[Economic Indicators January, 1997]
[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 M3 accelerated in December; growth in M2 was little changed.
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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'      savings deposits     dollars, and    other liquid     (monthly                                       
                                   checks, and    (including MMDAs),    institution-       assets       average of       M1       M2       M3      Debt 
                                 other checkable    and small time        only MMMF                   adjacent month-                                   
                                deposits (OCDs)        deposits           balances                      end levels)                                     
                                                                                                            \1\                                         
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1987:Dec......................             749.8             2,834.4         r 3,673.2      4,328.5         8,664.1       3.5      3.6      5.4      9.6
1988:Dec......................             786.9             2,997.9           3,912.4      4,664.2         9,441.6       4.9      5.8      6.5      9.0
1989:Dec......................             794.2             3,164.0           4,065.5      4,894.2        10,171.6        .9      5.5      3.9      7.7
1990:Dec......................             825.8             3,282.2           4,124.1      4,975.8        10,852.6       4.0      3.7      1.4      6.7
1991:Dec......................             897.2             3,383.7           4,178.4      5,004.4        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        11,880.7      14.2      1.6       .2      4.8
1993:Dec......................           1,128.6             3,494.0         r 4,249.5    r 5,164.4        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        13,148.4       1.8       .4      1.6      5.1
1995:Dec......................           1,124.9             3,657.4         r 4,572.1    r 5,681.5        13,866.9      -2.1      4.2      5.9      5.5
1996:Dec......................           1,076.9             3,835.3           4,904.1  ............  ..............     -4.3      4.9      7.3  .......
                                                                                                                                                        
1995:Nov......................           1,129.0             3,640.2         r 4,557.4    r 5,656.0        13,820.7      -3.0      5.6      6.4      5.0
      Dec.....................           1,124.9             3,657.4         r 4,572.1    r 5,681.5        13,866.9      -3.4      4.9      5.3      4.5
                                                                                                                                                        
1996:Jan r....................           1,119.2             3,671.7           4,600.3      5,700.3        13,919.2      -4.6      4.7      5.4      4.5
      Feb r...................           1,117.3             3,687.4           4,638.2      5,720.8        13,993.0      -4.6      4.4      5.8      5.0
      Mar r...................           1,126.7             3,722.4           4,680.4      5,780.0        14,067.4      -2.4      5.6      6.7      5.3
      Apr r...................           1,123.6             3,728.6           4,690.1      5,808.4        14,132.2      -1.4      5.5      6.4      5.3
      May r...................           1,117.0             3,724.3           4,705.3      5,808.0        14,187.4      -2.1      4.6      6.5      5.3
      June r..................           1,116.4             3,742.7           4,728.2      5,840.3        14,245.4      -1.5      4.7      6.8      5.5
      July r..................           1,107.9             3,748.4           4,740.4      5,857.2        14,317.3      -2.0      4.2      6.1      5.7
      Aug r...................           1,098.8             3,760.9           4,759.1      5,888.9        14,374.6      -3.3      4.0      5.2      5.5
      Sept r..................           1,090.9             3,772.2           4,788.8      5,931.2        14,420.7      -6.4      2.7      4.6      5.0
      Oct r...................           1,075.7             3,782.2           4,825.0      5,953.0        14,481.7      -8.5      2.9      5.8      4.9
      Nov r...................           1,075.8             3,807.1           4,854.6             p 5,995.8       p 14,5-7.4      4.4      6.3      5.1
      Dec ....................           1,076.9             3,835.3           4,904.1  ............  ..............     -7.1      4.9      7.4  .......
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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.