In a Fischer-Tropsch process reaction for the production of hydrocarbons from CO and H.sub.2 wherein CO and H.sub.2 are passed over a catalyst the improvement comprising using as the catalyst a supported potassium or rubidium-Group VIII metal cluster catalyst which catalyst is prepared by depositing a known, well-characterized potassium or rubidium-Group VIII metal carbonyl cluster complex on a high surface area support, drying the carbonyl cluster complex impregnated support in the absence of oxygen and reducing the supported complex at elevated temperatures, wherein using this catalyst in Fischer-Tropsch processes results in the selective formation of higher molecular weight paraffinic and olefinic hydrocarbons.