[Economic Indicators January, 1996]
[Page Number 26]
[From the U.S. Government Publishing Office, www.gpo.gov]



 
                   MONEY, CREDIT, AND SECURITY MARKETS

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES

In January, growth in M2 slowed; growth in M3 accelerated. (Series 
revised.)
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                                 [Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]                                 
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                                       M1                 M2                 M3               L            Debt          Percent change from year or 6  
                               --------------------------------------------------------------------------------------          months earlier\2\        
                                                                                                          Debt of    -----------------------------------
                                                                                                         domestic                                       
                                Sum of currency,    M1 plus retail      M2 plus large                  nonfinancial                                     
            Period              demand deposits,    MMMF balances,     time deposits,      M3 plus        sectors                                       
                                   travelers'     MMDAs, and savings        RPs,        other liquid     (monthly                                       
                                   checks, and      and small time    Eurodollars, and     assets       average of       M1       M2       M3      Debt 
                                 other checkable       deposits       institution-only                adjacent month-                                   
                                 deposits (OCDs)                        MMMF balances                 end levels)\1\                                    
                                                                                                                                                        
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1986:Decr.....................             724.4             2,734.6           3,486.4      4,122.5         7,918.0      16.9      9.5      9.0     12.6
1987:Decr.....................             749.8             2,834.4           3,673.3      4,328.5         8,671.0       3.5      3.6      5.4      9.5
1988:Decr.....................             786.9             2,997.9           3,912.4      4,664.2         9,446.4       4.9      5.8      6.5      8.9
1989:Decr.....................             794.2             3,164.0           4,065.5      4,894.2        10,173.5        .9      5.5      3.9      7.7
1990:Decr.....................             825.8             3,282.2           4,124.1      4,975.8        10,854.0       4.0      3.7      1.4      6.7
1991:Decr.....................             897.2             3,383.7           4,178.4      5,004.4        11,338.6       8.6      3.1      1.3      4.5
1992:Decr.....................           1,024.4             3,438.7           4,187.3      5,075.8        11,881.7      14.2      1.6       .2      4.8
1993:Decr.....................           1,128.6             3,494.1           4,249.6      5,164.6        12,516.4      10.2      1.6      1.5      5.3
1994:Decr.....................           1,148.7             3,509.4           4,319.4      5,303.4        13,153.2       1.8       .4      1.6      5.1
1995:Dec......................           1,124.8             3,670.2           4,582.0      5,695.1        13,841.8      -2.1      4.6      6.1      5.2
                                                                                                                                                        
1995:Jan r....................           1,149.2             3,515.3           4,343.1      5,330.7        13,201.9       -.4       .4      3.1      5.2
      Feb r...................           1,147.8             3,517.5           4,355.3      5,364.3        13,279.8       -.4       .8      3.7      5.5
      Mar r...................           1,148.7             3,525.1           4,375.2      5,401.6        13,342.3       -.3      1.2      4.2      5.5
      Apr r...................           1,151.2             3,537.3           4,399.3      5,436.5        13,419.4        .4      1.9      4.9      5.9
      May r...................           1,146.2             3,551.9           4,428.0      5,464.2        13,519.6       -.4      2.6      5.7      6.2
      June r..................           1,144.5             3,582.6           4,466.8      5,503.7        13,578.2       -.7      4.2      6.8      6.5
      July r..................           1,145.4             3,601.5           4,494.7      5,552.6        13,613.1       -.7      4.9      7.0      6.2
      Aug r...................           1,143.8             3,621.6           4,522.2      5,588.0        13,664.9       -.7      5.9      7.7      5.8
      Sept r..................           1,140.2             3,635.0           4,542.9      5,633.9        13,704.0      -1.5      6.2      7.7      5.4
      Oct r...................           1,131.8             3,642.1           4,557.5      5,660.6        13,745.0      -3.4      5.9      7.2      4.9
      Novr....................           1,129.0             3,653.2           4,567.9      5,667.9        13,807.8      -3.0      5.7      6.3      4.3
      Dec.....................           1,124.8             3,670.2           4,582.0             p5,695.1        p13,84-3.4      4.9      5.2      3.9
                                                                                                                                                        
1996:Jan p....................           1,119.1             3,686.0           4,611.8  ............  ..............     -4.6      4.7      5.2  .......
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    \1\Consists of outstanding 
credit market debt of the U.S. 
Government, State and local 
governments, and private 
nonfinancial sectors; data from flow 
of funds accounts.
    \2\Annual changes are from 
December to December and monthly 
changes are from 6 months earlier at 
a simple annual rate.
    Note.--See p. 27 for components.
    Series revised to reflect annual 
benchmark and seasonal adjustment 
revisions as well as a minor 
redefinition of M2.
    In the redefinition, overnight 
wholesale RPs and overnight 
Eurodollars are now reported on a 
seasonally adjusted basis and are 
included in M3. For details, see 
Money Stock Revisions release dated 
February 8, 1996 issued by the Board 
of Governors of the Federal Reserve 
System.

    Source: Board of Governors of 
the Federal Reserve System.