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of St. Louis

U.S.- - - -Financial- - - -Data
SEP 1 2 1991- - - - ----------------------September 12, 1991

THE WEEK'S HIGHLIGHTS:
i/ Producer prices offinished goods (PPI) increased at a 3 percent
annual rate in August, after declining at a 2.9percent rate in July.
Since energy prices began to fall in December 1990, the PPI has
declined at a 1.1 percent rate.

/ The civilian unemployment rate in August was 6.8 percent, un­
changed from its July level. Total employment fell 296,000 per­
sons, and the labor force declined 310,000.

✓ Payroll employment rose by 34,000 jobs in August, or at a 0.4
percent annual rate, after falling by 73,000 jobs in July. This gain
was distributed as 24,000 additional jobs in the goods-producing
sector and 10,000 in the service sector.
Consumer credit outstanding fell $838 million in July, the seventh
monthly decline in the last eight months. Credit outstanding in July
was 0.4 percent less than a year earlier.

RESERVE
RANK of


views expressed do not necessarily reflect official positions of the Federal Reserve system.
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Federal Reserve Bank of St. Louis

2

Adjusted Monetaiy Base
Billions of Dollars

Averages ot Daily Hgures

Seasonally Adjusted

1991

Aug

Billions

7

Sep

4

I IS !! 1! if 10 II 1 !l 5 I! 2 If 30 1J 17 1J J7
24
Aug
Sep
Oct Nov
Dec
Jan
Feb
Mar
1990
Latest data plotted reserve maintenance period ending: September 4. 1991
I

Billions of Dollars

II
Jul

8 22 5 19 3 17 il 11 11 II 15

cumeniv^’n'H???,MISS'JOT 0r,ure3ekV accP9nts of financial institutions at Federal Reserve banks,
(curr?ncy held by the public (Kid in the vaults of all depository institutions) and an
P.lUnr*? ?. mr nStI^J/equlr'mtenJ £atlEchL.an933y Ifi? major source of the adjusted monetary base is Federal
available^rom thisbank* computed by tdla bank. A detailed description of the adjusted monetary base is
Recent data are preliminary.

Adjusted Monetaiy Base
To the averoae of Con3P°unded annual rates of change, average of two maintenance periods ending:
two maintenance
9/5/90 11/28/90 2/6/91
3/6'91
+/3/91
W91
5/29/91 7/10/91
periods ending:
2/6/91
3/6/91
4/3/91
5/1/91
5/29/91
7/10/91
B/7/91
9/4/91

12.7
12.1
11.6
9.5
9.3
8.5
8.5
8.4


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Federal Reserve Bank of St. Louis

15.3
13.8
10.2
9.7
8.5
8.5
8.4

8.8
4.0
4.7
4.4
5.1
5.3

1.8
3.4
3.5
4.5
4.8

0.8
2.0
3.5
4.1

Prepared by Federal Reserve Bank of St. Louis

Money Stock (M1) and Total Checkable Deposits
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

1991

Billions of Dollars

M1
Billions

Jul 29
Aug 5
12
19
26
Sep 2

864.4
867.7
862.8.
864.6
869.7
867.1

M1 (left scale)

TCD
1991

Billions

Jul 29
Aug 5

596.3

"CD (right seal
Sep

2

16 30 13 27 10 24
Jul
Aug
Sep

8 22
Oct

5

2

— 570

595.2
596.3
600.5
597.7

19 3 17 31 14 28 11 25 11 25
Feb
Mar
Nov
Dec
Jan

Latest data plotted week ending: September 2, 1991
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)
To the average

Compounded annual rates of change, average of four weeks ending:
9/3/90
12/3/90
3/4/91
4/1/91
6/3/91
7/1/91
4/29/91
2/4/91

ending:
2/4/91
3/4/91
4/1/91
4/29/91
6/3/91
7/1/91
8/5/91
9/2/91

3.0
4.9
5.6
4.5
5.6
6.2
5.9
5.9


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Federal Reserve Bank of St. Louis

7.0
7.9
5.7
7.0
7.7
7.2
7.0

13.2
7.5
9.1
9.6
8.5
8.1

3.5
7.1
8.2
7.2
7.0

5.5
7.5
6.5
6.3

12.5
9.4
8.6

7.5
6.9

4.7

Prepared by Federal Reserve Bank of St. Louis

3

4

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

Billions of Dollars

1991

Billions of Dollars

M2
Billions

Jul 29 3388.5
Aug 5 3390.6
12 3387.7.
19 3390.8
26 3397.2
Sep 2 3387.5

_M2 (left

Non-M1 M2 (right scale)

Non-M1 M2
1991 Billions
Jul 29 2524.1
Aug 5 2522.9
2524.9
2526.2
2527.5
Sep 2 2520.4

2

It
Jul

30 13 27 10 24 8 22
Aug

Sep Oct
1990

5

1§ 3

Nov

17
Dec

31 14 28 11 25 11 25
Jan

Feb

17

Mar

1

15 20

Latest data plotted week ending: September 2, 1991
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, money market deposit accounts, savings and small time deposits, and qeneral
purpose and broker/dealer money market mutual funds. For more detail, see the H.6 release

Money Stock (M2)
To the average
of four weeks
ending:
2/4/91
3/4/91
4/1/91
4/29/91
6/3/91
7/1/91
8/5/91
9/2/91

Compounded annual rates of change, average of four weeks ending:
9/3/90
12/3/90
2/4/91
3/4/91
4/1/91
4/29/91
6/3/91
7/1/91

1.6
2.7
3.4
3.2
3.3
3.3
2.5
2.4


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Federal Reserve Bank of St. Louis

4.1
5.0
4.5
4.4
4.2
3.0
2.7

8.4
6.3
5.6
5.1
3.3
2.9

5.1
4.6
4.3
2.4
2.0

3.2
3.2
1.2
1.0

3.6
0.9
0.7

-0.8
-0.5

-2.1

Prepared by Federal Reserve Bank of St. Louis

Money Multiplier1/
Averages of Daily Figures
Seasonally Adjusted
Compounded annual
rates of change,
average of the four
weeks ending
September 2, 1991 from
the four weeks ending:

Ratio
Jun 24
Jul 8
Aug

2

16 30 13 27 10 24 8 22 5
Jul

Aug

Sep

Oct

IS 3
Nov

17 31 14 28
Dec

Jan

25 11 25 I 22
Feb

Mar

Apr

1990

6 20

3

May

17

1

5

Sep

Sep 3. 1990 -2.2
Nov 26, 1990 -1.5
Mar 4, 1991
2.2
Apr 1, 1991
2.8
Apr 29. 1991
2.0
May 27, 1991
1.0
Jul 8, 1991 -2.5

2.546
2.561
2.530
2.563

2

15 29 12 26

Jun

Aug

9

23

Sep

1991

Latest data plotted two weeks ending: September 2. 1991

Currency Component of M12/
nvciuyca ui uuuy riyuica

Billions of Dollars

Billions of Dollars

Seasonally Adjusted

Compounded annual
rates of change,
average of the four
weeks ending
September 2, 1991 from
the four weeks ending:
Sep 3, 1990
Dec 3, 1990
Mar 4. 1991
Apr 1, 1991
Apr 29, 1991
Jun 3. 1991
Jul
1, 1991

9.3
8.8
4.4
3.9
5.0
6.5
7.6

1991

Billions

Jul 29
Aug 5

Sep

2

16 30 13 27 10 24 8 22 5 19 3 17 31 14 21 11 25 11 25
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb Mar
1990

22
Apr

6

20 3 17
May
Jun
1991

2

260.4 —
260.2
259.9
260.7
261.6
261.7

15 29 12 26
Jul
Aug

9 23
Sep

Latest data plotted week ending: September 2. 1991
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

Prim# Bank

-Corporate
Aaa Bond#

Municipal Bond#

6

20
Jul

3

17 31 14 28 12 26
Aug

Sep
Oct
1990

9 23

7 21

Nov

Dec

15 29 12 26
Jan

Feb

Mar

Apr

May
1991

Jun

Jul

Aug

Sep

Latest data plotted are averages of rates available for the week ending: September 13, 1991

1991

90—Day
CDs

30—Day
Commercial
Paper

90-Day
Bankers'
Acceptances

Corporate
Aaa Bonds

Corporate
Baa Bonds

Municipal
Bonds **

6.03
6.05
6.04
6.02
5.97
5.94
5.90
5.69
5.62
5.58
5.63
5.60
5.53

6.05
6.08
6.06
6.02
5.96
5.93
5.92
5.73
5.69
5.64
5.72
5.72
5.62

5.93
5.94
5.93
5.92
5.90
5.83
5.80
5.56
5.50
5.49
5.54
5.49
5.43

9.05
9.04
9.04
9.04
8.99
8.97
8.93
8.82
8.73
8.69
8.70
8.67
8.64

9.98
9.95
9.91
9.96
9.92
9.84
9.80
9.69
9.62
9.62
9.60
9.58
9.55

7.15
7.13
7.10
7.07
7.04
7.00
6.99
6.94
6.88
6.86
6.85
6.86
NA

Jun 21
28
Jul
5
12
19
26
Aug
2
9
16
23
30
Sep
6
13 *

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


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

Selected Interest Rates

Percent

Percent

9.0

9.0
/>
/'

k'\

t/\

■s.

^
5-1 '•or

\ V

______

/

/

1

W

s ^

1-----------------------------------

,S'

\
Feder al
at* \

Funds

7.0

1

Tr*o*ury S*curtt6

N
\
\
\
\-

\

\

Oi count 6 tot*

\
\i
\
V

6.0

w

"s'

rv

3- Month

—.

Tr*oi ury Bill
\

v/ ■v

5.0

5.0

II

Jul

Aug

Sep
Oct
1990

Nov

Dec

Jan

1

IS

1

Feb

15 29 12 26 10 H 7 21
Mar
Apr
May
Jun
1991

5

19
Jul

2

16 30 13 27
Aug
Sep

Latest data plotted are averages of rates available for the week ending: September 13, 1991

1991

Federal
Funds «■+

Jun 21
28
Jul
5
12
19
26
Aug
2
9
16
23
30
Sep
6
13 *

5.78
5.79
6.34
5.79
5.85
5.75
5.79
5.83
5.62
5.68
5.58
5.60
5.56

r- r------------------rr--

3—Month
Treasury
Bill

6—Month
Treasury
Bill *+*

1 -Year
Treasury
Bill

5—Year
Treasury
Securities

Long-Term
Treasury
Securities

5.58
5.56
5.58
5.57
5.59
5.58
5.53
5.40
5.29
5.24
5.34
5.32
5.26

5.79
5.76
5.71
5.71
5.70
5.72
5.69
5.59
5.39
5.23
5.47
5.39
5.30

5.97
5.96
6.00
5.90
5.92
5.90
5.81
5.54
5.40
5.30
5.41
5.37
5.29

7.95
7.96
7.95
7.97
7.92
7.87
7.76
7.54
7.40
7.29
7.35
7.30
7.20

8.54
8.53
8.49
8.52
8.49
8.45
8.37
8.22
8.14
8.10
8.09
8.06
B.01

uyui u o 11. i o icicusc cxuiuuiiiu luny-icrm 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


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

7

8

Savings and Small Time Deposits
All Depository Institutions
Averages of Daily Figures, Seasonally Adjusted

Billions of Dollars

480

Billions of Dollars

1350

I
I---------Savings
1991
Billions
Jul 29
Aug 5
12

460

444.3
445.8
446.7

26
2

4 8.8
44 9.6

Sep

1250
Small Time ( -ight s cale)

440

Sm all Tirrle
199 1 Bill! ons
Jul 29 1115.8
Aug 5 1113.2

420
s rvings
400

1150

^-

!

If 30 13 27 10 24 0 12 S II
Jul
Aug
Sep Oct
Nov
1990

Deposit• (left scale)

3

Sep

17 11 H 21 II 25 II 2S 0 22
Dec
Jan
Feb Mar Apr

0 20 3 17
May
Jun
1991

I

19
26
2

1050

1110.3
1109.2
1107.2

J____ I____ 950

IS 20 12 20 0 23
Jul
Aug Sep

Total and Large Time Deposits1//
All Depository Institutions
Averages of Daily Figures, Seasonally Adjusted

Billions of Dollars

2110

Billions of Dollars
i—“i—

560

Large Time
1991
Jul 29
Aug 5
12

otal Hr ie (lefl scale]

2090

Billions
489.4
488.6
486.1

26
2

48 2.1
48 1.7

Sep

-\
\

------ -.
« _ Ne

540

— -*\
>

2070

. *------

\\
\

Larg »Time (right scale)

*

Tot al Tim e
199 1 Ml ons

2050

2030

Aug

5
12
19
26
Sep 2

2

460

2047.6
2044.5
2041.8
2040.1
2038.5

It 30 13 27 10 24 8 22 5 19 3 17 31 14 28 11 25 11 25 8 22
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb Mar
Apr
1990

\
t

20
May

3

17 1 15 29 12 2t
Jun
Jul
Aug

9 23
Sep

1991

Latest data plotted week ending: September 2. 1991
1/ Total time is the sum of savings deposits, and small and large time deposits; where large time deposits are
those issued in denominations of 1100,000 or more.
Prepared by Federa| Reserve Bon|< of ^ Louis


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

420

Money Market Funds
General Purpose and Broker/Dealer
Averages of Daily Figures, Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Compounded annual
rates of change,
average of the four
weeks ending
September 2, 1991 from
the four weeks ending:
Sep 3, 1990 4.6
Dec 3, 1990 3.5
Mar 4, 1991 -4.8
Apr 1. 1991 -8.6
Apr 29. 1991 -8.9
Jun 3, 1991-13.3
Jul
1, 1991-16.9

1_991

BjtUong

Jul 29
Aug 5

356.6
353.8
353.8
352.2
353.1
351.1

Sep

2

16 30 13 27 10 24 8 22 5 1J 3 17 31 14 28 11 25 11 25
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb Mar
1990

22
Apr

6

20 3 17
May
Jun
1991

2

15 29 12 26
Jul
Aug

9 23
Sep

Money Market Deposit Accounts
All Depository Institutions
Averages of Daily Figures, Seasonally Adjusted

Billions of Dollars

560

540

520

Billions of Dollars

560

—I----------1----------- 1-------Compounded annual
rates of change,
average of the four
weeks ending
September 2, 1991 from
the four weeks ending:
Sep 3.
Dec 3,
Mar 4.
Apr 1,
Apr 29,
Jun 3,
Jul
1.

1990
1990
1991
1991
1991
1991
1991

540

8.3
11.1
14.7
13.5
12.6
8.7
6.7

520

1221

Bill! ons

5
12
19
26
Sep 2

547.3
548.7
548.9
548.4
548.4

Aug

400

■ i ■

1 i 1 i

i . i

1

i ■ i

16 10 11 27 II 24 i 12
Jul Aug
Sep Oct
1990

5

19 3 17 3 14 28 11 25 11 25
Nov
Dec
Jan
Feb Mar

8 22
Apr

6 20 3 17
May
Jun
1991

15 29 12 26
Jul
Aug

9 23
Sep

500

400

Latest data plotted week ending: September 2, 1991


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

9

10

Total Borrowings
From Federal Reserve Banks
Averages of Daily Figures

Billions of Dollars

1991

Billions

Aug

7
14
21
28
Sep 4
11

4

II
Jul

Billions of Dollars

1.203
0.602
0.757
0.759
0.829
0.793

I 15 29 12 26 10 24
Aug
Sep
Oct
1990

7 21 5 19
Nov
Dec

2

16 30 13 27 13 27 10 24 8 22 5 19
Jan
Feb Mar
Apr
May
Jun
1991

3

17 31 14 28 11 25
Jul
Aug
Sep

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

Billions of Dollars

1991
Aug

7
14
21
28
Sep 4
11

4

I8
Jul

Billions of Dollars

Billions
1.013
0.333
0.464
0.390
0.387
0.352

1 15 29 12 26 10 24 7 21
Aug
Sep
Oct
Nov
1990

5 19 2 16 30 13 27 13 27 10 24 8 22 5 19
Dec
Jan
Feb Mar
Apr
May
Jun
1991

3

17 31 14 28 11 25
Jul
Aug
Sep

Latest data plotted week ending: September 11, 1991


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

Commercial Paper of Nonfinancial Companies
Billions of Dollars

1991

Billions

Aug

7

Sep

4

Billions of Dollars

Not Seasonally Adjusted

4

18 1 15 29 12 26 10 24
Jul
Aug
Sep
Oct
1990

7 21 5 19 2 16 30 13 27 13 27 10 24
Nov
Dec
Jan
Feb Mar
Apr

B 22 5 19 3 17 31 14 28 11 25
May
Jun
Jul
Auq
Sep
1991

Latest data plotted week ending: September 4, 1991

Commercial and Industrial Loans17
Weekly Reporting Large Commercial Banks2/
Seasonally Adjusted

Billions of Dollars

390

I
I
I
Compounded annual
rates of change.

370

I
1991

weeks ending
August 28, 1991 from

3(0

Aug
Nov
Feb
Mar
May
May
Jur

350
390

29,
28,
27,
27,
1,
29.
26,

1990 -7.8
1990 -9.2
1991-10.2
1991-11.8
1991-11.7
1 991-1C .7
1 991 -1 . 1

Billions of Dollars

Billions

Jul 24 303.724
31 304.217
14 302.062
21 302.542
28 301.501
_

390
370
3(0
350
390

330

330

320

320

310

310

300
290

9

It
Jul

1 15 2) 12 21 It 21
Aug
Sep
Oct
1990

7 21
Nov

5 II 2 11 it 13 27 13 27 10 29
Dec
Jan
Feb Mar
Apr

B 22 5 19 3 17 31 14 28 11 25
May
Jun
Jul
Aug
Sep
1991

Latest data plotted week ending: August 28, 1991
1/ Commercial and industrial loans include banker's acceptances and commercial paper.
2/ Banks with domestic assets greater than $1.4 billion
_
.L _ ,
, „
Prepared by Federal Reserve Bank of St. Louis


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Federal Reserve Bank of St. Louis

11

290

Dollar's Trade-Weighted Exchange Index
973=100

1973=100

Averages of Dally Hgures

1121 197?=*! Q0
Aug 7
Sep

4

18
Jul

1

15 2§ 12 2$ 10 24 7 21
Aug

Sep

Oct

Nov

5

19 2 It 30 13 27 13 27 10 24 8 22 5
Dec

Jan

Feb

Mar

1990

Apr

May

19 1
Jun

4

17 31 14 28 11 25
Jul

Aug

Sep

1991

Latest data plotted week ending: September 11, 1991
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.

*0 9
LIBRARY


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

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