Full text of U.S. Financial Data : March 7, 1996

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RESEARCH LIBRARY
FEDERAL

j risi
RAN K.rm
of :
ST. LOUS

THE WEEK'S HIGHLIGHTS:
✓ The composite index of leading economic indicators fell 0.5 per­
cent in January, the fourth decline in the last five months. Six
of the 11 components made negative contributions, while five
contributed positively.
✓ Business sector productivity (output per hour) was unchanged in
the fourth quarter of 1995, following an annual rate of increase of
1.6 percent in the third quarter. Productivity increased 0.9 percent
in 1995, up slightly from the 0.8 percent gain posted in 1994. Unit
labor costs, on the other hand, advanced at a 3 percent rate in the
fourth quarter and rose 2.5 percent for all of 1995— the largest
increase in four years.
✓ After advancing at a brisk 7 percent annual rate in December, real
disposable personal income fell at a 0.4 percent rate in January.
Real personal consumption expenditures, reflecting a large drop in
durable goods purchases, fell at a 9.1 percent rate in January after
rising at a 9.5 percent pace between October and December.
✓ New orders for manufactured goods rose 0.5 percent in January, fol­
lowing a 1.7 percent surge in December. Total factory orders rose
at a 12 percent annual rate between July 1995 and January 1996
after falling at a 5.1 percent rate over the prior six-month period.

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. The cost for a subscription is $21 for one year (50 issues) or $36 for two years (100 issues).
For more information on data, please call (314) 444-8590. To request an order form, please call
(314) 444-8808 or (314) 444-8809. Sorry, no refunds.
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 http://www.stls.frb.org/fred.

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Federal Reserve Bank of St. Louis

2
Adjusted Monetary Base
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Billions
469.1
471.7
472.6
471.1
470.6
472.4

4 18 1

15
Feb

5 29 12 26 10 24 7 21
Mar
Apr
May
Jun

5 19
Aug

30 13 27 11 25 8 22 6 20 3 17 31 14 28 13 27
Sep
Oct

1995

1996

The odjusted monetary bose is the sum of reserve occounts of finonciol institutions at Federal Reserve banks,
currency in circulation (currency held by the public and in the vaults of oil depository institutions) and an
adjustment for reserve requirement ratio changes. The mojor source of the adjusted monetary bose is Federal
Reserve credit. Data are computed by this bank. A detailed description of the adjusted monetary bose is
available from this bank.
Recent doto ore preliminary.

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

3/1/95

5/24/95

8/2/95

8/30/95

9/27/95 10/25/95 11/22/95

8/2/95

2.5

8/30/95

2.8

9/27/95

2.6

0.4

2.8

10/25/95

2.4

0.5

2.2

1.3

11/22/95

1.8

0.0

0.9

-0.2

1/3/96

2.1

0.7

1.7

1.1

1.0

1.0

1/31/96

2.3

1.0

2.1

1.7

1.7

1.9

3.9

2/28/96

2.0

0.8

1.6

1.2

1.2

1.2

2.5


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

1/3/96

0.1

-1.0

1.5

Prepared by Federal Reserve Bank of St. Louis

Money Stock(M1) and Total Checkable Deposits
Averoges of Doily Figures
Seasonally Adjusted

Billions of Dollars

Jon 22
Feb

5

1165-

Billions of Dollars

Billions
1117.3
1114.7
1119.2
1114.1
1114.0
1117.1

Jon 22
Feb

5

Billions
735.2
732.1
737.4
732.5
732.1
734.1

Ml (left scale)

TCD (right scale)

1105-

2

IS 30 13 27 13 27 10 23 8 22 5 19 3
Feb
Mar
Apr
May
Jun

17 31 II 28 II 25 9 23 6
Aug
Sep
Oct

20 I

18

1

15 29 12 26 11 25

1995

1996

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 ond other checkable deposits ot depository
institutions. Current doto appear in the Federal Reserve Board's H.6 release.

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

Compounded annual rates of chonge, overoge of four weeks endinq:
2/27/95

5/29/95

7/24/95

8/28/95

9/25/95 10/23/95 11/27/95 12/25/95

7/24/95

-0.6

8/28/95

-0.7

-0.8

9/25/95

-0.9

-1.2

10/23/95

-2.0

-2.9

-4.3

-6.3

11/27/95

-2.2

-2.9

-3.9

-5.0

-6.1

12/25/95

-2.5

-3.3

-4.2

-5.1

-5.9

-4.1

1/29/96

-2.7

-3.5

-4.3

-5.1

-5.6

-4.4

2/26/96

-2.8

-3.5

-4.2

-4.8

-5.2

-4.1


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

-1.8

Prepared by Federal Reserve Bank of St. Louis

3

4
Adjusted Reserves
Seasonolly Adjusted
Billions of Dollars
Dec 20
Jon 3

Billions of Dollors

Billions
96.1
98.4

Feb 14

4 18 1

15 1 15 29 12 26 10 24 7 21 5 19 2 16 30 13 27 11 25 8 22 6 20 3 17 31 14 28 13 27
Feb
Mor
Sep
Oct
Apr
Moy
Jun
1995

1996

Adjusted reserves is the difference between the adjusted monetory base ond the currency component of Ml.

Adjusted Reserves
Compounded onnuol rotes of chonge, overoge of two maintenance periods ending:
two maintenance
periods ending:
8/2/95

3/1/95

5/24/95

8/2/95

8/30/95

9/27/95 10/25/95 11/22/95

1/3/96

-7.6

8/30/95

-5.7

-3.6

9/27/95

-5.5

-3.7

0.7

10/25/95

-6.3

-5.3

-3.8

-8.1

11/22/95

-8.0

-7.9

-8.5

-12.7

-16.9

1/3/96

-6.7

-6.2

-5.8

-8.1

-9.3

-8.1

1/31/96

-5.2

-4.3

-3.2

-4.7

-4.8

-2.6

6.0

2/28/96

-4.7

-3.7

-2.6

-3.8

-3.7

-1.7

4.7


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Federal Reserve Bank of St. Louis

6.9

Prepored by Federal Reserve Bank of St. Louis

Money Multiplier
Averages of Daily Figures
Seasonally Adjusted

Ratio

2.9-

Ratio

Compounded onnual rates
of change, averoge of
the four weeks ending
Februory 26, 1996, from
the four weeks ending:
Feb 27, 1995
-4 . 7
May 22. 1995
-4.5
Aug 28 . 1 995
-6.0
Sep 25. 1995
-6.4
Oct 23. 1995
-5.4
Nov 20. 1995
-6.6
1996
Jon
'
“ '

95/96
Dec 18
Jon 1

2.394
2.383
2.375
2.369

Feb 12
2.362

6 20 4
May

Jun

Aug

Sep

18

15 29 12 26 II 25'

Oct

1995

1996

Ratio of Ml to adjusted monetary base.

Currency Component of M1
Averages of Daily Figures
beasonolly Adjusted

Billions of Dollars

Billions of Dollars

Compounded annual rates
of change, overage of
the four weeks ending
February 26. 1996. from
the four weeks ending:
Feb 27. 1 995
4 .
Moy 29. 1995
2.
Aug 28. 1995
2.
Sep 25. 1995
2.
Oct
23. 1995
2.
Nov 2 7. 1 995
1 .
Dec 25. 1995
0.

____ Jon 22
Feb

Apr

Moy

1995
Current data appear in the Federal Reserve Boord’s H.6 release.


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

5

Billions
373.2
373.6
372.9
372.6
373.0
374.1

1996
Prepared by Federol Reserve Bonk of St. Louis

5

6
Yields on Selected Securities
Averages of Daily Figures
Percent

Percent

Prime Rote

Corporate
Aoa Bonds

Commercial
Paper

Municipal Bonds

6 20 3 17 3 17 31 14 28 12 26 9 23 7 21
Jon
Feb
Mor
Apr
Moy
Jun
Jul

4

18 1 15 29 13 27 10 24 8 22 5 1
2 16 1 15 29
Aug
Sep
Oct
Nov
Dec
Jon
Feb
Mar

1995

1995/96
Dec 15
22
29
Jon
5
12
19
26
Feb
2
9
16
23
Mor
1
8

1996

30-Doy
Commercial
Paper

90-Day
CDs

90-Doy
Bankers'
Acceptances

Corporate
Aoa Bonds

Corporate
Bao Bonds

5.87
5.83
5.83
5.63
5.59
5.57
5.51
5.42
5.28
5.29
5.28
5.30
5.31

5.67
5.60
5.53
5.44
5.45
5.39
5.36
5.23
5.15
5.13
5.14
5.16
5.16

5.57
5.49
5.46
5.37
5.36
5.32
5.28
5.14
5.06
5.05
5.07
5.09
5.08

6.83
6.87
6.76
6.75
6.86
6.80
6.81
6.82
6.87
6.86
7.13
7.20
7.12

7.50
7.54
7.43
7.42
7.52
7.45
7.47
7.46
7.50
7.50
7.77
7.86
7.80

Municipal
Bonds ••
5.51
5.51
5.44
5.37
5.50
5.40
5.46
5.40
5.37
5.33
5.48
5.57
N.A.

Current doto ore from the Federal Reserve Board's H.15 release, and ore overages of rotes avoiloble for the
week ending on Morch 8, 1996 .
•• Bond Buyer's Average Index of 20 municipal bonds, Thursday data
N.A. - Not Available
_
_
_
„
,_
Prepared by Federol Reserve Bonk of St. Louis


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Federal Reserve Bank of St. Louis

Selected Interest Rates
Averages of Daily Figures
Percent

Percent

-8.0

10-Yeor

Federal
Funds Rate

Treasury Securities

Discount Rate

-5.0

3—Month
Treasury Bill

3

17 3

1995/96
Dec

15
22
29
5
Jon
12
19
26
Feb
2
9
16
23
1
Mor
8 •

17 31 14 28 12 26 9 23 7 21

Federal
Funds ••
5.73
5.90
5.48
5.35
5.53
5.61
5.44
5.53
5.21
5.09
5.17
5.31
5.57

4

18

15 29 13 27 10 24

8

22

5

19

2

16

15 29

3-Month
Treasury
Bill

1 -Year
Treasury
Bill

5-Year
Treasury
Securities

10-Year
Treasury
Securities

Long-Term
Treasury
Securities

5.26
5.02
4.89
5.02
5.03
4.98
4.97
4.93
4.81
4.79
4.82
4.87
4.93

5.06
5.01
4.94
4.91
4.89
4.77
4.79
4.69
4.61
4.57
4.78
4.87
4.90

5.55
5.56
5.44
5.39
5.44
5.30
5.35
5.28
5.27
5.20
5.52
5.65
5.60

5.73
5.78
5.64
5.63
5.74
5.58
5.65
5.64
5.67
5.65
5.97
6.06
5.98

6.05
6.10
5.97
5.96
6.07
5.95
6.00
6.00
6.04
6.03
6.35
6.43
6.37

Except for long-term Treasury securities, which ore computed by this Bonk, current doto appear in the Federol
Reserve Board's H.15 release.
• Averages of rotes ovoiloble
•• Seven-doy overages for week ending two days earlier than dote shown
Prepared by Federal Reserve Bonk 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

Jon 22

3700"

Feb

5

Billions of Dollars

Billions
3685.7
3680.4
3687.9
3692.8
3701.0
3709.0

M2 (left scale)

Non-Mi M2 (right scale)

Non-M1 M2
Billions
Jon 22
2568.4
2565.7
2568.7
Feb 5
2578.7
2587.0
2591.9

2

16 30 13 27 13 27 10 24 8 22 5 19 3 17 31 14 28 II 25 9 23 6 20 4
Feb

Mar

Apr

May

Aug

Jun

Sep

18 1

15 29 12 26 11 25

Oct

Feb

Mor

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

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

2/27/95

5/29/95

7/24/95

8/28/95

9/25/95 10/23/95 11/27/95 12/25/95

7/24/95

5.8

8/28/95

6.0

9/25/95

5.8

7.3

5.9

10/23/95

5.4

6.4

4.9

3.8

11/27/95

5.1

5.8

4.4

3.5

3.0

12/25/95

5.1

5.7

4.6

3.9

3.6

1/29/96

5.2

5.8

4.9

4.4

4.3

4.8

2/26/96

5.1

5.5

4.7

4.3

4.2

4.5


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

8.1

4.1

Prepored by Federol Reserve Bonk of St. Louis

Savings and Small Time Deposits
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Savings
1996
Billions
152.8
Feb

5

Feb
168.9
165.2

1260-

1055

Small Time

1996
Jan 22

5

Billions
934.7
934.6
934.9

1015

933.6
932.8

975

Small Time (right scale)
935

895

855

Savings Deposits (left scale)
815

2 16 30 \3 27 13 27 10 24 8 22 5
Apr

May

19 3 17 31 14 28 11 25 9 23 6 20 4
Jun

Aug

Sep

18

15 29 12 26 II 25

Oct
1996

Sovings deposits and small time deposits are at oil depository institutions.

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

Billions of Dollars
Large Time
1996
Billions
Jan 22
420.5
420.7
Feb 5
426.0
428.3
428.0
430.3

Billions of Dollars
Retoil Money
1996
“■“*
Jan 22
478.9
478.3
475.2
480.8
484.5
493.9

Retail Money

Large Time

Feb

Mor

May

Jun

1995
1996
Large time deposits and retail money funds ore at all despository institutions. Large time deposits ore those
issued in denominations of Si00,000 or more. Retail money funds were originolly colled general purpose
and broker/deoler money market funds.
Prepared bv Federol Reserve Bank of St. Louis


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Federal Reserve Bank of St. Louis

9

775

10
Total Borrowings
From Federal Reserve Banks
Averoges of Doily Figures

Billions of Dollars
Jan 31
Feb 7

Mar

Billions of Dollars

Billions
0.015
0.034
0.015
0.016
0.077
0.018

6

0.8-

4

18

1

15 1

15 29 12 26 10 24 7 21
May
Jun

5 19 2 16 30 13 27 11 25 8 22 6 20 3 17 31 14 28 13 27

1995
1996
Borrowings include seosonal, adjustment and extended credit; extended credit wos $19 million in the week ending
January 25, 1995, and was zero in the other weeks shown.

Bank Loans and Credit

All Commercial Banks in the United States'^
Seasonally Adjusted

Billions of Dollars
3600-

Bank Credit
Billions
3619.8
Jan 17
3628.7
3623.4
3622.9
Feb 7
3633.7
3638.6

Billions of Dollars

Bonk Credit (left scale)2/

Loons and Leases (right scale)

Loons&Leoses
1996
Billions
Jan 17
2633.2
2636.9
2629.2
Feb 7
2629.1
2641.9
2644.4

H-------

i 1 i 1 i

1

15

1

15 29 12 26 10 24

May

7 21

Jun

5

19 2

16 30 13 27 11 25 8 22 6 20 3

1995
Current data appear in the Federal Reserve Board's H.8 release.
1/ includes foreign-reloted institutions
2/ Includes loons and leases and securities


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Federal Reserve Bank of St. Louis

17 31 14 28 13 27

1996

Prepared by Federal Reserve Bonk of St. Louis

Commercial Paper of Nonfinancial Companies
Not Seasonally Adjusted

Billions of Dollars
Jon 24
Feb

Billions of Dollars

210

Billions
184.726
186.711
189.970
188.693
186.701
184.960

7

190

170

4

18

150
1 i 1 f
17 31 14 28 13 27

3

Commercial and Industrial Loans
Billions of Dollars
All Banks
1996
Jon 17
725.0
726.8
726.7
Feb 7
728.2

Seasonally Adjusted

Billions of Dollars

400

380
All Bonks (left scale)1/

729.9

360

340
Large Bonks (right scale)2/
Large Bonks
1996
Billions
Jan 17
351.6
"
352.5
353.6
Feb 7
352.4
352.0
352.4
4

18

1

15

1

15 29 12 26 10 24

7 21

5

19 2

16 30 13 27 11 25

1995
Current data appear in the Federol Reserve Board’s H.8 releose.
1/ Includes foreign-related institutions
2/ Weekly reporting, domestically chartered bonks


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Federal Reserve Bank of St. Louis

22

6 20 3

- 320

‘ 300

17 31 14 28 13 27
1996

Prepared by Federal Reserve Bank of St. Louis

280

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

1973=100

Feb 7

Uor 6

4 18 1

15

15 29 12 26 10 24 7 21 5

19 2

16 30 13 27 11 25

22

6

20

3 17 31 14 28 13 27

Current doto appear in the Federol Reserve Boord's H.10 releose. Dota 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 Federol Reserve Bonk of St. Louis