Full text of U.S. Financial Data : January 27, 1994

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January 27, 1994

JAM 3 11934

U.S. Financial Data

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THE WEEK'S HIGHLIGHTS:
^

The Conference Board’s index of consumer confidence rose in
January to 83.2 percent (1985 = 100) from December’s 79.8 per­
cent. The January reading was the highest since March 1991.

^ New orders for manufactured durable goods increased 2.2 percent
in December after increasing 2.3 percent in November. Orders for
1993 were up 8.6 percent from the previous year. Orders data are
not adjustedfor inflation.
%/ Privately owned housing starts rose for the fifth consecutive month,
from a revised seasonally adjusted annual rate of1,450,000 units
in November to 1,540,000 units in December. The preliminary
estimate of units started during 1993 was 1,285,100, compared
with 1,199,700 units during 1992.
The employment cost index for total compensation to private
industry workers rose at a 3.4 percent annual rate from September
to December 1993. The December index was up 3.6 percent from
a year earlier, with wages and salaries rising 3.1 percent and
benefit costs increasing 5 percent.

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
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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.

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Federal Reserve Bank of St. Louis

2
Adjusted Monetaiy Base
Averages ot Daily Figures
Seasonally Adjusted

Billions of Dollars

1994

Billions

Nov 10

Billions of Dollars

420.5
423.4
422.6
423.2

Dec

8

Jan

5

427.5

J

II 31 13 27 10 24 10 24 7 21 5 10 2 18 30 14 28 11 25 0 22 6 20 3 17 1 15 2! 12 28 9 23
Dec
Jan Feb
Mar Apr May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
1992
1993
1994
Latest data plotted reserve maintenance period ending: January 19, 1994
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 und in the vaults of all depository institutions) and an
adjustment for reserve requirement ratio changes. The major source of the adjusted monetaiy 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 Monetaiy Base
To the average Of
two maintenance
periods ending:
6/23/93
7/21/93
8/18/93
9/15/93
10/13/93
11/24/93
12/22/93
1/19/94

Compounded annual rates of change, average of two maintenance periods ending:
^y20/93 4/14/93 6/23/93 7/21/93 8/18/93 9/15/93 10/13/93 11/24/93

10.4
11.0
10.7
10.6
11.2
10.5
9.8
9.9


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Federal Reserve Bank of St. Louis

13.8
12.7
12.1
12.9
11.5
10.5
10.5

11.6
10.8
12.4
10.6
9.4
9.5

9.1
11.7
9.8
8.5
8.8

13.2
10.0
8.4
8.6

10.3
8.1
8.7

Prepared by Federal Reserve Bank of St. Louis

Money Stock (Ml) and Total Checkable Deposits
Averages ot uany Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

M1
1994 Billions
Dec 13 1126.0 '
20 1132.9
27 1134.0
Jan 3 1132.4
10 1130.5 .
17 1135.0

M1 (left scale)

1994

Dec 13
20
27
Jan 3
10
17

TCD (right scale)

7 21 4 18 1 15 1 15 29 12 2i 10 21 7 21 5 1! 2 1$ 30 13 27
Feb

Mar

Apr

May

TCD
_
Billions

Jun
Jul
1993

Aug

Sep

Oct

797.4
803.6
804.4 _
800.9
798.6
802.0

22 I 20 3 17 31 11 28

Nov

Dec

Jan
1994

Latest data plotted week ending: January 17, 1994
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 1/18/93 4/19/93 6/14/93 7/19/93 8/16/93 9/20/93 10/18/93 11/15/93
of four weeks
ending:
6/14/93
7/19/93
8/16/93
9/20/93
10/18/93
11/15/93
12/20/93
1/17/94

9.7
9.9
10.2
10.6
10.8
10.7
10.3
9.9


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

16.3
15.5
14.9
14.4
13.9
12.9
12.0

11.5
11.9
12.0
11.7
10.8
10.0

12.8
12.6
12.1
10.9
9.9

12.5
11.8
10.4
9.4

11.2
9.5
8.4

Prepared by Federal Reserve Bank of St. Louis

3

4
Adjusted Reserves
Billions of Dollars

Seasonally Adjusted

Billions of Dollars
IIO

1994

Billions

Nov 10 101.2
24 103.5
Dec 8 101.5
22

Jan

5

lit

102.2

102.3

I02

98

94

90

86
i

li Jl 1] 27 tl 24 10 !4
Dec
Jan
Feb Mar
1992

1 21
Apr

5

1! 1 11 11 14 2! 11 25
May
Jun
Jul
Aug
1993

! 2!
Sep

i

20 3 1! 1 IS 29 12 20 9 23
Oct
Nov
Dec
Jan
Feb
1994

Latest data plotted two weeks ending: January 19, 1994
Adjusted reserves is the difference between adjusted monetary base and currency component of Ml.

Adjusted Reserves
To the average of

Compounded annual rates of change, average of two maintenance periods ending:
1/20/93 4/14/93 6/23/93 7/21/93 6/18/93 9/15/93 10/13/93 11/24/93

periods ending:
6/23/93
7/21/93
8/18/93
9/15/93
10/13/93
11/24/93
12/22/93
1/19/94

11.7
13.4
12.3
9.4
11.7
10.9
9.4
9.4


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Federal Reserve Bank of St. Louis

24.9
20.2
14.1
16.8
14.7
12.2
11.9

14.0
5.4
11.7
10.1
7.5
7.7

-2.6
8.0
7.4
4.8
5.5

9.4
8.0
4.7
5.5

16.1
9.3
9.3

1.0
3.3

1.3

Prepared by Federal Reserve Bank of St. Louis

Money Multiplier1 /
Averages of Daily Figures
Seasonally Adjusted
Compounded annual
rates of change,
average of the four
weeks ending
January 17, 1994 from
the four weeks ending:
Jan 18, 1993 0. 1
Apr 12. 1993 1.3
Jul 19, 1993 1.1
Aug 16, 1993 1.3
Sep 13, 1993 1.1
Oct 11, 1993 1.3
Nov 22. 1993 0.0

7 21
Dec
1992

Ratio

Ratio
Nov 8
Jan

4 18 1 15 1 15 29 12 26 10 24 7 21 5 19 2 It 30 13 27 11 25
Jan
Feb Mar Apr
May Jun
Jul
Aug
Sep Oct
1993

3

8 22 $ 20
Nov Dec

2.669
2.668

2.651

17 31 14 20
1994

Latest data plotted two weeks ending: January 17, 1994

Currency Component of M12/
Billions of Dollars

335

325

3I5

Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

335

------- 1----------1---------1--------Compounded annual
rates of change,
average of the four
weeks ending
January 17, 1994 from
the four weeks ending:
Jan 18, 1993 10.1
Apr 19, 1993 10.2
Jul 19, 1993 9.9
Aua 16. 1993 9.8
Se p 20. 1993 8.0
Oc t 18, 1993 7.8
No v 15. 1993 8.6

325

315

305

305
199 i
Dec

3
20
27
Jan 3
10
17

295

Billlons
32 D.6
32 .4
32 .7
32 3.5
32 4.0
32 5.1

- 295

285
7 II I II I 15 1 IS 21
Dec Jan
Feb Mar

1992

12 26 10 26 7 21 S 1) 2 16 30 13 27 11 25
Apr May Jun
Jul
Aug
Sep Oct
1993

6 22 6 20 3 17 31 14 26
Nov Dec Jan
Feb

285

1994

Latest data plotted week ending: January 17, 199+
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
Aaa bonds

Loan Rate
Municipal Bonde

4 18 1 15 29 12 26 12 26
Dec Jan
Feb Mar

9 23 7 21 4 18 2 16 30 13 27 10 24 8 22 5 19 3 17 31 14 28
Apr May Jun
Jul
Aug
Sep Oct Nov Dec
Jan

1992

1993

11 25
Feb

1994

Latest data plotted are averages of rates available for the week ending: January 28, 1994

1994
Nov

5
12
19
26
Dec 3
10
17
24
31
Jan 7
14
21
28 *

90-Day
CDs

30-Day
Commercial
Paper

90-Day
Bankers'
Acceptances

Corporate
Aaa Bonds

Corporate
Baa Bonds

Municipal
Bonds **

3.36
3.36
3.33
3.36
3.35
3.31
3.23
3.20
3.24
3.22
3.13
3.12
3.11

3.15
3.15
3.14
3.15
3.27
3.41
3.34
3.31
3.35
3.21
3.12
3.13
3.11

3.31
3.30
3.28
3.29
3.30
3.26
3.20
3.18
3.21
3.16
3.09
3.07
3.07

6.87
6.92
6.94
6.99
6.95
6.86
6.97
6.95
6.94
7.01
6.87
6.92
6.93

7.57
7.65
7.69
7.74
7.70
7.61
7.72
7.70
7.71
7.75
7.61
7.64
7.65

5.45
5.46
5.46
5.49
5.46
5.33
5.36
5.34
5.28
5.34
5.31
5.29
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

Percent

Averages of Daily Figures

Discount Rats

Latest data plotted are averages of rates available for the week ending: January 28, 1994

1994
Nov

5
12
19
26
Dec 3
10
17
24
31
Jan 7
14
21
28 *

Federal
Funds **

3-Month
Treasury
Bill

6-Month
Treasury
Bill ***

3.04
2.96
3.03
2.98
3.09
2.92
2.94
2.99
2.99
3.00
2.98
3.13
2.97

1-Year
Treasury
Bill

5-Year
Treasury
Securities

Long-Term
Treasury
Securities

3.08
3.25
3.40
5.03
6.13
3.10
3.28
3.39
5.04
6.17
3.11
3.26
3.42
5.04
6.20
3.12
3.30
3.46
5.13
6.30
3.12
3.26
3.46
5.14
6.25
3.07
3.27
3.44
5.10
6.14
3.04
3.26
3.47
5.18
6.26
3.06
3.25
3.45
5.16
6.24
3.02
3.21
3.45
5.14
6.22
3.05
3.29
3.46
5.21
6.30
2.97
3.18
3.38
5.03
6.15
2.96
3.15
3.36
5.06
6.17
2.93
3.14
3.36
5.08
6.19
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


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

7

8
Money Stock (M2) and Non-M1 Components of M2
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

UM
Dec 13
20
27
Jan 3
10
17

Billions of Dollars

Billion?
3551.9
3552.6
3546.2.
3553.2
3549.9
3557.4

Non-M1 M2 (right scale)
Non-M1 M2
1S24 Billion?
Dec 13
20
27
Jan 3
10
17

7 21 4 II I 15
Dec

Jan

Feb

2425.9
2419.7
2412.2
2420.8
2419.4
2422.4

1 15 2! 12 21 10 24 7 21 5 19 2 IS 30 13 27 II 25 8 22 6 20 3 17 31 14 2!
Mar

Apr

May

Jun

1992

Jul

Aug

Sep

Oct

Nov

Dec

1993

Jan

Feb

1994

Latest data plotted week ending: January 17, 1994
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 1/18/93 4/19/93
6/14/93 7/19/93 8/16/93 9/20/93 10/18/93 11/15/93
ending:
6/14/93
7/19/93
8/16/93
9/20/93
10/18/93
11/15/93
12/20/93
1/17/94

1.6
1.2
1.5
1.6
1.7
1.6
1.8
1.7


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

4.4
4.2
3.8
3.6
3.2
3.3
3.0

1.3
1.7
1.9
1.6
2.0
1.8

3.0
2.8
2.3
2.7
2.3

2.5
1.9
2.4
2.1

1.5
2.4
1.9

2.4
1.8

2.3

Prepared by Federal Reserve Bank of St Louis

Savings and Money Market Funds
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars
1250 —I--------- 1--------Savings
1994 Billions
Dec 13
20
27
Jan 3
10
17

610

1219.7
1218.0
12 20.0
12 17.0
12 18.4
12 24.4

f
Sav ngs De posits

010

ale)

U

1220

Billions of Dollars

1190
■

J50

* N^
*

_

—^

.—

'-N

i

"Vw

1160

320
Mon< iy Mark it (righ scale

Mo ney Me rket
1_99 4 Bill! ons
Dec

3 33 7.4
20 336.4
27 336.0
Jan 3 338.6
10 338.0
17 335.7
.........i,,,

1130

1100

7 21

6 II I IS

1 15 29 12 29 10 29 7 21 S 19 2 19 30 13 27 11 15

9 22 9 20 3 17 31 19 I!

290

260

Dec Jan
Feb Mar
Apr May Jun
Jul
Aug
Sep
Oct
Nov Dec
Jan
Feb
1992
1993
1994
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 Daily Figures, Seasonally Adjusted

Billions of Dollars

900

Billions of Dollars
1
1
Small Time
1994 Billions
Dec 13
20
27

370

784.2
782.7
782.5

0
7

77S>.9
77 J.3

Larg i Time left sc lie)

390

990

675
*" — Lc rge Ti me
ia24 EL lions

310

1005

20
27
Jan 3
10
17

7 21
Dec

1992

330!7
329.9
332.5
332.4
334.2

>

««»

._
Small' lme (ri jht see le)
■--

9 11 I 15 1 15 29 11 21 19 29 7 21 5 19 2 It 30 13 27 11 25 I 22 9 20 3 17 31 19 28
Jan
Feb Mar
Apr May Jun
Jul
Aug
Sep Oct
Nov Dec Jan
Feb
1993

1994

Latest data plotted week ending: January 17, 1994
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 Sank of St. Louis

9

795

10
Total Borrowings
From Federal Keserve Banks
Averages of Daily Figures

Billions of Dollars

Billions of Dollars
1994

Billions

Dec 22
29
Jan 5
12
■
19
26

0.060
0.045
0.237
0.018
0.128
0.039

2 11 31 13 27 10 24 10 24 7 21 5 19 2 IS 30 14 21 11 25 8 22 6 20 3 17 1
Dec
1992

Jan

Feb

Mar

Apr

May

Jun
Jul
1993

Aug

Sep

Oct

Nov

IS 29 12 2S 9 23
Dec

Jan
Feb
1994

Adjustment + Seasonal Borrowings
From Federal Keserve Banks
Averages of Daily Figures

Billions of Dollars

Billions of Dollars

1994
Dec 22
29
Jan 5
12
■
19
26

2 16 30 13 27 10 24 10 24 7 21 5 19 2 16 30 14 28 11 25 8 22 6 20
Dec
1992

Jan

Feb Mar

Apr

May

Jun

Jul
1993

Aug

Sep

Oct

Billions
0.060
0.045
0.237
0.018
0.128 —
0.039

3 17 1 15 29 12 26
Nov

Dec

9 23

Jan
Feb
1994

Latest data plotted week ending: January 26, 1994


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

Commercial Paper of Norrfinanclal Companies

Billions of Dollars

Billions of Dollars

Not Seoaonolly Adjusted

Dec 15 158.038
154.292
Jan

5
154.383

2 If 31 13 27 10 24 II 24 7 21 5 IS 2 If 30 14 2C 11 25 8 22 S 20 3 17 1
Dec Jan
Feb Mar Apr May Jun
Jul
Aug Sep Oct Nov

15 28 12 26 9 23

1993

1994

Latest data plotted week ending: January 19, 1994

Commercial and Industrial Loans'7
Weekly Reporting Large Commercial Banks2/
Seasonally Adjusted

Billions of Dollars

325

315

305

295

Billions of Dollars

—
Compounded annu a!
rates of change,
average of the fou
weeks ending
January 12, 1994 rom
the four weeks end ing:
Jan 13, 1993 -1 .2
Apr 14, 1993
•4 _j
Jul 14, 1 993 -1 .6
Aug 11, 1 993 -1 .2
Sep 15. 1 993 -C .2
Oct 13, 1 993 -C .1
>93 -

325

[
1994

Billions

277.580__
1 278.850
22 280.153
2S 278.896
Jan
277.784
12 278.544

315

305

295

205

285

275

275

265

-r-t-T-r "rpr

2 If

Deo

t *"T '■ 1

i ' 1

Feb

Mar

i i t y TT T f

t ' - "»" 11 t » 8 ' 8 t ' 1

"n r r r ■ 8 ■ -i'T'T'T 'Ml

JO 13 27 10 24 10 24 7 21 5 I! 2 If 30 H 21 II 25 0 22 f 20
Jan

1992

Apr

May

Jun

Jul

1993

Aug

Sep

Oct

3 17 I 15 20 12 26
Nov

Dec

Jan

9 2J
Feb

1994

Latest data plotted week ending: January 12, 1994
1/ Commercial and industrial loans includs banker's acceptances and commercial paper.
2/ Banks with domestic assets greater than tl .4 billion
_
,. _ .
Prepared by Federal Reserve Bank of St. Louis


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

11

265

Dollar’s Trade-Weighted Exchange Index
1973=100

1973=100

Averages ot Daily Mgures

1.273=100
Dec 22

2 IS 30 13 11 10 24 10 24 7 21 5 19 2 IS 30 14 20 11 25
Feb

Mar

Apr

May

Jun

Aug

1992

22 6 20 3 17 1 15 29 12 2S 9 23

Sep

Oct

Nov

Dec

Jan
Feb
1994

Latest data plotted week ending: January 26, 1994
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

as

0
h

1

i
OJ o M