Full text of U.S. Financial Data : July 21, 1988

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RESEARCH LIBRARY
Federal

Resale Bsgj

~---------------—---------------------------------------------

°Ut£^ Financial Data
JUL 2 6 1988

July 21, 1988

THE WEEK'S HIGHEIGHTS:
is

Industrial production rose at a 4.5 percent annual rate in June, led
by a surge in the output of utilities. The June level of industrial
production was 5.8 percent above a year earlier, boosting the capacity
utilization rate to 83.1 percent, the highest since 83.7 percent in
March 1980.

is

Housing starts rose 5.1 percent in June, after declining 12.6 percent
in May. From January to June, housing starts were down 10.9
percent from the same period in 1987.

is

Producer prices of finished goods rose at a 4.6 percent rate in June
and were up 2.3 percent from June 1987. Excluding food and energy,
producer prices increased 3.3 percent over the past year.

ts

The seasonally adjusted merchandise trade deficit widened to $10.93
billion in May from $10.30 billion in April. In the January-to-May
period, the trade deficit totaled $58.6 billion, down from a $69.4
billion deficit in the same period in 1987.

niK

FEDERAL
X
JRANK
RESERVE
of
nr st. uhls

views expressed do not necessarily reflect official positions of the Federal Reserve System.


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

2

ADJUSTED MONETARY BASE
AVERAGES OF DAILY FIGURES

SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS
282 ---------- ,---------- ,--------

276.4
275.6
276.2
278.2
278.9
278.9

~ JUN.
JUL.

BILLIONS OF DOLLARS
------------------------------- 2®2

13

—

6 20

3 17

MAY

JUN

1

IS 29 12 26

9 23

7 21

4

OCT

NOV

18

2 16 30 IS 27 10 24

JAN

9 23

FEB

I I I I
6 20

4 16

APR

MAY

I

IS 29 13 27

LATEST PLOTTED RESERVE MAINTENANCE PERIOD ENDING: JULY 13. 1968

SOURCE OF THE ADJUSTED MONETARY BASE IS FEDERAL RESERVE
A DETAILED DESCRIPTION OF THE ADJUSTED MONETARY I
BAhtt.

- ---NT RATIO CHANGES.
THE MAJOR
DIT.
DATA ARE COMPUTED BY THIS
IS AVAILABLE FROM THIS BANK.

RECENT DATA ARE PRELIMINARY.
ADJUSTED MONETARY BASE
COMPOUNDED ANNUAL RATES OF CHANGE,
AVERAGE OF TWO MAINTENANCE PERIODS ENDING:
7/15/87

10/7/87 12/16/87

1/13/88

2/10/88

7.2
7.8
7.6
7.3
7.4

2.9
4.7
5.0
5.5

3/9/88

4/6/88

5/18/88

TO THE AVERAGE OF
TWO MAINTENANCE
PERIODS ENDING:
12/16/87
1/13/88
2/10/88
3/ 9/88
4/ 6/88
5/18/88
6/15/88
7/13/88

7.9
7.5
8.9
7.5
7.6
7.6
7.4
7.5


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

7.8
10. 1
7.6
7.8
7.7
7.5
7.6

11.7
6.6
7.2
7.2
7.0
7.2

7.9
7.3
7.5

6.6
7.1

7.0

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

274

MONEY STOCK (Ml )

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS <
790

BILLIONS,
773.9
771 .8
778.0
778.6
777.2

780

750

740

I I I I
4 16

I I I I
1

15 20 15 27 10 24

7 21

5 19

SEP

OCT

2

ID SO 14 28 II

DEC

25

8 22

7 21

JAN

JUN

JUL

LATEST DATA PLOTTED WEEK ENDING: JULY 11. 1986
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.B RELEASE.
Ml IS THE SUM OF CURRENCY HELD BY THE NONBANK PUBLIC, DEMAND DEPOSITS, OTHER CHECKABLE
DEPOSITS AND TRAVELERS CHECKS.

MONEY STOCK (Ml )
COMPOUNDED ANNUAL RATES OF CHANGE,
7/13/87

10/12/87 12/14/87

AVERAGE OF FOUR WEEKS ENDING:

1/11/88

2/8/88

3/14/88

4/11/88

5/9/88

4.8
7.8
8.4
6.2
7.4

3.3
5.5
3.6
5.5

12.7
7.1
8.8

3.9
7.1

5.5

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
12/14/87
1/11/88
2/ 8/88
3/14/88
4/11/88
5/ 9/88
6/13/88
7/11/88

2.7
2.6
4.6
3.2
4.3
4.9
4.2
5.0


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

1 . 1
5.0
2.6
4.4
5.2
4.3
5.3

9.9
3.9
6.4
7.2
5.5
6.7

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

4

MONEY MULTIPLIERi/
CURRENCY COMPONENT OF MONEY STOCK v
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

RATIO
3.1

BALLQ.
2.790
2.778
2.791
2.800

Ml MULTIPLIER

1

MAY

15 20 15 27 10 24

JUN

JUL

7 21

AUG
SEP
1987

5 10

OCT

2

18 30 14 28 11

NOV

DEC

JAN

25

8 22

FEB

7 21

4

MAR

APR

18

2

18 30 15 27

MAY

JUN

II

25

JUL

LATEST DATA PLOTTED TWO WEEKS ENDING: JULY II, 1988
BILLIONS OF DOLLARS

212

_

1

II

BILLIONS OF DOLLARS
212

i i i

r
RA1 ES

- COMPOUNDED ANNUAL
-__OF CHANGE, AVERAGE OF
___THE FOUR lVEEKS END INC
JULY 11. 1988 FROM
” THE FOUR WEEKS END INC
204

1988
1988
1988
1988
1988
1987

7.9
7.5
9.7
7.8
8.8
9.6

sr

~ rrr

CURREN :y

^--- N.

11 1

196

/--

i

9,
11,
14,
8,
11,
12,

i

~

MAY
APR.
MAR.
FEB.
JAN.
OCT.

i

_
_

-

1
JUN .

6 203.5
204.1
204.9
206.1
4 205.6
11
205.9

13
20
27

_
JUL .

7m

1111

..LLl.

MAY

JUN

JUL

1 1 M

-LLL
7 21

AUG
SEP
1987

1 1 1
5 10

OCT

-LL.I.1
.LLL -LI 1.
2 18 30 M 28 11 25 11.11
22
NOV

DEC

JAN

FEB

111
7 21

.11 1
4

18

APR
1988

_
“
—
_

ii i i I i i i 1 i i i!
2

18 30 13 27 11

MAY

JUN

JUL

LATEST DATA PLOTTED WEEK ENDING: JULY 11, 1988
1/ RATIO OF MONEY STOCK (Ml) TO ADJUSTED MONETARY BASE
2/ CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS‘ H.6 RELEASE.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

200

TOTAL CHECKABLE DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS

DOLLARS

of

B-1LLLQN&
563.0
565.9
565.3
571.2

1

19 29 13 27

10 24

7 21

SEP
1987

3 19

2 16 30 14 28 11

DEC

OCT

25

8 22

JAN

7 21

4 18

MAR

APR
1988

2

18 30 13 27

JUN

11

23

JUL

LATEST DATA PLOTTED WEEK ENDING: JULY 11, 1988
TOTAL CHECKABLE DEPOSITS IS THE SUM OF DEMAND DEPOSITS AND OTHER CHECKABLE DEPOSITS AT ALL
DEPOSITORY INSTITUTIONS.

TOTAL CHECKABLE DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE
7/13/87

10/12/87 12/14/87

AVERAGE OF FOUR WEEKS ENDING:

1/11/88

2/8/88

3/14/88

4/11/88

5/9/88

3.7
6.9
8.2
5.3
7.0

1.7
4.9
2.4
4.8

13.4
6.5
8.7

3.2
7.1

4.7

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
12/14/87
1/11/80
2/ 8/88
3/14/88
4/11/88
5/ 9/88
6/13/88
7/11/88

0.4
0.2
2.6
1 . 1
2.4
3.3
2.5
3.5


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

-2.2
2.5
0.2
2.2
3.5
2.5
3.8

8.7
2.2
4.9
6.3
4.3
5.9

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

6

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES

CORPORATE
Aaa BONOS

ME BANK
LOAN RATE

MUNICIPAL
BONDS

90 DAY

I

15 20 12 26 10 24

7 21

4

AUG

SEP

18

2

16 30 13 27

NOV

II

25

DEC

6 22

5 10

4

FEB

MAR

18

1

15 20 13 27

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING-. JULY 22,

1986
MAY

6
13
20
27
JUNE
3
10
17
24
JULY
1
8
15
22 X
29

90 DAY
CD'S
7
7
7
7
7
7
7
7
7
7
7
8

09
22
25
34
50
45
44
55
62
76
91
02

30-DAY
COMMERC1AL
PAPER
6.89
7.06
7.08
7. 17
7.38
7.36
7.35
7.43
7.56
7.60
7.68
7.79

90-DAY
BANKERS'
ACCEPTANCES
6
7
7
7
7
7
7
7
7
7
7
7

96
1 1
15
22
34
33
33
43
48
59
76
86

CORPORATE
Aaa BONDS
9
9
9
10
10
9
9
9
9
9
9
10

78
85
94
01
00
93
80
79
82
84
95
03

CORPORATE
Baa BONDS
10
1 1
1 1
1 1
1 1
1 1
10
10
10
11
11
11

96
01
07
1 1
09
08
97
94
97
02
1 1
16

10 24

8 22

1988.

MUNICIPAL
BONDS ft*
7.84
7.85
7.97
7.96
7.87
7.78
7.73
7.77
7.74
7.75
7.77
N.A.

!R&.*fl!ElWr.9!&£
THE BOARD OF GOVERNORS' H.I5 RELEASE.
* AVERAGES OF RATES AVAILABLE
X* BOND BUYER'S AVERAGE INDEX OF 20 MUNICIPAL BONDS, THURSDAY DATA
N.A. - NOT AVAILABLE


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

SELECTED

INTEREST RATES

AVERAGES OF DAILY RATES

PERCENT

—1 11.0

,
5-YE
TREASURY SI

IRITIES

A

J~

FEDERAL
FUNDS RA­

DI SCOUNT RATE

3-MONTH
TREASURY BILL

J I I I I I M
MAY

JUN

JUL

AUG

SEP

2 16 30 13 27 It 25 8 22
OCT
NOV
DEC
JAN

5 10
FEB

4 18
MAR

1987

1 13 20 13 27 10 24
APR
MAY
JUN ’

8 22

1988

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: JULY 22, 1988.

FEDERAL
FUNDS xx

6

13

20
27
JUNE
3
10
17
24
1
8
15

22 i

6.82
7.02
7.04
7.14
7.41
7.37
7.43
7.54
7.63
7.81
7.59
7.83

29

KuCnON^VERAGi^DISCOUm1)


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

3-MONTH
TREASURY
BILL

6-MONTH
TREASURY
BILL K*X

1-YEAR
TREASURY
BILL

5-YEAR
TREASURY
SECURITIES

LONG-TERM
TREASURY
SECURITIES

6.16
6.26

6.41
6.51
6.50
6.71
6.83
6.72
6.67
6.83
6.75
6.71
6.99
7.09

6.75
6.85
6.91
7.07
7.08
6.97
6.91
7.02
7.01
7. 1 1
7.25
7.24

8.39
8.53
8.64
8.73
8.61
8.50
8.41
8.52
8.46
8.51
8.67
8.72

9.15
9.23
9.38
9.44
9.25
9. 15
9.08
9. 12
9.06
9. 17
9.31
9.36

6.22

6.35
6.45
6.43
6.36
6.50
6.57
6.58
6.70
6.69

™ MYS

THWJ °*TE ^

PREPARED BY FEDERAL RESERVE BAFK Of ST. LOUIS

7

8

MONEY STOCK ( M2 )

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
3050 ---------- 1------------- r—

BILLIONS OF DOLLARS
------ ---------------------- 3050

BILLIONS
3018.1
3013.2
3017.6
3019.0
3023.1
3028.3

_ JUN.

3000

2950

4 16

1

15 29 13 27 10 24

7 21
SEP

5 10
OCT

2 16 30 14 20 11 25
DEC
JAN

0 22

7 21
MAR

4 18
APR

2 10 30 13 27 II 25
JUN
JUL

LATEST DATA PLOTTED WEEK ENDING: JULY II, 1988
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE
M2 IS THE SUM OF Ml, OVERNIGHT RPS ISSUED BY ALL COMMERCIAL BANKS, OVERNIGHT EURODOLLARS ISSUED
TO IKS. RESIDENTS Bl FOREIGN BRANCHES OF U.S. BANKS, MONEY M^KET DEPOSIT ACCOUNTS, SAVINGS AND
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:
7/13/87

10/12/87 12/14/87

1/11/88

2/8/88

3/14/88

4/11/88

9.9
10.8
9.7
8.9
8.2

9.2
8.3
7.7
7. 1

9.5
8.2
7.3

6.2

5/9/88

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
12/14/87
1/11/88
2/ 8/88
3/14/88
4/11/88
5/ 9/88
6/13/88
7/11/88

3.9
3.8
5. 1
5.3
6.1
6. 1
6. 1
6.0


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

2.7
5.3
5.6
6.7
6.6
6.5
6.3

8.6
7.8
8.9
8.4
8.0
7.5

5.6

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

ALL DEPOSITORY INSTITUTIONS
TOTAL TIME DEPOSITS^
LARGE TIME DEPOS I TS 2/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
1940 r-------- 1------------- r—

ILL IONS OF DOLLARS
—---------- -------- -1 1940

COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
.
THE FOUR WEEKS ENDING
JULY 11. 1988 FROM

Z
1850

APR.

~FEB
JAN.
OCT.
JUL.

9,
11
14.
8.
11
12,
13,

1988
1988
1988
1988
1988
1987
1987

TOTAL TIME DEPOSITS

11.3
11.1
11.7
10.7

1M

BILLIONS
1900.0
1904.7
1910.8
1912.6
1912.I
1918.2

I I I I I I
LATEST DATA PLOTTED WEEK ENDING: JULY 11,

1988

BILLIONS OF DOLLARS

1988
— JUN.

BILLIONS OF DOLLARS
520

BILLIONS
498.1
505.0
505.5
504! 8
508! 6
LARGE TIME DEPOSITS

460

450

4 18

I

15 29 15 27 10 24

7 21
SEP

5 19
OCT

2 IB 50 14 28 II 25
DEC
JAN

8 22

7 21
MAR

4 IB
APR

2 18 30 IS 27 11 25
JUN
JUL

LATEST DATA PLOTTED WEEK ENDING: JULY II
1/ TOTAL TIME IS THE SUM OF SAVINGS DEPOSITS, SMALL TIME DEPOSITS AND LARGE TIME DEPOSITS.
2/ TIME DEPOSITS ISSUED IN DENOMINATIONS OF 8100,000 OR MORE


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9

10

BORROWINGS FROM FEDERAL RESERVE BANKS
AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS
4.5 r---------1---------- 1--------

IMS.
IT”

BILLIONS OF DOLLARS
---------------------------- =1 *-5

MILLIONS

JUN.
29

2281

20

3138

TOTAL BORROWINGS

LATEST DATA PLOTTED WEEK ENDINGt JULY 20, 1988
BILLIONS OF DOLLARS
1
1S8S

~
_

JUN.

1

15
22
29
u

4-

2<

BILLIONS OF DOLLARS
2.5

1
MILLIONS

-

562
498
541

ADJL STMENT + SEA SONAL
BORRO VINGS

2.0

1332
500
-

1.5

f]

:_J

]/

J
V

V-/

J-

J u
Vl A

A

w

l\A

\J

-

1.0
-

sA

1 1 1
a 20
MAY

111
3 17
JUN

LLLLL 111

1111
1 IS 29 12 26 B 25
JUL
AUG
SEP
1987

J_LL
7 21
OCT

111
4 18
NOV

LATEST DATA PLOTTED WEEK ENDING; JULY 20.


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

1111
111
in .1111
2 16 90 13 27 10 24 9 23
DEC
JAN
FEB
MAR

1 1 1
6 20
APR
1966

III
4 16
MAY

1111
111
0.0
1 IS 29 13 27
JUN
JUL

1988

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

COMMERCIAL PAPER OF NONFINANCIAL COMPAN IES
BILLIONS OF DOLLARS

NOT SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
100

100

_
-

-

_
-

MILLION5.

Igfifi.
JUN.

8
15
22
29
JUL. 6
13

=

91,55
94,73(
93,95a
90,65a
91,26
90,223

/—\

'
r’

A

-

/

-A

’*\ —

2

7V
2
“III a.i.1
MAY

JUN

1111

1 1 1

JUL

AUG

w

I

1 1 1 1
SEP
1987

1 11

"\

r~\ A. -A. 1
A r-----

-LI

I--- \

90

111

111

INI

1 1 1

111

OCT

NOV

DEC

JAN

FEB

1111
9 29
MAR

in

0 20
APR

-i.i i
4 ie
MAY

_ll±:
-iiii
I IS 29 19 27
JUN

JUL

LATEST DATA PLOTTED WEEK ENDING* JULY 13, 1986
* DASHED LINE REPRESENTS DATA USING A NEW REPORTING PANEL AM) IS NOT COMPARABLE TO PREVIOUS DATA.

BUSINESS LOANS u

C COMMERCIAL AND

INDUSTRIAL )

SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
305 ---------- ,---------- ,--------

BILLIONS OF DOLLARS
------------------- ----------- 305

“ COMPOUNDED ANNUAL RATES
- OF CHANGE, AVERAGE OF
THE FOUR *EEKS ENDING
- JULY 6. 1988 FROM
- THE FOUR WEEKS ENDING:
- MAY
_ APR.
MAR.
“ FEB.
_ JAN.
OCT.
~ JUL.

4,
6,
9,
3,
6,
7.
8,

1988
1988
1988
1988
1988
1987
1987

9.3
13.7
11.3
8.6
8.8
5.8
4.4

-

MILLIONS

MAY

JUN

JUL

AUG

SEP

OCT

4 18
NOV

2 16 30 IS 27 10 24
DEC
JAN
FEB

0 23

JUN.

I

JUL.

6

6 20

4 16

APR

MAY

297,549
298,704
299,999
300,360
298,786
302,077

il-Ll 1 I I
I

IS 20 13 27

1987
LATEST DATA PLOTTED WEEK ENDING. JULY S.

1988

1/ BUSINESS LOANS INCLUDE BANKERS' ACCEPTANCES AM) COMMERCIAL PAPER.
2/ BANKS WITH DOMESTIC ASSETS GREATER THAN *1.4 BILLION


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11

DOLLAR'S TRADE-WEIGHTED EXCHANGE

INDEX

AVERAGES OF DAILY FIGURES

973-100
108

92.5
95.0
97.0

8 20

3

17

I

19 29 12 28

0 23

7 21

4

18

2

IB 30 13 27

JAN

10 24

0 23

FEB

8 20

4

APR

MAY

18

I

IS 2B

13 27

LATEST DATA PLOTTED WEEK ENDING: JULY 20, 1988
NOTE:

CURRENT DATA APPEAR IN THE BOARD OF GOVERNOR'S H.IO RELEASE.

DATA ARE WEIGHTED AVERAGES OF THE FOREIGN-CURRENCY PRICE OF THE U.S. DOLLAR, COMPUTED USING
10 INDUSTRIAL COUNTRY CURRENCIES.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS