[Economic Indicators September, 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 M3 accelerated in August.
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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       r 8,650.8       3.5      3.6      5.3      9.6
1988:Dec......................             787.0             2,996.3           3,912.9      4,663.5       r 9,427.6       5.0      5.8      6.5      9.0
1989:Dec......................             794.2             3,160.9           4,065.9      4,892.8      r 10,151.1        .9      5.5      3.9      7.7
1990:Dec......................             825.8             3,279.5           4,125.9      4,976.6      r 10,824.4       4.0      3.8      1.5    r 6.6
1991:Dec......................             897.3             3,379.6           4,180.4      5,006.2      r 11,298.5       8.7      3.1      1.3    r 4.4
1992:Dec......................           1,025.0             3,434.0           4,190.4      5,078.0      r 11,837.3      14.2      1.6       .2      4.8
1993:Dec......................           1,129.8             3,486.6           4,254.4      5,167.8      r 12,457.3      10.2      1.5      1.5    r 5.2
1994:Dec......................           1,150.7             3,502.1           4,327.3      5,308.4      r 13,072.1       1.8       .4      1.7    r 4.9
1995:Dec......................           1,129.0             3,655.0           4,592.5      5,697.6      r 13,768.1      -1.9      4.4      6.1    r 5.3
1996:Dec r....................           1,081.1             3,834.5           4,933.2      6,098.8        14,485.7      -4.2      4.9      7.4      5.2
                                                                                                                                                        
1996:July r...................           1,108.9             3,750.0           4,770.0      5,914.8        14,211.0      -2.4      4.4      6.5      5.7
      Aug r...................           1,099.9             3,762.8           4,790.6      5,945.1        14,264.2      -3.6      4.2      5.9      5.4
      Sept r..................           1,093.3             3,775.3           4,822.1      5,987.2        14,311.7      -5.8      3.3      5.7      5.0
      Oct r...................           1,080.3             3,788.1           4,858.1      6,013.7        14,372.9      -7.7      3.4      6.5      4.9
      Nov r...................           1,080.1             3,810.2           4,887.9      6,057.1        14,435.7      -6.6      4.5      6.7      5.0
      Dec r...................           1,081.1             3,834.5           4,933.2      6,098.8        14,485.7      -6.2      4.9      7.7      4.9
                                                                                                                                                        
1997:Jan r....................           1,079.9             3,851.7           4,956.1      6,115.0        14,526.2      -5.2      5.4      7.8      4.4
      Feb r...................           1,080.8             3,868.6           4,994.9      6,163.0        14,584.0      -3.5      5.6      8.5      4.5
      Mar r...................           1,075.4             3,885.6           5,027.6      6,207.2        14,645.7      -3.3      5.8      8.5      4.7
      Apr r...................           1,065.2             3,905.2           5,067.7      6,262.1        14,715.5      -2.8      6.2      8.6      4.8
      May r...................           1,062.8             3,904.7           5,076.3      6,280.3        14,759.6      -3.2      5.0      7.7      4.5
      June r..................           1,063.2             3,919.8           5,099.2      6,305.0        14,785.9      -3.3      4.4      6.7      4.1
      July r..................           1,062.1             3,931.7           5,145.5             p 6,342.2       p 14,8-3.3      4.2      7.6      4.3
      Aug.....................           1,069.5             3,967.9           5,200.0  ............  ..............     -2.1      5.1      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.