Full text of H.6 Money Stock Measures : December 14, 1972

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FEDERAL

RESERVE

statistical

release

Table 1

MONEY STOCK MEASURES1

H6

For Immediate Release
December 14, 1972

IN BtlUOM# Of DOLLARS
mmzmmmmmmmmmmmmmmmmmmmmmmm

1
\-

Date

<*i

i
*2
~1
*3
1
"i
" "1
*2
"1
*3
~
M, plus time deposits
Mi plus time deposits | M2 plus deposits
M2 pfus deposits
^Currency plus
Currency plus
at commercial banks
at commercial banks
at nonbank
at nonbank
other than large
demand deposits If
other than large
I thrift institutions 4 /
thrift institutions 4y1 d e m a n d d e P° s , t s £/
1
CD's!/
1
CD's 3 /
Seasonally Adjusted
_ _ _ _ _ _ _ _
*,-»'

i

221.1
228,2

460.8
464.7

711.6
718.1

229.6
235.1

461.4
470.2

711.A
723.4

228.8
231.2
233.5
235.0
235.5
236.6
239.4
240.5
241.6
242.3
243.6

469.9
475.5
480.1
483.0
486.1
490.4
495.0
498.3
501.8
505.0
508.2

727.3
737.4,
745.9
752.7
758.8
766.1
774.7
781.6
788*4
795.2
801,2

235.3
229; o
231.3
236.1
231.3
234. 7
237.9
237.2
240.0
242.1
245.7

475.3
472.7
478.7
485.4
483.2
488.9
493.6
495.5
500.4
504.8
508.7

732.8
734.1
744.9
755.6
755.9
765.5
774.0
778.4
7#6v6
794.5
800.9

Week ending:
1972—Nov.
1
8
15
22
29 p

242.1
242.7
244.3
244.3
242.8

505.4
506.0
r 508.5
509.4
508.3

243.2
245.4
246.8
245.4
244.5

506.3
508.0
509.8
r 508.4
507.8

Dec,

246.1

512.2

250.2

514.4

1971~*November
December
1972—January
February
March
April
May
June
July
August
September
October
November p

6 p

!

i

j
1

1

1
1/

2/
""
3/

4/



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 change.
Includes (1) demand deposits at all commercial banks other than those due to domestic commercial banks and the
U>S* Goi^rnment, less cash Items in the process of collection and F/R. float; <2) foreign demand baLaneesr 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 $100,000
or more by large weekly reporting commercial banks.
Includes >jL9 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.

r - Revised.




F€0€RAt m$€mm 9»mm*^ *#**;•*# ** §

MOMEY STOCK MEASURES
PER CE*ST CHANGE AT SEASONALLY ADJUSTED ANNUAL* RATES
i
^e^ei

**i
Currency plus

i
j
!
!

"^2
M ? pfus tir-e deposits
at coTinerciai banks
other t^an far?e
CDs

M3

M2 plus deposits
at nonbank
•hntt instrtutions*"'

November 1972 frtr-*
Au^« 1972 (3 months p r e v i o u s )
May 1972
{6 m o r t h s p r e v i o u s )
November 1971 (12 n o n t h s
previous)
F o u r weeks e n d i n g r r o c
From f o u r week e n d i n g
Sept.
June
Dec.

JL/

5.2
6.9

7.9
9. 1

10. 0
U.2

7.0

10.3

12.6

5.1

7.9

6.9

8.9

7.3

10.3

6> 1972

6, 1972 (13 weeks
previous)
7, 1972 (26 weeks
previous)
8, 1971 (52 week?
previous)

j

Includes (i) demand cepcsits at rli commercial banks other than those due to domestic commercial oanKS and
the U.S. Government, less cash items m the process of collection and I.R. fjoat,
(2) foreign demand balances at F,R Banks, and
(3) currency outside the Treasury 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 m denominations of $100,000
or more by large weekly reporting commercial banks.
3/ Includes ML plus the average of the beginning and end of month deposits off mutual savings banks and savings
capital at savings and loan associations.
Note: 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

Other

j

Total

I
1
Nonbank
\ thrift institutions 3 /

233.1
236.4

1

265.3
269.9

] 2 5 0 . 8
j
253.4

241.2
244.3
246.5
248.1
250.7
253.8
255*6
257.7
260.2
262.7
264.6

274.4
278 1
279.9
282.8
287.0
290.9
293.7
297.1
300.5
303.4
305.9

257.4
261.8
265 8
269.7
272 6
275.7
279 7
283 3
286 6
?90.1
293.0

40.6
41.1
40.8
41 6
41 8

263.4
263.3
264.3
265.1
265.5

303.9
304.4
305.1
306.7
307.3

42.3

266.0

308.4

|
Date

1/
Demand deposits—

Currency

Time and savings deposits

1 9 7 1 —November
December

52.2
52.5

175.5
175.7

CD's*'
32.2
33.4

1972--January
February
March
April
May
June
July
August
September
October
November p

52.8
53.2
53.7
54.0
54.4
54.7
54.9
55.0
55.5
55.9
56.3

176.0
178.0
179.9
180.9
181.1
181.9
184.5
185.5
186.1
186.5
187.3

33.2
33.8
33.4
34.7
36.3
37.1
38.1
39.3
40.3
40.7
41.3

186.2
186.5
188.0
187.8
186.4
189.7

Week e n d i n g :
1972--Nov.. 1

8

15
22
29 p
Bee, 6 p

jL/

2/
~jfef




1
!
!
|

55.8
56.2
56.3
56.4
56.4
56,4

;
!
1
1

r

1

I m p l e m e n t a t i o n o f r e v i s e d R e g u l a t i o n J on November 9 , b e c a u s e of i t s e f f e c t s on c l e a r i n g a c c o u n t s on bank
b a l a r i c e s h e e t s , had t h e e f f e c t of r a i s i n g demand d e p o s i t s a s c a l c u l a t e d f o r i n c l u s i o n i n money s u p p l y .
However,
t K e ^ r e s u l t i n g i n c r e a s e has been e l i m i n a t e d from c u r r e n t money s u p p l y d a t a ( b e g i n n i n g w i t h t h e week ended
Nwatriber 15J i n order t o a v o i d a d i s c o n t i n u i t y m t h e s e r i e s . The upward a d j u s t m e n t o f money SUDDIV a s a r e s u l t
o f r e v i s e d R e g u l a t i o n J w i l l be I n c o r p o r a t e d i n t h e s t a t i s t i c s a t t h e time of the r e g u l a r a n n u a l benchmark and
s e a s o n a l a d j u s t m e n t r e v i e w . At t h e lame t i m e , h i s t o r i c a l f i g u r e s w i l l a l s o be r e v i s e d on a c o n s i s t e n t b a s i s .
The f o r t h c o m i n g a d j u s t m e n t s t o t h e f i g u r e s stemming f r o m t h e change in- R e g u l a t i o n J w i l l p r i m a r i l y a f f e c t t h e
l e v e l o f t h e s e r i e s and w i l l t h e m s e l v e s h a v e minimal e f f e c t s on r a t e s of c h a n g e .
N e g o t i a b l e time c e r t i f i c a t e s of d e p o s i t i s s u e d i n d e n o m i n a t i o n s o f $ 1 0 0 , 0 0 0 or more by l a r g e w e e k l y r e p o r t i n g
commercial b a n k s .
Average o t—be g i n n wig and end o f month -de p o s i t s ^ a t m u t u a l s a v i n g s banks and s a v i n g s c a p i t a l a t s a v i n g s and
loan a s s o c i a t i o n s .
p - Preliminary.
r - Revised

FEDERAL RESERVE Statistical Release H 6

T4ble 4

COMPONENTS OF MONEY STOCK MEASURES AND RELATED ITEMS
NOT SEASONALLY ADJUSTED !N BILLIONS OF DOLLARS

1

ij

Demand deposits

Currency

Date

Time and savings deposits

CD s i /

[

33.7

1

33.9

Other

Total

231.8
235.1

265.5
269.0

240.0
243,7
247.5
249.3
251.9
254.2
255.7
258.2
260.3
262.7
263.0

273,7
277.3
280.8
283.1
286.9
290.0
292.7
298,1
301.3
304.5
306.3

|

1971—November
December

52.8
53.5

176.9
181.5

19?2--January
February
March
April
May
June
July
August
September

52,6
52.6
53.2
53.6
54.0
54'. 6
55.3
55.3
55.4
55.9
56.9

182.7
176.4
178.1
182.6
177.3
180.1
182.6
182,0
184.6
186.3
188.8

55.4
56.9
56.9
57.2
56.8

187,7
188.5
189.8
188.2
187,7

41.8
42,9
42,9
43,7
43.9

263.2
262.6
263.0
263,0
r 263.3

305.0
305.6
305.9
306.7
307.3

192,8

43.6

264.2

307.8

|
1

November p
Week E n d i n g ;
1972-~Nov,
1

|

8

i

15
22
29 P
Dec.

6 p

!
|
!

57.5

1
;

r
r

<
!
!
!
!
!
1

;
1

33.7
33.6
33.3
33,8
35.1
35.8
37.0
39.9
41.0
41.9
43*3

!
|
|

i
J./

m

Nonbara> thrift
institutions 3 /

j

!
i

U S Gov t
• demand 4 /

250.0
253.2

3.9
6.7

257.5
261.4
266.2
270.2
272.7
276.6
280.4
282.9
286.3
289.7
292.2

7.2
7.2
7.7
7.6
10.4
6.8
7.2

1

5.3

;

5.8
6.6

6a

r

7.1
6.4
4.4
6.0
7.0
6.9

.H J

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 supnly data (beginning with the week ended November 15)
in order to avoid a discontinuity in the series. The upward ad-justment 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
aeries and will themselves have minimal effects on rates of change.
2./ Negotiable time certificates of deposit issued i* denomination of $100,000 or more by large weekly reporting
commercial banks.
3/ Average^of beginning and end of month deposits at mutual savings banks and savings capital at savings and loan
associations.
4/ U.S. Government demand deposits at all commercial banks.



p ~ Preliminary.

r * Revised.