Full text of U.S. Financial Data : September 7, 1995
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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