[Economic Indicators March, 1999]
[Page Number 26]
[From the U.S. Government Publishing Office, www.gpo.gov]



 
                   MONEY, CREDIT, AND SECURITY MARKETS

MONEY STOCK AND DEBT MEASURES

In February, M2 growth slowed and 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              Debt          Percent change from year or 6
                                          -------------------------------------------------------------------------         months earlier \2\
                                                                                                        Debt of    ------------------------------------
                                                                                                       domestic
                                           Sum of currency,    M1 plus retail      M2 plus large     nonfinancial
                  Period                   demand deposits,    MMMF balances,      time deposits,       sectors
                                              travelers'      savings deposits       RPs, Euro-        (monthly
                                              checks, and    (including MMDAs),     dollars, and      average of       M1       M2       M3      Debt
                                            other checkable    and small time    institution- only  adjacent month-
                                           deposits (OCDs)        deposits         MMMF  balances     end levels)
                                                                                                          \1\
-------------------------------------------------------------------------------------------------------------------------------------------------------
1989:Dec.................................             792.6             3,159.9           4,091.0        10,157.0       0.8      5.5      4.0      7.3
1990:Dec.................................             824.6             3,279.1           4,155.6        10,823.2       4.0      3.8      1.6      6.6
1991:Dec.................................             896.7             3,379.8           4,208.6        11,296.1       8.7      3.1      1.3      4.4
1992:Dec.................................           1,024.4             3,434.0           4,220.0        11,818.2      14.2      1.6       .3      4.6
1993:Dec.................................           1,129.3             3,487.4           4,279.7      r 12,406.5      10.2      1.6      1.4      5.0
1994:Dec.................................           1,149.7             3,502.0           4,353.9      r 13,003.5       1.8       .4      1.7      4.8
1995:Dec.................................           1,126.7             3,649.1           4,618.5      r 13,703.2      -2.0      4.2      6.1      5.4
1996:Dec.................................           1,081.3             3,823.9           4,955.6      r 14,425.2      -4.0      4.8      7.3      5.3
1997:Dec.................................           1,074.9             4,046.6           5,404.7      r 15,140.2       -.6      5.8      9.1    r 5.0
1998:Dec r...............................           1,093.3             4,401.9           5,999.6        16,084.5       1.7      8.8     11.0      6.2
 
1998:Jan.................................           1,073.8             4,071.4           5,449.6      r 15,207.4       1.2      7.2     10.2    r 5.6
      Feb................................           1,076.0             4,100.9           5,485.2      r 15,285.1        .7      7.1      9.6    r 5.7
      Mar................................           1,080.6             4,126.2           5,543.8      r 15,368.5       3.0      7.3     10.4    r 5.9
      Apr................................           1,082.1             4,155.2           5,589.3      r 15,446.6       3.8      7.7     10.7    r 6.0
      May ...............................           1,078.2             4,174.8           5,631.3      r 15,517.2       2.0      7.5     10.4    r 5.9
      June ..............................           1,077.8             4,198.6           5,674.1      r 15,590.6        .5      7.5     10.0    r 5.9
      July ..............................           1,075.4             4,216.1           5,694.2      r 15,672.0        .3      7.1      9.0    r 6.1
      Aug r..............................           1,072.2             4,241.7           5,749.7        15,748.8       -.7      6.9      9.6      6.1
      Sept r.............................           1,074.7             4,285.5           5,812.4        15,819.7      -1.1      7.7      9.7      5.9
      Oct r..............................           1,080.4             4,326.9           5,874.5        15,903.6       -.3      8.3     10.2      5.9
      Nov r..............................           1,089.0             4,365.2           5,940.2        15,998.0       2.0      9.1     11.0      6.2
      Dec r .............................           1,093.3             4,401.9           5,999.6        16,084.5       2.9      9.7     11.5      6.3
 
1999:Jan r...............................           1,090.7             4,425.7           6,018.3                p 16,162.8      9.9     11.4      6.2
      Feb................................           1,091.9             4,446.5           6,068.8   ..............      3.7      9.7     11.1  .......
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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.