[Economic Indicators July, 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

M2 rose in June after falling in May. Growth in M3 accelerated in June.
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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        r7,909.4      16.9      9.5      9.0     12.6
1987:Dec......................             749.8             2,834.4           3,673.3      4,328.5        r8,667.2       3.5      3.6      5.4      9.6
1988:Dec......................             786.9             2,997.9           3,912.4      4,664.2        r9,443.1       4.9      5.8      6.5     r9.0
1989:Dec......................             794.2             3,164.0           4,065.5      4,894.2       r10,173.1        .9      5.5      3.9      7.7
1990:Dec......................             825.8             3,282.2           4,124.1      4,975.8       r10,852.3       4.0      3.7      1.4      6.7
1991:Dec......................             897.2             3,383.7           4,178.4      5,004.4       r11,340.2       8.6      3.1      1.3      4.5
1992:Dec......................           1,024.4             3,438.7           4,187.3      5,075.8       r11,880.5      14.2      1.6       .2      4.8
1993:Dec......................           1,128.6             3,494.1           4,249.6      5,164.5       r12,517.4      10.2      1.6      1.5     r5.4
1994:Dec......................           1,148.7             3,509.4           4,319.7      5,303.7       r13,159.3       1.8       .4      1.6      5.1
1995:Dec......................           1,124.9             3,662.6           4,576.0      5,685.5       r13,894.8      -2.1      4.4      5.9     r5.6
                                                                                                                                                        
1995:May......................           1,146.2             3,543.5           4,420.0      5,456.1       r13,532.7       -.4      2.1      5.4      6.3
      June....................           1,144.5             3,574.0           4,458.4      5,495.2       r13,595.9       -.7      3.7      6.4     r6.6
      July....................           1,145.4             3,592.7           4,486.3      5,544.4       r13,634.3       -.7      4.5      6.6     r6.5
      Aug.....................           1,143.8             3,612.6           4,513.7      5,580.3       r13,689.4       -.7      5.6      7.4     r6.0
      Sept....................           1,140.2             3,625.6           4,534.0      5,626.5       r13,734.3      -1.5      6.1      7.5     r5.6
      Oct.....................           1,131.8             3,633.1           4,549.4      5,653.5       r13,786.5      -3.4      5.9      7.2     r5.3
      Nov.....................           1,129.0             3,645.2           4,561.4      5,660.1       r13,857.3      -3.0      5.7      6.4     r4.8
      Dec.....................           1,124.9             3,662.6           4,576.0      5,685.5       r13,894.8      -3.4      5.0      5.3     r4.4
                                                                                                                                                        
1996:Jan......................           1,119.2             3,677.4          r4,604.5     r5,704.4       r13,933.8      -4.6      4.7      5.3     r4.4
      Feb.....................           1,117.3             3,693.9          r4,643.1     r5,725.3       r14,010.9      -4.6      4.5      5.7     r4.7
      Mar.....................           1,126.6             3,729.9          r4,686.2     r5,785.2      r 14,080.9      -2.4      5.8      6.7     r5.0
      Aprr....................           1,123.7             3,736.2           4,693.7      5,807.3        14,134.3      -1.4      5.7      6.3      5.0
      Mayr....................           1,117.6             3,731.2           4,705.8             p5,803.1        p14,17-2.0      4.7      6.3      4.6
      June....................           1,117.2             3,748.7           4,724.7  ............  ..............     -1.4      4.7      6.5  .......
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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.