Full text of U.S. Financial Data : August 1, 1996

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TTT*
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Fo^eral
Till
1)1 KM
ZliWkol
“ ST. KM IS
A IUSIKM

'9 *99 I!

THE WEEK'S HIGHLIGHTS:
✓ Real GDP advanced at a 4.2 percent annual rate in the second
quarter, more than double the revised 2 percent rate posted in the
first quarter. Second-quarter GDP growth was boosted measurably
by a 7.1 percent rate of gain in its government component, the
largest increase since the fourth quarter of 1988. Real GDP has
increased 2.6 percent over the past four quarters.
%/ The National Association of Purchasing Managers index measured
50.2 percent in July, off 4.1 percentage points from June. In the last
12 months, the index has been above 50 percent only three times, a
value that generally indicates an expanding manufacturing sector.
\/ After rising at a 2.9 percent annual rate in the first quarter, the
employment cost index (ECI)for total compensation by private
industry workers rose at a 3.2 percent rate in the second quarter.
Over the first half of this year, the wages and salaries component
of the ECI has risen at a 3.9 percent rate, up from a 2.8 percent
gain over the previous two quarters.
Measured from May, sales of new single-family houses fell
5.3 percent in June to an annual rate of 734,000 units.
Nevertheless, second-quarter sales were up 1.6 percent from
the first quarter and 13.8 percent from four quarters 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. The cost for a subscription is $21 for one year (50 issues) or $36 for two years (100 issues).
For more information on data, please call (314) 444-8590. To request an order form, please call
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Information in this publication is also included in the Federal Reserve Economic Data (FRED) electronic
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http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

2
Adjusted Monetary Base
Averages of Daily Figures
Billions of Dollars

Seasonally Adjusted

Billions of Dollars
Billions
May 22
Jun 5
Jul

3

474.7
474.7
477.2

Aug

Sep

Apr

Oct

May

Jun

The odjusted monetary base is the sum of reserve accounts of financial institutions at Federal Reserve bonks,
currency in circulation (currency held by the public ond in the vaults of all depository institutions) and an
adjustment for reserve requirement ratio changes. The mojor source of the odjusted monetary base is Federal
Reserve credit. Doto are computed by this bonk. A detailed description of the adjusted monetary base is
ovoiloble from this bank.
Recent dato ore preliminary.

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

Compounded onnuol rotes of change, average of two maintenance periods ending:
6/5/96
1/3/96 1/31/96 2/28/96 3/27/96 4/24/96

8/2/95 10/25/95

1/3/96

1.6

1/31/96

1.4

0.6

2/28/96

1.2

0.6

0.1

3/27/96

1.9

1.7

2.3

4/24/96

1.6

1.2

1.5

1.9

6/5/96

1.7

1.5

1.8

2.2

2.8

1.2

7/3/96

1.9

1.8

2.2

2.6

3.1

2.1

3.3

7/31/96

2.4

2.4

2.9

3.3

3.9

3.3

4.5


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

3.5

2.8

5.9

Prepared by Federol Reserve Bonk of St. Louis

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

Billions of Dollars

Jun 17

Billions of Dollars

Billions
1120.2
1115.6
1118.6
1106.0
110J.4
1108.8

Jun 17

Billions
732.5
726.5
729.6
ini')
715.2
713.3
717.6

-J00

Ml (left scale)

TCO (right scale)

Aug

Sep

Oct

Apr

May

Jun

Ml is the sum of currency held by the nonbonk public, demand deposits, other checkable deposits and travelers
checks. Total checkable deposits is the sum of demand deposits ond other checkable deposits ot depository
institutions. Current data appear in the Federol Reserve Board's H.6 releose.

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

Compounded onnual rates of change, overage of four weeks ending:
7/24/95 10/23/95 12/25/95

1/22/96

2/19/96

12/25/95

-4.2

1/22/96

-4.0

-3.8

2/19/96

-4.4

-4.4

3/25/96

-2.2

-0.9

1.3

4/22/96

-2.2

-1.2

0.4

1.5

5.3

5/20/96

-2.9

-2.3

-1.5

-1.1

0.6

6/24/96

-2.5

-1.9

-1.1

-0.7

0.6

7/22/96

-3.1

-2.7

-2.3

-2.2

-1.4


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

3/25/96

4/22/96

5/20/96

-4.9
3.3

Prepared by Federal Reserve Bonk of St. Louis

3

Adjusted Reserves
Seasonally Adjusted
Billions of Dollars

Billions of Dollars
Billions
Moy

8

Jun

5

Jul

3

7 21

5 19 2 16 30 13 27 11 25 8 22
Aug
Sep
Oct

Adjusted reserves is the difference between the odjusted monetary base and the currency component of Ml.

Adjusted Reserves
Compounded annual rates of chonge, average of two maintenance periods ending:
two maintenance

7/19/95 10/11/95 12/20/95

1/17/96

2/14/96

3/13/96

4/10/96

5/22/96

periods ending:
12/20/95

-5.8

1/17/96

-5.1

-6.6

2/14/96

-5.3

-6.5

-3.9

3/13/96

-4.1

-4.5

-0.9

4/10/96

-2.9

-2.6

1.3

2.2

6.9

5/22/96

-5.3

-6.0

-4.8

-5.5

-5.2

6/19/96

-4.2

-4.5

-2.8

-3.1

-2.4

-4.5

7/17/96

-4.0

-4.2

-2.6

-2.8

-2.2

-3.8


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

-0.7
-9.2

Prepared by Federol Reserve Bank of St. Louis

Money Multiplier
Averages of Daily Figures
;-------- 3.0
Rotio
2.377
2.356
2.356
2.354
2
■2.8
2

---------- i---------- —
1996
Moy
2(
Jun
1
Jul

Q
5
2
2
7
3
7

UK)

-

1
1

1

COCDC73

1

1

1

-UA

2.0

Compounded onnuol rotes
of chonge, overage of
the four weeks ending
July 15. 1996, from
the four weeks ending:
Jul 17. 1995
-4
Oc
23, 1 996
.
J or
15 . 1 9 9 €
Fet 26 . 1 996
.
Mar 25 . 1996
.
22 . 1996
Ap
.
Ma, 20 . 1996
.

M

2.6

2.6

2.4

2.2

---------------------

3.0

2.4

19
Jun

i ■
Jul

Aug

Sep

9 23
Oct

6 20
Nov

i

18 1

Dec

15 29 1? 26 11 25
Jon

Feb

Mar

1995
Ratio of M1 to adjusted monetary base.

8 22 6 20

3

Apr

Jun

Moy

17 i

.i

15 29 lV26 .2.2
Jul

Aug

1996

Currency Component of M1
Averages of Daily Figures

Billions of Dollars

seasonally Adjusted

Billions of Dollars

Compounded onnuol rotes
of change, average of
the four weeks ending
July 22, 1996, from
the four weeks ending:
Jul
24. 1 995
4 .
Oct
23. 1995
4.
Jon
22. 1996
4.
Feb
19. 1996
5.
Mor
'
"
Ap r

Billions
Jun 17
Jul

1995
Current doto appear in the Federal Reserve Board's H.6 release.


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

1

379.1
380.4
380.4
382.2
381.5
382.7

1996
Prepored by Federal Reserve Bank of Si. Louis

5

‘570

Yields on Selected Securities
Averages of Daily Figures
Percent

Percent

Prime Rate

Corporate
Aaa Bonds

Commercial
Paper

Municipal Bonds

2

16 30 14 28 11 25 8 22 6 20 3

17

1

15 29 12 26 9 23 8 22 5

19 3 17 31 14 28 12 26 9 23
Apr
May

1995

1996
May

10
17
24
31
14
21
28

12
19
26
Aug
2

30-Day
Commercial
Paper

90-Day
CDs

90-Day
Bankers'
Acceptances

Corporate
Aaa Bonds

Corporate
Boo Bonds

5.40
5.38
5.36
5.38
5.42
5.43
5.46
5.50
5.49
5.45
5.44
5.40
5.43

5.37
5.36
5.35
5.36
5.42
5.48
5.47
5.49
5.49
5.57
5.54
5.51
5.55

5.30
5.28
5.27
5.30
5.34
5.40
5.39
5.40
5.43
5.47
5.45
5.44
5.47

7.72
7.57
7.53
7.61
7.67
7.78
7.74
7.66
7.62
7.73
7.61
7.62
7.68

8.40
8.25
8.20
8.27
8.34
8.47
8.44
8.36
8.32
8.42
8.32
8.34
8.39

Municipal
Bonds ••
6.08
5.96
5.87
5.94
5.94
6.12
6.06
5.97
5.94
6.00
5.88
5.86
NA

Current doto ore from the Federal Reserve Board's H.15 releose, ond are overages of rotes ovoiloble for the
week ending on August 2, 1996 .
•• Bond Buyer’s Average Index of 20 municipol bonds, Thursdoy doto
NA - Not Avoiloble
Prepored by Federal Reserve Bonk of St. Louis


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

Selected Interest Rates
Averages of Daily Figures
Percent

Percent

10-Year
Treasury Securities

Federal
Funds Rate
Discount Rate
3-Month
Treasury Bill

2

16 30

1996
Moy 10
17
24
31
Jun
7
14
21
28
Jul 5
12
19
26
Aug
2 •

11 2S 8 22 6 20 3 17

Federal
Funds ••
5.22
5.26
5.22
5.19
5.33
5.24
5.45
5.21
5.53
5.26
5.23
5.25
5.53

1

15 29

8 22 5 19 3 17 31 14 28 12 26 9 23

3-Month
Treasury
Bill

1 -Year
Treasury
Bill

5-Yeor
Treasury
Securities

10-Year
Treasury
Securities

Long-Term
Treasury
Securities

5.00
5.01
5.04
5.04
5.09
5.11
5.09
5.09
5.13
5.15
5.13
5.16
5.20

5.35
5.28
5.27
5.39
5.46
5.52
5.48
5.47
5.49
5.57
5.47
5.53
5.55

6.55
6.42
6.41
6.55
6.63
6.77
6.73
6.63
6.60
6.72
6.59
6.62
6.64

6.82
6.68
6.65
6.77
6.85
6.99
6.95
6.86
6.85
6.95
6.81
6.85
6.87

7.11
6.96
6.93
7.02
7.08
7.23
7.18
7.08
7.04
7.16
7.04
7.05
7.07

Except for Iona-term Treasury securities, which ore computed by this Bonk, current doto appear in the Federal
Reserve Board s H.15 release.
• Averages of rotes available
•• Seven-day overages for week ending two days earlier thon dote shown
Prepared by Federol Reserve Bonk of St. Louis


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

7

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

Billions of Dollars

Jun 17

Billions of Dollors

Billions
3755.2
3744.4
3750.3
3754.1
3748.5
3755.2

2700

2650
M2 (left scale)
2600

2550

2500
Non-M1 M2 (right scale)
Non-Mi M2
*6
Billions
Jun 17
2628.8
2631.7
2648.1
2645.1
2646.4

5

2400

19 3 17 31 H 28 II 25 9 23 6 20 4 18
Aug

Sep

Oct

2450

Feb

Mar

Apr

May

Jun

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

Money Stock (M2)
To the averoge
of four weeks
ending:

Compounded onnuol rotes of change, average of four weeks ending:
7/24/95 10/23/95 12/25/95

1/22/96

2/19/96

3/25/96

12/25/95

4.7

1/22/96

5.0

5.3

2/19/96

4.6

4.4

4.5

3/25/96

5.8

6.4

7.7

4/22/96

5.6

6.0

6.9

6.8

5/20/96

4.7

4.6

4.7

4.2

4.9

0.0

6/24/96

4.8

4.8

4.9

4.5

5.1

2.1

7/22/96

4.5

4.4

4.4

4.0

4.4

2.0


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

4/22/96

5/20/96

8.0
9.1

Prepared by Federal Reserve Bonk of St. Louis

Savings and Small Time Deposits
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Savings
1996

1320- Jun

H

1055

Small Time

Billions
1208.8
120J.4
1207.4
1218.5
1215.9
1212.4

1996
Jun 17

Billions
928.0
928.1
928.1
928.7
929.4
930.0

1015

975

Small Time (right scale)
935

895

855

Savings Deposisits (left scale)
815

5 19 3 17 31 14 28 11 25 9 23 6 20 4
Sep

18

15 29 12 26 II 25 8 22 6 20 3

Oct

Apr

May

17

I

15 29 12 26

Jun

1996
Sovings deposits and small time deposits are at all depository institutions.

Large Time Deposits and Retail Money Funds
Averages of Daily Figures

Billions of Dollars

Seasonally Adjusted

Billions of Dollars

Lorge Time
Jun

17

570-

Retoil Money

Billions
441.7
443.6
445.7
447.6
450.9

1996
Jun 17

Billions
498.2
497.3
496.1
500.8
503.9

Retail Money

Lorge Time

5

19 3

17 31 14 28 11 23 9 23 6 20 4

Sep

18

15 29 12 26 11 25 8 22 6 20 3

17

1

15 29 12 26*

Oct

1995
1996
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 colled general purpose
and broker/deoler money market funds.
Prepared by Federol Reserve Bonk of St. Louis


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Federal Reserve Bank of St. Louis

9

775

10
Total Borrowings
From Federol Reserve Bonks
Averages of Daily Figures

Billions of Dollars
Jun 26
Jul 3

7 21

5

Jun

Billions of Dollars

Billions
0.249
0.523
0.293
0.288
0.315
0.569

19

2

Jul

16 30 13 27 11 25 8 22 6 20 3

Aug

Sep

Oct

Nov

Dec

17 31 14 28 13 27 10 24 8 22 5

Jon

Feb

Mor

Apr

1995
Borrowings include seasonal, adjustment and extended credit.

19 3

May

Jun

17 31 14 28

Jul

Aug

1996

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

Billions of Dollars

Billions of Dollars

Bank Credit
Billions
3666.0
Jun 12
3651.2
3661.0
3659.1
3660.5
3663.1

Bonk Credit (left scale)2/

Loans&Leoses
Billions

Loons and Leases (right scale)

2683.1
2679.9
2684.J
2686.1

Jun 12
Jul

3

2684.9
2687.5

7 21

Jun

3

19 2

Jul

16 30 13 27 11 23 8 22

Aug

Sep

Oct

Nov

6 20 3

Dec

17 31 14 28 13 27 10 24 8 22 3

Jan

1995
Current doto appear in the Federal Reserve Boord's H.8 release.
1/ Includes foreign-reloted institutions
2/ Includes loons ond leases and securities


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

Feb

Mar

Apr

May

19 3

Jun

17 31 14 28

Jul

Aug

1996

Prepared by Federal Reserve Bonk of St. Louis

Commercial Paper of Nonfinancial Companies
Not Seasonally Adjusted

Billions of Dollars
Jun 19
Jul

3

Billions of Dollars

205.672
198.505
199.629
196.964
199.933
196.690

180

Commercial and industrial Loans
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

All Banks
BiMiong

720-

733.6
736.8
734.5
732.4
735.4

All Bonks (left scole)1/

Large Banks (right scale)^/
Large Banks
)96
Jun 12

Billions
357.5
359.5
360.6
360.8 ...... - 320
358.9
360.0

1996
Current data appear in the Federol Reserve Board's H.8 release.
1/ Includes foreign-reloted institutions
2/ Weekly reporting, domestically chartered bonks


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Federal Reserve Bank of St. Louis

'

11

~
.. - .
.
Prepored by Federol Reserve Bonk of St. Louis

Dollar's Trade - Weighted Exchange Index
Averages of Daily Figures

1973=100

1973=100

110

100

90

80

70
7

21

Jun

5

19 2

Jul

16 30 13 27 11 25 8 22 6

Aug

Sep

Oct

Nov

1995

20 3

Dec

17 31 U 28 13 27 10 24 8 22

Jon

Feb

Mar

Apr

May

5

19 3

Jun

17 31 14 28

Jul

Aug

1996

Current dato appeor in the Federal Reserve Board's H.10 release. Doto ore weighted overages of the foreign-currency
price of the U.S. dollar, computed using 10 industrial country currencies.


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Federal Reserve Bank of St. Louis

Prepared by Federol Reserve Bonk of St. Louis

>1

05

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