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National Economic Trends
October 1987
The growing U.S. trade deficit in this decade has prompted both concern and confusion. The nation’s net exports (exports
minus imports, national income and product accounts basis) have fallen from $32.1 billion in 1980 to —
$117.4 billion
in the first three quarters of 1987, as exports rose from $351 billion to only $415.7 billion and imports climbed from
$318.9 billion to $533.1 billion. One theory about these developments is that the United States has become less competitive
in world trade, so that its exporting and import-competing industries have shrunk. According to this view, U.S. production
of tradeable goods such as manufacturing and agricultural output has been depressed by these trade developments. A
contrasting view is that the growth of world trade has declined, while that of U.S. tradeable goods output has risen. In
the latter view, this output was purchased by domestic instead of foreign buyers.
The table below assesses these views using growth rates for the periods 1970-80 and 1980-86, the latest data available.
As the table shows, the growth of world trade—the real value of imports for about 150 member countries of the International
Monetary Fund—slowed in the 1980s after growing rapidly in the 1970s. For the two major U.S. tradeable goods sectors—
agriculture (including forestry and fisheries) and manufacturing—output growth accelerated during 1980-86; both substantially
outpaced overall U.S. output growth and world import volume. While not shown in the table, manufacturing output growth
slowed sharply, to less than a 2 percent rate, in Germany, France, Italy and Canada during 1980-86; in each country,
manufacturing growth was slower than real GNP growth. Manufacturing output growth accelerated in the United Kingdom
in the 1980s, but only at a 0.8 percent rate, slower than real output growth. These data suggest that the rise in the trade
deficit has been accompanied by a rise in U.S. competitiveness.

Annual Growth Rates of World Trade and U.S. Output Measures
World trade
(real imports,
1980 prices)
1980-86
1970-80

3 .2 %
5.4

Real GNP
(1982 prices)

Agricultural
output
(1982 prices)

Manufacturing
output
(1982 prices)

2.6 %

4 .7 %

3 .4 %

2.8

1.0

2.8
-John A. Tatom

T 1IE
FEDERAL
RESERM
RANK of
ST.I/HLS


Views expressed do n ot necessarily re fle c t official positions o f th e Federal Reserve System.


total

c iv il ia n

em plo ym en t

COMPOUNDED ANNUAL R ATES O f CHANCE
IN IT IA L

THOUSANDS
OF PEASCW5

MONTH

MONTH
2-86
3-86

3-86

4-86

5-86

6-86

7-86

8-86

9-86 10-86

11-86

12-86

1-87

2-87

3-87

4-87

5-87

6-87

7-87

8-87
108*607

2 .8

108*969

4-86

2 .3

1 .8

5—86

2 .3

2 .0

2 .2

2 .9

3 .0

3 .6

6-86

109*165
109*613
109*887

7-86

3 .0

3 .0

3 .4

4 .0

8-86

2 .8

2 .8

3 .1

3 .3

9-86

2 .3

2 .2

2 .3

2 .3

0
«0
1
o

5 .0

2 .3

2 .2

2 .3

2 .3

11-86

2 .3

2 .2

2 .3

2 .3

2 .3

2 .2

2 .3

12-86

3 .0

110*067

2 .0
1 .4

0 .5

109*987

- 0 .9

110*192

2 .3

1 .1
1 .8

0 .7

1 .5

1 .3

2 .5

2 .6

I •6

2 .4

2 .4

1 .6

2 .3

110*432
110*637

2 .3

111*011

2 .5

2 .4

2 .5

2 .5

2 .1

2 .1

2 .8

3 .0

3 .2

4 .1

2 .6

2 .6

2 .7

2 .7

2 .4

2 .3

2 .4

3 .1

3 .3

3 .5

4 .1

4 .1

111*382

3-87

2 .4

2 .4

2 .4

2 .4

2 .1

2 .0

2 .0

2 .5

2 .6

2 .6

2 .7

1 .9

111*368

•
0
1

1-87
2-87

111*835

4-87

2 .6

2 .6

2 .6

2 .7

2 .4

2 .4

2 .4

2 .9

3 .0

3 .1

3 .3

3 .0

2 .5

5 .1

5-87

2 .9

2 .9

2 .9

3 .0

2 .8

2 .8

2 .9

3 .4

3 .5

3 .7

4 .0

3 .9

3 .9

6 .0

6. 8

6-87

2 .5

2 .5

2 .6

2 .6

2 .4

2 .4

2 .4

2 .8

2 .8

2 .8

2 .9

2 .7

2 .4

3 .2

2 .3

112*447
112*257

- 2 .0

112*727

7-87

2 .7

2 .7

2 .7

2 .8

2 .6

2 .6

3 .0

3 .1

3 .1

3 .3

3 .1

2 .9

3 .7

3 .2

1 .5

5 .1

8-87

2 .8

2 .8

2 .8

2 .9

2 .7

2 .7

2 .7

3 .1

3 .2

3 .2

3 .3

3 .2

3 .1

3 .7

3 .4

2 .3

4 .5

3 .8

9-87

2 .4

2 .4

2 .5

2 .5

2 .3

2 .2

2 .3

2 .5

2 .6

2 .5

2 .6

2 .4

2 .1

2 .5

2 .0

0 .9

1 .8

0 .2

- 3 .2

2-86

3-86

4-86

5-86

6-86

7-86

8-86

9-8 6

10-86 11-86

12-86

1-87

2-87

3—87

4-a?

5-67

6-87

7-67

8-87

113*081
112*772

M ffrA ftE O 6V F E 5 E K IL R E S E R V E BANK OF " S I . L O U IS
______
________________
OCTOBER 2* 1987__________

PAYROLL EMPLOYMENT
COMPOUNDED ANNUAL R ATES OF CHANCE
IN IT IA L

TERM INAL
MONTH
2-86

3-86

4-86

5-86

6-86

7-86

6-86

9 -86

10-66

11-66

THOUSANOS
o r PERSO NS

MONTH
12-86

1-87

2-67

3-67

4-6 7

5-87

6-87

7-87

8-87
99*013

3-86

1 .2

4-86

2 .1

2 .9

5-86

1 .9

2 .3

6-86

1 .2

1 .3

7-86

1 .7

1 .8

99*252
99*389

1 .7

99*323

- 0 .8
1 .4

1 .3
1 .6

99*601

3 .4

99*772

8-86

1 .7

1 .8

1 .6

2 .7

2 .1

9-86

2 .0

2 .1

1 .9

2 .9

2 .7

3 .3

10-86

2 .0

2 .1

1 .9

2 .7

2 .5

2 .7

100*039
2 .1

100*209
100*415

11-86

2 .0

2 .1

2 .7

2 .5

2 .6

2 .3

12-86

2 .0

2 .1

2 .0

2 .5

2 .3

2 .4

2 .1

2 .5
2 .2

1 .8

1-87

2 .2

2 .3

2 .3

2 .8

2 .7

2 .8

2 .7

2 .9

3 .0

4 .3

2-87

2 .3

2 .4

2 .8

2 .7

2 .8

2 .7

2 .8

3 .0

3 .5

2 .8

3-87

2 .3

2 .3

2 .7

2 .6

2 .7

2 .6

2 .7

2 .8

3 .1

2 .5

2 .1

4-67

2 .3

2 .4

2 .4

2 .4

2 .8

2 .7

2 .8

2 .7

2 .6

2 .9

3 .1

2 .7

2 .7

3 .2

100*567
100*919
101*150
101*329
101*598

5-87

2 .3

2 .3

2 .3

2 .3

2 .6

2 .5

2 .6

2 .6

2 .6

2 .7

2 .4

2 .2

2 .3

1 .3

6-87

2 .2

2 .3

2 .2

2 .3

2 .5

2 .4

2 .5

2 .4

2 .4

2 .5

2 .2

2 .0

1 .9

1 .3

1 .3

7-87

2 .3

2 .3

2 .3

2 .6

2 .5

2 .6

2 .5

2 .6

2 *6

2 .7

2 .4

2 .3

2 .4

2 .1

2 .5

3 .T

8-87

2 .3

2 .3

2 .3

2 .5

2 .5

2 .5

2 .4

2 .5

2 .5

2 .6

2 .3

2 .2

2 .3

2 .0

2 .3

2 .7

1 .8

9-87

2 .2

2 .3

2 .2

2 .5

2 .4

2 .4

2 .4

2 .4

2 .4

2 .5

2 .2

2 .1

2 .1

1 .9

2 .1

2 .3

1 .7

1 .6

2-86

3-66

4—
66

6-66

7-66

6-66

9 -6 6

10-66 11-66 12-66

1-67

¿- 6 7

3-67

4-67

5-67

6-67

7-67

8-67

2 .3

5 -6 6

101*706
101*616
102*126
102 *27 8P
102*410P

P- P R E L IM IN A R Y




" M E E A ft S D BV f C B E i r a n r e S C l V E B AHK OF S T . L O U IS
OCTOftgR 2» 1987__________________________

2




E MP L O Y ME NT
RATIO

RATIO

SC A L E

MILLIONS

OF

PERSONS

SEASONALLY

M I L L I ON S

ADJ USTED

OF

SCALE

PERSONS
130
125
1 20

1 15
1 10

105
100

95

90

85

80

75
1979

1980

1981

1982

1983

1984

1985
SOURCE:

1986

1987

U.S.DEPARTM ENT OF LABOR

B EGIN N IN G JANUARY 1986, TOTAL EMPLOYMENT DATA INCORPORATE NE1 PROCEDURES FOR ESTIM ATIN G
MEASURES OF IMMIGRATION AND EMIGRATION IN CREASIN G TOTAL EMPLOYMENT BY ABOUT 0 .3 X .
PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PER IO D S
LATEST DATA PLOTTEDt

IN D ICATED .

SEPTEMBER PR ELIM IN A R Y
PREPARED BY FEDERAL RESER VE BANK OF ST.

U NE MP L OY ME NT
SEASONALLY

PERCENT

LO U IS

RATE

ADJUSTED

PERCENT
12.0

11

11.0

.

10.

10.0

9.

9.0

8.

8.0

7.

7.0

6.

6. 0

5.

5.0

4.

4.0
1979

1980

1981

1982

1983

1984

1985
SOURCEi

PERCENT OF C IV IL IA N
LATEST DATA PLOTTEDt

U .S .

1986

1987

DEPARTMENT OF LABOR

LABOR FORCE
SEPTEMBER
PREPARED BY FEDERAL R ESER VE BANK OF ST.

3

LO U IS

CONSUMER P R IC E IN O EX FOR A LL URBAN CONSUMERS, SEASO N ALLY AO JUSTEO
_______________________ COMPOUNDED ANNUAL R ATES O f CHANCE-------------------TERMINAL________________________________________________________________________ I N I T I A L MONTH__________________________________________________________________________1967-100
MONTH
8-87
3-86
4-87
5-87
6-87
T—87
2-86
6-86
3-87
5-86
1-87
2-87
7 -86
8-86
9-8 6 10-86 11-86 12-86
3-86

3 2 6 .5

- 4 .7

3 2 5 .6

4-86

- 4 .0

- 3 .3

5-86

- 1 .7

- 0 .2

3 .0

6—
86

0 .0

1 .6

4 .1

5 .3

7-86

0 .1

1 .3

2 .9

2 .8

0 .4

8-86

0 .4

1 .4

2 .6

2 .5

1 .1

9-86

0 .8

1 .8

2 .8

2 .8

3 2 6 .4
3 2 7 .8
3 2 7 .9
3 2 8 .4

1 .8

3 2 9 .4

3 .7

1 .8

2 .7

2 .7

2 .6

3 .0

1 .2

2 .0

2*8

2 .7

2 .7

3 .0

2 .9

1 .3

2 .0

2 .7

2 .6

2 .6

2 .8

2 .6

C
D
O'

1 .0

V

3 3 0 .0

10-86
11-86

2 .2

3 3 0 .8
3 3 1 .4

2 .2

3 3 3 .6

1-87

1 .9

2 .6

3 .3

3 .3

3 .1

3 .5

3 .8

3 .9

4 .4

5 .2

8 .3

2-87

2 .2

2 .8

3 .5

3 .5

3 .3

3 .7

4 .1

4 .1

4 .6

5 .2

6 .7

5 .2

3-87

2 .4

3 .0

3 .6

3 .7

3 .5

3 .9

4 .2

4 .3

4 .7

5 .2

6 .2

5 .1

V—87

2 .6

3 .2

3 .8

3 .8

3 .7

4 .1

4 .4

4 .5

4 .8

5 .2

6 .0

5 .3

5 .3

5 .5

5-87

2 .7

3 .3

3 .8

3 .9

3 .7

4 .1

4 .3

4 .4

4 .7

5 .0

5 .6

4 .9

4 *9

4 .7

4 .0

6-87

2 .8

3 .3

3 .8

3 .9

3 .8

4 .1

4 .3

4 .4

4 .7

4 .9

5 .4

4 .8

4 .7

4 .6

4 .2

7-87

2 .8

3 .3

3 .8

3 .8

3 .7

4 .2

4 .2

4 .5

4 .7

5 .0

4 .5

4*4

4 .2

3 .7

3 .6

2 .9

8-87

3 .0

3 .5

3 .9

4 .0

3 .9

4 .1

4 .3

4 .4

4 .6

4 .8

5 .1

4 .7

4 .6

4 .5

4 .2

4 .3

4 .3

5 .8

9-87

2 .9

3 .4

3 .8

3 .8

3 .7

4 .2

4 .2

4 .4

4 .5

4 .8

4 .3

4 .2

4 .1

3 .8

3 .8

3 .6

3 .9

2 .1

2-86

3-86

4—86

5-86

6—86

8-86

9-86

10-86 11-86

12-86

1-87

2-87

3-87

4-87

5-87

6-87

7-87

8-87

7-86

3 3 5 .0
3 3 6 .4

5 .1

3 3 7 .9
3 3 9 .0
3 4 0 .2

4 .3

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

IN IT IA L HflNTH

?ffifrA**iTBV F « « A L
OCTOBER 23»

ACSCAVE BANK OF ST. LOUIS

1987__________________________________________

PRODUCER P R IC E IN D E X » F IN IS H E D GOODS - SEASO N ALLY A D JU ST ED *
_______________________________________________________________________COMPOUNDED ANNUAL R ATES OF CHANGE_________________________________________________________________________
TERMINAL________________________________________________________________________ I N I T I A L MONTH
MONTH
4-86
8-86
2-86
3-86
6-86
7-86
9-86 10-86 11-86 12-86
5-86

______________________________________________________________________ 1967 » 100
1-87

2-87

3-87

4-87

5-87

6-87

7-87

8-87
2 8 8 .9

3-86

- 1 0 .2

4-86

- 8 .1

- 6 .1

2 8 7 .4
2 8 8 .6

5-86

- 3 .7

- 0 .2

6 .0

6-86

- 2.1

0 .7

4 .2

2 .5

7-86

- 3 .5

- 1 .8

- 0 .3

- 3 .3

— .8
8

8-86

- 2 .2

- 0 .5

0 .9

- 0 .7

— .3
2
- 0 .4

2 8 9 .4
2 8 7 .2
2 8 8 .3

4 .7

9-86

- 1 .4

0 .1

1 .4

0 .3

4 .0

- 0 .7

0 .7

1 .9

1 .1

4 .1

3 .8

11-86

- 0 .6

0 .7

1 .7

1 .0

3 .2

2 .7

12-86

— .5
0

0 .7

1 .6

1 .0

1-87

0 .1

1 .2

2 .0

1 .5

2 8 9 .1

3 .4

10-86

2-87

0 .1

1 .1

2 90 .1

4 .2

2 9 0 .2

0 .4

2 .7
1 .4

1 .9

1 .4

1 .3
1 .9

2 .2

1 .8

0 .6

0 .8

3 .2

2 .9

2 .7

2 .2

3 .1

5 .5

2 .8

2 .5

1 .9

2 .4

3 .1

2 9 0 .4
2 9 1 .7
2 9 1 .9

0 .8

3 .1

3 .1

2 .8

3 .5

4 .3

3 .8

6 .8

3 .6

3 .6

3 .5

4 .1

4 .9

4 .7

6 .8

6 .7

2 .4

3 .6

3 .4

3 .4

3 .3

3 .8

4 .4

4 .2

5 .3

4 .6

2 .5

2 .6

2 .6

3 .7

3 .6

3 .6

3 .5

4 .0

4 .5

4 .3

5 .2

4 .7

3 .7

5 .0

2 .8

2 .5

2 .5

3 .6

3 .4

3 .5

3 .4

3 .7

4 .2

3 .9

4 .6

4 .0

3 .2

3 .5

2 .0

2 .1

2 .6

2 .4

2 .4

3 .3

3 .2

3 .1

3 .0

3 .3

3 .6

3 .4

3 .8

3 .2

2 .4

2 .3

1 .0

0 .0

1 .5

2 .2

2 .7

2 .5

2 .5

3 .3

3 .1

3 .4

3 .6

3 *4

3 .8

3 .3

2 .6

2 .7

1 .9

1 .8

3 .7

2-86

3-86

4-86

5-86

6-86

7-8 6

10-86 11-86 12-86

1-87

2-87

6-87

T-#7

§-«7

0 .6

1 .6

2 .3

2 .0

l.l

2 .0

2 .7

2 .4

5-87

1 .2

2 .0

2 .7

2 .4

6-87

1 .4

2 .2

2 .8

f®
•
r*

3 .3
3 .7

3-87
4-87

1 .4

2 .2

8-87

1 .3

9-87

♦DATA FOR FOUR MONTHS ACO R E V IS E O




8-86

9 -8 6

2 9 3 .5
2 9 5 .1

4-87

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

TO R E F L E C T LA TE R EP O R T IN G

IH ^ A A W h i « D » f lr * iS E * V E T F A * « OF ST. LOUIS
OCTOBER 16»

4

1987_________________________________




RATIO

PRICES

SCALE

C O NSUH t* P R IC E INDEX
C P I- U DATA B E G IN N IN G

DATA PLOTTEDt

IN D IC A T E D .

SEPTEM B ER
PR EPA RED BY F E D E JU L

ratio

scale

PRODUCER

1967-100

RESERVE

PRICES

DATA PLO T TED :

BAN« Of

ST.

ratio

L O U IS

scale

1967-100

SEASONALLY ADJUSTED

PERC EN TAG ES ARE ANNUAL RA TES OF CHANGE FOR PE R IO D S
L A TEST

SCALE

I S FOR ALL URBAN CONSUMERS ( C r i - U ) ,
1993 INCORPORATE A RENTAL EQ U IVA LEN C E MEASURE FOR H OM COIH ERSH IP CO STS.

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

RATIO

IN D IC A TED .

SEPTEM BER
PR EPA RED I Y

5

FED ERAL

R ESER VE

BANK OF S T .

L O U IS

PRODUCER P R IC E IN D E T , F IN IS H E D CONSUMER FOODS - SEASO N ALLY A D JU ST ED *
______________________________________________________________________ COMPOUNDED ANNUAL R A T ES O f CHANCE_______, _____________________________________________ ___________________
_
WQNTH_________________________________________________________________________ 196 7_-_10 0

MONTH
2-86

3-86

4-86

5-86

6 -86

7-86

8-06

9-86

10-86 11-86 12-86

1-8?

2-81

3-87

4—87

5-87

6-87

4
1
at

I f ftWIttAL________________________________________________ INITIAL

8-87
2 7 0 .5

3-86

2 .2

4-86

3 .8

5 .5

5-86

8 .4

1 1 .6

18.1

6-86

6 .7

0 .2

9 .6

1 .0

2 7 5 .9
2 7 9 .6

2 7 1 .7
2 7 5 .5

7-86

8 .7

1 0 .4

12.1

9 .3

8-86

1 0.2

1 1 .9

1 3 .6

1 2 .1

1 7 .7

1 8.1

9-86

8 .6

9 .7

1 0 .6

8 .7

1 1 .2

8 .2

- 0 .8

10-86

9 .0

1 0 .0

1 0 .7

9 .3

1 1 .3

9 .3

5 .2

1 1 .6

11-86

7 .6

8 .3

8 .7

7 .2

0 .4

2 .6

4 .3

- 2 .5

12-86

6 .3

6 .7

6 .9

5 .3

6 .0

3 .8

0 .5

1 .0

- 3 .9

- 5 .3

1-87

3 .6

3 .8

3 .6

1 .9

1 .9

- 0 .4

- 3 .0

- 4 .5

- 9 .3

- 1 2 .5

- 1 9 .2

2-87

3 .3

3 .4

3 .1

1 .6

1 .6

- 0 .5

- 3 .3

- 3 .8

- 7 .3

- 8 .8

- 1 0 .5

- 0 .9

1 7 .3

2 8 3 .5
2 8 3 .3
2 8 5 .9
2 8 5 .3
2 8 4 .0
2 7 9 .0
2 7 8 .8
2 79 .1

3—87

3 .1

3 .2

3 .0

1 .6

1 .3

- 0 .3

- 2 .6

- 2 .9

- 5 .6

- 6 .4

- 6 .7

0 .2

1 .3

4-87

4 .1

4 .3

4 .2

3 .0

3 .1

1 .7

- 0 .2

- 0 .1

- 1 .9

- 1 .8

- 0 .9

6 .0

9 .6

1 8 .6

5-87

5 .1

5 .3

5 .3

4 .2

4 .5

3 .3

1 .7

2 .1

0 .8

1 .3

2 .7

9 .1

1 2 .6

1 8 .7

1 8 .8

2 83 .1
2 8 7 .2

5 .1

5 .3

5 .3

4 .4

4 .6

2 .2

2 .5

1 .4

2 .0

3 .3

8 .5

1 0 .9

1 4 .3

1 2 .2

6 .0

4 .4

4 .5

4 .5

3 .6

3 .7

1 .3

1 .6

0 .5

0 .9

1*8

5 .8

7 .2

8 .7

5 .6

- 0 .4

- 6 .5

2 8 7 .0

— .4
0

2 .7

3 .3

3 .6

0 .2

- 5 .3 - 1 0 .5 - 1 4 .4

2 8 3 .3

1 .1

4 .0

4 .7

5 .3

2 .8

- 0 .8

- 3 .0

- 1 .2

1 4 .0

V
O

2 8 8 .6

6-87
7-87

1-07

2-37

3-8t

4-87

5-87

6-87

7-87

8-07

8-87

3 .3

3 .3

3 .2

2 .3

2 .3

1 .2

- 0 .1

0 .0

- l.l

- 0 .9

9-87

3 .0

3 .9

3 .8

3 .0

3 .0

2«-1

0 .9

1.1

0 .2

0 .5

2-06

3-86

4-06

5-06

6-86

7-86

0-86

9-86

10-86

11-86

2 8 6 .4

INITIAL MONTH
♦DATA FOR FOUR MONTHS AGO R E V IS E D

TO R E F L E C T LATE REPORT IN €

p*E*A*£6 6 t FEOEAAL AESEAVE BANK OF ST. LOUIS
OCTOBER 16, 1 9 8 7 ____________________________________

PRODUCER P R IC E INDEX* FIN IS H ED GOOOS, EXCLUOINC FOOOS - SEASONALLY ADJUSTED*

_______________________________________________ LflflfQUNPEP AHHUAL RAT« Of CHAttiE________________________________________________
1EM1NAL________________________________________________ IM ITIAL. ffO lij _________________________________________________ l^ T ■ 100
W
MONTH

2-06

3-86

4-86

5-86

6-86

7-86

8-86

9-86 10-86

11-86

12-86

1-87

2-87

3-87

4-87

5-87

6-07

7-87

8-87
2 9 2 .7

3-86

- 1 4 .0

4—86

- 1 1 .7

- 9 .4

5-86

- 7 .2

- 3 .6

2 .5

6—06

- 4 .9

- 1 .6

2 .5

7-06

- 7 .4

- 5 .6

- 4 .3

- 7 .6

- 1 6 .7

8-86

- 6 .1

- 4 .5

- 3 .2

- 5 .0

- 8 .5

0 .4

9-86

- 4 .6

- 2 .9

- 1 .6

- 2 .6

- 4 .2

2 .7

5 .1

10-06

- 3 .8

- 2 .3

- 1 .0

- 1 .7

- 2 .8

2 .4

3 .4

1 .7

11-86

- 3 .2

- 1 .7

- 0 .6

- l.l

- 1 .8

2 .3

3 .0

1 .9

2 .1

- l.l

2*4

2 .8

2 .1

2 .3

4 .4

12-06

- 2 .6

- 1 .3

1-07

- 1 .1

0 .3

2-07

- 0 .9

0 .4

2 9 0 .3
2 9 0 .9
2 9 1 .5

2 .5

- 0 .2

- 0 .6
1 .3

1 .1

1 .4

1 .3

287 .1

1 .2

2 8 7 .2
2 8 8 .4
2 8 8 .8
2 8 9 .3
2 8 9 .9

2 .5

2 9 3 .4

5 .3

5 .3

6 .5

8 .8

1 5 .5

4 .6

4 .6

5 .3

6 .4

8 .3

1 .6

5 .2

5 .3

6 .0

7 .0

8 .5

5 .2

2 9 3 .8
2 9 5 .9

3-07

- 0 .2

1 .1

2.1

2 .1

2 .0

4 *6

4-07

0 .1

1 .2

2 .2

2 .1

2 .1

4 .4

4 .9

4 .9

5 .5

6 .2

7 .1

4 .4

5 .9

2 .9

5-07

- 0 .1

0 .9

1 .8

1 .7

1 .6

3 .7

4 .1

3 .9

4 .3

4 .6

5 .0

2 .6

2 .9

0 .0

- 2 .8

6-07

0 .2

1 .2

2 .0

2 .0

1 .9

3 .8

4 .2

4 .0

4 .3

4 .7

5 .0

3 .1

3 .4

1 .6

1 .0

3 .9

7-07

0 .5

1 .4

2 .2

2 .2

2 .2

8-87

0 .7

1 .7

2 .4

2 .4

0 .7

1 .6

2 .3

2 .3

2 .3

2-86

3—86

4-86

5-86

6-86

2 9 6 .6
2 9 5 .9
5 .0

2 97 .1

4 .2

4 .1

4 .4

4 .7

5 .0

3 .4

3 .7

2 .5

2 .3

5 .0

5 .0

4 .4

4 .3

4 .5

4 .8

5 .1

3 .7

4 .1

3 .1

3 .2

5 .2

5 .4

5 .8

3 .8

4 .0

4 .0

4 .2

4 .4

4 .6

3 .3

3 .5

2 .7

2 .6

4 .0

3 .7

3 .1

0 .4

7 -8 6

8-86

9 -86 10—
86 11-86 12-86

1-87

2-87

3-87

4-87

5-87

6-87

7-87

8-17

2 .4

9-07

8 .9

2 9 8 .3
2 9 9 .7
2 9 9 .8

♦OATA FOR FOUR MONTHS AGO REVISCO TO REFLECT LATE REPORTING




TffEFAREO BY F E DERAL RESERVE "BANK OF I T. LO U IS
OCTOBER 16« 1987____________________________

6

INDUSTRIAL
RATIO

RATIO

1 9 7 7- 1 00

1979
*

P RODUCT I O N *

SCALE
ADJUSTED

seasonally

1980

1981

1982

1983

SCALE

1 97 7 - 1 0 0

1984

1985

1986

1987

REVISED FROM 1985.
PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIODS INDICATED.
LATEST DATA PLOTTED: SEPTEMBER PRELIMINARY
PREPARED BY FEDERAL RESER VE BANK OF ST.

LO U IS

IN D U STR IA L H tO O U C T lO ff*
COHeOUttOEP ANNUAL RATES O f CHAMCE
IN IT IA L

TERM IN A L
MONTH
2-86
3-86

- 3 .8

4—
86

5-86

6—86

7-86

8-86

9-8 6

10—
86 11-86

12-86

1-87

2-87

3-87

4-87

5-87

6-87

7-87

100

8-87
123 .9

- 1 4 .3

4-86

3-86

1977 *

MONTH

124.7

8 .0

124.3

5-86

- 3 .8

2 .0

- 3 .8

6-86

- 3 .3

0 .6

- 2 .9

- 1 .9

7-86

- 1 .3

2 .2

0 .3

2 .4

124.1
7 .0

124.8
124 .9

8-86

- 1 .0

1 .9

0 .5

1 .9

3 .9

1 .0

9-86

- 1 .4

1 .0

— .4
0

0 .5

1 .3

- 1 .4

- 3 .8

10-86

- 0 .2

1 .9

1 .0

1 .9

2 .9

1 .6

1 .9

8 .0

11-86

0 .2

2 .2

1 .4

2 .3

3 .1

2 .2

2 .6

5 .9

3 .9

124 .5
125 .3
1 25 .7
126.8

12-86

1 .2

3 .1

2 .5

3 .5

4 .4

3 .9

4 .6

7 .6

7 .4

1 1 .0

1-87

0 .6

2 .2

1 .6

2 .3

2 .9

2 .3

2 .5

4 .2

2 .9

2 .4

- 5 .5

2-87

1 .3

2 .8

2 .3

3 .0

3 .6

3 .2

3 .6

5 .1

4 .4

4 .5

1 .4

8 .9

3-87

1 .4

2 .8

2 .4

3 .0

3 .6

3.1

3 .5

4 .7

4 .1

4 .1

1 .9

5 .8

126.2
127.1
127 .4

2 .9

127.4

4-87

1 .3

2 .6

2 .2

2 .7

3 .2

2 .8

3 .0

4 .0

3 .4

3 .3

1 .4

3 .9

1 .4

0 .0

5-87

1 .7

3 .0

2 .6

3 .1

3 .6

3 .3

3 .5

4 .5

4 .0

4 .0

2 .7

4 .8

3 .5

3 .8

7 .8

5 .6

4 .8

5 .4

8 .3

8 .8

6-87

2 .1

3 .3

3 .0

3 .6

4 .0

3 .8

4 .0

5 .0

4*6

4 .T

3 .7

128.2
129.1

7-87

2 .9

4 .0

3 .8

4 .3

4 .8

4 .6

5 .0

5 .9

5 .7

5 .9

5 .2

7 .1

6 .7

7 .7

1 0 .4

1 1 .8

1 4 .9

8-87

2 .9

4 .0

3 .8

4 .3

4 .7

4 .6

4 .9

5 .7

5 .5

5 .7

5 .0

6 .6

6 .2

6 .9

8 .7

9 .0

9 .2

3 .7

1 31 .0 P

9-87

2*8

3 .9

3*7

4*1

4 .6

4 .4

4 .6

5 .4

5 .1

5 .3

4 .7

6 .0

5 .6

6 .1

7 .3

7 .2

6 .7

2 .8 ___ 1 .8

1 3 1 .2P

2-86

3-86

4-86

5-86

6-86

7-86

8-86

9-Ö6

1Ö-Ö6 11-06 l2 - * 6

1-87

2-87

3—87

4-87

5-87

6-87

IN IT IA L

130 .6

7-87

8-*87

MONTH

« R E V IS E D FROM 1985
p- p r e l i m i n a r y




PR EPA R ED BY FED ER A L R E S E R V E
OCTOBER 16* 19B7

7

BANK OF S I .

L O U IS

PERSONAL
RATIO

SCALE

TRILLIONS

MONTHLY

OF

DOLLARS

T OT A L S

I NCOME
AT

SEASONALLY

ANNUAL

RATIO

RATES

TRILLIONS

ADJUSTED

OF

SCALE

DOLLARS
4. 2
4.0
3.8
3.6
3.4
3.2
3.0
2.8
2. 6
2.4

2 .2

2.0

1.8

1979

1980

1981

1982

1983

1984

1985

1986

1987

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

COMPOUNDED

PERSONAL INCOME
ANNUAL RATES QF CHANGE

INITIAL

_ J r: 9. M
JL.WAJ
MONTH
2- 86
3-86

11. 2

4-86

5-86

6-86

7-06

8-86

9-86

10- 86

1 1- 8 6

12-8 6

1-87

2- 07

3- 87

4 - 87

5-8 7

6- 8 7

7- 07

0-07
3 ,4 0 2 .1

6.5

4- 86

3-86

B I L L I O N S OF
DOLLARS
ANNUAL RATES

MONTH

3 ,5 2 5 .0

16. 1

3 »5 25.9

5- 86

7.4

7.8

0*0

6- 86

5.7

5. 4

0.4

0.8

7- 86

5.4

5. 1

1.7

2.5

3 ,5 2 0 .1
3 ,5 4 0 .3

4.2

3 ,5 5 2 .9

3- 86

5.2

4.9

2 ♦3

3. 1

4*3

4.4

9- 86

5.2

5. 0

2. 9

3.6

4.5

4.7

5.0

10-86

5.0

4.7

3.0

3.5

4.3

4.3

4.2

11-86

4.9

4-7

3. 2

3.7

4*3

^»3

4.3

3.9

4*4

12-86

5. 2

5.0

3. 7

4.3

4.9

5.0

5.2

5.2

6.1

7.9

1-87

5.3

5.2

4.0

4. 5

5. 1

5.2

5.4

5.5

6.2

7.1

6.3

2- 8 7

6.0

5. 9

5.0

5.5

6. 1

6.4

6.8

7.1

8. 1

9.3

10.1

3 ,5 6 7 .5
3,5 7 7 .5

3.4

3 ,5 9 0 .3
3 ,6 1 3 .0
3 ,6 3 1 .5
13.9

3 ,6 7 1 .2

3- 87

5.8

5. 8

4.9

5.4

5.9

6. 1

6.4

6.6

7.3

8.0

8.0

8.9

4.1

4 - 87

5. 9

5. 8

5.0

5.5

5.9

6.1

6.4

6.5

7.1

7.6

7.6

8.0

5.1

6.2

3 ,6 0 3 .4
3 ,7 0 1 .9

5-87

5.6

5.5

4.8

5.2

5.6

5.7

5.9

6.0

6.4

6.7

6.5

6.5

4.1

4.2

2.2

6- 87

5.4

5.3

4.6

4.9

5.3

5.4

5. 5

5.6

5.8

6.0

5.7

5 .6

3.6

3.5

2.2

2.2

7-87

5.5

5.4

4.8

5.1

5.5

5.6

5.7

5.7

6 .0

6.2

6.0

5.9

4.4

4.4

3.9

4.7

7.3

8- 87

5.6

5.5

4.9

5.2

5.6

5.7

5.9

5.8

6*1

6.3

6.1

6t I

4.0

4.9

4 .6

5.5

7.1

7.0

9-87

5.7

5.7

5. 1

5.4

5. 8

5.9

6.0

6.1

6.3

6.5

6 .3

6.3

5.3

5.5

5.4

6.2

7.6

7.7

0.4

2- 86

3-86

4-a6

5-86

6-86

7-86

8-8 6

9-86

10 - 8 6

1 1- 0 6

12 - 0 6

1-87

2- 8 7

3-87

4-87

5- 0 7

6-87

7-87

0-07

IN ITIAL
P-

3,7 0 0 .5
3 ,7 1 5 .3
3 ,7 3 7 .2
3 ,7 5 8 .2
3 ,7 0 3 .6 P

MONTH

PR ELIM IN ARY




PR EPA RED

BY

OCTOBER 2 6 ,

8

FE DER AL

1907

RESER VE

BANK

OF

ST. LÔUÎS

RETAIL
RATIO

SALES
RATIO

SCALE

B I L L I ONS

OF

DOLLARS

SEASONALLY

B I L L I ONS

ADJ USTED

OF

SC A L E

DOLLARS
I 45
140
135
130
125
1 20

1 15
1 10

105
100

95
90
85
80
75
70
65
1979

1980

1981

1982

1983

1984

1985

1986

1987

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
CO*POUNP€P ANNUAL RATES OF CHANCE
M IL L IO N S OF
M UARS

IN IT I A L HQWTH
MONTH
1

<
6

CD

3-86

3-86

4-86

5-86

6-86

7-86

8-86

9-86 10-66

11-66 12-66

1-67

2—
67

3-67

4-67

5-67

6-67

7-67

6-67
117*259

- 3 .3

116*113

4-86

2 .7

9 .1

5-86

6 .7

1 2 .1

1 5 .1

6-86

5 .2

8 .2

7 .8

1 .0

7-86

6 .0

8 .5

6 .3

5 .0

9 .1

8-86

7 .2

9 .4

9 .5

7 .7

1 1 .2

119*507
119*605
120*478
1 3 .3

121*735
129*118

9-86

1 7 .4

2 1 .2

2 3 .8

2 6 .1

3 5 .6

5 1 .5

10-66

5 .8

7 .2

6 .9

5 .3

6 .4

5 .6

1 .9 - 4 8 .8

11-86

4 .7

5 .7

5 .2

3 .7

4 .2

3 .0

- 0 . 2 - 3 0 .0

1 0 2 .7

122*121
- 4 .3

121*678

3 0 .2

127*613

12-86

1 0 .3

1 1 .9

1 2 .3

1 1 .9

1 3 .8

1 4 .8

1 5 .2

- 4 .6

1-87

0 .9

1 .4

0 .5

- 1 .2

- 1 .5

- 3 .1

- 6 .1

- 2 2 .5

2-87

5 .7

6 .5

6 .3

5 .4

5 .9

5 .5

4 .2

- 8 .8

5 .4

6 .8

- 1 4 .7

7 5 .7

3-87

5 .5

6 .3

6 .0

5 .1

5 .6

5 .2

4 .1

- 6 .9

4 .9

7 .4

- 9 .1

3 4 .6

3 .1

4-87

5 .3

6 .0

5 .8

5 .0

5 .4

5 .0

4 .0

- 5 .5

4 .7

6 .6

— . 1
6

2 3 .3

3 .3

3 .6

5-87

4 .9

5 .5

5 .3

4 .5

4 .6

4 .4

3 .4

- 4 .9

3 .9

5 .3

- 5 .1

1 6 .8

1 .9

1 .3

- 0 .9

6-87

5 .5

6 .1

5 .9

5 .2

5 .6

5 .3

4 .5

- 2 .9

5 .2

6 .6

- 2 .0

1 6 .4

5 .0

5 .6

6 .6

1 4 .8

7 7 .1

118*579

- I I . 1 - 1 4 .3 - 5 8 .6

124*260
124*593
124*960
124*867
126*307
127*061

7-87

5 .6

6 .2

6 .0

5 .4

5 .7

5 .5

4 .8

- 1 .9

5 .4

6 .7

- 0 .7

1 4 .8

5 .5

6 .1

6 .9

1 1 .0

7 .4

8-87

6 .5

7 .1

7 .0

6 .5

6 .9

6 .7

6 .2

0 .1

7 .1

8 .4

2 .0

1 5 .9

8 .2

9 .2

1 0 .7

1 4 .9

1 4 .9

2 2 .9

9-87

5 .9

6 .4

6 .3

5 .8

6 .1

5 .9

5 .3

- 0 .3

5 .9

7 .0

1 .2

1 3 .2

6 .3

6 .8

7 .5

9 .6

8 .0

8 .3

- 4 .6

2-86

3-86

4-86

5-86

6-86

7-06

6-86

9-06 T O - 8 6

il- é 6

12-66

1-87

2-67

5-87

4-87

5-07

6-87

7-8 f

8-87

129*267P
128*7605

IN IT IA L HÖNTH
P- P R E L IM IN A R Y
6- E ST IM A T ED




“ P R EP A R ED BY FED ER A L R E S E R V E
OCTOBER 15* 1967

9

BAN* OF S I . t U U T S '

HOURLY COMPENSATION*
co m po unded

annual

IN IT IA L

TERM INAL
QUARTER
3-82
4-82

4 .1

1-83

2 -83

3-83

4-83

1-84

2-84

3-84

1977*100

QUARTER

4 -84

1-85

2-85

3-85

4-85

1-86

2 -86

3-36

4 -86

1-87
1 5 4 .3

4*4

1-83

4-82

B U S IN E S S SECTOR
o f CHANGE

rates

1 5 9 .8

3 .8

1 6 0 .6

2-83

3 .6

3 .2

2 .5

3-83

3 .1

2 .6

2 .0

1 .5

4-83

3 .6

3 .3

3 .2

3 .5

1 6 1 .4
5 .6

1 6 3 .6
1 6 5 .6

1-84

3 .9

3 .8

3 .8

4 .2

5 .5

5 .5

2-84

3 .7

3 .6

3 .5

3 .8

4 .6

4 .1

2 .7

3-84

3 .8

3 .7

3 .7

3 .9

4 .5

4 .2

3 .5

4-84

3 .8

3 .7

3 .7

3 .9

4 .4

4 .1

3 .6

4 .1

3 .8

1-85

3 .9

3 .9

3 .9

4 .1

4 .5

4 .3

4 .0

4 .4

4 .4

5 .0

2-85

4 .0

4 .0

4 .0

4 .2

4 .6

4 .4

4 .2

4 .6

4 .7

5 .1

4 .2

4 .4

4 .7

4 .6

1 6 6 .9
1 6 8 .7

4 .4

1 7 0 .3
1 7 2 .4
5 .2

1 7 4 .6
1 7 7 .0

3-85

4 .2

4 .1

4 .5

4 .8

4 .9

5 .3

5 .4

4-85

4 .3

4 .2

4 .3

4 .5

4 .8

4 .7

4 .6

4 .9

5 .0

5 .3

5 .4

5 .5

5 .3

1-86

4 .2

4 .2

4 .2

4 .3

4 .6

4 .5

4 .4

4 .6

4 .7

4 .9

4 .8

4 .7

4 .2

2-86

4 .1

4 .1

4 .1

4 .3

4 .5

4 .4

4 .3

4 .5

4 .5

4 .6

4 .5

4 .4

3 .9

3 .3

3 .4

3-86

4 .1

4 .0

4 .0

4 .2

4 .4

4 .3

4 .2

4 .3

4 .3

4 .4

4 .3

4 .1

3 .7

3 .2

3 .2

4-86

4 .0

4 .0

4 .0

4 .1

4 .3

4 .2

4 .1

4 .2

4 .2

4 .3

4 .2

4 .0

3 .7

3 .3

3 .3

3 .3

3 .5

1-87

3 .9

3 .8

3 .8

3 .9

4 .1

4 .0

3 .9

4 .0

3 .9

3 .9

3 .8

3 .6

3 .3

2 .9

2 .8

2 .6

2 .4

1 .3

2-87

3 .8

3 .8

3 .8

3 .9

4 .0

3 .9

3 .8

3 .9

3 .9

3 .9

3 .8

3 .6

3 .3

3 .0

2 .9

2 .8

2 .7

2 .3

3 .3

3-82

4-82

1-83

2 -83

3-83

4-83

1-84

2-84

3-84

4-84

1-85

2-85

3-85

4-85

1-86

2-86

3-86

4-86

1-87

5 .6

1 7 9 .3
1 8 0 .7

3 .2

1 8 2 .2
1 6 3 .6

3 .1

1 85 .2
1 8 5 .8
1 8 7 .3

INITIAL (WMftTÉft
PA EPAAÉD BY FED ERA L R E S E R V E BANK OF 5 T • L O U IS
AUGUST 31* 1987___________________________________________

OUTPUT PER HOUR OF ALL PERSONS* BUSINESS SECTOR
_______________________________________________________ COMPOUNDED ANNUAL RATES O f CHANCE_______________________________________________________
TERMINAL________________________________________________________________________ I N I T I A L QUARTER_______________________ ________________________________________________19T7M Q 0
QUARTER
3-66
4-86
1-87
1-86
2-86
3-85
4-85
1-85
2-85
3-8 3 4-83
1-84
1-83
2-84
4-84
4-82
3-84
2-83
3-82
1 0 1 .0

4-82

3 .2

1-83

3 .4

3 .6

2-83

4 .3

4 .6

6 .0

3-83

2 .8

2 .6

2 .2

- 1 .5

4-83

2 .8

2 .7

2 .4

0 .6

2 .7

1 0 1 .9
1 03 .4
1 03 .0
1 03 .7
1 05.1

1-84

3 .2

3 .2

3.1

2 .2

4 .1

5 .5

2-84

3 .0

3 .0

2 .9

2 .1

3 .4

3 .7

1 .9

3-84

2 .6

2 .5

2 .3

1 .6

2 .4

2 .3

0 .6

- 0 .4

4-84

2 .5

2 .4

2 .2

1 .6

2 .2

2 .1

1 .0

0 .6

1 .5

1-85

2 .5

2 .4

2 .2

1 .7

2 .3

2 .2

1 .3

1.1

1 .9

2 .3

1 .6

1 .5

2 .7

1 0 5 .6
105 .5
1 0 5 .9
106 .5
107 .2

2-85

2 .5

2 .4

2 .3

1 .6

2 .3

2 .2

2 .2

2 .5

3-85

2 .6

2 .5

2 .4

2 .0

2 .5

2 .5

2 .0

2 .0

2 .6

2 .9

3 .2

3 .8

4-85

2 .3

2 .2

2 .1

1 .7

2 .1

2 .0

1 .5

1 .4

1 .8

1 .9

1 .6

1 .3

- 1 .1

2 .4

2 .1

2 .5

2 .4

2.1

2 .1

2 .5

2 .7

2 .8

2 .9

2 .4

6 .1

1 08 .2
1 0 7 .9
1 0 9 .5

1-86

2 .6

2 .5

2-86

2 .4

2 .4

2 .3

2 .0

2 .3

2 .3

1 .9

1 .9

2 .3

2 .4

2 .4

2 .3

1 .9

3 .4

0 .7

3-86

2 .3

2 .2

2 .1

1 .8

2 .1

2 .0

1 .7

1 .7

1 .9

2 .0

1 .9

1 .8

1 .3

2 .1

0 .2

- 0 .4

2 .1

2 .1

2 .0

1 .7

1 .9

1 .9

1 .5

1 .5

1 .7

1 .7

1 .7

1 .5

1 .0

1*6

0 .1

- 0 .2

1 .3

0 .2

0 .0

0 .2

0 .4

4-86

1 09 .7
1 0 9 .6
1 0 9 .6

0 .0

1 09 .7

1-87

2 .0

2 .0

1 .9

1 .6

1 .8

1 .7

1 .4

1 .4

1•6

1 .6

1 .5

1 .3

0 .9

2-87

2 .0

1 .9

1 .8

1 .6

1 .8

1 .7

1*4

1 .4

1 .5

1 .5

1 .4

1 .3

0 .9

1 .3

0 .4

0 .3

0 .5

0 .7

1 .1

3-82

4-82

1-83

2-83

3-83

4-83

1-84

2-84

3-84

4-84

1-85

2-85

3-85

4-05

1-86

2-86

3-#6

4-86

1-87




110 .0

IN Í T I ÍT (1UAIT Eft

PREPARED BY"FEÜERAL RESERVE BANK- OF 51^ L O U IS
AUGUST 31*

10

1987____________________________________________

PRODUCTIVITY,
RAT I 0

COMPENSATION, AND LABOR COSTS

SCALE

RAT I 0

1977-100

SE A S O N A LL Y

1979

1980

1981

1982

1983

1984

1985
SOURCE.

PERC EN T A G ES ARE AMHUAL RATES Of CHANGE FOR PE R IO D S
LA T E ST

DATA PLO T TED :

SCALE

19 77-100

ADJUSTED

1986

U .S .

1987

DEPARTMENT

OF LABOR

IN D IC A TED .

2ND OUAJtTER
PREPA RED »Y FED ERAL

R E S E R V E IA N K

Of

ST.

L O U IS

U N IT LABOR COSTS» B U S IN E S S SECTOR
COMPOUNDED ANNUAL RATES OP CHANGE
TERM INAL
QUARTER

IN IT IA L
4-82

1-83

2-83

1
C
D
M

3-82

0 .8
- 0 .6

- 1 .7

0 .3

- 0 .1

- 0 .1

0 .8

0 .6

0 .8

2 .8

3-84

1977*100

QUARTER

1

1-85

4-84

2-85

3-85

4 -85

1-86

2—66

3-86

4 -8 6

1-87

3 .1

4-83

2-84

- 3 .3

3-83

1-84

0 .0

2-83

4-83

1 .5

1-83

3-83

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

2 .6

1-84

0 .7

0 .5

0 .6

2 .0

1 .4

0 .3

2-84

0 .7

0 .5

0 .6

1 .6

1.1

0 .4

0 .5

3-84

1 .2

1*1

1 .3

2 .3

2 .0

1 .9

2 .7

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

1 5 9 .9

4-84

1 .3

1 .3

1 .4

2 .3

2 .1

2 .0

2 .5

3 .6

2 .3

1-85

1 .4

1 .4

1 .6

2 .3

2 .2

2 .1

2 .6

3 .3

2 .5

2 .8

O
D
1
rg

1 .5

1 .5

1 .7

2 .3

2 .2

2 .1

2 .5

3 .0

2 .4

2 .5

1 6 0 .8
1 6 1 .9
2 .2

1 6 2 .8

3-85

1 .6

1 .6

1 .7

2 .3

2 .2

2 .1

2 .4

2 .8

2 .3

2 .3

2 .1

2 .0

4-85

1 .9

1 .9

2 .1

2 .7

2 .6

2 .6

3 .0

3 .4

3 .1

3 .3

3 .5

4 .1

6 .3

1-86

1 .6

1 .6

1 .7

2 .2

2 .1

2 .0

2 .3

2 .5

2 .1

2 .1

1 .9

1 .8

1 .7

- 2 .6

1 6 3 .6
1 66 .1
1 6 5 .0

2-86

1 .7

1 .7

1 .8

2 .2

2 .2

2 .1

2 .3

2 .6

2 .2

2 .2

2 .1

2 .1

2 .1

0 .1

2 .9

3-96

1 .8

1 .8

1 .9

2 .3

2 .2

2 .2

2 .4

2 .6

2 .3

2 .4

2 .3

2 .3

2 .4

1 .1

3 .1

3 .2

4-86

1 .9

1 .9

2 .0

2 .4

2 .4

2 .3

2 .5

2 .7

2 .5

2 .5

2 .5

2 .5

2 .6

1 .7

3 .2

3 .4

3 .6

1-87

1 .8

1 .8

2.X)

2 .3

2 .3

2 .2

2 .4

2 .6

2 .3

2 .3

2 .3

2 .3

2 .3

1 .6

2 .7

2 .6

2 .3

1 .0

2-87

1 .8

1 .8

1 .9

2 .3

2 .2

2 .2

2 .4

2 .5

2 .3

2 .3

2 .2

2 .2

2 .3

1 .6

2 .5

2 .4

2 .2

1 .4

1 .9

3-82

4-82

1-83

2-83

3-83

4-83

1-84

2-84

3^84

4H34

1-85

2-85

3-05

4-85

1^86

2-86

3-86

4^ÏÏ6

1-87




--------- I N I T I A L

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

QUARTS

P ftÉ P Â *ÉÔ BV PEÔÉtfAt ftCSÉRVr BANK O r S T .
AUGUST 31» 1987_________________

11

LOUIS

CROSS NATIONAL PROOUCT IN CURRENT OOLLARS
COMPOUNDED ANNUAL R ATES O f CHANCE________
B IL L IO N S
IN IT IA L
1-83

2-83

3-83

1-83

9 .9
9 .7

1 1 .2

1 0 .4

1 1 .6

1 0 .9

3-84

4-84

1-05

2—
85_

3-85

1-06

4-85

3-86

4-86

1-87

" A lim i
2-87

9 .4

4-83

2-04

1 3 .0

3-83

1-84

6 .8

2-83

4-8 3

«0
1

.4-8.2

OF

QUARTER

QUARTER

1 2 .4

RATE5

3 * 2 6 5 .8
3 » 3 6 7 .4
3 * 4 4 3 .9
3 * 5 4 5 .8

1 1 .4

1 2 .5

1 2 .4

1 3 .9

1 5 .4

1 0 .9

1 1 .8

1 1 .5

1 2 .2

1 2 .1

8 .9

3—84

1 0 .2

1 0 .8

1 0.3

1 0 .6

1 0 .0

7 .4

5 .8

4-84

9 .5

9 .9

9 .4

9 .4

8 .6

6 .5

5 .3

1-85

9 .3

9 .6

9 .1

9 .0

8 .4

6 .7

2-85

8 .9

9 .1

8 .6

8 .5

7 .9

6 .5

5 .0

5 .8

6 .4

5 .5

3-85

8 .7

8 .9

8 .5

8 .3

7 .8

6 .6

6 .1

6 .1

6 .6

6 .3

4-85

8 .5

8 .7

8 .2

8 .1

7 .6

6 .5

6 .1

6 .2

6 .6

6 .3

6 .7

6 .3

1-86

8 .4

8 .5

8 .1

8 .0

7 .5

6 .6

6 .3

6 .3

6 .6

6 .5

6 .8

6 .7

7 .0

2-86

8 .0

8 .1

7 .7

7 .6

7 .1

6 .2

5 .9

5 .9

6 .1

5 .9

6 .0

5 .6

5 .3

3 .6

3-86

7 .9

7 .9

7 .5

7 .4

7 .0

6 .1

5 .8

6 .0

5 .8

5 .0

5 .5

5 .3

4 .4

5 .3

3
«D
t
<
4
*

3 * 6 7 4 .9

1-84
2-84

7 .5

7 .5

7 .1

7 .0

6 .5

5 .8

5 .5

5 .4

5 .5

5 .2

5 .2

4 .8

4 .5

3 .6

3 .7

2 .1

1-87

7 .6

7 .6

7 .2

7 .1

6 .7

6 .0

5 .7

5 .7

5 .9

5 .7

5 .7

5 .5

5 .3

4 .9

5 .3

5 .3

8 .6

2-87

7 .5

7 .5

7 .2

7 .0

6 .7

6 .0

5 .8

5 .9

5 .7

5 .8

5 .6

5 .5

5 .2

5 .5

5 .6

7 .5

6 .3

3-87

7 .4

7 .4

7. 1

7 .0

6 .6

6 .0

5 .8

5 .9

5 .8

5 .8

5 .7

5 .6

5 .3

5 .7

5 .8

7 .0

6 .2

6 .2

4-82

1-83

2-83

3-83

4-83

1-84

3-84

4-84

1-85

2-85

3-85

4-85

1-86

2-06

3-86

4-86

1-87

2-87

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

2-84

3 *0 5 1 .8
7 .4

3 * 9 2 1 .1
3 * 9 7 3 .6
7 .1

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

TftEPAftFfl BY FEDERAL RESERVE BANK OF"ST. LOUIS
OCTOBER 23*

1987

CROSS NATIONAL PRODUCT IN 1902 OOLLARS
____COMPOUNDED ANNUAL R A T ES QF CHANCE_____
IN IT IA L

B l U I O k S OF
OOLLARS
An n u a l R ATES

QUARTER

QUARTER
4-82

1-83

2-83

3-83

4-83

1-84

2-04

3-84

4-04

1-05

2-85

3-85

4-85

1-86

2-86

3-86

4-86

1-87

2-87
3 * 1 8 6 .6

1-83

3 .5

2-83

6 .4

9 .3

3-83

6 .3

7 .7

6 .0

4-83

6 .5

7 .5

6 .7

7 .3

1-84

7 .3

8 .3

8 .0

9 .0

1 0 .7

7 .7

7 .4

7 .8

8 .1

5 .5

2-84

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

3-84

6#^

6 .9

6 .4

6 .5

6 .2

4 .0

2 .6

4-84

5 .8

6. 1

5 .6

5 .5

5. 1

3 .2

2 .1

1 .7

1-85

5 .8

5 .3

5 .2

4 .8

3 .4

2 .7

2 .8

3 .8

2-85

5 .4

4 .9

4 .8

4 .4

3 .1

2 .5

2 .5

3 .0

2 .1

3 * 5 3 5 .2
3 * 5 6 8 .7
3 * 5 8 7 .1
3 * 6 2 3 .0

3-85

5 .1

5 .3

4 .8

4 .7

4 .3

3 .3

2 .0

2 .9

3 .3

3 .1

4 .1

4-85

4 .9

5 .1

4 .7

4 .5

4 .2

3 .3

2 .9

3 .0

3 .3

3 .1

3 .6

3 .1

5 .1

4 .7

4 .6

4 .3

3 .5

3 .2

3 .3

3 .7

3 .6

4 .2

4 .2

1-86

3 * 6 5 0 .9
3 * 6 9 0 .8

5 .4

3 * 7 0 4 .7

2-0 6

4 .7

4 .7

4 .4

4 .2

3 .9

3 .2

2 .9

3 .0

3 .2

3 .0

3 .3

3 .0

3 .0

0 .6

3-86

4 .4

4 .5

4 .1

4 .0

3 .7

3 .0

2 .7

2 .8

2 .9

2 .0

2 .9

2 .6

2 .5

1 .0

1 .4

4-86

4 .2

4 .3

4 .0

3 .8

3 .5

2 .9

2 .6

2 .6

2 .7

2 .6

2 .7

2 .4

2 .2

1 .2

1 .5

1 .5

1-87

4 .3

4 .3

4 .0

3 .8

3 .6

3 .0

2 .0

2 .0

2 .9

2 .0

2 .9

2 .7

2 .6

2 .0

2 .4

2 .9

.4

2-87

4 .2

4 .2

3 .9

3 .7

3 .5

3 .0

2 .0

2 .8

2 .9

2 .0

2 .9

2 .7

2 .6

2 .1

2 .4

2 .8

3 .4

2 .5

4 .1

4 .2

3 .9

3 .8

3 .5

3 .0

2 .0

2 .9

3 .0

2 .9

3 .0

2 .8

2 .0

2 .4

2 .7

3 .0

3 .6

3 .2

3 .0

4-62

1-83

2-83

3-03

4-03

1-64

2-04

3-64

4-04

1-05

2-05

3-05

4-05

1-06

2-66

5-86

4-86

1-07

2-07

3-87




3 * 7 1 0 .0
3 * 7 3 1 .5
3 * 7 7 2 .2
3 * 7 9 5 .3
3 * 0 3 1 .2

I MI THU. IQ UARTER

"n F T O T F IT T Y - F F U d T O T ir R W V E - B X M K n O F T T r T W rrS OCTOBER 23» 1987
________________________________________

12

GROSS N A T I O N A L

PRODUCT

R A T I O SCALE
QUARTERLY TOTAL S AT ANNUAL RA TE S
R A T I O SCALE
T R I L L I O N S OF D O L L A R S
SEASON AL LY ADJUSTED
T R I L L I O N S OF D O L L A R S

8

3.

1979

1980

1981

1982

1983

1984
SOURCEt

PE RC E N T AG ES
LATEST

ARE

ANNUAL

DATA P L O T T E D t




RATES

OF CHAN6E FOR PE RIODS

3RD QUARTER

1985
U .S .

1986
D EPA RTMENT

1987
OF

COMMERCE

IN D IC A T E D .

PRELIMINARY
PR EPARED

13

BY F E D E R A L

RESERVE

BANK OF

ST.

LOUIS

GENERAL
RATIO

PRICE

INDEX*

SCALE

RATIO

1982-100

1979
*A S USED

SCALE

1 98 2-1 00

1980

1981

IN NATIONAL

1982

1983

INCOME ACCOUNTS

1984

1985

SOURCE:

U .S .

1986

1987

DEPARTMENT OF COMMERCE

PERCENTAGES ARE ANNUAL RATES OF CHANCE FOR PER 10D8 INDICATED.
LATEST DATA PLOTTEDt

3RD OUARTER PRELIM IN A RY
PREPARED BY FEDERAL RESER VE BANK OF ST.

LO U IS

I N f L I C I T P U C E DEFLATOR POft M O S S NATIONAL PftOOUCT
________________________________________________________________________CONMMJNPgP ANNUAL RATES OF CHANCE________________________________________________________________________

TE R M I N A L ______________________________________________________________INITIAL QUARTER____________________________________________________________ l9a? * 100
QUARTER
4-82

1-83

2-83

3-83

4-6 3

1-84

2-64

3-84

4-84

1-15

2-65

3-65

4 -*5

1-66

2-66

3-66

4-66

1-67

2-67
1 0 2 .5

1-63

3 .2

2-83

3 .2

3 .2

3-83

3 .3

3 .3

3 .5

4-83

3 .6

3 .6

4 .1

4 .7

1-84

3 .8

3 .9

4 .2

4 .5

4 .2

2-84

3 .6

3 .7

3 .9

4 .0

3 .6

3 .0

3-84

3 .6

3 .7

3 .8

3 .8

3 .6

3 .2

3 .4

4-84

3 .5

3 .6

3 .6

3 .7

3 .4

3 .1

3 .2

3 .0

3 .5

3 .5

3 .6

3 .6

3 .2

3 .2

3 .2

1 0 4 .2
1 0 5 .4

3 .4

1 0 6 .5
1 0 7 .3
106 .2
1 0 9 .0
1 0 9 .9

3 .3

110*6

2-85

3 .5

3 .5

3 .6

3 .6

3 .4

3 .2

3 .3

3 .2

3 .3

3 .3

3-85

3 .4

3 .5

3 .5

3 .5

3 .3

3 .2

3 .2

3 .1

3 .2

3 .1

2 .9

>
1
0
0
V
*

1-85

1 0 3 .3

3 .4

3 .4

3 .4

3 .4

3 .3

3 .1

3.1

3 .1

3 .1

3 .0

2 .9

2 .9

1-86

3 .3

3 .3

3 .3

3 .3

3 .1

3 .0

2 .9

2 .9

2 .9

2 .7

2 .5

2 .3

1 .8

2-86

3 .2

3 .2

3 .2

3 .2

3 .1

3 .0

2 .9

2 .9

2 .9

2 .8

2 .6

2 .5

2 .3

2 .9

3-86

3 .3

3 .3

3 .3

3 .3

3 .1

3 .0

3 .0

3 .0

3 .0

2 .9

2 .8

2 .8

2 .7

3 .2

3 .6

4-8 6

3 .1

3 .1

3 .1

3 .1

2 .9

2 .8

2 .8

2 .7

2 .7

2 .6

2 .5

2 .4

2 .2

2 .4

2 .1

1 1 1 .6
1 1 2 .4
1 1 2 .9
1 1 3 .7
1 1 4 .7
1 1 4 .9

0 .7

116 .1

1-87

3 .2

3 .2

3 .2

3 .1

3 .0

2 .9

2 .9

2 .9

2 .8

2 .8

2 .7

2 .7

2 .6

2 .8

2 .8

2 .5

4 .2

2-87

3 .2

3 .2

3 .2

3 .2

3 .1

3 .0

3 .0

2 .9

2 .9

2 .9

2 .8

2 .8

2 .8

3 .0

3 .0

2 .8

3 .9

3 .5
2 .4

2-87

3-87

3 .1

4 -8 *

3 .1

i- è r

3 .1

3 .1

3 .0

2-03 ■ 3-03

4-83




2 .9

2 .9

2 .9

2 .9

2 .8

2 .8

1-84 T - 8 4

3-84

4-^4

1-85

2-85

2 .7

2 .9

2 .9

2 .7

3 .4

2 .9

S-TR "4 - 0 5

1-86

'2 - 8 6

3-86

4-86

1-87

2 .7

117.1
1 1 7 .6

PREPARED 6Y FEDERAL "RÉSERVE BANK OF S I . LUU1S
OCTOBER 2 3 t

14

1967__________________________________________

PERSONAL CONSUMPTION E X P E N D IT U R ES IN CURRfNT 004.L A * J
______________COMPOUNDED ANNUAL R A T ES OF CHANCE-------------TERM INAL
QUARTER

IH U I A k

4~9?

1-63

2-83

3-63

4-83

1-94

2-84

3-64

H 4

ftlUIdW fflT”
S
OOLLARS

QUARTER

1-83

2-85

annual ra t «

3-85

4-95___ j- 0 6

2-86

- ^86
-

4-86___ 1 - 8 7

2-67

5 .7
1 3 .0

2 * 2 1 3 .0

9 .3
- OJ

2 * 1 4 6 .6

9 .3

JL z li.

1 1 .1

2 * 2 6 2 .8
2 * 3 1 5 .8

_

2 *3 6 1 .1

1-84

9 .1

1 0 .0

9 .0

8 .9

8 1

2-84

9 .2

1 0 .0

9 .2

9 .2

6 9

9 .8

3-84

8 .7

9 .2

0 .5

8 .3

7 6

7 .7

5 .6

4-84

8 .5

6 .9

8 .3

8 .1

7 7

7 .5

6 .4

7 .2

1-85

8 .6

9 .0

8 .4

8 .3

8 0

8 .0

7 .4

8 .3

2-85

8 .6

8 .9

8 .4

8 .3

8 1

8 .1

7 .7

8 .3

8 .9

8 .4

9 .0

8 .6

8 .5

8 4

8 .4

6 .1

8 .8

9 .3

9 .3

8 .7

3-85

2 * 4 1 7 .0
2 * 4 5 0 .3
2 * 4 9 3 .4
2 * 5 4 9 .9

9 .4

2 * 6 0 2 .0
1 0.1

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

4-85

8 .4

8 .7

8 .3

8 .2

8 0

8 .0

7 .7

8 .1

8 .3

7 .9

7 .7

1-86

6 .2

0 .4

8 .0

7 .9

7

7 .7

7 .4

7 .7

7 .8

7 .4

7 .0

5 .5

8 .1

7 .7

7 .6

4

7 .3

7 .0

7 .2

7 .2

6 .7

6 .3

5 .1

4 .1
1 0 .7
6 .8

3 .1

2-86

7 .9

5 .3

2 * 7 3 7 .9
2 * 7 6 5 .8
2 *8 3 7 .1

3-86

8 .1

8 .3

7 .9

7 .8

7

7 .6

7 .4

7 .6

7 .7

7 .4

7 .2

6 .4

7 .4

4-86

7 .8

7 .9

7 .6

7 .5

3

7 .2

6 .9

7 .1

7 .1

6 .7

6 .5

5 .8

5 .9

1-87

7 .6

7 .8

7 .4

7 .3

I

7 .0

6 .8

6 .9

6 .8

6 .5

6 .3

5 .6

5 .7

6 .2

4 .0

5 .0

6 .9

6 .6

6 .4

5 .6

6 .0

6 .4

5 .0

6 .0

7 .1
8 .4

2-87

7 .6

2-07

7 .7

7 .4

7 .3

I

7 .0

6 .8

6 .9

7 .6

7 .0

7 .5

7 .3

2

7 .1

6 .9

7 .0

7 .0

6 .8

6 .6

i- a *

2-83

3-83

4-16 }

1-94

2—84

3-84

4-84

1-85

2-65

3-65

2 * 8 9 3 .8

6 .4

6 .2

4-82

3-87

2 * 6 5 8 .6

4

6 .8

5 .9

6 .8

1-86

2-86

3-86

4-66

1-67

2 * 9 4 3 .7

7 .7

3 * 0 0 3 .7

P * e P a * e £ ft* « C C f t A L RCSCRVC SANK OF S T . L O U IS
>
OCTOBER 23* 1967____________________________________________

PERSONAL CONSUMPTION E X P E N D IT U R ES IN 1962 DOLLARS
____________ COMPOUNDED ANNUAL R ATES Of CHANCE_____________

TfiTTMnsr
DOLLARS
ANNUAL R A T ES

IN IT IA L QUARTER

T ERM INA L
QUARTER
4-82

1 -9 ?

2-83

3-83

4 -8 5

I- '94

2-84

3-84

4-84

1-85

2-85

5-85

4-95

1-66

2-86

3-66

4-86

1-87

2-87
2 * 0 9 4 .2

1-63

3*0

2-83

5 .5

8 .0

5._4_

6 .7

5 .3

5*4

6 •3

5 .4

5 .5

1-84

5 .1

5 .6

4 .8

4 .6

3 .7

2-84

5 .3

5 .8

5 .2

5 .2

5 .1

6 4

3-83
4-9?.

.

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

3-64

4 .6

5 .1

4 .6

4 .4

4 .0

4 1

1 .9

4-84

4 .6

5 .0

4 .5

4 .3

4 .1

4 2

3 .1

4 .3

1-85

4 .9

5 .1

4 .7

4 .6

4 .4

4 6

4 .0

5 .1

2 * 2 5 7 .3
2 *2 8 1 .1
5 .9

2 * 3 1 4 .1

2-85

4 .8

5 .0

4 .6

4 .5

4 .4

4 5

4 .0

4 .7

5 .0

4 .0

5-85

5 .0

5 .2

4 .9

4 .8

4 .7

4 9

4 .6

5 .3

5 .6

5 .4

6*9

4-85

4 .7

4 .8

4 .5

4 .4

4 .3

4 3

4 .0

4 .4

4 .5

4 .0

4 .0

2 * 3 5 7 .0
2 * 5 7 6 .1
1 .2

2 * 5 8 3 .2

1-86

4 .7

4 .8

4 .5

4 .4

4 .3

4 4

4 .1

4 .5

4 .5

4 .1

4 .2

2 .6

4 .5

2-86

4 .6

4 .7

4 .5

4 .4

4 .3

4 3

4 .1

4 .4

4 .4

4 .1

4 .2

3 .3

4 .3

4 .1

3-86

4 .8

4 .9

4 .7

4 .6

4 .6

4 6

4 .4

4 .8

4 .8

4 .7

4 .8

4 .3

5 .3

5 .7

7 .3

4 -66

4 .5

4 .6

4 .4

4 .3

4 .2

4 3

4 .0

4 .3

4 .3

4 .0

4 .1

3 .5

4 .1

3 .9

3 .6

0 .5

1-87

4 .2

4 .3

4 .0

3 .9

3 .6

3 6

3 .6

3*6

3 .7

3 .4

3 .4

2 .6

3 .1

2 .7

2 .3

— .1
0

— .7
0

2-87

4 .1

4 .1

3 .9

3 .6

3 .7

3 7

3*5

3 .6

3 .5

3 .3

3 .2

2 .7

2 .9

2 .6

2 .2

0 .5

0 *6

1 .9

3-67

4 .1

4 .2

3 .9

3 .9

3 .6

3 6

3 .6

3 .7

3 .6

3 .4

3 .4

2 .9

3 .2

2 .9

2 .7

1 .6

2 *0

3 .3

4 *8

4-92

1-63

2-63

3-63

4-63

l - l 14

2-64

5 - *4

4-84

1-65

2-65

M ?

4-65

1-66

2 -«6

4 -§6

1-87

2 - S7




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

IN IT IA L QUMTF*

H I F A R E 0 if FEDE1AL RESERVE BAUK OF ST. LOUIS
OCTOBER 2 3*

15

1967

-

CROSS P R IV A T E D O K fST lC INVESTN CNT IN CURRENT DOLLARS

___________ CQftfQUttPEP ANNUAL R A T ES O f CHANCE_______________
T ER M IN A L
QUARTER

- im n A i
1-83

-

2-83

1-8 3

4-83

1-84

4-84

2-84

L”-S2.__

38 .1

5 9 .5

3-83

3 7 .4

4 7 .2

4 1 .6

4 9 .8

4 5 .1

4 7 .0

5 4 .8

5 3 .3

6 2 .8

2-84

3 8 .0

4 2 .0

3 8 .0

3 8 .7

3 1*2

3 2 .5

3 4 .8

3 0 .3

2 9 .0

2 1 .3

2*2

2 7 .1

2 8 .2

2 3 .7

2 1 .3

1 4 .1

- 0 .2

- 0 .7

1-86

2-86

3-86

4-86

1-87

2-87

3 .7

4-84

4-85

0 .7

3-84

3-85

5 4 .9

1-84

2-85

3 5 .9

4-83

1-85

1 9 .6

2-83

B IL L IO N S O f
DOLLARS
ANNUAL RATES

w A *m

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

7 1 .0

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

- 5 .0

6 3 8 .6

- 3 .7

- 5 .1

- 9 .2

- 1 3 .3

7 .7

- 1 .8

- 2 .4

- 4 .3

— .0
4

6 .3

4 .7

- 3 .5

- 4 .3

- 6 .2

- 6 .6

- 3 .1

- 1 1 .7

- 1 .1

- 1 .3

- 2 .3

- 1 .7

2 .6

0 .7

1 4 .9

1 .5

1 .6

1 .3

2 .6

7 .0

7 .3

1 8 .2

2 1 .6

6 .5

l.l

l.l

0 .8

1 .8

5 .1

4 .8

1 0 .9

9 .0

- 2 .3

6 7 9 .4

8 .3

4 .9

- 0 .1

- 0 .2

- 0 .7

- 0 .1

2 .3

1 .5

5 .1

2 .1

- 6 .5 - 1 0 .5

6 6 0 .8

9 .5

7 .6

4 .4

- 0 .2

- 0 .2

- 0 .7

— .1
0

1 .9

1 .2

4 .0

1*4

- 4 .5

- 5 .6

- 0 .4

1-85

2 1 .8

2 2 .1

1 7 .5

1 4 .7

2-85

2 0 .2

2 0 .2

1 6.1

1 3 .5

3-85

1 6 .9

1 6 .6

1 2 .6

1 0 .0

4-85

1 6 .7

1 6 .4

1 2 .8

1 0 .5

5 .9

1-86

17.1

1 6 .9

1 3 .6

1 1 .6

7 .6

2-86

1 5 .6

1 5 .3

12*2

1 0 .2

3-86

1 3 .6

1 3 .2

1 0 .2

4—86

1 2 .7

1 2 .2

8 .0

6 4 8 .4
6 2 8 .6
6 5 0 .8
6 8 3 .4

6 6 0 .2
6 9 9 .9

1-87

1 3 .4

1 3 .1

1 0 .5

8 .9

6 .0

1 .8

1 .9

1 .7

2 .5

4 .7

4 .5

7 .4

6 .0

2 .4

4 .0

1 2 .2

2 6 .3

2-87

1 2 .7

1 2 .4

9 .9

8 .4

5 .6

1 .8

1 .9

1 .7

2 .4

4 .3

4 .1

6 .6

5 .2

2 .2

3 .4

8 .5

1 3 .3

1 .6

1 1 .8

1 1*4

9 .1

7 .6

5 .0

1 .4

1 .5

1 .3

1 .9

3 .5

3 .2

5 .3

4 .0

1 .3

2 .0

5 .4

7 .4

—1 .0

- 3 .4

4-82

1 -8 *

2-83

3-83

4-85

1-84

2-04

3-84

4-84

1-85

2-85

3-85

4-85

1-06

2-06

3-06

4-86

1-07

2-07

3-87

7 0 2 .6
6 9 6 .5

INITIAL

WÉPARE0 BV FFÜERAL RESERVE BANK OF ST. LOUIS
OCTOBER 23*

1987

CROSS P R IV A T E OOHESTIC tN V E ST N fN T IN 1902 DOLLARS
____________ CQMPOUNDEO ANNUAL R A T ES O f CHANCE_____________
IN m A l

T E R M IN G
QUARTER
4-82
1-83

1-83

2-83

3-83

4-83

1-84

2-04

3-04

4-04

l- ? 5

b ! l U (3 N $ W
DOLLARS
ANNUAL RATES

QUARTER
2-85

3-05

4-05

1-86

2-86

3-86

4-06

1-07

2-07
4 2 7 .1

19 1

4 8 6 .9

2-83

41 9

6 0 .9

3-83

39 5

5 1 .0

3 5 .0

4-8 3

41 2

4 9 .4

4 0 .5

4 6 .3

1-84

45 8

5 3 .4

4 8 .6

5 5 .9

2-84

37 4

4 1 .4

3 5 .2

3 5 .3

3 0 .1

2 .0

3-84

32 0

3 4 .2

28 . 2

2 6 .6

2 0 .6

2 .0

3 .6

4-84

26 6

2 7 .8

2 1 .9

1 9 .5

1 3 .6

0 .1

- 0 .0

- 5 .0

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

6 6 .0

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

1-85

21 4

2 1 .7

1 6.1

1 3 .2

7 .5

- 3 .5

- 5 .3

- 9 .4

- 1 3 .6

2-85

20

1

2 0 .2

1 5 .2

1 2 .6

7 .8

- 1 .2

- 1 .9

- 3 .7

- 3 .0

0.

3-05

16 6

1 6 .3

1 1 .6

9 .0

4 .5

- 3 .3

— .3
4

- 6 .2

- 6 .6

—2 .

- 1 3 .2

6 4 5 .7
6 2 3 .2
6 4 3 .3

4-85

16 3

1 6 .1

1 1 .8

9 .5

5 .6

- 1 .0

- 1 .5

- 2 .5

- 1 .9

2.

- 0 .7

1 3 .5

1-86

16 7

1 6*4

1 2 .6

1 0 .6

7 .2

1 .5

1 .4

1 .0

2 .3

6*

6 .0

1 7 .1

2 0 .0

2-8 6

14 9

1 4 .6

1 1 .0

9 .0

5 .9

0 .7

0 .5

O .l

1 .0

4.

3 .1

9 .2

7 .1

- 5 .1

4 .1

- 0 .6

- 0 .9

- 1 .5

- 0 .9

1.

- O .l

3 .5

0 .4

- 8 .5

-1*4

- 1 .7

- 2 .3

- 1 .9

— .
0

- 1 .5

1 .0

- 1 .9

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

3-86

12 9

1 2 .5

9 .0

7 .1

4—06

11 5

1 1 .0

7 .7

5 .8

1-87

12 4

1 2 .0

9 .0

7 .3

4 .8

0 .0

0 .7

0 .5

l.l

3.

2 .3

5 .1

3 .5

- 0 .4

1 .2

8 .5

2 B .5

2-87

11 7

11*3

8 .5

6 .9

4 .5

0 .9

0 .0

0 .5

l.l

2.

2 .1

4 .6

3 .1

- 0 .1

1 .2

6 .0

1 4 .0

l.l

3-87

11 2

1 0 .8

8 .0

6 .6

4 .3

0 .9

0 .0

0 .6

l.l

2.

2 .1

4 .2

2 .9

0 .2

1 .3

4 .9

9 .7

1 .4

1 .7

4-82

1-83

2-03

3-03

4-03

1-84

2-04

3-04

4-U

1-0

2-05

3-05

4-05

1-84

2-06

5-§6

4-06

1-07

2-07




- 1 1 .0

6 3 1 .0

- 8 .5 - 1 0 .1

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

- f H I P M f P B Y FEDERAL' R E S E R V E SAWK UF 5 1 . LO O TS"
___________________________
OCTOBER 2 3 * 19BT

16

GOVERNMENT PURCH ASES O f GOODS AND S E R V IC E S IN CURRENT DOLLARS
----------------- COWPQUHOgD ANNUAL RATES O f CHANGE-------------------IN IT IA L

a i i L i O H S -qr DOLLARS

QUARTER

A NNUAL RATES

QUARTER
4-82
1-83

1-83

2-83

3-83

4-83

1-84

2-84

3-84

4-84

1-85

2-85

3-85

4-85

1-86

2 -8 6

3-86

4-86

1-87

2-87

-2 .2

6 6 8 .1

C
D
1
<J
\

1 .0

6 7 5 .2

4 .3

6 8 0 .7

3-83

1 .8

3 .8

3 .3

4-83

0 .6

1 .6

0 .3

- 2 .7

1-84

2 .9

4 .3

4 .2

4 .7

1 2 .6

2-84

6 .3

8 .0

9 .0

1 0 .9

1 8 .4

2 % .6

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

3-84

6 .2

7 .7

8 .4

9 .7

1 4 .1

1 4 .9

6 .0

4-84

6 .7

8 .0

8 .6

9 .7

1 3 .1

1 3 .2

8 .0

9 .9

1-85

7 .1

8 .3

8 .9

9 .9

1 2 .6

1 2 .6

8 .8

1 0 .3

2-85

7 6 4 .5
7 84 .1

1 0 .7

IT
C
D
1

7 .3

8 .4

8 .9

9 .7

1 1 .9

1 1 .8

8 .8

9 .7

9 .6

9 .2

9 .8

1 0 .6

1 2 .7

1 2 .7

1 0 .4

1 1 .5

12. 1

8 0 0 .5

8 .6

8 .1

12*8

17.1

8 3 2 .8
8 5 7 .0

4-85

8 .5

9 .5

1 0 .0

1 0 .8

1 2 .6

1 2 .6

1 0 .7

1 1 .7

1 2 .1

1 2 .6

1 4 .6

1 -8 6

7 .4

8 .2

8 .6

9 .1

1 0 .5

1 0 .3

8 .4

8 .8

8 .5

8 .0

7 .8

3 .4

— .6
4

2 -8 6

7 .6

8 .4

8 .7

9 .2

1 0 .5

1 0 .2

8 .6

8 .9

8 .8

6 .4

8 .3

5 .5

2 .4

8 .3

7 .9

3-86

7 .4

8 .1

8 .4

8 .9

4-86

7 .2

7 .8

8 .1

1-87

7 .0

7 .6

7 .8

1 2 .1

8 4 6 .9
8 6 7 .2

9 .9

8 7 8 .5

7 .7

5 .5

3 .4

7 .6

5 .3

7 .3

7 .0

5 .1

3 .4

6 .3

4 .5

3 .6

6 .9

6 .7

3 .6

5 .8

4 .5

4 .1

4 .5

5 .7

4 .6

6 .6

5 .8

5 .9

7 .1

9 .7

1 0 .0

9 .7

8 .2

8 .5

8 .5

9 .4

9 .2

7 .7

7 .9

7 .7

8 .2

9 .1

8 .8

7 .4

7 .6

7 .3

7 .8

7 .6

7 .2

7 .0

8 8 6 .3
8 9 6 .2
9 1 7 .1

2-87

7 .2

7 .7

8 .0

8 .3

9 .1

8 .8

7 .6

3-87

7 .2

7 .7

7 .9

8 .2

9 .0

8 .7

7 .6

7 .7

7 .5

7 .2

7 .1

5 .9

5 .0

6 .7

6 .1

6 .3

7 .2

8 .5

7 .3

4-82

i - ô 'i

3-è3

4-Ô3

t-Ô4

2-84

3-84

4-84

1-85

2-85

3-85

4-85

1-86

2 -8 6

3-86

4-86

1-8r

2-8#

P R E P A R E D BY F ED ER A L R E S E R V E
OCTOBER 23* 1987

BANK OF S I .

9 3 3 .5

L U U I5

GOVERNMENT PURCH ASES O f GOODS ANO S E R V IC E S IN 1982 OOLLARS
rat » Qf w r f ç ç _________________

___________ ç p « p w m > A fw m
sp

TERM INAL________________________________________________________________________ I N I T I A L QUARTER_______________________________________________________________
OOLLARS
ANNUAL RATES
QUARTER
1-87
2-87
3-06
4-06
4-82
1-83
2-83
3-83
4-83
2-84
1-06
1-84
2-05
3-85
4-85
2 -8 6
3-84
4-84
1-85
6 4 9 .2

1-83

— .4
6

2-83

-2 .8

l.l

3-83

- 1 .3

1 .4

1 .7

4-83

- 2 .7

- 1 .4

- 2 .7

- 6 .8

1-84

- 0 .9

0 .6

0 .4

- 0 .2

6 .9

2-84

3 .8

4 .5

5 .5

1 2 .2

1 7 .7

3-84

3 .6

4 .1

4 .7

8 .9

9 .9

2 .6

4-84

3 .8

4 .3

4 .8

7 .9

8 .3

3 .9

5 .2

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

1-85

2 .9

4 .1

4 .5

5 .0

7 .6

7 .7

4 .6

5 .6

6 .0

2-85

3 .1

4 .2

4 .6

5 .0

7 .1

7 .2

4 .7

5 .4

5 .5

5 .0

3-85

4 .2

5 .3

5 .8

6 .3

8 .3

8 .6

6 .6

7 .9

8. 0

10.3

1 5.7

4-85

4 .5

5 .6

6 .0

6 .5

8 .3

8 .5

7 .1

8 .0

8 .7

9 .6

1 2 .0

8 .4

3 .5

4 .3

4 .7

5 .0

6 .3

6 .3

4 .7

5 .1

5 .1

4 .9

4 .0

-O . 3

- 0 .3

4 .6

4 .9

5 .2

6 .5

6 .4

5 .1

5 .5

5 .5

2 .4

- 0 .6

7 .0

3 -8 6

3 .7

4 .5

4 .8

5 .0

6 .2

6 .1

4 .9

5 .2

0 .6

5 .4

3 .0

4-86

4 .0

4 .7

5 .0

5 .2

6 .3

6 .3

5 .2

3 .6

2 .4

6 .2

5 .4

7 .9

1-87

3 .4

1 -8 6
2 -8 6

7 1 2 .1

5 .4

5 .5

5 .0

5 .0

5 .5

5 .5

5 .4

5 .5

7 3 0 .6
7 5 3 .7
7 3 7 .6
7 5 1 .6
7 5 7 .2
7 7 1 .0

4 .0

4 .2

4 .4

5 .3

5 .2

4 .1

4 .3

4 .1

3 .9

3 .0

1 .9

0 .6

3 .0

1 .4

0 .6

-6 .2

4 .0

4 .2

4 .3

5 .2

5 .1

4 .1

4 .2

4 .1

3 .9

3 .0

2 .2

1 .1

3 .1

2 .0

1 .7

- 1 .3

3 .0

3 .5

4 .0

4 .2

4 .4

5 .2

5 .0

4 .1

4 .2

4 .2

4 .0

3 .9

2 .5

1 .6

3 .4

2 .5

2 .4

0 .6

4 .2

4 .7

4-82

1-83

¿ —03

3-83

4-03

1-04

2-04

3-04

4-04

t- 0 5

2-05

3-85

1 -8 6

2 -8 6

3-06

4-H85^ 1-87

r-87

2-87
3-87

7 0 3 .4




4-05

7 5 9 .6
7 6 6 .7
7 7 5 .5

IN IT IA L QUARTER

PREPA RED BY F ED ER A L R E S E R V E BANK OF- 5 l .
OCTOBER 23* 1987

17

L U U IS

D IS P O S A B L E PERSONAL INCOME IN CURRENT DOLLARS
COMPOUNDED ANNUAL R ATES OF CHANGE___________

- BUT T ONS Of
IN IT IA L

TERM IN A L
QUARTER
4-82

3-83

4-83

1-84

2-84

3-84

4-04

1-05

2-05

DOLLARS

ANNUAL RATES
3-05

4-85

1-06

2-06

3-86

4-86

1-87

2-87
2 * 3 4 5 .7

4 .8
6 *8

2-83

2 * 3 9 5 .4

8 .7

7 .3

8 .5

8 .2

9 .1

1 0 .5

1 1 .4

1 4 .6

1-84

1 0 .0

1 1 .3

1 2 .2

1 4 .3

1 4 .0

2-84

9 .1

1 0 .0

1 0 .3

1 1 .0

9 .3

4 .8

8 .9

9 .6

9 .8

1 0 .1

8 .7

6 .2

7 .5

4-84

8 .5

9 .0

9 .1

9 .2

7 .9

6 .0

6 .6

5 .7

1-85

8 .1

8 .5

8 .5

8 .5

7 .3

5 .0

6 .1

5 .4

5 .0

2-85

8 .6

9 .0

9 .0

9 .2

8 .3

7 .2

7 .0

7 .9

9 .0

1 3 .1

3-85

7 .8

8 .1

8 .0

8 .0

7 .0

5 .9

6 .1

5 .8

5 .8

6 .2

- 0 .2

4-85

7 .8

8 .1

8 .0

8 .0

7 .2

6 .3

6 .5

6 .4

6 .5

7 .0

4 .1

8 .6

1-86

7 .9

8. 1

8 .1

8 .1

7 .4

6 .6

6 .7

6 .9

7 .4

5 .5

8 .5

2-86

7 .9

8 .1

8 .1

8 .0

7 .4

6 .7

6 .9

6 .9

7 .1

7 .5

6 .1

8 .3

8 .1

7 .8

3-86

7 .5

7 .7

7 .6

7 .5

6 .9

6 .2

6 .4

6 .3

6 .3

6 .6

5 .3

6 .7

6 .1

4 .9

2 .1

4 .9

6 .0

5 .3

4 .3

2 .6

C
D

3-83
4-83

w
1

1-83
2-83

1-83

QUARTER

4-86

6 .8

6 .8

6 .3

7 .0

6 .9

2-8*

3-83

7 .4

7 .0

6 .9

7 .1

7 .3
6 .9
7 .0

4-82

7 .3

7 .4

1-87
2-87

1-85

2 * 6 1 1 .8

5 .9

7 .2

7 .4

2 * 5 2 7 .9

6 .6

7 .3

7 .2

3-87

2 *4 4 3 .2

2 * 6 4 2 .8

6 .1

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

8 .4

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

3 .1

5 .9

5 .9

6 .1

6 .2

6 .2

6 .2

6 .4

5 .5

6 .4

6 .0

5 .4

4 .6

5 .9

8 .7

5 .7

5 .7

5 .7

5 .7

4 .8

5 .6

5 .1

4 .4

3 .6

4 .1

4 .6

0 .6

6 .4

5 .9

5 .9

5 .9

6 .0

5 .2

5 .9

5 .5

5 .1

4 .5

5 .1

5 .8

4 .4

0 .3

4-85

1-84

5-84

4-84

1-85

2-85

3-85

4-85

1-86

2-86

3-86

4-86

1-87

2-87

2-84

3 *1 2 5 .9
3 * 1 3 0 .6
3 *1 9 3 .5

INITIAL GUARTEft

PREPA RED BY FED ERA L
OCTOBER 23* 1907

R ESE R V E

BANK DF S T . L O U IS

D IS P O S A B L E PERSONAL INCOME IN 1982 DOLLARS
COMPOUNOEO ANNUAL RATES OF CHANCE
IN IT IA L

TERM IN A L
QUARTER
1-83

2-83

3-03

4-83

1-84

2-84

3-84

4-84

1-85

2-85

DOLLARS

ANNUAL RATES
3-85

4-85

1-06

2-06

3—06

4-86

1-87

2-87
2 * 2 0 0 .4

1-83

2 .2

2-83

3 .1

4 .0

3-83

3 .5

*?1

4 .3

1
0
»
u
>

4-02

BILLIONS OF

QUARTER

5 .1

6 .1

7 .2

2 * 3 1 1 .1
2 *3 3 5 .4
1 0 .2

2 * 3 9 2 .7
2 * 4 4 6 .9

1-84

6 .0

6 .9

7 .9

9 .8

9 .4

2-84

5 .2

5 .8

6 .3

7 .0

5 .4

3-04

5 .0

5 .5

5 .8

6 .2

4-84

4 .7

5 .1

5 .3

5 .5

2 * 4 5 6 .6

1 .6

2 *4 7 9 .2

2 .7

3 .7

4 .3

2 .7

3 .3

2 .8

2 .4

2 .7

2 .2

1 .7

4 .6

3 .6

4 .1

4 .3

5 .0

8 .5

2 .5

2 .6

2 .4

2 .2

2 .5

- 3 .1

2 * 4 9 6 .3
2 * 5 0 6 .0

1-85

4 .4

4 .7

4 .8

4 .8

2-85

4 .8

5 .1

5 .2

5 .3

3-85

4 .0

4 .2

4 .3

4 .3

4-85

4 .1

4 .2

4 .3

4 .3

3 .5

2 .7

2 .9

2 .8

2 .0

3 .1

0 .6

4 .4

1-86

4 .3

4 .5

4 .5

4 .6

3 .9

3 .3

3 .5

3 .5

3 .6

4 .1

2 .7

5 .0

7 .2

2-86

4 .6

4 .7

4 .0

4 .8

4 .3

3 .8

4 .1

4 .1

4 .3

4 .9

4 .0

6 .5

7 .5

2 * 5 5 0 .4
2 * 5 3 0 .2
2 * 5 6 5 .5
2 * 6 1 0 .5
2 * 6 6 0 .2

7 .0

2 * 6 5 3 .2

3-86

4 .2

4 .3

4 .3

4 .3

3 .0

3 .3

3 .5

3 .4

3 .5

3 .9

3 .0

4 .5

4 .6

3 .3

- 1 .0

4-06

3 .9

4 .1

4 .1

4 *0

3 .6

3 .0

3 .2

3 .1

3 .2

3 .4

2 .5

3 .7

3 .6

2 .4

- 0 .3

0 .5

1-07

3 .9

4 .0

4 .0

4 .0

3 .5

3 .0

3 .1

3 .1

3 .1

3 .3

2.6

3 .6

3 .4

2 .5

0 .7

1 .6

4. 7
?

2 * 6 5 6 .7
2 * 6 7 4 .6
2 * 6 4 5 .5

2-07

3 .4

3 .5

3 .4

3*4

2 .4

2 .5

2 .4

2 .3

2 .4

1 .7

2 .4

2 .1

1.1

—
0.6

- 0 .4

-0.8

- 4 .3

3-07

3 .5

3 .5

3 .5

3 .5

2 .6

2 .7

2.6

2.6

2.6

2.0

2 .7

2 .4

1 .7

0 .5

0 .9

1.0

0 .1

4 .7

4-02

1-03

2-83

3-03

1-84

2-44

3-84

4-84

1-85

2-05

5-05

4-05

1-06

2-06

3-86

4-06

1-07

2-81




4-03

2 *6 7 6 .1

IN IT IA L MJARTER

“ PREPARED BY FEDERAL RESERVE BANK UF S I . L U U I5
OCTOBER 23* 1907
_______________________

18

CORPORATE P R O F IT S A FTER T A X E S*
COMPOUNDED ANNUAL RA TES Qf CHANGE

*

T
00

1
0
0

TERM INAL________________________________________________________________________ I N I T I A L QUARTER_______________________________________________________________________ OOLLARS
QUARTER
ANNUAL RATES
2-84
3-8 3 4-83
3-86
1-83
2-86
1-87
3-84
4-86
4-82
2-83
1-86
4-84
2-85
3-65
4-85
1-85
4-82

- 1 0 .7

1-83

6 .2

2-83

2 4 .7

4 7 .3

7 1 .7

3-83

3 1 .4

4 9 .5

6 2 .5

5 3 .9

4-83

2 6 .1

3 7 .5

4 1 .4

2 8 .3

1 0 4 .3
1 1 0 .6

2 6 .4

1 2 6 .6
1 4 1 .0
7 .0

1 4 3 .4

1-84

2 6 .4

3 5 .5

3 7 .9

2 8 .2

1 7 .0

2 7 .9

2-84

2 1 .7

2 8 .1

2 8 .4

1 9 .4

9 .8

1 1 .2

3-84

1 4 .8

1 9 .0

17.8

9 .2

0 .3

- 1 . 9 - 1 4 .0 - 2 3 .5

4-84

1 2 .3

1 5 .5

1 4 .0

6 .5

—1 .0

1-85

5 .8

7 .8

5 .7

- 1 .4

- 8 .4 - 1 1 .2

- 1 9 .0 - 2 3 .6 - 2 3 .6

- 3 7 .8

2-85

5 .6

7 .4

5 .5

- 0 .7

- 6 .7

- 8 .8

- 1 4 .8 - 1 7 .5

- 1 5 .3

- 1 9 .6

3 .9

8 .2

6 .6

1 .1

- 4 .1

- 5 .6 - 1 0 .2

- 1 1 .5

- 8 .3

- 9 .0

10.1

3-85

6 .5

- 2 .9

1 5 2 .5
- 3 .4

- 1 1 .5

1 5 1 .2

- 1 5 .2

1 4 1 .4
- 6 .1

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

1 6 .7

4-85

7 .2

8 .8

7 .3

2 .4

- 2 .1

- 3 .2

- 7 .0

- 7 .6

- 4 .0

- 3 .4

1 1.8

1 6 .0

1 5 .3

1-86

3 .5

4 .6

3 .0

- 1 .7

- 6 .0

- 7 .3 - 1 1 .0

- 1 2 .0

- 9 .9

- 1 0 .7

- 2 .2

- 4 .1

- 1 3 .1

- 3 4 .5

1 3 4 .4
1 2 0 .9

3 .6

4 .7

3.1

- I.1

- 5 .0

- 6 .2

- 9 .3 - 1 0 .1

- 8 .0

- 8 .3

- 0 .8

- 2 .0

- 7 .5

- 1 7 .2

4 .7

3-86

5 .0

6 .1

4 .8

0 .9

- 2 .6

- 3 .5

•6# 1

- 6 .4

- 4 .0

- 3 .7

3 .5

3 .4

0 .4

- 4 .1

1 6 .0

4-86

5 .4

6 .5

5 .3

1 .6

- 1 .6

- 2 .2

- 4 .6

- 4 .7

- 2 .4

- 1 .9

4 .7

4 .9

2 .6

- 0 .3

1 4 .7

1 2 2 .3
1 3 0 .2

2 8 .5
o
o

2-86

1 2 .2

1 34 .0
1 2 9 .0

1-87

4 .2

5 .1

3 .9

0 .5

- 2 .5

- 3 .2

- 5 .4

- 5 .6

- 3 .6

- 3 .3

2 .2

1 .9

- 0 .4

- 3 .2

6 .7

7 .4

- 1 .8

- 1 4 .1

2-87

4 .9

5 .8

4 .7

1 .5

- 1 .3

- 1 .8

- 3 .8

- 3 .8

- 1 .8

- 1 .4

3 .6

3 .8

2 .1

0 .0

8 .9

1 0 .0

4 .4

0 .7

1 8 .2

3-82

4-82

1-83

2-83

3-83

4-83

1-84

2—
84

3-84

4-84

1-85

2-85

3-65

4-85

1-66

2-66

3-66

4-06

1-87

1 3 4 .5

INITIAL QUARTE*
♦ NATIONAL

INCOME B A S IS ________________________________________________________________________

PREPARED BY FEDERAL RESERVE BANK OF ST• LOUIS
OCTOBER 23»

1987________

_____________

HISTORICAL SOURCES OF
NATIONAL INCOME AND PRODUCT ACCOUNTS DATA
Estimates for the series in the regular quarterly presentation
of NIPA tables for 1984-87:11 will be published in the July 1987
Survey of Current Business and 1983 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 SAL ES
MANUFACTURI NG

AND TRADE

SEASONALLY ADJ USTED

SOURCE:
«BEGINNING

IN

1982,

INVENTORY DATA REFL E CT

SHADED AREAS R E P R E S E N T
L ATEST

DATA PLOTTEDs




P E R I OD S OF B U S I N E S S

CHANGES

U. S . DE P A RT ME NT

OF COMMERCE

IN E S T I MAT I O N PROCEDURES.

RECESSIONS.

AUGUST P R E L I MI NA R Y
PREPARED BY FEDERAL

20

RESERVE

BANK OF S T.

LOUI S

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