Full text of U.S. Financial Data : April 17, 2003
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April 17, 2003 USFinancialData THE WEEK’S HIGHLIGHTS: ■ For the week ending April 12, initial claims for state unemployment insurance benefits totaled 442,000, up 30,000 from the previous week. The four-week moving average rose 3,500 to 424,750, its highest total since the week ending May 4, 2002. ■ In March, the consumer price index (CPI) for all urban consumers rose 0.3 percent, or 4 percent at an annual rate. The CPI in the first quarter rose at a 3.9 percent annual rate, the largest increase in three years. Core CPI, which excludes food and energy prices, was unchanged in March; it rose at a modest 1.3 percent rate in the first quarter, the smallest increase since the third quarter of 1965. ■ After falling 10.4 percent in February, privately owned housing starts rose 8.3 percent in March to 1,780,000 units (annualized). For the first quarter, housing starts were at an annual rate of 1,753,000 units, up 0.3 percent from the fourth quarter of 2002 and 1.6 percent from four quarters earlier. ■ According to the Federal Reserve Board, industrial production in March fell 0.5 percent, or at a 5.9 percent annual rate. Production in February was revised from a 0.1 percent increase to a 0.1 percent decline. In March, the manufacturing capacity utilization rate fell 0.2 percentage points to 72.3 percent, its lowest level since May 1983. ■ The value of inventories held by manufacturers, wholesalers, and retailers rose $6.4 billion, or 0.6 percent in February, the tenth consecutive monthly increase. All data are seasonally adjusted unless otherwise indicated. U.S. Financial Data will continue to be mailed to all subscribers through June 27, 2003. After that date, this publication will be available weekly only on the Internet at <research.stlouisfed.org/publications/usfd>. To be added to our free electronic mailing list, please visit our web site at <research.stlouisfed.org/maillist>. To obtain more information on the data, access the Federal Reserve Economic Data (FRED) database at <research.stlouisfed.org/fred> or send an e-mail to stlsFRED@stls.frb.org. Adjusted Monetary Base Averages of Daily Figures Seasonally Adjusted 730 Billions of Dollars 2003 Feb 5 19 Mar 5 19 Apr 2 16 720 Billions of Dollars Billions 711.187 711.941 713.812 712.724 711.932 707.400 730 720 710 710 700 700 690 690 680 680 670 670 660 660 650 650 6 20 Feb 6 20 3 Mar 17 Apr 1 15 29 12 26 10 24 May Jun Jul 7 21 4 Aug 18 Sep 2 16 30 13 27 11 25 Oct Nov Dec 8 22 Jan 2002 5 19 5 Feb 19 2 Mar 16 30 Apr 2003 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 an adjustment for the effect of changes in reserve requirement ratios. The monetary base series includes 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 Compounded annual rates of change, average of two maintenance periods ending: To the average of two maintenance periods ending: 4/17/02 9/18/02 8.1 10/16/02 7.5 5.3 11/13/02 7.2 5.2 4.5 12/11/02 6.9 5.2 4.7 5.1 1/22/03 8.0 7.2 7.9 9.1 10.7 2/19/03 8.4 7.7 8.6 9.6 11.0 13.4 3/19/03 7.9 7.2 7.7 8.4 9.2 10.4 7.4 4/16/03 6.7 5.8 5.7 6.0 6.2 6.4 2.6 7/10/02 9/18/02 10/16/02 11/13/02 12/11/02 1/22/03 2/19/03 −1.7 Prepared by the Federal Reserve Bank of St. Louis Money Zero Maturity (MZM) Averages of Daily Figures 6400 Seasonally Adjusted Billions of Dollars 2003 Mar 3 10 17 24 31 Apr 7 6200 Billions of Dollars Billions 6193.0 6176.9 6213.9 6194.4 6188.6 6173.7 6400 6200 6000 6000 5800 5800 5600 5600 4 18 4 Feb 18 Mar 1 15 29 13 27 10 24 8 Apr Jul 2002 May Jun 22 5 19 2 Aug 16 30 14 28 11 25 Sep Oct Nov 9 23 Dec 6 20 3 Jan 17 3 17 31 14 28 Feb Mar 2003 Apr MZM is M2 minus total small−denomination time deposits, plus institutional money funds, which are included in the non−M2 component of M3. Each component is seasonally adjusted. Money Zero Maturity (MZM) Compounded annual rates of change, average of four weeks ending: To the average of four weeks ending: 4/8/02 9/9/02 9.5 10/7/02 8.7 7.7 11/4/02 7.7 6.2 3.1 12/9/02 10.3 10.7 11.7 15.0 1/6/03 9.3 9.1 9.2 10.6 14.9 2/10/03 8.7 8.2 7.8 8.6 10.7 2.4 3/10/03 8.4 7.9 7.5 8.0 9.5 3.4 4.5 4/7/03 7.8 7.1 6.6 6.9 7.9 2.8 3.3 7/8/02 9/9/02 10/7/02 11/4/02 12/9/02 1/6/03 2/10/03 3.1 Prepared by the Federal Reserve Bank of St. Louis Adjusted Reserves Seasonally Adjusted 100 Billions of Dollars 2003 Jan 22 Feb 5 19 Mar 5 19 Apr 2 90 Billions of Dollars Billions 77.132 76.607 72.341 75.232 71.714 72.187 100 90 80 80 70 70 60 60 50 50 6 20 Feb 6 20 3 Mar 17 Apr 1 15 29 12 26 10 24 May Jun Jul 7 21 4 Aug 18 Sep 2 16 30 13 27 11 25 Oct Nov Dec 8 22 Jan 5 19 5 Feb 2002 19 2 Mar 16 30 Apr 2003 Adjusted reserves is the difference between the adjusted monetary base and the currency component of M1. Adjusted Reserves Compounded annual rates of change, average of two maintenance periods ending: To the average of two maintenance periods ending: 4/3/02 9/4/02 1.7 10/2/02 3.2 10.5 10/30/02 1.7 6.1 11/27/02 3.8 8.8 8.0 6.0 1/8/03 6.4 11.6 12.5 12.7 22.0 2/5/03 13.3 20.9 26.3 29.7 43.0 52.4 3/5/03 7.3 11.6 12.3 12.3 17.3 16.1 11.7 4/2/03 4.0 6.8 5.8 4.9 7.4 4.4 −3.5 6/26/02 9/4/02 10/2/02 10/30/02 11/27/02 1/8/03 2/5/03 1.6 −34.9 Prepared by the Federal Reserve Bank of St. Louis Money Stock (M1) and Total Checkable Deposits Averages of Daily Figures Seasonally Adjusted 1400 Billions of Dollars Billions of Dollars M1 2003 Mar 3 10 17 24 31 Apr 7 1350 1300 875 TCD Billions 1249.5 1230.4 1230.7 1236.2 1241.3 1222.1 2003 Mar 3 10 17 24 31 Apr 7 Billions 605.1 585.1 584.0 587.6 593.4 574.1 825 775 1250 725 M1 (left scale) 1200 675 1150 625 TCD (right scale) 1100 575 1050 525 4 18 4 Feb 18 1 15 29 13 27 10 24 Apr Mar May 8 22 5 Jul Jun 19 2 Aug 16 30 14 28 11 25 Sep Oct Nov 9 23 6 Dec 20 3 Jan 17 3 Feb 2002 17 31 14 28 Mar Apr 2003 M1 is the sum of currency held by the nonbank public, total checkable deposits, and travelers checks. Total checkable deposits is the sum Fix of demand deposits and other checkable deposits at depository institutions. Current data appear in the Federal Reserve Board’s H.6 release. Currency Component of M1 Averages of Daily Figures Seasonally Adjusted 700 Billions of Dollars Billions of Dollars Compounded annual rates of change, average of the four weeks ending April 7, 2003, from the four weeks ending: 680 7.3 6.6 7.2 7.5 8.0 8.6 8.5 Apr 8, 2002 Jul 8, 2002 Oct 7, 2002 Nov 4, 2002 Dec 9, 2002 Jan 6, 2003 Feb 10, 2003 660 640 2003 Mar 3 10 17 24 31 Apr 7 Billions 636.8 637.7 639.1 641.0 640.4 640.5 700 680 660 640 620 620 600 600 580 580 4 18 Feb 4 18 Mar 1 15 29 13 27 10 Apr May 24 Jun 8 22 Jul 5 19 Aug 2002 2 16 30 14 28 11 Sep Oct 25 Nov 9 23 Dec 6 20 Jan 3 17 3 Feb 17 31 14 28 Mar Apr 2003 Current data appear in the Federal Reserve Board’s H.6 release. Fix Prepared by the Federal Reserve Bank of St. Louis Yields on Selected Securities Averages of Daily Figures 8.00 Percent Percent 7.00 8.00 7.00 6.00 6.00 Corporate Aaa Bonds 5.00 5.00 Prime Rate 4.00 4.00 2−Year Interest Rate Swap 3.00 3.00 2.00 2.00 Commercial Paper 1.00 1.00 0.00 0.00 1 15 1 Feb 15 29 12 26 10 24 Mar Apr May 7 21 5 Jun 19 Jul 2002 2 16 30 13 27 11 25 Aug Sep Oct 8 22 6 Nov 20 Dec 3 17 31 14 28 14 28 11 25 Jan Feb Mar 2003 Apr 2003 30−Day Commercial Paper 90−Day CDs 2−Year Interest Rate Swap Corporate Aaa Bonds Corporate Baa Bonds Municipal Bonds * Jan 24 31 Feb 7 14 21 28 Mar 7 14 21 28 Apr 4 11 18 1.25 1.24 1.23 1.24 1.25 1.25 1.23 1.19 1.21 1.23 1.21 1.22 1.21 1.28 1.27 1.27 1.26 1.27 1.27 1.26 1.18 1.22 1.25 1.22 1.23 1.26 1.97 2.00 1.98 1.90 1.87 1.84 1.72 1.70 1.97 1.92 1.80 1.88 1.96 6.11 6.09 5.99 5.97 5.96 5.89 5.82 5.82 5.99 5.94 5.81 5.81 5.83 7.30 7.21 7.10 7.09 7.06 6.97 6.90 6.90 7.04 6.97 6.91 6.93 6.93 4.89 4.90 4.88 4.83 4.79 4.74 4.69 4.67 4.83 4.84 4.79 4.76 N.A. Current data, from the Federal Reserve Board’s H.15 release, are averages of rates available for the week ending April 18, 2003 . * Bond Buyer’s Average Index of 20 municipal bonds, Thursday data. Prepared by the Federal Reserve Bank of St. Louis Selected Interest Rates Averages of Daily Figures 6.00 Percent Percent 5.00 6.00 5.00 10−Year Treasury Securities 4.00 4.00 3.00 3.00 Federal Funds Rate 2.00 2.00 Intended Federal Funds Rate 3−Month Treasury Bill 1.00 1.00 0.00 0.00 1 15 Feb 1 15 29 12 26 10 24 Mar 2003 Jan 24 31 Feb 7 14 21 28 Mar 7 14 21 28 Apr 4 11 18 ** Apr Federal Funds * 1.23 1.24 1.29 1.22 1.30 1.24 1.29 1.21 1.27 1.22 1.28 1.23 1.27 May 7 21 5 Jun 19 Jul 2002 2 16 30 13 27 11 25 Aug Sep Oct 8 22 Nov 6 20 Dec 3 17 31 14 28 14 28 11 25 Jan Feb Mar 2003 Apr 3−Month Treasury Bill 2−Year Treasury Securities 5−Year Treasury Securities 10−Year Treasury Securities Treasury Long−Term Average 1.15 1.16 1.15 1.16 1.17 1.19 1.15 1.09 1.14 1.15 1.10 1.13 1.16 1.67 1.72 1.69 1.63 1.62 1.57 1.47 1.47 1.72 1.65 1.54 1.61 1.70 2.96 3.01 3.02 2.94 2.87 2.76 2.61 2.62 2.97 2.93 2.84 2.92 2.98 3.97 4.01 3.98 3.95 3.89 3.78 3.65 3.65 3.97 3.96 3.90 3.97 3.99 5.00 5.00 4.95 4.97 4.95 4.86 4.77 4.77 5.01 5.04 4.99 5.04 5.03 Current data appear in the Federal Reserve Board’s H.15 release, except for the intended federal funds rate. * Seven−day averages for week ending two days earlier than date shown. **Averages of rates available. Prepared by the Federal Reserve Bank of St. Louis Money Stock (M2) and Money Zero Maturity Averages of Daily Figures 6400 Seasonally Adjusted Billions of Dollars Billions of Dollars 6400 M2 2003 Mar 3 10 17 24 31 Apr 7 6200 Billions 5898.8 5895.2 5911.5 5898.0 5893.9 5888.9 6200 MZM 6000 6000 5800 5800 M2 MZM 5600 2003 Mar 3 10 17 24 31 Apr 7 Billions 6193.0 6176.9 6213.9 6194.4 6188.6 6173.7 5400 5600 5400 4 18 4 Feb 18 Mar 1 15 29 13 27 10 24 8 Apr Jul 2002 May Jun 22 5 19 2 Aug 16 30 14 28 11 25 Sep Oct Nov 9 23 Dec 6 20 3 Jan 17 3 17 31 14 28 Feb Mar 2003 Apr M2 is the sum of M1, savings (including money market deposit accounts), small time deposits and retail money funds. Current data appear in the Federal Reserve Board’s H.6 release. Money Stock (M2) Compounded annual rates of change, average of four weeks ending: To the average of four weeks ending: 4/8/02 9/9/02 8.3 10/7/02 8.0 8.0 11/4/02 8.1 8.3 7.6 12/9/02 8.0 8.0 7.4 8.0 1/6/03 7.4 7.1 6.2 6.2 4.9 2/10/03 7.7 7.6 7.1 7.3 6.8 6.7 3/10/03 7.9 7.8 7.5 7.7 7.4 7.5 9.9 4/7/03 7.3 7.1 6.6 6.6 6.2 5.9 7.0 7/8/02 9/9/02 10/7/02 11/4/02 12/9/02 1/6/03 2/10/03 5.0 Prepared by the Federal Reserve Bank of St. Louis Savings and Small Time Deposits Averages of Daily Figures Seasonally Adjusted 1250 Billions of Dollars Billions of Dollars 3000 Small Time 2003 Mar 1150 1050 Apr Billions 872.2 871.4 870.9 870.1 868.5 867.2 3 10 17 24 31 7 2900 2800 2700 950 Small Time (left scale) 2600 850 Savings 750 2003 Mar Savings Deposits (right scale) 650 Apr 2500 Billions 2844.9 2866.5 2883.8 2866.8 2861.0 2886.9 3 10 17 24 31 7 2400 2300 550 4 18 4 Feb 18 1 15 29 13 27 10 24 Apr Mar May 8 22 5 Jul Jun 19 2 Aug 16 30 14 28 11 25 Oct Sep Nov 9 23 6 Dec 20 3 Jan 17 3 Feb 2002 17 31 14 28 Apr Mar 2003 Savings deposits and small time deposits are at all depository institutions. Fix Large Time Deposits and Retail Money Funds Averages of Daily Figures Seasonally Adjusted 1200 Billions of Dollars Billions of Dollars Large Time 2003 Mar 1100 Apr Retail Money Billions 810.8 816.0 823.5 814.9 797.8 796.0 3 10 17 24 31 7 1200 2003 Mar Apr Billions 932.2 926.9 926.1 925.0 923.1 912.7 3 10 17 24 31 7 1100 1000 1000 Retail Money 900 900 800 800 Large Time 700 700 4 18 Feb 4 18 Mar 1 15 29 13 27 10 Apr May 24 Jun 8 22 Jul 2002 5 19 Aug 2 16 30 14 28 11 Sep Oct 25 Nov 9 23 Dec 6 20 Jan 3 17 3 Feb 17 31 14 28 Mar Apr 2003 Large time deposits and retail money funds are at all despository institutions. Large time deposits are those issued in denominations of $100,000 or more. Retail money funds were originally called general purpose and broker/dealer money market funds. Prepared by the Federal Reserve Bank of St. Louis Fix Total Borrowings From Federal Reserve Banks Averages of Daily Figures 1.6 Billions of Dollars Billions 0.045 0.018 0.010 0.011 0.029 0.036 2003 Mar 12 19 26 Apr 2 9 16 1.4 1.2 Billions of Dollars 1.6 1.4 1.2 1.0 1.0 0.8 0.8 0.6 0.6 0.4 0.4 0.2 0.2 0.0 0.0 6 20 6 Feb 20 3 17 1 Apr Mar 15 29 12 26 10 24 May Jun Jul 7 21 4 Aug 18 2 16 30 13 27 11 25 Oct Sep Nov Dec 8 22 5 19 Jan 5 Feb 2002 19 2 16 30 Apr Mar 2003 As of January 9, 2003, borrowings include primary, secondary, and seasonal credit. Prior to that, borrowings include seasonal, adjustment, and extended credit. Fix Bank Loans and Credit All Commercial Banks in the United States * Seasonally Adjusted 6700 Billions of Dollars Billions of Dollars Bank Credit 2003 Feb 26 Mar 5 12 19 26 Apr 2 6500 6300 5250 Loans & Leases Billions 5969.3 5991.2 6004.5 5956.2 5953.8 5976.7 2003 Feb 26 Mar 5 12 19 26 Apr 2 Billions 4211.8 4215.8 4236.5 4226.8 4219.2 4230.6 5050 4850 6100 4650 Bank Credit (left scale) ** 5900 4450 5700 4250 5500 4050 Loans and Leases (right scale) 5300 3850 6 20 Feb 6 20 Mar 3 17 Apr 1 15 29 12 May Jun 26 10 24 Jul 7 21 Aug 2002 4 18 Sep 2 16 30 13 Oct Nov 27 11 25 Dec 8 22 Jan 5 19 Feb 5 19 2 Mar 16 30 Apr 2003 Current data appear in the Federal Reserve Board’s H.8 release. * Includes foreign−related institutions ** Includes loans and leases and securities Prepared by the Federal Reserve Bank of St. Louis Fix Commercial Paper of Nonfinancial Companies Not Seasonally Adjusted 300 Billions of Dollars 2003 Mar 12 19 26 Apr 2 9 16 250 Billions of Dollars Billions 157.3 161.6 156.2 151.0 150.9 156.9 300 250 200 200 150 150 100 100 6 20 6 Feb 20 3 17 1 Apr Mar 15 29 12 26 10 24 May Jun 7 Jul 21 4 Aug 18 2 16 30 13 27 11 25 Oct Sep Nov 8 Dec 22 5 Jan 19 5 Feb 2002 19 2 16 30 Apr Mar 2003 Current data appear at www.federalreserve.gov/releases/cp/table1.htm. Fix Commercial and Industrial Loans Seasonally Adjusted 1150 Billions of Dollars Billions of Dollars All Banks 2003 Feb 26 Mar 5 12 19 26 Apr 2 1125 1100 1075 625 Large Banks Billions 949.6 947.1 947.5 944.4 943.7 942.0 2003 Feb 26 Mar 5 12 19 26 Apr 2 Billions 472.7 470.5 471.5 470.2 469.6 468.9 600 575 550 1050 525 Large Banks (right scale) ** 1025 500 1000 475 975 450 All Banks (left scale) * 950 425 925 400 6 20 Feb 6 20 Mar 3 17 Apr 1 15 29 12 May Jun 26 10 24 Jul 7 21 Aug 2002 4 18 Sep 2 16 30 13 Oct Nov 27 11 25 Dec 8 22 Jan 5 19 Feb 5 19 Mar 2 16 30 Apr 2003 Current data appear in the Federal Reserve Board’s H.8 release. * Includes foreign−related institutions. ** Weekly reporting, domestically chartered banks. Fix Prepared by the Federal Reserve Bank of St. Louis Trade−Weighted Exchange Rate Indexes Averages of Daily Figures 125 March 1973=100 2003 Mar 12 19 26 Apr 2 9 16 120 115 January 1997=100 Major 93.0 94.9 95.3 94.3 94.9 94.2 2003 Mar 12 19 26 Apr 2 9 16 Broad 122.8 124.0 124.1 123.3 123.6 122.8 Broad Index (right scale) 110 145 140 135 130 105 125 100 120 Major Currency Index (left scale) 95 115 90 110 6 20 Feb 6 20 Mar 3 17 Apr 1 15 29 12 26 10 24 May Jun Jul 2002 7 21 Aug 4 18 Sep 2 16 30 13 27 11 25 Oct Nov Dec 8 22 Jan 5 19 Feb 5 19 Mar 2 16 30 Apr 2003 The major currency index (MCI) comprises 7 currencies. The broad index comprises the MCI plus 19 additional currencies. Further details may be found at www.federalreserve.gov/releases/h10/summary/. Prepared by the Federal Reserve Bank of St. Louis