Full text of U.S. Financial Data : September 17, 1998

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THE
FEDERAL
J RAN
RESERVE
X
K of

jw

ST LOL LS

SEP 2 a '396
THE WEEK'S HIGHLIGHTS:
■

The CPI increased 0.2 percent in August, or 2.2 percent at an annual
rate. At the producer level, however, the PPI for finished goods fell
0.4 percent in August, or at a 4.5 percent rate. Year-to-date,
consumer prices have risen at a 1.6 percent rate, while producer
prices have fallen at a 1.4 percent rate.

■

The U.S. goods and services trade deficit widened $0.3 billion in
July to $13.9 billion, as a $1 billion fall in exports more than offset
a $0.7 billion drop in imports. Measured from a year earlier,
exports have declined 4.7percent, while imports have risen 1.9
percent.

■

The index of industrial production, paced by a 2 percent jump in
manufacturing output, rose 1.7percent in August. The surge in
manufacturing output stemmed primarily from a 39.7 percent
jump (not annualized) in motor vehicle and parts output.
Excluding automotive production, industrial output only rose 0.1
percent in August.

■

The nominal value of business inventories rose $2.2 billion at an
annual rate in July. Excluding automotive, total business inventories
rose $23.4 billion in July. The latter was significantly less than the
$35 billion rate of increase seen in the second quarter.

■

Retail sales, after falling 0.6 percent in July, rose 0.2 percent in
August. Measured from a year earlier, however, sales are up 3.9
percent.
__________________All data are seasonally adjusted unless otherwise indicated.
U.S. Financial Data is published weekly by the Research Division of the Federal Reserve Bank of
St. Louis. For more information on data, please call (314) 444-8590. To be added to the mailing
list, please call (314) 444-8808 or (314) 444-8809.

Information in this publication is also included in the Federal Reserve Economic Data (FRED) electronic
bulledn board at (314) 621-1824 or internet World Wide Web server at www.stls.frb.org/fred.


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

2

Adjusted Monetary Base
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

525

Billions
505.503
505.951
508.722
511.449
512.101
513.328

515

505

495

485

2

16 30 13 27

3

10 24

17 31

14 28 11 25

11 25

6

20

3

17

15 29

475

12 26

1998
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 monetary base series was recently revised to include Federal Reserve deposits used to satisfy
clearing balance contracts. 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
Compounded annual rates of change, average of two maintenance periods ending:
To the average of
two maintenance
periods ending:

9/10/97

12/3/97

2/11/98

3/11/98

4/8/98

5/6/98

6/3/98

2/11/98

7.9

3/11/98

7.1

4/8/98

5.8

4.3

0.5

5/6/98

5.3

3.8

0.8

-0.4

6/3/98

6.2

5.3

4.1

4.3

7.8

7/15/98

5.6

4.6

3.3

3.3

5.0

6.4

8/12/98

6.1

5.4

4.6

4.8

6.4

7.9

5.4

9/9/98

6.1

5.5

4.9

5.1

6.5

7.7

5.8


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

7/15/98

6.2

9.3

Prepared by Federal Reserve Bank of St. Louis

Money Zero Maturity (MZM)
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Billions
Aug

3

Sep

7

3706.4
3717.6
3719.6
3721.8
3741.0
3774.3

3600-

3400- -...

7

21

4

1

I

15 29 13 27 10 24

22 5

19 2

1

2

16 30 13 27 11 25

20 3

17 31 14 28

1998
MZM is M2 (seasonally adjusted) minus total small denomination time deposits (seasonally adjusted), plus institutional
money funds (seasonally adjusted), which are included in the non-M2 component of M3.

Money Zero Maturity (MZM)
Compounded annual rates of change, average of four weeks ending:
To the average
of four weeks
ending:

9/8/97

12/8/97

2/9/98

3/9/98

4/6/98

5/4/98

6/8/98

2/9/98

9.9

3/9/98

10.9

12.6

4/6/98

11.2

12.7

5/4/98

12.2

14.1

16.6

16.8

6/8/98

11.6

12.8

13.8

13.1

13.0

7/6/98

11.6

12.6

13.3

12.6

12.4

B/10/9B

11.2

11.9

12.3

11.5

11.1

8.6

9.3

9/7/98

11.5

12.3

12.7

12.1

11.9

10.1

11.2


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Federal Reserve Bank of St. Louis

7/6/98

14.8

9.0

11.2

Prepared by Federal Reserve Bank of St. Louis

3

4

Adjusted Reserves
Seasonally Adjusted
Billions of Dollars

Billions of Dollars

Billions

Aug

12

Sep

9

66.665
66.139
65.668
67.795
66.669
67.777

75-

65.........

2

I6 30 13 27

10 24

8

22

5

19

3

17 3

' M I I I ' I
14 28 II 25 11 25

8

22

1997

15 29 12 26

9

23

1998

Adjusted reserves is the difference between the adjusted monetary base and the currency component of M1.
The adjusted monetary base series was recently revised: See the footnote to the monetary base chart for a
description of the change.

Adjusted Reserves
Compounded annual rates of change, average of two maintenance periods ending:
To the average of
two maintenance
periods ending:

9/10/97

12/3/97

2/11/98

3/11/98

4/8/98

5/6/98

6/3/98

2/11/98

-1.3

3/11/98

-5.1

-9.5

4/8/98

-6.5

-10.8

-19.2

5/6/98

-6.8

-10.5

-16.0

6/3/98

-2.1

-3.3

-3.2

4.6

16.1

7/15/98

-4.4

-6.2

-7.4

-3.5

0.1

4.1

8/12/98

-3.5

-4.8

-5.4

-1.7

1.5

4.9

-8.8

9/9/98

-2.6

-3.4

-3.4

0.0

3.0

6.0

-3.8


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Federal Reserve Bank of St. Louis

7/15/98

-12.2

Prepored by Federal Reserve Bank of St. Louis

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

Billions of Dollars

Billions of Dollars

Billions
Aug

Billions

3

Aug

1064.0
1062.1
1066.1

1135-

Sep

7

1062.7

Sep

3

633.4
613.2
610.8

-735

624.5
607.5

7

M1 (left scale)
1075-

TCD (right scale)
1015"

7

21

4

IB

15 29 13 27 10 24

22 5

19

2

16 30 13 27 11 25

20 3

17 31 14 28

1997
1998
M1 is the sum of currency held by the nonbank public, total checkable deposits and travelers checks.
Total checkable deposits is the sum of demand deposits and other checkable deposits at depository institutions.

Currency Component of M1
Billions of Dollars

Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Compounded annual rates
of change, average of
the four weeks ending
September 7. 1998, from
the four weeks ending
1997

1997
1 998
1998
998
1998
1 998

Billions
442.5
443.0
443.5
444.5
444.1
447.5

IB

1

15 29 13 27 10 24

8

22

1997
Current data appear in the Federal Reserve Board's H.6 release.


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

1998
Prepared by Federal Reserve Bank of St. Louis

5

6

Yields on Selected Securities
Averages of Daily Figures
Percent

Percent

Prime Rate;

Corporate
Aaa Bonds

7.0-

- 7.0

- 6.0

Commercial Paper

'*

•

....... - 5.0

Municipal Bonds

15 29

12 26

13 27

10 24

13 27

10 24

1997

1998
Jun
Jul

Aug

Sep

26
3
10
17
24
31
7
14
21
28
4
11
18

8

14 28

22

11

1998

30—Day
Commercial
Paper

90-Day
CDs

90-Day
Bankers'
Acceptances

Corporate
Aaa Bonds

Corporate
Baa Bonds

5.54
5.53
5.50
5.50
5.51
5.52
5.51
5.50
5.50
5.50
5.50
5.49
5.49

5.60
5.60
5.59
5.59
5.59
5.60
5.59
5.58
5.58
5.57
5.52
5.46
5.43

5.50
5.53
5.50
5.50
5.49
5.49
5.50
5.49
5.49
5.49
5.47
5.47
5.37

6.53
6.51
6.48
6.58
6.56
6.60
6.54
6.52
6.52
6.52
6.47
6.43
6.44

7.13
7.11
7.09
7.17
7.15
7.20
7.15
7.14
7.14
7.15
7.12
7.08
7.12

Municipal
Bonds **
5.14
5.09
5.12
5.17
5.16
5.16
5.16
5.11
5.09
5.03
5.03
5.00
N.A.

Current data are from the Federol Reserve Board's H.15 release, and are averages of rates available for the week
ending on September 18, 1998 . Beginning September 2, 1997, the commercial paper rate reflects new source data,
which is currently available only bock to the first of the year.
** Bond Buyer's Average Index of 20 municipal bonds, Thursday data
Prepared by Federal Reserve Bank of St. Louis


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Federal Reserve Bank of St. Louis

25

Selected Interest Rates
Averages of Daily Figures
Percent

Percent

30-Year
jTreasury Securities

Federal
Funds Rate

3-Month
Treasury Bill
- 5.0

Discount Rate

' '

15 29 12'26

To ' 24 7

' 2*1 '

5

13 27 13 27

10 24

1997

Federal
Funds **

1998
Jun
Jul

Aug

Sep

26
3
10
24
31
7
14

4
18 *

5.42
5.88
5.47
5.49
5.50
5.54
5.61
5.50
5.59
5.48
5.61
5.47
5.54

14 28

11

1998

3—Month
Treasury
Bill

1 —Year
Treasury
Bill

5-Year
Treasury
Securities

10-Year
Treasury
Securities

30-Year
Treasury

4.93
4.94
4.94
5.01
4.96
4.95
4.93
4.89
4.92
4.89
4.76
4.73
4.67

5.13
5.10
5.07
5.08
5.08
5.09
5.04
4.97
4.97
4.85
4.68
4.55
4.56

5.50
5.46
5.41
5.47
5.47
5.51
5.43
5.36
5.32
5.07
4.92
4.72
4.67

5.46
5.44
5.41
5.49
5.46
5.50
5.43

5.65
5.63
5.61
5.71
5.68

5.40
5.39
5.20
5.05
4.90
4.88

5.66
5.60
5.53
5.42
5.32
5.26
5.24

Current data appear in the Federal Reserve Board's H.15 release.
* Averages of rates available
Seven-day averages for week ending two days earlier than date shown


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

7

25

8

Money Stock(M2) and Non-M1 Components of M2
Averages of Daily Figures
Seasonally Adjusted
4325

Billions of Dollars

Billions of Dollars
Billions

1998
Aug

4224.9
4233.2
4235.2
4239.6
4252.5
4276.2

3
10
17
24
31
7

4250“
Sep

32 75

3200

3125

4175-

3050

|ht seal

Non-M1 M2

- 2 975

4025
-M1 M2
Billions
3141.2
3169.2
3173.1
3173.5
3176.3
3213.5

3875

7

21
Jul

4

18
Aug

1

15 29
Sep

13 27 10 24

8

Oct

Dec

Nov

22

5

19

Jan

2

16

Feb

2

16 30 13 27 11

Mar

Apr

25

May

8

22

Jun

6

20

3

Jul

17 31
Aug

14 28

2900

2825

Sep

1998

1997

M2 is the sum of M1. savings (including money market deposit accounts), small time deposits and retail money
funds. Current data appear in the Federal Reserve Board's H.6 release.

Money Stock (M2)
Compounded annual rates of change, average of four weeks ending:
To the average
of four weeks
ending:

9/8/97

2/9/98

7.0

3/9/98

7.7

4/6/98

7.6

8.6

9.4

5/4/98

8.0

9.0

9.8

6/8/98

7.2

7.6

7.4

6.2

7/6/98

7.2

7.6

7.5

6.5

6.3

8/10/98

7.0

7.2

7.0

6.2

5.9

4.6

6.1

9/7/98

7.2

7.4

7.3

6.7

6.6

5.7

7.2


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Federal Reserve Bank of St. Louis

12/8/97

2/9/98

3/9/98

4/6/98

5/4/98

6/8/98

7/6/98

9.0

8.9
5.7
4.4

7.0

Prepared by Federal Reserve Bank of St. Louis

Savings and Small Time Deposits
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars
Billions
958.2
958.2
958.3
959.6
959.1
959.3

Billions of Dollars

1550

1500

Savings Deposits (right scale)

1450

Small Time (left scale)
1400

Savings
1998
Aug

10 24
Sep

Oct

Nov

8

22

5

Dec

19

2

Jan

16

2

Feb

16 30 13 27
Mar

Apr

1997

11 25
May

Billions
1497.8
1520.2
1521.0
1514.8
1512.0
1538.6

1350

1300

8 22
Jun

1998

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

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

Billions of Dollars

Billions of Dollars

Large Time

Retail Money

Billions

Sep

7

607.2

Aug

3

Sep

7

-675

Retail Money

Large Time

575-

7

21

4

1

15 29

13 27

10 24

22

5

19

2

16

2

16 30

13 27

11 25

22

6

20

3

17 3 1

14 28

1998
Large time deposits and retail money funds are at all despository institutions. Large time deposits are those
issued in denominations of $ 100,000 or more. Retail money funds were originally called general purpose
and broker/dealer money market funds.
Prepared by Federal Reserve Bank of St. Louis


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Federal Reserve Bank of St. Louis

9

10

Total Borrowings
From Federal Reserve Banks
Averages of Daily Figures

Billions of Dollars

Billions of Dollars
Billions
Aug

12

Sep

2

0.245
0.301
0.258
0.246
0.247
0.194

.....0.8

2

16 30 13 27 10 24

22

5

1

3

17 31

14 28

11 25 11 25

1997

15 29 12 26

9

23

1998

Borrowings include seasonal, adjustment and extended credit.

Bank Loans and Credit

All Commercial Banks in the United States

}//

Seasonally Adjusted

Billions of Dollars
Bank Credit
Billions
Jul 29
4302.1
4302.8
12
4319.3

Billions of Dollars

3450

3350

Bank Credit (left scale)2/

4364.7
Sep

2
3250

3150

3050

Loans & Leases
Jul
Aug

3900-

Sep

29
5

2

3162.1
3160.3
3174.4

2950

3196.1
3211.5
2850

2

16 30 13 27 10 24

22

5

19

3

17 31

14 28 11 25 11 25

17

1

15 29 12 26

9

Current data appear in the Federal Reserve Board's H.8 release.
1/ Includes foreign—related institutions
2/ Includes loans and leases and securities


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

23

Commercial Paper of Nonfinancial Companies
Not Seasonally Adjusted
Billions of Dollars

Billions of Dollars

235

Billions
Aug

5

Sep

2

224.4
224.7
226.6
227.6
230.7
232.4

225

215

205

195

3

17 31

14 28 11

25 11

25

1997

8

185

22

1998

Note: Beginning September 2. 1997, the value of commercial paper outstanding uses new source data. See the
Federal Reserve Board's H.15 release for more information.

Commercial and Industrial Loans
Billions of Dollars

Seasonally Adjusted
Billions of Dollars

525

All Banks
Jul
Aug

Sep

29
5

Billions
899.0
896.1

2

904.1
907.2
911.7

500
All Banks (left

475

Large Banks (right scale) 2/
450

Large Banks
Jul
Aug

29
5

Sep

2

425

400

1998
Current data appear in the Federal Reserve Board's H.8 release.
1/ Includes foreign—related institutions
2/ Weekly reporting, domestically chartered banks


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

Dollars Trade-Weighted Exchange Index
Averages of Daily Figures
1973=100

1973=100
1973=100

105-

16 30 13 27 10 24

8

22

5

19

3

17 31

1998
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.


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bonk of St. Louis