Full text of U.S. Financial Data : May 20, 1993
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federal R ;^°rva B«nk llll HIUKM A Itl SI KM ^ItVMvol ttrsimi is THE WEEK'S HIGHLIGHTS: %/ Privately owned housing starts in April were at an annual rate of 1,213,000 units, a 6.7 percent increase from the revised March rate of 1,137,000 units. During the first four months of this year, 362,200 housing units were started, down 2 percent from 369,600 units for the same period in 1992. Industrial production rose at a 1.1 percent annual rate in April, after no change in March. April production was up 3.5 percent from a year earlier. ✓ Manufacturing and trade inventories rose 0.8 percent in March and were up 3.5 percent from March 1992. With total business sales rising 0.2 percent in March and 6.2 percentfrom a year ago, the inventory/sales ratio rose to 1.47 in March, but was down from its 1.51 ratio in March 1992. The merchandise trade deficit widened to $10.2 billion in March. For the first three months of the year, the deficit totaled $25.8 bil lion, up from $15 billion for the first three months of 1992. Views expressed do not necessarily reflect official positions of the Federal Reserve System. U.S. Financial Data is published weekly by the Research and Public Information Division of the Federal Reserve Bank of St. Louis. The cost for a subscription is as follows: One year (50 issues) $21 Two years (100 issues) $36 To subscribe, please send your check or money order made payable to the Federal Reserve Bank of St. Louis to: Research and Public Information, Federal Reserve Bank of St. Louis, Post Office Box 66953, St. Louis, MO 63166-6953. DO NOT SEND CASH. Checks from foreign subscribers must be payable in U.S. dollars and, except for those from Canada, must be drawn on a U.S. bank. Information in this publication is also included in the Federal Reserve Economic Data (FRED) elec tronic bulletin board. You can access FRED with a personal computer and a modem at 314-621-1824. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2 Adjusted Monetary Base Averages ot uaiiy ngures Seasonally Adjusted Billions of Dollars 1993 Billions Mar 3 17 31 395.1 390.9 393.1 28 May 12 398.1 399.1 4 II 1 IS 2! 13 27 10 24 8 22 5 II 2 II 30 14 21 Mar Apr May Jun Jul Aug 1992 Sep Oct Billions of Dollars 11 25 I 23 I 20 3 17 3 17 31 14 21 12 21 Nov Dec Jan Feb Mar Apr 1993 May Latest data plotted reserve maintenance period ending: May 12, 1993 The adjusted monetary base is the sum of reserve accounts of financial institutigns af 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 soufce 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: 10/14/92 11/11/92 12/9/92 1/6/93 2/17/93 3/17/93 4/14/93 5/12/93 Compounded annual rates of change, average of two maintenance periods ending: 5/13/92 11.2 11.B 11.0 10.5 11.7 10.2 9.8 10.1 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/5/92 14.7 12.9 11.9 13.3 10.9 10.3 10.7 10/14/92 11/11/92 12/9/92 10.2 9.2 12.4 9.1 8.5 9.2 7.0 11.9 8.1 7.8 8.5 14.1 8.5 7.8 8.9 1/6/93 2/17/93 3/17/93 8.9 7.9 9.2 0.3 4.7 9.6 Prepared by Federal Reserve Bank of St Louis Money Stock (M1) and Total Checkable Deposits Averages of Daily Figures Seasonally Adjusted Billions of Dollars 10)0 Billions of Dollars r^r m M1 10(0 1040 1993 Billions 12 19 26 May 3 10 1044.2 1039.0 1040.7 1054.8 1064.8 700 1 730 _s✓ / 1010 710 // r J ✓ /y // 9)0 TCD (right scale) / y 9(0 s-w / ’ / ✓ X TCD .__ , 1993 ,✓ 940 910 Apr 5 733.3 12 735.3 19 730.0 26 730.5 May 3 744.3 10 753.6 ______ I____1 t_____ r~ M1 (left s sale) It 30 13 27 11 25 Mar Apr May 22 6 20 3 17 31 14 28 12 2t 9 23 7 21 4 11 Jun Jul Aug Sep Oct Nov Dec Jan 1992 8 15 Feb is it Mar 1993 12 21 10 24 Apr May Latest data plotted week ending: May 10, 1993 Current data appear in the Federal Reserve Board's H.6 release. Ml 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 5/11/92 of four weeks ending: 10/12/92 11/9/92 12/7/92 1/11/93 2/8/93 3/8/93 4/12/93 5/10/93 (70 Billions 13.3 14.4 14.2 13.3 12.5 11.4 10.8 11.0 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/10/92 10/12/92 11/9/92 19.3 17.9 15.6 13.9 12.1 11.3 11.4 16.9 13.4 11.4 9.4 8.8 9.3 10.5 8.8 7.0 6.8 7.7 12/7/92 1/11/93 6.8 5.0 5.4 6.7 3.1 4.3 6.3 2/8/93 3/8/93 Prepared by Federal Reserve Bank of St. Louis 600 (30 4 Adjusted Reserves Billions of Dollars Ssosonally Adjust'd Billions of Dollars iOf 1993 102 Billions 102 3 Apr 14 May 12 98 94 90 If 82 78 4 II I 1b 2! 1} 2? 19 24 I 12 S 1! 2 It 10 14 21 11 25 S 23 « 20 3 17 3 17 31 14 29 12 29 Mar Apr May Jun Jul Aug Sop Oct Nov Doc Jan Feb Mar Apr May 1992 1993 Latest data plotted two weeks ending: May 12, 1993 Adjusted reserves is the difference between adjusted monetary base and currency component of M1. Adjusted Reserves To the average of Compounded annual rates of change, average of two maintenance periods ending: 1/6/93 5/13/92 8/5/92 10/14/92 11/11/92 12/9/92 2/17/93 3/17/93 periods ending: 10/14/92 11/11/92 12/9/92 1/6/93 2/17/93 3/17/93 4/14/93 5/12/93 10.2 14.6 12.6 10.5 16.4 9.8 7.8 9.9 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 24.1 18.3 13.8 21.9 11.8 8.9 11.6 19.1 10.8 24.5 9.3 5.8 9.7 -2.1 19.9 3.1 0.3 5.4 28.9 4.0 0.3 6.4 7.4 1.6 8.9 -26.7 -9.3 10.7 Prepared by Federal Reserve Bank of St. Louis Money Multiplier1/ Averages of Daily Figures Seasonally Adjusted Ratio Ratio 3.0 Compounded annual rates of change, average of the four weeks ending May 10. 1993 from the four weeks ending: May 11. 1992 0.7 Aug 3. 1992 0.5 Nov 9. 1992 -0.8 Dec 7, 1992 -2.0 Jan 4, 1993 -3.3 Feb 15, 1993 0.7 Mar 15. 1993 1.0 Ratio Apr 12 May 10 2.622 2.643 2.639 2.613 2.656 2.8 2.6 2 1$ 30 13 27 11 25 8 22 6 20 3 17 31 18 28 12 28 8 23 7 21 Mar Apr May Jun Jul Aug Sep Oct Nov Dec 15 29 12 28 10 28 Mar Apr 2.6 May Latest data plotted two weeks ending: May 10, 1993 Currency Component of M12/ Averages of Daily Figures Seasonally Adjusted Billions of Dollars Billions of Dollars Compounded annual rates of change, average of the four weeks ending May 10, 1993 from the four weeks ending: May 11. 1992 10.1 Aug 10, 1992 10.3 Nov 9, 1992 9.6 Dec 7, 1992 9.6 Jan 11. 1993 9.2 Feb 8. 1993 9.5 Mar 8. 1993 9.3 1993 Billions Apr 5 May 3 2 16 30 13 27 11 25 8 22 6 Mar Apr May Jun 3 17 31 18 28 12 26 9 23 7 21 Jul Aug Sep Oct Nov Dec 300.9 300.9 302.3 15 29 12 26 10 28 Mar Apr May Latest data plotted week ending: May 10, 1993 1/ Ratio of Ml to adjusted monetary base 2/ Current data appear in the Federal Reserve Board’s H.6 release. http://fraser.stlouisfed.org 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 Corporate Aoa Bond* -Municipal Bo 5 20 Mar 3 17 Apr i 15 29 12 2i 10 24 7 21 4 II May Jun Jul Aug 1992 Sep 2 IS 30 13 27 11 25 8 Oct Nov Dec 22 Jan 5 1! 5 Feb 19 2 IS 30 14 28 Mar Apr 1993 May Latest data plotted are averages of rates available for the week ending: May 21. 1993 1993 90-Day CDs 30-Day Commercial Paper 90-Day Bankers' Acceptances Corporate Aaa Bonds Corporate Baa Bonds Municipal Bonds ** Feb 26 Mar 5 12 19 26 Apr 2 9 16 23 30 May 7 14 21 * 3.10 3.11 3.12 3.11 3.11 3.12 3.11 3.09 3.08 3.08 3.06 3.07 3.12 3.11 3.13 3.15 3.16 3.14 3.19 3.16 3.14 3.10 3.10 3.08 3.09 3.12 3.05 3.06 3.08 3.08 3.07 3.09 3.07 3.04 3.04 3.04 3.03 3.04 3.08 7.61 7.56 7.54 7.61 7.59 7.64 7.61 7.45 7.34 7.40 7.37 7.41 7.46 8.22 8.12 8.11 8.16 8.15 8.23 8.25 8.07 8.05 8.15 8.13 8.18 8.28 5.60 5.47 5.58 5.71 5.78 5.86 5.84 5.70 5.67 5.75 5.71 5.69 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 Prepared by Federal Reserve Bank of St. Louis http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Selected Interest Rates Percent Averages of Doily Figures Fund* Rat* Dfacount F 3-Month 6 20 3 17 1 15 29 12 26 10 24 7 21 6 18 2 IS 30 13 27 11 25 3 22 5 19 Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb 1992 Mar 1993 16 30 14 21 Apr May Latest data plotted are averages of rates available for the week ending: May 21, 1993 1993 Feb 26 Mar 5 12 19 26 Apr 2 9 16 23 30 May 7 14 21 * Federal Funds ** 2.91 3.24 3.02 3.04 2.93 3.18 3.11 2.93 2.91 2.87 2.98 2.90 3.01 3-Month Treasury Bill 6-Month Treasury Bill *** 2.95 2.95 2.98 2.97 2.92 2.91 2.91 2.85 2.81 2.91 2.87 2.91 2.99 1-Year Treasury Bill 5-Year Treasury Securities Long-Term Treasury Securities 3.06 3.17 5.21 6.66 3.05 3.17 5.09 6.55 3.09 3.26 5.24 6.56 3.12 3.22 5.23 6.66 3.05 3.16 5.20 6.63 3.04 3.17 5.25 6.74 3.04 3.16 5.21 6.72 3.00 3.09 5.08 6.52 2.96 3.05 5.06 6.49 2.95 3.12 5.14 6.62 2.98 3.11 5.05 6.55 2.99 3.14 5.10 6.58 3.10 3.25 5.28 6.72 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 day9 earlier than date shown *** Auction average (discount) Prepared by Federal Reserve Bank of St. Louis http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7 8 Money Stock (M2) and Non-M1 Components of M2 Averages of Doily Figures Seasonally Adjusted Billions of Dollars 3550 n Billions of Dollars 1725 i * ale) M2 ( 2625 9 3475.5 3476.0 3466.1 34 66.6 34 81.8 35 01.9 _ 5 12 19 26 May 3 10 1 Apr 3500 - ( M2 1993 Billions 3450 2525 — >» , * “ - " "* *». , ““ "■*» » V. No i-M1 k 2 (right scale 3400 • mm, mmi / No n-M1 M2 199 3 Bill ons Apr 5 2433.4 12 2431.8 19 2427.1 26 2427.9 May 3 2427.0 10 2437.1 3350 3300 ^s- ! I! 30 I3 V 11 H 0 22 I 20 3 17 31 14 21 12 21 ! 23 2 21 I 10 Mar Apr May Jun Jul Aug Sep Oct Nov Dec __ I__ I__ I 13 1 IS 2) 12 20 10 24 Jan Feb Mar Apr 2425 2325 2225 May 1993 1992 Latest data plotted week ending: May 10, 1993 Current data appear in the Federal Reserve Board's H.6 release. M2 is the sum of M1, overnight RPs issued by all commercial banks, overnight Eurodollars issued to U.S. residents by foreign branches of U.S. banks, savings (including money market deposit accounts), 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 5/11/92 8/10/92 10/12/92 11/9/92 12/7/92 1/11/93 2/8/93 3/8/93 ending: 10/12/92 11/9/92 12/7/92 1/11/93 2/8/93 3/8/93 4/12/93 5/10/93 1.3 1.8 1.6 1.2 0.6 0.4 0.3 0.4 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3.3 2.7 1.8 0.8 0.4 0.3 0.5 2.5 1.0 -0.3 -0.6 -0.6 -0.2 -0.4 -1.6 -1.7 -1.5 -0.9 -2.7 -2.5 -2.0 -1.2 -3.2 -2.2 -1.2 -1.3 -0.2 0.7 Prepared by Federal Reserve Bank of St Louis Savings and Money Market Funds Averages of Daily Figures Seasonally Adjusted Billions of Dollars Billions of Dollars Savings 1993 Billions Apr 5 12 19 26 May 3 10 1179.0 1179.9 1179.0 1183.3 1188.1 1193.9 i right scale) Money Market 1993 Billions 5 12 19 26 May 3 10 Apr Savings Deposits (left scale' 2 If 30 13 27 11 25 8 22 5 20 3 17 31 14 21 12 21 § 23 7 21 4 10 1 15 1 Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb 1992 330.0 330.7 — 330.8 332.7 335.5 336.0 IS 29 12 2f 10 24 Mar Apr May 1993 Note: Savings deposits are at all depository institutions. Money market funds are general purpose and broker/dealer. . Large and Small Time Deposits1 / All Depository Institutions Averages of Doily Figures, Seasonally Adjusted Billions of Dollars Billions of Dollars Small Time 1993 Billions kpr 5 12 19 26 Aay 3 10 845.7 845.2 843.4 842.1 840.8 839.1 Large Time (left scale) 2 Large 1993 -Apr 5 12 Time Billions 340.2 340.8 26 May 3 10 345.' 346.1 345.2 16 30 13 27 11 25 Mar Apr May Small Time (right scale) 22 6 20 3 17 31 14 28 12 21 9 23 7 21 4 18 Jun Jul Aug Sep Oct Nov Dec Jan 1992 15 1 15 29 12 26 10 24 Feb Mar Apr May 1993 Latest data plotted week ending: May 10, 1993 1/ Large time deposits are those issued in denominations of $100,000 or more. http://fraser.stlouisfed.org 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 1993 Billions -Apr 14 21 28 May 5 0.038 0.079 0.1 18 0.083 _ 0.095 12 0.202 19 < 11 I Billions of Dollars IS 2! 13 27 n 14 t 21 S It 2 li Jl U 21 11 IS >21 t 21 1 17 3 17 II M 21 12 21 Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb 1992 Mar Apr May 1993 Adjustment + Seasonal Borrowings from federal Reserve Banks Averages of Daily Figures Billions of Dollars 1993 Billions - Apr 14 21 28 May 5 0.038 0.079 0.117 0.082 _ 0.095 12 4 II I Mar Billions of Dollars 19 0.202 15 21 13 27 10 24 I 22 5 II 2 Apr May Jun Jul Aug IS 30 14 21 II 25 9 23 $ 20 3 Sep 1992 Oct Nov Dec Jan 17 3 Feb 17 31 14 21 12 2S Mar Apr May 1993 Latest data plotted week ending: May 19, 1993 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Prepared by Federal Reserve Bank of St. Louis Commercial Paper of Nonfinancial Companies Billions of Dollars 1913 Apr Billions of Dollars Not Seasonally Adjusted Billions 7 148.847 May 5 161.495 * II I « » 13 n 10 11 I II 5 I) ! li 30 11 II 11 15 I 13 I 19 3 17 3 II 31 11 II 11 II Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Latest data plotted week ending: May 12, 1993 Commercial and Industrial Loans1 / Weekly Reporting Large Commercial Banks2/ Seasonally Adjusted Billions of Dollars 325 315 305 1J5 ~ l l Compounded annual rates of change, average of the four weeks ending May 5, 1993 from the four weeks ending May 6. 1992 -4.9 Aug 5, 1992 -4.2 Nov 4. 1992 -6.7 Dec 2, 1992 -8.8 6, 1993 -7.4 3, 1993 -8.9 3, 1993 -9.2 Billions of Dollars 325 ---- 1- ---- r~ 1993 Billions _Mar 31 274.725_ Apr 7 271.548 1 4 270.279 21 271.447 28 271.877 May 5 272.767 315 — 305 295 295 285 275 275 265 1 ' I II 1 15 29 Mar Apr ' 1 ' 11 1 ' I 1 ' '' I *~1' ^ ' l'rfi""l'1 I*1 I 1 I I 1 | "i* | i f-r-V-i | iVi | 1 f ' 9 1 t1' I ' 1 265 13 27 10 21 May Jun I 22 5 IS 2 II 30 II 10 11 25 ! 23 I 20 3 17 3 17 31 II 10 12 21 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May 1992 1993 Latest data plotted week ending: May 5, 1993 1/ Commercial and industrial loans include banker's acceptances and commercial paper. 2/ Banks with domestic assets greater than $1.4 billion _ . Prepared by Federal Reserve Bank of St. Louis http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11 Dollar's Trade-Weighted Exchange Index 1973-100 Averages ot 1973-100 Daily Figures 1993 1973-100 4 U 1 15 2! 13 27 10 24 8 22 5 II 2 1$ 30 14 21 11 25 I 23 8 20 3 17 3 Mar Apr May Jun Jul Aug 1992 Sep Oct Nov Dec Jan Feb Apr 14 90.1 May 5 89.4 17 31 14 21 12 28 Mar 1993 Apr May Latest data plotted week ending: May 19, 1993 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 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3 O rj § a H J O ca < CD D