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i\ 4 1994. qy

;

■fine 1 S 199%

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£U

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FF.HKIUI.
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liVNKol
SI.IOUS

THE WEEK'S HIGHLIGHTS:
✓

The producer price index for finished goods (PPI) rose at a
5.9 percent annual rate in July, following no change in June. The
PPI has increased 0.6 percent since July 1993. These prices have
been held down by their finished consumer goods component,
which showed no change in the past year. The other component
of PPI, finished capital equipment, increased 2.4 percent over the
same period.

✓ Non-farm payroll employment expanded at a 2.8 percent annual
rate in July and was up 2.7 percent from a year ago. Unemploy­

ment was 6.1 percent of the civilian labor force in July, close to
the 6 percent rate registered in May and June, but down from the
7.6 percent rate measured on a comparable basis in July 1993.

>/ Retail sales fell at a 0.7 percent annual rate in July following a
10.1 percent rate of increase in June. Since July 1993, retail sales
have risen 6.6 percent.

✓

Business productivity (output per hour) decreased at a 1.3 percent
annual rate in the second quarter of1994 after increasing at a
2.7 percent rate in the first quarter. Productivity was up 2.6 percent
from the second quarter 1993.

All data are seasonally adjusted unless otherwise indicated.
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 $21 for one year (50 issues) or
$36 for two years (100 issues). For more information or to request an order form, please call
(314) 444-8808 or (314) 444-8809.
Information in this publication is also included in the Federal Reserve Economic Data (FRED) elec­
tronic bulletin board. You can access FRED with a personal computer and a modem at (314) 621-1824.

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

2
Adjusted Monetary Base
Averages ot Daily figures
Seasonally Adjusted

Billions of Dollars

1994

Billions of Dollars

Billions

May 25
-Jun 8

441.9
441.7

Jul 6
20
Aug 3

444.1
447.4
446.7

2 11 30 14 28 11 25
Jun

Jul

22 6 20 3 17 1 15 23 12 26 8 23 9 23 0 20 4 II 1 15 29 13 27 II 24

Aug

Sep
Oct
Nov
Dec
Jan
Feb Mar
Apr
May
Jun
Jul
Aug
1993
1994
Latest data plotted reserve maintenance period ending: August 3. 1994
The adjusted monetary base is the sum of reserve accounts of financial institutes 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
two maintenance
periods ending:
1/5/94
2/2/94
3/2/94
3/30/94
4/27/94
6/8/94
7/6/94
8/3/94

Compounded annual rates of change, average of two maintenance periods ending:
8/4/93

8.4
10.4
11.2
10.0
10.1
9.5
9.3
9.3


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

10/27/93

9.2
10.8
9.1
9.4
8.7
8.5
8.6

1/5/94

19.2
13.1
12.5
10.6
10.1
9.9

2/2/94

3/2/94

3/30/94

4/27/94

6/8/94

8.9
9.5
8.3
8.1
8.2

6.1
6.0
6.3
6.8

7.8
7.6
7.9

6.4
7.1

8.1

Prepared by Federal Reserve Bank of St Louis

Money Stock (Ml) and Total Checkable Deposits
Billions of Dollars

1994

Averages ot uaiiy figures
Seasonally Adjusted

Billions of Dollars

M1
Billions

Jun 27 1148.7
Jul 4 1145.4­
11 1149.9
18 1152.5
25 1158.2
Aug 11159.2

M1 (left

'TCD (right scale)
TCD
1994

7 21 5

Billions

Jun 27
Jul 4
11
18
25
Aug 1

798.6
794.9
799.8
801.8
806.3
806.0

19 2 IS 30 13 27 11 25 8 22 f 20 3 17 31 14 20 14 28
Jul
Aug
Sep. Oct
Nov Dec
Jan
Feb Mar
Apr May
1993
1994

Latest data plotted week ending: August 1, 1994
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
of four weeks
ending:
1/3/94
1/31/94
2/28/94
4/4/94
5/2/94
5/30/94
7/4/94
8/1/94

Compounded annual rates of change, average of four weeks ending:
8/2/93
11/1/93
1/3/94 1/31/94 2/28/94 4/4/94
5/2/94 5/30/94

9.2
8.7
8.2
7.9
6.3
6.2
5.9
6.2


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

7.3
6.9
6.6
4.5
4.5
4.5
4.9

5.7
5.8
2.7
3.1
3.3
4.0

5.7
1.8
2.4
2.8
3.7

0.2
1.6
2.2
3.4

-1.1
0.9
2.7

4.3
5.7

6.2

Prepared by Federal Reserve Bank of St. Louis

3

4
Adjusted Reserves
Seasonally Adjusted

Billions of Dollars

1994
-Jun

8
22
6
20
Aug 3
Jul

Billions of Dollars

Billions
102.8
104.2
102.0
105.2
102.4

2 1$ 30 14 21 11 25 I 22 8 20 3 17 1 15 29 12 21
Jun
Jul Aug Sep Oct
Nov Dec
Jan
1993

9 23 § 23
Feb Mar

8 21 4 10 1 15 29 13 27 10 24
Apr May Jun
Jul
Aug
1994

Latest data plotted two weeks ending: August 3, 1994
Adjusted reserves is the difference between adjusted monetary base and currency component of M1.

Adjusted Reserves
To the average of
two maintenance
periods ending:
1/5/94
2/2/94
3/2/94
3/30/94
4/27/94
6/8/94
7/6/94
B/3/94

Compounded annual rates of change, average of two maintenance periods ending:
8/4/93 10/27/93 1/5/94
2/2/94
3/2/94 3/30/94 4/27/94 6/8/94

6.1
10.5
11.6
6.2
7.4
5.3
4.3
4.6


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

6.7
9.3
1.6
3.9
1.7
0.8
1.7

28.5
6.6
9.2
4.5
2.8
3.6

-6.7
0.8
-1.9
-2.7
-1.0

-7.2
-7.2
-6.9
-4.2

2.0
-0.4
1.7

Prepared by Federal Reserve Bank of St. Louis

Money Multiplier1/
Averages of Daily Figures
Seasonally Adjusted

Ratio

3.0

Ratio

Compounded annual

i

rates of change,
average of the four
weeks ending
August 1, 1994 from
the four weeks ending:
Aug 2. 1993
Oct 25, 1993
Jan 31, 1994
Feb 28, 1994
Mar 28, 1994
Apr 25. 1994
Jun 6, 1994

3.0

r

1994

Ratio

May 23
Jun 6
20
Jul 4
18
Aug 1

2.588
2.590
2.584
2.583
2.574
2.594

2.8

2.6

1

*

1 1 1' i ' 1 *

2 21

5 I! 2

Jun

Jul

' * * i *' i 1 i

i b i ■' i ■ i ■

IE 30 13 27 II 25 1 22 5 20
Aug

Sep Oct

Nov

' i t

1 i 1

ml1

i 1 i *■ i ■ i

3 17 31 II 21 II 21 11 15

Dec

Jan

Feb

i i i

1993

i ■ i iji i > i

! 23 S 20 I

Mar Apr

May

i i i

9 4

II 1 15 2!

Jun Jul

Aua

1994

Latest data plotted two weeks ending: August 1, 1994

Currency Component of M12/
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

350

310

330

•

Billions of Dollars

350

|----------1----------1--------Compounded annual
rates of change,
average of the four
weeks ending
August 1, 1994 from
the four weeks ending:
Aug 2, 1993 10.7
Nov 1, 1993 10.8
Jan 31. 1994 11.1
Feb 28. 1994 10.3
Ap r 4, 1994 9.8
Ma y 2, 1994 1 0.2
Ma y 30, 1994 9.8

340

330

320
199 4

Bilii ons

Jun 27
Jul 4
11
18
25
Aug 1

310

34 1.9
34 2.3
34 1.8 —
34 2.5
34 3.7
34­4.9

L_
___
Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

1993

Mar

Apr

May

Jun

Jul

Aug

1994

Latest data plotted week ending: August 1, 1994
1/ Ratio of Ml 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

310

300

6
Yields on Selected Securities

Percent

Percent

Averages of Daily Figures

Corporate

-Municipal Bond*'

4

18
Jun

2

16 30 13 27 10 24 I 22 5 19 3 17 31 14 21 11 25 11 25 8 22 6 20 3 17 1 15 29 12 21
Jul
Aug
Sep Oct
Nov Dec
Jan
Feb Mar Apr May Jun
Jul
Aug
1993
1994

Latest data plotted are averages of rates available for the week ending: August 12, 1994

1994

30—Day
Commercial
Paper

90-Day
CDs

90-Day
Bankers'
Acceptances

Corporate
Aaa Bonds

Corporate
Baa Bonds

Municipal
Bonds ***
♦

May 20
27
Jun 3
10
17
24
Jul
1
8
15
22
29
Aug 5
12 *

4.35
4.33
4.37
4.32
4.34
4.36
4.47
4.53
4.55
4.44
4.46
4.45
4.52

4.53
4.49
4.52
4.43
4.46
4.52
4.71
4.78
4.78
4.65
4.70
4.68
4.78

4.46
4.41
4.44
4.38
4.39
4.46
4.64
4.72
4.69
4.59
4.61
4.61
4.70

7.89
7.98
7.96
7.85
7.94
8.02
8.11
8.18
8.17
8.06
8,05
7.96
8.10

8.53
8.62
8.61
8.51
8.63
8.73
8.80
8.87
8.86
8.75
8.74
8.64
8.76

6.14
6.13
6.09
5.96
6.04
6.16
6.28
6.27
6.22
6.22
6.22
6.16
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
t.i

Percent
o.o

Tv v'

/

/

V

7.0

*

0.0
►-Year

Trsaau y Secu ttiee
'-1 1

/

/

5.0

\/

X

I

‘ N.
-- \

5.0

/#»

**

_

•deed
Fu id* Rat

F

rji:

0 II I 11 ID 11 27 10 24 I 22
Jun

. /
y

3

3.0

✓

y
/a/

3—k onth

U

Jul

Aug

Sep

Oct

S 19
Nov

\

3

3.0

Di •count Rate

17 )l 14 21 11 25 II 25 I 22

Dec

Jan

Feb

Mar

Apr

1993

1 20 1
May

17
Jun

1

IS 21 1! 21
Jul

Aug

1994

Latest data plotted are averages of rates available for the week ending: August 12. 1994

1994

Federal
Funds **

3—Month
Treasury
Bill

1 -Year
Treasury
Bill

5—Year
Treasury
Securities

10-Year
Treasury
Securities

Long-Term
Treasury
Securities

May 20
27
Jun 3
10
17
24
Jul
1
8
15
22
29
Aug 5
12 *

4.02
4.16
4.95
6.65
7.06
7.34
4.22
4.1 B
5.00
6.73
7.14
7.44
4.27
4.15
5.04
6.70
7.09
7.39
4.13
4.11
4.89
6.54
6.97
7.28
4.21
4.12
4.90
6.65
7.08
7.39
4.19
4.16
5.00
6.76
7.17
7.47
4.19
4.16
5.18
6.89
7.27
7.57
4.38
4.28
5.19
6.95
7.34
7.64
4.30
4.37
5.18
6.97
7.36
7.65
4.30
4.30
5.10
6.83
7.23
7.52
4.28
4.39
5.22
6.89
7.26
7.53
4.28
4.34
5.12
6.77
7.15
7.41
4.26
4.43
5.29
6.95
7.30
7.56
Cufrent 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


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

Prepared by Federal Reserve Bank of St. Louis

7

2.0

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

Billions of Dollars

3620

3595

I

Billions of Dollars

2725

I

M2
1994 Billions
Jun 27 3581.0
Jul 4 3589.8
II 3590.5
18 3 594.8
25 3 500.7
Auc 1 3 301.3

M2 (lef scale]

/
/

2625

2525

3570

“\

,

—

,

3595

/“s

«*• . ■**"*"»» -'n

——

2425

1 lon-M1 M2 (ri jht sc< le)
No n-M1 d2
199 4 Billi ops
Jun 27 2432.3
Jul 4 2444.4
11 2440.6
18 2442.3
25 2442.5
Aug 1 2442.1

3520

3495

7 21 5
Jun

IS 2
Jul

2325

m H
2225
M'l MM'
16 30 13 27 11 25 8 22 6 20 3 17 31 14 28 14 28 11 25 8 23 6 20 4 18 1 15 25
Aug
Oct
Nov
Dec
Jan
Feb Mar
Apr
May
Jun
Jul
Aug
Sep
1993
1994

Latest data plotted week ending: August 1, 1994
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:
1/3/94
8/2/93
11/1/93
1/31/94 2/28/94
4/4/94
5/2/94 5/30/94

ending:
1/3/94
1/31/94
2/2B/94
4/4/94
5/2/94
5/30/94
7/4/94
8/1/94

1.9
1.9
1.4
2.1
1.9
1.9
1.4
1.7


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

2.5
1.4
2.5
2.3
2.1
1.5
1.8

-0.1
2.3
2.0
1.9
1.0
1.5

2.6
2.1
1.9
0.9
1.5

3.9
3.1
1.5
2.1

1.1
-0.3
0.9

-0.9
0.9

0.8

Prepared by Federal Reserve Bank of St. Louis

Savings and Small Time Deposits
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars
1295
1
1
Savings
1994 Billions

1255

Billions of Dollars
--------- 1----------1--------- 195
Small Time
1994 Billions

Jun 27 1206.4
Jul 4 1204.2
11 1202.6
-

Jun 27
Jul 4
11

25 12 01.8
1 12 00.0

Auc

25
1

Aug

s ovings Dapoa tafleft scale)

770.8
770.3
770.9
2.2
77 3.9
77 4.6

s.

1215

155

115

*

1135

7 21
Jun

5

•

I

^

right scale)

775

(

Smal
«•»

3

•^_

1175

19 2 11 10 11 27 II 25 I 22 6 2D 3 17 21 It 21 14 21 11 25 9 23 f 20 4 II 1 15 21
Jul
Aug
Sep Oct
Nov Dec Jan
Feb Mar
Apr May Jun
Jul
Aug
1993
1994

735

Note: Savings deposits ore at all depository institutions.

Large Time Deposits and Money Market Funds1 /
All Depository Institutions
Averages of Daily Figures, Seasonally Adjusted

Billions of Dollars

400

Billions of Dollars

I----------1----------

1

Large Time

390

1994 Billions
Jun 27 334.0
Jul 4 330.3
11 333.1
-

Auc

25
1

Jun 27
Jul 4
11

3 40.8
3 39.1

358.5
361.7
363.6

25
1

36 3.4
36 3.1

Aug
A
✓ '*

390

\
1

✓

380

360

/
1

"s

✓N
- -*

\
^—1

4oney Jarket
+» „

1

Money Market
1994 Billions

f

390

340

7
“

>

La •g* Tim. >

L
320

r »

1 21
Jun

5 I! 2 li 30 13 27 11 25
Jul
Aug
Sep
Oct
1993

1 22 i 20 3 17 31 14 21 14 21
Nov Dec
Jan
Feb
Mar

11 25 1 23
Apr
May
1994

6 20 4 10 1 IS 2)
Jun

Jul

Aug

Latest data plotted week ending: August 1, 1994
1/ Large time deposits are those issued in denominations of $100,000 or more.
Money market funds are general purpose and broker/dealer.
Prepared by Federal Reserve Bank of St. Louis


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

9

320

10
Total Borrowings
From Federal Reserve Banks
Averages of Daily Figures

Billions of Dollars

Billions of Dollars

1994 Billions
1.2 “ Jul 6 0.750 ‘
13 0.360
20 0.462
27 0.443
1.0 -Aug 3 0.472­
10 0.432
0.0

0.0

0.4
0.2
0.0

1 11 II 14 18 II IS
Jun

Jul

Aug

i 11 i 10 8 II 1 IS 1! II If

1 1) 0 1J f It 4 II I

Sep

Feb

Oct

Nov

Dec

Jan

Mar

Apr

1993

May

IS 19 1} 17
Jun

Jul

10 14
Aug

1994

Borrowings include seasonal, adjustment and extended credit; extended credit was $1 million in the week ending
July 20, 199+ and was zero in the other weeks shown in the chart.

Bank Loans and Credit

Bank
1994
Jun 22
29
Jul 6
13
20
27

1

All Commercial Banks in the United States
Seasonally Adjusted

Billions of Dollars
Credit
Billions
3198.4'
3212.0
3227.1
3238.3
3238.8­
3242.8

Billions of Dollars

Bank Credit (left scale)

20 2276.7
27 2279.!

2 II
Jun

31 14 21 11 25 I 22 i 20
Jul

Aug

Sep

1993

Oct

3 17 1 15 21 12 21

I 23 I 23 I 21

Nov

Feb

Dec

Jan

Latest Wednesday data plotted : July 27, 1994
Current data appear in the Federal Reserve Board's H.8 release.
1/ Includes foreign-related institutions
2/ Includes loans and leases and securities


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

Mar

Apr

4 II 1
May

15 29 11 27 10 24
Jun

Jul

Aug

1994

Prepared by Federal Reserve Bank of St. Louis

•

Billions of Dollars

1994

_ Aug

Billions of Dollars

Not Seasonally Adjusted

Billions

3 154.226

2 11 31 H 2* 11 25 I 22 I 20 3 17 1 15
Jun

•

Commercial Paper of Nonfinancial Companies

Jul

Aug

Sep Oct
1993

Nov

15 20 13 27 10 21

Dei

Jun

Jul

Aug

Latest data plotted week ending: August 3. 1994

Commercial and Industrial Loans

Billions of Dollars

625
615
605

Billions of Dollars

---------1--------All Ban ks
1994 m ions
- Jun 22 6()9.4
29 6( >9.0
Jul 6 6 0.9
13 6 6.9
20 6 8.9
_
27 6 8.8

325
315
305
✓ **

595

r*
>r~

All Bonto ( eft sea le)

585

y/

«•* "

vV
V

r —

N.wp“*

575
Larg• Bant * (righ scale

565

___
Jun

Jul

Aug

Sep
1993

Oct

___ ___
Nov

Dec

Jan

>2/
i ■ i_

i 1 i

Feb

Mar

I U

Latest Wednesday data plotted : July 27, 1994
Current ddta appear in the Federal Reserve Board's H.B release.
1/ Includes foreign-related institutions
2/ Weekly reporting, domestically chartered banks


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

295

i ■ i ■

t 21 f 20

i i i

199 4 Billions
Jun 22 296.8
29 296.2
6 298.5
13 299.6 —
20 300.5
27 300.8
1
1 i » r ■ i t i '■ i » i

4 II 1 IS 2J 11 27 10 20

Apr May
1994

Jun

Jul

Aug

Prepared by Federal Reserve Bank of St. Louis

11

215
275
2(5

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

973-100

1994 1973-100

Aug 3

2 IS 30 14 21 11 25 I 22 S 20 3 17 1 15 2! 12 2S ! 23 J 23 i 20 4 IS 1 15 21 13 27 II 24
Jul

Aug

Sej

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Latest data plotted week ending: August 10. 1994
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

z
o

H
X

<
X
H
05

<

CD U CO

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