Full text of U.S. Financial Data : January 16, 2003

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

January 16, 2003

USFinancialData
THE WEEK’S HIGHLIGHTS:
■ In December, the consumer price index (CPI) increased 0.1 percent,
or 0.7 percent at an annual rate. Excluding food and energy prices,
the CPI increased at a 0.6 percent rate in December. For the year
(December 2001 to December 2002, not seasonally adjusted), the
CPI rose 2.4 percent, up 0.8 percentage points from 2001’s increase.
In contrast, the core CPI increased 1.9 percent in 2002, which was
0.8 percentage points less than 2001’s increase.
■ After falling 0.4 percent in November, the producer price index
(PPI) for finished goods was unchanged in December. In 2002 the
PPI rose 1.2 percent after falling 1.6 percent in the previous year.
The PPI for intermediate materials rose 3.2 percent in 2002 after
falling 4 percent in 2001; the PPI for crude materials increased
26.1 percent in 2002 after falling 32.5 percent in 2001.
■ The value of total business inventories rose 0.2 percent in November
but was virtually unchanged when motor vehicles were excluded.
Total business sales increased 0.3 percent in November following a
0.5 percent increase in October. Business sales and inventories are
not adjusted for price changes.
■ Measured from a week earlier, initial claims for state unemployment
insurance benefits fell 32,000 during the week ending Jan. 11 to
360,000. The four-week moving average of initial claims fell 19,500
to 387,500, its lowest level since the week ending Nov. 30, 2002.
■ In December, retail and food services sales rose 1.2 percent.
November’s sales increase was revised from 0.4 percent to 0.9
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
710

Billions of Dollars
02/03
Oct 30
Nov 13
27
Dec 11
25
Jan 8

700

Billions of Dollars

Billions
692.692
691.026
693.361
695.710
694.166
700.246

710

700

690

690

680

680

670

670

660

660

650

650

640

640
7

21

Nov

5

19

2

Dec

16 30 13 27 13 27 10 24

Jan

Feb

Mar

Apr

8

22

5

May

2001

19

Jun

3

17 31 14 28 11 25

Jul

Aug

Sep

9

23

Oct

6

20

4

Nov

18

1

Dec

15 29

Jan

2002

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:

1/9/02

6/12/02

9.6

7/10/02

8.8

7.5

8/7/02

8.9

8.1

7.0

4/3/02

6/12/02

7/10/02

8/7/02

9/4/02

10/2/02

9/4/02

8.2

7.2

5.7

6.6

10/2/02

7.9

6.8

5.5

6.0

4.0

11/13/02

7.3

6.2

5.0

5.2

3.9

4.1

12/11/02

7.1

6.1

5.0

5.2

4.1

4.4

4.2

1/8/03

7.0

6.0

5.0

5.2

4.3

4.6

4.5

11/13/02

5.1

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 2
9
16
23
30
Jan 6

6200

Billions of Dollars

Billions
6188.1
6194.7
6195.1
6185.2
6169.7
6146.5

6400

6200

6000

6000

5800

5800

5600

5600

5400

5400
5

19

3

17 31 14 28 11 25 11 25

Nov
Dec
2001

Jan

Feb

Mar

8

22

Apr

6

20

3

May

17

1

15 29 12 26

Jun
Jul
2002

Aug

9

23

Sep

7

21

4

Oct

18

2

Nov

16 30 13 27

Dec

Jan
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:

1/7/02

6/3/02

4.8

7/8/02

6.0

10.3

8/5/02

6.9

10.8

11.9

4/8/02

6/3/02

7/8/02

8/5/02

9/9/02

10/7/02

9/9/02

7.1

10.3

10.7

10.3

10/7/02

6.8

9.3

9.1

8.3

6.4

11/4/02

6.6

8.7

8.4

7.5

5.9

4.4

12/9/02

9.3

12.1

12.9

13.2

13.4

15.3

20.8

1/6/03

8.3

10.5

10.8

10.6

10.3

10.8

13.0

11/4/02

16.9

Prepared by the Federal Reserve Bank of St. Louis

Adjusted Reserves
Seasonally Adjusted
100

Billions of Dollars
02/03
Oct 30
Nov 13
27
Dec 11
25
Jan 8

90

Billions of Dollars

Billions
71.097
69.633
71.769
72.415
72.459
72.114

100

90

80

80

70

70

60

60

50

50
7

21

Nov

5

19

2

Dec

16 30 13 27 13 27 10 24

Jan

Feb

Mar

Apr

8

22

5

May

2001

19

Jun

3

17 31 14 28 11 25

Jul

Aug

Sep

9

23

Oct

6

20

4

Nov

18

1

Dec

15 29

Jan

2002

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:

1/9/02

6/12/02

−1.0

7/10/02

−4.2

−0.4

8/7/02

−3.0

0.7

4/3/02

6/12/02

7/10/02

8/7/02

9/4/02

10/2/02

11/13/02

−8.4

9/4/02

−2.0

1.7

−3.8

5.3

10/2/02

−0.6

3.2

−0.1

7.5

8.9

11/13/02

−0.4

2.9

0.3

5.4

5.6

5.5

12/11/02

2.3

6.2

5.2

10.6

11.9

13.7

14.4

1/8/03

2.4

5.9

5.0

9.5

10.4

11.4

11.2

19.1

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 2
9
16
23
30
Jan 6

1350

1300

875

TCD
Billions
1229.5
1207.4
1210.6
1228.0
1227.6
1206.0

02/03
Dec 2
9
16
23
30
Jan 6

Billions
596.5
574.9
578.3
595.7
594.3
571.9

825

775

1250

725

M1 (left scale)
1200

675

1150

625

TCD (right scale)
1100

575

1050

525
5

19

3

Nov

17 31 14 28 11 25 11 25

Dec

Jan

Feb

Mar

8

22

6

Apr

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

Dec

2002

Jan

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
680

Billions of Dollars

Billions of Dollars

Compounded annual rates
of change, average of
the four weeks ending
January 6, 2003, from
the four weeks ending:

660

Jan
Apr
Jul
Aug
Sep
Oct
Nov

640

620

02/03
Dec 2
9
16
23
30
Jan 6

7.5
6.5
4.1
3.8
3.8
4.8
4.6

7, 2002
8, 2002
8, 2002
5, 2002
9, 2002
7, 2002
4, 2002

Billions
625.6
625.1
624.8
624.7
625.7
626.5

680

660

640

620

600

600

580

580

560

560
5

19

Nov

3

17

Dec

31 14 28 11 25 11

Jan

Feb

25

Mar

8

22

Apr

6

20

May

2001

3

17

1

15 29 12

Jul

Jun

2002

Aug

26

9

23

Sep

7

21

Oct

4

18

Nov

2

16 30 13 27

Dec

Jan

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
2

16 30 14 28 11 25

Nov
Dec
2001

2002/2003
Oct 25
Nov 1
8
15
22
29
Dec 6
13
20
27
Jan 3
10
17

Jan

8

22

Feb

8

22

5

Mar

19

Apr

3

17 31 14 28 12 26

May

Jun
Jul
2002

9

23

6

Aug

20

Sep

4

18

1

Oct

15 29 13 27 10 24

Nov

Dec

Jan
2003

30−Day
Commercial
Paper

90−Day
CDs

2−Year
Interest
Rate Swap

Corporate
Aaa Bonds

Corporate
Baa Bonds

Municipal
Bonds *

1.73
1.68
1.43
1.28
1.28
1.30
1.29
1.32
1.32
1.33
1.28
1.25
1.25

1.78
1.65
1.46
1.34
1.36
1.36
1.36
1.34
1.34
1.35
1.31
1.31
1.30

2.54
2.17
2.18
2.17
2.31
2.42
2.37
2.20
2.16
2.04
2.00
2.10
2.07

6.50
6.39
6.32
6.22
6.30
6.37
6.33
6.20
6.23
6.14
6.16
6.24
6.25

7.95
7.81
7.71
7.56
7.56
7.60
7.55
7.45
7.45
7.38
7.37
7.44
7.43

5.12
4.95
4.91
4.90
5.00
5.00
4.94
4.83
4.82
4.79
4.84
4.94
N.A.

Current data, from the Federal Reserve Board’s H.15 release, are averages of rates available for the week ending January 17, 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
2

16 30 14 28 11 25

Nov
Dec
2001

2002/2003
Oct 25
Nov 1
8
15
22
29
Dec 6
13
20
27
Jan 3
10
17 *

8

Jan

Federal
Funds**
1.72
1.79
1.70
1.21
1.28
1.27
1.24
1.23
1.27
1.23
1.20
1.20
1.26

22

Feb

8

22

5

Mar

19

Apr

3

17 31 14 28 12 26

May

Jun
Jul
2002

9

23

Aug

6

20

Sep

4

18

1

Oct

15 29 13 27 10 24

Nov

Dec

Jan
2003

3−Month
Treasury
Bill

2−Year
Treasury
Securities

5−Year
Treasury
Securities

10−Year
Treasury
Securities

Treasury
Long−Term
Average

1.64
1.47
1.28
1.20
1.20
1.21
1.20
1.19
1.20
1.16
1.20
1.18
1.19

2.14
1.77
1.84
1.84
1.99
2.07
2.01
1.87
1.83
1.71
1.70
1.80
1.77

3.22
2.90
2.95
2.93
3.13
3.26
3.24
3.06
3.02
2.89
2.91
3.12
3.12

4.21
4.00
4.00
3.94
4.08
4.19
4.17
4.04
4.05
3.92
3.94
4.10
4.12

5.27
5.16
5.12
5.00
5.08
5.18
5.16
5.04
5.10
4.99
5.00
5.13
5.14

Current data appear in the Federal Reserve Board’s H.15 release, except for the intended federal funds rate.
* Averages of rates available. ** Seven−day averages for week ending two days earlier than date shown.
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 2
9
16
23
30
Jan 6

6200

Billions
5822.3
5810.2
5813.9
5825.8
5816.0
5797.6

6200

MZM

6000

6000

5800

5800

5600

5600

M2
MZM
02/03
Dec 2
9
16
23
30
Jan 6

5400

Billions
6188.1
6194.7
6195.1
6185.2
6169.7
6146.5

5200

5400

5200
5

19

3

17 31 14 28 11 25 11 25

Nov
Dec
2001

Jan

Feb

Mar

8

22

Apr

6

20

3

May

17

1

15 29 12 26

Jun
Jul
2002

Aug

9

23

Sep

7

21

4

Oct

18

2

Nov

16 30 13 27

Dec

Jan
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:

1/7/02

6/3/02

3.8

7/8/02

4.9

8.1

8/5/02

5.9

9.1

10.7

4/8/02

6/3/02

7/8/02

8/5/02

9/9/02

10/7/02

9/9/02

6.3

9.0

10.0

10.3

10/7/02

6.2

8.4

8.9

8.8

7.2

11/4/02

6.7

8.9

9.5

9.6

8.7

8.7

12/9/02

7.0

8.9

9.4

9.5

8.8

8.9

10.4

1/6/03

6.4

8.0

8.2

7.9

7.1

6.7

7.1

11/4/02

5.0

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

1200

Billions
884.2
882.6
881.0
879.0
877.6
875.5

2
9
16
23
30
6

1100
Jan

2800

2700

1000

2600

Small Time (left scale)
2500

900

Savings

800

02/03
Dec
2
9
16
23
30
Jan
6

Savings Deposits (right scale)
700

2400

Billions
2755.7
2766.1
2770.4
2770.6
2765.3
2773.4

2300

2200

600
5

19

3

Nov

17 31 14 28 11 25 11 25

Dec

Jan

Feb

Mar

8

22

6

Apr

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

Dec

Jan

2002

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

2
9
16
23
30
6

1100

Jan

1200

Retail Money

Billions
808.4
797.0
788.7
792.9
794.7
787.3

02/03
Dec

Jan

Billions
952.9
954.1
951.8
948.2
945.4
942.7

2
9
16
23
30
6

1100

1000

1000

Retail Money

900

900

800

800

Large Time
700

700
5

19

Nov

3

17

Dec

2001

31 14 28 11 25 11

Jan

Feb

25

Mar

8

22

Apr

6

20

May

3

17

1

15 29 12

Jul

Jun

Aug

26

9

23

Sep

7

21

Oct

4

18

Nov

2

16 30 13 27

Dec

2002

Jan

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
02/03
Dec 11
18
25
Jan 1
8
15

1.4

1.2

Billions of Dollars

Billions
0.210
0.055
0.059
0.050
0.027
0.017

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
7

21

5

Nov

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

20

Oct

4

Nov

18

1

Dec

15 29

Jan

2002

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
Nov 27
Dec 4
11
18
25
Jan
1

6200

6000

5050

Loans & Leases

Billions
5839.6
5839.0
5905.2
5895.6
5910.1
5853.0

02/03
Nov 27
Dec 4
11
18
25
Jan 1

Billions
4163.0
4160.1
4186.1
4199.4
4187.9
4111.3

4850

4650

5800

4450

Bank Credit (left scale) **
5600

4250

5400

4050

Loans and Leases (right scale)
5200

3850
7

21

Nov

5

19

Dec

2

16 30 13 27 13

Jan

Feb

Mar

27 10 24

Apr

8

22

May

2001

5

19

3

17 31 14

Jul

Jun

Aug

28 11 25

Sep

9

23

Oct

6

20

Nov

4

18

1

Dec

2002

15 29

Jan

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
350

Billions of Dollars
02/03
Dec 11
18
25
Jan
1
8
15

300

Billions of Dollars

Billions
158.3
159.0
152.7
145.1
154.7
156.1

350

300

250

250

200

200

150

150

100

100
7

21

5

Nov

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

9

23

6

Oct

Sep

20

4

Nov

18

1

Dec

15 29

Jan

2002

2003

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

Commercial and Industrial Loans
Seasonally Adjusted
1175

Billions of Dollars

Billions of Dollars

All Banks
02/03
Nov 27
Dec
4
11
18
25
Jan
1

1150

1125

1100

650

Large Banks

Billions
971.9
969.9
968.0
966.0
967.9
959.4

02/03
Nov 27
Dec
4
11
18
25
Jan
1

Billions
483.3
481.0
479.7
480.0
480.2
475.1

625

600

575

1075

550

1050

525

Large Banks (right scale) **
1025

500

1000

475

All Banks (left scale) *

975

450

950

425
7

21

Nov

5

19

Dec

2

16

Jan

30 13 27 13

Feb

Mar

27 10 24

Apr

8

22

May

2001

5

19

3

17 31 14

Jul

Jun

2002

Aug

28 11 25

Sep

9

23

Oct

6

20

Nov

4

18

Dec

1

15

29

Jan

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
120

March 1973=100
02/03
Dec 11
18
25
Jan 1
8
15

115

January 1997=100

Major
99.9
98.7
98.3
97.8
97.7
96.8

02/03
Dec 11
18
25
Jan 1
8
15

Broad
126.6
125.5
125.1
125.0
124.9
124.3

110

140

135

130

Broad Index
(right scale)
105

125

Major Currency Index
(left scale)

100

120

95

115
7

21

Nov

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

4

Nov

2002

18

Dec

1

15 29

Jan

2003

The major currency index (MCI) comprises of 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