Full text of U.S. Financial Data : January 16, 1997

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anuary 16,1997

USSemialDafa
MAY 1 5 1997

THE WEEK'S HIGHLIGHTS:
■

The consumer price index for all urban consumers (CPI-U) rose
at a 3.1 percent annual rate in December, matching its November
increase. For the 12 months ending in December 1996, though,
the CPI rose 3.3 percent, up from last year’s 2.5 percent increase
and the largest since 1990. Consistent with the practice of the
Bureau of Labor Statistics, price changes for 1995 and 1996 are
computed from data that are not seasonally adjusted.

■

The total value of business inventories (manufacturing and trade)
rose $0.7 billion in November, an increase of 0.8percent at an annual
rate. Manufacturers’ inventories rose at their fastest pace since
January, while retail inventories posted their largest decline in eight
months. Business inventories are not adjusted for price changes.

■

After falling at a 2.9 percent annual rate in November, retail
sales advanced at a 7.3 percent rate in December. Retail sales
rebounded in the fourth quarter, rising at a 4.8 percent annual
rate, after increasing by only 0.9 percent in the third quarter.
Retail sales are not adjusted for price changes.

■

Nonfarm payroll employment rose 262,000 in December, or at a
2.6 percent annual rate. Payroll employment rose at a 1.8 percent rate
in the fourth quarter, down from the 2.3 percent gain in the third
quarter. For the year, payroll employment increased 2.564 million,
or an average ofjust under 213,700 a month; in 1995, monthly
employment gains averaged 185,250.

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
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Information in this publication is also included in the Federal Reserve Economic Data (FRED) electronic

Digitized forbulletin
FRASER
board at (314) 621-1824 or internet World Wide Web server at http://www.stls.frb.org/fred.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

2
Adjusted Monetary Base
Averages of Daily Figures
Seasonally Ad usted

Billions of Dollars

Billions of Dollars

480

Billions
463.0
463.6
465.8
466.4
466.8
464.1

470

460

450

"l ' l

15 29 13 27 10 24 7 21
Feb

6 20 3 17
Mar
Apr

IS 29 12 26 10 24 7 21
Moy
Jul
Aug

T n-T
4 18 2 16 30 13 27 11 25 8 22
Sep
Oct
Nov
Dec

440

The adjusted monetary base is the sum of Federal Reserve deposits and vault 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 sotisfy
clearing balance contracts. Goto ore computed by this bonk. A detoiled description of the odjusted monetary
bose is ovoiloble from this bank. Recent data ore preliminary.

Adjusted Monetary Base
Compounded onnuol rotes of chonge, overoge of two mointenonce periods ending:
To the overoae of
two maintenance
periods ending:
6/19/96

1/17/96

4/10/96

6/19/96

7/17/96

8/14/96

9/11/96

10/9/96 11/20/96

2.0

7/17/96

2.7

2.3

8/14/96

3.3

3.4

9/11/96

3.7

4.1

7.0

7.2

10/9/96

3.5

3.7

5.6

5.3

4.3

11/20/96

3.7

3.9

5.4

5.2

4.5

3.6

12/18/96

4.1

4.4

5.8

5.7

5.3

4.8

6.1

1/15/97

3.6

3.8

4.8

4.5

4.0

3.4

3.8


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

6.9

Prepared by Federol Reserve Bank of St. Louis

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

Billions of Dollors
Dec

2

Billions of Dollars

Billions
1087.!
1070.9
1073.1
1078.8
1078.9
1075.0

96/97
682.5
666.5
669.1
675.1
674.2
669.0

Ml (left scole)

TCD (right scale)

Feb

Mor

Apr

Moy

1995

Aug

Jun

Sep

Oct

1996

1997

Ml is the sum oF currency held by the nonbonk public, demand deposits, other checkable deposits and travelers
checks. Total checkable deposits is the sum of demand deposits ond other checkable deposits at depository
institutions. Current doto appear in the Federal Reserve 8oord's H.6 release.

Money Stock (M1)
Compounded onnuol rotes of chonge, overage of four weeks ending:
To the average
of four weeks
ending:

1/8/96

4/8/96

6/3/96

7/8/96

8/5/96

9/9/96

10/7/96

6/3/96

-1.3

7/8/96

-1.6

-4.7

8/5/96

-2.6

-5.7

-5.4

9/9/96

-3.5

-6.4

-6.6

-8.6

10/7/96

-4.6

-7.5

-8.2

-10.2

-11.0

11/4/96

-5.0

-7.7

-8.4

-10.0

-10.4

-11.4

12/9/96

-4.4

-6.6

-6.8

-7.7

-7.5

-7.0

-3.8

1/6/97

-4.2

-6.0

-6.0

-6.7

-6.3

-5.6

-2.9


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

11/4/96

-0.1

Prepored by Federal Reserve Bonk of St. Louis

3

4
Adjusted Reserves
Seasonally Adjusted
Billions of Dollars

Billions of Dollars
Oct 23
Nov 6

1

Dec

4

Jan

1

Billions
72.4
71.7
71.8
72.4
72.5
72.4

1 i 1 r1 i"i|T

15 29 13 27 10 24 7 21 6 20 3 17 1 15 29 12 26 10 24 7 21 4 18 2 16 30 13 27 11 25 8 22
Nov
Dec
Jon
Feb
Mor
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
1995

1996

1997

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

Adjusted Reserves
Compounded annual rotes of chonge, overoge of two maintenance periods ending:
To the average of
two maintenance
periods ending:

1/3/96

3/27/96

6/5/96

7/3/96

7/31/96

8/28/96

9/25/96

6/5/96

-1.2

7/3/96

-2.9

-7.1

7/31/96

-3.6

-7.4

-9.9

8/28/96

-3.8

-7.0

-8.3

9/25/96

-4.7

-7.7

-9.2

-8.4

-8.4

11/6/96

-6.0

-9.0

-10.6

-10.4

-11.0

-13.3

12/4/96

-5.5

-8.0

-9.0

-8.6

-8.7

-9.7

-8.9

1/1/97

-4.6

-6.6

-7.0

-6.3

-5.9

-6.1

-4.5


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

11/6/96

-6.7

3.7

Prepared by Federal Reserve Bank of St. Louis

Money Multiplier
Averages of Daily Figures
Seasonally Adjusted

Rotio
Compounded annuol rates
of change, overage of
the four weeks ending
December 30, 1996, from
the four weeks ending:
d U II
I ,
Jan
1,
Mar 25.

1996
1996

Oct 21
Nov 4
Dec

-7.

29.

1 996
1996

Aug 26.
Sep 23.

1996

20 4

18 29 12 28 1 1 25 8 22 6 20 3 17 1

Jul

18

2

12.2

-

-11.2
-10.7

1996

Apr

May

15 29 12 28 9 23 7 21 4
Aug

Jun

1995
Rotio of M1 to the adjusted monetary bose.

Sep

18 2

18 30 13 27

Oct

1996

1997

Currency Component of M1
Averages of Daily Figures
Billions of Dollars

Seasonally Adjusted

Billions of Dollors

Compounded annuol rotes
of change, average of
the four weeks ending
Jonuory 6. 1997, from
the four weeks ending:
Jan
8.
1996
6.
Apr
8.
1996
7.
Jul
8.
1996
8.
390- Aug
5.
1996
8.
c. i
n
-------1996
1996
1996

20 4

18

Dec

2

396.6

Jon

6

397.5

8 2
Apr

May

Jun

Aug

Sep

18 30 13 27

Oct

1996
Current dote appear in the Federol Reserve Boord's H.6 releose.


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

Prepared by Federol Reserve Bonk of St. Louis

5

6
Yields on Selected Securities
Averages of Daily Figures
Percent

Percent

Prime Rote

Corporate
Aao Bonds

Municipal Bonds

Commercial Paper

3

17

1

15 29

9 23

5

19 3

17 31 14 28 12 26 9 23 6 20 4
Jun

18

15 29

10 24

Moy

1997

1996/97
Oct 25
Nov
1
8
15
22
29
Dec
6
13

20
Jan

27
3
10
17

30-Doy
Commercial
Paper

90-Doy
CDs

90-Doy
Bonkers"
Acceptances

Corporate
Aao Bonds

Corporate
Baa Bonds

Municipal
Bonds

5.36
5.37
5.38
5.39
5.40
5.42
5.53
5.57
5.73
5.88
5.71
5.43
5.44

5.40
5.39
5.38
5.37
5.38
5.38
5.40
5.42
5.44
5.50
5.45
5.42
5.45

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

7.39
7.28
7.18
7.08
7.05
7.06
7.10
7.21
7.28
7.22
7.29
7.42
7.39

8.07
7.96
7.86
7.75
7.75
7.75
7.79
7.90
7.97
7.91
7.99
8.11
8.08

5.75
5.70
5.67
5.60
5.55
5.54
5.57
5.66
5.67
5.66
5.70
5.71
NA

Current data are from the Federal Reserve Boord's H.15 releose, and ore averages of rotes ovoiloble for the
week ending on Jonuory 17, 1997
•• Bond Buyer's Average Index of 20 municipal bonds, Thursdoy doto
N A. - Not Available


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

Prepared by Federol Reserve Bonk of St. Louis

Selected Interest Rates
Averages of Daily Figures
Percent

Percent

30-Year
Treasury Securities

rederol
Funds Rote

Discount Rote

3

17

1

15 29 12 26 9 23 8 22

1996/97
Oct 25
Nov
1
8
15
22
29
Dec 6
13
20
27
Jan 3
10
17 •

Federol
Funds ••
5.22
5.27
5.32
5.21
5.41
5.30
5.52
5.22
5.38
5.18
5.37
5.28
5.19

3

-5.0

3-Month
Treasury Bill

17 31 14 28 12 26 9 23 6 20 4

18

1

15 29 13 27 10 24

3-Month
Treasury
Bill 7

1 -Year
Treasury
Bill

5-Yeor
Treasury
Securities

10-Year
Treasury
Securities

30-Year
Treasury
Securities

5.00
5.03
5.03
5.03
5.03
5.02
4.92
4.83
4.88
4.97
5.05
5.03
5.03

5.26
5.18
5.15
5.13
5.13
5.13
5.14
5.17
5.22
5.20
5.25
5.31
5.31

6.29
6.15
6.05
5.97
5.94
5.90
5.92
6.06
6.15
6.12
6.22
6.33
6.33

6.55
6.42
6.30
6.18
6.16
6.12
6.15
6.31
6.40
6.34
6.45
6.57
6.56

6.83
6.71
6.57
6.45
6.43
6.41
6.43
6.56
6.63
6.58
6.67
6.80
6.80

Current doto appear in the Federal Reserve Board's H.15 release.
• Averoges of rotes available
•• Seven-doy overoges for week ending two days earlier than dote shown


http://fraser.stlouisfed.org
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

2

Billions of Dollars

Billions
3813.3
3822.5
3823.1
3831.1

2800

2750

M2 (left scale)
2700

2650

2600

Non-Mi M2 (right scale)

6 20 4
Nov

18 I
Dec

15 29 12 26 II 25 8 22 6 20
Feb

Mor

Apr

Moy

17 1

Non-Mi M2
Billions
2725.5
2751.6
2750.0
2752.3
2745.5
Jon 6
2766.7

IS 29 12 26 9 23 7 21 4

Jun

Aug

Sep

Oct

18 2 16 30 13 27
Nov

2550

2500

Dec
1997

M2 is the sum ol Ml, savings (including money morket deposit occounts), smoll time deposits ond retoil money
funds. Current data appear in the Federal Reserve Board's H.6 release.

Money Stock (M2)
Compounded onnuol rotes of chonge, overoge of four weeks ending:
To the overoge
of four weeks
ending:

1/8/96

4/8/96

6/3/96

7/8/96

8/5/96

9/9/96

10/7/96

6/3/96

4.2

7/8/96

4.2

8/5/96

3.9

1.4

3.3

9/9/96

3.9

2.1

3.6

3.1

10/7/96

3.7

2.0

3.1

2.5

3.0

11/4/96

3.9

2.5

3.7

3.4

3.9

3.7

12/9/96

4.3

3.2

4.4

4.3

4.9

5.2

6.9

1/6/97

4.6

3.7

4.9

4.9

5.6

5.9

7.4


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

11/4/96

1.4

8.0

Prepored by Federal Reserve Bonk of St. Louis

Savings and Small Time Deposits
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Small Time
96/97
Dec
948.8
949.1
949.1
948.5
Jon

6

948.7

Small Time (left scole)

Savings
96/97
Billions
Dec 2
1258.6
1275.0
1273.3
1271.9
1266.7
Jon 6
1285.1

Savings Deposits (right scole)

6 20 4

18

15 29 12 26 II 25 8 22 6 20 3 17 1
Apr

Moy

15 29 12 26 9 23 7 21 «

Jun

Aug

Sep

18 2 16 30 13 27

Oct

1995
1996
Sovings deposits and smoll time deposits ore ot oil depository institutions.

1997

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

Billions of Dollars
Lorge Time
96/97

Jon

6

Billions of Dollars
Retoil Money

Billions
486.1
488.8
491.2
495.1

96/97
Dec 2

500.8

Billions
518.0
527.5
527.5
531.8
531.6
532.9

.

Retail Money

Large Time

Apr

Moy

Jun

Sep

Oct

1995
1996
1997
Large time deposits ond retail money funds ore at all despository institutions. Lorge time deposits ore those
issued in denominations of $100,000 or more. Retoil money funds were originolly colled generol purpose
and broker/dealer money market funds.
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 Bonks
Averages of Daily Figures

Billions of Dollars

Billions of Dollars

Billions
Dec 11
Jon

1

1

0.070
0.153
0.188
0.097
0.062
0.043

13 29 13 27 10 24 7 21 6 20 3 17 1 15 29 12 26 10 24 7 21 4 18 2 16 30 13 27 11 25 8 22
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jon

1995
1996
Borrowings include seasonal, adjustment ond extended credit.

1997

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

Billions of Dollars
Bonk Credit
Billions
Nov 27
3777.1
Dec 4
3752.7
3764.3
3763.1
3781.3
3774.4

Billions of Dollars

2880

2820

Bank Credit (left scale)2/
2760

2700
Loons&Leoses

Loans and Leases (right scale)

Nov 27

15 29 13 27 10 24 7 21

6 20 3

17

Apr

15 29 12 26 10 24

Moy

Jun

1995
1996
Current doto appear in the Federal Reserve Boord's H.8 releose.
1/ Includes foreign-related institutions
2/ Includes loons ond leases and securities


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

7 21

4

18 2

Sep

Dec

4

Jon

1

Billions
2779.6
2761.4
2768.0
2773.8
2783.8
2786.1

2640

2580

16 30 13 27

Oct
1997

Prepared by Federal Reserve Bank of St. Louis

Commercial Paper of Nonfinancial Companies
Not Seasonally Adjusted

3illions of Dollars
Dec

4

200--Jon

1

Billions of Dollars 210

182.256
178.392
186.496
180.234
173.764
184.747

15 29 13 27 10 24 7 21

6 20 3 17

15 29 12 26 10 24 7 21
Moy
Jun

18 2

16 30 13 27 11 25 8 22

Commercial and Industrial Loans
Seosonolly Adjusted

3illions of Dollors

Billions of Dollors

420

All Bonks
780-

96/97
Nov 27
Dec 4

780.0
778.5
785.3
785.7
788.1
787.0

400

All Bonks (left scale)1 /

Large Banks (right scole)^/

380

360

Large Bonks
96/97
Nov 27

383.2
382.7
382.9
382.7

340

384.7
1

15 29 13 27 10 24 7 21
Nov
Dec
Jan
Feb
1995

6 20 3 17
Mar
Apr

320

May

Jun

1996

Current data appear in the Federal Reserve Board's H.B releose.
1/ Includes foreign-related institutions
2/ Weekly reporting, domesticolly chartered banks


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

Jul

Aug

Sep

Oct

Nov

Dec

Jon
1997

Prepored by Federal Reserve Bonk of St. Louis

Dollar's Trade-Weighted Exchange Index
Averoges of Daily Figures
i973=100

1973=1UU

100

Dr 11
Jon

1
95

90

85

80
1

15 29 13 27 10 24 7 21 6 20 3 17
1995

15 29 12 26 10 24 7 21
Aug
1996

4

18 2 16 30 13 27 11 25 8 22
Sep
Oct
1997

Current data appear in the Federal Reserve Board'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