Accessible Version of Figures
Figure 5.1 U.S. real GDP Growth, 1980 - 2013
|
Quarter
|
US real GDP growth
|
|
Q1 1980
|
1.29
|
|
Q2 1980
|
-7.95
|
|
Q3 1980
|
-0.74
|
|
Q4 1980
|
7.61
|
|
Q1 1981
|
8.57
|
|
Q2 1981
|
-3.15
|
|
Q3 1981
|
4.95
|
|
Q4 1981
|
-4.89
|
|
Q1 1982
|
-6.40
|
|
Q2 1982
|
2.19
|
|
Q3 1982
|
-1.53
|
|
Q4 1982
|
0.32
|
|
Q1 1983
|
5.07
|
|
Q2 1983
|
9.30
|
|
Q3 1983
|
8.12
|
|
Q4 1983
|
8.53
|
|
Q1 1984
|
7.99
|
|
Q2 1984
|
7.09
|
|
Q3 1984
|
3.94
|
|
Q4 1984
|
3.30
|
|
Q1 1985
|
3.83
|
|
Q2 1985
|
3.43
|
|
Q3 1985
|
6.40
|
|
Q4 1985
|
3.07
|
|
Q1 1986
|
3.90
|
|
Q2 1986
|
1.62
|
|
Q3 1986
|
3.91
|
|
Q4 1986
|
1.95
|
|
Q1 1987
|
2.24
|
|
Q2 1987
|
4.32
|
|
Q3 1987
|
3.51
|
|
Q4 1987
|
7.02
|
|
Q1 1988
|
2.09
|
|
Q2 1988
|
5.24
|
|
Q3 1988
|
2.08
|
|
Q4 1988
|
5.45
|
|
Q1 1989
|
3.81
|
|
Q2 1989
|
3.03
|
|
Q3 1989
|
3.21
|
|
Q4 1989
|
0.88
|
|
Q1 1990
|
4.24
|
|
Q2 1990
|
1.60
|
|
Q3 1990
|
-0.01
|
|
Q4 1990
|
-3.46
|
|
Q1 1991
|
-1.92
|
|
Q2 1991
|
2.73
|
|
Q3 1991
|
1.70
|
|
Q4 1991
|
1.58
|
|
Q1 1992
|
4.46
|
|
Q2 1992
|
4.32
|
|
Q3 1992
|
4.19
|
|
Q4 1992
|
4.28
|
|
Q1 1993
|
0.74
|
|
Q2 1993
|
2.58
|
|
Q3 1993
|
2.12
|
|
Q4 1993
|
5.39
|
|
Q1 1994
|
3.95
|
|
Q2 1994
|
5.58
|
|
Q3 1994
|
2.60
|
|
Q4 1994
|
4.52
|
|
Q1 1995
|
0.98
|
|
Q2 1995
|
0.86
|
|
Q3 1995
|
3.40
|
|
Q4 1995
|
2.82
|
|
Q1 1996
|
2.77
|
|
Q2 1996
|
7.10
|
|
Q3 1996
|
3.53
|
|
Q4 1996
|
4.44
|
|
Q1 1997
|
3.11
|
|
Q2 1997
|
6.06
|
|
Q3 1997
|
5.12
|
|
Q4 1997
|
3.10
|
|
Q1 1998
|
3.83
|
|
Q2 1998
|
3.65
|
|
Q3 1998
|
5.38
|
|
Q4 1998
|
7.11
|
|
Q1 1999
|
3.61
|
|
Q2 1999
|
3.16
|
|
Q3 1999
|
5.18
|
|
Q4 1999
|
7.38
|
|
Q1 2000
|
1.05
|
|
Q2 2000
|
8.03
|
|
Q3 2000
|
0.34
|
|
Q4 2000
|
2.39
|
|
Q1 2001
|
-1.31
|
|
Q2 2001
|
2.65
|
|
Q3 2001
|
-1.10
|
|
Q4 2001
|
1.41
|
|
Q1 2002
|
3.46
|
|
Q2 2002
|
2.14
|
|
Q3 2002
|
2.04
|
|
Q4 2002
|
0.14
|
|
Q1 2003
|
1.68
|
|
Q2 2003
|
3.43
|
|
Q3 2003
|
6.75
|
|
Q4 2003
|
3.67
|
|
Q1 2004
|
2.66
|
|
Q2 2004
|
2.60
|
|
Q3 2004
|
3.01
|
|
Q4 2004
|
3.31
|
|
Q1 2005
|
4.19
|
|
Q2 2005
|
1.79
|
|
Q3 2005
|
3.21
|
|
Q4 2005
|
2.07
|
|
Q1 2006
|
5.15
|
|
Q2 2006
|
1.63
|
|
Q3 2006
|
0.05
|
|
Q4 2006
|
2.75
|
|
Q1 2007
|
0.54
|
|
Q2 2007
|
3.65
|
|
Q3 2007
|
2.96
|
|
Q4 2007
|
1.70
|
|
Q1 2008
|
-1.76
|
|
Q2 2008
|
1.32
|
|
Q3 2008
|
-3.66
|
|
Q4 2008
|
-8.89
|
|
Q1 2009
|
-5.25
|
|
Q2 2009
|
-0.31
|
|
Q3 2009
|
1.45
|
|
Q4 2009
|
4.02
|
|
Q1 2010
|
2.34
|
|
Q2 2010
|
2.24
|
|
Q3 2010
|
2.60
|
|
Q4 2010
|
2.39
|
|
Q1 2011
|
0.08
|
|
Q2 2011
|
2.48
|
|
Q3 2011
|
1.28
|
|
Q4 2011
|
4.09
|
|
Q1 2012
|
1.96
|
|
Q2 2012
|
1.25
|
|
Q3 2012
|
2.01
|
Figure 5.2 US real GDP growth and income, 1980-2012
|
Quarter
|
US real GDP growth
|
US real disposable income growth
|
|
Q1 1980
|
1.29
|
1.13
|
|
Q2 1980
|
-7.95
|
-5.48
|
|
Q3 1980
|
-0.74
|
4.20
|
|
Q4 1980
|
7.61
|
8.51
|
|
Q1 1981
|
8.57
|
-1.36
|
|
Q2 1981
|
-3.15
|
0.05
|
|
Q3 1981
|
4.95
|
9.18
|
|
Q4 1981
|
-4.89
|
0.81
|
|
Q1 1982
|
-6.40
|
0.50
|
|
Q2 1982
|
2.19
|
2.82
|
|
Q3 1982
|
-1.53
|
1.75
|
|
Q4 1982
|
0.32
|
1.40
|
|
Q1 1983
|
5.07
|
3.18
|
|
Q2 1983
|
9.30
|
2.94
|
|
Q3 1983
|
8.12
|
6.15
|
|
Q4 1983
|
8.53
|
8.53
|
|
Q1 1984
|
7.99
|
9.06
|
|
Q2 1984
|
7.09
|
7.08
|
|
Q3 1984
|
3.94
|
6.39
|
|
Q4 1984
|
3.30
|
3.86
|
|
Q1 1985
|
3.83
|
-0.97
|
|
Q2 1985
|
3.43
|
8.18
|
|
Q3 1985
|
6.40
|
-2.45
|
|
Q4 1985
|
3.07
|
4.20
|
|
Q1 1986
|
3.90
|
4.84
|
|
Q2 1986
|
1.62
|
4.63
|
|
Q3 1986
|
3.91
|
2.12
|
|
Q4 1986
|
1.95
|
0.26
|
|
Q1 1987
|
2.24
|
3.01
|
|
Q2 1987
|
4.32
|
-4.26
|
|
Q3 1987
|
3.51
|
7.35
|
|
Q4 1987
|
7.02
|
5.80
|
|
Q1 1988
|
2.09
|
5.12
|
|
Q2 1988
|
5.24
|
3.80
|
|
Q3 1988
|
2.08
|
3.12
|
|
Q4 1988
|
5.45
|
3.65
|
|
Q1 1989
|
3.81
|
4.63
|
|
Q2 1989
|
3.03
|
-1.63
|
|
Q3 1989
|
3.21
|
2.63
|
|
Q4 1989
|
0.88
|
3.11
|
|
Q1 1990
|
4.24
|
3.05
|
|
Q2 1990
|
1.60
|
2.67
|
|
Q3 1990
|
-0.01
|
0.29
|
|
Q4 1990
|
-3.46
|
-2.67
|
|
Q1 1991
|
-1.92
|
1.23
|
|
Q2 1991
|
2.73
|
3.06
|
|
Q3 1991
|
1.70
|
0.84
|
|
Q4 1991
|
1.58
|
2.62
|
|
Q1 1992
|
4.46
|
6.18
|
|
Q2 1992
|
4.32
|
3.09
|
|
Q3 1992
|
4.19
|
2.05
|
|
Q4 1992
|
4.28
|
5.82
|
|
Q1 1993
|
0.74
|
-5.74
|
|
Q2 1993
|
2.58
|
6.37
|
|
Q3 1993
|
2.12
|
0.86
|
|
Q4 1993
|
5.39
|
6.03
|
|
Q1 1994
|
3.95
|
-1.59
|
|
Q2 1994
|
5.58
|
7.00
|
|
Q3 1994
|
2.60
|
2.97
|
|
Q4 1994
|
4.52
|
5.42
|
|
Q1 1995
|
0.98
|
2.62
|
|
Q2 1995
|
0.86
|
0.04
|
|
Q3 1995
|
3.40
|
3.03
|
|
Q4 1995
|
2.82
|
2.39
|
|
Q1 1996
|
2.77
|
4.33
|
|
Q2 1996
|
7.10
|
4.37
|
|
Q3 1996
|
3.53
|
3.45
|
|
Q4 1996
|
4.44
|
2.21
|
|
Q1 1997
|
3.11
|
3.63
|
|
Q2 1997
|
6.06
|
3.04
|
|
Q3 1997
|
5.12
|
4.67
|
|
Q4 1997
|
3.10
|
5.67
|
|
Q1 1998
|
3.83
|
9.41
|
|
Q2 1998
|
3.65
|
5.83
|
|
Q3 1998
|
5.38
|
4.27
|
|
Q4 1998
|
7.11
|
2.96
|
|
Q1 1999
|
3.61
|
2.73
|
|
Q2 1999
|
3.16
|
0.91
|
|
Q3 1999
|
5.18
|
2.61
|
|
Q4 1999
|
7.38
|
6.43
|
|
Q1 2000
|
1.05
|
8.67
|
|
Q2 2000
|
8.03
|
4.17
|
|
Q3 2000
|
0.34
|
4.32
|
|
Q4 2000
|
2.39
|
0.61
|
|
Q1 2001
|
-1.31
|
3.05
|
|
Q2 2001
|
2.65
|
-1.08
|
|
Q3 2001
|
-1.10
|
10.58
|
|
Q4 2001
|
1.41
|
-4.59
|
|
Q1 2002
|
3.46
|
11.23
|
|
Q2 2002
|
2.14
|
2.21
|
|
Q3 2002
|
2.04
|
-1.37
|
|
Q4 2002
|
0.14
|
0.95
|
|
Q1 2003
|
1.68
|
1.48
|
|
Q2 2003
|
3.43
|
6.19
|
|
Q3 2003
|
6.75
|
5.71
|
|
Q4 2003
|
3.67
|
2.32
|
|
Q1 2004
|
2.66
|
1.79
|
|
Q2 2004
|
2.60
|
4.01
|
|
Q3 2004
|
3.01
|
2.70
|
|
Q4 2004
|
3.31
|
5.71
|
|
Q1 2005
|
4.19
|
-4.79
|
|
Q2 2005
|
1.79
|
2.85
|
|
Q3 2005
|
3.21
|
2.41
|
|
Q4 2005
|
2.07
|
2.21
|
|
Q1 2006
|
5.15
|
7.71
|
|
Q2 2006
|
1.63
|
3.60
|
|
Q3 2006
|
0.05
|
1.94
|
|
Q4 2006
|
2.75
|
5.35
|
|
Q1 2007
|
0.54
|
1.82
|
|
Q2 2007
|
3.65
|
0.60
|
|
Q3 2007
|
2.96
|
1.59
|
|
Q4 2007
|
1.70
|
2.23
|
|
Q1 2008
|
-1.76
|
5.90
|
|
Q2 2008
|
1.32
|
8.22
|
|
Q3 2008
|
-3.66
|
-8.82
|
|
Q4 2008
|
-8.89
|
-0.23
|
|
Q1 2009
|
-5.25
|
-4.72
|
|
Q2 2009
|
-0.31
|
-0.47
|
|
Q3 2009
|
1.45
|
-6.13
|
|
Q4 2009
|
4.02
|
-0.57
|
|
Q1 2010
|
2.34
|
5.67
|
|
Q2 2010
|
2.24
|
6.32
|
|
Q3 2010
|
2.60
|
1.16
|
|
Q4 2010
|
2.39
|
0.96
|
|
Q1 2011
|
0.08
|
4.36
|
|
Q2 2011
|
2.48
|
-1.48
|
|
Q3 2011
|
1.28
|
-1.26
|
|
Q4 2011
|
4.09
|
-0.16
|
|
Q1 2012
|
1.96
|
3.70
|
|
Q2 2012
|
1.25
|
3.09
|
|
Q3 2012
|
2.01
|
0.78
|
Figure 5.3 US Real GDP growth and Dow Jones Index
|
Quarter
|
US real GDP growth
|
US Dow Jones Total Stock Market Index
|
|
Q1 1980
|
1.29
|
1026.03
|
|
Q2 1980
|
-7.95
|
1165.14
|
|
Q3 1980
|
-0.74
|
1300.90
|
|
Q4 1980
|
7.61
|
1404.59
|
|
Q1 1981
|
8.57
|
1415.04
|
|
Q2 1981
|
-3.15
|
1391.40
|
|
Q3 1981
|
4.95
|
1208.44
|
|
Q4 1981
|
-4.89
|
1286.24
|
|
Q1 1982
|
-6.40
|
1153.70
|
|
Q2 1982
|
2.19
|
1125.13
|
|
Q3 1982
|
-1.53
|
1235.79
|
|
Q4 1982
|
0.32
|
1451.59
|
|
Q1 1983
|
5.07
|
1600.06
|
|
Q2 1983
|
9.30
|
1791.70
|
|
Q3 1983
|
8.12
|
1757.86
|
|
Q4 1983
|
8.53
|
1723.62
|
|
Q1 1984
|
7.99
|
1633.98
|
|
Q2 1984
|
7.09
|
1571.33
|
|
Q3 1984
|
3.94
|
1698.06
|
|
Q4 1984
|
3.30
|
1702.01
|
|
Q1 1985
|
3.83
|
1859.77
|
|
Q2 1985
|
3.43
|
1977.84
|
|
Q3 1985
|
6.40
|
1871.22
|
|
Q4 1985
|
3.07
|
2164.69
|
|
Q1 1986
|
3.90
|
2455.24
|
|
Q2 1986
|
1.62
|
2577.65
|
|
Q3 1986
|
3.91
|
2360.48
|
|
Q4 1986
|
1.95
|
2434.95
|
|
Q1 1987
|
2.24
|
2929.67
|
|
Q2 1987
|
4.32
|
3004.91
|
|
Q3 1987
|
3.51
|
3170.98
|
|
Q4 1987
|
7.02
|
2417.12
|
|
Q1 1988
|
2.09
|
2583.95
|
|
Q2 1988
|
5.24
|
2729.65
|
|
Q3 1988
|
2.08
|
2706.67
|
|
Q4 1988
|
5.45
|
2738.42
|
|
Q1 1989
|
3.81
|
2915.07
|
|
Q2 1989
|
3.03
|
3137.01
|
|
Q3 1989
|
3.21
|
3426.66
|
|
Q4 1989
|
0.88
|
3419.88
|
|
Q1 1990
|
4.24
|
3273.46
|
|
Q2 1990
|
1.60
|
3424.37
|
|
Q3 1990
|
-0.01
|
2879.33
|
|
Q4 1990
|
-3.46
|
3101.35
|
|
Q1 1991
|
-1.92
|
3583.67
|
|
Q2 1991
|
2.73
|
3545.47
|
|
Q3 1991
|
1.70
|
3743.98
|
|
Q4 1991
|
1.58
|
4041.10
|
|
Q1 1992
|
4.46
|
3961.55
|
|
Q2 1992
|
4.32
|
3930.33
|
|
Q3 1992
|
4.19
|
4024.36
|
|
Q4 1992
|
4.28
|
4289.73
|
|
Q1 1993
|
0.74
|
4444.30
|
|
Q2 1993
|
2.58
|
4449.57
|
|
Q3 1993
|
2.12
|
4601.84
|
|
Q4 1993
|
5.39
|
4657.83
|
|
Q1 1994
|
3.95
|
4457.69
|
|
Q2 1994
|
5.58
|
4395.22
|
|
Q3 1994
|
2.60
|
4605.82
|
|
Q4 1994
|
4.52
|
4540.62
|
|
Q1 1995
|
0.98
|
4920.42
|
|
Q2 1995
|
0.86
|
5348.77
|
|
Q3 1995
|
3.40
|
5806.63
|
|
Q4 1995
|
2.82
|
6057.21
|
|
Q1 1996
|
2.77
|
6365.89
|
|
Q2 1996
|
7.10
|
6612.77
|
|
Q3 1996
|
3.53
|
6765.65
|
|
Q4 1996
|
4.44
|
7198.29
|
|
Q1 1997
|
3.11
|
7213.53
|
|
Q2 1997
|
6.06
|
8396.87
|
|
Q3 1997
|
5.12
|
9180.21
|
|
Q4 1997
|
3.10
|
9298.19
|
|
Q1 1998
|
3.83
|
10494.72
|
|
Q2 1998
|
3.65
|
10663.61
|
|
Q3 1998
|
5.38
|
9346.81
|
|
Q4 1998
|
7.11
|
11317.59
|
|
Q1 1999
|
3.61
|
11707.67
|
|
Q2 1999
|
3.16
|
12583.60
|
|
Q3 1999
|
5.18
|
11713.80
|
|
Q4 1999
|
7.38
|
13812.67
|
|
Q1 2000
|
1.05
|
14296.18
|
|
Q2 2000
|
8.03
|
13618.50
|
|
Q3 2000
|
0.34
|
13613.33
|
|
Q4 2000
|
2.39
|
12175.88
|
|
Q1 2001
|
-1.31
|
10645.85
|
|
Q2 2001
|
2.65
|
11407.15
|
|
Q3 2001
|
-1.10
|
9562.95
|
|
Q4 2001
|
1.41
|
10707.68
|
|
Q1 2002
|
3.46
|
10775.74
|
|
Q2 2002
|
2.14
|
9384.03
|
|
Q3 2002
|
2.04
|
7773.63
|
|
Q4 2002
|
0.14
|
8343.19
|
|
Q1 2003
|
1.68
|
8051.86
|
|
Q2 2003
|
3.43
|
9342.42
|
|
Q3 2003
|
6.75
|
9649.68
|
|
Q4 2003
|
3.67
|
10799.63
|
|
Q1 2004
|
2.66
|
11039.42
|
|
Q2 2004
|
2.60
|
11138.91
|
|
Q3 2004
|
3.01
|
10895.48
|
|
Q4 2004
|
3.31
|
11971.14
|
|
Q1 2005
|
4.19
|
11638.27
|
|
Q2 2005
|
1.79
|
11876.74
|
|
Q3 2005
|
3.21
|
12289.26
|
|
Q4 2005
|
2.07
|
12517.69
|
|
Q1 2006
|
5.15
|
13155.44
|
|
Q2 2006
|
1.63
|
12849.29
|
|
Q3 2006
|
0.05
|
13345.97
|
|
Q4 2006
|
2.75
|
14257.55
|
|
Q1 2007
|
0.54
|
14409.27
|
|
Q2 2007
|
3.65
|
15210.65
|
|
Q3 2007
|
2.96
|
15362.02
|
|
Q4 2007
|
1.70
|
14819.58
|
|
Q1 2008
|
-1.76
|
13332.01
|
|
Q2 2008
|
1.32
|
13073.54
|
|
Q3 2008
|
-3.66
|
11875.41
|
|
Q4 2008
|
-8.89
|
9087.17
|
|
Q1 2009
|
-5.25
|
8113.14
|
|
Q2 2009
|
-0.31
|
9424.92
|
|
Q3 2009
|
1.45
|
10911.69
|
|
Q4 2009
|
4.02
|
11497.41
|
|
Q1 2010
|
2.34
|
12160.97
|
|
Q2 2010
|
2.24
|
10750.01
|
|
Q3 2010
|
2.60
|
11947.14
|
|
Q4 2010
|
2.39
|
13290.03
|
|
Q1 2011
|
0.08
|
14036.43
|
|
Q2 2011
|
2.48
|
13968.11
|
|
Q3 2011
|
1.28
|
11771.86
|
|
Q4 2011
|
4.09
|
13109.55
|
|
Q1 2012
|
1.96
|
14753.08
|
|
Q2 2012
|
1.25
|
14208.64
|
|
Q3 2012
|
2.01
|
14997.78
|
Figure 5.4 US Real GDP growth and House Price Index
|
Quarter
|
US real GDP growth
|
US House Price Index
|
|
Q1 1980
|
1.29
|
39.57
|
|
Q2 1980
|
-7.95
|
40.32
|
|
Q3 1980
|
-0.74
|
41.51
|
|
Q4 1980
|
7.61
|
42.63
|
|
Q1 1981
|
8.57
|
43.50
|
|
Q2 1981
|
-3.15
|
44.36
|
|
Q3 1981
|
4.95
|
44.57
|
|
Q4 1981
|
-4.89
|
45.22
|
|
Q1 1982
|
-6.40
|
45.48
|
|
Q2 1982
|
2.19
|
45.64
|
|
Q3 1982
|
-1.53
|
45.58
|
|
Q4 1982
|
0.32
|
45.81
|
|
Q1 1983
|
5.07
|
46.01
|
|
Q2 1983
|
9.30
|
46.54
|
|
Q3 1983
|
8.12
|
47.27
|
|
Q4 1983
|
8.53
|
47.92
|
|
Q1 1984
|
7.99
|
48.55
|
|
Q2 1984
|
7.09
|
49.18
|
|
Q3 1984
|
3.94
|
49.84
|
|
Q4 1984
|
3.30
|
50.36
|
|
Q1 1985
|
3.83
|
50.91
|
|
Q2 1985
|
3.43
|
51.75
|
|
Q3 1985
|
6.40
|
52.38
|
|
Q4 1985
|
3.07
|
53.38
|
|
Q1 1986
|
3.90
|
54.56
|
|
Q2 1986
|
1.62
|
55.53
|
|
Q3 1986
|
3.91
|
56.86
|
|
Q4 1986
|
1.95
|
58.02
|
|
Q1 1987
|
2.24
|
59.85
|
|
Q2 1987
|
4.32
|
61.51
|
|
Q3 1987
|
3.51
|
63.05
|
|
Q4 1987
|
7.02
|
64.18
|
|
Q1 1988
|
2.09
|
65.42
|
|
Q2 1988
|
5.24
|
66.53
|
|
Q3 1988
|
2.08
|
68.56
|
|
Q4 1988
|
5.45
|
70.23
|
|
Q1 1989
|
3.81
|
71.89
|
|
Q2 1989
|
3.03
|
73.18
|
|
Q3 1989
|
3.21
|
73.64
|
|
Q4 1989
|
0.88
|
74.78
|
|
Q1 1990
|
4.24
|
75.59
|
|
Q2 1990
|
1.60
|
75.91
|
|
Q3 1990
|
-0.01
|
75.64
|
|
Q4 1990
|
-3.46
|
75.19
|
|
Q1 1991
|
-1.92
|
74.48
|
|
Q2 1991
|
2.73
|
74.68
|
|
Q3 1991
|
1.70
|
74.90
|
|
Q4 1991
|
1.58
|
74.61
|
|
Q1 1992
|
4.46
|
74.63
|
|
Q2 1992
|
4.32
|
74.73
|
|
Q3 1992
|
4.19
|
74.55
|
|
Q4 1992
|
4.28
|
74.80
|
|
Q1 1993
|
0.74
|
74.96
|
|
Q2 1993
|
2.58
|
75.36
|
|
Q3 1993
|
2.12
|
75.93
|
|
Q4 1993
|
5.39
|
76.77
|
|
Q1 1994
|
3.95
|
77.11
|
|
Q2 1994
|
5.58
|
77.16
|
|
Q3 1994
|
2.60
|
77.53
|
|
Q4 1994
|
4.52
|
77.87
|
|
Q1 1995
|
0.98
|
77.99
|
|
Q2 1995
|
0.86
|
78.44
|
|
Q3 1995
|
3.40
|
79.17
|
|
Q4 1995
|
2.82
|
79.71
|
|
Q1 1996
|
2.77
|
80.32
|
|
Q2 1996
|
7.10
|
80.95
|
|
Q3 1996
|
3.53
|
81.34
|
|
Q4 1996
|
4.44
|
81.78
|
|
Q1 1997
|
3.11
|
82.35
|
|
Q2 1997
|
6.06
|
83.07
|
|
Q3 1997
|
5.12
|
84.16
|
|
Q4 1997
|
3.10
|
85.51
|
|
Q1 1998
|
3.83
|
87.36
|
|
Q2 1998
|
3.65
|
88.77
|
|
Q3 1998
|
5.38
|
90.22
|
|
Q4 1998
|
7.11
|
92.10
|
|
Q1 1999
|
3.61
|
93.52
|
|
Q2 1999
|
3.16
|
95.17
|
|
Q3 1999
|
5.18
|
97.07
|
|
Q4 1999
|
7.38
|
99.13
|
|
Q1 2000
|
1.05
|
101.62
|
|
Q2 2000
|
8.03
|
104.48
|
|
Q3 2000
|
0.34
|
106.94
|
|
Q4 2000
|
2.39
|
109.48
|
|
Q1 2001
|
-1.31
|
112.34
|
|
Q2 2001
|
2.65
|
114.51
|
|
Q3 2001
|
-1.10
|
116.69
|
|
Q4 2001
|
1.41
|
119.10
|
|
Q1 2002
|
3.46
|
121.40
|
|
Q2 2002
|
2.14
|
124.33
|
|
Q3 2002
|
2.04
|
127.84
|
|
Q4 2002
|
0.14
|
130.42
|
|
Q1 2003
|
1.68
|
133.37
|
|
Q2 2003
|
3.43
|
136.16
|
|
Q3 2003
|
6.75
|
139.85
|
|
Q4 2003
|
3.67
|
144.35
|
|
Q1 2004
|
2.66
|
150.17
|
|
Q2 2004
|
2.60
|
156.44
|
|
Q3 2004
|
3.01
|
162.23
|
|
Q4 2004
|
3.31
|
167.78
|
|
Q1 2005
|
4.19
|
176.10
|
|
Q2 2005
|
1.79
|
183.78
|
|
Q3 2005
|
3.21
|
189.91
|
|
Q4 2005
|
2.07
|
194.91
|
|
Q1 2006
|
5.15
|
199.65
|
|
Q2 2006
|
1.63
|
199.73
|
|
Q3 2006
|
0.05
|
197.46
|
|
Q4 2006
|
2.75
|
197.98
|
|
Q1 2007
|
0.54
|
196.44
|
|
Q2 2007
|
3.65
|
192.11
|
|
Q3 2007
|
2.96
|
186.44
|
|
Q4 2007
|
1.70
|
180.72
|
|
Q1 2008
|
-1.76
|
174.53
|
|
Q2 2008
|
1.32
|
166.70
|
|
Q3 2008
|
-3.66
|
159.81
|
|
Q4 2008
|
-8.89
|
152.01
|
|
Q1 2009
|
-5.25
|
144.13
|
|
Q2 2009
|
-0.31
|
142.32
|
|
Q3 2009
|
1.45
|
143.96
|
|
Q4 2009
|
4.02
|
144.82
|
|
Q1 2010
|
2.34
|
145.50
|
|
Q2 2010
|
2.24
|
145.72
|
|
Q3 2010
|
2.60
|
142.53
|
|
Q4 2010
|
2.39
|
140.16
|
|
Q1 2011
|
0.08
|
138.82
|
|
Q2 2011
|
2.48
|
137.66
|
|
Q3 2011
|
1.28
|
137.24
|
|
Q4 2011
|
4.09
|
135.87
|
|
Q1 2012
|
1.96
|
137.90
|
|
Q2 2012
|
1.25
|
141.29
|
|
Q3 2012
|
2.01
|
143.37
|
Figure 5.5 US Real GDP growth and unemployment rate
|
Quarter
|
US real GDP growth
|
US Unemployment rate
|
|
Q1 1980
|
1.29
|
6.30
|
|
Q2 1980
|
-7.95
|
7.33
|
|
Q3 1980
|
-0.74
|
7.67
|
|
Q4 1980
|
7.61
|
7.40
|
|
Q1 1981
|
8.57
|
7.43
|
|
Q2 1981
|
-3.15
|
7.40
|
|
Q3 1981
|
4.95
|
7.40
|
|
Q4 1981
|
-4.89
|
8.23
|
|
Q1 1982
|
-6.40
|
8.83
|
|
Q2 1982
|
2.19
|
9.43
|
|
Q3 1982
|
-1.53
|
9.90
|
|
Q4 1982
|
0.32
|
10.67
|
|
Q1 1983
|
5.07
|
10.37
|
|
Q2 1983
|
9.30
|
10.13
|
|
Q3 1983
|
8.12
|
9.37
|
|
Q4 1983
|
8.53
|
8.53
|
|
Q1 1984
|
7.99
|
7.87
|
|
Q2 1984
|
7.09
|
7.43
|
|
Q3 1984
|
3.94
|
7.43
|
|
Q4 1984
|
3.30
|
7.30
|
|
Q1 1985
|
3.83
|
7.23
|
|
Q2 1985
|
3.43
|
7.30
|
|
Q3 1985
|
6.40
|
7.20
|
|
Q4 1985
|
3.07
|
7.03
|
|
Q1 1986
|
3.90
|
7.03
|
|
Q2 1986
|
1.62
|
7.17
|
|
Q3 1986
|
3.91
|
6.97
|
|
Q4 1986
|
1.95
|
6.83
|
|
Q1 1987
|
2.24
|
6.60
|
|
Q2 1987
|
4.32
|
6.27
|
|
Q3 1987
|
3.51
|
6.00
|
|
Q4 1987
|
7.02
|
5.83
|
|
Q1 1988
|
2.09
|
5.70
|
|
Q2 1988
|
5.24
|
5.47
|
|
Q3 1988
|
2.08
|
5.47
|
|
Q4 1988
|
5.45
|
5.33
|
|
Q1 1989
|
3.81
|
5.20
|
|
Q2 1989
|
3.03
|
5.23
|
|
Q3 1989
|
3.21
|
5.23
|
|
Q4 1989
|
0.88
|
5.37
|
|
Q1 1990
|
4.24
|
5.30
|
|
Q2 1990
|
1.60
|
5.33
|
|
Q3 1990
|
-0.01
|
5.70
|
|
Q4 1990
|
-3.46
|
6.13
|
|
Q1 1991
|
-1.92
|
6.60
|
|
Q2 1991
|
2.73
|
6.83
|
|
Q3 1991
|
1.70
|
6.87
|
|
Q4 1991
|
1.58
|
7.10
|
|
Q1 1992
|
4.46
|
7.37
|
|
Q2 1992
|
4.32
|
7.60
|
|
Q3 1992
|
4.19
|
7.63
|
|
Q4 1992
|
4.28
|
7.37
|
|
Q1 1993
|
0.74
|
7.13
|
|
Q2 1993
|
2.58
|
7.07
|
|
Q3 1993
|
2.12
|
6.80
|
|
Q4 1993
|
5.39
|
6.63
|
|
Q1 1994
|
3.95
|
6.57
|
|
Q2 1994
|
5.58
|
6.20
|
|
Q3 1994
|
2.60
|
6.00
|
|
Q4 1994
|
4.52
|
5.63
|
|
Q1 1995
|
0.98
|
5.47
|
|
Q2 1995
|
0.86
|
5.67
|
|
Q3 1995
|
3.40
|
5.67
|
|
Q4 1995
|
2.82
|
5.57
|
|
Q1 1996
|
2.77
|
5.53
|
|
Q2 1996
|
7.10
|
5.50
|
|
Q3 1996
|
3.53
|
5.27
|
|
Q4 1996
|
4.44
|
5.33
|
|
Q1 1997
|
3.11
|
5.23
|
|
Q2 1997
|
6.06
|
5.00
|
|
Q3 1997
|
5.12
|
4.87
|
|
Q4 1997
|
3.10
|
4.67
|
|
Q1 1998
|
3.83
|
4.63
|
|
Q2 1998
|
3.65
|
4.40
|
|
Q3 1998
|
5.38
|
4.53
|
|
Q4 1998
|
7.11
|
4.43
|
|
Q1 1999
|
3.61
|
4.30
|
|
Q2 1999
|
3.16
|
4.27
|
|
Q3 1999
|
5.18
|
4.23
|
|
Q4 1999
|
7.38
|
4.07
|
|
Q1 2000
|
1.05
|
4.03
|
|
Q2 2000
|
8.03
|
3.93
|
|
Q3 2000
|
0.34
|
4.00
|
|
Q4 2000
|
2.39
|
3.90
|
|
Q1 2001
|
-1.31
|
4.23
|
|
Q2 2001
|
2.65
|
4.40
|
|
Q3 2001
|
-1.10
|
4.83
|
|
Q4 2001
|
1.41
|
5.50
|
|
Q1 2002
|
3.46
|
5.70
|
|
Q2 2002
|
2.14
|
5.83
|
|
Q3 2002
|
2.04
|
5.73
|
|
Q4 2002
|
0.14
|
5.87
|
|
Q1 2003
|
1.68
|
5.87
|
|
Q2 2003
|
3.43
|
6.13
|
|
Q3 2003
|
6.75
|
6.13
|
|
Q4 2003
|
3.67
|
5.83
|
|
Q1 2004
|
2.66
|
5.70
|
|
Q2 2004
|
2.60
|
5.60
|
|
Q3 2004
|
3.01
|
5.43
|
|
Q4 2004
|
3.31
|
5.43
|
|
Q1 2005
|
4.19
|
5.30
|
|
Q2 2005
|
1.79
|
5.10
|
|
Q3 2005
|
3.21
|
4.97
|
|
Q4 2005
|
2.07
|
4.97
|
|
Q1 2006
|
5.15
|
4.73
|
|
Q2 2006
|
1.63
|
4.63
|
|
Q3 2006
|
0.05
|
4.63
|
|
Q4 2006
|
2.75
|
4.43
|
|
Q1 2007
|
0.54
|
4.50
|
|
Q2 2007
|
3.65
|
4.50
|
|
Q3 2007
|
2.96
|
4.67
|
|
Q4 2007
|
1.70
|
4.80
|
|
Q1 2008
|
-1.76
|
5.00
|
|
Q2 2008
|
1.32
|
5.33
|
|
Q3 2008
|
-3.66
|
6.00
|
|
Q4 2008
|
-8.89
|
6.87
|
|
Q1 2009
|
-5.25
|
8.27
|
|
Q2 2009
|
-0.31
|
9.27
|
|
Q3 2009
|
1.45
|
9.63
|
|
Q4 2009
|
4.02
|
9.93
|
|
Q1 2010
|
2.34
|
9.77
|
|
Q2 2010
|
2.24
|
9.63
|
|
Q3 2010
|
2.60
|
9.53
|
|
Q4 2010
|
2.39
|
9.57
|
|
Q1 2011
|
0.08
|
9.00
|
|
Q2 2011
|
2.48
|
9.03
|
|
Q3 2011
|
1.28
|
9.07
|
|
Q4 2011
|
4.09
|
8.70
|
|
Q1 2012
|
1.96
|
8.27
|
|
Q2 2012
|
1.25
|
8.17
|
|
Q3 2012
|
2.01
|
8.07
|
Figure 5.6 US Real GDP growth and BBB bond rate
| Quarter |
US real GDP growth |
US BBB corporate yield |
| Q1 1980 |
1.29 |
14.78 |
| Q2 1980 |
-7.95 |
12.55 |
| Q3 1980 |
-0.74 |
13.27 |
| Q4 1980 |
7.61 |
14.32 |
| Q1 1981 |
8.57 |
14.76 |
| Q2 1981 |
-3.15 |
16.12 |
| Q3 1981 |
4.95 |
17.62 |
| Q4 1981 |
-4.89 |
16.79 |
| Q1 1982 |
-6.40 |
16.72 |
| Q2 1982 |
2.19 |
16.58 |
| Q3 1982 |
-1.53 |
15.57 |
| Q4 1982 |
0.32 |
13.61 |
| Q1 1983 |
5.07 |
12.85 |
| Q2 1983 |
9.30 |
12.31 |
| Q3 1983 |
8.12 |
13.20 |
| Q4 1983 |
8.53 |
13.24 |
| Q1 1984 |
7.99 |
13.32 |
| Q2 1984 |
7.09 |
14.94 |
| Q3 1984 |
3.94 |
14.31 |
| Q4 1984 |
3.30 |
13.14 |
| Q1 1985 |
3.83 |
12.98 |
| Q2 1985 |
3.43 |
12.27 |
| Q3 1985 |
6.40 |
11.84 |
| Q4 1985 |
3.07 |
11.25 |
| Q1 1986 |
3.90 |
10.37 |
| Q2 1986 |
1.62 |
10.05 |
| Q3 1986 |
3.91 |
9.84 |
| Q4 1986 |
1.95 |
9.55 |
| Q1 1987 |
2.24 |
9.06 |
| Q2 1987 |
4.32 |
9.93 |
| Q3 1987 |
3.51 |
10.47 |
| Q4 1987 |
7.02 |
10.52 |
| Q1 1988 |
2.09 |
9.79 |
| Q2 1988 |
5.24 |
10.29 |
| Q3 1988 |
2.08 |
10.27 |
| Q4 1988 |
5.45 |
10.14 |
| Q1 1989 |
3.81 |
10.42 |
| Q2 1989 |
3.03 |
10.00 |
| Q3 1989 |
3.21 |
9.61 |
| Q4 1989 |
0.88 |
9.53 |
| Q1 1990 |
4.24 |
10.11 |
| Q2 1990 |
1.60 |
10.19 |
| Q3 1990 |
-0.01 |
10.16 |
| Q4 1990 |
-3.46 |
10.27 |
| Q1 1991 |
-1.92 |
9.91 |
| Q2 1991 |
2.73 |
9.67 |
| Q3 1991 |
1.70 |
9.32 |
| Q4 1991 |
1.58 |
8.80 |
| Q1 1992 |
4.46 |
8.75 |
| Q2 1992 |
4.32 |
8.57 |
| Q3 1992 |
4.19 |
7.88 |
| Q4 1992 |
4.28 |
8.22 |
| Q1 1993 |
0.74 |
7.57 |
| Q2 1993 |
2.58 |
7.25 |
| Q3 1993 |
2.12 |
6.80 |
| Q4 1993 |
5.39 |
6.83 |
| Q1 1994 |
3.95 |
7.16 |
| Q2 1994 |
5.58 |
8.19 |
| Q3 1994 |
2.60 |
8.20 |
| Q4 1994 |
4.52 |
8.87 |
| Q1 1995 |
0.98 |
8.40 |
| Q2 1995 |
0.86 |
7.56 |
| Q3 1995 |
3.40 |
7.30 |
| Q4 1995 |
2.82 |
6.84 |
| Q1 1996 |
2.77 |
6.99 |
| Q2 1996 |
7.10 |
7.61 |
| Q3 1996 |
3.53 |
7.65 |
| Q4 1996 |
4.44 |
7.07 |
| Q1 1997 |
3.11 |
7.41 |
| Q2 1997 |
6.06 |
7.54 |
| Q3 1997 |
5.12 |
7.08 |
| Q4 1997 |
3.10 |
6.84 |
| Q1 1998 |
3.83 |
6.66 |
| Q2 1998 |
3.65 |
6.68 |
| Q3 1998 |
5.38 |
6.62 |
| Q4 1998 |
7.11 |
6.64 |
| Q1 1999 |
3.61 |
6.81 |
| Q2 1999 |
3.16 |
7.20 |
| Q3 1999 |
5.18 |
7.71 |
| Q4 1999 |
7.38 |
7.94 |
| Q1 2000 |
1.05 |
8.20 |
| Q2 2000 |
8.03 |
8.47 |
| Q3 2000 |
0.34 |
8.15 |
| Q4 2000 |
2.39 |
7.91 |
| Q1 2001 |
-1.31 |
7.44 |
| Q2 2001 |
2.65 |
7.49 |
| Q3 2001 |
-1.10 |
7.26 |
| Q4 2001 |
1.41 |
7.19 |
| Q1 2002 |
3.46 |
7.58 |
| Q2 2002 |
2.14 |
7.61 |
| Q3 2002 |
2.04 |
7.28 |
| Q4 2002 |
0.14 |
7.04 |
| Q1 2003 |
1.68 |
6.47 |
| Q2 2003 |
3.43 |
5.65 |
| Q3 2003 |
6.75 |
6.02 |
| Q4 2003 |
3.67 |
5.84 |
| Q1 2004 |
2.66 |
5.45 |
| Q2 2004 |
2.60 |
6.08 |
| Q3 2004 |
3.01 |
5.77 |
| Q4 2004 |
3.31 |
5.44 |
| Q1 2005 |
4.19 |
5.43 |
| Q2 2005 |
1.79 |
5.46 |
| Q3 2005 |
3.21 |
5.48 |
| Q4 2005 |
2.07 |
5.88 |
| Q1 2006 |
5.15 |
5.97 |
| Q2 2006 |
1.63 |
6.48 |
| Q3 2006 |
0.05 |
6.43 |
| Q4 2006 |
2.75 |
6.12 |
| Q1 2007 |
0.54 |
6.11 |
| Q2 2007 |
3.65 |
6.30 |
| Q3 2007 |
2.96 |
6.54 |
| Q4 2007 |
1.70 |
6.37 |
| Q1 2008 |
-1.76 |
6.54 |
| Q2 2008 |
1.32 |
6.84 |
| Q3 2008 |
-3.66 |
7.19 |
| Q4 2008 |
-8.89 |
9.39 |
| Q1 2009 |
-5.25 |
8.96 |
| Q2 2009 |
-0.31 |
8.15 |
| Q3 2009 |
1.45 |
6.76 |
| Q4 2009 |
4.02 |
6.13 |
| Q1 2010 |
2.34 |
5.78 |
| Q2 2010 |
2.24 |
5.55 |
| Q3 2010 |
2.60 |
5.07 |
| Q4 2010 |
2.39 |
5.04 |
| Q1 2011 |
0.08 |
5.40 |
| Q2 2011 |
2.48 |
5.15 |
| Q3 2011 |
1.28 |
4.87 |
| Q4 2011 |
4.09 |
4.98 |
| Q1 2012 |
1.96 |
4.70 |
| Q2 2012 |
1.25 |
4.52 |
| Q3 2012 |
2.01 |
4.18 |
Figure 5.7 US Real GDP growth and CPI percentage change
| Quarter |
US real GDP growth |
US CPI Inflation |
| Q1 1980 |
1.29 |
16.74 |
| Q2 1980 |
-7.95 |
14.19 |
| Q3 1980 |
-0.74 |
7.72 |
| Q4 1980 |
7.61 |
11.69 |
| Q1 1981 |
8.57 |
11.53 |
| Q2 1981 |
-3.15 |
8.60 |
| Q3 1981 |
4.95 |
11.61 |
| Q4 1981 |
-4.89 |
6.66 |
| Q1 1982 |
-6.40 |
3.60 |
| Q2 1982 |
2.19 |
5.91 |
| Q3 1982 |
-1.53 |
7.13 |
| Q4 1982 |
0.32 |
1.23 |
| Q1 1983 |
5.07 |
0.27 |
| Q2 1983 |
9.30 |
4.71 |
| Q3 1983 |
8.12 |
3.96 |
| Q4 1983 |
8.53 |
4.06 |
| Q1 1984 |
7.99 |
5.79 |
| Q2 1984 |
7.09 |
3.82 |
| Q3 1984 |
3.94 |
3.52 |
| Q4 1984 |
3.30 |
3.49 |
| Q1 1985 |
3.83 |
3.72 |
| Q2 1985 |
3.43 |
3.69 |
| Q3 1985 |
6.40 |
2.51 |
| Q4 1985 |
3.07 |
4.14 |
| Q1 1986 |
3.90 |
2.10 |
| Q2 1986 |
1.62 |
-1.93 |
| Q3 1986 |
3.91 |
2.47 |
| Q4 1986 |
1.95 |
2.82 |
| Q1 1987 |
2.24 |
4.92 |
| Q2 1987 |
4.32 |
4.61 |
| Q3 1987 |
3.51 |
4.31 |
| Q4 1987 |
7.02 |
3.79 |
| Q1 1988 |
2.09 |
3.16 |
| Q2 1988 |
5.24 |
4.67 |
| Q3 1988 |
2.08 |
4.97 |
| Q4 1988 |
5.45 |
4.44 |
| Q1 1989 |
3.81 |
4.62 |
| Q2 1989 |
3.03 |
6.62 |
| Q3 1989 |
3.21 |
3.16 |
| Q4 1989 |
0.88 |
4.13 |
| Q1 1990 |
4.24 |
7.07 |
| Q2 1990 |
1.60 |
4.02 |
| Q3 1990 |
-0.01 |
7.09 |
| Q4 1990 |
-3.46 |
6.97 |
| Q1 1991 |
-1.92 |
3.02 |
| Q2 1991 |
2.73 |
2.40 |
| Q3 1991 |
1.70 |
3.08 |
| Q4 1991 |
1.58 |
3.36 |
| Q1 1992 |
4.46 |
2.74 |
| Q2 1992 |
4.32 |
3.11 |
| Q3 1992 |
4.19 |
3.09 |
| Q4 1992 |
4.28 |
3.55 |
| Q1 1993 |
0.74 |
2.94 |
| Q2 1993 |
2.58 |
2.92 |
| Q3 1993 |
2.12 |
1.86 |
| Q4 1993 |
5.39 |
3.36 |
| Q1 1994 |
3.95 |
2.02 |
| Q2 1994 |
5.58 |
2.29 |
| Q3 1994 |
2.60 |
3.76 |
| Q4 1994 |
4.52 |
2.35 |
| Q1 1995 |
0.98 |
2.97 |
| Q2 1995 |
0.86 |
3.31 |
| Q3 1995 |
3.40 |
2.03 |
| Q4 1995 |
2.82 |
2.20 |
| Q1 1996 |
2.77 |
3.60 |
| Q2 1996 |
7.10 |
3.48 |
| Q3 1996 |
3.53 |
2.32 |
| Q4 1996 |
4.44 |
3.52 |
| Q1 1997 |
3.11 |
2.46 |
| Q2 1997 |
6.06 |
0.92 |
| Q3 1997 |
5.12 |
2.02 |
| Q4 1997 |
3.10 |
2.17 |
| Q1 1998 |
3.83 |
0.83 |
| Q2 1998 |
3.65 |
1.32 |
| Q3 1998 |
5.38 |
2.07 |
| Q4 1998 |
7.11 |
1.89 |
| Q1 1999 |
3.61 |
1.47 |
| Q2 1999 |
3.16 |
3.03 |
| Q3 1999 |
5.18 |
3.01 |
| Q4 1999 |
7.38 |
2.98 |
| Q1 2000 |
1.05 |
4.02 |
| Q2 2000 |
8.03 |
3.17 |
| Q3 2000 |
0.34 |
3.71 |
| Q4 2000 |
2.39 |
2.88 |
| Q1 2001 |
-1.31 |
3.88 |
| Q2 2001 |
2.65 |
2.83 |
| Q3 2001 |
-1.10 |
1.13 |
| Q4 2001 |
1.41 |
-0.30 |
| Q1 2002 |
3.46 |
1.28 |
| Q2 2002 |
2.14 |
3.18 |
| Q3 2002 |
2.04 |
2.17 |
| Q4 2002 |
0.14 |
2.39 |
| Q1 2003 |
1.68 |
4.18 |
| Q2 2003 |
3.43 |
-0.65 |
| Q3 2003 |
6.75 |
3.02 |
| Q4 2003 |
3.67 |
1.53 |
| Q1 2004 |
2.66 |
3.43 |
| Q2 2004 |
2.60 |
3.18 |
| Q3 2004 |
3.01 |
2.58 |
| Q4 2004 |
3.31 |
4.36 |
| Q1 2005 |
4.19 |
2.04 |
| Q2 2005 |
1.79 |
2.73 |
| Q3 2005 |
3.21 |
6.20 |
| Q4 2005 |
2.07 |
3.78 |
| Q1 2006 |
5.15 |
2.10 |
| Q2 2006 |
1.63 |
3.66 |
| Q3 2006 |
0.05 |
3.83 |
| Q4 2006 |
2.75 |
-1.63 |
| Q1 2007 |
0.54 |
3.98 |
| Q2 2007 |
3.65 |
4.61 |
| Q3 2007 |
2.96 |
2.56 |
| Q4 2007 |
1.70 |
5.00 |
| Q1 2008 |
-1.76 |
4.37 |
| Q2 2008 |
1.32 |
5.36 |
| Q3 2008 |
-3.66 |
6.37 |
| Q4 2008 |
-8.89 |
-8.98 |
| Q1 2009 |
-5.25 |
-2.53 |
| Q2 2009 |
-0.31 |
1.95 |
| Q3 2009 |
1.45 |
3.58 |
| Q4 2009 |
4.02 |
3.02 |
| Q1 2010 |
2.34 |
0.86 |
| Q2 2010 |
2.24 |
-0.33 |
| Q3 2010 |
2.60 |
1.43 |
| Q4 2010 |
2.39 |
2.97 |
| Q1 2011 |
0.08 |
4.54 |
| Q2 2011 |
2.48 |
4.43 |
| Q3 2011 |
1.28 |
3.09 |
| Q4 2011 |
4.09 |
1.30 |
| Q1 2012 |
1.96 |
2.48 |
| Q2 2012 |
1.25 |
0.75 |
| Q3 2012 |
2.01 |
2.30 |
Figure 5.8 US Real GDP Growth and 3 months T bill
| Quarter |
US real GDP growth |
US 3-month Treasury yield |
| Q1 1980 |
1.29 |
13.35 |
| Q2 1980 |
-7.95 |
9.62 |
| Q3 1980 |
-0.74 |
9.14 |
| Q4 1980 |
7.61 |
13.60 |
| Q1 1981 |
8.57 |
14.35 |
| Q2 1981 |
-3.15 |
14.89 |
| Q3 1981 |
4.95 |
15.05 |
| Q4 1981 |
-4.89 |
11.78 |
| Q1 1982 |
-6.40 |
12.78 |
| Q2 1982 |
2.19 |
12.43 |
| Q3 1982 |
-1.53 |
9.31 |
| Q4 1982 |
0.32 |
7.90 |
| Q1 1983 |
5.07 |
8.11 |
| Q2 1983 |
9.30 |
8.41 |
| Q3 1983 |
8.12 |
9.15 |
| Q4 1983 |
8.53 |
8.80 |
| Q1 1984 |
7.99 |
9.18 |
| Q2 1984 |
7.09 |
9.80 |
| Q3 1984 |
3.94 |
10.32 |
| Q4 1984 |
3.30 |
8.83 |
| Q1 1985 |
3.83 |
8.18 |
| Q2 1985 |
3.43 |
7.47 |
| Q3 1985 |
6.40 |
7.11 |
| Q4 1985 |
3.07 |
7.16 |
| Q1 1986 |
3.90 |
6.90 |
| Q2 1986 |
1.62 |
6.14 |
| Q3 1986 |
3.91 |
5.53 |
| Q4 1986 |
1.95 |
5.35 |
| Q1 1987 |
2.24 |
5.54 |
| Q2 1987 |
4.32 |
5.65 |
| Q3 1987 |
3.51 |
6.04 |
| Q4 1987 |
7.02 |
5.87 |
| Q1 1988 |
2.09 |
5.72 |
| Q2 1988 |
5.24 |
6.22 |
| Q3 1988 |
2.08 |
7.02 |
| Q4 1988 |
5.45 |
7.73 |
| Q1 1989 |
3.81 |
8.55 |
| Q2 1989 |
3.03 |
8.40 |
| Q3 1989 |
3.21 |
7.85 |
| Q4 1989 |
0.88 |
7.65 |
| Q1 1990 |
4.24 |
7.76 |
| Q2 1990 |
1.60 |
7.75 |
| Q3 1990 |
-0.01 |
7.48 |
| Q4 1990 |
-3.46 |
6.99 |
| Q1 1991 |
-1.92 |
6.03 |
| Q2 1991 |
2.73 |
5.56 |
| Q3 1991 |
1.70 |
5.38 |
| Q4 1991 |
1.58 |
4.55 |
| Q1 1992 |
4.46 |
3.90 |
| Q2 1992 |
4.32 |
3.68 |
| Q3 1992 |
4.19 |
3.08 |
| Q4 1992 |
4.28 |
3.07 |
| Q1 1993 |
0.74 |
2.96 |
| Q2 1993 |
2.58 |
2.97 |
| Q3 1993 |
2.12 |
3.00 |
| Q4 1993 |
5.39 |
3.06 |
| Q1 1994 |
3.95 |
3.26 |
| Q2 1994 |
5.58 |
4.00 |
| Q3 1994 |
2.60 |
4.48 |
| Q4 1994 |
4.52 |
5.28 |
| Q1 1995 |
0.98 |
5.74 |
| Q2 1995 |
0.86 |
5.59 |
| Q3 1995 |
3.40 |
5.37 |
| Q4 1995 |
2.82 |
5.26 |
| Q1 1996 |
2.77 |
4.93 |
| Q2 1996 |
7.10 |
5.02 |
| Q3 1996 |
3.53 |
5.10 |
| Q4 1996 |
4.44 |
4.97 |
| Q1 1997 |
3.11 |
5.06 |
| Q2 1997 |
6.06 |
5.05 |
| Q3 1997 |
5.12 |
5.05 |
| Q4 1997 |
3.10 |
5.09 |
| Q1 1998 |
3.83 |
5.05 |
| Q2 1998 |
3.65 |
4.97 |
| Q3 1998 |
5.38 |
4.83 |
| Q4 1998 |
7.11 |
4.25 |
| Q1 1999 |
3.61 |
4.41 |
| Q2 1999 |
3.16 |
4.45 |
| Q3 1999 |
5.18 |
4.65 |
| Q4 1999 |
7.38 |
5.05 |
| Q1 2000 |
1.05 |
5.53 |
| Q2 2000 |
8.03 |
5.71 |
| Q3 2000 |
0.34 |
6.02 |
| Q4 2000 |
2.39 |
6.02 |
| Q1 2001 |
-1.31 |
4.81 |
| Q2 2001 |
2.65 |
3.66 |
| Q3 2001 |
-1.10 |
3.21 |
| Q4 2001 |
1.41 |
1.91 |
| Q1 2002 |
3.46 |
1.72 |
| Q2 2002 |
2.14 |
1.72 |
| Q3 2002 |
2.04 |
1.64 |
| Q4 2002 |
0.14 |
1.34 |
| Q1 2003 |
1.68 |
1.15 |
| Q2 2003 |
3.43 |
1.04 |
| Q3 2003 |
6.75 |
0.93 |
| Q4 2003 |
3.67 |
0.92 |
| Q1 2004 |
2.66 |
0.92 |
| Q2 2004 |
2.60 |
1.08 |
| Q3 2004 |
3.01 |
1.49 |
| Q4 2004 |
3.31 |
2.01 |
| Q1 2005 |
4.19 |
2.54 |
| Q2 2005 |
1.79 |
2.87 |
| Q3 2005 |
3.21 |
3.36 |
| Q4 2005 |
2.07 |
3.83 |
| Q1 2006 |
5.15 |
4.40 |
| Q2 2006 |
1.63 |
4.71 |
| Q3 2006 |
0.05 |
4.91 |
| Q4 2006 |
2.75 |
4.90 |
| Q1 2007 |
0.54 |
4.98 |
| Q2 2007 |
3.65 |
4.74 |
| Q3 2007 |
2.96 |
4.31 |
| Q4 2007 |
1.70 |
3.41 |
| Q1 2008 |
-1.76 |
2.06 |
| Q2 2008 |
1.32 |
1.62 |
| Q3 2008 |
-3.66 |
1.50 |
| Q4 2008 |
-8.89 |
0.31 |
| Q1 2009 |
-5.25 |
0.21 |
| Q2 2009 |
-0.31 |
0.17 |
| Q3 2009 |
1.45 |
0.16 |
| Q4 2009 |
4.02 |
0.06 |
| Q1 2010 |
2.34 |
0.11 |
| Q2 2010 |
2.24 |
0.15 |
| Q3 2010 |
2.60 |
0.15 |
| Q4 2010 |
2.39 |
0.14 |
| Q1 2011 |
0.08 |
0.13 |
| Q2 2011 |
2.48 |
0.05 |
| Q3 2011 |
1.28 |
0.03 |
| Q4 2011 |
4.09 |
0.01 |
| Q1 2012 |
1.96 |
0.07 |
| Q2 2012 |
1.25 |
0.09 |
| Q3 2012 |
2.01 |
0.10 |
Figure 5.9 US Real GDP Growth and US 10-Year Treasury Yield
| Quarter |
US real GDP growth |
US 10-year Treasury yield |
| Q1 1980 |
1.29 |
11.84 |
| Q2 1980 |
-7.95 |
10.38 |
| Q3 1980 |
-0.74 |
10.81 |
| Q4 1980 |
7.61 |
12.32 |
| Q1 1981 |
8.57 |
12.83 |
| Q2 1981 |
-3.15 |
13.58 |
| Q3 1981 |
4.95 |
14.63 |
| Q4 1981 |
-4.89 |
13.93 |
| Q1 1982 |
-6.40 |
14.13 |
| Q2 1982 |
2.19 |
13.71 |
| Q3 1982 |
-1.53 |
12.91 |
| Q4 1982 |
0.32 |
10.85 |
| Q1 1983 |
5.07 |
10.74 |
| Q2 1983 |
9.30 |
10.70 |
| Q3 1983 |
8.12 |
11.72 |
| Q4 1983 |
8.53 |
11.72 |
| Q1 1984 |
7.99 |
11.94 |
| Q2 1984 |
7.09 |
13.18 |
| Q3 1984 |
3.94 |
12.85 |
| Q4 1984 |
3.30 |
11.75 |
| Q1 1985 |
3.83 |
11.62 |
| Q2 1985 |
3.43 |
10.92 |
| Q3 1985 |
6.40 |
10.48 |
| Q4 1985 |
3.07 |
9.95 |
| Q1 1986 |
3.90 |
8.79 |
| Q2 1986 |
1.62 |
7.92 |
| Q3 1986 |
3.91 |
7.74 |
| Q4 1986 |
1.95 |
7.61 |
| Q1 1987 |
2.24 |
7.42 |
| Q2 1987 |
4.32 |
8.47 |
| Q3 1987 |
3.51 |
8.96 |
| Q4 1987 |
7.02 |
9.21 |
| Q1 1988 |
2.09 |
8.59 |
| Q2 1988 |
5.24 |
9.04 |
| Q3 1988 |
2.08 |
9.21 |
| Q4 1988 |
5.45 |
9.04 |
| Q1 1989 |
3.81 |
9.28 |
| Q2 1989 |
3.03 |
8.86 |
| Q3 1989 |
3.21 |
8.21 |
| Q4 1989 |
0.88 |
8.03 |
| Q1 1990 |
4.24 |
8.52 |
| Q2 1990 |
1.60 |
8.76 |
| Q3 1990 |
-0.01 |
8.79 |
| Q4 1990 |
-3.46 |
8.49 |
| Q1 1991 |
-1.92 |
8.16 |
| Q2 1991 |
2.73 |
8.28 |
| Q3 1991 |
1.70 |
8.10 |
| Q4 1991 |
1.58 |
7.54 |
| Q1 1992 |
4.46 |
7.53 |
| Q2 1992 |
4.32 |
7.55 |
| Q3 1992 |
4.19 |
6.92 |
| Q4 1992 |
4.28 |
7.01 |
| Q1 1993 |
0.74 |
6.53 |
| Q2 1993 |
2.58 |
6.21 |
| Q3 1993 |
2.12 |
5.79 |
| Q4 1993 |
5.39 |
5.78 |
| Q1 1994 |
3.95 |
6.24 |
| Q2 1994 |
5.58 |
7.19 |
| Q3 1994 |
2.60 |
7.42 |
| Q4 1994 |
4.52 |
7.90 |
| Q1 1995 |
0.98 |
7.57 |
| Q2 1995 |
0.86 |
6.70 |
| Q3 1995 |
3.40 |
6.45 |
| Q4 1995 |
2.82 |
6.00 |
| Q1 1996 |
2.77 |
6.03 |
| Q2 1996 |
7.10 |
6.83 |
| Q3 1996 |
3.53 |
6.83 |
| Q4 1996 |
4.44 |
6.42 |
| Q1 1997 |
3.11 |
6.63 |
| Q2 1997 |
6.06 |
6.79 |
| Q3 1997 |
5.12 |
6.36 |
| Q4 1997 |
3.10 |
6.03 |
| Q1 1998 |
3.83 |
5.74 |
| Q2 1998 |
3.65 |
5.76 |
| Q3 1998 |
5.38 |
5.37 |
| Q4 1998 |
7.11 |
4.95 |
| Q1 1999 |
3.61 |
5.35 |
| Q2 1999 |
3.16 |
5.84 |
| Q3 1999 |
5.18 |
6.24 |
| Q4 1999 |
7.38 |
6.47 |
| Q1 2000 |
1.05 |
6.67 |
| Q2 2000 |
8.03 |
6.43 |
| Q3 2000 |
0.34 |
6.12 |
| Q4 2000 |
2.39 |
5.77 |
| Q1 2001 |
-1.31 |
5.30 |
| Q2 2001 |
2.65 |
5.50 |
| Q3 2001 |
-1.10 |
5.26 |
| Q4 2001 |
1.41 |
5.06 |
| Q1 2002 |
3.46 |
5.39 |
| Q2 2002 |
2.14 |
5.35 |
| Q3 2002 |
2.04 |
4.55 |
| Q4 2002 |
0.14 |
4.29 |
| Q1 2003 |
1.68 |
4.16 |
| Q2 2003 |
3.43 |
3.80 |
| Q3 2003 |
6.75 |
4.40 |
| Q4 2003 |
3.67 |
4.44 |
| Q1 2004 |
2.66 |
4.14 |
| Q2 2004 |
2.60 |
4.75 |
| Q3 2004 |
3.01 |
4.45 |
| Q4 2004 |
3.31 |
4.30 |
| Q1 2005 |
4.19 |
4.39 |
| Q2 2005 |
1.79 |
4.24 |
| Q3 2005 |
3.21 |
4.29 |
| Q4 2005 |
2.07 |
4.60 |
| Q1 2006 |
5.15 |
4.67 |
| Q2 2006 |
1.63 |
5.15 |
| Q3 2006 |
0.05 |
4.96 |
| Q4 2006 |
2.75 |
4.70 |
| Q1 2007 |
0.54 |
4.76 |
| Q2 2007 |
3.65 |
4.92 |
| Q3 2007 |
2.96 |
4.84 |
| Q4 2007 |
1.70 |
4.41 |
| Q1 2008 |
-1.76 |
3.87 |
| Q2 2008 |
1.32 |
4.09 |
| Q3 2008 |
-3.66 |
4.05 |
| Q4 2008 |
-8.89 |
3.72 |
| Q1 2009 |
-5.25 |
3.23 |
| Q2 2009 |
-0.31 |
3.65 |
| Q3 2009 |
1.45 |
3.81 |
| Q4 2009 |
4.02 |
3.69 |
| Q1 2010 |
2.34 |
3.87 |
| Q2 2010 |
2.24 |
3.62 |
| Q3 2010 |
2.60 |
2.90 |
| Q4 2010 |
2.39 |
2.97 |
| Q1 2011 |
0.08 |
3.53 |
| Q2 2011 |
2.48 |
3.28 |
| Q3 2011 |
1.28 |
2.48 |
| Q4 2011 |
4.09 |
2.09 |
| Q1 2012 |
1.96 |
2.06 |
| Q2 2012 |
1.25 |
1.83 |
| Q3 2012 |
2.01 |
1.64 |
Last update:
December 20, 2013
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