[Economic Indicators July, 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 rose in June, following a slight decline in May; 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      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        11,336.0       8.7      3.1      1.3      4.5
1992:Dec......................           1,025.0             3,434.0           4,190.4      5,078.0        11,880.4      14.2      1.6       .2      4.8
1993:Dec......................           1,129.8             3,486.6           4,254.4      5,167.8        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        13,150.9       1.8       .4      1.7      5.1
1995:Dec......................           1,129.0             3,655.0           4,594.8    r 5,700.0        13,869.7      -1.9      4.4      6.1      5.5
1996:Dec r....................           1,081.0             3,834.3           4,934.4      6,099.9        14,621.7      -4.3      4.9      7.4      5.4
                                                                                                                                                        
1996:May......................           1,117.1             3,725.6           4,731.3    r 5,848.9      r 14,195.0      -2.8      4.7      6.6    r 5.3
      June....................           1,115.5             3,741.9           4,753.6    r 5,891.8      r 14,256.0      -2.4      4.8      6.9      5.6
      July r..................           1,108.8             3,750.0           4,771.9      5,916.7        14,329.3      -2.4      4.4      6.5      5.9
      Aug r...................           1,099.8             3,762.7           4,792.5      5,947.0        14,386.0      -3.6      4.2      5.9      5.6
      Septr...................           1,093.2             3,775.2           4,823.9      5,989.0        14,434.4      -5.9      3.3      5.6      5.2
      Oct r...................           1,080.2             3,788.0           4,859.6      6,014.9        14,498.8      -7.7      3.4      6.4      5.1
      Nov r...................           1,080.0             3,810.0           4,889.2      6,058.1        14,568.1      -6.6      4.5      6.7      5.3
      Dec r...................           1,081.0             3,834.3           4,934.4      6,099.9        14,621.7      -6.2      4.9      7.6      5.1
                                                                                                                                                        
1997:Jan r....................           1,079.8             3,851.6           4,957.3      6,114.9        14,666.1      -5.2      5.4      7.8      4.7
      Feb r...................           1,080.6             3,868.5           4,996.7      6,161.4        14,726.6      -3.5      5.6      8.5      4.7
      Mar r...................           1,075.2             3,885.4           5,029.8      6,202.0        14,791.9      -3.3      5.8      8.5      5.0
      Apr r...................           1,065.1             3,905.0           5,067.5      6,247.5        14,865.0      -2.8      6.2      8.6      5.1
      May r...................           1,062.7             3,904.7           5,074.2             p 6,253.0       p 14,9-3.2      5.0      7.6      4.8
      June....................           1,063.2             3,919.8           5,098.4  ............  ..............     -3.3      4.5      6.6  .......
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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.