Full text of U.S. Financial Data : May 9, 1991

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RE

FederufT-o v 3 Bank
—of SL Louis

U.Srfinancial Data
HAY 1 3 1991,

May 9, 1991

THE WEEK’S HIGHLIGHTS:
✓

The civilian unemployment rate in April was 6.6 percent, down
slightly from the 6.8 percent rate in March, but well above the 5.3
percent rate in June of last year.

✓

Nonfarm payroll employment declined at a 1.4 percent annual rate
in April, after falling at rates of 3.1 percent and 2.6 percent, re­
spectively, in February and March. Since June 1990, there has
been a cumulative loss of1,667,000jobs.

✓

Consumer credit fell at a 1.5 percent annual rate in March, follow­
ing a revised 0.3 percent rate of decline in February. Since Decem­
ber, credit has fallen at a 1.8 percent annual rate.

✓

Business sector output per hour of all persons rose in the first
quarter at a 0.7percent annual rate, after declining at a rate of 1.1
percent in the previous quarter. Since the first quarter of1990, this
measure ofproductivity has risen at a 0.3 percent annual rate.


Views
expressed do not necessarily reflect official positions of the Federal Reserve System.
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Federal Reserve Bank of St. Louis

2

Adjusted Monetary Base
Averages ot uany figures
Seasonally Adjusted

Billions of Dollars

1991

7

Billions of Dollars

Billions

Mar

6

Apr

3

May

1

332.0
336.7
333.0

30 13 27 11 25
21 4 18 2
Jul
Mar
Apr
May
Jun

8 22
Aug

5

19 3 17 31 H 28 12 26
Nov
Dec
Sep
Oct

9 23
Jan

6

20
Feb

20 3 17 1 15 29
Mar
Apr
May

1990
Latest data plotted reserve maintenance period ending: May 1, 1991
The adjusted monetary base is the sum of reserve accounts of financial institutions at Federal Reserve banks,
_
_
_
_
_
_
_i..
+
k,, ♦the
k mikl!/*
/iiiIto of nil
csriti itinn« 1 nnil
currencyTn
circulation
(currency k«l.4
held by
public smA
and in +ho
the w
vaults
all depository in
institutions}
and nn
an
----------nn+fn,
changes. The
major source of the adjusted monetary base is Federal
adjustrnent tfor
reserve requirement
ratio.
lis banK. A detailed description of the adjusted monetary base is
Reserve credit. Data are computed by this
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
5/2/9o
7/25/90 10/3/90 10/31/90 11/28/90 12/26/90 2/6/91
3/6/91
two maintenance
periods ending:
10/3/90
10/31/90
11/28/90
12/26/90
2/6/91
3/6/91
4/3/91
5/1/91

9.5
8.6
8.6
8.4
10.9
10.7
10.5
9.2


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Federal Reserve Bank of St. Louis

11.0
10.3
9.7
13.0
12.5
12.1
10.2

5.9
6.3
12.5
11.8
11.4
9.0

7.6
15.1
13.6
12.9
9.8

18.1
15.3
13.9
10.2

18.7
16.0
10.9

Prepared by Federal Reserve Bank of St. Louis

Money Stock (M1) and Total Checkable Deposits
Billions of Dollars

uany ngures
Seasonally Adjusted

Averages ot

Billions of Dollars

- - - - 595
1881

Billion?

Mar 25
Apr 1

851.8
841.9
844.2
840.3

M1 (left scale)

TCD

TCD (right scale)

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Feb

1991

Billions

Mar 25
Apr 1
8
15
22
29

579.3
585.8
578.0
579.9
576.6
574.6

Mar

Apr

May

1990
Latest data plotted week ending: April 29, 1991
Current data appear in the Federal Reserve Board's H.6 release.
M1 is the sum of currency held by the nonbank public, demand deposits, other checkable deposits and travelers
cnecks.
Total checkable deposits is the sum of demand deposits and other checkable deposits at depository institutions.

Money Stock (Ml)
Compounded annual rates of change, average of four weeks ending:
To the average 4/30/90 7/30/90 10/1/90 10/29/90 11/26/90 12/31/90 1/28/91
3/4/91
of four weeks
ending:
10/1/90
10/29/90
11/26/90
12/31/90
1/28/91
3/4/91
4/1/91
4/29/91

4.2
3.3
3.4
3.3
3.0
4.3
4.8
4.2


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Federal Reserve Bank of St. Louis

5.3
5.0
4.5
3.8
5.6
6.2
5.2

1.1
1.8
1.4
4.4
5.4
4.2

3.4
2.4
5.8
6.7
5.2

1.6
6.3
7.3
5.4

B.2
9.1
6.1

Prepared by Federal Reserve Bank of St. Louis

3

4

Money Stock (M2) and Non-M1 Components of M2
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

M2
1991

Billions

Mar 25 3385.5
Apr 1 3382.7
8 3388.2.
15 3390.9
22 3386.6
29 3377.9

M2 (left scale)

Non-M1 M2
Non-M1 M2 (right scale)

1991

Billions

Mar 25 2541.3
Apr 1 2530.9
8 2546.3
15 2546.7
22 2545.3
29 2537.6

5

19

2

16 30 H 28 11 25
Apr
May
Jun

9

23

6

20 3 17 1 15 29 12 26 10 24
Aug
Sep
Oct
Nov
Dec

7

21

4

18 4 18 1 15 29 13 27
Feb Mar
Apr
May

Latest data plotted week ending: April 29, 1991
Current data appear in the Federal Reserve Board's H.6 release.
M2 is the sum of M1, overnight RPs issued by all commercial banks, overnight Eurodollars issued to U.S. residents
by foreign branches of U.S. banks, money market deposit accounts, savings and small time deposits, and general
purpose and broker/dealer money market mutual funds. For more detail, see the H.6 release.

Money Stock (M2)
Compounded annual rates of change, average of four weeks ending:
To the average 4/30/90 7/30/90 10/1 /90 10/29/90 11/26/90 12/31/90 1/28/91
3/4/91
of four weeks
ending:
10/1/90
10/29/90
11/26/90
12/31/90
1/28/91
3/4/91
4/1/91
4/29/91

3.0
2.7
2.4
2.3
2.1
2.9
3.3
3.2


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Federal Reserve Bank of St. Louis

3.8
2.9
2.7
2.3
3.4
3.9
3.7

0.8
1.2
1.0
2.8
3.6
3.4

1.1
0.8
3.1
3.9
3.7

1.1
3.9
4.8
4.3

5.2
6.0
5.1

8.6
6.6

5.1

Prepared by Federal Reserve Bank of St. Louis

Money Multiplier1/
Averages of Daily Figures
Seasonally Adjusted

T

Ratio

r—

I

Compounded annual
rates of change,
average of the four
weeks ending
April 29, 1991
from
the four weeks ending:
■

Apr
Jul
Oc
Nov
Dec
Fet
Mar

S 11

30, 1990 -4.5
23. 1990 -4.7
29,
990 - f. 1
26. 990 - f.2
24,
990 - V. 1
4, 991
2.8
4, 991
2.9

2

1991

1

1

1

1

1

1

H 28 II 25 8 23

6 20 3 1? I

May

Aug

Jun

Ratio

Feb 18
Mar 4
18
Apr 1
15

-j

'

16

Mar Apr

I—

Jul

1990

15 2! II 20

Sep

Oct

Nov

11 24 7 21 8 18 4
Dec

Jan

Feb

18

2.514
2.521
2.495
2.547
2.528

' I ' I
1 ' 15I 2!T 13 27

Mar

Apr

1991

p

Mav

’

Latest data plotted two weeks ending: April 29, 1991

Currency Component of M12/
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

270

2(0

250

Billions of Dollars

—
1
1
Compounded annu al
rates of change,
average of the fou
weeks ending
April 29, 1991
fr
the four weeks enc ing:
Apr 30, 1990 1 .4
Jul 30, 1990 1 2.0
Oct 29, 1990 1(3.7
Nov 26, 1990 1 .6
Dec 31.
990 1v5. 1
Jar 28,
991
3.7
Ma
4,
991
2.8

270

260

250

240

240

230

220

~'

Mar

i

■

Apr

•'

May

i 1 i

i 1 i

Jun

Jul

'

T

1 '

Aug

T

i 1

■

Sep

1 991

Biiliims

Mar 2 5

256 .9

8
15
22
29

255.9
256.2
256.6
257.6

- 230

1

220
Oct

Nov

1990

Dec

Jan

Feb

Mar

Apr

May

1991

Latest data plotted week ending: April 29, 1991
1/ Ratio of M1 to adjusted monetary base
2/ Current data appear in the Federal Reserve Board's H.6 release.


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

5

6

Yields on Selected Securities
Percent

Percent

Averages of Daily Figures

Prime Bank
Loan Rate

-CorporateAaa Bonds

Municipal Bonds

2

20 3 17 31 14 28
Jul
Aug
Sep
1990

16 30 13 27
Mar
Apr

18

1

IS
1991

Latest data plotted are averages of rates available for the week ending: May 10, 1991

1991

90-Day
CDs

30—Day
Commercial
Paper

90-Day
Bankers'
Acceptances

6.44
6.54
6.71
6.70
6.35
6.35
6.31
6.18
6.00
6.00
6.08
5.91
5.90

6.47
6.51
6.71
6.75
6.38
6.35
6.36
6.25
5.99
6.03
6.07
5.93
5.92

6.30
6.38
6.52
6.42
6.14
6.19
6.14
6.02
5.88
5.89
5.92
5.75
5.75

Feb

15
22
1
8
15
22
29
Apr
5
12
19
26
May
3
10 *
Mar

Corporate
Aaa Bonds
8.77
8.81
8.85
8.92
8.91
8.97
8.92
8.86
8.87
8.81
8.89
8.83
8.82

Corporate
Baa Bonds

Municipal
Bonds **

10.00
10.04
10.09
10.11
10.05
10.13
10.06
9.98
9.96
9.93
9.93
9.83
9.83

6.81
6.97
7.01
7.06
7.06
7.13
7.14
7.06
7.02
6.98
7.01
6.95
NA

Current data appear in the Federal Reserve Board's H.15 release.
• Averages of rates available
** Bond Buyer's Average Index of 20 municipal bonds, Thursday data
N.A. — Not Available


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

Selected Interest Rates
Percent

Averages of Daily Figures

5—Year
reasury Securities

Federal
Funds Rate
3-Month
Treasury Bill

Discount Rate

2

16 30 13 27 11 25
Mar
Apr
May

8 22
Jun

6

20 3 17 31 14 28 12 26
Jul
Aug
Sep
Oct
1990

9 23
Nov

15 1 15 29 12 26 10 24
Feb Mar
Apr
May
1991

Latest data plotted are averages of rates available for the week ending: May 10, 1991

1991
Feb

15
22
1
8
15
22
29
Apr
5
12
19
26
May
3
10 *

Federal
Funds **
6.29
6.26
6.31
6.47
6.17
6.10
6.10
6.00
5.90
5.69
5.92
5.92
5.79

3—Month
Treasury
Bill

6—Month
Treasury
Bill ***

1 —Year
Treasury
Bill

5—Year
Treasury
Securities

5.87
5.94
6.04
6.05
5.83
5.87
5.82
5.75
5.59
5.63
5.66
5.51
5.49

5.85
5.91
6.01
6.06
5.91
5.82
5.84
5.79
5.68
5.67
5.79
5.68
5.61

5.84
5.93
6.02
6.09
5.94
6.01
5.94
5.87
5.84
5.87
5.86
5.73
5.77

7.39
7.51
7.65
7.75
7.70
7.85
7.79
7.69
7.69
7.70
7.74
7.64
7.67

Long-Term
Treasury

8.02
8.10
8.23
8.35
8.31
8.43
8.35
8.27
8.27
8.20
8.30
8.23
8.27
curreni aata appear in the Federal Reserve Bpard's H.15 release excluding long-term Treasury securities
which are computed by this bank. Treasury bill yields are on a discount basis.
♦ Averages of rates available
** Seven-day averages for week ending two days earlier than date shown
*** Auction average (discount)
Mar


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

7

8

Savings and Small Time Deposits
All Depository Institutions

Billions of Dollars

Billions of Dollars

1U5

Savings

Small Time (right scale)

1991

Billions

Mar 25
Apr 1
8
15
22
29

421.9.
423.1
425.5
426.9
428.2
429.2

1165
1155
1115
1135

Small Time
1991

Mar 25 1156.2
Apr 1 1152.9
8 1152.4
15 1150.6
22 1148.0
29 1145.8

Savings (left scale)

5

19 2
Mar

16 30 14 28 11 25
Apr

May

Jun

9

23

Jul

6

20 3
Aug

17
Sep

15 29 12 26 10 2*
Nov
Dec

Billions

7

15 29 13 27

21

Apr

1125
1115

May

1991

1990

Total and Large Time Deposits1 /
All uepuauuiy uiaiiiuuinia

Billions of Dollars

Billions of Dollars

Averages of Daily Figures, Seasonally Adjusted

Large Time
1991
Mar 25
Apr 1

Billions
505.5
506.8
506.3
505.1
503.2

Total Time (left scale)

Total Time
1991

Billions

— Mar 25 2086.9
Apr 1 2081.5
8 2084.7
15 2083.8
22 2081.3
29 2078.2

5

19
Mar

2

Large Time (right scale)

16 30 14 28 11 25
Apr

May

Jun

9 23
Jul

6

20
Aug

3

17
Sep

15 29 12 26 10 24 7

15 29 13 27

21
Feb

Mar

Apr

May

Latest data plotted week ending: April 29, 1991
1 / Total time is the sum of savings deposits, and small and large time deposits; where large time deposits are
those issued in denominations of *100,000 or more.
Prepored by Federal Reserve Bank of St. Louis


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Federal Reserve Bank of St. Louis

Money Market Funds
General Purpose and Broker/Dealer
Averages of Daily Figures, Seasonally Adjusted

Billions of Dollars

Billions of Dollars

380

Compounded annual
rates of change
average of the four
weeks ending
April 29, 1991
from
the four weeks ending
Apr
Jul
Oct
Nov
Dec
Jan
Mar

30,
30,
29,
26,
31,
28,
4

1990
1990
1990
1990
1990
1991
1991

Billions

Mar 25
Apr 1
8
15
22
29

s

I!
Mar

i

18 30 H !«

Apr

May

11 25

9 23 6 20

Jun

Jul

Aug

3

17 1
Sep

15 29 12 26 10 21
Oct

Nov

Dec

7

II

Jan

1990

6

18 1

Feb

II

I

Mar

367.1
366.5
367.4
366.9
366.7
366.2

15 29 13 27
Apr

May

1991

Money Market Deposit Accounts
All Depository Institutions
Averages of Daily Figures, Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Compounded annual
rates of change,
average of the four
weeks ending
April 29, 1991
from
the four weeks ending:
Apr 30, 1990 5.4
Jul 30, 1990 6.1
Oct 29, 1990 7.8
Nov 26, 1990 9.3
Dec 31, 1990 12.9
Jan 28. 1991 18.0
Mar 4, 1991 19.3

16 30 14 28
Apr

May

25

9

23

Jul

6

20

15 29 12 26 10 24

Aug

Nov

Dec

1991

Billions

Mar 25
Apr 1

520.3
521.4
523.6
526.9
526.5
528.0

15 29 13 27
Apr

May

Latest data plotted week ending: April 29, 1991


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

9

10

Total Borrowings
From Federal Reserve Banks
Averages of Daily Figures

Billions of Dollars

1991

Billions

Apr

3
10
17
24
May 1
8

7

21

4

Mar

Billions of Dollars

0.250
0.174
0.272
0.214
0.273
0.307

18

2

Apr

IS 30 13 27 11 25
May

Jun

Jul

8

22

5

Aug

19

3

Sep

17 31 14 28 12 28
Oct

Nov

Dec

9 23

6

Jan

20

6

Feb

1990

20

3

Mar

17

1

Apr

15 29
May

1991

Adjustment + Seasonal Borrowings
l-rom federal Reserve Banks
Averages of Daily Figures

Billions of Dollars

1991
Apr

7

Billions
3

0.198

10

0.102

17
24
May 1
8

0.193
0.124
0.158
0.184

21

Mar

4

Billions of Dollars

18
Apr

2

16 30 13 27 11 25
May

Jun

Jul

8

22

5

Aug

1990

19
Sep

3

17 31 14 28 12 26
Oct

Nov

Dec

9 23
Jan

6

20
Feb

6

20
Mar

3

17
Apr

1

15 29
May

1991

Latest data plotted week ending: May 8, 1991


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

Commercial Paper of Nonfinancial Companies
BillPons of Dollars

1991

Billions of Dollars

Not Seasonally Adjusted
Billions

Mar 27
Apr 3 149.318
150.154
154.020

_ May

151.772
1 153.166

7 21 4 18 2 16 JO 13 27 11 25 I 22 5 1! 3 17 31 11 21 1! 2!
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
1990

! 2]
Jan

6

20
Feb

Mar
1991

Apr

May

Latest data plotted week ending: May 1, 1991

Commercial and Industrial Loans'7
q*ii.

.
Billions of Dollors

Weekly Reporting Large Commercial Banks2/
'
H Seasonally Adjusted

Billions of Dollars

—i—r—

351

345
331

-------------1------------

Compounded anni al
rates of change,
average of the fou r
weeks ending
April 24. 1991 fro n
the four weeks en ding:
Apr 25, 1990 Jul 25. 1990 - 4.5
Oct 24, 1990 - 5.7
Nov 21. 1990 -6.5

199
Mar
Apr

362

glutens
0
7
3
0

319.721
318.328
319.157
314.865

4 314 592

354
346
338

Ja n 23! 1991 - 5.3
Fe > 27. 1991 -5.5

330

330

322

322

314

314

305

rrrTTP T~T ’ V ' T 1 i 1 i ‘■i'll i ' i i1 T ' r»

7 21 4 U 2 IS 30 13 27 II 25 8 2!
Mar Apr
May
Jun
Jul
Aug
1990

5

' i »

l-»t t

I1

■i'H i

1! 3 17 31 14 21 I! 28
Sep
Oct
Nov
Dec

i ■ i

i > i

! 23 6 28
Jan
Feb

I » T » T'' '1 '

6

20 3 17 1 15 2!
Mar
Apr
May
1991

Latest data plotted week ending: April 24,1991
1/ Commercial and industrial loans include banker’s acceptances and commercial paper.
2/ Banks with domestic assets greater than $1.4 billion
_
.. _ .
Prepared by Federal Reserve Bank of St. Louis


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Federal Reserve Bank of St. Louis

11

306

Dollar’s Trade-Weighted Exchange Index
1973=100

1973=100

Averages of Daily Figures

1911 I 973=1 QQ

7 21 4 II 2
Mar

Apr

16 30 13 27 II 23
May

Jul

22 5
Aug

11

Apr

3

May

1

17 31 14 21 12 26 9 23 6 20 6 20

Sep

1990

Feb

Mar

1991

Latest data plotted week ending: May 8. 1991
Current data appear in the Federal Reserve Board's H.10 release.
Data 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 Bank of St. Louis

x-*.

j>
-<