Full text of U.S. Financial Data : February 6, 1997

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THE WEEK'S HIGHLIGHTS:
■

The value of total factory orders declined 1.3 percent, or $4.3 billion,
in December. The largest in four months, the December decline
followed a 0.5 percent drop in November. New orders are not
adjusted for price changes.

■

The Conference Board reported that the index of leading economic
indicators edged upward 0.1 percent in December. The index fell
only once in 1996.

■

Sales of new single-family homes were at an annual rate of
783,000 units in December, off 1 percent from November’s pace,
but up 16.5 percent from October. For all of 1996, actual home
sales totaled 756,000 units, the highest number since 1977.

■

According to the advance estimate, real GDP rose at a 4.7percent
annual rate in the fourth quarter, up sharply from the 2.1 percent
third-quarter gain. Fourth-quarter GDP growth was boosted by a
25.5 percent surge in exports, the biggest gain in 17 years. After
rising at a 2 percent rate in the third quarter, the GDP price index
slowed to a 1.8 percent rate of increase in the fourth quarter. For
the year, GDP prices rose 2.1 percent—the smallest rise since 1965.
The monetary aggregate figures reported in this issue incorporate
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 dates 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
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information in this publication is also included in the Federal Reserve Economic Data (FRED) electronic

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Federal Reserve Bank of St. Louis

2
Adjusted Monetary Base
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

480

Billions
463.6
465.8
466.4
466.8
468.7
472.6

470

460

450

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
May
Jun
Jul
Aug

18

15 29 12 26

440

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

Adjusted Monetary Base
To the average of
two maintenance
periods ending:

Compounded annual rates of chonge, overage of two maintenance periods ending:
1/31/96

7/3/96
8/28/96

2.9
3.6

9/25/96

3.6

10/23/96

3.5

12/4/96
1/1/97
1/29/97

7/3/96

7/31/96

8/28/96

9/25/96 10/23/96

12/4/96

2.1

7/31/96

4/24/96

3.3
4.4
4.3

7.7
6.5

6.1

5.5

4.9

3.3

3.9

4.1
4.5

5.7

5.4

4.6

4.8

4.0
4.6

4.6
5.3

5.7
6.5

5.4
6.4

4.8
6.1

5.0
6.5


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Federal Reserve Bank of St. Louis

6.0
7.7

8.7

Prepored by Federol Reserve Bank of St. Louis

Money Stock(M1) and Total Checkable Deposits
1200

Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Ml
96/97
Dec 23
30

1170
*

1140

Billions
1080.0
1084.8

13
20
27

1075.1
1081.5
1084.1

96/97
Dec 23
J on

850

TCD

6
13
20
27

Billions
678.1

820

677.3
670.7
675.9
677.5

Brea k in se ies -- evised data pr ior to rs ovember 4,1$)96, are not av ailable
Break n serie s - rev sed da ta prior to Dec ember 2, 199e5, are n ot available. -790
1

mo

760
M 1 (left scole )

.

'V\_

\

1080

*

J

x

V

730

TC[ (righ t scol 0
1050

700

v-V V

1020

990

4

18
Dec

■670

i ■ v ■ mi ■ i ■ i Ml1 T*'"l ■ Ml'
640
M M 1
1 IS 29 12 26 II 25 8 22 6 20 3 17 I IS 29 12 26 9 2} 7 21 4 18 2 16 30 13 27 10 24
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb

1995

1996

1997

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

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

Compounded annual rates of change, overoge of four weeks ending:
1/29/96

4/29/96

6/24/96

7/29/96

8/26/96

9/30/96 10/28/96 11/25/96

Beginning November 4,1996. data
are on a revised basis and are not
comparable to prior data; therefore,
special caution should be taken in
interpreting growth rates.

6/24/96

-0.4

7/29/96

-2.3

-5.5

8/26/96

-2.9

-5.8

9/30/96

-3.8

-6.6

-8.7

-8.0

10/28/96

-5.3

-8.3

-10.6

-10.9

-12.7

11/25/96

-4.3

-6.6

-8.0

-7.4

-7.6

-6.6

12/30/96

-3.8

-5.6

-6.4

-5.6

-5.3

-3.9

2.6

1/27/97

-3.4

-4.9

-5.4

-4.5

-4.1

-2.6

2.3


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Federal Reserve Bank of St. Louis

-8.6

1.0

Prepared by Federal Reserve Bonk of St. Louis

3

4
Adjusted Reserves
Seasonally Adjusted
Billions of Dollars

Billions of Dollars
96/97

Billions

71.8
72.5
72.5
72.4
72.3
72.7

22 5 19 3 17 31 14 28 11 25 9 23 6 20 4 18 1
May
Jun
Aug
Sep
Oct

6 20 3 17 31 14 28 13 27 10 24
Apr

1995

15 29 12 26

1996

1997

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

Adjusted Reserves
To the overoge of
two maintenance
periods ending:
7/3/96

Compounded onnuol rotes of change, 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

12/4/96

Beginning December 4,1996, data
are on a revised basis and are not
comparable to prior data; therefore,
special caution should be taken in
interpreting growth rates.

7/31/96

-2.2
-3.1

-7.1

8/28/96

-3.4

-6.7

9/25/96

-7.6

-8.4

-8.4

10/23/96

-4.4
-6.5

-10.0

-12.0

-13.2

-17.0

12/4/96

-5.3

-7.8

-8.3

-8.3

-9.2

-8.2

VV97
1/29/97

-4.4
-4.1

-6.4

-6.3

-5.9

-6.1

-5.8

-5.5

-5.0

-5.0

-4.5
-3.5


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Federal Reserve Bank of St. Louis

-6.7

3.7
2.6

2.7

Prepared by Federal Reserve Bank of St. Louis

Money Multiplier
Averoges of Doily Figures
Seasonally Adjusted

Rotio

3.0

Rotio

Compounded annual rates
of chonge. overage of
the four weeks ending
January 27, 1997, from
the four weeks ending:

2.8-

Jon

Dec

2

2.308

2.319

1996

-9 . 7

1996

-9.0
6. 1

-

1 996

-7.8

IS 29 12 26 11 25 8 22
Feb
Mar
Apr

18

2

Jan 13

1996 -10.0
1996

4

Nov 16

2 9,

Apr 22.
Aug

96/97

6 20 J
May

1995
Ratio of Ml to the adjusted monetary base.

17

IS 29 12 26 9 23
Aug
Sep

7 21
Oct

4

18 2

16 30 13 27 10 24

1996

1997

Currency Component of M1
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Compounded annual rotes
of change, overage of
the four weeks ending
January 27, 1997, from
the four weeks ending:

Jon
Apr
Ju I
Aug
Sep
OcT
Nov

29,
29.
29 ,
26.
30.
28.
25.

1996
1996
1 996
1996
1996
1996
1996

6.
7.
7 .
7.
7.
6.
7.

Break in series -- revised data prior to December 2, 1996, are not available.
96/97
Dec 23
Jon

6

Billions
393.4
395.3
396.2

395.8
397.1
398.1
4

18

1

15 29 12 26
May

Jun

1995
1996
Current dato oppeor in the Federal Reserve Board’s H.6 release.


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Federal Reserve Bank of St. Louis

1997
Prepared by Federal Reserve Bonk of St. Louis

5

'380

6
Yields on Selected Securities
Averages of Daily Figures
Percent

Percent

Prime Rate

Corporate
Aaa Bonds

Municipal Bonds

Commercial Paper
-5.0

1

15 29 12 26

1996/97
Nov 15
22
29
Dec
6
13
20
27
Jon 3
10
17
24
31
Feb 7

8 22 5 19 3 17 31 14 28 12 26

4

18

15 29 13 27 10 24 7 21

30-Day
Commercial
Paper

90-Day
CDs

90-Day
Bankers'
Acceptances

Corporate
Aoo Bonds

Corporate
Baa Bonds

Municipal
Bonds

5.39
5.40
5.42
5.53
5.57
5.73
5.88
5.71
5.43
5.43
5.42
5.44
5.43

5.37
5.38
5.38
5.40
5.42
5.44
5.50
5.45
5.42
5.44
5.42
5.42
5.41

5.30
5.28
5.29
5.30
5.33
5.39
5.40
5.34
5.34
5.34
5.33
5.33
5.31

7.08
7.05
7.06
7.10
7.21
7.28
7.22
7.29
7.42
7.39
7.41
7.48
7.33

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

5.60
5.55
5.54
5.57
5.66
5.67
5.66
5.70
5.71
5.72
5.72
5.73
N.A.

Current data are from the Federal Reserve Board's H.15 release, and ore averages of rates ovailoble for the
week ending on Februory 7, 1997
•• Bond Buyer's Average Index of 20 municipal bonds, Thursday doto
N.A. - Not Available


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bonk of St. Louis

Selected Interest Rates
Averages of Daily Figures

Percent

Percent

30-Year
Treasury Securities

Federal
Funds Rate

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
Dec
Jon
Feb
Mor
Apr
May
Jun
Jul
Aug
1995

1996/97
Nov 15
22
29
Dec
6
13
20
27
Jon
3
10
17
24
31
Feb
7 •

4
Sep

18
Oct

15 29 13 27 10 24 7 21
Nov
Dec
Jon
Feb

1996

Federal
Funds ••
5.21
5.41
5.30
5.52
5.22
5.38
5.18
5.37
5.28
5.19
5.19
5.18
5.30

1997

3-Month
Treasury
Bill

1 -Year
Treasury
Bill

5-Year
Treasury
Securities

10-Year
Treasury
Securities

30-Year
Treasury
Securities

5.03
5.03
5.02
4.92
4.83
4.88
4.97
5.05
5.03
5.03
5.04
5.04
4.98

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

5.97
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

6.45
6.43
6.41
6.43
6.56
6.63
6.58
6.67
6.80
6.81
6.84
6.89
6.74

Current data appeor in the Federal Reserve Board's H.15 release.
• Averages of rates available
•• Seven-day averages 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
96/97

Billions of Dollors

Billions

Doc 23
Jon

6

3835.6
3847.4
3856.2
3857.8

M2 (left scale)

3765- ....

Non-M1 M2 (right scale)

Non-M1 M2
Billions
Doc 23
Jon

Apr

Moy

Jun

1995

Aug

Sep

Oct

Nov

6

2754.8
2750.8
2765.3
2764.7
2774.7
2773.7

Dec

1996

1997

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

Money Stock (M2)
To the overoge
of four weeks
ending:

Compounded onnuol rotes of chonge, overoge of four weeks ending:
1/29/96

4/29/96

6/24/96

7/29/96

8/26/96

9/30/96 10/28/96 11/25/96

Beginning November 4, 1996, data
are on a revised basis and are not
comparable to prior data; therefore,
special caution should be taken in
interpreting growth rates.

6/24/96
7/29/96

4.6
4.0

2.1

8/26/96

4.1
4.0

2.7

3.0

2.8

3.1

3.9

3.0
3.7

3.2
4.2

3.8

3.5

4.9

5.0

6.1

4.2

4.8
4.9

5.5
5.6

5.7
5.8

6.6
6.5

9/30/96
10/28/96
11/25/96

3.9

12/30/96
1/27/97

4.7
4.8

4.4


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Federal Reserve Bank of St. Louis

4.4

7.9
7.4

6.9

Prepored by Federol Reserve Bonk of St. Louis

Savings and Small Time Deposits
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

3illions of Dollars

Smoll Time
96/97
Dec 23
944.8
944.1
944.1
944.2
944.5
945.6

1310

1270

1230
Small Time (left scale)

1190
Savings
96/97
Billions
Dec 23
1270.9
1266.8
1279.0
1277.6
1288.8
1287.3

Savings Deposits (right scale)

8

1

15 29 12 26 II 25 8 22 6 20 3 17
Apr
May
Jun

15 29 12 26 9 25
Aug
Sep

7 21
Oct

4

18 2

16 50 15 27 10 24

1995
1996
Savings deposits and small time deposits are at all depository institutions.

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

Seasonally Adjusted

Billions of Dollars

Large Time
96/97
Dec 23
501.2
506.1
505.2
510.9
51 1.7
512.7

Retail Money
96/97
Billions
Dec 23
539.1
539.9
Jon 6
542.3
541.4
540.1

ir 2, 1996,

2 16 30 13 27 10 24
Sep

Oct

1995
1996
1997
Large time deposits ond retail money funds are ot 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 market funds.
Prepored by Federal Reserve Bonk of St. Louis


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Federal Reserve Bank of St. Louis

9

10
Total Borrowings
From Federal Reserve Banks
Averages of Daily Figures

Billions of Dollars

Billions of Dollars

Billions
Jon

1

Feb

5

0.097
0.062
0.043
0.032
0.033
0.030

0.8-

6 20 3 17 31 14 28 13 27 10 24 8 22 3 19 3 17 31 14 28 11 23 9 23 6 20 4 18 1 13 29 12 26
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Dec
Jan
Feb
Mar
Apr
May
Jul
Jun
1995
1996
Borrowings include seosonol. adjustment and extended credit.

1997

Bank Loans and Credit
All Commercial Bonks in the United States
Seasonally Adjusted

Billions of Dollars
Bonk
(97
Jon

1

Billions of Dollars

Credit

Billions
3766.9
3783.4
3778.4
3793.9
3784.0
3818.3

Bonk Credit (left scale)2/

Loons and Leases (right scale)

6 20 3

17 31 14 28 13 27 10 24 8 22 5

Apr

19 3

17 31 14 28 11 25 9 23 6 20 4

Moy

1995
1996
Current data appear in the Federal Reserve Board's H.8 release.
1/ Includes foreign-reloted institutions
2/ Includes loans and leases and securities


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Federal Reserve Bank of St. Louis

Loons&Leoses
96/97
Dec 18
2778.4
2786.8
2789.2
2798.5
2796.4
2805.7

Aug

Sep

18

15 29 12 26

Oct
1997

Prepared by Federol Reserve Bank of St. Louis

Commercial Paper of Nonfinancial Companies
Not Seosonolly Adjusted

Billions of Dollors

Billions of Dollors

Batons
Dec 25
Jon 1

6 20 3

100.234
173.764
184.747
189.612
187.841
186.441

17 31 14 28 13 27 10 24 8 22 5

1995

19 3

17 31 14 28 II 25 9 23 6 20 4

18

1

1996

15 29 12 26

1997

Commercial and Industrial Loans
Seosonolly Adjusted
Billions of Dollors

Billions of Dollors

T- 420

All Bonks
Billions
Dec 18
787.2
789.4

790-

788.0
788.9
790.1

All Bonks (left scole)^/

Large Bonks (right scale) 2/
Large Banks
>/97
Billions
Dec 18
383.2
384.9
384.8
383.8
385.2
385.6
6

20

3

17 31

14 28 13 27 10 24

1995

8 22

S

19

3

17 31 14 28 11 25 9

1996

Current doto appear in the Federol Reserve Board's H.8 release.
1/ Includes foreign -related institutions
2/ Weekly reporting, domestically chartered bonks


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Federal Reserve Bank of St. Louis

11

23

6

20

4

18

1

15 29 12 26

1997

Prepored by Federol Reserve Bonk of St. Louis

Dollar 's Trade - Weighted Exchange Index
Averages of Daily Figures
1973=1uu

i973=100
Jan

105

t
100

95

90

85-

85

80
6 20 3

17 31 14 28 13 27 10 24

Apr

22 5

19 3

17 31 14 28 11 25 9 23 6 20 4

18

1

15 29 12 26

May

Current data 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.


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Federal Reserve Bank of St. Louis

Prepared by Federoi Reserve Bonk of St. Louis