Full text of U.S. Financial Data : June 4, 1998

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t-iUHARY

fimtialData
THE WEEK'S HIGHLIGHTS:
■

First-quarter productivity growth in the nonfarm business sector
was revised up to 1.1 percent from the 0.2 percent estimated in the
preliminary report. Nonfarm business productivity has increased
2.1 percent over the past four quarters.

■

The current dollar value of new factory orders increased $4 billion,
or 1.2 percent, in April. Shipments, in contrast, fell 0.8 percent in
April. Manufacturers’ inventories increased 0.5 percent in April,
after rising 0.2 percent in March.

■

Following increases of 0.4 percent in February and 0.2 percent in
March, the composite index of leading economic indicators
increased 0.1 percent in April.

■

Sales of new single-family homes rose 5.2 percent in April to a
record rate of888,000 units. New home sales have increased in
three of the last four months and are up 16.5 percent from a year
earlier.

■

In real terms, the value of new construction put in place in April rose
0.8 percent, the fifth straight monthly increase. Measured from a
year earlier, real construction spending has increased 3.1 percent.

■

Real personal consumption expenditures (PCE) increased 0.4 percent
in April, or 4.5 percent at an annual rate. Purchases of consumer
durables rose 0.6 percent in April after falling 1 percent over the
prior two months. Real PCE has increased 4.5 percent over the past
12 months.
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
Averoges of Doily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Billions
499.696
498.765
497.981
501.588
503.863
506.136

2

16 30 14 28 11 25 9 23 6 20 3 17

Apr

Moy

Aug

Jun

Sep

15 29 12 26 10 24 7 21

Oct

Nov

4 18 4

18

Feb

Mor

Dec

15 29 13 27 10 24

Apr

Moy

Jun

The adjusted monetary base is the sum of Federal Reserve deposits ond vault cash held by domestic depository
institutions, currency held by the public, ond on adjustment for the effect of changes in reserve requirement
rotios. The monetory bose series wos recently revised to include Federal Reserve deposits used to satisfy
clearing balance contracts. Data ore computed by this bank. A detailed description of the odjusted monetary
base is ovoiloble from this bonk. Recent doto ore preliminary.

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

6/4/97

8/27/97

11/5/97

12/3/97 12/31/97

1/28/98

2/25/98

11/5/97

5.5

12/3/97

6.5

8.3

12/31/97

6.7

8.2

10.0

1/28/98
2/25/98

6.6

7.8

8.7

7.0

6.6

7.7

8.3

6.9

6.5

4/8/98
5/6/98

5.6
5.2

6.0
5.5

5.7
5.1

4.3
3.8

3.4
2.9

2.2
2.0

0.1

6/3/98

5.9

6.4

6.3

5.4

4.9

4.6

4.0


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

4/8/98

7.8

Prepared by Federal Reserve Bonk of St. Louis

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

Billions of Dollors

Apr 20
May

4

Billions of Dollars

Billions
1084.8
1076.8
1081.6
1066.5
1070.1
1071.7

Apr 20
Moy

4

Billions
643.1
634.9
638.9
623.8
626.9
627.0

M1 (left scale)

1030-

TCD (right scale)

1000-

7 21 5 19 7 16 30 14 28 II 25 8 22 6 20
Aug
Sep
Oct
Apr
Moy
Jun

15 29 12 26 9 23 9 23 6 20 * 18
Feb Mar
Apr
May

Ml is the sum of currency held by the nonbank public, demand deposits, other checkable deposits and travelers
checks. Total checkable deposits is the sum of demand deposits and other checkable deposits ot depository
institutions. Current data appear in the Federal Reserve Board's H.6 release.

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

Compounded onnuol rotes of chonge, overage of four weeks ending:
5/26/97

8/25/97 10/27/97 11/24/97 12/22/97

1/26/98

10/27/97
11/24/97

-0.6
0.8

12/22/97

0.7

7.3

1/26/98

1.4
1.5

1.0

5.3

3.5

2/23/98

1.6

1.2

4.6

3.1

2.2

3/23/98

2.1

2.0

5.0

3.9

3.6

4/27/98

1.7

3.6

2.6

2.0

2.0

5/25/98

0.8

1.4
0.3

1.9

0.8

0.0

-0.6


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

2/23/98

3/23/98

-0.6

4.5

Prepared by Federal Reserve Bank of St. Louis

3

4
Adjusted Reserves
Seasonally Adjusted
Billions of Dollars
Mor 1
Apr

8

Moy

6

Billions of Dollars

Billions
67.184
66.681
66.133
65.541
66.279
66.811

70-

2

16 JO 14 28 11 25 9 23

Apr

Moy

Jun

20 3 17 1

Aug

Sep

15 29 12 26 10 24 7 21 4 18 4 18

Oct

Nov

Dec

Feb

15 29 13 27 10 24

Mor

1997

Apr

Moy

Jun

1998

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

Adjusted Reserves
To the overage of
two maintenance
periods ending:

Compounded onnuol rotes of change, average of two maintenance periods ending:
5/21/97

8/13/97 10/22/97 11/19/97 12/17/97

1/14/98

10/22/97

-2.6

11/19/97

0.6

5.6

12/17/97

1.4
3.3

5.8

13.3

8.0

15.1

12.5

0.9

-3.5

-7.2

-7.2

-10.8

-20.5

1/14/98
2/25/98

2/25/98

3/25/98

-0.8
-2.7

-1.8

1.4
-2.7

4/22/98

-4.2

-3.9

-5.5

-9.5

-12.8

-20.1

-19.2

5/20/98

-2.8

-2.2

-3.0

-6.2

-8.3

-13.4

-9.2


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Federal Reserve Bank of St. Louis

3/25/98

Prepared by Federal Reserve Bonk of St. Louis

Money Multiplier
Averages of Doily Figures

2.8-

2 .6 -

3.0

Compounded onnuol rotes
of change, average of
the four weeks ending
May 18, 1998, from
the four weeks ending:
May
Aug
Nov
Oec
Jan
Fe b
Mo

19.
11.
17,
15.
12.
23,
23.

199 7
199 7
199 7
199 7
199 8
199 8
199 8

-4
-5
-3
-3
-4
-3
-8

.
.
.
.
.
.
.

1998
Mor 9
23
7
2
8
9
5
6
4

Moy

20
4
18

R Otio
.165
.164
.164
.169
.152
.120

2.4-

2.8

2.4

_

2 .2 -

2.2

2.0­ ■ i ■ I ■ 1 ■ n i ■ ■l»l
T'T i 1 i ' 1 « 1
1 ■ 1
2.0
1 21 5 19 2 16 30 14 28 II 26 8 22 6 20 3 17 I 15 29 12 26 9 23 9 23 6 20 4 18 1 15 29
Apr
Moy
Jun
Jul
Aug
Sep
Oct
Nov
Oec
Jon
Feb
Mor
Apr
May
Jun
1997
Ratio of Ml to the adjusted monetary base.

1998

Currency
Component of M1
Averages of Daily Figures
Billions of Dollors

440-

Seasonally Adjusted

Billions of Dollars

Compounded annuol rotes
of chonge, overage of
the four weeks ending
Moy 25, 1 998, from
the four weeks ending:
Moy 26. 1997
Aug 25. 1997
Nov 24. 1997
Dec 22. 1997
Jon 26. 1998
Feb 23. 1998
Mar 23. 1998

Billions
Apr 20
May

4
436.6

2! 5 19
Apr
Moy
1997
Current doto appear in the Federal Reserve Boord's H.6 releose.


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

1998
Prepored by Federal Reserve Bonk of St. Louis

5

6
Yields on Selected Securities
Averages of Daily Figures
Percent

Prime Rate

Corporate
Aaa Bonds
7.0-

■6.0

Commercial Paper

5.0-

Municipal Bonds

4 18 2 16 30 13 27 11 25 8 22 5

19 3 17 31 14 28 12 26 9 23 6 20 6 20 3 17 1 15 29 12 26
Sep
Oct
Apr
May
Jun

1997

1998
Mor 13
20
27
Apr 3
10
17
24
May 1
8
15
22
29
Jun 5

30-Day
Commercial
Paper

90-Day
CDs

5.51
5.50
5.52
5.52
5.49
5.49
5.48
5.49
5.48
5.49
5.49
5.50
5.50

5.58
5.58
5.59
5.58
5.56
5.57
5.58
5.60
5.58
5.59
5.60
5.59
5.59

1998

90-Day
Bankers'
Acceptances
5.51
5.50
5.50
5.49
5.48
5.48
5.48
5.47
5.49
5.48
5.48
5.48
5.50

Corporate
Aoo Bonds

Corporote
Boo Bonds

6.70
6.66
6.69
6.67
6.64
6.67
6.73
6.78
6.72
6.74
6.69
6.61
6.58

7.30
7.27
7.30
7.30
7.28
7.31
7.35
7.40
7.34
7.35
7.27
7.21
7.18

Municipal
Bonds ••

5.20
5.19
5.20
5.19
5.18
5.21
5.25
5.32
5.26
5.23
5.16
5.13
NA
Current doto are from the Federol Reserve Board's H.15 releose, ond ore overoges of rotes available for the week
ending on June 5. 1998 . Beginning September 2, 1997, the commercial paper rote reflects new source doto.
which is currently available only back to the first of the yeor.
• • Bond Buyer's Average Index of 20 municipol bonds, Thursday data
Prepared by Federol Reserve Bonk of St. Louis


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Federal Reserve Bank of St. Louis

Selected Interest Rates
Averoges of Doily Figures

Percent

Percent

- 7.0

30-Year
Treasury Securities
Federal
Funds Rate

•iscount Rote

3-Month
Treasury Gill

~ 1 i 1

2

1998
Mar 13
20
27
Apr 3
10
24
1
8
15
22
29
Jun 5 *

Moy

i ■

i

■ i ■ ........................ .....

16 JO 13 27 11 25 8 22 5

Federal
Funds ••
5.45
5.47
5.43
5.60
5.48
5.47
5.37
5.40
5.35
5.49
5.60
5.45
5.63

19
Sep

3

17 31 14 28 12 26 9
Oct

23

3-Month
Treasury
Bill 7

1 -Year
Treasury
Bill

5-Year
Treasury
Securities

10-Year
Treasury
Securities

30-Yeor
Treosury

4.97
5.02
5.05
5.00
4.95
4.97
4.94
4.91
4.97
5.01
5.08
4.95
4.88

5.09
5.08
5.12
5.09
5.03
5.11
5.12
5.17
5.15
5.18
5.17
5.15
5.13

5.57
5.54
5.62
5.58
5.52
5.59
5.65
5.72
5.63
5.67
5.63
5.57
5.55

5.62
5.57
5.63
5.61
5.55
5.61
5.67
5.75
5.68
5.70
5.64
5.57
5.55

5.93
5.89
5.92
5.89
5.86
5.90
5.95
6.02
5.96
5.98
5.92
5.79

Current doto appear in the Federal Reserve Board's H.15 release
• Averages of rotes ovoiloble
•• Seven-day overoges for week ending two days 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
Averoges of Doily Figures
Seosonolly Adjusted

Billions of Dollars

Apr 20
May

4

4125-

Billions of Dollars

Billions
4173.1
4165.0
4160.9
4156.5
4157.7
4156.4

M2 (left scale)
4050-

-2925

3975 -

Non-M1 M2 (right scale)
Non—M1 M2
Billions
3088.3
3088.2
3079.3
May 4
3090.0
3087.6
3084.7

3900-

Apr 20

7 21 5 19
Apr
May

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

Nov

Apr

Dec

Moy

-2850

Jun

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

Money Stock (M2)
Compounded onnual rates of change, overage of four weeks ending:
To the overage
of four weeks
ending:

5/26/97

8/25/97 10/27/97 11/24/97 12/22/97

1/26/98

10/27/97

6.2

11/24/97

6.5

7.0

12/22/97

6.5

6.8

1/26/98

6.8

7.2

7.6

2/23/98

7.5

8.0

7.9

8.6

3/23/98

7.0
7.3

7.8

8.4

9.1

9.6

4/27/98

7.5

8.1

8.6

8.4
8.7

9.3

9.6

5/25/98

6.9

7.2

7.4

7.2

7.4

7.1


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

2/23/98

3/23/98

7.2
7.4

Prepored by Federal Reserve Bank of St. Louis

Savings and Small Time Deposits
1060

Billions of Dollors

Averages of Daily Figures
Seasonally Adjusted

Billions of Dollors

Small Time
Apr 20
27
4
11
18
25

1020- Moy

Billions
960.2
958.7
957.5
957.1
956.5
955.5

1500

Sovings Deposits (right scale)
1460

980

1420

Small Time (left scole)
1380

Savings

1998
Apr 20
27
May 4
11
18
25
16 30 14 28 II 25 8 22 6 20 3
Aug
Sep
Oct
Nov

13 29 12 26 9 23
Oec
Feb

Billions
1479.0
1476.1
1468.5
1474.8
1473.1
1465.7

6 20' 4
Mor

1997
Savings deposits and smoll time deposits ore at all depository institutions.

18

1340

1529 1300

1

Apr

1998

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

Seasonally Adjusted

Billions of Dollars

Large Time

1998
Apr 20
27
Moy 4
11
18
25

Retail Money

Billions
612.9
604.7
61 1.0
618.9
622.0
616.1

1998
Apr 20
27
Moy 4

t800

Billions
649.1
653.4
653.3
658.1
658.0
663.6

11

18
25

—j------ -

Retail Money

Large Time

Apr

3 19 2 16 30 14 28 11 23 8 22 6 20
Moy
Jun
Jul
Aug
Sep
Oct

13 29 12 26 9 23 9 23 6 20 4

Nov

Dec

Jon

Feb

Mor

Apr

Moy

IS 29

1997
,998
Lorge time depos.ts and retail money funds ore at all despository institutions. Large time deposits are those
issued in denominations of $100,000 or more. Retail money funds were originally colled generoi purpose
ond broker/dealer money morket funds.
Prepared by Federol Reserve Bonk of St. Louis


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Federal Reserve Bank of St. Louis

9

10

Total Borrowings

From Federal Reserve Bonks
Averages of Daily Figures

Billions of Dollars

Billions of Dollars

Billions
Apr 29
Moy 6

Jun

3

2 16 30 14 28 11 25 9 23 6 20 3 17

Apr

Moy

Jun

Jul

Aug

Sep

1

27 10 24

13 29 12 26 10 24 7 21 4

Oct

Apr

Nov

May

Jun

1998

1997
Borrowings include seasonal, adjustment ond extended credit.

Bank Loans and Credit

All Commercial Bonks in the United States
Billions of Dollars
Bonk Credit
22
29

May

Billions of Dollars 3375

Billions

1998

Apr 15
225-

Seasonally Adjusted

6

13

4201.9
4187.4
4206.1
4234.0
4230.6
4230.6

3275

Bank Credit (left scale)2''
3175

4025

Loans & Leases
Billions
3100.0
Apr 15

3925

Loans and Leases (right scale)

3095.4
3095.4
3116.1
3114.4
3105.9

3825

16 30 14 28 11 25 9 23 6 20 3
Apr
May
Jun
Jul
Aug
Sep

13 29 12 26 10 24 7 21

Oct

Nov

1997
Current data appeor in the Federoi Reserve Board’s H.8 releose.
1/ includes foreign-related institutions
2/ Includes loons ond leases ond securities


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

Dec

Jon

18 4

Feb

18 1

Mar

15 29 13 27 10 24

Apr

Moy

Jun

1998

Prepared by Federoi Reserve Bonk of St. Louis

2875

2775

Commercial Paper of Nonfinancial Companies
Not Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Billions

220-

Moy

6

222.4
218.2
220.4
217.4
220.9
220.9

-220

-

Apr

Moy

Jun

Jul

Aug

Sep

Oct

210

5 29 13 27 10 24

Nov

1997
Note: Beginning September 2, 1997, the volue of commerciol pop
Federal Reserve Board's H. 15 release for more information.

source data. See the

Commercial and Industrial Loans
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

All Bonks
1998
880-

860-

Billions

*f>f

15

May

6

869.8
870.8
872.0
874.1
877.3
878.3

Bonks (left scale)1/

Lorge Bonks (right scole)2/
Large Bonks

800-

98

Billions

Apr 15

465.5
465.6
4652
467.4
472.9
473.0

j

- 420

■ 400
400

15 29 13 27 10 24

1997

1998

Current doto oppeor in the Federal Reserve Boord's H.8 releose
1/ Includes foreign-reloted institutions
2/ Weekly reporting, domestically chartered bonks


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Federal Reserve Bank of St. Louis

Prepored by Federal Reserve Bonk of St. Louis

11

Dollar s Trade - Weighted Exchange Index
Averages or uany nyuies
1973=100

1973-100

Apr 29

99.6

105Jun

3

100-

2

16 30 14 28 11 25 9 23 6 20

Current dato oppeor in the Federol Reserve Board s H.10 release. Goto ore weighted overages of the foreign-currency
price of the U.S. dollar, computed using 10 industrial country currencies.
Prepared by Federol Reserve Bank of St. Louis


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Federal Reserve Bank of St. Louis