Full text of U.S. Financial Data : September 15, 1994
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►er 15, 1994
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ST. IIM IS
THE WEEK'S HIGHLIGHTS:
✓
✓
The consumer price index (CPI) rose at a 4.1 percent annual rate
in August. Over the last three months, consumer prices increased
at a 3.8percent rate, up from a 2.3 percent rate for the previous
six-month period. Excluding food and energy prices, the CPI rose
at a 3.1 percent rate in August.
The producer price index for finished goods (PPI) rose at a 7.9
percent annual rate in August its highest rate of increase since
October 1990. Over the past two months, the PPI has advanced
at a 6.9 percent rate, compared to a 0.5 percent rate of decline
over the previous two-month period.
—
✓
Retail sales advanced 0.8 percent in August, following virtually no
change in July. Excluding auto sales, which rose 1.2 percent last
month, retail sales rose 0.7 percent. Sales in August were up 7percent
from a year earlier. Retail sales are not adjusted for inflation.
s/ Business inventories rose $2.4 billion in July, or 0.3 percent, after
a $3.9 billion increase in June. The ratio of inventory to sales in July
was 1.42, up from 1.40 in June, but down from 1.46 a year earlier.
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
444.1
Aug
20
446.7
17
449.6
31
Sep 14
7 21
Jul
447.4
3
449.5
449.6
{ 18 1 15 2J 13 27 10 24 B 22 5 19 2 1C 2 IS 30 13 27 11 25
I 22 S 20 3 17 31 H 28
Aug
Jun
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
1993
May
Jul
Aug
Sep
1994
Latest data plotted reserve maintenance period ending: September 14, 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 source of the adjusted monetary 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
T ,,
, Compounded annual rates of change, average of two maintenance periods ending:
I o the overage or
two maintenance
periods ending:
2/16/94
3/16/94
4/13/94
5/11/94
6/8/94
7/20/94
8/17/94
9/14/94
g/15/g3
10.6
10.2
9.5
9.1
9.0
8.9
8.8
8.4
f,
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/8/93
12.6
10.9
10.0
9.8
9.5
9.2
8.7
2/16/94
3/16/94
4/13/94
5/11/94
6.8
6.5
7.0
7.3
7.3
6.9
5.5
6.5
7.1
7.1
6.6
7.2
7.6
7.5
6.9
8.3
B.O
7.1
6/8/94
7/20/94
Prepared by Federal Reserve Bank of St Louis
Money Stock (Ml) and Total Checkable Deposits
Billions of Dollars
1994
1150
Averages ot uany Figures
Seasonally Adjusted
Billions of Dollars
M1
Billions
Aug
-
11158.8
8 1147.9
15 1148.6
22 1154.7
29 1154.9
Sep 5 1155.9
M1 (left scale)
TCD (right scale)
TCD
1994
Aug
1
8
15
22
29
Sep 5
5 19 2 16 30 13 27 11 25 8 22 6 20 3 17 31 14 28 14 28 11 25 9 23 6 20
Jul
Aug Sep Oct Nov Dec Jan
Feb Mar Apr May Jun
Billions
805.7
795.2 —
795.6
800.9
799.5
800.5
18 1 15 29 12 26
Jul
Aug
Sep
1994
Latest data plotted week ending: September 5, 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 9/6/93
of four weeks
ending:
2/7/94
3/7/94
4/4/94
5/2/94
6/6/94
7/4/94
8/8/94
9/5/94
8.3
7.9
7.6
5.8
5.7
5.5
5.6
5.1
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/6/93
2/7/94
5.8
5.9
3.4
3.6
3.7
4.1
3.5
5.6
1.4
2.3
2.7
3.4
2.8
3/7/94
4/4/94
-0.5
1.4
2.1
3.1
2.4
-0.6
0.9
2.4
1.8
5/2/94
6/6/94
7/4/94
4.3
5.1
3.7
5.6
3.5
3.1
Prepared by Federal Reserve Bank of St. Louis
3
4
Adjusted Reserves
Billions of Dollars
Seasonally Adjusted
Billions of Dollars
114
1994
Billions
Jun 22 104.2
- Jul 6 102.0
20 105.2
Aug 3 102.5
17 105.1
31 103.2
110
100
102
98
94
7 21 4 IB 1 15 29 13 27 10 24 0 22 5 19 2 IS 2 It 30 13 27 11 25 8 22
Jul
Aug Sep Oct Nov Dec Jan
Feb Mar Apr May Jun
1993
20 3 17 31 14 28
Jul
Aug
Sep
1994
Latest data plotted two weeks ending: August 31, 1994
Adjusted reserves is the difference between adjusted monetary base and currency component of M1.
Adjusted Reserves
To the average of
Compounded annual rates of change, average of two maintenance periods ending:
9/1/93
11/24/93
2/2/94
3/2/94
3/30/94
4/27/94
5/25/94
7/6/94
4.1
4.0
7.1
periods ending:
2/2/94
3/2/94
3/30/94
4/27/94
S/25/94
7/6/94
8/3/94
8/31/94
7.6
9.3
3.6
5.2
2.7
2.3
3.0
3.1
15.8
4.6
6.9
3.0
2.4
3.3
3.3
-6.7
0.8
-3.7
-2.7
-0.8
-0.2
-7.2
-10.2
-6.9
-4.0
-2.8
-0.6
-0.4
2.0
2.3
-6.8
-2.1
-0.8
Prepared by Federal Reserve Bank of St. Louis
l
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
90
Money Multiplier1/
Averages of Daily Figures
Seasonally Adjusted
Ratio
3.0
Ratio
3.0
Compounded annual
rates of change,
average of the four
weeks ending
August 29, 1994 from
the four weeks ending:
Aug 30, 1993 -3.3
Dec 6, 1993 -5.2
Feb 28, 1994 -4.2
Apr 11, 1994 -5.7
May 9, 1994 -4.1
Jun 6, 1994 -4.1
Jul 4. 1994 -5.6
' 1
5 I!
Jul
'
' 1 ' 1
' <
' I ' ' ' i
2 If 30 13 22
Aug
1994
i
' ' 1> ' i 1
II 25 I 2!
Sep
Oct
1993
Ratio
Jun 20
Jul 4
18
Aug 1
15
29
Nov
S 21
Dec
1 I 1 i-' ') 1 f 1 I 1 I
l i l
3 12 31 14 2! 14 21 11 25
Jan
Feb Mar
Apr
l 1 | | i | i ‘|
i ; "i
9 23 f 10 4
May Jun
1994
2.584
2.583
2.574
2.594
2.554
2.570
■ i i i1 i | i
9
I! 1 15 2) 12 2f
Jul
Aua Sea
y
M
Latest data plotted two weeks ending: August 29, 1994
Currency Component of M12/
Averages of Daily Figures
Seasonally Adjusted
Billions of Dollars
355
345
335
_
Billions of Dollars
I
I
I---------Compounded annual
rates of change,
average of the four
weeks ending
September 5, 1994 from
the four weeks ending:
Sep 6, 1993 10.5
Dec 6, 1993 11.0
Mar 7, 1994 10.1
Apr 4. 1994 9.6
J
Ma
2. 994
3.9
Ju
6, 994
3.5
Ju
4. 994
.8
/
325
1994
Aug
1
8
15
2
9
Sep 5
3I5
Billiem
344 .8
344 .4
344.7
345.5
347.0
347.0
I
305
i'j
Jul
18
Aug
13 27 11 25 8 22 6 20
Sep Oct
Nov Dec
1993
"T"' 1 »'T*1 ' 1
17 31 14 28 14 28 11 25 9 23 6 20 4 18
Jul
Jan
Feb Mar Apr May Jun
1994
■
15 29 12 2
Aug
Sep
Latest data plotted week ending: September 5, 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
6
Yields on Selected Securities
Percent
Percent
Averages of Daily Figures
Corporate
Bonds
Prims Bonk
Loan Rate
2 16 30 13 27 10 24 8 22 5 19 3 17 31 14 28 11 25
Jul
Aug Sep Oct Nov Dec
Jan Feb
11 25 8 22 6 20 3 17 1 15 29 12 26 9 23
Mar Apr May Jun
Jul
Aug Sep
1993
1994
Latest data plotted are averages of rates available for the week ending: September 16, 1994
1994
30—Day
Commercial
Paper
90-Day
CDs
90-Day
Bankers'
Acceptances
Corporate
Aaa Bonds
Corporate
Bac Bonds
Municipal
Bonds **
Jun 24
Jul 1
8
15
22
29
Aug 5
12
19
26
Sep 2
9
16 *
4.36
4.47
4.53
4.55
4.44
4.46
4.45
4.54
4.74
4.79
4.80
4.82
4.87
4.52
4.71
4.78
4.78
4.65
4.70
4.68
4.79
4.86
4.87
4.88
4.89
4.95
4.46
4.64
4.72
4.69
4.59
4.61
4.61
4.71
4.80
4.79
4.81
4.81
4.87
8.02
8.11
8.18
8.17
8.06
8.05
7.96
8.12
8.07
8.13
8.09
8.22
8.33
8.73
B.80
8.87
8.86
8.75
8.74
8.64
8.79
8.73
8.79
8.76
8.88
8.98
6.16
6.28
6.27
6.22
6.22
6.22
6.16
6.25
6.22
6.21
6.16
6.18
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
Averages of Daily Figures
5.0 ^
3-Month
Funds Rats
Discount Rats
2 16 30 13 27 10 24 8 22 5 19 3 17 31 14 28 11 25 11 25
Sep Oct Nov Dec Jan
Feb Mar
Jul
Aug
22 6 20 3 17 1 15 2)
Apr May Jun
1993
1994
Latest data plotted are averages of rates available for the week ending: September 1 6, 1994
1994
Jun 24
Jul
1
8
15
22
29
Aug 5
12
19
26
Sep 2
9
16 +
Federal
Funds **
4.19
4.19
4.38
4.30
4.30
4.28
4.28
4.26
4.35
4.66
4.72
4.74
4.70
3—Month
Treasury
Bill
1 -Year
Treasury
Bill
5-Year
Treasury
Securities
10-Year
Treasury
Securities
Long-Term
Treasury
Securities
4.16
4.16
4.28
4.37
4.30
4.39
4.34
4.40
4.56
4.55
4.56
4.56
4.59
5.00
5.18
5.19
5.18
5.10
5.22
5.12
5.29
5.30
5.31
5.26
5.30
5.36
6.76
6.89
6.95
6.97
6.83
6.89
6.77
6.96
6.90
6.92
6.83
6.95
7.05
7.17
7.27
7.34
7.36
7.23
7.26
7.15
7.31
7.24
7.27
7.21
7.33
7.44
7.47
7.57
7.64
7.65
7.52
7.52
7.41
7.58
7.53
7.58
7.52
7.65
7.75
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
M2
1994
Aug
1
8
15
22
29
Sep 5
Billions of Dollars
M2 (left scale)
Billions
3608.4
3590.9
3597.2.
3601.1
3598.1
3594.8
Non-M1 M2 (right scale)
Non-M1 M2
1994
Billions
Aug
1
8
15
22
29
Sep 5
5 19
Jul
2 16 30 13 27 11 25 8 22 6 20 3 17 31
Aug
Sep Oct Nov Dec Jan
Feb
1993
Mar
Apr
May
Jun
Jul
2449.6
2443.0
2448.6
2446.4
2443.2
2438.9
Aug
Sep
Latest data plotted week ending: September 5, 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 9/6/93
of four weeks
ending:
2/7/94
3/7/94
4/4/94
5/2/94
6/6/94
7/4/94
8/8/94
9/5/94
2.0
1.6
2.3
2.1
2.1
1.8
1.9
1.6
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/6/93
2/7/94
3/7/94
4/4/94
5/2/94
0.8
2.2
2.0
2.0
1.5
1.8
1.4
3.0
2.4
2.3
1.5
1.9
1.4
4.0
3.2
2.1
2.3
1.7
1.6
0.6
1.3
0.8
0.4
1.4
0.7
6/6/94
7/4/94
Prepared by Federal Reserve Bank of St. Louis
Savings and Small Time Deposits
Averages of Daily Figures
Seasonally Adjusted
Billions of Dollars
12)5
Billions of Dollars
-------- 1---------- 1--------Savings
1994 Billions
Aug
1255 Sep
1
1
Small Time
1994
1 1199.7
8 1196.2
15 1194.2
Aug
29 11<J4.3
5 11 )0.9
Billions
1
8
15
774.7
776.1
777.4
9
5
776 .9
78C .0
Sep
Savi igs De| ie»ltt(l sft seal e)
1215
855
815
•»
_
Sr rail Tin it (rig it scale )
** -
1125
1135
8)5
5 19
Jul
775
2 It 30 II 27 11 25 i 22 6 21 3 17 31 14 21 14 21 11 25
Aug
Sep
Oct Nov Dec Jan
Feb
Mar Apr
1993
Note: Savings deposits are at all depository institutions.
9 23 i 21
May Jun
4 It 1 15 2) 12 21
Jul
Aug
Sep
735
1994
Large Time Deposits and Money Market Funds1 /
All Depository Institutions
Averages of Daily Figures, Seasonally Adjusted
Billions of Dollars
Billions of Dollars
-------- ,----------1--------Large Time
1994 Billions
Aug
338.1
339.2
340.2
29
5
3«1-0.8
3'n.7
Aug
1
8
15
363.1
364.9
364.5
9
5
359 .6
358 .0
^S '
>
**
\
> —
\
.
t
*
340
Lari • Time
5 19
Jul
______
/
w
r
2 It 30 13 27 II 25 1 22 i 21 3 17 31 14 21 14 21 II 25 1 23 1 20 4 11
Aug
Sep Oct Nov Dec Jan
Feb Mar
Apr May Jun
Jul
1993
300
*
*
/
"\
✓ «•
V-
~i—
Money Jarket
1 15 29 12 !f
Aug
Sep
1994
Latest data plotted week ending: September 5, 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
\
/,
✓
300
<
»
Sep
320
400
'
380
1
8
15
1
1
Money Market
1994 Billions
v>
400
340
320
10
Total Borrowings
From Federal Reserve Banks
Averages of Daily Figures
Billions of Dollars
u --------1—
1
1.1
i.o
1994
Billions
Aug 1 0
17
24
31
0.432
0.453
0.485
0.511
14
0. 433
1.0
O.i
0.0
*
:V
Lr
N
0.0
0.0
1.2
1____
O.J
0.2
Billions of Dollars
o
0.0
v—
0.2
21
i • i
8 22
Jul
Jun
t'i ]'■ ' 13 ' 27
It i 15 2! 13 27 10 24 8 22 5 11
11
11 25
Aug
Sep
Oct
Nov
Dec
Jan
Feb Mar
Apr
May
.
.
1993
1994
Borrowings include seasonal, adjustment and extended credit; extended credit was
July 20, 1994 and was zero in the other weeks shown in the chart.
Bank Loans and Credit
32)5
3225
i i-p i~»~t '
6 20
17 3
Jul
Aug
14 21
Sep
$1 million in the week ending
,.
All Commercial Banks in the United States
Seasonally Adjusted
Billions of Dollars
3325
0.0
\/ \
. .
Billions of Dollars
1
1
Bank Credit
1994 Billions
2450
Jul 27 3244.4
Aug 3 3239.8
10 3243.2
17 3244.2
2400
31
8 ank CnBdit (le t scale
3;164.7
)2/
2350
3175
—/
2300
✓
3075
„w*
V*'
__ ___ y-
3025
2975
_
J
L oans ai id Lea* ies (ric ht sea e)
✓
i -------\l
>
___ > _
3125
2250
v\>
Loan s&Lea ses
199
Billi
Jul 27 2280.9
Aug 3 2280.8
10 2284.2
24 2295.2
31 2302.1
i 1 m m ■ | »
1
1
2200
2150
r»T'1 ' 1 > "i"!' ■ ■lii1 ''I'M th 1 r' i ' r>- r? -rp r
1 i ■ i i.» r *
2100
7 21 0 II I 15 !! 13 27 10 24 I 22 5 II 2 11 2 II 31 ■ 1]i • 27i 11 25 1 22 I
3 17 I) 10 II
Jul Aug
Sep
Oct
Nov
Dec Jan
Feb Mar
Apr
May
Jun
Jul
Aug
Sep
1993
1994
Latest Wednesday data plotted : August 31. 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
_
.. _ . ._
.
Prepared by Federal Reserve Bank of St. Louis
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Commercial Paper of Nonfinanciai Companies
Billions of Dollars
1994
Aug
Billions of Dollars
Not Seasonally Adjusted
Billions
3
7 21 4 11 t 15 2) 1} 27 10 24 8 22 5 11 2 11 2 It 30 13 27 II 25 I 22 1 20 3 17 31 14 21
Jul
Aug
Sep
Oct
1993
Nov
Dec
Jan
Feb
Mar
Apr
May
1994
Jun
Jul
Aug
Sep
Latest data plotted week ending: September 7, 1994
Commercial and Industrial
Billions of Dollars
Billions of Dollars
Seasonally Adjusted
All Banks
1994
Billions
- Jul 27
Aug 3
10
_
17
24
31
620.2
____
623.4
AJI Banks (left scale)
, Large Banks_
1994
Large Banks (right scale)
Billions
Jul 27
Aug 3
10
17
24
31
300.9
300.7
301.2
303.0 —
302.9
303.1
7 21 4 II 1 15 21 13 27 10 24 8 22 5 11 2 It 2 If 30 13 27 11 25 I 22 I 20 3 17 31 14 21
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb Mar
Apr
May
Jun
1993
1994
Latest Wednesday data plotted : August 31, 1994
Current data appear in the Federal Reserve Board's H.8 release.
1 / Includes foreign-related institutions
2/ Weekly reporting, domestically chartered banks
Prepared by Fed<ra|
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
11
Jul
Aug
Sep
Bdnk of st Uu„
Dollar’s Trade-Weighted Exchange Index
Averages of Daily Figures
1224 1973-1PO
7 21 4 II I 15 20 13 27 10 24 8 22 5 10 2 IS 2 IS 30 13 27 11 25 8 22 S 20 3 17 31 14 21
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Latest data plotted week ending: September 1 4, 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
@FedFRASER