Full text of H.6 Money Stock Measures : January 11, 1973

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FEDERAL

RESERVE

*ta tiitica I

release

Table I
for Immediate Release

MONEY STOCK MEASURES

H6

*i
Pats

1

Currency ptus
demand deposits1'

INBIL LIONS OF DOLLARS
2
- *»
"l
M t plus time deposits «s plus deposits !
at commercial banks
Currency plus
at nonbank
other than large
thrift institutions^ | demand deposits*'

Crjsfr

1

Seasonally Adjusted

235.3
229.0
231.3
236.1

I

732,8
734.1
744,9
755 6
755.9
765,5
774.0
778.4
786.6

505.0

795.2

1

508.2
514.4

801.2
810.1

April
May
June.
July
August
September

469,9
475.5
480.1
483 0
486.1
490.4
495.0
498.3
501.8

October

242.3

November
December p

243.6
246,8

1973--Jan,

3 p

246.6

r

J

727.3
737.4
745.9
752.7
758*8
766.1
774.7
781.6
788.4

228.8
231,2
233,5
235.0
235.5
236.6
239.4
240.5
241.6

r

—

723,4

1972--January
February

246.1
245.6
246*0
248,5

—

470.2

464.7

512.2
512,0
513.6
517.2
516.9

!
i

I

231.3

1

234.7
237.9
237.2
240.0

475.3
472.7
478.7
485.4
483.2
488.9
493,6
495.5
500.4

242.1

504.8

245.7
254.2

508,7
520.3

r
t

250.2
251.6
254.9
255.8
260.7

794 t5
r

800,9
815.8

514,4
516.5
520.9
r 522,8

r

529.8

^ ^ ^ ^ M

y

i ?/

A ""

235.1

228.2

r
r

"

A J. ,

718.1

1971--December

Week e n d i n g ;
1972--Dec
6
13
20
27 p

1

ua.iiuu.ny

M2
Mf plus time deposits
M 3 plus deposits
at commercial banks
at nonbank
other than large
thrift institutions3'
CD's*'
1
ot Seasonally Adjusted

- "

--leipB.

Implementation of revised Regulation J on Kovsnaber 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. Hoover,
the resulting Increase has been eliminated from euErent money Supply data (beginning with the week ended
November 15) In order to avoid a discontinuity in the series. The upward adjustment of money supply as a result
of revised Regulation J will be Incorporated In the statistics at the tiirie of the Regular annual benchmark and
seasonal adjustment review. At thai f*a* tiatj historical figurss will also he 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.
2/ Includes C D demand deposits at all commercial banks other than those due to domestic commercial banks and the
U.S. Government, less cash Items in the process of collection and ?.R, float; (2) foreign demand balances at
F R. Banks, and (3) currency outside the Treasury, P.R. Banks and vaults of all commercial banks.
Includes, liv ^dd4tioa^^^eurrency and demand deposits, savings deposits, tiae deposits open account, and time
2/ certificates
of deposits other than negotiable time certificates of deposit issued in denominations of $100,000
or more by large veekly reporting commercial banks,
4/* Includes M-, plus the average of the beginning and end of month deposits of mutual savings banks and savings
capital at savings and loan associations.
p - Preliminary.

r - Revised.




ffOfRAL

RESERVE Sl«t>«trc«i R e l § M «

H6

Teblv 2

MONEY STOCK MEASURES
PER CENT CHANGE AT SEASONALLY ADJUSTED ANNUAL RATES
r-rr^

rtTm-nrnfflMMiHiMMM

|.

wt

;

Currency plus
demand depOStt*1'

Ppnod

'

^2

^

1

Mi plus time deposits
at commercial banfe*
other than large
CO's^

,

M3 plus deposits
at nonbsnk
thrift institutions^

December 1972 from
Sept 1972 (3 months previous)
June 1972 (6 months previous)
December 1971 (12 months _ ^
previous)

8.6
8 6

10 0
9,8

11.0
11,5

8.2

10*7

12,8

8,6

10,3

8.2

9.5

8 2

10,6

Four weeks ending Jan, 3 , 1973
From four weeks ending*
Oct. 4, 1972 (13 weeks
previous)
July 5, 1972 (26 weeks
previous)
Ian 5, 1972 (52 weeks
previous)

fa i "

y

•!••• I-TIT-I-IT

-mrum

inriTrniWifiiruHi m 11r -wim-ii TT ~TIhTii
i» .,.n ini
JMMMii ipTTTn-nit^iOTiririiiiffru>)|iitn^iiirrrmiTT^i
i n in—pT
"TT"> i i

n>*

Includes (1) demand deposits at all commercial banks othetf than those due to domestic commercial banks and
the U.S. Government, less cash items in the prodess of collection and F.R, float J
(2) foreign demand balances at F.R. Banks J and
(3) currency outside the Treasury F,R, Banks and vaults of all commercial banks,
y
Includes in addition to currency and demand deposits* savings deposits, time deposits open account, and time
certificates of deposits other than negotiable time certificates of deposit issued in denominations of $100,000
or more by large weekly reporting commercial banks,
y
includes M 2 plus the average of the beginning and end of month deposits of mutual savings banks and savings
capital at saving and loan associations.
Note: All ratea of change are based on daily average data; rates of change are not compounded.




FEDERAL RESERVE Statistical * • ! • • $ « H.6

Table 3

COMPONENTS OF MONEY STOCK MEASURES AND RELATED ITEMS
SEASONALLY ADJUSTED, IN BILLIONS OF DOLLARS

Tlnr and savinis deposits
pate

Currency

Demand deposits

Other

CD's^

[

Total

1971--Depembor

52.5

175.7

33.4

236.4

269.9

1972--January
February
March
April
May
June
July

52.8
53,2
53.7
54.0
54.4
54.7
54.9
55.0
55,5
55,9
56,3
56 8

176,0
178 0
179.9
180.9
181.1
181.9
184 5
185.5
186 1
186.5
187,3
190.0

33.2
33,8
33.4
34.7
36.3
37.1
38.1
39.3
40.3
40 7
41,3
43 7

241 2
244.3
246,5
248.1
250,7
253.8
255.6
257,7
260,2
262,7
264 6
267,5

274,4
278 1
279 9
282.8
287.0
290,9
293.7
297.1
300 5
303 4
305 9
311 2

266.1
266,4
267.6
268.7

September
October
November
December p
Week ending:
1972--Dec
6
13
20
27 p
1973--Jan,

1/

2/

3 p

!
r

j

i

56.4
56,9
Si .0
57.0

189,7
188 8
r 189.0
r 191.5

42,4
43.5
44,3
r 44.7

56.6

190.3

43.2

r
r

270 1

!
1

r
r

Nonbank
1 thrift institutions &
1

253 4

|
r

257 4
261 8
265.8
269 7
272 6
?75 7
279 7
283 3
286 6
290 1
293 1
295 8

308 5
309.8
311 9
313 h
313 3

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 frcun current money supply da±a (beginning with the we*4< e«d^d
November 15; in order to avoid a discontinuity 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 adjustment 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 more by laTge weekly reporting
commercial banks
Average of beginning and end of month deposits at mutual savings banks and savings capital at savings and
liian asinciar ions
Preliminary
Revised




COMPONENTS OF MONEY STOCK MEASURES AND RELATED ITEMS
NOT SEASONALLY AOJUSTID IN SttLIONS OF DOLLARS
"

" ' — J«B——S!99SaH=aMBBSa»9^BM

T»m# iftd tivtttgt dupositt

Pate
971--Depembor

""""

October
November
December p
Week e n d i n g
1972—net
6
13
20
27 p

1/

2/
3/
4/

3 p

53.5
52.6
52.6
53.;
53.6
54.0
54.6
55.3
55.3
55. 4
55.9
56 ,9
58.n

972--January
February
March
April
May
June
July
August

1973-~Jan

0«"T>ai<i d*oo* H

Currehcy

t

57,5
57.9
58.1
58.5
57.3

181.5
182.7
176 4
178.1
182 t 6
177.3
180,1
182.6
182.0
184.6
186.3
188,8
196.3

!

1

{

r

192,7
193.7
196.8
197.2
203.4

CDs^
*

!
j

j
!
j

Other

~~]

;
Total

Nonbank \ht M
institution*. U

US Gov t
demand V

33.9

2 35.1

269.0

253>2

6 ,7

33.7
33.6
33.3
33.8
35.1
35.8
37,0
39.9
41,0
41.9
43.3
44.2

240.0
243.7
247.5
249.3
251.9
254.2
255,7
258,2
260.3
262.7
263,0
266,0

273.7
277.3
280,8
283,1
286.9
290.0
292.7
298.1
301,3
304,5
306.3
310.3

257.5
261 4
266 2
270,2
2/2.7
2/6.6
280,4
282 9
286,3
289,7
292.2
295.6

7.2
7.2
7.7
7.6
10.4
6.8
7,2
5,3
5,8
6,6
6-1
7.2

43.6
44,1
44.3
r 44.9

264,2
264.9
266.0
267.1

307,8
309.0
310,3
312,0

44,1

r

269.1

r
r

313,2

j
1

r

7.0
5.1
6,9
8.2
10,0

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 £rom current money supply data (beginning with the week ended November 15)
in order to avoid a discontinuity 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 anntial benchmark and seasonal
adjustment 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 rateB of change,
Negotiable time certificates of deposit issued in denomination of $100,000 or more by large weekly reporting
commercial banks*
Average of begirtnlng and end of month deposits at mutual iaviftgS banks and savings capital at savings and loan
associations
U.S. Government demand deposits at all commercial banks.
p * Preliminary

r - Revised,