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THE
IKDIRV1
J RKSIKW
XliANKot
ST. LOUIS

NAY 011998

THE WEEK'S HIGHLIGHTS:
■

Following a 1 percent rise in the fourth quarter of 1997, the
employment cost index (ECI) for private industry workers rose 0.7
percent in the first quarter. Measured from four quarters earlier,
the ECI has increased 3.5 percent, with its wages and salaries
component rising 4 percent and its benefit component increasing
2.4 percent.

■

According to the advance estimate, real GDP rose at a 4.2 percent
annual rate in the first quarter after rising at a 3.7 percent rate in
the fourth quarter of 1997. Growth ofpersonal consumption
expenditures and gross private domestic fixed investment was
quite strong in the first quarter, measuring 5.7 percent and 17.6
percent, respectively. Real net exports, however, reduced real
GDP by $40.6 billion, as exports fell at a 3.4 percent rate and
imports rose at an 11.6 percent rate. The GDP price index rose at
a 0.9 percent rate in the first quarter, its smallest gain since the
third quarter of 1963.

■

Sales of new single-family homes were at an annual rate of
828,000 units in March, down 5.1 percent from February’s rate.
Still, new homes sold at an average annual rate of849,000 units
in the first quarter, the second-highest rate on record. The median
sales price of new homes sold in the first quarter was $152,300,
up 4.8 percent from four quarters earlier.

■

The Conference Board’s index of consumer confidence measured
136.7 percent in April (1985=100), up 2.9 percentage points from
March and 18.2 percentage points from a year earlier.

_____________________ 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. For more information on data, please call (314) 444-8590. To be added to the mailing
list, please call (314) 444-8808 or (314) 444-8809.
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 www.stls.frb.org/ffed.


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

Feb 11

499.273
500.049
500.094
499.696
498.764
497.973

Mor 11

Apr

8

485-

5 19 2

Mar

16 30 14 28 11 25 9 23 6 20 3

Apr

Moy

Aug

Jun

17

Sep

1

15 29 12 26 10 24 7 21

Oct

Nov

Oec

4

18 4

Feb

1997

18 1

Mor

15 29 13 27

Apr

May

1998

The adjusted monetory base is the sum of Federal Reserve deposits and vault cash held by domestic depository
institutions, currency held by the public, ond on adjustment for the effect of chonges in reserve requirement
rotios. The monetory bose series wos recently revised to include Federol Reserve deposits used to satisfy
clearing bolonce contracts. Ooto ore computed by this bonk. A detailed description of the odjusted monetory
base is available from this bonk. Recent data are preliminary.

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

Compounded onnuol rotes of chonge, overoge of two maintenance periods ending:
4/23/97

7/16/97

6.5
6.6
7.3

6.0
7.3
7.6
7.5

9.3

10.3

1/28/98

7.5
7.5

8.7

9.1

2/25/98

7.4

7.4

8.4

8.6

7.7

7.2

3/25/98

6.8

6.7

7.1

7.1

6.0

5.3

4/22/98

6.0

5.6

5.6

5.3

4.2

3.2

9/24/97
10/22/97
11/19/97
12/17/97


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

9/24/97 10/22/97 11/19/97 12/17/97

1/28/98

2/25/98

9.6
8.0

Prepored by Federal Reserve Bonk of St. Louis

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

Billions of Dollors

Billions of Dollors

Billions
Mor 16

1150-

Apr

6

Billions

1081.5
1079.1
1073.8
1082.5
1073.8
1085.0

Mor 16

640.9
638.5

Apr

641.6
632.0

6

643.4

1060-

........ J-

TCD (right scale)

Mor

Apr

Moy

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Feb

16 30 13 27 II 25
Mor
Apr
Moy

Ml is the sum of currency held by the nonbank public, demand deposits, other checkable deposits ond travelers
checks. Total checkable deposits is the sum of demand deposits ond other checkable deposits at depository
institutions. Current dato oppeor in the Federol Reserve Board’s H.6 releose.

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

Compounded annual rotes of change, overage of four weeks ending:
4/21/97

7/21/97

9/22/97 10/20/97 11/17/97 12/22/97

1/19/98

9/22/97

-1.1

10/20/97

-1.8

-1.4

11/17/97

-0.8

0.3

12/22/97

0.2

1.6

2.4

6.1

1/19/98

0.5

1.9

2.7

5.3

4.9

2/23/98

0.5

1.7

2.2

3.9

3.3

1.8

3/23/98

1.0

2.2

2.8

4.4

4.0

3.2

3.0

4/20/98

0.7

1.7

2.1

3.3

2.7

1.8

1.3

2/23/98


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

0.2

1.8

Prepared by Federol Reserve Bonk of St. Louis

3

4
Adjusted Reserves
Seasonally Adjusted
Billions of Dollars

Billions of Dollars
Feb 11
Mor 11
Apr

8

Billions
68.785
67.289
67.184
66.681
66.132
65.485

15 29 1J 27

Apr

Moy

Aug

Jun

Sep

Feb

Oct

Mor

Apr

May

Adjusted reserves is the difference between the adjusted monetory bose and the currency component of Ml.
The adjusted monetory bose series wos recently revised: See the footnote to the monetory bose chort for o
description of the change.

Adjusted Reserves
Compounded onnuol rotes of change, overage of two maintenance periods ending:
To the overage of
two maintenance
periods ending:

4/23/97

7/16/97

9/24/97 10/22/97 11/19/97 12/17/97

1/28/98

9/24/97

0.2

10/22/97

-0.6

-6.7

11/19/97

1.9

-1.3

6.8

12/17/97

2.5

0.1

6.7

13.3

1/28/98

1.8

-0.4

3.7

6.4

1.3

2/25/98

0.2

-2.2

0.1

1.4

-3.5

-7.2

3/25/98

-1.6

-4.3

-3.1

-2.7

-7.2

-10.8

-16.8

4/22/98

-3.1

-6.0

-5.5

-5.5

-9.6

-12.9

-17.8

2/25/98


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

-19.5

Prepared by Federal Reserve Bank of St. Louis

Money Multiplier
Averoges of Doily Figures
3.0

Seasonally Adjusted

Rotio

1

Compounded annual rotes
of chonge. overoge of
the four weeks ending
April 20, 1998, from

--------- 1----------1998
Feb 9
23
Mor 9
23
Apr 6
20

;

2.8-

2.6-

Ap r
Jul
Oc t
Nov
Dec
Jon
Feb

21,
14,
20,
17,
15.
26.
23.

1997
1997
1997
1997
1997
1998
1998

-1.9
-1.4
-0 9
0.8
3.7

J.O

2.8

2.6

2.4

________

2.4

^-----

-

2.2

2.2-

2.0

Rotio
Rotio
2.157
2.149
2.163
2. 162
2 162
2 168

—

____________
17 31 14 28 12 26 9 23 7 21 4 18 1 15 29 13 27 10 24
Sep
Oct
Nov
Mor
Apr
Moy
Jun
Jul
Aug

8 22 5 19 2 16 2 16 30 13 27 II 25
Dec
Jon Feb
Mor
Apr
May

2.0

1998

1997
Ratio of M1 to the adjusted monetory base.

Currency Component of M1
450'

Averages of Daily Figures
Seasonally Adjusted

Billions of Dollors

Billions of Dollors
450

Compounded onnuol rotes
of chonge, overage of
the four weeks ending
April 20, 1998, from
440

440"

430

420

Apr
Ju 1
Oc t
Nov
Oe c
Jon
Feb

21.
21.
20.
17.

1997
1997
1997
1997

7
7
7
7

5

19 .
23 .

1998
1998

5
4

7
3

7
3
430

420

T"

1998
Mor 16
23

410

JU

Apr

I
400

Bil ons
43 2.4
43 2.5

18
Aug

15 29 13 27 10 24
Sep
Oct
Nov

8 22
Dec

5

19 2 16
Feb
Jon

Mor

400
Apr

Moy

1998

1997

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


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

Prepored by Federol Reserve Bonk of St. Louis

5

410

433.0
433.7
433.7

___J___

_________

17 31 14 28 12 26 9 23
Mor
Apr
Moy
Jun

6
13
20

6
Yields on Selected Securities
Averoges of Doily Figures
Percent

Prime Rate

Corporate
Aaa Bonds
-7.0

7.0-

Commerciol Paper

Municipal Bonds

4

1998
Feb

6
13
20
27
Mor 6
13
20
27
Apr 3
10
17
24
Moy
1

18

2

16 30 13 27 11 25 8 22 5

30-Day
Commercial
Poper
5.46
5.47
5.46
5.49
5.50
5.51
5.50
5.52
5.52
5.49
5.49
5.48
5.50

19 3

17 31 14 28 12 26 9

23 6 20 6 20 3

90-Day
CDs

90-Day
Bankers'
Acceptances

Corporate
Aaa Bonds

Corporate
Boo Bonds

5.53
5.53
5.53
5.56
5.59
5.58
5.58
5.59
5.58
5.56
5.57
5.58
5.60

5.47
5.45
5.45
5.48
5.51
5.51
5.50
5.50
5.49
5.48
5.48
5.48
5.48

6.68
6.69
6.62
6.71
6.81
6.70
6.66
6.69
6.67
6.64
6.67
6.73
6.83

7.27
7.27
7.20
7.28
7.40
7.30
7.27
7.30
7.30
7.28
7.31
7.35
7.45

17

15 29

Municipal
Bonds ••
5.11
5.08
5.07
5.14
5.25
5.20
5.19
5.20
5.19
5.18
5.21
5.25
N.A.

Current doto ore from the Federal Reserve Board's H.15 releose, ond ore overages of rotes ovoiloble for the week
ending on May 1, 1998 . Beginning September 2. 1997. the commerciol paper rote reflects new source doto,
which is currently ovoiloble only bock to the first of the yeor.
•• Bond Buyer's Average Index of 20 municipol bonds, Thursday doto
Prepared by Federal Reserve Bonk of St. Louis


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Federal Reserve Bank of St. Louis

Selected Interest Rates
Averages of Daily Figures
Percent

Percent

-7.0

30-Year
Treosury Securities

Federal
Funds Rate

Discount Rate
3-Month
Treasury Bill

7 21

4

18 2

1998
Feb

6
13
20
27
Mor
6
13
20
27
Apr
3
10
17
24
Moy
1 •

18 30 13 27 11 25 8 22 5 19 3

Federal
Funds ••
5.52
5.43
5.54
5.51
5.60
5.45
5.47
5.43
5.60
5.48
5.47
5.37
5.40

17 31 14 28 12 26 9

23 6 20 6 20 3

17

15 29

3-Month
Treasury
Bill

1 -Year
Treasury
Bill

5-Year
Treasury
Securities

10-Year
Treasury
Securities

30-Year
Treasury
Securities

5.05
5.07
5.06
5.16
5.08
4.97
5.02
5.05
5.00
4.95
4.97
4.94
4.93

4.99
5.01
5.02
5.14
5.15
5.09
5.08
5.12
5.09
5.03
5.11
5.12
5.21

5.44
5.47
5.45
5.60
5.69
5.57
5.54
5.62
5.58
5.52
5.59
5.65
5.78

5.59
5.57
5.50
5.63
5.75
5.62
5.57
5.63
5.61
5.55
5.61
5.67
5.80

5.89
5.89
5.84
5.94
6.05
5.93
5.89
5.92
5.89
5.86
5.90
5.95
6.07

Current doto oppeor in the Federal Reserve Board's H.15 release.
• Averages of rates ovoiloble
•• Seven-doy overages for week ending two doys eorlier than <jote shown


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Federal Reserve Bank of St. Louis

Prepored by Federal Reserve Bonk of St. Louis

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

Billions of Dollars

Mor 16
Apr

6

Billions of Dollors

Billions
4122.6
4123.0
4123.9
4146.7
4147.3
4170.7

M2 (left scale)

3975MI M2 (right scale)

Billions
Mor 16
Apr

3

17 31 14 28 12 26 9
Apr

Moy

23

7 21

4

Jun

18 1 15 29 13 27 10 24
Aug
Sep
Oct

8 22

6

- 2850

3043.9
3050.1
3064.2
3073.5
3085.7

16 2 16 30 13 27 11 25
Feb
Mor
Apr
May

M2 is the sum of Ml, sovings (including money market deposit accounts), smoll time deposits ond retoil money
funds. Current doto appear in the Federal Reserve Board's H.6 release.

Money Stock (M2)
o° four0wMkle

Compounded onnuol rates of change, overage of four weeks ending:
4/21/97 7/21/97 9/22/97 10/20/97 11/17/97 12/22/97 1/19/98

2/28/98

ending:
9/22/97

5.2

10/20/97

5.1

7.1

11/17/97

5.5

7.3

6.2

12/22/97

5.6

7.1

6.3

1/19/98

6.0

7.4

7.0

7.7

2/23/98

6.2

7.5

7.2

7.7

7.8

3/23/98

6.5

7.8

7.6

8.1

8.2

8.9

4/20/98

6.7

7.9

7.8

8.3

8.4

8.9


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

7.0
7.7
8.5

Prepared by Federal Reserve Bank of St. Louis

Savings and Small Time Deposits
Averages of Doily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Small Time
1998
Mar 16
Apr

Billions
963.7
962.4
962.2
962.0
960.2

6

Savings Deposits (right scale)

Small Time (left scole)

Savings
1998
Mar 16
Apr

6

Billions
1440.1
1446.0

1460.0
1463.0

1478.5
3

17 31 14 26 12 26 9 23
Apr
May
Jun

7 21

4

18 1 15 29 13 27 10 24
Aug
Sep
Oct

8 22 5

19

16 2 16 30 13 27 11 25
Feb
Mar
Apr
May

1997
Sovinge deposits and smoll time deposits ore at all depository institutions.

1998

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

Seasonally Adjusted

Billions of Dollars

Large Time
616.8
614.5
619.2
623.7
614.1
608.4

750Apr

Retail Money
1998
Mor 16

6

Apr

6

Billions
637.2
638.9
641.7
642.0
648.5
646.9

Retail Money

Large Time

3

17 31 14 28 12 26 9 23 7 21

Apr

May

4

18

Aug

15 29 13 27 10 24 8 22 5

Sep

Oct

19 2

16 2

16 30 13 27 11 25

Apr

May

1997
1998
Large time deposits and retoil 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
and broker/dealer money market funds.
Prepored by Federol Reserve Bonk of St. Louis


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Federal Reserve Bank of St. Louis

9

10
Total Borrowings
From Federal Reserve Bonks
Averages of Daily Figures

Billions of Dollors

Billions of Dollars

Billions
0.045
0.031
0.169
0.045
0.057
0.068

Mar 25
Apr 1

0.4-

5

19 2

16 30 14 28 11 25 9 23 6 20 3 17

Apr

May

Aug

Jun

Sep

1

18 4

15 29 12 26 10 24 7 21

15 29 13 27

18

Feb

Oct

Mor

Apr

May

Borrowings include seosonol. adjustment and extended credit.

Bank Loans and Credit
All Commercial Banks in the United States
Seasonally Adjusted

Billions of Dollors

4325

Billions of Dollors

Bonk Credit
Billions
1998
4217.2

4206.8

4225-

4211.9
4242.3
4211.9
4203.8

Bonk Credit (left scale)2/

4125

4025

3925

Loons Sc Leoses
1998
Billions
Mar 11

18
25

3825

Loons and Leoses (right scale)
3725

Apr

1

8
15

3093.3
3085.4
3090.6
3102.1
3097.4
3101.6

2975

2875

2775
5

19 2

Mor

12 26 10 24 7 21

16

Apr

Moy

Jun

Jul

Aug

Sep

1997
Current doto appear in the Federol Reserve Boord's H.8 release.
1/ Includes foreign-reloted institutions
2/ Includes loons and leoses and securities


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Federal Reserve Bank of St. Louis

Nov

Dec

Jon

I

18

Feb

i

18

Mor

15 29 13 27

Apr

Moy

1998

Prepared by Federal Reserve Bonk of St. Louis

Commercial Paper of Nonfinancial Companies
Not Seasonally Adjusted

Billions of Dollors

Billions of Dollars

230

Billions
Mor 18

i-

* 1

220

210

200

190

180

Mar

Apr

Moy

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

1997

Feb

Mor

Apr

May

1998

Note: Beginning September 2, 1997, the volue of commercial poper outstanding uses new source dolo. See the
Federal Reserve Board's H. 15 release for more information.

Commercial and Industrial Loans
Seasonally Adjusted
Billions of Dollors

Billions of Dollors

500

All Bonks
Billions
880-

875.8
870.4

867.9

865.2
866.1
872.5

480

All Banks (left scole)1/
460

440

Large Bonks (right scale) 2/

Bonks
460.7
461.1

Apr

1

420

400

462.3
465.3
380
15 29 13 27

1998

Current data oppeor in the Federal Reserve Boord's H.6 release.
1/ Includes foreign-reloted institutions
2/ Weekly reporting, domestically chartered bonks


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Federal Reserve Bank of St. Louis

Prepored by Federal Reserve Bonk of St. Louis

Dollar's Trade - Weighted Exchange Index
Averoges of Daily Figures
1973=10u

1973=100

110

1973-100

105-

105

100

95

90
5

19

16 30 14 28 11 25 9 23 6 20 3

Apr

17

1

15 29 12 26 10 24 7 21

Moy

4

18 4

18

1

15 29 13 27

Apr

Moy

Current data appear in the Federol Reserve 6oord's H.10 release. Doto ore weighted averages 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

Prepored by Federal Reserve Bonk of St. Louis

>1

OS

m
&

J


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102