Full text of U.S. Financial Data : May 29, 1997

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Ma^220292JBRARY*

i

THE WEEK'S HIGHLIGHTS:
■ Initial claims for state unemployment insurance totaled 322,000
for the week ending May 24, unchanged from the previous week.
On a four-week moving average basis, initial claims measured
327,500 for the latest week, down 0.8 percent from four weeks
earlier and down 5.6 percent from 52 weeks earlier.

■ Advance new orders for manufactured durable goods totaled
$175.6 billion in April, an increase of 1.4 percent from March.
Through the first four months of 1997, the value of durable goods
orders increased 3.9 percent—a marked departure from the 2.4
percent drop seen over the same period in 1996. New orders are
not adjusted for price changes.

■ The National Association of Realtors reported that sales of existing
single-family homes were at an annual rate of4,060,000 units in
April, a drop of 2.4 percent from the March sales pace and off
4 percent from April 1996. Sales were above the 4-million rate
for 10 of the 12 months in the period ending April 1997.

■ The Conference Board’s index of consumer confidence measured
127.1 percent (1985=100) in May, an increase of 8.6 percentage
points from April and the highest level reported since July 1969,
when the index was reported on a bi-monthly basis.

■ The Federal Reserve’s trade-weighted exchange rate index measured
94.5 percent (1973=100) for the week ending May 28. This was down
2.6 percentage points from the more than seven-and-a-half-year high
of 97.1 reached four weeks earlier (see back page).
_____________________ 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
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 at (314) 621-1824 or internet World Wide Web server at http://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 Dollars

Billions
471.082
470.929
471.853
468.541
473.391
475.314

3 17 1

15 29 12 26 10 24 7 21

May

4 18 2 16 30 13 27 11 25 8 22 5 19 5 19 2 16 30 14 28 11 25

Aug

Jun

Sep

Oct

Apr

1996

May

Jun

1997

The odjusted monetary base is the sum of Federal Reserve deposits and vault cash held by domestic depository
institutions, currency held by the public, ond on odjustment for the effect of changes in reserve requirement
ratios. The monetory bose series was recently revised to include Federal Reserve deposits used to satisfy
clearing balonce contracts. Doto ore computed by this bonk. A detailed description of the odjusted monetory
bose is available from this bank. Recent data ore preliminary.

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

5/22/96

8/14/96 10/23/96 1 1/20/96 12/18/96

1/15/97

2/26/97

10/23/96

4.8

11/20/96
12/18/96

4.8
5.3

4.7
5.5

6.8

1/15/97

4.9

4.8

5.1

2/26/97

5.7

6.0

6.8

7.3

6.8

3/26/97

5.0

5.0

5.3

5.3

4/23/97

4.4

4.2

4.1

3.9

4.4
2.9

3.2

-1.8

5/21/97

5.0

5.0

5.1

5.1

4.5

5.1

3/26/97

2.6


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Federal Reserve Bank of St. Louis

5.1
5.5

Prepared by Federal Reserve Bank of St. Louis

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

Billions of Dollors

Billions of Dollors

Billions

Apr 14
May

5

Billions

1056.9
1071.0
1064.8
1064.4
1060.6
1061.1

Apr 14
Moy

645.8
659.0
651.6
650.4
646.4
647.5

5

Mt (left scale)

TCD (right scole)

I

IS 39 I] 37 10 24 I 32 i

Apr

Moy

Jun

It 3

Aug

It 90 14 31 II 3J 9 3J t 30 3

Sep

Oct

Nov

Dec

17

Feb

Mor

1996

Apr

Moy

Jun

1997

Ml is the sum of currency held by the nonbank public, demand deposits, other checkoble deposits ond travelers
checks. Total checkable deposits is the sum of demand deposits and other checkable deposits at depository
institutions. Current doto appear in the Federal Reserve Board's H.6 releose.

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

Compounded annual rates of change, overage of four weeks ending:
5/20/96

8/19/96 10/21/96 11/18/96 12/16/96

1/20/97

2/17/97

10/21/96

-7.5

11/18/96

-6.6

-8.1

12/16/96

-5.8

-6.3

-0.8

1/20/97

-4.9

-4.9

-0.4

0.1

2/17/97

-4.2

-3.7

0.3

0.9

1.3

3/17/97

-4.4

-4.1

-1.0

-0.8

-1.0

4/21/97

-4.9

-4.8

-2.6

-2.8

-3.4

-1.8
-4.7

-7.8

5/19/97

-4.9

-4.9

-3.0

-3.2

-3.8

-5.0

3/17/97

-7.2


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

Prepored by Federal Reserve Bonk of St. Louis

3

4
Adjusted Reserves
Seasonally Adjusted
Billions of Dollars
Mor 12
Apr

9

Moy

Billions of Dollars

85

Billions
69.224
68.737
68.865
66.691
68.006
68.640

7

75

70

3 17

1

Apr

15 29 12 26 10 24 7 21

Moy

Jun

4 18 2 16 30 13 27 11 25 8 22 5 19 5 19 2 16 30 14 28 11 25

Sep

Aug

Oct

Nov

Dec

Jon

Feb

Mor

1996

Apr

Moy

65

Jun

1997

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

Adjusted Reserves
To the overage of
two maintenance
periods ending:

Compounded annual rotes of chonge, average of two maintenance periods ending:
5/22/96

8/14/96 10/23/96 11/20/96 12/18/96

1/15/97

2/26/97

10/23/96

-10.8

11/20/96

-10.6

-10.1

12/18/96
1/15/97

-6.9
-7.5

-3.8
-5.4

-1.3

2/26/97

-5.6

-3.1

1.0

4.4

-1.9

3/26/97

-8.7

-7.8

-6.7

-5.9

-12.7

-12.7

4/23/97

-9.8

-9.3

-8.9

-8.8

-14.5

-15.0

-27.9

5/21/97

-8.3

-7.4

-6.5

-6.0

-10.3

-9.8

3/26/97

-16.8


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Federal Reserve Bank of St. Louis

4.8
3.3

Prepared by Federal Reserve Bank of St. Louis

Money Multiplier
Averages of Daily Figures
Seasonally Adjusted

Ratio
Compounded annual rates
of change, overage of
the four weeks ending
May 19, 1997, from
the four weeks ending:
Moy 20.
Aug 12.
Nov 18,
Dec 16.
Jon 13.
Feb 24,
Mar 24.

I

Mor 10
Apr

7

Moy

1996
-9.5
1996
-9.7
1996
-8.0
1996
-7.9
1997
-9.3
1997
-9.8
1997 -11.1

5

15 29 13 27 10 24 8 22 5 19 2 16 30 14 28 II 25 9 23 6 20 3 17 3 17 31 14 28 12 26 9 23
Feb Mor
Apr
Moy
Jun
Aug
Sep
Oct
May
Jun
1997

1996
Rotio of M1 to the adjusted monetary base.

Currency Component of M1
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

415-j--------- 1--------^r------- 1--------- rCompounded annual rates
of change, overoge of
the four weeks ending
Moy 19, 1997, from
the four weeks ending:
405 — Moy 20 . 1996
7.
i .. i. 19
tone
7
1996
Aug in
u. v
i a ,
1996
no ..
io
Dec 16. 1996
Jon 20. 1997
Feb 1i 7 , 1997
r eu
/
Mor 17, 1997

Billions of Dollars

Billions
Apr 14
May

Apr

May

Jun

Aug

Sep

Feb

Oct

1996
Current doto appear in the Federal Reserve Board's H.6 release.


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

Mor

402.7
405.6

Apr

5

Moy

Jun

1997
Prepared by Federol Reserve Bank of St. Louis

5

6
Yields on Selected Securities
Averoges of Doily Figures
Percent

Percent

Prime Rate

Corporate
Aoa Bonds

Municipal Bonds

Commercial Paper

5

19

Apr

3

17 31 14 28 12 26

May

Jun

Jul

9 23 6 20 4

Aug

Sep

18

Oct

15 29 13 27 10 24

Nov

Dec

Jan

1996

1997
Mor

7
14
21
28
Apr 4
11
18
25
May 2
9
16
23
30

7 21

7 21

Feb

Mar

4

18 2

Apr

16 30 13 27

May

Jun

1997

30-Day
Commercial
Paper

90-Day
CDs

5.43
5.41
5.50
5.66
5.67
5.62
5.60
5.59
5.60
5.60
5.61
5.62
5.60

5.44
5.46
5.54
5.65
5.70
5.70
5.72
5.71
5.73
5.71
5.70
5.71
5.69

90-Day
Bankers'
Acceptances
5.35
5.35
5.44
5.58
5.60
5.62
5.62
5.63
5.61
5.65
5.63
5.63
5.59

Corporole
Aoa Bonds

Corporate
Baa Bonds

7.47
7.52
7.61
7.63
7.71
7.74
7.73
7.75
7.64
7.56
7.55
7.60
7.69

8.10
8.15
8.22
8.24
8.33
8.36
8.34
8.35
8.26
8.18
8.17
8.22
8.29

Municipal
Bonds ••
5.70
5.75
5.78
5.81
5.88
5.88
5.87
5.87
5.77
5.71
5.67
5.66
NA

Current data ore from the Federal Reserve Board's H.15 release, and ore averages of rotes ovoiloble for the
week ending on Moy 30, 1997

•• Bond Buyer's Average Index of 20 municipal bonds, Thursday data
N.A. - Not Avoiloble


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Federal Reserve Bank of St. Louis

Prepored by Federal Reserve Bonk of St. Louis

Selected Interest Rates
Averages of Daily Figures
Percent

Percent

30-Year
Treasury Securities
..... 7.0

Federal
Funds Rate

Discount Rate
3-Month
Treasury Bill

5 19 3 17 31 14 28 12 26 9 23 6 20 4 18 1

Federal
Funds ••
7
14
21

Apr

28
4
11

May

18
25
2
9
16
23
30 •

5.36
5.19
5.26
5.40
5.86
5.37
5.48
5.48
5.61
5.55
5.49
5.52
5.43

15 29

10 24 7 21

7 21

4 18 2

16 30

3-Month
Treasury
Bill

1 -Year
Treasury
Bill

5-Year
Treasury
Securities

10-Year
Treasury
Securities

30-Year
Treasury
Securities

5.09
5.08
5.17
5.25
5.17
5.14
5.16
5.19
5.15
5.06
5.05
5.10
5.03

5.39
5.40
5.48
5.59
5.65
5.65
5.64
5.66
5.60
5.57
5.53
5.51
5.51

6.42
6.46
6.58
6.66
6.75
6.78
6.78
6.79
6.62
6.57
6.54
6.58
6.65

6.59
6.63
6.73
6.79
6.90
6.92
6.89
6.89
6.76
6.70

6.85
6.89
6.97
7.00
7.10
7.12
7.10
7.10
6.98
6.91
6.90
6.96
7.03

6.68

6.73
6.80

Current dota appear in the Federal Reserve Board's H.15 releose.
• Averages of rotes available
•• Seven-day overages for week ending two days earlier than date 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
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Apr 14

Billions of Dollars

Billions
3895.8
3907.1
3894.1
3892.6
3901.1

M2 (left scale)

Non-Mi M2 (right scale)

Billions
Apr 14
May

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Feb

Oec

Mor

2845.6

5

Apr

2829.7
2832.0
2839.2

Moy

Jun

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

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

5/20/96

8/19/96 10/21/96 11/18/96 12/16/96

10/21/96

4.4
4.8
5.0

5.3

2/17/97
3/17/97
4/21/97

5.1
4.9
5.2

5.6
5.3
5.7

5/19/97

4.8

5.0

3/17/97

4.9

12/16/96
1/20/97

2/17/97

3.8

11/18/96

1/20/97


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

5.5

7.4
7.0

6.5

6.7

6.4

6.1

6.1
6.4

5.7
6.2

5.3
6.0

4.8
5.9

5.5

5.1

4.8

4.3

Prepored by Federol Reserve Bank of St. Louis

Savings and Small Time Deposits
Averages of Doily Figures
Seasonally Adjusted

Billions of Oollors

Billions of Dollars

Small Time
Apr 14
May

5

Billions
945.9
946.8
947.7
948.7
949.7

1375

1335

1295
Small Time (left scale)
1255
Savings
Billions
Apr

Savings Deposits (right scale)

14

May

5

1215

1175
Apr

Moy

Jun

Aug

Sep

Oct

Apr

Sovings deposits and small time deposits ore ot oil depository institutions.

May

Jun

1997

Large Time Deposits and Retail Money Funds
Averages of Daily Figures
Billions of Dollors

seasonally Adjusted

Billions of Dollars

Large Time

Retoil Money

Billions
Apr

650Moy

1997
Apr 14

14
5

519.2
522.6
524.0
521.6
518.1

Moy

5

Billions
570.2
571.8
570.5
561.1
568.6

600
Retail Money

500
Lorge Time
450

1

15 29 13 27 10 24 8 22 5 19
Apr
May
Jun

16 30 14 28 11 25 9 23 6 20 3 17 3 17 31 14 28 12 26 9 23 400
Sep
Oct
Mar
Feb
Apr
Moy

1996
1997
Large time deposits ond retoil money funds are ot oil despository institutions. Lorge time deposits ore those
issued in denominations of $100,000 or more. Retail money funds were originolly colled general purpose
ond broker/deoler money market funds.
Prepored by Federal Reserve Bonk of St. Louis


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Federal Reserve Bank of St. Louis

9

10
Total Borrowings
From Federol Reserve Banks
Averages of Daily Figures

Billions of Dollors

Billions of Dollars

Billions
Apr 23

Moy

7
0.170
0.208

3 17 1 15 29 12 20 10 24 7 21 4 18 2 16 30 13 27 11 28 0 22 5 19 5 19 2 16 30 14 28 11 25
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jon
Feb
Mar
Apr
Moy
Jun
1996
Borrowings include seosonol. odjustment ond extended credit.

1997

Bank Loans and Credit

All Commercial Banks in the United States'^
Seasonally Adjusted

Billions of Dollors

3illions of Dollors

Bonk Credit
Apr

9

May

7

Billions
3888.2
3901.8
3904.1
3935.7
3907.7
3905.4

Bank Credit (left scale)2/

3655

Loans and Leases (right scale)

Loons & Leases
1997
Billions
Apr 9
2855.5
2866.3
2872.4
2896.7
2886.7
May 7
2888.0
V. ■ ■ i ■ ■ ■

3 17 1 15 29 12 26 10 24 7 21
Apr
Moy
Jun
Jul
Aug

1996
Current dato appeor in the Federol Reserve Boord's H.8 release.
1/ Includes foreign-reloted institutions
2/ Includes loans ond leases and securities


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Federal Reserve Bank of St. Louis

t

4 18 2 16 30 13 27 11 25 8 22 5 19 5 19 2 16 30 14 28 11 25
Sep
Oct
Nov
Dec
Jon
Feb
Mor
Apr
Moy
Jun
1997

Prepared by Federal Reserve Bonk o1 St. Louis

Commercial Paper of Nonfinancial Companies
Not Seasonally Adjusted

Billions of Dollars
7
16
23
30
7
14
21

220-

Billions of Dollars

195.598
195.002
195.862
197.695
192.808
193.031

230

Billions
220

210

200

190

180

3

17

1

170

13 29 12 26 10 24 7 21

Commercial and Industrial Loans
Seasonally Adjusted

Billior.s of Dollars

Billions of Dollars

425

All Banks
Miltons
Apr

Moy

All Banks (left scale)1/

9

8057

810.5
810.2
814.2
810.2

405

Large Banks (right scale)^/
385

765-

365

Banks
Apr

9

May

7

Billions
395.5
399.7
399.1
401.6
397.9
398.8

345

325

1996

Current data appear in the Federoi Reserve Board's H.8 release.
1/ Includes foreign -reloted institutions
2/ Weekly reporting, domestically chartered banks


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Federal Reserve Bank of St. Louis

1997

Prepared by Federal Reserve Bonk of St. Louis

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

1973=100

105

100

100-

95

90

85
3 17

1

15 29 12 26 10 24 7 21
1996

4

18 2

16 30 13 27 11 25 8 22 5 19 5 19 2

16 30 14 28 11 25

1997

Current data appear in the Federol Reserve Board's H.10 release. Doto are weighted overages ol 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

Prepored by Federal Reserve Bonk of St. Louis