Full text of U.S. Financial Data : February 5, 1998

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v/

February 5,1998

FEDERAL
A RANK
RESERVE
X
of

nr

sx Louis

cf St. Louis

m wemiGHLieHTs:
■

After rising 2.4 percent in November, factory orders for manufactured
durable and nondurable goods fell 2.5 percent in December, the
first decline in seven months. Measured from December 1996,
factory orders rose 6.1 percent in 1997.

■

Sales of new, single-family homes were at an annual rate of
777,000 units in December, a drop of 9.3 percent from November’s
rate. A total of801,000 new homes were sold in 1997, up 5.7percent
from 1996 and the highest number since 1978.

■

Adjusted for inflation, the value of new construction put in place
in December was $511.4 billion, a 0.1 percent increase from
November. Real construction spending rose 2.9 percent in 1997,
modestly less than the 3.7 percent gain registered in 1996.

■

According to the advance report, real GDP increased at a 4.3 percent
annual rate in the fourth quarter. Increased net exports and a faster
rate of inventory accumulation more than offset a sharp slowing
in fixed investment spending. Real GDP rose 3.9 percent between
the fourth quarter of 1996 and the fourth quarter of 1997, the
largest increase in a decade.

The monetary aggregate figures reported in this issue incorporate
new benchmark revisions and, with three exceptions, new seasonal
factors. 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. 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.


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Federal Reserve Bank of St. Louis

2
Adjusted Monetary Base
Averages of Oaily Figures
Seasonally Adjusted

Billions of Dollars
97/98

4

18

1

Billions of Dollars

Billions
490.668
493.229
492.821
496.844
495.966
498.417

15 29 12 26 12 26 9 23 7 21
Apr

May

1996

4

18 2

16 30 13 27 10 24 8 22 5
Sep

Jun

19 3

17 31 14 2B 11 25

Oct

1997

1998

The adjusted monetary base is the sum of Federal Reserve deposits and voult cosh held by domestic depository
institutions, currency held by the public, and an adjustment for the effect of changes in reserve requirement
rotios. The monetary base series was recently revised to include Federol Reserve deposits used to satisfy
clearing bolonce contracts. Doto ore computed by this bank. A detailed description of the odjusted monetary
base is available from this bank. Recent data are preliminary.

Adjusted Monetary Base
Compounded annual rates of change, overoge of two maintenance periods ending:
To the averoge 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

7/2/97

3.8

7/30/97

4.4

6.7

8/27/97

4.9

7.1

8.0

9/24/97

4.8

6.5

6.6

6.2

10/22/97

5.1

6.6

6.8

6.6

5.6

12/3/97

6.0

7.6

8.2

8.3

8.2

10.0

12/31/97

6.1

7.6

8.1

8.2

8.2

9.4

10.3

1/28/98

6.1

7.5

7.9

7.9

7.8

8.7

9.1


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Federal Reserve Bank of St. Louis

12/3/97

7.1

Prepared by Federal Reserve Bonk of St. Louis

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

Billions of Dollars

Oec 22
Jon

5

Billions of Dollars

Billions
1076.0
1000.4
1086.4
1064.4
1070.8
1077.2

97/98
Dec 22
Jon

Billions

5

M1 (left scale)
Break in series - revised data prior to November 3,1997, are not available.

TCD (right scale)

Break in series -- revised data prior to December 1, 1997, are not available.

?

16 30 13 27 10 24 10 24
Feb
Mar

7

21

5

Apr

19
Moy

16 30 14 28 II 25
Jun
Jui
Aug

8

22

6

Sep

20

3

17

15 29 12 26

9

23

Oct

Ml is the sum of currency held by the nonbank public, demand deposits, other checkable deposits ond travelers
checks. Total checkable deposits is the sum of demand deposits ond other checkoble deposits ot depository
institutions. Current doto appeor in the Federal Reserve Board's H.6 release.

Money Stock (M1)
To the average
of four weeks
ending:
6/23/97

Compounded onnuol rates of change, overage of four weeks ending:
1/27/97

4/28/97

6/23/97

7/28/97

8/25/97

9/29/97 10/27/97 11/24/97

'
Beginning November 3,1997, data

-4.0

are on a revised basis and are not
comparable to prior data; therefore,

7/28/97

-3.5

8/25/97

-2.0

0.8

2.7

9/29/97

-3.0

-1.3

-1.4

-1.5

-1.3

special caution should be taken in
interpreting growth rates.

10/27/97

-2.8

-1.4

-1.5

-1.5

-5.4

11/24/97

-1.4

0.6

1.2

2.0

0.2

6.0

12/29/97

-0.7

1.2

2.0

2.8

1.7

5.8

9.3

1/26/98

-0.5

1.2

1.9

2.5

1.6

4.7

6.7


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Federal Reserve Bank of St. Louis

3.6

Prepared by Federol Reserve Bank of St. Louis

3

4
Adjusted Reserves
Seasonally Adjusted
Billions of Dollars

Billions of Dollars
Billions
Nov 19
Dec 3

Jan 14

4

18

68.419
69.735
68.308
70.642
69.304
68.431

15 29 12 26 12 26 9
Feb

Mar

23 7 21

Apr

Moy

1996

4

18 2

16 30 13 27 10 24 8 22 5

Jun

Aug

Sep

19 3 17 31 14 28 11 25

Oct

1997

1998

Adjusted reserves is the difference between the odjusted monetary base and the currency component of M1.
The odjusted monetary base series was recently revised: See the footnote to the monetary base chort for a
description of the change.

Adjusted Reserves
Compounded onnuol rotes of change, average of two maintenance periods ending:
To the 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

7/2/97

-10.5

7/30/97

-7.6

1.9

8/27/97

-5.9

2.7

7.9

9/24/97

-6.2

0.6

2.1

-1.7

10/22/97

-6.2

-0.4

0.1

-3.0

-7.1

12/3/97

-3.1

3.0

5.0

3.9

3.4

8.5

12/31/97

-2.2

3.5

5.4

4.6

4.3

8.3

14.4

1/28/98

-2.9

2.0

3.1

2.0

1.4

3.7

6.6


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Federal Reserve Bank of St. Louis

12/3/97

Prepared by Federol Reserve Bonk of St. Louis

Money Multiplier
Averages of Daily Figures
Seasonally Adjusted

Ratio

3.0

I

Compounded annual rates
of change, average of
the four weeks ending
January 26, 1998, from
the four weeks endina:

2.8

Jon
Apr
Jul
Auq
_

2.6-

Oct
Dec

27.
21,
28,
25,
7?
20.
1 .

1997
1997
1997
1997
1997
1997
1997

-6
-6

-5
-5
-5
-3
-3

97/98
Nov
Oec

17
1

15
29
Jon 12
26

3
2
0
8
0
2
2

Rotio
3.0
I
Rotio
2.173
2.173
2.170
2. 70
2. 68
2. 155

2.6

2.4

2.4
*

Break in series -- revis ed data prior tc Nove nber 3, 1997, are not available.

2.2

2.2

TTT
2.0 “ *t T'r ...1 T|
1 ' 1
2 16 30 13 27 10 24 10 24 7 21 6 19
Oec
Jan
Feb
Mar Apr
May

1996
Rotio of Ml to the adjusted monetary bose.

r»■ i mr

f-t-i-i-i

2

16 30 14 28 II 26 0 22
Jun
Jul
Aug
Sep

6 20

3

Oct

17
Nov

1

15 29 12 26
Oec
Jon

1997

9 23
Feb

1998

Currency Component of M1
Averages of Daily Figures
beasonally Adjusted

Billions of Dollors

425-

2.8

Billions of Dollors

Compounded annual rotes
of change, average of
the four weeks ending
January 26, 1998, from
the four weeks ending:
Jan

27.

1997

Nov

1997
1997
24,1997
Break in series -- revised data prior to December 1,1997, are not available.

97/98
Dec 22
Jon

1996
1997
Current data appear in the Federal Reserve 8oard's H.6 release.


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

5

Billions
425.2
427.0
427.4
426.5
427.8
428.8

1998
Prepared by Federal Reserve Bonk of St. Louis

5

2.0

6
Yields on Selected Securities
Averages of Daily Figures
Percent

Percent

9.0

Prime Rote

Corporate
Aoo Bonds
7.0

Commercial Paper

Municipal Bonds

4.0
6

20

3

17 31

1997/98
Nov

14
21
28
Oec
5
12
19
26
Jon
2
9
16
23
30
Feb
6

14 28 14 28

9

23

6

20 4

18

15 29 12 26 10 24

7

21

5

30-Day
Commercial
Paper

90-Day
CDs

90-Day
Bankers'
Acceptances

Corporate
Aoa Bonds

Corporate
Baa Bonds

5.53
5.52
5.56
5.68
5.74
5.82
5.90
5.71
5.48
5.44
5.44
5.47
5.47

5.76
5.76
5.78
5.81
5.81
5.80
5.82
5.74
5.58
5.50
5.51
5.53
5.52

5.69
5.67
5.72
5.77
5.78
5.77
5.76
5.62
5.52
5.47
5.45
5.47
5.48

6.89
6.83
6.83
6.81
6.84
6.74
6.69
6.70
6.55
6.55
6.67
6.70
6.66

7.44
7.38
7.38
7.36
7.39
7.30
7.26
6.91
7.13
7.14
7.24
7.28
7.25

19

16 30 13 27

Municipal
Bonds ••
5.34
5.31
5.29
5.25
5.21
5.17
5.14
5.15
5.07
4.96
5.03
5.11
N.A.

Current data ore from the Federal Reserve Boord's H. 15 release, ond ore overoges of rotes ovoiloble for the week
ending on February 6, 1998 . Beginning September 2, 1997, the commercial paper rate reflects new source data,
which is currently ovoiloble only bock to the first of the yeor.
•• Bond Buyer's Average Index of 20 municipal bonds. Thursdoy doto


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

Selected Interest Rates
Averages of Daily Figures
Percent

Percent

■ 7.0

30-Year
Treasury Securities

Federal
Funds Rate

Discount Rate
3-Month
Treasury Bill

6

20

3

17 31 14 28 14 28

1997/98
Nov

14
21
28
Dec
5
12
19
26
Jan
2
9
16
23
30
Feb
6 •

Federal
Funds ••
5.50
5.51
5.49
5.58
5.40
5.66
5.44
5.45
5.74
5.45
5.53
5.53
5.52

6

20

4

18

15 29 12 26 10 24

7

21

5

19

2

16 30 13 27

3-Month
Treasury
Bill

1 -Year
Treasury
Bill

5-Yeor
Treosury
Securities

10-Year
Treosury
Securities

30-Year
Treasury
Securities

5.16
5.15
5.13
5.13
5.10
5.12
5.27
5.24
5.04
5.00
5.02
5.06
5.07

5.15
5.18
5.21
5.25
5.23
5.20
5.26
5.23
4.99
4.92
4.96
5.01
5.01

5.81
5.79
5.82
5.82
5.83
5.74
5.72
5.71
5.38
5.32
5.45
5.48
5.42

5.88
5.84
5.86
5.86
5.87
5.77
5.74
5.75
5.49
5.45
5.59
5.63
5.57

6.12
6.05
6.06
6.04
6.07
5.96
5.90
5.93
5.75
5.74
5.87
5.89
5.87

Current data appear in the Federal Reserve Board's H.15 release.
• Averoges of rotes available
•• Seven-day overages for week ending two doys earlier than dote shown


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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
97/98
Dec 22
Jon

5

Billions
4042.1
4056.4
4060.5
4057.9
4065.1
4070.4

Billions of Dollars

M2 (left scale)

Break in series -- revised data prior to November 3, 1997, are not available.

Non-M1 M2 (right scale)
Non-M1 M2
Dec 22
Jon

5

Billions
2966.1
2976.0
2974.1
2993.5
2994.3
2993.2

.

a 7 7c

~r~r-W-.-r 2700
2 16 30 13 27 10 24 10 24 7 21 5 19 2 16 30 14 28 11 25 8 22 6 20
Feb

Mor

Apr

May

1996

Aug

Jun

Sep

Oct

1997

1998

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

Money Stock (M2)
Compounded annual rates of change, overage of four weeks ending:
of four weeks
ending:

1/27/97

4/28/97

6/23/97

7/28/97

8/25/97

9/29/97 10/27/97 11/24/97
Beginning November 3, 1997, data
are on a revised basis and are not

6/23/97

3.6

7/28/97

3.7

2.1

8/25/97

4.3

3.5

6.0

9/29/97

4.7

4.4

6.5

7.7

10/27/97

4.8

4.5

6.2

6.9

6.4

11/24/97

5.6

5.7

7.5

8.5

8.6

9.4

12/29/97

5.7

5.8

7.4

8.1

8.1

8.3

9.7

1/26/98

5.9

6.1

7.5

8.1

8.1

8.3

9.2


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

comparable to prior data; therefore,
special caution should be taken in
interpreting growth rates.

7.3

Prepared by Federal Reserve Bonk of St. Louis

Savings and Small Time Deposits
Averoges of Doily Figures
1075 "I

billions of Do liars
|

■------- —----------- r1
Smoll Time
97/98
Billions
Dec 22
965.9
29
965.2

1035
2
9
_ 6

965.7
966.4
967.1

........
Scjvings Deposits (ri<jht sc :,e)

1445

rz/r

1405

.......-

y

995

1365

/

f
955

s moll

T ime (left scole)
-------- * ——|—■—

f
*Br

sak in
A

> i *

• i • i

Dec

1325

eries - revise d data prior to Decerriber1, 1997, a re not ivailab p

So zings
97/98
Billions
Dec 22
1401.0
29
1408.0
Jon
5
1404.1
12
1414.8
19
1414.0
26
1410.6

**

r
i 1 i

i ■ i

Feb

Mor

'I ' M ) * i
Apr

Moy

i
Jul

Aug

~l ■ 1 »' "i ' i »
6 20 3r--i'
17 ■
Sep
Oct
Nov

1 . 15, . 29
Dec

12 26 9 23
Jon

1245

Feb

1996
1997
Sovings deposits and smoll time deposits ore at oil depository institutions.

Large Time Deposits and Retail Money Funds
Averages of Doily Figures
750

Large Time
97/98
Billions
Dec 22
581.0
29
578.3
576.2
2
581.2
9
580.9
6
584.9
*

Retail Money
7/98
Billions
0 ec
22
599.2
29
602.7
J on
5
604.7
12
613.0
19
613.8
26
615.4
----------- f------B reak in series — revised data prior tc Dece •nber 1

Retail Mo ney

1997, are not available.
!
|

k ’

550

550
Lorg e Time

500

450

mil

TTTT mm

3 17 1
9 23
Moy
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jon
Feb
1996
1997
•jsu
1997
1998
Large time deposits ond retail money funds ore at all despository institutions. Large time deposits ore those
issued in denominations of $100,000 or more. Retail money funds were originally colled general purpose
ond broker/dealer money morket funds.
*
K K
Prepared by Federol Reserve Bonk of St. Louis
Dec

Jon

Feb

Mor


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Federal Reserve Bank of St. Louis

Apr

9

10
Total Borrowings
From Federol Reserve Bonks
Averoges of

Billions of Dollars
97/98

Doily

Figures

Billions of Dollars

Billions

Dec 31
Jon

7
0.044

Feb

00 4

18
Dec

4

1 15 29 12 26 12 26 9 23

7 21 4

Jon

May

Feb

Mor

Apr

1996

18 2
Jun

16 2
Sep

Jul

Oct

1997 .

Borrowings include seasonal, adjustment and extended credit.

Bank Loans and Credit

^

All Commercial Banks in the United Statesy/
Billions of Dollars

4075"

Bank Credit
98
Billions
4095.3
Dec 17
4126.0
4134.4
4150.9
Jon 7
4147.2
4170.8

Seasonally Adjusted

3illions of Dollars

Bonk Credit (left scale)2/

Loons
97/98
Dec 17
Loans and Leases (right scale)


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Federal Reserve Bank of St. Louis

Jon

Sep

7

Sc Leases
Billions
3005.0
3017.8
3017.1
3029.1
3028.2

Oct
1998

Prepared by Federal Reserve Bonk of St. Louis

T

r

Commercial Paper of Nonfinancial Companies
Billions of Dollors

Not beosonolly Adjusted
Billions of Dollors

Dec 24
210-~

Jon

7

■

200

Note: Beginning September 2, 1997, the volue of commerciol paper outstanding
uses new source doto. See the
Federal Reserve Boord's H.15 release for more information.

Commercial and Industrial Loans
Billions of Dollors

870-

850-

Seasonally Adjusted
Billions of Dollors

All Bonks
97/98
Billions
Dec 17
855.9
860.4
863.3
Jon 7
864.4
862.8
866.4

All Banks (left scole)^/

Large Banks (right scale)2/
—...........

1996

- 400

1998

Current data appear in the Federal Reserve Boord's H.8 release.
1/ Includes foreign-related institutions
2/ Weekly reporting, domesticolly chartered bonks


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Federal Reserve Bank of St. Louis

i
l
Large Bonks
97/98
Billions
~
Dec
17
“
444.3
448.7
450.3
Jan 7
450.6
448.9
450.9

11

_
Prepared by Federal Reserve Bonk of St. Louis

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

1973=100

1973=100
Dec 31
Jon 7
100-

Feb

4

1998
Current data appear in the Federal Reserve Boord's H.10 release. Data ore weighted overages of the foreign-currency
price of the U.S. dollar, computed using 10 industrial country currencies.


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bonk of St. Louis