Full text of U.S. Financial Data : October 2, 1997

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ms WFSKS HIGHLIGHTS:
m New factory orders for manufactured durable and nondurable
goods rose 1.3 percent in August, the third consecutive increase.
Factory shipments, on the other hand, fell 0.8 percent in August
after rising 1.4 percent in July.
■ Following a 0.3 percent gain in July, the index of leading indicators
rose 0.2 percent in August. The index has declined only once in the
past 18 months.
t
■ Measured in inflation-adjusted dollars, the total value of construction
put in place fell 0.3 percent in August. July construction spending,
however, was revised up to 1.5 percent, well above its initial estimated
gain of 0.4 percent.
■ New, single-family home sales were at an annual rate of800,000
units in August, a drop of 2.2 percent from July’s sales rate and
1.7 percent below the rate seen a year earlier.
■ The Conference’s Board measure of consumer confidence rose
1 percentage point in September to 128.6 percent (1985=100).
The average for the third quarter was 127.5, the highest in 28 years.
■ Real personal consumption expenditures rose at a 2.4 percent
annual rate in August after surging at a 10.2 percent rate in July.
The August rise was tempered by a 0.2 percent fall in spending
on nondurable goods, as durable goods spending rose at a brisk
8.4 percent rate. Real consumer spending is up 3.7 percent over
the past 12 months.
_____________

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. For more information on data, please call (314) 444-8590. To be added to the mailing
list, please call (314) 444-8808 or (314) 444-8809.
Information in this publication is also included in the Federal Reserve Economic Data (FRED) electronic
bulletin board at (314) 621-1824 or internet World Wide Web server at www.stls.frb.org/ffed.


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Federal Reserve Bank of St. Louis

2
Adjusted Monetary Base
Averages of Daily Figures
Billions of Dollars

Seasonally Adjusted

Billions of Dollars
Billions
Jul

16

Aug 13
Sep 10

478.810
480.181
483.011
483.265
482.872

20 3

Aug

Sep

Feb

Oct

May

Mor

1996

Aug

Jun

17

Sep

15 29

Oct

1997

The adjusted monetory base is the sum of Federol Reserve deposits and vault cosh held by domestic depository
institutions, currency held by the public, ond on adjustment for the effect of changes in reserve requirement
ratios. The monetory bose series wos recently revised to include Federol Reserve deposits used to satisfy
clearing balance controcls. Ooto are computed by this bonk. A detailed description of the odjusted monetory
bose is ovoiloble from this bonk. Recent doto ore preliminary.

Adjusted Monetary Base
two’maintenance

Compounded onnuol rotes of change, overage of two maintenance periods ending:
9/25/96 12/18/96 2/26/97 3/26/97 4/23/97 5/21/97 6/18/97 7/30/97

periods ending:
2/26/97

6.3

3/26/97

5.1

4.5

4/23/97

4.1

2.9

5/21/97

5.0

4.6

2.6

4.7

6/18/97

4.9

4.5

3.1

4.6

8.2

7/30/97

4.9

4.6

3.5

4.7

6.7

4.6

8/27/97

5.2

5.0

4.3

5.4

7.1

5.7

9/24/97

5.1

4.9

4.3

5.2

6.5

5.4


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Federal Reserve Bank of St. Louis

-1.8

Prepored by Federal Reserve Bonk of St. Louis

Money Stock(M1) and Total Checkable Deposits
Billions of Dollors

Aug 18
Sep

1

Averages of Daily Figures
Seasonally Adjusted

Billions of Dollors

Billions
1065.5
1070.5
1079.6
1061.9
1055.0
1055.8

Billions
645.6
649.5
657.0
659.9

Aug 18
Sep

1

632.0
631.6

(left scale)

TCD (right scale)

Aug

Sep

13 27

Oct

Feb

Mar

Apr

May

Aug

Sep

Oct

Ml Is the sum of currency held by the ncnbonk public, demond deposits, other checkable deposits and trovelers
checks. Total checkable deposits is the sum ol demond deposits and other checkable deposits at depository
institutions. Current data appear in the Federol Reserve Board's H.6 release.

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

Compounded annual rates of chonge, overage of four weeks ending:
9/23/96 12/23/96

2/24/97

3/24/97

4/21/97

2/24/97

-3.5

4/21/97

-4.1

-3.6

-4.3

-4.1

-7.6

-7.0

6/23/97

-3.8

-3.3

-5.4

-4.4

-2.7

7/21/97

-3.4

-2.9

-4.4

-3.3

-1.9

8/25/97

-2.6

-1.8

-2.7

-1.6

-0.1

9/22/97

-2.8

-2.2

-3.1

-2.1

7/21/97

-8.3

5/19/97

6/23/97

-2.5

3/24/97

5/19/97


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Federal Reserve Bank of St. Louis

-2.2

-1.1

Prepored by Federal Reserve Bonk of St. Louis

3

4
Adjusted Reserves
Seasonally Adjusted
Billions of Dollars

Billions of Dollors
Jul

Billions
6&813
67.522
67.776
69.070
68.793
67.194

16

Aug 13
Sep 10

7

21

Aug

4

18

Sep

2

16 30 13 27 11 25

Feb

Oct

Mar

Apr

Moy

Aug

Jun

Sep

Oct

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

Adjusted Reserves
Compounded annual rates of change, overoge of two maintenance periods ending:
To the average of
two maintenance
periods ending:
2/26/97

9/25/96 12/18/96

2/26/97

3/26/97

4/23/97

5/21/97

6/18/97

7/30/97

-2.6

3/26/97

-8.4

-12.3

•4/23/97

-10.1

-14.2

-28.0

5/21/97

-7.8

-10.1

-16.7

-6.0

6/18/97

-6.9

-8.4

-12.6

-3.7

7/30/97

-6.5

-7.5

-10.2

-3.7

1.8

8/27/97

-5.6

-6.2

-8.1

-2.2

2.5

0.1

-0.4

9/24/97

-5.8

-6.4

-8.0

-3.1

0.6

-1.7

-2.6


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Federal Reserve Bank of St. Louis

6.3
-1.8

-1.6

Prepared by Federal Reserve Bank of St. Louis

Money Multiplier
Averoges of Doily Figures
Seasonally Adjusted

Ratio

Ratio

Compounded annual rates
of change, overage of
the four weeks ending
September 22, 1997, fro
the four weeks ending:
Sep
Dec
Mar
Apr
May
Jun
Jul

5

19 2
Aug

23.
16,
24.
21.
19.
16.
28.

1996
1996
1997
1997
1997
1997
1997

Jul

-7.5
-6.7
-7.0
-7.1
-4.9
-5.7
-4.9

16 30 14 28 11 25 9 23
Sep

Oct

14

Aug 11

Nov

Dec

6 20 3
Jan

17 3
Feb

17 31 14 28 12 26
Mar

Apr

1996
Ratio of M1 to the odjusted monetary base.

Moy

9 23 7 21
Jun

4

18

Jul

I

Aug

15 29 13 2?'
Sep

Oct

1997

Currency Component of M1
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

420 “|-------- r—■
---------r-------------Compounded annual rotes
of change, overoge of
the four weeks ending
September 22, 1997, fro
the four weeks ending:
410-

Sep

23 .

May
Jun
i.. L
Jul

1! 1997
19. 1997
2t
o 3! 1997
i nm
21,1997

1 996

7 .

1

Billions
411.6
412.8
414.5
413.9
414.9
416.1

1

15 29 13 27

Aug 18
Sep

5

19 2

16 30 14 28 II 25 9 23 6 20 3
Sep

17

3

17 31 14 28 12 26 9

Oct

May

23

7 21

4

18

Jun

1996
Current data appear in the Federal Reserve Board's H.6 release.


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Federal Reserve Bank of St. Louis

Prepared by Federol Reserve Bonk of St. Louis

5

6
Yields on Selected Securities
Averages of Daily Figures
Percent

Percent

Prime Rate

Corporate
Aaa Bonds

- 7.0

Municipal Bonds

Commercial Paper
■ 5.0

2

16 30 13 27 11 25

8 22 6 20 3

17 31

14 28 14 28 11 25

9

23

6

May
1996

1997
Jul

Aug

11
18
25
1

8
15

22
Sep

Oct

29
5
12
19
26
3

20

4

18

15 29

Jun

12 26 10 24

Sep

Oct

1997

30-Day.
Commercial
Paper

90-Day
CDs

90-Day
Bankers'
Acceptances

Corporate
Aaa Bonds

Corporate
Boo Bonds

5.47
5.47
5.47
5.48
5.47
5.49
5.47
5.48
5.49
5.48
5.49
5.49
5.50

5.61
5.59
5.59
5.58
5.60
5.61
5.58
5.60
5.60
5.60
5.59
5.59
5.66

5.54
5.53
5.51
5.51
5.53
5.53
5.52
5.53
5.53
5.58
5.53
5.52
5.55

7.19
7.15
7.09
7.01
7.15
7.26
7.22
7.28
7.25
7.28
7.09
7.02
7.07

7.79
7.76
7.70
7.62
7.76
7.86
7.85
7.82
7.79
7.81
7.67
7.63
7.65

Municipal
Bonds ••
5.38
5.32
5.28
5.23
5.33
5.42
5.43
5.45
5.42
5.44
5.33
5.36
NA

Current dota are from the Federol Reserve Board's H.15 release, and are averages of rotes ovoiloble for the week
ending on October 3, 1997 . Beginning September 2, 1997, the commercial paper rote reflects new source dota,
which is currently ovoiloble only bock to the first of the yeor.
•• Bond Buyer's Average Index of 20 municipal bonds, Thursday data


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Federal Reserve Bank of St. Louis

Prepared by Federol Reserve Bonk of St. Louis

Selected Interest Rates
Averages of Daily Figures
Percent

Percent

t

8.0

30-Year
Treasury Securities
■ 7.0

Federal
Funds Rate

-5.0

Discount Rate
3-Month
Treasury Bill

2

16 30 13 27 11

25

8

22

6

20

3

17 31

14 28 14 28 11 25

9

23

May

1997
Jul

11
18
25
Aug
1
8
15
22
29
Sep
5
12
19
26
Oct
3 •

Federal
Funds ••
5.48
5.44
5.43
5.57
5.62
5.45
5.59
5.56
5.64
5.48
5.58
5.45
5.58

4

18

Jun

15 29

12 26 10 24

Sep

Oct

3—Month
Treasury
Bill

1 -Year
Treasury
Bill

5-Year
Treasury
Securities

10-Year
Treasury
Securities

30-Yeor
Treasury
Securities

4.99
5.05
5.08
5.11
5.15
5.17
5.12
5.13
5.03
5.00
4.97
4.85
4.92

5.24
5.24
5.25
5.19
5.25
5.29
5.24
5.29
5.28
5.29
5.19
5.18
5.17

6.15
6.14
6.09
6.00
6.15
6.17
6.12
6.22
6.22
6.23
6.04
6.00
5.97

6.26
6.23
6.18
6.11
6.26
6.33
6.27
6.36
6.34
6.34
6.14
6.08
6.09

6.56
6.52
6.46
6.38
6.52
6.61
6.57
6.63
6.61
6.64
6.43
6.36
6.38

Current data appear in the Federal Reserve Boord's H.15 releose.
• Averages of rotes ovoilable
•• Seven-doy overoges for week ending two days eorlier than date shown


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Federal Reserve Bank of St. Louis

Prepored by Federol Reserve Bank of St. Louis

7

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

Billions of Dollars

Aug 18
Sep

1

3975-

Billions of Dollars

Billions
3965.4
3971.2
3988.4
3977.1
3983.8
3992.9

3000

2925
M2 (left scole)

2850
Non-M1 M2 (right scale)
2775

Non-Mi M2
>7
Aug 18
Sep

5

19

2

Aug

16 30 14 28 11 25 9
Sep

23 6

20 3

17 3
Feb

Oct

17 31 14 28 12 26 9 23
Mor

Apr

May

7 21 4

1

18
Aug

Jun

Billions
2899.9
2900.7
2908.8
2915.2
2928.8
2937.1

1

15 29 13 27
Sep

2700

2625

Oct

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

Money Stock (M2)
Compounded annual rates of change, average of four weeks ending:
To the averaae
offourweekl

9/23/96 12/23/96

2/24/97

3/24/97

4/21/97

5/19/97

6/23/97

7/21/97

ending:
2/24/97

6.0

3/24/97

5.6

5.1

4/21/97

6.1

6.0

6.3

5/19/97

5.2

4.7

3.9

3.9

6/23/97

5.0

4.5

3.8

3.8

1.7

7/21/97

5.0

4.5

4.0

4.1

2.7

4.2

8/25/97

5.3

5.0

4.7

4.9

4.0

5.5

9/22/97

5.6

5.4

5.4

5.6

5.0

6.3


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

Savings and Small Time Deposits
Averages of Doily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Small Time
1997
Billions
Aug 18
961.7
961.9
1010- Sep
1
962.2
962.4
963.1
963.4

Small Time (left scale)
Savings
Savings Deposits (right scale)
Sep

5

19 2
Aug

16 30 14 28 11 25 9 23 6 20 3
Sep

Oct

17

14 28 12 26 9

Feb

Mar

Apr

May

23

7 21

4

Billions
1343.2
1341.0
1339.5
1346.8
1356.9
1365.3

1

18

1

Jun

15 29 13 27
Sep

Oct

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

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

Billions of Dollars

Billions of Dollars

Lorge Time
Billions
Aug 18
554.5
562.9
Sep
1
563.5
567.4
574.5
574.8

Retail Money
1997
Billions
Aug 18
25
597.8
607.1
Sep
1
606.0

608.8
608.4

Retail Money

Large Time

*

*

Aug

'6 30 14 20 11 25 9

Sep

Oct

Nov

23

Dec

6

20

Jon

3

17

Feb

3

17 31

Mor

14 28 12 26 9

Apr

Moy

23

Jun

7

21

Jul

4

18

Aug

15 29 13 27

Sep

Oct

1996
1997
Large time deposits and retail money funds are ot all despository institutions. Large time deposits ore 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 Federal Reserve Bonk of St. Louis


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Federal Reserve Bank of St. Louis

9

10
Total Borrowings
From Federol Reserve Bonks
Averages of Doily Figures

Billions of Dollars

Billions of Dollars

Billions
Aug 27
Sep 3
0.434
0.458
0.396

i.oOct

7

21

1

4

Aug

18

2

Sep

16 30 13 27 11 25 8

22

5

Oct

19

5

Feb

19

2

Mor

16 30 14 28 11 25 9

Apr

1996
Borrowings include seosonol. adjustment ond extended credit.

Moy

23

6

20

3

Aug

Jun

17

Sep

1997

Bank Loans and Credit

All Commercial Banks in the United States1^
Seasonally Adjusted

Billions of Dollars
Bonk Credit
7
Billions
13
3957.0
20
3970.3
“
3969.6
Sep 3
3981.9
3992.0
3989.5

Billions of Dollars

Bank Credit (left scale)2/

Loans & Leases
1997
Billions
Aug 13
2956.0
2941.9
2950.4
Sep 3

Loans and Leases (right scale)

29613
2964.4
7

21

4

18

2

16 30 13 27 11 23 8

22

5

19

Feb

5

19

2

Mor

1996
Current dota appear in the Federal Reserve Boord's H.8 releose.
1/ Includes foreign-related institutions
2/ Includes loons and leases and securities


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Federal Reserve Bank of St. Louis

16 30 14 28 11 25 9

Apr

23

6

20 3

17

1

15 29

May
1997

Prepared by Federal Reserve Bank of St. Louis

+

•

Commercial Paper of Nonfinancial Companies
Not Seasonally Adjusted

Billions of Dollars

220-

Sep

3

Billions of Dollars

Billions
195.2
189.7
194.1
192.8
202.5
201.3

230

220

210

200

190

180

170
20 3

17

15 29

Note: Beginning September 2. 1997, the value of commercial paper outstanding uses new source data. See the
Federal Reserve Board's H. 15 releose for more information.

Commercial and Industrial Loans
Seosonolly Adjusted

Billions of Dollors

Billions of Dollprs

465

All Bonks
Billions
Aug

13

Sep

835-

3

823.7

445

829.0
All Bonks (left scole)1 /

815-

425

Lorge Bonks (right scale)2/
405

Lorge Bonks
Billions

Sep

3

385

422.7
424.1
425.4
429.5

365

345
71

Aug

Sep

Oct

Nov

Dec

Jon

Feb

Mar

1996

May

Jun

1997

Current data appear in the Federol Reserve Board's H.8 releose.
1/ Includes foreign-related institutions


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Federal Reserve Bank of St. Louis

Apr

11

Jul

Aug

Sep

15 29

Oct

Dollar's Trade - Weighted Exchange Index
Averages of Daily Figures
1973=100

1973=100

Sep

3

Oct

1

100-

-

7

21

Aug

4

18

Sep

2

16 30 13 27 11 25

Oct

Nov

Dec

8

22

5

Jon

19

Feb

5

19

Mor

1996

2

16 30 14 28 11 25

Apr

Moy

Jun

9

23

Jul

6

20

3

17

Aug

1

95

15 29

Sep

Oct

1997

Current dota appear in the Federol Reserve Boord's H.10 release. Data ore weighted overoges 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 Bonk of St. Louis

X
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