Full text of U.S. Financial Data : April 10, 1997

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

ril-10,1997

APR J 5 m
THE WEEK'S HIGHLIGHTS:
■

Nonagricultural payrolls increased 175,000 in March, a 1.7 percent
annual rate of increase. Payroll employment rose at a 2.4 percent
rate in the first quarter, surpassing the 1.8 percent increase registered
in the fourth quarter of 1996. In addition, average hourly earnings
rose at a 4.2 percent rate in the first quarter, the largest increase in
six and a half years. Measured from four quarters earlier, payroll
employment increased 2.3 percent, while hourly earnings were up
3.9 percent.

■

The nominal value of wholesale sales rose 2.1 percent in February
after rising 0.8 percent in January. At the same time, the value of
wholesale inventories fell slightly in February, following a 0.8 percent
increase in January. Accordingly, the wholesale trade inventoryto-sales ratio fell to 1.24 in February—the lowest ratio since
September 1984.

■

Consumer installment debt outstanding rose at a 6.9percent annual
rate in February. Automotive credit was unchanged, while revolving
credit increased at a 13.7 percent rate. Consumer credit was up
8 percent over the preceding 12 months.

■

Yields on 30-year Treasury securities averaged 7.10 percent for
the week ending April 11, up 69 basis points from its recent low of
6.41 percent for the week ending Nov. 29, 1996. Over this same
period, yields on three-month Treasury bills rose 10 basis points,
averaging 5.12 percent for the latest week (see page 7).

__________________ 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
bulletin
board at (314) 621-1824 or internet World Wide Web server at http://www.stls.frb.org/fred.

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

2
Adjusted Monetary Base
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Billions
470.075
471.470
471.533
471.079
470.932
471.616

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 5 19 5 19 2 16 30
Moy
Jun
Aug
Sep
Oct
Nov
Dec
Feb Mar
Apr

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

Adjusted Monetary Base
To the overage of
two maintenance
periods ending:

Compounded annual rates of change, average of two maintenance periods ending:
4/10/96

7/3/96

10/9/96
11/6/96

4.9
4.3
4.5

5.3

3.3

12/4/96

4.9

5.8

1/15/97

4.4
5.0

4.8

4.8
3.7

9/11/96

2/12/97
3/12/97
4/9/97

9/11/96

10/9/96

12/4/96

1/15/97

2/12/97

5.2
6.8

5.1

4.4
6.0

4.7

5.6
5.2

4.5

5.1

4.3

4.6

3.9


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

11/6/96

3.9
6.1
5.0

4.2

5.3
6.4

4.1

3.2

4.2

0.7

Prepared by Federal Reserve Bonk of St. Louis

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

Billions of Dollars

Billions of Dollars

1------- '------- '------t850
Feb 24

Billions
1080.3
1079.4
1077.1
1072.0
1067.6
1077.3

Billions
670.2
669.2

Feb 24
Mar 3

666.2

661.5
656.4
666.1

M1 (left scale)

TCD (right scale)

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Feb

Mar

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

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

Compounded annual rates of change, overage of four weeks ending:
4/1/96

9/2/96

-5.8

7/1/96

9/2/96

9/30/96 10/28/96

12/2/96 12/30/96

9/30/96

-5.9

10/28/96

-7.2

-9.6

12/2/96

-6.1

-7.3

-6.4

-6.4

12/30/96

-5.6

-6.4

-5.2

-4.8

0.1

2/3/97

-4.7

-5.0

-3.6

-2.9

0.8

0.7

3/3/97

-4.5

-4.7

-3.4

-2.8

0.2

-0.2

0.2

3/31/97

-4.7

-5.0

-3.9

-3.5

-1.3

-1.9

-2.2


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

2/3/97

-7.9
-10.8

-4.8

Prepored by Federal Reserve Bonk of St. Louis

3

4
Adjusted Reserves
Seasonally Adjusted
Billions of Dollars

Billions of Dollors
Jon 15
Feb 12
Mor 12

Billions
70.589
71.093
71.974
70.537
69.222
68.740

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 5 19 5 19 2 16 30
Feb Mor
Aug
Sep
Oct
Apr
Moy
Jun

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

Adjusted Reserves
Compounded annual rates of change, average of two maintenance periods ending:
To the overage of
two maintenance
periods ending:

3/27/96

6/19/96

8/28/96

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

8/28/96

-6.5

9/25/96
10/23/96

-6.0
-7.7

-7.0
-9.6

-11.1

11/20/96

-7.6

-9.0

-9.6

1/1/97
1/29/97

-5.8

-6.2

-4.9

-5.3

0.4

-8.2

-9.8

-11.2

-9.1

2/26/97

-6.9
-9.4

-9.4
-7.6

-7.3
-11.5

-8.0
-12.7

-5.5

-10.2
-5.3

-11.6

-12.7

3/26/97


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

-10.7

1/1/97

1/29/97

-12.5

-12.5
-20.5

-15.9

Prepored by Federal Reserve Bank of St. Louis

Money Multiplier
Averages of Daily Figures
Seasonally Adjusted

Ratio

Jan 13

Mar 25.

Mar 10

I
Dec
Jon

1 I ,
18.
30,
27,

19 4

18

Nov

5

Rotio

Compounded annual rates
of change, overage of
the four weeks ending
Morch 24, 1997, from
the four weeks ending:

1996

1

Feb 10

-8.5

15 29

Apr

1 H 28
May

Jun

Aug

Sep

Oct

1996
Ratio of M1 to the adjusted monetary base.

1997

Currency Component of M1
Averages of Daily Figures
^seasonally Adjusted

Billions of Dollars

Billions of Dollars

Compounded annual rotes
of change, overage of
the four weeks ending
March 31, 1997, from
the four weeks ending:
Apr
1. 1996
7.
JuI
1, 1996
8.
Dec

30

Feb 24
Mar 3

Billions
401.5
402.0

19 4

18

1

15 29

Apr

May

Sep

1996
Current doto appear in the Federoi Reserve Board's H.6 release.


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

Oct

Feb Mar
1997

Prepared by Federoi Reserve Bonk of St. Louis

5

6
Yields on Selected Securities
Averoges of Doily Figures
Percent

Percent

Prime Rote

Corporate
Aoo Bonds

Municipal Bonds

Commercial Paper

2 16 1

1997
Jan 17
24
31
Feb 7
14
21
28
Mor 7
14
21
28
Apr *
11

15 29 12 26 10 24 7 21 5 19 2 16 30 13 27 11 25 8 22 6 20 3 17 31 14 28 14 28 11 25
Jui
Aug

30-Day
Commercial
Paper
5.43
5.42
5.44
5.42
5.38
5.37
5.38
5.43
5.41
5.50
5.66
5.67
5.62

90-Day
Bankers'
Acceptances
5.34
5.33
5.33
5.32
5.29
5.27
5.28
5.35
5.35
5.44
5.58
5.60
5.60

90-Day
CDs
5.44
5.42
5.42
5.40
5.36
5.34
5.37
5.44
5.46
5.54
5.65
5.70
5.70

Corporate
Aaa Bonds
7.39
7.41
7.48
7.34
7.26
7.23
7.38
7.47
7.52
7.61
7.63
7.71
7.73

Corporate
Boa Bonds
8.07
8.10
8.12
7.98
7.89
7.87
8.01
8.10
8.15
8.22
8.24
8.33
8.35

Municipal
Bonds ••
5.72
5.72
5.73
5.70
5.62
5.56
5.65
5.70
5.75
5.78
5.81
5.88
NA

Current data ore from the Federol Reserve Boord's H.15 releose. and ore overages of rotes ovoiloble for the
week ending on April 11, 1997
•• Bond Buyer's Average Index of 20 municipal bonds, Thursday data

NA

Not Avoiloble


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

Prepared by Federal Reserve Bonk of St. Louis

4

Selected Interest Rates
Averages of Daily Figures

3C -Year
Treasijry Sec urities

7.0­

V

>

k.

6.0Fede ral
Funds Rate
\j

VV
V

Vv

VV
**

Discount Rote

*

\_

V;

V*

3- Month
Treo sury B II

18 ’ 1 ’is' ~1‘» 1 ' 1 1 ■ 1 -r 1 i |
29 12 26 10 24 7 21
Mor
Apr
May
Jun

Feb

| i i
1630 1327' 11 25 8 22
5 19
Jul
Aug
Sep
Oct
Nov

i'| i

6 20 3 17 31 14 28 14 28 11
5
Dec
Jan
Feb Mor
Apr

1996

1997
Jon 17
24
31
Feb 7
14
21
28
Mor 7
14
21
28
Apr 4
11 •

Federal
Funds ••
5.19
5.19
5.18
5.30
5.05
5.22
5.16
5.36
5.19
5.26
5.40
5.86
5.37

1997

3-Month
Treasury
Bill

Tnsr

5-Year
Treasury
Securities

10-Yeor
Treasury
Securities

30-Year
Treasury
Securities

5.03
5.04
5.04
4.99
5.00
4.97
5.05
5.09
5.08
5.17
5.25
5.17
5.12

5.30
5.30
5.30
5.24
5.20
5.18
5.29
5.39
5.40
5.48
5.59
5.65
5.64

6.33
6.34
6.36
6.20
6.14
6.13
6.31
6.42
6.46
6.58
6.66
6.75
6.75

6.56
6.58
6.62
6.46
6.37
6.33
6.50
6.59
6.63
6.73
6.79
6.90
6.90

6.81
6.84
6.89
6.74
6.65
6.60
6.75
6.85
6.89
6.97
7.00
7.10
7.10

1 -Year

Current do to appear in the Federol Reserve Board's H.15 releose.
• Averages of rotes ovoiloble
•• Seven-doy overages for week ending two days earlier than date shown


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

Prepared by Federal Reserve Bonk of St. Louis

7

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

Billions of Dollars

Billions of Dollors

Billions
Feb 24
Mor 3

’left scale)

Non-M1 M2 (right scale)

Non-Mi M2
Billions
2788.8
Feb 24
2791.1
Mor 3
2797.7
2804.8
2812.8
2816.3

5 19 4 18 I 15 29 13 27 10 24 8 22 5 19 2 16 30 14 28 II 25 9 23 6 20 3 17 3 17 31 14 28
Feb Mor
Aug
Sep
Oct
Feb
Mor
Apr
Moy
Jun

M2 is the sum of Ml, sovings (including money market deposit accounts), small time deposits ond retail money
funds. Current data appear in the Federol Reserve Board's H.6 release.

Money Stock (M2)
Compounded onnuol rates of change, overoge of four weeks ending:
To the overoge
of four weeks
ending:

4/1/96

9/2/96

3.1

9/30/96

3.3

10/28/96

3.3
3.9

12/2/96
12/30/96
2/3/97
3/3/97
3/31/97

4.2
4.4
4.4
4.5


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

7/1/96

9/2/96

9/30/96 10/28/96

12/2/96 12/30/96

2/3/97

3.5
3.5

3.9

4.4
4.8

5.2

5.6

5.7

6.1

7.3

5.0

5.8

6.1

6.9

5.0
5.0

5.6
5.5

5.8
5.7

6.3
6.1

6.6
6.0
5.7

5.4
5.2

4.6

Prepored by Federol Reserve Bonk of St. Louis

!

Savings and Small Time Deposits
Averages of Daily Figures
seasonally Adjusted

Billions of Dollars

Billions of Dollars

Small Time

1997
Feb 24

946.9
946.2
943.8
943.6
945.4
944.8
------ ,270

Small Time (left scale)

Savings Deposits (right scale)

Savings
1997
Feb 24
Mor 3
10

17
24
31
5

19 4

18 I

15 29
Apr
May

Jun

Aug

Sep

Oct

Feb

Mor

Sovings deposits and small time deposits are at all depository institutions.

Large Time Deposits and Retail Money Funds
Averages of Daily Figures
Billions of Dollars
1997
Feb 24

seasonally Adjusted

Billions of Dollars
Retail Money
1997
Feb 24
Mar 3
551.9
556.6
555.7
558.2
563.4

502.0
304.7
508.0
510.1
513.8

Retail Money

Large Time

Feb

Mor

Apr

Moy

Jun

Jul

Aug

Sep

Oct

1996
Large time deposits ond retoil money funds ore at all despository inst
issued in denominations of $100,000 or more. Retoil money funds w>
and broker/deoler money market funds.


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

9

10
Total Borrowings
From Federal Reserve Banks
Averoges of Doily Figures

Billions of Dollars

Billions of Dollars

Billions
Mor

5

Apr

2
0.065

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 5 19 5 19 2 16 30
Feb Mor
Aug
Sep
Oct
Apr
May
Jun
1996
Borrowings include seasonal, adjustment and extended credit.

1997

Bank Loans and Credit

All Commercial Banks in the United States1^
Billions of Dollars
Bonk Credit
7
19
26
5
12
19
26

Billions
3852.1
3849.5
3856.7
3857.3
3854.3
3881.1

Seasonally Adjusted

Billions of Dollars

Bank Credit (left scale)2/

Loons & Leoses

1997
Feb 19

Loons and Leases (right scole)

2826.6
2831.7
2844.3
2846.2
2849.5

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 5 19 5 19 2 16 30
Aug
Sep
Oct
Apr
May
1996
Current doto oppeor in the Federal 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

Prepared by Federal Reserve Bank of St. Louis

Commercial Paper of Nonfinancial Companies
Not Seasonally Adjusted

Billions of Dollars

220 —

Feb 26
Mor 5

Apr

2

Billions of Dollars

Batons
183.883
183.743
185.536
188.250
185.491
186.910

230

220

210

200

190

180

170

Commercial and Industrial Loans
Seasonally Adjusted

3i1lions of Dollars

Billions of Dollors

All Banks
Billions
800-

Mor

5

Bonks (left scale)1 /

801.1
801.6
801.2
801.6
806.1

Large Banks (right scale)

Large Bonks
Feb 19
392.5
393.1
392.8
397.9
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
1997
Current data appear in the Federal Reserve Board's H.8 release.
1/ Includes foreign-related institutions
2/ Weekly reporting, domestically chartered banks


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

11

Prepared by Federal Reserve Bonk of St. Louis

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

1973=100 105

100

95

90

85
7 21 6 20 3 17 1 13 29 12 26 10 24 7 21 4 18 2 16 30 13 27 11 25 B 22 5 19 5 19 2 16 30
Feb
Mor
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Oec
Jon
Feb
Mor
Apr
1996

1997

Current data appear In the Federal Reserve Board's H.10 release. Doto ore weighted overages of the foreign-currency
price of the U.S. dollar, computed using 10 industrial country currencies.


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

Prepared by Federal Reserve Bank of St. Louis