Full text of H.6 Money Stock Measures : January 25, 1973

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FEDERAL

RESERVE

statistical

release

Tibfi 1
For Immediate Release

MONEY STOCK MEASURES
*1
Dote

Currency plus
demand deposits^

228,2

1971--December
1972--January
February
March
April
May
June
July

August
September
October
November
December
Week ending
1972--Dec. 6
13
20
27
1973--Jan.

U

2/
""
3/

4./

3
10 p
17 p

IN BILLIONS OP DOLLARS
Mg
*3
M i plus time deposits M2 plus deposits
at commercial banks
at nonbank
other than large
thrift institutions1'
CD's V
Seasonally Adjusted

1

464.7

228.8
231.2
233.5
235,0
235.5
236 6
239.4
240 5
241.6
242.3
243.6
r 246,8

469.9
475.5
480.1
483.0
486 1
490.4
495.0
498.3
501.8
505.0
508,2
r 514.4

246 1
245.6
246.0
248.6

512 2
512.0
513.5
517.3

247.3
r 245,8
247.2

r

r

517 7
516.0
518.8

January 25, 1973

W
M$
1
3
Ml
M| plus time deposits
M2 plus deposits
Currency plus
at commercial banks
at nonbank
other than large
demand deposits^
thrift institutions3'
CDs*'
Not Seetonilty Adjusted

718.1

235,1

470.2

723,4

727.3
737,4
745,9
752.7
758.8
766.1
774.7
781,6
788.4
795.2
801.2
810.2

235,3
229 0
231 3
236,1
231.3
234.7
237,9
237,2
240 0
242,1
245.7
254,2

475.3
472.7
478 7
485.4
483.2
488.9
493.6
495,5
500.4
504.8
508.7
520.3

732 8
734.1
744 9
755 6
755 9
765 5
774.0
778.4
786.6
794 5
800 9
815 9

r

r
r
I

r

250,2
251.6
254 9
255.9

514
516
r 520
522

4
5
8
9

261.2
257.7
256.0

r 530.6
r 526.5
526.2

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) 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 chatrger
Includes (1) 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 F.R. float, (2) foreign demand balances at
F.R. Banks, and (3) currency outside the Treasury, F.R. Banks and vaults of all commercial banks.
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, CLQ0
or more by large weekly reporting commercial banks.
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.

Revised




f E D t f t A l RESERVE St«ti»t*t#i ?#lei«e H 6

Table Z

MONEY STOCK MEASURES
PER CENT CHANGE AT SEASONALLY ADJUSTED ANNUAL RATES
m^m—mmmm—^^^m^mmmm^^mmmmmmmmmm^^mmm
t>,,t(j.)

M,
Currency plus
demand deposits^

M?
M i plus time deposit*
at commercial banks
Other than large
CD's 27

"3
M? plus d e p o s e
at nonbank
thrift institution* V

December 1972 from
Sopl 1972 (3 months p r e v i o u s )
June 1972 (6 months p r e v i o u s )
December 1971 (12 months
previous)

8,6

10 0

8 6

9.8

11.1
11.3

8.2

10 7

12.8

8.6

10,9

7.1

9.6

8.1

10.5

Four weeks ending Jan 17,197J
From fo ir weeks ending*
Oct

18,1972 (13 weeks
previous)
July 19,1972 (26 weeks
previous)
Jan 19,1972 (52 weeks
previous)

LnHMMhMM—Mi——,

i ,|„| M ^ — r t — — — — »

1/ Includes (1) demand deposits at all commercial banks other than those due to domedtic commercial banks and
the U.S. Government, less cash items in the process of collection and F.fc, float;
(2) foreign demand balances at F.R. Banks; and
(3) currency outside the Treasury F*R. Banks and vaults of all commercial banks.
H Includes in addition to currency and demand deposits, savings deposits, time deposits open account,4 and time
certificates of deposits other than negotiable time certificates of deposit iflsued in denominations of $100,000
or more by large weekly repotting commercial banks.
3/ includes M 2 plus the average of the beginning and end of month deposits of mutual savings banks and savings
capital at savings and loan associations.
Note* All rates of change are based on dally average 6&t&\ rates of change are not compounded.




FEDERAL RESERVE Statistical Release H *
Table 3

COMPONENTS OF MONEY STOCK MEASURES AND RELATED ITEMS
SEASONALLY ADJUSTED, IN BILLIQN5 OF DOLLARS

Time *nd laying* depotttt
Currency

Date

52T5

197l--December
1972--January
February
March
April
May
June
July

1973--Jan

2/

3
10 p
17 P

Totat

Nohbank
1 thrift institutions^

236.4

269.9

253 4

33,2
33.8
33.4
34,7
36.3
37.1
38,1
39,3
40,3
40.?
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
267,6

274,4
278,1
279,9
282.8
287.0
290.9
293,7
297,1
300.5
303.4
305.9
311,3

257 4
261.8
265.8
269 1

55.5
55.9
56,3
56,9

176,0
178,0
179.9
180*9
181.1
181.9
184.5
185,5
186,1
186.5
187,3
r 189,9

56.4
56.9
57,0
57.0

189,7
188,8
189.0
191.6

42,4
43.5
v 44.4
44.7

56.8
57.1
57.2

190.5
188.7
190.0

43.1
44.1
44.1

1

53.7
54.0
54 ,4
54,7
54.9

|
1

Other

33,4

52,8

|

CP's^

175*7

53,2

September
October
November
December
Week 6nding4_
1972--Dec
6
13
20
27

Demand deposits

Li

r
r
r

266.1
266.3
267.5
268.7
270 4
270.1
271.6

t

r

I
1

272.6
275.7
279.7
283.3
286.6
290 1
293 1
295 8

308.4
309,8
311 9
313,4
313 4
314.2
315.7

Implemen tation 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 monev supply
However,
the resu Iting increase has been eliminated from 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 r e v l s ed Regulation J will be incorporated in the statistics at the time of the regular annual beachmarJc &nd
seasonal adjustment review
At the same time, historical figures will also be revised on a consistent basis
The fort hcoming adjustments to the figures stemming from the change in Regulation J will primarily affect the
l e v e l of the series and will themselves have minimal effects on rates of change
2/ Negotiab le time certificates of deposit issued in denominations of 3100,000 or more by large weekly reporting
commercX al banks
3/ Average of beginning and end of month deposits at mutual savings hanks and savings c-apttal at saving* and
loan associations
p - Preliminary
Revised




FEDERAL RESERVE Statistical Release H.6

Tabte4

COMPONENTS OF MONEY STOCK MEASURES AND RELATED ITEMS
NOT SEASONALLY ADJUSTED. IN BILLIONS OF DOLLARS

|
Date
1971—December

Currency

1 Demand deposits

[

53.5

181 5

33.9

235.1

269.0

52 6
52.6
53 2
53.6
54.0
54.6
55.3
55 3
55.4
55.9
56.. 9
58.0

182 7
176,4
178.1
182.6
177.3
180.1
182.6
182.0
1
184.6
\
186.3
188.8
r 196.2

33.7
33.6
33.3
33.8
35.1
35.8
37.0
39 9
41.0
41 9
43 3
r 44.3

240.0
243.7
247.5
249.3
251.9
254.2
255.7
258.2
260.3
262.7
263.0
266.1

273.7
277.3
280.8
283.1
286.9
290.0
292.7
298.1
301.3
304.5
306.3
310,3

264.2
264.8
265.9
267.1

307.8
309.0
310.3
312.0

1972--January
February
March
April
May
June
July
August
September
November
December
Week e n d i n g ;
1972 ~»Dec. 6
13
20
27
1973—Jan.

3
10 p
17 p

Time and savings deposits

1

!

|

Other

CD's^

57.5
57.9
58.1
58.5

192.7
193.7
196.8
197.3

r 43 7
r 44.2
| r 44 4
|
44.9

57.6
57.7
57.1

r 203 7
r 200.0
198.9

43.9
44.8
44.9

!

r
r

r

269.4
268.8
270.1

]

Nonbank thrift
institutions &

Total

r
r

313 3
313.7
315.0

1

253.2
257.5
261.4
266.2
270.2
272.7
276.6
280.4
282.9
286.3
289.7
292.2
295.6

i

US Govt
demand^

1

6.7
7.2
7.2
7.7
7.6

10.4
6.8
7.2
5.3
5.8
6.6
6.1
7.2

7.0
5.1
6.9
8.2

10.1
7.3
5.7

1
1}

If
,3/
4/

Implementation of revised Regulation J on November 9, because of i t s e f f e c t s on clearing accounts on bank balance
Sheets, shaoNthe e f f e c t 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)
iti order t o avoid a discontinuity in the s e r i e s . The upward adjustment of money supply as a result of revised
Regulation J w i l l be incorporated in the s t a t i s t i c s at the time of the regular annual 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 consistent b a s i s . The forthcoming adjustments to the figures stemming from fhe change in Regulation J w i l l primarily affect the level of the
series and w i l l themselves have minimal e f f e c t s on rates of change.
Negotiable time c e r t i f i c a t e s of deposit issued in denomination of $100,000 or more by large weekly reporting
commercial banks.
Average of beginning and end of month deposits at mutual savings banks and savings c a p i t a l at savings and loan
associations.
UJ£, Government demand deposits at a l l commercial banks.
p - Preliminary.

r - Revised.