Full text of U.S. Financial Data : January 30, 1997

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January~3f),1997
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MsRaryI
FEDERAL
JRESERVE
HANK of
LOUIS

eeb u

jqq ?

THE WEEK'S HIGHLIGHTS:
■ The employment cost index for total compensation ofprivate industry
workers (ECI) rose at a 3.1 percent annual rate in the fourth quarter,
a modestly faster pace than the 2.5 percent gain posted in the third
quarter. For 1996, the ECI rose 2.9 percent; its wages and salaries
component increased 3.3 percent—the largest gain in five years—and
its benefit costs component rose 2 percent. The ECI increased
2.8 percent in 1995.
■ Advance new orders for manufactured durable goods fell 1.7 percent
in December, as orders for electronic equipment fell 12.4 percent.
For the fourth quarter, though, new orders rose 0.6 percent, less than
half of their 1.7 percent third-quarter rise. Shipments of durable
goods, after rising 1.6 percent in the third quarter, rose only 0.2 percent
in the fourth quarter. In large part, this slowing reflected a 3 percent
drop in shipments of transportation equipment. New orders and
shipments are not adjusted for price changes.
m According to the National Association of Realtors, sales of existing
single family homes were at an annual rate of 3.87 million units in
December, off 3.5 percent from November’s pace and the slowest
in 11 months. For the year, however, actual sales were the highest
on record: 4.1 million units, up 7.5 percent from 1995.
■ The Conference Board’s index of consumer confidence measured
116.8 in January (1985=100), up 2.6 percentage points from
December and the highest level since October 1989.

_________________ 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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Federal Reserve Bank of St. Louis

2

Adjusted Monetary Base
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollors
Nov 20

Billions of Dollars

480

Billions
463.6
465.8
466.4
466.8
468.8
466.7

470

460

450

6 20 3

17 31 14 28 13 27 10 24 8 22 5

Feb

Mor

Moy

19 3

17 31 14 28 11 25 9 23 6 20 4

Sep

Jun

18

1

15 29 12 26

1996

1995

440

Oct
1997

The adjusted monetary base is the sum of Federal Reserve deposits ond vault cosh 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 sotisfy
clearing balance contracts. Doto ore computed by this bonk. A detailed description of the odjusted monetary
base is ovoiloble from this bonk. Recent dato ore preliminary.

Adjusted Monetary Base
Compounded annual rates of chonge, average of two maintenance periods ending:
To the average of
two mointenonce
periods ending:

1/31/96

4/24/96

7/3/96

7/31/96

8/28/96

9/25/96 10/23/96

7/3/96

2.1

7/31/96

2.9

3.3

8/28/96

3.6

4.4

7.7

9/25/96

3.6

4.3

6.5

6.1

10/23/96

3.5

4.1

5.5

4.9

3.3

12/4/96

3.9

4.5

5.7

5.4

4.6

4.8

1/1/97

4.0

4.6

5.7

5.4

4.8

5.0

6.0

1/29/97

4.0

4.5

5.4

5.1

4.5

4.6

5.2


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

12/4/96

4.4

Prepared by Federal Reserve Bank of St. Louis

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

Billions of Dollars

Dec 16
Jan

6

Billions of Dollars

Billions
1073.1

96/97

1078.1
1078.7
1075.6
1067.7
1075.7

Billions
669.1
674J -«•
669.6
662.5
669.4

•790

... 760
M1 (left

TCD (right

-670

4

18

I

15 29 12 26 II 25 8 22 $ 20
Apr
May

1995

17 1
Jun

15 29 12 26 9 23 7 21
Aug
Sep
Oct

4

18 2

16 30 13 27 <0 24

1996

1997

M1 is the sum of currency held by the nonbank public, demand deposits, other checkoble deposits and travelers
checks. Total checkable deposits is the sum of demand deposits and other checkable deposits ot depository
institutions. Current data appear in the Federol Reserve Boord's H.6 release.

Money Stock (M1)
To the averoge
of four weeks
ending:

Compounded annual rates of change, overage of four weeks ending:
1/22/96

4/22/96

6/17/96

7/22/96

8/19/96

9/23/96 10/21/96 11/18/96

6/17/96

-1.0

7/22/96

-2.4

-6.2

8/19/96

-2.8

-6.0

-7.0

9/23/96

-3.8

-6.9

-7.9

-7.8

10/21/96

-5.3

-8.5

-10.0

-10.8

-13.0

11/18/96

-4.9

-7.5

-8.4

-8.5

-9.4

-9.3

12/23/96

-4.2

-6.3

-6.7

-6.3

-6.5

-5.3

0.5

1/20/97

-4.2

-6.0

-6.3

-6.0

-6.0

-5.0

-0.9


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

-1.0

Prepared by Federol Reserve Bonk of St. Louis

3

4

Adjusted Reserves
Seasonally Adjusted
Billions of Dollars

Billions of Dollars
96/97
Nov 6
Dec

4

Jan

1

6 20 3

Billions

17 31 14 28 13 27 10 24 8 22 5

Apr

May

19 3 17 31 14 28 11 25 9 23 6 20 4

Jun

Aug

Sep

18

15 29 12 26

Oct

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

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

1/17/96

4/10/96

6/19/96

7/17/96

8/14/96

9/11/96

10/9/96 11/20/96

6/19/96

-2.8

7/17/96

-2.4

-5.3

8/14/96

-4.1

-7.4

-7.5

9/11/96

-3.6

-6.1

-5.1

-7.5

10/9/96

-6.3

-9.5

-10.8

-14.2

-14.0

11/20/96

-6.4

-9.0

-9.8

-11.8

-11.1

12/18/96

-5.0

-6.9

-6.8

-8.0

-6.5

-8.3

0.0

1/15/97

-4.6

-6.3

-5.9

-6.8

-5.3

-6.5

0.0


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

-15.1
5.6

Prepared by Federal Reserve Bank of St. Louis

Money Multiplier
Averoges of Doily Figures
beosonally Adjusted

Rotio

Rotio

Compounded annual rates
of change, overage of
the four weeks ending
January 13, 1997, from
the four weeks ending:

96/97
Nov 4
Dec

Jon
Apr

15, 1996
8. 1996
15

............................

Aug

12

Nov

18.

1996
1996
1996
1996

Jul

-8.0
-9.9

2

Jon 13

2.298
2.311
2.286

-11.1
-8.4
-6.5

Apr

Moy

1995
Ratio of M1 to the adjusted monetory bose.

Aug

Sep

Oct

1996

1997

Currency Component of M1
Averages of Daily Figures
Billions of Dollars

seasonally Adjusted

Billions of Dollars

Compounded onnuol rotes
of change, average of
the four weeks ending
January 20, 1997, from
the four weeks ending:
Jan
22. 1996
6.
Apr
22. 1996
7.
Jul
22. 1 996
8 .
Aug
19. 1996
8.
Sep
23. 1996
8.
Oct
21. 1996
7.
Nov
18. 1996
8.

96/97
Dec 16

Billions
395.4
395.2
396.7
397.7

May
1995

Jun

Sep

1996

Oct
igg7

Current data oppeor in the Federal Reserve Board's H.6 release.


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

Prepored by Federal Reserve Bonk of St. Louis

5

-2.

6

Yields on Selected Securities
Averages of Daily Figures
Percent

Percent

Prime Rate

Corporate
Aaa Bonds

- 7.0

Municipal Bonds

Commercial Paper
- 5.0

15 29 12 26 9 23 8 22 5

1996/97
Nov

8
15
22
29
Dec
6
13
20
27
Jon
3
10
17
24
31

19 3

17 31 14 28 12 26

6 20

4

18

15 29

30-Day
Commercial
Paper

90-Day
CDs

90-Day
Bankers'
Acceptances

Corporate
Aaa Bonds

Corporate
Boo Bonds

5.38
5.39
5.40
5.42
5.53
5.57
5.73
5.88
5.71
5.43
5.43
5.42
5.43

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

5.30
5.30
5.28
5.29
5.30
5.33
5.39
5.40
5.34
5.34
5.34
5.33
5.32

7.18
7.08
7.05
7.06
7.10
7.21
7.28
7.22
7.29
7.42
7.39
7.41
7.52

7.86
7.75
7.75
7.75
7.79
7.90
7.97
7.91
7.99
8.11
8.07
8.10
8.17

13 27 10 24 7 21

Municipal
Bonds ••
5.67
5.60
5.55
5.54
5.57
5.66
5.67
5.66
5.70
5.71
5.72
5.72
NA

Current doto ore from the Federol Reserve Boord's H.15 release, ond ore overoges of rotes available for the
week ending on January 31, 1997
•• Bond Buyer's Average Index of 20 municipal bonds, Thursday doto
N A - Not Avoiloble


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Federal Reserve Bank of St. Louis

Prepored by Federol Reserve Bank of St. Louis

Selected Interest Rates
Averages of Daily Figures
Percent

Percent

30-Year
Treasury Securities

Federal
Funds Rote

Discount Rate

3-Month
Treasury Bill

15 29 12 26 9

1996/97
Nov

B
15
22
29
Dec
6
13
20
27
Jon
3
10
17
24
31 •

23 8

22 5

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

19

14 28 12 26

9 23

6

20

4

18

15 29 13 27 10 24

7 21

3-Month
Treasury
Bill

1 -Year
TreasuryBill

5-Year
Treasury
Securities

10-Year
Treasury
Securities

30-Year
Treasury
Securities

5.03
5.03
5.03
5.02
4.92
4.83
4.88
4.97
5.05
5.03
5.03
5.04
5.05

5.15
5.13
5.13
5.13
5.14
5.17
5.22
5.20
5.25
5.31
5.30
5.30
5.31

6.05
5.97
5.94
5.90
5.92
6.06
6.15
6.12
6.22
6.33
6.33
6.34
6.39

6.30
6.18
6.16
6.12
6.15
6.31
6.40
6.34
6.45
6.57
6.56
6.58
6.65

6.57
6.45
6.43
6.41
6.43
6.56
6.63
6.58
6.67
6.80
6.81
6.84
6.92

Current doto appear in the Federol Reserve Board's H.15 release.
• Averages of rotes available
•• Seven-doy averages for week ending two doys eorlier than dote shown


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bonk of St. Louis

7

8

Money Stock(M2) and Non-M1 Components of M2
Averoges of Doily Figures
Seasonally Adjusted

Billions of Dollars

Dec 16
Jan

6

Billions
3832.8
3841.2
3834.7
3850.8
3850.7
3857.3

Billions of Dollars

• 2750

M2 (left scale)
-2700

Non-M1 M2 (right scale)

Non-M1 M2
96/97
Dec 16
Jon

4

18 1 15 29 12 26 1 1 25 8 22 6 20 3 17 I 15 29 12 26 9 23
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
1995

7 21
Oct

4

6

Billions
2759.7
2762.4
2756.0
2775.2
2783.0
2781.6

18 2 16 30 13 27 10 24
Nov
Dec
Jon
Feb

1996

1997

M2 is the sum of Ml, savings (including money market deposit accounts), smoll time deposits and retail money
funds. Current doto appeor in the Federol Reserve Boord's H.6 release.

Money Stock (M2)
To the averaqe
of four weeks
ending:
6/17/96

Compounded onnuol rates of change, overage of four weeks ending:
1/22/96

4/22/96

6/17/96

7/22/96

8/19/96

9/23/96 10/21/96 11/18/96

4.0

7/22/96

3.6

8/19/96

3.7

1.6

9/23/96

3.7

2.1

3.2

3.8

10/21/96

3.4

2.0

2.8

3.1

2.7

11/18/96

4.2

3.2

4.3

5.0

5.4

6.4

12/23/96

4.7

4.1

5.3

6.0

6.5

7.5

1/20/97

4.8

4.2

5.3

5.9

6.3

7.1


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

0.9
2.9

Prepared by Federol Reserve Bank of St. Louis

Savings and Small Time Deposits
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Small Time
96/97
Billions
Dec 16
949.5
949.2
948.2
Jon 6
948.4
948.3
948.6

1310

1270

1230

Small Time (left scale)
1190
Sovings
96/97
Billions
Dec 16
1273.4
1272.0
1266.8
Jon 6
1284.4
1287.4
1289.1

Savings Deposits (right scale)

4

IS

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

15 29 12 26
Aug

9 23 7 21
Sep

4

18 2

16 30 13 27 10 24

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

Large Time Deposits and Retail Money Funds
Averoges of Doily Figures
Billions of Dollars

Seasonally Adjusted

Billions of Dollars

Large Time
96/97
Billions
Dec 16
491.1
495.0
503.4
Jon 6
501.9

Retail Money
96/97
Billions
Dec 16
536.8
Jon

6

541.0
542.4
547.2
543.9

Retail Money

Large Time

4

18 1

IS 29 12 26 11 25 8 22 6 20

15 29 12 28 9 23 7 21
Sep
Oct

4 18 2 16 30 13 27 10 24

1995
1996
1997
Large time deposits ond retoil money funds are ot oil despository institutions. Large time deposits ore those
issued in denominations of $100,000 or more. Retoil money funds were originolly colled generol purpose
and broker/deoler money market funds.
Prepared by Federal Reserve Bonk of St. Louis


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Federal Reserve Bank of St. Louis

9

1150

1110

10

Total Borrowings
From Federal Reserve Banks
Averages of Daily Figures

Billions of Dollars
96/97
Dec 25
Jon 1

Billions of Dollars

Billions
0.188
0.097
0.062
0.043
0.032
0.033

6 20 3 17 31 14 28 13 27 10 24 8 22 3 19 3 17 31 14 28 11 23 9 23 6 20 4
Apr
May
Jun
Aug
Sep
Ocl

18 1

1995
1996
Borrowings include seasonal, adjustment and extended credit.

15 29 12 26
1997

Bank Loans and Credit
All Commercial Banks in the United States
Billions of Doilors
Bonk Credit
Billions
Dec 11
3762.4
3760.9
3780.2
3778.8
3801.8
3795.7

Seasonally Adjusted

Billions of Dollars

Bank Credit (left scale)2/

Loans and Leases (right scale)

Loans<5c Leases
Billions
2766.0
2771.7
2782.9
2785.9
2798.4
2796.2

Dec 11

1995
1996
Current data appear in the Federol Reserve Boord's H.8 releose.
1/ Includes foreign-reloted institutions
2/ Includes loons and leases and securities


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Federal Reserve Bank of St. Louis

1997

Prepared by Federol Reserve Bank of St. Louis

Commercial Paper of Nonfinancial Companies
Not Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Billions

Dec 18
Jon

I

■

6 20 3

186.496
180.234
173.764
184.747
189.720
187.841

»"»-»-T~»'

T'»"r

■

I

...............I

I 1 I

' "I"1 ‘ 1

17 31 14 28 13 27 10 24 8 22 5

1995

1

19 3

1 I

'

» r'-H

I

I

17 31 14 28 11 25 9

» T

I...........

23 6 20 4

8

1

1996

15 29 12 26
1997

Commercial and Industrial Loans
Seasonally Adjusted
Billions of Dollars

Billions of Dollars

All Bonks
96/97
790-

Billions
785.6
785.9
788.5
788.4
786.2
788.5

- 400
All Bonks (left scale)*/

Large Banks (right scole)^/

Large Bonks
96/97
Dec 1

6 20 3

17 31 14 28 13 27 10 24 8 22 5

19 3 17 31 14 28 11 25 9
1996

Current data appear in the Federal Reserve Board's H.8 release.
1/ Includes foreign-reloted institutions
2/ Weekly reporting, domestically chartered bonks


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Federal Reserve Bank of St. Louis

11

23 6 20 4

18

—
382.7
384.9
385.0
383.8
385.5
1

IS 29 12 26
1997

Prepared by Federal Reserve Bank of St. Louis

Dollar's Trade-Weighted Exchange Index
Averages of Daily Figures
1973=1uu

1973=100
96/97

100

1973=100

Dec 25
Jan 1

95

90

85-

85

80
6 20 3 17 31 14 28 13 27 10 24 8 22 3 19 3 17 31 14 28 11 23 9 23 6 20 4 18 1 15 29 12 26
Dec
Jon
Feb
Mor
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
1995

1996

1997

Current data appear in the Federal Reserve Boord's H. 10 release. Doto ore weighted overages of the foreign—currency
price of the U.S. dollar, computed using 10 industrial country currencies.
Prepared by Federal Reserve Bank of St. Louis

>1

to
<

0)


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Federal Reserve Bank of St. Louis