Full text of U.S. Financial Data : May 1, 1997

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Federal Reserve Bank

1111

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THE WMmSIG ALIGHTS:
■ After rising at a 3.8 percent annual rate in the fourth quarter, real
GDP rose at a 5.6 percent rate in the first quarter according to
the advance estimate. GDP growth in the first quarter was the
fastest since the fourth quarter of 1987. Measured from four
quarters earlier, real GDP is up 4 percent.
■ As measured by the employment cost index (ECI), total compensation
ofprivate industry workers increased at a 2.5 percent annual rate in
the first quarter, a modest slowing from the 3.1 percent gain posted in
the fourth quarter. The ECI is up 2.8 percent from four quarters earlier.
m Advance new orders for manufactured durable goods fell 3 percent
in March, as orders for transportation and electronic equipment
posted declines of 4.3 percent and 5.9 percent, respectively. Still,
for the entire first quarter, durable goods orders were up 1.6 percent,
the seventh consecutive quarterly increase.

■ Sales of new, single-family homes were at an annual rate of
813.000 units in March, off 2.5 percent from February’s sales pace.
However, for the first quarter, sales were at an annual rate of
824.000 units, the most units sold since the fourth quarter of 1978.
■ The real value of total construction spending fell 0.6 percent in
March, paced by a 3 percent drop in the value of nonresidential
construction. Residential and public construction, by contrast,
rose 1 percent and 0.2 percent, respectively. Total construction
spending is up 5.4 percent from March 1996.
__________________ 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). 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

Digitized bulletin board at (314) 621-1824 or internet World Wide Web server at http://www.stls.frb.org/fred.
for FRASER
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Federal Reserve Bank of St. Louis

2
Adjusted Monetary Base
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollors

Billions of Dollars

Billions
471.470
471.533
471.077
470.922
471.841
468.555

6 20 3 17
Moy

Jun

Aug

Sep

Feb

Oct

1996

Mor

Apr

Moy

1997

The odjusted monetary base is the sum of Federal Reserve deposits and vault cosh held by domestic depository
institutions, currency held by the public, ond an adjustment for the effect of chonges in reserve requirement
rotios. The monetary base series wos recently revised to include Federal Reserve deposits used to satisfy
clearing balance contracts. Doto ore computed by this bonk. A detailed description of the odjusted monetary
bose is ovoiloble from this bonk. Recent data are preliminary.

Adjusted Monetary Base
Compounded annual rotes of chonge, overoge of two maintenance periods ending:
To the overoge of
two maintenance
periods ending:

9/25/96 10/23/96 11/20/96 12/18/96

1/29/97

4/24/96

7/17/96

9/25/96
10/23/96

4.8
4.6

4.4

11/20/96

4.7

4.5

12/18/96

5.2

5.3

4.5
5.8

6.8

1/29/97
2/26/97

5.2
5.5

5.3

5.6

6.2

5.7

6.3

6.8

6.6
7.3

3/26/97
4/23/97

4.9

4.9

5.1

5.3

5.3

4.4

3.8

4.4

4.2

4.1

4.1

3.9

2.9

1.7

2/26/97


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

6.8
-1.8

Prepared by Federal Reserve Bonk of St. Louis

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

Billions of Dollars

Mar 17

1160Apr

7

Billions of Dollors

Billions
1072.5
1068.0
1077.0
1065.9
1057.2
1072.9

Apr

Billions
662.0
656.9
666.0
654.6
646.1
660.9

7

M1 (left

TCD (right scale)

Mor

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Feb

Mor

Apr

May

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

Money Stock (M1)
_ „
To the average
of four weeks
ending:
9/23/96

Compounded annual rotes of chonge, overage of four weeks endinq:
3
7/22/96 9/23/96 10/21/96 11/18/96 12/23/96 1/20/97

4/22/96

10/21/96

-6.8
-7.8

-9.7

11/18/96

-7.0

-7.9

-7.5

12/23/96

-6.0

-6.1

-4.7

-0.6

1/20/97
2/24/97

-5.4

-5.2

-3.6

-0.4

-4.6

-4.2

-2.5

0.1

0.6

0.8

3/24/97

-5.0

-4.7

-3.5

-1.6

-1.6

-2.2

4/21/97

-5.2

-5.0

-4.0

-2.5

-2.6

2/24/97

-3.4


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

0.1

Prepared by Federal Reserve Bonk of St. Louis

3

4
Adjusted Reserves
Seasonally Adjusted
Billions of Dollars

Billions of Dollars
Feb 12
Mar 12
Apr

9

Billions
71.974
70.537
69.220
68.730
68.854
66.656

6 20 3 17 1 15 29 12 26 10 24 7 21 4 18 2 16 30 13 27 11 25 8 22 5 19 5 19 2 16 30 14 28
Feb Mar
Apr
May
Aug
Sep
Oct
Apr
May
Jun

Adjusted reserves is the difference between the odjusted monetary base and the currency component of Ml.
The adjusted monetary bose series was recently revised: See the footnote to the monetary base chart for a
description of the chonge.

Adjusted Reserves
Compounded onnuol rotes of chonge, average of two maintenance periods ending:
To the overage of
two maintenance
periods ending:

4/24/96

7/17/96

9/25/96 10/23/96 11/20/96 12/18/96

9/25/96

-10.1

-14.1

11/20/96

-10.1

-13.2

-14.3

12/18/96
1/29/97

-6.8

-7.7

-3.6

4.8

-7.0

-7.8

-5.2

-1.0

2.9

2/26/97

-5.7

-5.9

-2.9

0.9

4.3

3/26/97

-8.6

-9.7

-6.0

-9.6

-10.8

-8.6
-10.3

-6.7

4/23/97

-9.0

2/26/97

-8.5

10/23/96

1/29/97

-8.8


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

Money Multiplier
Averoges of Doily Figures
3.0

Seasonally Adjusted

Ratio

Ratio

Compounded onnuol rotes
of change, average of
the four weeks ending
April 21. 1997, from
the four weeks ending:

2.8-

Apr 22.
Jul 15,
Oct 21.
Nov 18.
Dec 16.

1996
1996
1996
1996
1996

Feb 10
Mor 10
Apr

-8.9

2.290
2.273

7

-6.4
-6.4

-6.4
-6.3

1997

2.6

Apr

Moy

Jun

Jul

Aug

Sep

Oct

Feb

1996
Ratio of Ml to the adjusted mono lory base.

Mar

Apr

May

1997

Currency Component of M1
Averoges of Daily Figures
Billions of Dollars

410-j-------- 1-------- "T~------ 1--------- rCompounded onnuol rotes
of change, overage of
the four weeks ending
April 21, 1997, from
the four weeks ending:
400- ■ Apr 22
1996
JulI 22
UU
i- i13 9 0
Oct 21., 1996
Nov 18
II U » 23. 19
IQ, 1996
13
Dec

seasonally Adjusted

Billions of Dollars

Billions
Mor 17
Apr

402.0

7
402.7
403.7

Moy

Jun

Sep

Oct

Current doto appear in the Federal Reserve 8oord‘s H.6 releose.


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

Apr

May

1997
Prepared by Federal Reserve Bank of St. Louis

5

6
Yields on Selected Securities
Averages of Daily Figures
Percent

Percent

Prime Rote

Corporote
Aao Bonds

Municipal Bonds

Commercial Paper

1

15 29 12 26 10 24 7 21

5 19 2 16 30 13 27 11 25

1997

30-Doy
Commercial
Paper

90-Day
COs

90-Day
Bankers'
Acceptances

7
14
21
28
Mar 7
14
21
28
Apr 4
11
18
25
May 2

5.42
5.38
5.37
5.38
5.43
5.41
5.50
5.66
5.67
5.62
5.60
5.59
5.61

5.40
5.36
5.34
5.37
5.44
5.46
5.54
5.65
5.70
5.70
5.72
5.71
5.74

5.32
5.29
5.27
5.28
5.35
5.35
5.44
5.58
5.60
5.62
5.62
5.63
5.65

Feb

6

20

9 23

3 17 31 14 28 14 28

Corporate
Aaa Bonds
7.34
7.26
7.23
7.38
7.47
7.52
7.61
7.63
7.71
7.74
7.73
7.75
7.71

Corporate
Boo Bonds
7.98
7.89
7.87
8.01
8.10
8.15
8.22
8.24
8.33
8.36
8.34
8.35
8.32

Municipal
Bonds ••
5.70
5.62
5.56
5.65
5.70
5.75
5.78
5.81
5.88
5.88
5.87
5.87
NA

Current doto ore from the Federal Reserve Board's H.15 release, ond ore averages of rates ovailoble for the
week ending on May 2. 1997
•• Bond Buyer's Average Index of 20 municipal bonds. Thursday data
N A - Not Avoiloble
Prepared by Federal Reserve Bank of St. Louis


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Federal Reserve Bank of St. Louis

Selected Interest Rates
Averages of Daily Figures
Percent

Percent 8.0

30-Year
Treosury Securities
7.0

Federal
Funds Rate

Discount Rate
3-Month
Treosury Bill

1

15 29 12 26 10 24 7 21

Mor

Apr

Moy

Jul

2 16 30 13 27 11 25 8 22 6 20 3 17 31 14 28 14 28 11 25 9 23
Aug
Sep
Oct
Nov
Dec
Feb
Mor
Apr
May
1996

1997
Feb

7
14
21
28
Mar 7
14
21
28
Apr 4
11
18
25
Moy 2*

Federal
Funds ••
5.30
5.05
5.22
5.16
5.36
5.19
5.26
5.40
5.86
5.37
5.48
5.48
5.61

1997

3-Month
Treosury
Bill

1 -Year
Treosury
Bill

5-Yeor
Treosury
Securities

10-Year
Treosury
Securities

30-Year
Treasury
Securities

4.99
5.00
4.97
5.05
5.09
5.08
5.17
5.25
5.17
5.14
5.16
5.19
5.18

5.24
5.20
5.18
5.29
5.39
5.40
5.48
5.59
5.65
5.65
5.64
5.66
5.63

6.20
6.14
6.13
6.31
6.42
6.46
6.58
6.66
6.75
6.78
6.78
6.79
6.67

6.46
6.37
6.33
6.50
6.59
6.63
6.73
6.79
6.90
6.92
6.89
6.89
6.80

6.74
6.65
6.60
6.75
6.85
6.89
6.97
7.00
7.10
7.12
7.10
7.10
7.02

Current data appear in the Federal Reserve Board's H.15 release.
• Averages of rotes available
•• Seven-day averages for week ending two doys eorlier than dote shown


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

Prepared by 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

Mor 17

Billions
3876.9
3880.5
3893.3
3897.2
3896.2
3917.7

Billions of Dollars

2925

2850
M2 (left scale)

2775

2700

Non-Mi M2 (right scale)

Non-M1 M2
Billions
2804.4

Apr

2625

2812.5
2816.3
2831.3
2839.0
2844.8

7

2550
Mor

Apr

Moy

Aug

Jun

Sep

Oct

Nov

Oec

Jon

Feb

Mor

Apr

May

M2 is the sum of Ml, savings (including money morket deposit occounts), small time deposits ond retail money
funds. Current data oppear in the Federal Reserve Board's H.6 release.

Money Stock (M2)
To the overage
of four weeks
ending:

Compounded annuol rotes of chonge, overage of four weeks ending:
4/22/96

7/22/96

9/23/96 10/21/96 11/18/96 12/23/96

9/23/96

3.0

11/18/96

3.6

4.7

5.2

12/23/96

4.2

5.3

6.0

7.7

1/20/97

4.3

5.3

4.4

5.3

7.0
6.5

6.5

2/24/97
3/24/97

5.9
5.8

6.1

5.4

4.4
4.7

5.1
5.5

5.5
5.9

6.0
6.5

5.6
6.2

2/24/97

3.1

10/21/96

1/20/97

4.9
5.8

4/21/97


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

3.6

Prepared by Federal Reserve Bank of St. Louis

Savings and Small Time Deposits
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

3illions of Dollars

Small Time
Billions
945.2
945.1
944.5
944.8
945.8
946.7

Mor 17
985 -

Apr

7

Small Time (left scale)

Savings

Savings Deposits (right scale)

1997
Mor 17
Apr

4

18 1

15 29 13 27 10 24 8 22 5 19 2 16 30 14 28 II 25 9 23 6 20 3
Aug
Sep
Oct
Apr
Moy
Jun

Billions

7

17 3 17 31 14 28 12 26
Apr
May

1996
Savings deposits and small time deposits are at all depository institutions.

1997

Large Time Deposits and Retail Money Funds
Averages of Daily Figures

Billions of Dollars

Seasonally Adjusted

Billions of Dollars
Retoil Money
1997
Billio
555.7
558.2
563.4

504.9
507.0
510.9
512.9
519.0
518.6

Apr

7

566.9

570.2
571.8

Retail Money

Large Time

4 18 1

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

Apr

Moy

Jun

Aug

Sep

Oct

Feb

Mor

1996
1997
Large time deposits and retail money funds ore ot oil despository institutions. Large time deposits ore those
issued in denominations of $100,000 or more. Retail money funds were originally colled general purpose
and broker/dealer money market funds.
Prepared by Federal Reserve Bonk of St. Louis


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

9

10
Total Borrowings
From Federal Reserve Bonks
Averages of Daily Figures

Billions of Dollars

Billions of Dollars

Billions

Mor 26

6 20 3 17 1 IS 29 12 26 10 24 7 21 4 18 2 16 30 13 27 11 23 8 22 5 19 S 19 2 16 30 14 28
Apr
May
Jun
Aug
Sep
Oct
Apr
May
1996
Borrowings include seasonal, adjustment and extended credit.

1997

Bank Loans and Credit
All Commerciol Bonks in the United Stotes'^
Billions of Dollars
Bonk Credit

Apr

2

Seasonally Adjusted

Billions
3862.1
3858.8
3885.9
3870.1
3887.3
3905.2

Billions of Dollars

Bonk Credit (left scale)2/

Loons Sc Leoses
Billions

Loons and Leases (right scale)

6 20 3 17 1 13 29 12 26 10 24 7 21
Apr
Moy
Jun
Aug

2849.2
2852.5
2865.9
2851.5
2854.9
2867.1

4 18 2 16 30 13 27 11 23 8 22 3 19 3 19 2 16 30 14 28
Sep
Oct
Apr
May

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


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

1997
Mar 12
19
26
Apr 2
9
16

1997

Prepared by Federal Reserve Bank of St. Louis

Commercial Paper of Nonfinancial Companies
Not Seasonally Adjusted

Billions of Dollars

Billions of Dollars 230

Billions
Uor 19
220-

Apr

2

188.250
185.491
186.910
187.813
195.598
195.109

220

210

200

190

180

6 20 3 17

19 2 16 30 14 28i

18 2 16 30 13 27 11 25 8 22 5 19 5

170

Commercial and Industrial Loans
Seosonally Adjusted

3illions of Dollars

Billions of Dollars

420

All Banks
Mar 12
800Apr

2

Billions
801.7
801.9
800.2
804.0
812.3

Bonks (left scale)1/
400
Large Banks (right scale)2/
380

360

Large Banks
97

Apr

2

Billions
392.8
393.8
397.8
395.8
395.9
399.9

340

320

1996
Current data appear in the Federol Reserve Board's H.8 release.
1/ Includes foreign-reloted institutions
2/ Weekly reporting, domesticolly chartered banks


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

1997

Prepared by Federal Reserve Bonk of St. Louis

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

1973=100

105

1973=100
Mor 26

Apr

2
100

100-

95

90

85
6 20 3

Mor

17 1

Apr

15 29 12 26 10 24 7 21

May

Jun

Jul

Aug
1996

4

18 2 16 30 13 27 11 25 8 22 5

Sep

Oct

Nov

Dec

Jan

19 5

Feb

19 2

Mor

16 30 14 28

Apr

Moy

1997

Current data appear in the Federol Reserve Board's H.10 release. Dato ore weighted overages 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 Bonk of St. Louis