h6_19741121_revision.pdf

REVISION Revision See Federal Reserve Bulletin December 1974

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL R E S E R V E s t a t i s t ic a I r e l e a s e

MONEY STOCK MEASURES

H.6 November 21, 1974

The armtial revision of money stock and related measures, incorporating the latest benchmark adjustments for nonmember banks and revised seasonal adjustment factors, has been completed. Changes in the level and rate of growth of the money supply as a result of the revision were small*

Revised monthly data for 1972-74, and weekly data for 1974, are shown in the attached special tables* Rates of change for recent annual, half-year, and quarterly periods for M-, M and M measures are shown in the table on the next page.

Revised monthly data with a brief description of the revision will be published in the December issue of the Federal Reserve Bulletin. Monthly and weekly data from 1959 to date can be obtained from the Banking Section of the Board* s Division of Research and Statistics.

In the current revision, domestic nonmember bank estimates are benchmarked t:o the June 1974, call report..!' The nonmember hank benchmark itself lowered the level of M^ about $200 million m that month. The money supply revision also incorporates data from monthly reports filed by intemational-oriented banking institutions, but reported with some lag* These data for June,along with other minor adjustments, raised the level of Mx by $500 million.

As in other recent years, changes in monthly seasonal adjustment factors were minor. In general5 seasonal factors m June, July and August were raised slightly, and lowered in January, September, November and December. In most months changes in Mj annual growth rates due to changes in seasonal factors were less than 1 percentage point. In addition to re-vision of MU seasonal factors, seasonal factors relating to M2 and M3 were also revised. The revisions to these series were also small. 2/

J^/ Domestic nonmember bank estimates were benchmarked to the December 1973 and April 1974 call reports when these data were first available.

2/ One minor change was introduced to the estimates of large negotiable CD's at weekly reporting banks and to time deposits other than CD's. Weekly CD data are now based on the average of the two Wednesday figures, beginning and end-of-week, rather than the single day end-of-week figure used earlier.


:Bfe. F E D E R A L R E S E R V E s t a t i s t i c a l r e l e a s e H6 ''Zg&P''

table i

MONEY STOCK MEASURES IN BILLIONS OF DOLLARS

For Immediate Release November 2 1 , 1974

Date

M,

Currency plus demand deposits^

M< M3 M \ plus time deposits at commercial banks

other than large CD's*'

Mj plus deposits at nonbank

thrift institutions^

M.

Currency plus demand deposits1'

M2 M, plus time deposits at commercial banks

other than large CD's*'

M; plus deposits at nonbank

thrift institutionsv

1973--Oct. Nov. Dec.

1974--Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. p

1974--Oct.

266.6 269.4 271.5

270, 273. 275. 276. 277. 279. 280. 280,

Nov.

2 9

16 23 30

6 13

280.8 281.7

280.7 280.8 282.4 282.0 281 282. 282.3

I

Seasonally Adjusted 561.6 567.2 572.2

575.5 580.8 585. 589, 591. 596. 599. 602.0 603, 607.

,2 .4 ,2

604. 605, 608. 608.8 608.0 610. -610.

.0 ,5

880.0 887.8 895.3

900.7

266.1 270.9 279.1

Not Seasonally Adjusted 559.8 565.6 577.3

907. 914. 920, 923. 929. 933. 936. 938, 944.

277.8 270.2 272 278 272 277.9 279. 277. 279. 281.

278.7 280.6 283.9

.280.8 279.2 284.1 284.4

581, 578, 584, 593. 589. 596. 599.0 598, 600, 605.

601. 604. 608. 606, 604. 609.7 609.5

876.9 883.9 898.5

905 905 915 926 922 930.8 934.5 932.6 934.6 941.1

1/

Includes (1) demand deposits at all commercial banks other man those flue to domestic commercial banks and the U S Government less cash items in the process ot collection and F R float (2) foreign demand balances at F R Banks and (3) currency outside the Treasury F R Banks and vaults ot all commercial banks

Includes in addition to currency and demand deposits savings deposits nme deposits open account and t,me certificates of deposits other man negotiable time certificates of deposit issued in denominations of $100 0O0 or more by large weekly reporting commercial banks P * P r e l t m i n a r y Includes Mj plus the average of the beginning and end of month deposits of mutual savings banks and savings and loan shares


f EDERAL RESERVE Statistical Release H 6

Table 2

MONEY STOCK MEASURES PER CENT CHANGE AT SEASONALLY ADJUSTED ANNUAL RATES

1 I M i 1 w l

Penod *

Currency plus M i plus time deposits at commercial banks

M? plus deposits at nonbank

thrift institutions27 demand deposits^ other than large CO's^

M? plus deposits at nonbank

thrift institutions27

October From:

j U L J - ii ii i milium M I

July 1974 (3 Months previous) 2 . 1 5.5 4 .7 Apr. 1974 (6 Months previous) 3 .7 6 .2 5 .2 Oct. 1973 (12 Months previous) 5.7 8 .2 7 .3 Four Weeks Ending: Nov. 13 , 1974

From Four Weeks Ending:

Aug. 14, 1974 (13 Weeks previous) i 2 .1 5.-6 May 15,1974 (26 Weeks previous) 3 .5 6 .4 Nov, 14, 1973 (52 Weeks previous) 5.2 7 .9

includes (i demand deposits at ail commercial banks other than those due to domestic commercial banks and ttlfliU.S. Government less cash items in trw process of collection and F R float

(2) foreign domand balances at F R Banks and (3) cu'roncy outside the Treasury F R Banks and vaults of all commercial banks

J includes m add it ion to r ufency and demand deposits savinqs deposits ttme deposits opoh account and time eerUfieflles of deposits Other than

negotiable time certificates of deposit issued in denominations of $100 000 or more by large weekly reporting oomfflsteial batiks -S includes M2 plus the avemge of the beginning and end of month deposits o! mutual savings banks and savings and hm Shrires. Note Ail rates of change are based on daily average data rates nf change are not compounded Digitized for FRASER

http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE Statistical Rlese H.S Table 3

COMPONENTS OF MONEY STOCK MEASURES AND RELATED ITEMS SEASONALLY ADJUSTED, IN BILLIONS OF DOLLAM

Currency. Demand deposits

TpTe iwa livings dpo ts

Date Currency. Demand deposits CD's^ Other Total 1 Nonbank | thrift institutions 2/

1973--Oct. 60 .5 206.1 64.7 295.0 359.6 318.4 Nov. 61 .0 208.4 63.1 297.7 360.8 320.6 Dec. 61 .6 209.9 63.8 300.7 364.5 323.1

1974--Jan. 62 .0 208.9 66.4 304.6 371.0 325.2 Feb. 62.7 210.4 68.2 307.7 375.9 326.9 Mar. 63 .3 211.9 1 68.0 310.3 378.3 329.5 Apr, 63 .9 212.8 73.9 312.7 386.7 331.1 May 64.3 213.2 1 78.5 314.0 392.5 331.5 June 64.6 1 215.0 i 81.3 317.0 398.4 332.7 July 64.8 i 215.4 83.6 319.2 402.8 334.0 Aug. 65.4 215.1 83.8 321.5 405.3 334.5 Sept. 65.8 215.0 84,8 322.8 407.6 335.3 Oct. P 66.5 215.2 86.2 326.1 412.2 336.6

1974--Oct. 2 65.9 i 214.8 86.0 323.5 409.5 9 ! 66.3 214.6 86.4 | 324.6 411.0

16 j 66.6 215.8 86.1 325.8 411.9 23 66.5 215.6 86.2 326.8 413.0 30 p | 66.7 214.4 86.1 326.9 413.0

Nov. 6 p 67.0 215.0 85.7 328.1 413.8 13 p 66.8 215.5 85.5 328.1 413.6

includes negotiable time Certificates of deposit issued in denominations of $100 000 or more by large weekly reporting commercial hanks p - Preliminary Average of beginning and end of month deposits at mutual savings banks and savings and loans shares Digitized for FRASER


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 | Time and savings deposit | Nonb ink 1 Nonb ink 1

Date Currency Total 1' Member Domestic nonmember - CD's ^' Other Total 1

thrift 1 institutions 1

U S Gov't demand1'

1974Oct. 60.4 205.7 149.7 53.8 66.6 293.7 360.3 317.0 6.0 Nov. 61.5 209.5 151.8 55 .1 64.3 294.7 359.0 318.3 4 .3 Dec.

P . 62.7 216.4 157.0 56.6 64.0 298.2 362.2 321.2 6.3

1974--Jan. 61.6 216.2 156.4 56.9 65.8 303.6 369.4 324.5 8.1 Feb. 61.9 208.3 151.1 54.6 66 .1 308.3 374.3 326.9 6.6 Mar. 62.7 209.8 152.4 54.7 66.7 312.4 379.1 330.8 6.4 Apr. 63.5 214.7 155.8 56,2 1 71.8 315,3 387.1 333.2 6.0 May 64.-1 208.7 151.3 54 .8 77.2 316.7 i 393.9 333.0 7.6 June 64.8 213.1 153.6 56 ,1 79.6 318.3 i 397.9 334.7 6 .1 Ju ly 65.3 214.4 154.4 56 .5 82.8 319.2 402.0 ! 335.6 5.4 Aug. 65.7 211.6 152.4 56.2 87 ,1 321.2 408.3 334.2 4 .0 Sep t . 65.8 213.2 153.5 56 ,8 88.7 321.4 410.2 i 334.1 5.4 Oct. P 66.4 214.8 154.5 57.4 88.8 324,7 413,5 335.2 3.6

1974--Oct, 2 65.4 213.3 154.5 55.9 89.3 322.4 411.7 6.7 9 66,9 213.7 153.8 57.0 89.2 323.6 412.8' 4 .6

16 66.8 217.1 156.0 58.3 88.8 324.8 413.5 3.0 23 66.3 214.5 154.0 57.6 88.9 325.5 414.3 3a 30 p 65.9 213.3 153.7 56,8 88.3 325.3 413.6 3a

Nov. 6 p 67,2 216.8 , 156.3 57.7 87 ,4 325.6 413.0 3.2 13 P 67.6 216.8 155.3 58.6 87 .1 325.1 412.3

J 2.8

1 / Total deposits include, in addition to the member and domestic nonmember deposits shown, deposits due to foreign arid international Institution* at F R Banki and Nlj type balances at agencies and branches of foreign banks

2 / Based on most recent call report stnglo day observations 3 / Includes negotiable time certificates of deposits issued m 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 and'savings end loan shares, 5 / U S Government demand deposits at all commercial banks

p - Preliminary

Rev 2/74


COMPARISON OF Oli AST) REVISED MOK Y S^ OCK GROWTH RATES (Per cenx Animal Rates o f Oiange)

Jffi>_ J&L Old Sevxsed Old Revised Old Revised

Animal: 1972 8.7 8.7 1 1 . 1 11-1 13 .0 3 . 1 1973 6 1 6.1 8 .9 8.8 8.8 8 , 8

Half-year: 1973 I / . 7 "*4 9 . 1 9 . 1 9.7 9 . 6

I I 4 .4 4 .7 8,2 8.3 7.5 7 . 6 1974 I 6.0 6.0 8 .4 8 .6 7.7 7 .6

1/ Quarterly: 1973 I 3 . 8 3 . 4 6 .9 7 .3 8 .6 8 .6

I I 11.5 11 .3 11 .1 10 .6 10.6 10 .3 I I I 0 .6 5 . 3 5 .6 5 . 1 5 . 2 IV 8.9 8.7 11 .0 10 .8 9 . 8 9 . 8

]74 I 5 .6 5 .5 9 .0 9 .3 8.9 8 .8 I I . 4 6.5 7 .7 ~>.l 6.4 6 .4 I I I 1.6 1.6 4 . 6 4 . 6 4 .0 4 . 0


TABLF I MONEY STOCK MEASURE*

BILLIONS OP DOLLARS

H.6 Addendum 1 6 U M L J M

M2-i-r. i l '

I jySTPDl J MJ. J H2_ M3 III . Ml .1 M2-i-r. i l ' M3 1 1 DEMAND I Ml PLUS i M2 PLUS 1! DfMAMf 1 Ml PLUS 1 M2 PLUS 1

DATE I DEPOSITS IT IME OTHER ! DEPOSITS I I DEPOSITS 1 TIME CTHERl DEPOSITS 1 1 PLUS |THAN LARGE iAT MONBANKI1 PLUS ' THAN LARGE 1 AT NONBANKl 1 CURRENCY J CC5 | THPIFT INT I I JUiEEEiiCXJ I . . . .CDS J THRIFT I N T l

1 9 7 2 . T j A N . I 235.9 1 477.5 7 3 5 . 6 It 2 4 1 . 9 1 4 P 2 . 8 I 740.1 1 . . F E B . 1 238.? 1 482.7 1 7 4 4 . 2 I I 2 3 5 . 6 ' 4 8 0 . 5 I 741.7 | . .MAR. 1 240.5 1 487.5 1 7 5 2 . 3 I I 2 3 8 . 1 ! 1 4 8 6 . 8 ! 752.8 1 . . A P R . 1 242.0 1 490.9 7 5 8 . 9 I I 2 4 3 . 4 ! 4 9 4 . 2 1 764.2 1 . .MAY 1 242.7 | 4 0 4 . 3 1 7 6 5 , 5 I I 2 3 8 * 6 4 9 2 . 3 1 764.P I . .JUNE 1 2 4 4 . 0 1 4 9 8 . 7 1 7 7 3 . 5 I I ? 4 2 . 4 4 9 8 . 0 ! 774.3 1 . . J U L Y 1 2 4 6 . 2 1 503.2 1 701.9 I I 2 4 5 , 7 503#0 I 78^.2 1 . . A U G . 1 2 4 7 . 7 I 5 0 7 , 8 1 7 9 0 . 7 It 2 4 4 . 8 5 0 4 , 8 1 787.5 I . .SEPT 1 2 4 9 , 7 1 5 1 2 . 3 1 7 9 9 , 4 I t 2 4 8 . 1 5 0 9 . 9 ! 7 9 5 . 9 1 . . O C T . 1 2 5 1 . 3 1 5 1 6 . 5 1 8 0 7 . 1 I I 2 5 0 . 9 5 1 5 . 1 8 0 4 . 6 I . . N O V . 1 2 5 2 . 8 1 5 2 0 . 3 1 8 1 4 . 5 I I 2 5 4 . 2 5 1 8 , 9 1 8 1 0 . 9 1 . . D E C . 1 2^5 .B 1 5 2 5 . 7 | 8 2 3 . ? It 2 6 3 . 0 I 530.7 1 f 8 2 6 . 3 1

1 9 7 3 . . J A N . I 2 5 6 . 9 1 5 2 9 . 8 1 8 3 0 . * I t 2 6 * . * 1 5 3 5 . 6 1 8 3 5 . 6 t . . F E B . 1 2 5 7 . 9 1 5 3 2 . 9 1 P 3 6 . 2 I t 2 5 5 . 2 5 3 0 . 4 1 8 3 3 . 7 1 MAR 1 2 5 8 . 0 I * 3 5 . 3 1 BAD.9 I I 2 5 5 . 5 5 3 4 . 6 8 4 1 , 5 1 . . A P R . 1 2 5 9 . 4 I 5 3 8 . 8 1 8 4 6 . 5 I I 2 6 0 . 9 1 5 4 2 . 5 1 8 5 2 . 3 1 .MAY 1 2 6 2 . 3 1 5 4 4 . 2 I 8 * 4 . 4 It 2 5 7 . 0 ! 4 2 . 2 1 8 5 3 . 6 1 . .JUNE I 2 6 5 . 3 1 5 4 9 . 5 | 8 ? . 6 I I 2 6 3 . 6 ! 5 4 P . 9 8 6 3 . 6 1 . . JULY 1 2 6 6 . 1 I 5 5 1 . 9 1 8 6 6 . 8 I I 2 6 5 . 7 1 5 5 1 . 7 8 6 8 . 2 1 . . A U G . t 2 6 6 . 0 1 * 5 5 . 1 I P 7 0 . 7 i t 2 6 3 . 0 1 5 5 1 . 9 8 6 7 . 2 1 . .SEPT 1 2 6 5 . 7 1 5 * 7 . 2 1 8 7 3 . 9 I I 2 6 4 . 0 ! 5 5 4 . 2 1 8 6 9 . 8 | . . O C T . I 2 6 6 * 6 I 5 6 1 . 6 I 8 8 0 . 0 I I 2 6 6 . 1 559 .R 8 7 6 , 9 1 . . N O V . 1 2 6 9 . 4 { K 6 7 . 2 I 887 .P I I 2 7 0 . 9 1 5 6 5 . 6 8 8 3 . 9 | . . D E C . 1 2 7 1 . 5 1 5 7 2 . 2 I 8 9 5 . 3 I I 2 7 9 . 1 I 5 7 7 . 3 1 8 9 8 . 5 t

1 9 7 * . . J A N . I 2 7 0 . 9 1 5 7 5 . 5 I 9 0 0 . 7 11 2 7 7 . P 1 5 8 1 . 4 I ^?05.9 | . . F E B . 1 2 7 3 . 1 1 5 8 0 . 8 I 9 0 7 . 7 I I 2 7 0 . 2 I 5 7 8 . 5 9 0 5 . 4 1 . . M A R . 1 2 7 5 . 2 1 5 8 5 . 5 I 9 1 4 . 9 I I 2 7 2 . 5 I 5 8 4 . 9 1 9 1 5 . 7 1 . . A P R . 1 2 7 6 . 6 I 5 8 9 . 4 I 9 2 * . 5 I I 2 7 P . 2 I 5 9 3 . 5 1 9 2 6 . 7 | ..MAY 1 2 7 7 . 6 1 5 9 1 . 5 I 923 .C I I 2 7 2 . 9

2 7 7 . 9 1 5 8 9 . 6 1 9 2 2 . 6 |

. .JUNE 1 2 7 9 . 7 I 5 9 6 . 7 1 9 2 9 . * 11 2 7 2 . 9 2 7 7 . 9 I 5 9 6 . 1 9 3 0 . 8 1

. . JULY 1 2 8 0 . 2 1 5 9 9 . 4 1 9 3 3 . 4 11 2 7 9 . 7 I 5O9.0 1 9 3 4 . 5 |

. . A U G . I 2 8 0 . 5 1 6 0 2 . 0 I 9 3 6 . 6 I I 2 7 7 . 3 I 5 9 8 . 5 9 3 2 . 6 I

. .SEPT ! 2B0 .8 ! 6 0 3 . 6 I 9 3 8 . 9 11 2 7 9 . 0 t 6 0 0 . 4 1 9 3 4 . 5 | Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE 2 COMPONENTS OF MONEY STOCK MEASURES AND RELATED ITFMS

H 6 Addendum SEAS0NA1 J.^_ACJiiSIJ2j. ftJLLLlQtt&,PF DOLLAR?. J IlME-AiP..aA!IMfi& J2EEQ SIJ Z L | DEMAND

J.^_ACJiiSIJ2j. ftJLLLlQtt&,PF DOLLAR?. J IlME-AiP..aA!IMfi& J2EEQ SIJ Z L NONBANK *"|

DATT I CURPENCY I DEPOSITS 1 1 1 THRIFT | .1 J LDi 1 _ OTHER. L_ .TOTAL JTNSTITUTTONl

1 9 7 2 . . J A N , I 5 2 . 9 1 1 8 3 . 0 f 3 3 . 7 | 2 4 1 . 6 I 2 7 5 . 3 2 5 8 . 1 | . . F E B . I 5 3 . 2 1 1 8 4 . 9 j 3 4 . 4 j 2 4 4 . 6 j 2 7 9 . 0 2 6 1 . 4 I . .MAR. I 5 3 . 6 I 1 8 6 . 9 ! ^ 3 . 9 I 2 4 7 . C 1 2 8 0 . 9 2 6 4 . 8 1 . . A P R . I 5 3 . 8 1 1 8 8 . 2 t 3 4 , 7 | 2 4 P . 9 | 2 8 3 . * 2 6 8 . 0 | .MAY I 5 4 . 1 f 1 8 8 . 7 1 35.ft | 2 5 1 . 6 1 2 8 7 . 4 2 7 1 . 2 I . . JUNF f 5 4 . 3 1 1 8 9 . 6 1 3 6 . 7 | 2 5 4 . 7 1 2 9 1 . 4 2 7 4 . 8 1 . . JULY I 5 4 . 6 1 l i . 6 * I 3 7 . 4 | 2 5 7 . 0 1 2 9 4 , 4 2 7 8 . 7 ! . . A U G . | 5 4 . 9 1 1 9 2 . 8 j 3B .1 | 2 6 0 . 1 1 2 9 8 . ? 2 8 2 . 9 | . .SEPT I 5C . 3 1 1 9 4 . 4 ! 3 9 . 4 | 2 6 2 . 6 1 3 0 2 . 0 2 8 7 . 0 | . . O C T . | 5 5 . 8 t 1 9 5 . 6 I 4 0 . 5 | 2 6 5 . 1 f 3 0 5 . 6 2 9 0 . 8 1 . . N O V . I 5 6 . 3 1 1 9 6 . 4 ! 4 2 . 1 I 2 6 7 . 5 I 3 0 9 . 6 2 9 4 . 2 ! . .DEC. I 5 6 . 9 I 1 9 8 . 9 j 4 3 . 9 | 2 6 9 . 9 I 313. f t 2 9 7 . 5 1

1 9 7 3 . . J A N . 1 * 7 . 2 I 1 9 9 . 8 1 4 5 . 2 | 2 7 2 . 9 | 3 1 8 . 1 3 0 0 . 7 1 . . F E B . 1 ' 5 7 . 5 I 2 0 0 . 4 I 4 9 . 4 j 2 7 5 . 0 f a 2 4 , 4 3 0 3 . 3 1 .MAR. | 5 7 . 9 j 2 0 0 . 1 j 5 4 . 4 j 2 7 7 , 3 1 3 3 1 . 7 3 0 5 . 6 | . . A P R . I C P . 6 1 2 0 0 . 8 ! 5 7 . 7 f ? 7 9 . 4 | 3 3 7 . 1 2 0 7 . 8 I . .MAY I 5 8 . 9 I 2 0 3 . 4 1 *59.6 I 2 8 1 . 9 | * 4 1 . 5 3 1 0 . 2 j . .JUNE 1 5 9 . 3 1 2 0 6 . 0 1 6 0 . 6 I 2 8 4 . 2 f 3 4 4 . 9 3 1 3 . 1 1 . . JULY I 5 9 . 5 I 2 0 6 . 6 I 6 2 . "5 j 2R5.R 1 34f t .3 3 1 4 . 9 | . . A U G . 1 5 9 . 8 I 2C6 .2 1 6*5*3 | 2 8 9 . 0 | 3 * 4 . 3 3 1 5 . 6 I . .SEPT I 6 0 . 2 I 2 0 5 . 5 1 6 6 , 1 1 2 9 1 . 5 | 3*57.6 n 6 . 7 I . . O C T . I 6 0 . 5 1 2 0 6 . 1 | 6 4 . 7 | 2 9 9 , 0 I 3 5 9 . 6 3 1 8 . 4 | . . N O V . I 6 1 . 0 ! 20 f t .4 I 6 3 . 1 1 2 9 7 . 7 I 360 . f i 3 2 0 , 6 | D E C . 1 6 1 . 6 1 2 0 9 . 9 I 63.f t j * 0 0 . 7 j 3 6 4 . 5 3 2 3 , 1 J

1 Q 7 4 . . J A N . I 6 ? . 0 I 2 0 8 . 9 I 6 6 . 4 | 3 0 4 . 6 1 3 7 1 , 0 3 2 5 . 2 1 . . F T B . I 6 2 . 7 ! 2 1 0 . 4 r 6 8 . 2 I 307#7 1 3 7 5 . 9 3 2 6 . 9 | . . M A R . 1 6 3 . 3 1 2 1 1 . 9 I 6 8 . 0 I 3 1 0 . 3 f 3 7 8 . 3 3 2 9 . 5 f . . A P R . 1 6 3 . 9 I 2 1 2 . 8 1 7 3 . 9 | 3 1 2 , 7 | 3 8 6 . 7 3 3 1 . 1 I . .MAV 1 6 4 . 3 1 2 1 3 . 2 1 7 8 . 5 | 3 1 4 , 0 | 3 9 2 . 5 3 3 1 . 5 | . . JUNE 1 6 4 . 6 1 2 1 5 . 0 ! 8 1 . 3 1 3 1 7 . 0 ! 3 9 8 , 4 3 3 2 . 7 f . . JULY I 6 4 . 8 I 2 1 5 . 4 I 8 3 . 6 I 3 1 9 . 2 | 4 0 2 . 8 3 3 4 , 0 I . . A U G . I 6 5 . 4 { 2 1 5 . 1 } 8 3 . 8 | Bal i 1? j 4 0 5 . 3 3 3 4 , 5 | . .SFPT ! 6 5 . 8 1 2 1 5 . 0 | 8 4 . 8 I 3 2 2 . 8 | 4 0 7 . 6 3 3 5 , 3 |


H 6 Addendum

TAPLE 3 COMPONENTS OF MDNFY STOC* MEASURE

DATF

19?2..JAN PEB

MAR. .APR. MAY

..JUNE JULY ..AUG. ..SEPT OCT. .NOV. .DEC.

173..JAN. *.PFB. .MAR. APR. ..MAY ..JUNE ..JULY AUG. ..SEPT ..OCT. .NOV. ..DEC.

1974.. JAN .FEB. ..MAR. APR. MAY ..JUNE .JULY ..AUG. SEPT

1 BEMAMB,.PEFPS1IS CURRENCY I | | DOMESTIC

TOTAL L-MEHftEft 1 WN-ilEttftal, 5 2 . 5 52*6 53*1 5 3 * 5 5 3 * 9 5 4 . 4 5 5 , 1 5 5 . 1 5 5 . 3 5 5 . 7 5 6 . 7 57.9

5 6 . 8 5 6 . 8 * ? , 4 5 P . 3 5 8 . 7 * 9 . 4 6 0 . 0 6 0 . 0 6 0 . 1 6 C . 4 6 1 . * 6 2 . 7

61 . 6 6 1 . 9 6 2 * 7 6 1 . 5 6 4 . 1 64 . f t 6 C . 3 6 * . 7 6 5 . P

1B94 1 B 3 . 1

1 8 9 . 9 i * 4 t ? 1 8 7 . 9 1^0 .6 1 8 9 . 8 1 * 2 . 8 1 9 5 . 2 1 9 7 . 4 205 a

2 0 6 . A 1 9 8 . 4 1 9 3 . 1 2 0 2 . 6 1 9 9 . 2 2 0 4 . 1 2 0 ^ . 7 2C2 .9 2 0 3 . 2 0 5 . 7 ^ 0 9 . 5 216 .A

2 1 6 . 2 2 0 P . 3 2 0 9 . 8 2 1 4 . 7 ->08.7 2 1 3 . 1 2 1 4 . 4 2 1 1 . 6 7 1 3 . 2

143 ?

iA?.7 130 141 143 142 143 145 146 152

152.R 1*6.2 1*5.6 148.0 1*5.B 149.1 149.7 147.0 14f .2 149.7 151.0 1*7

#0

1 * 6 . 4 1 5 1 . 1 1 5 2 . 4 155 .P 1 5 1 . 1 1 5 3 . 6 1^4 .4 15&.4 15i^>

446 41 2 4 3 . 7 4 5 * 1 4 4 . 3 4 5 * 4 4 6 * 4 4 6 . 8 4 7 . 9 4 8 . 8 4 9 . 7 51.4

5 1 . 6 4 9 . B 5 0 . 1 5 1 . 6 5 1 . 1 5 2 . 4 5 3 . 2 5 2 . 7 5 3 . 3 * 3 . 8 " . 1 5 6 . 6

c 6 . 9 *54.6 5 4 . 7 5 6 . 2 * 4 . 8 5 6 . 1 5 6 . 5 * 6 . 2 5 6 . e

S AND RELATED ITEj^S BILL IMULflE jmLLAB&^ JttttEUND SAY1M0S DfBQSm 1 I

NONBAMK } THRIFT | {)*$. GOVT

I cog i OTHER L-TQIAL iittilllUL

3 3 , 7 | 2*0*9 2 H . 6 1 2*7,2 3 3 * 6 | 244 .8 2?.4 J 241*2 33*4 1 246.? 292.? | 2 6 6 . 0 33*7 1 ?50*9 2 9 4 . 5 1 2 7 0 . 0 3 4 * 7 | 2*9.? 2 S 8 . 6 1 2 7 2 . 5 35.8 I 2 5 5 . 6 2 9 1 * * 1 2 7 6 . 4 36 . * 1 2 5 7 . 3 2 9 4 . 0 1 280*2 10 .5 j 2 6 0 . 0 2 9 9 . 5 i 2 6 2 . 7 4 \ . 0 | 2 6 1 . 8 3 A 2 . 7 1 2 8 6 . 0 4 1 . 8 | 2 6 4 . 2 3 0 6 . 0 1 28^.5 43 1 I 2 6 4 * 7 3 0 7 . 8 I 292 .0 4 4 . 2 f 2 7 * 6 3 1 1 . 8 1 295 .6

4 4 . 9 I 2 7 2 . 0 3 1 7 . 0 I 300.0 r 48.1 I 2 7 5 . 2 3 2 3 . 3 | 301*3 53 . * I 2 7 9 . 1 3 1 2 . 6 1 306*9 5 6 . 0 | 2 8 1 . 6 3 3 7 . 6 j 3 0 9 . 7 58 .4 | 2 P 4 . 3 3 4 2 . 7 1 3 1 1 . 4 59 .3 t 2 8 5 . 3 ! 3 4 4 . 7 I 3 1 * . 7 6 1 . 8 1 2 8 6 . 0 ! 3 4 7 . 8 1 316*5 6 7 . 8 1 2 8 8 . 9 3 5 6 . 7 1 315 .3 6 9 . 0 ) 2 9 0 . 3 3 5 9 . 3 I 315 .6 6 6 . 6 t 2 9 3 . 7 3 6 0 . 3 1 3 1 7 . 0 6 4 . 3 1 2 9 4 . 7 3 5 * . 0 1 318.3 6 4 . 0 | ? 9 . 2 | 3 6 2 . 2 ! 321.2

6 * . 8 t 3 0 3 . 6 3 6 9 . 4 1 324.5 6 6 , 1 \ 1 0 8 . 3 | 3 7 4 . 3 1 326.9 66." 1 3 1 2 . 4 3 7 9 . 1 1 330.8 71.8 I 3 1 5 . 3 1 3 8 7 . 1 1 333 .2 77 .2 1 3 1 6 . 7 | 3 9 3 . 9 I 333 .0 79 .6 t 3 1 * . 3 1 3 9 7 . 9 1 3 3 4 . 7 82.8 I M 9 . 2 I 4 0 2 . 0 1 335.6 8 7 . 1 f 3 2 1 . 2 4 0 8 . 3 1 334 .2 88.7 | 3 2 1 . 4 | 4 1 0 . 2 1 134 .1

I 7 . * 7 * * 7 * 9 T*T

10. 4 i 7, 5, 6 , 6 6 , 7 ,

8 . 1 9 . 9

1 0 . 4 8 . 3 P .7 7 . 1 6 . 5 4 . 1 5 . 3 6 . 0 4 . 3 6 . 3

8 . 1 6 . 6 6 . 4 6 . 0 7 . 6 6 . 1 5 . 4 4 . 0 5 . 4


MONEY STOCK MEASURES , COMPONfNT' ? AND RELATED ITEMS H. 6 Addendum SEASONALLY AQJUS" LtU . . PIL1 .IQNS_DE DOLLARS.,..,

[ Ml_ 1 MZ J LtU . . PIL1

i TIME AMIS DEMAND f |

L_A_l_fi__D_l EILSIII L DATE | DEMAND 1 Ml PLUS

LtU . . PIL1 i TIME AMIS

DEMAND f | L_A_l_fi__D_l

I DEPOSITS ITIME OTHER CURRENCY DEPOSITS I CDS | OTHER | TOTAL I ! PLUS ITHAN LARGE 1 QURRLNCY 1 1 CDS L j J

1974 J A N . . . 2 I 2 7 1 . 8 1 5 7 4 . 4 1 6 1 . 6 I 2 1 0 . 2 1 _____ j "*~~ 3 0 2 . 6 I 3 6 7 . 8 1 . . 9 1 2 7 0 . 7 l 5 7 4 . 1 1 6 1 . 9 2 0 8 . 9 | 6 5 . 5 | 3 0 3 . 4 1 3 6 8 . 9 | . . 16 1 2 7 0 . 8 1 5 7 4 , 1 6 2 . 1 2 0 8 . 7 1 6 5 . 9 | 3 0 4 * 1 f 3 7 0 . 1 I . . 2 3 ! 2 7 0 . 5 5 7 5 . 8 6 2 * 1 2 0 8 . 4 I 6 6 . 7 | 3 0 5 . 3 | 3 7 2 . 0 f - . 3 0 I 2 7 0 . 5 5 7 6 . 4 1 6 2 . 3 2 0 8 . 2 | 6 7 . 6 1 3 0 5 * 8 I 3 7 3 . 4 |

F E B . . . 6 I 2 7 1 . 6 1 5 7 8 . 0 i 6 2 . 4 2 0 9 . 3 1 6 8 , 3 1 3 0 6 . 4 j 3 7 4 . 7 j . . 1 3 2 7 2 . 7 5 8 0 . 1 6 2 . 6 2 1 0 , 1 1 6 8 . 4 I 3 0 7 . 3 I 3 7 5 . 7 | . . 2 0 2 7 3 . 9 5 8 1 . 8 6 2 . 8 ! 2 1 1 . 1 1 6 8 * 3 ! 3 0 8 * 0 3 7 6 . 2 | . . 2 7 2 7 3 . 8 1 5 8 2 . 7 I 6 2 . 8 2 1 0 * 9 ! 6 8 . 0 ! 3 0 6 . 9 | 3 7 6 . 9 |

M A P . . . 6 2 7 4 . 9 ! 5 8 4 , 3 6 3 . 0 t 2 1 1 . 9 I 6 7 . 3 1 3 0 9 . 3 t 3 7 6 , 6 |

. . 1 3 2 7 5 . 4 5 8 5 . 3 6 3 . 2 2 1 2 * 2 ! 6 7 . 2 1 3 0 9 . 9 j 3 7 7 . 1 1

. . 2 0 2 7 4 . i 5 8 4 , 9 6 3 . 2 2 1 1 * 4 ! 6 7 , 5 ! 3 1 0 * 3 | 3 7 7 . 8 1

. . 2 7 ! 2 7 5 . 3 1 5 8 6 . 2 6 3 . 4 1 2 1 1 * 9 6 8 . 5 1 3 1 0 . 9 f 3 7 9 . 4 f A P R . . . 3 ! 2 7 6 . 4 J 5 8 8 . 0 6 3 . 5 2 1 2 . 9 1 7 0 . 3 1 311.6 t 3 8 1 . 9 f

. . 1 0 ! 2 7 6 . 3 ! 5 8 8 . 8 6 3 . 8 2 1 2 . 5 ! 7 2 . 3 312.4 | 3 8 4 . 7 1

. . 1 7 1 2 7 7 . 4 5 8 9 . 9 ' 6 4 . 0 2 1 3 . 4 ! I 7 3 . 8 312.5 I 3 8 6 . 3 t

. . 2 4 1 2 7 6 . 7 1 f 5 8 9 . 8 6 3 . 9 1 2 l .8 1 7 5 , i 313.1 3 6 8 . 2 1 MAY . . 1 I 2 7 6 . 5 1 589*.7 6 4 * 1 1 212.4 ! 7 6 . 3 ! 313.2 1 3 6 9 . 6 t

. . 6 1 2 7 7 * 0 1 5 9 0 * 3 6 4 . 3 2 1 2 * 7 I 77.2 : 1 313.3 1 3 9 0 . 4 I

. . 1 5 1 2 7 7 * 6 5 9 1 . 4 6 4 . 3 2 1 3 . 2 I 7 8 . 1 > 313.8 | 391.9 1

. . 2 2 I 2 7 8 . 2 1 5 9 2 . 2 6 4 . 4 2 1 3 . 7 78.9 1 314,0 3 9 2 . 9 |

. . 2 9 | 2 7 7 . 5 | 5 9 2 . 1 6 4 , 5 2 1 3 * 0 79.1 I 314.6 1 394.3 I J U N E . . 5 1 ? 7 8 . 8 ! 5 9 4 * 3 6 4 . 4 2 1 4 * 4 i 8 0 . 1 1 3 1 5 . 5 ) 3 9 5 . 7 |

. . 1 2 ! 2 7 9 . 6 1 5 9 5 . 9 6 4 . 7 2 1 4 . 9 80.6 i 316.3 1 3 9 6 . 8 |

. . 1 9 | 2 8 0 . 0 | 5 9 7 . 4 6 4 . 7 2 1 5 , 3 81.3 1 317.4 I 3 9 8 * 7 f

. . 2 6 | 2 8 0 . 1 1 5 9 7 * 9 6 4 . 6 1 2 1 5 . 5 8 2 * 1 1 317.8 | 399.9 1 J U L Y . . 3 | 2 8 0 . 4 1 5 9 8 . 4 6 4 . 7 1 215.7 1 82.3 1 318.6 I 400.8 1

. . 1 0 | 2 7 9 . 1 1 5 9 7 . 8 6 4 . 6 1 214,0 1 AS .2 ! 318*7 j 401.6 I

. . 1 7 | 2 8 0 . 6 1 5 9 9 * 6 1 6 4 . 7 1 215*9 E 8 3 * 6 1 319.0 ( 402.5 1

. . 2 4 | 2 6 0 . 1 < 5 9 9 . 7 i 6 4 * 8 I 2 1 5 . 3 1 8 4 * 0 1 319.6 | 4 0 3 . 5 |

. . 3 1 ! 2 8 0 . 1 1 6 0 0 * 3 ! 6 5 . 0 2 1 5 , 1 ! 84 .1 ! 320.2 f 404.3 I A U G . . . 7 1 2 8 0 . 6 1 6 0 1 . 1 ! 6 5 * 2 1 215.4 84.5 i 320.5 | 4 0 4 . 5 |

. . 1 4 | 2 8 0 . 9 1 6 0 2 . 4 1 6 5 * 5 215.3 I 83*7 1 321.5 | 405.2 I

. . 2 1 1 2 8 0 * 6 ! 6 0 2 * 2 1 6 5 . 4 2 ^ 2 f 8 f *7 1 321.6 ) 4 0 5 . 3 j

. .28 1 2 8 0 * 6 ! 6 0 2 . 7 6 5 . 7 1 214*9 8 3 * 6 ! 322.1 } 405.7 1 S E P T . . 4 | 2 8 0 . 9 I 6 0 3 . 4 ! 6 5 * 6 1 215.3 83.9 ! 322.5 1 406.4 1

. . 1 1 | 2 8 0 , 8 | 6 0 3 . 5 I 6 5 . 7 1 2 B . 1 1 84*6 1 322*6 | 407.2 1

. . 1 8 | 2 8 0 . 4 | 6 0 3 . 0 6 5 . 9 214.5 1 84.8 ! 322.6 1 4 0 7 , 4 | *25 1 2 8 0 . 6 I 6 0 4 . 1 ! 6 5 . 9 1 214,8 1 84*4 t 323.9 ) 4 0 7 . 9 j Digitized for FRASER


TASLE 5 H 6 Addendum MONFY STOCK MEASURES. COMPDNENTSt AND RELATED 1 ITEMS H 6 Addendum NOT SEASONALLY ADJUSTED, J I L U Q N S _ f l J K l L L A R S ^ - _

HI 1 %L 1 DEMANft DPP0S1 lilijffillT 11 TI TIME .Mt ) SAVINGS D E P O S I T S J 1 DATE DEMAND 1

Ml PLUS DEPOSITS TIME OTHFR CURRENCY TOTAL MEMBER DOMESTIC CDS ftTMER 1 TOTAL 1 U . S . GOVT!

PLUS THAN LARGE NON*FMPER DEMAND I 1 CURRENCY L CB&. ^ \ 1

. ^ _ i J L~ L T?74 J A N . . . 2 2 8 5 . 9 5 8 6 . 9 6 2 . 0 1 . 22^.8

16275 I 587 i~" ' 6 4 . 5 " 301*0 I 3 6 5 * 5 1 10.0 | . . 9 2 8 3 . 6 5 R 5 . 5 6 2 . 4 221.2 159.4 5 8 * 6 65.1 3 0 1 . 9 1 3 6 7 . 0 1 8 * 5 | . . 1 6 2 * 1 . 0 1 5 B 3 . 9 6 1 . 9 219.2 158.3 ! 5 8 . 0 1 6 5 . 6 3 0 2 * 9 I 360*5 i 6 *2 | . . 2 3 2 7 4 . 5 1 5 7 9 * 1 6 1 * 4 213*2 1 5 4 # 0 5 6 . 3 66 *0 3 0 4 . 6 \ 3 7 0 . 6 1 7 . 4 | . . 3 0 269.7 1 575 .1 60.P 208,6 151.6 5 4 . 4 66*7 3 0 5 * 4 1 372 .1 1 0 . 2 |

F E B t t t 6 2 7 1 . 2 I 5 7 7 . 2 6 1 . 7 2 0 9 . 5 1 5 2 . 0 5 4 . 6 6 6 . 6 3 0 6 * 0 1 372* * 1 a . * | . . 1 3 1 2 7 0 . 4 5 7 8 . 1 6 2 * 1 208 #2 190.? 54.9 1 66*2 1 38.6 ' 5 9 9 . 0 6 5 , 3 2 1 2 . P 1 5 3 . 2 5 6 . 3 * 5 . P 3 2 0 . 3 1 4 0 6 . 1 4 . 3 I . . 1 * t 2 7 9 . 1 1 6 0 0 . 6 6 6 . 0 1 2 1 3 . 1 1 5 3 . 3 5 6 . 7 8 6 . 5 3 2 1 . 4 4 0 7 . 9 3 . 7 | . . 2 1 2 7 7 . 5 1 5 9 8 . 7 ! 6 5 . 7 1 2 1 1 . 8 1 1 5 2 . 4 5 6 . 3 8 7 . 4 3 2 1 . 2 4 0 8 . 6 4 . 0 | . . 2 8 2 7 4 . 2 1 5 9 5 . 7 1 6 5 . 1 2 0 9 . 1 1 5 0 . 7 * 5 . 6 8 8 . 2 3 2 1 . 5 1 4 0 9 . 6 4 . 1 |

S E P T . . 4 2 7 8 . 3 I 6 0 0 . 0 6 5 . a 1 2 1 2 . 5 1 5 3 . 2 5 6 . 4 P P . 5 1 3 2 1 . P I 4 1 o . 2 3 . 3 1 . 1 1 l 2 6 0 . 3 f 6 0 1 . 9 6 6 . 3 2 1 4 . 0 1 5 ^ . 4 5 7 . 7 8 8 . 7 3 2 1 . 5 4 1 0 . 3 3 . 8 I

. . 1 8 I 2 8 0 . 7 I 6 0 1 . 5 1 6 5 . 8 1 2 1 4 . 9 15^.** * 7 6 8 8 . 6 3 2 0 . 8 4 0 9 . 4 5 . 6 I

. . 2 5 I 2 7 6 . 2 I 5 9 * . 1 1 6 5 . 3 210 9 1 151 8 ** 9 ? P . 2 321 .Q 4 1 0 . 1 I 7 . 0 1


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