[Economic Indicators June, 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

M2 fell in May; growth in M3 slowed.
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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      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      r 11,336.0       8.7      3.1      1.3      4.5
1992:Dec......................           1,025.0             3,434.0           4,190.4      5,078.0      r 11,880.4      14.2      1.6       .2      4.8
1993:Dec......................           1,129.8             3,486.6           4,254.4      5,167.8      r 12,508.7      10.2      1.5      1.5      5.3
1994:Dec......................           1,150.7             3,502.1           4,328.7      5,309.8      r 13,150.9       1.8       .4      1.7      5.1
1995:Dec......................           1,129.0             3,655.0           4,594.8      5,699.8      r 13,869.7      -1.9      4.4      6.1      5.5
1996:Dec......................           1,081.0             3,833.1         r 4,931.3    r 6,096.8      r 14,622.2      -4.3      4.9    r 7.3      5.4
                                                                                                                                                        
1996:Apr......................           1,123.5             3,724.5           4,708.7    r 5,828.3      r 14,140.3      -2.1      5.2      6.2      5.4
      May.....................           1,117.1             3,725.6           4,731.3    r 5,849.0      r 14,198.6      -2.8      4.7      6.6      5.4
      June....................           1,115.5             3,741.9           4,753.6    r 5,892.0      r 14,257.3      -2.4      4.8      6.9      5.6
      July....................           1,108.8             3,750.0           4,771.2    r 5,916.2      r 14,329.3      -2.4      4.4      6.4      5.9
      Aug.....................           1,099.8             3,762.8           4,791.5    r 5,946.2      r 14,386.0      -3.6      4.2      5.9    r 5.6
      Sept....................           1,093.2             3,775.3           4,822.6    r 5,987.9      r 14,434.4      -5.9      3.3      5.6      5.2
      Oct.....................           1,080.2             3,787.8           4,857.7    r 6,013.2      r 14,498.8      -7.7      3.4      6.3      5.1
      Nov r...................           1,080.0             3,809.3           4,886.7      6,055.6        14,568.3      -6.6      4.5      6.6      5.2
      Dec r...................           1,081.0             3,833.1           4,931.3      6,096.8        14,622.2      -6.2      4.9      7.5      5.1
                                                                                                                                                        
1997:Jan r....................           1,079.8             3,849.7           4,953.4      6,111.0        14,667.0      -5.2      5.3      7.6      4.7
      Feb r...................           1,080.6             3,866.0           4,992.1      6,156.7        14,728.2      -3.5      5.5      8.4      4.8
      Mar r...................           1,075.2             3,882.5           5,024.4      6,196.6        14,793.8      -3.3      5.7      8.4      5.0
      Apr r...................           1,065.1             3,901.8           5,061.6             p 6,239.0       p 14,8-2.8      6.0      8.4      5.1
      May.....................           1,062.7             3,901.4           5,068.0  ............  ..............     -3.2      4.8      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.