[Economic Indicators September, 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 August, 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           4,277.6      r 12,413.1      10.3      1.5      1.5       4.8
1994:Dec ................................           1,149.9             3,496.2           4,360.0      r 12,992.9       1.8       .4      1.9     r 4.6
1995:Dec ................................           1,126.7             3,640.1           4,625.2      r 13,862.6      -2.0      4.1      6.1     r 5.3
1996:Dec ................................           1,078.4             3,815.3           4,971.8      r 14,412.3      -4.3      4.8      7.5       5.3
1997:Dec ................................           1,071.4             4,031.4           5,446.2      r 15,198.9       -.6      5.7      9.5       5.5
1998:Dec ................................           1,094.8             4,384.4           6,036.4      r 16,240.8       2.2      8.8     10.8       6.9
1999:Dec ................................           1,121.4             4,649.7           6,534.9      r 17,306.5       2.4      6.1      8.3     r 6.3
2000:Dec ................................           1,084.7             4,931.5           7,099.4      r 18,171.0      -3.3      6.1      8.6       4.9
2001:Dec ................................           1,172.9             5,444.6           8,004.5      r 19,286.0       8.1     10.4     12.7     r 6.1
2002:Dec ................................           1,210.4           r 5,791.7           8,522.7      r 20,655.2       3.2      6.4      6.5     r 7.1
 
2002:Aug ................................           1,184.5             5,673.1           8,291.4   ..............      -.1      6.0      5.5  .........
      Sept ..............................           1,191.2             5,698.7           8,333.0      r 20,275.9        .7      6.9      6.2     r 6.7
      Oct ...............................           1,202.6             5,736.6           8,344.3   ..............      5.1      8.8      6.5  .........
      Nov ...............................           1,202.2             5,776.5           8,467.2   ..............      3.2      7.9      7.8  .........
      Dec ...............................           1,210.4           r 5,791.7           8,522.7      r 20,655.2       3.6      7.3      8.4     r 7.6
 
2003:Jan ................................           1,213.0             5,820.5           8,522.5   ..............      2.9      6.6      7.2  .........
      Feb ...............................           1,233.4             5,873.5           8,569.0   ..............      8.3      7.1      6.7  .........
      Mar ...............................           1,237.0             5,885.7           8,595.6      r 20,966.0       7.7      6.6      6.3     r 6.0
      Apr ...............................           1,237.4             5,908.5         r 8,613.5   ..............      5.8      6.0    r 6.5  .........
      May ...............................           1,258.3             5,996.2         r 8,706.1   ..............      9.3      7.6    r 5.6  .........
      June ..............................           1,272.2             6,043.6         r 8,772.1        21,597.0      10.2      8.7    r 5.9      12.0
      July...............................           1,277.8             6,092.1         r 8,932.8   ..............     10.7      9.3    r 9.6  .........
      Aug ...............................           1,285.3             6,132.2           8,955.1   ..............      8.4      8.8      9.0  .........
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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.