Full text of U.S. Financial Data : March 26, 1998
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March 26,1998 IMScialData * THE FEDERAL J RESERVE X RANK of Mr SX LOUIS of St. Louis vmrmeHUGHTS: ■ Real GDP rose at a 3.7 percent annual rate in the fourth quarter of 1997, according to the final estimate. In the advance estimate, by contrast, real output growth was pegged at 4.3 percent. Downward revisions to consumer spending, government purchases and net exports were mostly responsible for this tempering of real growth. ■ Initial claims for state unemployment insurance totaled 313,000 for the week ending March 21. For the most recent four weeks, though, claims averaged 306,500—a decline of 1.7 percent from a year earlier. ■ As reported in the advance report, new orders for manufactured durable goods fell 1.7 percent in February, or by $3.2 billion. Measured from November 1997, the value of new orders—which is not adjusted for price changes—has declined 5.5 percent. Over the same period, however, the value of shipments has increased 2.3 percent. ■ According to the National Association of Realtors, sales of existing single-family homes were at an annual rate of 4.75 million units in February, 8.7 percent above January's rate and the highest on record. Sales were up 13.1 percent measured from February 1997. ■ Thus far in fiscal year 1998, the federal budget deficit, which measured $41.8 billion in February, totals $56.0 billion. Over the same period in fiscal year 1997, however, the deficit totaled $89.8 billion. 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 Jon 14 Feb 11 Billions of Dollars Billions 495.894 498.371 499.273 500.050 Mor 11 500.108 499.754 16 30 14 28 11 25 9 23 6 20 3 17 1 5 19 5 19 2 Feb Mar Apr May Sep Jun 15 29 12 26 10 24 7 21 Oct 4 18 4 Feb 18 15 29 Mar The odjusted monetary base is the sum of Federal Reserve deposits and vault cosh held by domestic depository institutions, currency held by the public, ond on adjustment for the effect of chonges in reserve requirement rotios. The monetary base series was recently revised to include Federal Reserve deposits used to satisfy clearing balance contracts. Data are computed by this bank. A detailed description of the odjusted monetary base is ovoiloble from this bonk. Recent dato ore preliminary. Adjusted Monetary Base Compounded onnuol rotes of change, overage of two maintenance periods ending: To the average of two mointenonce periods ending: 3/26/97 6/18/97 8/27/97 9/24/97 10/22/97 11/19/97 12/31/97 8/27/97 5.3 9/24/97 5.1 5.5 10/22/97 5.4 6.0 11/19/97 6.2 7.0 7.7 9.6 12/31/97 1/28/98 6.6 6.6 7.5 7.3 8.2 7.8 9.4 8.7 10.2 9.1 8.0 2/25/98 3/25/98 6.6 6.1 7.3 6.6 7.7 6.7 8.4 7.1 8.6 7.1 7.7 6.1 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/28/98 5.6 6.5 4.6 Prepored by Federol Reserve Bank of St. Louis Money Stock(M1) and Total Checkable Deposits Averoges of Doily Figures Seasonally Adjusted Billions of Dollars 1150- Feb 9 Mor 2 Billions of Dollars 1070.0 1072.3 1077.0 1085.1 1078.4 1081.5 Feb 9 Mar 2 Billions 632.2 632.8 644.8 637.8 640.9 Ml (left scale) TCD (right scale) 3 17 3 17 31 14 28 12 26 9 23 7 21 4 18 Feb Mor Aug Apr Moy Jun 15 29 13 27 10 24 8 22 5 19 2 16 2 16 30 13 27 Sep Oct Feb Mor 1998 M1 is the sum of currency held by the nonbonk public, demond deposits, other checkoble deposits ond trovelers checks. Total checkable deposits is the sum of demand deposits ond other checkable deposits ot depository institutions. Current dota appear in the Federol Reserve Board's H.6 release. Money Stock (M1) To the overoge of four weeks ending: 8/18/97 Compounded onnuol rotes of change, overoge of four weeks ending: 3/17/97 6/16/97 8/18/97 9/15/97 10/13/97 11/17/97 12/15/97 9/15/97 -1.7 -1.3 1.2 10/13/97 -2.4 -1.3 -4.2 11/17/97 -1.4 0.1 -0.7 -1.5 12/15/97 -0.7 -0.1 0.6 1.5 0.5 1.7 5.0 1/19/98 0.8 1.5 2/16/98 -0.1 1.3 1.4 1.4 3.9 4.9 3.5 3/16/98 0.4 1.8 2.0 2.1 4.3 4.1 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5.0 1/19/98 Prepared by Federal Reserve Bonk of St. Louis 3 4 Adjusted Reserves Seasonally Adjusted Billions of Dollars Billions of Dollars Dec 31 Jon 14 Billions 70.610 68.435 68.785 67.290 67.198 5 19 5 19 2 Feb Mor 16 30 14 28 11 25 9 23 6 20 3 17 1 Apr May Aug Jun Sep 15 29 12 26 10 24 7 21 4 18 4 Feb Oct 1997 18 15 29 Mor 1998 Adjusted reserves is the difference between the odjusted monetory base and the currency component of Ml. The odjusted monetary base series wos recently revised: See the footnote to the monetary base chart for a description of the change. Adjusted Reserves Compounded annual rotes of chonge, overoge of two maintenance periods ending: To the overage of two maintenance periods ending: 8/13/97 9/10/97 3/12/97 -8.0 -3.2 6/4/97 8/13/97 9/10/97 10/8/97 11/5/97 12/17/97 -4.3 10/8/97 11/5/97 -9.2 -5.1 -1.7 -4.0 3.8 -6.4 12/17/97 -2.0 -2.1 5.8 0.2 12.2 1/14/98 -0.3 0.3 8.0 14.0 13.3 2/11/98 3/11/98 -2.3 -4.1 -2.5 -4.7 2.7 -1.2 4.1 -1.3 -5.0 4.8 -0.9 1.8 -4.4 -6.4 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/14/98 -3.9 -10.7 -22.6 Prepored by Federol Reserve Bonk of St. Louis Money Multiplier Averages of Doily Figures Seasonally Adjusted Ratio Compounded annual rates of change, overage of the four weeks ending March 9, 1998, from the four weeks ending: Mar 10. 1997 -5. Jun 2, 1997 -4. Ratio Dec 29 Jan 12 2.169 2.153 2.157 2.163 1997 1997 1998 1997 Rotio of M1 to the adjusted monetary base. 1998 Currency Component of M1 Averages of Doily Figures Billions of Dollars 4j0- 420- 400“ Seasonally Adjusted Billions of Dollors Compounded annual rotes of change, average of the four weeks ending March 16. 1998, from the four weeks ending: Mar 17, 1997 Jun 16, 1997 Sep 15. 1997 OcT 13. 1997 [jov 1 997 1 998 . Mor Apr Moy Sep 1997 Current dota appear in the Federol Reserve Board's H.6 release. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2 Billions 429.7 431.3 431.7 432.2 432.4 432.5 Oct 1998 Prepared by Federal Reserve Bonk of St. Louis 5 6 Yields on Selected Securities Averages of Daily Figures Percent Percent Prime Rote -8.0 Corporate Aoo Bonds - 7.0 Commercial Paper Municipal Bonds -5.0 7 21 7 21 1998 Jon 2 9 16 23 30 Feb 6 13 20 27 Mor 6 13 20 27 4 18 16 30 13 27 30-Doy Commercial Poper 90-Doy COs 5.74 5.58 5.50 5.51 5.53 5.53 5.53 5.53 5.56 5.59 5.58 5.58 5.58 5.71 5.48 5.44 5.44 5.47 5.46 5.47 5.46 5.49 5.50 5.51 5.50 5.52 8 22 5 19 3 90-Doy Bonkers' Acceptances 5.62 5.52 5.47 5.45 5.47 5.47 5.45 5.45 5.48 5.51 5.51 5.50 5.50 17 14 28 12 26 9 23 6 20 6 20 3 Corporate Aoo Bonds Corporate Boo Bonds 6.70 6.55 6.55 6.67 6.70 6.68 6.69 6.62 6.71 6.81 6.70 6.66 6.65 7.27 7.13 7.14 7.24 7.28 7.27 7.27 7.20 7.28 7.40 7.30 7.27 7.27 17 Municipal Bonds •• 5.15 5.07 4.96 5.03 5.11 5.11 5.08 5.07 5.14 5.25 5.20 5.19 NA Current doto ore from the Federol Reserve Board's H.15 release, ond are overages of rotes avoilable for the week ending on Morch 27, 1998 . Beginning September 2, 1997, the commercial poper rate reflects new source doto, which is currently avoilable only back to the first of the year. •• Bond Buyer's Averoge Index of 20 municipal bonds, Thursdoy doto Prepared by Federal Reserve Bonk of St. Louis http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis *4 - Selected Interest Rates Averages of Daily Figures Percent Percent ..- 7.0 30-Year Treasury Securities 6.0- Federal Funds Rate Discount Rate 3—Month Treasury Bill 7 21 7 21 1998 Jan 2 9 16 23 30 Feb 6 13 20 27 Mor 6 13 20 27 • 4 18 16 30 13 27 11 25 Federal Funds •• 5.45 5.74 5.45 5.53 5.53 5.52 5.43 5.54 5.51 5.60 5.45 5.47 5.43 5 19 3 17 31 14 28 12 26 9 23 6 20 6 20 3 3-Month Treasury Bill 1 -Year Treasury Bill 5-Yeor Treasury Securities 10-Year Treasury Securities 30-Year Treasury Securities 5.24 5.04 5.00 5.02 5.06 5.05 5.07 5.06 5.16 5.08 4.97 5.02 5.03 5.23 4.99 4.92 4.96 5.01 4.99 5.01 5.02 5.14 5.15 5.09 5.08 5.10 5.71 5.38 5.32 5.45 5.48 5.44 5.47 5.45 5.60 5.69 5.57 5.54 5.58 5.75 5.49 5.45 5.59 5.63 5.59 5.57 5.50 5.63 5.75 5.62 5.57 5.60 5.93 5.75 5.74 5.87 5.89 5.89 5.89 5.84 5.94 6.05 5.93 5.89 5.90 17 Current data appear in the Federal Reserve Board's H.15 releose. • Averoges of rotes ovoiloble •• Seven-doy overoges for week ending two doys earlier than dote shown http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Prepored by Federal Reserve Bank of St. Louis 7 8 Money Stock(M2) and Non-M1 Components of M2 Averages of Oaily Figures Seasonally Adjusted Billions of Dollars Feb 9 Billions of Dollars Billions 4083.0 4090.9 4106.6 4114.9 4118.9 4123.2 -3025 M2 (left scale) Non-Mi M2 (right sccle) Non-Mi M2 Billions 9 3013.0 3018.6 3029.6 Mar 2 3029.8 3040.5 3041.7 Feb 3 -2800 17 3 17 31 H 28 12 26 9 23 7 21 4 18 I 15 29 13 27 10 24 8 22 5 19 2 16 2 16 30 13 27 Feb Mor Apr Moy Jun Jul Aug Sep Oct Nov Dec Jon Feb Mor Apr 1997 1998 M2 is the sum of Ml. sovings (including money market deposit occounts), small time deposits ond retail money funds. Current dato appear in the Federal Reserve Board's H.6 release. Money Stock (M2) To the overoge of four weeks ending: Compounded onnuol rotes of chonge, overoge of four weeks ending: 3/17/97 6/16/97 8/18/97 9/15/97 10/13/97 11/17/97 12/15/97 8/18/97 4.9 9/15/97 5.6 6.8 10/13/97 5.4 6.2 11/17/97 5.7 6.5 7.2 6.0 12/15/97 1/19/98 5.8 6.1 6.5 6.8 7.0 7.4 6.1 6.8 7.1 7.6 7.6 2/16/98 3/16/98 6.2 6.6 6.8 7.3 7.3 7.9 6.8 7.6 7.5 8.2 7.4 8.4 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/19/98 7.0 Prepared by Federol Reserve Bonk of St. Louis Savings and Small Time Deposits Averoges of Doily Figures Seosonolly Adjusted Billions of Dollors Billions of Oollors Smoll Time 1998 Feb 9 Mar 2 Billions 966.2 965.7 965.4 964.5 964.5 964.0 Savings Deposits (right scale) Small Time (left scale) Savings 1998 Billions Feb 9 1424.9 1426.2 1431.2 Mor 2 1432.6 1439.1 1440.5 915- 3 17 3 17 31 14 28 12 26 9 23 7 21 4 II Feb Mar Apr Moy Jun 1 IS 29 13 27 10 24 8 22 S 19 2 16 2 16 30 13 27 Sep Oct Feb Mar 1997 Savings deposits and small time deposits are at all depository institutions. 1998 Large Time Deposits and Retail Money Funds Averages of Daily Figures Billions of Dollors Seasonally Adjusted Large Time 1998 Billions Feb 9 594.2 600.1 601.0 605.8 Billions of Dollars Retail Money 1998 Feb 9 621.9 626.6 633.0 Mor 2 632.6 636.9 637.2 610.1 616.3 Retail Money Large T 3 17 3 17 31 14 28 12 26 9 23 7 21 Moy 4 18 15 29 13 27 10 24 8 22 5 19 16 2 16 30 13 27 Jun 1997 1998 Large time deposits ond retoil money funds ore ot oil despository institutions. Lorge time deposits ore those issued in denominations of $100,000 or more. Retail money funds were originally colled general purpose ond broker/dealer money market funds. Prepored by Federal Reserve Bonk of St. Louis http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9 10 Total Borrowings From Federo! Reserve Banks Averages of Daily Figures Billions of Dollars Billions of Dollars Billions Feb 18 0.028 Mar 4 0.022 0.2- 5 19 5 1' 2 16 30 14 28 11 25 9 23 6 20 3 17 1 Moy Aug Jun Sep 18 4 18 15 29 12 26 10 24 7 21 15 29 Oct 1997 Borrowings include seasonal, adjustment ond extended credit. 1998 Bank Loans and Credit All Commercial Banks in the United States’^ Seasonally Adjusted Billions of Dollars Billions of Dollars Bonk Credit Feb 4 Mar 4 8 il lions 4174.2 4175.7 4187.4 4199.1 4214.1 4220.8 Bank Credit (left scale)2/ Loons & Leases Billions 3048.7 4 Feb Loans and Leases (right scale) 5 19 5 19 2 16 30 14 28 11 25 May Jun 9 23 6 20 3 7 1 Current data appear in the Federal Reserve Board's H.8 release. 1/ Includes foreign-related institutions 2/ Includes loons and leases and securities http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 15 29 12 26 10 24 Mar 7 21 4 18 4 3064.1 3069.5 3074.9 3085.7 4 Prepored by Federal Reserve Bank of St. Louis Commercial Paper of Nonfinancial Companies Not Seasonally Adjusted Billions of Dollars Billions of Dollars Feb 11 220- Mor 4 15 29 1998 Note: Beginning September 2, 1997, the value of commercial poper outstanding uses new source doto. See the Federal Reserve Board's H. 15 release for more information. Commercial and Industrial Loans Billions of Dollars Seasonally Adjusted Billions of Dollars All Bonks Feb 4 Mor 4 Billions 870.0 869.1 874.1 877.6 881.6 879.1 860- All Banks (left scale)1/ Lorge Bonks (right scole)^/ 820- .... Lorge Bonks 1998 Feb 4 11 18 25 800Mar 4 11 5 19 5 19 2 16 30 14 28 - 400 15 29 1997 1998 Current data appear in the Federal Reserve Board's H.8 release. 1/ Includes foreign-related institutions 2/ Weekly reporting, domestically chartered bonks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Billions 454.6 454.8 457.4 459.6 460.6 458.7 11 Prepared by Federal Reserve Bonk of St. Louis Dollar's Trade - Weighted Exchange Index Averoges of Doily Figures 1973=100 1973=100 Feb 18 Mar 4 105- 5 19 5 19 2 16 30 14 28 11 25 9 23 6 20 3 17 1997 15 29 12 26 10 24 7 21 4 18 4 18 1998 Current dato appear in the Federal Reserve Board's H.10 release. Data ore weighted averages of the foreign-currency price of the U.S. dollar, computed using 10 industrial country currencies. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Prepored by Federal Reserve Bonk of St. Louis