Full text of U.S. Financial Data : May 9, 1996

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May 9,1996
research library
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Mfteaticial Data

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FEDERAL
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THE WEEK'S HIGHLIGHTS:
✓ Nonfarm payroll employment rose by just 2,000 in April, virtually
no change from March in percentage terms. Through the first four
months of 1996, payroll employment has increased by an average
of166,250 per month, down slightly from the 171,500 average
monthly gain seen over the same period last year.
%/ The index of aggregate weekly hours worked fell at a 6.1 percent
annual rate in April. Aggregate hours rose at a 0.1 percent rate
between October 1995 and April 1996 after rising at a 1.5 percent
pace over the previous six-month period.
Consumer installment debt outstanding increased at a 7.6 percent
annual rate in March, following a 13.6 percent rate of increase
between November 1995 and February 1996. Consumer credit,
which is not adjusted for inflation, has risen 13 percent from a
year earlier.
✓ The nominal value of inventories of merchant wholesalers fell at
a 1.3 percent annual rate in March, the fourth decline in the past
five months.
✓ After increasing at a 6.4 percent annual rate in February, real
disposable personal income (DPI) advanced at a 1.4 percent pace
in March. Real DPI has increased 3.1 percent since March 1995.
All data are seasonally adjusted unless otherwise indicated.
US. 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
 (314) 621-1824 or internet World Wide Web server at http://www.stls.frb.org/fred.
bulletin board at
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

485

Billions
471.5
471.8
475.0
473.1
473.0
471.6

Feb 28
Mor 13

475

465

455
1

15 29 12 26 10 24 7 21
Apr

May

3

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

Jun

Sep

17 31 U 28 13 27 10 24
Feb

Oct

Mar

Apr

Moy

The adjusted monetory base is the sum of reserve accounts of financial institutions at Federol Reserve bonks,
currency in circulation (currency held by the public ond in the voulls of oil depository institutions) and on
adjustment for reserve requirement ratio changes. The major source of the adjusted monetory base is Federol
Reserve credit. Dota are computed by this bonk. A detoiled description of the odjusted monetary base is
available from this bank.
Recent data ore preliminary.

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

5/10/95

8/2/95 10/11/95

11/8/95

12/6/95

1/3/96

2/14/96

10/11/95

1.5

11/8/95

1.2

1.4

12/6/95

1.2

1.3

1/3/96

1.4

1.6

1.3

2.0

2/14/96

1.1

1.1

0.6

0.7

3/13/96

1.3

1.4

1.1

1.4

1.5

4/10/96

1.7

2.0

2.0

2.3

2.7

2.5

5.2

5/8/96

1.2

1.3

1.0

1.2

1.3

0.9

1.8

3/13/96


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Federal Reserve Bank of St. Louis

0.4

0.7
0.9

0.8

Prepared by Federol Reserve Bonk of St. Louis

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

Billions of Dollars

Apr

1

1165-

Billions of Oollors

Billions
1126.8
1128.0
1125.5
1125.1
1125.3

Billions
742.2
743.2
740.2
741.0
740.6
727.1

Mor 25
Apr
1

1112.8

Ml (left scale)

TCD (right scale)

6 20 3

17
Apr

15 29 12 26 10 24
May
Jun

7 21
Aug

4

IB
Sep

Oct

Feb

Mar

15 29 13 27
Apr
May

Ml is the sum of currency held by the nonbonk public, demand deposits, other checkable deposits ond travelers
checks. Total checkable deposits is the sum of demand deposits ond other checkable deposits ot depository
in«t ill llinnv

n________ _ _ J|_ ■ . r
n __

rIII*rm I Hnln nnnsirw !« Ik.

1

.

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

Compounded onnual rates of chonge, overage of four weeks ending:
5/1/95

7/31/95

10/2/95 10/30/95 11/27/95

1/1/96

10/2/95

-3.4

-4.7

11/27/95

-3.3

-4.3

-5.7

1/1/96

-3.6

-4.4

-5.4

1/29/96

-3.7

-4.5

-5.4

-4.3

-5.1

3/4/96

-3.3

-3.8

-4.1

-3.1

-3.2

4/1/96

-2.3

-2.3

-2.1

-0.9

-0.5

1.4

4/29/96

-2.6

-2.7

-2.6

-1.7

-1.5

3/4/96

-2.5

10/30/95

1/29/96

-0.4


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

-4.0

-2.2

Prepared by Federal Reserve Bank of St. Louis

3

4

Adjusted Reserves
Seasonally Adjusted
Billions of Dollars

Billions of Dollors
Billions
97.6
98.0
97.4
99.5
97.0
97.5

no-

-------,02

1

15 29 12 26 10 24 7 21

Apr

May

5

19 2

16 30 13 27 11 25 8 22 6 20 3
Aug

Jun

Sep

17 31 14 28 13 27 10 24 8 22

Apr

Oct

1995

Moy

1996

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

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

tMmiSrtflnonc*

4/26/95

7/19/95

9/27/95 10/25/95 11/22/95 12/20/95

1/17/96

2/28/96

periods ending:
9/27/95

-3.5

10/25/95

-3.1

-2.9

11/22/95

-6.4

-8.4

-14.1

12/20/95

-4.9

-5.8

-7.6

-10.6

1/17/96

-4.3

-4.7

-5.4

-6.8

2/28/96

-3.8

-4.0

-4.2

-4.9

1.9

3/27/96

-2.8

-2.6

-2.2

-2.4

3.6

2.7

3.2

4/24/96

-3.8

-3.9

-4.0

-4.4

0.0

-1.5

-2.3


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Federal Reserve Bank of St. Louis

4.1
0.0

Prepared by Federal Reserve Bonk of St. Louis

Money Multiplier
Averages of Daily Figures
seasonally Adjusted

Ratio
Compounded annual rates
of change, average of
the four weeks ending
April 22. 1996, from
the four weeks ending:
- Apr 24 ,
J u I 31.
-3.9
Oct 23.
1995
-2 . 6
Oec
4 ,
1995
Jon
1 ,
-1.2
Jon 29.
_____
26.
Feb 26! 1996

Feb 12
Mor 11
Apr

8 22 5
Apr

Moy

Jun

Sep

19

1

2.390
2.377
2.382
2.379

8

18

Oct

15 29 13 27
Apr

'995
Ratio of Ml to adjusted monetary base.

2.8

Moy

1996

Currency Component of M1
Averoges of Daily Figures
seasonally Adjusted

Billions of Dollars

Billions of Dollars

Compounded onnuol rates
of change, overoge of
the four weeks ending
April 29. 1996, from
the four weeks ending:
May
1. 1995
3.
Jut
31. 1995
3.
Oct
30. 1995
2.
Nov
27. 1995
2.
Jan
1. 1996
2.
Jan
29. 1996
2.
Mar
4, 1996
4.

Mor 25
Apr
1

Mor

Apr

May

Jun

Jul

Aug

Sep

Billions
375.8
375.9
376.3
375.1
375.8
376.7

Oct

1995
Current doto appear in the Federol Reserve Board's H.6 release.


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Federal Reserve Bank of St. Louis

Prepored by Federol Reserve Bonk of St. Louis

5

360

6

Yields on Selected Securities
Averages of Daily Figures
Percent

Percent

Prime Rate

Corporate
Aaa Bonds

Commercial
Paper

Municipal Bonds

3

17 31 14 28 12 26 9

23

7

21

4

18

13 27 10 24

5

19

15 29 12 26 10 24

1995

1996
Feb

16
23
1
8
15
22
29
Apr
5
12
19
26
Moy
3
10
Mar

1996

30-Doy
Commercial
Paper

90-Day
CDs

90-Day
Bankers'
Acceptances

Corporate
Aaa Bonds

Corporate
Boo Bonds

5.29
5.28
5.30
5.31
5.37
5.44
5.48
5.42
5.42
5.39
5.38
5.40
5.41

5.13
5.14
5.16
5.19
5.31
5.33
5.34
5.34
5.39
5.36
5.34
5.36
5.37

5.05
5.07
5.09
5.11
5.23
5.26
5.26
5.26
5.31
5.28
5.26
5.29
5.30

6.86
7.13
7.20
7.21
7.42
7.41
7.39
7.41
7.60
7.50
7.48
7.65
7.78

7.50
7.77
7.86
7.90
8.10
8.10
8.09
8.12
8.30
8.19
8.16
8.33
8.46

Municipal
Bonds ••

Current dato ore from the Federol Reserve Boord's H.15 release, ond ore overages of rotes ovoiloble for the
week ending on Moy 10, 1996 .
•• Bond Buyer's Average Index of 20 municipol bonds, Thursday doto
N.A. - Not Available


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Federal Reserve Bank of St. Louis

5.33
5.48
5.57
5.59
5.81
5.86
5.90
5.86
6.03
5.94
5.91
6.06
NA

Prepared by Federal Reserve Bonk of St. Louis

Selected Interest Rates
Averoges of Doily Figures
Percent

Percent

7.0

10-Year
Treasury Securities

Federal
Funds Rate

6.0

Discount Rate

3-Month
Treasury Bill

i ■ i m ■ I ''I » i > I » i ■ i • i ■ i ■ . • i

17 31
Mar

14 28 12 26 9
Apr

May

23

Jun

7
Jul

21 4

18

Aug

1

15 29 13 27 10 24
Sep

Oct

Nov

8

22

5

Dec

15 29 12 26 10 24
Jan

Feb

1995

1996
Feb

16
23
1
8
15
22
29
Apr
5
12
19
26
Moy
3
10 •
Mar

Federal
Funds ••
5.09
5.17
5.31
5.57
5.24
5.36
5.22
5.30
5.08
5.24
5.24
5.30
5.22

Mor

Apr

May

1996

3-Month
Treasury
Bill

1-Year
Treasury
Bill

5-Year
Treasury
Securities

10-Year
Treasury
Securities

Long-Term
Treasury
Securities

4.79
4.82
4.87
4.89
4.97
5.00
5.00
5.01
4.97
4.85
4.96
5.00
5.00

4.57
4.78
4.87
4.89
5.13
5.15
5.13
5.18
5.31
5.21
5.21
5.33
5.36

5.20
5.52
5.65
5.71
6.06
6.08
6.08
6.14
6.42
6.32
6.31
6.46
6.58

5.65
5.97
6.06
6.08
6.37
6.36
6.32
6.35
6.60
6.52
6.53
6.74
6.84

6.03
6.35
6.43
6.46
6.72
6.72
6.70
6.74
6.96
6.88
6.88
7.04
7.14

Except for long-term Treasury securities, which ore computed by this Bonk, current doto appear in the Federal
Reserve Boord's H.15 release.
• Averoges of rotes ovoiloble
•• Seven-day averages for week ending two doys earlier than date shown
Prepored by Federol 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
Billions
3721.7
3726.7
3737.0
3740.9
3731.1
3709.1

Mar 25

Billions of Dollars

M2 (left scale)

Non-M1 M2 (right scale)

Non-Mi M2
Billions
2594.9

Mor 25
Apr
1

2611.5
2615.8
2605.8
2596.3
i 1 I 1 i 1 i'

6 20 3

17
Apr

1

15 29 12 26 10 24
Moy

7 21
Aug

Jun

4

18 2
Sep

16 30 13 27 II 25 8 22

5

19 4
Feb

Oct

1995

I
Mor

15 29 13 27
Apr

Moy

1996

M2 is the sum of M1, sovings (including money market deposit occounts), small time deposits ond retail money
funds. Current dolo appear in the Federol Reserve Board's H.6 release.

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

5/1/95

7/31/95

10/2/95 10/30/95 11/27/95

1/1/96

1/29/96

10/2/95

6.6

10/30/95

5.9

4.4

11/27/95

5.6

4.2

2.9

1/1/96

5.5

4.4

3.7

4.4

1/29/96

5.6

4.7

4.4

5.0

5.7

3/4/96

5.6

4.9

4.7

5.3

5.8

6.1

4/1/96

6.0

5.5

5.5

6.1

6.7

7.3

7.6

4/29/96

5.6

5.1

5.0

5.4

5.7

5.9

3/4/96

5.8


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Federal Reserve Bank of St. Louis

Prepared by Federol Reserve Bonk of St. Louis

Savings and Small Time Deposits
Averages of Daily Figures
Billions of Dollars

Seasonally Adjusted

Billions of Dollars

Sovings
1996
Apr

1

1055

Small Time

Billions
1 179.7
1183.7
1 195.9
1 196.9
1 193.6
1 189.1

1996
•------■— Mor 25

Billions
926.4
925.8
925.9
925.0
924.2
923.7

1015

975

Smoll Time (right scale)
935

895

855

Sovings Deposits (left scale)

815

13 27 11 25 8
Aug

Sep

22

5

19 4

18

15 29 13 27

Oct

Apr

1995
Sovings deposits ond small time deposits are at all depository institutions.

May

1996

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

Seasonally Adjusted

Billions of Dollars

Lorge Time
1996
Mor 25

550- A?r

Retail Money

Billions
431.0
431.9
431.4
429.8
433.4
439.4

1996
Mar 25
Apr
*

Billions
489.2
489.7
493.9
487.9
483.5

Retoil Money

Lorge Time

8

22

5

19

4

18

1

15 29

1995
1996
Large time deposits and retail money funds ore at all despository institutions. Lorge time deposits are those
issued m denominations of $100,000 or more. Retail money funds were originally colled general purpose
and broker/dealer money market funds.
Prepared by Federal Reserve Bonk of St. Louis


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Federal Reserve Bank of St. Louis

9

775

10

Total Borrowings
From Federal Reserve Banks
Averages of Daily Figures

Billions of Dollars

Billions of Dollars

Billions

Apr

3

May

1

0.053
0.028
0.215
0.085

0.100

-+■------

0.4-

1

15 29 12 26 10 24 7 21
Apr
Moy
Jun

5

19 2

16 30 13 27 11 25 8 22 6 20 3
Aug
Sep
Oct

17 31 14 28 13 27 10 24 8 22
Feb
Mar
Apr
May

1995
Borrowings include seosonol. adjustment and extended credit.

1996

Bank Loans and Credit

All Commercial Bonks in the United States'^
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Bank Credit
Mor 20

Billions
3632.6
3641.0
3632.0
3645.7
3647.6
3649.3

Bank Credit (left scole)2/

Loans and Leases (right scale)

Loans&Leases
Mor 20
Apr

2654.9
2658.2

3
2669.*
2672.0
2671.6

1

15 29 12 26 10 24 7 21
Apr
May
Jun

5

19 2

16 30 13 27 11 25 8 22 6 20 3 17 31 14 28 13 27 10 24 8 22
Sep
Oct

1995
Current dato oppeor in the Federol Reserve Boord's H.8 releose.
1/ Includes foreign-related institutions
2/ Includes loans and leases and securities


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

1996

Prepored by Federal Reserve Bonk of St. Louis

Commercial Paper of Nonfinancial Companies
Not Seasonally Adjusted

Billions of Dollors

Apr

3

Moy

1

Billions of Dollars

220

Billions
193.575
194.159
194.739
203.140
207.071
209.187
200

180

160
10 24

8

22

Commercial and Industrial Loans
Seasonally Adjusted

3illions of Dollors

Billions of Dollors

All Banks
726.7
Apr
720....

3

All Banks (left scale)'/

731.2
731.3
730.9

—
Large Bonks (right scale)^/

Lorge Bonks
1996
BiHipna
Mor 20
352.8
27
354.6

. 340

354.9
355.4
356.0

1995

1996

Current doto appear in the Federal Reserve Boord's H.8 release.
1/ Includes foreign-related institutions
2/ Weekly reporting, domestically chartered bonks


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Federal Reserve Bank of St. Louis

11

Prepared by Federal Reserve Bank of St. Louis

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

1973=100

110

100

90

80

70
I

15 29 1 2 26 10 24 7 21

5

19 2

1995

16 30 13 27 11 25 6 22 6 20 3

17 31 14 26 13 27 10 24

1996

Current dota appear in the Federal Reserve Boord's H.10 release. Doto are weighted overages 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 Bank of St. Louis