Full text of U.S. Financial Data : March 10, 1994

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MAR 1 4 1934
Federal i-tc

.. ■: ;jnk

ffiSrRnancial Data
THE WEEK'S HIGHLIGHTS:
t/ The civilian unemployment rate was 6.5 percent in February, down
from January’s rate of 6.7percent. Total civilian employment rose
at a strong 2.9 percent annual rate in February.
Consumer installment credit outstanding increased at a 9.5 percent
annual rate in January, following an increase of 12.2 percent in
December. January’s total was up 7.1 percent from a year earlier.
t/ The composite index of leading indicators increased 0.3 percent in
January. Eight of the 11 indicators contributed to the January
increase. This was the sixth consecutive monthly increase.

/ Business productivity (output per hour) grew at a 7 percent annual
rate in the fourth quarter of 1993, after increasing 3.5 percent in
the third quarter. The fourth quarter increase hyw the largest since
the second quarter of1983. For 1993, productivity rose 2.1 percent,
down from 3.8 percent during 1992.

Views expressed do not necessarily reflect official positions of the Federal Reserve System.
U.S. Financial Data is published weekly by the Research and Public Information Division of the
Federal Reserve Bank of St. Louis. The cost for a subscription is as follows:
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of St. Louis to: Research and Public Information, Federal Reserve Bank of St. Louis, Post Office
Box 66953, St. Louis, MO 63166-6953. DO NOT SEND CASH. Checks from foreign subscribers
must be payable in U.S. dollars and, except for those from Canada, must be drawn on a U.S. bank.
Information in this publication is also included in the Federal Reserve Economic Data (FRED) elec­
tronic bulletin board. You can access FRED with a personal computer and a modem at 314-621-1824.

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Federal Reserve Bank of St. Louis

2
Adjusted Monetary Base
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

1994

Billions

Dec 22
— Jan 5
Feb

Billions of Dollars

2

Mar 2

422.3
424.2
428.2
431.4
433.9
435.9

I 20 3 17 3 17 31 14 21 12 26 9 23 7 21 4 18 I IS 2! 13 27 10 24 8 22 5 19 2 16 2 16 30
Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

1993

Feb

Mar

1994

Latest data plotted reserve maintenance period ending: March 2, 1994
The adjusted monetary base is the sum of reservp accounts of financial institutions at Federal Reserve banks,
currency in circulation (currpncy held by the public and in the vaults of all depository institutions! and an
adjustment for reserve requirement ratio changes. The major sourcp of the adjusted monetary base is Federal
Reserve credit. Data are computed by this bariV. A detailed description of the adjusted monetary base is
available from this bank.
Recent data are preliminary.

Adjusted Monetary Base
..
, Compounded annual rates of change, average of two maintenance periods ending:
To the average of 3/3/93 5/2B/93 8/4/93
*
*
9/1/93 9/29/93 10/27/93 12/8/93
1/5/94
two maintenance
periods ending:

t

8/4/93
9/1/93
9/39/93
10/27/93
12/8/93
1/5/94
2/2/94
3/2/94

9.0
9.9
10.0
10.0
9.1
8.7
9.8
10.3


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Federal Reserve Bank of St. Louis

11.4
11.2
10.9
9.4
8.9
10.3
10.9

12.7
11.7
9.2
8.4
10.4
11.2

10.2
7.6
7.0
9.6
10.6

6.4
6.0
9.4
10.6

4.5
9.2
10.8

13.2
14.3

Prepared by Federal Reserve Bank of St. Louis

Money Stock (Ml) and Total Checkable Deposits
Averages ot uaiiy Figures

Billions of Dollars

Billions of Dollars

Seasonally Adjusted

M1

1135 -

1994
Jan 24
31
Feb 7
14
21
28

Billions
1136.3'
1136.1
1135.6
1139.1
1139.2.
1140.8
M1 (left

right scale)
TCD
1994 Billions
Jan 24
31
Feb 7
14
21
28

4 18 1 15 1 15 2§ 12 2i 10 24 7 21 5 1! 2
Feb

Mar

Apr

May

802.4
800.5
799.4
802.7
802.0
802.3

17 31 14 21

Jun

1993

1994

Latest data plotted week ending: February 28, 1994
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
checks.
Total checkable deposits is the sum of demand deposits and other checkable deposits at depository institutions.

Money Stock (Ml)
To the average
of four weeks
ending:
7/26/93
8/30/93
9/27/93
10/25/93
11/29/93
12/27/93
1/31/94
2/28/94

Compounded annual rates of change, average of four weeks ending:
3/1/93 5/31/93 7/26/93 8/30/93 9/27/93 10/25/93 11/29/93 12/27/93

12.4
11.9
11.8
11.5
11.3
10.9
10.4
10.0


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

10.2
10.5
10.2
10.2
9.8
9.2
8.8

10.6
10.0
10.1
9.5
8.8
8.4

10.1
10.3
9.4
8.6
8.1

9.7
8.8
7.9
7.5

8.8
7.7
7.2

6.2
5.9

5.6

Prepared by Federal Reserve Bank of St. Louis

3

4
Adjusted Reserves
Billions of Dollars

Seasonally Adjusted

Billions of Dollars

110
1994

Billions

Dec 22 101.2
106 — Jan 5 102.2

106

16 105.5

102

98

94

90

6 20 3 17 3 17 31 14 21 12 21 9 23 7 21 4 18 1 15 29 13 27 10 24 8 22 5 19 2 II 2 18 30
Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

1993

Feb

Mar

1994

Latest data plotted two weeks ending: March 2, 1994
Adjusted reserves is the difference between adjusted monetary base and currency component of M1.

Adjusted Reeorvee
To the average of

Compounded annual rates of change, average of two maintenance periods ending:
9/1/93
1/5/94
3/3/93 5/26/93 8/4/93
9/29/93 10/27/93 12/8/93

periods ending:
8/4/93
9/1/93
9/29/93
10/27/93
12/8/93
1/5/94
2/2/94
3/2/94

4.7
8.0
7.8
8.3
5.9
5.4
7.8
8.7


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Federal Reserve Bank of St. Louis

13.1
11.6
11.7
7.5
6.6
9.7
10.8

16.8
15.2
7.5
6.1
10.5
11.8

9.4
2.2
1.7
7.6
9.5

0.5
0.4
7.9
10.0

-4.0
6.7
9.6

17.8
18.7

29.3

Prepared by Federal Reserve Bank of St Louis

86

Money Multiplier 1/
Averages of Daily Figures
Seasonally Adjusted

Ratio
Compounded annual
rates of change,
average of the four
weeks ending
February 28, 1994 from
the four weeks ending:
Mar 1, 1993 -0.3
May 24, 1993 -1.4
Aug 30, 1993 -2.4
Sep 27, 1993 -3.2
Oct 25, 1993 -2.9
Nov 22, 1993 -6.3
Jan 3, 1994-11.6

4 18 1

Ratio

15 1 15 2! 12 28 10 24 7 21 5 19 2 18 30 13 27 11 25 8 22 6 20
Feb Mar Apr May Jun
Jul
Aug Sep Oct Nov Dec
1993

Dec 20
Jan 3

2.671

Feb 14

2.634
2.622
2.615

17 31 14 28 14 21
Feb Mar
1994

Latest data plotted two weeks ending: February 28, 1994

Currency Component of M12/
Billions of Dollars

340

330

320

Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

340

-------- 1---------1-------- 1
Compounded annu al
rates of change,
average of the fou r
weeks ending
February 28. 1994
the four weeks en< ing:
Mar 1, 1993 1 0.8
May 31, 1993 1 1.0
Aug 30, 1993 1 1.0
SeD 27. 1993 1 0.8
Oc 25, 1993 1 1.3
Nov 29, 1993 1 2.7
De 27, 1993 1 5.3

330

320

310

3I0
1994
Jan 2 4
31
7
14
21
28

300

290

Bill! jns

" Feb

32 6.0
32 7.6
32 B.3 —
32 B.5
32 9.3
33 0.6

L_
4 18 1 IS 1 15 29 12 26 10 24 7 21 5 19 2 It 30 13 27 11 25
Jan
Feb Mar Apr May Jun
Jul
Aug
Sep Oct
1993

8 22 6 20 3 17 31___
14 21 14 21
Nov Dec Jan Feb Mar

300

290

1994

Latest data plotted week ending: February 28, 1994
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

Prepared by Federal Reserve Bank of St. Louis

5

6
Yields on Selected Securities

Percent
j.o

8.0

Percent

Averages of Daily Figures

9.0

A
V

orate
fends

\

mm

** *

4

___________

«

7.0

S.O

r /

\

7.0

\
n'

’S✓

“ ** X
(.0

<
\

/

*rime B ank
joan Re te

✓

✓

/

'

/

/

1

N— -

Munic pal Bor d#

✓

5.0

5.0

V
3.0

3.0
Coi nmerck 1
Paper

I 15 29 12 2! 12 29 9 23 7 21 4 II 2 19 30 13 27 10 24 9 22 5 19 3 17 31 14 29 It 25 11 25
Jan

Feb

Mar

Apr

May

Jun

Jul
1993

Aug

Sep

Oct

Nov

Dec

Jan

Feb
1994

Mar

Latest data plotted are averages of rates available for the week ending: March 11, 1994

1994

30—Day
Commercial
Paper

90-Day
CDs

90-Day
Bankers'
Acceptances

Corporate
Aaa Bonds

Corporate
Baa Bonds

Municipal
Bonds **

Dec 17
24
31
Jan 7
14
21
28
Feb 4
11
18
25
Mar 4
11 *

3.34
3.31
3.35
3.21
3.12
3.13
3.11
3.14
3.41
3.46
3.47
3.57
3.61

3.23
3.20
3.24
3.22
3.13
3.12
3.12
3.20
3.43
3.47
3.57
3.71
3.78

3.20
3.18
3.21
3.16
3.09
3.07
3.07
3.19
3.40
3.43
3.53
3.67
3.75

6.97
6.95
6.94
7.01
6.87
6.92
6.91
6.93
7.03
7.06
7.23
7.36
7.39

7.72
7.70
7.71
7.75
7.61
7.64
7.62
7.61
7.72
7.76
7.92
8.01
B.04

5.36
5.34
5.28
5.34
5.31
5.29
5.28
5.25
5.36
5.42
5.58
5.84
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
Prepared by Federal Reserve Bank of St. Louis


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

2.0

Selected Interest Rates

Percent

Percent

Averages of Daily Figures

7.0

7.0

6.0
\

5- -Year
Treaeur rSectirl ties

\

J
/

\
\

*s

5.0

/

✓ •\

f

'

V/

s'-

-* V

/

4k

5.0

\

Federal
F jnde Ra •
>

v

\

.U

V

M

v>

V" - , n

(

3.0

Oiecour t Rate
3—Mon h
Ti eoeury bhi

1 15 !! 1! 16 II 16 ) 23 7 21 6 11 2 16 36 13 27 10 26 I 22 5 I) 3 17 31 16 21 11 25 11 25
Jan
Feb Mar Apr May Jun
Jul
Aug Sep Oct Nov Dec
Jan
Feb Mar
1993
1994
Latest data plotted are averages of rates available for the week ending: March 11,1994

1994
Dec 17
24
31
Jan 7
14
21
2B
Feb 4
11
18
25
Mar 4
11 *

Federal
Funds **
2.94
2.99
2.99
3.00
2.98
3.13
2.97
3.17
3.20
3.25
3.25
3.28
3.25

3-Month
Treasury
Bill

1 —Year
Treasury
Bill

3.04
3.06
3.02
3.05
2.97
2.96
2.93
3.08
3.25
3.27
3.35
3.47
3.53

3.47
3.45
3.45
3.46
3.38
3.36
3.35
3.49
3.69
3.70
3.82
3.95
4.08

5—Year
Treasury
Securities

10-Year
Treasury
Securities

Long-Term
Treasury
Securities

5.18
5.82
6.26
5.16
5.79
6.24
5.14
5.77
6.22
5.21
5.85
6.30
5.03
5.69
6.15
5.06
5.74
6.17
5.05
5.74
6.16
5.14
5.80
6.18
5.36
5.94
6.34
5.40
5.95
6.39
5.60
6.15
6.59
5.74
6.29
6.72
5.82
6.36
6.76
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)
Prepared by Federal Reserve Bank of St. Louis


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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

Billions of Dollars

M2
1994

Billions

Jan 24
31
_ Feb 7
14
21
28

3575.4
3570.2
3569.5.
3573.9
3565.2
3571.2

M2 (left scale)

Non-M1 M2

Non-M1 M2
1994

Billions

Jan 24
31
Feb 7
14
21
28

4 II I 15 I 15 21 12 21 10 24 7 21 5 1! 2 16 30 13 27
Feb

Mar

Apr

May

Jun

Aug

Sep

25 8 22
Oct

2439.1 2434.1
2433.9
2434.8
2426.0
2430.4

2325

20 3 17 31 14 28 14 28
Feb

Nov

1993

Mar

1994

Latest data plotted week ending: February 28, 1994
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, savings (including money market deposit accounts), small time deposits
and general purpose and broker/dealer money market mutual funds. For more detail, see the H.6 release.

Money Stock (M2)
To the average

Compounded annual rates of change, average of four weeks ending:
3/1/93 5/31 /93 7/26/93 8/30/93 9/27/93 10/25/93 11/29/93 12/27/93

ending:
7/26/93
8/30/93
9/27/93
10/25/93
11/29/93
12/27/93
1/31/94
2/28/94

2.8
2.5
2.6
2.3
2.5
2.5
2.5
2.2


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

1.7
2.0
1.7
2.0
2.1
2.1
1.8

2.1
1.6
2.1
2.1
2.2
1.7

1.8
2.4
2.4
2.4
1.8

2.1
2.2
2.2
1.6

2.9
2.7
1.8

2.4
1.3

0.7

Prepared by Federal Reserve Bank of St. Louis

--------------- y

Savings and Small Time Deposits
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars
1315 -------- 1---------1--------Savings
1994 Billions
Jan 24 1221.1
31 1219.7
Feb 7 1220.3
W
CN
CN

-CM
CM

1275

Billions of Dollars
925
1
1
Small Time
1994 Billions

20.4
20.8

Jan 24
31
Feb 7

778.7
777.7
776.8

21
28

774 6
773 7

115

»

/

/

1235

right s sale)

Small Time

1-^

165
***

1195

105
Sa /Inga D s posits (left sc ale)

1155

♦ II
Jan

u

- -.

u

1 15 1 15 29 12 26 10 26 7 21 5 1! 2 16 JO 13 27 II 25 I 22
Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

6 20 J 17 31 16 21 16 21
Dec

Jan

1993

Feb

705

Mar

1994

Note: Savings deposits are at all depository institutions.

Large Time Deposits and Money Market Funds1 /
All Depository Institutions
Averages of Daily Figures, Seasonally Adjusted

Billions of Dollars
Large
1994
Jan 24
31
Feb 7
21

Time
Billions
343.2
339.2
336.5

Money Market
1994 Billions
Jan 24
31
Feb 7
14
21
28

334.I

Feb

Mar

Billions of Dollars

Apr

May

Jun

Jul

Aug

Sep

348.5
345.5 _
345.2
345.4
344.0
345.6

Oct

Latest data plotted week ending: February 28, 1994
1/ Large time deposits are those issued in denominations of $100,000 or more.
Monsy markot funds ars general purpose and broker/dealer.
Pr,par,d by Federal R„e„„ Bank ot st. Louis


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

9

10
Total Borrowings
From Federal Reserve Banks
Averages of Daily Figures

Billions of Dollars

Billions of Dollars

1994

Billions

Feb 2
9
16
23
Mar 2
9

0.051
0.045
0.145
0.046
0.044 ---0.024

i 20 3 17 3 17 31 H 21 12 26 9 23 7 21 1 18 1 15 2J 13 27 10 24 8 22 5 1! 2 16 2 If 30
Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

1993

Mar

1994

Adjustment + Seasonal Borrowings
From Federal Reserve Banks
Averages of Daily Figures

Billions of Dollars

1.4

Billions of Dollars

1994

1.2

Feb

1.0

Billions

2
9
16
23
9

0.4

0.0

IAv\
W

--------TT-T T-l
HT-TT 1 *

l\l\j
1
Ky

i 20 1 17 3 17 31 11 21 12 20 0 23 7 21 4 18 1
Jan

Feb Mar

Apr

May

Jun

Jul
1993

Aug

1.2

0. 551
0.(545
0. 45
0.(546
544 —
0.( 524

1

0.2

1.4

--------- 1---------1---------

1.0
0.8

1

0.6

lv

0.4
A

0.2

EA

'

1S 29 13 27 10 24 1 22 5 19 2 10 2 1! JO
Sep

Oct

Nov Dec

Jan

Feb

Mar

1994

Latest data plotted week ending: March 9, 1994


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

Prepared by Federal Reserve Bank of St. Louis

T

Billions of Dollars

Feb

2
9
16
23
Mar 2

I 2D
Jan

Commercial Paper of Nonfinancial Companies
Billions of Dollars

Not Seaaonolty Adjusted

159.243
154.923
155.276
151.728
154.451

3 17 3 17 31 14 21 12 2D J 23 7 21
Feb Mar
Apr May Jun
Jul
1993

4 18 1 15 29 13 27 10 24 8 22 5 19 2 ID 2 16 30
Aug Sep Oct
Nov Dec Jan
Feb Mar
1994

Latest data plotted week ending: March 2, 1994

Commercial and Industrial Loans17
BHhons of Dollars

315
305
205

Weakly Reporting Large Commercial Banks2/
Seasonally Adjusted

--------1-------- 1---------Compounded ann ual
rates of change,
average of the foiir
weeks ending
February 23, 1994 from
the four weeks en ding:
Feb 24. 1993 -0.4
May 26, 1993 0.6
Aug 25, 1993 0.5
Sep 22, 1993 1.2
Oct 20, 1993 1.8
Nov 24, 1993 1.9

Billians af Dollars
I
325
1 994

Billions

9
26
Feb 2
9
16
23

280.173_
279.939
281.839
280.100
280.946
279.567

315

- 305
295

205

285

275

275

205

I II 3 17 3 17 II 14 21 12 21 ! 23 7 21
Jan
Feb Mar Apr May Jun
Ju!
1993

4 11 I 15 2! 13 27 10 24 I 22 5 II
Aug Sep
Oct Nov Dec Jan

rn-r-

2 14 2 11 31
Feb Mar
1994

Latest data plotted week ending: February 23, 1994
1/ Commercial and industrial loans include bonkeris acceptances and commercial paper.
2/ Banks with domestic assets greater than $1.4 billion
„
,
, , , ,,
.
Prepared by Federal Reserve Bank of St. Louis


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

11

205

Dollar's Trade-Weighted Exchange Index
1973-100

1973-100

Averages of Daily Figures

1994 1973-100

f 20 3 17 3 17 11 14 21 12 28 ! 23 7 21 4 18
Feb

Mar

Apr

May

Jul
Jun
1993

Aug

15 28 13 27 10 24 8 22 5 1) 2 If 2 If 30

Sep

Oct

Nov

Dec

Feb
1994

Mar

Latest data plotted week ending: March 9. 1994
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 U9ing 10 industrial
country currencies.
Prepared by Federal Reserve Bank of St. Louis


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

d
§
(»UR