Full text of National Economic Trends : April 1992
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April 1992 N ational Economic Trends Why Did Housing Growth Slow in the 1980s? The quantity and quality o f the housing stock is an important indicator o f a country’s standard of living. From 1945 to 1979, the real stock o f hous ing in the United States increased at an average rate o f 3.8 percent per year, or at a 2.3 percent per capita rate. During the 1980s, housing stock growth Ipwed to a 2.2 percent rate, or 1.2 percent on a per pita basis. This was the slow est decade o f growth a in the U .S. housing stock since the 1940s. Why? The table below summarizes som e factors which influence housing trends. The growth o f real per capita disposable incom e, an important indicator o f general econom ic conditions, w as only 1.5 per cent per year during the 1980s, down sharply from a 2.3 percent average rate during the 1970s and a 2.8 percent rate during the 1960s. This slow ing o f real per capita incom e reflected, in turn, the sluggish growth o f productivity in the 1980s. A lso influencing housing growth in the 1980s w as the cost o f financing. Although the new-home m ortgage rate declined from 15.4 percent in 1979 to 10.8 percent in 1982, it still averaged 11.6 percent during the 1980s, up sharply from 8.8 percent for the 1970s. Furthermore, because the inflation rate fell during the 1980s, real mortgage rates were up even more sharply. D eclines in the relative price o f housing accom panied the high real m ortgage rates o f the 1980s. During the 1970s, housing prices rose more rapidly than prices in general, m aking housing more attrac tive because o f the prospect o f real capital gains. During the 1980s, the opposite occurred; housing prices rose less rapidly than prices in general, de creasing the likelihood o f real capital gains. — Keith M. Carlson Trends in Factors Affecting Housing 1980-90 Growth rate of housing stock per capita i Growth rate of real income per capita New-hom e mortgage rate (average) Inflation rate (GDP deflator) Mortgage rate minus inflation rate Rate of change of housing prices 1 .2 % 1.5 11.6 5.1 6.5 3.6 1970-79 2.4% 2.3 8.8 7.0 1.8 9.2 1960-69 2.3% 2.8 6.3 2.7 3.6 2.5 17 Constant cost net stock of residential structures divided by population. Views expressed do not necessarily reflect official positions of the Federal Reserve System. National Economic Trends is published monthly by the Research and Public Information Division. Single-copy subscriptions are available free of charge by writing Research and Public Information, Federal Reserve Bank of St. Louis, Post Office Box 442, St. Louis, MO 63166-0442 or by calling (314) 444-8809. C onsum er Price Index - All Urban Consum ers Percent Change From Previous Year Seasonally Adjusted Percent Percent 8 1988 1987 1986 1989 1990 1991 1992 Prepared by Federal Reserve Bank of St. Louis Consumer Price Index (Compounded Annual Rates o f Change) Teminal Honth Initial Month 7-90 8-90 9-90 10-90 11-90 12-90 1-91 2-91 3-91 4-91 5-91 1982-84=100 6-91 7-91 8-91 9-91 10-91 11-91 12-91 1-92 8-90 10.6 9-90 9.5 10-90 9.2 8.5 8.5 11-90 7.5 6.5 5.6 2.7 12-90 6.7 5.8 4.9 3.2 3.6 1-91 6.4 5.6 4.8 3.6 4.1 4.6 2-91 5.7 4.9 4.2 3.2 3.3 3.2 1.8 3-91 5.2 4.5 3.8 2.9 2.9 2.7 1.8 1.8 4-91 4.9 4.2 3.6 2.9 2.9 2.7 2.1 2.2 2.7 5-91 4.7 4.1 3.5 2.8 2.9 2.7 2.2 2.4 2.7 2.7 6-91 4.6 4.0 3.5 2.9 3.0 2.9 2.5 2.7 3.0 3.1 3.6 7-91 4.3 3.7 3.3 2.7 2.7 2.6 2.2 2.3 2.5 2.4 2.2 0.9 8-91 4.2 3.7 3.3 2.8 2.8 2.7 2.4 2.5 2.7 2.7 2.7 2.2 3.6 9-91 4.3 3.8 3.4 2.9 3.0 2.9 2.7 2.8 3.0 3.0 3.1 3.0 4.0 4.5 10-91 4.1 3.7 3.3 2.9 2.9 2.9 2.7 2.8 2.9 3.0 3.0 2.9 3.6 3.6 2.7 11-91 4.2 3.7 3.4 3.0 3.1 3.0 2.9 3.0 3.1 3.2 3.3 3.2 3.8 3.9 3.6 4.5 12-91 4.1 3.7 3.4 3.0 3.0 3.0 2.8 2.9 3.1 3.1 3.2 3.1 3.6 3.6 3.2 3.5 2.6 1-92 3.9 3.5 3.2 2.9 2.9 2.8 2.7 2.8 2.8 2.9 2.9 2.8 3.1 3.0 2.6 2.6 1.8 0.9 2-92 3.9 3.5 3.2 2.9 2.9 2.9 2.7 2.8 2.9 2.9 3.0 2.9 3.2 3.1 2.8 2.9 2.3 2.2 3.5 7-90 8-90 9-90 10-90 11-90 12-90 1-91 2-91 3-91 4-91 5-91 6-91 7-91 8-91 9-91 10-91 11-91 12-91 1-92 131.7 8.5 132.6 133.5 133.8 134.2 134.7 134.9 135.1 135.4 135.7 136.1 136.2 136.6 137.1 137.4 137.9 138.2 138.3 138.1 o P r e p a r e d by Federal Res e r v e Bank of St. Louis M a r c h 17, 1992 2 Consumer Price Index - Food (Compounded Annual Rates o f Change) Terminal Month Initial Mo n t h 7-90 8-90 9-90 10-90 11-90 12-90 1-91 2-91 3-91 4-91 5-91 1982-84=100 6-91 7-91 8-91 9-91 10-91 11-91 12-91 1-92 133.4 8-90 5.6 9-90 4.1 2.7 10-90 4.6 4.1 5.5 11-90 4.4 4.0 4.6 3.6 12-90 3.8 3.4 3.6 2.7 1.8 133.7 134.3 134.7 134.9 1-91 4.0 3.6 3.9 3.3 3.2 4.5 2-91 3.2 2.9 2.9 2.3 1.8 1.8 -0.9 135.4 3-91 3.3 3.0 3.0 2.5 2.2 2.4 1.3 3.6 4-91 3.6 3.4 3.5 3.2 3.1 3.4 3.0 5.0 6.4 5-91 3.5 3.3 3.4 3.1 3.0 3.2 2.9 4.2 4.5 2.7 6-91 3.7 3.5 3.6 3.4 3.3 3.6 3.4 4.5 4.8 4.0 5.4 7-91 2.9 2.6 2.6 2.3 2.1 2.2 1.8 2.3 2.0 0.6 -0.4 -5.9 8-91 2.4 2.2 2.1 1.8 1.6 1.6 1.1 1.5 1.1 -0.2 -1.2 -4.3 -2.6 9-91 2.4 2.1 2.1 1.8 1.6 1.6 1.2 1.5 1.2 0.2 -0.4 -2.3 -0.4 1.8 10-91 2.2 1.9 1.9 1.6 1.4 1.3 1.0 1.2 0.9 0.0 -0.5 -2.0 -0.6 0.4 -0.9 11-91 2.4 2.2 2.1 1.9 1.7 1.7 1.4 1.7 1.4 0.8 0.4 -0.5 0.9 2.1 2.2 5.4 12-91 2.4 2.2 2.2 2.0 1.8 1.9 1.6 1.9 1.7 1.1 0.9 0.1 1.4 2.4 2.7 4.5 3.6 1-92 2.0 1.8 1.7 1.5 1.3 1.3 1.0 1.2 1.0 0.4 0.1 -0.6 0.3 0.9 0.7 1.2 -0.9 -5.1 2-92 2.1 1.9 1.8 1.6 1.5 1.5 1.2 1.4 1.2 0.7 0.5 -0.1 0.8 1.3 1.2 1.8 0.6 -0.9 3.6 7-90 8-90 9-90 10-90 11-90 12-90 1-91 2-91 3-91 4-91 5-91 6-91 7-91 8-91 9-91 10-91 11-91 12-91 1-92 135.3 135.7 136.4 136.7 137.3 136.6 136.3 136.5 136.4 137.0 137.4 136.8 137.2 P r e p a r e d b y F ederal R eserve Bank of St. Louis M a r c h 17, 1992 Consumer Price Index - Energy (Compounded Annual Rates o f Change) Terninal Mo n t h Initial Mo n t h 7-90 8-90 9-90 10-90 11-90 12-90 1-91 2-91 8-90 80.9 9-90 77.4 73.9 10-90 72.3 68.1 62.5 11-90 51.6 42.9 29.6 3.3 12-90 37.4 28.3 15.9 -2.1 1-91 24.0 15.0 2-91 12.5 4.0 3-91 7.1 -0.7 -9.5 -19.5 -24.4 -29.4 -31.1 -24.5 4-91 5.7 -1.2 -8.8 -17.2 -20.8 -23.9 -23.2 -15.1 3-91 4-91 5-91 1982-84=100 6-91 7-91 8-91 9-91 10-91 11-91 12-91 1-92 101.7 106.5 110.9 111.2 -7.3 110.5 3.7 -10.7 -17.0 -25.7 107.8 -6.2 -18.2 -24.4 -31.7 -37.2 103.7 101.3 -4.6 100.9 5-91 5.6 -0.5 -7.2 -14.4 -17.0 -18.8 -17.0 -8.9 0.0 4.9 6-91 4.9 -0.7 -6.7 -13.0 -15.1 -16.3 -14.3 -7.3 -0.8 1.2 -2.3 7-91 3.9 -1.2 -6.6 -12.2 -14.0 -14.9 -12.9 -7.0 -2.1 -1.2 -4.1 -5.8 8-91 4.2 -0.5 -5.4 -10.4 -11.8 -12.4 -10.3 -4.8 -0.2 0.9 -0.4 0.6 7.4 9-91 4.1 -0.3 -4.8 -3.8 0.2 1.2 0.3 1.2 4.9 10-91 3.8 -0.3 11-91 4.2 0.4 12-91 4.0 0.4 1-92 2.7 2-92 101.3 101.1 100.6 101.2 -9.3 -10.5 -10.8 -8.8 -4.4 -8.6 -9.6 -9.8 -7.8 -3.3 0.2 1.0 0.2 0.9 3.2 1.2 0.0 -3.5 -7.3 -8.1 -8.2 -6.2 -1.9 1.3 2.2 1.8 2.6 4.8 4.0 4.8 9.9 -3.2 -6.7 -7.4 -7.4 -5.6 -1.6 1.3 2.1 1.7 2.4 4.1 3.3 3.6 5.4 -0.6 -4.0 -7.4 -8.1 -8.1 -6.5 -3.0 -0.6 -0.1 -0.7 -0.5 0.4 -0.9 -1.8 -2.3 -7.9 -16.2 2.0 -1.2 -4.4 -7.5 -8.2 -8.3 -6.8 -3.7 -1.5 -1.2 -1.8 -1.8 -1.2 -2.6 -3.5 -4.4 -8.7 -13.3 -10.2 7-90 8-90 9-90 10-90 11-90 12-90 1-91 2-91 3-91 4-91 5-91 6-91 7-91 8-91 9-91 10-91 11-91 12-91 2.4 101.4 101.4 102.2 1.2 102.3 100.8 99.9 1-92 Pr e p a r e d by F ederal Res e r v e Bank of St. Louis M a r c h 17, 1992 3 Producer Price Index —F inished Goods Percent Change From Previous Year Seasonally Adjusted Percent Percent 1986 1987 1988 1989 1990 1991 1992 Prepared by Federal Reserve Bank of St. Louis Producer Price Index - Finished Goods (Compounded Annual Rates o f Change) Terninal M onth Initial M o n t h 7-90 8-90 9-90 10-90 11-90 12-90 1-91 2-91 3-91 4-91 5-91 1982 = 100 6-91 8-90 14.1 9-90 15.7 17.3 10-90 15.0 15.5 13.7 11-90 11.9 11.2 8.2 3.0 12-90 8.5 7.2 4.0 -0.5 -3.8 1-91 7.6 6.4 3.8 0.7 -0.5 3.0 2-91 5.3 3.9 1.4 -1.5 -2.9 -2.4 -7.6 3-91 4.1 2.7 0.5 -2.0 -3.2 -2.9 -5.7 -3.9 4-91 3.9 2.7 0.7 -1.3 -2.1 -1.7 -3.2 -1.0 5-91 3.7 2.6 0.9 -0.8 -1.5 -1.0 -1.9 0.0 2.0 2.0 6-91 3.1 2.1 0.6 -1.0 -1.5 -1.1 -1.9 -0.5 0.7 0.0 -2.0 7-91 2.7 1.7 0.3 -1.1 -1.6 -1.3 -2.0 -0.8 0.0 -0.7 -2.0 -2.0 8-91 2.7 1.8 0.5 -0.7 -1.1 -0.7 -1.3 -0.2 0.6 0.2 -0.3 0.5 7-91 8-91 9-91 10-91 11-91 12-91 1-92 119.3 120.9 122.2 122.5 122.1 122.4 121.6 121.2 2.0 1 21.4 121.6 121.4 121.2 3.0 1 21.5 9-91 2.8 1.9 0.7 -0.4 -0.7 -0.3 -0.7 0.3 1.0 0.8 0.5 1.3 3.0 3.0 10-91 2.8 2.0 0.9 -0.1 -0.4 0.0 -0.3 0.6 1.3 1.2 1.0 1.7 3.0 3.0 3.0 11-91 2.7 1.9 0.9 0.0 -0.2 0.1 -0.2 0.7 1.2 1.1 1.0 1.6 2.5 2.3 2.0 1.0 12-91 2.4 1.8 0.8 -0.1 -0.3 0.0 -0.3 0.5 1.0 0.9 0.7 1.2 1.8 1.5 1.0 0.0 1-92 2.1 1.4 0.5 -0.3 -0.6 -0.3 -0.6 0.1 0.5 0.3 0.1 0.4 0.8 0.4 -0.2 -1.3 -2.4 -3.9 2-92 2.1 1.5 0.6 -0.1 -0.3 -0.1 -0.3 0.3 0.7 0.6 0.4 0.7 1.1 0.8 0.4 -0.2 -0.7 -0.5 3.0 7-90 8-90 9-90 10-90 11-90 12-90 1-91 2-91 3-91 4-91 5-91 6-91 7-91 8-91 9-91 10-91 11-91 12-91 1-92 4 1 21.8 122.1 122.2 -1.0 122.1 121.7 I 22 .qj P r e p a r e d by F ederal R e s e r v e Ban k of St. Louis Mar c h 13, 1992 Civilian E m ploym ent and U nem p loym en t Rate Seasonally Adjusted Percent Millions of Persons 1986 1991 1990 1989 1988 1987 1992 Shaded area represents a period of business recession. Percentages are annual rates of change for periods indicated. Prepared by Federal Reserve Bank of St. Louis Civilian Employment (Compounded Annual Rates of Change) T e r o inai Mo n t h Initial Month 7-90 8-90 9-90 10-93 11-90 12-90 1-91 2-91 3-91 4-91 5-91 8-90 -1.6 9-90 -0.9 -0.2 10-90 -1.1 -0.8 11-90 -1.7 -1.7 -2.5 -3.6 12-90 -1.0 -0.8 -1.0 -0.8 2.1 1-91 -1.6 -1.6 -2.0 -2.2 -1.5 -5.0 2-91 -1.5 -1.4 -1.7 -1.8 -1.1 -2.7 -0.4 3-91 -1.4 -1.4 -1.6 -1.6 -1.1 -2.2 -0.7 -1.1 4-91 -0.6 -0.5 -0.5 -0.4 0.2 -0.2 1.4 2.3 5.8 5-91 -1.2 -1.2 -1.3 -1.3 -0.9 -1.5 -0.6 -0.7 -0.5 -6.5 6-91 -1.0 -0.9 -1.0 -0.9 -0.5 -1.0 -0.1 -0.1 0.3 -2.4 1.9 7-91 -1.0 -1.0 -1.1 -1.0 -0.7 -1.1 -0.4 -0.4 -0.3 -2.2 0.0 8-91 -1.1 -1.1 -1.2 -1.2 -0.9 -1.3 -0.7 -0.8 -0.7 9-91 -0.6 -0.5 -0.6 -0.5 -0.2 -0.4 0.1 0.2 0.4 -0.6 10-91 -0.7 -0.7 -0.7 -0.6 -0.4 -0.6 -0.1 -0.1 0.0 -0.9 11-91 -0.7 -0.7 -0.7 -0.7 -0.4 -0.7 -0.2 -0.2 -0.1 12-91 -0.7 -0.7 -0.7 -0.7 -0.4 -0.6 -0.2 -0.2 -0.1 -0.8 1-92 -0.5 -0.4 -0.4 -0.3 -0.1 -0.3 0.1 0.2 0.3 -0.3 2-92 -0.5 -0.4 -0.4 -0.4 -0.2 -0.3 0.1 0.1 0.2 -0.4 7-90 8-90 9-90 10-90 11-90 12-90 1-91 2-91 3-91 4-91 6-91 7-91 8-91 9-91 10-91 11-91 12-91 1-92 Thousands of Persons 117,785 117,763 -1.3 117,631 117,273 117,476 116,977 116,937 116,834 117,388 -2.3 -0.9 116,730 116,909 116,729 -1.8 116,484 -2.2 -2.5 0.9 0.6 1.9 6.4 0.3 -0.1 0.5 2.0 -2.3 -0.3 0.1 1.0 -1.6 -1.0 0.0 -0.3 0.0 0.6 -1.2 -0.7 -0.5 0.5 0.3 0.7 1.3 0.1 0.9 1.8 4.1 0.4 0.2 0.5 1.0 -0.1 0.5 0.9 1.6 -0.8 5-91 6-91 7-91 8-91 9-91 10-91 11-91 12-91 1-92 -0.8 0.1 117,089 116,867 116,772 116,728 117,117 117,043 Pre p a r e d by Federal Res e r v e Bank of St. Louis Mar c h 6, 1992 Payroll E m ploym ent Seasonally Adjusted Millions of Persons Millions of Persons 125 115 105 95 85 75 65 1990 1989 1988 1987 1986 1991 1992 Shaded area represents a period of business recession. Percentages are annual rates of change for periods indicated. Prepared by Federal Reserve Bank of St. Louis Payroll Employment (Compounded Annual Rates o f Change) Terminal Month T h o u s a n d s of Persons Initial Month 7-90 8-90 9-90 10-90 11-90 12-90 1-91 2-91 3-91 4-91 5-91 6-91 7-91 8-91 9-91 10-91 11-91 12-91 1-92 110,160 8-90 -1.2 9-90 -0.8 -0.5 10-90 -1.0 -1.0 -1.4 11-90 -1.4 -1.4 -1.9 -2.4 12-90 -1.4 -1.5 -1.8 -2.0 -1.5 1-91 -1.5 -1.6 -1.9 -2.0 -1.9 -2.2 2-91 -1.7 -1.8 -2.1 -2.2 -2.2 -2.5 -2.8 3-91 -1.9 -1.9 -2.2 -2.3 -2.3 -2.6 -2.8 -2.8 4-91 -1.8 -1.9 -2.1 -2.3 -2.2 -2.4 -2.5 -2.3 1 10,113 1 09,982 109,761 109,621 109,418 109,160 108,902 -1.8 108,736 5-91 -1.5 -1.5 -1.7 -1.7 -1.6 -1.6 -1.4 -1.0 -0.1 1.7 6-91 -1.4 -1.4 -1.5 -1.5 -1.4 -1.3 -1.2 -0.8 -0.1 0.8 0.0 7-91 -1.3 -1.3 -1.4 -1.4 -1.2 -1.2 -1.0 -0.7 -0.1 0.5 -0.2 -0.3 8-91 -1.1 -1.1 -1.1 -1.1 -1.0 -0.9 -0.7 -0.3 0.2 0.6 0.3 0.5 1.2 9-91 -0.9 -0.9 -1.0 -0.9 -0.8 -0.7 -0.5 -0.1 0.3 0.7 0.5 0.7 1.1 108,887 108,885 108,859 108,971 109,066 1.1 10-91 -0.9 -0.8 -0.9 -0.8 -0.7 -0.6 -0.4 -0.1 0.3 0.6 0.4 0.5 0.8 0.6 0.1 11-91 -1.0 -1.0 -1.0 -1.0 -0.8 -0.8 -0.6 -0.4 -0.1 0.2 -0.1 -0.1 0.0 -0.5 -1.2 -2.5 12-91 -0.9 -0.9 -0.9 -0.9 -0.7 -0.7 -0.5 -0.3 0.0 0.2 0.0 0.0 0.1 -0.2 -0.7 -1.0 0.4 1-92 -0.9 -0.9 -0.9 -0.9 -0.8 -0.7 -0.6 -0.4 -0.2 0.0 -0.2 -0.2 -0.2 -0.5 -0.9 -1.2 -0.6 -1.6 2-92 -0.8 -0.8 -0.8 -0.7 -0.6 -0.6 -0.4 -0.2 0.0 0.2 0.0 0.0 0.1 -0.1 -0.4 -0.5 0.2 0.1 1.8 7-90 8-90 9-90 10-90 11-90 12-90 1-91 2-91 3-91 4-91 5-91 6-91 7-91 8-91 9-91 10-91 11-91 12-91 1-92 109,073 108,843 108,882 108,733 108,897 Pre p a r e d by Federal R e s e r v e Bank of St. Louis Ma r c h 6, 1992 Service-Producing Employment (Compounded Annual Rates o f Change) Terainal Month Initial M o n t h 7-90 8-90 9-90 10-90 11-90 12-90 8-90 -0.3 9-90 0.2 0.7 10-90 0.2 0.4 0.1 11-90 0.1 0.3 0.1 0.0 12-90 0.0 0.1 -0.1 -0.2 -0.5 1-91 2-91 3-91 4-91 5-91 6-91 7-91 8-91 9-91 10-91 11-91 12-91 1-92 Thousands of Persons 85,223 85,271 8 5,277 85,280 8 5,246 1-91 0.0 0.0 -0.1 -0.2 -0.3 -0.1 2-91 -0.2 -0.2 -0.4 -0.5 -0.7 -0.9 -1.6 3-91 -0.4 -0.4 -0.6 -0.7 -0.9 -1.0 -1.5 -1.3 4-91 -0.5 -0.5 -0.7 -0.8 -0.9 -1.1 -1.4 -1.3 -1.2 5-91 -0.3 -0.3 -0.4 -0.5 -0.6 -0.6 -0.7 -0.4 0.1 85,237 85,121 85,025 84,94 2 1.4 85,040 6-91 -0.2 -0.2 -0.3 -0.3 -0.4 -0.4 -0.4 -0.1 0.3 1.1 0.8 7-91 -0.2 -0.2 -0.3 -0.3 -0.4 -0.4 -0.4 -0.2 0.1 0.6 0.1 85,093 85,061 -0.5 8-91 -0.1 -0.1 -0.2 -0.2 -0.2 -0.2 -0.2 0.1 0.3 0.7 0.5 0.4 1.2 9-91 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.3 0.6 0.9 0.8 0.8 1.5 1.8 85,145 10-91 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.4 0.6 1.0 0.9 0.9 1.3 1.4 1.1 11-91 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.2 0.4 0.6 0.5 0.4 0.7 0.5 -0.1 -1.4 12-91 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.3 0.5 0.7 0.6 0.6 0.8 0.7 0.3 -0.1 1.2 1-92 0.0 0.0 0.0 0.0 -0.1 0.0 0.0 0.1 0.3 0.5 0.3 0.3 0.4 0.2 -0.1 -0.5 -0.1 -1.4 2-92 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.3 0.5 0.7 0.6 0.6 0.7 0.6 0.4 0.2 0.8 0.6 2.6 7-90 8-90 9-90 10-90 11-90 12-90 1-91 2-91 3-91 4-91 5-91 6-91 7-91 8-91 9-91 10-91 11-91 12-91 1-92 85,269 85,346 85,248 85,330 85,230 85,412 P r e pared by Federal Reserve Bank of St. Louis M a r c h 6, 1992 Goods-Producing Employment (Compounded Annual Rates o f Change) Terminal Mo n t h 7 -90 8-90 9-90 10-90 11-90 12-90 1-91 2-91 Initial M o n t h Persons 3-91 4-91 5-91 8-90 -4.2 9-90 -4.4 -4.5 10-90 -5.0 -5.5 11-90 -6.4 -7.1 -8.4 -10.4 12-90 -6.1 -6.6 -7.3 -7.8 -5.1 1-91 -6.6 -7.1 -7.8 -8.2 -7.1 -9.1 2-91 -6.7 -7.1 -7.6 -7.9 -7.0 -8.0 -6.8 3-91 -6.8 -7.2 -7.6 -7.9 -7.2 -7.9 -7.3 -7.8 4-91 -6.5 -6.8 -7.1 -7.2 -6.6 -7.0 -6.2 -6.0 -4.1 5-91 -5.6 -5.8 -5.9 -5.9 -5.1 -5.1 -4.1 -3.2 -0.8 2.7 6-91 -5.4 -5.5 -5.6 -5.5 -4.8 -4.7 -3.8 -3.1 -1.4 -0.1 -2.7 Thousands of 6-91 7-91 8-91 9-91 10-91 11-91 12-91 1-92 24,937 24,842 -6.4 24,705 24,481 24,375 24,181 24,039 23,877 23,794 23,847 23,792 7-91 -4.9 -5.0 -5.0 -4.9 -4.2 -4.0 -3.1 -2.4 -1.0 0.1 -1.2 0.3 8-91 -4.4 -4.5 -4.5 -4.3 -3.6 -3.4 -2.5 -1.8 -0.5 0.4 -0.4 0.9 1.4 9-91 -4.2 -4.2 -4.2 -4.0 -3.3 -3.1 -2.4 -1.7 -0.7 0.0 -0.6 0.1 0.0 23,798 23,826 -1.5 23,797 10-91 -4.2 -4.2 -4.2 -4.0 -3.4 -3.2 -2.5 -1.9 -1.1 -0.6 -1.2 -0.8 -1.2 -2.5 -3.5 11-91 -4.3 -4.3 -4.3 -4.2 -3.6 -3.5 -2.9 -2.5 -1.8 -1.4 -2.1 -2.0 -2.5 -3.8 -5.0 -6.5 12-91 -4.2 -4.2 -4.2 -4.0 -3.5 -3.4 -2.8 -2.4 -1.8 -1.5 -2.1 -2.0 -2.5 -3.4 -4.1 -4.3 1-92 -4.1 -4.1 -4.1 -3.9 -3.4 -3.3 -2.8 -2.4 -1.9 -1.6 -2.2 -2.1 -2.5 -3.2 -3.7 -3.7 -2.3 -2.5 2-92 -3.9 -3.9 -3.9 -3.7 -3.3 -3.1 -2.7 -2.3 -1.8 -1.6 -2.0 -1.9 -2.2 -2.8 -3.1 -3.0 -1.9 -1.7 -0.9 7-90 8-90 9-90 10-90 11-90 12-90 1-91 2-91 3-91 4-91 5-91 6-91 7-91 8-91 9-91 10-91 11-91 12-91 1-92 23,727 23,595 -2.2 23,552 23,503 23,485 Pr e p a r e d by Federal Reserve Bank of St. Louis Ma r c h 6, 1992 7 Change in th e E m ploym ent Cost Index and Its Com ponents Percent Change From Previous Year Seasonally Adjusted Percent Percent 8 Total compensation is the sum of benefits and wages and salaries for private industry workers. Prepared by Federal Reserve Bank of St. Louis Employment Cost Index - Total Compensation (Compounded Annual Rates o f Change) Terminal Quarter Initial Q uarter 1-87 2-87 3-87 4-87 1-88 2-88 3-88 4-88 1-89 2-89 3-89 Jun e 1989 = 100 4-8 9 1-90 2-90 3-90 4-90 1-91 2-91 3-91 2-87 3.1 3-87 3.6 4.0 4-87 3.5 3.7 1-88 4.0 4.2 4.4 5.2 2-88 4.2 4.5 4.6 5.2 5.2 3-88 4.1 4.3 4.4 4.7 4.5 3.8 4-88 4.3 4.5 4.6 4.8 4.7 4.4 5.1 1-89 4.3 4.5 4.6 4.8 4.7 4.5 4.8 4.6 2-89 4.3 4.4 4.5 4.7 4.5 4.4 4.6 4.3 4.1 3-89 4.4 4.5 4.6 4.8 4.7 4.6 4.8 4.7 4.7 5.3 4-8 9 4.4 4.6 4.6 4.8 4.7 4.6 4.8 4.7 4.7 5.1 4.8 1-90 4.5 4.7 4.7 4.9 4.8 4.8 4.9 4.9 5.0 5.2 5.2 5.6 2-90 4.5 4.7 4.7 4.8 4.8 4.7 4.9 4.8 4.9 5.1 5.0 5.1 4.7 3-90 4.5 4.7 4.7 4.8 4.8 4.7 4.9 4.8 4.9 5.0 4.9 5.0 4.7 4.7 4-90 4.5 4.6 4.6 4.7 4.7 4.6 4.7 4.7 4.7 4.8 4.7 4.7 4.4 4.2 3.8 1-91 4.5 4.6 4.7 4.8 4.7 4.7 4.8 4.7 4.7 4.8 4.8 4.7 4.5 4.5 4.4 4.9 2-91 4.5 4.6 4.7 4.7 4.7 4.7 4.7 4.7 4.7 4.8 4.7 4.7 4.5 4.5 4.4 4.7 4.5 3-91 4.5 4.6 4.6 4.7 4.7 4.6 4.7 4.6 4.6 4.7 4.6 4.6 4.4 4.4 4.3 4.5 4.3 4.1 4-91 4.5 4.5 4.6 4.6 4.6 4.6 4.6 4.6 4.6 4.6 4.6 4.5 4.4 4.3 4.3 4.4 4.2 4.1 4.0 1-87 2-87 3-87 4-87 1-88 2-88 3-88 4-88 1-89 2-89 3-8 9 4-8 9 1-90 2-90 3-90 4-90 1-91 2-91 3-91 91.6 92.5 3.5 93.3 9 4.5 9 5.7 9 6.6 9 7.8 98.9 99.9 101.2 102.4 103.8 105.0 106.2 107.2 108.5 109.7 110.8 111.9 Data are for the last month of quarter P r e p a r e d b y Fed e r a l R e s e r v e Bank o f St. Louis Janu a r y 28, 1992 8 Industrial P roduction Seasonally Adjusted 1987=100 1987=100 115 115 110 110 105 105 100 100 95 90 85 85 1986 1987 1988 1989 1990 1991 1992 Shaded area represents a period of business recession. Percentages are annual rates of change for periods indicated. Prepared by Federal Reserve Bank of St. Louis Industrial Production (Compounded Annual Rates o f Change) Terninal Month Initial M onth 7-90 8-90 1.1 9-90 1.1 8-90 9-90 10-90 11-90 12-90 1-91 2-91 3-91 4-91 5-91 1987 = 100 6-91 7-91 8-91 9-91 10-91 11-91 12-91 1-92 110.5 110.6 1.1 109.9 10-90 -1.8 -3.2 11-90 -5.6 -7.7 -11.8 -16.1 -7.3 12-90 -6.8 -8.7 -11.7 -13.9 -11.5 1-91 -6.8 -8.3 -10.5 -11.5 -9.1 -6.5 2-91 -7.2 -8.5 -10.3 -11.0 -9.3 -8.1 -9.7 3-91 -7.2 -8.4 -9.9 -10.4 -8.9 -8.0 -8.7 4-91 -5.9 -6.7 -7.8 -7.8 -6.1 -4.7 -4.1 -1.1 5.9 5-91 -4.3 -4.9 -5.6 -5.4 -3.5 -1.8 -0.6 2.7 8.3 10.7 6-91 -3.1 -3.5 -4.0 -3.5 -1.6 0.2 1.6 4.6 9.1 10.7 10.6 7-91 -2.1 -2.4 -2.7 -2.2 -0.3 1.4 2.8 5.5 9.1 10.2 10.0 9.3 8-91 -2.0 -2.3 -2.6 -2.1 -0.4 1.1 2.3 4.4 7.0 7.3 6.2 4.0 -1.1 9-91 -1.6 -1.8 -2.0 -1.5 0.1 1.5 2.5 4.4 6.6 6.7 5.7 4.2 1.7 4.5 10-91 -1.5 -1.6 -1.8 -1.4 0.1 1.3 2.3 3.9 5.6 5.6 4.6 3.1 1.1 2.2 0.0 11-91 -1.6 -1.7 -1.9 -1.5 -0.2 0.9 1.7 3.0 4.5 4.3 3.2 1.8 0.0 0.4 -1.6 -3.3 12-91 -1.9 -2.1 -2.3 -2.0 -0.8 0.2 0.8 1.9 3.1 2.7 1.6 0.2 -1.5 -1.7 -3.6 -5.4 1-92 -2.3 -2.5 -2.7 -2.4 -1.3 -0.5 0.0 0.9 l.fi 1.4 0.3 -1.1 -2.8 -3.1 -4.9 -6.5 -8.0 -8.6 2-92 -1.8 -2.0 -2.2 -1.8 -0.8 0.0 0.5 1.4 2.3 1.9 1.0 -0.1 -1.4 -1.5 -2.6 -3.3 -3.3 -1.1 7.0 7-90 8-90 9-90 10-90 11-90 12-90 1-91 2-91 3-91 4-91 5-91 6-91 7-91 8-91 9-91 10-91 11-91 12-91 1-92 108.3 107.2 106.6 105.7 -7.7 105.0 105.5 106.4 107.3 108.1 108.0 108.4 108.4 108.1 -7.5 107.4 106.6 107.2 Pr e p a r e d by Federal R eserve Bank of St. Louis Ma r c h 17, 1992 9 P ersonal Incom e in 1907 Dollars Seasonally Adjusted Trillions of Dollars Trillions of Dollars 4.4 4.4 Total Personal Income ' N ^ 3.4* Disposable Personal Income 2.8 1 1986 1987 1988 1 I .— 1989 1990 1991 [- 2 . 8 1992 The personal consumption expenditures deflator is used to calculate real personal income Shaded area represents a period of business recession. Percentages are annual rates of change for periods indicated. Prepared by Federal Reserve Bank of St. Louis Disposable Personal Income in 1987 Dollars (Compounded Annual Rates of Change) Terninal Month 7-90 8-90 -6.1 9-90 -3.0 8-90 9-90 10-90 11-90 12-90 1-91 2-91 Initial Month Annual Rates 3-91 4-91 5-91 Billions of Dollars 6-91 7-91 8-91 9-91 10-91 11-91 12-91 1-92 3 ,540.8 3,541.1 0.1 10-90 -4.7 -4.0 -8.0 11-90 -2.6 -1.5 -2.2 12-90 -1.0 0.3 0.3 4.8 1-91 -2.8 -2.1 -2.6 -0.8 -3.1 -11.1 3 ,516.6 3.9 3,527.8 5.7 3,544.1 3,509.6 2-91 -2.5 -1.9 -2.3 -0.8 -2.4 -6.2 -1.0 3-91 -1.3 -0.6 -0.7 0.8 0.0 -1.8 3.2 7.5 4-91 -1.3 -0.7 -0.8 0.4 -0.3 -1.7 1.7 3.0 -1.4 5-91 -0.7 -0.1 -0.1 1.1 0.6 -0.4 2.5 3.7 1.8 5.0 6-91 -0.3 0.3 0.3 1.4 1.1 0.3 2.8 3.7 2.5 4.4 3.9 7-91 -0.7 -0.2 -0.2 0.7 0.3 -0.4 1.5 2.0 0.6 1.3 -0.5 -4.7 8-91 -0.5 0.0 0.0 0.8 0.5 -0.1 1.6 2.0 0.9 1.5 0.3 -1.4 2.0 9-91 -0.4 0.1 0.1 0.8 0.5 0.0 1.4 1.8 0.9 1.3 0.4 -0.7 1.3 10-91 -0.3 0.1 0.1 0.8 0.5 0.0 1.4 1.6 0.8 1.2 0.4 -0.4 1.1 0.6 0.7 11-91 -0.6 -0.2 -0.2 0.4 0.1 -0.3 0.8 1.0 0.2 0.4 -0.3 -1.1 -0.2 -1.0 -1.7 -4.1 12-91 0.1 0.5 0.5 1.2 1.0 0.6 1.7 2.0 1.4 1.7 1.3 0.8 2.0 2.0 2.4 3.3 11.3 1-92 -0.1 0.3 0.3 0.9 0.7 0.3 1.3 1.5 1.0 1.2 0.8 0.3 1.2 1.0 1.1 1.3 4.1 -2.7 2-92 0.4 0.7 0.8 1.4 1.2 0.9 1.9 2.1 1.6 1.9 1.6 1.3 2.2 2.2 2.6 3.0 5.5 2.8 8.6 7-90 8-90 9-90 10-90 11-90 12-90 1-91 2-91 3-91 4-91 5-91 6-91 7-91 8-91 9-91 10-91 11-91 12-91 1-92 3,506.8 3,528.1 3,524.1 3,538.5 3 ,549.7 3,535.5 3,541.4 0.6 3,543.1 3,545.1 3,532.8 3 ,564.5 3,556.3 3,580.7 Pre p a r e d by Federal R e s e r v e Bank of St. Louis Mar c h 27, 1992 10 R etail Sales Seasonally Adjusted Billions of Dollars Billions of Dollars 1986 1987 1988 1989 1990 1991 1992 Shaded area represents a period of business recession. The CPI is used to deflate retail sales data. Percentages are annual rates of change for periods indicated. Prepared by Federal Reserve Bank of St. Louis Retail Sales in 1982-84 Dollars (Compounded Annual Rates o f Change) Terminal Mo n t h 7-90 8-90 9-90 10-90 11-90 12-90 8-90 -6.0 9-90 -3.2 -0.4 10-90 -4.5 -3.7 -6.9 11-90 -2.9 -1.9 -2.6 12-90 -6.7 -6.9 -9.0 -10.0 -20.5 1-91 2-91 Initial Month Dollars 3-91 4-91 5-91 Hillions of 6-91 7-91 8-91 9-91 10-91 11-91 12-91 1-92 114,642 114,608 113,923 1.9 114,102 111,937 1-91 -9.7 -10.4 -,12.8 -14.6 -21.9 -23.2 2-91 -5.2 -5.1 -6.0 -5.8 -8.2 -1.3 26.8 3-91 -4.0 -3.7 -4.3 -3.8 -5.1 0.6 15.2 4.6 4-91 -4.3 -4.1 -4.6 -4.2 -5.4 -1.2 7.5 -1.0 -6.4 5-91 -2.8 -2.4 -2.7 -2.1 -2.7 1.3 8.5 3.1 2.3 11.8 6-91 -2.9 -2.6 -2.8 -2.3 -2.9 0.4 5.9 1.2 0.1 3.6 -4.0 7-91 -2.4 -2.1 -2.2 -1.7 -2.1 0.8 5.5 1.7 1.0 3.6 -0.3 8-91 -3.1 -2.8 -3.1 -2.7 -3.2 -0.7 3.0 -0.5 -1.5 -0.3 -4.0 -4.0 -11.0 9-91 -2.9 -2.7 -2.8 -2.5 -2.9 -0.7 2.5 -0.5 -1.4 -0.3 -3.1 -2.8 -5.9 -0.5 10-91 -3.0 -2.7 -2.9 -2.6 -3.0 -1.0 1.8 -1.0 -1.7 -0.9 -3.3 -3.1 -5.2 -2.2 -3.9 11-91 -3.0 -2.8 -3.0 -2.7 -3.1 -1.3 1.2 -1.3 -2.0 -1.4 -3.4 -3.3 -4.9 -2.8 -4.0 -4.1 12-91 -3.0 -2.9 -3.0 -2.7 -3.1 -1.5 0.8 -1.5 -2.1 -1.6 -3.4 -3.3 -4.6 -2.9 -3.7 -3.6 109,501 111,692 112,115 111,497 112,535 112,154 3.5 112,478 111,391 111,348 110,977 110,591 -3.1 110,304 1-92 -1.6 -1.3 -1.4 -1.0 -1.2 0.5 2.8 0.8 0.4 1.2 0.0 0.6 0.1 2.4 3.2 5.7 10.9 26.9 2-92 -0.9 -0.6 -0.6 -0.2 -0.3 1.3 3.5 1.8 1.5 2.4 1.4 2.0 1.8 4.1 5.1 7.5 11.6 19.8 13.1 7-90 8-90 9-90 10-90 11-90 12-90 1-91 2-91 3-91 4-91 5-91 6-91 7-91 8-91 9-91 10-91 11-91 12-91 1-92 112,516 113,677 Retail sales data deflated by CPI-U (1982-84=100). Pre p a r e d by Federal Rese r v e Bank of St. Louis March 12, 1992 11 In ven tories Compared With M onthly Sales Manufacturing and Trade Seasonally Adjusted n-- 1-- r 1986 1987 1988 1989 Shaded area represents a period of business recession. Prepared by Federal Reserve Bank of St. Louis Manufacturing and Trade Inventories (Compounded Annual Rates o f Change) Terminal Month Initial Month 6-90 7-90 7-90 8.5 8-90 8.1 7.6 9-90 6.5 5.5 9-90 9-90 13-90 11-90 12-9? 1-91 2-91 3-91 4-91 5-91 6-91 7-91 8-91 9-91 10-91 11-91 12-91 Mi l l i o n s of D ollars 8 18,689 823,683 3.4 825,964 10-90 6.0 5.2 4.0 4.7 11-90 5.3 4.5 3.5 3.6 2.5 12-90 3.0 2.0 0.6 -0.3 -2.7 -7.7 1-91 3.7 2.9 1.9 1.6 0.6 -0.4 7.5 2-91 2.8 2.0 1.1 0.7 -0.3 -1.3 2.1 829,140 8 30, 8 5 7 8 25,363 830 .333 -3.0 8 28,201 3-91 1.1 0.2 -0.8 -1.5 -2.7 -4.0 -2.8 -7.5 -11.8 4-91 0.6 -0.3 -1.2 -1.9 -2.9 -4.0 -3.0 -6.3 -7.9 -3.9 5-91 0.2 -1.0 -1.9 -2.6 -3.6 -4.6 -3.9 -6.6 -7.7 -5.6 6-91 -0.7 -1.5 -2.4 -3.0 -4.0 -4.9 -4.4 -6.6 -7.4 -6.0 -7.0 -6.6 7-91 0.7 -1.5 -2.2 -2.8 -3.6 -4.3 -3.8 -5.6 -6.1 -4.6 -4.9 -3.6 -0.4 8-91 -0.7 -1.4 -2.1 -2.5 -3.2 -3.9 -3.4 -4.8 -5.1 -3.8 -3.7 -2.5 -0.3 8 19,615 816,893 -7.3 811,713 807,105 806,802 -0.2 8 06 , 6 4 8 9-91 -0.1 -0.7 -1.3 -1.7 -2.3 -2.7 -2.2 -3.3 -3.4 -1.9 -1.5 0.0 2.3 3.8 7.9 10-91 0.0 -0.6 -1.1 -1.4 -1.9 -2.3 -1.8 -2.8 -2.7 -1.4 -0.9 0.4 2.2 3.1 4.8 1.8 11-91 0.1 -0.4 -1.0 -1.3 -1.7 -2.0 -1.5 -2.4 -2.3 -1.0 -0.6 0.5 2.0 2.7 3.6 1.6 1.3 12-91 0.3 -0.2 -0.6 -0.9 -1.3 -1.6 -1.1 -1.8 -1.7 -0.5 0.0 1.1 2.4 3.0 3.8 2.4 2.7 4.2 1-92 0.0 -0.4 -0.9 -1.1 -1.5 -1.8 -1.3 -2.0 -2.0 -0.9 -0.6 0.3 1.3 1.6 2.0 0.6 0.2 -0.4 6-90 7-90 8-90 9-90 10-90 11-90 12-90 1-91 2-91 3-91 4-91 5-91 6-91 7-91 8-91 8 11,793 813,024 8 13,898 8 16,633 -4.8 8 13,338 9-91 10-91 11-91 12-91 P r e p a r e d by F ederal Res e r v e Bank of St. Louis M a r c h 13, 1992 12 Gross Dom estic Product Seasonally Adjusted Trillions of Dollars Trillions of Dollars 6.8 6.1 5.4 4.7 4.0 3.3 1986 1987 1988 1989 1990 1992 1991 Shaded area represents a period of business recession. Percentages are annual rates of change for periods indicated. Prepared by Federal Reserve Bank of St. Louis Gross Domestic Product in 1987 Dollars (Compounded Annual Rates o f Change) Initial Quarter Terminal Quarter 1-87 2-87 5.1 3-87 4.5 2-87 3-87 4-87 1-85 2-88 3-88 4-88 1-89 2-89 3-89 4-89 1-90 2-90 3-90 4-90 1-91 2-91 B i l l i o n s of D o l l a r s A n nual Rates 3-91 4,515.3 4.0 4,559.3 4-87 5.0 4.9 5.9 1-88 4.4 4.2 4.3 2.6 4,625.5 2-88 4.4 4.2 4.3 3.5 4.3 3-88 4.1 3.9 3.8 3.2 3.4 2.5 4-88 4.0 3.9 3.8 3.3 3.6 3.2 3.9 1-89 3.S 3.7 3.6 3.2 3.3 3.0 3.2 2.5 2-89 3.6 3.5 3.4 3.0 3.0 2.7 2.8 2.2 1.9 3-89 3.4 3.2 3.1 2.7 2.7 2.4 2.3 1.8 1.5 1.1 4-89 3.2 3.0 2.9 2.5 2.5 2.2 2.1 1.7 1.4 1.1 1.2 1-90 3.1 2.9 2.8 2.4 2.4 2.1 2.0 1.7 1.5 1.3 1.5 1.7 2-90 2.9 2.8 2.7 2.3 2.3 2.1 2.0 1.7 1.5 1.4 1.5 1.7 1.6 3-90 2.7 2.6 2.5 2.1 2.1 1.9 1.8 1.5 1.3 1.2 1.2 1.2 0.9 4-90 2.3 2.1 2.0 1.6 1.5 1.3 1.1 0.8 0.5 0.3 0.2 -0.1 -0.7 -1.8 -3.9 1-91 2.0 1.8 1.6 1.3 1.2 0.9 0.8 0.4 0.1 -0.1 -0.3 -0.6 -1.2 -2.1 -3.2 - 2.5 2-91 1.9 1.8 1.6 1.3 1.2 1.0 0.8 0.5 0.3 0.1 -0.1 -0.3 -0.7 -1.2 -1.7 - 0.6 1.4 3-91 1.9 1.8 1.6 1.3 1.3 1.0 0.9 0.6 0.4 0.3 0.2 0.0 -0.2 -0.6 -0.8 0.2 1.6 1.8 4-91 1.9 1.7 1.6 1.3 1.2 1.0 0.9 0.6 0.4 0.3 0.2 0.1 -0.1 -0.4 -0.6 0.3 1.2 1.1 0.4 1-87 2-87 3-87 4-87 1-88 2-88 3-88 4-88 1-89 2-89 3-89 4-89 1-90 2-90 3-90 4-90 1-91 2-91 3-91 4,655.3 4,704.8 4,734.5 4,779.7 4,809.8 4,8 3 2 . 4 4,845.6 4,859.7 4,8 8 0 . 8 4,900.3 0.2 4,903.3 4 ,855.1 4 ,824.0 4,840.7 4,862.7 4,8 6 8 . 0 Fo u r t h q u arter 1991 data are final estinates. P r e p a r e d by Fed e r a l R e s e r v e Bank o f St. L ouis M a r c h 26, 1992 13 Im plicit Price D eflator for GDP Percent Change From Previous Year Seasonally Adjusted Percent Percent Prepared by Federal Reserve Bank of St. Louis Implicit Price Deflato -V-» (Compounded Annual Rates o f Change) Termi n a l Quarter 1987 = 100 Initial Q uarter 1-87 2-87 2.9 3 -87 3.1 2-87 3-8 7 4 -87 1-88 2-88 3-88 4-88 1-89 2-89 3-89 4-8 9 1-90 2-90 3-90 4-90 1-91 2-91 3-91 99.5 100.3 3.3 101.2 4 -87 3.3 3.4 3.6 1-88 3.3 3.5 3.6 3.6 2-88 3.5 3.7 3.9 4.0 4.4 3 -88 3.8 4.0 4.4 4.8 5.1 4-88 3.8 4.0 4.1 4.2 4.5 4.5 3.9 1-89 4.0 4.2 4.3 4.5 4.7 4.8 4.6 5.4 2-89 4.0 4.2 4.3 4.4 4.6 4.7 4.5 4.8 4.2 3-8 9 4.0 4.1 4.2 4.3 4.4 4.4 4.2 4.3 3.8 3.4 4-8 9 3.9 4.1 4.1 4.2 4.3 4.3 4.1 4.2 3.8 3.5 3.7 1-90 4.0 4.1 4.2 4.2 4.3 4.3 4.2 4.2 3.9 3.8 4.1 4.4 2-90 4.0 4.1 4.2 4.3 4.3 4.3 4.2 4.3 4.0 4.0 4.2 4.4 4.4 3-90 4.1 4.2 4.2 4.3 4.4 4.4 4.3 4.3 4.1 4.1 4.3 4.5 4.6 4.7 4-90 4.0 4.1 4.2 4.2 4.3 4.2 4.1 4.2 4.0 4.0 4.1 4.2 4.1 4.0 3.2 1-91 4.1 4.2 4.2 4.3 4.3 4.3 4.2 4.3 4.1 4.1 4.2 4.3 4.3 4.3 4.1 5.0 2-91 4.0 4.1 4.1 4.2 4.2 4.2 4.1 4.2 4.0 4.0 4.1 4.1 4.1 4.0 3.8 4.1 3.1 3-91 3.9 4.0 4.0 4.0 4.1 4.0 4.0 4.0 3.8 3.8 3.8 3.8 3.7 3.6 3.3 3.4 2.6 2.1 4-91 3.8 3.8 3.9 3.9 3.9 3.9 3.8 3.8 3.6 3.6 3.6 3.6 3.5 3.3 3.0 3.0 2.3 1.9 1.7 1-87 2-87 3 -87 4-87 1-88 2-88 3-88 4-88 1-89 2-89 3 -89 4-89 1-90 2-90 3-90 4-90 1-91 2-91 3-91 4.2 102.1 103.2 104.5 105.5 106.9 108.0 108.9 109.9 111.1 112.3 113.6 114.5 115.9 116.8 117.4 117.9 F o u r t h quarter 1991 d a t a a r e final estivates. P r e p a r e d by Fed e r a l R eserve Bank of St. Louis Mar c h 26, 1992 14 Final Sales in 1987 Dollars (Compounded Annual Rates o f Change) Terminal Qua r t e r 1-87 2-87 3-87 4-87 1-88 2-88 3-88 4-88 Initial Quarter Annual Rates 1-89 2-S9 3-89 2-87 5.6 3-87 5.3 5.1 4-87 3.9 3.0 1.0 1-88 4.5 4.1 3.6 6.3 2-88 4.5 4.2 4.0 5.5 4.6 3-88 4.1 3.8 3.4 4.3 3.2 1.9 4-88 4.1 3.8 3.6 4.2 3.5 3.0 4.1 1-89 3.7 3.4 3.1 3.5 2.9 2.3 2.5 0.8 2-89 3.5 3.2 3.0 3.3 2.7 2.2 2.3 1.5 2.1 B i l l i o n s of D o l l a r s 4-89 1-90 2-90 3-90 4-90 1-91 2-91 3-91 4,497.9 4,553.9 4,56 5 . 6 4,636.2 4,688.7 4,710.9 4,75 8 . 7 4,768.5 4,793.5 4,8 2 5 . 4 3-89 3.4 3.2 2.9 3.2 2.7 2.3 2.4 1.9 2.4 2.7 4-89 3.1 2.9 2.6 2.9 2.4 2.0 2.0 1.5 1.7 1.5 0.4 1-90 3.3 3.0 2.8 3.0 2.6 2.4 2.4 2.1 2.4 2.5 2.5 4.6 4,82 9 . 7 4,884.8 4,878.1 2-90 3.0 2.7 2.5 2.7 2.3 2.0 2.0 1.7 1.8 1.8 1.5 2.0 -0.5 3-90 2.8 2.6 2.4 2.5 2.1 1.9 1.9 1.6 1.7 1.6 1.3 1.7 0.2 0.9 4-90 2.6 2.4 2.2 2.3 1.9 1.7 1.6 1.3 1.4 1.3 1.0 1.2 0.0 0.3 -0.3 1-91 2.3 2.1 1.9 1.9 1.6 1.3 1.2 0.9 0.9 0.8 0.4 0.4 -0.6 -0.6 -1.3 -2.4 2-91 2.2 2.0 1.8 1.9 1.5 1.3 1.2 0.9 1.0 0.8 0.5 0.6 -0.2 -0.1 -0.5 -0.6 1.2 3-91 2.1 1.9 1.7 1.7 1.4 1.1 1.1 0.8 0.8 0.6 0.4 0.4 -0.3 -0.3 -0.5 -0.6 0.2 -0.7 4-91 1.9 1.7 1.5 1.6 1.3 1.0 1.0 0.7 0.7 0.6 0.3 0.3 -0.3 -0.2 -0.5 -0.5 0.1 -0.4 -0.2 1-87 2-87 3-87 4-87 1-88 2-88 3-88 4-88 1-89 2-89 3-89 4-89 1-90 2-90 3-90 4-90 1-91 2-91 3-91 4,889.4 4,8 8 6 . 3 4,8 5 6 . 8 4,8 7 1 . 2 4,862.6 4,8 6 0 . 3 P r e p a r e d b y Fed e r a l R e s e r v e Bank of St. Louis M a r c h 26, 1992 Personal Consumption Expenditures in 1987 Dollars (Compounded Annual Rates of Change) Terminal Q uarter 1-87 2-87 4.8 2-87 3-87 4-87 1-88 2-88 3-88 4-88 Initial Quarter Annual Rates 1-89 2-89 3-89 B i l l i o n s of Dol l a r s 4-89 1-90 2-90 3 -90 4-90 1-91 2-91 3-91 3,0 4 6 . 8 3-87 4.3 3.9 4-87 2.8 1.8 -0.1 3,0 7 5 . 8 1-88 3.9 3.6 3.4 3,07 4 . 7 3,1 2 8 . 2 7.1 3,147.8 2-88 3.6 3.3 3.1 4.8 2.5 3-88 3.5 3-2 3.1 4.2 2.7 2.9 4-88 3.6 3.4 3.3 4.2 3.2 3.5 4.1 1-89 3.1 2.9 2.7 3.3 2.3 2.3 1.9 -0.2 2-89 2.9 2.6 2.4 2.9 2.1 1.9 1.6 0.4 1.0 3-89 3.0 2.8 2.7 3.1 2.4 2.4 2.2 1.6 2.5 4.1 4-89 2.7 2.5 2.4 2.7 2.1 2.0 1.8 1.2 1.7 2.1 0.1 1-90 2.7 2.5 2.3 2.6 2.1 2.0 1.8 1.4 1.8 2.1 1.1 2.1 2-90 2.5 2.3 2.1 2.4 1.8 1.7 1.6 1.2 1.4 1.6 0.7 1.1 0.0 3-90 2.5 2.3 2.2 2.4 1.9 1.9 1.7 1.4 1.7 1.8 1.2 1.6 1.4 2.8 3,170.6 3,2 0 2 . 9 3,20 0 . 9 3,20 8 . 6 3,2 4 1 . 1 3,24 1 . 6 3,25 8 . 8 3,258.6 3,28 1 . 2 4-90 2.1 1.9 1.7 1.9 1.4 1.3 1.1 0.8 0.9 0.9 0.3 0.3 -0.3 -0.4 -3.5 1-91 1.9 1.7 1.5 1.6 1.2 1.1 0.9 0.5 0.6 0.6 0.0 0.0 -0.5 -0.7 -2.4 -1.3 3,25 1 . 8 3 ,241.1 2-91 1.8 1.6 1.5 1.6 1.2 1.1 0.9 0.6 0.7 0.7 0.2 0.2 -0.2 -0.2 -1. 2 0.0 1.4 3-91 1.9 1.7 1.6 1.7 1.3 1.2 1.0 0.8 0.9 0.9 0.5 0.5 0.3 0.3 -0.3 0.8 1.9 2.3 4-91 1.8 1.6 1.5 1.6 1.2 1.1 1.0 0.7 0.8 0.8 0.4 0.5 0.2 0.3 -0.2 0.6 1.2 1.2 0.0 1-87 2-87 3-87 4-87 1-88 2-88 3 -88 4 -88 1-89 2-89 3-89 4-89 1-90 2-90 3-90 4-90 1-91 2-91 3-91 3,252.4 3,271.2 3 ,271.1 F o u r t h quarter 1991 data are final estimates. P r e p a r e d b y Fed e r a l R e s e r v e B ank of St. Lo u i s M a r c h 26, 1992 15 Residential Fixed Investment in 1987 Dollars (Compounded Annual Rales o f Change) Terminal Quarter Initial Quarter 1-87 2-87 3-87 4-87 1-88 2-87 3.6 3-87 -1.2 -5.8 4-87 -1.4 -3.8 -1.8 1-88 -2.5 -4.5 -3.8 -5.8 2-88 -1.3 -2.5 -1.4 -1.2 3.7 2-88 3-88 4-88 1-89 2-89 3-89 4-29 1-90 2-90 3-90 4-90 1-91 2-91 Billions of Hollars Annual Rates 3-91 227.7 224.3| 223.3 220.0 222.0 3-88 -0.7 -1.5 -0.4 0.1 3.2 2.7 4-88 -0.1 -0.7 0.4 0.9 3.2 3.0 3.3 1-89 -0.8 -1.5 -0.7 -0.5 0.9 -0.1 -1.4 223.5 225.3 -5.9 221.9 2-89 -2.1 -2.8 -2.4 -2.5 -1.8 -3.? -5.0 -8.9 -11.9 3-89 -2.5 -3.1 -2.8 -2.9 -2.5 -3.7 -5.2 -7.9 -8.8 -5.6 4-89 -2.9 -3.6 -3.3 -3.5 -3.2 -4.3 -5.6 -7.7 -8.3 -6.5 -7.3 1-90 -2.7 -3.2 -2.9 -3.1 -2.7 -3.6 -4.6 -6.1 -6.2 -4.2 -3.5 2-90 -3.7 -4.3 -4.2 -4.4 -4.3 -5.2 -6.3 -7.8 -8.2 -7.2 -7.7 3-90 -4.7 -5.3 -5.2 -5.5 -5.5 -6.5 -7.6 -9.0 -9.5 -9.1 -9.9 4-90 -5.4 -6.0 -6.0 -6.4 -6.4 -7.4 -8.4 -9.8 -10.3 -10.1 -11.0 -11.3 -15.6 -15.6 -15.0 1-91 -6.7 -7.4 -7.5 -7.9 -8.1 -9.1 -10.2 -11.6 -12.3 -12.4 -13.4 -14.6 -18.0 -18.8 -20.0 -24.8 2-91 -6.2 -6.8 -6.8 -7.2 -7.3 -8.2 -9.1 -10.2 -10.7 -10.6 -11.2 -11.9 -14.2 -13.8 -13.0 -11.9 3-91 -5.3 -5.8 -5.8 -6.1 -6.1 -6.8 -7.6 -8.5 -8.7 -8.4 -8.7 -8.9 -10.4 -9.3 -7.5 -4.9 6.9 10.9 4-91 -4.5 -4.9 -4.8 -5.0 -5.0 -5.6 -6.2 -6.9 -7.0 -6.5 -6.6 -6.5 -7.5 -6.0 -3.9 -0.9 8.7 11.6 12.3 1-87 2-87 3-87 4-87 1-88 2-88 3-88 4-88 1-89 2-89 3-89 4-89 1-90 2-90 3-90 4-90 1-91 2-91 3-91 215.0 211.9 207.9 0.6 208.2 -7.9 -15.7 199.5 -10.3 -15.9 -16.2 190.9 183.3 170.7 3.1 172.0 176.5 131.7 P r e pared by Federal Reserve Bank of St. Louis March 26, 1992 Nonresidential Fixed Investment in 1987 Dollars (Compounded Annual Rates of Change) Terainal Quarter Initial Quarter 1-87 2-87 3 -87 4-87 2-87 8.2 3-87 11.8 15.4 4-8 7 8.3 8.3 1.6 1-88 7.6 7.4 3.6 5.7 1-88 2-88 3-88 4-88 1-89 2-89 3 -89 4-89 1-90 2-90 3-90 4-90 1-91 2-91 Billions of Dollars Annual Rates 3-91 490.7 508.6 510.6 517.7 2-88 8.3 8.3 6.0 8.3 11.0 3-8 8 7.4 7.2 5.2 6.5 6.9 2.9 4-8 8 6.7 6.4 4.7 5.5 5.5 2.8 2.7 1-89 5.9 5.6 4.1 4.6 4.3 2.2 1.8 0.9 2-89 5.6 5.3 3.9 4.3 4.0 2.3 2.1 1.8 2.7 3 -89 5.1 4.7 3.5 3.8 3.4 2.0 1.8 1.5 1.7 0.8 4 -89 4.4 4.0 2.8 3.0 2.6 1.2 0.9 0.5 0.3 -0.8 -2.5 1-90 4.6 4.3 3.2 3.4 3.1 2.1 1.9 1.8 2.0 1.7 2.2 531.4 5 35.2 5 38.8 540.0 5 43.6 5 44.7 541.3 5 50.7 7.1 2-90 3.9 3.5 2.5 2.6 2.3 1.2 1.0 0.7 0.6 0.1 -0.1 1.1 -4.6 3-90 4.2 3.9 3.0 3.1 2.9 2.0 1.9 1.8 1.9 1.7 2.0 3.5 1.8 8.5 544.3 4-90 3.4 3.0 2.1 2.2 1.9 1.0 0.8 0.5 0.5 0.1 0.0 0.6 -1.5 0.1 1-91 1.9 1.5 0.6 0.5 0.1 -0.8 -1.2 -1.6 -2.0 -2.6 -3.2 -3.3 -5.7 -6.1 -12.7 -17.4 2-91 1.6 1.2 0.3 0.2 -0.2 -1.1 -1.4 -1.8 -2.1 -2.7 -3.2 -3.3 -5.3 -5.4 -9.6 -10.6 -3.3 3-91 1.3 0.9 0.1 0.0 -0.4 -1.3 -1.6 -2.0 -2.3 -2.8 -3.2 -3.3 -5.0 -5.1 -8.2 -8.4 -3.5 -3.7 4-91 1.1 0.7 -0.1 -0.2 -0.6 -1.4 -1.7 -2.1 -2.4 -2.9 -3.3 -3.4 -4.8 -4.8 -7.3 -7.1 -3.5 -3.5 -3.4 1-87 2-87 3-87 4-87 1-88 2-88 3-88 4-88 1-89 2-89 3-89 4-89 1-90 2-90 3-90 4-90 1-91 2-91 3-91 5 55.5 5 44.5 -7.7 519.1 514.8 510.0 505.6 F o u r t h quarter 1991 data are final estimates. Pr e pared by Federal Res e r v e Bank of St. Louis March 26, 1992 Exports in 1987 Dollars (Compounded Annual Rates o f Change) Te r minal Q uarter Initial Quarter 1-8/ 2-87 3-87 4-87 1-88 2-88 2-*7 17.9 3-B7 17.9 17.9 4-87 17.5 17.3 16.7 1-8 8 19.0 19.4 20.1 23.6 2-88 17.2 17.0 16.7 16.8 10.3 3-88 15.4 14.9 14.2 13.3 8.5 6.8 3-88 4-88 1-89 2-89 3-89 4-89 1-90 2-90 3-90 4-90 1-91 B i l l i o n s of Dollar: A nn u a l Rate: 3-91 2-91 3 56.5 371.5 386.1 4 07.1 417.2 424.1 4-88 15.2 14.7 14.1 13.5 10.3 10.3 14.0 1-8 9 14.8 14.4 13.8 13.3 10.8 11.0 13.2 12.4 43 8 . 2 451.2 2-89 15.1 14.8 14.3 13.9 12.1 12.5 14.5 14.8 17.2 3-89 13.6 13.1 12.5 12.0 10.1 10.1 10.9 9.9 8.7 0.9 4-89 13.6 13.2 12.7 12.2 10.6 10.7 11.5 10.9 10.4 7.1 13.7 46 9 . 5 470.5 485 . 8 1-90 13.2 12.8 12.3 11.8 10.4 10.4 11.0 10.5 10.0 7.7 11.2 8.8 2-90 12.5 12.1 11.6 11.1 9.8 9.7 10.1 9.5 8.9 6.9 9.1 6.8 4.8 3 -90 11.6 11.1 10.5 10.0 8.7 8.5 8.8 8.0 7.3 5.4 6.6 4.4 2.2 -0.4 496 . 2 502.1 501.6 4 -90 12.0 11.5 11.1 10.6 9.5 9.4 9.7 9.2 8.7 7.4 8.7 7.6 7.1 8.3 17.7 1-91 10.6 10.2 9.6 9.1 8.0 7.8 7.9 7.2 6.6 5.1 5.9 4.4 3.3 2.8 4.4 522.5 -7.4 512.5 2-91 11.1 10.7 10.3 9.8 8.8 8.7 8.9 8.4 7.9 6.8 7.7 6.7 6.3 6.7 9.2 5.1 19.4 3-91 10.9 10.5 10.1 9.6 8.7 8.6 8.7 8.3 7.9 6.9 7.6 6.8 6.5 6.8 8.7 5.8 13.2 7.3 4*91 10.8 10.5 10.0 9.6 8.8 8.7 8.8 8.4 8.0 7.2 7.9 7.2 6.9 7.3 8.9 6.8 12.0 8.5 9.7 1-87 2-87 3-87 4-87 1-88 2-88 3-88 4-88 1-89 2-89 3-89 4-89 1-90 2-90 3-90 4-90 1-91 2-91 3-91 53 5 . 7 54 5 . 2 558.0 Pr e p a r e d b y F e d e r a l R e s e r v e Bank o f St. Lo u i s M a r c h 26, 1992 Imports in 1987 Dollars (Compounded Annual Rates o f Change) Ter n i n a l Quarter 1-87 2-87 8.9 3-87 8.0 2-87 3-87 4-87 1-88 2-88 3-88 4-88 Initial Q uarter A n n u a l Ra t e s 1-89 2-89 3-89 Billions of Dollars 4-89 1-90 2-90 3 -90 4-90 1-91 2-91 3-91 50 2 . 7 7.0 511.3 4-87 8.2 7.9 8.7 1-88 5.8 4.7 3.6 -1.2 2-88 3.7 2.5 1.0 -2.6 -4.0 3-88 4.6 3.7 2.9 1.0 2.2 8.7 4-8 8 5.6 5.0 4.6 3.6 5.3 10.2 11.7 1-89 4.0 3.3 2.7 1.6 2.3 4.5 2.4 -6.1 2-89 4.3 3.8 3.3 2.4 3.2 5.1 3.9 0.1 6.9 3-8 9 4.6 4.1 3.7 3.1 3.8 5.4 4.6 2.3 6.8 6.8 4-8 9 4.5 4.1 3.8 3.2 3.8 5.2 4. 5 2.7 5.9 5.4 4.0 1-90 3.9 3.5 3.1 2.5 3.0 4.0 3.3 1.7 3.7 2.7 0.7 -2.5 2-90 3.7 3.3 3.0 2.4 2.9 3.7 3.0 1.7 3.3 2.4 1.0 -0.4 1.7 3-90 4.2 3.8 3.5 3.1 3.5 4.4 3.9 2.8 4.3 3.8 3.1 2.8 5.6 9.6 4-90 3.2 2.8 2.5 2.0 2.3 2.9 2.3 1.2 2.3 1.5 0.5 -0.4 0.4 -0.3 522.1 520.5 515.2 526.1 540 . 9 532 . 4 541.3 550 . 3 555 . 7 552 . 2 554.5 567 . 4 -9.3 553.7 1-91 1.9 1.5 1.1 0.5 0.7 1.1 0.4 -0.8 -0.1 -1.1 -2.3 -3.6 -3.8 -5.6 -12.4 -15.4 2-91 2.6 2.2 1.9 1.4 1.6 2.1 1.5 0.5 1.3 0.6 -0.2 -0.9 -0.6 -1.2 - 4.5 -2.0 1 3.3 3-91 3.6 3.3 3.0 2.7 3.0 3.5 3.1 2.3 3. 2 2.8 2.3 2.1 2.9 3.1 1.6 5.5 17.7 22.3 4-91 3.5 3.2 3.0 2.6 2.9 3.4 3.0 2.3 3.1 2.8 2.3 2.1 2.8 3.0 1.7 4.6 1 2.3 11.7 2.1 1-87 2-87 3-87 4-87 1-88 2-88 3-88 4-88 1-89 2-89 3-89 4-89 1-90 2-90 3-90 4-9 0 1-91 2-91 3-91 53 1 . 1 548.0 576.3 579 . 3 F o u r t h quarter 1991 data a r e final estimates 17 P r e p a r e d b y F e d e r a l R e s e r v e Bank of St. L o u i s M a r c h 26, 1 9 9 2 Government Purchases of Goods and Services in 1987 Dollars (Compounded Annual Rates o f Change) T e r ainal Quarter 1-87 2-87 4.6 2-87 3-87 4 -87 1-88 2-88 3-88 4-88 Initial Q uarter Annual Rates 1-89 2-89 3-89 B i l lions of Dollars 4-89 1-90 2-90 3-90 4-90 1-91 2-91 3-91 879.0 3 -87 3.7 2.7 4 -87 3.7 3.2 3.7 1-88 1.7 0.7 -0.3 -4.1 884.9 893.0 8 83.7 2-88 1.5 0.8 0.1 -1.7 0.9 3-8 8 1.1 0.4 -0.1 -1.4 0.0 -0.9 4-8 8 1.7 1.2 0.9 0.2 1.6 2.0 5.0 1-89 1.0 0.5 0.2 -0.5 0.4 0.2 0.7 -3.4 2-89 1.5 1.1 0.9 0.4 1.3 1.4 2.2 0.9 5.2 3 -89 1.7 1.4 1.3 0.9 1.8 2.0 2.7 1.9 4.7 4.1 4-89 1.6 1.3 1.2 0.9 1.6 1.7 2.3 1.6 3.3 2.4 0.7 8 85.6 8 83.7 894.5 886.9 898.3 907.4 908.9 1-90 2.0 1.8 1.7 1.5 2.2 2.4 2.9 2.5 4.1 3.7 3.5 6.4 2-90 2.0 1.8 1.7 1.6 2.2 2.4 2.8 2.5 3.7 3.3 3.1 4.3 2.2 923.0 3-90 1.9 1.7 1.6 1.4 2.0 2.1 2.4 2.1 3.0 2.6 2.2 2.7 1.0 -0.3 928.1 927.5 4-90 2.1 1.9 1.8 1.6 2.2 2.3 2.7 2.4 3.2 2.9 2.7 3.2 2.2 2.1 4.6 1-91 2.1 1.9 1.9 1.7 2.2 2.4 2.7 2.4 3.2 2.9 2.7 3.1 2.3 2.4 3.7 937.9 2.8 944.5 2-91 2.0 1.8 1.7 1.6 2.1 2.2 2.4 2.2 2.8 2.5 2.3 2.6 1.8 1.7 2.4 1.4 -0.1 3-91 1.7 1.5 1.4 1.3 1.7 1.7 1.9 1.7 2.2 1.8 1.6 1.7 0.9 0.7 0.9 -0.3 -1.8 -3.4 4-91 1.3 1.1 1.0 0.8 1.2 1.2 1.4 1.1 1.5 1.1 0.8 0.8 0.0 -0.3 -0.4 -1.6 -3.0 -4.4 -5.4 1-87 2-87 3-87 4-87 1-88 2-88 3-88 4-88 1-89 2-89 3-89 4-89 1-90 2-90 3-90 4-90 1-91 2-91 3-91 944.3 936.1 923.3 F o u r t h qua r t e r 1991 d a ta are final estieates Pre p a r e d by Federal R eserve Ban k of St. Louis Mar c h 26, 1992 Corporate Profits (Compounded Annual Rates o f Change) Te r minal Qua r t er Initial Quarter 1-87 2-87 3 -87 4-87 1-88 2-88 3-88 4-88 1-89 2-8 9 3-89 4-89 1-90 2-90 3-90 4-90 1-91 2-91 Billions of D ollars Annual Rates 3-91 315.6 2-87 55.5 3-87 43.1 31.6 4-87 29.6 18.3 6.4 1-88 24.6 15.7 8.5 10.7 2-88 22.5 15.4 10.5 12.5 14.5 3-88 18.7 12.4 8.1 8.6 7.6 1.2 4 -88 18.1 12.8 9.4 10.2 10.0 7.9 1-89 13.8 8.9 5.5 5.3 4.0 0.7 2-89 11.5 7.0 3.8 3.4 2.0 -0.9 -1.6 3-8 9 8.3 4.0 1.0 0.3 -1.3 -4.2 -5.6 -11.6 -11.2 -16.6 4-8 9 6.3 2.4 -0.4 -1.3 -2.9 -5.5 -6.8 -11.5 -11.3 -14.0 -11.4 1-90 6.4 2.8 0.3 -0.4 -1.7 -3.8 -4.6 -8.1 -7.1 -7.6 -2.8 6.7 2-90 5.8 2.5 0.2 -0.4 -1.6 -3.4 -4.1 -6.9 -5.8 -5.9 -2.0 3.1 3-90 1.7 -1.6 -3.9 -4.8 -6.2 -8.3 -9.4 -12.4 -12.5 -13.8 -13.1 -13.7 -22.3 -39.4 4-90 1.3 -1.8 -4.0 -4.8 -6.1 -7.9 -8.9 -11.5 -11.4 -12.4 -11.5 -11.5 -16.9 -24.1 1-91 1.7 -1.2 -3.2 -3.9 -5.0 -6.6 -7.3 -9.5 -9.2 -9.7 -8.5 -7.9 -11.2 -14.5 1.5 338.0 343.3 352.1 364.2 365.3 378.3 15.0 366.2 0.5 -12.2 -8.9 361.0 -5.6 345.0 334.7 3 40.2 3 39.8 -0.5 299.8 296.1 -4.8 302.1 8.4 303.5 2-91 1.7 -1.0 -2.8 -3.5 -4.5 -5.9 -6.5 -8.4 -8.0 -8.3 -7.1 -6.3 -8.7 -10.7 1.6 5.1 1.9 3-91 1.8 -0.7 -2.4 -3.0 -3.9 -5.2 -5.7 -7.4 -6.9 -7.1 -5.8 -5.0 -6.8 -8.0 2.1 4.5 2.7 3.5 4-91 2.4 0.1 -1.5 -2.0 -2.8 -3.9 -4.3 -5.8 -5.2 -5.1 -3.7 -2.7 -4.0 -4.6 4.5 6.9 6.5 8.8 14.4 1-87 2-87 3-87 4-87 1-88 2-88 3-88 4-88 1-89 2-89 3 -89 4 -89 1-90 2-90 3-90 4-90 1-91 2-91 3-91 C o r p o rate p r o f i t s w ith c apital consumption and inventory v a luation adjustments. 306.1 316.4 F o u r t h q uarter 1991 d a t a a r e final estimates. P r e p a r e d b y Fede r a l Res e r v e Bank of St. Louis Mar c h 26, 1992 18 Gross Saving as a P ercen t of GDP Seasonally Adjusted Percent Percent Total saving equals private saving (personal saving plus business saving) plus government surplus or deficit. Prepared by Federal Reserve Bank of St. Louis Gross Private Saving (Compounded Annual Rates o f Change) Terainal Quarter 1-87 2-87 3-87 4-87 1-88 2-88 3-88 2-87 -29.2 3-87 -7.0 22.2 4-87 7.5 32.5 43.6 1-88 7.8 24.1 25.0 8.8 2-88 5.9 17.1 15.4 3.4 -1.7 3-88 4.9 13.4 11.3 2.3 -0.8 0.0 4-88 5.5 12.7 10.9 4.0 2.4 4.5 9.2 1-89 6.5 12.9 11.4 5.8 5.1 7.5 11.5 2-89 4.3 9.5 7.8 2.7 1.5 2.4 3.2 3-89 3.7 8.2 6.6 2.1 1.0 1.6 2.0 4-89 4.4 8.6 7.1 3.3 2.5 3.2 1-90 4.7 8.5 7.2 3.8 3.2 3.9 2-90 5.2 8.7 7.6 4.5 4.1 4.8 3-90 2.9 5.9 4.7 1.7 1.0 4-88 Initial Quarter A n nual Ra t e s 1-89 2-89 3-89 B i l l i o n s of D o l l a r s 4-89 1-90 2-90 3-90 4-90 1-91 2-91 3-91 6 80.9 715.9 783.7 800.4 7 97.0 7 97.0 814.8 13.7 841.4 0.2 -11.6 815.8 -0.3 -6.7 -1.5 3.9 2.6 -0.9 5.0 11.9 4.6 3.7 1.3 6.0 9.9 8.0 5.5 4.9 3.2 7.3 10.4 9.6 1.3 1.5 0.4 -1.6 0.5 1.0 -2.4 812.8 836.0 852.2 11.3 8 75.4 -7.2 -22.6 8 21.1 4-90 3.8 6.7 5.5 2.9 2.3 2.8 3.1 2.3 0.8 3.0 3.9 2.0 0.1 -5.0 16.5 1-91 4.1 6.9 5.8 3.4 2.9 3.4 3.7 3.1 1.9 3.9 4.9 3.5 2.4 -0.4 13.0 853.1 9.7 8 73.0 2-91 4.4 7.0 6.0 3.8 3.4 3.8 4.2 3.7 2.6 4.6 5.5 4.4 3.7 1.9 11.7 9.4 9.0 3-91 3.7 6.1 5.2 3.0 2.6 2.9 3.2 2.6 1.6 3.2 3.8 2.7 1.8 0.0 6.6 3.5 0.6 -7.2 4-91 4.3 6.6 5.7 3.7 3.4 3.8 4.1 3.6 2.8 4.3 5.0 4.2 3.6 2.4 8.3 6.3 5.3 3.4 15.3 1-87 2-87 3-87 4-87 1-88 2-88 3-88 4-88 1-89 2-89 3-89 4-89 1-90 2-90 3-90 4-90 1-91 2-91 3-91 892.1 8 75.5 90 7 . 2 F o urth q u arter 1991 d ata are final estimates. P r e p a r e d by Fede r a l R e s e r v e Bank of St. Louis M a r c h 26, 1992 19 B u sin ess Productivity and C om pensation Percent Change From Previous Year Seasonally Adjusted Percent Percent 1986 1987 1988 1989 1990 1991 1992 Prepared by Federal Reserve Bank of St. Louis Business Sector Output per Hour (Compounded Annual Rates o f Change) Initial Q uarter 1-87 2-87 3 -87 4-87 1-88 2-88 3-88 4-88 1-89 2-89 3-89 1982 = 100 4-89 1-90 2-90 3-90 4-90 1-91 2-91 3-91 109.2 2-87 4.1 3-87 3.4 2.6 4-87 2.7 2.0 1.5 1-8 8 2.3 1.7 1.3 1.1 2-88 1.5 0.8 0.2 -0.4 -1.8 3-88 1.4 0.9 0.5 0.1 -0.4 1.1 4-88 1.2 0.7 0.4 0.1 -0.2 0.5 0.0 1 -89 0.9 0.4 0.1 -0.2 -0.5 -0.1 -0.7 -1.4 2-89 0.7 0.2 -0.1 -0.4 -0.7 -0.4 -0.8 -1.3 -1.1 3-89 0.4 0.0 -0.3 -0.6 -0.8 -0.7 -1.1 -1.4 -1.4 -1.8 4-89 0.3 0.0 -0.3 -0.5 -0.8 -0.6 -0.9 -1.2 -1.1 -1.1 -0.4 1-90 0.5 0.1 -0.1 -0.3 -0.5 -0.3 -0.5 -0.6 -0.4 -0.1 0.7 1.8 2-90 0.6 0.3 0.1 0.0 -0.1 0.1 1 o M Te r m i n a l Qu a r t e r -0.1 0.2 0.5 1.3 2.2 2.6 3-90 0.4 0.1 -0.1 -0.2 -0.4 -0.2 -0.4 -0.4 -0.2 -0.1 0.4 0.6 0.0 -2.5 4 -90 0.3 0.1 -0.1 -0.3 -0.4 -0.3 -0.4 -0.5 -0.3 -0.2 0.1 0.3 -0.2 -1.6 -0.7 1-91 0.3 0.0 -0.1 -0.3 -0.4 -0.2 -0.4 -0.4 -0.3 0.2 -0.2 -1.1 -0.4 0.0 109.9 110.3 110.6 110.1 110.4 110.4 110.0 109.7 109.2 109.1 109.6 110.3 1 09.6 109.4 tVJ 0 1 109.4 0.1 2-91 0.4 0.2 0.0 -0.1 -0.2 -0.1 -0.2 -0.2 0.0 0.1 0.4 0.5 0.2 -0.4 0.4 0.9 1.8 3-91 0.4 0.2 0.1 0.0 -0.1 0.0 -0.1 -0.1 0.1 0.2 0.5 0.6 0.4 -0.1 0.5 1.0 1.5 1.1 4-91 0.5 0.3 0.2 0.1 0.0 0.2 0.1 0.1 0.3 0.4 0.6 0.8 0.6 0.3 0.9 1.3 1.7 1.6 2.2 1-87 2-87 3 -87 4-87 1 -88 2-88 3-88 4-88 1-89 2-89 3 -89 4-89 1-90 2-90 3-90 4-90 1-91 2-91 3-91 109.9 110.2 110.8 P r e p a r e d by F ederal R e s e r v e Bank of St. Louis M a r c h 10, 1992 20 Net Federal Debt (Compounded Annual Rates o f Change) Terninal Q uarter 4-86 1-87 1-87 2-87 3-87 4-87 1-88 2-88 3-88 Initial Quarter Dollars 4-8 8 1-89 2-89 B i l l i o n s of 3-39 4-89 1-90 2-90 3-90 4-90 1-91 2-91 1,833.8 7.1 2-87 8.6 10.2 3-87 7.5 7.6 1 ,878.7 1 ,902.6 5.2 4-87 7.9 8.1 7.1 9.1 1-88 8.2 8.4 7.9 9.3 1,944.4 1,988.7 9.4 2,02 1 . 5 2-88 7.9 8.1 7.6 8.4 8.1 6.8 3-88 8.0 8.1 7.7 8.4 8.1 7.5 8.3 4-88 7.6 7.7 7.3 7.7 7.3 6.6 6.6 4.9 1-89 7.5 7.6 7.2 7.6 7.3 6.7 6.7 6.0 7.1 2-89 7.3 7.3 7.0 7.3 7.0 6.5 6.4 5.8 6.2 5.4 3-89 7.4 7.4 7.1 7.3 7.1 6.7 6.7 6.3 6.8 6.6 4-89 7.4 7.5 7.2 7.4 7.2 6.9 7.0 6.7 7.2 7.2 8.1 8.4 1-90 8.0 8.1 7.9 8.2 8.1 7.9 8.1 8.0 8.7 9.1 10.3 11.6 14.9 2-90 8.2 8.3 8.2 8.5 8.4 8.3 8.5 8.5 9.1 9.5 10.6 11.5 13.1 11.3 3-90 8.5 8.6 8.5 8.8 8.8 8.7 8.9 9.0 9.6 10.0 11.0 11.8 12.9 11.9 12.6 4-90 8.8 8.9 8.8 9.1 9.1 9.1 9.3 9.4 10.0 10.5 11.3 12.0 13.0 12.3 12. 8 13.1 1-91 8.8 8.9 8.9 9.1 9.1 9.1 9.3 9.4 9.9 10.3 11.0 11.6 12.2 11.6 11. 6 11.2 9.3 2-91 9.0 9.1 9.0 9.3 9.3 9.3 9.5 9.6 10.1 10.4 11.1 11.5 12.1 11.5 11. 6 11.2 10. 3 11.4 3-91 9.4 9.5 9.5 9.7 9.8 9.8 10.0 10.2 10.7 11.1 11.7 12.2 12.8 12.4 12. 6 12.6 12. 5 14.1 17.0 4-86 1-87 2-87 3-87 4-87 1-88 2-88 3-88 4-88 1-89 2-89 3-89 4-89 1-90 2-90 3-90 4 -90 1-91 2-91 2,062.0 2,086.9 2,122.8 2,150.7 2,191.7 7.8 2,236.3 2,315.4 2,378.3 2,449.8 2,526.4 2,582.9 2,653.5 2 ,759.5 P r e p a r e d by Fed e r a l R e s e r v e Bank of St. Louis J a n u a r y 30, 1992 FED ER AL GOVERNM ENT DEBT (b illio n s o f d o lla rs) S e a s o n a lly A d ju s te d E n d o f M o nth T o ta ls Gross federal debt Federal debt held by agencies and trusts Net federal debt Federal debt held by Federal Reserve Banks Federal debt held by private investors Federal debt held by foreign investors 1988 March June September December 2487.6 2550.3 2615.3 2671.0 499.3 527.9 552.1 585.1 1998.7 2021.5 2062.0 2086.9 221.3 226.2 232.5 232.4 1763.7 1797.5 1832.2 1854.8 330.5 342.0 350.5 363.3 1989 March June September December 2740.9 2802.7 2871.8 2938.3 618.0 650.0 678.1 703.6 2122.8 2150.7 2191.7 2236.3 232.8 230.2 224.2 222.4 1886.4 1920.6 1970.1 2011.8 373.6 366.2 400.9 392.9 1990 March June September December 3049.0 3146.9 3249.5 3351.4 735.2 765.1 797.4 823.4 2315.4 2378.3 2449.8 2526.4 223.8 229.6 236.3 252.7 2094.2 2154.7 2220.6 2283.7 382.4 380.0 411.5 422.4 1991 March June September 3461.7 3541.5 3683.7 881.8 883.6 921.4 2582.9 2653.5 2759.5 252.3 252.8 269.3 2337.2 2412.4 2504.4 426.9 439.0 452.0 Columns may not add because each component is seasonally adjusted separately. Gross federal debt equals debt held by agencies and trusts plus net federal debt. Net federal debt equals debt held by Federal Reserve banks plus debt held by private investors (which includes debt held by foreign investors). Sources: Original data may be found in the Treasury Bulletin and also in the Federal Reserve Bulletin; seasonally adjusted series prepared by this Bank. 21 FEDERAL GOVERNMENT BUDGETS (billions of dollars, quarterly totals seasonally adjusted at annual rates) Quarters Receipts National income accounts budget Expenditures National Cyclically income accounts adjusted budget budget Cyclically adjusted budget Surplus or d e fic it(-) National Cyclically income accounts adjusted budget budget 1984 1 2 3 4 $ 711.8 722.8 728.8 739.8 $ 744.7 747.9 754.4 771.0 $ 875.5 876.1 892.5 926.6 $ 859.8 880.4 895.6 925.3 $ -1 6 3 .7 -1 5 3 .2 -1 6 3 .7 -1 8 6 .8 $ -1 1 5 .1 -1 3 2 .5 -1 4 1 .2 -1 5 4 .3 1985 1 2 3 4 797.8 758.6 794.3 803.6 819.3 780.7 811.8 822.0 947.7 964.9 976.3 990.8 953.0 964.4 991.3 1012.6 -1 4 9 .9 -2 0 6 .3 -1 8 2 .0 -1 8 7 .2 -1 3 3 .7 -1 8 3 .7 -1 7 9 .5 -1 9 0 .6 1986 1 2 3 4 809.4 814.2 828.2 856.8 816.4 832.2 852.1 875.5 992.7 1038.0 1047.9 1034.3 1001.4 1045.2 1032.4 1038.7 -1 8 3 .3 -2 2 3 .8 -2 1 9 .7 -1 7 7 .5 -1 8 5 .0 -2 1 3 .0 -1 8 0 .3 -1 6 3 .2 1987 1 2 3 4 858.4 928.6 924.5 943.5 875.1 938.1 927.2 930.0 1048.1 1058.9 1059.0 1096.3 1057.4 1060.4 1065.6 1103.0 -1 8 9 .7 -1 3 0 .3 -1 3 4 .5 -1 5 2 .7 -1 8 2 .3 -1 2 2 .3 -1 3 8 .4 -1 7 3 .0 1988 1 2 3 4 940.5 970.4 977.8 1000.6 924.9 949.5 953.0 971.4 1098.0 1105.0 1097.3 1135.5 1098.0 1111.4 1098.2 1156.1 -1 5 7 .5 -1 3 4 .6 -1 1 9 .5 -1 3 4 .9 -173.1 -1 6 1 .9 -1 4 5 .2 -1 8 4 .7 1989 1 2 3 4 1045.7 1061.8 1050.8 1062.7 1014.3 1032.2 1020.2 1035.4 1160.2 1172.3 1179.2 1206.0 1181.0 1187.3 1182.0 1208.2 -1 1 4 .5 -1 1 0 .5 -1 2 8 .4 -1 4 3 .3 -1 6 6 .7 -155.1 -1 6 1 .8 -1 7 2 .8 1990 1 2 3 4 1086.8 1106.3 1115.4 1110.7 1061.7 1093.4 1116.0 1132.1 1247.6 1263.2 1265.1 1304.4 1252.2 1275.4 1273.6 1311.2 -1 6 0 .8 -1 5 6 .9 -1 4 9 .7 -1 9 3 .6 -1 9 0 .5 -1 8 2 .0 -1 5 7 .6 -179.1 1991 1 2 3 4 1115.2 1114.3 1124.6 1126.6 1160.1 1173.7 N.A. N.A. 1261.6 1321.0 1334.8 1369.3 1257.9 1319.3 N.A. N.A. -1 4 6 .4 -2 0 6 .7 -2 1 0 .2 -2 4 2 .8 - 97.8 -1 4 5 .6 N.A. N.A. N.A. — Not Available F isc a l y e a rs A c tu a l 1984 1985 1986 1987 E s tim a te s 1988 1989 1990 1991 1992 1993 Total budget Receipts Outlays Surplus or deficit ( - ) $ 666.5 $ 851.8 $ - 1 8 5 .3 734.1 $ 946.3 $ - 2 1 2 .3 769.1 $ 854.1 $ 909.0 990.3 1003.8 1064.1 $ - 2 2 1 .2 $ - 1 4 9 .7 $ - 1 5 5 .1 $ 990.7 $ 1031.3 $ 1054.3 1144.1 1251.8 1323.0 $ - 1 5 3 .4 $ - 2 2 0 .5 $ - 2 6 8 .7 $ 1075.7 $ 1164.8 $ 1475.1 $ 1516.7 $ - 3 9 9 .4 $ - 3 5 1 .9 C a le n d a r y e a rs National income accounts budget Receipts Expenditures Surplus or deficit(-) $ 725.8 $ 892.7 $ - 1 6 6 .9 788.6 $ 827.2 $ 913.8 $ 972.3 $ 1055.2 $ 1104.8 $ 1120.2 969.9 1028.2 1179.4 1321.7 1065.6 1065.6 1270.1 $ - 1 8 1 .4 $ - 2 0 1 .0 $ - 1 5 1 .8 $ - 1 5 1 .8 $ - 1 2 4 .2 $ - 1 6 5 .3 $ - 2 0 1 .5 Cyclically adjusted budget Receipts Expenditures Surplus or deficit(-) $ 754.5 $ 890.3 $ - 1 3 5 .8 808.5 $ 844.1 $ 917.6 $ 949.7 $ 1025.5 $ 1100.8 980.3 1029.4 1071.6 1115.9 1189.6 1278.1 $ - 1 7 1 .9 $ - 1 8 5 .4 $ - 1 5 4 .0 $ - 1 6 6 .2 $ - 1 6 4 .1 $ - 1 7 7 .3 Fiscal years refer to the budget year which runs from October 1 through September 30. Total budget outlays include federal entities that are off-budget. Estimates from office of Management and Budget’s Budget of the United States Government FY1993 (January 29, 1992). Cyclically adjusted budget data are in process of revision. Source: Office of Management and Budget and U.S. Department of Commerce. Prepared by Federal Reserve Bank of St. Louis 22 G overnm ent D e fic it(-)/S u r p lu s( + ) Seasonally Adjusted Billions of Dollars Billions of Dollars -6 0 -6 0 Tot< ]l K A -110 -110 *** / V# * / x r \ V \ \ \ / Vi r ................... -160 /\ / Fee era I *^ \ l* \ 1 i\\ \\l f k M / / * \ -2 1 0 -1 6 0 \\ \\ W « \ \ ! \ \ -2 1 0 \ \ \ , -260 ! , I 1986 1 1 1 ’ 1987 I ... 1 1988 ■ I 1 1989 .....1 ... 1 1 1990 , T -r- 1 1 1 -2 6 0 1992 1991 National income accounts basis Prepared by Federal Reserve Bank of St. Louis Federal Defense Expenditures (Compounded Annual Rates of Change) Initial Quarter Terminal Q uarter 1-87 2-87 3-87 4-87 1-88 2-88 3-88 4-88 1-89 2-89 3-89 4-89 1-90 2-90 3-90 4-90 1-91 2-91 Bi l l i o n s of D o l l a r s A n nual R ates 3-91 291.6 2-87 11.5 3-87 9.4 7.5 4-87 5.7 2.9 -1.5 1-8S 4.5 2.3 -0.1 1.2 2-88 3.1 1.1 -0.9 -0.7 -2.5 296.9 295.8 296.7 294.8 294.0 3-88 2.4 0.7 -1.0 -0.8 -1.8 -1.1 4-88 2.6 1.2 0.0 0.3 0.0 1.4 3.9 1-89 1.8 0.4 -0.7 -0.5 -0.9 -0.4 -0.1 -3.9 2-89 2.3 1.2 0.3 0.6 0.5 1.3 2.0 1.1 6.4 3-89 3.0 2.1 1.5 1.9 2.0 3.0 4.0 4.1 8.3 296.8 293.9 298.5 10.1 30 5 . 8 4-89 2.2 1.4 0.7 1.0 0.9 1.5 2.1 1.6 3.5 2.1 -5.4 1-90 2.9 2.2 1.7 2.0 2.1 2.8 3.4 3.4 5.2 4.9 2.3 10.6 30 1 . 6 30 9 . 3 2-90 3.0 2.4 1.9 2.2 2.4 3.0 3.6 3.5 5.1 4.8 3.0 7.5 4.5 3-90 2.7 2.0 1.6 1.9 1.9 2.4 2.9 2.7 3.9 3.4 1.7 4.2 1.2 -2.0 4-90 3.3 2.7 2.4 2.7 2.9 3.4 3.9 3.9 5.1 4.9 3.9 6.3 4.9 5.1 12.8 1-91 4.0 3.5 3.3 3.6 3.8 4.5 5.0 5.1 6.3 6.3 5.7 8.1 7.4 8.4 14.1 15.4 2-91 3.5 3.0 2.7 3.0 3.2 3.7 4.1 4.1 5.1 4.9 4.2 5.8 4.9 5.0 7.5 4. 9 -4.6 3-91 2.9 2.4 2.1 2.3 2.4 2.8 3.1 3.0 3.8 3.5 2.7 3.9 2.8 2.4 3.6 0.7 -5.9 4-91 1.9 1.4 1.1 1.3 1.3 1.5 1.7 1.6 2.1 1.7 0.8 1.5 0.3 -0.4 0.0 1-87 2-87 3-87 4-87 1-88 2-88 3-88 4-88 1-89 2-89 3-89 4-89 1-90 2-90 3-90 312.7 311.1 32 0 . 6 332.3 328.4 -7.2 32 2 . 3 -3.0 -8. 5 -10.3 -13.3 311.0 4-9 0 1-91 2-91 3-91 P r e p a r e d by F e d e r a l R e s e r v e Ban k of St. Louis M a r c h 26, 1992 23 Federal Nondefense Expenditures (Compounded Annual Rates o f Change) Initial Q uarter 1-87 2-87 3-87 1 oo Te r m i n a l Q uarter 1-88 2-88 3-88 4-88 1-89 2-89 3-89 4-89 1-90 2-90 3-90 4-90 1-91 2-91 Billions of Dollars A nnual Rates 3-91 7 67.3 2-87 1.6 3 -8 7 -0.6 -2.7 4-87 6.4 8.8 21.7 1-88 4.8 6.0 10.6 0.4 2-88 4.8 5.6 8.5 2.4 4.5 3 -8 8 3.4 3.7 5.4 0.5 0.5 -3.4 4-88 5.5 6.1 8.0 4.8 6.3 7.2 18.8 1-89 6.5 7.2 8.9 6.5 8.1 9.3 16.3 13.8 2-89 6.1 6.7 8.1 6.0 7.2 7.8 11.9 8.5 3.5 3-89 5.5 5.9 7.1 5.1 5.9 6.2 8.7 5.6 1.6 -0.2 4-89 6.3 6.8 7.9 6.3 7.2 7.6 9.9 7.8 5.9 7.1 15.0 1-90 7.1 7.6 8 .7 7.3 8.2 8.7 10.9 9.4 8.3 10.0 15.4 15.9 2-90 6.9 7.4 8.4 7.1 7.9 8.3 10.1 8.7 7.7 8.8 11.9 10.5 5.3 3-90 6.5 6.9 7.8 6.6 7.2 7.5 9.0 7.6 6.6 7.3 9.2 7.4 3.4 1.5 4-90 7.0 7.4 8.2 7.1 7.7 8.1 9.4 8.3 7.5 8 .2 10.0 8.8 6.5 7.1 1-91 5.0 5.2 5.8 4.7 5.1 5.1 6.0 4.7 3.6 3 .6 4.2 2.2 -1.0 -3.0 2-91 6.3 6.6 7.3 6.3 6.8 7.0 8.0 7.0 6.2 6 .6 7.6 6.4 4.6 4.4 5.4 1.8 30.2 3-91 6.4 6.7 7.4 6.5 6.9 7.1 8.0 7.1 6.4 6.8 7.7 6.7 5.2 5.2 6.1 3.9 18.7 8.3 4-91 7.1 7.4 8.0 7.2 7.7 7.9 8.9 8.1 7.6 8.0 8.9 8.2 7.1 7.4 8.7 7.6 18.9 13.7 19.4 1-87 2-87 3-87 4 -87 1-88 2-88 3-88 4-88 1-89 2 -8 9 3-8 9 4-89 1-90 2-90 3-90 4-90 1-91 2-91 3-91 762.1 8 00.5 8 01.3 810.2 8 03.3 838.7 866.3 873.8 873.4 904.4 938.3 950.5 954.0 983.8 13.1 9 29.3 -5.1 -20.4 9 92.6 1,012.5 1,058.3 Pre p a r e d by Federal R e s e r v e Bank of St- Louis Mar c h 26, 1992 24
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