Full text of U.S. Financial Data : February 13, 1997

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13,1997
hmm

A RESERVE
y^liAMvof

fir siums

- v? Stank
of St. Louis
-JVJY

TTT

LIGHTS:

■

After rising at a 4.8 percent annual rate in the fourth quarter of
1996, the nominal value of sales at the nation’s retailers rose at a
7.0 percent rate in January. Paced by a 15.8 percent rate of
increase in automotive sales, durable goods purchases rose at
their fastest rate in three months, 9.2 percent.

■

Output per hour (productivity) in the business sector increased at a
2.4 percent annual rate in the fourth quarter, following a 0.4 percent
increase in the third quarter. In 1996 (fourth-quarter to fourth-quarter),
productivity rose 1.5 percent, the highest in four years. Unit labor
costs rose 1.1 percent in the fourth quarter and finished the year up
2.2 percent; unit labor costs rose 3.7percent in 1995.

■

Consumer installment debt outstanding (credit) rose $4.9 billion
in December, a 5.1 percent annual rate of increase. Consumer
credit rose 8.4 percent in 1996, the smallest rise in three years.

■

Nonfarm payroll employment rose 271,000 in January, significantly more
than the 234,000 average gain that prevailed over the last three months
of1996. Growth of the civilian labor force has also picked up recently:
After rising by an average of184,500 over the first eight months of1996,
the labor force has since risen by an average of390,000per month.
Except for the series calculated by this Bank (adjusted monetary
base, adjusted reserves and the money multiplier) revisions are
now complete for the monetary aggregates reported in this issue.

_________________ All dates are seasonally adjusted unless otherwise indicated.
U.S. Financial Data is published weekly by the Research Division of the Federal Reserve Bank of
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Digitized Information in this publication is also included in the Federal Reserve Economic Data (FRED) electronic
for FRASER
bulletin board at (314) 621-1824 or internet Worldwide Web server at http://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
465.8
466.4
466.8
468.7
472.6
476.3

6 20 3

22 5

17 31 14 28 13 27 10 24

Apr

May

19 3

Jun

17 31 14 28 11 25 9 23 6 20 4

Aug

Sep

18

1

IS 29 12 26

Oct

The adjusted monetary base is the sum of Federal Reserve deposits and vault cosh held by domestic depository
institutions, currency held by the public, ond on adjustment for the effect of changes in reserve requirement
ratios. The monetory base series was recently revised to include Federal Reserve deposits used to satisfy
clearing bolonce contracts. Dota are computed by this bonk. A detailed description of the odjusted monetory
base is available from this bonk. Recent doto ore preliminary.

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

2/14/96

5/8/i

7/17/96

8/14/96

9/11/96

10/9/96

11/6/96 12/18/96

7/17/96

2.9

8/14/96

3.5

5.1

9/11/96

4.0

5.5

7.2

10/9/96

3.7

4.8

5.3

11/6/96

3.9

4.9

5.3

4.6

3.4

12/18/96

4.3

5.2

5.7

5.3

4.8

1/15/97

4.3

5.2

5.6

5.2

4.8

5.8

6.0

2/12/97

5.5

6.6

7.4

7.4

7.5

8.8

9.9


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

4.3
6.1
12.3

Prepored by Federol Reserve Bonk of St. Louis

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

Billions of Dollars
96/97

Billions

Dec 30
Jan 6

Billions of Dollars

1084.8
1082.1
1075.1
1080.9
1084.0
1088.0

Feb

3

96/97

Dec 30
Jan 6

680.9
670.7
675.2

677.3
Feb

3

681.0

M1 (left

TCD (right scale)

Apr

Moy

Jun

Jul

Aug

Sep

Oct

Nov

Dec

1996
M1 is the sum of currency held by the nonbonk public, demand deposits, other checkable deposits ond trovelers
checks. Totol checkable deposits is the sum of demand deposits ond other checkable deposits at depository
institutions. Current data appear in the Federol Reserve Board's H.6 release.

Money Stock (M1)
To the overoge
of four weeks
ending:

Compounded annual rotes of chonge, overoge of four weeks ending:
2/5/96

5/6/96

7/1/96

8/5/96

9/2/96

9/30/96

11/4/96

7/1/96

-1.2

8/5/96

-2.2

-5.0

9/2/96

-3.4

-6.4

-8.5

9/30/96

-3.8

-6.4

-7.9

11/4/96

-4.8

-7.4

-8.8

-9.7

-9.2

12/2/96

-4.4

-6.4

-7.3

-7.5

-6.5

-6.5

1/6/97

-3.9

-5.5

-5.9

-5.7

-4.6

-4.0

0.3

2/3/97

-3.5

-4.8

-5.0

-4.7

-3.5

-2.9

0.6

12/2/96


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

-8.6

0.9

Prepored by Federol Reserve Bank of St. Louis

3

4
Adjusted Reserves
Seasonally Adjusted
Billions of Dollars

Billions of Dollors
Billions
71.9
72.5
72.5
72.4
72.3
72.7

6 20 3

22 5

17 31 14 28 13 27 10 24

Apr

Moy

19 3

Jun

17 31 14 28 11 25 9 23

Aug

Sep

20 4

18

1

15 29 12 26

Oct

Adjusted reserves is the difference between the adjusted monetary bose and the currency component of Ml.
The adjusted monetary base series wos recently revised: See the footnote to the monetary base chort for a
description of the change.

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

1/31/96

4/24/96

7/3/96

7/31/96

8/28/96

9/25/96 10/23/96

7/3/96

-2.2

7/31/96

-2.9

8/28/96

-3.2

-6.3

9/25/96

-4.2

-7.3

-7.9

-8.4

10/23/96

-6.3

-9.8

-11.6

-13.2

-17.0

12/4/96

-5.3

-7.8

-8.3

-8.7

-9.7

1/1/97

-4.4

-6.4

-6.3

-6.2

-6.5

-5.0

2.9

1/29/97

-4.1

-5.8

-5.5

-5.3

-5.3

-3.9

2.1

12/4/96


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

-6.7
-5.9

-8.9
2.7

Prepared by Federal Reserve Bonk of St. Louis

Money Multiplier
Averages of Daily Figures
Seasonally Adjusted

Ratio

Ratio

Compounded annual rates
of change, average of
the four weeks ending
January 27, 1997, from
the four weeks ending:
Jon 29, 1996
-7.9
Apr 22. 1996 -10.1
JuI 29, 1996 -10.7
Aug 26, 1996
-9.8
Sep 23, 1996
-9.3
Oct 21, 1996
-7.5
Oec
2, 1996
-7.8

Feb

Mor

Apr

96/97
Nov 18
Dec 2

May

1995
Rotio of M1 to the odjusted monetary base.

Aug

Sep

2.328
2.308
2.319
2.301

Oct

1996

1997

Currency Component of M1
Averages of Daily Figures
Billions of Dollars

Seasonally Adjusted

Billions of Dollars

Compounded annual rates
of change, overage of
the four weeks ending
Februory 3, 1997, from
the four weeks ending:
Feb
5. 1996
6.
May
6, 1996
7.
Aug
5, 1996
7.
Sep
2, 1996
7.
Sep
30, 1996
7.
Nov
4. 1996
6.
Dec
2. 1996
7.

96/97
Dec 30
Jon 6

Billions
395.3
395.8

Feb

Sep
1995
1996
Current data appear in the Federal Reserve Boord's H.6 release.


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

3

Oct
1997

Prepored by Federal Reserve Bonk of St. Louis

5

'2.

Yields on Selected Securities
Averages of Daily Figures
Percent

Percent

9.0

Prime Rate
8.0

Corporate
Aaa Bonds

7.0

Municipal Bonds
6.0

Commercial Paper
5.0

1

15 29 12 26 9 26 8 22 5

19 3

4.0

17 31 14 28 12 26 9 23
Jun

4

18

15 29 13 27 10 24

7 21

May
1995

1996/97
Nov 22
29
Dec
6
13
20
27
Jon
3
10
17
24
31
Feb
7
14

1996

1997

30-Day
Commercial
Paper

90-Doy
CDs 7

90-Doy
Bankers’
Acceptances

Corporate
Aaa Bonds

Corporate
Boo Bonds

5.40
5.42
5.53
5.57
5.73
5.88
5.71
5.43
5.43
5.42
5.44
5.42
5.38

5.38
5.38
5.40
5.42
5.44
5.50
5.45
5.42
5.44
5.42
5.42
5.40
5.36

5.28
5.29
5.30
5.33
5.39
5.40
5.34
5.34
5.34
5.33
5.33
5.32
5.29

7.05
7.06
7.10
7.21
7.28
7.22
7.29
7.42
7.39
7.41
7.48
7.34
7.31

7.75
7.75
7.79
7.90
7.97
7.91
7.99
8.11
8.07
8.10
8.12
7.98
7.94

Municipal
Bonds ••
5.55
5.54
5.57
5.66
5.67
5.66
5.70
5.71
5.72
5.72
5.73
5.70
NA

Current doto ore from the Federal Reserve Boord's H.15 release, ond ore averages of rates available for the
week ending on February 14, 1997
•• Bond Buyer's Average Index of 20 municipal bonds, Thursday doto
N A - Not Avoiloble


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

Prepared by Federal Reserve Bank of St. Louis

Selected Interest Rates
Averages of Daily Figures
Percent

Percent

30-Year
Treasury Securities

Federal
Funds Rate

-5.0

Discount Rate
3-Month
Treasury Bill

1

15 29 12 26 9 23 8 22 5

19 3

17 31 14 28 12 26 9 23 6 20 4
May
Jun

18

15 29 13 27 10 24

7 21

1997

1996/97
Nov 22
29
Dec
6
13
20
27
Jon 3
10
17
24
31
Feb 7
14 •

Federal
Funds ••
5.41
5.30
5.52
5.22
5.38
5.18
5.37
5.28
5.19
5.19
5.18
5.30
5.05

3-Month
Treasury
Bill

1 -Year
Treasury
Bill

5-Year
Treasury
Securities

10-Year
Treasury
Securities

30-Year
Treasury
Securities

5.03
5.02
4.92
4.83
4.88
4.97
5.05
5.03
5.03
5.04
5.04
4.99
5.01

5.13
5.13
5.14
5.17
5.22
5.20
5.25
5.31
5.30
5.30
5.30
5.24
5.22

5.94
5.90
5.92
6.06
6.15
6.12
6.22
6.33
6.33
6.34
6.36
6.20
6.18

6.16
6.12
6.15
6.31
6.40
6.34
6.45
6.57
6.56
6.58
6.62
6.46
6.42

6.43
6.41
6.43
6.56
6.63
6.58
6.67
6.80
6.81
6.84
6.89
6.74
6.71

Current data appear in the Federol Reserve Board's H.15 release.
• Averages of rates available
•• Seven-day averages for week ending two days earlier than dote 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 Daily Figures
Seasonally Adjusted

Billions of Dollars

Dec 30
Jon 6

Feb

3

Billions of Dollors

Billions
3835.6
3847.4
3839.9
3855.6
3858.2
3860.8

M2 (left scole)

Non-M1 M2 (right scole)

Non-Mi M2

96/97
Dec 30
Jon 6

Feb

Feb

Mor

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

3

2750.8
2765.3
2764.8
2774.7
2772.8

Dec

M2 Is the sum of Ml, savings (Including money market deposit accounts), small time deposits and retail money
funds. Current doto oppeor in the Federal Reserve Boord's H.6 release.

Money Stock (M2)
To the average
of four weeks
ending:
7/1/96

Compounded annuol rotes of change, overage of four weeks ending:
2/5/96

5/6/96

7/1/96

8/5/96

9/2/96

9/50/96

11/4/96

12/2/96

4.9

8/5/96

4.5

3.2

9/2/96

4.4

3.4

3.2

9/30/96

4.4

3.5

3.5

4.2

11/4/96

4.4

3.7

3.8

4.2

4.3

12/2/96

4.6

4.2

4.4

4.9

5.2

1/6/97

4.9

4.6

4.9

5.4

5.7

6.1

7.1

2/3/97

5.0

4.7

5.0

5.5

5.7

6.1

6.7


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

5.6
6.5

Prepored by Federol Reserve Bonk of St. Louis

Savings and Small Time Deposits
Averages of Doily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Small Time
96/97
Dec 30
944.1
Jon 6
944.1

Feb

3

944.5
945.6

Small Time (left scale)

Savings
96/97
Billions
Dec 30
1266.8
Jon 6
1279.0
1277.6
1288.1
1287.7
Feb 3
1279.7

Savings Deposits (right scale)

Feb

Mar

Apr

May

Jun

Aug

Sep

1995
1996
Savings deposits ond small time deposits are ot oil depository institutions.

1997

Large Time Deposits and Retail Money Funds
Averages of Daily Figures
Billions of Dollars

seasonally Adjusted

Large Time
Billions
506.1
505.2
510.9
51 1.7
512.7
519.2

Billions of Dollars
Retail Money
96/97
Billions
Dec 30
539.9
542.3
543.0
Feb

3

540.8
547.6

Retail Money

Large Time

4

18

1

15 29 12 26 11 25 8 22 6 20

10 24

1995
1996
1997
Large time deposits ond retail money funds ore at all despository institutions. Large time deposits ore those
issued m denominations of Si00,000 or more. Retoil money funds were originally called general purpose
ond broker/dealer money morket 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 of Dollars
Jon

8

Feb

5

6 20 3

Billions of Dollars

Billions
0.062
0.043
0.032
0.033
0.030
0.037

17 31 14 28 13 27 10 24 8 22 5 19 3 17 31 14 28 11 23 9 23 6 20 4 18
Apr
May
Aug
Sep
Oct

1995
1996
Borrowings include seasonal, adjustment and extended credit.

IS 29 12 26
1997

Bank Loans and Credit
All Commercial Banks in the United States1/
Billions of Dollars
Bonk Credit
Dec 25
Jon 1

3780-

Billions
3781.8
3776.8
3793.8
3784.6
3818.0
3816.9

Seasonally Adjusted

Billions of Dollars

Bank Credit (left scale)2/

Loans and Leases (right scale)

Loans&Leases
Billions
Dec 25
2785.3
2787.7
2798.5
2796.8
2805.0
2802.5

6 20 3 17 31 14 28 13 27 10 24 8 22 5 19 3 17 31 14 28 11 25 9 23 6 20 4 18 1
Sep
1995
1996
Current data oppeor in the Federal Reserve Board's H.8 release.
1/ Includes foreign-related institutions
2/ Includes loons ond leases and securities


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

15 29 12 26*

Oct
1997

Prepared by Federol Reserve Bonk of St. Louis

Commercial Paper of Nonfinancial Companies
Not Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Billions
173.764
184.747
189.612
187.841
186.441
186.712

200-

1995

1996

1997

Commercial and Industrial Loans
Seasonally Adjusted

Billions of Dollors

Billions of Dollars

All Bonks
96/97
Billions
789.5
788.0
789.0
790.2
791.7
791.8

- 400

All Bonks (left scale)1/

Large Banks (right scale) 2/
Large Bonks
96/97
Billions
385.4
Dec 25
384.9
385.2
384.5
6

20

3

17 31

14 28 13 27 10 24

8

22

3

1995

19

3

17 31

1996

14 28 11 25

9

23

6

20

4

18

15 29 12 26

1997

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

1/ Weekly report*.,, domestically chartered book.


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

Prepared by Federal Reserve Bank at St. Louie

11

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

1973=100
1973=100

-100
Feb

6 20 3

Dec

17 31 14 28 13 27 10 24 8 22 5

Jon

Feb

Mor

1995

Apr

Moy

19 3

Jun

17 31 14 28 11 25 9

Jul

1996

Aug

Sep

23 6 20 4

Oct

Nov

18

Dec

1

5

15 29 12 26

Jon

Feb

1997

Current doto appear in the Federal Reserve Board's H.10 release. Data ore weighted overoges 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 Federol Reserve Bonk of St. Louis

Sw

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