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U.S. F inancial Data

Federal Reas, ve Jank
of St. Louis

August 8, 1991

AUG 1 ^ 199t

THE WEEK’S HIGHLIGHTS:
✓ The yield on 30-day commercial paper averaged 5.78 percent for
the week ending August 9, down for the sixth straight week from
6.08 percent in late June.
*/ The civilian unemployment rate dropped from 7 percent to 6.8 per­
cent in July, even though employment declined by 172,000persons.
This is because the civilian labor force fell even more sharply, by
415,000 persons.
*/ Payroll employment declined at a 0.6 percent annual rate in July,
after increasing at a 0.7percent rate during the previous two
months.
✓ Output per hour in the business sector rose at an annual rate of 1.6
percent in the second quarter and was up 0.3 percent from the
second quarter of1990.
✓ Hourly compensation increased at a 4.4 percent annual rate in the
second quarter and was up 4.2 percent from a year earlier.

Views expressed do riot necessarily reflect official positions of the Federal Reserve System.


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

2

Adjusted Monetary Base
Averages ot Dally Figures
Seasonally Adjusted

Billions of Dollars

May 29
Jun 12
Jul 10
Aug

i 20
Jun

7

4

Billions of Dollars

334.9
337.5
335.7
339.5
338.1

18 1 15 29 12 29 10 24
Jul
Aug Sep
Oct
1990

7 21 5 19
Nov
Dec

2

19 30 13 27 13 27 10 24 8 22
Jan
Feb Mar
Apr
May
1991

5 19 3 17 31 14 28
Jun
Jul
Aug

Latest data plotted reserve maintenance period ending: August 7, 1991
The adjusted monetary base is the sum of reservp accounts of financial institutigns 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 computod 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:
10 tne average or 8/B/90 10/31/90 1/9/91
2/6/91
3/6/91
4/3/91
5/1/911
6/12/91
w/ 1/3
O/ l^/SI
‘-V
■/»/•»■
two maintenance
periods ending:
1/9/91
2/6/91
3/6/91
4/3/91
5/1/91

6/12/91
7/10/91
8/7/91

12.0
13.6
12.9
12.5
10.5
9.6
9.3
9.3


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Federal Reserve Bank of St. Louis

15.1
13.6
12.9
9.8
8.8
8.5
8.5

15.5
13.4
8.4
7.3
7.1
7.3

9.0
4.0
4.2
4.4
5.1

1.8
2.9
3.5
4.5

0.5
1.9
3.4

4.9
6.0

Prepared by Federal Reserve Bank of St. Louis

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

Billions of Dollars

1991

Pillions

Jun 24
Jul 1

Billions of Dollars

858.5
861.9
856.9
857.7
860.1
864.4

M1 (left

TCD
1991

Billions

Jun 24
Jul 1

•TCD (right scale)

592.7
595.4
591.5
591.9
593.3
596.2

15
22
29

4

18

2

16 30 13 27 10 24
Jul
Aug
Sep

22
Oct

5

19 3 17 31 14 28
25 11 25
Nov
Dec
Feb Mar

8 22
Apr

6

- 565

20 3 17 1 15 29 12 26
May
Jun
Jul
Aug

Latest data plotted week ending: July 29, 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 7/30/90 10/29/90 12/31/90 1/28/91
of four weeks
ending:
12/31/90
1/28/91
3/4/91
4/1/91
4/29/91
5/27/91
7/1/91
7/29/91

4.5
3.8
5.6
6.2
5.2
6.2
6.6
6.1


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Federal Reserve Bank of St. Louis

2.4
5.8
6.7
5.1
6.5
7.0
6.4

8.3
9.1
6.0
7.9
8.3
7.2

13.4
8.0
9.8
9.9
8.4

3/4/91

4/1/91

3.5
7.6
8.3
6.8

4/29/91

5.9
7.5
5.8

5/27/91

Prepared by Federal Reserve Bank of St. Louis

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

Billions of Dollars

3450

^
1991

3400

Billions of Dollars

2675

M2 ^
Billions

Jun 24 3396.5
Jul 1 3396.5
8 3390.4
15 33 90.9
22 33 85.3
29 33 85.1

2025

M2 (l< ft seal

3350

2575

^

3300
r

3200

\

on-M1 M2 (ric ht seal 0

Nor -M1 k\2
1991
Billio ns
I Jun 24 2538.0
Jul 1 2534.6
8 2533.5
15 2533.2
22 2525.2
29 2520.7
______ 1

16 11 il 57 it 14
Jul

Aug

Sep
1990

8

2525

•>
h

1

_--

11
Jun

v'-

v

✓

3250

'

4* W

✓

22

Oct

5

19
Nov

17 3 14 28 11 25 11 25
Dec
Jan
Feb Mar

8 22 6 20
Apr May
1991

3

17 1 15 29 12 26
Jun
Jul
Aug

2475

2425

Latest data plotted week ending: July 29, 1991
Current data appear in the Federal Reserve Board's H.6 release.
M2 is the sum of Ml, 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
7/30/90 10/29/90 12/31/90 1/28/91
3/4/91
4/1/91
4/29/91 5/27/91
of four weeks
ending:
12/31/90
1/28/91
3/4/91
4/1/91
4/29/91
5/27/91
7/1/91
7/29/91

2.6
2.3
3.3
3.7
3.6
3.7
3.4
2.8


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Federal Reserve Bank of St. Louis

0.9
3.1
3.7
3.5
3.7
3.4
2.5

5.2
5.7
4.9
4.9
4.2
3.0

8.0
6.2
6.0
4.9
3.4

4.6
4.7
3.7
2.1

3.7
2.8
1.0

2.9
0.6

-1.3

Prepared by Federal Reserve Bank of St. Louis

Money Multiplier1/
Averages of Daily Figures
Seasonally Adjusted

Ratio

3.2

Compounded annual
rates of change,
average of the four
weeks ending
July 22, 1991 from
the four weeks ending:
Jul 23, 1990 -3.0
Oct 29, 1990 -1.9
Feb 4, 1991
3.0
Mar 4, 1991
3.0
Apr 1, 1991
4.1
Apr 29, 1991
3.3
May 27, 1991
1.8

Ratio
May 13

2.537
2.546
2.545
2.547
2.561
2.530

Jun 10
Jul

8

2.9

2.S

4

18

2

16 30 13 27 10 24
Jul
Aug
Sep
1990

8 22
Oct

5

10 3 17 31 14 28
Nov
Dec
Jan
Feb

25
Mar

15 29 12 26
Jul
Aug

8 22 0 20
Apr
May
1991

2.3

Latest data plotted two weeks ending: July 22, 1991

Currency Component of M12/
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Compounded annual
rates of change,
average of the four
weeks ending
July 29, 1991 from
the four weeks ending:
Jul 30. 1990 9.8
Oct 29, 1990 8.2
Jan 28, 1991
6.1
Mar 4, 1991
3.2
Apr 1, 1991
2.4
Apr 29, 1991
3.5
May 27, 1991
4.6

1991

Billions

Jun 24
Jul 1

258.1
258.7
258.1
259.0
260.4

Jun

16 30 13 27 10 24
Aug
Sep
Jul
1990

8 22
Oct

5

19 3 17 31 14 28
Nov
Dec
Jan
Feb

8 22 6 20
Mar

Apr
May
1991

15 29 12 26
Aug

Latest data plotted week ending: July 29, 1991
1 / Ratio of M1 to adjusted monetary base
2/ Current data appear in the Federal Reserve Board's H.6 release,


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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

Corporate
Aaa Bondi

Municipal Bond*

I

15 29
Jun

13 27 10 21
Jul Aug

7 21 5 19 2 IS 30 M 28 11 25
Sep Oct
Nov
Dec
Jan

8 22 8 22
Feb Mar

5 19 3 17 31 H 28 12 26 9 23
Apr
May
Jun
Jul
Aug

1990

1991

Latest data plotted are averages of rates available for the week ending: August 9, 1991

1991
May 17
24
31
Jun
7
14
21
28
Jul
5
12
19
26
Aug
2
9 *

90-Day
CDs

30—Day
Commercial
Paper

90-Day
Bankers1
Acceptances

Corporate
Aaa Bonds

Corporate
Baa Bonds

Municipal
Bonds +***

5.93
5.91
5.90
6.07
6.12
6.03
6.05
6.04
6.02
5.97
5.94
5.90
5.75

5.93
5.91
5.91
6.02
6.10
6.05
6.08
6.06
6.02
5.96
5.93
5.92
5.78

5.76
5.76
5.76
5.91
5.98
5.93
5.94
5.93
5.92
5.90
5.83
5.80
5.60

8.89
8.86
8.87
8.93
9.01
9.05
9.04
9.04
9.04
8.99
8.97
8.93
8.85

9.91
9.89
9.85
9.92
10.00
9.98
9.95
9.91
9.96
9.92
9.84
9.80
9.70

6.94
6.98
6.97
7.06
7.19
7.15
7.13
7.10
7.07
7.04
7.00
6.99
N.A.

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

Percent

5—Year
Treasury Securkh

ecount

3—Month
Treasury Bil

5 21 V,2'
M
Jun
Jul
Aug

» II 5 » ! If 10 M 21 II 25 I 2! 1 22 S 19 3 17 Jl |1 ;

Sep
1990

Oct

Nov

Dec

Jan

Feb

Mar

Apr
May
1991

Jun

I2 if
Jul

9 23
Aug

Latest data plotted ore averages of rates available for the meek ending: August 9, 1991

Federal
Funds **

3-Month
Treasury

Month
Treasury
Bill *♦»

1 —Year
Treasury

5-Year
Treasury
Securities

Long-Term
Treasury
Securities

* Averages of rates available
** Seven-day averages for week ending two days earlier than date shown
*♦* Auction average (discount)


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

7

8

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

Billions of Dollars

4B0

Billions of Dollars

1230

i----- r
Savings
1991

Billions

Jun 24
Jul 1
8
15
22
29

439.8
440.5
441.5
442.5
443.2
444.1

Small Tima (right scale)

Small Time
1991

Savinas Deposits (left scale)

4

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

5

I9 3 17 31 14 28 11 25 11 25
Nov Dec
Jan
Feb Mar

8 22 6 20 3 17 I
Apr
May
Jun
1991

Total and Large Time Deposits

Billions of Dollars

I
I
Large Tim
1991 Mio ns

2110
7 otal Tlrrw (left scale)
-

2090
N

y

%

Jun 24
Jul 1
8
15
22
29

496 2
489 8
492 .1
492 .2 —
488 .6
488 .3

540

‘w s

y

_

15 29 12 26

V

All Depository Institutions

Billions of Dollars

Billions

Jun 24 1127.2
Jul 1 1124.9
8 1122.9
15 1119.9
22 1117.6
29 1115.8

* —

y

,

2070

2050

To tal
19 91
— Jun 24
Jul 1
8
15
22
29

Tirr
iii Ions
2063.2--2055.2
2056.5
2054.6
2049.4
2048.2

I

2030

I
■ i ■ rm 1 r
4 18 2 IS 30 13 27 10 24
Sep
Jul
Aug
Jun
1990
\

460

,
1 ■ T~r i • i ' i • i '
8 22 5 10 3 17 3 114 28 11 25 11 25 8 22 6 20
Jan
Feb Mar Apr
May
Dec
Nov
Oct
1991

3 17
Jun

15 21 12 2
Jul
Aug

420

Latest data plotted weekending: July 29, 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


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

Money Market Funds
General Purpose and Broker/Dealer

Billions of Dollars

390

L

390

Compounded anni
rates of change,
average of the fou r
weeks ending
July 29, 1991 fron
the four weeks encling:
Jul 30, 1990
9.3
Oct 29, 1990
7.0
Jan 28, 1991
2.1
Mar 4, 1991 - 1.1
Apr 1, 1991 - 5.3
Apr 29, 1991
1.9

370

350

370

350

1991

330

h i • I
n"i '

310

Jun

Jul

m-Tir*-| » i ~r 1 ' 0

Aug

'

Sep
1990

Oct

................... .

Nov

Dec

Jan

«•"

Billio ns

Jun 24 364.0
Jul 1 362.7
8 361.6
15 360.9
22 359.6
29 356.6
______ L__
_
"

U

Feb

II

330

310

13

Mar

Apr
May
1991

Jun

Jul

Aug

Money Market Deposit Accounts
All Depository Institutions

Billions of Dollars
„

1--------------1--------------

1

Compounded annual
rates of change,
average of the four
weeks ending
July 29. 1991 from
the four weeks ending:
Ju
Oc
Ja
Ma

540 .

520

560

590

Ap
Ap
'

Ma

30.
29,
28,
4.
1.
29,
27,

990
990
991
991
991
991
991

8.7
10.8
17.5
17.8
17.0
16.8
13.9

-

520

13.91

500

460

-Jun 24
Jul 1
8
15
22
29
1

'

11 2 15 30 13 27 10 24
Jun
Jul
Aug
Sep
990

8 22
Oct

ri » i1
15 3 17 31 14 28 11 25 11 25
Nov
Dec
Jan
Feb Mar

1
T ' 1 '' I'T-I »

22 6 20
Apr
May
1991

1

pillions
542.3 —
542.8
545,9
548.7
547.3
547.3

1

ri i i
17 1 15 29 12 25
Jun
Jul
Aug

Latest data plotted week ending: July 29, 1991


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

9

480

10

Total Borrowings
From Federal Reserve Banks
Averages of Daily Figures

Billions of Dollars

1991

Billions

Jul

3
10
17
24
31
Aug 7

6

20

4

Billions of Dollars

0.869
0.332
0.448
0.489
0.580
1.203

5

18
Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

19 3

17 31 14 28
Jul
Aug

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

Billions of Dollars

1991

Billions

Jul

3
10
17
24
31
Aug 7

'

t

21

4

Billions of Dollars

0.862
0.329
0.445
0.485
0.394
1.013

IB

I

15 24 12 24 10 24
Aug
Sep
Oct

7 21 5 1) 2
Nov
Dec

1( i« 11 17 II 27 11 24
Feb Mar
Apr

I 2! 5 I! 3 17 31 14 24
Jul
Aug
May
Jun

Latest data plotted week ending: August 7, 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

Not Seasonally Adjusted
klsv4
ll i

..

Jul

3

, ,

Billions of Dollars

----------

180

148.873
148.129
147.543

Jun

Jul

Aug

Sep
1990

Oct

Nov

C

Feb

Mar

Apr

May

Jul

Aug

Latest data plotted week ending: July 31, 1991

Commercial and Industrial Loans1 x
Billions of Dollars

Weekly Reporting Large Commercial Banks2/
Billions of Dollars

seasonally Adjusted

Compounded annual
rates of change,
average of the four
weeks ending
July 24, 1991 from
the four weeks ending:
Jul
Oct
Jan
Feb
Mar
Apr
May

25,
24,
23.
27,
27,
24,
22.

Jun 19
26
Jul 3
10
17
24

1990 -6.5
1990 -8.0
1991 -8.9
1991 -9.8
1991-11.8
1991-12.3
1991-10.4


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Federal Reserve Bank of St. Louis

11

309.245—
306.910
307.836
307.103
305.32;
303.788

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

1991 1973-100

Aug 7

6 20 4

18

Aug

Sep

Oct

Nov

Dec

Feb

Mar

Apr

May

Jun

Jul

Aug


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

A i'jyyai"'!

60#

Latest data plotted week ending: August 7, 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

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