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National Economic Trends
October 1988
The Federal Reserve Board’s measure of the rate of capacity utilization in manufacturing has moved up sharply since
a year ago, raising concerns among industry analysts that further expansion in demand will boost prices. The capacity
utilization rate in manufacturing stood at 83.8 percent in August 1988, down slightly from July’s 83.9 percent, but up
2.8 percent from 81.5 percent in August 1987. Since June of this year, this rate has been above its 1948-79 average of
82.9 percent; the average typically stands as a dividing line representing a “ natural rate” or “ inflation threshold” for
the utilization of capacity. Nonetheless, its recent level remains more than 3 percent below earlier peaks of 87.7 percent
registered in 1973 and 86.5 percent in 1978. Moreover, specific industries have shown a contrasting pattern of utilization
over the past year; industries with relatively high utilization rates have exhibited slow or negative growth, while industries
where utilization rates have been rising faster than average are those with relatively low utilization rates.
In the 16-industry breakdown of manufacturing utilization, six (aerospace, other durables, textile mill products, paper
and products, chemicals and products, and rubber and plastic products) show utilization rates close to (within 3 percent)
or exceeding their previous peaks in 1978-80. In three of these industries (textiles, paper and chemicals), the recent rate
exceeded its 1978-80 peak, although each was slightly below its higher 1973 peak. But in four of these six industries
(textiles, aerospace, paper and other durables) the utilization index has fallen since August 1987. Only in the chemicals
industry is a relatively high and a rapidly rising utilization rate observed; its rate rose at a 5.3 percent rate since August 1987.
During the same period, the utilization rate rose by more than the average 2.8 percent in seven industries. These include
instruments, stone, clay and glass, motor vehicles and parts, fabricated metals, nonelectrical machinery, primary metals
and chemicals. Except for chemicals, these industries have relatively low utilization rates, more than 3 percent lower
than their peaks of the past 15 years. The recent increase of the overall index overstates the general pressure on capacity
because growth has been concentrated where utilization is relatively low. A continuation of the rapid expansion in these
industries, however, would soon put their indexes near previous peaks. Industries faced with relatively high and rising
utilization rates could more readily follow the example of the chemicals industry, where producer prices were up 10.6
percent in August from a year earlier.
—John A. Tatom


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


TOTAL CIVILIAN EMPLOYMENT
(Compounded Annual Rates of Change)
TERMINAL
MONTH

THOUSANDS
OF PERSONS

INITIAL MONTH
1 -87

2 -8 7

5—
87

4 -8 7

5 -8 7

6 -8 7

7-87

8 -8 7

9 -8 7 1 0 -8 7 1 1 -8 7 12-8 7

1-88

2 -8 8

5 -8 8

4 -8 8

5 -8 8

6 -8 8

7 -8 8
1 1 1 ,5 4 4

2 -8 7

5 .6

5-8 7

2 .4

1 .2

4 -8 7

2 .9

2 .5

5 .8

5 -8 7

5 .6

5 .6

4 .8

5 .8

6-8 7

2 .8

2 .6

5 .1

2 .7

1 1 1 »455
1 1 1 ,8 0 6
1 1 2 ,5 5 4
1 1 2 ,5 0 0

-0 .4

1 1 2 ,6 5 9

7-8 7

2 .9

2 .8

5 .2

5 .0

1 .6

5 .7

8 -8 7

5 .2

5 .1

5 .5

5 .4

2 .6

4 .1

4 .5

9-8 7

2 .5

2 .4

2 .6

2 .5

1 .4

2 .1

1 .2

-1 .9

10-87

2 .6

2 .5

2 .7

2 .5

1 .9

2 .5

2 .0

0 .9

5 .7

11-87

2 .7

2 .6

2 .8

2 .6

2 .1

2 .6

2 .5

1 .6

5 .4

5 .2

12-87

2 .7

2 .6

2 .7

2 .6

2 .2

2 .6

2 .4

1 .9

5 .1

2 .9

2 .6

1-88

2 .8

2 .7

2 .9

2 .8

2 .4

2 .8

2 .7

2 .5

5 .4

5 .5

5 .5

4..1

2 -8 8

2 .8

2 .8

2 .9

2 .8

2 .5

2 .8

2 .7

2 .4

5 .5

5 .2

5 .2

5,.6

5 .0

1 1 5 ,0 5 0
1 1 2 ,8 7 2
1 1 5 ,2 1 0
1 1 5 ,5 0 4
1 1 5 ,7 4 4
1 1 4 ,1 2 9
1 1 4 ,4 0 9

5-8 8

2 .4

2 .5

2 .4

2 .2

1 .9

2 .1

2 .0

1 .6

2 .2

1 .9

1 .6

1..5

- 0 .1

- 5 .2

4 -8 8

2 .7

2 .6

2 .7

2 .6

2 .5

2 .6

2 .5

2 .2

2 .8

2 .7

2 .6

2..6

2 .1

1 .6

5 -8 8

2 .1

2 .0

2 .1

2 .0

1 .7

1 .8

1 .7

1 .4

1 .8

1 .5

1 .2

1..0

0 .2

-0 .7

0 .5

-5 .5

6 -8 8

2 .5

2 .5

2 .5

2 .5

2 .2

2 .4

2 .5

2 .1

2 .5

2 .4

2 .5

2..5

1 .9

1 .6

5 .2

1 .6

9 .0

7-88

2 .4

2 .5

2 .4

2 .5

2 .1

2 .5

2 .1

1 .9

2 .5

2 .2

2 .1

2.,0

1 .6

1 .4

2 .5

1 .2

4 .6

0 .4

8 -8 8

2 .4

2 .5

2 .5

2 .5

2 .0

2 .2

2 .1

1 .9

2 .2

2 .1

2 .0

1.,9

1 .6

1 .4

2 .5

1 .2

5 .5

0 .8

1 .5

1-87

2 -8 7

5-8 7

4 -8 7

5 -8 7

6 -8 7

7-87

8 -8 7

9 -8 7 10-8 7 1 1-87 12-8 7

1 -88

2 -8 8

5 -8 8

4 -8 8

5 -8 8

6 -8 8

7 -8 8

1 1 4 ,1 0 5
6 .6

1 1 4 ,7 1 5
1 1 4 ,1 9 5
1 1 5 ,0 1 8
1 1 5 ,0 5 9
1 1 5 ,1 8 0

INITIAL MONTH

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
SEPTEMBER 2 , 1988

PAYROLL EMPLOYMENT
(Compounded Annual Rates of Change)
TERMINAL
MONTH
1-87

2 -8 7

5-8 7

4 -8 7

5 -8 7

6 -8 7

7-8 7

8 -8 7

INITIAL MONTH
OF PERSONS
9 -8 7 10-8 7 1 1 -8 7 12-8 7

2 -8 7

2 .8
5 .5

5 .6

5 .1

5 .5

5 .4

5 .1

5 .2

5 .5

2 .8

5 .5

5 .4

5 .5

5 .2

5 .6

5 .2

5 .5

5 .4

5 .2

5 .4

5 .5

2 .9

9-8 7

5 .2

5 .2

5 .5

5 .1

5 .2

5 .5

2 .8

10-87

5 .4

5 .5

5 .6

5 .5

5 .7

5 .8

5 .7

4 .2

5 .6

11-87

5 .4

5 .5

5 .6

5 .5

5 .7

5 .8

5 .7

4 .0

4 .6

12-87

5 .5

5 .6

5 .6

5 .5

5 .7

5 .8

5 .7

5 .9

4 .5

5 .7

5 .8

1-88

5 .4

5 .5

5 .6

5 .5

5 .6

5 .7

5 .6

5 .8

4 .0

5 .5

5 .4

5 .1

2 -8 8

5 .6

5 .7

5 .7

5 .7

5 .8

5 .9

5 .9

4 .0

4 .5

4 .0

4 .1

4 .5

7 -8 8

4 .2

8 -8 7

6 -8 8

5 .0

7-8 7

5 -8 8

2 .6

6 -8 7

4 -8 8

4 .5

5 -8 7

5 -8 8

2 .9

4 -8 7

2 -8 8

2 .7

5-8 7

THOUSANDS
1-88

1 0 1 ,0 1 6
1 0 1 ,2 6 0
1 0 1 ,6 1 5
1 0 1 ,8 2 9
1 0 2 ,0 7 8
1 0 2 ,4 5 0
1 0 2 ,6 7 2
2 .8

1 0 2 ,9 0 6
1 0 5 ,5 7 1
5 .6

1 0 5 ,6 7 8
1 0 4 ,0 0 1
1 0 4 ,2 6 2
5 .5

1 0 4 ,7 2 9

5-8 8

5 .6

5 .7

5 .7

5 .7

5 .8

5 .9

5 .8

4 .0

4 .2

5 .9

5 .9

4 .0

4 .4

5 .4

4 -8 8

5 .5

5 .6

5 .7

5 .6

5 .7

5 .8

5 .7

5 .8

4 .0

5 .7

5 .8

5 .7

4 .0

5 .2

5 .0

5 -8 8

5 .5

5 .5

5 .6

5 .5

5 .6

5 .7

5 .6

5 .7

5 .8

5 .5

5 .5

5 .5

5 .6

2 .9

2 .7

2 .4

1 0 5 ,0 2 0
1 0 5 ,2 8 1
1 0 5 ,4 8 9

6 -8 8

5 .7

5 .7

5 .8

5 .7

5 .8

5 .9

5 .9

4 .0

4 .1

5 .9

4 .0

4 .0

4 .2

5 .9

4 .0

4 .5

6 .7

7 -8 8

5 .6

5 .6

5 .7

5 .6

5 .7

5 .8

5 .7

5 .8

5 .9

5 .7

5 .8

5 .7

5 .9

5 .5

5 .6

5 .8

4 .4

2 .5

8 -8 8

5 .5

5 .6

5 .6

5 .6

5 .6

5 .7

5 .6

5 .7

5 .8

5 .6

5 .6

5 .6

5 .7

5 .4

5 .4

5 .4

5 .8

2 .4

2 .5

1-87

2 -8 7

5-87

4 -8 7

5 -8 7

6 -8 7

7-8 7

8 -8 7

9 -8 7 1 0 -8 7 1 1 -8 7 1 2 -8 7

1-8 8

2 -8 8

5 -8 8

4 -8 8

5 -8 8

6 -8 8

7 -8 8

1 0 6 ,0 5 7
106 »257P
106 »476P

INITIAL MONTH
P- PRELIMINARY




PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
SEPTEMBER 2» 1988

2

EMPLOYMENT
RATIO

RAT I 0

SCALE

MILLIONS

OF

PERSONS

SEASONALLY

MlLLIONS

ADJ USTED

OF

SCALE

PERSONS

I 30
125
120

1 15

I 10
105
100

95
90

85

80

75
SOURCE: U.S.DEPARTMENT OF LABOR
BEGINNING JANUARY I M 6 , TOTAL EMPLOYMENT DATA INCORPORATE NEV PROCEDURES FOR ESTIMATING
MEASURES OF IMMIGRATION AND EMIGRATION INCREASING TOTAL EMPLOYMENT 8Y ABOUT 0.3%.
PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIODS INDICATED.
LATEST DATA PLOTTED; AUGUST PRELIMINARY
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

UNEMPLOYMENT
SEASONALLY

PERCENT

RATE

ADJUSTED

PERCENT

12.0

I I

I I .0

.

10.

10. 0

9.

9.0

8.

8.0

7.

7.0

6.

6.0

5.

5.0

4.




4.0
1980

1981

1982

1983

1984

1985

1986

1987

1988

SOURCE: U.S. DEPARTMENT OF LABOR
PERCENT OF CIVILIAN LABOR FORCE
LATEST DATA PLOTTED: AUGUST
PREPARED

3

BY FED ERA L

RESERVE

BANK OF S T.

LO U IS

CONSUMER PRICE INDEX FOR ALL URBAN CONSUMERS
(Compounded Ann«al Rates of Change)
TERMINAL
MONTH

1 9 8 2 -8 4 * 1 0 0

M
INITIAL 1 ONTH
1-87

2 -8 7

3 -8 7

4 -8 7

5 -8 7

6 -8 7

7 -8 7

8 -8 7

9 -8 7 1 0-87 1 1 -8 7 1 2-87

1-88

2 -8 8

3 -8 8

4 -8 8

5 -8 8

6 -8 8

7 -8 8
1 1 1 .8

2 -8 7

4 .4

3-8 7

4 .9

5 .5

4 -8 7

5 .1

5 .5

5 .5

5 -8 7

4 .9

5 .1

4 .9

4 .3

6-8 7

4 .6

4 .6

4 .3

3 .8

3 .2

7-87

4 .4

4 .3

4 .1

3 .6

3 .2

3 .2

8 -8 7

4 .5

4 .5

4 .3

4 .0

3 .9

4 .3

5 .4

9-87

4 .3

4 .3

4 .1

3 .9

3 .8

3 .9

4 .3

10-87

4 .3

4 .3

4 .2

3 .9

3 .9

4 .0

4 .3

3 .7

4 .3

11-87

4 .2

4 .2

4 .0

3 .8

3 .7

3 .8

4 .0

3 .5

3 .7

3 .2

1 1 2 .3
1 1 2 .8
1 1 3 .2
1 1 3 .5
1 1 3 .8
1 1 4 .3
1 1 4 .6

3 .2

1 1 5 .0
1 1 5 .3

12-87

4 .0

4 .0

3 .8

3 .6

3 .5

3 .6

3 .6

3 .2

3 .2

2 .6

4 .0

4 .0

3 .9

3 .7

3 .6

3 .7

3 .7

3 .4

3 .4

3 .2

3 .2

1 1 5 .5

2 .1

1-88

1 1 5 .9

4 .2

1 1 6 .1

2 -8 8

3 .9

3 .8

3 .7

3 .5

3 .4

3 .5

3 .5

3 .2

3 .2

2 .9

2 .8

3 .2

2 .1

3-88

4 .1

4 .0

3 .9

3 .8

3 .7

3 .8

3 .8

3 .6

3 .7

3 .6

3 .7

4 .2

4 .2

6 .4

4 -8 8

4 .1

4 .1

4 .0

3 .9

3 .9

3 .9

4 .0

3 .8

3 .9

3 .9

4 .0

4 .5

4 .6

5 .8

5 .3

5 -8 8

4 .1

4 .1

4 .0

3 .9

3 .9

3 .9

4 .0

3 .9

4 .0

3 .9

4 .0

4 .4

4 .5

5 .3

4 .7

4 .2

6-88

4 .1

4 .1

4 .0

3 .9

3 .9

4 .0

4 .0

3 .9

4 .0

3 .9

4 .0

4 .4

4 .4

5 .0

4 .5

4 .2

1 1 6 .7
1 1 7 .2
1 1 7 .6
1 1 8 .0

4 .2

7-88

4 .2

4 .2

4 .1

4 .0

4 .0

4 .1

4 .1

4 .0

4 .1

4 .1

4 .2

4 .5

4 .5

5 .0

4 .7

4 .5

4 .7

5 .2

8 -8 8

4 .3

4 .2

4 .2

4 .1

4 .1

4 .1

4 .2

4 .1

4 .2

4 .2

4 .3

4 .6

4 .6

5 .1

4 .8

4 .7

4 .8

5 .2

5 .2

1-87

2 -8 7

3 -8 7

4 -8 7

5 -8 7

6 -8 7

7-8 7

8 -8 7

9 -8 7 1 0 -8 7 1 1 -8 7 12-87

1 -88

2 -8 8

3 -8 8

4 -8 8

5 -8 8

6 -8 8

7 -8 8

1 1 8 .5
1 1 9 .0

INITIAL MONTH

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
SEPTEMBER 21» 1988

PRODUCER PRICE INDEX, FINISHED GOODS*
(Compounded Annual Rates of Change)
TERMINAL
MONTH

INITIAL MONTH
1-87

2 -8 7

3 -8 7

4 -8 7

5 -8 7

6 -8 7

7-8 7

8 -8 7

1982 * 100

9 -8 7 1 0 -8 7 1 1 -8 7 1 2 -8 7

1-88

2 -8 8

3 -8 8

4 -8 8

5 -8 8

6 -8 8

7-8 8
1 0 4 .1

2 -8 7

2 .3

3-8 7

3 .5

4 .7

4 -8 7

4 .7

5 .9

7 .1

5 -8 7

4 .1

4 .7

4 .7

2 .3

6-87

3 .5

3 .8

3 .5

1 .7

1 .1

7-87

3 .5

3 .7

3 .5

2 .3

2 .3

3 .5

8 -8 7

3 .5

3 .7

3 .5

2 .6

2 .7

3 .5

3 .5

9-87

3 .6

3 .8

3 .7

3 .0

3 .2

3 .8

4 .0

4 .6

10-87

2 .8

2 .9

2 .6

1 .9

1 .8

2 .0

1 .5

0 .6

-3 .3

11-87

2 .7

2 .7

2 .5

1 .8

1 .7

1 .8

1 .4

0 .8

-1 .1

1 .1

1 0 4 .5
1 0 5 .1
1 0 5 .3
1 0 5 .4
1 0 5 .7
1 0 6 .0
1 0 6 .4
1 0 6 .1
1 0 6 .2

12-87

2 .1

2 .1

1 .8

1 .1

1 .0

1 .0

0 .5

- 0 .3

- 1 .9

- 1 .1

- 3 .3

1-88

2 .2

2 .2

2 .0

1 .4

1 .3

1 .3

0 .9

0 .5

- 0 .6

0 .4

0 .0

3 .5

2 -8 8

1 .9

1 .8

1 .6

1 .0

0 .9

0 .9

0 .5

0 .0

- 0 .9

- 0 .3

- 0 .8

0 .6

-2 .2

3-8 8

2 .2

2 .2

2 .0

1 .6

1 .5

1 .5

1 .3

1 .0

0 .4

1 .1

1 .1

2 .7

2 .3

7 .0

4 -8 8

2 .4

2 .4

2 .2

1 .8

1 .8

1 .8

1 .6

1 .4

1 .0

1 .7

1 .8

3 .1

3 .0

5 .8

5 -8 8

2 .5

2 .5

2 .4

2 .0

2 .0

2 .1

1 .9

1 .8

1 .4

2 .1

2 .3

3 .4

3 .4

5 .4

4 .6

4 .6

6-8 8

2 .6

2 .7

2 .5

2 .2

2 .2

2 .3

2 .2

2 .0

1 .8

2 .4

2 .6

3 .6

3 .7

5 .2

4 .6

4 .6

4 .6

7-8 8

2 .8

2 .8

2 .7

2 .4

2 .4

2 .5

2 .5

2 .4

2 .1

2 .8

3 .0

3 .9

4 .0

5 .3

4 .9

4 .9

5 .1

5 .7

8 -8 8

3 .0

3 .1

3 .0

2 .7

2 .7

2 .8

2 .8

2 .7

2 .6

3 .2

3 .4

4 .3

4 .4

5 .5

5 .3

5 .4

5 .7

6 .3

6 .9

1-8 7

2 -8 7

3 -8 7

4 -8 7

5 -8 7

6 -8 7

7 -8 7

8 -8 7

9 -8 7 10 -8 7 1 1 -8 7 1 2 -8 7

1 -88

2 -8 8

3 -8 8

4 -8 8

5 -8 8

6 -8 8

7 -8 8

1 0 5 .9
1 0 6 .2
1 0 6 .0
1 0 6 .6
4 .6

1 0 7 .0
1 0 7 .4
1 0 7 .8
1 0 8 .3
1 0 8 .9

INITIAL MONTH
■DATA FOR FOUR MONTHS AGO REVISED TO REFLECT LATE REPORTING




PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
SEPTEMBER 9 » 1988

4




RATIO

PRICES

SCALE

1982-100

1980

1 9 81

1982

1983

1984

C O N SU M ER P R IC E S D A TA AR E ON A 1 9 8 2 - 8 4 - 1 0 0 BA SE
C P I - U D A TA B E G IN N IN G 1 0 8 3 IN C O R P O R A T E A R E N T A L
PERCENTAG ES
LA TES T

RATIO

ARE AN NUA L

D A TA P L O T T E D .

RA TES O f

CH ANC E

1985

E Q U IV A L E N C E

FO R P E R IO D S

PRODUCER

P E R C E N T A G E S ARE AN N U A L R A T E S
DATA P L O T T E D t

1987

1988

FOR H O U E O V N E R S H IP

COSTS.

AU G U S T

SCALE

LATEST

1986
M EA SU R E

IN D IC A T E D .

PREPARED

RATIO

S CALE

1982-100

SEASONALLY ADJUSTED

Of

BY F E D E R A L

RESERVE

PRICES

CH ANG E FO R P E R IO D S

BA NK O f

ST.

L O U IS

ra tio

scale

I HO IC A T E D .

A U G »S T
PREPARED

5

BY F E D E R A L

RESERVE

BANK OF S T .

L O U IS

PRODUCER PRICE INDEX, FINISHED CONSUMER FOODS*
(Compounded Annual Rates of Change)
TERMINAL
MONTH
2 -8 7

1982 * 100

INITIAL MONTH
5 -8 7

4 -8 7

5 -8 7

6 -8 7

7-8 7

8 -8 7

9 -8 7 1 0 -8 7 1 1 -8 7 1 2 -8 7

1-88

2 -8 8

3 -8 8

4 -8 8

5 -8 8

6 -8 8

7 -8 8

8 -8 8
1 0 8 .2

5-87

0 .0

4 -8 7

8 .0

1 6 .7

5 -8 7

1 0 .0

1 5 .5

1 4 .0

6 -8 7

7 .1

9 .6

6 .2

1 0 9 .6
1 1 0 .8
1 1 0 .7

- 1 .1

1 1 0 .5

7-8 7

4 .7

5 .9

2 .6

-2 .7

- 4 .5

8 -8 7

2 .4

2 .9

- 0 .5

- 4 .6

- 6 .5

-8 .4

9-8 7

5 .2

5 .7

1 .5

- 1 .6

-1 .8

-0 .5

7 .9

10-87

2 .4

2 .7

0 .5

-1 .9

- 2 .2

-1 .4

2 .2

11-87

2 .2

2 .5

0 .6

- 1 .4

- 1 .5

- 0 .8

1 .8

- 1 .1

12-87

0 .4

0 .5

-1 .4

- 5 .4

- 5 .8

- 5 .7

-2 .4

- 5 .7

1-88

2 .5

2 .6

1.1

-0 .4

- 0 .5

0 .4

2 .2

0 .8

2 .2

2 .8

1 0 9 .5
1 1 0 ,2
1 0 9 .9

- 5 .2

1 1 0 .0

1 .1

1 0 8 .6

- 6 .9 -1 4 .2

1 1 0 .5

2 5 .1

2 -8 8

1 .0

1.1

-0 .5

- 1 .8

-1 .9

- 1 .5

-0 .4

-1 .9

-1 .6

-2 .5

5 -88

1 .7

1 .8

0 .6

- 0 .6

- 0 .6

- 0 .1

1.1

0 .0

0 .7

0 .5

6 .0

1 0 9 .5

5 .9 - 1 2 . 5
-1 .6

1 1 0 .2

1 0 .3

4 -8 8

1 .9

2 .0

0 .9

- 0 .2

- 0 .1

0 .4

1 .5

0 .6

1 .5

1 .5

5 .6

0 .4

7 .4

4 .4

5 -8 8

2 .4

2 .6

1 .6

0 .6

0 .8

1 .5

2 .4

1 .8

2 .5

2 .7

6 .5

2 .7

8 .3

7 .3

1 0 .2

1 1 0 .6
1 1 1 .5

6-8 8

5 .1

5 .5

2 .4

1 .6

1 .8

2 .4

5 .5

5 .0

5 .8

4 .2

7 .7

4 .8

9 .6

9 .4

1 1 .9

1 5 .7

7-88

5 .2

5 .4

2 .6

1 .9

2 .1

2 .6

5 .7

5 .3

4 .0

4 .4

7 .4

4 .9

8 .8

8 .4

9 .7

9 .5

5 .5

1 1 2 .7

8 -8 8

5 .4

5 .6

2 .8

2 .1

2 .5

2 .8

5 .8

5 .5

4 .2

4 .5

7 .1

5 .0

8 .2

7 .8

8 .6

8 .1

5 .4

1 1 5 .2
5 .4

1 1 5 .7

9-8 8 - 1 0 0 . 0 - 1 0 0 . 0 - 1 0 0 . 0 - 1 0 0 . 0 - 1 0 0 .0 - 1 0 0 .0 - 1 0 0 .0 - 1 0 0 .0 - 1 0 0 . 0 - 1 0 0 . 0 - 1 0 0 . 0 - 1 0 0 . 0 - 1 0 0 . 0 - 1 0 0 . 0 - 1 0 0 . 0 - 1 0 0 . 0 - 1 0 0 . 0 - 1 0 0 . 0 - 1 0 0 . 0
2 -8 7

5 -8 7

4 -8 7

5 -8 7

6 -8 7

7-8 7

8 -8 7

9 -8 7 10-87 11-87 12-8 7

1-88

2 -8 8

5 -8 8

4 -8 8

5 -8 8

6 -8 8

7 -8 8

0 .0

8 -8 8

INITIAL MONTH
■DATA FOR FOUR MONTHS AGO REVISED TO REFLECT LATE REPORTING
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
SEPTEMBER 9» 1988

PRODUCER PRICE INDEX, FINISHED GOODS, EXCLUDING FOODS*
(Compounded Annual Rates of Change)
TERMINAL
MONTH

INITIAL MONTH
2 -8 7

5 -8 7

5 .4

4 -8 7

5 -8 7

6 -8 7

7 -8 7

8 -8 7

1982 * 100

9 -8 7 10-8 7 11-8 7 1 2 -8 7

1 -88

2 -8 8

5 -8 8

4 -8 8

5 -8 8

6 -8 8

7 -8 8

8 -8 8

7 .2

4 -8 7

5 -8 7

1 0 5 .5
5 .5

1 0 5 .6

5 -8 7

3 .2

1 .2

-1 .2

6 -8 7

2 .7

1 .2

0 .0

1 .2

7 -8 7

3 .5

2 .6

2 .5

4 .1

7 .2

8 -8 7

4 .1

5 .5

5 .5

5 .1

7 .2

7 .1

1 0 5 .5
1 0 5 .6
1 0 4 .2
1 0 4 .8

6 .5

5 .9

4 .7

5 .5

5 .8

2 .7

0 .6

-5 .4

11-87

2 .9

2 .5

2 .2

2 .7

5 .0

2 .0

0 .4

-1 .7

0 .0

12-87

2 .6

2 .1

1 .9

2 .5

2 .5

1 .6

0 .5

- 1 .1

0 .0

0 .0

1-88

2 .2

1 .7

1 .5

1 .9

2 .0

1 .2

0 .0

- 1 .1

- 0 .4

- 0 .6

- 1 .1

2 -8 8

2 .1

1 .7

1 .5

1 .8

1 .9

1 .2

0 .2

- 0 .7

0 .0

0 .0

0 .0

1 .2

5-88

2 .3

1 .9

1 .8

2 .1

2 .2

1 .6

0 .8

0 .2

0 .9

1 .1

1 .5

2 .9

4 .7

4 -8 8

2 .6

2 .2

2 .1

2 .4

2 .6

2 .1

1 .4

1 .0

1 .7

2 .1

2 .6

3 .9

5 .5

5 .8

5 -8 8

2 .6

2 .5

2 .2

2 .5

2 .6

2 .2

1 .7

1 .5

2 .0

2 .5

2 .8

3 .8

4 .7

4 .6

5 .5

6 -8 8

2 .5

2 .2

2 .1

2 .4

2 .5

2 .1

1 .6

1 .5

1 .9

2 .1

2 .5

5 .2

5 .8

5 ,5

2 .5

7 -8 8

2 .7

2 .5

2 .4

2 .6

2 .8

2 .4

2 .0

1 .7

2 .5

2 .6

3 .0

5 .7

4 .2

4 .0

5 .4

5 .4

5 .8

8 -8 8

3 .0

2 .7

2 .7

2 .9

5 .1

2 .7

2 .4

2 .2

2 .8

5 .1

3 .5

4 .1

4 .6

4 .6

4*5

4 .6

6 .4

1 0 4 .9
1 0 4 .9
1 0 4 .9
1 0 4 .8

1 0 5 .5

1 0 6 .1
1 .1

2

7 -8 8

1 0 7 .5
o
o
o

6 -8 8

1 0 6 .7
7 .0
©
o

o
o

5 -8 8

1 0 6 .2

2

2

4 -8 8

o
©

2

5 -8 8

1 0 5 .8

o
o

2

2 -8 8

o
o

2

1 -8 8

1 0 4 .9

o
o

9 -8 7 1 0 -8 7 1 1 -8 7 1 2 -8 7

2

\o
©

o
0

2

o
o

1

o
o

2

2

8 -8 7

1 0 5 .2

©
o

o
o

7-8 7

2

©
©

6 -8 7

2

5 -8 7

2

4 -8 7

o
o

5 -8 7

2

2 -8 7

o
o

9 -8 8

o
o
0
1

5 .0

2 .5

?

5 .7

2 .7

1

5 .7

3 .2

o
©

4 .2

1
o
0

9 -8 7
10-87

0 .0

8 -8 8

INITIAL MONTH
■DATA FOR FOUR MONTHS AGO REVISED TO REFLECT LATE REPORTING




PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
SEPTEMBER 9» 1988

6

INDUSTRIAL
RATIO

PRODUCTION

SCALE

RATIO

1977-100

SEASONALLY

SCALE

1977-100
I 45

ADJ UST ED

140
135
130
125
120

1 15
I 10

105

100

95

90
1980

1981

1982

1983

1984

1985

1986

1987

1988

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

INDUSTRIAL PRODUCTION
(CompouDded AnnnaJ Rates of Change)
TERMINAL
MONTH

INITIAL MONTH
1-87

2 -8 7

5 -8 7

4 -8 7

5 -8 7

6 -8 7

7 -8 7

8—
87

1977 * 100

9 -8 7 10-8 7 1 1 -8 7 1 2 -8 7

1 -8 8

2 -8 8

5 -8 8

4 -8 8

5 -8 8

6 -8 8

7 -8 8
1 27 .1

2 -8 7

8 .9

5 -8 7

5 .8

2 .9

4 -8 7

5 .9

1 .4

5 -8 7

4 .8

5 .5

5 .8

7 .8

6 -8 7

5 .6

4 .8

5 .4

8 .5

8 .8

6 .7

7 .7

1 0 .4

1 1 .8

1 4 .9

1 2 7 .4
1 2 7 .4

0 .0

1 2 8 .2
1 29.1
1 5 0 .6

7 -8 7

7 .1

8 -8 7

6 .9

6 .6

7 .5

9 .2

9 .7

1 0 .2

5 .7

9—
87

5 .8

5 .5

5 .7

6 .9

6 .7

6 .0

1 .9

- 1 .8

1 0 -87

6 .7

6 .4

7 .0

8 .2

8 .2

8 .1

5 .9

6 .1

1 4 .6

1 1 -87

6 .7

6 .4

6 .9

7 .9

8 .0

7 .8

6 .1

6 .2

1 0 .5

6 .5

1 2 -87

6 .7

6 .5

6 .9

7 .7

7 .7

7 .6

6 .2

6 .5

9 .2

6 .5

6 .5

1 -8 8

6 .5

6 .5

6 .6

7 .4

7 .5

7 .1

5 .9

6 .0

8 .0

5 .9

5 .5

4 .6

2 -8 8

6 .0

5 .7

6 .0

6 .6

6 .5

6 .2

5 .0

4 .9

6 .5

4 .4

5 .7

2 .5

1 5 1 .2
1 5 1 .0
1 5 2 .5
1 5 5 .2
1 5 5 .9
1 5 4 .4
1 5 4 .4

0 .0

5 -8 8

5 .7

5 .5

5 .7

6 .5

6 .1

5 .8

4 .7

4 .6

5 .7

4 .0

5 .4

2 .4

1 .5

2 .7

4 -8 8

5 .8

5 .6

5 .8

6 .5

6 .1

5 .9

4 .9

4 .8

5 .8

4 .4

4 .0

5 .4

5 .0

4 .5

6 .4

5 -8 8

5 .8

5 .6

5 .8

6 .5

6 .2

5 .9

5 .1

5 .9

4 .7

4 .4

4 .0

5 .8

5 .2

6 .4

6 .4

6—
88

5 .7

5 .5

5 .7

6 .1

6 .0

5 .7

5 .6

4 .6

4 .5

5 .9

5 .8

4 .8

5 .5

5 .0

5 .6

7 -8 8

6 .1

5 .9

6 .1

6 .5

6 .5

5 .2

5 .5

6 .4

7 .5

7 .6

8 .2

1 5 .0

8 -8 8

5 .9

5 .7

5 .9

6 .5

6 .2

6 .0

5 .4

5 .5

4 .9

4 .9

5 .7

6 .5

6 .5

6 .5

7 .7

2 .6

1 -87

2 -8 7

5 -8 7

4 -8 7

5 -8 7

6 -8 7

7 -8 7

8 -8 7

9 -8 7 10-8 7 1 1-87 12-8 7

1 -88

2 -8 8

5 -8 8

4— 8
8

5 -8 8

6 -8 8

7 -8 8

6 .5

4 .9
5 .6

5 .0
4 .9
5 .6

6 .4
6 .0

5 .5

5 .5

5 .2

5 .0

1 5 4 .7
1 5 5 .4
1 5 6 .1
1 5 6 .5
1 5 7 .9P
1 5 8 .2P

INITIAL MONTH
P- PRELIMINARY




PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

7

PERSONAL
RATIO

SCALE

TRILLIONS

MONTHLY

OF

DOLLARS

TOTALS

INCOME
AT

SEASONALLY

ANNUAL

RATIO

RATES

TRILLIONS

ADJUSTED

OF

SCALE

DOLLARS

4.4
4.2
4.0
3.8
3.6
3.4
3.2
3.0

2.8
2.

2.6

2.

2.4

.

2.2

2

2.0

1. 8
SOURCE: U.S. DEPARTMENT OF COMMERCE
PERCENTAGES ARE ANNUAL RATES OF CHANCE FOR PERIODS

INDICATED.

LATEST DATA PLOTTED: AUGUST PRELIMINARY
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

PERSONAL INCOME
(Compounded Annual Rates of Change)
TERMINAL
MONTH
1-87
2 -8 7

2 -8 7

5 -8 7

4 -8 7

5 -8 7

6-8 7

7 -8 7

8 -8 7

INITIAL MONTH
ANNUAL RATES
9 -8 7 1 0 -8 7 1 1 -8 7 1 2 -8 7

1 4 .8

BILLIONS OF
DOLLARS
1 -8 8

2 -8 8

5 -8 8

4 -8 8

5 -8 8

6 -8 8

7 -8 8

5 ,6 8 5 .5

5-8 7

1 0 .7

6 .7

4 -8 7

9 .5

7 .0

7 .2

5 -8 7

8 .0

5 .9

5 .5

5 .7

6 -8 7

7 .1

5 .5

4 .8

5 .6

7-8 7

7 .7

6 .5

6 .2

5 .9

7 .0

1 0 .6

8 -8 7

7 .8

6 .6

6 .6

6 .5

7 .4

9 .4

5 ,7 0 5 .4
5 ,7 2 5 .0
5 ,7 5 6 .5
5 ,7 4 7 .1

5 .5

5 ,7 7 8 .6
5 ,8 0 5 .7

8 .5

5 ,8 2 0 .8

9-8 7

7 .5

6 .5

6 .4

6 .5

6 .9

8 .1

6 .9

5 .5

1 0-87

9 .5

8 .8

9 .1

9 .5

1 0 .6

1 2 .5

1 5 .2

1 5 .7

2 6 .8

1 1-87

8 .1

7 .5

7 .4

7 .4

8 .1

9 .0

8 .6

8 .7

1 0 .4

12-87

9 .0

8 .4

8 .6

8 .7

9 .5

1 0 .5

1 0 .5

11 .1

1 5 .0

6 .6

1 8 .5

1-88

7 .7

7 .1

7 .1

7 .1

7 ,5

8 .1

7 .7

7 .6

8 .1

2 .5

6 .0

5 ,8 9 7 .2
- 4 .0

5 ,8 8 4 .1
5 ,9 5 9 .0
- 5 .1

5 ,9 2 1 .8

2 -8 8

7 .7

7 .1

7 .2

7 .2

7 .6

8 .1

7 .7

7 .7

8 .1

5 .9

6 ,6

1 .2

7 .9

5-8 8

8 .1

7 .6

7 .6

7 .7

8 .1

8 .6

8 .5

8 .4

8 .8

5 .5

8 ,1

4 .8

1 0 .2

1 2 .6

4 -8 8

7 .8

7 .5

7 .4

7 .4

7 .8

8 .2

7 .9

7 .9

8 .2

5 .4

7 ,4

4 ,8

8 .5

8 .5

4 .6

5 -8 8

7 .7

7 .5

7 .5

7 .5

7 .6

8 .0

7 .8

7 .7

8 .0

5 .5

7 ,2

5 .1

7 .8

7 .8

5 .5

6 .5

6-8 8

7 .7

7 .5

7 .5

7 .5

7 .6

7 .9

7 .7

7 .7

7 .9

5 .7

7 .2

5 .4

7 .7

7 .7

6 .1

6 .8

7 .2

7 .9

6 .0

7 .5

5 .8

7 .8

7 .7

6 .6

7 .2

7 .7

8 .1

7 .4

5 .6

6 .7

5 .4

6 .9

6 .8

5 .7

5 .9

5 .8

5 .1

2 .1

9 -8 7 1 0 -8 7 11 -8 7 1 2 -8 7

1 -8 8

2 -8 8

5 -8 8

4 -8 8

5 -8 8

6 -8 8

7 -8 8

7-88

7 .7

7 .5

7 .4

7 .4

7 .6

8 .0

7 .7

7 .7

8 -8 8

7 .4

7 .0

7 .0

7 .0

7 .5

7 .5

7 .5

7 .2

1-87

2 -8 7

5 -8 7

4 -8 7

5 -8 7

6 -8 7

7 -8 7

8 -8 7

5 ,9 4 6 .7
5 ,9 8 5 .9
4 ,0 0 1 .0
4 ,0 2 1 .4
4 ,0 4 4 . 9
4 ,0 7 1 .5
4 , 0 7 8 .5P

INITIAL MONTH
P- PRELIMINARY




PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
SEPTEMBER 21, 1988

8

RETAIL
RATIO

SALES

SCALE

BILLIONS

OF

1980

RATIO
DOLLARS

1981

SEASONALLY

1982

1983

BILLIONS

ADJUSTED

1984

1985

1986

1987

OF

SCALE

DOLLARS

1988

SOURCEt U.S. DEPARTMENT OF COMMERCE
PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIODS INDICATEO.
LATEST DATA PLOTTED: JULY, AUGUST ADVANCE ESTIMATE
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

RETAIL SALES
(Compounded Annual Rates of Change)
TERMINAL
MONTH
1-87
2 -8 7

5 7 .8

5 -8 7

4 -8 7

5 -8 7

6 -8 7

7 -8 7

8 -8 7

INITIAL MONTH
DOLLARS
9 -8 7 1 0 -8 7 11-87 1 2 -8 7

8 2 .8

5 -8 7

2 -8 7

MILLIONS OF
1 -88

2 -8 8

5 -8 8

4 -8 8

5 -8 8

6 -8 8

7 -8 8

125

►
292

5 .8

125 ►
680

4 -8 7

2 7 .6

6 .6

9 .4

5 -8 7

2 0 .6

5 .0

5 .5

6 -8 7

1 9 .9

7 .9

9 .5

9 .5

1 7 .2

7 -8 7

1 7 .6

7 .6

8 .6

8 .5

1 1 .7

6 .5

8 -8 7

1 9 .5

11 .1

1 2 .6

1 5 .4

1 7 .5

1 7 .6

9 -8 7

1 5 .S

6 .4

6 .8

6 .5

7 .4

4 .4

5 .5 - 1 7 .9

1 0 -87

1 1 .0

4 .5

4 .4

5 .6

5 .9

0 .8

- 1 . 0 - 1 5 .6

1 1 -87

1 0 .5

4 .5

4 .4

5 .7

4 .0

1 .5

0 .5

- 8 .0

- 2 .6

4 .2

1 2 -87

1 0 .6

5 .2

5 .4

4 .9

5 .5

5 .4

2 .8

- 5 .0

2 .5

8 .9

1 5 .7

124

►
609
124,►
797

1 .8

126 ►
461
127 ►
122
5 0 .0

129

►
950
127

►
815

-9 .1

126 ►
808
127 »248
128 .615

1 -88

9 .8

4 .9

5 .0

4

.5

4 .8

5 .1

2 .6

- 2 .1

2 .5

6 .5

7 .4

1 .4

2 -8 8

1 0 .1

5 .5

5 .7

5 .5

5 .7

4 .4

4 .1

0 .5

4 .4

8 .0

9 .5

7 .2

1 5 .4

128 ,7 6 9

1 0 .9

6 .7

6 .9

6 .7

7 .2

6 .2

6 .1

5 .1

7 .1

1 0 .6

1 2 .5

1 1 .8

1 7 .4

21..6

9 .8

5 .8

6 .0

5 .7

6 .1

5 .0

4 .8

2 .1

5 .5

7 .9

8 .6

7 .4

9 .5

7..6

-4 .8

5 -8 8

9 .8

6 .1

6 .5

6 .1

6 .4

5 .5

5 .4

5 .0

5 .9

9 .0

8 .1

9 .8

8 ..6

2 .6

1 0 .7

5 .6

5 .4

6 .1

8 .2

8 .7

7 .9

9 .5

8 ,. 5

4 .2

9 .0

7 .5
4 .4

1 .7

CM

5 -8 8
4—
88

00

150 ►
121
152 ,2 5 9
151 ,717
152 .855

6 -8 8

9 .7

6 .2

6 .4

6 .2

6 .5

5 .7

7-8 8

9 .2

5 .9

6 .1

5 .9

6 .2

5 .5

5 .5

5 .5

5 .6

7 .4

7 .8

7 .0

8 .0

6..9

5 .5

6 .5

8 -8 8

8 .5

5 .4

5 .5

5 .5

5 .5

4 .7

4 .6

2 .7

4 .8

6 .5

6 .6

5 .7

6 .5

5,.2

2 .2

4 .0

1 .9

- 0 .7

-2 .9

1-87

2 -8 7

5 -8 7

4 -8 7

5 -8 7

6 -8 7

7 -8 7

8 -8 7

9 -8 7 1 0 -8 7 11-87 1 2 -8 7

1-8 8

2 -8 8

5 -8 8

4 -8 8

5 -8 8

6 -8 8

7 -8 8

155 .617

155 »4 70E

INITIAL MONTH
P - PRELIMINARY
E - ESTIMATED




PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
SEPTEMBER 15, 1986

9

CL

©
o
00

155

HOURLY COMPENSATION, BUSINESS SECTOR
(Compounded Annual Rates of Change)
TERMINAL
QUARTER

INITIAL QUARTER

5 -8 5

4 -8 5

1-84

2 -8 4

5 -8 4

4 -8 4

1-8 5

2 -8 5

5 -8 5

1977«100

4 -8 5

1 -8 6

2 -8 6

5 -8 6

4 -8 6

1 -8 7

2 -8 7

5 -8 7

4 -8 7

1 -8 8
1 6 5 .6

4 -8 5

5 .6

1-84

5 .5

5 .5

2 -8 4

4 .6

4 .1

1 6 5 .8
1 6 6 .9

2 .7

1 6 8 .7

5 -8 4

4 .5

4 .2

5 .5

4 .4

4 -8 4

4 .4

4 .1

5 .6

4 .1

5 .8

1-85

4 .5

4 .5

4 .0

4 .5

4 .6

5 .5

2 -8 5

4 .5

4 .5

4 .0

4 .4

4 .4

4 .6

4 .0

1 7 0 .5
1 7 2 .5
1 7 4 .2
1 7 6 .4

5 -8 5

4 .5

4 .4

4 .2

4 .5

4 .6

4 .8

4 .6

5 .1

4 -8 5

4 .7

4 .5

4 .4

4 .7

4 .8

5 .0

4 .9

5 .4

5 .6

1-86

4 .6

4 .4

4 .5

4 .5

4 .6

4 .7

4 .6

4 .8

4 .6

5 .6

2 -8 6

4 .5

4 .4

4 .2

4 .4

4 .4

4 .5

4 .4

4 .5

4 .5

5 .6

1 7 8 .8
1 8 0 .4
1 8 2 .0

5 .6

1 8 4 .0

5 -8 6

4 .5

4 .4

4 .5

4 .4

4 .4

4 .5

4 .4

4 .5

4 .5

5 .9

4 .0

4 .5

4 -8 6

4 .5

4 .4

4 .5

4 .5

4 .5

4 .6

4 .5

4 .5

4 .4

4 .1

4 .5

4 .7

4 .9

1 8 6 .2
1 8 7 .5

1-87

4 .5

4 .5

4 .1

4 .5

4 .5

4 .5

4 .2

4 .2

4 .1

5 .8

5 .8

5 .9

5 .6

2 .4

2 -8 7

4 .5

4 .2

4 .1

4 .2

4 .2

4 .5

4 .1

4 .2

4 .0

5 .8

5 .8

5 .8

5 .6

5 .0

5 .7

5 -8 7

4 .5

4 .2

4 .1

4 .5

4 .2

4 .5

4 .2

4 .2

4 .1

5 .9

5 .9

4 .0

5 .9

5 .5

4 .1

1 8 9 .0
4 .5

1 9 1 .1
1 9 4 .0

4 -8 7

4 .4

4 .4

4 .5

4 .4

4 .4

4 .4

4 .4

4 .4

4 .5

4 .2

4 .2

4 .5

4 .5

4 .2

4 .8

5 .4

6 .2

1 -88

4 .4

4 .5

4 .2

4 .4

4 .5

4 .4

4 .5

4 .5

4 .5

4 .1

4 .2

4 .5

4 .2

4 .1

4 .5

4 .8

5 .0

5 .8

2 -8 8

4 .4

4 .5

4 .5

4 .4

4 .4

4 .4

4 .5

4 .4

4 .5

4 .2

4 .2

4 .5

4 .5

4 .2

4 .5

4 .8

4 .8

4 .2

4 .6

5 -8 5

4 -8 5

1-84

2 -8 4

5—
84

4 -8 4

1-85

2 -8 5

5 -8 5

4 -8 5

1 -8 6

2 -8 6

5 -8 6

4 -8 6

1 -87

2 -8 7

5 -8 7

4 -8 7

1 -8 8

1 9 5 .8
1 9 8 .OP

INITIAL QUARTER
P- PRELIMINARY
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
SEPTEMBER 1» 1988

OUTPUT PER HOUR OF ALL PERSONS, BUSINESS SECTOR
(Compounded Annual Rates of Change)
TERMINAL
QUARTER

INITIAL QUARTER

5 -8 5

4 -8 5

1-84

2 -8 4

5-8 4

4 -8 4

4 -8 5

4 .1
5 .4

5 .7

2 .4

2 .5

0 .8

2 .2

2 .1

1 .0

0 .6

2 .4

2 .5

1 .5

1 .4

2 .5

2 -8 6

5 -8 6

4 -8 6

1-87

5 .1

2 -8 7

5 -8 7

4 -8 7

1 -8 8

1 .5

1-85

1 -86

- 0 .4

4 -8 4

1 9 7 7 -1 0 0

4 -8 5

1 .9

5 -8 4

5 -8 5

5 .5

2 -8 4

2 -8 5

2 .7

1-84

1 -85

1 0 5 .7
1 0 5 .1
1 0 5 .6
1 0 5 .5
1 0 5 .9
1 0 6 .7

2 -8 5

2 .5

2 .4

1 .8

1 .8

2 .5

5 .0

5 .0

5 -8 5

2 .5

2 .5

2 .0

2 .0

2 .7

5 .0

5 .0

5 .0

4 -8 5

2 .5

2 .5

1 .8

1 .8

2 .5

2 .5

2 .5

1 .9

0 .7

1 -8 6

2 .9

2 .9

2 .5

2 .6

5 .1

5 .5

5 .6

5 .7

4 .1

7 .6

2 -8 6

2 .6

2 .5

2 .2

2 .2

2 .6

2 .8

2 .8

2 .7

2 .6

5 .5

- 0 .4

5 -8 6

2 .2

2 .2

1 .8

1 .8

2 .1

2 .2

2 .1

1 .9

1 .6

1 .8

- 0 .9

- 1 .4

4 -8 6

2 .0

1 .9

1 .6

1 .6

1 .8

1 .8

1 .6

1 .4

1 .1

1 .2

- 0 .8

- 1 .1

- 0 .7

1-8 7

1 .9

1 .8

1 .5

1 .5

1 .6

1 .7

1 .5

1 .5

1 .0

1 .0

- 0 .5

-0 .6

- 0 .2

0 .4

2 -8 7

1 .9

1 .9

1 .6

1 .6

1 .7

1 .8

1 .6

1 .4

1 .2

1 .5

0 .1

0 .2

0 .7

1 .5

2 .6

5 -8 7

2 .0

2 .0

1 .8

1 .7

1 .9

2 .0

1 .8

1 .7

1 .6

1 .7

0 .7

0 .9

1 .5

2 .5

5 .5

4 .0

4 -8 7

1 .9

1 .9

1 .7

1 .6

1 .8

1 .8

1 .7

1 .6

1 .4

1 .5

0 .7

0 .8

1 .5

1 .8

2 .5

2 .2

0 .4

1-88

2 .0

2 .0

1 .8

1 .8

1 .9

2 .0

1 .9

1 .8

1 .6

1 .7

1 .0

1 .2

1 .7

2 .2

2 .6

2 .7

2 .0

5 .6

2 -8 8

1 .8

1 .7

1 .5

1 .5

1 .6

1 .6

1 .5

1 .4

1 .5

1 .5

0 .6

0 .8

1 .1

1 .4

1 .6

1 .4

0 .5

0 .5

- 2 .5

5 -8 5

4 -8 5

1-84

2 -8 4

5 -8 4

4 -8 4

1-8 5

2 -8 5

5 -8 5

4 -8 5

1 -8 6

2 -8 6

5 -8 6

4 -8 6

1-8 7

2 -8 7

5 -8 7

4 -8 7

1 -8 8




1 0 7 .5
1 0 8 .5
1 0 8 .5
1 1 0 .5
1 1 0 .4
1 1 0 .0
1 0 9 .8
1 0 9 .9
1 1 0 .6
1 1 1 .7
1 1 1 .8
1 1 2 .8
1 1 2 .1

INITIAL QUARTER

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
SEPTEMBER 1, 1988

10

PRODUCTIVITY, COMPENSATION, AND LABOR COSTS
RATIO

SCALE

RATIO

1977-100

1980

19 81

1982

1983

1984

1985

1986
S O UR C E:

PERCE NTAGE S
LA T ES T

ARE AN NU A L

DATA P LO TTE Dt

R A T E S OF

CHA*6£

FOR P E R I O D S

SCALE

1977-100

SEASONALLY ADJUSTED

1987

U.S.

1988

DE PAR TMENT

OF

LA B OR

ST.

LOUIS

IN D IC A T E D .

2 N D Q U A RT E R
PREPARED

IY

FEDERAL

RESERVE

BANK OF

UNIT LABOR COSTS, BUSINESS SECTOR
(Compounded Annual Rales of Change)
TERMINAL
QUARTER

INITIAL QUARTER
3 -8 3

4 -8 3

1-84

2 -8 4

3 -8 4

4 -8 4

4 -8 3

1 .4
1.1

0 .4

2 .0

1 .9

2 .7

2 .1

2 .0

2 .5

3 .6

2 .1

2 .0

2 .4

3 .0

2 .1

1 .9

1 .8

2 .1

2 .5

1 .8

1 .5

3-8 6

4 -8 6

1-8 7

2 -8 7

3 -8 7

4 -8 7

1 -8 8

2 .0

2 -8 5

1977«100
2 -8 6

2 .3

1-85

1-86

4 .9

4 -8 4

4-85

0 .5

3 -8 4

3 -8 5

0 .3

2 -8 4

2 -8 5

2 .6

1-84

1-85

1 5 7 .7
1 5 7 .8
1 5 8 .0
1 5 9 .9
1 6 0 .8
1 6 1 .6
1 .0

1 6 2 .0

3 -8 5

2 .0

1 .9

2 .2

2 .5

1 .9

1 .8

1 .7

2 .5

4 -8 5

2 .3

2 .2

2 .5

2 .8

2 .4

2 .5

2 .6

3 .5

4 .5

1-86

1 .7

1 .6

1 .7

1 .9

1 .4

1 .2

1 .1

1 .1

0 .4

1 6 3 .0
1 6 4 .8
- 3 .6

1 6 3 .3

2 -8 6

1 .9

1 .8

2 .0

2 .2

1 .8

1 .7

1 .6

1 .8

1 .6

0 .1

4 .0

3 -8 6

2 .2

2 .2

2 .4

2 .6

2 .3

2 .3

2 .3

2 .6

2 .6

2 .0

5 .0

6 .0

4 -8 6

2 .5

2 .5

2 .7

2 .9

2 .7

2 .7

2 .8

3 .1

3 .2

2 .9

5 .2

5 .8

5 .6

1 -87

2 .4

2 .4

2 .6

2 .8

2 .6

2 .6

2 .7

3 .0

3 .0

2 .8

4 .4

4 .6

3 .9

2 .1

2 -8 7

2 .3

2 .3

2 .5

2 .6

2 .4

2 .4

2 .5

2 .7

2 .7

2 .4

3 .7

3 .6

2 .8

1 .4

1 6 4 .9
1 6 7 .3
1 6 9 .6
1 7 0 .5
0 .7

1 7 0 .8 '

3 -8 7

2 .2

2 .2

2 .3

2 .5

2 .3

2 .3

2 .3

2 .5

2 .5

2 .2

3 .2

3 .0

2 .3

1 .2

0 .7

0 .7

4 -8 7

2 .4

2 .4

2 .6

2 .7

2 .5

2 .6

2 .6

2 .8

2 .8

2 .6

3 .5

3 .4

3 .0

2 .3

2 .4

3 .2

5 .7

1-88

2 .3

2 .3

2 .4

2 .5

2 .4

2 .4

2 .4

2 .5

2 .5

2 .3

3 .1

2 .9

2 .5

1 .8

1 .8

2 .1

2 .8

0 .0

2 -8 8

2 .6

2 .6

2 .7

2 .8

2 .7

2 .7

2 .8

2 .9

3 .0

2 .8

3 .6

3 .5

3 .2

2 .8

2 .9

3 .5

4 .4

3 .7

7 .6

3 -8 3

4 -8 3

1-84

2 -8 4

3 -8 4

4 -8 4

1-8 5

2 -8 5

3 -8 5

4 -85

1-86

2 -8 6

3 -8 6

4 -8 6

1 -8 7

2 -8 7

3 -8 7

4 -8 7

1-8 8




1 7 1 .1
1 7 3 .5
1 7 3 .5
1 7 6 .7

INITIAL QUARTER

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
SEPTEMBER 1, 1988

11

GROSS NATIONAL PRODÜCT IN CURRENT DOLLARS
(Compounded Annual Rates of Change)
TERMINAL
QUARTER
5— 3
8

4 -8 3

1-84

2 -8 4

3 -8 4

4 -8 4

1-85

2 -8 5

BILLIONS OF
DOLLARS

INITIAL QUARTER
ANNUAL RATES
3-85 4 -8 5
1 -86 2 -8 6

3 -8 6

4 -8 6

1 -8 7

4 -8 3
1 -8 4

1 5 .9
1 2 .2

1 2 .1

1 0 .6

1 0 .0

7 .4

9 .4

8 .6

6 .5

5 .5

4 .7

1-85

9 .1

8 .5

6 .8

6 .1

6 .5

7 .9

2 -8 5

8 .6

8 .0

6 .6

6 .0

6 .0

6 .7

5 .6

5 -8 5

8 .4

7 .8

6 .6

6 .2

6 .5

6 .8

6 .5

7 .0

4 -8 5

8 .2

7 .6

6 .6

6 .2

6 .5

6 .6

6 .2

6 .6

6 .2

1 -8 6

8 .1

7 .6

6 .7

6 .5

6 .4

6 .8

6 .5

6 .8

6 .7

7 .2

2 -8 6

7 .6

7 .1

6 .2

5 .9

5 .9

6 .1

5 .7

5 .7

5 .5

4 .9

2 .6

5 -8 6

7 .4

7 .0

6 .2

5 .9

5 .9

6 .0

5 .7

5 .8

5 .5

5 .2

4 .5

5 .9

4 -8 6

7 .1

6 .7

5 .9

5 .6

5 .6

5 .7

5 .4

5 .4

5 .1

4 .8

4 .0

4 .7

5 .4

1 -87

7 .2

6 .8

6 .1

5 .9

5 .9

6 .0

5 .8

5 .8

5 .6

5 .5

5 .1

5 .9

5 .9

8 .4

2 -8 7

7 .5

6 .9

6 .5

6 .1

6 .1

6 .5

6 .1

6 .2

6 .0

6 .0

5 .8

6 .6

6 .8

8 .5

1 -88

5 .8

4 -8 4

4 -8 7

8 .9

3 -8 4

3 -8 7

1 5 .4

2 -8 4

2 -8 7

1 2 .4

8 .7

5 ,5 4 5 .8
5 ,6 7 4 .9
5 ,7 5 4 .2
5 ,8 0 7 .9
5 ,8 5 1 .8
3 ,9 2 5 .6
3 ,9 7 9 .0
4 ,0 4 7 .0
4 ,1 0 7 .9
4 ,1 8 0 .4
4 ,2 0 7 .6
4 ,2 6 8 .4
4 ,3 0 4 .6
4 ,3 9 1 .8
4 ,4 8 4 .2

5 -8 7

7 .5

7 .0

6 .4

6 .2

6 .5

6 .4

6 .2

6 .5

6 .2

6 .5

6 .1

6 .8

7 .0

8 .2

8 .2

7 .7

4 -8 7

7 .4

7 .1

6 .6

6 .4

6 .4

6 .6

6 .5

6 .5

6 .5

6 .5

6 .4

7 .1

7 .5

8 .5

8 .5

8 .1

8 .6

4 ,5 6 8 .0

1 -8 8

7 .5

7 .0

6 .5

6 .5

6 .4

6 .5

6 .4

6 .4

6 .4

6 .4

6 .5

6 .8

7 .0

7 .7

7 .6

7 .2

7 .0

5 .4

2 -8 8

7 .4

7 .1

6 .6

6 .5

6 .5

6 .6

6 .5

6 .6

6 .6

6 .6

6 .6

7 .1

7 .2

7 .9

7 .8

7 .6

7 .5

7 .0

8 .7

5 -8 5

4 -8 5

1-84

2 -8 4

5 -8 4

4—
84

1-85

2 -8 5

5-85

4 -8 5

1 -86

2 -8 6

5 -8 6

4 -8 6

1 -8 7

2 -8 7

5 -8 7

4 -8 7

1 -8 8

4 ,6 6 2 .8
4 ,7 2 4 .5
4 ,8 2 3 .8

INITIAL QUARTER

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
SEPTEMBER 2 0 , 1988

GROSS NATIONAL PRODUCT IN 1982 DOLLARS
(Compounded Annual Rates of Change)
TERMINAL
QUARTER
5 -8 5

4 -8 5

1-84

2 -8 4

5 -8 4

4 -8 4

1-85

2 -8 5

BILLIONS OF
DOLLARS

INITIAL QUARTER
ANNUAL RATES
5-85 4 -8 5
1-86 2 -8 6

4 -8 3
1 -8 4

9 .0

1 0 .7

2 -8 4

7 .8

8 .1

5 .5

5 -8 4

6 .5

6 .2

4 .0

2 .6

4 -8 4

5 .5

5 .1

5 .2

2 .1

5 .4

5 .0

5 .6

5 .0

5 .5

5 .0

4 .6

5 .4

2 .9

5 .0

5 .7

4 .9

4 .5

3 .5

5 .1

5 .5

5 .8

3 .5

4 .6

4 .5

3 .4

5 .1

5 .2

5 .6

5 .2

5 .5

5 -8 7

4 -8 7

1 -88

4 .1

4 -8 5

2 -8 7

2 .4

5 -8 5

1 -8 7

4 .9

2 -8 5

4 -8 6

1 .7

1 -8 5

5 -8 6

7 .5

5 .0

5 ,5 6 5 .1
5 ,4 5 1 .7
5 ,4 9 8 .0
5 ,5 2 0 .6
5 ,5 3 5 .2
3 ,5 7 7 .5
3 ,5 9 9 .2
3 ,6 5 5 .8
5 ,6 6 2 .4

1 -86

4 .8

4 .5

3 .8

5 .6

5 .7

4 .1

4 .0

4 .5

4 .6

6 .4

2— 6
8

4 .3

4 .0

3 .5

5 .0

5 .1

5 .5

5 .0

5 .1

2 .8

2 .7

- 0 .8

5 ,7 1 1 .6

5 -8 6

4 .0

5 .7

5 .1

2 .8

2 .8

5 .0

2 .7

2 .7

2 .4

2 .2

0 .1

1 .0

5 ,7 2 1 .5

4 -8 6

3 .8

5 .5

2 .9

2 .7

2 .7

2 .8

2 .5

2 .5

2 .2

2 .0

0 .6

1 .2

1 -87

5 .9

5 .6

5 .0

2 .8

2 .8

5 .0

2 .7

2 .8

2 .6

2 .5

1 .5

2 .5

2 -8 7

5 .9

5 .7

5 .2

5 .0

5 .0

3 .2

5 .0

5 .1

2 .9

2 .9

2 .2

5 .0

5 -8 7

4 .0

5 .8

5 .5

5 .1

5 .2

3 .5

5 .1

5 .2

5 .1

3 .1

2 .6

5 .5

4 -8 7

4 .1

5 .9

5 .5

5 .3

5 .4

3 .5

5 .4

5 .5

3 .4

5 .5

5 .1

3 .8

1 -88

4 .1

5 .9

5 .5

3 .5

5 .4

3 .5

5 .4

5 .5

3 .4

5 .5

5 .1

2 -8 8

4 .0

5 .8

5 .4

3 .5

5 .4

3 .5

5 .4

5 .5

3 .4

5 .4

3 -8 5

4 -8 3

1-84

2 -8 4

5 -8 4

4 -8 4

1-85

2 -8 5

3-85

4 -8 5




5 ,7 1 9 .5

5 ,7 5 4 .7

1 .4

5 ,7 7 6 .7

5 .0

4 .6

5 .7

4 .8

5 .0

5 .9

4 .7

4 .7

4 .5

4 .5

5 .0

5 .2

5 .3

6 .1

5 .7

4 .2

4 .7

4 .8

4 .7

4 .8

5 .4

5 .1

5 .6

4 .0

4 .4

4 .4

4 .2

4 .2

5 .2

5 .0

1 -86

2 -8 6

5 -8 6

4 -8 6

1 -8 7

2 -8 7

5 -8 7

4 -8 7

1-8 8

5 ,8 2 3 .0
3 ,8 6 5 .5
5 ,9 2 5 .0
5 ,9 5 6 .1
5 ,9 8 5 .2

INITIAL QUARTER

PREPARED BY FEDERAL RESERVE BA*tt OF ST. LOUIS
SEPTEMBER 20, 1988

12

GROSS N A T I O N A L

PRODUCT

R A T I O SCALE
QUARTERLY T O T A L S AT ANNUAL RATES
R A T I O SCALE
T R I L L I O N S OF D O L L A R S
S E AS O NA L L Y AD J US T ED
T R I L L I O N S OF D O L L A R S
5. 2
5. 0
4. 8
4. 6
4. 4
4. 2
4. 0
3. 8
3. 6
3. 4

4. 4
4. 2
4. 0
3. 8
3. 6
3. 4
3. 2
3. 0

2.8

2.6
1980

1981

1982

1983

1984

1985
SOURCEt

PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIODS
LATEST DATA PLO TTED t




1986
U .S .

1987

1988

DEPARTMENT OF COMMERCE

IN D IC A T E D .

2ND QUARTER
PREPARED BY FEDERAL RESERVE BANK OF S T .

13

L O U IS

GENERAL
RATIO

PRICE

INDEX*

SCALE

RATIO

1982-100

1980
•AS USED

SCALE

1982-100

1981
IN NATIONAL

1982

1983

1984

1985

INCOME ACCOUNTS

1986

1987

1988

SOURCE. U.S. DEPARTMENT OF COMMERCE

PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIODS INDICATED.
LATEST DATA PLOTTED: 2ND QUARTER
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

IMPLICIT PRICE DEFLATOR FOR GROSS NATIONAL PRODUCT
(Compounded Annual Rates of Change)
TERMINAL
QUARTER

INITIAL QUARTER
5*83

4 -8 3

1-84

2 -8 4

3-8 4

4 -8 4

1-85

2 -8 5

5 -8 5

4 -8 5

1 -8 6

1982 - 100
2 -8 6

5 -8 6

4 -8 6

1 -8 7

2 -8 7

5 -8 7

4 -8 7

1 -8 8

4 -8 5

4 .7

1 -84

4 .5

4 .2

1 0 5 .4

2 -8 4

4 .0

5 .6

5 .0

5 -8 4

5 .8

5 .6

5 .2

4 -8 4

5 .7

5 .4

3 .1

5 .2

5 .0

1 -85

5 .5

5 .5

3 .0

5 .0

2 .8

2 .6

2 -8 5

5 .5

5 .5

3 .1

5 .1

5 .0

5 .0

5 .5

5 -8 5

5 .4

5 .2

3 .0

3 .0

2 .9

2 .8

2 .9

2 .6

4 -8 5

5 .5

5 .2

3 .0

5 .0

2 .9

2 .9

5 .1

2 .9

5 .5

1-86

5 .1

2 .9

2 .7

2 .7

2 .6

2 .5

2 .5

2 .2

2 .0

0 .7

2 -8 6

5 .1

5 .0

2 .8

2 .8

2 .7

2 .7

2 .7

2 .5

2 .5

2 .2

5 .6

5 -8 6

5 .5

5 .1

5 .0

5 .0

5 .0

5 .0

5 .0

5 .0

5 .1

5 .0

4 .1

4 .7

4 -8 6

5 .2

5 .0

2 .9

2 .9

2 .9

2 .8

2 .9

2 .8

2 .9

2 .8

5 .5

5 .4

2 .1

1 -87

5 .2

5 .1

5 .0

5 .0

2 .9

2 .9

5 .0

2 .9

5 .0

2 .9

5 .5

5 .4

2 .8

2 -8 7

5 .2

5 .1

5 .0

5 .0

5 .0

5 .0

5 .0

5 .0

5 .0

5 .0

5 .5

5 .4

5 .0

5 .5

5 -8 7

5 .2

5 .1

5 .0

5 .0

5 .0

5 .0

5 .0

5 .0

5 .1

5 .0

5 .4

5 .4

5 .1

5 .4

5 .5

5 .1

4 -8 7

5 .2

5 .1

5 .0

5 .0

2 .9

2 .9

5 .0

2 .9

5 .0

2 .9

5 .1

5 .0

2 .7

2 .4

1-88

5 .1

5 .0

2 .9

2 .9

2 .9

2 .8

2 .9

2 .8

2 .8

2 .8

2 .7

2 .4

2 .0

1 .7

2 -8 8

5 .2

5 .1

5 .0

5 .0

5 .0

5 .0

5 .1

5 .0

5 .1

5 .1

5 .5

5 .5

5 .1

5 .5

5 .2

5 .2

5 .2

5 .6

5 .5

5 -8 5

4 -8 5

1-84

2 -8 4

5 -8 4

4 -8 4

1-85

2 -8 5

5 -8 5

4 -8 5

1 -86

2 -8 6

5 -8 6

4 -8 6

1 -8 7

2 -8 7

5 -8 7

4 -8 7

1 -8 8




1 0 6 .5
1 0 7 .5
5 .4

1 0 8 .2
1 0 9 .0
1 0 9 .7
1 1 0 .6
1 1 1 .5
1 1 2 .2
1 1 2 .4

5 .5
5 .1

1 1 5 .4

5 .2
5 .0

1 1 4 .7

2 .9
2 .7

1 1 5 .5
1 1 6 .5

5 .5

2 .8

1 1 7 .5

5 .5

118*2
1 1 8 .9
1 1 9 .4
1 2 1 .0

INITIAL QUARTER

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
SEPTEMBER 20, 1988

14

PERSONAL CONSUMPTION EXPENDITURES IN CURRENT DOLLARS
(Compounded Annual Rates of Change)
TERMINAL
QUARTER
5 -8 5

4 -8 5

4 -8 5

8 .9
9 .2

8 .9

5 -8 4

4 -8 4

1-8 5

2 -8 5

4 -8 6

5 -8 6

1 -8 7

2 -8 7

5 -8 7

4 -8 7

1-88

8 .1

2 -8 4

2 -8 4

BILLIONS OF
DOLLARS

9 .7

1-84

1-84

INITIAL QUARTER
ANNUAL RATES
5 -8 5 4 -8 5
1-86 2 -8 6

2 ,5 1 5 . 8
2 ,5 6 1 .1

5 -8 4

8 .5

7 .8

7 .7

5 .6

4 -8 4

8 .1

7 .7

7 .5

6 .4

7 .2

1-85

8 .4

8 .2

8 .2

7 .7

8 .7

1 0 .2

2 -8 5

8 .2

8 .0

7 .5

8 .2

8 .7

7 .1

5 -8 5

8 .5

8 .5

8 .5

8 .0

00
&

2 ,4 1 7 .0

00
o

9 .8

2 ,4 5 0 . 5

9 .1

8 .5

4 -8 5

8 .2

8 .0

8 .0

7 .7

8 .1

8 .5

7 .7

7 .9

6 .0

1-86

7 .9

7 .7

7 .7

7 .4

7 .7

7 .8

7 .2

7 .2

5 .9

5 .8

2 -8 6

7 .7

7 .5

7 .4

7 .1

7 .5

7 .5

6 .7

6 .6

5 .6

5 .4

4 .9

5 -8 6

7 .9

7 .7

7 .7

7 .5

7 .7

7 .8

7 .4

7 .4

6 .8

7 .1

7 .7

1 0 .6

4 -8 6

7 .7

7 .5

7 .4

7 .2

7 .4

7 .4

7 .0

7 .0

6 .4

6 .5

6 .7

7 .6

4 .8

1-87

7 .6

7 .4

7 .4

7 .1

7 .5

7 .5

6 .9

6 .9

6 .4

6 .5

6 .7

7 .5

5 .6

6 .5

2 -8 7

7 .7

7 .6

7 .6

7 .4

7 .5

7 .6

7 .5

7 .5

6 .9

7 .1

7 .5

7 .9

7 .1

8 .2

1 0 .0

5 -8 7

7 .8

7 .7

7 .7

7 .5

7 .7

7 .7

7 .5

7 .5

7 .2

7 .4

7 .6

8 .2

7 .6

8 .5

9 .6

9 .1

4 -8 7

7 .5

7 .4

7 .5

7 .1

7 .5

7 .5

7 .0

7 .0

6 .7

6 .7

6 .9

7 .2

6 .5

7 .0

7 .1

5 .7

2 .4

7 .1

7 .2

7 .2

7 .0

7 .0

6 .7

6 .8

6 .9

7 .1

6 .6

7 .0

7 .1

6 .1

4 .6

6 .9

2 ,4 9 5 .4
2 ,5 5 4 . 9
2 ,5 9 9 .5
2 ,6 6 1 . 4

9 .9

2 ,7 0 0 .4
2 ,7 5 9 . 0
2 ,7 7 2 .1
2 ,8 4 2 . 8
2 ,8 7 6 . 0
2 ,9 2 1 .7
2 ,9 9 2 .2
5 , 0 5 8 .2
5 ,0 7 6 .5
5 ,1 2 8 .1

1-88

7 .5

7 .5

7 .5

2 -8 8

7 .5

7 .4

7 .4

7 .2

7 .5

7 .5

7 .1

7 .1

6 .9

7 .0

7 .1

7 .4

6 .9

7 .5

7 .4

6 .8

6 .0

7 .8

8 .8

5 -8 5

4 -8 5

1-84

2 -8 4

5-8 4

4 -8 4

1-8 5

2 -8 5

5 -8 5

4—
85

1-86

2 -8 6

5—
86

4 -8 6

1 -8 7

2 -8 7

5 -8 7

4 -8 7

1 -8 8

5 , 1 9 4 .6

INITIAL QUARTER

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
SEPTEMBER 2 0 , 1988

PERSONAL CONSUMPTION EXPENDITURES IN 1982 DOLLARS
(Compounded Annual Rates of Change)
TERMINAL
QUARTER
5 -8 5

4 -8 5

1-84

2 -8 4

4 -8 5

4 .6
5 .2

5 .1

4 .4

4 .0

4 .1

4 .5

4 .1

4 .2

5 .1

5 -8 6

4 -8 6

1-8 7

2 -8 7

5 -8 7

4 -8 7

1 -8 8

1 .9

4 -8 4

2 -8 5

6 .4

5 -8 4

1-8 5

5 .7

2 -8 4

4 -8 4

BILLIONS OF
DOLLARS

5 .5

1-84

5-8 4

INITIAL QUARTER
ANNUAL RATES
5 -8 5 4 -8 5
1-86 2 -8 6

2 ,1 9 1 .9
2 ,2 1 2 .1
2 ,2 4 6 .7
2 ,2 5 7 .5
4 .5

2 , 2 8 1 .1

1-85

4 .8

4 .6

4 .8

4 .5

5 .6

6 .8

2 -8 5

4 .5

4 .4

4 .5

4 .0

4 .8

5 .0

5 .2

5 -8 5

4 .8

4 .7

4 .9

4 .6

5 .5

5 .6

5 .0

6 .8

4 -8 5

4 .5

4 .4

4 .4

4 .1

4 .6

4 .6

5 .9

4 .5

1 .9

1-86

4 .5

4 .4

4 .5

4 .2

4 .6

4 .7

4 .1

4 .5

5 .5

4 .8

2 -8 6

4 .5

4 .4

4 .5

4 .2

4 .6

4 .6

4 .2

4 .4

5 .7

4 .6

4 .5

2 ,5 1 9 .1
2 ,5 5 7 .4
2 ,5 7 5 . 9
2 ,5 8 6 .9
2 ,4 1 5 .1
2 ,4 4 0 . 9

5 -8 6

4 .6

4 .6

4 .7

4 .5

4 .8

4 .9

4 .5

4 .8

4 .5

5 .2

5 .5

6 .5

4 -8 6

4 .4

4 .5

4 .5

4 .1

4 .4

4 .4

4 .1

4 .2

5 .7

4 .2

5 .9

5 .7

1 .2

1-8 7

4 .1

4 .0

4 .0

5 .8

4 .0

4 .0

5 .6

5 .7

5 .2

5 .4

5 .1

2 .7

0 .9

0 .6

2 -8 7

4 .1

4 .0

4 .0

5 .9

4 .0

4 .0

5 .7

5 .8

5 .5

5 .6

5 .5

5 .1

2 .0

2 .5

4 .5

5 -8 7

4 .2

4 .1

4 .1

5 .9

4 .1

4 .1

5 .8

5 .9

5 .5

5 .7

5 .6

5 .4

2 .7

5 .2

4 .5

4 .6

4 -8 7

5 .8

5 .7

5 .7

5 .5

5 .6

3 .5

5 .2

5 .2

2 .9

5 .0

2 .7

2 .5

1 .7

1 .8

2 .2

1 .2

-2 .1

1-8 8

3 .8

5 .7

5 .7

5 .5

5 .7

3 .6

5 .5

5 .4

5 .0

3 .2

5 .0

2 .8

2 .2

2 .4

2 .8

2 .5

1 .2

4 .5

2 -8 8

5 .8

5 .7

5 .7

5 .5

sO
IO

3 .6

5 .5

5 .5

5 .0

5 .1

5 .0

2 .8

2 .5

2 .5

2 .8

2 .5

1 .8

5 .8

5 .0

5 -8 5

4 -8 5

1-84

2 -8 4

4 -8 4

1 -8 5

2 -8 5

5 -8 5

4 -8 5

1—
86

2 -8 6

5 -8 6

4 -8 6

1 -8 7

2 -8 7

5 -8 7

4 -8 7

1 -8 8




3 -8 4

2 ,4 7 8 .6
2 ,4 8 6 .2
2 ,4 9 0 . 2
2 ,5 1 6 .6
2 ,5 4 5 .2
2 ,5 5 1 .7
2 ,5 5 9 .8
2 ,5 7 9 .0

INITIAL QUARTER

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
SEPTEMBER 20, 1988

15

GROSS PRIVATE DOMESTIC INVESTMENT IN CURRENT DOLLARS
(Compounded Annual Rates of Change)
TERMINAL
QUARTER
5 -8 3

4 -8 5

1-8 4

2 -8 4

5 -8 4

4 -8 4

1-85

2 -8 5

INITIAL QUARTER
ANNUAL RATES
5 -8 5 4 -8 5 1 -8 6 2 -8 6

BILLIONS OF
DOLLARS
5 -8 6

4 -8 6

1 -8 7

2 -8 7

5 -8 7

4 -8 7

1 -8 8

4 -8 5

5 4 .9

1-84

6 2 .8

7 1 .0

2 -8 4

5 8 .7

5 1 .2

0 .7

5 -8 4

2 9 .0

2 1 .5

2 .2

5 .7

4 -8 4

2 1 .5

1 4 .1

- 0 .2

- 0 .7

- 5 .0

6 6 1 .8

1-85

1 4 .8

8 .1

- 5 .6

- 5 .0

- 9 . 0 - 1 2 .9

6 Ï 9 .5

2 -8 5

1 5 .9

8 .2

- 1 .5

-1 .8

- 5 .6

-2 .9

5-8 5

9 .8

4 .5

- 5 .7

- 4 .5

- 6 .5

- 7 .0

4 -8 5

1 0 .8

6 .2

- 0 .8

- 1 .0

- 1 .9

-1 .2

5 .1

0 .6

1 8 .7

1-86

1 1 .8

7 .8

1 .8

1 .9

1 .6

5 .0

7 .4

7 .1

2 0 .0

2 -8 6

9 .5

5 .8

0 .5

0 .5

- 0 .2

0 .6

5 .6

2 .4

8 .8

5—
86

7 .9

4 .4

- 0 .6

- 0 .8

- 1 .5

-0 .8

1 .4

0 .1

4 .2

- 0 .2

-9 .5

- 8 .6

4 -8 6

7 .4

4 .2

- 0 .4

- 0 .5

-0 .9

-0 .4

1 .5

0 .4

5 .8

0 .4

-5 .8

-5 .4

2 .1

1 -87

8 .2

5 .5

1 .1

1 .2

0 .9

1 .6

5 .6

2 .9

6 .2

5 .8

-0 .2

5 .5

1 0 .2

1 8 .9

2 -8 7

8 .2

5 .5

1 .6

1 .7

1 .5

2 .2

4 .0

5 .5

6 .4

4 .5

1 .4

4 .6

9 .4

1 5 .2

7 .8

5 -8 7

7 .8

5 .5

1 .7

1 .8

1 .6

2 .2

5 .9

5 .4

5 .9

4 .2

1 .6

4 .2

7 .6

9 .5

5 .1

2 .5

4 -8 7

9 .5

7 .2

5 .9

4 .1

4 .1

4 .9

6 .7

6 .6

9 .5

8 .1

6 .4

9 .5

1 5 .5

1 6 .5

1 5 .7

1 9 .9

4 0 .5

1 -8 8

8 .9

6 .7

5 .6

5 .8

5 .8

4 .5

6 .1

5 .9

8 .2

7 .1

5 .4

7 .9

1 1 .0

1 2 .8

1 1 .4

1 2 .6

1 8 .0

- 0 .8

2 -8 8

8 .5

6 .1

5 .2

5 .4

5 .5

4 .0

5 .4

5 .1

7 .2

6 .1

4 .5

6 .5

8 .9

1 0 .1

8 .4

8 .5

1 0 .6

-1 .8

- 2 .7

5 -8 5

4 -8 5

1-84

2 -8 4

5-8 4

4 -8 4

1-85

2 -8 5

5-8 5

4 -8 5

1— 6
8

2 -8 6

5 -8 6

4 -8 6

1-8 7

2 -8 7

5 -8 7

4 -8 7

1 -8 8

5 7 9 .8
6 6 5 .0
6 6 4 .2
6 7 0 .5

8 .4

6 5 2 .5

- 5 . 9 - 1 4 .8

6 2 6 .7
6 5 4 .1
2 1 .4

6 8 6 .6

4 .2 - 1 0 . 5

6 6 7 .8
6 5 5 .0
6 5 6 .4
6 8 5 .5
6 9 8 .5
7 0 2 .8
7 6 4 .9
7 6 5 .4
7 5 8 .1

INITIAL QUARTER

PREPARED BY FEDERAL RESERVE BANK OF ST. LCHJIS
SEPTEMBER 2 0 , 1988

GROSS PRIVATE DOMESTIC INVESTMENT IN 1982 DOLLARS
(Compounded Annual Rates of Change)
TERMINAL
QUARTER
5 -8 5

4 -8 5

1 -8 4

2 -8 4

5-8 4

4 -8 4

4 -8 5

5 5 .9
5 5 .5

5 0 .1

2 6 .6

2 0 .6

2 .8

1 9 .5

1 5 .6

0 .1

- 0 .8

1 5 .5

7 .8

- 5 .2

- 4 .9

1 2 .8

8 .0

- 0 .9

- 1 .7

- 5 .5

- 2 .5

-4 .9

-6 .9

- 7 .6

5 -8 7

4 -8 7

1 -88

- 8 . 8 - 1 2 .4

2 -8 5

2 -8 7

- 5 .0

1-8 5

1 -8 7

5 .6

4 -8 4

4 -8 6

2 .0

5 -8 4

5-8 6

6 6 .0

2 -8 4

2 -8 5

BILLIONS OF
DOLLARS

4 6 .5

1 -84

1-85

INITIAL QUARTER
ANNUAL RATES
5 -8 5 4 -8 5 1 -8 6 2— 6
8

577*2
655*2

8 .5

4 .0

- 5 .8

9 .8

6 .0

- 0 .6

1-8 6

1 0 .8

7 .4

1 .7

2 -8 6

8 .2

5 .0

- 0 .2

5 -8 6

6 .1

5 .1

- 1 .7

4 -8 6

5 .1

2 .2

- 2 .2

1-87

6 .1

5 .5

- 0 .4

2 -8 7

6 .5

5 .9

0 .2

5 -8 7

6 .2

4 .0

4 -8 7

7 .9

1-8 8
2 -8 8

6 6 4 .2
6 5 5 .7
654*5
8 .6

6 4 7 .5

- 5 . 0 - 1 7 .0

6 1 8 .1

-1 .1

-2 .0

- 1 .2

2 .9

1 .7

1 .4

2 .7

6 .9

6 .5

2 0 .5

-0 .5

-1 .0

- 0 .4

2 .2

0 .7

7*4

-2 .1

- 2 .8

- 2 .5

-0 .7

- 2 .5

1 .5

- 4 .2 - 1 4 .5 -1 4 .2

-2 .6

-5 .5

-5 .0

-1 .6

-5 .2

-0 .2

- 4 .9 -1 1 .9 - 1 0 .6

r*.
0
1

5 -8 5
4 -8 5

6 5 8 .4

- 1 .1

-0 .6

0 .9

- 0 .1

5 .0

- 0 .2

-4 .7

0 .1

-0 .2

0 .5

1 .8

1 .0

5 .8

1 .2

-2 .1

0 .6

0 .4

0 .2

0 .7

2 .1

1 .4

4 .0

1 .7

-1 .0

5 .9

2 .7

2 .8

2 .7

5 .4

5 .0

4 .6

7 .5

5 .8

7 .6

5 .6

2 .7

2 .7

2 .7

5 .5

4 .7

4 .4

6*8

5 .4

5 .7

6 .6

1 0 .5

1 4 .5

6 .7

4 .9

2 .1

2 .1

2 .0

2 .5

5 .8

5 .4

5 .4

4 .0

2 .4

4 .7

7 .7

1 0 .4

5 -8 5

4 -8 5

1-8 4

2 -8 4

5 -8 4

4 -8 4

1-85

2 -8 5

5 -8 5

4 -8 5

1 -86

2 -8 6

5 -8 6

4 -8 6




0 .2

2 0 .8

6 4 8 .0
6 7 8 .0

1 9 .8

6 5 2 .1

1 .5 - 1 4 . 4

5 .9

6 2 7 .6
- 6 .9

6 1 6 .5

- 1 .2

6 .1

6 4 6 .4

1 .2

7 .0

1 4 .6

8 .8

1 .9

6 .4

1 1 .5

6 .8

4 .8

1 6 .5

2 0 .5

5 8 .6

1 2 .8

14 .1

1 9 .1

2 .5

8 .4

8 .5

9 .5

-2 .6

- 7 .4

1 -8 7

2 -8 7

5 -8 7

4 -8 7

1 -8 8

7 .5

1 2 .2

2 0 .9

1 7 .6

6 6 0 .1
6 6 7 .9
7 2 4 .7
7 2 8 .9
7 1 5 .1

INITIAL QUARTER

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
SEPTEMBER 20, 1988

16

GOVERNMENT PURCHASES OF GOODS AND SERVICES IN CURRENT DOLLARS
(Compounded Annual Rales of Change)
TERMINAL
QUARTER
5 -8 5

4 -8 5

1-84

2—
84

5-8 4

4 -8 4

4 -8 5

4 .7
1 0 .9

1 8 .4

2 4 .6

5 -8 4

9 .7

1 4 .1

1 4 .9

9 .7

1 5 .1

1 5 .2

8 .0

9 .9

1 2 .6

1 2 .6

8 .9

1 0 .4

9 .8

1 2 .0

1 1 .9

9 .0

1 0 .0

1 0 .0

2 -8 7

5 -8 7

4 -8 7

1 -88

1 0 .8

2 -8 5

1 -8 7

9 .9

1-85

4 -8 6

6 .0

4 -8 4

5 -8 6

1 2 .6

2 -8 4

2 -8 5

BILLIONS OF
DOLLARS

- 2 .7

1-84

1-85

INITIAL QUARTER
ANNUAL RATES
5 -8 5 4 -8 5 1-8 6 2 -8 6

6 7 6 .1
6 9 6 .5
7 5 5 .8
7 4 6 .6
7 6 4 .5
7 8 4 .4
8 0 1 .7

9 .1

5 -8 5

11 .1

1 5 .2

1 5 .5

1 1 .2

1 2 .5

1 5 .4

1 4 .7

1 0 .8

1 2 .6

1 2 .6

1 0 .7

1 1 .6

12 .1

1 2 .5

1 4 .2

8 4 0 .2

2 0 .6

4—
85

8 5 6 .7

8 .1

8 4 7 .8

1—
86

9 .2

1 0 .6

1 0 .5

8 .4

8 .8

8 .6

8 .1

7 .7

1 .8

-4 .1

2 -8 6

9 .5

1 0 .6

1 0 .5

8 .7

9 .0

8 .9

8 .5

8 .4

4 .6

2 .8

1 0 .5

5 -8 6

9 .0

1 0 .1

9 .9

8 .4

8 .7

8 .5

8 .1

7 .9

5 .0

5 .9

8 .2

6 .1

4 -8 6

8 .5

9 .5

9 .2

7 .7

7 .9

7 .7

7 .2

6 .9

4 .4

5 .5

6 .1

4 .1

8 6 8 .8
8 8 1 .8
8 8 6 .5

2 .1

9 0 5 .8

1-8 7

8 .4

9 .5

9 .1

7 .8

7 .9

7 .7

7 .5

7 .1

5 .0

4 .4

6 .6

5 .4

5 .1

8 ..0

2 -8 7

8 .2

9 .1

8 .8

7 .6

7 .7

7 .5

7 .1

6 .9

5 .0

4 .5

6 .4

5 .4

5 .2

6..7

5 .4

5 -8 7

8 .2

8 .9

8 .7

7 .6

7 .7

7 .5

7 .1

6 .9

5 .5

4 .9

6 .5

5 .8

5 .7

6..9

6 .4

4 -8 7

8 .1

8 .8

8 .5

7 .5

7 .6

7 .4

7 .1

6 .9

5 .5

5 .2

6 .5

5 .9

5 .9

6..9

6 .5

7 .0

6 .6

1-88

7 .6

8 .2

7 .9

6 .9

7 .0

6 .7

6 .4

6 .2

4 .8

4 .5

5 .6

4 .9

4 .7

5.,5

4 .6

4 .5

2 .8

- 0 .9

2 -8 8

7 .5

8 .1

7 .9

6 .9

7 .0

6 .8

6 .5

6 .2

5 .0

4 .7

5 .8

5 .2

5 .1

5 ..6

5 .1

5 .0

4 .2

5 .0

7 .1

5 -8 5

4 -8 5

1-84

2 -8 4

5 -8 4

4—
84

1—
85

2 -8 5

5 -8 5

4 -8 5

1 -86

2 -8 6

5 -86

4 -8 6

1-8 7

2 -8 7

5 -8 7

4 -8 7

1 -8 8

9 1 5 .7
9 5 2 .2

7 .4

9 4 7 .5
9 4 5 .2
9 6 1 .6

INITIAL QUARTER

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
SEPTEMBER 20» 1988

GOVERNMENT PURCHASES OF GOODS AND SERVICES IN 1982 DOLLARS
(Compounded Annual Rales of Change)
TERMINAL
QUARTER
5-8 5

4 -8 5

1-84

2 -8 4

5 -8 4

4 -8 4

1-85

2 -8 5

INITIAL QUARTER
ANNUAL RATES
5 -8 5 4 -8 5 1 -86 2 -8 6

BILLIONS OF
DOLLARS
5 -86

4 -8 6

1 -8 7

2 -8 7

5 -8 7

4 -8 7

1 -8 8
6 4 2 .2

4 -8 5

-6 .8

1-84

-0 .2

6 .9

2 -8 4

5 .5

1 2 .2

1 7 .7

5 -8 4

4 .7

8 .9

9 .9

2 .6

4 -8 4

4 .8

7 .9

8 .5

5 .9

5 .2

1-8 5

5 .2

7 .8

8 .0

5 .0

6 .2

7 .5

2 -8 5

5 .4

7 .6

7 .7

5 .4

6 .5

6 .9

6 .5

5 -8 5

7 .1

9 .5

9 .7

8 .1

9 .5

1 1 .0

1 5 .0

1 9 .8

4 -8 5

6 .5

8 .5

8 .5

7 .0

7 .9

8 .6

9 .0

1 0 .5

1 .6

6 5 5 .0
6 8 0 .2
6 8 4 .5
6 9 5 .2
7 0 5 .5
7 1 6 .7
7 4 9 .8
7 5 2 .7

1-86

5 .2

6 .6

6 .6

5 .1

5 .5

5 .6

5 .1

4 .7

- 2 .1

- 5 .7

2 -8 6

5 .6

6 .9

6 .9

5 .6

6 .1

6 .2

6 .0

5 .9

1 .6

1 .6

9 .5

5 -8 6

5 .5

6 .7

6 .6

5 .5

5 .8

5 .9

5 .7

5 .6

2 .5

2 .5

6 .9

4 .5

4 -8 6

5 .4

6 .4

6 .4

5 .5

5 .6

5 .7

5 .5

5 .5

2 .6

2 .9

5 .9

4 .2

1-8 7

4 .9

5 .9

5 .8

4 .8

5 .0

5 .0

4 .7

4 .4

2 .0

2 .1

4 .2

2 .5

1 .6

- 0 .8

2 -8 7

4 .5

5 .4

5 .5

4 .5

4 .5

4 .4

4 .1

5 .8

1 .7

1 .7

5 .5

1 .8

0 .9

- 0 .6

- 0 .4

7 4 1 .8
7 5 8 .8
7 6 6 .9
4 .0

7 7 4 .5
7 7 2 .9
7 7 2 .2

5 -8 7

4 .6

5 .4

5 .5

4 .4

4 .6

4 .5

4 .5

4 .0

2 .2

2 .5

5 .7

2 .5

2 .1

1 .4

2 .6

5 .7

4—
87

4 .6

5 .4

5 .5

4 .5

4 .6

4 .6

4 .5

4 .1

2 .5

2 .6

5 .9

2 .9

2 .7

2 .5

5 .4

5 .4

5 .0

1 -8 8

5 .9

4 .6

4 .4

5 .6

5 .7

5 .5

5 .2

5 .0

1 .4

1 .4

2 .5

1 .5

0 .8

0 .2

0 .5

0 .7

- 1 .7

- 7 .9

2 -8 8

5 .9

4 .5

4 .4

5 .6

5 .7

5 .6

5 .5

5 .0

1 .6

1 .6

2 .5

1 .6

1 .5

0 .8

1 .1

1 .5

0 .2

- 2 .2

5 .9

5 -8 5

4 -8 5

1-84

2 -8 4

5 -8 4

4 -8 4

1-85

2 -8 5

5 -8 5

4 -8 5

1 -8 6

2 -8 6

5 -8 6

4 -8 6

1 -8 7

2 -8 7

5 -8 7

4 -8 7

1 -8 8




7 8 2 .9
7 9 2 .6
7 7 6 .4
7 8 5 .8

INITIAL QUARTER

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
SEPTEMBER 20, 1988

17

DISPOSABLE PERSONAL INCOME IN CURRENT DOLLARS
(Compounded Annual Rates of Change)
TERMINAL
QUARTER
3 -8 5

4 -8 5

1-84

4 -8 3

1 4 .3
1 1 .0

9 .3

4 -8 4

1-85

2 -8 5

3 -8 6

4 -8 6

1 -8 7

2 -8 7

3 -8 7

4 -8 7

1 -8 8

1 4 .0

2 -8 4

3 -8 4

1 4 .6

1-84

2 -8 4

BILLIONS OF
DOLLARS

INITIAL QUARTER
ANNUAL RATES
J -8 5 4 -8 5
1 -8 6 2 -8 6

4 .8

2 ,5 2 7 .9
2 ,6 1 1 .8
2 , 6 4 2 .8

3 -8 4

1 0 .1

8 .7

6 .2

7 .5

4 -8 4

9 .2

7 .9

6 .0

6 .6

5 .7

1 -85

8 .6

7 .4

5 .9

6 .2

5 .5

5 .4

2 -8 5

9 .2

8 .3

7 .3

7 .9

8 .0

9 .1

13.1

3 -8 5

7 .8

6 .9

5 .7

5 .9

5 .5

5 .5

5 .5

- 1 .5

4 -8 5

7 .9

7 .1

6 .2

6 .4

6 .1

6 .3

6 .6

3 .5

8 .6

1—
86

8 .1

7 .3

6 .5

6 .8

6 .7

6 .9

7 .3

5 .4

9 .0

9 .4

2 -8 6

8 .0

7 .3

6 .6

6 .8

6 .7

6 .9

7 .2

5 .8

8 .4

8 .2

7 .1

3 -8 6

7 .5

6 .8

6 .2

6 .3

6 .2

6 .2

6 .4

5 .1

6 .8

6 .2

4 .6

2 .2

4 -8 6

7 .2

6 .6

6 .0

6 .1

5 .9

6 .0

6 .1

4 .9

6 .3

5 .7

4 .5

3 .2

4 .5

1 -87

7 .5

6 .9

6 .4

6 .5

6 .4

6 .5

6 .6

5 .8

7 .0

6 .7

6 .0

5 .7

7 .5

1 0 .7

2 -8 7

7 .0

6 .5

6 .0

6 .1

5 .9

6 .0

6 .0

5 .2

6 .2

5 .8

5 .1

4 .6

5 .4

5 .9

1 .3

3 -8 7

7 .2

6 .7

6 .2

6 .3

6 .2

6 .5

6 .4

5 .6

6 .6

6 .3

5 .8

5 .5

6 .5

7 .0

5 .2

9 .3

4 -8 7

7 .5

7 .0

6 .6

6 .7

6 .6

6 .7

6 .8

6 .2

7 .1

6 .9

6 .6

6 .5

7 .4

8 .2

7 .4

1 0 .5

1 1 .8

1-8 8

7 .4

7 .0

6 .6

6 .7

6 .7

6 .8

6 .9

6 .3

7 .2

7 .0

6 .7

6 .6

7 .4

8 .0

7 .4

9 .5

9 .6

7 .4

2 -8 8

7 .3

7 .0

6 .6

6 .7

6 .6

6 .7

6 .8

6 .3

7 .0

6 .8

6 .6

6 .5

7 .1

7 .6

7 .0

8 .5

8 .2

6 .5

5 .6

3 -8 3

4 -8 3

1-8 4

2 -8 4

3-8 4

4 -8 4

1-85

2 -8 5

5 -8 5

4 -8 5

1 -86

2 -8 6

3 -8 6

4 -8 6

1-87

2 -8 7

3 -8 7

4 -8 7

1 -8 8

2 ,6 9 1 .1
2 ,7 2 8 .6
2 ,7 6 4 .6
2 ,8 5 0 .7
2 ,8 4 0 .0
2 ,8 9 9 .5
2 ,9 6 5 .1
3 ,0 1 6 .3
3 ,0 3 2 .4
3 ,0 6 4 .7
3 ,1 4 5 .9
3 ,1 5 4 .1
3 ,2 2 4 .9
3 ,3 1 5 .8
3 ,3 7 5 .6
3 ,4 2 1 .5

INITIAL QUARTER

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
SEPTEMBER 2 0 , 1988

DISPOSABLE PERSONAL INCOME IN 1982 DOLLARS
(Compounded Annual Rates of Change)
TERMINAL
QUARTER
3 -8 3
4 -8 3

4 -8 3

1-84

2 -8 4

3-8 4

4 -8 4

1-85

2 -8 5

INITIAL QUARTER
ANNUAL RATES
3 -8 5 4 -8 5
1 -8 6 2 -8 6

1 0 .2

3 -8 6

4 -8 6

BILLIONS OF
DOLLARS
1 -8 7

2—
87

3 -8 7

4 -8 7

1 -88

2 ,3 9 2 .7

1 -84

9 .8

9 .4

2 -8 4

7 .0

5 .4

1 .6

3 -8 4

6 .2

4 .8

2 .7

3 .7

4 -8 4

5 .5

4 .3

2 .7

3 .3

2 .8

1 -8 5

4 .9

3 .9

2 .6

2 .9

2 .5

2 .1

2 -8 5

5 .5

4 .7

3 .8

4 .4

4 .6

5 .5

8 .9

2 ,4 4 6 .9
2 ,4 5 6 .6
2 ,4 7 9 .2
2 ,4 9 6 .3
2 ,5 0 9 .4
2 ,5 6 3 .5

3 -8 5

4 .2

3 .4

2 .4

2 .6

2 .3

2 .1

2 .1

- 4 .3

4 -8 5

4 .2

3 .5

2 .7

2 .9

2 .7

2 .7

2 .8

- 0 .1

4 .4

1 -8 6

4 .6

4 .0

3 .4

3 .6

3 .6

3 .8

4 .2

2 .7

6 .3

8 .3

2 -8 6

4 .8

4 .3

3 .7

4 .0

4 .0

4 .2

4 .6

3 .6

6 .4

7 .4

6 .5

2 ,5 3 5 .4
2 ,5 6 2 .8
2 ,6 1 4 .5
2 ,6 5 5 .9

3 -8 6

4 .2

3 .7

3 .1

3 .3

3 .3

3 .3

3 .5

2 .5

4 .3

4 .2

2 .3

- 1 .8

4 -8 6

4 .0

3 .5

2 .9

3 .1

3 .0

3 .0

3 .2

2 .2

3 .6

3 .4

1 .8

- 0 .5

0 .8

1 -8 7

4 .0

3 .5

3 .1

3 .2

3 .2

3 .2

3 .3

2 .6

3 .8

3 .6

2 .5

1 .2

2 .7

4 .6

2 -8 7

3 .5

3 .0

2 .5

2 .6

2 .5

2 .5

2 .5

1 .7

2 .6

2 .3

1 .2

-0 .1

0 .4

0 .3

- 3 .9

3 -8 7

3 .5

3 .1

2 .7

2 .8

2 .7

2 .7

2 .7

2 .1

2 .9

2 .7

1 .8

0 .8

1 .5

1 .7

0 .3

4 .8

4 -8 7

3 .7

3 .3

3 .0

3 .0

3 .0

3 .0

3 .1

2 .5

3 .3

3 .2

2 .5

1 .8

2 .6

3 .0

2 .5

5 .8

6 .9

1-88

3 .8

3 .4

3 .1

3 .2

3 .1

3 .2

3 .3

2 .8

3 .5

3 .4

2 .8

2 .3

3 .0

3 .4

3 .1

5 .5

5 .9

5 .0

2 -8 8

3 .6

3 .2

2 .9

3 .0

2 .9

2 .9

3 .0

2 .5

3 .2

3 .0

2 .5

2 .0

2 .5

2 .8

2 .5

4 .1

3 .9

2 .5

0 .0

3 -8 3

4 -8 3

1-84

2 -8 4

3-8 4

4 -8 4

1-85

2 -8 5

3 -8 5

4 -8 5

1 -86

2 -8 6

3 -8 6

4 -8 6

1 -8 7

2 -8 7

3 -8 7

4 -8 7

1 -8 8




2 ,6 4 3 .9
2 ,6 4 9 .4
2 ,6 7 9 .6
2 ,6 5 2 .8
2 ,6 8 3 .9
2 ,7 2 8 .9
2 ,7 6 2 .3
2 ,7 6 2 .2

INITIAL QUARTER

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
SEPTEMBER 20, 1988

18

CORPORATE PROFITS AFTER TAXES
(Compounded An m al Rates of Change)
TERMINAL
QUARTER
5 -8 3

4 -8 3

1-84

2 -8 4

4 -8 5

1 7 .0
9 .8

1 1 .2

5 -8 4

0 .5
- 1 .0

- 2 . 9 - 1 1 .5 - 1 5 .2

2 -8 5

5 -8 6

4 -8 6

1 -8 7

2 -8 7

5 -8 7

4 -8 7

1-88

- 1 . 9 - 1 4 .0 - 2 5 .5

4 -8 4

1-85

2 7 .9

2 -8 4

4 -8 4

BILLIONS OF
DOLLARS

7 .0

1-84

5 -8 4

INITIAL QUARTER
ANNUAL RATES
5 -8 5 4 -8 5 1 -86 2 -8 6

1 4 5 .4
1 5 2 .5
- 5 .4

1 5 1 .2
1 4 1 .4
- 6 .1

1 5 9 .2

1-85

- 8 . 8 - 1 1 .7 - 1 9 .5 - 2 4 .2 - 2 4 . 6 - 5 9 .4

2 -8 5

- 7 .0

5 -8 5

-4 .5

- 5 . 8 - 1 0 .5 - 1 1 .8

-6 .6

4 -8 5

- 1 .8

- 2 .9

- 7 .2

- 5 .5

1-86

- 5 .5

- 6 . 5 - 1 0 .1 - 1 1 .0

2 -8 6

- 4 .2

- 5 .2

- 8 .5

5 -8 6

-2 .0

-2 .8

-5 .4

- 9 . 1 - 1 5 .1 - 1 7 .9 - 1 5 .9 - 2 0 .4

- 6 .6

1 2 2 .8
4 .6

1 2 4 .2

-9 .5

1 0 .7

1 7 .1

1 2 9 .2

-2 .9

1 5 .7

1 8 .5

1 9 .9

1 5 5 .2

- 8 .8

-9 .5

0 .5

-1 .1

- 9 . 1 - 5 1 .0

1 2 5 .2

- 8 .9

- 6 .6

-6 .7

1 .7

1 .0

- 5 . 9 - 1 4 .0

- 5 .7

- 5 .2

- 2 .7

5 .5

5 .4

2 .6

- 2 .6

1 2 5 .4

7 .5
1 5 .8

2 5 .0

1 5 2 .6
1 5 7 .9

4 -8 6

-0 .7

- 1 .5

-5 .6

- 5 .6

-1 .1

-0 .5

6 .9

7 .2

5 .4

2 .0

1 6 .2

2 0 .9

1 7 .0

1-87

- 1 .1

- 1 .7

-5 .9

- 5 .9

- 1 .7

-1 .2

5 .0

5 .1

5 .2

0 .2

1 0 .0

1 0 .9

4 .4

- 6 .8

2 -8 7

0 .0

- 0 .5

-2 .4

- 2 .5

- 0 .1

0 .5

6 .4

6 .6

5 .2

2 .9

1 1 .5

1 2 .5

8 .6

4 .7

1 7 .6

5 -8 7

1 .5

1 .1

-0 .6

- 0 .5

1 .9

2 .6

8 .2

8 .6

7 .6

5 .9

1 5 .8

1 5 .1

1 2 .7

1 1 .4

2 1 .7

1 5 5 .5
1 4 1 .1
2 6 .0

1 4 9 .5
1 4 5 .7

4 -8 7

0 .8

0 .4

-1 .2

- 1 .1

0 .9

1 .5

6 .4

6 .6

5 .5

5 .8

10 .1

1 0 .5

7 .8

5 .7

1 0 .2

6 .6

- 9 .8

1-88

1 .5

1 .0

- 0 .5

- 0 .5

1 .6

2 .2

6 .8

6 .9

6 .0

4 .5

1 0 .1

1 0 .5

8 .5

6 .6

1 0 .5

7 .9

- 0 .1

1 0 .6

2 -8 8

5 .1

2 .8

1 .5

1 .8

5 .8

4 .6

9 .0

9 .4

8 .7

7 .7

1 5 .2

1 5 .9

1 2 .4

1 1 .7

1 5 .8

1 5 .5

1 1 .9

2 4 .7

4 0 .7

5 -8 5

4 -8 5

1-84

2 -8 4

5 -8 4

4 -8 4

1-85

2 -8 5

5 -8 5

4 -8 5

1-86

2—
86

5 -8 6

4 -8 6

1 -87

2 -8 7

5 -8 7

4 -8 7

1—
88

1 4 9 .4
1 6 2 .7

INITIAL QUARTER

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
SEPTEMBER 20» 1988

HISTORICAL SOURCES OF
NATIONAL INCOME AND PRODUCT ACCOUNTS DATA
Estimates for the series in the regular quarterly presentation
of NIPA tables for 1985-88:11 will be published in the July 1988
Survey of Current Business. Data for 1984 is in the July 1987
Survey of Current Business and 1983 is in the July 1986 Survey of
Current Business. Estimates for NIPA series for 1929-82 are
published in The National Income and Product Accounts of the United
States. 1929-82: Statistical Tables.
For further information and prices, write to the National
Income and Wealth Division (BE-54), Bureau of Economic Analysis,
U.S. Department of Commerce, Washington, D.C. 20230.




19

I N V E N T O R I E S COMPARED WI T H MONTHLY SALES
MANUFACTURING

AND TRADE

SEASONALLY ADJUSTED

SOURCE:
* BE61NNIN6

IN

1982,

I NVENT ORY DATA REFL ECT CHANGES

U. S. DEPARTMENT

OF COMMERCE

I N E S T I M A T I O N PROCEDURES.

SHADED AREAS R E PRESENT P E R I OD S OF B U S I N E S S R E C E S S I O N S .
L A T E S T DATA P L O T T E D :

JULY P R E L I M I N A R Y

DATA R E V I S E D FROM 1 9 8 2




PREPARED 8 Y FEDERAL

20

RESERVE BANK OF S T .

LOUI S

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