Full text of U.S. Financial Data : March 5, 1998

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March 5,1998
lCHLIBRARY
li:i)KHAL
A RESERVE
X RANK of
(fir SELOUS

THE WEEK'S HIGHLIGHTS:
■

After falling 2.6 percent in December 1997, the nominal value of
total factory orders increased 0.5 percent in January. Factory
shipments of manufactured goods, on the other hand, fell 1 percent
in January, the largest drop in eight months and the third in the
past four months.

■

The index of leading indicators was unchanged in January, the
second consecutive month of no change.

■

Sales of new homes rebounded in January, rising 10.3 percent to
an annual rate of877,000 units. January’s sales rate matched the
near 12-year high set in November 1997.

■

Following a 1.1 percent rise in December, inflation-adjusted private
construction spending rose 1.2 percent in January, the largest
increase in six months. Measured from a year earlier, private
construction spending increased 5.3 percent.

■

Personal income (nominal) increased $41.2 billion in January, or
7.2 percent at an annual rate. Personal consumption expenditures
grew at a 4.6 percent rate in January, or 3.8 percent after adjusting
for price changes.

■

The preliminary report showed fourth-quarter real GDP growth to
be 3.9 percent, down 0.4 percentage point from the advance estimate.
This downward revision was largely due to lower net exports. Real
GDP rose 3.8 percent in 1997 (fourth quarter-to-fourth quarter).

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 v314 > 62’ ! 824 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 Dollors

Billions
492.813
496.812
495.894
498.371
499.274
500.086

1

i ■ rr
15 29 12 26 12 26 9 23 7 21 4
Feb

Mar

Apr

May

18 2

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

Jun

Sep

17 31 14 28 11 25 11 25
Feb

Oct

Mar

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

Adjusted Monetary Base
Compounded onnuol rotes of change, average of two maintenance periods ending:
To the overoge of
two maintenance
periods ending:

2/26/97

5/21/97

7/30/97

8/27/97

9/24/97 10/22/97 11/19/97 12/31/97

7/30/97

3.5

8/27/97

4.3

9/24/97

4.2

5.3

6.2

10/22/97

4.6

5.7

6.6

5.6

11/19/97

5.3

6.6

7.9

7.7

9.6

12/31/97

5.9

7.1

8.2

8.2

9.4

10.2

1/28/98

5.9

7.0

7.9

7.8

8.7

9.1

8.0

2/25/98

6.0

7.0

7.8

7.7

8.4

8.6

7.7


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

5.7

6.6

Prepored by Federol Reserve Bank of St. Louis

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

Billions of Dollars

Jon

19

Feb

2

Billions of Oollors

Billions
1070.3
1076.1
1084.3
1070.0
1072.3
1077.7

Jon

19

Feb

2

Billions
634.3
639.1
647.3
632.2
632.9
637.8

(left scale)

TCD (right scale)

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Feb

Mar

1997
Ml is the sum of currency held by the nonbonk public, demand deposits, other checkable deposits ond travelers
checks. Totol checkable deposits is the sum of demand deposits ond other checkable deposits ot depository
institutions. Current data appear in the Federol Reserve Board's H.6 release.

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

Compounded annual rotes of change, average of four weeks ending:
2/24/97

5/26/97

7/21/97

8/25/97

9/22/97 10/20/97 11/24/97 12/22/97

7/21/97

-3.3

8/25/97

-1.8

2.3

9/22/97

-2.2

0.7

0.4

10/20/97

-2.6

-0.5

-1.4

-4.9

11/24/97

-1.4

0.8

0.8

-0.6

1.2

12/22/97

-0.8

1.4

1.6

0.7

2.4

6.0

1/26/98

-0.6

1.5

1.6

1.0

2.2

4.5

2/23/98

-0.3

1.5

1.7

1.2

2.2

4.0


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

Prepared by Federal Reserve Bank of St. Louis

3

4
Adjusted Reserves
Seasonally Adjusted
Billions of Dollars

Billions o( Dollars
Billions
Dec 17

68.300
70.610
69.282
68.435
68.786
67.326

Jon 14
Feb 11

1

15 29 12 26 12 26 9 23 7 21
Feb

Mar

Apr

4

May

18 2

16 30 13 27 10 24
Aug

Jun

Sep

22 5

19 3

17 31 14 28 11 25 11 25
Feb

Oct

1997

Mar

1998

Adjusted reserves is the difference between the adjusted monetary base and the currency component of M1.
The odjusted monetary base series was recently revised: See the footnote to the monetary bose chort for o
description of the change.

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

2/26/97

5/21/97

7/30/97

8/27/97

9/24/97 10/22/97 11/19/97 12/31/97

7/30/97

-10.8

8/27/97

-8.4

0.0

9/24/97

-8.5

-2.0

-1.7

10/22/97

-8.1

-2.6

-2.9

11/19/97

-5.4

0.7

2.6

1.5

7.1

12/31/97

-3.5

2.3

4.5

4.1

8.2

14.1

1/28/98

-4.1

0.8

2.0

1.3

3.7

6.4

1.1

2/25/98

-4.9

-0.8

-0.3

-1.3

0.2

1.5

-3.5


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Federal Reserve Bank of St. Louis

-7.1

-12.4

Prepared by Federal Reserve Bank of St. Louis

Money Multiplier
Averages of Daily Figures
Seasonally Adjusted

Rotio

3.0

Ratio

Compounded annual rates
of chonge. average of
the four weeks ending
Februory 23, 1998, from
the four weeks ending:

2.8-

Feb

24.

May

19.

1997
1997
1997
1997
1997
1997
1997

Aug 25.
Sep 22,
OcT 20,
Nov

17.

Oec

29.

97/98

Rotio
!.170
!.170
1.169
M53
M57
1.150

Oec

15
29
12
26
Feb 9
23

Jon

-5.9
-5 . 1
-6.0
-5.7
-4 . 2
-4.0
-4 . 7

14 28 12 26

9

Apr

Jun

May

23

7

21

Jul

4

18

1

Aug

15 29 13 27 10 24
Sep

Oct

Nov

8

22

Oec

5

19

2

Jon

16

2

Feb

1997

1998

Currency Component of M1
Averages of Daily Figures
seasonally Adjusted

430-

Billions of Dollars

Compounded annual rates
of change, average of
the four weeks ending
Februory 23, 1998, from
the four weeks ending:
1 997
1 997
1 997
1997
199 7

Billions
Jon 19
Feb

6

20

3

17

3

17 31 14 28 12 26

9

23

7

21

4

2

428.8
429.7

18
Feb

1997
Current doto appear in the Federal Reserve Board's H.6 release.


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

Mar

1998
Prepored by Federal Reserve Bank of St. Louis

5

2.8

16 30"
Mar

Ratio of Ml to the adjusted monetary base.

Billions of Dollars

3.0

6
Yields on Selected Securities
Averages of Daily Figures
Percent

Percent

Prime Rote

Corporate
Aaa Bonds

Commercial Paper

Municipal Bonds

3

17 31

14 28 14 28

1997/9B
Oec

12
19
26
Jan
2
9
16
23
30
Feb
6
13
20
27
Mar
6

9

23

6

20 4

12 26 10 24

18

7

21

5

19

30-Doy
Commercial
Paper

90-Doy
CDs 7

90-Day
Bonkers'
Acceptances

Corporate
Aoo Bonds

Corporate
Boo Bonds

5.74
5.82
5.90
5.71
5.48
5.44
5.44
5.47
5.46
5.47
5.46
5.49
5.50

5.81
5.80
5.82
5.74
5.58
5.50
5.51
5.53
5.53
5.53
5.53
5.56
5.59

5.78
5.77
5.76
5.62
5.52
5.47
5.45
5.47
5.47
5.45
5.45
5.48
5.51

6.84
6.74
6.69
6.70
6.55
6.55
6.67
6.70
6.68
6.69
6.62
6.71
6.80

7.39
7.30
7.26
6.91
7.13
7.14
7.24
7.28
7.27
7.27
7.20
7.28
7.39

16 30 13 27 13 27

Municipal
Bonds *•
5.21
5.17
5.14
5.15
5.07
4.96
5.03
5.11
5.11
5.08
5.07
5.14
NA

Current data ore from the Federol Reserve Board's H.15 release, ond ore overoges of rotes avoiloble for the week
ending on March 6, 1998 . Beginning September 2, 1997, the commercial paper 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. Thursday doto


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Federal Reserve Bank of St. Louis

Prepored by Federol Reserve Bonk of St. Louis

Selected Interest Rates
Averages of Daily Figures
Percent

Percent

30-Year
Treasury Securities

Federal
Funds Rate

-5.0

Discount Rate
3-Month
Treasury Bill

3

17 31 14 28 14 28 11 25

9

23

6

20

4

18

15 29

10 24

7

21

5

19

2

16 30 13 27 13 27

1997

1997/98
Dec

12
19
26
Jon
2
9
16
23
30
Feb
6
13
20
27
Mar
6 •

Federal
Funds ••
5.40
5.66
5.44
5.45
5.74
5.45
5.53
5.53
5.52
5.43
5.54
5.51
5.60

3-Month
Treasury
Bill

1 -Year
Treasury
Bill

5-Yeor
Treasury
Securities

10-Year
Treasury
Securities

30-Year
Treasury
Securities

5.10
5.12
5.27
5.24
5.04
5.00
5.02
5.06
5.05
5.07
5.06
5.16
5.11

5.23
5.20
5.26
5.23
4.99
4.92
4.96
5.01
4.99
5.01
5.02
5.14
5.18

5.83
5.74
5.72
5.71
5.38
5.32
5.45
5.48
5.44
5.47
5.45
5.60
5.70

5.87
5.77
5.74
5.75
5.49
5.45
5.59
5.63
5.59
5.57
5.50
5.63
5.75

6.07
5.96
5.90
5.93
5.75
5.74
5.87
5.89
5.89
5.89
5.84
5.94
6.05

Current doto oppear in the Federal Reserve Board's H.15 release.
• Averages of rotes available
•• Seven-day overoges for week ending two doys eorlier than 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
Seasonally Adjusted

Billions of Oollors

4 i 50

!

1
M2

1998
Jon
19
26
Feb
2

4075-

16
23

Billions of Dollars

I
Billions
4065.0
4070.1
4079.0

3025

4090! 9
4105. B

(left scale'

m;

s

4000

2950

3925

2875
Nori-M1

I2 (ric ht see le)

Non -Ml 42
1998
Bi
Jon
19
2994.7
26
2994.0
Feb
2
2994.7
9
3013.0
16
3018.6
23
3028.1

3850

3775

3100

6 20
Jon

< i ' i
3 17 3 17 31 14 28 12 28
Feb
Mor
Apr
May

9 23
Jun

7 21
Jul

1 ' 1 '
4 18
Aug

15 29 13 27 10 24
Sep

Oct

Nov

...
8 22
Dec

5

19

Jon

1997

2

16
Feb

2

2800

2725
■
16 30
Mor

1998

M2 is the sum of Ml, savings (including money market deposit accounts), small time deposits ond retoil money
funds. Current doto appear in the Federol Reserve Board's H.6 release.

Money Stock (M2)
Compounded annual rotes of chonge, average of four weeks ending:
To the overoae
of four weeks
ending:

2/24/97

5/26/97

7/21/97

8/25/97

9/22/97 10/20/97 11/24/97 12/22/97

7/21/97

4.3

8/25/97

5.0

6.0

9/22/97

5.4

6.5

10/20/97

5.4

6.2

7.1

6.5

11/24/97

5.7

6.5

7.3

6.9

6.3

12/22/97

5.7

6.4

7.1

6.8

6.3

7.0

1/26/98

6.0

6.7

7.3

7.1

6.8

7.4

2/23/98

6.2

6.9

7.5

7.3

7.2

7.7


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Federal Reserve Bank of St. Louis

8.2

Prepared by Federol Reserve Bonk of St. Louis

Savings and Small Time Deposits
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollors

1460

Small Time
1998
Jon 19
1035- Feb

Billions
966.9
967.2
966.3
966.2
965.7
964.7

2

1420

Savings Deposits (right scale)

1380

Small Time (left scale)
1340

Savings
1998
Jon 19

Billions
141 1.4

1411.3
1424.!
1426.2
1430.4

2
Feb

Mor

Apr

May

Jun

Aug

Sep

Oct

16

2

Feb

16 30
Mar

1998
Savings deposits and small time deposits ore at all depository institutions.

Large Time Deposits and Retail Money Funds
Averages of Daily Figures
seasonally Adjusted

Billions of Dollors
Large Time
1998
Jon 19

Billions of Dollars
Retoil Money

Billions
584.0
588.0
589.9
591.3
597.3

198
Jon 19
Feb

Billions
613.8

2

617.0
621.9
633.0

Retail Money

Large Time

6

20

3

17

3

17 31

2
Apr

May

Jun

Sep

16

Oct

1997
1998
Large time deposits and retail money funds ore ot oil despository institutions. Lorge time deposits ore those
issued in denominations of $100,000 or more. Retoil money funds were originally colled generol purpose
and broker/dealer money market funds.
Prepared by Federol Reserve Bonk of St. Louis


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Federal Reserve Bank of St. Louis

9

1300

1260

10
Total Borrowings
From Federol Reserve Bonks
Averoges of Doily Figures

Billions of Dollors
Jon 28
Feb 4

Mor

Billions of Dollors

Billions
0.103

0.100
0.034
0.090
0.028
0.016

4

0.8-

1

13 29 12 26 12 26

Jan

Feb

Mor

9

23

Apr

7

21

4

May

18

2

16 30 13 27 10 24

Jun

Jul

Aug

Sep

8 22

5

Oct

19

3

Nov

17 31

Occ

14 28 11 23 11 23

Jan

1997
Borrowings include seosonol, adjustment and extended credit.

Feb

Mar

1998

Bank Loans and Credit

4225

Bank Credit
1998
Billions
Jon 14
4146.2
21
4172.1
Feb

dit (lef t seal ’)2/

6 ...

J£

Bar

U

1172.6
H73.9
1185.7

4
11
18

3075

4025

2975

3925
Loans & Lea ses
1998
Bii ions
30 28.5
Jon 14
21
3049.2
28
3052.7
Feb 4
3047.3
11
3062.7
18
3068.0

3825
La ans a id Lea ses (r ght sc ale)

3725

3275

3175

.......

4125-

All Commercial Banks in the United States'^
Seasonally Adjusted
Billions of Dollors
Billions of Dollars

13 29 12 26 12 26

Jon

Feb

Mor

9

23

Apr

21

May

4

18

Jun

L.

2

16 30 13 27 10 24

Jul

Aug

Sep

8

22

Oct

3

19

Nov

3

17 31 14 28 11 25 11 25

Dec

Jon

Feb

Mor

1997

Current data appear in the Federol Reserve Board's M.8 release.
1/ Includes foreign-related institutions
2/ Includes loans and leases and securities


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bonk of St. Louis

2775

Commercial Paper of Nonfinancial Companies
Not Seasonally Adjusted
3illions of Dollars

Billions of Dollars

Bilions
Feb

210-

4
209.4

Note: Beginning September 2, 1997, the value of commerciol paper outstanding uses now source dolo. See the
Federal Reserve Board's H. 15 release for more information.

Commercial and Industrial Loans
Seasonally Adjusted
Billions of Dollars

Billions of Dollars

All Banks
863.0
867.4

870-

Feb

4

All Bonks (left scale)1/
874.4

850-

Lorge Banks (right scale)2/
Lorge Bonks
Jon

1

15 29

12 26 12 26

9

23

7

21

4

18

2

16 30 13 27 10 24

1997
Current data appear in the Federal Reserve Boord'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

8

22

5

19

3

17 31

14

...- - 420

449.6
451.9
451.9
454.5
454.6
457.2

14 28 1

1998

Prepared by Federal Reserve Bonk of St. Louis

Dollar's Trade - Weighted Exchange Index
Averoges of Doily Figures
1973=100

Feb

4

Uor

4

1973=100

100-

105

100

95

90

85
I

15 29 12 26 12 26

Feb

Mor

9

23

Apr

7

21

4

18

2

16 30 13 27 10 24

22

5

19

3

17 31

14 28 11 25 11 25

Moy
1998

Current doto appear in the Federol Reserve Board's H.10 release. Goto are 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

Prepared by Federal Reserve Bonk of St. Louis