Full text of U.S. Financial Data : February 12, 1998
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February 12,1998 is EmiGHL,GHTs: ■ The nominal value of retail sales inched upward in January, rising 0.1 percent above their December 1997 level. Excluding sales at automotive dealers, however, sales were considerably stronger, rising 0.5 percent. Measured from 12 months earlier, total retail sales were up 2.4 percent, the same as for non-auto sales. ■ Productivity growth in the nonfarm business sector measured 1.9 percent at an annual rate in the fourth quarter, a marked slowing from the 3.5 percent gain registered in the third quarter. For the year (fourth quarter-to-fourth quarter), productivity increased 2.2percent, the largest increase in five years. Unit labor costs, on the other hand, increased 1.7 percent in 1997, the smallest gain in five years. ■ The nominal value of wholesale inventories rose 0.9 percent in December 1997, or $29.8 billion at an annual rate. Wholesale inventories rose $17.5 billion (annualized) in the fourth quarter after increasing $15.8 billion in the third quarter. ■ Consumer installment debt outstanding increased $3.9 billion in December, or 3.9 percent at an annual rate. This increase was largely the result of a 17.4 percent jump in automotive credit. Consumer credit increased 4.7 percent in 1997, following a 7.8 percent rise in 1996. Except for the series calculated by this Bank (adjusted mone tary base, adjusted reserves, and the money multiplier), revi sions are now complete for the monetary aggregates reported in this issue. __________________ 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 ol Dollars Billions of Dollars Billions 493.229 492.821 496.844 495.964 498.453 499.370 4 18 1 15 29 12 26 12 26 9 23 7 21 Feb Mar Moy 4 18 2 16 30 13 27 10 24 Sep Jun 22 5 19 3 17 31 14 28 11 25 Oct The adjusted monetary bose is the sum of Federal Reserve deposits ond vault cosh held by domestic depository institutions, currency held by the public, and on adjustment for the effect of changes in reserve requirement rotios. The monetary bose series wos recently revised to include Federal Reserve deposits used to satisfy clearing balonce contracts. Dato ore computed by this bonk. A detailed description of the odjusted monetary bose is available from this bonk. Recent dato are preliminary. Adjusted Monetary Base Compounded annual rotes of change, overage of two maintenance periods ending: To the overoge of two maintenance periods ending: 2/12/97 5/7/97 7/16/97 8/13/97 9/10/97 10/8/97 11/5/97 12/17/97 7/16/97 3.7 8/13/97 3.7 6.8 9/10/97 4.6 7.6 7.0 10/8/97 4.3 6.6 5.4 11/5/97 4.9 7.1 6.6 7.5 12/17/97 5.6 7.7 7.6 8.4 7.9 10.2 1/14/98 5.9 7.9 7.8 8.6 8.2 10.0 9.8 2/11/98 6.0 7.8 7.7 8.3 7.9 9.2 8.9 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6.1 6.2 Prepared by Federal Reserve Bonk of St. Louis Money Stock(M1) and Total Checkable Deposits Averoges of Daily Figures Seasonally Adjusted Billions of Dollars 97/98 Dec 29 1080.5 Feb 1064.5 1070.7 1076.1 1085.5 2 Billions of Dollars 97/98 Dec 29 Jon 5 Feb 2 Billions 645.2 650.8 629.7 634.7 639.6 648.4 M1 (left scale) TCD (right scale) Feb Mar Apr May Jun Aug Sep Oct Nov Dec Ml is the sum of currency held by the nonbonk public, demand deposits, other checkable deposits ond travelers checks. Total checkable deposits is the sum of demand deposits ond other checkoble deposits at depository institutions. Current doto appear in the Federal Reserve Board's H.6 release. Money Stock (M1) To the overage of four weeks ending: Compounded onnuol rotes of change, overage of four weeks ending: 2/3/97 5/5/97 6/30/97 8/4/97 9/1/97 9/29/97 11/3/97 6/30/97 -3.4 8/4/97 -2.6 9/1/97 -1.4 1.4 3.4 9/29/97 -2.4 -0.9 -0.9 -1.9 11/3/97 -2.1 -0.7 -0.7 -1.2 -4.6 12/1/97 -1.2 0.4 0.9 0.9 -0.9 3.5 1/5/98 -0.2 1.7 2.4 2.8 1.9 5.6 8.9 2/2/98 -0.5 1.0 1.5 1.6 0.7 3.2 4.5 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/1/97 -0.2 2.9 Prepared by Federal Reserve Bonk of St. Louis 3 4 Adjusted Reserves Seasonally Adjusted Billions of Dollars Billions of Dollars 97/98 Nov 19 Dec 3 Jon 14 Billions 68.419 69.735 68.308 70.642 69.301 68.466 -75 ■70 4 18 1 15 29 12 26 12 26 9 23 7 21 Apr Moy 1996 4 18 2 Jun 16 30 13 27 10 24 8 22 5 Aug Sep 19 3 17 31 14 28 11 25 Oct 1997 1998 Adjusted reserves is the difference between the adjusted monetary base ond the currency component of Ml. The adjusted monetary base series wos recently revised: See the footnote to the monetary bose chart for o description of the change. Adjusted Reserves To the overage of two maintenance periods ending: 7/2/97 Compounded annual rates of change, average of two maintenance periods ending: 1/29/97 4/23/97 7/2/97 7/30/97 8/27/97 9/24/97 10/22/97 12/3/97 -11.0 7/30/97 -8.0 1.3 8/27/97 -6.2 2.4 9/24/97 -6.5 0.2 2.2 -1.7 10/22/97 -6.4 -0.6 0.3 -2.9 -7.1 12/3/97 -3.3 2.8 5.0 3.9 3.2 8.5 12/31/97 -2.4 3.3 5.4 4.6 4.2 8.3 14.2 1/28/98 -3.1 1.8 3.1 2.1 1.4 3.8 6.5 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8.2 -1.8 Prepared by Federal Reserve Bonk of St. Louis Money Multiplier Averages of Doily Figures 2.B Seasonally Adjusted Rotio 3.0 Rotio Compound® d annual rotes of change, verage of the four wee ks ending January 26, 1998. from the four wee ks ending: _ Jon Apr Jul Aug Sep Oct 0ec 2.6-- 27, 21. 28, 25, 22. 20. 1 , 1997 1997 1997 1997 1997 19 9 7 1997 -6 -6 -5 -6 -6 -4 -3 97/98 Nov 17 Oec 1 15 29 Jan 12 26 .4 .6 . 7 4 0 .2 5 Ro io 2. 173 2. 173 2. 170 2. 70 2. 68 2. 154 3.0 . 2.8 2.6 2.4 2.4 2.2 2.2 2.0 2 16 JO U 27 10 24 10 24 Oec Feb Jon Mar 7 2l' 5 ’ 19' Apr Moy 16 JO 14'28 ■ i ■ i 8 22’ 6 ' 20' 3 ' 1V 11 25 Sep Jul Aug Oct Nov Jun 15 29'12 26 Dec Jon 1996 Ratio of Ml to the odjusted monetary base. 9 23 Feb 1998 Currency Component of M1 Averages of Daily Figures seasonally Adjusted Billions of Dollars 4 25- Compounded annual rates of change, overage of the four weeks ending February 2, 1998, from the four weeks ending: 415T,J Feb May Aug Sep Sep ki~T. 3. 5, 4. 1, 29. ■» 1 . Billions of Dollars 1997 1997 1997 1997 1t 997 nn -i 1 997 1997 97/98 Dec 29 Jan 5 Feb Apr Moy Aug Sep 2 Billions 427.0 427.4 426.5 427.9 428.8 428.9 Oct 1996 1997 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 8onk of St. Louis 5 2.0 6 Yields on Selected Securities Averages of Doily Figures Percent Percent Prime Rate Corporate Aoo Bonds - 7.0 Commercial Paper - 5.0 6 20 3 17 31 14 28 14 28 11 25 9 23 6 20 4 1997/98 Nov 21 28 Dec 5 12 19 26 Jon 2 9 16 23 30 Feb 6 13 18 15 29 12 26 10 24 7 21 5 30-Day Commercial Paper 90-Day CDs 90-Day Bankers' Acceptances Corporate Aoo Bonds Corporate Boo Bonds 5.52 5.56 5.68 5.74 5.82 5.90 5.71 5.48 5.44 5.44 5.47 5.46 5.47 5.76 5.78 5.81 5.81 5.80 5.82 5.74 5.58 5.50 5.51 5.53 5.53 5.54 5.67 5.72 5.77 5.78 5.77 5.76 5.62 5.52 5.47 5.45 5.47 5.47 5.46 6.83 6.83 6.81 6.84 6.74 6.69 6.70 6.55 6.55 6.67 6.70 6.68 6.74 7.38 7.38 7.36 7.39 7.30 7.26 6.91 7.13 7.14 7.24 7.28 7.27 7.33 19 16 30 13 27 Municipal Bonds •• 5.31 5.29 5.25 5.21 5.17 5.14 5.15 5.07 4.96 5.03 5.11 5.11 NA Current doto ore from the Federal Reserve Boord's H.15 release, ond ore averages of rotes ovailoble for the week ending on February 13, 1998 . Beginning September 2, 1997, the commercial paper rote reflects new source doto. which is currently available only back to the first of the year. •• Bond Buyer's Averoge Index of 20 municipal bonds, Thursday doto http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Prepored by Federal Reserve Bonk of St. Louis Selected Interest Rates Averoges of Daily Figures Percent Percent 30-Year Treasury Securities Federal Funds Rote Discount Rate *•« 3-Month Treasury Bill 6 20 3 17 31 14 28 14 28 11 25 1997/98 Nov 21 28 Dec 5 12 19 26 Jon 2 9 16 23 30 Feb 6 13 * F ederal Funds •• 5.51 5.49 5.58 5.40 5.66 5.44 5.45 5.74 5.45 5.53 5.53 5.52 5.43 9 23 6 20 4 18 15 29 12 26 10 24 7 21 2 16 30 13 27 3-Month Treasury Bill 1 -Year Treasury Bill 5-Year Treasury Securities 10-Yeor Treasury Securities 30-Year Treasury Securities 5.15 5.13 5.13 5.10 5.12 5.27 5.24 5.04 5.00 5.02 5.06 5.05 5.05 5.18 5.21 5.25 5.23 5.20 5.26 5.23 4.99 4.92 4.96 5.01 4.99 5.02 5.79 5.82 5.82 5.83 5.74 5.72 5.71 5.38 5.32 5.45 5.48 5.44 5.49 5.84 5.86 5.86 5.87 5.77 5.74 5.75 5.49 5.45 5.59 5.63 5.59 5.61 6.05 6.06 6.04 6.07 5.96 5.90 5.93 5.75 5.74 5.87 5.89 5.89 5.91 Current doto oppeor in the Federol Reserve Board's H.15 releose. • Averages of rates available •• Seven-day overages for week ending two doys earlier thon date shown http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Prepored by Federal Reserve Bonk of St. Louis 7 8 Money Stock(M2) and Non-M1 Components of M2 Averages of Doily Figures Seasonally Adjusted Billions of Dollars 97/98 Dec 29 Jon 5 4050Feb 2 Billions 4056.4 4060.6 4058.2 4065.1 4070.6 4080.5 Billions of Dollars M2 (left scale) i-M1 M2 (right scale) Non-Ml M2 97/98 Billions Dec 29 2975.9 2974.2 Jan 5 Feb 2 16 30 13 27 10 24 10 24 Feb Mar 7 21 5 19 2 16 30 14 28 II 25 8 22 6 20 3 17 1 May Apr 1996 Jun Aug Sep Oct Nov .2775 2994.4 2994.0 2995.0 2 15 29 12 26 9 23 Dec Jon 1997 1998 M2 is the sum of Ml, savings (including money market deposit occounts), small time deposits and retail money funds. Current data appear in the Federol Reserve Board's H.6 release. Money Stock (M2) Compounded onnuol rotes of change, average of four weeks ending: To the overage of four weeks ending: 2/3/97 5/5/97 6/30/97 8/4/97 9/1/97 9/29/97 11/3/97 6/30/97 4.3 8/4/97 4.3 3.4 9/1/97 5.2 5.3 7.4 9/29/97 5.2 5.3 6.8 8.5 11/3/97 5.4 5.6 6.7 7.7 6.1 12/1/97 5.6 5.8 6.8 7.6 6.4 6.8 1/5/98 5.8 6.0 7.0 7.6 6.8 7.1 7.4 2/2/98 5.9 6.1 7.0 7.5 6.8 7.1 7.3 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/1/97 Prepared by Federol Reserve Bonk of St. Louis Savings and Small Time Deposits Averages of Daily Figures Seasonally Adjusted Billions of Dollars 1075 Billions of Dollars Small Time 97/98 Dec 29 5 Jon 12 19 26 Feb 2 1035 Billions 965.2 965.3 965.9 966.6 967.2 966.4 1445 1405 Savings Deposits (right scale) 1365 Small Time (left scole) 1325 Savings 97/98 Dec 29 5 Jan 12 19 26 Feb 2 Billions 1408.0 1404.1 1414.8 1413.9 141 1.4 141 1.6 8754 ’ i ■ i ■ i ■ i ■ i ■ i ■ i ■ . 2 16 30 13 27 10 24 10 24 Dec Jan Feb 5 Mar 1245 IS 2 It to H 20 II 25 0 22 May Jun Jul Aug Sep Nov Dec 1996 1997 Savings deposits and small time deposits ore at all depository institutions. Jon Feb 1998 Large Time Deposits and Retaii Money Funds Averages of Daily Figures seasonally Adjusted Billions of Dollars Billions of Dollars Large Time 97/98 Dec 29 700- ■ Retail Money Billions 580.8 579.4 97/98 Dec 29 Jon 5 584.0 588.0 589.8 Billio 602.7 604.7 613.0 613.8 615.4 617.0 Retail Money Large Time 2 16 30 13 27 10 24 10 24 7 21 Apr 5 19 May Aug Sep Oct 1996 1997 1998 Large time deposits and retail money funds ore at all despository institutions. Large time deposits ore those issued in denominations of Si00,000 or more. Retail money funds were originally called generol purpose and broker/dealer money market funds. Prepared by Federol Reserve Bank of St. Louis http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9 1285 10 Total Borrowings From Federal Reserve Bonks Averages of Daily Figures Billions of Dollars Billions of Dollors Billions Jon 7 Feb 4 0.380 18 1 0.100 15 29 12 26 12 26 9 23 7 21 Moy 4 18 2 16 30 13 27 10 24 8 22 5 Sep Jun 19 3 17 31 14 28 11 23 Oct 1998 1996 Borrowings include seasonol, adjustment ond extended credit. Bank Loans and Credit All Commercial Banks in the United States1^ Seasonally Adjusted Billions of Dollors 3illions of Dollars Bonk Credit Dec 24 Billions 4125.8 4134.0 4150.9 4148.1 4174.1 4162.3 Bonk Credit (left scole)2/ Loons Sc Leoses Billions 97/9B Dec 24 31 Loons and Leoses (right scole) Apr Moy 1996 Current doto appear in the Federoi Reserve Board's H.8 release. 1 / Includes foreign -reloted institutions 2/ Includes loons ond leoses ond securities http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Sep 3017.4 3016.9 3029.3 3029.0 3049.4 3050.4 Oct 1998 Prepared by Federoi Reserve Bonk of St. Louis T ............... W Commercial Paper of Nonfinancial Companies Not Seasonally Adjusted 3illions of Doilors 97/98 Billions of Dollars Billions Dec 31 Jon 7 Feb 4 210- 4 18 Aug Sep Oct 1998 Note: Beginning September 2, 1997, the value of commercial paper outstanding uses new source doto. See the Federal Reserve Board's H. 15 releose for more information. Commercial and Industrial Loans Seasonally Adjusted Billions of Dollars Billions of Dollars All Banks 97/98 Dec 24 860.6 863.4 864.5 All Banks (left scale)1/ 867.4 Large Banks (right scale)^/ t ......... ...... ) Large Bonks 97/98 “ *24 Dec Jon 790- ■ 4 18 1 15 29 12 26 12 26 1996 9 23 7 21 .....- 420 - 400 4 1997 Current doto appear in the Federol 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 7 Billions 448.7 450.3 450.7 448.9 450.9 451.1 11 1998 „ Prepared by Federal Reserve Bank of St. Louis Dollar 's Trade - Weighted Exchange Index Averages of Daily Figures 105 Jan 7 Feb 4 100 95 90 15 29 12 26 12 26 9 23 7 21 4 18 2 16 30 13 27 10 24 8 22 5 19 3 17 31 14 28 11 25 1996 Current dota oppeor in the Federal Reserve Board's H.10 release. Data ore weighted overages of the foreign-currency price of the U.S. dollor, computed using 10 industrial country currencies. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Prepored by Federal Reserve Bonk of St. Louis 85
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