January 17, 2008 H.6 (508) MONEY STOCK REVISIONS The Federal Reserve has revised the measures of the money stock and its components to incorporate the results of its annual review of seasonal factors and a new quarterly benchmark. This release includes revised monthly and weekly seasonal factors as well as comparisons of the revised monetary aggregates with previously published data. The revisions to the seasonal factors lowered M2 growth for the first half of 2007 and raised it for the second half. The benchmark incorporates minor revisions to data reported in the weekly and quarterly deposit reports, and it takes account of deposit data from Call Reports for banks and thrift institutions that are not weekly or quarterly deposit reporters. These revisions to deposit data start in 2005. The benchmark also incorporates revisions to data on retail and institutional money market mutual funds, including revisions to IRA and Keogh balances held at those funds. Revisions to data on money market mutual funds begin in 1991. This release also incorporates the receipt of historical information from other sources of data. Seasonally adjusted measures of the monetary aggregates and components incorporate revised seasonal factors, which were derived from data through December 2007. Monthly seasonal factors were estimated using the X-12-ARIMA procedure. The effects of both a new benchmark and revisions to seasonal factors on the growth rates of M1 and M2 are outlined in appendix tables 6 and 7. Historical data, updated each week, are available with the H.6 statistical release at www.federalreserve.gov/releases. The data are also available through paid electronic means, which can be accessed by calling STAT-USA at 1-800-782-8872 or 202-482-1986. 1 FEDERAL RESERVE STATISTICAL RELEASE H.6 (508) Table 1 For release at 4:30 p.m. Eastern Time January 17, 2008 MONEY STOCK MEASURES Billions of dollars ---------------------------------------------------------------------------------------------------------------------------------------------------- Date M1(1) M2(2) M1(1) M2(2) ----------------------------- ------------------------------------------------------------ ------------------------------------------------------- Seasonally adjusted Not seasonally adjusted ----------------------------- ------------------------------------------------------------ ------------------------------------------------------- 2006-Jan. 1379.5 6734.6 1375.0 6715.5 Feb. 1380.9 6761.0 1361.5 6725.9 Mar. 1385.1 6776.0 1394.2 6793.1 Apr. 1380.3 6794.8 1393.0 6851.8 May 1384.2 6805.2 1391.5 6786.5 June 1375.5 6834.2 1378.5 6836.3 July 1371.3 6861.8 1368.5 6856.2 Aug. 1370.5 6882.3 1370.2 6871.5 Sep. 1361.8 6905.9 1347.4 6896.6 Oct. 1368.8 6958.1 1360.2 6938.1 Nov. 1371.6 6993.7 1368.1 6997.4 Dec. 1367.1 7035.5 1387.8 7071.3 2007-Jan. 1372.8 7085.5 1369.0 7068.6 Feb. 1367.7 7113.0 1347.4 7079.5 Mar. 1370.5 7163.5 1379.3 7186.0 Apr. 1378.1 7210.3 1392.5 7270.0 May 1375.3 7230.0 1384.0 7209.3 June 1366.4 7247.1 1368.8 7252.1 July 1369.1 7270.9 1366.3 7254.9 Aug. 1368.7 7320.2 1367.8 7310.9 Sep. 1367.1 7349.9 1351.8 7338.5 Oct. 1370.1 7376.7 1362.3 7352.5 Nov. 1365.9 7409.6 1362.0 7411.0 Dec. p 1365.7 7445.9 1385.4 7484.1 ---------------------------------------------------------------------------------------------------------------------------------------------------- Percent change at seasonally adjusted annual rates M1 M2 ---------------------------------------------------------------------------------------------------------------------------------------------------- 3 Months from Sep. 2007 TO Dec. 2007 -0.4 5.2 6 Months from June 2007 TO Dec. 2007 -0.1 5.5 12 Months from Dec. 2006 TO Dec. 2007 -0.1 5.8 ---------------------------------------------------------------------------------------------------------------------------------------------------- 1. M1 consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; (2) traveler's checks of nonbank issuers; (3) demand deposits at commercial banks (excluding those amounts held by 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 (OCDs), consisting of negotiable order of withdrawal (NOW) and automatic transfer service (ATS) accounts at depository institutions, credit union share draft accounts, and demand deposits at thrift institutions. Seasonally adjusted M1 is constructed by summing currency, traveler's checks, demand deposits, and OCDs, each seasonally adjusted separately. 2. M2 consists of M1 plus (1) savings deposits (including money market deposit accounts); (2) small-denomination time deposits (time deposits in amounts of less than $100,000), less individual retirement account (IRA) and Keogh balances at depository institutions; and (3) balances in retail money market mutual funds, less IRA and Keogh balances at money market mutual funds. Seasonally adjusted M2 is constructed by summing savings deposits, small-denomination time deposits, and retail money funds, each seasonally adjusted separately, and adding this result to seasonally adjusted M1. p preliminary Components may not add to totals due to rounding. 1 H.6 (508) Table 2 MONEY STOCK MEASURES Billions of Dollars -------------------------------------------------------------------------------------------------------------------------------------------------------- M1 M2 M1 M2 -------------------------------- -------------------------------- -------------------------------- ----------------------------------- Period Ending 13-week 4-week week 13-week 4-week week 13-week 4-week week 13-week 4-week week average average average average average average average average average average average average ----------------- ----------------------------------------------------------------- -------------------------------------------------------------------- Seasonally adjusted Not seasonally adjusted ----------------- ----------------------------------------------------------------- -------------------------------------------------------------------- 2007-Oct. 15 1368.3 1365.4 1373.9 7330.7 7363.8 7362.4 1359.7 1346.9 1329.0 7315.7 7336.9 7367.7 22 1368.4 1367.5 1369.4 7337.9 7367.6 7372.7 1359.2 1350.1 1363.5 7323.7 7346.9 7332.6 29 1368.5 1370.0 1370.9 7347.2 7375.8 7404.7 1359.6 1357.8 1410.5 7332.8 7351.3 7334.6 Nov. 5 1369.2 1372.7 1376.5 7356.0 7382.5 7390.1 1361.6 1367.7 1367.9 7340.7 7357.2 7394.0 12 1369.7 1370.8 1366.5 7363.5 7389.1 7388.7 1361.4 1365.5 1319.9 7348.0 7363.1 7391.1 19 1369.5 1368.1 1358.4 7369.9 7397.4 7406.2 1360.4 1361.3 1346.9 7355.6 7384.9 7419.7 26 1368.7 1365.7 1361.2 7375.2 7405.8 7438.1 1359.7 1359.4 1402.8 7363.0 7406.3 7420.4 Dec. 3 1367.0 1364.7 1372.7 7381.4 7415.0 7427.1 1357.5 1368.9 1405.9 7370.6 7419.3 7445.8 10 1366.9 1365.5 1369.7 7389.4 7426.9 7436.2 1358.3 1371.3 1329.7 7378.8 7439.6 7472.3 17 1366.8 1366.4 1362.1 7397.0 7435.9 7442.0 1360.1 1371.3 1346.6 7388.1 7456.5 7487.6 24 1367.2 1367.4 1365.1 7404.3 7439.5 7452.6 1365.1 1374.4 1415.5 7402.9 7472.4 7484.0 31p 1367.3 1365.0 1363.2 7411.2 7448.1 7461.5 1370.2 1384.6 1446.7 7416.3 7484.1 7492.3 2008-Jan. 7p 1367.1 1363.4 1363.0 7418.3 7452.9 7455.6 1372.3 1391.1 1355.4 7427.3 7494.2 7512.9 -------------------------------------------------------------------------------------------------------------------------------------------------------- Percent change at seasonally adjusted annual rates M1 M2 -------------------------------------------------------------------------------------------------------------------------------------------------------- Thirteen weeks ending January 7, 2008 from thirteen weeks ending: Oct. 8, 2007 (13 weeks previous) -0.3 5.2 July 9, 2007 (26 weeks previous) -0.7 5.1 Jan. 8, 2007 (52 weeks previous) -0.1 5.9 -------------------------------------------------------------------------------------------------------------------------------------------------------- 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 preliminary Components may not add to totals due to rounding. 1 H.6 (508) Table 3 SEASONALLY ADJUSTED COMPONENTS OF M1 Billions of dollars ------------------------------------------------------------------------------------------------------------------------------------------ Other Checkable Deposits ------------------------------------------------------ At commercial At thrift Date Currency(1) Traveler's checks(2) Demand Deposits(3) banks(4) institutions(5) Total ------------------------------------------------------------------------------------------------------------------------------------------ 2006-Aug. 741.7 6.8 313.8 177.0 131.2 308.2 Sep. 741.6 6.8 306.4 177.1 129.9 307.0 Oct. 742.7 6.7 312.6 178.7 128.1 306.7 Nov. 745.6 6.7 312.9 179.0 127.3 306.3 Dec. 748.9 6.7 306.4 176.8 128.2 305.0 2007-Jan. 750.5 6.7 308.0 177.6 130.0 307.6 Feb. 751.0 6.6 305.2 176.1 128.7 304.9 Mar. 752.5 6.6 303.9 176.2 131.3 307.5 Apr. 754.4 6.6 306.9 176.8 133.5 310.3 May 755.4 6.6 304.7 175.8 132.7 308.6 June 756.0 6.5 302.6 171.2 130.2 301.4 July 758.1 6.5 302.2 171.3 131.1 302.4 Aug. 758.2 6.4 301.2 170.8 132.0 302.9 Sep. 759.3 6.4 297.0 170.7 133.7 304.4 Oct. 761.7 6.4 297.1 171.9 133.1 305.0 Nov. 761.3 6.3 296.5 171.1 130.7 301.8 Dec. p 759.0 6.3 294.1 172.7 133.7 306.4 Week Ending: 2007-Nov. 12 762.3 6.3 298.9 169.2 129.8 298.9 19 761.5 6.3 291.7 169.2 129.7 298.9 26 760.9 6.3 290.0 173.3 130.7 303.9 Dec. 3 758.9 6.3 300.9 174.3 132.2 306.6 10 759.2 6.3 300.1 170.5 133.7 304.2 17 759.5 6.3 292.2 169.2 134.8 304.0 24 758.4 6.3 291.1 175.0 134.3 309.3 31p 758.8 6.3 290.1 175.6 132.4 308.0 2008-Jan. 7p 758.9 6.3 e 297.3 167.0 133.7 300.6 ------------------------------------------------------------------------------------------------------------------------------------------ 1. Currency outside U.S. Treasury, Federal Reserve Banks and the vaults of depository institutions. 2. Outstanding amount of U.S. dollar-denominated traveler's checks of nonbank issuers. Traveler's checks issued by depository institutions are included in demand deposits. 3. Demand deposits at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float. 4. NOW and ATS balances at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations. 5. NOW and ATS balances at thrift institutions, credit union share draft balances, and demand deposits at thrift institutions. e estimated p preliminary Components may not add to totals due to rounding. 1 H.6 (508) Table 4 SEASONALLY ADJUSTED COMPONENTS OF NON-M1 M2 Billions of dollars ---------------------------------------------------------------------------------------------------------------------------------------------------- Savings Deposits(1) Small-denomination time deposit(2) --------------------------------------- --------------------------------------- Memorandum: At At At At Retail Institutional Date commercial thrift commercial thrift money Total money banks institutions Total banks institutions Total funds(3) Non-M1 M2 funds(4) ---------------------------------------------------------------------------------------------------------------------------------------------------- 2006-Aug. 2779.4 847.5 3626.9 726.3 402.4 1128.7 756.1 5511.8 1257.5 Sep. 2791.6 843.3 3634.9 733.7 410.3 1144.0 765.1 5544.1 1268.6 Oct. 2850.1 803.5 3653.5 750.8 406.8 1157.5 778.2 5589.3 1289.4 Nov. 2868.7 799.3 3668.0 755.1 410.2 1165.3 789.0 5622.2 1307.1 Dec. 2905.7 792.9 3698.6 758.0 412.4 1170.4 799.4 5668.5 1344.3 2007-Jan. 2921.6 803.5 3725.1 760.6 414.8 1175.5 812.2 5712.7 1345.5 Feb. 2932.0 812.8 3744.8 765.2 414.9 1180.1 820.4 5745.3 1364.7 Mar. 2925.4 847.5 3772.8 755.2 428.3 1183.4 836.8 5793.1 1393.6 Apr. 2936.8 866.1 3802.9 756.7 430.6 1187.4 841.9 5832.2 1426.7 May 2940.4 878.1 3818.5 757.3 431.3 1188.7 847.6 5854.8 1466.0 June 2949.3 882.2 3831.5 758.3 430.4 1188.7 860.4 5880.7 1495.7 July 2966.6 871.9 3838.5 762.6 426.2 1188.9 874.4 5901.8 1526.3 Aug. 2995.3 869.4 3864.7 763.3 426.5 1189.8 897.0 5951.4 1600.3 Sep. 3010.1 858.6 3868.7 769.2 429.1 1198.3 915.8 5982.8 1680.2 Oct. 3012.1 860.8 3872.9 795.5 409.4 1204.9 928.7 6006.5 1763.4 Nov. 3027.0 859.2 3886.2 811.0 398.8 1209.8 947.7 6043.7 1824.7 Dec. p 3034.4 856.3 3890.7 811.6 401.8 1213.3 976.2 6080.1 1857.7 Week ending: 2007-Nov. 12 3023.8 852.0 3875.7 811.3 398.4 1209.7 936.7 6022.2 1827.6 19 3033.3 859.2 3892.5 811.5 398.5 1210.0 945.3 6047.8 1834.8 26 3039.9 868.9 3908.8 811.0 399.6 1210.6 957.6 6076.9 1824.0 Dec. 3 3015.4 860.3 3875.8 810.4 400.0 1210.4 968.2 6054.4 1845.7 10 3032.1 851.7 3883.8 810.8 400.9 1211.6 971.0 6066.4 1863.9 17 3040.1 854.2 3894.2 811.8 401.7 1213.5 972.2 6079.9 1852.5 24 3034.1 859.8 3893.9 812.5 402.7 1215.2 978.5 6087.5 1861.7 31p 3036.3 861.4 3897.7 811.6 402.7 1214.3 986.3 6098.3 1857.8 2008-Jan. 7p 3034.7 852.9 3887.6 810.9 404.8 1215.7 989.2 6092.5 1869.8 ---------------------------------------------------------------------------------------------------------------------------------------------------- 1. Savings deposits include money market deposit accounts. 2. Small-denomination time deposits are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial banks and thrift institutions are subtracted from small time deposits. 3. IRA and Keogh account balances at money market mutual funds are subtracted from retail money funds. 4. Institutional money funds are not part of non-M1 M2. p preliminary Components may not add to totals due to rounding. 1 H.6 (508) Table 5 NOT SEASONALLY ADJUSTED COMPONENTS OF M1 Billions of dollars ------------------------------------------------------------------------------------------------------------------------------------------ Other Checkable Deposits ------------------------------------------------------ At commercial At thrift Date Currency(1) Traveler's checks(2) Demand Deposits(3) banks(4) institutions(5) Total ------------------------------------------------------------------------------------------------------------------------------------------ 2006-Aug. 740.4 7.0 317.2 173.1 132.5 305.6 Sep. 739.5 6.8 300.6 170.9 129.5 300.4 Oct. 740.7 6.7 311.6 174.7 126.5 301.2 Nov. 746.0 6.7 314.4 174.5 126.5 300.9 Dec. 754.5 6.7 317.3 181.1 128.2 309.3 2007-Jan. 748.4 6.7 302.7 184.9 126.3 311.3 Feb. 750.7 6.6 292.1 173.6 124.4 298.0 Mar. 752.9 6.5 305.9 181.5 132.4 313.9 Apr. 754.2 6.5 308.7 185.7 137.5 323.2 May 756.0 6.5 307.8 180.4 133.2 313.7 June 756.5 6.6 304.3 169.0 132.5 301.5 July 758.3 6.6 303.5 165.1 132.8 297.9 Aug. 757.4 6.6 304.5 166.4 133.0 299.4 Sep. 756.8 6.5 290.8 164.0 133.7 297.7 Oct. 759.7 6.4 296.9 168.1 131.2 299.3 Nov. 762.4 6.3 297.5 166.4 129.4 295.8 Dec. p 764.1 6.3 304.0 177.0 134.0 311.1 Week Ending: 2007-Nov. 12 764.0 6.3 268.7 155.2 125.6 280.8 19 761.7 6.3 289.3 162.7 126.8 289.5 26 763.2 6.3 327.0 176.0 130.3 306.3 Dec. 3 759.5 6.2 325.5 178.1 136.5 314.6 10 761.5 6.3 267.2 163.5 131.3 294.8 17 762.5 6.3 280.7 166.2 130.9 297.1 24 767.9 6.3 321.9 185.1 134.3 319.4 31p 765.8 6.3 341.3 195.4 137.8 333.3 2008-Jan. 7p 761.1 6.3 e 278.2 174.6 135.2 309.8 ------------------------------------------------------------------------------------------------------------------------------------------ 1. Currency outside U.S. Treasury, Federal Reserve Banks and the vaults of depository institutions. 2. Outstanding amount of U.S. dollar-denominated traveler's checks of nonbank issuers. Traveler's checks issued by depository institutions are included in demand deposits. 3. Demand deposits at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float. 4. NOW and ATS balances at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations. 5. NOW and ATS balances at thrift institutions, credit union share draft balances, and demand deposits at thrift institutions. e estimated p preliminary Components may not add to totals due to rounding. 1 H.6 (508) Table 6 NOT SEASONALLY ADJUSTED COMPONENTS OF NON-M1 M2 Billions of dollars ---------------------------------------------------------------------------------------------------------------------------------------------------- Savings Deposits(1) Small-denomination time deposit(2) --------------------------------------- --------------------------------------- Memorandum: At At At At Retail Institutional Date commercial thrift commercial thrift money Total money banks institutions Total banks institutions Total funds(3) Non-M1 M2 funds(4) ---------------------------------------------------------------------------------------------------------------------------------------------------- 2006-Aug. 2772.2 845.2 3617.4 726.6 402.6 1129.2 754.8 5501.3 1250.7 Sep. 2794.5 844.2 3638.7 735.5 411.3 1146.8 763.7 5549.2 1271.6 Oct. 2841.1 801.0 3642.1 753.1 408.1 1161.2 774.6 5577.9 1294.1 Nov. 2874.2 800.8 3674.9 756.7 411.0 1167.7 786.7 5629.4 1319.3 Dec. 2914.8 795.4 3710.3 757.5 412.1 1169.6 803.7 5683.5 1377.0 2007-Jan. 2904.8 798.9 3703.7 760.1 414.5 1174.7 821.2 5699.6 1378.1 Feb. 2917.1 808.7 3725.8 765.2 414.9 1180.1 826.2 5732.1 1376.7 Mar. 2930.1 848.8 3779.0 755.0 428.2 1183.2 844.5 5806.7 1390.5 Apr. 2969.5 875.8 3845.3 756.6 430.6 1187.2 845.0 5877.5 1409.3 May 2925.6 873.7 3799.3 755.9 430.5 1186.4 839.5 5825.3 1439.9 June 2959.0 885.1 3844.1 755.9 429.0 1184.9 854.3 5883.3 1469.8 July 2964.3 871.2 3835.5 760.8 425.2 1186.0 867.0 5888.5 1498.4 Aug. 2990.7 868.1 3858.8 763.2 426.5 1189.7 894.6 5943.1 1585.8 Sep. 3012.5 859.3 3871.8 771.1 430.2 1201.3 913.6 5986.7 1682.8 Oct. 2999.4 857.2 3856.5 798.6 411.0 1209.6 924.1 5990.2 1773.1 Nov. 3030.7 860.3 3890.9 813.4 400.0 1213.4 944.7 6049.0 1846.7 Dec. p 3044.2 859.1 3903.3 811.6 401.8 1213.4 982.0 6098.7 1904.6 Week ending: 2007-Nov. 12 3062.5 862.9 3925.4 814.3 399.9 1214.2 931.7 6071.2 1843.2 19 3054.2 865.1 3919.2 813.9 399.7 1213.6 940.0 6072.8 1859.0 26 2989.8 854.5 3844.3 812.8 400.5 1213.3 959.9 6017.6 1860.4 Dec. 3 3002.4 856.6 3859.1 811.6 400.6 1212.2 968.6 6039.9 1876.6 10 3084.8 866.5 3951.3 811.6 401.3 1212.8 978.5 6142.6 1914.7 17 3082.1 866.0 3948.0 811.8 401.7 1213.5 979.5 6141.0 1916.4 24 3014.7 854.3 3869.0 811.8 402.4 1214.1 985.4 6068.5 1904.3 31p 2992.7 849.0 3841.7 811.1 402.4 1213.4 990.5 6045.6 1895.3 2008-Jan. 7p 3079.8 865.6 3945.4 810.7 404.8 1215.4 996.7 6157.5 1891.5 -------------------------------------------------------------------------------------------------------------------------------------------------- 1. Savings deposits include money market deposit accounts. 2. Small-denomination time deposits are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial banks and thrift institutions are subtracted from small time deposits. 3. IRA and Keogh account balances at money market mutual funds are subtracted from retail money funds. 4. Institutional money funds are not part of non-M1 M2. p preliminary Components may not add to totals due to rounding. 1 H.6 (508) Table 7 OTHER MEMORANDUM ITEMS Billions of dollars, not seasonally adjusted -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- U.S. government deposits IRA and Keogh Accounts Demand deposits Time and -------------------------------------------------------------- ---------------------------------------------------- at banks due to savings Demand Note Time and Date -------------------------- deposits due to deposits Balance balances savings At Foreign Foreign foreign banks at at at Total deposits at At At money commercial official and official commercial Federal depository cash commercial commercial thrift market banks institutions institutions banks Reserve institutions(1) balance banks banks institutions funds Total -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 2006-Aug. 6.5 1.2 33.2 1.0 4.9 6.8 12.7 3.3 183.9 108.5 190.2 482.6 Sep. 6.9 1.3 32.5 2.8 4.9 30.0 37.7 4.3 185.6 109.8 192.3 487.7 Oct. 6.7 1.3 32.4 1.6 5.4 19.3 26.4 4.2 189.2 110.5 193.6 493.3 Nov. 6.2 1.3 32.6 1.1 4.9 19.3 25.3 3.2 194.5 110.6 194.2 499.4 Dec. 5.6 1.3 32.9 1.4 5.2 24.3 30.9 2.1 199.7 110.8 194.8 505.3 2007-Jan. 5.6 1.3 33.5 3.2 5.0 28.5 36.7 1.6 202.3 111.9 195.9 510.1 Feb. 6.0 1.3 34.4 1.0 4.9 17.8 23.7 1.6 202.7 113.7 197.3 513.7 Mar. 6.3 1.3 35.2 1.1 5.0 14.0 20.1 1.6 203.1 115.5 198.7 517.3 Apr. 6.6 1.3 36.3 8.5 6.3 24.6 39.4 1.5 204.1 117.0 201.4 522.4 May 6.8 1.3 37.5 1.0 6.2 40.4 47.6 1.5 205.6 118.1 205.1 528.8 June 7.0 1.3 38.7 2.6 5.0 25.9 33.5 1.5 207.1 119.3 208.8 535.1 July 7.2 1.4 39.7 1.1 4.7 13.4 19.2 1.4 208.4 120.0 213.1 e 541.6 e Aug. 7.3 1.4 40.6 1.0 4.9 20.2 26.1 1.4 209.6 120.6 218.1 e 548.2 e Sep. 7.4 1.5 41.4 3.1 5.0 39.7 47.8 1.4 210.7 121.1 222.9 e 554.7 e Oct. 7.5 e 1.5 e 41.7 e 1.4 4.9 18.3 24.7 1.4 e 211.7 e 121.6 e 224.9 e 558.2 e Nov. 7.5 e 1.5 e 41.7 e 1.0 5.1 10.5 16.6 1.4 e 212.6 e 122.0 e 224.9 e 559.5 e Dec. p 7.5 e 1.5 e 41.7 e 1.3 5.9 24.4 31.5 1.4 e 213.4 e 122.4 e 224.9 e 560.8 e 2007-Nov. 12 0.9 5.1 17.5 23.5 19 1.1 4.9 10.6 16.6 26 0.8 5.3 6.2 12.4 Dec. 3 1.0 4.9 5.4 11.3 10 1.0 4.9 3.7 9.7 17 1.5 6.2 12.7 20.3 24 1.3 6.0 50.0 57.3 31p 1.5 6.9 39.1 47.5 2008-Jan. 7p 1.9 7.0 16.2 25.1 -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 1. Source: Daily Treasury statement. e estimated p preliminary Components may not add to totals due to rounding. Note: Current and historical H.6 data are available each week on the Federal Reserve Board's web site (http://www.federalreserve.gov/). Monthly data are available back to January 1959, and weekly data are available back to January 1975 for most series. For information about individual copies or subscriptions, contact Publication Services at the Federal Reserve Board (phone 202-452-3245, fax 202-728-5886). For paid electronic access to current and historical data, call STAT-USA at 1-800-782-8872 or 202-482-1986. Appendix Table 1 Monthly Seasonal Factors Used to Construct M1 ----------+-------------------------------------------------------------------------------- | Nonbank Demand Other checkable deposits [1] Date | Currency travelers checks deposits Total At banks ----------+-------------------------------------------------------------------------------- 2007 | January | 0.9972 1.0022 0.9827 1.0120 1.0411 February | 0.9996 0.9945 0.9569 0.9776 0.9856 March | 1.0006 0.9875 1.0068 1.0209 1.0302 April | 0.9998 0.9848 1.0060 1.0414 1.0498 May | 1.0008 0.9919 1.0102 1.0164 1.0261 June | 1.0007 1.0092 1.0057 1.0004 0.9872 July | 1.0003 1.0228 1.0045 0.9849 0.9636 August | 0.9989 1.0198 1.0109 0.9885 0.9740 September | 0.9967 1.0059 0.9790 0.9782 0.9610 October | 0.9974 0.9969 0.9994 0.9813 0.9779 November | 1.0014 0.9907 1.0036 0.9801 0.9724 December | 1.0067 0.9974 1.0338 1.0152 1.0248 2008 | January | 0.9969 1.0012 0.9837 1.0135 1.0447 February | 0.9999 0.9935 0.9533 0.9763 0.9855 March | 1.0001 0.9863 1.0072 1.0239 1.0323 April | 0.9998 0.9843 1.0085 1.0445 1.0557 May | 1.0017 0.9920 1.0091 1.0165 1.0310 June | 0.9997 1.0106 1.0077 1.0005 0.9831 July | 1.0003 1.0233 1.0061 0.9832 0.9605 August | 0.9995 1.0191 1.0104 0.9864 0.9707 September | 0.9958 1.0069 0.9776 0.9781 0.9582 October | 0.9984 0.9979 0.9997 0.9797 0.9786 November | 1.0020 0.9905 1.0034 0.9796 0.9700 December | 1.0064 0.9960 1.0334 1.0166 1.0259 2009 | January | 0.9976 1.0005 0.9830 1.0128 1.0469 February | 0.9991 0.9929 0.9524 0.9768 0.9858 March | 0.9996 0.9867 1.0073 1.0256 1.0335 ------------------------------------------------------------------------------------------- 1. Seasonally adjusted other checkable deposits at thrifts are derived as the dif- ference between total other checkable deposits, seasonally adjusted, and seasonally adjusted other checkable deposits at commercial banks. Appendix Table 2 Monthly Seasonal Factors Used to Construct M2 -----------+-------------------------------------------------------------+----------------- | Savings and Small denom. Retail | Institutional Date | MMDA deposits [1] time deposits [1] money funds | money funds -----------+-------------------------------------------------------------+----------------- 2007 | January | 0.9943 0.9993 1.0110 1.0243 February | 0.9949 1.0000 1.0072 1.0088 March | 1.0016 0.9998 1.0092 0.9978 April | 1.0111 0.9999 1.0037 0.9878 May | 0.9950 0.9981 0.9905 0.9823 June | 1.0033 0.9968 0.9928 0.9827 July | 0.9992 0.9976 0.9916 0.9817 August | 0.9985 0.9999 0.9973 0.9910 September | 1.0008 1.0025 0.9976 1.0016 October | 0.9958 1.0039 0.9951 1.0055 November | 1.0012 1.0030 0.9968 1.0120 December | 1.0033 1.0000 1.0060 1.0253 2008 | January | 0.9941 0.9997 1.0123 1.0227 February | 0.9951 1.0001 1.0078 1.0097 March | 1.0028 0.9997 1.0100 0.9992 April | 1.0103 0.9996 1.0039 0.9883 May | 0.9968 0.9977 0.9899 0.9832 June | 1.0028 0.9962 0.9922 0.9819 July | 0.9984 0.9970 0.9910 0.9807 August | 1.0004 0.9994 0.9971 0.9896 September | 0.9979 1.0024 0.9975 0.9995 October | 0.9959 1.0043 0.9947 1.0054 November | 1.0029 1.0037 0.9966 1.0137 December | 1.0013 1.0008 1.0066 1.0258 2009 | January | 0.9956 0.9999 1.0128 1.0216 February | 0.9949 1.0002 1.0082 1.0106 March | 1.0013 0.9996 1.0104 1.0002 ------------------------------------------------------------------------------------------- 1. Seasonal factors are applied to deposits data at both commercial banks and thrift institutions. Appendix Table 3 Weekly Seasonal Factors Used to Construct M1 -------------+---------------------------------------------------------------------------- | Nonbank Demand Other checkable deposits [1] Date |Currency travelers checks deposits Total At banks -------------+---------------------------------------------------------------------------- | 2007 Dec. 03 | 1.0008 0.9885 1.0818 1.0263 1.0215 10 | 1.0030 0.9924 0.8904 0.9693 0.9594 17 | 1.0039 0.9963 0.9607 0.9771 0.9822 24 | 1.0125 1.0003 1.1058 1.0327 1.0582 31 | 1.0092 1.0043 1.1766 1.0819 1.1127 | 2008 Jan. 07 | 1.0029 1.0032 0.9359 1.0305 1.0458 14 | 0.9976 1.0021 0.9346 0.9961 1.0217 21 | 0.9951 1.0010 0.9714 1.0058 1.0450 28 | 0.9936 0.9998 1.0684 1.0226 1.0717 | 2008 Feb. 04 | 0.9979 0.9987 0.9809 0.9965 1.0150 11 | 0.9997 0.9961 0.8825 0.9468 0.9537 18 | 1.0008 0.9935 0.9537 0.9622 0.9678 25 | 0.9991 0.9909 1.0014 0.9916 1.0056 | 2008 Mar. 03 | 1.0005 0.9882 0.9936 1.0126 1.0123 10 | 1.0012 0.9874 0.9042 0.9926 0.9920 17 | 0.9998 0.9866 0.9678 1.0045 1.0114 24 | 0.9991 0.9857 1.0612 1.0346 1.0538 31 | 0.9988 0.9849 1.1116 1.0712 1.0846 | 2008 Apr. 07 | 1.0023 0.9847 0.9583 1.0297 1.0271 14 | 1.0003 0.9844 0.9570 1.0210 1.0202 21 | 0.9991 0.9842 1.0286 1.0542 1.0733 28 | 0.9986 0.9840 1.0754 1.0689 1.0976 | 2008 May 05 | 1.0018 0.9837 0.9868 1.0351 1.0460 12 | 1.0021 0.9879 0.9248 0.9870 1.0012 19 | 1.0010 0.9920 1.0074 1.0065 1.0274 26 | 1.0021 0.9962 1.0830 1.0291 1.0526 | 2008 June 02 | 1.0001 1.0003 1.0647 1.0409 1.0372 09 | 1.0010 1.0047 0.9249 0.9879 0.9729 16 | 0.9997 1.0092 0.9610 0.9782 0.9564 23 | 0.9986 1.0136 1.0405 0.9972 0.9859 30 | 0.9987 1.0180 1.0979 1.0299 1.0051 | 2008 July 07 | 1.0039 1.0200 0.9547 0.9831 0.9506 14 | 1.0010 1.0219 0.9423 0.9586 0.9276 21 | 0.9996 1.0238 1.0170 0.9741 0.9558 28 | 0.9985 1.0257 1.0818 1.0041 0.9960 | 2008 Aug. 04 | 1.0009 1.0276 1.0101 0.9983 0.9725 11 | 1.0009 1.0236 0.9095 0.9586 0.9306 18 | 0.9990 1.0196 0.9918 0.9711 0.9568 25 | 0.9967 1.0156 1.0762 0.9955 0.9931 | 2008 Sep. 01 | 0.9985 1.0115 1.0962 1.0232 1.0114 08 | 0.9986 1.0097 0.9275 0.9697 0.9423 15 | 0.9958 1.0078 0.9268 0.9574 0.9311 22 | 0.9942 1.0060 0.9812 0.9748 0.9601 29 | 0.9944 1.0041 1.0614 1.0027 0.9909 | 2008 Oct. 06 | 0.9993 1.0023 0.9485 0.9777 0.9604 13 | 0.9999 1.0000 0.9199 0.9481 0.9433 20 | 0.9976 0.9976 0.9942 0.9709 0.9767 27 | 0.9967 0.9953 1.0864 1.0074 1.0189 | 2008 Nov. 03 | 0.9990 0.9929 1.0714 1.0072 0.9975 10 | 1.0025 0.9918 0.9216 0.9509 0.9292 17 | 1.0008 0.9908 0.9619 0.9561 0.9457 24 | 1.0013 0.9897 1.0235 0.9860 0.9890 | 2008 Dec. 01 | 1.0039 0.9886 1.0934 1.0196 1.0121 08 | 1.0039 0.9914 0.9233 0.9830 0.9683 15 | 1.0041 0.9943 0.9499 0.9818 0.9811 22 | 1.0099 0.9972 1.0764 1.0235 1.0386 29 | 1.0099 1.0001 1.1732 1.0634 1.1004 | 2009 Jan. 05 | 1.0039 1.0030 0.9955 1.0486 1.0674 12 | 0.9984 1.0017 0.9142 0.9900 1.0236 19 | 0.9957 1.0005 0.9583 1.0010 1.0414 26 | 0.9944 0.9992 1.0406 1.0217 1.0673 | 2009 Feb. 02 | 0.9958 0.9979 1.0378 1.0186 1.0434 09 | 0.9997 0.9957 0.9023 0.9624 0.9637 16 | 1.0009 0.9934 0.9440 0.9546 0.9619 23 | 0.9984 0.9912 0.9724 0.9797 0.9983 | 2009 Mar. 02 | 0.9983 0.9889 0.9730 1.0071 1.0098 09 | 1.0008 0.9880 0.8900 0.9907 0.9893 16 | 0.9995 0.9871 0.9647 1.0046 1.0095 23 | 0.9994 0.9862 1.0620 1.0360 1.0523 30 | 0.9989 0.9853 1.1270 1.0736 1.0877 | 2009 Apr. 06 | 1.0018 0.9844 0.9763 1.0389 1.0468 ------------------------------------------------------------------------------------------ 1. Seasonally adjusted other checkable deposits at thrifts are derived as the differ- ence between total other checkable deposits, seasonally adjusted, and seasonally adjusted other checkable deposits at commercial banks. Appendix Table 4 Weekly Seasonal Factors Used to Construct M2 --------------+----------------------------------------------------------+----------------- | Savings and Small denom. Retail | Institutional Date | MMDA deposits [1] time deposits [1] money funds | money funds --------------+----------------------------------------------------------+----------------- | 2007 Dec. 03 | 0.9957 1.0015 1.0004 1.0167 10 | 1.0174 1.0010 1.0076 1.0272 17 | 1.0138 1.0000 1.0075 1.0345 24 | 0.9936 0.9991 1.0071 1.0229 31 | 0.9856 0.9993 1.0042 1.0202 | 2008 Jan. 07 | 1.0149 0.9998 1.0076 1.0116 14 | 1.0122 0.9999 1.0148 1.0289 21 | 0.9943 0.9997 1.0151 1.0249 28 | 0.9704 0.9994 1.0138 1.0310 | 2008 Feb. 04 | 0.9915 0.9998 1.0070 1.0096 11 | 1.0011 1.0002 1.0085 1.0111 18 | 0.9964 1.0003 1.0055 1.0073 25 | 0.9845 1.0001 1.0100 1.0146 | 2008 Mar. 03 | 0.9958 0.9997 1.0074 1.0032 10 | 1.0125 0.9997 1.0126 1.0051 17 | 1.0091 0.9995 1.0091 0.9983 24 | 0.9903 0.9996 1.0108 0.9954 31 | 0.9937 0.9999 1.0086 0.9965 | 2008 Apr. 07 | 1.0253 1.0002 1.0073 0.9904 14 | 1.0299 1.0001 1.0096 0.9951 21 | 1.0118 0.9994 1.0059 0.9831 28 | 0.9862 0.9988 0.9979 0.9862 | 2008 May 05 | 1.0031 0.9986 0.9856 0.9831 12 | 1.0076 0.9982 0.9892 0.9850 19 | 0.9976 0.9976 0.9895 0.9836 26 | 0.9807 0.9971 0.9930 0.9866 | 2008 June 02 | 0.9928 0.9969 0.9913 0.9753 09 | 1.0139 0.9966 0.9941 0.9822 16 | 1.0136 0.9962 0.9931 0.9868 23 | 0.9913 0.9959 0.9930 0.9795 30 | 0.9890 0.9959 0.9888 0.9811 | 2008 July 07 | 1.0165 0.9965 0.9877 0.9718 14 | 1.0132 0.9968 0.9939 0.9838 21 | 0.9946 0.9969 0.9919 0.9831 28 | 0.9811 0.9973 0.9910 0.9857 | 2008 Aug. 04 | 1.0039 0.9982 0.9894 0.9773 11 | 1.0118 0.9987 0.9950 0.9858 18 | 1.0046 0.9992 0.9971 0.9870 25 | 0.9851 0.9998 1.0019 0.9987 | 2008 Sep. 01 | 0.9865 1.0008 0.9992 0.9942 08 | 1.0125 1.0015 0.9970 0.9944 15 | 1.0120 1.0019 1.0015 1.0051 22 | 0.9898 1.0027 0.9981 1.0008 29 | 0.9769 1.0036 0.9937 0.9984 | 2008 Oct. 06 | 1.0058 1.0043 0.9935 0.9994 13 | 1.0095 1.0046 0.9967 1.0064 20 | 0.9973 1.0043 0.9966 1.0040 27 | 0.9800 1.0041 0.9936 1.0131 | 2008 Nov. 03 | 0.9920 1.0042 0.9917 1.0011 10 | 1.0117 1.0043 0.9937 1.0075 17 | 1.0110 1.0040 0.9931 1.0121 24 | 0.9937 1.0034 1.0024 1.0207 | 2008 Dec. 01 | 0.9942 1.0026 0.9994 1.0205 08 | 1.0148 1.0019 1.0055 1.0231 15 | 1.0132 1.0011 1.0077 1.0353 22 | 0.9962 1.0002 1.0078 1.0247 29 | 0.9854 0.9998 1.0068 1.0265 | 2009 Jan. 05 | 1.0094 1.0000 1.0060 1.0075 12 | 1.0101 1.0001 1.0148 1.0253 19 | 0.9984 1.0000 1.0159 1.0248 26 | 0.9762 0.9997 1.0155 1.0298 | 2009 Feb. 02 | 0.9802 0.9999 1.0088 1.0147 09 | 1.0009 1.0003 1.0100 1.0131 16 | 0.9993 1.0004 1.0066 1.0090 23 | 0.9885 1.0002 1.0088 1.0123 | 2009 Mar. 02 | 0.9955 0.9998 1.0068 1.0054 09 | 1.0114 0.9997 1.0103 0.9999 16 | 1.0087 0.9994 1.0087 1.0037 23 | 0.9921 0.9994 1.0129 0.9973 30 | 0.9887 0.9997 1.0110 1.0002 | 2009 Apr. 06 | 1.0225 1.0001 1.0079 0.9901 ------------------------------------------------------------------------------------------- 1. Seasonal factors are applied to deposits data at both commercial banks and thrift institutions. Appendix Table 5 Comparison of Revised and Old Monetary Aggregate Levels (Billions of dollars, seasonally adjusted) --------------+---------------+------------+---------------+----------- Date | Revised M1 | Old M1 | Revised M2 | Old M2 --------------+---------------+------------+---------------+----------- 2006 | October | 1368.8 1369.3 6958.1 6955.7 November | 1371.6 1370.8 6993.7 6990.6 December | 1367.1 1365.9 7035.5 7030.8 2007 | January | 1372.8 1371.8 7085.5 7085.7 February | 1367.7 1360.6 7113.0 7108.4 March | 1370.5 1369.7 7163.5 7164.5 April | 1378.1 1379.3 7210.3 7218.4 May | 1375.3 1379.3 7230.0 7237.9 June | 1366.4 1366.9 7247.1 7250.0 July | 1369.1 1369.7 7270.9 7274.6 August | 1368.7 1370.2 7320.2 7339.1 September | 1367.1 1369.5 7349.9 7371.1 October | 1370.1 1370.3 7376.7 7395.9 November | 1365.9 1363.8 7409.6 7425.0 December | 1365.7 1363.0 7445.9 7458.2 --------------+-------------------------------------------------------- Appendix Table 6 Comparison of Revised and Old M1 Growth Rates (Percent changes, annual rate) ------------------+-------+------+----------+-------------------- | | | | Difference due to Date Revised | Old Difference |Benchmark Seasonals ------------------+-------+------+----------+-------------------- 2006 | January | 4.4 4.8 -0.4 0.0 -0.4 February | 1.2 -3.2 4.4 0.0 4.4 March | 3.6 7.9 -4.3 0.0 -4.3 April | -4.2 -3.0 -1.2 0.0 -1.2 May | 3.4 6.3 -2.9 0.0 -2.9 June | -7.5 -10.0 2.5 0.0 2.5 July | -3.7 -3.4 -0.3 0.0 -0.3 August | -0.7 -0.1 -0.6 0.0 -0.6 September | -7.6 -7.1 -0.5 0.0 -0.5 October | 6.2 4.6 1.6 0.0 1.6 November | 2.5 1.3 1.2 0.0 1.2 December | -3.9 -4.3 0.4 -0.1 0.5 2007 | January | 5.0 5.2 -0.2 0.0 -0.2 February | -4.5 -9.8 5.3 -0.1 5.4 March | 2.5 8.0 -5.5 0.1 -5.6 April | 6.7 8.4 -1.7 0.0 -1.7 May | -2.4 0.0 -2.4 0.0 -2.4 June | -7.8 -10.8 3.0 0.1 2.9 July | 2.4 2.5 -0.1 0.0 -0.1 August | -0.4 0.4 -0.8 -0.1 -0.7 September | -1.4 -0.6 -0.8 0.0 -0.8 October | 2.6 0.7 1.9 0.4 1.5 November | -3.7 -5.7 2.0 0.6 1.4 December | -0.2 -0.7 0.5 0.3 0.2 Quarterly | 06Q4 | 0.4 -0.2 0.6 -0.1 0.7 07Q1 | 0.3 -0.4 0.7 0.0 0.7 07Q2 | 0.9 2.3 -1.4 0.1 -1.5 07Q3 | -1.5 -1.6 0.1 0.0 0.1 07Q4 | -0.3 -1.2 0.9 0.3 0.6 Semi-Annual | 06Q4 - 07Q2 | 0.6 0.9 -0.3 0.0 -0.3 07Q2 - 07Q4 | -0.9 -1.4 0.5 0.2 0.3 Annual (Q4 to Q4) | 2006 | -0.4 -0.4 0.0 0.0 0.0 2007 | -0.1 -0.2 0.1 0.0 0.1 ------------------+---------------------------------------------- Appendix Table 7 Comparison of Revised and Old M2 Growth Rates (Percent changes, annual rate) ------------------+--------+----+-----------+--------------------- | | | | Difference due to Date |Revised Old |Difference |Benchmark Seasonals ------------------+--------+----+-----------+--------------------- 2006 | January | 7.7 8.2 -0.5 0.0 -0.5 February | 4.7 4.3 0.4 0.0 0.4 March | 2.7 3.7 -1.0 0.0 -1.0 April | 3.3 3.7 -0.4 0.0 -0.4 May | 1.8 2.0 -0.2 0.0 -0.2 June | 5.1 4.4 0.7 0.0 0.7 July | 4.8 4.2 0.6 0.1 0.5 August | 3.6 4.5 -0.9 0.0 -0.9 September | 4.1 3.6 0.5 0.0 0.5 October | 9.1 8.5 0.6 0.0 0.6 November | 6.1 6.0 0.1 0.1 0.0 December | 7.2 6.9 0.3 0.0 0.3 2007 | January | 8.5 9.4 -0.9 0.0 -0.9 February | 4.7 3.8 0.9 0.2 0.7 March | 8.5 9.5 -1.0 0.3 -1.3 April | 7.8 9.0 -1.2 -0.4 -0.8 May | 3.3 3.2 0.1 -0.2 0.3 June | 2.8 2.0 0.8 -0.1 0.9 July | 3.9 4.1 -0.2 -0.8 0.6 August | 8.1 10.6 -2.5 -1.1 -1.4 September | 4.9 5.2 -0.3 -1.2 0.9 October | 4.4 4.0 0.4 -0.1 0.5 November | 5.4 4.7 0.7 0.3 0.4 December | 5.9 5.4 0.5 0.2 0.3 Quarterly | 06Q4 | 6.5 6.3 0.2 0.0 0.2 07Q1 | 7.1 7.3 -0.2 0.0 -0.2 07Q2 | 6.1 6.5 -0.4 -0.2 -0.2 07Q3 | 4.7 5.1 -0.4 -0.7 0.3 07Q4 | 5.3 5.4 -0.1 -0.3 0.2 Semi-Annual | 06Q4 - 07Q2 | 6.7 7.0 -0.3 0.0 -0.3 07Q2 - 07Q4 | 5.0 5.3 -0.3 -0.5 0.2 Annual (Q4 to Q4) | 2006 | 4.9 4.9 0.0 0.0 0.0 2007 | 5.9 6.2 -0.3 -0.3 0.0 ------------------+-----------------------------------------------