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| July
^
■HHHHHHHHnBHHBI
Fexierai Reserve Bank

Mffimcial Data

1)1 KM
III SI KYI .
llANKol
si: 1.01 IS

THE WEEK'S HIGHLIGHTS:
✓ Nonfarm payroll employment increased by 239,000 in June, following
an increase of365,000 in May. Payroll employment increased by
an average of265,000per month in the second quarter, slightly
above the first quarter average. The June unemployment rate
measured 5.3 percent, the lowest rate since June 1990.

✓ New single-family home sales were at an annual rate of828,000 units
in May, up 7.5 percent from April—the fourth increase this year.
On a year-to-date basis, new home sales have totaled 344,000 units,
25.1 percent above the same period a year earlier.

✓ After decreasing at a 1.8 percent annual rate over the firstfour months
of1996, real disposable personal income increased at a 15.3 percent
rate in May. Real personal consumption expenditures increased at
an 8.6 percent rate in May, after increasing at a 1.6 percent rate
over the first four months of this year.
The index of leading economic indicators rose 0.3 percent in May,
as seven of the 11 indicators contributed positively. This was the
fourth consecutive increase.

✓ The real value of total new construction put in place fell $5.1 billion
in May, or 1 percent. Compared with a year earlier, total construction
was up 1.8 percent.
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. The cost for a subscription is $21 for one year (50 issues) or $36 for two years (100 issues).
For more information on data, please call (314) 444-8590. To request an order form, please call
(314) 444-8808 or (314) 444-8809. Sorry, no refunds.
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 http://www.stls.frb.org/fted.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

2
Adjusted Monetary Base
Averages of Daily Figures
beosonolly Adjusted

Billions of Dollors

Billions of Dollars

Billions
Apr 24
Moy 8
Jun

5

Jul

3

474.7
474.7

3 17 31 14 28 12 26
23 6 20 4 18 1 15 29 13 27 10 24 7 21 6 20 3 17 1 15 29 12 26 10 24
Aug
Sep
Oct
Nov
Dec
F eb
Mar
Apr
May
Jun
Moy
Jun
1995
The adjusted monetary bose is the sum of reserve occounts of finonciol institutions ot Federal Reserve banks,
currency in circulation (currency held by the public and in the vaults of oil depository institutions) ond on
adjustment for reserve requirement rotio chonges. The major source of the adjusted monetary bose is Federal
Reserve credit. Doto are computed by this bank. A detailed description of the adjusted monetary bose is
available from this bonk.
Recent doto ore preliminary.

Adjusted Monetary Base
Compounded onnual rotes of chonge, overoge of two maintenance periods ending:
To the overoge of
two maintenance
periods ending:

7/5/95

9/27/95

12/6/95

1/3/96

1/31/96

2/28/96

3/27/96

12/6/95

1.5

1/3/96

1.8

1.7

1/31/96

1.5

1.3

2/28/96

1.4

1.1

1.1

3/27/96

1.9

2.0

2.5

2.3

3.5

5/8/96

1.3

1.0

1.0

0.6

0.7

6/5/96

1.8

1.8

2.0

1.8

2.2

2.8

1.2

7/3/96

2.1

2.1

2.4

2.3

2.8

3.3

2.4

5/8/96


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

1.5
0.1
0.9
6.5

Prepared by Federal Reserve Bank of St. Louis

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

Billions of Dollars

Billions of Dollars
Billions

Moy 20

May 20

1113.5

726.7
Jun

1114.0
1120.1

3
726.8
732.4
726.2

Ml (left scale)
-770

TCD (right scale)

Moy

Jun

Aug

Sep

Oct

Nov

Dec

Feb

Mar

15 29 II 27 10 29
Apr
Moy
Jun

8 22

Ml is the sum of currency held by the nonbonk public, demand deposits, other checkable deposits and trovelers
checks. Total checkable deposits is the sum of demand deposits and other checkable 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 annual rotes of chonge, overage of four weeks ending:
6/26/95

9/25/95 11/27/95 12/25/95

1/22/96

2/26/96

11/27/95

-3.4

1/22/96

-3.4

-5.2

-4.3

2/26/96

-3.6

-5.1

-4.4

3/25/96

-1.9

-2.4

-0.3

1.3

4/22/96

-2.0

-2.4

-0.7

0.4

1.5

5.5

5/27/96

-2.5

-3.1

-2.0

-1.4

-1.0

0.4

6/24/96

-2.3

-2.7

-1.7

-1.1

-0.7

4/22/96

-3.1

12/25/95

3/25/96

0.4


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

-5.8

-4.0
3.3

Prepared by Federal Reserve Bonk of St. Louis

3

4
Adjusted Reserves
Seasonally Adjusted
Billions of Dollors

Billions of Dollars
Billions
97.0
97.5
94.1
97.5
96.8
96.0

Apr 10
May

8

Jun

5

15 29 12 26 10 24

3 17 31 14 28 12 26
Moy

Jun

Aug

Sep

Feb

Oct

Mor

Apr

Moy

Jun

Adjusted reserves Is the difference between the adjusted monetary bose and the currency component of M1.

Adjusted Reserves
Compounded onnuol rotes of change, overoge of two mointenonce periods ending:
two maintenance

6/21/95

9/13/95 11/22/95 12/20/95

1/17/96

2/14/96

3/13/96

4/24/96

periods ending:
11/22/95

-5.8

12/20/95

-4.0

-7.2

1/17/96

-3.4

-5.7

3.4

2/14/96

-3.8

-5.8

0.0

-3.3

3/13/96

-2.9

-4.2

1.3

-0.4

-0.7

4/24/96

-3.0

-4.0

0.0

-1.5

-1.9

0.0

5/22/96

-4.3

-5.7

-3.1

-4.8

-5.8

-5.6

6/19/96

-3.4

-4.4

-1.6

-2.8

-3.4

-2.6


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

Prepored by Federal Reserve Bonk of St. Louis

Money Multiplier
Averages of Daily Figures
seasonally Adjusted

Ratio

Compounded onnuol rotes
of change, overage of
the four weeks ending
June 17„ 1996. from
the four weeks ending:
- Jun 19
-3.8
U U II 13, 1995
-4 . 6
Sep 25. 1995
1995
-3.4
Jan 29 , 1996
-2 . 6
J u II ^ 3
-2.2
Feb 26, 1996
Mar L u
-4 . 8
m u i 25 ,
Apr 22, 1995

1

15 29 12 26 10 24

7 21
Aug

4

Apr

2

16 30 13 27 11 25 8 22 5
Oct

19 4

Apr

6

Jun

Sep

8

May

3

May

Jun

Ratio of M1 to adjusted monetary base.

Currency Component of M1
Billions of Dollars

Averages of Daily Figures
seasonally Adjusted

Billions of Dollars

Compounded onnuol rates
of change, overage of
the four weeks ending
June 24, 1996, from
the four weeks ending:
Jun 26. 1995
3.
Sep 25, 1995
3.
Oec
25, 1995
3.
Jon
22, 1996
3.
Feb
26, 1996
4.
Mar
25. 1996
4.
Apr
22. 1996
4.

Billions
May 20
Jun

Sep

Oct

1995
Current data oppeor in the Federal Reserve Board's H.6 release.


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

Apr
1996

May

377.2
378.2
377.6
378.4
379.0
380.4

3

Jun

Prepared by Federol Reserve Bonk of St. Louis

5

'370

6
Yields on Selected Securities
Averages of Daily Figures
Percent

Percent

Prime Rote

Corporate
Aao Bonds

Municipal Bonds

5

19

1996
Apr 12
19
26
Moy 3
10
17
24
31
Jun
7
14
21
28
Jul
5

6 30 14 28 11 25 8 22

6

20

3

17

15 29 12 26 9 23

5

19 3 17 31 14 28 12 26

30-Doy
Commerciol
Paper

90-Day
CDs

90-Day
Bankers'
Acceptances

Corporate
Aao Bonds

Corporate
Baa Bonds

5.42
5.39
5.38
5.40
5.40
5.38
5.36
5.38
5.42
5.43
5.46
5.50
5.48

5.39
5.36
5.34
5.36
5.37
5.36
5.35
5.36
5.42
5.48
5.47
5.49
5.46

5.31
5.28
5.26
5.29
5.30
5.28
5.27
5.30
5.34
5.40
5.39
5.40
5.40

7.60
7.50
7.48
7.65
7.72
7.57
7.53
7.61
7.67
7.78
7.74
7.66
7.55

8.30
8.19
8.16
8.33
8.40
8.25
8.20
8.27
8.34
8.47
8.44
8.36
8.25

Municipal
Bonds ••
6.03
5.94
5.91
6.06
6.08
5.96
5.87
5.94
5.94
6.12
6.06
5.97
NA

Current dato ore from the Federal Reserve Board's H.15 release, ond ore overages of rotes avoiloble for the
week ending on July 5, 1996 .
•• Bond Buyer's Average Index of 20 municipol bonds, Thursdoy doto
NA - Not Avoiloble


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bonk of St. Louis

Selected Interest Rates
Averoges of Doily Figures
Percent

Percent

10-Yeor
Treasury Securities

.....6.0
Federol
Funds Rate
Discount Rote
3-Month
Treosury Bill

5

19

16 30 14 28 11 25

6 20 3

17

1

15 29 12 26 9

23

5

19 3

17 31

14 28

2 26

1996

1996
Apr 12
19
26
May
3
10
17
24
31
Jun
7
14
21
28
Jul
5 *••

Federol
Funds ••
5.08
5.24
5.24
5.30
5.22
5.26
5.22
5.19
5.33
5.24
5.45
5.21
5.53

3-Month
Treosury
Bill

1 -Year
Treosury
Bill 7

5-Year
Treasury
Securities

10-Yeor
Treasury
Securities

Long-Term
Treasury
Securities

4.97
4.85
4.96
5.00
5.00
5.01
5.04
5.04
5.09
5.11
5.09
5.09
5.12

5.31
5.21
5.21
5.33
5.35
5.28
5.27
5.39
5.46
5.52
5.48
5.47
5.44

6.42
6.32
6.31
6.46
6.55
6.42
6.41
6.55
6.63
6.77
6.73
6.63
6.53

6.60
6.52
6.53
6.74
6.82
6.68
6.65
6.77
6.85
6.99
6.95
6.86
6.77

6.96
6.88
6.88
7.04
7.11
6.96
6.93
7.02
7.08
7.23
7.18
7.08
6.98

Except for Iona-term Treosury securities, which ore computed by this Bonk, current data appear in the Federol
Reserve Board's H.15 release.
• Averoges of rates ovailable
•• Seven-doy overages for week ending two doys eorlier than dote shown
Prepared by Federal Reserve Bank of St. Louis


http://fraser.stlouisfed.org
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

May 20
Jun

3

Billions
3730.9
3728.0
3742.0
3747.1
3754.4
3743.1

Billions of Dollars

M2 (left scale)

Non-Mi M2 (right scale)

Non-M1 M2
Billions
2612.6
2614.5
Jun 3
2618.7
2633.1
2634.3
2627.8

Moy

Jun

Aug

Sep

Oct

Nov

Feb

Dec

Mar

Apr

May

Jun

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

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

6/26/95

9/25/95 11/27/95 12/25/95

1/22/96

2/26/96

3/25/96

11/27/95

4.8

12/25/95

4.9

3.9

1/22/96

5.2

4.7

6.3

2/26/96

5.0

4.4

5.3

5.2

3/25/96

5.9

5.8

7.2

7.7

4/22/96

5.7

5.6

6.6

6.9

6.8

5/27/96

4.8

4.4

4.8

4.7

4.2

4.4

0.5

6/24/96

4.9

4.5

4.9

4.9

4.4

4.7

4/22/96

2.0


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

8.0
8.8

Prepored by Federol Reserve Bonk of St. Louis

Savings and Small Time Deposits
Averoges of Daily Figures
Seasonally Adjusted

___ -j--------r~ of Dollars r
Billions
1340
i----------

Billions of Dollars

i---------- 1----------f---------

Savings

1996
,300- Moy 20
Jun
1260-

1996
May 20

1197.7
1201.6
1199.0
1210.3
1208.2
1202.7

3
10
24

1055

Small Time

Jun

Billions
928.4
928.6
928.2
928.0
927.8
927.9

3

1015

■ 975

Small Time (right scale)
■ 935

■ 895

855

Savings Deposits (left scale)
815

775
May

Jun

Aug

Sep

Oct

Apr

1995
Savings deposits and small time deposits ore at all depository institutions.

Moy

Jun

1996

Large Time Deposits and Retail Money Funds
Averages of Doily Figures
seasonally Adjusted

Billions of Dollars

Billions of Dollars

Large Time
1996
Moy 20
Jun

Retail Money

Billions
437.7
439.6
440.3
441.1
441.7
443.6

3

1996
May 20

590

Billions
486.6
491.5
494.9
498.2
497.3

550
510

Retail Money
470
430

Large Time
390

350
Moy

Jun

Aug

Sep

Oct

Apr

Moy

Jun

1995
1996
Large time deposits ond retail money funds ore ot oil despository institutions. Large time deposits ore those
issued in denominations of $100,000 or more. Retail money funds were originally called generol purpose
ond broker/dealer money market funds.
Prepared by Federal Reserve Bank of St. Louis


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

9

10
Total Borrowings
From Federol Reserve Bonks
Averages of Daily Figures

Billions of Dollars
May 29
Jun 5

Jui

3

Billions of Dollars

Billions
0.158
0.154
0.159
0.779
0.249
0.523

3 17 31 14 28 12 26 9 23 6 20 4 18 1
Aug
Sep
Ocl

15 29 13 27 10 24 7 21 6 20 3 17 1 13 29 12 26 10 24
Apr
Moy
Jun

1995
Borrowings include seasonol, adjustment ond extended credit.

1996

Bank Loans and Credit

All Commercial Bonks in the United States'^
Seasonally Adjusted

Billions of Dollars
Bonk Credit
Billions
Moy 15
3651.4
3662.5
3649.0
3647.8
Jun 5
3668.6
3653.5

Billions of Dollars

2860
2800

Bank Credit (left scale)2/
2740
2680
2620
Loons&Leases
Billions
2662.0
2675.0
2662.9
2667.4
2684.1
2680.2

Loans and Leoses (right scale)

3

17 31 14 28 12 26 9 23 6 20 4

Moy

Jun

Aug

Sep

18

I

15 29 13 27 10 24

Oct

1995
Current doto appear in the Federol Reserve Board's H.8 releose.
1/ includes foreign-reloted institutions
2/ Includes loons ond leoses ond securities


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Federal Reserve Bank of St. Louis

7 21

6 20 3

7

Apr

1

13 29 12 26 10 24

Moy

Jun

1996

Prepared by Federol Reserve Bonk of St. Louis

2560
2500
2440

Commercial Paper of Nonfinancial Companies
Not Seasonally Adjusted

Billions of Dollars
Moy 22
Jun

5

Billions of Dollars

Billions
202.098
199.635
199.504
198.220
205.672
198.505

- 180

3

17 31 14 28 12 26 9 23

15 29 12 26 10 24

'995

1996

Commercial and Industrial Loans
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

All Bonks
Billions
732.5
732.7
728.6
730.1
733.2
732.2

All Bonks (left scale)1/

Large Banks (right scale)2/
Lorge Bonks
..... - 340
196
Billions
Moy “
15
358.1
357.5
355.3
320
354.4
Jun 5
354.5
356.0
15 29 12 26 10 24

1996
Current data appear in the Federal Reserve Board's H.8 release.
1/ Includes foreign-related institutions

/

O

. ..

r.nnrllnn itAmulU II


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Federal Reserve Bank of St. Louis

_

Prepared by Federal Reserve Bank of St. Louis

11

Dollar's Trade-Weighted Exchange Index
Averoges of Doily Figures

1973=100

1973=100

-100

1995

1996

Current doto appear in the Federoi Reserve Board's H.10 release. Data ore weighted overages 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

Prepored by Federal Reserve Bonk of St. Louis

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