[Economic Indicators March, 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 February, growth in M3 accelerated; growth in M2 was about unchanged.
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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    -----------------------------------
                                                                        M2 plus large                    domestic                                       
                                Sum of currency,    M1 plus retail     time deposits,                  nonfinancial                                     
            Period              demand deposits,    MMMF balances,       RPs, Euro-        M3 plus        sectors                                       
                                   travelers'     MMDAs, and savings    dollars, and    other liquid     (monthly                                       
                                   checks, and      and small time      institution-       assets       average of       M1       M2       M3      Debt 
                                 other checkable       deposits           only MMMF                   adjacent month-                                   
                                 deposits (OCDs)                          balances                    end levels)\1\                                    
                                                                                                                                                        
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1986:Dec......................             724.4             2,734.6           3,486.4      4,122.4        r7,924.3      16.9      9.5      9.0     12.6
1987:Dec......................             749.8             2,834.4           3,673.3      4,328.5         8,671.0       3.5      3.6      5.4      9.5
1988:Dec......................             786.9             2,997.9           3,912.4      4,664.2         9,446.4       4.9      5.8      6.5      8.9
1989:Dec......................             794.2             3,164.0           4,065.5      4,894.2        10,173.5        .9      5.5      3.9      7.7
1990:Dec......................             825.8             3,282.2           4,124.1      4,975.8        10,854.0       4.0      3.7      1.4      6.7
1991:Dec......................             897.2             3,383.7           4,178.4      5,004.4        11,338.6       8.6      3.1      1.3      4.5
1992:Dec......................           1,024.4             3,438.7           4,187.3      5,075.8        11,881.7      14.2      1.6       .2      4.8
1993:Dec......................           1,128.6             3,494.1           4,249.6      5,164.5        12,516.4      10.2      1.6      1.5      5.3
1994:Dec......................           1,148.7             3,509.4          r4,319.7      5,303.7        13,153.2       1.8       .4      1.6      5.1
1995:Decr.....................           1,124.8             3,660.2           4,572.7      5,683.2        13,871.3      -2.1      4.3      5.9      5.5
                                                                                                                                                        
1995:Janr.....................           1,149.2             3,514.2           4,342.4      5,330.0        13,202.3       -.4       .4      3.0      5.3
      Febr....................           1,147.8             3,514.1           4,352.5      5,361.4        13,280.9       -.4       .6      3.6      5.5
      Marr....................           1,148.7             3,519.1           4,369.8      5,396.2        13,344.1       -.3       .9      4.0      5.5
      Aprr....................           1,151.2             3,529.2           4,391.8      5,429.0        13,421.6        .4      1.4      4.6      5.9
      Mayr....................           1,146.2             3,543.5           4,420.0      5,456.2        13,522.1       -.4      2.1      5.4      6.3
      Juner...................           1,144.5             3,574.0           4,458.4      5,495.4        13,580.9       -.7      3.7      6.4      6.5
      Julyr...................           1,145.4             3,592.8           4,486.3      5,544.7        13,616.3       -.7      4.5      6.6      6.3
      Augr....................           1,143.8             3,612.7           4,513.9      5,580.6        13,669.2       -.7      5.6      7.4      5.8
      Septr...................           1,140.2             3,625.8           4,534.2      5,626.8        13,709.4      -1.5      6.1      7.5      5.5
      Octr....................           1,131.8             3,632.8           4,549.1      5,653.1        13,758.7      -3.4      5.9      7.2      5.0
      Novr....................           1,129.0             3,643.6           4,559.0      5,658.2        13,829.6      -3.0      5.6      6.3      4.5
      Decr....................           1,124.8             3,660.2           4,572.7      5,683.2        13,871.3      -3.4      4.8      5.1      4.3
                                                                                                                                                        
1996:Janr.....................           1,119.0             3,675.0           4,601.3             p5,705.9        p13,89-4.6      4.6      5.1      4.1
      Feb.....................           1,117.0             3,690.2           4,638.9  ............  ..............     -4.7      4.3      5.5  .......
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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.

    Source: Board of Governors of 
the Federal Reserve System.