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FEDERAL statistical MONEY STOCK MEASURES RESERVE release March 23, 1978 The money stock and related measures have been revised to incorporate the latest benchmark adjustments for nonmember banks and revised seasonal factors. Revised monthly money stock data for 1975-77 and weekly data for 1977 are shown in the attached special tables. Rates of change for recent annual, half year, and quarterly periods for M , M~, and M_ measures derived from quarterly averages are shown in the table below. Monthly and weekly M and M seasonal factors for the first six months of 1978 are shown in the table on the next page. Benchmark adjustments for the M and M measures of the money stock encompass a longer than normal period of time because of statistical problems. The current revision includes corrected data for the universe of nonmember banks for December 1976 as well as such universe figures for March, June and September 1977. Revision in nonmember bank deposit estimates added $400 million to M at the end of 1976, and $1.6 billion by the end of 1977. The benchmarking lowered M about $400 million at the end of 1976 and raised it about $1.4 billion at tne end of 1977. Seasonal revisions smoothed the quarterly and monthly data considerably, reducing bulges in growth of M. that had occurred in April, July, and October of last year and raising growth in adjacent months. (Bulges in April and October had also developed in 1976.) Growth in these months is still quite strong, however, possibly indicating development of a new seasonal pattern not fully captured in the seasonal adjustment procedure. If so, additional data and subsequent review of seasonal factors could further smooth the pattern of growth in these months. The current revision also incorporates new seasonal factors for Revised factors for M go back to 1959, but the changes had little impact on M growth rates. Monthly and weekly data from 1959 to date are available from the Banking Section of the Board's Division of Research and Statistics, MONEY STOCK SEASONAL FACTORS Currency Demand Deposits Time Deposits Member Banks CDs Other Nonmember Banks Monthly ; .9920 .9880 .9920 .9980 .9980 1.0010 1.0260 .9810 .9840 1.0100 .9800 .9955 1.0010 .9690 .9780 .9750 .9720 .9950 .9990 1.0010 1.0060 1.0080 1.0080 1.0060 .9950 1.0020 1.0080 1.0080 1.0070 1.0030 11 18 25 1.0060 1.0040 .9945 .9830 1.0790 1.0480 1.0330 1.0010 1.0270 1.0140 1.0000 .9910 .9973 .9980 .9983 1.0000 .9906 .9932 .9947 .9961 February 1 8 15 22 .9770 .9930 .9905 .9880 .9880 .9910 .9860 .9710 .9840 .977C .9700 .9640 .9996 .9990 1.0012 1.0015 .9973 .9990 1.0015 1.0028 March 1 8 15 22 29 .9790 .9975 .9950 .9910 .9850 .9720 .9850 .9940 .9810 .9720 .9600 .9640 .9710 .982.0 .9930 1.0035 1.0038 1.0060 1.0050 1.0072 1.0045 1.0066 1.0078 1.0078 1.0092 April 5 12 19 26 .9970 1.0080 .9990 .9890 1.0100 1.0170 1.0250 1.0000 .9940 .9820 .9730 .9630 1.0097 1.0092 1.0065 1.0066 1.0102 1.0107 1.0070 1.0058 May 3 10 17 24 31 .9910 1.0060 .9990 .9940 .9940 .9920 .9820 .9860 .9690 .9770 .9610 .9630 .9700 .9760 .9830 1.0074 1.0078 1.0076 1.0078 1.0083 1.0046 1.0060 1.0067 1.0073 1.0064 June 7 14 21 28 1.0050 1.0050 1.0000 .9920 .9930 1.0010 .9990 .9830 .9890 .9900 .9930 1.0050 1.0074 1.0078 1.0042 1.0036 1.0058 1.0050 1.0018 .9998 1978 — January February March April May June Weekly: January 4 COMPARISON OF OLD AND REVISED MONEY STOCK GROWTH RATES (Per cent Annual Rates of Growth) M2 M l Old Revised M 3 Old Revised Old Revised 10. S 12.8 12.8 Based on quarterly average data: Annual: 1976 5.6 5.7 10.9 1977 7.4 7.8 9.6 9.£ 11.6 11.7 6.4 8.2 7.6 7.7 9.7 9.C 10.1 9.C 10.8 11.7 11.3 11.4 4.2 8.4 9.3 6.8 6.9 8.1 8.1 7.2 9.S 9.2 10.3 7.6 10. S 9.0 S.9 8.0 11.3 10.0 12.4 10.8 12.2 10.2 11.9 10.6 Half-year • 1977— I II Quarterly: 1977— I II III IV FEDERAL RESERVE FEDERAL RESERVE Statistical Release H 6 statistical rele a se For Immediate Release Table 1 MONEY STOCK MEASURES M A R . 23* 1978 IN BILLIONS OF DOLLARS *»i Date "2 M4 M5 "i M3Plus Large Negotiable CD's^/ Currency Plus Demand Deposits^ "3 M, R us Time M2Plus M2P!us Currency Deposits at D e p o s i t s at Commercial Plus Large Nonbank Demand Banks Negotiable Thrift Deposits-^/ Other Than CD's*/ Institutions^ Large CD's 2/ M2 *3 M4 M , Plus Time M2Plus M 2 Plus D e p o s i t s at D e p o s i t s at Large Commercial Nonbank Negotiable Banks Thrift O t h e r Than CD's*/ Institutions^ Large CD's^ M5 M3Plus Large Negotiable CD's^ Not Seasonally Adjusted Seasonally Adjusted 1*77~F§B. MAR. APR* MAY JUNE JULY AUG. SORT. OCT. NOV. DEC. 316.3 318.3 322.0 322.4 324.3 327.5 329.2 331.6 334.6 334.7 336.7 752.1 758.1 764.9 768.4 774.2 782.9 787.9 793.8 800.2 803.8 807.6 125V. 7 1270.6 1282.2 1290.9 1302.0 1317.2 1330.0 1343.5 1356.7 1365.5 1374.1 815. 820. 826. 831. 837. 845. 851. 857. 866. 874. 881.6 1323.0 1332.8 1343.8 1353.8 1365.3 1380.0 1393.2 1978— JAN. FEB. 339.4 339.1 813.6 816.6 1384.1 1390.5 889.9 896.1 4 il 18 25 339.1 338.7 339.5 339.8 811.8 812.4 814.0 814.6 FEB. 1 8 15 22 339.2 339.4 336.9 339.4 MAR. 1 8 P 15 P 339.3 339.2 338.6 1407.4 1423.0 1436.4 1448.1 310.9 313.9 324.1 317.4 323.3 329.1 326.9 329.8 334.0 336.6 346.4 747.2 756.6 770.6 766.9 775.5 785.2 785.5 790.0 7*7. f> 801.2 813.0 1253.3 1270.5 1291.0 1291.2 1306.9 1323.5 1328.0 1336.4 1351.7 1358.5 1375.5 808.5 617.5 830.7 626.0 636.5 648.0 049.9 855.4 865.6 672.8 686.9 1314.6 1331.3 1351.1 1352.3 1369.9 1386.3 1392.4 1403.8 1420.0 1430.1 1451.4 1460.4 1469.9 345.2 333.3 818.3 811.5 1386.5 1363.5 694. t> 868.3 1462.9 1460.4 887.1 888.0 690.0 891.3 359.4 351.0 347.3 338.5 629.7 623.0 620.4 812.7 907.0 899.6 896.3 688.7 814.5 816.4 816.1 817.5 892.2 894.9 895.1 897.2 334.2 336.6 334.5 331.1 806.9 613.0 612. H 610.1 885.3 689.7 689.0 687.0 817.5 818.5 816.3 898.4 900.4 900.5 330.5 335.2 336.7 610.5 816.9 619.6 888.1 695.8 899.4 MEEK ENDINGS 1978- JAN. I/ INCLUDES (1) OEMA MO DEPOSITS AT ALL COMMERCIAL BANKS OTHER THAN THOSE DUE TO DOMESTIC COMMERCIAL BANKS ANC THE U.S.(!»OVERNMENT , LESS CASH ITEMS IN THE PROCESS OF C O L L E C T I O N AND F.R.FLOAT; (2) F O R E I G N DEMAND B A L A N C E S AT F.R.BANKS; AND 13) 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 C U R R E N C Y AND DfcMANO DEPOSITS, SAVINGS DEPOSITS, T I M E D E P O S I T S OPEN ACCOUNT, AND T I M E C E R T I F I C A T E S OF DEPOSITS OTHER THAN N E G O T I A B L E T I M E C E R T I F I C A T E S OF D E P O S I T ISSUED IN D E N O M I N A T I O N S OF 1100,000 OR MORE B Y LARGE W E E K L Y REPORTING COMMERCIAL BANKS. 3/ INCLUDES M2, PLUS THE A V E R A G E OF THE BEGINNING AND END OF MONTH D E P O S I T S OF M U T U A L S A V I N G S B A N K , S A V I N G S AND LOAN SHAKES, AND CREDIT UNION SHARES. 4/ INCLUDES M2 V PLUS N E G O T I A B L E TIME C E R T I F I C A T E S OF DEPOSIT ISSUED IN D E N O M I N A T I O N S OF t100,000 OR M O R E . 5/ INCLUDES M3, PLUS N E G O T I A B L E T I M E C E R T I F I C A T E S OF D E P O S I T ISSUED IN D E N O M I N A T I O N S OF $100,000 OR MORE. P - PRELIMINARY FEDERAL RESERVE Statistical Ralaa$e H.6 Table 2 MONEY STOCK MEASURES PER CENT CHANGE AT SEASONALLY ADJUSTED A N N U A L RATES M1 Mi Plus Time Deposits at Currency Plus Commercial Demand Deposits-!/ Banks Other Than Large CD's-*' DATE EB. FROMt 0V. 1977 «3 M 3 Plus Larga Negotiable CD's* 9.8 ••3 6.4 7.3 6.0 7.3 9.1 7.2 a.6 1977 16 MONTHS PREVIOUS) 1977 (12 MONTHS PREVIOUS) OUR WEEKS ENDINGS MAR. 15* FROM FOUR WEEKS END ING I M, M2 Plus Large Negotiable CD's V 5.3 Eft. M4 Ma Plus Deposits at Nonbank Thrift Institutions!/ (3 MONTHS PREVIOUS! tUG. €C. M2 10.4 10.6 11.0 9.9 11.1 1976 14* 1977(13 WEEKS PREVIOUS) 4.4 6.2 EPT. 14, 1977(26 WEEKS PREVIOUS! 5.2 6. a AR« 6. a 8.3 16, 1977(52 WEEKS PREVIOUS! 9.5 10.4 9.9 / INCLUDES (1) PIMANO DEPOSITS AT ALL COIMERCIAL 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.FLOATS (2! FOREIGN DEMAND BALANCES AT F.R.BANKSt AND (3! CURRENCY OUTSIDE THE TEASURYt P.R.BANKS AND VAULTS OF ALL COMMERCIAL BANKS. 2/ INCLUDESt 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 REPOTT ING COMMERCIAL iANKS. »«*••* ncrtmi 3/ INCLUDES M2* PLUS THE AVERAGE OF THE BEGINNING AND END OF MONTH DEPOSITS OF MUTUAL SAVINGS BANKS* SAVINGS AND LOAN SHARES* AND CREDIT UNION SHARES. 4/ INCLUDES M2* PLUS NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF $100*000 OR MORE. 5/ INCLUDES M3* PLUS NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF $100*000 OR MOAE. NOTES ALL RATES OF CHANGE ARE BASED ON DAILY AVERAGE DATAt RATES OF CHANGE ARE NDT 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^ 1977 — FEB. MAR. APR. Other Total Nonbank Thrift Institutions^ 81.9 82.4 83.1 83.8 84.2 85.1 85.5 86.3 87.1 87.7 88.5 234.4 235.9 238.9 236.6 240.1 242.3 243.7 245.3 247.5 247.0 248.2 63.3 62.2 61.6 62.9 63.3 62.8 63.2 63.8 66.4 70.9 74.0 435.8 439.8 442.9 446.0 449.9 455.5 456.7 462.1 465.5 469.1 470.9 499.0 502.0 504.5 508.9 513.2 518.3 521.9 525.9 531.9 540.0 544.9 507.6 512.5 517.3 522.4 527.8 534.3 542.1 549.8 556.5 561.7 566.5 89.3 90.0 250.1 249-1 76.3 79.4 474.2 477.6 550.5 557.0 570.5 573.8 4 11 18 25 88.9 69.1 89.3 89.4 250.2 249.6 250.3 250.4 75.3 75.5 76.0 76.7 472.7 473.7 474.5 474.8 548.0 549.3 550.5 551.5 1 8 15 22 89.6 89.9 90.0 90.2 249.6 249.5 248.9 249.3 77.6 78.5 79.0 79.7 475.3 477.0 477.2 478.1 553.0 555.4 556.2 557.8 1 8 P 15 P 90.1 90.3 90.5 249.2 248.9 248.1 80.9 81.8 82.2 478.2 479.3 479.7 559.0 561.2 561.9 MAY JUNE JULY AUG. SEPT. OCT. NOV. DEC. 1978 — JAN. FEB. WEEK ENDING: 1978-JAN. FEB. MAR. I/ INCLUDES N E G O T I A B L E TIME C E R T I F I C A T E S OF DEPOSIT ISSUED IN DENOMINATIONS OF $100,000 OR MORE BY L A R G E W E E K L Y REPORTING C O M M E R C I A L BANKS. 2/ A V E R A G E OF BEGINNING AND END OF MONTH DEPOSITS AT M U T U A L SAVINGS BANKS, S A V I N G S AND LOAN SHARES, AND CREDIT UNION SHARES. P - PRELIMINARY; 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 1977 — FEB. MAR. APR. Currency Total 17 Member Time and Savings Deposit Domestic Nonmember2f CD's^/ Other Total Nonbank Thrift Institutions4/ U.S. Gov't. Demand-^/ 81.7 82.9 83.5 84.3 85.8 85.9 86.2 86.9 88.4 90.0 230.0 232.2 241.3 233*8 239.0 243.3 241.0 243.6 247.0 248.4 256.4 161.0 162.0 167.6 161.7 165.1 167.7 166.3 167.5 170.0 170.3 176.3 65.5 66.6 70.0 68.4 70.2 71.4 70.8 71.8 72.7 73.8 75.8 60.6 60.1 61.2 63.0 62.8 64.5 65.4 68.3 71.6 75.9 436.3 442.8 446.5 449.5 452.2 456.1 458.6 460.2 463.5 464.4 466.6 497.6 503.6 506.5 510.7 515.2 518.8 523.0 525.7 531.8 536.0 542.5 506.0 513.8 520.4 524.3 531.4 538.3 542.5 548.4 554.2 557.3 562.5 4.2 4.3 5.4 3.6 5.0 3.6 3.4 5.0 3.7 3.5 5.1 68.6 89.0 256.6 244.3 175.9 167.4 76.3 72.8 76.4 76.9 473.0 478.3 549.4 555.2 566.2 571.9 4.2 4.2 4 11 18 25 89.5 89.5 88.8 87*9 269.9 261.6 258.5 250.6 186.9 178.6 176.8 171.7 78.4 78.5 77.1 74.5 77.3 76.6 76.0 76.0 470.3 472.0 473.1 474.2 547.6 548.5 549.0 550.2 6.5 4.0 4.0 4.1 1 8 15 87.6 89.3 89.1 89.1 246.6 247.3 245.4 242.0 169.4 169.8 167.6 165.4 73.3 73.5 73.5 72.4 76.4 76.7 76.6 76.8 474.7 476.5 477.8 479.0 551.1 553.2 554.5 555.8 3.7 4.5 3.4 4.2 80.9 MAY JUNE JULY AUG. SEPT. OCT. NOV. DEC. 1978 — JAN. FEB. 61.3 WEEK ENDING: 1978-JAN. FEB, 22 557.7 77.6 71.9 166.3 480.0 242.2 88.2 1 78.9 167.7 481.7 245.2 560.6 73.3 90.0 8 P 79.8 482.9 169.1 73.5 246.6 90.1 15 P 562.7 I/ TOTAL DEPOSITS INCLUDEt IN ADDITION TO 1FHE MEMBER AM) DOMESTIC NONMEMBER DEPOSITS SHOWN, DEPOSITS DUE TO FOREIGN AND MAR. 4.8 3.9 4.2 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/ AVERAGE OF BEGINNING AND END OF MONTH DEPOSITS AT MUTUAL SAVINGS BANKS, SAVINGS AND LOAN SHARESt AND CREDIT UNION SHARES. 5/ U.S.GOVERNMENT DEMAND DEPOSITS AT ALL COMMERCIAL BANKS. P - PRB.IMINARY; TABLE 1 MONEY STOCK MEASURES BILLIONS OF DOLLARS P^y!.?CJe*sJ! J Ml_ ._i 664.1 CDS 706.6 711.1 714.1 714.5 719.6 726.2 727.7 729.3 733.4 736. 6 744.0 745.4 CPS 1078.6 lGt56.9 10V4.9 11U0.8 1111 .6 1124.2 1131.7 1136.7 1147.5 ll^t .4 llt>7.4 1173.2 297.9 299.3 301.5 303.3 303.5 304.1 305. 6 306.8 310.1 310,6 312.6 67C.6 679.3 663.9 690.3 695.7 698.6 703. 8 709.7 716.2 725.4 732.0 73S-.6 1103.6 1118.1 1126.0 1139.9 1150.4 1157.6 1167. V 1180.2 1193.4 1*C9.5 1222.2 1235.6 749.2 7f 4.6 757.3 761.5 765.0 766.1 772.8 774.7 779.9 787.8 794.3 602.3 1182.2 1193.5 1201.4 1211 .0 1219.7 1227.0 1236.9 1245.2 1257.1 1271.6 1284.5 12V6.3 301.0 292.9 295.3 303.5 298.6 302.6 305.4 303.6 305.0 309.5 312.6 321.7 675.0 674.8 682.5 695.5 694.1 699.7 705.7 707.3 712.8 723.0 729.8 744.8 1106.5 1112.3 1127.8 1147.6 1150.4 1161.8 1173.3 1178.2 1188.8 1205.1 1216.2 1237.5 753.5 747. b 754.2 764.9 761.4 766.8 774.6 773.6 776.0 767.2 792.6 609.1 1184.9 1185.4 1199.6 1217.2 1217.6 1230.9 1242.2 1244.5 1254.1 1269.3 1279.1 1301.8 314.9 316.3 318.3 322.0 322. A 324.3 327.5 329.2 331.6 334.6 334.7 336.7 746.4 752.1 75b.l 764.9 768.4 774.2 762.9 787.9 793.8 800.2 803.8 807.6 1248.6 1259.7 1270.6 12&2.2 1290.9 1302.0 1317.2 1330.0 1343.5 1356.7 1365.5 1374.1 809.5 815.3 620.3 826.5 831.3 637.5 845.1 851.1 857.6 666.5 874.6 681.6 1311.7 1323.0 1332.8 1343.8 1353.8 1365.3 1380.0 1393.2 1407.4 1423.0 1436.4 144B.1 320.3 750.6 747.2 75t>.6 770.6 766.9 775.5 785.2 785.5 790.0 797.5 801.2 813.0 1251.2 1253.3 1270.5 1291.0 1291.2 1306.9 1323.5 1328.0 1338.4 1351.7 1358.5 1375.5 614.0 608.5 817.5 630.7 828.0 838.5 648.0 849.9 855.4 865.8 872.8 688.9 1314.3 1314.6 1331.3 1351.1 1352.3 1369.9 1386.3 1392.4 1403.8 1420.0 1430.1 1451.4 282.6 282.8 285.0 ^84.? 287,6 291.2 291.1 292. A 293.4 292.9 295.4 294.5 1976.. JAN. ..FEB. . » MAK. ..APR, ..MAY ..JUNE ..JULY ..AUG. ..SEP. ..OCT. ..NOV. ..DEC. 295. v » .MAR . ..APR. ..MAY ..JUNt ..JULY ..AUG. ..SEP. ..OCT. ..NOV. ..DEC. L ^5 J L M4 M3_ M2 M3 PLUS M2 PLUS M2 PLUS Ml PLUS LARGE DEPOSITS LARGE T I K E OTHER THAN LARGE AT NONBANK NEGOTIABLE NEGOTIABLE THRIFT INT CDS CD£ L LJ& 711.4 990.2 1082.1 619.5 1079.5 704.3 990.3 615.1 1004.9 1093.0 710. a 622.7 716.9 1019.9 1105.7 631.1 1025.6 1109.7 716.0 631.9 1126.7 725.8 1044.4 643.5 1136.1 729.1 1054.8 647.8 726.4 1136.0 1056.9 647.2 1145.2 732.2 1062.5 649.5 1153.8 736.9 1070.1 653.2 1163.2 743.0 1080.3 660.2 1177.7 752.8 1094.3 669.3 986.6 99^.9 1004.8 1012.7 1025.9 1040.6 1050.3 1059.2 1066.9 1074.1 1085.4 1091.8 «.LURK£M^_ 1975. .JAN. *.F£B« • • M/1 K • ..APR. ..MAY ..JUNE ..JULY ..AUG. ..SEP. ..OCT. ..NOV. ..DEC. . .FEB. M3_ M4. tt£ Mi PLUS M2 PLUS M3 PLUS M2 PLUS TIME OTHER LARGE LARGE DEPOSITS THAN LARGE AT NGNbANK NEGOTIABLE NEGOTIABLE Ml DEMAND DEPOSITS PLUS CURRENCY 287.6 278.4 281.3 286.5 282.9 290.3 292.1 290.0 291.7 292.3 297.4 303.2 DEMAND DEPOSITS PLUS 1977. .JAN. CLK. b2_ CL£ 614. 7 6x9.0 b±<. .0 0*6.5 634.0 642.6 646.4 649.8 652.7 655.4 662.0 THRIFT INT 310. V 313.9 324.1 317.4 .523. 3 329.1 326.9 329.8 334.0 336.6 346.4 1 TAbLE 2 COMPONENTS OF MDNtY STUCK MEASURES AND RELATED ITEMS SEASONALLY ADJUSTED. BILLIONS QF DOLLARS DATE JL 1975. .JAN. ..FLb. ..MAR. ..APR. ..MAY ..JUNE ..JULY . . AUb. ..SEP. ..OCT. ..NOV. ..DEC. 1976.. JAN. ..FE6. ..MAR* .*APR. ..MAY c.JUNE ..JULY .* AUG. ..SF P . ..DCT, ..NOV. ..DEC. 1977.,. IAN. ..FEB. ..MAR* ..APR. ..MAY ..JUNE ..JULY ..AUG. ..SEP. ..OC1. ..NOV. ..DEC. TIME DEMAND DEPOSITS CURRENCY JL J AND SAVINGS D E P O S I T S OTHER 332.1 336.2 339.1 341.8 346.3 351.4 355.3 357.4 359.2 362.4 366.5 369.6 TOTAL 423.9 428.3 429.1 429.8 432.0 435.0 436.6 436.9 439.9 443.7 446.6 450.9 NON6ANK THRIFT 1NST. 372.1 375.9 360.8 386.2 392.0 398.0 404.0 409.4 414.2 418.8 423.4 427.8 78.4 75.4 73.4 71.2 69-3 69.5 66*9 65oO 63.7 62*3 62.2 62*7 374.9 381.3 384.6 388. S 302.4 395.1 399,7 403.9 409.4 415.3 421.5 427*0 453.3 456.7 457.9 460.0 46K7 464*6 468.6 468,9 473.1 477,6 483.7 4*9.7 433.0 438.8 444.1 449.5 454.7 458.9 464 * I 470.5 477.2 484*1 490.2 496,0 63.1 63.3 62.2 61 .6 62.9 63.3 62.8 63.2 63.8 66.4 70.9 74. G 431.5 435.8 439. tt 442.9 446.0 449.9 455.5 458.7 462.1 465.5 469.1 470.9 494.6 499.0 502.0 504.5 508.9 513.2 518.3 521.9 525.9 531.9 540.0 544.9 502.2 507.6 512.5 517.3 522.4 527.8 534.3 542.1 549.8 556.5 561.7 566.5 66. 4 66.7 69.4 69.3 70.2 71.1 71.2 71.9 72.0 72.6 73.3 73.7 214.3 214.1 215.5 2 15.4 217.4 220.1 219.8 220.5 221.4 220.3 222.1 220.8 CDS 91.8 92.1 90.0 88.0 85.6 83.6 61.4 79.5 60.7 81.3 o2.0 61. 3 74.4 75.0 75. ft 76.5 77.7 76.1 78.6 79.1 79.6 80.2 80.7 221.5 222.9 2?3.6 225.0 226.0 225.9 226.0 ?27.2 227.6 230.3 230,4 2-U.9 61.3 61 .9 62.4 63.1 83.8 64.2 85.1 85.5 66.3 87.1 87.7 86,5 233.6 ?34.4 235,9 238.9 238.6 240.1 242.3 243.7 ?45.3 247.5 247.0 248.2 77.4 [ TABLE 3 COMPONENTS UP HONEY STOCK MEASURES AND RELATED ITEMS LtF DLLLARS TAPE i, SAVINGS DEPOSITS DEMAND DEPOSITS DATE CURRENCY _ J 1975. .JAN. ..FEB. ..MAR. ..APR. ..MAY ..JUNE .•JULY ,,AUG. *.SfcP. ..COT. ..NOV. ..DEC. 67.6 67.8 68.8 69.1 70.0 71.2 71.9 72.1 71.9 72.5 73.9 75.1 L_ JfilAL219.8 210.6 212.5 217.4 212.9 219.1 220.3 217.6 219.9 219.9 223.5 226.1 1976. .JAN* ..FFK. ..MAR* ..APR. ..MAY .•JUNE ..JULY ..AUG* ..SEP* ..UCT. ..NOV. 73.7 74.1 75.1 76.3 77.1 77.8 78.7 78.9 79.0 79.6 80.8 62.1 227,3 £1B.9 2?0*2 227.2 221.5 224.8 226.7 22*. 7 226.0 229.9 231.8 239.5 162.0 i55.6 156.9 161.6 157.2 159.2 160.1 158.4 15h.9 161.7 162.5 168.5 80.7 80.9 81.7 82.9 83.5 84.3 65.8 65.9 86.2 86.9 68.4 90.0 239.7 230.O 232.2 241.3 233.8 239.0 243.3 2*1.0 243.6 247.0 248.4 256.4 168.1 161.0 162.0 167.6 161.7 165*1 167.7 166.3 167.5 170.0 170.3 176.3 ..oec. 1977.. JAN. ..FE6. • .MAR . ..APR. ..MAY ..JUNE ..JULY .,AUG. ..SEP. ..GCU ..NOV. ..DEC. J | DOMESTIC MEMBER JNON-MEMBfcR 56.2 158.2 55.7 151.7 56.0 153.3 57.4 156.9 153.4 56.6 58.9 157.2 157.9 59.4 155. fa 59.0 157.0 59.7 156.6 60.3 61.4 159.0 162.1 62.6 tb§ **0.* ***.5 **5.6 **9.6 L NGNttANK THRIFT 1NST. 370.8 375.2 362.2 386.6 393.6 4G0.8 *07.0 *09.7 413.0 *17.0 420.1 *2*.9 361.9 387. 2 392.0 395.5 397.1 4G0.2 403.7 407. d 413.5 417.2 423.1 *52o5 *5*.9 458.9 *6l.* *62.8 466.3 *69.1 *70.0 *73.0 *77.6 480.1 *87.* 431.4 *3f.5 *45.3 452.3 456.3 462.1 *67.6 470.9 476.0 462.2 466.4 *92.7 3*3 4.5 3.9 3.9 3.8 4.6 3.5 3*7 5.0 4*0 4.1 430.5 436.3 4*2.8 446.5 449.5 452.2 456.1 458.6 460.2 *63.5 46*.* *66.6 493.6 *97.6 503.6 506.5 510.7 515.2 518.8 523.0 525.7 531.8 536.0 5*2.5 5>00. 3 506.0 513.8 520.* 52*. 3 531.* 536.3 5*2.5 5*8.* 55*. 2 557.3 562.5 3.9 4.2 4.3 5.4 3.6 5.0 3.6 3.4 5.0 3.7 3.5 5.1 91.9 89.2 68.1 85.8 8*.l 62.3 81.3 61.1 82.7 83.7 62.9 63.5 DTHfK 331.9 336.7 341.4 3*4.6 349.1 353.2 355.7 357.3 357.7 360.6 362.8 366.2 6<?.l 59** 60.3 62.4 61.1 62.5 63.1 62.9 6*.0 65.0 66.0 67.5 76.5 73,0 71.8 69.* 67.* 69.1 68.9 66.3 65.3 6*. 2 62*9 64.3 66.0 65.5 66.6 70.0 68.4 70.2 71.4 70.6 71.6 72.7 73.8 75.8 63.1 61.3 60.8 60.1 61.2 63.0 62.6 64.5 65.4 66.3 71.6 75.9 v?*.o TQT A l r *23.8 425.9 *29.* *30.* *33.2 *35.5 436.9 *36.* , 1 U.S. GDVTI DEMAtyp 1 4.0 3.3 3.8 *.o 4.1 4.2 3.4 2.7 3u9 3*4 3.5 4.1 *.* TABLE 4 MONEY STOCK M E A S U R E S , COMPONENTS, A N D R E L A T E D I T E M S SEASONALLY J DATE L 1977 JAN... $ ..12 ..19 ..26 FEb... 2 .. 9 ..16 ..23 MAR... 2 . •9 ..16 ..23 ..30 APR... 6 ..13 ..20 ..27 MAY .. 4 ..11 ..16 ..25 JUNE.. 1 .. 6 ..15 ..22 ..29 JULY.. 6 • •13 ..20 ..27 AUG..* 3 ..10 ..17 ..24 ..31 $£>... 7 ..14 ..21 ..28 OCT... ft ..12 ..19 ..26 NOV... 2 .. 9 ..16 ..23 ..$0 OfcC.,* 7 ..IV ..21 ..iB M4 1 1 M2 M2 PLUS I Ml PLUS CURRENCY LARGE IT1ML OTHEK IThAN LARGt NEbOTlAbLfc I JLQJi— . L ti/RB£ttLU CDS 744.1 61.1 607.7 314.3 o I .3 60V. 6 746.6 315.5 di.4 609.4 746.7 315.1 61.6 746.1 611. w 315.5 31.7 746. fc 611.6 315.6 61.6 750.6 814.0 316.0 81.9 815.7 752.0 316.5 oZ.O 316.3 753.2 316.6 817.1 82.1 754.3 317.2 62.3 616.6 7S6.2 317.8 82.4 81^.8 7*>7.o 318.2 "2.5 821.0 759.2 318.5 62.7 821.3 759.4 318.3 63.2 825.3 7t>3.5 321.3 tt2.9 0*6.6 765.0 322.1 826.4 764.9 83.1 321.6 627.6 83.2 165.9 322.4 827.8 83.4 766.0 322.3 767.5 630.0 63.6 322.2 766.6 631.6 63.7 322.3 633.2 769.8 323.0 63. b 770.9 bj<».2 323.1 t>4.0 772.6 835.6 323.7 64.1 773.1 636.6 64.3 323.7 775.2 638.6 324.6 84. H 839.3 776.1 324.8 64.7 779.9 842.9 326.7 65.1 761.3 844.2 326.6 64.8 763.6 846.5 327.9 64.9 785.2 326.4 847.6 05.* 849.1 766.0 316.6 65.3 786.5 328.5 849.7 fa 5 . <* - 767.3 3*6.6 850.4 85.6 329.0 786.4 851.6 85.7 790.7 654.0 85.6 330. f> 792.2 66.1 331.0 655.8 793.5 331.6 857.2 6o.2 794.4 66.4 856.2 332.1 795.4 86.6 332.3 659.2 797.9 66.7 > 333.6 862.7 799.9 334.9 865.2 87.0 800.4 335.0 666.5 87.1 801.2 334.8 868.6 87.2 801.4 869.9 87.4 334.3 802.4 334.4 671.9 87.6 803.6 874.2 334.7 67.7 334.5 804.4 876.1 67.8 8C4.5 876.8 334.6 87.8 8O6.6 679.3 336.1 68.3 807.0 680.6 336*5 88.4 807.1 336*> 66.5 681.6 682. * 8G7.'V 336.7 08.7 Ml DEMANL DEPOSITS PLUS TIME AfMD SAVINGS DEPOSITS DEMAND DEPOSITS ; - 233.2 234.1 233.6 233.8 233.9 234.2 <!34.6 234.6 235.1 *35.5 235.8 236.0 235.6 238.1 239.2 238.7 239.2 236.9 236.6 238.5 239.1 239.1 239.0 239.4 240.2 240.2 241.6 241.6 243.0 243.2 i43.5 *43.0 243^0 243.3 244.7 244.8 245.4 2*5.7 ^45.8 246.9 247.9 247.9 247.6 246.9 246.8 247.0 246.7 246.7 247.9 246.1 246.1 248.0 CDS CTHER TOTAL 63.6 429.6 431.1 431.6 432.6 433.2 434.6 435.5 436.6 437.2 436.4 439.4 440.7 <t41.0 442.2 442.9 443.1 443.5 443.7 445.3 446.3 446.9 447.6 448.9 449.5 450.6 451.3 453.2 454.7 455.7 456.6 457.2 456.0 456.7 459.4 460.2 461.2 461.V 462.2 463.1 464.3 465.0 465.4 466.4 467.1 467.9 466.9 469.8 470.0 470.5 470.5 470.4 471.1 493.4 494.2 494.4 495.6 496.2 498.1 499.2 499.7 500.0 501.0 501.6 502.5 503.0 504.0 504.5 504.5 505.1 505.5 507.6 509.4 510.2 511.1 512.2 512.9 513.9 514.5 516.2 517.6 518.4 t>19.4 520.3 521.2 521.8 522.7 523,5 524.8 525.6 526.0 526.9 529*1 530.2 *531.5 533.8 535.6 537.5 539.5 541.6 542.3 543.1 544.2 545.0. 545.6 63.1 62.7 63. O 63.0 63.5 63.7 63.1 62.6 62 .6 o2.2 61.6 62.0 61.8 61.5 61.4 61.6 61.9 62.5 63.1 63.3 63.3 63.2 63.4 63.3 63. <> 63.0 62.6 62.8 o2.6 63.1 63.2 63.1 63.3 63.4 63.6 - 63.7 63.8 63.9 64.8 65.2 66.1 67.4 68.5 69.5 70.6 71.8 72.3 72.7 73.7 74.6 74.5 4 . 1 TAbLE 5 M O N E Y STOCK M E A S U R E S , C O M P O N E N T S , A N D R E L A T E D I T E M S NOT S h A ^ P N A L L Y ADJUSTIQj fcjLLILftf* OF DOLLARS 1, 1977 JAN... 5 ..12 ..19 ..26 FEB... 2 .. 9 ..16 ..23 MAR... 2 .. 9 ..16 ..23 . .30 APR... 6 ..13 ..20 ..27 MAY .. 4 ..11 ..18 ..25 JUNE.. 1 .. 8 ..15 ..22 ..29 JULY.. 6 ..13 . .20 ..27 AUG... 3 ..10 ..17 ..24 ..31 SEP... 7 ..14 ..21 ..28 OCT... 5 ..12 ..19 ..26 NOV... 2 .. 9 ..16 ..23 ..30 DEC... 7 ..14 ..21 . .28 m J Mi J | D E M A N D I Ml PLUS |DEPOSlTS|TlMfc DEPJ I PLUS 1 EXCL. | ItURRtNCYlLARGE CDl 759.6 331.9 756.5 326.9 321.7 752.2 743.9 311.6 743.9 311.4 312.8 74 / . o 746.9 312.8 745.6 308.0 746.6 309.9 754.7 314.0 759.3 316.8 756.2 312.6 755.6 310.8 770.6 324.0 774.9 327.7 326.4 772.3 766.9 320.6 766.1 319.5 766.7 31*. 1 766.1 318.6 765.0 314.6 317.5 766.8 774.8 322.7 324.9 777.1 775.9 323.8 320.7 773.0 785.3 331.0 330.3 766.0 7b7.5 331.5 325.1 782.3 7b6.4 329.0 786.4 328.2 766.6 328.1 323.4 7b2.2 765.4 326.0 330.5 790.8 794.5 334.2 789.9 330.5 323.9 764.5 334.3 796.6 335.9 799.7 334.9 798.5 331.3 795.2 333.5 7<#6.6 337.5 801.4 339.6 803.6 799.1 334.0 335.9 600.8 808.7 343.0 344.7 810.6 812.5 346.8 813.9 346.7 Mft 1 1 P£flAfr£L-PEPSCU£ M2 PLUS 1 L A R G t | C U R R b N C Y | T01 AL NEG07. CD I 81 .6 824.6 250.2 81.6 2:45 .4 620.2 80.9 61t.8 240.9 60.1 606.3 231.7 79.9 805.9 231.6 fc 1.5 <:31.4 609.5 61.0 231 .0 610.6 OU.9 606. <* 227.1 bO.5 608.9 22S. ** 231.7 82.3 815.2 6^.0 234.6 619.8 6 1.7 617.0 *31.1 81.3 £29.5 617.2 63.3 632.1 240.7 b3.5 635.2 244. 2 62.7 632.0 c43.7 62.1 626. 2 236.5 62.8 825.6 236.7 626.9 64.0 ^34.1 629.4 t>3.6 235. J 627. 0 231.5 63.1 63i.l 63.7 233. 8 84.7 837.4 236.0 84.5 639.9 240.4 64.3 239. t> 838.8 63.9 836.7 236.6 646.4 66.5 244.5 646.4 O6. 0 244.3 849.9 245. V 65.6 85.1 845.0 240.1 65.5 649.9 243.5 86.9 850.5 241.3 66.3 fc51.0 241.6 646.9 237.7 85.7 650.4 65.0 241.0 243.4 67.2 055.6 247.9 659.3 86.4 655.0 244. f 66.0 b5.3 650.8 23o.6 247. t 86.5 864.2 067.4 87.7 246.2 87.1 866.6 247.9 864.1 66.4 244.9 666. c 246.9 86.6 88.7 246.8 871.5 674.7 88.6 251.0 671.5 245.5 86.5 874.1 247.7 bb.2 69.7 862.6 253.3 89.9 886.1 254.0 66V. 0 SU.2 25o.6 </ 0 . 8 891.2 <:b6.u MEMBER 176.7 172.0 lod.6 162.2 162.7 lc.1 9 162.6 136.8 160.4 161.4 164.2 161.2 160.1 167.7 169.3 168.9 165.9 164.4 161.4 162.5 160.3 161.9 164.0 165.7 165.5 163.9 I6b.b 167.4 169.7 165.8 166.4 166.0 166.7 163.7 167.0 167.1 170. G 168.1 164.4 171.6 170.2 169.9 169.1 110.1 170.7 171.5 167.9 170.3 174.2 175.0 17fc.3 175.7 l_Ilfl£^^^^ifr£.S-J)££QSiTS I iDOMtSTICI NONMEMBER 1 69.7 69.8 66.7 66.1 65.5 66.0 65.7 64.9 65.5 66.8 67.1 66.3 65.7 69.0 71.4 71.2 69.1 68.5 69. 1 66.7 67.5 66. 1 70.3 70.9 70.3 69.1 71.6 7^.6 71.9 70.0 70. 7 71.4 71.4 70. & 69.9 71.9 73.5 72.2 70.1 71.8 73.6 73. b 71.5 72.6 73.8 75.0 73.5 73.1 74.6 75.6 76.0 75.8 CD 65.3 63.7 62 .7 62.3 61.9 61.9 61.7 60.8 60.3 60.5 60.5 60.8 61.6 61.4 60.4 59.6 59.3 59.4 60.3 61.2 62 .0 62.3 62.6 62.6 62.9 63.7 63.1 62.4 62.4 62.7 63.5 6t.l 64.4 64.7 65.0 64.9 64.8 65.1 66.3 67.6 67.7 66.1 66.9 69. D 70.1 71.1 72.5 73.3 74.0 75.2 76.5 77.4 OTHER 427.7 42 c /.6 430.4 432.1 432.5 434.7 436.1 437.6 438.7 440.7 442.4 443.4 444.8 446.8 447.1 445.9 446.3 446.6 448.5 449.5 450.4 451.2 452.1 452.2 452.0 452.3 454.3 455.7 456.0 457.2 457.4 458.2 45d.5 458.8 459.4 460.2 460.3 459.5 46O.5 462.3 463.8 463.5 463.9 463.2 463.8 464.1 465.1 464.9 465.7 466.2 465.7 467.1 TOTAL 493. 0 493.3 493.1 494.5 494.5 496.7 497.8 498.4 499.0 501.2 503.0 504.2 506.4 506.2 i>07.5 505.5 505.6 506.0 508.8 510.8 312.4 513.5 514.7 315.0 515.0 516.0 517.4 518.1 518.4 519.9 520.9 522.3 522.9 523.5 524.4 525.1 525.1 524.5 526.9 529.9 531.5 531.7 532.6 532.7 533.9 535.1 537.5 536.2 539.6 541.4 542.2 544.5 US G O V T DEMAND 3.3 3.9 4.0 4.4 3.5 3.9 3.6 5.0 4.1 3.5 5.5 5.3 3.6 3.5 2.9 6.5 5.5 6.9 3.3 3.2 3.0 2.9 3.8 4.7 7.b 4.3 3.3 3.3 4.0 3.b 3.9 3.0 3.0 4.2 3.0 3.1 2.9 6.2 5.4 5.2 3.3 3.7 3.6 3.2 3.3 3.0 4.2 3.7 2.9 *.7 8.5 5.3
@FedFRASER