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REVISION Revision - See Federal Reserve Bulletin November 1971 FEDERAL RESERVE statistical release November 18, 1971 REVISION OF MONEY STOCK MEASURES Money stock measures and related items have been revised to reflect the annual benchmark adjustments and review of seasonal factors. The revised monthly data from January 1970 to date, and weekly data beginning in January 1971 are shown in this issue of the H. 6 release. Data from 1964 to date will be made available in the November Federal Reserve Bulletin <, together with a description of the revision. The effects of these revisions on patterns of change in the monetary aggregates have been minor. According to the revised series there is slightly less growth in the first half of recent years than formerly, with compensating increases in the second half* Second- quarter growth rates in M^ have been lowered—the reduction in 1971 was about one percentage point—while for the other three quarters there are small upward revisions. For the first 10 months of 1971, the revised data show that M- increased at an annual rate of 7.0 per cent and M 2 increased at an 11.4 per cent rate. FEDERAL RESERVE statistical release Table 1 For Immediate Release November 18, 1971 MONEY STOCK MEASURES IN BILLIONS OF DOLLARS *l Date ^ ^ & Currency plus demand deposits^ 1970--January February March April May June July August September October November December 205.5 204.7 206.7 208.3 209.0 209.4 210.3 211.6 212.8 213.1 213.6 214.8 1971-^-January February March April May June July Aug. Sept. Oct. 215.3 217.7 219.7 221.2 223.8 225,5 227.4 228.0 227.4 227.3 Includes I M2 M3 Mi plus time deposits M2 plus deposits at commercial banks at nonbank other than large thrift institutions ^ CD's V Seasonally Adjusted ! 1 Mj M3 M, plus time deposits M2 plus deposits Currency plus at commercial banks at nonbank other than large thrift institutions3^ demand deposits^ 1 CD's*' Not Seasonally Adjusted M-l 388.5 387.4 390.4 393.9 396.2 398.1 401.7 405.6 409.2 412.0 414.3 418.2 589.9 588.7 592.4 597.0 600.4 603.4 608.7 614.2 619.3 624.0 628.1 634.1 211.4 202.8 204.7 209.3 205.3 207.8 209.0 208.7 211.4 213.1 215.4 221.2 423.1 430.4 437.1 441.5 446. 6 450.6 642.5 653.7 664.2 6"72.9 681.5 688.3 694.2 697.9 701.2 706.3 221.4 215.6 217.5 222.3 219.9 223.7 226.0 224.9 226.0 227.1 453.4 454.5 455.4 457.8 "" ! 393.6 385.1 389.1 395.8 393.4 396.9 400.5 403.0 407.9 411.9 414.9 423.5 595.2 586.1 591.4 599.3 597.6 602.8 607.9 611.2 617.7 623.6 628.1 639.4 428.3 427.8 435.7 443.7 443.7 449.1 451.9 451.3 454.1 457.6 647.9 650.8 663.2 675.6 678.6 687.5 693.3 694.4 699.5 705.8 (1) demand deposits at a h commercial banks other than those due to domestic commercial banks and the U S Government less cash items in the process of c o l l e c t i o n and F R float (2) foreign demand balances at F R Banks and (3) cut.ency outside the Treasury F R Banks and vaults of all commercial banks Includes in addition to currency and demand deposits savmas deposits time deposits open account and time c e r t i f i c a t e s of deposits other than negotiable time c e r t i f i c a t e s o' deposit issued in denomina ions of SlOO 000 or more by large weekly reporting commercial banks Includes Mp plus the averaqe of the beginning and end of month deposits of mutual savings banks and savings and loan shares I | Table 1 MONEY STOCK MEASURES IN BILLIONS OF DOLLARS W[ Date Currency plus 1 demand deposits^ M2 Mt plus time deposits at commercial banks other than large CD's * / *l M 2 plus deposits at nonbank thrift institutions 2 / ^ CD's-7 216.8 217.1 218.0 216.5 218.2 431.8 433.5 435.9 435.7 438.8 [ 440.6 441.2 441.5 442,7 222.9 224.3 223.6 219.4 444.0 445.5 444.8 441.1 222.8 223.8 223.9 224.4 444.2 446.1 446.8 447.8 220.1 220.6 219.4 218.6 442.6 444.0 443.2 442.9 224.8 225.0 225.3 225.7 226.1 448.9 449.4 450.3 450.7 452.0 222.0 222.7 225.6 222.2 224.1 447.1 447.7 451.4 447.3 449.8 421.7 422,2 422,8 424.1 3 10 17 24 216.1 216.8 218.1 218.2 425.8 427.7 431,2 432.2 Mar. 3 10 17 24 31 218.8 219.2 219.5 219.8 220.2 434.0 435.2 436.3 438.0 439.4 Apr. 7 14 21 28 220.7 221.1 221.2 221.9 May 5 12 19 26 June 2 9 16 23 30 (Series Not Available Weekly) 227.3 224.0 221.3 216.6 217.2 216.4 216.4 212.9 j includes (1) demand deposits at all commercial 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 float, (2) foreign demand balances 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 M2 plus the average of the beginning and end of month deposits of mutual savings banks and savings and loan shares. 1 M3 M 2 plus deposits at nonbank thrift institutions 2 / Not Seasonally Adjusted I 215.1 215.2 215.3 215.5 Feb. 1 432.6 429.5 428.1 424.8 426.6 427.2 428.5 426.1 6 13 20 27 Jan. 2 Mf pius time deposits 1 at commercial banks other than large Currency plus demand deposits^ Seasonally Adjusted 1971: 1 ,„ , <Serles Not Available Weekly) | Table 1 MONEY STOCK MEASURES H.6 IN BILLIONS OF DOLLARS Ml Date 1971: July Currencrplus demand deposits^ 7 Sept. Seasonally Adjusted 452.9 453.0 453.5 453.8 21 28 226.8 227.4 227.6 227.8 4 11 18 25 227.8 228.2 228.1 228.1 454.1 454.4 454.3 454.6 227.9 227.7 227.4 227.2 227.1 14 Aug. M3 Mo 1 Ml M i plus time deposits M2 plus deposits Currency plus at commercial banks at nonbank other than large demand deposits^ thrift institutions^ CD's 2/ 1 8 15 22 29 | ; 1 (Series Not Available Weekly) ! 227.4 226,5 225,9 224.2 M3 *a "I M, plus time deposits J M; plus deposits at commercial banks at nonbank other than targe thrift institutions1' 1 CD's*' 1 Not Seasonally Adjusted 453.5 452.2 451,8 | 450.3 225,7 226,0 225.3 223,2 452.3 452.7 452.0 450.2 454.8 455.3 455.1 455.2 455.7 224.5 226.2 228.2 225.6 223.7 451.8 453.9 456.3 453.5 452.3 Oct. 6 13 20 27 226.9 227.2 227.0 227.7 456.5 457.0 457.7 458.8 227.0 226.9 227.0 '226.3 456.7 456.7 457.7 457.3 Nov. 3 10 227.1 226.8 458.6 458.5 229.1 228.5 460.4 459.7 Includes f ) demand deposits at at! commercial banks other than those due to domestic commercial banks and the U S Government less cash items in the process of c o l l e c t i o n and F R float (2) foreign demand balances at F R B a n k s , and (3) currency outside thr Treasury F R Banks and vaults cf a l l commercial banks includes in a d d i t i o n to currency and demand deposits savings deposits time deposits open account and time c e r t i f i c a t e s of deposits other than nc (Ot tbie time c e r t i f i c a t e s of deposit issued tn denominations of $100 000 or more by large weekly reporting commercial banks if luues M2 plus ihe aver ige of thp beginning and end of month deposits of mutual savings banks and savings and loan shares (Series Not Available Weekly) ! FEDERAL RESERVE Statistical Release H 6 Table 2 COMPONENTS OF MONEY STOCK MEASURES AND RELATED ITEMS SEASONALLY ADJUSTED, IN BILLIONS OF DOLLARS Tit}ie Date 1970--January February March April May June July August September October November December 1971--January February March April May June July August September October Currency j , , | 46.2 46.4 46.7 47.1 47.6 47.7 48.0 48.1 48.3 48.5 48.7 49.0 49.3 49.7 50.0 50.5 50.8 51.1 51.6 51.7 51.9 52.2 Demand deposits i CD's^ Other Total Nonbank j thrift institutions'^ 159.3 158.3 160.0 161.2 161.4 161.7 162.4 163.5 164.5 164.6 164.9 165.8 10.4 10.7 11.5 13.1 13.4 13.6 17.0 19.3 21.3 22.6 23.6 25.5 183.0 182.7 183.7 185.6 187.2 188.7 191.4 193.9 196.4 198.9 200.6 203.4 193.4 193.4 195.2 198.7 200.6 202.3 208.4 213.2 217.7 221.5 224.2 228.9 201.4 201.3 202.0 203.1 204.2 205.3 207.0 208.6 210.1 212.0 213.8 215..9 166.0 168.0 169.7 170.7 173.0 174.5 175.8 176.3 175.5 175.1 26.7 27.5 28.1 27. e 28. r 29.4 30.4 30.8 31,6 32.7 207.7 212.6 217.4 220.3 222.8 225.0 225.9 226.5 228,0 230.5 234.4 240.2 245.4 248.1 251.3 254.4 256.4 257.3 259.6 263.2 219.4 223.3 227.1 231.4 234.9 237.7 240.9 243.4 245.8 248.5 ! j j 1/ includes negotiable time certificates of deposit issued In denominations of $100,000 or more by large weekly reporting commercial banks 2/ Average of beginning and end of month deposits at mutual sivmgs banjos and savings and loans shares, WM**MMWMnMMMMMMMM*a. and savings deposits FEDERAL RESERVE Statistical Release H.6 Table 2 COMPONENTS OF MONEY STOCK MEASURES AND RELATED ITEMS SEASONALLY ADJUSTED, IN BILLIONS OF DOLLARS Time and savings deposits Date 1971: 207.0 207.5 208.6 234.4 235.3 ( S e r i e s Not 209.7 210.9 213.2 214.0 236.7 238.3 240.6 241,7 Available 167.3 168.1 168.6 27.0 27.4 27.4 27.6 169.0 169.2 169.5 169.8 170.1 27.8' 27.9 28.5 28.2 27.7 215.1 216.1 216.7 218.2 219.2 243.0 244.0 245.2 246.4 246.8 50.4 50.5 50.5 50.6 170.3 170.6 170.7 171.3 27.7 27.9 27.6 28.1 219.9 220.1 220.3 220.8 247,6 248.0 247.8 248. JS 5 12 19 26 50.6 50.8 50.8 50.8 172.2 173.0 173.1 173.6 28.2 28.3 28.6 28.9 221.4 222.3 222.9 223.4 249.6 250.5 251.4 252.3 2 9 16 23 30 50.9 51.0 51,1 51.2 51.3 173.9 174.0 174.2 174.5 174.7 28.8 29.4 29.0 29.7 29,6 224.1 224.4 225.0 225.0 225.9 252.9 253.7 254.1 254.7 255.5 49.4 49.6 49.9 49.6 3 10 17 24 31 49.8 49.9 50.0 50.0 50.1 Apr. 7 14 21 28 May 165.9 165.9 166.0 166.2 49.3 49.3 I 166.7 ! j 1 1 Includes negotiable time certificates of deposit issued in denominations of $100 OQO or more by large weekly reporting commercial banks Average of beginning and end of month deposits at mutual savings banks and savings and loans shares Nonbank thrift institutions Total 26.7 26.9 26.7 3 10 17 24 June Other CD's^ _ _ 4972 49.3 Mar. Demand deposits — 6 13 20 27 Jan. Feb. " v Currency 232,7 233,7 Weekly) ! y FEDERAL RESERVE Statistical Release H 6 Table 2 COMPONENTS OF MONEY STOCK MEASURES AND RELATED ITEMS SEASONALLY ADJUSTED, IN BILLIONS OF DOLLARS Time and savings deposits Date 1971: Demand deposits CD's^ Other 175.4 175.7 175.9 176.2 29>9 51.6 51.7 51.6 30.6 30.4 30.8 226.1 225.7 225.9 226.0 256.0 256.2 256.3 256.7 4 11 18 25 51.7 51.7 51.7 51.8 176.1 176.5 176.4 176.3 30.7 30.5 30.9 31.0 226.3 226.3 226.2 226.5 257.0 256.8 257.1 257.6 Sept. 1 8 15 22 29 51.8 52.0 52.0 52.0 52.0 176.1 17,5.7 175.4 175.1 175.2 31.0 31.0 31.1 31.8 32.5 227.0 227.6 227.7 228.1 228.5 258.0 258.6 258.8 259.9 261.1 Oct. 6 13 20 27 52.0 52.1 52.1 51.3 174.9 175.0 174.9 175.4 32.7 32.9 32.9 32.7 229.6 229.8 230.7 231.2 262.3 262.7 263.6 263.9 52.1 51.7 175.0 175.1 32.1 32.0 231.5 231.7 Nov. 3 10 j i includes negotiable time certificates of deposit tssued In denominations of $100,000 or more by large weekly reporting commercial banks Average of beginning and end of month deposits at mutual savings banks and savings and loans shares. Nonbank thrift institutions 2/ Total 7 14 21 28 July Aug. y y Currency | ! 263.6 263.7 ! ( S e r i e s Not Available Weekly) FEDERAL RESERVE Statistical Release H.6 Table 3 COMPONENTS OF MONEY STOCK MEASURES AND RELATED ITEMS NOT SEASONALLY ADJUSTED, IN BILLIONS OF DOLLARS Time and savings deposits Date ^ Demand deposits 1970--January February MarcfT~ April May June July August September October November December 46.1 46.3 46.6 47.3 47.7 48.3 48.3 48.2 48.5 49.2 50.0 165.4 156.8 158.4 162.6 158.0 160.1 160.7 160.4 163.2 164.6 166.3 171.3 1971--January February March April May June July August September October 49.1 49.1 49.5 50.1 50.5 51.0 51.9 51.9 51.9 52.2 172.3 166.5 168„0 172.3 169.4 172.7 174.1 173.0 174.1 174.9 ~ w Currency' - 45.9 j CD's^ Other Total 10.5 10.6 11.5 12.8 13.0 13.2 16.6 19.5 21.6 23.2 24.6 25.8 182.1 182.3 184.4 192.7 186.5 188.1 189.2 191.5 194.3 196,5 198.8 199.5 202.3 195,9 199.3 201.1 202.3 208.0 213.8 218.1 222.0 224.1 228.0 27.0 27.4 28.0 27.1 27.6 28.4 29.5 31.2 32.1 33.6 206.9 212.2 218.2 221.4 223.8 225.4 226.0 226.9 228.1 230.5 233.8 240.0 246.2 2*48.5 251.4 253.8 255.5 258.1 260.3 264.1 Includes negotiable time c e r t i f i c a t e s of deposit issued in denomnat ons of $100 OOC or rrore by large Average of beginning and end of month deposits at mutual sa\ ings banks and savings anc loan shares U S Government demand deposits at all commercial banks 193.0 eekiy rtpor ing commerv ial b i n k 1 j ! | 1 | ! Nonbank thrift institutions'^ US, Gout demandyj 201.6 201.0 202.4 203.5 204,2 205.9 207.5 208.2 209.8 211.7 213,2 215.9 4.8 7.1 6.9 5.3 6.4 6.'5 6.8 7.1 6.9 6.2 5.7 7.3 219.6 223.0 227.5 231.9 234.8 238.4 241.4 243.0 245.4 248.2 6.8 8.4 5.5 5.5 7.8 5.3 6.8 6.8 7 5 5.2 FEDERAL RESERVE Statistical Release K6 COMPONENTS OF MONEY STOCK MEASURES AND RELATED ITEMS NOT SEASONALLY ADJUSTED, IN BILLIONS OF DOLLARS Time and savings deposits Date 1971 CD's*/ Other Nonbank thrift institutions^ Total 49.8 49.4 49.0 48.5 177.5 174.6 172.3 168.0 26.2 27.0 27.3 27.2 205.3 205.6 206.8 208.2 231.5 232,6 234.1 235.4 3 10 17 24 48.8 49.3 49.4 48.8 168.4 167.1 167.0 164.0 27.0 27.4 27.2 27.5 209.5 210.7 212.1 213.3 236.5 238.2 239.3 240.8 49.7 49.5 49.3 167.7 167.4 168.4 167.1 168.9 27.8 28.2 28.4 28.1 27.5 214.9 216,4 217.9 219.1 220.5 242.7 244.6 246.3 247,2 248.1 172.6 173.9 173.6 169.8 27.3 27.2 26.7 27.2 221.1 221.2 221.2 221.7 248.4 248.5 248.0 248.9 3.3 4.1 7.2 6.5 169.9 169.9 168.9 168.4 27.1 27.2 27.6 28.1 222.5 223.4 223.8 224.3 249.6 250.6 251.4 252.4 8.8 8.2 8.2 7.2 171.3 28.0 28.8 27,9 28,5 28.5 225.1 225.0 225.8 225.1 225.7 253.1 253.8 253.6 253.6 254.2 6.3 3.8 4.4 6.8 6.5 6 Mar. 49.2 3 io l 49.8 ! ? 24 31 \ Apr. 7 14 21 28 50.3 50.4 50.0 49.6 May 5 12 19 26 50.2 50.7 50.5 50.2 June 2 9 16 23 30 50.7 51.3 51.1 51.0 50.9 1 1 1 171.4 | 174.5 171.2 173.2 (Series V ^ includes negotiable time certificates of deposit issued in denominations of $100,000 or more by large weekly reporting commercial banks Average of beginning and end of month deposits at mutual savings banks and savings and loan shares US Government demand deposits ;at alt commercial banks Not Available Weekly) | 4.9 5.1 8.3 9.8 8.8 8.2 8.1 7.5 7.3 5.6 5.5 4.1 i I y US Govt demand2' 13 20 27 Jan. Feb. Demand deposits Currency | FEDERAL RESERVE Statistical Release H 6 Table 3 COMPONENTS OF MONEY STOCK MEASURES AND RELATED ITEMS NOT SEASONALLY ADJUSTED, IN BILLIONS OF DOLLARS Time and savings deposits Date 1971: July Aug. Currency CD's^ Other Total US Gov't demand ^ 7.2 6.7 6.8 6.6 5 2<. 4 52.1 51.9 51.4 175.2 174.5 174.0 172.8 28.6 29.3 29.6 30.3' 226.1 226.0 226.1 254.7 2S5.0 255.5 256.4 4 11 18 25 51.8 52.3 52.1 51.7 174.0 173.7 173.2 171.5 30.5 30.8 31.4 31.6 226.5 226.7 226.7 226.9 257.0 257.6 258.0 258,6 31.6 31.9 31.4 32.1 33.0 228.4 228.8 229.2 229.1 229.7 260.0 260.7 260.6 261.2 262.7 8.3 6.6 6.3 8.0 8.9 33.3 33.9 33.7 33.7 229.6 229.9 230.6 231.1 263.0 263.8 264.4 264.7 7.1 4.1 4.1 5.8 33.2 33.6 231.4 231.2 264.6 264.8 5.4 4.0 1 8 15 22 29 Oct. 6 13 20 27 j | 3 10 | 51.4 52.5 52.1 51.8 51.3 173.1 173.6 176.1 173.7 172.4 52.2 52.5 52.1 51.9 174.9 174.3 174.9 174.3 52.0 52.4 177.1 176,1 i i 1 225.7 1 includes negotiable time certificates of deposit issued in denominations of $100 000 or more by targe weekly reporting commercial banks Average of beginning and end of month deposits at mutual savings banks and savings and loan shares U S Government demand deposits at all commercial banks Nonbank thrift institutions ^ 7 14 21 28 Sept. Nov. Demand deposits ( S e r i e s Not i Available Weekly) 6.2 4.3 5.8 9.3
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