Full text of H.6 Money Stock Measures : September 10, 1987

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

FEDERAL RESERVE statistical release
These data are scheduled for release each Thursday at 4:30 p.m.

H.6 (508)
Table 1

MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
Billions of dollars
M2

Sum of currency,
travelers checks,
demand deposits and
other checkable deposits1

Date

Debt

M3

M2plus
M1 plus overnight RPs
large time deposits,
and Eurodollars,
MMMF balances (gen. pur. term RPs, term Eurodollars
and institution-only
and broker/dealer), MMDAs,
MMMF balances3
and savings and small
time deposits'
Seasonally adjusted

M3 plus other
liquid assets"

Debt of domestic
nonfinancial sectors'

687.0
693.1
701.4
712.4
730. 5

2718.4
2736.3
2760.7
2775.4
2800.2

3396.8
3422.0
34 42.2
3460.1
3489.2

4027.7
4057,0
4082.7
4108.5
4141.1

7J16.6
7400.7
7456.8
7530. 1
7630.4

737.7
737.4
739.5
750.3
75 j - 1
746.6
7 47.6

3514.8
3518.4
3523.1
3538.6
355^-2
3566.4
3571.4

4174.1
4182.6
4172.5
4183.1
4213.3
4222.1
4211.1

7695-0
7727.4
7780.7
7845.3
7914.^
7980-5
6034.3

750.6

2822.2
2821-5
2824.7
2837.9
2836.7
2840.2
2846.2
2860.1

1986—AJG.
SEPT.
<X'i'.
NOV.

685.2
691.2
698.9
715.4
746.5

2715-6
2726.8
2757.1
2777.7
26U.7

3392.3

4024.5
4051.1
4077.0
4111.3
4154.5

7287.3
7378.3
7440.5
7515.5
7623. 1

1987—JAN.
fiAiu
Afkm

744.4
723.3
728-9
757.5

JUNE
JJLY
AUG. I

744.9
749. 1
751.5
749. 1

2632.4
2609.5
2610.4
2646.6
2627.6
2841.4
2653.3
2858.1

3525.5
3506.6
3520-2
3546.7
3542.4
3564.2
3571-3
3569.3

4185.5
4174.4
4175-7
4191.2
4197.7
4221.4
4211.4

7689.4
7712.4
7756.6
7817.8
7877.9
7938.7
7992.6

198t>—AUG.
S£PT.
OCT.
NOV.
DEC

'•

1987—JAN.
HA*A? it.
HAY
JU bfI2
JULY
AUG.

3593.8
Not seasonally adjusted

Jt'Lbm

3416.4
343o-7
3464.H
3504.4

M1

1987-JULY

AUG.

NOTE;

Not seasonally adjusted

Seasonally adjusted

For period ended

6
13
20
21

750.4
750.5
749.8
749. 1

746.T
746.5
746.0
747.6

743.4
747.9
749.0

/bl.4
751.4
749.6
748.6

3
10
17
24 P
31 P

749.3
749.2
748.9
746.5
7 48.3

748.0
749.5
750.2
751.1
750.9

751.6
749.5
750-5
752.9
750.7

746.4
749.2
749.8
750.2
749.8

/:>u. /
751.3
7^2-9
753.5
74 7.9
747.8
746.6
74*. 8
74 6.3

/OJ*. H

757.7
750.2
736.8
747.0
757.3
753.4
741.6
740.8

SPECIAL CAUTIOB SflOULD B£ IAKBI II IIIBBPtlTIIG V2EK-T0-IESK CBAIGBS II H O M Y SUPPLY DATA, MHICH ABB
H1GHL1 VOLATILE AND SUBJECT TO &3VISION.
If—INDICATES PBELISIRARY DATA.
fOOTfcOTES APPEA& ON THE *OLLOWING PAGE




H 6 (508)
Table 2

MONEY STOCK, LIQUID ASSETS AND DEBT MEASURES
Recant changa at Maaonaiiy adjusted annual rates

M1

M2

M3

Debt1

3 MONTHS FROM MAY

I*87

TO AUG.

i*d?

-1.2

3.0

a.7

9.6

6

MONTHS FROM FEB.

1 9 8 7 TO AUG.

1**7

3.6

2.7

4.3

d.8

1 2 MONTHS FfiOH AUG.

198t» TO AUG.

193/

9.3

5,2

5.8

11-1

THIBTEEN WEEKS ENDING AUG. 3 1 , 1 9 6 7
FHOM THIBTEEM HBBKS ENDING:

1/

1/

2/

3/

5/

JOKE

1,

1987

( 1 3 IEAULS PREVIOUS)

0.2

BAR.

2,

1987

(26

WEEKS PREVIOUS)

3.6

SEPT.

1,

1986

(52

WEEKS PREVIOUS)

10.4

GROWTH BATES FOB DEBT ABE BASED OH PEfilODS BEGINNING AMD EHDING TWO MOUTHS EARLIER THAN FOB THE MOMETABX AGGBBGATES#
NAMELX, APRIL 19B7 TO JULY 1 9 8 7 ,
JANUARY 1987
TO JULY
1 9 8 7 , AMD JULY 1 9 8 6 TO JULY 1 9 8 7 , RESPECTIVELY.
FOOTNOTES TO TABLE 1
CONSISTS OF 41) CUBBKMCX OUTSIDE THE TREASURY, FhUU&kL RESERVE BANKS, AMD THE VAULTS OF COMMERCIAL BANKS;
( 2 ) TRAVELERS CHECKS OF MONBANK XSSUEMS; ( 3 ) UEHAND DEPOSITS AT ALL COMMERCIAL BAMICS OTHER THAN THOSE DUE TO
DOMESTIC BAMJCS, THE U . S . GOVERNMENT, AMD FOREIGN BANKS AMD OFFICIAL INSTITUTIONS h&SS CASH ITEMS XM THE PROCESS
OF COLLECTION AMD FEDEKAL MjtLS&BltX FLOAT; AMD («•) OTHEM CHECKABLE DEPOSITS (OCD) CONSISTING OX NEGOTIABLE OBDEfl
OF WITHDRAWAL (MOM) AMD AOTOBATIC TBAMSFEB SERVICE (ATS) ACCOUNTS AT DEPOSITOR! I N S T I T U T I O N S ,
CREDIT UNION SHARE DRAFT ACCOUNTS AND DEMAND DEPOSITS AT THRIFT I N S T I T U T I O N S .
THE CUBBENCr AND D&&AHD
DEPOSIT COflPONSNTS EXCLUDE THE ESTXHATED ABOUNT OF VAULT CASH AMD DEHAMD D E P O S I T S , BESPKCIXVELI, HELD BI
THBIFT INSTITUTIONS TO SEBVICE THEIB OCD L I A B I L I T I E S .
CONSISTS OF HI PLUS OVERNIGHT (AND CONTINUING CONTRACT) BPS ISSUED BJf ALL COBflEBCIAL BANKS AND OVEBNXGHT EUBODOLLABS
ISSUED TO U . S . RESIDENTS BI FOREIGN BRANCHES OF U . S . BANKS WORLDWIDE, NfiDAS, SAVINGS AND SHALL DENOMINATION
TIME DEPOSITS ( T I S E DEPOSITS—INCLUDING RETAIL U P S — I U AMOUNTS OF LESS THAN $ 1 0 0 , 0 0 0 ) , AND BALANCES IN BOTH
TAXABLE AND TAX-BXBflPT GENBBAL PURPOSE AND BBOKEB/DEALEB HONEY BASKET MUTUAL FUNDS. EXCLUDES I S A AMD KKOGH
BALANCES AT DEPOSITOR! INSTITUTIONS AND HONE! MARKET FUNDS. ALSO EXCLUDES ALL BALANCES HELD BX O . S . COMMERCIAL
BANKS, BONE! HABKET FOMDS (GENERAL PURPOSE AND BROKER/DEALER), FOREIGN GOVERNMENTS AMD COMMEBCIAL BANKS, AMD
THE (LS.
GOVERNMENT.
ALSO SUBTRACTED I S A CONSOLIDATION ADJUSTMENT THAT BEPBSSEMTS THE ESTIMATED AMOUNT
OF DEMAND DEPOSITS AMD VAULT CASH HELD BI THBIFT INSTITUTIONS TO SEBVICE THEIR TIME AMD SAVINGS D E P O S I T S .
CONSISTS OF M2 PLUS LARGE DENOMINATION TIME DUBQSITS
( I N AMOUNTS OF $ 1 0 0 , 0 0 0 OB MORE) AMD TERM BP L I A B I L I T I E S I S S U E D
B ! COMMERCIAL BANKS AND THBIFT I N S T I T U T I O N S , TEBM EGBODOLLARS HELD B I O . S . RESIDENTS AT FOBEXGN BRANCHES OF U . S . BANKS
M0RLDM1DJS AND AT ALL BANKING OFFICES IN THE UNITED KINGDOM AMD CANADA, AMD BALANCES IN BOTH TAXABLE AND TAX-EXEMPT
INSTITUTIOM-ONLI MONEI HABKST MUTUAL FUNDS.
EXCLUDES AMOUNTS HELD B I DEPOSITOR! I N S T I T U T I O N S , THE U . S . GOVEBNHBNT, HOMBI
MARKET FUNDS, AND FOREIGN BANKS AND OFFICIAL I N S T I T U T I O N S .
ALSO SUBTRACTED I S A CONSOLIDATION ADJUSTMENT THAT BEPBESBNTS
THE ESTIMATED AMOUNT OF OVEBNIGHT BPS AND EURODOLLARS HELD B I INSTITUTIOM-ONLI MONK! HABKET MUTUAL FUNDS.
CONSISTS OF M3 PLUS THE MONfiANK PUBLIC HOLDINGS OF U . S . SAVINGS BONDS, SHOBT-TEBM TBEASUBI S E C U B I T I E S , COMMEBCIAL
PAPEB AND BANKERS ACCEPTANCES, NET OF HONEI MARKET MUTUAL FUND HOLDINGS OF THESE A S S E T S .
DEBT OF DOMESTIC MONFINAMCIAL SECTORS CONSISTS OF OUTSTANDING CREDIT MARKET DEBT OF THE UMITED STATES GOVERNMENT,
STATS AND LOCAL GOVERNMENTS AMD PBIVATE NONFINANCIAL SECTORS.
PRIVATE DEBT CONSISTS OF CORPORATE BONDS, MORTGAGES,
CONSUMER CREDIT (INCLUDING BANK LOANS), OTHER BANK LOANS, COMMERCIAL PAPER, BANKERS ACCEPTANCES AND OTHER DEBT
INSTRUMENTS. THE DATA ARE DERIVED FBOH THE F&D^SikL R&S&Bi^B BOARD'S FLOW OF fUMDS ACCOUNTS*
ALL DATA ON DEBT OF DOMESTIC
NONFINANCIAL SECTORS ABE PRESENTED XM MONTH-AVERAGE FORM, DERIVED BI AVERAGING MONTH-END LEVELS OF ADJACENT HONTHST.
THESE
DATA HAVE ALSO BEEN ADJUSTED TO REMOVE STATISTICAL DISCONTINUITIES THAT MAI ARISE IN THE UMDEBLIING FLOW OF FUNDS S T A T I S T I C S .
THE PRESENTATION OF DEBT DATA IN THIS RELEASE DlftmS,
THEBEFORE, FROM THE QUABTEBCI FLOW OF fQUUS S T A T I S T I C S CONTAINED
I N THE FEDBBkl
kESBB^lS BELEASES Z. 7 AND Z . 1 .
IN THOSE BMLEkSES9
PUBLISHED LEVELS Of CREDIT MARKET DEBT ARE MEASURED OU
A QUABTSR-BMD BASIS AND INCLUDE DISCONTINUITIES.




N.C(5O0>

COMPONENTS OF THE MONEY STOCK
•MMonS Of dOHafS, SSaSOfMMy atfluatSQ

Nontransactlons
00IWB

Oats

Cunancy

1

docks'

Osmand
dspoalts'

chackabis
dapoalts4

mitt*

*'

'
in MS
on**

at
banks

Bakictod itontvansactlons Hsms

T

iti
at
thrift

at

at

total

at
oofflfnafldal
banks

ttwift

total

Institutions

s thus dapop****
at
ttwift
total

banks19

179.0
179.7

6.4
6.4

291.2
292.2

210.4
214.7

2031.4
2043.2

676.4
665.7

137.5
141.1

197.2
20 0.3

334.6
341.4

377.0
374.1

499.6
496.1

676.7
872.2

290. 1
289.8

159.3
158.7

449.4
448.4

OCT.
NOV.
DEC.

181.2
182.4
183.5

b.4
6.4
o.4

293.4
297.6
308.3

220.3
225.8
2^2. 3

2059-S
2063.1
20o9.7

681.5
684.6
o69.0

145.8
150.2
154.5

20 4.7
208.3
211.6

350.5
358.5
366.3

370.0
365.9
364.7

494.6
491.3
468.7

86 4.7
857.1
653.5

288.1
289.9
291.8

157.4
155.9
155.3

44 5.5
445.8
44 7.1

1987-JAN.
FEB.
MAR.

186.0
187.2
187.7

6.5
6.7
6.6

J05. 1
300.8
299.3

240.1
242.9
245.7

2064.5
2064.0
20*5-2

692.6
696.9
696.4

159.8
164.4
166.3

216.9
222.7
226.0

376.7
367.2
396.3

364.7
362.6
360.0

486.9
465.6
465.8

651.6
646.3
645.9

295.7
296.0
299.0

154.0
152.3
151.1

449.7
446.2
450.1

APR.
nki
JUN2

186.9
190.2
191.1

0.6

6.7
6.6

303.9
303.9
297.4

250. 7
252.2
251.2

2067.6
2085.6
2093.7

700.7 I
713.5
7<:o. 1

172.2
174.5
175->

233.6
237.2
239.7

406. 1
411.7
415.2

357.5
357.1
360.1

<*86. 1
485.9
469.9

84 J . 6
843.0
650.0

305.9
310.7
314.9

146.7
149.0
150.1

454.6
459.7
465.0

JULI
AUG. P

192.1
193.2

296.^
296.3

252.5
254.5

209&.to
2109.3

725.2
733.6

176.6
176.0

240.1
242.0

416.7
420.0

363.4
365.3

4*5.1
500.4

656.5
665.6

313.5
313.6

151.2
153.0

464.6
466.6

1986-AUG.
SEPT.

6.7
6.8

BEBK BIDING
1987
JULI

AUG.

1/
2/
3/

4/
5/
Ay

6/
7/
8/

9/
10/

6
13
20
27

191.3
192.1
192.3
192.7

301.0
293.6
295.7
295.6

251.2
250.9
253.1
253.9

176.3
176.0
176.4
177.1

362.1
362*8
363.4
364.2

312.6
314.9
313.6
312.9

3
10
17
24 P
31 P

192.1
192.9
193.2
193.8

298.3
296.0
295.8
296.8

254.3
253.6
254.6
255.5

177.6
176.0
178.2
176.0
178.0

365.0
365.1
365. 1
365.5
365-5

313.0
31%. 3
313.0
314,2
313.3

—I 93 -?

—Z>*<*)

CUBBBBCI OUTSIDE TBE U . S . TB8ASQBT, FEDERAL KESBBfS BABKS ABD fAOLTS OF COflflBBCIAL BABKS.
ABOUBT OF VAULT CASH HELD 8 1 THRIFT IBSTITUTXOBS TO SEBTICB THEIB OCO L I A B I L I T I E S .
CHECKS a

E1CLVDES Tffll BSTIflATBD

DEBUD DEPOSITS AT COMHBBCIAL BABKS ABO FORKIGB BELATED IBSTITUTIOBS OTBEB TflAB THOSE DUB TO DOOBSTIC BABKS, THE U.S. GOfERBHEBT ABD FOBEIGB BABKS ABD OFFICIAL INSTITUTIONS LESS CASH ITEHS I B THE PB0C2SS OF COLLECTIOB ABO rEDEBkL BBSEBfB FLOAT.
EXCLUDES THE ESTIMATED AHOUBT OF DEflAVD DEPOSITS HELD AT COMMERCIAL BABKS B I THBIFT IBSTITUTIOBS TO SERVICE THEIB OCD
LIA RILT TI BSm
COBSISTS OF BOB ABO ATS BALAICES AT ALL DBPOSITOBT IBSTITUTIOBS, CBEDIT UBIOB SHABE DRAFT BALANCES ABD
DEBABD DEPOSITS AT THRIFT IBSTITUTIOBS.
SUB OF OVERSIGHT BPS ABD OVERSIGHT EURODOLLARS, HOBBI BARKET FUBO BALAICES (GEBSRAL PURPOSE ABD BROKER/DEALKM),
HHDAS, ABD SAVIBGS ABD SHALL T I « E DEPOSITS, LJSSS THE COBSOLIDATIOB ADJUSTHEBT THAT BBPBBSBMTS TBE ESTIBATED AMOUNT OF
? S 2 ^ v f f p r ^ T T - t ' S / 1 ^ C A S U H B L D B I T H H 1 P T A J I S T I T U ^ 0 » 5 TO SBBVICE TBEIB TIJ!B ABD SAVIBGS DEPOSITS L I A B I L I T I E S .

?
^?.?
J ^ V i S J ^ S ™ : TSilJ!!^ 1 ^!?;JSSSit 1 ?^ 0 !!^l™!^"" 3 '
SAVINGS DEPOSITS filCLUDE flHDAS.

fl0MEI HAE T FUM0

"

*"+«** UBSTltUTIOB-

HtlPfiESfiMTS THE ESTIBATED AflOOHT OF OVEBBIGHT BPS ABD EURODOLLARS HELD BI
SMALL DEBOHIMATIOM TlflE DEPOSITS—IHCLODIMG RETAIL HPS— ARE THOSE ISSUED I B AJIOOMTS OF LESS THAI $ 1 0 0 , 0 0 0 . ALL
INDIVIDUAL JUSTIHEUENT ACCOUNTS (IRA) AND KiSOGH ACCOUNTS AT COHHERCIAL BANKS AND THRIFTS ABK SUBTRACTED FROfl SHALL
T1HE DEPOSITS.
LAKGE DENOMINATION TIfl£ DEPOSITS ARE THOSE ISSUED IM AMOUNTS OF $ 1 0 0 , 0 0 0 OH flORB, EXCLUDING THOSE BOOKED AT
LAHGii DENOMINATION TIME DEPOSITS AT COHHERCIAL BANKS LESS THOSE HELD BI HONJSX MARKET MUTUAL FUNDS,
Dklk'OSVrOXi INSTITUTIONS AND FOREIGN BANKS AND OFFICIAL INSTITUTIONS.




H.6 (608)
Table 4

COMPONENTS OF LIQUID ASSETS AND DEBT
Billions of dollars, seasonally adjusted

Date

Debt components4
federal debt
non-federal debt

39.0
37.3
36.9

214.5
219.7
223.9

1713.5
1727.8
1743.3

5520.9
5590.9
5657. 4

87.7
89.8
91.7

286. 7
292.2
292.4

37.7
38.0
37.5

228.4
228.4
230.2

1753.8
1774.9
1604.5

5703.0
5755.2
5025.9

289.3
291. 7

HAE.

92.7
93.5
94.3

2J<>. 1

37.8
39.3
39.8

239.7
239.8
239.1

1814.8
1819.3
1628.2

5880.3
5908.4
5952.5

APfl.
ttAK
JUNE

95.1
95.9
96.5

263-4
268-5
2t>3. 7

41.2
42.4
43.5

244.9
254.3
252.1

1841.1
1864,2
1887.4

6004.2
6050.0
6093. 1

JULY P

97.3

250.6

44. 1

247.7

1894.4

6139.9

i>ac.
1987-JAN.

3/
4/

commercial paper3

292.6
266. 1
287.9

OCT.
NOV.

2/

Non-M3 components of L
bankers acceptances2
short-term treasury
securities1

84.3
8i>-3
86.4

198o-JULX
AUG.
SEPT.

1/

savings bonds

CONSISTS OP U . S . Tfi£ASUBI BILLS AKi) COUPONS IJITU k£dAINING MATURITIES OF LESS THAN 12 HONTHS HELD B* GTHEB THAN DSPCSITOBI
I N S i r t O T l O N S , FEDE&kL fi£SS£V£ BANKS, MONEY HAa&KT flUTUAL FUNDS AND FOB£IGN ENTITIES.
N£T Oi' BANKERS ACCEPTANCES HELD 3Y ACCEPTING iiAMKS, Jr'fiDEfiAL BESSfiYli BANKS, FOBEIGN OFFICIAL INSTITUTIONS, THE FEDERAL
HOfl£ LOAN BANK SISTEH AND AONEi 3ABKET flUTUAL FUND^.
TOTAL COHflBBCIAL PAPEK LBSS COAfi^BCIAL PAPEB HELD tit AONEY HABKET flUTUAL FUNDS.
U&iyi DATA ABE ON A HOMTHL* A?EHAG£ BASIS # DERU&U BY AVBBAGING EN0-OF-HONTH LEVELS OF ADJACENT flONTUS, AND HAVE BEEN
ADJUSTED TO BEHOVE DISCONTINUITIES.




H.6 (508)
Table 5

COMPONENTS OF THE MONEY STOCK, LIQUID ASSETS AND DEBT
Billions of dollars, not seasonally adjusted
Nontransactions components

Other checkable deposits
Currency1

Date

Demand
deposits3

travelers
checks1

at commercial
banks4

at thrift
institutions*

total

In M2*

OvemtQttt
RP&*

In M3 only7

OvttmWffot

Eurodollar!*

>

General
purpose and
DroKef/oeaier
money market
funds

179.9
179.5

7.3
6.9

289.4
291.3

143.0
146.9

65.6
66.6

208.6
213.5

2030.6
2037.6

676.5
687.5

57.6
55.5

17.1
1/.3

200.5
202.2

OCT.
NOV.
DEC

180.9
183.2
186.2

6.5
6.1
6-0

293.0
^00, 1
319.5

150.4
155.7
162.6

68.0
70.3
72.2

218.5
226.0
235.0

2058.2
2062.2
2067.1

681.6
686.7
690.7

58.1
57.9
58.3

19.4
18.8
19.0

206.9
207.1
20 7.6

1987-JAM.
WAR.

184.6
184.8
186-0

6.0
6.2
6.4

311.0
292.0
291.5

169.8
167-6
170.4

73. 1
72.7
74.5

242-8
240.3
245.0

2088.0
2086.2
2089.5

693.1
699-1
701.8

61.2
59.2
56.7

22. 3
19.5
18.6

209-0
210.7
211.6

APRMAY
JUNE

188-0
190.2
191.9

6-4
6-5
7-1

305.8
298.8
298-8

17 8.6
171.7
172.9

78-8
77.8
78.4

257.4
249. 4
251.3

2089.0
2082.7
2092.3

700. 1
714-8
722.9

54.4
53.3
52.8

20.7
20.9
19.9

211.0
209.1
210-2

JULI
AUG. P

193.8
194-2

7.7
7.7

298.7
294.7

172.9
174.5

78.5
77.9

251.3
252-5

2101.8
2109.0

716.0
731.3

53.9
57.1

18.9
18.5

210.4
213.4

198to-AUG.
SEPT.

*EBL

•

VEEK ENDINGS
198 7-JULY

AUG.

6
13
20
27

195.1
194.3
193-5
192.6

311.6
301.8
297.8
289-2

174.7
174. 1
172.5
170-9

80.4
79.8
78.6
76.2

255.2
254.0
251.1
247. 1

47.7
53.%
54.7
56.7

15.6
18.5
18.7
21.4

208-6
210.6
210.2
211.3

3
10
17
24 P
31 P

193.1
195-6
194-6
193-6
192.6

295-4
298.0
297-9
290. 1
290.5

172.8
176.3
174-6
173-6
17J-5

77.8
79-6
78-6
76.6
76.6

250-5
255. 9
253.2
250-2
250- 1

57.7
58.0
56.8
56- 7
56-5

21-0
17.6
18-1
17.6
19-4

211.7
212.8
213.0
214.2
214-4

-

t

1/
2/
3/
4/
5/
6/
7/

CURRENCY OUTSIDE THE U . S . TREASURY, FEDERAL AESERVE BANKS AID THE VAULTS OF COMMERCIAL B A S I S .
EXCLUDES THJ ESTIMATED
AMOUNT OF VAULT CASH HELD HI THRIFT INSTITUTIONS TO SERVICE THEIH OCD L I A B I L I T I E S .
OUTSTANDING AHOUIT OF U . S . DOLLAR-DBiOMIHATEi* V&AVELBRS CHECKS OF UOMBAHK ISSUERS.
TRA/JO.ERS CHOCKS I S S 0 E D BY DEPOSITOR I
INSTITUTIONS ABE INCLUDED IN DEMAND J E P O S I T S .
DEMAND DEPOSITS AT COMMERCIAL BANKS OTHER THAU THOSE DUE TO DOMESTIC BANKS, THE U . S . GOVERMSENT AMD FOREIGN BANKS AMD
OFFICIAL INSTITUTIONS, LESS CASH ITEHS IN THE ?*OCESS OF COLLECTION AND F . B . FLOAT, LESS THE ESTIMATED AMOUNT OF DEdAND
DEPOSITS HELD AT COMMERCIAL BANKS BY THHIFT INSTITUTIONS TO SERVICE THEIfi OCD L I A B I L I T I E S .
CONSISTS OF NOtf AND ATS BALANCES AT COMMERCIAL 4ANKS, U . S . BRANCHES AND AGENCIES OF FOREIGN BANKS* AND EDG4 ACT
CORPORATIONS.
CONSISTS OF NOI AND ATS BALANCES AT SAVINGS -AMi) LOAN ASSOCIATIONS AND HUTUAL SAVINGS BANKS, CREDIT UNION SHARE
DttAFT BALANCES, AND DEMAND DEPOSITS AT THRIFTS.
SUS OF OVERNIGHT RPS AND EURODOLLARS, HONET {UMKET FUND BALANCES {{iEHEUAh PURPOSE AND BROKER/DEALER) , MM DAS AND SAVINGS
AND SMALL TIME DEPOSITS LESS THE ESTIMATED AMOUNT OF DEMAND DEPOSITS AND VAULT CASH HELD Bt THRIFT INSTITUTIONS TO SERVICE
THEIR TIME AND SAVINGS DEPOSIT L I A B I L I T I E S .
SUM OF LARGE TIH2 DEPOSITS, TERM RPS AND EURODOLLARS OF U . S . RESIDENTS, MONE* MARKET FUND BALANCES (INSTITUTION-ONLY), LESS A
CONSOLIDATION ADJUSTMENT THAT &KPKilSKNTS THE ESTIMATED AMOUNT OF OVERNIGHT RPS AND EURODOLLARS HELD til INSTITUTIOIHONLT
HONEY

8/
9/

MARKET

MUTUAL

FUNDS.

CONSISTS OF OVERNIGriT AND CONTINUING CONTRACT KtfiS ISSUED BY COMMERCIAL BANKS TO OTHER THAN DEPOSITORY I N S T I T U T I O N S AND
MOifcEY ttAHKiiT MUTUAL JriibUS (GENERAL PUHPOSE AND dttOKEK/OEALEB) .
ISSUED BY FOREIGN BiiAXCHilS. CF U . S . BANKS WORLDWIDE Tu U . S . xiZSlDHHTS OTHER THAN DEPOSITOR* INSTITUTIONS AND
flON'EY MARKET MUTUAL FUNDS (GAUtlktAL PUKPOSi) AND iiHOKiiii/DEALEH) .




•able 5—continued

COMPONENTS OF THE MONEY STOCK, LIQUID ASSETS AND DEBT
Billions of dollars, not seasonally adjusted
Money market deposit accounts

at

at

commercial
banks

thrift
Institutions

3b4.3
J64.9

OCT.
NOV.
DEC.

Savings deposits

at

at

total

commercial
banks

thrift
institutions

189.3
189.9

553.6
558.8

137.6
141.0

372.6
375.9
379-0

191.9
192*8
192.4

564.4
568.7
571.4

1987-JAN.
?££•
BA*.

381-7
378.5
378.2

192.5
192.3
192-3

APH.
BAY
JUN3

375. 4
368.9
367.6

JULI
AUG. P

365.2
364-0

Date

1986-AUG.
SEPT.

Small denomination time deposits'

Large dertommatlon time deposits'

at

at

at

at

totai

commercial
banks

thrift
institutions

total

commercial
banks4

thrift
Institutions

total

195.6
198-6

333.2
339.6

378.5
375.9

498.9
497.4

877*5
87 J . 3

289.9
291.2

159.3
159.1

449.2
450.3

146.4
150.3

15J. a

204.8
209.0
211-8

351.2
359.3
J65.6

371.3
366.7
364.4

496.1
492.8
489-8

8*7.3
859.5
854.2

289.3
290.6
293.2

157.8
156*0
154.9

447.1
446.7
448.1

574.3
570.8
570.6

159-2
162.8
167.2

217.1
221.8
227-9

376.4
384.6
395,1

364.4
362.1
359.7

490.0
488.3
486.1

854.4
850.4
846.7

296.9
298.1
J0K3

154.4
153.1
151.2

451-3
451.2
452.5

190.1
188.3
185.9

565.5
557.1
553.5

172.1
174.8
176.6

234.0
237.8
240-8

406.1
412.7
417.5

355.6
355.7
359.7

484.4
482.6
487.1

840.0
846.8

303-2
309.2
311.8

148-0
149-0
149.7

451.2
458-3
461-5

182.8
179.5

548.0
543.5

178.4
178-2

241.9
240- 1

420.3
418.3

363.9
366.7

494.7
499.5

858.6
866.2

310.2
313.0

150.6
153.1

460.8
466.1

BBEK ENDING
1987
JULI

AUG.

1/
2/
3/
4/

6
U
20
27

365.9
366*2
365.5
364.3

178.5
178.5
17*. 5
176.3

362.6
36J.4
363.9
364.5

308.9
310.4
310-0
310.8

J
10
17
24 P
31 P

364.2
364-8
364.0
363.9
363.0

178.4
178.8
178.6
177.9
177.6

365.6
366.2
36b.6
367-1
367-2

J10.9
312.7
J11.9
314.0
314.3

SAVINGS DEPOSITS EXCLUDE BflDAS.
SBALL DENOMINATION TIBK DEPOSITS — INCLUDING BETAIL &PS — AKE 'THOSE IS S USD I I ABO UMTS OF L&SS THAI $ 1 0 0 , 0 0 0 . ALL
INDIVIDUAL R4TXRBBBNT ACCOUNTS (XfiA) AND KKOGti ACCOUNTS AT COtffliiliCIAL BANKS AND TH£I?TS ABB SUBTRACTED t'SOH SBALL
Tlfi* DEPOSITS.
LAEGE DEN0HINA2I0V TIBE DEPOSITS Att£ TBOSE ISSUED IN ABOUNTS OF $ 1 0 0 , 0 0 0 OS BOHE, 6ICLUDING XaOSE BOOKKD AT INTERNATIONAL
BACKING FACILITIES (liJVS).
LAEGE DENOBINATION T1B£ J£?OSITS AT COBBERC1AL BANKS L&SS TBOSE MILD BY flONEY BARKET BUT0AL XVUDS, DEPOSITORT
AUD FOREIGN BANKS AiJD OFFICIAL INSTITUTIONS.




H.SO08)
Tab** 5-continuad

COMPONENTS OF THE MONEY STOCK, LIQUID ASSETS AND DEBT
Billions of dollars, not •smonally adlusM
Tarni « • » '

Institution
Data

only roonay
marfcat funds

a t OOfVHfNMdW

banks

at thrift
Inatltutlons

total

nnn
Eurodollars

AaWifMM

bonds

Won MS QOHiaonants of L
Snort-tarvn
Bsnftofs
treasury
aacurttias'
accapiancav

Comeananti of Dabt
Gommaccial
papaf 1

Faoanji dabf

dabt

80.8
84.4

34.0
3i>.6

41.2

42.2

75.2
77.9

78.0
81.4

85.2
8D. 4

290.2
287.8

37.9
37.4

219.0
2^3.1

1713.3
1734.5

5574.0
5643.8

DEC

84.5
84.4
84.1

34.3
36.9
34.9

43.7
45.5
47.1

78.0
82.4
82.0

78.0
79.3
83.0

87.8
89.9
91.9

283.8
291.0
292.2

J8.0
36-0
37.4

228.7
227.9
228.7

1748.6
17/1.7
1803.3

5691.9
5743.7
5819.8

1987-JAN.
FEB.
AAB.

84.0
84.7
84.9

33.4
34.5
3J.9

47.8
5U.4
51.0

81.2
84.9
84.9

84.8
87.6
88.2

92.7
93.5
94.3

290.1
292.9
281.8

37.8
38.9
39.3

239-3
240.4
240. 2

1816-9
1826.7
16 J«- 2

5872.5
5885.7
5920.4

APB.
HAY
JUNS

83.1
81.8
81.3

36.8
38.4
37.5

54.2
57.9
60.9

91.0
96.4
98.4

83.9
87.0
89.4

95.1
95.8
96.5

265.2
263.7
262.0

40.5
42.2
43.5

243.8
253.6
255. 1

1846.7
18S7.8
1869. 1

5971.0
6020.1
6069.6

JULT
AUG. P

83.4
83.4

35.2
36.4

61.1
b0.3

96.3
96.6

85.8
93.1

97. 1

250.2

44.3

248.5

1872.4

6120.4

27

81.7
82.7
83.9
84.4

38.8
34.4
34.2
34.5

3
10
17
24 P
31 P

84.5
83.4
83.2
83.7
82.9

34.7

1986-AUG.
SEPT.
OCT.
HQVm

VSSK ENDING:
1987-JULT

AUG.

1/
2/
3/
4/
5/
6/

6
13
20

!

36-1
37.2
37-9

TBKH UPS I B S THOSE HITH OU1GIIAL HA'JUftlTIES GUilATHt TflAil O»B DAI # £ICL0DIWG COBTIIUIRG COBTBACTS AID BETAIL BPS. IIIOLODBS
A EEiATITELI SHALL AflOUNT OF O¥BHfclGbT BPS AT THRIFT INSTITOTIOMS.
TBitt UUBODOLLABS ABE THOS3 IITH OE1G1MAL HATUJtlTIBS GiiiiJLrEB THAU ONE DAI. CONSISTS OF TBOSB ISSUED TO U. S . BBSIOBNTS BY
FOB**;* tBAHCHBS OF U.S. JAiKS BOkLJiilDE AMi> i i l ALL BAaiUMG OFFIC-iS IW TBB UNITBD *IMD0& AMD CANADA. BICi-UDES THOSJ HBLO
BI DBPOS1TOBI IMSTITOTIONJ AID B0V£7 HABKET flUTUAL FUND3.
COHSISTS OF O . S . TBEASUiY lilLLS AMD COUPOHS Hi.Ttf BEHA1NXMG HATOKltflBS OF LEJS THAB \2 flOMTHS tfK«D BY OTHJKil THAB DEPOSITOBY
IHSTll'UTIOMS, FEDEBAL RUSAtiVZ BAMKS, HONEY aA«t*ET UUTUAi. FUNDS# UU FOBEIGN ENTITIES.
HEX OF BAMKEBS ACCEPTANCES HELD BY ACCEPTING dANKS# FUDdttAL RESUME BANKS, /OBEIGN OF/ICIAL INSTITUTIONS, THE FKDEBAL
HOflE LOAN BANK SYSTEfl AND AONEY HARKKT flUTUAL FUNDS.
TOTAL COHflEBCIAL PAPEB LiSSS COHHEBCi-AL PAPEK dULD BY MOtfEY HABKET flOTOAL FUdDS.
DEdT DATA ABE ON A MONTHLY AVERAGil DASIS # DjiHxViiJ 3Y AVEKAGING i2Ni>-OF-flONTH LEVELS OF ADJACENT dONTHS# ANi) HAVE BEEN
ADJUSTED TO SEHOVE DISCONTINUITIES.




H.6<506)
Table 6

MEMORANDUM ITEMS
Billions of dollars, not seasonally adjusted
Demand deposits at banks due to

Date

foreign
commercial
banks

foreign
official
institutions

Time and
savings
deposits
due to foreign
commercial
banks and
foreign official
institutions

IRA and Keogh Accounts

U.S. government deposits
demand
deposits at
commercial
banks

balances at
Federal
Reserve
Banks

note balances
at commercial
banks
and thrift
institutions

total demand
deposits and
note and
FR balances

time
and savings
deposits at
commercial
banks

commercial
banks

thrift
institutions

money
market
mutual funds

total

9.5
9.9

1.7
1.8

4.2
4.2

3.0
3.6

3.2
5.6

8.1

14,2

23.8

I.7
1.8

71.3
71.5

95.1

14.6

95.2

10.2
10.5

176.7
177.2

OCT.
NO?.
DEC

10.0

1.8
2.0
1.8

4.2
4- 1
4. 1

3.4
3,4
J.7

3.4
3.2
3-7

11.8
11.9
15.5

18.6
18.4
22.9

1.8
1.7
1.7

71.6
72.1
72.8

95.6
95.6
9b- 2

10.8
10.7
10.7

178.1
178.4
179.7

1987-JAHFJ5B.
BAR-

10.4
9,9
9.5

1.8
1.7
1.7

4.0
4^0
4,0

3.7
3.J
l.b

9.6
5.0

23.8
2 5.2
13.6

37. 1
33,6
20.3

1.7
1.6
11.6

73,4
74.0
75.4

97.2
97.7
98.8

10.8
11.0
11.2

181.4
182.8
185.4

APfL
HAI
JUNS

9.7
9.6
9.6

1-9
2.1
2-Q

3.9
3.9
3.9

5.0

7.0

3.. 4

16.0

3.6

8.7

16.6
27.4
21.8

28.5
46.8
34.2

1.7
1.8
11.8

78.5
79.2
79.5

10 1. 3
102.0
102.7

12.4
12. 8e
12.8e

192. 1
19 3-9e
194.9e

JULY
AUG. P

9«7
9.3

2.0
2-1

3.8
3,8

3.3
3.0

5.3
3.5

23.3
18.6

31.9
25. 1

.8
1.8

80. 1
80.7

10 3.5
103- 6e

12. 6e
12.8e

196.3e
197.0e

3.8
3.6

4-2
2.9
3,6
2.7

6.5
6.0
4.6
4.5

24.4
27.0
26.7
19.9

35. 1
35.8
34.9
27.2

1.8
1-8
1.8
1.8

3^8
3-8
3.3

3.2
3.1

5.0
3.5
3.2

3-a

3.0
2.6

15.4
15.8
15.5
22.4
22. 1

23.6
22.3
21.S
28.5

1.8
1.8
1.8
1.8
1.8

1986-AUG.
SEPT.

9.7
9.9

J. 1

MEEK BMD13GZ
1987

JULI

AUG.

6

10.3

2.2

13
20
27

9.6
9.5
9.3

2-0
2.1
1.9

3

10.2

1.9

10

9.6

17
24 P
31 ?

8.6

2.3
2.0

9.0
9,8

1.9
2.2

e = e&tiuated



3. 7

3.8

3.6

3 - 4.

i. 1
3.5

i
!

•

H. 6(608)
Supplementary Table 1

Levels and Annual Growth Rates of M1 Using Standard1, Concurrent2,
and Experimental Alternative3 Seasonal Adjustment Procedures
Monthly average
Levels in billions of dollars
Experimental
Standard
Alternative
Concurrent

Annual growth rates in percent
Experimental
Standard
Alternative
Concurrent

1986-June

667 . 5

668. 0

668 .7

14 . 4

16. 9

18. 8

July

676. 6

677. 8

676 .5

16 . 4

17. 6

14 . 0

Augus t

687. 0

688.

4

687 . 9

18 . 4

18. 8

20. 2

Sep t embe r

693.

1

694

8

692 . 7

10 .7

1 1 .2

8. 4

October

701

4

702

4

699 .9

14 . 4

13. 1

12. 5

Novembe r

712

4

712

8

711 .8

18 .8

17. 8

20. 4

Decembe r

730

5

730

4

730 .2

30 .5

29. 6

31 . 0

737 .7

736 .7

735 . 4

1 1 .8

10. 4

8. 5

Feb r ua r y

737 . 4

735 .9

735 .6

- .5

-1 . 3

3

March

739 .5

737 .9

737 .8

3 .4

3. 3

3. 6

Apr i I

750 .3

747 .9

743 .8

17 . 5

16. 3

9. 8

May

753 . 1

751 .9

751 . 9

4 .5

6. 4

13. 1

June

746 .6

747 . 4

747 . 4

-10 . 4

-7 . 2

-7. 2

July

747 .6

749 .3

747 .6

1 .6

3. 1

3

Augus t

750 .8

752 .7

752 .8

5 .1

5. 4

8. 3

1987-Janua r y

1. Standard monthly seasonal factors are derived at the beginning of each year by applying an X-11/ARIMA-based procedure to data through the end of the previous year.
2. Concurrent-monthly seasonal factors are derived each
month by applying an X-11/ARIMA-based procedure to data
through that month.




3. Alternative monthly seasonal factors are derived using an
experimental model-based procedure. This procedure uses
a combination of statistical regression and time series modeling techniques to construct seasonal factors that are more
sensitive than standard factors to unique characteristics of
each series. These characteristics include fixed and evolving seasonal patterns, trading day effects, within-month seasonal variations, holiday effects, outlier adjustments, special
events adjustments, and serially correlated noise components.