Full text of U.S. Financial Data : December 12, 1996

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Federal Rof St. Louis
Till

^financial Data

FEDERAL

J UI
SI KM
BANK..I

STIXM IS

THE WEEK'S HIGHLIGHTS:
✓ The consumer price index for all urban consumers (CPI-U) rose at
a 3.1 percent annual rate in November, following a 3.5 percent
rate of increase between August and October. Since December
1995, the CPI has risen at a 3.3 percent rate, which is up from the
2.5 percent gain posted in 1995 (December-to-December).
✓ The producer price index for finished goods (PPI) advanced at a
4.6 percent annual rate in November. After rising at a 1.9 percent
annual rate from December 1995 to July 1996, the PPI has since
increased at a 3.9 percent rate over the past four months. In part,
this acceleration reflects a 16.2 percent surge in energy prices
from July to November.
✓ The nominal value of retail sales fell $0.8 billion in November
(from its October level), or at a 4.4 percent annual rate. Retail
sales have risen at a 0.4 percent rate since May, after rising at a
1.7 percent rate from November 1995 to May 1996.
✓ Nonfarm payrolls increased 118,000 in November, or at a 1.2 percent
annual rate. Employment in the goods-producing sector rose at a
1.1 percent rate in November, while service-producing employment
advanced at a 1.2 percent rate. The civilian unemployment rate
rose 0.2 percentage points in November to 5.4 percent.

All data arc 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)
'"formation
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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Federal Reserve Bank of St. Louis

2
Adjusted Monetary Base
Averages of Daily Figures
Seasonally Adjusted

Billions o< Dollars

4 18

IS 29 13 27 10 24 7 21 6 20 3 17
Feb
Mor
Apr
Nov
Dec

Billions of Dollars

IS 29 12 26 10 24 7 21 4 IS 2 16 JO 13 27 11 25
Aug
Sep
Oct
Moy
Jun

The odjusted 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
rotios. The monetary base series wos recently revised to include Federal Reserve deposits used to satisfy
clearing balance contracts. Dota ore computed by this bank. A detailed description of the odjusted monetory
base is available from this bonk. Recent data are preliminary.

Adjusted Monetary Base
Compounded onnuol rotes of chonge, average of two maintenance periods ending:
To the overage of
two maintenance
periods ending:

12/6/95

2/28/96

5/8/96

6/5/96

7/3/96

7/31/96

5/8/96

2.0

6/5/96

2.7

7/3/96
7/31/96

2.3

2.7

3.2

2.9

3.4

4.5

3.6

8/28/96

3.4

4.2

5.4

3.4

4.0

4.8

5.2
4.5

7.7

10/9/96

5.8

5.2

11/6/96
12/4/96

3.5
3.8

4.1
4.3

4.8

4.6
4.9

5.6
5.7

5.1
5.4


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

8/28/96

10/9/96

3.9
4.6

5.6

3.3

5.0

Prepared by Federal Reserve Bonk of St. Louis

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

Billions of Dollars

Oct 28
Nov

4

Billions of Dollars
Billions

1080.3
1080.6
1068.6
1075.9
1074.5

Oct 28

Dec

681.5
668.4
675.5
673.4
684.0

2

M1 (left scale)

TCD (right

Nov

Dec

Jon

Feb

Mor

Apr

Moy

Jun

Jul

Aug

Sep

Oct

Nov

Dec

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

Money Stock (M1)
To the overage
of four weeks
ending:
4/29/96

Compounded annual rotes of change, overoge of four weeks ending:
12/4/95

3/4/96

4/29/96

6/3/96

7/1/96

8/5/96

9/2/96

9/30/96

-1.4

6/3/96

-1.9

-0.7

7/1/96

-1.8

-0.8

8/5/96

-2.8

-2.6

-5.0

9/2/96

-3.6

-3.8

-6.1

-6.8

-9.2

9/30/96

-4.0

-6.5

-7.2

-9.0

-9.2

11/4/96

-4.9

-4.4
-5.6

-7.6

-8.4

-9.9

-10.4

-10.7

12/2/96

-4.6

-5.0

-6.6

-7.1

-8.2

-8.0

-7.4


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

-2.8
-5.4

-6.9

Prepared by Federal Reserve Bonk of St. Louis

3

4
Adjusted Reserves
Seasonally Adjusted
Billions of Dollars

Billions of Dollors
Sep 25
Oct 9
Nov

6

4 18 115 29 13 27 10 24
Nov
Dec

Feb

Mor

Apr

May

Aug

Jun

Sep

Oct

Nov

Dec

Adjusted reserves is the difference between the adjusted monetary base ond the currency component of Ml.
The odjusted monetary base series wos recently revised: See the footnote to the monetary base chart for o
description of the change.

Adjusted Reserves
Compounded annual rotes of change, average of two maintenance periods ending:
To the overage of
two maintenance
periods ending:

12/6/95

2/28/96

5/8/96

6/5/96

7/3/96

7/31/96

5/8/96

-2.8

6/5/96

-1.6

-1.9

7/3/96
7/31/96

-2.9

-4.1

-3.4

-3.6

-4.9

-5.1

8/28/96

-3.8

-4.9

-5.1

-8.3

-6.7

10/9/96

-5.9

-7.6

-8.9

-11.7

-11.8

-13.2

11/6/96
12/4/96

-5.8
-5.2

-7.3
-6.5

-8.3
-7.0

-10.6
-8.8

-10.4
-8.3

-11.0
-8.3


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

8/28/96

10/9/96

-9.9

-13.3
-9.2

Prepored by Federal Reserve Bonk of St. Louis

Money Multiplier
Averages of Daily Figures
Seasonally Adjusted
Compounded onnual rates
of chonge. overage of
the four weeks ending
December 2, 1996, from
the four weeks ending:
Oec
4. 1995
-8.0
Feb 26. 1996
-8.6
Jun
3. 1996 -11.4
Ju I
1 . 1996 - 13.2
Jul 29. 1996 -12.2
Aua 26 . 1 996 - 1 1.7
Oct
7. 1996
-9.8

Sep 23
Oct 7
Nov

4

Oec

2

2.347
2.322
2.323

2 16 30 13 27 II 25 8 22 5 19 4 18
Apr

May

1995
Ratio of Ml to the adjusted monetary base.

Jun

Aug

Sep

Oct

1996

Currency Component of M1
Averages of Daily Figures
Billions of Dollars

seasonally Adjusted

Billions of Dollars

Compounded annual rates
of change, overoge of
the four weeks ending
December 2, 1996. from
the four weeks ending:
Oec
4. 1995
5.
Mar
4 , -------‘
1 996
1996
Sep

30[

1996
1996
1996

Oct 28
Nov 4

Dec

2

16 30 14 28 II 25 9 23
Apr
May
Jun
Aug
Sep
Oct
1995
1996
Current dota appear in the Federol Reserve Board's H.6 release.
Prepared by Federol Reserve Bonk of St. Louis


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Federal Reserve Bank of St. Louis

5

6
Yields on Selected Securities
Averoges of Daily Figures
Percent

Percent

Prime Rote
-

8.0

Corporate
Aoo Bonds

...- 7.0

Commercial
Paper

6 20 3

17 1

1996
Sep 20
27
Oct 4
11
18
25
Nov 1
8
15
22
29
Dec 6
13

15 29 12 28

30-Day
Commercial
Paper
5.45
5.47
5.41
5.36
5.35
5.36
5.37
5.38
5.39
5.40
5.42
5.53
5.55

8 22 5

90-Day
CDs
5.49
5.49
5.48
5.40
5.40
5.40
5.39
5.38
5.37
5.38
5.38
5.40
5.42

19 3 17 31 14 28 12 26 9 23 6 20 4 18

90-Day
Bankers'
Acceptances
5.39
5.34
5.34
5.35
5.32
5.31
5.30
5.30
5.30
5.28
5.29
5.30
5.35

15 29 13 27

Corporate
Aaa Bonds

Corporate
Sao Bonds

Municipal
Bonds

7.63
7.58
7.46
7.43
7.40
7.39
7.28
7.18
7.08
7.05
7.06
7.10
7.15

8.33
8.27
8.14
8.10
B.08
8.07
7.96
7.86
7.75
7.75
7.75
7.79
7.84

5.88
5.76
5.70
5.73
5.72
5.75
5.70
5.67
5.60
5.55
5.54
5.57
NA

Current data ore from the Federol Reserve Board's H.15 release, ond ore averoges of rates ovailoble for the
week ending on December 13, 1996
•• Bond Buyer's Average Index of 20 municipal bonds, Thursday dato
NA - Not Available
Prepared by Federal Reserve Bank of St. Louis


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Federal Reserve Bank of St. Louis

Selected Interest Rates
Averages of Daily Figiures

Percent

Percent

30-Year
Treasury Securities

Federal
Funds Rate

Discount Rate
3-Month
Treasury Bill

5 19 3 17 31 14 28 12 26
Apr
Moy
Jun

3-Month
Treasury
Bill

1 -Year
5-Year
Treasury
Treasury
Bill
Securities
5.22
5.12
5.50
6.59
5.34
4.98
5.40
6.48
5.40
4.91
5.30
6.35
5.14
4.98
5.26
6.30
5.22
5.00
5.26
6.28
5.22
5.00
5.26
6.29
5.27
5.03
5.18
6.15
5.32
5.03
5.15
6.05
5.21
5.03
5.13
5.97
5.41
5.03
5.13
5.94
5.30
5.02
5.13
5.90
5.52
4.92
5.14
5.92
5.22
4.86
5.17
6.03
Current dato oppeor In the Federal Reserve Board's H.15 release
• Averages of rates available
•• Seven-day averages for week ending two days eorlier than date shown
1996
Sep 20
27
Oct 4
11
18
25
Nov 1
8
15
22
29
Dec 6
13 •

Federal
Funds ••


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Federal Reserve Bank of St. Louis

6

20

4 18 1
Oct

13 27
Nov

10-Year
Treasury
Securities

30-Year
Treasury

6.82
6.73
6.61
6.55
6.54
6.55
6.42
6.30
6.18
6.16
6.12
6.15
6.27

7.01
6.95
6.85
6.83
6.83
6.83
6.71
6.57
6.45
6.43
6.41
6.43
6.53

Prepared by Federal Reserve Bonk of St. Louis

7

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

Billions of Dollars

Oct 28

Dec

2

Billions
3781.3
3790.4
3792.0
3797.2
3792.6
3814.1

Billions of Dollars

M2 (left

Non-M1 M2 (right scale)

Non-M1 M2
2701.0
2709.8
2723.4
2721.3
2718.1
2725.0

Oct 28

Dec
2

16 30 13 27 11 25 8 22 5 19 * 18
Feb Mor
Nov
Dec

Apr

May

Aug

Jun

Sep

2

Oct

Nov

Dec

M2 is the sum of Ml, 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 annuol rotes of change, overoge of four weeks ending:
To the overoge
of four weeks
ending:

12/4/95

3/4/96

4/29/96

6/3/96

7/1/96

3.3
3.4

2.5

8/5/96

9/2/96

4/29/96

5.8

6/3/96

4.5

3.1

7/1/96

4.6

3.6

8/5/96

4.2

3.2

1.8

9/2/96

4.1

3.2

2.2

9/30/96
11/4/96

4.1

3.3
3.4

2.4
2.8

3.4
3.6

2.9
3.3

3.6
3.9

4.0

3.8

3.3

4.1

3.9

4.5

4.8

12/2/96

4.1
4.3


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

9/30/96

1.8

5.4

Prepored by Federol Reserve Bonk of St. Louis

Savings and Small Time Deposits
Averoges of Doily Figures
seasonally Adjusted

Billions of Oollors

Billions of Dollars

Small Time
1996
Billions
Oct 28
943.8
Nov 4
944.7
1260943.4
946.4
948.6

Small Time (right scale)

Savings
Billions
1242.5

Oct 28
Nov 4

1250.1

1260.4
1257.6
1252.7
1258.4

Savings Deposits (left scale)
2 16 JO U 27 II 25 8 22 5 19 4 18
Feb

Mar

Apr

Moy

Jun

Aug

Sep

Oct

1995
Sovings deposits and smoll 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
Billions
Oct 28
482.0
Nov 4
480.0
479.1
481.6

Retail Money
1996
Billions
Oct 28
Nov 4
517.7
517.2
517.8
518.0

487.6

Retail Money

Large Time

Oct

Nov

Oec

Jon

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

1995
1996
Large time deposits ond retail money funds ore at oil despository institutions. Large time deposits <
issued in denominations of $100,000 or more. Retoil money funds were originolly colled general pc
ond broker/deoler money market funds.
Prepared by Federal Reserve Bonk of St. Louis


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Federal Reserve Bank of St. Louis

9

855

10
Total Borrowings
From Federal Reserve Banks
Averages of Daily Figures

Billions of Dollars
Nov

Dec

6

4

Billions of Dollars

Billions
0.135
0.117
0.169
0.317
0.374
0.070

....1.0

18 2 16 30 13 27 11 25
Sep
Oct

4 18
Moy

Jun

1995
Borrowings include seasonol. odjustment and extended credit.

Bank Loans and Credit

All Commercial Banks in the United States’^
Billions of Dollars
Bonk Credit
Billions
3711.4
Oct 23
3709.3
3727.6
3733.2
3725.9
3768.2

Seasonally Adjusted

Billions of Dollars

Bank Credit (left scole)2/

Loans&Leases
Billions
Oct 23
2747.8
2739.4
2743.7
Nov 6
2751.1
2742.2
2769.5

Loons and Leases (right scale)

Aug
1995
Current dato oppeor in the Federal Reserve Board's H.8 release.
1/ Includes foreign-reloted institutions _
2/ Includes loons and leases and securities


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

Sep

Oct

Prepored by Federal Reserve Bank of St. Louis

Commercial Paper of Nonfinancial Companies
Billions of Dollars
Ocl 30
Nov 6

Dec

4

Not beosonaiiy Adjusted

Billions of Dollars

Billions
184.826
185.414
184.125
185.780
184.7J2
182.256

....... - 180

Commercial and Industrial Loans
Billions of Dollars

Seasonally Adjusted
Billions of Dollars

440

All Bonks
Ocl 23

768.2
767.3

420

768.2
776.2

All Bonks (left scale) 1/
400

380
Large Bonks (right scale)2/
Large Bonks
Billions
381.5
379.2
379.0
378.8
378.2
381.4

360

Oct 23

320

6 20 3 17
1996
Current data appear in the Federal Reserve Boord's H.8 release.
1/ Includes foreign-related institutions
2/ Weekly reporting, domesticolly chartered bonks


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Federal Reserve Bank of St. Louis

340

11

Prepared by Federol Reserve Bank of St. Louis

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

Dec 4

4 18

15 29 13 27 10 24 7 21 6 20 3 17

15 29 12 26 10 24 7 21 4 18 2 16 30 13 27 11 25

1995
Current data appear in the Federol 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