Full text of National Economic Trends : September 1987
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National Economic Trends September 1987 Personal consumption expenditures make up about two-thirds of the nation’s gross national product (GNP). The average growth of real personal consumption expenditures and real GNP have been virtually identical during the current expansion; since the fourth quarter of 1982, real personal consumption expenditures have grown at an annual rate of 4.1 percent, compared with real GNP’s 4.2 percent rate. Despite their similar growth over the entire period, there have been important differences in their growth patterns over the past four and one-half years. While the growth of reaK3NP declined fairly steadily on a year-to-year basis until recently, real consumer spending growth had been more stable (see table). Since the end of last year, however, the growth of real personal consumption expenditures has declined substantially, falling to only a 0.6 percent rate. Both the previous stability in the growth of real consumer spending and its recent slowing reflect the behavior of real disposable personal income (personal income minus personal tax and nontax payments) over the expansion period. From the fourth quarter of 1982 to the fourth quarter of last year, the average annual growth rate of real disposable income and real consumer spending were similar (3.9 and 4.5 percent, respectively). Since then, real disposable income has fallen at a 0.8 percent rate. This decline in real disposable income is associated with a recent acceleration in consumer prices. The implicit price deflator for personal consumption expenditures has risen at an annual rate of 5.5 percent over the first two quarters of this year, up substantially from its 1.7 percent increase last year. In contrast, nominal disposable personal income has grown at a 4.6 percent rate this year, only slightly below last year’s 5.3 percent growth rate. Growth of Real GNP, Real Personal Consumption Expenditures and Real Disposable Personal Income (compounded annual rates of change) IV/198611/1987 GNP Personal consumption expenditures Disposable personal income 3.4% 0.6 -0.8 IV/1985IV/1986 IV/1984IV/1985 IV/1983IV/1984 2.2% 4.1 3.6 3.3% 4.5 2.8 5.1% 4.1 4.3 IV/1982 IV/1983 6.5% 5.4 5.1 —Courtenay C. Stone THE FEDERAL RESERVE RANK of st . m u s Views expressed do n o t necessarily re fle c t official positions o f th e Federal Reserve System. TOTAL C I V I L IA H EMPLOYMENT COMPOUNDED ANNUAL HATES OF CHANGE IN IT IA L ___UERMINAL 1-R6 ?-£<*» 3-S6 4-86 5-86 <S-ft6 7-86 8-86 MQMIH 9-ftA 10-86 11-86 12-86 1-87 2-87 3 -8 7 4-87 5-87 6-87 7-81 108 * 557 2-86 - 3 *6 3-86 —0 *5 2 .8 4—86 0 .3 2 .3 1 .8 5-86 0*8 2 .3 2 .0 2 .2 6—86 1*6 2 .9 3 .0 3 .6 5 .0 7-86 1 .8 3 .0 3 .0 3 .4 4 .0 3*0 8-86 1 .9 2*8 2*8 3*1 3 *3 2 .5 2 .0 9-86 1*5 2 .3 2 .2 2*3 2 .3 N4 0 .5 - 0 .9 10-86 1 .6 2 .3 2 .2 2 .3 2 .3 1 .6 1 .1 0 .7 1 i- 8 6 1 .7 2 .3 2 .2 2*3 2 .3 1 .8 1 .5 1*3 2*5 2 *6 12-86 1 .7 2 .3 2 .2 2 .3 2 .3 1 .9 1 .6 1*6 2*4 2 .4 1-87 1 .9 2 .5 2 .4 2 .5 2 .5 2 .2 2 .1 2*1 2 *8 108*807 108*969 109*165 109* 613 109*887 110*067 109*987 110*192 2 *3 110*432 110*637 2 .3 3 .2 4 .1 111*011 111*382 2-87 2. 1 2 .6 2 .6 2 .7 2 .7 2 .4 2 .3 2*4 3 .1 3 .5 4 .1 3-87 1 .9 2 .4 2 .4 2 .4 2 .4 2 .1 2 .0 2*0 2 .5 2 .6 2 .7 1 .9 - 0 .2 4-87 2 .2 2 .6 2 .6 2 .6 2 .7 2 .4 2 .4 2*4 2 .9 3. 1 3 .3 3 .0 2 .5 5 .1 5-87 2 .4 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 6-87 2 .2 2 .5 2 .5 2 .6 2 .6 2 .4 2 .4 2*4 2 .8 2 .8 2 .9 2 .7 2 .4 3 .2 2 .3 - 2 .0 7-87 2 .3 2 .7 2 .7 2 .7 2 .8 2 .6 2 *6 2*6 3 .0 3 .1 3 .1 3 .3 3 .1 2 .9 3 .7 3 .2 1 .5 5 .1 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 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 7-8? 8-87 THOUS A NOS OF PERSONS _ 2 .4 2 .8 2 .8 2 .8 2 .9 1-86 2-86 3-86 4-86 5-86 3 .3 4 .1 111*368 111*835 112*447 6 .8 112*257 112*727 113*081 PRÉPA RÉO BV ÉÉÓ ÉftÀL * E 5 E * V E BANK OF S T . L O U IS SEPT EM BER 4* 1987_________________________________________ PAYROLL EMPLOYMENT COHPOUHPEP ANNUAL R ATES OF CHANfeE TERMINAL________________________________________________________________________ I N I T I A L MONTH__________________________________________________________________________ THOUSANDS OF PERSO NS MONTH 2-87 4-87 5-87 6-87 7-87 7-86 1-87 6-86 9-86 10-86 11-86 12—86 3-87 8-86 2-86 3-96 4-36 5-3* 1-9* 2-86 1 .7 98*914 99*013 3-86 1 .4 1 .2 4-86 1 .9 2 .1 2 .9 5-86 1 .9 1 .9 2 .3 1 .7 6—86 1 .3 1 .2 1 .3 0 .4 -0*8 99*252 99*389 99*323 99*601 7-86 1 .7 1 .7 1 .8 1 .4 1 .3 3 .4 8-86 1 .7 1 .7 1 .8 1 *6 1*6 2 .7 2 .1 99*772 3*3 1 00*039 9-86 1 .9 2 .0 2 .1 1*9 2*0 2 .9 2 .7 10-86 1 .9 2 .0 2 .1 1*9 2*0 2 .7 2*5 2*7 2 .1 11-86 2 .0 2 .0 2 .1 2 *0 2*1 2 .7 2 *5 2*6 2 .3 2 .5 12-86 2 .0 2 .0 2 .1 2*0 2*0 2 .5 2*3 2*4 2 .1 2 .2 1-87 2 .2 2 .2 2 .3 2*2 2 *3 2 .8 2 *7 2 .7 2 .9 3 .0 4 .3 2-87 2 .2 2 .3 2 .4 2*3 2*4 2 .8 2 *7 2 .7 2 .8 3 .0 3 .5 2 .8 2 .2 2 .3 2 .3 2*3 2 *3 2 .7 2 *6 2 .7 2 *6 2 .T 2 .8 3 .1 2 .5 2 .8 3-87 100*209 100*415 100*567 1 .8 100*919 101*150 2 .1 101*329 4-87 2 .3 2 .3 2 *4 2 *4 2 .8 2 *7 2 .7 2 .8 2 .9 3 .1 2 .7 2 .7 3 .2 5-87 2 .2 2 .3 2*3 2 .3 2 .6 2 *5 2 .5 2 .6 2 .6 2 .7 2 .4 2 .2 2 .3 1 .3 6-87 2 .2 2 .2 2*2 2 .3 2 .5 2 *4 2 .4 2 .4 2 .4 2 .5 2 .2 2 .0 1 .9 1 .3 1 .3 7-87 2 .2 2 .3 2 *3 2 .3 2 .6 2 *5 2 .6 2 .5 2 .5 2 .5 2 .7 2 .4 2 .3 2 .3 2 .0 2 .4 3 .5 8-87 2 .2 2 .2 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 .2 2 .0 2 .2 2 .7 1-86 2-86 3-86 4-86 5-86 6-86 7-86 8-86 9-86 10—86 11-86 12-86 1-87 2-é? 3-è7 4 - Ì7 2 .3 101*598 101*708 5-éT 101*818 102 * 114P 1 .1 102*270P 6^-87 “"T-87 P- P R E L IM IN A R Y PK E M K E ft BV FEDERAL RE S E I VE BAWK W- S I » LOUIS ______________________________________________________________ __________________________________SEPTEMBER 4 t 1987_________________________ 2 E MP L O Y ME NT RATIO SCALE M I L L I ONS RATIO OF PERSONS 125 * \ * § I SEASONALLY * ♦ > \ H M I L L I ONS ADJUSTED 1 OF SCALE PERSONS 125 I * * $ * $ 3 $ I 20 1 15 I 15 ^ Î l î . r T O ! 1A a iL I 10 1 10 * 4 t7Y 105 +! * / . 9Z 105 9X +,! . 5 Z ^ 100 -/. - Ï.9 Z ^ K )2 .3 95 + 4. t +2,. oz +2. 3Z V * 100 oz 95 90 1 90 VJ - }.? Z 85 80 75 85 PAYROLl 'k $ $ * t t ! 1979 1980 Ji V. S § t H t 1981 1982 80 * Si t 1983 $ t 1984 1985 1986 75 1987 SOURCE: U.S.DEPARTMENT OF LABOR BEG INNING JANUARY 1986. TOTAL EMPLOYMENT OATA INCORPORATE NEI PROCEOURES FOR ESTIMATING MEASURES OF IMMIGRATION AND EMIGRATION INCREASING TOTAL EMPLOYMENT BY ABOUT 0.3%. PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIODS I NO ICATED. LATEST DATA PLOTTED: AUGUST PRELIMINARY PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS U NE MP L OYME NT SEASONALLY PERCENT 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 1986 1987 SOURCE: U .S. DEPARTMENT OF LABOR PERCENT OF C IV IL IA N LABOR FORCE LATEST DATA PLOTTED: AUGUST PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS 3 CONSUMER P R IC E IN D EX FO * A LL URBAN CONSUMERS* SEASON ALLY A D JU S t^ b ” _______________________ COMPOUNDED ANNUAL RATES OF CHANCE_____________ TERMINAL________________________________________________________________________ I N I T I A L M O N T H ____________________________ ________________________________ MONTH 7-87 4-87 9-86 10-86 11-86 12-86 6-87 6-86 7-86 3-87 3-86 4-86 5-86 8-86 1-87 2-87 5-87 1-86 2—86 2-86 - 3 .2 >-86 —3* 9 3 2 7 .8 3 2 6 .5 - 4 .7 4-86 - 3 .7 - 4 .0 - 3 .3 3 2 5 .6 3 2 6 .4 5-86 - 2 .1 - 1 .7 - 0 .2 3 .0 6-86 - 0 .7 0 .0 1 .6 4 .1 5 .3 7-86 - 0 .5 0 .1 1 .3 2 .9 2 .8 3 2 7 .8 3 2 7 .9 0 .4 3 2 8 .4 8-86 - 0 .2 0 .4 1 .4 2 .6 2 .5 1 .1 1 .8 9-86 0 .3 0 .8 1 .8 2 .8 2 .8 2 .0 2 .8 3 .7 10-86 0 .5 1 .0 1*8 2 *7 2 .7 2 .0 2 .6 3 .0 3 2 9 .4 3 3 0 .0 2 .2 3 3 0 .8 11—86 0 .8 1 .2 2 .0 2 .8 2 .7 2 .2 2 .7 3 .0 2 .6 2 .9 12-86 0 .9 1 .3 2 .0 2 .7 2 .6 2 .2 2 .6 2 .8 2 .5 2 .6 2 .2 1-87 1 .5 1 .9 2 .6 3 .3 3 .3 3 .1 3 .5 3 .8 3 .9 4 .4 5 .2 3 3 1 .4 8 .3 3 3 3 .6 3 3 5 .0 2-87 1.8 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 .0 2 .4 3 .0 3 .6 3 .7 3 .5 3 .9 4 .2 4 .3 4 .7 5 .2 6 .2 5 .1 5 .1 4—87 2 .2 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 .0 5 .6 4 .9 4 .9 4 .7 4 .0 5-87 2 .3 1 9 6 7 «100 2 .7 3 .3 3 .8 3 .9 3 .7 4 .1 4 .3 4 .4 4 .7 3 3 6 .4 3 3 7 .9 3 3 9 .0 6-87 2 .5 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 * .6 4 .2 4 .3 7-87 2 .5 2 .8 3 .3 3 .8 3 .8 3 .7 4 .0 4 .2 4 .2 4 .5 4 .7 5 .0 4 .5 4 .4 4 .2 3 .7 3 .6 2 .9 3 4 0 .2 8—87 2 .7 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 L-86 2-86 3-86 4-86 5-86 6-86 7-86 8-86 9-86 10-86 11-86 12-86 1-87 2 -8 7 3-87 4-87 5-87 6-87 7-87 3 4 1 .0 3 4 2 .6 I HI TTXL~WORTH' P REPA RED BY FED ERA L R E S E R V E BA NIT OF S T . SEP T EM BER 2 3 t 1987_____________________ L U U IS PRODUCER P R IC E IN D E X , F IN IS H E D COOOS - SEASON ALLY A D J U R E D * ________________COMPQUHOEO ANNUAL RATES OF CHANCE___________________ 100 2-86 - 1 6 .5 2 9 1 .5 3-86 - 1 3 .4 - 1 0 .2 2 8 8 .9 + I CD < y> TERMINAL________________________________________________________________________ I N I T I A L MONTH_______________________ __________________________________________________ 1967 » MONTH 7-87 4-87 5-87 6-87 3-87 9- 86 10-86 11-86 12-86 1-87 2-87 6-86 7-86 8-86 1-86 2-86 3-86 4-86 5-86 - 1 1 .0 5-86 - 7 .0 -8. 1 -6. 1 - 3 .7 - 0 .2 2 8 7 .4 288*6 6 .0 2 8 9 .4 6-86 - 5 .2 - 2 .1 0 .7 4 .2 2 .5 7-86 - 5 .8 - 3 .5 - 1 .8 - 0 .3 - 3 .3 - 8 .8 8-86 - 4 .4 - 2 .2 - 0 .5 0 .9 - 0 .7 - 2 .3 2 8 7 .2 4 .7 2 8 8 .3 2 6 9 .1 9-86 - 3 .4 - 1 .4 0 .1 1 .4 0 .3 - 0 .4 4 .0 3 .4 10—86 - 2 .6 - 0 .7 0 .7 1 .9 1 .1 0 .7 4 .1 3 .8 .2 11-86 - 2 .3 —0 .6 0 .7 1 .7 1 .0 0 .7 3 .2 2 .7 .3 2 9 0 .1 0 .4 2 9 0 .2 2 9 0 .4 12-86 - 2 .0 - 0 .5 0 .7 1 .6 1 .0 0 .7 2 .7 2 .2 •8 0 .6 1-87 - 1 .4 0 .1 1 .2 2 .0 1 .5 1 .4 3 .2 2 .9 .7 2 .2 3 .1 5 .5 2-87 - 1 .2 0 .1 1 .1 1 .9 1 .4 1 .3 2 .8 2 .5 .3 1 .9 2 .4 3 .1 0 .8 3-87 - 0 .7 0 .6 1 .6 2 .3 2 .0 1 .9 3 .3 3 .1 .1 2 .8 3 .5 4 .3 3 .8 6 .8 4-87 - 0 .2 1 .1 2 .0 2 .7 2 .4 2 .4 3 .7 3 .6 .6 3 .5 4 .1 4 .9 4 .7 6 .8 6 .7 5-87 0 .1 1 .3 2 .2 2 .8 2 .6 2 .6 3 .8 3 .7 .7 3 .6 4 .2 4 .9 4 .7 6 .0 5 .6 4 .6 1 .4 2 .2 2 .8 2 .6 2 .6 3 .7 3 .6 .6 3 .5 4 .0 4 .5 4 .3 5 .2 4 .7 3 .7 2 .9 6-87 0 .2 0 .8 2 9 1 .7 2 9 1 .9 2 9 3 .5 2 9 5 .1 2 9 6 .2 2 9 6 .9 7-87 0 .3 1 .4 2 .2 2 .8 2 .5 2 .5 3 .6 3 .4 .5 3 *4 3 .7 4 .2 3 .9 4 .6 4. 0 3 .2 2 .5 2 .0 8-87 0 .3 1 .3 2 .1 2 .6 2 .4 2 .4 3 .3 3 .2 .1 3 .0 3 .3 3 .6 3 .4 3 .8 3 .2 2 .4 1 .6 1 .0 0 .0 1-86 2-86 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 *-87 5-87 6—87 7—67 »DATA FOR FOUR MONTHS AfrO R E V IS E D 2 9 7 .4 2 9 7 .4 TO R E F L E C T LA TE R EPO R T IN G PR E P A R E D BY F ED ER A L R E S E R V E BAN* W* 5 1. SE P T E M B ER l i t 19ST_______________________ 4 L O U IS RATIO PRICES SCALE 1967-100 RATIO SEASONALLY ADJUSTED SCALE 1967-100 CONSUMER P R IC E IN DEX I S FOR ALL URBAN CONSUMERS ( C P I - U ) . C P I- U DATA BEG I NNI NG 1983 INCORPORATE A RENTAL EQ U IVA LEN C E MEASURE FOR HOMEOWNERSHIP CO STS. PERC EN TAG ES ARE ANNUAL RA TES OF CHANGE FOR P E R IO D S LA TEST DATA PLO T TED . IN D IC A T E D . AUGUST PR EPA RED BY FED ERAL RATIO PRODUCER SCALE PRICES PERC EN TAG ES ARE ANNUAL R ATES OF CHANGE FOR PE R IO D S L A TEST DATA PLO T TED : RESERVE BANK Of S T . L O U IS RATIO SCALE IN D IC A T E D . AUGUST PR EPA RED BY F ED E R A t 5 RESERVE BANK OF S T . L O U IS in o t x , ? l N f i > # 6 t W m t k I M b i - “ ¿E A M HA ILV A6JuT TE6T ' COMPOUNDED ANNUAL R A T ES OF CHANCE IN IT IA L TERMINAL MONTH 1-86 2-86 3-86 4-86 5—86 6- 86 7-86 8-86 ______________________ MONTH 9-86 10-86 11-86 12-86 1-87 2-87 3-87 4-87 5-87 6-87 7-87 270*0 2-06 -15* I 3-86 - 6 .8 2 .2 4-86 - 2 .9 3 .8 5 .5 5-86 2 .0 8 .4 1 1 .6 1 8.1 6-86 1 .9 6 .7 8 .2 9 .6 2 7 0 .5 2 7 1 .7 2 7 5 .5 2 7 5 .9 1 .8 2 T 9 .6 7-86 4 .4 8 .7 1 0 .4 1 2 .1 9 .3 17 3 0-86 6 .2 1 0 .2 1 1 .9 1 3 .6 1 2 .1 17 7 1 8 .1 9-86 5 .3 8 .6 9 .7 1 0 .6 8 .7 11 2 8 .2 10—86 6 .0 9 .0 1 0 .0 1 0 .7 9 .3 11 3 9 .3 5 .2 1 1 .6 11-86 5. 1 7 .6 8 .3 8 .7 7 .2 8 4 6 .2 2 .6 4 .3 - 2 .5 12-86 4 .1 6 .3 6 .7 6 .9 5 .3 6 0 3 .8 0 .5 1 .0 - 3 *9 - 5 .3 2 8 3 .5 2 8 3 .3 - 0 .8 2 8 5 .9 2 8 5 .3 2 8 4 .0 2 7 9 .0 1-87 1 .9 3 .6 3 .8 3 .6 1 .9 1 9 - 0 .4 - 3 .8 - 4 .5 - 9 .3 - 1 2 .5 - 1 9 .2 2-87 1 .7 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 3-87 1 .7 3. 1 3 .2 3 .0 1 .6 I 5 - 0 .3 - 2 .6 - 2 .9 - 5 .6 —6 .4 - 6 .7 0 .2 4—87 2 .7 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 5-07 3 .6 5 .0 5 .2 5 .2 4 .2 4 4 3 .2 1 .7 2 .0 0 .7 1 .3 2 .6 9 .0 1 2 .5 1 8 .5 1 8 .3 6-87 3 .8 5. 1 5 .3 5 .3 4 .4 4 6 3 .5 2 .2 2 .5 1 .4 2 .0 3 .3 8 .5 1 0 .9 1 4 .3 12 .2 6 .5 - 0 .2 2 79 .1 1 .3 2 83 .1 2 8 7 .1 0 .9 1 .8 5 .8 7 .2 8 .7 5 .6 - 0 .9 - 0 .4 2 .7 3 .3 3 .6 0 .2 - 5 .2 10-86 1 1-56 12—86 1-87 2-87 3-87 4-87 ■>-3 I 7-87 3 .2 4 .4 4 ,5 4 .5 3 .6 3 7 2 .6 1 .3 1 .6 0 .5 8-87 2 .2 3 .3 3 .3 3 .2 2 .3 2 3 1 .2 - 0 .1 0 .0 - I.1 1-86 2-66 V -S6 5-Si» ¿>-i&6 7-86 8-86 9-86 »DATA FOR FOUR MONTHS ACO R E V IS E D 2 7 8 .8 2 8 8 .6 2 8 7 .0 - 6 .5 —10*5 - 1 4 .4 6-5 7 2 8 3 .3 7-0 f TO R EF L E C T LA TE R EPO R T IN G PR EP A R ED BY FED ERA E R ESE R V E SEPT EM BER l i t 1987 BAKU. OF S I . L O U IS PRODUCER P R IC E IN D E X , F IN IS H E D COODS, EXC LUD IN G FOODS - SEASON ALLY A O JU S tE D » ______________________________COMPOUNDED ANNUAL RATES OF CHANCE__________________________________ IN IT IA L 1-06 2-86 3-86 *- 0 6 5-06 6-06 7-86 8-86 10-86 11-86 12-86 1-87 2-87 3-87 4-87 5-87 6-8 7 7-87 2 9 6 .4 2-86 - 1 6 .9 3-86 - 1 5 .4 4-86 - 1 3 .5 - 1 1 .7 - 9 .4 2 9 2 .7 - 1 4 .0 2 9 0 .3 2 9 0 .9 5-86 - 9 .7 - 7 .2 - 3 .6 2 .5 6—86 - 7 .4 - 4 .9 - 1 .6 2 .5 7-86 - 9 .0 - 7 .4 - 5 .6 —4 .3 - 7 . 6 - 1 6 .7 8-86 - 7 .7 - 6 .1 - 4 .5 - 3 .2 - 5 .0 - 0 .5 0 .4 9-86 - 6 .2 - 4 .6 - 2 .9 - 1 .6 - 2 .6 - 4 .2 2 .7 5 .1 - 5 .4 - 3 .0 - 2 .3 - 1 .0 - 1 .7 - 2 .8 2 .4 3 .4 10-86 9-86 100 MONTH 2 9 1 .5 2 .5 2 8 7 .1 2 8 7 .2 2 8 8 .4 2 8 8 .8 1 .7 2 8 9 .3 - 4 .6 - 3 .2 - 1 .7 —0 . 6 - 1 .1 - 1 .8 2 .3 3 .0 1 .9 2 .1 12-86 - 4 .0 - 2 .6 - 1 .3 - 0 .2 - 0 .6 - l.l 2 .4 2 .8 2 .1 2 .3 2 .5 1-87 - 2 .5 - l.l 0 .3 1 .4 1 .3 l.l 4 .4 5 .3 5 .3 6 .5 8 .8 1 5 .5 4 .0 4 .6 4# 6 5 .3 6 .4 8 .3 1 .6 5 .2 5 .3 6 .0 7 .0 8 .5 5 .2 8 .9 4 .9 4 .9 5 .5 6 .2 7 .1 4 .4 5 .9 »*CO 1 <NI 11-86 - 2 .2 - 0 .9 0 .4 1 .4 1 .3 1 .2 3-87 - 1 .5 - 0 .2 1 .1 2 .1 2 .1 2 .0 4-87 - 1 .2 0 .1 1 .2 2 .2 2 .1 2 .1 4 .4 2 8 9 .9 293*4 2 93*8 2 9 5 .9 2 .9 2 9 6 .6 5-87 - 1 .1 0 .1 1 .1 2 .0 2 .0 1 .9 4 .0 4 .4 4 .3 4 .7 5 .1 5 .6 3 .3 3 .9 1 .4 0 .0 6-87 - 0 .9 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 i.O 2 .0 7-87 —0 .6 0 .5 1 .4 2 .2 2 .2 2 .2 3 .9 4 .2 4 .1 4 .4 4 .7 5 .0 3 .4 3 .7 2 .5 2 .3 3 .5 5 .0 4 .5 4 .8 5 .1 3 .7 4 .1 3 .1 3 .2 4 .2 5 .4 5 .8 10—B6 11-86 12-86 1-87 2-87 3-87 4-8 7 5-87 6-87 7-87 8-87 - 0 .3 0 .7 1 .7 2 .4 2 .4 2 .4 4 .0 4 .4 4 .3 1-06 2-06 i- 6 6 4 -S6 5-66 6-86 7-86 8-86 9—86 »PATA FOR FOUR MONTHS ACO R E V IS E D IN II1 A L TO R E F L E C T LA TE R EP O R T IN C 2 9 6 .6 297*1 298*3 299*7 MUNIH PR E P A R E D BT FE D E R A L R E g l T T BA H * OF ~ST ♦ LU U 1 S SE P T E M B ER l l t 1987 6 INDUSTRIAL RATIO PRODUCTION SCALE RATIO 1977-100 SEASONALLY ADJUSTED SCALE 1 9 7 7- 1 00 PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PERIODS INDICATED. LATEST DATA PLOTTED. AUGUST PRELIMINARY PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS IN D U S T R IA L PRODUCTION _________________________________ COMPOUNOEP ANNUAL R ATES O f CHANCE_________________________________ TERM INA L________________________________________________________________________ I N I T I A L MONTH_________________________________________________________________________ 19T7 « MONTH 7-87 4-87 5-87 6-87 3-87 1-87 2-87 9-86 10-86 11-86 12-86 8-86 7-86 4—86 5—86 6-86 1-86 2-86 3-86 2-86 3-86 4-86 1 25 .3 - 8 .2 1 23 .6 - 1 1 .7 - 1 5 .1 - 4 .7 - 2 .8 124 .7 1 1 .2 124*2 5-86 - 4 .7 - 3 .5 2 .9 - 4 .7 6-86 - 3 .8 - 2 .6 2 .0 - 2 .4 0 .0 7-86 - 2 .0 - 0 .8 3 .2 0 .6 3 .4 7 .0 8-86 - 1 .5 - 0 .3 2 .9 1 .0 2 .9 4 .4 1 .9 9-86 - 1 .5 —0 . 5 2 .1 0 .4 1 .7 2 .3 0 .0 - 1 .9 1*3 1 .0 3 .9 2 .7 2 .9 5 .4 6. 1 24.2 1 24 .9 125.1 1 24.9 - 0 .9 0 .0 2 .4 1 .0 2 .1 2 .7 11-86 - 0 .2 0 .7 2 .9 1 .8 2 .9 3 .5 12-86 0 .4 1 .3 3 .4 2 .4 3 .5 4 .1 3 .5 3 .9 5 .9 6. 6 .9 TCD 1 25 .3 10-86 0 .2 1 .0 2 .8 1 .9 2 .8 3 .2 2 .6 2 .7 3 .9 3. 2 .4 2-87 0 .7 1 .5 3—87 0 .7 1 .5 4-87 0 .8 1 .4 3 .3 2 .7 5-87 6-87 1 .3 1 .7 100 2 .0 2 .3 3 .0 2 .3 3 .0 3 .3 2 .9 3 .0 3 .9 2 .8 2 .2 2 .8 3 .1 2 .7 2 .8 3 .5 3 .6 3 .1 3 .7 3 .7 4 .0 3 .2 4 .5 3 .2 3 .4 3 .6 3 .4 2 .4 3 .2 3 .4 3 .5 126.7 1 26 .5 - 1 .9 127 .2 6 .8 3 .9 2 .4 3. 3 .1 1 .9 3 .9 0 .9 3. 2 .7 1 .7 2 .9 0 .9 0 .9 3 .8 3 .3 4 .6 3 .8 5 .3 6. 1 8 .8 7 .7 4. 4 .2 1 26.0 4. 3 .8 3 .9 4 .6 4. 4 .4 4 .0 5 .2 4 .8 1 27 .3 1 27 .4 1 28 .4 9 .8 129 .2 7-87 2 .2 2 .8 4 .0 3 .6 4 .2 4 .5 4 .3 4 .5 5 .2 5. 5 .2 4 .9 6 .1 5 .9 7 .2 9 .4 9 .2 1 0 .7 8-87 2 .2 2 .9 4 .0 3 .6 4 .2 4 .5 4 .3 4 .5 5 .1 5. 5 .0 4 .8 5 .8 5 .6 6 .5 8*0 7 .4 7 .2 3 .7 1-86 2-86 3-86 4-86 5-86 6-Ô6 7-06 d '- é6 " <>-06 IÔ -8 I l -8 6 12-86 1-87 2-67 3-87 4-87 5-87 6-87 r-8 7 p- p r e l i m i n a r y 1 3 0 .3P 1 3 0 .7 P " ---------------------------------- ------------------------------------------------------------------------- PREPA RED BY FED ERA L R ES E R V E BANK OF ST « L O U IS ___________ _______________________ ______________ SE P T E M BER 15» 1967_______________________________________ 7 PERSONAL RATIO SCALE TRILLIONS I NCOME MONTHLY TOTALS AT ANNUAL RATES OF DOLLARS SEASONALLY ADJUSTED RATIO T R I L L I ONS OF SCALE DOLLARS 4. 4.0 3 8 3. 3.6 3 4 3. 3.2 3 0 2. 2. 8 2 * 2.6 2 4 2 . 2. 2 2. 2.0 1979 1980 1981 1982 1983 1984 1985 SOURCE. PERCENTAGES ARE ANNUAL RATES OF CHANCE FOR PER IO O S LATEST DATA PLOTTEDt U .S . 1986 1987 DEPARTMENT OF COMMERCE INDICATED. AUGUST PR ELIM IN A R Y PREPARED BY FEDERAL RESER VE BANK OF ST . LO U IS PERSO NAL I MCONE COMPOUNDED ANNUAL R ATES OF CHANCE B ILLIO N S OF TERM INAL________________________________________________________________ _______ I N I T I A L NONTH_____________________________ __________________________________________ DO LLARS ANNUAL RATES MONTH 6-87 7-87 2-87 3-87 4-87 5-87 3-86 6-86 7-86 9-06 10-86 11-86 12-86 1—87 5-86 8-86 4-86 2-86 3 4 6 3 .8 2-86 7*0 3-86 6 .7 6 .5 V—86 9 .8 1 1 .2 3 4 8 2 .1 1 6 .1 3 5 2 5 .8 3 5 2 5 .9 5-86 7 .3 7 .4 7 .8 0 .0 6-86 5 .9 5 .7 5 .4 0 .4 0 .8 7-86 5 .6 5 .4 5 .1 1 .7 2 .5 3 5 2 8 .1 4 .2 3 5 4 0 .3 3 5 5 2 .9 8-86 5 .5 5 .2 4 .9 2 .3 3 .1 4 .3 4 .4 9-86 5 .4 5 .2 5 .0 2 .9 3 .6 4 .5 4 .7 5 .0 10-86 5 .2 5 .0 4 .7 3 .0 3 .5 4 .3 4 .3 4 .2 3 .4 3 5 7 7 .5 4 .4 3 5 9 0 .3 3 5 6 7 .5 11-86 5 .1 4 .9 4 .7 3 .2 3 .7 4 .3 4 .3 4 .3 3 .9 12-86 5 .4 5 .2 5 .0 3 .7 4 .3 4 .9 5 .0 5 .2 5 .2 6 .1 7 .9 1-87 5 .4 5 .3 5 .2 4 .0 4 .5 5 .1 5 .2 5 .4 5 .5 6 .2 7 .1 6 .3 2-87 6 .1 6 .0 5 .9 5 .0 5 .5 6 .1 6 .6 7 .1 8 .1 9 .3 1 0 .1 1 3 .9 3 6 1 3 .0 3 6 3 1 .5 3 6 7 1 .2 3—87 5 .9 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 .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 5-87 5 .7 5 .6 5 .5 4 .8 5 .2 5 .6 5 .7 5 .9 6 .0 6# % 6 .7 6 .5 6 .5 4 .1 4 .2 2 .2 3 683 *4 3 7 0 1 .9 3 7 08*5 6-87 5 .5 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 5 .3 4 .7 5 .0 5 .3 5 .4 5 .5 5 .6 5 .8 6 .0 5 .7 5 .6 4 .0 4 .0 3 .3 3 .9 5 *6 8-87 5 .5 5 .4 5 .4 4 .7 5 .0 5 .4 5 .5 5 .5 5 .6 5 .8 6 .0 5 .7 5 .6 4 .3 4 .4 3 .9 4 .5 5 .7 5 .8 1-86 2-86 3-86 4-06 5—86 6-86 7-86 8-86 9-86 10—86 11-86 12-86 1-Ö7 2-87 3-87 4-87 5-87 6 -87 7-87 P- ¿ k Ë O H I M M Ÿ ------- ----- — ----- ----------------- _______ " “ 3 715*3 3 732*3 3 7 4 9 .8 P ------------- P R E P A R E D BY FED ERA L R E S E * V E ~ BAJt* Uh S T» U J U I5 __________________________________________________________________________ SEPTEM BER 2 1 , 198T_________ ______________ 8 RETAIL RATIO SALES SCALE BILLIONS OF 1979 RATIO DOLLARS 1980 BILLIONS SEASONALLY ADJUSTED 1981 1982 1983 1984 SOURCE: PERCENTAGES ARE ANNUAL RATES OF CHANGE FOR PER IO D S LATEST DATA PLOTTEDt JU L Y , 1985 U .S . OF 1986 SCALE DOLLARS 1987 DEPARTMENT OF COMMERCE IN D ICATED . AUGUST ADVANCE ESTIM ATE PREPARED BY FEDERAL R ESER VE BANK OF ST . ---------------k i n a LO U IS 5 Â L É *------------- COMPOUHOEO ANNUAL RATES OF CHANCE IN IT IA L T ER M IH A L MONTH 2-86 M IL L IO N S OF MONTH DOLLARS 1-86 2-86 3-86 4-86 5-86 6-86 7-86 8-66 9-66 10-66 11—86 12-66 1-67 2-67 3-87 4-87 5-87 6-67 7-67 - 7 .8 117*590 117*259 3-86 - 5 .6 - 3 .3 4-86 - 0 .9 2 .7 9 .1 5-86 2. 8 6 .7 1 2 .1 1 5 .1 6-86 2*5 5 .2 8 .2 7 .8 1 .0 118* 113 119*507 119*605 120*476 7-86 3 .6 6 .0 8 .5 8 .3 5 .0 9 .1 8-86 5 .0 7 .4 9 .6 9 .8 8 .0 1 1 .7 1 4 .4 9-86 1 3 .7 1 7 .1 2 0 .9 2 3 .5 2 5 .6 3 5 .1 5 0 .4 9 7 .6 10-86 4 .2 5 .8 7 .2 6 .9 5 .3 6#^ 5 .6 1 .4 - 4 8 .0 121-* 839 128*952 122*121 121*678 11-86 3 .3 4 .7 5 .7 5 .2 3 .7 4 .2 3 .0 - 0 .5 - 2 9 *4 - 4 .3 12-86 8 .5 1 0 .3 1 1 .9 1 2 .3 1 1 .9 1 3 .8 1 4 .6 1 4 .9 - 4 .1 3 0 .2 7 7 .1 1-87 0 .2 0 .9 1 .4 0 .5 - 1 .2 - 1 .5 - 3 .1 - 6 .3 - 2 2 .2 - 1 1 .1 - 1 4 .3 127*613 118*579 - 5 8 .6 124*280 2-87 4 .6 5 .7 6 .5 6 .3 5 .4 5 .9 5 .5 4 .0 - 8 .5 5 .4 6 *8 - 1 4 .7 7 5 .7 3-87 4 .5 5 .5 6 .3 6 .0 5 .1 5 .6 5 .2 3 .9 - 6 .6 4 .9 7 .4 - 9 .1 3 4 .6 3 .1 4—87 4 .4 5 .3 6 .0 5 ,8 5 .0 5 .4 5 .0 3 .9 - 5 .2 4 .7 6 .6 - 6 .1 2 3 .3 3 .3 124*593 I2 4 t9 6 0 3 .6 5-87 4 .1 4 .9 5 .5 5 .3 4 .5 4 .8 4 .4 3 .3 —4 . 7 3 .9 5 .3 - 5 .1 1 6 .8 1 .9 1 .3 - 0 .9 6-87 4 .7 5 .5 6 .1 5 .9 5 .2 5 .6 5 .3 4 .4 - 2 .7 5 .2 6 .6 - 2 .0 1 6 .4 5 .0 5 .6 6 .6 f00 1 4 .8 5 .6 6 .2 6 .0 5 .3 5 .7 5 .4 4 .6 - 1 .8 5 .4 6 .6 - 0 .8 1 4 .7 5 .3 5 .9 6 .7 1 0 .6 6 .7 6 .4 6 .2 5 .6 - 0 .3 9 .0 1 2 .5 1 1 .4 1 6 .4 6—86 7-86 8-86 9-86 4-87 5-67 6-87 r —67 8-87 5 .4 6 .2 6 .7 6 .6 6 .0 1-86 2-86 5-86 4-86 5-86 7 .7 1 .2 1 4 .9 7 .1 7 .9 10-86 11-86 12-66 l- § 7 2-87 3-87 6 .4 I2 4 t 867 1 4 .8 126*307 126*990P 128*6075 I HI 11 AL HUNTW "F- "P R E L IM IN A R Y E - E ST IM A T ED PR EPA R ED BY FED ERA L R E S E R V E BANK, UF S I . SE P T E M B ER 15» 1987 9 L O U IS itó u ftiv t m k ü á k f i ó k t m w $ ì ¿ k w t COMPOUNDED ANNUAL R A T ES O f CHANGE 1977-100 00 1 <\l TERM INAL_______________________________________ ______________________________ I N I T I A L QUARTER___________________________________________________________________ QUARTER 1-87 1-86 3-86 4-66 2-86 4-85 3—84 1-85 2—65 3-65 4-84 1-84 2-84 3-8 3 4-83 3-82 4-82 1-83 1 5 8 .3 4-82 4*4 1-83 4 .1 3 .8 2-83 3 .6 3 .2 3-83 3 .1 2 .6 2 .0 1 .5 4-83 3 .6 3 .3 3 .2 3 .5 5 .6 1-84 3 .9 3 .8 3 .8 4 .2 5 .5 2-84 3 .7 3 .6 3 .5 4 .6 4 .1 2 .7 3-84 3 .8 3 .7 3 .7 3 .9 4. 5 4 .2 3 .5 1 5 9 .6 1 60 .8 2 .5 1 6 1 .4 1 6 3 .6 165«6 5 .5 1 6 6 .9 4 .4 1 6 8 .7 1 7 0 .3 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 .6 4 .4 4 .2 4 .6 4 .7 5 .1 5 .2 3-85 4 .2 4 .1 4 .2 4 .4 4 .7 4 .6 4 .5 4 .8 4 .9 5 .3 5 .4 4-85 4 .3 4 .2 4 .3 4 .8 4 .7 4 .6 4 .9 5 .0 5 .3 5 .4 5 .5 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 2-86 4 .1 4. 1 4 .1 4 .3 4 .5 4 .4 4 .3 4 .5 4 .5 b •6 4 .5 4 .4 3-86 4 .1 4 .0 4 .0 4 .4 4 .3 4-86 4 .0 4 .0 4 .0 4 .1 4 .3 1-87 3 .9 3 .8 3 .8 3 .9 4 .1 2-87 3 .8 3 .8 3 .8 3 .9 3-82 4-82 1-83 2-83 1 7 2 .4 1 7 4 .6 177*0 5 .6 1 7 9 .3 5 .3 1 8 0 .7 3 .2 3 .9 3 .3 1 8 2 .2 3 .4 4 .2 4 .3 4 .3 4 .4 4 .3 4 .1 3 .7 3 .2 3 .2 3 .1 4 .1 4 .2 4 .2 4 .3 4 .2 4 .0 3 .7 3 .3 3 .3 3 .3 3 .3 3 .9 3 .9 3 .9 3 .8 3 .6 4 .0 3 .9 3 .8 3 .9 3 .9 3 .8 3 *6 3-33 4-83 1-84 3-84 4-84 1—85 2—65 2-84 3-95 1 8 3 .6 3 .5 165 *2 2 .9 2 .8 2 .6 2 .4 1 .3 3 .0 2 .9 2 .0 2 .7 2 .3 4-85 1-86 Z —86 3-86 4-86 1 6 5 .8 3 .3 1 6 7 .3 1-8 1 I N I 11 AL UUAKIfcR P R EPA R ED BT FED ER A L R E S E R V E BAM*. Uh ST * "LOUTS AUGUST 27» 1987__________________________________________ OUTPUT P ER HOUR OF ALL PER SO N S* B U S IN E S S SECTOR __________ COMPOUNDED ANNUAL R A T ES OF CHANGE__________ TERM INAL________________________________________________________________________ I N I T I A L QUARTER_______________________________________________________________________ 1977-100 QUARTER 3-86 4—66 1-87 4-65 1-86 2-86 2-65 3-65 3-84 1-85 3-82 4-82 1-83 2-83 3-83 4-83 1-84 ? -94 4-94 1 0 1 .0 3 .2 1 0 1 .9 1-83 3 .4 3 .6 2-63 4 .3 4 .8 6 .0 3-83 2 .8 2 .6 2 .2 4-83 2 .8 2 .7 2 .4 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 0 3 .4 1 0 3 .0 —1 .5 1 0 3 .7 2 .7 ■+ «0 1 2 .6 2 .5 2 .3 1 .6 2 .4 2 .3 4-84 2 .5 2 .4 2 .2 1*6 2 .2 2 .1 1-85 2 .5 2 .4 2 .2 1 .7 2 .3 2 .5 2 .4 2 .3 3-85 2 .6 2 .5 2 .4 4-85 2 .3 2 .2 2 .1 1 .7 2 .1 1-86 2 .6 2 .5 2 .4 2 .1 2 .5 2-86 2 .4 2 .4 2 .3 2 .3 3-86 2 .3 2 .2 2 .1 1 .7 - 1 0 5 .5 0 .4 1 .0 1 .5 1 .3 1 .9 1 0 5 .9 2 .3 1 06 .5 1 .6 2 .2 2 .5 2 .7 2 .0 2 .6 2 .9 3 .2 3 .8 1 .5 1 .8 1 .9 1 .8 1 .3 - l.l 2 .4 2 .1 2 .5 2 .7 2 .6 2 .9 2 .4 6 .1 2 .3 1 .9 2 .3 2 .4 2 .4 2 .3 1 .9 3 .4 0 .7 1 .7 1 .9 2 .0 1 .9 1 .6 1 .3 2 .1 0 .2 —0 . 4 1 .9 1 .5 1 .7 1 .7 1 .7 1 .5 1 .0 1 .6 0 .1 —0 . 2 2 .3 2 .5 2 .1 1 .9 1 0 5 .6 1 .9 1 0 7 .2 1 0 6 .2 107*9 1 0 9 .5 4-86 2 .1 2 .1 2 .0 1-87 2 .0 2 .0 1 .9 1 .6 l.T 1 .4 1 .6 1 .6 1 .5 1 .3 0 .9 1 .3 0 .2 2-87 2 .0 1 .9 1 .8 1 .6 1 .7 1 .4 1 .5 1 .5 1 .4 1 .3 0 .9 1 .3 0 .4 3-82 4-82 1-83 2-83 4-83 1-84 3-8 4 4-84 1-85 2—85 3-85 4 -8 5 1-86 3-83 2 -84 1 0 9 .7 1 0 9 .6 o « o 2-85 1 0 5 .1 1 0 9 .6 o o 4-82 0 .2 0 .4 0 .3 0 .5 0 .7 l.l 2 -86 3-86 4-86 1—87 1 0 9 .7 iiO .O IM I I1 A L W A R 1feR P R EP A R ED B T F E D E R A L R E S E R V E BANR Uh S T¿ LUU15 AUGUST 27» 1967_________________________ 10 PRODUCTIVITY, RATIO COMPENSATION, AND LABOR COSTS SCALE RATIO 1977-100 1979 1980 1981 1982 1983 1984 1985 SOURCEt PERC EN T A G ES ARE ANNUAL R ATES OF CHANGE FOR PE R IO D S L A TEST DATA PLO T TED . SCALE 1977 -10 0 SEASONALLY ADJUSTED U .S . 1986 1987 DEPARTMENT OF LABOR IN D IC A TED . 2ND QUARTER PR EPA RED I Y FED EA A t R E S t R V E BANK Of ST. L O U IS ------------------- u n tY LABOR c o s t s , ¿ u s t l f e « " S H 'T B R ---------------------______________________ COWPQUNOED ANNUAL R ATES O f CHANCE__________________________ CD 1 fO T ER M IN A L________________________________________________________________________ IN I T I A L QUARTER__________________________ _____________ _____________ _________________1977*100 QUARTER 1-87 4-8 6 1-85 4-8 5 1-86 2 —86 3-86 2-85 3-85 4-84 3-8 2 4-8 2 l- i83 2-83 3-83 4-83 1-84 2-84 1 5 6 .8 4-82 1 .5 1-83 0 .8 2-83 —0 .6 - 1 .7 -3 3 3-83 0 .3 - 0 .1 -0 4—83 0 .8 1 5 6 .8 0 .0 1 5 5 .5 1 5 6 .7 1 3 .1 0 .6 0 8 2 .8 2 .6 1 5 7 .7 1 5 7 .8 1-84 0 .7 0 .5 0 6 2 .0 1 .4 0 .3 2-84 0 .7 0 .5 0 6 1 .6 l.l 0 .4 0 .5 1 .1 3 2 .3 2 .0 1 .9 2 .7 I 1 5 8 .0 1 5 9 .9 4 .9 3-84 1 .2 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 2-85 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 1 6 2 .8 2 .2 1 63 *6 3-85 1 .6 1 .6 I 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 2-86 1 .7 1 .7 I 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 3-86 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 0 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-Ô2 *- 8 2 i- iB3 2-Ô3 3-83 4-83 1-84 2-04 3-84 4-84 T-B* 2-85 3-85 4-8 5 1—86 2 -8 6 3-86 4-8 6 1-07 IN IIIA L 1 6 6 .1 1 6 5 .0 1 6 6 .2 1 6 7 .5 1 6 9 .0 1 6 9 .4 1 7 0 .2 U U A R lb * PREPARED BY FED ERA L RESERVE AUGUST 27» 1967 11 BA N * I»- 5 1 . L U U I S t k t e i H A Í tó fo L H ó b ú t t I k t M t W M L U lf COMPOUNDED ANNUAL R A T ES OF CHANCE T ER M IN A L________________________________________________________________________ I N I T I A L QUARTER______________________________________________________ QUARTER 4-85 1-86 1-85 2-85 3-85 2-86 4-83 4-84 3-66 1-83 2-83 3-83 1-64 2-84 3-84 4-66 3-82 * —82 4-82 3 * 2 1 2 .5 4 .2 3 * 2 6 5 .8 1-83 5*5 6 .8 2-83 8 .0 9 .9 1 3 .0 3-83 8 .3 9 .7 1 1 .2 9 .4 4-83 9 .1 1 0 .4 1 1 .6 1 0 .9 3 * 3 6 7 .4 3 * 4 4 3 .9 3 * 5 4 5 .8 1 2 .4 3 * 6 7 4 .9 1-84 10*1 1 1 .4 1 2 .5 1 2 .4 1 3 .9 1 5 .4 2-84 1 0.0 1 0 .9 1 1 .8 1 1 .5 1 2 .2 1 2.1 8 .9 3-84 9 .4 1 0 .2 1 0 .8 1 0 .3 1 0 .6 1 0 .0 7 .4 5 .8 5 .3 3 * 7 5 4 .2 3 * 6 0 7 .9 4 .7 3 * 6 5 1 .6 4-84 8 .9 9 .5 9 .9 9 .4 9 .4 8 .6 6 .5 1-85 8 .7 9 .3 9 .6 9 .1 9 .0 8 .4 6 .7 6 .0 7 .4 2-85 8 .4 8 .9 9 .1 8 .6 8 .5 7 .9 6 .5 5 .8 6 .4 5 .5 6 .1 6 .6 6 .3 7 .1 3 *9 2 1 .1 3 * 9 7 3 .6 4 * 0 4 2 .0 8 .9 8 .5 8 .3 7 .8 6 .6 6 .1 8 .5 8 .7 8 .2 8. 1 7 .6 6 .5 6 .1 6 .2 6 .6 6 .3 6 .7 6 .3 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 7 .7 7 .6 7 .1 6 .2 5 .9 6 .1 5 .9 6 .0 5 .6 5 .3 3 .6 7 .4 7 .0 6 .1 5 .8 6 .0 5 .8 5 .8 5 .5 5 .3 4 .4 3-85 8 .3 8 .7 4-85 8 .2 8 .1 ¡I B I L L I O N S OF DOLLARS " ANNUAL R A T ES 1-67 2-86 7 .8 8 .0 8 .1 3-86 7 .6 7 .9 7 .9 7 .5 4 * 1 0 4 .4 4 * 1 7 4 .4 4 * 2 1 1 .6 4 * 2 6 5 .9 5 .3 4 * 2 8 8 .1 4-86 7 .3 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 .4 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 6 .6 2-87 7 .3 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 3-82 4-82 1-83 2-85 3-83 4-83 1-84 3-84 4-84 1-85 2-85 3-85 4-85 1-86 Z —86 3-86 4 -86 1—67 2-84 4 * 3 7 7 .7 4 * 4 4 5 .1 IN IT IA L QUARTER PR EPA R ED B Y FED ER A L R E S E R V E BA ML OF S T . L O U IS SE P T E M BER 18» 1967_______________________________________ CROSS NATIONAL PROOUCT IN 1982 DO LLARS COMPOUNDED ANNUAL R ATES OF CHANCE BILLIO N S OF T ER M IN A L_________________________________________________________________________I N I T I A L QUARTER_______________________________________________________________________ DOLLARS ANNUAL RATES QUARTER 4-66 1-67 3-66 4-83 1-85 2-85 3-85 4-65 1-66 2-6 6 4-8 2 1-83 2-83 3-83 4-84 2-84 1-84 3-84 3-82 4-82 3 * 1 5 9 .3 0 .6 3 * 1 6 6 .6 1-83 2 .0 3 .5 2-83 4 .4 6 .4 9 .3 3-83 4 .8 6 .3 7 .7 6 .0 6 .7 4-83 5 .3 6 .5 7 .5 1-84 6 .2 7 .3 6 .3 2-84 6 .1 3 * 2 5 6 .3 3 * 3 0 6 .4 3 *3 6 5 .1 7 .3 9 .0 1 0 .7 3 * 4 5 1 .7 7 .7 7 .4 7 .8 6 .1 5 .5 3 * 4 9 8 .0 3 * 5 2 0 .6 3-84 5 .6 6 .9 6 .4 6 .5 6 .2 4 .0 2 .6 4—84 5 .2 6. 1 5 .6 5 .5 5 .1 3 .2 2 .1 1 .7 1-85 5 .1 5 .8 5 .3 5 .2 3 .4 2 .7 2 .8 3 .6 2-85 4 .8 5 .4 4 .9 4 .8 4 .4 3 .1 2 .5 2 .5 3 .0 2 .1 3-85 4 .7 5 .3 4 .8 4 .7 4 .3 3 .3 2 .8 2 .9 3 .3 3 .1 4 .1 4-85 4 .6 5 .1 4 .7 4 .5 3 .3 2 .9 3 .0 3 .3 3 .1 3 .6 6 .4 3 * 5 3 5 .2 3 * 5 6 8 .7 3 * 5 6 7 .1 3 * 6 2 3 .0 3 .1 3 * 6 5 0 .9 3 * 6 9 6 .6 1-86 4 .7 5 .1 4 .7 4. 6 4 .3 3 .5 3 .2 3 .3 3 .7 3 .6 4 .2 4 .2 2-86 4 .4 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 .2 4 .4 4 .5 4 .1 4 .0 3 .7 3 .0 2 .7 2 .8 2 .9 2 .6 2 .9 2 .6 2 .5 1 .0 5 .4 3 * 7 0 4 .7 1 .4 3 * 7 1 6 .0 3 * 7 3 1 .5 4-86 4 .0 4 .2 4 .3 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 .1 4 .3 4 .3 3 .6 3 .6 3 .0 2 .8 2 .8 2 .9 2 .6 2 .9 2 .7 2 .6 2 .0 2 .4 2 .9 4 .4 2-87 4 .0 4 .2 4 .2 3 .7 3 .5 3 .0 2 .8 2 .8 2 .9 2 .6 2 .9 2 .7 2 .6 2 .1 2 .4 2 .8 3 .4 2 *5 3-62 4-82 1-83 3-83 4—63 1-84 2-64 3-84 4-64 1-85 2-65 3-85 4 - é s ~ í^ * 6 2—86 4 -6 6 1-67 2-83 3 * 7 7 2 .2 3 * 7 9 5 .3 IN ITIA L QUARTER PREPARED BY FEDERAL RESERVE BAM* OF S T . U W I 5 SEPTEMBER IB» 1 9 6 7 ________________________________ 12 GROSS N A T I O N A L PRODUCT R A T I O SCALE QUAR TER LY TO TAL 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 AD JU S TE D T R I L L I O N S OF D O L L A R S 4. 8 4. 6 4.4 4.2 4. 0 3. 8 3. 6 3. 4 3. 2 3. 0 3. 4. 4 4.2 4. 0 3. 8 3. 6 3. 4 3. 2 3. 0 2. 8 2. 6 1979 981 980 982 1983 1984 SOURCEt PE RC E NT AG ES LATEST ARE ANNUAL DATA P L O T T E D t R A TE S OF CHANGE FOR PE RIO D S 1985 U .S . 1986 DEP ARTM ENT 1987 OF COMMERCE IN D IC A T E D . 2ND QUARTER PR EPARED 13 BY F E D E R A L RE S E R V E BANK OF ST. LOUIS GENERAL RATIO PRICE INDEX* SCALE RATIO 1982-100 SCALE 198 2-1 00 1979 1980 1981 1982 1983 1984 *AS USED IN NATIONAL INCOME ACCOUNTS 1985 1986 1987 SOURCE: U .S. DEPARTMENT OF COMMERCE PERCENTAGES ARE ANNUAL RATES OF CHANCE FOR PERIODS INDICATED. LATEST DATA PLOTTED: 2ND QUARTER PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS I M P L I C IT P R IC E DEFLATOR FOR CROSS HATIONAL PRODUCT ___________________________________ COMPOUNDED ANNUAL RATES OF CHANCE_________________________________ T ER M IN A L_________________________________________________________________________I N I T I A L QUARTER 4-83 2-83 3-84 3-82 4-82 1-84 2-84 i- 8 3 3-83 QUARTER_______________________________________________________________________ 1982 « 1-85 2-8 5 3-85 4-85 1-86 2-86 3-86 4-86 100 1-87 1 0 1 .7 4-82 3*6 1-83 3 .4 3 .2 2-83 3 .3 3 .2 3 .2 1 02 .5 103 .3 1 04 .2 3-83 3 .4 3 .3 3 .3 3 .5 4-83 3 .6 3 .6 3 .8 4 .1 4 .7 1-84 3 .7 3 .8 3 .9 4 .2 4 .5 4 .2 2-84 3 .6 3 .6 3 .7 3 .9 4 .0 3 .6 105*4 1 0 6 .5 1 0 7 .3 3 .0 108*2 3-84 3 .6 3 .6 3 .7 3 .8 3. 8 3 .6 3 .2 3 .4 4-84 3 .5 3 .5 3 .6 3 .6 3 .7 3 .4 3 .1 3 .2 3 .0 1-85 3 .5 3 .5 3 .5 3 .6 3 .6 3 .4 3 .2 3 .2 3 .2 3 .3 2-85 3 .5 3 .5 3 .5 3 .6 3 .6 3 .4 3 .2 3 .3 3 .2 3 .3 3 .3 3-85 3 .5 3 .4 3 .5 3 .5 3 .5 3 .3 3 .2 3 .2 3 .1 3 .2 3 .1 2 .9 4-85 3 .4 3 .4 3 .4 3 .4 3 .4 3 .3 3 .1 3 .1 3.1 3 .1 3 .0 2 .9 1 0 9 .0 1 0 9 .9 1 1 0 .8 1 1 1 .6 2 .9 1 1 2 .4 1 1 2 .9 1-86 3 .3 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 .3 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. 3 3 .1 3 .0 3 .0 3 .0 3 .0 2 .9 2 .8 2 .8 2 .7 3 .2 3*6 0 .7 1 1 3 .7 1 1 4 .7 4-86 3.1 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 1-87 3 .2 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 .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 3-82 4 -82 1-83 2-83 3—83 4-85 1-84 2-84 5-84 4-84 1-85 2-85 5-85 1 a 1 1 4 .9 2 .1 l- « 6 2—86 3-86 4-86 1-87 1 16 .1 117 .1 I H I 11AL QUARTER P R E P A R E D BY FED ERA L R E S E R V b BAH* OF ST . LUU1S SEPT EM BER 18» 1987_______________________________________ 14 PERSONAL CONSUMPTION E X P E N D IT U R ES I « CURRENT DO LLARS _____________ COMPOUNDED ANNUAL R A T E S CHF CHANGE_______________ b il l io n s o r TERM IN A L_____________________________________ ___________________________________IN I T I A L QUARTER_____________________________________________________________________ DOLLARS ' ANNUAL RATESQUARTER 1-87 3-86 4-86 2-85 3-85 1-86 2-86 1-83 2-83 4-83 4-85 4-82 2-84 3-83 4-84 1-85 1-84 3-84 3-82 2 * 1 1 7 .0 4-82 10*3 1-83 8*0 5 .7 2-83 9 .6 9 .3 1 3 .0 3-83 9 .5 9 .3 11.1 9 .3 4-83 9 .6 9 .4 1 0 .6 9 .5 9 .7 1-84 9 .3 9 .1 1 0 .0 9 .0 8 .9 2-84 9 .4 9 .2 1 0 .0 9 .2 9 .2 3-84 8 .9 8 .7 9 .2 8 .5 8 .3 7 .8 7 .7 5 .6 4-84 8 .7 8 .5 8 .9 8 .3 8 .1 7 .7 7 .5 6 .4 7 .2 1-85 8 .8 8 .6 9 .0 8 .4 8 .3 8 .0 7 .4 8 .3 2-85 8 .8 8 .6 8 .9 8 .4 8 .3 8 .1 7 .7 8 .3 8 .9 8 .4 9 .3 9 .3 1 0 .1 2 * 1 4 6 .6 2 ,2 1 3 .0 2 * 2 6 2 .8 2 * 3 1 5 .8 2 *3 6 1 .1 8 .1 2 * 4 1 7 .0 9 .8 2 * 4 5 0 .3 2 * 4 9 3 .4 2 * 5 4 9 .9 9 .4 2 * 6 0 2 .0 2 * 6 6 5 .4 3-85 8 .9 8 .7 9 .0 8 .6 8 .5 8 .4 8 .1 8 .8 4-85 8 .6 8 .4 8 .7 8 .3 8 .2 8 .0 7 .7 8 .1 8 .3 7 .9 7 .7 5. 3 1-86 8 .4 8 .2 8 .4 8 .0 7 .9 7 .7 7 .4 7 .7 7 .8 7 .4 7 .0 5 .5 5 .7 6 .3 5. 1 4 .9 4 .1 7 .4 1 0 .7 7 .7 2 *7 0 0 .1 2 * 7 3 7 .9 2 * 7 6 5 .8 2-86 8 .1 7 .9 8 .1 7 .7 7 .6 7 .4 7 .3 7 .0 7 .2 7 .2 6 .7 3-86 8 .3 8. 1 8 .3 7 .9 7 .8 7 .7 7 .6 7 .4 7 .6 7 .7 7 .4 7 .2 6 .4 6 .8 4-86 7 .9 7 .8 7 .9 7 .6 7 .5 7 .3 7 .2 6 .9 7 .1 7 .1 6 .7 6 .5 5 .8 5 .9 5 .9 6 .8 3 .1 7 .8 7 .6 7 .8 7 .4 7 .3 7 .1 7 .0 6 .8 6 .9 6 .8 6 .5 6 .3 5 .6 5 .7 5 .7 6 .2 4 .0 5 .0 6 .0 6 .4 5 .0 6 .0 7. 1 1-86 2-86 5-86 4-86 1-87 1-87 2-87 7 .7 7 .6 7 .7 7 .4 7 .3 7 .1 7 .0 6 .8 6 .9 6 .9 6 .6 6 .4 5 .8 5 .9 3-82 4-82 1-83 2-83 3-83 4-53 1-84 2-84 3-84 4-84 1-85 2-é* 3-85 4-85 2 *8 3 7 .1 2 * 8 5 8 .6 2 * 8 9 3 .8 2 * 9 4 3 .7 I NITIAL" QUARTER PREPA RED B Y F ED ER A L R ES E R V E ” B A J * ~ Ö F S T V L O U r s SE P T E M B ER 16» 1 9 8 7 ____________________________________ PERSONAL CONSUMPTION E X P E N D IT U R ES IN 1982 DOLLARS COMPOUNDED ANNUAL RATES O f CHANGE ---------------------------------------------------------------------------------------------------- ftTLCTöNS W T ERM INAL________________________________________________________________________ I N I T I A L QUARTER_____________________________________________________________________ DOLLARS ANNUAL RATES QUARTER 1-87 4-86 4-85 1-86 2-86 3-86 3-85 1-85 2-85 4-82 1-83 2-8 3 3-83 4-83 1-84 3-84 4-84 3-82 2-84 4-82 5 .3 2 * 0 7 8 .7 2 * 0 9 4 .2 1-83 4 .2 3 .0 2-83 5 .4 5 .5 8 .0 3-83 5 .4 5 .4 6 .7 4-83 5 .4 5 .4 6 .3 5 .5 1-84 5 .1 5 .1 5 .6 4 .6 3 .7 2-84 5 .3 5 .3 5 .8 5 .2 5 .1 3-84 4 .9 4 .8 5. 1 4 .1 1 .9 4-84 4 .8 4 .8 5 .0 4 .5 4 .3 4 .1 4 .2 3 .1 4 .3 2 * 2 8 1 .1 1-85 4 .9 4 .9 5. 1 4 .7 4 .6 4 .4 4 .6 4 .0 5 .1 2 *3 1 4 .1 2 * 1 3 5 .1 2 * 1 6 3 .0 5 .3 2 * 1 9 1 .9 4 .4 2 * 2 1 2 .1 2 * 2 4 6 .7 6 .4 2 * 2 5 7 .3 2 * 3 3 7 .0 2-85 4 .8 4 .8 5 .0 4 .6 4 .5 4 .4 4 .5 4 .0 4 .7 4 .0 3-85 5 .0 5 .0 5 .2 4 .9 4 .8 4 .7 4 .9 4 .6 5 .3 5 .4 6 .9 4-85 4 .7 4 .7 4 .8 4 .4 4 .3 4 .3 4 .0 4*4 4 .0 4*0 1 .2 1-86 4 .7 4 .7 4 .8 2-86 4 .7 4 .6 4 .7 3-86 4 .8 4 .8 4 .9 4-86 4 .6 4 .5 4 .6 1-87 4 .3 4 .2 4 .3 2-87 4 .1 4 .1 4 .1 3-82 4-82 1-83 4 .5 2 * 3 7 6 .1 2 * 3 8 3 .2 2 * 4 0 9 .7 4 .4 4 .3 4 .4 4 .1 4 .5 4 .1 4 .2 2 .8 4 .5 4 .4 4 .3 4 .3 4 .1 4 .4 4 .1 4 .2 3 .3 4 .3 4 .1 4 .7 4 .6 4 .6 4 .6 4 .4 4 .8 4 .7 4 .8 4*3 5 .3 5 .7 4 .4 4 .3 4 .2 4 .3 4 .0 4 .3 4 .0 4 .1 3 .5 4 .1 3 .9 3 .8 0 .5 3 .9 3 .8 3 .8 3 .6 3 .8 3 .4 3 .4 2 .8 3 .1 2 .7 2 .3 - 0 .1 - 0 .7 3 .8 3 .7 3 .7 3 .5 3 .6 3 .3 3 .2 2 .7 2 .9 2 .6 2 .2 0 .5 0 .6 1 .9 3-83 4-83 1-84 2-04 5-84 1-85 2-85 3-85 4 -B 5 1-86 Z-86 3-86 4-86 1-8 f 2-83 4-84 IN IT IA L 2 * 4 3 4 .3 2 * 4 7 7 .5 7 .3 2 * 4 8 0 .5 2 * 4 7 5 .9 2 * 4 8 7 .5 QUARl'bK ■PREPARED BY F E D E R A L RFSkTTO SE P T E M B E R 18» 1987__________ 15 BANK "UF~'ST¿ T O U I S GROSS P R IV A T E DOMESTIC IN VESTM ENT IN CURRENT DOLLARS _____________ COMPOUNOED ANNUAL R ATES OF CHANGE_______________ A IL L I0 N S o r T ER M IN A L________________________________________________________________________ I N I T I A L QUARTER_______________________________________________________________________DOLLARS QUARTER “ lOfTES 3-84 4-84 2-84 1-83 2-63 1-84 4-82 3-83 1-86 3-86 4-83 1-85 2—#5 3-82 2-86 4-65 4-86 1—67 3-85 ANNUAL 4-82 - 3 2 .7 1-83 - 1 0.3 2-83 8 .7 38. 1 5 9 .5 3-83 14.9 3 7 .4 4 7 .2 3 5 .9 4-83 22.0 4 1 .6 4 9 .8 4 5 .1 5 4 .9 1-84 29.1 4 7 .0 5 4 .8 5 3 .3 6 2 .8 7 1 .0 2-84 2 4 .6 3 8 .0 4 2 .0 3 8 .0 3 8 .7 3 1 .2 4 0 9 .6 1 9 .6 426*3 4 8 1 .3 5 1 9 .7 5 7 9 .8 6 6 3 .0 0*7 664*2 3-84 2 1 .8 3 2 .5 3 4 .8 3 0 .3 2 9 .0 2 1 .3 2 .2 3 .7 4-84 18.4 27. 1 2 8 .2 2 3 .7 2 1 .3 14.1 —0 . 2 - 0 .7 - 5 .0 1-85 14.8 2 1 .8 2 2 .1 1 7 .5 1 4 .7 8 .0 - 3 .7 - 5 .1 - 9 .2 - 1 3 .3 1 4.0 20. 2 2 0 .2 16.1 1 3 .5 7 .7 - 1 .8 - 2 .4 - 4 .3 - 4 .0 6 .3 3-85 11.6 1 6 .9 1 6 .6 1 2 .6 1 0 .0 4 .7 - 3 .5 - 4 .3 - 6 .2 —6 . 6 - 3 .1 - 1 1 .7 if* 00 1 4- 1 1 .9 1 6 .7 1 6 .4 1 2 .8 1 0 .5 5 .9 - l.l - 1 .3 - 2 .3 - 1 .7 2 .6 0 .7 1 4 .9 1-86 1 2.5 1 7 .1 1 6 .9 1 3 .6 1 1 .6 7 .6 1 .5 1 .6 1 .3 2 .6 7 .0 7 .3 1 8 .2 2 1 .6 2-86 1 1 .5 1 5 .6 1 5 .3 1 2 .2 1 0 .2 6 .5 l.l l.l 0 .8 1 .8 5 .1 4 .8 1 0 .9 9 .0 - 2 .3 3-86 9 .9 1 3 .6 1 3 .2 1 0 .2 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 4-86 9 .3 1 2 .7 1 2 .2 9 .5 7 .6 4 .4 - 0 .2 - 0 .2 - 0 .7 —0 . 1 1 .9 1 .2 4 .0 1 .4 - 4 .5 - 5 .6 - 0 .4 4 .5 1 2 .2 2 6 .3 2-85 670*3 661*8 6 3 6 .6 6 4 8 .4 6 2 6 .6 650*8 683*4 6 7 9 .4 6 6 0 .6 660*2 6 99 *9 1-87 1 0.2 1 3 .4 1 3 .1 1 0 .5 8 .9 6 .0 1 .8 1 .9 1 .7 2 .5 4 .7 7 .4 6 .0 2 .4 4 .0 2-87 9 .7 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 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 1-07 702*6 INITIAL QUARTER PREPA RED BY FED ERA L R ES E R V E BANK. UH S T . L U U IS SEPT EM BER 18» 1967_______________ GROSS P R IV A T E DOMESTIC IN VESTM ENT IN 1982 DOLLARS COMPOUNDED AMMUAL R ATES OF CHANGE BTULIÖHS OF T ER M IN A L_________________________________________________________________________I N I T I A L QUARTER_______________________________________________________________________DOLLARS " " " ANNUAL RATES QUARTER 3-86 4-66 1-67 2-66 1-85 2-65 3—85 4-65 1-66 2-83 3—6 3 4-63 1-83 2-64 1-64 3-84 4-84 3-82 4-82 406 *6 4-82 - 31 *0 1-83 -9*4 1 9 .1 2-63 11*5 4 1 .9 4 2 7 .1 486 *9 6 8 .9 5 24*6 3-83 17*0 3 9 .5 5 1 .0 3 5 .0 4-83 22*3 4 1 .2 4 9 .4 4 0 .5 4 6 *3 1-84 28*7 4 5 .8 5 3 .4 4 8 .6 5 5*9 2-84 24*5 3 7 .4 4 1 .4 3 5 .2 3 5 .3 3 0 .1 2 .0 3-84 21*7 3 2 .0 3 4 .2 28*2 2 6 .6 2 0 .6 2 .8 3 .6 4-84 18*4 2 6 .6 2 7 .6 2 1*9 1 9 .5 1 3 .6 0 .1 - 0 .8 577*2 655*2 6 6 .0 6 56*4 664*2 6 5 5 *7 - 5 .0 6 3 2 .1 1-85 1 4 .7 2 1 .4 2 1 .7 1 6 .1 1 3 .2 7 .5 - 3 .5 - 5 .3 - 9 .4 - 1 3 .6 2 -85 14*2 2 0 .1 2 0 .2 1 5 .2 12*6 7 .8 - 1 *2 - 1 .9 - 3 .7 - 3 .0 3-85 11*6 1 6 .6 1 6 .3 11*6 9 .0 4 .5 - 3 .3 - 4 .3 —6 .2 -6 *6 4 -85 11*7 1 6 .3 1 6 .1 11*6 9 .5 5 .6 - 1 .0 -1*5 - 2 .5 -1*9 2 .4 -0 *7 13*5 1 7 .1 2 0*8 9 *2 7 .1 - 5 .1 6 6 5 *6 3 .5 0 *4 - 6 .5 - 1 1 *8 6 45 *0 - 8 *5 - 10 *1 - 6 .4 645 *7 8 *9 6 23 *2 - 2 * 6 - 1 3 *2 643 *3 6 74 *4 1-86 12*4 1 6 .7 1 6 .4 1 2 *6 1 0 .6 7 .2 1 .5 1*4 1 .0 2 .3 6 .7 6 .0 2 -8 6 11*1 1 4 .9 1 4 .6 11*0 9 .0 5 .9 0 .7 0 .5 0 .1 1*0 4 .2 3* 1 3-86 9*5 1 2 .9 1 2 .5 9 .0 7. 1 4 .1 —0 . 6 - 0 .9 - 1 .5 - 0 .9 1*4 —0 * I 4-86 8*4 1 1 .5 1 1 .0 7 .7 5 .8 3 .0 - 1 .4 - 1 .7 - 2 .3 - 1 *9 - 0 .1 - 1 .5 1*0 - 1*9 1-87 9*4 1 2 .4 1 2 .0 9 .0 7 .3 4 .8 0 .8 0 .7 0 .5 1*1 3 .1 2 .3 5*1 3 *5 —0 * 4 1*2 8*5 2 6*5 2-67 8*9 1 1 .7 1 1 .3 8 .5 6 .9 4 .5 0 .9 0 .8 0 .5 1*1 2 .9 2*1 4 *6 3*1 -0*1 1*2 6 *0 14*0 l.l 3-62 4—62 1-83 2-63 3-83 4-63 1-64 2-64 3-84 4-64 1-65 2-65 3-65 4-65 l- § 6 2-66 3-86 4-86 1-67 in it ia l 6 31*0 6 7 1 .6 6 73 *7 quAi r m r P REPA RED OT F t DC RAL R fcS tK V t OAW* W S I * L I W 1 J SE P T E M BER 18» 1967_______________________________________ 16 " GOVERNMENT PURCH ASES OF iSOOOS ,an 6 S E R V IC E S IN ¿ u r * £ n ? M l U W * COMPOUNDED ,ANNUAL RATES OF CHANCE QUARTER IN IT IA L TERM IN A L QUARTER 3-62 4-82 1 6 .2 1-63 6 .6 4 -6 2 1-63 2-63 3-83 4-83 1-84 2 4-#4 1-85 3-85 4 -6 5 1-66 2—06 3-66 4-66 6 71 *6 6 6 6 .1 - 2 .2 2-8 3 5 .8 1 .0 4 .3 3-83 5 .2 1 .8 3 .8 6 7 5 .2 3 .3 6 6 0 .7 676*1 4-63 3 .6 0 .6 1 .6 0 .3 1-84 5 .0 2 .9 4 .3 4 .2 4 .7 1 2 .6 2-84 7 .6 6 .3 8 .0 9 .0 1 0 .9 1 8 .4 2 4 .6 7 .7 - 2 .7 8 .4 9 .7 1 4 .1 1 4 .9 6 .0 6 9 6 .5 7 3 5 .J 7 4 6 .6 3-84 7 .4 6«2 4-84 7 .7 6 .7 8 .0 8 .6 9 .7 1 3 .1 1 3 .2 8 .0 9 .9 1-85 8 .0 7 .1 8 .3 8 .9 9 .9 1 2 .6 1 2 .6 8 .8 1 0 .3 1 0 .7 8 .9 9 .7 1 1 .9 1 1 .8 8 .8 9 .7 9 .6 8 .6 2-85 2-65 B I L L I O N S OF DO LLARS ANNUAL R A T E5 1-67 8 .0 7 .3 8 .4 7 6 4 .5 7 8 4 .1 6 0 0 .5 8 3 2 .8 3-85 8 .8 8. 1 9 .2 9 .8 1 0 .6 1 2 .7 1 2 .7 1 0 .4 1 1 .5 12.1 1 2 .8 1 7 .1 4-85 9 .0 8 .5 9 .5 1 0 .0 1 0 .8 1 2 .6 1 2 .6 1 0 .7 1 1 .7 12.1 1 2 .6 1 4 .6 1 2 .1 1-86 8 .0 7 .4 8 .2 8 .6 9 .1 1 0 .5 1 0 .3 8 .4 8 .8 8 .5 8 .0 7 .6 3 .4 —4 . 6 2-86 8 .1 7 .6 8 .4 8 .7 9 .2 1 0 .5 1 0 .2 8 .6 8 .9 8 .8 8 .4 8 .3 5 .5 2 .4 9 .9 8 5 7 .0 6 4 6 .9 8 6 7 .2 8 7 6 .5 3-86 7 .9 7 .4 8 .1 8 .4 8 .9 1 0 .0 9 .7 8 .2 8 .5 8 .3 7 .9 7 .7 5 .5 3 .4 7 .6 5 .3 4-86 7 .7 7 .2 7 .8 8 .1 8 .5 9 .4 9 .2 7 .7 7 .9 7 .7 7 .3 7 .0 5 .1 3 .4 6 .3 4 .5 3 .6 1-87 7 .5 7 .0 7 .6 7 .8 8 .2 9 .1 8 .8 7 .4 7 .6 7 .3 6 .9 6 .7 5 .0 3 .6 5 .6 4 .5 4 .1 4 .5 2-87 7 .6 7 .2 7 .7 8 .0 8 .3 9 .1 8 .8 7 .6 7 .8 7 .6 7 .2 7 .0 5 .7 4 .6 6 .6 5 .6 5 .9 7 .1 9 .7 3-82 4-82 1-83 ¿ -3 3 ~ T - s T 4-Ä * i- 8 4 ¿- *4 3-H 4-Ö4 1-85 2-65 3-65 4 -6 5 1-86 2 -86 5-86 4-86 1—67 8 8 6 .3 8 9 6 .2 9 1 7 .1 IN ITIAL QUARTER P R E P A R E D BY F E D E R A L R E S E R V E BANK OF S T . L W J l S SE P T E M B ER 16» 1967________________________________________ GOVERNMENT PURCH ASES OF WOODS AMD S E R V IC E S IN 1962 DO LLARS _______________ COMPOUNOEO ANNUAL RATES OF CHANGE_______________________ IN IT IA L “ b I l L I ö N S öP DOLLARS ANNUAL RAY e s QUARTER QUARTER 3-62 4-62 1-83 2-83 3-83 4-83 1-84 2-84 3-64 4-84 1-85 2-85 11.4 1-83 2 .1 - 6 .4 2-83 1 .7 - 2 .8 4-6 5 1—66 2-86 3-86 4-8 6 1-67 6 4 9 .2 6 5 0 .9 1 .1 3-83 1 .7 - 1 .3 1 .4 1 .7 4-83 0 .0 - 2 .7 —1 ♦b - 2 .7 1-64 1 .1 - 0 .9 6 5 3 .6 6 4 2 .2 - 6 .8 - 0 .2 6 .9 6 5 3 .0 6 6 0 .2 2-84 3 .3 2 .0 3 .8 4 .5 5 .5 1 2 .2 1 7 .7 3-64 3 .2 2 .1 3 .6 4 .1 4 .7 8 .9 9 .9 2*6 3 .4 2 .5 4 .3 4 .8 7 .9 8 .3 3 .9 1-85 3 .7 2 .9 4 .1 4 .5 5 .0 7 .6 7 .7 4 .6 5 .6 6 .0 2-85 3 .8 3 .1 4 .2 4 .6 5 .0 7 .1 7 .2 4 .7 5 .4 5 .5 5 .0 7 .9 8 .6 1 0 .3 1 5 .7 4-84 3-85 6 6 0 .1 4-82 6 8 4 .5 6 9 3 .2 5 .2 7 0 3 .4 7 1 2 .1 7 3 6 .6 3-85 4 .6 4 .2 5 .3 6 .3 8 .3 6 .6 6 .8 4-85 5 .0 4 .5 5 .6 6 .5 8 .3 8 .5 7 .1 8 .7 9 .6 1 2 .0 8 .4 1-86 4 .0 3 .5 5 .0 6 .3 6« 3 4 .7 5 .1 5 .1 4 .9 4 .8 - 0 .3 - 6 .3 2-86 4 .3 3 .6 5 .2 6 .5 6 .4 5 .1 5 .5 5 .5 5 .4 5 .5 2 .4 - 0 .6 5 .0 6 .2 6 .1 4 .9 5 .2 5 .2 5 .0 5 .0 2 .5 0 .6 5 .4 3 .0 5 .2 6 .3 6 .3 5 .5 5 .5 5 .4 5 .5 3 .6 2 .4 6 *2 5 .4 7 .9 4 .3 V I 3 .9 3 .6 1 .9 0 .6 3 .0 1 .4 0 .6 - 6 .2 4 .7 4 .6 3-86 4 .2 3 .7 4 .5 4-86 4 .4 4 .0 4 .7 4 .6 7 5 3 .7 7 3 7 .6 7 .8 7 5 1 .6 7 5 7 .2 7 7 1 .8 7 5 9 .6 1-67 3*8 3 .4 4 .2 4 .4 5 .3 5 .2 2-87 3 .6 3 .4 4 .2 4 .3 5 .2 5 .1 4 .1 4 .2 4 .1 3 .9 3 .6 2 .2 1 .1 3 .1 2 .0 1 .7 - 1 .3 3 .6 3-62 4-82 2-83 3-63 4-83 1-84 2-64 3-64 4-84 1-65 2 -B5 3-65 4-8 5 1-6 6 2 -6 6 3—86 4-66 1-67 1-63 7 6 6 .7 p R i^ / u ö t i)" f t V " i€ 6 ö t A L M N K 'n m r - n K v r r ' SE P T E M B E R !> » 1967______________ 17 D IS P O S A B L E PERSONAL INCOME IN CURRENT DO LLARS COMPOUNDED AMNUAL R ATES QF CHANCE T ER M IN A L QUARTER IN IT IA L ^82 4 -8 2 1-83 2-93 3-83 4-93 1-94 2-94 3-94 9 1 U .1 0 N * OF DOLLARS QUARTER 4-94 1-95 ANNUAL RATES 2-9 5 4-95 1-96 2 -96 3-86 4-96 1-97 2 * 3 1 9 .1 4-82 7 .1 1-83 6 .0 2-83 6 .9 6« 8 8 .7 3-83 7 .2 7 .3 8 .5 8 .2 4-83 8 .7 9 .1 1 0 .5 1 1 .4 2 * 3 4 5 .7 4 *8 2 * 3 9 5 .4 2 * 4 4 3 .2 1 4 .6 2 * 5 2 7 .9 2 * 6 1 1 .9 1-84 9 .5 1 0 .0 1 1 .3 1 2 .2 14. 3 1 4 .0 2-84 8 .8 9 .1 1 0 .0 1 0 .3 1 1 .0 9 .3 4 .8 3-84 8 .7 8 .9 9 .6 9 .8 1 0 .1 9 .7 6* 2 7 .5 6 .0 6 .6 2 * 6 4 2 .9 2 *6 9 1 .1 5 .7 2 * 7 2 9 .6 4-84 8 .3 8 .5 9 .0 9 .1 9 .2 7 .9 1-85 8 .0 8. 1 8 .5 8 .5 8 .5 7 .3 5 .8 6 .1 5 .4 5 .0 2-85 8 .5 8 .6 9 .0 9 .0 9 .2 8 .3 7 .2 7 .8 7 .9 9 .0 1 3 .1 3-85 7 .7 7 .8 8 .1 8 .0 8. 0 7 .0 5 .9 6 .1 5 .8 5 .8 6 .2 - 0 .2 6 .4 6 .5 7 .0 4 .1 7 .8 7 .8 1-86 7 .8 2-86 7 .8 2 * 7 6 2 .2 2 * 8 4 8 .4 2 * 9 4 7 .2 2 * 9 0 6 .6 9 .6 7 .2 6 .3 6 .5 8. 1 7 .4 6 .6 6 .8 6 .7 6 .9 7 .4 5 .5 8 .5 8 .4 8 .0 7 .4 6 .7 6 .9 6 .9 7 .1 7 .5 6 .1 8 .3 8 .1 7 .9 6 .2 6 .3 6 .6 5 .3 6 .7 6 .1 4 .9 8 .1 8 .0 8 .0 7 .9 8 .1 8 .1 7 .9 8 .1 8 .1 2 * 9 6 6 .0 3 * 0 2 2 .4 2 .1 3 * 0 3 8 .2 3-86 7 .5 7 .5 7 .7 7 .6 7 .5 6 .9 6 .4 6 .3 + 1 OD O' 4-85 3-95 7 .2 7 .2 7 .4 7 .3 7 .2 6 .6 5 .9 6 .1 5 .9 5 .9 6 .1 4 .9 6 .0 5 .3 4 .3 2 .6 3 .1 1-87 7 .3 7 .3 7 .4 7 .4 7 .3 6 .8 6 .2 6 .3 6 .2 6 .2 6 .4 5 .5 6 .4 6 .0 5 .4 4 .6 5 .9 9 .7 2-87 6 .9 6 .9 7 .0 6 .9 6 .8 6 .3 5 .7 5 .8 5 .7 5 .7 5 .7 4 .8 5 .6 5 .1 4 .4 3 .6 4 .1 4 .6 0 .6 3-82 4-82 ■ ra y 2-Ô3 3-05 4-83 1-84 2-Ö4 3-04 4-84 1-65 2-95 3-95 4-95 1-96 2-06 3-96 4-96 1-97 IN IT IA L 3 * 0 6 1 .6 3 * 1 2 5 .9 3 * 1 3 0 .6 QUARTER PREPA H ED BY T E D E R A I R E S E R V E B JW * OF “S T . L O U IS SE P T E M BER 18» 1997______________________________________ D IS P O S A B L E PERSONAL INCOME IN 1992 DOLLARS COMPOUNDED ANNUAL RATES OF CHANCE BILLIONS OF ANNUAL HATES QUARTER 3-82 4-82 4 -9 2 1-83 2-83 3-83 4-83 1-94 2-94 3-94 4-94 1-95 2-95 3-95 4-95 1—96 2-96 3-96 4-96 2 * 2 7 6 .1 2 .3 2 » 2 9 9 .4 2 .2 1-83 2 » 3 1 1 .1 3 .1 4 .0 3-83 3 .2 3 .5 4 .1 4 .3 4-83 4 .5 5 .1 6 .1 7 .2 1 0 .2 1-84 5 .3 6 .0 6 .9 7 .9 9 .8 9 .4 5 .2 5 .8 6 .3 7 .0 5 .4 1 .6 5 .5 5 .8 6 .2 4 .8 2 .7 3 .7 5 .1 5 .3 5 .5 4 .3 2 .7 3 .3 2 .8 2-83 2-84 3-84 4 .7 4-84 4 .4 1-85 4 .2 2-85 4 .7 2 * 3 3 5 .4 2 » 3 9 2 .7 2 * 4 4 6 .9 2 * 4 5 6 .6 2 * 4 T 9 .2 2 * 4 9 6 .3 2 » 5 0 6 .9 4 .4 4 .7 4 .8 4 .8 2 .4 2 .7 2 .2 1 .7 4 .8 5 .1 5 .2 5 .3 4 .6 3 .6 4 .1 4 .3 5 .0 9 .5 4 .0 4 .2 4 .3 4 .3 3 .4 2 .5 2 .6 2 .4 2 .2 2 .5 2 ,5 5 8 .4 2 * 5 3 9 .2 3-85 3 .9 4-85 3 .9 4 .1 4 .2 4 .3 4 .3 3 .5 2 .7 2 .9 2 .8 2 .9 3 .1 0 .6 4 .4 1-86 4 .2 4 .3 4 .5 4 .5 4 .6 3 .9 3 .3 3 .5 3 .5 3 .6 4 .1 2 .7 5 .9 7 .2 2-86 4 .4 4 .6 4 .7 4 .8 4 .8 4 .3 3 .9 4 .1 4 .1 4 .3 4 .9 4 .0 6 .5 7 .5 3-86 4 .1 4 .3 4 .3 4 .3 3 .8 3 .3 3 .5 3 .4 3 .5 3 .9 3 .0 4 .5 4 .6 3 .3 - 1 .0 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 0 .7 1 .6 2 .7 4-8 6 - 3 .1 2 * 5 6 5 .5 2 » 6 1 0 .5 2 » 6 6 0 .2 7 .9 2 » 6 5 3 .2 2 * 6 5 4 .7 2 * 6 7 4 .6 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 3 .3 3 .4 3 .5 3 .4 3 .4 2 .9 2 *4 2 .5 2 .4 2.3 2 .4 1 .7 2 .4 2 .1 1 .1 - 0 .6 - 0 .4 - 0 .9 - 4 .3 3—92 4-è 2 1-93 2-93 3-93 4-93 i-è4 2-Ä4 3-94 4-94 1-95 2-9 5 3-95 4-95 1-96 2-96 3-96 4-9 6 1-97 1-87 2-87 1-97 2 * 6 4 5 .5 IN IT IA L UUUMhK PREPARED'BT FEDERAIT R E fE R V T BAUR OF S T . LOUIS SEPTEMBER 19 » 1H T _______________________________ 18 'to k P M X t t H M m JtU k Taxes* COHPOUMOED ANNUAL KATES OF CHANCE T ERM IN A L QUARTER ___________________________________________________________ I N I T I A L V ** 1-83 2-83 3-83 4-93 1-84 2-84 3-84 4-84 i- 8 5 2-85 3-85 4 -8 5 DO LLARS 1—86 2-8 6 3-86 4-B6 ANNUAL RATES 1—87 1 0 4 .3 - 1 0 .7 2 6 .4 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 7 .0 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 .4 3-84 1 4 .8 1 9 .0 1 7 .8 9 .2 0 .3 - 1 .9 - 1 4 .0 4-84 1 2 .3 1 5 .5 1 4 .0 6 .5 - 1 .0 - 2 .9 - 1 1 .5 - 1 5 .2 —6 .1 1 3 9 .2 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 1 2 3 .6 2-85 5 .6 7 .4 5 .5 - 0 .7 - 6 .7 - 8 .8 - 1 4 .8 - 1 7 .5 I 6 .2 **> CD 1 1 1 0 .6 1-83 I N» IP • i" 4-82 QUARTER_____________________ ' 3-#2 1 2 6 .6 1 4 1 .0 1 4 3 .4 1 5 2 .5 1 5 1 .2 1 4 1 .4 - 1 5 .3 - 1 9 .6 3 .9 1 2 4 .8 6 .5 8 .2 6 .6 1.1 - 4 .1 - 5 .6 - 1 0 .2 - 1 1 .5 - 8 .3 - 9 .0 1 0 .1 1 6 .7 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 1-86 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 2-86 3 .6 4 .7 3 .1 - 1 .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 h •8 0 .9 - 2 .6 - 3 .5 —6 . 1 - 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 o • o <\l 1 2 9 .7 3-85 4-85 1 2 .2 1-87 4 .2 5 .1 3 .9 0 .5 - 2 .5 - 3 .2 - 5 .4 - 5 .6 - 3 .3 2 .2 1 .9 - 0 .4 - 3 .2 6 .7 7 .4 - 1 .8 - 1 4 .1 2-B7 4 .9 5 .8 4 .7 1 .5 - 1 .3 - 1 .8 - 3 .8 - 3 .8 - 1 .8 - 1 .4 3 .8 3 .8 2 .1 0 .0 8 .9 1 0 .0 4 .4 0 .7 1 8 .2 3-82 4-82 2-33 3-83 4-83 2-84 3-84 4-84 1-85 2-85 3-85 4-8 5 1-86 2-86 3—86 4-8 6 1-07 1 3 4 .4 1 5 .3 1 2 0 .9 - 1 3 .1 - 3 4 .5 1 2 2 .3 1 3 0 .2 2 8 .5 1 3 4 .0 1 2 9 .0 1 3 4 .5 ------------------------------------------------------------- IN ITIAL QUARTER * NATIONAL INCOME B A S IS ___________________________________________ PffFPA RFD _ &T FED ERA L RE S ER V E"B A N K OF S I . LOUTS S EPT EM B ER 18» 1987________________________________________ HISTORICAJL 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 SALES MANUFACTURI NG AND TRADE SEASONALLY ADJ USTED .72 72 .6 8 68 . 64 64 . 60 60 .56 56 . 52 52 . 48 48 44 40 . 36 36 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1 SOURCE: «BEGINNING IN 1982, INVENTORY DATA REFL E CT SHADED AREAS R E P R E S E N T LATE ST DATA P L OTT E D: P E R I ODS OF B U S I N E S S CHANGES 1984 1985 1986 1987 U. S . DE P ART ME NT OF COMMERCE IN E S T I M A T I O N PROCEDURES. RECESSIONS. J ULY PRELI MI NARY PREPARED BY FEDERAL 20 RESERVE BANK OF ST. LOUIS
@FedFRASER