Full text of U.S. Financial Data : November 2, 1995

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November 2,1995

RESEARCH LIBRARY

'M'Smancial Data
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1995

THE WEEK'S HIGHLIGHTS:
✓ After rising at a 1.3 percent annual rate in the second quarter, real
gross domestic product (GDP) increased at an unexpectedly strong
4.2 percent rate, according to the advance third-quarter estimate.
Real GDP has increased 3.3 percent over the past four quarters.

✓ The composite index of leading indicators declined 0.1 percent in
September, following a 0.1 percent gain in August. The index of
leading indicators has declined for three consecutive quarters, the
first such occurrence since 1989.

✓ New construction put in place surged 0.9 percent in September, the
fourth increase in the past six months. Construction spending in
September was boosted by a 1.6 percent increase in residential
construction, while nonresidential construction fell 0.4 percent.
New construction is adjustedfor inflation.

✓ The employment cost index for total compensation ofprivate
industry workers rose at a 2.3 percent rate in the third quarter,
matching its smallest gain ever. Over the past four quarters, total
compensation costs have increased 2.5 percent, with wages and
salaries rising 2.7 percent and benefit costs rising 2 percent.

All data are seasonally adjusted unless otherwise indicated.
U.S. Financial Data is published weekly by the Research and Public Information 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 or 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) elec­
tronic bulletin board. You can access FRED with a personal computer and a modem at (314) 621-1824.

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

2
Adjusted Monetary Base
Averages ot Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Billions
468.7
468.1
469.2
468.8
469.2
469.5

Sep
Oct
1994
Latest data plotted reserve maintenance period ending: October 25, 1995
The adjusted monetary base is the sum of reserve accounts of financial institutions at Federal Reserve banks,
cumency in circulation (currency held by the public and in the vaults of all depository institutions] and an
adjustment for reserve requirement ratio changes. The major source of the adjusted monetary base is Federal
Reserve credit. Data are computed by this bank. A detailed description of the adjusted monetary base is
available from this bank.
Recent data are preliminary.

Adjusted Monetary Base
To the average of
two maintenance
periods ending:
3/29/95
4/26/95
5/24/95
6/21/95
7/19/95
8/30/95
9/27/95
10/25/95

Compounded annual rates of change, average of two maintenance periods ending:
10/26/94 1/18/95 3/29/95 4/26/95 5/24/95 6/21/95 7/19/95 8/30/95

5.8
5.9
6.2
5.3
4.4
4.2
4.0
3.8


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

6.4
6.7
5.2
3.9
3.8
3.5
3.3

7.1
4.2
2.3
2.6
2.4
2.3

3.1
1.0
1.7
1.7
1.6

-2.2
0.1
0.4
0.6

0.7
1.0
1.0

2.6
2.2

1.4

Prepared by Federal Reserve Bank of St. Louis

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

Billions of Dollars

1185

i

Billions of Dollars

n
M1

1995

1165

Sep 18
25
|_ Oct 2
9
16
23

935

i
TCD

Billions

1995

Billions

1140.3
1141.1
11 32.8
11 29.1
11 31.5
11 29.8

Sep 18
25

762.6
763.1

9
6
23

75C).8
75: 2.5
75C).4

11 (left scale)

1115

/

r-'—'
s'~

\
VN

815

795

V\
/«S

1125

/

N
\

V

*** V

775

r"" 'J

TCD right s cale)

\

1105

755

1085
19
Sep

3 17 31 14 28 12 26 9 23 6 20
Oct
Nov
Dec Jan
Feb
1994

6 20
Mar

’ 17'
Apr

......................

1 » 8

1 ' 1 l

15 29 12 26 10 24 7 21
May Jun
Jul
Aug
1995

4

18
Sep

' i '

16 30 13 27
Oct
Nov

Latest data plotted week ending: October 23, 1995
Current data appear in the Federal Reserve Board's H.6 release.
M1 i3 the 9um of currency held by the nonbank public, demand deposits, other checkable deposits and travelers
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 10/24/94 1/23/95
of four weeks
ending:
3/20/95
4/24/95
5/22/95
6/26/95
7/24/95
8/21/95
9/25/95
10/23/95

-0.2
0.0
-0.6
-0.6
-0.7
-0.3
-0.7
-1.6


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

-0.1
-1.1
-0.9
-1.1
-0.5
-1.0
-2.1

3/20/95

4/24/95

5/22/95

6/26/95

7/24/95

8/21/95

-1.6
-1.1
-1.3
-0.5
-1.1
-2.5

-2.1
-2.0
-0.8
-1.4
-3.1

-1.0
0.3
-0.8
-2.9

0.7
-1.0
-3.6

Prepared by Federal Reserve Bank of St. Louis

3

735

4
Adjusted Reserves
Billions of Dollars

Seasonally Adjusted

Billions of Dollars

114
1995

Billions

Aug 16
30
Sep 13
27
Oct 11
25

100.6
99.3
100.7
99.7
99.3
99.0

110

106

94

7 21
Sep

5 19 2 IS 30 14 28 11 25 8 22 8 22 5 19 3
Oct
Nov
1994

Dec

Jan

Feb

Mar

Apr

17 31 14 28 12 26 9 23 6 20 4
May

Jun
1995

Jul

Aug

Sep

18 1
Oct

15 29
Nov

Latest data plotted two weeks ending: October 25. 1995
Adjusted reserves is the difference between adjusted monetary base and currency component of M1.

Adjusted Reserves
To the average of
two maintenance
periods ending:
3/29/95
4/26/95
5/24/95
6/21/95
7/19/95
8/30/95
9/27/95
10/25/95

Compounded annual rates of change, average of two maintenance periods ending:
10/26/94 1/18/95 3/29/95 4/26/95 5/24/95 6/21/95 7/19/95 8/30/95

-4.3
-5.0
-4.5
-4.6
-4.4
-3.5
-3.0
-3.8


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

-5.7
-4.7
-4.8
-4.5
-3.3
-2.7
-3.7

-5.0
-5.0
-4.4
-2.8
-2.0
-3.4

-3.2
-3.0
-1.4
-0.7
-2.6

-3.8
-1.5
-0.6
-2.8

0.0
0.7
-2.3

2.1
-2.2

-5.1

Prepared by Federal Reserve Bank of St. Louis

90

Money Multiplier1/
Averages of Daily Figures
Seasonally Adjusted

Ratio

3.1

2.9

1.1

.

I

Compounded anni al
rates of change,
average of the fou r
weeks ending
October 23, 1995 from
the four weeks en ding:
Oct 24, 1994 - 5.1
Jan 16, 1995 - 5.1
Apr 24, 1995 - 4.6
May 22, 1995 - 3.3
Jun 19, 1995 - 3.5
Jul 17, 1995 - 5.8
B.5
AU

I

1995

Ratio

Aug 14
28

2.441
2.446

5
9
3

2.4 33
2.4 1
2.4 09

Oct

2.9

2.7

1------ „

2.5

2.5

2.3

s Sep
19

2.3
3 17 il 14 28 12 26 9 23 6 20 6 20 3 17 1 15 29 1! 26 11 24 2 II 4 1! 1 16 30 13 27
Oct
Nov Dec
Jan
Feb Mar
Apr May
Jun
Jul
Aug
Sep
Oct
Nov
1994

1995

Latest data plotted two weeks ending: October 23, 1S95

Currency Component of M12/
Billions of Dollars

385

375

355

Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

385

I
I
I
Compounded annual
rates of change,
average of the four
weeks ending
October 23, 1995 from
the four weeks ending:
Oct 24. 1994
6.0
Jan 23, 1995
5.0
Apr 24, 1995
2.8
May 22, 1995
1.5
Jun 26, 1995
2. 1
Jul 24, 1995
3.8

375

355

199,

355
Oct

345

25
2
9
16
23

1
19
Sep

17 31 14 28 12 26 9 23 1 20 6 20 3 17
Oct
Nov
Dec
Feb
Jan
Mar
Apr
1994

7 ' 1 '
15 29 12 21 10 24 7 21 4 18
May
Jun
Jul
Aug
Sep
1995

Billie 502
369.3
370.1
369.7
370.3
370.7

-

1
16 31 13 2
Nov
Oct

Latest data plotted week ending: October 23, 1995
1/ Ratio of M1 to adjusted monetary base
2/ Current data appear in the Federal Reserve Board's H.6 release.


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

Prepared by Federal Reserve Bank of St. Louis

5

355

345

6

Yields on Selected Securities
Percent

Percent

Averages of Daily Figures

Prime Bank

Corporate
Aaa Bonds

Municipal Bonds
S

2

16 30 14 28 11 25
Sep
Oct Nov
1994

9 23 6 20
Dec Jan

3 17 3 17 31 14 28 12 26 9 23 7 21
Feb Mar
Apr May
Jun
Jul
1995

4 18 1 15 29 13 27 10 24
Aug
Sep
Oct Nov

Latest data plotted are averages of rates available for the week ending: November 3, 1995

1995

30—Day
Commercial
Paper

90-Day
CDs

5.84
5.87
5.84
5.84
5.82
5.81
5.80
5.85
5.84
5.82
5.80
5.81
5.80

5.75
5.80
5.77
5.75
5.75
5.71
5.70
5.78
5.79
5.79
5.78
5.79
5.79

Aug 11

18
25
Sep
1
8
15
22
29
Oct
6
13
20
27
Nov 3 *

90-Day
Bankers'
Acceptances

Corporate
Aaa Bonds

5.66
5.70
5.69
5.67
5.66
5.64
5.62
5.70
5.70
5.70
5.71
5.73
5.68

7.59
7.64
7.58
7.41
7.33
7.29
7.31
7.33
7.20
7.14
7.08
7.10
7.09

Corporate
Baa Bonds
8.22
8.26
8.20
8.04
7.95
7.91
7.93
7.95
7.82
7.76
7.70
7.73
7.74

Municipal
Bonds **
6.07
6.12
6.08
5.98
5.90
5.83
5.91
6.00
5.88
5.82
5.72
5.76

N.A.

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


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

Prepared by Federal Reserve Bank of St. Louis

Selected Interest Rates

Percent
j.i

Percent
o.o

V

>

10 -Year
easury SecuritI

Is

N

** >

\
■\

V

\\

----------------S—

r “* n.

ra
7.0

\—
\
Fee era!
Fund i Rate

\
\

✓

\

/
IS

r **

A

//■
✓ I

4onth

f Treai
3ury Bill

6.0

“N

f*

—

V

.

Die ;ount R ate

K

5.0

\^.

S’ r s..

5.0

4.0

0.0

3.0
Sep

Oct
Nov
1994

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

1995
Latest data plotted are averages of rates available for the week ending: November 3, 1995

1995
Aug

11
18
25
1
Sep
8
15
22
29
Oct
6
13
20
27
Nov 3 *

Federal
Funds **
5.73
5.74
5.70
5.71
5.77
5.73
5.78
5.80
6.00
5.72
5.71
5.76
5.76

3—Month
Treasury
Bill

1 -Year
Treasury
Bill

5—Year
Treasury
Securities

10-Year
Treasury
Securities

Long-Term
Treasury

5.40
5.44
5.41
5.31
5.33
5.31
5.22
5.26
5.30
5.30
5.27
5.24
5.31

5.39
5.52
5.48
5.34
5.32
5.29
5.26
5.37
5.30
5.29
5.28
5.27
5.22

6.24
6.36
6.28
6.08
5.99
5.96
5.98
6.08
5.92
5.88
5.83
5.84
5.79

6.50
6.57
6.52
6.31
6.20
6.15
6.17
6.26
6.10
6.05
5.99
6.04
6.02

6.87
6.83
6.71
6.55
6.53
6.38
6.56
6.62
6.47
6.39
6.31
6.34
6.31

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


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

Prepared by 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 of Dollars

M2
1995

Billions

Sep 18
25
Oct 2
9
16
23

3759.4
3760.4
3759.5.
3753.7
3758.2
3755.5

(left scale)
^

Non-M1 M2 (right scale)

Non-M1 M2
1995
Sep 18
25
Oct 2
9
16
23

5 1! 3 17 31 14 28 12 28 9 23 6 20 6 20 3
Sep

Oct

Nov

Dec

Jan

Feb

Mar

17 1
Apr

15 29 12 26 10 24 7 21 4
May

Jun

1994

Jul

Aug

18 2
Sep

Billions
2619.1 '
2619.3
2626.7
2624.6
2626.7
2625.7

16 30 13 27
Oct

Nov

1995

Latest data plotted week ending: October 23, 1995
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, savings (including money market deposit accounts), 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 10/24/94 1/23/95 3/20/95 4/24/95 5/22/95 6/26/95 7/24/95 8/21/95
of four weeks
ending:
3/20/95
4/24/95
5/22/95
6/26/95
7/24/95
8/21/95
9/25/95
10/23/95

1.1
1.7
2.2
3.5
3.7
4.2
4.4
4.0


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

1.6
2.5
4.6
4.7
5.3
5.4
4.8

4.8
7.2
6.9
7.3
7.0
6.1

9.0
8.0
8.3
7.7
6.4

9.1
9.1
8.1
6.6

7.4
6.7
5.1

Prepared by Federal Reserve Bank of St. Louis

Savings and Small Time Deposits
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Savings
1995

1300

- Sep

18
25
Oct 2
9
16
23

Small Time

Billions

1_995

1106.0"
1107.3
1110.3
1115.3
1112.0­
1110.9

Sep 18
25
Oct 2
9
16
23

Billions
929.2
929.7
929.8
929.8
930.9 —
931.9

Small Time (right scale)

Savings Deposits (left scale)

5

19

3 17 31 14 28 12 26 9 23 6 20 6 20 3

Sep

Oct

Nov

Dec

Jan

Feb

Mar

17
Apr

1994

Note: Savings deposits are at all depository institutions.

1

15 29 12 26 10 24 7 21 4
May

Jun

Jul

Aug

18
Sep

2 16 30 13 2
Oct

Nov

1995

Large Time Deposits and Money Market Funds1/
All Depository Institutions
Averages of Daily Figures, Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Large Time

Money Market

1995

Billions

1995

Sep 1 8
25
Oct 2
9
16
23

399.7 .
401.5
407.9
411.3
413.6
417.3

Sep 18
25
Oct 2
9
16
23

5 1! J
Sep

Billions
462.5 _
462.1
464.0
464.8
466.2
467.2

II 31 11 21 12 21 9 23 f 20 ( 20 3 17 I IS 29 1! 20 11 21 7 21 4 II 1 IS 30 13 27
Jul
Aug
Sep
Oct
Nov
Feb Mar
Apr May Jun

Oct

1994

1995

Latest data plotted week ending: October 23, 1995
1/ Large time deposits are those issued in denominations of $100,000 or more.
Money market funds are general purpose and broker/dealer.
Prepared by Federal Reserve Bank of St. Louis


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

9

10
Total Borrowings
From l-ederal Keserve Hanks
Averages of Daily Figures

Billions of Dollars

1995

Billions of Dollars

Billions

- Sep 27
Oct 4

Nov

7 21 5

1

19 2 18 30 14 20 11 25

22 8 22 5

19 3 17 31 14 28 12 26 9 23 8 20 4 10 1

15 29

Sep

Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
_ 1994
1995
Borrowings include seasonal, adjustment and extended credit; extended credit was $19 million in the week ending
January zo, lyyo. ana was zero in the other weeks shown.

Bank Loans and Credit

1

All Commercial Banks in the United States
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Bank Credit
1995
Sep 13
20
27
Oct 4
11
18

Billions
3549.4'
3559.0
3561.8
3548.0
3552.5­
3549.6

Bank Credit (left scale)

Loans and Leases 'right scale)
Loans&rLeases
. 1995

Billions

Sep 13
20
27
Oct 4
11
18

7 21

5

19 2 16 30 14 28 11 25

Sep

22 8 22 5 19 3 17 31 14 28 12 26 9 23 6 20 4

Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
1994
Latest Wednesday data plotted : October 18, 1995
Current data appear in the Federal Reserve Board's H.8 release.
1/ Includes foreign-related institutions
2/ Includes loans and leases and securities


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

Jun
1995

Jul

Aug

Sep

2569.0
2580.2
2580.9
2569.5.
2577.4
2577.1

18
Oct

Nov

Prepared by Federal Reserve Bank of St. Louis

Commercial Paper of Nonfinancial Companies

Billions of Dollars

1995

Billions of Dollars

Not Seasonally Adjusted
Billions

Sep 20
Oct

186.995
4 189.551
190.934
193.177

7 21 5 1! 2 11 30 H 21 11 2S ! 2! t 22 S 1! 1 17 31 14 2! 12 20 ) 23 t 20 4 11 I
Sep

Oct
Nov
1994

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Latest data plotted week ending: October 25. 1995

Commercial and Industrial Loans

Billions of Dollars

Billions ot Dollars

Seasonally Adjusted

All Banks
1995 Billions
— Sep 13
^
Oct

4

701.2
704.5
702.7
700.9
701.7
701.4

All Banks (left scale)

Largs Banks (right scale)

Large Banks.
1995 Billions
Sep 13
20
27
Oct 4
11
18

2 21

S 19 2 11 30 14 21

II 15 I 22 8 22 5 19 3 17 31 14 21

Sep

Oct
Nov
Dec
Jan Feb
Mar
Apr
May
1994
Latest Wednesday data plotted : October 18, 1995
Current data appear in the Federal Reserve Board’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

11

Jun
1995

1! 21 9 23

6 20 4 IS

Jul

Sep

Aug

Oct

344.9
347.3
346.9
345.6 '
346.2
346.0

1 15 2)
Nov

_
.. _
„
Prepared by Federal Reserve Bank of St. Louis

Dollar’s Trade-Weighted Exchange Index
1973=100

Averages ot Daily Figures

1995 1973=100
Sep 27

Oct

4

7 21

5 19 2 16 30 14 28 11 25 8 22 8 22

5 18 3 17 31 14 28 12 28 9 23 6 20

4 18

I 15 29

Sep

Oct

Apr

Oct

Nov

Nov

Dec

Jan

Feb

Mar

May

1994

Jun

Jul

Aug

Sep

1995

Latest data plotted week ending: November 1, 1995
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.
Prepared by Federal Reserve Bank of St. Louis


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

t-4
O
35
*3
ON u