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Federa^reserve Bank
of St. Louis

NOVI 9 1990

U.S. Financial Data
November 15, 1990

THE WEEK'S HIGHEIGHTS:
is

Industrial production fell at a 9.3 percent annual rate in October,
putting the index below its June level. This follows a 1.1 percent
rate of increase in September.

^

The capacity utilization rate was 82.6 percent in October, down from
83.5 percent in both August and September.

ts

The producer price index (PPI) rose at a 13.7 percent annual rate
in October, compared with a 20.9 percent rate of increase in
September and a 16.4 percent rate in August. The PPI less energy
was up at only a 2.9 percent rate in October.

s

Hourly compensation increased at a 4.5 percent annual rate in the
third quarter, after a 5.1 percent rate of increase in the second quarter.
Unit labor costs rose at a 2.6 percent rate in the third quarter,
following a 4.7 percent increase in the second quarter.

niK

FEDERAL
A RESERVE
X llVNKof

st.

mils

Digitized forViews expressed do not necessarily reflect official positions of the Federal Reserve system.
FRASER
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

2

ADJUSTED MONETARY BASE
AVERAGES OF DAILY FIGURES

SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS
324 ---------- .---------- ,--------

-L99Q_ SEP.
_

ILL IONS OF DOLLARS
—|------------- ----------- 324

BJ-LLLfiNS
313.2
318.7

OCT,
317.8
318.2

6 20
SEP

4 18
OCT

I IS 20 13 27 10 24
NOV
DEC
JAN

7 21
FEB

7 21
MAR

4 18
APR

2 16
MAY

13 27 1! 25
JUN
JUL

8 22

5 10

3 17 31

14 28

1990
LATEST PLOTTED RESERVE MAINTENANCE PER 100 ENDING*. NOVEMBER 14,

1990

THE ADJUSTED MONETARY BASE IS THE SUM OF RESERVE Al :OUNTS of FINANCIAL INSTITUTIONS AT FEDERAL
SIH5YI«l6NI?S7.-r9yft5?NCX in circulation (currency p D BY THE PUBL1C AM) IN THE VAULTS OF ALL
^rj^T25YJ,£®T.LTUT 10NS1 and an BASTiSFEDERAl''rESERVE^D^^DAT^^COMPUTED B^imS*
SOURCE OF THE ADJUSTED MONETARY adjustment for re:
BAM<.
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:
11/15/89

2/7/90

4/18/90

5/16/90

5.0
7.0
7.4
9.9
9.8
8.4

5.2
6.2
9.7
9.7
8.0

6/13/90

7/11/90

8/8/90

9/19/90

TO THE AVERAGE OF
TWO MAINTENANCE
PERIODS ENDING:
4/18/90
5/16/90
6/13/90
7/11/90
8/ 8/90
9/19/90
10/17/90
11/14/90

8. 1
0.5
7.2
7.7
7.8
9.0
9.0
8.2


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Federal Reserve Bank of St. Louis

7.2
5.5
6.S
6.8
8.6
8.7
7.7

9.7
12.8
12. 1
9.6

13.5
12.3
9.3

14.0
9.5

4.2

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MONEY STOCK ( Ml )
BILLIONS

of

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

DOLLARS

billions of dollars

BILLIONS

820.

4

18

2 10 30

15 27

NOV

II

25

DEC

8 22

5 IB

5 IB

FEB

MAR

2 16 30 14 28 11

MAY

LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 5,

25

JUN

B 23

6 20

3 IT

AUG

SEP

I

15 2fl 12 26

1990

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.
Ml IS THE SUM OF CURRENCY HELD BY THE NONBANK PUBLIC, DEMAND DEPOSITS, OTHER CHECKABLE
DEPOSITS AND TRAVELERS CHECKS.

MONEY STOCK (Ml )
COMPOUNDED ANNUAL RATES OF CHANGE

AVERAGE OF FOUR WEEKS ENDING:

11/6/89

2/5/90

4/2/90

5/7/90

6/4/90

7/2/90

5. 1
4.7
3.7
4.2
3.5
4.3
4.7
4.0

6.0
3.9
4.7
3.5
4.7
5.2
4.2

0.5
2.8
1 .6
3.6
4.4
3.2

2.8
1. 1
3.8
4.7
3.3

2.7
5.8
6.4
4.3

4.7
5.9
3.5

8/6/90

9/3/90

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
4/ 2/90
5/ 7/90
6/ 4/90
7/ 2/90
8/ 6/90
9/ 3/90
10/ 8/90
11/ 5/90


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Federal Reserve Bank of St. Louis

10.2
5.5

2.3

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

4

MONEY MULTIPLIER u
CURRENCY COMPONENT OF MONEY STOCK 2/
AVERAGES OF DAILY FIGURES
5tA50NALLY ADJUSTED

RATIO

RATIO

RATIO

2.573

2.597
2.573

2.578

Ml MULTIPLIER

4 18

2

18 30 13 27 II

NOV

25

8 22

5 10

5 10

FEB

DEC

MAR

2 18 30 14 28 II

MAY

LATEST DATA PLOTTED TWO WEEKS ENDING: OCTOBER 29,

29

0 23

6 20

3 17

AUG

JUN

SEP

5 20

12 26

1990

BILLIONS OF DOLLARS
250 ---------- ,------------- ,------

BILLIONS OF DOLLARS
------------------------------- 250

_ COMPOUNDED ANNUAL RATES
-----OF CHANGE. AVERAGE OF
_ THE FOUR WEEKS ENDING
- NOVEMBER 5, 1990 FROM
- THE FOUR WEEKS ENDING:
3,
*

1990

— JUN.

4,

c,

I
1990

_ NOV.
_

6,

------1989

14.I
14.8
13.8
13.2
12.3
11.5
11.0

.

1990

BILLIONS
243.1

ill I I I I
4 18

SEP

2

16 30 13 27 II

OCT
NOV
1989

DEC

25

8 22

JAN

5 19

FEB

2 16 30 14 28 11

MAR

APR

MAY

25

JUN
1990

9 23

6 20

3 17

AUG

U-LLI 1 1 I

SEP

1

IS 29 12 26

LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 5. 1990
1/ RATIO OF MOtCY STOCK (Ml ) TO ADJUSTED MONETARY BASE
2/ CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE.


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

TOTAL CHECKABLE DEPOSITS
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

BULLIONS.
576.8
570.9
567.4
565.6
566.3
569.4

4

18

2

16 30 13 27

NOV
1989

II

25

DEC

6 22

5 10

5 10

FEB

MAR

2

16 30 14 28

MAY

11

25

9 23

6 20

3 17

AUG

JUN
1990

SEP

I

15 20 12 26

LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 5. 1990
TOTAL CHECKABLE DEPOSITS IS THE SUM OF DEMAND DEPOSITS AND OTHER CHECKABLE DEPOSITS AT ALL
DEPOSITORY INSTITUTIONS.

TOTAL CHECKABLE DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE
11/6/B9

2/5/90

3.3
2.7
1.4
2. 1
1.0
1.9
2. 1
1 . 1

4.5
1 .8
2.8
1.0
2.3
2.5
1 . 1

AVERAGE OF FOUR WEEKS ENDING:

4/2/90

5/7/90

6/4/90

7/2/90

-2.7
0.3
-1.6
0.6
1.2
-0.4

0.2
-2.4
0.6
1.4
-0.5

-0.5
2.9
3.3
0.6

1.0
2.1
-0.9

8/6/90

9/3/90

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
4/
5/
6/
7/
8/
9/
10/
11/

2/90
7/90
4/90
2/90
6/90
3/90
8/90
5/90


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Federal Reserve Bank of St. Louis

7.2
1 .4

4

-2.7

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

6

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES

PERCENT
12.0 r—

PERCENT

—1 12.0

'RATE

CORPORATE
Aaa BONDS

9.0

COMMERCIAL
PAPER

MUNIC1 PAL

I

15 20 13 27

SEP

10 24

OCT
NOV
1989

8 22

DEC

5 10

2 18

JAN

FEB

2

10 30 13 27

MAR

APR

11

MAY

25

8 22

JUN
1990

6 20

JUL

3 17 31

AUG

14 28

SEP

12 28

OCT

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: NOVEMBER 16,

1990
SEP.

OCT.

NOV.

7
M
21
28
5
12
19
26
2
9
16 x
23
30

9 23

NOV
1990.

90 DAY
CD’S

30-DAY
COMMERCIAL
PAPER

90-DAY
BANKERS*
ACCEPTANCES

CORPORATE
Aaa BONDS

CORPORATE
Baa BONDS

MUNICIPAL
BONDS XX

7.94
7.97
8.06
8.24
8.02
8. 1 1
8. 1 1
8.05
7.95
7.98
7.96

7.96
8.02
8. 10
8.26
8.06
8. 10
8.09
8.02
7.85
7.89
7.86

7.68
7.73
7.85
8.02
7.80
7.97
7.92
7.82
7.71
7.78
7.75

9.57
9.54
9.51
9.63
9.54
9.59
9.57
9.45
9.47
9.38
9.33

10.54
10.57
10.66
10.76
10.65
10.74
10.79
10.75
10.76
10.75
10.68

7.41
7.35
7.41
7.53
7.48
7.56
7.48
7.43
7.29
7.24
N. A.

NOTE: CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.I5 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

AVERAGES OF DAILY RATES

PERCENT

PERC1

11.0 i—

10.0

5—YI
TREASURY St

ITIES

FEDERAL.
RATE

TREASURY B

DISCOUNT RATE

I II I
1

15 20 13 27

10 24

8 22

OCT
NOV
1969

5

19

JAN

2 16

FEB

2

16 30 13 27

APR

II

25

8 22

6 20

3 17 31

14

SEP

MAY

OCT

1990

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING-. NOVEMBER 16,

1990
SEP.

OCT.

NOV.

7
14
21
28
5
12
19
26
2
9
16 X
23
30

1990.

FEDERAL
FUNDS XX

3-MONTH
TREASURY
BILL

6-MONTH
TREASURY
BILL X*SK

1-YEAR
TREASURY
BILL

5-YEAR
TREASURY
SECURITIES

LONG-TERM
TREASURY
SECURITIES

8.25
8. 12
8. 18
8.26
8.23
8.20
7.96
7.99
8. 17
7.97
7.94

7.38
7.38
7.38
7.29
7. 13
7. 16
7.20
7.19
7. 1 1
7.08
7.06

7.36
7.34
7.30
7.33
7.21
7.21
7.22
7. 16
7. 13
7.05
7.02

7.23
7.24
7.25
7.25
7.07
7.12
7.09
7.02
6.93
6.88
6.85

8.48
8.47
8.52
8.58
8.33
8.47
8.34
8.24
8.22
8. 13
8.01

9.05
9.04
9.12
9. 14
8.87
9.07
8.92
8.82
8.82
8.71
8.54

NOTEt

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.15 RELEASE EXCLUDING LONG-TERM TREASURY
SECURITIES WHICH ARE COMPUTED BY THIS BANK.
TREASURY BILL YIELDS ARE ON A DISCOUNT BASIS.
X AVERAGES OF RATES AVAILABLE
XX SEVEN-DAY AVERAGES FOR WEEK ENDING TWO DAYS EARLIER THAN DATE SHOWN
XXX AUCTI ON AVERAGE ( DISCOUNT )


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

7

8

MONEY STOCK ( M2 )

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
3350 ---------- .------------- r—
1990
3325

BILLIONS OF DOLLARS
—------------- ----------- 3350

BILLION?

_ OCT
3326.I
3318.0
3315.8
3315.7

3300

3300

3250

3200

3200

3175

3175

«

I®

2

16 50 13 27

OCT
NOV
1989

II

25

DEC

8 22

JAN

5 19

5 19

FEB

MAR

2

J-LLL I I I

18 30 14 28 11

APR

LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 5,

MAY

25

JUN
1990

9 23

JUL

6 20

3 17

1

AUG

SEP

OCT

15 29 12 28

1990

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.6 RELEASE
M2 IS THE SUM OF Ml, OVERNIGHT RPS ISSUED BY ALL COMMERCIAL BANKS OVERNIGHT EURODOI I ARS iqqiiFn
TO U.S. RESIDENTS B* FOREIGN BRANCHES OF U.S. BAWSTmOWY MARI^DEPOSIT ACCOUNTS SAVINGS AND
detaVlTiseeDtheShT1'releaseNERAL purpose

Af® broker/dealer money market mutual fun6s.

for more

MONEY STOCK (M2)
COMPOUNDED ANNUAL RATES OF CHANGE
11/6/89

2/5/90

4/2/90

5/7/90

AVERAGE OF FOUR WEEKS ENDING:
6/4/90

7/2/90

8/6/90

9/3/90

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
4/ 2/90
5/ 7/90
6/ 4/90
7/ 2/90
8/ 6/90
9/ 3/90
10/ 8/90
11/ 5/90

6.7
5.7
4.6
4.5
4. 1
4.7
4.6
4. 1


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

5. 1
3.2
3.4
3.0
4.0
3.9
3.4

-0.3
1. 1
1.1
2.7
2.9
2.4

0.8
0.9
3. 1
3.2
2.5

2.6
4.9
4.6
3.5

5. 1
4.6
3.3

6.6
4.2

1.5

PREPARED BY FEDERAL RESERVE BA>* OF ST.

LOUIS

ALL DEPOSITORY INSTITUTIONS
TOTAL TIME DEPOSITS!/
LARGE TIME DEPOSITS 2/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
2165
_—1--------- 1--------1------- 1--------_
“
“
_
2125

lasa

COMPOUNDED ANNUAL RATES
OF CHANGE. AVERAGE OF
THE FOUR ifcEEKS ENDING
NOVEMBER 5. 1990 FROM
THE FOUR WEEKS ENDING:
SEP.
AUG.
JUL.
JUN.
MAY

~
—
- NOvl

3, 1990
6, 1990
2, 1990
A, 1990
7, 1990

8

29
5

2074.1
2078.7
2077.2
20761
2073.

_
_

-1

1989

NOV .

'v /

5III

1
15

-3.
-3.; i
-2.
-2.
-2.;

e!

billions

OCT.

TOTAL TIME

_

BILLIONS OF DOLLARS
2165

)EPOS TS

-

sA

1111

-LLL

1 1 1

Inn

LATEST DATA PLOTTED WEEK ENDING:

111

111

NOVEMBER 5,

1111

_
_

-

111

.LI 1

1 1 1 1

111

_LLL

1111 ILL

1990

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
590

1S2G

BILLIONS
509. I
510.4
511.8
511.1
509.2
50813

LARGE TIME DEPOSITS

580
570
560
550
540
530
520
510
500

4

18

2

16 30 13 27

NOV

1

DEC

25

8 22

5 19

5 19

FEB

MAR

2 16 30 14 28 11

MAY

JUN

25

9 23

8 20

3 17

AUG

SEP

I

15 29 12 26

1989
LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 5,

1990

1/ TOTAL TIME IS THE SUM OF SAVINGS DEPOSITS. SMALL TIME DEPOSITS AND LARGE TlfcC DEPOSITS.
2/ TIME DEPOSITS ISSUED IN DENOMINATIONS OF 8100,000 OR MORE


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9

10

BORROWINGS FROM FEDERAL RESERVE BANKS
BILLIONS OF DOLLARS
4.5 r---------1---------- 1--------

199SL

AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS
—------------- -------- =1 45

MJLLifflB

TOTAL BORROWINGS

I-NOV

LATEST DATA PLOTTED WEEK ENDINGt NOVEMBER 14,

1990

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
2.5
1990

MILLIONS

ADJUSTMENT + SEASONAL
BORROW INGS

2.0

1.5

0.5

I

15 29 13 27

10 24

7 21

FEB

4

MAR

18

APR

2 16 30 13 27

JUN

II

25

8 22

5 19

3 17 31

14 28

JUL

1989
LATEST DATA PLOTTED WEEK ENDING: NOVEMBER 14, 1990


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BAfi< OF ST. LOUIS

0.0

COMMERCIAL PAPER OF NONFINANCIAL COMPANIES
NOT SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
1990

BILLIONS OF DOLLARS

MILLIONS

OCT.

3
10
17
24
31
NOV. 7

160

156,289
156,236
159,028
155,490
153.658
154,961

155
150

135
130

6 20

4 is

SEP

OCT

15 29 15 27 10 24

7 21

LATEST DATA PLOTTED WEEK ENDING:

7 21

FEB

MAR

4 18
APR

NOVEMBER 7,

2 18 30 JUN 27 JUL 25
IS
II

8 22

5 19

3 17 SI

14 28

1990

BUSINESS LOANS 17
( COMMERCIAL AND INDUSTRIAL )
WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
336

“ COMPOUNDED ANNUAL RATES
_ OF CHANGE, AVERAGE OF
THE FOUR WEEKS ENDING
- OCTOBER 31, 1990 FROM
_ THE FOUR WEEKS ENDING*. _
- AUG. 29, 1990
AUG. 1, 1990
- JUL. 4, 1990
- MAY 30, 1990
MAY
2, 1990
- JAN. 31, 1990
_ NOV.
1, 1989

332

-0.9

-1.5

SEP. 26
OCT. 3

322,456

320,148
8 20

4 18

SEP

OCT

I

15 29 15 27 10 24

NOV
1989

DEC

JAN

7 21

7 2)

4 IB

FEB

MAR

APR

2 16 30 IS 27

JUN

II

JUL

■LLLL-LU 1J 1 1 I 1 I I
8 22

3 19

3 17 31

14 28

LATEST DATA PLOTTED WEEK ENDING: OCTOBER 31, 1990
1/ BUSINESS LOANS INCLUDE BANKERS * ACCEPTANCES AM) COMMERCIAL PAPER.
2/ BANKS WITH DOMESTIC ASSETS GREATER THAN 81.4 BILLION


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Federal Reserve Bank of St. Louis

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

11

DOLLAR'S TRADE-WEIGHTED EXCHANGE
AVERAGES OF DAILY FIGURES

INDEX

1973-100

1973-1100
106

102

83.0

82.2

98

94

90

66

82

I
SEP

15 29 13 27 10 24

OCT

7 21
FEB

7 21
MAR

4 18
APR

LATEST DATA PLOTTED WEEK ENDING-. NOVEMBER 14,
NOTE:

2 16 50 13 27 II 25
JUN
JUL

8 22

5 19

5 17 31

14 28

1990

CURRENT DATA APPEAR IN THE BOARD OF GOVERNOR'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

0

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