Full text of H.6 Money Stock Measures : December 29, 1972

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4 %

FEDERAL

RESERVE

statistical

release

MONEY STOCK MEASURES ±y

„>^

*N

1

anPONS OF DOLLARS

Wg

Mt~pius*Time deposits
Currency plus
at commercial banks
demand deposits 2 / other than targe
CD'S 3 /
Seasonally Adjusted'

Date

For Immediate Release
December 29 , 1972

1
w3
2
»l
Mt plus time deposits M2 plus deposits
M? plut deposits
at aonbank
Currency plus
at commercial banks
at nonbank
other than large
thrift institutions 4 /
thrift institution! 4 / demand deposits 2/
™

"

-

1

CD's 3/

M

"

^

197l«»November
December

227,7
228.2

1972--january
February
March
April
May
June
July
August
September
October
November

228.8

469.9

727.3

235.3

475.3

732.8

231,2

475,5

737,4

229,0

472,7

734,1

233.5
235,0
235.5
236.6
239.4
240,5
241.6
242,3
243.6

480,1
483,0
486.1
490.4
495,0
498,3
501,8
505,0
508.2

745.9
752,7
758.8
766,1
774,7
781,6
788,4
795,2
801,2

231.3
236,1
231.3
234,7
237.9
237,2
240.0
242.1
245.7

478.7
485.4
483.2
488.9
493.6
495.5
500.4
504.8
508*7

744.9
755.6
755.9
765.5
774.0
778.4
786*6
794.5
r 800.8

242.1
242.7
244.3
244.3
242.8

505.4
506.0
508.5
509.4
508.3

243.2
245.4
246.8
245.4
244,5

506.3
508.0
509.8
508.4
507.8

246.1
245,7
246.1

r 512,2
r 512.0
513.5

|

!

Week ending'
1972—Nov. 1
8
15
22
29
Dec,

6
13 p
20 p

*

460.8
464,7

711.6
718.1

461.4
470.2

229.6
235,1

1

250.2
251.6
255,0

r

711.4

7i3.4

514.4
516.5
520.8

« ^ P ^ W P ^ ^ ^ ^

XJ

2/
3/
4/

Implementation of revised Regulation J on ^November 9, because of i t s effects on c l e a r i n g accounts on bank
balance s h e e t s , had the effect of r a i s i n g "demand deposits as calculated for inclusion in money supply. However,
t h e . r e s u l t i n g increase has been eliminated from current money supply data (heginning with the week ended ""
November 15) In order to avoid a d i s c o n t i n u i t y In the s e r i e s . The upward adjustment of money supply as a result
of revised Regulation J will be Incorporated In the s t a t i s t i c s at the time of the regular anniial benchmark and
seasonal adjustment review. At the same time, h i s t o r i c a l 'figures w i l l also be revised^on a co-osistent b a s i s . The
forthcoming adjustments to the figures stemmin^f-tjam-tha change-in ^Regulation J w i l l primarily a l f e c t t h e level ^f
the s e r i e s and will themselves have minimal effects on r a t e s of change.
^\
Includes D demand deposits at a l l commercial banks other than those due to domestic commercial baftrks and the
U.S. Government, less cash Items In the process of c o l l e c t i o n and F.R. f l o a t , (2) foreign demand balances at
F.R Banks; and (3) currencv outside the Treasury, F R. Banks and vaults of a l l commercial banks.
Includes, In addition to currencv and demand d e p o s i t s , savings depoaits T time-ie-p^frit^ ope.n_acx:ounJ:t £nd time
c e r t i f i c a t e s of deposits other than negotiable t l - e c e r t i f i c a t e s of deposit Issued in denominations of $100,000
or more b\ largo weeklv reporting commercial banks
Includes M*, plus thr> iverage of the beginning and end of month deposits of mutual savings banks and savings
c a p i t a l at savings and loan a s s o c i a t i o n s .
Pre 1Imlnary.

r - Revised.

FEDERAL RESERVE Statistical Release H.6

Table 2

MONEY STOCK MEASURES
PER CENT CHANGE AT SEASONALLY ADJUSTED ANNUAL RATES

r

1
[

Currency plus
demand deposits^

Period

November

*I

*1

«3

M 1 plus time deposits
at commercial banks
other thart large
CD's^

M 2 plus deposits
at nontank
thrift institutions 37

1972 f r o m :

Au&» 1972 (3 months p r e v i o u s )
May 1972
(6 months p r e v i o u s )
Ro-vemfaer 1971 (1 7 months
previous)
F o u r , weeks e n d i n g D e c ,
From f o u r week e n d i n g :
Sept.20,

20,

[

5..2
6.9

7.9
9.1

10.0
11.2

7.0

10.3.

12.6

1972

1972

(13 weeks
previous)
June 2 1 , 1972 (26 weeks
previous)
, D e c . 22,, 1971 (52 week?
previous)

j
j
j

5.8

i

7.2
7.6

8.2
S.9

|

10.4

|

1

m

y .^...Yl

-...

U

' mini

mil

1

1

1

Includes (1) demand deposits at a l l commercial banks other than those due t o domestic commercial Dames and
the U.S» Ooverniwenfc > less cash items in the process of collection and F.R. f l o a t ;
(2) foreign demand balances at F*R* Batiks; and
(3) currency outside the Treasury F.R, Banks and vaults of a l l commercial banks.
2/ Includes In addition to currency m4 demrd deposits, savings d e p o s i t s , time deposits open account, and time
certificate® of deposits other titan negotiable time c e r t i f i c a t e s of deposit issued in denominations of $100,000
or more by large weekly reporting commercial banks.
3/ Includes H> plus the average of the beginning and end of month deposits of mutual savings banks and savings
c a p i t a l at*8tvin$8 and loan associations*
Note:
All r a t e s of change are based on daily average data; r a t e s of change are not compounded.



rtOtftM, ftSltftVI t\l*Ut*\ ft«l»*tt H,6
Tablr *

COMPONENTS OF MONEY STOCK MEASURES AND RELATED ITEMS
SEASONALLY ADJU$T*D> IN BILLIONS OF DOLLARS
iM

Date

Currency

Demand deposit a-**

l971--Novembr
Ddeam^r

52.2
52.5

175.5
175,?

CP'i^
32.2
33.4

1.972 *-Janu*y
Febrary
Marc'
Apr*

52,8
53,2
53,7
54,0

176,0
178,6
179.9
180.9

May
Jum

54.4

Jul;
September
October

N<vember

181,1

!

"H i *fiyiHnj^
Nonbank
h thrift institutions 3 /

Other

Total

233.1
236,4

265.3
269.9

250.8
253.4

33.2

241.2

33.8
33.4
34.7

244.3
246,5
248,1

274,4<
278,1
279,9'
282.8
287.0
290,9
293 7
297,1
300.5
303 .A
305,9

257,4
261,8
265,8
269,7
272 6
275,7
279.7
2p3.3
286.6
290.1
293,0

303,9
304 .4
305 1
306.7
307.3

250,7

36,3
37.'l

54,7
54,9
55.0
55.5
55.9
56,3

181,9
184.5
165,5
186,1
186.5
187.3

36.1
39.3
40.3
40.7
41*3

253,8
255.6
257.7
260,2
262.7
264.6

55.8
56.2
56,3
56,4
56.4

186,2
186,5
188.0
187,8
186.4

40,6
41.1
40,8
41,6
41,8

263.4
263.3
264,3
265.1
265.5

189.7
188 8
189 2

42,4
43 5
44.2

Weak ending,
l972-*Nov. 1

8
L5
22
29
D*e. 6

Up
20 p

|
i

56.4
56 9
56,9

(

L——•*»••!

V

£/
3/



Hill

WMWMMW

r
r

266.1
266 /(
267 4

r
r

,

308.5
309 9
311.5

HI H I I m i n i

I P W W W W P —

Implementation of revised Regulation J on November 9, because of its effects on clearing accounts on bank
balance sheets, had the effect of raising demand deposits as calculated for inclusion in money supply, However,
the resulting increase has been eliminated from current money supply data (beginning with the week ended
November 15) Ir order to avoid a discont inuity in the series
The upward adjustment of money supply as a result
of revised Regulation J will be incorporated in the statistics at the time of the regular annual benchmark and
seasonal ad)ustment review
At the same time, historical figures will also be revised on a consistent basis
The forthcoming adjustments to the figures stemming from the change In Regulation J will primarily affect the
level of the series and will themselves have minimal effects on rates of change.
Negotiable time certificates of deposit issued in denominations of $100,000 or mote by large weekly reporting
commercial banks
Average of beginning and end o( month deposits at mutua l*savings banks and savings capital at savings and
loan a8Soclat ions
p - Preliminary
r - Revised

FEDERAL RESERVE Statistical RtJtf •» N 6
Table 4

COMPONENTS OF MONEY STOCK MEASURES AMD RELATED ITEMS
NOT SEASONALLY ADJUSTED. IN 0ILLMJNS 0? DOLLARS

1

Date

Currency

I|
I Demand deposits j

CP's£/

fifflg jind mirtgi gfopgiilt
j
CJthw

j

Nontoafik thrift
institutions 3 /

Toiai

1

U S Gov't
demand 47

1971—November
December

52,8
53.5

176.9
181.5*

33,7
33,9

231,8
235.1

265.5
269,0

250,0
25 3.. 2

3.9
6.7

197 2--January,
February
March
April
May
June
July
August

52.6
52.6
53.2
53.6
54.0
54.6
55.3
55.3
55.4
55.9
56.9

182.7
176.4
178,1
182.6
177.3
180.1
182.6
182.0
184.6
186,3
188*8

33.7
33.6
33,3
33.8
35.1
35.8
37.0
39.9
41.0
41.9
43.3

240,0
243,7
247,5
249.3
251,9
254,2
255,7
258.2
260,3
262,7
263*0

273,7
277.3
280,8
283,1
286.9
290,0
292.7
298,1
301,3
304,5
306,3

257,5
261.4
266.2
270.2
272.7
276.6
280,4
282.9
286.3
289.7
292.2

7.2
7.2
7,7
7,6
10.4
6.8
7,2
5.3
5.8
6.6

55.4
56.9
56.9
57,2
56.8

187.7
188.5
189.8
188,2
187.7

263,2
262,6
263.0
263,f>
263,3

305.0
305.6
305.9
306.7
307.3

57.5
57.9
58.1

192.7
193,7
196.9

264,2
r 264,9
265.8

307.8
r 309.0
309.9

October
November
Week Endir^«
T972--Nov* 1
8
5
22
2)
Dec, 6
13 p
20 ,

|

1

|

41,8
42.9
^42.9
43.7
43.9
43,6
44. £
44.2

•

|

|

!

6a

'

7.1
6.4
4.4
6.0
7.3
7.0
5.1
6.9

1

JL/ Implementtion of revised Regulation J on November 9, because of I t s effects on clearing accounts on bank balance
sheets, hd the effect of raising demand deposits as calculated for inclusion in money supply* However, the
resultlngincrease has been eliminated from current money supply data (beginning with the week ended November 15)
in order t» avoid a discontinuity in the series* The upward adjustment of money supply as a result of revised
KegulatloPJ w i l l be incorporated In th-e s t a t i s t i c s at the time tjf tlte r#«ulaT annual benchmark imd reasons!
adjustment*eview. At the same time* h i s t o r i c a l figures will also be revised on a consistent basis. The forthcoming adjttments to the figures stemming from the change in Regulation J will primarily affect the level of the
series and H I themselves have minimal effects on rates of change,
j[/ Negotiable tme certificates of deposit issued in denomination of $100,000 or, more by large weekly reporting
commercial bnks,
3/ Average of banning and end of month deposits at mutual savings bank* and savings capital at savings and loan
associations.
y U,S. Covernmet demand deposits at a l l commercial banks.



p - Preliminary,

r * Revised,