Full text of U.S. Financial Data : February 6, 2003

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February 6, 2003

USFinancialData
THE WEEK’S HIGHLIGHTS:
■ According to the preliminary report, output per hour (labor productivity) in the nonfarm business sector fell at a 0.2 percent annual
rate during the fourth quarter of 2002. Through the first three
quarters, productivity had risen at a 5.2 percent rate. After rising
at a 5.4 percent rate during the third quarter, hourly compensation
in the nonfarm business sector rose at a 4.6 percent rate in the
fourth quarter. Accordingly, unit labor costs (productivity-adjusted
hourly compensation) increased at a 4.8 percent rate in the fourth
quarter, the largest increase in nearly two and a half years. In 2002
(fourth quarter 2001 to fourth quarter 2002), nonfarm labor
productivity increased 3.8 percent, the largest increase in 10 years.
■ Initial claims for state unemployment insurance benefits totaled
391,000 for the week ending Feb. 1. The latest four-week moving
average totaled 384,750, the smallest total since the week ending
Nov. 30, 2002.
■ In January, the Institute for Supply Management’s (ISM) diffusion
index of manufacturing activity measured 53.9 percent, which was
1.3 percentage points less than a month earlier, but 4.1 percentage
points more than a year earlier. The ISM index of business activity
in the nonmanufacturing sector measured 54.5 percent in January,
0.3 percentage points more than the previous month. A diffusion
index above 50 percent indicates expanding activity.
■ Measured in 1996 dollars, private construction spending rose $3.9
billion, or 0.8 percent, in December. Real public construction
spending rose $1.1 billion, or 0.6 percent.

All data are seasonally adjusted unless otherwise indicated.
U.S. Financial Data will continue to be mailed to all subscribers through June 27, 2003. After that date,
this publication will be available weekly only on the Internet at <research.stlouisfed.org/publications/usfd>.
To be added to our free electronic mailing list, please visit our web site at <research.stlouisfed.org/maillist>.
To obtain more information on the data, access the Federal Reserve Economic Data (FRED) database
at <research.stlouisfed.org/fred> or send an e-mail to stlsFRED@stls.frb.org.

Adjusted Monetary Base
Averages of Daily Figures
Seasonally Adjusted
720

Billions of Dollars
02/03
Nov 27
Dec 11
25
Jan 8
22
Feb 5

710

Billions of Dollars

Billions
693.361
695.710
694.166
699.913
710.986
711.115

720

710

700

700

690

690

680

680

670

670

660

660

650

650

640

640
5

19

Dec

2

16 30 13 27 13 27 10 24

Jan

Feb

Mar

Apr

8

22

May

2001

5

19

3

Jun

17 31 14 28 11 25

Jul

Aug

Sep

9

23

Oct

6

20

Nov

4

18

1

Dec

2002

15 29 12 26

Jan

Feb

2003

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 includes Federal Reserve deposits used to satisfy clearing balance contracts. 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:

To the average of
two maintenance
periods ending:

2/6/02

7/10/02

5.4

8/7/02

6.2

9.9

9/4/02

5.8

8.3

6.6

5/1/02

7/10/02

8/7/02

9/4/02

10/2/02

10/30/02

10/2/02

5.7

7.7

6.0

4.0

10/30/02

5.4

6.9

5.2

3.6

3.9

12/11/02

5.3

6.6

5.2

4.1

4.4

4.2

1/8/03

5.3

6.4

5.2

4.3

4.5

4.4

5.0

2/5/03

7.0

8.5

8.1

7.8

8.7

9.5

11.5

12/11/02

16.5

Prepared by the Federal Reserve Bank of St. Louis

Money Zero Maturity (MZM)
Averages of Daily Figures
6400

Seasonally Adjusted

Billions of Dollars
02/03
Dec 23
30
Jan 6
13
20
27

6200

Billions of Dollars

Billions
6144.7
6141.3
6133.9
6118.8
6131.4
6173.6

6400

6200

6000

6000

5800

5800

5600

5600
3

17 31 14 28 11 25 11 25

Dec
2001

Jan

Feb

Mar

8

22

6

Apr

20

May

3

17

1

15 29 12 26

Jun
Jul
2002

Aug

9

23

Sep

7

21

Oct

4

18

2

Nov

16 30 13 27 10 24

Dec

Jan
Feb
2003

MZM is M2 minus total small−denomination time deposits, plus institutional money funds, which are included in the
non−M2 component of M3. Each component is seasonally adjusted.

Money Zero Maturity (MZM)
Compounded annual rates of change, average of four weeks ending:

To the average
of four weeks
ending:

1/28/02

6/24/02

8.1

7/29/02

8.6

12.2

8/26/02

8.8

11.6

10.2

4/29/02

6/24/02

7/29/02

8/26/02

9/30/02

10/28/02

9/30/02

8.3

10.2

8.5

7.4

10/28/02

7.4

8.6

6.6

5.0

3.0

11/25/02

8.8

10.4

9.4

9.0

8.8

10.9

12/30/02

9.0

10.5

9.7

9.5

9.4

11.0

16.2

1/27/03

8.2

9.2

8.2

7.7

7.4

8.0

10.5

11/25/02

5.4

Prepared by the Federal Reserve Bank of St. Louis

Adjusted Reserves
Seasonally Adjusted
100

Billions of Dollars
02/03
Nov 13
27
Dec 11
25
Jan 8
22

90

Billions of Dollars

Billions
69.633
71.769
72.415
72.459
71.802
76.690

100

90

80

80

70

70

60

60

50

50
5

19

Dec

2

16 30 13 27 13 27 10 24

Jan

Feb

Mar

Apr

8

22

May

2001

5

19

3

Jun

17 31 14 28 11 25

Jul

Aug

Sep

9

23

Oct

6

20

Nov

4

18

1

Dec

2002

15 29 12 26

Jan

Feb

2003

Adjusted reserves is the difference between the adjusted monetary base and the currency component of M1.

Adjusted Reserves
Compounded annual rates of change, average of two maintenance periods ending:

To the average of
two maintenance
periods ending:

1/23/02

6/26/02

−14.3

7/24/02

−8.8

9.8

8/21/02

−10.8

1.6

−0.4

4/17/02

6/26/02

7/24/02

8/21/02

9/18/02

10/16/02

9/18/02

−5.8

7.9

11.8

4.5

10/16/02

−5.6

6.1

7.9

1.9

16.8

11/27/02

−3.7

6.6

8.2

4.2

13.4

4.0

12/25/02

−0.8

9.6

12.2

9.5

18.3

12.5

19.5

1/22/03

1.7

12.2

15.3

13.5

21.6

17.7

24.5

11/27/02

37.4

Prepared by the Federal Reserve Bank of St. Louis

Money Stock (M1) and Total Checkable Deposits
Averages of Daily Figures
Seasonally Adjusted
1400

Billions of Dollars

Billions of Dollars

M1
02/03
Dec 23
30
Jan 6
13
20
27

1350

1300

875

TCD
Billions
1216.4
1216.1
1205.0
1193.9
1213.4
1227.8

02/03
Dec 23
30
Jan 6
13
20
27

Billions
581.9
580.7
568.6
557.4
575.0
588.0

825

775

1250

725

M1 (left scale)
1200

675

1150

625

TCD (right scale)
1100

575

1050

525
3

17 31 14 28 11 25 11 25

Dec

Jan

Feb

8

22

6

Apr

Mar

20

3

May

17

1

Jun

2001

15 29 12 26

9

Jul

Sep

Aug

23

7

21

4

Oct

18

2

Nov

16 30 13 27 10 24

Dec

Jan

2002

Feb

2003

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

Currency Component of M1
Averages of Daily Figures
Seasonally Adjusted
690

Billions of Dollars

Billions of Dollars

Compounded annual rates
of change, average of
the four weeks ending
January 27, 2003, from
the four weeks ending:

670

Jan 28, 2002
Apr 29, 2002
Jul 29, 2002
Aug 26, 2002
Sep 30, 2002
Oct 28, 2002
Nov 25, 2002

650

630

02/03
Dec 23
30
Jan 6
13
20
27

7.4
6.8
5.6
5.6
6.2
6.4
7.1

Billions
626.9
627.9
628.7
628.9
630.7
632.2

690

670

650

630

610

610

590

590

570

570
3

17 31 14

Dec

Jan

28 11 25 11 25

Feb

Mar

8

22

Apr

6

20

May

3

17

1

Jul

Jun

2001

15 29 12 26

2002

Aug

9

23

Sep

7

21

Oct

4

18

Nov

2

16 30 13 27 10 24

Dec

Jan

Feb

2003

Current data appear in the Federal Reserve Board’s H.6 release.

Fix

Prepared by the Federal Reserve Bank of St. Louis

Yields on Selected Securities
Averages of Daily Figures
8.00

Percent

Percent

7.00

8.00

7.00

Corporate
Aaa Bonds

6.00

6.00

5.00

5.00

Prime Rate
4.00

4.00

2−Year Interest
Rate Swap

3.00

3.00

2.00

2.00

Commercial Paper
1.00

1.00
7

21

4

Dec
2001

2002/2003
Nov 15
22
29
Dec 6
13
20
27
Jan 3
10
17
24
31
Feb 7

18

Jan

1

15

1

Feb

15 29 12 26 10 24

Mar

Apr

May

7

21

5

19

Jun
Jul
2002

2

16 30 13 27 11 25

Aug

Sep

Oct

8

22

6

Nov

20

Dec

3

17 31 14 28

Jan
Feb
2003

30−Day
Commercial
Paper

90−Day
CDs

2−Year
Interest
Rate Swap

Corporate
Aaa Bonds

Corporate
Baa Bonds

Municipal
Bonds *

1.28
1.28
1.30
1.29
1.32
1.32
1.33
1.28
1.25
1.25
1.25
1.24
1.23

1.34
1.36
1.36
1.36
1.34
1.34
1.35
1.31
1.31
1.30
1.28
1.27
1.27

2.17
2.31
2.42
2.37
2.20
2.16
2.04
2.00
2.10
2.06
1.97
2.00
2.00

6.22
6.30
6.37
6.33
6.20
6.23
6.14
6.16
6.24
6.22
6.11
6.09
6.01

7.56
7.56
7.60
7.55
7.45
7.45
7.38
7.37
7.44
7.39
7.30
7.21
7.12

4.90
5.00
5.00
4.94
4.83
4.82
4.79
4.84
4.94
4.95
4.89
4.90
N.A.

Current data, from the Federal Reserve Board’s H.15 release, are averages of rates available for the week ending February 7, 2003 .
* Bond Buyer’s Average Index of 20 municipal bonds, Thursday data.
Prepared by the Federal Reserve Bank of St. Louis

Selected Interest Rates
Averages of Daily Figures
6.00

Percent

Percent

5.00

6.00

5.00

10−Year
Treasury Securities

4.00

4.00

3.00

3.00

Intended Federal
Funds Rate

Federal
Funds Rate

2.00

2.00

3−Month
Treasury Bill
1.00

1.00
7

21

4

Dec
2001

18

Jan

2002/2003
Nov 15
22
29
Dec 6
13
20
27
Jan 3
10
17
24
31
Feb 7 **

1

15

1

Feb

15 29 12 26 10 24

Mar

Federal
Funds *
1.21
1.28
1.27
1.24
1.23
1.27
1.23
1.20
1.20
1.26
1.23
1.24
1.29

Apr

May

7

21

5

19

Jun
Jul
2002

2

16 30 13 27 11 25

Aug

Sep

Oct

8

22

6

Nov

20

Dec

3

17 31 14 28

Jan
Feb
2003

3−Month
Treasury
Bill

2−Year
Treasury
Securities

5−Year
Treasury
Securities

10−Year
Treasury
Securities

Treasury
Long−Term
Average

1.20
1.20
1.21
1.20
1.19
1.20
1.16
1.20
1.18
1.17
1.15
1.16
1.15

1.84
1.99
2.07
2.01
1.87
1.83
1.71
1.70
1.80
1.75
1.67
1.72
1.71

2.93
3.13
3.26
3.24
3.06
3.02
2.89
2.91
3.12
3.11
2.96
3.01
3.04

3.94
4.08
4.19
4.17
4.04
4.05
3.92
3.94
4.10
4.10
3.97
4.01
4.00

5.00
5.08
5.18
5.16
5.04
5.10
4.99
5.00
5.13
5.11
5.00
5.00
4.96

Current data appear in the Federal Reserve Board’s H.15 release, except for the intended federal funds rate.
* Seven−day averages for week ending two days earlier than date shown. **Averages of rates available.
Prepared by the Federal Reserve Bank of St. Louis

Money Stock (M2) and Money Zero Maturity
Averages of Daily Figures
6400

Seasonally Adjusted

Billions of Dollars

Billions of Dollars

6400

M2
02/03
Dec 23
30
Jan 6
13
20
27

6200

Billions
5797.0
5796.2
5791.9
5798.1
5825.3
5846.4

6200

MZM

6000

6000

5800

5800

M2

5600

5600

MZM
02/03
Dec 23
30
Jan 6
13
20
27

5400

Billions
6144.7
6141.3
6133.9
6118.8
6131.4
6173.6

5200

5400

5200
3

17 31 14 28 11 25 11 25

Dec
2001

Jan

Feb

Mar

8

22

6

Apr

20

May

3

17

1

15 29 12 26

Jun
Jul
2002

Aug

9

23

Sep

7

21

Oct

4

18

2

Nov

16 30 13 27 10 24

Dec

Jan
Feb
2003

M2 is the sum of M1, savings (including money market deposit accounts), small time deposits and retail money funds.
Current data appear in the Federal Reserve Board’s H.6 release.

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

To the average
of four weeks
ending:

1/28/02

6/24/02

5.5

7/29/02

6.5

11.2

8/26/02

6.8

10.6

9.9

4/29/02

6/24/02

7/29/02

8/26/02

9/30/02

10/28/02

9/30/02

6.7

9.5

8.4

7.1

10/28/02

6.8

9.3

8.4

7.5

6.8

11/25/02

7.0

9.2

8.4

7.7

7.3

8.4

12/30/02

6.6

8.3

7.4

6.6

6.1

6.2

5.4

1/27/03

6.5

8.0

7.1

6.4

6.0

6.1

5.4

11/25/02

4.0

Prepared by the Federal Reserve Bank of St. Louis

Savings and Small Time Deposits
Averages of Daily Figures
Seasonally Adjusted
1300

Billions of Dollars

Billions of Dollars

2900

Small Time
02/03
Dec 23
30
Jan
6
13
20
27

1200

1100

Billions
878.7
877.3
875.9
874.6
873.4
872.7

2800

2700

1000

2600

Small Time (left scale)
2500

900

Savings

800

02/03
Dec 23
30
6
Jan
13
20
27

Savings Deposits (right scale)
700

2400

Billions
2761.1
2764.7
2774.3
2802.6
2811.8
2814.0

2300

2200

600
3

17 31 14 28 11 25 11 25

Dec

Jan

Feb

8

22

6

Apr

Mar

20

3

May

17

1

Jun

2001

15 29 12 26

9

Jul

Sep

Aug

23

7

21

4

Oct

18

2

Nov

16 30 13 27 10 24

Dec

Jan

2002

Feb

2003

Savings deposits and small time deposits are at all depository institutions.
Fix

Large Time Deposits and Retail Money Funds
Averages of Daily Figures
Seasonally Adjusted
1200

Billions of Dollars

Billions of Dollars

Large Time
02/03
Dec 23
30
6
Jan
13
20
27

1100

1200

Retail Money

Billions
799.7
800.2
795.9
806.6
821.1
822.4

02/03
Dec 23
30
6
Jan
13
20
27

Billions
940.8
938.1
936.7
927.0
926.7
931.9

1100

1000

1000

Retail Money

900

900

800

800

Large Time
700

700
3

17 31 14

Dec

2001

Jan

28 11 25 11 25

Feb

Mar

8

22

Apr

6

20

May

3

17

1

15 29 12 26

Jul

Jun

2002

Aug

9

23

Sep

7

21

Oct

4

18

Nov

2

16 30 13 27 10 24

Dec

Jan

Feb

2003

Large time deposits and retail money funds are at all despository institutions. Large time deposits are those issued in denominations
of $100,000 or more. Retail money funds were originally called general purpose and broker/dealer money market funds.
Prepared by the Federal Reserve Bank of St. Louis

Fix

Total Borrowings
From Federal Reserve Banks
Averages of Daily Figures
1.6

Billions of Dollars
Billions
0.050
0.027
0.017
0.019
0.052
0.015

2003
Jan 1
8
15
22
29
Feb 5

1.4

1.2

Billions of Dollars

1.6

1.4

1.2

1.0

1.0

0.8

0.8

0.6

0.6

0.4

0.4

0.2

0.2

0.0

0.0
5

19

2

Dec

16 30 13 27 13 27 10 24

Jan

Feb

Mar

Apr

8

22

5

May

19

3

Jul

Jun

2001

17 31 14 28 11 25

Aug

Sep

9

23

6

Oct

20

4

18

Nov

1

Dec

15 29 12 26

Jan

2002

Feb

2003

As of January 9, 2003, borrowings include primary, secondary, and seasonal credit.
Prior to that, borrowings include seasonal, adjustment, and extended credit.

Fix

Bank Loans and Credit
All Commercial Banks in the United States *
Seasonally Adjusted
6400

Billions of Dollars

Billions of Dollars

Bank Credit
02/03
Dec 18
25
Jan
1
8
15
22

6200

6000

5050

Loans & Leases

Billions
5896.6
5912.8
5848.7
5882.3
5884.6
5896.8

02/03
Dec 18
25
Jan 1
8
15
22

Billions
4200.0
4187.3
4109.3
4159.8
4167.5
4174.4

4850

4650

5800

4450

Bank Credit (left scale) **
5600

4250

5400

4050

Loans and Leases (right scale)
5200

3850
5

19

Dec

2001

2

16

Jan

30 13 27 13 27 10

Feb

Mar

24

Apr

8

22

May

5

19

3

17 31 14 28 11

Jul

Jun

2002

Aug

25

Sep

9

23

Oct

6

20

Nov

4

18

Dec

1

15 29 12 26

Jan

Feb

2003

Current data appear in the Federal Reserve Board’s H.8 release.
* Includes foreign−related institutions
** Includes loans and leases and securities
Prepared by the Federal Reserve Bank of St. Louis

Fix

Commercial Paper of Nonfinancial Companies
Not Seasonally Adjusted
300

Billions of Dollars
2003
Jan
1
8
15
22
29
Feb
5

250

Billions of Dollars

Billions
145.1
154.7
156.1
156.5
150.3
155.2

300

250

200

200

150

150

100

100
5

19

2

Dec

16 30 13 27 13 27 10 24

Jan

Feb

Mar

Apr

8

22

5

May

19

3

Jul

Jun

2001

17 31 14 28 11 25

Aug

Sep

9

23

6

Oct

20

4

Nov

18

1

Dec

15 29 12 26

Jan

2002

Feb

2003

Current data appear at www.federalreserve.gov/releases/cp/table1.htm.
Fix

Commercial and Industrial Loans
Seasonally Adjusted
1150

Billions of Dollars

Billions of Dollars

All Banks
02/03
Dec 18
25
Jan
1
8
15
22

1125

1100

1075

625

Large Banks

Billions
965.5
966.2
957.3
961.4
961.8
962.6

02/03
Dec 18
25
Jan
1
8
15
22

Billions
479.7
479.9
474.6
478.1
477.6
476.3

600

575

550

1050

525

Large Banks (right scale) **

1025

500

1000

475

975

450

All Banks (left scale) *

950

425

925

400
5

19

Dec

2

16 30 13

Jan

Feb

27 13 27 10

Mar

24

Apr

8

22

May

5

19

3

Jul

Jun

2001

17

2002

31 14 28 11

Aug

25

Sep

9

23

Oct

6

20

Nov

4

18

Dec

1

15 29 12

Jan

26

Feb

2003

Current data appear in the Federal Reserve Board’s H.8 release.
* Includes foreign−related institutions.
** Weekly reporting, domestically chartered banks.

Fix

Prepared by the Federal Reserve Bank of St. Louis

Trade−Weighted Exchange Rate Indexes
Averages of Daily Figures
125

March 1973=100
2003
Jan 1
8
15
22
29
Feb 5

120

115

January 1997=100

Major
97.4
97.4
96.4
95.7
94.9
95.1

2003
Jan 1
8
15
22
29
Feb 5

Broad
124.9
124.8
124.2
124.0
123.9
124.1

Broad Index
(right scale)

110

145

140

135

130

105

125

Major Currency Index
(left scale)

100

120

95

115

90

110
5

19

Dec

2001

2

16 30 13 27 13 27 10 24

Jan

Feb

Mar

Apr

8

22

May

5

19

Jun

3

17 31 14 28 11 25

Jul

Aug

Sep

9

23

Oct

6

20

Nov

4

18

Dec

2002

1

15 29 12 26

Jan

Feb

2003

The major currency index (MCI) comprises 7 currencies. The broad index comprises the MCI plus 19 additional currencies.
Further details may be found at www.federalreserve.gov/releases/h10/summary/.
Prepared by the Federal Reserve Bank of St. Louis