[Economic Report of the President (1998)]
[Administration of William J. Clinton]
[Online through the Government Printing Office, www.gpo.gov]


MONEY STOCK, CREDIT, AND FINANCE


Table B-69.--Money stock, liquid assets, and debt measures, 1959-97
[Averages of daily figures, except debt; billions of dollars, seasonally adjusted]
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M1           M2           M3             L          Debt\1\     Percent change from year or 6
--------------------------------------------------------------------        months earlier\2\
Sum of      M1 plus                                             -------------------------------
currency,      retail       M2 plus                     Debt of
demand        MMMF      large time                   domestic
deposits,    balances,     deposits,                 nonfinancial
Year  and  month                     travelers     savings     RPs, Euro-      M3 plus       sectors
checks, and    deposits   dollars, and  other liquid    (monthly      M1      M2      M3     Debt
other     (including   institution-    assets      average of
checkable   MMDAs), and     only MMMF                  adjacent
deposits    small time    balances                    month-end
(OCDs)      deposits                                  levels)
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December:
1959..............................................        140.0        297.8         299.7        388.6         687.6   ......  ......  ......     7.6

1960..............................................        140.7        312.4         315.2        403.5         723.0      0.5     4.9     5.2     5.1
1961..............................................        145.2        335.5         340.8        430.6         765.7      3.2     7.4     8.1     5.9
1962..............................................        147.8        362.7         371.3        465.9         818.4      1.8     8.1     8.9     6.9
1963..............................................        153.3        393.2         405.9        503.6         873.3      3.7     8.4     9.3     6.7
1964..............................................        160.3        424.7         442.4        540.3         936.8      4.6     8.0     9.0     7.3
1965..............................................        167.8        459.2         482.1        584.3       1,003.7      4.7     8.1     9.0     7.1
1966..............................................        172.0        480.2         505.4        615.1       1,070.9      2.5     4.6     4.8     6.7
1967..............................................        183.3        524.8         557.9        667.3       1,145.2      6.6     9.3    10.4     6.9
1968..............................................        197.4        566.8         607.2        729.9       1,236.8      7.7     8.0     8.8     8.0
1969..............................................        203.9        587.9         615.9        764.4       1,326.7      3.3     3.7     1.4     7.3

1970..............................................        214.4        626.5         677.1        814.8       1,416.1      5.1     6.6     9.9     6.7
1971..............................................        228.3        710.2         776.0        902.6       1,549.6      6.5    13.4    14.6     9.4
1972..............................................        249.2        802.3         886.0      1,022.8       1,705.7      9.2    13.0    14.2    10.1
1973..............................................        262.8        855.5         985.0      1,141.5       1,890.8      5.5     6.6    11.2    10.9
1974..............................................        274.2        902.4       1,070.0      1,248.5       2,063.5      4.3     5.5     8.6     9.1
1975..............................................        287.4      1,017.0       1,172.0      1,366.5       2,251.2      4.8    12.7     9.5     9.1
1976..............................................        306.3      1,152.7       1,312.0      1,516.6       2,495.5      6.6    13.3    11.9    10.9
1977..............................................        331.2      1,271.5       1,472.5      1,705.3       2,811.5      8.1    10.3    12.2    12.7
1978..............................................        358.4      1,368.0       1,646.8      1,911.3       3,201.2      8.2     7.6    11.8    13.9
1979..............................................        382.9      1,475.7       1,806.6      2,121.2       3,590.0      6.8     7.9     9.7    12.1

1980..............................................        408.9      1,601.1       1,992.2      2,330.0       3,932.0      6.8     8.5    10.3     9.5
1981..............................................        436.8      1,756.2       2,240.9      2,601.8       4,329.0      6.8     9.7    12.5    10.1
1982..............................................        474.6      1,910.8       2,442.3      2,845.9       4,758.0      8.7     8.8     9.0     9.9
1983..............................................        521.2      2,127.7       2,684.8      3,150.6       5,324.9      9.8    11.4     9.9    11.9
1984..............................................        552.2      2,312.2       2,979.8      3,518.6       6,106.8      5.9     8.7    11.0    14.7
1985..............................................        619.9      2,497.6       3,198.3      3,827.0       7,024.8     12.3     8.0     7.3    15.0
1986..............................................        724.4      2,733.9       3,486.4      4,122.3       7,905.0     16.9     9.5     9.0    12.5
1987..............................................        749.7      2,832.7       3,672.5      4,339.9       8,659.9      3.5     3.6     5.3     9.5
1988..............................................        787.0      2,996.3       3,912.9      4,663.5       9,429.2      5.0     5.8     6.5     8.9
1989..............................................        794.2      3,160.9       4,065.9      4,892.8      10,150.8       .9     5.5     3.9     7.7

1990..............................................        825.8      3,279.5       4,125.9      4,976.6      10,825.4      4.0     3.8     1.5     6.6
1991..............................................        897.3      3,379.6       4,180.4      5,006.2      11,301.9      8.7     3.1     1.3     4.4
1992..............................................      1,025.0      3,434.0       4,190.4      5,078.0      11,842.0     14.2     1.6      .2     4.8
1993..............................................      1,129.8      3,486.6       4,254.4      5,167.8      12,462.1     10.2     1.5     1.5     5.2
1994..............................................      1,150.7      3,502.1       4,327.3      5,308.4      13,078.0      1.8      .4     1.7     4.9
1995..............................................      1,129.0      3,655.0       4,592.5      5,697.6      13,773.3     -1.9     4.4     6.1     5.3
1996..............................................      1,081.1      3,821.8       4,920.5      6,071.7      14,496.6     -4.2     4.6     7.1     5.3
1997 p............................................      1,068.7      4,019.3       5,333.0  ............  ............    -1.1     5.2     8.4  ......

1996: Jan...........................................      1,122.2      3,669.9       4,620.1      5,720.8      13,822.8     -4.0     4.8     5.6     4.4
Feb...........................................      1,119.8      3,685.0       4,652.9      5,739.5      13,895.8     -4.2     4.5     5.6     4.9
Mar...........................................      1,126.2      3,714.0       4,689.4      5,789.7      13,972.0     -2.7     5.2     6.2     5.3
Apr...........................................      1,123.6      3,724.5       4,706.3      5,826.0      14,035.3     -2.1     5.2     6.2     5.3
May...........................................      1,117.1      3,725.4       4,728.9      5,846.5      14,088.1     -2.8     4.7     6.6     5.2
June..........................................      1,115.6      3,741.6       4,751.4      5,889.6      14,147.7     -2.4     4.7     6.9     5.4

July..........................................      1,108.9      3,749.1       4,769.4      5,914.2      14,219.7     -2.4     4.3     6.5     5.7
Aug...........................................      1,099.9      3,759.7       4,787.7      5,942.1      14,273.7     -3.6     4.1     5.8     5.4
Sept..........................................      1,093.3      3,769.7       4,816.5      5,981.5      14,322.1     -5.8     3.0     5.4     5.0
Oct...........................................      1,080.3      3,780.1       4,850.2      6,005.7      14,383.7     -7.7     3.0     6.1     5.0
Nov...........................................      1,080.1      3,799.8       4,877.6      6,040.0      14,446.6     -6.6     4.0     6.3     5.1
Dec...........................................      1,081.1      3,821.8       4,920.5      6,071.7      14,496.6     -6.2     4.3     7.1     4.9

1997: Jan...........................................      1,079.7      3,836.9       4,943.7      6,087.5      14,538.1     -5.3     4.7     7.3     4.5
Feb...........................................      1,080.7      3,852.3       4,984.3      6,138.7      14,595.8     -3.5     4.9     8.2     4.5
Mar...........................................      1,075.4      3,867.9       5,019.0      6,186.5      14,657.5     -3.3     5.2     8.4     4.7
Apr...........................................      1,065.3      3,885.7       5,058.4      6,243.7      14,728.7     -2.8     5.6     8.6     4.8
May...........................................      1,062.8      3,883.3       5,063.0      6,263.3      14,775.7     -3.2     4.4     7.6     4.6
June..........................................      1,063.1      3,896.8       5,080.9      6,287.5      14,805.5     -3.3     3.9     6.5     4.3

July..........................................      1,062.1      3,907.1       5,121.2      6,318.8      14,860.6     -3.3     3.7     7.2     4.4
Aug...........................................      1,069.6      3,941.3       5,168.2      6,380.1      14,917,8     -2.1     4.6     7.4     4.4
Sept..........................................      1,060.8      3,959.8       5,204.9      6,421.2      14,975.9     -2.7     4.8     7.4     4.3
Oct...........................................      1,057.4      3,974.9       5,237.1      6,444.7      15,042.5     -1.5     4.6     7.1     4.3
Nov...........................................      1,064.0      3,997.8       5,285.0      6,507.5      15,107.9       .2     5.9     8.8     4.5
Dec ..     1.1     6.3     9.9  ......
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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; monthly changes are from 6 months earlier at a simple annual rate.

Note.--See Table B-70 for components.

Source: Board of Governors of the Federal Reserve System.