Full text of H.6 Money Stock Measures : December 14, 1978

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FEDERAL

RESERVE

»H.6

statistical

release

For I

Table 1

MONEY STOCK MEASURES
DEC. 14, 1978

M BILLIONS OF DOLLARS

M-1 +

M-1

M-2

M-S

M-1 Plus
M-2 Rue
Time
Currency
Depot** at
Depoettsat
Plus
M<-irrJK*»r>LCB's and ConwiefcisJ
rfufiDanK
Demand
Thrift
Deposits J/ Checkable Banks Other
Deposits at
Than Large Institutions^/
CD's &
Thrift Inst.^/
M-1 Plus
Savings
Deports at

Date

M-4

M-2 Hue
Large
Negotiable
CD's^/

M-3PIU8
Large
Negotiable
CD'sfi/

876.3
383.5
892.2
898.5
904.7
913.7
922.2
92?. 3
933.6
939.8
950.5
955.6
965.9

1438.0
1450.1
1462.9
1472.5
1482.3
1494.9
1506.9
1516.5
1528.4
1541.4
1560.2
1572.5
1538.2

M-1 +

M-1

M-6

Currency
Plus
Demand
Deposits J/

M-2

n-i

M-1 Plus
M-1 Plus
Savings
Time
M-2 Plus
Deposits at Deposits at
CB'sand
Commercial
Nonbank
Checkable Banks Other
Thrift
Deposits at Than Large Institutions-*/
Thrift kiat.J/
OFs A'

KM

M-6

M-2 Plus

M-3PIUS
Large
Negotiable
CD's*/

JfJJV
Negotiable
CD's*

^•••rMialli
mmmgm.m mm m.
» .». • • ••••g .Arik**tari

1977 — NOV.
DEC.
1978 — JAN.
FEB.
MAR.
APR.

336.2
338.5
341.7
341.8
342.9
348.5
350.6
352.8
354.2
356.7
360.9
362.0
360.6

MAY
JUNE
JULY
AUG.
SEPT.
OCT.
NOV. P

557.7
560.2
564,6
565.0
566.2
572.6
575.2
577.1
577.8
582.0
587.9
588.3
585.3

805.4
809.5
815.9
819.1
822.6
830.3
835.2
840.6
846.2
853.5
862.4
867.4
370.5

591,6
r 591.1
585.3

869.4
869.3
865.2

955.8
956.2
954.1

1367.1
1376. 1
1386.6
1393.1
1400.3
1411.4
1419.9
1429.8
1441.0
1455.1
1472.1
1484.4
1492.8

338.4
348.2
347.5
335.9
338.2
350.9
345.3
351.7
356.0
354.2
358.8
361.3
362.9

558.1
568.1
569.4
558.3
562.7
577.3
571.7
578.1
581.9
r 579.2
r
583.7
586.2
585.7

802.8
814.9
820.6
813.9
821.1
836.0
833.6
842.0
848.7
350.8
858.4
864.5
867.6

364.9
364.8
356.0

r 590.7
589.9
r 580.4

868.6
868.0
859.7

r 582.6
589.0
588.9
582.8
581.6

d62.5
869.9
369.9
865.6
864.4

r 966.0
962.7
962.0

589.7

873.4

971.2

1360.1
1377.5
1389.0
1386.0
1400.2
1421.2
1420.3
1435.2
1447.9
1453.0
1466.4
1478.4
1484.3

874.4
890.9
897.0
890.8
901.4
917.9
918.2
928.3
936.0
938.8
948.7
955.3
964.0

1431.7
1453.4
1465.4
1462.9
1480.5
1502.6
1505.0
1521.5
1535.3
1541.0
1556.7
1569.2
1580.6

WEEK ENDING:

1978-OCT.

NOV.

11
13
25

364.3
364.3
358.8

1
15
22P
29P

361.2
362.3
361.4
359.3
r 358.7

586.9
583.1
586.7
583.7
582.6

868.2
870.9
r 870,9
870. I
r 869.2

960.0
964.9
r 966.3
966.3
r 965.6

6P

360.7

584.4

872.1

968.2

a

DEC.

r

r

359.4
365.8
365.6
360.1
359.2
367.6

r

958.4
957.6
950.8
V55.7
964. 7

I/ INCLUDES (1) DEMAND DEPOSITS AT ALL C O M M E R C I A L rtANKS OTHEK THAN THOSE DUE TO DOMtSTIC COMMERCIAL BANKS AND THL U.S.GOVtHNMFNF,
LESS C\SH ITEMS IN THE PROCtSS Oh COLLECTION AND F.R.FLOAT; (2) FOREIGN DEMAND BALANCES AT F.R.BANKS; AND (31 CURRENCY OUlSIiHTHE T R E A S U R Y , F.R.BANKS AND VAULTS OF ALL C C M M t R C I A L 3ANKS.
21 INCLUDES M l , PLUS SAVINGS DEPOSITS AT C O M M E R C I A L BANKS, NOW ACCOUNTS AT BANKS AND THRIFT INSTITUTIONS, C R E D I T UNIUN SHAKt. «>RAM
ACCOUNTS, AND DEMAND DEPOSITS AT MUTUAL SAVINGS BANKS.
V
INCLUDES, IN A D D I T I O N TO C U R R E N C Y AND DEMAND DEPOSITS, S A V I N G S DE^uSlTS, T I M E DEPOSITS OPEN ACCOUNT, AND T I Mt C t R T I M C A H S flfDEPOSITS OTHER THAN NEGOTIABLE T I M E C t R T I F I C A T E S OF DEPOSIT ISS'JbU IN D E N O M I N A T I O N S OF 1100,000 OR M O R b BY L A K G L w L t K L Y Kh
ING COMMERCIAL BANKS.
4/ INCLUDES M?, PLUS THF A V E R A G E OF THE B E G I N N I N G AND END OF M J N T H D E ^ H i l T S OF M J T U A L S A V I N G S B A N K , S A V I N G S AND LCAN SMAKtS,
C R E D I T UNION SHARES.
5/ INCLUDES M2, PLUS N E G O T l A D L t T I M f c C f c R T I F 1 C A T t S OF D E P O S I T I S S U f c D IN D E N O M I N A T I O N S UF i i C O , 0 0 0 GK MOKF.
6/ I N C L U D E S M ^ , PLUS N E G O T I A B L E T I M F C E R T I F I C A T E S OF J E P O S I T ISSUED IN D E N O M I N A T I O N S OF 4100,000 OR MOKF.
p - PRELIMINARY;
R - REVISED




FEDCHALI

STOCK MEASURES
CHAf^OE AT $EA$Q£*ALIY ADJUSTHED AMWUM. RATES

Dsfe

NOV.

FROMs

AUG.

1978

MAY

1978

NOV.

1977

13 MONTHS PREVIOUS)
C 6 MONTHS P R E V I O U S )
{ 1 2 MONTHS P R E V I O U S )

FOUR W E E K S ENDING: DEC.
FROM FOUR WEEKS ENUlNG:

6,

m-i

M-1+

M-2

i*-3

M-4

M-5

CufiBfiey
Rus
Demand
Deposits V

M-1 Rus Savings
Deposits & CB's
and Cfiecfcabte
Deposits at
Thrift tost 2/

M-1 Bus Time
Deposits at
CocraDerctei
Banks Other Than
Large CD's 3,

M-2 P$us Deposits
at Nonboik Thrift
institutions I/

M-2 ttu* Lape
NegotisMe CD's ^

M-3 Plus Urge
Negotiable CD's*

4.4
5,7
7.3

2.3

y.o

3.5

8,5

4.9

8.1

10.4
10.3

9.2

11.1

12.1

9.5

10.8

10.2

10.5

1978

SEPT.

6, 1978(13 W E £ K S PREVIOUS)

2.2

0.4

6,8

JUNE

7t

1978(26 WEEKS P R E V I O U S )

4.7

2.8

7.9

DEC.

7, 1977(52 WEEKS PREVIOUS)

7.0

4.7

7.9

10.2

9.0
10.0

I/ INCLUDES (!) DEMAND DEPOSITS AT ALL COMMERCIAL BANKS OTHER THA?4 THOSE DUE TO DOMESTIC CCMMERCIAL BANKS AND THE U.S.GOVERNMENT t
LESS CASH ITEMS IN THE PROCESS OF COLLECTION AND F.REFLOAT; (2) FOREIGN DEMAND BALANCES AT F»R.BANKS; AND (3) CURRENCY OUTSIDE
THE TREASURY, F.R.BANKS AND VAULTS Of .ALL CCMMERCIAL BANKS.
2/ INCLUDES Ml, PLUS SAVINGS DEPOSITS AT COMMERCIAL BANKS NOW ACCOUNTS AT BANKS AND THRIFT INSTITUTIONS* CREDIT UNION SHARE DRAFT

ACCouNTSt AND DEMAND DEPOSITS AT MUTUAL SAVINGS BANKS.
3/ INCLUDfcS, IN ADDITION TO CURRENCY AND DEMAND DEPOSITS* SAVINGS DEPOSITS, TiMfc DEPOSITS OPFN ACCOUNT, AND TIME CERTIFICATES OF
DEPOSITS OTHER THAN NEGOTIABLE UHE C E R T I F I C A T E S OF DEPOSIT ISSUED IN DENOMINATIONS OF $100,000 OR MORE 8Y LARGE WEEKLY REPORTING CCMMERCIAL BANKS.
4/ INCLUDES M2 r PLUS THE AVERAGE OF THE BEGINNING AND END OF MONTH DEPOSITS Of MUTUAL SAVINGS BANKS, SAVINGS AND LOAN SHARESf AND
CREDIT UNION SHARES.
5/ INCLUDES M2, PLUS NEGOTIABLE UM£ CfRT I»- !C AFE S OF DfcPOSlT ISSUED IN DENOMINATIONS OF 1-100,000 CR MORE.
6/ INCLUDES M3, PLUS NEGOTIABLE T iMff tc«TCMCA!t$ Of >')£ POSIT ISSUfcO IN tit NOMINATIONS OF tlOO»000 OR MORE.
NOTE: ALL RATES OF CHANGE ARE BASED ON DAILY A V F R A C F D A T A ? RATES OF CHANGE ARE NGT COMPOUNDED.




FEDERAL RESERVE Statistical Retoeee H.t

Tab!* 3

COMPONENTS OF MONEY STOCK MEASURES AND RELATED ITEMS
SEASONALLY AD JUSTED, IN BILLIONS OF DOLLARS
Time and Saving* Depaeita^
Date

Currency

Demand
Deposits

Time Deposits
Savings 3/
CD's^/

Tot*

Other

Mrinh.rtL'
NOnoanK
Thrift
InattfaUkwa^

1977— NOV.
DEC.

87.7
88.6

248.5
249.9

70.9
74.0

249.7
251.5

219.4
219.6

540.1
545.0

561.7
$66.6

1978— JAN.
FEB.
MAR.
APR.

89.4
90.1
90.7
91.2
92.1
92.8
93.3
94.0
95.2
96.0
96,8

252.2
251.7
252.3
257.3
258.5
259.9
260.9
262.8
265.7
266.1
263.8

76.3
79. 4 '
82.0
83.4
87, 1
86.7
87.4
86.3
8ft-. 1
38,2
95.4

253.6
256.4
258.7
260.1
262.6
266.1
271.1
274.3
277.4
281.3
288.1

220.7
220.9
221.0
221.6
222.0
221.7
220.9
222.4
224,2
223.9
221.9

550.6
556.7
561.7
565.2
571.6
574.5
579.4
583.0
589.7
593.6
605.3

570.7
574.0
577.7
581.2
584.7
589.2
594.7
6Q1.6
60% 6
616.9
62^.3

95.7
96.0
95,8

268.5
268.3
263.0

86.4
87,0
89.0

280. 7
281.0
282.6

224.5
224.0
223.7

591.5
592.0
595.3

29 P

96.5
96.4
r 96.6
96.9
97.0

264.6
265.9
r 264.8
262.4
r 261.7

91.8
94.0
95.4
96,3
96.4

284.2
285.7
r 287.1
289.2
289.5

222.9
222.9
r 222.4
221.5
221.1

598.9
602.6
r 604.9
607.0
606.9

6 P

97.2

290.6

220.9

607.5

HAY

JUNE
JULY
AUG.
S£PI.
OCT.
NOV. P
WEEK ENDING:
1978-OCT.

11
18
25

NOV.

1
3
15

22 P

DEC.

263.5

96.1

I/ TIME AND S A V I N G S D E P O S I T S AT AIL C O M M E R C I A L BANKS.

2/ INCLUDES NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUFO IN DENOMINATIONS OF $iootooo OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS.
3/ INCLUDES NOW ACCOUNTS AT COMMERCIAL BANKS.
47 AVERAGE OF BEGINNING AND END OF MONTH DEPOSITS AT MUTUAL SAVINGS 3A.MKS, SAVINGS AND LOAN SHARES* AND CREDIT UNION SHARES.
P - PRELIMINARY; R - REVISED




FEDERAL RESERVE Statistical Reserve H.6

Table 4

COMPONENTS OF MONEY STOCK MEASURES AND RELATED ITEMS
NOT SEASONALLY ADJUSTED, IN BILLIONS OF DOLLARS
Time and Savings Deposit^

Demand Deposits
Currency

Date

1977— Ml) V.
DEC.
1978 — JAN.
FES.
MAR.
APR.
MAY

JUNE
JULY
*UG.

SEPT.
OCT.

NGV.P

Total^

Member

Domestic1/
Nonmember

Time Deposits
CD's47

Savings^

Total

Other

Other
Checkable
Deposits^/

Nonbank
Thrift
Institutional/

U.S.

Gov't.
Demand £/

88.4
90.1

250.0
258. I

171,5
177.5

74.1
76.2

71.6
75.9

246.8
249.0

217.6
217.7

536.0
542,6

2.1
2.1

557.3
562.5

3.5
5.1

88. 7
89.0
89.9
91.0
91.^
92.9
94.1
94.3
95.0
95.8
97.5

258.8
247.0
243.2
259. y
253.3
258.8
262.0
259.9
263.3
265.6
265.4

177.3
169.0
170.0
177.3
172.6
175.7
177.7
176.1
178.2
179.2
178.2

77. C
73.8
74.3
78.5
76.9
79.1
80.3
79.9
SI. 8
82.6
83.5

76.4
76.9
80.2
31.4
84.6
86.3
87.3
88.0
90.3
90.8
96.4

253.4
257.9
260.7
261.8
264.5
266. 5
269.5
274.4
277.5
281.2
284.3

219.7
220.1
222.2
223.9
223.8
223.8
223.1
222.2
222-1
222.0
220.0

549.5
554.9
563.2
567.1
572.9
576.6
579.9
534.6
589.9
594.0
601.1

2.2
2.3
2.3
2.5
2.6
2.6
2.7
2.8
2.8
r 2.8
2.8

568.4
572.1
579.1
584.6
586.7
593.2
599.3
602.1
608.1
613.9
616.7

4.3
4.3
4.8
5.0
4.0
6.2
4.5
3.6
6.2
4.3
8.1

96.6
96.0
95.3

263.3
268.8
260.6

181.1
180.9
175.6

83.4
84. 1
81.4

89.8
89.7
91.1

280.7
2d0.9
232.1

223.0
222.3
221.6

593.5
592.8
594,8

4.2
3.6
3.7

95.3
97.5
r 97.6
97.7
97.3

264.1
268.3
268.0
262.4
r 262.0

178.7
180.9
180.0
175.2
175.6

81,6
83.5
34.5
33.6
82.5

93.3
94.9
96.1
97.1
97.6

232. 7
283.7
r 283.9
285.7
285.6

220.4
220.4
220.4
219.3
219.5

596.4
598.9
r 600.4
602.6
602.8

3,3
6.7
6.2
10.7
r 10.8

269.0

180.5

84.6

97.8

236.6

219.3

603.7

5,7

WEEK ENDING:
1978-OCT.

11
13
25

NOV.

1
8
15
22P
29P

DEC.

6P

98.5

I/ TIME AND SAVINGS DEPOSITS AT ALL COMMERCIAL BANKS.
21 TOTAL DEMAND DEPOSITS INCLUDE, IN ADDITION TO THE MEMBER AND DOMESTIC NONMEMBER DEPOSITS SHOWN, DEPOSITS DUE TC FOREIGN AND
INTERNATIONAL INSTITUTIONS AT F.R.BANKS AND Ml TYPE BALANCES AT AGENCIES AND BRANCHES OF FOREIGN BANKS.
3/ BASED ON MOST RECENT CALL REPORT DATA.
4/ INCLUDES NEGOTIABLE TIME C E R T I F I C A T E S GF DEPOSIT ISSUED IN DENOMINATIONS OF $100,000 OR MORE BY LARGE WEEKLY REPORTING
COMMERCIAL BANKS.
5/ INCLUDES NOW ACCOUNTS AT C O M M E R C I A L BANKS.
6/ INCLUDES NOW ACCOUNTS AT THRIFT INSTITUTIONS, CREDIT UNION SHARE DnAFT ACCOUNTS, AND DEMAND DEPOSITS AT MUTUAL SAVINGS BANKS.
7/ AVERAGE OF BEGINNING AND END OF MONTH DEPOSITS AT MUTUAL SAVINGS BANKS, SAVINGS AND LOAN SHARES, AND CREDIT UNION SHARES.
8/ U.S. GOVERNMENT DEMAND DEPOSITS AT ALL COMMERCIAL BANKS. INCLUDES TREASURY NOTE BALANCES, BEGINNING NOVEMBER 2, 1978.

p - PRELIMINARY; R - REVISED




Attachment to H.6
December 14, 1978
SEASONAL ADJUSTMENT FACTORS FOR THE FIRST HALF 1979
M-l AND RELATED MEASURES

Show below are monthly and weekly seasonal adjustment factors
for the currency, demand deposits, and time and savings deposits components of M-l and M-2 for the first half of 1979. 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.
The seasonal factors shown will be used by the Board in compiling seasonally adjusted M-l and M-2 money stock measures until the annual review
of seasonal factors is completed.




Period
1979—January
February
March
April
May
June

Time Deposits
Other Than CDs
Nonmember
Member
Banks
Banks

Currency

Demand
Deposits

.9920
.9880
.9920
.9980
.9980
1.0010

1.0260
.9810
.9840
1.0100
.9800
.9955

.9990
1.0010
1.0060
1.0080
1.0080
1.0060

.9950
1.0020
1.0080
1.0080
1.0070
1.0030

1.0010
.9690
.9780
.9750
.9720
.9950

Certificates
of Deposit

January

3
10
17
24
31

1.0050
1.0050
.9960
.9850
.9760

1.0760
1.0500
1.0360
1.0080
.9880

.9973
.9978
.9983
.9997
1.0000

.9904
.9928
.9945
.9959
.9970

1.0280
1.0160
1.0010
.9920
.9850

February

7
14
21
28

.9910
.9920
.9895
.9780

.9930
.9860
.9760
.9680

.9986
1.0012
1.0012
1.0036

.9986
1.0015
1.0026
1.0046

.9780
.9710
.9650
.9600

March

7
14
21
28

.9940
.9960
.9920
.9835

.9860
.9910
.9820
.9700

1.0034
1.0059
1.0044
1.0068

1.0064
1.0078
1.0078
1.0091

.9630
.9700
.9810
.9920

April

4
11
18
25

.9930
1.0090
1.0030
.9900

1.0050
1.0160
1.0280
1.0030

1.0094
1.0094
1.0068
1.0064

1.0100
1.0108
1.0076
1.0059

.9950
.9830
.9750
.9640

May

2
9
16
23
30

.9880
1.0060
1.0000
.9950
.9920

.9910
.9810
.9860
.9720
.9740

1.0074
1.0076
1.0076
1.0076
1.0088

1.0046
1.0059
1.0065
1.0073
1.0066

.9610
.9620
.9690
.9760
.9820

June

6
13
20
27

1.0020
1.0075
1.0015
.9920

.9920
.9980
1.0000
.9860

1.0073
1.0082
1.0044
1.0037

1.0059
1.0056
1.0020
1.0000

.9880
.9900
.9920
1.0020

SPECIAL SUPPLEMENTARY TABLE*
Savings Deposits Authorized for Automatic Transfer (ATS)
^.
All Insured Commercial Banks and Mutual Savings Banks in Selected States,—
on Selected Dates

Commercial BanksJL/
Nov. 22
Nov. 29

Amount outstanding
($ millions)
Number of ATS accounts

*
I/

2J

J3/

k]

5/

1720^

240

2005-/-7

Mutual Savings
Banksl'
Uov. 22
Nov. 29

6

281

The survey collecting these data is scheduled to be conducted weekly
through December 1978.
Excluding Massachusetts, New Hampshire, Connecticut, Rhode Island,
Maine and Vermont for both commercial banks and mutual savings banks
and Alaska, Washington and Wisconsin for mutual savings banks.
Estimates for all commercial banks are based on data collected by
the Federal Reserve and the FDIC from a stratified random sample of
351 commercial banks.
Estimates for all mutual savings banks are based on data collected
by the FDIC from a stratified random sample of 73 mutual savings
banks.
Based on judgments of the survey respondents, it is estimated that
roughly 50 to 60 per cent of the balances in ATS accounts represented
funds which had come from demand deposit accounts; this estimate is
subject to a wide range of error.
The standard error associated with this estimate is about $220 million.