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Confidential (FR) Class III FOMC
December 7, 2001
CURRENT ECONOMIC
AND FINANCIAL CONDITIONS
Supplemental Notes
Prepared for the Federal Open Market Committee
by the staff of the Board of Governors of the Federal Reserve System
Contents
Domestic Nonfinancial Economy .............................
1
................
Labor Market Developments ...............
...
Employment and unemployment ......................
.
....... ......
Productivity and labor costs ...............
......
Consumer Sentiment ...............................
..................
Manufacturers' Inventories ...............
1
Tables
Changes in Employment .......................
Selected Unemployment and Labor Force Participation
Rates .............. ....................
....
Labor Productivity and Costs ...................
University of Michigan Survey Research Center:
Survey of Consumer Attitudes ...................
Change in Mantufacturing Inventories ................
Manufacturers' Inventory-Shipments Ratios ...........
.
4
6
8
2
.3
5
7
9
9
Chart
2
Private Payroll Employment Growth .................
Aggregate Hours of Production or Nonsupervisory
Workers .......................
..........
2
Labor Force Participation Rate and Unemployment Rate . 3
Joe Losers Unemployed for Less than 5 Weeks ........ 3
. 10
The International Economy ..............................
...... 10
U.S. International Financial Transactions .................
Table
Summary of U.S. International Transactions ..........
11
The Domestic Financial Economy
Table
Selected Financial Market Quotations ...............
12
Supplemental Notes
The Domestic Nonfinancial Economy
Labor Market Developments
Employment and unemployment. The labor market deteriorated further in
November, as the economy continued to experience widespread job losses and
rising unemployment. Employment on private nonfarm payrolls declined by
325,000 last month, and October payrolls were revised down by 48,000,
bringing the total job losses thus far in the fourth quarter to 812,000.1 Since
the recent employment peak in 2001:Q1, the private nonfarm sector has shed
1.5 million jobs, comparable to the loss experienced from 1990:Q2 through
1991:Q2 (one quarter after the official trough). In the household survey, the
unemployment rate increased 0.3 percentage point, to 5.7 percent, following a
0.5 percentage point rise last month. The rise over the past three months is the
fastest since the fall of 1982.
The manufacturing industry, shedding 163,000 jobs, accounted for the largest
share of job losses in employment in November. This was the biggest single
monthly decline in factory payrolls since manufacturing employment began to
fall in August 2000, and it brought the total job losses in manufacturing since
then to nearly 1.4 million. The weakness in the manufacturing sector was
widespread, and the manufacturing diffusion index of one-month employment
change fell to 25.4 in November, the lowest reading since May 1980.
Moreover, wholesale trade and help supply, two industries closely tied to
manufacturing, also saw sizable employment losses in November.
Elsewhere, employment declines continued to be heavy in industries most
directly affected by the events of September 11. Transportation lost 54,000
jobs, a loss comparable with last month's, with air transportation and
transportation services, which includes travel agencies, accounting for nearly
all the drop. Similarly, employment in amusement and recreation services
posted a 25,000 decline, while hotel and other lodging places lost 7,000 jobs.
In contrast, retail trade experienced a much smaller decline in employment last
month (-14,000), and health services continued to expand a rapid pace, adding
32,000 jobs-above the average for 2001. Finance. insurance, and real estate
also added jobs in November-the third increase in four months-led by
1. These data incorporated the BLS's six-month update to the seasonal adjustment factors
for the establishment survey data. The new seasonal factors cover September 2001 through
April 2002 and thus were used in putting together the November estimates as well as in
calculating the revisions to the September and October data. Most of the revision to the AugustSeptember change in employment was due to the change in the seasonal factors, although the
fact that the estimates for these months are constructed from inconsistent seasonal factors makes
this revision difficult to interpret. The revision to the September-October change, which is based
on updated and consistent seasonal factors, was due largely to changes in the unadjusted data.
-2CHANGES IN EMPLOYMENT
(Thousands of employees; based on seasonally adjusted data)
2000
Sept.
2001
Oct.
--Average monthly change--67
-165
267
66
-74
267
66
-74
-83
-213
-113
-118
-141
121
178
1
1
3
1
0
5
-29
-120
-103
-85
16
21
-22
2
10
-16
-12
-3
16
13
-8
-47
31
21
35
-11
-22
9
8
-15
-7
7
4
1
10
5
110
76
4
16
-7
-18
-44
-19
15
-24
39
51
-54
90
-468
-415
-487
0
-124
-17
-53
-119
-17
-6
-151
-101
19
-325
-2
-163
-2
-58
-14
-25
9
-70
-87
-6
H1
Nonfarm payroll employment1
Previous
Private
Mining
Manufacturing
Construction
Transportation and utilities
Retail trade
Wholesale trade
Finance, insurance, real estate
Services
Help supply services
Total government
Total employment (household survey)
Nonagricultural
Memo:
Aggregate hours of private production
,
2.1
workers (percent change) 1 2
34.5
Average workweek (hours)1
Manufacturing (hours)
41.8
2001
H2
Q2
109
115
-283
-227
0.2
34.3
41.3
-1.5
34.2
40.8
Q3
1997
1998
1999
2000
788
685
-619
-599
-478
-387
-3.0
34.1
40.7
-0.1
34.1
40.6
-0.7
34.0
40.5
-0.1
34.1
40.3
Aggregate Hours of Production or
Nonsupervisory Workers
1982 =100
1997
1998
-331
83
8
Note. Average change from final month of preceding period to final month of period indicated.
1. Survey of establishments.
2. Semi-annual data are percent change from Q4 to Q2 and from Q2 to Q4 at an annual rate.
Quarterly data are percent changes from preceding quarter at an annual rate. Monthly data
are percent change from preceding month.
Private Payroll Employment Growth
(Strike-adjusted data)
Thousands of employees
Nov.
1999
2000
2001
SELECTED UNEMPLOYMENT AND LABOR FORCE PARTICIPATION RATES
(Percent; based on seasonally adjusted data, as published)
Sept.
2001
Oct.
2001
1999
2000
Q1
Q2
Q3
Nov.
Civilian unemployment rate
4.5
4.8
4.9
5.4
14.0
8.1
3.4
3.4
15.2
8.4
3.6
3.7
14.7
8.5
3.7
3.9
15.5
9.5
4.2
4.3
15.9
9.7
4.6
4.5
67.2
66.9
66.8
67.0
66.9
66.9
52.2
51.3
49.7
49.1
49.8
50.0
49.6
77.9
76.0
78.2
75.9
76.6
75.9
77.0
75.9
77.6
75.9
77.0
76.0
77.3
75.8
59.5
59.7
59.9
59.6
59.7
59.7
59.6
59.5
7.2
6.9
7.1
7.4
7.8
7.8
8.4
n.a.
4.2
4.0
Teenagers
20-24 years old
Men, 25 years and older
Women, 25 years and older
13.9
7.5
3.0
13.1
7.1
2.8
3.3
3.2
Labor force participation rate
67.1
67.2
52.0
77.6
76.1
(16 years and older)
Teenagers
20-24 years old
Men, 25 years and older
Women, 25 years and older
Memo:
Potential worker rate1
4.2
13.7
7.4
3.1
3.3
5.7
1. The potential worker rate equals the number of civilian unemployed plus those who are not in the
labor force and want a job as a percentage of the civilian labor force plus those who are not in the
labor force and want a job.
Labor Force Participation Rate and Unemployment Rate
Percent
Participation rate (left scale)
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
Job Losers Unemployed for Less Than 5 Weeks
(Percentage of household employment)
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2001
Percent
2000
2001
further hiring at mortgage banks and brokers. Construction lost only 2,000
jobs this month following a large loss last month; however, warm weather may
have reduced the pace of layoffs somewhat.
The index of aggregate weekly hours of production or nonsupervisory workers
on nonfarm payrolls declined 0.1 percent in November to its lowest level since
September 1999. The average workweek edged up 0.1 hour, to 34.1 hours. In
contrast, the manufacturing workweek declined 0.2 hour, to 40.3 hours, a level
equal to the trough this series reached in March of 1991.
In the household survey, the rise in the unemployment rate was accompanied
by a 478,000 drop in household employment. The labor force participation
rate held steady at 66.9 percent. The proportion of the unemployed who
classified themselves as job losers moved up to 56.4 percent, its highest level
since October 1992, while the mean duration of unemployment rose to
14.5 weeks, the longest since May 1998.
Initial claims for unemployment insurance under state programs declined
18,000, to 475,000 for the week ended December 1 from an upward-revised
level of 493,000 in the previous week. The four-week moving average of initial
claims rose slightly to 461,000.2 The level of insured unemployment for the
week ended November 24 dropped 349,000, to 3.64 million, more than
reversing the jump in the previous week. Similarly, the insured unemployment
rate for the week ended November 24 dropped back 0.3 percentage point, to
2.8 percent. Nonetheless, the insured unemployment rate remains at a level not
sustained since 1992.
Productivity and labor costs. Output per hour of all persons in the nonfarm
business sector is now reported to have increased at an annual rate of 1.5
percent in the third quarter, a downward revision of 1.2 percentage points from
the 2.7 percent advance reported in the preliminary release. 3 The larger
decline in real output in the BEA's preliminary NIPA estimates accounted for
almost all of the downward revision. For the four quarters ended in 2001:Q3.
productivity rose 1.5 percent, 2-1/2 percentage points less than the increase
posted over the four quarters ended in 2000:Q3. However, relative to the
2. Using the Board staffs alternative seasonal factors, initial claims decreased 28,000 to
462,000, and the four-week average of initial claims edged up 5,000, to 456,000.
3. This release incorporated results from the 2000 Hours at Work survey. The results of this
survey, which measures the ratio of hours worked to hours paid, led the BLS to revise down the
previously estimated increases in hours in both 1999 and 2000. As a result, the increase in
output per hour for the four quarters ended in 1999:Q4 was revised up 0.1 percentage point, to
2.9 percent, and the rate for the four quarters ended in 2000:Q4 was revised up 0.3 percentage
points to 2.6 percent.
LABOR PRODUCTIVITY AND COSTS
(Percent change from preceding period at compound annual rate;
based on seasonally adjusted data)
2001
2000
19991 20001
Q4
Q1
Q2
Q3
2000:Q3
to
2001:Q3
Output per hour
Total business
Nonfarm business
Manufacturing
Nonfinancial corporations 2
3.0
2.9
5.5
2.9
2.6
4.9
3.0
2.3
2.8
-.2
-.1
-2.7
2.2
2.1
-.5
1.1
1.5
2.5
1.5
1.5
.5
2.8
2.9
.7
.5
3.3
2.4
1.7
4.5
4.5
4.6
7.9
7.8
9.1
9.5
8.9
12.7
5.1
4.9
6.0
5.2
4.7
6.1
3.5
3.8
3.6
5.8
5.6
7.0
4.5
7.8
9.6
5.5
6.1
4.9
6.5
1.4
1.5
-.8
4.9
5.0
4.0
6.3
6.4
9.7
5.3
5.0
8.9
3.0
2.6
6.7
2.4
2.3
1.1
4.2
4.1
6.5
1.6
4.7
8.9
5.0
2.7
2.5
4.7
Compensation per hour
Total business
Nonfarm business
Manufacturing
Nonfinancial corporations 2
Unit labor costs
Total business
Nonfarm business
Manufacturing
Nonfinancial corporations 2
1. Changes are from fourth quarter of preceding year to fourth
quarter of year shown.
2. The nonfinancial corporate sector includes all corporations doing
business in the United States with the exception of banks, stock
and commodity brokers, finance and insurance companies; the sector
accounts for about two-thirds of business employment.
sharp slowing in output, the deceleration in productivity over the past year
seems in line with historical experience.
The increase in hourly compensation in the third quarter was revised down
0.7 percentage point to an annual rate of 3.8 percent, significantly below the
4.8 percent pace seen in the first half of this year. Nonetheless, the larger
downward revision to productivity led to a 0.5 percentage point upward
revision to the rise in unit labor costs last quarter, to an annual rate of 2.3
percent. Over the last four quarters, unit labor costs increased 4.1 percent,
about 1-1/2 percentage points more than the increase posted over the previous
four quarters.
The first estimate of productivity and costs in the nonfinancial corporate sector
for the third quarter of 2001 showed that output per hour in this sector rose at
an annual rate of 2.4 percent in the third quarter.4 Hourly compensation rose
at a 4.9 percent rate in the third quarter, while unit labor costs were up at a rate
of 2.5 percent.
Average hourly earnings of production or nonsupervisory workers rose
0.3 percent in November. Since midyear, this measure of wage change has
increased at an annual rate of 3.6 percent-down from 4 percent in the first half
of the year and 4.3 percent in 2000.
Consumer Sentiment
According to the preliminary report. the Michigan Survey Research Center's
(SRC) index of consumer sentiment rose nearly 2 points in early December,
following a smaller rise in November. In early December, the currentconditions component of the index was about unchanged at a level only
slightly above September's reading. However, the expected-conditions
component continued to rise moderately and is currently about 6 points higher
than in September.
Among those items not included in the overall index, expectations about the
change in unemployment over the next twelve months improved a bit further
in December and have now returned to the level of midsummer. Meanwhile,
consumers' appraisals of buying conditions for automobiles remained at an
elevated level, as manufacturers extended many of their relatively attractive
financing incentives. Also, consumers' appraisals of homebuying conditions
4. Today's release incorporated the BEA's revisions to price indexes used to calculate real
output for nonfinancial corporations back to the first quarter of 1998. The revisions lowered the
estimated rise in output by 0.2 percentage point over the four quarters ended in 1999:Q4. and by
1.6 percentage points over the four quarters ended in 2000:Q4.
December 7,
2001
UNIVERSITY OF MICHIGAN SURVEY RESEARCH CENTER: SURVEY OF CONSUMER ATTITUDES
(Not seasonally adjusted)
2001
Apr.
2001
May
2001
June
2001
July
2001
Aug.
2001
Sept.
2001
Oct.
2001
Nov.
2001
Dec
(p)
Indexes of consumer sentiment
(Feb. 1966=100)
Composite of current and expected conditions
Current conditions
Expected conditions
88.4
98.0
82.2
92.0
102.2
85.4
92.6
101.6
86.9
92.4
98.6
88.4
91.5
101.2
85.2
81.8
94.6
73.5
82.7
94.0
75.5
83.9
95.3
76.6
85.8
95.9
79.3
Personal financial situation
Now compared with 12 months ago*
Expected in 12 months*
110
134
112
129
117
126
114
133
118
127
108
128
107
128
107
134
102
132
Expected business conditions
Next 12 months*
Next 5 years*
92
104
99
115
114
109
115
107
102
113
71
95
77
98
76
97
84
101
Appraisal of buying conditions
Cars
Large household appliances*
Hoises
129
143
.44
133
152
154
127
146
162
138
141
149
132
144
154
133
136
149
152
136
159
164
140
161
165
146
169
34
55
45
58
43
64
41
60
47
55
39
47
52
62
54
56
36
55
146
138
135
140
142
151
150
143
141
21
21
22
24
23
24
21
24
23
3.7
3.1
3.9
3.2
4.0
3.0
3.0
2.6
3.1
2.7
3.2
2.8
1.6
1.0
1.0
.4
1.6
1.6
3.6
3.1
3.6
3.0
3.6
3.0
3.4
2.9
3.6
3.0
3.4
2.9
2.8
2.7
3.2
2.8
3.0
2.9
Willingness to use credit
Willingness to use savings
Expected unemployment change - next
12 months
Prob. household will lose a job - next 5 years
Expected inflation - next
Mean
Median
12 months
Expedted inflation - next 5 to 10 years
Mean
Median
* -(p)
(f)
Indicates the question is one of the five equally-weighted components of the
---
index of sentiment.
Preliminary
Final
Note: Figures on financial, business, and buying conditions are the percent reporting 'good times'
Expected change in
'better') minus the percent reporting 'bad times' (or 'worse'), plus 100.
unemployment is the fraction expecting unemployment to rise minus the fraction expecting
unemployment to fall, plus 100.
(or
rose noticeably, with more respondents citing low interest rates as a reason to
buy.
In December, the mean of expected inflation over the next twelve months rose
0.6 percentage point, to 1.6 percent, reversing its decline in November but
remaining near its lowest level since the late 1950s. The median jumped
1.2 percentage points, also to 1.6 percent. By contrast, both the mean and the
median of expected inflation over the next five years at 3 and 2.9 percent
respectively, were about unchanged in early December,.
Manufacturers' Inventories
The book value of manufacturers' inventories decreased at an annual rate of
$23.8 billion in October following a $51.5 billion liquidation in September.
Shipments increased 2.2 percent in October, and theinventory-sales ratio
dropped to 1.40 months.
Durable goods inventories fell in every category except aircraft, with the most
notable drawdown recorded at manufacturers of computers and electronic
products. Although inventory-shipments ratios also moved down for every
category except aircraft, stocks generally remain quite bloated relative to
shipments, with October stock-to-shipments ratios in most categories
exceeding the August reading. Nondurable goods inventories fell at a
$9 billion pace in October, led by a large liquidation at petroleum and coal
producers. The inventory-shipments ratio in the nondurable goods sector in
October was 1.13 months, greater than the August reading of 1.12 months.
CHANGE IN MANUFACTURING INVENTORIES
(Book value, billions of dollars at annual rate)
2000
2001
2001
Q4
QI
Q2
Q3
July
Aug .
Sept.
Oct.
Total manufacturing
17.2
-11.9
-34.4
-45.3
-43.1
-41. 3
-51.5
-23.8
Excluding aircraft
15.0
-5.2
-32.8
-46.8
-44.4
-43. 6
-52.5
-30.1
Durable goods
18.1
-9.6
-25.2
-35.5
-34.6
-30. 6
-41.4
-14.5
-.9
-2.2
-9.2
-9.8
-8.5
-10. 8
-10.1
-9.3
Nondurable goods
MANUFACTURERS' INVENTORY-SHIPMENTS RATIOS
2000
2001
2001
. Sept.
Oct.
1.3!8
1.43
1.40
1.30
1.3(0
1.35
1.31
1.60
1.59
1.5(9
1.67
1.61
1.12
1.13
1.12
1.15
1.13
Q4
QI
Q2
Q3
July
Total manufacturing
1.36
1.38
1.38
1.38
1.38
Excluding aircraft
1.28
1.30
1.30
1.30
Durable goods
1.55
1.59
1.59
Nondurable goods
1.13
1.13
1.12
Aug
The International Economy
U.S. International Financial Transactions
We noted in the Greenbook that foreign private net purchases of U.S. securities
fell substantially in the third quarter, with the falloff particularly strong in
September. Preliminary data now in hand indicate that foreign purchases
rebounded significantly in October, soaring to $66 billion (line 4 of the
"Summary of U.S. International Transactions" table). The increases came in
every major category of security, but demand for agency bonds was most
dramatic as foreigners acquired a record $25 billion of these securities (line 4b).
Agency bond issuance remained strong in October and included Freddy Mac's
quarterly euro reference note. Foreigners returned to Treasuries in October and
made net acquisitions of $14 billion (line 4a), largely in Treasury bonds. Net
foreign purchases of corporate bonds amounted to $20 billion (line 4c)-a
number more in line with levels recorded before the September terrorist attacks.
Foreigners also resumed net purchases of U.S. stocks, buying $7 billion (line
4b) in contrast to unusual net sales of $12 billion (revised) in September.
U.S. investors bought net $4 billion of foreign securities in October (line 5)
compared with large net sales in September and the third quarter. The October
purchases were mostly in foreign stocks (line 5b).
Foreign official assets in the United States increased $6 billion in October
(line 1). The increase was attributed primarily to Japan.
Summary of U.S. International Transactions
(Billions of dollars, not seasonally adjusted except as noted)
1999
2000
2000
Q4
Official financial flows
1. Change in foreign official assets
in the U.S. (increase. -)
a. G-10 countries
2 2001
Q3
Q2
1
Ql
Oct
Sept
55.0
39.3
-5.4
4.8
-21.3
13.2
9.6
6.3
46.4
39.6
-4.0
4.6
-20.0
16.8
12.7
5.9
49.7
12.3
-.8
-5.5
-6.1
-5.6
1.6
10.5
1.5
-6.1
.4
2.0
-5.3
10.7
16.6
.6
-3.8
.8
9.2
-2.1
-11.8
-4.7
27.0
-3.7
14.8
8.6
-.3
-1.4
.2
-1.3
-3.6
-3.1
Private financial flows
321.7
404.0
119.1
98.7
146.0
n.a.
...
Banks
3. Change in net foreign positions
of banking offices in the U.S!
-12.4
-6.8
13.3
-79.9
29.0
-12.1
-36.5
Securities'
4. Foreign net purchases of U.S.
securities (+)
a. Treasury securities
b. Agency bonds
c. Corporate and municipal bonds
d. Corporate stocks 3
333.2
-19.9
71.9
158.8
122.4
435.7
-52.4
111.9
182.1
194.0
117.8
-10.1
38.3
50.8
38.8
148.9
.6
38.8
68.9
40.7
125.8
-8.5
29.4
70.4
34.5
-112.9 -101.1
-5.7
-4.1
15.6 -13.1
-84.0
-122.9
-17.8
3.3
3.6
-24.7
-27.1
-2.0
-22.6
-2.6
-43.5
8.8
-18.1
-34.2
Other flows (quarterly data, s.a.)
6. U.S. direct investment (-) abroad -155.4 -152.4
7. Foreign direct investment in U.S. 301.0 287.7
22.4
1.1
8. Foreign holdings of U.S. currency
-39.1
84.7
6.2
-40.9
52.5
2.3
-35.6
67.2
2.8
-46.0
42.9
.3
b. OPEC countries
c. All other countries
2. Change in U.S. official reserve
assets (decrease, +)
5. U.S. net acquisitions (-) of
foreign securities
a. Bonds
b. Stock purchases
c. Stock swaps'
9. Other (inflow. -* )
U.S. current account balance (s.a.)
Capital account balance (s.a.)'
Statistical discrepancy (s.a.)
-54.2
-60.0
-28.4
.3
-4.0
6.3
9.9
-11.8
14.6
10.3
4.2
.0
-324.4 -444.7 -116.3 -111.8 -106.5
-3.5
.7
.2
.2
.2
-48.8
.7
2.4
8.1
-18.4
NOTF. The sum of official and private financial flows. the current account balance, the capital account balance, and
the statistical discrepancy is zero. Details may not sum to totals because of rounding.
1. Changes in dollar-denominated positions of all depository institutions and bank holding companies plus certain
transactions between broker-dealers and unaffiliated foreigners (particularly borrowing and lending under repurchase
agreements). Includes changes in custody liabilities other than U.S. Treasury bills.
2 Includes commissions on securities transactions and excludes adjustments BEA makes to account for
incomplete cmerage: therefore does not match exactly the data on U.S. international transactions published by the
Department ol Commerce.
3. Includes (4d) or represents (5c) stocksacquired through mergers.
4. Transactions by nonbanking concerns and other banking and official transactions not shown elsewhere plus
.amounts resulting from adjustments made by the Department of Commerce and revisions in lines I through 5 since
publication of the quarterly data in the Survey of Current Business
5 Consists of transactions in nonproduced nonfinancial assets and capital transfers.
n.a. Not aailable
Not applicable
III-T-l
Selected Financial Market Quotations
(One-day quotes in percent except as noted)
ige to Dec. 6 from
ates (percentage pointsi
2001
2001
Sept. 10
Instrument
Nov. 5
Short-term
FOMC intended federal funds rate
6.50
3.50
2.50
2.00
-4.50
-1.50
5.66
5.94
3.19
3.13
1.97
1.91
1.72
1.87
-3.94
-4.07
-1.47
-1.26
6.56
6.56
3.42
3.24
2.11
2.04
1.89
1.80
-4.67
-4.76
-1.53
-1.44
-4.65
-4.81
-4.86
-1.47
-1.34
-1.21
3-month
-4.68
-4.78
-1.46
-1.35
Bank prime rate
-4.50
-1.50
Treasury bills I
3-month
6-month
Commercial paper
I-month
3
-month
Large negotiable CDs
1-month
3-month
6-month
Eurodollar deposits 1-month
Intermediate- and long-term
U.S. Treasury
2-year
10-year
30-year
3
U.S. Treasury 10-year indexed note
Municipal revenue (Bond Buyer) 4
Private instruments
10-year swap
10-year FNMA
10-vear AA 5
10-vear BBB 5
High yield 6
Home mortgages i FHLMC survey rate
30-year fixed
I-year adjustable
8.14
7.22
6.89
5.64
7.02
5.22
6.56
5.26
-1.12
-2.00
46
-04
.13
-.42
:e to Dec. 6
ed dates toercenti
Record
2001
2001
Level
Date
Sept. 10
Nov. 5
Dec. 6
high
Sept. 10
Nov. 5
11.723
1.527
5.049
606
14,752
1-14-00
3-24-00
3-10-00
3-9-00
3-24-00
9.606
1.093
1.69
441
10.104
0.441
1.103
1.794
438
10.157
10.099
1.167
2.054
482
10.822
-13.85
-23.59
-59.31
-20.44
-26.64
5.14
6.82
21.17
9.42
-7,10
Stock exchange index
Do,-Jones Industrial
S&P 500 Composite
Nasdaq iOTC)
Russell 2000
Wilshire 5000
6.'7
583
14.53
10.21
6 55
1. Secondary market.
. Bid rates for Eurodollar deposits collected around 9:30 a.m. Eastern time.
3. Denved from a smoothed Treasury \ield cure estimated using off-the-run securities.
4. Most recent Thursday quote.
. Denved from smoothed corporate yield cur'es estimated using Merrill L.nch bond data.
(. Merrill L.nch 175 high-1ieid bond inde\ composite
7.
For tteek ending Frida
preu ious to dale sho n.
lune 26. 2(00 is the day before the FOM(" :neelnL that ended !he moti recent period of pohlic tightening.
September 10. 2001 is the da. before the terruonsi attacks
November 5. 2001 is the dav before the most recent FOM( mieetmin
SN\I) \\
@FedFRASER