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Septen^r 7,1995

V*

Till.

FKDKRAI.

J IUSIRM
Ak It VShol
MT S I. i xu is

-■SEF j 1 1005---------

THE WEEK’S HIGHLIGHTS:
✓ According to revised estimates, business sector productivity
(output per hour) rose at a 4.7 percent annual rate in the second
quarter of 1995, 1.7percentage points above last month’s prelimi­
nary estimate. The second quarter increase was the largest since
the fourth quarter of 1993.

✓ Total civilian employment declined 180,000 in August, or at a
1.7 percent rate. Civilian employment has fallen at a 0.6 percent
rate since February, compared to a 3.2 percent rate of increase
over the previous 6 months.

✓ The index of aggregate weekly hours for total private industry fell
at a 5.3 percent rate in August, the third decline so far this year,
following a 3.7 percent rate of increase in July.

✓ New construction put in place in July totaled $529.8 billion, up
2 percent from June. Adjusted for inflation, new construction put
in place rose 1.7 percent in July, after rising 0.5 percent in June.
The July real increase was the largest since June 1993.

✓ The composite index of leading indicators decreased 0.2 percent
in July, the fifth decline in the past six months. Five of the 11 indi­
cators contributed to the July decrease.
All data are seasonally adjusted unless otherwise indicated.
U.S. Financial Data is published weekly by the Research and Public Information 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 or 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) elec­
tronic bulletin board. You can access FRED with a personal computer and a modem at (314) 621-1824.

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

2
Adjusted Monetary Base
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

1995

Billions

Jun 21
Jul 5

466.7
466.4

Aug

467.0
468.7
468.2

2

6 20 3 17 31 14 28 12 26 9 23
Jul Aug
Sep
Oct Nov
1994

Billions of Dollars

7 21 4 18 l 15 1 15 29 12 26 10 24 7 21
Dec
Jan
Feb Mar
Apr May Jun
1995

5 19 2 16 30 13 27
Jul
Aug
Sep

Latest data plotted reserve maintenance period ending: August 30, 1995
The adjusted 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 major source of the adjusted monetary base is Federal
Reserve credit. 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 overage of
two maintenance
periods ending:
2/1/95
3/1/95
3/29/95
4/26/95
5/24/95
7/5/95
8/2/95
8/30/95

Compounded annual rates of change, average of two maintenance periods ending:
8/31/94 11/23/94

6.1
6.3
5.9
6.0
6.2
4.8
4.5
4-5


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

6.7
6.0
6.1
6.4
4.5
4.1
4.1

2/1/95

3/1/95

3/29/95

4/26/95

5.5
5.8
6.3
3.6
3.2
3.4

5.0
5.9
2.8
2.5
2.8

7.1
2.6
2.2
2.6

1.1
1.0
1.8

5/24/95

7/5/95

-1.5
0.2

Prepared by Federal Reserve Bank of Si Louis

Money Stock (Ml) and Total Checkable Deposits
Averages of Daily Figures

Billions of Dollars

1190

i

Billions of Dollars

r

I

M1
1995 Billions

1170

Jul 24
31
Aug 7
14
21
28

045

I

TCD
1995 Billions

1142.4
1149.6
1144.6
11'I-3.2
11'I-5.6
11't3.7

Jul 24
31

766.4
772.8

14
21
28

766 .2
768 .3
765 .7

025

M1 (left s :ale)

005
\

✓\

______

<

►

1150

>»

S^
** \
4

1130

/"I ■»«
N

705

L

/

—

tc:

(right scale)

\
V
—

1110

'J 's\
765

4 11 I 15 29 12 29 10 24 7 21 5 I! 2 12 JO 11 27 1J 27 10 24 I 22 5 1! 1 17 11 14 21 II 25
Jul
Aug
Sep
Oct
Nov Dec
Jan
Feb Mar
Apr
May
Jun
Jul
Aug
Sep
1994
1995
Latest data plotted week ending: August 28. 1995
Current data appear in the Federal Reserve Board's H.6 release.
M1 is the sum of currency held by the nonbank public, demand deposits, other checkable deposits and travelers
checks.
r
Total checkable deposits is the sum of demand deposits and other checkable deposits at depository institutions.

Money Stock (Ml)
Compounded annual rates of change, average of four weeks ending:
To the average 8/29/94 11/28/94 1/30/95 2/27/95 3/27/95 5/1/95 5/29/95 6/26/95
of four weeks
ending:
1/30/95
2/27/95
3/27/95
5/1/95
5/29/95
6/26/95
7/31/95
8/28/95

-0.2
-0.6
-0.3
-0.1
-0.9
-0.7
-0.6
-0.5


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

-0.1
0.4
0.5
-0.8
-0.5
-0.4
-0.4

-0.4
0.1
-1.8
-1.1
-0.9
-0.8

1.3
-1.6
-0.8
-0.6
-0.5

-3.0
-1.6
-1.2
-0.9

-3.1
-1.9
-1.5

0.8

0.5

-0.1

Prepared by Federal Reserve Bank of St. Louis

3

745

4
Adjusted Reserves
Billions of Dollars

1995

Seasonally Adjusted

Billions of Dollars

Billions

Jun 21
110 - Jul 5 99.2
19 100.3
Aug 2 99.5
16 100.7
30 99.4

S

20 3 17 31 14 21 12 24 9 23 7 21 4 18 I 15 1 15 29 12 26 10 24 7 21 5 19 2 1$ 30 13 27
Jul
Aug
Sep
Oct
Nov Dec
Jan
Feb Mar
Apr May
Jun
Jul
Aug
Sep
1994
1995

Latest data plotted two weeks ending: August 30, 1995
Adjusted reserves is the difference between adjusted monetary base and currency component of M1.

Adjusted Reserves
Compounded annual rates of change, average of two maintenance periods ending:
To the average of 8/31/94 11/23/94 2/1/95
3/1/95
3/29/95 4/26/95 5/24/95 7/5/95
periods ending:
2/1/95
3/1/95
3/29/95
4/26/95
5/24/95
7/5/95
8/2/95
8/30/95

-3.2
0.2
-3.5
-4.0
-3.6
-4.5
-3.5
-3.0


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

5.6
-2.0
-3.0
-2.5
-4.0
-2.7
-2.2

-4.4
-5.4
-4.1
-5.7
-3.7
-2.9

-16.4
-11.2
-10.8
-7.6
-6.1

-3.8
-6.5
-3.4
-2.3

-6.1
-2.2
-1.1

-3.1
-1.5

5.4

Prepared by Federal Reserve Bank of St. Louis

Money Multiplier1/
Averages of Daily Figures
Seasonally Adjusted

Ratio

3.1

Ratio

r­

.

2.9

1--- 1—

Compounded annu
rates of change,
average of the fou
weeks ending
August 28, 1995 fr om
the four weeks end ing:
Aug 29, 1994 —Ak 8
Nov 21, 1994 -Ak 1
Feb 27. 1995 -Z .2
Mar 27, 1995 -Z .3
Apr 24. 1995 -2 .8
May 22, 1995 -C .3
.6

2.7

1995

Ratio

Jun 19
Jul 3

2.452
2.453

31
Aug 1 4
28

2.4 55
2.4 M
2.4 ♦5

- 2.9

2.7

2.5

2.3

3.1

2.5

1

' i • ..1 i • r TT » i '-l 1 M~i 1 l r i 1 i ■

II

Jul

I

IS 79 1! 2i 11 24

Aug

Sep
Oct
1994

7 21 5
Nov

19 I

Dec

' l 1

15 JO 13 27 13 27 10 24 8 22 5

Jan

Feb

Mar

Apr
K

U j 17 It 14 21 II 25

May Jun
1995

Jul

Aua

Sep

*

2.3

F

Latest data plotted two weeks ending: August 28, 1995

Currency Component of M12/
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

385

375

3S5

Billions of Dollars

385

-------- 1----------1---------Compounded annu al
rates of change,
average of the fou
weeks ending
August 28, 1 995 fr
the four weeks end ing:
Aug 29, 1994
.8
Nov 28, 1994
.9
Feb 27, 1995
.4
Mar 27. 1995
.1
Ma> 1. 995
.0
May 29, 995
.3
Jur 26, 995
.3

375

365

355

355

345

335

1995

Billions

Jul 2 4
31
7
14
21
28

367 1
367 9
367.8
368.2
368.4
369.1

Aug

I

'

Jul

I

1 i 1 i 1 1 ■ i i i i 11 • i • r1 i ' i

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

1994

Apr

May
1995

Jun

Jul

Aug

Sep

Latest data plotted week ending: August 28, 1995
1/ Ratio of M1 to adjusted monetary base
2/ 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

345

335

6
Yields on Selected Securities

Percent

Percent

Averages of Daily Figures

Prime
Loan Rate

-Municipal Bonde-

t

IS 29 12 26 9 23 7 21
Jul
Aug Sep Oct
1994

4 II 2 16 30 13 27 10 24 10 24 7 21
Nov Dec
Jan
Feb Mar Apr

5 19 2 16 30 14 21 11 25 8 22
May Jun
Jul
Aug Sep
1995

Latest data plotted are averages of rates available for the week ending: September 8, 1995

1995

30—Day
Commercial
Paper

90-Day
CDs

90-Day
Bankers'
Acceptances

Corporate
Aaa Bonds

Corporate
Baa Bonds

Municipal
Bonds **

Jun 16
23
30
Jul 7
14
21
28
Aug 4
11
18
25
Sep 1
8 *

6.05
6.07
6.09
6.01
5.82
5.82
5.84
5.85
5.84
5.87
5.84
5.84
5.82

5.93
5.91
5.91
5.85
5.73
5.75
5.77
5.75
5.75
5.80
5.77
5.75
5.75

5.83
5.81
5.79
5.70
5.62
5.66
5.66
5.65
5.66
5.70
5.69
5.67
5.67

7.37
7.27
7.31
7.29
7.26
7.48
7.56
7.57
7.59
7.64
7.58
7.41
7.30

7.97
7.87
7.91
7.90
7.88
8.13
8.19
8.19
8.22
8.26
8.20
8.04
7.93

5.86
5.82
5.97
5.91
5.81
5.99
5.97
6.03
6.07
6.12
6.08
5.98
NA

Current data appear in the Federal Reserve Board's H.15 release.
* Averages of rates available
** Bond Buyer's Average Index of 20 municipal bonds, Thursday data
N.A — Not Available
Prepared by Federal Reserve Bank of St. Louis


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

Selected Interest Rates

Percent

Percent

Averages of Daily Figures

Federal
Funds Rate

3-Month
Discount Rate

1

15 2S 12 26 9 23 7 21 4 18 2 IS 30 13 27
Jul
Aug Sep Oct
Nov Dec
Jan
1994

10 24 10 24 7 21 5 19 2 16 30 14 28 11 25 8 22
Feb Mar Apr May Jun
Jul
Aug Sep
1995

Latest data plotted are averages of rates available for the week ending: September 8, 1995

1995
Jun 16
23
30
Jul 7
14
21
2B
Aug 4
11
18
25
Sep
1
8 *

Federal
Funds **

3-Month
Treasury
Bill

1 —Year
Treasury
Bill

5—Year
Treasury
Securities

10—Year
Treasury
Securities

Long-Term
Treasury
Securities

6.02
6.00
5.95
6.21
5.81
5.72
5.75
5.83
5.73
5.74
5.70
5.71
5.77

5.48
5.42
5.43
5.43
5.39
5.43
5.44
5.42
5.40
5.44
5.41
5.31
5.32

5.35
5.29
5.33
5.23
5.17
5.31
5.39
5.36
5.39
5.52
5.48
5.34
5.29

5.96
5.86
5.95
5.85
5.81
6.11
6.21
6.19
6.24
6.36
6.28
6.08
5.96

6.21
6.10
6.17
6.12
6.09
6.37
6.46
6.48
6.50
6.57
6.52
6.31
6.18

6.59
6.49
6.53
6.51
6.47
6.75
6.81
6.83
6.87
6.83
6.71
6.55
6.55

Current data appear in the Federal Reserve Board's H.15 release excluding long-term Treasury securities
which are computed by this bank. Treasury bill yields are on a discount basis.
* 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

7

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

Billions of Dollars

Billions of Dollars

M2
1995
Jul 24
31
Aug 7
14
21
28

Billions
3718.4
3723.33732.4
3735.0
3745.2
3746.1

Non-M1 M2
mam

1995
Jul 24
31
Aug 7
14
21
28

Non-M1 M2 (right scale)

4 18 1 15 2! 12 28 10 24 7 21 5 19 2 16 30 13 27 43 27
Jul

Aug

Sep

Oct

Nov

Dec

Feb

2576.0
2573.7
2587.8
2591.8
2599.6
2602.4

17 31 14 28

Mar

Jul

Aug

1995
Latest data plotted week ending: August 28, 1995
Current data appear in the Federal Reserve Board's H.6 release.
M2 is the sum of M1, overnight RPs issued by all commercial banks, overnight Eurodollars issued to U.S. residents
by foreign branches of U.S. banks, savings (including money market deposit accounts), small time deposits
and general purpose and broker/dealer money market mutual funds. For more detail, see the H.6 release.

Moray Stock (M2)
of four weeks
ending:
1/30/95
2/27/95
3/27/95
5/1/95
5/29/95
6/26/95
7/31/95
8/2B/95

Compounded annual rates of change, average of four weeks ending:
8/29/94 11/28/94 1/30/95 2/27/95 3/27/95 5/1/95
5/29/95 6/26/95

0.8
0.5
0.8
1.2
1.6
2.6
3.0
3.5


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

1.4
1.7
2.2
2.7
4.0
4.3
4.8

0.7
2.0
2.7
4.6
4.9
5.4

3.3
4.0
6.0
6.0
6.5

4.6
7.1
6.8
7.2

9.1
7.9
8.2

9.1
9.1

7.4

Prepared by Federal Reserve Bank of St. Louis

Savings and Small Time Deposits
Averages ot Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Savings
1995 Billions
Jul 24 1092.2'
31 1091.5
Aug 7 1096.3
14 1098.2
21 1099.8­
,28 1100.2

Small Time
1995

Billions

Jul 24
31
Aug 7
14
21
28

922.4
923.0
923.4
923.6
924.3
924.5

Savings Deposits (left scale)
.Smalltime (right scale)

Jul

Aug

Sep
Oct
1994

Nov

Dec

Jan

F<

Note: Savings deposits are at all depository institutions.

Large Time Deposits and Money Market Funds1 /
All Depository Institutions
Averages of Daily Figures, Seasonally Adjusted

Billions of Dollars

540
505
470

Billions of Dollars

-------- 1---------- —
Large Tirne
1995 ELL ions
_ Jul 24 4C>3.0
31 4C 6.3
Aug 7 4C 8.0
14 4C 0.6
21 4C 4.4
28 4C 4.6

--------- 1---------1—
Money Market
1335 Billions

Aug

31
7
4
21
2B

446.4
451.1
453.6
455.8
457.3

540
505
470

*•

435

435

✓
/
Money Mnrkt t

/4

400
-s

•

✓ "•

_

—

3(5
330

■ » ' -nr» i1 “• 1 » l

Jul

Aug

Sep
Oct
1994

■

1

400

Larg< Time

3(5

--------

h • i « *r' i »
rrr ■

Nov

Dec

Jan

330
Feb

Mar

Apr

May
1995

Jun

Jul

Aug

Sep

Latest data plotted week ending: August 2B. 1995
1/ Large time deposits are those issued in denominations of $100,000 or more.
Money market fund, are general purpose and broker/dealer,
prepared by Fed,ra| R„erve Bank of H Loui,


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

1995
“Aug 2
~

Sep 6

Billions of Dollars

Billions
0.710'
0.242
0.257
0.276
0.299 •
0.285

6 20 3 17 3! 14 28 12 26 9 23 7 21 4 18 1 IS I 15 29 12 26 10 24 7 21 5 19 2 16 30 13 27
Sep
Oct
Nov
Dec
Jan
Feb Mar
Apr
May
Jun
Jul
Aug
Sep
Jul
Aug
1994
1995

Borrowings include seasonal, adjustment and extended credit; extended credit was $19 million in the week ending
January 25, 1995, $1 million in the week ending July 20, 1994 and was zero in the other weeks shown.

Bank Loans and Credit

All Commercial Banks in the United States '
Seasonally Adjusted

Billions of Dollars

3570
3510

Jul 19
26
Aug 2
9

3450

2650
2590

35 05.1
35 06.6
35 06.1
35 19.3

V
m

0

Ban

1

23 35 25.1

3390

: (left cale)

f

3330

*

2/

3270

H ^ •• ■a
✓_/

2470
2410

Loam and L ia»es 'right cale)

X "" —

3210
f

2530

A✓

_

_/•*

3150

Billions of Dollars

I
Bank Cr edit
1995 eu lions

Loan stScLea ses
Billie?ns
199
Jul 19 2535.8
26 2540.5
Aug 2 2543.3
9 2549.7
6 2535.9
2 3 2546.0


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

2290

____1___

i 21 ] 17 II 14 21 12 21 ! 21 7 21 4 II 1 15 1 IS 29 12 21 11 24 7 21 S 19 2 It 30 13 27
Apr
May
Feb Mar
Oct
Nov
Dec
Jan
Aug
Sep
Jun
Jul
Aug
Sep
Jul
1995
1994
Latest Wednesday data plotted : August 23. 1995
Current data appear in the Federal Reserve Board's H.8 release
1/ Includes foreign-related institutions
2/ Includes loans and leases and securities

2350

Prepared by Federal Reserve Bank of St. Louis

2230

Commercial Paper of Ncnfinancial Companies

Billions of Dollars

1995

Billions of Dollars

Not Seasonally Adjusted
Billions

Jul 26 183.243
Aug 2 183.984
182.265
183.052
184.445
183.460.

6 20
Jul

3 17 31 14 28 12 26
Aug
Sep Oct
1994

9 23 7 21
Nov Dec

4 18 1 15 1 15 29 12 2S 10 24
Jan
Feb Mar
Apr May
1995

7 21 5 1!
Jun
Jul

2

18 30 13 27
Aug
Sep

Latest data plotted week ending: August 30, 1995

Commercial and Industrial Loans

Billions of Dollars

Billions of Dollars

Seasonally Adjusted

All Banks
1995

Billions

Jul 19
26
Aug 2
9
16
23

692.0 692.2
696.7
695.5
694.2
695.1

Large Banks (right scale)

Large Banks__ j^jj
1995
Jul 19
26
Aug 2
9

All Barths (left scale)

8 20 3

17 31 14 28 12 28 8 23 7 21 4 18

16
23

1

15 1

15 28 12 28 10 24 7 21

1994

344.7
344.4
346.6
345.8 —' 250
344.2
344.3

18 2 If 38 13 27
Jul
Aug
Sep

1995

Latest Wednesday data plotted : August 23, 1995
Current data appear in the Federal Reserve Board's H.8 release.
1/ Includes foreign—related institutions
2/ W^kly reporting, domeetically ohort.red bank.


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

Billions

11

Prepar.d by Federa|

Bank of st Louis

<-

Dollar's Trade-Weighted Exchange Index
1973—100

1973-100

Averages of Daily Figures

1995 1973-1QQ
Aug 2

S 20 3 17 31 14 28 12 26 J 23 7 21 4 II 1 15 1 IS 28 12 26 10 24 7 21 5 19 2 16 30 13 27
Jul

Aug

Sep
Oct
1994

Nov

Dec

Jan

Feb

Mar

Apr

May
1995

Jun

Jul

Aug

Sep

Latest data plotted week ending: September 6, 1995
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.
Prepared by Federal Reserve Bank of St. Louis


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

S3

o
W

e-i
o

<
Sh a