Full text of U.S. Financial Data : February 4, 1993

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February

Fed

M fit. Louis

U.S. Financial Data
THE WEEK'S HIGHLIGHTS:
^ The index of leading indicators climbed 1.9 percent in December,
after gains of 0.5 percent in October and 0.7percent in November.
Nine of the 11 indicators increased, with consumer expectations
and claims for unemployment benefits making the largest positive
contributions.
✓ Real personal consumption increased at an annual rate of 5.5 per­
cent in December, to a level 3.3 percent higher than a year earlier.
✓ New orders for manufactured durable goods jumped 9.1 percent
in December after declining 1.6 percent in November. Orders for
1992 were up 4.1 percent from the previous year. These data are
not adjustedfor inflation.
Total new construction in 1987 dollars was down 0.4 percent from
November to December; however, it has increased 6.2 percent
since December 1991.
The Federal Reserve Board recently revised money stock
measures and related items. This revision reflects annual
benchmark and seasonal factor adjustments.
Views expressed do not necessarily reflect official positions of the Federal Reserve System.
U.S. Financial Data is published weekly by the Research and Public Information Division of the
Federal Reserve Bank of St. Louis. The cost for a subscription is as follows:
One year (50 issues) $21
Two years (100 issues) $36
To subscribe, please send your check or money order made payable to the Federal Reserve Bank
of St. Louis to: Research and Public Information, Federal Reserve Bank of St. Louis, Post Office
Box 66953, St. Louis, MO 63166-6953. DO NOT SEND CASH. Checks from foreign subscribers
must be payable in U.S. dollars and, except for those from Canada, must be drawn on a U.S. bank.
Information in this publication is also included in the Federal Reserve Economic Data (FRED) elec­
tronic bulletin board. You can access FRED with a personal computer and a modem at 314-621-1824.

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Federal Reserve Bank of St. Louis

2
Adjusted Monetary Base
Averages ot uaiiy Mgures
Seasonally Adjusted

Billions of Dollars

1993

Billions

Nov 25
- Dec 9
23
Jan 6
20
Feb 3

4 18
Dec

1

Billions of Dollars

384.9
382.5
382.2
389.5
388.7
397.3

15 29 12 26 II 25 8 22
Jan

Feb

Mar

Apr

6 20

3 17 I

May

Jun

1991

15 29 12 21 9 23 7 21
Jul

Aug

Sep

Oct

4 18

2

Nov

Dec

16 30 13 27 10 24

1992

Jan

Feb

1993

Latest data plotted reserve maintenance period ending: February 3, 1993
The adjusted monetary base is the sum of reserve accounts of financial institutions at Federal Reserve banks,
currency in circulation (currency held by the public and in the vaults of all depository institutions.) and an
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
available from this bank.
Recent data are preliminary.

Adjusted Monetary Base
_ .

Compounded annual rates of change, average of two maintenance periods ending:
. 2/5/92 4/29/92 7/8/92
8/5/92
9/2/92 9/30/92 10/28/92 12/9/92

periods ending:
7/8/92
8/5/92
9/2/92
9/30/92
10/28/92
12/9/92
1/6/93
2/3/93

8.0
9.2
10.0
11.2
11.4
10.8
10.5
11.7


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Federal Reserve Bank of St. Louis

6.7
8.6
10.7
11.1
10.3
10.0
11.6

15.6
17.3
16.3
13.6
12.7
14.5

18.0
16.5
13.2
12.2
14.3

Beginning December 9, 1992, data
are on the revised basis and are not
comparable to prior data; therefore,
special caution should be taken in
interpreting growth rates.
17.0
12.5
11.4
14.1

9.4
8.9
12.7

7.2
12.4

16.8

Prepared by Federal Reserve Bank of St. Louis

Money Stock (Ml) and Total Checkable Deposits
Averages of Daily Figures
Billions of Dollars
Seasonally Adjusted
—— ———
750
* Brea!k. in series— revised data p rior tc Novemt3er 2, 1992 ai e not availab le.

Billions of Dollars

1075
1993

1050

“Dec 21
28
Jan 4
11
18
25

1025

Pi|| ons
102
5.9
102 9.8
102 9.2
103 1.6
103 3.4
103 4.0

730

*
or

/

710

✓
*

✓"

1000

690
TC ) (right scale)
,**, /

975

070

i

950

650

✓
/

/

925

(left s<sale)

S

1993

900
Break in set ies—r«ivised data pr i or to Novembsr 30, 1992 ai-e not

875

-r-T-r-iS-r-r-H

2

16
Dec
1991

30 13
Jan

w
27 18 26
Feb

i' i

Vti ■ 'i ■ i ■ h' i ■

! 13 6 20 6
Mar

18

Apr May

Wt I

I

15 21 13 27
Jun
Jul
1992

l—l r—| r1t-t ", .

10 26 7 21 5
Aug

Sep

10

Oct

rcD
Billions

Dec 21
28
Jan 4
11
18
25
availat ie.
-|

725.4
728.1
727.1
729.5
730.9
731.0

2 16 30 M 21 II 23 8 21
Nov
Dec
Jan
Feb
1993

Current data appear in the Federal Reserve Board's H.6 release.
M1 is the sum of currency held by the nonbank public, demand deposits, other checkable deposits and travelers
checks.
Total checkable deposits is the sum of demand deposits and other checkable deposits at depository institutions.

Money Stock (Ml)
Compounded annual rates of chang e, average of four weeks ending:
To the average 1/27/92 4/27/92 6/22/92 7/27/92
8/24/92 9/28/92 10/26/92 11/23/92
of four weeks
ending:
Beginning November 2, 1992 data
12.7
11.5
12.2
13.1
14.4
14.6
14.1
13.6


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Federal Reserve Bank of St. Louis

7.6
9.7
11.8
13.8
14.3
13.6
12.9

10.9
13.8
16.4
16.5
15.2
14.1

18.1
20.4
19.6
17.3
15.7

are on the revised basis and are not
comparable to prior data; therefore,
special caution should be taken in
interpreting growth rates.
22.1
20.5
17.4
15.5

21.4
16.7
14.4

12.9
11.1

8.6

Prepared by Federal Reserve Bank of St. Louis

3

610

|

■ i ■

Latest data plotted week ending: January 25, 1993

6/22/92
7/27/92
8/24/92
9/28/92
10/26/92
11/23/92
12/28/92
1/25/93

630

590

4
Adjusted Reserves
Billions of Dollars

Seasonally Adjusted

Billions of Dollars

98
98
25

94.1

20

94.5

94
92
90

iSSiber 9, 1992 are not available
* Break, in series-

88

revised data prior to

84
82
80

4 II 1 15 M 12 26 M 25
Dec
Jan
Feb Mar

22 6 20 i 17 1 15 2! 12 26 1 23 7 21
Apr
May
Jun
Jul
Aug
Sep Oct

4 18 2 16 30 13 27 10 24
Nov Dec
Jan

Latest data plotted two weeks ending: January 20. 1993
Adjusted reserves is the difference between adjusted monetary base and currency component of M1.

Adjusted Reserves
To the average of
two maintenance
periods ending:
6/24/92
7/22/92
8/19/92
9/16/92
10/14/92
11/25/92
12/23/92
1/20/93

Compounded annual rates of change, average of two maintenance periods ending:
1/22/92

19.3
14.5
16.5
15.8
17.4
19.3
12.6
16.8


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Federal Reserve Bank of St. Louis

4/15/92

0.4
6.4
7.2
10.6
14.4
6.4
12.3

6/24/92

9.2
9.7
14.8
19.3
7.2
15.1

7/22/92

8/19/92

9/16/92 10/14/92 11/25/92

Beginning December 9, 1992, data
are on the revised basis and are not
comparable to prior data; therefore,
special caution should be taken in
interpreting growth rates.
20.2
23.8
26.6
10.3
19.2

20.6
25.5
6.3
17.3

31.9
5.1
18.8

-3.9
15.4

Prepared by Federal Reserve Bank of St Louis

78

Money Multiplier1/
Averages of Daily Figures
Seasonally Adjusted

Ratio

Compounded annual
rates of change,
average of the four
weeks ending
January 18, 1993 from
the four weeks ending:
Jan 20. 1992 2.8
Apr 27, 1992 2.4
Jul 20, 1992 2.8
Aug 31, 1992 3.8
Sep 2B, 1992 4.4
Oct 26, 1992 3.5
Nov 23. 1992 2.0

Ratio
Nov 9

2.651
2.648
2.676

Dec 7
Jan

2 16 30 13 27 10 24 8 23 6 20 4 18 1 15 28 13 27 10 24 7 21
Feb Mar
Apr
May
Jun
Jul
Aug
Sep
1992

4

2.657

18 2 16 30 14 28

Latest data plotted two weeks ending: January 18, 1993

Currency Component of Ml2/
Billions of Dollars

300

290

280

Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

300

--------- 1----------1--------- 1--------Compounded annual
rates of change,
average of the four
weeks ending
January 25, 1993 from
the four weeks ending:
Jan 27. 1 392 9 .4
Apr 27, 1 392 10 .3
Jul 27. 1 392 11 .6
Aug 24, 1 392 10 .5
Sep 28, 1 392 8 .9
Oct 26. 1 392 8 .4
392 9

290

280

to Nove Tiber 3(), 1992 are nc t aval able.
* Break in s eries--revised data prior

1993

270
Jan

260

2

16 30 13 27 10 24 9 23 6 20 4 18 1 15 28 13 27 10 24 7 21
Dec
Jan
Feb Mar Apr
May Jun
Jul
Aug Sep
1991
1992

28
4
11
18
25

Billiof12
293.6
294.0
294.0
294.4
294.9

5 18 2 16 30 14 28 11 25 8 22
Oct
Nov
Dec
Jan Feb
V993

270

260

Latest data plotted week ending: January 25, 1993
1/ Ratio of M1 to adjusted monetary base
2/ Current data appear in the Federal Reserve Board's H.6 release.


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

5

6

Yields on Selected Securities

Percent

Percent

Averoges of Doily Figures

Aoo bonds

-Mun clpal

Loan Rate

-Commercial

8 20 3 17 31 14 28 13 27 10 24
Dec Jan
Feb
Mar
Apr
1991

8 22
May

5 1i 3 17 31 14 28 11 25 9 23
Jun
Jul
Aug
Sep
Oct
1992

6 20 4 18
Nov Dec

1

IS 29 12 28
Jan
Feb
1993

Latest data plotted are averages of rates available for the week ending: February 5, 1993

1993
Nov 13
20
27
Dec 4
11
18
25

Jan

1
8

15
22
29
Feb 5 *

90-Day
CDs

30—Day
Commercial
Paper

90-Day
Bankers'
Acceptances

Corporate
Aaa Bonds

Corporate
Baa Bonds

Municipal
Bonds **

3.52
3.68
3.67
3.73
3.54
3.44
3.35
3.34
3.27
3.20
3.17
3.13
3.15

3.28
3.25
3.22
3.70
3.80
3.75
3.62
3.56
3.34
3.20
3.16
3.14
3.17

3.47
3.60
3.60
3.65
3.48
3.42
3.34
3.31
3.21
3.14
3.12
3.08
3.11

8.14
8.07
8.06
8.06
8.00
7.99
7.93
7.90
7.92
7.96
7.90
7.84
7.80

9.00
8.91
8.91
8.92
8.82
8.82
8.75
8.75
8.74
8.73
8.65
8.55
8.52

6.38
6.28
6.26
6.28
6.22
6.25
6.19
6.17
6.17
6.19
6.16
6.10
NA

Current data appear in the Federal Reserve Board's H.15 release.
* Averages of rates available
»* Bond Buyer's Average Index of 20 municipal bonds, Thursday data
N A — Not Available
Prepared by Federal Reserve Bank of St. Louis


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Federal Reserve Bank of St. Louis

Selected Interest Rates

Percent

Averages of Daily Figures

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
Dec Jan
Feb Mar
Apr May Jun
Jul
Aug
Sep
Oct Nov Dec
1991
1992
Latest data plotted are averages of rates available for the week ending: February 5, 1993

1993
Nov 13
20
27
Dec 4
11
18
25
Jan
1
8
15
22
29
Feb 5 *

Federal
Funds **
2.91
2.97
3.10
3.37
2.94
2.93
2.94
2.86
3.03
2.98
3.10
2.94
3.15

3—Month
Treasury
Bill

6—Month
Treasury
Bill ***

1 —Year
Treasury

3.08
3.16
3.24
3.30
3.24
3.21
3.18
3.15
3.09
3.00
2.99
2.92
2.93

3.31
3.37
3.45
3.46
3.37
3.43
3.32
3.38
3.28
3.19
3.13
3.09
3.10

1

15 29 12 26
Jan
Feb
1993

Bill

5-Year
Treasury
Securities

Long-Term
Treasury
Securities

3.47
3.56
3.60
3.64
3.55
3.60
3.49
3.46
3.44
3.36
3.33
3.26
3.27

6.00
6.05
6.12
6.20
6.04
6.10
6.03
6.03
5.95
5.90
5.82
5.66
5.60

7.41
7.36
7.38
7.41
7.27
7.28
7.19
7.22
7.21
7.24
7.12
7.00
6.98

Current data appear in the Federal Reserve Board's H.15 release excluding long-term Treasury securities
which are computed by this bank. Treasury bill yields are on a discount basis.
* Averages of rates available
** Seven-day averages for week ending two days earlier than date shown
*** Auction average (discount)
Prepared by Federal Reserve Bank of St. Louis


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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

3550

Billions of Dollars

2030

I

I M2
1993 Billions
Dec 21 3502.4
28 3501.0

3500

11 34$ 4.8
18 34$ 4.0
25 34fJ8.7

2580

&
'

Ply

M2 left sc lie)

-“s

2530

d

- *v

S

i

✓

3450
fflV

**

t

\

/s. -

/*

\

3400

2480

%V

h on-MI M2 (ri< ht sea «)

J. V

*

*

'\

Non -M1 M 2
1993 Billio 12

Dec 21 2476.5 —
28 2471.2
4 2464.1
11 2463.2
18 2460.6
25 2454.7
......... ,1,

3350

2430

Jan

3300

i i r

h~n -r

1 r-p"

2 IS 30 13 27 10 24 ! 23 i 20
Dec
Jon Feb Mar Apr
1991

T ' f '

1

I

V I 1 TPH 'I'M TM 1 i f i * " i T”i-

II 1 15 2) 13 27 10 24 7 21 5 II 2 It 30 14 28 II 25 0 22
Aug
Sep Oct
Nov Dec
Jan
Feb
Jun
Jul
May
1993
1992

2380

Latest data plotted week ending: January 25, 1993
Current data appear in the Federal Reserve Board's H.6 release.
M2 is the sum of M1, overnight RPs issued by all commercial banks, overnight Eurodollars issued to U.S. residents
by foreign branches of U.S. banks, savings (including money market deposit accounts), small time deposits
and general purpose and broker/dealer money market mutual funds. For more detail, see the H.6 release.

Money Stock (M2)
Compounded annual rates of change, average of four weeks ending:
1/27/92 4/27/92 6/22/92 7/27/92 8/24/92 9/28/92 10/26/92 11/23/92
ending:
6/22/92
7/27/92
8/24/92
9/28/92
10/26/92
11/23/92
12/28/92
1/25/93

1.7
0.9
1.2
1.5
1.9
2.1
1.8
1.4


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Federal Reserve Bank of St. Louis

-1.2
-0.2
0.7
1.3
1.6
1.4
0.8

0.1
1.4
2.2
2.5
2.0
1.2

3.4
3.9
3.8
2.9
1.8

Beginning November 2, 1992 data
are on the revised basis and are not
comparable to prior data; therefore,
special caution should be taken in
interpreting growth rates.
4.3
4.1
2.9
1.6

4.4
2.6
1.0

1.6
-0.2

-1.9

Prepared by Federal Reserve Bank of St Louis

Savings and Money Market Funds
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars
1220
I
I
Savings
1993 Billions
Dec 21 1186.9
1175 Jan 284 1187.0
118 7.0
11 118 6.4
18 118 6.3
25 118 2.5

Billions of Dollars

415

390
able-

—

->»

*71992

S. _

«»»

>
Ifdata prJOt

1085

-ce^s(
,eties'

ds.

.o So**

ate®

ttoet 3C

Money Market (right scale)

v/'-. ‘ V — ’
*
V. 1 ✓

_______

v^

/>

Mon ey Mar <et
1993 Billior-3
Dec 21 348. 9
28 347.3 —
Jan 4 347.6
11 347.7
18 345.5
25 345.5
---------- 1_______ I_____

1040

-^'T i | ***1 ' 1 —i » r 1 '"1 ■ 1

Dec
1991

Jan

Feb

Mar

• •v.

340

Savi rigs De KJSftl ( eft see le)

995

385

——

Apr

May

Jun

Jul

Aug

Sep

Oct

1992

Nov

315

11 25 I 22
Jan
Feb
1993

Dec

Note: Savings deposits are at all depository institutions. Money market funds are general purpose
and broker/dealer.

Large and Small Time Deposits1 /
All Depository Institutions
Averages of Daily Figures, Seasonally Adjusted

Billions of Dollars

455

Billions of Dollars

1115
21
28
11
18
25

869.5
867.2
865.4
863.2
860.8
858.8

Large Time (left scale)
Large Time
1993
— Dec 21

Billions
357.8
356.5
353.1
352.9
351.5
350.7

mall Time (right scale)

1 i ■■ i 1 i ■

■ i ■

■ i ■ i‘. i .1

i ,

2 16 30 13 27 10 24 9 23 6 20 4 II 1 15 21 13 27 10 24 7 21 5 19 2 IS JO 14 28 11 25 8 22
Dec
Jan Feb Mar
Apr
,
May Jun
Jul
Aug
Sep
Oct
Nov Dec
Jan
Feb
1991
1992
1993
Latest data plotted week ending: January 25, 1993
1/ Large time deposits are those issued in denominations of $100,000 or more.


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

9

855

10
Total Borrowings
From Federal Reserve Banks
Averages of Daily Figures

Billions of Dollars
1993

Billions

_ Dec 30
Jan 6
_ Feb

Billions of Dollars

0.096
0.441
0.046
0.357
0.084
0.043

3

4

18 1 15 29
Dec
Jan
1991

12 26 11 25 8 22 6 20 3 17 1 15 29 12 26 9 23 7 21 4 18 2 16 30 13 27 10 24
Feb Mar
Apr May
Jun
Jul
Aug
Sep
Oct Nov Dec
Jan
Feb
1992
1993

Adjustment + Seasonal Borrowings
From Federal Reserve Banks
Averages of Daily Figures

Billions of Dollars

1993

Billions

Dec 30

0.096

13
20
27
Feb 3

0.046
0.356
0.081
0.041

4

18 1 15 29 12 26 11 25
Dec Jan
Feb Mar
1991

Billions of Dollars

8 22 6 20 3 17 1 15 29 12 26 9 23 7 21 4 18 2 16 30 13 27 10 24
Apr May
Jun
Jul
Aug
Sep Oct
Nov Dec
Jan
Feb
1992
1993

Latest data plotted week ending: February 3, 1993


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis
l

#

Commercial Paper of Nonfinancial Companies

Billions of Dollars

1993

Jan

•

Billions of Dollars

Not Seasonally Adjusted
Billions

145.018
139.728
6 144.871
145.189
148.009
147.656

Latest data plotted week ending: January 27, 1993

Commercial and Industrial Loans1 /
Billions of Dollars

Weekly Reporting Large Commercial Banks2/
Seasonally Adjusted

Compounded annual
rates of change,
average of the four
weeks ending
January 20, 1993 from
the four weeks ending:
Jan 22. 1992 -5.3
Apr 22. 1992 -4.5
Jul 22. 1992 -2.8
Aug 19, 1992 -2.3
Sep 23, 1992 -3.2
Oct 21. 1992 -5.3
Nov 18, 1992 -8.3

Billions of Dollars

1993
.Dec 16
23
30
Jan 6
13
20

Billions
280.691__
278.963
277.906
276.527
275.877
278.908

Latest data plotted week ending: January 20, 1993
1/ Commercial and industrial loans include banker's acceptances and commercial paper.
2/ Banks with domestic assets greater than $1.4 billion
_
Prepared by Federal Reserve Bank of St. Louis


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Federal Reserve Bank of St. Louis

11

Dollar's Trade-Weighted Exchange Index
1973=100

973=100

Averages of Daily Figures

1993 1973=100

Feb

4 II
Dec

1 15 21 12 26 11 25 8 22 6 20 3 17
Jan

Feb

Mar

1991

Apr

May

1 15 29 12 26 9 23 7 21

Jun

Jul

1992

Aug

Sep

Oct

3

4 18 2 16 30 13 27 10 24
Nov

Dec

Jan

Feb

1993

Latest data plotted week ending: February 3, 1993
Current data appear in the Federal Reserve Board's H.10 release.
Data are weighted averages of the foreign—currency price of the U.S. dollar, computed using 10 industrial
country currencies.
Prepared by Federal Reserve Bank of St. Louis


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Federal Reserve Bank of St. Louis

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