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National Economic Trends
Novem ber 1989
Corporate income has declined to near-recession levels. While recent reports of corporate earnings suggest that profits
dropped sharply in the third quarter of this year, available data from the national income and product accounts (NIPA)
show that after-tax corporate income had already been declining in the first half of the year. Specifically, such profits
fell from $175.6 billion in the final quarter of 1988 to $173.6 billion in the first quarter of this year, then to $161.1 billion
in the second quarter. Profits also are reported on an adjusted basis in the NIP A to reflect the overstatement or understate­
ment of inventory or depreciation costs. These adjustments are based on a comparison of the inventory and depreciation
costs allowable for tax purposes with an estimate of the replacement cost of inventory and capital goods. The adjusted
measures show that after-tax profits declined from $197 billion in the fourth quarter of 1988 to $171.9 and $172.9 billion
in the first and second quarters of this year, respectively. While after-tax profits averaged about the same in the first half
of 1989 on both a reported and an adjusted basis, they are not usually so similar. The adjusted data measure overall capital
income more accurately because they eliminate tax-induced biases in reported profits.
Adjusted after-tax profits equaled 4.1 percent of national income in the first half of this year. Since 1946, this share
has been lower only in certain recession periods, including the second half of 1974 and 1980, and in 1982 when it
averaged a post-war low of 3.5 percent. The recent share is down sharply from 4.8 percent in 1987-88 and 5.7 percent
its last peak in 1984-85. The drop from 1984-85 to 1987-88 was related largely to the 1986 Tax Reform Act which
repealed the investment tax credit and slowed future depreciation allowances. After-tax adjusted profits declined by $13.5
billion from 1985 to the first half of 1989, while corporate tax liabilities rose $43.2 billion over the same period.
The tax act also raised taxes on capital gains relative to dividends, removing an earlier bias against dividend income.
As a result, dividends have grown sharply since 1985, while undistributed income has shrunk. Dividends rose from $83.3
billion in 1985 to $119.7 billion in the first half of 1989, while undistributed adjusted corporate profits fell from $102.6
billion to $52.7 billion. The latter figure is lower than in any year since 1976, except for the recession years of 1980-82.
— John A. Tatom

THE
FEDERAL
RESERVE
BANKof

st.mus


v ie w s e x p re s s e d d o n o t n e c e s s a rily r e fle c t o ffic ia l p o s itio n s o f t h e F e d e ra l R e s e rv e S y s te m .


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

T H OUSANDS
OF P E RSONS

INITIAL M O NTH
3-88

4-88

5-88

6-88

7-88

4-88

1.4
3.1

1.8

2.4

1.3

3.4

2.3

1.4

2.8

1.1

4-89

5-89

6-89

7-89

8 -89

9-89

0.3

8-88

3-89

2-89

6.5

7-88

1-89

-2.7

6-88

9-88 10-88 11-88 12-88

5.7

5-88

8-88

1.8

114,660
114 >403
115.001
115.034
115.203
115.370

*-88

2.2

1.5

2.6

1.3

1.8

1.8

10-88

2.2

1.6

2.5

1.5

1.9

1.9

2.1

11-88

2.4

1.9

2.7

2.0

2.4

2.6

3.0

4.0

12-88

2.2

1.8

2.4

1.8

2.0

2.1

2.2

2.3

0.6

1-89

2.7

2.4

3.0

2.6

2.9

3.2

3.5

4.0

4.0

7.5

2-89

2.6

2.3

2.9

2.4

2.7

2.9

3.1

3.4

3.2

4.4

1.5

115.573
115,947
116.009
116.711
116.853
117.136

3-89

2.6

2.4

2.9

2.5

2.8

2.9

3.1

3.3

3.1

3.9

2.2

2.9

4-89

2.4

2.1

2.6

2.2

2.4

2.5

2.6

2.7

2.4

2.9

1.4

1.3

-0.2

5-89

2.3

2.1

2.5

2.1

2.3

2.3

2.4

2.4

2.2

2.5

1.3

1.2

0.4

1 .1

4-89

2.4

2.1

2.5

2.2

2.4

2.4

2.5

2.6

2.4

2.7

1.7

1.8

1.4

2..2

3,.4

7-89

2.2

1.9

2.3

2.0

2.1

2.1

2.2

2.2

2.0

2.2

1.3

1.2

0.8

1..2

1 .3

8-89

2.1

1.9

2.2

1.9

2.1

2.1

2.1

2.1

1.9

2.1

1.3

1.3

0.9

1..2

1..3

0.3

1.4

9-89

1.9

1.7

2.0

1.7

1.8

1.8

1.8

1.8

1.6

1.7

1.0

0.9

0.5

0,,7

0..6

-0.3

0.0

-1.4

10-89

1.9

1.7

1.9

1.7

1.7

1.7

1.7

1.7

1.5

1.6

1.0

0.9

0.6

0..7

0..7

0.0

0.3

-0.3

0.9

3-88

4-88

5-88

6— 88

7-88

8-88

9-88 10-88 11-88 12-88

1-89

2-89

3-89

4-89

5-89

6-89

7-89

8-89

9-89

117.113
117.215
117.541
-0.8

117.459
117.597
117.456
117.545

INITIAL MONTH

P R E PARED BY FEDE R A L R E S ERVE BANK O F ST. L OUIS
NOVEMBER 5» 1989

PAYROLL EMPLOYMENT
(Compounded Annual Rates of Change)
TERMINAL
MONTH
5-88
4-88

2.4

5-88

6-88

7—88

8-88

INITIAL MON T H
OF P E R S O N S
9-88 10-88 11-88 12-88 1-89

THOUSANDS
2-89

5-89

4-89

5-89

6-89

7-89

8-89

9-89
104.901

2.5

5-88

4-88

2.2

105.091

6-88

5.4

3.8

5.5

7-88

5.1

5.5

5.9

2.4

8-88

2.9

5.0

5.3

2.5

2.1

9-88

2.9

5.0

3.2

2.5

2.5

2.9

10-88

3.0

5.0

3.2

2.6

2.7

5.0

5.1

105.561
105.768
105.954
106.207
106.475

11-88

3.1

5.2

5.5

2.9

5.0

5.5

5.5

4.0

12-88

3.1

3.2

5.3

2.9

5.0

5.5

5.4

5.6

5.1

1-89

3.2

5.2

3.4

5.1

5.2

5.4

5.5

5.7

5.5

5.9

106.824
107.097
107.442

2-89

3.2

5.2

3.5

5.1

5.2

5.5

5.4

5.5

5.4

5.5

5.0

5-89

5.1

5.1

5.2

2.9

5.0

5.1

5.2

5.2

5.0

5.0

2.5

2.0

4-89

5.0

5.1

5.1

2.9

5.0

5.1

5.1

5.1

2.9

2.8

2.5

2.2

2.4

5-89

5.0

5.0

5.1

2.8

2.9

5.0

5.0

5.0

2.8

2.7

2.4

2.2

2.4

107.711
107.888
108.101
2.5

108.510

6-89

5.0

5.0

5.1

2.9

2.9

5.0

5.0

5.0

2.9

2.8

2.6

2.5

2.7

2.8

5.5

7-89

2.9

2.9

5.0

2.8

2.8

2.9

2.9

2.9

2.7

2.7

2.5

2.4

2.5

2.5

2.6

1.8

8-89

2.8

2.8

2.9

2.7

2.7

2.8

2.8

2.7

2.6

2.5

2.5

2.2

2.2

2.2

2.1

1.6

1.5

9-89

2.8

2.8

2.8

2.7

2.7

2.7

2.7

2.7

2.5

2.5

2.5

2.2

2.2

2.2

2.2

1.8

1.8

2.2

10-89

2.8

2.8

2.8

2.7

2.7

2.7

2.7

2.7

2.6

2.5

2.5

2.5

2.5

2.5

2.5

2.0

2.1

2.4

2.6

5-88

4-88

5-88

6-88

7-88

•-88

9-88 10-88 11-88 12-88

1-89

2-89

5-89

4-89

5-89

6-89

7-89

8-8 9

9-89

108.607
108.767
108.887
109.088P
109.521P

INITIAL MONTH
P- PRELIMINARY




PREPARED BY FEDERAL RESERVE BANK OF ST, LOUIS
NOVEMBER 3* 1989

2

EMPLOYMENT
RATIO

SCALE

MlLLIONS

1981

OF

RATIO
PERSONS

1982

SE ASONALLY ADJUSTED

1983

1984

1985

M I L L I ONS

1986

1987

1988

OF

SCALE

PERSONS

1989

SOURCEt U.S.DEPARTMENT OF LABOR
BEGINNING JANUARY 1986, TOTAL EMPLOYMENT DATA INCORPORATE NEV PROCEDURES FOR ESTIMATING
MEASURES OF IMMIGRATION AND EMIGRATION INCREASING TOTAL EMPLOYMENT BY ABOUT 0.3X.
PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIODS INDICATED.
LATEST DATA PLOTTED« OCTOBER PRELIMINARY
PREPARED BY FEDERAL RESERVE BANK OF 8T. LOUIS

UNEMPLOYMENT
SEASONALLY

PERCENT

10

RATE

ADJUSTED

PERCENT
11. 0

.

10.0

9.

9.0

8.

8.0

7.

7.0

6.

6.0

5.

5.0

4.




4.0
1981

1982

1983

1984

1985

1986

1987

1988

1989

SOURCEt U .S . DEPARTMENT O f LABOR
PERCEKT O f C IV IL IA N LABOR FORCE
LATEST DATA PLO TTEDt OCTOBER
PREPARED BY PEDERAL RESERVE BANK Of ST.

3

108 IS

CONSUMER PRICE INDEX FOR ALL URBAN CONSUMERS
(Compounded Annua] Rales of Change)
T ERMINAL
MONTH

INITIAL M O N T H
2-88

5-88

4-88

5-88

6-88

7-88

8-88

9-88 10-88 11-88 12-88

1982-84-100
1-89

2-89

5-89

4-89

5-89

6-89

7-89

8-89
116.7

5—88

4.2

4— 88

4.7

5.5

5—88

4.9

5.5

5.2

6-88

4.7

4.9

4.7

4.2

7-88

4.8

5.0

4.9

4.7

8-88

4.7

4.8

4.7

4.5

4.7

4.1

9-88

4.8

4.9

4.8

4.7

4.8

4.6

5.2

10-88

4.8

4.9

4.8

4.8

4.9

4.8

5.1

11-88

4.6

4.7

4.6

4.5

4.5

4.4

4.4

4.1

5.0

12-88

4.6

4.6

4.5

4.4

4.5

4.5

4.5

4.1

5.6

4.1

117.2
117.7
118.1
118.6

5.2

119.0
119.5
120.0

5.1

120.5
120.7
121.4

1-89

4.8

4.9

4.8

4.8

4.8

4.8

4.9

4.8

4.7

5.6

7.2

2-89

4.8

4.9

4.8

4.8

4.9

4.8

4.9

4.9

4.8

5.4

6.1

5.1

5-89

4.9

5.0

4.9

4.9

5.0

5.0

5.1

5.1

5.1

5.6

6.1

5.6

6.1

4-89

5.1

5.2

5.2

5.2

5.5

5.5

5.5

5.5

5.6

6.1

6.6

6.4

7.1

5-89

5.5

5.5

5.5

5.4

5.5

5.5

5.6

5.7

5.8

6.2

6.7

6.6

7.1

7.6

7.0

6-89

5.1

5.1

5.1

5.1

5,2

5.2

5.5

5.5

5.5

5.6

5.9

5.6

5.8

5.7

4.5

2.0

121.9 "
122.5
125.5

8.1

124.0
124.2
124.5

7-89

4.9

5.0

5.0

4.9

5.0

5.0

5.1

5.0

5.0

5.5

5.5

5.2

5.2

5.0

4.0

2.4

2.9

8-89

4.6

4.7

4.6

4.6

4.6

4.6

4^6

4.6

4.5

4.7

4.8

4.4

4.5

4.0

2.9

1.6

1.5

0.0

9-89

4.5

4.5

4.5

4.4

4.4

4.4

4.4

4.4

4.5

4.4

4.4

4.1

4.0

5.6

2.7

1.7

1.6

1.0

1.9

2-88

5-88

4-88

5-88

6-88

7— 88

8-88

9-88 10-88 11-88 12-88

1-89

2-89

5-89

4-89

5-89

6-89

7-89

8 -89

124.5
124.7

INITIAL M O NTH

P RE P A R E D BY F E D E R A L R E SERVE BANK OF ST. LOUIS
O C TOBER 19» 1989

PRODUCER PRICE INDEX, FINISHED GOODS
(Compounded Annual Rates erf Change)
TERMINAL
M ONTH

INITIAL M O N T H
2-88

5-88

4-88

5-88

6-88

7-88

8-8*

9-88 10-88 11-88 12-88

1982 * 100
1-89

2-89

5-89

4-89

5-89

6-89

7-89

8-89

5-88

4.6

4-88

4.0

4

5-88

5.8

4

5.4

6-88

5.4

0

2.8

2.5

7-88

4.1

0

4.2

4.6

6.9

8-88

4.0

9

4.0

4.2

5.1

5.4

9-88

4.4

4

4.5

4.8

5.7

5.1

6.8

10-88

4.0

9

4.0

4.1

4.5

5.7

5.9

1.1

11-88

5.9

5 8

5.9

5.9

4.5

5.6

5.7

2.2

5.5

12-88

4.0

5 9

5.9

4.0

4.5

5.8

5.9

5.0

5.9

4.5

1-89

4.8

4 9

5.0

5.2

5.6

5.4

5.8

5.6

7.1

9.1

15.9

2-89

5.4

5 4

5.6

5.9

6.5

6.5

6.7

6.7

8.2

9.8

12.6

11.4

5-89

5.4

5 4

5.6

5.8

6.2

6.2

6.6

6.5

7.6

8.7

10.2

8.4

5.5

4-89

5.4

5 4

5.6

5.8

6.2

6.1

6.4

6.4

7.5

8.1

9.0

7.4

5.5

5.5

5-89

5.7

5 8

6.0

6.2

6.6

6.6

6.9

7.0

7.8

8.6

9.4

8.5

7.5

8.5

11.1

6-89

5.5

5 4

5.5

5.7

5.9

5.9

6.1

6.0

6.7

7.1

7.6

6.4

5.2

5.1

4.9

-1.0

7-89

4.7

4 7

4.8

4.8

5.1

4.9

5.0

4.9

5.5

5.5

5.7

4.4

5.0

2.4

1.4

-5.1

-5.1

8-89

4.2

4 1

4.2

4.2

4.4

4.2

4.2

4.0

4.5

4.4

4.4

1.1

1.8

l.l

0.0

-5.5

- 4.6

-4.1

9-89

4.5

4 5

4.6

4.6

4.8

4.7

4.8

4.6

4.9

5.1

5.1

4.1

5.1

2.7

2.1

0.0

0.4

5.2

11.1

2-88

5-88

4-88

5-88

6-88

7-88

8-88

9-8# 10-88 11-88 12-88

1-89

2-89

5-89

4-89

5-89

6-89

7-89

8-89

106.8




107.1
107.4
107.6
108.2
108.5
109.1
109.2
109.5
109.9
111.1
112.1
112.6
115.1
114.1
114.0
115.5
115.1
114.1

INITIAL MONTH

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
OCTOBER 13* 1989

4




R A TIO

PR I C ES

SCALE

C O N S U t t R T R IC E S © A TA ARE ON A 1 0 8 2 - 8 4 - 1 0 0 BA SE
C P I - U D A T A 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
PERCENTA G ES
LATEST

R A TIO

SEASONALLY ADJUSTED

1982-100

AR E AN NUA L

DATA P L O T T E O .

RATES

E Q U IV A L E N C E

OF CH ANGE FOR P E R IO D S

SC ALE

1982-100

MEASURE

FOR H O M E O W N E R S H IP

COSTS.

IN D IC A T E D .

SEPTEM BER

PREP A M I IY FEOERAL RESERVE BANK Of ST. L WI S

PRODUCER

RAT I 0 SCALE

PR IC ES

SEASONALLY ADJUSTED

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

RATES

OF CH A N G E FO R P E R IO D S

R A T I O SCALE

1982-100

IN D IC A T E D .

SEPTEM BER

PREPARED BY FEDERAL RESERVE BANK OF S T .

L O V IS

PRODUCER PRICE INDEX, FINISHED CONSUMER FOODS
(Compounded Annual Rates of Change)
1982 * 100

INITIAL M ONTH

TERMINAL
MONTH

2-88

5-88

4-88

5-88

6-88

7-88

8-88

9-88 10-88 11-88 12-88

1-89

2-89

5-89

4-89

5-89

6-89

7-89

8-89
110.6

3-88

6.7

4-88

5.5

0.0

5-88

4.4

3.5

6-88

5.8

5.5

t.4

10.2

7-88

6.4

6.4

8.6

9.5

8.9

•-88

6.7

6.6

8.4

8.9

8.5

7.7

110.6
6.7

111.2
112.1
112.9
115.6
114.6

9-«

7.5

7.4

8.9

9.5

9.2

9.4

11.1

10-88

6.5

6.4

7.6

7.7

7.1

6.5

6.0

1.1

11-88

6.2

6.2

7.1

7.1

6.5

6.0

5.4

2.6

4.5

12-88

5.7

5.6

6.5

6.2

5.6

5.0

4.5

2.1

2.6

1.0

114.7
115.1
115.2
116.7

1-89

6.7

6.7

7.4

7.5

7.1

6.8

6.7

5.6

7.2

8.6

16.8

2-89

7.1

7.1

7.9

8.0

7.7

7.6

7.5

6.8

8.3

9.7

14.5

11.9

117.8

5-89

7.4

7.4

8.1

8.5

8.0

7.9

8.0

7.5

8.8

10.0

15.1

11.3

6.5

6.2

6.8

6.8

6.5

6.2

6.0

5.5

6.0

6.4

7.7

4.9

1.5

118.8

10.7

4-89

-6.8

118.1

5-89

6.6

6.6

7.1

7.1

6.8

6.6

6.5

5.9

6.7

7.1

8.5

6.5

4.5

1.5

10.6

6— 89

5.5

5.5

5.9

5.8

5.4

5.1

4.9

4.2

4.6

4.7

5.5

3.1

1.0

-2.0

0.5

-8.7

119.1
118.2

7-89

5.5

5.2

5.5

5.4

5.1

4.8

4.5

5.9

4.2

4.2

4.7

2.8

1.0

-1. 3

0.7

-4.0

1.0

8-89

5.2

5.1

5.4

5.4

5.0

4.7

4.5

3.9

4.2

4.2

4.6

3.0

1.5

-0.2

1.5

-1.5

2.6

4.1

9-89

4.5

4.4

4.7

4.6

4.2

5.9

5.6

5.0

5.1

5.0

3.3

1.7

0.3

-1.5

-0.2

-2. 7

- 0.7

-1.5

-6.9

2-88

5-88

4-88

5-88

6-88

7-88

8-88

9-88 10-88 11-88 12-88

1-89

2-89

5-89

4-89

5-89

6-89

7-89

8-89

118.5
118.7
118.0

INITIAL MONTH

P R E P A R E D BY FEDE R A L R E SERVE BAN K OF ST. LOUIS
OCTO B E R 15, 1969

PRODUCER PRICE INDEX, FINISHED GOODS, EXCLUDING FOODS
( C o b pounded Annual Rates of Change)
TERMINAL
MONTH

INITIAL M O NTH
2-88

5-88

4-88

5-88

6-88

7-88

8-88

9-88 10-88 11-88 12-88

1982 ■ 100
1-89

2-89

5-89

5-88

2.5

4-88

5.5

4.6

5-88

5.1

5.5

2.3

6-88

2.5

2.5

1.1

0.0

7-88

5.0

5.2

2.7

2.9

5.8

8-88

5.1

5.2

2.9

5.1

4.6

5.4

9-88

5.5

5.4

5.2

5.4

4.6

4.0

5.0

5.1

2.9

5.0

3.7

5.0

2.8

5.1

5.1

2.9

5.0

3.7

5.1

5.0

2.5

5.5

5.4

5.5

3.4

4.0

5.6

5.7

5.4

4.6

4.2

4.3

4.5

4.6

5.2

5.1

5.5

5.7

7.3

9.3

12.9

2-89

4.6

4.8

4.8

5.1

5.7

5.7

6.1

6.4

7.7

9.2

11.0

9.1

5.0

5.6

5.5

5.8

6.1

7.1

8.0

8.8

6.8

4.4

5.5

6.0

6.0

6.4

6.6

7.6

8.4

9.1

7.9

7.5

8-89

5.7

1-89

7-89

5.4

12-88

6-89

1.1

11-88

5-89

4.6

10-88

4-89

105.5

10.2

105.9
106.1
106.1
106.6
106.9
107.5
107.4
107.7
108.2
109.5
110.1

5-89

4.5

4.7

4.7

4-89

4.9

5.2

5.2

5-89

5.4

5.7

5.7

6.0

6.6

6.7

7.0

7.4

8.3

9.1

9.8

9.0

9.0

11.4

12.5

5.5

5.4

5.6

6.1

6.2

6.4

6.6

7.3

7.9

8.3

7.4

7.0

7.8

6.6

1.1

4.5

4.7

5.0

5.0

5.1

5.2

5.6

5.9

5.9

4.8

4.0

5.8

1.8

-5.2

-7.2

4.1

4.1

4.1

4.4

4.5

4.3

3.2

2.2

1.7

-0.5

— 4.2

- 6.7

-6.2

5.2

5.6

5.8

5.8

5.0

4.4

4.4

5.5

1.1

1.1

5.5

18.7

9-88 10-88 11-88 12-88

1-89

2-89

5-«9

4 -89

5-89

6-89

7-89

8-89

6-89

5.2

7-89

4.4

•-89

5.8

3.9

5.8

3.9

4.2

9-89

4.5

4.6

4.6

4.8

5.1

5.0

5.2

2-88

3-88

4-88

5-88

6-88

7-88

8-88

4.5




110.5
111.4
112.5
112.6
111.9
111.5
112.9

INITIAL MONTH

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
OCTOBER 15. 1989

6

N D U S T R I AL
RATIO

PRODUCTION

SCALE

RATIO

1977-100

1981

SE ASO NAL LY AD JUST ED

1982

1983

1984

1985

SCALE

1977-100

1986

1987

1988

1989

PERCENTAGES ARE ANNUAL RATES Of CHANGE POR PERIODS INDICATED.
LATEST DATA PLOTTEOt SEPTEMBER
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

INDUSTRIAL PRODUCTION
(Compounded Annual Rales of Cha&ge)
T E R MINAL
MONTH

INITIAL M O NTH
2-88

5-88

4-88

5-88

5-88

4.5
5.2

6.4

4.8

5.5

5.0

9-88 10-88 11-88 12-88

1977 « 100
1-89

2-89

5.6

3-89

4-89

5-89

6-89

7-89

8-89

6.4

6-«8

8-88

6.4

5-88

7-88

2.7

4-88

6-88

154.7
155.4
156.1
156.5

7-88

6.5

7.5

7.9

8.7

14.0

8 -88

6.2

6.9

7.0

7.2

9.1

4.4

9-88

5.4

5.9

5.8

5.6

6.5

2.6

0.9

10-88

5.6

6.1

6.0

5.9

6.5

4.1

4.0

7.2

11-88

5.5

5.8

5.8

5.7

6.1

4.2

4.1

5.8

12-88

5.4

5.7

5.6

5.5

5.8

4.2

4.2

5.5

4.4

4.4

1-89

5.2

5.5

5.4

5.2

5.5

4.1

4.0

4.8

4.1

5.9

158.0
158.5
158.6
159.4
4.4

159.9
140.4
140.8

5.5

2-89

4.5

4.7

4.5

4.5

4.4

5.1

2.9

5.5

2.4

1.7

0.4

-2.5

5-89

4.5

4.5

4.5

4.1

4.1

2.9

2.7

5.1

2.5

1.7

0.9

-0.4

1.7

140.5
140.7

4-89

4.6

4.8

4.7

4.5

4.6

5.6

5.5

5.9

5.5

5.1

2.8

2.6

5.2

8.9

5-89

4.5

4.4

4.2

4.0

4.1

5.1

5.0

5.5

2.7

2.4

2.1

1.7

5.2

5.9

4-89

4.2

4.5

4.2

4.0

4.0

5.2

5.0

5.5

2.8

2.6

2.5

2.1

5.2

5.7

1.5

5.4

7-89

4.0

4.0

5.9

5.7

5.7

2.9

2.8

5.0

2.5

2.5

2.0

1.7

2.6

2.8

0.8

1.7

0.0

•—8 9

5.9

4.0

5.9

5.7

5.7

2.9

2.8

5.0

2.6

2.4

2.1

2.0

2.7

2.9

1.5

2.5

1.7

5.4

9-89

5.7

5.7

5.6

5.4

5.4

2.7

2.5

2.7

2.5

2.1

1.8

1.6

2.2

2.5

1.0

1.5

0.8

1.5

-0.8

2-8«

5-88

4-88

5—88

6-88

7-88

«-W

9-88 10-88 11-88 12-88

1-89

2-89

5-89

4-89

5-89

6-89

7-89

8-89

141.7
141.6

-0.8

142.0
142.0
142.4P
142.5P

INITIAL MONTH
P- PRELIMINARY




PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

7

PERSONAL
RATIO

SCALE

TRILLIONS

INCOME
RATIO

MONTHLY TO TA LS AT ANNUAL RATES

OF

DOLLARS

TRILLIONS

SEASONALLY AD JU ST ED

OF

SCALE

DOLLARS
5.2
4.8
4.4

4.0

3.

3.6

3.

3.2

2.

2.8

.

2.4

2

2.0

2.

1981

1982

1983

1984

1985

1986

1987

1988

1989

SOURCEt U.S. DEPARTMENT OF COMMERCE
PERCENTAGES ARE ANNUAL RATES OF CHANCE FOR PERIODS INDICATED.
LATEST DATA PLOTTED: SEPTEMBER PRELIMINARY
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

PERSONAL INCOME
(Compounded Annual Rates of Change)
TERMINAL
MONTH

INITIAL M O N T H
2-88

5-88

4-88

5-88

6-88

7-88

8-88

9-88 10-88 11-88 12-88

1-89

2-89

5-89

4-89

5-89

6-89

7-89

8-89

B I L LIONS OF
DOLLARS
ANNUAL R ATES
5*979.5

3-88

11.5

4—88

10.0

8.6

5-88

8.5

6.8

5.0

6-88

8.2

7.2

6.5

8.1

7-88

8.5

7.8

7.5

8.7

9.4

8-88

7.8

7.1

6.7

7.2

6.8

4.5

9-88

7.7

7.1

6.8

7.5

7.0

5.8

7.4

4,007.1
4,025.5
4,049.4
4,079.8
4,094.2
4,118.6

10-88

9.1

8.8

8.8

9.6

10.0

10.2

15.5

19.6

11-88

7.7

7.2

7.0

7.4

7.2

6.7

7.5

7.6

-5.5

4,180.4

12-88

8.0

7.7

7.5

7.9

7.9

7.6

8.4

8.8

5.8

11.5

1-89

9.1

8.9

8.9

9.5

9.7

9.7

10.8

11.7

9.2

16.0

4,168.9
4,206.5
20.8

4,275.1

2-89

9.5

9.4

9.4

9.9

10.2

10.5

11.5

12.1

10.5

15.5

17.5

15.8

5-89

9.7

9.6

9.7

10.1

10.4

10.5

11.4

12.1

10.7

14.4

15.5

12.9

12.1

4-89

9.6

9.4

9.5

9.9

10.1

10.2

10.9

11.4

10.1

15.0

15.5

11.1

9.8

7.5

5— 89

9.1

8.9

8.9

9.5

9.4

9.4

10.0

10.5

9.0

11.2

11.2

8.9

7.5

5.0

6-89

8 .9

8.7

8.7

9.0

9.1

9.1

9.5

9.8

8.6

10.4

10.5

8.5

7.0

5.5

4.2

5.9

7-89

8.8

8.6

8.6

8.9

9.0

8.9

9.4

9.5

8.5

10.1

9.9

8.1

7.0

5.8

5.5

6.7

7.4

8-89

8.5

8.5

8.5

8.5

8.6

8.5

8.8

9.0

8.0

9.5

9.0

7.5

6.4

5.5

4.8

5.6

5.4

5.5

9-89

8.2

8.0

8.0

8.2

8.2

8.1

8.4

8.5

7.6

8.7

8.4

7.0

6.0

5.0

4.6

5.1

4.8

5.5

5.5

2-88

5-88

4-88

5-88

6-88

7-88

8-88

9-88 10-88 11-88 12-88

1-89

2-89

5-89

4-89

5-89

6-89

7-89

8 -89

4,519.5
4,560.7
4 ,587.1
2.5

4,596.5
4,417.5
4,445.8
4,456.4
4 , 4 6 9 . 2P

INITIAL MONTH
P- PRELIMINARY




PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
OCTOBER 27, 1989

8

RETAIL
RATIO

SALES

SCALE

BILLIONS

1981

RATIO

OF

DOLLARS

1982

s e a s o n a lly

1983

1984

BILLIONS

ADJU ST ED

1985

1986

1987

1988

OF

SCALE

DOLLARS

1989

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

RETAIL SALES
(Compounded Annual Rates of Change)
TERM INAL
MONTH
2-88

5-88

4-88

5-88

6-88

7-88

8-88

INITIAL M O N T H
DOLLARS
9-88 10-88 11-88 12-88

MILLIONS OF
1-89

2-89

3-89

4-89

5-89

6-89

7-89

8-89
155,797

5-88

19.5

4-88

5.7

-6.5

5-88

6.7

0.9

8.7

6-88

7.5

5.8

9.5

9.9

7-88

7.2

4.4

8.5

8.0

6.2

8-88

6.1

5.6

6.5

5.5

5.5

0.5

9-88

5.1

2.9

4.8

5.9

2.0

-0.1

-0.7

10-88

6.9

5.2

7.5

7.0

6.5

6.5

9.4

20.5

11-88

7.8

6.5

8.5

8.4

8.1

8.6

11.4

18.1

15.7

12-88

6.7

5.4

7.0

6.7

6.2

6.2

7.7

10.6

6.0

-2. 9

1-89

6.8

5.6

7.0

6.8

6.4

6.4

7.7

9.9

6.5

2.2

7.6

2-89

5.8

4.6

5.8

5.4

4.9

4.7

5.4

6.7

5.5

- 0.5

1.0

-5.1

3-89

5.4

4.5

5.5

5.0

4.4

4.2

4.7

5.7

2.9

0.0

0.9

-2.2

0.8

4-89

6.2

5.2

6.5

6.0

5.7

5.6

6.5

7.5

5.2

5.5

4.9

4.0

8.9

17.6

5-89

6.4

5.6

6.5

6.4

6.1

6.0

6.7

7.6

5.9

4-4

5.9

5.5

9.2

15.7

10.0

4— 89

6.0

5.2

6.0

5.8

5.5

5.4

5.9

6.7

5.1

5.7

4.8

4.5

6.8

8.8

4.7

-0.4

7-89

6.2

5.4

6.5

6.1

5.8

5.8

6.2

7.0

5.6

4.4

5.4

5.1

7.5

8.9

6.2

4.5

9.5

8-8 9

6.5

5.6

6.4

6.2

6.0

5.9

6.4

7.1

5.8

4.8

5.8

5.5

7.4

8.8

6.7

5.6

8.8

8.5

9-89

6.5

5.6

6.4

6.2

6.0

6.0

6.4

7.0

5.8

4.9

5.8

5.6

7.2

8.5

6.6

5.7

7.8

7.1

6.0

2-88

5-88

4-88

5-88

6-88

7-88

8-88

9-88 10-88 11-88 12-88

1-89

2-89

5-89

4-89

5-89

6-89

7-89

8-89

155,077
154,005
155,060
155,741
155,800
155,715
157,842
159,529
159,189
140,040
159,428
159,516
141,415
142,545
142,500
145,555
1 4 4 , 5 1 IP
145 »212E

INITIAL MONTH
P- P RELIMINARY
E- E STIMATED




PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
OCTOBER 15, 1989

9

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

INITIAL QUAR T E R
4-84

1-85

1-65

4.5
4.7

4.8

4-85

1-86

2-86

5-86

4-86

1-87

2-87

1977-100
5-87

4-87

1-88

2-88

5-88

4-88

1-89

2-89

4.0

5-85

5-85

4.5

2-85

2-85

171.8
175.5
175.9

5.6

4-85

5.1

5.5

6.0

6.5

1—86

5.2

5.4

5.8

5.9

5.5

2-86

5.1

5.2

5.5

5.4

5.0

178.6
181.0
185.0

4.5

5-86

5.0

5.1

5.5

5.2

4.9

4.6

4.7

4-86

5.0

5.1

5.5

5.2

4.9

4.7

4.9

5.1

1-87

4.7

4.7

4.8

4.6

4.5

4.0

5.8

3.4

1.7

2-87

4.5

4.5

4.5

4.5

4.0

5.7

5.6

5.2

2.5

2.8

5-87

4.5

4.5

4.6

4.4

4.2

5.9

5.8

3.6

5.1

5.9

4.9

4-87

4.7

4.8

4.8

4.7

4.5

4.4

4.4

4.5

4.2

5.0

6.1

1-88

4.6

4.6

4.6

4.5

4.5

4.2

4.1

4.0

5.8

4.4

4.9

4.9

2.5

2-88

4.6

4.6

4.7

4.6

4.4

4.5

4.5

4.5

4.1

4.6

5.1

5.1

4.0

185.1
187.4
188.2
189.5
191.8
195.2

7.5

196.4
5.6

199.1

5-88

4.7

4.7

4.8

4.7

4.6

4.5

4.5

4.4

4.4

4.8

5.2

5.5

4.6

5.7

5.7

4-88

4.7

4.8

4.8

4.7

4.6

4.5

4.5

4.5

4.5

4.9

5.2

5.5

4.8

5.5

5.5

5.5

1-89

4.7

4.8

4.8

4.7

4.6

4.6

4.6

4.6

4.5

4.9

5.1

5.2

4.8

5.5

5.3

5.0

4.8

2-89

4.9

4.9

4.9

4.9

4.8

4.7

4.8

4.8

4.7

5.1

5.4

5.4

5.1

5.7

5.7

5.7

5.9

6.9

5-89

4.9

4.9

4.9

4.9

4.8

4.7

4.8

4.8

4.7

5.0

5.5

5.5

5.1

5.5

5.5

5.4

5.4

5.8

4.6

4-84

1-85

2-85

5-85

4-85

1-86

2-86

5-86

4-86

1-87

2-87

5-87

4-87

1-88

2-88

3-88

4-88

1-89

2-89

201.9
204.5
206.9
210.4
212.8

INITIAL QUARTER

P R E P A R E D BY FED E R A L RES E R V E BANK OF ST. L O U I S
NOVE M B E R 2» 1989

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

INITIAL Q U ARTER
4-84

1-85

2.7

2-85

5-85

4-85

1-86

2-86

5-86

4-86

1-87

2-87

1977*100
5-87

4-87

1-88

2-88

5-88

4-88

1-89

2-89

2.5

2-85

1-85

106.5
5.0

107.1

5-85

2.9

5.2

5.4

4-85

2.6

2.6

2.4

1.5

1-86

5.5

5.8

4.0

4.5

7.2

2-86

2.8

2.8

2.8

2.6

5.2

-0.7

5—8 6

2.1

2.1

1.9

1.5

1.5

-1.5

4-86

1.9

1.9

1.7

1.3

1.5

-0.6

-0.5

0.7

1-87

1.7

1.7

1.5

1.2

1.1

-0.4

-0.2

0.5

106.0
108.4
110.5
110.1
-1.8

109.6
109.8
0.4

109.9

2-87

1.9

1.8

1.7

1.4

1.4

0.5

0.5

1.5

1.6

2.9

5-87

2.0

2.0

1.9

1.7

1.7

0.8

1.2

1.9

2.5

5.5

5.7

4-87

2.1

2.1

2.0

1.8

1.9

1.1

1.4

2.1

2.5

5.2

5.5

2 .9

1-88

2.1

2.1

2.0

1.9

1.9

1.5

1.6

2.2

2.5

5.0

5.0

2..7

2..5

2-88

1.8

1.8

1.7

1.5

1.5

0.9

1.1

1.6

1.7

2.0

1.7

1 .1

0..2

-2.1

1.7

2.1

1.9

1 .5

1..1

0.4

2.9

1.9

1.7

1 .5

0..9

0.4

1.6

0.4

5-88

1.9

1.9

1.8

1.6

1.7

1.1

1.5

4-88

1.8

1.8

1.7

1.5

1.5

1.0

1.2

1.6

110.7
111.7
112.5
115.2
112.6
115.4
115.5

1-89

1.8

1.7

1.6

1.5

1.5

1.0

1.2

1.5

1.8

1.6

1 .2

0.>9

0.5

1.4

0.7

1.1

2-89

1.7

1.7

1.6

1.5

1.5

1.1

1.2

1.5

1.7

1.6

1 .5

1..0

0.7

1.4

0.9

1.2

1.4

5-89

1.7

1.7

1.6

1.5

1.5

1.1

1.2

1.5

1.7

1.6

1 .5

1«.1

0.8

1.4

1.1

1.5

1.4

1.4

4-84

1-85

2-85

5-85

4-85

1-86

2-86

5-86

1-87

2-87

5-87

4-87

1-88

2-88

3-88

4-88

1-89

2-89




4-86

113.8
114.2
114.6

INITIAL QUARTER

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
NOVEMBER 2. 1989

10

PRODUCTIVITY,

COMPENSATION,

R A T I O SCAL E
1977-100

1981

AND LABOR COSTS
R A T I O SC ALE
1977-100

SEASONALLY ADJUSTED

1982

1983

1984

1985

1986

1987
SOURCEt

P ERCENTAG ES

ARE

LATEST

PLO TTEDt

DATA

ANWUAL

RATES

3R D

OF CH ANGE FO R P E ftlO O S

1988

U .S .

1989

D EPAR TMENT

OF

LA B O R

ST.

L O U IS

IN O lC A T E D .

Q U A R TE R P R E L IM IN A R Y
PREPAREO

BY F E D E R A L

R E S E R V E BA NK

OF

UNIT LABOR COSTS, BUSINESS SECTOR
(Compounded An Dual Rates of Change)
TERMINAL
QUARTER

INITIAL QUARTER
4-84

1-85

2-85

5-85

4-85

1-86

2-86

5-86

4-86

1-87

2-87

1977-100
3-87

4-87

1-88

2 -88

3-88

4-88

1-89

2-89
161.6

1-85

2.5

2-85

1.5

0.7

5-85

1.9

1.7

2.7

4-85

2.6

2.7

5.7

4.7

1-86

1.7

1.5

1.8

1.4

-1.9

2-86

2.5

2.5

2.7

2.7

1.7

5.5

161.9
163.0
164.9
164.1
166.3

5—86

2.9

5.0

5.4

5.6

5.2

5.9

6.4

4-86

5.0

5.1

5.6

5.7

5.5

5.5

5.2

4.1

1-87

2.9

2.9

5.2

5.5

5.0

4.5

3.9

2.7

1.4

2-87

2.6

2.6

2.9

2.9

2.6

5.5

3.0

1.9

0.8

0.2

168.9
170.6
171.2
171.3

5-87

2.4

2.4

2.6

2.6

2.5

5.0

2.5

1.6

0.8

0.5

0.7

4-87

2.6

2.6

2.8

2.8

2.6

5.2

2.9

2.2

1.7

1.8

2.6

4.5

171.6

1-88

2.4

2.4

2.5

2.5

2.5

2.8

2.5

1.8

1.4

1.3

1.7

2.2

0.0

5.5

4.1

4.0

8.1

5.7

5.5

5.5

2.5

173.5
173.5

2-88

2.8

2.8

5.0

5.0

2.8

5.4

3.1

2.7

2.4

2.7

5-88

2.8

2.«

5.0

5.0

2.8

3.3

3.1

2.7

2.5

2.6

4-88

2.9

2.9

5.1

5.1

5.0

5.5

3.5

2.9

2.8

3.0

5.4

4.0

5.9

5.2

5.8

5.0

1-89

5.0

5.0

5.2

5.2

5.1

5.5

5.5

5.0

2.9

5.1

3.5

4.0

3.9

4.8

3.8

4.4

3.8

2-89

5.1

5.1

5.5

5.5

5.2

5.6

3.4

5.2

3.1

5.5

5,7

4.1

4.0

4.9

4.1

4 .6

4.4

4.9

5-89

5.1

5.1

5.5

5.5

5.2

3.6

3.5

3.2

3.1

5.5

3.7

4.0

4.a

4.6

4.0

4.3

4.1

4.2

3.5

4-84

1-85

2-85

5-85

4-85

1-86

2-86

3-86

4-86

1-87

2-87

5-87

4-87

1-88

2-88

3-88

4-88

1-89

2-89




176.9
178.0
180.2
181.9
184.1
185.7

INITIAL QUARTER

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
NOVEMBER 2» 1989

11

GROSS NATIONAL PRODUCT IN CURRENT DOLLARS
(Compounded Annual Rates of Change)
INITIAL QUARTER

terminal

QUARTER

4-84

1-85

1-85

6.7

5-85

4-85

1-86

2-86

5-86

4-86

1-87

2-87

5.6

5-87

4-87

1-88

2-88

5-88

4-88

1-89

2-89

7.9

2-85

2-85

BILLIONS OF
DOLLARS
ANNUAL RATES
5,925.6

5,979.0

5-85

6.8

6.5

7.0

4-85

6.6

6.2

6.6

6.2

1-86

6.8

6.5

6.8

6.7

7.5

2-86

5.9

5.4

5.4

4.9

4.5

1.5

5-86

5.8

5.5

5.5

5.1

4.7

5.5

5.7

4-86

5.6

5.5

5.5

4.9

4.6

5.7

5.0

4.2

4,047.0
4,107.9
4,181.5
4,194.7
4,255.5
4,297.5

1-87

6.0

5.7

5.8

5.6

5.4

5.0

6.2

6.5

8.8

2-87

6.2

6.0

6.1

5.9

5.9

5.6

6.7

7.0

8.5

8.2

5-87

6.4

6.2

6.5

6.2

6.2

6.1

7.0

7.4

8.4

8.5

8.4

4-87

6.6

6.5

6.6

6.5

6.6

6.5

7.4

7.7

8.6

8.5

8.7

9.0

1-88

6.6

6.5

6.6

6.5

6.6

6.5

7.2

7.5

8.2

8.0

7.9

7.7

2-88

6.7

6.6

6.7

6.7

6.8

6.7

7.4

7.6

8.2

8.1

8.1

8.0

7.5

8.6

5-88

6.8

6.7

6.8

6.8

6.8

6.8

7.4

7.6

8.1

8.0

8.0

7.9

7.5

8.1

4-88

6.8

6.8

6.8

6.8

6.9

6.9

7.4

7.6

8.1

7.9

7.9

7.8

7.5

7.9

7.5

7.5

7.6

8.0

7.8

7.6

7.9

7.6

7.7

7.9

7.7

7.5

7.5

7.5

7.1

6.9

1-89

6.8

6.9

6.9

7.0

6.9

7.5

4,588.8

7.9

4,475.9

7.9

4,566.6
4,665.8
6.5

4,759.8
4,858.5
7.5

4,926.9
5,017.5
5,115.1

2-89

6.9

6.8

6.9

6.9

7.0

6.9

7.4

7.6

7.9

7.8

7.8

7.7

7.5

5,201.7

5-89

6.8

6.8

6.9

6.8

6.9

6.9

7.5

7.4

7.7

7.6

7.6

7.5

7.2

7.4

7.1

7.0

6.9

6.4

5.6

4-84

1-85

2-85

5-85

4-85

1-86

2-86

5-86

4-86

1-87

2-87

5-87

4-87

1-88

2-88

5-88

4-88

1-89

2-89

5,275.2

INITIAL QUARTER

PRE P A R E D BY F E D E R A L RES E R V E BANK OF ST. LOUIS
OC TOBER 26, 1989

GROSS NATIONAL PRODUCT IN 1982 DOLLARS
(Compounded Annual Rates of Change)
TER M I NAL
QUARTER

INITIAL QUARTER
4-84

1-85

1-85

5.7
5.8

5.5

4-85

1-86

2-86

3-86

4-86

1-87

2-87

5-87

4-87

1-88

2-88

5-88

1-89

4-88

2-89

2.4

5-85

5-85

4.9

2-85

2-85

B I L L I O N S OF
DOLL A R S
ANNU A L RATES
5,577.5
5,599.2

4.1

5,655.8

4-85

5.6

5.2

5.5

3.0

1-86

4.2

4.0

4.5

4.7

6.6

5,662.4
5,721.1

2-86

5.2

2.8

2.9

2.5

2.5

-1.8

5-86

2.8

2.5

2.5

2.1

1.8

-0.5

0.8

4-86

2.8

2.5

2.5

2.1

1.9

0.4

1.6

2.3

1-87

5.1

2.8

2.9

2.7

2.6

1.7

2.8

3.8

5.4

2-87

5.2

5.0

5.1

2.9

2.9

2.2

5.2

4.0

4.9

4.4

5-87

5.4

3.2

5.5

3.2

5.2

2.7

5.6

4.3

5.0

4.8

5.5

4-87

5.6

5.5

5.6

3.6

5.7

5.5

4.1

4.8

5*4

5.4

5.9

6.6

1-88

5.7

5.6

5.7

5.6

5.7

5.4

4.1

4.7

5.1

5.1

5.5

5.5

4.0

2-88

5.7

5.6

5.7

5.6

5.7

5.4

4.0

4.5

4.9

4.8

4.9

4.8

3.9

5,704.6
5,712.4
5,755.6
5,785.0
5,825.5
5,872.8
5,955.6
5,974.8
4,010.7

3.7

5-88

5.6

3.6

5.6

5.6

5.7

5.4

4.0

4.4

4.6

4.5

4.6

4.4

5.6

3.4

5.2

4-88

5.6

3.5

5.6

5.5

5.6

5.5

5.8

4.2

4.4

4.5

4.2

4.0

5.4

3.2

2.9

4,042.7
4,069.4

2.7

1-89

5.6

3.5

5.6

5.5

5.6

5.5

5.8

4.1

4.5

4.2

4.2

4.0

5.5

5.5

5.2

5.2

5.7

2-89

5.5

5.5

5.5

5.5

5.5

5.5

5.7

4.0

4.1

4.0

4.0

5.8

5.5

5.2

5.0

3.0

3.1

2.5

5-89

5.5

5.4

5.5

5.4

5.4

5.2

3.6

3.9

4.0

5.9

5.8

5.6

5.2

5.1

2.9

2.9

2.9

2.5

2.5

4-84

1-85

2-85

5-85

4-85

1-86

2-86

3-86

4-86

1-87

2-87

3-87

4-87

1-88

2-88

5-88

4-88

1-89

2-89




4,106.8
4,152.5
4,158.1

INITIAL QUARTER

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
OCTOBER 26, 1989

12

GROSS N A T I O N A L
R A T I O SCALE
QUAR T E R L Y T O T A L S
T R I L L I O N S OF DOLLARS
S E AS O NA L L Y

PRODUCT

AT ANNUAL RA T E S
TRILLIONS
AD J US T E D

R A T I O SCALE
OF DOL L ARS

4.8

6

0

8

3.2
0

2.8
6
1981

1982

1983

1984

1985

1986
SOURCE*

PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIODS
LATEST DATA PLOTTEDt




1987
U.S.

1988

1989

DEPARTMENT OF COMMERCE

INDICATED.

3RD QUARTER ADVANCE ES TI MA TE
PREPARED BY FEDERAL RESERVE BANK OF S T .

13

LOUIS

GENERAL
RATIO

PRICE

INDEX*

SCALE

RATIO

I982-IOO

1981

SCALE

1982-100

1982

1983

1984

1985

1986

1987

1988

1989

»AS USED IN NATIONAL INCOME ACCOUNTS
SOURCE. U.S. DEPARTMENT OF COMMERCE
PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIODS INDICATED.
LATEST DATA PLOTTEDt 3RD OUARTER ADVANCE ESTIMATE
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

IMPLICIT PRICE DEFLATOR FOR GROSS NATIONAL PRODUCT
(Compounded Annual Rates of Change)
T E R M INAL
Q U ARTER

INITIAL QUARTER
4-84

1-85

2-85

5-85

4-85

1-86

2-86

5-86

4-86

1-87

2-87

1982 ■ 100
5-87

4-87

1-88

2-88

5-88

4-88

1-89

2-89
109.7

1-85

2.6

2-85

5.0

5.5

3-85

2.8

2.9

2.6

4-85

2.9

5.1

2.9

5.5

1-86

2.5

2.5

2.2

2.0

0.7

2-86

2.6

2.5

2.4

2.5

1.8

2.9

5-86

2.9

5.0

2.9

5.0

2.9

4.0

5.0

4-86

2.8

2.8

2.7

2.7

2.6

5.2

5.4

1.8

1-87

2.8

2.8

2.8

2.8

2.7

5.2

5.5

2.5

5.2

2-87

2.9

2.9

2.9

2.9

2.9

5.5

5.4

2.9

5.5

5.8

5-87

2.9

2.9

2.9

2.9

2.9

5.2

5.5

2.9

5.5

5.5

2.8

4-87

2.9

2.9

2.8

2.9

2.8

5.1

5.2

2.8

5.0

5.0

2.6

2.4

1-88

2.8

2.8

2.8

2.8

2.7

5.0

5.0

2.7

2.8

2.8

2.4

2.2

2.0

2-88

2.9

5,0

2.9

5.0

2.9

5.2

5.2

5.0

5.2

5.2

5.0

5.1

5.4

4.8

5-88

5.0

5.1

5.0

5.1

5.1

5.5

5.5

5.1

5.5

5.4

5.5

5.4

5.7

4.6

4.4

4-8?

5.1

5.2

5.2

5.2

5.2

5.4

5.5

5.5

5.5

5.5

5.5

5.6

4.0

4.6

4.5

4.7

1-89

5.2

5.2

5.2

5.5

5.5

5.5

5.5

5.4

5.6

5.6

5.6

5.7

4.0

4.4

4.5

4.5

4.0

2-89

5.5

5.5

5.5

5.5

5.5

5.6

5.6

5.5

5.7

5.7

5.7

5.8

4.1

4.5

4.4

4.4

4.5

4.6

5-89

5.2

5.5

5.5

5.5

5.5

5.5

5.6

5.4

5.6

5.6

5.6

5.7

5.9

4.2

4.1

4.0

5.8

5.7

2.9

4-84

1-85

2-85

5-85

4-85

1-86

2—86

5-86

4-86

1-87

2-87

5-87

4-87

1-88

2-88

5-88

4-88

1-89

2-89

110.6




111.5
112.2
112.4
115.2
114.6
115.1
116.0
117.1
117.9
118.6
119.2
120.6
121.9
125.5
124.5
125.9
126.8

INITIAL QUARTER

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
OCTOBER 26* 1989

14

PERSONAL CONSUMPTION EXPENDITURES IN CURRENT DOLLARS
(Conpounded AmuaJ Rates of Change)
TERMINAL
QUARTER

INITIAL QUARTER
1-B5

1-85

2-85

5-85

4-85

1-86

2-8*

5-86

4-86

1-87

2-87

5-87

4-87

1-88

2-88

5-88

1-89

4-B8

2-89

BILLIONS OF
DOLLARS
ANNUAL RATES
2 , 5 54.9

10 2

2,5 9 9 . 5

2-85

8

7.1

5-85

9

8.5

9.9

4-B5

8

7.7

7.9

4.0

1-86

7

7.0

7.0

5.4

5.1

2-86

7

4.4

4.2

5.0

4.5

4.0

5-86

7

7.0

4.9

4.2

4.2

4.8

9 8

4-86

7

4.8

4.8

4.2

4.2

4.4

7 9

4.2

1-87

7

4.8

4.8

4.2

4.5

4.4

7 5

4.4

4.4

2-87

7

7.2

7.2

4.9

7.0

7.4

8 5

7.8

8.4

10.7

5-87

7

7.4

7.5

7.2

7.5

7.7

8 5

8.1

8.8

9.9

9.2

4-87

7

7.1

7.1

4.8

4.9

7.1

7

7.2

7.5

7.8

6.4

5.6

1-88

7

7.2

7.2

4.9

7.1

7.5

7

7.5

7.7

8.0

7.1

6.1

8.7

2-88

7

7.2

7.2

7.0

7.1

7.5

7

7.5

7.7

7.9

7.2

6.6

8.0

7.4

2 , 6 61.4
2 , 7 00.4
2,7 5 4 . 5
2,761.0
2,8 2 6 . 0
2,8 6 8 . 5
2,914.7
2,9 8 9 . 4
5,055.9
5,085.5
5,148.1
5, 204.9
5,265.4

5-88

7

7.2

7.5

7.0

7.1

7.5

7

7.5

7.4

7.8

7.5

6.8

7.9

7.5

7.5

4-88

7

7.5

7.5

7.1

7.2

7.4

7

7.5

7.4

7.8

7.5

7.0

7.8

7.5

7.6

7.6

1-89

7

7.5

7.5

7.1

7.2

7.5

7

7.4

7.4

7.7

7.5

7.0

7.7

7.4

7.4

7.4

7.1

2-89

7

7.5

7.5

7.1

7.2

7.4

7

7.5

7.4

7.7

7.5

7.1

7.7

7.5

7.5

7.5

7.4

7.6

5-89

7 5

7.5

7.5

7.2

7.2

7.4

7

7.5

7.4

7.7

7.4

7.2

7.7

7.5

7.5

7.5

7.5

7.7

7.8

4-84

1-85

2-85

5-85

4-85

1-84

2-84

5-86

4-86

1-87

2-87

5-87

4-87

1-88

2-88

5-88

4-88

1-89

2-89

5,524.0
5,581.4
5,444.1
5,509.5

INITIAL QUARTER

P R E PARED BY F E D E R A L R E S E R V E B A N K OF ST. L O U I S
OCTOBER 26, 1989

PERSONAL CONSUMPTION EXPENDITURES IN 1992 DOLLARS
(Compounded AnnaaJ Rates of Change)
INITIAL QUARTER

TERMINAL
QUARTER
4-84

1-85

2-85

5-85

4-85

1-86

2-86

5-86

4-86

1-87

2-87

5-87

4-87

1-88

2-88

5-88

1-89

4-88

2-89

BI L L I O N S OF
DOLLARS
AN N U A L R A T E S
2.519.1

1-85

6.8

2-85

5.0

5.2

5-85

5.6

5.0

4-85

4.6

5.9

4.5

1.9

1-86

4.5

4.0

4.2

5.0

4.1

2-86

4.4

5.9

4.1

5.2

5.8

5.6

5-86

4.5

4.1

4.5

5.7

4.4

4.5

5.4

4—86

4.2

5.9

4.0

5.4

5.8

5.7

5.8

2.2

1-87

5.8

5.4

5.4

2.9

5.1

2.8

2.5

1.1

0.1

2-87

5.9

5.5

5.6

5.1

5.5

5.2

5.1

2.5

2.4

4.8

5-87

5.9

5.6

5.7

5.5

5.5

5.4

5.4

2.9

5.2

4.8

4.7

4-87

5.5

5.2

5.5

2.9

5.0

2.8

2.7

2.2

2.2

2.9

2.0

-0.7

1-88

5.7

5.5

5.5

5.2

5.4

5.5

5.2

2.9

5.0

5.7

5.4

2.7

2,557.4
6.8

2 , 575.9
2,» 6 . 9
2 , 410.9
2 , 452.4
2,464.4
2 , 477.8
2,47 8 . 5
2 , 507.7
2,556.5
2 , 552.5
6.2

2,57 0 . 8

2-88

5.7

5.4

5.4

5.1

5.5

5.2

5.1

2.8

2.9

5.5

5.2

2.7

4.4

2.5

5-88

5.6

5.4

5.4

5.2

5.5

5.2

5.1

2.9

5.0

5.5

5.2

2.8

4.0

2.9

5.5

4-88

5.6

5.4

5.4

5.1

5.5

5.2

5.1

2.9

5.0

5.4

5.2

2.9

5.8

5.0

5.2

5.0

1-89

5.5

5.5

5.5

5.1

5.2

5.1

5.0

2.8

2.9

5.2

5.0

2.7

5.4

2.7

2.8

2.5

2.0

2 , 586.8
2,608.1
2,627.7
2,6 4 1 . 0

2-89

5.4

5.2

3.2

5.0

5.1

5.0

2.9

2.7

2.8

5.1

2.9

2.6

5.2

2.6

2.6

2.5

2.0

1.9

5-89

5.5

5.4

5.4

5.2

5.5

5.2

5.2

5.0

5.0

5.4

5.2

5.0

5.5

5.1

5.2

5.2

5.2

5.8

5.8

4-84

1-85

2-85

5-85

4-85

1-86

2-86

5-86

4-86

1-87

2-87

5-87

4-87

1-88

2-88

5-88

4-88

1-89

2-89




2 , 655.7
2 , 691.2

INITIAL QUARTER

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
OCTOBER 26, 1989

15

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

4-84

1-85

2-85

5—8 5

4-85

1-86

1-85

-2. 9

5-85

-7. 0

4-85

-1. 2

5.1

0.6

2.7

7.0

6.5

19.1

2-86

-0.5

2.2

0.8

6.5

4-87

1-88

2-88

5-88

4-88

1-8*

2-89

18.7

1-86

5-86

B ILL I O N S OF
DOLLARS

- 1 2.9

2-85

2-84

INITIAL QUARTER
ANhßJAL RAT E S
4-86 1-87 2-87 5-87

1.0 -14.7

659.5
8.4

452.5

-5.9 -14.8

424.7
654.1
19.4

685.8
657.2

5-86

-1.2

0.9

-0.6

5.4

-1.5 -10.5

-5.7

4-86

-1.0

0.8

-0.4

2.8

-0.8

-6.8

-2.5

0.7

1-87

0.8

2.6

1.8

4.9

2.5

-1.6

5.2

8.0

15.8

2-87

1.5

5.1

2.4

5.1

5.0

0.0

4.1

7.6

11.2

6.7

5-87

1.7

5.5

2.7

5.1

5.5

0.9

4.5

7.0

9.1

5.9

5.2

4-87

4.2

6.0

5.7

8.5

7.1

5.4

9.2

12.4

15.6

15.5

20.1

1-88

5.0

4.5

4.1

6.2

4.9

5.2

6.1

8.2

9.7

8.5

8.8

10.7 -10.7

2-88

5.6

5.0

4.7

6.7

5.5

4.1

6.7

8.6

10.0

8.9

9.4

10.8

-0.5

11.2

5-88

4.2

5.5

5.5

7.2

6.2

4.9

7.4

9.1

10.4

9.5

10.1

11.5

5.8

11.9

647.7
648.8
675.1
684.1
692.8
57.1

749.7
728.8
748.4
12.7

771.1

4-88

5.5

4.5

4.2

5.8

4.8

5.6

5.6

6.9

7.7

6.6

6.6

6.9

0.4

4.4

1.2

-9.2

1-89

5.6

4.7

4.5

6.0

5.1

4.0

5.9

7.1

7.9

6.9

7.0

7.5

2.1

5.6

5.8

-0.4

2-89

5.6

4.6

4.4

5.8

5.0

5.9

5.6

6.7

7.4

6.5

6.4

6.6

2.2

5.0

5.6

0.7

6.0

2.8

6.9

7.5

6.7

6.7

6.9

5.1

5.6

4.5

2.6

6.8

5.6

8.5

5-86

4-86

1-87

2-87

5-87

4-87

1-88

2-88

5-88

4-88

1-89

2-89

5.8

4.8

4.6

6.0

5.2

4.2

5.9

4-84

1-85

2-85

5-85

4-85

1-86

2-86

5-89

752.8
9.2

769.6
775.0
791.0

INITIAL QUARTER

P R E PARED BY FEDERAL R E S ERVE BANK OF ST. LOU I S
OCTOBER 26, 1989

GROSS PRIVATE DOMESTIC INVESTMENT IN 1992 DOLLARS
(Compounded Annual Rates of Change)
T E R MINAL
QUARTER

4-84

1-85

-2.5

2-85

5-85

4-85

1-86

2-86

5-86

4-87

1-88

2-88

B I L LIONS OF
D O LLARS
5-88

4-88

1-89

2-89

-12.4

2-85

1-85

INITIAL QUARTER
ANNUAL R A TES
4-86 1-87 2-87 5-87

654.5
8.6

647.5

5—85

-7 . 6

4-85

-1.2

2.9

0.2

20.8

1-86

2.5

6.6

5.9

19.6

2-86

-1.4

1.0

-0.8

5.5

-1.8 -18.5

5-86

-2.7

- 1.0

-2.8

1.1

-4.7 -14.5 -10.5

4-86

-5.1

-1.7

-5.4

-0.4

-8.5

-6.2

1-87

- 0.6

0.9

-0.1

5.0

-0.2

-4.4

0.8

6.9

21.8

2-87

0.1

1.6

0.7

5.5

0.9

-2.5

2.2

6.8

15.9

4.4

5-87

0.9

2.5

1.6

4.2

2.1

-0.4

5.6

7.5

12.4

8.0

9.5

4—87

5.2

4.8

4.4

7.1

5.5

5.8

8.0

12.1

17.2

15.7

20.6

52.8

1-88

2.5

5.7

5.2

5.5

5.9

2.5

5.6

8.6

11.8

9.4

10.5

10.8

-7.>6

2^-88

2.4

5.7

5.5

5.4

5.9

2.4

5.4

7.9

10.4

8.2

8.6

8.4

-2,,1

5.7

5-88

5.0

4.2

5.9

5.9

4.6

5.5

6.1

8.5

10.6

8.8

9.5

9.2

2..5

7.7

11.8

4-88

2.0

5.0

2.6

4.5

5.0

1.7

4.0

5.8

7.4

5.4

5.5

4.4

-1.,7

0.4

-1.2 -12.7

1-89

2.5

5.5

2.9

4.5

5.5

2.2

4.5

5.9

7.5

5.4

5.5

4.8

0..0

2.0

2-89

2.1

5.0

2.7

4.1

5.0

1.9

5.9

5.5

4.5

4.9

4.7

4.0

-0..1

5-89

2.4

5.5

5.0

4.4

5.4

2.4

4.2

5.6

4.7

5.5

5.1

4.6

1..1

4-84

1-85

2-85

5-85

4-85

1-86

2-86

5-86

4-84

1-87

2-87

5-87

4-87

1-88

-5.0 -17.0




618.1
648.0
676.1

18.5

-5.1 -11.8

642.5
625.1
615.2
646.5
656.7
671.7
721.1
707.0
715.5
755.6
709.1
721.1

1.4

-5.4

6.9

1.4

0.9

-2. 5

5.0

-0.7

2.6

2.4

0.2

4.9

5.9

8.8

2-88

5-88

4-88

1-89

2-89

719.8
755.2

INITIAL QUARTER

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
OCTOBER 26» 1989

16

GOVERNMENT PURCHASES OF GOODS AND SERVICES IN CURRENT DOLLARS
(Compounded Annuii Rates of Change)
TERMINAL
QUARTER
4-84
1-85

1-85

2-85

3-85

4-85

1-86

2-86

3-86

INITIAL QUARTER
A NNUAL R A T E S
4-86 1-87 2-87 3-87

10.8

4-87

1-88

2-88

3-88

4-88

B I L L I O N S OF
DOLL A R S
1-89

2-89

784.4

2-85

10.0

9.1

3-85

13.4

14.7

20.6

4-85

12.1

12.5

14.2

80 1 . 7
84 0 . 2
856.7

8.1

1-86

8.9

8.4

8.2

2.4

-3.0

2-86

8.9

8.6

8.4

4.6

5.0

9.2

3-86

8.4

8.0

7.8

4.8

3.7

7.2

4-86

7.8

7.4

7.1

4.6

3.8

6.1

4.6

4.0

1-87

7.9

7.5

7.3

5.2

4.7

6.7

5.8

6.1

8.3

2-87

7.5

7.2

6.9

5.1

4.6

6.2

5.5

5.6

6.4

4.4

3-87

7.5

7.2

7.0

5.4

5.0

6.4

5.8

6.0

6.7

5.9

7.3

4-87

7.4

7.1

6.9

5.5

5.2

6.4

5.9

6.1

6.6

6.0

6.8

6.3

1-88

6.8

6.4

6.2

4.8

4.5

5.5

4.9

4.9

5.1

4.3

4.2

2.7

-0.8

2-88

6.7

6.4

6.2

5.0

4.7

5.5

5.1

5.1

5.3

4.7

4.7

5.9

2.7

6.2

3-88

6.2

5.9

5.7

4.5

4.2

4.9

4.4

4.4

4.4

3.8

3.6

2.7

1.6

2.7

-0.6

4-88

7.2

7.0

6.9

5.9

5.7

6.5

6.2

6.4

6.7

6.4

6.8

6.6

6.7

9.4

11.0

23.9

1-89

6.9

6.7

6.5

5.6

5.4

6.1

5.8

5.9

6.1

5.8

6.0

5.8

5.7

7.4

7.8

12.3

1.8

2-89

6.9

6.7

6.5

5.7

5.5

6.2

5.9

6.0

6.2

6.0

6.2

6.0

5.9

7.3

7.6

10.5

4.4

6.9

3-89

6.7

6.5

6.3

5.5

5.3

5.9

5.7

5.7

5.9

5.7

5.8

5.6

5.5

6.6

6.6

8 .5

5.9

4.9

2.9

4-84

1-85

2-85

3-85

4-85

1-86

2-86

3-86

4-86

1-87

2-87

5-87

4-87

1-88

2-88

5-88

4-88

1-89

2-89

85 0 . 5
869 . 3
880.3

5.2

888.9
906.9
916.8
933.2
947.5
945.7
960.1
958.6
1 ,011.4
1 ,016.0
1 ►033.2
1 ►040.5

INITIAL QUARTER

P R E P A R E D B Y F E D E R A L R E S E R V E B A N K OF ST. L O U I S
OC TOBER 26, 1989

GOVERNMENT PURCHASES OF GOODS AND SERVICES IN 1 9 » DOLLARS
(Compounded Annuti Rates of Change)
TERMINAL
QUARTER

4-84

1-85

1-85

6.9

3-85

4-85

1-86

2-86

3-86

4-87

1-88

2-88

3-88

BI L L I O N S OF
DOLLARS
4-88

1-89

2-89

7.5

2-85

2-85

INITIAL QUARTER
ANNUAL RATES
4-86 1-87 2-87 5-87

6.5

705.5
716.7

3-85

11.0

13.0

19.8

4-85

8.6

9.0

10.5

1.6

749.8
752.7

1-86

5.8

5.5

5.1

-1.5

-4.5

2-86

6.4

6.3

6.2

2.0

2.5

9.5

5-86

5.8

5.6

5.4

2.1

2.2

5.8

2.1

4-86

5.8

5.6

5.4

2.8

3.1

5.8

3.9

5.8

744.1
761.2
765.2
776.0

1-87

5.2

4.9

4.7

2.4

2.5

4.4

2.7

3.0

0.5

2-87

4.6

4.3

4.0

1.9

2.0

3.3

1.8

1.7

-0.3

-0.9

5-87

4.6

4.5

4.0

2.2

2.3

5.5

2.5

2.4

1.5

1.8

4.5

4-87

4.5

4.5

4.1

2.5

2.6

3.6

2.7

2.8

2.1

2.7

4.5

4.5

1-88

5.5

5.2

2.9

1.3

1.3

2.1

1.0

0.9

-0.1

-0.2

0.0

-2.1

-8.3

776.6
774.9
785.5
792.1
775.1

2-88

5.5

3.5

5.0

1.6

1.6

2.3

1.4

1.5

0.6

0.7

1.0

-0.1

-2.5

4.1

5-88

5.1

2.8

2.5

1.1

1.1

1.7

0.9

0.7

0.0

-0.1

0.1

-1.0

-2.7

0.2

-5.6

4-88

5.9

5.6

5.4

2.5

2.5

3.0

2.3

2.4

1.9

2.2

2.7

2.5

1.8

5.4

6.1

785.0
775.9
16.7

806.4

1-89

3.4

5.2

3.0

1.9

1.9

2.4

1.8

1.8

1.5

1.5

1.8

1.4

0.8

5.2

2.9

6.2

-5 . 5

2-89

5.5

3.5

3.1

2.1

2.1

2.7

2.1

2.1

1.7

1.9

2.5

1.9

1.5

3.6

5.5

6.0

1.0

5.4

5-89

5.2

5.0

2.8

1.8

1.8

2.5

1.8

1.7

1.4

1.5

1.7

1.4

1.0

2.6

2 .5

3.8

- 0.1

1.5

-2.5

4-84

1-85

2-85

5-85

4-85

1-86

2-86

5-86

4-86

1-87

2-87

5-87

4-87

1—8 8

2-88

5 -88

4-8 8

1-89

2-89




799.7
810.5
805.7

INITIAL QUARTER

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
OCTOBER 26, 1969

17

DISPOSABLE PERSONAL INCOME IN CURRENT DOLLARS
(Cotnpouitded Animi Rates of Change)
INITIAL QUARTER

TERMINAL
quarter

4-04

1-85

1-85

9.1

5-85

4-85

1-86

2-86

5-86

4-86

1-87

2-87

5-87

4-87

1-88

2-88

5-88

4-88

1-89

2-89

5.4

2-85

2-85

BILLIONS OF
DOLLARS
ANNUAL RATES

15.1

2,764.6
2 ,850.7

5-85

5.5

5.5

-1.5

4-85

6.5

6.6

5.5

8.6

1-86

6.7

7.0

5.1

8.6

8.5

2-86

6.7

6.9

5.5

7.9

7.5

6.5

5-86

6.1

6.2

4.8

6.5

5.8

4.4

2.4

4-86

6.0

6.0

4.9

6.2

5.7

4.7

5.8

5.5

1-87

6.5

6.6

5.7

7.0

6.7

6.2

6.1

8.0

10.8

2-87

5.8

5.8

4.9

5.9

5.4

4.8

4.4

5.0

4.9

-0.6

5-87

6.2

6.5

5.6

6.5

6.2

5.9

5.7

6.6

7.0

5.2

11.5

6.8

7.7

8.4

7.6

11.9

12.4

8.1

7.4

10.5

9.7

6.8

4-87

6.9

6.5

2 , 840.0

7.2

2,899.5

7.0

2,959.2

6.8

5,006.5
5,024.5
5,065.4
5,142.8
5,158.1
5,225.5
5,519.4
7.0

5,576.4

1-88

6.8

6.9

6.5

7.2

7.0

6.8

6.9

7.6

2-88

6.8

6.9

6.4

7.2

7.0

6.9

6.9

7.6

8.0

7.4

9.5

8.9

7.1

7.2

7.1

7.8

8.1

7.7

9.4

8.9

7.8

8.2

9.1

7.9

8.2

7.9

9.5

8.9

8.1

8.4

9.0

8.9

5-88

7.0

7.1

6.6

7.5

7.2

7.1

5,455.9
5,511.7
5,587.4

4-88

7.1

7.2

6.8

7.5

7.4

7.5

7.5

1-89

7.4

7.5

7.1

7.8

7.7

7.6

7.7

8.5

8.6

8.5

9.7

9.4

8.8

9.5

10.0

10.4

11.9

7.5

7.4

7.1

7.7

7.6

7.5

7.6

8.1

8.4

8.1

9.5

9.0

8.4

8.7

9.1

9.1

9.1

6.5

7.5

7.4

7.1

7.6

7.6

7.5

7.6

8.0

8.5

8.0

9.0

8.7

8.2

8.4

8.6

8.5

8.4

6.6

6.8

4-84

1-85

2-85

5-85

4-85

1-86

2-86

5-86

4-86

1-87

2-87

5-87

4-87

1-88

2-88

5-88

4-88

1-89

2-89

2-89
5—8 9

5,689.5
5,747.7
5,809.8

INITIAL QUARTER

P RE P A R E D BY F E DERAL R E SERVE BANK OF ST. LOU I S
O CTOBER 26, 1989

DISPOSABLE PERSONAL INCOME IN 1982 DOLLARS
(Compounded Annual Rates of Change)
INITIAL QUARTER

TERMINAL

QUA RTER

4-84

1-85

2-85

5-85

4-85

1—86

2-86

5-86

4-86

1-87

2-87

5-87

4-87

1-88

2-88

5-88

4-88

1-89

2-89

B I L L I O N S OF
D O L LARS
ANN U A L R ATES
2,509.4

1-85

2.1

2-85

5.5

8.9

2,565.5

5-85

2.1

2.1

-4.5

4-85

2.7

2.8

-0.1

4.4

1-86

5.6

4.0

2.4

5.9

2-86

4.0

4.4

5.5

6.0

6.8

6.2

5-86

5.2

5.4

2.5

4.0

5.9

2.2

-1.7

4-86

5.0

5.1

2.1

5.5

5.5

1.9

-0.2

1.4

1-87

5.1

5.2

2.4

5.6

5.4

2.4

1.2

2.7

4.0

2-87

2.1

2.2

1.5

2.2

1.8

0.7

-0.6

-0.2

-1.0

-5.8

5-87

2.6

2.6

1.9

2.7

2.5

1.7

0.8

1.5

1.5

0.2

6.7

4-87

5.0

5.1

2.5

5.5

5.1

2.5

1.9

2.7

5.0

2.7

7.2

7.8

1-88

5.1

5.2

2.7

5.4

3.3

2.8

2.5

5.0

5.5

5.2

6.4

6.2

4.6

2-88

5.1

5.1

2.7

5.5

3.2

2.7

2.5

2.9

5.2

5.0

5.5

4.9

5.5

2.4

5-88

5.2

5.2

2.8

5.4

5.4

5.0

2.6

5.2

5.4

5.5

5.5

4.9

5.9

5.6

4.►9

4-88

5.2

5.5

2.9

5.5

5.4

5.1

2.8

5.5

5.5

5.5

5.1

4.8

4.0

5.8

4..6

4.5

1-89

3.4

5.5

5.2

5.7

5.7

5.4

5.1

5.6

5.9

5.8

5.5

5.1

4.5

4.5

5..2

5.4

6.6

2-89

5.5

5.4

5.0

5.5

5.5

5.2

2.9

5.4

5.6

5.5

4.7

4.5

5.9

5.8

4..1

5.9

5.7

0.8

5-89

5.4

5.4

5.1

5.6

5.6

5.5

5.1

5.5

5.7

5.6

4.7

4.5

4.0

5.9

4..5

4.1

4.0

2.8

4.8

4-84

1-85

2-85

5-85

4-85

1-86

2-86

5-86

4-86

1-87

2-87

5-87

4-87

1-88

2-88

5-88

4-88

1-89

2-89




2,555.4
2,562.8
2,609.2

7.4

2 ,648.6
2 ,657.5
2 ,646.2
2 ,672.5
2 ,652.5
2,675.6
2 , 726.2
2 , 757.2
2 , 775.5
2,806.4
2,855.9
2,881.7
2,887.6
2 , 9 21.5

INITIAL QUARTER

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
OCTOBER 26, 1989

18

CORPORATE PROFITS AFTER TAXES
(Compounded Annual Rates of Change)
TERMINAL
QUARTER
4-84

INITIAL Q U A D TER
5—84

4-84

1-85

2-85

5-85

4-85

1-86

2— 86

5-86

4-86

1-87

2-87

5-87

4-87

1-88

2 -88

5-88

4-88

1-89

B I L L I O N S OF
DOLLARS
A NNU A L R A TES

-6.1

159.2

1-85

-24.6 -59.4

2-85

-15.9 -20.4

5-85
4-85

-8.6

-9.5

-5.5

-2.9

122.8
4.6

124.2

10.7

17.1

15.7

18.5

129.2
19.9

155.2

1-86

-15.9 -15.4

-8.1 -11.9 -25.6 -51.4

2-86

-12.8 -15.9

-7.6 -10.5 -18.1 -52.4

112.9
-5.9

111.2

5-86

-9.5

-9.9

-5.8

-5.4 -10.5 -18.6

5.4

18.0

4-86

-6.7

-6.8

-0.8

-1.7

-5.1 -10.5

9.7

18.4

18.8

1-87

-2.9

-2.5

5.4

5.5

1.1

-2.5

16.4

24.9

28.5

59.1

2-87

-0.5

0.1

5,8

5.9

4.4

2.1

18.4

25.4

27.9

52.7

26.7

5-87

1.6

2.5

7.8

8.2

7.1

5.4

19.9

25.9

28.0

51.2

27.4

28.1

4-87

1.6

2.5

7.5

7.5

6.5

4.9

17.1

21.5

22.2

25.1

18.1

14.1

115.9
121.0
151.4
159.4
148.5
1.6

148.9

1-88

5.6

4.4

9.2

9.6

8.9

7.7

19.0

25.1

25.9

25.0

21.7

20.1

16.5

55.0

2-88

4.5

5.5

9.9

10.4

9.8

8.8

19.0

22.5

25.2

25.*

21.1

19.7

17.1

25.6

5-88

5.2

6.0

10.5

10.8

10.5

9.4

18.7

21.8

22.2

22.7

20.2

19.0

16.8

22.5

17.5

16.0

4-88

5.2

6.0

10.0

10.4

9.9

9.1

17.4

20.1

20.5

20.5

18.0

16.6

14.5

17.9

15.5

10.7

1-89

4.7

5.5

9.0

9.5

8.8

8.0

15.4

17.6

17.5

17.4

14.9

15.4

11.1

15.1

8 .6

5.4

- 4.5

175.6

2-89

2.8

5.5

6.6

6.7

6.1

5.1

11.6

15.2

12.7

12.1

9.5

7.5

4.8

5.4

0.6

-5.5

-9.2 -15 . 8 - 2 5 . 8

161.1

5—84

4-84

1-85

2-85

5-85

4-85

1-86

2-86

5-86

4— 86

1-87

2-87

J-87

4-87

1-88

2-88

5-88

159.9
18.7

166.9
175.2
175.6

5.7
0.5

4-88

1-89

INITIAL QUARTER

P R E P A R E D BY F E D E R A L R E S E R V E B A N K O F ST. L O U I S
O CTOBER 26. 1989

HISTORICAL SOURCES OF
NATIONAL INCOME AND PRODUCT ACCOUNTS DATA

Estimates for the series in the regular quarterly presentation
of NIPA tables for 1986-89:11 are published in the July 1989 Survey of
Current B u s iness. Data for 1983, 1984 and 1985 are published in the
July 1986, July 1987 and July 1988 Survey of Current B u s i n e s s ,
respectively. 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 NV E NT ORI E S COMPARED WI T H MONTHLY SALES
MANUFACTURING

AND TRADE

SEASONALLY ADJ USTED

SOURCE«
«BE6INNIN6

IN

1982,

I NVENT ORY DATA REFLECT CHANGES

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 PROCEDURES.

SHADED AREAS R E P R E S E N T 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 PLOTTED- .




AU6UST P R E L I M I N A R Y
PREPARED BY FEDERAL RESERVE BANK OF S T .

20

LOUIS

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