Full text of U.S. Financial Data : February 11, 1999

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.AE

FEDERAL

A RESERVE
X
BANK of
ST.liHlLS

ThiPwEEK'S HIGHLIGHTS:
■

According to the advance estimate, retail sales rose 0.2 percent in
January, a considerable step down from the 1 percent average
monthly gain seen over the final three months of 1998. Still, retail
sales, which are not adjusted for price changes, are up 6.1 percent
from a year earlier.

■

Output per hour (labor productivity) in the nonfarm business sector
grew at a 3.7 percent annual rate during the fourth quarter of 1998.
But with compensation costs increasing 3.5 percent, unit labor costs
fell slightly during the fourth quarter, a 0.2 percent annual rate.
For 1998 (fourth-quarter-to-fourth-quarter), labor productivity rose
2.5 percent, while unit labor costs were up 1.5 percent.

■

Nonfarm payroll employment rose 245,000 in January, exceeding
the roughly 234,500 average monthly gain seen during 1998.
Hourly earnings for private sector workers averaged $13.04 in
January, up 0.5 percent from December and 4 percent from a year
earlier. The civilian unemployment rate measured 4.3 percent in
January, unchanged from December’s rate.

■

Measured in current dollar terms, the value of merchant wholesalers’
sales rose 1.2 percent in December. The value of their inventories,
however, only increased 0.5 percent. Over the past 12 months,
though, wholesale sales are up 3.7 percent and inventories have
increased 5.2 percent.

AH 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.


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Federal Reserve Bank of St. Louis

2
Adjusted Monetary Base
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars
98/99

Billions of Dollars

Billions
526.219
526.061
527.987
529.480
537.457
537.B59

510-

7 31 14 28 11 25 II 25

22 6

20 3

17

5 29 12 26

9 23 7 21

4

2

16 30 13 27 10 24
1999

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:

2/11/98

5/6/98

7/15/98

8/12/98

9/9/98

10/7/98

11/4/98

7/15/98

3.3

8/12/98

4.6

7.9

9/9/98

4.9

7.7

9.4

10/7/98

6.0

9.0

11.2

10.9

11/4/98

6.5

9.2

11.0

10.7

12.6

12/16/98

6.5

8.7

9.8

9.4

10.1

8.1

1/13/99

6.5

8.5

9.3

8.9

9.3

7.7

6.7

2/10/99

7.8

10.0

11.2

11.1

11.9

11.2

11.4


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

12/16/98

15.1

Prepared by Federal Reserve Bank of St. Louis

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

Billions of Dollars
98/99
Dec 28
Jan
4
4000-

Feb

1

Billions of Dollars

Billions
4002.5
4008.6
3987.7
4003.4
4007.4
4023.5

3700-

1

15 29 12 26

9

23

9

23

6

20

4

15 29 13 27 10 24

7

21

5

19

2

16 30 14 28 11 25

1997
MZM is M2 (seasonally adjusted) minus total small denomination time deposits (seasonally adjusted), plus institutional
money funds (seasonally adjusted), which ore included in the non-M2 component of M3.

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

2/2/98

5/4/98

6/29/98

8/3/98

8/31/98

9/28/9B

11/2/9B 11/30/98

6/29/98

13.5

8/3/98

12.6

10.7

8/31/98

13.0

11.8

9/28/98

13.9

13.5

14.6

18.3

11/2/98

15.0

15.2

16.8

19.9

11/30/98

15.3

15.7

17.2

19.7

21.0

20.9

1/4/99

15.7

16.1

17.4

19.4

20.3

20.1

18.7

2/1/99

14.8

14.9

15.8

17.1

17.4

16.6

14.4


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Federal Reserve Bank of St. Louis

11.9

21.9

12.4

Prepared by Federal Reserve Bank of St. Louis

3

4
Adjusted Reserves
Seasonally Adjusted
3illions of Dollars

Billions of Dollars
98/99

Billions
66.488
67.967
67.359
67.104
67.380
71.253

...... -70

3

17 3

11 25

15 29 12 26

6 20

1997

16 30 13 27 10 24

1998

1999

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:

1/28/98

4/22/98

7/1/98

7/29/98

8/26/98

9/23/98

10/21/98

7/1/98

-10.3

7/29/98

-8.7

0.5

8/26/98

-4.6

5.8

12.9

9/23/98

-3.9

4.9

8.8

13.1

10/21/98

-3.2

4.7

7.4

9.8

2.2

12/2/98

-2.9

3.5

5.0

5.9

0.7

0.5

12/30/98

-2.7

3.1

4.2

4.9

0.6

0.4

-0.8

1/27/99

0.5

7.0

9.3

10.6

8.0

9.5

11.4


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

12/2/98

22.0

Prepared by Federal Reserve Bank of St. Louis

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

Billions of Dolla
98/99
Dec 28
Jan
4
11
18
25
Feb
1

1135-

Billions of Dollars

Billions
1097.8
1107.4
1084.0
1086.2
1086.0
1094.2

98/99_
Dec 28
Jan
4
11
18
25
Feb
1

Billions
629.8
638.7
614.7
616.2
614.8
621.8

795

765

735

705

M1 (left

675

645

TCD (right scale)

1

15 29 12 26
Dec

Jan

15 29 13 27 10 24
Feb

Mar

Apr

1997

May

Jun

Jul

16 30 14 28 11 25

Aug

Sep

Oct

Nov

Dec

Jan

1998

Feb

1999

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
February 1, 1999, from
the four weeks ending:
Feb
May
Aug
Aug
Sep
Nov
No v

450-

2,
4 .
3,
31,
28,
2,
30,

1998
1 998
1998
1998
1998
1998
1 998

8
8
9
9
9
8
8

4 4 0“
98/99
Dec 28

430-

Feb

1

15 29 12 26

23

9

23

6

20

15 29 13 27 10 24

7

21

2

1

16 30 14 2

Billions
460.1
460.9
461.5
462.3
463.5
464.7

11 25

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

-

8.0

Prime Rate

Corporate
Aaa Bonds

6.0-

•

Commercial Paper

Municipal Bonds

'

19

>

16

30

13 27

13 27

10 24

8

22

1997

Dec

Jon

F eh

19

3

17 31

14 28

11

25

9

23

6

20

4

1998

1908/99
Nov

5

20
27
4
11
18
25
1
8
15
22
29
8
17

- 4.0

1

1999

30—Day
Commercial
Paper

90-Day
CDs

90-Day
Bankers'
Acceptances

Corporate
Aaa Bonds

Corporate
Baa Bonds

4.95
4.84
5.09
5.16
5.26
5.44
5.24
4.81
4.81
4.78
4.79
4.79
4.79

5.21
5.18
5.20
5.13
5.14
5.18
5.09
4.93
4.91
4.87
4.86
4.88
4.90

5.18
5.10
5.13
5.07
5.04
5.07
5.14
4.85
4.80
4.76
4.78
4.78
4.79

6.39
6.28
6.18
6.18
6.19
6.29
6.26
6.28
6.26
6.22
6.19
6.32
6.39

7.33
7.28
7.19
7.19
7.21
7.30
7.27
7.34
7.30
7.27
7.24
7.34
7.38

Municipal
Bonds **
5.03
5.01
4.96
4.94
4.96
5.03
5.00
5.05
5.02
5.01
5.01
5.02
N.A.

C-jr'-f "t (into ote from the Federal Reserve Board's H.15 release, and are averages of rates available for the week
e->.dmq '•<< February 12, 1999 . Beginning September 2, 1997, the commercial paper rate reflects new source data,
* >cH is currently available only back to the first of the year.
* Bond Buys; 's Average Index of 20 municipal bonds, Thursday data


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

Selected Interest Rates
Averages of Daily Figures
Percent

-

6.0

Federal ;
Funds Rate
30-Year
Treasury Securities

Discount
Rate

4.0-

3-Month
Treasury Bill

'

19
Oec

2

IS 30 13 27 13 27 10 24

Jan

Feb

Mar

Apr

6

22

May

1

3

19

Jun

3

17 31
Jul

14 28 11 25
Aug

Sep

l
Oct

1998

Federal
Funds **

1998/99
Nov
Dec

Jon

Feb

70
27
<
11
18
25
1
6
15
79
5
*

4 89
4.54
4.86
4.68
4.97
4.69
4.48
4.30
• 75
4.64
4.66
4.75
4.77

18
Dec

' 15'29'12 26 ‘
Jan

Feb
1999

3—Month
Treasury
Bill

1 -Year
Treasury
Bill

5-Year
Treasury
Securities

10-Year
Treasury
Securities

30-Year
Treasury
Securities

4.35
4.47
4.38
4.36
4.37
4.44
4.44
4.36
4.35
4.26
4.35
4.40
4.40

4.33
4.38
4.26
4.31
4.27
4.41
4.38
4.35
4.30
4.29
4.30
4.40
4.43

4.59
4.62
4.39
4.39
4.36
4.59
4.59
4.63
4.61
4.60
4.56
4.76
4.81

4.85
4.83
4.64
4.60
4.59
4.75
4.70
4.76
4.75
4.70
4.67
4.84
4.92

5.26
5.21
5.05
5.00
5.01
5.16
5.12
5.20
5.17
5.14
5.12
5.26
5.34

i,

data appear <n the Federal Reserve Board's H.15 release.
• a. "-i} - if
?es available
* rven day averages for week ending two days earlier than date shown


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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
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars
98/99

Billions of Dollars

Billions
4434.3

44 25 4429.8
4435.3
4433.6
4442.3

M2 (left scale)
-3250

Non-M1 M2 (right scale)
-3100

Non-M1 M2
Billions
3336.5
3334.3
3345.8
3349.1
3347.6
3348.1

Dec 28

1

15 29 12 26 9

23

9 23 6 20 4

15 29 13 27 10 24 7 21

5

19

2

16 30 14 28 11 25

1997
M2 is the sum of M1, savings (including money market deposit accounts), small time deposits and retoil 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:

2/2/98

5/4/98

6/29/98

8/3/98

8/31/98

9/28/98

11/2/98

6/29/98

7.8

8/3/98

7.4

6.0

8/31/98

7.5

6.6

6.9

9/28/98

8.3

7.9

9.0

11.2

11/2/98

8.9

9.0

10.2

12.1

13.7

11/30/98

9.1

9.2

10.3

11.7

12.7

12.2

1/4/99

9.4

9.6

10.7

11.8

12.6

12.2

11.5

2/1/99

8.9

8.9

9.7

10.4

10.8

10.1

8.9


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Federal Reserve Bank of St. Louis

11/30/98

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

1675

Small Time
98/99

Billions

I050- Jan

1625

Savings Deposits (right scale)

944.3
943.1

1575

1525

Small Time (left scale)
1475

Savings
Billions
Dec

28

850-

1425

1

15 29 12 26

9

23

9

25

6

20

4

1997

1

15 29 13 27 10 24

7

21

5

19

6 30 14 28 11 25

1998

1999

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

98/99

780.8

850-

750-

Retail Money

Time
15 29 12 26

9

23

9

1997

23

6

20

4

15 29 13 27 10 24
1998

7

21

5

1

2

16 30 14 28 11 25
1999

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 Federal Reserve Bank of St. Louis


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Federal Reserve Bank of St. Louis

9

1375

10
Total Borrowings
From Federal Reserve Banks
Averages of Daily Figures

Billions of Dollars

3

17 31

14 28 11 25 11 25

8

22

6

20

3

17

1997

15 29 12 26

Billions of Dollars

23

7

21

4

1

Jan

6

Feb

3

2

1998

Billions
0.036
0.703
0.026
0.110
0.216
0.100

16 30 13 27 10 24
1999

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
45504520.2

Bank Credit (left scale)2/
4350-

Loans <Sc Leases
76/99
Billions

Loans and Leases (right scale)

3

17 3

14 28 11 25 11 25

1997

22

6

20

3

17

15 29 12 26
1998

9

23

7

21

4

1

2

16 30 13 27 10 24
1999

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


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Federal Reserve Bank of St. Louis

Prepared by Federol Reserve Bank of St. Louis

Commercial Paper of Nonfinancial Companies
Not Seasonally Adjusted
Billions of Dollars

Billions of Dollars

255

Billions
Dec 30
245-

235-

Feb

3

215.5
218.6
219.6
224.3
228.7
234.8

245

235

225

215

205

195

17 31

14 28

11

25

11

25

1997

22

6

20

3

17

1

15 29

185

12 26

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 of Dollars

565

All Banks
Billions
540

945.0
515

Lorge Banks (right seal

490

Banks
Dec 23

All Banks (left scale) 1/

465

Billions
531.0
531.0

440

532.2

17'31 ’ 14'28 ' l'l ' 25

TTTT

1997

15 29

12 26

9

23

7

415

21

1999

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


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

Trade-Weighted Exchange Rate Indexes
Averages of Daily Figures
March 1973=100

Feb

January 1 997=1 00

Broad Index
(Right Scale)

3

Feb

3
- 120

Major Currency index
(Left Scale)

- 105

4 ' 18 ' 2

16 30 13 27

10 24

1997
1998
1999
The major currency index (MCI) is comprised of 7 currencies. The broad index is comprised of the major currency index
plus 19 additional currencies. See the October 1998 issue of the Federal Reserve Bzilletin for further details.
Prepared by Federal Reserve Bank of St. Louis

3
LIBRARY


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