Full text of U.S. Financial Data : December 3, 1998

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MS, 19^ARY
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imcialData

THE
FEDERAL

JRESERVE
HANK of

tif si:

louis

DEC 0 1 M

THE WEEK'S HIGHLIGHTS:
■

Output per hour (productivity) in the nonfmancicd corporate sector
accelerated at a 4.6 percent annual rate in the third quarter after
gains of 2.6 percent and 3.1 percent, respectively, in the first and
second quarters. Nonfinancialproductivity has grown at a 2.6 percent
annual rate over the past 4 years.

■

Sales of new single family homes rose 0.8 percent in October to
an annual rate of 851,000 units. Although new home sales are
down 4.6 percent from six months earlier, they are up 5.7 percent
from a year earlier.

■

The National Association of Purchasing Management’s Purchasing
Managers’ Index fell 1.5 percent in November to 46.8 percent, its
lowest reading in 33 months. According to the NAPM, a value
below 50 percent generally implies that the manufacturing sector is
contracting.

■

The inflation-adjusted value of total construction spending, following
no change in September, rose just 0.1 percent in October. Measured
from a year earlier, however, real construction spending is up 3.8
percent.

■

The Conference Board reported that the index of leading indicators
rose 0.1 percent in October, the first increase in three months.

■

Crude oil prices, as measured by the price of West Texas Intermediate,
averaged $11.48 a barrel for the week ending Nov. 27, down $2.78 a
barrel from four weeks earlier and $7.87 a barrel from a year ago.

_____________________ 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

516.696
519.791
520.499
523.748
523.753
526.077

500-

1

15 29 12 26 10 24 7

2

15 29 13 27 10 24

21

Apr

16 30 14 28

May

1997

1998

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:

12/3/97

2/25/98

5/6/98

6/3/98

7/1/98

7/29/98

8/26/98

5/6/98

3.8

6/3/98

5.3

4.0

7/1/98

4.3

2.5

7/29/98

4.8

3.7

6.8

8/26/98

5.5

4.9

8.0

6.0

10.5

10/7/98

6.3

6.1

9.0

7.8

10.9

11.7

11/4/98

6.7

6.6

9.2

8.2

10.8

11.3

11.0

12/2/98

6.7

6.6

8.9

8.1

10.1

10.3

9.9


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

10/7/98

5.6
3.1

8.7

Prepared by Federal Reserve Bank of St. Louis

r------------------- T

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

Billions of Dollars

3900"

Oct

19

Nov

2

Billions of Dollars

Billions
3861.3
3889.1
3893.0 3900.1
3917.2
3916.3

-

3700-

3900

-3700

-3500

20 3

17

5 29 12 26

23

9

23 6

20 4

I

15 29 13 27 10 24

1997

7 21

5

30 14 28

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)
T ..
lo the average
of four weeks
4/20/98

Compounded annual rates of change, average of four weeks endinq:
^
11/24/97 2/23/98 4/20/98 5/25/98 6/22/98 7/20/98 8/24/98

9/21/98

13.5

5/25/98

12.8

14.2

6/22/98

12.7

13.6

7/20/98

11.8

12.0

9.1

8/24/98

11.8

12.1

10.0

9.9

9.2

9/21/98

12.8

13.4

12.2

12.8

13.2

16.8

10/26/98

13.8

14.7

14.0

14.9

15.7

18.8

22.6

11/23/98

14.3

15.3

14.9

15.8

16.6

19.3

22.1


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

10.8
8.5

Prepared by Federal Reserve Bank of St. Louis

3

4
Adjusted Reserves
Seasonally Adjusted
Billions of Dollars

Billions of Dollars
Billions
Sep

9

Oct

7

Nov

4

67.752
66.931
68.096
66.688

1

68.251
66.562

15 29 12 26 10 24 7

21

4

15 29 13 27 10 24

18 4

May

22 5

19

6 30 14 28 11 25 9 23

Jun

1997
Adjusted reserves is the difference between the adjusted monetary base and the currency component of M1.
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:

11/19/97

2/11/98

4/22/98

5/20/98

6/17/98

7/15/96

8/12/98

4/22/98

-9.7

5/20/98

-6.0

-10.4

6/17/98

-4.2

-6.6

12.7

7/15/98

-5.1

-7.4

4.2

8/12/98

-3.9

-5.4

4.6

0.7

-2.8

9/23/98

-2.3

-3.0

5.7

3.2

1.9

7.6

10/21/96

-2.0

-2.5

5.0

2.8

1.7

5.7

5.5

11/18/98

-1.9

-2.2

4.3

2.4

1.4

4.4

4.0


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

9/23/98

-1.9

0.6

Prepared by Federal Reserve Bank of St. Louis

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

Billions of Dollars

Billions of Dollars

Billions
Oct

19

1078.2
1085.9
1091.0
1081.8
1083.7
1086.2

Oct

19

Nov

2

616.5

618.0
619.4
620.9

M1 (left scale)

TCD (right seal

15 29 12 26

9

23

23 6

20 4

1

15 29 13 27 10 24

1997

7 21

5

19

2

6 30 14 28

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
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Compounded annual rates
of change, average of
the four weeks ending
November 23, 1998, from
the four weeks ending:

Nov
Feb
May
J un
Jul
Aug
Sep

24,
23,
25,
22 ,
20,
24,
21.

1997
1998
1998
1 998
1998
1 998
1998

8
8
9
10
10
1 2
11

Billions

3

17

1

15 29 12 26

23

6 20

4

1

1997
Current data appear in the Federal Reserve Board's H.6 release.


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

1

15 29 13 27 10 24

7 21

5

Oct

19

Nov

2

1

2

453.7
454.4
455.1
455.7
456.3
457.2

16 30 14 28

1998
Prepared by Federal Reserve Bank of St. Louis

5

6
Yields on Selected Securities
Averages of Daily Figures
Percent

Percent

Prime Rate
... - 8.0

8.0- ■

- 7.0

Corporate
Aaa Bonds
-

6.0

Commercial Paper

- 5.0

Municipal Bonds

17 31

1998
Sep

Nov

Dec

11
18
25
2
9
16
23
30
6
13
20
27
4

14 28

9

12 26

23

30-Day
Commercial
Paper
5.49
5.49
5.45
5.23
5.25
5.22
5.03
5.05
5.11
5.11
4.95
4.84
5.02

90—Day
CDs
5.46
5.42
5.37
5.22
5.29
5.26
5.14
5.16
5.27
5.31
5.21
5.18
5.23

90-Day
Bankers'
Acceptances
5.47
5.38
5.34
5.19
5.20
5.17
5.03
5.07
5.13
5.20
5.18
5.10
5.15

10 24

7

21

4

18

Corporate
Aaa Bonds

Corporate
Baa Bonds

6.43
6.42
6.37
6.25
6.25
6.45
6.47
6.44
6.56
6.44
6.39
6.28
6.17

7.08
7.10
7.07
7.01
7.05
7.25
7.28
7.26
7.42
7.34
7.33
7.28
7.19

13 27

11

Municipal
Bonds **
5.00
4.97
4.94
4.82
4.88
4.96
4.99
5.00
5.04
5.04
5.03
5.01
N.A.

Current data are from the Federal Reserve Board's H.15 release, and ore averages of rates available for the week
ending on December 4, 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

25

Selected Interest Rates
Averages of Daily Figures
Percent

Percent

30-Year
Treasury Securities
-

Federal
Funds Rate

Discount
Rate

3-Month
Treasury Bill

17'31
Oct

' 14'28'12'26 ' 9 ' 23 ' 6 ' 20 ' 6 ' 20
Nov

Dec

Jan

Feb

15 29

Mar

12 26
Jun

1997

1998
Sep

Oct

Nov

Dec

11
18
25
2
9
16
23
30
6
13
20
27
4 *

10 24

16 30

Jul

Oct

13 27

11

Nov

Dec

1998

Federal
Funds **
5.47
5.54
5.42
5.58
5.22
5.14
4.87
4.95
5.22
4.80
4.89
4.54
4.86

3-Month
Treasury
Bill

1 —Year
Treasury
Bill

5-Year
Treasury
Securities

10-Year
Treasury
Securities

30—Year
Treasury
Securities

4.73
4.62
4.53
4.26
3.96
3.84
3.85
4.12
4.43
4.44
4.35
4.47
4.39

4.55
4.54
4.40
4.22
4.01
3.96
3.84
3.93
4.27
4.35
4.33
4.38
4.27

4.72
4.62
4.48
4.24
4.18
4.22
4.17
4.22
4.45
4.51
4.59
4.62
4.42

4.90
4.83
4.67
4.46
4.41
4.58
4.59
4.63
4.83
4.82
4.85
4.83
4.67

5.26
5.21
5.14
5.00
4.88
5.02
5.08
5.12
5.29
5.27
5.26
5.21
5.06

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

25

6.0

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

Billions of Dollars

Billions of Dollars

Billions
Oct

19

4343.9

4375.0
4382.5
4379.0

M2 (left scale)

Non-M1 M2 (right scale)
-3050
Non-M1 M2
Billions
Oct

1

3265.7
3274.9

4025-.....

- 2975

3293.2
3298.8
3292.8

20 3

17

1

15 29 12 26 9

23

15 29 13 27 10 24 7 21

9 23

5

19

2

16 30 14 28

1998

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 annua rates of change, average of four weeks ending:
To the average
of four weeks
ending:

11/24/97

2/23/98

4/20/98

5/25/98

6/22/98

7/20/98

8/24/98

4/20/98

8.7

5/25/98

7.7

6/22/98

7.6

7.2

4.9

7/20/98

7.2

6.8

4.9

5.7

8/24/98

7.2

6.8

5.4

6.1

9/21/98

8.0

8.0

7.3

8.4

8.9

10.8

10/26/98

8.5

8.7

8.3

9.5

10.1

11.7

14.5

11/23/98

8.8

9.1

8.9

9.9

10.6

11.9

13.9


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

9/21/98

7.4

5.9

12.9

Prepared by Federal Reserve Bank of St. Louis

Savings and Small Time Deposits
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Small Time
Billions
963.2
962.2
961.6
960.5

Savings Deposits (right scale)

(left scale)
Savings
Oct

19

1556.9
1576.1
1583.2

20

3

17

15 29 12 26

9

23 9

23

20 4

1

1997

5 29 13 27 10 24

7

21

5

1

• 1450

Billions
1557.1

2

- 1400

16 30 14 28

19g8

Savings 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

Large Time

Retail Money
1998
Billi,
751.6
752.7

608.5

753.9
752.7

613.4

-825

Retail Money

625 Large Time

20

3

17

15 29 12 26

20 4

1

15 29 13 27 10 24

7

21

5

19

16 30 14 28

Large time deposits and retail money funds ore at all 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 Bonk of St. Louis


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

9

10
Total Borrowings
From Federal Reserve Banks
Averages of Daily Figures

Billions o' Dollars

Billions of Dollars
Billions
Oct 28
Nov
4

1.0-

Dec

1

15 29 12 26 10 24

7

4

2

18

1

15 29 13 27 10 24

1997

22

5

19

2

2

0.104

0.102
0.059
0.105
0.107
0.050

16 30 14 28 11 25

9

23

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
3

Billions
4498.1

Bank Credit (left scale)2/
4517.3

3400

-3200

4175-

Loans Sc Leases
3268.6
3270.5
3283.5

Loans and Leases (right scale)

3297.4

5 29 12 26 10 24

7

21

4

1

15 29 13 27 10 24

1997

22

5

1

2

16 30 14 28 11 25

9

1998

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

Prepared by Federal Reserve Bank of St. Louis

23

-3000

Commercial Paper of Nonfinancial Companies
Not Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Billions
241.9
232.1
234.3
232.2
235.0
233.4

Oct 21

235-

- 235

225-

- 225

- 215

- 195

15 29

13 27

10 24

1997

1998

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
938.7
946.8
949.5
948.5
950.5
950.0
Large Bai iks (right seal

Large Banks
1998
Oct
14
21
28
Nov
4
11
18

All Banks (left seal

15 29

12

Oct

Nov

26

10 24

Dec

15

Jan

Feb

Mar

Apr

29

13 27

May

1997

Billions
517.9
523.1
525.2
524.3
526.4
526.3

10 24

Jun

Jul

Aug

Sep

Oct

Nav

Dec

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 Bank of St. Louis

11

Dollar1 s Trade - Weighted Exchange Index
Averages of Daily Figures
1973=100

1973=100
1973=100
Nov

4

Dec

2

- 105

15'29'12 26 10'24 ' 7 ' 21

1997

4 ' 18 ' 4 ' 18

1998

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.


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

Prepared by Federal Reserve Bank of St. Louis

Ayyyan
6