Full text of U.S. Financial Data : April 17, 1997

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THE WEEK'S HIGHLIGHTS:
■ 77ze t/.S. good's and services trade deficit measured $11.6 billion
in February, a modest improvement from January’s $12.7 billion
deficit. This two-month total nearly equals the $26.5 billion deficit
registered in the fourth quarter of 1996.
■ Industrial production rose at an 11.1 percent annual rate in March, as
capacity utilization—measuring 84.1 percent—rose to its highest rate
in two years. Total production rose 5.6 percent from a year earlier.
■ Privately owned housing starts were at an annual rate of1,425,000
units in March, off 6.4 percent from February’s pace. For the first
quarter, starts were at an annual rate of1,441,000 units, up 1.8 percent
from the fourth-quarter rate.
■ The consumer price index (CPI-U) advanced at an annual rate of
0.8 percent in March. After rising at a 3.3 percent rate in the fourth
quarter, consumer prices rose at a 2.4 percent rate in the first quarter.
■ Prices at the producer level (PPI) fell at a 0.9 percent annual rate
in March, the third straight decline, contributing to a 0.7percent
drop for the first quarter. In contrast, the PPI rose at a 3. 9 percent
rate in the fourth quarter of 1996.
■ The nominal value of retail sales rose at a 2.4 percent annual rate
in March. Still, because of brisk sales in January and February,
first-quarter retail sales growth was the largest since the second
quarter of 1987, measuring 13.1 percent.
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
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Information in this publication is also included in the Federal Reserve Economic Data (FRED) electronic

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FRASER
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Federal Reserve Bank of St. Louis

2
Adjusted Monetary Base
Averoges of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Billions
470.075
471.470
471.533
471.077
470.926
471.607

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
Feb Mor
Moy
Jun
1996

1997

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

Adjusted Monetary Base
To the average of
two maintenance
periods ending:
9/11/96

Compounded annuol rotes of change, overoge of two maintenance periods ending:
4/10/96

7/3/96

9/11/96

2.8

10/9/96

11/6/96

2/4/96

1/15/97

10/9/96

4.4
3.8

11/6/96

4.0

4.4
4.7

12/4/96

4.5

5.3

4.6

6.9

1/15/97

4.3

4.9

4.2

5.4

5.3

2/12/97

5.1

5.8

7.1

7.6

7.3

3/12/97

4.8

5.9
5.4

5.2

6.1

6.2

5.6

7.4

4/9/97

4.4

4.9

4.4

5.1

5.0

4.3

4.8


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Federal Reserve Bank of St. Louis

2/12/97

0.7

Prepared by Federol Reserve Bank of St. Louis

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

Billions of Dollars

Billions of Dollors

Billions
Mar

3

Apr

7

Billions

1079.4
1077.2
1072.0
1067.6
1076.5
1064.3

Mor

3

669.2

666.2

Apr

7

661.5
656.4
665.5
653.0

M1 (left scole)

TCD (right scale)

5 19 4 18 I 15 29 U 2? 10 24 0 22 0 19 2 16 30 14 28 II 25 9 23 6 20 3 17 3 17 31 14 28
Feb
Mor
Apr
May
Jun
Aug
Sep
Oct
Feb Mar
1996

1997

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

Money Stock (M1)
To the overage
of four weeks
ending:
9/9/96

Compounded annual rotes of change, average of four weeks ending:
4/8/96

7/8/96

9/9/96

10/7/96

11/4/96

12/9/96

1/6/97

2/10/97

-6.1

10/7/96

-6.6

-8.8

11/4/96

-7.1

-9.0

-9.6

12/9/96

-6.0

-6.9

-5.8

1/6/97

-5.4

-5.9

-4.5

-2.9

2/10/97

-4.5

-4.5

-2.9

-1.4

1.1

1.5

V’0/97

-4.7

-4.7

-3.4

-2.3

-0.5

-0.9

-1.3

4/7/97

-5.0

-5.2

-4.3

-3.4

-2.2

-3.0

-3.9


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Federal Reserve Bank of St. Louis

-4.2
0.3

-7.9

Prepared by Federal Reserve Bonk of St. Louis

3

4
Adjusted Reserves
Seasonally Adjusted
Billions of Dollars

Billions of Dollars
Billions
Jon 29
Mor 12

Apr

9

71.093
71.974
70.537
69.220
68.733
68.620

7 21 6 20 3 17 1

Feb

Mor

Apr

15 29 12 26 10 24 7 21

Moy

Jun

Jul

4

Aug

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

Sep

Oct

Nov

Dec

Jon

1996

Feb

Mor

Apr

1997

Adjusted reserves is the difference between the adjusted monetary base and the currency component of M1.
The odjusted monetary base series wos recently revised: See the footnote to the monetary bose chart for a
description of the change.

Adjusted Reserves
To the overage of
two maintenance
periods ending:

Compounded onnuol rotes of chonge, overage of two mointenonce periods ending:
4/10/96

7/3/96

9/11/96

10/9/96

11/6/96

12/4/96

1/15/97

9/11/96

-7.4

10/9/96
11/6/96

-10.9

-13.4

-10.4
-8.2

-12.1
-8.4

-18.4
-9.7

1.1

1/15/97
2/12/97

-7.7

-7.7

-8.2

-1.5

-5.9

-5.2

-4.5

1.7

4.5

2.3

3/12/97

-7.8

-7.8

-8.2

-4.0

-3.3

-6.8

-8.3

4/9/97

-8.8

-9.1

-9.9

-6.7

-6.6

-10.0

-12.4

12/4/96


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Federal Reserve Bank of St. Louis

2/12/97

0.9

-23.3

Prepored by Federol Reserve Bonk of St. Louis

Money Multiplier
Averoges of Doily Figures
Rotio
Compounded onnuol rates
of change, average of
the four weeks ending
April 7, 1997, from
the four weeks ending:
Apr
Ju I
Oc l
Nov
Dec
Jon
Feb

5

19 4

8. 1996
1 . 1 996
7 . 1996
4, 1996
2, 1996
13, 1997
10, 1997

-9.1
-9.6
-8. 1
-6.9
-6.8
-8.5
-8.4

Jan 27
Feb 10

2.302

Mor 10

2.289

Apr

2.270

7

18
Moy

Aug

Jun

Sep

Oct
1997

1996

Ratio of M1 to the odjusted monetary base.

Currency Component of M1
Averages of Doily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Compounded onnuol rates
of chonge, overage of
the four weeks ending

April 7, 1 997, frorn^

the four weeks ending:
Apr
8. 1996
JuI
8.1 996
Oct
7. 1996
Nov
4 , 1 996
Dec
9 . 1 996
Jan
6, 1997
Feb 10, 1997

5

19 4

7.2
7.8
7.7
7.1
6.8
7.6
7.1

Mor

3

Apr

7

Billions
401.5
402.4
402.0
402.7
402.7
402.9

18
1997

1996

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


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Federal Reserve Bank of St. Louis

5

Prepored by Federal Reserve Bonk of St. Louis

6
Yields on Selected Securities
Averages of Daily Figures
Percent

Percent

Prime Rote

Corporate
Aao Bonds

Municipal Bonds

Commercial Paper

2

16

15 29 12 26 10 24

7 21

5

19

2

16 30 13 27 11 25 8 22 6

20

3

17 31

1996

14 28 14 28

1997

1997

30-Day
Commercial
Poper

90-Day
CDs

90-Doy
Bonkers'
Acceptances

Corporate
Aao Bonds

Corporate
Boo Bonds

Jon 24
31
Feb 7
14
21
28
Mar 7
14
21
28
Apr 4
11
18

5.42
5.44
5.42
5.38
5.37
5.38
5.43
5.41
5.50
5.66
5.67
5.62
5.61

5.42
5.42
5.40
5.36
5.34
5.37
5.44
5.46
5.54
5.65
5.70
5.70
5.73

5.33
5.33
5.32
5.29
5.27
5.28
5.35
5.35
5.44
5.58
5.60
5.62
5.62

7.41
7.48
7.34
7.26
7.23
7.38
7.47
7.52
7.61
7.63
7.71
7.74
7.76

8.10
8.12
7.98
7.89
7.87
8.01
8.10
8.15
8.22
8.24
8.33
8.36
8.37

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

Current data are From the Federal Reserve Board's H.15 release, and are overoges of rotes available for the
week ending on April 18. 1997
•• Bond Buyer's Average Index of 20 municipol bonds, Thursdoy doto
N A - Not Avoiloble


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Federal Reserve Bank of St. Louis

Prepored by Federal Reserve Bank of St. Louis

Selected Interest Rates
Averages of Daily Figures

Percent

30-Year
Treasury Securities

Federal
Funds Rate

Discount Rate
3-Month
Treasury Bill

2

16

15 29 12 26 10 24

1997
Jon 24
31
Feb 7
14
21
28
Mar 7
14
21
28
Apr 4
11
18 •

Federal
Funds ••
5.19
5.18
5.30
5.05
5.22
5.16
5.36
5.19
5.26
5.40
5.86
5.37
5.48

7 21

5

19 2

16 30 13 27 11 25 8 22

6

20

3

17 31

14 28 14 28 11 25

3-Month
Treasury
Bill

1 -Year
Treasury
Bill

5-Year
Treasury
Securities

10-Year
Treasury
Securities

30-Year
Treasury
Securities

5.04
5.04
4.99
5.00
4.97
5.05
5.09
5.08
5.17
5.25
5.17
5.14
5.16

5.30
5.30
5.24
5.20
5.18
5.29
5.39
5.40
5.48
5.59
5.65
5.65
5.66

6.34
6.36
6.20
6.14
6.13
6.31
6.42
6.46
6.58
6.66
6.75
6.78
6.80

6.58
6.62
6.46
6.37
6.33
6.50
6.59
6.63
6.73
6.79
6.90
6.92
6.92

6.84
6.89
6.74
6.65
6.60
6.75
6.85
6.89
6.97
7.00
7.10
7.12
7.13

Current doto oppeor in the Federal Reserve Boord's H.15 release.
• Averages of rates available
•• Seven-day averages for week ending two days earlier thon date shown


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Federal Reserve Bank of St. Louis

Prepored 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

Mor

3

Apr

7

3875-

Billions
3870.5
3874.I
3876.8
3880.5
3893.2
3897.2

Billions of Dollars

M2 (left scale)

Non-M1 M2 (right scale)

Non-Mi M2
Billions

Mor

3

"2625

2791.1
2797.6

2804.8

2812.9

2816.7

2832.9
5 19 4 IS 1 15 29 13 27 10 24 8 22 5 19 2 16 30 14 28 1 1 25 9 23 6 20 3 17 3 17 31 14 28
Feb
Mor
Apr
Moy
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb Mar
Apr
1996

1997

M2 is the sum of Ml, sovings (including money morket deposit occounts), small time deposits and retail money
funds. Current doto appear in the Federol Reserve Board's H.6 release.

Money Stock (M2)
To the overage
of four weeks
ending:
9/9/96

Compounded onnuol rotes of chonge, overage of four weeks ending:
4/8/96

7/8/96

9/9/96

10/7/96

11/4/96

10/7/96

3.1
3.0

3.3

11/4/96

3.4

3.8

4.0

12/9/96

3.9

4.6

5.3

6.5

1/6/97

4.2

5.0

5.7

6.6

7.1

2/10/97

4.5
4.4
4.5

5.2
5.0

5.8
5.5

6.5
6.0

6.9

5.1

5.5

5.9

3/10/97
4/7/97


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Federal Reserve Bank of St. Louis

6.1
6.0

12/9/96

1/6/97

6.5
5.6

5.2

5.6

5.3

2/10/97

4.6

Prepared by Federal Reserve Bonk of St. Louis

Savings and Small Time Deposits
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

3illions of Dollars

Small Time
1997
Mor 3

Billions
946.2
945.8

Apr

944.8
945.4

7

Small Time (left scale)
Sovings

Savings Deposits (right scale)

1997
Mar 3

Apr

Apr

May

Sep

Oct

7

Feb

1996
Sovings deposits and small time deposits ore at oil depository institutions.

Billions
1293.1
1295.3 -1190
1303.5
1309.3
1308.4
1320.6

Mor

1997

Large Time Deposits and Retail Money Funds
Averages of Daily Figures

Billions of Dollars

Seasonally Adjusted

Lorge Time
610Apr

7

Billions of Dollars
Retail Money
1997
Billions
Mor 3
551.9
556.6
555.7
558.2
563.4
Apr
7
566.9

501.7
505.0
505.0
507.1
511.0
512.9

Retoil Money

Large Time

14 28
Moy

Jun

Aug

Sep

Oct

1996
1997
Lorge time deposits ond retail money funds ore ot oil despository institutions. Lorge time deposits ore those
issued in denominations of $100,000 or more. Retoil money funds were originally colled general purpose
ond broker/dealer money market funds.
Prepored 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 Dollars

Billions of Dollars

Billions

Mor 12
' Apr

7 21
Feb

2

0.028
0.623
0.065
0.127

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

4

IB 2 16 30 13 27 11 2S 8 22 S 19 3 19 2 16 30
Sep
Oct
Nov
Dec
Jan
Feb
Mor
Apr

1996
Borrowings include seosonol, adjustment ond extended credit.

1997

Bank Loans and Credit
All Commercial Bonks in the United States
Billions of Dollars
Bank Credit

Seasonally Adjusted

Billions of Dollars

Billions

Feb 26

Apr

2

3849.5
3861.5
3862.0
3858.7
3885.8
3863.7

Bank Credit (left scale)2/

Loans Sc Leases
Feb 26

2831.7

Apr

2849.2
2852.4
2865.8
2852.2

Loans and Leases (right scale)

7 21
Feb

2

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

1996
Current data oppeor in the Federol Reserve Boord's H.8 releose.
1/ Includes foreign -reloted institutions
2/ Includes loons and leases ond securities


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Federal Reserve Bank of St. Louis

1997

Prepared by Federol Reserve Bonk of St. Louis

Commercial Paper of Nonfinancial Companies
Not Seasonally Adjusted
-------1---------1997
Mor 5
12
19
26
Apr 2
9

Billions
83.743
85.536
85.491
86.910
87.813

r-

7 21
Feb

6 20 3 17
Mor
Apr

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

\

18
Sep

r

2 16 30 13 27 11 25 8 22 5 19 5 19 2 16 30
Oct
Nov
Dec
Jon
Feb
Mor
Apr

1996

1997

Commercial and Industrial Loans
Billions of Dollars

Seasonally Adjusted
Billions of Dollars

All Bonks

800-

Mar

5

Apr

2

All Banks (left scole)*/

801.1
802.0
801.7

802.0
800.4

Large Banks (right scale)2/

Large Banks
97
Billions
Feb 26
Mar

5

Apr

2

392.5
393.1
392.8
393.9
397.9
396.2

- 340

1997
Current data appear in the Federol Reserve Board's H.8 release.
1/ Includes foreign-related institutions

2/ Weekly reporting domeelicolly chartered bonk.


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Federal Reserve Bank of St. Louis

Prepared by Federal Reeerve Bonk o( St. Lou!.

11

Dollar's Trade-Weighted Exchange Index
Averages of Daily Figures
1973=100
Uor 12

95.8

7 21

Feb

6 20 3 17

Mar

Apr

1

15 29 12 26 10 24 7 21

May

Jun

Jul
1996

Aug

4

18 2

Sep

16 30 13 27 11 25 8 22 5

Oct

Nov

Dec

Jan

19 5

Feb

-100

19 2 16 30

Mar

Apr

1997

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


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Prepared by Federal Reserve Bank of St. Louis