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Septe

4,1997

Federal Reserve Bank

iaIData

THE

FEDERAL
>RESERVE
JU RANK of
ST LOUIS

cep 0 8

We Wtr&K'SlflGHUGHTS:
■ Paced by a 0.9 percent rise in new orders for nondurable goods, total
factory orders rose 0.2 percent in July, off markedly from June’s robust
1.7 percent gain. On a year-to-date basis, total factory orders have
risen at a 4.2 percent annual rate.

■ Measured in inflation-adjusted terms, the value of construction put
in place totaled $505.2 billion in July, up 0.4 percent from June’s
level and the largest increase in five months. Measured from a year
earlier, real construction spending is up 2.9 percent.

m After rising 0.1 percent in June, the index of leading indicators rose
0.3 percent in July according to the Conference Board. The leading
indicator index has declined only twice in the past 21 months.

■ Spurred by a 2.1 percent surge in spending on durable goods, real
personal consumption expenditures rose at a 7.6 percent annual
rate in July. This increase was the largest in six months.

■ Sales of new single-family homes were at an annual rate of 817,000
units in July, 0.9 percent above June’s sales pace and 6.1 percent more
than May’s. Sales totaled 782,000 units in July 1996.
The Federal Reserve Board announced that commercial paper statistics
(outstandings and interest rates) will now be derived from data
transmitted electronically from The Depository Trust Company.
For more details, see the Board’s web site at
http: //www. bog.frb.fed. us/releases/CP/.
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 internetworld 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

Billions
473.962
477.801
478.331
478.810
480.043
482.979

3

17 31 14 28 11 23 9 23 6 20 4
Jul

Aug

Sep

18

1

15 29 12 26 12 26 9 23 7 21

Oct

Feb

Mor

Apr

1996

Moy

4

18 2
Jun

16 30 13 27 10 24
Jul

Aug

Sep

1997

The adjusted monetary base is the sum of Federal Reserve deposits and voult cash held by domestic depository
institutions, currency held by the public, ond an adjustment for the effect of chonges in reserve requirement
ratios. The monetary bose series wos recently revised to include Federal Reserve deposits used to sotisfy
clearing balance contracts. Data ore computed by this bonk. A detailed description of the adjusted monetary
base is available from this bank. Recent data ore preliminary.

Adjusted Monetary Base
Compounded annual rates of chonge, overage of two mointenonce periods ending:
To the overage of
two mointenonce
periods ending:
1/29/97

8/28/96 11/20/96

1/29/97

2/26/97

3/26/97

4/23/97

5/21/97

7/2/97

5.1

2/26/97

5.7

7.4

3/26/97

4.8

5.4

4/23/97

3.9

4.0

1.7

5/21/97

4.8

5.2

4.2

2.6

7/2/97

4.5

4.7

3.8

2.7

3.8

6.4

7/30/97

4.7

5.0

4.4

3.5

4.7

6.7

4.6

8/27/97

5.0

5.3

4.9

4.3

5.3

7.1

5.7


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

3.8
-1.8
4.7

7.9

Prepored by Federol Reserve Bank of St. Louis

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

Billions of Dollars

Billions of Dollars

Jul

21

1059.0

Aug

4

1070.9

Billions
640.4
642.7
651.5

1065.8
1069.7

645.7
648.5

Jul 21

Ml (left scole)

(right scole)

I

15 29 12 25 9 25
Aug

Sep

2 21 4
Oct

18

16 30 13 22 to 24 10 24

Nov

Dec

Feb

Mar

2 21
Apr

5

19 2
Moy

16 30 14 28 II 25 8 22
Jun

Jul

Aug

Sep

Ml is the sum of currency held by the nonbonk public, demand deposits, other checkoble deposits and travelers
checks. Total checkable deposits is the sum of demand deposits and other checkoble deposits at depository
institutions. Current data appear in the Federol Reserve Board's H.6 release.

Money Stock (M1)
To the average
of four weeks
ending:

Compounded annuol rates of change, overoge of four weeks ending:
8/26/96 11/25/96

1/27/97

2/24/97

3/24/97

1/27/97

-3.3
-4.1

-1.2

4/28/97

-4.8

-3.1

-5.8

-8.9

5/26/97

-4.6

-3.0

-5.0

-7.0

-6.2

6/23/97

-4.1

-2.6

-4.0

-5.4

-4.3

7/28/97

-3.9

-2.4

-3.5

-4.5

-3.5

8/25/97

-3.0

-1.4

-2.1

-2.7

6/23/97

1.2

3/24/97

5/26/97

-4.2

2/24/97

4/28/97

-1.6


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

-3.6

Prepared by Federol Reserve Bank of St. Louis

3

4

Adjusted Reserves
Seasonally Adjusted
Billions of Dollars

Billions of Dollors
Billions
Jun 18
Jul
2

Aug 13

3

66.153
69.185
68.813
67.522
67.637
68.987

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

Aug

Sep

Oct

Nov

18 1
Dec

15 29 12 26 12 26 9 23 7 21
Jon

Feb

Mor

Apr

1996

4

Moy

18 2
Jun

16 30 13 27 10 24
Jul

Aug

Sep

1997

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

Adjusted Reserves
Compounded annuol rates of change, overoge of two maintenance periods ending:
To the overoge of
two maintenance
periods ending:

8/28/96 11/20/96

1/29/97

2/26/97

3/26/97

4/23/97

5/21/97

1/29/97

-5.8

2/26/97

-3.7

4.8

3/26/97

-8.6

-5.6

-15.8

4/23/97

-10.1

-8.6

-17.5

-28.0

5/21/97

-8.0

-5.7

-11.1

-16.7

-6.0

7/2/97

-8.2

-6.3

-10.5

-14.2

-7.3

7/30/97

-6.8

-4.7

-7.6

-10.2

-3.7

1.8

-1.8

8/27/97

-6.1

-3.9

-6.3

-8.4

-2.5

2.0

-0.5

7/2/97


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

-1.3

6.3

Prepared by Federal Reserve Bank of St. Louis

Money Multiplier
Averages of Daily Figures
Seasonally Adjusted

Rotio

2

Rotio

----------- 1----------- !-----------!----------- r
Compounded annual rates
of change, average of
the four weeks ending
August 25, 1997, from
g ~ the four weeks ending:
Aug

26

Feb
I CU
Mar
"U I
Apr

24
t1 ,
24.
i- ■* ,
21.

Jun

30.

■2.8

-7.6

Aug 11

-6.6
-6 . 7
-6:5

1997
1 997
1997
1997
1 997

■3.0

Jun 16

6.6

-

2.6

-3.8
-4 . 3

-

■2.4

2.2

2.0
Jul

Aug

Sep

Oct

Nov

Dec

Jon

Feb

Mor

Apr

May

Jun

1996
Ratio of Ml to the adjusted monetary bose.

Currency Component of M1
Averages of Daily Figures
Billions of Oollors

seasonally Adjusted

Billions of Oollors
420

Compounded annual rotes
of change, average of
the four weeks ending
August 25, 1997, from
the four weeks ending:
Aug
Nov
Feb
Mar
Apr
May
Jun

26.
25.
24.
24.
28.

1996
1996
1997
1997
1997
'
1 997

7.
6.
5.
5.
6.
'

410

400

Billions

390
Aug

4

411.6
380
Aug

Sep

Oct

Feb

1996
Current doto appear in the Federal Reserve Board's H.6 release.


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

Mor

Apr

May

Jun

1997
Prepared by Federal Reserve Bonk of St. Louis

5

6

Yields on Selected Securities
Averages of Daily Figures
Percent

Percent

Prime Rate

Corporate
Aoo Bonds

Municipal Bonds

Commercial Paper

5

19

2

16 30 13 27 11 25
Sep

1997
13
20
27
4
Jul
11
18
25
1
Aug
8
15
22
29
5
Sep
Jun

3

8 22

17 31

14 28 14 28 11 25

9

23

6

20

4

18

15 29 12 26

Oct

30-Day
Commercial
Paper

90-Day
CDs

90-Day
Bankers'
Acceptances

Corporate
Aoo Bonds

Corporate
Boo Bonds

5.49
5.51
5.51
5.51
5.47
5.47
5.47
5.48
5.47
5.49
5.47
5.48
5.49

5.68
5.65
5.66
5.66
5.61
5.59
5.59
5.58
5.60
5.61
5.58
5.60
5.61

5.60
5.58
5.58
5.58
5.54
5.53
5.51
5.51
5.53
5.53
5.52
5.53
5.61

7.44
7.33
7.36
7.36
7.19
7.15
7.09
7.01
7.15
7.26
7.22
7.28
7.23

8.06
7.94
7.96
7.94
7.79
7.76
7.70
7.62
7.76
7.86
7.85
7.82
7.77

Municipal
Bonds ••
5.52
5.48
5.53
5.53
5.38
5.32
5.28
5.23
5.33
5.42
5.43
5.45
N.A.

Current doto ore from the Federal Reserve Boord's H.15 release, ond ore overages of rates available for the week
ending on September 5. 1997 . Beginning September 2, 1997, the commercial paper rote reflects new source data,
which is currently ovailoble only bock to the first of the year.
•• Bond Buyer's Average Index of 20 municipal bonds, Thursdoy doto


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Federal Reserve Bank of St. Louis

Prepored by Federal Reserve Bank of St. Louis

Selected Interest Rates
Averages of Daily Figures
Percent

Percent

30-Year
Treasury Securities

■

6.0

Federal
Funds Rate

- 5.0

Discount Rote
3-Month
Treasury Bill

5

19

2

16 30 13 27 11 25
Sep
Oct

1997
Jun

13
20
27
Jul
4
11
18
25
Aug
1
8
15
22
29
Sep
5 •

Federal
Funds ••
5.48
5.62
5.42
5.82
5.48
5.44
5.43
5.57
5.62
5.45
5.59
5.56
5.64

8

22

6

20

3

17 31

14 28 14 28 11 25

9

23

6

20

12 26

3-Month
Treasury
Bill

1 -Year
Treasury
Bill

5-Year
Treasury
Securities

10-Year
Treasury
Securities

30-Year
Treasury
Securities

4.68
4.91
4.99
5.04
4.99
5.05
5.08
5.11
5.15
5.17
5.12
5.13
5.04

5.40
5.34
5.35
5.32
5.24
5.24
5.25
5.19
5.25
5.29
5.24
5.29
5.27

6.40
6.29
6.33
6.31
6.15
6.14
6.09
6.00
6.15
6.17
6.12
6.22
6.21

6.52
6.40
6.45
6.42
6.26
6.23
6.18
6.11
6.26
6.33
6.27
6.36
6.32

6.80
6.69
6.73
6.72
6.56
6.52
6.46
6.38
6.52
6.61
6.57
6.63
6.59

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 dote shown


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

Prepared by Federal Reserve Bonk of St. Louis

7

8

Money Stock(M2) and Non-M1 Components of M2
Averages of Doily Figures
4025

1

1

2975

1

M2
1997
Jul 21
28
Aug 4

Billions
3931.6
3937.3
3945.1

18
25

3966.2
3970.0

2900

3950

M2 (1 5ft SCt ile)

2825

3075

Non- Ml M2 (righ

seal* >)

2750

3800

Nor1-MI 42
1997
8il ions
Jul
21
2872.6
28
2875.5
Aug
4
2874.2
11
2888.2
18
2900.4
25
2900.3

3725-

3650
I

IS 29 12 26
Jul

Aug

9

23

Sep

7

21

Oct

1 ■ 1 T • 1 "T ' 1 ' 1 '* 1 ' 1
t • 1 Htt 1
4 18 2 16 30 13 27 10 24 10 24 7 21 5 19
Apr
Moy
Nov
Dec
Jon
Feb
Mor

2

i

i

■ i ■
■ i■ !*■ i ■ i
i ■ i
16 30 14 28 11 25 8 22
Jun

Jul

Aug

2675

2600

Sep

1997

1996

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

Money Stock (M2)
1° fpjr°w«kse

Compounded annual rates of change, average of four weeks ending:
8/26/96 11/25/96 1/27/97 2/24/97 3/24/97 4/28/97 5/26/97

6/23/97

ending:
1/27/97

5.8

2/24/97

5.7

6.5

3/24/97

5.5

5.9

4.4

4/28/97

5.8

6.3

5.8

6.1

5/26/97

5.0

5.1

4.0

3.7

6/23/97

5.0

5.0

4.1

3.9

3.9

1.4

7/28/97

5.0

5.0

4.2

4.1

4.1

2.7

8/25/97

5.2

5.3

4.8

4.8

4.9

4.0


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

3.6

Prepared by Federal Reserve Bank of St. Louis

Savings and Small Time Deposits
Averages of Daily Figures
beasonally Adjusted

Billions of Dollars

Billions of Dollars

Small Time
Billions
Jul 21
961.3
961.4
961.9
961.5
962.1
962.0

-1375

1997

1335

-1295

Small Time (left scale)
-1255
Savings
1997
Billions
Jul 21
1334.5
1334.2
Aug
4
1337.6
1343.1
1340.6

Savings Deposits (right scale)

1

15 29 12 26 9 23
Aug

Sep

7 21

4

1215

■1175

18

Oct

Apr

1996
Savings deposits ond smoll time deposits are ot all depository institutions.

Moy

Jun

Aug

Sep

1997

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

Billions of Dollars

Billions of Dollars

Large Time
1997
Billions
Jul 21
553.8
555.9
675- Aug 4
556.7
556.0
555.8
564.2

Retail Money
1997
Billions
Jul 21
28
579.9
Aug
4
581.5
589.0

725

675

597.8

625

Retail Money
575

525

475

425
Aug

Sep

Oct

Feb

Mar

Apr

May

Jun

1996
1997
Large time deposits and retail money funds are ot oil despository institutions. Large time deposits are those
issued in denominations of Si00,000 or more. Retail money funds were originally colled general purpose
and broker/dealer money market funds.
Prepored by Federal Reserve Bonk of St. Louis


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Federal Reserve Bank of St. Louis

9

10

Total Borrowings
From Federal Reserve Bonks
Averoges of Daily Figures

Billions of Dollors
Jul

6

Sep

3

30

Aug

1 Billions of Dollars

Billions
0.594

3

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

Sep

18

1

13 29 12 26 12 26 9 23 7 21
Apr

Oct

4

Moy

18 2
Jun

16 30 13 27 10 24
Aug
Sep

1996
Borrowings include seosonol. od just men t ond extended credit.

Bank Loans and Credit

All Commercial Bonks in the United States1^
Seasonally Adjusted

Billions of Dollors

Billions of Dollars

Bonk Credit
Jul

16

Billions
3958.6
3962.1
3984.7
3990.5
3959.9
3974.6

Bank Credit (left scale]

Loons Sc Leoses
1997
Jul 16
23
30
Aug

Loons and Leoses (right scale)

3

17 31

14 28 11 23

9

23

0

20

4

18

13 29 12 20 12 20
Feb
Mar

1996
Current doto appear in the Federol Reserve Board's H.8 release.
1/ Includes foreign -reloted institutions
2/ Includes loons ond leoses ond securities


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

9

23 7 21
Apr
May

4

18

2

6

Billions
2929.0
2930.7
2940.6
2942.5
2944.1
2960.5

10 30 Aug27 10 24
13
Sep

1997

Prepared by Federol Reserve Bank of St. Louis

Commercial Paper of Nonfinancial Companies
Not Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Billions
196.948
195.442
197.052
192.649
195.218
189.651

Jul 23

210-

-

210

190-

1996

1997

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

Commercial and Industrial Loans
Seasonolly Adjusted

Billions of Dollars

Billions of Dollars

All Banks
1997
Billions
Jul

16

Aug

All Banks (left scale)1/

6

815-

822.7
821.2
823.9
828.0
834.2

Large Banks (right scole)^/

- 385

Large Banks
[97
Billions
Jul

3

17 31

14 28 11

25

9

23

6

20

4

18

1

15 29 12 26 12 26

1996

23

7

21

4

18

2

1

419.7
419.8
419.4
421.5
422.7
425.9

30 13 27

10 24

1997

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


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Federal Reserve Bank of St. Louis

9

16

11

Prepared by Federal Reserve Bonk of St. Louis

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

1973=100

105

Jul 30

100

100-

Sep

3

95

90

85

Current doto oppeor in the Federol Reserve Boord's H.10 release. Data ore weighted overages ol 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

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