Full text of U.S. Financial Data : July 9, 1998

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

rfff WeSk'S HIGHLIGHTS:
■

Sales at merchant wholesalers fell 0.3 percent in May after rising
only 0.1 percent in April. By contrast, sales increased 1.1 percent in
the first quarter. Follov.’ing a 0.1 percent drop in April, the value of
wholesalers’ inventories excluding motor vehicles rose 0.9 percent in
May. Wholesale trade figures are not adjusted for price changes.

■

Consumer credit grew at a 0.4 percent annual rate in May, its
smallest increase since contracting at a 5.8 percent rate in
November 1997. May’s increase was blunted by a 7.1 percent rate
of decline in the revolving credit component, which includes credit
card debt. Measured from a year earlier, consumer credit, which
is not adjusted for inflation, has increased 3.5 percent, the smallest
12-month change since June 1993.

■

Domestic car sales increased strongly for the third consecutive
month, rising 3.3 percent in June to 7.3 million units. For the second
quarter, sales averaged 7.1 million units, up 6.4 percent from the
first quarter and up 5 percent from four quarters earlier.

■

The U.S. dollar’s trade-weighted exchange rate index averaged
101.9 (1973=100) for the week ending July 8, 1998. This represents a
gain of 1.5 percent from four weeks earlier and 6.5 percent from
52 weeks earlier.

■

From the average of the two weeks ending April 1 to the average
of the two weeks ending June 24, commercial and industrial
(C&I) loans at all banks increased 2.9 percent. Over the first
three months of 1998, C&I loans increased 2.2 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. 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.


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Federal Reserve Bank of St. Louis

2
Adjusted Monetary Base
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollors

Billions of Dollars

Billions
497.988
501.610
503.903
506.205
502.576
505.702

-485

7 21
May

18 2

4

Jun

MM
16 30 13 27 10 24 8 22 5 19 3
Aug

Sep

15 29

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

Oct

Mor

May

Jun

The odjusted monetary bose is the sum of Federal Reserve deposits ond voult cosh held by domestic depository
institutions, currency held by the public, ond on adjustment for the effect of changes in reserve requirement
ratios. The monetary base series was recently revised to include Federal Reserve deposits used to sotisfy
clearing bolonce contracts. Data ore computed by this bonk. A detailed description of the odjusted monetary
bose is available from this bank. Recent data ore preliminary.

Adjusted Monetary Base
Compounded onnuol rotes of chonge, overoge of two maintenonce periods ending:
two molntenonce
periods ending:

7/2/97

9/24/97

12/3/97 12/31/97

1/28/98

2/25/98

3/25/98

12/3/97

8.2

12/31/97

8.1

9.4

1/28/98

7.9

8.7

7.0

2/25/98

7.7

8.4

6.9

6.5

3/25/98

7.0

7.1

5.3

4.5

5/6/98

6.0

5.7

3.8

2.9

2.0

0.1

6/3/98

6.7

6.7

5.4

5.0

4.7

4.1

5.5

7/1/98

5.9

5.7

4.3

3.8

3.4

2.6

3.2


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

5/6/98

3.7

Prepared by Federal Reserve Bonk of St. Louis

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

Billions of Dollors

Moy 25
Jun
1

1120-

Billions of Dollars

Billions
1078.5
1087.2
1072.6
1074.9
1071.8
1072.6

Billions
634.1
642.7
627.1
629.1
625.3
625.9

Moy 25
Jun
1

(left scale)

TCD (right scale)

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Feb

9 23 6 20 4 18
Mar
Apr
May

15 29 13 27
Jun

1998
Ml is the sum of currency held by the nonbank public, demond deposits, other checkable deposits ond travelers
checks. Totol checkable deposits is the sum of demond deposits ond other checkable deposits ot depository
institutions. Current doto oppeor in the Federal Reserve Board's H.6 release.

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

Compounded onnuol rotes of chonge, overoge of four weeks ending:
6/30/97

9/29/97

12/1/97 12/29/97

1/26/98

12/1/97

0.9

12/29/97

1.6

4.3

1/26/98

1.6

3.5

3/2/98

1.6

3.2

3.0

1.6

3/30/98

1.8

3.1

2.9

2.0

2.5

4/27/98

1.8

3.0

2.8

2.1

2.4

6/1/98

1.3

2.2

1.7

1.0

1.0

6/29/98

0.7

1.3

0.6

-0.1

-0.4


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Federal Reserve Bank of St. Louis

3/2/98

3/30/98

4/27/98

3.5

Prepored by Federal Reserve Bonk of St. Louis

3

4
Adjusted Reserves
Seasonally Adjusted
Billions of Dollors

Billions of Dollars
Billions
65.548
66.301
66.903
68.939
65.108
66.762

Apr 22
May 6
Jun

3

■70

7 21
May

4

18 2

16 30 13 27 10 24 8 22 5
Aug

Jun

Sep

19

3

22 6 20 3

17 31 14 28 11 25 11 25
Feb

Oct

Mar

Apr

May

17

15 29

Jun

Adjusted reserves is the difference between the odjusted monetary base and the currency component of Ml.
The adjusted monetory bose series was recently revised: See the footnote to the monetary base chort for o
description of the change.

Adjusted Reserves
Compounded annual rates of change, average of two maintenance periods ending:
To the average of
two mointenonce
periods ending:

7/2/97

9/24/97

12/3/97 12/31/97

1/28/98

2/25/98

3/25/98

12/3/97

4.9

12/31/97

5.4

8.2

1/28/98

3.1

3.7

-1.8

2/25/98

0.8

0.1

-6.2

3/25/98

-1.5

-3.1

-9.7

-14.8

-16.8

5/6/98

-3.0

-4.9

-10.4

-14.0

-14.9

-15.1

6/3/98

0.4

-0.2

-3.3

-5.1

-3.9

-0.6

7.9

7/1/98

-2.6

-3.9

-7.7

-9.9

-9.7

-8.7

-5.4


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Federal Reserve Bank of St. Louis

5/6/98

-12.5

0.1

Prepared by Federal Reserve Bank of St. Louis

Money Multiplier
Averages of Daily Figures

Jun
Sep
Dec
Jon
Feb
Mor
Moy

30 ,
22,
29.
26 ,
23.
23 ,
4 .

199
199
1 99
199
199
1991
1991

-4
-3
-3
-3
-6
-10

J.O
1998
Apr 2
Moy
If
Jun
1
2<

.
.
.
.

0
7
8
7
6
•i

2.8

'

2.6-

" ""
i
-----------------Compound ed onnuol rotes
of change, overoge of
the four w<»eks ending
June 29, 1 998, from
the four w<»eks ending:

(g|<NCN{NCvi<NicM

2.8

)

3.0

2.6

2.4

2.4

2.2-

2.0

2.2

-r-r-nr-r-i ■ -r-r-r-r

-rm

_______

9 23 9 23 6 20 4
Moy

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jon

Feb

Mar

1997
Ratio of Ml to the adjusted monetory base.

Apr

18

Moy

i

15 29 13 27
Jun

2.0

Jul

1998

Currency Component of M1
Averages of Daily Figures
Billions of Dollars

440-

430-

^easonoiiy Adjusted

Billions of Dollars

Compounded onnuol rotes
of change, overoge of
the four weeks ending
June 29, 1998, from
the four weeks ending:
Jun
Sep
Dec
Jon
(jar
Mor

30.
29.
29.
26.
2.
30

Apr

27

1997
1997
1997
1998
1998
--------1998

420-

■420
Billions
Jun

Aug

Sep

Oct

Feb

1997
Current doto appear in the Federal Reserve Boord's H.6 releose.


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Federal Reserve Bank of St. Louis

1

436.4
436.7
437.6
438.0
438.8
439.1

Mor
1998

Prepored by Federal Reserve Bonk of St. Louis

5

410

6
Yields on Selected Securities
Averoges of Daily Figures
Percent

Prime Rote

Corporate
Aoa Bonds

Commercial Poper

Municipal Bonds

2

16 30 13 27 11 25 8 22 5
Aug

19

3

17 31 14 28 12 26 9

23

6 20 6 20 3

17

15 29 12 26 10 24

Sep

1998

Commercial
Poper

90-Day
CDs

90-Day
Bankers'
Acceptances

Corporate
Aoa Bonds

Corporate
Boo Bonds

17
24
1
8
15
22
29
5
Jun
12
19
26
3
Jul
10

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

5.57
5.58
5.60
5.58
5.59
5.60
5.59
5.59
5.59
5.59
5.60
5.60
5.59

5.48
5.48
5.47
5.49
5.48
5.48
5.48
5.50
5.50
5.48
5.50
5.53
5.50

6.67
6.73
6.78
6.72
6.74
6.69
6.61
6.59
6.52
6.49
6.53
6.51
6.48

7.31
7.35
7.40
7.34
7.35
7.27
7.21
7.19
7.13
7.10
7.13
7.11
7.08

Apr

May

Municipal
Bonds ••
5.21
5.25
5.32
5.26
5.23
5.16
5.13
5.13
5.08
5.11
5.14
5.09
NA

Current data ore from the Federol Reserve Board's H.15 release, and ore averages of rotes ovoiloble for the week
ending on July 10, 1998 . Beginning September 2, 1997, the commercial poper rote reflects new source doto,
which is currently ovoiloble only bock to the first of the yeor.
•• Bond Buyer's Average Index of 20 municipal bonds, Thursdoy doto


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Federal Reserve Bank of St. Louis

Prepored by Federal Reserve Bonk of St. Louis

*"»■ - '*

* J>

Selected Interest Rates
Averages of Daily Figures
Percent

Percent

30-Year
Treasury Securities
-6.0

............
Federal
Funds Rate

Discount Rate
3-Month
Treasury Bill

2

16 30 13 27 11 25 8 22 5
May

Jun

1998
Apr

17
24
1
8
15
22
29
5
Jun
12
19
26
Jul
3
10 •

Moy

19
Sep

Federal
Funds ••
5.47
5.37
5.40
5.35
5.49
5.60
5.45
5.63
5.43
5.58
5.42
5.88
5.47

3

17 31 14 28 12 26 9

23 6

Oct

20
Feb

6

20
Mar

3

17
Apr

13 29 12 26 10 24
Moy

Jun

3-Month
Treasury

1 -Year
Treasury
Bill

5-Year
Treosury
Securities

10-Year
Treosury
Securities

30-Year
Treasury
Securities

4.97
4.94
4.91
4.97
5.01
5.08
4.95
4.95
5.00
5.04
4.93
4.94
4.95

5.11
5.12
5.17
5.15
5.18
5.17
5.15
5.14
5.14
5.12
5.13
5.10
5.07

5.59
5.65
5.72
5.63
5.67
5.63
5.57
5.57
5.53
5.51
5.50
5.46
5.42

5.61
5.67
5.75
5.68
5.70
5.64
5.57
5.57
5.51
5.47
5.46
5.44
5.41

5.90
5.95
6.02
5.96
5.98
5.92
5.83
5.80
5.72
5.67
5.65
5.63
5.60

Current doto oppeor in the Federal Reserve Boord's H.15 release.
• Averages of rotes ovoiloble
•• Seven-day overoges for week ending two doys earlier thon dote shown


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Federal Reserve Bank of St. Louis

Prepored 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

Moy 25
Jun
1

Billions
4170.0
4187.6
4183.5
4192.4
4195.4
4193.4

Billions of Dollars

M2 (left scale)

Non-Mi M2 (right scale)
Non-Mi M2
Billions
Moy 25
3091.5
3100.4
Jun
1
3110.9
3117.5
3123.6
3120.8

Moy

16 30 14 28 II 25 8 22 6 20
Aug
Sep
Oct
Jun

Nov

Dec

Feb

Mar

Apr

Moy

■ 2875

Jyn

M2 is the sum of Ml, savings (including money market deposit occounts), smoll time deposits and retoil money
funds. Current doto oppeor in the Federol Reserve Board's H.6 releose.

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

Compounded annual rotes of chonge, average of four weeks ending:
6/30/97

9/29/97

12/1/97 12/29/97

1/26/98

3/2/98

12/1/97

7.1

12/29/97

7.1

1/26/98

7.3

7.4

7.8

3/2/98

7.6

8.0

8.6

9.2

3/30/98

7.7

8.0

8.4

8.8

9.0

4/27/98

8.0

8.5

9.1

9.5

9.8

6/1/98

7.4

7.5

7,6

7.7

7.5

6.7

6/29/98

7.2

7.3

7.3

7.4

7.2

6.4


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

3/30/98

4/27/98

7.1

9.9

Prepared by Federol Reserve Bank of St. Louis

«*»

*

tr

'

■*.

•

A- v

Savings and Small Time Deposits
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Small Time
1998

Billions
961.8
961.4
961.4
961.6
961.3
960.5

Savings Deposits (right scale)

Small Time (left scale)

Savings
May 25

Billions
1466.1
1471.2
1478.4
1489.0
1485.5

16 30 14 28 II 25 8 22 6 20 3
May

Jun

Aug

Sep

17

15 29 12 26 9 23 9 23 6

Oct

20

4

Apr

18

15 29 13 27

Moy

Jun

1998

1997
Savings deposits and small time deposits are ot oil depository institutions.

Large Time Deposits and Retail Money Funds
Averages of Doily Figures
Billions of Dollors

Seosonolly Adjusted

Billions of Dollars

Large Time

Retail Money

Billions
Moy 25

1998
May 25

61 1.2

609.3
618.5
622.3

_ Jun

Jun

Billions
667.8

1

671.1
669.6

616.9

673.2

610.8

674.7

725-

Lorge Time

19

2

16 30 14 28 11 25 8

Aug

22

Sep

6

20

3

17

IS 29 12 26 9

Oct

23 9

Feb

23 6

Mor

20

Apr

4

18

May

13 29 13 27

Jun

1997
1998
Lorge time deposits ond retail money funds are at oil despository institutions. Large time deposits ore those
issued in denominations of S 100,000 or more. Retail money funds were originolly colled general purpose
and broker/dealer money market funds.
Prepored by Federal Reserve Bonk 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
Jun

Billions
0.164
0.244
0.228
0.186
0.382

3

0.200

7 21

4

18 2

16 30 13 27 10 24 8 22 3
Aug
Sep
Oct

19 3

17 31 14 28 11 23 11 25 8 22 6 20 3 17
Feb
Mor
Apr
Moy
Jun

1997
Borrowings include seasonal, adjustment ond extended credit.

13 29

1998

Bank Loans and Credit

All Commerciol Bonks in the United States1/
Seasonally Adjusted

Billions of Dollars
Bonk Credit
Billions
Moy 20
4230.4
4240.6
4242.2
4237.0
4245.2
4247.9

Billions of Dollars

Bonk Credit (left scale)2/

4000-

Loons & Leases
Billions
3105.2
3113.1
3118.6
3121.7
3136.6
3138.1

Moy 20

Loons ond Leases (right scale)

7

21

4

18

2

6 30 13 27 10 24

Sep

8

22

S

19

3

17 31

Oct

1997
Current data appear in the Federal Reserve Board's H.8 release.
1/ Includes foreign-reloted institutions
2/ Includes loons ond leases and securities


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Federal Reserve Bank of St. Louis

14 28 11 25 11 25

Feb

Mar

8

22

Apr

6

20

May

3

17

1

IS 29

Jun

1998

Prepared by Federol Reserve Bonk of St. Louis

r

*

Commercial Paper of Nonfinancial Companies
Not Seasonally Adjusted

Billions of Dollars

Billions of Dollars

235

Bilions
Jun

3

Jul

1

225

215

205

195

185
3
May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jon

1997

Feb

Mor

Apr

May

17
Jun

15 29i
Jul

1998

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

Commercial and Industrial Loans
Seasonolly Adjusted

3illions of Dollars

Billions of Dollars 500

All Bonks
880-

Jun

3

All Banks (left scale)1/

878.1
880.3
884.6
887.4
892.3
890.5

480

460
Lorge Bonks (right scale)^/
440
Large Bonks
[98
Billions
May 20
472.4
475.2
477.9
480.5
482.6
481.8
3

17 31 14 28 11 25 11 25 8

22

6

20

3

17

1

420

15 29

1997
Current dato appear in the Federal Reserve Boord's H.8 release.
1/ Includes foreian-reloted institutions
2/ Weekly reporting, domestically chortered bonks


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

400

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

1973=100

1973=100

105-

Jun

3

JU|

1

95- >

7

21

4

18

2

16 30 13 27 10 24 8 22 5
Aug

Sep

Oct

19

3

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

17

15 29

Current data appear in the Federol Reserve Boord's H.10 release. Ooto ore 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

Prepored by Federol Reserve Bank of St. Louis

>1
ftl
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m

£0

H

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___________ _