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Federal Reserve Bank

■iwarn
tMncial Data
THE WEEK'S HIGHLIGHTS:
✓ The civilian unemployment rate for August was 7.6 percent. This
rate was down 0.1 percentage points from July, the second consec­
utive monthly decrease. The unemployment rate was 6.8 percent
in August 1991.
✓ Total nonfarm payroll employment fell by 0.9 percent annually in
August, following a 2 percent increase in July. For 1992 to date,
however, payroll employment has increased by 0.5 percent annually.
Private payrolls (payroll employment excluding government) fell
at a 2.2 percent annual rate in August, after rising 1.3 percent in
July. Private payrolls have fallen 1.1 percent in the last year.
%/ Consumer installment credit outstanding declined at a 1.9 percent
annual rate during July and has now fallen for six consecutive
months. Consumer credit declined by 1 percent during the past year.
The yield on three-month Treasury bills fell to 2.91 percent for the
week ending September 9. This is its lowest level since the week
ending June 26, 1963.

Views expressed do not necessarily reflect official positions of the Federal Reserve System.
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 as follows:
One year (50 issues)
Two years (100 issues)

•

$18
$30

To subscribe, please send your check or money order made payable to the Federal Reserve Bank
of St. Louis to: Research and Public Information, Federal Reserve Bank of St. Louis, Post Office
Box 66953, St. Louis, MO 63166-6953. DO NOT SEND CASH. Checks from foreign subscribers
must be payable in U.S. dollars a’hd, except for those from Canada, myst be drawn on a l/.S. bank.


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Federal Reserve Bank of St. Louis

2
Adjusted Monetary Base
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

1992

Billions

Jun 24
Jul 8

Billions of Dollars

364.2
362.7

Aug

5

Sep

2

372.2
371.4

25 9 23 6 20 * 18 1 15 29 12 26 11 25
22 6 20 3 17 1 15 29 12 26 9 23
17 31 14 28
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
1991
1992
Latest data plotted reserve maintenance period ending: September 2. 1992
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 sourc$ of the adjusted monetary Dose 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.
3

Adjusted Monetary Base
To the average of
two maintenance
periods ending:
2/5/92
3/4/92
4/1/92
4/29/92
5/27/92
7/8/92
8/5/92
9/2/92

Compounded annual rates of change, average of two maintenance periods ending:
9/4/91 11/27/91 2/5/92
3/4/92
4/1/92
4/29/92 5/27/92
7/8/92

7.9
10.2
9.2
9.3
9.2
8.0
8.6
9.1


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Federal Reserve Bank of St. Louis

11.8
9.7
9.9
9.6
7.8
8.6
9.3

12.8
12.1
11.0
8.0
9.2
10.1

6.5
7.0
4.8
6.7
8.0

9.2
5.4
7.6
9.1

3.4
6.7
8.7

15.8

Prepared by Federal Reserve Bank of St. Louis

Money Slock (Ml) and Total Checkable Deposits
Averages ot Daily Figures
Seasonally Adjusted

Billions of Dollars

1992

Billions of Dollars

M1
Billions

- Jul 27
Aug 3
10
17
24
31

962.3 ■
966.3
972.2
975.4
972.4
979.0

TCD (right scale)

M1 (left scale)

—
TCD
1992 Billions

Jul 27
Aug 3
10
17
24
31
I

15 2! 12 28
Jul
Aug

9 23
Sep

7

21
Oct

4

18 2 16 30 13 27 10 24
Nov
Dec
Jan
Feb

9 23
Mar

6

20
Apr

1

674.5
677.7
682.2
684.8
681.7
687.4

18 1 15 29 13 27 10 24
May
Jun
Jul
Aug

7 21
Sep

1992

1991
Latest data plotted week ending: August 31, 1992
Current data oppear 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)
of four weeks
ending:
2/3/92
3/2/92
3/30/92
5/4/92
6/1/92
6/29/92
8/3/92
8/31/92

Compounded annual rates of change, average of four weeks ending:
9/2/91
12/2/91
2/3/92
3/2/92
3/30/92
5/4/92
6/1/92
6/29/92

13.1
15.6
14.9
13.6
13.7
11.9
11.8
12.4


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Federal Reserve Bank of St. Louis

19.1
17.0
14.4
14.4
11.8
11 7
12.5

20.1
14.5
14.4
10.7
10.8
12.0

8.0
9.9
6.5
7.6
9.3

9.7
5.3
6.9
9.1

4.8
7.3
10.1

4.3
8.8

15.0

Prepared by Federal Reserve Bank of St. Louis

3

600

4
Adjusted Reserves
Billions of Dollars

Seasonally Adjusted

Billions of Dollars

92
1992

Billions

90

Jun 24
Jul 8
Aug

5

Sep

2

86

84
82

28

3

17 31 14 28 11 2S 8 23
Jul
Aug
Sep
Oct
1991

8

20 4 18 1 15 2) 12 28 11 25
Nov
Dec
Jan
Feb
Mar

8 22
Apr

8

20 3 17
May
Jun
1992

15 2) 12 28
Jul
Aug

9 23
Sep

Latest data plotted two weeks ending: September 2, 1992
Adjusted reserves is the difference between adjusted monetary base and currency component of M1.

Adjusted Reserves
T ,.
, Compounded annual rates of change, average of two maintenance periods ending:
I o tne average of
g/4/91
n/27/91 2/5/92
3/4/92
4/1/92
4/29/92 5/27/92
7/8/92
two maintenance
periods ending:
2/5/92
3/4/92
4/1/92
4/29/92
5/27/92
7/8/92
8/5/92
9/2/92

'

8.9
18.2
16.5
17.3
16.6
11.9
12.4
12.4


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Federal Reserve Bank of St. Louis

24.9
20.5
21.0
19.4
12.3
12.9
12.8

40.4
34.4
28.1
15.0
15.4
15.0

14.4
13.2
3.4
5.9
6.8

16.9
2.6
5.8
7.0

-4.6
1.3
3.7

Prepared by Federal Reserve Bank of St. Louis

76

Money Multiplier 1/
Averages of Daily Figures
Seasonally Adjusted
Compounded annual
rates of change,
average of the four
weeks ending
August 31, 1 992 from
the four weeks ending:
Sep 2, 1991
3.0
Nov 25, 1991
3.0
Mar 2. 1992
1.3
Mar 30, 1992 -0.2
Apr 27. 1992 0.9
May 25, 1992 -0.1
Jul
6, 1992 0.2

1

15 29 12 26
Jul
Aug

9 23
Sep

7

21
Oct

Ratio
Jun 22
Jul 6
Aug

4

18 2 16 30 13 27 10 24
Nov
Dec
Jan
Feb

9 23
Mar

6

20
Apr

1991

4

2.611
2.631
2.61 6
2.617
2.627

3

16 1 15 29 13 27 10 24
May
Jun
Jul
Aug

7

21

Sep

1992

Latest data plotted two weeks ending: August 31, 1992

Currency Component of M12/
Billions of Dollars

295

Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

295

I-----------f
Compounded annual
rates of change
average of the four
weeks ending
August 31, 1992 from
the four weeks ending
Sep 2. 1991
8.1
1991
1992
Mar 30 1992
1992
1992
Jun 29. 1992

1992

1

15 29
Jul

I I 1 I FTi-l T» I ■ ■ I i m r T^i I ' I
12 26 9 23 7 21 4 18 2 16 30 13 27 10 24 9 23
Aug Sep
Oct
Nov
Dec
Jan
Feb
Mar
1991

Billions

Jul 27
Aug 3
10
17
24

280.0
280.8
282.2
282.7
282.7
283.5

I ' I ' ‘I ■ l ■
■ l i
■ | r-rV| i | i* |
6 20 4 18 1 15 29 13 27 10 24 7 21
Apr May
Jun
Jul
Aug
Sep
1992

Latest data plotted week ending: August 31, 1992
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

6

Yields on Selected Securities
Percent

Percent

Averages of Daily Figures

Aaa Bonds

Municipal Bonds
■Loan Rats.

5

19
Jul

2 16 30 13 27
Aug
Sep

11 25
Oct

8 22
Nov

6 20 3 17 31 14 28 13 27 10 24
Dec
Jan
Feb
Mar
Apr

1991

8

22
May

5

19 3 17 31 14 28
Jun
Jul
Aug

11 25
Sep

1992

Latest data plotted are averages of rates available for the week ending: September 11, 1992

1992
Jun

19
26
3
10
17
24
31
Aug
7
14
21
28
Sep
4
n *
Jul

90-Day
CDs

30-Day
Commercial
Paper

90-Day
Bankers'
Acceptances

Corporate
Aaa Bonds

Corporate
Baa Bonds

Municipal
Bonds **

3.83
3.84
3.75
3.37
3.34
3.32
3.32
3.32
3.28
3.28
3.34
3.28
3.08

3.89
3.89
3.80
3.45
3.42
3.40
3.36
3.39
3.35
3.37
3.39
3.37
3.18

3.79
3.79
3.66
3.33
3.28
3.29
3.29
3.28
3.25
3.26
3.31
3.25
3.05

8.22
8.20
8.16
8.08
8.09
8.06
8.01
7.99
7.93
7.91
7.97
7.93
7.87

9.02
9.02
8.98
8.89
8.87
8.82
8.71
8.68
8.62
8.62
8.69
8.64
8.54

6.46
6.42
6.38
6.17
6.16
6.05
5.89
6.06
6.05
6.21
6.31
6.24
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


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Federal Reserve Bank of St. Louis

Selected Interest Rates
Percent

Percent

Averages of Daily Figures

'unde Rate-

Jul

IS 30 13 27 11 25
Aug
Sep
Oct

8 22
Nov

6

20
Dec

3

17 31

H 28 13 27 10 24
Feb
Mar
Apr

8 22
May

5

19 3 17 31 H 28
Jun
Jul
Aug

Latest data plotted are averages of rates available for the week ending: September 11, 1992

1992
Jun

19
26
3
10
17
24
31
Aug
7
14
21
28
Sep
4
11 *

Federal
Funds **
3.73
3.72
3.87
3.24
3.28
3.22
3.18
3.33
3.24
3.33
3.27
3.33
3.09

3—Month
Treasury
Bill

6—Month
Treasury
Bill ***

1 -Year
Treasury
Bill

3.63
3.64
3.48
3.22
3.19
3.17
3.18
3.16
3.11
3.07
3.16
3.10
2.91

3.75
3.77
3.66
3.32
3.31
3.24
3.27
3.30
3.19
3.18
3.24
3.26
2.95

3.93
3.94
3.79
3.48
3.38
3.38
3.43
3.39
3.28
3.26
3.38
3.26
3.03

5-Year
Treasury
Securities

Long-Term
Treasury
Securities

6.44
7.67
6.40
7.65
6.22
7.56
5.93
7.42
5.85
7.45
5.74
7.36
5.70
7.20
5.69
7.18
5.53
7.08
5.48
7.11
5.69
7.23
5.48
7.13
5.23
6.95
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
*** Auction average (discount)
Prepared by Federal Reserve Bank of St. Louis
Jul


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Federal Reserve Bank of St. Louis

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

Billions of Dollars

1992

Billions of Dollars

M2
Billions

Jul 27 3459.4
Aug 3 3460.8
10 3470.1.
17 3468.7
24 3465.4
31 3472.4

(left scale)

Non-M1 M2 (right scale)
Non-M1 M2
1992 Billions
Jul 27 2497.1
Aug 3 2494.5
10 2497.9
17 2493.3
24 2493.0
31 2493.4

I

IS 2!
Jul

12 26 9 23 7 21
Aug Sep Oct
1991

4 18 2 It 30 13 27 10 24
Nov
Dec
Jan
Feb

9 23
Mar

6 20 4 18 1 IS 29 13 27
Apr
May
Jun
Jul
1992

10 24
Aug

7 21
Sep

Latest data plotted week ending: August 31, 1992
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)
To the average

Compounded annual rates of change, average of four weeks ending:
9/2/91
12/2/91
2/3/92
3/2/92
3/30/92
5/4/92
6/1/92
6/29/92

ending:

4.3
2.0
1.6
0.8
0.4
0.9

-1.2
-0.7
-1.2
-1.2
-0.4

-0.7
-1.3
-1.2
-0.3

-1.2
-1.1

-1.8
1


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Federal Reserve Bank of St. Louis

4.8
3.4
2.3
2.0
1.3
1.0
1.3

6

2.8
3.8
3.2
2.5
2.3
1.8
1.5
1.7

o
o

2/3/92
3/2/92
3/30/92
5/4/92
6/1/92
6/29/92
8/3/92
8/31/92

Prepared by Federal Reserve Bank of St Louis

Savings and Money Market Funds
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

1180 - - - - - 1——i—
-

Billions of Dollars

Savings
1992 Billions
Jul 27 1136.8
lilt —Aug 3 1137.8 .
INJ
10 1142.4
17 1145.8
24 1147.1
31 1148.8

Money Market (right scale)

Money Market
1992 Billions
Savings Deposits (left scale)

1

Jul 27
Aug 3
10
17
24
31

349.7
349.1 —
346.9
348.0
347.6
348.3

15 29 12 26
Jul
Aug

9 23 7 21 4 18 2 16 30 13 27 10 24 9 23 6 20 4 18 1 15 29 13 27 10 24
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
1991
1992
Note: Savings deposits are at ail depository institutions. Money market funds are general purpose
and broker/dealer.

7 21
Sep

Large and Small Time Deposits1'
Billions of Dollars
^

.
All Depository Institutions
Averages of Daily Figures, Seasonally Adjusted

Billions of Dollars

--------- 1---------1—

1140

Small Time
1992 Billions

\ s'

450

Jul 27
Aug 3
10

937.5
934.1
929.9

24
1

Small Time ( ight s Dale)
>*

92C .5
92C .7

'A Is N

1080

\

v\

425

.arge T ime (left seal*0

1020

\s
X
S

N

Lar ge Tin■te
199 2 Bilil ons
Aug

375

1

3
10
17
24
31
l

\

386.7
384.9
383.7
383.2
380.1
l

15 29 12 26 9 23 7 21
Jul
Aug
Sep Oct
1991

N
'N Ns

V

4 18 2 IS 30 13 27
Nov
Dec
Jan

IB 24
Feb

9 23
Mar

6 20
Apr

4 18 1 15 29 13 27
May
Jun
Jul
1992

10 24
Aug

7 21
Sep

Latest data plotted week ending: August 31, 1992
1/ Large time deposits are those issued in demoninations of $100,000 or more.


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

9

900

10
Total Borrowings
From Federal Reserve Banks
Averages of Daily Figures

Billions of Dollars

1992
5
12
19
26
2
9

3

Billions of Dollars

Billions
0.243
0.229
0.268
0.267
0.249
0.214

17 31 14 28 11 25 9 23
Jul
Aug
Sep
Oct
1991

6

20 4 18 1 15 29 12 26 11 25
Nov
Dec
Jan
Feb
Mar

8 22
Apr

6

20 3 17 1 15 29 12 26
May
Jun
Jul
Aug
1992

9 23
Sep

Adjustment + Seasonal Borrowings
From Federal Reserve Banks
Averages of Daily Figures

Billions of Dollars

1992
Aug

5
12
19
26
Sep 2
9

3

Billions of Dollars

Billions
0.243
0.229
0.268
0.267
0.249
0.214

17 31 14 28 11 25 9 23
Jul
Aug
Sep
Oct
1991

6 20 4 18
Nov
Dec

1

15 29 12 26 11 25
Jan
Feb
Mar

8 22
Apr

6

20 3 17 1 15 29 12 26
May
Jun
Jul
Aug
1992

9 23
Sep

Latest data plotted week ending: September 9, 1992


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

Prepared by Federal Reserve Bank of St. Louis

Commercial Paper of Nonfinancial Companies
Billions of Dollars

1992
Aug

3

Billions of Dollars

Not Seosonolly Adjusted

Billions

5

17 31 14 28 11 25
Jul
Aug
Sep

S 23
Oct

6

20 4 18 1 15 29 12 26 11 25
Nov
Dec
Jan
Feb
Mar

8 22
Apr

6

20 3 17 1 15 29 12 26
May
Jun
Jul
Aug

9 23
Sep

Latest data plotted week ending: September 2, 1992

Commercial and Industrial Loans'7
Billions of Dollars

380

Weekly Reporting Lorge Commercial Banks2/
Seasonally Adjusted

Billions of Dollars

„ I
I
Compounded annu al
rates of change,
average of the fou
weeks ending
August 26, 1992 fr om
the four weeks end ing:
Aug 28, 1991
r. 8
Nov 27, 1991
5.2
Feb 26, 1992
5.6
Mar 25. 1992-1C).3
Apr 29, 1992—1C ).6
May 27, 1992-1 .5

340
320

380

---------- 1--------199,2
12
19

Aug

5
2
; 9
>6

Billions
278.028—
276.467
277.339
276.711
276.818
275.677

360
340
320
300

280
260

]

17 31 14 !> 11 25 ! !3
Jul
Aug
Sep
Oct
1991

6 20 4 11 1 15 29 1! 26 II 25
Nov
Dec
Jan
Feb
Mar

S 22
Apr

f 10 3 17
May
Jun
1992

1

15 29 12 26
Jul
Aug

9 23
Sep

"

Latest data plotted week ending: August 26, 1992
1/ Commercial and industrial loans include banker's acceptances and commercial paper.
2/ Banks with domestic assets greater than $1.4 billion
D
Prepared by Federal Reserve Bank of St. Louis


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

11

Dollar’s Trade-Weighted Exchange Index
1973=100

1973=100

Averages of Daily Figures

1992 1973=100
Aug
Sep

3

17
Jul

31 14 21 11 25 9 23
Aug
Sep
Oct
1991

6 20
Nov

4 II I 15 2) 12 26
Dec
Jan
Feb

11 25
Mar

8 22 6 20 3 17
Apr May
Jun
1992

1

5
2

15 29 12 21 9 23
Jul
Aug
Sep

Latest data plotted week ending: September 9, 1992
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

>4
K

CQ
n

03 J


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102