Full text of U.S. Financial Data : August 1, 1991

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Rd
IBRARYl
Federal Reserve Bank I
of St

^ ^ ^ f

-Financial Data
August 1, 1991

THE WEEK'S HIGHLIGHTS:
✓ Real gross national product (GNP) increased at a seasonally ad­
justed annual rate of 0.4 percent in the second quarter of 1991,
after declining at a 2.8 percent rate in the first quarter.

✓ Personal income rose at a seasonally adjusted 5.8 percent annual
rate in June, down from a 6.5 percent rate of increase in May.
Wages and salaries increased at a 12.2 percent rate, compared with
a 7.8 percent rate in May.

✓ Sales of new single-family houses rose 7.4 percent in June to a sea­
sonally adjusted annual rate of525,000 units, following a revised
3.2 percent decrease in May to 489,000 units. June's estimate was
4.4 percent below the rate of549,000 units a year earlier.

✓ The employment cost ofprivate industry workers rose 1.2 percent in
the three months ending in June and increased 4.4 percent since
June 1990. This is a drop from the 5.1 percent increase registered
for the year ending in June 1990.

the

FEDERAL
A RESERVE

JSk ItVNkol

nr

ST.IXHIS


Views expressed do not necessarily reflect official positions of the Federal Reserve System.
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Federal Reserve Bank of St. Louis

2

Adjusted Monetary Base
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

1991

Billions

Moy 15

Billions of Dollars

335.4
334.9
.335.4
337.5
335.7
339.5

„ Jun 12
Jul 10

6 20 4 18 I 15 29 12 26 10 24
Jun
Jul
Aug Sep
Oct

7 21 5 19 2 16 10 11 27 1] 27 10 24 8 22
Nov Dec
Jan
Feb
Mar Apr May

5 19 3 17 31 14 28
Jun
Jul
Aug

1990
1991
Latest data plotted reserve maintenance period ending: July 24, 1991
The adjusted monetary base is the sum of reserve accounts of financial institutions at Federal Reserve bonks,
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
T
, Compounded annual rates of change, average of two maintenance periods ending:
Io the average of 7/25/90 10/17/90 12/26/90 1/23/91 2/20/9! 3/20/91 4/17/91 5/29/91
two maintenance
periods ending:
12/26/90
1/23/91
2/20/91
3/20/91
4/17/91
5/29/91
6/26/91
7/24/91

9.7
12.7
13.2
12.6
10.8
9.9
9.5
9.1


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Federal Reserve Bank of St. Louis
A_________

12.8
13.7
12.6
10.0
9.0
8.6
8.1

23.2
18.0
12.2
10.1
9.3
8.7

12.3
6.8
6.1
5.9
5.7

2.2
3.3
3.7
3.8

1.4
2.5
2.9

Prepared by Federal Reserve Bank of St. Louis

Money Stock (M1) and Total Checkable Deposits
Averages ot Daily Ngures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

M1
1991 Billions
Jun 17 860.4
24 858.5
Jul 1 861.9.
8 856.9
15 857.7
22 860.2

M1 (left

TCD
1991 Billions
— 565
Jun 17
24 592.7
Jul 1 595.4
591.5
591.8
593.4

-TCD (right scale)

4

IB

2

16 30 13 27 10 24 8 22

Jun Jul

Aug

Sep
1990

Oct

5

19 3

Nov

17 31 14 .
Dec

8 22 6 20

Jan

Apr

May

Latest data plotted week ending: July 22, 1991
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)
Compounded annual rates of change, average of four weeks ending:
To the average
7/23/90 10/22/90 12/24/90 1/21/91 2/25/91 3/25/91 4/22/91 5/20/91
of four weeks
ending:
12/24/90
1/21/91
2/25/91
3/25/91
4/22/91
5/20/91
6/24/91
7/22/91

3.9
3.4
5.2
5.4
5.6
5.6
6.1
5.9


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Federal Reserve Bank of St. Louis

1.6
5.2
5.5
5.7
5.8
6.4
6.1

8.3
7.9
7.7
7.4
7.9
7.4

11.4
10.0
9.1
9.3
8.5

7.0
6.6
7.7
7.0

6.4
7.8
7.0

8.3
7.0

7.4

Prepared by Federal Reserve Bank of St. Louis

3

4

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

Billions of Dollars

199.1

Billions of Dollars

Billions

Jun 17 3405.0
3396.4
Jul 1 3396.3.
3390.2
3390.7
3385.2

M2 (left scale)

Non-M1 M2 (right scale)

Non-M1 M2
1991
Jun 17
24
Jul 1
8
15
22

4 IB 2 16 30 13 27 10 24 8 22
Jun
Jul
Aug
Sep
Oct
1990

5

19 3 17 31 14 28
Nov Dec
Jan
Feb

Billions
2544.6
2537.9
2534.4
2533.3
2533.0
2525.0

8 22 6 20
Mar

Apr
May
1991

Jun

Jul

Aug

Latest data plotted week ending: July 22, 1991
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, money market deposit accounts, savings and small time deposits, and general
purpose and broker/dealer money market mutual funds. For more detail, see the H.6 release.

Money Stock (M2)
Compounded annual rates of change, average of four weeks ending:
To the average 7/23/90 10/22/90 12/24/90 1/21/91 2/25/91 3/25/91
4/22/91 5/20/91
ending:
12/24/90
1/21/91
2/25/91
3/25/91
4/22/91
5/20/91
6/24/91
7/22/91

2.4
2.1
3.0
3.5
3.6
3.5
3.3
2.9


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Federal Reserve Bank of St. Louis

0.7
2.6
3.5
3.6
3.4
3.3
2.6

4.7
5.5
5.2
4.6
4.2
3.3

7.7
6.6
5.6
4.8
3.7

5.8
4.6
3.9
2.7

3.3
2.9
1.6

2.3
0.8

0.1

Prepared by Federal Reserve Bank of SL Louis

Money Multiplier1/
Averages of Daily Figures
Seasonally Adjusted
Compounded onnual
rates of change,
average of the four
weeks ending
July 22, 1991 from
the four weeks ending:
Jul 23, 1990 -3.0
Oct 15, 1990 -2.0
Jan 21, 1991 2.0
Feb 18. 1991 3.3
Mar 18. 1991 4.3
Apr 15, 1991 2.4
May 27. 1991
1.8

Ratio
May 13
Jul

4 II 1 16 30 13 27 10 24 1 22 5 li 3 17 31 11 21
Jun Jul
Aug
Sep Oct Nov Dec
Jan

11 25 11 25 1

Feb

Mar

1990
Latest data plotted two weeks ending: July 'cl, 1991

22 5 20
Apr May

8

2.561

15 29 12 21
Jul
Aug

1991

Currency Component of M12/
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

270

260

ISO

1----------1---------Compounded annu al
rates of change,
average of the fou
weeks ending
July 22, 1991 frorr
the four weeks enc ing:
Jul 23. 1990
.9
Oct 22, 1990
.3
Jan 21, 1991
.3
Feb 25. 1991
.3
Ma 25. 991
.4
Apr 22, 991
.7
Mqj 20. 991
.7

Billions of Dollars

270

260

-

250

240

240
1991

Billio ns

Jun 1 7 257 .3
2 4 258
Jul 1 258.7
8 257.6
1 5 258.1
2 2 259.0
rr-r » J • i » I

230

220

230

220
Jul

Aug

Sep

Oct

Nov

Dec

Jan

1990

Feb

Mar

Apr

May

Jun

Jul

Aug

1991

Latest data plotted week ending: July 22, 1991
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

Corporate

Municipal

8 22 8 22
Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

19 3 17 31 14 28
Apr May Jun
Jul

1990

Aug

1991

Latest data plotted are averages of rates available for the week ending: August 2, 1991

1991

90-Day
CDs

30-Day
Commercial
Paper

90—Day
Bankers'
Acceptances

Corporate
Aaa Bonds

Corporate
Baa Bonds

Municipal
Bonds ++

May 10
17
24
31
Jun 7
14
21
28
Jul 5
12
19
26
Aug 2 ♦

5.91
5.93
5.91
5.90
6.07
6.12
6.03
6.05
6.04
6.02
5.97
5.94
5.92

5.92
5.93
5.91
5.91
6.02
6.10
6.05
6.08
6.06
6.02
5.96
5.93
5.92

5.75
5.76
5.76
5.76
5.91
5.98
5.93
5.94
5.93
5.92
5.90
5.83
5.84

8.83
8.89
8.86
8.87
8.93
9.01
9.05
9.04
9.04
9.04
8.99
8.97
8.94

9.83
9.91
9.89
9.85
9.92
10.00
9.98
9.95
9.91
9.96
9.92
9.84
9.82

6.93
6.94
6.98
6.97
7.06
7.19
7.15
7.13
7.10
7.07
7.04
7.00
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


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Federal Reserve Bank of St. Louis

Selected Interest Rates

Percent

Averages of Daily Figures

5-Y
Treasury Sscurl
\

Federal
Funds Rats

Discount

Treasury Bfl

I 15 2! 13 27 10 H
Jun

Jul

7 21 5 1! 2 II 11 U 21 11 25

I 21 1 21 5

I! 3 17 31 U !«

Sep Oct
Nov
Dec
Jan
Feb Mar Apr
May
1990
1991
Latest data plotted are averages of rates available for the week ending: August 2, 1991

1991
May 10
17
24
31
Jun 7
14
21
28
Jul 5
12
19
26
Aug 2 *

Aug

Federal
Funds **
5.79
5.78
5.79
5.72
5.91
5.75
5.78
5.79
6.34
5.79
5.85
5.75
5.79

3—Month
Treasury
Bill

6—Month
Treasury
Bill ***

1—Year
Treasury
Bill

5.48
5.44
5.44
5.46
5.58
5.58
5.58
5.56
5.58
5.57
5.59
5.58
5.55

5.61
5.63
5.66
5.65
5.71
5.78
5.79
5.76
5.71
5.71
5.70
5.72
5.69

5.76
5.76
5.77
5.76
5.92
6.00
5.97
5.96
6.00
5.90
5.92
5.90
5.84

Jun

5—Year
Treasury
Securities

12 21

! 23

Jul

Aug

Long-Term
Treasury
Securities

7.69
8.29
7.76
8.37
7.73
8.34
7.66
8.31
7.86
8.44
7.97
8.54
7.95
8.54
7.96
8.53
7.95
8.49
7.97
8.52
7.92
8.49
7.87
8.45
7.80
8.39
iwurrent aaia 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. *
1
* 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


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Federal Reserve Bank of St. Louis

7

8

Savings and Small Time Deposits
All Depository Institutions
Averages of Daily Hgures, Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Savings
1991 Pillion?
Jun 17
24
Jul 1
8
15
22

439.2
439.8
440.5
441.5­
442.5
443.2

Small Time (right scale)

Small Time
1991
Jun 17
24
Jul 1
8

18 2 16 30 13 27 10 24 8 22
Jun
Jul
Aug
Sep
Oct

5

1122.8

15 1119.9
22 1117.6

Saving* Deposit* (left scale)
4

Billions
1129.8
1127.2
1124.9

19 3 17 31 11 20 11 25 11 25 8 22 6 20 3 17 1 15 29 12 28
Nov Dec
Jan
Feb Mar
Apr
May
Jun
Jul
Aug

1990

1991

Total and Large Time Deposits1 /
mi ucpusuuiy mailmiiuiia

Billions of Dollars

Averages of Daily Figures, Seasonally Adjusted

Total Time (left scale)

Billions of Dollars
Large Time
1991 Billions
Jun 17

500.7
490.1
492.9 — 540
488.5

Large Time (right scale)

Total Time
1991 Billions
— Jun 17 2069.7
24 2063.4
8 2057.2
15 2055.5
22 2049.3

Latest data plotted week ending: July 22, 1991
1/ Total time is the sum of savings deposits, and small and large time deposits; where large time deposits are
those issued in denominations of $100,000 or more.
Prepared by Federal Reserve Bank of St. Louis


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Federal Reserve Bank of St. Louis

Money Market Funds
General Purpose and Broker/Dealer
Averages of Daily Figures, Seasonally Adjusted

Billions of Dollars

390

Billions of Dollars

390

Compounded annual
rates of change
average of the four
weeks ending
July 22, 1991 from
the four weeks ending
Jul 23. 1990 9.8
Oct 22, 1990
Jan 21, 1991
Feb 25 1991
Mar 25 1991
Apr 22, 1991
May 20, 1991

1991

J 1 '

4

II
Jun

' ' 1 1 1 1 1 1 1 1 1 1 1

2 16 30 13 27
Jul Auq

10 24
Sep

*'1 1 I 1 I 1 I 1 I

1 I 1 r

8 22 5 1! 3 17 31
Oct Nov
Dec

i I ' I ' I 1 I ' I ■ I 1

14 28 11 25 11 25
Jan
Feb Mar

I 1 l ■

I 22
Anr
Apr

Billions

Jun 17
24
Jul 1
B
15
22

365.0
364.0
362.7
361.6
360.9
359.6

l ■ i i i ■ i . |

■ r ’

6 20 3 17 1
Unu Jun
May .inn

15 20 12 26
.ini
a..«
Jul
Aug

l ^ ■ i ,3

1991

Money Market Deposit Accounts
All Depository Institutions
Averages of Daily Figures, Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Compounded annual
rates of change,
average of the four
weeks ending
July 22, 1991 from
the four weeks ending:
Jul 23. 1990 8.5
Oct 22, 1990 10.5
Jan 21. 1991 17.2
Feb 25, 1991 18.1
Mar 25, 1991 17.7
Apr 22, 1991 17.2
May 20. 1991 14.7

1991

Billions

Jun 17
Jul

Jul

Aug

Sep

Oct

Nov

Dec

Jan

1990

1

I
Feb

Mar

Apr

May

Jun

543.4 —
542.3
542.8
545.9
548.7
547.2

I5 2! I2 26
Jul
Aug

Latest data plotted week ending: July 22. 1991


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

9

10
Total Borrowings
From Federal Reserve Banks
Averages of Daily Figures

Billions of Dollars

1991

Bil,Lions

Jun 26
_ Jul 3
10
17
24
31

6 20
Jun

Billions of Dollars

0.363
0.869
0.332
0.448
0.489
0.580

4 18 1 15 29 12 26 10 21
Jul
Aug
Sep
Oct
1990

7 21
Nov

5 19
Dec

2 16 30 13 27 13 27
Jan
Feb Mar

10 21 8 22
Apr May
1991

5 19
Jun

3 17 31 11 28
Jul
Aug

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

Billions of Dollars

3.0

—,

Billions of Dollars

3.0

I

1991

Billions

Jun 26

0.354

2.4

10
17
24
31

0
0
0
0

2.4

329
445
485
394

1.2

1.2

0.6

0.6

0.0

rpT

6 10
Jun

4 It 1 IS 21 12 26 10 24
Jul
Aug
Sep
Oct
1990

7 21
Nov

S 1!
Dec

2

L-’"t 'T
■ 1 ■ *-r T-H

It 30 13 27 13 27 ID 24 1 22
Jan
Feb Mar
Apr May
1991

............ '"f n 0.0

6 1! 3 17 31 14 21
Jun
Jul
Aug

Latest data plotted week ending: July 31, 1991


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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

1991

6 20 4

Billions of Dollars

Not Seasonally Adjusted
Billions

18 1
Jul

15 2! 12 26 10 24 7 21
Aug

Sep

Oct

Nov

5 1! 2
Dec

IS 30 13 27 13 27 10 24 8 22 5
Jan

Feb

Mar

Apr

May

1! 3 17 31 14 21
Jun

Jul

Aug

Latest data plotted week ending: July 24. 1991

Commercial and Industrial Loans'/
_ . _ ..
B.ll.ons of Dollars

300
350
300

Weekly Reporting Large Commercial Banks2/
*
Seasonally Adjusted

Billions of Dollars

------!----- 370

—n--------- 1----------Compounded anni al
rates of change,
average of the fou r
weeks ending
July 17, 1991 fron
the four weeks encding:
Jul 18, 1990 -h
Oct 17, 1990 - 7.6
Jan 16, 1991
B. 6
Feb 20, 1991 - 9.0

199 .
Jun
Jul

2
9
6
3

Billions
307.922
309.245
306.910
307.836

7 305. 574

300

330
300

Ap r 17', 1991 -1 2.5
Ma y 15. 1991 -1 >.e

330

330

320

320

310
*N

300
o Jun
,!•

1 ,18 1 Aug 71 Sep Oct21 Nov
15
13 3S U
! 21
Jul
1990

S I!
18
,13
13
10
! 22
IS
Dec !Jan 30 Feb27 Mar27 Apr21 May S Jun
1991

3 Jul 31 Auq 21
17
11

Latest data plotted week ending: July 17, 1991
1/ Commercial and industrial loans include banker's acceptances and commercial paper.
2/ Banks with domestic assets greater than $1.4 billion
_
,
Prepared by Federal Reserve Bank of St. Louis


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Federal Reserve Bank of St. Louis

11

310
300

Dollar’s Trade-Weighted Exchange Index
1973-100

1973-100

Averages ot Dally Figures

Jun 26
Jul 3

fi 20 4 18 1 15 2) 12 2$ 10 24 7 21 5 IS 2 H 30 13 27 13 27 10 24 8 22 5 IS 3 17 31 14 20
Jun

Jul

Aug

Sep
1990

Oct

Nov

Dec

Jan

Feb

Mar

Apr
May
1991

Jun

Jul

Aug

Latest data plotted week ending: July 31,1991
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

#09
LIBRARY


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Federal Reserve Bank of St. Louis