Full text of U.S. Financial Data : July 17, 1997

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July 17,1997

cialData
THUMBS HIGHLIGHTS:
■

After falling 6.6 percent in May, privately owned housing starts
increased 4.8 percent in June to an annual rate of 1,452,000 units.
Actual starts on a year-to-date basis, however, were down 3.2 percent
compared with the same period in 1996.

■

The consumer price index for all urban consumers (CPI-U) rose at a
1.5 percent annual rate in June. Over the first half of1997, consumer
prices rose at a 1.4 percent annual rate, a marked slowing from
the 3.4 percent rate over the same period in 1996. Meanwhile, the
core consumer price index (CPI-U less food and energy) rose at
a 2.4 percent annual rate over the first half of 1997.

■

Following a 3.6 percent annual rate of decline in May, the producer
price index for finished goods (PPI) fell at a 0.9 percent annual
rate in June, the sixth consecutive decline. Year-to-date, the PPI
has fallen at a 3.4 percent annual rate.

■

Industrial production rose at a 3.5 percent annual rate in June, up
from May’s 2.4 percent rate of increase. Industry capacity utilization
was 83.5 percent in June, unchanged from the previous month and
a year ago.

■

Total business inventories rose at a 2.6 percent annual rate in May,
while total business sales decreased 5.6 percent. Sales of nondurable
goods increased at a 0.8 percent annual rate in May, while sales of
durable goods decreased sharply at an annual rate of 11.6 percent.

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.ffb.org/fred.


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

2

Adjusted Monetary Base
Averages of Daily Figures
Seosonolly Adjusted

Billions of Dollars

Billions of Dollars

Billions
473.393
475.325
478.007
473.903
477.756
478.369

1

15 29 12 26 10 24 7 21 4 18 2 16 30 13 27 11 25 8 22 5 19 5 19 2 16 30 14 28 11 25 9 23
Aug
Sep
Oct
Nov
Oec
Jan
Feb Mar
Jun
Jul
Apr
Moy
Jun

May

1996

1997

The odjusted monetary base is the sum of Federol Reserve deposits ond voult cosh held by domestic depository
institutions, currency held by the public, ond on adjustment for the effect of changes in reserve requirement
ratios. The monetary base series wos recently revised to include Federol Reserve deposits used to satisfy
clearing balance contracts. Data are computed by this bonk. A detoiled description of the odjusted monetary
base is ovoiloble from this bonk. Recent data ore preliminary.

Adjusted Monetary Base
To the overoge of
two maintenance
periods ending:

Compounded onnuol rotes of chonge, overoge of two maintenance periods ending:
7/17/96

10/9/1

2/18/96

1/15/97

2/12/97

3/12/97

4/9/97

12/18/96

5.3

1/15/97

4.7

2/12/97

5.8

7.1

7.5

3/12/97

5.3

6.1

5.4

7.4

4/9/97

4.8

5.2

4.1

4.9

5/21/97

4.9

5.2

4.5

5.2

2.9

3.4

6/18/97

4.8

5.2

4.5

5.0

3.2

3.7

5.1

7/16/97

4.9

5.2

4.7

5.2

3.7

4.2

5.4


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

5/21/97

5.4

0.9

5.2

Prepared by Federol Reserve Bonk of St. Louis

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

Billions of Dollars

Jun

2

1160-

Billions of Dollors

Billions
1070.5
1061.1
1061.9
1059.2
1068.5
1065.9

Jun

2

655.8
646.1
646.1
651.7
648.0

Ml (left

TC0 (right scale)

Moy

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Feb

Mar

Apr

Moy

Jun

M1 '« *h« »um of currency held by the nonbonk public, demond deposits, other checkoble deposits and travelers
checks. Totol checkoble deposits is the sum of demond deposits and other checkoble deposits ot depository
institutions. Current data appear in the Federal Reserve Boord's H.6 release.

Money Stock (M1)
To the overage
of four weeks
ending:
12/9/96

Compounded annual rotes of change, average of four weeks ending:
7/8/96

10/7/96

12/9/96

1/6/97

2/10/97

3/10/97

4/7/97

5/5/97

-6.9

1/6/97

-5.9

-2.9

2/10/97

-4.5

-1.3

1.6

3/10/97

-4.7

-2.2

-0.8

-1.1

4/7/97

-5.1

-3.3

-2.8

-3.6

5/5/97

-5.4

-3.9

-3.7

-4.6

-7.6

-8.4

6/9/97

-4.8

-3.3

-3.0

-3.6

-5.4

-5.2

-3.5

7/7/97

-4.5

-3.0

-2.7

-3.1

-4.5

-4.2

-2.6


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Federal Reserve Bank of St. Louis

-7.5

-0.3

Prepored by Federal Reserve Bonk of St. Louis

3

4

Adjusted Reserves
Seasonally Adjusted
Billions of Dollars

Billions of Dollars
Apr 23
Moy 7
Jun

4

Billions
66.692
68.008
68.652
70.723
66.094
69.140

15 29 12 26 10 24 7 21 4 18
Aug
Sep
Jun

Oct

Moy

Nov

Feb

Dec

Mar

Apr

Moy

Jun

Adjusted reserves is the difference between the odjusted monetary base and the currency component of Ml.
The odjusted monetary base series wos recently revised: See the footnote to the monetary bose chort for o
description of the change.

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

7/3/96

9/25/96

12/4/96

1/1/97

1/29/97

2/26/97

3/26/97

12/4/96

-8.4

1/1/97

-7.0

-4.5

1/29/97

-7.1

-5.2

2/26/97

-5.4

-2.8

0.3

0.1

3/26/97

-9.0

-8.6

-9.9

-13.2

-15.9

5/7/97

-10.4

-10.6

-12.4

-15.1

-17.1

6/4/97

-6.2

-4.9

-4.3

-5.2

-4.6

-8.0

5.4

7/2/97

-8.5

-8.1

-8.6

-10.0

-10.4

-14.1

-7.1


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Federal Reserve Bank of St. Louis

5/7/97

-3.5

-25.5

Prepared by Federal Reserve Bonk of St. Louis

Money Multiplier
Averages of Daily Figures
Seasonally Adjusted

Rotio

Rotio

3.0 -----------1---------- 1---------- !---------Compounded onnuol rotes
of change, average of
the four weeks ending
June 30, 1997, from
. the four weeks ending:

----------1---------- 1---------1997
R Otk)
Apr 21
2 .271
Moy 5
2 .249
19
2 .232
2 .233
Jun
1
2 .240
3<
2 .227

2.8

2.6-

Jul
Sep
Dec
Jan
Feh
Mar
Mo

1.
23,
30.
27,
74
24 .
5.

1996
1996
1996
1997
1997
199
199

-9
-7
-7
-7
-7
-7
-7

:8
.0
. 4
. 5
.6
. 2

-

3.0

2.8

2.6

2.4

2.4

2.2

2.2

2.0

20 3
Moy

'iVm’iVm 6 ' 13

1*7
Jun

Jul

Sep

Aug

7 'll' i
Oct

18
Nov

'll'jl'lVlVlo'lVll'lV 7 l'l' 5
Dec

Jon

Feb

Mor

1996
Rotio of M1 to the adjusted monetary base.

Apr

'iVj

lV
May

Jun

0 M2
Jul

1997

Currency Component of M1
Averoges of Doily Figures
Billions of Dollars

Seasonally Adjusted

Billions of Dollars

Compounded onnuol rot<
of change, overage of
the four weeks ending
July 7, 1997, from
the four weeks ending:
Jul
Oct
Jon
Feb
Mor
Apr
May

8.
7,
6,
10,
10,
7.
5.

1996
1996
1997
1997
1997
1997
1997

1
1
C
e
‘
t
C

Jul

Aug

Sep

Oct

Feb

1996
Current data appear in the Federal Reserve Board's H.6 release.


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

Mor

Apr

7

407.8
408.7
409.7

May

1997
Prepared by Federal Reserve Bank of St. Louis

5

2.0

6

Yields on Selected Securities
Averages of Daily Figures
Percent

Percent

Prime Rote

Corporate
Aaa Bonds

Municipal Bonds

Commercial Paper

3

17 31 14 28 12 26 9 23 6 20 4

18

13 27 10 24

7 21

1996

1997
Apr 25
Moy 2
9
16
23
30
Jun
6
13
20
27
Jul 4
11
18

7

21

4

18 2

16 30 13 27 11 25

1997

30-Doy
Commercial
Paper

90-Day
CDs

90-Day
Bonkers'
Acceptances

Corporate
Aaa Bonds

Corporate
Boo Bonds

5.59
5.60
5.60
5.61
5.62
5.60
5.61
5.59
5.60
5.61
5.62
5.56
5.55

5.71
5.73
5.71
5.70
5.71
5.69
5.68
5.68
5.65
5.66
5.66
5.61
5.60

5.63
5.61
5.65
5.63
5.63
5.59
5.61
5.60
5.58
5.58
5.58
5.54
5.53

7.75
7.64
7.56
7.55
7.60
7.64
7.51
7.44
7.33
7.36
7.36
7.19
7.19

8.35
8.26
8.18
8.17
8.22
8.25
8.13
8.06
7.94
7.96
7.94
7.79
7.78

Municipal
Bonds ••
5.87
5.77
5.71
5.67
5.66
5.67
5.60
5.52
5.48
5.53
5.53
5.38
NA

Current dato are from the Federal Reserve Board's H.15 releose, ond are averages of rates available for the
week ending on July 18, 1997
•• Bond Buyer's Average Index of 20 municipal bonds, Thursday doto
NA - Not Available
_
.„
_ , .
, .
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

30-Year
Treasury Securities

Federal
Funds Rate

- 5.0

Discount Rate
3-Month
Treasury Bill

3

17 31 14 28 12 26 9 23 6 20 4

1997
Apr 25
May
2
9
16
23
30
Jun
6
13
20
27
Jul
4
11
18 •

Federal
Funds ••
5.48
5.61
5.55
5.49
5.52
5.43
5.54
5.48
5.62
5.42
5.82
5.48
5.44

18

1

15 29 13 27

7 21

7 21

16 30 13 27

3-Month
Treasury
Bill

1 -Year
Treasury
Bill 7

5-Year
Treasury
Securities

10-Year
Treasury
Securities

30-Yeor
Treasury
Securities

5.19
5.15
5.06
5.05
5.10
4.94
4.91
4.88
4.91
4.99
5.04
4.99
5.04

5.66
5.60
5.57
5.53
5.51
5.53
5.44
5.40
5.34
5.35
5.32
5.24
5.24

6.79
6.62
6.57
6.54
6.58
6.60
6.48
6.40
6.29
6.33
6.31
6.15
6.14

6.89
6.76
6.70
6.68
6.73
6.75
6.61
6.52
6.40
6.45
6.42
6.26
6.24

7.10
6.98
6.91
6.90
6.96
6.99
6.86
6.80
6.69
6.73
6.72
6.56
6.53

Current doto appear in the Federal Reserve Boord’s H.15 releose.
• Averages of rotes available
•• Seven-day overages for week ending two days earlier than date shown


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Federal Reserve Bank of St. Louis

Prepored by Federal Reserve Bonk of St. Louis

7

8

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

Billions of Dollars

3875-

Jul

7

Billions
3912.8
3913.4
3914.7
3922.6
3926.7
3935.8

Billions of Dollars

M2 (left scale)

Non-M1 M2 (right scole)
Non-Mi M2
Jun

2

2842.3
2852.3
2852.8
2863.4
2858.2

6 20 3 17 I 15 29 12 26 9 23 7 21 4 IS
May

Jun

Aug

Sep

Oct

Nov

Dec

Jon

Feb

Mar

Apr

May

Jun

M2 is the sum of Ml, savings (including money morket deposit occounts), small time deposits ond retoil money
funds. Current data appear in the Federol Reserve Boorcfs H.6 release.

Money Stock (M2)
To the average
of four weeks
ending:

Compounded onnuol rotes of chonge, overage of four weeks ending:
7/8/96

10/7/96

12/9/96

1/6/97

2/10/97

3/10/97

4/7/97

12/9/96

4.6

1/6/97

4.9

6.6

2/10/97

5.2

6.5

6.5

3/10/97

5.0

6.0

5.7

5.2

4/7/97

5.1

6.0

5.7

5.3

5/5/97

5.2

6.1

5.9

5.7

5.4

6.3

6/9/97

4.8

5.4

5.0

4.6

4.1

4.3

3.6

7/7/97

4.8

5.3

4.9

4.7

4.3

4.4

4.0


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

5/5/97

4.7

2.7

Prepared by Federol Reserve Bonk of St. Louis

Savings and Small Time Deposits
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

1375

Small Time
1997

Billions
956.1
957.3
958.3
959.2
959.2

1295
Small Time (left scale)

Savings
1997
Jun

Savings Deposits (right scale)

6 20 3 17
Moy
Jun

15 29 12 26 9 23 7 21
Aug
Sep
Oct

4

18 2

16 30 13 27 10 24 10 24
Feb
Mor

7

21
Apr

5

Billions
1317.2
1321.8
1323.7
1331.3
1322.9
1330.9

19 2 16 30 14 28
Moy
Jun

1996
Savings deposits and smoll time deposits are ot all depository institutions.

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

Billions of Dollars

Billions of Dollars

Large Time
1997
Jun
2
650-

Retoil Money
1997
Jun
2

524.7
526.3
529.8
539.2

Billions
569.1
573.1
570.9
572.8
576.0

547.0

579.8

Retail Money

Large Time

Sep

Oct

1996
1997
Large time deposits ond retail money funds ore ot oil despository institutions. Large time deposits ore those
issued in denominations of $100.000 or more. Retail money funds were originoliy colled general purpose
and broker/dealer money market funds.
Prepared by Federal Reserve Bonk of St. Louis


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Federal Reserve Bank of St. Louis

9

1175

10

Total Borrowings
From Federal Reserve Banks
Averages of Daily Figures

Billions of Dollars

Billions of Dollars

Billions
Jun 11

1

IS 29 12 26 10 24 7 21 4 18 2 16 30 13 27 II 23 B 22 S 19 S 19 2 16 30 14 28 11 25 9 23
Aug
Sep
Oct
May
Jun
Apr
Moy
Jun

1996
Borrowings include seosonol, adjustment ond extended credit.

1997

Bank Loans and Credit

All Commercial Banks in the United States’^
3955

2995

Bonk Credit
1997
Billions
May 28
3908.9
Jun 4
3906.4

Jul

8
5
2

2920

1919.3
1928.6
942.1

3onk C redit [left s

o

3880-

f

3805

2845

3730

2770
Loan s & Le □ses
1997
& llions

3655

2695
2898.6
2905.0
2914.0
2921.0
Jul
2 2918.5
i i ■ i ■ i ■,*■ i ■ ,
, . ■ ■ 2620
18 2 16 30 13 27 11 23 8 22 3 19 3 19 2 16 30 14 28 11 23 9 23
Sep
Oct
Nov
Dec
Feb
Mor
Apr
May
Jun
Jul
Jon
Jun

LC ons o nd Leejses ( right scole)
3580 1 » i ■ i1 • i ' i
1

-J UU

13 29 12 26 10 24

Moy

Jun

Jul

21

Aug

1996
Current doto oppeor in the Federal Reserve Board's H.8 release.
1/ Includes foreign-reloted institutions
2/ Includes loons ond leases ond securities


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Federal Reserve Bank of St. Louis

11
18
25

4

1997

Prepared by Federal Reserve Bank of St. Louis

Commercial Paper of Nonfinancial Companies
Not Seasonally Adjusted

Billions of Dollars
Jun

4

Jul

2

220-

Billions of Dollars

Billions
195.237
193.928
202.881
197.526
197.267
195.564

-230

-220

-210

■200

■ 190

■ 180

■ 170

1996

1997

Commercial and Industrial Loans
Seasonally Adjusted
Billions of Dollars

Billions of Dollars

425

All Bonks
805 - -

May 28
4

812.8
815.5
817.1
818.4

405

Large Banks (right scale)2/
All Banks (left scale)1/

385

365

May 28
Jun 4

411.7
412.6
414.2
413.7
415.0

345

325

1996
Current data appear in the Federal Reserve Board's H.8 release.
1/ Includes foreign-related institutions
2/ Weekly reporting, domestically chartered bonks


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Federal Reserve Bank of St. Louis

1997

Prepared by Federol Reserve Bonk of St. Louis

Dollars Trade-Weighted Exchange Index
Averages of Daily Figures
1973=100

1973=100

Jun 11
Jul

1

2

13 29 12 26 10 24 7 21

4

18 2

16 30 13 27 11 23 8 22 5

19 5

19 2

16 30 14 28 11 25 9

23

Current doto appear in the Federol Reserve Board's H.10 release. Dato ore weighted overages of the foreign-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 Federol Reserve Bonk of St. Louis