Full text of U.S. Financial Data : November 21, 2002

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November 21, 2002

USFinancialData
THE WEEK’S HIGHLIGHTS:
■ According to the Conference Board, the index of leading economic
indicators in October was unchanged from its September level.
The index has not risen since May.
■ In October, new starts of privately owned single-family houses
totaled 1,603,000 units at an annual rate, down 11.4 percent from
September’s rate and the largest decline in more than eight years.
■ After rising at a 2.5 percent annual rate between June and September,
the consumer price index (CPI) rose at a 3.4 percent rate in October.
Year-to-date, the CPI has risen at a 2.7 percent rate; in 2001, the
CPI rose 1.6 percent (December-to-December, not seasonally
adjusted).
■ In October, the index of industrial production fell 0.8 percent, or 9.3
percent at an annual rate. October’s decline was the third in a row
and the largest since September 2001. After rising at a 9.5 percent
rate between June and September, production of high technology
industries (computers, communications equipment, and semiconductors) rose at a 6.7 percent rate in October. After falling 15.7
percent in 2001, high technology production has risen at a 17.4
percent rate year-to-date. The manufacturing capacity utilization rate
measured 73.5 percent in October, its lowest rate in eight months.
■ The U.S. goods and services trade deficit measured $38 billion in
September, little changed from the $38.3 billion deficit posted in
August.
Because of the Thanksgiving holiday,
United States Financial Data will not be published next week.
All data are seasonally adjusted unless otherwise indicated.
U.S. Financial Data will continue to be mailed to all subscribers through June 27, 2003. After that date,
this publication will be available weekly only on the Internet at <research.stlouisfed.org/publications/usfd>.
To be added to our free electronic mailing list, please visit our web site at <research.stlouisfed.org/maillist>.
To obtain more information on the data, access the Federal Reserve Economic Data (FRED) database
at <research.stlouisfed.org/fred> or send an e-mail to stlsFRED@stls.frb.org.

Adjusted Monetary Base
Averages of Daily Figures
Seasonally Adjusted
700

Billions of Dollars
2002
Sep 4
18
Oct 2
16
30
Nov 13

690

Billions of Dollars

Billions
686.412
687.960
690.081
688.368
692.680
690.953

700

690

680

680

670

670

660

660

650

650

640

640

630

630

620

620
5

19

Sep

3

17 31 14 28 12 26

Oct

Nov

Dec

9

23

6

Jan

20

Feb

6

20

3

Mar

17

1

Apr

15 29 12 26 10 24

May

2001

Jun

Jul

7

21

Aug

4

18

2

Sep

16 30 13 27

Oct

Nov

2002

The adjusted monetary base is the sum of Federal Reserve deposits and vault cash held by domestic depository institutions,
currency held by the public, and an adjustment for the effect of changes in reserve requirement ratios. The monetary base
series includes Federal Reserve deposits used to satisfy clearing balance contracts. 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:

Compounded annual rates of change, average of two maintenance periods ending:
11/14/01

2/6/02

4/17/02

5/15/02

6/12/02

7/10/02

8/7/02

4/17/02

8.3

5/15/02

9.9

5.3

6/12/02

9.6

5.8

13.3

7/10/02

8.9

5.4

10.1

5.8

8/7/02

9.1

6.2

10.1

7.2

7.0

9/18/02

8.2

5.6

8.1

5.8

5.3

5.8

10/16/02

7.8

5.4

7.5

5.5

5.0

5.3

3.4

11/13/02

7.6

5.3

7.1

5.4

5.0

5.2

3.8

9/18/02

4.5

Prepared by the Federal Reserve Bank of St. Louis

Money Zero Maturity (MZM)
Averages of Daily Figures
6200

Seasonally Adjusted

Billions of Dollars
2002
Oct 7
14
21
28
Nov 4
11

6000

Billions of Dollars

Billions
5969.8
5985.8
5998.8
6019.0
6022.2
6061.7

6200

6000

5800

5800

5600

5600

5400

5400

5200

5200
3

17

1

Sep

15 29 12 26 10 24

Oct
Nov
2001

Dec

7

21

4

Jan

18

Feb

4

18

1

Mar

15 29 13 27 10 24

Apr

May

Jun
2002

8

22

Jul

5

19

2

Aug

16 30 14 28 11 25

Sep

Oct

Nov

MZM is M2 minus total small denomination time deposits, plus institutional money funds, which are included in the
non−M2 component of M3. Each component is seasonally adjusted.

Money Zero Maturity (MZM)
To the average
of four weeks
ending:

Compounded annual rates of change, average of four weeks ending:
11/12/01

2/11/02

4/8/02

4/8/02

8.2

5/13/02

7.6

3.9

6/10/02

8.5

6.4

9.3

5/13/02

6/10/02

7/8/02

8/12/02

7/8/02

9.0

7.5

10.3

13.6

8/12/02

9.4

8.5

10.9

13.2

12.6

9/9/02

9.2

8.3

10.2

11.8

10.9

10.2

10/14/02

8.5

7.5

8.8

9.7

8.6

7.5

4.8

11/11/02

8.6

7.7

8.9

9.6

8.7

7.9

6.2

9/9/02

5.6

Prepared by the Federal Reserve Bank of St. Louis

Adjusted Reserves
Seasonally Adjusted
130

Billions of Dollars
2002
Sep 4
18
Oct 2
16
30
Nov 13

120

Billions of Dollars

Billions
71.569
68.871
71.764
68.418
71.185
69.711

130

120

110

110

100

100

90

90

80

80

70

70

60

60
5

19

Sep

3

17 31 14 28 12 26

Oct

Nov

Dec

9

23

Jan

6

20

Feb

6

20

3

Mar

17

1

Apr

15 29 12 26 10 24

May

2001

Jun

Jul

7

21

Aug

4

18

2

Sep

16 30 13 27

Oct

Nov

2002

Adjusted reserves is the difference between the adjusted monetary base and the currency component of M1.

Adjusted Reserves
To the average of
two maintenance
periods ending:

Compounded annual rates of change, average of two maintenance periods ending:
11/14/01

2/6/02

4/17/02

5/15/02

6/12/02

7/10/02

8/7/02

4/17/02

−4.2

5/15/02

3.3

−17.2

6/12/02

2.7

−13.8

24.2

7/10/02

−0.2

−14.9

7.5

−10.6

8/7/02

0.4

−12.1

7.0

−5.6

−7.9

9/18/02

1.8

−8.1

8.0

−0.4

−0.2

8.7

10/16/02

1.4

−7.5

6.4

−0.7

−0.7

5.4

5.4

11/13/02

1.8

−6.2

6.4

0.4

0.6

5.7

5.8

9/18/02

2.1

Prepared by the Federal Reserve Bank of St. Louis

Money Stock (M1) and Total Checkable Deposits
Averages of Daily Figures
Seasonally Adjusted
1400

Billions of Dollars

Billions of Dollars

M1
2002
Oct 7
14
21
28
Nov 4
11

1350

1300

875

TCD
Billions
1176.5
1195.0
1199.5
1219.4
1202.0
1192.7

2002
Oct 7
14
21
28
Nov 4
11

Billions
550.9
567.6
571.6
591.0
573.5
564.2

825

775

1250

725

M1 (left scale)
1200

675

1150

625

1100

575

TCD (right scale)
1050

525
3

17

1

15 29 12 26 10 24

Oct

Sep

Nov

7

Dec

21

4

Jan

18

4

Feb

18

1

15 29 13 27 10 24

Apr

Mar

May

2001

8

22

5

Jul

Jun

19

2

Aug

16 30 14 28 11 25

Sep

Oct

Nov

2002

M1 is the sum of currency held by the nonbank public, total checkable deposits and travelers checks. Total checkable deposits is the sum
Fix
of demand deposits and other checkable deposits at depository institutions. Current data appear in the Federal Reserve Board’s H.6 release.

Currency Component of M1
Averages of Daily Figures
Seasonally Adjusted
680

Billions of Dollars

Billions of Dollars

Compounded annual rates
of change, average of
the four weeks ending
November 11, 2002, from
the four weeks ending:

660

Nov 12, 2001
Feb 11, 2002
May 13, 2002
Jun 10, 2002
Jul 8, 2002
Aug 12, 2002
Sep 9, 2002

640

620

2002
Oct 7
14
21
28
Nov 4
11

8.3
7.3
6.3
5.3
3.7
3.0
2.8

Billions
617.8
619.6
620.2
620.7
621.0
621.0

680

660

640

620

600

600

580

580

560

560
3

17

Sep

1

15

29 12 26 10 24

Oct

Nov

Dec

7

21

Jan

4

18

Feb

4

18

Mar

2001

1

15 29 13 27 10

Apr

May

24

Jun

8

22

Jul

5

19

Aug

2

16 30 14 28 11 25

Sep

Oct

Nov

2002

Current data appear in the Federal Reserve Board’s H.6 release.

Fix

Prepared by the Federal Reserve Bank of St. Louis

Yields on Selected Securities
Averages of Daily Figures
9.00

Percent

Percent

9.00

Due to the financial disruptions stemming from the
World Trade Center disaster on Sept. 11, 2001,
the financial data printed on pages 6, 7, and 10 for
the week ending Sept. 14, 2001, are incomplete.
8.00

8.00

7.00

7.00

Corporate
Aaa Bonds

6.00

5.00

6.00

5.00

Prime Rate

4.00

4.00

3.00

3.00

2−Year Interest
Rate Swap

2.00

2.00

Commercial Paper
1.00

1.00
7

21

5

Sep

2002
Aug 30
Sep 6
13
20
27
Oct 4
11
18
25
Nov 1
8
15
22

19

2

16 30 14 28 11 25

Oct
Nov
2001

Dec

8

Jan

22

Feb

8

22

Mar

5

19

Apr

3

17 31 14 28 12 26

May

Jun
2002

Jul

9

23

6

Aug

20

Sep

4

18

Oct

1

15 29

Nov

30−Day
Commercial
Paper

90−Day
CDs

2−Year
Interest
Rate Swap

Corporate
Aaa Bonds

Corporate
Baa Bonds

Municipal
Bonds *

1.72
1.72
1.73
1.72
1.73
1.73
1.72
1.72
1.73
1.68
1.43
1.28
1.28

1.76
1.75
1.77
1.77
1.75
1.72
1.72
1.78
1.78
1.65
1.46
1.34
1.36

2.53
2.34
2.49
2.40
2.33
2.17
2.19
2.48
2.54
2.17
2.18
2.17
2.24

6.33
6.21
6.21
6.12
6.10
6.13
6.15
6.41
6.50
6.39
6.32
6.22
6.24

7.51
7.40
7.43
7.37
7.39
7.44
7.57
7.86
7.95
7.81
7.71
7.56
7.52

4.91
4.78
4.77
4.69
4.71
4.68
4.66
4.98
5.12
4.95
4.91
4.90
N.A.

Current data, from the Federal Reserve Board’s H.15 release, are averages of rates available for the week ending November 22, 2002 .
* Bond Buyer’s Average Index of 20 municipal bonds, Thursday data.
Prepared by the Federal Reserve Bank of St. Louis

Selected Interest Rates
Averages of Daily Figures
6.00

Percent

Percent

5.00

6.00

5.00

10−Year
Treasury Securities

4.00

4.00

Intended Federal
Funds Rate

3.00

3.00

Federal
Funds Rate
2.00

2.00

3−Month
Treasury Bill
1.00

1.00
7

21

Sep

5

19

2

16 30 14 28 11 25

Oct
Nov
2001

2002
Aug 30
Sep 6
13
20
27
Oct 4
11
18
25
Nov 1
8
15
22 *

Dec

Federal
Funds**
1.76
1.81
1.73
1.73
1.72
1.80
1.73
1.75
1.72
1.79
1.70
1.21
1.28

8

Jan

22

Feb

8

22

Mar

5

19

Apr

3

17 31 14 28 12 26

May

Jun
2002

Jul

9

23

6

Aug

20

Sep

4

18

Oct

1

15 29

Nov

3−Month
Treasury
Bill

2−Year
Treasury
Securities

5−Year
Treasury
Securities

10−Year
Treasury
Securities

Treasury
Long−Term
Average

1.65
1.61
1.66
1.65
1.62
1.55
1.56
1.64
1.64
1.47
1.28
1.20
1.20

2.19
2.02
2.12
2.01
1.93
1.76
1.78
2.07
2.14
1.77
1.84
1.84
1.93

3.29
3.03
3.08
2.93
2.79
2.72
2.71
3.15
3.22
2.90
2.95
2.93
3.06

4.21
3.98
4.00
3.84
3.73
3.69
3.68
4.11
4.21
4.00
4.00
3.94
4.03

5.15
4.96
4.98
4.87
4.83
4.86
4.87
5.19
5.27
5.16
5.12
5.00
5.03

Current data appear in the Federal Reserve Board’s H.15 release, except for the intended federal funds rate.
* Averages of rates available. ** Seven−day averages for week ending two days earlier than date shown.
Prepared by the Federal Reserve Bank of St. Louis

Money Stock (M2) and Money Zero Maturity
Averages of Daily Figures
6200

Seasonally Adjusted

Billions of Dollars

Billions of Dollars

6200

M2
2002
Oct 7
14
21
28
Nov 4
11

6000

Billions
5718.8
5748.3
5756.6
5781.7
5781.8
5798.5

6000

MZM

5800

5800

5600

5600

M2

MZM

5400

2002
Oct 7
14
21
28
Nov 4
11

Billions
5969.8
5985.8
5998.8
6019.0
6022.2
6061.7

5200

5400

5200
3

17

1

Sep

15 29 12 26 10 24

Oct
Nov
2001

Dec

7

21

4

Jan

18

Feb

4

18

1

Mar

15 29 13 27 10 24

Apr

May

Jun
2002

8

22

Jul

5

19

2

Aug

16 30 14 28 11 25

Sep

Oct

Nov

M2 is the sum of M1, 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)
To the average
of four weeks
ending:

Compounded annual rates of change, average of four weeks ending:
11/12/01

2/11/02

4/8/02

4/8/02

4.9

5/13/02

4.5

1.9

6/10/02

5.5

4.3

7.0

5/13/02

6/10/02

7/8/02

8/12/02

7/8/02

6.2

5.5

8.2

11.7

8/12/02

7.0

6.9

9.4

12.0

11.9

9/9/02

7.1

7.0

9.2

11.1

10.7

10.5

10/14/02

7.0

6.9

8.6

9.9

9.4

8.9

7.0

11/11/02

7.4

7.4

9.1

10.3

9.9

9.7

8.6

9/9/02

8.8

Prepared by the Federal Reserve Bank of St. Louis

Savings and Small Time Deposits
Averages of Daily Figures
Seasonally Adjusted
1300

Billions of Dollars

Billions of Dollars

2800

Small Time
2002
Oct
7
14
21
28
Nov
4
11

1200

1100

Billions
901.8
900.4
898.5
896.9
895.8
897.5

2700

2600

1000

2500

Small Time (left scale)
2400

900

Savings

800

2002
Oct
7
14
21
28
4
Nov
11

Savings Deposits (right scale)
700

2300

Billions
2691.2
2706.9
2711.0
2710.1
2731.7
2756.2

2200

2100

600
3

17

1

15 29 12 26 10 24

Oct

Sep

Nov

7

Dec

21

4

Jan

18

4

Feb

18

1

15 29 13 27 10 24

Apr

Mar

May

2001

8

22

5

Jul

Jun

19

2

Aug

16 30 14 28 11 25

Sep

Oct

Nov

2002

Savings deposits and small time deposits are at all depository institutions.
Fix

Large Time Deposits and Retail Money Funds
Averages of Daily Figures
Seasonally Adjusted
1200

Billions of Dollars

Billions of Dollars

Large Time
2002
Oct
7
14
21
28
4
Nov
11

1100

1200

Retail Money

Billions
816.2
816.2
811.8
817.1
816.9
802.5

2002
Oct
7
14
21
28
4
Nov
11

Billions
949.3
945.9
947.7
955.4
952.3
952.0

1100

1000

1000

Retail Money

900

900

800

800

Large Time
700

700
3

17

Sep

1

15

29 12 26 10 24

Oct

Nov

2001

Dec

7

21

Jan

4

18

Feb

4

18

Mar

1

15 29 13 27 10

Apr

May

24

Jun

8

22

Jul

5

19

Aug

2

16 30 14 28 11 25

Sep

Oct

Nov

2002

Large time deposits and retail money funds are at 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 the Federal Reserve Bank of St. Louis

Fix

Total Borrowings
From Federal Reserve Banks
Averages of Daily Figures
2.0

Billions of Dollars
Billions
0.129
0.120
0.101
0.422
0.308
0.370

2002
Oct 16
23
30
Nov 6
13
20

1.8
1.6
1.4

Billions of Dollars

2.0

**Note: Total Borrowings 1.8
for the weeks ending:
Sept. 5, 2001
12, 2001
19, 2001

0.135 1.6
11.837
1.597
1.4

1.2

1.2

1.0

1.0

0.8

0.8

0.6

0.6

0.4

0.4

0.2

0.2

0.0

0.0
5

19

3

17 31 14 28 12 26

Oct

Sep

Nov

Dec

9

23

6

Jan

20

6

Feb

20

3

17

1

Apr

Mar

15 29 12 26 10 24

May

2001

Jul

Jun

7

21

4

18

Aug

2

16 30 13 27

Oct

Sep

Nov

2002

Borrowings include seasonal, adjustment and extended credit.
Fix

Bank Loans and Credit
All Commercial Banks in the United States *
Seasonally Adjusted
6300

Billions of Dollars

Billions of Dollars

Bank Credit
2002
Oct
2
9
16
23
30
Nov 6

6100

5900

5050

Loans & Leases

Billions
5741.4
5771.6
5747.0
5765.4
5788.0
5835.2

2002
Oct 2
9
16
23
30
Nov 6

Billions
4085.1
4118.7
4135.6
4129.4
4124.0
4140.5

4850

4650

5700

4450

Bank Credit (left scale) **
5500

4250

Loans and Leases (right scale)

5300

4050

5100

3850
5

19

Sep

3

17

31 14 28 12 26

Oct

Nov

Dec

9

23

Jan

6

20

Feb

6

20

Mar

2001

3

17

Apr

1

15 29 12

May

26 10 24

Jun

Jul

7

21

Aug

4

18

Sep

2

16 30 13 27

Oct

Nov

2002

Current data appear in the Federal Reserve Board’s H.8 release.
* Includes foreign−related institutions
** Includes loans and leases and securities
Prepared by the Federal Reserve Bank of St. Louis

Fix

Commercial Paper of Nonfinancial Companies
Not Seasonally Adjusted
375

Billions of Dollars
2002
Oct 16
23
30
Nov
6
13
20

325

Billions of Dollars

Billions
166.0
162.1
161.4
162.3
159.3
159.6

375

325

275

275

225

225

175

175

125

125
5

19

3

17 31 14 28 12 26

Oct

Sep

Nov

Dec

9

23

6

Jan

20

6

Feb

20

3

17

1

Apr

Mar

15 29 12 26 10 24

May

2001

7

Jul

Jun

21

4

Aug

18

2

16 30 13 27

Oct

Sep

Nov

2002

Current data appear at www.federalreserve.gov/releases/cp/table1.htm.
Fix

Commercial and Industrial Loans
Seasonally Adjusted
1200

Billions of Dollars

Billions of Dollars

All Banks
1175

2002
Oct
2
9
16
23
30
Nov
6

1150
1125

675

Large Banks

Billions
969.2
969.9
975.4
973.6
971.3
969.4

2002
Oct
2
9
16
23
30
Nov
6

650

Billions
481.8
480.9
484.8
482.9
481.8
480.5

625
600

1100

575

1075

550

Large Banks (right scale) **

1050

525

1025

500

All Banks (left scale) *

1000

475

975

450

950

425
5

19

Sep

3

17 31 14

Oct

Nov

28 12 26

Dec

9

23

Jan

6

20

Feb

6

20

Mar

2001

3

17

Apr

1

15 29 12

May

26 10 24

Jun

Jul

7

21

Aug

4

18

Sep

2

16 30 13

Oct

27

Nov

2002

Current data appear in the Federal Reserve Board’s H.8 release.
* Includes foreign−related institutions.
** Weekly reporting, domestically chartered banks.

Fix

Prepared by the Federal Reserve Bank of St. Louis

Trade−Weighted Exchange Rate Indexes
Averages of Daily Figures
125

March 1973=100
2002
Oct 16
23
30
Nov 6
13
20

120

115

January 1997=100

Major
101.4
101.6
100.9
100.0
99.1
99.8

2002
Oct 16
23
30
Nov 6
13
20

Broad Index
(right scale)

Broad
128.0
127.8
127.3
126.6
125.9
126.3

140

135

130

110

125

105

120

Major Currency Index
(left scale)
100

115

95

110
5

19

Sep

3

17 31 14 28 12 26

Oct

Nov

2001

Dec

9

23

Jan

6

20

Feb

6

20

Mar

3

17

Apr

1

15 29 12 26 10 24

May

Jun

Jul

7

21

Aug

4

18

2

Sep

16 30 13 27

Oct

Nov

2002

The major currency index (MCI) comprises of 7 currencies. The broad index comprises the MCI plus 19 additional currencies.
Further details may be found at www.federalreserve.gov/releases/h10/summary/.
Prepared by the Federal Reserve Bank of St. Louis