Full text of U.S. Financial Data : January 28, 1999

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THE WEEK’S HIGHLIGHTS:
■ The employment cost index (ECI) for private industry workers,
which measures total compensation costs, rose 0.7 percent during
the fourth quarter of 1998, a modest step down from the 1.1 percent
rise posted in the third quarter. For the year, the ECI rose 3.4
percent—matching last year’s rise—with wages and salaries rising
3.8 percent and benefit costs increasing 2.4 percent.

■ According to the advance report, manufacturers’ new orders for
durable goods increased 1.9 percent in December. After rising 2.7
percent during the third quarter, new orders only rose 0.1 percent
during the fourth quarter. Shipments of durable goods, in contrast,
rose 2.7 percent during the fourth quarter, the largest gain in five
quarters, following a 1.7 percent rise during the third quarter.

■ The Conference Board’s index of consumer confidence measured
127.6 percent (1985=100) in January, the highest reading in five
months, and modestly above the 124.1 average posted during the
fourth quarter of 1998.

■ Existing home sales jumped 3.1 percent in December to an annual
rate of 5.03 million units. For the year, existing home sales totaled
4.79 million units, 13.6 percent above last year’s previous record
high.

■ The U.S. Treasury Department reported that the federal budget
deficit totaled $55 billion through the first three months of the 1999
fiscal year, modestly more than the $39.7 billion deficit posted over
the same period during fiscal year 1998.
_____________________ 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.


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Federal Reserve Bank of St. Louis

2
Adjusted Monetary Base
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars
98/99
Nov
Dec

18
2

... Jan

13

Billions of Dollars

540

Billions
523.833
526.223
526.068
528.056
529.636
537.194

530

520

510

510-

500

490
3

17 3 1 14 28 11 25 11 25

8

22

6

20

3

17

1

15 29 12 26

23

7

21

4

I

2

16 30 13 27 10 24

1999
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 was recently revised to include 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:

1/2B/98

4/22/98

7/1/98

7/29/98

8/26/98

9/23/98

10/21/98

7/1/98

3.3

7/29/98

4.2

6.9

8/26/98

5.2

8.0

9/23/98

5.6

8.1

9.9

10/21/98

6.4

9.0

10.9

11.5

11.2

12/2/98

6.7

8.9

10.2

10.4

10.0

12/30/98

6.5

8.4

9.4

9.4

8.9

8.9

7.0

1/27/99

7.3

9.3

10.3

10.5

10.3

10.7

9.8


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Federal Reserve Bank of St. Louis

12/2/98

10.5
10.3

10.5

10.9

Prepared by Federal Reserve Bank of St. Louis

Money Zero Maturity (MZM)
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars
r4100

Dec

14

Jan

4

3959.5
3979.0
3990.8
3987.9
3988.9
4000.5

...... -3900

3700-

15 29 12 26

9

23

9

23

6

20

4

I

I

15 29 13 27 10 24

7

21

5

19

2

16 30 14 28 11 25

1998

1999

MZM is M2 (seasonally adjusted) minus total small denomination time deposits (seasonally adjusted), plus institutional
money funds (seasonally adjusted), which are included in the non-M2 component of M3.

Money Zero Maturity (MZM)
Compounded annual rates of change, average of four weeks ending:
To the average
of four weeks
ending:

1/19/98

4/20/98

6/15/98

7/20/98

8/17/98

9/21/98

10/19/98

6/15/98

12.9

7/20/98

11.6

8/17/98

11.7

9.7

9.1

9/21/98

12.9

12.1

13.0

16.8

10/19/98

13.7

13.3

14.6

17.8

20.4

11/16/98

14.8

15.0

16.7

19.9

22.4

23.6

12/21/98

15.0

15.2

16.6

19.1

20.6

20.7

20.9

1/18/99

14.8

15.0

16.2

18.1

19.2

18.8

18.4


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Federal Reserve Bank of St. Louis

11/16/98

9.0

14.7

Prepared by Federal Reserve Bank of St. Louis

3

4
Adjusted Reserves
Seasonally Adjusted
Billions of Dollars
98/99

Billions

Nov

4

Oec

2

Jan

13

68.223
66.542
67.970
67.416
67.219
67.572

17 3 1 14 28 11 25 11 25

22

6

20

3

17

1

15 29 12 26

9

23

7

21

4

18

2

16 30 13 27 10 24

1999

1998
Adjusted reserves is the difference between the adjusted monetary base and the currency component of M1.
The adjusted monetary base series was recently revised: See the footnote to the monetary base chart for a
description of the change.

Adjusted Reserves
Compounded annual rates of change, average of two maintenance periods ending:
To the average of
two maintenance
periods ending:

1/14/98

4/8/98

6/17/98

7/15/98

8/12/98

9/9/98

10/7/98

6/17/98

-9.7

7/15/98

-9.9

8/12/98

-7.9

1.4

9/9/98

-6.0

2.8

1.1

7.7

10/7/98

-4.8

3.4

2.4

7.3

7.9

11/18/98

-4.3

2.5

1.4

4.3

3.8

1.7

12/16/98

-3.5

2.9

2.1

4.7

4.3

2.9

1.6

1/13/99

-3.6

2.0

1.0

3.0

2.5

1.0

-0.5


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Federal Reserve Bank of St. Louis

11/18/98

0.1
-2.8

0.1

Prepared by Federal Reserve Bank of St. Louis

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

Billions of Dollars

Billions of Dollars

Billions
Dec

1165-

14

Billions

1082.0
1094.2

Dec

14

1113.2

1135-

1083.8

615.0
626.1
626.5
642.8
609.5
612.9

1105- ...

M1 (left scale)

1015“.....

TCD (right scale)
1

1 5 29 1 2 26

9

23

9

23

1997

20

4

18

1

15 29 13 27 10 24

7

21

5

19

2

16 30 14 28 11 25

1998

1999

M1 is the sum of currency held by the nonbank public, total checkable deposits and travelers checks.
Total checkable deposits is the sum of demand deposits and other checkable deposits at depository institutions.

Currency Component of M1
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Compounded annual rates
of change, average of
the four weeks ending
January 18. 1999, from
the four weeks ending:

460 "

Jan
Apr
Jul
Aug
Sep
Oct
Nov

450-

19,
20,
20,
17,
21.
19,
16.

1998
1998
1998
1998
1998
1998
1998

■460

8.2
9.1
10.2
10.6
10.3
9.0
8.8

44098/99
Dec

14

Billions
458.7
459.8
462.9

461.5
462.5
1

15 29 12 26
1997

15 29 13 27 10 24
1998

7

21

5

19

2

16 30 14 28 11 25
1999

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

"430

6
Yields on Selected Securities
Averages of Daily Figures
Percent

Percent

Prime Rate

- 7.0

Corporate
Aaa Bonds

Commercial Paper

Municipal Bonds

15 29

1997

1998

1998/99
Nov

Dec

Jan

6
13
20
27
4
11
18
25
1
8
15
22
29

12 26

1999

30-Day
Commercial
Paper

90-Day
CDs

90-Day
Bankers'
Acceptances

Corporate
Aaa Bonds

Corporate
Boa Bonds

5.11
5.11
4.95
4.84
5.09
5.16
5.26
5.44
5.24
4.81
4.81
4.78
4.79

5.27
5.31
5.21
5.18
5.20
5.13
5.14
5.18
5.09
4.93
4.91
4.87
4.86

5.13
5.20
5.18
5.10
5.13
5.07
5.04
5.07
5.14
4.85
4.80
4.76
4.78

6.56
6.44
6.39
6.28
6.18
6.18
6.19
6.29
6.26
6.28
6.26
6.22
6.20

7.42
7.34
7.33
7.28
7.19
7.19
7.21
7.30
7.27
7.34
7.30
7.27
7.26

Municipal
Bonds **
5.04
5.04
5.03
5.01
4.96
4.94
4.96
5.03
5.00
5.05
5.02
5.01
N.A.

Current data are from the Federal Reserve Board's H.15 release, and are averages of rates available for the week
ending on January 29, 1999 . Beginning September 2, 1997, the commercial paper rate reflects new source data,
which is currently available only back to the first of the year.
** Bond Buyer's Average Index of 20 municipal bonds, Thursday dota
Prepared by Federal Reserve Bank of St. Louis


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Federal Reserve Bank of St. Louis

Selected Interest Rates
Averages of Daily Figures
Percent

Percent

Federal
Funds Rate
30-Year
Treasury Securities

Discount
Rate

3-Month
Treasury Bill

13 27

10 24

519317

14 28

15 29

12 26

1998

1998/99
Nov

Dec

Jan

6
13
20
27
4
11
18
25
1
8
15
22
29 *

Federal
Funds **
5.22
4.80
4.89
4.54
4.86
4.68
4.97
4.69
4.48
4.30
4.75
4.64
4.66

3—Month
Treasury
Bill

1 -Year
Treasury
Bill

5—Year
Treasury
Securities

10-Year
Treasury
Securities

30-Year
Treasury
Securities

4.43
4.42
4.35
4.47
4.38
4.36
4.37
4.44
4.44
4.36
4.35
4.26
4.33

4.27
4.34
4.33
4.38
4.26
4.31
4.27
4.41
4.38
4.35
4.30
4.29
4.30

4.45
4.51
4.59
4.62
4.39
4.39
4.36
4.59
4.59
4.63
4.61
4.60
4.57

4.83
4.82
4.85
4.83
4.64
4.60
4.59
4.75
4.70
4.76
4.75
4.70
4.68

5.29
5.27
5.26
5.21
5.05
5.00
5.01
5.16
5.12
5.20
5.17
5.14
5.13

Current data appear in the Federal Reserve Board's H.15 release.
* Averages of rates available
** Seven-day averages for week ending two days earlier than date shown


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Federal Reserve Bank of St. Louis

Prepared by 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

Billions of Dollars

r 3475

Billions
Dec

14

4403.6
4420.6
4429.1
4431.3
4430.8

- 3325
(left scale)
- 3250

4200Non-M1 M2 (right scale)
4125Non-M1 M2
'99
Billions
Dec

14

3321.6
3331.4
3318.1
3351.4
3357.0

5 29 1 2 26 9 23 9 23

20 4

18

15 29 13 27 10 24 7 2

2

16 30 14 28 11 25
1999

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:

1/19/98

4/20/98

6/15/98

7/20/98

8/17/98

9/21/98

10/19/98

6/15/98

7.3

7/20/98

7.0

4.7

8/17/98

6.8

5.0

9/21/98

7.8

7.0

8.6

10/19/98

8.2

7.7

9.3

10.8

13.0

11/16/98

8.9

8.8

10.5

12.0

13.9

13.8

12/21/98

8.8

8.7

10.0

11.1

12.2

11.5

11.5

1/18/99

9.0

8.9

10.2

11.1

12.0

11.5

11.4


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Federal Reserve Bank of St. Louis

11/16/98

5.7
10.4

9.4

Prepared by Federal Reserve Bank of St. Louis

Savings and Small Time Deposits
Averages of Daily Figures
1100

Seasonally Adjusted

Billions of Dollars

Billions of Dollars

1675

Small Time
98/99
Dec

Billions
953.8
952.7
951.8
950.8
949.5
947.9

14
21
28
4
11
18

1050Jan

1625

Savings Deposits (right scale)
1575

Small Time (left scale)
Savings
Dec
Jan

15 29 12 26

9

23

Feb

9

23

Mar

6

20

4

Apr

30

15 29 13 27 10 24

14
21
28
4
1 1
18

14 28

1607.8
1609.1
161 1.8
1598.8
1631.5
1627.0
l'l '25

1425

8

May

Savings deposits and small time deposits are at all depository institutions.

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

Billions of Dollars

Billions of Dollars
Retail Money

Large Time
98/99

98/99
Dec 14

Billions
625.8
622.4
623.0
629.1
629.9
634.5

Billions
760.0
764.7
767.8
768.6
770.4
782.1

Retail Money

650

Large Time
15 29 1 2 26
Dec

Jan

9

23

Feb

9

23

Mar

1997

6

20
Apr

4

15 29 13 27 10 24
Moy

Jun

Jul

1998

Aug

550

16 30 14 28 11 25
Sep

Oct

Nov

Dec

Jon

Feb

1999

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 Federal Reserve Bank of St. Louis


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Federal Reserve Bank of St. Louis

9

10
Total Borrowings
From Federal Reserve Banks
Averages of Daily Figures

is of Dollars

Billions of Dollars
98/99
Dec

23

Billions
0.024
0.365
0.036
0.703
0.026

0.110

3

17 31 14 28 11 25 11 25

20

3

17

1997

15 29 12 26

9

23

7

30 13 27 10 24

21

1998

1999

Borrowings include seasonal, adjustment and extended credit.

Bank Loans and Credit
All Commercial Banks in the United States
4650

Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Bank Credit
99
Billions
4565.3
Dec
9
4549.0
4538.6
4523.0

Bonk Credit (left scale)2/

Loans & Leases

4150

(right scale)
3309.6
3306.9

3

17 31 14 28 11 25 11 25
1997

20

3

17

1

15 29 12 26

1998

9

23

7

21

4

2

16 30 1 3 27 10 24
1999

Current data appear in the Federal Reserve Board's H.8 release.

1/ Includes foreign—related institutions
2/ Includes loans and leases and securities


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

2950

Commercial Paper of Nonfinancial Companies
Not Seasonally Adjusted
Billions or uoiiars

Billions of Dollars

Billions
Dec

1'

245Jan

6

235-

234.3
226.1
215.5
218.6
219.6
224.3

225-

195-

... - 195

17 31

14 28 11

25

1

25

8

22

6

20

7

1

15 29

12 26

1997

1999

Note: Beginning September 2. 1997, the value of commercial paper outstanding uses new source data. See the
Federal Reserve Board's H.15 release for more information.

Commercial and Industrial Loans
Seasonally Adjusted
Billions of Dollars

Billions of Dollars

All Banks
- 540
942.9

Large Banks (right

Large Banks

Banks (left

4 ’ 18 ' 2 ’ 16 " 30 ' l'3'27 ' 10'24

3 ' 17 ' 1

1997

1999

Current data appear in the Federal Reserve Board's H.8 release.
1/ Includes foreign—related institutions
2/ Weekly reporting, domestically chartered banks
3
’


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Federal Reserve Bank of St. Louis

531.0
530.4
531.0

11

n
. .
c .
. „
_ , , _. ,
.
Prepared by Federal Reserve Bank of St. Louis

Trade - Weighted Exchange Rate Indexes
Averages of Daily Figures
March 1973=100

January 1997=100

130

98/99
Dec 23

Dec 23

Jan

Jan

6

Broad Index
(Right Scole)

6

125

120

115

110

Major Currency Index
(Left Scale)

105

100

1997
1998
1999
The major currency index (MCI) is comprised of 7 currencies. The broad index is comprised of the major currency index
plus 19 additional currencies. See the October 1998 issue of the Federal Reserve Bulletin for further details.


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

Addnen
6