Full text of U.S. Financial Data : July 30, 1998

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July 30,1998

n cialData

FEDERAL
A RESERVE
X RANK of
fW SL UH LS

ol-St. Lcma

mm,

HIGHLIGHTS:

■

After advancing at a 2.7 percent annual rate in the first quarter,
the employment cost index for total compensation of private
industry workers (ECI) rose at a 3.6 percent rate in the second
quarter. Measured from four quarters earlier, the ECI has
increased 3.5 percent, with wages and salaries up 4 percent and
benefit costs up 2.5 percent.

■

The advance report indicated that the current dollar value of new
orders for manufactured durable goods fell 0.2 percent in June,
the fourth decline in the past five months. New orders fell 0.9 percent
in the second quarter, the second consecutive quarterly decline
and the largest in three years.

■

According to the Conference Board, consumer confidence fell 2.8
percentage points in July. Although the July index is down 0.8
percentage points from its December 1997 level, it is up 9.1
percentage points from a year ago.

■

Sales of new single-family homes were at an annual rate of
935,000 units in June, an increase of 3.8 percent from May. Sales
averaged 909,000 units in the second quarter, the highest quarterly
average since the series started in 1963.
NOTE: The MZM (money zero maturity) measure of money is
now plotted on Page 3. To accommodate this change, the money
multiplier chart has been removed, as has the growth triangle for
the Ml measure of money. Ml is now plotted on Page 5 with its
currency component.
___________________ 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.frb.org/fred.


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

2

Adjusted Monetary Base
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars
May 20
Jun
3

Billions of Dollars

Billions
503.816
506.092
502.438
505.533
505.946
508.802

SO 13 27 10 24

15 29 12 26

14 28 11 25 11 25
May

Jun

1998
The adjusted monetary base is the sum of Federal Reserve deposits and vault cash 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 satisfy
clearing balance contracts. 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
Compounded annual rates of change, average of two maintenance periods ending:
To the average of
two maintenance
periods ending:
12/31/97

7/30/97

10/22/97

12/31/97

1/28/98

2/25/98

3/25/98

4/22/98

6/3/98

8.2

1/28/98

7.9

9.1

2/25/98

7.8

8.6

6.5

3/25/98

6.9

7.1

4.5

4/22/98

5.7

5.3

2.3

1.0

-1.7

6/3/98

6.6

6.5

4.9

4.6

4.0

5.4

7/1/98

5.8

5.5

3.7

3.3

2.5

3.1

6.1

7/29/98

6.0

5.9

4.4

4.2

3.7

4.4

6.9


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

3.6

3.2

Prepared by Federal Reserve Bank of St. Louis

Money Zero Maturity (MZM)
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Billions
Jun 15

Jul

6

3663.7
3665.3
3666.5
3676.6
3673.1
3676.0

3500-

-3300

2

16 30 14 28 11 25

22

6 20

15 29 12 26 9

23 9

23

1997

20 4

1

5 29 13 27 10 24

1998

MZM is M2 (seasonally adjusted) minus total small denomination time deposits (seasonally adjusted), plus institutional
money funds (seasonally adjusted), which are included in the non—M2 component of M3.

Money Zero Maturity (MZM)
Compounded annual rates of change, average of four weeks ending:
To the average
of four weeks
ending:

7/21/97

10/20/97

12/22/97

1/19/98

2/23/98

3/23/98

12/22/97

10.6

1/19/98

11.1

11.2

2/23/98

11.0

11.0

11.9

3/23/98

11.4

11.7

12.8

4/20/98

12.1

12.7

14.1

14.3

5/18/98

12.1

12.5

13.5

13.5

14.8

14.7

6/22/98

11.9

12.2

12.9

12.8

13.5

13.1

7/20/98

11.4

11.5

11.9

11.6

11.9

11.2


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

4/20/98

5/18/98

12.4
16.7

Prepared by Federal Reserve Bank of St. Louis

3

4

Adjusted Reserves
Seasonally Adjusted
Billions of Dollars

Billions of Dollars

Billions
May

6

Jun

3

66.284
66.917
68.926
65.120
66.695
66.134

75-

-65

14 28 11 25 11 25
May
1997

Jun

1998

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

Adjusted Reserves
Compounded annual rates of change, average of two maintenance periods ending:
To the average of
two maintenance
periods ending:
12/17/97

7/16/97

10/8/97

12/17/97

1/14/98

2/11/98

3/11/98

4/8/98

5/20/98

0.1

1/14/98

2.8

2/11/98

-1.0

4.7

-4.0

3/11/98

-3.9

-1.0

-10.9

-22.8

4/8/98

-5.1

-3.3

-11.9

-20.3

-19.2

5/20/98

-4.1

-2.2

-8.1

-13.2

-10.4

6/17/98

-3.1

-1.1

-5.7

-9.6

-6.5

-1.1

5.1

7/15/98

-3.7

-2.1

-6.5

-9.8

-7.4

-3.4

0.2


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

14.0

-4.7

-1.8

Prepared by Federal Reserve Bank of St. Louis

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

Billions of Dollars

Jun

Billions of Dollars

Billions
1074.6
1071.7
1071.6

15

Jun

15

Billions
628.9
625.3
637.0

1061.5
1070.8

621.7

M1 (left scale)
1 075-

TCD (right scale)
1015-

2

16 30 14 28 11 25

22

6

20

3

17

1

15 29 12 26

9

23

23

6

20

4

18

1

15 29 13 27 10 24

1997
1998
M1 is the sum of currency held by the nonbank public, total checkable deposits and travelers checks.
Total checkable deposits is the sum of demand deposits and other checkable deposits at depository institutions.

Currency Component of M1
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Compounded annual rates
of change, average of
the four weeks ending
July 20, 1998, from
the four weeks ending:

Ju I
Oc t

Jan
Feb
Mar

Apr

May

2 1
20
1 9
23
23
20
1 8

,
,
,
,
,
,
,

1997
1997
1998
1998
1998
1998
1998

7.4
7.3
6.1
5.7
5.5
6.5
7.5

1998
Jun
Jul

2

16 30 14 28 11 25
Jun
Jul
Aug

8 22
Sep

6

20
Oct

3

17
Nov

15 29 12 26
Dec
Jan

1997
Current data appear in the Federal Reserve Board's H.6 release.


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

9 23
Feb

9 23
Mar

6

20
Apr

4

Billions
15
22
29
6
13
20

437.9
438.7
439.0
440.0
440.1
441.3

18 1 15 29 13 27 10 24
May
Jun
Jul
Aug

1998
Prepared by Federal Reserve Bank of St. Louis

5

6

Yields on Selected Securities
Averages of Daily Figures
Percent

Percent

Prime Rate
-

8.0

Corporate
Aaa Bonds

Commercial Paper

- 5.0

Municipal Bonds

20

4

1998
May

Jun

Jul

8
15
22
29
5
12
19
26
3
10
17
24
31

18

15 29 12 26 10 24

7

21

17 31

16 30 13 27 13 27 10 24

30—Day
Commercial
Paper

90-Day
CDs

90-Day
Bankers'
Acceptances

Corporate
Aaa Bonds

Corporate
Baa Bonds

5.48
5.49
5.49
5.50
5.50
5.49
5.52
5.54
5.53
5.50
5.50
5.51
5.52

5.58
5.59
5.60
5.59
5.59
5.59
5.59
5.60
5.60
5.59
5.59
5.59
5.60

5.49
5.48
5.48
5.48
5.50
5.50
5.48
5.50
5.53
5.50
5.50
5.49
5.48

6.72
6.74
6.69
6.61
6.59
6.52
6.49
6.53
6.51
6.48
6.58
6.56
6.57

7.34
7.35
7.27
7.21
7.19
7.13
7.10
7.13
7.11
7.09
7.17
7.15
7.17

14 28

Municipal
Bonds +*
5.26
5.23
5.16
5.13
5.13
5.08
5.11
5.14
5.09
5.12
5.17
5.16
N.A.

Current data are from the Federal Reserve Board's H.15 release, and are averages of rates available for the week
ending on July 31, 1998 . Beginning September 2, 1997, the commercial paper rote reflects new source data,
which is currently available only back to the first of the year.
** Bond Buyer's Average Index of 20 municipal bonds, Thursday data
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
6.0-

-

6.0

Federal
Funds Rate

3—Month
Treasury Bill
- 5.0

Discount Rate

20

4

18

13'27'10'24

1

1997

1998
May

Jun

Jul

8
15
22
29
5
12
19
26
3
10
17
24
31 *

Federal
Funds **
5.35
5.49
5.60
5.45
5.63
5.43
5.58
5.42
5.88
5.47
5.49
5.50
5.54

3—Month
Treasury
Bill

1 —Year
Treasury
Bill

5—Year
Treasury
Securities

10—Year
Treasury
Securities

30—Year
Treasury
Securities

4.97
5.01
5.08
4.95
4.95
5.00
5.04
4.93
4.94
4.94
5.01
4.96
4.95

5.15
5.18
5.17
5.15
5.14
5.14
5.12
5.13
5.10
5.07
5.08
5.08
5.08

5.63
5.67
5.63
5.57
5.57
5.53
5.51
5.50
5.46
5.41
5.47
5.47
5.50

5.68
5.70
5.64
5.57
5.57
5.51
5.47
5.46
5.44
5.41
5.49
5.46
5.50

5.96
5.98
5.92
5.83
5.80
5.72
5.67
5.65
5.63
5.61
5.71
5.68
5.74

Current data appear in the Federal Reserve Board’s H.15 release.
* Averages of rates available
** Seven-day averages for week ending two days earlier than date shown


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

7

8

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

Billions of Dollars

Jun

15

4175-

Billions
4192.2
4195.3
4192.7
4213.9
4201.6
4208.6

Billions of Dollars

-3125
M2 (left scale)

Non-M1 M2 (i 'ight scale)

4025-

Non—M1 M2
Jun

2

16 30 14 28 11 25

5 29 12 26

22 6 20

23 9

23 6

20 4
Apr

1

1

15

Billions
3117.6
3123.6
3121.1
3129.3
3140.1
3137.8

.

15 29 13 27 10 24

May

1997
M2 is the sum of M1, savings (including money market deposit accounts), small time deposits and retail money
funds. Current data appear in the Federal Reserve Board's H.6 release.

Money Stock (M2)
Compounded annua rates of change, average of four weeks ending:
To the average
of four weeks
ending:

7/21/97

10/20/97

12/22/97

1/19/98

2/23/98

3/23/98

4/20/98

12/22/97

7.4

1/19/98

7.7

8.0

2/23/98

7.8

8.0

8.8

3/23/98

8.1

8.4

9.2

9.2

4/20/98

8.2

8.6

9.2

9.2

9.8

5/18/98

7.9

8.0

8.3

8.0

7.9

6.8

6/22/98

7.5

7.5

7.6

7.3

7.0

6.1

4.7

7/20/98

7.3

7.2

7.2

6.9

6.6

5.7

4.7


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Federal Reserve Bank of St. Louis

5/18/96

4.8

Prepared by Federal Reserve Bank of St. Louis

Savings and Small Time Deposits
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Small Time
1998
Jun 15

Billions
961.3
960.5
959.9
960.0
959.2

Savings Deposits (right scale)

1000-

Small Time (left scale)

950Savings
Billions
1486.3

900 -

1485.9
1506.2

2

16 30 14 28 11 25

22 6

20

15 29 12 26 9 23 9

23

1997
Savings deposits and small time deposits are at all depository institutions.

20

4

1

1

15 29 13 27 10 24

1998

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

Billions of Dollars

Billions of Dollars

Large Time
Billions

Retail Money
Billions

775 596.5
593.0

673.9
671.4

Retail Money

25-....

-625

Large Time

575-

16 30 14 28 II 25

22 6

20 3

17

15 29 12 26

23 9 23 6

20 4

1

15 29 13 27 10 24

1997
1998
Large time deposits and retail money funds are at all despository institutions. Large time deposits are those
issued in denominations of $100,000 or more. Retail money funds were originally called general purpose
and broker/dealer money market funds.
Prepared by Federal Reserve Bank of St. Louis


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Federal Reserve Bank of St. Louis

9

10

Total Borrowings
From Federal Reserve Banks
Averages of Daily Figures

Billions of Dollars

Billions of Dollars
Billions
0.186
0.382
0.200
0.196
0.373
0.255

0.6-

2

16 30 13 27 10 24 8 22 5

19 3

17 31 14 28 11 25 11 25 8 22 6 20 3

1997
Borrowings include seasonal, adjustment and extended credit.

17

1

1998

Bank Loans and Credit

All Commercial Banks in the United States 1//
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Bank Credit
3
Billions
10
4243.9

4300-

Bank Credit (left scale)2/
4200-

4100-

-3150

4000-

Loans & Leases

-3050

3145.1

Loans and Leases (right scale)

3135.4
3146.7
3

17 31 14 28 11 25 11 25

1997
Current data appear in the Federal Reserve Board's H.8 release.
1/ Includes foreign—related institutions
2/ Includes loans and leases and securities


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Federal Reserve Bank of St. Louis

22 6 20 3

17

1

15 29 12 26

1998

Prepared by Federal Reserve Bank of St. Louis

Commercial Paper of Nonfinancial Companies
Not Seasonally Adjusted
Billions of Dollars

Billions of Dollars

Billions
Jun 17
225-

229.6
228.7
225.9
226.7
229.5
229.3

215-

- 215

- 195

16 30 13 27 10 24

1997

1998

Note: Beginning September 2, 1997, the value of commercial paper outstanding uses new source data. See the
Federal Reserve Board's H.15 release for more information.

Commercial and Industrial Loans
Seasonally Adjusted
Billions of Dollars

Billions of Dollars

All Banks
Jun 10

Billions
887.5
892.4
891.2
All Banks (left scale) 1/

- 475

Large Banks (right scale)
- 450

Large Banks
1998
Jun 10
17
24

Billions
480.6
482.7
481.8
483.3

6 '20

1997

15'29'12'26

1998

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

i ' 17

Prepared by Federal Reserve Bank of St. Louis

11

Dollar's Trade-Weighted Exchange Index
Averages of Daily Figures
1973=100

1973=100

110

1973=100
Jun 24
Jul
1
105-

105

100-

100

95

90

1997
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.


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis