Full text of U.S. Financial Data : May 1, 2003

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May 1, 2003

USFinancialData
THE WEEK’S HIGHLIGHTS:
After rising at a 0.7 percent annual rate in the fourth quarter of
2002, output per hour (labor productivity) in the nonfarm business
sector rose at a 1.6 percent rate in the first quarter of 2003. During
the first quarter, unit labor costs (compensation costs adjusted for
productivity gains) rose at a 1.9 percent rate, after rising at a 3.2
percent rate in the fourth quarter. Measured from four quarters
earlier, productivity has increased 2.3 percent while unit labor
costs have increased 0.9 percent.
In April, the Institute for Supply Management’s (ISM) purchasing
managers index registered 45.4 percent, down 0.8 percentage points
from March and the lowest level since October 2001. Of the 20
industries surveyed by the ISM each month, only six reported growth.
Measured in 1996 dollars, the value of public and private construction put in place totaled $691.4 billion in March, 1.1 percent less
than February’s level. In real terms, private construction spending
fell 0.3 percent in March and public construction spending fell 3.6
percent. At an annual rate, real nonresidential construction spending
rose 0.3 percent in the first quarter, the first increase in two years.
The first-quarter employment cost index, which measures compensation costs (wages and salaries and benefits) borne by private industry,
was 5.5 percent (annualized) above its fourth-quarter level. This
increase was the largest in 13 years. During the first quarter, benefit
costs increased at a 10 percent rate, the largest increase in 15 years.

All data are seasonally adjusted unless otherwise indicated.
U.S. Financial Data will continue to be mailed to all subscribers through June 27, 2003. After that date,
this publication will be available weekly only on the Internet at <research.stlouisfed.org/publications/usfd>.
To be added to our free electronic mailing list, please visit our web site at <research.stlouisfed.org/maillist>.
To obtain more information on the data, access the Federal Reserve Economic Data (FRED) database
at <research.stlouisfed.org/fred> or send an e-mail to stlsFRED@stls.frb.org.

Adjusted Monetary Base
Averages of Daily Figures
Seasonally Adjusted
730

Billions of Dollars
2003
Feb 19
Mar 5
19
Apr 2
16
30

720

Billions of Dollars

Billions
711.941
713.812
712.724
711.932
706.997
718.570

730

720

710

710

700

700

690

690

680

680

670

670

660

660

650

650
6

20

Mar

3

17

1

Apr

15 29 12 26 10 24

May

Jun

Jul

7

21

Aug

4

18

2

Sep

16 30 13 27 11 25

Oct

Nov

Dec

8

22

Jan

5

19

Feb

2002

5

19

2

Mar

16 30 14 28

Apr

May

2003

The adjusted monetary base is the sum of Federal Reserve deposits and vault cash held by domestic depository institutions,
currency held by the public, and an adjustment for the effect of changes in reserve requirement ratios. The monetary base
series includes Federal Reserve deposits used to satisfy clearing balance contracts. Data are computed by this Bank.
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
two maintenance
periods ending:

5/1/02

10/2/02

7.7

10/30/02

6.9

4.2

11/27/02

6.4

4.0

3.0

12/25/02

6.3

4.2

3.8

4.3

2/5/03

8.5

7.8

9.5

11.5

15.0

3/5/03

8.0

7.2

8.4

9.6

11.5

14.1

4/2/03

7.3

6.3

6.9

7.6

8.6

9.6

1.1

4/30/03

6.7

5.7

6.1

6.5

7.2

7.6

1.0

7/24/02

10/2/02

10/30/02

11/27/02

12/25/02

2/5/03

3/5/03

−0.1

Prepared by the Federal Reserve Bank of St. Louis

Money Zero Maturity (MZM)
Averages of Daily Figures
6400

Seasonally Adjusted

Billions of Dollars
2003
Mar 17
24
31
Apr 7
14
21

6200

Billions of Dollars

Billions
6213.1
6194.0
6188.7
6175.2
6173.9
6185.0

6400

6200

6000

6000

5800

5800

5600

5600
4

18

1

Mar

15 29 13 27 10 24

Apr

May

Jun

8

22

Jul

5

19

Aug
2002

2

16 30 14 28 11 25

Sep

Oct

Nov

9

23

Dec

6

20

Jan

3

17

3

Feb

17 31 14 28 12 26

Mar
2003

Apr

May

MZM is M2 minus total small−denomination time deposits, plus institutional money funds, which are included in the
non−M2 component of M3. Each component is seasonally adjusted.

Money Zero Maturity (MZM)
Compounded annual rates of change, average of four weeks ending:

To the average
of four weeks
ending:

4/22/02

9/23/02

10.3

10/21/02

8.9

6.1

11/18/02

9.7

8.1

7.8

12/23/02

10.7

10.2

11.4

16.3

1/20/03

9.3

8.1

8.0

10.2

8.1

2/24/03

9.3

8.2

8.2

9.8

8.4

3.7

3/24/03

8.7

7.6

7.2

8.4

7.0

3.3

5.9

4/21/03

7.7

6.4

5.9

6.6

5.2

1.8

3.2

7/22/02

9/23/02

10/21/02

11/18/02

12/23/02

1/20/03

2/24/03

−0.3

Prepared by the Federal Reserve Bank of St. Louis

Adjusted Reserves
Seasonally Adjusted
100

Billions of Dollars
2003
Feb 5
19
Mar 5
19
Apr 2
16

90

Billions of Dollars

Billions
76.712
72.341
75.232
71.714
72.188
68.039

100

90

80

80

70

70

60

60

50

50
6

20

Mar

3

17

1

Apr

15 29 12 26 10 24

May

Jun

Jul

7

21

Aug

4

18

2

Sep

16 30 13 27 11 25

Oct

Nov

Dec

8

22

Jan

5

19

Feb

2002

5

19

2

Mar

16 30 14 28

Apr

May

2003

Adjusted reserves is the difference between the adjusted monetary base and the currency component of M1.

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

To the average of
two maintenance
periods ending:

4/17/02

9/18/02

7.9

10/16/02

6.2

5.3

11/13/02

6.5

6.0

3.0

12/11/02

10.1

11.6

14.3

23.6

1/22/03

13.1

15.7

19.9

27.1

35.4

2/19/03

11.5

13.1

15.3

19.6

23.0

16.5

3/19/03

8.8

9.3

9.6

11.9

12.7

5.8

−10.4

4/16/03

3.2

1.9

−0.1

0.2

−1.3

−8.7

−24.1

7/10/02

9/18/02

10/16/02

11/13/02

12/11/02

1/22/03

2/19/03

−32.7

Prepared by the Federal Reserve Bank of St. Louis

Money Stock (M1) and Total Checkable Deposits
Averages of Daily Figures
Seasonally Adjusted
1400

Billions of Dollars

Billions of Dollars

M1
2003
Mar 17
24
31
Apr 7
14
21

1350

1300

875

TCD
Billions
1229.9
1235.7
1241.4
1222.7
1222.2
1240.5

2003
Mar 17
24
31
Apr 7
14
21

Billions
583.3
587.1
593.4
574.7
573.8
589.9

825

775

1250

725

M1 (left scale)
1200

675

1150

625

TCD (right scale)
1100

575

1050

525
4

18

1

15 29 13 27 10 24

Apr

Mar

May

8

22

5

Jul

Jun

19

2

Aug

16 30 14 28 11 25

Sep

Oct

Nov

9

23

6

Dec

20

3

Jan

17

3

Feb

17 31 14 28 12 26

Mar

2002

Apr

May

2003

M1 is the sum of currency held by the nonbank public, total checkable deposits, and travelers checks. Total checkable deposits is the sum
Fix
of demand deposits and other checkable deposits at depository institutions. Current data appear in the Federal Reserve Board’s H.6 release.

Currency Component of M1
Averages of Daily Figures
Seasonally Adjusted
700

Billions of Dollars

Billions of Dollars

Compounded annual rates
of change, average of
the four weeks ending
April 21, 2003, from
the four weeks ending:

680

Apr 22, 2002
Jul 22, 2002
Oct 21, 2002
Nov 18, 2002
Dec 23, 2002
Jan 20, 2003
Feb 24, 2003

660

640

2003
Mar 17
24
31
Apr 7
14
21

7.1
6.3
7.1
7.4
7.5
8.2
6.8

Billions
639.1
641.0
640.4
640.5
640.9
643.1

700

680

660

640

620

620

600

600

580

580
4

18

Mar

1

15

Apr

29 13 27 10 24

May

Jun

8

22

5

Jul

19

Aug

2

16 30

Sep

2002

14 28 11 25

Oct

Nov

9

23

Dec

6

20

Jan

3

17

Feb

3

17 31 14 28 12 26

Mar

Apr

May

2003

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

Fix

Prepared by the Federal Reserve Bank of St. Louis

Yields on Selected Securities
Averages of Daily Figures
8.00

Percent

Percent

7.00

8.00

7.00

6.00

6.00

Corporate
Aaa Bonds

5.00

5.00

Prime Rate
4.00

4.00

2−Year Interest
Rate Swap

3.00

3.00

2.00

2.00

Commercial Paper

1.00

1.00

0.00

0.00
1

15 29 12 26 10 24

Mar

2003
Feb

7
14
21
28
Mar 7
14
21
28
Apr 4
11
18
25
May 2

Apr

7

May

21

Jun

5

19

Jul

2

16 30 13 27 11 25

Aug
2002

Sep

Oct

8

22

Nov

6

20

3

Dec

17 31 14 28 14 28 11 25

Jan

Feb

Mar
2003

9

Apr

23

May

30−Day
Commercial
Paper

90−Day
CDs

2−Year
Interest
Rate Swap

Corporate
Aaa Bonds

Corporate
Baa Bonds

Municipal
Bonds *

1.23
1.24
1.25
1.25
1.23
1.19
1.21
1.23
1.21
1.22
1.21
1.23
1.23

1.27
1.26
1.27
1.27
1.26
1.18
1.22
1.25
1.22
1.23
1.26
1.26
1.25

1.98
1.90
1.87
1.84
1.72
1.70
1.97
1.92
1.80
1.88
1.94
1.89
1.82

5.99
5.97
5.96
5.89
5.82
5.82
5.99
5.94
5.81
5.81
5.80
5.68
5.59

7.10
7.09
7.06
6.97
6.90
6.90
7.04
6.97
6.91
6.93
6.89
6.79
6.72

4.88
4.83
4.79
4.74
4.69
4.67
4.83
4.84
4.79
4.76
4.74
4.66
N.A.

Current data, from the Federal Reserve Board’s H.15 release, are averages of rates available for the week ending May 2, 2003 .
* Bond Buyer’s Average Index of 20 municipal bonds, Thursday data.
Prepared by the Federal Reserve Bank of St. Louis

Selected Interest Rates
Averages of Daily Figures
6.00

Percent

Percent

5.00

6.00

5.00

10−Year
Treasury Securities
4.00

4.00

3.00

3.00

Federal
Funds Rate

2.00

2.00

Intended Federal
Funds Rate

3−Month
Treasury Bill

1.00

1.00

0.00

0.00
1

15 29 12 26 10 24

Mar

2003
Feb

7
14
21
28
Mar 7
14
21
28
Apr 4
11
18
25
May 2 **

Apr

May

Federal
Funds *
1.29
1.22
1.30
1.24
1.29
1.21
1.27
1.22
1.28
1.23
1.27
1.26
1.28

7

21

Jun

5

19

Jul

2

16 30 13 27 11 25

Aug
2002

Sep

Oct

8

22

Nov

6

20

Dec

3

17 31 14 28 14 28 11 25

Jan

Feb

Mar
2003

9

Apr

23

May

3−Month
Treasury
Bill

2−Year
Treasury
Securities

5−Year
Treasury
Securities

10−Year
Treasury
Securities

Treasury
Long−Term
Average

1.15
1.16
1.17
1.19
1.15
1.09
1.14
1.15
1.10
1.13
1.16
1.14
1.12

1.69
1.63
1.62
1.57
1.47
1.47
1.72
1.65
1.54
1.61
1.70
1.66
1.57

3.02
2.94
2.87
2.76
2.61
2.62
2.97
2.93
2.84
2.92
2.98
2.97
2.90

3.98
3.95
3.89
3.78
3.65
3.65
3.97
3.96
3.90
3.97
3.99
3.97
3.92

4.95
4.97
4.95
4.86
4.77
4.77
5.01
5.04
4.99
5.04
5.02
4.97
4.91

Current data appear in the Federal Reserve Board’s H.15 release, except for the intended federal funds rate.
* Seven−day averages for week ending two days earlier than date shown. **Averages of rates available.
Prepared by the Federal Reserve Bank of St. Louis

Money Stock (M2) and Money Zero Maturity
Averages of Daily Figures
6400

Seasonally Adjusted

Billions of Dollars

Billions of Dollars

6400

M2
2003
Mar 17
24
31
Apr 7
14
21

6200

Billions
5910.8
5897.6
5894.0
5890.2
5894.2
5910.2

6200

MZM
6000

6000

5800

5800

M2
MZM

5600

2003
Mar 17
24
31
Apr 7
14
21

Billions
6213.1
6194.0
6188.7
6175.2
6173.9
6185.0

5400

5600

5400
4

18

1

Mar

15 29 13 27 10 24

Apr

May

Jun

8

22

Jul

5

19

Aug
2002

2

16 30 14 28 11 25

Sep

Oct

Nov

9

23

Dec

6

20

Jan

3

17

3

Feb

17 31 14 28 12 26

Mar
2003

Apr

May

M2 is the sum of M1, savings (including money market deposit accounts), small time deposits and retail money funds.
Current data appear in the Federal Reserve Board’s H.6 release.

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

To the average
of four weeks
ending:

4/22/02

9/23/02

9.3

10/21/02

9.1

7.8

11/18/02

9.2

8.2

8.9

12/23/02

8.4

7.3

7.0

6.5

1/20/03

7.9

6.7

6.2

5.7

3.9

2/24/03

8.5

7.7

7.7

7.6

7.0

8.7

3/24/03

8.2

7.4

7.3

7.2

6.6

7.6

9.4

4/21/03

7.5

6.5

6.2

5.9

5.2

5.6

6.2

7/22/02

9/23/02

10/21/02

11/18/02

12/23/02

1/20/03

2/24/03

2.2

Prepared by the Federal Reserve Bank of St. Louis

Savings and Small Time Deposits
Averages of Daily Figures
Seasonally Adjusted
1250

Billions of Dollars

Billions of Dollars

3000

Small Time
2003
Mar 17
24
31
Apr
7
14
21

1150

1050

Billions
871.0
870.1
868.5
867.0
866.5
865.1

2900

2800

2700

950

Small Time (left scale)
2600

850

Savings

750

2003
Mar 17
24
31
Apr
7
14
21

Savings Deposits (right scale)
650

2500

Billions
2883.8
2866.8
2861.0
2887.9
2897.7
2897.0

2400

2300

550
4

18

1

15 29 13 27 10 24

Apr

Mar

May

8

22

5

Jul

Jun

19

2

Aug

16 30 14 28 11 25

Sep

Oct

Nov

9

23

6

Dec

20

3

Jan

17

3

Feb

17 31 14 28 12 26

Mar

2002

Apr

May

2003

Savings deposits and small time deposits are at all depository institutions.
Fix

Large Time Deposits and Retail Money Funds
Averages of Daily Figures
Seasonally Adjusted
1200

Billions of Dollars

Billions of Dollars

Large Time
2003
Mar 17
24
31
7
Apr
14
21

1100

1200

Retail Money

Billions
831.5
826.8
813.5
811.2
806.7
815.1

2003
Mar 17
24
31
7
Apr
14
21

Billions
926.1
925.0
923.1
912.7
907.9
907.5

1100

1000

1000

Retail Money

900

900

800

800

Large Time
700

700
4

18

Mar

1

15

Apr

29 13 27 10 24

May

Jun

8

22

5

Jul

19

Aug

2002

2

16 30

Sep

14 28 11 25

Oct

Nov

9

23

Dec

6

20

Jan

3

17

Feb

3

17 31 14 28 12 26

Mar

Apr

May

2003

Large time deposits and retail money funds are at all despository institutions. Large time deposits are those issued in denominations
of $100,000 or more. Retail money funds were originally called general purpose and broker/dealer money market funds.
Prepared by the Federal Reserve Bank of St. Louis

Fix

Total Borrowings
From Federal Reserve Banks
Averages of Daily Figures
1.6

Billions of Dollars
Billions
0.010
0.011
0.029
0.036
0.028
0.030

2003
Mar 26
Apr 2
9
16
23
30

1.4

1.2

Billions of Dollars

1.6

1.4

1.2

1.0

1.0

0.8

0.8

0.6

0.6

0.4

0.4

0.2

0.2

0.0

0.0
6

20

3

17

1

Apr

Mar

15 29 12 26 10 24

May

Jun

Jul

7

21

4

Aug

18

2

16 30 13 27 11 25

Oct

Sep

Nov

Dec

8

22

5

Jan

19

5

19

Feb

2

Apr

Mar

2002

16 30 14 28

May

2003

As of January 9, 2003, borrowings include primary, secondary, and seasonal credit.
Prior to that, borrowings include seasonal, adjustment, and extended credit.

Fix

Bank Loans and Credit
All Commercial Banks in the United States *
Seasonally Adjusted
6700

Billions of Dollars

Billions of Dollars

Bank Credit
2003
Mar 12
19
26
Apr
2
9
16

6500

6300

5250

Loans & Leases

Billions
6023.5
5974.8
5972.9
5994.2
6010.5
5985.2

2003
Mar 12
19
26
Apr 2
9
16

Billions
4250.3
4240.0
4232.0
4241.8
4269.4
4257.2

5050

4850

6100

4650

Bank Credit (left scale) **
5900

4450

5700

4250

5500

4050

Loans and Leases (right scale)
5300

3850
6

20

Mar

3

17

Apr

1

15 29 12 26 10

May

Jun

24

7

Jul

21

Aug

4

18

Sep

2002

2

16 30 13 27 11

Oct

Nov

25

Dec

8

22

Jan

5

19

Feb

5

19

Mar

2

16 30 14 28

Apr

May

2003

Current data appear in the Federal Reserve Board’s H.8 release.
* Includes foreign−related institutions
** Includes loans and leases and securities
Prepared by the Federal Reserve Bank of St. Louis

Fix

Commercial Paper of Nonfinancial Companies
Not Seasonally Adjusted
300

Billions of Dollars
2003
Mar 26
Apr
2
9
16
23
30

250

Billions of Dollars

Billions
156.2
151.0
150.9
156.9
153.6
152.5

300

250

200

200

150

150

100

100
6

20

3

17

1

Apr

Mar

15 29 12 26 10 24

May

Jun

7

Jul

21

4

Aug

18

2

16 30 13 27 11 25

Oct

Sep

Nov

Dec

8

22

5

Jan

19

5

Feb

19

2

Apr

Mar

2002

16 30 14 28

May

2003

Current data appear at www.federalreserve.gov/releases/cp/table1.htm.
Fix

Commercial and Industrial Loans
Seasonally Adjusted
1150

Billions of Dollars

Billions of Dollars

All Banks
2003
Mar 12
19
26
Apr
2
9
16

1125

1100

1075

625

Large Banks

Billions
949.0
945.6
944.6
943.8
944.4
946.7

2003
Mar 12
19
26
Apr
2
9
16

Billions
471.8
470.4
469.7
469.1
468.6
469.9

600

575

550

1050

525

Large Banks (right scale) **

1025

500

1000

475

975

450

All Banks (left scale) *

950

425

925

400
6

20

Mar

3

17

Apr

1

15

May

29 12 26 10

Jun

24

7

Jul

21

Aug

4

18

Sep

2002

2

16

Oct

30 13 27 11

Nov

25

Dec

8

22

Jan

5

19

Feb

5

19

Mar

2

16 30 14

Apr

28

May

2003

Current data appear in the Federal Reserve Board’s H.8 release.
* Includes foreign−related institutions.
** Weekly reporting, domestically chartered banks.

Fix

Prepared by the Federal Reserve Bank of St. Louis

Trade−Weighted Exchange Rate Indexes
Averages of Daily Figures
125

March 1973=100
2003
Mar 26
Apr 2
9
16
23
30

120

115

January 1997=100

Major
95.3
94.3
94.9
94.2
93.7
93.1

2003
Mar 26
Apr 2
9
16
23
30

Broad
124.1
123.3
123.6
122.8
122.1
121.5

Broad Index
(right scale)

110

145

140

135

130

105

125

100

120

Major Currency Index
(left scale)

95

115

90

110
6

20

Mar

3

17

Apr

1

15 29 12 26 10 24

May

Jun

Jul

7

21

Aug

2002

4

18

Sep

2

16 30 13 27 11 25

Oct

Nov

Dec

8

22

Jan

5

19

Feb

5

19

Mar

2

16 30 14 28

Apr

May

2003

The major currency index (MCI) comprises 7 currencies. The broad index comprises the MCI plus 19 additional currencies.
Further details may be found at www.federalreserve.gov/releases/h10/summary/.
Prepared by the Federal Reserve Bank of St. Louis