Full text of U.S. Financial Data : February 9, 1995

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

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of St. Louis

U.S. Financial Data

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THE WEEK'S HIGHLIGHTS:
\/ Business sector productivity (output per hour) increased at a
1.7 percent annual rate in the fourth quarter of1994. For the
year, business sector productivity increased 2.4 percent, up from
1.5 percent in 1993. Productivity in the manufacturing sector,
on the other hand, rose 4.9percent in 1994, the largest gain
since 1987.
Civilian employment rose at a 0.7percent annual rate in January,
while the civilian laborforce rose at a 3.8 percent rate. Accordingly,
the unemployment rate jumped 0.3 percentage points to 5.7 percent.
Civilian employment growth remains robust, however, running at a
3 percent rate over the past six months, up from a 1.4 percent rate
over the previous six months.
✓ Total new factory orders rose 1.7 percent in December after rising
2.7percent in November. Factory orders rose 10.2 percent in 1994,
the largest yearly percentage increase since 1979. Factory orders
are not adjusted for inflation.
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 in process.

All data are seasonally adjusted unless otherwise indicated.

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 $21 for one year (50 issues) or
$36 for two years (100 issues). For more information or 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) 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 Daily Figures
Seasonally Adjusted

Billions of Dollars

1995

Billions

Nov 23
Dec 7

455.2
452.8
452.6
454.1
460.0
460.7

Jan

4

Feb

1

20 4
Dec

Jan

Feb

Mar

Apr

II
May

I

15 29 13 27 10 24 7 21 5
Jun

1993

Jul

Aug

Sep

Billions of Dollars

19 2
Oct

16 30 14 28
Nov

Dec

1994

25

I 22

Jan

Feb

1995

Latest data plotted reserve maintenance period ending: February 1, 1995
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
To the average of

Compounded annual rates of change, average of two maintenance periods ending:
2/2/94 4/27/94 7/6/94
8/3/94 8/31/94 9/28/94 10/26/94 12/7/94

periods ending:
7/6/94
8/3/94
8/31/94
9/28/94
10/26/94
12/7/94
1/4/95
2/1/95

8.1
8.2
8.1
7.7
7.4
6.7
6.0
7.1


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

7.0
7.1
6.8
6.4
5.7
4.8
6.4

8.0
7.0
6.4
5.3
4.2
6.4

6.3
5.6
4.7
3.5
6.1

4.7
3.9
2.6
5.9

3.4
1.9
6.1

0.9
6.6

9.5

Prepared by Federal Reserve Bank of St. Louis

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

Billions of Dollars

M1
1995 Billions
Dec 26 1146.6
-Jan 2 1145.2­
9 1149.6
16 1151.7
23 1149.2
30 1146.9

Billions of Dollars

(left scale)

TCD (right scale)

TCD
1995 Billions
Dec 26 784.0
Jan 2 781.4—
9 785.2
16 785.8
23 782.2
30 779.0

( 20
Dec

1 17 il 14 28 14 1! II 25 9 2] 6 21 4 11 I
Jan

Feb

Mar

Apr

May

Jun

1993

Jul

IS 2) I2 28 10 24 7 21 5

I) 2 18 II 1J 27

1994

Latest data plotted week ending: January 30, 1995
Current data appear in the Federal Reserve Board's H.6 release,
checks'* 5Um °f curr'ncy held by the nonbank public, demand deposits, other checkable deposits and travelers
Total checkable deposits is the sum of demand deposits and other checkable deposits at depository institutions.

Money Stock (Ml)
Compounded annual rates of change, average of four weeks ending:
To the average 1/31/94
5/2/94 6/27/94 8/1/94 8/29/94 10/3/94 10/31/94 11/28/94
of four weeks
ending:
6/27/94
8/1/94
8/29/94
10/3/94
10/31/94
11/28/94
1/2/98
1/30/98

3.1
3.6
2.8
2.3
1.8
1.6
1.4
1.5


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

3.8
2.3
1.7
1.0
0.8
0.6
0.8

2.0
1.2
0.3
0.1
0.1
0.4

-1.1
-1.7
-1.5
— 1.7
-0.6

-1.3
-1.1
-0.9
-0.2

-1.8
-1.2
-0.3

-0.4
0.5

Prepared by Federal Reserve Bank of St. Louis

4
Adjusted Reserves
Seasonally Adjusted

Billions of Dollars

1995

Billions of Dollars

Billions

Nov 23 102.5
Dec 7
98.4
Jan 4
18 103.3
Feb 1 101.6

1

15 29 12 26
Dec
Jan
1993

9 23 9 23 6 20 4 18
Feb Mar
Apr May

1 15 29 13 21 10 24 1 21 5 19
Jun
Jul
Aug Sep Oct
1994

2

16 30 14 28 11 25 8 22
Nov
Dec Jan Feb
1995

Latest data plotted two weeks ending: February 1, 1995
Adjusted reserves is the difference between adjusted monetary base and currency component of M1.

Adjusted Reserves
Compounded annual rates of change, average of two maintenance periods ending:
To the average of 2/2/94 4/27/94 7/6/94
8/3/94 8/31/94 9/28/94 10/26/94 12/7/94
periods ending:
7/6/94
8/3/94
8/31/94
9/28/94
10/26/94
12/7/94
1/4/95
2/1/95

-1.1
-0.4
0.3
0.0
-1.1
-4.0
-5.5
-1.5


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

-2.5
-0.8
-1.1
-2.5
-6.1
-7.9
-2.6

4.5
2.1
-0.9
-6.7
-9.1
-1.8

1.3
-2.5
-8.9
-11.2
-2.7

-6.1
-12.6
-14.5
-4.0

-16.3
-17.6
-4.4

-20.7
-2.8

12.9

Prepared by Federal Reserve Bank of St. Louis

*

Money Multiplier1/
Averages of Daily Figures
Seasonally Adjusted

Ratio

3.2

3.0 .

2.8

Ratio

I

Compounded annual
rates of change,
average of the four
weeks ending
January 30, 1995 from
the four weeks ending:
Jan 31. 1994 -5.4
Apr 25, 1994 -5.5
Aug 1. 1994 -6.1
Aug 29, 1994 -5.7
Sep 26, 1994 -6.2
Oct 24, 1994 -6.0
De
5. 994 - 7.7

I

1995

3.2

Ratio

Nov 21
Dec 5

2.520
2.539

Jan

2.5 24
2.5 02
2.4 92

2
; 6
O

2.8

3.0

2.6

2.4
• 20 3 17 31 14 !8 14 M II 25 1 23
Dec Jan
Feb Mar
Apr May

8 20 4 18 1 15 29 12 28 18 24 7 21
Jun Jul
Aug
Sep
Oct Nov

5 19 2 18 30 13 27
Dec
Jan
Feb

1993
1994
Latest data plotted two weeks ending: January 30, 1995

2.4

1995

Currency Component of M12/
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Compounded annual
rates of change,
average of the four
weeks ending
January 30, 1995 from
the four weeks ending:
Jan 31. 1994 9.9
May 2. 1994 9.3
Aug 1, 1994 8.9
Aug 29, 1994 9.0
Oct 3. 1994 9.4
Oct 31, 1994 9.2
Nov 28. 1994 8.6

6

20 3 17 31 14 28 14 28
Dec
Jan
Feb Mar

1993

25 9 23

20 4 18 1 15 29 12 26 10 24 7 21
Jul
Aug
Sep Oct
Nov

1995

Billions

Dec 26
Jan 2

354.2
355.5
355.9
357.5
358.5
359.6

19 2

16 30 13 27
1995

Latest data plotted week ending: January 30, 1995
1/ Ratio of M1 to adjusted monetary base
2/ Current data appear in the Federal Reserve Board's H.6 release.


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

Prepared by Federal Reserve Bank of St. Louis

5

6
Yields on Selected Securities

Percent

Percent

Averages of Daily Figures

Corporate

Prime Bank
Loan Rate

Municipa Bon dr

3

17 31 H 28
Dec
Jan
Feb
1993

Mar

Apr

May

17 1 15 29 12 2$
Jun
Jul
Aug
1994

Sep

Oct

4 II 2
Nov Dec

13 27 10 24
Jan
Feb
1995

Latest data plotted are averages of rates available for the week ending: February 10, 1995

1994

30-Day
Commercial
Paper

90-Day
CDs

90-Day
Bankers'
Acceptances

Corporate
Aaa Bonds

Corporate
Baa Bonds

Municipal
Bonds **

Nov 18
25
Dec 2
9
16
23
30
Jan 6
13
20
27
Feb 3
10 *

5.50
5.60
5.79
6.09
6.12
6.05
6.06
5.85
5.75
5.82
5.94
6.08
6.03

5.80
5.87
6.08
6.28
6.30
6.26
6.36
6.36
6.20
6.22
6.22
6.22
6.16

5.74
5.77
5.99
6.17
6.20
6.14
6.23
6.21
6.09
6.12
6.10
6.11
6.05

8.70
8.63
8.57
8.47
8.46
8.45
8.43
8.49
8.46
8.44
8.49
8.33
8.26

9.33
9.26
9.21
9.11
9.10
9.08
9.08
9.13
9.10
9.06
9.10
8.92
8.85

7.06
7.03
6.90
6.88
6.77
6.74
6.71
6.66
6.53
6.44
6.49
6.40
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


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

Selected Interest Rates

Percent
J.O i-

Percent

Averages of Daily Figures

-1 9.0

5-Year
Treasury Securities

3-Month
Treasury Bill

/

TederaT

Funds Rate
Discount Rate

3.0 ^9*

2.0 ””rT~i1 r-’ i1 r-1 r* r-*-t—'T—r—T—'T—1—r-|i—,—r-ri—T—i |—T'—i * i*

3 17
Dec
1993

31 14 28 11 25 11 25 8 22 6 20 3
Jan

Feb

Mar

Apr

May

17 1

r—r—i

r-* i ri—T—t—ti—^“T-r_r^T-* !■—r-1

15 29 12 26 9 23 7 21 4 18 2

Jun
Jul
1994

Aug

SepOct

Nov

16 30 13 27 10 24

Dec

Jan

Feb
1995

Latest data plotted are averages of rates available for the week ending: February 10. 1995

1994
Nov 18
25
Dec 2
9
16
23
30
Jan 6
13
20
27
Feb 3
10 *

Federal
Funds **
5.22
5.53
5.85
5.47
5.48
5.56
5.45
5.40
5.53
5.45
5.42
5.63
5.95

3—Month
Treasury
Bill

1 —Year
Treasury
Bill

5—Year
Treasury
Securities

5.34
5.31
5.53
5.70
5.66
5.49
5.52
5.67
5.66
5.70
5.77
5.82
5.79

6.18
6.22
6.45
6.62
6.73
6.66
6.74
6.74
6.66
6.58
6.50
6.43
6.35

7.73
7.74
7.79
7.74
7.78
7.79
7.81
7.86
7.80
7.73
7.74
7.54
7.43

10-Year
Treasury
Securities

Long-Term
Treasury
Securities

7.97
8.16
7.91
8.10
7.89
8.06
7.79
7.95
7.82
7.96
7.82
7.95
7.81
7.93
7.86
7.99
7.80
7.95
7.74
7.90
7.78
7.93
7.62
7.78
7.53
7.70
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


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

Prepared by Federal Reserve Bank of St. Louis

7

2.0

8
Money Stock (M2) and Non-M1 Components of M2
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

1995
Dec 26
Jan 2
9
16
23

Billions
3617.8
3618.0
3622.i
3628.9
3629.4

Billions of Dollars

(left scale)

Non-M1 M2

Non-441 M2 (right scale)

1995

Billions

Dec 26 2471.2
Jan 2 2472.8
9 2473.0
16 2477.2
23 2480.2
30 2477.4

6 20
Dec

3

17 31 14 21 14 21

Jan

Feb

Mar

11 25 9 23 6 20

4 18 1

Apr

Jul

May

Jun

1993

15 20 12 26 10 24 7 21 5
Aug

Sep

Oct

Nov

19

Dec

1994

2

16 30 13 27

Jan

Feb

1995

Latest data plotted week ending: January 30, 1995
Current data appear in the Federal Reserve Board's H.6 release.
M2 is the sum of Ml, 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)
T 11
of four weeks
ending:
6/27/94
8/1/94
8/29/94
10/3/94
10/31/94
11/28/94
1/2/95
1/30/95

Compounded annual rates of change, average of four weeks ending:
1/31/94 5/2/94 6/27/94 8/1/94 8/29/94 10/3/94 10/31/94 11/28/94

1.0
1.8
1.2
1.0
0.6
1.2
1.3
1.5


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

1.7
0.7
0.5
0.1
0.9
1.0
1.4

1.6
0.9
0.2
1.4
1.4
1.8

-1.2
-1.5
0.4
0.7
1.2

-1.1
1.2
1.4
1.9

2.2
2.0
2.5

4.0
4.0

2.8

Prepared by Federal Reserve Bank of St. Louis

Savings and Small Time Deposits
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Savings
1125

Small Time

Billions

1995

Dec 26 1141.5
Jan 2 1136.7
9 1133.7
16 1131.4­
23 1128.3
30 1124.3

Savings Deposlts(left scale)

Billions

Dec 26
Jan 2
9
16
23
30

819.1
821.4
825.3
830.7 —
835.8
840.5

19 2

14 31 13 27

Small Tims (right scale)

t 11 3 17 31 14 II 14 II 11 IS 1 13 t 21 4 II 1
Dec
Jan
Feb Mar
Apr
May
Jun
Ju
993

IS 29 12 !( II 24 7 21

5

1994

Note: Savings deposits are at all depository institutions.

Large Time Deposits and Money Market Funds1 /
Billions of Dollars

All Depository Institutions
Averages of Daily Figures, Seasonally Adjusted

Large Time

Billions of Dollars
Money Market
1995 Billions

1995 Billions
Dec 26 364.5
_ Jan 2 362.4.
9 359.5
16 361.6
23 365.4
30 368.4

Dec 26
Jan 2
9
16
23
30

390.8
391.2 _
391.9
393.4
392.9
392.6

Money Market

Large Time
4 20 3

17 31 14 21 14 21 II 25
Feb Mar
Apr

9 23 4 10 4 II 1 IS 29 12 24 10 24 7 11 S 19 2
May Jun
Jul
Aug
Sep Oct
Nov Dec

14 30 13 17

Latest data plotted week ending: January 30, 1995
1/ Large time deposits are those issued in denominations of $100,000 or more.
Money market funds are general purpose and broker/dealer.
Prepared by Federal Reserve Bank of St. Louis


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

9

10
Total Borrowings
From Federal Reserve Banks
Averages of Daily Figures

Billions of Dollars

1995
Jan

4

— Feb

1

Billions of Dollars

Billions
0.309
0.055
0.079
0.212

0.138
0.052

I

IS 23 12 21
Dec
Jan
1993

9 23 9 23 6 20
Feb Mar
Apr

4

18 1 IS 29 13 27 18 24 7 21 5 19
May
Jun
JuS
Aug Sep Oct
1994

2

16 30 14 28
Nov
Dec

11 25 8 22
Jan Feb
1995

Borrowings include seasonal, adjustment, and extended cextended credit was $19 million in the week ending
January 25, 1995, $1 million in the week ending July 20, 1994 and was zero in the other weeks shown.
All Commercial Banks in the United States
Seasonally Adjusted

Billions of Dollars
Bank
1995
Dec 21
28
Jan 4
11
18
25

Credit
Billions
3325.7'
3328.9
3334.7
3345.8
3348.3­
3362.6

Billions of Dollars

Bonk Credit (left scale)

Loans&Leases
1995 Billions__

Loans and

1

IS 29 12 26
Dec
Jan
1993

9 23 9 23
Feb Mar

(right scale)

6 20 4 18 1 15 29 13 27 10 24 7 21
Apr May Jun
Jul
Aug Sep
1994

• Latest Wednesday data plotted : January 25, 1995
Current data appear in the Federal Reserve Board’s H.B release.
1/ Includes foreign—related institutions
2/ Includes loans and leases and securities


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

Dec 21
28
Jan 4
:1
'
18
25

5

2378.6
2377.8
2390.4
2398.0 _
2398.9
2412.7

19 2 16 30 14 28 11 25 8 22
Oct
Nov Dec
Jan
Feb
1995

Prepared by Federal Reserve Bank of St. Louis

Commercial Paper of Nonfinancial Companies

Billions of Dollars

1995

1

Billions of Dollars

Not Seasonally Adjusted

Billions

15 29 12 28 9 23 9 23 6 20 4 18 1 15 29 13 27 10 24 7 21 5 19 2 16 30 14 21 11 25
Dec
Jan
Feb Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov Dec
Jan
1994

Latest data plotted week ending: February 1, 1995

Commercial and Industrial Loans

Billions of Dollars

680

I

Billions of Dollars

Seasonally Adjusted

I

350

All Banks
Dec 21
28
Jan 4
11
18
25

647.8
646.5
648.5
653.6
657.4
661.7

Large Banka (right scale)

Large Banks
1995 Billions
Dec 21 314.6
28 314.6
316.6
319.4
18 321.1
25 323.4

All Banka (left scale)
1 1 ■'1

1

1 1 1

i ' i

15 II tl It » »
Dec
Jan Feb
1993

» ' '

9 II
Mar

11' 1 i 1 ‘i ' i 1

1 i ■

1 i-t-i1. i ■ i

l II < II I 15 I! 1] II
Apr May
Jun Jul
1994

Latest Wednesday data plotted : January 25, 1995
Current data appear in the Federal Reserve Board'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

i ■ i i ■ i ■

It !♦ 7 11 5 U
AugSep
Oct

■ i ■

. i

i ■ i

I

i ■ | ?50

1 It 50 U II 11 IS I
Nov
Dec Jan
Feb
1995

„
Prepared by Federal Reserve Bank of St. Louis

Dollar's Trade-Weighted Exchange Index
1973=100

1973=100

Averages of Daily Figures

1995 1973=100

Jan

I 15 2!
Dec

4

12 25 9 23 9 23 5 20 4 II

1 15 2! 13 27 10 24 7 21 5 IS 2 16 31 14 28 11 25

1 22

Jan Feb

Jun

Feb

Mar

1993

Apr

May

Jul

Aug

1994

Sep

Oct

Nov

Dec

Jan

1995

Latest data plotted week ending: February 8, 1995
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


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

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