Full text of U.S. Financial Data : April 3, 2003

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

April 3, 2003

USFinancialData
THE WEEK’S HIGHLIGHTS:
■ Initial claims for state unemployment insurance benefits totaled
445,000 for the week ending March 29, up 38,000 from the previous
week. The four-week moving average tallied initial claims at
426,250.
■ In February, the current dollar value of new orders to manufacturers
for durable and nondurable goods totaled $321.2 billion, down 1.5
percent from January. Revised data show that new orders rose 1.7
percent in January, 0.4 percentage points less than the initial
estimate. Manufacturers’ shipments fell 1.5 percent in February
after rising 1.9 percent in January. The value of inventories held
by manufacturers rose 0.4 percent in February, the third consecutive
monthly increase.
■ The Institute for Supply Management (ISM) reported that its index
of manufacturing activity (purchasing managers index, or PMI)
fell 4.3 percentage points in March to 46.2 percent; this was its
lowest level since November 2001. Similarly, the ISM’s index of
business activity in the non-manufacturing sector registered 47.9
percent in March, down 6 percentage points from February and
the lowest level since October 2001. An index below 50 percent
indicates declining business activity.
■ After rising 0.2 percent in December 2002 and 1.1 percent in
January, real construction spending (private and public) fell 0.5
percent in February. February’s decline was due to a 2.9 percent
drop in public construction spending, as private construction
spending rose 0.2 percent, its fifth consecutive monthly increase.
Measured from a year earlier, real construction spending has
declined 3.6 percent.
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
Jan 22
Feb 5
19
Mar 5
19
Apr 2

720

Billions of Dollars

Billions
711.025
711.187
711.915
713.760
712.670
711.663

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:

4/3/02

9/4/02

7.2

10/2/02

6.8

6.5

10/30/02

6.3

5.7

3.9

11/27/02

5.9

5.2

3.7

3.0

1/8/03

6.0

5.5

4.5

4.4

5.1

2/5/03

7.9

8.2

8.7

9.5

11.5

15.0

3/5/03

7.5

7.6

7.8

8.4

9.6

11.5

15.6

4/2/03

6.8

6.7

6.6

6.8

7.6

8.6

9.7

6/26/02

9/4/02

10/2/02

10/30/02

11/27/02

1/8/03

2/5/03

1.0

Prepared by the Federal Reserve Bank of St. Louis

Money Zero Maturity (MZM)
Averages of Daily Figures
6400

Seasonally Adjusted

Billions of Dollars
2003
Feb 17
24
Mar 3
10
17
24

6200

Billions of Dollars

Billions
6201.8
6183.6
6190.0
6173.7
6211.0
6191.4

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:

3/25/02

8/26/02

8.8

9/23/02

8.2

8.7

10/21/02

7.3

6.9

11/25/02

8.8

9.4

8.9

10.4

12/23/02

9.3

10.1

10.0

11.4

16.3

1/27/03

8.1

8.2

7.4

7.9

9.9

5.4

2/24/03

8.2

8.3

7.7

8.1

9.7

6.5

3.5

3/24/03

7.7

7.7

6.9

7.2

8.3

5.5

3.1

6/24/02

8/26/02

9/23/02

10/21/02

11/25/02

12/23/02

1/27/03

3.3

5.6

Prepared by the Federal Reserve Bank of St. Louis

Adjusted Reserves
Seasonally Adjusted
100

Billions of Dollars
2003
Jan 8
22
Feb 5
19
Mar 5
19

90

Billions of Dollars

Billions
72.258
77.132
76.607
72.265
75.180
71.609

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:

3/20/02

8/21/02

−5.4

9/18/02

0.6

−0.5

10/16/02

0.2

−0.9

17.3

11/13/02

1.2

0.7

14.3

3.0

12/25/02

5.3

6.7

19.9

14.5

22.0

1/22/03

8.0

10.4

23.4

19.8

26.9

35.1

2/19/03

7.0

8.7

18.6

15.0

19.2

22.4

15.7

3/19/03

4.9

5.8

13.1

9.4

11.7

12.4

3.7

6/12/02

8/21/02

9/18/02

10/16/02

11/13/02

12/25/02

1/22/03

−10.8

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
Feb 17
24
Mar 3
10
17
24

1350

1300

875

TCD
Billions
1234.1
1232.6
1248.3
1229.1
1229.4
1234.6

2003
Feb 17
24
Mar 3
10
17
24

Billions
591.0
588.6
604.0
583.8
582.7
586.0

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
March 24, 2003, from
the four weeks ending:

680

7.3
6.7
7.0
7.4
8.2
8.2
9.7

Mar 25, 2002
Jun 24, 2002
Sep 23, 2002
Oct 21, 2002
Nov 25, 2002
Dec 23, 2002
Jan 27, 2003

660

640

2003
Feb 17
24
Mar 3
10
17
24

Billions
635.5
636.4
636.8
637.7
639.1
641.0

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 10
17
24
31
Feb 7
14
21
28
Mar 7
14
21
28
Apr 4

1.25
1.25
1.25
1.24
1.23
1.24
1.25
1.25
1.23
1.19
1.21
1.23
1.21

1.31
1.30
1.28
1.27
1.27
1.26
1.27
1.27
1.26
1.18
1.22
1.25
1.22

2.10
2.06
1.97
2.00
1.98
1.90
1.87
1.84
1.72
1.70
1.97
1.92
1.78

6.24
6.22
6.11
6.09
5.99
5.97
5.96
5.89
5.82
5.82
5.99
5.94
5.77

7.44
7.39
7.30
7.21
7.10
7.09
7.06
6.97
6.90
6.90
7.04
6.97
6.87

4.94
4.95
4.89
4.90
4.88
4.83
4.79
4.74
4.69
4.67
4.83
4.84
N.A.

Current data, from the Federal Reserve Board’s H.15 release, are averages of rates available for the week ending April 4, 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 10
17
24
31
Feb 7
14
21
28
Mar 7
14
21
28
Apr 4 **

Apr

Federal
Funds *
1.20
1.26
1.23
1.24
1.29
1.22
1.30
1.24
1.29
1.21
1.27
1.22
1.28

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

1.18
1.17
1.15
1.16
1.15
1.16
1.17
1.19
1.15
1.09
1.14
1.15
1.11

1.80
1.75
1.67
1.72
1.69
1.63
1.62
1.57
1.47
1.47
1.72
1.65
1.54

3.12
3.11
2.96
3.01
3.02
2.94
2.87
2.76
2.61
2.62
2.97
2.93
2.82

4.10
4.10
3.97
4.01
3.98
3.95
3.89
3.78
3.65
3.65
3.97
3.96
3.87

5.13
5.11
5.00
5.00
4.95
4.97
4.95
4.86
4.77
4.77
5.01
5.04
4.96

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
Feb 17
24
Mar 3
10
17
24

6200

Billions
5897.4
5877.7
5894.1
5890.1
5906.3
5892.4

6200

MZM
6000

6000

5800

5800

M2
MZM

5600

2003
Feb 17
24
Mar 3
10
17
24

Billions
6201.8
6183.6
6190.0
6173.7
6211.0
6191.4

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:

3/25/02

8/26/02

7.3

9/23/02

7.0

8.5

10/21/02

7.2

8.4

6.6

11/25/02

7.4

8.5

7.6

8.6

12/23/02

7.0

7.7

6.6

7.0

6.5

1/27/03

6.8

7.3

6.2

6.5

6.0

4.4

2/24/03

7.3

7.9

7.2

7.6

7.4

6.8

8.4

3/24/03

7.1

7.6

6.9

7.1

7.0

6.4

7.3

6/24/02

8/26/02

9/23/02

10/21/02

11/25/02

12/23/02

1/27/03

8.6

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
Feb 17
24
Mar
3
10
17
24

1150

1050

Billions
872.9
871.4
870.5
869.5
868.6
867.5

2900

2800

2700

950

Small Time (left scale)
2600

850

Savings

750

2003
Feb 17
24
3
Mar
10
17
24

Savings Deposits (right scale)
650

2500

Billions
2862.4
2840.9
2843.1
2864.6
2882.2
2865.3

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
Feb 17
24
3
Mar
10
17
24

1100

1200

Retail Money

Billions
817.4
817.7
815.2
820.4
827.7
818.9

2003
Feb 17
24
3
Mar
10
17
24

Billions
928.1
932.7
932.2
926.9
926.1
925.0

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
0.013
0.029
0.045
0.018
0.010
0.011

2003
Feb 26
Mar 5
12
19
26
Apr 2

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 12
19
26
Mar
5
12
19

6500

6300

5250

Loans & Leases

Billions
5958.2
5971.3
5992.1
6024.0
6037.0
5990.9

2003
Feb 12
19
26
Mar 5
12
19

Billions
4201.9
4200.9
4208.1
4212.2
4232.7
4222.9

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
Feb 26
Mar
5
12
19
26
Apr
2

250

Billions of Dollars

Billions
153.4
155.8
157.3
161.6
156.2
151.0

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 12
19
26
Mar
5
12
19

1125

1100

1075

625

Large Banks

Billions
952.0
954.1
951.5
949.5
949.9
946.5

2003
Feb 12
19
26
Mar
5
12
19

Billions
469.1
469.9
468.6
466.9
468.0
466.7

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
Feb 26
Mar 5
12
19
26
Apr 2

120

115

January 1997=100

Major
94.5
94.1
93.0
94.9
95.3
94.3

2003
Feb 26
Mar 5
12
19
26
Apr 2

Broad
123.8
123.5
122.8
124.0
124.1
123.3

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