Full text of National Economic Trends : July 1991
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N a t io n a l E c o n o m ic T r e n d s July 1991 T h e 1 9 8 0 s e c o n o m ic e x p a n s io n has been s in g le d out by som e a n a ly s ts b o th f o r its le n g th and its s t r e n g t h . G a u g in g s t r e n g t h o f a n e x p a n s io n is u s u a l l y b a s e d o n c a lc u l a t i o n s o f t h e g r o w t h o f a v a r i e t y o f e c o n o m i c m e a s u r e s f r o m r e c e s s io n tro u g h 4‘ c a t c h i n g peak to T h e re u p ” to d e t e r m in e a re th e w ith th e m any o f a s s e ts , T h e IV / 7 9 in c o m e b o th ta b le e x p a n s io n one fin a n c ia l th e w as w as peak. le v e ls , c o n tr ib u tio n and s lig h t ly ta n g ib le b e lo w p r e v io u s 20 t h e ir a v e r a g e Per N O T E : d is p o s a b le 1982 c a p ita in im p r o v e d th e e c o n o m ic T h e tw o s p e n d a b le o f th e tw o in c o m e . h o u s in g , m e a su re s d u r in g th e th re e an e x p a n s io n p e rfo rm a n c e h e re s u m m a r iz e t h e ir a c c u m u la t e d R e a l h o u s e h o ld la n d ), d u r in g e c o n o m ic re p re se n ts fro m peak to w e ll- b e in g . show n m in u s b e tw e e n o f th e e x p a n s io n .) W h i l e g ro w th in c r e a s e co m p a re th e o th e r m e a s u re s d u r a b le s , b u s in e s s p r e v io u s n e t w o rth to ta l peaks. o f th e s e in t e r p e a k c h a n g in g e c o n o m ic o f n e t a s s e ts . p e r c a p ita R eal is t h e s t o c k lia b ilit ie s . c y c le th e g r o w th th e s to c k p e r io d s , (T h e m e a su re s p e r io d b e tw e e n o v e r th e e x a m in a tio n 1980s o f th e p a r 1 9 8 1 - 9 0 p e r f o r m a n c e w a s n o t u n u s u a l r e l a t i v e to t h a t o f p e a k - to - p e a k p e r io d s d u r in g R a te s in T w o o f E c o n o m ic W e ll- B e in g II/ 8 1 - II/ 9 0 IV / 7 3 - IV / 7 9 IW 6 9 - IV / 7 3 I/ 6 0 - IV / 6 9 1 .9 % 1 .2 % 3.3% 2.9% 1 .8 2 .3 0 .9 2 .3 net w o rth d o lla r s co rre sp o n d M e a s u re s in c o m e d o lla r s h o u s e h o ld 1982 P e r io d s o f ye a rs. c a p ita in p o r tio n m e a n in g fu l to w e ll- b e in g . o f a fte r- ta x ra te s to o f in c o m e , (c o n s u m e r g ro w th G r o w th Per c o n s id e r a b le it is m o r e o f e c o n o m ic b e c a u s e o f th e b r e v it y t ic u la r g r o w t h r a te s in d ic a t e s th a t th e t a e x p a n s io n t h e ir f lo w is t h e f l o w a n n u a liz e d o m itte d Becau se h o w e ve r, o f an m e a su re s m e a su re s p e r c a p ita show s t o 11/81 peak p o s s ib le s ta tu s o f h o u s e h o ld s : d is p o s a b le c y c lic a l p r io r th e th e p r e v io u s to in te r v a ls d e s ig n a t e d by th e N a tio n a l B u re a u o f E c o n o m ic R e se a rch . — K e ith v ie w s e x p r e s s e d d o n o t n e c e s s a r ily r e f le c t o f f ic ia l p o s itio n s o f t h e F e d e r a l R e s e r v e S y s te m . M . C a r ls o n T O T A L C IV IL IA N E M P L O Y M E N T (Compounded Annual Rates of Change) T E R M IN A L M ONTH 10-89 11-89 5 .1 12-89 1 .7 1-90 2-90 5-90 4-90 5-90 6-90 7-90 8-90 9-90 10-90 11-90 12-90 IN IT IA L 11-89 12-89 1-90 2-90 5-90 4-90 5-90 6-90 7-90 TH O USA N D S OF PERSO N S M ONTH 8-90 9-90 10-90 11-90 12-90 1-91 1 1 7 ,9 2 0 1.1 0.1 0.6 1.2 0.8 1.6 0.8 0.1 1.0 0.6 0.8 0.2 0.8 0.6 0.0 0.0 0.1 0.2 0.0 0.1 - 0 .1 0 .5 1 .5 0 .5 0 .5 0 .5 - 0 .5 - 0 .2 0.0 1 1 7 ,9 4 5 1 .5 1 1 8 ,0 7 4 0 .9 1 .5 1 1 8 .2 5 5 0 .5 0 .5 1 1 8 ,0 9 0 - 1 .5 0 .7 0 .7 1 .9 0 .5 0 .4 0 .7 1 1 8 ,2 7 7 - 0 .4 1 1 8 ,2 5 7 1 1 7 ,8 8 2 - 0 .1 - 0 .1 - 0 .4 - 0 .9 - 0 .7 - 2 .0 - 0 .5 - 0 .4 - 0 .6 - 1 .1 - 1 .0 - 2 .0 -5 5 - 1 .5 - 1 .7 - 1 .2 - 1 .5 - 1 .5 - 1 .2 - 1 .5 - 0 .5 - 0 .7 - 0 .6 - 0 .8 - 1 .0 - 1 .2 - 1 .2 - 1 .4 -2 -12 -1 -1 -1 1 >1 -1 -1 -0 -1 2-90 5-90 4-90 5-90 6-90 7-90 - 0 .1 - 0 .1 - 0 .5 - 0 .6 - 0 .4 - 1 .0 - 0 .2 - 0 .2 - 0 .2 - 0 .4 - 0 .7 - 0 .6 - 1 .1 - 0 .5 - 0 .5 - 0 .6 - 0 .8 - 1 .1 - 1 .0 - 1 .5 - 0 .5 - 0 .5 - 0 .5 - 0 .5 - 0 .7 - 0 .7 - 1 .0 - 1 .5 - 0 .5 - 0 .7 - 0 .8 - 0 .9 - 1 .1 - 0 .4 - 0 .7 - 0 .8 - 0 .8 - 1 .0 5-91 - 0 .5 - 0 .7 - 0 .8 - 0 .9 - 1 .0 4-91 - 0 .1 - 0 .5 - 0 .4 - 0 .4 5-91 - 0 .6 - 0 .8 - 0 .8 - 0 .9 10-89 11-89 1 2-89 1 -90 7 - 1 .9 5 - 0 .5 7 0 .0 1 1 7 ,6 9 0 2.0 0.2 1 1 7 ,8 8 5 - 1 .5 1 1 7 ,7 5 5 - 1 .5 - 1 .0 - 2 .5 - 5 .5 - 0 .6 - 0 .5 - 1 .0 - 0 .8 1 .9 1 1 7 ,5 8 6 9 - 1 .6 - 1 .6 - 2 .4 - 2 .7 - 2 .5 - 6 .5 - 1 .4 - 1 .5 - 2 .0 - 2 .1 - 1 .6 - 5 .5 7 - 1 .4 - 1 .4 - 1 .9 - 2 .0 - 1 .6 - 2 .8 9 - 0 .5 - 0 .4 - 0 .7 - 0 .6 5 - 1 .5 - 1 .2 - 1 .6 - 1 .7 - 1 .5 - 2 .0 - 0 .8 - 1 .1 - 0 .8 - 7 .9 8-90 9-90 10-90 11-90 12-90 1-91 2-91 5-91 4-91 0.0 - 0 .4 1 1 6 ,9 2 2 0.0 - 0 .9 1.6 P A Y R O L L (C o m p o u n d e d OF 11-89 11-89 5 .0 12-89 2.2 1 .4 12-89 2 .5 2.0 2 .5 2.8 2 .7 5 .4 2.8 2.1 2 .5 2 .4 2.1 1 .9 5-90 2 .4 2 .5 6-90 2 .5 2.2 2 .5 7-90 1.8 1 .7 1 .7 8-90 1 .5 1 .5 2-91 5-91 4-91 5-91 1.2 1.1 0.8 0.6 0.6 1 .5 0 .9 0 .5 0 .5 0.2 0.1 0.1 0.0 0.0 10-89 5-90 1 1 7 ,5 9 8 1 1 6 ,5 9 1 R ESERVE BANK OF ST . L O U IS E M P L O Y M E N T * A n n u a l R a te s o f C h a n g e ) I N I T I A L MONTH PERSO N S 4-90 TH O USAN D S 6-90 7-90 8-90 9-90 10-90 11-90 12-90 1-91 2-91 5-91 4-91 1 0 9 ,4 1 6 4 .2 1 0 9 ,7 9 2 1.6 0.8 0.0 2.0 2.2 1.8 1.8 2.8 1.2 1.6 1.0 0.6 1.2 1.1 1.0 0.1 0.1 0.0 0.6 0.2 0.2 0.0 0.0 5-90 4-90 0 .5 5-90 6.8 1 0 9 ,0 6 4 1-90 1-91 2-90 2 .5 1 0 9 ,1 8 9 2-90 11-90 1-90 1 1 6 ,9 1 8 1 1 6 ,7 5 4 - 1 .7 M ONTH PREPA RED BY FED ERAL JU N E 7 , 1991 T E R M IN A L M ONTH 10-89 1 1 7 ,5 7 4 > 1 7 IN IT IA L 12-90 4-91 1 1 7 ,9 5 7 1-91 9-90 5-91 0 .4 2-91 10-90 2-91 2 .5 2 .9 2 .5 1 .5 0 .9 1 0 9 ,9 5 5 1 .9 0 .7 1 .9 1 0 9 ,9 5 4 4 .1 1 1 0 ,5 0 4 1 .4 1 1 0 ,4 5 5 0 .9 - 0 .2 - 1 .8 0 .7 0 .5 - 0 .5 - 1 .5 - 1 .2 0 .5 0 .5 0 .4 0 .5 1 1 0 ,2 6 9 1 1 0 ,1 6 0 - 0 .5 - 1 .2 - 0 .8 - 0 .5 - 0 .7 - 1 .2 - 1 .0 - 1 .0 - 1 .4 1 1 0 ,1 1 5 1 0 9 ,9 8 2 - 0 .2 - 0 .5 - 1 .0 - 1 .5 - 1 .4 - 1 .4 - 1 .9 - 2 .4 - 0 .2 - 0 .4 - 0 .4 - 1 .1 - 1 .5 - 1 .4 - 1 .5 - 1 .8 - 2 .0 - 1 .5 - 0 .4 - 0 .6 - 0 .6 - 1 .2 - 1 .6 - 1 .5 - 1 .6 - 1 .9 - 2 .0 - 1 .9 - 2 .2 - 0 .2 - 0 .6 - 0 .8 - 0 .8 - 1 .4 - 1 .7 - 1 .7 - 1 .8 - 2 .1 - 2 .2 - 2 .2 - 2 .5 - 2 .8 0 .4 0 .4 1 0 9 ,7 6 1 1 0 9 ,6 2 1 1 0 9 ,4 1 8 1 0 9 ,1 6 0 - 0 .1 - 0 .2 - 0 .4 - 0 .7 - 0 .9 - 1 .0 - 1 .5 - 1 .8 - 1 .9 - 1 .9 - 2 .2 - 2 .5 - 2 .5 - 2 .6 - 2 .8 - 2 .8 - 0 .2 - 0 .5 - 0 .5 - 0 .8 - 1 .0 - 1 .1 - 1 .6 - 1 .9 - 1 .9 - 2 .0 - 2 .2 - 2 .5 - 2 .5 - 2 .4 - 2 .5 - 2 .4 - 2 .0 - 0 .2 - 0 .5 - 0 .4 - 0 .7 - 0 .9 - 1 .0 - 1 .4 - 1 .6 - 1 .6 - 1 .7 - 1 .8 - 1 .9 - 1 .8 - 1 .8 - 1 .7 - 1 .4 - 0 .7 0 .7 11-89 12-89 1-90 2-90 5-90 4-90 5-90 6-90 7-90 8-90 9-90 10-90 11-90 12-90 1-91 2-91 5-91 4-91 • REVISED FROM 198« P- PRELIMINARY 1 0 8 ,9 0 2 1 0 8 ,7 2 2 P 1 0 8 ,7 8 I P IN IT IA L MONTH PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 2 EMPLOYMENT RATIO RATIO SCALE SEASONALLY ADJUSTED MILLIONS OF PERSONS 1983 Ì 984 1985 1986 Î987 SCALE MILLIONS OF PERSONS 1988 1989 1990 1991 SOURCEt U.S.DEPARTMENT OF LABOR BEGINNING JANUARY 1986, TOTAL EMPLOYMENT DATA INCORPORATE NEW PROCEDURES FOR ESTIMATING MEASURES OF IMMIGRATION AND EMIGRATION INCREASING TOTAL EMPLOYMENT BY ABOUT 0.3X. PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIODS INDICATED. LATEST DATA PLOTTED: MAY PRELIMINARY «REVISED FROM 1986 PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS UN E M P LO YME NT RATE PERCENT SEASONALLY ADJUSTED PERCENT 11.0 10 10.0 9.0 8.0 7.0 6.0 5.0 4.0 1983 1984 1985 1986 1987 1988 1989 1990 1991 SOURCEt U.S. DEPARTMENT OF LABOR PERCENT OF CIVILIAN LABOR FORCE LATEST DATA PLOTTED» MAY PREPARED BY FEDERAL RESER V E BANK OF S T . 3 LO U IS C O N S U M E R P R IC E IN D E X F O R A L L U R B A N C O N S U M E R S (Compounded A nnual Rates of Change) TE R M IN A L M ONTH IN IT IA L 10-89 11-89 12-89 1-90 2-90 3-90 4-90 5-90 4-90 M O N TH 7-90 8-90 4 .9 12-89 4 .9 4 .9 1-90 7 .2 8 .4 2-90 6.8 7 .5 8 .9 7 .5 5 .3 4 .8 6 .3 4 .5 3 .8 2.8 5-90 5 .3 5 .3 5 .4 3 .8 3 .2 2 .4 1 .9 6-90 5 .6 5 .6 5 .8 4 .6 4 .3 4 .1 4 .7 7 .7 7-90 5 .5 5 .5 5 .6 4 .6 4 .4 4 .3 4 .7 6.2 4-91 1 2 8 .7 1 2 9 .0 1 2 9 .2 1 3 0 .0 1 3 0 .5 4 .7 10.6 6.2 6.0 6.2 6.8 8.1 8.2 10.1 8.0 8.1 6.1 6.1 6.0 6.2 6.0 6.6 6.1 6.0 6.1 6.2 6.0 6.6 6.0 6.0 6.1 6.1 6.1 6.0 6.1 6.2 6.6 6 .3 6 .4 6 .4 6 .5 6 .7 6 .3 6 .4 5 .4 5 .4 7 .6 5 .5 1 3 1 .6 7 .6 1 3 2 .6 9 .5 5 .9 6 .5 5 .9 5 .7 5 .6 5 .7 5 .6 5 .6 5 .7 7 .2 8 .5 7 .5 7 .8 6 .9 5 .6 4 .9 3 .7 3 .6 6 .4 6 .7 5 .9 5 .1 4 .3 4 .6 5 .5 5 .4 4 .6 3 .9 3 .9 4 .1 2 .7 4 .5 3 .7 2 .9 2 .7 2 .4 0 .9 - 0 .9 0 .9 6 .7 6 .9 5 .9 5 .7 5 .8 5 .9 5 .4 5 .4 5 .4 5 .7 3-91 5 .3 5 .4 5 .4 5 .0 4 .9 4 .9 5 .1 5 .4 1 3 3 .4 9 .2 7 .2 6 .9 6 .3 5 .9 2-91 5 .2 5 .2 3 .7 1 3 3 .8 1 3 4 .2 1 3 4 .8 1 3 5 .1 4-91 5 .2 5 .2 5 .2 4 .8 4 .7 4 .7 4 .9 5 .2 4 .9 4 .9 4 .2 3 .5 2 .9 2 .7 2 .5 1 .5 5-91 5 .1 5 .1 5 .1 4 .7 4 .7 4 .6 4 .8 5 .0 4 .8 4 .8 4 .2 2 .5 3 .0 2 .9 2 .7 2.0 1.8 12-89 1-90 2-90 3-90 4-90 5-90 6-90 7-90 S-90 9-90 10-90 11-90 12-90 10-89 3-91 1 2 7 .6 6.8 6.0 1-91 2-91 1 2 8 .2 6 .4 12-90 1-91 5 .8 5 .8 10-90 12-90 12.0 3-90 11-90 11-90 1 2 6 .4 4-90 9-90 10-90 1 2 5 .9 11-89 8-90 1 9 8 2 -8 4 * 1 0 0 9-90 11 -8» IN IT IA L P R IC E 2-91 2 .7 1 3 5 .3 3 .2 3 .6 3-91 4-91 1 3 5 .7 M ONTH PREPA RED JU N E 1 4 , P R O D U C E R 1-91 1 3 5 .0 IN D E X , F IN IS H E D BY FED ERAL 1991 RESERVE BANK OF ST* L O U IS G O O D S (C o m p o u n d e d A n n u a l R a t e s o f C h a n g e ) T E R M IN A L IN IT IA L MONTH 1982 * 100 M ONTH 10-89 11-89 12-89 1-90 2-90 3-90 4-90 5-90 6-90 7-90 8-90 9-90 10-90 11-90 12-90 1-91 11-89 0.0 12-89 3 .7 7 .6 1-90 9 .7 1 5 .0 2 2 .9 2-90 6 .9 9 .4 1 0 .3 - 1 .0 3-90 5 .3 6 .7 6 .4 - 1 .0 - 1 .0 4-90 4 .2 5 .1 4 .5 - 1 .0 - 1 .0 - 1 .0 5-90 4 .2 4 .9 4 .4 0 .3 0 .7 1 .5 6-90 3 .7 4 .2 3 .7 0.2 0 .5 7-90 3 .7 4 .2 3 .7 0 .9 1.0 2.1 0.0 1.2 1.8 2.8 2.1 8-90 4 .7 5 .3 5 .0 2.6 3 .3 4 .1 5 .5 5 .9 9 .0 1 4 .1 9-90 5 .7 6 .3 6.2 4 .2 5 .0 6.1 7 .5 8 .4 1 1 .3 1 5 .1 1 6 .2 10-90 6 .5 7 .1 7 .1 5 .5 6 .3 7 .4 8 .9 9 .9 1 2 .5 1 5 .4 1 6 .1 1 6 .0 8 .3 9 .0 1 0 .9 1 2 .7 1 2 .3 1 0 .4 9 .0 7 .7 5 .1 0.0 - 4 .8 7 .1 7 .6 6 .4 4 .0 0 .3 - 1 .9 3 .4 - 2 .4 - 4 .8 - 4 .8 - 1 0 .3 2-91 3-91 4-91 1 1 4 .8 1 1 5 .5 1 1 7 .5 1 1 7 .4 1 1 7 .3 1 1 7 .2 4 .2 1 1 7 .6 1 1 7 .6 4 .2 1 1 8 .0 11-90 6 .4 7 .0 6 .9 5 .4 6.2 7 .1 12-90 5 .6 6.0 5 .9 4 .5 5 .0 5 .7 1-91 5 .3 5 .6 5 .5 4 .2 4 .7 5 .2 8.2 6.6 6.0 6.2 2-91 4 .2 4 .5 4 .3 3 .0 3 .3 3 .7 4 .2 4 .2 4 .8 4 .8 6 .9 1 1 9 .3 120.8 3-91 3 .7 4 .0 3 .7 2 .5 2 .7 3 .1 3 .4 3 .4 3 .8 3 .7 2 .3 1.0 0.2 4-91 3 .6 3 .8 3 .6 2 .4 2 .7 3 .0 3 .3 3 .3 3 .6 3 .5 2 .3 0 .4 5-91 3 .8 4 .0 3 .8 2 .7 3 .0 3 .3 3 .6 3 .6 3 .9 3 .9 2.8 1.2 10-89 11-89 12-89 1-90 2-90 3-90 4-90 5-90 6-90 7-90 IN IT IA L 8-90 9-90 1 2 2 .3 122.8 5 .0 1 2 2 .5 1.0 1 2 2 .4 1 2 1 .3 - 2 .7 - 4 .6 - 4 .5 - 7 .1 - 3 .9 - 2 .0 - 3 .3 - 2 .9 - 4 .2 - 1 .0 - 0 .7 - 1 .6 - 1 .0 - 1 .5 1 .7 4 .6 7 .2 10-90 11-90 12-90 1-91 2-91 3-91 4-91 1 2 0 .9 2.0 121.1 121.8 M ONTH PREPARED BY FED ER A L RESER VE BANK O F S T . JU N E 13» 1991 4 L O U IS RATIO S CAL E P R IC E S 1982-100 RATIO SEASO NALLY A D JU STED S CAL E 1982-100 CONSUMER P R IC E S DATA ARE ON A I9 B 2 - B 4 - I0 0 BA SE C P I- U DATA BE G IN N IN G 1983 INCORPORATE A RENTAL EQ U IV A LEN C E MEASURE FOR H O M EO IN ERSH IP CO STS. PERC EN TAG ES ARE ANNUAL RA TES OF CHANGE FOR P E R IO D S L A TEST DATA PLOTTED* IN D IC A T E D . MAY PR EPA RED I Y ratio scale PRODUCER P R I C E S SEASONALLY ADJUSTED 1982- 100 PERC ENTAG ES ARE ANNUAL R ATES OF CHANGE FOR PE R IO D S LA T E ST DATA PLO T TED . FED ERA L R E S E R V E IA N K OF S T . L O U IS ratio scale 1982- 100 IN D IC A T E D . MAY PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 5 P R O D U C E R P R IC E IN D E X , F IN IS H E D C O N S U M E R F O O D S (Compounded A nnual Rates o f Change) TERMINAL MONTH IN IT IA L MONTH 10-89 11-89 5 .1 12-89 8.8 12.6 1 2 .9 5-90 12.8 8.8 4-90 2-90 21.6 1 5 .4 1 6 .9 8.8 5 .9 6.1 5-90 5 .8 6 -90 4 .8 7-90 4 .9 5 .1 9-90 4 .1 10-90 4 .5 11-90 4 .1 12-90 5 .5 1-91 5 .1 2 -91 5 .0 5-91 5 .0 4 -91 5 .1 5-91 5 .1 10-89 2-90 5-90 4-90 5-90 6-90 7-90 8-90 1982 « 100 9-90 10-90 11-90 12-90 1-91 2-91 5-91 4-91 121.6 1 7 .0 9 .8 8-90 1-90 1 2 0 .4 11-89 1-90 12-89 1 2 5 .6 1 2 .5 1 2 4 .8 1 2 4 .2 2 .9 - 5 .6 4 .5 - 0 .6 - 6 .5 5 .9 4 .6 0 .7 - 2 .9 - 1 .4 5 .0 4 .7 5 .5 - 2 .6 - 1 .6 1 .5 4 .9 5 .8 0.2 1.1 5 .1 4 .2 1 .9 - 1 .0 0 .5 1.0 1.6 1.6 2.6 1.1 0.0 0.8 2.8 2.2 0.8 2.2 1.0 0.1 1.2 0.6 4 .0 5 .1 - 0 .5 4 .5 5 .5 0 .4 4 .0 5 .2 0 .4 2 .5 - 0 .2 5 .4 5 .0 - 0 .1 2 .9 0 .5 5 .0 2 .4 5 .0 2 .4 1 .5 11-89 12-89 1-90 2-90 1 2 5 .4 - 7 .5 0.2 1.6 1 2 5 .9 1 2 5 .7 - 1 .9 2 .9 2.0 6.0 5 .9 5 .6 6 .5 2.0 1.2 1.2 2.8 1.2 2.1 1.2 1.8 0.6 0.8 1.2 1 0.6 1.1 1.0 1.1 1.8 2 .5 0 .5 2 .5 5 .4 2 .9 2 .5 1 .7 0 .4 0 .4 1 .5 1 .5 0 .9 .* 1 .4 1 .4 1 .4 1 .7 1 .5 1 .9 5-90 6-90 1 .7 5-90 4-90 1 2 4 .5 1 2 5 .0 7 .0 0 .5 2.6 2.2 0.6 1.0 0 .5 0 .5 1 2 4 .4 - 5 .6 7 .0 5 .9 1 2 5 .1 1.0 1 2 5 .2 - 0 .5 1 .5 - 1 .4 - 5 .8 - 0 .8 0 .5 - 1 .6 - 2 .8 1 2 4 .8 - 1 .9 1.0 0.6 0.6 0.6 0.8 0.0 1.0 0.6 0.6 0.6 1.0 1.0 - 0 .5 - 1 .6 - 0 .2 - 0 .5 - 0 .5 2 .9 1 2 5 .0 1 .7 2 .9 5 .9 4 .9 1 .7 1 .9 2 .9 5 .6 5 .9 2 .9 8-90 9-90 12-90 1-91 2-91 5-91 4-91 10-90 11-90 1 2 5 .5 1 2 5 .8 M ONTH PREPA RED JU N E 1 3 , P R IC E 1 2 4 .7 1 .9 1 .5 1 .4 7-90 - 1 .0 0 .9 1 .5 IN IT IA L P R O D U C E R 1 2 4 .6 IN D E X , F IN IS H E D G O O D S , E X C L U D IN G BY FED ERA L 1991 RESERVE BANK OF ST . L O U IS F O O D S (C o m p o u n d e d A n n u a l R a t e s o f C h a n g e ) T E R M IN A L MONTH IN IT IA L 10-89 11-89 12-89 11-89 12-89 1-90 2-90 5-90 4-90 M ONTH 5-90 1982 6-90 7-90 8-90 9-90 11-90 10-90 12-90 * 1-91 100 2-91 5-91 4-91 1 1 2 .9 - 2 .1 1.6 1 1 5 .4 5 .4 1 4 .0 1 1 5 .4 1-90 8 .4 2 5 .5 2-90 5 .1 7 .7 8.8 - 4 .1 5-90 5 .9 5 .4 5 .4 - 2 .6 - 1 .0 4-90 5 .6 4 .7 4 .6 - 1 .0 0 .5 5-90 5 .7 4 .7 4 .5 0 .5 1 1 5 .0 1 1 4 .9 2.1 1 1 5 .1 6-90 5 .5 4 .1 5 .9 0 .4 1.8 1.6 7-90 5 .5 4 .0 5 .8 0 .9 1 .9 8-90 4 .7 5 .5 5 .5 5 .1 4 .4 5 .5 6 .4 7 .1 1 0 .5 1 7 .9 9-90 6 .5 7 .2 7 .4 5 .5 7 .0 8 .5 9 .6 11.0 1 4 .6 2 0 .7 2 3 .7 10-90 7 .5 11-90 12-90 5 .2 4 .5 1 1 5 .5 2.6 1.0 2.6 2.8 2.1 1 1 5 .6 2 .5 5 .2 1 1 5 .9 1 1 7 .5 1 1 9 .6 8 .5 7 .0 8 .5 9 .9 11.2 1 2 .7 1 5 .8 2 0 .4 21.6 1 9 .6 7 .2 8.2 8.1 8 .5 6 .9 8.2 9 .4 1 0 .5 11.6 1 3 .8 1 6 .6 1 6 .2 1 2 .7 6 .5 6 .9 7 .1 5 .7 6 .7 7 .6 8 .5 8 .9 1 0 .3 1-91 6.0 6.6 6 .7 5 .4 6 .5 7 .0 7 .6 8.0 9 .1 2-91 4 .7 5 .1 5 .1 5 .8 4 .5 5 .0 5 .5 5 .5 6.0 11.8 10.1 8.6 1 0 .3 6 .4 4 .6 5-91 4 .0 4 *4 4 .4 5 .1 5 .7 4 .1 4 .5 4 .5 4 .6 4 .8 3 .1 4-91 5 .8 4 .2 4 .1 2 .9 5 .4 5 .8 5 .9 5 .9 4 .2 4 .3 2 .7 5 -91 4 .1 4 .4 4 .4 5 .5 5 .8 4 .2 4 .5 4 .5 4 .6 4 .8 3 .4 10-89 11-89 1 2-89 1-90 2-90 5-90 4-90 5-90 6-90 7-90 8-90 1 2 1 .4 6.1 6.2 0.0 5 .1 1.2 0.0 0.0 1.1 9-90 122.0 - 5 .7 1 2 1 .4 2.0 0 .7 - 2 .0 - 2 .9 - 5 .8 - 5 .8 121.6 120.2 - 1 5 .0 - 3 .5 - 5 .8 - 5 .8 - 9 .5 - 5 .8 - 2 .9 - 4 .7 - 4 .4 - 6 .4 - 5 .0 - 1 .3 - 2 .4 - 1 .8 - 2 .7 10-90 11-90 12-90 1-91 1.0 2-91 1 1 9 .6 0.0 1 1 9 .6 4 .6 9 .4 5-91 4-91 1 2 0 .5 IN IT IA L MONTH PREPARED BY FEDERAL RESERVE BANK OF ST . LOUIS JUNE 15, 1991 6 N D U S T R I RATIO A L P R O D U C T I O N RATIO SCALE SCALE 1987-100 SEASONALLY AOJUSTEO 1987-100 PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIODS INDICATED. LATEST DATA PLOTTEDt MAY PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS IN D U S T R IA L P R O D U C T IO N (C o m p o u n d e d A n n u a l R a t e s o f C h a n g e ) T E R M IN A L M ONTH IN IT IA L 10-89 11-89 11-89 4 .5 12-89 5 .1 5 .7 1-90 - 0 .7 - 5 .5 2-90 5-90 4-90 12-89 1-90 2-90 5-90 4-90 MONTH 5-90 2.2 11-90 12-90 * 100 1-91 2-91 5-91 4-91 1 0 7 .5 2 .7 1 0 8 .5 4 .5 4 .9 1 .7 1 0 8 .9 - 1 .1 1 0 8 .8 2.8 6.8 5 .4 5 .2 5 .9 4 .5 4 .5 7 .4 8.0 5 .4 5 .2 5 .5 4 .5 4 .2 6.0 5 .6 8-90 5 .1 5 .0 9-90 2 .9 11-90 10-90 - 0 .6 5 .4 10-90 9-90 - 1 1 .5 11.8 2.2 1.1 8.1 2.1 1.6 0.6 1.8 2.8 1 .5 5 .4 7-90 8-90 1 0 8 .1 2 .4 6-90 7-90 1 0 8 .6 2 .7 5-90 1987 6-90 2.8 2.0 1.8 0.2 0 .5 2 .9 1 0 9 .4 2.6 4 .8 5 .7 5 .6 4 .8 4 .1 2 .5 4 .4 5 .5 5 .1 4 .0 5 .5 1 .4 5 .0 1 .9 1.6 2.0 1.1 - 0 .5 0 .9 - 0 .2 - 0 .8 - 0 .8 110.1 1 1 0 .4 5 .5 2.2 1.1 1.8 1.1 1.1 1 1 0 .5 110.6 1 0 9 .9 - 0 .5 - 1 .8 - 5 .2 - 7 .5 - 2 .0 - 5 .9 - 5 .6 - 7 .7 - 1 1 .8 - 1 6 .1 1 0 8 .5 12-90 - 0 .4 - 0 .8 - 1 .5 - 0 .5 - 1 .4 - 2 .1 - 2 .2 - 5 .4 - 5 .2 - 6 .8 - 8 .7 - 1 1 .7 - 1 5 .9 - 1 1 .5 1-91 - 0 .8 - 1 .2 - 1 .7 - 0 .8 - 1 .9 - 2 .5 - 2 .7 - 5 .8 - 5 .4 - 6 .8 - 8 .5 - 1 0 .5 - 1 1 .5 - 9 .1 2-91 - 1 .4 - 1 .8 - 2 .5 - 1 .5 - 2 .6 - 5 .2 - 5 .4 - 4 .5 - 5 .9 - 7 .2 - 8 .5 - 1 0 .5 - 1 1 .0 - 9 .5 - 8 .1 - 9 .7 5-91 - 1 .8 - 2 .2 - 2 .7 - 2 .0 - 5 .0 - 5 .6 - 5 .8 - 4 .8 - 6 .1 - 7 .2 - 8 .4 - 9 .9 - 1 0 .4 - 8 .9 - 8 .0 - 8 .7 - 7 .7 4-91 - 1 .5 - 1 .8 - 2 .5 - 1 .6 - 2 .5 - 5 .1 - 5 .2 - 4 .1 - 5 .2 - 6 .1 - 7 .0 - 8 .1 - 8 .2 - 6 .5 - 5 .2 - 4 .8 - 2 .2 5 .5 5-91 - 1 .1 - 1 .4 - 1 .8 - 1 .2 - 2 .0 - 2 .4 - 2 .5 - 5 .5 - 4 .5 - 5 .0 - 5 .6 - 6 .4 - 6 .5 - 4 .6 - 5 .1 - 2 .2 0 .4 4 .7 5 .8 10-89 11-89 12-89 1-90 2-90 5-90 4-90 5-90 6-90 7-90 8-90 9-90 10-90 11-90 12-90 1-91 2-91 5-91 4-91 1 0 7 .2 - 6 .5 1 0 6 .6 1 0 5 .7 1 0 5 .0 1 0 5 .5 P 1 0 5 .8 P IN IT IA L MONTH P- PRELIMINARY PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS JUNE 14» 1991 7 P E R S O N A L RATIO TRILLIONS IN C O M E RATIO MONTHLY TOTALS AT ANNUAL RATES SCALE OF TRILLIONS S EASONALLY ADJ USTED DOLLARS OF SCALE DOLLARS 4.8 4.4 4.0 3.6 3.2 2 .8 2.4 1983 1984 1985 1986 1987 1988 1989 1990 1991 SOURCE* U.S. DEPARTMENT OF COMMERCE PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIODS INDICATED. LATEST DATA PLOTTED: MAY PRELIMINARY PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS P E R S O N A L IN C O M E (C o m p o u n d e d A n n u a l R a t e s o f C h a n g e ) T E R M IN A L M ONTH IN IT IA L B IL L IO N S OF D O LLA RS M ONTH ANNUAL 10-89 11-89 8.1 12-89 7 .8 11-89 12-89 1-90 2-90 3-90 4-90 5-90 6-90 7-90 8-90 9-90 10-90 11-90 12-90 1-91 2-91 3-91 RATES 4-91 4 ,4 7 0 .0 7 .4 4 ,4 9 6 .7 1-90 8 .5 8.6 9 .9 2-90 8 .4 8 .5 9 .0 5-90 8 .5 8.6 9 .0 4-90 7 .5 7 .4 7 .4 5-90 7 .1 6 .9 5 .3 3 .5 4 .5 6-90 6.8 6.6 6 .5 5 .8 5 .3 4 .1 4 .8 5 .1 7-90 6 .7 6 .4 5 .8 5 .4 4 .5 5 .2 5 .5 5 .8 8-90 6 .4 5 .5 5 .0 4 .2 4 .7 4 .7 4 .5 5 .2 5 .5 5 .2 4 .5 4 .9 5 .0 5 .0 4 .6 6.0 4 .8 4 .4 5 .8 4 .0 5 .9 5 .6 2 .9 2 .7 - 0 .5 6 .5 4 ,5 3 2 .2 00 8.1 6 .5 6.8 6.0 9-90 6 .3 6.2 6.0 6.1 6.0 10-90 5 .7 5 .5 5 .3 4 ,5 6 1 .6 9 .1 5 .8 4 ,5 9 4 .7 2.6 4 ,6 0 4 .5 4 ,6 2 1 .4 4 ,6 4 0 .7 4 ,6 6 2 .7 4 ,6 7 5 .0 4 ,6 9 7 .8 4 ,6 9 5 .9 11-90 5 .7 5 .5 5 .3 4 .9 4 .5 4 .0 4 .2 4 .1 5 .9 5 .5 5 .6 2 .4 5 .3 12-90 5 .8 5 .6 5 .5 5 .1 4 .8 4 .3 4 .6 4 .6 4 .5 4 .2 4 .4 3 .9 6.2 1-91 5 .1 4 .8 4 .7 4 .2 3 .9 3 .4 3 .5 5 .5 5 .1 2-91 4 .9 4 .7 4 .5 4 .1 3 .8 3 .5 3 .4 5 .2 5 .0 3-91 4 .9 4 .7 4 .5 4 .1 3 .8 5 .4 3 .5 5 .4 5 .2 4-91 4 .7 4 .5 4 .3 3 .9 3 .6 3 .2 3 .5 5 .2 3 .0 5-91 4 .7 4 .6 4 .4 4 .1 5 .8 3 .4 5 .5 5 .4 3 .5 10-89 11-89 12-89 1-90 2-90 3-90 4-90 5-90 6-90 4 ,7 1 6 .2 7 .1 4 ,7 4 5 .5 2.6 1.0 2.6 1.8 2.8 2.8 2.8 2.2 0.6 2.6 2.1 2.0 2.6 1.8 2 .5 1 .7 2 .5 2 .4 2 .4 - 4 .8 1 .5 2 .4 3 .4 4 .4 0 .7 2 .7 2.8 1.2 5 .5 5 .9 3 .7 1-91 2-91 3-91 2 .3 2 .7 2 .5 5 .0 5 .0 7-90 IN IT IA L 8-90 9-90 3 .0 2 .7 10-90 11-90 4 ,7 2 3 .8 - 1 .3 12-90 4 ,7 3 3 .3 4 ,7 5 0 .4 4 ,7 5 5 .1 6.2 4 » 7 7 8 .9 P 4-91 M ONTH P - P R E L IM IN A R Y PR EPARED B Y FE D E R A L R ESER VE BANK O F S T . JU N E 2 7 , 1991 8 L O U IS RETAIL SALES RATIO SCALE BILLIONS 1983 OF RATIO SEASONALLY ADJUSTED DOLLARS 1984 1985 1986 1987 BILLIONS 1988 1989 1990 OF SCALE DOLLARS 1991 SOURCEt U.S. DEPARTMENT OF COMMERCE PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIODS INDICATED. LATEST DATA PLOTTED* APRIL, MAY ADVANCE ESTIMATE PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS R E T A IL S A L E S (C o m p o u n d e d A n n u a l R a t e s o f C h a n g e ) T E R M IN A L MONTH 10-89 11-89 12-89 1-90 2-90 I N I T I A L M ONTH D O LLA RS 3-90 4-90 5-90 6-90 8-90 9-90 10-90 1 0 .7 12-89 4 .7 - 1 .0 12-90 1-91 OF 2-91 3-91 4-91 1 4 6 ,9 9 7 1-90 1 4 .5 1 6 .5 3 7 .1 2-90 9 .6 9 .2 1 4 .7 3-90 6 .7 5 .7 8.0 - 4 .2 - 4 .2 4-90 4 .6 3 .4 4 .5 - 4 .5 - 4 .7 - 5 .2 5-90 3 .5 2 .3 3 .0 - 4 .1 - 4 .1 - 4 .0 6-90 4 .4 3 .5 4 .3 - 1 .2 - 0 .5 7-90 4 .5 3 .7 4 .4 - 0 .2 8-90 4 .3 3 .7 4 .3 0 .3 9-90 5 .0 4 .4 5 .0 10-90 4 .3 3 .8 4 .3 11-90 4 .3 3 .8 4 .2 12-90 1 5 0 ,9 1 4 - 4 .1 1 5 0 ,3 8 8 1 4 9 ,8 5 0 0.8 0.6 1.8 1.0 2.1 1.6 1.1 1.8 2.1 2 .4 1 .4 1 4 9 ,1 8 7 - 2 .9 3 .9 4 .2 1 4 8 ,8 2 2 11.2 8.0 4 .9 1 5 0 ,1 4 3 1 5 0 ,7 4 5 4 .0 6 .4 4 .0 3 .1 3 .6 5 .4 7 .6 6 .5 7 .2 2 .7 4 .1 5 .5 4 .1 3 .9 4 .3 2 .9 4 .1 5 .3 4 .2 4 .0 4 .2 2 .3 1.6 1 .9 - 0 .8 - 0 .5 - 0 .1 1-91 1.1 0 .4 0 .5 - 2 .1 - 1 .9 - 1 .6 2-91 2 .7 2 .4 3 -91 2 .7 2 .4 4-91 2 .3 0.6 - 1 .2 1 5 1 ,1 3 5 1 1 .5 1 5 2 ,5 1 2 0 .5 0 .3 0 .7 0 .3 2 .4 11-89 12-89 1-90 0 .9 2-90 0.8 1 5 2 ,7 1 1 l . l - 0 .5 - 1 .6 - 2 .7 - 7 .0 - 9 .2 - 2 0 .9 - 2 .7 - 3 .9 - 5 .2 - 9 .0 - 1 1 .0 - 1 7 .8 - 1 4 .5 1 .5 0 .9 1 4 9 ,7 5 0 1 4 7 ,8 0 3 0 .4 - 0 .1 - 2 .2 - 2 .2 - 4 .2 5 .5 3 0 .2 0 .7 0 .4 - 1 .4 - 1 .1 - 2 .4 4 .7 1 5 .8 3 .0 - 0 .2 - 1 .8 - 1 .7 - 2 .8 2 .3 8 .7 - 0 .7 - 4 .3 0 .3 - 0 .3 4 .4 9 .8 3 .7 4 .1 1 3 .2 10-90 11-90 12-90 1-91 2-91 3-91 4-91 0 .7 1 .5 1 .5 2 .5 1 .7 1 .4 5-90 6-90 7-90 4-90 4 .2 - 1 .0 1 .7 3-90 1 5 2 ,1 9 1 - 2 .5 2.2 0.1 2.0 2.2 1.1 2.1 1.2 1.8 2.0 0.0 1.2 0.6 0.1 2.8 2.6 0.8 1.1 2.0 1.2 0.0 10-89 11-90 1 4 7 ,1 1 9 11-89 5-91 M IL L IO N S 7-90 8-90 9-90 1 5 1 ,0 9 2 1 5 1 ,4 6 7 150»909P 1 5 2 ,4 7 6 E I N I T I A L M O N TH P - P R E L IM IN A R Y E - E S T IM A T E D PR EP A R ED B Y F E D E R A L R E S E R V E BANK O F S T . JU N E 1 3 , 1991 9 L O U IS H O U R L Y C O M P E N S A T IO N , B U S IN E S S S E C T O R (Compounded A nnual Rates of Change) TERMINAL QUARTER IN IT IA L QUARTER 2-86 3-86 4-86 1-87 2-87 3-87 4-87 1-88 2-88 3-88 4-88 1982*100 1-89 2-89 3-89 4-89 1-90 2-90 3-90 4-90 1 1 9 .2 3-86 4 .1 4-86 4 .8 5 .5 1-87 4 .0 3 .9 120.8 1 2 1 .5 2 .3 122.0 2-87 3 .4 3 .1 2.0 1 .7 3-87 3 .5 3 .4 2 .7 2.8 4 .0 4-87 4 .2 1 2 3 .2 1 2 5 .5 4 .2 3 .9 4 .4 5 .8 7 .7 1-88 2-88 4 .0 3 .9 * 3 .6 4 .0 4 .7 5 .1 4 *1 4 .1 3 .9 1 4 .2 4 .8 5 .1 3 .9 5 .2 3-88 4 .3 4 .3 4 .1 4 .5 5 .0 5 .3 4 .5 5 .5 5 .7 4-88 4 .2 4 .2 4 .1 4 .3 4 .8 4 .9 4 .2 4 .8 4 .6 3 .4 2.6 1 2 6 .3 1 2 7 .9 - 1 2 9 .7 1 3 0 .8 1-89 4 .1 4 .1 3 .9 4 .2 4 .5 4 .6 4 .0 4 .4 4 .1 3 .3 3 .1 2-89 4 .0 4 .0 3 .8 4 .0 4 .3 4 .3 3 .8 4 .0 3 .8 3 .1 2 .9 1 3 1 .8 1 -90 3 .7 3 .7 3 .5 3 .7 3 .8 3 .8 3 .4 3 .5 3 .3 2 .9 2 .7 2.8 2.0 1.2 2.1 2.0 2.6 2-90 3 .8 3 .8 3 .7 3 .8 3 .9 3 .9 3 .6 3 .7 3 .5 3 .2 3 .1 3 .1 3 .2 3-89 3 .8 3 .7 3 .6 3 .7 3 .9 3 .9 3 .4 3 .6 3 .2 2.6 2 .4 4-89 3 .7 3 .6 3 .5 3 .6 3 .8 3 .7 3 .3 3 .4 3 .1 2 .5 2 .3 1 3 2 .7 1 3 3 .1 1 3 3 .8 1 .7 2 .7 3 .3 4 .6 3 .9 4 .8 5 .1 1 3 5 .3 1 3 7 .0 3-90 3 .9 3 .8 3 .7 3 .8 4 .0 4 .0 3 .7 3 .8 3 .6 3 .4 3 .4 3 .4 3 .5 4 .1 4 .8 4 .9 4 .8 4-90 3 .8 3 .8 3 .7 3 .8 4 .0 4 .0 3 .7 3 .8 3 .6 3 .4 3 .4 3 .4 3 .5 4 .0 4 .5 4 .5 4 .1 3 .5 1-91 3 .8 3 .8 3 .7 3 .8 4 .0 4 .0 3 .7 3 .8 3 .6 3 .4 3 .4 3 .5 3 .6 4 .0 4 .3 4 .3 4 .0 3 .6 3 .8 3-86 4-86 1-87 2-87 3-87 4-87 4-88 1-89 2-89 3-89 4-89 1-90 2-90 3-90 4-90 2-86 1-88 2-88 3-88 IN IT IA L P E R H O U R O F A L L 1 4 1 .1 Q U A RTER PREPA RED BY FED ERA L JU N E 5 , 1991 O U T P U T 1 3 8 .6 1 3 9 .8 P E R S O N S , B U S IN E S S RESERVE BANK OF ST . L O U IS S E C T O R (C o m p o u n d e d A n n u a l R a t e s o f C h a n g e ) T E R M IN A L Q U A RTER 3-86 IN IT IA L 2-86 3-86 4-86 1-87. 2-87 3-87 - 0 .5 1.1 1-87 - 0 .2 0 .7 0 .4 2-87 0 .5 1 .5 1 .7 3 .0 2.1 2 .9 2 .9 2 .4 3 .1 3 .1 3 .3 3 .4 3 .5 3 .8 1.0 1.8 2.1 1-88 1.8 2-88 2.0 1.6 2.0 1.2 1.6 1.1 1.0 0.8 1.1 0.6 0.8 3-87 1 .4 3-88 2 .5 2 .4 2 .3 1 .9 1 .7 1 .9 1 .7 1 .4 1.0 1 .4 1-89 1 .4 1 .4 1.6 2-89 1 .3 1 .3 1 .4 1-90 2-90 3-90 4-90 1.1 1.2 1.0 0.6 0 .7 0 .7 1 1 2 .9 - 1 .1 0 .7 2 .5 - 0 .1 0 .4 - 0 .2 0.1 0.1 1 1 3 .6 - 1 .7 1 1 3 .1 - 1 .1 - 0 .4 1 1 3 .0 0.0 - 0 .7 - 0 .2 0 .3 - 0 .4 - 0 .2 - 0 .9 - 0 .6 - 0 .7 - 0 .7 - 0 .6 - 1 .2 - 1 .1 - 1 .3 - 1 .9 - 2 .5 - 0 .1 - 0 .7 - 0 .6 - 1 .1 - 1 .0 - 1 .2 - 1 .5 - 1 .6 1.1 1.1 0.8 0.8 0.6 0.0 0.2 0.6 0.0 0.6 0.0 0.2 0.6 0.6 0.2 0 .9 1 1 3 .2 4 .4 0 .3 - 0 .1 1 1 3 .0 112.6 - 1 .4 0 .7 0 .7 0 .5 0 .5 0 .7 0 .7 0 .5 0 .3 - 0 .5 - 0 .4 - 0 .9 - 0 .7 - 0 .8 - 1 .0 - 0 .8 3-90 0 .5 0 .7 0 .7 0 .5 0 .3 - 0 .4 - 0 .3 - 0 .7 - 0 .5 - 0 .5 - 0 .6 - 0 .4 4-90 0 .4 1-91 0 .4 2-86 4-89 112.0 4-88 2-90 3-89 111.1 2.2 1.6 0 .5 2-89 1 0 9 .5 2 .4 1 -90 1-89 1 1 0 .3 2 .5 1 .4 4-89 4-88 1 0 9 .4 2.8 2.1 2.2 2 .5 3-89 1982*100 3-88 1 0 9 .1 4-86 4-87 1-88 2-88 4-87 - 2 .2 Q U ARTER 0 .7 0 .5 0.0 0.2 0 .4 - 0 .1 - 0 .5 - 0 .4 - 0 .7 - 0 .6 - 0 .6 - 0 .7 - 0 .6 - 0 .1 - 0 .1 - 0 .4 - 0 .4 - 0 .6 - 0 .5 - 0 .5 - 0 .6 - 0 .5 - 0 .1 4-87 1-88 2-88 3-88 4-88 1-89 2-89 3-89 4-89 0 .5 0 .5 0 .5 0 .4 3-86 4-86 1-87 2-87 1 1 1 .9 - 0 .7 3-87 1 1 1 .7 0 .7 0 .7 0.1 0.1 1-90 1 1 1 .9 0 .7 - 0 .2 - 1 .1 - 0 .1 - 0 .5 2-90 3-90 0.0 112.1 111.8 111.8 4-90 IN IT IA L QUARTER PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS JUNE 5» 1991 10 PRO D UCTIVITY, C O M P E N S A T IO N , AND LA BO R RATIO SCALE COSTS RATIO SCALE 1982-100 SEASONALLY ADJUSTED 1982-100 SOURCEt PE R C EN T A B ES ARE ANNUAL R A TES Of CHANBE FOR P E R IO D S L A T E ST DATA PLO T TED t U .S . DEPARTMENT OF LABOR IN D IC A T E D . 1ST QUARTER PREPA RED BY FED ERAL R E S E R V E BANK OF S T . U N IT L A B O R C O S T S , B U S IN E S S L O U IS S E C T O R (C o m p o u n d e d A n n u a l R a t e s o f C h a n g e ) T E R M IN A L Q U ARTER IN IT IA L 5-86 2-86 6*1 4-86 5 .5 4 .5 1-87 4 .2 5 .5 2.2 2-87 2.8 1 .7 0 .4 5-86 4-86 4-87 1 .5 1 .4 1 .7 2 .7 4-88 2 .9 5-87 4-87 Q U ARTER 1-88 2-88 1982*100 3-88 4-88 1-89 2-89 5-89 4-89 1-90 2-90 5-90 4-90 1 0 9 .2 2 .4 5-88 2-87 1 1 0 .4 1.6 0.6 2.8 2.1 1-88 2.1 0.8 2-88 2.6 2.1 2.0 2.6 5-87 1-87 2 .5 2 .5 111.0 110.6 - 1 .4 - 0 .2 1.1 1 1 0 .9 112.1 1 .5 2 .7 4 .4 0 .5 1.1 1.1 1 .7 2 .4 2 .9 2.2 6 .4 1 .9 2.6 5 .0 2 .5 4 .9 5 .2 2 .5 5 .0 5 .4 5 .1 4 .9 4 .1 5 .0 - 2 .1 1 1 1 .5 1 1 5 .5 1 1 4 .2 1 1 5 .6 1-89 5 .0 2 .7 2 .5 2 .5 5 .1 5 .5 5 .5 4 .7 4 .0 4 .4 5 .9 2-89 2 .9 2 .7 2 .5 2 .5 5 .0 5 .5 5 .1 4 .2 5 .6 3 .8 5 .1 2 .4 1 1 6 .7 1 1 7 .4 5-89 2 .9 2 .7 2 .5 2 .5 5 .0 5 .2 5 .1 4 .0 5 .4 3 .5 5 .0 2.6 2.8 4-89 5 .0 2.8 2 .7 2 .7 5 .1 5 .4 5 .2 4 .0 5 .6 5 .7 5 .4 3 .2 1 1 8 .2 5 .6 4 .5 1 1 9 .5 121.1 1-90 5 .2 5 .0 2 .9 2 .9 5 .4 5 .6 5 .5 4 .2 5 .9 4 .0 5 .8 3 .8 4 .2 5 .0 5 .5 2-90 5 .5 5 .1 5 .0 5 .1 5 .5 5 .7 5 .6 4 .5 4 .0 4 .1 5 .9 4 .0 4 .5 4 .9 5 .1 4 .7 5-90 5 .5 5 .1 5 .1 5 .1 5 .5 5 .7 5 .6 4 .2 5 .9 4 .0 5 .9 3 .9 4 .2 4 .6 4 .6 4 .2 5 .6 4-90 5 .4 5 .2 5 .2 5 .2 5 .6 5 .8 5 .7 4 .2 4 .0 4 .1 4 .0 4 .0 4 .5 4 .6 4 .6 4 .5 4 .1 4 .6 1-91 3 .4 5 .5 5 .2 5 .5 5 .6 5 .8 5 .7 4 .2 4 .0 4 .1 4 .0 4 .0 4 .2 4 .5 4 .5 4 .2 4 .0 4 .5 5 .9 5-86 4-86 1-87 2-87 5-87 4-87 5 -88 4-88 1-89 2-89 5-89 4-89 1-90 2-90 5-90 4-90 2-86 1-88 2-88 1 2 2 .5 1 2 5 .6 1 2 5 .0 1 2 6 .2 IN IT IA L QUARTER PREPARED BY FEDERAL RESERVE BANK OF ST . LO UIS JUNE 5» 1991 11 G R O S S N A T IO N A L P R O D U C T IN C U R R E N T D O L L A R S (C o m p o u n d e d A n n u a l R a t e s o f C h a n g e ) t e r m in a l IN IT IA L B IL L IO N S O F D OLLARS ANNUAL R A TES Q U ARTER QUARTER 2 -8 6 3—8 6 S .7 4-86 5 .0 1-87 6 .5 6.6 6.8 2-87 5 -8 6 4 -8 6 6.6 9 .1 6 .9 8 .5 7 .4 7 .4 7 .5 7 .6 7 .5 7 .5 4-88 7 .4 7 .5 1-89 7 .4 7 .5 2-89 7 .2 5-89 7 .1 2-88 5-88 4-88 1-89 2-89 5-89 4-89 1-90 5 -9 0 2-90 4 -9 0 7 .0 7 .4 4 » 4 7 1 .6 7 .4 4 * 5 5 1 .7 7 .9 8.0 8.0 8.0 7 .8 7 .9 7 .8 7 .9 8.0 8.0 7 .9 7 .8 7 .8 7 .9 7 .4 7 .7 7 .6 7 .6 7 .6 7 .4 7 .5 7 .1 7 .0 6 .7 5 .8 7 .2 7 .5 7 .5 7 .5 7 .5 7 .1 7 .0 6 .7 6 .5 6.1 5 .5 5 .1 6 .9 7 .2 7 .0 6 .9 6 .9 6 .7 6 .5 4 .9 4 .5 5 .9 7 .1 7 .0 6 .9 6 .9 6 .7 6 .5 5 .8 5 .4 5 .2 5 .5 6 .7 6 .7 6 .5 6 .4 5 .7 5 .5 5 .2 5 .2 5 .9 5 .1 6 .4 6 .5 6.2 6.0 6.1 6.1 6.0 6.1 5 .6 6 .9 5 .9 5 .6 5 .5 5 .2 5 .5 5 .7 5 .2 5 .5 5 .9 5 .8 5 .5 5 .5 5 .0 4 .7 4 .5 4 .4 4 .5 5 .8 5 .1 5 .9 5 .7 5 .5 5 .2 5 .0 4 .7 4 .4 4 .2 4 .0 4 .0 5 .4 2.8 1.6 2.2 5-87 4-87 4-88 1-89 2-89 5-89 4-89 1-90 7 .8 7 .8 2-90 6 .7 6.8 7 .0 6.8 6.8 5-90 6.6 6 .7 6 .9 6 .7 4-90 6 .5 6 .4 6 .5 6 .5 1-91 6.1 6.1 6.2 6 .1 ' 5-86 ,Z 4 ,5 9 1 .6 6.8 6.8 2-86 1-88 7 .5 1-90 4-89 4-87 4 ,2 5 3 7 .1 1-88 2-88 8-88 5-87 4 .2 9 7 .3 7 .2 4-87 2-87 4 .2 8.0 8.2 8.1 8.1 8.0 8.0 3-87 1-87 4-86 1-87 8 .7 7 .8 8 .5 8.1 8 .5 7 .8 7 .8 7 .4 7 .8 7 .8 7 .5 7 .7 7 .7 7 .7 7 .5 7 .6 7 .5 6.6 6.2 6.2 6.0 6 .7 2-87 4 » 6 4 7 .6 8 .5 4 * 7 5 5 .8 4 » 8 5 1 .4 4 * 9 1 7 .9 6 .5 1-88 2-88 5-88 IN IT IA L G R O S S 5 * 0 0 9 .8 N A T IO N A L 5 * 1 0 1 .5 5 * 1 7 4 .0 5 * 2 5 8 .6 5 * 2 8 9 .5 5 * 5 7 5 .4 5 * 4 4 5 .5 5 » 5 1 4 .6 0 .9 2-90 5-90 5 ,5 2 7 .3 5 * 5 5 7 .7 4-90 Q U ARTER P R O D U C T IN PREPA RED BY JU N E 1991 26» FED ERAL RESERVE BANK OF ST . L O U IS 1982 D O L L A R S (C o m p o u n d e d A n n u a l R a t e s o f C h a n g e ) B IL L IO N S T E R M IN A L Q U ARTER IN IT IA L 1-87 2-86 0.8 1.6 2.8 2-87 5 .1 5-86 4-86 5-86 4-86 1-87 2-87 5-87 4-87 1-88 2-88 4-88 1-89 5 .7 5 .2 5 .9 4 .7 4-89 1-90 2-90 3-90 4-90 5» 7 8 1 «2 4 .2 3 ,8 2 0 .3 5 .5 5 .9 4 .5 4 .2 4 .1 5 .9 4 .5 5 .0 4 .9 5 .5 6.6 4 .0 4 .6 5 .0 5 .0 5 .5 5 .9 5 .1 4 .0 4 .4 4 .8 4 .7 4 .9 5 .1 4 .4 5 .6 5 .8 4 .2 4 .5 4 .4 4 .4 4 .5 3 .8 5 .1 2 .7 4-88 5 .7 4 .1 4 .5 4 .1 4 .1 4 .1 3 .5 5 .0 2 .7 5 * 8 5 8 .9 5 * 9 2 0 .7 5 * 9 7 0 .2 4 * 0 0 5 .8 4 * 0 3 2 .1 2 .7 4 * 0 5 9 .3 1-89 5 .7 4 .0 4 .2 4 .1 4 .1 4 .1 5 .6 5 .2 5 .0 5 .2 5 .6 2-89 5 .5 5 .8 5 .9 5 .8 5 .8 5 .7 5 .2 2 .9 2 .7 2 .7 2.6 1.6 5-89 5 .4 5 .6 5 .7 5 .6 5 .5 5 .4 3 .0 2 .7 2 .5 2 .4 2 .5 4-89 5 .2 5 .4 5 .4 1-90 5 .1 3 .2 5 .5 2-90 2 .9 3 .0 5 .1 2 .9 5 .0 4-90 2.8 2.6 2 .7 2 .7 1-91 2 .5 2 .4 2 .4 5-86 4-86 2-86 5-89 3 ,7 3 3 .6 5-87 5-90 2-89 3 » 7 1 2 .4 2 .5 4-87 1-88 2-88 5-88 5-88 OF D O LLA RS ANNUAL R A T ES Q U ARTER 2.1 2.0 1.8 2.6 2.2 2.0 1.8 2.8 2.0 1.8 1.6 2.8 2.0 1.8 2.6 2 1.2 2.2 2.1 1.6 1.1 5 .5 5 .2 5 .1 5 .2 5 .1 5 .0 2 .9 2 .7 2 .7 .^ 2 .4 2 .5 2 .7 1 .9 2 .3 1 .7 2 .5 1 .7 1 .9 2-87 3-87 1 .7 1 .5 1 .5 1 .9 1-87 2 .5 4-87 1 .5 0 .9 1-88 2-88 1 .5 5-88 IN IT IA L 0 .7 4-88 4 * 0 9 5 .7 1 .7 4 * 1 1 2 .2 1 .7 4 * 1 2 9 .7 1.2 1.0 1.2 1.0 1.2 1.0 0.8 1.1 1.2 1.1 1.0 1.2 0.8 0.1 0.2 0 .5 4 * 1 3 5 .2 4 * 1 5 0 .6 1 .7 1 .5 4 * 1 5 5 .1 0 .4 0 .9 0 .7 0 .5 1-89 2-89 0 .5 0 .5 - 0 .1 - 0 .2 5-89 4-89 4 * 1 7 0 .0 1 .4 4 * 1 5 3 .4 - 0 .1 - 1 .6 - 0 .6 - 1 .0 - 2 .2 - 2 .8 1-90 2-90 3-90 4-90 Q U AR TER PREPARED B Y FE D E R A L RESER VE BANK O F S T . JU N E 2 6 » 1991 12 4 * 1 2 4 .1 L O U IS GROSS N A T I O N A L P R O D U C T RATIO SCALE R I L L IONS OF QUARTERLY TOTALS AT ANNUAL RATES RATIO SCALE DOLLARS SEASONALLY ADJUSTED T R I L L I O N S OF D O L L A R S 6 . 0 5.8 5.6 5.4 5.2 5.0 4.8 4.6 4.4 4.2 5.0 4.8 4.6 4.4 4.2 3. 4.0 3.8 3.6 3.4 3.2 3.0 2 . 1983 984 1985 1986 1987 1988 SOURCE« PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIO DS LATEST DATA PLOTTED« 1989 U .S . 1990 1991 DEPARTMENT OF COMMERCE INDICATED. 1ST QUARTER PREPARED 13 BY FEDERAL RESERVE BANK OF ST. LO U IS 2 . 8 G E N E R A L RATIO P R I C E I N D E X * SCALE RATIO SCALE 1982-100 1983 1982-100 1984 1985 1986 1987 1988 1989 1990 1991 «AS USED IN NATIONAL INCOME ACCOUNTS SOURCEt U.S. DEPARTMENT OF COMMERCE PERCENTACES ARE ANNUAL RATES OF CHANGE FOR PERIOOS INDICATED. LATEST DATA PLOTTEDt 1ST QUARTER PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS IM P L IC IT P R IC E D E F L A T O R F O R G R O S S N A T IO N A L P R O D U C T (C o m p o u n d e d A n n u a l R a t e s o f C h a n g e ) T E R M IN A L Q U ARTER IN IT IA L 2-86 5-86 5 .0 4-86 3 .4 1—8 7 3 .4 3-86 4-86 1-87 2-87 3-87 4-87 Q U A RTER 1-88 2-88 1982 3-88 4-88 1-89 2-89 3-89 4-89 « 1 -90 100 2-90 3-90 4-90 1 1 4 .6 2-87 3 .4 1.8 2.6 2.8 3 .3 3 .1 3-87 3 .4 3 .0 3 .4 3 .3 4 —8 7 3 .1 1 1 5 .1 1 1 6 .1 3 .5 1 1 7 .0 1 1 8 .0 3 .5 2 .7 3 .0 1-88 2-88 3 .0 2 .7 2 .9 2.8 2.6 2.8 2.6 2.2 3 .2 3 .0 3 .2 3 .1 3 .1 2 .9 3 .6 4 .4 3-88 3 .4 3 .2 3 .4 3 .4 3 .4 3 .4 4 .0 4 .6 4 .7 4-88 3 .5 3 .3 3 .5 3 .5 3 .6 3 .6 4 .1 4 .6 4 .7 4 .7 1-89 3 .6 3 .4 3 .6 3 .6 3 .7 3 .7 4 .1 4 .4 4 .4 4 .3 3 .9 2-89 3 .6 3 .4 3 .6 3 .6 3 .7 3 .7 4 .1 4 .3 4 .3 4 .2 3 .9 3 .9 3-89 3 .6 3 .4 3 .6 3 .6 3 .6 3 .7 3 .9 4 .1 4 .1 3 .9 3 .7 3 .6 3 .2 4-89 3 .6 3 .5 3 .6 3 .6 3 .7 3 .7 3 .9 4 .1 4 .0 3 .9 3 .7 3 .7 3 .5 3 .8 1-90 3 .7 3 .6 3 .7 3 .7 3 .8 3 .8 4 .0 4 .2 4 .2 4 .1 3 .9 3 .9 3 .9 4 .3 4 .8 2-90 3 .7 3 .6 3 .8 3 .8 3 .8 3 .9 4 .1 4 .2 4 .2 4 .2 4 .1 4 .1 4 .1 4 .4 4 .7 4 .7 4 .4 4 .2 1 1 8 .5 1 .7 1 1 9 .3 2 .7 120.6 122.0 1 2 3 .4 1 2 4 .6 1 2 5 .8 1 2 6 .8 1 2 8 .0 1 2 9 .5 1 3 1 .0 3-90 3 .7 3 .6 3 .8 3 .8 3 .8 3 .9 4 .1 4 .2 4 .2 4 .1 4 .0 4 .0 4 .0 4 .3 4-90 3 .7 3 .6 3 .7 3 .7 3 .8 3 .8 3 .9 4 .1 4 .0 3 .9 3 .9 3 .8 3 .8 4 .0 4 .0 3 .7 3 .2 2.8 4 .2 4 .1 3 .9 4 .0 5 .2 4-89 1-90 2-90 3-90 4-90 1-91 3 .7 2-86 3 .7 3 .8 3 .8 3 .8 3 .9 4 .0 3-86 4-86 1-87 2-87 3-87 4-87 4 .2 4 .1 1-88 2-88 4 .1 4 .0 4 .0 4 .0 4 .2 3-88 4-88 1-89 2-89 3-89 3 .7 1 3 2 .2 1 3 3 .1 1 3 4 .8 IN IT IA L QUARTER PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS JUNE 26» 1991 14 P E R S O N A L C O N S U M P T IO N E X P E N D IT U R E S IN C U R R E N T D O L L A R S (Compounded Annual Rates of Change) T E R M IN A L Q U A RTER 2-86 IN IT IA L Q U A RTER ANNUAL R A T ES 3-86 4-86 1-87 2-87 3-87 1-88 2-88 4-87 BILLIO N S OF D O LLA RS 4-88 3-88 1-89 2-89 3-89 4-89 1-90 2-90 3-90 4-90 2 .8 2 6 .0 3-86 9 .8 4-86 7 .9 6.2 1-87 7 .7 6 .7 7 .3 2-87 8.2 7 .7 8 .4 3-87 8 .3 8.0 8.6 9 .3 8 .9 4-87 7 .5 7 .1 7 .4 6.2 1-88 2-88 7 .8 7 .5 7 .7 7 .8 7 .2 6 .4 9 .2 7 .7 7 .4 7 .7 7 .7 7 .3 6 .7 8 .3 7 .4 3-88 7 .8 7 .5 7 .7 7 .8 7 .5 7 .1 8 .3 7 .8 4-88 7 .8 7 .6 7 .8 7 .9 7 .6 7 .3 8.2 7 .9 7 .2 6 .9 7 .5 7 .1 2 » 8 6 8 .5 7 .3 2 * 9 1 9 .5 2 » 9 8 7 .2 9 .6 1 -89 7 .5 7 .3 7 .4 7 .5 2-89 7 .5 7 .3 7 .4 7 .4 3-89 7 .4 7 .2 7 .3 7 .3 4-89 7 .2 7 .0 7 .0 7 .0 1-90 7 .2 7 .1 7 .1 7 .1 2-90 7 .0 6.8 6 .9 6 .9 3-90 7 .1 6 .9 7 .0 6 .9 4-90 6 .9 6 .7 6 .7 6 .7 1-91 6.6 6 .4 6 .5 6 .4 2-86 3-86 4-86 1-87 3 * 0 5 1 .6 3 * 0 7 9 .1 3 .7 3 * 1 4 7 .7 3 * 2 0 4 .3 8.2 8.2 8.1 6 .4 3 * 2 6 8 .2 3 * 3 3 2 .6 3 * 3 7 1 .7 4 .8 6.6 6.6 6.1 6.8 6.6 6.1 6.8 6.8 6.1 6.0 8.2 6.0 6.6 6.1 6.0 6.0 8.0 6.2 6.0 6.6 6.8 6.6 6.2 6.0 6.6 6.2 6.0 6.2 V« 7 .1 6.8 7 .1 6 .9 7 .4 7 .0 6 .9 7 .3 7 .0 6 .5 6 .9 6 .7 7 .0 6 .4 6 .7 3-87 4-87 3 * 4 8 4 .3 7 .0 6 .3 6 .5 6 .3 5 .8 5 .6 5 .6 5 .8 6 .4 6 .4 5 .7 5 .9 5 .7 1-88 2-88 C O N S U M P T IO N 5 .5 5 .9 5 .3 *-88 3-88 1-89 3 * 5 1 8 .5 4 .0 3 * 5 8 8 .1 3 * 6 2 2 .7 3 .9 5 .3 3 * 6 9 3 .4 6 .7 6 .3 5 .7 IN IT IA L P E R S O N A L 3 * 4 2 5 .9 5 .7 6 .3 6 .3 5 .9 2-87 6 .5 6 .4 6 .4 6 .7 6 .5 6 .9 3 * 7 2 4 .9 5 .7 5 .5 5 .9 5 .1 5 .7 3 .5 5 .2 4 .9 5 .1 4 .3 4 .4 2 .7 1 .9 2-89 3-89 4-89 1-90 2-90 3-90 4-90 3 * 7 4 2 .8 Q U A RTER E X P E N D IT U R E S IN PREPA RED BY JU N E 1991 26» FED ERAL RESERVE BAN K OF ST . L O U IS 1982 D O L L A R S (C o m p o u n d e d A n n u a l R a te s o f C h a n g e ) B IL L IO N S T E R M IN A L Q U A RTER 3-86 2-86 3-86 4-86 1-87 2-87 3-87 IN IT IA L Q U ARTER ANNUAL R A T ES 4-87 1-88 2-88 5 .4 4-88 3-88 3 .8 2.2 1 -87 2 .7 1 .4 0 .7 2-87 3 .2 2 .5 2.6 4 .5 3-87 3 .4 2 .9 3 .2 4 .4 4 .3 4-87 2.8 2 .3 2 .3 2.8 1 .9 1-88 2-88 3 .4 3 .0 3 .2 3 .8 3 .6 3 .2 6 .9 3 .3 3 .0 3 .1 3 .6 3 .4 3 .0 4 .8 2 .7 3-88 3 .3 3 .0 3 .2 3 .6 3 .4 3 .1 4 .3 3 .1 3 .5 4-88 3 .3 3 .1 3 .2 3 .6 3 .4 3 .2 4 .1 3 .2 3 .5 1-89 3 .0 2 .7 2.8 3 .1 2 .9 2-89 3-89 4-89 1 -90 2-90 3-90 4-90 2.6 3 .2 2 .9 2 .7 2 .4 2 .9 2.2 1.6 2.1 2.0 3 .0 2 .5 2 * 4 7 7 .8 2 * 4 8 2 .2 2 .5 0 9 .9 2 * 5 3 6 .6 2 * 5 3 4 .2 - 0 .4 2 .5 7 6 .8 3-89 2 .9 2 .7 3 .1 4-89 2 .7 2 .5 2 .5 2 .7 2 .5 2 .3 2.6 2.0 1-90 2.6 2 .4 2 .4 2.6 2 .4 2-90 2 .4 2.2 2 .3 3-90 2 .5 2 .3 2 .3 4-90 2.1 1 .9 1 .9 1-91 1 .9 1 .7 1 .7 3-86 4-86 2 .7 3 .0 2 * 5 9 4 .1 2 * 6 1 6 .4 1 .5 2 .4 1 .9 1 .7 2 .4 2 .3 1-87 2-87 1 .5 3-87 4-87 2 * 6 4 5 .3 1 .3 2 .9 4 .6 1 .7 1 .9 2 * 6 7 5 .3 - 0 .8 2 * 6 6 9 .9 0 .7 0 .7 0 .4 3-88 4-88 1 .4 1-88 2-88 2 * 6 3 6 .7 1.6 0.1 1.1 0.2 0.2 1.6 0.8 0.8 0.1 1 .5 1 .5 1 .4 1 .4 0 .5 1 .9 1 .7 2 .3 - 0 .3 1.8 1.6 1.2 1.8 1.2 1.0 1.6 2 .5 2.2 2.2 2.0 2.2 2.2 2.1 1.8 2.0 1.8 1.6 1.8 1.2 1.0 1.8 1.6 1.1 1.0 2 .5 2 * 6 3 8 .8 3 .5 2 .3 2.8 2.6 2.8 2.8 2-86 1-89 2 * 4 6 4 .4 4-86 2-89 OF D O LLA RS 1 .3 2 * 6 7 7 .3 1 .5 1 .3 1 .3 2 * 6 7 8 .8 0 .7 1 .5 1 .3 1 .5 2 .7 - 0 .2 - 0 .4 - 3 .4 2 * 6 9 6 .8 2 * 6 7 3 .6 0 .7 - 0 .1 0 .5 0 .4 - O '. 3 - 0 .2 - 0 .5 - 0 .8 - 2 .4 - 1 .5 1-89 2-89 3-89 4-89 1-90 2-90 3-90 4-90 2 .6 6 3 .7 IN IT IA L QUARTER PREPARED BY FEDERAL RESERVE BANK OF ST . LOUIS JUNE 26» 1991 15 G R O S S P R IV A T E D O M E S T IC IN V E S T M E N T IN C U R R E N T D O L L A R S (Compounded Annua) Rates of Change) B IL L IO N S T E R M IN A L IN IT IA L Q U ARTER 2-86 3-86 4-86 3-86 - 5 .7 4-86 - 2 .5 0 .7 1-87 4 .0 9 .2 1 8 .3 2-87 4 .9 8 .7 1 2 .9 3-87 4 .0 4-87 8 .4 1-87 2-87 3-87 ANNUAL 4-87 Q U A RTER OF D O LLA RS RATES 1-88 2-88 3-88 4-88 1-89 2-89 3-89 4-89 1-90 2-90 3-90 4-90 6 4 7 .7 6.6 1 1 .4 6 4 8 .8 6 7 6 .7 7 .8 6 8 9 .5 0.6 8 .7 4 .2 1 4 .3 1 2 .9 1 5 .6 3 2 .8 9 .8 7 .8 7 .7 1 1 .5 6 9 0 .6 7 4 1 .4 1-88 6.1 8.2 2-88 6 .5 8 .4 9 .8 3-88 7 .0 8 .7 9 .9 4-88 5 .3 6.6 7 .3 8.1 8.2 10.8 1.2 10.2 8.6 0.8 1-89 5 .9 7 .1 2-89 5 .7 3-89 - 6 .4 7 2 9 .2 9 .5 8 .7 1 0 .9 5 .9 5 .5 6 .5 7 .9 6 .7 6 .5 7 .5 4 .4 7 4 6 .0 1 0 .9 7 6 5 .6 3 .4 0 .4 3 .0 5 .6 4 .3 1.1 3 .1 5 .2 4 .1 1 .9 8.0 3 .7 4 .2 3 .2 1 .3 5 .1 1.6 7 .5 6 .3 6.1 6 .9 5 .2 6.8 6.2 6 .7 5 .6 5 .4 6.0 2.6 4-89 4 .3 5 .2 5 .5 4 .4 4 .1 4 .5 - 9 .1 7 6 9 .7 7 7 6 .7 - 0 .5 7 7 5 .8 - 0 .5 2.0 0.0 1.0 - 0 .4 0 .9 - 0 .9 - 1 .8 - 2 .1 - 0 .5 3 .4 0 .4 - 2 .6 - 4 .0 - 3 .3 - 5 .4 - 6 .8 - 8 .1 - 8 .4 - 8 .6 - 1 5 .4 - 2 8 .6 - 4 .4 - 5 .8 - 5 .4 - 7 .4 - 8 .9 - 1 0 .2 - 1 0 .9 - 1 1 .7 - 1 7 .0 - 2 4 .5 - 2 0 .2 4-88 1-89 2-89 3-89 4-89 1 -90 2-90 3-90 4-90 2.6 1.2 0.1 1.8 0.8 1 .4 7 4 7 .5 1 2 .4 - 0 .3 1 .5 1-90 3 .5 4 .2 4 .4 3 .4 3 .0 3 .2 0 .3 2-90 3 .7 4 .3 4 .6 3 .6 3 .3 3 .5 0 .9 3-90 3 .5 4 .1 4 .3 3 .4 3 .0 3 .2 0 .9 4-90 1 .4 1.8 1 .9 0.8 0 .4 0 .3 - 2 .0 - 1 .6 1-91 0.1 0 .4 0 .4 - 0 .6 - 1 .2 - 1 .3 - 3 .5 - 3 .3 2-86 3-86 4-86 1-87 2-87 3-87 4-87 1-88 2-88 - 1 .6 0 .9 1 .7 3-88 IN IT IA L - 1 .2 - 3 .6 - 6 .6 - 2 .9 - 5 .0 - 7 .2 - 7 .9 - 1 .1 - 2 .3 - 2 .9 - 1 .0 6 .5 7 6 2 .7 P R IV A T E D O M E S T IC 7 5 9 .0 7 5 9 .7 6 9 8 .3 6 6 0 .0 Q U ARTER PREPA RED JU N E 2 6 , G R O S S 7 4 7 .2 IN V E S T M E N T IN BY FED ERA L 1991 RESERVE BAN K OF ST . L O U IS 1982 D O L L A R S (C o m p o u n d e d A n n u a l R a t e s o f C h a n g e ) B IL L IO N S T E R M IN A L Q U ARTER 2-86 IN IT IA L Q U A RTER ANNUAL R A T E S 3-86 4-86 1-87 3-86 - 1 0 .3 4-86 - 8 .3 - 6 .2 1-87 0 .5 6 .4 20.6 2-87 2.6 7 .3 1 4 .8 3-87 2 .9 6 .5 11.1 6.6 4-87 6.6 2-87 3-87 4-87 1 0 .3 1 4 .9 1 3 .0 1 0 .7 8 .3 4 .8 7 .1 9 .5 7 .4 3-88 5 .4 7 .5 9 .7 7 .9 1-90 2-90 3-90 4-90 6 6 5 .7 8.0 10.1 8.0 8.6 7 0 6 .6 - 4 .6 - 0 .4 3 .9 7 .7 3 .1 7 .2 1 0 .5 - 1 .5 - 0 .4 - 2 .5 - 1 4 .0 2 .7 2 .3 - 1 .7 1 2 .5 2 .4 2.0 - 0 .7 6 .7 1.2 2 .3 1 .9 - 0 .1 5 .0 1 .5 0 .4 - 1 .5 1 .9 - 1 .5 - 2 .8 - 7 .1 4 .9 6 .4 4 .5 3 .7 3 .6 5 .6 7 .0 5 .5 4 .9 5 .1 2-89 3 .8 5 .2 6 .4 5 .0 4 .5 4 .5 1.2 1.2 3-89 3 .7 4 .9 6.0 4 .7 4 .2 4 .2 1 .3 4-89 2 .9 4 .0 4 .8 1-90 2 .3 3 .3 4 .1 2-90 2.2 3 .1 3 .8 6 9 6 .2 7 1 7 .0 7 1 9 .1 1.8 7 2 2 .3 - 0 .4 - 0 .4 - 2 .1 0 .5 - 2 .3 - 3 .4 - 5 .9 - 4 .7 1 .9 - 0 .3 - 0 .3 - 1 .8 0 .4 - 1 .8 - 2 .6 - 4 .0 - 2 .4 2 .3 1 .7 1 .5 - 0 .5 - 0 .1 - 0 .5 - 1 .8 0.1 - 1 .9 - 2 .5 - 3 .5 - 2 .3 - 1 .1 - 2 .1 0 .5 - 0 .1 - 0 .4 - 2 .4 - 2 .2 - 2 .8 - 4 .2 - 2 .9 - 4 .9 - 5 .9 - 7 .4 - 7 .4 - 8 .4 - 1 2 .3 - 2 1 .4 0 .3 - 0 .8 - 1 .5 - 1 .8 - 3 .8 - 3 .7 - 4 .4 - 5 .7 - 4 .8 - 6 .7 - 7 .8 - 9 .3 - 9 .8 - 1 1 .0 - 1 4 .4 - 1 9 .9 - 1 8 .4 4-86 1-87 2-87 3-87 4-87 1-88 2-88 4-88 1-89 2-89 3-89 4-89 1-90 2-90 3-90 4-90 3 .4 7 0 5 .1 7 2 3 .0 2.8 0.2 2.8 2.1 0.2 2.6 2.1 0.1 2.8 1.2 1.6 0.0 3-86 6 9 8 .4 7 .0 3 .3 2-86 4-89 2 6 .9 4 .1 - 0 .6 3-89 4 .1 1 4 .9 1-89 1-91 2-89 6 5 9 .1 4-88 1 .9 1-89 6 4 4 .7 9 .2 7 .7 0 .5 4-88 3-88 6 1 5 .2 4 .9 3-90 1-88 2-88 6 2 5 .1 1-88 2-88 4-90 OF D O LLA RS 3 .5 3 .0 0 .9 2 .3 3-88 IN IT IA L 7 0 9 .1 7 0 0 .7 0.0 7 0 0 .7 6 9 7 .0 6 5 6 .3 6 2 3 .7 Q U AR TER PR EPARED B Y FE D E R A L R ESER VE BANK OF S T . JU N E 2 6 , 1991 16 L O U IS G O V E R N M E N T P U R C H A S E S O F G O O D S A N D S E R V IC E S IN C U R R E N T D O L L A R S (Compounded Annual Rates of Change) B IL L IO N S T E R M IN A L Q U ARTER 2-86 IN IT IA L Q U ARTER ANNUAL R A T ES 5-86 4-86 5-86 5 .2 4-86 4 .6 4 .0 1-87 5 .4 5 .6 7 .2 2-87 4 .8 4 .6 5 .0 5-87 5 .4 5 .5 4-87 5 .5 5 .6 6.0 6.0 1-88 2-88 4 .6 4 .5 4 .8 4 .8 1-87 2-87 5-87 4-87 OF D O LLA RS 1-1 2-88 J8 4-88 5-88 1-89 5-89 2-89 4-89 1-90 2-90 5-90 4-90 8 8 0 .5 8 8 8 .9 9 0 4 .5 2.8 9 1 0 .7 5 .4 8.1 5 .6 7 .0 5 .9 4 .7 4 .0 4 .4 2 .7 4 .9 4 .5 4 .9 5-88 4 .2 4 .1 4 .1 5 .6 5 .8 4-88 5 .8 5 .8 6.1 5 .9 6 .4 9 2 8 .5 9 4 2 .0 9 4 0 .9 - 0 .5 6 28 6.1 6.2 8 2 6 6 6 6 6 6 0 6.1 6.1 6 5 .9 2 .9 2 .7 1 .7 9 5 5 .4 5 5 7 .5 20.8 11.8 5 .4 7 .0 9 .7 4 .6 5 .8 7 .8 5 .7 5 .9 2.0 7 .4 4 .5 4 .6 4 .1 8.0 5 .6 7 .7 5 .7 7 .5 5 .8 6.1 6.2 6.1 6.2 6.1 6.2 7 .1 7 .9 6 .4 6 .9 7 .1 8.1 8.6 7 .9 8 .7 6 .7 7 .5 6.1 6 .4 6 .5 7 .2 7 .5 6 .7 6.8 1-89 2-89 5-89 4-89 1-90 9 .6 1-89 5 .5 5 .6 5 .8 5 .6 5 .6 5 .6 5 .6 5 .8 5 .6 6.0 6.0 5 .7 2-89 5 .7 5 .6 5-89 5 .5 5 .5 5 .4 5 .2 5 .5 5 .2 5 .1 4-89 5 .4 5 .4 5 .5 5 .5 5 .6 5 .5 5 .2 6.0 6.0 5 .8 5 .8 6 .7 5 .9 5 .9 5 .9 5 .9 6 .5 6 .5 1-90 5 .7 5 .7 5 .9 5 .8 2-90 5 .7 5 .8 5 .9 5 .8 5-90 5 .8 5 .8 5 .9 5 .8 4-90 6.1 6.1 1-91 5 .9 5 .9 2-86 5-86 6.0 6.1 6.1 6.2 6.1 6.0 6.2 6 .4 6 .5 4-86 1-87 2-87 7 7 7 5-87 4-87 9 5 5 .8 - 0 .7 6.6 6.6 1-88 2-88 1 .0 0 8 .5 4-88 5-88 IN IT IA L 1 .0 0 0 .0 1 .0 2 2 .7 1 .0 2 7 .8 6.2 1 .0 4 5 .5 8 .4 1 0 .7 7 .7 8 .4 7 .5 7 .7 P U R C H A S E S O F 1 .0 8 6 .4 1 .1 0 2 .8 1 .1 5 2 .9 1 1 .4 2-90 7 .1 5 .1 5-90 4-90 1 » 1 4 1 .5 Q U ARTER PREPA RED JU N E 2 6» G O V E R N M E N T 1 .0 7 0 .1 6.2 6.2 6.2 G O O D S A N D S E R V IC E S IN BY FED ERA L 1991 RESERVE BANK OF ST . L O U IS 1982 D O L L A R S (C o m p o u n d e d A n n u a l R a t e s o f C h a n g e ) B IL L IO N S T E R M IN A L Q U ARTER IN IT IA L 5-86 2-86 2.1 4-86 5 .9 5 .8 1-87 2 .5 2.8 5-86 4-86 1-87 2-87 1-88 2-88 5-88 1-89 4-88 2-89 5-89 4-89 2-90 1-90 5-90 4-90 7 7 6 .0 7 7 5 .7 1.1 2.0 1.1 2.6 2.0 1-88 0.8 0.6 2-88 1.1 1.0 0.2 1.2 0.6 0.2 1.8 2.6 2.0 2.0 1.0 1.1 2.0 1.0 1.1 1.2 1.6 1.6 1.2 1.8 1.6 2.1 1.8 1.8 1.6 2.1 2.0 2.0 1.8 1.8 1.8 1.6 2.0 0 .7 - 1 .7 1 .9 0 .7 4-87 2 .7 0 .4 4-88 - 5 .2 6.0 2 .7 5 .7 - 0 .4 0 .5 0 .5 - 0 .2 - 5 .2 5 .5 - 0 .4 - 0 .4 - 1 .1 - 5 .4 - 0 .5 1 .5 1 .4 2-89 1 .7 1 .7 1 .5 5-89 1 .4 1 .5 0 .9 4-89 1 .5 1 .5 1 .9 1 .9 1 .7 1 .4 1 .5 1 .7 1-90 1 .4 1 .7 5-90 1 .7 4-90 1 .9 1-91 1 .7 7 7 9 .8 - 0 .4 1-89 5-86 7 6 9 .5 5 .5 1 .5 2-86 OF D O LLA RS - 0 .2 5-87 2-90 Q U ARTER RATES 7 6 5 .2 2-87 5-88 5-87 ANNUAL 4-87 4-86 1-87 2 .5 2-87 - 1 .9 7 9 1 .5 7 7 2 .4 - 9 .2 7 7 8 .7 - 5 .8 2.1 1.1 1.1 0.2 0.8 1.0 2.0 1.8 2.2 2.0 2.1 2.6 1.8 2.6 2.0 2.8 1.8 7 7 1 .2 4 .8 5 .5 1 5 .7 2 .7 2 .5 5 .8 - 5 .5 5 .0 2 .9 5 .2 0 .5 0 .4 5 .2 - 0 .6 1 .5 0 .7 5 .2 0 .5 1 .4 0 .9 2 .5 5 .1 0.8 1 .9 1.2 5 .0 2 .9 1 .9 1 .4 2 .7 5 .6 1 .7 2 .7 2 .4 4 .0 4 .5 6.2 5 .5 5 .4 5 .7 1.2 5 .6 5 .8 4 .0 5 .0 4 .7 2 .7 2 .7 1 .5 1 .7 - 1 .5 4-89 1-90 2-90 5-90 4-90 1 .5 1 .4 2 .5 5 .5 1 .7 2 .7 5 .4 2 .5 5 .0 1 .5 5-87 4-87 2 .4 1-88 2-88 7 9 9 .9 0.8 1 .5 8 0 1 .0 - 2 .4 0 .5 7 9 6 .2 5 .0 1.6 2.2 2.0 2.8 2.6 2.0 2.8 1.6 2 .5 2 .5 5-88 IN IT IA L 7 9 5 .2 4 .0 4-88 1-89 2-89 5-89 8 0 2 .2 8 0 7 .9 8 2 0 .2 8 2 2 .7 8 5 2 .5 8 2 9 .6 Q U A R TE R P R EP A R ED B Y FE D E R A L R E S E R V E BANK O F S T . JU N E 2 6 » 1991 17 L O U IS D IS P O S A B L E P E R S O N A L IN C O M E IN C U R R E N T D O L L A R S (Compounded A nnual Rates of Change) B IL L IO N S T E R M IN A L IN IT IA L Q U ARTER 2-86 5-86 2 .4 4-86 5 .8 5-86 4-86 1-87 2-87 5-87 Q U ARTER 5-88 4-88 1-89 2-89 5-89 4-89 1-90 5-90 4-90 5 » 0 2 4 .5 5 * 0 6 5 .4 1-87 6.0 7 .8 1 0 .4 4 .0 4 .5 4 .1 - 1 .8 5-87 5 .4 6.2 6 .5 4 .6 1 1 .4 4-87 6 .5 7 .5 7 .8 7 .0 11.6 1 1 .9 7 .6 1 0 .9 1 0 .7 9 .6 9 .6 8 .5 1-88 2-88 6 .9 7 .7 7 .0 7 .6 5 » 1 5 9 .8 8.2 8.0 7 .6 5 * 1 2 5 .7 5 * 2 1 1 .1 5 ,5 0 2 .5 5 * 5 7 8 .6 5-88 7 .5 7 .9 8 .5 7 .9 10.0 10.0 9 .6 8 .9 4-88 7 .2 7 .8 8.1 7 .8 9 .4 9 .1 8 .4 8.6 8.0 8 .5 1-89 7 .4 8.0 8 .5 8.0 9 .5 9 .1 8.6 8 .4 8 .7 2-89 7 .1 7 .6 7 .8 7 .5 8.8 8 .4 7 .8 7 .5 7 .5 8.2 6.8 5-89 7 .0 7 .4 7 .6 7 .5 8 .5 8.0 7 .4 7 .1 7 .0 6 .5 4 .5 5 .1 4-89 6 .9 7 .5 7 .4 7 .2 8.1 7 .8 7 .5 6 .9 6 .9 6 .5 5 .1 5 .6 6.1 1-90 7 .1 7 .4 7 .6 7 .4 8 .5 7 .9 7 .5 7 .5 7 .5 6 .9 7 .9 9 .6 2-90 6 .9 7 .2 7 .5 7 .1 7 .9 7 .6 7 .2 6 .9 5 .7 6.2 6 .5 6 .7 7 .2 6 .9 7 .6 7 .5 6 .9 6 .7 5 .5 5 .8 6.0 6.0 6 .9 6 .7 7 .5 7 .0 6.6 6 .4 6 .9 1-87 2-87 4-90 6.8 6.6 6.8 1-91 6 .5 7 .0 2-86 2-90 5 .5 2-87 5-90 OF D O LLA RS ANNUAL R A T ES 4-87 1-88 2-88 6 .5 5-86 4-86 7 .4 6.6 6.6 6.2 6.0 5-87 6 .4 5 * 4 5 9 .4 9 .7 5 * 5 2 0 .1 6 .9 5 * 6 6 1 .7 6 .7 5 .9 6.2 6.2 6.8 6.8 6.2 6.8 6.6 6.2 6.1 6.2 6 .4 5 .8 1-88 2-88 4-87 5 ,5 7 8 .9 9 .6 6 .4 5 * 6 9 7 .5 5 * 7 4 5 .4 5 * 7 9 9 .6 3 * 9 2 5 .7 4 .2 4 .5 3 * 9 6 9 .1 5 .9 5 .7 5 .2 5 .4 5 .5 5 .5 3 .9 5 .9 5 .5 5 .5 5 .5 4 .8 4 .9 4 .9 4 .6 5 .4 5 .5 2.6 4-88 1-89 2-89 5-89 4-89 1-90 2-90 5-88 IN IT IA L P E R S O N A L 5-90 4 * 0 0 1 .9 2 .0 4 * 0 2 1 .3 4-90 Q U ARTER PREPA RED JU N E 26» D IS P O S A B L E 5 * 8 8 7 .7 4 .0 IN C O M E IN BY FED ERAL 1991 R ESERVE BAN K OF ST . L O U IS 1982 D O L L A R S (C o m p o u n d e d A n n u a l R a t e s o f C h a n g e ) B IL L IO N S T E R M IN A L Q U A RT ER 2-86 3-86 - 1 .7 4-86 - 0 .2 1-87 2-87 1.1 - 0 .8 IN IT IA L Q U ARTER ANNUAL R A T E S 5-86 4-86 1-87 2-87 5-87 4-87 1-88 2-88 5-88 - 0 .6 - 1 .5 - 6 .5 2 .4 2 .7 2 .4 7 .1 7 .5 5 .2 5 .6 5 .6 7 .1 7 .4 7 .5 2 .5 5 .2 5 .5 5 .4 6.0 5 .8 5 .0 2 .7 3-88 2.8 5 .4 5 .7 5 .7 5 .8 5 .6 4 .9 5 .8 4 .9 4-88 2 .7 5 .2 5 .5 5 .5 5 .2 4 .9 4 .5 5 .5 3 .6 2 .5 1-89 2 .9 5 .5 5 .6 5 .6 5 .1 4 .8 4 .5 5 .5 3 .8 5 .5 2-89 2 .5 2 .9 5 .1 5 .0 4 .5 5 .9 3 .5 5-89 2 .5 2 .9 5 .1 5 .0 4 .1 5 .8 5 .2 4-90 1-91 2.8 2.8 2.6 2 .9 2 .9 2 .7 2.8 2.8 2.6 2.1 1.8 2.0 2.1 2.0 1.6 1.8 1.8 2 .4 2 .5 2 .4 1 .9 2-86 2-90 5-90 4-90 2 * 7 1 7 .9 2 .5 2 .5 1-90 2 * 6 6 9 .2 1-88 2-88 5-90 4-89 2 * 6 2 6 .5 1 .7 2-90 5-89 2 * 6 6 9 .5 4-87 2 .5 2-89 2 * 6 4 6 .2 5 .6 6 .7 2 .5 1-89 1 .4 2 .5 0.6 1.2 1.2 0.0 1-90 4-88 2 * 6 5 7 .5 3-87 4-89 OF D O LLA RS 5-86 4-86 1-87 2 * 7 6 5 .9 2 * 7 8 4 .4 2 * 8 1 8 .0 2 ,8 5 5 .9 2 * 8 6 5 .5 4 .2 2.6 2.6 2.6 2.0 0.8 1.8 2.0 2.2 2.1 1.6 1.1 2.8 1.8 0.8 2.6 0.2 2.0 1.6 1.1 1.0 0.6 0.0 2 .5 1 .7 1 .5 1 .9 5 .8 5 .5 5 .0 2 .4 2 .4 1 .7 0 .9 5 .7 5 .4 2 .9 2 .4 2 .4 1 .9 1 .5 5 .4 5 .1 2 .7 5 .1 2 .5 1 .7 2 .4 1 .9 1 .9 1 .4 1 .4 1 .3 0 .9 2 .5 2-87 5-87 4-87 1-88 2-88 2 * 8 7 4 .5 2 .7 2.0 1.2 2.2 1 .9 1 .7 1 .5 0 .5 - 0 .2 - 0 .7 - 0 .1 - 0 .4 - 1 .5 - 2 .1 - 5 .5 - 0 .5 - 0 .6 - 1 .3 - 1 .9 - 2 .5 - 1 .5 5-89 4-89 1-90 2-90 5-90 4-90 0 .7 0 .4 0 .4 0.1 2-89 2 * 9 0 2 .8 1 .4 1.2 0.8 1-89 2 * 8 8 5 .2 2 * 9 0 0 .9 2 .5 0 .7 1 .5 4-88 5-88 IN IT IA L 2 * 8 5 4 .9 - 1 .2 2 * 8 9 8 .0 2 * 8 7 2 .4 2 * 8 6 1 .9 Q U AR TER PR EPARED B Y FE D E R A L R ESER VE BANK O F S T . JU N E 26» 1991 18 L O U IS C O R P O R A T E P R O F IT S A F T E R T A X E S (C o m p o u n d e d A n n u a l R a t e s o f C h a n g e ) T E R M IN A L Q U ARTER IN IT IA L 2-86 3-86 1 8 .0 4-86 1 8 .4 ANNUAL 3-86 4-86 1-87 3-87 2-87 4-87 1-88 3-88 4-88 3 5 .3 5 4 .0 3 1 .6 3 6 .4 4 6 .2 3 8 .7 3-87 3 0 .4 3 3 .7 3 9 .1 3 2 .2 2 6 .0 4-87 2 6 .2 2 7 .9 3 0 .2 2 3 .2 1 6 .0 4-89 1-90 3-90 2-90 RATES 4-90 1 4 6 .3 1 5 5 .0 6 .9 1 5 7 .6 2 8 .1 2 9 .9 3 2 .2 2 7 .3 2 3 .7 2 6 .8 2 8 .2 2 9 .8 2 5 .4 2 2 .3 22.6 21.1 3-88 2 4 .6 2 5 .5 2 6 .5 2 2 .4 1 9 .3 1 7 .7 4-88 2 3 .7 2 4 .3 2 5 .0 2 1 .3 1 8 .7 1 7 .2 21.6 20.0 1-89 2 0 .7 21.0 2 1 .3 1 7 .7 1 5 .0 1 3 .2 1 4 .5 4-89 12.0 12.6 12.2 11.6 8.1 12.2 11.8 11.2 1 5 .9 1 6 .1 11.0 1-90 1 1 .5 10.6 10.1 1 0 .4 3-90 1 1 .9 4-90 11.0 1-91 8 .9 9 .5 11.1 10.6 10.1 1 1 .5 2-86 4 0 .6 1 7 1 .6 2 8 .9 1 7 8 .9 1 8 .1 1 8 2 .5 1 3 .1 8 ,3 1 3 .8 1 1 .7 8.8 1.0 1 8 9 .1 1 5 .3 4 .7 - 5 .0 - 6 .3 - 1 5 .5 - 2 4 .9 - 3 .1 - 6 .9 - 1 0 .4 - 1 7 .6 - 2 3 .2 - 2 1 .5 2 .7 - 1 .8 - 4 .8 - 7 .2 - 1 2 .1 - 1 4 .3 - 8 .4 - 1 .3 - 3 .8 - 5 .7 - 9 .4 - 1 0 .5 - 5 .1 4 .3 - 1 .4 - 3 .6 - 5 .2 - 8 .3 - 8 .9 - 4 .4 2.0 6.8 6 .7 5 .1 2 .7 2.2 7 .9 5 .3 3 .2 5 .0 3 .1 4 .3 2 .5 2.6 2.1 8 .5 6 .5 5 .0 4 .8 1.8 0.1 - 0 .9 - 3 .0 - 2 .6 2.6 7 .6 5 .7 4 .3 4 .1 1 .3 - 0 .3 - 1 .2 - 3 .1 - 2 .8 1 .5 2.0 1 .7 - 1 .0 - 2 .6 - 3 .6 - 5 .5 - 5 .6 - 2 .5 4-88 1-89 2-89 5 .4 3 .5 3-86 4-86 1-87 2-87 3-87 1-88 2-88 4-87 3-88 IN IT IA L C u r r e n t a t e s t a b le s f o r f o r 1 9 8 6 , D a ta J u l y r e s p e c t iv e ly . p u b lis h e d in S t a t e s . 1 9 2 9 - 8 2 : F o r W e a lth D e p a rtm e n t f u r t h e r J u l y a t io n SO U R C ES PRO D UC T 1 6 7 .1 1 .9 - 0 .2 10.6 6.8 6.8 1.1 0.0 9 .7 3-89 1 6 6 .1 - 2 .4 1 5 .3 3 6 .1 8 .5 1 4 .3 0.2 - 0 .4 4-89 1 7 9 .4 1-90 2-90 1 7 7 .6 - 4 .0 - 1 4 .0 - 2 2 .9 3-90 4-90 1 6 6 .4 th e a n d f o r a n d BY JU N E 1991 26. A C C O U N TS r e g u la r 1 9 8 4 , PREPA RED FED ERA L RESERVE BANK OF ST . O F p u b lis h e d 1988 In c o m e ( B E - 5 4 ) , C o m m e rce , in a r e 1 9 8 3 , S t a t i s t i c a l in f o r m AND E s tim a te s N a t io n a l D iv is io n o f f o r 1 9 8 7 , B u s in e s s , T h e s e r ie s 1 9 8 7 - 9 0 :1 1 B u s in e s s . J u l y th e IN C O M E 1 6 6 .3 Q U ARTER H IS T O R IC A L N A T IO N A L 1 6 3 .6 6.8 7 .4 7 .8 E s t im 1 7 3 .8 6.6 8 .4 N IP A 1 8 6 .7 5 .9 - 2 .9 9 .0 1 5 .6 2-90 a n d 3-89 1 3 4 .8 1-88 2-88 th e 2-89 1 1 5 .9 2 9 .3 o f 1-89 121.0 1-87 3-89 2-88 1 8 .8 2-87 2-89 B IL L IO N S O F D O L L A R 'S Q U A RTER q u a r t e r ly in th e 198 5 a n d J u l y 1 98 9 N IP A P r o d u c t D A TA 1 9 8 6 s e r ie s p r e s e n t a t io n J u l y 1 9 9 0 a r e S u r v e y f o r A c c o u n ts S u r v e y o f p u b lis h e d in o f C u r r e n t 1 9 2 9 - 8 2 o f th e a r e U n it e d T a b le s . a n d p r ic e s , B u re a u W a s h in g to n , 19 o f w r it e E c o n o m ic D . C . 2 0 2 3 0 . to th e N a t io n a l A n a ly s is , U . S . In c o m e L O U IS INVENTORIES C O M P A R E D WITH M O N T H L Y SALES MANUFACTURING AND TRADE SEASONALLY ADJUSTED 1 .7 2 1 .7 2 1 .6 8 1 .6 8 1.64 1.64 1.60 1.60 1.56 1.56 1.52 1.52 1.48 1.48 1.44 I 11! 1'! 11! 11!— i— — i— — i— — i— |— i— |— i— |— i— |— — |— i— |— i— |— i— |— — |— i— |— i— |— i— i 11!11!11!1 — i— | 1.44 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 SOURCE: U.S. DEPARTMENT OF COMMERCE SHADED AREAS REPRESENT PERIODS OF BUSINESS RECESSIONS. LATEST DATA PLOTTED: APRIL PRELIMINARY P R E P A R E D B Y F E D E R A L R E S E R V E B A N K O F S T . L O U IS 20
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