Full text of H.6 Money Stock Measures : January 13, 1977

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FEDERAL

RESERVE

FEDERAL RESERVE Statistical RcUat* \l.6

statistical

release

T«bl» 1

For Immediate R*lea$4

MONEY STOCK MEASURES

JAM.

13V 1977

IN BILLIONS OF DOLLARS

*1

M2

M4

*3

MI Plus lima
M 2 Plus
M 2 Plus
Currency
Deposits at
Deposits at
Large
Commercial Nonbank
Plus
Demand
Banks
Negotiable
Thrift
CD's*/
Deposits^/ Other Than
Institutions^
Large CD's#

Date

M5
M 3 Plus
Large
Negotiable
CO's^

W

i

Currency
Plus
Demand
Deposits!/

Seaconalty Adjusted

M2

*3

MI Plus Time
M 2 Plus
Deposits at
Deposits at
Commercial
Nonbank
Banks
Thrift
Other Than
Institutions*
Large CD's^

M4

*5

M 2 Plus
Large
Negotiable
CD's*

M 3 Plus
Large
Negotiable
CD'iV

Not Seasonally Adjusted

1975—DEC.

"294.8

664.3

1092.9

747.2

1175.8

303.2

669.3

1094.6

752.8

1178.1

1976— JAN.

299.1
296.6
296(.l
301.8
303.5
303.2
304.9
300.4
3C6.3
309.8
309.8
311.9

670.0
677.9
682.6
690.8
695.7
698.5
705.4
710.8
716.4
725.8
732.0
739.5

1103.5
1116.7
1126.5
1140.0
1150.0
1157.4
1169.9
1182.3
1195.3
1211.7
1223.4
1236.3

749.2
753.3
755.7
762.2
763.9
769.1
774.9
7*75.1
778.8
787.9
794.0
803.4

1182.7
1192.1
1199.7
1211.5
1218.2
12?!UO
12*9.4
12*6.7
1257.7
1273.7
* 12&5.3
15^.1

301.0
292.9
295.3
303.5
298.5
302.5
325.2
303.1
304*4
308.7
311.8
320.8

675.0
674.8
682.5
695.5
694.1
699.8
705.8
7^7.4
712.8
722.9
729.6
744.5

1106.9
1112.8
112*. 2
1148.2
1150.8
1462.3
1173.8
1178.7
1189.2
1205.5
1216.4
1237.3

753.5
747.8
754.2
764.9
761.5
768.9
774.6
773.6
778.0
7*7.1
792*5
808.8

1185.4
1185.6
1199.9
1217.6
1218.2
1231.4
1242-6
1245.0
1254.5
1269.7
1279.3
1301.6

FtB.
MAR.
APR.

MAY
JUNE
JULY
AUG.

SEPT.
OCT.
NOV.
DEC. P

WEEK ENDINGS

1976-NQV.

10
17
24

310.5
310.8
307.6

731.1
732.5
731.0

792.6
794.5
793.4

311.9
313.6
308.0

729.0
731.0
726.9

791.5
793.7
7*9.9

DEC*

1
8
15
22

310.2
311.3
311.1
r 312.3
r 312.3

r 735.0
737.6
739.0
r 740.5
r 740.2

797.8
800.7
802.4
r 804.2
805.1

313.4
317.5
319.9
r 321.4
r 321.9

733.2
739.2
743.4
r 745.7
r 746.6

796.5
8O2.9
807.2
r 809. 6
812.0

744.3

809.6

330.2

758.1

823.4

29 P
1977-JAN.

5 P

314.3

AL BANKS AND THfc U.&.GOViRNMENI f
LESS CASH ITEMS IN THE PROCESS OF COLLECTION AND F.R.FLOATt <2> FOREIGN DEMAND BALANCES AT F.R.BANKS; AND (3) CURRENCY OUTSIDE
THE T R E A S U R Y t F.R.BANKS A N D VAULTS OF ALL COMMERCIAL BANKS.
2/ 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 S100»000 OR MORE BY URGE WEEKLY REPORTING COMMERCIAL BANKS.
3/ INCLUDES M2, PLUS THE AVERAGE OF THE BEGINNING AND END OF MONTH DEPOSITS OF MUTUAL SAVINGS BANK, SAVINGS AND LOAN SHARESt AHO
CREDIT UNION SHARES.
4/ INCLUDES M2t PLUS NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF $100,000 OR»MORi.
5/ INCLUDES M3, PLUS NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF $100,000 OR MORE.
p * PRELIMINARY; R ~ REVISED







FEDERAL RESERVE Statistical Releaee H.6

Table 2

MONEY STOCK MEASURES
PER CENT CHANGE AT SEASONALLY ADJUSTED ANNUAL RATES

"i

»2
Mi Plus Time
Deposits at
Currency Plus
' Commercial
Demand Deposits^ Banks Other Than
Large CD's*

DATE

M3

M: Plus Deposits
at Nonbank Thrift
Institutions!/

M4

»5

M2 Plus Large 4/
Negotiable CD's27

MS Plus Large ^
Negotiable CD's*

i
>EC.

FROM i

>EPT. 1976

(3 MONTHS PREVIOUS)

7.3

12.9

13.7

IUNE

1976

(6 MONTHS PREVIOUS)

5.7

11.7

13.6

a. 9

11.7

>EC.

1975

(12 MONTHS PREVIOUS)

5.8

11*3

13.1

7.5

10.6

•OUR WEEKS ENDING: JAN.
FROM FOUR WEEKS ENDING!

3,

12.6

13.5

1977

)CT»^ 6, 1976(13 WEEKS PREVIOUS)

6.5

12.2

JULY

7» 1976(26 WEEKS PREVIOUS)

6.1

11.7

0.8

UN.

7,

6.0

11.4

7.7

1976(52 WEEKS PREVIOUS)

12.2

|

I/ INCLUDES (1) DEMAND DEPOSITS AT ALL COMMERCIAL HANKS OTHER THAN THOSE DUE TO DOMESTIC COMMERCIAL BANKS AND THE U.S.GOVERNMENTv
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 TEASURY, F.R.BANKS AND VAULTS OF ALL COMMERCIAL BANKS*
2/ 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 C O M M E R C I A L BANKS*
'''
3/ INCUDES M2* PLUS THE A V E R A G E OF THE BEGINNING AND END 0* MONTH DEPOSITS OF MUTUAL SAVINGS BANKS* SAVINGS AMD LOAN SHARES* AND
C R E D I T UNION SHARES.
*/ INCLUDES M2* PLUS NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF $100*000 OR MORE.
5/ INCLUDES M B * PLUS N E G O T I A B L E TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF $100*000 OR MORE*
NOTEf ALL RATES OF CHANGE ARE BASED ON DAILY AVERAGE DATA! RATES OF CHANGE ARE NOT COMPOUNDED.

FEDERAL RESERVE Statistical Release H.6

Table 3

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

Time and Savings Deposits
Currency

Demand Deposits

1975— DEC.

73.7

221.0

1976— JAN.

74.2
75.0
75.7
76.7
77.3
77.6
78.1
78.6
79.1
79.8
80.3
80.7

10
17
24

Date

CD's-tf

N on bank
Thrift Institutions'?

Other

Total

82.9

369.6

452.%

428.6

220.9
221.6
222.4
225.2
226.2
225.6
226.8
227.8
227.2
230.0
229.5
231.2

79.2
75.4
73.2
71.5
68.2
70.6
69.6
64.4
62.4
62.0
62.1
63.8

374.9
381.3
334.4
368.9
392.2
395.3
400.4
404.4
410.1
416.0
422.2
427.6

454.1
456.7
457.6
460.4
460.4
465.9
470.0
463.7
472.5
478.0
484.2
491.5

433.5
438.8
444.0
449.3
454.3
458.9
464.5
471.6
478.9
485.8
491.4
496.8

80.3
80.2
80.3

230.2
230.7
227.3

61.5
62.0
62.4

420.6
421.6
423.4

482.1
483.7
485.8

1
8
15
22
29 P

80.3
80.6
80.8
80.7
80.8

229.9
230.7
230.4
r 231.5
231.5

r 62.8
63.1
63.4
63.7
64.9

424.9
426.4
427.9
r 428.2
r 427.9

487.6
489.5
491.3
r 492.0
492.8

5 P

80.9

233.3

65.3

430.1

495.3

FEB.
MAR.
APR.

MAY
JUNE
JULY
AUG.

SEPT.
OCT.
NOV.
DEC. P

WEEK ENDING:
1976-NOV.

DEC.

1977-JAN.

*

I/ INCLUDES NEGOTIABLE TIKE CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF $100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS.
2/ AVERAGE OF BEGINNING AND END OF MONTH DEPOSITS AT MUTUAL SAVINGS BANKS, SAVINGS AND LOAN SHARES, AND CREDIT UNION SHARES*

p - PRELIMINARY; R - REVISED




'

FEDERAL RESERVE Statistical Release H.6

Table 4

COMPONENTS OF? MONEY S O C K MEASURES AND RELATED HEMS
NOT SEASONALLY

Date

r*,_

, JN BILLIONS OF DOLLARS

|.

Demand Deposits

".> '.?, ',!• " ,r

Member

JSber*

Tjme.aiuf Savings? Deposit":, ^

t C D ' s ^ t • h* Other|
1

1975— DEC.

75.1

228*1

162.1

62.6

1976—JAN.

73.7
74.1
75.1
76.2
77.1
77.8
78.7
78.9
79.0
79.6
80.8
82.2

227.3
218.9
220.2
227.2
221.4
224.7
226.5
2*4*3
225.4:

1^1.0
15J5.8
156.9
163L.9
15^.2
15^.3
16*0.2
151.5
159.1
161.8
162.6
168.6

62.1
59.9
60.3
62.3

?£U.
MAR.
APR.

MAY
JUNE
JULY
AUG.

SEPT.
OCT.
NOV.
DEC. P

23d*9i
23^6^

£i.o

$2.3
62.8
r
62.4
63.2
64.1
^5.0
$6.5

Nofibank
thrift
Institutions47
I

W-

J
.83.5

l

366.2

78.5
73.0
71.8
69 .4
67. 4^*^
69. If-68.9^"
66.^^65.3''64.2i'°";
62.*
^•f^:'

374. &
381. 9?
387.2
392.1
395.6^
397. 3^
V00.6
^04.2
i>08.4i
414.2|
417.91
423.71

*

.

452.5
454.9
458.9
461.5
4°6^.^
&ffi'ttf': '*£?'
!

^&jt «f; '<ft^

^O1'.'?''
^>|p"»,' '*»'v
4*1^.^
4^t>»Tt

+«
4^1.9
<&8.0
^tS.7
^52.6
4^56.7
462.5
4(68 .0
471.3
6.4
2.6
6.8
4^2.8

f

U.S. Gov't.
Demand^

4.1
3.8
4.6
3.9
3.9
3.8
4.8
3.4
3.6
4.9
3.8
4.0
4.4

^^

WEEK ENDING:

l97<y-r,OV.

DEC.

17
24

81.2
80*9
80.9

230.7
233. Q
227.0

1
8
15
22
29 P

80.8
82.2
42*1
82.5
82.3

232.6
235.3
237,7
r 238.9
£39*6

01.?

248*5

10

1977-JMtf

162.3
163.6
159.7

65.3
46.0
64.1

62.5
62.7
63.0

417.2
417*2
418.9

479.7
479.9
481.9

164.4
16,6.0

64*6
65.9
66.5
66.8
66*5

63«4
^3^7
63.8
64.1
65.3

419.?
4^1.7
423.5
424.3
424.7

463.1
485.4
487.3
488.4
490.0

68.2

*f-t^s, -

1C?. 8
r 168.7
16,9.5

17***

r

*^r-

r

.

l4

*^ •

3.7
JU2.
4.3

;
't^2l
3.6
*AjjJk-

"""r""""6iT
3.7
3.3

I/

TOTAL DEPOSITS INCLUDE V IN ADDITION TO THE MEHBER AND OOHtSHC NONMEMBER DEPOSITS SHOWNt DEPOSITS DUE TO FOREIGN AND
INTERNATIONAL INSTITUTIONS AT F.R. BANKS AND Ml TYPE BALANCES AT AGENCIES AND BRANCHES OF FOREIGN BANKS.
2/ BASED ON MOST RECENT CALL REPORT SINGLE-DAY OBSERVATIONS.
3/ INCLUDES NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF $100*000 OR MORE BY LARGE WEEKLY
OF MONTH DEPOSITS AT MUTUAL SAVINGS BANKS* SAVINGS AND LOAN SHARES* AND CREDIT UNION SHARES.
5/ U.S. G O V E R N M E N T D E M A N D DEPOSITS AT ALL COMMERCIAL BANKS.

p * PRELIMINARY;




R - REVISED

Attachment to H.6 January 13, 1977
SEASONAL ADJUSTMENT FACTORS FOR THE FIRST QUARTER 1977
M X AND RELATED MEASURES
Shown below are monthly and weekly seasonal adjustment factors
for the currency, demand deposit, and time deposit components of M. and
M- for the first quarter of 1977.

The Board has not completed its annual

seasonal factors review, and therefore the factors presented here are
essentially the same as those employed last year. Monthly factors are
the same as those used in the first quarter of 1976.

Weekly factors

differ from the 1976 factors only because of calendar dating. These
factors are currently being used by the Board in compiling M. and M9
money stock measures, but will be revised in the early part of this
year after the annual seasonal review is completed.

Period

Currency

1977 — January
February
March
January

5
12
19
26

February

March




2
9
16
23
30

2
9
16
23

Demand
Deposits

Time Deposits
other than CDs
Member
Nonmember Certificates
of Deposit
Banks
Banks

.9935
.9870
.9920

1.0290
.9880
.9900

.9990
1.0010
1.0060

.9950
1.0020
1.0090

.9910
.9690
.9810

1.0090
1.0035
.9935
.9815

1.0650
1.0460
1.0330
1.0030

.9973
.9980
.9985
.9995

.9908
.9934
.9948
.9962

1.0010
.9940
.9900
.9880

.9790
.9940
.9900
.9850

1.0000
.9930
.9890
.9790

1.0000
.9995
1.0005
1.0020

.9973
.9998
1.0016
1.0035

.9840
.9750
.9690
.9630

.9815
.9980
.9950
.9910
.9840

.9880
.9890
.9940
.9870
.9890

1.0030
1.0045
1.0060
1.0060
1.0085

1.0054
1.007?
1.0088
1.0088
1.0098

.9650
.9720
.9830
.9870
.9850