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National Economic Trends
November 1988
The growth rate of the nation’s output slowed in the third quarter of this year, according to the advance estimate of
the national income and product accounts. Real GNP growth slowed to a 2.2 percent annual rate from the 4.2 percent
increase registered in the previous year. The table below shows the compounded rate of change for real GNP and selected
components for both the third quarter and the previous year.
Two components, business purchases of equipment and exports, played the dominant role in the rapid growth of real
GNP and its subsequent slowing. In the year ending in the second quarter, real exports rose 19.3 percent. During the
same period, producers’ durable equipment purchases rose 16.3 percent, a strong rebound from their stagnant performance
over the prior two and one-half years when they were adversely affected by the Tax Reform Act of 1986.
The growth of purchases of exports and producers’ durable equipment was relatively rapid in the third quarter, but
such growth was much slower than it had been in the previous year. While these two components account for less than
22 percent of real GNP, their rise in the third quarter accounted for 70 percent of the rise in real GNP. The rise in such
purchases had accounted for 80 percent of the rise in real GNP during the previous year. The slowdown in their growth
accounted for the decline in real GNP growth shown in the table; real GNP less exports and equipment purchases grew
at about a 1 percent rate in both periods.

Annual Growth Rates of Real GNP and Selected Components
n/1988 to m/1988
Real GNP
Exports
Producers’ durable equipment (PDE)
Personal consumption expenditures
Nonresidential structures
Residential investment
Government purchases

11/1987 to 11/1988

2.2%

4.2%

8.4
5.8
3.5
1.6
1.3
-1.4

19.3
16.3
2.5
3.4
-4 .0
1.5

0.9

1.0

Real GNP less exports and PDE

— John A. Tatom

THE
FEDERAL
RESERW:
RANK of
ST. IXH'IS


Views expressed do not necessarily reflect official positions of the Federal Reserve system.


TOTAL CIVILIAN EMPLOYMENT
(Compounded Annual Rates of Change)
TERMINAL
MONTH
2 -8 7
5-8 7

2 .5

4 -8 7

5 -8 7

6 -8 7

7 -8 7

8 -8 7

9 -8 7 1 0 -8 7 11-8 7 1 2 -8 7

1 -88

2 -8 8

5 -8 8

4 -8 8

5 -8 8

6 -8 8

7 -8 8

8 -8 8
1 1 1 ,4 5 5

1 .2

4 -8 7

THOUSANDS
OF PERSONS

MONTH
INITIAL 1
5 -8 7

1 1 1 ,8 0 6

5 .8

5 -8 7

5 .6

4 .8

5 .8

6 -8 7

2 .6

5 .1

2 .7

- 0 .4

5 .2

5 .0

1 .6

5 .7
4 .5

7 -87

2 .8

1 1 2 ,5 5 4
1 1 2 ,5 0 0
1 1 2 ,6 5 9

8 -8 7

5 .1

5 .5

5 .4

2 .6

4 .1

1 1 5 ,0 5 0

9 -8 7

2 .4

2 .6

2 .5

1 .4

2 .1

1 .2

- 1 .9

1 0-87

2 .5

2 .7

2 .5

1 .9

2 .5

2 .0

0 .9

5 .7

11-87

2 .6

2 .8

2 .6

2 .1

2 .6

2 .5

1 .6

5 .4

5 .2

12-87

2 .6

2 .7

2 .6

2 .2

2 .6

2 .4

1 .9

5 .1

2 .9

2 .6

1 1 2 ,8 7 2
1 1 5 ,2 1 0
1 1 5 ,5 0 4
1 1 5 ,7 4 4
1 1 4 ,1 2 9

1-88

2 .7

2 .9

2 .8

2 .4

2 .8

2 .7

2 .5

5 .4

5 .5

5 .5

4 .1

2 -8 8

2 .8

2 .9

2 .8

2 .5

2 .8

2 .7

2 .4

5 .5

5 .2

5 .2

5 .6

5 .0

5 -8 8

2 .5

2 .4

2 .2

1 .9

2 .1

2 .0

1 .6

2 .2

1 .9

1 .6

1 .5

- 0 .1

- 5 .2

4 -8 8

2 .6

2 .7

2 .6

2 .5

2 .6

2 .5

2 .2

2 .8

2 .7

2 .6

2 .6

2 .1

1 .6

5 -8 8

2 .0

2 .1

2 .0

1 .7

1 .8

1 .7

1 .4

1 .8

1 .5

1 .2

1 .0

0 .2

-0 .7

0 .5

- 5 .5

6 -8 8

2 .5

2 .5

2 .5

2 .2

2 .4

2 .5

2 .1

2 .5

2 .4

2 .5

2 .5

1 .9

1 .6

5 .2

1 .6

9 .0

7-88

2 .5

2 .4

2 .5

2 .1

2 .5

2 .1

1 .9

2 .5

2 .2

2 .1

2 .0

1 .6

1 .4

2 .5

1 .2

4 .6

0 .4

8 -8 8

2 .5

2 .5

2 .5

2 .0

2 .2

2 .1

1 .9

2 .2

2 .1

2 .0

1 .9

1 .6

1 .4

2 .5

1 .2

5 .5

0 .8

1 .5

9-8 8

2 .2

2 .5

2 .2

2 .0

2 .2

2 .0

1 .9

2 .2

2 .0

1 .9

1 .9

1 .6

1 .4

2 .2

1 .5

5 .0

1 .1

1 .4

1 .6

2 -8 7

5 -8 7

4 -8 7

5 -8 7

6 -8 7

7 -8 7

8 -8 7

9 -8 7 1 0 -8 7 1 1 -8 7 1 2 -8 7

1 -88

2 -8 8

5 -8 8

4 -8 8

5 -8 8

6 -8 8

7 -8 8

8 -8 8

1 1 4 ,4 0 9
1 1 4 ,1 0 5
6 .6

1 1 4 ,7 1 5
1 1 4 ,1 9 5
1 1 5 ,0 1 8
1 1 5 ,0 5 9
1 1 5 ,1 8 0
1 1 5 ,5 2 8

INITIAL MONTH

PREPARED BY FEDERAL RESERVE RANK OF ST. LOUIS
OCTOBER 7 . 1968

PAYROLL EMPLOYMENT
(Compounded Annual Rates of Change)
TERMINAL
MONTH
2 -8 7
5-8 7

5 .6

4 -8 7

5 -8 7

6 -8 7

7 -8 7

8 -8 7

INITIAL MONTH
OF PERSONS
9 -8 7 1 0 -8 7 1 1 -8 7 1 2 -8 7

THOUSANDS
1 -8 8

2 -8 8

5 -8 8

4 -8 8

5 -8 8

6 -8 8

7 -8 8

8 -8 8

2 .9

4 -8 7

5 -8 7

1 0 1 ,2 6 0
4 .5

1 0 1 ,6 1 5

5 -8 7

5 .5

5 .4

2 .6

6 -8 7

5 .2

5 .5

2 .8

5 .0

7-87

5 .4

5 .5

5 .2

5 .6

4 .2

8 -8 7

5 .5

5 .4

5 .2

5 .4

5 .5

2 .9

9 -8 7

5 .2

5 .5

5 .1

5 .2

5 .5

2 .8

1 0 1 ,8 2 9
1 0 2 ,0 7 8
1 0 2 ,4 5 0
1 0 2 ,6 7 2
2 .8

1 0 2 ,9 0 6

10-87

5 .5

5 .6

5 .5

5 .7

5 .8

5 .7

4 .2

5 .6

1 1-87

5 .5

5 .6

5 .5

5 .7

5 .8

5 .7

4 .0

4 .6

5 .6

1 2-87

5 .6

5 .6

5 .5

5 .7

5 .8

5 .7

5 .9

4 .5

5 .7

10 5 ,5 7 1
1 0 5 ,6 7 8
5 .8

10 4 ,0 0 1

1-88

5 .5

5 .6

5 .5

5 .6

5 .7

5 .6

5 .8

4 .0

5 .5

5 .4

5 .1

2 -8 8

5 .7

5 .7

5 .7

5 .8

5 .9

5 .9

4 .0

4 .5

4 .0

4 .1

4 .5

5 .5

5 -8 8

5 .7

5 .7

5 .7

5 .8

5 .9

5 .8

4 .0

4 .2

5 .9

5 .9

4 .0

4 .4

5 .4

4 -8 8

5 .6

5 .7

5 .6

5 .7

5 .8

5 .7

5 .8

4 .0

5 .7

5 .8

5 .7

4 .0

5 .2

5 .0

5 -8 8

5 .5

5 .6

5 .5

5 .6

5 .7

5 .6

5 .7

5 .8

5 .5

5 .5

5 .5

5 .6

2 .9

2 .7

2 .4

6 -8 8

5 .7

5 .8

5 .7

5 .8

5 .9

5 .9

4 .0

4 .1

5 .9

4 .0

4 .0

4 .2

5 .9

4 .0

4 .5

6 .7

7-8 8

5 .6

5 .7

5 .6

5 .7

5 .8

5 .7

5 .8

5 .9

5 .8

5 .8

5 .8

5 .9

5 .6

5 .6

5 .8

4 .5

2 .4

8 -8 8

5 .5

5 .6

5 .5

5 .6

5 .7

5 .6

5 .7

5 .8

5 .6

5 .6

5 .5

5 .6

5 .5

5 .5

5 .5

5 .7

2 .2

1 .9

9 -8 8

5 .5

5 .5

5 .5

5 .6

5 .6

5 .6

5 .6

5 .7

5 .5

5 .5

5 .5

5 .5

5 .2

5 .2

5 .5

5 .5

2 .4

2 .4

2 .9

2 -8 7

5 -8 7

4 -8 7

5 -8 7

6 -8 7

7 -8 7

8 -8 7

9 -8 7 1 0 -8 7 11-8 7 1 2 -8 7

1 -8 8

2 -8 8

5 -8 8

4 -8 8

5 -8 8

6 -8 8

7 -8 8

8 -8 8

1 0 4 ,2 6 2
1 0 4 ,7 2 9
1 0 5 ,0 2 0
1 0 5 ,2 8 1
1 0 5 ,4 8 9
1 0 6 ,0 5 7
10 6 ,2 7 1
106 »440P
106»695P

INITIAL MONTH
P- PRELIMINARY




PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

2

EMPLOYMENT
RAT I 0

SCALE

MILLIONS




OF

RAT I 0
PERSONS

SEASONALLY

MILLIONS

ADJ USTED

OF

SCALE

PERSONS

SOURCE: 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 0.32.
PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIODS INDICATED.
LATEST DATA PLOTTED. SEPTEMBER PRELIMINARY
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

UNEMPLOYMENT

1980

1981

1982

1983

1984

RATE

1985

1986

1987

1988

SOURCE: U.S. DEPARTMENT OF LABOR
PERCENT OF CIVILIAN LABOR FORCE
LATEST DATA PL OT TE D« SEPTEMBER
PREPARED

3

BY FE D E RA L

R ESERVE BANK OF

S T.

LO U IS

CONSUMER PRICE INDEX FOR ALL URBAN CONSUMERS
(Compounded Annual Rates of Change)
TERMINAL
MONTH
2 -8 7

INITIAL MONTH
3 -8 7

4 -8 7

5 -8 7

6 -8 7

7 -8 7

8 -8 7

9 -8 7 1 0 -8 7 1 1 -8 7 1 2 -8 7

1 9 8 2 -8 4 -1 0 0
1 -88

2 -8 8

3 -8 8

4 -8 8

5 -8 8

6 -8 8

7 -8 8

8 -8 8
1 1 2 .3

3 -8 7

5 .5

4 -8 7

5 .5

5 .5

5 -8 7

5 .1

4 .9

4 .3

6 -8 7

4 .6

4 .3

3 .8

3 .2

7-8 7

4 .3

4 .1

3 .6

3 .2

3 .2

1 1 2 .8
1 1 3 .2
1 1 3 .5
1 1 3 .8

8 -8 7

4 .5

4 .3

4 .0

3 .9

4 .3

4 .3

4 .1

3 .9

3 .8

3 .9

4 .3

1 1 4 .3

5 .4

9 -8 7

1 1 4 .6

3 .2

1 1 5 .0

10-87

4 .3

4 .2

3 .9

3 .9

4 .0

4 .3

3 .7

4 .3

11-87

4 .2

4 .0

3 .8

3 .7

3 .8

4 .0

3 .5

3 .7

3 .2

12-87

4 .0

3 .8

3 .6

3 .5

3 .6

3 .6

3 .2

3 .2

2 .6

2 .1

1-88

4 .0

3 .9

3 .7

3 .6

3 .7

3 .7

3 .4

3 .4

3 .2

3 .2

1 1 5 .3
1 1 5 .5
1 1 5 .9

4 .2

1 1 6 .1

2 -8 8

3 .8

3 .7

3 .5

3 .4

3 .5

3 .5

3 .2

3 .2

2 .9

2 .8

3 .2

2 .1

3 -8 8

4 .0

3 .9

3 .8

3 .7

3 .8

3 .8

3 .6

3 .7

3 .6

3 .7

4 .2

4 .2

6 .4

4 -8 8

4 .1

4 .0

3 .9

3 .9

3 .9

4 .0

3 .8

3 .9

3 .9

4 .0

4 .5

4 .6

5 .8

5 .3

5 -8 8

4 .1

4 .0

3 .9

3 .9

3 .9

4 .0

3 .9

4 .0

3 .9

4 .0

4 .4

4 .5

5 .3

4 .7

1 1 6 .7
1 1 7 .2
4 .2

1 1 7 .6

6 -8 8

4 .1

4 .0

3 .9

3 .9

4 .0

4 .0

3 .9

4 .0

3 .9

4 .0

4 .4

4 .4

5 .0

4 .5

4 .2

4 .2

7 -8 8

4 .2

4 .1

4 .0

4 .0

4 .1

4 .1

4 .0

4 .1

4 .1

4 .2

4 .5

4 .5

5 .0

4 .7

4 .5

4 .7

5 .2

1 1 8 .0
1 1 8 .5

8 -8 8

4 .2

4 .2

4 .1

4 .1

4 .1

4 .2

4 .1

4 .2

4 .2

4 .3

4 .6

4 .6

5 .1

4 .8

4 .7

4 .8

5 .2

5 .2

9 -8 8

4 .2

4 .2

4 .1

4 .1

4 .1

4 .2

4 .1

4 .2

4 .2

4 .3

4 .5

4 .6

4 .9

4 .7

4 .6

4 .7

4 .8

4 .6

4 .1

1 1 9 .0

2 -8 7

3 -8 7

4 -8 7

5 -8 7

6 -8 7

7 -8 7

8 -8 7

9 -8 7 1 0 -8 7 11-8 7 1 2 -8 7

1-88

2 -8 8

3 -8 8

4 -8 8

5 -8 8

6 -8 8

7 -8 8

8 -8 8

1 1 9 .4

INITIAL MONTH

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
OCTOBER 21* 1988

PRODUCER PRICE INDEX, FINISHED GOODS*
(Compounded Annual Rates of Change)
TERMINAL
MONTH
2 -8 7

INITIAL MONTH
3 -87

4 -8 7

5 -8 7

6 -8 7

7 -8 7

3 -8 7

5 .9
4 .7

4 .7

3 .8

3 .5

1 .7

3 .7

3 .5

2 .3

2 .3

3 .7

3 .5

2 .6

2 .7

3 .5

3 .8

3 .7

3 .0

3 .2

3 .8

4 .0

5 -8 8

6 -8 8

7 -8 8

8 -8 8

3 .5

9-8 7

4 -8 8

3 .5

8 -8 7

3 -8 8

1 .1

7-8 7

2 -8 8

2 .3

6 -8 7

1982 » 100
1-88

7 .1

5 -8 7

9 -8 7 1 0 -8 7 11-8 7 1 2 -8 7

4 .7

4 -8 7

8 -8 7

1 0 4 .5
1 0 5 .1
1 0 5 .3
1 0 5 .4
1 0 5 .7
1 0 6 .0
4 .6

1 0 6 .4

10-87

2 .9

2 .6

1 .9

1 .8

2 .0

1 .5

0 .6

- 3 .3

11-87

2 .7

2 .5

1 .8

1 .7

1 .8

1 .4

0 .8

- 1 .1

1 .1

12-87

2 .1

1 .8

1 .1

1 .0

1 .0

0 .5

- 0 .3

- 1 .9

- 1 .1

- 3 .3

1 -88

2 .2

2 .0

1 .4

1 .3

1 .3

0 .9

0 .5

- 0 .6

0 .4

0 .0

3 .5

2 -8 8

1 .8

1 .6

1 .0

0 .9

0 .9

0 .5

0 .0

0
1

- 0 .3

- 0 .8

0 .6

- 2 .2

3 -8 8

2 .2

2 .0

1 .6

1 .5

1 .5

1 .3

1 .0

0 .4

1 .1

1.1

2 .7

2 .3

7 .0

4 -8 8

2 .4

2 .2

1 .8

1 .8

1 .8

1 .6

1 .4

1 .0

1 .7

1 .8

3 .1

3 .0

5 .8

4 .6

5 -8 8

2 .5

2 .4

2 .0

2 .0

2 .1

1 .9

1 .8

1 .4

2 .1

2 .3

3 .4

3 .4

5 .4

4 .6

4 .6

6 -8 8

2 .7

2 .5

2 .2

2 .2

2 .3

2 .2

2 .0

1 .8

2 .4

2 .6

3 .6

3 .7

5 .2

4 .6

4 .6

4 .6

7 -8 8

2 .8

2 .7

2 .4

2 .4

2 .5

2 .5

2 .4

2 .1

2 .8

3 .0

3 .9

4 .0

5 .3

4 .9

4 .9

5 .1

5 .7

8 -8 8

3 .1

3 .0

2 .7

2 .7

2 .8

2 .8

2 .7

2 .6

3 .2

3 .4

4 .3

4 .4

5 .5

5 .3

5 .4

5 .7

6 .3

6 .9

9 -8 8

3 .1

3 .0

2 .8

2 .8

2 .9

2 .9

2 .9

2 .7

3 .3

3 .5

4 .3

4 .4

5 .4

5 .1

5 .2

5 .4

5 .7

5 .7

4 .5

2 -8 7

3 -8 7

4 -8 7

5 -8 7

6 -8 7

7 -8 7

8 -8 7

9 -8 7 1 0 -8 7 1 1 -8 7 1 2 -8 7

1 -88

2 -8 8

3 -8 8

4 -8 8

5 -8 8

6 -8 8

7 -8 8

8 -8 8

1 0 6 .1
1 0 6 .2
1 0 5 .9
1 0 6 .2
1 0 6 .0
1 0 6 .6
1 0 7 .0
1 0 7 .4
1 0 7 .8
1 0 8 .3
1 0 8 .9
1 0 9 .3

INITIAL MONTH
■DATA FOR FOUR MONTHS AGO REVISED TO REFLECT LATE REPORTING




PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
OCTOBER 14, 1988

4




RATI O

PRICES

SCALE

1982-100

C O N S « * * P R IC E S D A T A ARE ON A 1 0 9 2 - 8 4 - 1 0 0 B A SE
C P I - 0 D A TA B E C IM M IN C 1 9 9 3 I ^C O R P O R A T E A R E N T A L
P E JtC E N T AC E S ARE A K N iA L
LA TES T

RATIO

D A TA

PLO TTEO .

E 0 0 IV A 1 E N C E

R A T E S OF C H A N C E FO R P E R 10 0 $

M EA SU R E

FO R H O M E O W N E R S H IP

SEPTEM BER

PRODUCER

S CAL E

1982-100

R C S iR V l »A N *

PRICES

PERCENTA GES

ARE A N NUA L

LATES T

PLOTTEDt

RATES

OF

CH AN C E F O *

P E R IO D S

OF

ST.

L O V IS

RAT 10 S C A L E
1982-100

SEASONALLY ADJUSTED

D A TA

CO STS.

IN D IC A T E D .

P R E P A R E ! ®Y F E D E R A L

ratio

SCAL E

1982-100

SEASONALLY ADJUSTED

IN D IC A TE D .

SEPTEMBER
PREPARED

5

BY F E D E R A L

RESERVE

BA NK OF S T .

LOO IS

PRODUCER PRICE INDEX, FINISHED CONSUMER FOODS*
(Compounded Annual Rales of Change)
TERMINAL
MONTH
2 -8 7
5-87

1982 * 100

INITIAL MONTH
5 -8 7

4 -8 7

5 -8 7

6 -8 7

7 -8 7

8 -8 7

9 -8 7 1 0 -8 7 1 1 -8 7 1 2 -8 7

1 -8 8

2 -8 8

5 -8 8

4 -8 8

5 -8 8

6 -8 8

7 -8 8

8 -8 8
1 0 8 .2

0 .0

1 0 9 .6

4 -8 7

8 .0

1 6 .7

5 -8 7

1 0 .0

1 5 .5

6-8 7

7 .1

9 .6

6 .2

- 1 .1

7-87

4 .7

5 .9

2 .6

-2 .7

-4 .5

8 -8 7

2 .4

2 .9

- 0 .5

- 4 .6

-6 .5

- 8 .4

1 .5

-1 .6

-1 .8

- 0 .5

7 .9

- 1 .9

-2 .2

-1 .4

2 .2

-5 .2

-0 .8

1 .8

- 1 .1

-5 .7

-2 .4

- 5 .7

9-8 7
10-87
11-87

5 .2
2 .4
2 .2

5 .7
2 .7

0 .5

1 0 9 .9
1 1 0 .0

- 1 .4
- 5 .4

-5 .8

-0 .4

- 0 .5

0 .4

2 .2

0 .8

2 .2

2 .8

- 1 .8

-1 .9

- 1 .5

- 0 .4

- 1 .9

- 1 .6

- 2 .5
0 .5

6 .0

- 1 .6

1 0 .5

1 .5

5 .6

0 .4

7 .4

0 .4

0 .5

2 .5

2 .6

1 .1

1 .7

1 1 0 .2

0 .6

1-88

5-8 8

1 0 9 .5

2 .5

12-87

1 .0

1 1 0 .7
1 1 0 .5

-1 .5

-1 .4

2 -8 8

1 1 0 .8

1 4 .0

1 .1
1 .8

-0 .5
0 .6

-0 .6

l-X

1 0 8 .6

- 6 .9 - 1 4 .2

-0 .6

- 0 .1

1 .1

0 .0

0 .7

0 .4

1 .5

0 .6

1 .5

1 1 0 .5

2 5 .1

1 0 9 .5

5 .9 - 1 2 . 5

1 1 0 .2
1 1 0 .6

4 .4

4 -8 8

1 .9

2 .0

0 .9

- 0 .2

-0 .1

5 -8 8

2 .4

2 .5

1 .5

0 .5

0 .7

1 .2

2 .5

1 .6

2 .4

2 .6

6 .5

2 .5

7 .9

6 .7

9 .0

6-8 8

5 .1

1 .8

2 .4

5 .5

5 .0

5 .8

4 .2

7 .7

4 .8

9 .6

9 .4

1 1 .9

1 4 .9

5 .7

5 .5

4 .0

4 .4

7 .4

4 .9

8 .8

8 .4

9 .7

1 0 .1

5 .5

2 .4

1 .6

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

5 .5

7-88

5 .2

5 .4

2 .6

1 .9

2 .1

2 .6

8 -8 8

5 .4

5 .6

2 .8

2 .1

2 .5

2 .8

5 .8

5 .5

4 .2

4 .5

7 .1

5 .0

8 .2

7 .8

8 .6

8 .5

5 .4

5 .4

4 .7

4 .4

5 .2

S .6

8 .1

6 .5

9 .5

9 .1

1 0 .0

1 0 .5

8 .8

1 0 .5

1 5 .8

8 -8 7

9 -8 7 1 0 -8 7 1 1 -8 7 1 2 -8 7

1 -8 8

2 -8 8

5 -8 8

4 -8 8

5 -8 8

6 -8 8

7 -8 8

8 -8 8

4 .0

4 .2

5 .5

2 .9

5 .2

2 -8 7

9-8 8

5 .7

5 -8 7

4 -8 7

5 -8 7

6 -8 7

7 -8 7

1 1 5 .7
1 1 5 .1

INITIAL MONTH
•DATA FOR FOUR MONTHS AGO REVISED TO REFLECT LATE REPORTING
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
OCTOBER 14 * 1968

PRODUCER PRICE INDEX, FINISHED GOODS, EXCLUDING FOODS*
(Compounded Annual Rates of Change)
TERMINAL
MONTH
2 -8 7

INITIAL MONTH
5 -8 7

4 -8 7

5 -8 7

6 -8 7

7 -8 7

8 -8 7

9 -8 7 10 -8 7 1 1 -8 7 1 2 -8 7

1982 - 100
1 -8 8

2 -8 8

5 -8 8

4 -8 8

5 -8 8

6 -8 8

7 -8 8

8 -8 8
1 0 5 .5

5-87

7 .2

4 -8 7

5 .4

5 .5

5 -8 7

5 .2

1 .2

-1 .2

6-8 7

2 .7

1 .2

0 .0

1 .2

7-8 7

5 .5

2 .6

2 .5

4 .1

7 .2

8 -8 7

4 .1

5 .5

5 .5

5 .1

7 .2

7 .1

9-87

4 .2

5 .7

5 .7

5 .0

6 .5

5 .9

1 0 5 .6
1 0 5 .5
1 0 5 .6
1 0 4 .2
1 0 4 .8
4 .7

1 0 5 .2

10-87

5 .2

2 .7

2 .5

5 .5

5 .8

2 .7

0 .6

- 5 .4

11-87

2 .9

2 .5

2 .2

2 .7

5 .0

2 .0

0 .4

- 1 .7

0 .0

1 0 4 .9

12-87

2 .6

2 .1

1 .9

2 .5

2 .5

1 .6

0 .5

- 1 .1

0 .0

0 .0

1 0 4 .9
1 0 4 .9

1-88

2 .2

1 .7

1 .5

1 .9

2 .0

1 .2

0 .0

-1 .1

- 0 .4

- 0 .6

- 1 .1

2 -8 8

2 .1

1 .7

1 .5

1 .8

1 .9

1 .2

0 .2

- 0 .7

0 .0

0 .0

0 .0

1 .2

1 0 4 .8

5-88

2 .5

1 .9

1 .8

2 .1

2 .2

1 .6

0 .8

0 .2

CU*

1 .1

1 .5

2 .9

4 .7

1 0 4 .9
1 0 5 .5

4 -8 8

2 .6

2 .2

2 .1

2 .4

2 .6

2 .1

1 .4

1 .0

1 .7

2 .1

2 .6

5 .9

5 .5

5 .8

5 -8 8

2 .6

2 .5

2 .2

2 .5

2 .6

2 .2

1 .7

1 .5

2 .0

2 .5

2 .8

5 .8

4 .7

4 .6

5 .5

6-8 8

2 .5

2 .2

2 .1

2 .4

2 .5

2 .1

1 .6

1 .5

1 .9

2 .1

2 .5

5 .2

5 .8

5 .5

2 .5

1 .1

7-8 8

2 .7

2 .5

2 .4

2 .6

2 .8

2 .4

2 .0

1 .7

2 .5

2 .6

5 .0

5 .7

4 .2

4 .0

5 .4

5 .4

8 -8 8

5 .0

2 .7

2 .7

2 .9

5 .1

2 .7

2 .4

2 .2

2 .8

5 .1

5 .5

4 .1

4 .6

4 .6

4 .5

4 .6

6 .4

7 .0

9 -«

2 .9

2 .6

2 .6

2 .8

2 .9

2 .6

2 .5

2 .1

2 .6

2 .9

5 .2

5 .7

4 .1

4 .0

5 .7

5 .7

4 .6

4 .0

1 .1

2 -8 7

5 -8 7

4 -8 7

5 -8 7

6 -8 7

7 -8 7

8 -8 7

9 -8 7 1 0 -8 7 1 1 -8 7 1 2 -8 7

1 -8 8

2 -8 8

5 -8 8

4 -8 8

5 -8 8

6 -8 8

7 -8 8

8 -8 8

1 0 5 .8
1 0 6 .1
1 0 6 .2
5 .8

1 0 6 .7
1 0 7 .5
1 0 7 .4

INITIAL MONTH
■DATA FOR FOUR MONTHS AGO REVISED TO REFLECT LATE REPORTING




PREPARED BY FEDERAL RESERVE BANK OF ST. LCKJIS
OCTOBER 14» 1988

6

INDUSTRIAL
RATIO

PRODUCTION

SCALE

RATIO

1977-100

1980

1977-100

SEASONALLY ADJUSTED

1981

1982

1983

1984

SCALE

1985

1986

1987

1988

PERCENT AOES ARE ANNUAL RATES Of CHANCE FOR PERIODS INDICATED.
LATEST DATA PLOTTEDt SEPTEIttER PRELIMINARY
PREPARED BY FEDERAL RESERVE BAHK OF ST. LOUIS

INDUSTRIAL PRODUCTION
(Compounded AaouaJ Rates of Chaage)
TERMINAL
MONTH
2 -8 7

INITIAL MONTH
5 -8 7

4 -8 7

5 -8 7

6 -8 7

5 -8 7

1 .4
5 .5

5 .8

4 .8

5 .4

8 .5

4 .7

7 .7

1 0 .4

1 1 .8

6 .6

7 .5

9 .2

9 .7

1 0 .2

6 .9

5 -8 8

4 -8 8

5 -8 8

6 -8 8

7 -8 8

8 -8 8

1 4 .9

8 -8 7

2 -8 8

8 .8

7 -8 7

1977 * 100
1-8 8

7 .8

4— 7
6

9-8 7 10 -8 7 1 1-87 1 2 -8 7

0 .0

5 -8 7

8 -8 7

2 .9

4 -8 7

7 -8 7

1 2 7 .4
1 2 7 .4
1 2 8 .2

*—
87

5 .5

5 .7

10 -87

6 .4

7 .0

11 -87

6 .4

6 .9

7 .9

1 2-87

6 .5

6 .9

7 .7

7 .7

1 -88

6 .5

6 .6

7 .4

7 .5

2 -8 8

5 .7

6 .0

6 .6

6 .5

5 -8 8

5 .5

5 .7

6 .5

4 -8 8

5 .6

5 .8

5 -8 8

5 .6

5 .8

4 -8 8

5 .5

7 -8 8

6 .0

8 -8 8
* -8 8

12 9 .1
1 5 0 .6
1 5 1 .2

5 .7

1 5 1 .0

6 .7

6 .0

1 .9

- 1 .8

8 .2

8 .1

5 .9

6 .1

1 4 .6

8 .0

7 .8

6 .1

6 .2

1 0 .5

7 .6

6 .2

6 .5

9 .2

6 .5

6 .5

7 .1

5 .9

6 .0

8 .0

5 .9

5 .5

4 .6

6 .2

5 .0

4 .9

6 .5

4 .4

5 .7

2 .5

0 .0

6 .1

5 .8

4 .7

4 .6

5 .7

4 .0

5 .4

2 .4

1 .5

6 .5

6 .1

5 .9

4 .9

4 .8

5 .8

4 .4

4 .0

5 .4

5 .0

4 .5

6 .4

6 .5

6 .2

5 .9

5 .1

5 .0

5 .9

4 .7

4 .4

4 .0

5 .8

5 .2

4 .4

5 .7

6 .1

6 .0

5 .7

4 .9

4 .9

5 .6

4 .6

4 .5

5 .9

5 .8

4 .8

5 .5

5 .0

5 .6

6 .2

6 .7

6 .6

6 .4

5 .7

5 .8

6 .5

5 .7

5 .6

5 .4

5 .6

6 .7

7 .8

8 .2

9 .1

1 5 .0

5 .8

6 .0

6 .4

6 .5

6 .1

5 .4

5 .4

6 .1

5 .5

5 .1

5 .0

4 .4

6 .6

8 .2

1 .8

5 .5

5 .6

6 .0

5 .9

5 .7

5 .0

5 .0

5 .6

4 .6

4 .4

0 .9

0 .0

2 -8 7

5 -8 7

4 -8 7

5—
87

6 -8 7

7 -8 7

8 -8 7

9 -8 7 10 -8 7 11 -8 7 12 -8 7

7 -8 8

8 -8 8

1 5 2 .5
6 .5

4 .8

1 5 5 .2
1 5 5 .9
1 5 4 .4

5 .0

1 5 4 .4
1 5 4 .7

2 .7

1 5 5 .4
4 .4

1 5 6 .1
1 5 6 .5

5 .9

4 .5

4 .4

5 .0

5 .4

5 .2

4 .9

5 .4

1 -8 8

2 -8 8

5 -8 8

4 -8 8

5 -8 8

6 -8 8

1 5 8 .1
1 5 8 .5P
1 58. SP

INITIAL MONTH
P- PRELIMINARY




PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
OCTOBER 14» 1*88

7

PERSONAL
RATIO

SCALE

TRILLIONS

1980

monthly

OF

DOLLARS

1981

totals

INCOME
at

SEASONALLY

1982

1983

annual

1984

RATIO

rates

TRILLIONS

ADJUSTED

1985

1986

OF

1987

SCALE

DOLLARS

1988

SOURCEi U.S. DEPARTMENT OF C O M K R C E
PERCENTAGES ARE ANNUAL RATES OF CHANCE FOR PERIODS INDICATED.
LATEST DATA PLOTTED» SEPTEMBER PRELIMINARY
PREPARED BY FEDERAL RESERVE BANK OF 8T. LOUIS

PERSONAL INCOME
(Compounded Annual Rates of Change)
TERMINAL
MONTH
2 -8 7
5-8 7

5 -8 7

4 -8 7

5 -8 7

6 -8 7

7 -8 7

8 -8 7

INITIAL MONTH
ANNUAL RATES
9 -8 7 1 0-87 1 1 -8 7 12-8 7

6 .7

2 -8 8

1-88

BILLIONS OF
DOLLARS
5 -8 8

4 -8 8

5 -8 8

6 -8 8

7 -8 8

8 -8 8

5 ,7 0 5 .4

4—
87

7 .0

7 .2

5-8 7

5 .9

5 .5

5 .7

5 ,7 2 5 .0

6-8 7

5 .5

4 .8

5 .6

5 .5

7-87

6 .5

6 .2

5 .9

7 .0

8 -8 7

6 .6

6 .5

7 .4

9 .4

8 .5

9 -8 7

6 .5

6 .4

6 .5

6 .9

8 .1

6 .9

5 .5

5 ,7 5 6 .5
5 ,7 4 7 .1
1 0 .6

3 ,7 7 8 .6
3 ,8 0 5 .7
5 ,8 2 0 .8

10-87

8 .8

9 .1

9 .5

1 0 .6

1 2 .5

1 5 .2

1 5 .7

2 6 .8

11-87

7 .5

7 .4

7 .4

8 .1

9 .0

8 .6

8 .7

1 0 .4

- 4 .0

12-87

8 .4

8 .6

8 .7

9 .5

1 0 .5

1 0 .5

1 1 .1

1 5 .0

6 .6

1 8 .5

1 -88

7 .1

7 .1

7 .1

7 .5

8 .1

7 .7

7 .6

8 .1

2 .5

6 .0

2 -8 8

7 .1

7 .2

7 .2

7 .6

8 .1

7 .7

7 .7

8 .1

5 .9

6 .6

1 .2

7 .9

5-8 8

7 .6

7 .6

7 .7

8 .1

8 .6

8 .5

8 .4

8 .8

5 .5

8 .1

4 .8

1 0 .2

1 2 .6

4 -8 8

7 .5

7 .4

7 .4

7 .8

8 .2

7 .9

7 .9

8 .2

5 .4

7 .4

4 .8

8 .5

8 .5

4 .6

5 -8 8

7 .5

7 .5

7 .5

7 .6

8 .0

7 .8

7 .7

8 .0

5 .5

7 .2

5 .1

7 .8

7 .8

5*5

6 .5

6-8 8

7 .5

7 .5

7 .5

7 .6

7 .9

7 .7

7 .7

7 .9

5 .7

7 .2

5 .4

7 .7

7 .7

6 .1

6 .8

5 ,8 9 7 .2
3 ,8 8 4 .1
5 ,9 5 9 .0
- 5 .1

5 ,9 2 1 .8
5 ,9 4 6 .7
5 ,9 8 5 .9
4 ,0 0 1 .0
4 ,0 2 1 .4
7 .2

4 ,0 4 4 .9

7-88

7 .5

7 .4

7 .4

7 .6

8 .0

7 .7

7 .7

7 .9

6 .0

7 .5

5 .8

7 .8

7 .7

6 .6

7 .2

7 .7

8 .1

8 -8 8

7 .1

7 .1

7 .1

7 .4

7 .6

7 .4

7 .4

7 .5

5 .8

6 .9

5 .5

7 .2

7 .0

6 .0

6 .5

6 .5

5 .8

5 .6

9—
88

7 .1

7 .1

7 .1

7 .5

7 .5

7 .5

7 .2

7 .4

5 .8

6 .8

5 .6

7 .0

6 .9

6 .0

6 .2

6 .2

5 .9

4 .8

6 .0

2 -8 7

5 -8 7

4 -8 7

5 -8 7

6 -8 7

7 -8 7

8 -8 7

9 -8 7 1 0 -8 7 1 1 -8 7 1 2 -8 7

1 -88

2 -8 8

5 -8 8

4 -8 8

5 -8 8

6 -8 8

7 -8 8

8 -8 8

4 , 0 7 1 .5
4 ,(» 5 .4
4 , 1 0 3 . 3P

INITIAL MONTH
P- PRELIMINARY




PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
OCTOBER 27, 198«

8

RETAIL
RATIO

SALES

SCALE

BILLIONS

1980

RATIO

OF

DOLLARS

1981

S EASONALLY

1982

1983

BILLIONS

ADJ USTED

1984

1985

1986

OF

1987

SCALE

DOLLARS

1988

SOURCE» U.S. DEPARTMENT OF COMMERCE
PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIODS INDICATED.
LATEST DATA PLOTTED» AUGUST, SEPTEMBER ADVANCE ESTIMATE
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

RETAIL SALES
(Compounded Annual Rates of Change)
TERMINAL
MONTH
2 -8 7

5-8 7

4 -8 7

5 -8 7

6 -8 7

7 -8 7

8 -8 7

INITIAL MONTH
DOLLARS
9 -8 7 10-8 7 1 1 -8 7 1 2 -8 7

MILLIONS OF
1 -88

2 -8 8

5 -8 8

4 -8 8

6 -8 8

5 -8 8

7 -8 8

8 -8 8
125 , 680

5 -8 7

5 .8

4 -8 7

6 .6

9 .4

5 -8 7

5 .0

5 .5

1 .8

6 -8 7

7 .9

9 .5

9 .5

1 7 .2

7 -8 7

7 .6

8 .6

8 .5

1 1 .7

6 .5

8 -8 7

1 0 .2

1 1 .6

1 2 .1

1 5 .8

1 5 .0

9— 7
8

6 .8

7 .5

6 .9

8 .2

5 .5

10 -8 7

4 .5

4 .4

5 .6

5 .9

0 .8

11 -8 7

4 .5

4 .4

5 .7

4 .0

1 .5

0 .5

1 2 4 »609
1 2 4 ,7 9 7
1 2 6 ,4 6 1
1 2 7 ,1 2 2
2 4 .5

1 2 9 ,4 4 8

4 .8 - 1 1 .7

1 2 8 ,1 1 0

- 1 .0 -1 1 .6 - 1 1 .5
- 6 .6

1 2 6 ,8 0 8

- 4 .0

4 .2

1 2 7 ,2 4 8

12 -8 7

5 .2

5 .4

4 .9

5 .5

5 .4

2 .8

- 1 .9

1 .6

8 .9

1 5 .7

1-8 8

4 .9

5 .0

4 .5

4 .8

5 .1

2 .6

- 1 .5

1 .6

6 .5

7 .4

1 .4

2 -8 8

5 .5

5 .7

5 .5

5 .7

4 .4

4 .1

1 .0

5 .8

8 .0

9 .5

7 .2

1 5 .4

5 -8 8

6 .7

6 .9

6 .7

7 .2

6 .2

6 .1

5 .8

6 .6

1 0 .6

1 2 .5

1 1 .8

1 7 .4

21..6

4 -8 8

5 .8

6 .0

5 .7

6 .1

5 .0

4 .8

2 .6

4 .9

7 .9

8 .6

7 .4

9 .5

7,. 6

-4 .8

5 -8 8

6 .1

6 .5

6 .1

6 .4

5 .5

5 .4

5 .5

5 .6

8 .5

9 .0

8 .1

9 .8

9,.6

2 .6

1 0 .7

6 -8 8

6 .2

6 .4

6 .2

6 .5

5 .7

5 .6

5 .9

5 .8

8 .2

8 .7

7 .9

9 .5

8 ,.5

4 .2

9 .0

7 .5

7 -8 8

6 .2

6 .4

6 .2

6 .5

5 .7

5 .7

4 .1

5 .9

8 .0

8 .5

7 .8

8 .8

8 .►
0

4 .8

8 .2

7 .0

6 .7

8 -8 8

5 .8

5 .9

5 .7

6 .0

5 .2

5 .1

5 .7

5 .2

7 .0

7 .5

6 .6

7 .5

6,.5

5 .5

5 .7

4 .1

2 .6

- 1 .4

9 -8 8

5 .2

5 .5

5 .1

5 .5

4 .5

4 .4

5 .0

4 .5

5 .9

6 .1

5 .5

5 .8

4,.7

2 .1

5 .6

1 .9

0 .1

- 5 .0

-4 .5

2 -8 7

5 -8 7

4 -8 7

5 -8 7

6 -8 7

7 -8 7

8 -8 7

9 -8 7 10 -8 7 11 -8 7 1 2 -8 7

1 -88

2 -8 8

5 -8 8

4 -8 8

5 -8 8

6 -8 8

7 -8 8

8 -8 8

1 2 8 ,6 1 5
1 2 8 ,7 6 9
1 5 0 ,1 2 1
1 5 2 ,2 5 9
1 5 1 ,7 1 7
1 5 2 ,8 5 5
1 5 5 ,6 1 7
1 5 4 ,5 4 2
1 5 4 ,180P
1 5 5 ,6 6 IE

INITIAL MONTH
P - PRELIMINARY
E - ESTIMATED




PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
OCTOBER 14. 1988

9

HOURLY COMPENSATION, BUSINESS SECTOR
(Compounded Annual Rates of Change)
TERMINAL
QUARTER
4 -8 5

INITIAL QUARTER
1-84

2 -8 4

5 -8 4

4 -8 4

1-8 5

2 -8 5

5 -8 5

4 -8 5

1 -8 6

2 -8 6

1 9 7 7 -1 0 0
5 -8 6

4 -8 6

1 -8 7

2 -8 7

5 -8 7

4 -8 7

1 -88

2 -8 8
1 6 5 .8

1-84

5 .5

2 -8 4

4 .1

2 .7

1 6 6 .9
1 6 8 .7

5 -8 4

4 .2

5 .5

4 .4

4 -8 4

4 .1

5 .6

4 .1

5 .8

1-8 5

4 .5

4 .0

4 .5

4 .6

5 .5

2 -8 5

4 .5

4 .0

4 .4

4 .4

4 .6

1 7 0 .5
1 7 2 .5
1 7 4 .2

4 0

1 7 6 .4

5 -8 5

4 .4

4 .2

4 .5

4 .6

4 .8

4 6

5 .1

4 -8 5

4 .5

4 .4

4 .7

4 .8

5 .0

4 9

5 .4

5 .6

1-86

4 .4

4 .5

4 .5

4 .6

4 .7

4 6

4 .8

4 .6

2 -8 6

4 .4

4 .2

4 .4

4 .4

4 .5

4 4

4 .5

4 .5

5 .6

5 .6

5 -8 6

4 .4

4 .5

4 .4

4 .4

4 .5

4 4

4 .5

4 .5

5 .9

4 .0

4 .5

4 -8 6

4 .4

4 .5

4 .5

4 .5

4 .6

4 5

4 .5

4 .4

4 .1

4 .5

4 .7

1 7 8 .8
1 8 0 .4

5 .6

1 8 2 .0
1 8 4 .0
1 8 6 .2

4 .9

1 -87

4 .5

4 .1

4 .5

4 .5

4 .5

4 2

4 .2

4 .1

5 .8

5 .8

5 .9

5 .6

2 .4

2 -8 7

4 .2

4 .1

4 .2

4 .2

4 .5

4 1

4 .2

4 .0

5 .8

5 .8

5 .8

5 .6

5 .0

5 .7

1 8 7 .5
1 8 9 .0

5 -8 7

4 .2

4 .1

4 .5

4 .2

4 .5

4 2

4 .2

4 .1

5 .9

5 .9

4 .0

5 .9

5 .5

4 .1

4 .5

4 -8 7

4 .4

4 .5

4 .4

4 .4

4 .4

4 4

4 .4

4 .5

4 .2

4 .2

4 .5

4 .5

4 .2

4 .8

5 .4

6 .2

1-88

4 .5

4 .2

4 .4

4 .5

4 .4

4 5

4 .5

4 .5

4 .1

4 .2

4 .5

4 .2

4 .1

4 .5

4 .8

5 .0

5 .8

2 -8 8

4 .5

4 .5

4 .4

4 .4

4 .4

4 5

4 .4

4 .5

4 .2

4 .2

4 .5

4 .5

4 .2

4 .6

4 .8

4 .9

4 .5

4 .8

5 -8 8

4 .4

4 .4

4 .5

4 .5

4 .5

4 5

4 .5

4 .4

4 .5

4 .4

4 .5

4 .5

4 .4

4 .8

5 .0

5 .1

4 .8

5 .5

5 .8

4 -8 5

1-84

2 -8 4

5 -8 4

4 -8 4

1 -8 5

2 -8 5

5 -8 5

4 -8 5

1 -8 6

2 -8 6

5 -8 6

4 -8 6

1 -8 7

2 -8 7

5 -8 7

4 -8 7

1-88

2 -8 8

1 9 1 .1
1 9 4 .0
1 9 5 .8
1 9 8 .1
2 0 0 . 9P

INITIAL WÄRTER
P - PRELIMINARY
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
NOVEMBER 2 , 1988

OUTPUT PER HOUR OF ALL PERSONS, BUSINESS SECTOR
(Compounded Annual Rates of Change)
TERMINAL
QUARTER
4 -8 5

INITIAL QUARTER
1-84

2 -8 4

5 -8 4

4 -8 4

1-84

5 .7
2 .5

0 .8

2 .1

1 .0

0 .6

2 .5

1 .5

1 .4

2 .5

2 .4

1 .8

1 .8

2 .5

5 .0

2 -8 6

1 9 7 7 -1 0 0
5 -8 6

4 -8 6

1 -8 7

2 -8 7

5 -8 7

4 -8 7

1 -8 8

2 -8 8

5 .1

2 -8 5

1 -8 6

1 .5

1-85

4 -8 5

- 0 .4

4 -8 4

5 -8 5

1 .9

5-8 4

2 -8 5

5 .5

2 -8 4

1-85

1 0 5 .1
1 0 5 .6
1 0 5 .5
1 0 5 .9
1 0 6 .7
5 .0

1 0 7 .5

5 -8 5

2 .5

2 .0

2 .0

2 .7

5 .0

5 .0

5 .0

4 -8 5

2 .5

1 .8

1 .8

2 .5

2 .5

2 .5

1 .9

0 .7

1 -86

2 .9

2 .5

2 .6

5 .1

5 .5

5 .6

5 .7

4 .1

7 .6

2 -8 6

2 .5

2 .2

2 .2

2 .6

2 .8

2 .8

2 .7

2 .6

5 .5

- 0 .4

5 -8 6

2 .2

1 .8

1 .8

2 .2

2 .1

1 .9

1 .6

1 .8

- 0 .9

- 1 .4

4 -8 6

1 .9

1 .6

1 .6

2 .1
i
1 .8

1 .8

1 .6

1 .4

l.l

1 .2

- 0 .8

- 1 .1

- 0 .7

1 0 8 .5
1 0 8 .5
1 1 0 .5
1 1 0 .4
1 1 0 .0
1 0 9 .8

1-87

1 .8

1 .5

1 .5

1 .6

1 .7

1 .5

1 .5

1 .0

1 .0

- 0 .5

- 0 .6

- 0 .2

0 .4

2 -8 7

1 .9

1 .6

1 .6

1 .7

1 .8

1 .6

1 .4

1 .2

1 .5

0 .1

0 .2

0 .7

1 .5

2 .6

5 -8 7

2 .0

1 .8

1 .7

1 .9

2 .0

1 .8

1 .7

1 .6

1 .7

0 .7

0 .9

1 .5

2 .5

5 .5

4 -8 7

1 .9

1 .7

1 .6

1 .8

1 .8

1 .7

1 .6

1 .4

1 .5

0 .7

0 .8

1 .5

1 .8

2 .5

2 .2

0 .4

1-88

2 .0

1 .8

1 .8

1 .9

2 .0

1 .9

1 .8

1 .6

1 .7

1 .0

1 .2

1 .7

2 .2

2 .6

2 .7

2 .0

5 .6

2 -8 8

1 .7

1 .5

1 .4

1 .6

1 .6

1 .4

1 .5

1 .2

1 .2

0 .5

0 .6

0 .9

1 .2

1 .4

1 .1

0 .1

0 .0

- 5 .5

5 -8 8

1 .7

1 .4

1 .4

1 .5

1 .5

1 .4

1 .5

1 .2

1 .2

0 .6

0 .7

1 .0

1 .2

1 .5

1 .1

0 .4

0 .4

- 1 .2

1 .1

4 -8 5

1-84

2 -8 4

5 -8 4

4 -8 4

1 -8 5

2 -8 5

5 -8 5

4 -8 5

1 -8 6

2 -8 6

3 -8 6

4 -8 6

1 -8 7

2 -8 7

5 -8 7

4 -8 7

1 -8 8

2 -8 8

1 0 9 .9
1 1 0 .6
4 .0

1 1 1 .7
1 1 1 .8
1 1 2 .8
1 1 1 .8
1 1 2 .IP

INITIAL QUARTER
P- PRELIMINARY




PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
NOVEMBER 2» 1988

10

PRODUCTIVITY, COMPENSATION, AND LABOR COSTS
RAT I 0 SCAL E
1977-100

1980

SEASONALLY

1 9 81

1982

1983

RAT I 0 SCA L E
1977-100

ADJUSTED

1984

1985

1986
S OURCE t

PERCENTAGES

ARE A N NUA L

LA T ES T

PLOTTED.

D A TA

RA TES

OF

3 R D Q UA R T E R

CHANGE

FOR P E R I O D S

1987

U.S.

1988

DEPARTMENT

of

labor

ST.

LOUIS

IN D IC A T E D .

PRELIM INA RY
P R E P A R E D BY F E D E R A 1

RESERVE

BANK

OF

UNIT LABOR COSTS, BUSINESS SECTOR
(Compounded Annual Rales of Change)
TERMINAL
QUARTER
4 -8 5

INITIAL QUARTER
1-8 4

2 -8 4

5 -8 4

1-84

0 .4
1 .9

2 .7

2 .0

2 .5

5 .6

2 .0

2 .4

5 .0

2 .1

4 -8 5

1-86

2 -8 6

1 9 7 7 -1 0 0
5 -8 6

4—
86

1 -87

2 -8 7

5 -8 7

4 -8 7

1 -8 8

2 -8 8

2 .5

1-85

5 -8 5

4 .9

4 -8 4

2 -8 5

0 .5

5-8 4

1-85

0 .5

2 -8 4

4 -8 4

1 5 7 .8
1 5 8 .0
1 5 9 .9
1 6 0 .8
2 .0

1 6 1 .6

2 -8 5

1 .8

2 .1

2 .5

1 .8

1 .5

1 .0

5 -8 5

1 .9

2 .2

2 .5

1 .9

1 .8

1 .7

2 .5

4 -8 5

2 .2

2 .5

2 .8

2 .4

2 .5

2 .6

5 .5

4 .5

1 6 2 .0
1 6 5 .0
1 6 4 .8

1-86

1 .6

1 .7

1 .9

1 .4

1 .2

1 .1

l.l

0 .4

- 5 .6

2 -8 6

1 .8

2 .0

2 .2

1 .8

1 .7

1 .6

1 .8

1 .6

0 .1

4 .0

5 -8 6

2 .2

2 .4

2 .6

2 .5

2 .5

2 .5

2 .6

2 .6

2 .0

5 .0

6 .0

4 -8 6

2 .5

2 .7

2 .9

2 .7

2 .7

2 .8

5 .1

5 .2

2 .9

5 .2

5 .8

5 .6

1-87

2 .4

2 .6

2 .8

2 .6

2 .6

2 .7

5 .0

5 .0

2 .8

4 .4

4 .6

5 .9

2 .1

2 -8 7

2 .5

2 .5

2 .6

2 .4

2 .4

2 .5

2 .7

2 .7

2 .4

5 .7

5 .6

2 .8

1 .4

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

1 7 0 .8

5 -8 7

2 .2

2 .5

2 .5

2 .5

2 .5

2 .5

2 .5

2 .5

2 .2

5 .2

5 .0

2 .5

1 .2

0 .7

0 .7

4 -8 7

2 .4

2 .6

2 .7

2 .5

2 .6

2 .6

2 .8

2 .8

2 .6

5 .5

5 .4

5 .0

2 .5

2 .4

5 .2

5 .7

1-88

2 .5

2 .4

2 .5

2 .4

2 .4

2 .4

2 .5

2 .5

5 .1

2 .9

2 .5

1 .8

1 .8

2 .1

2 .8

0 .0

2 -8 8

2 .6

2 .8

2 .9

2 .8

2 .8

2 .9

2 .9

5 .7

5 .6

5 .5

2 .9

5 .1

5 .7

4 .7

4 .2

8 .6

5 -8 8

2 .7

2 .9

5 .0

2 .9

2 .9

5 .0

5 .2

5 .2

5 .1

5 .8

5 .8

5 .5

5 .2

5 .4

5 .9

4 .7

4 .4

6 .7

4 .8

4 -8 5

1-8 4

2 -8 4

5 -8 4

4 -8 4

1-8 5

2 -8 5

5 -8 5

4 -8 5

1—
86

2 -8 6

5 -8 6

4 -8 6

1 -87

2 -8 7

5 -8 7

4 -8 7

1 -8 8

2 -8 8

2 .5
5 .0

5 .1

1 7 1 .1
1 7 5 .5
1 7 5 .5
1 7 7 .1
1 7 9 .2P

INITIAL QUARTER
P- PRELIMINARY




PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
NOVEMBER 2, 1988

11

GROSS NATIONAL PRODUCT IN CURRENT DOLLARS
(Coapoutded Annual Rates of Change)
TERMINAL
QUARTER

BILLIONS CF
DOLLARS
ANNUAL RATES

INITIAL QUARTER
4 -8 5

1-84

2 -8 4

5 -8 4

4—
84

1-85

2 -8 5

5-8 5

4 -8 5

1 -8 6

1-84
2 -8 4

1 2 .1
1 0 .0

7 .4

8 .6

6 .5

5 .5

8 .5

6 .8

6 .1

6 .5

8 .0

6 .6

6 .0

6 .0

6 .7

7 .8

6 .6

6 .2

6 .5

6 .8

6 .5

7 .6

6 .6

6 .2

6 .5

6 .6

6 .2

6 .6

7 .6

6 .7

6 .5

6 .4

6 .8

6 .5

6 .8

6 .7

7 .2

2 -8 6

7 .1

6 .2

5 .9

5 .9

6 .1

5 .7

5 .7

5 .5

4 .9

2 -8 8

6 .2

1-86

1 -8 8

7 .0

4 -8 5

4 -8 7

5 .6

5 -8 5

5 -8 7

2 -8 7

7 .9

2 -8 5

1 -8 7

4 .7

1-85

4 -8 6

5 .8

4 -8 4

5 -8 6

8 .9

5 -8 4

2 -8 6

1 5 .4

2 .6

5 * 6 7 4 .9
5 * 7 5 4 .2
5 * 8 0 7 .9
5 * 8 5 1 .8
5 ,9 2 5 .6
5 * 9 7 9 .0
4 * 0 4 7 .0
4 * 1 0 7 .9
4 * 1 8 0 .4
4 * 2 0 7 .6

5 -8 6

7 .0

6 .2

5 .9

5 .9

6 .0

5 .7

5 .8

5 .5

5 .2

4 .5

5 .9

4 -8 6

6 .7

5 .9

5 .6

5 .6

5 .7

5 .4

5 .4

5 .1

4 .8

4 .0

4 .7

5 .4

1 -87

6 .8

6 .1

5 .9

5 .9

6 .0

5 .8

5 .8

5 .6

5 .5

5 .1

5 .9

5 .9

2 -8 7

6 .9

6 .5

6 .1

6 .1

6 .5

6 .1

6 .2

6 .0

6 .0

5 .8

6 .6

6 .8

8 .5

8 .7

5 -8 7

7 .0

6 .4

6 .2

6 .5

6 .4

6 .2

6 .5

6 .2

6 .5

6 .1

6 .8

7 .0

8 .2

8 .2

7 .7

4 -8 7

7 .1

6 .6

6 .4

6 .4

6 .6

6 .5

6 .5

6 .5

6 .5

6 .4

7 .1

7 .5

8 .5

8 .5

8 .1

8 .6

4 * 2 6 8 .4
4 * 5 0 4 .6
8 .4

4 * 5 9 1 .8
4 * 4 8 4 .2
4 * 5 6 8 .0
4 * 6 6 2 .8

1 -88

7 .0

6 .5

6 .5

6 .4

6 .5

6 .4

6 .4

6 .4

6 .4

6 .5

6 .8

7 .0

7 .7

7 .6

7 .2

7 .0

5 .4

2 -8 8

7 .1

6 .6

6 .5

6 .5

6 .6

6 .5

6 .6

6 .6

6 .6

6 .6

7 .1

7 .2

7 .9

7 .8

7 .6

7 .5

7 .0

8 .7

4 * 7 2 4 .5

5 -8 8

7 .0

6 .6

6 .5

6 .5

6 .6

6 .5

6 .6

6 .6

6 .6

6 .6

7 .0

7 .1

7 .7

7 .6

7 .5

7 .5

6 .8

7 .5

6 .4

4 -8 5

1-84

2 -8 4

5 -8 4

4 -8 4

1-85

2 -8 5

5-8 5

4 -8 5

1-8 6

2 -8 6

5 -8 6

4— 6
8

1 -8 7

2 -8 7

5 -8 7

4 -8 7

1 -8 8

2 -8 8

4 * 8 2 5 .8
4 * 8 9 9 .5E

INITIAL QUARTER
E- ESTIMATED
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
OCTOBER 26* 1988

GROSS NATIONAL PRODUCT IN 1982 DOLLARS
(Compounded Annual Rates of Change)
TERMINAL
QUARTER
4 -8 5

1-84

2 -8 4

5 -8 4

1 -84

8 .1
6 .2

4 .0

5 .1

5 .2

2 .1

5-8 5

4 -8 6

1 .7

1 -8 7

2 -8 7

5 -8 7

4 -8 7

1 -8 8

2 -8 8

2 .6

4 -8 4

2 -8 5

5 .5

5 -8 4

1-85

BILLIONS OF
DOLLARS

1 0 .7

2 -8 4

4 -8 4

INITIAL QUARTER
ANNUAL RATES
4 -8 5
1— 6 2 -8 6
8
5 -8 6

5 * 4 5 1 .7
5 * 4 9 8 .0
5 * 5 2 0 .6
5 * 5 5 5 .2

1 -8 5

5 .0

5 .6

5 .0

5 .5

4 .9

2 -8 5

4 .6

5 .4

2 .9

3 .0

5 .7

2 .4

5 -8 5

4 .5

5 .5

5 .1

5 .5

5 .8

5 .5

4 .1

4 -8 5

4 .5

5 .4

5 .1

5 .2

3 .6

5 .2

5 .5

5 .0

1-86

4 .5

5 .8

5 .6

5 .7

4 .1

4 .0

4 .5

4 .6

6 .4

2 -8 6

4 .0

3 .5

5 .0

5 .1

3 .5

5 .0

5 .1

2 .8

2 .7

- 0 .8

5 -8 6

5 .7

5 .1

2 .8

2 .8

5 .0

2 .7

2 .7

2 .4

2 .2

0 .1

4 -8 6

5 .5

2 .9

2 .7

2 .7

2 .8

2 .5

2 .5

2 .2

2 .0

0 .6

1 .2

1 .4

1-87

5 .6

5 .0

2 .8

2 .8

5 .0

2 .7

2 .8

2 .6

2 .5

1 .5

2 .5

5 .0

4 .6

2 -8 7

5 .7

3 .2

5 .0

5 .0

5 .2

5 .0

5 .1

2 .9

2 .9

2 .2

5 .0

5 .7

4 .8

5 .0

5 -8 7

5 .8

5 .5

5 .1

5 .2

5 .5

5 .1

5 .2

5 .1

5 .1

2 .6

5 .5

5 .9

4 .7

4 .7

4 .5

4 -8 7

5 .9

5 .5

5 .5

5 .4

5 .5

5 .4

5 .5

5 .4

5 .5

5 .1

3 .8

4 .5

5 .0

5 .2

5 .5

6 .1

5 * 5 7 7 .5
5 * 5 9 9 .2
5 * 6 5 5 .8
5 * 6 6 2 .4
5 * 7 1 9 .5
5 * 7 1 1 .6
1 .0

5 * 7 2 1 .5
5 * 7 5 4 .7
5 * 7 7 6 .7
5 * 8 2 5 .0
5 * 8 6 5 .5
5 * 9 2 5 .0

1-88

5 .9

5 .5

5 .5

5 .4

5 .5

5 .4

5 .5

5 .4

5 .5

5 .1

5 .7

4 .2

4 .7

4 .8

4 .7

4 .8

5 .4

2 -8 8

5 .8

5 .4

5 .5

5 .4

5 .5

5 .4

5 .5

5 .4

5 .4

5 .1

5 .6

4 .0

4 .4

4 .4

4 .2

4 .2

5 .2

5 .0

5 -88

5 .7

5 .4

5 .2

5 .5

5 .4

5 .5

5 .4

5 .5

5 .5

5 .0

5 .5

5 .8

4 .1

4 .0

5 .8

5 .7

2 .9

2 .6

2 .2

4 -8 5

1-8 4

2 -8 4

5 -8 4

4 -8 4

1-85

2 -8 5

5-85

4 -8 5

1 -8 6

2 -8 6

5 -8 6

4 -8 6

1 -8 7

2 -8 7

5 -8 7

4 -8 7

1-8 8

2 -8 8

5 * 9 5 6 .1
5 * 9 8 5 .2
4 * 0 0 7 .5E

INITIAL QUARTER
E- ESTIMATED




PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
OCTOBER 26* 1988

12

GROSS N A T I O N A L PRODUCT
R A T I O SCALE
Q UART ERL Y T OT AL S AT ANNUAL R A T E S
R A T I O SCALE
T R I L L I O N S OF D O L L A R S
S E AS O NA L L Y A D J U S T E D
T R I L L I O N S OF D O L L A R S
2

1980

1981

1982

1983

1984

1985
SOURCE*

PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIO DS
LA TEST DATA PLOTTED«




1986
U .S .

1987

1988

DEPARTMENT OF COMMERCE

IN D IC A T E D .

3RD QUARTER ADVANCE ESTIM A TE
PREPARED BY FEDERAL RESERVE BANK OF S T .

13

L O U IS

GENERAL
RATIO

PRICE

INDEX*

SCALE

RATIO

1982-100

SCALE

1982-100
130
125
120

1 15
1 10

105

100

95

90

85

80
1980

1981

1982

1983

1984

1985

«AS USED IN NATIONAL INCOME ACCOUNTS

1986

1987

1988

SOURCE. U.S. DEPARTMENT OF COMMERCE

PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIODS INDICATED.
LATEST DATA PLOTTED. 3RD QUARTER ADVANCE ESTIMATE
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

IMPLICIT PRICE DEFLATOR FOR GROSS NATIONAL PRODUCT
(Compounded Annual Rates of Change)
TERMINAL
QUARTER
4 -8 3

INITIAL QUARTER
1 -8 4

2 -8 4

3 -8 4

4 -8 4

1-85

2 -8 5

3 -8 5

4 -8 5

1 -8 6

2 -8 6

1*82 « 100
3 -8 6

4 -8 6

1 -8 7

2 -8 7

3 -8 7

4 -8 7

1 -8 8

2 -8 8
1 0 6 .5

1 -8 4

4 .2

2 -8 4

3 .6

3 .0

3 -8 4

3 .6

3 .2

3 .4

4 -8 4

3 .4

3 .1

3 .2

1 0 7 .3
1 0 8 .2
3 .0

1 0 9 .0
1 0 9 .7

1 -8 5

3 .3

3 .0

3 .0

2 .8

2 .6

2 -8 5

3 .3

3 .1

3 .1

3 .0

3 .0

3 .3

3 -8 5

3 .2

3 .0

3 .0

2 .9

2 .8

2 .9

2 .6

4 -8 5

3 .2

3 .0

3 .0

2 .9

2 .9

3 .1

2 .9

3 .3

1-86

2 .9

2 .7

2 .7

2 .6

2 .2

2 .0

2 -8 6

3 .0

2 .8

2 .8

2 .7

2 .7

2 .5

2 .5

2 .2

3 .6

3 -8 6

3 .1

3 .0

3 .0

3 .0

3 .0

3 .0

3 .0

3 .1

3 .0

4 .1

4 .7

4 -8 6

3 .0

2 .9

2 .9

2 .9

2 .8

2 .9

2 .8

2 .9

2 .8

3 .5

3 .4

2 .1

1-8 7

3 .1

3 .0

2 .9

3 .0

3 .5

3 .4

2 .8

3 .5

1 1 6 .3

2 -8 7

3 .1

3 .0

3 .0

3 .0

3 .0

3 .0

3 .0

3 .0

3 .0

3 .5

3 .4

3 .0

3 .5

3 .5

1 1 7 .3

3 -8 7

3 .1

3 .0

3 .0

3 .0

3 .0

3 .0

3 .0

3 .1

3 .0

3 .4

3 .4

3 .1

3 .4

3 .3

3 .1

4 -8 7

3 .1

3 .0

3 .0

2 .9

2 .9

3 .0

3 .2

2 .9

3 .1

3 .0

2 .7

2 .4

1 -88

3 .0

2 .9

2 .9

2 .9

2 .8

2 .9

2 .8

2 .8

2 .8

3 .1

3 .0

2 .7

2 .8

2 .7

2 .4

2 .0

1 .7

2 -8 8

3 .1

3 .0

3 .0

3 .0

3 .0

3 .1

3 .0

3 .1

3 .1

3 .3

3 .3

3 .1

3 .3

3 .2

3 .2

3 .2

3 .6

3 -8 8

3 .2

3 .1

3 .1

3 .1

3 .1

3 .2

3 .1

3 .2

3 .2

3 .4

3 .4

3 .3

3 .4

3 .4

3 .4

3 .5

3 .8

4 .9

4 .4

4 -8 3

1 -8 4

2 -8 4

3 -8 4

4—
84

1-85

2 -8 5

3-8 5

4 -8 5

1 -8 6

2 -8 6

3 -8 6

4 -8 6

1 -8 7

2 -8 7

3 -8 7

4 -8 7

1 -8 8

2 -8 8

3 .0

2 .9

2 .5

2 .9

2 .9

2 .5
2 .7

3 .0

3 .0

1 1 0 .6
1 1 1 .3
1 1 2 .2
1 1 2 .4

0 .7

2 .9

2 .9

1 1 3 .4

3 .3

1 1 4 .7
1 1 5 .3

1 1 8 .2
1 1 8 .9
1 1 9 .4
1 2 1 .0

5 .5

1 2 2 .3E

INITIAL QUARTER
E- ESTIMATED




PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
OCTOBER 26, 1*88

14

PERSONAL CONSUMPTION EXPENDITURES IN CURRENT DOLLARS
(Compounded Annual Rates of Change)
TERMINAL
QUARTER
4 -8 5

BILLIONS OF
DOLLARS
ANNUAL RATES

INITIAL QUARTER
1-84

1-84
2 -8 4

8 .9
7 .8

7 .7

5 -8 4

4 -8 4

1-85

2 -8 5

5 -8 5

4 -8 5

1-86

2 -8 6

4 -8 6

5 -8 6

5 -8 7

2 -8 7

1 -8 7

4 -8 7

1-8 8

2 -8 8

9 .8

5-8 4

2 -8 4

8 .1

2 »5 6 1 .1
2 »41 7 .0

4 -8 4

7 .7

7 .5

6 .4

7 .2

1-85

8 .2

8 .2

7 .7

8 .7

2 -8 5

8 .0

00
©

2 » 4 5 0 .5

7 .5

5 -8 5

8 .5

8 .5

8 .0

4 -8 5

0»
o

5 .6

2 » 4 9 5 .4

8 .0

7 .7

8 .1

8 .5

1-86

7 .7

7 .7

7 .4

7 .7

7 .8

2 -8 6

7 .5

7 .4

7 .1

7 .5

5 -8 6

7 .7

7 .7

7 .5

7 .7

4 -8 6

7 .5

7 .4

7 .2

7 .4

7 .4

7 .0

7 .0

6 .4

6 .5

1-87

7 .4

7 .4

7 .1

7 .5

7 .5

6 .9

6 .9

6 .4

6 .5

1 0 .2

2 .5 5 4 . 9

8 .2

8 .7

7 .1

2 .5 9 9 .5

8 .6

9 .1

8 .5

9 .9

2 .6 6 1 .4

7 .7

7 .9

6 .0

2 » 7 0 0 .4

7 .2

7 .2

5 .9

5 .8

7 .5

6 .7

6 .6

5 .6

5 .4

4 .9

7 .8

7 .4

7 .4

6 .8

7 .1

7 .7

2 »7 5 9 .0
2 »7 7 2 .1
1 0 .6

2 » 8 4 2 .8

6 .7

7 .6

4 .8

2 » 8 7 6 .0

6 .7

7 .5

5 .6

2 -8 7

7 .6

5 -8 7

7 .7

4 -8 7

7 .4

7 .5

7 .1

7 .5

7 .5

7 .0

7 .0

6 .7

6 .7

6 .9

1-88

7 .5

7 .5

7 .1

7 .2

7 .2

7 .0

7 .0

6 .7

6 .8

6 .9

7 .6
7 .7

7 .4
7 .5

7 .5
7 .7

7 .6
7 .7

7 .5
7 .5

7 .5
7 .5

6 .9
7 .2

7 .1
7 .4

2 »9 2 1 . 7

6 .5

2 »9 9 2 .2

8 .2

1 0 .0

7 .6

8 .5

9 .6

9 .1

7 .2

6 .5

7 .0

7 .1

5 .7

2 .4

7 .1

6 .6

7 .0

7 .1

6 .1

4 .6

6 .9

6 .8

6 .0

7 .8

8 .8

7 .9

7 .5
7 .6

7 .1

8 .2

5 » 0 5 8 .2
5 » 0 7 6 .5
5 » 1 2 8 .1
5 » 1 9 4 .6

2 -8 8

7 .4

7 .4

7 .2

7 .5

7 .5

7 .1

7 .1

6 .9

7 .0

7 .1

7 .4

6 .9

7 .5

7 .4

5 -8 8

7 .4

7 .4

7 .5

7 .4

7 .4

7 .2

7 .2

7 .0

7 .1

7 .2

7 .4

7 .0

7 .4

7 .5

7 .0

6 .5

7 .9

8 .5

8 .1

4 -8 5

1-84

2 -8 4

5 -8 4

4 -8 4

1-8 5

2 -8 5

5 -8 5

4 -8 5

1 -86

2 -8 6

5 -8 6

4 -8 6

1 -8 7

2 -8 7

5 -8 7

4 -8 7

1 -8 8

2 -8 8

5 » 2 5 7 . 6E

INITIAL QUARTER
E - ESTIMATED
PREPARED BY FEDERAL RESERVE BANK OF S T. LOUIS
OCTOBER 26 » 1988

PERSONAL CONSUMPTION EXPENDITURES IN 1982 DOLLARS
(Compounded Annoti Rates of Change)
TERMINAL
QUARTER
4 -8 5
1-84

BILLIONS OF
DOLLARS
ANNUAL RATES

INITIAL QUARTER
1-84

2 -8 4

5 -8 4

4 -8 4

1-85

2 -8 5

5 -8 5

4 -8 5

1-86

5 .7

5 -8 6

2 -8 6

4 -8 6

2 -8 7

1 -8 7

5 -8 7

4 -8 7

1 -8 8

2 -8 8

2 » 2 1 2 .1

2 -8 4

5 .1

6 .4

3 -8 4

4 .0

4 .1

1 .9

2 » 2 4 6 .7

4 -8 4

4 .1

4 .2

5 .1

4 .5

2 .2 5 7 .5
2 » 2 8 1 .1

1 -85

4 .6

4 .8

4 .5

5 .6

6 .8

2 -8 5

4 .4

4 .5

4 .0

4 .8

5 .0

5 .2

5 -8 5

4 .7

4 .9

4 .6

5 .5

5 .6

5 .0

6 .8

4 -8 5

4 .4

4 .4

4 .1

4 .6

4 .6

5 .9

4 .5

1 .9

1 -86

4 .4

4 .5

4 .2

4 .6

4 .7

4 .1

4 .5

5 .5

2 -8 6

4 .4

4 .5

4 .2

4 .6

4 .6

4 .2

4 .4

5 .7

4 .6

4 .5

5 -8 6

4 .6

4 .7

4 .5

4 .8

4 .9

4 .5

4 .8

4 .5

5 .2

5 .5

4 -8 6

4 .5

4 .5

4 .1

4 .4

4 .4

4 .1

4 .2

5 .7

4 .2

3 .9

5 .7

1 .2

1-87

4 .0

4 .0

3 .8

4 .0

4 .0

3 .6

5 .7

5 .2

5 .4

5 .1

2 .7

0 .9

0 .6

2 -8 7

4 .0

4 .0

5 .9

4 .0

4 .0

5 .7

5 .8

5 .5

5 .6

3 .5

5 .1

2 .0

2 .5

4 .5

5 -8 7

4 .1

4 .1

5 .9

4 .1

4 .1

5 .8

5 .9

5 .5

5 .7

3 .6

5 .4

2 .7

5 .2

4 .5

4 .6

4 -8 7

5 .7

5 .7

5 .5

5 .6

5 .5

5 .2

5 .2

2 .9

5 .0

2 .7

2 .5

1 .7

1 .8

2 .2

1 .2

- 2 .1

1-88

5 .7

5 .7

5 .5

5 .7

5 .6

5 .5

5 .4

5 .0

5 .2

5 .0

2 .8

2 .2

2 .4

2 .8

2 .5

1 .2

4 .5

2 -8 8

5 .7

5 .7

5 .5

5 .6

5 .6

5 .5

5 .5

5 .0

5 .1

5 .0

2 .8

2 .3

2 .5

2 .8

2 .5

1 .8

5 .8

5 .0

5 -8 8

5 .7

5 .7

5 .5

5 .6

5 .6

5 .5

5 .5

5 .1

5 .2

5 .0

2 .9

2 .4

2 .6

5 .0

2 .7

2 .2

5 .7

5 .5

5 .5

4 -8 5

1-84

2 -8 4

5 -8 4

4 -8 4

1-8 5

2 -8 5

5 -8 5

4 -8 5

1-86

2 -8 6

5 -8 6

4 -8 6

1 -8 7

2 -8 7

5 -8 7

4 -8 7

1 -8 8

2 -8 8

2 .5 1 9 .1
2 » 5 5 7 .4
2 .5 7 5 . 9
2 .5 8 6 .9
4 .8

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

2 .4 7 8 .6
2 .4 8 6 .2
2 .4 9 0 .2
2 .5 1 6 .6
2 .5 4 5 .2
2 .5 5 1 .7
2 .5 5 9 .8
2 » 5 7 9 .0
2 »6 0 1 . 5E

INITIAL QUARTER
E- ESTIMATED




PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
OCTOBER 26» 1988

15

GROSS PRIVATE DOMESTIC INVESTMENT IN CURRENT DOLLARS
(Compounded Annual Rales of Change)
TERMINAL
QUARTER
4 -8 5
1—
84

1-8 4

2 -8 4

5 -8 4

4 -8 4

1-85

2 -8 5

5 -8 5

BILLIONS OF
DOLLARS

INITIAL QUARTER
ANNUAL RATES
4 -8 5
1 -8 6 2 -8 6 5 -8 6

7 1 .0

4 -8 6

1 -8 7

2 -8 7

5 -8 7

4 -8 7

1 -8 8

2 -8 8

6 6 5 .0

2 -8 4

5 1 .2

0 .7

5 -8 4

2 1 .5

2 .2

5 .7

6 6 4 .2

4 -8 4

1 4 .1

- 0 .2

- 0 .7

-5 .0

1 -85

8 .1

- 5 .6

- 5 .0

- 9 .0 - 1 2 .9

2 -8 5

8 .2

- 1 .5

- 1 .8

- 5 .6

- 2 .9

5 -8 5

4 .5

- 5 .7

- 4 .5

- 6 .5

- 7 .0

4 -8 5

6 .2

-0 .8

- 1 .0

- 1 .9

- 1 .2

5 .1

0 .6

1 8 .7

1 -8 6

7 .8

1 .8

1 .9

1 .6

5 .0

7 .4

7 .1

2 0 .0

2 -8 6

5 .8

0 .5

0 .5

- 0 .2

0 .6

5 .6

2 .4

8 .8

5 -8 6

4 .4

- 0 .6

- 0 .8

- 1 .5

- 0 .8

1 .4

0 .1

4 .2

- 0 .2

- 9 .5

-8 .6

4 -8 6

4 .2

- 0 .4

- 0 .5

- 0 .9

-0 .4

1 .5

0 .4

5 .8

0 .4

- 5 .8

- 5 .4

2 .1

1-8 7

5 .5

1 .1

1 .2

0 .9

1 .6

5 .6

2 .9

6 .2

5 .8

- 0 .2

5 .5

1 0 .2

1 8 .9

2 -8 7

5 .5

1 .6

1 .7

1 .5

2 .2

4 .0

5 .5

6 .4

4 .5

1 .4

4 .6

9 .4

1 5 .2

7 .8

5 -8 7

5 .5

1 .7

1 .8

1 .6

2 .2

5 .9

5 .4

5 .9

4 .2

1 .6

4 .2

7 .6

9 .5

5 .1

2 .5

4 -8 7

7 .2

5 .9

4 .1

4 .1

4 .9

6 .7

6 .6

9 .5

8 .1

6 .4

9 .5

1 5 .5

1 6 .5

1 5 .7

1 9 .9

4 0 .5

1 -8 8

6 .7

5 .6

5 .8

5 .8

4 .5

6 .1

5 .9

8 .2

7 .1

5 .4

7 .9

1 1 .0

1 2 .8

1 1 .4

1 2 .6

1 8 .0

2 -8 8

6 .1

5 .2

5 .4

5 .5

4 .0

5 .4

5 .1

7 .2

6 .1

4 .5

6 .5

8 .9

1 0 .1

8 .4

8 .5

1 0 .6

-1 .8

- 2 .7

5 -8 8

6 .0

5 .2

5 .4

5 .5

5 .9

5 .2

5 .0

6 .8

5 .8

4 .4

6 .2

8 .2

9 .1

7 .5

7 .5

8 .8

-0 .1

0 .5

5 .4

4 -8 5

1 -8 4

2 -8 4

5 -8 4

4 -8 4

1 -85

2 -8 5

5 -8 5

4 -8 5

1 -8 6

2 -8 6

5 -8 6

4 -8 6

1 -8 7

2 -8 7

5 -8 7

4 -8 7

1 -8 8

2 -6 8

6 7 0 .5
6 6 1 .8
6 5 9 .5
8 .4

6 5 2 .5

- 5 . 9 - 1 4 .8

6 2 6 .7
6 5 4 .1
2 1 .4

6 8 6 .6

4 .2 - 1 0 . 5

6 6 7 .8
6 5 5 .0
6 5 6 .4
6 8 5 .5
6 9 8 ,5
7 0 2 .8
7 6 4 .9
7 6 5 .4

- 0 .8

7 5 8 .1
7 6 4 .4E

INITIAL QUARTER
E - ESTIMATED
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
OCTOBER 2 6 , 1988

GROSS PRIVATE DOMESTIC INVESTMENT IN m
(Compounded Annual Rales of Change)
TERMINAL
QUARTER
4 -8 5

1 -8 4

2 -8 4

5 -8 4

4 -8 4

1-85

2 -8 5

5-8 5

1 -8 4

5 0 .1
2 0 .6

2 .8

5 .6

4 -8 4

1 5 .6

0 .1

- 0 .8

7 .8

- 5 .2

- 4 .9

8 .0

- 0 .9

- 1 .7

- 5 .5

- 2 .5

5 -8 5

4 .0

- 5 .8

- 4 .9

- 6 .9

- 7 .6

4 -8 5

6 .0

- 0 .6

- 1 .1

- 2 .0

- 1 .2

2 .9

0 .2

7 .4

1 .7

1 .7

1 .4

2 .7

6 .9

6 .5

2 0 .5

2 -8 6

5 .0

- 0 .2

- 0 .5

- 1 .0

-0 .4

2 .2

0 .7

7 .4

2 -8 7

5 -8 7

4 -8 7

1 -8 8

2 -8 8

2 0 .8

1 -8 6

1 -87

- 8 . 8 - 1 2 .4

2 -8 5

4 -8 6

- 5 .0

1 -8 5

BILLIONS OF
DOLLARS

2 .0

5 -8 4

DOLLARS

6 6 .0

2 -8 4

INITIAL QUARTER
ANNUAL RATES
4-8 5
1 -8 6 2 -8 6 5 -8 6

i

6 5 5 .2
6 5 8 .4
6 6 4 .2
6 5 5 .7
6 5 4 .5
8 .6

6 4 7 .5
6 1 8 .1

- 5 . 0 - 1 7 .0

6 4 8 .0
678 .0

1 9 .8
1 .5 - 1 4 . 4

6 5 2 .1

5 -8 6

5 .1

- 1 .7

- 2 .1

- 2 .8

- 2 .5

-0 .7

-2 .5

1 .5

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

4 -8 6

2 .2

- 2 .2

- 2 .6

- 5 .5

- 5 .0

-1 .6

- 5 .2

- 0 .2

- 4 .9 - 1 1 .9 - 1 0 .6

6 2 7 .6

1 -8 7

5 .5

- 0 .4

- 0 .7

- 1 .1

- 0 .6

0 .9

- 0 .1

5 .0

-0 .2

-4 .7

- 1 .2

6 .1

2 0 .9

2 -8 7

5 .9

0 .2

0 .1

- 0 .2

0 .5

1 .8

1 .0

5 .8

1 .2

- 2 .1

1 .2

7 .0

1 4 .6

8 .8

5 -8 7

4 .0

0 .6

0 .4

0 .2

0 .7

2 .1

1 .4

4 .0

1 .7

- 1 .0

1 .9

6 .4

1 1 .5

6 .8

4 .8

4 -8 7

5 .9

2 .7

2 .8

2 .7

5 .4

5 .0

4 .6

7 .5

5 .8

5 .9

7 .5

1 2 .2

1 7 .6

1 6 .5

2 0 .5

5 8 .6

1—
88

5 .6

2 .7

2 .7

2 .7

5 .5

4 .7

4 .4

6 .8

5 .4

5 .7

6 .6

1 0 .5

1 4 .5

1 2 .8

1 4 .1

1 9 .1

2 .5

2 -8 8

4 .9

2 .1

2 .1

2 .0

2 .5

5 .8

5 .4

5 .4

4 .0

2 .4

4 .7

7 .7

1 0 .4

8 .4

8 .5

9 .5

- 2 .6

-7 .4

5 -8 8

4 .8

2 .1

2 .1

2 .0

2 .5

5 .7

5 .5

5 .2

5 .9

2 .4

4 .5

7 .1

9 .2

7 .4

7 .2

7 .8

- 0 .9

- 2 .5

2 .6

4 -8 5

1 -8 4

2 -8 4

5 -8 4

4 -8 4

1 -85

2 -8 5

5-8 5

4 -8 5

1 -8 6

2 -8 6

5 -8 6

4 -8 6

1 -8 7

2 -8 7

5 -8 7

4 -8 7

1 -8 8

2 -8 8

6 1 6 .5

- 6 .9

6 4 6 .4
6 6 0 .1
6 6 7 .9
7 2 4 .7
7 2 8 .9
7 1 5 .1
7 1 9 . 7E

INITIAL QUARTER
E- ESTIMATED




PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
OCTOBER 26, 1988

16

GOVERNMENT PURCHASES OF GOODS AND SERVICES IN CURRENT DOLLARS
(Compounded Annual Rates of Change)
TERMINAL
QUARTER

INITIAL QUARTER
4 -8 5

1-84

2 -8 4

1-84

1 8 .4
1 4 .1

1 4 .9

1 5 .1

1 5 .2

8 .0

2 -8 5

5 -8 5

4 -8 5

1-86

2 -8 6

5 -8 6

4 -8 6

1 -8 7

2 -8 7

5 -8 7

4 -8 7

1 -8 8

6 .0

4 -8 4

1-85

2 4 .6

5 -8 4

4 -8 4

1 2 .6

2 -8 4

5 -8 4

BILLIONS OF
DOLLARS
ANNUAL RATES
2 -8 8
6 9 6 .5
7 5 5 .8
7 4 6 .6

9 .9

7 6 4 .5
7 8 4 .4

1-85

1 2 .6

1 2 .6

8 .9

1 0 .4

1 0 .8

2 -8 5

1 2 .0

1 1 .9

9 .0

1 0 .0

1 0 .0

9 .1

8 0 1 .7
8 4 0 .2

5 -8 5

1 5 .2

1 5 .5

1 1 .2

1 2 .5

1 5 .4

1 4 .7

2 0 .6

4 -8 5

1 2 .6

1 2 .6

1 0 .7

1 1 .6

12.1

1 2 .5

1 4 .2

8 .1

1-86

1 0 .6

1 0 .5

8 .4

8 .8

8 .6

8 .1

7 .7

1 .8

-4 .1

2 -8 6

1 0 .6

1 0 .5

8 .7

9 .0

8 .5

8 .4

4 .6

2 .8

1 0 .5

8 5 6 .7
8 4 7 .8
8 6 8 .8
8 8 1 .8

5 -8 6

1 0 .1

9 .9

8 .4

8 .7

8 .5

8 .1

7 .9

5 .0

5 .9

8 .2

6 .1

4 -8 6

9 .5

9 .2

7 .7

7 .9

7 .7

7 .2

6 .9

4 .4

5 .5

6 .1

4 .1

2 .1

1-87

9 .5

9 .1

7 .8

7 .9

7 .7

7 .5

7 .1

5 .0

4 .4

6 .6

5 .4

5 .1

8 .0

2 -8 7

9 .1

8 .8

7 .6

7 .7

7 .5

7 .1

6 .9

5 .0

4 .5

6 .4

5 .4

5 .2

6 .7

5 .4

5 -8 7

8 .9

8 .7

7 .6

7 .7

7 .5

7 .1

6 .9

5 .5

4 .9

6 .5

5 .8

5 .7

6 .9

6 .4

7 .4

4 -8 7

8 .8

8 .5

7 .5

7 .6

7 .4

7 .1

6 .9

5 .5

5 .2

6 .5

5 .9

5 .9

6 .9

6 .5

7 .0

8 8 6 .5
9 0 5 .8
9 1 5 .7
9 5 2 .2
* 4 7 .5

6 .6

9 4 5 .2

1-88

8 .2

7 .9

6 .9

7 .0

6 .7

6 .4

6 .2

4 .8

4 .5

5 .6

4 .9

4 .7

5 .5

4 .6

4 .5

2 .8

- 0 .9

2 -8 8

8 .1

7 .9

6 .9

7 .0

6 .8

6 .5

6 .2

5 .0

4 .7

5 .8

5 .2

5 .1

5 .6

5 .1

5 .0

4 .2

5 .0

7 .1

5 -8 8

7 .7

7 .5

6 .5

6 .6

6 .5

6 .0

5 .8

4 .6

4 .5

5 .2

4 .7

4 .5

4 .8

4 .5

4 .1

5 .2

2 .1

5 .7

0 .5

4 -8 5

1-84

2 -8 4

5 -8 4

4 -8 4

1-85

2—
85

5 -8 5

4 -8 5

1-86

2 -8 6

5 -8 6

4 -8 6

1-8 7

2 -8 7

5 -8 7

4 -8 7

1 -8 8

2 -8 8

9 6 1 .6
9 6 2 .4E

INITIAL QUARTER
E - ESTIMATED
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
OCTOBER 2 6 . 198«

GOVERNMENT PURCHASES OF GOODS AND SERVICES IN 1982 DOLLARS
(Compounded Annual Rates of Change)
TERMINAL
QUARTER
4 -8 5

BILLIONS OF
DOLLARS
ANNUAL RATES

INITIAL QUARTER
1-84

2 -8 4

5 -8 4

4 -8 4

1-85

2 -8 5

5 -8 5

4 -8 5

1-86

2 -8 6

1-84
2 -8 4

1 2 .2

5 -8 4

8 .9
7 .9

5 .9

7 .8

5 .0

6 .2

7 .6

5 .4

6 .5

6 .9

9 .5

8 .1

9 .5

1 1 .0

1 5 .0

8 .5

7 .0

7 .9

8 .6

9 .0

1 0 .5

6 .6

5 .1

5 .5

5 .6

5 .1

4 .7

- 2 .1

6 .9

5 .6

6 .1

6 .2

6 .0

5 .9

1 .6

1 .6

5 -8 6

6 .7

5 .5

5 .8

5 .9

5 .7

5 .6

2 .5

2 .5

6 .9

4 .5

4 -8 6

6 .4

5 .5

5 .6

5 .7

5 .5

5 .5

2 .6

2 .9

5 .9

4 .2

2 -8 8

- 5 .7

2 -8 6

1 -8 8

1 .6

1-86

4 -8 7

1 9 .8

4 -8 5

5 -8 7

6 .5

5 -8 5

2 -8 7

7 .5

2 -8 5

1 -8 7

5 .2

1-85

4 -8 6

2 .6

4 -8 4

5 -8 6

6 .9

6 5 5 .0
1 7 .7

6 8 0 .2
6 8 4 .5
6 9 5 .2
7 0 5 .5
7 1 6 .7
7 4 9 .8
7 5 2 .7
7 4 1 .8
9 .5

7 5 8 .8
7 6 6 .9
4 .0

7 7 4 .5

1 -87

5 .9

5 .8

4 .8

5 .0

5 .0

4 .7

4 .4

2 .0

2 .1

4 .2

2 .5

1 .6

- 0 .8

2 -8 7

5 .4

5 .5

4 .5

4 .5

4 .4

4 .1

5 .8

1 .7

1 .7

5 .5

1 .8

0 .9

-0 .6

- 0 .4

5 -8 7

5 .4

5 .5

4 .4

4 .6

4 .5

4 .5

4 .0

2 .2

2 .5

5 .7

2 .5

2 .1

1 .4

2 .6

5 .7

7 7 2 .9
7 7 2 .2
7 8 2 .9

4 -8 7

5 .4

5 .5

4 .5

4 .6

4 .6

4 .5

4 .1

2 .5

2 .6

5 .9

2 .9

2 .7

2 .5

5 .4

5 .4

5 .0

1 -88

4 .6

4 .4

5 .6

5 .7

5 .5

5 .2

5 .0

1 .4

1 .4

2 .5

1 .5

0 .8

0 .2

0 .5

0 .7

- 1 .7

- 7 .9

2 -8 8

4 .5

4 .4

5 .6

5 .7

5 .6

5 .5

5 .0

1 .6

1 .6

2 .5

1 .6

1 .5

0 .8

1 .1

1 .5

0 .2

- 2 .2

5 .9

5 -8 8

4 .2

4 .1

5 .5

5 .4

5 .2

5 .0

2 .7

1 .4

1 .4

2 .1

1 .5

0 .9

0 .5

0 .7

0 .9

- 0 .2

- 1 .9

1 .2

- 1 .4

4 -8 5

1-84

2 -8 4

5 -8 4

4 -8 4

1-85

2 -8 5

5 -8 5

4 -8 5

1-86

2 -8 6

5 -8 6

4 -8 6

1 -8 7

2 -8 7

5 -8 7

4 -8 7

1 -8 8

2 -8 8

7 9 2 .6
7 7 6 .4
7 8 5 .8
7 8 1 . IE

INITIAL QUARTER
E- ESTIMATED




PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
OCTOBER 26. 1988

17

DISPOSABLE PERSONAL INCOME IN CURRENT DOLLARS
(Compounded Annual Rates of Change)
TERMINAL
QUARTER
4 -8 3
1-84

1-84

2 -8 4

3 -8 4

4 -8 4

1 -8 5

2 -8 5

3-8 5

BILLIONS OF
DOLLARS

INITIAL QUARTER
ANNUAL RATES
4 -8 5
1 -8 6 2 -8 6 3 -8 6

1 4 .0

4 -8 6

1 -8 7

2 -8 7

3 -8 7

4 -8 7

1 -8 8

2 -8 8

2 ,6 1 1 .8

2 -8 4

9 .3

4 .8

3 -8 4

8 .7

6 .2

7 .5

2 ,6 4 2 .8

4 -8 4

7 .9

6 .0

6 .6

5 .7

1 -85

7 .4

5 .9

6 .2

5 .5

2 -8 5

8 .3

7 .3

7 .9

8 .0

9 .1

1 3 .1

3 -8 5

6 .9

5 .7

5 .9

5 .5

5 .5

5 .5

-1 .5

4 -8 5

7 .1

6 .2

6 .4

6 .1

6 .3

6 .6

3 .5

8 .6

1 -86

7 .3

6 .5

6 .8

6 .7

6 .9

7 .3

5 .4

9 .0

9 .4

2 -8 6

7 .3

6 .6

6 .8

6 .7

6 .9

7 .2

5 .8

8 .4

8 .2

7 .1

3 -8 6

6 .8

6 .2

6 .3

6 .2

6 .2

6 .4

5 .1

6 .8

6 .2

4 .6

2 .2

4 -8 6

6 .6

6 .0

6 .1

5 .9

6 .0

6 .1

4 .9

6 .3

5 .7

4 .5

3 .2

4 .3

1-8 7

6 .9

6 .4

6 .5

6 .4

6 .5

6 .6

5 .8

7 .0

6 .7

6 .0

5 .7

7 .5

1 0 .7

2 -8 7

6 .5

6 .0

6 .1

5 .9

6 .0

6 .0

5 .2

6 .2

5 .8

5 .1

4 .6

5 .4

5 .9

1 .3

5 .6

6 .6

6 .3

5 .8

5 .5

6 .3

7 .0

5 .2

9 .3

2 ,6 9 1 .1
2 ,7 2 8 .6
5 .4

2 ,7 6 4 .6
2 ,8 5 0 .7
2 ,8 4 0 .0
2 ,8 9 9 .5
2 ,9 6 5 .1
3 ,0 1 6 .3
3 ,0 3 2 .4
3 ,0 6 4 .7
3 ,1 4 3 .9
3 ,1 5 4 .1

3 -8 7

6 .7

6 .2

6 .3

6 .2

6 .3

6 .4

3 ,2 2 4 .9

4 -8 7

7 .0

6 .6

6 .7

6 .6

6 .7

6 .8

6 .2

7 .1

6 .9

6 .6

6 .5

7 .4

8 .2

7 .4

1 0 .5

1 1 .8

6 .3

7 .2

7 .0

6 .7

6 .6

7 .4

8 .0

7 .4

9 .5

9 .6

7 .4

3 ,3 1 5 .8
3 ,3 7 5 .6

1-8 8

7 .0

6 .6

6 .7

6 .7

6 .8

6 .9

2 -8 8

7 .0

6 .6

6 .7

6 .6

6 .7

6 .8

6 .3

7 .0

6 .8

6 .6

6 .5

7 .1

7 .6

7 .0

8 .5

8 .2

6 .5

5 .6

7 .1

6 .7

6 .8

6 .8

6 .9

7 .0

6 .5

7 .2

7 .1

6 .8

6 .8

7 .4

7 .9

7 .4

8 .7

8 .5

7 .4

7 .4

9 .4

4 -8 3

1-84

2 -8 4

3 -8 4

4 -8 4

1-85

2 -8 5

3-8 5

4 -8 5

1 -8 6

2 -8 6

3 -8 6

4 -8 6

1 -8 7

2 -8 7

3 -8 7

4 -8 7

1 -8 8

2 -8 8

3 -8 8

3 ,4 2 1 .5
3 ,4 9 8 . 9E

INITIAL QUARTER
E - ESTIMATED
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
OCTOBER 2 6 , 1988

DISPOSABLE PERSONAL INCOME EM 19S2 DOLLARS
(Compounded Annual Rates of Change)
TERMINAL
QUARTER
4 -8 3

1-84

2 -8 4

3 -8 4

4 -8 4

1-85

2 -8 5

3—
85

BILLIONS OF
DOLLARS

INITIAL QUARTER
ANNUAL RATES
4 -8 5
1 -8 6 2 -8 6 3 -8 6

4 -8 6

1 -8 7

2 -8 7

3 -8 7

4 -8 7

1 -8 8

2 -8 8

1 -8 4

9 .4

2 ,4 4 6 .9

2 -8 4

5 .4

1 .6

3—
84

4 .8

2 .7

3 .7

4 -8 4

4 .3

2 .7

3 .3

2 .8

1 -8 5

3 .9

2 .6

2 .9

2 .5

2 .1

2 -8 5

4 .7

3 .8

4 .4

4 .6

5 .5

8 .9

3 -8 5

3 .4

2 .4

2 .6

2 .3

2 .1

2 .1

-4 .3

4 -8 5

3 .5

2 .7

2 .9

2 .7

2 .7

2 .8

-0 .1

4 .4

1 -8 6

4 .0

3 .4

3 .6

3 .6

3 .8

4 .2

2 .7

6 .3

8 .3

2 -8 6

4 .3

3 .7

4 .0

4 .0

4 .2

4 .6

3 .6

6 .4

7 .4

6 .5

3 -8 6

3 .7

3 .1

3 .3

3 .3

3 .3

3 .5

2 .5

4 .3

4 .2

2 .3

- 1 .8

4—
86

3 .5

2 .9

3 .1

3 .0

3 .0

3 .2

2 .2

3 .6

3 .4

1 .8

- 0 .5

0 .8

1 -87

3 .5

3 .1

3 .2

3 .2

3 .2

3 .3

2 .6

3 .8

3 .6

2 .5

1 .2

2 .7

4 .6

2 -8 7

3 .0

2 .5

2 .6

2 .5

2 .5

2 .5

1 .7

2 .6

2 .3

1 .2

- 0 .1

0 .4

0 .3

- 3 .9

3 -8 7

3 .1

2 .7

2 .8

2 .7

2 .7

2 .7

2 .1

2 .9

2 .7

1 .8

0 .8

1 .5

1 .7

0 .3

4 .8

4 -8 7

3 .3

3 .0

3 .0

3 .0

3 .0

3 .1

2 .5

3 .3

3 .2

2 .5

1 .8

2 .6

3 .0

2 .5

5 .8

6 .9

1 -88

3 .4

3 .1

3 .2

3 .1

3 .2

3 .3

2 .8

3 .5

3 .4

2 .8

2 .3

3 .0

3 .4

3 .1

5 .5

5 .9

5 .0

2 -8 8

3 .2

2 .9

3 .0

2 .9

2 .9

3 .0

2 .5

3 .2

3 .0

2 .5

2 .0

2 .5

2 .8

2 .5

4 .1

3 .9

2 .5

0 .0

3-8 8

3 .3

3 .0

3 .1

3 .0

3 .0

3 .1

2 .7

3 .3

3 .2

2 .7

2 .3

2 .8

3 .1

2 .8

4 .2

4 .1

3 .2

2 .3

4 .7

4 -8 3

1-84

2 -8 4

3 -8 4

4 -8 4

1-85

2 -8 5

3-8 5

4 -8 5

1 -8 6

2 -8 6

3 -8 6

4 -8 6

1 -8 7

2 -8 7

3 -8 7

4 -8 7

1 -8 8

2 -8 8

2 , 4 5 6 .6
2 ,4 7 9 .2
2 , 4 9 6 .3
2 ,5 0 9 .4
2 , 5 6 3 .5
2 ,5 3 5 .4
2 , 5 6 2 .8
2 , 6 1 4 .5
2 , 6 5 5 .9
2 ,6 4 3 .9
2 ,6 4 9 .4
2 ,6 7 9 .6
2 ,6 5 2 .8
2 ,6 8 3 .9
2 ,7 2 8 .9
2 ,7 6 2 .3
2 , 7 6 2 .2
2 ,7 9 4 . OE

INITIAL QUARTER
E- ESTIMATED




PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS
OCTOBER 26, 1988

18

C O R PO R A T E PRO FITS AFTER TAXES
(Compounded Annu al Rates o f Chan ge)
TERMINAL
QUARTER

BILLIONS OF
DOLLARS
ANNUAL RATES

INITIAL QUARTER
5—
83

4-85

4-83
1 -8 4

17.0
9.8

11.2

2-84

5-84

4-84

1- 85

2-85

3-85

4-85

1-86

2-86

3-86

4-86

1 - 87

2-87

5-87

4-87

1-88

27.9

2-84

1-84

7.0

145.4
152.5
-3 .4

151.2

3 - 84

0.3

-1 .9 -14.0 -2 3 .5

4-84

-1 .0

-2 .9 -11.5 -1 5 .2

141.4
-6 .1

159.2

-8 .8 -1 1 .7 -19.5 -2 4 .2
-7 .0

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

3-85

-4 .3

-5 .8 -10.5 -1 1 .8

-8 .6

-9 .5

10.7

17.1

4-85

-1 .8

-2 .9

-5 .5

-2 .9

1 3 .7

18.5

1 9 .9
-9 .1 -3 1 .0

125.2

-5 .9 -14.0

125.4

-6 .6

-7 .2

vT
M
1

1- 8 5
2-85

122.8

-39.4

124.2

4 .6

129.2
155.2

-5 .3

- 6 .5 -10 .1 -1 1 .0

— .8
8

-9 .3

0.5

-1 .1

-4 .2

-5 .2

-8 .3

-8 .9

-6 .6

-6 .7

1.7

1.0

3-86

-2 .0

-2 .8

-5 .4

-5 .7

-5 .2

-2 .7

5 .3

5.4

2.6

-2 .6

1 5 .8

25.0

4-86

-0 .7

-1 .3

-3 .6

-3 .6

-1.1

-0 .5

6 .9

7.2

5 .4

2 .0

1 6 .2

20.9

1- 87

-1 .1

-1 .7

-3 .9

-3 .9

-1 .7

-1 .2

5.0

5.1

5.2

0.2

1 0 .0

10.9

4.4

-6 .8

-0 .5

-2 .4

-2 .3

-0 .1

0 .5

6.4

6 .6

5 .2

2 .9

1 1 .5

12.5

8.6

4 .7

17.6

2-87

o
o

1- 86
2-86

7.3

132.6
157.9

1 7 .0

155.5
141.1
149.5

3 - 87

1.5

1.1

- 0 .6

-0 .5

1.9

2.6

8 .2

8 .6

7.6

5.9

1 3 .8

15.1

1 2 .7

1 1 .4

21.7

26 .0

4-87

0.8

0.4

-1 .2

-1 .1

0.9

1.5

6.4

6.6

5 .5

3.8

10 .1

10.5

7.8

5 .7

10.2

6 .6

-9 .8

1-8 8

1.3

1.0

-0 .5

-0 .5

1 .6

2 .2

6.8

6.9

6.0

4.5

1 0. 1

1 0 .5

8 .3

6 .6

10.5

7.9

-0 .1

10.6

2-88

3 .1

2 .8

1 .5

1.8

3.8

4.6

9.0

9.4

8.7

7.7

13.2

13.9

12.4

11.7

15.8

15.5

11.9

24.7

40.7

5-85

4-83

1- 84

2-84

3-84

4-84

1-8 5

2-85

3-85

4-85

1- 86

2-86

3- 8 6

4-86

1 - 87

2-87

5-87

4-87

1 -8 8

145.7
149.4
162.7

INITIAL QUARTER

PREPARED BY FEDERAL RESERVE BANK OP S T. LOUIS
OCTOBER 2 « . 1988

HISTORICAL SOURCES OF
NATIONAL INCOME AND PRODUCT ACCOUNTS DATA
Estimates for the series in the regular quarterly presentation
of NIPA tables for 1985-88:11 are published in the July 1988 Survey
of Current Business. Data for 1984 is in the July 1987 Survey of
Current Business and 1983 is in the July 1986 Survey of Current
Business. Estimates for NIPA series for 1929-82 are published in
The National Income and Product Accounts of the United States.
1929-82: Statistical Tables.
For further information and prices, write to the National
Income and Wealth Division (BE-54), Bureau of Economic Analysis,
U.S. Department of Commerce, Washington, D.C. 20230.




19

I N V E N T O R I E S COMPARED W I T H MONTHLY SALES
MANUFACTURING

AND TRADE

SEASONALLY ADJ USTED

SOURCE:
«BEGINNING

IN

1982,

I N VENT ORY DATA REFL ECT CHANGES

U.S. DEPARTMENT

OF COMMERCE

I N E S T I M A T I O N PROCEDURES.

SHADED AREAS REPR E S E NT P E R I O D S OF B U S I N E S S R E C E S S I O N S .
L A T E S T DATA P L O T T E D :




AUGUST P R E L I M I N A R Y
PREPARED BY F EDERAL RESERVE BANK OF S T .

20

LOUI S

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