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RESEAT

■*ARY

FettS,-financial Data
QQT 1 0 1988

October
T3ciol> 13, 1988

THE WEEK'S HIGHEIGHTS:
is

The civilian unemployment rate fell to 5.4 percent in September from
5.6 percent in August. Since September 1987, total civilian
employment rose 2.2 percent while the labor force rose 1.6 percent,
allowing the unemployment rate to fall 0.5 of a percentage point.

is

Payroll employment rose at a 3.3 percent annual rate in the third
quarter, slowing slightly from a 3.8 percent rate during the previous
three quarters.

s

The seasonally adjusted merchandise trade deficit (c.i.f. imports)
widened to $12.18 billion in August from a revised $9.47 billion
in July. The cumulative trade deficit of $92.32 billion for the first
eight months of 1988 compares with $113.41 billion for the same
period of 1987.
Consumer credit outstanding in the June-to-August period rose at
a seasonally adjusted 10.2 percent rate from the average of the
previous three months and was 9.3 percent higher than a year earlier.

IKDF.KM.

RBSKRVK
BANK of
ST IOIIS

views expressed do not necessarily reflect official positions of the Federal Reserve System.

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

BILLIONS OF DOLLARS

BILLIONS
581.3
281.8
283.4
282. I

12 26

9 23

7 21
OCT

4 18

NOV

2 16 SO 13 27 10 24

DEC

JAN

FEB

9 23

MAR

6 20

4 18

APR

MAY

1

IS 29 13 27

JUN

JUL

10 24

7 21

3 19

AUG

SEP

OCT

1987
LATEST PLOTTED RESERVE MAINTENANCE PERIOD ENDING: OCTOBER 5, 1988
THE ADJUSTED MONETARY BASE IS THE SUM OF RESERVE
_______ _______________________ ... AT FEDERAL
S OF FINANCIAL INSTITUTIONS
RESERVE BANKS. CURRENCY 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
COMPOUNDED ANNUAL RATES OF CHANGE.
AVERAGE OF TWO MAINTENANCE PERIODS ENDING
0/7/87

12/30/87

7.6
7.8
8.4
7.2
7.8
7.7
7.3
7.2

9.2
9.9
7.7
8.6
8.3
7.7
7.6

3/9/88

4/6/88

5/4/88

6/1/88

6/29/88

8/10/88

5. 1
7.8
7.6
6.8
6.7

5.5
6.2
5.5
5.6

9.6
7.7
7.4

5.5
5.7

4.7

TO THE AVERAGE OF
TWO MAINTENANCE
PERIODS ENDING:
3/ 9/88
4/ 8/88
5/ 4/88
6/ 1/88
0/29/88
8/10/88
9/ 7/88
10/ 5/88


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

10.7
6.4
8. 1
7.8
7.1
7.0

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

T

MONEY STOCK (Ml )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

782.7
783.1
784.8
784.2
782.2

9 23

SEP

7 21

4 18

DEC

OCT
1987

JAN

I

15 29

14 28 11

MAR

25

9 23

APR

6 20

JUN
1988

4 18

I

15 29 12 25 10 24

JUL

LATEST DATA PLOTTED WEEK ENDING* OCTOBER 3, 1988
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:

10/5/87

1/4/88

2/29/88

4/4/88

5/2/88

3.5
4.3
5.3
4.3
5.0
5.5
4.9
4.6

7.6
8.7
6.3
7.0
7.6
6.3
5.8

9.7
5.6
6.8
7.6
5.9
5.4

4.5
6.4
7.5
5.6
5.0

3.9
6. 1
4. 1
3.7

6/6/88

7/4/88

8/1/88

4.3
3.5

0.2

TO THE AVERAGE
OF FOUR WEEKS
ENDING-.
2/29/88
4/ 4/88
5/ 2/88
6/ 6/88
7/ 4/88
8/ 1/88
9/ 5/88
10/ 3/88


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

1 1 .0
6.3
5.2

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

3

4

MONEY MULTIPLIER^
CURRENCY COMPONENT OF MONEY STOCK*/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

RATIO
3.0 -------------1---------- 1---------- 1------------1988
JUL.
AUG.
SEP.
2.9

OCT

RATIO
3.0

RATIO

25
8
22
5
3

2.779
2.796
2.775
2.786
2.77
Ml MUL TIPLI LR

\

*im

111

111 J_U 1

_LLL -LLL ,iiii

2 16 90 14 28 II

OCT
1987

NOV

DEC

25

8 22

JAN

FEB

in
7 21

MAR

in
16
APR

2.8

1111

mi

J-LL

Jill

2 16 90 19 27 II

MAY

JUN
1988

III
S 10

JUL

1 1 1 Is
9 17 91

SEP

OCT

LATEST DATA PLOTTED TWO WEEKS ENDING: OCTOBER 3. 1988
BILLIONS OF DOLLARS
2>2 ------------- 1---------- 1------

BILLIONS OF DOLLARS
----------------- ------------- 212

_ COMPOUNDED ANNUAL RATES
OF CHANGE. AVERAGE OF
- THE FOUR WEEKS ENDING
—OCTOBER 3, 1088 FROM
wvivotn j. iwm rrwM
THE FOUR WEEKS ENDINGt

6,

1988

5,

1987

CURRENCY

BILLIONS
206.0
207.5
207.8
208.7
209.6
209.0

OCT.

1 M I I I I I I I I I I I I I I
9 17 91

AUG

14 28 12 26

SEP

OCT
1987

0

7 21

4 18

1

NOV

DEC

JAN

FEB

15 20 14 28 11 25

MAR

APR

0

MAY

6 20

JUN
1988

4 18

I

JUL

AUG

15 20 12 36 10 24

SEP

LATEST DATA PLOTTED WEEK ENDINGt OCTOBER 3, 1988
1/ RATIO OF MONEY STOCK (Ml ) TO ADJUSTED MONETARY BASE
2/ CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

r

Tr

TOTAL CHECKABLE DEPOSITS
AVERAGES OF DAILY FIGURES
StASUNALLY ADJUSTED

BILLIONS OF DOLLARS
580 ------------- 1---------- ,-----

BILLIONS OF DOLLARS
------------------------------ 580

BILLIONS
567.5
568.3
567.3
568.8
567.3
565.9

3 17

AUG

31

14 28 12 28 9 23

SEP

OCT
1987

NOV

7 21

DEC

4

18

JAN

1

15

2fl

FEB

4

MAR

APR

JUN

18

1

15 29

12

JUL

LATEST DATA PLOTTED WEEK ENDING: OCTOBER 3, I
DEPOSITORY^?ITUT?ONSS 'S ™E SUM °F DEMAN0 0EP0SITS AND 0THER CHECKABLE DEPOSITS AT ALL

TOTAL CHECKABLE DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE
10/5/87

1/4/88

2/29/88

4/4/88

AVERAGE OF FOUR WEEKS ENDING:
5/2/88

6/6/88

7/4/88

8/1/88

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
2/29/88
4/ 4/88
5/ 2/88
6/ 6/88
7/ 4/88
8/ 1/88
9/ 5/88
10/ 3/88

1.1
2.2
3.6
2.5
3.4
4.2
3.5
3. 1


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

6.7
8.3
5.4
6.3
7. 1
5.6
4.9

9.7
4.6
6. 1
7.3
5.3
4.5

3.6
6.0
7.5
5.0
4.1

2.7
5.7
3.2
2•A

12.1
6.0
4.3

3.6
2.2

-2.1

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5

1

6

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES

PERCENT

PERCENT

12.0

I ME BANK
LOAN RATE

MUNICIPAL

4 18

AUG

2 10 90 19 27 II

NOV

SEP

25

8 22

5 10

4 18

FEB

DEC

MAR

I

15 20 19 27

MAY

10 24

8 22

5 10

2

18 90 14 28

JUN

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDINGi OCTOBER 14, 1988.

1988
AUG.

SEP.

OCT.

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

90 DAY
CD’S

30-DAY
COMMERCIAL
PAPER

90-DAY
BANKERS*
ACCEPTANCES

CORPORATE
AAA bonds

CORPORATE
BAA BONDS

MUNICIPAL
BOM)S XX

8. 10
8.28
8.49
8.48
8.41
8.26
8. 19
8. 16
8.24
8.31
8.30

7.85
8.04
8.23
8. 18
8.20
8.09
8.05
8.03
8. 13
8. 10
8.09

7.94
8.15
8.31
8.30
8.24
8.09
8.04
7.99
8.09
8. 12
8. 12

10.00
10. 10
10. 15
10. 16
10. 14
9.95
9.84
9.73
9.67
9.58
9.55

11.16
11.20
11.23
11.25
1 1.21
11.13
11.02
10.78
10.59
10.45
10.39

7.69
7.83
7.85
7.80
7.76
7.67
7.59
7.62
7.64
7.53
N. A.

NOTE*
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.15 RELEASE.
X AVERAGES OF RATES AVAILABLE
XX 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

AVERAGES OF DAILY RATES

PERCENT

PERCENT
—i 11.0

11.0

,
5-YEAR
TREASURY SECURITIES

FEDERAL.
RATE

DISCOUNT RATE

3-MONTH
TREASURY BILL

4

AUG

18

2 10 30 13 27 II

SEP

NOV

8 22

5 10

4

FEB

DEC

MAR

18

I

15 20 13 27 10 24

8 22

5 10

2

18 30

14 28

MAY
JUN
Ig88

'987

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE REEK ENDING] OCTOBER 14, 1988.

1988
AUG.

5
12
19
26

16
23
30
OCT.
7
14 K
21
28

FEDERAL
FUNDS 8BK

3-MONTH
TREASURY
BILL

6-MONTH
TREASURY
BILL noc

l-YEAR
TREASURY
BILL

5-YEAR
TREASURY
SECURITIES

LONG-TERM
TREASURY
SECURITIES

7.84
7.75
8.19
8.02
8.15
8.15
8. 13
8. 17
8.24
8.38
8.27

6.89
6.98
7.C3
7.20
7.28
7.30
7. 18
7. 19
7.30
7.25
7.29

7.15
7.26
7.51
7.51
7.50
7.40
7.41
7.34
7.48
7.46
7.46

7.34
7.59
7.68
7.69
7.65
7.52
7.45
7.51
7.60
7.56
7.49

8.67
8.94
9.05
9.06
8.92
8.68
8.64
8.67
8.73
8.57
8.48

9.21
9.43
9.52
9.51
9.35
9. 11
9. 10
9. 14
9. 17
9.01
8.93

NOTE]
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.I5 RELEASE EXCLUDING LONG-TERU TRFASIJRV
« AVERAifsUWTRA?ErAWIL*«iLE0“'UTED BY ™IS 8ANKL
TREASURYB ILL YIELDS ARE ^DISCOUNTBAsIs

KE?78fiVAC^?D':MiK, ENDING ™° °AYS «"■'« THAN


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

SHORN

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

7

8

MONEY STOCK ( M2 )

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
3075

3050

_ AUG,

3033
3036.3
3038.3
3037.5

3025

— OCT

BILLIONS OF DOLLARS
3075

3029.2

3000

2925

2900

15 20 14 28 II

AUG

SEP

OCT
1987

NOV

DEC

JAN

FEB

MAR

25

APR

0 23

MAY

6 20

JUN
1988

4 18

I

JUL

AUG

15 20 12 28 10 24

SEP

OCT

LATEST DATA PLOTTED »€EK ENDING: OCTOBER 3. 1988
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 EURODOLLARS ISSUED
TO U.S. RESIDENTS BY FOREIGN BRANCHES OF U.S. BANKS, MONEY MARKET DEPOSIT ACCOUNTS. SAVINGS AND
SMALL TIME DEPOSITS, AND GENERAL PURPOSE AM) BROKER/DEALER MONEY MARKET MUTUAL FUNDS.
FOR MORE
DETAIL, SEE THE H.6 RELEASE.

MONEY STOCK (M2)
COMPOUNDED ANNUAL RATES OF CHANGE,
10/5/87

1/4/88

2/29/88

4/4/88

AVERAGE OF FOUR WEEKS ENDING:
5/2/88

6/6/88

7/4/88

8/1/88

*.9
4.6
4.0
3.4

4.2
3.5
2.8

3.1
2.3

1 .6

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
2/29/88
4/ 4/88
5/ 2/88
6/ 6/88
7/ 4/88
8/ 1/88
9/ 5/88
10/ 3/88

5.4
6.3
6.6
6.4
6.2
6.0
5.6
5.2


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

10.1
9.8
8.7
8. 1
7.5
6,8
6.1

9.4
7.9
7. 1
6.5
5.8
5.1

6.8
6.0
5.5
4.8
4.2

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

ALL DEPOSITORY INSTI TUT IONS
TOTAL TIME DEPOSITS 1/
LARGE TIME DEPOSITS 2/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
2000 r----------- 1---------- r-

IONS OF DOLLARS
------- ---------------]

2000

COMPOUNDED ANNUAL RATES
OF CHANGE. AVERAGE OF
.
THE FOUR llfEEKS ENDING
OCTOBER 3. 1988 FROM
THE FOUR ifcEEKS ENDING:
AUG.
JUL.
JUN.
MAY
APR.
JAN.
OCT.

1,
4,
6,
2,
4,
4,
5,

1988
1988
1988
1988
1988
1988
1987

10.6
10.1
9.8
9.4
9.6
10.5
11.2

TOTAL TIME DEPOSITS
.

1941.9
1954.3

1760

OCT.

3

11.1 I I I I

I I I I
LATEST DATA PLOTTED WEEK ENDING: OCTOBER 3,

I

BILLIONS OF DOLLARS
540 r----------- 1---------- r-

ISfifl
ye-

1956.2
1959.3

BILLIONS OF DOLLARS
—i---------- ------------| 540

BILL IQN$

29

517.8
518.9

523.3
523.2
525.6

LARGE TIME DEPOSITS

3 17 31

14 28 12 26

SEP

9 23

OCT

7 21

4 18

DEC

JAN

1

15 29 14 28 II

LATEST DATA PLOTTED WEEK ENDING: OCTOBER 3,
1/ TOTAL TIME

MAR

25

9 23

APR

6 20
JUN

4 18
JUL

I

IS

12 26 10 24

1988

IS THE SUM OF SAVINGS DEPOSITS, SMALL TIME DEPOSITS AND LARGE TIME DEPOSITS.

2/ TIME DEPOSITS ISSUED IN DENOMINATIONS OF 8100,000 OR MORE


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

9

10

BORROWINGS FROM FEDERAL RESERVE BANKS
AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS
1888

ILL IONS OF DOLLARS
—---------- -------- n 4-5

MILLIONS
TOTAL BORROWINGS
21
28
5
12

2911
2257
2621
2124

LATEST DATA PLOTTED WEEK ENDING: OCTOBER 12, 1988
BILLIONS OF DOLLARS

7

577

21

BILLIONS OF DOLLARS
2.5

1240

ADJUSTMENT + SEASONAL
BORROWINGS

2.0

1.5

1.0

0.5

2 16 30 14 26 II

25

6 23

6 20

3 17

JAN

5 10

FEB

0.0

2 16 30 13 27

APR

MAY

SEP

OCT

LATEST DATA PLOTTED WEEK ENDING: OCTOBER 12, 1988


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

PREPARED BY FEDERAL RESERVE BAM OF ST. LOUIS

COMMERCIAL PAPER OF NONFINANCIAL COMPANIES
BILLIONS OF DOLLARS

100

90

NOT SEASONALLY ADJUSTED

billions of dollars

MILLION!2.

- AUG. 31
- SEP. 7
_
14
21
_
28
_ OCT. 5
—

100

m il

r

- ]»

90,33e
90.82C
90,342
92,32£
91,072
95,092

1-------

r-A ^

/

/

,***\

A
V

A

rJ \ j
/

=

'

A

-

I

r

90

r\-

M ill
11

11111

5in

5

*A> i\
\

111

111

1111

111

111

OCT

m

NOV

DEC

JAN

FEB

1111

111

MAR

APR

I# 30 13 ?7

in

II 29

MAY

1987

8 22

80

-LLL llll 51-LLL J_LL
6 20 9 17
14 28 12 28

JUN
1988

JUL

AUG

SEP

OCT

LATEST DATA PLOTTED WEEK ENDING: OCTOBER 5, 1988
* DASHED LINE REPRESENTS DATA USING A NEW REPORTING PANEL AND IS NOT COMPARABLE TO PREVIOUS DATA.

BUSINESS LOANS 17

( COMMERCIAL

AND

INDUSTRIAL )

WEEKLY REPORTING LARGE COMMERCIAL BANKS 27
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
305

~ COMPOUNDED ANNUAL RATES
_ OF CHANGE. AVERAGE OF
THE FOUR WEEKS ENDING

JUL.
_ JUN.
MAY'
- APR.

27,
29,
25)
27,

1988
1
1988
1988

L/CAs. JU,
- SEP. 30,

Ivor
1987
295

MILLIONS
AUG. 24

300,534

SEP.

301,447
300,054
301,157
297,817

7

285

.1 1 I I 1 I 1 I I I I I I I
5 10

2 18 90 14

OCT

6 20

NOV

5 17

JAN

FEB

2 18 90 19 27

LATEST DATA PLOTTED WEEK ENDING: SEPTEMBER 28,

APR

11

25

8 22

MAY

8 20

9 17 51

14 28 12 26

SEP

OCT

1988

1/ BUSINESS LOANS INCLUDE BANKERS* ACCEPTANCES AND 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 INDEX
AVERAGES OF DAILY FIGURES

1973-100

1973-100

98.0

96.9

5 IS

2 IS SO 14 28 II 26
OCT
NOV

0 23

6 20

3 17

JAN

FEB

LATEST DATA PLOTTED WEEK ENDINGt OCTOBER 12,
NOTE:

2 IS 30 13 27 II 25
APR
MAY

0 22

6 20

3 17 31

14
SEP

OCT

1988

CURRENT DATA APPEAR IN THE BOARD OF GOVERNOR'S H.IO 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