Board of Governors of the Federal Reserve System

1.2 2.5 September .6 1.6 2.5 Consumer prices November 6.5 4.4 4.0 September...data on employment costs, is responsible for the downward revisions to

data indicate that economic activity has declined appreciably in recent...1 Recent wage data have been more favorable than we had anticipated, suggesting

data for the new year, although quite limited, indicate that economic ...data on consumer prices and espec ally compensation have been more favorable

Q1 Q2 H2 H1 H2 Real GNP -2.4 1.9 3.9 3.0 2.6 (previous) -1.5 2.8 3.1 2.7...1.5 2.5 1.9 2.2 2.2 Real disposable personal income 1.4 3.2 2.1 2.4 2.3

data in hand, as well as the thrust of the available anecdotal evidence...Q1 Q2 H2 H1 H2 Real GNP -2.8 -.2 4.0 3.3 2.7 (previous) -2.4 1.9 3.9 3.0

data on domestic production and spending have been stronger than we anticipated...Data on unemployment insurance and other information suggest a continuation

data have been less favorable, and the heightened stress in the insurance...data point to a number of revisions in the GNP figures, including a downward

data indicate that substantial drawdowns persisted through July. 1 However...data, even when we expect these data to be revised. For this reason, the

data on economic activity received in recent weeks have been only a little...data suggest little change in industrial production in October. I-3 Consumer

1/2 to 6-1/2 percent and 1 to 5 percent. The modestly faster growth of...data produced little change in growth trends and recent cyclical m