Full text of U.S. Financial Data : January 26, 1989

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RESEARC * LIBRARY
Federal Re^e^vs Bank

USrifinancial
Data
JAN 3 0 1989
January 26, 1989

THE WEEK'S HIGHLIGHTS:
ts

New factory orders for durable goods, which are not adjusted for
inflation, rose 6.4 percent in December. For 1988, durable goods
orders totaled $1.43 trillion, a rise of 10.8 percent over 1987.

is

On January 24, the Dow Jones industrial average closed at 2256.43,
the highest close since October 16, 1987, when it stood at 2246.73.
On October 19, 1987, known as Black Monday, the average declined
508 points.

v

Labor costs in private industry increased by 4.9 percent between
December 1987 and December 1988 after rising 3.3 percent during
1987. Benefit costs rose 6.8 percent in 1988 after increasing 3.5
percent in the previous year.

is

Business loans at weekly reporting large commercial banks (p. 11)
have been revised, reflecting new seasonal factors as well as mergers
and other structural changes during 1988. Business loans are
estimated to have risen 4 percent in 1988, up slightly from the 3.9
percent previously reported.

KF.DI'KM.

KKSKKU
ItAMioi
ST. UHLS

views
expressed do not necessarily reflect official positions of the Federal Reserve System.

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

2

ADJUSTED MONETARY BASE
AVERAGES OF DAILY FIGURES

SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

DEC.

14

JAN.

11

ILL IONS OF DOLLARS
204

200

282

274

2

10 30 13 27 10 24

JAN

0

FEB

S 20

4 10

APR

MAY

I

15 20 13 27 10 24

7 21

5 10

SEP

OCT

2 16 30 14 28 II

DEC

25

JAN

• 22

FEB

LATEST PLOTTED RESERVE MAINTENANCE PERIOD END I NOi JANUARY 25,
R|3ERyE^BANKS^(^R^ENCY^?N^?RCULAT H>N^TcurrInc|
BANK:

IAL IN8TIT
C AND

m£fFWL

ADE?AlfEDUDElcRTp?nONROFBTHi ADJuItId^
ARY B

B AVA

RECENT DATA ARE PRELIMINARY.
ADJUSTED MONETARY BASE
COMPOUNDED ANNUAL RATES OF CHANGE,
AVERAGE OF TWO MAI NTENANCE PERIODS ENDINGt
1 /27/M

4/20/M

6/29/M

7/27/M

8/24/M

5.0
6.2
5.9
5.9
5.5
5.9
5.2
6.7

7.1
6.3
6.3
5.6
6.2
5.2
7.1

5.7
5.B
4.9
5.9
4.6
7.3

5.0
3.9
5.5
4.0
7.2

4.0
5.9
4. 1
7.8

9/21/M 10/19/M 11/30/M

TO THE AVERAGE OF
TWO MAINTENANCE
PERIODS ENDING:
6/29/M
7/27/M
S/24/M
0/21/M
10/19/M
11 /30/M
12/28/M
1/25/80


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

5.8
3.5
8.2

4.1
10.1

11.2

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK (Ml )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

billions of dollars

4

IS

dollars

787.5
785.7
786.6
793.2
786.3
783.8

DEC. 12

DEC

billions of

1

15

JAN

14 28 II

MAR

25

0 23

APR

6 20

4

JUN

JUL

18

1

15 20 12

10 24

7 21

5 10

NOV

DEC

2 10 30 13 27

LATEST DATA PLOTTED WEEK ENDING: JANUARY 16. 1989
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.
Ml IS THE SUM OF CURRENCY HELD BY THE NONBANK PUBLIC. DEMAND DEPOSITS, OTHER CHECKABLE
DEPOSITS AND TRAVELERS CHECKS.
.

MONEY STOCK (Ml )
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
1/18/88

4/18/88

6/13/88

7/18/88

8/15/88

5.7
7. 1
6.4
5.7
5.2
4.4
4.7
4.4

7.7
6.4
5.3
4.6
3.5
4.0
3.7

8. 1
5.7
4.6
3.2
3.9
3.5

1.9
1.5
0.4
1.9
1.7

1.2
-0.2
1 .8
1.6

9/19/88 10/17/88 11/14/88

TO THE AVERAGE
OF FOUR WEEKS
ENDING;
6/13/88
7/18/88
8/15/88
9/19/88
10/17/88
11/14/88
12/19/88
1/16/89


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

-1.2
1.9
1.7

2.4
2.0

4.3

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

4

MONEY MULTIPLIERS
CURRENCY COMPONENT OF MONEY STOCK s
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

RATIO
3.0
1989

RATIO
3.0

RATIO

Ml MULTIPLIER

M 28 II

DEC

25

8 22

JAN

7 21

4 18

MAR

APR

2 16 SO 15 27 II

JUN

25

8 22

LLLJ I I I I
5 IB

3 17 SI

JUL

14 28 12 28

NOV

B 23

6 20

DEC

LATEST DATA PLOTTED TWO WEEKS ENDINGt JANUARY 9, 1989
BILLIONS OF DOLLARS
218 ---------- 1---------- ,--------

BILLIONS OF DOLLARS
------------------- ----------- 218

_ COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
“ THE FOUR *TEEK5 ENDING
—JANUARY 16, 1989 FROM
_ THE FOUR W^EKS ENDINGt
-

NOV.

14,

1988

our.
— AUG.

is.
15,

i900
1988

APR.

18,

1968

7.4
CURRENCY

1M
DEC.

BJLL1QNS

12
2

212.0
ml ,i 11

7 21

4 18

I

DEC
1987

JAN

FEB

15 28 14 28 II

MAR

APR

25

B 23

MAY

5 20

4 18

I

15 2B 12 26 10 24

JUN
JUL
1988

7 21

5 IB

NOV

DEC

2

18 30 13 27

LATEST BATA PLOTTED WEEK ENDING. JANUARY 16. ISC
I/ RATIO OF MONEY STOCK (Ml ) TO ADJUSTED MONETARY BASE

2/ CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.B RELEASE.


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

TOTAL CHECKABLE DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
580

565.5
563.2
570

560

I I I I
4 18

DEC

I

15 20 14 28 II

JAN

MAR

25

9 23

APR

0 20

4 18

JUN

JUL

1

IS 29 12 20 10 24

T 21

NOV

DEC

LATEST DATA PLOTTED WEEK ENDING. JANUARY 16, 1080
TOTAL CHECKABLE DEPOSITS IS THE SUM OF DEMAND DEPOSITS AND OTHER CHECKABLE DEPOSITS AT ALL
DEPOSITORY INSTITUTIONS.

TOTAL CHECKABLE DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OP POUR WEEKS ENDING:
1/18/88

4/18/88

6/13/88

4.9
6.6
5.9
5.0
4.3
3.2
3.7
3.2

7.8
6.3
4.7
3.7
2.3
3.0
2.5

8.3
5. 1
3.6
1.7
2.7
2.1

7/18/88

8/15/88

0/10/88 10/17/88 11/14/88

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
6/13/88
7/18/88
8/15/88
9/10/88
10/17/88
11/M/88
12/10/88
1/16/80


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

0.4
-0.2
-1.7
0.3
-0. 1

-0.9
-2.6
0.0
-0.3

-4.0
0.1
-0.3

0.9
0.1

3.1

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

6

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES

I

19 20 12 26 II

FEB

25

MAR

8 22

6 20

9 17

MAY

JUN

I

19 20 12 26

0 29

PERCENT

7 21

4

OCT

NOV

18

2 16 00 19 27 10 24

JAN

FEB

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDINGt JANUARY 27, 1960.

1989
DEC.

JAN.

FEB.

2
9
16
23
30
6
13
20
27 *
3
10
17
24

90 DAY
CD'S

30-DAY
COMMERCIAL
PAPER

90-DAY
BANKERS*
ACCEPTANCES

CORPORATE
AAa BONDS

9.22
9.24
9.32
9.29
9.20
9.20
9.23
9.21
9. 16

8.82
9.27
9.32
9.39
9.30
9.05
9.04
9.02
8.99

8.94
8.93
9.02
8.98
8.90
8.93
8.95
8.93
8.92

9.55
9.52
9.57
9.59
9.60
9.66
9.69
9.61
9.59

CORPORATE
Baa BONDS
10.61
10.61
10.65
10.68
10.67
10.73
10.70
10.62
10.62

MUNICIPAL
BONDS aw
7.66
7.68
7.66
7.57
7.50
7.44
7.40
7.29
N.A.

iffZSl.ftfllMP'.Nfd APPEAR'N THE BOARD OF GOVERNORS* H.15 RELEASE.
* AVERAGES OF RATES AVAILABLE
KBit BOND BUYER'S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA
N.A. - NOT AVAILABLE


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

SELECTED

INTEREST RATES

AVERAGES OF DAILY RATES

PERCENT

PERCENT

11.0 i—

—I 11.0

DISCOUNT RATE

4 10

I

15 20 12 20 11

FEB

25

MAR

0 22

0
MAY

3 IT

1

15 20 12 20

0 23

JUN

7 21

4 10

OCT

NOV

2 10 30 13 27

JAN

10 24

FEB

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING* JANUARY 27, 1980.

I9S9
DEC.

2
9
16
23
30
JAN.
6
13
20
27 *
FEB.
3
10
17
24

FEDERAL
FUNDS**

3-MONTH
TREASURY
BILL

6-MONTH
TREASURY
BILL Mem

rAillfigr

trIaIury

BILL

SECURITIES

LONG-TERM
TREASURY
SECURITIES

8.44
8.59
8.51
8.87
8.86
9.22
9.08
9.13
9.06

7.94
7.96
8.09
8.11
8.16
8.24
8.26
8.24
8.26

8.13
8.25
8.21
8.29
8.33
8.37
8.48
8.35
8.31

8. 10
8.23
8.42
8.32
8.38
8.47
8.43
8.28
8.28

9.00
8.99
9. 16
9. 10
9. 18
9.28
9.23
9.09
9.02

9. 18
9.08
9. 13
9.08
9. 11
9.21
9.12
8.99
8.95

i aI
CURRENT
DATA APPEAR IN THE BOARD OF GOVERNORS' H.15 RELEASE EXCLUD1M3 I ONO-TFRU TRFARliRY
ER
sCU0F TRA?E™AVA ILA0ELEOMPUTED BY ™I SBANkTtREASURY 8 ILL YIELDS ARE OnTd I ^OlSfiAsIs.
* AVERAGES OF RATES AVAILABLE'
S«Au!!nONYAVERABiE?DISCOUOTK|
™ °AYS EA"LIE" THAN MTE ***"


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

PREPARED BY FEDERAL RESERVE BAf* OF ST. LOUIS

7

8

MONEY STOCK ( M2 )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
3100

BILLIONS OF DOLLARS
3100

3075

3075

3050

3050

3025

2975

2925

2900

DEC
1987

4 18

I

JAN

FEB

15 20 14 26 II

MAR

25

APR

0 25

MAY

6 20

4 16

I

JUN
JUL
1988

LATEST DATA PLOTTED WEEK ENDINGt JANUARY 16,

15 20 12 26 10 24

AUG

SEP

OCT

7 21

5 10

NOV

DEC

2

16 50 15 27

JAN
FEB
1989

1989

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE

SMALI
DETA IL, SEE THE H.6 RELEASE.

MONEY STOCK (M2 )
COMPOUNDED ANNUAL RATES OF CHANGE,

AVERAGE OF FOUR WEEKS ENDINGt

1/18/88

4/18/88

6/13/88

7/18/88

8/15/88

8.6
7.8
7.0
6.4
5.7
5.4
5.8
5.4

5.2
4.4
4.1
3.4
3.3
4. 1
3.7

3.4
3.3
2.3
2.5
3.6
3.2

2.6
1 .6
1.9
3.4
3.0

1.3
1.9
3.7
3.2

9/19/88 10/17/88 11/14/88

TO THE AVERAGE
OF FOUR WEEKS
ENDINGt
6/13/88
7/18/88
8/15/88
9/19/88
10/17/88
11/14/88
12/19/88
1/16/89


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

1.2
4.0
3.2

6.2
4.4

5.0

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

ALL DEPOSITORY INSTI TUT IONS
TOTAL TIME DEPOSITS 1/
LARGE TIME DEPOSITS 2/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
2030 ---------- 1---------- ,-----Z
-

BILLIONS OF DOLLARS
—i------------- -------- n 2030

COMPOUNDED ANNUAL RATES
OF CHANGE. AVERAGE OF
THE FOUR taEKS ENDING
JANUARY 16, 1080 FROM
THE FOUR wfeEKS ENDING:

- NOV.
- OCT.
Z
SEP.
_
AUG.
—JUL.
- APR.
Z
JAN.

14, 1088
17, 1988
19, 1988
15, 1988
18, 1988
18, 1988
18, 1988

2000

5.6
7.0
8.0
8.9
8.9
8.9
10.0

TOTAL TIME DEPOSITS

1989
DEC.

BILLIONS

12

1906.2
1996.0

2002.1
U I 1 I I I 1 I M I I I I I
LATEST DATA PLOTTED WEEK ENDING: JANUARY 16,

1089

I ILL IONS OF DOLLARS

550

BILLIONS OF DOLLARS

--------- ,--------- T-----

18fi&
— DEC.

—1------------------- n 550

BILLIONS
535.0
535.5
535! 7
53519
537.7
LARGE TIME DEPOSITS

7 21

4 IS

15 29 14 28 II

DEC

JAN

MAR

APR

25

9 23

B 20

4 18

JUN

JUL

LATEST DATA PLOTTED WEEK ENDING: JANUARY 16,

I

15 29 12 2S 10 24

7 21

5 19

NOV

DEC

2 IB 30 IS 27

1989

1/ TOTAL TIME IS THE SUM OF SAVINGS DEPOSITS, SMALL TIME DEPOSITS AND LARGE TIME DEPOSITS.
2/ TIME DEPOSITS ISSUED IN DENOMINATIONS OF 8100,000 OR MORE


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9

10

BORROWINGS FROM FEDERAL RESERVE BANKS
AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS
4.5 |----------- 1---------- 1------

1M
28
4
II
18
25

BILLIONS OF DOLLARS
---------------------------- -i 4.5

MILLIONS
1362
2280
1616
1870
1174

TOTAL BORROWINGS

LATEST DATA PLOTTED WEEK ENDINGi JANUARY 25,

1980
BILLIONS OF DOLLARS
2.5

BILLIONS OF DOLLARS
2.5

1M
DEC.

-

JAN.

2.0

-

MILLIONS

21
28
4

320
438
1372

18
25

544
453

_

-

ADJl STMENT ♦ SEA SONAL
BORROKVINOS

n

-

-

l
V
1111

-LLL

A

JAN

FEB

1111

0 23

MAR

-LLL
6 20

APR

1 1 1

1111
I

111

15 20 13 27

JUN

JUL
1968

-

Jl V

V-J \J
l
V

2 16 30 IS 27 10 24

DEC
1987

n

A

sA
III

I .5

1111

J

Vv

III

111

■ 111

10 24

7 21

5 10

2

AUG

SEP

OCT

uV
111

A.

r

-LLL _LLL

16 30 14 26 II

NOV

DEC

25

8 22

JAN
FEB
1989

LATEST DATA PLOTTED WEEK ENDING: JANUARY 25, 1989


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

COMMERCIAL PAPER OF NONFINANCIAL COMPANIES
NOT SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
105
1--------1---------

billions of dollars

/

MILLION3.
100,80!
101,422
08,80'
09,55' 1
100,982
104,156

/

90

A

f \

__r _

V

/>•

/
-/■

1

90

M ill

,'V
111

DEC
1087

JAN

111

i j 11

FEB

05

—

/

l\-

1 1 1 I

100

r

\

r~\ A
i <

2

1

-

t----- r—
JTTTT

05

2

/

<-

\

✓A

<J
>

- 1080
I DEC. 14
_
21
28
_ JAN. 4
_
11
18

MAR

111
APR

111

IUI

MAY

JUN

111

1111

111 -Ll 1
7 21
SEP

JUL
1688

III’

mi 1_LL 111

10
OCT

2 16 30 14
NOV
DEC

I II 2S • 22
JAN
FEB

LATEST DATA PLOTTED WEEK ENDING: JANUARY 16, I960
* DASHED LINE REPRESENTS DATA USING A NEW REPORTING PANEL AND 18 NOT COMPARABLE TO PREVIOUS DATA.

BUSINESS LOANS u

( COMMERCIAL

AND

INDUSTRIAL )

WEEKLY REPORTING LARGE COMMERCIAL BANKS 2/
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
308 ------------- 1---------- ,----- COMP!

HE FI

- NOV.
OCT.
- SEP.
_ AUG.
JUL.
_ APR.
JAN!

0,
12,
14,
10,
13,
13,
13,

BILLIONS OF DOLLARS
------------------------------- 308

•D ANNUAL RATES
AVERAGE OF
ifrEEKS ENDING
II. 1080 FROM
WfeEKS ENDING:
1088
1068
1088
1088
1088
1088
1088

-2.0
-2.2
-2.2

-

-2.5
-0.7
3.3
4.2

DEC.

7

JAN.

4

303,661
303,280
303,636

2 IB 90 13 27 10 2.

DEC
1887

JAN

FEB

0 29

MAR

B 20

4 10

APR

MAY

LLU1
I

19 28 19 27

JUN
JUL
1086

LATEST DATA PLOTTED WEEK ENDING. JANUARY II,

10 24

7 21

9 10

AUG

SEP

OCT

111.1-111 I

2 IB 90 14 2B 11

NOV

DEC

29

B 22

JAN
FEB
1S88

IG80

1/ BUSINESS LOANS INCLUDE BANKERS' ACCEPTANCES AND COMMERCIAL PAPER.
2/ BAhKS WITH DOkESTIC ASSETS GREATER THAN tl.4 BILLION


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

PREPARED BY FEDERAL RESERVE BANK OP ST. LOUIS

11

DOLLAR'S TRADE-WEIGHTED EXCHANGE INDEX
AVERAGES OF DAILY FIGURES

1S73-IOO
110

DEC.

21
02.8

I I I I
2 16 SO IS 27 10 24

JAN

0 23

FEB

6 20

4 II

APR

MAY

I

15 20 IS 27 10 24

7 21

5 10

SEP

OCT

2 16 SO 14

DEC

JAN

FEB

LATEST DATA PLOTTED KEEK ENDING. JANUARY 25, 1080
NOTE.

CURRENT DATA APPEAR IN THE BOARD OF GOVERNOR'S H.IO RELEASE.

DATA ARE WEIGHTED AVERAGES OF THE FORE I ON-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 BANK OF ST. LOUIS