Full text of U.S. Financial Data : September 24, 1998

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

ber 24,1998
FEDERAL

j reserve
X
HANK of :
Xr ST. IIH IIS

o-f £>t. Louis

THE WEEK'S HIGHLIGHTS:
™ o stags

■ According to the final estimate, growth of real GDP measured 1.8
percent in the second quarter, two-tenths of a percentage point
higher than the preliminary estimate and four-tenths of a point
higher than the advance estimate. After increasing 3.8 percent over
the four quarters of 1997, real GDP grew at a 3.7 percent rate over
the first half of 1998.

■ Following a 1.9 percent rise in July, new orders for manufactured
durable goods rose 1.6 percent in August. New orders for nondefense
capital goods rose even more in August—7.7 percent—paced by a
15.1 percent rise in orders for transportation goods. Measured from
August 1997, new orders for durable goods are up 2 percent with
nondefense capital goods orders up 13.9 percent.

■ The Conference Board’s index of help-wanted advertising measured
92 percent (1987-100) in August, up 6 percentage points from a year
earlier.

■ Housing starts for privately owned residences were at an annual
rate of 1.61 million units in August, a drop of 5.5 percent from July’s
1.71 million rate. The average over this two-month period is 5.7
percent more than the 1.57 million second-quarter rate. Measured
from August 1997, starts have risen 16.6 percent.

■ The federal budget deficit totaled $11.2 billion in August. Through
the first 11 months offiscal year 1998, the federal government posted
a $31.8 billion surplus. In FY1997, by contrast, the government ran
a $22 billion deficit.
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
bulletin 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
Jul

15

Aug

12

... Sep

9

505.933
508.680
511.388
512.040
513.298
516.632

■515

505

495

485

475
15 29 1 2 26 10 24

7

21

4

18

4

1

15 29 13 27 10 24

1997

8

22

5

1

6 30 14 28

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
To the average of
two maintenance
periods ending:

Compounded annual rates of change, average of two maintenance periods ending:
9/24/97

12/17/97

2/25/98

3/25/98

4/22/98

5/20/98

6/17/98

2/25/98

8.4

3/25/98

7.1

5.2

4/22/98

5.6

3.1

-1.7

5/20/98

6.3

4.7

2.7

3.7

6/17/98

6.1

4.6

3.0

3.9

7/29/98

6.0

4.7

3.7

4.4

6.9

4.9

8/26/98

6.5

5.5

4.9

5.7

8.0

6.8

7.9

9/23/98

6.6

5.8

5.4

6.1

8.1

7.2

8.1


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

7/29/98

8.0

10.2

Prepored 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

10

Sep

7

3716.9
3718.9
3721.2
3740.3
3774.2
3780.2

-3800

15 29 13 27 10 24

22

5

19

2

16

2

16 30 1 3 27 1 1 25

22

6

20

3

17 31 14 28 12 26

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:

9/15/97

12/15/97

2/16/98

3/16/98

4/13/98

5/11/98

6/15/98

2/16/98

9.9

3/16/98

11.1

13.0

4/13/98

11.5

13.3

15.8

5/11/98

12.2

14.1

16.4

6/15/98

11.7

13.0

14.1

13.0

7/13/98

11.3

12.3

12.8

11.8

11.0

8/17/98

11.2

12.0

12.3

11.3

10.7

8.8

8.9

9/14/98

11.7

12.5

12.9

12.3

11.9

10.7

11.5


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

7/13/98

16.0
12.5
8.2

13.2

Prepared by Federal Reserve Bank of St. Louis

3

4
Adjusted Reserves
Seasonally Adjusted
Billions of Dollars

Billions of Dollars

Aug 12
Sep

9

Billions
66.665
66.121
65.625
67.734
66.607
67.697

15 29 12 26 10 24

7

21

4

1

22

15 29 13 27 10 24

5

I

2

16 30 14 28

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

-3.6

-4.9

-5.5

-1.9

1.3

4.5

-9.2

9/9/98

-2.7

-3.6

-3.6

-0.2

2.8

5.7

-4.1


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

7/15/98

-12.2

7.7

Prepared by Federal Reserve Bank of St. Louis

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

Billions of Dollors

1165

Billions of Dollars

M1

TCD

1998
Aug 10

Sep

Billions
1063.3

24
31
7
14

1998
Aug

1065.4
1075.4
1064.7
1065.3

1105
M1

\/W
v/

...J L______

V/

IB

15 2

’ 13'27' 10'24' 8 ' 22' 5 ' 19'

’left s :ale)

aA\J\

V

■v^

T CD

4

Billions
612.5
610.2613.3
623.7
609.5
609.4

10
17
24
31
Sep
7
14

A J

675

VV

(ri ght sc Die)

' 16 30' 13'27' l'l ’ 25

16

1997

| I | 1 | 1 | < | 1 | 1 | 1 | T | 1 | 1
8 22 6 20 3 17 31 14 28 12 26

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
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

460-i---------- ------------ t----------- t----------- i
Compounded annual rates
of change, average of
the four weeks ending
September 14, 1998, fro
4«j0_ . the four weeks ending:

440-

Sep
Dec
Mar
Apr

15,
15,
16,
13,

May

* '

1997
1997
1998
1998

7
7
6
7

"

,

15

1998
1998

Billions

15 29

13 27 10 24

5

19

2

1

2

16 30 13 27 11 25

1997

8

22

6

20

Aug

10

Sep

7

3

17 31

443.0
443.5
444.5
444.1
447.6
448.3

14 28 12 26

1998

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
Averages of Daily Figures
Percent

Percent

Prime Rate

Corporate
Aaa Bonds

Commercial Paper

Municipal Bonds

15 29

Aug

12 26

3
10
17
24
31
7
14

21
Sep

28
4
11
18
25

10 24

16 30

13 27

13 27

90-Day
Bankers'

10 24

22

5

19

30-Day
Commercial
Paper

90-Day
CDs

Acceptances

Corporate
Aaa Bonds

Corporate
Baa Bonds

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

5.60
5.59
5.59
5.59
5.60
5.59
5.58
5.58
5.57
5.52
5.46
5.42
5.42

5.53
5.50
5.50
5.49
5.49
5.50
5.49
5.49
5.49
5.47
5.47
5.38
5.38

6.51
6.48
6.58
6.56
6.60
6.54
6.52
6.52
6.52
6.47
6.43
6.42
6.38

7.11
7.09
7.17
7.15
7.20
7.15
7.14
7.14
7.15
7.12
7.08
7.10
7.08

Municipal
Bonds **
5.09
5.12
5.17
5.16
5.16
5.16
5.11
5.09
5.03
5.03
5.00
4.97
N.A.

Current data are from the Federal Reserve Board's H.15 release, and are averages of rates available for the week
ending on September 25, 1998 . Beginning September 2, 1997, the commercial paper rate reflects new source data,
which is currently available only back to the first of the year.
** Bond Buyer's Average Index of 20 municipal bonds, Thursday data


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

Prepared by Federal Reserve Bank of St. Louis

Selected Interest Rates
Averages of Daily Figures
Percent

Percent

30-Year
Treasury Securities

Federal
Funds Rate

3—Month
Treasury Bill
Discount Rate

13 27 13 27 10 24

14 28 11 25

1997

1998
Jul

3
10
17
24
31
Aug
7
14
21
28
Sep
4
11
18
25 *

Federal
Funds **
5.88
5.47
5.49
5.50
5.54
5.61
5.50
5.59
5.48
5.61
5.47
5.54
5.42

1998

3-Month
Treasury
Bill

1 —Year
Treasury
Bill

5—Year
Treasury
Securities

10-Year
Treasury
Securities

30—Year
Treasury
Securities

4.94
4.94
5.01
4.96
4.95
4.93
4.89
4.92
4.89
4.76
4.73
4.62
4.60

5.10
5.07
5.08
5.08
5.09
5.04
4.97
4.97
4.85
4.68
4.55
4.54
4.46

5.46
5.41
5.47
5.47
5.51
5.43
5.36
5.32
5.07
4.92
4.72
4.62
4.52

5.44
5.41
5.49
5.46
5.50
5.43
5.40
5.39
5.20
5.05
4.90
4.83
4.70

5.63
5.61
5.71
5.68
5.73
5.66
5.60
5.53
5.42
5.32
5.26
5.21
5.15

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


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

Prepared by 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

Billions of Dollars

3275

Billions
4234.1
4236.1
4240.5
4253.5
4277.6
4288.4

Aug 10

Sep

7

3200
M2 (left scale)

3125

3050
Non-M1 M2 (right scale)
2975
Non-M1 M2
[8

Aug

Sep

5 29 13 27 10 24

5

19

2

16

2

20

16 30 13 27 1 1 25

3

Billions

10

7

3170.8
3174.7

2900

3178.1
3212.9
3223.1

17 31 14 28 12 26

2825

1998
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:

9/15/97

12/15/97

2/16/98

3/16/98

4/13/98

5/11/98

2/16/98

7.0

3/16/98

7.8

9.4

4/13/98

7.7

8.8

9.5

S/11/96

7.9

8.9

9.5

8.1

6/15/98

7.2

7.7

7.4

6.0

5.6

7/13/98

7.1

7.5

7.2

6.0

5.8

4.2

8/17/98

7.0

7.2

6.9

6.0

5.8

4.8

9/14/98

7.3

7.7

7.6

6.9

6.9

6.3


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

6/15/98

7/13/98

Prepared by Federal Reserve Bank of St. Louis

Savings and Small Time Deposits
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

1575

Small Time
1998
Aug 10

Billions
959.8
959.9

Savings Deposits (right scale)

1050-

1525
Sep

7

960.8
960.8
962.1

1475

Small Time (left scale)
1425

Savings
Billions

15 29 13 27 10 24

22

5

19

2

1

2

16 30 13 27 11 25

1997

8

Aug

10

Sep

7

1520.2
1521.0

1375

1512.2
1536.4
1537.7

1325

22

20

3

17 31 14 28 12 26

1998

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

Large Time Deposits and Retail Money Funds
Averages of Daily Figures
Billions of Dollars

Seasonally Adjusted

Billions of Dollars

Large Time

Retail Money
Billions

Aug

10

Sep

7

Aug
613.0
616.4

Sep

775-

10

7

693>

'825

705.1
715.6
723.3

775

Retail Money

Large Time

15 29 13 27 10 24

22

5

1

2

16 30 13 27 11 25

8

22

6

20

3

17 31 14 28 12 26

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


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

9

10
Total Borrowings
From Federal Reserve Banks
Averages of Daily Figures

Billions of Dollars

Billions of Dollars

Aug

19

Sep

2

Billions
0.301
0.258
0.246
0.247
0.194
0.185
-0.8

6

20

3

17

15 29 12 26 10 24

7

21

4

18

4

18

9 13 27 10 24

1997
Borrowings include seasonal, adjustment and extended credit.

22

5

1

2

16 30 14 28

1998

Bank Loans and Credit
All Commercial Banks in the United States
Seasonally Adjusted

Billions of Dollars

Billions of Dollors

3500

Bank Credit
3
Billions
Aug

5

Sep

2

4375-

3400

Bank Credit (left scale)2/

4275-

3300

3200

Loans <5c Leases
Aug

5

Sep

2

3975-

Loans and Leases (right scale)

6

20

3

17

15 29 12 26 10 24

7

21

4

1

1997

15 29 13 27 10 24

22

5

19

2

3160.3
3174.8
3178.4

16 30 14 28

1998

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


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

Prepared by Federal Reserve Bank of St. Louis

3100

3000

2900

Commercial Paper of Nonfinancial Companies
Not Seasonally Adjusted
Billions or uonors

Billions ot Dollars

Billions
Aug

12

Sep

2

235-

224.7
226.6
227.6
230.7
232.4
247.1

- 245

- 195

20

15 29

1997

13 27

10 24

8 ' 22

5 ' 19

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
Seasonally Adjusted
Billions of Dollars

Billions of Dollars

All Banks
Billions
Aug

5
900.2

Sep

Large Banks (right scale) 2/

2

All Banks (left scale]

Banks

15 2912 26

5

Billions
486.4

Sep

2

490.7

10 24"

Current data appear in the Federal Reserve Board's H.8 release.
1/ Includes foreign-reloted institutions
2/ Weekly reporting, domestically chartered banks
3
’


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

Aug

11

_
. .
.
, n
•
Prepared by Federal Reserve Bank of St. Louis

Dollar's Trade - Weighted Exchange Index
Averages of Daily Figures
1973=100

110
1973=100

Aug 19
Sep

2
105

100

95

TTTT
1997
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.


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

Prepared by Federal Reserve Bank of St. Louis

90