Full text of U.S. Financial Data : September 19, 1996

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Federal Reserve li mk

ttStfiflancial Data

FEDERAL
A KI SI KM .
X lUNKol
ST. LOUS

THE WEEK'S HIGHLIGHTS:
✓ Privately owned housing starts surged 4.5 percent in August to an
annual rate of1.525 million units, the highest since March 1994.
This increase stemmedfrom an 8.3 percent rise in single family starts.
^ The July U.S. goods and services trade deficit measured $11.7
billion, $3.5 billion more than in June. Exports fell 3.6 percent
in July, the sharpest decline since April 1994, while imports rose
1.2 percent.
Total industrial production advanced at a 6 percent annual rate in
August, following a 0.8 percent rate of gain in July. Manufacturing
output rose for the fifth consecutive month in August and is up
4 percent from a year earlier.
s/ The consumer price index (CPI) increased at a 1.5 percent annual
rate in August. Excluding food and energy prices, the CPI rose at a
0.7 percent rate, the smallest rise since December 1982. Consumer
prices have risen 2.9 percent over the past year.
^ Total retail sales rose at a 2 percent annual rate in August, as the
value of sales at automotive dealers increased for the first time in
three months. The nominal value of retail sales is up 4.3 percent
over the past year.

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. The cost for a subscription is $21 for one year (50 issues) or $36 for two years (100 issues).
For more information on data, please call (314) 444-8590. To request an order form, please call
(314) 444-8808 or (314) 444-8809. Sorry, no refunds.
Information in this publication is also included in the Federal Reserve Economic Data (FRED) electronic
bulletin board at (314) 621-1824 or internet World Wide Web server at http://www.stls.frb.org/fred.

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Federal Reserve Bank of St. Louis

2
Adjusted Monetary Base
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

490

Billions

Jul

477.1
477.6
478.6
479.6
481.4
480.7

3

Aug 14
Sep 11

480

470

5

19 2

16 JO 13 27 11 25
Aug

Sep

22 6 20 3 17 31 M 28 13 27 10 24 8 22 5 19 3 17 31 14 28 11 25

Ocl

Feb

Mar

Apr

1995

May

Jun

Jul

Aug

460

Sep

1996

The odjusled 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 mojor source of the adjusted monetory bose is Federal
Reserve credit. Ooto ore computed by this bonk. A detailed description of the adjusted monetary base is
ovoiloble from this bonk.
Recent data are preliminary.

Adjusted Monetary Base
Compounded annual rates of change, average of two maintenance periods ending:
To the overoge of
two maintenance
periods ending:
2/14/96

9/13/95

12/6/<

2/14/96

3/13/96

4/10/96

5/8/96

6/5/96

7/17/96

0.9

3/13/96

1.3

1.4

4/10/96

2.0

2.5

5/8/96

1.0

0.9

1.2

6/5/96

1.7

2.0

2.9

2.6

7/17/96

2.2

2.6

3.6

3.5

2.7

6.4

8/14/96

2.4

2.8

3.7

3.7

3.1

6.0

5.1

9/11/96

2.7

3.1

4.0

4.0

3.6

5.9

5.3


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Federal Reserve Bank of St. Louis

5.1
0.0
0.7

5.1

Prepared by Federol Reserve Bonk of St. Louis

Money Stock(M1) and Total Checkable Deposits
Averages of Doily Figures
Seasonolly Adjusted

Billions of Dollars

Aug

5

Sep

2

Billions of Dollars

Billions
1107.9
1099.4
1096.1
1099.6
1097.4
1095.4

Aug

5

Sep

2

BiHions
715.3
706.7
70I;6

.790

703.4
700.9

Ml (left scale)

TCD (right scale)

Aug

Sep

Oct

15 29 12 26 II 25 8 22 6 20 3 17 I 15 29 12 26 9 23
Nov

Dec

Feb

Mor

Apr

May

Jun

Jul

Aug

Sep

M1 is the sum of currency held by the nonbank public, demond deposits, other checkable deposits ond travelers
checks. Totol checkoble deposits is the sum of demond deposits and other checkable deposits at depository
institutions. Current doto appear in the Federal Reserve Boord's H.6 releose.

Money Stock (M1)
To the average
of fpur weeks
ending:
2/12/96

Compounded onnuol rotes of change, averoge of four weeks ending:
9/11/95 12/11/95

2/12/96

3/11/96

4/8/96

5/6/96

6/10/96

7/8/96

-5.4

3/11/96

-3.7

4/8/96

-2.3

0.0

5/6/96

-2.9

-1.4

1.9

-0.2

6/10/96

-3.1

-1.9

0.1

-1.7

7/8/96

-3.0

-2.0

-0.4

-1.9

-4.6

-3.4

8/12/96

-3.5

-2.8

-1.8

-3.2

-5.4

-4.9

-5.4

9/9/96

-4.0

-3.6

-3.0

-4.3

-6.3

-6.1

-6.8


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

-2.1
6.7

-5.5

Prepared by Federal Reserve Bank of St. Louis

3

4
Adjusted Reserves
Seasonally Adjusted
Billions of Dollars

Billions of Dollars
Billions
Jul

3

Aug 14
Sep 11

5

19

2

Sep

22 5

3 17 31 14 28 13 27 10 24

16 30 13 27 11 25 8 22
Aug

Apr

Oct

May

19 3

■ I TT
17 31 14 28 11 25
Aug

Jun

Sep

Adjusted reserves is the difference between the odjusted monetary base ond the currency component of Ml.

Adjusted Reserves
Compounded onnuol rotes of change, overage of two moinlenonce periods ending:
To the average of
two maintenance
periods ending:

9/13/95

12/6/95

2/14/96

3/13/96

4/10/96

5/8/96

6/5/96

2/14/96

-6.0

3/13/96

-4.4

4/10/96

-2.9

0.3

6.2

5/8/96

-6.2

-5.5

-6.5

6/5/96

-3.8

-2.0

-0.7

-2.6

-7.1

7/17/96

-4.2

-3.0

-2.4

-4.1

-7.0

2.7

8/14/96

-4.8

-3.8

-3.7

-5.2

-7.7

-1.2

-8.3

9/11/96

-4.4

-3.4

-3.2

-4.5

-6.4

-0.9

-6.0


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

7/17/96

-1.5

-12.0

-5.3

Prepared by Federal Reserve Bank of St. Louis

Money Multiplier
Averages of Daily Figures
Ratio
J.o

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

Compounded onnuol rotes
of change, overage of
the four weeks ending
September 9, 1996, from
the four weeks ending:

2.8i Sep

1 1 ,
4 .
1 1 .
8.

6.
3.

15.

1996
Jul 1
15
29
Aug 12
26
Sep 9

-6.4

1995

1995
1996
1996
1996
1996
1996

-6.5
-7.7

Rotio
2.341
2.313
2.318
2.302
2.282
2.281

3.0

"'2.8

-9.3
-11.0
-11.2
-12.6

2.6

2.8

2.4

2.4

—

—--------------1
|
2.2
3

17 31 14 28 11 25
Jul

Aug

Sep

9

23

Oct

6

20

Nov

j-T , .
4 18
Dec

15 29 12 26 'iV25
Jan

Feb

Mor

8 '22' 6
Apr

1995
Ratio of M1 to adjusted monetary bose.

'20 3 lV
May

Jun

’2i 2.2

15 29'12 26

9

Jul

Sep

Aug

1996

Currency Component of M1
390

Billions of Dollars

Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Compounded annual rotes
of change, average of
the four weeks ending
September 9, 1996, from
the four weeks ending:
I 995
1995
I 996
1996
1996
I 996
1 996

Billions
384.2
384.3
384.9
385.8
385.8
386.3
17 31 14 ?8 II 25 9 23 6 20
Jul
Aug
Sep Oct
Nov

18 I 15 29 12 26 II 25 8 22
Dec
Jon
Feb
Mar
Apr

Aug

Sep

1995
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 Bonk of St. Louis

5

Yields on Selected Securities
Averages of Daily Figures
Percent

Percent

10.0

9.0

Prime Rate

Corporate
Aaa Bonds

Commercial
Paper

6.0

5.0

4.0
7

21

4

18

15 29 13 27 10 24
Sep

8 22

5

19

2

16

1

15 29 12 26 10 24

Jun 28
Jul
5
12
19
26
Aug
2
9
16
23
30
Sep
6
13
20

21

5

19

2

16 30 13 27

1996

1995

1996

7

Oct

30-Day
Commercial
Paper

90-Day
CDs

90-Day
Bankers'
Acceptances

Corporate
Aaa Bonds

Corporate
Baa Bonds

5.50
5.49
5.45
5.44
5.40
5.43
5.39
5.39
5.36
5.39
5.45
5.45
5.44

5.49
5.49
5.57
5.54
5.51
5.52
5.41
5.39
5.37
5.42
5.55
5.51
5.48

5.40
5.43
5.47
5.45
5.44
5.44
5.33
5.31
5.29
5.33
5.44
5.42
5.38

7.66
7.62
7.73
7.61
7.62
7.55
7.35
7.39
7.48
7.66
7.75
7.71
7.60

8.36
8.32
8.42
8.32
8.34
8.27
8.08
8.11
8.18
8.35
8.43
8.40
8.30

Municipal
Bonds ••
5.97
5.94
6.00
5.88
5.86
5.79
5.67
5.74
5.75
5.86
5.95
5.89
NA

Current data ore from the Federal Reserve Board’s H.15 release, ond ore overoges of roles available for the
week ending on September 20, 1996 .
•• Bond Buyer's Average Index of 20 municipal bonds. Thursday doto
N A - Not Available


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Federal Reserve Bank of St. Louis

Prepored by Federal Reserve Bonk of St. Louis

Selected Interest Rates
Averages of Daily Figures
Percent

Percent

10-Year
Treasury Securities

Federal
Funds Rate
Discount Rate

3-Month
Treasury Bill

- 4.0

7

21

4

18

1996
Jun 28
Jul
5
12
19
26
Aug
2
9
16
23
30
Sep
6
13
20 •

15 29 1J 27 10 24

Federol
Funds ••
5.21
5.53
5.26
5.23
5.25
5.53
5.38
5.10
5.18
5.21
5.39
5.16
5.22

8

22

5

19

2

16

1

15 29 12 26 10 24

7

21

5

19

2

16 30 13 27

3-Month
Treasury
Bill

1 -Year
Treosury
Bill

5-Year
Treasury
Securities

10-Year
Treosury
Securities

Long-Term
Treosury
Securities

5.09
5.13
5.15
5.13
5.16
5.15
5.03
5.03
5.02
5.09
5.19
5.13
5.12

5.47
5.49
5.57
5.47
5.53
5.48
5.30
5.30
5.34
5.48
5.61
5.54
5.49

6.63
6.60
6.72
6.59
6.62
6.52
6.28
6.31
6.38
6.60
6.73
6.64
6.56

6.86
6.85
6.95
6.81
6.85
6.76
6.54
6.56
6.63
6.84
6.95
6.88
6.79

7.08
7.04
7.16
7.04
7.05
6.96
6.77
6.80
6.87
7.07
7.17
7.12
7.04

Except for long-term Treasury securities, which ore computed by this Bonk, current dato appear in the Federol
Reserve Board s H.15 release.
• Averages of rotes available
•• Seven-doy averages for week ending two doys earlier than date shown
Prepared by Federal Reserve Bank of St. Louis


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Federal Reserve Bank of St. Louis

7

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

Billions of Dollors

Aug

5

Sep

2

Billions of Dollars

Billions
3757.1
3755.7
3757.2
3759.8
3758.4
3775.3

2725

2675

M2 (left scale)
2625

2575

2525
Non-Mi M2
>6
Billions
Aug
5
2649.2
2656.3
2660.4
2660.2
Sep 2
2661.0
2679.9

Non-M1 M2 (right scale)

3

17 31 14 28 11 25 9 23 6 20 4
Aug

Sep

Oct

Nov

18

15 29 12 26 11 25 8 22 6 20 J
Feb

Oec

Mar

Apr

May

17 1
Jun

15 29 12 26 9 23
Aug

2475

2425

Sep

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

Money Stock (M2)
o° four°wMkIe

Compounded annual rates of change, average of four weeks ending:
9/11/95 12/11/95 2/12/96 3/11/96
4/8/96
5/6/96 6/10/96

7/8/96

ending:
2/12/96

4.0

3/11/96

5.2

6.7

4/8/96

5.6

7.0

5/6/96

4.8

5.5

6.3

3.6

6/10/96

4.3

4.6

4.6

2.5

0.1

7/8/96

4.3

4.6

4.7

3.0

1.5

8/12/96

4.1

4.3

4.3

2.9

1.8

2.5

9/9/96

4.1

4.3

4.2

3.1

2.2

2.8


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

10.0

2.5

Prepared by Federal Reserve Bonk of St. Louis

Savings and Small Time Deposits
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollors
1
Savings
1996
Billion:
5
1221.7
1320-- Aug
12
1225.C
19
1225.£
26
1223.2
. Sep
2
1222.2
■ 236...

p....

1360 ------------ 1

----------- 1----------- 1---------Small Time
1996
Billions
Aug
5
931.8
12
932.8
19
934.0
26
934.9
Sec
2
935.6
36.3

1055

1015

975

Srrtoll Tinne (right sc<ale)

1240
"—

895

1160
saving s Dep 3SitS ( eft sc ale)
1120

815

1080 -,"r ■
Jul

1 • 1
Aug

Sep

Oct

Nov

,,

' i > i ■ i ■ i

Dec

Jan

Feb

■ l ■ l1
TI ' 1

1 ■ 1 ■

Mor

Apr

1995
Savings deposits and small time deposits ore at oil depository institutions.

May

Aug

775
Sep

1996

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

Billions of Dollars

Billions of Dollors

Large Time
1996
Billions
Aug
5
446.8
12
449.6
19
454.9
26
Sep
2
461.2

Retail Money
1996
Billions
Aug
5
495.7
498.5
500.9
502.0
Sep
2
503.2
507.3

Retail Money

Large Time

Aug

Sep

Oct

Apr

Moy

Jun

1995
1996
Large time deposits ond retoil money funds ore ot oil despository institutions. Large time deposits ore those
issued in denominations of $100,000 or more. Retail money funds were originolly colled general purpose
ond broker/deoler money market funds.
Prepared by Federal Reserve Bonk of St. Louis


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Federal Reserve Bank of St. Louis

9

Total Borrowings
From Federal Reserve Banks
Averages of Daily Figures

Billions of Dollars
Aug 14
Sep

4

2

3illions of Dollars

Billions
0.306
0.325
0.372
0.465
0.323
0.326

16 30 13 27 11 25 8 22 6 20 3
Aug
Sep
Oct

17 31 14 28 13 27 10 24
Apr

1995
Borrowings include seasonal, adjustment and extended credit.

22 5 19 3
Moy
Jun

17 31 14 28 11 25

1996

Bank Loans and Credit
All Commercial Banks in the United States
Billions of Dollars
Bonk Credit
Billions
... Jul 31
3665.2
Aug 7
3670.2
3666.7
3669.3
3668.6
Sep
4
3670.4

Seasonally Adjusted

3illions of Dollars

Bonk Credit (left scale)2/

Loons and Leases (right scale)

Loons&Leoses
Billions
2697.9
2696.1
2696.0
2705.8
2707.7
Sep 4
2713.2
■S - 1 "T*
5 19 2 16 30 13 27 11 25 8 22 6 20 3 17 31 14 28 13 27 10 24 8 22 5 19 3 17 31 14 28 11 25
Jul
Aug
Sep
Oct
Nov
Oec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Jul 31
Aug 7

1995
Current data appear in the Federal Reserve Board's H.8 release.
1/ includes foreign-reloted institutions
2/ Includes loans and leases and securities


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

1996

Prepared by Federal Reserve Bonk of St. Louis

Commercial Paper of Nonfinancial Companies
Not Seasonally Adjusted

3illions of Dollars

Sep

4

Billions of Dollars

■

220

Billions
198.200
197.455
196.050
191.810
190.505
191.113
200

180

160
Sep

Oct

1995

1996

Commercial and Industrial Loans
Seosonolly Adjusted
Sillions of Dollors
All Bonks
Billions
743.8
Aug 7
740.5
744.7
720-

Sep

4

Billions of Dollors

420

400
All Banks (left scole)l/

751.6

380

360
Lorge Bonks (right scale)2/
Large Banks
>96
Billions
Jul 31
362.2
Aug 7
361.2
361.0
363.7
363.9
Sep 4
365.5
8
1995

22

5

19

3

17 31 14 28 11 25

1996

Current doto appear in the Federal Reserve Board's H.8 release.
1/ Includes foreign-reloted institutions
2/ Weekly reporting, domesticolly chartered banks


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Federal Reserve Bank of St. Louis

Prepared by Federol Reserve Bank of St. Louis

340

320

300

Dollar s Trade - Weighted Exchange Index
Averages of Daily Figures

1973=100

1973=100

■ 100

Current doto oppeor in the Federal Reserve Board's H.10 release. Data ore weighted overages 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

Prepored by Federal Reserve Bank of St. Louis

os
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03

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