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December 5, 2002

USFinancialData
THE WEEK’S HIGHLIGHTS:
■ Initial claims for state unemployment insurance benefits totaled
355,000 during the week ending Nov. 30, down 13,000 from the
previous week. The four-week moving average fell 10,500 to 376,500,
its lowest level since the week ending March 3, 2001.
■ During the third quarter, output per hour (labor productivity) in
the nonfarm business sector rose at a revised 5.1 percent annual
rate. The advance estimate had pegged third-quarter productivity
growth at 4 percent. This upward revision to productivity, which
stemmed mostly from an upward revision to output, caused a downward revision to the annualized growth of unit labor costs, from
0.8 percent to –0.2 percent.
■ In October, the current-dollar value of new orders to manufacturers
rose 1.5 percent. New factory orders declined 2.7 percent over the
prior two months. After falling for 18 consecutive months, beginning
in February 2001, the value of manufacturers’ inventories rose for
the third straight month in October.
■ The Institute for Supply Management (ISM) reported that its purchasing managers’ index of manufacturing activity rose 0.7 percentage
points in November to 49.2 percent. The ISM’s index of business
activity in the nonmanufacturing sector rose 4.3 percentage points to
57.4 percent. Index values above 50 percent indicate expansion of
economic activity in that sector.
On Dec. 5, the Federal Reserve Board converted its industrial
production series from the Standard Industrial Classification (SIC)
system to the North American Industrial Classification System.
See <www.federalreserve.gov/release/G17/>.
All data are seasonally adjusted unless otherwise indicated.
U.S. Financial Data will continue to be mailed to all subscribers through June 27, 2003. After that date,
this publication will be available weekly only on the Internet at <research.stlouisfed.org/publications/usfd>.
To be added to our free electronic mailing list, please visit our web site at <research.stlouisfed.org/maillist>.
To obtain more information on the data, access the Federal Reserve Economic Data (FRED) database
at <research.stlouisfed.org/fred> or send an e-mail to stlsFRED@stls.frb.org.

Adjusted Monetary Base
Averages of Daily Figures
Seasonally Adjusted
710

Billions of Dollars
2002
Sep 18
Oct 2
16
30
Nov 13
27

700

Billions of Dollars

Billions
687.964
690.091
688.380
692.692
691.025
693.223

710

700

690

690

680

680

670

670

660

660

650

650

640

640
3

17 31 14 28 12 26

Oct

Nov

Dec

9

23

Jan

6

20

6

Feb

20

Mar

3

17

1

Apr

15 29 12 26 10 24

May

Jun

2001

Jul

7

21

Aug

4

18

Sep

2

16 30 13 27 11 25

Oct

Nov

Dec

2002

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 includes 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
To the average of
two maintenance
periods ending:

Compounded annual rates of change, average of two maintenance periods ending:
11/28/01

2/20/02

5/1/02

5/29/02

6/26/02

7/24/02

8/21/02

5/1/02

9.1

5/29/02

10.8

6.9

6/26/02

9.3

5.3

9.8

7/24/02

9.5

6.3

10.2

5.2

8/21/02

9.0

6.0

8.8

5.0

7.8

10/2/02

8.4

5.8

7.7

5.0

6.5

4.8

10/30/02

7.9

5.5

7.0

4.6

5.7

4.2

4.1

11/27/02

7.5

5.2

6.4

4.3

5.2

4.0

3.8

10/2/02

3.0

Prepared by the Federal Reserve Bank of St. Louis

Money Zero Maturity (MZM)
Averages of Daily Figures
6200

Seasonally Adjusted

Billions of Dollars
2002
Oct 21
28
Nov 4
11
18
25

6000

Billions of Dollars

Billions
6001.6
6021.9
6025.1
6063.9
6178.6
6183.1

6200

6000

5800

5800

5600

5600

5400

5400
1

15 29 12 26 10 24

Oct

Nov
2001

Dec

7

21

Jan

4

18

4

Feb

18

Mar

1

15 29 13 27 10 24

Apr

May

8

22

Jun
Jul
2002

5

19

Aug

2

16 30 14 28 11 25

Sep

Oct

Nov

9

23

Dec

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

Money Zero Maturity (MZM)
To the average
of four weeks
ending:

Compounded annual rates of change, average of four weeks ending:
11/26/01

2/25/02

4/22/02

5/27/02

6/24/02

7/22/02

8/26/02

4/22/02

5.1

5/27/02

7.3

5.0

6/24/02

7.7

6.3

14.2

7/22/02

8.0

7.0

12.9

10.4

8/26/02

8.7

8.3

13.1

11.7

12.1

9/23/02

8.2

7.6

11.2

9.6

9.2

8.9

10/28/02

7.8

7.1

9.9

8.4

7.9

7.2

3.8

11/25/02

9.2

9.1

12.2

11.3

11.3

11.6

10.8

9/23/02

14.5

Prepared by the Federal Reserve Bank of St. Louis

Adjusted Reserves
Seasonally Adjusted
100

Billions of Dollars
2002
Sep 18
Oct 2
16
30
Nov 13
27

90

Billions of Dollars

Billions
68.876
71.723
68.330
71.096
69.683
71.682

100

90

80

80

70

70

60

60

50

50
3

17 31 14 28 12 26

Oct

Nov

Dec

9

23

Jan

6

20

Feb

6

20

Mar

3

17

1

Apr

15 29 12 26 10 24

May

Jun

2001

Jul

7

21

Aug

4

18

Sep

2

16 30 13 27 11 25

Oct

Nov

Dec

2002

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

Adjusted Reserves
To the average of
two maintenance
periods ending:

Compounded annual rates of change, average of two maintenance periods ending:
11/28/01

2/20/02

5/1/02

5/29/02

6/26/02

7/24/02

8/21/02

5/1/02

0.0

5/29/02

6.9

−5.5

6/26/02

−0.6

−13.9

7/24/02

2.5

−7.3

7.3

−10.5

8/21/02

−0.4

−9.7

−0.9

−14.5

0.4

10/2/02

2.9

−3.9

5.9

−2.6

10.8

4.2

10/30/02

1.7

−4.6

3.2

−4.0

5.7

−0.1

10.2

11/27/02

3.0

−2.4

5.3

−0.7

8.1

4.0

12.8

10/2/02

−2.2

3.6

Prepared by the Federal Reserve Bank of St. Louis

Money Stock (M1) and Total Checkable Deposits
Averages of Daily Figures
Seasonally Adjusted
1400

Billions of Dollars

Billions of Dollars

M1
2002
Oct 21
28
Nov 4
11
18
25

1350

1300

875

TCD
Billions
1197.9
1217.8
1200.4
1191.2
1195.8
1202.7

2002
Oct 21
28
Nov 4
11
18
25

Billions
570.0
589.4
571.7
562.6
566.8
573.9

825

775

1250

725

M1 (left scale)
1200

675

1150

625

1100

575

TCD (right scale)
1050

525
1

15 29 12 26 10 24

Oct

Nov

7

Dec

21

4

Jan

18

4

Feb

18

1

15 29 13 27 10 24

Apr

Mar

May

8

5

Jul

Jun

2001

22

19

2

Aug

16 30 14 28 11 25

Oct

Sep

9

Nov

23

Dec

2002

M1 is the sum of currency held by the nonbank public, total checkable deposits and travelers checks. Total checkable deposits is the sum
Fix
of demand deposits and other checkable deposits at depository institutions. Current data appear in the Federal Reserve Board’s H.6 release.

Currency Component of M1
Averages of Daily Figures
Seasonally Adjusted
680

Billions of Dollars

Billions of Dollars

Compounded annual rates
of change, average of
the four weeks ending
November 25, 2002, from
the four weeks ending:

660

Nov 26, 2001
Feb 25, 2002
May 27, 2002
Jun 24, 2002
Jul 22, 2002
Aug 26, 2002
Sep 23, 2002

640

620

2002
Oct 21
28
Nov 4
11
18
25

8.1
6.9
5.6
4.3
3.2
2.6
3.2

Billions
620.2
620.8
621.1
621.1
621.4
621.2

680

660

640

620

600

600

580

580

560

560
1

15 29 12

Oct

26 10 24

Nov

Dec

7

21

Jan

4

18

Feb

4

18

Mar

1

15 29

13 27 10 24

Apr

May

2001

8

22

Jul

Jun

5

19

Aug

2

16 30

Sep

14 28 11 25

Oct

9

Nov

23

Dec

2002

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

Fix

Prepared by the Federal Reserve Bank of St. Louis

Yields on Selected Securities
Averages of Daily Figures
8.00

Percent

Percent

7.00

8.00

7.00

Corporate
Aaa Bonds

6.00

6.00

5.00

5.00

Prime Rate
4.00

4.00

2−Year Interest
Rate Swap

3.00

3.00

2.00

2.00

Commercial Paper
1.00

1.00
5

19

2

Oct

2002
Sep 13
20
27
Oct 4
11
18
25
Nov 1
8
15
22
29
Dec 6

16 30 14 28 11 25

Nov
2001

Dec

Jan

8

22

8

Feb

22

Mar

5

19

Apr

3

17 31 14 28 12 26

May

9

Jun
Jul
2002

23

Aug

6

20

4

Sep

18

Oct

1

15 29 13 27

Nov

Dec

30−Day
Commercial
Paper

90−Day
CDs

2−Year
Interest
Rate Swap

Corporate
Aaa Bonds

Corporate
Baa Bonds

Municipal
Bonds *

1.73
1.72
1.73
1.73
1.72
1.72
1.73
1.68
1.43
1.28
1.28
1.30
1.29

1.77
1.77
1.75
1.72
1.72
1.78
1.78
1.65
1.46
1.34
1.36
1.36
1.36

2.49
2.40
2.33
2.17
2.19
2.48
2.54
2.17
2.18
2.17
2.31
2.42
2.42

6.21
6.12
6.10
6.13
6.15
6.41
6.50
6.39
6.32
6.22
6.30
6.37
6.39

7.43
7.37
7.39
7.44
7.57
7.86
7.95
7.81
7.71
7.56
7.56
7.60
7.59

4.77
4.69
4.71
4.68
4.66
4.98
5.12
4.95
4.91
4.90
5.00
5.00
N.A.

Current data, from the Federal Reserve Board’s H.15 release, are averages of rates available for the week ending December 6, 2002 .
* Bond Buyer’s Average Index of 20 municipal bonds, Thursday data.
Prepared by the Federal Reserve Bank of St. Louis

Selected Interest Rates
Averages of Daily Figures
6.00

Percent

Percent

5.00

6.00

5.00

10−Year
Treasury Securities

4.00

4.00

3.00

3.00

Intended Federal
Funds Rate
Federal
Funds Rate

2.00

2.00

3−Month
Treasury Bill
1.00

1.00
5

19

Oct

2

16 30 14 28 11 25

Nov
2001

2002
Sep 13
20
27
Oct 4
11
18
25
Nov 1
8
15
22
29
Dec 6 *

Dec

Jan

Federal
Funds**
1.73
1.73
1.72
1.80
1.73
1.75
1.72
1.79
1.70
1.21
1.28
1.27
1.24

8

22

8

Feb

22

Mar

5

19

Apr

3

17 31 14 28 12 26

May

Jun
Jul
2002

9

23

Aug

6

20

4

Sep

18

Oct

1

15 29 13 27

Nov

Dec

3−Month
Treasury
Bill

2−Year
Treasury
Securities

5−Year
Treasury
Securities

10−Year
Treasury
Securities

Treasury
Long−Term
Average

1.66
1.65
1.62
1.55
1.56
1.64
1.64
1.47
1.28
1.20
1.20
1.21
1.21

2.12
2.01
1.93
1.76
1.78
2.07
2.14
1.77
1.84
1.84
1.99
2.07
2.06

3.08
2.93
2.79
2.72
2.71
3.15
3.22
2.90
2.95
2.93
3.13
3.26
3.30

4.00
3.84
3.73
3.69
3.68
4.11
4.21
4.00
4.00
3.94
4.08
4.19
4.21

4.98
4.87
4.83
4.86
4.87
5.19
5.27
5.16
5.12
5.00
5.08
5.18
5.18

Current data appear in the Federal Reserve Board’s H.15 release, except for the intended federal funds rate.
* Averages of rates available. ** Seven−day averages for week ending two days earlier than date shown.
Prepared by the Federal Reserve Bank of St. Louis

Money Stock (M2) and Money Zero Maturity
Averages of Daily Figures
6200

Seasonally Adjusted

Billions of Dollars

Billions of Dollars

6200

M2
2002
Oct 21
28
Nov 4
11
18
25

6000

Billions
5754.4
5777.0
5777.0
5790.4
5817.9
5799.7

6000

MZM

5800

5800

5600

5600

M2

MZM

5400

2002
Oct 21
28
Nov 4
11
18
25

5400

Billions
6001.6
6021.9
6025.1
6063.9
6178.6
6183.1

5200

5200
1

15 29 12 26 10 24

Oct

Nov
2001

Dec

7

21

Jan

4

18

4

Feb

18

Mar

1

15 29 13 27 10 24

Apr

May

8

22

Jun
Jul
2002

5

19

Aug

2

16 30 14 28 11 25

Sep

Oct

Nov

9

23

Dec

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)
To the average
of four weeks
ending:

Compounded annual rates of change, average of four weeks ending:
11/26/01

2/25/02

4/22/02

5/27/02

6/24/02

7/22/02

8/26/02

4/22/02

3.0

5/27/02

4.9

3.2

6/24/02

5.2

4.1

10.7

7/22/02

6.0

5.6

11.2

9.8

8/26/02

6.8

6.8

11.4

10.6

12.2

9/23/02

6.6

6.5

10.1

9.1

9.7

8.6

10/28/02

6.8

6.9

9.9

9.1

9.6

8.8

7.0

11/25/02

7.2

7.3

10.1

9.5

9.9

9.4

8.3

9/23/02

10.1

Prepared by the Federal Reserve Bank of St. Louis

Savings and Small Time Deposits
Averages of Daily Figures
Seasonally Adjusted
1300

Billions of Dollars

Billions of Dollars

2850

Small Time
2002
Oct 21
28
Nov
4
11
18
25

1200

1100

Billions
893.8
889.7
888.6
887.7
886.5
884.8

2750

2650

1000

2550

Small Time (left scale)
2450

900

Savings

800

2002
Oct 21
28
4
Nov
11
18
25

Savings Deposits (right scale)
700

2350

Billions
2713.0
2712.0
2733.7
2758.2
2778.3
2751.3

2250

2150

600
1

15 29 12 26 10 24

Oct

Nov

7

Dec

21

4

Jan

18

4

Feb

18

1

15 29 13 27 10 24

Apr

Mar

May

8

5

Jul

Jun

2001

22

19

2

Aug

16 30 14 28 11 25

Oct

Sep

Nov

9

23

Dec

2002

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

Large Time Deposits and Retail Money Funds
Averages of Daily Figures
Seasonally Adjusted
1200

Billions of Dollars

Billions of Dollars

Large Time
2002
Oct 21
28
4
Nov
11
18
25

1100

1200

Retail Money

Billions
822.1
833.0
835.7
824.1
815.0
818.6

2002
Oct 21
28
4
Nov
11
18
25

Billions
949.7
957.5
954.4
953.4
957.3
960.9

1100

1000

1000

Retail Money

900

900

800

800

Large Time
700

700
1

15 29 12

Oct

26 10 24

Nov

2001

Dec

7

21

Jan

4

18

Feb

4

18

Mar

1

15 29

13 27 10 24

Apr

May

8

22

Jul

Jun

5

19

Aug

2

16 30

Sep

14 28 11 25

Oct

Nov

9

23

Dec

2002

Large time deposits and retail money funds are 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 the Federal Reserve Bank of St. Louis

Fix

Total Borrowings
From Federal Reserve Banks
Averages of Daily Figures
1.6

Billions of Dollars
Billions
0.101
0.422
0.308
0.370
0.057
0.056

2002
Oct 30
Nov 6
13
20
27
Dec 4

1.4

1.2

Billions of Dollars

1.6

1.4

1.2

1.0

1.0

0.8

0.8

0.6

0.6

0.4

0.4

0.2

0.2

0.0

0.0
3

17 31 14 28 12 26

Oct

Nov

Dec

9

23

6

Jan

20

6

Feb

20

3

17

1

Apr

Mar

15 29 12 26 10 24

May

Jul

Jun

2001

7

21

4

Aug

18

2

16 30 13 27 11 25

Oct

Sep

Nov

Dec

2002

Borrowings include seasonal, adjustment and extended credit.
Fix

Bank Loans and Credit
All Commercial Banks in the United States *
Seasonally Adjusted
6400

Billions of Dollars

Billions of Dollars

Bank Credit
2002
Oct 16
23
30
Nov 6
13
20

6200

6000

5050

Loans & Leases

Billions
5746.9
5765.5
5788.0
5840.9
5873.7
5845.0

2002
Oct 16
23
30
Nov 6
13
20

Billions
4135.6
4129.6
4124.1
4143.9
4158.1
4156.7

4850

4650

5800

4450

Bank Credit (left scale) **

5600

4250

5400

4050

Loans and Leases (right scale)
5200

3850
3

17 31 14

Oct

Nov

28 12 26

Dec

9

23

Jan

6

20

Feb

6

20

Mar

3

17

Apr

2001

1

15 29 12 26 10

May

24

Jul

Jun

7

21

Aug

4

18

Sep

2

16 30 13 27 11 25

Oct

Nov

Dec

2002

Current data appear in the Federal Reserve Board’s H.8 release.
* Includes foreign−related institutions
** Includes loans and leases and securities
Prepared by the Federal Reserve Bank of St. Louis

Fix

Commercial Paper of Nonfinancial Companies
Not Seasonally Adjusted
350

Billions of Dollars
2002
Oct 30
Nov
6
13
20
27
Dec
4

300

Billions of Dollars

Billions
161.4
162.3
159.3
159.6
158.4
156.5

350

300

250

250

200

200

150

150

100

100
3

17 31 14 28 12 26

Oct

Nov

Dec

9

23

6

Jan

20

6

Feb

20

3

17

1

Apr

Mar

15 29 12 26 10 24

May

Jul

Jun

2001

7

21

4

Aug

18

2

16 30 13 27 11 25

Oct

Sep

Nov

Dec

2002

Current data appear at www.federalreserve.gov/releases/cp/table1.htm.
Fix

Commercial and Industrial Loans
Seasonally Adjusted
1175

Billions of Dollars

Billions of Dollars

All Banks
2002
Oct 16
23
30
Nov
6
13
20

1150

1125

1100

650

Large Banks

Billions
975.5
973.2
970.8
970.5
966.9
969.9

2002
Oct 16
23
30
Nov
6
13
20

Billions
485.2
483.4
482.3
481.0
479.0
481.7

625

600

575

1075

550

1050

525

Large Banks (right scale) **

1025

500

1000

475

All Banks (left scale) *

975

450

950

425
3

17 31

Oct

14 28 12

Nov

Dec

26

9

23

Jan

6

20

Feb

6

20

Mar

3

17

Apr

2001

1

15

May

29 12 26 10

24

Jul

Jun

7

21

Aug

4

18

Sep

2

16

Oct

30 13 27 11

Nov

25

Dec

2002

Current data appear in the Federal Reserve Board’s H.8 release.
* Includes foreign−related institutions.
** Weekly reporting, domestically chartered banks.

Fix

Prepared by the Federal Reserve Bank of St. Louis

Trade−Weighted Exchange Rate Indexes
Averages of Daily Figures
120

March 1973=100
2002
Oct 30
Nov 6
13
20
27
Dec 4

115

January 1997=100

Major
100.9
100.0
99.1
99.8
100.4
100.4

2002
Oct 30
Nov 6
13
20
27
Dec 4

Broad Index
(right scale)

Broad
127.3
126.6
125.9
126.3
126.6
126.8

140

135

110

130

105

125

Major Currency Index
(left scale)

100

120

95

115
3

17 31 14 28 12 26

Oct

Nov

2001

Dec

9

23

Jan

6

20

Feb

6

20

Mar

3

17

Apr

1

15 29 12 26 10 24

May

Jun

Jul

7

21

Aug

4

18

Sep

2

16 30 13 27 11 25

Oct

Nov

Dec

2002

The major currency index (MCI) comprises of 7 currencies. The broad index comprises the MCI plus 19 additional currencies.
Further details may be found at www.federalreserve.gov/releases/h10/summary/.
Prepared by the Federal Reserve Bank of St. Louis

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