[Economic Indicators December, 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 accelerated in November; growth in M3 slowed a little.
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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       r 7,906.3      16.9      9.5      9.0     12.5
1987:Dec......................             749.8             2,834.4           3,673.3      4,328.5       r 8,664.1       3.5      3.6      5.4      9.6
1988:Dec......................             786.9             2,997.9           3,912.4      4,664.2       r 9,441.6       4.9      5.8      6.5      9.0
1989:Dec......................             794.2             3,164.0           4,065.5      4,894.2      r 10,171.6        .9      5.5      3.9      7.7
1990:Dec......................             825.8             3,282.2           4,124.1      4,975.8      r 10,852.6       4.0      3.7      1.4      6.7
1991:Dec......................             897.2             3,383.7           4,178.4      5,004.4      r 11,337.1       8.6      3.1      1.3      4.5
1992:Dec......................           1,024.4             3,438.7           4,187.1      5,075.6      r 11,880.7      14.2      1.6       .2      4.8
1993:Dec......................           1,128.6             3,494.0           4,249.6      5,164.5      r 12,506.5      10.2      1.6      1.5      5.3
1994:Dec......................           1,148.7             3,509.2           4,319.2      5,302.9      r 13,148.4       1.8       .4      1.6      5.1
1995:Dec......................           1,124.9             3,657.4           4,572.4      5,681.9      r 13,866.9      -2.1      4.2      5.9      5.5
                                                                                                                                                        
1995:Oct......................           1,131.8             3,628.4           4,545.8      5,649.5      r 13,764.1      -3.4      5.7      7.1      5.4
      Nov.....................           1,129.0             3,640.2           4,557.7      5,656.4      r 13,820.7      -3.0      5.6      6.4      5.0
      Dec.....................           1,124.9             3,657.4           4,572.4      5,681.9      r 13,866.9      -3.4      4.9      5.4      4.5
                                                                                                                                                        
1996:Jan......................           1,119.2             3,671.7           4,600.3      5,700.4      r 13,917.4      -4.6      4.7      5.4      4.5
      Feb.....................           1,117.3             3,687.4           4,638.2      5,720.8      r 13,989.8      -4.6      4.4      5.7      4.9
      Mar.....................           1,126.7             3,722.3           4,680.3      5,779.9      r 14,065.9      -2.4      5.6      6.6      5.3
      Apr.....................           1,123.6             3,727.5           4,688.6    r 5,807.0      r 14,130.6      -1.4      5.5      6.3      5.3
      May.....................           1,117.2             3,721.2           4,701.4    r 5,804.1      r 14,185.9      -2.1      4.5      6.3      5.3
      June....................           1,116.7             3,737.5           4,721.5    r 5,833.6      r 14,244.9      -1.5      4.4      6.5    r 5.5
      July....................           1,108.2             3,742.6           4,732.7    r 5,849.7      r 14,314.7      -2.0      3.9      5.8      5.7
      Aug.....................           1,099.1             3,754.4           4,752.1    r 5,881.9      r 14,368.9      -3.3      3.6      4.9    r 5.4
      Sept r..................           1,091.1             3,764.7           4,780.6      5,922.8        14,414.3      -6.3      2.3      4.3      5.0
      Oct r...................           1,075.8             3,773.7           4,814.7             p 5,942.0       p 14,4-8.5      2.5      5.4      4.8
      Nov p...................           1,075.9             3,796.0           4,841.3  ............  ..............     -7.4      4.0      6.0  .......
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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.