Full text of U.S. Financial Data : January 15, 1998

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reriyys
THh
FEDERAL
A RESERVE
RANK of
«r SX LOUIS

JAN 2 0 1938
THE WEEK S HIGHLIGHTS:
■

Total business inventories (nonfarm) accumulated at an annual
rate of $48.2 billion in November after rising at a $37.1 billion
rate in October. For the third quarter, business inventories
increased at a rate of $43.7 billion.

■

The nominal value of sales at the nation’s retailers rose 0.7 percent
in December, or 9 percent at an annual rate. For the fourth quarter,
though, growth of retail sales slowed to a 1 percent rate after rising
at a 7.5 percent rate in the third quarter.

■

The index ofU.S. import prices fell 0.6 percent in December, as
petroleum prices dropped 5.4 percent. For the 12 months ending
in December 1997, import prices declined 4.9 percent, the largest
yearly decline since the series began in 1982.

■

The consumer price index (CP1-U) rose 0.1 percent in December.
For the year (December-to-December), the CPI rose just 1.7 percent,
the smallest yearly uptick since 1986. Similarly, the core measure of
the CPI (less food and energy prices) rose 2.2 percent in 1997, the
smallest increase since 1965.

■

Nonfarm payrolls increased 370,000 in December, modestly less than
November’s 412,000 gain. For 1997, payroll employment expanded
by an average of slightly more than 267,000 a month (2.7 percent),
about 56,000 more than the average monthly gain seen in 1996. The
civilian unemployment rate averaged 4.7 percent in the fourth quarter
of1997, the lowest rate since the first quarter of1970.

__________________ 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.


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

2

Adjusted Monetary Base
Averoges of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Billions
488.914
490.668
493.229
492.823
496.837
496.047

20 4

18 1

15 29 12 26 12 26 9 23 7 21
Feb

4

May

Mor

18 2

16 30 13 27 10 24 8 22 5
Aug

Jun

Sep

19 3

17 31 14 28

Oct

The adjusted monetary base is the sum of Federal Reserve deposits and vault cosh held by domestic depository
institutions, currency held by the public, ond on adjustment for the effect of changes in reserve requirement
ratios. The monetory base series was recently revised to include Federol Reserve deposits used to satisfy
clearing balance contracts. Data ore computed by this bank. A detailed description of the odjusted monetary
base is available from this bank. Recent dato ore preliminary.

Adjusted Monetary Base
Compounded onnuol rates of change, overage of two maintenance periods ending:
To the overage of
two maintenance
periods ending:

1/15/97

4/9/97

6/18/97

7/16/97

8/13/97

9/10/97

10/8/97 11/19/97

6/18/97

5.0

7/16/97

5.1

5.3

8/13/97

5.0

5.0

9/10/97

5.6

5.9

6.6

7.0

10/8/97

5.2

5.3

5.5

5.4

6.1

11/19/97

6.0

6.4

7.0

7.3

8.2

7.4

12/17/97

6.2

6.7

7.3

7.6

8.4

7.9

10.2

1/14/98

6.5

6.9

7.6

7.8

8.6

8.2

10.0


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Federal Reserve Bank of St. Louis

4.8

9.2

Prepored by Federal Reserve Bank of St. Louis

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

Billions of Dollars

Oec

1

Jan

5

Billions of Dollars

Billions
1071.9
1059.3
1059.3
1069.1
1077.4
1087.0

Dec

1

Jon

5

Billions
639.7
626.4
626.0
634.6
641.2
651.7

-750
M1 (left scale)

TCD (right scale)

Feb

Mar

Apr

May

Jun

Aug

Sep

Oct
1998

Ml 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 ot depository
institutions. Current data appear in the Federal Reserve Board's H.6 release.

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

Compounded onnuol rates of change, overoge of four weeks ending:
1/6/97

4/7/97

6/2/97

7/7/97

8/4/97

9/8/97

10/6/97

6/2/97

-3.8

7/7/97

-3.2

8/4/97

-2.9

-2.4

9/8/97

-1.5

-0.3

1.9

3.4

10/6/97

-2.6

-2.1

-1.1

-1.3

-1.4

1 l/J/97

-2.5

-2.0

-1.2

-1.3

-1.4

-6.4

12/8/97

-1.8

-1.2

-0.3

-0.2

0.0

-2.6

1.4

1/5/98

-0.7

0.3

1.4

1.8

2.4

1.0

5.1

11/3/97


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Federal Reserve Bank of St. Louis

-2.8
-0.9

8.1

Prepared by Federal Reserve Bonk of St. Louis

3

4

Adjusted Reserves
Seasonally Adjusted
Billions of Dollars

Billions of Oollors

Billions
67.523
69.020
68.419
68.310
70.635

6 20 4

18 1

15 29 12 26 12 26 9 23 7 21
Feb

Mar

Apr

4

May

18 2
Jun

16 30 13 27 10 24
Jul

Aug

Sep

22 5 19 3

17 31 14 28

Oct

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

Adjusted Reserves
Compounded annual rates of change, average of two maintenance periods ending:
To the overage of
two maintenance
periods ending:
6/4/97

1/1/97

3/26/97

6/4/97

7/2/97

7/30/97

8/27/97

9/24/97

11/5/97

-5.0

7/2/97

-9.9

-7.3

7/30/97

-7.4

-3.7

-13.8

8/27/97

-6.0

-2.0

-7.8

7.9

9/24/97

-6.2

-3.1

-8.0

2.1

-1.7

11/5/97

-5.0

-1.9

-5.0

2.6

0.5

-1.4

12/3/97

-3.3

0.0

-1.9

5.0

3.9

3.4

8.5

12/31/97

-2.5

0.8

-0.7

5.4

4.5

4.3

8.3


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Federal Reserve Bank of St. Louis

12.0

Prepared by Federal Reserve Bank of St. Louis

Money Multiplier
Averages of Daily Figures
Ratio

seasonally Adjusted

Ratio

Compounded onnuol rotes
of change, overage of
the four weeks ending
Oecember 29, 1997, from
the four weeks ending:
Dec
Mar
Jun
Jul
Aug
Sep
Nov

Nov

30.
24,
30,
28.
25,
22.
3.

Dec

1996
1997
1997
1997
1997
1997
1997

Jon

Oct 20

Nov
Dec

-7.0
-7.2
-6.8
-6.6
-7.9
-7.5
-5.0

Feb

Mor

8 22 6
Apr

Moy

Jun

Aug

Sep

20

3

3

2.167
2.176
2.156

1

17

I

15 29 12 26

Oct

1996
Ratio of M1 to the adjusted monetory base.

1998

Currency Component of M1
Averages of Daily Figures
seasonally Adjusted

Billions of Dollars

425-

Billions of Dollars

Compounded annual rotes
of change, average of
the four weeks ending
Jonuory 5, 1998, from
the four weeks ending:
6.
7,
7.
4.
8.
6.
3.

1997
1997
1997
1997
1997
1997
1997

1
1
1

Dec

Jan

Apr

May

Jun

1996
19c
Current data appear in the Federal Reserve Boord's H.6 release.


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

Sep

1

5

Billions
424.0
424.6
425.1
426.2
428.0
427.0

Oct
1998

Prepared by Federal Reserve Bonk of St. Louis

5

6

Yields on Selected Securities
Averages of Daily Figures
Percent

Percent

Prime Rate

Corporate
Aaa Bonds

Commercial Paper

Municipal Bonds

15 29 13 27 10 24

7 21

7

21

4

18

2

16 30 13 27 11 25 8

1996

1997/98
Oct 24
31
Nov
7
14
21
28
12
19
26

22

5

19

3

17 31 14 28 12 26

1997

9

23

1998

30-Day
Commercial
Paper

90-Doy
COs

90-Day
Bankers'
Acceptances

Corporate
Aoo Bonds

Corporate
Baa Bonds

5.49
5.51
5.51
5.53
5.52
5.56
5.68
5.74
5.82
5.90
5.71
5.48
5.43

5.69
5.67
5.68
5.76
5.76
5.78
5.81
5.81
5.80
5.82
5.74
5.58
5.50

5.58
5.58
5.57
5.69
5.67
5.72
5.77
5.78
5.77
5.76
5.62
5.52
5.47

7.05
6.93
6.93
6.89
6.83
6.83
6.81
6.84
6.74
6.69
6.70
6.55
6.52

7.57
7.49
7.47
7.44
7.38
7.38
7.36
7.39
7.30
7.26
6.91
7.13
7.11

Municipal
Bonds ••
5.42
5.35
5.38
5.34
5.31
5.29
5.25
5.21
5.17
5.14
5.15
5.07
N.A.

9
16
Current data are from the Federal Reserve Board's H.15 release, and ore overages of rotes ovailoble for the week
ending on Januory 16, 1998 . Beginning September 2, 1997, the commercial paper rote reflects new source doto,
which is currently available only bock to the first of the yeor.
•• Bond Buyer's Average Index of 20 municipol bonds, Thursday doto


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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-Yeor
Treasury Securities

Federal
Funds Rote

Discount Rate

T3-Month
Treasury Bill

1

15 29 13 27 10 24

7

21

7

21

16 30 13 27 11 25 8
Jun

22

5

19

3

17 31 14 28 12 26 9

23

May

1997/98
Oct 24
31
7
14
21
28
Dec
5
12
19
26
Jan
2
9
16 •
Nov

Federal
Funds ••
5.54
5.50
5.60
5.50
5.51
5.49
5.58
5.40
5.66
5.44
5.45
5.74
5.45

3-Month
Treasury
Bill

1 -Year
Treasury
Bill

5-Yeor
Treasury
Securities

10-Year
Treasury
Securities

30-Year
Treasury
Securities

4.97
5.04
5.14
5.16
5.15
5.13
5.13
5.10
5.12
5.27
5.24
5.04
4.99

5.23
5.07
5.15
5.15
5.18
5.21
5.25
5.23
5.20
5.26
5.23
4.99
4.90

6.02
5.78
5.81
5.81
5.79
5.82
5.82
5.83
5.74
5.72
5.71
5.38
5.28

6.09
5.90
5.92
5.88
5.84
5.86
5.86
5.87
5.77
5.74
5.75
5.49
5.42

6.38
6.22
6.20
6.12
6.05
6.06
6.04
6.07
5.96
5.90
5.93
5.75
5.72

Current doto oppeor in the Federol Reserve Boord's H.15 release.
• Averages of rates available
•• Seven-day averages for week ending two doys earlier thon dote shown


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Federal Reserve Bank of St. Louis

Prepared by Federol 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

Dec

1

Jon

5

Billions
4012.7
4010.2
4007.2
4022.4
4034.3
4043.1

Billions of Dollars

M2 (left scale)

Non-M1 M2 (right scale)

Non-Ml M2
Dec

Jon

Feb

Mor

Apr

Moy

Jun

Aug

Sep

1

5

2940.8
2950.9
2947.9
2956.9
2956.

Oct

M2 is the sum of Ml, savings (including money morket deposit accounts), small time deposits and retoil 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 overoge
of four weeks
ending:

1/6/97

4/7/97

6/2/97

7/7/97

8/4/97

9/8/97

10/6/97

6/2/97

3.9

7/7/97

4.0

3.0

8/4/97

3.9

3.0

3.9

9/8/97

4.8

4.7

6.3

7.2

10/6/97

4.9

4.9

6.1

6.8

8.4

11/3/97

4.9

4.8

5.8

6.2

7.1

5.0

12/8/97

5.1

5.1

6.0

6.3

7.1

5.7

5.7

1/5/98

5.3

5.4

6.2

6.5

7.2

6.2

6.3

11/3/97


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Federal Reserve Bank of St. Louis

7.2

Prepored by Federol Reserve Bonk of St. Louis

Savings and Small Time Deposits
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars
Small Time
97/98
Billions
Dec
1
963.5
963.4
964.1
964.5
963.5
963.1

Billions of Dollars

Savings Deposits (right scale)

Small Time (left scale)
Sovings
97/98
Billions
1385.6
1393.3
1394.6
1399.8
1400.2
1399.1

4

18

2

Nov

16 JO 13 27 10 24 10 24
Dec

Jan

Feb

Mar

7 21
Apr

5

19 2
May

16 30 14 28 II 26 8 22 6
Jun

Jul

Aug

Sep

20 3

17

Oct

1

Nov

1996
1997
Sovings deposits ond smoll time deposits ore ot oil depository institutions.

15 29 12 26
Dec

Jon
1998

Large Time Deposits and Retail Money Funds
Billions of Dollors

Averages of Doily Figures
Seosonolly Adjusted

Large Time
97/98

700 -

Billions of Dollars
Retail Money
7/98
Billions

Billions
575.7
580.8
583.4
581.1

591.7
594.2
589.2
588.9
593.1
593.9

570.1

Retail Money

Large Time

2

16 30 13 27 10 24 10 24 7 21
Feb
Mor
Apr

5

19 2
Moy

16 30 M 28 11 25 8 22 6 20 3

17 1

15 29 12 26

1996
1997
1998
Large time deposits ond retail money funds ore ot oil despository institutions. Lorge time deposits are those
issued in denominations of $100,000 or more. Retoil money funds were originolly colled general purpose
ond broker/dealer money market funds.
Prepored by Federol Reserve Bonk of 5t. Louis


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Federal Reserve Bank of St. Louis

9

10

Total Borrowings
From Federal Reserve Bonks
Averages of Oaily Figures

Billions of Dollars
Dec 10

Jon

7

6 20 4

Billions of Dollars

Billions
0.117
0.362
0.170
0.737
0.375
0.044

18

1

15 29 12 26 12 26 9 23 7 21

4

18 2

16 30 13 27 10 24 8 22 3

1996
1997
Borrowings include seasonal, adjustment ond extended credit.

19 3 17 31 14 28
1998

Bank Loans and Credit

All Commercial Banks in the United States1^
4175

3225

Bonk Credit
1997
Billions
Nov 26
4097.0
Dec 3
4088.1

4075

17
24
31

3125

4094.3
4124.5
4128.2

Bank Credit (left s cole)2 /

^

3975

3025

3875

2925

3775
Lo □ns an d Lea ses (ri ght sc ale)

6 20
Nov

4 18 1 15 20 12 26 12 26 9 23 7 21
Oec
Jan
Feb
Mar
Apr
Moy

4

18 2 16 30 13 27 10 24 8 22 5 19 3 17 31 14 28
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan

1996
1997
Current doto oppeor in the Federal Reserve Board's H.8 releose.
1/ Includes foreign-reloted institutions
2/ Includes loons ond leases and securities


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Federal Reserve Bank of St. Louis

Loon s & Leejses
1997
Bi lions
3C
Dec 3
2991.5
10
3000.2
17
3003.8
24
3016.4
31
3012.6

1998

Prepared by Federol Reserve Bonk of St. Louis

2725

Commercial Paper of Nonfinancial Companies
Not Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Billions
Dec

3

Jon

7

210-

6

20

4

Nov

18

1

Dec

15 29 12 26 12 26 9
Jon

Feb

Mar

23

Apr

7

21

4

May

18 2
Jun

1996

16 30 13 27 10 24
Jul

Aug

Sep

8

22

5

19

Oct

3

Nov

17 31 14 28
Dec

1997

Jan
1998

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

Commercial and Industrial Loans
Billions of Dollors

860-

840-

Seosonolly Adjusted

All Bonks
Billions
852.4
Nov 26
852.1
850.9
855.8
860.3
862.4

Billions of Dollors

All Banks

Large Bonks (right scale)2/

Lorge Bonks
[97
Billions
Nov 26
441.0
440.0
441.6
443.1
447.6
448.8
6

20 4

18

1

IS 29 12 26 12 26 9

23 7

1996

21

4

18 2

1997

16 30 13 27 10 24 8

22

5

19

3

7 31 14 28
1998

Current dato oppear in the Federol Reserve Boord's H.8 releose.
1/ Includes foreign-related institutions

2/ Weekly reporting dom.,tiea.l, chartered bonk.


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Federal Reserve Bank of St. Louis

Prepared by Federol Re.erve Bonk of St. Lou!.

11

Dollars Trade-Weighted Exchange Index
Averages of Daily Figures
1973=100

1973=100

105

Dec 10

100-

Jon

100

7

95

90

85
6

20 4 18
Nov
Dec

1

15 29 12 26 12 26 9 23 7 21
Jon
Feb
Mor
Apr
May

1996

4

18 2 16 30 13 27 10 24 8 22 5 19 3 17 31 14 28
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jon
1997

1998

Current doto appear in the Federal Reserve Boord's H.10 release. Doto ore weighted averages ot 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