[Economic Indicators October, 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 growth accelerated in September.
   _____________________________________________________________________


  ______________________________________________________________________

                                 [Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                       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\
--------------------------------------------------------------------------------------------------------------------------------------------------------
1988:Dec .....................             787.0             2,996.4           3,913.1      4,663.7         9,463.6       5.0      5.8      6.5      9.1
1989:Dec .....................             794.2             3,161.0           4,066.3      4,893.2        10,157.0        .9      5.5      3.9      7.3
1990:Dec .....................             825.8             3,279.6           4,126.8      4,977.5        10,823.2       4.0      3.8      1.5      6.6
1991:Dec .....................             897.3             3,379.9           4,182.1      5,008.0        11,296.2       8.7      3.1      1.3      4.4
1992:Dec .....................           1,025.0             3,434.7           4,193.5      5,081.4        11,818.2      14.2      1.6       .3      4.6
1993:Dec .....................           1,129.9             3,487.5           4,258.9      5,173.3        12,407.3      10.2      1.5      1.6      5.0
1994:Dec .....................           1,150.7             3,503.0           4,333.6      5,315.8        12,999.5       1.8       .4      1.8      4.8
1995:Dec .....................           1,128.7             3,651.2           4,595.6      5,702.3        13,697.6      -1.9      4.2      6.0      5.4
1996:Dec .....................           1,082.8             3,826.1           4,931.1      6,083.6        14,425.2      -4.1      4.8      7.3      5.3
1997:Dec .....................           1,076.0             4,046.4           5,376.8      6,611.3        15,167.8       -.6      5.8      9.0      5.1
 
1997:Aug .....................           1,071.1             3,957.4           5,198.7      6,406.5        14,867.2      -1.4      5.4      8.2      4.7
      Sept ...................           1,063.5             3,979.3           5,237.8      6,446.0        14,935.2      -2.1      5.7      8.3      4.8
      Oct ....................           1,061.9             3,999.3           5,274.8      6,481.0        15,011.0      -1.2      5.6      8.0      4.9
      Nov ....................           1,069.2             4,023.6           5,326.3      6,548.4        15,089.5        .9      6.6      9.4      5.2
      Dec ....................           1,076.0             4,046.4           5,376.8      6,611.3        15,167.8       2.0      7.0     10.4      5.9
 
1998:Jan .....................           1,073.7             4,071.8           5,423.3    r 6,683.3      r 15,240.8       1.5      7.5     10.5      6.0
      Feb ....................           1,076.5             4,105.0           5,464.1    r 6,756.8      r 15,321.5       1.0      7.5     10.2      6.1
      Mar ....................           1,081.1             4,133.9           5,530.1    r 6,831.7      r 15,404.3       3.3      7.8     11.2      6.3
      Apr ....................           1,080.7             4,167.2           5,580.0    r 6,863.9      r 15,484.2       3.5      8.4     11.6      6.3
      May r...................           1,077.7             4,177.5           5,614.3      6,887.1        15,561.8       1.6      7.6     10.8      6.3
      June r..................           1,074.5             4,196.1           5,645.9      6,928.2        15,633.1       -.3      7.4     10.0      6.1
      July r..................           1,071.8             4,213.2           5,652.8      6,926.1        15,708.4       -.4      6.9      8.5      6.1
      Aug r ..................           1,068.9             4,243.1           5,708.0             p 6,980.8       p 15,7-1.4      6.7      8.9      6.1
      Sept ...................           1,072.1             4,295.5           5,777.1  ............  ..............     -1.7      7.8      8.9  .......
--------------------------------------------------------------------------------------------------------------------------------------------------------

    \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.