Full text of H.6 Money Stock Measures : December 22, 1977

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FEDERAL

RESERVE

FEDERAL RESERVE Statistical Release H.6

statistical

release

Table 1

For Immediate

MONEY STOCK MEASURES

DEC. 22, 1977

IN BILLIONS OF DOLLARS

M4

M3

M2

Ml

MT Plus Time
M2P!us
M2Plus
Deposits at
Currency
Deposits at
Large
Commercial
Plus
Nonbank
Banks
Demand
Negotiable
Thrift
CD's£/
Deposits-!/ Other Than
Institutions^/
Large CD's2/

Date

MS
M 3 Plus
Large
Negotiable
CD'sS/

M!

Not Seasonally Adjusted
312.3
321.3

730.0
745.3

1216.3
1237.9

792.8
809.5

1279.2
1302.1

1248.9
1258.2
1268.1
1281.2
1289.0
1299.5
1316.9
1329.5
1343.1
1357.1
1365.4

809.3
814.0
818.2
826.2
829.9
836.8
846.3
850.9
856.2
865.9
873.5

1312.0
1321.5
1330.3
1342.8
1351.3
1363.5
1379.8
1392.7
1406.3
r 1423.5
r 1436.3

319.7

327.2
325.2
328.2
332.5
335.3

751.2
747.2
756.2
770.0
766.2
774.5
784.0
784.4
788.9
796.4
799.9

1251.4
1253.1
1269.8
1290.2
1290.3
1305.7
1322.1
1326.6
1337.1
1350.6
r 1357.2

814.3
806.5
817.0
830.1
827.4
837.5
846.8
848.8
854.3
864.7
871.5

1314.5
1314.4
1330.7
1350.3
1351.4
1368.7
1384.9
1391.1
1402.6
r 1419.0
r 1428.8

865.0
867.9

333.5
329.9

797.4
794.1

865.5
863.0

866.2
871.2
873.6
873.6
876.3

332.0

795.5
800.2
802.4
797.9
799.6

865.0
870.3
873.5
670.3
872.9

r 807.4
809.5

T 881.3
684.7

313.8
314.0
315.4
320.5
320.7
321.9
326.6
328.4
330.4
333.7
333.2

746.3
750.7
756.1
764.6
767.6
772.8
783.5
787.7
792.9
799.6
802.6

333.3
334.5

799.0
800.8

331.3
333.8
334.1
331.5
333.2

798.0
801.8
803.0
801.8
803.8

r

806.1
805.1

r

SEPT.

r

M3Plus
Large
Negotiable
CD's-5/

1285.6
1300.3

1977 — JAN.
FEB.
MAR.
APR.

OCT.
NOV.

MS

794.6
803.5

310. 4
312.4

AUG.

M4

1223.4
1237.1

1976 — NOV.
DEC.

JUNE
JULY

M3

M) Plus Time
M 2 Plus
Deposits at
M 2 Plus
Currency
Deposits at
Commercial
Large
Plus
Nonbank
Banks
Negotiable
Demand
Thrift
CD's4/
Deposits^ Other Than Institutions^
Large CD's^

Seasonally Adjusted
732.3
740.3

MAY

M2

309.9
312.4

322.3
315.5
321.4

WEEK ENDING:
1977-OCT.

19
26

NOV.

2
9
16
23
30

DEC.

7 P
14 P

r

334.9
333.8

r

879.0
879.1

336.1
338.1

332.5
334,4
341.5

343.0

I/ 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; (21 FOREIGN DEMAND BALANCES AT F.R.BANKS; AND (3> CURRENCY OUTSIDE
THE TREASURY, F.R.BANKS AND V A U L T S OF ALL C O M M E R C I A L 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 REPORT
ING COMMERCIAL BANKS.
3/ INCLUDES M2, PLUS THE A V E R A G E OF THE BEGINNING AND END OF MONTH DEPOSITS OF MUTUAL SAVINGS BANK, SAVINGS AND LOAN SHARES, AND
CREDIT UNION SHARES.
4/ INCLUDES M2, PLUS N E G O T I A B L E T I M E CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF $100,000 OR MORE.
5/ INCLUDES M3, PLUS N E G O T I A B L E TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF $100,000 OR MORE.

p - PRELIMINARY; R - REVISED



FEDERAL RESERVE Statistical Release H.6
Table 2

MONEY STOCK MEASURES
PER CENT C H A N G E AT SEASONALLY ADJUSTED A N N U A L RATES

M

M2

M3

Currency Plus
Demand Deposits-!/

Mi Plus Time
Deposits at
Commercial
Banks Other Than
Large CD's-^

M2 Plus Deposits
at Nonbank Thrift
Institutions 3/

i

DATE

M4

M2 Plus Large
Negotiable CD's5'

M

5

MaPlus Large
Negotiable CD's"'

V.

FROM:

G.

1977

(3 MONTHS PREVIOUS)

5.8

7.6

10.8

10.6

12.5

Y

1977

(6 MONTHS PREVIOUS)

7.8

9.1

11.9

10.5

12.6

V.

1976

(12 MONTHS PREVIOUS)

7.3

9.6

11.6

9.9

11.7

UR WEEKS ENDING: DEC. 14, 1977
ROM FOUR WEEKS ENDING:
PT. 14, 1977(13 WEEKS PREVIOUS)

4.4

6.7

10.8

NE

15,

1977(26 WEEKS PREVIOUS)

7.6

8.8

10.4

C.

15,

1976(52 WEEKS PREVIOUS)

7.4

9.3

9.8

I/ INCLUDES (1) DEMAND DEPOSITS AT ALL C O M M E R C I A L 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 TEASURY, F.R.BANKS AND VAULTS OF ALL C O M M E R C I A L BANKS.
2/ INCLUDES, IN ADDITION TO C U R R E N C Y 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/ INCLUDES M2, PLUS THE A V E R A G E OF THE BEGINNING AND END OF MONTH DEPOSITS OF MUTUAL SAVINGS BANKS, SAVINGS AND LOAN SHARES, AND
CREDIT UNION SHARES.
4/ INCLUDES M2, PLUS N E G O T I A B L E TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF $100,000 OR MORE.
5/ INCLUDES M3, PLUS NEGOTIABLE T I M E CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF $100,000 OR MORE.
NOTE: ALL RATES OF CHANGE ARE BASED ON DAILY A V E R A G E 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
Date

Currency

Demand Deposits

CD's^

230.2

Other

Total

Nonbank
Thrift Institutions 27

1976 — NOV.
DEC.

80.2
80.5

231.9

62.2
63.3

422.0
427.9

484.2
491.1

491.0
496.8

1977— JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEPT.
OCT.
NOV.

81.1
81.8
82.2
83.1
83.6
84.0
85.1
85.5
86.4
87.1
87.8

232.7
232.1
233.2
237.4
237.1
238.0
241.7
242.9
244.0
246.6
245.5

63.1
63.3
62.2
61.6
62.3
63.9
62.8
63.2
63.2
66.4
70.9

432.5
436.7
440.6
444.1
446.9
450.9
456.7
459.3
462.6
465.9
469.4

495.6
500.0
502.8
505.7
509.2
514.8
519.5
522.5
525.8
532.2
540.3

502.6
507.5
512.1
516.6
521.4
526.7
533.5
541.7
550.2
557.5
r 562.8

MEEK ENDING:

1977-OCT.

19
26

87.1
87.3

246.1
247.2

66.1
67.1

465.7
466.3

531.8
533.4

NOV.

2
9
16
23
30

87.5
87.6
87.7
87.7
88.1

243.8
246.2
246.4
243.8
245.1

68.2
69.4
70.5
71.8
72.5

466.7
468.0
468.9
470.3
470.7

535.0
537.4
539.5
542.2
543.2

7 P
14 P

88.0
88.1

r 246.8
245.6

DEC.

r

72.9
74.0

*

471.2
471.3

r

544.1
545.3

I/ INCLUDES NEGOTIABLE TIME 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 STOCK MEASURES AND RELATED ITEMS
NOT SEASONALLY ADJUSTED, IN BILLIONS OF DOLLARS
Demand Deposits
Date

1976— NOV.

Currency

Total^

Member

Time and Savings Deposit

Domestic
Nonmember2f

CD's^/

Other

Total

Nonbank
Thrift
Institutions^

U.S. Gov't.
Demand-^/

80.7
82.0

231.6
239.3

162.5
168.5

65.8
67.3

62.9
64.3

417.7
423.9

480.5
488.2

486.3
492.6

4.2
4.7

80.5
60.6
81.6
82.8
83.4
84.2
85.7
85.8
86.1
86.9
88.4

239.2
229.1
230.9
239.6
232.1
237.1
241.4
239.3
242.1
245.6
246.9

168.1
161.0
162.1
167.6
161.8
165.1
167.7
166.3
167.5
170.0
170.2

67.5
64.6
65.2
68.3
66.6
68.3
69.5
69.1
70.4
71.3
72.4

63.1
61.3
60.8
60.1
61.2
63.0
62.8
64.5
65.4
68.3
71.6

431.5
437.3
443.8
447.7
450.7
453.2
456.9
459.2
460.7
463.8
464.6

494.6
498.6
504.6
507.7
511.8
516.1
519.6
523.7
526.1
532.2
536.2

500.2
505.9
513.6
520.2
524.1
531.1
538.1
542.3
548.2
r 554.3
r 557.3

4.2
4.4
4.5
5.6
3.8
5.2
3.9
3.7
5.4
4.1
3.8

87.0
86.4

246.4
243.4

169.9
169.1

72.1
70.1

68.1
68.9

463.9
464.2

532.0
533.2

4.0
4.0

9
16
23
30

86.6
88.7
88.5
88.5
88.2

245.4
247.3
249.5
244.1
246.2

170.0
170.6
171.5
167.8
170.2

71.2
72.4
73.6
72.1
71.7

69.5
70.1
71.1
72.5
73.3

463.5
464.1
464.3
465.3
465.2

533.0
534.2
535.4
537.8
538.5

3.5
3.6
3.3
4.6
4.1

7 P
14 P

89.7
89.9

251.8
253.2

174.1
174.9

73.4
74.2

r 74.0

r 465.9
466.4

r 539.9
541.7

r 3.1
2.9

DEC.
1977 — JAN.
FEB.
MAR.
APR.
MAY

JUNE
JULY
AUG.

SEPT.
OCT.
NOV.

WEEK ENDING:
1977-OCT.

19
26

NOV.

DEC.

2

75.2

I/ TOTAL DEPOSITS INCLUDE, IN ADDITION TO THE MEMBER AND DOMESTIC NONMEMBER DEPOSITS SHOWN, 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
REPORTING COMMERCIAL BANKS.
4/ A V E R A G E OF BEGINNING AND END OF MONTH DEPOSITS AT MUTUAL SAVINGS BANKS, SAVINGS AND LOAN SHARES, AND CREDIT UNION SHARES.
5/ U.S.GOVERNMENT DEMAND DEPOSITS AT ALL COMMERCIAL BANKS.

p - PRELIMINARY; R - REVISED




Attachment to H.6
December 22, 1977
SEASONAL ADJUSTMENT FACTORS FOR THE FIRST QUARTER 1978
Mj AND RELATED MEASURES

Shown below are monthly and weekly seasonal adjustment

factors

for the currency, demand deposits, and time deposits components of M« and
M2 for the first quarter of 1978. The Board has not completed its annual
seasonal factors review, and therefore the factors presented here are
essentially the same as those employed this year. Monthly factors, are
the same as those used in the first quarter of 1977. Weekly factors
differ from the 1977 factors only because of calendar dating. The
seasonal factors shown will be used by the Board in compiling seasonally
adjusted M^ and M^ money stock measures

until the annual review of

seasonal factors is completed in the early part of 1978.
Time Deposits
Other Than CDs
Nonmember Certificates
Member
of Deposit
Banks
Banks
.9950
1.0010
.9990
1.0010
1.0020
.9690
1.0060
1.0090
.9780

Currency
.9930
.9870
.9920

Demand
Deposits
1.0280
.9870
.9900

4
11
18
25

1.0086
1.0083
.9954
.9812

1.0674
1.0491
1.0366
1.0056

.9973
.9980
.9985
.9995

.9906
.9932
.9947
.9961

1.0090
1.0070
1.0040
.9980

February 1
8
15
22

.9764
.9942
.9917
.9859

.9956
.9938
.9910
.9806

1.0000
.9990
1.0010
1.0015

.9973
.9990
1.0015
1.0028

.9890
.9780
.9700
.9640

March

.9784
.9982
.9972
.9904
.9807

.9846
.9923
.9960
.9886
.9792

1.0035
1.0045
1.0060
1.0050
1.0080

1.0051
1.0070
1.0088
1.0088
1.0097

.9610
.9680
.9760
.9830
.9850

Period
1978 — January
February
March
January




1
8
15
22
29