Full text of U.S. Financial Data : October 31, 1996

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1/

October 31, 1996
RESEARCH LIBRARY
^fe<Terl!^ ReSUJMg

nii:
FEDERAL
> RESERVE
X HANK of
Si; IX H IS

THE WEEK'S HIGHLIGHTS:
✓ According to the advance estimate, the inflation-adjusted
output offinal goods and services (real GDPj rose at a 2.2
percent annual rate in the third quarter, less than half the 4.7
percent second-quarter pace. A $39.6 billion increase in
business inventories accounted for most of the third-quarter
growth, as real final sales only rose at a 0.3 percent annual
rate-the weakest growth in three and a halfyears.

✓ Sales of new single-family homes were at an annual rate of
816.000 units in September, down 0.5 percent from August.
For the third quarter, however, new home sales averaged
807.000 units (annual rate), up 9.6 percent from the second
quarter and the highest since the fourth quarter of 1978.

✓ After rising at a 3 percent rate over the first half of1996, the
employment cost index for total compensation by private
industry workers rose at a 2.5 percent annual rate in the third
quarter. This was the smallest uptick in seven quarters and
reflected a 2.6 percent gain in wages and salaries, which had
risen at a 3.9 percent rate over the first half of the year.

✓ The U.S. federal budget deficit totaled $107.3 billion in fiscal
year 1996, down $56.6 billion from 1995 and the smallest
deficit since fiscal year 1981.
All data are seasonally adjusted unless otherwise indicated.
Lf.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)
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http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

2
Adjusted Monetary Base
Averages of Daily Figures
Aug 14

Billions of Dollars

Seasonally Adjusted

Billions of Dollars
Billions
457.8
460.1
460.0
460.8
460.5
462.1

Old Series

New Series

May

Aug

Jun

Sep

Oct

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 old series excluded Federal Reserve deposits used to sotisfy clearing balance contracts. Oato ore
computed by this bonk. A detailed description of the adjusted monetary base is available from this Bonk.
Recent doto are preliminary.

Adjusted Monetary Base
Compounded onnuol rotes of change, overage of two maintenance periods ending:
To the overage of
two maintenance
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

2.6

4/24/96

2.4

5/22/96

2.1

1.9

6/19/96

2.1

2.0

1.3

1.2

7/17/96

2.6

2.7

2.5

2.9

4.5

8/28/96

3.2

3.5

3.8

4.3

5.7

7.0

9/25/96

3.3

3.6

3.8

4.3

5.3

6.1

6.0

10/23/96

3.2

3.5

3.7

4.0

4.8

5.3

5.0


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

8/28/96

2.5
0.6

3.3

Prepored by Federal Reserve Bank of St. Louis

Money Stock(M1) and Total Checkable Deposits
Billions of Dollars
Sep 16
Oct

7

Averages of Daily Figures
seasonally Adjusted

Billions of Dollars

Billions
1091.0
1087.6
1089.4
1073.7
1068.8
1080.2

Sep 16
Oct

7

Billions
695.9
691.2
692.2
675.9
670.6
681.1

- non

........... -790

(left scale)

TCD (right scale)

Sep

Oct

Feb

Mar

Apr

May

Jun

Aug

Sep

Oct

Cr'nCI h"d.by tbe no'’b<,nk Public' demand deposits, other checkable deposits and travelers
checks. Total checkable deposits .s the sum of demand deposits ond other checkable deposits ot depository
institutions. Current doto appear in the Federal Reserve Board's H.6 release.

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

Compounded annual rotes of change, overage of four weeks ending:
10/23/95

1/22/96

3/18/96

4/22/96

5/20/96

3/18/96

-1.5

4/22/96

-1.2

1.5

5/20/96

-2.3

-1.2

6/24/96

-1.9

-0.8

-2.6

-4.1

7/22/96

-2.8

-2.3

-4.4

-6.1

-4.5

6/24/96

7/22/96

-4.2

8/19/96

-3.1

-2.7

-4.5

-5.9

-4.7

9/23/96

-3.7

-3.7

-5.5

-6.7

-6.1

-8.5

-7.6

10/21/96

-4.8

-5.1

-7.0

-8.3

-8.1

-10.5

-10.5


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

8/19/96

-7.9

-12.8

Prepored by Federal Reserve Bank of St. Louis

3

4
Adjusted Reserves
Seasonally Adjusted
Billions of Dollars

Billions of Dollars
Aug 14
Sep 11
Oct

9

Billions
73.8
74.3
73.7
73.1
71.7
72.5

Old Series

- 85

New Series

6 20 4 18 i
Sep
Oct

Feb

Mar

Apr

Moy

Jun

Aug

Sep

Oct

Adjusted reserves is the difference between the adjusted monetary base and the currency component of Ml.
See the footnote to the odjusted monetary bose chort for a description of the new adjusted reserves series.

Adjusted Reserves
Compounded annual rotes of change, overage of two maintenance periods ending:
To the overoge of
two maintenance
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

9/25/96

-3.7

-4.7

-7.7

-7.6

-5.3

-7.7

-10.6

10/23/96

-5.1

-6.5

-9.6

-9.8

-8.3

-10.8

-13.6


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

8/28/96

-6.1
-16.3

Prepored by Federal Reserve Bonk of St. Louis

Money Multiplier
Averoges of Daily Figures
Ratio

3.0

2.8-

Aug 12

Oct 23.
Jon 15.

1996
_____

_____

Oct

Moy 20 ,
Jun 17,
J u I 1 5,
Aug 26 ,

1996
1996
1 996
1 996

- 1 2.3
-14.4
- 14.7
- 15.7

Apr

2.6-

Ratio

Compounded annual rotes
of change, average of
the four weeks ending
October 21. 1996, from
the four weeks ending:

22.

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

2.325

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

5 19

i

18
Apr

1995
Ratio of M1 to the

7

Moy

Jun

Sep

Oct

adjusted monetary base.

Currency Component of M1
Averages of Daily Figures
Billions of Dollars

seasonally Adjusted

Billions of Dollars

Compounded annual rates
of change, overage of
the four weeks ending
October 21, 1996, from
the four weeks ending:
Oct
23,
1995
!
Jon 22.
1996
!
Apr
22 . 1 996
Moy 20,
1996
I
Jun
24 . 1 996
!
Jul
22.
1996
I
Aug
19.
1996
I

Billions
Sep 16
Oct

Moy
1995
Current dota appear in the Federal Reserve Board's H.6 release.


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

Jun

Sep

386.8
388.0
388.8
389.6
390.3
390.7

7

Oct

1996
Prepared by Federal Reserve Bonk of St. Louis

5

'375

6
Yields on Selected Securities
Averages of Daily Figures
Percent

Percent

Prime Rote

Corporate
Aoo Bonds

Municipal Bonds

Commercial
Paper

1

15 29 13 27 10 24 8 22

1996
" 16
30
’

13
20
27

11
18
25
Nov
1

2

16 1

15 29 12 26 10 24
Mar
Apr
Moy

Aug

Sep

30-Day
Commercial
Paper

90-Day
CDs

90-Day
Bankers’
Acceptances

Corporate
Aoo Bonds

Corporate
Boo Bonds

5.39
5.39
5.36
5.39
5.45
5.45
5.45
5.47
S.41
5.36
5.35
5.36
5.37

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

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

7.35
7.39
7.48
7.66
7.75
7.71
7.63
7.58
7.46
7.43
7.40
7.39
7.34

8.08
8.11
8.18
8.35
8.43
8.40
8.33
8.27
8.14
8.10
8.08
8.07
8.01

Oct

Municipal
Bonds ••
5.67
5.74
5.75
5.86
5.95
5.89
5.88
5.76
5.70
5.73
5.72
5.75
NA

Current data are from the Federal Reserve Board’s H.15 release, ond are averages of roles available for the
week ending on November 1. 1996 .
•• Bond Buyer’s Average Index of 20 municipal bonds. Thursday doto
N A - Not Available
Prepared by Federal Reserve Bonk of St. Louis


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Federal Reserve Bank of St. Louis

Selected Interest Rates
Averages of Daily Figures

Percent

Percent

30-Year
Treasury Securities

Federal
Funds Rate

Discount Rate
3-Month
Treasury Bill

1

15 29 13 27 10 24 8

1996
Aug

9
16
23
30
Sep 6
13
20
27
Oct
4
11
18
25
Nov
1 •

22 5

Federal
Funds ••
5.38
5.10
5.18
5.21
5.39
5.16
5.22
5.34
5.40
5.14
5.22
5.22
5.27

19

2

16

1

15 29 12 26 10 24

5

19

2

16 30 13 27 11 25

8 22

3-Month
Treasury
Bill

1 -Year
Treasury
Bill

5-Year
Treasury
Securities

10-Year
Treasury
Securities

30-Yeor
Treasury
Securities

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

5.30
5.30
5.34
5.48
5.61
5.54
5.50
5.40
5.30
5.26
5.26
5.26
5.20

6.28
6.31
6.38
6.60
6.73
6.64
6.59
6.48
6.35
6.30
6.28
6.29
6.18

6.54
6.56
6.63
6.84
6.95
6.88
6.82
6.73
6.61
6.55
6.54
6.55
6.45

6.75
6.77
6.84
7.03
7.11
7.07
7.01
6.95
6.85
6.83
6.83
6.83
6.74

Current data appeor In the Federal Reserve Board's H.15 release.
• Averages of rotes available
•• Seven-day averages for week ending two days eorlier thon dote 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
3769.8
3759.0
3757.5
3767.2
3769.0
3779.8

Sep 16

Oct

7

Billions of Dollars

M2 (left scale)
-2650

Non-Mi M2 (right scole)
Sep 16

Oct

18 2
Sep

16 30 13 27 II 25 8 22

5

10 4

18

I

Oct

7

Billions
2678.8
2671.4
2668.1
2693.5
2700.2
2699.6

-2500

15 20 13 27 10 24 8 22 5 10 2 16 30 14 28 1 1 25
Aug
Sep
Oct
Apr
May
Jun

1995

1996

M2 is the sum of Ml, sovings (including money market deposit accounts), smoll time deposits ond retail money
funds. Current data appear in the Federol Reserve Board's H.6 releose.

Money Stock (M2)
Compounded annual rotes of chonge, overage of four weeks ending:
To the average
of four weeks
ending:

10/23/95

1/22/96

3/18/96

4/22/96

5/20/96

6/24/96

7/22/96

3/18/96

6.1

4/22/96

5.8

6.4

5/20/96

4.4

3.8

0.6

6/24/96

4.5

4.1

2.2

0.8

7/22/96

4.2

3.7

2.0

1.0

3.4

8/19/96

4.1

3.7

2.3

1.7

3.6

9/23/96

4.1

3.7

2.6

2.1

3.6

3.1

3.8

10/21/96

3.9

3.5

2.4

2.0

3.2

2.7

3.0


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

8/19/96

2.7
2.7

Prepared by Federol Reserve Bonk of St. Louis

Savings and Small Time Deposits
Averages of Doily Figures
seasonally Adjusted

Billions of Dollars

Billions of Dollars

Small Time
1996

Billions
937.7
940.6
941.6

Small Time (right scale)

Savings
Savings Depositits (left scale)

Billions ' 855
1234.9
1229.7
1226.2
1248.2
815
1250.0
1246.9

Sep 16
Oct

Sep

15 29
Apr
May

Oct

Jun

Aug

Sep

Oct

Savings deposits and smoll time deposits are at oil depository institutions.

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

Billions of Dollars

Billions of Dollars

Lorge Time
Sep 16
570-

Retail Money
1996
Sep 16

457.5
461.0

Billions
507.3
504.1
506.5
509.6

471.8
479.5
484.1

Retail Money

Sep

Oct

Nov

Oec

Jon

Feb

Mor

Apr

May

Jun

Jul

Aug

Sep

Oct

*995
1996
Lorge time deposits and retail money funds are at all despository institutions. Lorge time deposits are those
issued in denominations of $100,000 or more. Retail money funds were originally colled aeneral puroose
and brokiir/riMilur mnAAw mnrkai Imah.


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Federal Reserve Bank of St. Louis

Prepared by Federol Reserve Bank of St. Louis

9

10
Total Borrowings
From Federal Reserve Bonks
Averages of Daily Figures

Billions of Dollars

Billions of Dollars

Billions

Sep 25
Oct 2

6 20 4

Sep

1

18

13 29 13 27 10 24 7 21

6 20 3

17

1

13 29 12 26 10 24 7 21

May

Oct
1995

Jun

4

18 2

Sep

16 30 13 27

Oct

TSS6

Borrowings include seasonal, adjustment and extended credit.

Bank Loans and Credit

All Commerciol Banks in the United Stotes’^
Billions of Dollars

Seasonally Adjusted

Billions of Dollars

Bonk Credit
Billions

3682.2
3678.4
3699.2
3711.0
3716.5
3713.8

Sep 11

...
25
2
9
16

Bank Credit (left scale)2/

Loons&Leases
Billions
Sep 11

Loons and Leases (right scole)

Oct

2
9
16

6 20 4

18

1

15 29 13 27 10 24 7 21

6 20 3

1995
Current doto appear in the Federol Reserve Boord’s H.8 release.
1/ Includes foreign-related institutions
2/ Includes loons ond leases and securities


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

15 29 12 26 10 24 7 21

4

18 2

2720.7
2723.0
2727.4
2734.2
2744.0
2745.1
16 30 13 27

1996

Prepared by Federal Reserve Bonk of St. Louis

Commercial Paper of Nonfinancial Companies
Not Seasonally Adjusted

Billions of Dollars
Sep 18
Oct

Billions of Dollars

220

200.616
196.254
193.647
190.875
190.612
188.530

2

200-

200

180

15 29 12 26 10 24

1995

7

21

4

18

2

16 30 13 27

1996

Commercial and Industrial Loans
Seosonolly Adjusted

Billions of Dollors

Billions of Dollors

All Bonks
760-

1996
S«P
Oct

Billions
754.3
757.3
761.8
764.0
764.5
768.6

2

All Bonks (left scale)'/

Large Bonks (right scole)^/

Oct

6

20

4

18

1

15 29 13 27 10 24

7

21

6

20

3

17

1995

15 29 12 26 10 24

7

21

4

2

18

2

16 30 13 27

1996

Current data appear in the Federol Reserve Board's H.8 release.
1/ Includes foreign-related institutions
2/ Weekly reporting, domestically chartered bonks


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

1

Bonks
—
Billions
376.2
377.4
380.7
378.7
378.6
380.8

11

Prepared by Federal Reserve Bank of St. Louis

160

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

1973=100

110

Oct 2
100

90

80

70
6

20 4

18

1

15 29 13 27 10 24

7 21

20 3

17

1

15 29 12 26 10 24

7

21

4

18 2

16 30 13 27

Current dota appear in the Federol Reserve Boord's H.10 release. Dota ore weighted overages 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