Full text of National Economic Trends : April 1986
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Economic Trends April 1986 Preliminary data indicate that economic activity accelerated in the first quarter of this year. Real GNP expanded at an estimated 3.2 percent rate in the first quarter, up from a 0.7 percent rate in the fourth quarter of 1985 and a 2.1 percent rate of advance over the four quarters of 1985. In addition, the composition of the nation’s output changed in the first quarter, apparently reversing some trends that characterized performance in recent years. The most notable feature of the economic expansion that began in December 1982—indeed of the 1980s generally—has been the strength of real nonresidential fixed investment. In 1985, however, the growth of such investment slowed to a 6.3 percent rate from a 19 percent rate over the previous seven quarters. In the first quarter of 1986, such spending fell at a 13.6 percent rate. While its 13 percent share of real GNP in the first quarter was extremely high relative to levels achieved before 1981, this share has been falling and is now near the level reached at the end of 1984. The pace of real residential investment, however, expanded in the first quarter, rising at a 9.7 percent rate; in addition, inventory invest ment climbed sharply. As a result, real gross private domestic investment rose at a 12.2 percent rate during the first quarter. A second notable feature of the current expansion has been a worsening trade balance due to stagnant real exports and rising real imports. Preliminary data for the first quarter suggest a reversal of this pattern, as real net exports (exports minus imports) rose from $ —140.8 billion in the fourth quarter of 1985 to $ —126 billion in the first quarter of this year. Real exports rose at a 11.9 percent rate, while real imports fell at a 3.6 percent rate during the quarter. In the first quarter, there were relatively large declines in government purchases of goods and services; overall, real purchases fell at a 15.1 percent rate largely due to a decline in real federal purchases at a 32.2 percent rate. Real nondefense federal purchases plummeted, while real defense purchases fell at a 6.9 percent rate. In large part, the reductions in federal purchases reflect unusually high levels of such purchases in the second half of 1985. For example, despite the first-quarter drop, real federal purchases in the first quarter were up 4.1 percent from a year earlier. Both nondefense and defense purchases increased faster than the economy as whole, as the former rose an estimated 2.7 percent while the latter increased 4.5 percent from a year earlier. Real personal consumption expenditures increased at an estimated 4.3 percent in the first quarter of this year, up from a 3 percent increase over the previous four quarters. Most of this gain was in nondurable goods purchases, which rose at a 7.7 rate. Service expenditures rose at a 3.4 percent rate and durable goods purchases fell at a 1.5 percent rate. During 1985, the gain in real personal consumption expenditures was led by durable goods which increased 5.8 percent. —John A. Tatom 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 f le 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 . TO TAL C IV IL IA N EMPLOYMENT* ÇQNPW N PEP V fW A L RATE$ OF CHA*Ç€ TERMIKAL in it ia l 8 -84 9 -64 l £ - $4 9 -6 4 1 0 -8 4 1 1 -6 4 1 2 -6 4 1-95 2 -65 3~65 4 -6 5 THOUSANDS OF PERSONS m o n th 5-65 6 -65 7 -8 5 6 -6 5 9 -6 5 1 0-8 5 11-8 5 1 2-8 5 1-86 2 -8 6 .2 * 2 - 105,415 J L £ ____ Z Æ - 1 05 »657 105,97 1 1 1 -6 4 3 .4 J »* 0 .1 2 ^ :4 . 106,24 6 3*2 106,31 5 2 .5 1 06,587 2 -85 2 .6 2 .7 2 .7 2 .3 1.9 3 .1 3 -65 2.8 2 .9 3 .0 2 .8 2 .7 3 .6 4 .2 4 -8 5 2 .4 2 .4 2 .3 2 .1 1 .8 2 .1 1.6 -0 .9 5 -6 5 2 .2 2 .2 2 .1 1.8 1.6 1.6 1.3 -0 .1 6 -6 5 1 .6 1 .5 1 .3 1.0 0 .7 0 .6 0 .0 *1 3 1.0 0 .6 -0 .2 7 -6 5 1.7 1 .7 1 .5 1.3 1.0 106,951 106,872 106,939 0 .8 -1 .5 -3 .7 0 .0 -0 .4 106,601 106,871 3 .1 107,210 8 -6 5 1.9 1.9 1.8 1 .6 1 .4 1 .4 1 .2 1.0 1 .0 3.5 3 .9 9 -6 5 2 .0 2 .0 1 .9 1 .8 1 .6 1 .7 1 .5 1.1 1 .5 1.6 3 .5 3 .7 3 .5 10-65 2 .1 2 .1 2 .0 1 .9 1 .8 1.9 1 .7 1 .4 1 .8 2 .0 3 .4 3 .6 3 .4 3 .3 11-65 2 .1 2 .1 2 .0 1 .9 1.8 1.9 1.7 1 .4 1 .8 1.9 3 .1 3 .1 2 .9 2 .5 1 .6 107,519 107,81 3 107,969 1.8 10 8 ,206 1 .9 2 .0 3 .0 3 .0 2 .8 2 .6 2 .2 2 .7 2 .6 2 .8 3 .8 3 .9 4 .0 4 .1 4 .3 5 .6 8 .6 1 .6 1 .9 2.0 2 .8 2 .7 2.5 2 .3 2 .1 2 .2 2 .0 -4 .3 1 .9 1 .7 2 .0 2 .1 2 .7 2 .7 2 .5 2 .4 2 .2 2 .3 2 .2 -0 .9 2 .5 2 -85 3 -85 4 -8 5 5 -65 6—85 Ï-8 5 6 -65 9 -6 5 10-85 1 1-85 12-65 1 -86 2 -6 6 9 -6 5 1 0-65 1 1-65 12-65 1-86 2 -66 12-65 2.1 2 .1 2 .1 1 .9 1 .8 1.9 1 .8 1-86 2 .5 2 .5 2 .5 2 .4 2 .3 2 .5 2 .4 2 -8 6 2 .1 2.1 2 .1 2 .0 1 .9 1.9 1 .9 3 -8 6 2 .1 2.1 2 .1 2 .0 1 .9 2 .0 8 -8 4 9 -6 4 1 0 -6 4 1 1 -6 4 12-6 4 1-85 108,955 106,56 1 1 08,78 8 ♦SEE FOOTNOTE BOTTOM OF CHART OPPOSITE PAGE PAYROLL EMPLOYMENT COMPOUNDED AWWAL RATES OF CHANGE THOUSANDS Of Ï È k t Ô k t IN I T I A L MONTH T E M ID I MONTH 8-64 9 -6 4 1 0-6 4 1 1-8 4 1 2 -6 4 1 -65 2 -6 5 3-65 4 -8 5 5 -8 5 6 -6 5 7 -85 6 -6 5 95,2 36 4 .5 95,5 73 . 1 0 r g + ______ 1 1-6 4 H il- 1 2 -6 4 4*1 3 .9 95,6 62 96,0 92 ____ 2 ^ ____3 -tl____ 96,4 19 9 6 ,5 9 1 2 -6 ? 3 .6 3*^ 3*2 3 .0 3 .2 2 .2 3 -6 5 3 .7 3*5 3*4 3*3 3*4 3 .1 4 .0 ___ * 3 5 9 6 ,9 1 0 3 ,5 3*4 3 .3 3 .1 3*2 2 .9 3 .3 2 .6 3 -6 5 3 .* 3*5 3*3 3 .2 3*4 3 .2 3 .5 3 .2 3 .6 9 7 ,1 2 0 6 -6 5 3*3 3*1 3*0 2*9 2*9 2*6 2 .6 2 .3 2 .2 9 7 ,4 2 1 0 .6 9 7 ,4 7 3 9 7 ,7 0 7 7 -6 5 _ 3 ,2 3*1 3*0 2** 2 *9 2*7 2 .6 2 .5 2 .4 1 .8 2 .9 6 -6 5 3*2 3*1 3*0 2*9 3*0 2*6 2 .9 2*7 2 .7 2 .3 3 .1 3 4 9 -6 5 3*2 3 .1 3*0 2*9 3 .0 2*6 2 .9 2 .7 2 .7 2 .5 3 .1 3 2 3 .0 9 7 ,9 7 7 9 6 ,2 1 7 1 0 -65 3 .3 3*2 3*1 3*0 3*1 3*0 3 .1 2 .9 3 .0 2 .8 3 .4 3 5 3 .6 4 .3 1 1 -6 5 3*3 3*2 3*1 3 .0 3*1 3 .0 3*1 2 .9 3 .0 2 .9 3 .3 3 4 3 .4 3 .6 3 .0 1 2 -6 5 3 .3 3*2 3*1 3 .1 3 .1 3 .0 3*1 3 .0 3 .1 2 .9 3 .3 3 4 3 .4 3 .6 3 .3 3 .5 1 -6 6 3 .4 3 .3 3*3 3 .2 3 .3 3 .2 3*3 3 .2 3 .3 3 .2 3 .6 3 7 3 .6 4 .0 3 .9 4 .3 3 .1 2 -6 * 3 .3 3*2 3 *? 3*1 > .2 3 .1 3*2 3 .1 3 .1 3 .1 3 .4 3 4 3 .4 3 .5 3 .4 3 .5 3 .5 1 .9 3 -6 6 3*3 3 .2 3 .1 3*1 3 .0 3*1 3 .0 3 .1 3 .0 3 .3 3 3 3*3 3 .3 3 .2 3 .2 3 .1 2 .1 2 .3 9—6 4 1 0 -6 4 1 1 -8 4 12—64 1 -6 5 2 -6 5 3 -6 * 4 -6 5 6^F5 V65 9 -6 5 1 6 -6 5 1 1 -6 5 12-615 1 -6 6 JhR • -6 4 5 ^ 9 6 ,5 5 9 96*601 9 9 ,0 6 6 9 9 ,4 9 6 99 ,6 4 9 P 9 * ,8 4 IP ----- ---------------- INlTtÀL HôééTW-------------------------------------------------------------------------------------------PRELIMINARY ftV f É d C H C f t t t e f t V r ’t t * f * T 0 F S T . APRIL 4 , 2 1966 LOUIS EMPLOYMENT RATIO SCALE MILLIONS OF RATIO PERSONS SEASO NALLY AOJUSTEO MILLIONS OF SCALE PERSONS SOURCE« U.S.DEPARTMENT OF LABOR BE«IN«INC JANUARY IM 6 . TOTAL EMPLOYMENT DATA INCORPORATE NE» PROCEDURES FOR ESTIMATING MEASURES OF IMMIGRATION AND EMIGRATION INCREASING TOTAL EMPLOYMENT BY ABOUT 0.32. PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIODS INDICATED. LATEST DATA PLOTTED» MARCH PRELIMINARY PREPARED BY FEDERAL RESERVE BANK OF ST. LOU IS UNEMPLOYMENT SEASONALLY PERCENT RATE ADJUSTED PERCENT 12.0 11. I I .0 10. 1 0 .0 9. 9.0 8. 8.0 7. 7.0 6. 6.0 5. 5.0 4. 4.0 1978 1979 1980 1981 1982 1983 1984 1985 1986 SOURCE: U.S. DEPARTMENT OF LABOR PERCENT OF CIVILIAN LABOR FOPCE LATEST DATA PLOTTEOt MARCH PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 3 CONSUMER PRICE INDEX FOR ALL URBAN CONSUMERS, SEASONALLY ADJUSTED ________________________________________________________________ COMPOUNDED ANNUAL RATES QF CHANGE________________________________ ______ ________________________ TERMINAL__________________________________________________________________ I N I T I A L MONTH___________________________________________________________________1 9 6 7 «1 M MONTH 10-84 4 .1 1 0-8 4 1 1-84 2 -8 5 3 -85 4 -85 5 -85 6 -85 7 -85 8 -8 5 11-45 12-85 2 -8 6 1-86 3 15 .3 3 .5 3.1 2 ,3 3 .1 2 .7 3 .1 1 -85 3 .2 2 .9 2 .6 2 .7 3 1 6 .1 316 .7 2 .3 3 17 .7 3 .3 3.1 2 .9 3 .1 3 .1 3 .9 3 .6 3 .5 3 .5 3 .8 4 .0 4 .8 5 .8 3 ,7 3 .6 3 .6 3 .8 4 .0 4 .6 5.0 319 .2 320 .3 4 .2 3 2 1 .0 5 -85 3 .6 3.5 3 .5 3 .6 3 .8 4 ,1 4 ,2 3 ,4 2 .7 6 -8 5 3.5 3 .5 3 .4 3 .6 3 .6 3 ,9 3 ,9 3 ,3 2 .8 3 .0 7 -8 5 3 .4 3*3 3 .3 3*4 3 .4 3 .6 3 ,6 3 ,0 2 .6 2 .6 3 2 1 .8 3 22 .4 2 .3 3 ,* 3,3 3 ,2 3 ,3 3 .3 3 .5 3 .4 3 .0 2 .6 2 .6 2 .4 2 .6 3 ,3 3 ,2 3 ,1 3 ,2 3 ,2 3 ,3 3 .3 2 .8 2 .6 2 .5 2 .4 2 .4 2 .3 w. 00 • o 3 23.1 8-85 9 -8 5 3 ,4 3,3 3 ,2 3 ,3 3 ,3 3 ,5 3 .4 3 ,1 2 .9 2 .9 2 .9 3 .1 3 .4 3 ,8 3 .5 3 .4 3 .7 4 .1 4 .5 1 1-85 9 -8 5 3 1 * ,7 3 .4 _ 1-85 3 .9 11-8* 4 -8 5 12-8 4 3 1 3 ,7 1 2-84 2 -8 5 . 9 -8 4 T 4 .3 © 8 -8 4 9 -8 4 3 ,7 3 ,8 3 ,6 3 24 .9 5 .7 3 26 .7 6 .9 3 .6 3,5 3.5 1 2 -8 5 3 .6 3 .6 3 .6 3 .7 3 ,7 3 ,9 3 ,9 3 .7 3 .6 3 .7 3.8 4 .1 4 .5 5 .3 5 .7 4 .5 1 -86 3 ,7 3,6 3 ,6 3 ,7 3 .8 3 .9 3 .9 3 .7 3 .6 3 .8 3 .9 4 .1 4 .4 5 .0 5 .1 4 .3 4 .1 2 -8 6 3 .2 3.1 3.1 3 .1 3.1 3.2 3 .1 2 .9 2 .8 2 .8 2 .8 2 .8 2 .9 3 .0 2 .6 1 .2 —0 . 4 —4 . 6 _ lr 8 6 . .. 2 ,7 2t7 2*$. Zft> * .6 2 .6 2 .5 2 .2 2 .0 2 .0 1.9 1 .8 1 .7 1 .6 1 .0 —0 . 4 -1 .9 -4 .8 -5 .0 8 -84 9 -8 4 1 1 -8 4 12-84 1 -85 2 -8 5 3 -85 4 -8 5 5 -85 6 -85 7 -85 8 -8 5 9 -85 1 0-8 5 11-85 12-85 1 -86 2 -86 10-8 4 3 ,6 3 2 3 .7 4 .5 IN ITIA L 3 27 .9 329.0 3 27 .7 3 26 .3 MONTH PREPAREO BY FEDERA L RESERVE BANK OF S T . A P R IL 2 2 , 1986 PRODUCER P R IC E IN D E X , TERMINAL 1*0NTH IN IT IA L 8 -8 4 9 —ft 4 0 -0 10-84 . -0 .4 9 -6 4 1 0 -8 4 11-8 4 12-84 1-85 2-85 3 -85 4-85 S EA SO NA LL Y A D J U S T E D * 1HONTH 5 -85 6 -85 1967 7 -85 8-85 9-85 10-85 11-85 12-85 2 9 1 .3 2 9 1 .1 -0 .8 2 91 .9 1 1-84 0 .8 1 ,2 3 ,3 12-64 0 .8 1 .1 2 .1 0 .8 1-Û5 0 .5 0 .6 1 .1 0 .0 -0 .8 2 -85 0 .4 0 ,8 0 ,0 -0 .4 0 .0 3 -8 5 0 .4 0.5 0 .7 0 .1 -0 .1 0 .2 0 .4 4 -85 1.1 1.3 1 .7 1.3 1 .4 2 .2 3 ,3 6 .3 1 ,7 2 ,4 3 ,2 4 .6 2 .9 lr 5 1.3 6 -Û 5 0 .9 1.1 7 -3 5 1*1 1,2 1,8 2 9 2 .1 1 ,6 1 ,0 1 ,5 . 1 _ 2 91 .9 2 9 1 .9 2 9 2 .0 2 93 .5 294 .2 1 ,0 1 ,4 1.8 2 .2 0 .2 -2 .4 1?3 1 .7 2 .0 2 .4 1.1 0 .2 2 .9 2 93 .6 -0 . 1 -3 .6 294 .3 8 -8 5 0 .7 Q.fl 0 ,9 0 ,7 0 ,7 0 .9 1 ,0 1 .2 -1 .1 -0 .4 9 -8 5 0 .2 _£La 2 0 .3 0 .0 -0 ,1 -0 .1 -0 ,1 -0 ,1 -1 .4 -2 .4 -2 .4 -5 .0 -6 .4 1 .0 .. 1 . 1 Q«_5_ ... Û , ? 1,1 1,3 1 ,4 0 .6 0 ,2 0 .8 0 .1 2 .1 1 1.2 1.5 . 1 .5 1 .6 1.9 2 ,1 2 ,3 1 ,7 1,5 2 ,3 2 .2 4 .2 9 .8 8 .5 1.9 . 2 .L . 2,0 2 ,1 2 ,4 2 ,6 2 ,* 2 ,5 2 .4 3 .2 3 .3 5 .1 9 .2 8 .2 8 .0 1 .3 _U*._ 1 ,3 1 ,3 1 ,5 1 ,6 1 .8 1 ,3 l.l 1 .6 1 .4 2 .4 4 .7 2 .6 -0 .2 -7 .8 0 ,2 -0 ,1 -0 .1 -0 .1 -0 . 1 -0 .1 -0 .7 -1 .1 -1 .0 -1 .5 -1 .2 -0 .1 -2 .7 -6 .2 -1 2 .6 -1 7 .1 ~0, 8 -1 ,0 -1 .0 -l.o -1 .2 -1 .8 -2 .3 -2 .3 -2 .9 -2 .8 -2 .2 -4 .7 1 * .5 -8 5 -1 2 .4 -1 4 .6 -1 2 .0 1 -85 £ 00 1 3-85 4-8 5 5 -85 6 -85 7 -85 8 -85 9—65 10-85 11-85 1 2-85 1-86 2 -8 6 1 0-85 11-85 1 .4 1 2 -Û 5 100 2 -86 1—86 M 1 CD > 1 -86 1.2 2 -8 6 0,1 Qtl 3 -86 . -0 #6 -0 ,6 8-84 9 -8 4 1.7 10-8 4 1 1 -8 4 1 ♦DATA FOR PQVft MONTHS AGO R EV IS ED TO r e f l e c t r~ > —1 m ._. F I N I S H E D GOODS - LOUIS IN ITIA L REPORTING 2 9 3 .4 2 91 .8 294 .4 2 96.4 2 98 .3 296 .3 291 .7 2 88 .6 1HONTH PREPARED BY FEDERAL RESERVE BANK OF S T . LOUIS APRIL 11 , 1986 4 RATIO PR I C E S SCALE 1 9 6 7 -1 0 0 SEASONALLY RATIO ADJUSTED SCALE I 9 6 7 -1 0 0 CONSUMER P R IC E INDEX B E C IN M IH C JAN UARY 1978 IS FOR ALL URBAN CONSUMERS ( C P I - U ) . C P I - 0 DATA B E C IN N IN C 1083 INCORPORATE A REN TAL E Q U IV A L E N C E MEASURE FOR HO M EO»K£R SH IP C O S T S . PERCENT ACES ARE ANNUAL R ATES OF CHANCE FOR PER 10 6$ LA TES T DA TA P L O T T E D . IN D IC A T E D . MARCH PREPARED BY FED ERAL RESERVE BANK OF S T . RATIO PRODUCER SCALE 1 9 6 7 -1 0 0 SEASONALLY PERC EN TAGES ARE ANNUAL R A TES LATES T DA TA P L O T T E D . MARCH PR IC ES ADJUSTED OF CHANCE FOR P E R IO D S RATIO SCALE 1 9 6 7 -1 0 0 IN D IC A T E D . PREPARED BY FED ERAL 5 L O U IS RESERVE BANK OF S T . L O 0 IS PRODUCER PRICE IN D EX , F IN IS H ED CONSUMER FOODS - SEASONALLY ADJUSTED* ____________________COMPOUNDED ANNUAL RATES OF CHANGE__________________________ TERMINAL________________________________________________________________________ I N I T I A L M O N T H ______________________________________________________________________ 1967 « MONTH 2 -86 2 -85 1 -86 3 -85 4 -85 9 -6 4 1 0 -8 4 1 1-84 12 -8 4 1-85 5-85 6 -85 7-85 8-85 9 - 8 5 1 0 -8 5 1 1 - 8 5 1 2 - 8 5 8-84 2 7 4 .0 9 -8 4 -1 .3 1 0-8 4 -1 .3 -1 .3 11-84 -0 .7 -0 .4 0 .4 2 7 3 .7 273 .8 2 7 4 .7 12-84 0 .4 1 .0 2 .2 4 .0 1-85 -0 .5 -0 .3 0 .0 -0 .2 -4 .3 2 -85 -0 .5 -0 .4 -0 .1 -0 .3 -2 .4 -0 .4 3 -8 5 - I .2 -1 .2 -1 .1 -1 .5 -3 .3 -2 .8 2 73 .7 273 .6 2 72.4 -5 .1 2 70 .8 4 -8 5 -1 .9 -2 .0 -2 .1 -2 .6 —4 . 2 -4 .2 -6 .0 -6 .8 5 -85 -2 .8 -2 .9 -3 .2 -3 .8 -5 .2 -5 .5 -7 .1 -8 .1 -9 .3 6 -8 5 -2 .6 -2 .7 -2 .9 -3 .4 -4 .5 -4 .6 -5 .6 -5 .7 -5 .2 2 6 8 .6 2 68 .4 -0 .9 7 -8 5 -1 .4 -1 .4 -1 .4 -1 .6 -2 .4 -2 .0 -2 .4 -1 .6 0 .1 5.2 1 1 .8 8 -8 5 -1 .9 -2 .0 -2 .1 -2 .3 -3 .1 -2 .9 -3 .3 -3 .0 -2 .0 0 .6 1.3 9 -8 5 -2 .7 -2 .8 -2 .9 -3 .2 -4 .0 -4 .0 -4 .5 -4 .4 -3 .9 -2 .4 -2 .9 2 70 .9 2 69 .0 -8 . 1 -9 .6 2 6 6 .4 -1 1 .0 1 0 -8 5 -1 .1 -1 .1 -1 .1 -1 .2 -1 .7 -1 .4 -1 .5 -1 .0 0 .0 2 .0 2 .7 -0 . 1 4 .1 2 1 .7 11-85 -0 .2 -0 .1 0 .0 0 .0 -0 .4 0 .0 0 .0 0 .7 1.8 3 .8 4 .8 3 .1 7 .2 17.6 13.6 12-85 0 .4 0 .6 0 .7 0 .7 0 .4 0 .9 1.0 1.7 2 .8 4 .7 5 .7 4 .5 7 .9 1 5.0 11.8 10.1 0 .0 0 .4 2 .9 5 .3 9 .8 6 .0 2 .4 -4 .7 1 -8 6 0 .1 100 0 .2 0 .3 0 .3 0 .5 1 .1 2 .0 3.5 4.1 270 .8 2 7 3 .7 2 7 5 .9 274 .8 2 -8 6 -0 .9 -0 .9 -0 .9 -1 .0 -1 .3 -1 . 1 -1 .1 —0 . 8 -0 .1 0 .9 1.2 -0 .3 1 .1 3 .7 -0 .3 -4 .6 -1 1 .2 -1 7 .2 3 -8 6 -0 .7 -0 .7 -0 .6 -0 .7 -1 .0 -0 .8 -0 .8 -0 .4 0 .2 1 .2 1.4 0 .2 1 .4 3 .6 0 .4 -2 .7 -6 .6 -7 .6 3 .1 8 -84 9 -8 4 4 OD 1 o 11-84 12-8 4 1-85 2 -85 3-85 4 -8 5 5-85 8 -Ô 5 9- Ô5 1 0-85 1 1-8 5 12-8 5 1-86 2 -Ô 6 1 -86 2 -8 6 ♦DATA FOR FOUR MONTHS AGO REV IS ED TO R E F L E C T L A T E PRODUCER P R IC E IN DE X , IN ITIA L REPO RTI NG FIN ISH ED 6 -65 270 .5 2 71 .2 HO NTH GOODS, EXCLU DING FOODS - SEAS ONA LLY AD J U S T ED * ___________________________COMPOUNDED ANNUAL RATES OF CHANGE_______________________________ TERMINAL MONTH IN ITIA L 8 -84 9—Û4 0 .4 10 —ft4 0.0 9-84 10-8 4 1 1 -8 4 12-8 4 1-85 2-85 3-85 4 -8 5 1967 * 100 MONTH 5-85 6 -85 7-85 8-85 9-85 10-85 1 1-8 ? 1 2 -8 5 294 .8 2 94 .7 -0 .4 1 1-84 1 .2 1.6 3 .7 12-84 0 .9 1.1 1 .8 2 95 .6 0 .0 2 95 .6 2 9 5 .7 1 -85 o.a 0 -9 1 .4 0 .2 0 .4 2-8 5 0 .6 0 .7 0 .9 0 .0 0 ,0 -0 ,4 3 -89 0 .9 1 .0 1 .3 0 .7 1.0 1 .2 2 .9 3 .4 4 .4 6 ,9 11.1 5 ,1 6 ,9 9 .0 4 -85 _ 2 .1 2.4 2 .9 2 .7 5 -85 2 .7 3,0 3 ,5 3 ,4 4 ,1 295.6 2 9 6 .3 298 .9 300 .6 7 .0 2.0 2 .2 2 .6 2 .4 2 .8 3 .3 4 ,2 4 .7 1 .6 -3 .5 1.9 2 .0 2 ,3 2 .1 2,4 2 .8 3 ,4 3 .6 1.2 -1 ,6 2 9 9 .7 2 99 .8 0 ,4 1.6 1.7 1.9 1 ,7 1,9 2 ,1 2 ,5 2 .4 0 .4 -1 .7 -0 .8 -2 .0 1.0 1 .1 1 .2 1 .0 1.1 1 .2 1 ,4 W2 -0 ,7 -2 .6 -2 .2 -3 .5 -5 .1 10-8 5 1 .6 1.7 1 .8 1 .7 1,8 2 .0 2 ,3 2 .2 0,8 0 .4 1 .6 8 .8 o 8 -6 5 9 -85 1 o & 6 -85 7 -65 _ 299 .3 2 9 8 .0 300 .1 3 0 1 .7 1 1-85 1.9 2 .0 2 .1 2,3 2 .4 2 ,8 2 .7 1,6 0.7 1.6 1 .9 3 .2 7.7 6 .6 12-85 2 .2 2 .3 2 .5 2 .4 2 .6 2 .8 3 ,2 3 .2 2 ,3 1.6 2 .5 2 .9 4 .2 7.4 6 .8 7 .0 1 -36 1 .6 1 .6 1,8 1,6 1,7 1 .9 2 .1 2.0 1,0 0 .3 0 .9 0 .9 1 .5 3 .3 1 .5 -1 .0 -8 .4 2 -8 6 0 ,4 0 .4 0 .5 0 .2 0 ,3 0 .2 0 .3 0 .1 -1 .0 -1 .8 -1 .6 -1 .9 -1 .9 -1 .2 -3 .6 —6 . 7 -1 2 .9 -1 7 .2 3 -8 6 -Q ,6 -9 t6 -0 .6 -0 .9 -0 ,9 -1 .0 -1 .1 -1 .4 -2 ,5 -3 .4 -3 .4 -3 .8 -4 .1 -3 .9 -6 .3 -9 .2 -1 4 .1 -1 6 .8 8 -8 4 9 -84 1 0-84 11-8 4 1 2 -8 4 1-85 2 -85 3 -8 5 4 -85 5 -85 6 -85 7-85 8 -85 9-85 10-85 1 1-8 5 12-8 5 ♦DAT A FOR POW MONTHS AGO R EV IS ED TO R E F L E C T LA T E IN ITIA L R EP OR TIN G 303 . 4 3 0 1 .2 296 .5 -1 6 .4 292 .1 1 -86 ' 2 ^ 6 MONTH PREPARED BY FEDERAL RESERVE BANK OF S T . LOUIS APRIL 11, 198 6 6 INDUSTRIAL RATIO PRODUCTION SCALE RATIO 1967-100 135 SEASO NALLY ADJUSTED SCALE 1967-100 130 125 120 1 15 1 10 105 100 95 90 1978 1979 1980 1981 1982 1983 1984 1985 1986 PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIODS INDICATED. LATEST DATA PLOTTED» MARCH PRELIMINARY PREPARED BY FEDERAL RESERVE 6AK* OF ST. LOUIS IN DUSTRIAL PRODUCTION __________________________________COHPOUNDED ANNUAL RATES O f CHANGE__________________________________ IN ITIA L TERMINAL MONTH 8 -84 9 -8 4 9 -84 10-8 4 1 1-8 4 12-8 4 1 -85 2 -85 3 -85 4 -8 5 5-85 1977 ■ 100 MONTH 6 -65 7 -85 8-65 9 -6 5 10—85 1 1-65 12-65 1-66 2—66 123.3 -1 .9 1 22.7 1 0-8 4 -3 ,8 -5 .7 1 1 -8 4 -0 .3 0.5 7 .1 12-64 -0 .5 otP 3*0 1 -65 0.2 Qr7 3*0 1*0 3*0 2 -8 5 0.3 0 .8 2 .5 1.0 2 .0 1 .0 123 .4 123.3 -l.o 123 .6 1 23 .7 1 24 .0 3 -8 5 0 .7 1.1 2 .6 1.5 2.3 2 .0 2 .9 4 -8 5 0 .7 1.1 2 .3 1.4 2 .0 1 .6 2 .0 1 .0 5 -8 5 0 .6 1.0 2 .0 1.1 1 .6 1.2 1.3 0 .5 6 -8 5 0 .8 1 .1 2 .0 1.3 1.6 1 .4 1 .5 1.0 1.0 2 .0 7 -85 0.5 0 .8 1.5 0 .9 1 .1 0 .8 0.8 0 .2 0 .0 0 .0 -1 .9 8 -8 5 1 .4 1-7 2 .4 1 .9 2 .3 2 .2 2 .4 2 .3 2 .7 3 .6 4 .4 1 1.2 4 .9 -1 .0 124.1 124.1 0 .0 124.3 124.1 125.2 125.1 2 .0 1 .8 1 .9 1.8 1.9 2 .4 2 .6 0 .9 1.1 0 .9 0 .9 0 .6 0 .5 0 .6 0 .2 1 .0 -3 .8 —6 . 5 1 .6 1.9 1.8 1.8 1 .7 1.8 2 .1 2 .1 3 .2 0 .6 1.4 10.1 2 .5 2 .5 2 .6 2 .6 2 .8 3 .2 3 .4 4 .5 2 .9 4 .2 1 0.0 1 0.0 9 -85 1*2 1*5 1 0-8 5 0 .6 1 1-85 1 .2 12-85 1 .8 2 .0 2 .6 2 .2 2 .1 1 .7 0.8 1.4 1.5 2 .0 1 2 4 .4 125 .4 126.4 1 -8 6 1 .8 2 .0 2 .5 2 .2 2 .5 2 .4 2 .6 2 .5 2 .7 3 .0 3 .2 4 .1 2 .7 3 .6 7 .3 5 .9 1 .9 2 -86 1 .2 1 .4 1.8 1 .5 1.7 1 .6 1 .6 1.5 1.5 1.7 1 .7 2 .2 0 .8 1.2 3 .2 1.0 -3 .3 -6 .2 3-86 0 .8 1 .0 1 .4 1.0 1 .2 1.0 1.0 0 .9 0 .9 1.0 0 .9 1 .2 -o .i 0 .0 1 .4 -0 .7 -4 .1 -6 .9 8 -84 9 -84 1 0-8 4 11-84 12-84 1-85 2 -8 5 3 -85 4-85 5-85 6-65 7 -6 5 8 -85 9-65 1 0-65 1 1 -« IN ITIA L 1 2 6 .6 1 2 5 . 7P -5 .6 1 2 5 . IP 1—§6 month P - PR E LI M IN A R Y W P A f t É b BY t t t e k J L SeSÉSVÉ-SANK O f S T . LÔ ÜH" APRIL 1 5 , 1986 7 PERSONAL RAT 10 S C A L E TR I L L I O N S INCOME RATIO MONTHLY TO TA LS AT ANNUAL RATES OF DOLLARS TRILLIONS SEASO NALLY ADJUSTED OF SCALE DOLLARS 3.7 3.6 3.5 3.4 3.3 3.2 3. 1 3.0 2.9 2.8 2.7 2.6 2.5 2.4 2.3 2 .2 2.1 2.0 I .9 1 .8 1 .7 I .6 1978 1979 1980 1981 1982 1983 1984 1985 1986 SOURCE: U.S. DEPARTMENT Of COMMERCE PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIODS INDICATED. LATEST DATA PLOTTED: MARCH PRELIMINARY PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS personal in c o m e COMPOUNO€D ANNUAL RATES OF CHANGE B ILL IO N S OF DOLLARS ANNUAL RATES I N I T I A L MONTH TERMINAL MONTH 6—64 9 -6 4 1 0 -6 4 1 1 -6 4 1 2 -6 4 1 -6 5 2 -6 5 3 -6 5 4 -6 5 5 -6 5 6 -6 5 7 -8 5 8 -8 5 9 -6 5 10-85 1 1 -6 5 12 -85 1 -6 6 2 -6 6 3 ,1 6 5 .5 9 -6 4 6 .9 10 -64 4 .7 0 .6 11 -64 5 .3 3 .6 1 2 -6 4 6 .3 5 .4 7 .9 9 .2 1 -6 5 5 .6 5 .0 6 .5 6 .4 3 .6 2 -6 5 6 .7 6 .3 7 .6 6 .2 7 .7 1 1 .7 3 -6 5 6 .4 5 .9 7 .0 7 .2 6 .5 7 .9 4 .1 4 —65 7 .0 6 .6 7 .6 6 .1 7 .6 9 .2 7 .9 1 1 .6 5 -6 5 5 .5 5 .1 5 .7 5 .6 4 .6 5 .1 3 .0 2 .4 3 ,1 6 7 .2 3 ,1 8 4 .0 6 .6 3 ,2 0 7 .4 3 ,2 1 7 .3 3 ,2 4 7 .2 3 ,2 5 8 .2 3 ,2 8 8 .6 —6 .2 3 ,2 7 1 .2 3 ,2 8 0 .5 6 -6 5 5 .3 4 .9 5 .4 5 .3 4 .6 4 .6 3 .1 2 .6 -1 .5 3 .5 7 -6 5 5 .1 4 .7 5 .2 5 .0 4 .5 4 .6 3 .2 3 .0 0 .2 3 .5 3 .5 6 -6 5 4 .6 4 .5 4 .9 4 .7 4 .1 4 .2 3 .0 2 .6 0 .6 3 .0 2 .8 2 .0 9 -6 5 4 .9 4 .6 4 .9 4 .6 4 .3 4 .3 3 .3 3 .2 1 .6 3 .6 3 .6 3 .7 3 ,2 9 0 .0 3 ,2 9 5 .5 3 ,3 0 9 .9 5 .4 3 ,3 3 0 .7 10 -65 5 .1 4 .6 5 .2 5 .0 4 .6 4 .7 3 .9 3 .8 2 .6 4 .4 4 .7 5 .0 6 .6 7 .8 1 1 -65 5 .1 4 .9 5 .2 5 .1 4 .7 4 .6 4 .1 4 .1 3 .0 4 .7 4 .9 5 .3 6 .3 6 .8 5 .9 12 -65 5 .7 5 .5 5 .6 5 .6 5 .5 5 .7 5 .1 5 .2 4 .4 6 .0 6 .4 7 .0 8 .3 9 .3 1 0 .1 3 ,3 4 6 .6 14^4 3 ,3 8 4 .3 1 -6 6 5 .4 5 .2 5 .5 5 .4 5 .1 5 .3 4 .7 4 .7 4 .0 5 .3 5 .6 6 .0 6 .8 7 .1 6 .9 7 .4 0 .8 2 -6 6 5 .4 5 .2 5 .5 5 .4 5 .1 5 .2 4 .7 4 .8 4 .1 5 .3 5 .5 5 .8 6 .5 6 .7 6 .4 6 .6 2 .9 5 .1 3 -6 6 5 .2 5 .0 5 .3 5 .2 4 .9 5 .0 4 .5 4 .6 3 .9 5 .0 5 .2 5 .4 5 .8 5 .9 5 .5 5 .5 2 .6 3 .6 2 .1 9 -6 4 1 0 -6 4 1 1 -6 4 1 2 -6 4 1 -6 5 2 -6 5 3 -8 5 4 -8 5 5 -6 5 6 -6 5 7 -8 5 8 -8 5 9 -6 5 10-85 1 1 -8 5 1 2 -8 5 1 -6 6 2 -8 6 6 -6 4 3 ,3 8 6 .5 3 ,4 0 0 .6 3 , 4 0 6 . 5P IN I T I A L MONTH P - PRELIMINARY PREPARED BY FEDERAL RESERVE BANK OF S T . LOUIS 8 RETAIL RATIO SALES* SCALE BILLIONS OF 1978 RATIO DOLLARS 1979 BILLIONS SEASO N ALLY ADJUSTED 1980 1981 1982 1983 1984 1985 SCALE OF D O L L A R S 1986 SOURCEt U.S. DEPARTMENT OF COMMERCE PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIODS INDICATED. LATEST DATA PLOTTEDt FEBRUARY, MARCH ADVANCE ESTIMATE »REVISED FROM 1993 PREPARED 9Y FEDERAL RESERVE SANK OF ST. L M IS R E TA IL SALES* COMPOUNDED ANNUAL RAT ES OF CHANGE__________________________________ 8-8 4 9 -84 1 0-8 4 1 1-8 4 1 2-84 1-85 2 -8 5 3-85 4 -8 5 MONTH 5 -8 5 6 -65 7-85 8-85 9 -85 10-8 5 11-65 1 2-8 5 1-86 M I L L I O N S OF DOLLARS 108,143 9 -8 4 1 5,9 1 0-8 4 1 1.8 7 .7 1 1-8 4 1 2.0 10.1 108,816 109,899 12.6 110,078 1 2-8 4 9 .4 7 .4 7 .2 2 .0 l-«5 8 .5 6 .7 6 .4 3 .4 4 .8 2-6 5 9 .8 8 .6 8 .8 7 .6 1 0.6 110,511 1 6.6 111,935 111,941 3 -8 5 8 .4 7 .1 7 .0 5 .7 6 .9 8 .0 0 .1 4 -8 5 11,0 10.3 10.8 10.4 12.6 1 5.3 14.7 3 1 .4 5 -8 5 9 .4 8.6 8 .7 8 .0 9 .3 1 0 .4 8 .5 1 2.9 -3 .0 6 -6 5 7 .7 6 .8 6 .7 5 .8 6 .5 6 .8 4 .5 6 .1 -4 .7 7 -8 5 7 .8 7 .0 6 .9 6 .2 6 .9 7 .2 5 .4 6 .8 -0 .3 1 .0 9 .1 8 -8 5 8 .9 8.2 8 .3 7 .8 8 .6 9 .1 7 .9 9 .5 4 .7 7 .4 15.0 2 1 .2 9 -8 5 1 0.6 10.1 1 0.4 1 0.1 11.1 11.9 11.3 13.2 9 .9 1 3.4 20.9 2 7 .2 3 3 .6 1 14 ,519 114,23 2 1 13,599 -6 .5 114 ,430 116,276 1 19,118 1 0-85 6 .4 5 .7 5 .5 4 .9 5 .2 5 .2 3 .8 4 .4 0 .5 1.2 3 .2 1 .2 -7 .5 -3 5 .9 1 1 -8 5 6 .4 5 .8 5 .6 5 .0 5 .3 5 .4 4 .2 4 .7 1.4 2 .1 3 .9 2 .7 -2 .9 -1 7 .2 7 .0 12-85 7 .0 6 .4 6 .3 5 .8 6 .2 6 .3 5.3 5 .9 3 .1 4 .0 5.8 5 .2 1 .5 -7 .4 1 1 .4 1 5.9 1 -8 6 6 ,9 6 .3 6 .2 5 .8 6 .1 6 .2 5.3 5 .8 3 .3 4 .1 5 .7 5 .2 2 .2 -4 .4 9 .2 1 0.4 5 .1 2 -8 6 6 .5 6 .0 5 .9 5 .5 5 .7 5 .8 4 .9 5 .4 3 .1 3 .8 5 .1 4 .6 2 .0 -3 .3 7 .1 7.2 3 .1 1.1 3 -66 5 .7 5 .1 5 .0 4 .5 4 .7 4 .7 3 .8 4 .1 1 .9 2 .4 3 .5 2 .8 0 .4 -4 .3 3 .7 2 .9 -1 .0 -4 .0 9 -8 4 1 0-8 4 1 1-84 12-8 4 1-85 2-85 3 -85 * -65 5-65 6 -6 5 7 -8? 6 -6 5 9 - Ö 5 T Ö - Ä 5 “1 1 - 5 ? 1 2-65 T CD 1 CD IN ITIA L TE RMINAL MONTH IN ITIA L 114,785 115,433 116,861 1 17,349 1 17,454P -8 *8 116,556E I h R - “ 2=5*- HO n T h ♦RE VISED FROM 1 9 8 3 . P - P R EL IM IN A R Y E - E S T IM A T E D PREPARED BY FEDERAL RESERVE BANK OF S T . LOUTS APRIL 11, 1986 9 HOURLY COMPENSATION, BUSINESS SECTOR . . . . . ____________________________________________________________ COMPOUNDED ANNUAL RATES OF CHANGE __________________________________________________ ____ ___ ____ H M M t _________________________________________________________________ ______ I N I T I A L Q U A R T E R ____________________________________________________________ 197 7 - 1 0 0 QUARTER __3 -6 1 4 -8 1 1-8 2 3 -8 2 4 -8 2 1-8 3 2 -8 3 3 -8 3 4 -8 3 1 -8 4 2 -8 4 3 -8 4 4—64 1-85 2 -8 5 3 -8 5 4 -8 5 1 4 5 .3 .9 .3 . V~?l 7 .7 14 7.5 6 .2 1 5 1 .2 l “62 8 ,6 8 ,3 10*4 . 2 -8 2 8 .2 7 .9 8*7 7*1 . 3 -6 2 8 .1 7 .8 8*3 7*3 7*5 . V -6 2 7 .5 7 .1 7*3 6*3 5*9 4*4 1 -0 3 7 .0 6 .6 6*7 5*8 5*4 4*4 4 .4 6 .4 6 .0 5*9 5*0 4*6 3*6 3*2 _2 __ 3 -8 1 M 0} 1 <M 2-8 1 3 1 5 3 ,8 1 5 6.6 1 5 8.3 1 6 0 .0 1 6 0.8 2 -0 1 6 1.5 3 -8 3 5*9 5 ,4 5*3 4 .5 4*0 3*1 2*7 1 .9 1*8 4 -6 3 5 .8 5 ,5 5*4 4*7 4*3 3*7 3*5 3*2 3*8 5*8 1 -8 4 5*8 5 ,5 5 ,4 4*8 4 .5 4*0 3*9 3*8 4*4 5*8 5*7 2 -8 4 5 ,6 5 ,3 5 ,2 4*7 4 .4 3*9 3*8 3*7 4*2 5*0 4*6 1 6 3 .8 16 6.1 3*4 1 6 7 .5 3 -8 4 5 .5 5 .2 5 .1 4 .6 4*3 3*9 3 .8 3*8 4*1 4*7 4*3 3*6 3*9 4 -8 4 5 .3 5 .0 4 .9 4*4 4*2 3*8 3 .8 3*7 3*9 4*4 4*0 3*5 3*5 1 6 9 .1 1 7 0 .4 3*1 1 -8 5 5 .3 5 .0 4 .9 4 .5 4 .2 3 .9 3 .9 3 ,8 4 .1 4 .5 4*2 3 ,8 3*9 3*9 4*8 2 -8 5 5 .2 5 .0 4*9 4*5 4 .3 4 .0 3 .9 3*9 4*1 4*5 4*2 3 ,9 ^ *1 4*1 4 .6 4*5 3 -6 5 5 .2 4 .9 4 .8 4 ,5 4 .3 4 .0 4 ,0 3 ,9 4*1 4*4 4*2 4 ,0 4*1 4*1 4*5 4 .3 4 .2 4—85 5 .1 4*8 4*8 4 .4 4*2 3*9 3 .9 3*9 4*1 4*3 4*1 3 ,9 4*0 4*0 4 .2 4 .0 3 .8 3 .5 1 -9 6 __ 4 .9 4 .7 4*6 4*2 4*0 3*8 3 .7 3*7 3*8 4*0 3*8 3*6 3*6 3*6 3 .7 3 .4 3 .1 2 .5 1 .6 2-8 1 3 -8 1 4 -8 1 1-82 2 -8 2 3 -8 2 4 -8 2 1 -8 3 2 -8 3 3 -8 3 4 -8 3 1 -8 4 2 -8 4 3 -8 4 4 -8 4 1-85 2 -8 5 3 -8 5 4 -8 5 1 7 2 .4 1 7 4 .3 1 7 6.1 1 7 7 .6 178.3P IN I T I A L QUARTER P - PRELIMINARY OUTPUT PER HOUR OF ALL PERSONS, BUSINESS SECTOR ________________________________________________________________ COMPOUNDED ANNUAL RATES OF CHANGF________________________________________________________ _______ TERMINAL________________________________ ________________________________________ I N I T I A L QUARTER_________________________________________________________ _____________ 19 77 *1 00 QUARTER **-Al 4 -8 1 -1 -6 -9 -4 1—82 -1 -? 4r-81 3 -A ? fs « 1 >-81 4 -8 2 1-ft* 7-A-* 3 -8 3 4 -8 3 1 -8 4 2 -8 4 3—84 4-ftA 1-A5 2 -8 5 3—85 4 -8 5 1 0 1 -3 -2 * 9 - 0 ,.4 -K 4 n,.6 1 -A -A .* - i -n 0,.9 1 -0 0 .4 4 -* 2 0 -3 -O -? \, 1 -7 1 -8 1 -8 3 ft.A n .s 1,.8 1 -? l-i 2,.2 2 -7 3 -0 3 -9 4 -2 4 -4 1 -0 0 -8 1,.7 2 -1 2 -1 2 -6 2 .4 1 .6 -1 -2 1 -« 3 . . 9 9 .9 99*8 1 0 0 .7 10 0 -* 3 -2 A 10 1.1 4 -A 102-1 1 0 3 -? 1 0 2 -9 1-1 1 -A 1,.ft 2 -1 ? -? 2 -5 2 -4 1 -8 0 -6 2 -4 l-* 4 . 1 -5 1 -4 2,»2 2 -5 2 -7 3 -0 3 -0 2 -7 2 -2 3 -9 5 .5 2 -8 4 1 .6 1 .5 2 .2 2 .5 2 .6 2 .9 2 .9 2 .7 2*2 3 .4 3 .9 10 3 -5 104*9 2*3 105*5 3 -8 4 1 .4 1 .3 1.»9 2 .2 2 .2 2 .5 2 .4 2 -1 1 .6 2 .3 2 .3 0 .8 -0 .8 4 -6 4 1 .2 1 .1 1 -7 1 .9 1 .9 2 .1 1 .9 1 .6 1 .2 1 .6 1 .4 0 .1 -0 .9 -1 * 1 1—65 1*2 . lu ll 1 ■.6 1 .8 1 .8 2 .0 1 .8 1 .6 1 .2 1 .5 1*4 0 .4 -0 .3 0*0 1*1 105*3 105*0 1 0 5 .3 2 -6 5 _1*2 L .1 1 .6 1 .7 1 .7 1 .9 1 .7 1 .5 1 .1 1*4 1 .3 0 .5 0 .0 0*3 1*0 0 .8 3 -8 5 — 1*2 1 .1 1..6 L .7 1 .7 1 .8 1 .7 1 .5 1 .2 1 .4 1*3 0 .6 0*3 0*6 1*1 1.1 1*5 * -6 5 0 .9 _ if Z 1 .3 1 .3 1 .4 1 .2 1 .0 0*7 0*9 0*7 0 .0 -0 * 4 -0 * 3 -o .l -0 .5 -1 * 1 -3 * 7 1 -6 6 1 .0 0 .3 0*0 0*1 0*4 0*2 0*0 -0 * 8 2*3 1 -8 4 2 -8 4 3 -8 4 4 -8 4 1-85 2 -8 5 3 -8 5 4 -8 5 . 2-8 1 3 -8 1 l i r3 L r4 1 ,4 1 .5 1 .3 1*1 0*8 1 .0 0*9 4 -8 1 1 -8 2 2 -8 2 3 -8 2 4 -8 2 1 -8 3 2 -8 3 3 -8 3 4 -8 3 1 0 5 .5 1 0 5 .9 1 0 4 .9 1 0 5 .5P I N I T I A L QUARTER P - PRELIMINARY PREPARED BY FEDERAL RESERVE BANK OF S T . LO UIS APRIL 2 8 , 1986 1 0 PRODUCTIVITY, COMPENSATION, R A T I O SCALE 1 9 7 7 -1 0 0 AND LABOR COSTS RATIO SEASONALLY ADJUSTED SOURCE: P E R C EN TA CE S ARE AMMIML R A TES Of LA TEST »A TA P L O T T E I, IS T CHANGE P M PEA 1005 U .S . 0EPARTMCN7 SCALE 1 9 7 7 -1 0 0 O f LABOft IM O IC A T E O . O tA R T E R PR ELIM IN A R Y PR EP ARE» I Y fW M A L RESERVE I A M Of S T. 1 0 * IS U N I T LABOR COSTS# BUS IN ES S SECTOR _________________________________________________________________ rrmprmNDFD an n uai ratfs of c h a n g e _________________________ ______________________________________ TP PUT MAI______________________________ ____________________________________IN IT IA L QUARTER__________________________________________ _______________________I9 7 7 «1 0 0 QUARTER 2=A1___3 -f ll___4 -8 1 ___lnfi2___2 -8 2 3 -a i 3 -8 2 __ 4 -6 2 1 -8 3 7 -0 2 -8 3 3 -8 3 4-6 3 ___1 -8 4 2 -8 4 3 -8 4 4 -8 4 1 -6 5 __ 2~6?___3 -6 5 __ 4 -8 5 1 43.5 4 -6 1 9 -6 12-2 1—62 1 0.0 1 1.6 1 1.0 1 47.7 2 -62 a -a 9 -4 a -o 5 -1 3-fi7 ft- 4 a -a 7 -7 6 -0 6 -9 1 51 .6 1 53.5 4 -62 7 .2 7 .2 6 .0 4 .4 4 .1 1 .3 1 -63 6 -2 6 -0 4 -8 3 -4 2 .8 0 .8 0 -3 2 -83 5 -1 4 -8 3 .7 2 -3 1 .6 -0 .2 -0 .9 -2 .0 156 .6 156 .7 155 .9 3 -6 3 4 .9 4 .6 3 .6 2 .4 1 .8 0 .6 0 .3 0 .4 2 .9 4 -6 3 4 -7 4.5 3 .5 2 .5 2 .1 1 .1 1 .1 1 .4 3 .1 3.4 1 -6 4 4 .3 4 .0 3 .2 2 .2 1.8 1 .0 0 .9 1.1 2 .1 1.8 0 .3 1 57 .0 156*3 1 5 8 .4 2 -6 4 4 -0 3 .7 2 .9 2 .1 1 .7 0 .9 0 .9 1 .0 1.8 1 .4 0 .5 0 .8 3 -6 4 4 .1 3 .8 3 .1 2 .3 2 .0 1 -4 1 .5 1.7 2 -4 2.3 1 .9 2 .8 4 .9 4 -6 4 4 -1 3 .9 3 -2 2 -5 2 -3 1 -7 l-a 2 .0 2 -7 2.7 2 -5 3 -3 4 .6 4 .3 1 5 8 .7 160 .6 162-3 1 -6 5 4 -1 3 -9 3- ? ?-*> 2 .4 1 -9 2 -Û 2 -2 2 -9 2-9 2 -8 3 .4 4 .3 4 .0 3 .7 ? —65 4 -0 3 -8 3 -3 2 -7 2 -5 2 -1 2 -2 2 -4 2 -9 3.0 2 -9 3 .4 4 .1 3 .8 3 .6 3 -5 2-65 3 .9 3- fl 3 .8 3 .5 3 .1 4 .3 5*0 7 .4 3*2 3^4 -0 .5 3 -8 5 4-6 5 163 - 4 .1 4 .0 3 .5 3 .0 2 .8 2 .5 2* 6 2 .9 3 .4 3 .4 3 .4 3 .9 4t.2_ 4 *? 1 -6 6 3 .9 3 .7 3 .2 2 .8 2 .6 2 .3 2 .4 2 .6 3 .0 3 .0 3 .0 3 .3 3 .7 3 .5 3 .3 3 .2 2-8 1 3 -81 4 -81 1-82 2 -8 2 3-62 4 -6 2 1 -63 2 -6 3 3-83 4 -8 3 1-84 2 -8 4 3 -84 4 -8 4 1-65 2 .7 «0 I 4 -6 5 4 .4 166 .3 1 6 9 .3 1 6 9 . IP I N I T I A L QUARTER P - PRELIMINARY 11 ft 165.2 PREPARED BY FEDERAL RESERVE BANK OF S T . LOUIS APRIL 28» 1986 GROSS NATIONAL PROOUCT IN CURRENT DOLLARS ____COMPOUNDED ANNUAL RATES OF CHANfc* B IL L IO N S OF J E m n u L _____________________________________________________________- ____m r r i A L q u m t « _____________ ___________________________________________________ d o l l a r s QUARTER ANNUAL RATES 4 -6 3 4 -6 2 3 -6 2 1-8 3 2 -6 3 3 -6 3 2 -8 1 3 -6 1 4 -6 1 1 -6 2 2 -8 2 1 -6 4 2 -6 5 3 -6 5 1 -6 5 4 -6 5 2 -6 4 3 -6 4 4—64 3 -6 1 11 .3 4 -6 1 6 .5 1 .9 1 -6 2 4*2 0*6 -0 * 2 2 .6 2 .9 3 .0 9 9 .6 4 .7 4 .3 4 -6 2 4*3 1 -6 3 4 .7 3 .6 2 -6 3 5 .6 3 -6 3 6 .0 4 -6 3 6 .5 2 .6 3 .1 5 9 .5 4 .3 2 .5 4*3 3*4 4*2 3 .9 5 .0 4 .6 5 .7 7 .2 4 .6 5 .3 6 .4 6 .5 7 .9 9 .7 12*3 5 .3 5 .8 6 .8 7 .0 8*1 9*4 10 .6 6 .5 7 .5 7 .8 8 .9 1 0 .0 11 .0 3 .1 7 9 .4 3 .2 1 2 .5 3 .2 6 8 .7 3 .3 6 5 .1 8*9 ? > 2 -6 ? 3 -6 2 3 .1 1 4 .4 3 .1 1 2 .6 3 .4 3 7 .5 11*8 3 .5 3 5 .0 1 -6 4 7 .4 7 .1 7*7 8 .7 9 .0 10*2 11*4 12*5 12 .5 14*4 17*0 2 -6 4 7 .6 7 .3 7 .8 8*7 9 .1 1 0 .0 11*0 11 .6 1 1 .7 12*6 13*0 9*1 3 .6 7 6 .5 3 -6 4 7 .5 7 .1 7 .6 8 .4 8 .7 9*5 10*3 10*6 10.5 1 0 .9 10*6 7 .5 6 .0 4 -6 4 7 .2 6 .9 7 .3 8 .1 6 .3 8*9 9*5 9*8 9 .4 9*5 9*0 6 .4 5 .1 8 .1 8 .7 9 .2 9 .5 9 .1 9*1 8 .6 6*6 5 .7 5 .6 6 .9 7 .7 7 .8 8 .3 8*7 8*9 8 .5 8 .4 7 .9 6 .1 5 .4 5 .2 5*7 4 .5 7 .6 7 .7 8 .1 8 .5 8*6 8 .2 8 .1 7 .6 6*1 5 .5 5 .4 5 .7 5 .1 5 .8 3 .7 5 7 .5 3 ,8 1 2 .2 3 .8 5 2 .5 4*3 1 -6 5 7 .2 6 .9 7 .3 2 -6 5 7 .0 6 .8 7 .1 3 -6 5 7 .0 6 .7 4 -6 5 6 .8 6*6 6*8 7*3 7 .4 7 .6 8 .1 6 .2 7*8 7*7 7*2 5*8 5 .3 5 .2 5 .4 4 .9 5 .0 4 .3 1 -6 6 6 .8 6*5 6*8 7*2 7*3^ 7*7 7 .9 8*0 7*6 7 .5 7*Q 5*8 5 .4 5 .3 5 .4 5 .1 5 .3 5 .0 5 .8 2 -8 1 3 -6 1 4 -6 1 1 -6 2 3 -6 2 4 -6 2 1-63 2-6 3 3 -6 3 4 -6 3 1 -8 4 2 -8 4 3 -8 4 4 -6 4 1-65 2 -6 5 3 -6 5 4 -6 5 2 -6 2 3 .9 1 7 * 5 3 .9 6 0 * 6 4 .0 1 6 .9 4 * 0 5 9 .3 4 .1 1 6 .7 P I N I T I A L QUARTER P - PRELIMINARY CROSS NATIONAL PROOUCT IN 1982 DOLLARS _________________________________________________________________ COMPOUNDED AtflUAL RATES O f CHANGE__________________________________________________________________ B ILLIO N S OF TERMINAL__________ __________________ ______________________________________IN IT IA L QUARTER_________________________________________________________________DOLLARS____ QUARTER ANNUAL RATES __________2=A1___________±=fiJ___ LrA 2___2=*2___3 -6 2 4-6 2 ___I=fi3__ 2-6 3 3 -6 3 __ 4 -6 3 1 -6 4 2 -6 4 3 -8 4 4 -6 4 ___IrflS __ 2=45__ l= fi5 __ 4 -fl5 _______________ 3—6 1 1 .6 _______________________________________________________________________________________________________________________________________ _____________3 »264*6 A.-A1 -1 «9 1 -6 2 -3 -3 —5 .9 2 -* 2 —2 -2 -2 .4 1 .2 3 -« 2 - 2 -4 -2 .7 -1 .0 -3 .2 4 -6 2 -1 .9 -1 .9 -0 .5 -1 .3 -1 -1 -0 .7 0 .6 0 .4 -0 .1 0 .6 2 .2 2 .5 4 .5 6 .4 2 -6 3 0 .1 -5 .5 3 .2 1 9 * 0 3 .1 7 0 .4 3 .1 T 9 .9 3 .1 5 4 .5 3 .1 5 9 .3 0 .6 4 .0 3 .1 9 0 .6 8 .9 3 .2 5 9 .3 3 -6 3 A .6 1 .3 2 .6 2 .6 4 .4 5 .7 6*5 4 .3 4 -A * 1 -3 1 .3 2 .1 3 .3 3 .7 5 .1 6 .3 7 .0 6 .1 6 .0 3 .2 9 3 .4 1-414 2 .2 2 .2 3 .1 4 .3 4 .6 6 .1 7 .3 6 .1 7 .9 9 .7 3 .3 5 7 .2 1 1 .4 3 .4 4 9 .4 7 -6 4 2 .4 2 .5 3 .3 4 .4 4 .A 6 .9 7 .5 7 .2 8 .1 6 .2 5 .1 ■*-*4 2*4 2 .4 3 .2 4 .2 4 .5 5 .5 6 .2 6 .6 6 .1 6 .6 6 .1 3 .6 2 .1 4 -A 4 2 .3 2 .3 3 .0 3 .6 4 .1 4 .9 5 .5 5 .7 5 .2 5 .4 4 .7 2 .6 1 .3 0 .6 3 * 4 9 2 .6 3 .5 1 0 .4 3 .5 1 5 .6 1 2 .4 2 .4 3.A 3 .6 4 .1 6 .8 5 .3 5 .4 5 .0 5 .1 4 .5 2 .9 2 .1 2 .1 3 .7 2 -A 5 2 .3 2 .3 2 .9 3 .6 3 .6 4 .5 4 .9 5 .0 4 .5 4 .5 3 .9 2 .5 1 .9 1 .6 2 .4 1*1 3 -6 5 2 .3 2 .4 2 .9 3 .6 3 .6 4 .3 4 .7 4 .8 4 .3 4 .3 3 .8 2*6 2 .1 2*1 2*6 2*1 3*0 4 -6 5 2 .2 2 .6 3 .4 3 .5 4 .1 4 .4 4 .4 4*0 3*9 3*4 2 .3 1 .9 1*6 2*1 lr * 1*9 0 .7 1—66 2 .3 2 .3 2 .8 3 .4 3 .5 4*iL 4 .3 . 4 ^ 3#* _3*A 3 .4 _ 2 . 4 2 .1 2 ,1 2 ,4 2*£ 2 ») 2 .0 3*2 2 -6 1 3 -6 1 4 -6 1 1—62 2 -6 2 1 -6 3 2 -8 3 3 -6 3 2 -6 4 3 -6 4 4 -6 4 1-65 2 -6 5 3 -6 5 4 -6 5 3 -6 2 4 -6 2 4 -6 3 1 -6 4 3 .5 4 7 .6 3 .5 5 7 .4 3*564*1 3 .5 9 0 .8 3 .6 1 9 .2 P IN I T IA L QUARTER P - PRELIMINARY RRERARfD BY FEDERAL RESERVE BANK OF S T . LO U IS APRIL 1 7 . 1966 12 GROSS N A T I O N A L R A T I O SCALE T R I L L I O N S OF PR O D U C T R A T I O SCALE T R I L L I O N S OF D O L L A R S 4 .6 QUARTERLY T OT AL S AT ANNUAL R A T E S DOLLARS S E ASONA L L Y ADJ US TED 4. 4 4. 2 4. 0 3.8 3.6 3. 4 3. 2 3.0 2.8 1 0 9 8 7 6 5 4 3 3.2 3.1 3.0 2.9 2.8 2.7 1978 1979 1980 1981 1982 1983 SOURCE: PERCENTAGES ARE ANNUAL RATES OF CHAN6E FOR PERIODS LATEST DATA PLOTTEDt 1984 U.S. 1985 1986 DEPARTMENT OF COMMERCE INDICATED. 1ST QUARTER P R E L I M I N A R Y PREPARED BY FEDERAL RESERVE BANK OF S T . 13 LOUIS GENERAL RATIO PRICE INDEX* SCALE RATIO 1982-100 SCALE 1982-100 1978 1979 1980 1981 1982 1983 1984 1985 1986 •AS USED in NATIONAL INCOME ACCOUNTS SOURCEt U.S. DEPARTMENT OP COMMERCE PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIODS INDICATED. LATEST DATA PlOTTEDt 1ST OUARTER PRELIMINARY PREPARED IY FEDERAL RESERVE BANK OF ST. LOUIS IM P L IC IT PRICE DEFLATOR FOR CROSS NATIONAL PRODUCT _____________________________ ____________________________________COMPOUNDED RATES OF CHANGE__________________________________________________________________ TERMINAL____________________________________________________ ______________ IN IT IA L QUARTER________________________________________________________________ 19C2 « 100 QUARTER 2 -8 1 ^ -8 1 9 .4 4 -A 1 8 -8 3 —81 4—81 1 -8 2 2 -8 2 3 -8 3 4 -8 3 1 -8 4 2 -8 4 3 -8 4 4 -8 4 i-e s 2 -8 5 3 -8 5 4 -8 5 9 8 .2 7 .8 7 .1 5 .9 6 -4 5 .4 6 -2 5 -5 5 -4 5 -a 5 .7 5 .1 4 .8 4 .7 ft 2 -8 3 9 6 .8 7 -1 6 -3 1-83 8 -3 1 -8 2 A. 4 -8 2 9 4 .9 2 -8 ? 4 -8 2 3—82 9 9 .4 5 .0 10 0.8 1 0 1.7 3 .6 1 0 2 .4 1 -8 5 5 -8 5 .2 4 -6 4 .3 4 -0 3 .2 2 .8 2 -8 3 5 -5 4 .9 4 .4 4 .1 3 .8 3 .2 3 .0 3 .2 3 -8 3 5 »4 4 .9 4 .4 4 .2 4 .0 3 .6 3 .6 3 .9 4—83 5 -2 4 .7 4 .3 4 .1 3 .9 3 .6 3 .5 3 .8 1 -8 4 5 -2 4 .8 4 -4 4 .2 4 .1 3 .8 3 .8 4 .1 4 .4 4 .3 5 .0 2 -8 4 5 -1 4 .7 4 -3 4 .1 4 .0 3 .8 3 .8 4 .0 4 .3 4 .1 4 .4 3 .8 3 -8 4 5 -0 4 -6 4 .3 4 .1 4 .0 3 .8 3 .8 4 .0 4 .2 4 .0 4 .2 3 .8 3 .8 4 -8 4 4 -9 4 .5 4 .2 4 -1 4 .0 3 .8 3 .8 4 .0 4 .1 4 .0 4 .1 3 .8 3 .8 3 .7 1 -8 5 4 -7 4 -4 4 -1 4 -0 3 -9 3 .7 3 .7 3 .8 _ 3 .9 3 .8 3 .9 3 .6 3 .5 3 .3 3 .0 2 -8 5 4 -6 4 -3 4 -1 3 .9 3 .8 3 .7 3 .7 3 .8 3 .9 3 .7 3 .8 3 .5 3 .4 3 .3 3 .1 3 .3 103*2 1 0 4 .4 4 .7 3 .5 1 0 5 .3 1 0 6 .6 1 0 7 .6 1 0 8.6 1 09 .6 1 1 0 .4 U l t ? 4 -5 4 -3 4 .0 3 .9 3 .8 3 .6 3 .6 3 .7 3 .7 3 .6 3 .6 3 .4 3 .3 3 .2 3 .1 3 .1 2 .9 4 .5 4 .2 3 .9 3 .8 3 .7 3 .6 3 .6 3 .6 3 .7 3 .6 3 .6 3 .4 3 .3 3 .2 3 .1 3 .2 3 .1 3 .3 1 -8 6 4.4 ^ 4 .1 3 .9 3 .7 3 .6 3 .5 3 .5 3 .6 3 .6 3 .5 3 .5 3 .3 3 .2 3 .1 3 .0 3 .0 2 .9 2 .9 2 .5 3 -8 1 4 -8 1 1 -8 2 2 -8 2 3 -8 2 4 -8 2 2 -8 3 3 -8 3 4 -8 3 1 -8 4 2 -8 4 3 -8 4 4 -8 4 1-85 2 -8 5 3-8 5 4 -8 5 1 2 -8 1 CD 3 -8 5 4 -8 5 IN ITIA L H 2 t i 1 1 3 .0 1 1 3 . TP QUARTER P - PRELIMINARY PREPARED BY FEDERAL RESERVE BANK OF S T . LOUIS APRIL 17*1986 14 ..... PERSONAL CONSUMPTION EXPENDITURES IN CURRENT DOLLARS -------------------------------- r o N f r n u M n g Q ann h ai d it I N IT IA I QUARTER ----------------------2eA_i— py r u A t ^ ë ___________________ B IL L IO N S OF ___ » APS________ ANNUAL RATES 4 -6 5 1-&2___2- a?__ y=ñ2— a - « ? — L=aa— 2 -6 3 — 3-65 i -h a ?-ft4 4- « 4 3 -* 4 1-65 ? -6 5 v -« 0 -7 -M l 4*81 — A=aj— » s Q IIA »T P P . 1 ^0 4 0 -9 A 4 .0 1 .9 6 0 .2 1 t A2 7 -1 5-ft T .6 2»6 2 4 -7 * .7 6 .A 5 .A 7 ,? 7 1 1 .9 9 6 .3 2 .0 2 3 .8 3 -9 2 7*1 4 —ft 7 7 -4 7 .2 ft .0 ft 1 9 .4 7 .* 4 .0 7 5 7 5 ft 1 7 ,9 5 .6 ft-rt 7 -7 ft , A ft .5 9 .2 9..4 9 .0 12 .5 ft-rt 7-ft ft.,5 A..5 9..0 9..2 ft..A 10^4 A.,4 _4idS3 ft-1 ft-n ft,.5 ft.,6 9,.1 9. A..9 10..1 A.i9 9 -4 1 -A 4 A -3 ft-1 A..6 ft..7 9,.1 9..2 9,.0 9.»9 9..1 9 -4 9 -4 2 -6 4 ft-4 ft-5 A.,7 ft,.A 9. 9.,3 9. 9.»9 9,»2 9 -5 9 -4 2 f 0 4 5 -4 ft ,5 10 ,3 2 .1 1 7 .0 2 .1 4 6 .0 2 .2 1 0 .1 2 .2 5 4 .9 2 .3 0 6 .3 2 .3 5 8 .6 2 .4 1 4 .4 9 ■A 3—ft 4 ft-1 7 -0 ft.,3 ft.,3 ft..6 A.,7 ft.,4 A..9 A.,2 ft-? 7 -7 6 .9 4« ,1 4 —A4 ft- O 7 - ft ft.,2 ft.>? A..5 A*,5 ft..2 A..6 A..0 7 -9 7 -5 6 .9 5 .,5 6 -9 1 -f t* 7 -0 7 - ft ft.,1 ft.,1 ft..4 A.,4 A.,1 ft..5 7.,9 7- 7 -5 7,.1 6 .,2 7 -2 7. ,4 ft 2 .4 3 9 .0 2.4 8 0 -1 2 .5 2 5 .0 ?H *5 7 - ft 7 -7 ft..n ft..0 ft.,2 ft..2 A..0 ft..2 7.,7 7 -4 7 -5 6 .9 6 . ,2 4 -0 6. .A 4 -2 5^A5 7 - ft 7 -4 7 . .9 7 . .9 A.>1 A.,1 7. ,9 ft.,1 7..6 7 -5 7 -2 6 .9 6 . ,3 4 -0 6. .ft 4 -5 4- 4 -ft5 7 -4 7 -5 7 .,7 7..7 7..A 7..A 7.>6 7.»7 7.,3 7 .2 6 .9 6i .5 6a,0 6,,2 5 .8 5 .7 4 .5 1 —ft A 7 .5 7.1 7«.5 7..5 7..7 7. .4 7..4 7..6 7.. 1 7 .0 6 .7 6 .4 , 5 .,9 6 .2 6. .1 5 .8 5 .6 5 .0 5 .5 2 -8 1 3 -6 1 4 -6 1 1-8 2 2 -8 2 3—82 4 -8 2 1-8 3 2 -8 3 3 -8 3 4 -8 3 1-134 2 -8 4 3 -8 4 4 -8 4 1 -8 5 2 -6 5 3 -6 5 4 -8 5 IN ITIA L 2 .5 6 3 .3 ft 2 . 6 0 6 -1 2 .6 3 4 .8 2 .6 7 0 .6 P QUARTER PRELIMINARY PERSONAL CONSUMPTION EXPENDITURES IN 1982 DOLLARS ___________ COMPOUNDED ANNUAL RATES OF CHANGE___________ B IL L IO N S OF jANNUAL QUARTER 2— 61 3-6 1 5 -6 1 1 -ft 4 -6 1 -0 .2 -2 .2 1 -6 2 0 .6 0 .0 4 -6 1 1 -6 2 2 -6 ? 5 -6 2 4—6? 1-6 3 2 -6 3 3 -6 3 4 -6 3 1 -6 4 2 - ft4 4 -6 4 3 -6 4 1-65 2 -6 5 3 -6 5 RATES 4 -6 5 2 .0 3 1 .5 o o Csl o «I 2 .2 2 .0 3 1 * 2 2 -6 2 0 -9 0 -4 2 -1 1 -9 3—62 1 .2 1 .0 2 -1 2 -0 2 -1 2 .0 4 1 .0 4 -6 2 1 .8 1 .9 2 .9 3 .1 3 .7 5 .3 2 .0 5 1 .8 2 .0 7 8 .7 1 -6 3 2*1 2 .1 3 .0 3 -2 3 .6 4 .4 3 .4 2 -6 3 2 .8 2 .9 3 .8 4 .2 4 .7 5 .6 5 .7 8 .0 3 -6 3 3 .0 3 .2 4 .0 4 .2 4 .7 5 .4 5 .4 6 .3 4 -6 3 3 .2 3 .4 4 .1 4 .3 4 .7 5 .3 5 .3 5 .9 4 .8 5 .0 1 -6 4 3 .3 3 .4 4 .1 4 .3 4 .7 5 .1 5 .1 5 .5 4 .6 4 .6 4 .2 2 -6 4 3 .5 3 .7 4 .3 4 .5 4 .8 5 .2 5 .2 5 .6 5 .0 5 .0 5 .1 5 .9 3 -6 4 3 .2 3 .4 3 .9 4 .1 4 .3 4. 6 4 .5 4 .6 4 .0 3 .8 3 .4 3 .0 0 .1 4 -6 4 3 .3 3 .4 3 .8 4 .0 4 .2 4 .4 4 .3 4 .4 3 .9 3 .7 3 .4 3 .1 1 .7 3 .4 1 -6 5 3 -4 5 -5 5 -0 4 .1 4 -3 4 -5 4 -4 4 -5 4 -0 3 -9 3 .7 3 .5 2 .7 4 .1 4 .8 > -6 5 3 -5 5 -4 5- 3 -0 4 -1 4 -5 4 -2 4 -5 3 -6 3 .7 3 .5 3 .3 2 .7 3 .6 3 .7 2 .6 ft 2 . 0 9 6 .4 2 .1 3 7 .2 4 .7 2 .1 6 1 .8 ft 2 .1 8 8 .1 2 .2 1 0 .9 2 * 2 4 3 .0 2 .2 4 3 .4 2 * 2 6 2 .0 2 .2 8 6 .6 2 .3 0 3 .5 3 -6 5 5 -4 5 -5 5 -0 4 -0 4 -2 4 .5 4 .2 4 .3 3 .9 3. 3 .6 3 .5 3 .1 3 .8 4 .0 3 .6 4 .6 4 -6 5 5 -2 5 -5 3 -4 3 .7 3 -0 4 .0 3 .9 3 .9 3 .5 3 .4 3 .2 3 .1 2 .6 3 .1 3 .0 2 .4 2 .3 0 .1 1 -6 4 3 .3 3 .3 3 .7 3 .8 3 .9 4 .0 3 .9 4 .0 3 .6 3 .5 3 .3 3 .2 2 .8 3 .3 3 .3 2 .9 3 .0 2 .2 4 .3 2 -8 1 3 -8 1 4 -8 1 1 -6 2 2 -8 2 3 -8 2 4 -8 2 1-8 3 2 -8 3 3 -8 3 4 -8 3 1 -8 4 2 -8 4 3 -8 4 4 -8 4 1 -8 5 2 -8 5 3 -8 5 4 -8 5 2 .3 2 9 .6 2 .3 3 0 .4 2 . 3 5 4 . 8P I N I T I A L QUARTER PRELIMINARY PREPARED BY FEDERAL RESERVE BANK OF S T . LO UIS APRIL I T . 1986 15 QUARTER ? -ftl ------- M l M l 1-ft? 5 -4 1 A -A 1 i-f t ? ?-^a ? CROSS PRIVATE DOMESTIC INVESTMENT IN CURRENT DOLLARS -----------------------r.i w n iM n f n >>— i n í a t f s h f c h a n gf _____ ___________________________________________________________ B ILLIO N S OF TMTTT ai m i i * m nm i ANNUAL RATES 4-ft? 1—*5 ?-ft3 1.A Á 5 -A * 4 -A 3 5—ft5 4 -A 5 5—A4 4—A4 1—A5 ?—*5 l T rA 555 . 9 - ? 1 r* -U -? -? 4 .5 5 0 4 .0 -5 0 . »9 -------- 2*62 i-9 .2 - 1 6 . 6 - -1 5 , .ft — 3*62 « 9 . 9 - 1 5 . 4 -1 3 ,,5 4 —ft? 0 -4 3 ■ 1 0 .4 — 1 4 .5 - 1?, ,7 -5 .1 3 -* * 4 4 7 .fi 4 5 2 .2 a ,7 4 0 9 .6 -1 7 .>0 - 11.,7 1 5 .9 4 2 5 .0 4 . .7 3.>4 Q.,4 3 9 .5 4 7 . ft 1,,9 ft..ft 9,.0 I S .,3 5 7 .9 «1 .4 54. 5 ft. 4 6 3 .7 ft 5?1 . ? ft 7 ,, 1 14i.0 1*i, 1 21 - 4 41 .A 5 0 .5 4? .A 1?, >4 1« ' »7 ? l . .4 ?ft-,5 4 4 .5 5 5 .0 5 1 .ft 50.11 l> . ,3 1ft., 5 ?ft..0 ? 5 . ,s 5 9 .5 4 4 .« 5 0 .? 4 0 .7 1ft.,7 >5.,5 5 4 .* 5 7 .0 5 ? .5 5?. 5 »* ft.7 -7 , - 7 , ,7 -1 -A i— f f 7 ,>4 -3 ,► 7 -1 7 ..7 - 1 9 . 5 - 1ft,»7 -1 4 . *7 -7 3 ..3 - 5 ? . ,7 -1 4 .? 2 «6 3 4 5 9 .5 ft 5 7 7 .4 4 0 .? 45ft. ft 5 5 .0 9,,1 ?4. ? 9, »0 o. k0 17.1 3.»5 0 .»9 —4 .4 10 .9 - 0 . .7 —3.,1 -6 .4 —1 0 .4 -2 .9 -1 .0 4 7 5 .5 * r7 I ? -.n 17.,5 ft-1 7 .4 i n .,3 I V .1 IS ,.9 19..4 2 6 .5 3 0 -4 2 5 .0 2 5 .2 1 -A 5 4 .7 4. ft.,5 17..7 13..7 1 4 -? 7 5 .4 2 4 .4 1 9 .2 14. ? -A 5 4^0 4 -5 ft..4 17.,4 17.»9 I S .,5 7 2 .0 2? .4 1 7 .9 1 5 .7 10 .7 1..7 - 0 .,1 4*? 5^4 7,.7 l i .7 11,.5 13. ft 1 9 .5 19 .7 15 .3 1 5 .0 6 .5 0 .,7 - 0 ..9 -3 .2 - 2 .0 ? .4 -3 .9 4 -A 5 4 .4 5 .« T ..A l i . .0 11..3 n . ,4 1 6 .4 16 .7 14 .4 1 2 .4 6 .4 1,.9 Oi,7 - 0 .6 0 .7 4 .7 2 .4 9 .1 1 -A A 4 .9 4 .4 ft..3 11.>4 11.»7 13-.7 1 6 .3 16.5 1 4 .9 1 3 .0 9 .5 3«.7 2.»9 1 .9 3 .7 7 .7 7 .0 1 3 .0 1 7 .0 2 -8 1 3—61 4 -6 1 1 -6 2 2 -6 2 3 -6 2 4 -6 2 1 -6 3 2 -6 3 3 -6 3 4 -6 3 1 -6 4 2 -6 4 3 -6 4 4—64 1 -6 5 2 -6 5 3 -6 5 4 -6 5 5 -# 4 ft ft 4ft7.9 4 7 4 .2 4 5 7 .4 9 -4 4 7 ? .ft 4 4 4 .1 4 6 0 .7 70ft. OP I N I T I A L QUARTER P - PRELIM INARY GROSS PRIVATE DOMESTIC INVESTMENT IN 1962 DOLLARS __________ COMPOUNDED AMMIIAt » ATES OF CHANGE___________ TFRMTtiAl QUARTER 2 -6 1 5—ft 1 B ILL IO N S OF DOLLARS ANNUAL RATES I N I T I A L QUARTER 3 -6 1 4 -6 1 1-6 2 2 -6 2 3 -6 2 4 -6 2 1 -6 3 2 -6 3 3 -6 3 4 -6 3 1 -6 4 2 -6 4 4 -6 4 1-6 5 2 -6 5 3 -6 5 4—65 5 4 0 .7 7 .1 4 -A 1 - -11 .7 - 2 7 . 2 1 -6 2 -2 0 .5 2 -6 2 - -1 5 .2 —2 1 .5 - 1 6 . 5 2 .9 3 -6 2 - -1 5 .2 - 2 0 . 0 - 1 7 . 4 -4 .4 -1 5 .2 4 -6 2 - -1 6 .1 - 2 2 . 3 -2 1 . 1 -1 5 .6 -2 3 .5 5 1 7 .9 1—115 - -1 4 .1 - 1 7 . 2 4 4 4 .2 -3 1 .5 -3 5 .5 4 4 7 .5 4 4 8 .4 -3 1 .0 -1 2 .4 -1 1 .3 408*8 -1 5 .0 -9 .0 2 -6 3 —5 .ft -7 .5 -3 .6 4 .3 4 .4 1 2 .2 4 3 .1 7 9 .4 3 -6 3 -2 .0 -3 .1 0 .9 6 .7 9 .9 1 7 .3 4 0 .1 5 5 -2 1 4 .1 4 2 2 .5 4 8 9 .0 5 2 4 .3 3 4 .2 4 -8 3 1 .6 1 .2 5 .5 1 3 .1 1 4 .9 2 2 .1 4 0 .9 5 1 .1 3 6 .7 4 3 .4 1 -6 4 4 .1 6 .0 1 0 .5 1 6 .2 2 0 .4 2 7 .9 4 4 .7 5 3 .4 4 5 .9 5 2 .1 4 1 .3 2 -6 4 6 .3 4 .5 1 0 .4 1 7 .2 1 9 .1 2 5 .0 3 6 .0 4 3 -4 3 5 .4 3 4 .0 3 2 .5 8 .8 2 2 .5 3 3 .0 3 4 .4 2 9 .2 2 7 .9 2 3 .2 7 .4 4 .4 3 -6 4 3 -6 4 4 .4 6 .3 1 0 .0 1 4 .0 1 7 .4 5 7 5 .9 4 4 9 .0 4 4 2 .9 4 7 3 .3 4 -6 4 5 .3 5 .1 6 .4 1 3 .4 1 4 .8 1 6 .7 2 7 .1 2 9 .0 2 2 .1 1 9 .8 1 4 .4 2 .2 -0 .9 -7 .7 1 -6 5 4 .0 3 .6 6 .7 1 1 .3 1 2 .1 1 5 .2 2 2 .0 2 3 .0 1 4 .4 1 3 .9 a .a -1 .4 -4 .7 -9 .8 -1 1 .7 4 5 9 .9 2 -6 5 4 .4 4 .5 7 .0 1 1 .2 1 1 .9 1 4 .8 2 0 .8 2 1 .4 1 5 .8 1 3 .4 9 .0 0 .8 -1 .1 -3 .5 -1 .3 4 3 9 .4 1 0 .4 4 5 5 .4 3 -6 5 3 .6 3 .4 4 .0 9 .0 1 0 .4 1 2 .0 1 8 .0 1 8 .4 1 3 .1 1 0 .7 4*7 -0 .4 -2 .2 -4 .2 -3 .0 1 .7 -4 .3 4 -6 5 3 .9 3 .6 4 .1 9 .4 1 0 .1 1 2 .4 17 .1 1 7 .3 1 2 .4 1 0 .3 4 .7 0 .4 -0 .7 -2 .1 -0 .4 3 .4 0 .0 6 .8 4 4 5 .0 1—64 4 .4 4 .2 4 .4 9 .8 1 0 .3 1 2 .4 1 4 .7 1 4 .9 1 2 .4 1 0 .5 7 .3 2 .0 1 .0 0 .1 1 .8 5 .5 3 .9 9*5 1 2 .2 2 -8 1 3 -6 1 4 -6 1 1 -6 2 2 -6 2 3 -4 2 4 -6 2 1 -6 3 2 -6 3 3 -6 3 4 -6 3 1 -6 4 2 -6 4 3 -6 4 4 -6 4 1 -6 5 2 -6 5 3 -6 5 4 -6 5 4 5 5 .7 4 7 4 .8 P I N I T I A L QUARTER P - PRELIMINARY PREPARED BY FEDERAL RESERVE BANK OF ST* LO UIS A PR IL IT * 1 9 «6 16 GOVERNMENT PURCHASES OF GOOOS ANO SERVICES IN CURRENT OOtLARS ------------------------------- CQ M PfM M fffn ANNUAI R ATF3 Cm CHANGE_____________________________________________________________________________ B IL L IO N S OF ____ x j - M m .. . -IN I U A L OUARTFR i d o llar s QUARTER ANNUAL RATES 3 —A 1 2- A 1 4-8 1 .1 -8 ? 2 -8 2 3- A 7 4-82 1 —A3 2-83 in .7 3—A 3 4 —A 3 1—A4 7—A4 3 -8 4 4 -8 4 1-8 5 2 -8 5 3—85_ 4 -8 5 5 9 1 -9 4 -8 1 I3 .n IS . 3 1- A 7 1 0 .A 1 0 -5 5 -9 ? -* ? a ta 7.7 4.1 2.3 M ? 9 rA 9.3 7r4 A .? 14-4 A -A 2 1f t . 7 10 - 7 9.5 10- A 15-3 l -#3 AtA A. 5 7 .? 7.A 4.4 7- 7-A 3 A. 1 7.7 A. 5 A .A 7-7 5 -5 6 1 3 .3 6 2 2 .1 625-7 647-1 671.8 16-? ft 669.3 -1 -5 f t -A 2-7 6 7 3 .8 3 -A 3 7.7 7.3 A. 7 A.7 7.0 5 -3 1 -9 3 -A 4-4 A.-A 3 6-7 A. 3 5 .? 5.1 5. A 3 -9 1 -0 1 -9 1- 4 - 1-5 1 -A A. 7.1 A. 7 5. A 5. A A. 3 5. 2-9 4-1 4-5 4- A ft 6 8 1 .1 6 7 8 .6 11-0 6 9 6 .5 ? -A 4 A .4 A. 7 7 -* 7.7 A. 4 7- A A- 2 7 -A Q .l 1 ft. 7 17.3 74-1 3 -A A. A. 3 A. 1 7-5 7. A A-2 7 .5 6 -3 7 -6 8 -6 9 -7 13-7 15-1 6 -8 A.-A A. A. 5 A.A 7- A A . A .A 7 -9 6 -9 fl- 7 9 -2 lft-1 13-2 14-0 9 -3 1 1-8 1 —A 5 A .3 A. 1 7 -A 7 -7 A-2 7 -A A- 7 7 -8 8 -5 9 -2 11-5 1 1-6 7 -7 8 -2 A. 3 A - 7. 7 -7 7 . 8 -3 7 -8 7 -0 7 -9 8 -6 9 .2 11-1 1 1-1 8 -1 8 -6 7 -0 9 .4 3 —A * g .o A .<? A .5 8 -7 9 -? fi-8 8 -1 9 -1 9 -9 10.6 12-4 12-6 1 0.5 1 1 .4 1 1 .3 14.7 2 0 .4 1 1 .6 1 1 .6 1 4.0 1 6.3 ft ft 7 3 5 .1 7 4 7 .3 7 A 8 -4 7 7 7 -2 4 -7 7 9 4 .8 4 -8 5 9 -? 9 -1 8 -7 8 .9 9 .4 9 .0 8 .5 9*4 10.1 1 0.8 12.4 1 2 .6 1 0.8 1 -A A ft . O 7 -9 7 -5 7 .6 7 .9 7 .5 6 .8 7 .6 8 .0 8 .4 9 .5 9 -4 7 .4 7 .5 6 .7 7. ¿ 6 .5 2 -8 1 3 -8 1 4 -8 1 1 -8 2 2 -8 2 3 -8 2 4 -8 2 1 -8 3 2 -8 3 3 -8 3 4 -8 3 1 -8 4 2 -8 4 3 -8 4 4 -8 4 1 -8 5 2 -8 5 8 3 2 .5 1 2 .4 8 5 7 .2 0 ..L 3 -8 5 8 3 3 . IP -1 0 .8 4 -8 5 I N I T I A L QUARTER P - PRELIMINARY GOVERNMENT PURCHASES OF GOOOS ANO S W V IC E S IN 1982 DOLLARS ______________ COMPOUNDED ANNUAL RATES OF CHANGE_____________________ TERMINAL QUARTER B IL L IO N S OF DOLLARS ANNUAL RATES IN I T I A L QUARTER 2-81___ 3 -8 J ___é=ñl___ L-B 2___2 -8 2 __ 3HL2__ 4 -6 2 ___l=fi3__ 2=fl3___3 -8 3 __ 4 -8 3 1 -8 4 2 -8 4 3 -8 4 4 -8 4 1 -8 5 2 -8 5 3 -8 5 4 -8 5 630 «2 - 2 *4 4^81 63 5.9 1 .7 1 -8 2 1 -4 —0 -8 6 3 4 .6 -0 .5 __ -0 . 1 ___-JL*9__ - 3 - 1 2 -1 4 -8 2 3 .6 1 -8 3 2-Q ____ L -4 ____2_*5_ 6 4 2 ^5 -3*Ä____ 1*JB____ i*4t____9 .9 2.Q 1 1 .4 títO t i 2 -3 ____4 ,1 2*1___-6 * 5 6 4 9 .1 2 -8 3 1*7 1 .6 1 .3 1 .7 2 .9 1 .2 -3 .6 -0 * 6 3 -8 3 1 -8 1 .7 1 .4 1 .8 2 .8 1 .4 -1 .7 0*7 2 .1 6 4 8 .2 6 5 1 .5 1 -0 0*8 0*5 0*7 1 -3 0 .0 -2 .7 -1 .4 -1 -8 -5 .6 1 .4 1*3 1*0 1*2 1 -8 0 .8 -1 .2 0*2 0 -4 -0 .4 5 .0 2 —A4 2-6 2 -6 2 -5 2 .9 3 .7 3 .0 1 .7 3 .4 4 -5 5 -3 11-2 1 7 -7 3 -8 4 2 -7 2 -7 2- A 2*9 3 .6 3 -1 1 .9 3 .4 4 -2 4 -7 8 -4 1 0 .2 3 .2 4 -8 4 3 -0 3 -0 3*0 3 .3 4 .0 3 -5 2 -5 3 -9 4 -6 5 -2 8 -1 9 -1 5 .0 6 .9 1 —A 5 2 -7 2 -7 2 -6 2 -9 3 -5 3 -0 2-1 3.2 3 -8 4 -0 6 -1 6 -4 2 .8 2 .7 4 —A 3 - ¿ 29* 7 1 -8 4 _ 6 4 2 .2 6 5 0 .1 6 7 7 .1 6 8 2 -4 6 9 3 .9 -1 .4 6 9 1 -4 2 .8 2 -8 2*£ 3 -0 3 -6 3*1 2 .3 3 -4 3 -9 4 -1 5 .9 6 .0 3 .3 3 .3 1 .6 4 .7 3—A5 3 -6 3 -7 3 -7 4 .0 4 .6 4 .3 3 .7 4 .8 5 .4 5 .8 7 .5 8 .0 6 .1 6 .9 6 .8 1 1 .2 1 8 .2 4 -8 5 3 .9 4 .0 4 .1 4 .4 4 .9 4 .7 4 .1 5 .2 5 .8 6 .2 7 .7 8 .1 6 .6 7 .3 7 .4 1 0 .6 1 3 .6 3 .1 2 -8 5 2 -8 5 1 -8 6 . 2 -8 2 .9 2 .8 3 .0 3 .5 3 .1 2 .5 3 -3 3 .7 3 .8 4 .9 4 .9 3 .2 3 .2 2 .5 3*5 2 -8 1 3 -8 1 4 -8 1 1 -8 2 2 -8 2 3 -8 2 4 -8 2 1 -8 3 2 -8 3 3 -8 3 4 -8 3 1 -8 4 2 -8 4 3 -8 4 4 -8 4 1-8 5 6 9 9 .4 7 2 9 .2 9 .2 7 4 5 .5 -3 .7 -1 5 .1 3 -8 5 7 1 5 .6P 4 -8 5 I N I T I A L QUARTER PRELIMINARY PREPARED BY FEDERAL RESERVE BANK OF S T . LO U IS APRIL 1 7 , 1986 17 DISPOSABLE PERSONAL INCOME IN CUR*ENT DOLLARS -------------------f n m m m M ih m m i* TMTTTAt -TERMINAL ía t »< n t f i y n c _____________ QÉIAJTPK QUARTER -2*4J------3*4J------4b41------LH12----- 2t8-7----- 3=42— 4=42----- 1=43— 2=43----- 1=43— 4=42----- L -4 4 — ? -8 4 3 -« 4 4^1 4 1 -« 5 > -« 5 3 -8 5 4 -4 5 -1 3 .2 2 , 1 6 2 ,0 4 rill 8 -4 4 -7 1 -4 ? 7 .1 4 -2 **-7 - ft «-ft 5 -1 A .O 5 rA 5 T4 7 ---------- 2 « 4 2 --------- » - 4 2 - -ft 2 .2 0 7 .2 2 .2 4 1 * 8 A -A 4 -7 2 .2 7 8 -4 «-7 A -ft A-ft 4 -4 7 -1 5 -A 4*3 4 .2 4*0 4 .8 -------4 - 7 5 -A A -ft A -« A -« 4 -4 4 -1 7. ,4 >1 A -A A -7 7 -1 7 -3 7 -4 7 -« 8. .9 10..5 10 ..1 11.>4 12*4 15 .0 7 -------* t A. 2 -4 3 2 .1 8 7 * 0 * TA ....... .4=4? ---------1 -4 3 2 .3 1 8 .1 4 -4 3 ___7 r7 7 -1 7 -A 7 -4 A -1 A- 4 8 -7 1=44 ft-“» 7 -8 8 -2 8*7 9*1 9*5 10*0 2 -A 4 A -1 7 -7 8 -0 3 r* 4 ft-1 7 -A 7 -9 4 r* 4 _ . . _ 7 . a 7 .4 7 .6 8*3 8*4 8*8 2 .3 4 5 * 5 4*0 2 .5 8 7 * 7 2 .4 4 7 * 9 2 .5 2 0 * 4 11 . 1?. .6 1 3.7 10..3 11.>0 1 1.2 10.5 9.»7 10.,7 1 0 .2 9 .4 4 .7 7 .3 ñé.9 9. >2 8 .9 8 .1 5 .8 5 .7 2 .4 1 0 * 2 2 *4 4 9.9 2 .4 9 4 .7 4 .1 2 .7 2 3 .8 1 -A * . — 7*4 7 .0 7 .2 7*5 7*4 7*4 7 -7 8. .1 ft..7 7 .8 4 .9 4 .9 4 .5 3 .2 2 .3 ? -A 5 7-7 7 -3 7 -« 7*8 7*4 8*0 8 *1 A. ft..6 8 .4 7 .7 4*3 4*3 4*0 7*0 12*0 7. ,1 7., 3 7 .0 4*2 4 .8 4 .5 3 .8 3 .8 4 .5 -2 .5 3 -ft5 7-1 4 -8 5 7 1-ftA B ILLIO N S OF 0™ » a n n u a l RATES 2 .7 3 9 * 2 2 .8 1 7 .7 4*7 4 -8 7*0 7*1 7*1 7*1 A -7 A -A 7 .0 7 .1 7 .1 7 .1 7. .3 7i ,3 4 .9 4 .3 5 .1 4 .9 4 .4 4 .5 5 .2 2 .0 4 .7 7 -o 4*7 4*8 7*0 7 .0 7 .1 7 .1 7.. 3 7. 6 .9 6 .3 5 .3 5 .2 4 .8 5 .0 5*7 3 .4 4 .8 4 .9 2 -8 1 3 -4 1 4 -4 1 1 -4 2 2 -4 2 3 -4 2 4 -4 2 1 -4 3 3 -4 3 4 -8 3 1 -4 4 2 -8 4 3 -4 4 4 -4 4 1 -4 5 2 -4 5 3 -4 5 4 -8 5 -ft 2 -8 3 2 .8 0 0 .2 2 * 8 4 5 .9 2 . 8 9 4 . IP I N I T I A L QUARTER PRELIMINARY DISPOSABLE PERSONAL INCOME IN 19*2 DOLLARS 2=»4I___ 3=4J___4=41___ 1=42___2-f t 2__ 3=42__ 4=42___1=43__ 2-fl3__ 3 -8 3 __ 4=43___1 -4 4 __ 2 -B 4__ 3 - 44 --------------a — n j — B IL L IO N S OF ___ ANNUAL RATES 4 -4 5 DOLLARS__ IN I T I A L QUARTER TERMINAL QUARTER » - 8 4 ___1=45__ 2=45___3 -4 5 ^ -u __ 4 -4 1 1 ,. 7 1 -4 ? o. > 6 2 -8 ? 1, ____I t . B. > T ___________ 2 .2 5 3 .7 2 .2 4 5 .7 —0*1 0 -4 ?*7 2 .2 6 0 .9 3 -8 ? 1, . 0 0 -0 0 -4 1 -4 0 -4 4 -4 2 1, 0*5 1 .0 1 .8 1 .3 2 .3 1- A 3 1 ,. 4 0 -8 1*3 7 -0 1 -8 2*5 2 .2 6 3 .4 2 .2 7 6 .1 2*7 2 .2 9 1 .3 ? -8 3 1 ,. 4 1*2 1*4 2*2 2*1 2 .7 2 .9 3 -4 5 7 , ■? 1*8 2*3 3*0 3 .0 3 .7 4 .2 4 .7 4 -8 3 7, . 7 2*5 3*0 3*7 3*8 4*5 5*1 7 .3 2 .3 0 9 .0 2 .3 4 6 .9 7 .8 2 .3 9 1 .3 2 * 4 4 6 .8 1 -8 4 2 .4 6 1 .8 2 —4 4 3, .3 3*1 3*4 4 .2 4 .3 4*9 5*4 4 .6 6 .6 4 .0 3 -4 4 3,.3 3*1 3*5 4 .1 4*2 4 .7 5 .0 5 .9 5 .7 5 .0 3*1 4 -4 4 3, .1 2*9 3*3 3*7 3*8 4*2 4 .5 5 .0 4*7 3 .9 1*8 0 .6 2 .4 4 0 .5 2 .4 4 4 .4 1 -8 5 ? ,.ft 2*7 3 -0 3*4 3 -5 3*8 3*9 4 .2 3 .8 3 .0 1 .1 0 .2 -0 .3 ? -M 3 ., ? 3 - ft 3 -4 3 -8 3 -8 4 -7 4 -4 4 .7 4 .4 3 .9 2 .9 2 .8 3 .9 4 .2 3 -8 5 7 .. 7 ? -4 7 -8 3*1 3 -? 3*4 3 -5 3 .7 3 .3 2 .4 1 .3 0 .9 1 .0 1 .7 -4 .5 4 -4 5 ?,t, 7 2*5 2 -8 3*1 3*1 3*3 3*4 3 .5 3 .2 2 .4 1 .5 1 .2 1*3 1 .9 -1 * 2 2 .3 1 -8 4 7. .a ___ 2 * 7 3 .0 3 .2 3*3 3 .5 3 .4 3 .7 3 .4 2 .9 2 .1 1 .9 2*2 2*8 1 .0 3 .9 5*6 4 -4 1 1 -4 2 2 -4 2 3 -4 2 4 -4 2 2 -8 3 3 -4 3 4 -4 3 2 -4 4 3 -4 4 4 -4 4 1 -4 5 2 -4 5 3 -4 5 4 -4 5 2 -8 1 3 -4 1 I I 2 .4 4 2 .7 2 .5 3 2 .2 2 .5 0 3 .1 2 # 5 1 7 .1 2 .5 5 1 .7 P I N I T I A L QUARTER PRELIMINARY PREPARED BY FEOERAL RESERVE BANK OF ST* LO U IS A PRIL IT * 1986 18 CORPORATE PROFITS AFTER TAXES* nnUPOÜMnFD kHNMil r a t f c n* ru in e d —H RMIMAL B ILL IO N S OF ___ DOLLARS____ ANNUAL RATES IM I T T Al (HIABTFR U tl 2 M ----- 3>c&J----- Ad-SJ------L*A2----- 2-&2----- 3=B2— 4=A2___i - f l ^ *-8 * -8 ^ 1 - 8 4 ____ ? - W 4 ____ 3 - 4 4 ____4 - & 4 ____ 1 - & 5 ____ 2 = a s ____ 3 - a s . —2 -4 1 — « 2 S .7 - A - a i— =11 a . ~1 —L- -1 4 1 .0 -3 0 .3 » 30»9 tt4 4 « A r-6A . 2 - 2 « 4 2— » 2 5 « A > 2 4 ,5 V 1 2 .9 -4 2 .4 lù l^ Q -1 .B iW f •«T 1 - 1 A .5 ■n .9 4 -* 2 -2A 1 -* * ml* ,3 - 1 4 . ,3 - 1 7 , .5 — 19., i 108.2 1 7 15,t A ?3 9 ,9 45 1 ?o,,0 24, ,9 7 49.,9 70,,5 o. ifl,.0 21,,7 17.,7 45..A 79-9 A -7 ?.,3 17,.5 ?o. 24 1 37. 17. ,1 24 .3 10.2 n . .7 1..6 14,»A 17. ,1 19 A 25. ,5 ?7,.ft U .4 5-1 ,4 -7, ,5 ,7 ~1 -, 1 ft. -? • .6 ft.,5 HI,,7 1 ,.6 1 .,1 1 .,1 ft..6 0,,7 1, 1 0 4. 3 7 17,•A w7,, 5 1-84. - 5 .n - i n n . ,5 » 5 1,7 .6 - 3 ,9 A3, .9 126.0 5A-? 14 1- 3 1 4 3. 6 148.3 7 -A A -1 ,5 5-8 4 - ? .7 —0..3 -1 ..0 -f t . ,7 11. ,? 12.•A 14 Ì 1 A. 1A.»9 9.0 -0 -7 - 3 . .1 - 1 0 . ,5 - 1 4 . 3 ,4 - n . ,2 -ft. .A -ft., 1 10,.3 11. ,5 1? A 1ft.•1 1ft.,1 7.A -ft-4 - 7 , ,1 .0 - 1 ..ft - 1 . .0 A. ,3 9.,3 10 1 1?..7 12.,4 4-7 —7 - 7 - 1 . »9 —4.,7 144.7 140.3 -f t . ,9 -8 -1 - 7 . ,9 -9 -1 -5 , 1 4 0 .6 0,»9 -1 0 -9 1 3 4 .6 1-4* ,o ,9 - 1 . .A - 1 . ,5 - Û . ,9 7,.6 A.,4 9 1 11.,3 10..A 4.0 -2 .0 - 3 . ,4 - 6 i ,5 —7 . 0 - 3 . .7 -5 .9 —0 . 6 * -4 5 - 7 . .0 H i . ,1 H i . .ft 0.,n A..1 a«,9 9 ft 11..6 11..2 5.2 —0 . 1 •1..0 - 3 i ,3 -3 .1 0<,6 0*5 6 .7 ft..A 1 .5 .ft ift 7 1 7 . .A \7 ..5 7-1 2 -5 o . .5 1.5 3 -8 1 4 -8 1 2 - a2 3 -8 2 4 -6 2 1 -8 3 2 -8 3 1 -8 4 2 -8 4 .7 1-8 1 i . 2 -e i . 9. 1 -8 2 1n. 3 -6 3 .ft 4 -0 3 5. .7 3—64 4 -« 4 13 6 .4 14.5 141.1 1? - 8 X Ì-1 2 4 -0 1 -8 5 2 -8 5 3 -8 5 1 4 9 -5 I N I T I A L QUARTER * M A TT AMAI T X T flM P E A S T S PREPAREO BY FEDERAL RESERVE BANK OF S T . LO U IS APRIL 17* 1986 HISTORICAL SOURCES OF NATIONAL INCOME AND PRODUCT ACCOUNTS DATA The revised estimates for the series in the regular quarterly presentation of NIPA tables for the years 1983 and 1984 and for 1984:11 - 1985:111, will be published in the December 1985 Survey of Current Business. Revised estimates for all NIPA series for 1929-82 and for 1982-84 will be available in the spring (1986) in separate volumes. These data are currently available on tape and hard-copy printout. For further information and prices, write to the National Income and Wealth Division (BE-54), Bureau of Economic Analysis, U.S. Department of Commerce, Washington, D.C. 20230. 19 I N V E N T O R I E S COMPARED WI TH MONTHLY S A L E S * MANUFACTURING AND T RADE 68 64 . 60 60 . 56 56 . 52 52 . 48 48 44 . 40 40 .36 36 . 32 32 . 28 28 24 1 1 1978 1979 1980 R AT I OS BASED ON SEASONALLY ADJUSTED DATA. 1981 1982 SOURCE: 1983 1984 1985 1986 U . S . DEPARTMENT OF COMMERCE SHADED AREAS REPRESENT PERIODS OF BUSINESS RECESSI ONS. LATEST DATA PLOTTED! FEBRUARY PRELI MI NARY « R E V I S E D FROM 1 9 6 7 PREPARED BY FEDERAL RESERVE BANK OF S T. 20 LOUI S
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