Full text of U.S. Financial Data : August 6, 1998

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iWBmialData
409a WMBK'S

FEDERAL
JRESERVE
X
RANK of
ST. IiH LS

HIGHLIGHTS:

■

According to the advance report, real GDP rose at a 1.4 percent
annual rate in the second quarter. Combined with the 5.5 percent
rate of gain seen in the first quarter, real GDP rose at a 3.5 percent
rate over the first half of 1998—nearly equal to the 3.6 percent rise
posted over the final two quarters of 1997. The GDP price index
rose at a 0.8 percent annual rate in the second quarter and was up
1 percent from four quarters earlier.

■

New orders for manufactured durable and nondurable goods rose
0.1 percent in June after falling 2.2 percent in May. Total factory
orders fell 0.7 percent in the second quarter, the second straight
quarterly decline. Factory shipments increased 0.3 percent in June,
but fell 0.3 percent in the second quarter overall because of declines
in April and May.

■

Sales of domestically produced passenger cars were at an annual
rate of 5.8 million units in July, down 22.2 percent from June’s pace
and the lowest since April 1991.

■

The Conference Board reported that the index of leading economic
indicators fell 0.2 percent in June. The index of lagging indicators,
in contrast, rose 0.6 percent, the largest increase since January
1994.

■

Measured in real terms, the value of new construction spending rose
1.3 percent in June after falling 1.8 percent in May. For the second
quarter, total construction spending increased 0.3 percent, far short
of the 1.9 percent rise seen in the first quarter.

_____________________ 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/fred.


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
May 20

Jun

3

503.816
506.092
502.438
505.503
505.952
508.742

495-

475-

-475

V

15 29 12 26

• 1 14 28 11 25 11 25

16 30 13 27 10 24

The adjusted monetary base is the sum of Federal Reserve deposits and vault cash held by domestic depository
institutions, currency held by the public, and an adjustment for the effect of changes in reserve requirement
ratios. The monetary base series was recently revised to include Federal Reserve deposits used to satisfy
clearing balance contracts. 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
Compounded annual rates of change, average of two maintenance periods ending:
To the average of
two maintenance
periods ending:

7/30/97

10/22/97

12/31/97

1/28/98

2/25/98

3/25/98

4/22/98

12/31/97

8.2

1/28/98

7.9

9.1

2/25/98

7.8

8.6

3/25/98

6.9

7.1

4.5

4/22/98

5.7

5.3

2.3

1.0

6/3/98

6.6

6.5

4.9

4.6

4.0

5.4

7/1/98

5.8

5.5

3.7

3.3

2.5

3.1

6.0

7/29/98

6.0

5.8

4.4

4.2

3.7

4.4

6.9


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

6/3/98

6.5
3.6
-1.7

3.1

Prepared by Federal Reserve Bank of St. Louis

Money Zero Maturity (MZM)
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Billions
Jun 22

3700'

3666.0
3667.2
3677.3
3673.9
3676.2
3688.2

3600-

-3600

3500-

3400-

-3400

3300 -

2

16 30 14 28 11 25

3

17

1

15 29 12 26

20

4

1

5 29 13 27 10 24

1998
MZM is M2 (seasonally adjusted) minus total small denomination time deposits (seasonally adjusted), plus institutional
money funds (seasonally adjusted), which are included in the non-M2 component of M3.

Money Zero Maturity (MZM)
Compounded annual rates of change, average of four weeks endinq:
To the average
of four weeks
ending:

7/28/97

10/27/97

12/29/97

1/26/98

3/2/98

3/30/98

12/29/97

1 1.1

1/26/98

11.2

11.1

3/2/98

11.5

11.6

12.3

3/30/98

11.6

11.8

12.4

12.9

4/27/98

12.6

13.3

14.5

15.5

17.1

5/25/98

12.1

12.5

13.2

13.6

13.8

14.4

6/29/98

12.0

12.2

12.6

12.9

12.8

12.9

7/27/98

11.5

11.5

11.7

11.8

11.5

11.2


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

4/27/98

5/25/98

Prepared by Federal Reserve Bank of St. Louis

4
Adjusted Reserves
Seasonally Adjusted
Billions of Dollars

Billions of Dollars
Billions

May 20
Jun 3

66.917
68.926
65.120
66.665
66.140
65.688

18

Adjusted reserves is the difference between the adjusted monetary base and the currency component of Ml.
The adjusted monetary base series was recently revised: See the footnote to the monetary base chart for a
description of the change.

Adjusted Reserves
Compounded annual rates of change, average of two maintenance periods ending:
To the average of
two maintenance
periods ending:
12/31/97

7/30/97

10/22/97

12/31/97

1/28/98

2/25/98

3/25/98

4/22/9B

6/3/98

4.5
6.4

1/2B/9B

2.0

2/25/98

-0.4

1.3

-12.7

3/25/98

-2.8

-2.7

-14.9

-16.8

4/22/98

-4.8

-5.6

-16.2

-17.9

-19.6

6/3/98

-0.4

0.5

-5.1

-3.8

-0.5

8.0

7/1/98

-3.6

-3.9

-10.0

-9.9

-8.8

-5.6

0.9

7/29/98

-3.3

-3.4

-8.7

-8.3

-7.2

-4.3

0.8


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

-17.7

Prepared by Federal Reserve Bank of St. Louis

J; JL

* V

Money Stock(M1) and Total Checkable Deposits
Averages of Daily Figures
1165

765

M1
1998
Jun 22
29
Jul
6
13
20
27

TCD
Billions
1071.8
1071.7
1084.7
1061.6
1070.1
1074.4

1998
Jun
22
29
Jul
6
13
20
27
M1

Billions
625.4
625.1■
637.1
613.8
621.0
624.2

'left s cale)
675

TCD (right scale)

1015'

985
2

16 30 14 28 11 25
Jun

Jul

Aug

8

22

6

Sep

20

Oct

3

17
Nov

1

15 29 12 26
Dec

Jan

9

23

Feb

9

23

6

Mar

20

4

Apr

18
May

1

15 29 13 27 10 24
Jun

Jul

Aug

1997
1998
M1 is the sum of currency held by the nonbank public, total checkable deposits and travelers checks.
Total checkable deposits is the sum of demand deposits and other checkable deposits at depository institutions.

Currency Component of M1
Averages of Daily Figures
... Billions of Dollars

Seasonally Adjusted

Billions of Dollars

Compounded annual rates
of change, average of
the four weeks ending
July 27, 1 998, from
the four weeks ending:
Jul
Oct
Jan
Mar
Mar
Apr

28,
27 ,
26,
2.
30 ,
27,

1997
1 9 97
1998
1998
1 9 98
1998

7
7
6
5
6
7

.
.
.
.
.
.

5
4
4
7
2
1

—1—1998
Jun 22
29
Jul
6
13
20
27
1 6 30 14 28 1*1 25
Jun

Jul

Aug

8 22
Sep

6

20
Oct

17
Nov

’15'29
Dec

12 26
Jan

9 23
Feb

9 ' 23' 6
Mar

20 ’
Apr

4

Billions
438.7
439.0
440.1
440.1
441.4
442.4

' i ' l ' i i i 13'27 10 24'
18 1 15 29
May
Jun
Jul
Aug

1997
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
Averages of Daily Figures
Percent

Percent

Prime Rate
-

8.0

Corporate
Aaa Bonds

7.0-

- 6.0

Commercial Paper

- 5.0

Municipal Bonds

12

14 28

10 24

13 27

26

1998

1998
May

Jun

Jul

Aug

15
22
29
5
12
19
26
3
10
17
24
31
7

30-Day
Commercial
Paper
5.49
5.49
5.50
5.50
5.49
5.52
5.54
5.53
5.50
5.50
5.51
5.52
5.51

90—Day
CDs
5.59
5.60
5.59
5.59
5.59
5.59
5.60
5.60
5.59
5.59
5.59
5.60
5.59

90-Day
Bankers'
Acceptances

Corporate
Aoa Bonds

Corporate
Baa Bonds

5.48
5.48
5.48
5.50
5.50
5.48
5.50
5.53
5.50
5.50
5.49
5.49
5.50

6.74
6.69
6.61
6.59
6.52
6.49
6.53
6.51
6.48
6.58
6.56
6.60
6.55

7.35
7.27
7.21
7.19
7.13
7.10
7.13
7.11
7.09
7.17
7.15
7.20
7.16

Municipal
Bonds **
5.23
5.16
5.13
5.13
5.08
5.11
5.14
5.09
5.12
5.17
5.16
5.16
N.A.

Current data are from the Federal Reserve Board's H.15 release, and are averages of rates available for the week
ending on August 7. 1998 . Beginning September 2, 1997, the commercial paper rate reflects new source data,
which is currently available only back to the first of the year.
** Bond Buyer's Average Index of 20 municipal bonds, Thursday data


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

Prepared by Federal Reserve Bank of St. Louis

Selected Interest Rates
Averages of Daily Figures
Percent

Percent

30—Year
Treasury Securities
-

6.0

Federal
Funds Rate

3—Month
Treasury Bill
- 5.0

Discount Rate

15 29

1998
May

Jun

Jul

Aug

15
22
29
5
12
19
26
3
10
17
24
31
7 *

12 26

Federal
Funds **
5.49
5.60
5.45
5.63
5.43
5.58
5.42
5.88
5.47
5.49
5.50
5.54
5.61

10 24

7

21

16 30

13 27

13 27

10 24

14 28

3—Month
Treasury
Bill

1 —Year
Treasury
Bill

5—Year
Treasury
Securities

10—Year
Treasury
Securities

30—Year
Treasury
Securities

5.01
5.08
4.95
4.95
5.00
5.04
4.93
4.94
4.94
5.01
4.96
4.95
4.97

5.18
5.17
5.15
5.14
5.14
5.12
5.13
5.10
5.07
5.08
5.08
5.09
5.06

5.67
5.63
5.57
5.57
5.53
5.51
5.50
5.46
5.41
5.47
5.47
5.51
5.44

5.70
5.64
5.57
5.57
5.51
5.47
5.46
5.44
5.41
5.49
5.46
5.50
5.44

5.98
5.92
5.83
5.80
5.72
5.67
5.65
5.63
5.61
5.71
5.68
5.73
5.66

Current data appear in the Federal Reserve Board's H.15 release.
* 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

8
Money Stock(M2) and Non-M1 Components of M2
4250

Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

1998
Jun 22
29
Jul
6
13
20
27

4175

Billions
4195.9
4193.4
4214.6
4202.3
4208.9
4213.4

Billions of Dollars

3200

-3125

M2 (left scale)

-3050

4100

Non-M1 M2 (right scale)
■ 29 75

Non -M1 M2
Billions
1998
Jun 22
3124.1
29
3121.7
Jul
6
3129.9
13
3140.7
20
3138.8
27
3139.0

■ 2900

2825
2

16 30 14 28 11 25
Jun

Jui

Aug

8

22

3

Sep

17
Nov

1

15 29 12 26 9

Dec

Jan

23

Feb

9

23

Mar

6

20 4

Apr

18
May

1

15 29 13 27 10 24
Jun

Jul

Aug

1998

1997

M2 is the sum of M1, savings (including money market deposit accounts), small time deposits and retail money
funds. Current data appear in the Federal Reserve Board's H.6 release.

Money Stock (M2)
Compounded annual rates of change, average of four weeks ending:
To the average
of four weeks
ending:

7/28/97

10/27/97

12/29/97

1/26/98

3/2/98

3/30/98

4/27/98

12/29/97

7.7

1/26/98

7.8

7.8

3/2/98

8.1

8.4

9.2

3/30/98

8.1

8.3

8.8

9.0

4/27/98

8.5

8.8

9.5

9.8

9.9

5/25/98

7.8

7.7

7.8

7.7

6.8

6.3

6/29/98

7.5

7.4

7.4

7.2

6.5

6.0

3.5

7/27/98

7.4

7.3

7.2

7.0

6.3

6.0

4.2


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

5/25/98

5.7

Prepared by Federal Reserve Bank of St. Louis

Savings and Small Time Deposits
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollar:

of Dollars

Small Time
1998

Billions
22
29
6
13
20
27

961.2
960.5
959.9
959.9
959.3
958.8

1500

Savings Deposits (right scale)

1000-

1450

Small Time (left scale)

Savings
1998
Jun 22

2

2»

16 30 14 28
Jun

Jul

Aug

Oct

3

17
Nov

i

Billions
1489.7
1486.5
1498.8
1506.8
1508.1
1501.6

15'29'12'26' 9 '2]' 9 '2V 6 '20' 4 '18' i '15'29'13'27'10'24
Dec

Jan

Feb

Mar

Apr

1997

May

Jun

Jul

1300

Aug

1998

Savings deposits and small time deposits are at all depository institutions.

Large Time Deposits and Retail Money Funds
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Large Time

Retail Money

Billions
616.4
610.5
598.6
595.1
594.2
598.2

1998
Jun

Billions
67J.2
674.7
671.1
673.9
671.4
678.5

Retail Money

Large Tii

575

575

16 30 14 28 11 25

15 29 12 26
Sep

Oct

Nov

Dec

Jan

15 29 13 27 10 24
Feb

Mar

Apr

May

Jun

Jul

Aug

997
1998
Large time deposits and retail money funds are at oil despository institutions. Large time deposits are those
issued in denominations of $100,000 or more. Retail money funds were originally called general purpose
and broker/dealer money market funds.
Prepared by Federal Reserve Bank of St. Louis


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

9

525

10
Total Borrowings
From Federal Reserve Banks
Averages of Daily Figures

Billions of Dollars

Billions of Dollars
Billions
0.382

Aug

5

0.200
0.196
0.373
0.255
0.296

0.2-

4

18

2

16 30 13 27 10 24

8

22

5

19

1997

1998

Borrowings include seasonal, adjustment and extended credit.

Bank Loans and Credit

All Commercial Banks in the United States 1,/
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Bank Credit

4300-

1998
Jun 17
24

4251.3
4258.6
4264.4
4253.5
4260.6
4266.7

Bank Credit (left scale)2/

4200-

Loans & Leases
1998

Billions

3144.1

Loans ond Leases (right scale)

3142.7
3149.4

1997

1998

Current data appear in the Federal Reserve Board's H.8 release.
1/ Includes foreign—related institutions
2/ Includes loons and leases and securities


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

Prepared by Federal Reserve Bank of St. Louis

Commercial Paper of Nonfinancial Companies
Not Seosonolly Adjusted
Billions of Dollars

Jun 24
225-

Billions of Dollors

Billions
228.7
225.9
226.7
229.5
229.3
224.4

235

225

215

205-

205

195

16 30

13 27

10 24

I7 31

14 28 11

25 11

185

25

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

Commercial and Industrial Loans
Seasonally Adjusted

Billions of Dollars

Billions of Dollors

525

All Banks
Jun

17

Billions
892.4
891.2

500

All Banks (left scale) 1/

896.4

475

Large Banks (right scale) 2/
450

Banks
Billions
Jun

30

13 27

10 24

1997

17

482.7
481.8
482.6
480.2
483.3

15 29

425

12 26

1998

Current data appear in the Federal Reserve Boord's H.8 release.
1/ Includes foreign-related institutions
2/ Weekly reporting, domestically chartered banks


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

Prepared by Federal Reserve Bonk of St. Louis

400

Dollar's Trade - Weighted Exchange Index
Averages of Daily Figures
1973=100

1973=100

110

1973=100
Jul

1

Aug

5

105

105-

100

95

4

18 ’ 2 ' 16 ’ 30 13 ’ 27'10'24

8 ' 22 ' 5 ' 19 ' 3 ' 17'31 ' 14'28'1*1 ' 25 Vi ' 25

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.


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

ANyysn

90