Full text of U.S. Financial Data : July 31, 1997

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V

1997“.... ...........1

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AUG 0 8

■
THE
FEDERAL/
A RESERVE
X RANK of

tif si: loijis

m

THE WEEK'S HIGHLIGHTS:

■

According to the advance estimate, real GDP rose at an annual
rate of 2.2 percent in the second quarter, a marked slowing from
the 4.9 percent growth posted in the first quarter. Of the major
components, real exports and fixed investment spending registered
the largest increases—14.4 percent and 12.4 percent, respectively.
The GDP chain-type price index rose 1.4 percent in the second
quarter, the smallest rise in 33 years.

■

The employment cost index for total compensation ofprivate industry
workers (ECI) increased at a 3.4 percent annual rate in the second
quarter, appreciably faster than the 2.5 percent first-quarter gain.
Wages and salaries increased 3.8 percent in the second quarter,
the largest uptick in five quarters, while benefit costs, following no
change in the first quarter, rose 2.9 percent. The ECI is up 2.9
percent from four quarters earlier.

■

Sales of new single-family homes rebounded in June, rising 6.1
percent to an annual selling rate of819,000 units. Nevertheless,
new home sales averaged 785,000 units in the second quarter, down
4.8 percent from their first-quarter average but up 6.8 percent from
four quarters earlier.

■

Advance new orders for manufactured durable goods totaled
$180.6 billion in June, up $4.1 billion from May, or 2.3 percent,
and the fourth increase this year. For the second quarter, durable
goods orders rose 1 percent from their first-quarter level and were
up 5.6 percent from four quarters earlier.
__________________ 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 Dollors
May 21
Jun 4
Jul

2

3

Billions of Dollars

Billions
475.325
478.007
473.903
477.747
478.300
478.798

17 31 14 28 11 25 9

Aug

Sep

23 6 20 4

18

15 29 12 26 12 26 9 23 7 21

Feb

Oct

Mar

Apr

May

4

18 2

16 30 13 27

Jun

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 on adjustment for the effect of changes in reserve requirement
ratios. The monetary bose series wos recently revised to include Federal Reserve deposits used to sotisfy
clearing balance contracts. Oota are computed by this bonk. A detailed description of the adjusted monetary
bose is available from this bonk. Recent doto ore preliminary.

Adjusted Monetary Base
Compounded annual rates of change, overoge of two mointenonce periods ending:

To the overoge of
two maintenance
periods ending:

7/31/96 10/23/96

1/1/97

1/29/97

2/26/97

3/26/97

4/23/97

1/1/97

5.4

1/29/97

5.7

6.2

2/26/97

6.1

6.8

8.2

3/26/97

5.2

5.3

4.9

4/23/97

4.4

4.1

3.1

1.7

-1.8

6/4/97

5.5

5.6

5.6

5.2

4.1

7/2/97

4.8

4.7

4.3

3.8

2.7

3.9

6.4

7/30/97

5.0

5.0

4.8

4.4

3.6

4.7

6.8

6/4/97


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

3.8
6.4
2.6

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 16

1160-

Billions of Dollars

Billions
1061.6
1058.4
1067.6
1066.7
1058.5
1059.4

Jun

16

Billions
646.0
642.7
651.0
649.0
640.5
641.1

830

800

770

740
M1 (left scale)

710

680
TCD (right scale)

650

3

17

1

15 29 12 26 9 23 7 21 4 18
Jul
Aug
Sep
Oct
Nov

16 30 13 27 10 24 10 24
Dec
Feb
Mar

7 21
Apr

5

19 2 16 30 14 28 II 25
May
Jun

670

Ml is the sum of currency held by the nonbonk public, demond deposits, other checkable deposits ond travelers
checks. Total checkable deposits is the sum of demond deposits ond other checkoble deposits at depository
institutions. Current doto appear in the Federal Reserve Board's H.6 release.

Money Stock (M1)
_
To the overage
of four weeks
ending:

Compounded annuol rotes of chonge, overage of four weeks ending:
3
*
7/22/96 10/21/96 12/23/96 1/20/97 2/24/97 3/24/97 4/21/97

12/23/96

-6.1

1/20/97

-5.2

2/24/97

-4.2

0.1

0.8

3/24/97

-4.7

-1.6

-2.2

-3.3

4/21/97

-5.0

-2.6

-3.6

-4.7

-8.3

5/19/97

-5.1

-3.1

-4.1

-5.0

-7.6

-7.0

6/23/97

-4.6

-2.6

-3.3

-3.9

-5.4

-4.3

7/21/97

-4.2

-2.3

-2.8

-3.2

-4.3

5/19/97

-3.2


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

-0.4

Prepared by Federol Reserve Bank of St. Louis

4

Adjusted Reserves
Seasonally Adjusted
Billions of Dollars
May

7

Jun

4

Billions of Dollars

Billions
68.008
68.600
70.723
66.094

19 3 17 31 14 28 11 25 9 23
Aug
Sep
Oct

20 4

18 1

15 29 12 26 12 26 9 23 7 21 4 18 2 16 30 13 27
Feb
Mor
Apr
Moy
Jun

1996

1997

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

Adjusted Reserves
To the average of
two maintenance
periods ending:

Compounded annual rates of change, overage of two maintenance periods ending:
7/17/96

10/9/96 12/18/96

1/15/97

2/12/97

3/12/97

4/9/97

12/18/96

-7.7

1/15/97

-8.4

2/12/97

-5.7

1.7

3/12/97

-8.3

-3.9

-9.5

-8.0

4/9/97

-9.5

-6.4

-11.9

-11.7

-22.3

5/21/97

-9.0

-6.3

-10.4

-9.9

-15.8

-11.4

6/18/97

-8.2

-5.4

-8.6

-7.8

-12.1

-7.7

-2.9

7/16/97

-6.9

-4.0

-6.3

-5.3

-8.5

-4.1

0.6

5/21/97


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

-1.5
-0.1

5.9

Prepared by Federal Reserve Bank of St. Louis

Money Multiplier
Averages of Doily Figures
seasonally Adjusted

Ratio

2g-

? c/0

Compounded onnuol rotes
of change, average of
the four weeks ending
July 14. 1997. from
the four weeks ending:
Jul
Oct
Jan
Feb
Mar
Apr
May

15.
7.
13.
10.
10.
7.
19.

1996
1996
1997
1997
1997
1997
1997

Aug

May

Sep

2

Jul

-7!9
-7.9

5

Jun

14

2.225

Oct

Apr

Moy

Jun

1996
Rotio of Ml to the adjusted monetary base.

Currency Component of M1
Averoges of Daily Figures
Billions of Dollars

seasonally Adjusted

415-j------- t-------—------j--------r-

Billions of Dollors

Compounded annual rates
of change, average of
the four weeks ending
July 21. 1997. from
the four weeks ending:
405-

Jul
Oct
Jon
1 u 11
Feb
Mor

22.
2 1.'
20
<e u ,
24.
24

1996
19 96
1997
1997
1997

7.

Jun 16
Jul

375

3

^'1 1

17
Jun

'"i 1 i*1 i ■ 1 1 i 1 1

1 15 29 12 26
Jul
Aug

1 i'|

1 1 1 1 1

9 23 7 21
Sep Oct

11 1 1 1 | 1 1

i

7

Billions
407.6
407.8
408.7
409.8
410.0
410.4

,

4 18 2 16 30 13 27
Nov
Dec
Jan

Moy

Jun

1996
Current doto oppear in the Federal Reserve Board's H.6 reieose.


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bonk of St. Louis

5

6

Yields on Selected Securities
Averoges of Daily Figures
Percent

Percent

Prime Rote

Corporote
Aaa Bonds

■ 7.0

Municipal Bonds

Commercial Paper

7 21

5

1997
9
16
23
30
6
Jun
13
20
27
Jul
4
11
18
25
1
Aug

May

19 2

16 30 13 27 11 25

6

20 3

17 31 14 28 14 28 11 25 9 23 6 20 4

30-Doy
Commercial
Poper

90-Doy
COs

90-Day
Bankers'
Acceptances

Corporate
Aoo Bonds

Corporate
Boo Bonds

5.60
5.61
5.62
5.60
5.61
5.59
5.60
5.61
5.62
5.56
5.55
5.54
5.57

5.71
5.70
5.71
5.69
5.68
5.68
5.65
5.66
5.66
5.61
5.59
5.59
5.58

5.65
5.63
5.63
5.59
5.61
5.60
5.58
5.58
5.58
5.54
5.53
5.51
5.50

7.56
7.55
7.60
7.64
7.51
7.44
7.33
7.36
7.36
7.19
7.15
7.09
7.03

8.18
8.17
8.22
8.25
8.13
8.06
7.94
7.96
7.94
7.79
7.76
7.70
7.65

18

15 29

Municipal
Bonds ••
5.71
5.67
5.66
5.67
5.60
5.52
5.48
5.53
5.53
5.38
5.32
5.28
N.A.

Current doto ore from the Federol Reserve Board's H.15 release, and are overages of rates available for the
week ending on August 1, 1997
•• Bond Buyer's Average Index of 20 municipal bonds, Thursday data
NA - Not Avoiloble
_
.. c
.
Prepared by Federol Reserve Bank of St. Louis


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

+■ ' >

Selected Interest Rates
Averoges of Doily Figures
Percent

Percent

30-Year
Treasury Securities

Federal
Funds Rate

Discount Rate
3—Month
Treasury Bill

7

21

5

19

2

16 30 13 27 11 25

Aug

1997
May

9
16
23
30
Jun
6
13
20
27
Jul
4
11
18
25
Aug
1 •

8

22

6

20

3

17 31

14 28 14 28 11 25

Sep

Federol
Funds ••
5.55
5.49
5.52
5.43
5.54
5.48
5.62
5.42
5.82
5.48
5.44
5.43
5.57

Apr

9

23

6

20

4

18

1

15 29

May

3-Month
Treasury
Bill

1 -Year
Treasury
Bill

5-Year
Treasury
Securities

10-Year
Treasury
Securities

30-Year
Treasury
Securities

5.06
5.05
5.10
4.94
4.91
4.88
4.91
4.99
5.04
4.99
5.05
5.08
5.09

5.57
5.53
5.51
5.53
5.44
5.40
5.34
5.35
5.32
5.24
5.24
5.25
5.19

6.57
6.54
6.58
6.60
6.48
6.40
6.29
6.33
6.31
6.15
6.14
6.09
6.00

6.70
6.68
6.73
6.75
6.61
6.52
6.40
6.45
6.42
6.26
6.23
6.18
6.11

6.91
6.90
6.96
6.99
6.86
6.80
6.69
6.73
6.72
6.56
6.52
6.46
6.38

Current doto oppeor in the Federol Reserve Board's H.15 release.
• Averages of rates available
•• Seven-doy overages for week ending two doys eoriier than date shown


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bonk of St. Louis

7

8

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

Billions of Dollars

Jun 16
Jul

7

3914.4
3921.8
3925.8
3936.9
3927.1
3931.0

Billions of Dollars

M2 (left scale)

Non-M1 M2 (right scale)

Non-M1 M2
Billions
Jun 16
2852.8
2863.4
2858.2
2870.2
2868.6
2871.6

Aug

Sep

Oct

Nov

Dec

Feb

Mar

Apr

Moy

Jun

M2 is the sum of Ml, savings (including money morket deposit occounts), smoll time deposits ond retoil money
funds. Current data appear in the Federal Reserve Board's H.6 release.

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

Compounded annual rates of change, average of four weeks ending:
.
,
,
,
,
,
7/22/96 10/21/96 12/23/96 1/20/97 2/24/97 3/24/97 4/21/97

12/23/96

5.3

1/20/97

5.4

7.2

2/24/97

5.4

6.7

5.6

3/24/97

5.2

6.2

5.1

4.9

4/21/97

5.6

6.6

6.0

6.1

5/19/97

5.0

5.6

4.7

4.4

3.9

3.9

6/23/97

4.9

5.3

4.5

4.3

3.9

3.9

7/21/97

4.9

5.3

4.5

4.4

4.1

5/19/97

4.1


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Federal Reserve Bank of St. Louis

6.3

Prepared by Federal Reserve Bank of St. Louis

Savings and Small Time Deposits
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

3illions of Dollars

1375

Small Time
1997
Billions
Jun 16
958.3
959.2
959.2
959.9
960.5
961.1

1295
Small Time (left scale)
1255
Savings
Billions
Jun 16
1323.0
1330.5

Savings Deposits (right scale)

3

17

1

15 29 12 26
Aug

9 23 7 21
Sep
Oct

4

18 2

16 30 13 27 10 24 10 24
Feb
Mar

1996
Savings deposits and small time deposits ore ot all depository institutions.

7 21
Apr

5

19 2 16 30 14 28 II 25
Moy
Jun

1997

Large Time Deposits and Retail Money Funds
Averages of Daily Figures
Billions of Dollars

Seasonally Adjusted

Billions of Dollars

Large Time
1997
----Jun 16
530.0
539.5
543.3
547.8
550.1
555.6

Retail Money
1997
~
16
570.9
572.8
576.0

Jun

577.9
576.8

Retail Money

Large Time

1996
1997
Large time deposits and retail money funds ore at all despository institutions. Lorge time deposits are those
issued in denominations of $100,000 or more. Retail money funds were originolly colled general purpose
ond 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 Bonks
Averages of Daily Figures

Billions of Dollars

Billions of Dollars

Billions
Jun 25
0.729
0.374

0.4*

5

19 3

17 31 14 2B 11 23 9 23 6 20 4

Aug

Sep

IS 1

13 29 12 26 12 26 9 23 7 21

Feb

Oct

Mor

Apr

1996
Borrowings include seasonal, adjustment ond extended credit.

4

10 2

May

16 30 13 27

Jun

1997

Bank Loans and Credit

All Commercial Bonks in the United States'^
Seasonally Adjusted

Billions of Dollars
Bonk Credit
Billions
3916.9
Jun 11
3919.0
3928.2
3941.2
3937.5
3948.5

Billions of Dollars

Bonk Credit (left scole)2/

Loons

Jul

Loons ond Leases (right scole)
5

19 3

17 31 14 28 11 25 9 23 6 20 4

Sep

18

1

15 29 12 26 12 26 9 23 7 21

18 2

Leases
Billions
2904.4
2913.5
2920.6
2920.8
2913.6
2920.2

16 30 13 27

Oct

1996
Current data appear in the Federal Reserve Board's H.8 release.
1/ Includes foreign-reloted institutions
2/ Includes loans and leases and securities


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Federal Reserve Bank of St. Louis

4

2

&

1997

Prepored by Federal Reserve Bonk of St. Louis

Commercial Paper of Nonfinanciai Companies
Not beasonolly Adjusted

Billions of Dollars
Jun 18
220-

Jul

2

Billions of Dollars

Billions
202.881
197.526
197.267
195.564
199.168
196.948
-

210

- 190

5 29 12 26 12 26 9 23 7 21

18 2

16 30 13 27

Commercial and Industrial Loans
Seasonolly Adjusted

Billions of Dollars

Billions of Dollars

All Bonks
1997
Billions
Jun 11
815.1
816.7
818.0
821.7
818.5
821.3

All Bonks (left scale)1/

Large Bonks (right scale)2/

Large Bonks
97
Billions
414.6
414.2
415.4
Jul 2
417.9
415.5
417.2
6 20

4

18

1996

1997

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


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Federal Reserve Bank of St. Louis

11

_
Prepared by Federol Reserve Bank of St. Louis

445

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

1973-100

105

Jun 25
Jul 2
100

100-

95

90

85
5

19 3

17 31 14 28 11 25 9 23 6 20 4

15 29 12 26 12 26 9 23 7

18

21

4

18 2

16 30 13 27

Current doto 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

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