Full text of H.6 Money Stock Measures : September 15, 1988
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FEDERAL RESERVE statistical release These data are scheduled for release each Thursday at 4:30 p.m. *4L Rt' H.6 (508) Table 1 MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES SEPTEMBER 15, 1988 B i l l i o n s of dollars Date M1 J M2 Z Debt5 M3 3 Seasonally adjusted 1986-SEP. OCT. NOV. DEC. 687.4 694.9 706.4 725.4 2743.6 2766.0 2782.6 2807.7 3429.9 3448.4 3464.1 3490.8 4064.5 4083.7 4104.8 4134.3 7365.2 7429.6 7512.1 7607.7 1987-JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEP. OCT. NOV. DEC. 731.4 731.3 734.2 744.7 746.5 742.1 743.6 746.5 747.5 756.2 752.7 750.8 2827. 2829. 2834. 2847. 2849. 2851. 2858. 2869. 2880.8 2894.5 2896.5 2901.0 3515.6 3524.5 3533.2 3550.5 3565.2 3581.1 3588.8 3607.1 3622.6 3644.5 3659.5 3664.2 4163.2 4175.8 4174.6 4190.3 4218.5 4233.3 4236.3 4259.4 4285.6 4314.7 4326.0 4327.0 7673.0 7710.9 7756.6 7816.7 7881.6 7939.3 7980.7 8031.0 8092.9 8163.3 8245.8 8305.5 1988-JAN. FEB. MAR. APR. MAY JUNE JULY AUG. p 758.8 759.5 762.9 770.1 770.2 776.5 782.4 782.5 2^25. 2946. 2967. 2990. 3002. 3016. 3026. 3032. 3690.4 3723.7 3748.8 3771.9 3788.5 3812.8 3833.0 3845.7 4364.3 4396.6 4422.8 4465.2 4495.2 4509.3 4544.5 p 8352.7 8407.9 8468.8 8529.7 8588.9 8646.0 8700.9 1986-SEP. OCT. NOV. DEC. 685.2 692.8 709.5 740.6 2737.9 2765.9 2785.7 2821.4 3426.6 3448.4 3470.6 3507.6 4058.4 4083.2 4113.0 4152.3 7350.1 7412.0 7486.4 7593.3 1987-JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEP. OCT. NOV. DEC. 737.5 717.1 723.5 752.5 739.9 744.4 746.8 745.0 745.2 753.7 756.0 765.9 2839.8 2817.1 2826.4 2854.9 2835.8 2849.9 2862.4 2868.0 2875.8 2895.1 2900.0 2914.7 3527.8 3513.0 3526.9 3555.7 3553.4 3577.1 3586.8 3604.4 3620.5 3644.5 3666.8 3680.8 4181..1 4171..1 4174..0 4192..0 4201..8 4230..0 4227..8 4252..2 4280..7 4315..0 4335.8 4345.1 7655..9 7677..3 7725..3 7786..2 7849..5 7911..5 7958..9 8013..1 8079.4 8147.8 8220.1 8289.3 1988-JAN. FEB. MAR. APR. MAY JUNE JULY AUG. p 764.7 745.0 752.1 778.3 763.8 778.8 785.6 781.2 2937.4 2933.6 2958.9 2998.5 2988.3 3014.4 3030.8 3031.7 3702.9 3712.2 3741.9 3776.8 3776.1 3808.1 3830.4 3843.4 4383. 4392. 4421. 4465. 4477. 4505. 4534. 8335.0 8373.4 8436.8 8500.0 8559.2 8621.1 8675.6 p Not seasonally adjusted Footnotes appear on the following page, p—indicates preliminary data. H.6 ( 5 0 8 ) Table 2 MONEY STOCK AND DEBT MEASURES Percent change at seasonally adjusted annual rates Ml M2 MS Debt1 6.4 4.1 6.0 8.0 6 Months from FEB. 1988 TO AUG. 1988 6.1 5.9 6.6 8.3 12 Months from AUG. 1987 TO AUG. 1988 4.8 5.7 6.6 9.0 6.1 4.6 6.1 3 Months from MAY 1988 to AUG. 1988 Thirteen weeks ending SEPTEMBER 5* 1988 from thirteen weeks ending: JUNE 6* 1988 (13 weeks previous) MAR. 7, 1988 (26 weeks previous) 6.4 6.7 7.3 SEP. 7* 1987 (52 weeks previous) 4.9 5.8 6.6 1. Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates* April 1988 to July 1988* January 1988 to July 1988* and July 1987 to July 1988* respectively. iy> Footnotes to Table 1 Consists of (1) currency outside the U.S. Treasury* Federal Reserve Banks* and the vaults of depository institutions* (2) travelers checks of nonbank issuers* (3) demand deposits at all commercial banks other than those due to depository institutions* the U.S. government* and foreign banks and official institutions* less cash items in the process of collection and Federal Reserve float) and (4) other checkable deposits (OC0s)» consisting of negotiable order of withdrawal (NOVO and automatic transfer service (ATS) accounts at depository institutions* credit union snare draft accounts and demand deposits at thrift institutions. Seasonally adjusted Ml is calculated by summing currency* travelers checks* demand deposits* and OCDs* each seasonally adjusted separately. Consists of Ml plus overnight (and continuing contract) RPs issued by all commercial banks end overnight Eurodollars issued to U.S. residents by foreign branches of U.S. banks worldwide* money market deposit accounts (MMDAs)* savings and smalldenomination time deposits (time deposits—including retail RPs—in amounts of less than #100*000)* and balances in both taxable and tax-exempt general purpose and broker/dealer money market mutual funds. Excludes individual retirement account (IRA) and Keogh balances at depository institutions and money market funds. Also excludes all balances held by U.S. commercial banks* money market funds (general purpose and broker/dealer)* foreign governments and commercial banks* and the U.S. government. Seasonally adjusted M2 is computed by adjusting its non-Mi component as a whole and then adding this result to seasonally adjusted Ml. Consists of M2 plus large-denomination time deposits (in amounts of $100*000 or more) and term RP liabilities issued by commercial banks and thrift institutions* term Eurodollars held by U.S. residents at foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom and Canada* and balances in both taxable and tax-exempt institution-only money market mutual funds. Excludes amounts held by depository institutions* the U.S. government* money market funds* and foreign banks and official institutions. Also subtracted is the estimated amount of overnight RPs and Eurodollars held by institution-only money market mutual funds. Seasonally adjusted M3 is obtained by adjusting its non-M2 component as a whole and then adding this result to seasonally adjusted M2. Consists of M3 plus the nonbank public holdings of U.S. savings bonds* short-term Treasury securities* commercial paper and bankers acceptances* net of money market mutual fund holdings of these assets. Debt of domestic nonfinancial sectors consists of outstanding credit market debt of the U.S. government* state and local overnments and private 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 from the Federal Reserve Board's flow of funds accounts. All data on debt of domestic nonfinancial sectors are presented in month-average form* derived by averaging adjacent month-end levels. These data have also been adjusted to remove statistical discontinuities that may arise in the underlying flow of funds statistics. The presentation of debt data in this release differs* therefore* from the quarterly flow of funds statistics contained in the Federal Reserve releases Z.7 and Z.l. In those releases* published levels of credit market debt are measured on a quarter-end basis and include discontinuities. f H.6 ( 5 0 8 ) Table 3 MONEY STOCK MEASURES Billions of dollars 3 Seasonally adjusted Ml Period ending 13-week average 4-week average 1988-JUNE 13 20 27 769.9 770.9 771.7 771.6 773.9 775.8 M2 week average M3 13-week average 4-week average week average 13-week average 4-week average week average 772.0 778.3 778.9 2995.3 2998.7 3001.8 3010.6 3013.5 3015.9 3012.0 3016.6 3018.2 3779.7 3784.4 3789.2 3799.8 3805.5 3811.6 3805.2 3814.6 3819.7 JULY 4 11 18 25 772.7 774.1 775.3 775.6 776.7 779.9 780.7 781.4 777.5 784.8 781.5 781.7 3005.0 3007.8 3010.3 3012.7 3017.3 3021.2 3022.9 3024.5 3022.5 3027.5 3023.5 3024.3 3793.4 3798.1 3802.8 3807.6 3814.9 3821.3 3825.8 3829.7 3819.9 3831.1 3832.6 3835.1 AUG. 1 8 15 22 29p 776.2 777.2 778.1 779.2 780.1 783.1 782.4 782.1 782.5 782.1 784.3 782.2 780.2 783.3 782.7 3015.5 3018.1 3020.4 3022.6 3024.6 3026.5 3027.2 3028.6 3031.1 3032.0 3030.5 3030.3 3029.3 3034.4 3034.1 3812.3 3817.0 3821.4 3825.6 3829.8 3834.8 3838.0 3840.2 3843.0 3845.3 3840.4 3844.0 3841.2 3846.5 3849.6 SEP. 5p 780.8 782.3 783.1 3026.2 3033.7 3036.8 3833.0 3846.5 3848.6 Not seasonally adjusted Ml Period ending 13-week average 4-week average 1988-JUNE 13 20 27 768.9 771.2 772.8 770.8 776.8 778.9 JULY 4 11 18 25 774.1 775.3 775.4 775.3 AUG. 1 8 15 22 29p SEP. 5p M2 week average 13-week average 4-week average 783.3 780.9 764.4 2991.6 2995.7 2998.8 3005.0 3011.9 3014.5 779.7 783.7 785.1 787.2 790.0 799.5 786.3 772.9 3001.9 3004.4 3006.1 3008.4 776.3 778.0 779.5 781.1 782.0 784.2 782.3 782.4 783.6 781.1 777.9 792.0 786.9 777.7 767.7 782.1 780.1 788.2 M3 week average 13-week average 4-week average week average 3020.8 3014.0 2996.9 3776.0 3781.1 3785.2 3796.2 3804.4 3808.1 3814.4 3807.6 3794.6 3015.6 3021.4 3025.7 3031.0 3030.8 3044.0 3031.1 3017.9 3788.7 3792.5 3796.2 3800.7 3809.9 3815.8 3821.7 3828.6 3823.0 3838.0 3831.0 3822.2 3012.1 3016.4 3020.0 3023.3 3025.7 3029.7 3029.2 3030.9 3033.8 3031.7 3025.8 3041.9 3038.0 3029.4 3017.3 3806.1 3812.2 3817.8 3822.8 3827.0 3830.6 3834.0 3838.2 3842.4 3843.3 3831.0 3851.6 3847.8 3839.3 3834.3 3026.6 3030.7 3038.1 3829.9 3843.8 3853.8 Note: Special caution should be taken in interpreting week-to-week changes in money supply data* which are highly volatile and subject to revision. p__;r»<-Hcates preliminary data. H.6 ( 5 0 8 ) Table 4 COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billicns of d o l l a r s > seasonally adjusted Nontransactions components Currency1 Date Travelers checks2 Demand deposits3 Other checkable deposits4 In M2 5 In M5 only* Small time deposits8 Savings deposits7 At commercial banks At thrift institutions Total At commercial banks At thrift institutions Total 1987-APR. MAY JUNE 185.6 187.0 187.8 299.5 298.9 295.5 255.1 255.9 254.5 2102.5 2102.5 2109.4 705. 716. 729, 171.4 174.0 175.5 252.7 255.5 257.8 404. 409. 415, 558.9 559.0 561.6 486.1 487.0 490.5 845.1 845.9 852.1 JULY AUG. SEP. 189.0 190.2 191.4 292.5 292.1 290.5 255.6 257.2 258.6 2114.5 2122.9 2155.5 750.9 757.8 741.8 176. 178. 178. 258.7 259.5 240.0 564.4 566.7 568.5 494.7 499.1 505.8 859.1 865.9 872.1 OCT. NOV. DEC. 195.1 195.0 196.5 295.9 291.5 288.0 260.5 259.5 259.5 2158.5 2145.7 2150.2 750. 765. 765. 178.4 178.2 178.2 258.6 256.8 256.0 415.5 417.8 418.6 417. 415. 414. 574.2 581.6 584.6 509.1 520.1 528.5 885.5 901.7 915.1 1988-JAN. FEB. MAR. 198.4 199.5 200.9 289.9 287.8 287.9 265.5 265.0 266.9 2166.5 2186.8 2204.5 765.5 777.4 781.5 179. 181. 185. 255. 255. 256. 414.4 416.2 419.8 588.0 595.7 597.5 556.6 547.8 556.0 924.6 941.5 955.5 APR. MAY JUNE 202.5 205.6 204.9 290. 287. 289. 270.1 271.9 274.4 2220.8 2252.0 2240.1 781.0 786.5 796.2 184. 186. 188. 258. 259. 241. 422. 425. 429, 402.5 404.7 406.8 562. 567. 568. 964.8 972.0 975.0 JULY AUG. p 206.5 207.2 290. 290. 278.5 278.1 2245.9 2250.1 806.8 815.1 189. 190. 242. 245. 451.8 455.9 409.8 414.2 568. 571. 978.5 985.5 206.0 206.5 207.0 295.0 289.8 288.9 278, 278. 278. 2242. 2242. 2242. 805. 809. 810, 189, 189, 189. 241.7 242.4 242.5 409.0 409.8 410.2 568. 568. 569. 977. 978. 979. 289. 290. 288. 290. 289. 280.5 277.8 277.8 278.0 278.2 2246. 2248. 2249. 2251. 2251. 809.9 815.8 812.0 812.2 815.4 190.1 190.6 190.7 190.8 190.6 245. 242. 245. 245, 245. 450. 451. 452. 455.1 455.4 454.1 454.5 454.0 411.5 412.8 415.7 414.5 415.4 569. 570. 570. 570. 571. 981. 985. 984. 985. 987. 291.5 277.2 2255.7 811.9 190.6 245.2 455.8 416.5 575.1 989.5 Meek ending 1988-JULY 11 18 25 AUG. 1 8 15 22 29p 207.0 206.5 206.7 207.5 208.0 SEP. 5p 207.5 7.2 Currency outside U.S. Treasury* Federal Reserve Banks and the vaults of depository institutions. Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are included in demand deposits. Demand deposits at commercial banks and foreign-related institutions other than those due to depository institutions, the U.S. government and foreign 5. banks and official institutions, less cash items in the process of collection and Federal Reserve float. Consists of NON and ATS balances at all depository institutions, credit union share draft balances and demand deposits at thrift institutions.m Sum of overnight RPs and overnight Eurodollars, money market fund balances (general purpose and broker/dealer), MMDAs, and savings and small time deposits. This sum is seasonally adjusted as a whole. . . . . Sum of large time deposits, term RPs and term Eurodollars of U.S. residents, money market fund balances (institution-only), less the estimated amount of overnight RPs and Eurodollars held by institution-only money market funds. This sum is seasonally adjusted as a whole. Savings deposits exclude MMDAs. Small denomination time deposits—including retail RPs—are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial banks and thrifts are subtracted from small time deposits, -indicates estimated data, -indicates preliminary data. 1. 2. H.6 1508) Table 4-continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars, seasonally adjusted Large time deposits1 At _ commercial banks2 Date At thrift institutions Debt components6 Non-M3 components of L Total Savings bonds Short-term Treasury securities3 Bankers acceptances4 Commercial paper5 Federal debt Non-federal debt 1987-APR. MAY JUNE 303.1 308.1 311.9 145.8 145.9 146.7 448.9 454.0 458.6 95.1 95.9 9S.6 257.6 261.6 259.6 40.9 42.1 43.1 246.3 253.7 252.8 1862.8 1875.5 1887.1 5953.9 6006.1 6052.2 JULY AUG. SEP. 312.2 312.8 313.8 148.0 149.6 151.5 460.2 462.4 465.3 97.5 98.1 98.4 254.8 258.9 263.7 43.4 43.5 44.3 251.8 251.8 256.6 1889.9 1903.6 1913.9 6090.8 6127.3 6178.9 OCT. NOV. DEC. 317.5 322.3 323.5 154.8 158.1 161.2 472.3 480.5 484.7 98.8 99.3 100.2 272.7 269.7 258.0 44.5 45.0 45.7 254.2 252.5 258.9 1920.4 1941.2 1954.7 6242.8 6304.6 6350.8 1988-JAN, FEB. MAR. 320.2 324.8 326.3 162.7 164.9 165.1 482.9 489.7 491.4 101.4 102.6 103.5 259.9 255.4 249.6 43.6 40.9 40.6 269.0 274.1 280.3 1963.3 1981.5 2006.6 6389.4 6426.3 6462.2 APR. MAY JUNE 325.7 327.8 334.2 167.3 168.1 168.1 492.9 496.0 502.3 104.6 105.4 106.1 259.3 259.2 248.6 41.2 40.9 40.6 288.2 301.1 301.2 2018.5 2023.1 2032.1 6511.2 6565.8 6614.0 JULY AUG. P 341.8 347.9 168.3 167.9 510.1 515.8 106.9 p 252.2 p 38.9 p 313.4 p 2039.0 p 6661.8 p 339.8 342.9 344.0 169.1 168.6 167.7 508.9 511.5 511.7 Heek ending 1988-JULY 11 18 25 AUG. 1 8 15 22 29p 344.2 345.3 347.6 348.2 350.2 167.5 167,7 167.3 167.7 168.5 511.7 513.0 514.8 515.9 518.7 SEP. 5p 350.1 169.8 519.9 1. Large denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities. large denomination time deposits at commercial banks less those held by money market mutual funds, depository institutions and foreign banks and official institutions. 3. Consists of U.S. Treasury bills and coupons with remaining maturities of less than 12 months held by other than depository institutions, Federal Reserve Banks, money market mutual funds and foreign entities. 4. Net of bankers acceptances held by accepting banks, Federal Reserve Banks, foreign official institutions, Federal Home Loan Banks, and money market mutual funds. 5. 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WW uiui 0 s sO m c c oz --co» Or• < I sO 09 0) C M.*. •"3" 3 0) </» M . CT3 01 (0 > 3 -> H7-0 i 09 ( / ) O C CD m o to > > to to o c 8 * > 0) 3^ •» Q-m !-; 0 . . 3 H Z a) - n o. oOS- W W 3 -n i*° ( - / " \ cro* M>^ M> H . ^ (0 ~ 0 ^ UI 00 J.O S1* H.6 (508) Table 5-continued COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT Billions of dollars> not seasonally adjusted Term RPs 1 At InstitutionAt thrift only money commercial institutions banks market funds Date Debt components 6 Non-M3 Components of L Total Term Eurodollars2 Savings bonds Short-term Treasury securities3 Bankers acceptances4 Commercial paper 5 Federal debt Nonfederal debt 1987-APR. MAY JUNE 83.5 82.1 81.7 38.3 40.6 40.4 57.0 62.9 68.1 95.2 103.5 108.5 84.0 86.8 87.9 95.1 95.8 96.5 257.0 256.8 257.8 40.5 42.2 43.5 243.8 253.6 255.1 1848.5 1859.4 1870.5 5937.8 5990.1 6040.9 JULY AUG. SEP. 83.8 84.0 81.3 38.6 39.8 40.7 69.8 69.4 70.6 108.4 109.2 111.3 84.5 90.2 94.5 97.1 97.7 98.3 251.1 257.2 260.8 43.6 43.6 44.4 249.2 249.2 25o.8 1873.7 188&.5 190J,.0 6085.3 6124.6 6178.4 OCT. NOV. DEC. 82.5 89.5 89.6 37.6 39.9 38.4 71.1 71.7 70.4 108.7 111.6 108.7 93.0 92.8 90.8 98.8 99.6 100.6 269.8 272.8 260.9 44.8 45.1 45.1 257.1 251.6 257.8 1910.9 1936.9 1954.1 6237.0 6283.2 6335.1 1988-JAN. FEB. MAR. 94.4 98.7 97.4 38.7 43.6 43.8 70.7 70.1 67.6 109.5 113.7 111.4 85.3 85.4 89.7 101.7 102.7 103.6 262.5 260.5 254.8 ';3.4 41.0 40.4 272.5 275.6 280.5 1961.9 1974.6 1993.2 6373.1 6398.8 6443.6 APR. MAY JUNE 91.9 90.0 86.3 44.9 47.1 48.0 68.9 72.4 74.2 113.8 119.5 122.2 88.7 91.5 92.9 104.6 105.4 105.9 258.4 254.4 246.9 40.9 41.1 41.1 285.0 300.8 303.8 2001.6 2005.2 2014.7 6498.4 6554.0 6606.4 JULY AUG. P 84.8 84.0 46.7 45.6 76.3 75.3 123.0 121.0 93.9 99.5 106.5 p 248.3 p 39.2 p 309.7 p 2022.3 p 6653.3 p 85.4 85.2 84.6 45.6 46.6 47.5 76.2 76.1 76.8 121.8 122.6 124.3 90.6 94.0 95.9 Neek ending 1988-JULY 11 18 25 AUG. 1 8 15 22 29p 83.8 83.8 83.8 84.2 84.5 47.8 47.7 46.2 44.1 44.7 76.4 76.5 75.7 74.4 74.6 124.2 124.2 121.9 118.5 119.4 96.4 98.3 98.6 100.0 101.2 SEP. 5p 83.5 43.7 75.1 118.8 100.5 Term RPs are those with original maturities greater than one day excluding continuing contracts and retail RPs. Includes a relatively small amount of overniqht RPs at thrift institutions. Term Eurodollars are those with original maturities greater than one day. Consists of those issued to U.S. residents by foreign branches of U S. banks world-wide and by all banking offices ir the United Kingdom and Canada. Excludes those held by depository institutions anJ money market mutual funds. Consists of U.S Treasury bills and coupons with remaining maturities of less than 12 months held by other than depository institutions. Federal Reserve* Banks, money market mutual funds> and foreign entities 4. Net of bankers acceptances held by accepting banks, Fedcrr.l Reserve Banks, foreign official institutions Federal Home Loan B«nks, and money market mutual funds. 5. Total commercial paper less commercial paper held by money market mutual funds. .... 6. Debt data are on a monthly average basis, derived by averaging adjacent enr1.~of-month levels, and have been adjusted to remove discontinuities. p--indicates preliminary data. H.6 (508) Table 6 MEMORANDUM ITEMS Billions of dollars> not seasonally adjusted 9 Demand deposits at bank,s due to U.S. government depos;its Time and savings deposits due to Foreign Foreign foreign banks ccommercial official and official banks institutions institutions Date Demand deposits at commercial banks Balance at Federal Reserve Note balances at depository institutions Total cash balance IRA and Keogh Accounts Time and savings deposits At thrift at commercial commereia,1 banks institutions banks At money market funds Total 1987-APR. MAY JUNE 9.0 9.0 9.3 1.8 2.0 2.0 4.6 4.5 4.5 5.0 5.4 5.6 7.0 16.0 8.7 16.6 27.4 21.8 28.5 46.8 54.2 1.4 1.6 1.6 78.6 79.7 79.8 105.0 105.7 104.6 12.4 15.1 15.5 195.9 196.5 197.7 JULY AUG. SEP. 9.5 8.9 9.4 2.0 2.0 1.9 4.4 4.4 4.4 5.5 5.0 4.2 5.5 5.4 10.5 25.5 18.6 21.5 51.9 25.0 55.8 1.7 1.6 1.5 80.2 80.7 81.4 105.4 105.7 106.6 15.5 14.0 14.5 199.2 200.4 202.4 OCT. NOV. DEC. 9.5 9.4 9.6 1.8 1.7 1.7 4.4 4.4 4.4 5.2 5.2 5.9 8.9 4.0 4.2 27.4 22.6 18.4 59.5 29.7 26.6 1.5 1.5 1.6 81.8 82.2 82.9 107.1 107.4 108.7 15.4 16.2 16.4 204.4 205.8 208.0 1988-JAN. FEB. MAR. 10.0 9.5 9.2 1.7 1.6 1.5 4.4 4.5 4.4 4.1 5.1 5.6 5.6 5.8 2.9 20.8 25.1 18.7 50.5 52.1 25.2 1.6 1.6 1.6 85.9 84.7 85.5 110.0 111.2 115.2 16.6 16.8 17.1 210.6 212.8 215.8 APR. MAY JUNE 9.0 9.1 9.5 1.8 1.6 1.7 4.4 4.5 4.5 5.5 5.5 4.5 5.1 7.2 4.1 16.4 27.1 16.7 26.8 57.5 25.0 1.7 1.7 1.8 87.5 88.8 89.4 115.4 116.5 117.7 18.0 18.6 • 18.4 e 220.7 224.0 • 225.4 e JULY AUG. P 9.9 9.2 1.8 1.6 4.4 4.4 5.4 2.9 5.9 5.2 18.6 8.9 25.9 15.0 1.8 1.7 90.2 91.2 119.0 120.0 e 18.6 e 18.6 e 227.8 e 229.8 e 11.2 9.5 9.4 1.8 1.5 1.8 4.4 4.4 4.4 5.7 5.8 5.0 4.1 5.4 5.6 14.9 16.9 20.5 22.7 24.0 27.1 1.8 1.8 1.8 1 8 15 22 29p 9.7 9.0 9.1 9.8 8.9 1.8 1.7 1.5 1.6 1.6 4.4 4.4 4.4 4.4 4.4 5.5 5.4 2.9 5.0 2.5 5.5 2.9 2.9 5.1 5.5 19.6 8.6 6.1 9.0 10.5 26.4 14.9 11.9 15.0 16.5 1.8 1.8 1.8 1.7 1.7 5p 10.0 1.6 4.4 2.9 5.7 9.8 16.5 1.7 Neek ending 1988-JULY 11 18 25 AUG. SEP. e--indicates estimated data. p--indica+es preliminary data. . H.6 (508) 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 Standard Concurrent Experimental Alternative Annual growth rates in percent Standard Concurrent Experimental Alternative 1987-JUNE 742.1 742.0 743.0 -7.1 -7.7 -4.0 JULY 743.6 743.6 742.7 2.4 2.6 -0.5 AUGUST 746.5 747.3 747.4 4.7 6.0 7.6 SEPTEMBER 747.5 748.3 746.1 1.6 1.6 -2.1 OCTOBER 756.2 756.7 755.0 14.0 13.5 14.3 NOVEMBER 752.7 753.3 751.8 -5.6 -5.4 -5.1 DECEMBER 750.8 750.5 749.6 -3.0 -4.5 -3.5 758.8 757.6 756.3 12.8 11.4 10.7 1988-JANUARY FEBRUARY 759.5 759.0 757.4 1.1 2.2 1.7 MARCH 762.9 762.7 759.4 5.4 5.8 3.2 APRIL 770.1 769.0 765.8 11.3 9.9 10.1 MAY 770.2 770.5 769.6 0.2 2.3 6.0 JUNE 776.5 776.5 775.8 9.8 9.3 9.7 JULY 782.4 782.5 782.9 9.1 9.3 11.0 AUGUST 782.5 783.7 782.9 0.2 1.8 0.0 1. Standard monthly seasonal factors are derived at the beginning of each year by applying an X-11/ARIMAbased procedure to the 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.