[Economic Indicators September, 2008]
[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 fell.
   _____________________________________________________________________


  ______________________________________________________________________

                         [Averages of daily figures, except debt end-of-period basis; billions of dollars, seasonally adjusted]
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                       M1                  M2                 Debt                Percent change
                                                               -----------------------------------------------------------------------------------------
                                                                Sum of currency,                                           From year or 6       From
                                                                demand deposits,  M1 plus retail MMMF                      months  earlier    previous
                            Period                                  travelers      balances, savings   Debt of  domestic         \2\         period \3\
                                                                   checks, and    deposits (including     nonfinancial   -------------------------------
                                                                 other checkable   MMDAs), and small      sectors \1\
                                                                 deposits (OCDs)     time deposits                           M1       M2        Debt
--------------------------------------------------------------------------------------------------------------------------------------------------------
1998:Dec .....................................................           1,095.5             4,380.6         r 16,226.6       2.1      8.6         r 6.6
1999:Dec .....................................................           1,122.5             4,637.2         r 17,307.7       2.5      5.9         r 6.4
2000:Dec .....................................................           1,087.4             4,918.7         r 18,183.6      -3.1      6.1         r 5.0
2001:Dec .....................................................           1,181.9             5,430.1         r 19,319.3       8.7     10.4           6.3
2002:Dec .....................................................           1,219.7             5,776.5         r 20,733.8       3.2      6.4           7.3
2003:Dec .....................................................           1,306.1             6,068.7         r 22,442.5       7.1      5.1           8.1
2004:Dec .....................................................           1,376.3             6,419.4         r 24,456.8       5.4      5.8         r 8.9
2005:Dec .....................................................           1,374.5             6,689.9         r 26,776.2       -.1      4.2         r 9.5
2006:Dec .....................................................           1,366.5             7,032.3         r 29,201.4       -.6      5.1         r 9.1
2007:Dec .....................................................           1,366.1             7,430.6         r 31,723.4        .0      5.7         r 8.6
 
2007:Aug .....................................................           1,369.4             7,320.4   .................       .3      5.9  ............
      Sept ...................................................           1,365.8             7,348.6         r 31,095.5       -.5      5.3           9.1
      Oct ....................................................           1,368.9             7,372.0   .................     -1.2      4.5  ............
      Nov ....................................................           1,365.0             7,400.0   .................     -1.4      4.8  ............
      Dec ....................................................           1,366.1             7,430.6         r 31,723.4        .1      5.1         r 8.1
 
2008:Jan r....................................................           1,367.0             7,480.3   .................      -.1      5.8  ............
      Feb r...................................................           1,372.5             7,586.3   .................       .5      7.3  ............
      Mar r...................................................           1,374.7             7,664.8           32,154.9       1.3      8.6           5.4
      Apr r...................................................           1,370.7             7,680.1   .................       .3      8.4  ............
      May r...................................................           1,367.1             7,688.6   .................       .3      7.8  ............
      June r..................................................           1,385.4             7,687.4           32,436.5       2.8      6.9           3.5
      July r..................................................           1,400.9             7,726.2   .................      5.0      6.6  ............
      Aug ....................................................           1,390.7             7,716.4   .................      2.7      3.4  ............
--------------------------------------------------------------------------------------------------------------------------------------------------------

    \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.--The Federal Reserve 
previously announced that the M3 
monetary aggregate and most of its 
components would no longer be 
published. Institutional money 
market mutual funds will continue to 
be published as a memorandum item in 
the H.6 release, and the component 
on large-denomination time deposits 
will be published in other Federal 
Reserve Board releases. For details, 
see H.6 release of March 23, 2006.
    See p. 27 for components.

    Source: Board of Governors of 
the Federal Reserve System.