Full text of U.S. Financial Data : April 9, 1992

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1992

of St. Louis

APR 1 3 1992

Financial Data

llll
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THE WEEK'S HIGHLIGHTS:
*/ Producer prices for finished goods rose at a 3 percent annual rate
in March, following a 3 percent rate of increase in February.
Producer prices have risen only slightly since a year ago.
The nation’s civilian unemployment rate was 7.3percent in
March, the same as in February. The unemployment rate has
averaged 7.2 percent since last December after averaging 6.9
percent during the previous four months.
Nonfarm payroll employment rose at a 0.2 percent annual rate in
March, following an increase at a 1.2 percent rate in February.
Payroll employment has been basically flat since last July.
Consumer credit decreased at a 0.3 percent annual rate in Febru­
ary after rising at a 0.1 percent rate in January. Consumer credit
has been trending downward since November 1990.

Views expressed do not necessarily reflect official positions of the Federal Reserve System.
U.S. Financial Data is published weekly by the Research and Public Information Division of the
Federal Reserve Bank of St. Louis. The cost for a subscription is as follows:
One year (50 issues)
Two years (100 issues)

$18
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To subscribe, please send your check or money order made payable to the Federal Reserve Bank
of St. Louis to: Research and Public Information, Federal Reserve Bank of St. Louis, Post Office
Box 66953, St. Louis, MO 63166-6953. DO NOT SEND CASH. Checks from foreign subscribers
must be payable in U.S. dollars and, except for those from Canada, must be drawn on a U.S. bank.

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Federal Reserve Bank of St. Louis

2
Adjusted Monetary Base
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

1992

Billions

Jan 22
Feb 5

350.0
353.5
357.8
357.5
359.2
357.4

Mar 4
Apr

1

Billions of Dollars

6 20 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 4 18 1 15 29
Feb

Mar

Apr

May

Jun

Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
1991
1992
Latest data plotted reserve maintenance period ending: April 1, 1992
The adjusted monetary base is the sum of reserve accounts of financial institutions at Federal Reserve banks,
currency in circulation (currency held by the public and in the vaults of all depository institutions) and an
adjustment for reserve requirement ratio changes. The major source of the adjusted monetary base is Federal
Reserve credit. 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

Compounded annual rates of change, average of two maintenance periods ending:
4/3/91
6/26/91
9/4/91
10/2/91 10/30/91 11/27/91 12/25/91 2/5/92

periods ending:
9/4/91
10/2/91
10/30/91
11/27/91
12/25/91
2/5/92
3/4/92
4/1/92

5.0
5.4
6.0
6.2
6.4
6.4
7.8
7.3


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

7.3
7.8
7.8
7.8
7.6
9.3
8.6

8.9
8.4
8.3
7.9
10.2
9.1

8.6
8.5
7.9
10.7
9.3

7.8
7.3
10.8
9.2

7.2
11.8
9.6

13.3
10.0

12.6

Prepared by Federal Reserve Bank of St. Louis

Money Stock (Ml) and Total Checkable Deposits
Averages or uauy Ngures
Seasonally Adjusted

Billions of Dollars

1992

Billions of Dollars

Ml
Billions

- Feb 24
Mar 2
9
16
23
30

934.2
935.0
939.6
943.0
938.4
935.5

TCD (right scale)

M1 (left scale)

1992
Feb 24
Mar 2
9
16
30

4 18 4 18 1 15 29 13 27 10 24
Feb

Mar

Apr

May

Jun

Billions
654.5
655.4
659.6 —
663.0
655.7

22 5 19 2 16 30 14 28 11 25 9 23 6 20 3 17 2 16 30 13 27

Jul
1991

Aug

Sep

Oct

Nov

Dec

Jan

Feb
Mar
1992

Apr

Latest data plotted week ending: March 30, 1992
Current data appear in the Federal Reserve Board's H.6 release.
M1 is the sum of currency held by the nonbank public, demand deposits, other checkable deposits and travelers
checks.
Total checkable deposits is the sum of demand deposits and other checkable deposits at depository institutions.

Money Stock (Ml)
To the average

Compounded annual rates of change, average of four weeks ending:
4/1/91
7/1/91
9/2/91
9/30/91 10/28/91 12/2/91 12/30/91 1/27/92

ending:
9/2/91
9/30/91
10/28/91
12/2/91
12/30/91
1/27/92
3/2/92
3/30/92

7.0
7.2
7.9
8.9
8.9
9.6
11.5
11.5


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

6.9
8.3
9.8
9.7
10.5
13.1
12.9

10.3
12.2
11.4
12.3
15.5
14.8

14.2
12.5
13.4
17.0
16.0

12.3
13.5
17.9
16.5

12.5
18.9
16.9

23.7
19.5

20.9

Prepared by Federal Reserve Bank of St. Louis

4
Adjusted Reserves
Billions of Dollars

Seasonally Adjusted

Billions of Dollars

90
1992

Billions

Jan 22
Feb 5
Mar 4
Apr

1

84
82

7!

76

6 20 B 20 3 17 1
Feb

Mar

Apr

15 29 12 26 10 24 7 21 4 18 2 16 30 13 27
May

Jun

Jul
1991

Aug

Sep

Oct

Nov

25 8 22 5 19 4 11 I

Dec

Jan

Feb
Mar
1992

15 29

Apr

Latest data plotted two weeks ending: April 1, 1992
Adjusted reserves is the difference between adjusted monetary base and currency component of M1.

Adjusted Reserves
To the average of
two maintenance
periods ending:
9/4/91
10/2/91
10/30/91
11/27/91
12/25/91
2/5/92
3/4/92
4/1/92

Compounded annual rates of change, average of two maintenance periods ending:
+/£/g1
6/26/91
9/4/91
*
*
v
y
10/2/91 10/30/91 11/27/91 12/25/91 2/5/92

4.3
5.2
6.3
6.6
7.8
6.6
11.5
11.2


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

3.8
6.0
6.4
8.3
6.5
13.0
12.5

12.1
10.8
12.8
8.9
17.9
16.5

11.1
13.7
8.6
19.3
17.5

13.6
7.1
20.6
18.2

6.6
24.3
20.5

26.5
20.9

Prepared by Federal Reserve Bank of St. Louis

74

Money Multiplier1/
Averages of Daily Figures
Seasonally Adjusted

Ratio
Compounded annual
rates of change,
average of the four
weeks ending
March 30, 1992 from
the four weeks ending:
Apr 1, 1991 3.9
Jun 24, 1991 3.9
Sep 30, 1991 6.1
Oct 28, 1991 6.8
Nov 25, 1991 6.9
Dec 23, 1991 7.7
Feb 3, 1992 7.0

4 18 4 18 1
Feb

Mar

Ratio

May

2.596

Mar 2

2.597
2.615

— 2.9

15 29 13 27 10 24
Apr

Jan 20

Jun

22 5 19 2 16 30 14 28 11 25 9 23 6 20 3 17 2 16 30 13 27
Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb
Mar
1992

Apr

Latest data plotted two weeks ending: March 30, 1992

Currency Component of M12/
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

280

Billions of Dollars

230

i----- r

Compounded annual
rates of change,
average of the four
weeks ending
March 30, 1992 from
the four weeks ending:
Apr 1, 1991
6.2
1, 1991 7.4
30. 1991 6.9
28, 1991
6.6
2. 1991
6.8
30, 1991 7.1
27, 1992 6.2

Billions
Feb 24Mar 2
9
16
23
30

4 18

4 18 1 15 29 13 27 10 24 8 22 5 19 2 16 30 14 28 11 25

Feb Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

1991

Nov

271.6
271.6
271.8
271 .9
271.9
271.8

9 23 6 20 3 17 2 16 30 13 27
Dec

Jan

Feb

Mar

Apr

1992

Latest data plotted week ending: March 30. 1992
1/ Ratio of M1 to adjusted monetary base
2/ Current data appear in the Federal Reserve Board's H.6 release.


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

Prepared by Federal Reserve Bank of St. Louis

5

6

Yields on Selected Securities

Percent

Percent

Averages of Daily Figures

Prime Bank
Loan Rate
-CorporateAaa Bond*

1 15

1 15 29 12 26 10 26 7 21 5 19 2 16 30 13 27 11 25

Feb Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

8 22 6 20 3 17 31 14 28 13 27

10 24

Nov

Apr

Dec

Jan

Feb

1991

Mar

1992

Latest data plotted are averages of rates available for the week ending: April 10, 1992

1992

90—Day
CDs

30-Day
Commercial
Paper

Jan 17
24
31
Feb 7
14
21
28
Mar 6
13
20
27
Apr 3
10 *

4.09
4.06
4.08
4.02
3.96
4.13
4.16
4.22
4.24
4.29
4.25
4.19
4.12

4.10
4.08
4.08
4.07
4.02
4.17
4.19
4.27
4.28
4.32
4.27
4.25
4.16

90—Day
Bankers'
Acceptances
3.99
3.96
4.00
3.95
3.92
4.05
4.08
4.17
4.19
4.21
4.19
4.12
4.09

Corporate
Aaa Bonds
8.20
8.22
8.25
8.25
8.27
8.33
8.31
8.32
8.34
8.38
8.36
8.35
8.32

Corporate
Baa Bonds

Municipal
Bonds **

9.11
9.16
9.20
9.18
9.21
9.28
9.23
9.21
9.23
9.31
9.25
9.21
9.20

6.56
6.59
6.65
6.71
6.74
6.75
6.74
6.71
6.76
6.79
6.77
6.73
NA

Current data appear in the Federal Reserve Board's H.15 release.
* Averages of rates available
** Bond Buyer's Average Index of 20 municipal bonds, Thursday data
N.A. - Not Available
Prepared by Federal Reserve Bank of St. Louis


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

Selected Interest Rates

Percent

Percent

Averages of Daily Figures

Federal
-Fund* Rate

I 15 I 15 29 12 26 10 2* 7 21 5 19 2 16 30 13 27 11 25 8 22 6 20 3 17 31
Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Latest data plotted are averages of rates available for the week ending: April 10, 1992
3—Month
6—Month
1 -Year
5—Year
Long-Term
Federal
Treasury
Treasury
Treasury
Treasury
Treasury
Funds *****
Bill
Bill *+*
Bill
Securities
Securities
Jan 17
4.01
3.81
3.87
3.98
6.34
7.47
24
3.87
3.77
3.84
3.95
6.32
7.56
31
4.01
3.84
3.93
4.02
6.41
7.65
Feb 7
4.17
3.81
3.93
3.98
6.44
7.68
14
3.93
3.76
3.80
4.00
6.50
7.74
21
4.20
3.87
3.93
4.16
6.70
7.85
28
3.96
3.94
4.08
4.19
6.70
7.79
Mar 6
4.08
4.04
4.10
4.32
6.79
7.83
13
3.95
4.02
4.13
4.43
6.91
7.91
20
4.04
4.06
4.27
4.50
7.08
7.98
27
3.94
4.03
4.27
7.00
4.40
7.91
Apr 3
4.09
4.01
4.19
4.27
6.86
7.84
10 *
3.98
3.90
4.02
4.16
6.74
7.80
Current data appear in the Federal Reserve Board's H.15 release excluding long-term Treasury securities
which are computed by this bank. Treasury bill yields are on a discount basis.
* Averages of rates available
** Seven—day averages for week ending two days earlier than date shown
*** Auction average (discount)
Prepared by Federal Reserve Bank of St. Louis
1992


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

7

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

Billions of Dollars

Billions of Dollars

2675
1992

3500 -

Billions

Feb 24 3476.6
Mar 2 3477.7
9 3481.9.
16 3477.8
23 3468.5
30 3461.4

2625

(left scale)

2575

2525

Non-M1 M2 (right scale)
Non-M1 M2
Billions
Feb 24 2542.4
Mar 2 2542.7
9 2542.3
16 2534.8
23 2530.1
30 2525.9

4 18 4 18 1 15 29 13 27 10 24
Feb

Mar

Apr

May

Jun

25 9 23 6 20 3 17 2 16 30 13 27

22 5 19 2 16 30 14 28
Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

2475

2425

Apr

Latest data plotted week ending: March 30, 1992
Current data appear in the Federal Reserve Board's H.6 release.
M2 is the sum of M1, overnight RPs issued by all commercial banks, overnight Eurodollars issued to U.S. residents
by foreign branches of U.S. banks, savings (including money market deposit accounts), small time deposits
and general purpose and broker/dealer money market mutual funds. For more detail, see the H.6 release.

Money Stock (M2)
To the average

Compounded annual rates of change, average of four weeks ending:
4/1/91
7/1/91
9/2/91
9/30/91 10/28/91 12/2/91 12/30/91 1/27/92

ending:
9/2/91
9/30/91
10/28/91
12/2/91
12/30/91
1/27/92
3/2/92
3/30/92

1.7
1.5
1.6
2.1
2.1
2.1
2.8
2.5


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

0.1
0.6
1.6
1.7
1.7
2.8
2.3

1.6
2.9
2.7
2.5
3.8
3.1

3.9
3.3
2.9
4.4
3.5

3.8
3.1
4.8
3.7

1.9
4.7
3.3

5.9
3.6

4.5

Prepared by Federal Reserve Bank of St. Louis

Savings and Money Market Funds
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars
1120 —1--------- 1---------Savings
1992 Billions
Feb 24 1087.4
Mar 2 1088.7
9 10 95.2
16 10 98.8
23 10 99.8
30 11 01.8

1040
0m

Billions of Dollars

410

390
Mo ley Ma Itet (ri<jht sea e)

370

\

■*“ <

_

v";

m%

*

V. r/

s«h >

\

"\

360
Moriey Ma rket
199
Billie>ns
S4livings

960

920

4 11 4 18 I 15 19 13 17 10 14
Feb Mar Apr May Jun

Feb 4 362 .4
Mar Z 363.9
9 360.2
16 358.3
23 357.8
30 354.8
_______ l_______ I______

Deposit

8 22 5 19 1 19 30 14 28 II 25 9 23 1 20
Jul
Aug
Sep
Oct Nov Dec Jan
1991

3 17 2 19 30 13 27
Feb Mar
Apr
1992

330

310

Note: Savings deposits are at all depository institutions. Money market funds are general purpose
and broker/dealer.

Large and Small Time Deposits1/
Billions of Dollars

Wl Depository Institutions
.Averages of Daily Figures, Seasonally Adjusted

Billions of Dollars

r~

i—\—
Small Time

Sma I Time right scale)

525

1992

-

Time (1

450

.....

18 4 18
Feb Mar

^ N
y

1025
*
N,

I
15 2 13 27 10 24 8 22
Apr May Jun
Jul
1991

15 30 14 28 11 25 9 23 5 20 3 17 2 16 3( 132
Sep Oct Nov Dec Jan
Feb Mar Apr
1992

Latest data plotted »eek ending: March 30, 1992
1/ Large time deposits ore those issued in demoninations of $100,000 or more.


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

1115

1055

----\

Lc rge Ti ne
_ n22 BL ions
Feb 24 419.3
Mar 2 417.0
9 415.9
16 413.1
23 412.1
30 410.6

C

375

99^kO

1145

1085
'

*>)

<Q »*»

400

• O

•e

475

425

Billions

Feb 24 1015.4
Mar 2 1012.3
9 1008.5
16 1003.8

500

1175

Prepared by Federal Reserve Bank of St. Louis

9

995
965

10
Total Borrowings
From Federal Reserve Banks
Averages of Daily Figures

Billions of Dollars

1992

Billions

4
11
18
25
1
8

0.059
0.040
0.110
0.074
0.160
0.048

6 20 6 20 3 17
Feb

Billions of Dollars

Mar

Apr

15 29 12 26 10 24 7 21 1 18 2 16 30 13 27 11 25 8 22
May

Jun

Jut
1991

Aug

Sep

Oct

Nov

Dec

Jan

19 4 18 1
Feb
Mar
1992

15 29
Apr

Adjustment + Seasonal Borrowings
From Federal Reserve Banks
Averages of Daily Figures

Billions of Dollars

1992

Billions

Mar 4
11
18
25
Apr 1
8

0.057
0.038
0.108
0.073
0.159
0.048

6 20 6 20
Feb

Mar

Billions of Dollars

3 17 1 15 29 12 26 10 24 7 21 4 18 2 16 30 13 27 11 25 8 22 5 19 4 18 1 15 29
Apr

May

Jun

Jul
1991

Aug

Sep

Oct

Nov

Dec

Jan

Feb
Mar
1992

Apr

Latest data plotted week ending: April 8, 1992


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

Commercial Paper of Nonfinancial Companies

Billions of Dollars

1992

Billions of Dollars

Not Seosonolly Adjusted

Billions

Feb 26 135.672
Mar 4 138.827
139.445
141.443
139.964
138.323

1992
Latest data plotted week ending: April 1, 1992

Commercial and Industrial Loans17
Weekly Reporting Large Commercial Banka2/
Seasonally Adjusted

Billions of Dollars

370
360
350
340
330

Billions of Dollars

n----------1--------Compounded ann ual
rates of change,
average of the fo jr
weeks ending
March 25, 1992 f
the four weeks en ding:
Mar 27, 1991 -9.4
Jun 26. 1991 -8.5
Sep 25, 1991 -6.2
Oct 23, 1991 -6.5
Nov 27, 1991 -5.4
Dec 25, 1991 -2.2

----------1-------199 2
Feb

9
.6
Mar 4
1
8
.5

Billions__
289.724
288.876__
290.247
289.271
289.265
289 639

390
370
360
350
340
330

320

320

310

310

300

300

290
280

l 20

Feb

f 21 3 17 I 15 20 12 20 10 24
Mar

Apr

May

Jun

Jul
1991

7 21 4 10 2 If 30 13 27 11 25 0 22 5 19 4 10 1 15 29
Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar
1992

Apr

Latest data plotted week ending: March 25, 1992
1/ Commercial and industrial loans include bankets acceptances and commercial paper.
2/ Banks with domestic assets greater than $1.+ billion
n
Prepared by Federal Reserve Bank of St. Louis


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Federal Reserve Bank of St. Louis

11

280

Dollar’s Trade-Weighted Exchange Index
1973=100

1973=100

Averages of Daily Figures

1992 1973=100

Apr

6 20

Feb

1

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 4 18 1 15 29
Mar

Apr

May

Jun

Jul
1991

Aug

Sep

Oct

Nov

Dec

Jan

Feb Mar
1992

Apr

Latest data plotted week ending: April 8, 1992
Current data appear in the Federal Reserve Board's H.10 release.
Data are weighted averages of the foreign-currency price of the U.S. dollar, computed using 10 industrial
country currencies.
Prepared by Federal Reserve Bank of St. Louis


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