[Economic Indicators July, 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 accelerated in June; M3 growth slowed.
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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         9,464.1       5.0      5.8      6.5      9.1
1989:Dec .....................             794.2             3,161.0           4,066.3      4,893.2        10,157.5        .9      5.5      3.9      7.3
1990:Dec .....................             825.8             3,279.6           4,126.8      4,977.5        10,823.7       4.0      3.8      1.5      6.6
1991:Dec .....................             897.3             3,379.9           4,182.1      5,008.0        11,296.8       8.7      3.1      1.3      4.4
1992:Dec .....................           1,025.0             3,434.7           4,193.5      5,081.4        11,819.0      14.2      1.6       .3      4.6
1993:Dec .....................           1,129.9             3,487.5           4,258.9      5,173.3        12,408.3      10.2      1.5      1.6      5.0
1994:Dec .....................           1,150.7             3,503.0           4,333.6      5,315.8        13,003.1       1.8       .4      1.8      4.8
1995:Dec .....................           1,128.7             3,651.2           4,595.6      5,702.2        13,702.3      -1.9      4.2      6.0      5.4
1996:Dec .....................           1,082.8             3,826.1           4,931.1    r 6,083.6        14,432.2      -4.1      4.8      7.3      5.3
1997:Dec......................           1,076.0             4,045.8           5,374.9      6,609.4        15,170.7       -.6      5.7      9.0      5.1
                                                                                                                                                        
1997:May......................           1,064.3             3,892.5           5,086.3      6,285.3        14,719.6      -3.1      4.6      8.0      4.7
      June....................           1,065.4             3,908.0           5,109.2      6,312.3        14,753.0      -3.2      4.3      7.2      4.4
      July....................           1,065.6             3,922.5           5,149.6      6,345.8        14,814.4      -2.8      4.3      7.8      4.7
      Aug.....................           1,071.1             3,954.8           5,195.8      6,403.6        14,880.0      -1.4      5.3      8.1      4.8
      Sept....................           1,063.5             3,976.7           5,234.7      6,442.9        14,944.0      -2.1      5.6      8.3      4.8
      Oct.....................           1,061.9             3,997.1           5,271.9      6,478.1        15,018.1      -1.2      5.5      8.0      4.8
      Nov.....................           1,069.2             4,022.2           5,323.9    r 6,546.0        15,095.7        .9      6.7      9.3      5.1
      Dec.....................           1,076.0             4,045.8           5,374.9      6,609.4        15,170.7       2.0      7.1     10.4      5.7
                                                                                                                                                        
1998:Jan......................           1,073.7             4,071.3           5,421.5      6,677.2      r 15,245.7       1.5      7.6     10.6      5.8
      Feb.....................           1,076.5             4,103.9           5,461.7    r 6,741.8      r 15,331.2       1.0      7.5     10.2      6.1
      Mar.....................           1,081.1             4,132.3         r 5,527.1    r 6,808.2      r 15,413.9       3.3      7.8     11.2      6.3
      Apr r...................           1,080.8             4,165.1           5,574.3      6,825.6        15,477.3       3.6      8.4     11.5      6.1
      May r...................           1,078.0             4,174.9           5,602.9             p 6,835.4       p 15,531.6      7.6     10.5      5.8
      June....................           1,075.1             4,193.0           5,628.2  ............  ..............      -.2      7.3      9.4  .......
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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.