Full text of U.S. Financial Data : June 12, 1997

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12, 1997

JuN 1 6 037

THE WEEK'S HIGHLIGHTS:
■

According to the advance report, the nominal value of retail sales
fell $0.2 billion in May, or at a 1.3 percent annual rate. After rising
at a 10.1 percent rate from August 1996 to February 1997, retail
sales have fallen at a 5 percent rate over the three months ending
in May.

■

Growth of nonfarm payroll employment slowed from a 3.2 percent
annual rate of increase in April to a 1.4 percent rate in May. At
the same time, average hourly earnings rose at a 4 percent rate in
May, following a 1 percent gain in April. Measured from May
1996, payroll employment has increased 2.1 percent, while average
hourly earnings have risen 3.8 percent.

■

The nominal value of wholesale sales was virtually unchanged in
April after dropping $1.6 billion in March. Sales of nondurable
goods fell 1.6 percent in April, the largest in more than three
years, while sales of durable goods rose 1.5 percent.

■

Consumer credit (installment debt outstanding) increased at a 7.8
percent annual rate in April, following a 3.1 percent rate of gain in
March. Consumer credit rose 6.9 percent measured from April 1996.

■

From the average of the two weeks ending Dec. 25, 1996, to the
average of the two weeks ending May 28, commercial and industrial
(C&l) loans increased at a 9.3 percent rate. By contrast, C&I
loans rose by only 6.2 percent over the comparable period a
year 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 Dollars

Billions of Dollars

Billions
470.929
471.853
468.541
473.391
475.321
477.822

3

17

1

15 29 12 26 10 24 7 21
May

4

18 2
Sep

Jun

16 30 13 27 11 25 8 22 5

19 5
Feb

Oct

19 2
Mor

16 30 14 28 11 25
Apr

May

Jun

The adjusted monetary base Is the sum of Federol Reserve deposits and voult 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 bose series was recently revised to include Federol Reserve deposits used to satisfy
clearing bolonce contracts. Dato ore computed by this bonk. A detailed description of the adjusted monetary
bose is available from this bonk. Recent data are preliminary.

Adjusted Monetary Base
Compounded annual rates of chonge, overage of two maintenance periods ending:
To the overoge of
two mointenonce
periods ending:

6/5/96

8/28/96

11/6/96

12/4/96

1/1/97

11/6/96

3.8

12/4/96

4.5

4.8

1/1/97

4.4

4.6

6.1

1/29/97

4.7

5.1

6.5

5.6

2/26/97

5.2

5.7

7.1

6.8

8.2

4/9/97

4.4

4.6

5.1

4.4

4.5

5/7/97

4.0

3.9

4.1

3.4

3.2

6/4/97

4.9

5.1

5.7

5.3

5.5


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

1/29/97

2/26/97

4/9/97

Prepared by Federal Reserve Bank of St. Louis

Money Stock(M1) and Total Checkable Deposits
1190

Averoges of Doily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Ml
1997
Apr 28
Unv 5
12
19
26
2
Jun

1160

Billions
1064.8
1084 3
1060.6
1061.1
1064.9
1071.8

1997
Apr 28

TCD
Billions
651.6

12
19
26
Jun
2

64V6A
6­16.7
6.>0.1
6>>6.9

„

1130

630

800

770

1100

740

M 1 (le t seal 0
V"v

V/V

1070

V.
\,rS
v

1040

v

t

710

*

V

CD (ri Jht sc ale)

1010

980

.

V

680

V \A

/

V

I

15 79 13 27 10 24 8
Apr

May

Jun

22 5

Jul

19 2

Aug

16 30 14 28 II 25 9
Sep

Oct

Nov

23 6

Dec

20 3

Jon

17 3
Feb

17 31 14 28
Mar

1996

Apr

650

12 26 9 23
Moy

670

Jun

1997

Ml Is the sum of currency held by the nonbonk public, demond deposits, other checkable deposits ond travelers
checks. Total checkoble deposits is the sum of demand deposits and other checkable deposits at depository
institutions. Current data oppear in the Federol Reserve Boord's H.6 release.

Money Stock (M1)
Compounded annual rotes of change, overage of four weeks ending:
To the overage
of four weeks
ending:

6/3/96

9/2/96

11/4/96

12/2/96 12/30/96

11/4/96

-7.6

12/2/96

-6.4

-6.5

12/30/96

-5.7

-5.2

2/3/97

-4.6

-3.6

0.5

3/3/97

-4.4

-3.3

-0.1

0.0

0.4

3/31/97

-4.6

-3.9

-1.5

-1.8

-2.1

5/5/97

-5.1

-4.6

-3.0

6/2/97

-4.7

-4.1

-2.5


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

2/3/97

3/3/97

3/31/97

-0.5

1

-4.7

A

-2.9

-6.3

-8.2

-3.2

-4.8

-5.7

o

I

04
u»

0.8

-4.8

Prepored by Federol Reserve Bank of St. Louis

3

4

Adjusted Reserves
Seasonally Adjusted
Billions of Dollars

Billions of Dollors
Mor 26
Apr 9

3

Moy

7

Jun

4

Billions
68.737
68.865

68.647
70.536

17
Apr

May

Aug

Jun

Sep

Feb

Oct

Mar

Apr

Moy

Jun

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

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

6/5/96

8/28/96

11/6/96

12/4/96

1/1/97

11/6/96

-15.7

12/4/96

-12.1

-7.5

1/1/97

-10.5

-5.7

5.5

1/29/97

-10.2

-6.0

0.9

2/26/97

-8.4

-3.9

2.8

0.3

0.1

4/9/97

-11.1

-8.6

-6.2

-9.5

-12.3

5/7/97

-12.3

-10.5

-9.2

-12.4

-15.1

6/4/97

-8.4

-5.6

-2.7

-4.5

-5.5


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

1/29/97

2/26/97

4/9/97

-3.5

Prepared by Federal Reserve Bank of St. Louis

Money Multiplier
Averages of Daily Figures
Seasonally Adjusted

Rotio

_

-

Compounded annual rates
of change, average of
the four weeks ending
June 2, 1997, from
the four weeks ending:
Jun
Aug
Dec
Dec
Jan
Feb

3,
26,
2 .
30.
27,
24,

Apr

7,

1996
1996
1996

1997

1997
1997

-8.9

Mor 24
Apr
7

2.273

May

5

2.249

Jun

2

2.236

-8 : 3
-9.0
-9.5
10.4

I H 28 1? 26 9 23
Apr

May

Jun

Aug

Sep

Oct

Feb

Mor

1996

Apr

May

Jun

1997

Ratio of M1 to the adjusted monetory bose.

Currency Component of M1
Averages of Daily Figures
beasonaiiy Adjusted

Billions of Dollars

Billions of Dollars

Compounded annual rates
of change, overage of
the four weeks ending
June 2, 1997, from
the four weeks ending:
Jun
Sep
Dec
Dec
Feb
Mor
"" U I
Mor

3 ,
2,
2.
30.
3 .
J' ,
31.

1 996
1996
1996
1996
--------1997
1997

7 . 4
7.2
6.9
6.9
“ ‘

415

405

395

Billions
Apr 28
May 5

Jun

404.8
405.6
405.9
406.0
406.4
406.5

2

385

375
Apr

May

Jun

Sep

Oct

Feb

1996
Current data appeor in the Federal Reserve Board's H.6 release.


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

Mar

Apr

May

Jun

1997
Prepared by Federal Reserve Bonk of St. Louis

5

6

Yields on Selected Securities
Averages of Daily Figures
Percent

Percent

Prime Rote

Corporate
Aaa Bonds

Municipal Bonds

Commercial Paper

5

19

3

1997

17 31

14 28 12 26

30-Day
Commercial
Paper

Mor 21
28
Apr
4
11
18
25
2
May
9
16
23
30
6
Jun
13

5.50
5.66
5.67
5.62
5.60
5.59
5.60
5.60
5.61
5.62
5.60
5.61
5.59

9 23

6 20

90-Day
CDs
5.54
5.65
5.70
5.70
5.72
5.71
5.73
5.71
5.70
5.71
5.69
5.68
5.68

4

18

15 29 13 27 10 24

90-Day
Bankers'
Acceptances
5.44
5.58
5.60
5.62
5.62
5.63
5.61
5.65
5.63
5.63
5.59
5.61
5.61

7

21

7

21

4

Corporate
Aaa Bonds

Corporate
Boo Bonds

7.61
7.63
7.71
7.74
7.73
7.75
7.64
7.56
7.55
7.60
7.64
7.51
7.49

8.22
8.24
8.33
8.36
8,34
8.35
8.26
8.18
8.17
8.22
8.25
8.13
8.11

18

2

16 30 13 27

Municipal
Bonds **
5.78
5.81
5.88
5.88
5.87
5.87
5.77
5.71
5.67
5.66
5.67
5.60
NA

Current data ore from the Federal Reserve Boord's H.15 releose, ond ore overages of rotes ovoiloble for the
week ending on June 13, 1997
•• Bond Buyer's Average Index of 20 municipal bonds, Thursdoy data

N.A. - Not Available


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Federal Reserve Bank of St. Louis

Prepored by Federal Reserve Bonk of St. Louis

----- 1-- r

w

Selected Interest Rates
Pe

3

nt

o

Averages of Daily Figures
8.0­ Kerci

3(J-Yeo
Treas jry Se :uritie S

7.0-

'V/

r

6.0-

A/\

5.0-

\r

Fed< >rol
Funds Rate

Kj

V
VI

VV

♦...........

•t

V

.......

Vi

4
'*«■•**.
Disco jnt Ra te

v

3--Month
Tre asury EJill

4.019
Apr

17 3
May

14 28 12 26

9

Jun

Aug

Jill

23

6

20

Sep

4

18

Oct

15 2S
Nov

13 27 10 24

Dec

Jon

1996

1997
Mor 21
28
Apr
4
11
18
25
Moy
2
9
16
23
30
Jun
6
13 •

Federal
Funds ••
5.26
5.40
5.86
5.37
5.48
5.48
5.61
5.55
5.49
5.52
5.43
5.54
5.48

7

21

Feb

7

' 21 ’

n i ■
18

Mor

Apr

16 3C
May

13 27
Jun

1997

3-Month
Treasury
Bill

1 -Yeor
Treasury
Bill

5-Year
Treasury
Securities

10-Year
Treasury
Securities

30-Year
Treasury
Securities

5.17
5.25
5.17
5.14
5.16
5.19
5.15
5.06
5.05
5.10
4.94
4.91
4.90

5.48
5.59
5.65
5.65
5.64
5.66
5.60
5.57
5.53
5.51
5.53
5.44
5.43

6.58
6.66
6.75
6.78
6.78
6.79
6.62
6.57
6.54
6.58
6.60
6.48
6.45

6.73
6.79
6.90
6.92
6.89
6.89
6.76
6.70
6.68
6.73
6.75
6.61
6.56

6.97
7.00
7.10
7.12
7.10
7.10
6.98
6.91
6.90
6.96
6.99
6.86
6.83

Current doto appear in the Federal Reserve Board's H. 15 release.
• Averoges of rates ovailoble
•• Seven -day overages for week ending two doys earlier thon dote 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 Doily Figures
Seasonally Adjusted

Billions of Dollors

Apr 28

Jun

2

Billions
3907.1
3893.9
3892.5
3900.6
3910.4
3910.6

Billions of Dollars

M2 (left scale)

Non-M1 M2 (right scale)
Non-M1 M2
Billions
Apr 28
2842.3
Moy 5
2829.6
2831.9
2839.5
2845.5
Jun
2
2838.8
1

15 29 13 27 10 24
Apr

May

8

22 5

19

2

Aug

Jun

16 30 M 28 II 25 9 23
Sep

Oct

Nov

6 20

Dec

17

3

Feb

17 31 14 28 12 26
Mor

Apr

May

9

23

Jun

M2 is the sum of Ml, sovings (including money morket deposit occounts), small time deposits and retail money
funds. Current data appear in the Federol Reserve Board's H.6 release.

Money Stock (M2)
Compounded onnuol rotes of chonge, overage of four weeks ending:
To the overoge
of four weeks
ending:

6/3/96

9/2/96

11/4/96

12/2/96 12/30/96

2/3/97

3/3/97

11/4/96

4.1

12/2/96

4.5

5.2

12/30/96

4.9

5.7

2/3/97

5.1

5.8

6.8

3/3/97

5.0

5.6

6.2

6.0

5.3

3/31/97

5.0

5.5

6.0

5.7

5.2

4.7

5/5/97

5.1

5.6

6.0

5.8

5.4

5.2

5.5

6/2/97

4.7

5.0

5.2

4.9

4.4

4.0

3.8


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

3/31/97

7.3
6.6

3.3

Prepared by Federol Reserve Bonk of St. Louis

Savings and Small Time Deposits
Averages of Daily Figures
Seasonally Adjusted

Billions of Doliors

Billions of Dollars

1375

Small Time
1997
Apr 28
Moy
5

Jun

2

947.7
948.7
949.8
950.6
951.5
952.6

1335

Small Time (left scale)
1255
Savings
1997
Billions
Apr 28
1324.3
May
5
12
1317.0
19
1320.4
26
1323.1
Jun
2
1317.1

Savings Deposits (right scale)

1175
Apr

Moy

Jun

Jul

Aug

Sep

Oct

Feb

Mor

Apr

Moy

Jun

1997
Sovings deposits and small time deposits ore ot oil depository institutions.

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

seasonally Adjusted

Billions of Dollars

Large Time
1997
Apr 28
650- M°y ,|
19
26
Jun
2
600“ ..............

Retoil Money
1997
Billions
Apr 28
Moy
5
565.2
568.6
570.B
569.1

Billions
523.8
525.5
523.1
519.6
518.4
523.4

Retail Money

Large Time

3

Apr

Moy

Sep

Oct

17 31 14 28 12 26 9

Apr

Moy

23

Jun

1996
1997
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. Retoil money funds were originolly called general purpose
ond broker/deoler money morket funds.
Prepored by Federol Reserve Bonk of St. Louis


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Federal Reserve Bank of St. Louis

9

10

Total Borrowings
From Federol Reserve Bonks
Averages of Doily Figures

Billions of Dollors

jillions of Dollors

Billions
Moy

7

Jun

4

0.170
0.208
0.227
0.445
0.214

0.8

3

17

1

15 29
Sep

Feb

Oct

Mor

1996

Apr

May

Jun

1997

Borrowings include seasonal, adjustment ond extended credit.

Bank Loans and Credit
All Commercial Bonks in the United States
Billions of Dollars
Bonk Credit
7
Billions
3903.9
Apr "23
3935.3
3907.4
3909.7
3911.7
3916.3

Seasonally Adjusted

l3illions of Dollars

Bank Credit (left scale)2/

Loons
1997
Apr 23
Loans and Leoses (right scale)

3

17

Moy

7

Sc Leoses
2872.3
2896.7
2886.4
2891.2
2899.1
2904.2

1

1997
Current dato oppear in the Federol Reserve Board's K.8 release.
1/ Includes foreign-reloted institutions
2/ Includes loons and leoses and securities


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bonk of St. Louis

f------T

Commercial Paper of Nonfinancial Companies
Not Seasonally Adjusted

3illions of Dollars
1997
Apr
30
Hoy
7
14
21
28
Jun
4

Billions of Dollars

Batons
195.862
197.695
192.806
193.031
192.126
195.237

Sep

Oct

1996

Commercial and Industrial Loans
Seasonally Adjusted

3illions of Dollars

Billions of Dollars

All Bonks
Apr 23
805-

May

7

810.1
814.0
810.2
814.6
815.4
815.3

All Banks (left scole)^/

Large Bonks (right scale)2/

Banks
401.8
404.3
400.6
401.4
402.0
403.3
3

17

1996

1997

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


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Federal Reserve Bank of St. Louis

11

Prepared by Federol Reserve Bonk of St. Louis

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

1973-100
1973=100

100-

3

Jun

17

4

15 29 12 26 10 24

7

21

4

18

2

16 30 13 27 11 25

8

22

5

1996

19

5

19

2

16 30 14 28 11 25

1997

Current data appear in the Federal Reserve Boord's H.10 release. Data are weighted overages of the foreign-currency
price of the U.S. dollar, computed using 10 industrial country currencies.
Prepared by Federal Reserve Bonk of St. Louis

x

(x
<

on
CO
M

05


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Federal Reserve Bank of St. Louis

■< •/':

%