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FEDERAL RESERVE statistical release
H.6(508)
11
For Release at 4:10 E.D.T.
August 13, 1982
Experimental Alternative Seasonal Adjustment Procedure
This week, and once each month at least until the annual seasonal
review in the early part of 1983, a supplementary table is attached showing
estimated seasonally adjusted levels and annual growth rates for Ml constructed using current seasonal factors and experimental alternative seasonal factors.
•osegte?;
FEDERAL RESERVE statistical release
M
L
• vf*Al R t ^ *
For Release at 4:10 p.m. EOT
H.6 (508)
Table 1
MONEY STOCK MEASURES AND LIQUID ASSETS
Date
M2
M1 plus
overnight RPs and
Money market
Eurodollars, MMMF
mutual fund
balances (gen. pur.
balances
(general purpose and broker/dealer),
and savings
and broker/dealer)
and small
time
deposits 3
NSA
Addenda:
M1
Sum of currency,
travelers checks,
demand deposits
and other
checkable
deposits 1
AUGUST 1 3 ,
Overnight RPs
at commercial
banks plus
overnight
Eurodollars 2
NSA
M3
M2 plus large
time deposits,
term RPs
and institution
—only MMMF
balances 4
1982
L
M3 plus other
liquid assets 5
429.4
431.1
431.2
42.3
43.1
39.6
112.8
122.2
130.6
1753.7
1772.4
1778.3
2102.5
2126.0
2138.1
2530.4
2559.7
2577.2
OCT.
NOV.
DEC.
432.9
436.4
440.9
36.2
36.9
38.1
137.3
144.9
151.2
1789.5
1809.9
1822.7
2151. 1
2174.7
2188.1
2600.0
2629.3
2642.8
19 8 2 - J A N .
FEB.
MAR.
448.6
447.3
448.3
43.2
42.9
43.0
154.9
156.0
159.2
1841.3
1848.0
1865.2
2204.3
2215.0
2235.8
2667.4
2689.9
2716.8
APR.
MAY
JUNE
452.4
451.5
451.4
40.4
42.8
43.1
161.9
164.3
168.6
1880.7
1897.5
1907.9
2258.1
2278.7
2295.7
JULY P
451.4
43.4
171.3
1922.7
2319.7
7
14
21
28 P
451.9
451.7
450.6
451.4
41.7
43.0
44.7
43.3
169.0
169.6
171.4
173.2
4 P
453.4
45.4
175.8
1981-JULY
AUG.
SEPT.
WEEK ENDING:
1982-JULY
AUG.
1/
2/
•
•
3/
4/
5/
OF COMMERCIAL BANKS; (2) TRAVELERS CHECKS OF NONBANK I S S U E R S ; (3) DEMAND DEPOSITS AT ALL COMMERCIAL
/
BANKS OTHER THAN THOSE DUE TO DOMESTIC BANKS, THE U . S . GOVERNMENT, AND FOREIGN BANKS AND OFFICIAL
INSTITUTIONS LESS CASH ITEMS IN THE PROCESS OF COLLECTION AND FEDERAL RESERVE FLOAT; AND (4) OTHER
CHECKABLE DEPOSITS (OCD) CONSISTING OF NEGOTIABLE ORDER OF WITHDRAWAL (NOW) AND AUTOMATIC TRANSFER
SERVICE (ATS) ACCOUNTS AT BANKS AND THRIFT INSTITUTIONS, CREDIT UNION SHARE DRAFT ACCOUNTS (CUSD), AND
DEMAND DEPOSITS AT THRIFT INSTITUTIONS.
THE CURRENCY AND DEMAND DEPOSIT COMPONENTS EXCLUDE THE
ESTIMATED AMOUNT OF VAULT CASH AND DEMAND DEPOSITS, RESPECTIVELY, HELD BY THRIFT INSTITUTIONS TO SERVICE
THEIR OCD L I A B I L I T I E S .
,
OVERNIGHT (AND CONTINUING CONTRACT) RPS ARB THOSE ISSUED BY COMMERCIAL BANKS TO OTHER THAN DEPOSITORY
INSTITUTIONS AND MONEY MARKET MUTUAL FUNDS (GENERAL PURPOSE AND BROKER/DEALER), AND OVERNIGHT
EURODOLLARS ARE THOSE ISSUED BY CARIBBEAN BRANCHES OF MEMBER BANKS TO U . S . RESIDENTS OTHER THAN DEPOSITORY
INSTITUTIONS AND MONEY MARKET MUTUAL FUNDS (GENERAL PURPOSE AND BROKER/DEALER).
INCLUDES SAVINGS AND SMALL DENOMINATION TIME DEPOSITS (TIME DEPOSITS — INCLUDING RETAIL RPS — IN AMOUNTS
OF LESS THAN $ 1 0 0 , 0 0 0 ) ISSUED BY COMMERCIAL BANKS AND THRIFT I N S T I T U T I O N S .
M2 WILL DIFFER FROM THE SUM OF
COMPONENTS PRESENTED IN SUBSEQUENT TABLES BY A CONSOLIDATION ADJUSTMENT THAT REPRESENTS THE ESTIMATED AMOUNT
OF DEMAND DEPOSITS AND VAULT CASH HELD BY THRIFT INSTITUTIONS TO SERVICE TIME AND SAVINGS DEPOSITS.
INCLUDES LARGE DENOMINATION TIME DEPOSITS ISSUED BY COMMERCIAL BANKS AND THRIFT INSTITUTIONS IN AMOUNTS OF
IN SUBSEQUENT TABLES BY A CONSOLIDATION ADJUSTMENT THAT REPRESENTS THE ESTIMATED AMOUNT OI OVERNIGHT RPS HELD
BY INSTITUTION-ONLY MONEY MARKET MUTUAL FUNDS.
mBDmcMDV
OTHER L I Q U I b ASSETS INCLUDE THE NONBANK P U B L I C ' S HOLDINGS OF U . S . SAVINGS BONDS, SHORT-TERM TREASURY
S E C U R I T I E S | COMMERCIAL PAPER, BANKERS ACCEPTANCES AND TERM EURODOLLARS NET OF MONEY MARKET MUTUAL FUND
MONTHS.
#
'
PRELIMINARY DATA ARE SUBJECT fcO WEEKLY REVISIONS UNTIL THEY ARE FINAL.
2
H.6 (508)
Table 1A
MONEY STOCK MEASURES AND LIQUID ASSETS
Billions of dollars, not seasonally adjusted
Date
Sum of currency,
travelers checks,
demand deposits
and other
checkable
deposits 1
M2
M1 plus
overnight RPs and
Money market
Eurodollars, MMMF
mutual fund
balances (gen. pur.
balances
(general purpose and broker/dealer),
and savings
and broker/dealer)
and small
time deposits 3
NSA
M3
Addenda:
M1
Overnight RPs
at commercial
banks plus
overnight
Eurodollars 2
NSA
M2 plus large
time deposits,
term RPs
and institution
—only MMMF
balances 4
L
M3 plus other
liquid assets 5
432.1
430.4
431.5
42.3
43.1
39.6
112.8
122.2
130.6
1756.1
1766.9
1775.7
2098.4
2115.4
2132.4
2522.0
2544.2
2568.3
OCT.
NOV.
DEC.
434.5
439.7
451.2
36.2
36.9
38.1
137.3
144.9
151.2
1793.3
1809.6
1829.4
2152.6
2175.6
2199.9
2598.5
2628.5
2653.8
1982-JAN.
FEB.
MAR.
453.4
437.2
440.0
43.2
42.9
43.0
154.9
156.0
159.2
1849.2
1842.9
1861.9
2217.2
2216.0
2237.4
2681*7
2697.9
2722.8
APR.
MAY
JONE
455.5
445.1
450.5
40.4
42.8
43.1
161.9
164.3
168.6
1887.9
1888.9
1906.3
2266.1
2268.7
2289.7
JOLY P
454. 1
43.4
171.3
1924.1
2313.7
1981-JOLI
AOG.
SEPT.
WEEK ENDING:
1982-JOLY
7
14
21
28 P
462.8
458.6
452.7
444.5
41.7
43.0
44.7
43.3
169.0
169.6
171.4
173.2
AOG.
4 P
454.4
45.4
175.8
i
NOTE:
SEE TABLE 1 FOR FOOTNOTES.
H .6 (508)
Table 2
MONEY STOCK MEASURES AND LIQUID ASSETS
Percent change at seasonally adjusted annual rates
Date
M1
M2
M3
JULY
FROM:
APR.
1982
(3
MONTHS
PREVIOUS)
-0.9
8.9
10.9
JAN.
1982
(6
MONTHS
PREVIOUS)
1.2
8.8
10.5
JULY
1981
(12
5.1
9.6
10.3
FOUR WEEKS
FROM FOUR
MONTHS
E N D I N G : AUG.
WEEKS E N D I N G :
PREVIOUS)
4,
1982
MAY
5,
1982
(13
WEEKS
PREVIOUS)
0.2
FEB.
3,
1982
(26
WEEKS
PREVIOUS)
1.2
AUG.
5*
1981
(52
WEEKS
PREVIOUS)
5.3
H.6 (508)
Table 3
COMPONENTS OF MONEY STOCK MEASURES AND LIQUID ASSETS
Billions of dollars, seasonally adjusted unless otherwise noted
Currency1
Date
Travelers
checks 2
Demand
deposits 3
Other
Overnight
checkable
RPs 5
4
deposits
NSA
1981-JULY
AUG.
SEPT.
Overnight
Eurodollars 6
NSA
Savings deposits
at
commercial
banks
at
thrift
institutions
total
Small denomination
time deposits 7
at
at
commerthrift
total
cial
institubanks
tions
Money market
mutual fund balances®
general
purpose institution
and broker/
only
dealer
4.2
4.3
4.3
236.7
236.6
234.7
68. 1
69.5
71.2
35.4
35.3
32.7
6.9
7.8
6.9
165.0
160.5
157.5
196.0
190.4
185.6
361.0
350.9
343.1
329.3
339.2
345.9
484.7
491.6
493.8
814.0
830.8
839.7
112.8
122.2
130.6
21. 6
23.3
26.6
OCT.
NOV.
DEC.
121.3
121.8
123.1
4.3
4.3
4.3
235.7
235.7
236.4
71.6
74.7
77.0
30.2
30.4
31.4
5.9
6.5
6.7
155.3
156.4
157.0
184.3
184.5
186.6
339.6
340.9
343.6
352.3
357.4
357.3
497.5
499.4
497.4
849.8
856.8
854.7
137.3
144.9
151.2
29.4
32.0
33.7
1982-JAN.
FEB.
MAR.
123.8
124.6
125.1
4.3
4.3
4.4
239.3
234.5
233.0
81.1
83.8
85.8
35.7
35.6
36.7
7.5
7.3
6.3
158.9
159.0
160.8
189.9
189.6
189.9
348.8
348.6
350.7
358.6
363.4
371.0
493.7
496.0
499.0
852.3
859.4
869.9
154.9
156.0
159.2
32.5
30.5
31.5
APR.
MAY
JUNE
126.3
127.4
128.4
4.4
4.5
4.5
233.0
232.6
231.0
88.6
87.0
87.5
34.6
35.8
36.0
5.8
7.0
7.0
160.7
160.5
159.9
189.9
190.4
189.9
350.5
350.9
349.9
379.9
386.5
391.6
501.7
507.5
505. 4
881.6
894.1
900.9
161.3
164.3
168.6
31.5
32.8
33.7
JULY P
128.8
4.5
230.6
36.4
7.0
157.0
186.9
343.9
400.9
518.2
919.1
171.3
36.7
397.0
399.5
401.5
403.5
169.0
165.6
171.4
173.2
33.7
34.8
37.5
39.4
405.9
175.8
40.5
00
120.5
120.7
121.1
WEEK ENDING:
1982-JULY
7
14
21
28 P
129.0
128.4
128.8
128.9
232.7
230.6
230.6
230.0
85.8
88.3
86.7
88.0
34.4
36.4
37.5
36.4
7.3
6.5
7.2
6.9
158.3
157.4
156.8
156.4
AUG.
4 P
129.3
230.6
88.9
38.8
6.6
155.9
1/
2/
3/
4/
5/
6/
7/
8/
.
CURRENCY OOTSIDE THE U . S . TREASURY, F . R . BANKS AND VAULTS OP COMMERCIAL BANKS.
EXCLUDES THE ESTIMATED AMOUNT OF VAULT CASH
HELD BY THRIFT INSTITUTIONS TO SERVICE THEIR OCD L I A B I L I T I E S .
OUTSTANDING AMOUNT OF U . S . DOLLAR-DENOMINATED TRAVELERS CHECKS OF NONBANK ISSUERS.
DEMAND DEPOSITS AT COMMERCIAL BANKS AND FOREIGN RELATED INSTITUTIONS OTHER THAN THOSE DUE TO DOMESTIC BANKS, THE U . S . GOVERNMENT AND FOREIGN BANKS AND OFFICIAL INSTITUTIONS LESS CASH ITEMS IN THE PROCESS OF COLLECTION AND F . R . FLOAT. EXCLUDES THE
ESTIMATED AMOUNT OF DEMAND DEPOSITS HELD AT COMMERCIAL BANKS BY THRIFT INSTITUTIONS TO SERVICE THEIR OCD L I A B I L I T I E S .
INCLUDES ATS AND NOW BALANCES AT ALL DEPOSITORY INSTITUTIONS, CREDIT UNION SHARE DRAFT BALANCES AND DEMAND DEPOSITS AT THRIFT
INSTITUTIONS.
OTHER CHECKABLE DEPOSITS SEASONALLY ADJUSTED EQUALS DEMAND DEPOSITS PLUS OCD SEASONALLY ADJUSTED LESS DEMAND
DEPOSITS SEASONALLY ADJUSTED.
INCLUDES OVERNIGHT AND CONTINUING CONTRACT RPS ISSUED BY COMMERCIAL BANKS TO OTHER THAN DEPOSITORY INSTITUTIONS AND MONEY
MARKET MUTUAL FUNDS (GENERAL PURPOSE AND BROKER/DEALER).
ISSUED BY CARIBBEAN BRANCHES OF U . S . MEMBER BANKS TO U . S . RESIDENTS OTHER THAN DEPOSITORY INSTITUTIONS AND MONEY MARKET MUTUAL
FUNDS.
SMALL DENOMINATION TIME DEPOSITS — INCLUDING RETAIL RPS - - ARE THOSE ISSUED IN AMOUNTS OF LESS THAN $ 1 0 0 , 0 0 0 .
NOT SEASONALLY ADJUSTED.
H.S (508)
1 able 3—continued
COMPONENTS OF MONEY STOCK MEASURES AND LIQUID ASSETS
Large denomination time deposits!
at commercial
at thrift
bank$2
institutions
total
Date
1981-JOLY
AUG.
SEPT.
Term RP$3
at thrift
institutions
NSA
at commercial
banks
NSA
total
NSA
Term 4
Eurodollars
Savings
bonds
Uhort term
Treasury
securitiesS
Bankers
acceptance^
Commercial
paper?
NSA
243.0
248.5
249.8
50.0
51.3
52.5
293.1
299.8
302.3
28.4
25.8
26.2
8.8
7.5
7.6
37.2
33.4
33.8
58.7
61.0
61.2
69.4
68.9
68.4
161.8
164.1
168.1
37.1
37*3
37.6
100.8
132.4
103. 8
OCT.
NOV.
DEC.
248.9
246.8
245.9
53.3
53.7
54.4
302.2
300.6
300.3
25.6
27.8
27.1
7.8
7.3
8.3
33.4
35.6
35.4
63.4
65.5
66.7
67.9
57.7
67® 7
176.0
179.9
176.5
37.1
36.1
39.7
104.4
103.7
104.2
1982-JAN.
FEB.
MAR.
247.2
251.4
254.5
55.5
56.6
58.0
302.6
308.0
312.6
23.7
23.8
22.8
8.8
8.8
8.7
32.5
32.5
31.5
69.5
73.5
74.3
57.8
67.8
67.7
180.3
136.4
191.0
40.2
39,1
37,9
105*4
108.2
110.3
APR.
MAY
JUNE
258.5
262.9
268.8
58.7
58.5
59.5
317.1
321.4
328.3
25.2
23.3
21.7
9.0
9.0
9.3
34.2
32.3
31.0
JULY P
275.8
59.7
335.5
20.2
9.6
29.7
WEEK ENDING:
1982-JULY
7
14
21
28 P
272.9
275.3
274.7
279.5
19.7
19.1
19.5
21.3
AUG.
4 P
278.4
22.6
1/
2/
3/
4/
5/
6/
7/
-
LARGE DENOMINATION TIME DEPOSITS ABE THOSE ISSUED IN AMOUNTS OF $ 1 0 0 , 0 0 0 OB MOBE, EXCLUDING THOSE BOOKED AT INTEBNATIONAL
BANKING F A C I L I T I E S (IBFS) .
LABGE DENOMINATION TIME DEPOSITS AT CCMMEBCIAL BANKS LESS LARGE TIME HELD BY MONEY MARKET MUTUAL FUNDS AND THRIFT INSTITUTIONS.
TERM RPS ARB THOSE WITH ORIGINAL MATURITY GREATER THAN ONE DAY, EXCLUDING CONTINUING CONTRACTS AND RETAIL B P S .
TERM EURODOLLARS ARB THOSE WITH ORIGINAL MATURITY GREATER THAN ONE DAY EXCLUDING THOSE HELD BY DEPOSITOBY INSTITUTIONS AND
MONEY MARKET MUTUAL FUNDS.
INCLUDES U . S . TREASURY BILLS AMD COUPONS WITH REMAINING MATUBITY OF LESS THAN 18 MONTHS si ELD BY OTHER THAN DEPOSITORY I N S T I TUTIONS, F . R . BANKS, AND MONEY MARKET MUTUAL FUNDS.
NET OF BANKERS ACCEPTANCES HELD BY ACCEPTING BANKS, F . B . BANKS, FOREIGN OFFICIAL I N S T I T U T I O N S , THE FEDERAL HOME LOAN 3k$K
SYSTEM, AND MONEY MARKET MUTUAL FUNDS.
TOTAL COMMERCIAL PAPER LESS COMMERCIAL PAPER HELD BY MONEY MARKET MUTUAL FUNDS.
H.6 (508)
6
Table 3A
COMPONENTS OF MONEY STOCK MEASURES AND LIQUID ASSETS
Demand deposits
Date
1981-JULY
AUG.
SEPT.
Currency1
Travelers
checks 2
at member
banks 3
at domestic
non member
banks 4
at foreignrelated
banking
off leas
in the U.S>
other checkable deposits
total 6
at
commercial
banks 7
at thrift
inetltuttons 8
total
Overnight
RPs 9
Overnight
Eurodollars 10
121.3
121.3
120.8
4.7
4.7
4.5
147.6
145.4
145.6
82.1
81.0
81.1
8.1
8.5
8.2
237.6
234.7
234.6
55.7
56.5
58.1
12.9
13.2
13.6
68.6
69.7
71.7
35.4
35.3
32.7
6.9
7.8
6.9
OCT.
NOV.
DEC.
121.2
122.9
125.4
4.3
4.1
4.1
151.9
152.4
156.8
80.*
81.4
82.7
4.2
4.0
4.1
236.6
237.5
243.3
58.5
60.6
63.4
13.9
14.6
15.1
72.4
75.2
78.4
30.2
30.4
31.4
5.9
6.5
6.7
1982-JAN.
FEB.
MAR.
123.3
123.0
123.8
4.1
4.1
4.2
157.7
147.3
147.5
82.4
77.6
77.2
3.9
3.9
3.8
243.6
228.5
228.2
66.9
65.8
67.4
15.6
15.6
16.4
82.5
81.5
83.8
35.7
35.6
36.7
7.5
7.3
6.3
APB.
MAY
JUNE
125.6
127.2
128.3
4.2
4.3
4.7
152.7
147.7
149.2
79.9
77.2
77.8
3.9
3.8
3.7
236.1
228.3
230.4
71.4
67.9
69.2
18.1
17.5
18.0
89.5
85.4
87.2
34.4
35.8
36.0
5.8
7.0
7.0
JULY P
129.8
5.0
151.0
77.2
3.7
231.5
69.3
18.6
87.9
36.4
7.4*
WEEK ENDING;
1982-JULY
7
14
21
28 P
131.4
130.0
129.4
128.4
154.1
152.9
150.9
147.3
79.8
78.7
76. €
74.3
3 7
3.6
3.7
3,7
237.1
234.7
230.9
225.0
70.5
70.1
68.9
68.0
18.9
18.8
18.4
18.0
89.3
88.9
87.4
86.1
34.4
36.4
37.5
36.4
7.3
6.5
7.2
6.9
AUG.
4 P
129.7
150.6
76.8
3.6
230.9
69.8
18.8
£8.7
38. S
6.6
i
2/
3/
V
6/
7/
8/
9/
10/
C08BSMCT OUTSIDE TUB U . S
TREA53BY* F . K , BANKS AKD THE FAULTS OP COMMEBCXJU BANKS.
EXCLUDES 1 8 E 3 5 1 1 3 A T E D 4 3 0 3 * 3 OF M B I T
CAS J HELD BY THRIFT INSTITUTIONS TO SERVICE TH22R OCJ) L I A B I L I T I E S .
3TSTAMDING ASOU'iT OF U . S . DOLLAR-DENGHI3AT25 TP AV BLEBS CHECKS OF NONBANK 1 S S U B B S . OEMANii DEPOSITS OTHER THAN THOSE DOB TO DOMESTIC BANKS, SHE U . S . GO?EBNtiE8$T AND FOREIGN MMKS AND O F F I C I A L I N S T I T U T I O N S LESS
CASH ITEMS IN TEE PROCESS OF COLLECTION AND F . B . FLOAT AT C3MBEB BANKS OF THE FEDEBAL 825SBVB S I S T E M .
DEMAND DEPOSITS OTHER THAN THOSE DUE TO DOMESTIC B1NKS, TH£ U . S . GOVERNMENT AND FOREIGN BANKS W o O F F I C I A L I N S T I T U T I O N S LESS
CAi»H ITEMS 19 TH3 PROCESS OF COLLECTION AT NOWKhGdER BANKS.
DEPOSITS A3 DESCRIBED IN FOOTNOTE 4 AT AGENCIES A>D BRANCHES OF FOREIGN BANKS, EDGE ACX CORPORATIONS AND FOBEIG* ZNV3S203BT
COSvANIES.
EQUALS SUB OF T3BEE PREVIOUS COMPONENTS LESS T O ESTIMATED AMOUNT >F Ml!AND DEPOSITS S'SID AT COMtiEJCIAL BA*K1 B I THRIFT
I N S T I I O T I O N 5 TO S3BVICB THEIR OCD L I A B I L I T I E S .
NOW AND ATS BALANCES AT COMMERCIAL BANKS.
y >
f S
'40U
BALANCES AT SAVINGS AND LOAN ASSOCIATIONS AND & USUAL SAf KGS GAWKS, C S S D I T GNIO% SHAB3 SB AFT BALANCES, AND
DEMA t 5 P O S I T S AT THRIFTS
INCLUDE o SBNIGHT AND CONTINUING CONTRACT EPS ISSUED BY COMMERCIAL BZ^KS ZO O l S S R THAN DxiZCSXTCRl
T 9 S 2 1 T 0 2 I Q u S AND MONEY
MAtfKST MUTUAL FUNDS {GENERAL F iBPOSE A&D BROKER/DEADER) .
ISSUED B I CAM3BBA& BRANCHES OF MEMBER BANKS TO U . S . R 2 S I D E 3 T S i*a&% f H A i DEPOSITORY I N S T I T U T I O N S AND MC&Sf MARKET MUTUAL
FUNDS (GENERAL PURPOSE AND 3ROftBB/D EAL £.?.£ .
H.6 (508)
Table 3A—continued
COMPONENTS OF MONEY STOCK MEASURES AND LIQUID ASSETS
Date
at commercial
banks
at savings
and loans
Savings deposits
at mutual
at
savings banks
credit unions
total
at commercial
banks
Small denomination time deposits 1
at savings
at mutual
at
and loans
savings banks
credit unions
total
166.5
162.4
159.0
102.7
99.4
97.2
50.6
49.1
48.2
45.4
44.1
43.6
365.2
355.0
347.9
328.1
336.4
342.9
370.6
373.5
375.9
• 96.0
96.7
97.4
14.9
15.4
15.9
809.5
822.0
832.1
OCT.
NOV.
DEC.
157.3
156.9
157.2
95.9
95.3
95.4
47.7
47.2
47.5
43.1
42.7
42.8
343.9
342.2
343.0
351.3
354.9
355.8
380.6
380.7
379.5
99.0
99.0
99.0
16.8
17.4
17.3
847.6
851.9
851.7
1982-JAN.
FEB.
HAB.
158.6
157.5
158.4
96.7
95.9
95.9
47.9
47.3
47.2
43.5
43.8
44.7
346.8
344.5
346.1
359.7
367.3
375.2
381.0
383.5
386.1
99.4
99.8
99.9
J7.4
17.8
18.4
857.5
868.5
879.6
APS.
HAT
JO MB
159.5
159.0
158.8
96.1
95.8
95.8
47.1
46.8
46.9
45.3
45.8
46.4
348.1
347.4
347.9
381.4
387.7
392.7
387.8
388.0
389.2
100.2
100.6
101.0
18.8
19.1
19.4
888.1
855.3
902.3
JOLT P
158.5
96.0
46.9
46.7
348.1
399.3
392.8
101.6
19.8
913.5
1981-JOLT
AOG.
SEPT.
WEEK ENDING:
1982-J01T
7
14
21
28 P
159.4
159.0
158.4
157.8
396.4
398.3
399.8
401.2
AOG.
4 P
157.7
402.6
S HILL DEMOHINATIO* TIHE DEPOSITS — INCLUDING B E l AIL BPS — ABB THOSE ISSUED III AHOOIXS OP LESS THAI < 1 0 0 , 0 0 0 .
H.6 (EH8)
Table 3A~ oontinuad
COMPONENTS OF MONEY STOCK MEASURES AND LIUUID ASSETS
Billions of dollars, not seasonally adjusted
Large denomination time deposits *
at
at mutual
commercial
at savings
savings
total J
banks2
and loans
banks
Date
1961-JOil
AUG.
SEPT.
236.5
243.3
246.3
43.9
45.2
46.1
6.2
OCT.
10?.
DEC.
246.2
248.1
251.2
46.8
47.1
47.8
6.2
6.0
1982-JAN.
FEB.
Ml*.
252.0
257.0
259.6
49.2
50.5
51.2
APB.
MAI
JUNE
261.6
JOLT P
5.5
5.7
286.6
at
commercial
banks
28.4
25.8
Term RPs*
at thrift !
institutions j
8.8
total
Term
Eurodollar 5
100.2
68.5
166.6
36.4
36.7
37.4
63.4
65.5
66.7
68.1
68.0
68.1
173.2
176.4
175.2
37.6
38.6
39.4
103.6
104.5
104.6
69.5
73.5
74.3
68.1
181.1
39.9
39.7
38.5
106.0
7.5
7.6
37.2
33.4
33.8
61.0
61.2
299.8
301.8
305.4
25.6
27.8
27.1
7.8
7.8
8.3
33.4
35.6
35.4
6.1
307.6
314.2
317.4
23.7
23.8
22.8
8.8
8.8
8.7
32.5
32.5
31.5
264.7
51.3
52.1
52.7
6.1
6.0
6.0
317.9
320.1
323.8
25.2
23.3
21.7
9.0
9.0
9.3
34.2
32.3
31.0
268.4
53.1
6.0
328.0
20.2
9.6
29.7
260.1
6.3
6.0
6.3
Short term j Bankers
Commercial
Treasury
acceptance*7
paper®
6
sacuritiee
159.1
161.5
26.2
294.8
299.1
Savings
MXKfc
58.7
69.1
68.8
67.8
67.6
191.2
195.0
100.7
102.3
109.6
110.0
MEEK ENDING:
1 9 8 2 - J 01Y
7
14
21
28 P
266.3
267.1
266.9
272.2
19.7
19.1
19.5
21.3
AOG.
4 P
271.1
22.6
1/
2/
3/
4/
5/
6/
7/
8/
T I M B
oAHKiHu F A C I L I T I E S
I,ATI0N
™cST*™™!!^
INSlIlUTIOHS*
DEPOSITS ABE THOSE I S S U E D I N AMOUNTS OF $ 1 0 0 , 0 0 0 OB MOBE, BXC10D1NG THOSE BOOKED AT INTEBNATIONAl
(IBFS)*
T I M E
DBN0MIMATI0M
D E P 0 S I T S
a t
COMMEBCIAL BANKS LESS LABGE TIME HELD BY MONEY MABKBI M0T0A1 FONDS AND THBIFT
TIME DEPOSITS EXCEEDS SOM OF THBEE PBBVIOOS C01UMNS BY SUCH DEPOSITS AT CBEDIT UNIONS.
= » S A B B I H 0 S B H I T H O B I G I N A 1 MATUBITY GBEATEB THAN ONE DAY, EXC1UDING CONTINUING CONTBACTS AND B E T A I 1 B P S .
j>0LLABS ABE T H 0 S E
HITIi
2?o
OBIGINAL MATUBITY GBEATEB THAN ONE DAY EXC1UDIHG THOSE HE1D BY DEPOSITORY I N S T I T U T I O N S AND
MONEY MABKET MUTUA1 FUNDS.
^ ! ! m i 0 D E S 0 e S * I&EASUBY B I I 1 S AND COUPONS WITH BEMAINING MATUBITY OF 1 E S S THAN 18 MONTHS HE1D BY OTHEB THAN DEPOSITOBY I N S T I T U T I O N S , F . R . BANKS, AND MONEY MABKET MUTUAL, FUNDS.
BANKERS ACCEPTANCES HE1D BY ACCEPTING BANKS, F . B . BANKS, FOBEIGN OFFICIAL, I N S T I T U T I O N S , THE FEDEBA1 HOME LOAN BANK
SYSTEM, AND MONEY MABKET MUTUAL FUNDS.
TOTAL COMMERCIAL PAPER LESS COMMERCIAL PAPER HELD BY MONEY MABKET MUTUAL FUNDS.
9
H.6 (508)
Table 4
MEMORANDA ITEMS
Billions
dollars, imi
not seasonally
DIIIIWH of wwweia,
wwwib adjusted
Demand deposits at banks due to
foreign commercial
banks
Date
foreign official
institutions
Time and savings
deposits due to
foreign commercial
banks and foreign
official institutions
demand deposits at
Federal Reserve
Banks
commercial banks
U.S. government deposits
note balances at
commercial
banks and thrift
institutions
total demand
deposits and
note balances
time and
savings deposits at
commercial banks
12.6
12.9
13.5
2.8
2.8
3.0
9.8
9.4
9.4
2.9
2.8
3.5
3.1
3.2
3.2
7-9
4.7
7.5
13.9
10.7
14.1
0.8
0.7
0.7
OCT.
MOV.
DEC.
12.8
12.6
12.9
2.2
2.4
2.6
9.2
9.0
9.1
2.7
2.8
3.1
3.3
3.1
2.9
10.7
6.9
8.1
16.7
12.8
14.1
0.7
0.7
0.7
1982-JAN.
fEB.
MAB.
11.8
11.5
11.2
2.5
2.3
2.4
8.8
8.6
8.6
3.0
2.9
2.8
4.7
5.5
3-3
11.5
17.2
12.7
19.1
25.6
18.9
0.7
0.8
0.8
APB.
MAY
JUNE
10.7
11.2
11.0
2.1
2.2
2.4
8.5
8.6
8.6
3.7
2.7
3.3
4.5
4.5
3.3
10.1
12.7
7.5
18.3
19.9
14.1
1.0
1.0
1.0
JULY P
11.4
2.5
8.8
2.7
3.3
5.7
11.7
1.0
1981-JOLI
AUG.
SEPT.
WEEK ENDING:
1982-JULY
7
14
21
28 P
11.3
11.3
11.3
11.5
2.4
2.5
2.5
2.4
8.8
8.8
8.8
8.9
2.9
2.6
2.8
2.3
3.4
3.3
3.2
3.4
3.5
4.9
6.5
7.7
9.7
10.9
12.5
13.4
1.0
1.0
0.9
0.9
AOG.
4 P
11.4
2.6
9.0
2.9
3.6
6.2
12.8
0.9
Supplementary Table
Levels and Annual Growth
Rates of Ml Using Current 1 and Experimental
Alternative^ Seasonal Adjustment Procedures
(Monthly average)
Levels in billions
of dollars
Experimental
Current
Alternative
Annual growth
rates in percent
Experimental
Current
Alternative
448.6
446.1
21.0
11.4
February
447.3
446.6
-3.5
1.3
March
448.3
449.0
2.7
6.4
April
452.4
450.7
11.0
4.5
May
451.5
451.0
-2.4
0.8
June
451.4
452.0
-0.3
2.7
July
451.4
450.6
0.0
-3.7
1982 - January
f
dure.
2. Alternative monthly seasonal factors are derived using an experimental modelbased procedure. This procedure uses a combination of statistical regression
and time series modeling techniques to construct seasonal factors that are more
sensitive than the current factors to unique characteristics of each series.
These characteristics include
fixed and evolving seasonal patterns, trading
day effects, within-month seasonal variations, holiday effects, outlier adjustments, special events adjustments, and serially correlated noise components.
vt
t
@FedFRASER