[Economic Indicators August, 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 July; 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         r 4,327.3    r 5,308.4        13,150.9       1.8       .4      1.7      5.1
1995:Dec......................           1,129.0             3,655.0         r 4,592.5    r 5,697.6      r 13,866.9      -1.9      4.4      6.1    r 5.4
1996:Dec......................           1,081.0             3,834.3         r 4,933.0    r 6,098.7      r 14,614.0      -4.3      4.9      7.4      5.4
                                                                                                                                                        
1996:June.....................           1,115.5             3,741.9         r 4,751.4    r 5,889.6      r 14,250.3      -2.4      4.8      6.9    r 5.5
      July....................           1,108.8             3,750.0         r 4,770.0    r 5,914.7      r 14,323.2      -2.4      4.4      6.5    r 5.8
      Aug.....................           1,099.8             3,762.7         r 4,790.5    r 5,945.0      r 14,379.3      -3.6      4.2      5.9    r 5.5
      Sept....................           1,093.2             3,775.2         r 4,822.0    r 5,987.0      r 14,428.8      -5.9      3.3    r 5.7    r 5.1
      Oct.....................           1,080.2             3,788.0         r 4,858.0    r 6,013.5      r 14,493.8      -7.7      3.4    r 6.5      5.1
      Nov.....................           1,080.0             3,810.0         r 4,887.8    r 6,057.0      r 14,562.5      -6.6      4.5      6.7    r 5.2
      Dec.....................           1,081.0             3,834.3         r 4,933.0    r 6,098.7      r 14,614.0      -6.2      4.9      7.6      5.1
                                                                                                                                                        
1997:Jan......................           1,079.8             3,851.6         r 4,956.0    r 6,113.7      r 14,656.8      -5.2      5.4      7.8      4.7
      Feb.....................           1,080.6             3,868.5         r 4,994.9    r 6,159.7      r 14,719.1      -3.5      5.6      8.5      4.7
      Mar.....................           1,075.2             3,885.4         r 5,027.6    r 6,201.8      r 14,784.7      -3.3      5.8      8.5    r 4.9
      Apr.....................           1,065.1             3,905.0           5,067.5    r 6,254.9      r 14,857.8      -2.8      6.2      8.6    r 5.0
      May.....................           1,062.7             3,904.7         r 5,075.8    r 6,271.4      r 14,905.9      -3.2      5.0    r 7.7    r 4.7
      June....................           1,063.2             3,919.8         r 5,097.9             p 6,300.0       p 14,9-3.3      4.5    r 6.7      4.4
      July....................           1,062.2             3,931.8           5,141.7  ............  ..............     -3.3      4.2      7.5  .......
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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.