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For release at
4:30 p.m. EST
January 22, 2009
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 2008 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 2006.
The benchmark also incorporates revisions to data on retail and institutional
money market mutual funds, including revisions to individual retirement
account and Keogh balances held at those funds. Revisions to data on money
market mutual funds begin in 1981. 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 2008. 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 22, 2009
MONEY STOCK MEASURES
Billions of dollars
----------------------------------------------------------------------------------------------------------------------------------------------------
Date M1(1) M2(2) M1(1) M2(2)
----------------------------- ------------------------------------------------------------ -------------------------------------------------------
Seasonally adjusted Not seasonally adjusted
----------------------------- ------------------------------------------------------------ -------------------------------------------------------
2007-Jan. 1373.6 7069.5 1368.8 7043.0
Feb. 1366.0 7076.1 1347.2 7050.7
Mar. 1368.1 7111.7 1378.6 7147.8
Apr. 1378.8 7160.7 1392.1 7234.8
May 1379.7 7189.1 1384.0 7175.2
June 1364.5 7212.3 1368.3 7217.4
July 1366.6 7239.4 1365.7 7219.8
Aug. 1368.4 7287.7 1369.0 7279.2
Sep. 1366.2 7322.6 1351.1 7305.0
Oct. 1371.7 7352.8 1361.6 7317.1
Nov. 1366.7 7384.4 1361.7 7376.5
Dec. 1364.5 7417.3 1386.2 7444.9
2008-Jan. 1368.4 7463.6 1364.4 7438.0
Feb. 1371.1 7539.0 1351.5 7517.6
Mar. 1372.9 7600.5 1384.8 7652.0
Apr. 1373.7 7620.0 1387.4 7697.5
May 1373.7 7637.8 1376.9 7632.1
June 1383.7 7648.4 1388.2 7651.9
July 1400.1 7698.7 1399.8 7671.6
Aug. 1392.2 7687.0 1392.4 7682.6
Sep. 1452.1 7795.9 1435.1 7761.1
Oct. 1475.2 7915.8 1464.9 7878.5
Nov. 1524.1 7972.5 1518.4 7968.1
Dec. p 1595.8 8154.1 1624.5 8171.0
----------------------------------------------------------------------------------------------------------------------------------------------------
Percent change at seasonally adjusted annual rates M1 M2
----------------------------------------------------------------------------------------------------------------------------------------------------
3 Months from Sep. 2008 TO Dec. 2008 39.6 18.4
6 Months from June 2008 TO Dec. 2008 30.7 13.2
12 Months from Dec. 2007 TO Dec. 2008 17.0 9.9
----------------------------------------------------------------------------------------------------------------------------------------------------
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
----------------- ----------------------------------------------------------------- --------------------------------------------------------------------
2008-Oct. 20 1429.1 1470.2 1462.9 7774.6 7906.1 7951.0 1419.5 1455.1 1441.5 7749.4 7868.8 7928.3
27 1435.6 1468.5 1485.2 7791.7 7913.0 7934.6 1426.0 1452.0 1518.6 7766.1 7879.0 7852.2
Nov. 3 1444.4 1485.2 1525.4 7809.0 7928.6 7922.6 1436.3 1483.3 1561.3 7781.6 7892.8 7897.6
10 1453.8 1499.7 1525.2 7827.5 7935.6 7934.1 1444.5 1496.7 1465.4 7799.7 7903.0 7933.8
17 1463.9 1512.7 1514.9 7848.5 7936.3 7953.8 1452.8 1505.9 1478.4 7821.2 7913.5 7970.2
24 1474.8 1524.2 1531.4 7872.3 7952.3 7998.6 1463.6 1513.1 1547.4 7846.0 7943.3 7971.4
Dec. 1 1485.5 1525.8 1531.7 7898.8 7982.4 8043.2 1474.9 1519.2 1585.5 7874.7 7978.8 8039.8
8 1498.2 1539.0 1577.9 7930.3 8022.7 8095.1 1488.4 1538.7 1543.5 7906.5 8024.1 8114.9
15 1511.3 1560.4 1600.5 7963.9 8069.5 8141.0 1504.5 1563.8 1578.7 7941.5 8072.7 8164.7
22 1520.8 1577.0 1597.8 7986.2 8113.0 8172.8 1518.5 1587.2 1641.0 7969.7 8126.5 8186.4
29 1528.8 1593.1 1596.0 8008.4 8151.3 8196.2 1532.4 1618.9 1712.3 7999.9 8167.4 8203.7
2009-Jan. 5p 1542.6 1608.1 1638.0 8035.7 8181.2 8214.8 1550.3 1650.2 1668.9 8033.0 8206.8 8272.3
12p 1553.0 1608.4 1601.6 8060.0 8201.7 8222.8 1561.2 1643.8 1552.8 8059.5 8225.2 8238.5
--------------------------------------------------------------------------------------------------------------------------------------------------------
Percent change at seasonally adjusted annual rates M1 M2
--------------------------------------------------------------------------------------------------------------------------------------------------------
Thirteen weeks ending January 12, 2009
from thirteen weeks ending:
Oct. 13, 2008 (13 weeks previous) 36.2 15.7
July 14, 2008 (26 weeks previous) 24.9 10.9
Jan. 14, 2008 (52 weeks previous) 13.7 8.9
--------------------------------------------------------------------------------------------------------------------------------------------------------
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
------------------------------------------------------------------------------------------------------------------------------------------
2007-Aug. 759.0 6.4 300.7 171.3 130.9 302.2
Sep. 760.5 6.4 295.9 170.9 132.5 303.4
Oct. 762.8 6.4 296.8 173.6 132.1 305.6
Nov. 761.0 6.3 296.7 173.0 129.6 302.6
Dec. 757.6 6.3 292.9 174.3 133.5 307.8
2008-Jan. 756.6 6.2 295.3 175.1 135.2 310.3
Feb. 757.6 6.2 294.8 176.9 135.5 312.5
Mar. 760.7 6.2 294.6 176.6 134.9 311.5
Apr. 760.1 6.1 295.1 177.1 135.3 312.3
May 763.4 6.1 292.0 175.0 137.2 312.2
June 769.0 6.0 294.4 176.4 137.7 314.2
July 774.5 5.9 303.7 176.8 139.3 316.0
Aug. 777.0 5.8 301.0 172.3 136.0 308.4
Sep. 781.6 5.8 350.6 176.8 137.3 314.1
Oct. 796.6 5.7 361.1 176.1 135.7 311.8
Nov. 804.6 5.6 407.5 173.3 133.1 306.3
Dec. p 812.3 5.5 465.7 178.6 133.7 312.3
Week Ending:
2008-Nov. 17 803.3 5.6 401.3 171.8 132.9 304.7
24 804.8 5.6 417.3 171.9 131.8 303.7
Dec. 1 808.1 5.6 413.5 171.6 132.8 304.5
8 809.6 5.6 455.8 175.1 131.8 306.9
15 811.0 5.5 472.5 178.6 132.9 311.4
22 812.0 5.5 465.2 180.7 134.4 315.1
29 815.4 5.5 460.9 178.8 135.4 314.2
2009-Jan. 5p 818.2 5.5 502.5 179.0 132.9 311.8
12p 819.7 5.5 e 471.8 172.8 131.8 304.6
------------------------------------------------------------------------------------------------------------------------------------------
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)
----------------------------------------------------------------------------------------------------------------------------------------------------
2007-Aug. 2990.4 838.3 3828.8 768.8 428.3 1197.1 893.4 5919.2 1618.1
Sep. 3007.9 828.6 3836.5 776.5 430.8 1207.3 912.6 5956.4 1719.9
Oct. 3013.5 831.2 3844.8 803.3 409.0 1212.3 924.1 5981.2 1805.2
Nov. 3029.8 829.2 3859.0 819.8 395.4 1215.2 943.5 6017.7 1869.4
Dec. 3041.3 827.3 3868.7 821.4 395.3 1216.7 967.4 6052.8 1903.9
2008-Jan. 3050.2 835.6 3885.8 822.3 399.2 1221.4 988.0 6095.2 1940.6
Feb. 3081.5 839.9 3921.4 823.6 399.1 1222.7 1023.8 6168.0 2064.8
Mar. 3120.7 855.2 3975.9 818.6 395.2 1213.7 1037.9 6227.5 2133.8
Apr. 3122.0 859.1 3981.1 815.5 394.5 1210.0 1055.2 6246.3 2180.1
May 3126.5 883.6 4010.1 816.7 391.4 1208.0 1046.0 6264.1 2216.8
June 3123.9 897.3 4021.2 820.8 386.4 1207.2 1036.3 6264.8 2248.3
July 3131.0 902.3 4033.2 835.8 382.4 1218.2 1047.1 6298.5 2265.0
Aug. 3116.7 889.4 4006.1 858.8 383.9 1242.7 1046.0 6294.8 2286.6
Sep. 3171.0 861.9 4032.9 878.5 380.0 1258.5 1052.4 6343.8 2251.1
Oct. 3250.3 783.3 4033.6 966.3 346.5 1312.8 1094.2 6440.6 2231.1
Nov. 3245.9 766.5 4012.4 995.5 352.0 1347.4 1088.5 6448.4 2325.8
Dec. p 3327.8 769.4 4097.1 1016.1 353.6 1369.8 1091.4 6558.3 2389.2
Week ending:
2008-Nov. 17 3247.8 758.8 4006.6 993.0 353.2 1346.2 1086.0 6438.8 2321.5
24 3256.9 772.8 4029.7 998.7 352.1 1350.8 1086.7 6467.2 2334.9
Dec. 1 3286.6 775.3 4061.9 1007.2 350.0 1357.2 1092.3 6511.5 2358.7
8 3297.9 763.3 4061.2 1010.9 351.9 1362.8 1093.3 6517.2 2368.7
15 3318.7 763.0 4081.7 1015.3 352.7 1368.0 1090.8 6540.5 2363.6
22 3341.0 769.7 4110.7 1018.9 354.8 1373.7 1090.6 6575.0 2388.5
29 3355.5 780.6 4136.1 1019.6 355.0 1374.6 1089.4 6600.1 2415.3
2009-Jan. 5p 3338.0 765.5 4103.5 1021.4 356.0 1377.3 1095.9 6576.8 2477.0
12p 3382.3 766.2 4148.5 1018.8 355.6 1374.4 1098.3 6621.3 2465.4
----------------------------------------------------------------------------------------------------------------------------------------------------
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
------------------------------------------------------------------------------------------------------------------------------------------
2007-Aug. 757.3 6.6 305.2 167.1 132.8 299.9
Sep. 756.7 6.5 289.9 165.0 133.0 298.0
Oct. 759.6 6.4 296.3 169.2 130.2 299.4
Nov. 762.2 6.3 297.2 167.6 128.5 296.0
Dec. 763.8 6.3 304.7 178.2 133.2 311.4
2008-Jan. 755.4 6.2 289.9 181.6 131.2 312.8
Feb. 758.7 6.1 281.3 175.1 130.4 305.5
Mar. 761.9 6.1 299.3 181.4 136.2 317.5
Apr. 759.7 6.1 296.5 185.3 139.8 325.1
May 764.0 6.1 291.5 176.8 138.5 315.3
June 768.8 6.1 296.1 178.0 139.2 317.2
July 774.8 6.1 305.0 173.3 140.7 314.0
Aug. 775.3 6.0 305.8 167.3 138.1 305.3
Sep. 776.7 5.8 344.0 170.5 138.2 308.7
Oct. 793.6 5.7 360.7 171.5 133.4 304.9
Nov. 806.4 5.6 407.3 167.0 132.1 299.1
Dec. p 818.9 5.5 484.7 182.7 132.8 315.4
Week Ending:
2008-Nov. 17 804.2 5.6 379.2 160.2 129.2 289.4
24 806.0 5.6 437.4 169.0 129.5 298.5
Dec. 1 811.7 5.5 458.4 174.0 136.0 309.9
8 812.5 5.5 426.7 168.3 130.5 298.9
15 814.9 5.5 458.3 172.4 127.7 300.1
22 821.1 5.5 494.2 187.3 133.0 320.2
29 827.4 5.5 543.7 198.9 136.8 335.7
2009-Jan. 5p 824.5 5.5 513.1 189.3 136.5 325.8
12p 820.4 5.5 e 428.7 172.4 125.9 298.3
------------------------------------------------------------------------------------------------------------------------------------------
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)
----------------------------------------------------------------------------------------------------------------------------------------------------
2007-Aug. 2989.7 838.1 3827.8 766.8 427.2 1193.9 888.4 5910.2 1602.5
Sep. 3010.5 829.3 3839.8 776.9 431.0 1207.8 906.3 5953.9 1705.0
Oct. 2997.8 826.9 3824.6 805.8 410.3 1216.1 914.8 5955.5 1797.9
Nov. 3030.4 829.4 3859.8 822.5 396.7 1219.2 935.8 6014.8 1872.3
Dec. 3043.6 827.9 3871.5 822.6 395.9 1218.5 968.7 6058.7 1941.2
2008-Jan. 3022.3 828.0 3850.3 825.0 400.5 1225.4 997.9 6073.6 1986.5
Feb. 3066.5 835.8 3902.3 826.6 400.6 1227.2 1036.5 6166.0 2104.0
Mar. 3132.7 858.5 3991.1 820.5 396.1 1216.5 1059.6 6267.2 2157.8
Apr. 3159.0 869.3 4028.4 816.2 394.9 1211.0 1070.7 6310.1 2174.4
May 3128.5 884.1 4012.6 814.0 390.1 1204.0 1038.7 6255.3 2196.8
June 3135.7 900.7 4036.5 815.7 384.0 1199.7 1027.6 6263.8 2221.9
July 3125.7 900.7 4026.4 830.2 379.9 1210.1 1035.3 6271.8 2217.0
Aug. 3122.2 891.0 4013.2 855.3 382.3 1237.7 1039.4 6290.2 2262.0
Sep. 3164.2 860.0 4024.2 878.2 379.9 1258.1 1043.7 6326.0 2216.9
Oct. 3235.4 779.7 4015.1 969.4 347.6 1316.9 1081.5 6413.6 2209.8
Nov. 3250.7 767.6 4018.3 999.4 353.4 1352.7 1078.6 6449.7 2324.8
Dec. p 3314.4 766.3 4080.7 1018.8 354.6 1373.3 1092.4 6546.4 2435.3
Week ending:
2008-Nov. 17 3297.8 770.5 4068.3 997.2 354.7 1351.9 1071.7 6491.9 2315.9
24 3221.8 764.4 3986.2 1002.4 353.4 1355.8 1081.9 6424.0 2348.8
Dec. 1 3240.8 764.5 4005.4 1010.4 351.1 1361.5 1087.4 6454.3 2376.3
8 3338.4 772.7 4111.0 1014.3 353.0 1367.3 1093.1 6571.4 2399.9
15 3350.9 770.4 4121.3 1018.2 353.7 1371.9 1092.7 6585.9 2434.4
22 3312.4 763.1 4075.5 1021.0 355.6 1376.6 1093.3 6545.3 2431.7
29 3264.1 759.3 4023.4 1021.6 355.8 1377.4 1090.6 6491.3 2468.7
2009-Jan. 5p 3357.4 769.9 4127.3 1024.4 357.0 1381.4 1094.8 6603.4 2487.7
12p 3421.9 775.2 4197.0 1022.7 357.0 1379.7 1109.0 6685.7 2528.0
--------------------------------------------------------------------------------------------------------------------------------------------------
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
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2007-Aug. 7.3 1.4 40.5 1.0 4.9 20.2 26.1 1.4 209.6 120.6 219.4 549.6
Sep. 7.4 1.5 41.4 3.1 5.0 39.7 47.8 1.4 210.8 121.1 225.0 556.9
Oct. 7.3 1.5 42.5 1.4 4.9 18.3 24.7 1.7 211.1 122.9 230.3 564.3
Nov. 7.0 1.4 43.8 1.0 5.1 10.5 16.6 2.2 211.0 125.6 235.2 571.8
Dec. 6.7 1.4 45.1 1.3 5.9 24.4 31.5 2.7 210.8 128.3 240.1 579.2
2008-Jan. 7.3 1.4 45.6 3.4 5.5 19.7 28.6 3.0 212.1 130.3 247.6 590.0
Feb. 8.4 1.5 45.6 1.1 4.8 13.4 19.3 3.4 214.2 131.7 256.2 602.2
Mar. 9.4 1.5 45.5 1.3 5.2 17.7 24.2 3.7 216.3 133.2 264.9 614.4
Apr. 9.3 1.5 45.0 7.9 5.3 26.3 39.6 3.4 217.1 135.6 267.4 620.1
May 8.4 1.4 44.2 1.4 4.8 32.5 38.6 2.7 217.0 138.5 265.8 621.3
June 7.4 1.3 43.4 3.0 5.0 16.2 24.2 2.0 216.8 141.5 264.2 622.6
July 7.7 1.3 40.8 1.2 5.1 9.7 16.0 2.0 219.3 142.3 262.6 e 624.2 e
Aug. 8.6 1.5 37.1 1.2 4.8 7.7 13.8 2.3 223.3 141.8 261.0 e 626.1 e
Sep. 9.6 1.5 33.5 3.5 5.8 16.4 25.6 2.7 227.2 141.2 259.5 e 627.9 e
Oct. 10.1 e 1.6 e 31.4 e 1.8 33.9 24.9 60.6 2.9 e 229.7 e 141.0 e 258.6 e 629.3 e
Nov. 10.1 e 1.7 e 31.4 e 1.3 55.8 5.2 62.4 2.9 e 230.3 e 141.3 e 258.6 e 630.2 e
Dec. p 10.1 e 1.8 e 31.4 e 1.3 90.2 1.9 93.5 2.9 e 230.9 e 141.6 e 258.6 e 631.1 e
2008-Nov. 17 1.5 56.3 3.4 61.2
24 1.2 79.0 1.9 82.2
Dec. 1 1.3 47.7 2.0 50.9
8 1.1 56.1 1.9 59.1
15 1.3 57.3 1.9 60.5
22 1.3 126.5 1.9 129.7
29 1.6 117.6 2.0 121.1
2009-Jan. 5p 1.9 79.9 1.8 83.6
12p 2.6 44.8 2.0 49.4
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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
----------+--------------------------------------------------------------------------------
2008 |
January | 0.9985 0.9976 0.9819 1.0081 1.0373
February | 1.0014 0.9907 0.9540 0.9776 0.9897
March | 1.0016 0.9874 1.0158 1.0195 1.0271
April | 0.9995 0.9890 1.0047 1.0410 1.0467
May | 1.0008 0.9934 0.9982 1.0100 1.0102
June | 0.9997 1.0093 1.0055 1.0097 1.0090
July | 1.0004 1.0251 1.0041 0.9935 0.9802
August | 0.9978 1.0213 1.0159 0.9902 0.9705
September | 0.9937 1.0067 0.9812 0.9827 0.9642
October | 0.9962 0.9984 0.9988 0.9779 0.9736
November | 1.0023 0.9916 0.9994 0.9763 0.9635
December | 1.0082 0.9927 1.0407 1.0102 1.0230
2009 |
January | 0.9994 0.9947 0.9817 1.0077 1.0388
February | 1.0011 0.9893 0.9534 0.9804 0.9924
March | 1.0014 0.9877 1.0166 1.0196 1.0285
April | 0.9991 0.9896 1.0055 1.0426 1.0493
May | 1.0011 0.9948 0.9955 1.0107 1.0091
June | 0.9992 1.0080 1.0051 1.0095 1.0098
July | 1.0013 1.0245 1.0050 0.9939 0.9813
August | 0.9967 1.0210 1.0165 0.9895 0.9670
September | 0.9937 1.0062 0.9841 0.9834 0.9638
October | 0.9962 0.9990 0.9977 0.9763 0.9729
November | 1.0021 0.9913 0.9975 0.9753 0.9606
December | 1.0085 0.9915 1.0426 1.0098 1.0240
2010 |
January | 1.0001 0.9933 0.9821 1.0083 1.0393
February | 1.0011 0.9888 0.9525 0.9813 0.9941
March | 1.0014 0.9878 1.0171 1.0197 1.0291
-------------------------------------------------------------------------------------------
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
-----------+-------------------------------------------------------------+-----------------
2008 |
January | 0.9909 1.0033 1.0101 1.0236
February | 0.9951 1.0037 1.0124 1.0190
March | 1.0038 1.0023 1.0209 1.0113
April | 1.0119 1.0008 1.0148 0.9974
May | 1.0006 0.9967 0.9929 0.9910
June | 1.0038 0.9938 0.9916 0.9882
July | 0.9983 0.9933 0.9887 0.9788
August | 1.0018 0.9960 0.9936 0.9893
September | 0.9978 0.9997 0.9917 0.9848
October | 0.9954 1.0031 0.9885 0.9905
November | 1.0015 1.0039 0.9909 0.9996
December | 0.9960 1.0026 1.0010 1.0193
2009 |
January | 0.9927 1.0045 1.0100 1.0235
February | 0.9963 1.0047 1.0138 1.0229
March | 1.0013 1.0029 1.0227 1.0150
April | 1.0140 1.0010 1.0167 0.9995
May | 1.0027 0.9963 0.9935 0.9924
June | 1.0014 0.9931 0.9911 0.9891
July | 0.9997 0.9924 0.9881 0.9801
August | 1.0018 0.9950 0.9931 0.9882
September | 0.9983 0.9990 0.9908 0.9815
October | 0.9954 1.0030 0.9876 0.9865
November | 1.0010 1.0043 0.9903 0.9985
December | 0.9951 1.0034 1.0007 1.0184
2010 |
January | 0.9933 1.0053 1.0099 1.0238
February | 0.9962 1.0053 1.0145 1.0251
March | 1.0010 1.0031 1.0234 1.0167
-------------------------------------------------------------------------------------------
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
-------------+----------------------------------------------------------------------------
2008 Dec. 01 | 1.0044 0.9880 1.1086 1.0180 1.0136
08 | 1.0036 0.9898 0.9361 0.9738 0.9611
15 | 1.0049 0.9916 0.9698 0.9635 0.9651
22 | 1.0112 0.9934 1.0623 1.0163 1.0365
29 | 1.0147 0.9953 1.1797 1.0685 1.1124
|
2009 Jan. 05 | 1.0076 0.9971 1.0212 1.0449 1.0579
12 | 1.0008 0.9959 0.9086 0.9794 0.9980
19 | 0.9978 0.9947 0.9597 0.9960 1.0293
26 | 0.9955 0.9935 1.0162 1.0151 1.0706
|
2009 Feb. 02 | 0.9975 0.9923 1.0208 1.0237 1.0533
09 | 1.0012 0.9910 0.8713 0.9571 0.9611
16 | 1.0024 0.9896 0.9193 0.9538 0.9606
23 | 1.0004 0.9882 0.9972 0.9907 1.0084
|
2009 Mar. 02 | 1.0015 0.9868 1.0270 1.0185 1.0339
09 | 1.0034 0.9872 0.8990 0.9864 0.9833
16 | 1.0019 0.9875 0.9522 0.9959 0.9929
23 | 1.0012 0.9879 1.0646 1.0236 1.0370
30 | 0.9991 0.9882 1.1503 1.0692 1.0995
|
2009 Apr. 06 | 1.0019 0.9886 0.9817 1.0390 1.0310
13 | 1.0003 0.9892 0.9424 1.0115 0.9950
20 | 0.9980 0.9898 1.0189 1.0574 1.0642
27 | 0.9971 0.9903 1.0697 1.0635 1.1045
|
2009 May 04 | 1.0005 0.9909 0.9859 1.0306 1.0378
11 | 1.0015 0.9927 0.8968 0.9838 0.9605
18 | 1.0005 0.9946 0.9742 0.9958 0.9880
25 | 1.0015 0.9964 1.0564 1.0162 1.0305
|
2009 June 01 | 0.9995 0.9982 1.0909 1.0457 1.0527
08 | 1.0009 1.0021 0.9153 1.0001 0.9883
15 | 0.9989 1.0061 0.9449 0.9817 0.9765
22 | 0.9976 1.0100 1.0153 1.0063 1.0075
29 | 0.9990 1.0140 1.1304 1.0440 1.0623
|
2009 July 06 | 1.0063 1.0179 0.9862 1.0023 0.9940
13 | 1.0040 1.0215 0.9098 0.9637 0.9404
20 | 1.0001 1.0250 0.9978 0.9892 0.9708
27 | 0.9976 1.0285 1.0901 1.0106 1.0123
|
2009 Aug. 03 | 0.9982 1.0321 1.0644 1.0135 0.9949
10 | 0.9996 1.0272 0.9152 0.9537 0.9178
17 | 0.9964 1.0223 0.9802 0.9708 0.9409
24 | 0.9939 1.0173 1.0396 0.9951 0.9794
31 | 0.9952 1.0124 1.1180 1.0308 1.0228
|
2009 Sep. 07 | 0.9975 1.0101 0.9083 0.9799 0.9526
14 | 0.9942 1.0078 0.8785 0.9650 0.9215
21 | 0.9924 1.0055 1.0139 0.9804 0.9616
28 | 0.9917 1.0031 1.1107 1.0030 1.0110
|
2009 Oct. 05 | 0.9948 1.0008 0.9979 0.9782 0.9691
12 | 0.9974 0.9999 0.8987 0.9452 0.9258
19 | 0.9955 0.9990 0.9558 0.9667 0.9604
26 | 0.9956 0.9981 1.0949 0.9903 1.0073
|
2009 Nov. 02 | 0.9967 0.9972 1.0734 1.0174 1.0169
09 | 1.0016 0.9947 0.8862 0.9467 0.9208
16 | 1.0014 0.9921 0.9343 0.9488 0.9215
23 | 1.0017 0.9896 1.0363 0.9838 0.9731
30 | 1.0048 0.9871 1.1193 1.0125 1.0145
|
2009 Dec. 07 | 1.0045 0.9887 0.9429 0.9785 0.9709
14 | 1.0057 0.9903 0.9616 0.9609 0.9615
21 | 1.0101 0.9919 1.0567 1.0124 1.0273
28 | 1.0151 0.9935 1.1738 1.0615 1.1083
|
2010 Jan. 04 | 1.0093 0.9951 1.0634 1.0529 1.0698
11 | 1.0019 0.9943 0.8944 0.9811 0.9969
18 | 0.9996 0.9934 0.9543 0.9942 1.0229
25 | 0.9960 0.9925 1.0061 1.0133 1.0644
|
2010 Feb. 01 | 0.9950 0.9916 1.0577 1.0269 1.0650
08 | 1.0026 0.9904 0.8823 0.9676 0.9720
15 | 1.0024 0.9893 0.9034 0.9508 0.9583
22 | 1.0009 0.9881 0.9826 0.9814 1.0029
|
2010 Mar. 01 | 0.9993 0.9869 1.0385 1.0248 1.0398
08 | 1.0041 0.9872 0.9115 0.9966 0.9895
15 | 1.0019 0.9876 0.9370 0.9894 0.9890
22 | 1.0013 0.9880 1.0386 1.0156 1.0287
29 | 0.9990 0.9883 1.1521 1.0622 1.0969
|
2010 Apr. 05 | 1.0042 0.9887 1.0492 1.0491 1.0481
------------------------------------------------------------------------------------------
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
--------------+----------------------------------------------------------+-----------------
2008 Dec. 01 | 0.9861 1.0031 0.9956 1.0075
08 | 1.0123 1.0033 0.9998 1.0132
15 | 1.0097 1.0029 1.0018 1.0299
22 | 0.9914 1.0021 1.0025 1.0181
29 | 0.9727 1.0020 1.0011 1.0221
|
2009 Jan. 05 | 1.0058 1.0029 0.9990 1.0044
12 | 1.0117 1.0038 1.0097 1.0254
19 | 0.9933 1.0048 1.0133 1.0265
26 | 0.9710 1.0054 1.0148 1.0337
|
2009 Feb. 02 | 0.9809 1.0055 1.0103 1.0214
09 | 1.0048 1.0055 1.0130 1.0232
16 | 1.0020 1.0051 1.0122 1.0220
23 | 0.9889 1.0042 1.0160 1.0267
|
2009 Mar. 02 | 0.9933 1.0034 1.0155 1.0192
09 | 1.0168 1.0033 1.0205 1.0161
16 | 1.0146 1.0030 1.0205 1.0176
23 | 0.9905 1.0026 1.0264 1.0124
30 | 0.9798 1.0025 1.0254 1.0147
|
2009 Apr. 06 | 1.0271 1.0024 1.0222 1.0004
13 | 1.0367 1.0020 1.0265 1.0112
20 | 1.0217 1.0010 1.0208 0.9955
27 | 0.9857 0.9997 1.0090 0.9972
|
2009 May 04 | 1.0045 0.9986 0.9913 0.9849
11 | 1.0173 0.9975 0.9939 0.9924
18 | 1.0084 0.9962 0.9928 0.9923
25 | 0.9851 0.9952 0.9955 1.0005
|
2009 June 01 | 0.9884 0.9947 0.9931 0.9883
08 | 1.0181 0.9941 0.9937 0.9908
15 | 1.0176 0.9933 0.9939 0.9970
22 | 0.9928 0.9925 0.9919 0.9843
29 | 0.9769 0.9922 0.9858 0.9868
|
2009 July 06 | 1.0127 0.9924 0.9829 0.9721
13 | 1.0188 0.9922 0.9884 0.9833
20 | 1.0004 0.9920 0.9904 0.9822
27 | 0.9769 0.9923 0.9907 0.9832
|
2009 Aug. 03 | 0.9941 0.9934 0.9864 0.9775
10 | 1.0176 0.9942 0.9920 0.9864
17 | 1.0116 0.9948 0.9917 0.9882
24 | 0.9915 0.9954 0.9977 0.9952
31 | 0.9815 0.9962 0.9941 0.9877
|
2009 Sep. 07 | 1.0164 0.9974 0.9924 0.9829
14 | 1.0206 0.9980 0.9946 0.9870
21 | 0.9972 0.9990 0.9915 0.9814
28 | 0.9682 1.0006 0.9868 0.9773
|
2009 Oct. 05 | 0.9993 1.0023 0.9829 0.9724
12 | 1.0139 1.0029 0.9894 0.9868
19 | 1.0054 1.0029 0.9899 0.9872
26 | 0.9713 1.0032 0.9885 0.9922
|
2009 Nov. 02 | 0.9809 1.0039 0.9852 0.9908
09 | 1.0153 1.0048 0.9863 0.9910
16 | 1.0149 1.0046 0.9853 0.9946
23 | 0.9919 1.0042 0.9957 1.0021
30 | 0.9816 1.0036 0.9952 1.0085
|
2009 Dec. 07 | 1.0132 1.0036 0.9983 1.0142
14 | 1.0110 1.0036 1.0024 1.0232
21 | 0.9951 1.0030 1.0026 1.0190
28 | 0.9732 1.0030 1.0011 1.0230
|
2010 Jan. 04 | 0.9971 1.0038 0.9974 1.0051
11 | 1.0147 1.0049 1.0089 1.0212
18 | 1.0005 1.0055 1.0124 1.0269
25 | 0.9766 1.0057 1.0143 1.0315
|
2010 Feb. 01 | 0.9671 1.0059 1.0114 1.0266
08 | 1.0069 1.0061 1.0124 1.0200
15 | 1.0057 1.0058 1.0129 1.0263
22 | 0.9895 1.0050 1.0154 1.0272
|
2010 Mar. 01 | 0.9855 1.0040 1.0186 1.0268
08 | 1.0175 1.0037 1.0195 1.0174
15 | 1.0166 1.0033 1.0226 1.0227
22 | 0.9962 1.0028 1.0264 1.0127
29 | 0.9771 1.0026 1.0261 1.0175
|
2010 Apr. 05 | 1.0168 1.0025 1.0228 0.9995
-------------------------------------------------------------------------------------------
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
--------------+---------------+------------+---------------+-----------
2007 |
October | 1371.7 1369.5 7352.8 7338.3
November | 1366.7 1365.6 7384.4 7372.3
December | 1364.5 1366.5 7417.3 7404.3
2008 |
January | 1368.4 1367.2 7463.6 7448.9
February | 1371.1 1372.8 7539.0 7546.8
March | 1372.9 1375.3 7600.5 7618.1
April | 1373.7 1371.3 7620.0 7631.4
May | 1373.7 1368.0 7637.8 7640.8
June | 1383.7 1386.1 7648.4 7638.8
July | 1400.1 1403.3 7698.7 7679.7
August | 1392.2 1394.0 7687.0 7670.2
September | 1452.1 1453.8 7795.9 7769.5
October | 1475.2 1473.1 7915.8 7879.4
November | 1524.1 1522.5 7972.5 7934.7
December | 1595.8 1599.8 8154.1 8108.4
--------------+--------------------------------------------------------
Appendix Table 6
Comparison of Revised and Old M1 Growth Rates
(Percent changes, annual rate)
------------------+-------+------+----------+--------------------
| | | | Difference due to
Date Revised | Old Difference |Benchmark Seasonals
------------------+-------+------+----------+--------------------
2007 |
January | 7.0 5.3 1.7 0.0 1.7
February | -6.6 -4.4 -2.2 0.0 -2.2
March | 1.8 2.0 -0.2 0.0 -0.2
April | 9.4 6.9 2.5 0.0 2.5
May | 0.8 -2.1 2.9 0.0 2.9
June |-13.2 -8.2 -5.0 0.0 -5.0
July | 1.8 2.3 -0.5 0.0 -0.5
August | 1.6 1.2 0.4 0.0 0.4
September | -1.9 -3.1 1.2 0.0 1.2
October | 4.8 2.7 2.1 0.0 2.1
November | -4.4 -3.4 -1.0 0.0 -1.0
December | -1.9 0.8 -2.7 0.0 -2.7
2008 |
January | 3.4 0.6 2.8 0.1 2.7
February | 2.4 4.9 -2.5 -0.1 -2.4
March | 1.6 2.2 -0.6 0.0 -0.6
April | 0.7 -3.5 4.2 0.0 4.2
May | 0.0 -2.9 2.9 -0.1 3.0
June | 8.7 15.9 -7.2 0.0 -7.2
July | 14.2 14.9 -0.7 -0.2 -0.5
August | -6.8 -8.0 1.2 0.1 1.1
September | 51.6 51.5 0.1 -0.4 0.5
October | 19.1 15.9 3.2 0.2 3.0
November | 39.8 40.2 -0.4 -0.3 -0.1
December | 56.5 60.9 -4.4 -0.3 -4.1
Quarterly |
07Q4 | 0.1 -0.3 0.4 0.0 0.4
08Q1 | 0.9 1.3 -0.4 0.1 -0.5
08Q2 | 1.8 1.0 0.8 0.0 0.8
08Q3 | 11.0 12.2 -1.2 -0.1 -1.1
08Q4 | 33.1 32.4 0.7 -0.1 0.8
Semi-Annual |
07Q4 - 08Q2 | 1.4 1.2 0.2 0.0 0.2
08Q2 - 08Q4 | 22.5 22.8 -0.3 -0.1 -0.2
Annual (Q4 to Q4) |
2007 | -0.1 -0.1 0.0 0.0 0.0
2008 | 12.0 12.0 0.0 -0.1 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
------------------+--------+----+-----------+---------------------
2007 |
January | 8.2 7.9 0.3 0.0 0.3
February | 1.1 4.5 -3.4 -0.4 -3.0
March | 6.0 6.7 -0.7 0.3 -1.0
April | 8.3 8.4 -0.1 0.0 -0.1
May | 4.8 3.3 1.5 0.1 1.4
June | 3.9 2.8 1.1 0.1 1.0
July | 4.5 3.9 0.6 0.0 0.6
August | 8.0 8.7 -0.7 0.1 -0.8
September | 5.7 4.6 1.1 0.1 1.0
October | 4.9 4.0 0.9 0.1 0.8
November | 5.2 5.6 -0.4 -0.1 -0.3
December | 5.3 5.2 0.1 0.0 0.1
2008 |
January | 7.5 7.2 0.3 0.1 0.2
February | 12.1 15.8 -3.7 -0.1 -3.6
March | 9.8 11.3 -1.5 0.1 -1.6
April | 3.1 2.1 1.0 0.3 0.7
May | 2.8 1.5 1.3 0.5 0.8
June | 1.7 -0.3 2.0 0.5 1.5
July | 7.9 6.4 1.5 0.4 1.1
August | -1.8 -1.5 -0.3 0.2 -0.5
September | 17.0 15.5 1.5 0.3 1.2
October | 18.5 17.0 1.5 0.9 0.6
November | 8.6 8.4 0.2 0.0 0.2
December | 27.3 26.3 1.0 -0.2 1.2
Quarterly |
07Q4 | 5.6 5.1 0.5 0.0 0.5
08Q1 | 8.1 9.0 -0.9 0.0 -0.9
08Q2 | 5.4 5.3 0.1 0.3 -0.2
08Q3 | 4.8 3.6 1.2 0.4 0.8
08Q4 | 14.9 13.9 1.0 0.3 0.7
Semi-Annual |
07Q4 - 08Q2 | 6.8 7.2 -0.4 0.1 -0.5
08Q2 - 08Q4 | 9.9 8.8 1.1 0.4 0.7
Annual (Q4 to Q4) |
2007 | 5.8 5.7 0.1 0.0 0.1
2008 | 8.5 8.2 0.3 0.3 0.0
------------------+-----------------------------------------------
Release dates |
Historical data |
About