[Economic Indicators December, 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 and M3 grew at a faster pace in November than in October.
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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 8,659.9       3.5      3.6      5.3    r 9.5
1988:Dec......................             787.0             2,996.3           3,912.9      4,663.5       r 9,429.2       5.0      5.8      6.5    r 8.9
1989:Dec......................             794.2             3,160.9           4,065.9      4,892.8      r 10,150.8        .9      5.5      3.9      7.7
1990:Dec......................             825.8             3,279.5           4,125.9      4,976.6      r 10,823.9       4.0      3.8      1.5      6.6
1991:Dec......................             897.3             3,379.6           4,180.4      5,006.2      r 11,298.2       8.7      3.1      1.3      4.4
1992:Dec......................           1,025.0             3,434.0           4,190.4      5,078.0        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 12,457.0      10.2      1.5      1.5      5.2
1994:Dec......................           1,150.7             3,502.1           4,327.3      5,308.4      r 13,072.0       1.8       .4      1.7      4.9
1995:Dec......................           1,129.0             3,655.0           4,592.5      5,697.6      r 13,768.0      -1.9      4.4      6.1      5.3
1996:Dec......................           1,081.1             3,819.3           4,918.0      6,069.3      r 14,483.0      -4.2      4.5      7.1      5.2
                                                                                                                                                        
1996:Oct......................           1,080.3             3,779.6           4,849.6    r 6,005.1      r 14,372.2      -7.7      3.0      6.1      4.9
      Nov.....................           1,080.1             3,798.3           4,876.1      6,038.5      r 14,434.0      -6.6      3.9      6.2      5.0
      Dec.....................           1,081.1             3,819.3           4,918.0      6,069.3      r 14,483.0      -6.2      4.2      7.0      4.9
                                                                                                                                                        
1997:Jan......................           1,079.7             3,834.7           4,940.1      6,083.9      r 14,523.9      -5.3      4.6      7.2      4.4
      Feb.....................           1,080.7             3,850.0           4,977.3    r 6,131.6      r 14,581.7      -3.5      4.8      7.9      4.5
      Mar.....................           1,075.4             3,865.5           5,008.7    r 6,176.0      r 14,643.4      -3.3      5.1      8.0    r 4.6
      Apr.....................           1,065.3             3,883.3           5,047.8    r 6,233.0      r 14,713.8      -2.8      5.5      8.2    r 4.8
      May.....................           1,062.8             3,880.9           5,054.2    r 6,254.5      r 14,759.0      -3.2      4.3      7.3     r4.5
      June....................           1,063.1             3,894.4           5,073.7    r 6,280.3      r 14,787.2      -3.3      3.9      6.3    r 4.2
      July....................           1,062.1             3,905.3           5,117.4    r 6,315.1      r 14,838.9      -3.3      3.7      7.2    r 4.3
      Aug.....................           1,069.6             3,940.5           5,168.9    r 6,380.8      r 14,891.1      -2.1      4.7      7.7      4.2
      Sept....................           1,060.8             3,960.0         r 5,209.9    r 6,426.0      r 14,944.8      -2.7      4.9      8.0      4.1
      Oct r...................           1,057.4             3,975.8           5,245.0             p 6,452.5       p 15,0-1.5      4.8      7.8      4.0
      Nov.....................           1,064.0             3,998.8           5,293.2  ............  ..............       .2      6.1      9.5  .......
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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.