Full text of U.S. Financial Data : January 3, 1997

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ary 3,1997
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THE WEEK'S HIGHLIGHTS:
■ The value of new construction put in place in November measured
$592.0 billion, up 1.9 percent from October and the largest increase
in eight months. The value of total construction, not adjusted for
price changes, was up 7.7 percent from a year earlier.
■ The National Association of Purchasing Managers ’ (NAPM) index
of manufacturing activity measured 54.0 percent in December, its
highest level in six months. According to the NAPM, an index
value of 50 generally indicates an expanding manufacturing sector.
■ New single family home sales were at an annual rate of 772,000
units in November, up 14.2 percent from October, but down 1 percent
from September. On a year-to-date basis, actual new home sales
have totaled 704,000 units, up 14.9 percent from the same period
in 1995.
■ Advance new orders for manufactured durable goods fell
1.7 percent, or $2.9 billion, in November from their October
level, the first decline in three months. New orders are not
adjusted for price changes.
■ After showing no change in October, the index of leading indicators
rose 0.1 percent in November. This index has not declined since
January 1996.

_________________ All dates 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). For more information on data, please call (314) 444-8590. To request an order form,
please call (314) 444-8808 or (314) 444-8809. Sorry, no refunds.
Information in this publication is also included in the Federal Reserve Economic Data (FRED) electronic
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Federal Reserve Bank of St. Louis

2
Adjusted Monetary Base
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Billions
462.1
462.9
463.5
465.8
466.4
464.2

1

15 29 13 27 10 24 7 21

6 20 3 17

15 29 12 26 10 24 7 21 4 18 2 16 30 13 27 11 25 8 22
Sep
Oct
May
Jun

The adjusted monetary base is the sum of Federal Reserve deposits and voult cash held by domestic depository
institutions, currency held by the public, ond an adjustment for the effect of chonges in reserve requirement
rotios. The monetory base series wos recently revised to include Federol Reserve deposits used to satisfy
cleoring balance contracts. Data are computed by this bonk. A detailed description of the odjusted monetary
base is available from this bonk. Recent data are preliminary.

Adjusted Monetary Base
two maintenance*

Compounded annual rotes of chonge, overage of two maintenance periods ending:
1/3/96 3/27/96
6/5/96
7/3/96 7/31/96 8/28/96 9/25/96 11/6/96

periods ending:
6/5/96

2.7

7/3/96

2.3

1.7

7/31/96

2.9

2.9

8/28/96

3.5

3.9

5.2

7.7

9/25/96

3.6

3.9

4.9

6.5

6.1

11/6/96

3.6

3.9

4.6

5.6

5.1

3.9

12/4/96

3.8

4.2

4.9

5.7

5.4

4.6

4.8

1/1/97

3.7

3.9

4.4

5.1

4.7

4.0

3.9


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Federal Reserve Bank of St. Louis

3.6

Prepared by Federal Reserve Bonk of St. Louis

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

Billions of Dollars

Nov 16
1170-

Dec

2

Billions of Dollars

Billions
1075.7
1074.0
1087.7
1070.8
1072.9
1079.0

Nov 18

Billions
675.2
672.9 .....
682.4
666.3
668.9
675.4

M1 (left scole)

TCD (right scole)

Apr

Moy

Jun

Aug

Sep

Oct
1997

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

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

Compounded onnuol rates of chonge, overoge of four weeks ending:
12/25/95

3/25/96

5/20/96

6/24/96

7/22/96

5/20/96

-1.3

7/22/96

-2.5

-5.4

-4.7

8/26/96

-3.2

-5.7

-5.5

9/23/96

-3.8

-6.2

-6.3

-8.7

-7.8

10/21/96

-5.1

-7.8

-8.3

-10.7

9/23/96 10/21/96

-1.6

6/24/96

8/26/96

-10.8
-8.4

-3.7

-8.6

11/25/96

-4.8

-7.0

-7.2

-8.8

12/23/96

-4.2

-5.9

-5.9

-7.0


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Federal Reserve Bank of St. Louis

-6.3

Prepared by Federol Reserve Bonk of St. Louis

3

4
Adjusted Reserves
Seasonally Adjusted
Billions of Dollars

BillionsofDollors
Billions

15 29 13 27 10 24 7 21 6 20 3 17 1
Feb

Mor

Apr

15 29 12 26 10 24 7 21 4 18 2 16 30 13 27 II 25 8 22
Aug
Sep
Oct
Jun

May

Adjusted reserves is the difference between the adjusted monetary base ond the currency component of Ml.
The adjusted monetary bose series wos recently revised: See the footnote to the monetory base chart for o
description of the change.

Adjusted Reserves
Compounded annual rotes of change, overoge of two maintenance periods ending:
To the overoge of
two maintenance
periods ending:

12/20/95

3/13/96

5/22/96

6/19/96

7/17/96

8/14/96

9/11/96 10/23/96

5/22/96

-3.7

6/19/96

-2.6

-5.3

7/17/96

-2.3

-4.1

1.8

8/14/96

-3.8

-6.1

-4.0

-7.5

9/11/96

-3.6

-5.4

-3.4

-5.7

-8.4

10/23/96

-6.2

-8.6

-8.6

-11.1

-14.1

-13.9

11/20/96

-6.0

-8.1

-7.9

-9.8

-11.8

-11.1

-14.5

12/18/96

-4.7

-6.3

-5.5

-6.8

-8.0

-6.5

-7.8


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Federal Reserve Bank of St. Louis

3.7

Prepored by Federol Reserve Bank of St. Louis

Money Multiplier
Averages of Daily Figures
Seasonally Adjusted

Ratio

Rotio

Compounded onnuol rates
of change, average of
the four weeks ending
December 16, 1996, from
the four weeks ending:
Dec 18. 1995
-8.0
Mar 11, 1996
-9.3
Jun 17, 1996 -12.3
J uI 15. 1996 - 12.0
Aug 12. 1996 -12.2
Sep
9. 1996-11.1
Oct 21. 1996
-6.5

Oct

7

Dec

2

8 2
Apr
1995
Ratio of M1 to the adjusted monelory base.

May

Jun

Sep

!.321

2.8

16 30 13 27

Oct

1996

1997

Currency Component of M1
Billions of Dollars

Averages of Daily Figures
seasonally Adjusted

Billions of Dollars

Compounded annuol rotes
of change, average of
the four weeks ending
December 23, 1996, from
the four weeks ending:
Dec 25. 1995
6.
Mar
25. 1996
7.
Jun 24.
1996
9.
Jul
22. 1996
9.
Aug 26. 1996
8.
Sep 23. 1996
9.
Oct
2 1. 1 996
9.

Billions

Nov 18
Dec

May
Jun
1995
1996
Current doto appear in the Federal Reserve Board's H.6 release.


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

2

391.9
392.4
396.6
395.8
395.4
395.2

igg7
Prepared by Federal Reserve Bank of St. Louis

5

-580

6
Yields on Selected Securities
Averages of Daily Figures
Percent

Prime Rote

Corporate
Aaa Bonds

Municipal Bonds

Commercial Paper

3

17

1

15 29 12 26 9 23 B 22 5

19 3 17 31 14 2B 12 26 9 23 6 20 4

1995

1996/97
Oct 11
18
25
Nov
1
8
15
22
29
Dec
6
13
20
27
Jon 3

18

is 29 13 27 10 24

1996

1997

30-Day
Commercial
Poper

90-Day
CDs

90-Day
Bankers'
Acceptances

Corporate
Aoo Bands

Corporate
Baa Bonds

5.36
5.35
5.36
5.37
5.38
5.39
5.40
5.42
5.53
5.57
5.73
5.88
5.96

5.40
5.40
5.40
5.39
5.38
5.37
5.38
5.38
5.40
5.42
5.44
5.50
5.46

5.35
5.32
5.31
5.30
5.30
5.30
5.28
5.29
5.30
5.33
5.39
5.40
5.36

7.43
7.40
7.39
7.28
7.18
7.08
7.05
7.06
7.10
7.21
7.28
7.22
7.18

8.10
8.08
8.07
7.96
7.86
7.75
7.75
7.75
7.79
7.90
7.97
7.91
7.86

Municipal
Bonds ••
5.73
5.72
5.75
5.70
5.67
5.60
5.55
5.54
5.57
5.66
5.67
5.66
NA

Current data are from the Federal Reserve Board's H.15 release, and are overoges of rotes available for the
week ending on January 3, 1997
•• Bond Buyer's Average Index of 20 municipal bonds, Thursday data
NA - Not Available


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

Selected Interest Rates
Averages of Daily Figures

Percent

Percent

30-Year
Treasury Securities

rederal
Funds Rate

Discount Rate

3

17

1

15 29 12 26 9 23 8 22 5

1996/97
Oct 11
18
25
Nov
1
8
15
22
29
Dec
6
13
20
27
3 •
Jon

Federol
Funds ••
5.14
5.22
5.22
5.27
5.32
5.21
5.41
5.30
5.52
5.22
5.38
5.18
5.37

19 3

“....

3-Month
Treasury Bill

17 31 14 28 12 26 9 23 6 20 4

18

1

15 29 13 27

3-Month
Treasury
Bill

1 -Yeor
Treasury
Bill

5-Year
Treasury
Securities

10-Year
Treasury
Securities

30-Year
Treasury
Securities

4.98
5.00
5.00
5.03
5.03
5.03
5.03
5.02
4.92
4.83
4.88
4.97
5.02

5.26
5.26
5.26
5.18
5.15
5.13
5.13
5.13
5.14
5.17
5.22
5.20
5.20

6.30
6.28
6.29
6.15
6.05
5.97
5.94
5.90
5.92
6.06
6.15
6.12
6.16

6.55
6.54
6.55
6.42
6.30
6.18
6.16
6.12
6.15
6.31
6.40
6.34
6.37

6.83
6.83
6.83
6.71
6.57
6.45
6.43
6.41
6.43
6.56
6.63
6.58
6.60

Current data oppeor in the Federal Reserve Boord's H.15 release.
• Averoges of rates available
•• Seven-day averages for week ending two days eoriier than date shown


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bonk of St. Louis

7

- 5.0

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

Billions of Dollars

Nov 18
3800'

Dec

2

Billions
3797.1
3792.3
3813.1
3822.2
3822.6
3831.0

Billions of Dollars

M2 (left scole)

Non-M1 M2 (right scole)

6 20 4

18 I

15 29 12 26 II 25 8 22 6 20 3 17
Feb

Mar

Apr

May

Non-M1 M2
Billions
Nov 18
2721.*
2718.3
Dec 2
2725.4
2751.4
2749.7
2752.0

15 29 12 26 9 25 7 21 4

Jun

Jul

Aug

Sep

Oct

18 2
Nov

16 30 13 27
Dec

1996
M2 is the sum of M1, savings (including money market deposit occounts), small time deposits ond retail money
funds. Current doto appear in the Federal Reserve Board's H.6 release.

Money Stock (M2)
Compounded annual rotes of change, overage of four weeks ending:
To the overaqe
of four weeks
ending:
5/20/96

12/25/95

3/25/96

5/20/96

6/24/96

7/22/96

8/26/96

9/23/96 10/21/96

4.4

6/24/96

4.5

1.6

7/22/96

4.1

1.6

3.4

8/26/96

4.1

2.1

3.5

9/23/96

4.0

2.3

3.6

3.0

3.8

10/21/96

3.8

2.2

3.2

2.6

3.0

2.5

11/25/96

4.1

2.9

3.9

3.7

4.2

4.3

12/23/96

4.6

3.7

4.8

4.7

5.3

5.8


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Federal Reserve Bank of St. Louis

2.7

Prepared by Federal Reserve Bonk of St. Louis

Savings and Small Time Deposits
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Small Time
1996
Billions
Nov 18
946.6
947.8
948.9
949.1
949.2
948.5

Small Time (left scale)

Sovings
Billions
1257.6
1252.7
Dec 2
1258.6
1274.7
1273.0
1271.7
1996

Savings Deposits (right scale)

3 17
Apr

May

Jun

I

15 29 12 26 9 23 7 21 4
Jul

Aug

Sep

IS 2

16 30 13 27

Oct

1996
Sovings deposits ond small time deposits are ot all depository institutions.

Large Time Deposits and Retail Money Funds
Averages of Daily Figures
seasonally Adjusted

Billions of Dollars
Large Time
1996
Nov 18
480.8

Billions of Dollars
Retoil Money
1996
Billions
Nov 18
25
517.8

487.3
490.0
492.4
496.6

527.5
527.5
531.8

Retail Money

Large Time

Apr

May

Jun

IS 29 12 26 9 23 7 21 4
Aug
Sep
Oct

18 2 16 30 13 27

1995
1996
1997
Lorge time deposits ond retail money funds are at all despository institutions. Large time deposits ore those
issued in denominations of Si00,000 or more. Retail money funds were originally called general purpose
ond broker/dealer money morket funds.
Prepared by Federal Reserve Bonk of St. Louis


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Federal Reserve Bank of St. Louis

9

10
Total Borrowings
From Federal Reserve Banks
Averages of Daily Figures

Billions of Pallors
Nov 27
Dec 4

1

0.317
0.374

Jon

Billions of Dollars

0.153
0.188
0.097

1

15 29 13 27 10 24 7 21 6 20 3 17 1 15 29 12 26 10 24 7 21 4 18 2 16 30 13 27 11 25 8 22
Nov
Dec
Jon
Feb
Mor
Apr
Moy
Jun
Jul
Aug
Sep
Oct
Nov
Dec

1995
1996
Borrowings include seasonal, adjustment and extended credit.

1997

Bank Loans and Credit
All Commercial Banks in the United States’^
Seasonally Adjusted

Billions of Dollars
Bank Credit
Billions
Nov 13
3742.5
3736.1
3778.9
Dec 4
3754.0
3766.2
3766.7

Billions of Dollars

2880

2820

Bank Credit (left scale)2/
2760

2700
Loons&Leoses
Billions
Nov 13
2761.8
2753.6
2781.6
2763.1
2770.2
2772.6
t—H ■ .

Loans and Leases (right scale)

15 29 13 27 10 24 7 21

6 20 3

17

1

IS 29 12 26 10 24 7 21

4

18 2 16 30 13 27 11 25 8 22

Sep
1995
1996
Current data appear in the Federal Reserve Board's H.8 releose.
1/ Includes foreign-related institutions
2/ Includes loons and leases and securities


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Federal Reserve Bank of St. Louis

Oct
1997

Prepared by Federal Reserve Bank of St. Louis

2640

2580

Commercial Paper of Nonfinancial Companies
Not Seasonally Adjusted
1996
Nov 20
27
Dec 4
11
25

Billions
105.780
184.732
182.256
178.392
IEI&234

-» r ■
15 29 13 27 10 24 7 21
Nov
Dec
Jon
Feb

6 20 3 17
Mor
Apr

15 29 12 26 10 24 7 21
May
Jun
Jul
Aug

1995

1

18 2 16 30 13 27 11 25 8 22
Sep
Oct
Nov
Dec
Jon

1996

1997

Commercial and Industrial Loans
Seasonally Adjusted

3illions of Dollars
Billions
774.2
772.7
780.5
778.9
785.7
785.4

780-

Billions of Dollars

- 400
All Bonks (left scale)1/

Large Bonks (right scale) 2/

Large Bonks
196
Billions
Nov 13
379.5
379.3
382.8
382.4
382.5
382.2
1

15

12 26 10 24 7 21
1995

18 2

16 30 13 27 11 25 8 22
1997

Current data appear in the Federol Reserve Board's H.8 release.
1/ Includes foreign-related institutions
2/ Weekly reporting, domesticolly chartered banks


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Federal Reserve Bank of St. Louis

4

- 340

11

Prepared by Federol Reserve Bank of St. Louis

Dollar's Trade - Weighted Exchange Index
Averages of Doily Figures
1973=100

1973=100

Nov 27
fee 4

Jon

1

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. dollor, computed using 10 industrial country currencies.
Prepared by Federol Reserve Bonk of St. Louis

3
05

CD

J
0)


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Federal Reserve Bank of St. Louis