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15,1996
H
Batik
of St. Lout* FKDKK 1

©dtSrji

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i-km:

ItWKot
M. I HI IS

THE WEEK'S HIGHLIGHTS:
✓ Boosted by a 2.1 percent jump in new orders for manufactured
durable goods, total factory orders rose 1.3 percent in December
after falling 0.6 percent over the previous two months. Factory
orders rose 6.8 percent in 1995, down from the 10.2 percent gain
posted in 1994. Orders are not adjusted for inflation.
✓ Sales at merchant wholesalers rose 1.4 percent in December, the fifth
consecutive monthly increase. Wholesale sales surged 8.2 percent
in 1995, the largest gain in seven years. Likewise, the inventory-tosales ratio for 1995 was at its highest level in four years.
The employment cost index for total compensation ofprivate industry
workers rose at a 3.5 percent annual rate in the fourth quarter of
1995—the largest rise in two and a halfyears. Total compensation rose
2.8 percent in 1995 (fourth quarter to fourth quarter), with wages and
salaries rising 2.8 percent and benefit costs advancing 2.5 percent.
The monetary aggregate figures reported in this issue incorpo­
rate new benchmark revisions and, with three exceptions, new
seasonal revisions. Seasonal revisions that affect the adjusted
monetary base, adjusted reserves and the money multiplier are
not yet available.

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. The cost for a subscription is $21 for one year (50 issues) or $36 for two years (100 issues).
For more information on data, please call (314) 444-8590. To request an order form, please call
(314) 444-8808 or (314) 444-8809. Sorry, no refunds.
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 http://www.stls.ffb.org/ffed.

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

2
Adjusted Monetary Base
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars
95/96

Billions of Dollars

480

Billions
470.3
469.1
471.7
472.6
471.1
470.0

470

460

7 21

4 18
Feb

15 29 12 26 10 24 7 21 5 19 2 16 30 13 27 11 25 8 22 6 20 3 17 31 14 28
Mor
Apr
Moy
Jun
Aug
Sep
Oct

450

The adjusted monetary base is the sum of reserve occounts of financial institutions ot Federal Reserve banks,
currency in circulation (currency held by the public ond in the vaults of oil depository institutions) and on
adjustment for reserve requirement ratio changes. The major source of the adjusted monetary base is Federal
Reserve credit. Data are computed by this bank. A detailed description of the adjusted monetary base is
ovoiloble from this bonk.
Recent data ore preliminary.

Adjusted Monetary Base
Compounded annual rotes of change, overoge of two maintenance periods ending:
To the overage of
two mointenonce
periods ending:

2/15/95

5/10/95

7/19/95

8/16/95

9/13/95 10/11/95

11/8/95 12/20/95

7/19/95

3.0

8/16/95

3.1

0.6

9/13/95

3.0

1.0

2.8

10/11/95

2.7

1.0

2.2

1.5

11/8/95

2.4

0.8

1.5

0.9

0.3

12/20/95

2.2

0.9

1.5

1.1

0.7

1/17/96

2.6

1.5

2.3

2.1

2.1

2.5

3.6

2/14/96

2.1

0.9

1.4

1.1

0.9

0.9

1.3


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

0.7

Prepared by Federal Reserve Bank of St. Louis

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

Billions of Dollars

Jon

Billions of Dollars

Billions
1124.6
1122.4

1

Billions
742.0
739.9
738.6
735.2
732.3
737.5

1121.1

119.3

Feb

5

M1 (left scale)

TCD (right scole)

5

19 2

16 30 13 27 13 27 10 24 0 22 3
Feb

Mar

Apr

Moy

19 3 17 31 14 20 II 25 9 23 0 20 4
Jun

Jul

Aug

Sep

10

I

15 29 12 26

Oct

M1 is the sum of currency held by the nonbonk public, demand deposits, other checkable deposits and travelers
checks. Total checkable deposits is the sum of demand deposits ond other checkoble deposits ot depository
institutions. Current dota appear in the Federol Reserve Board's H.6 release.

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

Compounded annual rotes of chonge, overage of four weeks ending:
2/6/95

5/8/95

7/3/95

8/7/95

9/4/95

10/2/95

11/6/95

7/3/95

-1.1

8/7/95

-0.7

-1.9

9/4/95

-1.0

-2.0

-0.8

10/2/95

-1.4

-2.4

-1.8

-3.4

11/6/95

-2.1

-3.3

-3.2

-4.7

12/4/95

-2.2

-3.4

-3.3

-4.5

-5.1

-5.5

1/8/96

-2.5

-3.5

-3.6

-4.5

-4.9

-5.2

-4.3

2/5/96

-2.7

-3.7

-3.8

-4.7

-5.1

-5.3

12/4/95

-4.7


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

-5.6

Prepared by Federal Reserve Bonk of St. Louis

3

4
Adjusted Reserves
Seasonally Adjusted
Billions of Dollars
95/96
Nov 22
Dec 6

7 21 4 18 1

Billions of Dollars

Billions
97.1
97.8
96.1
98.4
98.6
97.7

15 1 15 29 12 26 10 24 7 21 5 19 2 6 30 13 27 11 25
Feb
Mar
Apr
May
Jun
Aug
Sep
Oct

20 3 17 31 14 28

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

Adjusted Reserves
To the overage of
two maintenance
periods ending:

Compounded annual rates of chonge, overage of two maintenance periods ending:
2/1/95

7/5/95

4/26/95

7/5/95

8/2/95

8/JO/95

9/27/95 10/25/95

12/6/95

-5.0

8/2/95

-4.3

-5.4

8/30/95

-3.0

-3.1

2.6

9/27/95

-3.1

-3.2

0.4

0.7

10/25/95

-4.1

-4.7

-2.9

-3.8

-8.1

12/6/95

-5.2

-6.0

-5.4

-6.5

-9.6

-11.9

1/3/96

-5.0

-5.7

-4.9

-5.8

-8.1

-9.3

-8.1

1/31/96

-3.7

-4.0

-2.8

-3.2

-4.7

-4.8

-2.6


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

Prepared by Federal Reserve Bonk of St. Louis

Money Multiplier
Averages of Daily Figures
3.1

Seasonally Adjusted

Ratio

Ratio

Compounded annual rates
of change, average of
the four weeks ending
Jonuory 29, 1996, from
the four weeks ending:

2.9-

Jon

2

30,

95/96
Nov 20
Dec 4

2.408
2.394
2.384
2.375
2.369

1995
1995
1 995
1995
1995
1995

16 30 13 27 13 27 10 24
Feb
Mar
Apr

8 22 5
May

1994
Rotk> of M1 to odjusted monetary bose.

19 3

17 3 1 14 28 11 25
Sep

9 23 6
Oct

20

2.9

15 29 12 26

1995

1996

Currency Component of M1
Billions of Dollars

Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Compounded annual rates
of change, average of
the four weeks ending
February 5, 1996, from
the four weeks ending:
Feb
6. 1995
4.
May
8. 1995
2.
Aug
7. 1995
3.
Sep
4. 1995
3.
Oct
2. 1995
3.
Nov
6. 1995
2.
Dec
4. 1995
2.
370-

Billions
Jon

360-

1
374.3

Feb
16 30 13 27 13 27 10 24

8 22

5

19 3

17 31 14 28 11 25

1994
1995
Current dato appear in the Federal Reserve Board's H.6 releose.


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

9 23 6 20 4

18

5
15 29 12 26
1996

Prepared by Federal Reserve Bonk of St. Louis

5

6
Yields on Selected Securities
Averages of Daily Figures
Percent

Percent

Prime Rote

Corporate
Aaa Bonds

Commercial
Paper

Municipal Bonds

2

16 30 13 27 10 24 10 24

5

19

2

16 30 14 28

8 22 6 20 3 17

15 29 12 26 9 23

1995

1995/96
Nov 24
Dec
1
8
15
22
29
5
Jon
12
19
26
Feb 2
9
16

30-Day
Commercial
Paper

90-Day
COs

90-Day
Bankers'
Acceptances

Corporate
Aoo Bonds

Corporate
Baa Bonds

5.80
5.80
5.83
5.87
5.83
5.83
5.63
5.59
5.57
5.51
5.42
5.28
5.29

5.73
5.73
5.67
5.67
5.60
5.53
5.44
5.45
5.39
5.36
5.23
5.15
5.13

5.64
5.62
5.56
5.57
5.49
5.46
5.37
5.36
5.32
5.28
5.14
5.06
5.05

7.03
6.94
6.81
6.83
6.87
6.76
6.75
6.86
6.80
6.81
6.82
6.87
6.80

7.71
7.61
7.48
7.50
7.54
7.43
7.42
7.52
7.45
7.47
7.46
7.50
7.43

Municipal
Bonds ••
5.65
5.54
5.35
5.51
5.51
5.44
5.37
5.50
5.40
5.46
5.40
5.37
NA

Current doto ore from the Federol Reserve Board's H. 15 release, and ore averages of rotes ovoiloble for the
week ending on February 16, 1996 .
•• Bond Buyer's Averoge Index of 20 municipal bonds, Thursday data
NA - Not Avoiloble


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

Prepored by Federol Reserve Bank of St. Louis

Selected Interest Rates
Averages of Daily Figures
Percent

Percent

9.0

8.0

7.0

10-Year
Treasury Securities

Federal
Funds Rote

Discount Rate

5.0

3—Month
Treasury Bill
4.0

2

16 30 13 27 10 24 10 24

3.0
7 21

5

19

1994

1995/96
Nov 24
Dec
1
8
15
22
29
Jon
5
12
19
26
Feb
2
9
16 •

16 30 14 28

6

20

3

17

1995

Federal
Funds *•
5.81
5.91
5.75
5.73
5.90
5.48
5.35
5.53
5.61
5.44
5.53
5.21
5.09

15 29 12 26 9

23

1996

3-Month
Treosury
Bill

1 -Year
Treosury
Bill

5-Year
Treosury
Securities

10-Yeor
Treosury
Securities

Long-Term
Treosury
Securities

5.35
5.33
5.32
5.26
5.02
4.89
5.02
5.03
4.98
4.97
4.93
4.81
4.80

5.14
5.11
5.08
5.06
5.01
4.94
4.91
4.89
4.77
4.79
4.69
4.61
4.56

5.70
5.59
5.49
5.55
5.56
5.44
5.39
5.44
5.30
5.35
5.28
5.27
5.16

5.92
5.82
5.68
5.73
5.78
5.64
5.63
5.74
5.58
5.65
5.64
5.67
5.60

6.26
6.17
6.02
6.05
6.10
5.97
5.96
6.07
5.95
6.00
6.00
6.04
5.98

Except for long-term Treosury securities, which ore computed by this Bank, current data oppeor in the Federol
Reserve Boord's H.15 release.
• Averages of rotes ovoiloble
•• Seven-doy overages for week ending two doys earlier thon dote shown
Prepared by Federol Reserve Bank of St. Louis


http://fraser.stlouisfed.org
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

Feb

5

Billions of Dollars

Billions
3676.0
3684.4
3698.4
3684.4
3678.9
3688.6

2650

2600

2550
M2 (left scale)
2500
Non-M1 M2 (right scale)
2450
Non-M1 M2
Billions
2551.4 .....
2562.0
2576.1
2567.1
2564.1
Feb 5
2569.3
5

19 2

3
16 30 13 27 13 27 10 24 8 22 5 I
Feb
Mor
Apr
Moy
Jun

17 31 M 28 II 25 9 23 6 20 4
Aug
Sep
Oct

18

I

15 29 12 26

2400

2550

M2 is the sum of Ml. savings (including money market deposit accounts), smoll time deposits ond money funds.
Current data appear in the Federal Reserve Board's H.6 release.

Money Stock (M2)
Compounded onnuol rotes of chonge, overage of four weeks ending:
To the overage
of four weeks
ending:
7/3/95

2/6/95

5/8/95

7/3/95

8/7/95

9/4/95

10/2/95

11/6/95

12/4/95

4.9

8/7/95

5.2

9/4/95

5.3

7.4

6.3

10/2/95

5.2

6.8

5.7

11/6/95

4.8

5.9

4.8

4.0

3.2

12/4/95

4.8

5.7

4.7

4.1

3.6

1/8/96

4.9

5.7

4.9

4.5

4.1

4.0

5.0

2/5/96

4.8

5.6

4.8

4.5

4.2

4.2

4.9


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

7.8
5.2
3.2

Prepored by Federol Reserve Bonk of St. Louis

Savings and Small Time Deposits
Averages of Daily Figures
Billions of Dollars

Seasonally Adjusted

Billions of Dollars

Savings
1996
,300- Jon

Small Time

Billions
139.0
150.6
158.5

1996

Billions
934.4

152.8
159.1

Feb

5

Small Time (right scale)

Savings Deposits (left scale)

5

19

2

16 30 13 27 13 27 10 24 8 22 5 19 3
Apr
May
Jun

17 31 14 28 11 25 9 23 6 20 4
Aug
Sep
Ocl

18

I

1994
1995
Savings deposits and small lime deposits are ot all depository institutions.

15 29 12 26
1996

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

Seasonally Adjusted

Billions of Dollars
Retail Money
996

Billions
476.8
476.2 ...
483.7
478.9
478.3
476.7

417.9
420.3
422.5
420.4

426.0

Large Time

5

19

2

16 30 13 27 13 27 10 24 8 22 5

19 3

17 31 14 28 11 23 9 23 6 20 4

18

1

15 29 12 26*

1994
1995
1996
Large time deposits and retail money funds ore ot all despository institutions. Large time deposits ore those
issued in denominations of $100,000 or more. Retail money funds were originally called general purpose
and broker/dealer money market funds.
PreDared bv Federol 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 Doily Figures

Billions of Dollars
Jan 10

i.oFeb

Billions of Dollars

Billions
0.008
0.036
0.016
0.015
0.034
0.015

7

0.4-

7 21

4

18

1

13

1

15 29 12 26 10 24

Apr

May

7 21

3

19 2

16 30 13 27 11 23 8 22 6 20

Aug

Jun

Sep

3

17 31 14 28

Oct

1994
1995
1996
Borrowings include seasonal, adjustment and extended credit; extended credit was $19 million in the week ending
January 25. 1995. and was zero in the other weeks shown.

Bank Loans and Credit

All Commercial Banks in the United States1^
Seasonally Adjusted

Billions of Dollars
Bonk Credit
Dec 27

Jon

3

Billions
3598.4
3613.5
3620.2
3616.3
3625.1
3622.5

Billions of Dollars

Bonk Credit (left scale)2/

Loons ond Leases (right scale)

Loons8cLeoses
95/96
Dec 27
2606.4
2626.0
Jan 3
2635.5

2628.3
2631.6

2629.3
15

1

15 29 12 26 10 24

7 21

5

19 2

1994
1995
Current data appear in the Federal Reserve Board's H.8 relcose.
1/ Includes foreign-related institutions
2/ Includes loons ond looses ond securities


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

16 30 13 27 11 25 8 22 6 20 3

17 31 14 28

1996

Prepared by Federal Reserve Bonk of St. Louis

Commercial Paper of Nonfinancial Companies
Not Seasonally Adjusted

Billions of Dollars
Jon

3

Feb

Billions of Dollars

Billions
181.010
182.384
186.850
184.726
186.711
189.970

7

- 170

7

21

4

18

15 29 12 26 10 24 7 21

1994

5

19

1995

Commercial and Industrial Loans
Seasonally Adjusted
3illions of Dollars
All Bonks
95/96
Billions
Dec 27
718.8
Jon
3
722.5
722.7
724.7
726.6
727.6

Billions of Dollars

All Banks (left scole)^/

Large Banks (right scole)^/
Large Bonks
Billions

Dec 27
351.5
353.5
7 21

4

18
1995

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

11

1996

Prepared by Federal Reserve Bank of St. Louis

Dollar's Trade-Weighted Exchange Index
Averoges of Doily Figures
■973=100

1973=1uu

1973=100
Jon 10

- 105

Feb 7

7

21

4

18

15 29 12 26 10 24

1994

7

21

5

19

2

16 30 13 27 11 25 8

1995

3

17 31 14 28

1996

Current dato oppeor in the Federol Reserve Boord's H.10 release.
Data ore weighted averages 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

22

a
H

|
33

H

,J
O

w
®o

Prepared by Federal Reserve Bonk of St. Louis

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