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N a t io n a l E c o n o m ic
M a y 1991

T h e
e n e rg y
to

c o n s u m e r p r ic e

c o m p o n e n ts ,

m e n tio n

th e

b o th

t r a n s ito r y

in d e x

h o w e ve r,

th e

C P I

e ffe c ts

and

(C P I)

fo r

M a rch

it in c r e a s e d
th e

C P I

o f w e a th e r

or

at a

r e s u lt

in

a b e tte r

m e a su re

o f consu m er

o f ra te

goods

and

1 .7

e x c lu d in g

O P E C

in f la t io n ,

a t a 0 .9

p e rc e n t ra te .

fo o d

d e c is io n s ,

a d is to r te d p ic t u r e o f th e u n d e r ly in g o r “ c o r e ”

in c r e a s e

d e cre a se d

and
so

p e rce n t

It

e n e rg y,

th e

has

becom e

C P I- E X F E .

a rg u m e n t g o es,

r a te o f in f la t io n . R e m o v in g
h o w e ve r;

in

annual

fa c t,

it

can

ra te ;

e x c lu d in g

fa s h io n a b le
Becau se

le a v in g

w hen

fo o d

th e s e

in

a

le s s

in c lu d e

th e p r ic e s

o f a w id e

o f g e n e r a l in t e r e s t to
in

even

le s s

In

th e

ran g e

u s e fu l

th e s e

as

o f th e

v o la t ilit y
b u t to

a

th e

o f c o m m o d itie s ,

m o re

th e

change

and

d iffe r e n t

ra te s

o f fo o d

fo o d

sam e

p r ic e s ,

ra te

in c lu d in g

to

and

co n su m er goods,

in

in f la t io n

s u b je c t to

te n d s

to

g iv e

u s e fu l m e a s u re

o f th e

ra te

o f p r ic e

c a p ita l g o o d s

h o w e ve r,

have

te n d e d

T h is

is

in f la t io n

A n n u al

R a te s

to

c o n s id e r a b ly

p r ic e s

is

c o m p o n e n ts

m a k in g

it le s s

(w h ic h

s h o u ld b e b r o a d e n o u g h
and

la n d .

“ m a rk e t b a s k e t”

a c c o u n t fo r

u s e fu l as a m e a s u re

A

p r ic e

in d e x

o f c o m m o d itie s

o ver 24

p e r c e n t o f th e

o f in f la t io n ,

and

p o s s ib ly

in f la t io n .

be

as th e

e n e rg y

th e re b y

o f th e

o f c o n s u m e r p r ic e s

m o v e m e n ts .

C om p ounded

e n e rg y

te n d s

o f in c r e a s e

o f c o n s u m e r - p r ic e

M e a su re

th e

n a rro w e r,

and

C P I- E X F E

en e rg y

p e r s is t e n t p r ic e

even

o f c o n s u m e r - p r ic e

a t th e

ra te

R e m o v in g

in d e x

p r ic e s

lo n g - r u n

o f fo o d

th e

m e a su re

C o n s e q u e n tly ,

c o m p o n e n ts

p ic t u r e

co n su m ers.

m akes

re c e n t y e a rs ,

p o n e n ts .

g iv e

C P I)

on

a re

and

s e r v ic e s .

l i k e t h e C P I , h o w e v e r , is d e s ig n e d to m e a s u r e t h e m o v e m e n t o f p r i c e s o f a f a i r l y n a r r o w

ite m s

e n e rg y

fo o d

th e C P I d o e s n o t n e c e s s a r ily

I n f la t io n is th e g e n e r a l d e c lin e in th e p u r c h a s in g p o w e r o f m o n e y . In d ic e s th a t m e a s u r e in f la t io n
to

r e p o r tin g

and

c o m p o n e n ts

fo o d a n d e n e rg y fro m

r e s u lt

th e v o la t ile

not due

p e r io d s

fo r

to

v o la t ile

v o la t ile
C P I

ra te

ra n d o m ,

t a b le
year

th a n

th a n
th e

c o m p o n e n ts ,

“ co re ”

th e

o f a

o f In fla tio n

O ne-year

o th e r

s im p ly
in

m o re

le s s

(th e

illu s t r a t e d
fo r

be

P e r io d s

If,

r e m o v in g

m o n th - to - m o n th
w h ic h

show s

o f th e

on

o f c o n s u m e r - p r ic e

b e lo w ,

or

th e p r ic e s
C P I.

o th e r

a ve ra g e ,
th e m

w ill

in f la t io n ).

v a r ia t io n

th a t th e

in

tw o

C P I

co m ­

th e p r ic e s
g iv e

a b e tte r

M u ch
t h e ir

o f

o f th e
p r ic e s ,

m e a su re s

can

m o re .

E n d in g

T w o - year

N o vem b er

1990

T h re e - ye a r

C P I

6 .3 %

5 .4 %

5 .1 %

C P I- E X F E

5 .3

4.8

4 .7

v ie w s



D a n ie l

e x p r e s s e d d o n o t n e c e s s a r i ly r e f l e c t o f f ic ia l p o s i t i o n s o f t h e F e d e ra l R e s e r v e S y s t e m .

L .

T h o rn to n

T O T A L C IV IL IA N E M P L O Y M E N T
(Compounded A nnual Rates of Change)
TH
OUSAND
S
OF PERSONS

INITIAL M N H
OT
1-90

2-90

3-90

4 -90

5-90

6-90

7-90

9-90 10-90

8-90

0
O
*
1
M

9-89 10-89 11-89 12-89

O
1

TERM
INAL
MNH
OT
8-8 9

1-91

2-91
117.417

9-89

- 1 .5

10-89

0 .3

2 .1

11-89

1.2

2 .6

3.1

12-89

1 .0

1.9

1 .7

0 .4

1-90

0 .8

1.4

1.1

0.1

- 0 .1

2-90

0 .9

1.3

1 .2

0 .5

0 .6

117.619
117.920
117.957
117.945
118.074

1 .3

118.235

3-90

1 .0

1.4

1 .3

0 .8

0 .9

1 .5

1.6

4-90

0 .7

1.0

0 .8

0 .3

0 .3

0 .5

0.1

-1 .5

5-90

0 .8

1.1

1 .0

0 .6

0 .7

0 .8

0 .7

0 .2

6-90

0 .7

0 .9

0 .8

0 .5

0 .5

0 .6

0 .4

0 .0

0 .7

- 0 .4

7-90

0 .3

0.5

0 .3

0 .0

- 0 .1

-0 .1

- 0 .4

- 0 .9

- 0 .7

- 2 .0

8-90

0.1

0 .3

0.1

- 0 .3

- 0 .3

- 0 .4

- 0 .6

- 1 .1

-1 .0

- 2 .0

- 2 .7

- 1 .9

9-90

0 .2

0 .4

0 .2

0 .0

- 0 .1

- 0 .1

- 0 .3

- 0 .6

-0 .4

- 1 .0

- 1 .2

0 .0

118.090
118.277

1 .9

118.237
117.882

- 3 .5

117.690
117.883

2 .0

10-90

0.1

0 .2

0.1

- 0 .2

- 0 .2

- 0 .2

- 0 .4

- 0 .7

-0 .6

- 1 .1

- 1 .3

- 0 .5

0 .2

- 1 .5

11-90

-0 .1

0 .0

- 0 .2

-0 .5

- 0 .5

- 0 .6

- 0 .8

- 1 .1

-1 .0

- 1 .5

- 1 .7

- 1 .3

- 1 .0

- 2 .5

117.733
- 5 .5

117.386

12-90

0 .0

0.1

0 .0

- 0 .3

- 0 .3

- 0 .3

- 0 .5

- 0 .7

- 0 .7

- 1 .0

- 1 .1

- 0 .6

- 0 .3

-1 .0

- 0 .8

1.9

1-91

- 0 .4

-0 .3

- 0 .5

- 0 .7

- 0 .8

- 0 .9

- 1 .1

- 1 .3

- 1 .3

- 1 .7

- 1 .9

- 1 .6

- 1 .6

- 2 .4

- 2 .7

- 2 .3

2-91

- 0 .4

- 0 .3

- 0 .4

-0 .7

- 0 .8

-0 .8

- 1 .0

-1 .2

- 1 .2

- 1 .5

- 1 .7

- 1 .4

- 1 .3

- 2 .0

- 2 .1

- 1 .6

- 3 .3

0 .0

3-91

- 0 .4

- 0 .4

- 0 .5

- 0 .7

- 0 .8

- 0 .9

- 1 .0

- 1 .3

- 1 .2

- 1 .5

-1 .7

- 1 .4

- 1 .4

- 1 .9

- 2 .0

-1 .6

- 2 .8

- 0 .9

-1 .7

8 -8 9

9-89 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

2-91

117.574
- 6 .5

116.922
116.918
116.754

INITIAL M N H
OT

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
APRIL 5» 1991

PAYROLL E M P LO Y M EN T
(Compounded Annual Rates of Change)
TERM
INAL
MNH
OT
8 -8 9

9-89 10-89 11-89 12-89

9-89

2 .0
2 .3

2 .1

12-89

2 .1

1.9

2 .2

2 .3

2 .2

2 .5

2 .3

INITIAL M N H
OT
OF PERSONS
5-90 6-90

4-90

TH
OUSANDS
7-90

8 -90

9-90 10-90 11-90 12-90

1-91

2-91

1.5

1-90

5-90

1 .2

11-89

2-90

2 .7

10-89

1-90

108.868
108.980
3 .0

109.245
109.585
3 .0

109.654

2-90

2 .5

2 .4

2 .7

2 .6

3 .2

3 .4

3-90

2 .4

2 .3

2 .5

2 .4

2 .7

2 .6

1.8

4-90

2 .1

2 .1

2 .2

2 .1

2 .2

1 .9

1.2

0 .6

5-90

2 .4

2 .4

2 .6

2 .5

2 .7

2 .7

2 .4

2 .7

4 .9

6-90

2 .4

2 .4

2 .6

2 .5

2 .7

2 .6

2 .4

2 .6

5 .6

2 .5

7-90

2 .1

2 .1

2 .2

2 .1

2 .1

2 .0

1.7

1.7

2 .1

0 .7

-1 .0

8-90

1.8

1.7

1.8

1.7

1.7

1 .5

1 .2

1.1

1.2

0 .0

-1 .2

- 1 .4

9-90

1 .7

1.6

1.6

1.5

1.5

1.3

1.0

0 .9

1 .0

0 .0

- 0 .8

- 0 .7

0 .0

10-90

1 .4

1.3

1.3

1.2

1.2

0 .9

0 .6

0 .5

0 .5

- 0 .4

- 1 .1

- 1 .1

- 1 .0

- 1 .9

109*958
110.122
110,177
110,617
110,829
110,740
110,615
110,612
110,452

1.1

1 .0

1.0

0 .8

0 .8

0 .6

0 .3

0.1

0 .0

- 0 .8

- 1 .4

- 1 .5

- 1 .6

- 2 .4

- 2 .9

12-90

0 .9

0 .8

0 .8

0 .6

0 .6

0 .3

0 .1

- 0 .1

- 0 .2

- 0 .9

- 1 .5

- 1 .6

- 1 .6

- 2 .2

- 2 .5

110,165
- 1 .7

110,004

0 .7

0 .6

0 .4

0 .4

0 .1

- 0 .1

- 0 .5

- 0 .4

- 1 .1

-1 .6

- 1 .7

- 1 .7

- 2 .2

- 2 .2

- 1 .9

- 2 .1

0 .4

0 .4

0 .2

0 .1

- 0 .1

- 0 .4

-0 .6

- 0 .7

- 1 .5

- 1 .8

- 1 .9

- 2 .0

- 2 .5

- 2 .5

- 2 .5

- 2 .6

- 5 .1

3-91

0 .4

0 .3

0 .2

0 .0

0 .0

- 0 .3

- 0 .5

-0 .7

- 0 .9

- 1 .4

-1 .8

- 1 .9

-2 .0

- 2 .5

- 2 .4

- 2 .5

- 2 .5

- 2 .7

- 2 .2

9-89 10-89 11-89 12-89

1-90

2-90

5-90

4-90

5-90

6-90

7-90

8 -90

11-90 12-90

1-91

2-91

8 -8 9

?
<«
o

0 .8
0 .5

o

1-91
2-91

T
*

11-90

109,815
109,522P
109.516P

IN IT IA L MONTH
P- PRELIMINARY




PREPARED BY FEDERAL RESERVE BANK OF ST . LOUIS
A PR IL 5* 1991

2




EMPLOYMENT
RATIO

SCALE

1983

RATIO

1984

1985

1986

1987

1988

1989

1990

SCALE

1991

SOURCE» U.S.DEPARTMENT O LABOR
F
BEGINNING JANUARY 1086. TOTAL EMPLOYMENT DATA INCORPORATE N PROCEDURES FOR ESTIMATING
EW
MEASURES O IMMIGRATION A D EMIGRATION INCREASING TOTAL EMPLOYMENT BY ABOUT 0.32.
F
N
PERCENTAGES ARE ANNUAL RATES O CHANGE FOR PERIODS INDICATED.
F
LATEST DATA PLOTTEDt M
ARCH PRELIMINARY
RESERVE BANK O ST. LOUIS
F

UNEMPLOYMENT
PERCENT

SEASONALLY

RATE
PERCENT

ADJ USTED

I I .0

10.

10.0

9.

9.0

8.

8.0

7.

7.0

6.

6.0

5.

5.0

4.
1983

1984

1985

1986

1987

1988

1989

1990

1991

SOURCEt U.S. DEPARTMENT O LABOR
F
PERCENT O CIVILIAN LABOR FORCE
F
LATEST D
ATA PLOTTED» M H
ARC
PREPARED BY FEDERAL R ESER VE BANK OF S T .

LO U IS

4.0

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
(C e n p e u d e d A m ta l R ates o f Change)
TERM
INAL
MNH
OT
8 -8 9
9-89

1982-84*100

INITIAL M N H
OT
9-89 10-89 11-89 12-89

1-90

2 -90

5-90

4 -9 0

5 -9 0

6-90

7-90

8-90

9-90 10-90 11-90 12-90

1-91

2-91
124.9

2 .9

125.4

1 0 -9 9

5 .»

4 .9

11-8»

4 .2

4 .9

4 .5

125.9

12-89

4 .4

4 .»

4 .9

4 .9

126.4

1-90

5 .9

6 .6

7 .2

8 .4

12.0

127.6
128.2

2-90

5 .9

6 .5

6 .8

7 .5

8 .9

5 .8

5-98

5 .7

6 .2

4 .4

6 .8

7 .5

5 .3

4 .8

<-»8

5 .5

5 .7

5 .8

6 .0

6 .5

4 .5

5 .8

5-90

5 .0

5 .2

5 .3

5 .5

5 .4

5 .8

6-90

5*2

5 .5

5 .6

5 .6

5 .8

4 .6

7-90

5 .2

5 .4

5 .5

5 .5

5 .6

4 .«

128.7
2 .8

129.0

5 .2

2 .4

1 .9

129.2

4 .5

4 .1

4 .7

7 .7

4 .4

4 .5

4 .7

6 .2

150.0
4 .7

130.5
151.6

8 -9 0

5 .6

5 .9

6 .0

6.1

6 .2

5 .4

5 .4

5 .5

6 .2

7 .6

7 .6

10.6

9-90

5 .9

6 .2

6 .5

6 .4

6 .6

5 .9

6 .0

6 .2

6 .8

8 .1

8 .2

10.1

9 .5

10-50

6 .0

6 .5

6 .4

6 .5

6 .7

6 .1

6.1

6 .5

6 .9

8 .0

8 .1

9 .2

8 .5

152.6
7 .5

155.4
155.8

11-90

5 .9

6 .1

6 .2

6 .5

6 .4

5 .9

5 .9

6 .0

6 .5

7 .2

7 .2

7 .8

6 .9

5 .6

5 .7

12-90

5 .7

5 .9

6 .0

6.1

6 .2

5 .7

5 .6

5 .7

6 .1

6 .7

6 .6

6 .9

6 .0

4 .9

5 .7

5 .6

4 .5

4 .6

1-91

5 .7

5 .9

6 .0

6 .0

6.1

S .6

5 .6

5 .7

6 .0

6 .6

6 .4

6 .7

5 .9

5 .1

154.2
134.8

5 .5

2-91

5 .5

5 .7

5 .7

5 .8

5 .9

5 .4

5 .4

5 .4

5 .7

6.1

5 .9

6.1

5 .4

4 .6

5 .9

5 .9

4 .1

2 .7

5-91

5 .2

5 .5

5 .5

5 .4

5 .4

5 .0

4 .9

4 .9

5 .1

5 .4

5 .2

5 .2

4 .5

5 .7

2 .9

2 .7

2 .4

0 .9

-0 .9

9 -3 9 10-89 11—
89 12-89

1-90

2-90

5-90

4 -9 0

5 -9 0

6-90

7-90

8 -9 0

9-90 10-90 11-90 12-90

1-91

2-91

8 -8 9

155.1
155.0

INITIAL M N H
OT

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
APRIL 1 2 , 1*91

P R O D U C E R

P R IC E

IN D E X , F IN IS H E D

G O O D S

(C o a p o a o d e d A a a ia l R a te s o f C h a n g e )

TERM
INAL
MNH
OT
8-8 9

INITIAL M N
O TH
9-89 10-89 11-89 12-89

1-90

2-98

5-90

4-90

5-90

6-90

1982 • 108
7-90

8 -90

9-90 10-90 11-90 12-90

1-91

2-91
114.1

9-89

6 .5

10-89

7 .1

7 .6

11-89

4 .7

3 .7

0 .0

12-89

5 .4

5 .0

3 .7

7 .6

1-90

8 .7

9 .2

9 .7

15.0

2 2 .9

114.8
114.8
115.5
117.5

2-90

7 .0

7.1

6 .9

9 .4

10.3

- 1 .0

5-90

5 .8

5 .7

5 .3

6 .7

6 .4

-1 .0

-1 .0

117.4

4-90

4 .9

4 .7

4 .2

5 .1

4 .5

-1 .0

-1 .0

- 1 .0

5-90

4 .8

4 .6

4 .2

4 .9

4 .4

0 .3

0 .7

1 .5

4 .2

6-90

4 .4

4 .1

3 .7

4 .2

3 .7

0 .2

0 .5

1 .0

2 .1

0 .0

7-90

4 .5

4 .1

5 .7

4 .2

5 .7

0 .9

1 .2

1 .8

2 .8

2 .1

8-90

5 .1

5 .0

4 .7

5 .3

5 .0

2 .6

5 .3

4 .1

5 .5

5 .9

9 .0

14.1

9-90

5 .9

5 .9

5 .7

6 .3

6 .2

4 .2

5 .0

4 .1

7 .5

8 .4

11.3

15.1

16.2

10-90

6 .6

6 .6

6 .5

7.1

7.1

5 .5

6 .3

7 .4

8 .9

9 .9

12.5

15.4

16.1

16.0

117.5
117.2
117.6
117.6
4 .2

118.0
119.5
120.8
122.5

11-90

6 .5

6 .5

6 .4

7 .0

6 .9

5 .4

6 .2

7 .1

8 .3

9 .0

10.9

12.7

12.3

10.4

5 .0

12-90

5 .6

5 .6

5 .4

5 .9

5 .7

4 .5

4 .8

5 .5

4 .3

6 .6

7 .8

8 .5

7 .2

4 .4

- 1 .0

- 6 .6

1-91

5 .2

5 .1

5 .0

5 .4

5 .2

5 .8

4 .3

4 .8

5 .5

5 .7

6 .5

6 .9

5 .5

5 .0

- 1 .0

- 5 .8

-1 .0

2-91

4 .5

4 .4

4 .2

4 .5

4 .5

3 .0

5 .3

3 .7

4 .2

4 .2

4 .8

4 .8

5 .4

1 .0

- 2 .4

— .8
4

-5 .9

- 6 .7

5-91

4 .1

3 .9

5 .7

4 .0

5 .7

2 .5

2 .7

3 .1

3 .4

3 .4

3 .8

3 .7

2 .5

0 .2

- 2 .7

-4 .6

-5 .9

- 5 .5

- 5 .9

9-89 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

2-91

8 -8 9




122.8
122.1
122.0
121.5
120.9

IN IT IA L MONTH

PREPARED BY FEDERAL RESERVE BANK OF ST . LOUIS
A PR IL 11« 1991

4




RATIO

S CAL E

P R IC E S

1982-100

RATIO

SEASO NALLY AD JUSTED

1983

1984

1985

1986

1987

1988

S CAL E

1982-100

1989

1990

1991

CONSUMER P R IC E S OATA ARE ON A 1982-84-100 BA SE
C P I- U OATA B E G IN N IN G 1983 INCORPORATE A RENTAL EQ U IV A L E N C E MEASURE FOR H 0M E0VNER8HIP CO STS.
PERC EN T AG ES ARE ANNUAL RA TES OF CHANGE FOR P E R IO D S
LA T E ST

DATA PLOTTED»

IN D IC A T E D .

MARCH

P R EPA RED BY F ED E R A L R E S E R V E BANK OF S T .

ratio scale

PRODUCER

1982-100

PRICES

SEASONALLY ADJUSTED

PERC EN T A G ES ARE ANNUAL R ATES OF CHANGE FOR P E R IO D S
LA TEST

DATA PLOTTED»

L O U IS

ratio scale
1982-100

IN D IC A T E D .

MARCH

PREPARED BY FEDERAL RESERVE BA K O ST. LOUIS
N F

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
(CompouBded Annua) Rates of Change)
TERMINAL
MONTH
8 -8 9

IN IT IA L MONTH
9-89 10-89 11-89 12-89

1-90

2 -90

5-90

4 -90

5-90

9-89

- 2 .0

10-89

5 .7
5 .5

9 .5

12-89

7 .2

10.5

8 .8

10.0

15.2

12.9

17.0

10.4

15.0

12.8

15.4

14.9

7 .9

9 .7

8 .8

9 .8

8 .8

2 .9

4-90

5 .9

7 .0

5 .9

4.1

4 .5

-0 .«

- 4 .5

5 .8

4 .8

5 .8

5 .9

4 .4

0 .7

- 2 .9

- 1 .4

5 .0

4-90

5 .0

5 .8

4 .8

4 .7

5 .5

0 .2

- 2 .4

- 1 .4

1 .5

2-91

- 7 .5

5-90

1-91

12.5

5-90

9-90 10-90 11-90 12-90

2 1 .4

2-90

8 -9 0

12.6

1-90

1982 • 100
7-90

14.0

11-89

4-90
118.6

- 1 .9

119.9
120.4

5 .1

121.6
125.6
124.8
124.2

- 5 .4

125.4
125.9
125.7
124.5

7-90

5.1

5 .8

4 .9

4 .9

5 .8

1.1

- 1 .0

0 .2

2 .9

2 .0

6 .0

8-90

5 .2

5 .9

5 .1

5 .1

4 .2

1 .9

0 .5

1 .4

5 .9

5 .6

6 .5

7 .0

9-90

4 .5

4 .9

4 .1

4 .0

5.1

1 .0

- 0 .5

0 .5

2 .0

1.2

2 .5

0 .5

125.0
124.4

- 5 .6

10-90

4 .5

5 .0

4 .5

4 .5

5 .5

1.6

0 .4

1.2

2 .8

2 .5

5 .4

2 .6

0 .5

7 .0

11-90

4 .5

4 .8

4 .1

4 .0

5 .2

1.4

0 .4

1 .2

2 .5

2 .1

2 .9

2 .2

0 .6

5 .9

1.0

12-90

5 .8

4 .2

5 .5

5 .4

2 .4

1.1

0 .0

0 .4

1.7

1.2

1.8

1.0

- 0 .5

1.5

- 1 .4

125.1
125.2
- 5 .8

124.8

1-91

5 .5

5 .4

5 .0

2 .8

2 .1

0 .6

- 0 .5

0 .2

1.1

0 .6

1.0

0 .2

- 1 .1

0 .0

- 2 .2

- 5 .8

-5 .8

2-91

5.5

5 .4

5 .0

2 .8

2 .2

0 .8

- 0 .1

0.4

1.5

0 .9

1.2

0 .6

- 0 .5

0 .6

- 1 .0

- 1 .6

- 0 .5

2 .9

5-91

5 .5

5.4

5 .0

2 .9

2 .2

1.0

0 .1

0 .4

1.4

1.1

1.4

0 .8

0 .0

1.0

- 0 .2

- 0 .5

0 .6

2 .9

2 .9

9-89 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

8 -89

124.4
124.7
125.0

INITIAL M N H
OT

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
APRIL 11» 1991

P R O D U C E R

P R IC E

IN D E X , F IN IS H E D

G O O D S , E X C L U D IN G

F O O D S

(C o m p o u n d e d A n n u a ) R a t e s o f C h a n g e )

TERM
INAL
MNH
OT
8 -89
9-89

7 .8

1-90

2-90

5-90

4-90

5-90

6-90

1982 * 100
7-90

8 -90

9-90 10-90 11-90 12-90

1-91

2-91

10.1

10-89

INITIAL M N H
OT
9-89 10-89 11-89 12-89

112.6
5 .5

115.1

11-89

4 .4

1.6

- 2 .1

12-89

4 .4

2 .9

1.4

5 .4

112.9
115.4

1-90

8 .1

7 .6

8 .4

14.0

2 5 .5

2-90

6 .0

5 .2

5.1

7 .7

8 .8

- 4 .1

5-90

5 .0

4 .1

5 .9

5 .4

5 .4

- 2 .6

- 1 .0

115.4
115.0
114.9

4-90

4 .4

5 .8

5 .6

4 .7

4 .4

- 1 .0

0 .5

2 .1

5-90

4 .4

5 .9

5 .7

4 .7

4 .5

0 .5

1.8

5 .2

4 .5

4-90

4 .2

5 .6

5 .5

4 .1

5 .9

0 .4

1.6

2 .5

2 .6

1.0

115.1
115.5
115.4

7-90

4 .1

5 .5

5 .5

4 .0

5 .8

0 .9

1.9

2 .6

2 .8

2 .1

5 .2

8-90

5 .2

4 .8

4 .7

5 .5

5 .5

5.1

4 .4

5 .5

6 .4

7.1

10.5

17.9 <

9-90

6 .5

6 .2

6 .5

7 .2

7 .4

5 .5

7 .0

8 .5

9 .6

11.0

14.6

2 0 .7

25 .7

10-90

7 .4

7 .2

7 .5

8 .2

8 .5

7 .0

8 .5

9 .9

11.2

12.7

15.8

2 0 .4

21 .6

19.6

115.9
117.5
119.6
121.4

11-90

7 .5

7.1

7 .2

8 .1

8 .5

6 .9

8 .2

9 .4

10.5

11.6

15.8

14.4

16.2

12.7

4.1

12-90

6 .5

6.1

6.1

6 .8

6 .9

5 .5

6 .5

7 .4

8 .1

8 .6

9 .9

11.5

9 .7

5 .5

- 1 .0

- 7 .6

122.0
121.2

1-91

5 .9

5 .7

5 .7

6 .5

6 .5

5 .0

5 .9

6 .6

7 .1

7 .5

8 .4

9 .4

7 .7

4 .1

- 0 .7

- 5 .9

0 .0

2-91

5 .0

4 .7

4 .7

5 .1

5 .1

5 .8

4 .5

5 .0

5 .5

5 .5

4 .0

6 .4

4 .4

1 .2

- 2 .9

- 5 .8

- 4 .8

-9 .5

5-91

4 .4

4 .1

4 .0

4 .4

4 .4

5 .1

5 .7

4 .1

4 .5

4 .5

4 .4

4 .8

5.1

0 .0

- 5 .5

- 5 .8

-5 * 2

- 7 .7

-5 .8

9-89 10-89 11-89 12-89

1-90

2-90

5-90

4-90

5-90

6-90

7-90

8 -9 0

9-90 10-90 11-90 12-90

1-91

2-91

8 -89




121.2
120.2
119.4

IN IT IA L MONTH

PREPARED BY FEDERAL RESERVE BANK OF ST . LOUIS
A PR IL 11» 1991

6

I N D U S T R I A L

RATIO

P R O D U C T I O N

SCALE

RATIO

1987-100

SCALE

1987-100

SEASONALLY ADJUSTED

PERCENTAGES ARE ANNUAL RATES O CHANGE FOR PERIOOS INDICATED.
F
LATEST DATA PLOTTED« M
ARCH
PREPARED BY FEDERAL RESERVE BANK O ST. LOUIS
F

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 ) R a t e s o f C h a n g e )

TERMINAL
MNH
OT
8 -8 9

INITIAL M N H
OT
9-89 10-89 11-89 12-89

9-89

-2 .7

2-90

5-90

4-90

5-90

6-90

1987 * 100
7-90

8 -9 0

9-90 10-90 11-90 12-90

1-91

2-91

0 .0

10-89

1-90

- 5 .4

108.2
107.7

11-89

- 0 .4

- 0 .6

4 .5

12-89

1.1

1 .5

5 .1

1-90

-1 .5

- 1 .9

- 0 .7

2 -90

0 .6

0 .7

2 .2

1 .5

-0 .6

11.8

5-90

1.1

1 .5

2 .7

2 .2

1.1

8 .1

4 .5

4 -90

0 .8

1 .0

2 .1

1 .6

0 .6

4 .9

1.7

- 1 .1

5-90

1 .5

1.7

2 .7

2 .4

1 .8

5 .4

5 .4

2 .8

6 .8

6-90

2 .1

2 .5

5 .4

5 .2

2 .8

5 .9

4 .5

4 .5

7 .4

8 .0

7-90

2 .2

2 .4

5 .4

5 .2

2 .9

5 .5

4 .5

4 .2

6 .0

5 .6

5 .5

8 -9 0

2 .1

2 .5

5.1

5 .0

2 .6

4 .8

5 .7

5 .6

4 .8

4 .1

2 .2

1.1

9-90

2 .0

2 .2

2 .9

2 .8

2 .5

4 .4

5 .5

5.1

4 .0

5 .5

1 .8

1.1

1.1

10-90

1 .5

1 .4

2 .0

1 .8

1.4

5 .0

1.9

1 .6

2 .0

1.1

- 0 .5

- 1 .8

- 5 .2

-7 .5

109.9

11-90

0 .1

0.1

0 .5

0 .2

-0 .5

0 .9

- 0 .2

- 0 .8

- 0 .8

- 2 .0

- 5 .9

- 5 .6

- 7 .7 - 1 1 .8 - 1 6 .1

108.5

12-90

- 0 .7

- 0 .7

- 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

- 1 .0

- 1 .1

- 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

- 6 .5

2-91

-1 .5

- 1 .6

- 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 .7

- 1 .8

- 1 .6

- 1 .9

- 2 .4

- 1 .8

- 2 .7

- 5 .5

- 5 .5

- 4 .5

- 5 .8

- 6 .8

-7 .9

- 9 .4

- 8 .1

- 6 .9

- 7 .1

- 4 .4

8 -8 9

9-89 10-89 11-89 12-89

1-90

2-90

5-90

4-90

5-90

6-90

7-90

8 -9 0

9-90 10-90 11-90 12-90

1-91

2-91

108.1
5 .7

108.6

- 5 .5 -1 1 .5

107.5
108.5
108.9
108.8
109.4
110.1
110.4
110.5
110.6

- 9 .8

107.2
106.6
10 5 .7P
10S.5P

IN IT IA L MONTH
P- PRELIMINARY




PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
A PR IL 16» 1991

7

P E R S O N A L

RATIO

TRILLIONS

IN C O M E

MONTHLY TOTALS AT ANNUAL RATES

SCALE
OF

SEASONALL Y ADJ USTED

DOLLARS

RATIO
TRILLIONS

OF

SCALE

DOLLARS

4.

4.8

4.

4.4

4.

4.0

3.

3.6

3.

3.2

2.

2.8

2.4
1983

1984

1985

1986

1987

1988

1989

1990

1991

SOURCE» U.S. DEPARTMENT O CO M
F
M ERCE
PERCENTAGES ARE ANNUAL RATES O CHANGE FOR PERIODS INDICATED.
F
LATEST DATA PLOTTED» M
ARCH PRELIMINARY
PREPARED BY FEDERAL RESERVE BANK O ST. LOUIS
F

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 ) R a t e s o f C h a n g e )

TERM
INAL
MNH
OT
8 -8 9

9-89 10-89 11-89 12-89

1-90

9-89

5 .9

8 .3

11-89

6 .6

8 .2

6 .8

7 .9

7 .8

7 .4

8 .4

8 .5

8 .6

7 .5

8 .4

8 .4

8 .5

9 .0

7 .8

8 .5

8 .5

8 .6

9 .0

8 .6

9-90 10-90 11-90 12-90

1-91

2-91

8 .1

3-90

8 -9 0

9 .9

2-90

7-90

7 .4

1-90

BILLIONS OF
DOLLARS

8 .1

12-89

3-90

3 .6

10-89

2-90

INITIAL M N H
OT
ANNUAL RATES
4-90 5 -90 6-90
4»411.6

4»441.0
4*470.0
4*496.7
4*532.2
4*561.6
9.1

4*594.7

4-90

7 .1

7 .6

7 .5

7 .4

7 .4

6 .5

5 .8

2 .6

5-90

6 .8

7 .2

7.1

6 .9

6 .8

6 .0

5 .3

3 .5

4 .5

6-90

6 .6

7 .0

6 .8

6 .6

6 .5

5 .8

5 .3

4 .1

4 .8

5 .1

4*604.5
4*621.4
4*640.7

7-90

6 .6

6 .9

6 .7

6 .5

6 .4

5 .8

5 .4

4 .5

5 .2

5 .5

5 .8

8-90

6 .3

6 .5

6 .4

6 .2

6 .0

5 .5

5 .0

4 .2

4 .7

4 .7

4 .5

3 .2

9-90

6 .3

6 .5

6 .3

6 .1

6 .0

5 .5

5 .2

4 .5

4 .9

5 .0

5 .0

4 .6

6 .0

10-90

5 .8

5 .9

5 .7

5 .5

5 .3

4 .8

4 .4

3 .8

4 .0

3 .9

3 .6

2 .9

2 .7

- 0 .5

11-90

5 .7

5 .9

5 .7

5 .5

5 .3

4 .9

4 .5

4 .0

4 .2

4 .1

3 .9

3 .5

3 .6

2 .4

5 .3

12-90

5 .8

6 .0

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

7 .1

1-91

5 .2

5 .3

5 .1

4 .9

4 .7

4 .3

3 .9

3 .4

3 .5

3 .4

3 .1

2 .7

2 .6

1.8

2 .5

1.2

- 4 .4

4*662.7
4*675.0
4*697.8
4*695.9
4*716.2
4*743.3
4*725.4

2-91

5 .0

5 .1

4 .9

4 .7

4 .5

4 .1

3 .8

3 .3

3 .4

3 .3

3 .0

2 .6

2 .5

1 .9

2 .5

1 .5

- 1 .1

2 .3

3-91

4 .9

5 .0

4 .8

4 .6

4 .4

4 .0

3 .7

3 .3

3 .4

3 .2

3 .0

2 .7

2 .6

2 .1

2 .6

1 .9

0 .2

2 .6

3 .0

9-89 10-89 11-89 12-89

1-90

2-90

3-90

4-90

5 -90

6-90

7-90

8 -9 0

0
9s
1
M

1-91

2-91

8 -8 9

9-90 10-90 11-90

4*734.2
4*745.9P

IN IT IA L MONTH
P- PRELIMINARY




PREPARED BY FEDERAL RESERVE BANK OF ST . LOUIS
A PR IL 29» 1991

8

RETAIL
RATIO

SALES
RATIO

SCALE

BILLIONS OF DOLLARS

1983

1984

SEASONALLY ADJUSTED

1985

1986

1987

SCALE

BILLIONS OF DOLLARS

1988

1989

1990

1991

SOURCE« U.S. DEPARTMENT O CO M
F
M ERCE
PERCENTAGES ARE ANNUAL RATES O CHANGE FOR PERIODS INDICATED.
F
LATEST DATA PLOTTEDt FEBRUARY, M
ARCH ADVANCE ESTIMATE
PREPARED BY FEDERAL RESERVE BANK O ST. LOUIS
F

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 )

TERMINAL
MNH
OT
8 -8 9
9-89

9-89 10-89 11-89 12-89

1-90

2-90

5-90

INITIAL M N H
OT
DOLLARS
4-90 5-90 6-90

1.6

MILLIONS O
F
7-90

8 -90

9-90 10-90 11-90 12-90

1-91

2-91

147*659

10-89

- 6 . 5 -1 5 .6

11-89

- 0 .9

-2 .2

12-89

- 1 .0

-1 .8

4 .7

- 1 .0

1-90

5 .7

6 .8

14.5

16.5

57.1

2-90

4 .0

4 .5

9 .6

9 .2

14.7

- 4 .1

3-90

2 .9

5.1

6 .8

5 .9

8 .5

- 5 .8

- 5 .5

4-90

1.4

1.4

4 .1

2 .8

5 .8

- 5 .4

-6 .1

- 8 .6

5-90

1 .2

1.1

5 .4

2 .2

2 .9

-4 .2

-4 .5

- 4 .6

- 0 .5

6-90

2 .2

2 .2

4 .4

5 .5

4 .5

-1 .2

-0 .5

0 .5

5 .4

11.8

145*877
10.7

147*119
146*997
150*914
150*588
149*942
148*825
148*759
150*145

7-90

2 .4

2 .5

4 .5

5 .7

4 .4

-0 .2

0 .6

1 .6

5 .5

8 .5

4 .9

8 -9 0

2 .5

2 .6

4 .5

5 .7

4 .5

0 .5

1 .0

1.9

4 .7

6.5

4 .0

5 .1

9-90

5 .2

5 .5

5 .0

4 .4

5 .0

1 .6

2 .4

5 .5

6 .1

7 .8

6 .5

7 .2

11.5

10-90

2 .7

2 .8

4 .5

5 .8

4 .5

1.1

1.8

2 .6

4 .6

5 .6

4 .1

5 .9

4 .5

150»745
151»155
152»512
152.191

- 2 .5

11-90

2 .8

2 .9

4 .5

5 .8

4 .2

1.4

2 .1

2 .8

4 .5

5 .4

4 .2

4 .0

4 .2

0 .8

12-90

1 .2

1.1

2 .5

1.6

1.9

- 0 .8

- 0 .5

- 0 .2

0 .9

1.1

- 0 .5

- 1 .6

- 2 .7

-7 .0

1-91

0 .2

0.1

1.1

0 .4

0.5

-2 .1

- 1 .9

- 1 .7

-0 .9

- 1 .0

- 2 .7

-5 .9

- 5 .2

- 9 .0 - 1 1 .0 -1 7 .8 -1 4 .5

2-91

1.5

1 .5

2 .5

2 .0

2 .2

-0 .1

0 .5

0 .6

1 .6

1 .9

0 .7

0 .1

- 0 .4

- 2 .6

-2 .7

- 4 .9

4 .4

27.5

3-91

0 .9

0 .9

1.8

1.5

1.4

-0 .7

- 0 .5

- 0 .2

0 .6

0 .7

- 0 .5

- 1 .1

- 1 .7

- 5 .8

-4 .0

- 6 .0

- 0 .4

7 .5

- 9 .5

9-89 10-89 11-89 12-89

1-90

2 -90

5-90

4-90

5-90

6-90

7-90

8 -9 0

9-90 10-90 11-90 12-90

1-91

2-91

8 -8 9

152*711

4 .2
- 9 .2 - 2 0 .9

149*750
147*805
150»822P
149»602E

IN IT IA L MONTH
P- PRELIMINARY
E- ESTIMATED




PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
A PR IL 11» 1991

9

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 Annual Rates o f Change)
TERMINAL
QUARTER

IN IT IA L QUARTER
1-86

2-86

5-86

4 -86

1-87

2-86

4 .5
4 .7

4 .8

4 .1

4 .0

5 .9

2-87

5 .6

5 .4

5.1

2 .0

5.7

5 .5

5 .4

2 .7

2 .8

2-88

5-88

1962*100
4-88

1-89

2 -89

5-89

4-89

1-90

2 -90

5-90

1.7

5-87

1-88

5 .5

1-87

4 -8 7

4 .1

4-86

5-87

4 .5

5-86

2 -87

118.0
119.2
120.8
121.5

2 .5

122.0
125.2

4 .0

4-87

4 .2

4 .2

4 .2

5 .9

4 .4

5 .8

4 .0

4 .0

5 .9

5 .6

4 .0

4 .7

5.1

125.5

7 .7

1-88

126.5

2 .6

127.9

2-88

4 .2

4 .1

4 .1

5 .9

4 .2

4 .8

5 .1

5 .9

5 .2

5-88

4 .5

4 .5

4 .5

4 .1

4 .5

5 .0

5 .5

4 .5

5 .5

5 .7

4-88

4 .2

4 .2

4 .2

4 .1

4 .5

4 .8

4 .9

4 .2

4 .8

4 .6

5.4

1-89

4 .1

4 .1

4 .1

5 .9

4 .2

4 .5

4 .6

4 .0

4 .4

4 .1

5 .5

5 .1

2-89

4 .0

4 .0

4 .0

5 .8

4 .0

4 .5

4 .5

5 .8

4 .0

5 .8

5.1

2 .9

2 .8

129.7
150.8
151.8
152.7

5-89

5 .8

5 .8

5 .7

5 .6

5 .7

5 .9

5 .9

5 .4

5 .6

5 .2

2 .6

2 .4

2 .0

1 .2

4-89

5 .7

5 .7

5 .6

5 .5

5 .6

5 .8

5 .7

5 .5

5 .4

5 .1

2 .5

2 .5

2 .0

1 .7

2 .1

1-90

5 .8

5 .7

5 .7

5 .5

5 .7

5 .8

5 .8

5 .4

5 .5

5 .5

2 .9

2 .7

2 .7

2 .6

5 .5

4 .6

2-90

5 .8

5 .8

5 .8

5 .7

5 .8

5 .9

5 .9

5 .6

5 .7

5 .5

5 .2

5 .1

5.1

5 .2

5 .9

4 .8

5 .1

5-90

5 .9

5 .9

5 .8

5 .7

5 .8

4 .0

4 .0

5 .7

5 .8

5 .6

5 .4

5 .4

5 .4

5 .5

4 .1

4 .8

4 .9

4 .8

4-90

5 .9

5 .8

5 .8

5 .7

5 .8

4 .0

4 .0

5 .7

5 .8

5 .6

5 .4

5 .4

5 .4

5 .5

4 .0

4 .5

4 .5

4 .1

5 .5

1-86

2-86

5-86

4-86

1-87

2-87

5-87

4-87

1-88

2-88

5-88

4-88

1-89

2-89

5-89

4-89

1-90

2-90

5-90

155.1
155.8
155.5
157.0
158.6
159.8

INITIAL QU TER
AR

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
M R H 6» 1991
AC

O U T P U T

P E R

H O U R

O F

A L L

P E R S O N S , B U S IN E S S

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 )

TERM
INAL
Q AR
U TER
1-86
2-86

- 1 .5

5-86

4-86

1-87

2-87

5-87

4-87

1-88

2-88

5-88

1982*100
4-88

1-89

2-89

5-89

4-89

1-90

2-90

5-90

- 0 .7

5-86

INITIAL Q
UARTER
2-86

109.7
- 2 .2

109.1

4-86

- 0 .6

- 0 .5

1.1

1-87

- 0 .4

- 0 .2

0 .7

0 .4

2-87

0 .5

0 .5

1.5

1 .7

5 .0

5-87

0 .7

1.0

1 .8

2 .1

2 .9

2 .9

4-87

1.1

1.4

2 .1

2 .4

5.1

5.1

5 .5

1-88

1 .5

1.8

2 .5

2 .8

5 .4

5 .5

5 .8

2-88

1 .2

1.4

2 .0

2 .1

2 .5

2 .4

2 .2

1 .6

- 1 .1

5-88

1 .5

1 .6

2 .0

2 .2

2 .5

2 .4

2 .5

1 .9

0 .7

2 .5

4-88

1 .0

1.2

1.6

1 .7

1.9

1.7

1.4

1.0

- 0 .1

0 .4

109.4
109.5
110.5
111.1
112.0
4 .4

115.2
112.9
115.6
- 1 .7

115.1

1-89

0 .9

1.1

1.4

1 .4

1.6

1.4

1.1

0 .7

- 0 .2

0.1

-l-.l

- 0 .4

2-89

0 .9

1.0

1.5

1 .5

1 .4

1.2

1 .0

0 .6

- 0 .1

0.1

- 0 .7

- 0 .2

0 .0

5-89

0 .7

0 .8

1.1

1.1

1.1

0 .9

0 .7

0 .5

- 0 .4

- 0 .2

- 0 .9

- 0 .6

- 0 .7

- 1 .4

4-89

0 .5

0 .6

0 .8

0 .8

0 .8

0 .6

0 .5

0 .0

- 0 .7

- 0 .6

- 1 .2

- 1 .1

- 1 .5

- 1 .9

- 2 .5

1-90

0 .4

0 .5

0 .7

0 .6

0 .7

0 .5

0 .2

-0 .1

- 0 .7

- 0 .6

- 1 .1

- 1 .0

- 1 .2

- 1 .5

- 1 .6

- 0 .7

2-90

0 .4

0 .5

0 .7

0 .6

0 .7

0 .5

0 .5

0 .0

-0 .5

- 0 .4

- 0 .9

- 0 .7

- 0 .8

-1 .0

- 0 .8

0 .0

0 .7

5-90

0 .4

0 .5

0 .7

0 .7

0 .7

0 .5

0 .5

0 .0

- 0 .4

- 0 .5

- 0 .7

- 0 .5

- 0 .5

- 0 .6

- 0 .4

0 .2

0 .7

0 .7

4-90

0 .4

0 .5

0 .6

0 .6

0 .6

0 .5

0 .5

0 .0

- 0 .4

- 0 .5

- 0 .6

- 0 .4

- 0 .5

-0 .5

- 0 .4

0 .2

0 .5

0 .4

0 .0

1-86

2-86

5-86

4 -86

1-87

2-87

5-87

4-87

1-88

2-88

5-88

4-88

1-89

2-89

5-89

4-89

1-90

2-90

5-90




115.0
113.0
112.6
111.9
111.7
111.9
112.1
112.1

IN IT IA L QUARTER

PREPARED BY FEDERAL RESERVE BANK OF ST . LOUIS
MARCH 6» 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
PERC EN T A G ES ARE ANNUAL RATES OF CHANGE FOR P E R IO D S
LA T E ST DATA PLOTTED»

U .S .

DEPARTMENT OF LABOR

IN D IC A TED .

4TH OUARTER
PR EPA 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 )

TERMINAL
Q
UARTER
1-86

INITIAL Q ARTER
U
2-86

5-86

4-86

1-87

2-87

5-87

4-87

1-88

2-88

3-88

1982*100
4-88

1-89

2 -89

5-89

4 -89

1-90

2-90

5-90
107.6

2 -86

5 .4

5-86

5 .7

6.1

4—
86

5 .5

5 .5

4 .5

1-87

4 .5

4 .2

5 .5

2 .2

2-87

5 .5

2 .8

1.7

0 .4

- 1 .4

5-87

2 .9

2 .4

1 .6

0 .6

- 0 .2

1.1

109.2
110.4
111.0
110.6
110.9
112.1

4-87

5 .1

2 .8

2 .1

1 .5

1 .5

2 .7

4 .4

1-88

2 .5

2 .1

1.4

0.8

0 .5

1.1

1.1

- 2 .1

2-88

2 .9

2 .6

2 .1

1.7

1.7

2 .4

2 .9

2 .2

6 .6

5-88

2 .9

2 .7

2 .5

2 .0

1 .9

2 .6

5 .0

2 .5

4 .9

5.2

4 -88

5.1

2 .9

2 .6

2 .5

2 .5

5 .0

5 .4

5.1

4 .9

4.1

5 .0

1-89

5 .2

5 .0

2 .7

2 .5

2 .5

5.1

5 .5

5 .5

4 .7

4 .0

4 .4

5 .9

111.5
115.5
114.2
115.6
116.7
117.4

2 -89

5 .1

2 .9

2 .7

2 .5

2 .5

5 .0

5 .5

5.1

4 .2

3.6

3 .8

5.1

2 .4

5-89

5 .1

2 .9

2 .7

2 .5

2 .5

5 .0

5 .2

5.1

4 .0

3.4

3 .5

5 .0

2 .6

2 .8

4 -89

5 .2

5 .0

2 .8

2 .7

2 .7

5 .1

5 .4

5 .2

4 .0

3.6

5 .7

5 .4

3 .2

5 .6

4 .5

3.9

4 .0

5 .8

5 .8

4 .2

5 .0

5 .5

4 .1

5 .9

4 .0

4 .5

4 .9

5 .1

4 .7

118.2
119.5
121.1

1-90

5 .5

5 .2

5 .0

2 .9

2 .9

5 .4

5 .6

5 .5

4 .2

2-90

5 .4

5 .5

5.1

5 .0

5.1

5 .5

5 .7

5 .6

4 .5

5-90

5 .4

5 .5

5.1

5.1

5 .1

5 .5

5 .7

5 .6

4 .2

5.9

4 .0

5 .9

5 .9

4 .2

4 .6

4 .6

4 .2

5 .6

4-90

5 .5

5 .4

5 .2

5.1

5 .2

5 .5

5 .7

5 .6

4 .2

3.9

4 .0

3.9

5 .9

4 .2

4 .4

4 .4

4 .1

5 .8

5 .9

1-86

2-86

5-86

4-86

1-87

2 -87

5-87

4-87

1-88

2-88

5-88

4-88

1-89

2 -8 9

5-89

4 -8 9

1-90

2-90

5-90




122.5
125.6
124.8

IN IT IA L QUARTER

PREPARED BY FEDERAL RESERVE BANK OF ST* LOUIS
MARCH 6 . 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
(Compounded Annual R ates o f Change)
TERMINAL
QUARTER

BILLIO N S OF
DOLLARS
ANNUAL RATES

INITIAL QUARTER
2-86

3-86

4—
86

1-87

3-86
4-86

5 .0
6 .3

6 .6

6 .6

6 .9

8 .3

4-87

1-88

2-88

3-88

1-89

4-88

2-89

3-89

4-89

1-90

2-90

3-90

4-90

9 .1

2-87

3-87

4 .2

1-87

2-87

5 .7

7 .5

4*253.3
4 .2 9 7 .3
4*391.6
4*471.6

3-87

6 .8

7 .0

8 .0

7 .4

7 .4

4-87

7.1

7 .4

8 .2

7 .8

8 .0

1-88

7 .2

7 .4

8 .1

7 .8

8 .0

7 .8

2-88

7 .3

7 .6

8 .1

7 .9

8 .0

8 .1

8 .3

3-88

7 .3

7 .5

8 .0

7 .8

7 .9

7 .8

7 .8

7 .4

4-88

7 .4

7 .5

8 .0

7 .8

7 .9

7 .8

7 .8

7 .5

7 .7

1-89

7 .4

7 .5

7 .9

7 .8

7 .8

7 .9

7 .7

7 .7

7 .5

7 .6

7 .5

2-89

7 .2

7 .4

7 .7

7 .6

7 .6

7 .6

7 .4

7 .3

7.1

7 .0

6 .7

5 .8

3-89

7 .1

7 .2

7 .5

7 .3

7.3

7 .3

7.1

7 .0

6 .7

6 .5

6.1

5 .5

4-89

6 .8

6 .9

7 .2

7 .0

6.9

6 .9

6 .7

6 .5

6 .2

6 .0

5 .6

4 .9

4 .5

3 .9

7.1

7 .0

6 .9

6 .9

6 .7

6 .5

6 .3

6.1

5 .8

5 .4

5 .2

5 .3

6 .7

6 .5

6 .4

6.1

6 .0

5 .7

5 .3

5 .2

5 .2

5 .9

5.1

6 .4

1-90

6 .9

6 .8

4*551.7
8 .7

4*647.6
4*735.8
4*831.4
4*917.9
5*009.8
5*101.3
5*174.0
5 .1

5*238.6
5*289.3
5*375.4
5*443.3

2-90

6 .7

6 .8

7 .0

6 .8

6 .8

6.7

3-90

6 .6

6 .7

6 .9

6 .7

6 .7

6.6

6 .3

6.1

5 .9

5 .6

5 .3

5 .2

5 .3

5 .7

5 .2

5 .3

6 .5

6 .3

6 .2

5 .9

5 .8

5 .5

5 .3

5 .0

4 .7

4 .5

4 .4

4 .5

3 .8

3.1

0 .9

6 .0

5 .7

5 .5

5 .3

5 .0

4 .8

4 .4

4 .2

4 .1

4.1

3 .5

2 .9

1.7

2 .6

2-87

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

4-90

6 .4

6 .3
6.1

6 .1

6 .3

2-86

1-91

6 .1

3-86

4 -86

1-87

3-87

5*514.6
5*527.3
5»562.3E

INITIAL QUARTER
E- ESTIMATED
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
APRIL 26* 1991

G R O S S

N A T IO N A L P R O D U C T

IN

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 )

TERMINAL
QU
ARTER
2 -86
3-86

BILLIONS OF
DOLLARS
ANNUAL RATES

INITIAL QUARTER
3-86

4-86

1-87

2-87

3-87

4-87

1-88

2-88

4-88

3-88

0 .8

1-89

2-89

3-89

4-89

1-90

2-90

3-90

4-90

3*712.4

4-86

1 .6

2 .3

1-87

2 .8

3 .7

5 .2

3*733.6

2-87

3.1

3 .9

4 .7

4 .2

3-87

3 .3

3 .9

4 .5

4 .2

4-87

3 .9

4 .5

5 .0

4 .9

5 .3

6.6

1-88

4 .0

4 .6

5 .0

5 .0

5 .3

5 .9

5 .1

2-88

4 .0

4 .4

4 .8

4 .7

4 .9

5 .1

4 .4

3 .6

3-88

3 .8

4 .2

4 .5

4 .4

4 .4

4 .5

3 .8

3.1

2 .7

4-88

3 .7

4 .1

4 .3

4 .1

4 .1

4.1

3 .5

3 .0

2 .7

2 .7

1-89

3 .7

4 .0

4 .2

4 .1

4 .1

4 .1

3 .6

3 .2

3 .0

3 .2

3 .6

2-89

3 .5

3 .8

3 .9

3 .8

3 .8

3 .7

3 .2

2 .9

2 .7

2 .7

2 .6

1.6

3-89

3 .4

3 .6

3 .7

3 .6

3 .5

3 .4

3 .0

2 .7

2 .5

2 .4

2 .3

1.7

1 .7

4-89

3 .2

3 .4

3 .4

3 .3

3 .2

3.1

2 .7

2 .3

2 .1

2 .0

1 .8

1.2

1 .0

0 .3

1-90

3 .1

3 .2

3 .3

3 .2

3.1

3 .0

2 .6

2 .2

2 .0

1 .9

1 .8

1.3

1 .2

1.0

1 .7

2-90

2 .9

3 .0

3 .1

2 .9

2 .8

2 .7

2 .3

2 .0

1.8

1.7

1 .6

1.2

1 .0

0 .8

1.1

0 .4

3-90

2 .8

2 .9

3 .0

2 .8

2 .7

2 .6

2 .3

2 .0

1.8

1.7

1 .5

1.2

1.1

1 .0

1 .2

0 .9

1.4

3*781.2
3*820.3
4 .1

3*858.9
3*920.7
3*970.2
4*005.8
4*032.1
4*059.3
4*095.7
4*112.2
4*129.7
4*133.2
4*150.6
4*155.1
4*170.0

4-90

2 .6

2 .7

2 .7

2 .5

2 .4

2 .3

1 .9

1.7

1.5

1.3

1 .2

0 .8

0 .7

0 .5

0 .5

0 .1

- 0 .1

-1 .6

1-91

2 .3

2 .4

2 .4

2 .2

2 .1

1.9

1 .6

1.3

1.1

0 .9

0 .7

0 .3

0 .2

- 0 .1

-0 .2

- 0 .6

- 1 .0

- 2 .2

- 2 .8

2 -8 6

3-86

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

4*153.4
4 * 1 2 3 .9E

IN IT IA L QUARTER
E- ESTIMATED




PREPARED BY FEDERAL RESERVE BANK OF ST . LOUIS
A PRIL 26* 1991

12

GROSS N A T I O N A L P R O D U C T
RATIO SCALE
T R I L L I O N S 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
4.0
3.8
3.6
3.4
3.2
3.0

1983

1984

1985

1986

1987

1988
SOURCE«

PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIO D S
LATEST DATA PLOTTED*




1989
U .S .

1990

1991

DEPARTMENT OF COMMERCE

INDICATED.

1ST QUARTER ADVANCE ESTIMATE
PREPARED

13

BY

FEDERAL

RESERVE

BA N K

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

1982-100

1983

SCALE

1982-100

1984

1985

1986

1987

1988

1989

1990

1991

*AS USED IN NATIONAL INCOM ACCOUNTS
E
SOURCE« U.S. DEPARTMENT O CO M
F
M ERCE
PERCENTAGES ARE ANNUAL RATES O CHAN FOR PERIODS INDICATED.
F
GE
LATEST DATA PLOTTED« 1ST OUARTER ADVANCE ESTIMATE
PREPARED BY FEDERAL RESERVE BANK O ST. LOUIS
F

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 )

TERMINAL
QUARTER
2-86

INITIAL QUARTER
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
114.6

3—
86

5 .0

4—
86

3 .4

1.8

115.1
116.1

1-87

3 .4

2 .6

3 .5

2-87

3 .4

2 .8

3 .3

3 .1

3-87

3 .4

3 .0

3 .4

3 .3

3 .5

4-8 7

3 .1

2 .7

3 .0

2 .8

2 .6

1 .7

1-88

3 .0

2 .7

2 .9

2 .8

2 .6

2 .2

2 .7

2-88

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 -8 8

3 .5

3 .3

3 .5

3 .5

3 .6

3.6

4 .1

4 .6

4 .7

1-89

3 .6

3 .4

3 .6

3 .6

3 .7

3 .7

4 .1

4 .4

4 .4

2-89

3 .6

3 .4

3 .6

3 .6

3 .7

3 .7

4 .1

4 .3

4 .3

4 .2

3-89

3 .6

3 .4

3 .6

3 .6

3 .6

3 .7

3.9

4 .1

4 .1

3 .9

4-89

3 .6

3 .5

3 .6

3 .6

3 .7

3 .7

3 .9

4 .1

4 .0

3 .9

1-90

3 .7

3 .6

3 .7

3 .7

3 .8

3 .8

4 .0

4 .2

4 .2

4 .1

2 -90

3 .7

3 .6

3 .8

3 .8

3 .8

3 .9

4 .1

4 .2

4 .2

4 .2

3-90

3 .7

3 .6

3 .8

3 .8

3 .8

3 .9

4 .1

4 .2

4 .2

4 .1

4-90

3 .7

3 .6

3 .7

3 .7

3 .8

3 .8

3.9

4.1

4 .0

3 .9

1-91

3 .8

3 .7

3 .8

3 .8

3 .9

3 .9

4 .1

4 .2

4 .2

4 .1

2 -86

3-86

4 -86

1-87

2-87

3-87

4-87

1-88

2-88

3-88

117.0
118.0
118.5
119.3
120.6
122.0
123.4

4 .7
4 .3

124.6

3 .9

125.8

3 .9

3 .9

3 .7

3 .6

3 .2

3 .7

3 .5

3 .8

3 .9

4 .3

4 .8
4 .7

4 .7

3 .7
3 .9

3 .9

126.8
128.0
129.5
131.0

4 .1

4 .1

4 .1

4 .4

4 .0

4 .0

4 .0

4 .3

4 .4

4 .2

3 .7

3 .8

3 .8

4 .0

4 .0

3 .7

3 .2

2 .8

4 .0

4 .1

4 .1

4 .2

4 .3

4 .2

4 .0

4 .1

5 .5

4 -88

1-89

2-89

3-89

4-89

1-90

2-90

3-90

4-90

3 .9

132.2
133.1
1 3 4 .9E

IN IT IA L QUARTER
E- ESTIMATED




PREPARED BY FEDERAL RESERVE BANK OF ST . LOUIS
A PRIL 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
(C o b b o u i M Annual Rates o f Change)
TERMINAL
Q
UARTER
2-86

5-86

4-86

1-87

2-87

5-87

4-87

1-88

INITIAL Q ARTER
U
ANNUAL RATES
2-88 5-88 4-88 1-89

2-89

5-89

4 -8 9

1-90

BILLIO N S OF
DOLLARS
2 -90

5-90

4 -90
2*826.0

5-86

9 .8

4-86

7 .9

6 .2

1-87

7 .7

6 .7

2 -87

8 .2

7 .7

8 .4

9 .6

5-87

8 .5

8 .0

8 .6

9 .5

8 .9

4-87

7 .5

7 .1

7 .5

7 .4

6 .2

2*868.5
2*919.5

7 .5

2*987.2
5*051.6
5*079.1

5 .7

5*147.7

1-68

7 .8

7 .5

7 .7

7 .8

7 .2

6 .4

9 .2

2-88

7 .7

7 .4

7 .7

7 .7

7 .5

6 .7

8 .5

7 .4

5-88

7 .8

7 .5

7 .7

7 .8

7 .5

7 .1

8 .5

7 .8

8 .2

5*204.5
5*268.2
5*552.6

4-88

7 .8

7 .6

7 .8

7 .9

7 .6

7 .5

8 .2

7 .9

8 .2

8 .1

1-89

7 .5

7 .5

7 .4

7 .5

7 .2

6 .9

7 .5

7 .1

7 .0

6 .4

4 .8

2-89

7 .5

7 .5

7 .4

7 .4

7.1

6 .8

7 .4

7 .0

6 .9

6 .5

5 .7

6 .6

5-89

7 .4

7 .2

7 .5

7 .5

7.1

6 .9

7 .5

7 .0

6 .9

6 .6

6.1

6 .8

7 .0

4-89

7 .2

7 .0

7 .0

7 .0

6 .8

6 .5

6 .9

6 .6

6 .4

6.1

5 .6

5 .8

5 .5

5*571.7
5*425.9
5*484.5
5*518.5

4 .0

1-90

7 .2

7.1

7.1

7.1

6 .9

6 .7

7 .0

6 .8

6 .7

6 .4

6.1

6 .4

6 .4

6 .0

7 .0

6 .8

6 .9

6 .9

6 .6

6 .4

6 .7

6 .4

6 .5

6.1

5 .7

5 .9

5 .7

5 .5

6 .0

5*588.1

8 .2

2-90

5*622.7

5 .9

5*695.4

5-90

7.1

6 .9

7 .0

6 .9

6 .7

6 .6

6 .8

6 .6

6 .5

6.5

6 .0

6 .5

6 .2

6 .0

6 .7

6 .0

8 .0

4-90

6 .9

6 .7

6 .7

6 .7

6 .5

6 .5

6 .6

6 .5

6 .2

6 .0

5 .7

5 .9

5 .7

5 .5

5 .9

5 .1

5 .7

5 .5

1-91

6 .6

6 .4

6 .4

6 .4

6 .2

6 .0

6 .2

5 .9

5 .8

5 .6

5 .5

5 .5

5 .2

4 .9

5 .0

4 .5

4 .4

2 .6

1 .8

2-86

5-86

4-86

1-87

2-87

5-87

4-87

1-88

2-88

5-88

4-88

1-89

2-89

5-89

4-89

1-90

2 -90

5-90

4 -90

5 .7 2 4 .9
5 * 7 4 1 .IE

INITIAL QU TER
AR
E- ESTIMATED
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
APRIL 26» 1991

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

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 )

TERMINAL
Q
UARTER
2-86
5-86

5 .8

<-86

1-87

2-87

5-87

4-87

1-88

2-89

5-89

4 -8 9

1-90

2 -9 0

5-90

4 -90

5 .4

4-86

5-86

BILLIONS OF
DOLLARS

INITIAL Q ARTER
U
ANNUAL RATES
2-88 5-88 4-88 1-89

2*464.4
2 .2

2*4 7 7 .8

1-87

2 .7

1 .4

0 .7

2-87

5 .2

2 .5

2 .6

4 .5

5-87

5 .4

2 .9

5 .2

4 .4

4 .5

4-87

2 .8

2 .5

2 .5

2 .8

1 .9

-0 .4

1-88

5 .4

5 .0

5 .2

5 .8

5 .6

5 .2

2-88

5 .5

5 .0

5.1

5 .6

5 .4

5 .0

4 .8

2 .7

5-88

5 .5

5 .0

5 .2

5 .6

5 .4

5 .1

4 .5

5.1

5 .5

4-88

5 .5

5.1

5 .2

5 .6

5 .4

5 .2

4 .1

5 .2

5 .5

5 .5

2 *4 8 2 .2
2 *509.9
2 *5 5 6 .6
2*5 5 4 .2
6 .9

2 *5 7 6 .8
2*594.1
2 *616.4
2 .6 5 8 .8

1-89

5 .0

2 .7

2 .8

5.1

2 .9

2 .6

5 .2

2 .5

2 .2

1.6

- 0 .5

2-89

2 .8

2 .6

2 .7

2 .9

2 .7

2 .4

2 .9

2 .1

2 .0

1.5

0 .5

1.5

5-89

5 .0

2 .8

2 .8

5 .0

2 .9

2 .7

5.1

2 .5

2 .5

2 .5

1.8

2 .9

4 .6

4-89

2 .7

2 .5

2 .5

2 .7

2 .5

2 .5

2 .6

2 .0

1 .9

1.6

1.2

1.7

1 .9

2*6 5 6 .7
2*64 5 .5
2*67 5 .5
- 0 .8

2*66 9 .9

1-90

2 .6

2 .4

2 .4

2 .6

2 .4

2 .2

2 .5

1.9

1 .8

1.5

1.2

1.5

1.6

0 .1

1.1

2-90

2 .4

2 .2

2 .5

2 .4

2 .2

2 .0

2 .2

1.7

1.6

1.4

1 .0

1.5

1.5

0 .2

0 .7

0 .2

5-90

2 .5

2 .5

2 .5

2 .4

2 .2

2 .1

2 .5

1.8

1 .7

1.5

1 .5

1.5

1.6

0 .8

1 .5

1 .5

4-90

2 .1

1 .9

1.9

2 .0

1.8

1.6

1.8

1.4

I*2 .

1.0

0 .7

0 .8

0 .7

- 0 .1

0 .1

- 0 .2

-0 .4

-5 .4

1-91

1 .9

1 .7

1 .7

1 .8

1 .6

1 .4

1 .6

1.1

1 .0

0 .7

0 .4

0 .5

0 .4

- 0 .5

- 0 .2

-0 .5

- 0 .7

- 2 .4

- 1 .4

2-86

5-86

4-86

1-87

2-87

5-87

4-87

1-88

2-88

5-88

4-88

1-89

2-89

5-89

4-89

1-90

2-90

5-90

4-90

2*67 7 .5
2*67 8 .8
2 .7

2*69 6 .8
2*6 7 3 .6
2 * 6 6 4 .IE

IN IT IA L QUARTER
E- ESTIMATED




PREPARED BY FEDERAL RESERVE BANK OF S T . LO UIS
A PR IL 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 A nnual R ates o f Change)
TERMINAL
Q
UARTER
2-8 6

5 -8 6

4 -8 6

1-87

2 -87

5-86

- 2 .5
4 .0

9 .2

4 .9

8 .7

12.9

4 .0

6 .6

8 .7

4 .2

8 .4

1 1 .4

1 4.5

12.9

15.6

4-89

1-90

2-90

5-90

4-90

0 .6

4-87

5-89

7 .8

5-87

2-89

18.5

2-87

1-88

0 .7

1-87

4-87

-5 .7

4-86

5-87

BILLIO N S OF
DOLLARS

INITIAL QUARTER
ANNUAL RATES
2-88 5-88 4-88 1-8»
647.7

648.8
676.7
689.5
690.6
52.8

741.4

1-88

6 .1

8 .2

9 .8

7 .8

7 .7

11.5

- 6 .4

2-88

6 .5

8 .4

9 .8

8 .1

8 .2

10.8

1.2

9 .5

729.2
746.0

5-88

7 .0

8 .7

9 .9

8 .6

8 .7

10.9

4 .4

10.2

10.9

4-88

5 .5

6 .6

7 .5

5 .9

5 .5

6 .5

0 .8

5 .4

0 .«

765.6
- 9 .1

747.5

1-89

5 .9

7 .1

7 .9

6 .7

6 .5

7 .5

5 .0

5 .6

4 .5

1.1

12.4

2-89

5 .7

6 .8

7 .5

6 .5

6 .1

6 .9

5 .1

5 .2

4 .1

1 .9

8 .0

5 .7

5-89

5 .2

6 .¿

6 .7

5 .6

5 .4

6 .0

2 .6

4 .2

5 .2

1 .5

5 .1

1 .6

- 0 .5

4-89

4 .5

5 .2

5 .5

4 .4

4 .1

4 .5

1.4

2 .6

1 .5

- 0 .5

2 .0

- 1 .2

- 5 .6

- 6 .6

1-90

5 .5

4 .2

4 .4

5 .4

5 .0

5 .2

0 .5

1.2

0.1

- 1 .6

0 .0

-2 .9

- 5 .0

- 7 .2

- 7 .9

2-90

5 .7

4 .5

4 .6

5 .6

5 .5

5 .5

0 .9

1.8

0 .9

- 0 .5

1 .0

- 1 .1

- 2 .5

- 2 .9

- 1 .0

769.7
776.7
775.8
762.7
747.2
6 .5
5 .4

759.0

5-90

5 .5

4 .1

4 .5

5 .4

5 .0

5 .2

0 .9

1.7

0 .8

- 0 .4

0 .9

-0 .9

- 1 .8

- 2 .1

- 0 .5

4-90

1 .4

1 .8

1 .9

0 .8

0 .4

0 .5

- 2 .0

- 1 .6

- 2 .6

- 4 .0

- 5 .5

- 5 .4

- 6 .8

- 8 .1

- 8 .4

- 8 .6 - 1 5 .4 - 2 8 .6

0 .4

698.5

1-91

0 .5

0 .9

0 .9

- 0 .1

- 0 .6

- 0 .7

- 2 .9

- 2 .6

- 5 .7

- 5 .0

- 4 .5

-6 .5

- 7 .8

- 9 .0

- 9 .5

- 9 .9 - 1 4 .7 -2 1 .4 - 1 5 .5

6 7 5 .4E

2 -86

5-86

4 -8 6

1-87

2-87

5-87

4-87

1-88

2-88

5-88

4-88

1-89

2-89

5-89

4-89

1-90

2-90

759.7

5-90

4-90

INITIAL Q ARTER
U
E- ESTIMATED
PREPARED BY FEDERAL RESERVE BAN OF ST. LOUIS
K
APRIL 26» 1991

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

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 )

TERMINAL
Q
UARTER
2 -86

5-86

4-86

1-87

2-87

5-87

4-87

1-88

INITIAL Q ARTER
U
ANNUAL RATES
2-88 5-88 4-88 1-89

BILLIONS OF
DOLLARS
2-89

5-89

4-89

1-90

5-86

- 1 0 .5

4-86

-8 .5

-6 .2

1-87

0 .5

6 .4

2 0 .6

2-87

2 .6

7 .5

14.8

2 .9

6 .5

11.1

6 .6

4 .1

4-87

6 .6

10 .5

1 4.9

15.0

14.9

2 6.9

1-88

4 .9

7 .7

1 0.7

8 .5

8 .0

10.1

- 4 .6

2-88

4 .8

7 .1

9 .5

7 .4

7 .0

8 .0

- 0 .4

5 .9

5-88

5 .4

7 .5

9 .7

7 .9

7 .7

8 .6

5 .1

7 .2

4-88

5 .5

4 .9

6 .4

4 .5

5 .7

5 .6

- 1 .5

- 0 .4

1-89

4 .1

5 .6

7 .0

5 .5

4 .9

5 .1

1 .2

2 .7

2 .5

- 1 .7

5 .8

5 .2

6 .4

5 .0

4 .5

4 .5

1.2

2 .4

2 .0

- 0 .7

6 .7

1.2 •

5-89

5 .7

4 .9

6 .0

4 .7

4 .2

4 .2

1.5

2 .5

1 .9

- 0 .1

5 .0

1 .5

1.8

4-89

2 .9

4 .0

4 .8

5 .5

5 .0

2 .8

0 .2

0 .9

0 .4

- 1 .5

1 .9

-1 .5

- 2 .8

- 7 .1

1-90

2 .5

5 .5

4 .1

2 .8

2 .5

2 .1

- 0 .4

0 .2

- 0 .4

- 2 .1

0 .5

- 2 .5

- 5 .4

- 5 .9

- 4 .7

2-90

2 .2

5 .1

5 .8

2 .6

2 .1

1.9

- 0 .5

0.1

- 0 .5

- 1 .8

0 .4

-1 .8

- 2 .6

- 4 .0

- 2 .4

4-90

12.5

2-89

5-90

9 .2

5-87

2-90

625.1

0 .0

615.2
644.7
659.1
665.7
706.6
698.4
705.1
10.5

725.0

- 2 .5 -1 4 .0

696.2
717.0
719.1
722.5
709.1
700.7
700.7

5-90

1 .9

2 .8

5 .4

2 .5

1.7

1.5

- 0 .5

- 0 .1

- 0 .5

- 1 .8

0.1

-1 .9

- 2 .5

- 5 .5

- 2 .5

- 1 .1

4-90

0 .5

1 .2

1 .6

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 .5 -2 1 .4

1-91

-0 .4

0 .2

0 .6

- 0 .6

- 1 .2

-1 .6

- 5 .5

- 5 .4

- 4 .0

- 5 .5

- 4 .5

-6 .2

- 7 .5

- 8 .7

- 9 .0 - 1 0 .1 -1 5 .2 -1 8 .2 -1 5 .0

2 -8 6

5-86

4-86

1-87

2-87

5-87

4-87

1-88

2-88

5-88

4-88

1-89

2-89

5-89

4-89

1-90

- 2 .1

2 -90

697.0

5-90

656.5
6 5 0 .2E

4-90

IN IT IA L QUARTER
E- ESTIMATED




PREPARED BY FEDERAL RESERVE BANK OF ST . LOUIS
A PRIL 26» 1991

16

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 A naaal Rates o f Change)
TERMINAL
QUARTER
2-86
5-86

4.6

5-86

4-86

1-87

2-87

5-87

4-8?

1-88

2-88

4-88

3-88

1-89

3-89

2-89

4-89

1-90

2-90

5-90

BILLIO N S OF
DOLLARS
ANNUAL RATES
4-90

5 .2

4-86

IN IT IA L QUARTER

880.3
4.0

888.9

1-87

5.4

5*6

7.2

2-87

4.8

4 .6

5*0

2.8

5-87

5.4

5*5

6.0

5.4

8.1

4-87

5.5

5*6

6*0

5.6

7.8

5.9

1-88

4*6

4.5

4.7

4*0

4.4

2.7

-0*5

2-88

4.8

4 .8

4.9

4.5

4 .9

5.9

2.9

6.5

5-88

4 .2

4*1

4.1

5.6

5.8

2.7

1*7

2*8

4-88

5.8

5*8

6.1

5*9

6*4

6.1

6.2

8.5

20.8

1-89

5.5

5.6

5.8

5 .6

6.0

5.7

5*6

7.2

11.8

5.4

2-89

5.6

5*6

5.8

5.6

6*0

5 .7

5.6

6.9

9.7

4.6

904.5
910.7
928.5
942.0
940.9
955.4
953.8

-0.7

1*000.0
1*008.5
1*022.7

5.8

5-89

5.5

5.5

5.4

5.2

5.5

5.2

5*1

6.1

6.0

7.8

5.7

3.9

2
.0

4-89

5.4

5.4

5.5

5.5

5*6

5.5

5*2

6.1

6.0

7.4

4.5

4.6

4.1

6.2

1-90

5.7

5 .7

5*9

5.8

6*0

5 .8

5*8

6.6

6.7

8.0

5.6

6.1

6.2

8 .4

10.7

6.6

2-90

5.7

5*8

5*9

5.8

6*1

5 .9

5.9

6.6

5-90

5*8

5.8

5.9

5.8

6.1

5 .9

5.9

6.6

4-90

6*1

6*1

6.5

«*2

6.4

6.3

6.3

7*0

1-91

5.9

5.9

6.0

6.0

6.2

6.0

6.1

4-86

1-87

2-87

5-87

4-87

2-86

3- 9 6

1*027.8
1*045.5
1*070.1
1*086.4

7.7

5.7

6.1

6.2

7.7

8*4

6*2

7.5

5.8

6.1

6.2

7.5

7.7

6.2

6.2

7.1

7.9

6.4

6.9

7.1

8.1

8 .6

7.9

8 .7

11.4

6.6

6.6

7.4

6.0

6.3

6.4

7.2

7.4

6.6

6.7

6.9

2 .6

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*102.8
1*152.9
1.140.2E

IN IT IA L QUARTER
E- ESTIMATED
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
APRIL 26. 1591

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

1982 D O L L A R S

(C o m p o u n d e d A m n t l R a t e s o f C h a n g e )

r a w INAL
QUARTER
2-86

BILLIO N S OF
DOLLARS
ANNUAL RATES

IN IT IA L QUARTER
3-86

4-86

3-86
4-86

3*9
2*5

2 .8

1.1

0.7

-1.7

3-87

2.0

1*9

4-87

2 .6

2.7

1-88

0.8

0.6

2-88

l.l

1.0

5-87

4-87

1-88

2-88

5-88

4-88

1-89

2-89

3-89

4-89

1-90

2-90

5-90

4-90

-0.2

2-87

2-87

5.8

1-87

1-87

2.1

745.2
776.0
775.7
-5*2

769.5

1.1

5.5

779.8

2 .7

5*7

6.0

-0.4

0.5

-1.9

-9.2

0.3

-0.4

1.2

-0.2

-5.2

3.5

791.5
772.4
778*7

5-88

0 .6

8*4

-0*4

-0.4

0 .2

- l.l

-3.4

-0.3

-3*S

4-88

2.0

2.0

1.5

1.8

2.6

2.1

1.1

4 .8

5.5

15*7

1-89

1.5

1.4

1.0

1.1

1.7

1.1

0.2

2.7

2 .5

5.8

-5.5

2-89

1*7

1.7

1.5

1.4

2.0

1.5

0*8

3.0

2*9

5.2

0.3

4.0

771.2
799.9
795.2
801.0

3-89

1.4

1.3

0.9

1.0

1.5

1.0

0.4

2.0

1*8

3*2

-0.6

0.8

-2.4

4-89

1.5

1*5

1.1

1.2

1.7

1.5

0.7

2.2

2.0

3.2

0.3

1.5

0.3

3.1

0.8

1.9

1.2

3.0

2.9

2.4

4 .0

4.5

796.2
3 .0

802.2

1-90

1.4

1.6

1.2

1.4

1.8

1.4

0.9

2.3

2.1

2-90

1.9

1*9

1.6

1.7

2*1

1.9

1*4

2.7

2.6

3.6

1.7

2.7

3-90

1.8

1.8

1.6

1.7

2.1

1.8

1*4

2.6

2.5

5.5

1.6

2.5

2.2

3.3

3.4

5.7

1.2

4-90

2.0

2 .0

1.8

1.9

2.5

2.0

1.7

2.8

2.7

5.4

2.0

2.8

2.6

3.6

5.8

4.0

5.0

4.7

1-91

1.8

1.8

1.6

2.0

1.7

1.4

2.3

2*2

2.9

1.5

2.1

1.9

2.6

2.5

2.4

1.2

1.2

-2.5

2-86

5-86

1-87

2-87

5-87* 4-87

1-88

2-88

3-88

4-88

1-89

2-89

3-89

4-89

1-90

2-90

5-90

4-90

4-86

807.9
6*2

820.2
822.7
852.5
827.5E

IN IT IA L QUARTER
E- ESTIMATED




PREPARED BY FEDERAL RESERVE BANK OF ST. LO UIS
A PR IL 26* 1991

17

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 R ates of Change)
TERMINAL
QUARTER
2-86

IN IT IA L QUARTER
3-86

4-86

1-87

2-87

5-87

4-87

1-88

2-88

5-88

4-88

1-89

2-89

5-89

4-89

1-90

2-90

5-90

BILLIO N S OF
DOLLARS
ANNUAL RATES
4-90

5-86
4-86

5 .8

1-87

( .0

5 .5
7 .8

10.4

2-87

4 .0

4 .5

4 .1

- 1 .8

5-87

5 .4

4 .2

4 .5

4 .6

11.4

4-87

6 .5

7 .5

7 .8

7 .0

11.4

11.9

5»159.8
5»125.7
5*211.1
5 »50 2 .5

1-88

6 .9

7 .7

8 .2

7 .6

10.9

10.7

9 .6

2-88

7 .0

7 .6

8 .0

7 .6

10.0

9 .6

8 .5

7 .4

5-88

7 .5

7 .9

8 .5

7 .9

10.0

9 .6

8 .9

8 .6

9 .7

4-88

7 .2

7 .8

8 .1

7 .8

9 .4

9 .1

8 .4

8 .0

8 .5

6 .9

1-89

7 .4

8 .0

8 .5

8 .0

9 .1

8 .6

8 .4

8 .7

8 .2

9 .6

2-89

7 .1

7 .6

7 .8

7 .5

8 .4

7 .8

7 .5

7 .5

6 .8

4 .7

5*578.6
5*459.4
5*520.1
5*578.9
5*661.7
5 .9

5*697.5

5-89

7 .0

7 .4

7 .4

7 .5

8 .0

7 .4

7 .1

7 .0

6 .5

6 .2

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

6 .2

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 .8

6 .8

6 .2

6 .9

7 .9

2-90

6 .9

7 .2

7 .5

7 .1

7 .9

7 .4

7 .2

6 .9

6 .8

6 .4

6 .4

5 .7

6 .2

6 .5

6 .7

4 .0

5-90

6 .8

7 .0

7 .2

4 .9

7 .6

7 .5

6 .9

6 .7

6 .6

6 .2

6 .1

5 .5

5 .8

6 .0

6 .0

4 .2

4 .5

4 -90

6 .6

6 .8

6 .9

4 .7

7 .0

6 .4

6 .4

4 .2

5 .9

5 .7

5 .2

5 .4

5 .5

5 .5

5 .9

5 .9

5 .5

1-91

6 .5

6 .5

6 .6

6 .4

6 .9

6 .6

6 .2

5 .9

5 .8

5 .4

5 .5

4 .7

4 .9

4 .8

4 .5

5 .5

5.1

2 .4

1 .5

2 -8 4

5-86

4 -84

1-87

2-87

5-87

4-87

1-88

2-88

5-88

4-88

1-89

2-89

5-89

4-89

1-90

2 -90

5-90

4-90

5*745.4
5*799.6
9 .6

5*887.7
5*925.7
5*969.1
4*001.9
4 *0 1 6 .9E

INITIAL QUARTER
E- ESTIMATED
PREPARED BY FEDERAL RESERVE BANK OF ST.
APRIL 26* 1991

D IS P O S A B L E

P E R S O N A L IN C O M E

IN

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 )

TERMINAL
QUARTER
2 -8 4
5-86

-0 .2

4 -84

1-87

2-87

5-87

4-87

1-88

2-89

5-89

4-89

1-90

2 -90

5-90

4-90

- 1 .7

4 -8 6

5-84

BILLIONS OF
DOLLARS

INITIAL QUARTER
ANNUAL RATES
2-88 5-88 4-88 1-89

2*457.5
1 .4

2*644.2

1-87

1.1

2 .5

5 .4

2 -87

-0 .8

-0 .6

- 1 .5

-6 .5

5-87

0 .4

1 .2

1 .2

0 .0

4 .7

4 -87

1 .7

2 .4

2 .7

2 .4

7 .1

7 .5

1-88

2 .5

5 .2

5 .6

5 .4

7.1

7 .4

7 .5

2 -88

2 .5

5 .2

5 .5

5 .4

4 .0

5 .8

5 .0

2 .7

5-88

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

5 .4

2 .5

1-89

2 .9

5 .5

5 .6

5 .4

5 .1

4 .8

4 .5

5 .5

5 .8

5 .5

4 .2

2 -89

2 .5

2 .9

5 .1

5 .0

4 .5

5 .9

5 .5

2 .4

2 .5

1 .7

1 .5

-1 .2

5-89

2 .5

2 .9

5 .1

5 .0

4 .1

5 .8

5 .2

2 .4

2 .6

2 .0

1 .9

0 .8

2 .7

4-89

2 .5

2 .8

2 .9

2 .8

5 .8

5 .5

5 .0

2 .4

2 .4

1 .8

1 .7

0 .9

2 .0

1 .2

1-90

2 .5

2 .8

2 .9

2 .8

5 .7

5 .4

2 .9

2 .4

2 .4

2 .0

1.9

1 .5

2 .2

1 .9

2 .5

2-90

2 .5

2 .4

2 .7

2 .6

5 .4

5 .1

2 .7

2 .2

2.1

1 .7

1 .4

1.1

1 .7

1 .5

1 .4

0 .5

5-90

2 .1

2 .4

2 .5

2 .4

5 .1

2 .8

2 .4

1 .9

1.8

1.4

1 .5

0 .8

1 .2

0 .8

0 .7

-0 .2

-0 .7

4-90

1 .8

2 .0

2 .1

2 .0

2 .4

2 .5

1 .9

1 .4

1.5

0 .9

0 .7

0 .2

0 .4

- 0 .1

- 0 .4

-1 .5

- 2 .1

-5 .5

1-91

1 .4

1 .8

1 .8

1 .7

2 .5

2 .0

1.4

1.1

1.0

0 .4

0 .4

- 0 .1

0 .1

-0 .5

- 0 .4

-1 .4

- 1 .9

- 2 .6

-1 .4

2-86

5-86

4-86

1-87

2-87

5-87

4-87

1-88

2-88

5-88

4-88

1-89

2-89

5-89

4-89

1-90

2-90

5-90

4-90

2*669.5
2*626.5
2*669.2
2*717.9
2*765.9
2»784.4
2*818.0
2*855.9
2 *865.5
2 *854.9
2 *874.5
2*885.2
2 *900.9
2*902.8
2 *898.0
2 *872.4
2»860.5E

IN IT IA L QUARTER
E- ESTIMATED




PREPARED BY FEDERAL RESERVE BANK OF ST . LOUIS
A PR IL 26» 1991

18

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
(Compounded Annual Rates o f Change)
TERMINAL
QUARTER

IN IT IA L QUARTER
1-84

2-86

2-86

5 .4
9 .7

18.4

1-87

2-87

5-87

4-87

1-88

2-88

5-88

4-88

1-89

2-89

5-89

4-89

1-90

2-90

18.0

4-86

4-86

- 5 .9

5-86

5-86

BILLIO N S OF
DOLLARS
ANNUAL RATES
5-90
111.2
115.9

18.8

121.0

1-87

19.4

2 9 .5

35.3

54 .0

2-87

25 .0

51 .6

36.4

46.2

154.8
58.7

146.5

5-87

2 5.5

50.4

33.7

39.1

52.2

26 .0

4-87

21 .0

2 6 .2

2 7 .9

30.2

2 5 .2

16.0

6 .9

1-88

2 5.3

28.1

2 9 .9

52.2

2 7.5

25 .7

22 .6

40 .6

2-88

22.7

2 6 .8

2 8 .2

2 9 .8

25.4

22 .5

21.1

2 8 .9

18.1

5-88

21 .2

2 4 .6

2 5 .5

2 6 .5

2 2 .4

19.5

17.7

21 .6

15.1

8 .5

4-88

20.6

2 5 .7

24 .3

25 .0

2 1.5

18.7

17.2

2 0 .0

15.8

11.7

155.0
157.6
171.6
178.9

1-89

18.5

2 0 .7

2 1 .0

2 1.5

17.7

15.0

15.2

14.5

8 .8

5 .9

2-89

14.2

« .I

15.9

15.6

12.0

9 .0

6 .8

6 .7

1 .0

182.5
189.1

15.5

- 2 .9

- 5 .0

186.7

- 6 .5 - 1 5 .5 -2 4 .9

175.8

4 .7

5-89

11.2

12.6

12.2

11.6

8 .1

5 .1

2 .7

2 .2

- 5 .1

- 6 .9 - 1 0 .4 -1 7 .6 - 2 5 .2 - 2 1 .5

4-89

10.9

12.2

11.8

11.2

7 .9

5 .5

5 .2

2 .7

- 1 .8

- 4 .8

- 7 .2 -1 2 .1 - 1 4 .5

165.6

- 8 .4

6 .8

166.5

1-90

10.5

11.5

11.0

10.4

7.4

5 .0

5.1

2 .6

- 1 .5

- 5 .8

- 5 .7

- 9 .4 - 1 0 .5

- 5 .1

4 .5

1 .9

2 -90

9 .5

10*6

10.1

9 .5

6 .6

4 .5

2 .5

2 .1

- 1 .4

- 5 .6

- 5 .2

- 8 .5

- 8 .9

- 4 .4

2 .0

-0 .2

-2 .4

5-90

10.8

11.9

11.5

11.1

8 .5

6 .5

5 .0

4 .8

1.8

0.1

- 0 .9

- 5 .0

- 2 .6

2 .6

9 .7

10.6

15.5

56.1

4-90

10.0

11.0

10.6

10.1

7 .6

5 .7

4 .5

4 .1

1 .5

- 0 .3

- 1 .2

-5 .1

- 2 .8

1.5

6 .8

6 .8

8 .5

14.5

-4 .0

1-86

2 -86

3-86

4-86

1-87

2 -87

5-87

4-87

1-88

2-88

5-88

4-88

1-89

2-89

5-89

4 -8 9

1-90

2-90

5-90

167.1
166.1
179.4
177.6

INITIAL QU TER
AR

PREPARED BY FEDERAL RESERVE BANK OF ST* LOUIS
APRIL 26* 1991

H IS T O R IC A L

N A T IO N A L

E s t im
o f

N IP A

C u r r e n t
th e

a t e s

t a b le s

f o r
f o r

1 9 8 6 ,

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

D a ta

J u l y

f o r

1 9 8 7 ,

B u s in e s s ,

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
a n d

W e a lth

D e p a rtm e n t




T h e

f u r t h e r

o f

J u l y

a t io n

O F

A C C O U N TS

r e g u la r

p u b lis h e d
1 9 8 4 ,

198 8

In c o m e

(B E - 5 4 ),

C o m m e rce ,

th e

a r e

1 9 8 3 ,

S t a t i s t i c a l

in f o r m

in

PRO D UC T

E s tim a te s

N a t io n a l

D iv is io n

AND

SO U R C ES

1 98 5

a n d
f o r

a n d

J u l y
N IP A

P r o d u c t

D A TA

q u a r t e r ly

in

th e

a n d

1 9 8 6

1 9 8 9
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

p u b lis h e d
o f

th e

i n

C u r r e n t

1 9 2 9 - 8 2
o f

o f

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 ,

o f

D . C .

19

w r it e

E c o n o m ic
2 0 2 3 0 .

t o

th e

N a t io n a l

A n a ly s is ,

U . S .

In c o m e

INVENTORIES C O M P A R E D WITH M O N T H L Y SALES *
MANUFACTURING AND TRADE
SEASONALLY ADJUSTED
1.72

1.72

.6 8

1.68

,64

.64

1.60

1.60

1.56

1.56

.52

1.52

1.48

1.48

1.44

1.44
1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

SOURCE: U.S. DEPARTMENT OF COMMERCE
♦REVISED FROM 1982
SHADED AREAS REPR ESEN T PERIODS OF BUSINESS RECESSIONS.
LATEST DATA PLOTTED: FEBRUARY PRELIMINARY



20

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

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