Full text of H.6 Money Stock Measures : November 24, 1978

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FEDERAL

RESERVE

FEDERAL RESERVE Statistical Reta»p H.6

statistical

release

For Immediate Release

Table 1

MONEY STOCK MEASURES
NOV.

IN BNJJONS OF DOLLARS
M-1

M-1 Plus
Savings
Currency
Deposits at
Rus
CB'sand
Demand
Deposits I/ Checkable
Deposits at
Thrift tost £/

Date

1977— O C T .
NOV.
OEC.
1978 — JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SFPT.
OCT.

WEEK

M-1 +

335.9
336.2
338.5
341.7
341.8
342.9
348.5
350.6
352.8 I
354.2
356.7
360.9
r 362.0

557.5
557.7
560.2
564.6
565.0
566.2
572.6
575.2
577.1
577.8
582.0
587.9
r 588.8

M-2

M-3

M-4

M-1 Plus
Time
M-2 Rus
M-2 Rus
Deposits at
Large
Commercial
Nonbank
Negotiable
Banks Other
Thrift
CD*s3/
Than Large Institutions^/
CD's &
^ i i
301.4
305.4
809.5
815.9
819.1
822.6
830.3
835.2
840.6
846.2
853.5
862.4
r 867.4

1357.9
1367.1
1376.1
1386,6
1393.1
1400.3
1411.4
1419.9
1429.8
1441.0
1455.1
1472.0
r 1484.4

867.8
876.3
883.5
* 892.2
898.5
904.7
913.7
922.2
927.3
933.6
939.8
950.5
r 955.6

M-5

M-3 Rus
Large
Negotiable
CD's*/

1424.3
1438.0
1450.1
1462.9
1472.5
1482.3
1494.9
1506.9
1516.5
1528.4
1541.4
r 1560.2
r 1572.6

M-1

M-1 +

M-1 Rus
Savings
Currency
Deposits at
Rus
CB'sand
Demand
Deposits ^ Checkable
Deposits at
Thrift Inst. I/

M-2

M-3

24, 1978

M-4

M-1 Rus
M-2 Rus
Time
M-2 Rus
Deposits at Deposits at
Large
Nonbank
Commercial
Negotiable
Banks Other
Thrift
CD'sS/
Than Large Institutions^/

M-5

M-3 Rus
Large
Negotiable
CD's*/

CD's &

1353.0
1360.1
1377.5
1389.0
1386.0
1400.2
1421.2
1420.3
1435.2
1447.9
1453.0
1466.4
r 1478.9

867. 1

335.2
338.4
348.2
347.5
335.9
338.2
350.9
345.3
351.7
356.0
354.2
358.8
r 361.3

555.0
558.1
568.1
569.4
558.3
562.7
577.3
571.7
578.1
581.9
579.3
583.8
r 586.2

798.7
802.8
814.9
820.6
813.9
821.1
836.6
833.6
842.0
848.7
850.8
858.4
r 864.5

360.3
353.0

584.9
577.5

858.8
852.6

949.5
943.3

862.5
868.6
868.0
859.6

953. 1
958.4
r 957.6
r 950.8

r 862.5
r 869.8
870.1

r 955.7
r 964.7
966.1

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

1421.3
1431.7
1453.4
1465.4
1462.9
1480.5
1502.6
1505.0
1521.5
1535.3
1541.0
1556.7
1569.7

ENDING:

1978-SEPT. 20
27

361.1
361.8

4

360.2
364.3
364.3
r 358.8

587.6
591.6
591.2
r 585.4 ,

864.5
869.4
869.3
r 865.1

951.4
955.8
r 956.2
r 954. 1

360.5
364.9
364.8
356.0

585.9
590.8
589.9
580.5

* 361.2
r 362.4
361.3

r

586.9
588.1
586.7

r 868.2
r 870.9
971.0

r 960.0
r 964.9
966.4

r 359.4
r 365.9
365.5

r 582.7
r 589.1
588.9

OCT.

11
18
25

NOV.

I
8P
15P

588.1
588.9

862.6

951.8

864. 1

951. 7

r

I/ INCLUDES (II D E M A N D D E P O S I T S AT ALL C O M M E R C I A L BANKS OTHER T H A N THOSE DUE TO D O M E S T I C C O M M E R C I A L B A N K S AND THE U.S.GOVERNMENT,
LESS CASH I T E M S 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 D E M A N D B A L A N C E S AT F.R.BANKS; A N D (3) CURRENCY O U T S I D E
THE T R E A S U R Y , F.R.BANKS AND V A U L T S OF ALL C O M M E R C I A L 3ANKS.
2/ INCLUDES Ml, PLUS S A V I N G S D E P O S I T S AT C O M M E R C I A L BANKS, NOW ACCOUNTS AT B A N K S AND T H R I F T I N S T I T U T I O N S , C R E D I T UNION SHARE DRAFTS,
A N D D E M A N D DEPOSITS A T M U T U A L S A V I N G S BANKS.
3/ INCLUDESt IN A D D I T I O N TQ C U R R E N C Y AND D E M A N D DEPOSITS, S A V I N G S 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 DEPOSIT ISSUED IN D E N O M I N A T I O N S 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.
4/ INCLUDES M2, PLUS THE A V E R A G E OF THE B E G I N N I N G AND END OF MONTH DEPOSITS OH MUTUAL S A V I N G S BANK, S A V I N G S AND LOAN SHARES, AND
C R E D I T U N I O N SHARES.
5/ INCLUDES M2, 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 DEPOSIT ISSUED IN D E N O M I N A T I O N S OF $100,000 OR MORE.
6/ I N C L U D E S M3t 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 DEPOSIT ISSUED IN D E N O M I N A T I O N S OF $100,000 OR MORE.

p - PRELIMINARY; R - REVISED




FEDERAL RESERVE SMsfeaJ

H.6

Table 2

MONEY STOCK MEASURES
PERCENT CHANGE AT SEASONALLY ADJUSTED ANNUAL RATES

Date

OCT.

FROM:

JULY

1978

APR.
OCT.

M-1

11-1+

M-2

M-3

M-4

M-5

Currency
Plus
Demand
Depute^

M-1 Plus Savings
Deposits at CB's
and Checkable
Deposits at
Thrift Inst ZJ

M-1 Plus Time
Deposits at
Commercial
Banks Other Than
Large CD's 3,

M-2 Plus Deposits
at Nonbank Thrift
Institutions 4/

M-2 Plus Large
Negotiable CD's s/

M-3 Plus Large
Negotiable CD's §/

(3 MONTHS PREVIOUS)

8.8

7.6

1978

(6 MONTHS PREVIOUS)

7.7

5.7

1977

(12 MONTHS PREVIOUS)

7.8

5.6

8.2

10.0

8,9

12.0
10.3

9.3

9.4

11.6

9.2

10.4

10. I

10.4

FOUR WEEKS ENDING: NOV. 15, 1978
FROM FOUR WEEKS ENDING:
AUG.

16, 1978(13 WEEKS PREVIOUS)

5.5

4.6

8.5

MAY

17, 1978(26 WEEKS PREVIOUS)

5.8

4. 1

3.4

NOV.

16, 1977(52 WEEKS PREVIOUS)

7.4

5.3

8.1

10.3

9.0
10.2

I/ 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.
21 INCLUDES Ml, PLUS SAVINGS DEPOSITS AT COMMERCIAL BANKS, NOW ACCOUNTS AT BANKS AND THRIFT INSTITUTIONS, CREDIT UNION SHARE DRAFTS,
AND DEMAND DEPOSITS AT MUTUAL SAVINGS BANKS.
3/ 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 GR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS.
4/ 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.
5/ INCLUDES M2, PLUS NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF $100,000 OR MORE.
6/ INCLUDES M3, PLUS NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF $100,000 OR MORE.
NOTE: ALL R4TES OF CHANGE ARE BASED ON DAILY AVERAGE DATA; RATES OF CHANGE ARE NOT COMPOUNDED*




Table 3

FEDERAL RESERVE Statistical Release H.6

COMPONENTS OF MONEY STOCK MEASURES AND RELATED ITEMS
SEASONALLY AD JUST ED, IN BILLIONS OF DOLLARS
Time and Savings Deposits17
Demand
Deposits

Currency

Date

Time Deposits

1977 — O C T .
NOV.
DEC.

37.1
87.7

1978 — J A / J .
FEB.
MAP.
4PR.
MAY

89,4

9 J.I
90.7
91.2

92. 1

JUNE
JULY

93.3

AUG.

94.0

92.8

SEPT.

95.2

r 96.0

OCT.

Total

246.0
249.7
2^>1.5

219.6
219.4
219.6

531.9
540.1
545.0

556.5
561.7
566.6

88.2

253.6
256.4
258.7
260.1
262.6
266.1
271.1
274.3
277.4
231.5

220.7
220.9
221.0
221.6
222.0
221.7
220.9
222.4
224.2
223.9

550.6
556.7
561.7
565.2
571.6
574.5
579.4
583.0
589.7
593.6

570.7
574.0
577.7
581.2
534.7
589.2
594.7
601.6
609.6
617.0

89. 1
87. 5

277.4
278.1

224.1
224.2

590.6
589.9

87.0

279.8
280.7
281.0
282.6

224.5
224.5
224.0
223.7

591.2
591.5
592.0
r 595.3

222.9
222.8
222.5

r
r

248.7
248.5
249.9

66.4

252.2
251.7
252.3
257.3
238.5
259.9
260.9
262.3
265.7
r 266.1

76.3

38.6

Savings ^/
Other

CD's^/

Nonbank
Thrift
Institutions 4/

70.9
74.0

79.4
82,0
83.4

87. I
86.7
87.4

86. 3
88.1

WEEK ENDING:
1 9 7 8 - S E P T . 20

OCT.

95.4

'+

95.8

11
19
25

NOV.

95. L

27

i
8 P
15 P

95.7
96.0
95.8
96.5

r 96.4
96.5

266.0
266.4
264,5
268. 5
268.3
r 263.0
*
r

264.6
266.0
264.8

86.4
87.0
89.0
91.8

r

94.0
95.4

r
r

284.2
285.7
287.2

r

r
r

598.9
602.5
605.1

I/ TIME ANO SAVINGS DEPOSITS AT ALL C O M M E R C I A L BANKS.
2/ INCLUDES NEGOTIABLE TIME C E R T I F I C A T E S OF DEPOSIT ISSUED IN DENOMINATIONS OF 1100,000 OR MORE BY LARtiE WEEKLY REPORTING COMMERCIAL BANKS.
3/ INCLUDES NOW ACCOUNTS AT COMMERCIAL BANKS.
4/ A V E R A G E OF BEGINNING AND END OF MONTH DEPOSITS AT MUTUAL SAVINGS BANKS, SAVINGS AND LOAN SHARES, AND CREDIT UNION SHARES.
P - PRELIMINARY; R - REVISED




FEDERAL RESERVE Statistical Reserve H.8

Tabto 4

COMPONENTS OF MONEY STOCK MEASURES AND RELATED ITEMS
NOT SEASONALLY ADJUSTED, IN BILLIONS OF DOLLARS
Demand Deposits
Date

Currency
Total ^

Member

Time and Savings Deposit^

Domestic^7
Nonmember

Time Deposits
Total

Savings-^

CD's4/

Other

Other
Checkable
Deposits-®/

Nonbank
Thrift
Institutions!/

U.S.

Gov't.
Demand57

1977 — OCT.
NOV.
DEC.

86.9
88.4
90.1

248.2
250.0
258. 1

171.2
171,5
177.5

72.8
74.1
76.2

68.3
71,6
75,9

245.0
246.8
249.0

217.8
217.6
217.7

531.9
536.0
542.6

2.0
2.1
2.1

554.2
557.3
562.5

3.7
3.5

1978 — JAN.
FEB.
MAR.
APR.

36.7
89.0
89.9
91.0
91.9
92.9
94.1
94.3
95.0
r 95.3

258,8
247.0
748.2
259.9
253.3
258.8
262.0
259.9
263.3
r 265. 6

177.3
169.0
170.0
177.3
172.6
175.7
177.7
176.1
178.2
r 179.2

77.0
73.8
74.3
78.5
76.9
79.1
80.3
79.9
81.8
r 82.6

76,4
76.9
80.2
81.4
84.6
86.3
87.3
88.0
90.3
90.8

253.4
257.9
260.7
261.8
264.5
266.5
269.5
274.4
277.5
281.2

219.7
220.1
222.2
223.9
223.8
223.8
223.1
222.2
222.1
222.0

549.5
554.9
563.2
567.1
572.9
576^6
579.9
584.6
589.9
r 594.0

2.2
2.3
2.3
2.5
2.6
2.6
2.7
2.8
2.9
2.9

568.4
572.1
579.1
584.6
586. 1
593,2
r 599.3
602.1
608.0
r 614.4

4.3
4.3
4.8
5.0
4.0
6.2
4.5
3.6
6.2
4.3

265.5
253.9

179.3
175.0

82.3
80.1

90.7
90.8

276.7
277.9

221.8
221.6

589.3
590.3

9.1
7.8

95.2
96.6
96.0
95.3

265.3
269.3
268.8
r 260.6

179.9
181.1
r 180.9
175.6

81, 6
83.4
84.1
81.4

90.6
89.8
89.7
91.1

279.4
280.7
r 280.9
282.1

222.6
223.0
222.3
221.6

592,6
593.5
592.8
594.8

8.1
4.2
3.6
3.7

95.3
97.5
97.5

r 264.1
r 268.4
268.0

93,3
94.9
96.0

282.7
r 283.7
284.1

596.4
598.8
600.6

3.3

MAY

JUNE
JULY
AUG.

SFPT.
OCT.

j
j

.

5.1

WEEK ENDING:
1978-SEPT. 20

94. fl
94.1

27
OCT.

4
11
18
25

NOV.

I
8P
15f>

r

1

r

178.7
181.0
180.0

r
r

81.6
33.5
84.5

r

r

220.4
220.3
?20.5

r

6.6
6.3

I/ T I M E AND SAVINGS DEPOSITS AT ALL COMMERCIAL BANKS.
21 TOTAL DEMAND DEPOSITS INCLUDE, IN ADDITION TO THE MEMBER AND DOMESTIC NONMtMBER DEPOSITS SHOWN, DEPOSITS DUE TO FOREIGN AND
I N T E R N A T I O N A L INSTITUTIONS AT F-fi.BANKS AND Ml TYPfc BALANCES AT AGENCIES AND BRANCHES OF FOREIGN BANKS.
3/ BASED ON MOST RECENT CALL REPORT DATA.
4/ INCLUDES NtGOTIARLF! T I M d C E R T I F I C A T E S OF DEPOSIT ISSUED IN DENOMINATIONS OF $100,000 OR MORE BY LARGE WEEKLY REPORTING
C O M M E R C I A L BANKS.
5/ INCLUDES NOW ACCOUNTS A T C O M M E R C I A L BANKS.
6/ INCLUDES NOW ACCOUNTS AT T H R I F T INSTITUTIONS, CREDIT UNION SHARE DRAFTS, AND DEMAND DEPOSITS AT MUTUAL SAVINGS BANKS.
7/ A V E R A G E OF B E G I N N I N G AND END OF MONTH DEPOSITS AT M U T U A L SAVINGS BANKS, SAVINGS AND LOAN SHARES, AND CREDIT UNION SHARES.
8/ U.S. GOVERNMENT DEMAND DEPOSITS AT ALL C O M M E R C I A L BANKS. INCLUDES TREASURY NOTE BALANCES, BEGINNING NOVEMBER 2, 1978.

p - PRELIMINARY;




R -

SPECIAL SUPPLEMENTARY TABLE*
Savings Deposits Authorized for Automatic Transfer (ATS)
,,
All Insured Commercial Banks and Mutual Savings Banks in Selected States,—
as of November 8, 1978

Commercial Banks_2/
Amount outstanding
($ millions)
Number of ATS accounts
(thousands)

A/5/
770- —

Mutual Savings
Banks3/
2

125

10

5,415

35

13,997

155

Number of institutions

offering
Number of institutions
in survey universe
*
JL/

2J

J3/

4/
5J

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 &nd 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.
The standard error associated with this estimate is about $ 120
million.
Based on judgments of the survey respondents, it is estimated that
roughly 50 to 60 per cent of the balances outstanding in ATS accounts
on November 8 represented funds which had come from demand deposit
accounts; this estimate is subject to a wide range of error.