Full text of U.S. Financial Data : September 5, 1991

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of St. Louie , ^

S,M4 Financial Data
September 5, 1991

THE WEEK'S HIGHLIGHTS:
%/ The National Association of Purchasing Management index ofbusi
ness activity rose to 54.8 in August, making it the third consecutive
month the index was greater than 50. An index value greater than
50 indicates that the manufacturing sector is expanding.

✓ Construction spending, although up 1.6 percent in July, still was
10.6 percent below the level of one year ago. Spending on single family housing increased 5.1 percent in July. Construction spend­
ing is not adjusted for inflation.

✓ The composite index of leading indicators rose 1.2 percent in July,
the sixth consecutive monthly increase. Manufacturers’ new orders
for consumer goods and materials, and contracts and orders for
new plants and equipment were the major contributors to the July
increase.

✓ Factory orders for durable goods rebounded in July, rising 11.2
percent, after falling a revised 1.1 percent in June. This increase
was the largest percentage change since December 1970. Factory
orders are not adjusted for inflation.

THE
FKDEKAI.
a Rivsum:
X HANK ol

nr st. urns

views
expressed do not necessarily reflect official positions of the Federal Reserve System.

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Federal Reserve Bank of St. Louis

2

Adjusted Monetary Base
Averages ot Daily Hgures
Seasonally Adjusted

Billions of Dollars

1991

Billions

Jun 26
Jul 10
24
Aug 7
21
Sep 4

337.5
335.7
339.5
338.0
341.0
340.2

4 18 1 15 29 12 28 10 24 7 21 5 19 2 If 30 13 27 13 27 10 24
Jul

Aug

Billions of Dollars

22 5 19 3 17 31 14 28 II 25

Sep
Oct
Nov
Dec
Jan
Feb Mar
Apr
May
Jun
Jul
Aug
Sep
1990
1991
Latest data plotted reserve maintenance period ending: September 4. 1991
The adjusted monetary base is the sum of reserve accounts of financial institutions at Federal Reserve banks,
currency in circulation (currency held by the public and in the vaults of all depository institutions.) and an
adjustment for reserve requirement ratio changes. The major source of the adjusted monetary base is Federal
Reserve credit. Data are computed by this bank. A detailed description of the adjusted monetary base is
available from this bank.
Recent data are preliminary.

Adjusted Monetary Base
To the average of
two maintenance
periods ending:
2/6/91
3/6/91
4/3/91
5/1/91
5/29/91
7/10/91
8/7/91
9/4/91

Compounded annual rates of change, average of two maintenance periods ending:
9/5/90 11/28/90 2/6/91
3/6/91
4/3/91
5/1/91
5/29/91 7/10/91

12.7
12.1
11.6
9.5
9.3
8.5
8.5
8.4


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15.3
13.8
10.2
9.7
8.5
8.5
8.4

8.8
4.0
4.7
4.4
5.1
5.4

1.8
3.4
3.5
4.5
4.9

0.8
2.0
3.5
4.1

4.9
6.0
6.3

5.7
6.1

8.0

Prepared by Federal Reserve Bank of St. Louis

Money Stock (Ml) and Total Checkable Deposits
Billions of Dollars

Averages of Daily Figures

Billions of Dollars

vieuauiiuny nujusicu

1991

M1
Billions

Jul 22
29
5
12
19
26

Aug

859.9
864.4
867.7 .
862.8
864.6
869.9

M1 (left scale)

1991

TCD (right scale)

TCD
Billions

Jul 22
29
5
12
19
26

Aug

593.2
596.3
599.9
595.2
596.3
600.7

— 565

2 IS 30 13 27 10 24 8 22 5 19 3 17 31 14 21 11 25 11 25
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb Mar
1990

1991

Latest data plotted week ending: August 26, 1991
Current data appear in the Federal Reserve Board's H.6 release.
M1 is the sum of currency held by the nonbank public, demand deposits, other checkable deposits and travelers
checks.
Total checkable deposits is the sum of demand deposits and other checkable deposits at depository institutions.

Money Stock (Ml)
Compounded annual rates of change, average of four weeks ending:
To the average 8/27/90
11/26/90 1/28/91 2/25/91 3/25/91 4/29/91 5/27/91 6/24/91
of four weeks
ending:
1/28/91
2/25/91
3/25/91
4/29/91
5/27/91
6/24/91
7/29/91
8/26/91

2.9
5.0
5.3
4.8
5.9
6.0
5.8
6.2


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Federal Reserve Bank of St. Louis

6.3
6.4
5.3
6.9
7.0
6.6
7.0

12.0
7.9
9.8
9.4
8.3
8.6

4.0
7.6
7.6
6.8
7.4

7.9
7.8
6.7
7.4

11.8
8.7
9.2

5.6
7.1

6.9

Prepared by Federal Reserve Bank of St. Louis

3

4

Money Stock (M2) and Non-M1 Components of M2
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

1991

Billions of Dollars

M2
Billions

Jul 22
29
5
12

_ Aug

3388.5
3388.5
3390.6.
3387.7

26 3397.4

2 (left scale),

Non-M1 M2 (right scale)

Non-M1 M2
1991 Billions
Jul 22
29
5
12
19
26

Aug

2528.6
2524.1
2522.9
2524.9
2526.4
2527.5

2 16 30 13 27 10 24 8 22 5 1! 3 17 31 14 28 11 25 11 25 8 22 6 20 3 17 1 15 28 12 26 8 23
Jul

Aug

Sep
Oct
1990

Nov

Dec

Jan

Feb

Mar

Apr

May
1991

Jun

Jul

Aug

Sep

Latest data plotted week ending: August 26, 1991
Current data appear in the Federal Reserve Board's H.6 release.
M2 is the sum of M1, overnight RPs issued by ail commercial banks, overnight Eurodollars issued to U.S. residents
by foreign branches of U.S. banks, money market deposit accounts, savings and small time deposits, and general
purpose and broker/dealer money market mutual funds. For more detail, see the H.6 release.

Money Stock (M2)
Compounded annual rates of change, average of four weeks ending:
To the average
8/27/90 11/26/90 1/28/91 2/25/91 3/25/91 4/29/91 5/27/91 6/24/91
of four weeks
ending:
1/2B/91
2/25/91
3/25/91
4/29/91
5/27/91
6/24/91
7/29/91
8/26/91

1.6
2.7
3.4
3.4
3.6
3.4
2.7
2.5


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Federal Reserve Bank of St. Louis

3.6
4.6
4.3
4.4
4.1
3.1
2.8

8.6
6.5
6.1
5.3
3.7
3.2

5.3
5.2
4.5
2.7
2.3

4.1
3.4
1.6
1.4

3.5
1.0
0.8

Prepared by Federal Reserve Bank of St. Louis

Money Multiplier1/
Averages of Daily Figures
Seasonally Adjusted

Ratio
Compounded annual
rates of change,
average of the four
weeks ending
August 19, 1991 from
the four weeks ending:
Aug 20. 1990 -2.4
Nov 26, 1990 -1.4
Mar 4, 1991 2.6
Apr 1. 1991 3.3
Apr 29, 1991 2.5
May 27, 1991
1.5
Jun 24, 1991 0.5

Ratio
Jun 10
2.561
Aug

2 If 30 13 27 10 24 8 22 5 18 3 17 31 14 21 11 25 11 25
Jul

Aug

Sep
Oct
Nov
Dec
Jan
Feb
1990
Latest data plotted two weeks ending: August 19. 1991

Mar

22 6 20 3 17
Apr

May

5

15 29 12 26 9 23

Jun

Aug

Sep

Currency Component of M12/
Billions of Dollars

nvciuyco ui uuny nyuics

Billions of Dollars

Seasonally Adjusted

Compounded annual
rates of change,
average of the four
weeks ending
August 26, 1991 from
the four weeks ending:
Aug 27, 1990 9.4
Nov 26, 1990 8.6
Feb 25. 1991 4.4
Mar 25. 1991 3.9
Apr 29. 1991 4.8
May 27, 1991 6.1
Jun 24, 1991 7.6

1991

Billions

Jul 22
Aug

5

259.0
260.4
260.2
259.9
260.7
261.6

Latest data plotted week ending: August 26, 1991
1 / Ratio of Ml to adjusted monetary base
2/ Current data appear in the Federal Reserve Board's H.6 release.


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

5

6
Yields on Selected Securities
Percent

Percent

Averages of Daily Figures

LoanRate

-Corporate-

Bonds

E 20
Jul

3 17 31 H 21 12 2E 9 23 7 21

4 II 1 15

Aug

Jan

Sep
Oct
1990

Nov

Dec

Feb

1 IS 29 12 26 10 24 7 21
Mar

Apr

S 19 2 16 30 13 27

May Jun
1991

Jul

Aug

Sep

Latest data plotted are averages of rates available for the week ending: September 6, 1991

1991
Jun 14
21
28
Jul 5
12
19
26
Aug 2
9
16
23
30
Sep 6 *

90-Day
CDs

30-Day
Commercial
Paper

90-Day
Bankers'
Acceptances

Corporate
Aaa Bonds

Corporate
Baa Bonds

Municipal
Bonds **

6.12
6.03
6.05
6.04
6.02
5.97
5.94
5.90
5.69
5.62
5.58
5.63
5.61

6.10
6.05
6.08
6.06
6.02
5.96
5.93
5.92
5.73
5.69
5.64
5.72
5.75

5.98
5.93
5.94
5.93
5.92
5.90
5.83
5.80
5.56
5.50
5.49
5.54
5.50

9.01
9.05
9.04
9.04
9.04
8.99
8.97
8.93
8.82
8.73
8.69
8.70
8.67

10.00
9.98
9.95
9.91
9.96
9.92
9.84
9.80
9.69
9.62
9.62
9.60
9.57

7.19
7.15
7.13
7.10
7.07
7.04
7.00
6.99
6.94
6.88
6.86
6.85
NA

Current data appear in the Federal Reserve Board's H.15 release.
* Averages of rates available
** Bond Buyer's Average Index of 20 municipal bonds, Thursday data
N.A. - Not Available


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

Selected Interest Rates

Percent

Percent

Averages of Daily Figures

Discount

« 20
Jul

3 17 31 14 21 12 26 S 23 7 21

4 II 1 15 1

Aug

Jan

Sep
Oct
1990

Nov

Dec

Feb

15 2! 12 26 10 24
Mar

Apr

7 21 5 19 2 16 30 13 27

May
Jun
1991

Jul

Aug

Sep

Latest data plotted are averages of rates available for the week ending: September 6, 1991

1991
Jun 14
21
28
Jul 5
12
19
26
Aug 2
9
16
23
30
Sep 6 *

Federal
Funds **
5.75
5.78
5.79
6.34
5.79
5.85
5.75
5.79
5.83
5.62
5.68
5.58
5.60

3-Month
Treasury
Bill

6-Month
Treasury
Bill ***

5.58
5.58
5.56
5.58
5.57
5.59
5.58
5.53
5.40
5.29
5.24
5.34
5.34

1 —Year
Treasury
Bill

5-Year
Treasury
Securities

Long-Term
Treasury
Securities

5.78
6.00
7.97
8.54
5.79
5.97
7.95
8.54
5.76
5.96
7.96
8.53
5.71
6.00
7.95
8.49
5.71
5.90
7.97
8.52
5.70
5.92
7.92
8.49
5.72
5.90
7.87
8.45
5.69
5.81
7.76
8.37
5.59
5.54
7.54
8.22
5.39
5.40
7.40
8.14
5.23
5.30
7.29
8.10
5.47
5.41
7.35
8.09
5.39
5.39
7.32
8.07
Current data appear in the Federal Reserve Board's H.15 release excluding long-term Treasury securities
which are computed by this bank. Treasury bill yields are on a discount basis.
* Averages of rates available
** Seven-day averages for week ending two days earlier than date shown
*** Auction average (discount)
Prepared by Federal Reserve Bank of St. Louis


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Federal Reserve Bank of St. Louis

7

8

Savings and Small Time Deposits
All Depository institutions
Averages of Daily Figures, Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Savings
1991 Billions
Jul 22
29
5
12
19
26

443.2
444.3
445.8
446.7
447.6
448.7

Aug

Small Tima (right scale)

Small Time
1991 Billions
Jul 22
29
Aug 5
12
19
26

Savings Deposits (left scale)

1117.4
1115.8
1113.2
1111.7
1110.4
1109.3

2 II 30 13 27 10 24 8 22 5 15 3 17 31 14 28 11 25 11 25 8 22 8 20 3 17 1 15 29 12 21
Jul

Aug

Sep
Oct
1990

Nov

Dec

Jan

Feb

Mar

Apr

May
1991

Jun

Jul

Aug

Sep

Total and Large Time Deposits1/
All Depository Institutions
Averages of Daily Figures, Seasonally Adjusted

Billions of Dollars

Billions of Dollars

2110

F

1

■

1
1
Large Time
1991 Billions

r»e (left scale]

Jul 22
29
5

489.8
489.6
488.9

19
26

48 4.1
48 2.4

Aug
1

/ /...... ^

2090

—

„
*_

2070

*

✓

580

590

✓ —
> ■"* ■*.
*-^
\\
\ ' *“ N.

Larg »7lm« [right scale)

500
'sv

Tot al Tim e
119 1 Bill] ons

2050

2030

29
Aug 5
12
19
26
I

2 ti

400

2049.7
2047.9
2044.8
2042.1
2040.4
I

30 to 27 10 24 0 22 5 10 1 17 31 14 21 11 25 II 25 1 22 0 20

Jul Aug

Sep
Oct
1990

Nov

Dec

Jan

Feb

Mar

Apr

3 17 I

May
Jun
1991

IS 2) 1! 2! 1 23
Jul

Aug

Sep

Latest data plotted week ending: August 26, 1991
1 / Total time is the sum of savings deposits, and small and large time deposits; where large time deposits are

those issued in denominations of $100,000 or more.


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

420

Money Market Funds
General Purpose and Broker/Dealer
Averages of Daily Figures, Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Compounded annual
rates of change,
average of the four
weeks ending
August 26, 1991 from
the four weeks ending:
Aug 27, 1990 5.4
Nov 26, 1990 4.2
Feb 25, 1991 -3.7
Mar 25, 1991 -7.9
Apr 29, 1991 -9.0
May 27, 1991-12.3
Jun 24, 1991-17.0

1991

Billions

Jul 22
Aug

5

359.6
356.6
353.8
353.8
352.2
353.1

2 16 30 13 27 10 24 8 22 5 19 3 17 31 14 28 11 25 11 25 8 22 6 20 3 17 1 15 29 12 26 9 23
Jul

Aug

Sep
Oct
1990

Nov

Dec

Jan

Feb

Mar

Apr

May
1991

Jun

Jul

Aug

Sep

Money Market Deposit Accounts
All Depository Institutions
Averages of Daily Figures, Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Compounded annual
rates of change,
average of the four
weeks ending
August 26, 1991 from
the four weeks ending:
Aug 27, 1990 8.5
Nov 26, 1990 11.1
Feb 25. 1991 15.3
Mar 25, 1991 14.5
Apr 29. 1991 13.3
May 27, 1991 9.8
Jun 24. 1991 7.6

1991

Aug

2 16 30 13 27 10 24 8 22 5 19 3 17 31 14 28 11 25 II 25
Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Billions

5

547.4
547.3
548.7
548.9
548.5

22 6 20 3 17 1 15 29 12 26 9 23
Apr

May

Jun

Jul

Aug

Sep

Latest data plotted week ending: August 26, 1991


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

9

10
Total Borrowings
From Federal Reserve Banks
Averages of Daily Figures

Billions of Dollars

1991

Billions

Jui 31
_ Aug 7
14
21
28
Sep 4

0.580
1.203
0.602
0.757
0.759
0.829

4 18 1 15 29 12 25 10 29 7 21 5 19 2 15 30 13 27 13 27 10 24
Jul

Billions of Dollars

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

1990

22 5 19 3 17 31 14 20 11 25
May

Jun

Jul

Aug

Sep

1991

Adjustment + Seasonal Borrowings
from hederal Reserve Banks
Averages of Daily Figures

Billions of Dollars

1991

Billions

Jul 31
— Aug 7
14
21
28
Sep 4

4 10
Jul

1

Billions of Dollars

0.394
1.013
0.333
0.464
0.390
0.387

15 29 12 25 10 24

Aug

Sep

Oct

7 21 5 19 2 15 30 13 27 13 27 10 24 8 22 5 19 3 17 31 14 20 11 25
Nov

Dec

Jan

1990

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

1991

Latest data plotted week ending: September 4, 1991


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

T

Commercial Paper of Nonfinancial Companies

Billions of Dollars

1991

Aug

Billions of Dollars

Not Seasonally Adjusted

Billions

7

( II I IS II II If II 24 7 II S IS I 15 JO IJ II II II K 24 I 22 5 19 J II !1 II II || IS
Jui

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Latest data plotted week ending: August 28, 1991

Commercial and Industrial Loans17
Weekly Reporting Large Commercial Banks2/
Seasonally Adjusted

Billions of Dollars

380
370
360
350
340

-------- 1----------1--------- I
Compounded annu al
rates of change,
average of the fou
weeks ending
August 21. 1991 from
the four weeks end
Aug 22. 1990
.6
Nov 21, 1990 -« . 1
Feb 20. 1991 -< .7
Mar 20, 1991-1 .4
Apr 24. 1991-12 .3
May 22, 1 991-1 .0
Jur 19, 1 991-1 .2

Billions of Dollars

380

----------I------1991

Billions

370

Jul 1 7 305.323
2 ♦ 303.724
304.217—
Aug
303.122
1 4 302.062
2 302.550

_

380
350
340

330

330

320

120

3I0

310

300

300

290

280
Jul

Aug

Sep
Oct
1990

Nov

Dec

Jon

Feb

Mar

Apr

May
1991

Jun

Jul

Aug

Sep

Latest data plotted week ending: August 21, 1991
1/ Commercial and industrial loans include banker's acceptances and commercial paper.
2/ Banks with domestic assets greater than $1.4 billion
n
.. _ ,
_
Prepared by Federal Reserve Bank of St. Louis


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Federal Reserve Bank of St. Louis

11

Dollar’s Trade-Weighted Exchange Index
1973=100

1973=100

Averages of Daily Figures

1SS1 19.7-3.-1-QS
Aug

7

Sep

4

4 18 1 15 28 12 28 10 24 7 21 5 18 2 18 30 13 27 13 27 10 24 8 22 5 18 3 17 31 14 28 11 25
Jul

Aug

Sep
Oct
1990

Nov

Dec

Jan

Feb

Mar

Apr

May
1991

Jun

Jul

Aug

Sep

Latest data plotted week ending: September 4. 1991
Current data appear in the Federal Reserve Board's H.10 release.
Data are weighted averages of the foreign—currency price of the U.S. dollar, computed using 10 industrial
country currencies.
Prepared by Federal Reserve Bank of St. Louis


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Federal Reserve Bank of St. Louis

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