Full text of U.S. Financial Data : April 24, 2003
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April 24, 2003 USFinancialData THE WEEK’S HIGHLIGHTS: ■ In March, new orders for manufactured durable goods (excluding semiconductors) rose $3.4 billion, or 2 percent. After falling at a 10.7 percent annual rate in the fourth quarter of 2002, the value of new orders rose at a 4.4 percent rate in the first quarter. Manufacturers’ shipments of durable goods rose 1 percent in March, but fell at a 2.3 percent rate in the first quarter. Measured from a year earlier, new orders were up 1.2 percent in March and shipments were up 1 percent. ■ For the week ending April 19, initial claims for state unemployment insurance benefits totaled 455,000, its highest total since the week ending March 30, 2002. The four-week moving average rose to 439,250, up 53,250 from three months earlier. ■ Two of the Conference Board’s indexes fell in March: The helpwanted advertising index fell 2 percentage points to 38 percent, its lowest level since November 1963. After falling 0.5 percent in February, the index of leading economic indicators fell 0.2 percent in March; 5 (of the 10) components registered negative contributions, the largest of which was from new building permits. ■ According to the U.S. Energy Information Administration, the retail price of gasoline averaged 157.4 cents per gallon the week ending April 21. Gasoline prices have declined 8.9 percent since the week ending March 17. 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 711.187 711.941 713.812 712.724 711.932 706.933 730 720 710 710 700 700 690 690 680 680 670 670 660 660 650 650 6 20 Mar 3 17 1 Apr 15 29 12 26 10 24 May Jun Jul 7 21 Aug 4 18 2 Sep 16 30 13 27 11 25 Oct Nov Dec 8 22 Jan 5 19 Feb 2002 5 19 2 Mar 16 30 14 28 Apr May 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 5.7 5.7 5.9 6.1 6.3 2.4 7/10/02 9/18/02 10/16/02 11/13/02 12/11/02 1/22/03 2/19/03 −1.9 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 10 17 24 31 Apr 7 14 6200 Billions of Dollars Billions 6176.9 6213.2 6193.9 6188.6 6175.3 6173.9 6400 6200 6000 6000 5800 5800 5600 5600 4 18 1 Mar 15 29 13 27 10 24 Apr May Jun 8 22 Jul 5 19 Aug 2002 2 16 30 14 28 11 25 Sep Oct Nov 9 23 Dec 6 20 Jan 3 17 3 Feb 17 31 14 28 12 26 Mar 2003 Apr May 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: 4/15/02 9/16/02 10.1 10/14/02 8.9 6.9 11/11/02 8.6 6.8 4.5 12/16/02 10.7 10.5 11.7 16.0 1/13/03 9.4 8.6 8.4 10.3 12.0 2/17/03 9.2 8.4 8.3 9.6 10.5 3.5 3/17/03 8.6 7.7 7.4 8.3 8.7 3.2 5.4 4/14/03 7.8 6.7 6.1 6.6 6.7 2.0 3.1 7/15/02 9/16/02 10/14/02 11/11/02 12/16/02 1/13/03 2/17/03 0.3 Prepared by the Federal Reserve Bank of St. Louis Adjusted Reserves Seasonally Adjusted 100 Billions of Dollars 2003 Feb 5 19 Mar 5 19 Apr 2 16 90 Billions of Dollars Billions 76.712 72.341 75.232 71.714 72.188 67.976 100 90 80 80 70 70 60 60 50 50 6 20 Mar 3 17 1 Apr 15 29 12 26 10 24 May Jun Jul 7 21 Aug 4 18 2 Sep 16 30 13 27 11 25 Oct Nov Dec 8 22 Jan 5 19 Feb 2002 5 19 2 Mar 16 30 14 28 Apr May 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: 4/17/02 9/18/02 7.9 10/16/02 6.2 5.3 11/13/02 6.5 6.0 3.0 12/11/02 10.1 11.6 14.3 23.6 1/22/03 13.1 15.7 19.9 27.1 35.4 2/19/03 11.5 13.1 15.3 19.6 23.0 16.5 3/19/03 8.8 9.3 9.6 11.9 12.7 5.8 −10.4 4/16/03 3.1 1.9 −0.2 0.1 −1.4 −8.9 −24.2 7/10/02 9/18/02 10/16/02 11/13/02 12/11/02 1/22/03 2/19/03 −32.9 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 10 17 24 31 Apr 7 14 1350 1300 875 TCD Billions 1230.4 1229.9 1235.6 1241.3 1222.5 1222.0 2003 Mar 10 17 24 31 Apr 7 14 Billions 585.1 583.3 587.1 593.4 574.5 573.6 825 775 1250 725 M1 (left scale) 1200 675 1150 625 TCD (right scale) 1100 575 1050 525 4 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 17 31 14 28 12 26 Mar 2002 Apr May 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 14, 2003, from the four weeks ending: 680 Apr 15, 2002 Jul 15, 2002 Oct 14, 2002 Nov 11, 2002 Dec 16, 2002 Jan 13, 2003 Feb 17, 2003 660 640 2003 Mar 10 17 24 31 Apr 7 14 7.2 6.4 7.1 7.4 7.7 8.5 7.5 Billions 637.7 639.1 641.0 640.4 640.5 640.9 700 680 660 640 620 620 600 600 580 580 4 18 Mar 1 15 Apr 29 13 27 10 24 May Jun 8 22 5 Jul 19 Aug 2 16 30 Sep 2002 14 28 11 25 Oct Nov 9 23 Dec 6 20 Jan 3 17 Feb 3 17 31 14 28 12 26 Mar Apr May 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 29 12 26 10 24 Mar Apr 7 May 21 Jun 5 19 Jul 2 16 30 13 27 11 25 Aug 2002 Sep Oct 8 22 Nov 6 20 3 Dec 17 31 14 28 14 28 11 25 Jan Feb Mar 2003 9 Apr 23 May 2003 30−Day Commercial Paper 90−Day CDs 2−Year Interest Rate Swap Corporate Aaa Bonds Corporate Baa Bonds Municipal Bonds * Jan 31 Feb 7 14 21 28 Mar 7 14 21 28 Apr 4 11 18 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 1.24 1.27 1.27 1.26 1.27 1.27 1.26 1.18 1.22 1.25 1.22 1.23 1.26 1.26 2.00 1.98 1.90 1.87 1.84 1.72 1.70 1.97 1.92 1.80 1.88 1.94 1.95 6.09 5.99 5.97 5.96 5.89 5.82 5.82 5.99 5.94 5.81 5.81 5.80 5.74 7.21 7.10 7.09 7.06 6.97 6.90 6.90 7.04 6.97 6.91 6.93 6.89 6.84 4.90 4.88 4.83 4.79 4.74 4.69 4.67 4.83 4.84 4.79 4.76 4.74 N.A. Current data, from the Federal Reserve Board’s H.15 release, are averages of rates available for the week ending April 25, 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 29 12 26 10 24 Mar 2003 Jan 31 Feb 7 14 21 28 Mar 7 14 21 28 Apr 4 11 18 25 ** Apr May Federal Funds * 1.24 1.29 1.22 1.30 1.24 1.29 1.21 1.27 1.22 1.28 1.23 1.27 1.26 7 21 Jun 5 19 Jul 2 16 30 13 27 11 25 Aug 2002 Sep Oct 8 22 Nov 6 20 Dec 3 17 31 14 28 14 28 11 25 Jan Feb Mar 2003 9 Apr 23 May 3−Month Treasury Bill 2−Year Treasury Securities 5−Year Treasury Securities 10−Year Treasury Securities Treasury Long−Term Average 1.16 1.15 1.16 1.17 1.19 1.15 1.09 1.14 1.15 1.10 1.13 1.16 1.16 1.72 1.69 1.63 1.62 1.57 1.47 1.47 1.72 1.65 1.54 1.61 1.70 1.70 3.01 3.02 2.94 2.87 2.76 2.61 2.62 2.97 2.93 2.84 2.92 2.98 3.02 4.01 3.98 3.95 3.89 3.78 3.65 3.65 3.97 3.96 3.90 3.97 3.99 4.01 5.00 4.95 4.97 4.95 4.86 4.77 4.77 5.01 5.04 4.99 5.04 5.02 5.00 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 10 17 24 31 Apr 7 14 6200 Billions 5895.2 5910.8 5897.5 5893.9 5890.2 5894.1 6200 MZM 6000 6000 5800 5800 M2 MZM 5600 2003 Mar 10 17 24 31 Apr 7 14 Billions 6176.9 6213.2 6193.9 6188.6 6175.3 6173.9 5400 5600 5400 4 18 1 Mar 15 29 13 27 10 24 Apr May Jun 8 22 Jul 5 19 Aug 2002 2 16 30 14 28 11 25 Sep Oct Nov 9 23 Dec 6 20 Jan 3 17 3 Feb 17 31 14 28 12 26 Mar 2003 Apr May 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: 4/15/02 9/16/02 8.9 10/14/02 8.6 7.9 11/11/02 8.7 8.2 8.2 12/16/02 8.2 7.6 7.1 7.1 1/13/03 7.7 6.8 6.1 5.8 4.2 2/17/03 8.3 7.8 7.6 7.7 7.3 8.4 3/17/03 8.1 7.6 7.3 7.4 7.0 7.6 9.8 4/14/03 7.4 6.7 6.3 6.1 5.5 5.6 6.5 7/15/02 9/16/02 10/14/02 11/11/02 12/16/02 1/13/03 2/17/03 2.6 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 10 17 24 31 Apr 7 14 1150 1050 Billions 871.4 870.9 870.1 868.5 866.9 866.4 2900 2800 2700 950 Small Time (left scale) 2600 850 Savings 750 2003 Mar 10 17 24 31 7 Apr 14 Savings Deposits (right scale) 650 2500 Billions 2866.5 2883.8 2866.8 2861.0 2888.0 2897.8 2400 2300 550 4 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 17 31 14 28 12 26 Mar 2002 Apr May 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 10 17 24 31 7 Apr 14 1100 1200 Retail Money Billions 816.0 823.6 814.9 797.9 795.9 791.2 2003 Mar 10 17 24 31 7 Apr 14 Billions 926.9 926.1 925.0 923.1 912.7 907.9 1100 1000 1000 Retail Money 900 900 800 800 Large Time 700 700 4 18 Mar 1 15 Apr 29 13 27 10 24 May Jun 8 22 5 Jul 19 Aug 2002 2 16 30 Sep 14 28 11 25 Oct Nov 9 23 Dec 6 20 Jan 3 17 Feb 3 17 31 14 28 12 26 Mar Apr May 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 0.018 0.010 0.011 0.029 0.036 0.028 2003 Mar 19 26 Apr 2 9 16 23 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 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 Jan 19 5 19 Feb 2 Apr Mar 2002 16 30 14 28 May 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 Mar 5 12 19 26 Apr 2 9 6500 6300 5250 Loans & Leases Billions 6009.4 6022.6 5974.0 5972.0 5993.6 6009.1 2003 Mar 5 12 19 26 Apr 2 9 Billions 4229.2 4249.5 4239.3 4231.3 4241.1 4268.1 5050 4850 6100 4650 Bank Credit (left scale) ** 5900 4450 5700 4250 5500 4050 Loans and Leases (right scale) 5300 3850 6 20 Mar 3 17 Apr 1 15 29 12 26 10 May Jun 24 7 Jul 21 Aug 4 18 Sep 2002 2 16 30 13 27 11 Oct Nov 25 Dec 8 22 Jan 5 19 Feb 5 19 Mar 2 16 30 14 28 Apr May 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 19 26 Apr 2 9 16 23 250 Billions of Dollars Billions 161.6 156.2 151.0 150.9 156.9 153.6 300 250 200 200 150 150 100 100 6 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 Dec 8 22 5 Jan 19 5 Feb 19 2 Apr Mar 2002 16 30 14 28 May 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 Mar 5 12 19 26 Apr 2 9 1125 1100 1075 625 Large Banks Billions 951.1 951.0 947.8 946.9 945.0 946.1 2003 Mar 5 12 19 26 Apr 2 9 Billions 467.6 468.5 467.0 466.4 469.1 469.0 600 575 550 1050 525 Large Banks (right scale) ** 1025 500 1000 475 975 450 All Banks (left scale) * 950 425 925 400 6 20 Mar 3 17 Apr 1 15 May 29 12 26 10 Jun 24 7 Jul 21 Aug 4 18 Sep 2002 2 16 Oct 30 13 27 11 Nov 25 Dec 8 22 Jan 5 19 Feb 5 19 Mar 2 16 30 14 Apr 28 May 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 19 26 Apr 2 9 16 23 120 115 January 1997=100 Major 94.9 95.3 94.3 94.9 94.2 93.7 2003 Mar 19 26 Apr 2 9 16 23 Broad 124.0 124.1 123.3 123.6 122.8 122.1 Broad Index (right scale) 110 145 140 135 130 105 125 100 120 Major Currency Index (left scale) 95 115 90 110 6 20 Mar 3 17 Apr 1 15 29 12 26 10 24 May Jun Jul 7 21 Aug 2002 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 14 28 Apr May 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