Full text of U.S. Financial Data : September 1, 1994

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September 1, 1994
RESEARCH LIBRARY

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THE WEEK'S HIGHLIGHTS:
✓ New factory orders for manufactured goods fell 2.3 percent in July,
following a 0.8percent increase in June. Despite July’s decline,
the largest since December 1991, factory orders have increased
9.1 percent since July 1993.
/ The composite index of leading indicators was unchanged in July.
The change in sensitive materials prices was the largest positive
contributor; this component posted its largest monthly gain since
March 1974.
✓ Sales of new one-family homes in July were at an annual rate of
664,000, 8.3 percent above the revised June rate, and 2.6 percent
above the rate in July 1993.
✓ Real gross domestic product (GDP) increased at a revised 3.8 percent
annual rate in the second quarter, 0.1 percentage points above
July’s advance estimate. Real GDP rose at a 3.3 percent rate in
the first quarter.
✓ Real personal income rose at a 1.9 percent annual rate in July,
while real personal consumption expenditures fell at a 2.4 percent
rate. Since December 1993, real personal income and spending
have risen at 2.6 percent and 2.3 percent annual rates, respectively.

All data are seasonally adjusted unless otherwise indicated.
U.S. Financial Data is published weekly by the Research and Public Information 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 or to request an order form, please call
(314) 444-8808 or (314) 444-8809.
Information in this publication is also included in the Federal Reserve Economic Data (FRED) elec­
tronic bulletin board. You can access FRED with a personal computer and a modem at (314) 621-1824.

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

2
Adjusted Monetary Base
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

1994

Billions of Dollars

Billions

Jun 22

Jul

20

447.4

17

449.6

Aug

Sep
Oct
Nov
Dec
Jan
Feb Mar
Apr
May
Jun
Jul
Aug
Sep
1993
1994
Latest data plotted reserve maintenance period ending: August 31, 1994
The adjusted monetary base is the sum of reserve accounts of financial institutions at Federal 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 sourcg of the adjusted monetaiv 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
To the average of
two maintenance
periods ending:
2/2/94
3/2/94
3/30/94
4/27/94
5/25/94
7/6/94
8/3/94
8/31/94

Compounded annual rates of change, average of two maintenance periods ending:
3/2/94 3/30/94 4/27/94 5/25/94 7/6/94
9/1/93 11/24/93 2/2/94

9.6
10.6
9.4
9.5
8.9
8.8
8.8
8.8


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Federal Reserve Bank of St. Louis

13.1
10.5
10.5
9.4
9.2
9.2
9.1

8.9
9.5
8.0
8.1
8.2
8.3

6.1
5.3
6.3
6.8
7.1

7.1
7.6
7.9
8.0

6.4
7.1
7.5

8.6
8.6

Prepared by Federal Reserve Bank of St. Louis

•

•

Money Stock (Ml) and Total Checkable Deposits

Billions of Dollars

Averages or Daily Ngures
Seasonally Adjusted

M1
1994 Billions
Jul 18 1152.7
25 1158.5 ■
Aug 1 1158.9
8 1147.9
15 1148.4
22 1154.3

Billions of Dollars

M1 (left scale)

TCD (right scale)

TCD
1994
Jul 18
25
Aug 1
8
15
22

5 19 2 16 30 13 27
Jul

Aug

25 8 22 6 20 3 17 31 14 28 14 28 11 25 9 23 6 20 4 18 1

Sep
Oct
1993

Nov

Dec

Feb

Mar

Apr

May

Jul

Billions
802.0
806.6 —
805.8
795.2
795.4
800.7

15 29 12 28
Aug

Sep

Latest data plotted week ending: August 22, 1994
Current data appear in the Federal Reserve Board's H.6 release.
M1 is the sum of currency held by the nonbank public, demand deposits, other checkable deposits and travelers
checks.
Total checkable deposits is the sum of demand deposits and other checkable deposits at depository institutions.

Money Stock (Ml)
Compounded annual rates of change, average of four weeks ending:
To the average
8/23/93 11/22/93 1/24/94 2/21/94 3/21/94 4/25/94 5/23/94 6/20/94
of four weeks
ending:
1/24/94
2/21/94
3/21/94
4/25/94
5/23/94
6/20/94
7/25/94
8/22/94

8.5
8.1
7.7
6.5
5.9
5.8
5.7
5.3


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Federal Reserve Bank of St. Louis

6.0
5.7
4.4
3.8
3.9
4.1
3.8

5.3
3.2
2.6
3.0
3.4
3.1

2.0
1.6
2.3
3.0
2.7

0.2
1.5
2.6
2.3

2.5
3.6
3.0

Prepared by Federal Reserve Bank of St. Louis

3

4
Adjusted Reserves
Billions of Dollars

Seasonally Adjusted

Billions of Dollars
m

1994
Jun

Billions

8 102.8
22 104.2

118

102.0

20 105.2
Aug 3 102.5
17 105.1

106

102

96

7 21 4 II I IS 29 II 27 10 2( I 22 S 19 2 19 2 It 19 I] 27 II 20 I 22 t 20 1 17 31 It 21
Jul

Aug

Sep
Oct
1993

Nov

Dec

Jan

Feb

Mar

Apr

May
1994

Jun

Jul

Aug

Sep

Latest data plotted two weeks ending: August 17, 1994
Adjusted reserves is the difference between adjusted monetary base and currency component of Ml.

Adjusted Reserves
T ..
, Compounded annual rates of change, average of two maintenance periods ending:
10 the average of a/la/g3 n/io/g3 1/19/94 2/16/94 3/16/94 4/13/94 5/11/94 6/22/94
two maintenance
periods ending:
1/19/94
2/16/94
3/16/94
4/13/94
5/11/94
6/22/94
7/20/94
6/17/94

7.2
10.2
8.1
5.4
4.4
4.0
3.8
3.7


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

13.0
8.8
4.5
3.2
2.9
2.7
2.7

10.5
2.1
0.6
0.9
1.0
1.2

-8.9
-7.2
-4.3
-3.3
-2.5

-8.4
-4.2
-3.0
-2.0

-0.5
0.0
0.6

Prepared by Federal Reserve Bank of St. Louis

90

Money Multiplier1/
Averages of Daily Figures
Seasonally Adjusted

Ratio

3.0

Ratio

1

Compounded annual
rates of change,
average of the four
weeks ending
August 15, 1994 from
the four weeks ending:
Aug 16, 1993 -3.0
Nov 22
" 1993 -4.6
Feb 28, 1994 -3.6
Mar 28 1994 Apr 25 1994 -4.1
May 23 1994 -3.0
Jun 20 1994 -3.0

5 13

3.0

T

1994

Ratio

Jun

6
20
Jul 4
18
Aug 1
15

2.590
2.584
2.583
2.574
2.594
2.554

2 16 30 13 27 11 25 8 22 6 20 3 17 31 14 28 14 28 11 25 9 23 6 20 4 18 1 15 29 12 26 ‘

Jul

Aug

Sep
Oct Nov Dec
Jan
Feb
1993
Latest data plotted two weeks ending: August 15, 1994

Mar

Apr

May Jun
1994

Jul

Auq

Sep

Currency Component of M12/
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

350

340

330

Billions of Dollars

330

-------- 1----------1--------- —
Compounded annu al
rates of change,
average of the fou
weeks ending
August 22, 1994 f
the four weeks enc ing:
Aug 23, 1993 1 . 6
Nov 22, 1993 1 3.9
Feb 21, 1994 1 3.2
. Mar 21. 1994
3.7
Apr 25, 994
3.8
Ma> 23, 994
3.5
Jur 20, 994
3.4

340

330

320

320

310

300

1 994

Billie ns

Jul 1 8
25
1
8
15
22

342 .5
343 .6
344.8
344.4
344.7
345.4

Aug

H' T

'

1 i ' L|~r~i r ' l ■ i

5 1) 2 If 30 13 17
Jul

Aug

'

Sep

i "t l

r~ »-i ■

' i ■

Jan

Feb

tfrf

'' 1 1 1

T-n

■ LP'I >

25 8 22 6 20 3 17 31 14 28 14 28 11 25 9 23 6 20 4 18 I 15 29 12 26

Oct

1993

Nov

Dec

Mar

Apr

May

Jun

Jul

Aug

Sep

1994

Latest data plotted week ending: August 22, 1994
1/ Ratio of M1 to adjusted monetary base
2/ Current data appear in the Federal Reserve Board's H.6 release.


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

Prepared by Federal Reserve Bank of St. Louis

5

310

300

6

Yields on Selected Securities

Percent

Percent

Averages of Daily Figures

Corporate

Loon Rato

2 If 30 13 27 10 24 8 22 5 1! 3 17 31 14 20 11 25 11 25 8 22 f 20 3 17 1 15 2) 12 2f 0 23
Jul

Aug

Sep

Oct Nov

Dec

Jan

Feb

Mar

Apr

1993

May

Jun

Jul

Aug

Sep

1994

Latest data plotted are averages of rates available for the week ending: September 2, 1994

1994

30—Day
Commercial
Paper

90-Day
CDs

90-Day
Bankers'
Acceptances

Corporate
Aaa Bonds

Corporate
Baa Bonds

Municipal
Bonds **

Jun 10
17
24
Jul 1
8
15
22
29
Aug 5
12
19
26
Sep 2 ♦

4.32
4.34
4.36
4.47
4.53
4.55
4.44
4.46
4.45
4.54
4.74
4.79
4.80

4.43
4.46
4.52
4.71
4.78
4.78
4.65
4.70
4.68
4.79
4.86
4.87
4.88

4.38
4.39
4.46
4.64
4.72
4.69
4.59
4.61
4.61
4.71
4.80
4.79
4.80

7.85
7.94
8.02
8.11
8.18
8.17
8.06
8.05
7.96
8.12
8.07
8.13
8.10

8.51
8.63
8.73
8.80
8.87
8.86
8.75
8.74
8.64
8.79
8.73
8.79
8.77

5.96
6.04
6.16
6.28
6.27
6.22
6.22
6.22
6.16
6.25
6.22
6.21
NA

Current data appear in the Federal Reserve Board's H.15 release.
» Averages of rates available
** Bond Buyer's Average Index of 20 municipal bonds, Thursday data
N.A. - Not Available
Prepared by Federal Reserve Bank of St. Louis


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

Selected Interest Rates

Percent

Percent

Averages of Daily Figures

5—Year

5.0

Funds

Discount Rots

2 If 3d 13 27 10 24 8 22 5 19 3 17 31 14 28 11 25 11 25
Jul

Aug

Sep
Oct
1993

Nov

Dec

Jan

Feb

Mar

22 8 20 3 17 1 15 29 12 28 9 23

Apr

May
1994

Jun

Jul

Aug

Sep

Latest data plotted are averages of rates available for the week ending: September 2. 1994

1994
Jun 10
17
24
Jul 1
B
15
22
29
Aug 5
12
19
26
Sep 2 *

Federal
Funds ♦*
4.13
4.21
4.19
4.19
4.38
4.30
4.30
4.28
4.28
4.26
4.35
4.66
4.72

3—Month
Treasury
Bill

1 -Year
Treasury
Bill

5-Year
Treasury
Securities

10—Year
Treasury
Securities

Long-Term
Treasury
Securities

4.11
4.12
4.16
4.16
4.28
4.37
4.30
4.39
4.34
4.40
4.56
4.55
4.57

4.89
6.54
6.97
7.28
4.90
6.65
7.08
7.39
5.00
6.76
7.17
7.47
5.18
6.89
7.27
7.57
5.19
6.95
7.34
7.64
5.18
6.97
7.36
7.65
5.10
6.83
7.23
7.52
5.22
6.89
7.26
7.52
5.12
6.77
7.15
7.41
5.29
6.96
7.31
7.58
5.30
6.90
7.24
7.53
5.31
6.92
7.27
7.58
5.26
6.84
7.21
7.52
Current data appear in the Federal Reserve Board's H.15 release excluding long-term Treasury securities
which are computed by this bank. Treasury bill yields are on a discount basis.
* Averages of rates available
** Seven-day averages for week ending two days earlier than date 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

3620

~

2500

I

M2
1994 Billions

Jul 18
25
Auq 1
8
15
22

3555

Billions of Dollars

12 (left scale)

3600.7
3606.6
3606.6
35 89.4
35 95.4
35 98.9

2075

r.

3530

/
/ \

• \

*

Vh\ A- \

/N

A A\

i
i

/
✓

*

/
** -»

i

3505

2025

V

i on-M1 M2 (right sea le)

Nor -M1 KK2
1994
Billiens

3520

Jul 18
25
1
8
15
22

Aug

3095

2050

V As,

\\"-

5 19
Jul

2448.0
2448.1
2447.7
2441.5
2447.0
2444.6

___I___I__

2 16 30 13 27 II 25 1 22

i 20 3 17 31 10 21 10 21

11 25 8 13 1 11 0 11 I 15 11 12 2l"

Aug

Dec

Apr

Sep Oct
1993

Nov

Jqn

Feb

Mar

May
1994

Jun

Jul

Aug

2000

2375

Sep

Latest data plotted week ending: August 22, 1994
Current data appear in the Federal Reserve Board's H.6 release.
M2 is the sum of M1, overnight RPs issued by all commercial banks, overnight Eurodollars issued to U.S. residents
by foreign branches of U.S. banks, savings (including money market deposit accounts), small time deposits
and general purpose and broker/dealer money market mutual funds. For more detail, see the H.6 release.

Money Stock (M2)
Compounded annual rates of change, average of four weeks ending:
To the average 8/23/93 11/22/93 1/24/94
2/21/94 3/21/94 4/25/94 5/23/94 6/20/94
ending:
1/24/94
2/21/94
3/21/94
4/25/94
5/23/94
6/20/94
7/25/94
8/22/94

2.1
1.5
1.9
2.1
2.0
1.7
1.9
1.7


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

1.0
1.8
2.2
2.0
1.6
1.8
1.5

1.4
2.2
1.9
1.4
1.7
1.4

4.0
3.1
2.2
2.3
1.8

2.4
1.4
1.8
1.3

0.1
1.2
0.7

1.3
0.6

1.2

Prepared by Federal Reserve Bank of St. Louis

Savings and Small Time Deposits
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars
1215 -------- 1----------1--------Savings
1994 Billions

ms

Billions of Dollars
I----------1------- 895
Small Time
1994 BiHions

Jul 18 1202.9
25 1201.7
1 1199.7

Jul 18
25
1
s
5

Aug

Aug

15 11 94.2
22 11 94.6

2

Savi igt Dop o«R«(l sft seal =)

772.2
773.9
774.7
77e .0 —
111 .3
111 .8

ms

815
*

_
Sr tall Tlir • (rigtit scale )

>

_ _ ^_s

ins
1135

775

5 19 2 16 31 13 27 11 25 8 22 6 20 3 17 31 14 21 14 21 II 25 9 23 6 20 4 II 1 15 29 12 26
Jul

Aug

Sep
Oct
Nov
Dec
Jan
Feb
1993
Note: Savings deposits are at all depository institutions

Mar

Apr

May
1994

Jun

Jul

Aug

735

Sep

Large Time Deposits and Money Market Funds1 ^
All Depository Institutions
Averages of Daily Figures, Seasonally Adjusted

Billions of Dollars

400

-------- 1----------1--------Large Time
1994 Billions
Jul 18 339.1
25 341.0
Aug 1 339.4
380
15 3 ii!s
22 3 W.7

—

**

✓

320

i

»T7m<

>

>

340

7

5 11 2 18 30 13 27 11 2S 8 22 8 21 3 17 31 14 28 14 28 11 28 1 23 6 20 4 18 I 15 21 12 26
Jul

Aug

Sep
Oct
1993

Nov

Dec

Jan

Feb

Mar

Apr

May
1994

Jun

Jul

Aug

Sep

Latest data plotted week ending: August 22, 1994
1 / Large time deposits are those issued in denominations of $100,000 or more.
Money market funds are general purpose and broker/dealer.
Prepared by Federal Reserve Bank of St. Louis


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

9

380

380

“
La r(

-------------------

>

j>ino»

310

364
363

\

\

S_ /

\*

-s

/'L
> «*»

_
_
_
_
_
_
_
_
_
_
_
_
_
_
_k _
_

/

15
22

~t—
i
i

Market

4oney

S-'N -'s'

364.7
363.4
363.1

I

Jul 18
25
1

Aug

3(0
✓

Billions of Dollars
1
1
Money Market
LS£4 BiHions

320

10
Total Borrowings
From Federal Reserve Banks
Averages of Daily Figures

Billions of Dollars

1994

Billions

Jul 27
Aug 3

0.443
0.472

17

0.453

31

0.511

7 21 4 18 1 15 29 13 27 10 24
Jul

Aug

Sep

Oct

Nov

Billions of Dollars

22 5 19 2 16 2 16 30 13 27 11 25 8 22 6 20 3 17 31 14 28
Dec

Jan

Feb

Mar

Apr

May

1993

Jun

Jul

Aug

Sep

1994

Borrowings include seasonal, adjustment and extended credit; extended credit was $1 million in the week ending
July 20, 1994 and was zero in the other weeks shown in the chart.

Bank Loans and Credit
All Commercial Banka in the United States
Seasonally Adjusted

Billions of Dollars

3275
3225
3I75

—1---------Bank Cr edit
1994 fii lions
“Jul 13 32.38.7
20 32.39.2
27 32 44.3
Aug 3 32.39.8

1/
Billions of Dollars

2400
2350

&ank Onsd'it (le t scale

17 32 44.2

2300

)z/
✓

**

✓

3I25

2250

'/\y

p

3075

2200

3025

Loan s&Lea ses
199 4 Billi ans
Jul 13 2264.3
20 2276.8
27 2281.0
Auq 3 2280.8
0 2284.2
7 2285.2

Lo«ins anc Leases (righ t scale

2975
2925

7 71
Jul

18

1 15 29 13 27 10 24 8 22 5 19 2 16 2 16 30 13 27 11 25

Aug Sep

Oct

1993

Nov

Dec

Jan

Feb

Mar

Latest Wednesday data plotted : August 17, 1994
Current data appear in the Federal Reserve Board's H.8 release.
1/ Includes foreign-related institutions
2/ Includes loans and leases and securities


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

Apr

May

22 6 20 3 17 31 14 21
Jun

Jul

Aug

Sep

1994
Q
......
id
D . .
. •
Prepared by Federal Reserve Bank of St. Louis

2150
2100
2050

Commercial Paper of Nonfinanciai Companies

Billions of Dollars

1994

Billions

Jul 20
27
Aug 3
10
17
24

153.615
149.560
154.226
150.545
150.105
148.284

Jul

Billions of Dollars

_Not Seasonally Adjusted

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May
1994

Jun

20 3 17 31 14 21

Jul

Aug

Sep

Latest data plotted week ending: August 24, 1994

Commercial and Industrial Loans

Billions of Dollars

Billions of Dollars

All Banks
1994 Billions
Jul 13
20
27
Aug 3
10
17

616.8 •
618.8
619.1
619.7
620.3
622.2

Ail Banka (left scale)
. Large Banks__
1994 Billions
Jul 13
20
27
Aug 3
10
17

Larga Banks (right scale)

1993
Latest Wednesday data plotted : August 17, 1994
Current data appear in the Federal Reserve Board's H.8 release.
1/ Includes foreign-related institutions
2/ Weekly reporting, domestically chartered banks


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

11

299.8
300.7
301.0
300.8 ~
301.4
303.2

1994

Prepared by Federal Reserve Bank of St. Louis

Dollar's Trade-Weighted Exchange Index
1973=100

1973=100

Averages of Daily Figures

1994 1973=100
Jul 27
Aug 3

7 21 4 1! 1 IS 2) 13 27 ID 24 I 22 5 11 2 It 2 16 30 13 27 11 25
Aug

Sep
Oct
1993

Nov

Dec

Jan

Feb

War

Apr

May
1994

22 ( 20 3 17 31 14 28

Jun

Jul

Aug

Sep

Latest data plotted week ending: August 31, 1994
Current data appear in the Federal Reserve Board's H.10 release.
Data are weighted averages of the foreign—currency price of the U.S. dollar, computed using 10 industrial
country currencies.
Prepared by Federal Reserve Bank of St. Louis


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

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