.7

*.5

7.4

6.0

2.4

4.0

12.2

26.3

2-87

12.7

12. *

9.9

8 .*

5.6

1.8

1.9

1.7

2 .*

*.3

*.1

6.6

5.2

2.2

3.4

8.5

13.3

1.6

3-87

12.2

11.8

9.5

8 .0

5.*

1.9

2.0

1.8

2.5

*.2

3.9

6. 1

4.9

2.3

3.3

7.1

9.6

2.2

2.8

* -8 2

1-83

2 -8 3

3-Ö3

*-83

1- 8 *

2- 8 *

3-84

4-84

1-85

2 —85

3-85

*-85

1-86

Z—86

3-86

4-86

l —o f

2 —0 /

INITIAL

702.6
707.4

QUARTER

PREPARED BY FEDERAL . RhS t KVb
NOVEMBER 24* 1987

BANK. U f

5I.
»

LUU1S

GROSS P R I V A t E DOMEST I C I N V E S T ME N T I N 1982 DOLLARS
COMPOUNDED ANNUAL RAT ES Of CHANGE
INITIAL

T E R MI N AL
QUARTER
*-82

1-83

2-83

3-83

*-83

1- 8 *

2- 8*

3-8*

* -8*

B I L L I O N S OF
DOLLARS
ANNUAL RAT E S

QUARTER

1-85

2-85

3-8 5

4-65

1—6 6

2-66

3-86

4-66

1-87

2-87
427.1

1-83

19.1

2-83

*1.9

68.9

3-83

39.5

51.0

35.0

*-83

* 1.2

49.4

*0.5

*6.3

1- 8 *

*5.8

53.4

*8.6

55.9

66.0

2- 8*

37.*

*1.4

35.2

35.3

30.1

486.9
524.8
577.2
655.2
656.4

2.0

6 64.2

3-8*

32.0

34.2

28.2

26.6

20.6

2.8

3.6

* - 8*

26.6

27.8

21.9

19.5

13.6

0.1

- 0.8

-5.0

1-85

21.*

21.7

16.1

13.2

7.5

-3.5

-5.3

-9.4

-13.6

2-85

20.1

20.2

15.2

12.6

7.8

- 1.2

-1.9

-3.7

-3.0

8.9

655.7
632.1
645.7
623.2

3-85

1 6.6

16.3

1 1.6

9.0

*.5

-3.3

-*.3

- 6.2

- 6.6

-2.8

-13.2

*-85

1 6.3

16.1

11.8

9.5

5.6

- 1.0

-1.5

-2.5

-1.9

2.4

-0.7

13.5

1-85

16.7

16.*

1 2.6

10.6

7.2

1.5

I.*

1.0

2.3

6.7

6.0

17.1

20.8

2-85

1 4.9

14.6

11.0

9.0

5.9

3-85

12.9

12.5

9.0

7.1

4. 1

643.3
674.4

0.7

0.5

O.l

1.0

4.2

3.1

9.2

7.1

-0.9

-1.5

-0.9

1.4

-O .l

3.5

0.4

-6.5

665.6

-5.1

- 0.6

-11.8

645.0
631.0

*-85

11.5

11.0

7.7

5.8

3.0

-1.4

-1.7

-2.3

-1.9

-0.1

-1.5

1.0

-1.9

-8.5

-10.1

1-87

12.4

12.0

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

6.5

26.5

2-87

11.7

11.3

8.5

6.9

4.5

0.9

0.6

0.5

I. 1

2.9

2.1

4 .6

3.1

- 0.1

1.2

6.0

14.0

1 .1

11.4

11.0

8.3

6.8

4.5

1.2

1.1

0.9

1.4

3.1

2.5

4.6

3.4

0.7

2.0

5.7

10.9

3.1

5.0

*-^T

l-ft*

2 -8 3

3 -8 3

4 -8 3

1 -8 4

2 -8 4

3 -8 4

4 -8 4

1 -8 5

2 -8 5

3-85

4 -8 5

1 -8 6

2 -8 6

3-86

4-86

1 -8 f

2 -8 1

3-87




INITIAL

-8.4

671.8
673.7
662.0

QUARI bR

"Finn* A RED ITT 1-tDfcRAL RESERVE B W R

NOVEMBER 24»

16

1967

UF S U

LIWIS

GOVERNMENT PURCHASES OF GOODS AMO S E R V I C E S I N CURRENT DOLLARS
COMPOUND60 ANNUAL RAT ES Of CHANCE

-------------------------------------------------------------------------------------------------------

----------B ILL IO N S "OF

T E R M I N A L ________________________________________________________________ I N I T I A L QUARTER_________________________________________________ ___________________ DOLLARS
annual rates
QUARTER
2-06
4-06
2-07
1- 06
3-06
1-07
2-83
3-83
4-85
*-82
1- 83
*-83
2- 05
3-05
L— 85
1-84
2-04
3-04
4-84
660*1

1-03

- 2*2

2-83

1*0

*.3

675*2
600*7

3-83

1*8

3.8

3.3

*-83

0*6

1*6

0.3

-2.7

1- 8 ^

2.9

*.3

*.2

*.7

12.6

2 - 8*

6.3

8.0

9.0

10*9

18.4

24.6

3-8*

6.2

7.7

8. *

9.7

14.1

14.9

6*0

* - 8*

6.7

8.0

8.6

13.2

8*0

9.9

676*1

9.7

13.1

696*5
7 35*0
746*6
764*5
784*1

1-85

7.1

8.3

8.9

9.9

12.6

12.6

0.0

10.3

10.7

2-85

7.3

8.*

8.9

9.7

11.9

11.8

0*0

9.7

9*6

0.6

3-85

8.1

9.2

9.8

10.6

12.7

12.7

10*4

11.5

12.1

12.0

17.1

*-85

8.5

9.5

10.0

1 0. 8

12.6

12*6

10.7

11.7

12.1

12.6

1*»6

12. 1

1-84

7.*

8.2

8.6

9.1

10.5

10*3

8*4

0.0

8.5

0*0

7.0

3.*

—4*6

8.7

9.2

10.5

10.2

8.6

0.9

0. 0

0.*

0.3

5.5

2.4

2- 86

7.6

8.*

000*5
832*8
057*0
046*9
9.9

067*2
070*5

3- 84

7.*

8. 1

8.*

8.9

10.0

9.7

8.2

8.5

0*3

7.9

7*7

5.5

3.4

7.6

5*3

4- 86

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

1-87

7.0

7.6

7.8

8.2

9.1

8*8

7.4

7.6

7.3

6.9

6.7

5.0

3*6

5.0

4 *5

4*1

4.5

4*6

6 *6

5*0

5*9

7.1

9.7

006 *3
096*2
917*1

2-87

7.2

7.7

8.0

8.3

9.1

8*8

7.6

7.8

7.6

7*2

7.0

5.7

3-87

7.0

7.5

7.7

8.0

8.8

8*5

7.3

7.4

7.2

6.9

6.7

5.5

4*5

6*1

5*4

5*4

6.0

6.0

4*0

*-82

1-83

2-83

3-éi

*-83

1- 84

2-é4

3-84

*-84

1-05

2- 05

3- 85

4- 05

1-06

2-86

3-86

4-06

1-07

2-87

IN I T I A L

926*1

OUTOTEA

PREFARED BY FEDERAL RESERVE SAUK. Ul- S I * LUU1S
NOVEMBER 2 4 » 1987_________________________________________

GOVERNMENT PURCHASES Of WOODS AMO ¿ E R V Í C E S I N
COMPOUNDED ANNUAL RAT ES Of CHANCE

1982 DOLLARS

B ILL IO N S OF
T ERMI NAL ________________________________________________________________________ I N I T I A L QUARTER__________ _____________________________________________________________DOLLARS
ANNUAL RATES
QUARTER
1-87
2-87
*-82
1-83
1-06
2-06
3— 86
4-86
2-83
3-83
4-83
1-84
2-84
3-84
4-84
1-05
2-05
3-05
*-05
1-03

- 6.*

2-03

- 2.8

649 *2
6 50 * 9

1.1

653*6

3-03

-1.3

I.*

1.7

*-83

-2.7

- 1. *

-2.7

- 6*8

1- 8 *

-0.9

0.6

0.*

- 0*2

6 *9

6 42 *2
6 53 *0

2- 8*

2.0

3.8

4*5

5*5

12*2

17.7

3-8*

2.1

3.6

4*1

4*7

8*9

9.9

2*6

* - 8*

2.5

3.8

*.3

*•8

7*9

8.3

3*9

680 *2
604*5
5*2

69 3 * 2

1-85

2.9

*.1

4*5

5 *0

7 *6

7*7

4*6

5.6

6*0

2-85

3.1

*.2

4.6

5*0

7*1

7*2

4*7

5.4

5*5

5*0

3-85

*.2

5.3

5.8

6*3

8*3

8*6

6*0

7.9

8*8

10*3

15*7

7 03*4
712*1
7 38 *6

*-85

*.5

5.6

6.0

6*5

8*3

8*5

7*1

8*0

8*7

9*6

12*0

0*4

1-86

3.5

*.3

4.7

5*0

6*3

6*3

4*7

5. 1

5* I

4*9

4*0

-0*3

-0*3

2-86

3.8

*. 6

4.9

5*2

6*5

6*4

5*1

5.5

5*5

5*4

5*5

2*4

- 0*6

7 53*7
737 *6
7*0

751*6

3-86

3.7

*.5

4.8

5*0

6*2

6*1

4*9

5.2

5*2

5*0

5*0

2*5

0*6

5*4

3*0

*-86

*.0

*.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.*

*.0

4.2

*•*

5*3

5*2

4*1

4*3

4*1

3*9

3*0

1*9

0*6

3*0

1*4

0*6

- 6*2

2-87

3.*

*.0

4.2

4 *3

5*2

5*1

4*1

4*2

4*1

3*9

3*0

2*2

1*1

3*1

2 *0

1*7

-1*3

3*8

3-87

3.3

3.8

4*0

4*2

4.9

4*8

3*9

4*0

3*9

3*6

3*5

2*0

1*2

2*0

1*9

1*6

-0*5

2*5

*-82

1-83

2-83

4-83

1-84

¿ -4 4

i-8 4

4 -0 4

1-05

2-05

3-85

4-05

1 -0 6

2-06

3 -0 6

4-86

1 -0 f




757*2
7 7 1 *8
759*6
766 *7
1 *3

2 -8

769 *1

t

I N I T I A L QUART E l'

PREPARED B T P E D tR A L
NOVEMBER 2 4 » 1987

17

Kt5k*Vfc BARK UF S I *
__________

LTRJIS

D I S P OS A BL E PERSONAL I NCOME IM C U * * 6 NT DOLLARS
CONPOUNOEO ANNUAL R AT E S O f CHANCE

'

"

B 1 L L IO JB OF

ip

1
•

T E R M I N A L _______________________________________________________________ I N I T I A L QUARTER____________________________________________________________________________ DOLLARS
ANNUAL RATES
QUARTER
4— 85
1-86
3-85
2-85
2-86
4-86
1-87
2-87
1-85
3-86
4-84
2-83
*-82
2-84
3-84
1-83
4-83
1-84
2,345.7

1-83

*.8

2-83

6.8

3-83

7*3

8.5

8.2

*-83

9*1

10.5

11. *

I *. 6

1 - 8*

10.0

11.3

12.2

I* .3

I *.0

2 - 8*

9.1

10.0

10.3

11.0

9.3

4.8

3-8*

8*9

9.6

9.8

10.1

8.7

6.2

7.5

* - 8*

8*5

9.0

9.1

9.2

7.9

6.0

6.6

1-85

8.1

8.5

8.5

8.5

7.3

5.8

2-85

8*6

9.0

9.0

9.2

8.3

7.2

3-85

7.8

8.1

8.0

8.0

7.0

5.9

*-85

7.8

8. 1

8.0

8.0

7.2

6.3

2*395.4

8.7

2,443.2
2,527.9
2,611.8
2,642.8
2,691.1
2,728.6

5.7
5.4

5.0

2,762.2

7.8

7.9

9.0

13.1

6.1

5.8

5.8

6.2

- 0.2

6.5

6.*

6.5

7.0

4.1

8.6

2,848.4
2,847.2
2,906.6
2,966.0

1-86

7.9

8. 1

8.1

8.1

7.*

6.6

6.8

6.7

6.9

7.4

5.5

8.5

8.4

2-84

7.9

8.1

8.1

8.0

7.4

6.7

6.9

6.9

7. 1

7.5

6.1

8.3

8.1

7.8

3-84

7.5

7.7

7.6

7.5

6.9

6.2

6.4

6.3

6.3

6.6

5.3

6.7

6.1

4.9

2.1

4.3

2.6

3.1

*-84

7.2

7.*

7.3

7.2

6.6

1-87

7.3

7.*

7.*

7.3

6.8

6.2

2-87

6.9

7.0

6.9

6.8

6.3

5.9

7.0

7.1

7.0

6.9

6.*

5.9

*-82

3-87

“ T^83

2-83

3-83

*-83

t -8 4

6.3

2 -8 4

6.1

6.2

6.2
5.7

5.8

5.7

5.9

5.7

5.9

3 -8 4

3,022.4
3,038.2
3,061.6

4.9

6.0

5.3

6.4

5.5

6.4

6.0

5.4

4.6

5.9

8.7

5.7

4.8

5.6

5.1

4.4

3.6

4.1

4.6

0.6

5.9

5.9

5.2

5.9

5.5

5.0

4.4

5.0

5.7

4 .2

8.0

4-8 4

1 -8 5

2 -8 5

3-85

4-85

1-86

2-86

3-86

4-86

1-87

2-87

3,125.9
3,130.6
3,191.1

I N I T IA L QUART E#'

PREPARED" BY F E D E R A L RESERVE W W u m . L U U I S
NOVEMBER 2 4 , 1987________________________________________

DI S POSABL E PERSONAL I NCOME I N 1982 DOLLARS
COMPOUNDED ANNUAL RAT ES O f CHANCE

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ B IL L IO N S UF

«0
1
<
o

T E R N I NAL_________________________________________________________________________I N I T I A L QUARTER_____________________________________________________________________ DOLLARS
ANNUAL R A I L S
QUARTER
1-87
2-87
4-86
3-86
4-85
1-86
2-86
3-8*
1-85
2-85
4-82
1-83
2-83
3-83
*-83
1-84
2-84
4-84
1-83

2,288.4

2.2

2,311.1

2-83

3.1

4.0

3-83

3.5

4.1

4.3

4-83

5. 1

6.1

7.2

10.2

2,335.4
2,392.7
2,446.9

1- 8 *

6.0

6.9

7.9

9.8

9.4

2 - 8*

5.2

5.8

6.3

7.0

5.4

1 •6

3-8*

5.0

5.5

5.8

6.2

4.8

2.7

3.7

* - 8*

4.7

5.1

5.3

5.5

4.3

3.3

2.8

1-85

4.*

4.7

4.8

3.8

2.4

2.7

2.2

2-85

4.8

5. 1

5.3

4.6

3.6

4.1

4.3

2,456.6
2,479.2
2,496.3
2,506.8

1.7

3-85

4.0

4.2

4.3

4.3

3.4

2.5

4-85

4.1

4.2

4.3

4.3

3.5

2.7

1-86

4.3

4.5

4.5

4.6

3.9

3.3

3.5

3.5

3.6

4.1

2-86

4.6

4.7

4.8

4.8

4.3

3.8

4.1

4.1

4.3

4.9

3-86

4.2

4.3

4.3

4.3

3.8

3.3

3.5

3.4

3.5

4-86

3*9

4.1

4.1

4.0

3.6

3.0

3.2

3.1

3.2

2.4
2.9

2*8

2,558.4

8.5
2.5
2.8

0.6

2,538.2

-3.1

3.1

4.4

2,565.5

2.7

5.8

2,610.5

4.0

6.5

7.5

7.8

3.9

3.0

4.5

4.6

3.3

- 1.0

3.4

2.5

3.7

3.6

2.4

—0 . 3

7.2

2,660.2
2,653.2
2,656.7

0.5

2,674.6

1-87

3.9

4.0

4.0

4.0

3.5

3.0

3.1

3.1

3.1

3.3

2.6

3.6

3.4

2.5

0.7

1.6

2.7

2-87

3.4

3.5

3.4

3.4

2.9

2.4

2.5

2.4

2.3

2.4

1.7

2.4

2.1

1.1

- 0.6

-0.4

- 0.8

—4 . 3

3-87

3.4

3.5

3.5

3.4

3.0

2.6

2.5

2.5

2.6

1.9

2.6

2.3

1.6

0.3

0.7

0.7

- 0.2

4.0

4-82

1-83

2-83

3-83

4-83

2-84

3-84

4-84

1-85

2-85

3-85

4-85

1-86

2-86

3-8*

4-86

1-87

Z- 8 7




1-84

I N IT IA L

2,645.5
2,671.6

Q U A I T ER

TREPARED BY FEDERAL RESERVE BAU* OF S U LT RJ1S
_____________________________
NOVEMBER 2 4 » 1987

18

CORPORATE P R O F I T S A F T E R T AXE S *
COMPOUNDED ANNUAL RAT ES OF CHANCE

B IL L IO N S OF
T E R MI N AL
QUARTER

IN ITIAL
*-82

1-83

*7.3

2-83

3-83

4-83

1-84

2- 6 *

3-84

*-84

1-85

2-85

3-85

4-85

1-86

2-86

3-86

4-86

1-87

2-87
110.6

26.*

2-83

1-83

DOLLARS
ANNUAL R A T E S

QUARTER

71.7

126.6

3-83

*9.5

62.5

53.9

4-83

37.5

* 1. *

28.3

7.0

141.0

i-e*

35.5

37.9

28.2

17.0

2 - 8*

28.1

28.*

19.*

9.8

11.2

-3.*

3-8*

19.0

17.8

9.2

0.3

-1.9

-14.0

-23.5

* - 8*

15.5

l *.0

6.5

- 1 •0

-2.9

-11.5

-1 5.2

-19.0

143.4
152.5

27.9

151.2
141.4
139.2

- 6.1

123.6

1- 85

7.8

5.7

-I.*

- 8.*

- 11.2

-23.6

-23.6

-37.8

2-85

7.*

5.5

-0.7

-6.7

- 8.8

- I * .8 -17.5

-15.3

-19.6

3.9

3-85

8.2

6.6

l.l

-* .l

-5.6

- 10.2

-11.5

-8.3

-9.0

10.1

*-85

8.8

7.3

2.*

- 2.1

-3.2

-7.0

-7.6

-4.0

-3.4

11.8

16.0

15.3

1-85

*.6

3.0

-1.7

- 6.0

- 7 . 3 - I 1.0

- 12.0

-9.9

-10.7

-2.2

-*.l

-13.1

-3*.5

2-86

*.7

3.1

-l.l

-5.0

- 6.2

-9*3

- 10.1

- 8.0

-8.3

-0.8

-2.0

-7.5

-17.2

4.7

124.8
129.7

16.7

134.4
120.9
122.3
130.2

3-85

6.1

*.8

0.9

- 2.6

-3.5

- 6.1

- 6 .*

-4.0

-3.7

3.5

3.*

0.4

-4.1

16.0

28.5

*-85

6.5

5.3

1.6

- 1.6

- 2.2

-*.6

-*.7

-2.4

-1.9

*.7

*.9

2.6

-0.3

14.7

20.0

12.2

I -87

5. 1

3.9

0.5

-2.5

-3.2

-5.*

-5.6

-3.6

-3.3

2.2

1.9

-0.4

-3.2

6.7

7.4

- 1.8

-14.1

2-87

5.8

*.7

1.5

-1.3

- 1.8

-3.8

-3.8

- 1.8

-I.*

3.8

3.8

2.1

0.0

8.9

10.0

4.4

0.7

18.2

3-87

6.6

5.6

2.7

0.1

- 0 .*

- 2.1

- 2.0

0.0

0.6

5.6

5.7

4.4

3.0

1 1. 1

12.4

8.7

7.5

20.3

22.5

*-82

1-83

2-83

3-83

*-83

1- 8 *

2 - 8*

3-8*

*-84

1-85

2-85

3-85

4-85

1-86

2 -8 6

3-86

4-86

1-87

Z — 87

* NA T I ONA L

I i COME

134.0
129.0
134.5
141.5

BAS I S

PREPARED BY F EDERAL RESERVE BANK OF 5 I . L O U I S
NOVEMBER 2 4 » 1987_________________________________________

HISTORICAL SOURCES OF
NATIONAL INCOME AND PRODUCT ACCOUNTS DATA

Estimates for the series in the regular quarterly presentation
of NIPA tables for 1984-87:11 are 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 T a b l e s .
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

I N V E N T O R I E S COMPARED WITH MONTHLY S A L E S
MANUFACTURI NG
S E A S ONA L L Y

AND

TRADE

ADJUSTED

. 72

72

.68

68

. 64

64

. 60

60

.56

56

. 52

52

. 48

48

. 44

44

. 40

40

. 36

36
1973

1974

1975

1976

1977

1978

1979

1

1

1

S OURCE:
*BE6INNIN6

IN

1982,

I NVENTORY DATA REFLE CT

SHADED A R E A S R E P R E S E N T
LATEST

DATA P L OT T E D :




PERIODS

OF B U S I N E S S

CHAN6ES

U . S . D E P A R T M E N T OF COMMERCE

I N E S T I M A T I O N P R OC EDU R ES .

RECESSIONS.

SEPT E MBE R P R E L I M I N A R Y
PREPARED BY FEDERAL

20

R E S E R V E BANK OF S T.

LOUIS

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