[Economic Indicators March, 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 was unchanged in February; growth in M3 accelerated.
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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......................             749.7             2,832.7           3,672.5    r 4,339.9         8,664.1       3.5      3.6      5.3      9.6
1988:Dec......................             787.0             2,996.3           3,912.9    r 4,663.5         9,441.6       5.0      5.8      6.5      9.0
1989:Dec......................             794.2             3,160.9           4,065.9    r 4,892.8        10,171.6        .9      5.5      3.9      7.7
1990:Dec......................             825.8             3,279.5           4,125.9    r 4,976.6      r 10,853.0       4.0      3.8      1.5      6.7
1991:Dec......................             897.3             3,379.6           4,180.4    r 5,006.2      r 11,341.3       8.7      3.1      1.3      4.5
1992:Dec......................           1,025.0             3,434.0           4,190.4    r 5,078.0      r 11,885.6      14.2      1.6       .2      4.8
1993:Dec......................           1,129.8             3,486.6           4,254.4    r 5,167.8      r 12,514.6      10.2      1.5      1.5      5.3
1994:Dec......................           1,150.7             3,502.1           4,328.7    r 5,309.8      r 13,156.4       1.8       .4      1.7      5.1
1995:Dec......................           1,129.0             3,655.0           4,594.8     r5,700.3      r 13,875.3      -1.9      4.4      6.1      5.5
1996:Dec r....................           1,081.0             3,833.1           4,927.1      6,057.0        14,626.3      -4.3      4.9      7.2      5.4
                                                                                                                                                        
1996:Jan......................           1,122.2             3,669.9           4,622.3    r 5,723.3      r 13,925.4      -4.0      4.8      5.7      4.4
      Feb.....................           1,119.8             3,685.0           4,655.2    r 5,741.9      r 13,998.7      -4.2      4.5      5.7      4.9
      Mar.....................           1,126.2             3,713.9         r 4,691.9    r 5,792.1      r 14,075.6      -2.7      5.2      6.2    r 5.3
      Apr.....................           1,123.5             3,724.5           4,708.7    r 5,824.2      r 14,145.3      -2.1      5.2      6.2    r 5.4
      May.....................           1,117.1             3,725.6           4,731.2    r 5,835.9      r 14,204.2      -2.8      4.7      6.6    r 5.4
      June....................           1,115.5             3,741.9           4,753.5    r 5,870.0      r 14,263.6      -2.4      4.8      6.9    r 5.6
      July....................           1,108.8             3,750.0         r 4,771.1    r 5,890.0      r 14,336.8      -2.4      4.4    r 6.4    r 5.9
      Aug.....................           1,099.8             3,762.8           4,791.4    r 5,919.8      r 14,395.2      -3.6      4.2      5.9    r 5.7
      Sept....................           1,093.2             3,775.4           4,822.5    r 5,960.5      r 14,445.3      -5.9      3.3      5.6    r 5.3
      Oct r...................           1,080.2             3,787.9           4,857.9      5,983.4        14,509.5      -7.7      3.4      6.3      5.1
      Nov r...................           1,080.0             3,809.4           4,885.2      6,021.2        14,577.3      -6.6      4.5      6.5      5.3
      Dec r...................           1,081.0             3,833.1           4,927.1      6,057.0        14,626.3      -6.2      4.9      7.3      5.1
                                                                                                                                                        
1997:Jan r....................           1,079.6             3,849.8           4,948.5             p 6,071.7       p 14,6-5.3      5.3      7.4      4.6
      Feb.....................           1,080.3             3,866.2           4,987.0  ............  ..............     -3.5      5.5      8.2  .......
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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.