Full text of National Economic Trends : February 1992
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February 1992 N ational Economic Trends The Tax Act of 1986 and Its Effects on Consumer Borrowing the Tax Reform Act slowed down consumer borrowing in the second half of the 1980s. The chart also shows spending on consumer durables as a percentage of personal income. The recent downturn in this ratio occurred at about the time of the implementation of the 1986 Tax Act. Viewed in historical perspective, however, this ratio always peaks long before a recession begins. Consequently, it is difficult to conclude whether this most recent downturn in consumer durables spending is a response to the tax change or to normal cyclical forces. The Tax Reform Act of 1986 initiated the phasing-out of deductions for interest on consumer debt (except for mortgages) and also reduced house holds’ marginal tax rates, thereby diminishing the value o f the remaining deduction. In each year, begin ning in 1987, households were permitted to deduct a — Michael J. Dueker declining portion o f their interest expense from their taxable income. TOTAL CONSUMER INSTALLMENT CREDIT OUTSTANDING AND CONSUMER DURABLE Since 1990, the deduction has been EXPEN DITUR ES AS A PERCENT OF P ER S O N A L INCOME 19 5 2 Q 1 —1 8 9 1 Q3 completely eliminated. Has the loss of the interest deduction had an effect on consumer borrowing in general and on the sales of consumer durables in particular? The accompanying chart suggests a few answers. Consumer installment credit outstanding measures the short- to medium-term credit used to finance personal consumption or refinance consumer loans; it excludes home equity loans. The Commerce Depart ment classifies the ratio o f consumer installment credit to personal income as a lagging indicator, which means that the ratio historically has fallen late in a recession. In the most recent episode, this ratio peaked almost a year and a half before the recession began in July 1990, suggesting that PERCENT PERCENT SHADED AREA REPRESENTS A PERIOD OF BUSINESS RECESSION. 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 C onsum ers Percent Change From Previous Year Seasonally Adjusted Percent Percent 8 1985 1986 1987 1988 1989 1990 1991 Prepared by Federal Reserve Bank of St. Louis C o n s u m e r P r i c e In de x (Compounded Annual Rates o f Change) Terminal Month Initial Month 5-90 6-90 7-90 8-90 9-90 10-90 11-90 12-90 6-90 7.7 7-90 6.2 4.7 8-90 7.6 7.6 10.6 9-90 8.1 8.2 10.1 9.5 10-90 o.G 0.1 9.2 8.5 7.5 11-90 7.2 7.2 7.8 6.9 5.6 3.7 12-90 6.7 6.6 6.9 6.0 4.9 3.7 3.6 1-91 2-91 3-91 1982-84=100 4-91 5-91 6-91 7-91 8-91 9-91 10-91 11-91 130.0 130.5 131.6 132.6 133.4 133.8 134.2 1-91 6.6 6.4 6.7 5.9 5.1 4.3 4.6 5.5 2-91 6.1 5.9 6.1 5.4 4.6 3.9 3.9 4.1 2.7 3-91 5.4 5.2 5.2 4.5 3.7 2.9 2.7 2.4 0.9 -0.9 4-91 5.2 4.9 4.9 4.2 3.5 2.9 2.7 2.5 1.5 0.9 2.7 5-91 5.0 4.8 4.8 4.2 3.5 3.0 2.9 2.7 2.0 1.8 3.2 3.6 6-91 4.8 4.6 4.6 4.0 3.4 2.9 2.8 2.7 2.1 2.0 3.0 3.1 2.7 7-91 4.7 4.5 4.4 3.9 3.4 2.9 2.8 2.7 2.2 2.1 2.9 3.0 2.7 2.7 8-91 4.6 4.3 4.3 3.8 3.3 2.9 2.8 2.7 2.3 2.2 2.9 2.9 2.7 2.7 2.7 134.8 135.1 135.0 135.3 135.7 136.0 136.3 136.6 9-91 4.6 4.3 4.3 3.9 3.4 3.0 3.0 2.9 2.6 2.6 3.1 3.2 3.1 3.3 3.6 4.5 10-91 4.3 4.1 4.1 3.6 3.2 2.8 2.8 2.7 2.4 2.3 2.8 2.8 2.7 2.7 2.7 2.7 0.9 11-91 4.4 4.2 4.2 3.8 3.4 3.0 3.0 2.9 2.7 2.7 3.1 3.2 3.1 3.2 3.3 3.6 3.1 5.4 12-91 4.3 4.2 4.1 3.7 3.4 3.1 3.0 3.0 2.8 2.8 3.2 3.2 3.2 3.3 3.4 3.6 3.2 4.5 5-90 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 8-91 137.1 137.2 137.8 3.5 138.2 9-91 10-91 11-91 The CPI is for all urban consumers. P r e pared by F ederal R e s e r v e B ank of St. Louis January 16, 1992 C o n s u m e r P r i c e In de x - F o o d (Compounded Annual Rates o f Change) T erminal Mo n t h Initial Mo n t h 5-90 6-90 7-90 8-90 9-90 10-90 11-90 12-90 1-91 2-91 8.5 7-90 7.5 8-90 6.2 5.1 3.7 9-90 5.6 4.6 3.7 3.7 10-90 5.4 4.6 4.0 4.1 4.6 11-90 5.4 4.8 4.4 4.6 5.0 134.1 134.7 134.9 4.3 3.8 3.9 3.9 3.6 1.8 4.4 4.6 4.8 4.9 4.5 7.4 2-91 4.3 3.8 3.4 3.3 3.3 2.9 2.1 2.2 -2.6 2.2 2.4 0.0 2.7 4.1 3.0 5.9 6-91 7-91 8-91 9-91 10-91 4.4 3.5 3.0 2.9 2.7 9-91 10-91 11-91 5.5 4.7 4.2 8-91 133.6 4.9 5-91 7-91 133.2 5.2 4.6 6-91 132.8 1-91 4-91 5-91 6.5 12-90 4.1 1982-84=100 4-91 132.1 6-90 3-91 3-91 3.7 3.3 3.9 4.2 3.8 3.5 4.0 3.8 3.1 2.9 2.4 2.7 2.3 2.5 2.3 2.0 3.2 4.0 3.5 3.8 2.8 3.2 4.0 3.5 3.8 2.7 2.9 3.9 3.3 3.7 2.5 1.9 3.6 135.7 135.4 135.7 136.7 9.2 136.7 3.0 3.2 2.2 3.9 4.5 0.0 3.5 3.7 3.0 4.5 5.1 3.1 6.3 2.1 2.2 1.3 2.1 2.0 -0.3 -0.4 -6.8 1.5 1.4 0.6 1.2 0.9 -1.1 -1.5 -5.1 -3.5 1.4 1.4 0.7 1.1 0.9 -0.7 -0.9 -3.2 -1.3 0.9 0.5 0.9 0.6 -0.7 -0.9 -2.6 -1.2 0.0 -0.9 137.4 136.6 136.2 2.3 2.1 2.1 2.0 1.9 1.8 1.6 1.2 1.2 1.7 1.7 1.2 1.6 1.4 0.4 0.4 -0.7 0.9 2.4 3.1 7.3 1.8 1.9 1.4 1.8 1.7 0.8 0.9 0.0 1.4 2.7 3.3 5.4 9-90 10-90 11-90 12-90 1-91 2-91 3-91 4-91 5-91 6-91 7-91 8-91 1.8 11-91 2.9 2.6 2.4 2.3 2.2 2.0 12-91 3.0 2.7 2.4 2.4 2.3 2.1 5-90 6-90 7-90 8-90 136.3 136.2 137.0 3.6 137.4 9-91 10-91 11-91 Prepared by Federal Reserve Bank of St. Louis January 16, 1992 Consumer Price Index - En er gy (Compounded Annual Rates o f Change) T erminal M onth Initial M onth 5-90 6-90 6-90 7.7 7-90 1.9 -3.6 8-90 20.0 26.7 7-90 8-90 9-90 10-90 11-90 12-90 1-91 2-91 3-91 1982-84=100 4-91 5-91 6-91 7-91 8-91 9-91 10-91 11-91 97.1 96.8 66.5 101.0 9-90 34.0 44.2 76.4 86.8 10-90 39.6 49.0 72.3 75.3 64.4 106.4 110.9 11-90 33.3 39.1 52.4 48.0 31.7 5.5 12-90 26.9 30.4 38.6 32.4 18.0 0.0 1-91 18.7 20.4 24.9 18.0 5.2 2-91 10.4 10.7 12.9 5.8 -5.5 -17.8 -24.3 -32.4 -38.5 3-91 5.9 5.7 6.9 0.3 -9.5 -19.7 -25.0 -30.7 -33.1 -27.1 4-91 4.5 4.2 5.1 -0.7 -9.3 -17.9 -21.9 -25.6 -25.6 -18.1 5-91 5.6 5.4 6.4 1.2 -6.3 -13.5 -16.3 -18.4 -16.5 -7.5 4.2 6-91 4.2 3.9 4.6 -0.1 -6.8 -13.2 -15.6 -17.2 -15.4 -8.4 -1.2 7-91 3.5 3.2 3.8 -0.5 -6.6 -12.3 -14.3 -15.5 -13.7 -7.7 -2.1 0.0 -8.0 -4.7 8-91 3.1 2.8 3.3 -0.7 -6.2 -11.4 -13.1 -14.0 -12.2 -6.8 -2.1 -0.6 -6.1 -3.5 -2.4 9-91 3.7 3.4 4.0 0.3 -4.8 -9.4 -10.8 -11.4 -9.4 -4.3 0.2 1.9 -1.8 1.6 4.9 12.6 10-91 3.6 3.4 3.9 0.4 -4.3 -8.5 -8.2 -3.4 0.5 2.0 -0.9 1.8 4.0 7.4 2.4 11-91 4.0 3.8 4.2 1.0 -3.3 -7.2 -8.2 -8.4 -6.5 -2.0 1.6 3.1 0.8 3.4 5.5 8.2 6.1 9.9 12-91 4.0 3.8 4.3 1.3 -2.8 -6.4 -7.2 -7.4 -5.5 -1.4 2.0 3.3 1.3 3.6 5.3 7.4 5.6 7.3 5-90 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 8-91 111.4 -5.3 -9.4 -16.0 110.9 25.6 -9.7 -10.1 108.2 103.9 101.2 -8.0 100.5 18.1 101.9 2.4 -11.2 100.9 100.5 100.3 101.3 101.5 102.3 4.8 102.7 9-91 10-91 11-91 Prepared by Federal Reserve Bank of St. Louis January 16, 1992 Producer Price Index - Finished Goods Percent Change From Previous Year Seasonally Adjusted Percent Percent 1985 1986 1987 1988 1989 1990 1991 Prepared by Federal Reserve Bank of St. Louis Producer Price In de x - F i n i s h e d G o o d s (Compounded Annual Rates of Change) Terminal Month Initial Month 5-90 6-90 7-90 8-90 9-90 10-90 11-90 12-90 6-90 0.0 7-90 2.1 4.2 8-90 5.9 9.0 14.1 9-90 8.4 11.3 15.1 16.2 10-90 9.9 12.5 15.4 16.1 16.0 11-90 9.0 10.9 12.7 12.3 10.4 5.0 12-90 6.9 8.2 9.0 7.7 5.1 0.0 -4.8 1-91 6.2 7.1 7.6 6.4 4.0 0.3 -1.9 1-91 2-91 3-91 1982 4-91 5-91 6-91 7-91 8-91 =100 9-91 10-91 11-91 117.6 118.0 119.3 120.8 122.3 122.8 122.3 1.0 122.4 2-91 4.4 5.0 5.1 3.7 1.4 -1.9 -4.2 -3.9 -8.5 3-91 3.7 4.1 4.1 2.7 0.7 -2.1 -3.9 -3.5 -5.7 -2.9 4-91 3.4 3.8 3.7 2.5 0.7 -1.6 -2.9 -2.4 -3.5 -1.0 1.0 5-91 3.7 4.0 4.0 2.9 1.4 -0.6 -1.5 -0.8 -1.2 1.3 3.5 6.1 6-91 3.0 3.2 3.1 2.1 0.7 -1.1 -1.9 -1.5 -1.9 -0.2 0.7 0.5 -4.8 7-91 2.5 2.7 2.6 1.6 0.3 -1.3 -2.1 -1.7 -2.1 -0.8 -0.2 -0.7 -3.9 -2.9 8-91 2.6 2.8 2.7 1.8 0.5 -0.9 -1.5 -1.1 -1.4 -0.2 0.4 0.2 -1.6 0.0 121.5 121.2 121.3 121.9 121.4 121.1 3.0 121.4 9-91 2.5 2.6 2.5 1.7 0.6 -0.7 -1.3 -0.9 -1.1 0.0 0.5 0.4 -1.0 0.3 2.0 1.0 10-91 2.8 3.0 2.9 2.2 1.1 0.0 -0.4 0.0 -0.1 1.0 1.6 1.7 0.8 2.2 4.0 4.5 8.2 11-91 2.8 2.9 2.8 2.1 1.2 0.2 -0.2 0.2 0.1 1.1 1.6 1.7 1.0 2.2 3.5 3.7 5.0 2.0 12-91 2.5 2.6 2.5 1.8 0.9 -0.1 -0.5 -0.1 -0.2 0.7 1.1 1.1 0.4 1.3 2.2 2.0 2.3 -0.5 5-90 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 4 121.5 122.3 122.5 -2.9 122.2 9-91 10-91 11-91 Pr e p a r e d by Fede r a l R e s e r v e Bank of St. Louis J anuary 9, 1992 Civilian E m ploym ent and U nem ploym ent Rate Seasonally Adjusted Millions of Persons Percent 1985 1986 1987 1988 1989 1990 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 Civilian Employment (Compounded Annual Rates of Change) Terminal Month T housands of Persons Initial M onth 5-90 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 9-91 10-91 11-91 118,267 6-90 -1.1 7-90 -2.1 -3.2 8-90 -2.0 -2.4 -1.6 9-90 -1.5 -1.7 -0.9 -0.2 10-90 -1.5 -1.6 -1.1 -0.8 -1.3 11-90 -1.9 -2.0 -1.7 -1.7 -2.5 -3.6 12-90 -1.3 -1.3 -1.0 -0.8 -1.0 -0.8 2.1 1-91 -1.8 -1.9 -1.6 -1.6 -2.0 -2.2 -1.5 -5.0 2-91 -1.6 -1.7 -1.5 -1.4 -1.7 -1.8 -1.1 -2.7 -0.4 3-91 -1.6 -1.6 -1.4 -1.4 -1.6 -1.6 -1.1 -2.2 -0.7 -1.1 4-91 -0.9 -0.9 -0.6 -0.5 -0.5 -0.4 0.2 -0.2 1.4 2.3 5.8 5-91 -1.4 -1.4 -1.2 -1.2 -1.3 -1.3 -0.9 -1.5 -0.6 -0.7 -0.5 -6.5 6-91 -1.1 -1.1 -1.0 -0.9 -1.0 -0.9 -0.5 -1.0 -0.1 -0.1 0.3 -2.4 1.9 7-91 -1.2 -1.2 -1.0 -1.0 -1.1 -1.0 -0.7 -1.1 -0.4 -0.4 -0.3 -2.2 0.0 -1.8 8-91 -1.3 -1.3 -1.1 -1.1 -1.2 -1.2 -0.9 -1.3 -0.7 -0.8 -0.7 -2.3 -0.8 -2.2 -2.5 9-91 -0.8 -0.8 -0.6 -0.5 -0.6 -0.5 -0.2 -0.4 0.1 0.2 0.4 -0.6 0.9 0.6 1.9 6.4 10-91 -0.9 -0.9 -0.7 -0.7 -0.7 -0.6 -0.4 -0.6 -0.1 -0.1 0.0 -0.9 0.3 -0.1 0.5 2.0 -2.3 11-91 -0.9 -0.9 -0.7 -0.7 -0.7 -0.7 -0.4 -0.7 -0.2 -0.2 -0.1 -0.9 0.1 -0.3 0.1 1.0 -1.6 -1.0 12-91 -0.9 -0.9 -0.7 -0.7 -0.7 -0.7 -0.4 -0.6 -0.2 -0.2 -0.1 -0.8 0.0 -0.3 0.0 0.6 -1.2 -0.7 5-90 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 8-91 117,948 117,785 117,763 117,631 117,273 117,476 116,977 116,937 116,834 117,388 116,730 116,909 116,729 116,484 117,089 116,867 116,772 -0.5 116,728 9-91 10-91 11-91 Data revised fron 1987. Pre p a r e d by Federal Reserve Bank of St. Louis Janu a r y 10, 1992 Payroll Em ploym ent Seasonally Adjusted Millions of Persons Millions of Persons 125 115 105 95 85 75 65 1986 1985 1989 1988 1987 1991 1990 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 of Change) Terminal Month Initial Month 5-90 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 9-91 10-91 11-91 Thousands of Persons 110,435 6-90 1.4 7-90 -0.2 -1.8 8-90 -0.5 -1.5 -1.2 9-90 -0.5 -1.2 -0.8 -0.5 10-90 -0.7 -1.2 -1.0 -1.0 -1.4 11-90 -1.0 -1.5 -1.4 -1.4 -1.9 -2.4 12-90 -1.1 -1.5 -1.4 -1.5 -1.8 -2.0 -1.5 1-91 -1.2 -1.6 -1.5 -1.6 -1.9 -2.0 -1.9 -2.2 110,269 110,160 110,113 109,982 109,761 109,621 109,418 2-91 -1.4 -1.7 -1.7 -1.8 -2.1 -2.2 -2.2 -2.5 -2.8 3-91 -1.5 -1.8 -1.9 -1.9 -2.2 -2.3 -2.3 -2.6 -2.8 -2.8 4-91 -1.5 -1.8 -1.8 -1.9 -2.1 -2.3 -2.2 -2.4 -2.5 -2.3 -1.8 5-91 -1.3 -1.5 -1.5 -1.5 -1.7 -1.7 -1.6 -1.6 -1.4 -1.0 -0.1 1.7 6-91 -1.2 -1.4 -1.4 -1.4 -1.5 -1.5 -1.4 -1.3 -1.2 -0.8 -0.1 0.8 0.0 7-91 -1.1 -1.3 -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 -1.0 -1.1 -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 -0.8 -1.0 -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 1.1 10-91 -0.8 -0.9 -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 -0.9 -1.0 -1.0 -1.0 -1.0 -1.0 -0.9 -0.8 -0.7 -0.4 -0.1 0.1 -0.1 -0.2 -0.1 -0.6 -1.4 -2.9 12-91 -0.8 -1.0 -0.9 -0.9 -0.9 -0.9 -0.8 -0.7 -0.6 -0.4 -0.1 0.1 -0.1 -0.1 0.0 -0.4 -0.8 -1.3 5-90 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 9-91 10-91 11-91 109,160 108,902 108,736 108,887 108,885 108,859 108,971 109,066 109,073 108,808 0.3 108,839 Pr e p a r e d by F ederal Res e r v e Bank of St. Louis J anuary 10, 1992 Service-Producing Employment (Compounded Annual Rates o f Change) Terminal Month Initial Month 5-90 6-90 7-90 8-90 9-90 10-90 11-90 12-90 1-91 2-91 6-90 2.6 7-90 0.6 -1.4 8-90 0.3 -0.8 -0.3 9-90 0.4 -0.3 0.2 0.7 10-90 0.3 -0.2 0.2 0.4 0.1 11-90 0.3 -0.2 0.1 0.3 0.1 0.0 12-90 0.2 -0.2 0.0 0.1 -0.1 -0.2 -0.5 1-91 0.1 -0.2 0.0 0.0 -0.1 -0.2 -0.3 -0.1 2-91 -0.1 -0.4 -0.2 -0.2 -0.4 -0.5 -0.7 -0.9 -1.6 3-91 -0.2 -0.5 -0.4 -0.4 -0.6 -0.7 -0.9 -1.0 -1.5 -1.3 4-91 -0.3 -0.6 -0.5 -0.5 -0.7 -0.8 -0.9 -1.1 -1.4 -1.3 3-91 4-91 5-91 6-91 7-91 8 -91 9-91 10-91 11-91 Thousands of Persons 85,342 85,242 85,223 85,271 85,277 85,280 85,246 85,237 85,121 85,025 -1.2 84,942 5-91 -0.1 -0.4 -0.3 -0.3 -0.4 -0.5 -0.6 -0.6 -0.7 -0.4 0.1 1.4 6-91 -0.1 -0.3 -0.2 -0.2 -0.3 -0.3 -0.4 -0.4 -0.4 -0.1 0.3 1.1 0.8 85,040 7-91 -0.1 -0.3 -0.2 -0.2 -0.3 -0.3 -0.4 -0.4 -0.4 -0.2 0.1 0.6 0.1 8-91 0.0 -0.2 -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 0.1 -0.1 0.0 0.0 0.0 0.0 0.0 C.O 0.1 0.3 0.6 0.9 0.8 0.8 1.5 1.8 10-91 0.2 0.0 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 -0.1 0.0 0.0 -0.1 -0.1 -0.1 0.0 0.0 0.1 0.3 0.5 0.4 0.3 0.5 0.3 -0.4 -1.9 12-91 0.1 -0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.2 0.4 0.6 0.5 0.4 0.6 0.4 0.0 -0.6 5-90 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 S1-91 85,093 -0.5 85,061 85,145 85,269 a5,346 85,213 0.8 85,267 9-91 10-91 11-91 Pr e pared by Federal Reserve Bank of St. Louis January 10, 1992 Goods-Producing Employment (Compounded Annual Rates o f Change) Terminal Month Initial Month 5-90 6-90 7-90 8-90 9-90 10-90 11-90 12-90 1-91 2-91 3-91 6-90 -2.3 7-90 -2.7 -3.1 8-90 -3.2 -3.7 -4.2 9-90 -3.5 -3.9 -4.4 -4.5 10-90 -4.1 -4.6 -5.0 -5.5 -6.4 11-90 -5.2 -5.8 -6.4 -7.1 -8.4 -10.4 12-90 -5.2 -5.6 -6.1 -6.6 -7.3 -7.8 -5.1 1-91 -5.7 -6.1 -6.6 -7.1 -7.8 -8.2 -7.1 -9.1 2-91 -5.8 -6.2 -6.7 -7.1 -7.6 -7.9 -7.0 -8.0 -6.8 3-91 -6.0 -6.4 -6.8 -7.2 -7.6 -7.9 -7.2 -7.9 -7.3 -7.8 4-91 -5.8 -6.2 -6.5 -6.8 -7.1 -7.2 -6.6 -7.0 -6.2 -6.0 -4.1 4-91 5-91 6-91 7-91 8-91 9-91 10-91 11-91 Thousands of Persons 25,093 25.027 24,937 24,842 24,705 24,481 24,375 24 >181 24,039 23,877 23,794 5-91 -5.1 -5.4 -5.6 -5.8 -5.9 -5.9 -5.1 -5.1 -4.1 -3.2 -0.8 2.7 6-91 -5.0 -5.2 -5.4 -5.5 -5.6 -5.5 -4.8 -4.7 -3.8 -3.1 -1.4 -0.1 -2.7 7-91 -4.6 -4.8 -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 -4.2 -4.3 -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 -4.0 -4.2 -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 -1.5 10-91 -4.0 -4.1 -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 -4.1 -4.3 -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 -4.0 -4.1 -4.1 -4.1 -4.1 -3.9 -3.4 -3.3 -2.7 -2.3 -1.7 -1.4 -2.0 -1.8 -2.3 -3.2 -3.7 -3.9 5-90 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 9-91 10-91 11-91 23,847 23,792 23,798 23,826 23,797 23,727 23,595 -1.2 23,572 P r e p a r e d by Federal Rese r v e Bank of St- Louis Janu a r y 10, 1992 Change in th e E m ploym ent Cost Index and Its C om ponents Percent Change From Previous Year Seasonally Adjusted Percent Percent 8 8 6 6 4 4 Wages and S alaries — I-- r 1986 1985 1987 1989 1988 1990 1991 Total compensation is the sum of benefits and wages and salaries for private industry workers. Prepared by Federal Reserve Bank of St. Louis E m p l o y m e n t C o s t In de x - T o t a l C o m p e n s a t i o n (Compounded Annual Rates of Change) Terminal Quarter Initial Quarter 1-87 2-87 3-S7 4-87 l-8£ 2-88 3-88 4-88 1-89 2-89 3-89 June 1989 = 100 4-89 1-90 2-90 3-90 4-90 1-91 2-91 3-91 91.6 2-87 3.1 3-87 3.6 4.0 4-87 3.5 3.7 3.5 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 92.5 93.3 94.5 95.7 96.6 97.8 4.6 98.9 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 4-89 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 99.9 101.2 102.4 103.8 105.0 106.2 107.2 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 3-89 4-89 1-90 2-90 3-90 4-90 1-91 2-91 3-91 108.5 109.7 110.8 111.9 Data revised from 1987. P r e p a r e d by Federal Rese r v e Bank o f St. Louis Jan u a r y 28, 1992 8 Industrial P rod uction Seasonally Adjusted 1987= 1987=100 100 115 115 110 110 105 105 100 100 95 95 90 90 85 85 1987 1986 1985 1988 1989 1991 1990 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 Pr od u c t i o n (Compounded Annual Rates of Change) Terminal Month Initial Mo n t h 5-90 6-90 7-90 8-90 9-90 10-90 11-90 12-90 1-91 2-91 3-91 1987 = 100 4-91 5-91 6-91 7-91 8-91 9-91 10-91 11-91 110.1 6-90 8.0 7-90 5.6 3.3 8-90 4.1 2.2 9-90 3.3 10-90 1.1 11-90 -2.0 12-90 -3.4 1-91 -3.8 -5.4 2-91 -4.5 -5.9 3-91 -4.8 -6.1 4-91 -3.9 -5.0 -5.9 -6.7 -7.8 5-91 -2.7 -3.7 -4.3 -4.9 -5.6 6-91 -1.8 -2.5 -3.1 -3.5 -4.0 7-91 -1.0 -1.7 -2.1 -2.4 -2.7 8-91 -1.0 -1.6 -2.0 -2.3 9-91 -0.7 -1.2 -1.6 -1.8 10-91 -0.8 -1.3 -1.6 -1.8 11-91 -0.9 -1.4 -1.6 -1.8 -2.0 12-91 -0.9 -1.4 -1.7 -1.8 -2.0 0.6 1.2 2.4 3.6 3.3 5-90 6-90 7-90 8-90 9-90 10-90 11-90 12-90 1-91 2-91 3-91 4-91 110.4 1.1 110.5 1.8 1.1 1.1 11C.6 -0.5 -1.8 -3.2 -7.3 109.9 -3.9 -5.6 -7.7 -11.8 -16.1 108.3 -5.2 -6.8 -8.7 -11.7 -13.9 -11.5 -6.8 -8.3 -10.5 -11.5 -9.1 -6.5 -7.2 -8.5 -10.3 -11.0 -9.3 -8.1 -9.7 -8.0 -8.7 -7.7 -6.1 -4.7 -4.1 -1.1 5.9 -5.4 -3.5 -1.8 -0.6 2.7 8.3 10.7 -3.5 -1.6 0.2 1.6 4.6 9.1 10.7 10.6 -2.2 -0.3 1.4 2.8 5.5 9.1 10.2 10.0 9.3 -2.6 -2.1 -0.4 1.1 2.3 4.4 7.0 7.3 6.2 4.0 -1.1 -2.0 -1.5 0.1 1.5 2.5 4.4 6.6 6.7 5.7 4.2 1.7 4.5 -2.0 -1.5 -0.1 1.1 2.0 3.6 5.3 5.2 4.1 2.5 0.4 1.1 -2.2 1.6 -0.3 0.0 -2.2 -2.2 2.3 0.9 -0.7 -0.6 -2.2 -2.? 5-91 6-91 7-91 8-91 9-91 10-91 11-91 -7.2 -8.4 -9.9 -10.4 -7.8 -8.9 -1.6 -0.3 -1.6 -0.4 107.2 0.8 106.6 1.6 105.7 2.9 105.0 4.3 105.5 4.1 106.4 3.0 107.3 108.1 108.0 108.4 10S.2 108.0 -2.2 107.8 Pr e p a r e d by F ederal Reserve Bank of St. Louis January lfa, 1992 P ersonal Incom e in 1987 Dollars Seasonally Adjusted Trillions of Dollars Trillions of Dollars 1991 1990 1989 1988 1987 1986 1985 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 I n c o m e in 1987 D o l l a r s (Compounded Annual Rates of Change) Terninal Month Initial Month 5-90 6-90 6-90 5.8 7-90 3.6 1.4 8-90 0.3 -2.4 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 Billions of Dollars Annual Rates 9-91 10-91 11-91 3,555.1 3 ,559.3 -6.1 3 ,540.8 9-90 0.2 -1.6 -3.0 0.1 10-90 -1.5 -3.2 -4.7 -4.0 -8.0 11-90 -0.6 -1.8 -2.6 -1.5 -2.2 12-90 0.3 -0.6 -1.0 0.3 0.3 4.8 1-91 -1.2 -2.2 -2.8 -2.1 -2.6 -0.8 -3.1 -11.1 2-91 -1.2 -2.0 -2.5 -1.9 -2.3 -0.8 -2.4 -6.2 -1.0 3-91 -0.3 -1.0 -1.3 -0.6 -0.7 0.8 0.0 -1.8 3.2 7.5 <♦-91 -0.4 -1.0 -1.3 -0.7 -0.8 0.4 -0.3 -1.7 1.7 3.0 -1.4 5-91 0.0 -0.5 -0.7 -0.1 -0.1 1.1 0.6 -0.4 2.5 3.7 1.8 5.0 6-91 0.3 -0.2 -Q.3 0.3 0.3 1.4 1.1 0.3 2.8 3.7 2.5 4.4 3.9 3,541.1 3,516.6 3.9 3 ,527.8 5.7 3,544.1 3 ,509.6 3,506.8 3,528.1 3,524.1 3,538.5 3 ,54 9 . 7 7-91 -0.1 -0.5 -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 0.1 -0.3 -0.5 0.0 0.0 0.8 0.5 -0.1 1.6 2.0 0.9 1.5 0.3 -1.4 3,535.5 2.0 3 ,541.4 9-91 0.1 -0.3 -Q.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 0.6 10-91 0.1 -0.2 -0.3 0.1 0.1 0.8 0.6 0.1 1.4 1.7 0.9 1.2 0.5 -0.3 1.1 0.7 0.9 11-91 -0.2 -0.5 -0.6 -0.3 -0.3 0.3 0.0 -0.4 0.7 0.9 0.1 0.3 -0.5 -1.4 -0.5 -1.3 -2.3 -5.3 ] 2-91 0.3 0.1 0.0 0.4 0.4 1.0 0.8 0.4 1.5 1.7 1.1 1.4 0.9 0.5 1.5 1.4 1.7 2.1 5-90 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 3,543.1 3 ,545.6 3 ,529.5 10.1 3,557.8 9-91 10-91 11-91 Data revised fron 1987. P r e pared by Federal Res e r v e Bank of St. Louis J anuary 30, 1992 10 R etail Sales Seasonally Adjusted Billions of Dollars Billions of Dollars 165 145 125 105 85 1991 1990 1989 1988 1987 1986 1985 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 R e t a i l S a l e s in 1 9 8 2 - 8 4 D o l l a r s (Compounded Annual Rates o f Change) Terminal Month Initial Month 5-90 6-90 4.0 7-90 1.0 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 9-91 10-91 11-91 Millions of Dollars 115,505 -1.9 115,324 8-90 -1.4 -4.0 -6.0 9-90 -1.3 -3.1 -3.7 -1.3 10-90 -2.3 -3.8 -4.5 -3.7 -6.1 11-90 -1.8 -2.9 -3.1 -2.2 -2.6 12-90 -4.8 -6.2 -7.0 -7.3 -9.2 -10.7 -21.0 1-91 -7.1 -8.5 -9.6 -10.3 -12.4 -14.4 -21.3 -21.5 2-91 -3.8 -4.7 -5.1 3-91 -3.0 -3.8 -4.0 4-91 -3.4 -4.1 -4.3 5-91 -2.3 -2.8 -2.9 6-91 -2.3 -2.8 -2.9 7-91 -2.0 -2.5 -2.5 -2.2 8-91 -2.6 -3.1 -3.2 -2.9 114,729 -5.0 114,608 114,008 1.0 114,102 -5.7 -5.6 -7.7 -3.8 -4.2 -3.8 -4.1 -4.5 -4.2 -2.5 -2.7 -2.6 -2.7 111,885 109,646 -0.3 26.8 111,837 -4.9 1.1 14.8 3.9 -5.2 -0.8 7.2 -1.4 -6.4 -2.2 -2.7 1.4 8.1 2.5 1.8 10.8 -2.3 -2.8 0.6 5.8 1.1 0.1 3.6 -3.1 -2.3 -1.9 -2.2 0.8 5.1 1.2 0.5 3.0 -0.7 -3.1 -2.7 -3.2 -0.7 2.7 -0.8 -1.7 -0.5 -4.0 -4.4 -10.2 112,198 111,579 112,535 112,237 1.7 112,395 111,391 9-91 -2.5 -2.9 -3.0 -2.7 -2.8 -2.5 -2.9 -0.6 2.3 -0.7 -1.5 -0.5 -3.1 -3.1 -5.5 -0.5 10-91 -2.5 -2.8 -2.9 -2.7 -2.8 -2.5 -2.8 -0.8 1.8 -0.9 -1.6 -0.8 -3.0 -2.9 -4.4 -1.3 11-91 -2.9 -3.3 -3.4 -3.2 -3.4 -3.2 -3.5 -1.7 0.5 -2.1 -2.8 -2.2 -4.3 -4.5 -6.0 -4.5 -6.5 -10.6 12-91 -3.2 -3.6 -3.7 -3.5 -3.7 -3.5 -3.8 -2.2 -0.3 -2.6 -3.3 -3.0 -4.8 -5.0 -6.3 -5.3 -6.9 5-90 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 9-91 10-91 11-91 111,348 111,139 -2.2 -9.2 110,110 -7.7 109,373 Retail sales data deflated by CPI-U (1982-84=100). Prepa r e d by F ederal Reserve Bank of St. Louis J anuary 14, 1992 11 Inventories Compared With Monthly Sales Manufacturing and Trade Seasonally Adjusted -r---- j---- 1---- ---- r---- j---- i---- -----1---- 1---- r 1985 1986 1987 1989 1988 1990 1991 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) Terninal M onth M i l l i o n s of D ollars Initial Month <♦-90 5-90 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 9-91 10-91 8 16,667 5-90 5.6 6-90 0.1 -5.1 7-90 2.8 1.5 8.5 8-90 <♦.0 3.5 8.1 7.6 9-90 3.9 3.5 6.5 5.5 3.4 813,118 8 18,689 823 , 6 8 3 825, 9 6 4 829,140 10-90 <♦.0 3.7 6.0 5.2 4.0 4.7 11-90 3.8 3.5 5.3 4.5 3.5 3.6 2.5 12-90 2.6 2.2 3.4 2.4 1.2 0.5 -1.6 -5.5 1-91 3.0 2.7 3.9 3.1 2.3 2.0 1.1 0.4 8 30,857 826,941 831 , 4 4 5 6.7 -4.6 2-91 2.3 1.9 2.8 2.0 1.1 0.7 -0.3 -1.3 0.9 3-91 0.9 0.4 1.1 0.2 -0.8 -1.5 -2.7 -4.0 -3.5 -8.2 -11.8 828,201 4-91 0.5 0.0 0.6 -0.3 -1.2 -1.9 -2.9 -4.0 -3.6 -6.8 -7.9 -3.9 819 , 6 1 5 816,893 5-91 -0.1 -0.6 -0.2 -1.0 -1.9 -2.6 -3.6 -4.6 -4.4 -7.0 -7.7 -5.6 -7.3 6-91 -0.6 -1.1 -0.7 -1.5 -2.4 -3.0 -4.0 -4.9 -4.7 -6.9 -7.4 -6.0 -7.0 -6.6 7-91 -0.6 -1.0 -0.7 -1.5 -2.2 -2.8 -3.6 -4.3 -4.1 -5.8 -6-1 -4.6 -4.9 -3.6 -0.4 8-91 -0.6 -1.0 -0.7 -1.4 -2.1 -2.5 -3.2 -3.9 -3.7 -5.1 -5.1 -3.8 -3.7 -2.5 -0.3 -0.2 9-91 -0.1 -0.4 -0.1 -0.7 -1.3 -1.7 -2.3 -2.7 -2.4 -3.5 -3.4 -1.9 -1.5 0.0 2.3 3.8 7.9 10-91 0.0 -0.3 0.0 -0.6 -1.1 -1.4 -1.9 -2.3 -2.0 -2.9 -2.7 -1.4 -0.9 0.4 2.2 3.1 4.8 1.8 11-91 0.1 -0.2 0.1 -0.4 -0.9 -1.2 -1.7 -2.0 -1.7 -2.5 -2.2 -1.0 -0.5 0.6 2.1 2.8 3.8 1.9 4-90 5-90 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 8-91 811,713 8 07,105 8 06,802 8 06,648 811 , 7 9 3 813 , 0 2 4 1.9 814,285 9-91 20-91 Pr e p a r e d b y Fede r a l R e s e r v e Bank of St. L ouis Janu a r y 15, 1992 12 Gross D om estic Product Seasonally Adjusted Trillions of Dollars Trillions of Dollars 1985 1986 1989 1988 1987 1991 1990 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 G r o s s D o m e s t i c P r o d u c t in 1987 D o l l a r s (Compounded Annual Rates o f Change) Teriainal Q uarter Initial Quarter 1-87 2-87 3-87 4-87 1-88 2-88 3-88 4-88 1-89 2-89 3-89 4-89 2-87 5.1 3-87 4.5 4.0 4-87 5.0 4.9 5.9 1-88 4.4 4.2 4.3 2.6 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 3.8 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 1-90 2-90 3-90 4-90 1-91 2-91 B i l l i o n s of Dol l a r s A n n u a l Rates 3-91 4,515.3 4,55 9 . 3 4,625.5 4,655.3 4,704.8 4,734.5 4,779.7 4,809.8 4,83 2 . 4 4,845.6 4,859.7 4,880.8 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 0.2 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 4,900.3 4 ,9 0 3 . 3 -3.9 4,855.1 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 1.5 1.3 1.2 1.0 0.8 0.6 0.4 0.3 0.2 0.1 -0.2 -0.5 -0.6 0.2 1.2 1.1 0.3 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 4 ,824.0 4,840.7 4,86 2 . 7 4 ,8 6 6 . 3 F o u r t h quarter 1991 data are a dvance estimates. P r e p a r e d b y F e d e r a l Res e r v e Bank o f St. Louis J a n u a r y 29, 1992 13 Im plicit Price D eflator for GDP Percent Change From Previous Year Seasonally Adjusted Percent Percent 5.1 T— 5.1 4.3 4.3 3.5 3.5 2.7 2.7 1.9 1-----1-----1-----1---------- r 1985 1986 1987 1988 1989 1991 1990 Prepared by Federal Reserve Bank of St. Louis I m p l ic it P r i c e D e f l a t o r (Compounded Annual Rates o f Change) T e r ninal Q uarter Initial Quarter 1-87 2-87 2.9 3-87 3.1 2-87 3-87 4 -87 1-88 2-88 3-88 4-88 1-89 2-89 3-89 1987 = 100 4-89 1-90 2-90 3-90 4-90 1-91 2-91 3-91 99.5 3.3 100.3 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 4.0 101.2 102.1 4.4 103.2 3-88 3.8 4.0 4.2 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 3-89 4.0 4.1 4.2 4.3 4.4 4.4 4.2 4.3 3.8 3.4 O' 00 » 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 4.3 4.1 4.1 4.3 4.5 4.6 4.7 4.0 4.1 4.2 4.1 4.0 3.2 4.3 4.3 4.1 5.0 3.1 104.5 105.5 106.9 108.0 108.9 109.9 3-90 4.1 4.2 4.2 4.3 4.4 4.4 4.3 4-90 4.0 4.1 4.2 4.2 4.3 4.2 4.1 4.2 4.0 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 4.2 4.0 4.0 4.1 4.1 111.1 112.3 113.6 114.5 115.9 2-91 4.0 4.1 4.1 4.2 4.2 4.2 4.1 4.1 4.0 3.8 4.1 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 4-8 9 1-90 2-90 3-90 4-90 1-91 2-91 3-91 116.8 117.4 117.9 F o u r t h quarter 1991 dat a are a d vance estin^tes. P r e p a r e d by F ederal Rese r v e Bank of St. Louis J a n u a r y 29, 1992 14 F i n a l S a l e s in 1987 D o l l a r s (Compounded Annual Rates o f Change) Terminal Q uarter 1-87 2-87 3-87 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 4-87 1-88 2-88 3-88 4-88 Initial Quarter A n n u a l Ra t e s 1-89 2-89 3-89 Bi 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 4,497.9 4,553.9 4, 5 6 5 . 6 6.3 4,636.2 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 4,688.7 4,710.9 4, 7 5 8 . 7 4,768.5 4,793.5 2.1 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 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 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 1.8 1.6 1.6 1.3 1.1 1.0 0.7 0.7 0.6 0.4 0.4 -0.2 -0.2 -0.4 -0.5 0.2 -0.3 0.1 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 4-90 1-91 2-91 3-91 4,825.4 4,829.7 4,884.8 4,87 8 . 1 4,88 9 . 4 4,886.3 -0.3 4,856.8 4,871.2 4,862.6 4,863.7 P r e p a r e d by F ederal Rese r v e Bank of St. Louis J a n u a r y 29, 1992 P e r s o n a l C o n s u m p t i o n E x p e n d i t u r e s in 19 87 D o l l a r s (Compounded Annual Rates o f Change) Terminal Q uar t e r 1-87 2-87 3-87 4-87 1-88 2-88 3-88 4-88 Initial Quarter A n n u a l Rates 1-89 2-89 3-89 2-87 4.8 3-87 4.3 3.9 4-87 2.8 1.8 -0.1 1-88 3.9 3.6 3.4 7.1 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 Bi 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 3,075.8 3,074.7 3,128.2 3.147.8 3,170.6 3,202.9 3,2 0 0 . 9 3,2 0 8 . 6 3,241.1 3,241.6 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 3,2 5 8 . 8 3,2 5 8 . 6 2.8 3,281.2 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 3,251.8 -1.3 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 1.7 1.5 1.4 1.5 1.1 1.0 0.9 0.6 0.7 0.7 0.3 0.3 0.1 0.1 -0.5 0.3 0.9 0.6 -1.1 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 4-90 1-91 2-91 3-91 3,25 2 . 4 3,271.2 3,2 6 2 . 2 F o u r t h quarter 1991 data are advance estimates. P r e p a r e d by F e d e r a l R e s e r v e B ank of St. Louis J a n u a r y 29, 1992 15 R e s i d e n t i a l F i x e d I n v e s t m e n t in 1987 D o l l a r s (Compounded Annual Rates o f Change) 1-87 2-87 3-87 4-87 1-88 2-88 3-88 4-88 Initial Q uarter Annual Rates 2-89 3-89 1-89 2-87 3.6 3-8 7 -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 3-88 -0.7 -1.5 -0.4 0.1 3.2 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 -5.9 2-89 -2.1 -2.8 -2.4 -2.5 -1.8 -3.2 -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 Billions of Dollars 4-89 1-90 2-90 3-90 1 o Terninal Q uar t e r 1-91 2-91 3-91 227.7 224.3 223.3 220.0 222.0 2.7 223.5 225.3 221.9 215.0 -5.6 211.9 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 -7.9 -15.7 199.5 3-90 -4.7 -5.3 -5.2 -5.5 -5.5 -6.5 -7.6 -9.0 -9.5 -9.1 -9.9 -10.8 -15.9 -16.2 190.9 -8.4 -9.8 -10.3 -10.1 -11.0 -11.8 -15.6 -15.6 -15.0 207.9 0.6 208.2 4-90 -5.4 -6.0 -6.0 -6.4 -6.4 -7.4 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 -24.8 183.3 170.7 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 3.1 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 -5.0 -4.9 -5.1 -5.1 -5.7 -6.3 -7.0 -7.1 -6.7 -6.8 -6.7 -7.7 -6.3 -4.2 -1.3 8.1 10.7 10.6 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 3-91 172.0 176.5 183 .0 P r e pared by Federal R eserve Bank of St. Louis January 29, 1992 N o n r e s i d e n t i a l F i x e d I n v e s t m e n t in 1987 D o l l a r s (Compounded Annual Rates o f Change) Te r a i n al Q uarter 1-87 2 -87 2-87 8.2 3-8 7 11.8 15.4 4-87 8.3 8.3 3-8 7 4 -87 1-88 2-88 3-88 4-88 Initial Quarter Annual Rates 1-89 2-89 3-89 Billi o n s of Dollars 4-89 1-90 2-90 3-90 4-90 1-91 2-91 3-91 490.7 508.6 1.6 510.6 1-88 7.6 7.4 3.6 5.7 2-88 8.3 8.3 6.0 8.3 11.0 3-88 7.4 7.2 5.2 6.5 6.9 2.9 4-88 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 4-8 9 4.4 4.0 2.8 3.0 2.6 1.2 0.9 0.5 0.3 -0.8 517.7 531.4 535.2 538.8 540.0 543.6 544.7 541.3 -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 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 1.1 550.7 544.3 -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 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 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 -1.3 -1.7 -2.0 -2.3 -2.8 -3.1 -3.2 -4.6 -4.6 -7.1 -6.9 -3.1 -3.0 -2.4 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 3-91 555.5 544.5 -7.7 -9.6 -10.6 519.1 514.8 -3.3 510.0 506.9 F o u r t h quarter 1991 d a t a are adv a n c e estiaates. P r e p a r e d by F ederal Rese r v e Bank of St. Louis Janu a r y 29, 1992 E x p o r t s i n 1937 D o l l a r s (Compounded Annual Rates of Change) Teroinal Quarter Initial Quarter 1-87 2-87 3-87 2-87 17.9 3-87 17.9 17.9 4-87 17.5 17.3 16.7 1-88 19.0 19.4 20.1 4-87 1-88 2-88 3-88 4-88 1-89 2-89 3-89 4-89 2-90 1-90 3-90 4-90 1-91 2-91 B i l lions of Dollar' Annual Rate: 3-91 35b. S 371.5 386.1 23.6 407.1 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 4-88 15.2 14.7 14.1 13.5 10.3 10.3 1-89 14.8 14.4 13.8 13.3 10.8 11.0 13.2 12.4 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 1-90 13.2 12.8 12.3 11.8 10.4 10.4 11.0 10.5 10.0 2-90 12.5 12.1 11.6 11.1 9.8 9.7 10.1 9.5 8.9 3-90 11.6 11.1 10.5 10.0 8.7 8.5 8.8 8.0 4-90 12.0 11.5 11.1 10.6 9.5 9.4 9.7 9.2 7.8 7.9 7.2 6.6 8.7 8.9 8.4 7.9 4 17.2 424.1 14.0 4 38.2 4 51.2 4 69.5 470.5 13.7 4 85.8 7.7 11.2 8.8 4 96.2 6.9 9.1 6.8 4.8 7.3 5.4 6.6 4.4 2.2 -0.4 8.7 7.4 8.7 7.6 7.1 8.3 5.1 5.9 4.4 3.3 2.8 4.4 -7.4 6.8 7.7 6.7 6.3 6.7 9 .2 5.1 502.1 5 01.6 17.7 522.5 1-91 10.6 10.2 9.6 9.1 8.0 2-91 11.1 10.7 10.3 9.8 8.8 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 11.1 10.8 10.4 10.0 9.1 9.1 9.2 8.8 8.5 7.7 8.5 7.9 7.7 8.2 10.0 8.2 13.9 11.3 15.4 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 3-91 512.5 535.7 19.4 545.2 565.1 P r e p a r e d by F ederal R e s e r v e Bank of St. Louis J a n u a r y 29, 1992 Im p o r t s in 1987 D o l l a r s (Compounded Annual Rates of Change) Terminal Ouarter 1-87 2-S7 3-87 4-87 2-87 8.9 3-87 8.0 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 1-88 2-88 3-88 4-88 Initial Quarter Annual Rates 1-89 2-89 3-89 Bil l i o n s of Dollars 4-89 l-°0 2-90 3-90 4-90 1-91 2-91 3-91 502.7 7.0 5 11.3 522.1 5 20.5 i° 11 515.2 3-88 4.6 3.7 2.9 1.0 2.2 8.7 4-88 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 -6.1 526.1 540.9 532.4 2-89 4.3 3.8 3.3 2.4 3.2 5.1 3.9 0.1 6.9 3-89 4.6 4.1 3.7 3.1 3.8 5.4 4.6 2.3 6.8 6.8 4-89 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 1.7 541.3 550.3 555.7 552.2 554.5 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 1-91 1.9 1.5 1.1 0.5 0.7 1.1 0.4 -0.8 -0.1 -1.1 -2.3 -3.6 567.4 -9.3 553.7 -3.8 -5.6 -12.4 -15.4 531.1 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 13.3 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 3.3 3.0 2.7 2.4 2.6 3.1 2.7 2.0 2.7 2.3 1.8 1.6 2.2 2.3 0.8 3.6 10.8 9.5 -2.0 1-87 2-87 3-87 4-87 1-83 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 3-91 548.0 576.3 573.4 F o u r t h q uarter 1991 data are advance estinates i P r e p a r e d by F e d e r a l R e s e r v e Bank of St. Louis J a n u a r y 29, 1992 G o v e r n m e n t P u r c h a s e s of G o o d s an d S e r v i c e s in 1987 D o l l a r s (Compounded Annual Rates o f Change) Teroinal Q uarter 1-87 2-87 3-87 4-87 2-87 4.6 3-87 3.7 2.7 4-87 3.7 3.2 3.7 1-88 1.7 0.7 -0.3 -4.1 1-88 2-88 3-88 4-88 Initial Quarter Annual Rates 1-89 2-89 3-89 Billi o n s of Dollars 4-8 9 1-90 2-90 3-90 4-90 1-91 2-91 3-91 879.0 884.9 893.0 883.7 2-88 1.5 0.8 0.1 -1.7 0.9 3-88 1.1 0.4 -0.1 -1.4 0.0 -0.9 4-88 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 4.7 885.6 883.7 894.5 886.9 898.3 4.1 907.4 4-89 1.6 1.3 1.2 0.9 1.6 1.7 2.3 1.6 3.3 2.4 0.7 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 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 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 2.8 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 1.2 1.1 1.0 0.8 1.1 1.2 1.3 1.0 1.4 1.0 0.7 0.7 -0.1 -0.4 -0.5 -1.7 -3.2 -4.7 -5.9 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 3-91 908.9 923.0 928.1 927.5 937.9 944.5 944.3 936.1 921.9 F o u r t h quarter 1991 data are a dvance estitaates P r e pared by Federal Rese r v e Bank of St. Louis Jan u a r y 29, 1992 Corporate Profits (Compounded Annual Rates o f Change) Teroinal Q uarter Initial Quarter 4-86 1-87 1-87 30.1 2-87 42.3 55.5 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 Bi l lions of Dollars Annual Rates 2-91 282.6 315.6 3-87 38.6 43.1 31.6 4-87 29.7 29.6 18.3 6.4 1-88 25.7 24.6 15.7 8.5 10.7 2-88 23.7 22.5 15.4 10.5 12.5 14.5 3-88 20.2 18.7 12.4 8.1 8.6 7.6 1.2 4-88 19.6 18.1 12.8 9.4 10.2 10.0 7.9 338.0 343.3 352.1 364.2 365.3 15.0 378.3 1-89 15.5 13.8 8.9 5.5 5.3 4.0 0.7 2-89 13.2 11.5 7.0 3.8 3.4 2.0 -0.9 -1.6 3-89 10.1 8.3 4.0 1.0 0.3 -1.3 -4.2 -5.6 -11.6 -11.2 -16.6 4-89 8.1 6.3 2.4 -0.4 -1.3 -2.9 -5.5 -6.8 -11.5 -11.3 -14.0 -11.4 1-90 8.0 6.4 2.8 0.3 -0.4 -1.7 -3.8 -4.6 -8.1 -7.1 -7.6 -2.8 6.7 -6.9 -5.8 -5.9 -2.0 3.1 366.2 0.5 -12.2 -8.9 361.0 -5.6 345.0 334.7 3 40.2 2-90 7.4 5.8 2.5 0.2 -0.4 -1.6 -3.4 -4.1 3-90 3.4 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 2.9 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 3.2 1.7 -1.2 -3.2 -3.9 -5.0 -6.6 -7.3 -9.5 2-91 3.1 1.7 -1.0 -2.8 -3.5 -4.5 -5.9 -6.5 -8.4 -8.0 3-91 3.1 1.8 -0.7 -2.4 -3.0 -3.9 -5.2 -5.7 -7.4 -6.9 4-86 1-87 2-87 3 -87 4-87 1-88 2-88 3-88 4-88 1-89 2-89 -9.2 -9.7 299.8 296.1 -4.8 302.1 -8.5 -7.9 -11.2 -14.5 1.5 8.4 -8.3 -7.1 -6.3 -8.7 -10.7 1.6 5.1 1.9 -7.1 -5.8 -5.0 -6.8 -8.0 2.1 4.5 2.7 3.5 3-89 4 -89 1-90 2-90 3-90 4-90 1-91 2-91 C o r p o r ate p r o f i t s w i t h capital consunption and inventory valua t i o n adjustments. 3 39.8 -0.5 18 303.5 306.1 T hird q uarter 1991 d ata are final estimates. Pr e p a r e d by F ederal Rese r v e Bank of St. Louis J a n u a r y 29, 1992 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) Terminal Quarter 1-87 2-87 4-86 1-87 2-87 3-87 4-87 1-88 2-88 3-88 Initial Quarter Annual Rates 4-88 1-89 2-59 Billi o n s of Doll a r s 3-89 4-89 1-90 2-90 3-90 4-90 1-91 2-91 45-1 7 42.7 1.4 -29.1 681.5 3-87 8.0 -6.9 22.3 4-87 15.9 7.6 32.5 1-88 14.4 7.8 24.0 24.9 8.7 2-88 11.6 5.9 17.0 15.3 3.4 -1.7 3-88 9.8 4.9 13.4 11.3 2.2 -0.9 0.0 4-88 9.8 5.5 12.7 10.9 3.9 2.4 4.5 9.2 1-89 10.2 6.5 12.8 11.3 5.8 5.1 7.5 11.5 716.7 43.5 784.4 801.0 79 7 . 5 79 7 . 5 81 5 . 3 13.8 842.0 2-89 7.8 4.3 9.5 7.7 2.7 1.6 2.4 3.2 3-89 6.9 3.7 8.2 6.6 2.1 1.1 1.6 2.0 -0.3 -6.6 -1.4 4-89 7.3 4.4 8.6 7.1 3.3 2.5 3.3 3.9 2.6 -0.8 5.0 11.9 1-90 7.4 4.7 8.5 7.2 3.8 3.2 3.9 4.6 3.7 1.3 6.0 9.9 8.0 2-90 7.7 5.2 8.7 7.6 4.5 4.1 4.8 5.5 4.9 3.2 7.3 10.4 9.6 3-90 5.3 2.9 5.9 4.7 1.7 1.0 1.3 1.5 0.5 -1.6 0.5 1.0 -2.4 4-90 6.0 3.8 6.7 5.5 2.9 2.4 2.8 3.1 2.3 0.8 3.0 3.9 2.0 1-91 6.2 4.1 6.9 5.8 3.4 2.9 3.4 3.7 3.1 1.9 3.9 4.9 2-91 6.4 4.4 7.0 6.0 3.8 3.4 3.8 4.2 3.7 2.6 4.6 5.5 3-91 5.6 3.7 6.1 5.2 3.0 2.6 2.9 3.2 2.7 1.6 3.2 4-86 1-87 2-87 3-87 4-87 1-88 2-88 3-88 4-88 1-89 2-89 0.3 -11.5 81 6 . 6 81 3 . 7 83 6 . 9 853.1 87 6 . 2 11.3 82 1 . 9 -7.2 -22.6 0.1 -5.0 16.5 3.5 2.4 -0.4 13.0 9.7 4.4 3.7 1.9 11.7 9.4 9.1 3.8 2.7 1.8 0.0 6.6 3.5 0.6 -7.2 3-89 4-89 1-90 2-90 3-90 4-90 1-91 2-91 85 3 . 9 873.8 893.0 876.4 Third quar ter 1991 data are final estiaiates. P r e p a r e d by F e d e r a l R e s e r v e Bank of St. Louis J a n u a r y 29, 1992 19 B u sin ess Productivity and C om pensation Percent Change From Previous Year Seasonally Adjusted Percent Percent Prepared by Federal Reserve Bank of St. Louis Business Sector Output per Hour (Compounded Annual Rates o f Change) Te r minal Quarter Initial Quarter 4-86 1-87 2-87 3-87 4-87 1-88 2-88 3-88 4-88 1-89 2-89 1982 = 100 3-89 4-89 1-90 2-90 3-90 4-90 1-91 2-91 108.1 1-87 0.4 2-87 2.2 4.1 3-87 2.4 3.4 2.6 4-87 2.1 2.7 2.0 1.5 1-88 1.9 2.3 1.7 1.3 1.1 2-88 1.3 1.5 0.8 0.2 -0.4 -1.8 3-8 8 1.3 1.4 0.9 0.5 0.1 -0.4 1.1 4-88 1.1 1.2 0.7 0.4 0.1 -0.2 0.5 0.0 1-89 0.8 0.9 0.4 0.1 -0.2 -0.5 -0.1 -0.7 -1.4 2-89 0.6 0.7 0.2 -0.1 -0.4 -0.7 -0.4 -0.8 -1.3 -1.1 3-89 0.4 0.4 0.0 -0.3 -0.6 -0.8 -0.7 -1.1 -1.4 -1.4 -1.8 4-89 0.3 0.3 0.0 -0.3 -0.5 -0.8 -0.6 -0.9 -1.2 -1.1 -1.1 -0.4 1-90 0.5 0.5 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 0.6 0.3 0.1 0.0 -0.1 0.1 -0.1 -0.1 0.2 0.5 1.3 2.2 2.6 3-90 0.4 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 0.3 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 0.3 0.0 -0.1 -0.3 -0.4 -0.2 -0.4 -0.4 -0.3 -0.2 0.1 0.2 -0.2 -1.1 -0.4 0.0 2-91 0.4 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 0.4 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 4-86 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 2-91 109.2 109.9 1 1C.3 110.6 110.1 110.4 110.4 110.0 109.7 109.2 109.1 109.6 110.3 109.6 109.4 109.4 109.9 110.2 Data revised histor i c a l l y P r e pared by Fed e r a l R e s e r v e Bank of St. Louis January 3, 1992 20 Net Federal Debt (Compounded Annual Rates o f Change) Teminal Quarter Initial Quarter 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 Bi l l i o n s of Doll a r s 1-87 7.1 1,833.8 2-87 8.6 10.2 1,8 7 8 . 7 3-87 7.5 7.6 5.2 4-87 7.9 8.1 7.1 9.1 1-88 2-88 8.2 8.4 7.9 9.3 7.6 8.4 1,9 0 2 . 6 1,944.4 9.4 1 ,988.7 3-88 8.1 8.0 8.1 7.7 8.4 4-88 7.6 7.7 7.3 7.7 8.1 6.8 8.1 7.5 8.3 6.6 6.6 7.3 1-89 7.5 7.6 7.2 7.6 7.3 6.7 6.7 6.0 2-89 7.3 7.3 7.0 7.3 7.0 6.5 6.4 5.8 3-89 7.4 7.4 7.1 7.3 7.1 6.7 6.7 6.3 6.2 5.4 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 7.9 8.1 8.0 8.7 9.1 10.3 11.6 14.9 8.3 8.5 9.1 9.5 10.6 11.5 13.1 7.9 1-91 8.0 8.1 7.9 8.2 8.1 8.2 8.3 8.2 8.5 8.4 8.6 8.5 8.8 8.8 8.5 8.8 8.9 8.8 9.1 9.1 8.8 8.9 8.9 9.1 9.1 9.1 2-91 9.0 9.1 9.0 9.3 9.3 9.3 3-91 9.4 9.5 9.5 9.7 9.8 9.8 4-86 1-87 2-87 3-87 4-87 1-90 2-90 3-90 4-90 8.7 9.1 2,02 1 . 5 2,062.0 4.9 8.5 2,086.9 2,122.8 7.1 2,15 0 . 7 7.8 2 ,191.7 2 ,236.3 2,315.4 11.3 8.9 9.0 9.6 10.0 11.0 11.8 12.9 11.9 9.3 9.4 10.0 10.5 11.3 12.0 13.0 12.3 2,37 8 . 3 12.6 12.8 13.1 9.4 9.3 9.9 10.3 11.0 11.6 12.2 11.6 11.6 11.2 9.6 10.1 10.4 11.1 11.5 12.1 11.5 9.5 11.6 11.2 10.0 10.2 10.7 11.1 11.7 12.2 12.8 12.4 12.6 12.6 1-88 2-88 3-88 4-88 1-89 2-89 3-89 4-89 1-90 2-90 3-90 2 ,449.8 2,526.4 2 ,582.9 9.3 2 ,653.5 10.3 11.4 12.5 14.1 17.0 4-90 1-91 2-91 2,7 5 9 . 5 P r e p a r e d by F ederal Res e r v e Bank of St. Louis Jan u a r y 30, 1992 FEDERAL GOVERNMENT DEBT (billions of dollars) Seasonally Adjusted End of Month Totals 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(-) Cyclically National adjusted income accounts 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 15 .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 - 145.2 -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 - 114.5 -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 -19 0 .5 -1 8 2 .0 -1 5 7 .6 -179.1 1991 1 2 3 4 1115.2 1114.3 1124.6 N.A. 1160.1 1173.7 N.A. N.A. 1261.6 1321.0 1334.8 1362.0 1257.9 1319.3 N.A. N.A. -1 4 6 .4 -2 0 6 .7 -2 1 0 .2 N.A. - 97.8 -1 4 5 .6 N.A. N.A. N.A. — Not Available Fiscal years Actual 1984 1985 1986 1987 1988 Estimates 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 $ 990.7 $ 1031.3 $ 1054.3 1064.1 990.3 1003.8 1144.1 1323.0 1251.8 $ -2 2 1 .2 $ -1 4 9 .7 $ -1 5 5 .1 $ -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 Calendar years National income accounts budget Receipts Expenditures Surplus or deficit( —) 725.8 892.7 788.6 969.9 827.2 1028.2 $ -1 6 6 .9 $ -1 8 1 .4 $ -2 0 1 .0 913.8 $ 972.3 $ 1055.2 $ 1104.8 1065.6 1065.6 1179.4 1270.1 $ -1 5 1 .8 $ -1 5 1 .8 $ -1 2 4 .2 $ -1 6 5 .3 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. 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 -60 -60 Tot< il * -110 \ f J -1 6 0 \ * \ ------- ----- \ \ ' / \ Federal «w v / \ 1 1— 1 1 1985 ✓ M i \ \ / A \ ________ „ - 1 6 0 1 A \ \ __ \ \ / \ . \ / 1 1 / ' '4 \ -2 6 0 \ \ ' ' V 1 V .. «______ \ -2 1 0 r / 110 N r ~ \ w -210 / 1 1 1986 1 1 1 1 1 1 1 1 r 1 r 1990 1989 1988 1987 1 > 1 1 1991 -2 6 0 National income accounts basis Prepared by Federal Reserve Bank of St. Louis Federal Defense Expenditures (Compounded Annual Rates o f Change) Terminal Quarter Initial Quarter 1-87 2-87 11.5 3-87 9.4 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 B i l l i o n s of Doll a r s Annual Rates 3-91 291.6 7.5 296.9 4-87 5.7 2.9 -1.5 1-88 4.5 2.3 -0.1 1.2 2-88 3.1 1.1 -0.9 -0.7 -2.5 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 8.3 295.8 296.7 294.8 294.0 296.8 293.9 298.5 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 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 4.9 4.2 5.8 4.9 5.0 7.5 4.9 -4.6 2.4 -5.9 30 1 . 6 30 9 . 3 31 2 . 7 311.1 320.6 2-91 3.5 3.0 2.7 3.0 3.2 3.7 4.1 4.1 5.1 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 3.6 0.7 4-91 1.9 1.4 1.1 1.2 1.2 1.5 1.7 1.5 2.0 1.6 0.7 1.5 0.3 -0.4 -0.1 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 33 2 . 3 328.4 -7.2 32 2 . 3 -3.1 -8.6 -10.5 -13.6 310.7 4-90 1-91 2-91 3-91 Pre p a r e d by F e d e r a l R e s e r v e Bank of St. Louis J anuary 29, 1992 23 Federal Nondefense Expenditures (Compounded Annual Rates o f Change) Terminal Q uarter 1-87 2-87 1.6 3-87 -0.6 2-87 3-87 4-87 1-88 2-88 3-88 4-88 2-90 4-90 1-91 2-91 3-91 762.1 6.4 8.8 21.7 «0 00 1 6.0 10.6 0.4 2-88 4.8 5.6 8.5 2.4 4.5 3-88 3.4 3.7 5.4 0.5 0.5 -3.4 5.5 6.1 8.0 4.8 6.3 7.2 18.8 6.5 7.2 8.9 6.5 8.1 9.3 16.3 13.8 8.1 2-89 1-90 3-90 -2.7 4.8 1-89 Billions of Dollars 4-89 767.3 4-87 4-88 Initial Quarter Annual Rates 2-89 3-89 1-89 800.5 801.3 810.2 803.3 838.7 866.3 6.1 6.7 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 4-89 6.3 6.8 7.9 6.3 7.2 7.6 1-90 7.1 7.6 8.7 7.3 8.2 8.7 2-90 6.9 7.4 8.4 7.1 7.9 8.3 3-90 6.5 6.9 7.8 6.6 7.2 7.5 4-90 7.0 7.4 8.2 7.1 7.7 1-91 5.0 5.2 5.8 4.7 2-91 6.3 6.6 7.3 3-91 6.4 6.7 4-91 6.9 1-87 873.8 873.4 -0.2 904.4 7.8 5.9 7.1 15.0 10.9 9.4 8.3 10.0 15.4 15.9 10.1 8.7 7.7 8.8 11.9 10.5 5.3 9.0 7.6 6.6 7.3 9.2 7.4 3.4 1.5 8.1 9.4 8.3 7.5 8.2 10.0 8.8 6.5 7.1 5.1 5.1 6.0 4.7 3.6 3.6 4.2 2.2 -1.0 -3.0 6.3 6.8 7.0 8.0 7.0 6.2 6.6 7.6 6.4 4.6 4.4 7.4 6.5 6.9 7.1 8.0 7.1 6.4 6.8 7.7 6.7 5.2 7.2 7.9 7.1 7.5 7.7 8.6 7.8 7.3 7.7 8.6 7.8 2-87 3-87 4-87 1-88 2-88 3-88 4-88 1-89 2-89 3 -89 4-89 9.9 938.3 950.5 954.0 983.8 13.1 929.3 -5.1 -20.4 992.6 5.4 1.8 30.2 5.2 6.1 3.9 18.7 8.3 6.7 7.0 8.1 6.9 17.9 12.2 16.2 1-90 2-90 3-90 4-90 1-91 2-91 3-91 1,012.5 1,051.3 Pre p a r e d by Federal R eserve Bank of St. Louis J anuary 29, 1992 24
@FedFRASER