Full text of U.S. Financial Data : September 5, 1996

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Federal Pic

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THE
FEDERAL
j reserve
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li VNKol
«r STUOl IS

THE WEEK'S HIGHLIGHTS:
✓ The real value of total construction spending (public and private)
fell 1.9 percent in July, the largest drop in five months. Measured
from a year earlier, construction spending is off 0.6 percent, paced
by a 6.5 percent decline in non-residential spending.
Manufacturing activity increased modestly in August according
to the National Association of Purchasing Managers. Measuring
52.6 percent, the NAPM index rose above 50 percent for the fourth
time in the past five months, a level that generally indicates an
expanding manufacturing sector.
The index of leading economic indicators advanced 0.2 percent in
July, following a 0.5 percent increase in June. The index has
increased for six consecutive months.

✓ Total new factory orders for manufactured goods rose $5.5 billion
in July, or by 1.8 percent, the seventh increase in the past nine
months. The nominal value offactory orders is up 8.2 percent
from a year earlier.
✓ After falling at a 5.1 percent annual rate in June, real personal
consumption expenditures fell at a 0.5 percent rate in July. These
declines largely reflect reductions in purchases of motor vehicles.
Real PCE has increased 2.1 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
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Information in this publication is also included in the Federal Reserve Economic Data (FRED) electronic
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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

Billions
474.7

Jun 19

Aug 14
481.3

5

19 2

16 30 13 27 11 25
Aug

Sep

22 6 20 3

17 31 14 28 13 27 10 24 8 22 5
Apr

Oct

Moy

19 3
Jun

17 31 14 28 11 25
Aug

Sep

The adjusted monetary base is the sum of reserve occounts of finoncial institutions at Federal Reserve bonks,
currency in circulation (currency held by the public and in the voults of oil depository institutions) ond on
adjustment for reserve requirement ratio changes. The major source of the odjusted monetory bose is Federol
Reserve credit. Data are computed by this bonk. A detailed description of the odjusted monetory bose is
available from this bank.
Recent dato ore preliminary.

Adjusted Monetary Base
Compounded onnuol rotes of chonge, overoge of two mointenonce periods ending:
To the overoge of
two mointenonce
periods ending:

8/30/95 11/22/95

1/31/96

2/28/96

3/27/96

4/24/96

1/31/96

0.9

2/28/96

0.8

1.9

3/27/96

1.6

3.0

3.5

4/24/96

1.3

2.2

1.9

5/22/96

1.0

1.6

1.0

1.3

-1.4

7/3/96

1.7

2.5

2.5

3.0

2.0

3.2

7/31/96

2.1

2.9

3.1

3.6

2.9

4.1

8/28/96

2.4

3.3

3.6

4.1

3.6

4.6


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

5/22/96

7/3/96

2.8

Prepared by Federol Reserve Bonk of St. Louis

w

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

Billions of Dollars

Jul 22

Billions of Dollars

Billions
1106.9

1111.1
1107.9
1099.4
1096.3
1099.2

Jul

22

Aug

5

Billions
715.7
719.1
715.3
706.7
703.0
704.9

- 790

M1 (left scale)

1120TCD (right scale)

■710

15 29 12 26 9 25
Aug

Sep

Oct

Nov

Dec

Feb

Mar

Apr

May

Jun

Aug

Sep

M1 is the sum of currency held by the nonbank public, demand deposits, other checkable deposits ond travelers
checks. Total checkable deposits is the sum of demand deposits ond other checkable deposits ot depository
institutions. Current doto appear in the Federal Reserve Board's H.6 release.

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

Compounded annual rotes of change, average of four weeks ending:
8/28/95 11/27/95

1/29/96

2/26/96

3/25/96

1/29/96

-5.0

2/26/96

-4.7

-4.4

3/25/96

-2.4

-0.3

4/29/96

-2.8

-1.5

1.0

2.8

5/27/96

-J.1

-2.1

-0.5

0.3

-5.4

6/24/96

-2.8

-1.7

-0.3

0.3

-3.6

7/29/96

-3.5

-2.9

-2.2

-2.1

-5.4

8/26/96

-3.8

-3.4

-2.8

-2.8

-5.6


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

4/29/96

5/27/96

6/24/96

5.2

Prepored by Federal Reserve Bonk of St. Louis

3

4
Adjusted Reserves
Seasonolly Adjusted
Billions of Dollars

Billions of Dollors
Jun 19
Jul
3

.

Aug 14

5

19 2

16 30 13 27 11 25
Aug

Sep

Feb

Oct

Mar

Apr

Moy

Jun

Aug

Sep

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

Adjusted Reserves
Compounded annuol rotes of chonge, overage of two mointenonce periods ending:

two*moin?enonce

8/J0/95 11/22/95

1/31/96

2/28/96

3/27/96

4/24/96

5/22/96

7/3/96

periods ending:

1/31/96

-8.2

2/28/96

-5.9

1.5

3/27/96

-3.9

3.3

4/24/96

-5.4

-0.5

0.0

-3.9

5/22/96

-6.6

-3.1

-4.3

-8.2

-16.0

7/3/96

-5.1

-1.7

-1.9

-4.1

-7.7

-4.2

7/31/96

-5.5

-2.5

-3.1

-5.0

-8.0

-5.6

8/28/96

-5.0

-2.1

-2.5

-4.1

-6.4

-4.1


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

9.0

Prepared by Federol Reserve Bonk of St. Louis

Money Multiplier
Averages of Daily Figures
Seasonally Adjusted

Rotio

Rotio

Compounded annual rotes
of change, overage of
the four weeks ending
August 26, 1996, from
the four weeks ending:

-Aug

28.

Nov
Feb
Mar
Apr

20,
26,
25 ,
22.

3

1995
1996
1996
1996
1996
1 996

2.

-6.4
-8 . 5
-10.0

-11.1

17 3 I M 28 II 25 9 23 6
Sep

1.302

Aug 12

-6.3

20

15 29 12 26 9 23

Oct

Feb

Mar

Apr

1995
Rotio of Ml to odjusted monetory base.

May

Jun

Aug

Sep

1996

Currency Component of M1
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Compounded annual rates
of change, average of
the four weeks ending
August 26, 1996, from
the four weeks ending:
Aug 28
Nov 27
1 995
Feb
6.3 —
1 996
r cU 2
C6
U .
Mor 25,
1996
Apr 29,
1996
May 27.
1 996
Jun 24,
1 996

1996
Jul 22
Aug

Billions

5
384.3
384.8

3

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

18

1

15 29 12 26 11 25 8 22 6

Oct

20 3
May

71

15 29 12 26

9 23

Jun

1995
Current doto appear in the Federol Reserve Board's H.6 release.


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

Prepored by Federal Reserve Bonk of St. Louis

5

3*0

6
Yields on Selected Securities
Averages of Daily Figures
Percent

Percent

Prime Rote

Corporate
Aoa Bonds

Commercial
Paper

Municipal Bonds

5.0

5.0-......

4.0
7

21

4

18

15 29 13 27 10 24

8

22

5

19

15 29 12 26 10 24

Jun 14
21
28
5
Jul
12
19
26
2
Aug
9
16
23
30
Sep
6

21

5

19

2

16 30

1996

1995

1996

7

30-Day
Commercial
Paper

90-Day
CDs

90-Day
Bankers'
Acceptances

Corporate
Aaa Bonds

Corporate
Baa Bonds

5.43
5.46
5.50
5.49
5.45
5.44
5.40
5.43
5.39
5.39
5.36
5.39
5.44

5.48
5.47
5.49
5.49
5.57
5.54
5.51
5.52
5.41
5.39
5.37
5.42
5.54

5.40
5.39
5.40
5.43
5.47
5.45
5.44
5.44
5.33
5.31
5.29
5.33
5.42

7.78
7.74
7.66
7.62
7.73
7.61
7.62
7.55
7.35
7.39
7.48
7.66
7.72

8.47
8.44
8.36
8.32
8.42
8.32
8.34
8.27
8.08
8.11
8.18
8.35
8.30

Municipal
Bonds ••
6.12
6.06
5.97
5.94
6.00
5.88
5.86
5.79
5.67
5.74
5.75
5.86
N.A.

Current doto ore from the Federal Reserve Board's H.15 release, ond ore overoges of rotes ovoiloble for the
week ending on September 6, 1996 .
•• Bond Buyer's Average Index of 20 municipal bonds, Thursdoy data
NA - Not Avoiloble
D
.. c .
Prepored by Federol Reserve Bonk of St. Louis


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Federal Reserve Bank 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-

IS 29 12 26 10 24
Sep

1996
Jun

14
21
28
Jul
5
12
19
26
Aug
2
9
16
23
30
Sep
6 •

S

19

2

16 to 13 27

Oct

Federol
Funds ••
5.24
5.45
5.21
5.53
5.26
5.23
5.25
5.53
5.38
5.10
5.18
5.21
5.39

3-Month
Treasury
Bill

1 -Year
Treasury
Bill

5-Year
Treasury
Securities

10-Year
Treasury
Securities

Long-Term
Treasury

5.11
5.09
5.09
5.13
5.15
5.13
5.16
5.15
5.03
5.03
5.02
5.09
5.18

5.52
5.48
5.47
5.49
5.57
5.47
5.53
5.48
5.30
5.30
5.34
5.48
5.61

6.77
6.73
6.63
6.60
6.72
6.59
6.62
6.52
6.28
6.31
6.38
6.60
6.73

6.99
6.95
6.86
6.85
6.95
6.81
6.85
6.76
6.54
6.56
6.63
6.84
6.93

7.23
7.18
7.04
7.16
7.04
7.05
6.96
6.77
6.80
6.87
7.07
7.15

Rucree Boor1?s H 15 Je'eoM^ “curili“- which °,e comput'd t>y this Bonk, current dolo appeor in the Federal
• Averages of rotes ovoilable
•• Seven-day overoges for week ending two doys earlier than dote shown


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

Prepored by Federol Reserve Bonk of St. Louis

7

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

Billions of Dollars

Jul 22

3750'

Aug

5

Billions of Dollars

Billions
3753.4
3755.9
3765.2
3764.0
3765.0
3767.5

M2 (left scale)
■2625

• 2525
Non-M1 M2
Billions
Jul 22
2646.5
2644.8
2657.3
2664.6
2668.7
2668.3

Non-M1 M2 (right scole)

Aug

Sep

Feb

Oct

Mor

Apr

Moy

-2475

Jun

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

Money Stock (M2)
o? /our'weeks'

Compounded annual rotes of change, overoge of four weeks ending:
8/28/95 11/27/95 1/29/96 2/26/96 3/25/96 4/29/96 5/27/96

6/24/96

ending:
1/29/96

4.5

2/26/96

4.5

5.3

3/25/96

5.7

7.2

4/29/96

5.1

6.0

6.1

7.1

5/27/96

4.4

4.8

4.2

4.3

0.4

6/24/96

4.5

4.9

4.5

4.6

2.0

7/29/96

4.2

4.5

4.0

4.0

1.9

1.9

8/26/96

4.3

4.5

4.1

4.1

2.4

2.5


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

8.8

1.9

Prepared by Federal Reserve Bonk of St. Louis

Savings and Small Time Deposits
Averages of Daily Figures
1360
Savings
1996
Billions
Jul
22
1212.fi
132029
1210.9
Aug
5
1221.7
12
1225.C
19
1225.fi
26
1223.C

Small Tim e
1996
B llions
Jul 22
29.9
29
S 30.8
Aug
5
31.8
12
32.8
19
34.0
2C
34.8

....
Snrtall Tin '*

1015

(ricjht sc<Die)

1240
-—

1200

1160

855
saving s Dep DSitS ( eft SC ole)

815

1080

17 31 14 28 11 25 9
Jul

Aug

Sep

23 6204

Oct

Nov

18
Dec

15 29 12 26 11 25
Jon

Feb

8

Mor

22

Apr

6

1 1 I' r-p" 1 n'i i
iV n 15
29 12 26 9 23

20

May

Jun

Jul

Aug

Sep

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

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

Billions of Dollars

Billions of Dollars

Large Time
1996
Jul 22
29
Aug
5

Retail Money
1996
Jul 22

451.0
447.9
446.8
449.6
454.8
458.0

Aug

5

Billions
503.9
503.1 .
503.8
506.7
509.2
510.5

Retail Money

Large Time

3
Sep

Oct

Apr

17

1

15 29 12 26 9 23

May

1995
1996
Large time deposits and retail money funds are ot oil despository institutions. Lorge time deposits are those
issued in denominations of $100,000 or more. Retoil money funds were originally colled generol purpose
and broker/dealer money morket funds.
Prepored by Federal Reserve Bonk of St. Louis


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Federal Reserve Bank of St. Louis

9

775

Total Borrowings
From Federal Reserve Banks
Averages of Daily Figures

Billions of Dollors

Billions of Dollars

Billions
Jul

31

Aug

7
0.306
0.325
0.372

Sep

5

—

4

19 2

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

17 31 14 28 11 25
Aug
Sep

17 31 14 28 13 27 10 24 8 22 5 19 3
May
Jun

1995
Borrowings include seasonal, adjustment and extended credit.

1996

Bank Loans and Credit

All
Billions of Dollors
Bonk Credit
>6
Billions
17
3678.1
3676.2
24
31
3664.9
7
3670.1
14
3666.2
21
3670.4

Commercial Banks in the United States’^
Seasonally Adjusted

Billions of Dollars

Bonk Credit (left scale)2/

Loons ond Looses (right scale)

Loons&Leoses
Billions
17
2698.7
2700.7
2697.1
Aug 7
2695.9
2695.7
2705.5
Jul

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

1995
Current data appear in the Federol Reserve Board's H.8 release.
1/ Includes foreign-related institutions
2/ Includes loons and leases ond securities


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Federal Reserve Bank of St. Louis

17 31 14 28 11 25

1996

Prepared by Federal Reserve Bank of St. Louis

Commercial Paper of Nonfinancial Companies
Not Seasonally Adjusted

Billions of Dollars
Jul 24

Billions of Dollars

220

Billions
197.350
196.430
198.200
197.455
196.050
191.810

200

180-

180

5

160

19

14 28 11 25
Apr
1995

May
1996

Commercial and Industrial Loans
Seasonally Adjusted
Billions of Dollors

Billions of Dollars

420

All Banks
740-

720-

Jul

17

Aug

7

Billions
744.0
744.5
743.7

400
All Bonks (left scale)

740.7
745.8

380

360
Large Banks (right scole)^/

660-

Lorge Banks
Billions

340

362.0

320

Aug

7
364.1

300

1995
Current doto appear in the Federal Reserve Board's H.8 release.
1/ Includes foreign-related institutions
2/ Weekly reporting, domesticolly chartered bonks


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

1996

Prepared by Federal Reserve Bank of St. Louis

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

1973=100
Jd 31

5

19 2

16 30 13 27 11 25

20 3

17 31 14 28 13 27 10 24

1995

22 5

19 3

17 31 14 28 11 25

1996

Current data appear in the Federol Reserve Board's H.10 release. Oato ore weighted overages 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 Bonk of St. Louis

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