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E c o n o mti r e o d s
c

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONTH ENDING:

August 31, 1982

RELEASED:

September 30, 1982

Recent data on the performance of the U.S. economy provide limited
evidence of a recovery from the recession that began in July 1981. Real GNP rose
at a 2.1 percent annual rate in the second quarter o f this year, according to revised
data released by the U.S. Department of Commerce. Personal income increased at
a 7.1 percent rate during the six-month period ending in August, somewhat above
the 5.5 percent rate during the first seven months of the recession. Housing starts,
severely depressed over the past two years, accelerated to a 12.4 percent rate of
increase from a 15.1 percent rate of decline over the same periods. The growth of
retail sales, however, has been little changed over the two periods. Industrial
production has continued to decline recently, although not as sharply as in the first
seven months of the recession.
Employment also has shown little improvement. Payroll employment has
fallen at a 2.2 percent rate since February compared with a 1.8 percent rate of
decline over the prior seven months. Civilian employment rose, but at a sluggish
0.5 percent rate from February to August, following a 2.2 percent rate of decline
from July 1981 to February of this year. Since the growth o f the civilian labor
force accelerated from 0.8 percent to 2.7 percent over the same periods, the
unemployment rate rose from 7.2 percent in July 1981 to 9.8 percent in August.
This continued weakness in output and employment reflects a slowing in
both the rate o f monetary expansion and federal expenditure growth. Despite a
surge in Ml in August, its growth rate since February was only 3.6 percent, well
below the 7.3 percent rate from July 1981 to February 1982. On an annual basis,
Ml growth slowed from a 10 percent rate in the year ending in the second quarter of
last year to 5 percent in the year ending in the second quarter of this year. The
growth rate of high employment federal expenditures has fallen similarly. In the
year ending in the second quarter, such expenditures rose at an 8.8 percent rate
compared with a 15.3 percent rate during the prior two years.
Price increases have remained well below 1979-80 rates. From February to
August, consumer prices increased at a 5.8 percent rate, down from a 6.6 percent
rate during the seven months following the business cycle peak in July 1981.
Producer prices rose from a 3.8 percent rate to a 4.2 percent rate over the same
periods.




—John A. Tatom

T O T A L C I V I L I A N E MP L O Y ME N T
C OMP OU N D E D A N N U A L R A T E S OF C H A N G E
INITIAL

TERMINAL
MONT H
1-81
2-81

2-81

3-81

4-ei

5-61

6-81

7-81

8-81

9-81

THOUSANDS
OF PERSONS

MONT H
11-81

1 0- 81

12-81

1-82

2-82

3-82

4-82

5-82

6 —6 2

7-82

2.0

100 *069
100,406

3-81

3. 1

4.1

4-81

4.0

4.9

5.8

5-81

3.5

4.0

3.9

100,878
2.0

101,045
100,430

-7.1

6-81

1.3

1.1

0.1

-2.6

7-81

1.9

1.9

1.4

-0.1

- I . 1

5.3

8-81

1.6

1.5

1.0

-0 . 1

-0.8

2.5

100,864
-0.3

100,840
100,258

9-81

0.5

0.3

-0 .3

-1.5

-2.3

-0.7

-3.6

10— 8 1

0.6

0.4

-0.1

-1.1

-1 .7

-0 .3

-2.1

-2.9

1.0

11-81

0.3

0.1

-0.3

-1.2

-1.7

—0 . 6

-2.0

-2.6

—0 . 5

-2.0

-1.9

-2.4

-1.6

-3 .0

-3.6

-2.5

-4.3

—6 . 7

100,343
100,172
99,613

12-81

—0 . 3

—0 . 5

-1.1

-6.5

1-82

-0.3

-0.5

-1.0

-1.7

-2.2

-1.4

-2.5

-3.0

-2.0

-3.0

-3. 5

-0.4

2-82

—0 . 3

-0.5

-0.9

-1.5

-1.9

-1.3

-2.2

-2.5

-1.6

-2.2

-2.3

-0.1

0.1

-1.5

-1.8

-1.2

-2.0

-2.3

-1 .5

-2.0

-2.0

-0 .5

-0.5

-1.2

-1 .6

-2.0

-2.0

-0.8

-1.0

-1.5

-1.8

99,581
99,590
99,492

3— 8 2

-0 .4

-0.5

-0.9

4 — 82

-0.4

-0 .6

-i.o

-1.5

-1.8

-1.3

-2.0

-2.2

5-82

0.2

0.0

-0.2

-0.7

-0.9

-0.3

-0 .9

-1.0

-0.2

-0.4

-0. 1

1.2

1.6

2.1

3.8

9.8

6-82

-0. 1

-0.2

-0.5

-0 .9

-1.2

-0.7

-1.2

-1.3

-0.7

-0.9

-0.7

0.3

0.4

0.5

1.1

2.6

-4.1
—0 . 4

99,340
100,117
99,764
99,732

7-82

-0. 1

-0.2

-0 .5

-0 .9

- l . l

-0 .6

-1.1

-1.2

-0.6

-0.8

-0.7

0.2

0.3

0.3

0.7

U*

-2.3

8-82

-0.0

-0.2

-0.4

-0.8

-1.0

-0.5

-0 .9

-1.0

-0.5

-0 .6

-0.4

0.3

0.4

0.5

0*8

1.5

-1.1

0.5

1.3

1-81

2-81

3-81

4-81

5-81

6-81

7-81

8-81

9-81

1 0- 81

11-81

12-81

1-82

2-62

3-82

4-82

5-82

6-62

7 — 82

INITIAL.

99,839

MONT H

PA Y R O L L EMPLOYMENT
______________________________________________________________________________C OMP OU N D E O A N N U A L R A T E S OF

C H A N G E _______________________________________________________________________________

T E R M I N A L _______________________________________________________________________________ I N I T I A L MONT H__________________________________________________________________________________ T H O U SAMOS
MONT H
O F PE R S O N S
3-81
7-81
4-9J
5-61
.8- 81
2-82
3-62
4-62
5-62
6-6 2
7-6 2
6-81
1-82
9 - 9 » 1 0 - 8 1 11 — 81 1 2 - 8 1
I 'l l
2-91
2-81

0.1

3-81

0.7

1.3

4-81

0.8

1.2

1.1

90,913
91,014
91,099

5-81

0.7

1.0

0.8

0.4

6-81

1.0

1.2

1.2

1.2

2.1

7-81

1.1

1.3

1.3

1.3

1.8

1.5

8-81

0.8

0.9

0.8

0.7

0.8

0.2

-1.0

9-81

0.8

0.9

0.8

0.7

0.8

0.3

-0.2

0.5

10-81

0.5

0.5

0.4

0.3

0.2

-0.2

-0.8

—0 . 6

-1.8

11-81

0. 1

0.1

-0.0

-0.2

-0.3

-0.8

-1.3

-1.4

-2.4

-3.0

91,131
91,2&6
91,396
91,322
91,3*3
91,224
90,996

12-81

-0.4

-0 .5

-0.8

-0.9

-1 .4

-2.0

-2.2

-3. 1

-3.8

-4.6

-0*5

-0.5

-0.7

-0.9

“ 1*1

“ 1*5

“ 2,0

-2*3

“ 2*9

-3*3

-3*5

“ 2*4

2-82

“0 .5

-0.5

-0.7

-0.8

-1.0

-1.4

-1.8

-1 .9

-2.4

-2.5

-2.3

-1.2

-0.0

3-82

-0.6

-0.6

-0.8

-1.0

“ l.l

-1.4

-1.8

-1.9

-2.3

-2.4

—2 . 3

-1.5

-1.0

-2.0

4-82

“0 ,7

-0.8

-0.9

-1.1

“ 1 *3

-1.6

-1.9

“ 2.0

-2 .4

-2.5

-2.4

-1.8

-1.7

-2.5

-2.9

5-82

—0 . 6

-0.7

-0.8

-0.9

-1.1

-1.3

-1.6

-1.7

-2 .0

-2.0

-1.8

-1.3

-1.0

-1.3

-0.9

6-82

-0.8

-0.9

-1.0

— 1 *2

“ 1*3

-1 .6

-1*9

“ 1.9

-2.2

-2.3

“ 2*2

-1.8

-1.6

-2.0

-2.0

-1.6

-4.3

7-82

-0.9

-1.0

^ lt J

-1.3

-1.4

-1.9

-2.0

-2*2

-2*3

-2*2

-1.8

-1.8

-2.1

-2.1

-1.9

-3.3

-2.3

8-82

-1*0.

- l . l

-1.2

-1.4

“ 1**

-1 .7

“ 2*0

-2.0

-2 - 3

-2.3

-2.3

-2.0

-1.9

-2.2

-2.3

-2 . 1

-3. 1

-2 .6

“ 2.8

1-81

2-81

3-81

4-8 1

5-81

6— 81

7-81

8-81

9-81

11-81

12- 81

1-82

2-82

3-82

4-82

6-62

7-82

P-

90,460
90,459
90,304
90,083
1.1

90,166

1

10- 81

INITIAL

90,642

CD

.

—0 . 3

1-82

09,639
8 9 , 662P
89,451P

MONT H

PRELIMINARY




P R E P A R E D BY F E D E R A L
SEPTEMBER 3 . 1982

2

RESERVE

BANK

OF

ST.

LOUIS

EMPLOYMENT
RAT I 0

SCALE

M I L L I ON S

OF

974

RATIO
PERSONS

1975

SEASONALLY

1976

1977

M I L L I ON S

ADJUSTED

1978

1980

979

S OUR CE :

PERCENTAGES

ARE

LATEST

PLO f TED s AUGUST

DATA

ANNUAL

RATES

OF

CHANGE

FOR

PERI ODS

1981

PERSONS

1982

U. S. DE P ARTME NT

OF

LABOR

ST.

LOUI S

I NDI CATED.

PRELIMINARY
PREPARED

UNEMPLOYMENT
SEASONALLY

PERCENT

OF

SCALE

BY

F E DE R A L

RESERVE

BANK

OF

RA TE

ADJUSTED

PERCENT
0

10.

10. 0

9 .

9 . 0

8

8 . 0

.

7 .

7 . 0

6.

6 . 0

5 .

5 . 0

4 .

4 . 0

3 .




3 . 0
19 7 4

19 7 5

19 7 6

197 7

1978

1979

1980
S OUR CE :

P E R C E NT
LATEST

OF
DATA

CIVILIAN
P L OT T E D :

LABOR

U. S.

198 1

1982

DE P ARTME NT

OF

LABOR

ST.

LOUIS

FORCE

AUGUST
PREPARED

3

8 Y FEDERAL

RESERVE

BANK

OF

CONSUME R P R I C E I N D E X FCW A L L URttAN C O N S U M E R S . S E A S O N A L L Y A D J U S T E D
________________________________________________________________ COMPOU ND ED A N N U A L R A T E S OF C H A N G E_______________________________ _
T E R M I N A L ___________________________________________________________________________ I N I T I A L H O N T H
MONT H
2-81
3-81
4-81
5-81
6-81
7-81
8-81
1-81
9 - 8 1 1 0- 81 1 1 - 8 1
2-81

______

1967*100
12-81

2-82

1-62

4-82

3-82

5-82

7-82

6-82

263.9

12.1

3-81

____

_

9*5

7.0

265.4

4-8 1

8.0

6.1

5.1

5-8 1

8.5

7.3

7.5

V. 9

6-8 1

8.7

7.8

8.1

9.6

9.3

266.5
268.6
270.6

7-81

9.6

9.1

9.7

11.3

11.9

14.6

8-81

9.7

9.3

9.8

11.0

11.3

12.3

10.1

9-81

10.2

9.9

10.4

11.5

12.0

12.8

12.0

13.9

273.7
275.9
278.9

10-81

9.7

9.3

9.7

10.5

10.6

10.9

9.7

9.5

5.3

11-81

9.3

9.0

9.2

9.8

9.8

9.9

8.8

8.4

5.7

6.2

12-ei

8.9

8.0

8.7

9.2

9.1

9.1

8.0

7.5

5.4

5.5

4.8

2 80.1
281.5
282.6

1-82

8.4

8.1

8.2

8.5

8.4

8.2

7.2

6.6

4.9

4.8

4.1

3.5

2-82

8.0

7.7

7.7

8.0

7.8

7.6

6.6

6.0

4.5

4.3

3.7

3.2

3.0

28^.4

3-82

7.1

6.8

6.7

6.9

6.6

6.3

5.3

4.6

3.2

2.8

1.9

1.0

-0.2

-3.3

284.1
283.3

A-—8 2

6.9

6.5

6.5

6.6

6.3

6.0

5.0

4.4

3.2

2.8

2. 1

1.5

0.8

-0.2

3.0

5-82

7.2

6.9

6.8

7.0

6.7

6.5

5.7

5.3

4.2

4.1

3.7

3.5

3.5

3.7

7.4

12.0

6 —82

7.5

7.2

7.3

7.4

7.2

7.1

6.4

6.0

5.2

5.2

5.0

5.1

5.4

6.0

9.3

12.7

13.3

7-82

7.5

7.2

7.3

7.4

7.2

7.1

6.5

6.1

5.4

5.4

5.3

5.4

5.7

6.3

8.8

10.8

10.2

7.3

8-62

7.3

7.0

7.0

7. 1

7.0

6.8

6.2

5.9

5.2

5.2

5.1

5.1

5.4

5.8

7.7

8.9

7.9

5.3

3.3

1-81

2-81

3-81

5-81

6 — 61

7-81

8-81

9-81

10-81

11-81

12-81

1-82

2-62

3-82

4-82

5-82

6-62

7-82

4-81

INITIAL

284.0
286.7
289.7
291.4
292.2

MONT H

PRTPAftTD ~BY F E & i iU L ftESfcftVÉ B a Nk d f S T .
SEPTEMBER

P ROD UC E R F R T C E ' I N D E X , F I N l S H t D
C OMPOUN D E D A N N U A L
TERMINAL
HUN 1H

INITIAL
1-81

2-81

3-81

4-8 1

5-81

6 —b 1

2-81

11.8
11.8

13.0

9.5

9.4

7.2

9.0

8.8

7.1

4.8

8.2

7.9

6.5

4.7

5.7

10- 81

1 1-8 1

12-81

1-82

2-82

3-82

4-82

5-82

*

100
6-62

7-82

6.9

7-81

9-81

1967

2.7

6-81

MONT H

11.9

5-81

ADJUS I tD*

14.1

4-81

8-81

- S E A SUNALUY
OF C HA NG E

UD UlS

1982

9.6

3-81

7-8 1

GOODS
RATES

23*

4.5

262.8
265.7
268.2
268.8
270.3
271.3

8-81

7.5

7.2

5.9

4.4

5.0

4.1

3.6

9-81

6.9

6.5

5.3

4 .0

4.3

3.4

2.9

2.2

1 0- 81

6.9

6.6

5.5

4.5

4.9

4.4

4.3

4.7

7.3

272.1
272 .6

11-81

6.8

6.5

5.6

4.7

5.0

4.7

4.7

5. 1

6.6

5.8

12-81

6.5

6.2

5.4

4.6

4.8

4.5

4.5

4.7

5.5

4.7

3.5

6. 5

6.2

5.5

4.8

5. 1

4.8

4.8

3. 1

5.8

5 .4

5. 1

2-82

5.8

5.5

4.8

4. 1

4.2

3.9

3.8

3.Q

4.2

3.4

2.6

2.2

-2.1

3-82

5.3

4.9

4.2

3.5

3.6

3.3

3. 1

3.0

3.2

2.4

1.5

0.9

-1.9

-1.7

4-82

5.0

4.6

4.0

3.3

3.4

3.0

2.9

2.8

2.8

2.1

1.4

0.9

-1 .0

—0 . 4

5-82

4.6

4.2

3.6

3.0

3.0

2.6

2.4

2.3

2. 3

1.6

0.9

0.4

-1.1

-0.7

6-82

5.1

4.8

4.2

3.7

3.7

3.5

3.4

3.4

3.5

3. 0

2. 6

2.5

1.6

2.6

4. 1

5.8

13.3

7-82

5.2

4.9

4.4

3.9

4.0

3.8

3.7

3. 7

3. b

3. 5

3.2

3.1

2.5

3.5

4.8

6.2

10.2

C
D
t
C
D
N
)

5.3

5. 1

4.6

4. 1

4.2

4.0

4.C

4.0

4.2

3. 9

3.6

3.7

3.2

4.2

5.4

6.5

9.3

3-fU

4-& 1

5 -c r

6~r 1

7-b I

5-61

^-8T

10-81

11- 81

¡d
I
oq

274.2

"1-62

3-82

"S-02

1-81

2-81

2 76.3
6.7

277.8

1

1-82

275.5

277.3

2-52"

276.9
0.9

277.1

-0.2

276.8

-1.3

5-52“

279.7
7. 1

¿81.3

7.3

7.5

6-JT2

7-er

283.0

IN IT IA L flUNTr)
♦DATA

Fa«

FOUR

MON T HS




AGO

k

EVISED

TO

REFLECT

LATE

K E P UR T 1 i-fG

P R E P A R E D ~ $ Y “F E D E R A L
S E P T E M B E R 10, 19 82

4

Rfc S E R V E

BÀ1SÌK- U F

ST.

LOUIS




RATIO

PRICES

SCALE

CP I - U

FOR ALL

PE RCENTAGES
LATEST

RATIO

URBAN CONSUMERS

ARE

ANNUAL

DATA PLOTTED!

RATES

OF

CHAN6E FOR PE RI ODS

I NDI CATED

AUGUST

PREPARED

r a t i o

PRODUCER

s c a l e

1967 - 1 0 0

seasonally

PE RCENTAGES
LATEST

SCALE

ARE

ANNUAL

DATA PLOTTED-.

RATES

OF CHANGE

0Y FEDERAL

RESERVE

PRICES

BANK OF

ST.

r a t i o

s c a l e

1967-100

adjusted

FOR P E RI ODS

L OUI S

I NDI CATED

AUGUST
PREPARED

5

8Y FEDFRAL

RE S E RVE

BANK OF

ST

L OUI S

►'KULHJLcK

*
i
0
0

6-81

7-81

8-81

MONT H
V — 81

1967

10- 81

11-31

12-81

®
1

4-8 1

C
M

3-ei

2-81

<
N
co
1

1-81

INDfcX» F I N l S H t L CL'NSUMfcK ^UUl)i> - S t A S U N A L L V A D J U S T E D *
COMPOUNDED A N N U A L R A T E S OF CH ANG E
INITIAL

1
i

TERMINAL
HUNTK

H K lLt

2-8?

4-82

5-82

«

100
6-82

7-82
250.4

-1 .^

2-81

252.3

3-81

3*V

9.5

4-81

3.2

5.6

l .«

5-81

3.1

4.7

2.4

2.V

252.7
253.3
25*.5

6-81

3.7

5.0

3.5

4.4

5.8

7-81

4.«

6.0

5.2

6.3

8.1

10.4

8-81

4.2

5.2

4.3

4.9

5.6

5.5

0.9

9-81

2.9

3.5

2.6

2.7

2.6

1.6

-2 .5

-5.9

10- 81

2.3

2.8

1.8

1.8

1.6

0.6

-2 .5

-4.1

256.6
256.8
255.5
—2 . 3

255.0
253.2

11-81

1.2

1.5

0.5

0.3

-0.1

-1.2

-3.9

-5.5

-5.3

-b .l

12- 81

1.0

1.2

0.4

0.2

-0.2

-1.2

-3.3

-4.4

-3.9

-4.6

-0.9

1-82

2.1

2 .4

1.7

1.7

1.5

0.9

-0.5

-0.8

0.5

1.4

6.6

14.7

1.5

0.3

0.2

1.5

2.5

6.3

10.1

5.8

2 53.0
255.9
257.1

2-82

2.4

2.7

2.1

2.1

2.0

3-82

2 .1

2.4

1.8

1.8

1.7

1.2

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0.0

1 .0

1.7

4.3

6.1

2.1

-1.4

4-82

3.3

3.7

3.2

3.3

3.4

3.1

2.3

2.5

3. S

4.8

7. 7

9.9

8.4

9.7

22.1

5 — 82

3.6

3.9

3.5

3.6

3.7

3.5

2.9

3.1

4. 3

5.2

7.6

9.4

8.2

9.0

14.6

1

256.8
261.1
7.6

262.7
263.9

3.7

4 .Ü

3.7

3.8

3.9

3.7

3. 1

3.3

4.4

5.3

7.4

8.8

7.7

8.1

11.5

6.6

5.6

7-82

2.5

2.7

2.3

2.3

2.3

2.0

1.3

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4.8

3.2

2.7

3.8

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8-82

2.4

2.6

2.2

2.2

2.2

2.0

1.3

1.4

2.

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2.5

3.8

4.4

3.0

3.3

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-7.9

1.4

2-81

3-81

4-91

5-81

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7-81

8-81

10-81

11-81

12-81

1-82

3-82

4-82

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1-81

2-81

2-81

14.3

4-81

5-81

8-81

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16.0

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10.5

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8.1

5.0

7.8

7-81

9.2

8.5

6.7

4.2

5.2

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8-81

8.4

7.8

6.2

4.1

4.8

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4.0

9-81

8.0

7.4

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4.4

4.9

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4.7

5.4

8.3

7.7

6.6

5.3

5.9

5.5

6.4

7.6

10.0

11-81

8.5

8.0

7.1

6.0

6.7

6.4

7.4

8.5

10.2

12-81

8. 1

7.7

6.8

5.8

6.3

6.1

6. S

7.5

8.2

7.3

4.4

1-82

7.8

7.4

6.6

5.7

6.1

5.9

6.4

6.9

7.3

6.5

4.6

4.8

2-82

6.8

6.4

5.5

4.7

4.9

4.6

4. V

5.0

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3.7

1.6

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3-82

6.2

5.7

4.9

4.1

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273.7
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276.4
278.6
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280.9
281.9
283.0
282.0
281.6

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5-82

4.8

4.4

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2.8

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0.6

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-3.8

6-82

5.5

5.0

4.3

3.6

3.7

3.4

3.5

3.4

3.2

2.4

1.3

0.8

0.0

2.0

5.5

7-82

6.0

5.6

5.0

4.4

4.5

4.3

4.4

4.4

4.4

3.8

3.0

2.8

2.4

3.8

5.2

8.7

15.5

15.4

8-82

6. 1

5.8

5.2

4.7

4.8

4.6

4.8

4.8

4. a

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3.6

3.5

3.4

4.7

6.0

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286.4
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PREPARED 5 ^ F E D E R Á I
S EPT EMBER 1 0 , 1982

6

R f c S i T « Y r ’ 5 X T 5 l i n j T ‘ 's T T T ü ü i r "

INDUSTRIAL
RAT I 0

PRODUCTION
RATIO

SCALE
SEASONALLY

1967-100

1974
P ERCENTAGES
LATEST

1975
ARE

1976

ANNUAL

DATA P L O T T E D :

RATES

AUGUST

1977
OF

1978

CHANGE

FOR

PERIODS

SCALE

1967” !00

ADJUSTED

1980

1979

19 8 2

1981

I NDI CATED.

PRELIMINARY
P REPARED

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COMPOUNDED

BY

F E DE R AL

RESERVE

BANK

OF

ST.

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PRODUCTION

MON T H
i-ai
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PRELIMINARY




P R E PA R ED BY F E O E R A L
SEPTEMBER 1 5 . 1*82

RESERVE

BANK

OF

PERSONAL
RATIO

SCALE

TRILLIONS

m o n t h l y

OF

DOLLARS

t o t a l s

IN C O M E
at

s e a s o n a l l y

a nn u al

RATIO

r a t e s

TRILLIONS

a d j u s t e d

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SCALE

DOLLARS

2 . 7

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

I . 9
I . 8
1. 7

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1. 5

I . 4
I . 3
I . 2

1 . 0

0.9
1974

1975

1976

1977

1978

1979

1980

S OUR CE :
PERCENTAGES

ARE

LATEST

PLOTTED:

DATA

ANNUAL

RATES

AUGUST

OF

CHANGE

FOR

PERI ODS

U.S.

1981

1982

DE P ARTME NT

OF

COMMERCE

I NDI CATED.

PRELIMINARY
PREPARE D

C OMP OU N D E D

BY

P E R S O N A L I N C OME
A N N U A L R A T E S OF

FEDERAL

RESERVE

BANK

OF

ST.

LOUI S

CHANCE

B I L L I O N S OF
T E R M I N A L ________________________________________________________________________________I N I T I A L MONT H____________ ____________________________________________________________________ D O L L A R S
MONT H
ANNUAL R A T E S
l-ai
1-82
2-82
3-82
4-82
5-82
2-81
3-81
4 — 81
5-81
6-81
7-81
8-81
9-8 1 10-81 1 1-8 1 12-81
6-82
7-82
2-81

12.1

3-81

11.V

11.7

4-81

10. 1

9.2

6.7

5-81

9.5

8.7

7.2

7.7

6-81

9.6

9.1

8.2

8.9

2,330.1
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2,364.5
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10.2

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11.4

11.3

11.2

12.7

15.3

20.7

8-81

11.5

11 . 4

11.4

12.6

14.2

16.3

12.1

2,436.3

9-81

11.3

11.2

1 1. 1

12.0

13.1

14. 1

10.9

9.7

10-81

10.5

10.3

10.1

10.6

11.3

11.5

8.6

6.9

2,459.6
2,478.6
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2,487.2

11-81

10.o

9.8

9.5

9.9

10.3

10.4

7.9

6.6

5.0

5.8

12-81

9.0

8.7

8.4

8.6

8.7

8.4

6.1

4.7

3.1

2.5

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1-82

8.3

7.9

7.6

7.7

7.7

7.3

5.2

3.9

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2,499.0
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2,499.1

2-82

8. 2

7.9

7.5

7.6

7.6

7.3

5.5

4.5

3.4

3.2

2.4

4.0

7.3

3-82

7.8

7.4

7. 1

7. 1

7.1

6.7

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4.1

3.3

3.1

2.4

3.4

4.8

2.3

4-82

7.8

7.5

7.2

7.2

7.2

6.9

5.5

4.7

4.0

3.9

3.5

4.6

6.0

5.3

8.4

5-82

8.0

7.7

7.4

7.5

7.4

7.2

5.9

5.3

4.7

4.8

4.6

5.7

7.0

6.9

9.3

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6-82

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7.5

7.2

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5.8

5.2

4.7

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4.7

5.6

6.6

6.4

7.8

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2,513.8
2,518.6
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7.8

7.6

7.6

7.6

7.4

6.4

5.9

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5.4

5.5

5.5

6.3

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7.1

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6-81

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5-82

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INITIAL
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----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- É D ÖY




8

ÉtDÉkAL

SEPTEMBER

20,

KfSÈRVt
1^82

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O F S Î .

LOUIS

2 , 6 0 1 .OP

RETAIL
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SALES
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SCALE

BILLIONS

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S OUR CE :
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ARE

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DATA

ANNUAL

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J ULY,

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CHANGE

AUGUST

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PERIODS

16.A
15.3

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_ T E R M I N A L ________________________________________________ _______________________________ I N I T I A L MON T H
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2-82

89.Û89P
88.292t

MONT H

PRELIMINARY
ESTIMATED




P R E P A R E D BY F E D E R A L
S E P T E M B E R 1 3 . 19 B 2

RESERVE

BANK

OF

ST*

LO U IS

HOURLY C O M P E N S A T I O N , b U S I N E S S S EC T OR
C Ü MP U U N Q E P A N N U A L R A T E S OF C H A N G E
T E R M I N A L ________________________________________________________________________________ I N I T I A L Q U A R T E R ______________________________________________________________________________ 1 9 7 7
QUARTER
3-77
4-79
4-77
3-78
4 -6 1
4-7 8
1-79
2-79
3-79
1-80
1-78
2-78
2-80
3-81
3-80
4-80
1-81
1-82
2-81
4-77

«

100

102.9

7.7

105,4

1-78

8.9

2-78

8»<
+

10.1
8.7

7.4

3-78

8.5

8.8

8.1

4-78

8.8

9.0

8.7

9.3

9.8

1-79

9.2

9.5

9.4

10.1

10.7

11.5

2-79

9. 1

9.4

9.2

9.7

10.0

10.0

8.6

107*3
109.6

8 .9

112.2
115.3
117.7

9.4

9.3

9.7

9.9

10.0

9.2

9 .9

V. 3

9.2

9.5

9.7

9.6

9.0

9.2

8 .6

1-80

9.5

9 . 7

9.6

10.0

10.1

10.2

9.9

10.3

10.6

2-80

9 .6

9.8

9.8

1 0. 1

10.2

10.3

10. 1

10.5

10.6

1 1.7

10.8

3-80

9t6

9,8

9.8

10. 1

10.2

10,3

10,0

10,3

10,5

11,1

10,4

9,9

4-80

9.6

9.8

9.7

1 0. 0

10.1

10.1

9,9

10.2

10.2

10.7

10.0

9,6

9 ,3

1-81

9.8

9.9

9.9

10.2

10.3

10.3

10.2

10.4

10.5

10.9

10.5

10,4

10,6

12,0

2-81

9.6

9.7

9.7

9.9

10.0

10,0

9,9

10.0

10,1

10,3

9.9

9,6

9,5

9,6

7.3

3-8 i

9.6

9.7

9.7

9.8

9.9

9.9

9.8

9.9

9.9

10.1

9,7

9,5

9 .4

9,4

8.2

9.0

4-81

9.4

9.5

9.5

9.7

9.7

9.7

9.6

9.7

9.6

9.8

9,4

9,1

9.0

8,9

7*9

8.2

7*3

i-ez

9.3

9.4

9.4

9. 5

9.6

9.5

9.4

9.5

9.4

9.5

9. 1

8.9

8.7

8.6

7.8

7.9

7.4

7.5

9.2

9.3

9,2

9,3

9,4

9 0

9,2

9,2

9,2

9^2

_3_, 9

0,4

8*3

7*6

7,6

7,2

7, 1

3-77

4-77

1-78

2-76

3-78

4-78

1-79

2-79

3-79

4-79

3-80

4-80

1-81

2-81

3-81

II

C
O

J

9.2
9.2

(N

3-79
4-79

120.5
12^.0
126.7

12.6

INITIAL

1-80

130.0

2-80

133*1
136,1
140*0
142*5
145.6
149*2

4-81

150.9
153*4

6,8

1-82

QUARTER

U U T P U T PER HOUR OF A L L P E R S O N S , B U S I N E S S S E C T O R
___________ C O MP O U N D E D A N N U A L R A T E S QF C H A N G E ___________
TERMINAL
QUARTER

INITIAL
3-77

4-77

4-77

—0 . 8

2-78

3-78

4-78

1-79

2-79

3-79

4-79

1-80

2-80

3-80

4-80

1-81

2-81

3-81

4-81

*

100

1-82

-1.6

1-78

1-78

1977

QUARTER

0.0

100.5
100.5

2-70

-0.3

0.4

0.8

3-78

-0.3

0.1

0.2

-0.4

100.7

4-78

-0.1

0.3

0.4

0.2

0.8

1-79

-0.3

-0.1

-0.1

—0 . 4

-0.4

100.6
100.8
100.4

-1.6

—0 . 6

-0.5

-0.6

-0.9

-1.1

-2.0

-2 .4

-0.8

-0.7

-0.8

-1.1

-1.3

-2.0

-2 .2

-2.0

4-79

-0.8

-0.7

-0.8

-1.1

-1.2

-1.7

-1.7

-1.4

1-80

—0 . 6

-0.5

-0.6

-0.8

-0.9

-1.2

-1.1

-0.7

0.0

0.8

2-80

-1.0

-0.9

-1.0

-1.2

-1.4

-1.7

-1.8

-1.6

-1.5

-1.8

-4.4

3-80

“0,7

-0,6

..-9,6

-0.6

-0.8

-1,1

-1,0

-0.7

-0.4

-0.3

-0.8

2,9

4-00

-0.5

-0,4

-0.4

-0.6

-0,6

-0,7

-0.6

-0.3

0.0

0.2

0.0

2,3

1.6

1-81

-o. 1

0.1

0,1

0.0

0.0

-0.0

0. 1

0.5

0,9

1,3

1.4

3,4

3.7

5.8

2-01

-0,1

0,1

0,1

0,0

0,0

-0,0

0,1

0,4

0,8

1,1

1,1

2,5

2,4

2*0

<*
*
l
00

2-79
3-79

_0_a £

4-81

-0.2

-0,1

1-82

-0.2

-0.1

-0.1

-0,2

2-82

-0, 1

-0,0

_ Q_*0
.~

3-77

4-77

1-78

99.8
99.3
-0.8

99.1
99.3
98.2
98.9
99.3
100.7
0 *0

100.7

0,9

_l.t L

1,1

2*3

2*1

2.3

0,6

1,2

_- _i >*l _

. 0,2

0,4

0,6

0,5

1,4

1,1

0*9

-0,7

-1,0

-3*1

-0.2

-0.2

-0,1

0.1

0.3

0.4

0.4

1.0

0*7

0*6

-0.7

-0 .9

-2*0

- 0_*

-Ojl I...

-0,1

-0,0

0.2

0,4

0*5

0,4

1,1

0.8

0,7

-0.3

-0,4

-0*9

2-78

3-78

4-78

1-79

2-79

3-79

4-79

1-80

2-80

4-80

1-81

2-81

3-81

O .L




0,2

INITIAL

T
00
o

0.5

-0,2

0,1

Qtl .. .

101.0
100.2
-0*8

100.0

Q*iL
4-81

1,2

100.3

1-82

QUARTER

PR E P A R E D B Y F E D E R A L
A U U U S T 2 6 . 198 2

10

RESERVE

BANK

OF S T .

LO U IS

PRODUCTIVITY,
RATIO

COMPENSATION,

AND LABOR COSTS

SCALE

RATIO

1977-100

SEASONALLY

1974

1975

1976

1977

1 978

1977-100

1979

1980
SOURCE!

PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIODS
LATEST

DATA PLOTTED.

INITIAL

4— 7 7
1-78

1-78

2-78

3-78

4-78

1-79

9*1
10.0

4-77

1981
DEPARTMENT

1982
OF LABOR

INDICATED

U N I T LABOR C O S T S , B U S I N E S S
C O U P O J N O E D A N N U A L R A T E S OF

3-77

U. S.

2ND OUARTER
fREP ARE D BY FEDERAL

TERMINAL
QUARTER

SCALE

ADJ USTED

2-79

RES£(tVE BANK OF

ST .

LOUIS

SECTOR
C HA NG E
1977

QUARTER
3-79

4-79

1-80

2-80

3-80

4-80

1-81

2-81

3-81

4 -«l

*

100

1-82

102.3
105.0

11.0

2-75

8*6

8*4

5,8

3-78

8.8

8.7

7.6

9.3

4-78

8.9

8.9

8.2

9.4

106*5
108*9
111.4

9.5

114.8

1-79

9.6

9.7

9.3

10.5

11.1

12.8

2-79

9.8

9.9

9.7

10.7

11.2

12.0

11.2

3-79

10.1

10.2

10.1

11.0

11.4

12.0

11.6

12.0

4-79

10.0

10.1

10.0

10.7

11.0

11.4

10.9

10.8

117.9
121.3
124.1

9.6

127.6

1-80

10.2

10.3

10.2

10.9

11.1

11.5

11.1

11.1

10.7

11.8

2-80

10.7

10.8

10.8

11.5

11.8

12.1

12.0

12.2

12.3

13.7

15.6

3-80

10.4

10,5

10*5

11*0

11*2

11*2

11.2

il*o

11*5

11.4

4-80

10.1

10.2

10.2

10 . 6

10.7

10.9

10.6

10.5

10.2

10.4

9.9

7.2

7.0

1-81

9.8

9.9

9.8

10.2

10.3

10.3

10.0

9.9

9.5

9.5

8.9

6.8

6.5

6.0

2-81

9.7

9.7

9.6

9.9

10.0

10.0

9.7

<*. 6

9.2

9.1

8.6

7.0

6.8

6.7

3-81

9.6

9.6

9.5

9. 8

9.8

9.8

9.5

9.4

9.0

9.0

8.5

7.1

7.1

7.1

7.6

7.9

4-81

9.6

9.7

9.6

9.8

9.9

9.9

9.7

9.5

9,2

9.2

8*8

7.7

7.8

8.0

8.6

9,3

10.7

1-82

9.5

9.6

9.5

9.7

9.3

9.8

9.5

9.4

9.1

9. 1

8.7

7.8

7 *9

8.0

8.6

9.0

9.5

8.4

2-82

9.3

9.4

9.3

9. 5

9.5

9,5

9.2

9.1

8. e

8*7

8.4

7.5

7.6

7.6

8.0

8.1

8.2

7.0

5.7

3-77

4-77

1-78

2— 7 1

3-78

4-78

1-79

2-79

3-79

4-79

1— 80

2-80

3-80

4-80

1-81

2-81

3-81

4-ei

1-82




11*5

INITIAL

132.3
134.7

7.5

137.0
139.0
7.4

141.5

147.9
150*9
153.0

OUARTER

PREPARED bY FED ER A L
A U G U S T 26 » 1 9 8 2

11

144.2

RESERVE

BANK

OF

ST.

LO UIS

GROSS

NATIONAL

PROOOCT

IN

CURRENT

DOLLARS

____CQHPtKTOPEP ANNUAL RATES OF CHANGE______
TERMINAL
QUARTER

INITIAL
4-77

3-77
4 —77

1-78

2-78

3-78

4-Ifl.

1-79

3-79

2-79

B I L L I O N S OF
DOLLARS
ANNUAL RATES

QUARTER

4-79

1-80

2-80

3-80

4-80

1-81

2-81

4-61

3-81

1-82

7.3

1*988.9

1-7«

8.1

2-70

12.8

15.7

23.0

3-78

12.7

14.6

17*5

12*3

4-78

13*2

14.7

16*7

13*7

15*2

. 1 2 * 6 . __13l* 7

15*0

1 2 .*4

12*4

.....9*9

1-7?

.

6*9

2.031-7
2.1*9-5
2.202-5
2*281.6
2*335.5

2-79

11.9

12*6

1 3*4

11*1

10*8

8*6

7.5

3-79

12 * 1

12*0

13*4

LUfe

LU 5

10*2

10.5

13.6

4-79

11.6

12*2

12.7

11.0

10.8

9.7

9*7

10.8

8*1

1-80

11*7

12*2

12*6

11*2

li*0

10.2

10*3

11*3

10*1

12.2

2-80

10*5

10*9

11*1

9*7

9*3

8*4

8*1

8*2

6 *5

5.7

-0.4

3-80

10.6

10.9

11.1

9*9

9.6

8.8

8.6

8.8

7.7

7.6

5.3

11.4

4-80

10.9

11.3

11.5

10*4

10.2

9.6

9.5

9.9

9.2

9.4

8.6

13.3

15.3

1-81

11.5

11.9

12.1

11.2

11.1

10.6

10.8

11.2

10.8

11.4

11.2

15.4

17.4

19.6

2-81

11.1

11.4

11.6

10.7

10.5

10.1

10.1

10.5

10.0

10.4

10.0

12.8

13.2

12.2

5.3

3-81

11.1

11.4

11.6

10.7

10.6

10.2

10.3

10.6

10.2

10.5

10.2

12.5

12.8

11.9

8.3

2*377.9
2*454.8
2*502.9
2*575.9
2.573.4
2.643.7
2*739.4
2 *£64.9
2*901.8
11.4

2.980.9
3.0

3*003.2

1-82

10.0

10.1

10.2

9.4

9.2

8.7

8.7

8.8

8.3

8.3

7.8

9.1

8.7

7.4

4.6

4.3

1.0

-1 .0

2-82

9.8

9*9

10*0

9.2

9.0

8.6

8.5

8*6

8.2

8.2

7.7

8.8

8.4

7.3

5.0

4.9

2.9

2.8

6.8

3-77

4-71

1-78

2-78

3-78

4-78

1— 7 9

2-79

3-T9

4-79

1-80

2-80

3-eo

4-80

1-81

2-81

3-81

4-ei

1-82

1972

DOLLARS

INITIAL

G ROS S

NATIONAL

2.995.5
3*045.2

QUARTER

PROOUCT

IN

_ CQHPWNPEO ANEftJAL RATES J3fL_£HAN£E____
_
TERMINAL
QUARTER

INITIAL
3-77

4-77

1-78

2-78

3-78

4-78

1-79

2-79

3-79

B I L L I O N S OF
DOLLARS
ANNUAL RATES

QUARTER

4-79

1-80

4-77

0.8

1-78

2.1
5-0

7.1

11.0

3 — 78

4.5

5.8

7.1

3.3

4-78

4.7

5.8

6.6

4.4

5.5

1- 7 9

4-1

4- A

5-2

3-3

3-3

3.4

3.8

3.9

2.2

1.9

0.1

3.6

4-0

4-1

2.8

2.6

1.7

1.9

3-3

3-6

3-6

2-4

2-2

1-4

1-5

2-8

0.7

1 — ft 0

3.1

3-3

3.3

2.3

2.1

1-4

1.5

2.3

1.1

1.5

2 — AO

1-9

2-0

1-8

0-7

—0 - 8

—0 - 8

—2 *6

-4.2

2-81

3-81

4-81

1-82

4-8

4-79

1-61

-0.9

3-79

4-80

1-1

2-79

3-80

3-4

2-78

2-80

1.309*4

-9.6

1.400.0
1*437«0
1.440*0
1.4*0.4
1.472.6
1.469.2
1*486.6
1.4
1.494.9__
1.457.0
1*463.0

3-AO

1-A

1-9

1-A

0- A

0-5

-G-2

-0 -4

-0-3

-1-5

-2-3

-4-1

1.7

4-AO

2-0

2-1

2-0

1.2

0.9

0.4

0.3

0.5

-0-4

-0.7

-1.4

3.0

4.3

1-5

0.9

1.0

0.9

4.6

6.1

7.9

0.6

0.6

0.4

3.0

3.5

3.1

-1.5

1 —A 1

2.4

1-2

1.2

1.479.4

lm0 m
97 8
1.502.2

2.3

2.2

1-5

1-3

0-9

0.9

1-1

2.2

2.3

2.2

1.5

1.4

1.0

1.0

1.2

4-n i

1-7

1-8

1-7

1-0

0.9

0.5

0.4

0-6

0.1

0.0

-0.2

1.5

1.4

0.7

-1.6

-1 .6

—5 -, 3

1-A?

1-3

1-4

1-2

0-6

0-4

0.0

-0.0

0-0

-0.4

-0.6

-0.8

0.5

0-3

-0.5

-2.5

-2.8

-5 .2

-5.1

2 — A2

1.4

1.4

1.3

0.7

0.5

0.2

0. 1

0.2

-0.2

-0.3

-0.5

0*7

0.6

-0.0

-1.6

-1 .6

-2.8

-1*6

2.1

3-77

4-77

1-78

3-78

4-78

1-79

2-79

3-79

4-79

1-80

2-80

3-80

4-80

1-81

2-81

3-81

4-81

1-82




1

2.2

CD

2—A 1
3—Al

1.510.4

INITIAL

1.490.1
1.470.7
1.470.4

QUARTER

PREPARED BY FE D E R A L
SEPTEMBER 2 1 . 1982

12

RESERVE

BAN K

OF

ST.

LO UIS

GROSS
RATIO SCALE
T R I L L I O N S OF
3
3
3
3
3
3
3
3
3
2

NATIONAL

PRODUCT

QUARTERLY TOTALS AT ANNUAL RATES
RATIO SCALE
DOLLARS
SEASONALLY ADJUSTED
TRILLIONS
OF D O L L A R S

8
7

6
5
4
3

2
1
0
9

6
5
2

.

4

2

.

3

2

.

2

.

2

.

2

.

0

. 9

.

.

19 7 9
SOURCE:

PERCENTAGES

ARE

LATEST

PLOTTED:

DA TA




ANNUAL

RATES

2ND

OF

CHANGE

F OR

PERIODS

1980
U .S.

198 1
DEPARTMENT

1982
OF

C O M M E R CE

INDICATED.

QUARTER

PREPARED

13

BY

FEDERAL

RESERVE

BANK

OF

ST.

LOUIS

3

.

1978

4

.

1977

5

.

19 7 6

6

.

1975

7

.

1974

8

2

GENERAL
RATIO

PRICE

INDEX*

SCALE

RATIO

I972-IOO

1974
*AS

SCALE

1972-100

USED

1975
I N NATI ONAL

PERCENTAGES

ARE

LATEST

P L OT T E D:

DATA

1976
I NCOUE

ANNUAL

1977

1978

1979

ACCOUNTS

RATES

OF

S OURCE :

CHANGE

FOR

PERI ODS

1980
U. S.

1981

1982

DEP ARTME NT

OF

COMMERCE

I NDI CATED.

2ND QUARTER
PREPARED

BY

F E DE R A L

RESERVE

BANK

OF

ST.

LOUI S

I M P L I C I T P R I C E D E F L A T O R FOR G R O S S N A T I O N A L P R O D U C T
____________ C OMPOUNDE D A N N U A L R A T E S OF C H A N G E _____________________________

TERMINAL_____________________________________________________________ IN IT IA L QUARTER____________________________________________________________1972 « 100
QUARTER
3-77

4-77

4-77

5-9
_7*5

B.Û

4-78

1-79

2-79

3-79

4-79

1-80

2-80

3-80

4-80

1-81

2-81

3-81

*t-«l

1-82

5.4

2-78

3-78

6.4

1-78

2-78

..l-ia

143.24
145-12
10-8

148-89

3-78

7-8

6.3

9.7

8.7

4-78

a -i

6.5

9.5

8.9

9-1

1-79

8-1

_ 8-5

9-3

8-8

a.ft

ft.6

2-79

8.2

6.5

9.1

8.7

8-7

8-5

155.38
158-60
8.5

161.85

3-79

a .2

8-5

9-0

8-6

8-6

8-4

8-4

8-3

4-79

8.1

8.3

8.7

8.4

8-4

8.2

8.0

7-8

7.3

1-80

8.3

8.6

9.0

8.7

8-7

8.6

8.6

8.7

8.9

10.5

165.12
168.05

2-ftO

8-5

6.7

9.1

8.9

8-9

8.9

8.9

9.1

9.3

10.3

10.1

3 — 80

8.6

8-8

9-1

9-0

9-0

9-0

9-0

9.2

9.4

10.1

9.9

9.6

4-80

8.7

8.9

9-3

9-1

9-2

9-2

9-3

9.4

9.6

10.2

10-1

10-0

180.60
10.5

1 8 5 . 1 6 ___
190.01

1-81

8-9

9.1

9.4

9-3

9.3

9-4

9. 5

9-6

9.8

10.3

10-3

10-7

2 -ft!

8-8

a .9

9-2

9-1

9-1

9-1

9.2

9-2

9.4

9.7

9.6

9.4

9.4

8-8

6.8

3-fll

_fi*Û

8.9

9.2

9.1

9.1

9.1

9.1

9.2

9.3

9.6

_ 9.5

9.3

9.3

5.9

7.9

4-8 1

8 . 8____ 8 . 9 ____9*2____9 . Û ____9 - 1

_

10 - 3

176.52

10-9

9 . 1 ____9 - 1____9 . 2 ____9 . 3 ____ 9*3___ 9 . 4 ____9 . 2 ____ 9 . 2 ___ 8*9

8.2

193.17
9.0

8 .9

197.36

8.8

________________ 20 1.5 5

.1 -6 2_____ ________________a^a____ a ^ j ____a . 7

8 - 7 ____a . 7

8 . 7 ____a

____a*9____a_*7____________________7 . 9

7.2

7.3

6.3

4 . 3 ______________ 2Q3.fcfl—

-2—62_____ 8 . 3 ____ 8 . 4 ____ ÊL.6____ 8^2____6 , 4

8.4

8.4

6 . 4 ____8 . 4 ___ _______ 8 . 3 ____6 . 0 ____ 7*B____ 7 . 4

fc.7

6 .6

5^9

4*4___ 4 . 6 ______ 2 0 5. 98

4-78

1-79

1-61

2-81

3-81

3-77

4-77

1-76




2-78

3-78

2-79

3-79

4-79

INITIAL

1-80

2-80

3-60

4-80

-V- 61

1-82

QUARTER

14

P R E P A R E D BY F E D E R A L
S E P T E M B E R 2 1 . 1 9S 2

RESERVE

BANK

OF

ST.

LO UIS

PERSONAL CONSUMPTI ON EXPENDI T URES I N CURRENT D OL L ARS
______________ C O MP O U N D E D A N N U A L R A T E S OF C H A NGE _________________________________

_ . _ ____
____
B I L L I O N S OF
T E R M I N A L_____ __________________________________________________________________________ I N I T I A L Q U A R T E R _____________________________________________________________________________ D O L L A R S _______
ANNUAL RATES
QUARTER
4-01
3-77
4-77
1— 78
2-78
3-78
1-82
4-78
1-79
2-79
3-79
4-79
1-80
2-80
3-80
4-60
1-81
2-81
3-81
4-77

12.1

1-78

10-1

8 . ,1

2 — 7ft

12-7

13. ,n

3-78

12-4

1 ? . ,5

14-8

11-5

4-78

12-6

1? . ,7

14-3

12-5

13-4

1-79

17-7

1?.

13 - 1

11.7

11-9

1.251*8
1.276.4
1.330.7

lft.1

________ 1 . 3 6 7 . 5 ____

1.446.3

10-3

2-79

11.7

11. .6

12.3

10.9

10.7

_9.4

___8 . 5

3-79

12-1

1 ? . ,1

12-8

11-7

11-8

1 1- 2

11 - 7

14-9

4-79

12-3

1?.

12-9

12-0

12-1

11

-f t

12-3

14-3

13-7

1-ftO

..

12-1

12 .,1

12.6

11-8

11-9

11-6

11-9

13.1

12.2

__________ ____________ 1 » 4 7 6 * 0

____________________________ _________ ___________________

1.528.3
1.578.0
1.618*7

10.7
.

1.622*2

2-flO

11 -0

10. ,9

11-2

10-4

10.3

9-7

9-6

9-9

8-3

5-7

0-9

3 -

ao

11- 4

1 1. ,3

11-7

11-O

10-9

10-5

10-6

11-0

10-1

8-9

8-0

15-6

4-no

11 - 8

11 ., 7

12-1

11-5

11-5

11-2

11-4

11-8

11.2

1 0. 6

10.6

15.8

16.1

9.8

12.2

11.0

8.6

4.4

1.819*4

10* I ___ 1 2 . 0 ___ 1 1 . 1

9.5

7.8

______ L » 8 6 8 ^ 4

1.682.0
1.745.8
1.799*9

1-ftl

11

-f t

11 ..ft

12-1

11-6

1 1-6

2-ftl

11-3

1 1 . ,3

11 -5

11-0

10-9

10-7

10-7

11-0

10-5

10-0

3-81

11-3

H . ,3

11.5

11-0

11*0

10.7

10.8

11.1

10.6

10.1

2-78

'V

3-77

4-77

1-78

9-9

9-9

10-0

9.6

9.6

4-78

1-79

9-5

9-1

8.9

8*8

5.6

4-79

1-80

2-80

INITIAL

PERSONAL

7.9

CONSUMPTION

6.6..
^*JL

3-80

1.884.5

6 . 3 ____ 7 . 3

9.6

3-79

___7 . 9

9.2

10.1

9.2

9.5

1

9.9

10. 3

9.3

CD

10.2

1 0 . ,6

10.4

9.8

1Q^ 5

1-81

o

10-3
10.0

10-7

10.3

3

10.7
10.5

1-ft?
2-82

10.1

N)
1

10.1

1 0 . ,8

00

10-4

10-8

fO

10-5

10-9

4-81

9 l

_____ 1 * 9 1 9 . 4

_ 7.6

7.4

^ 5

7 jl1 __

5*7

. 6*8

6*1

3-81

4-61

1-82

2—81

1.947.8

QUARTER

EXPENDITURES

IN

1972

DOLLARS

________________________________________________________________________ COMPöUNßED» ANNUAL A A l E i Of CHANOE
B I L L I O N S OF
OOLLARS
ANNUAL R A T E S

T E R M I N A L _______________________________________________________________________________ I N I T I A L Q U A R T E R
QUARTER

4-77

6.2

1-78

3.8

1 . 6 __

2-78

5-2

4-8

3-78

4.8

4.3

5.7

3.4

4-78

4.8

4.4

5.4

4.1

4.7

1-79

4-1

3.7

4-2

3.0

2.8

8£9*4

8-1

0.9

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

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

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

-

—

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

863*8^

-----------

901.1
^££8*6^

_____ ____ __

____

_____ ___ .... .....___

9 1 9 ^ 2 ___
921.2

_____

... ....___ ... . ...
..._______
---------------- -------- --------- ---- ---------- ------- . -------

2-79

3*4

2.9

3.2

2.0

1.6

Q.I

-0,7

3-79

3.6

3.2

3.5

2.6

2.5

1.7

2*1

5*1 -

4-79

3.6

3.3

3.5

2*8

2.6

2.1

2.5

4*2

1-60

3.1

2.8

3.0

2.3

2.1

1.5

1.7

2.5

1.3

-0.7

2-60

2.0

1 .6

1.6

0.8

0.5

-0.2

-0.5

-2.2

-4.8

-8.7

3-60

2-3

1-9

2.0

1.3

1.1

0.5

0.5

0.7

-0.3

-1.5

-1.9

5*4_

4-80

2.5

2.2

2.3

1.7

1.6

1.2

1.2

1.6

0.9

0.3

0.6

5*6^

1- f t l

2-7

2.4

2.5

2.0

1.8

1.5

1.6

1.9

1*4

1.1

1.5

7 -9 .1

2-3

2.0

2.1

1.6

1.4

1-1

1.1

1.4

0.8

0.4

0.6

3.1

.2*4

0*8

r Z jt l.

3-81

2.3

2.1

2.1

1.7

1.5

1.3

1.3

1.5

1.1

0.8

1.0

3.1

2*5

1*5

0.1

4 — ft 1

2-0

1-7

1.8

1.3

1.2

0-9

0-9

1.0

0.6

0.4

2.0

1-ft2

2-0

1.8

1.8

1.4

1.3

1-0

1.0

1.2

0.8

0.5

0.6

2.1

2-82

2.0

1.8

1.8

1.5

1.3

1.1

1. I

1.3

0.9

0.7

0.8

2.1

3-77

4-77

1-78

2-78

3-78

4-78

1-79

2-79

3-79

4 —79

1-80

2-80

919,5

3.3




—

930.9
938.6

INITIAL

937*0 _
915*8
928.0
941*0
9gl>1

4.4

—l

944.6

__2 , 9

1.0

3-80

4-60

—0 * 3

-3 .3

r£±2

...

l

0.6

rfi.5

0 . 3 ____ I t 1

1-61

2-81

3-81

_

....

__ 2*5^
4-61

2 *5

__ 9 5 5 j ^ _

1-82

QUARTER

PREPARED BY FED ER AL
SEPTEMBER 2 1 . 1982

15

0 1£

943.4
2*4

RESERVE

BANK

OF

ST.

LO U IS

GR O S S

PRIVATE

OONESTIC

I NVEST MENT

IN

CURRENT DOLLARS
C H A N G E ____________ _
_
BILLIONS

TERMINAL
QUARTER

INITIAL

------------------------ * --1 1 ___ 4 ^ 7 7 ___ l z r l f l ___ 2 - 1 8 ___ 3 . - 7 8 ___ 4 . - 2 8 ___ L - 7 3 ___ 2 - 1 2 ___ 3 - 7 2 ___ 4 - 7 9 ___ Lr5£>___ 2 - 8 Q ___ 3 - 8 0
4 - 7 7 ______ 1 . 3 ________________________________________________________________________________
1-78

_______________________

ANNUAL
4-80

1-81

2-81

3-81

4-61

3-78

_______________________

3*0^7
354.2

44.7

- 1 6 . 2 ___ 2 1 . 6 ___ ¿ 4 . 1

___ 3 8 Æ . 5 ___
. 6 »4,

394.6

4 - 1 8 _____ 1 6 . 1 ___ 2 0 . 1 ___ 2 1 . 2 ___ 1 0 . 9 ___ 1 5 . 5 ___________
1 - 1 3 _____ 14 >3___U

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

3-79

1 2 . 8 ___ 1 4 . 5

14.1

4 - 1 9-

_ 3 * 5 ___ I Q . 6

9 .7

1-80

9 . 3 ___ 10 . 2
5 . 3 _____ 5 . 7
-4.3

11.5
9.5

9.6

7 . 5 _____8 . 3

428.3
3.4

5 . 1 _____4 . 9

2*9

2,1

431*9^

0 * 5 ___ ~ 5 . 3

-13.3

- 1 13

-3,6

- Ì . 3 ___ - 0 . 3 ___ r l . 3 ___ - 3 * 5 ___ ~5*j Q___ - 8 * 3
1.7

0.1

-11.1

- 9 . 4 ___ 1 0 * 0 _____9 . 5

7.Q

7 .8

- 4 . 5 _____4 * 7 _____4 . 0

7.Q

-1.4

5.6

- 6 . 2 _____5 * A

0.4

1-78

2-78

3-78

-0.0

4-78

1-79

G ROS S

-1 .2

-1.6

17.3
- 0 . 2 ___ - L . - 1 .

3-79

4-79

PRIVATE

2-78

3-78

A55*2L

18.5

___ 4 7 5 * 5

4-78

1-79

2-79

4-77

^1*5

1-78

3.5

15.9

2-78

10.4

20.5

6.8

12.1

10.2

4-78

6*9

10.8

9.2

1.9

5.5

8*3

6.5

0.9

3.0

4.7

6.8

5.1

0.6

1.9

-0.7

-0.3

3-79

3.2

4.8

3.1

-0.9

-0.3

-2.7

-3.5

3 . 4 _____ 5 * 3 _____0 . 9

-9.0
-4.3

-9,3

-14,7

-15.3

17.1

1-81

2-81

3-81

4-61

1-82

3-81

B I L L I O N S OF
__________
DOLLARS
ANNUAL RA T ES
4-81
1-82

2-80

3-80

4-80

- L 6 . 6 - 2 7* 2 _ — 3 8 . G

___ 4 1 4 * f t „
4il*5^

QUARTER

Q U A R T ER
1-80

DOLLARS

_______
2-80

3-80

4-80

1-81

2-81

-1.2

2-79

4-79

___ 4 6 8 . 9

7.2

1-79

3-79

-2 * £ ^ 1 3 * 3 ^

25.4

3-78

1-80

1 4 . 3 _____3 . 9

5 .1

D OMESTIC I NVEST MENT IN 1972
J NPEP AHNUAJ L^RAUE- S QF C H A N G E
_____ I N I T I A L

1.- 78

5 2 . 2 ___________

9 . 1 __________________

- 0 , 0 _____ U 4 ____ 0 . 8

2-79

TERMINAL
QUARTER
4-77

^41&*3l„
4Q.8

9 . 2 _____9 * £ ___ 2 1 . 6 ___ 3 2 * 9 ___ 3 4 . 3

INITIAL

3-77

384.1

-4.3

_ 4 . 5 _____3 . 7 ___ 3 , 7

- 2 “ 8 2 ______ 5 * 2 _____ 5 * 4 _____4 * 8 ____ 2 , 7 _____ 2 * 4 _____ 1 , 5 _____ 1 , 2 ____ 0 , 2

4-77

39 1 . 0
-6.9

6 , 5 _____5 , 8 ___ 6 , 1 _____ 9 , 2

5 . 5 _____4 . 7
1.8

- I Q . 3 - 17.9

7 * 4 ____ 7 . 5 ___ 2 2 . 7

9 , 9 _____9 , 5 _____7 . 1 _____ 7 . 2

3-77

4.24 » 0

-1.6

- 0 . 7 ___ - 2 .

5.9

-1*9

_A1^S_

_J0*3_ =0*5___- 3 . 0 _ - 4 . 7 _ -£ .2 _ --1 2 * A - 1 2 * 0 - - 2 2 . 7 ^
_
_
_

2.2

. 1-82

___ 4 1 5 . 1 ___
13.3

1.9

-8.8 .
. 2-81

___ 4 0 9 . 1

. 1___LL*2____9*2_ 1û*2___ 6.0-,
_

2-79

2-80.

-6.6

-

- __________ ___________ ____ - ___________ ____________ . .

_

226.7

242,2241.5
________ _____________________________

, ___________________

1.5

-0 .4

-4 .1

-4.3

-7.0

-6.8

-12.8

-0.9

-4 .2

-4.3

-6.5

-7.8

-10, 1 -11.9

2-80

-3.5

-3.1

-5.0

-8 .3

-9.0

-11.4

3-80

-3.7

-3.3

-5.0

-7.9

-8.5

4-80

-1.9

-1.4

-2.8

-5 .3

-5.5

1-ftl

—0 . 2

0 .4

-0.8

-2 .8

-2 .8.

-18.6

225.3
-4.5

222.7

-13.3

-16.3

-19.3

-19.7

-32.4

201.9

-10.6

-12.0

-14.2

-1 6 .0 -1 5 .1

-20.0

-5.2

-7.0

-7.8

-9.0

-9.4

-7.0

-7.8

7.8

-3.9

-4 .2

-4.8

-4.4

- 1 . 3 ___ - 0 . 5

13.2

199.2
2 2 . 6 _________________________________________

____________________ 2 0 9 . 6 ___

23.8

__________ ________ 2 2 1 . 6

24.9

2 -ß l

0 * 8 ----------1_. j4_____ 0 * 4 ___ - 1 . 5 ___ - 1 . 3 ___ - 2 . 1

-2.2

- 2 . 3 ___ - 1 . 9 _____ 1 . 2 , ___ 2 * 4 ___ 1 3 . 7 ___ 2 0 . 8 1 9 . 9

3 -8

1

1 * 2 _____ 1 * 8 _____0 , 8 ___ - 0 , 8 ___ r O * i L ^ - l ^

-1*4^

-1*5l

- 0 * 5 ____ 2 * 0 _____ 3 , 2

4-8

1

-3*5

-0 .9

- 2 . 6 ___ - 2 . 5

-3 * JL^3 * 5„

-3*£

l r & 2 _____ - 2 . . 9 ___ ~2*_6___ - 3 * 6

- 5 . a ___ = 5 . 5

-6.4

- 7 . 4 ___ - 7 . 5

-6.8

-1*4

- 4 * 2 ___ = ^ * jO _ ^ 5 * 3 _ ^ 5 * . 2 _ ^ 5 * 6 ___ - 4 . 2

1-78

3-78

A-78

H 9

2-79

3-79

4-79

IN1TIAL

1 5 . 0 ___________________________________________________ 2 2 9 . 5 ___

1 2 . 3 ___ 1 7 . 2 1 5 . 4

- i * 0 ____ 5 * 5

7*84 .4

1 0 . 9 ________7 , 0 ________________
-1 .6

- 6 . 1 ___ - 6 * 3 ___ - 1 . 9 ___ ~ 1 . 3 - 5 . 5

— 2 . 6 ___ - 4 . 2

2-78

______ ____________ ______ _____________ 2 4 1 , 3
237,2

0.8




, ,

239.9

0*5

4-77

________________2 1 8 , 5

________

238,0

-«*0

3-77

________

-3 .1

1-80

2 - 8 2 _____ “ 2 * 0 ___ - 1 . 7

_____

_____________________________________________________________

4-79

- 0 . 4 _____0 * 0

RATES

1-82

a . a ___ i ò . a

2 - 1 8 _____ L 9 ^ ___ 3 0 . 0

OF

DOLLARS__

QUARTER

-11.8

- 4 , 2 _____0 * 1 ____0 . 9 - 2 . 3

1-80
quarter

16

2-80

3-80

-7.0

-9.0
-1 9 .3
-11.9

-22.6
-29.9
- 17.4

4-60

____________________ 2 3 1 * 4 ___

___________________________ 21ft *5L
- 3 6 . 5 _______ _______________ 1 9 5 * 4 ___
-14.6

1-81

1 4 . 9 _____________ 2 0 2 * 3 ___

^-8^1

3-61

4-61

1-82

“

P R E P A R E O BY F E D E R A L
SEPTEM BER 2 1 , 1982

RESERVE

BANK

OF

ST.

LO UIS

G O V E R N M E N T P U R C H A S E S OF G OO OS AND S E R V I C E S I N C U R R E N T D O L L A R S
_____________________ COMPO U N D E D A N N U A L R A T E S OF CH A NG E __________________________________ ________

3-77

4-77

1-78

0»

QUARTER

E

BILLIONS
ANNUAL
3-7S

4-78

4-77

7.2
.8.7

8.2

10.2

10.4

13.3

1 0*4

10.6

12.6

13.0

9.5

9.5

10.7

10.3

8.2

9.1

9.0

9.9

9.4

7.7

6.0

3-80

5.2

2-79

2-80

4-80

1-81

2-81

3-81

4-81

RAT ES

1-82

11.2

1-79

1-80

14.8

4-7ft

4-79

11.7

3-70

3-79

4.8

2-78

2-79

9.7

1-78

1-79

OF

408.0
4 12.8
424.4
439.3
451.1
456.9
464.5

6.8

3-79

9.6

9.5

10.3

10.1

8.9

8.2

9.7

12.6

4-79

10.3

10.4

11.3

11.2

10.5

10.3

12.1

14.8

16.9

1-80

11.1

11.3

12.1

12.2

11.8

11.9

13.6

16.0

17.7

2-80

11.4

11.5

12.3

12.4

12.0

12.2

13.6

15.4

16.3

16.0

13.6

3-80

10.5

10.6

11.2

11.2

10.7

10. À

11.6

12.6

12.5

11.1

7.6

1.9

4-80

11.0

11.1

11.7

11.7

11.4

11.4

12.3

13.2

13.4

12.5

10.6

9.1

16.8

1-fil

1 1. - 2

11 . 3

11.9

11.9

11.6

11.7

12.5

13.3

13.4

12.7

11.3

10.6

15.2

13.7

2-81

10.7

10.7

11 . 2

11.2

10.9

10.8

1 1.5

12.1

12.0

11.2

9.7

8.8

11.2

8.5

3.6

11.5

12.1

12.0

11.3

10.1

9.5

11.5

9.7

7.8

47«. 5
497.6
519.2

18.5

536.0
538.5
559.8
578.1
583.2
12.2

600.2

4-81

11.2

11.8

11.5

11.6

12.2

12.7

12.7

12.2

11.3

10.9

12.8

11.9

11.3

15.3

18.6

1-82

10.7

10.8

11.2

11.1

10.9

10.8

11.3

11.7

11.6

11.1

10.2

9.7

11.0

9.9

9.0

10.9

10.2

2.4

2-82

10.1

10.2

10.5

10,4

10.1

10.1

10.4

r«
o
H

A0.6

10.0

9.0

8.5

9.5

8.3

7.2

8.2

6.9

1.5

0.5

3-77

4-77

1-78

2-78

3-78

4-78

1-79

2-79

3-79

4-79

1-80

2-80

3-80

4-80

1-81

2-81

3-81

4-81

1-82

INITIAL

630.1
630.9

QUARTER

G O V E R N M E N T P U R C H A S E S OF GOOOS A N O S E R V I C E S I N 1 9 7 2 D O L L A R S
________________ C Q MP O U N O E D A N N UAL R A T E S OF C H A N G E ___________________________________________ _______________ ___________________
B I L L I O N S OF
T E R M I N A L ________________________________________________________________________________I N I T I A L Q U A R T E R ______________________________________________________________________________ D O L L A R S
ANNUAL RA T E S
QUARTER
4-81
1-82
4-77
3-77
1-78
2-78
3-78
4-78
1-79
2-79
3-79
4-79
1-80
2-80
3-80
4-80
1-81
2-81
3-81
4-77

0.9

1-78

-0.3

271.4
-1.5

270.4

2-78

1.4

1.6

4.8

3-78

2.2

2.7

4.8

4.8

4-78

2.0

2.3

3.6

3.0

1.3

1-79

1.4

1.5

2.2

1.4

-0.3

-1.9

2-79

1.3

1.3

1.9

1.2

0.0

—0 . 6

273.6
276.8
277.7
276.4
0.6

276.8

3-79

1.5

1.5

2.1

1.5

0.7

0.5

1.7

2.9

4-79

1.7

1.8

2.3

1.8

1.3

1.3

2.3

3.2

3.5

279*8

1-8 0

2.0

2.1

2.6

2.3

1.9

2.0

3.0

3.8

4.3

5.1

2-80

2.1

2.2

2.7

2.4

2.1

2.2

3.0

3.6

3.9

4.1

3.1

3-ftO

1.5

1.6

1.9

1.6

1.2

1.2

1.7

1.9

1.6

1.0

-0.9

-4.8

4-80

1.4

1.4

1.7

1.4

1.0

1.0

1.4

1.5

1.3

0.7

-0.7

-2.6

-0.3

1-fil

1.7

1.7

2.0

1.7

1.4

1.4

1.9

2.0

1.9

1.6

0.7

-0.0

2.4

5.2

¿9£*9

?-fi 1

1.3

1.3

1.5

1.2

0.9

0.9

1.2

1.3

1.0

0.6

-0.2

-1 .0 .

0.2

0.5

203.9

3-81

1.4

1.4

1.7

1.4

1.1

1.1

1.4

1.5

1.4

1.1

0.4

-0.1

1.1

1.5

-0.3

3.6

4-81

1.7

1 .8

2.0

1 .8

1.6

1.6

1.9

2.1

2.0

1.8

1.3

1 .0

2.2

2.9

2.1

5.3

281.2
284,7
— 296*9
293.4

.
293*2

286. 4
291.3

7.0

1— « 2

1.5

1.5

1.7

1.5

1.3

1.3

1.5

1.6

1.5

1.3

0.8

0.5

1*4

1.7

0.8

2.5

2.0

-2.9

2-82

1.1

1.1

1.3

1.1

0.8

0.8

1.0

1.0

0.8

0.6

0.1

-0.3

9.4

0.5

-0.4

0.5

-0.5

-4.1

-5.3

3-77

4-77

1-78

2-78

3-78

4-78

1-79

2-79

3-79

4-79

1-80

2-80

3-60

4-80

1-81

2-81

3-81

4-61

1-82




INITIAL

205.3

QUARTER

PREPARED BY F E O E R A L
S EPTEM BER 2 1 , 1982

17

209.2

RESERVE

BANK

OF

ST.

LO U IS

_

D I S P O S A B L E P E R S O N A L I N C OME I N C U R R E N T D O L L A R S
________ COMPOU N D E D A N N U A L R A T E S OF C H A N GE___________
BILLIONS
T E R M I N A L ______________________________________________________________________________ I N I T I A L Q U A R T E R
QUARTER
2 - 7 8 - 3 — 78
4-77
2-79
3-77
1-7£L
4r78
1-79
3-79
4-79
1-80

ANNUAL
2 -8 0 _ 3-80

4-80 — 1-81_

2-81

3-81

4-81

Of

RATES

1-82

____________ 1 , 3 7 3 , 5

4-77

11 .,9

1-78

10.

2 — 78

11 ., 7

11.6

13*6

3-78

1 ?. 0

12.1

13.3

13.0

4-78

1 ?. ,?

12.3

13.2

13.0

13.0

1-79

1 ? . ■?

12.3

12.9

12.7

12.6

12.1

2-79

11 .>8

11.8

12.2

11 . 9

11.5

10.8

9.5

3-79

1 ? . .0

12.0

12.4

12.1

11.9

11*5

11.2

13.0

4-79

11. ,8

11*1

12.Q

11*8

.1 1 . 5

11.2

10.8

11.5

10.1

1-80

11. .8

11.8

12.1

11.9

11.7

11.5

11.3

11.9

11.4

12.7

8.6

7.9

3.2

f
i

9.7

1.405.7
1.451.3

1*542.7
1.587.5
1.624.0
1.674.3
1*714.9
1.766.9

2-80

11. . 0

11.0

11.1

10.8

10.5

10.0

9.6

9.7

3-ao

11. . 4

11.3

11.5

11.3

11.1

10.8

10.6

1 0 . ft

10.2

10.3

9.1

15.3

4-eo

11. , 5

11.5

11.6

11.4

11.3

11.1

10.9

11.1

10.8

11.0

10.4

14.2

13.0

1-81

11. , 6

1 1 .5

11 . 7

ll.S

11.4

11.2

11.1

11.3

11.0

11.2

10.9

13.5

12.6

12.3

2 — fi I

11.

1 1.3

11.4

11.2

11.1

10.9

10.7

10.9

10.6

10.7

10.3

12.1

11.1

10.1

7.9

3-81

1 1 «, 4

1 1.4

11.5

11.4

11.2

11.1

11.0

11.1

10.9

11.0

10.8

12.3

11.6

11.2

10.6

13.3

4-81

11. . 3

11.2

11.3

11.2

11.0

10.9

10.7

10.9

10.6

10.7

10.4

11.7

10.9

10.4

9.8

10.8

8.3

1—82

10. .ft

10.7

10.8

10.6

10.4

10.2

10.1

10.1

9.8

4-77

1-78

2-78

3-78

4-78

1-79

2-79

3-79

1*902.9

10.4

9.6

9.1

9.9

9.2

8.5

2—80

3-80

4-80

1.958.7

8.9

1-80

4-79

INITIAL

1.845.5

9.5

9.8
_

3-77

1*781.0

1.996.5
2.060.0
2.101.4

8.1

_

8.1

5.6

3.0

2.8

7.8

6.0

4.8

6.7

2*117.1

1-81

2-81

3-81

4-81

1-82

2.151.5

QUARTER

D I S P O S A B L E P E R S O N A L I N C O ME I N 1 9 7 2 D O L L A R S
______ COMPOU NlD E D n niNv nf L ' i n iT E. S %
' v u v A N i U A c R A k w QF C H>nN G E ________
v A
TERMINAL
QUARTER

INITIAL
3-77

4-77

4.5
4-3

3.5

3-78

4_- 78

1-79

2-79

3-79

4-79

1-80

2-80

4-80

3-80

1-81

2-81

3-81

4-81

1-82

3.1

2-78

2-78

_5*9

1-78

«J
3
D

!>
>

1

4-77

1-78

B I L L I O N S OF
DOLLARS
ANNUAL R A T E S

QUARTER

965.9
973.4
3.9

982.8

4.4

3.9

4.3

4.7

4-78

4.4

4.0

4.3

4.5

4.3

994.2

10 1 1 . 1
.

1-79

4.1

3.7

3.9

3.9

3.4

2.5

2.-79

3.5

3.1

3.1

2.9

2.4

1.4

0.2
1.7

3.2

3.0

2.7

2.5

2.6
2.1

2.0

2.5

2.3

1.9

1.4

2.0

2.8
2.6
1.6
1.9

1
.8

1.1
1.6

0.6
1
.2

0.0

2.3

1.9

1.7
1 .9

3.5
3.1

1-80

2.9

2-80
3-80
4-80

2.3

1-81

2.4

2—fi 1

2.3

3 -8 1

2.4

4-81

2.4

1-82
2-82

2.1
2.2
3-77

3.2

2.0
2
.1
2.0
2.2
2.2

1.5

1.9

2
.1
2.0
2.2
2.1
1.8

2.0

1.9

4-77

1-78




18
.
2.0
2.0
1.7
C
D

3-79
4-79

2-78

1.5

1.2
1
.2

1.011.7
3.2
1.7

1.019.8

0.1
0.6

1. 0 2 0 . 1
10 2 2 . 8
.

-0.4

—0 . 6

-1.9

1
.1
—. 8
2

O. f t

0.5

0.5

-0.2

-0.2

-0.9

5.1

1.4

1
.0

0.9

0.5

0.5

0.4

4.1

3.0

1.6

1.3

1.3

10
.

3.9

3.3

3.7

1.5

1.5

1.3

0.8
1
.2
11
.

1
.8
1
.8

1.6

1.5

1.5

1 .4

12
.
1.6
1. 6

1.5

1.3

1
.2

1.3

1.6

1.4

1.3

1.4

4-78

1-79

2-79

3-78

—6 . 6

1.005.5
1.018.2
1.025.7
________ _____ 1 . 0 3 5 . 0

0.9

1
.1

1.1

3. 1

2.4

2
.1

0.6

1.4

1.6

1.7

3.4

3.0

3.0

2.7

1.4

1.5

1.6

26
^

2.6

1
.1
1
.2

1.2

1.2

2.3

1.9

1.7

2.2
1
.1

1.3

1.4

2.4

2.0

1.9

1.5

1-80

2 -8 0

4-80

1-81

3-79

4-79

INITIAL

l

3-80

_

1.036.6
1.04Q.8

4.8
3.0
1.3

1.8
2-81

1.2
-0.4

1.051.9
1.046.9

-1 .9

o.e

o. <>

3.1

3-81

4-81

1.054.8

1-82

~

QUARTER

PR E P A R E D B Y F E D E R A L
S E P T E M B E R 2 1 . 1 90 2

18

RESERVE

BAf*

OF

ST.

LO U IS

CORPORATE

PROFITS

AFTER TAXES*

COMPOUNDED ANNUAL RATES QF CHANGE___________________________ ________________________________
TERMINAL
QUARTER

INITIAL
3-77

4-77

4-77

1-78

2-78

3-78

4-78

1-79

2-79

3-79

4-79

B I L L I O N S Of
DOLLARS
ANNUAL RATES

QUARTER
1-80

2-80

3-80

4-80

1-81

2-81

3-81

4-81

1-82

-4 .0

1 — 78

4.8

14.4

2-78

18.8

32.1

5?.a

129*6
144.1

3-78

18.4

27.0

33.8

17.1

4-78

20.5

27.6

32.3

23.1

29.5

1-70

17.5

22.1

24.4

16.1

15.6

3.1

2-79

16

1

19.9

21.0

14.2

13.2

5.8

8.4

3-79

15.7

18.9

19.6

13.9

13.1

8.2

10.7

13.0

4-79

12.5

14.8

14.8

9.4

8.0

3.2

3.2

0.6

a

149.9
159.9
161.2
164.5
169.6
165.0

-10.4

172.9

1-80

13.3

15.4

15.5

11.0

10.0

6.5

7.3

6.9

3.9

20.6

2-80

4.9

5.8

4.9

0.1

-2.2

—6 . 6

-8 .5

-12.3

-19.4

-23.5

-51.5

3-80

7.2

8.3

7.7

3.6

2.0

-1 .4

-2.2

-4.2

-8.1

-7.3

-18.7

36.2

4-80

7.1

8.1

7.5

3.8

2.4

-0.6

-1.1

-2 .6

-5.5

-4.2

-11.2

20.0

144.3
155.9
158.1

5.8

1- f t l

7.2

8. 1

7.6

4.3

3.1

0.5

-1.0

-3.2

-1.7

-6.5

16.3

7.4

9.2

2-ftl

3.9

4.5

3.8

0.5

-0.9

-3.5

-4.2

—5 . 7

-8.1

-7.7

-12.6

1.3

—8 . 2

-14.5

-33.0

3-81

4.5

5.1

4.4

1.4

0.2

-2.1

-2.6

-3.8

-5 .7

-5.0

-8.7

3.6

-3.3

—6 . 1

-12.9

0. 1

161.6
146.2
13.2

4-81

3.2

3.7

3.0

0.2

-1.0

-3.2

-3.8

-4.9

-6.8

-6.3

-9.6

0.3

-5.7

—8 .3

-13.5

-1.8

-14.8

1-8?

-2 .1

-2.0

-2.9

-5 .8

-7-3

-9.6

-10.6

-12.2

-14.4

-14.8

-18.4

-12.2

-18.4

-22.5

-28.8

-27.4

-41.8

-6 0 .3

2-82

-1.8

-1.6

-2.5

-5 .2

-6.5

-8 .7

-9.6

-10.9

- 1 2 . a -13.1

-16.2

-10.2

-15.4

-18.5

-23.1

-2 0 .5

-2 9 .3

-3 5 .6

4.6

3-77

4-77

1-79

2-78

3-78

4-78

1-79

2-79

1-80

2-80

3-60

4-80

1-81

2-81

3-81

4-81

1-82

3-79

4-79

INITIAL
*

NATIONAL

I NCOME

144.9
115.0 R
116.3

QUARTER

3ASIS

R- REVI SED
PRE PARED BY F E D E R A L
S EPTEMBER 21* 1982

RESERVE

________
BA N K OF

HISTORICAL SOURCES OF
NATIONAL INCOME AND PRODUCT ACCOUNTS DATA

The NIPA estimates for 1929-76 are in The National Income
and Product Accounts of the United States, 1929-76: Statistical
Tables (Stock number U£i3-0l0-0010l-1, price $10.00). Estimates for
1977-81 will appear in the July 1982 Survey Current Business.
Estimates for the periods since, appear in subsquent issues of the
monthly Survey of Current Business. These publications present the
results of the comprehensive revision of the national income and
product accounts described in the December 1980 Survey, and are
available from the Superintendent of Documents, U.S. Government
Printing Office, Washington, D.C. 20402.
For further information, write to the National Income and
Wealth Division (BE-54) Bureau of Economic Analysis, U.S. Department
of Commerce, Washington, D.C. 20230.




19

ST.

LOUIS

INVENTORIES

COMPARED

WITH

MANUFACTURING

* RAT I OS

BASE D

ON S E A S O N A L L Y

SHADED

AREAS

REPRESENT

LATEST

DATA

PLOTTED:




A DJ U S T E D

PERI ODS

JULY

OF

AND

MONTHLY
TRADE

DATA.

BUSINESS

SALES*

S OUR CE :

U . S . DE P ARTME NT

OF

COMMERCE

RECESSIONS.

PRELI MI NARY
PREPARED

20

BY

FEDERAL

RESERVE

BANK

OF

S T.

LOUI S

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