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Fedora! Rssorva Uar»k

J1S^r-Rnancial Data
Qfci i e m

July 5, 1991

THE WEEK'S HIGHLIGHTS:
✓

The civilian unemployment rate rose to 7percent in June from 6.9
percent in May. Since June 1990, the unemployment rate has risen
1.7percentage points.

✓

Nonfarm payroll employment declined at a 0.5 percent annual rate
in June after increasing at a 1.3 percent rate in May. June employ­
ment was down 1.5 percent from a year earlier, declining in 11 of
the last 12 months.

✓

Construction spending in May fell 0.9 percent after rising 1.2
percent in April. The May spending level was 10.6 percent below
that of a year earlier.

✓

Sales of new single-family houses fell 3.3 percent in May to 474,000
units at an annual rate, 11.4 percent below the rate a year earlier.

%/ The composite index of leading indicators rose 0.8 percent in May,
the fourth consecutive monthly increase. Contributing most to the
May increase were initial claims for unemployment insurance and
housing permits.

THE
FEDERAL
A RESERVE

Jfk KWKof

arsi.imis

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

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

Adjusted Monetary Base
Averages ot Dally Figures
Seasonally Adjusted

Billions of Dollars

1991

Billions

Apr 17

333.6

29
Jun 12
26

Billions of Dollars

334.9
335.5
337.5

Latest data plotted reserve maintenance period ending: June 26, 1991
The adjusted monetary base is the sum of reserve accoynts 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:
11/28/90
12/26/90
1/23/91
2/20/91
3/20/91
5/1/91
5/29/91
6/26/91

Compounded annual rates of change, average of two maintenance periods ending:
6/27/90

9.4
9.0
11.6
12.2
11.8
9.8
9.5
9.2


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Federal Reserve Bank of St. Louis

9/19/90

7.0
11.8
12.6
11.9
9.2
8.9
8.5

11/28/90 12/26/90

18.1
17.6
15.2
10.2
9.7
9.0

23.2
18.0
10.9
10.1
9.3

1/23/91

12.3
5.9
6.1
5.9

2/20/91

3/20/91

5/1/91

1.9
3.3
3.7

Prepared by Federal Reserve Bank of St. Louis

Money Stock (M1) and Total Checkable Deposits
Billions of Dollars

1991

averages ot uany i-igures
Seasonally Adjusted

Billions of Dollars

M1
Billions

May 20
27
Jun 3
10
17
24

853.0
851.7
850.6
856 6
860.5
858.6

M1 (left

1991

■1 CD (right scale)

TCD
Billions

May 20
27
Jun 3

7 21

<

May

Jun

II !

If J« II 2/ II 2(
Jul

Aug

Sep

588.1
-------585.6
591.9
595.2
592.5

S 22 5 1! i 17 ]) H
Oct

Nov

Dec

Jan

1990
Latest data plotted week ending: June 24, 1991
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
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:

To the average 6/25/90
of four weeks
ending:
11/26/90
12/24/90
1/21/91
2/25/91
3/25/91
4/22/91
5/27/91
6/24/91

3.7
3.4
3.0
4.6
4.9
5.0
5.4
5.6


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Federal Reserve Bank of St. Louis

9/24/90

1.7
1.4
4.4
4.8
5.1
5.6
5.8

11/26/90 12/24/90

1.1
6.3
6.4
6.5
6.9
7.1

8.3
7.9
7.7
7.9
7.9

1/21/91

11.4
10.0
9.6
9.3

2/25/91

7.0
7.6
7.7

3/25/91

4/22/91

8.3

Prepared by Federal Reserve Bank of St. Louis

3

4

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

Billions of Dollars

Billions of Dollars

M2
1991

Billions

May 20
27
Jun 3
10
17
24

3399.7
3398.5
3388.9.
3402.0
3406.3
3396.7

M2 (left scale)

Non-Mi M2 (right scale)

Non-M1 M2
1991

Billions

May 20 2546.7
27 2546.1
Jun 3 2538.3
2545.4
2545.8
2538.1

7 21
May

4

IS 2

Jun

16 30 13 27 10 24 8 22
Jul

Aug

Sep

Oct

5

15 3

Nov

17 31 14 28 11 25 11 25
Dec

Jan

Feb

Mar

8

22 6

Apr

1990

20

May

3

17
Jun

1

15 2!
Jul

1991

Latest data plotted week ending: June 24, 1991
Current data appear in the Federal Reserve Board's H.6 release.
M2 is the sum of M1, overnight RPs issued by all commercial banks, overnight Eurodollars issued to U.S. residents
by foreign branches of U.S. banks, money market 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:
To the average
6/25/90 9/24/90 11/26/90 12/24/90 1/21/91
2/25/91 3/25/91 4/22/91
ending:
11/26/90
12/24/90
1/21/91
2/25/91
3/25/91
4/22/91
5/27/91
6/24/91

2.6
2.4
2.2
3.0
3.4
3.5
3.5
3.3


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Federal Reserve Bank of St. Louis

0.9
0.8
2.4
3.1
3.3
3.4
3.1

1.2
3.7
4.6
4.5
4.4
3.9

4.7
5.5
5.2
4.9
4.2

7.7
6.6
5.9
4.9

5.8
5.1
4.0

4.1
3.0

2.5

Prepared by Federal Reserve Bank of St. Louis

Money Multiplier1 /
Averages of Daily Figures
Seasonally Adjusted

Ratio

3.2

Ratio

CompounJed annual

Jun
Sep
Dec
Jan
Feb
Mar
Apr

7

21

May

25,
17
24
21,
18,
18,
29,

4

1991

Ratio

Apr 15
29
May 13
27
Jun 10
24

1990
1990
1990
1991
1991
1991
1991

18 2

Jun

3.2

i—r

rates of change,
average of the four
weeks ending
June 24, 1991 from
the four weeks ending:

16

30 13 27 10 24 8

Jul

Aug^Sep

22

Oct

5

II 3

Nov

17 31 H 21 11 25 11 25
Dec

Jan

Feb

Mar

8

22

Apr

6

20

3

May

2.527
2.522
2.537
2.546
2.545
2.547

17
Jun

1

15 29 ^
Jul

1991

Latest data plotted two weeks ending: June 24, 1991

Currency Component of M12/
Averages of Daily Figures

Billions of Dollars

270

260

2S0

~l
1
1---------Compounded annual
rates of change,
average of the four
weeks ending
June 24, 1991 from
the four weeks ending:
Jun
Sep
Dec
Jan
Fe b
Ma r
Ap r

25,
24,
24,
21.
25.
25,
22.

270

260

1990 10.2
1990 9.1
1990 9.4
1991
7.5
1991
2.8
1991
1.4
1991
1.4

250

230

240
199
May

230

220

Jun

' 1 * rrfr r-T"T i r~,~T ' t

May

Jun

Jul

25 3.9
25 7.4
25' 7.0 —
25 3.8
25" 7.3
25* J.1

1 ' 1 i

Oct

Nov

220

Dec

Jan

Feb

25
Mar

22
Apr

S

20 3 17 I 15 29
May
Jun
Jul

1991

Latest data plotted week ending: June 24, 1991
1/ Ratio of M1 to adjusted monetary base
2/ Current data appear in the Federal Reserve Board's H.6 release.


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

230

~T 1 1 i1

.... IS

Aug
Sep
1990

0
7
3
O
7
24

Bill] ons

Prepared by Federal Reserve Bank of St. Louis

5

6

Yields on Selected Securities
Percent

Percent

Averages of Daily Figures

Loan feats

Bonds

4

II

May

I

15 2! 13 27

Jun

Jul

10 24

7 21

Aug
Sep
1990

5

1! 2

Oct

11 30 14 28

Nov

Dec

11 25

8

Jan

22

Feb

8

22 5

Mar

19

Apr
1991

3

17 31 14 28

May

Jun

12 28
Jul

Latest data plotted are averages of rates available for the week ending: July 5, 1991

1991

90-Day
CDs

30-Day
Commercial
Paper

90-Day
Bankers'
Acceptances

6.00
6.00
6.08
5.91
5.91
5.93
5.91
5.90
6.07
6.12
6.03
6.05
6.03

5.99
6.03
6.07
5.93
5.92
5.93
5.91
5.91
6.02
6.10
6.05
6.08
6.06

5.88
5.89
5.92
5.75
5.75
5.76
5.76
5.76
5.91
5.98
5.93
5.94
5.93

Apr 12
19
26
May
3
10
17
24
31
Jun
7
14
21
28
Jul
5 *

Corporate
Aaa Bonds
8.87
8.81
8.89
8.83
8.83
8.89
8.86
8.87
8.93
9.01
9.05
9.04
9.03

Corporate
Baa Bonds

Municipal
Bonds +***

9.96
9.93
9.93
9.83
9.83
9.91
9.89
9.85
9.92
10.00
9.98
9.95
9.91

7.02
6.98
7.01
6.95
6.93
6.94
6.98
6.97
7.06
7.19
7.15
7.13
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


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

Selected Interest Rates
Averages of Daily Figures

Treasury Securities

Federal
Funds Rate

< II

I is M 1] !! 10 M 7 !l 5 1! 2 1i 11 H !1

May Jun

Jul

Aug
Sep
1990

Oct

Nov

Dec

11 !S

!!!«!! 5 19 3 17 J1 H M 1! it

Jan

Feb

Mar

Apr
May
1991

Jun

Jul

Latest data plotted are averages of rates available for the week ending: July 5, 1991

1991
Apr 12
19
26
May
3

Federal
Funds **
5.90
5.69
5.92
5.92
5.79
5.78
5.79
5.72
5.91
5.75
5.78
5.79
6.34

3-Month
Treasury
Bill

6-Month
Treasury
Bill «■**

1 —Year
Treasury
Bill

5.59
5.63
5.66
5.51
5.48
5.44
5.44
5.46
5.58
5.58
5.58
5.56
5.57

5.68
5.67
5.79
5.68
5.61
5.63
5.66
5.65
5.71
5.78
5.79
5.76
5.71

5.84
5.87
5.86
5.73
5.76
5.76
5.77
5.76
5.92

5—Year
Treasury
Securities

Long-Term
Treasury

7.69
8.27
7.70
8.20
7.74
8.30
7.64
8.23
10
7.69
8.29
17
7.76
8.37
24
7.73
8.34
31
7.66
8.31
Jun
7
7.86
8.44
14
7.97
6.00
8.54
21
5.97
7.95
8.54
28
5.96
7.96
8.53
Jul 5 *
7.94
6.00
8.47
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)


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

7

8

Savings and Small Time Deposits
All Depository Institutions
Averages of Daily Figures, Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Savings
1991

Bjiiions

May 20
27
Jun 3
10
17
24

433.6
434.9
435.6
437.9
439.3
439.8

Small Tima (right scale)

Small Time
1991
Billions
May 20
27
Jun 3
10
17
24

Savings (left scale)

7 21 4 18 2 16 30 13 27 10 24
May
Jun
Jul
Aug
Sep
1990

22
Oct

5

19 3 17 31 14 28 11 25 II 25
Nov
Dec
Jan
Feb Mar

Total and Large Time Deposits

22
Apr

6

20 3 17 I
May
Jun

15 29

i/

All Depository Institutions
Averages of Daily Figures, Seasonally Adjusted

Billions of Dollars

1140.9
1138.7
1136.3
1133.3
1130.1
1127.1

Billions of Dollars

Large Time
1991
May 20
27
Jun 3

Billions
503.2
501.5
501.1
500^5 —
500.3
496.1

Total Tima (left scale)

Total Time
1991

Billions

May 20
27
Jun 3
10
17
24

2077.7
2075.1
2073.0
2071.7
2069.7
2063.0

7 21 4 18 2 16 30 13 27 10 24
May
Jun
Jul
Aug
Sep
1990

Time (right scale)

8 22 5 19 3 17 31 14 21 II 25 11 25
Oct
Nov
Dec
Jan
Feb Mar

8 22 6 20 3 17 1 15 29
Apr
May
Jun
Jul
1991

Latest data plotted week ending: June 24, 1991
1/ Total time is the sum of savings deposits, and small and large time deposits; where large time deposits are
those issued in denominations of $100,000 or more.
Prepared by Federal Reserve Bank of St. Louis


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

580

Money Market Funds
General Purpose and Broker/Dealer
Averages of Daily Figures, Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Compounded annual
rates of change,
average of the four
weeks ending
June 24, 1991 from
the four weeks ending:
Jun
Sep
Dec
Jan
Feb
Mar
Apr

25.
24,
24.
21,
25,
25,
22,

1990
1990
1990
1991
1991
1991
1991

11.6
10.2
10.7
7.6
4.2
-1.0
-0.3

1221

18

2

II 30 13 27 10 24
Jul

Aug

Sep

8

22

1)

3

17 31 14 28 11 25 It 25

Oct

Feb

Mar

8

22

Apr

I

Billions

May 20
27
Jun 3

365.1
-------365.4
364.8
365.0
364.0

20

3

May

17
Jun

Money Market Deposit Accounts
Billions of Dollars
560
I
I
I
Compounded annual
rates of change,
average of the four
weeks ending
June 24, 1991 from
the four weeks ending:

540

520

Jun
Sep
Dec
Jan
Feb
Mar
"P

25,
24,
24.
21,
25,
25.

1990
1990
1990
1991
1991
1991

All Depository Institutions
Averages of Daily Figures, Seasonally Adjusted

Billions of Dollars

560

540

7.8
9.0
14.3
18.1
19.5
19.4

520

199 1

500
Jun

480

21
May

4

18

Jun

IS )'«

Jul

IJ 27 ID 24
Aug
Sep
1990

1

22

Oct

5

1)
Nov

1

l'l 25
17 Jl M 21
11 25
Feb
Jan
Mar

Dec

Bill!ons

27
3
10
17
24

537.5
538.6
541.4
543.4
542.2

■ 1 '

8 22 S 20 3 17
May
Apr
Jun
1991

15 2
Jul

Latest data plotted week ending: June 24, 1991


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

9

500

480

10

Total Borrowings
From Federal Reserve Banks
Averages of Daily Figures

Billions of Dollars

1991

Billions

May 29
Jun 5
12
19
26

Billions of Dollars

0.303
0.218
0.349
0.264
0.363

May

Jun

Jul

Aug
Sep
1990

Oct

Nov

Dec

Jan

Feb

Mar

Apr
1991

May

Jun

Jul

Adjustment + Seasonal Borrowings
_ „
Billions of Dollars

May 29
Jun 5
12
19
26
Jul 3

2.4

From Federal Reserve Banks
Averages of Daily Figures

Billions of Dollars

0.281
0.204
0.346
0.258
0.354
0.862

1.8

1.2

0.6

2

16 30 13 27 11 25 8 22 5 II 3 17 31 18 28 12 26 I 23 6 20
May
Jun
Jul Aug Sep
Oct
Nov Dec
Jan Feb
1990

6 20 3 17 1 15 29 12 26 10 24
Mar
Apr
May
Jun
Jul
1991

Latest data plotted week ending: July 3, 1991


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

Commercial Paper of Nonfinancial Companies
Billions of Dollars

1991

Billions of Dollars

Not Seasonally Adjusted
Billions

May 22

2

IS 30 13 27 11 25
May
Jun

8 22

5

15 3

Aug
Sep
1990

17 31 14 28 12 25
Oct
Nov
Dec

! 23
Jan

S

21 S 20 3 17 1 15 29 12 25 10 24
Feb Mar
Apr
May
Jun
Jul
1991

Latest data plotted week ending: June 26, 1991

Commercial and Industrial Loans17
Qill.
. p. ,,
B.ll.ons of Dollars___________

Weekly Reporting Large Commercial Banks2/
'
PSeasonally Adjusted

I
I
Compounded annu al
rates of change,
average of the fou
weeks ending
June 19, 1991 fror
the four weeks end ng:
Jun 20. 1990 -S
Sep 19, 1990 -1 . 1
Dec 19, 1990 -E .8
Jan 16, 1991 -E • 4

Billions of Dollars

r

360
360
360

---------- !---------199 L
May

5
22
29
Jun 5

370

Billions
310.611
310.512
309.875
310.090

9 309 282

360
35D
360

Mar 20 i 1 991-11 .5
Apr 17. 1 991-12 .6

330

330

320

320

310

310

300

!

If ID 1] 27 11 25
May
Jun
Jul

I 22 5 1) 3 17 31 16 21
Aug Sep
Oct
Nov
1990

12 If
Dec

) 23 I 2D
Jan
Feb

1 ID 3 17 I 15 II II 2f III 26
Mar
Apr
May
Jun
Jul
1991

Latest data plotted week ending: June 19, 1991
1/ Commercial and industrial loans include banker's acceptances and commercial paper.
2/ Banks with domestic assets greater than $1.4 billion
„
.. _ .
, „
_ . ,
.
Prepared by Federal Reserve Bank of St. Louis


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Federal Reserve Bank of St. Louis

11

3D0

Dollar’s Trade-Weighted Exchange Index
Averages of Daily Figures

1991 1973=100
May 29

2 16 30 13 27 11 25
May
Jun
Jul

aAug
22

5 IS 3 17 31 H 28 12 26 9 23 6 20 6 20 3 17 1 15 29 12 26 10 21
Sep
Oct
Nov Dec
Jan
Feb Mar
Apr May Jun

Latest data plotted week ending: July 3, 1991
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.

#09
LIBRARY


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

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