View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

T

FEDERAL
A RESERVE
X HANK of
ST.HHIS

THEWfWfy HIGHLIGHTS:
■ Productivity in the nonfarm business sector grew at a robust 4.3
percent annual rate in the third quarter—the biggest rise in nearly five
years. Unit labor costs, on the other hand, fell 0.4 percent at an annual
rate. Measured from four quarters earlier, nonfarm productivity has
increased 2.5 percent, while unit labor costs have risen 1.3 percent.
■ Nonfarm payroll employment rose 284,000 in October, a modest
uptick from the 269,000 gain posted in September. Year-to-date,
monthly employment gains have averaged 238,600; in contrast,
monthly gains averaged just under 211,600 in 1996. The civilian
unemployment rate measured 4.7 percent in October.
■ Consumer installment debt outstanding rose $2 billion in September,
or 0.2percent. After rising at a 2.9 percent rate in the second quarter,
consumer debt rose at a 4.1 percent annual rate in the third quarter.
■ The yield on inflation-indexed 10-year U.S. Treasury securities
averaged 3.56 percent for the week ending Nov. 7. At the same
time, the yield on similar maturity non-indexed securities averaged
5.97 percent. The difference, which some use as a measure of the
long-term expected inflation rate, was 2.41 percent.
■ The U.S. dollar’s trade-weighted exchange rate index averaged
95.6 percent (1973 = 100) for the week ending Nov. 12. This level
was down 5.1 percent from its recent high of 100.7 for the week ending
Aug. 6, but up 10.3 percent from 52 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
St. Louis. For more information on data, please call (314) 444-8590. To be added to the mailing
list, please call (314) 444-8808 or (314) 444-8809.
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 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
482.982
483.229
482.762
485.048
486.249
488.889

Aug 27
Sep 10

Nov

4

5

18 2
Sep

16 30 13 27 11 25 8 22 5

19 5
Feb

Oct

19 2
Mar

16 30 14 28 11 25 9 23 6 20 3
Apr

May

17
Sep

Jun

15 29 12 26
Oct

The adjusted monetary base is the sum of Federal Reserve deposits and vault cosh held by domestic depository
institutions, currency held by the public, ond an adjustment for the effect of changes in reserve requirement
ratios. The monetary base series wos recently revised to include Federal Reserve deposits used to satisfy
clearing balance contracts. Dota are computed by this bank. A detailed 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 averoge of
two maintenance
periods ending:

11/6/96

1/29/97

4/9/97

5/7/97

6/4/97

7/2/97

7/30/97

4/9/97

5.1

5/7/97

4.1

2.1

6/4/97

5.8

5.2

7.5

7/2/97

4.8

3.8

4.1

6.9

7/30/97

5.1

4.4

5.0

7.1

2.5

9/10/97

5.5

5.1

5.9

7.6

5.1

8.2

10/8/97

5.2

4.8

5.3

6.6

4.4

6.4

6.0

11/5/97

5.6

5.3

6.0

7.1

5.5

7.3

7.2

9/10/97


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

6.2

Prepared by Federol Reserve Bonk of St. Louis

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

Billions of Dollors

1140-

Billions
1061.9
1067.5
1051.2
1056.3
1054.1
1075.3

Sep 29
Oct
6

Nov

Billions of Dollars

3

Sep 29

Nov

3

Billions
637.4
642.5
625.6
629.9
627.1
647.8

---- j—

1110-

MI (left scale)
1080-

1050-

-660

TCD (right scale)

14 28 II 25 9
Sep

23 6

20

15 29 13 27 10 24

Oct

Feb

Mor

Apr

May

1996

Jun

Sep

Oct

1997

Ml is the sum of currency held by the nonbank public, demond deposits, other checkable deposits ond travelers
checks. Total checkable deposits is the sum of demond deposits ond other checkable deposits at depository
institutions. Current doto oppeor in the Federol Reserve Boord's H.6 release.

Money Stock (M1)
Compounded annuol rotes of change, average of four weeks ending:
To the average
of four weeks
ending:

11/4/96

2/3/97

3/31/97

5/5/97

6/2/97

-5.2
-4.4

-1.5

8/4/97

-2.2

-3.5

-3.1

-0.7

-0.9

9/1/97

-1.2

-1.9

-0.9

1.6

2.2

10/6/97

-2.1

-3.0

-2.5

-1.0

11/3/97

-2.0

-2.8

-2.3

-1.0


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

-1.1

4.4

-0.8

w;

-4.5

1

-2.6

f-V

-4.9

6/30/97

9/1/97

-6.3

-2.6

0

-3.0

6/2/97

8/4/97

-1.5

5/5/97

i

3/31/97

6/30/97

-1.2

-5.6

Prepored by Federal Reserve Bank of St. Louis

3

4
Adjusted Reserves
Seasonally Adjusted
Billions of Dollars

Billions of Dollors
Billions

Aug 27
Sep 10

Nov

5

Sep

69.091
68.857
67.184
67.893
67.548
68.944

Feb

Oct

Mor

May

Jun

Aug

Sep

Oct

Adjusted reserves is the difference between the adjusted monetary base ond the currency component of Ml.
The odjusted monetary base series wos recently revised: See the footnote to the monetary base chart for o
description of the change.

Adjusted Reserves
Compounded onnual rotes of change, averoge of two maintenance periods ending:
To the average of
two maintenance
periods ending:

11/6/96

1/29/97

4/9/97

5/7/97

6/4/97

7/2/97

7/30/97

4/9/97

-5.9

5/7/97

-9.1

6/4/97

-2.3

-4.7

8.5

7/2/97

-6.5

-10.5

-7.4

2.6

7/30/97

-4.8

-7.6

-3.3

5.1

-13.8

9/10/97

-2.9

-4.4

0.3

6.9

-4.1

10.4

10/B/97

-4.8

-6.8

-3.9

0.5

-8.9

-0.7

-4.8

11/5/97

-3.5

-4.9

-1.6

2.5

-5.0

2.5

0.4

9/10/97


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

-17.2

-6.7

Prepared by Federal Reserve Bank of St. Louis

F

Money Multiplier
Averoges of Doily Figures
3.0

2.0

_

-

2.6-

Nov
Jon
May
Jun
Jun
J u 1
Sep

4.
27,
5,
2.
30,
28 ,
8 .

1996
1997
1997
1997
1997
1997
1997

-7
-7
-7
-6
-7
-7
- 1 1

3.0

1

Compounded annual rotes
of change, average of
the four weeks ending
November 3, 1997, from
the four weeks ending:

1997
Aug 25
Sep 8
22
Oct
6
20
Nov 3

2
5
6
1
4
3
4

Rotio
2.212
2.216
2.186
2.195
2.167
2.178

2.B

2.6

2.4

----

~

........

2.2'

2.4

2.2

2.0 - Tf* ■

—i ■■■

Sep

Oct

*i i i

i-

i ■ i ■ i" i i i I"'1 1 i

1

i

• r 1 Mill

9 23 7
Nov

Dec

Jon

Feb

Mor

Apr

May

1996
Ratio of M1 to the adjusted monetary base.

Jun

21

4

Jul

18
Aug

»

» i » i

1 •

15 29 13 27 10 24

Sep

Oct

2.0

Nov

1997

Currency Component of M1
Averages of Daily Figures
seasonally Adjusted

Billions of Dollars

Billions of Dollars

425

Compounded annual rates
of change, average of
the four weeks ending
November 3, 1997, from
the four weeks ending:
Nov
Feb
Moy
Jun
Jun
Aug
Sep

4.
3,
5,
2,
30 .
4 .
1 .

1996
1997
1997
1997
1 997
1 99 7
1 997

7.
7.
7.
7.
7.
8.
8.

Sep 29

Billions
416.5

395

418.8
Nov

3

385
Feb

Mar

Sep

1996
Current data oppear in the Federal Reserve Boord's H.6 release.


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

Oct

1997
Prepared by Federol Reserve Bank of St. Louis

5

Yields on Selected Securities
Averages of Daily Figures
Percent

Percent

Prime Rote

Corporate
Aoo Bonds

Municipal Bonds

Commercial Paper

6

20

4

18

15 29 13 27 10 24

7

21

7

21

4

18

2

1996

1997
Aug 22
29
Sep
5
12
19
26
Oct
3
10
17
24
31
Nov
7
14

16 30 13 27 11 25

8

22

3

17 31

14 28

1997

30-Day
Commercial
Paper

90-Day
CDs

90-Day
Bankers’
Acceptances

Corporate
Aaa Bonds

Corporate
Baa Bonds

5.47
5.48
5.49
5.48
5.49
5.49
5.49
5.47
5.48
5.49
5.51
5.51
5.53

5.58
5.60
5.60
5.60
5.59
5.59
5.64
5.60
5.65
5.69
5.67
5.68
5.74

5.52
5.53
5.53
5.58
5.53
5.52
5.54
5.55
5.58
5.58
5.58
5.57
5.70

7.22
7.28
7.25
7.28
7.09
7.02
7.01
7.00
7.05
7.05
6.93
6.93
6.91

7.85
7.82
7.79
7.81
7.67
7.63
7.61
7.60
7.64
7.57
7.49
7.47
7.46

Municipal
Bonds ••
5.43
5.45
5.42
5.44
5.33
5.36
5.34
5.38
5.42
5.42
5.35
5.38
N.A.

Current data ore from the Federal Reserve Boord's H.15 release, and ore overages of rotes available for the week
ending on November 14, 1997 . Beginning September 2, 1997, the commercial poper rote reflects new source doto,
which is currently ovoiloble only bock to the first of the year.
•• Bond Buyer's Averoge Index of 20 municipal bonds, Thursday doto


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

Prepared by Federal Reserve Bank of St. Louis

Selected Interest Rates
Averages of Daily Figures
Percent

Percent

30-Year
Treasury Securities
7.0-

>

- 7.0

-

Federal
Funds Rate

Discount Rote
3-Month
Treasury Bill

6

20

4

Sep

18

3

17 31

14 28

Oct

1997
Aug 22
29
Sep
5
12
19
26
Oct
3
10
17
24
31
Nov
7
14 *

Federal
Funds ••
5.59
5.56
5.64
5.48
5.58
5.45
5.58
5.46
5.45
5.54
5.50
5.60
5.50

3-Month
Treasury
Bill

1 - Year
Treasury
Bill

5-Year
Treasury
Securities

10-Year
Treasury
Securities

30-Year
Treasury
Securities

5.12
5.13
5.03
5.00
4.97
4.85
4.92
4.95
4.94
4.97
5.04
5.14
5.19

5.24
5.29
5.28
5.29
5.19
5.18
5.16
5.16
5.23
5.23
5.07
5.15
5.16

6.12
6.22
6.22
6.23
6.04
6.00
5.94
5.93
6.01
6.02
5.78
5.81
5.82

6.27
6.36
6.34
6.34
6.14
6.08
6.06
6.04
6.11
6.09
5.90
5.92
5.90

6.57
6.63
6.61
6.64
6.43
6.36
6.35
6.34
6.40
6.38
6.22
6.20
6.14

Current dato appeor in the Federol Reserve Board’s H.15 releose.
• Averages of rotes available
•• Seven-day averoges for week ending two days earlier than dote shown


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

Prepared by Federal Reserve Bank of St. Louis

7

6.0

8
Money Stock(M2) and Non-M1 Components of M2
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Sep 29
Oct
6

Nov

3

Billions of Dollars

Billions
3967.8
3976.2
3968.0
3981.5
3977.4
3993.1

M2 (left scale)
3900-

Non-M1 M2 (right scale)

Non-Mi M2
Billions
Sep 29
2905.9
Oct
6
2908.7
2916.8
2925.2
2923.3
Nov 3
2917.8

2

16 30 14 28 11 25 9 23 6 20 3
Sep

17 3
Feb

Oct

17 31 14 28 12 26 9 23
Mar

Apr

May

7 21 4

18

15 29 13 27 10 24
Sep

Jun

-2700

Oct

M2 is the sum of Ml, 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 rotes of change, overoge of four weeks ending:
To the overoge
of four weeks
ending:

11/4/96

2/3/97

3/31/97

5/5/97

6/2/97

6/30/97

8/4/97

3/31/97

5.4

5/5/97

5.4

4.8

6/2/97

4.6

3.5

2.7

6/30/97

4.5

3.5

3.0

1.5

8/4/97

4.5

3.6

3.4

2.5

9/1/97

5.1

4.7

4.8

4.6

6.3

10/6/97

5.3

4.9

5.1

5.0

6.4

7.1

8.8

11/3/97

5.2

4.9

5.1

5.0

6.0

6.6

7.5

9/1/97


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

4.0
7.5

5.7

Prepared by Federal Reserve Bonk of St. Louis

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

Seasonally Adjusted

Billions of Dollars

1050

1420

Small Time
1997
Sep 29
Oct
6
13
20
27
3
Nov

1010

Billions
964.6
965.3
966.0
966.5
967.7
967.6

1380

Savings Deposits (right scole)
1340

Small Time (left

1300

Savings
1997
Sep 29
Oct
6
13
20
27
Nov
3

890

16 30 H 28 11 25 9
Nov

23 6

Dec

20

3

Jon

17 3
Feb

17 31 M 28 12 26
Mar

Apr

9

23

Billions
1362.2
1366.0
1370.7
1375.7
1371.7
1364.9

15 29 13 27 10 24

May

Sep

Ocl

Nov

1996
1997
Savings deposits and smoll time deposits ore ot oil depository institutions.

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

seasonally Adjusted

Billions of Dollars

Large Time
1997
lillions
Sep 29
570.0
573.2
700577.6
574.1
578.5
583.8
Nov 3

Retail Money
1997
Sep 29
579.1
Oct
6
577.4
580.0
583.9
585.3

Large Time

2

16 30 14 28 11 25 9 23 6 20 3

17 3 17 31 14 28 12 26 9 23 7
Feb
Mor
Apr
Moy

21

4

18

15 29 13 27

1996
1997
Large time deposits ond retail money funds are ot 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 Federal Reserve Bonk of St. Louis


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

9

1260

1220

10
Total Borrowings
From Federol Reserve Bonks
Averoges of Doily Figures

Billions of Dollors

Billions of Dollors

Billions
0.366
0.240
0.242

0.200
Nov

4

5

0.275
0.114

18 2 16 30 13 27 11 25 8 22 5 19 5 19 2 16 30 14 28 11 25
Sep
Oct
Feb
Mar
Apr
Moy

1996
Borrowings include seasonal, adjustment ond extended credit.

23 6 20 3 17 1 15 29 12 26
Aug
Sep
Oct

1997

Bank Loans and Credit
All Commercial Banks in the United States1^
Seasonally Adjusted

Billions of Dollors
Bank Credit
Billions
Sep 24
3978.7
3973.1
3989.2
3986.7
4004.8
4012.5

Billions of Dollors

Bank Credit (left scale)2/

Loans

Sc Leases
Billions
2945.7
2946.1
2959.2
2969.4
2969.3
2967.4

Sep 24

Loans and Leases (right scale)

4

18 2

16 30 13 27 11 25 8 22 5

19 5

19 2 16 30 14 28 11 25 9 23 6 20 3
Apr

1996
Current data appear in the Federol Reserve Board's H.8 release.
1/ Includes foreign-related institutions
2/ Includes loons ond leases ond securities


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

Moy

17
Sep

1

15 29 12 26Oct

1997

Prepared by Federal Reserve 8onk of St. Louis

Commercial Paper of Nonfinancial Companies
Not Seasonally Adjusted
Billions of Dollars

Billions o< Dollars

Billions
Ocl

1

Nov

5

-

200

15 29 12 26
1996
Note: Beginning September 2, 1997, the value of commercial paper outstanding uses new source data. See the
Federal Reserve Board's H. 15 release for more information.

Commercial and Industrial Loans
Billions of Dollars

Seasonally Adjusted
Billions of Dollars

All Bonks
850-

Sep 24
Oct
1

Billions
837.1
838.0
842.5
844.1
841.2
838.2

All Bonks

810Large Bonks (right scole)^/

Sep 24
770-

1996

- 400

- 380

1997

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


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

Bonks
Billions
431.1
432.3
433.8
435.5
434.6
inn

11

Prepared by Federal Reserve Bonk of St. Louis

Dollar s Trade - Weighted Exchange Index
Averages of Daily Figures
1=100

1973=100
1973=100

100-

Nov

5

2

-

16 30 13 27 11 25

22 5

19 5

19 2

16 30 14 28 11 25 9 23

15 29 12 26

Current data appear in the Federal Reserve Boord's H.10 release. Data are weighted averages of the foreign-currency
price of the U.S. dollar, computed using 10 industrial country currencies.


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

j

os
<1
as
CD

•4

fr

Prepared by Federol Reserve Bonk of St. Louis

100


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102