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THE WEEK'S HIGHLIGHTS:
^ The civilian unemployment rate was 7.8 percent in June, up from
7.5 percent in May and 6.9 percent last November. The labor force
has grown at a 2.9 percent annual rate since last November, while
total employment has increased at a 1.2 percent rate.

v'' Real personal income grew at a 0.9percent annual rate in May
and was up 0.9 percent from a year earlier.

^ Real personal consumption expenditures rose at a 3.1 percent
annual rate, up 1.9 percent from May 1991.
%/ New home sales totaled 501,000 at an annual rate in May, down
from 531,000 in April. Thus far this year, 257,000 homes have
been sold, up 17.9 percent from the same period in 1991.

/ The composite index of leading indicators rose 0.6 percent in May.
This was the fifth consecutive monthly increase, following five
months of little change.

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)
Two years (100 issues)

$18
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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.

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

2
Adjusted Monetaiy Base
Averages of Daily Mgures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Billions
Apr 15
_ May 13
Jun 10

May

361.1
361.2
362.4
364.2
363.1
364.3

Jun

Jul

Aug

Sep

Oct

Nov

25 8 22 5 1! 4 18 1 15 29 13 27 10 24 0 22

Dec

Jan

Feb

1991

Mar

Apr

May

Jun

Jul

1992

Latest data plotted reserve maintenance period ending: June 24, 1992
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:
11/27/91
12/25/91
1/22/92
2/19/92
3/1B/92
4/29/92
5/27/92
6/24/92

Compounded annual rates of change, average of two maintenance periods ending:
6/26/91 9/18/91 11/27/91 12/25/91 1/22/92 2/19/92 3/18/92 4/29/92

7.8
7.8
7.2
9.0
9.1
8.8
8.7
8.1


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Federal Reserve Bank of St. Louis

7.9
6.8
9.7
9.8
9.2
9.1
8.3

5.6
11.2
11.0
9.9
9.6
8.4

12.7
11.9
10.3
9.8
8.5

16.7
12.4
11.4
9.5

8.3
8.2
6.6

7.3
5.6

Prepared by Federal Reserve Bank of St Louis

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

Billions of Dollars

1992

Billions of Dollars

M1
Billions

- May 18
25
Jun 1
8
15
22

953.9 •
951.1
958.3
956.0
953.1
948.9

TCD (right scale)
M1 (left scale)

TCD
1992
May 18
25
Jun 1
8
15
22

6 20
May

3 17 1 15 29 12 26 9 23 7 21
Jun
Jul
Aug Sep Oct

4 18 2 16 30 13 27 10 24 9 23 6 20 4 18
Nov Dec
Jan Feb Mar Apr May

1991

Billions
671.6
667.9
675.1 —
671.9
669.0
664.8

1 15 29 13 27
Jun
Jul

1992

Latest data plotted week ending: June 22, 1992
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:

10 the average 6/24/91

9/23/91

11/25/91 12/23/91

1/20/92

2/24/92

3/23/92

4/20/92

of four weeks
ending:
11/25/91
12/23/91
1/20/92
2/24/92
3/23/92
4/20/92
5/25/92
6/22/92

9.7
9.8
10.1
12.9
13.2
12.1
12.3
11.5


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Federal Reserve Bank of St. Louis

12.5
12.3
16.3
16.3
14.3
14.2
12.9

11.2
18.5
17.8
14.6
14.6
12.8

22.1
20.2
15.6
15.3
13.1

24.1
16.8
16.1
13.4

8.7
10.8
8.6

Prepared by Federal Reserve Bank of St. Louis

3

4
Adjusted Reserves
Billions of Dollars

Seasonally Adjusted

1992

Billions

Apr 15

88.2

May 13
27
Jun 10

Billions of Do||ars

87.9
89.3

1 15 21 12 26 10 24 7 21 4 18 2 IS 30 13 27 11 25 8 22 5 1! 4 II 1 15 29 13 27 10 24 8 22
May Jun
Jul
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
Jul
1991
1992
Latest data plotted two weeks ending: June 24. 1992
Adjusted reserves is the difference between adjusted monetary base and currency component of M1.

Adjusted Reserves
maintenance periods ending:
To the average of Compounded annual rates of change, average of two 2/19/92 3/18/92 4/29/92
6/26/91 9/18/91 11/27/91 12/25/91 1/22/92
two maintenance
periods ending:
11/27/91
12/25/91
1/22/92
2/19/92
3/18/92
4/29/92
5/27/92
6/24/92

6.4
8.3
5.3
11.2
13.6
13.4
13.2
11.1


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Federal Reserve Bank of St. Louis

11.1
5.5
14.8
17.7
16.8
16.1
13.0

2.4
20.7
24.2
21.0
19.4
14.8

21.5
26.0
21.4
19.4
14.1

50.7
33.0
27.7
19.6

21.3
18.2
10.9

11.9
4.8

-0.7

Prepared by Federal Reserve Bank of St. Louis

Money Multiplier V
Averages of Daily Figures
Seasonally Adjusted
Compounded annual
rates of change,
average of the four
weeks ending
June 22, 1992 from
the four weeks ending:
Jun 24. 1991 3.1
Sep 16, 1991 4.1
Dec 23. 1991 4.2
Jan 20, 1992 3.7
Feb 17. 1992 3.3
Mar 16, 1992 1.3
Apr 27. 1992 3.0

Ratio
Apr 13

2.605
2.613
2.630
2.61 6
2.636
2.61 1

May 11
Jun

8

6 20 3 17 1 15 29 12 26 9 23 7 21 1 18 2 16 30 13 27 10 24 9 23 6 20
May Jun
Jul
Aug Sep Oct Nov Dec Jan
Feb Mar Apr
1991

15 29 13 27

1992

Latest data plotted two weeks ending: June 22, 1 992

Currency Component of M12/
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Compounded annual
rates of change,
average of the four
weeks ending
June 22, 1992 from
the four weeks ending:
Jun 24, 1991 7.3
Sep 23. 1991 6.9
Dec 23, 1991 6.9
Jan 20, 1992 6.6
Feb 24. 1992 5.3
Mar 23, 1992 6.3
Apr 20. 1992 7.0

1992

Billions

May 18

274.5
275.3
275.3
276.2
276.1
276.2

Jun

6 20 3 17 1 15 29 12 26 9 23 7 21 4 18
May Jun
Jul
Aug Sep Oct
Nov

16 30 13 27 10 24
Feb

1991

23 6 20 4 18
Mar Apr May

1

15 2! 13 27

1992

Latest data plotted week ending: June 22, 1992
1/ Ratio of M1 to adjusted monetary base
2/ Current data appear in the Federal Reserve Board's H.6 release.


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

5

6

Yields on Selected Securities

Percent

Percent

Averages of Doily Figures

-Corporate
Bonds

Municipal

Loon Rats.

3 17 31 14 2B 12 25 i 23 6 20 4 IB 1 15 25 13 27 10 24 7 21 5 20 3 17
May Jun
Jul
Aug Sep Oct Nov Dec Jan Feb Mar Apr
1991
1992

May

Jun

Jul

Latest data plotted are averages of rates available for the week ending: July 3, 1992

1992

90—Day
CDs

30-Day
Commercial
Paper

90-Day
Bankers'
Acceptances

Corporate
Aaa Bonds

Corporate
Baa Bonds

Municipal
Bonds **

Apr 10
17
24
May 1
8
15
22
29
Jun 5
12
19
26
Jul 3 *

4.08
3.93
3.96
3.92
3.85
3.77
3.78
3.89
3.91
3.86
3.83
3.84
3.82

4.11
3.95
3.95
3.92
3.88
3.85
3.83
3.92
3.94
3.91
3.89
3.89
3.89

4.01
3.84
3.87
3.82
3.77
3.71
3.74
3.84
3.84
3.81
3.79
3.79
3.75

8.32
8.28
8.33
8.37
8.35
8.27
8.23
8.25
8.24
8.24
8.22
8.20
8.17

9.19
9.16
9.24
9.23
9.20
9.12
9.07
9.11
9.09
9.08
9.02
9.02
9.00

6.66
6.60
6.68
6.69
6.64
6.54
6.51
6.58
6.57
6.52
6.46
6.42
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


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Federal Reserve Bank of St. Louis

Selected Interest Rates

Percent

Percent

Averages of Daily Figures

5—Year
-Treasury Securities—^**
Federal
runds Rate

Discount Rate

3 17 31 14 28 12 26 8 23 8 20 4 18 1 IS 28 13 27 10 24
May Jun
Jul Aug Sep Oct Nov
Dec Jan
1991

7 21
Feb

6 20 3 17 1 13 28 12 26 10 24
Mar Apr May Jun
Jul
1992

Latest data plotted are averages of rates available for the week ending: July 3, 1992

1992
Apr 10
17
24
May 1
8
15
22
29
Jun 5
12
19
26
Jul 3 *

Federal
Funds **
3.98
3.65
3.47
3.65
3.77
3.84
3.89
3.80
3.85
3.69
3.73
3.72
3.87

3-Month
Treasury
Bill

6—Month
Treasury
Bill *♦*

1 —Year
Treasury
Bill

3.80
3.63
3.68
3.69
3.63
3.60
3.61
3.71
3.71
3.67
3.63
3.64
3.56

4.02
3.73
3.86
3.85
3.78
3.74
3.71
3.90
3.90
3.83
3.75
3.77
3.66

4.06
3.95
4.11
4.12
4.06
3.93
3.92
4.06
4.08
3.99
3.93
3.94
3.87

5—Year
Treasury
Securities

Long-Term
Treasury
Securities

6.69
7.78
6.65
7.76
6.89
7.94
6.88
7.95
6.78
7.87
6.65
7.73
6.61
7.69
6.70
7.79
6.61
7.76
6.56
7.74
6.44
7.67
6.40
7.65
7.60
6.28
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


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Federal Reserve Bank of St. Louis

7

8
Money Stock (M2) and Non-M1 Components of M2
Billions of Dollars
3550
1

Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

2675

1

M2
1992 Billions
May 18 3470.8
25 3460.5

3500

8 34 67.9
15 34 65.3
22 34 54.7

2625

M2 (left s :ale)

2575

3450
N

S

-\
/

\ <*•

\

mm ^

\

on-M1 M2 (rig ht sea ej

3400

N

-

Nori-M1 A2
199i
Billiems

3330

3300

2525

-V

May 18
25
Jun 1
8
15
22
I

6 20
May

3 17 1 IS 21 12 2S 9 23 7 21 4 18 2 16 30 13 27
Jun
Jul
Aug Sep Oct Nov Dec Jan
1991

10 24 9 23 6 20 * 18
Feb Mar Apr May
1992

2516.9 2509.4
2509.2
2511.9
2512.2
2505.8
I

1 15 29 13 27
Jun
Jul

2475

2425

Latest data plotted week ending: June 22, 1992
Current data appear in the Federal Reserve Board's H.6 release.
M2 is the sum of Ml, 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 6/24/91 9/23/91 11/25/91 12/23/91 1/20/92 2/24/92 3/23/92 4/20/92
ending:
11/25/91
12/23/91
1/20/92
2/24/92
3/23/92
4/20/92
5/25/92
6/22/92

1.6
1.9
1.6
2.7
2.7
2.1
1.9
1.6


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Federal Reserve Bank of St. Louis

3.4
2.5
4.1
3.8
2.8
2.4
1.9

1.9
4.7
4.1
2.6
2.2
1.6

5.1
4.2
2.3
1.9
1.2

6.1
3.1
2.4
1.5

-0.7
-0.3
-0.7

-1.3
-1.6

-0.8

Prepared by Federal Reserve Bank of St. Louis

Savings and Money Market Funds
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars
1160 —I---------1---------Savings
1.99? Billions
May 18
25
1
8
15
22

1115 - Jun

Billions of Dollars

410

1125.1
1122.7
11 23.0
11 25.6
11 28.6
11 28.3

390
Money Market (right scale)

X

-

, -*»

*-S

1

//

--v

V

370
k es>

\

v"

1

1025

.X*

/

*sN.

350
Mor ey Ma rket
1992 BillieiH2

s<ivlngs

935

ieposit i (left 5 cale)

■ 1 ■ r■ i ■

6 10

May

May 1 8

35£ .2

Jun

980

353.6
353.7
353.8
353.8

1
8
15
22

■ i i r

3 17 1 15 29 11 20

9 23 7 21 4 18 2 18 » 13 27 10 20 9 13 f 20 0 18 1 15 29 13 27

Jun

Sep

Jul

Aug

Oct

Nov

Dec

Jan

Feb

Mar

1991

Apr

May

Jun

33D

310

Jul

1992

Note: Savings deposits are at all depository institutions. Money market funds are general purpose
and broker/dealer.

Large and Small Time Deposits1/
M Depository Institutions
Averages of Daily Figures, Seasonally Adjusted

Billions of Dollars
^

Billions of Dollars
1

1

1170

Small Time
1992

969.0
966.1
963.4

15
22

'-N

Billions

May 18
25
Jun 1

Smal Time right s :ale)

957 .3
954k2

1110

L

//

/

X%

450

X

\
La rge Ti Tie
12.22 ill ions

1050

X
►

A

Large Ime (1 sft seal 0

N s >

400 -

X

25 401.4
1 398.0
8 399.2
15 397.7
22 394.5
-I........ I....

990

Jun

350

8 20 3 17 I 15 29 12 26 1 23 7 21 8 18 2 18 30 13 27 10 24 9 13 6 20 4 18 1 15 29 13 27
Moy Jun
Jul
Aug Sep Oct Nov Dec Jan
Feb Mar Apr May Jun
Jul
1991
1992
Latest data plotted week ending: June 22, 1992
1/ Large time deposits are those issued in demoninatlons of $100,000 or more.


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

Prepared by Federal Reserve Bank of St. Louis

9

930

10
Total Borrowings
From Federal Reserve Banks
Averages of Daily Figures

Billions of Dollars

3.0

1992

2.5
2.0

Billions of Dollars

3.0

----------1----------

_ May 27

Jun

3
10
17
24
Jul 1

BiU ons
0.
0.
0.
O.
0.
O.

2.5

70
33
52
224
1-16

2.0

1.5

1.5

A

1.0

A
V

L

0.5

1.0

vx
'______

0.0

I 15 2! 12 26 10 24
May Jun
Jul

L
'k

0.5
V-

^—

J

7 21 4 18 2 16 JO 13 27 11 26 8 22 5 II 4 18 1 15 29 11 27 10 24 ! 21
Aug Sep Oct
Nov Dec Jan
Feb Mar Apr May Jun Jul
1991
1992

Adjustment + Seasonal Borrowings
trom federal Keserve Banks
Averages of Daily Figures

Billions of Dollars

1992
May 27
0 ft — Jun 3
10
17
24
Jul 1

Billions of Dollars

Billions
0.174
0.170
0.133
0.152
0.224
0.415

1 15 2! 12 26 10 2* 7 21 4 18 2 16 30 13 27 11 25 8 22 5 19 4 II 1 15 29 13 27 10 24 8 22
Aug
Sep
Oct
Feb Mar Apr May Jun
Jul
May Jun
1992
Latest data plotted week ending: July 1. 1992


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

i

Commercial Paper of Nonfinancial Companies

Billions of Dollars

1992

Billions of Dollars

Not Seasonally Adjusted
Billions

May 20
Jun

3

1 IS 2) 12 28 II 24 7 21 4 11 2 II 30 13 27 II 25
May
Jun
Jul Aug Sep Oct
Nov Dec
1991

8 22 5 II 4 II 1 15 2) 13 27 10 24
Jan Feb Mar Apr
May Jun
1992

8 22
Jul

Latest data plotted week ending: June 24, 1992

Commercial and Industrial Loans'7
Billions of Dollars

Weekly Reporting Large Commercial Banks2/
Seasonally Adjusted

Compounded annual
rates of change,
average of the four
weeks ending
June 17, 1992 from
the four weeks ending:

Billions of Dollars

1222
.May 13
90
27
Jun 3
10
17

Billions
286.332_ un
984.591
J,u
283.940
283.481
281.090
281.069.

15, 1992-11.6

Latest data plotted week ending: June 17, 1992
1/ Commercial and industrial loans include banker's acceptances and commercial paper.
2/ Banks with domestic assets greater than $1.4 billion
D
. . _ .
1C1
■
Prepared by Federal Reserve Bank of St. Louis


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Federal Reserve Bank of St. Louis

11

Dollar’s Trade-Weighted Exchange Index
1973=100

Averages of Daily Figures

1992 1973=100
May 27
Jun 3

1 15 2) 12 26 10 24 7 21 4 18 2 16 30 13 27 11 25 8 22 S 18 4 18 1 IS 2) 13 27 10 24 0 22
May

Jun

Jul

Aug

1991

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

1992

Latest data plotted week ending: July 1, 1992
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

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