[Economic Indicators February, 2004]
[Page Number 26]
[From the U.S. Government Publishing Office, www.gpo.gov]



 
                   MONEY, CREDIT, AND SECURITY MARKETS

MONEY STOCK AND DEBT MEASURES

In January, 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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1994:Dec r...............................           1,150.5             3,496.3           4,360.2        12,993.3       1.8      0.4      1.9       4.6
1995:Dec r...............................           1,127.0             3,640.2           4,625.4        13,682.8      -2.0      4.1      6.1       5.3
1996:Dec r...............................           1,079.3             3,815.5           4,972.1        14,412.5      -4.2      4.8      7.5       5.3
1997:Dec r...............................           1,072.5             4,031.0           5,446.0        15,189.3       -.6      5.6      9.5       5.4
1998:Dec r...............................           1,096.1             4,383.7           6,036.2        16,241.1       2.2      8.7     10.8       6.9
1999:Dec r...............................           1,124.0             4,649.4           6,535.1        17,302.3       2.5      6.1      8.3       6.3
2000:Dec r...............................           1,087.9             4,933.3           7,102.3        18,165.7      -3.2      6.1      8.7       4.9
2001:Dec r...............................           1,177.2             5,452.8           8,012.2        19,302.2       8.2     10.5     12.8       6.3
2002:Dec r...............................           1,215.0             5,805.8           8,540.6        20,675.5       3.2      6.5      6.6       7.1
2003:Dec r...............................           1,293.0             6,070.8           8,813.6        22,394.7       6.4      4.6      3.2       8.1
 
2003:Jan r...............................           1,218.4             5,838.2           8,550.6   ..............      4.3      7.7      8.3  .........
      Feb r..............................           1,232.9             5,881.0           8,587.8   ..............      8.8      7.9      7.6  .........
      Mar r..............................           1,238.2             5,906.4           8,619.4        21,011.3       8.3      7.8      7.5       6.5
      Apr r..............................           1,243.4             5,949.7           8,655.9   ..............      7.2      7.6      7.7  .........
      May r..............................           1,255.5             5,998.5           8,711.3   ..............      8.8      7.7      5.8  .........
      June r.............................           1,268.7             6,035.7           8,761.5        21,605.2       8.8      7.9      5.2      11.3
      July r.............................           1,273.3             6,079.5           8,837.9   ..............      9.0      8.3      6.7  .........
      Aug r..............................           1,282.3             6,118.1           8,876.2   ..............      8.0      8.1      6.7  .........
      Sept r.............................           1,282.3             6,096.3           8,865.2        21,984.1       7.1      6.4      5.7       7.0
      Oct r..............................           1,284.6             6,080.3           8,835.6   ..............      6.6      4.4      4.2  .........
      Nov r..............................           1,283.8             6,076.0           8,821.9   ..............      4.5      2.6      2.5  .........
      Dec r..............................           1,293.0             6,070.8           8,813.6        22,394.7       3.8      1.2      1.2       6.6
 
2004:Jan ................................           1,286.8             6,075.5           8,862.5   ..............      2.1      -.1       .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.
    Data for money stock and 
components reflect revisions that 
conform to the opinion issued by the 
Federal Reserve Board's Legal staff 
that certain liabilities of asset-
backed commercial paper conduits are 
not ``deposits'' for the purpose of 
Regulation D and, therefore, should 
not be included in the sponsoring 
depository institution's report of 
deposit. For details see, H.6 (508) 
Money Stock Revisions, release dated 
March 4, 2004.

    Source: Board of Governors of 
the Federal Reserve System.