[Economic Indicators May, 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 accelerated slightly in April.
   _____________________________________________________________________


  ______________________________________________________________________

                                 [Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]                                 
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                       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\                                         
--------------------------------------------------------------------------------------------------------------------------------------------------------
1987:Dec......................             749.7             2,832.7           3,672.5      4,339.9         8,664.1       3.5      3.6      5.3      9.6
1988:Dec......................             787.0             2,996.3           3,912.9      4,663.5         9,441.6       5.0      5.8      6.5      9.0
1989:Dec......................             794.2             3,160.9           4,065.9      4,892.8        10,171.6        .9      5.5      3.9      7.7
1990:Dec......................             825.8             3,279.5           4,125.9      4,976.6        10,853.0       4.0      3.8      1.5      6.7
1991:Dec......................             897.3             3,379.6           4,180.4      5,006.2        11,341.3       8.7      3.1      1.3      4.5
1992:Dec......................           1,025.0             3,434.0           4,190.4      5,078.0        11,885.6      14.2      1.6       .2      4.8
1993:Dec......................           1,129.8             3,486.6           4,254.4      5,167.8        12,514.6      10.2      1.5      1.5      5.3
1994:Dec......................           1,150.7             3,502.1           4,328.7      5,309.8        13,156.4       1.8       .4      1.7      5.1
1995:Dec......................           1,129.0             3,655.0           4,594.8    r 5,699.8        13,875.3      -1.9      4.4      6.1      5.5
1996:Dec......................           1,081.0             3,833.1         r 4,927.7    r 6,058.1      r 14,622.0      -4.3      4.9      7.2      5.4
                                                                                                                                                        
1996:Mar......................           1,126.2             3,713.9           4,691.9    r 5,791.9        14,075.6      -2.7      5.2      6.2      5.3
      Apr.....................           1,123.5             3,724.5           4,708.7    r 5,824.0        14,145.7      -2.1      5.2      6.2      5.4
      May.....................           1,117.1             3,725.6         r 4,731.3    r 5,835.7        14,205.5      -2.8      4.7      6.6      5.4
      June....................           1,115.5             3,741.9         r 4,753.6    r 5,869.8        14,265.6      -2.4      4.8      6.9      5.6
      July r..................           1,108.8             3,750.0           4,771.2      5,889.9        14,338.7      -2.4      4.4      6.4      5.9
      Aug r...................           1,099.8             3,762.8           4,791.5      5,920.3        14,395.9      -3.6      4.2      5.9      5.7
      Sept r..................           1,093.2             3,775.3           4,822.6      5,961.4        14,444.9      -5.9      3.3      5.6      5.2
      Oct r...................           1,080.2             3,787.8           4,857.7      5,984.1        14,507.4      -7.7      3.4      6.3      5.1
      Nov r...................           1,080.0             3,809.3           4,885.0      6,021.8        14,572.5      -6.6      4.5      6.5      5.2
      Dec r...................           1,081.0             3,833.1           4,927.7      6,058.1        14,622.0      -6.2      4.9      7.3      5.0
                                                                                                                                                        
1997:Jan r....................           1,079.7             3,849.7           4,950.1      6,073.7        14,663.3      -5.2      5.3      7.5      4.5
      Feb r...................           1,080.6             3,866.0           4,987.3      6,124.6        14,722.9      -3.5      5.5      8.2      4.5
      Mar r...................           1,075.2             3,882.4           5,015.7             p 6,167.7       p 14,7-3.3      5.7      8.0      4.7
      Apr.....................           1,065.1             3,901.8           5,050.5  ............  ..............     -2.8      6.0      7.9  .......
--------------------------------------------------------------------------------------------------------------------------------------------------------

    \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.