Full text of U.S. Financial Data : February 15, 1996
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15,1996 H Batik of St. Lout* FKDKK 1 ©dtSrji ki 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 -4.7 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/4/95 -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 -5.0 4/26/95 7/5/95 8/2/95 8/JO/95 9/27/95 10/25/95 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 12/6/95 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 7 Billions of Dollars Billions 181.010 182.384 186.850 184.726 186.711 189.970 - 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