Full text of U.S. Financial Data : January 27, 1994
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January 27, 1994 JAM 3 11934 U.S. Financial Data mi IKIHRAI J KI .SI KM ItWkot Or SIKH IS THE WEEK'S HIGHLIGHTS: ^ The Conference Board’s index of consumer confidence rose in January to 83.2 percent (1985 = 100) from December’s 79.8 per cent. The January reading was the highest since March 1991. ^ New orders for manufactured durable goods increased 2.2 percent in December after increasing 2.3 percent in November. Orders for 1993 were up 8.6 percent from the previous year. Orders data are not adjustedfor inflation. %/ Privately owned housing starts rose for the fifth consecutive month, from a revised seasonally adjusted annual rate of1,450,000 units in November to 1,540,000 units in December. The preliminary estimate of units started during 1993 was 1,285,100, compared with 1,199,700 units during 1992. The employment cost index for total compensation to private industry workers rose at a 3.4 percent annual rate from September to December 1993. The December index was up 3.6 percent from a year earlier, with wages and salaries rising 3.1 percent and benefit costs increasing 5 percent. Views expressed do not necessarily reflect official positions of the Federal Reserve System. 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 as follows: One year (50 issues) $21 Two years (100 issues) $36 To subscribe, please send your check or money order made payable to the Federal Reserve Bank of St. Louis to: Research and Public Information, Federal Reserve Bank of St. Louis, Post Office Box 66953, St. Louis, MO 63166-6953. DO NOT SEND CASH. Checks from foreign subscribers must be payable in U.S. dollars and, except for those from Canada, must be drawn on a U.S. bank. 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. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2 Adjusted Monetaiy Base Averages ot Daily Figures Seasonally Adjusted Billions of Dollars 1994 Billions Nov 10 Billions of Dollars 420.5 423.4 422.6 423.2 Dec 8 Jan 5 427.5 J II 31 13 27 10 24 10 24 7 21 5 10 2 18 30 14 28 11 25 0 22 6 20 3 17 1 15 2! 12 28 9 23 Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb 1992 1993 1994 Latest data plotted reserve maintenance period ending: January 19, 1994 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 und in the vaults of all depository institutions) and an adjustment for reserve requirement ratio changes. The major source of the adjusted monetaiy 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 Monetaiy Base To the average Of two maintenance periods ending: 6/23/93 7/21/93 8/18/93 9/15/93 10/13/93 11/24/93 12/22/93 1/19/94 Compounded annual rates of change, average of two maintenance periods ending: ^y20/93 4/14/93 6/23/93 7/21/93 8/18/93 9/15/93 10/13/93 11/24/93 10.4 11.0 10.7 10.6 11.2 10.5 9.8 9.9 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 13.8 12.7 12.1 12.9 11.5 10.5 10.5 11.6 10.8 12.4 10.6 9.4 9.5 9.1 11.7 9.8 8.5 8.8 13.2 10.0 8.4 8.6 10.3 8.1 8.7 Prepared by Federal Reserve Bank of St. Louis Money Stock (Ml) and Total Checkable Deposits Averages ot uany Figures Seasonally Adjusted Billions of Dollars Billions of Dollars M1 1994 Billions Dec 13 1126.0 ' 20 1132.9 27 1134.0 Jan 3 1132.4 10 1130.5 . 17 1135.0 M1 (left scale) 1994 Dec 13 20 27 Jan 3 10 17 TCD (right scale) 7 21 4 18 1 15 1 15 29 12 2i 10 21 7 21 5 1! 2 1$ 30 13 27 Feb Mar Apr May TCD _ Billions Jun Jul 1993 Aug Sep Oct 797.4 803.6 804.4 _ 800.9 798.6 802.0 22 I 20 3 17 31 11 28 Nov Dec Jan 1994 Latest data plotted week ending: January 17, 1994 Current data appear in the Federal Reserve Board's H.6 release. M1 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 at depository institutions. Money Stock (Ml) Compounded annual rates of change, average of four weeks ending: To the average 1/18/93 4/19/93 6/14/93 7/19/93 8/16/93 9/20/93 10/18/93 11/15/93 of four weeks ending: 6/14/93 7/19/93 8/16/93 9/20/93 10/18/93 11/15/93 12/20/93 1/17/94 9.7 9.9 10.2 10.6 10.8 10.7 10.3 9.9 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 16.3 15.5 14.9 14.4 13.9 12.9 12.0 11.5 11.9 12.0 11.7 10.8 10.0 12.8 12.6 12.1 10.9 9.9 12.5 11.8 10.4 9.4 11.2 9.5 8.4 Prepared by Federal Reserve Bank of St. Louis 3 4 Adjusted Reserves Billions of Dollars Seasonally Adjusted Billions of Dollars IIO 1994 Billions Nov 10 101.2 24 103.5 Dec 8 101.5 22 Jan 5 lit 102.2 102.3 I02 98 94 90 86 i li Jl 1] 27 tl 24 10 !4 Dec Jan Feb Mar 1992 1 21 Apr 5 1! 1 11 11 14 2! 11 25 May Jun Jul Aug 1993 ! 2! Sep i 20 3 1! 1 IS 29 12 20 9 23 Oct Nov Dec Jan Feb 1994 Latest data plotted two weeks ending: January 19, 1994 Adjusted reserves is the difference between adjusted monetary base and currency component of Ml. Adjusted Reserves To the average of Compounded annual rates of change, average of two maintenance periods ending: 1/20/93 4/14/93 6/23/93 7/21/93 6/18/93 9/15/93 10/13/93 11/24/93 periods ending: 6/23/93 7/21/93 8/18/93 9/15/93 10/13/93 11/24/93 12/22/93 1/19/94 11.7 13.4 12.3 9.4 11.7 10.9 9.4 9.4 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 24.9 20.2 14.1 16.8 14.7 12.2 11.9 14.0 5.4 11.7 10.1 7.5 7.7 -2.6 8.0 7.4 4.8 5.5 9.4 8.0 4.7 5.5 16.1 9.3 9.3 1.0 3.3 1.3 Prepared by Federal Reserve Bank of St. Louis Money Multiplier1 / Averages of Daily Figures Seasonally Adjusted Compounded annual rates of change, average of the four weeks ending January 17, 1994 from the four weeks ending: Jan 18, 1993 0. 1 Apr 12. 1993 1.3 Jul 19, 1993 1.1 Aug 16, 1993 1.3 Sep 13, 1993 1.1 Oct 11, 1993 1.3 Nov 22. 1993 0.0 7 21 Dec 1992 Ratio Ratio Nov 8 Jan 4 18 1 15 1 15 29 12 26 10 24 7 21 5 19 2 It 30 13 27 11 25 Jan Feb Mar Apr May Jun Jul Aug Sep Oct 1993 3 8 22 $ 20 Nov Dec 2.669 2.668 2.651 17 31 14 20 1994 Latest data plotted two weeks ending: January 17, 1994 Currency Component of M12/ Billions of Dollars 335 325 3I5 Averages of Daily Figures Seasonally Adjusted Billions of Dollars 335 ------- 1----------1---------1--------Compounded annual rates of change, average of the four weeks ending January 17, 1994 from the four weeks ending: Jan 18, 1993 10.1 Apr 19, 1993 10.2 Jul 19, 1993 9.9 Aua 16. 1993 9.8 Se p 20. 1993 8.0 Oc t 18, 1993 7.8 No v 15. 1993 8.6 325 315 305 305 199 i Dec 3 20 27 Jan 3 10 17 295 Billlons 32 D.6 32 .4 32 .7 32 3.5 32 4.0 32 5.1 - 295 285 7 II I II I 15 1 IS 21 Dec Jan Feb Mar 1992 12 26 10 26 7 21 S 1) 2 16 30 13 27 11 25 Apr May Jun Jul Aug Sep Oct 1993 6 22 6 20 3 17 31 14 26 Nov Dec Jan Feb 285 1994 Latest data plotted week ending: January 17, 199+ 1/ Ratio of Ml 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 Aaa bonds Loan Rate Municipal Bonde 4 18 1 15 29 12 26 12 26 Dec Jan Feb Mar 9 23 7 21 4 18 2 16 30 13 27 10 24 8 22 5 19 3 17 31 14 28 Apr May Jun Jul Aug Sep Oct Nov Dec Jan 1992 1993 11 25 Feb 1994 Latest data plotted are averages of rates available for the week ending: January 28, 1994 1994 Nov 5 12 19 26 Dec 3 10 17 24 31 Jan 7 14 21 28 * 90-Day CDs 30-Day Commercial Paper 90-Day Bankers' Acceptances Corporate Aaa Bonds Corporate Baa Bonds Municipal Bonds ** 3.36 3.36 3.33 3.36 3.35 3.31 3.23 3.20 3.24 3.22 3.13 3.12 3.11 3.15 3.15 3.14 3.15 3.27 3.41 3.34 3.31 3.35 3.21 3.12 3.13 3.11 3.31 3.30 3.28 3.29 3.30 3.26 3.20 3.18 3.21 3.16 3.09 3.07 3.07 6.87 6.92 6.94 6.99 6.95 6.86 6.97 6.95 6.94 7.01 6.87 6.92 6.93 7.57 7.65 7.69 7.74 7.70 7.61 7.72 7.70 7.71 7.75 7.61 7.64 7.65 5.45 5.46 5.46 5.49 5.46 5.33 5.36 5.34 5.28 5.34 5.31 5.29 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 Percent Averages of Daily Figures Discount Rats Latest data plotted are averages of rates available for the week ending: January 28, 1994 1994 Nov 5 12 19 26 Dec 3 10 17 24 31 Jan 7 14 21 28 * Federal Funds ** 3-Month Treasury Bill 6-Month Treasury Bill *** 3.04 2.96 3.03 2.98 3.09 2.92 2.94 2.99 2.99 3.00 2.98 3.13 2.97 1-Year Treasury Bill 5-Year Treasury Securities Long-Term Treasury Securities 3.08 3.25 3.40 5.03 6.13 3.10 3.28 3.39 5.04 6.17 3.11 3.26 3.42 5.04 6.20 3.12 3.30 3.46 5.13 6.30 3.12 3.26 3.46 5.14 6.25 3.07 3.27 3.44 5.10 6.14 3.04 3.26 3.47 5.18 6.26 3.06 3.25 3.45 5.16 6.24 3.02 3.21 3.45 5.14 6.22 3.05 3.29 3.46 5.21 6.30 2.97 3.18 3.38 5.03 6.15 2.96 3.15 3.36 5.06 6.17 2.93 3.14 3.36 5.08 6.19 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 *** Auction average (discount) Prepared by Federal Reserve Bank of St. Louis http://fraser.stlouisfed.org Federal 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 UM Dec 13 20 27 Jan 3 10 17 Billions of Dollars Billion? 3551.9 3552.6 3546.2. 3553.2 3549.9 3557.4 Non-M1 M2 (right scale) Non-M1 M2 1S24 Billion? Dec 13 20 27 Jan 3 10 17 7 21 4 II I 15 Dec Jan Feb 2425.9 2419.7 2412.2 2420.8 2419.4 2422.4 1 15 2! 12 21 10 24 7 21 5 19 2 IS 30 13 27 II 25 8 22 6 20 3 17 31 14 2! Mar Apr May Jun 1992 Jul Aug Sep Oct Nov Dec 1993 Jan Feb 1994 Latest data plotted week ending: January 17, 1994 Current data appear in the Federal Reserve Board's H.6 release. M2 is the sum of M1, 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) Compounded annual rates of change, average of four weeks ending: To the average 1/18/93 4/19/93 6/14/93 7/19/93 8/16/93 9/20/93 10/18/93 11/15/93 ending: 6/14/93 7/19/93 8/16/93 9/20/93 10/18/93 11/15/93 12/20/93 1/17/94 1.6 1.2 1.5 1.6 1.7 1.6 1.8 1.7 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4.4 4.2 3.8 3.6 3.2 3.3 3.0 1.3 1.7 1.9 1.6 2.0 1.8 3.0 2.8 2.3 2.7 2.3 2.5 1.9 2.4 2.1 1.5 2.4 1.9 2.4 1.8 2.3 Prepared by Federal Reserve Bank of St Louis Savings and Money Market Funds Averages of Daily Figures Seasonally Adjusted Billions of Dollars 1250 —I--------- 1--------Savings 1994 Billions Dec 13 20 27 Jan 3 10 17 610 1219.7 1218.0 12 20.0 12 17.0 12 18.4 12 24.4 f Sav ngs De posits 010 ale) U 1220 Billions of Dollars 1190 ■ J50 * N^ * _ —^ .— '-N i "Vw 1160 320 Mon< iy Mark it (righ scale Mo ney Me rket 1_99 4 Bill! ons Dec 3 33 7.4 20 336.4 27 336.0 Jan 3 338.6 10 338.0 17 335.7 .........i,,, 1130 1100 7 21 6 II I IS 1 15 29 12 29 10 29 7 21 S 19 2 19 30 13 27 11 15 9 22 9 20 3 17 31 19 I! 290 260 Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb 1992 1993 1994 Note: Savings deposits are at all depository institutions. Money market funds are general purpose and broker/dealer. Large and Small Time Deposits1 / All Depository Institutions Averages of Daily Figures, Seasonally Adjusted Billions of Dollars 900 Billions of Dollars 1 1 Small Time 1994 Billions Dec 13 20 27 370 784.2 782.7 782.5 0 7 77S>.9 77 J.3 Larg i Time left sc lie) 390 990 675 *" — Lc rge Ti me ia24 EL lions 310 1005 20 27 Jan 3 10 17 7 21 Dec 1992 330!7 329.9 332.5 332.4 334.2 > ««» ._ Small' lme (ri jht see le) ■-- 9 11 I 15 1 15 29 11 21 19 29 7 21 5 19 2 It 30 13 27 11 25 I 22 9 20 3 17 31 19 28 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb 1993 1994 Latest data plotted week ending: January 17, 1994 1/ Large time deposits are those issued in denominations of $100,000 or more. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Prepared by Federal Reserve Sank of St. Louis 9 795 10 Total Borrowings From Federal Keserve Banks Averages of Daily Figures Billions of Dollars Billions of Dollars 1994 Billions Dec 22 29 Jan 5 12 ■ 19 26 0.060 0.045 0.237 0.018 0.128 0.039 2 11 31 13 27 10 24 10 24 7 21 5 19 2 IS 30 14 21 11 25 8 22 6 20 3 17 1 Dec 1992 Jan Feb Mar Apr May Jun Jul 1993 Aug Sep Oct Nov IS 29 12 2S 9 23 Dec Jan Feb 1994 Adjustment + Seasonal Borrowings From Federal Keserve Banks Averages of Daily Figures Billions of Dollars Billions of Dollars 1994 Dec 22 29 Jan 5 12 ■ 19 26 2 16 30 13 27 10 24 10 24 7 21 5 19 2 16 30 14 28 11 25 8 22 6 20 Dec 1992 Jan Feb Mar Apr May Jun Jul 1993 Aug Sep Oct Billions 0.060 0.045 0.237 0.018 0.128 — 0.039 3 17 1 15 29 12 26 Nov Dec 9 23 Jan Feb 1994 Latest data plotted week ending: January 26, 1994 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Prepared by Federal Reserve Bank of St. Louis Commercial Paper of Norrfinanclal Companies Billions of Dollars Billions of Dollars Not Seoaonolly Adjusted Dec 15 158.038 154.292 Jan 5 154.383 2 If 31 13 27 10 24 II 24 7 21 5 IS 2 If 30 14 2C 11 25 8 22 S 20 3 17 1 Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov 15 28 12 26 9 23 1993 1994 Latest data plotted week ending: January 19, 1994 Commercial and Industrial Loans'7 Weekly Reporting Large Commercial Banks2/ Seasonally Adjusted Billions of Dollars 325 315 305 295 Billions of Dollars — Compounded annu a! rates of change, average of the fou weeks ending January 12, 1994 rom the four weeks end ing: Jan 13, 1993 -1 .2 Apr 14, 1993 •4 _j Jul 14, 1 993 -1 .6 Aug 11, 1 993 -1 .2 Sep 15. 1 993 -C .2 Oct 13, 1 993 -C .1 >93 - 325 [ 1994 Billions 277.580__ 1 278.850 22 280.153 2S 278.896 Jan 277.784 12 278.544 315 305 295 205 285 275 275 265 -r-t-T-r "rpr 2 If Deo t *"T '■ 1 i ' 1 Feb Mar i i t y TT T f t ' - "»" 11 t » 8 ' 8 t ' 1 "n r r r ■ 8 ■ -i'T'T'T 'Ml JO 13 27 10 24 10 24 7 21 5 I! 2 If 30 H 21 II 25 0 22 f 20 Jan 1992 Apr May Jun Jul 1993 Aug Sep Oct 3 17 I 15 20 12 26 Nov Dec Jan 9 2J Feb 1994 Latest data plotted week ending: January 12, 1994 1/ Commercial and industrial loans includs banker's acceptances and commercial paper. 2/ Banks with domestic assets greater than tl .4 billion _ ,. _ . Prepared by Federal Reserve Bank of St. Louis http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11 265 Dollar’s Trade-Weighted Exchange Index 1973=100 1973=100 Averages ot Daily Mgures 1.273=100 Dec 22 2 IS 30 13 11 10 24 10 24 7 21 5 19 2 IS 30 14 20 11 25 Feb Mar Apr May Jun Aug 1992 22 6 20 3 17 1 15 29 12 2S 9 23 Sep Oct Nov Dec Jan Feb 1994 Latest data plotted week ending: January 26, 1994 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 as 0 h 1 i OJ o M