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THE WEEK'S HIGHLIGHTS:
✓

The consumer price index rose at a 3.3 percent annual rate in June,
compared with a 2.5 percent rate in May. Since January, consumer
prices have risen at a 3 percent rate.

✓

The producer price index for finished goods (PPI) was unchanged
in June, following a 1 percent annual rate of decline in both April
and May. In the first six months of1994, the PPI rose at a 1.6 percent
rate, following a 1.4 percent rate of decline over the previous
six months.
Nonfarm payroll employment expanded at a 4.1 percent annual rate
in June. In the past year it has grown 2.7 percent, a gain of about
3 million jobs. The civilian unemployment rate measured 6 percent
in June, unchanged from May and down 0.7 percentage points
from January.

^

Real retail sales advanced at a 4.1 percent annual rate in June. In
the second quarter, real retail sales increased at a 0.2 percent rate,
following a 3.9 percent rate of increase in the first quarter.
Consumer installment credit outstanding rose $10.4 billion in May,
or at a 16.2 percent annual rate. Since May 1993, consumer credit
has risen 12.2 percent.
All data are seasonally adjusted unless otherwise indicated.

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 $21 for one year (50 issues) or
$36 for two years (100 issues). For more information or to request an order form, please call
(314) 444-8808 or (314) 444-8809.
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 Monetary Base
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

1994

Billions

Apr 27
May 11

439.7
438.3

Jun

Billions of Dollars

441.8
444.2
444.2

Jul

5 11
May

8
22
6

2 IS 31 14 28 11 25 I 22 i 20 3 17 1 15 23 12 26

3 23 9 23 6 20 4 II

Jun

Feb

Jul

Aug

Sep

Oct

Nov

Dec

Jan

1993

Mar

Apr

May

1 15 2) 13 27
Jun

Jul

1994

Latest data plotted reserve maintenance period ending: July 6, 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 and in the vaults of all depository institutions! and an
adjustment for reserve requirement ratio changes. The major source of the adjusted monetary 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 Monetary Base
To the average of
two maintenance
periods ending:
12/8/93
1/5/94
2/2/94
3/2/94
3/30/94
5/11/94
6/8/94
7/6/94

Compounded annual rates of change, average of two maintenance periods ending:
7/7/93

9.0
8.4
10.1
10.8
9.9
9.5
9.4
9.2


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

9/29/93

6.0
9.4
10.6
9.2
8.8
8.9
8.7

12/8/93

13.2
14.3
11.0
10.0
9.8
9.4

1/5/94

19.2
13.1
11.1
10.7
10.1

2/2/94

3/2/94

3/30/94

5/11/94

8.9
8.2
8.4
8.1

5.0
6.1
6.3

7.9
7.6

8.0

Prepared by Federal Reserve Bank of St. Louis

Money Stock (Ml) and Total Checkable Deposits
Billions of Dollars

Averages ot uaiiy figures

Billions of Dollars

Seasonally Adjusted
M1
1994 Billions
— May 30 1143.6 Jun 6 1145.2
13 1146.3
20 1150.2
27 1149.3
Jul 4 1146.4

M1 (left scale)

TCD (right scale)

1994
May 30
Jun 6
13
20
27
Jul 4

Billions
796.4
798.2
798.6 —
801.7
799.2
795.9

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.
r
Total checkable deposits is the sum of demand deposits and other checkable deposits at depository institutions.

Money Slock (Ml)
Compounded
of change, average
To the average 7/5/93 10/4/93 annual rates 1/3/94 2/7/94 of four weeks ending:
12/6/93
3/7/94
4/4/94
5/2/94
of four weeks
ending:
12/6/93
1/3/94
2/7/94
3/7/94
4/4/94
5/2/94
6/6/94
7/4/94

10.4
9.7
9.1
8.7
8.4
6.9
6.7
6.5


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

8.4
7.7
7.3
7.1
5.2
5.1
5.1

6.1
5.8
5.9
3.4
3.6
3.8

5.7
5.8
2.7
3.2
3.4

5.6
1.4
2.4
2.8

-0.5
1.5
2.2

Prepared by Federal Reserve Bank of St. Louis

3

4
Adjusted Reserves
Billions of Dollars

Ssasonally Adjusted

Billions of Dollars

114
1994

Billions

Apr 27 104.8
110 -May 11 10l!s

Jul

110

22 104.2
6 102.1

IDi

102

01

04

S 1) I 1! 3D 14 21 II IS 8 12 6 ID 3 17 I IS 21 12 2D 1 23 1 23 8 2D 4 11 1 IS 21 13 27
May Jun
Jul
Aug Sep Oct Nov Dec Jan
Feb Mar Apr May Jun
Jul
1993
1994
Latest data plotted two weeks ending: July 6, 1994
Adjusted reserves is the difference between adjusted monetary base and currency component of M1.

Adjusted Reserves
To the average of
two maintenance
periods ending:
12/8/93
1/5/94
2/2/94
3/2/94
3/30/94
5/11/94
6/8/94
7/6/94

Compounded annual rates of change, average of two maintenance periods ending:
7/7/93

6.8
5.7
9.7
10.7
6.0
5.3
5.2
4.3


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

9/29/93

0.4
7.9
9.8
3.2
2.7
2.9
2.1

12/8/93

17.8
18.2
4.9
3.8
3.8
2.6

1/5/94

28.5
6.6
4.6
4.5
3.0

2/2/94

3/2/94

-6.7
-3.5
-1.9
-2.5

-11.3
-7.2
-6.7

3/30/94

5/11/94

2.0
0.0

Prepared by Federal Reserve Bank of St. Louis

30

Money Multiplier 1/
Averages of Daily Figures
Seasonally Adjusted
Compounded annual
rates of change,
average of the four
weeks ending
July 4, 1994 from
the four weeks ending:
Jul 5, 1993 -2.4
Sep 27. 1993 -3.3
Jan 3. 1994 -6.0
Jan 31, 1994 -5.0
Feb 28, 1994 -3.5
Mar 28, 1994 -4.9
May 9, 1994 -2.2

Ratio
Apr 25
May 9
Jun

3 17 31 14 28 12 26 9 23 6 20 4 18 1 15 29 13 27 10 24
May Jun
Jul
Aug Sep Oct Nov
Dec Jan
1993

7 21 7 21 4 18

6

Jul

4

2.591
2.585

16 30 13 27 11 25
May Jun

1994

Latest data plotted two weeks ending: July 4, 1994

Currency Component of M12/
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

350

340

330

1
1
Compounded annu al
rates of change,
average of the four
weeks ending
July 4, 1994 from
the four weeks enc ng:
Jul 5. 1993 1C .8
Oct 4, 1993 1C .8
Jan 3. 1994 12 .6
Feb 7. 1994 11 .3
Mar 7. 1 994 1C .8
Apr 4. 1 994 1C .2
May 2, 1 994 11 .0

Billions of Dollars
350

340

-j

330

320

320
1994

Billions

May 3 □

339 0
338 9
339.6
340.4
341.9
342.3
r-r-f-i ' n
i ■

310

13
20
27
Jul 4

r^T ■

r ^•r ■ t '"T ■ 1 L'T"' 1 i V-i i ■

•' i i i

ni-T

i • i 1 rT"i ■

3 I? 31 14 !! 1! If 9 13 $ 11 4 11 t IS 1! 13 27 10 24 7 21 7 21 4 11 2 11 31 13 27 II IS
May Jun
Jul
Aug Sep Oct Nov Dec Jan
Feb Mar Apr May Jun
Jul
1993
1994
Latest data plotted week ending: July 4, 1994
1/ Ratio of M1 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

3I0

300

6
Yields on Selected Securities

Percent

Percent

Averages of Daily Figures

Corporate
Bonds

May

Jun

IS 30 13 27 10 24 8 22 5 IS

Jul

Aug
Sep
1993

Oct

Nov

17 3! 14 21 II 25 11 25

Dec

Jan / Feb
/

Mar

17 1 15 2!

Apr May
1994

Jun

Jul

Latest data plotted are averages of rates available for the week ending: July 15, 1994

1994

30—Day
Commercial
Paper

90-Day
CDs

90-Day
Bankers'
Acceptances

Corporate
Aaa Bonds

Corporate
Baa Bonds

Municipal
Bonds **

Apr 22
29
6
13
20
27
Jun 3
10
17
24
Jul 1
8
15 *

3.88
3.89
4.05
4.37
4.35
4.33
4.37
4.32
4.34
4.36
4.47
4.53
4.57

4.08
4.12
4.35
4.68
4.53
4.49
4.52
4.43
4.46
4.52
4.71
4.78
4.80

4.04
4.06
4.31
4.63
4.46
4.41
4.44
4.38
4.39
4.46
4.64
4.72
4.74

7.93
7.81
7.97
8.12
7.89
7.9B
7.96
7.85
7.94
8.02
8.11
8.18
8.26

8.55
8.46
8.59
8.74
8.53
8.62
8.61
8.51
8.63
8.73
8.80
8.87
8.95

6.19
6.16
6.18
6.32
6.14
6.13
6.09
5.96
6.04
6.16
6.28
6.27

May

~

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

8.0

7.0
v'

/

•x

‘

X

4

i

6.0
5 v

X

|

\
V

✓ , _/

J.O

'*

/

-Year
i Secur ties

\

\

— /'

5.0

1
y-k onth

*i

4.0

leral
• Rate
«

i

<

0.0

✓ /

✓f
A 4.

m'm,

■

f

}

o

3.0

0 (•count Rate

n ■ i i1
mn I'M ~~' "1 ' I1 1 1 1 1 •i'll 'I'M1
n-i ■
4 18 ! It JO 13 37 10 24 I 22 S 19 3 17 31 14 20 11 25 11 25 0 12 f 20 3 17 1 15 21
Jun
Jul
Aug
Sep Oct Nov Dec Jan
Feb Mar Apr May Jun
Jul
1993
1994

* 1 ' T'T 1 i t-Tfi ^ i 1 i

7 21
May

Latest data plotted are averages of rates available for the week ending: July 1 5, 1994

1994
Apr 22
29
6
13
20
27
Jun 3
10
17
24
Jul 1
8
15 *

Federal
Funds **

3-Month
Treasury
Bill

1 —Year
Treasury
Bill

3.59
3.59
3.76
3.70
4.02
4.22
4.27
4.13
4.21
4.19
4.19
4.38
4.30

5-Year
Treasury
Securities

10—Year
Treasury
Securities

Long-Term
Treasury
Securities

3.73
4.64
6.60
7.03
7.33
3.85
4.72
6.56
6.96
7.24
4.04
4.96
6.76
7.16
7.42
4.19
5.19
6.98
7.37
7.60
4.16
4.95
6.65
7.06
7.34
4.18
5.00
6.73
7.14
7.44
4.15
5.04
6.70
7.09
7.39
4.11
4.89
6.54
6.97
7.28
4.12
4.90
6.65
7.08
7.39
4.16
5.00
6.76
7.17
7.47
4.16
5.18
6.89
7.27
7.57
4.28
5.19
6.95
7.34
7.64
4.43
5.25
7.05
7.44
7.72
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
May


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

7

4.0

2.0

8
Money Stock (M2) and Non-M1 Components of M2
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

3110

^

M2

1994

2325

^

Billions
M2 (le t scale

May 30 3590.1
Jun 6 3584.8
13 3582.4
20 35 80.6
27 35 81.9
Jul 4 35 91.1

358S

Billions of Dollars

2125

2525

**

3035

V
w

N.
- -*•

** -

/1

3010

*

✓

2425

Non -Ml M2 (right scale)

Non -M1 K.
1994 Billioni
May 30 2446.5
Jun 6 2439.6
13 2436.1
20 2430.4
27 2432.6
Jul 4 2444.7

2

3010

3485

3

II

May

31 14 21 12 21 ) 23 1 20

Jun

Jul

4

It

Aug Sep Oct
1993

1

15 2! 13 21 It 21 7 21

Nov

Dec

Jan

Feb

1 21 4 II

Mar

1325

__ I__ I__25 2225
II

2 11 31 13 27

Apr May
1994

Jun

Jul

Latest data plotted week ending: July 4, 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)
To the average

Compounded annual rates of change, average of four weeks ending:
1/3/94
2/7/94
3/7/94
4/4/94
5/2/94
7/5/93
10/4/93 12/6/93

ending:
12/6/93
1/3/94
2/7/94
3/7/94
4/4/94
5/2/94
6/6/94
7/4/94

2.2
2.1
2.0
1.7
2.2
2.1
2.0
1.6


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

2.0
1.8
1.3
2.2
2.0
1.8
1.4

1.5
0.8
2.2
2.0
1.7
1.2

0.3
2.3
2.0
1.7
1.1

3.0
2.4
1.9
1.0

4.0
2.7
1.5

0.9
-0.2

-0.7

Prepared by Federal Reserve Bank of St. Louis

Savings and Small Time Deposits
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars
1315 ---------1--------- 1--------Savings
1994 Billions

1275 -

Billions of Dollars
I
I
915
Small Time
1994 Billions

May 30 1215.5
Jun 6 1210.1
13 1207.2
Jul

May 30
Jun 6
13

27 12C)6.4
4 12C)4.4

769.3
769.9
770.4

27
4

771 .0
770 .5

Jul

175

1235

135

1195

■*

_

Time
•^

Savirigs D«[ o*lt*(l sft seal 0

1155

right s

795

—.

3 17 11 14 II 1! !S 9 !J 6 21 4 II 1 15 29 13 27 II 24 7 21 7 21 4 II 2 II 31 13 27 II 2S
May Jun
Jul
Aug Sep Oct Nov Dec Jan
Feb Mar Apr May Jun
Jul
,
1993
1994

755

Note: Savings deposits are at all depository institutions.

Large Time Deposits and Money Market Funds1/7
All Depository Institutions
Averages of Daily Figures, Seasonally Adjusted

380

I

Large
1994
May 30
Jun 6
13

Billions of Dollars

I

1

Time
Billions
333.5
333.5
333.8
27 3C 3^4
Jul 4 32 9.6

1

Money Market
1994 Billions
May 30
Jun 6
13
Jul

27

362.7
360.3
360.2
358
361

|

400

vjbiL

Billions of Dollars

380

/'
■

300

M oney M<irkat
\ •» - \
Va

m \s

N

3(0

7----/
/

-%• f

340

340
Lai ge Tim »

320

3 17 31 14 21 12 21 I 23 I 21 4 II
May Jun Jul
Aug Sep Oct
1993

------ '

*

I IS 29 13 17 II 24 7 21 7 21 4 II 1 II 31 13 27 11 25
Nov Dec
Jan Feb Mar Apr May
Jun Jul
1994

Latest data plotted week ending: July 4, 1994
1/ Large time deposits are those issued in denominations of $100,000 or more.
Money market funds are general purpose and broker/dealer.
Prepared by Federal Reserve Bank of St. Louis


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

9

320

10
Total Borrowings
From Federal Reserve Banks
Averages of Daily Figures

Billions of Dollars

Billions of Dollars

1994

Billions

Jun

8
15
22
29
■Jul 6
13

0.207
0.205
0.326
0.385
0.750
0.360

( 11 I IS M IJ 27
5 1) 2 IS JO U 20 II 25 I 22 f 21 J 17 I IS 29 12 21 9 2J ! 2J (
May Jun
Jul
Aug Sep Oct Nov Dec Jan
Feb Mar Apr May Jun
Jul
1993
1994

Adjustment + Seasonal Borrowings
From federal Reserve banks
Averages of Daily Figures

Billions of Dollars

Billions of Dollars

1994
Jun

Billions

8
15
22
29
•Jul 6
13

5 1!

2 16 30 14 28 II 25

May Jun

Jul

Aug

8 22 6 28 3 17 1 15 29 12 26 9 23 9 23 6 20 4 II
Sep

Oct

Nov

1993

Dec

Jan

Feb

Mar

Apr

May

0.207 —
0.205
0.326
0.385
0.750 —
0.360

1 15 29 13 27
Jun

Jul

1994

Latest data plotted week ending: July 13, 1994


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

Prepared by Federal Reserve Bank of St. Louis

Commercial Paper of Nonfinancial Companies

Billions of Dollars

1994

Billions of Dollars

______ ______ ______ Not Seasonally Adjusted
Billions

155.529

5 U 2 1« 11 H 21 11 25 1 22 f 2) 3 17 1 15 2} 12 H I 23 ) 23 i 20 t II 1 15 21 1] 2)
May
Jun
Jul
Aug
Sep Oct Nov Dec
Feb Mar
Apr
May
Jun
1994
Latest data plotted week ending: July 6, 1994

Commercial and industrial Loans'7
Billions of Dollars

325
315
305
295

Weekly R<,f>°rtln9 Lar9« Commercial Banks V
Seasonally Adjusted

1
1
1
Compounded annual
rates of change,
average of the four

I
1994

June 29, 1994 from
the four weeks ending:
Jun 30. 1993 4.4
Sep 29, 1993 6.7
Dec 29, 993 10.4
Jan 26, 994 12.3
Mar 2, 994 14.4
Mar 30, 994 14.5

Jun

1
8
15
22
29

Billions of Dollars
I
125
Billions
292.194
290.546
293.023
295.161
293.557

315
305
295

285

285

275

275

265

ii

May

11 31 H 21 11 25 8 22
Jun
Jul
Aug
Sep
1993

(

20
Oct

j

ii
Nov

1 i 1 i
IS 25 12 21 5 23 5 23 6 20 4 11

Dec

Jan

Feb

Mar

Apr
1994

May

r-r i ■

■ i i

15 25 13 2

Jun

Jul

Latest data plotted week ending: June 29, 1994
1/ Commercial and industrial loans include banker's acceptances and commercial paper.
2/Banks with domestic assets greater than $1.4 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 of Dally Figures

UM

5 15

2

16 30 14 20 11 25 8 22 S 20

May Jun

Jul

Aug

Sep

Oct

1973=100

3 17 1 15 25 12 20

! 23 5 23

6 20 4 IS 1 15 2) 13 27

Nov

Feb

Apr

Dec

Jan

1993

Mar

May

Jun

Jul

1994

Latest data plotted week ending: July 13, 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

O
H

k
51

os

<

35 Q «


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102