[Economic Indicators April, 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 growth slowed in March, while M3 growth 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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1988:Dec .....................             787.0             2,996.4           3,913.1      4,663.7         9,458.6       5.0      5.8      6.5      9.1
1989:Dec .....................             794.2             3,161.0           4,066.3      4,893.2        10,151.0        .9      5.5      3.9      7.3
1990:Dec .....................             825.8             3,279.6           4,126.8      4,977.5        10,816.8       4.0      3.8      1.5      6.6
1991:Dec .....................             897.3             3,379.9           4,182.1      5,008.0        11,290.4       8.7      3.1      1.3      4.4
1992:Dec .....................           1,025.0             3,434.7           4,193.5      5,081.4        11,812.8      14.2      1.6       .3      4.6
1993:Dec .....................           1,129.9             3,487.5           4,258.9    r 5,173.3        12,403.1      10.2      1.5      1.6      5.0
1994:Dec .....................           1,150.7             3,503.0           4,333.6      5,315.8        12,998.7       1.8       .4      1.8      4.8
1995:Dec .....................           1,128.7             3,651.2           4,595.6      5,702.2        13,699.2      -1.9      4.2      6.0      5.4
1996:Dec .....................           1,082.8             3,826.1           4,935.5      6,088.3        14,419.9      -4.1      4.8      7.4      5.3
1997:Dec .....................           1,076.0             4,040.2         r 5,382.6    r 6,625.8      r 15,152.7       -.6      5.6    r 9.1      5.1
                                                                                                                                                        
1997:Feb .....................           1,078.8             3,853.3           4,997.8      6,160.4        14,523.2      -3.9      4.8      8.2      4.6
      Mar ....................           1,075.0             3,868.9           5,032.0      6,204.1        14,587.6      -3.6      5.0      8.3      4.8
      Apr ....................           1,068.3             3,890.0           5,075.2    r 6,260.0      r 14,661.4      -2.5      5.5      8.6      5.0
      May ....................           1,064.3             3,892.7           5,091.2    r 6,290.2        14,710.6      -3.1      4.6      8.1      4.7
      June ...................           1,065.4             3,908.2           5,114.3    r 6,317.4        14,743.0      -3.2      4.3      7.2      4.5
      July ...................           1,065.6             3,922.0         r 5,154.1    r 6,350.2      r 14,800.8      -2.8      4.2      7.8      4.7
      Aug ....................           1,071.1             3,953.1         r 5,199.1    r 6,406.9      r 14,860.7      -1.4      5.2      8.1      4.6
      Sept ...................           1,063.6             3,973.8         r 5,236.8      6,445.0        14,919.7      -2.1      5.4    r 8.1      4.6
      Oct ....................           1,061.9             3,993.2         r 5,274.5    r 6,482.6      r 14,993.1      -1.2      5.3    r 7.9      4.5
      Nov ....................           1,069.2             4,017.5         r 5,329.1    r 6,556.6      r 15,074.2        .9      6.4    r 9.3    r 4.9
      Dec ....................           1,076.0             4,040.2         r 5,382.6    r 6,625.8      r 15,152.7       2.0      6.8   r 10.5      5.6
                                                                                                                                                        
1998:Jan .....................           1,073.3             4,064.6         r 5,430.3    r 6,700.0      r 15,227.2       1.4      7.3   r 10.7      5.8
      Feb ....................           1,075.8             4,096.1         r 5,468.2             p 6,769.0       p 15,308.9      7.2   r 10.4      6.0
      Mar ....................           1,080.1             4,123.4           5,530.4  ............  ..............      3.1      7.5     11.2  .......
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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 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.

    Source: Board of Governors of 
the Federal Reserve System.