[Economic Indicators September, 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

Growth in M2 and M3 accelerated in August.
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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        r7,906.5      16.9      9.5      9.0    r12.5
1987:Dec......................             749.8             2,834.4           3,673.3      4,328.5        r8,664.2       3.5      3.6      5.4      9.6
1988:Dec......................             786.9             2,997.9           3,912.4      4,664.2        r9,440.5       4.9      5.8      6.5      9.0
1989:Dec......................             794.2             3,164.0           4,065.5      4,894.2       r10,170.9        .9      5.5      3.9      7.7
1990:Dec......................             825.8             3,282.2           4,124.1      4,975.8       r10,851.8       4.0      3.7      1.4      6.7
1991:Dec......................             897.2             3,383.7           4,178.4      5,004.4       r11,337.2       8.6      3.1      1.3      4.5
1992:Dec......................           1,024.4             3,438.7          r4,187.1     r5,075.6       r11,880.1      14.2      1.6       .2      4.8
1993:Dec......................           1,128.6            r3,494.0           4,249.6      5,164.5       r12,507.6      10.2      1.6      1.5     r5.3
1994:Decr.....................           1,148.7             3,509.2           4,319.1      5,302.8        13,148.8       1.8       .4      1.6      5.1
1995:Decr.....................           1,124.9             3,657.4           4,570.5      5,679.8        13,869.4      -2.1      4.2      5.8      5.5
                                                                                                                                                        
1995:Julyr....................           1,145.4             3,587.0           4,480.1      5,537.8        13,614.7       -.7      4.2      6.4      6.3
      Augr....................           1,143.8             3,607.3           4,508.2      5,574.4        13,655.0       -.7      5.3      7.2      5.7
      Septr...................           1,140.1             3,620.8           4,529.0      5,621.0        13,706.4      -1.5      5.8      7.3      5.4
      Octr....................           1,131.8             3,628.4           4,544.5      5,648.1        13,765.8      -3.4      5.7      7.0      5.4
      Novr....................           1,129.0             3,640.2           4,556.2      5,654.6        13,822.4      -3.0      5.6      6.3      5.0
      Decr....................           1,124.9             3,657.4           4,570.5      5,679.8        13,869.4      -3.4      4.9      5.3      4.5
                                                                                                                                                        
1996:Janr.....................           1,119.2             3,671.7           4,598.1      5,697.9        13,920.0      -4.6      4.7      5.3      4.5
      Febr....................           1,117.3             3,687.4           4,635.7      5,718.0        13,991.4      -4.6      4.4      5.7      4.9
      Marr....................           1,126.7             3,722.3           4,677.6      5,776.9        14,066.9      -2.4      5.6      6.6      5.3
      Aprr....................           1,123.6             3,727.5           4,683.8      5,802.1        14,131.5      -1.4      5.5      6.1      5.3
      Mayr....................           1,117.2             3,721.2           4,693.9      5,797.1        14,185.7      -2.1      4.5      6.0      5.3
      Juner...................           1,116.7             3,737.5           4,711.0      5,824.4        14,244.5      -1.5      4.4      6.1      5.4
      Julyr...................           1,108.5             3,743.0           4,720.6             p5,838.7        p14,30-1.9      3.9      5.3      5.6
      Aug.....................           1,099.6             3,755.1           4,741.6  ............  ..............     -3.2      3.7      4.6  .......
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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.