Full text of U.S. Financial Data : November 7, 1996

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R rNqj^ber 7,-1996 ; {

of St. Louis

"4J‘.Si*Financial Data

MDIIIVI
KISIKM
HANK of
ions

THE WEEK'S HIGHLIGHTS:
✓

After rising at a 1.4 percent annual rate over the first half of this
year, output per hour in the business sector grew at a 0.4 percent
rate in the third quarter. Unit labor costs, on the other hand,
accelerated at a 4.1 percent annual rate in the third quarter
and have risen 3.3 percent over the past four quarters.

✓

Total auto sales (domestic plus imported) were at an annual rate of
7.9 million units in October, off 8.5 percent from September and
down 5.5 percent from a year earlier.

✓

Paced by a $7.1 billion rise in real public construction put in
place, total construction spending rose $8.2 billion in September,
or 1.7 percent. For the third quarter, however, real construction
spending fell 0.7 percent, the first decline in four quarters.

✓

Nonfarm payroll employment advanced 210,000 in October after
falling 35,000 in September. So far this year, payroll employment
has risen at a 2.1 percent annual rate, or by an average of209,000
per month, up slightly from the 1.9 percent rate that prevailed over
the first 10 months of 1995.

%/ The composite index of leading indicators rose 0.1 percent in
September, the eighth straight increase.

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. 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
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Information in this publication is also included in the Federal Reserve Economic Data (FRED) electronic
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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

480

Billions
460.1
460.0
460.8
460.5
462.1
458.1

470

460

450

6 20 4
Sep

18
Oct

1

15 29 13 27 10 24 7 21
Nov

Dec

Jon

Feb

6 20 3
Mar

17 1
Apr

15 29 12 26 10 24 7 21
May

1995

Jun

Jul

Aug

4

18 2
Sep

16 30 13 27
Oct

440

Nov

1996

The adjusted monetary base is the sum of Federal Reserve deposits ond voult cosh held by domestic depository
institutions, currency held by the public, ond on adjustment for the effect of changes in reserve requirement
rotios. The monetary base series was recently revised to include Federal Reserve deposits used to sotisfy
clearing balance contracts. Data are computed by this bank. A detailed description of the adjusted monetary
base is available from this bonk. Recent data are preliminary.

Adjusted Monetary Base
Compounded annual rotes of chonge, overoge of two mointenonce periods ending:
To the overage of
two mointenonce
periods ending:

11/8/95

1/31/96

4/10/96

5/8/96

6/5/96

7/3/96

7/31/96

4/10/96

2.9

5/8/96

2.1

1.5

6/5/96

2.6

2.5

7/3/96

2.3

2.1

1.3

3.2

7/31/96

2.8

2.9

2.8

4.5

3.6

9/11/96

3.4

3.7

4.0

5.5

5.3

7.3

10/9/96

3.3

3.5

3.7

4.8

4.5

5.7

5.1

11/6/96

2.9

3.0

2.9

3.8

3.3

4.0

3.1


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

9/11/96

1.9

0.0

Prepared by Federal Reserve Bank of St. Louis

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

Billions of Dollors

Billions of Dollars

1087.7
1170-

Oct

Sep 23

7
1068.8
1078.8

Oct

7

Billions
691.2
692.2
675.9
670.6
679.5
681.9

M1 (left scale)

TCD (right scale)

Sep

Oct

Feb

Mor

Apr

May

Jun

Aug

Sep

Oct

Ml is the sum of currency held by the nonbonk public, demand deposits, other checkoble deposits and travelers
checks. Total checkable deposits is the sum of demand deposits and other checkable deposits ot depository
instill it inn*

r Iirranl Hr. In nnnanr in Ik.

□_
_
_
_
_
__
_
n_
_
_
_
_
lie...

7

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

Compounded onnuol rates of change, overage of four weeks ending:
10/30/95

1/29/96

3/25/96

4/29/96

5/27/96

7/1/96

7/29/96

3/25/96

-0.8

4/29/96

-1.7

1.0

5/27/96

-2.2

-0.5

-5.3

7/1/96

-2.0

-0.6

-3.7

-2.8

7/29/96

-2.9

-2.2

-5.4

-5.4

-5.4

8/26/96

-3.3

-2.8

-5.6

-5.7

-5.8

-8.7

9/30/96

-3.9

-3.7

-6.2

-6.4

-6.6

-8.8

-7.8

10/28/96

-4.9

-5.1

-7.7

-8.1

-8.6

-10.8

-10.7


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

8/26/96

Prepared by Federal Reserve Bonk of St. Louis

3

4
Adjusted Reserves
Seasonally Adjusted
Billions of Dollars

Billions of Oollors
Billions
73.8
74.3
73.6
73.0
71.5
72.4

Aug 14
Sep 11
Oct

9

6 20 4
Sep

18 1

15 29 13 27 10 24 7 21
Feb

Oct

20 3
Mar

17 1
Apr

15 29 12 26 10 24 7 21
May

Jun

Aug

4

18 2
Sep

16 30 13 27
Oct

Adjusted reserves is the difference between the odjusted monetary base and the currency component of M1.
The adjusted monetary base series was recently revised: See the footnote to the monetary base chart for a
description of the chonge.

Adjusted Reserves
Compounded onnuol rotes of chonge, average of two mointenonce periods ending:
To the average of
two mointenonce
periods ending:

10/25/95

1/17/96

3/27/96

4/24/96

5/22/96

6/19/96

7/17/96

3/27/96

1.2

4/24/96

-0.3

0.0

5/22/96

-2.7

-4.1

-12.9

6/19/96

-2.0

-2.8

-7.7

-7.5

7/17/96

-1.8

-2.4

-5.8

-5.0

1.8

8/28/96

-2.9

-3.8

-7.0

-6.7

-3.4

-6.1

9/25/96

-3.8

-4.9

-8.0

-7.9

-5.7

-8.2

-11.2

10/23/96

-5.3

-6.6

-9.8

-10.0

-8.6

-11.1

-14.1


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

8/28/96

-17.0

Prepored by Federal Reserve Bank of St. Louis

Money Multiplier
Averages of Daily Figures
Seasonally Adjusted

Ratio

Rotio

Compounded annual rates
of change, overoge of
the four weeks ending
October 21, 1996, from
the four weeks ending:
-Oct 23. 199
Jan 15.
199
-8.4
Apr 22.
-11.
1 996 - 1 2 i 3
May 20.
Jun 17, 1996 -14.4

4

Jul

15,

Aug

26 .

18
Sep

Aug 12
2.387
Sep

9

Oct

7

2.349

-15.7

16 JO 13 27 II 25 8 22 5 19 4
Oct

18
Apr

Moy

1995
Rotio of M1 to the adjusted monetary base.

Jun

Sep

Oct

1996

Currency Component of M1
Billions of Dollars

Averages of Daily Figures
seasonally Adjusted

Billions of Dollars

Compounded onnuol rotes
of change, averoge of
the four weeks ending
October 28, 1996, from
the four weeks ending:
Oct 30. 1995
5.
Jan 29,
1996
6.

1996

Sep 23
Oct

7
390.8

4

18
Moy

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


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

Jun

Aug

Sep

Oct

1996
Prepared by Federol Reserve Bonk of St. Louis

5

2.8

Yields on Selected Securities
Averages of Daily Figures
Percent

Percent

Prime Rate

Corporate
Aoo Bonds

Municipal Bonds

Commercial
Paper

1

15 29 13 27 10 24

1996
Aug

16
23
30
Sep
6
13
20
27
Oct
4
11
18
25
Nov
1
8

5

15 29 12 26 10 24

8 22 5 19

19 2

16 30 13 27 11 25

30-Day
Commercial
Paper

90-Day
CDs

90-Day
Bankers'
Acceptances

Corporate
Aoo Bonds

Corporate
Baa Bonds

5.39
5.36
5.39
5.45
5.45
5.45
5.47
5.41
5.36
5.34
5.36
5.37
5.38

5.39
5.37
5.42
5.55
5.51
5.49
5.49
5.48
5.40
5.40
5.41
5.39
5.38

5.31
5.29
5.33
5.44
5.42
5.39
5.34
5.34
5.35
5.32
5.31
5.30
5.29

7.39
7.48
7.66
7.75
7.71
7.63
7.58
7.46
7.43
7.40
7.39
7.28
7.22

8.11
8.18
8.35
8.43
8.40
8.33
8.27
8.14
8.10
8.08
8.07
7.96
7.90

Municipal
Bonds ••
5.74
5.75
5.86
5.95
5.89
5.88
5.76
5.70
5.73
5.72
5.75
5.70
NA

Current dota are from the Federol Reserve Board's H.15 release, and are averages of rates available for the
week ending on November 8, 1996 .
•• Bond Buyer's Averoge Index of 20 municipal bonds, Thursday doto
NA - Not Available


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bonk of St. Louis

Selected Interest Rates
Averages of Daily Figiures

Percent

Percent

30-Year

Treasury Securities

Federal
Funds Rote

^.....

Discount Rate
3-Month
Treasury Bill

Sep

1996
Aug

5

Oct

16
23
30
Sep
6
13
20
27
Oct
4
11
18
25
Nov
1
8 ♦

Moy

Federal
Funds ••
5.10
5.18
5.21
5.39
5.16
5.22
5.34
5.40
5.14
5.22
5.22
5.27
5.32

Jun

19

2

16 30 13 27 11 25 8
Sep

22

Aug

3-Month
Treasury
Bill

1 -Year
Treasury
Bill

5-Year
Treasury
Securities

10-Year
Treasury
Securities

5.03
5.02
5.09
5.19
5.13
5.12
4.98
4.91
4.98
5.00
5.00
5.03
5.02

5.30
5.34
5.48
5.61
5.54
5.50
5.40
5.30
5.26
5.26
5.26
5.18
5.15

6.31
6.38
6.60
6.73
6.64
6.59
6.48
6.35
6.30
6.28
6.29
6.15
6.06

6.56
6.63
6.84
6.95
6.88
6.82
6.73
6.61
6.55
6.54
6.56
6.42
6.31

30-Year
Treasury
6.77
6.84
7.03
7.11
7.07
7.01
6.95
6.85
6.83
6.83
6.83
6.71
6.63

Current dato appear In the Federal Reserve Board's H.15 releose
• Averages of rotes ovoilable
•• Seven-day overages for week ending two doys earlier thon dote shown


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

Prepared by Federal Reserve Bonk of St. Louis

7

5.0

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

Billions of Dollors

Sep 23
3775-

Oct

7

Billions
3759.1
3757.6
3767.3
3769.1
3778.7
3781.4

Billions of Dollors

M2 (left scole)

Non-Mi M2 (right scole)

Non-M1 M2
)6
Billions
Sep 23
2668.1
2693.5
2700.3
2700.1

Sep

Feb

Oct

Mor

Apr

May

Jun

Aug

Sep

Oct

M2 is the sum of Ml, savings (including money market deposit accounts), small time deposits and retail money
funds. Current doto appear in the Federal Reserve Boord's H.6 reieose.

Money Stock (M2)
Compounded annuol rates of change, overoge of four weeks ending:
To the overoge
of four weeks
ending:

10/30/95

1/29/96

3/25/96

4/29/96

5/27/96

3/25/96

6.4

4/29/96

5.5

5.8

5/27/96

4.5

4.0

0.1

7/1/96

4.5

4.1

1.8

7/29/96

4.2

3.7

1.7

1.6

8/26/96

4.2

3.8

2.2

2.3

3.6

9/30/96

4.1

3.7

2.3

2.4

3.4

10/28/96

4.0

3.6

2.4

2.6


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

7/1/96

7/29/96

8/26/96

1.8
3.2

3.4

Prepared by Federal Reserve Bonk of St. Louis

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

seasonally Adjusted

. 3illions of Dollars

Small Time
1996
,320- Sep 23

Billions
937.7
9-40.6
941.8
943.0

Small Time (right scale)

Savings
Savings Deposits (left scale)

1996
Sep 23
30
Oct
7

Billions
1226.2
1248.2

25o! 1

1

1247.1
1242.4

Sep

Oct

Apr

May

Jun

Sep

815

Oct

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

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

seasonally Adjusted

Billions of Dollars

Large Time
1996

Retail Money

Billions
460.3
468.4
470.7
478.7

1996
Sep 23
30
Oct
7

—504.3
504.1
506.5
51 1.1
514.8

488.0

Retail Money

Large Time

May

Jun

1995
1996
Large time deposits and retail money funds are at all despository institutions. Large time deposits are those
issued in denominations of Si00,000 or more. Retoil money funds were originally colled general purpose
and broker/dealer money market funds.
Prepared by Federol Reserve Bonk of St. Louis


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Federal Reserve Bank of St. Louis

9

570

10
Total Borrowings
From Federal Reserve Banks
Averages of Daily Figures

Billions of Dollars
Oct

2

Nov

6

1.O’­

Billions of Dollars

Billions
0.542
0.262
0.371

0.201

6 20 4 18
Sep
Oct

0.186
0.135

1

15 29 13 27 10 24

7 21

6 20 3

17 1 15 29 12 26 10 24
Apr
May

7 21
Aug

4

18 2 16 30 13 27
Sep
Oct

1995
Borrowings include seasonal, adjustment and extended credit.

Bank Loans and Credit
All Commercial Banks in the United States
Billions of Dollars

Seasonally Adjusted

3illions of Dollars

Bonk Credit
16
18
25
2
9
16
23

Billions
3686.4
3699.2
3711.8
3717.4
3712.3
3714.1

Bonk Credit (left scale)2/

Loons and Leases (right scale)

6 20 4 18
Sep
Oct

1

IS 29 13 27 10 24 7 21

6 20 3

17

1995
Current doto oppeor in the Federol Reserve Boord's H.8 releose.
1/ Includes foreign-reloted institutions
2/ Includes loons ond looses ond securities


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

15 29 12 26 10 24 7 21
Aug
Moy
Jun

Loons&Leoses
Billions
2723.0
2727.4
Oct
2
2735.0
2744.9
._
2744.1
23
2748.2
4

18 2 16 30 13 27
Sep
Oct

1996

Prepared by Federal Reserve Bonk of St. Louis

Commercial Paper of Nonfinancial Companies
Not beosonoily Adjusted

Billions of Doilors
Sep 25
Oct 2

Billions of Dollors

Batons
196.254
193.647
190.875
190.612
188.530
184.826

Sep

Oct

Commercial and Industrial Loans
Seasonally Adjusted

Billions of Dollors

760-

740-

Billions of Dollors

All Bonks
Billions
Sep 18
757.3
761.8
Oct 2
763.8
764.3
767.7
768.6

All Banks (left scole)1/

Large Banks (right scole)^/
Lorge Bonks
>96
Billions
Sep “
18
378.0
381.3
Oct
2
379.3
379.3
381.5
382.1
7

21

6

20 3

17

1995

13 29
1996

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


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Federal Reserve Bank of St. Louis

1

11

„
Prepared by Federal Reserve Bonk of St. Louis

Dollar's Trade-Weighted Exchange

Index

Averages of Daily Figures
1973=100

1973=100
Od

110

2

100

90

80

70

Current dota appear in Ihe Federal Reserve Board's H.10 releose. Dolo ore 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 Federol Reserve Bonk of St. Louis