[Economic Indicators January, 1998]
[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 the same rate in December as in November. (Series 
revised.)
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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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1988:Dec r....................             787.0             2,996.4           3,913.1      4,663.7         9,429.2       5.0      5.8      6.5      8.9
1989:Dec r....................             794.2             3,161.0           4,066.3      4,893.2        10,150.8        .9      5.5      3.9      7.7
1990:Dec r....................             825.8             3,279.6           4,126.8      4,977.5        10,825.4       4.0      3.8      1.5      6.6
1991:Dec r....................             897.3             3,379.9           4,182.1      5,008.0        11,301.9       8.7      3.1      1.3      4.4
1992:Dec r....................           1,025.0             3,434.7           4,193.5      5,081.4        11,842.0      14.2      1.6       .3      4.8
1993:Dec r....................           1,129.9             3,487.5           4,258.9      5,173.0        12,462.1      10.2      1.5      1.6      5.2
1994:Dec r....................           1,150.7             3,503.0           4,333.6      5,315.8        13,078.0       1.8       .4      1.8      4.9
1995:Dec r....................           1,128.7             3,651.2           4,595.6      5,702.2        13,773.3      -1.9      4.2      6.0      5.3
1996:Dec r....................           1,082.8             3,826.1           4,935.5      6,088.4        14,496.6      -4.1      4.8      7.4      5.3
1997:Dec .....................           1,076.0             4,040.2           5,369.9  ............  ..............      -.6      5.6      8.8  .......
                                                                                                                                                        
1996:Nov r....................           1,081.3             3,804.5           4,894.2      6,053.1        14,446.6      -6.4      4.2      6.5      5.1
      Dec r...................           1,082.8             3,826.1           4,935.5      6,088.4        14,496.6      -6.0      4.4      7.2      4.9
                                                                                                                                                        
1997:Jan r....................           1,080.8             3,840.7           4,961.1      6,113.6        14,538.1      -5.3      4.6      7.4      4.5
      Feb r...................           1,078.8             3,853.3           4,997.8      6,160.6        14,595.8      -3.9      4.8      8.2      4.5
      Mar r...................           1,075.0             3,868.9           5,032.0      6,204.3        14,657.5      -3.6      5.0      8.3      4.7
      Apr r...................           1,068.3             3,890.0           5,075.2      6,260.3        14,728.7      -2.5      5.5      8.6      4.8
      May r...................           1,064.3             3,892.7           5,091.2      6,290.4        14,775.7      -3.1      4.6      8.1      4.6
      June r..................           1,065.4             3,908.2           5,114.3      6,317.5        14,805.5      -3.2      4.3      7.2      4.3
      July r..................           1,065.6             3,922.0           5,154.2      6,350.1        14,860.6      -2.8      4.2      7.8      4.4
      Aug r...................           1,071.1             3,953.1           5,199.3      6,406.7        14,917.8      -1.4      5.2      8.1      4.4
      Sept r..................           1,063.5             3,973.8           5,237.2      6,445.1        14,975.9      -2.1      5.4      8.2      4.3
      Oct r...................           1,061.9             3,993.1           5,274.1      6,479.0        15,042.5      -1.2      5.3      7.8      4.3
      Nov r...................           1,069.2             4,017.5           5,323.7             p 6,543.4       p 15,107.9      6.4      9.1      4.5
      Dec ....................           1,076.0             4,040.2           5,369.9  ............  ..............      2.0      6.8     10.0  .......
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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 derived 
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.
    Series revised to reflect annual 
benchmarking and seasonal adjustment 
revisions.

    Source: Board of Governors of 
the Federal Reserve System.