Full text of U.S. Financial Data : September 12, 1996

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September 12, 1996

RESEARCH LIBRARY
ve Bank

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si i ons

THE WEEK'S HIGHLIGHTS:
✓ Following no change in July, the producer price index for finished
goods (PPI) rose at a 3.7 percent annual rate in August. Food
prices surged up at a 13.3 percent rate, while energy prices
advanced at a 9.2 percent rate. Excluding these two components,
the PPI fell at a 0.8 percent rate in August, the third drop this year.

/ Business sector productivity growth decelerated in the second
quarter, advancing at a 1.2 percent annual rate, after rising at a
2 percent rate in the first quarter. The business sector implicit
price deflator increased at a 2.2 percent pace in the second quarter
and is up 1.8 percent from four quarters earlier.
%/ The nominal value of total sales at merchant wholesalers rose
2.4 percent in July—the largest jump in almost two years. Sales
rose at an 11 percent annual rate between January and July after
rising at a 5.7 percent rate over the previous six months.

✓ Nonfarm payroll employment increased at a 2.5 percent annual
rate in August, modestly slower than the 2.9 percent rate of gain
for the three months ending in July. The civilian unemployment
rate, by contrast, fell 0.3 percentage points in August to 5.1 percent,
the lowest rate since March 1989.

All data are seasonally adjusted unless otherwise indicated.
U.S. Financial Data is published weekly by the Research Division of the Federal Reserve Bank
of St. Louis. The cost for a subscription is $21 for one year (50 issues) or $36 for two years (100 issues).
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Information in this publication is also included in the Federal Reserve Economic Data (FRED) electronic
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Digitized bulletin
for FRASER
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Federal Reserve Bank of St. Louis

2
Adjusted Monetary Base
Averoges of Daily Figures
Seasonally Adjusted

Billions of Dollors

Billions of Dollars

Billions
Jul

3

Aug 14
Sep 11

■Ml1
5

19

2

16 30 13 27 11 25 8

Aug

Sep

22

6

20 3

17 31

Oct

14 28 13 27 10 24

F eb

Mar

Apr

T M »
8 22 5

May

19

3

17 31 14 28 11 25

Jul

Aug

Sep

The adjusted monetary base is the sum of reserve accounts of finonciol institutions at Federal Reserve banks,
currency in circulation (currency held by the public ond in the voults of all depository institutions) and on
adjustment for reserve requirement ratio changes. The major source of the odjusted monetary base is Federal
Reserve credit. Doto ore computed by this bank. A detoiled description of the odjusted monetary base is
availobie from this bonk.
Recent doto ore preliminary.

Adjusted Monetary Base
„
To the average of
two mointenonce
periods ending:
2/14/96

Compounded onnuol rotes of chonge, average of two maintenance periods endina:
,
,
, ,
*
9/13/95 12/6/95 2/14/96 3/13/96 4/10/96
5/8/96
6/5/96 7/17/96
0.9

V13/96

1.3

1.5

4/10/96

2.0

2.6

5/8/96

1.0

1.0

1.2

0.0

6/5/96

1.7

2.0

2.9

2.6

0.7

7/17/96

2.2

2.6

3.6

3.5

2.7

6.4

8/14/96

2.4

2.9

3.7

3.7

3.1

6.0

9/11/96

2.6

3.1

3.9

3.9

3.4

5.7


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

5.1

Prepored by Federal Reserve Bank of St. Louis

Money Stock(M1) and Total Checkable Deposits
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Jul

29

Aug

5

Sep

2

1160-

Billions of Dollors

Billions
1111.1
1107.9
1099.4
1096.8
1099.5
1098.0

Jul

29

Aug

5

Sep

2

Billions
719.1
715.3
706.7
703.6
705.4
703.9

M1 (left scale)

1120TCD (right scale)

15 29 12 26 9 23
Aug

Sep

Oct

Nov

Dec

Feb

Mar

Apr

Moy

Jul

Aug

Sep

Ml is the sum of currency held by the nonbonk public, demand deposits, other checkable deposits ond travelers
checks. Total checkable deposits is the sum of demand deposits and other checkable deposits at depository
institutions. Current data appear in the Federal Reserve Board's H.6 release.

Money Stock (M1)
To the overoge
of four weeks
ending:

Compounded onnuol rotes of change, average of four weeks ending:
9/4/95

12/4/95

2/5/96

3/4/96

4/1/96

4/29/96

6/3/96

2/5/96

-5.0

3/4/96

-4.1

-3.2

4/1/96

-2.4

-0.3

4/29/96

-2.8

-1.4

1.4

1.6

6/3/96

-3.0

-1.9

-0.3

-0.7

7/1/96

-2.8

-1.8

-0.4

-0.8

-3.8

-2.8

8/5/96

-3.4

-2.8

-2.0

-2.6

-5.1

-4.9

-5.2

9/2/96

-3.9

-3.5

-3.1

-3.7

-6.0

-6.0

-6.6


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

7/1/96

5.3

-5.0

-9.0

Prepored by Federal Reserve Bonk of St. Louis

3

4
Adjusted Reserves
Seasonally Adjusted
Billions of Dollors

Billions of Dollors
Jun 19
Jul
3

Aug 14

Billions
95.9
96.6
95.7
95.4
95.3
96.1

110

106

102

98

94

90
Aug

Sep

Moy

Oct

1995

Jun

Aug

Sep

1996

Adjusted reserves is the difference between the adjusted monetary base ond the currency component of Ml.

Adjusted Reserves
[wo* maintenance

Compounded onnuol rotes of change, overage of two maintenance periods ending:
8/30/95 11/22/95 1/31/96 2/28/96 3/27/96 4/24/96 5/22/96
7/3/96

periods ending:
1/31/96

-8.2

2/28/96

-5.9

1.5

3/27/96

-3.9

3.3

9.0

4/24/96

-5.4

-0.5

0.0

-3.9

5/22/96

-6.6

-3.1

-4.3

-8.2

-16.0

7/3/96

-5.1

-1.7

-1.9

-4.1

-7.7

-4.2

7/31/96

-5.5

-2.5

-3.1

-5.0

-8.0

-5.6

8/28/96

-5.0

-2.1

-2.5

-4.1

-6.4

-4.1


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Federal Reserve Bank of St. Louis

Prepored by Federal Reserve Bank of St. Louis

Money Multiplier
Averoges of Daily Figures
3.0

Seasonally Adjusted

Ratio
Compounded annu al rates
of change, average of
the four weeks enc ing
August 26, 1996, I rom
the four weeks end ing:
Aug 28,
1995
Dec
4,
1995
-6 .
Feb 26,
1996
-6 .
Apr
8,
1996
-8 .
May
6.
1996 -10 .
Jun
3.
1996 -10 .
Jul
1.
1996 - 14 .

2.8

Ratio
1996
Jun 1 7
Jul
1
15
29
Aug 1 2
26

Q
2
3
9
8
9
3

3.0

R Otio
1 .353
.341
.313
.318
.302
.282

2.8

2.6

2.6

2.4

2.4

2.2
3

17
Jul

31 14 28 11 25 9
Aug

Sep

23

6

Oct

20

Nov

4

18

Dec

t

15 29 12 26 11 25 8

Jon

Feb

Mar

22

Apr

1995
Ratio of M1 to adjusted monetary base.

6

20 3

May

17
Jun

1

15
Jul

29 12 26
Aug

9

23

Sep

1996

Currency Component of M1
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Compounded onnuol rotes
of change, average of
the four weeks ending
September 2. 1996, from
the four weeks ending:
Sep
4.
1995
Dec
4.
1995
Mar
4,
1996
Apr
1 ,
1996
Apr 29, 1996
Jun
3 .
‘1996
1996

Billions
Aug

Sep

Sep

Oct

Apr

1995
Current data appear in the Federal Reserve Boord's H.6 release.


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

May

5

2

384.3
384.8
385.8
385.8

Jun

1996
Prepored by Federal Reserve Bank of St. Louis

5

2.2

6
Yields on Selected Securities
Averages of Daily Figures
Percent

Percent

Prime Rate

Corporate
Aaa Bonds

Commercial

Municipal Bonds

4

18

15 29 13 27 10 24
Sep

1996
28
12
19
26
9
16
23
30
13

8 22

5

15 29 12 26 10 24

19

7

21

5

19

2

16 30 13 27

Oct

30-Day
Commercial
Paper

90-Day
CDs

90-Day
Bonkers1
Acceptances

Corporate
Aaa Bonds

Corporate
Boo Bonds

5.46
5.50
5.49
5.45
5.44
5.40
5.43
5.39
5.39
5.36
5.39
5.45
5.46

5.47
5.49
5.49
5.57
5.54
5.51
5.52
5.41
5.39
5.37
5.42
5.55
5.53

5.39
5.40
5.43
5.47
5.45
5.44
5.44
5.33
5.31
5.29
5.33
5.44
5.44

7.74
7.66
7.62
7.73
7.61
7.62
7.55
7.35
7.39
7.48
7.66
7.75
7.74

8.44
8.36
8.32
8.42
8.32
8.34
8.27
8.08
8.11
8.18
8.35
8.43
8.43

Municipal
Bonds ••
6.06
5.97
5.94
6.00
5.88
5.86
5.79
5.67
5.74
5.75
5.86
5.95
N.A.

Current doto ore from the Federal Reserve Board's H.15 release, ond are overoges of rotes available for the
week ending on September 13. 1996 .
.. Bond Buyer's Average Index of 20 municipol bonds. Thursday doto
N A - Not Available
Prepared by Federol Reserve Bank of St. Louis


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Federal Reserve Bank of St. Louis

Selected Interest Rates
Averages of Daily Figures
Percent

Percent

10-Year
Treasury Securities

Federal
Funds Rate

Discount Rate

3-Month
Treasury Bill

7

21

4

18

1996
Jun 21
28
5
Jul
12
19
26
Aug
2
9
16
23
30
Sep
6
13 •

15 29 13 27 10 24

Federal
Funds ••
5.45
5.21
5.53
5.26
5.23
5.25
5.53
5.38
5.10
5.18
5.21
5.39
5.16

8

22

5

19

1

15 29

12 26 10 24

7

21

5

19

2

16 30 13 27

3-Month
Treasury
Bill

1 -Year
Treasury
Bill

5-Year
Treasury
Securities

10-Year
Treasury
Securities

Long-Term
Treasury
Securities

5.09
5.09
5.13
5.15
5.13
5.16
5.15
5.03
5.03
5.02
5.09
5.19
5.15

5.48
5.47
5.49
5.57
5.47
5.53
5.48
5.30
5.30
5.34
5.48
5.61
5.57

6.73
6.63
6.60
6.72
6.59
6.62
6.52
6.28
6.31
6.38
6.60
6.73
6.69

6.95
6.86
6.85
6.95
6.81
6.85
6.76
6.54
6.56
6.63
6.84
6.95
6.93

7.18
7.08
7.04
7.16
7.04
7.05
6.96
6.77
6.80
6.87
7.07
7.17
7.16

Except for long-term Treasury securities, which ore computed by this Bonk, current doto appear in the Federol
Reserve Board's H.15 release.
• Averages of rotes ovoiloble
•• Seven-day averages for week ending two doys earlier than date shown
Prepared by Federal Reserve Bank of St. Louis


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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

Jul

29

Sep

2

Billions of Dollars

Billions
3747.9
3757.1
3755.7
3757.2
3759.7
3759.0

2725

2675

M2 (left scale)
2625

2575

2525
Non-M1 M2
)6
Billions
29
2636.8
Aug 5
2649.2

Non-M1 M2 (right scale)

Sep
3

17 31 14 28 11 25
Aug
Sep

9 23 8 20 4 18 I 15 29 12 26 11 25 8 22
Oct
Nov
Dec
Jon
Feb
Mor
Apr

1995

6

2

2475

2660.4
2660.2
2661.0

20 3 17 1 15 29 12 26
Moy
Jun
Jul
Aug

9

23

2425

Sep

1996

M2 is the sum of M1, savings (including money market deposit accounts), smoll time deposits and retoil money
funds. Current data appear in the Federal Reserve Board's H.6 release.

Money Stock (M2)
Compounded onnual rates of change, average of four weeks ending:
To the overage
of four weeks
ending:

9/4/95

12/4/95

2/5/96

3/4/96

4/1/96

4/29/96

6/3/96

2/5/96

4.4

3/4/96

4.9

6.1

4/1/96

5.6

7.1

4/29/96

5.1

6.1

6.5

6.0

6/3/96

4.4

4.7

4.4

3.4

0.4

7/1/96

4.2

4.5

4.1

3.2

1.2

8/5/96

4.0

4.1

3.7

2.9

1.4

1.2

2.3

9/2/96

4.0

4.1

3.7

3.1

1.8

1.8

2.7


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Federal Reserve Bank of St. Louis

7/1/96

9.0

0.9

2.7

Prepared by Federal Reserve Bonk of St. Louis

Savings and Small Time Deposits
Averoges of Doily Figures
Seasonally Adjusted

Billions of Oollors

Billions of Dollars

Savings
1996
Aug

5

Sep

2

1055

Smoll Time

Billions
1210.9
1221.7
1225.0
1225.5
1223.2
1222.3

1996
Jul 29
Aug
5

Sep

2

Billions

1015

931.8
932.8
934.0
934.9
935.5

975

Small Time (right scole)
935

895

855

Savings Deposits (left scale)
815

3

17 31 H 78 11 25 9 73 6 20 4
Aug

Sep

18

1

15 29 12 76 11 25 8 22 6 20 3

Oct

Apr

1995
Sovings deposits ond smoll time deposits ore ot oil depository institutions.

May

17

775

15 29 12 26 9 23

Jun

1996

Large Time Deposits and Retail Money Funds
Averages of Daily Figures
Billions of Dollars

Seasonally Adjusted

Billions of Dollars

Large Time
1996

610

Retoil Money
996
Billions

Billions
447.9

Aug

Sep

5

2

446.8
449.6
454.9

Aug

461.2

Sep

5

495.7
498.5

.

570

500.9
502.0

2

530

Retail Money
490

450

Large Time
410

3

17 31 14 28 11 25 9 23 6

Aug

Sep

20 4

18

15 29 12 26 11 25 8

Oct

22 6

Apr

20

May

3

17

1

15 29 12 26

9

23

Jun

1995
1996
Large time deposits and retail money funds are at oil despository institutions. Large time deposits are those
issued in denominations of $100,000 or more. Retail money funds were originally called general purpose
ond broker/deoler money morket funds.
Prepared by Federal Reserve Bonk of St. Louis


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Federal Reserve Bank of St. Louis

9

370

10
Total Borrowings
From Federol Reserve Banks
Averages of Daily Figures

Billions of Dollars

3illions of Dollars

Billions
Aug

7

Sep

4

0.465
0.323

0.2-

5

19 2

16 30 13 27 11 25
Sep
Oct
1996

Borrowings include seasonal, adjustment ond extended credit.

Bank Loans and Credit
All
Billions of Dollars

Commercial Banks in the United States
Seasonally Adjusted

3iNions of Dollars

Bank Credit

3660-

Jul

24

Aug

7

Billions
3676.2
3664.9
3670.1
3666.3
3668.8
3668.4

Bonk Credit (left scale)2/

Loans and Leoses (right scale)

1995
Current data appear in the Federol Reserve Board's H.8 release.
1/ Includes foreign-related institutions
2/ Includes loans and leoses and securities


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Federal Reserve Bank of St. Louis

Loons&Leases
1996
Billions
Jul 24
2700.8
31
2697.6
Aug 7
2695.7
2705.2
2706.6

Prepared by Federal Reserve Bank of St. Louis

Commercial Paper of Nonfinancial Companies
Not Seasonally Adjusted

3iliions of Dollars
Jul 31
Aug 7

Sep

4

Billions of Dollars

Billions
196.430
198.200
197.455
196.050
191.810
190.505

Commercial and Industrial Loans
Billions of Dollars

Seosonally Adjusted

Billions of Dollars

All Bonks
1996
Aug
720-

7

744.7
743.9
742.2
740.8
745.0
746.7

All Bonks (left scale)1/

Lorge Bonks (right scale)2/
Large Bonks
Billions
Aug

7

36L2 “
364.0
364.0

1995

1996

Current data appear in the Federol Reserve Boord‘3 H.8 releose.
1/ Includes foreign-related institutions
2/ Weekly reporting, domestically chartered bonks


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Federal Reserve Bank of St. Louis

11

Prepored by Federol Reserve Bank of St. Louis

Dollar's Trade - Weighted Exchange Index
Averages of Daily Figures

1973=100

1973=100

110

100

90

80

70
5

19

Jul

2

16 30 13 27 11 25

Aug

Sep

Oct

1995

8

22

Nov

6

20

Dec

3

17 31

Jon

14 28 13 27 10 24

Feb

Mar

Apr

8

22

May

5

19

Jun

3

17 31

Jul

14 28 11 25

Aug

Sep

1996

Current doto appear in the Federal Reserve Board's H.10 release. Data ore weighted averages of the foreign-currency
price of the U.S. dollar, computed using 10 industrial country currencies.


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis