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REVISION Revision - August 14, 1969 and pages attached to the release FEDERAL RESERVE statistical release >rf*xn&?: For immediate r e l e a s e H.6 August 14, 1969 Effective in ttie latest week ending August 6, the demand deposit component of the money supply was increased substantially due to a change in accounting procedures associated with Euro-dollar transactions. Previously, an increasing volume of such transactions resulted in increases in cash items in process of collection without increasing demand deposits* Cash litems are deducted ?from gross deposits in computing the money supply; consequently, the net deposit concept measured in the money supply has been understated by an increasing amount in recent years. A tentative revision has been made in the data below and in the appended tables to correct for the estimated downward bias in the series from June 1967-July 1969. ^Further revisions will be completed in the near future, reflecting new benchmarks and changes in seasonal factors which are incorporated in the series annually. The revised money supply series has increased in the first seven months of July at an annual rate of 4 per cent, ccimpared to 2.4 per cent rate indicated by the old series ^ In the week ending-August; 6, the money supply averaged about $560 million below the July level. Time and savings deposits declined further in the latest week to a level $1.7 billion b.elow the July average. MONEY SUPPLY AND TIME DEPOSITS (Averages of daily figures, In billions of dollars) Seasonally adjusted Money Supply Period Curreincy Total L_ ^ r ^ 7 1 Q o H ^ — component Demand d e p o s i t component Time deposits adjusted (All commercial banks) 1969—January February March April May June July p 195.4 195.7 195.9 197.5 197.4 198.2 199.1 43.6 43.9 44.2 44.2 44.6 44.9 r 45.2 151.7 153.3 152.9 153.3 154.0 202.5 201.0 201.0 200.8 200.1 199.2 r 195.8 Week ending: 1969—July 2 9 16 23 30 p 199.2 199.8 199.0 198.7 198.2 45.1 45.1 45.0 45.2 45.2 154.1 154.7 154.0 153.5 153.0 198.0 196.9 r 196.0 195.3 194.7 Aug - 198.6 45.3 153.3 194.1 198.6 45.2 153.5 195.0 6 p Average of l a s t 4 weeks p for - FRASER Preliminary. Digitized -r r - Revised. 151.9 15f?-8 REVISED SERIES August 14, 19* Honey Supply and Related Data 1967-1969 (billions of dollars) Not Seasonally Adjusted Seasonally Adjus'*d Money Supply U.S. Money Supply Demand Time Government Demand Time Currency Deposit Deposits Demand Currency Deposit Deposits 1 Total Component Component Adjusted 1/ Total Componeh [Component Adjusted 1, Deposits 1/ 1967 January February March April May June July August September October November December 170.3 171.8 173,2 172.5 174.4 176,0 177.9 179,1 179,3 180,4 181,3 ' 181,7 38.5 38.7 38,9 39,0 39,1 39,3 39,4 39.5 39.7 39,9 40,1 40,4 131,8 133,0 134.3 133,5 135.5 136,7 138,'5 139,5 139,6 140.5 141,3 141.3 161,0 163,5 165.9 168,1 170,1 172,6 17.4,8 177.2 179,4 180,6 182,0 183,5 175,3 170,6 171,9 173,6 171.0 174.3 175,8 175,9 178.5 180,8 182.7 187.5 38.5 38,3 38,5 38.6 38,8 39,2 39,6 39.6 39.7 40,0 40,4 41,2 136.8 132,2 133,4 134.9 132,2 135,1 136,3 136,3 138,7 140,8 142,2 1968 January February March April May June July August September October November December 182.7 183,1 183,9 184,7 186,7 188,1 190,2 191,2 190,6 191,5 193,3 194,5 40.6 40,7 41.1 41,4 41.6 42.0 42.2 42,6 42,7 42,8 43,2 43,4 142,1 142,4 142,8 143,4 145.0 146,0 148,0 148,6 147,9 148,7 150,1 151,1 184,1 185,2 186.7 187,1 187,6 188,2 190,4 193.8 196,6 199,5 201,9 204.3 188.0 181.8 182,5 186.0 183,0 186.2 188.0 187.8 189.7 191.8 194,8 200,7 40,5 40,3 40,7' 41.1 41;,3' 1473 141,5 U At all commercial banks,. 4U 42;,4 4217 42.7 43.7 m 146.2 14510 14:1.7 144.3 145*7 145.2: 147,9 149.0 15U 156.4 160,6 164,0 166.7 168,8 170,8 173.0 175.2 177,8 179,0 180,4 181,3 182.0 4.2 5,1 4,9 4,8 6,6 4,0 5,7 4.3 5.0 6,3 5.3 5,0 183,7 185,8' 187.7 187.9 188.4 188,6 190,8 194,4 ;196,2 1,99,1 200,7 202.5 5.0 7.2 6,6 4.2 6,4 5,4 5,7 5.5 5.9 6.1 4,2 4.8 August 14, 1969 REVISED SERIES Money Supply and Related Data 1967-1969 (billidnT of dollars) Hot; Seasonally Adjusted U.S. . Mcjftey Supply, Money Supply1 Government i Demand - Time Demand Time Demand Currency Deposit Deposits Currency Deposit Deposits 1 Total Component Component Adjusted 1/ Total Componen ^Component Adjusted I Deposits 1/ Seasonally Ad jus'*d 1 "' f '"••r:- i __ — ' ] ' • ^•*fli^^|P^i|p*0IUl^WWPHMI 1969 January February March April May June July p 195.4 195.7 43.6 43,9 151.9 151,8 202,5 201,0 195,9 44,2 151,7 201,0 197,5 197.4 198,2 199.1 44.2 44,6 44.9 45.2 153-53 152,9 153,3 154.0 1967-Jan. 4 11 18 25 170.7 170.6 170.4 170.3 38,5 38,5 38,5 38,5 Feb. 1 8 15 22 170.5 171.1 171,4 172.3 Mar. 1 8 15 22 29< 172.4 172.8 173.2 173.2 173.3 ! * 200,8 200,1 199,2 195.8 201.3 . ,43,5 194.3 43,4 194,4 . 43.8 198,5 43,9 193,7 44,3 196,3 44,8 197.0' 45.3 157,8 150.9 150.7 154,6 149.5 151,5 151.7 202,1 201,6 202,0 201,6 200,9 199,6 196.2 4,7 6.6 4,5 5.1 8,8 5,7 5.3 132,2 132.1 131,9 131,8 159.3 159,9 160,7 161.6 178.7 177,1 176,4 173.2 38,9 38,9 38,5 38,1 139.8 138.2 137,9 135.0 158.7 159,4 160.4 161.6 5,0 4.4 2.7 4.5 38.6 38,6 38,7 38.8 131,9 132,5 132,7 133.6 162,4 162,8 163,4 163.9 172,5 172,3 171,0 169.4 37.9 38,5 38,5 38.3 134.6 133,8 13? ,5 131,1 162.5 163,1 163,9 164.4 4.6 5,3 4.7 5.0 38.7 38.8 38.9 38.9 39.0 133.7 133.9 134.3 134.3 134.3 164.1 164.8 165.6 166.2 166.9 •169.2 170.6 172,2 173.5 171.2 38.1 38.7 38.6 38.6 38.4 131.2 131.9 133.6 134.9 132.8 164.8 165.7 166.6 167.0 167.6 5.3 •4.2 3.0 5.3 6.8 1/ At a l l commei"cial banks!. P " ? r eliminary. REVISED SERIES August 14, 1969 Honey Supply and Related Data 1967-1969 (billions of dollars) Seasonally Adjus :ed . Not Seasonally Adjusted U.S. Money Supply Money. Supply Demand ' ;Time Government Demand Time Currency Deposit Deposits Demand Currency Deposit Deposits 1 Total Component Component [Adjusted 1/ Total Componen [Component Adjusted li Deposits 1/ 173.1 172.8 172.3 172,0 39.0 39.0 39.0 39.0 134.1 133.8 133.3 133.0 167.5 167.8 168.0 168.5 172.9 173.9 175.2 172.6 38.5. 38.9 38.7. 38.4 134,4 135.0 136,6 134,2 16,8,2 168.7 168.7 169.0 4.9 3.9 3.6 6.0 3 10 17 24 31 172.8 173.0 174.8 174.7 175.4 39.0 39.1 39.1 39.1 39,2 133.7 133.9 135.7 135.6 136.2 168.8, 169.4' 170,0 170.5 171.4 172.6 171.3 171,7 169,2 170.8 38.5 39.1 38.9 38.8 38.7 134,1 132,2 132.8 130,5 132,1 169.5 170.1 170.7 171,2 171.9 6.7 7.9 6.7 6.6 5.0 June 7 14 21 28 175.8 175.9 176.0 176.2 39.3 39.3 39.3 39.4 136.5 136.6 136.7 136.9 171,8 172,4 172.8 173.1 173.2 174.9 176.3 172,a 39,2 39.4 39,3 39.0 133,9 135,5 137.1 133.£ 172,3 173,0 172,9 173.3 3.4 2.3 4,8 5,2 July 5 12 19 26 177.6 178.1 17718 177.9 39,4 39.4 39.4 39.4 138.2 138.7 138.4 138.5 173.8 174.0 174.9 175.3 175 J 175*9 176,2 174,7 393 m m 39,3 136,2 136,1 136,7 135,4 174,2 174,4 175,2 175.7 5,1 4.7 '6.1 6.6 Aug. 2 9 16 23 30 178.3 178.8 179.0 179.0 179.2 39.4 39.5 39.5 39.6 39.7 138.9 139.3 139.4 139.5 139.6 •175*9176.7 177.0 177.4 178.0 176,8 176*2 176.7 174i7 175:3 39.2-; 39v9 39:7 39 ;6 39,3 1311,6 13p\4~ 1:36.9 135,0 136*0 176.4 177.2 177.7 178.0 178.5 5.4 5.5 3.8 4,5 3.2 Sept. 6 13 20 27 179.6 179.6 178.7 179.4 39.7 39.7 39.8 39.8 139.8 139,9 139.0 139.6 178.7 179.1 179.3 179,8 177.5 179,1 179.6 177,3 39,9 39V9 ,1;37:,6 139.2 139.9 137.9 178,9 17.9.4 178,8 179,1 4.3 3.3 4.7 6.9 1967-Apr. 5 12 19 26 May 1/ At all comnercial banks, m 39t5' August 14, 1969 REVISED SERIES Money Supply and Related Data 1967-1969 (billions Q,E dollars) Seasonally Adjusi :ed Money Supplyi Demand 'Time Currency Deposit Deposits Total , Component Component Adjusted 1/ Total _s 1967—Oct. 4 180.1 180.4 ' _ •' Not Seasonally Adjusted U.S. Moncjy Supply • Government ; Demand Time Demand Currency [Deposit, Deposits Comjonen [Component. Adjpted I ' Deposits 1/ 179.6 •180.1 - 6.1 5.3 180.5 6.7 140.0 180,6 7.0 142.1 142.5 142.7 141.6 141.6 •181.1 181.1 181.3 181.1 181,6 6,3 5.7 4.2 5.9 5.2 41.2 41.7 144.3 144.5 146.9 146.3 181.8 182.1 181.9 182.0 4.8 3.2 4.7 7.1 151.1 149.1 149.2 145.6 144.4 182.6 183.0 168.8 185.9 184.3 40,9 41,0 40.6 40,3 39,9 183.7 184.0 184.7 5.5 4.7 3.1 6.0 5.8 184.5 185.0 185.3 185.7 184.9 182.5 181.1 179.2 40.4 40,5 40.3 40.1 144.4 142.0 140.8 139.1 184.9 185.6 185.9 186.5 7.1 6.1 5,4 9.7 186.0 186.7 186.8 187.0 182.1 182.7 183.9 181.7 40,6 40.9 40.8 40,6 141.5 141,8 142.2 141,2 186.9 187.7 187.7 187.9 8.4 5,9 6,4 6.9 180,5 39.9 180,3, 40,0 140.3 140,5 140.6 140.3 180,7 180.8 180.7 181.2 181,2 181,4 181.4 40.0 40.0 40.0 40.2 40.2 140,8 141.2 141,2 141.2 141.2 181.2 181.3 181.6 182.2 182.9 181.7 182.9 183.2 182.2 40,2 40.3 141.3 141,1 140,9 141,2 183.3 183-.6 183.5 183.5 185.2 185.7 188.1 188.0 40.9 13 20 27 181.5 181.4 181.3 181.7 3 10 17 24 31 182.7 182.7 183.0 182.6 182.5 40.5 40.5 40.6 40.6 40.6 142.2 142,2 192.0 190.1 142.5 142.0 141.9 183.9 183.9 184.0 184.0 184,3 7 14 21 28 182.9 183.1 183.2 183.4 40,}" 40,8 40.8 40.8 142.2 142.3 142.4 142,6 Mar . 6 13 20 27 183.6 !183.8 183.8 184.1 40,9 41,0 41,1 41.2 142.7 142.7 142.7 143.0 11 18 25 Nov, 1 8 15 22 29 Dec. 6 1968-Jan Feb 39.7 39.9 413 40,5 1/ At all commercial banks. 18Q.2 180.4 179.7 180.7 181.3 179.9 18212 39.6 40,2 40.1 39.9 30.7 40,4 40.4 40.6 40.6 ft.2 140,1 1*6.5 141.1 ^_ August 14, 1969 REVISED SERIES Money Supply and Related Data 1967-1969 (billions of dolls rs) 1968--Apr, Not Seasonally Adjusted Season*dly Adjust :ed U.S. Money Supply Money Supply Demand Time Government Demand Time Currency Deposit Deposits Demand Currency JDe posit Deposits 1 Total Component Component Adjusted 1/ Total ComponeritComponent Adjusted 1< Deposits 1/ 143,2 184.5 41.2 187.3 183.5 40,8 188,2 142,7 5,2 187.0 143.1 185,0 41.4 184.4 41.3 143.6 3.7 188,1 144.7 187,1 186.0 41,3 189.7 41.3 , 148,3 2.8 187,8 143,0 184.4 41,4 186.0 40,9 186.9 145.1 187.4 5.0 3 10 17 24 May 1 8 15 22 29 • June 5 12 19 26 My 3 10 17 24 31 Aug. 7 14 21 28 Sept. 4 11 18 25 184.3 185.4 185.7 187.3 188,0 41.5 41.5 41.6 41,8 41,7 142.8 143.8 144,1 145,6 146,2 187,3 187,4 187.7 187.7 187.7 184,2 184.0 183.4 181.9 . 182,1 40,7 41,5 41.4 41.4 41,2 143.5 142.5141.9 140,5' 140,9 188,0 188,1 188.5 188,5 188,5 •5,6 188.4 187.0 187.5 188.4 41,8 42,0 42,0 42.0 146.5 145.0 145.5 146,4 188,0 188.1 188.1 188,0 185.5 185.8 186.9 185.0 41,842,1 41,9 41.7 143.8 143.7 145.0 ,143,3 188,6 188.7 188,4 188,2 4,7 4.1 4.8 8.3 190.3 189.6 190.8 189,5 190.4 42.1 42.2 42,2 42,2 42'.2 148.4 147,4 148.6 147.3 148.1 ' 188.6 189,2 190.2 191.1 191,8, 188.8 187.7 189.3 186.4 187.8 42;0 42.9 42.4 42,2 42\0; 1146.7 144.8 ii46;9 1144.2 il45;'8. 189.2 18,9,5 190.6 191.5 192*4 4.7 4.3 5.4 7.5 6,2 191.2 190.6 191.4 191,2 42.2 42.5 42,6 42.7 149.0 14L8,0 148.8 148.5 192.5 193,3. 194.0 194.6 lS9f. 1 42.6 146,6 193.1 194,1 194.6 195.2 5.7 4.8 5.9 5,9 191.3 191,3 42.7 , 42,6 • 148.6 148.6. 4,2' 189.8 189.7 42,7 42.6 147', 1 147.0 195.6 195.8 195,8 196,4 , 1/ At all commercial banks, im lu 1145.4, 187.0 18(5.6 ,42,1 42.4. 144.3 144,2 195.2 195.8 188.8 190*5 42.7 43.1 146,0 J147.4 196.6 197.2 190$ .42,7 '42,4 147,6 •145,4 1&8 7.3 5.7, 6.7 6,2 3.3 5.0' 8.5 August 14, 1969 REVISED SERIES Money Supply and Related Data 1967*1969 (billions of " dollars) Not Seasonally Adjusted Seasonally Adjusted .Money Supply . | U.S, Money Supply i 'Government Demand Time Demand Time Demand Currency. Deposit Deposits Currency Deposit Deposits Total Component Component Adjusted 1/ Total Canponen [Component Adjusted l, '_De posits 1/ i 2 42,4 43,2' 43,0 148,5 148,3 150.0 197,3 • 198,3 198,9 190.5 42.9 147,6 199,6 191,6 42,5 149,1 200,0 8,1 7.2 4.9 5,2 6,7 200,8 201,4 201,7 202,9 • 195.3 . 193.7 194.5 195.0 43,3 43,7 ,43.6 43,6 152,0 150,0 150.9 151,4 200,2 200,4 200,5 201,3 ' 5.7 4.9 3.3 4.0 150.9 151,1 150.7 150,7 203.7 204,1 204,5 204.6 197,4 198,5 200.7 200,8 44,1 44,4 44,4 44,7 153,3 154,1 156,4 156,1 201.9 202.4 202.6 2^2,6 3.3 3.2 4.5 6.8 43,4 43,5 43.5 43,6 43.5 151,8 153.6 152.0 151,8 150.0 • 204.1 203.3 202.8 202,1 201,5 203.2 205.8 203.2 200,2 196.1 43.9 44,1 43.6 43,4 42.9 161.3 161.7 159,6 156,8 153.2 202.7 202.5 202,4 201,9 201.7 5.1 4.3 2.6 4.4 6.7 43.7 43.9 44.0 43,8 150,8 150,9 153.0 152.4 201,0 201.0 201.0 200.9 197.0 ' 43.4 194.9 43,6 194,4 4 3 . 5 191.9 . 43.2 • 153.6 151.3 150.9 148.8 201.4 201.6 201,6 201.7 7.3 7.0 6.5 6.4 195.6' 43.8 195.5 44.1 196.0 44.2 '196.6 44.3 151.8 151.4 151.8 152.3 200.7 200.9 200.7 200.9 194.3 194.6 195.3 193,4 150.7 150.7 151.4 149.8 201.7 202.0 201.9 201.9 5.0 4.0 4.4 5.6 1 191.2 191.2 192.2 190.6 191.2 42,7 42,9 42.8 42.8 42.9 148.5 148,3 149,4 147,8 148,3 198.1 189,7 199.1 200,0 200,4 190,9 191,5 193.0 193.3 191.9 193,5 194,7 42.9 43.2 43,2 43,4 150.3 148,7 150,3 151,3 11 18 25 194.4 194.6 194,1 194.1 43.5 43,5 43,4 43.4 1969-Jan, 1 8 15 22 29 195.1 197.1 195,5 195,4 193,5 Feb 5 12 19 •26 194.5 194.8 196.9 196.2 1968-Oct. 9 16 23 30 Nov. 6 *at*r 13 20 27 Dec. 4 Mar . 5 12 19 26 1/ At all commercial banks. 43.6 43.9 43.8 43.6 August 14, 1969 IEVISEP SERIES Money Supply and Related Data 1967-1969 (billions ol: dollars) Season'silly Adjust:ed Not Seasonally Adjusted [• Money Supply / Money Supply U.S. ———• Time Demand Demand Time Government Currency Deposit Deposits Demand Currency[Deposit • Deposits Total Component Component Adjusted 1/ Total CoBPonentComponent Adjusted 1, ' Deposits 1/ 1969--Apr. 2 197.0 9 16 23 30 198,7 198.3 7 196.1 14 21 28 197.1 196.8 195.7 44.3 44.4 44.2 44.3 44.2 . 152.7 154.3 154,0 152,5 151.; 44i6 150.0 198.9 44,9 152.8' :^i;8| 152.;;8 198,4: 197 ?3 T?6.4 •ISfi 'd?5;:6 150,18: ;i95,;i ;15143 : 194.4 194,0 44,2 193,4 193.0 44 J2 195,5 196,6 .44.<D 45 JD 197.6 44.9 152,7 199,6 11 18 25 198,5 198.2 ••44,8 153,7 197.9 44.9 44.9 153.3 153,0 199,7 199.2 198,7 197,3 194/.6 July 2 199.2 154.1 198.0 197.6 9 16 23 199.8 199,0 45.1 45.1 196.9 196,0 197,7 P 198.7 198.2 45.0 45.2 45.2 154.7 154,0 153.5 153.0 6p 198.6 45,3 153.3 194.1 p - Preliminary, 200.6 ma 150.7 151.6 152,4 44,0 43.7 43,5 June 4 9.9 9.9 8,9 7,9 201,3 198.1 195,3 153*.6 \ l At all commercial banks, 201,0 201,0 200,9 200.6 200,3 198.9 198,2 Aug. L50,2 149,7 149.2 149,0; 43,7 44,4 200.2 200,2 200,1 200,0 30 151.8 152,6 154,4' 3.5 3.6 3.2 6,4 7,7 195.8 199.3 44,3 44.5 44.5 44,6 May 202,3 202.2 201,7. 201/2 201,1 201.1 201.2 195.2 194.7 ; 44,3 44 JO *m i 98 :i. 195.fr h$ w!i 195/7- 44^ 196.9 m 152.0 154,9 157,4 154,4 •151,8 200,9 200,8 200.3 199*6 Mi. 5.4 4,0 5,4 8.0 5,6 5.4 3,0 6.7 6,1 5,1 p