[Economic Indicators February, 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 M2 and in M3 slowed in January. (Series revised.)
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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 r....................             749.7             2,832.7           3,672.5      4,341.5         8,664.1       3.5      3.6      5.3      9.6
1988:Dec r....................             787.0             2,996.3           3,912.9      4,666.2         9,441.6       5.0      5.8      6.5      9.0
1989:Dec r....................             794.2             3,160.9           4,065.9      4,894.6        10,171.6        .9      5.5      3.9      7.7
1990:Dec r....................             825.8             3,279.5           4,125.9      4,977.5        10,852.6       4.0      3.8      1.5      6.7
1991:Dec r....................             897.3             3,379.6           4,180.4      5,006.4        11,337.1       8.7      3.1      1.3      4.5
1992:Dec r....................           1,025.0             3,434.0           4,190.4      5,078.9        11,880.7      14.2      1.6       .2      4.8
1993:Dec r....................           1,129.8             3,486.6           4,254.4      5,169.3        12,506.5      10.2      1.5      1.5      5.3
1994:Dec r....................           1,150.7             3,502.1           4,328.7      5,312.4        13,148.4       1.8       .4      1.7      5.1
1995:Dec r....................           1,129.0             3,655.0           4,594.8      5,704.2        13,866.9      -1.9      4.4      6.1      5.5
1996:Dec r....................           1,080.9             3,833.0           4,935.2             p 6,071.9       p 14,6-4.3      4.9      7.4      5.4
                                                                                                                                                        
1996:Jan r....................           1,122.2             3,669.9           4,622.3      5,722.3        13,916.6      -4.0      4.8      5.7      4.4
      Feb r...................           1,119.8             3,685.0           4,655.2      5,737.8        13,987.3      -4.2      4.5      5.7      4.9
      Mar r...................           1,126.2             3,713.9           4,692.1      5,791.8        14,063.2      -2.7      5.2      6.2      5.2
      Apr r...................           1,123.5             3,724.5           4,708.7      5,827.1        14,129.5      -2.1      5.2      6.2      5.3
      May r...................           1,117.1             3,725.6           4,731.2      5,833.9        14,186.6      -2.8      4.7      6.6      5.3
      June r..................           1,115.5             3,741.9           4,753.5      5,865.6        14,246.1      -2.4      4.8      6.9      5.5
      July r..................           1,108.8             3,750.0           4,771.5      5,888.6        14,317.5      -2.4      4.4      6.5      5.8
      Aug r...................           1,099.8             3,762.8           4,791.4      5,921.4        14,378.3      -3.6      4.2      5.9      5.6
      Sept r..................           1,093.2             3,775.4           4,822.5      5,964.8        14,426.4      -5.9      3.3      5.6      5.2
      Oct r...................           1,080.1             3,787.8           4,859.8      5,987.4        14,484.9      -7.7      3.4      6.4      5.0
      Nov r...................           1,079.9             3,809.3           4,890.1      6,030.9        14,553.1      -6.7      4.5      6.7      5.2
      Dec r...................           1,080.9             3,833.0           4,935.2             p 6,071.9       p 14,6-6.2      4.9      7.6      5.1
                                                                                                                                                        
1997:Jan......................           1,079.6             3,849.7           4,965.6  ............  ..............     -5.3      5.3      8.1  .......
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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.

    Series revised to reflect annual 
benchmarking and seasonal adjustment 
revisions.

    Source: Board of Governors of 
the Federal Reserve System.