[Economic Indicators March, 2003]
[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 and M3 rose.
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                         [Averages of daily figures, except debt end-of-period basis; billions of dollars, seasonally adjusted]
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                                                  M1                 M2                  M3              Debt                  Percent change
                                          --------------------------------------------------------------------------------------------------------------
                                           Sum of currency,    M1 plus retail      M2 plus large                      From year or 6 months       From
                                           demand deposits,    MMMF balances,      time deposits,       Debt of             earlier\2\          previous
                  Period                      travelers'      savings deposits       RPs, Euro-        domestic    --------------------------- period\3\
                                              checks, and    (including MMDAs),     dollars, and     nonfinancial                             ----------
                                            other checkable    and small time     institution-  al    sectors\1\       M1       M2       M3
                                            deposits (OCDs)       deposits         MMMF  balances                                                 Debt
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1993:Dec ................................           1,129.3             3,483.2           4,277.4        12,418.5      10.3      1.5      1.5       4.8
1994:Dec ................................           1,149.9             3,496.2           4,359.8        12,985.8       1.8       .4      1.9       4.5
1995:Dec ................................           1,126.7             3,640.1           4,624.9        13,681.7      -2.0      4.1      6.1       5.4
1996:Dec ................................           1,078.4             3,814.3           4,970.5        14,405.9      -4.3      4.8      7.5       5.3
1997:Dec ................................           1,071.4             4,029.8         r 5,444.4        15,194.3       -.6      5.6      9.5       5.5
1998:Dec ................................           1,095.0             4,381.5         r 6,033.0        16,240.5       2.2      8.7     10.8       6.9
1999:Dec ................................           1,121.9             4,648.0         r 6,529.8        17,306.8       2.5      6.1      8.2       6.4
2000:Dec ................................           1,084.9             4,926.9         r 7,093.3        18,166.8      -3.3      6.0      8.6       4.9
2001:Dec ................................           1,173.4             5,440.6         r 7,995.3        19,293.3       8.2     10.4     12.7       6.2
2002:Dec ................................           1,210.5             5,796.5         r 8,517.3        20,657.1       3.2      6.5      6.5       7.1
 
2002:Feb.................................           1,186.1             5,502.7         r 8,057.8   ..............      6.3      9.1     10.1  .........
      Mar ...............................           1,188.1             5,503.5         r 8,070.3        19,534.9      -2.3      4.9      6.2       5.0
      Apr ...............................           1,173.7             5,491.5         r 8,073.1   ..............      1.6      5.0      5.4  .........
      May ...............................           1,184.4             5,557.3         r 8,137.0   ..............      3.2      5.9      5.1  .........
      June ..............................           1,190.2             5,589.1         r 8,173.3        19,941.8       2.9      5.5      4.5       8.3
      July ..............................           1,197.4             5,637.9         r 8,222.9   ..............      3.0      6.4      5.4  .........
      Aug ...............................           1,186.3             5,676.9         r 8,292.7   ..............       .0      6.3      5.8  .........
      Sept ..............................           1,192.5             5,703.1         r 8,335.2        20,266.3        .7      7.3      6.6       6.5
      Oct ...............................           1,203.6             5,742.4         r 8,342.2   ..............      5.1      9.1    r 6.7  .........
      Nov ...............................           1,202.7             5,781.3         r 8,462.2   ..............      3.1      8.1    r 8.0  .........
      Dec ...............................           1,210.5             5,796.5         r 8,517.3        20,657.1       3.4      7.4    r 8.4       7.7
 
2003:Jan r...............................           1,212.2             5,825.7           8,513.5   ..............      2.5      6.7      7.1  .........
      Feb ...............................           1,231.7             5,880.0           8,568.2   ..............      7.7      7.2      6.6  .........
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    \1\ Quarterly data; shown in 
last month of quarter. End-of-year 
data are for fourth quarter. 
Consists of outstanding credit 
market debt of the U.S. Government, 
State and local governments, and 
private nonfinancial sectors; data 
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.
    \3\ Annual changes are from 
fourth quarter to fourth quarter. 
Quarterly changes are from previous 
quarter at an annual rate.
    Note.--See p. 27 for components.
    Source: Board of Governors of 
the Federal Reserve System.