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For Release at
4:30 P.M. Eastern time
January 30, 2003
H.6 (508)
MONEY STOCK REVISIONS
Measures of the money stock and components have been revised to incorporate the results of the
annual seasonal factor review. This release includes revised monthly and weekly seasonal factors, as
well as comparisons of the revised monetary aggregates with previously published data.
Seasonally adjusted measures of the monetary aggregates and components incorporate revised
seasonal factors, which were derived from data through December 2002. Monthly seasonal factors were
estimated using the X-12-ARIMA procedure. The revisions to seasonal factors raised M2 and M3
growth rates on average in the first half of 2002 while lowering them in the second half of the year.
Historical data, updated each week, are available through the Federal Reserve=s web site
(http://www.federalreserve.gov/releases/) with the H.6 statistical release. 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 These data are scheduled for release each Thursday at 4:30 p.m.
January 30, 2003
MONEY STOCK MEASURES
Billions of dollars
----------------------------------------------------------------------------------------
Date M11 M22 M33
----------------------------------------------------------------------------------------
Seasonally adjusted
----------------------------------------------------------------------------------------
2001-Jan. 1093.3 4981.2 7196.1
Feb. 1100.2 5026.4 7270.9
Mar. 1108.0 5079.3 7338.2
Apr. 1106.3 5125.0 7454.9
May 1117.0 5149.8 7534.0
June 1126.1 5194.3 7621.3
July 1138.3 5228.6 7658.7
Aug. 1149.7 5262.0 7667.6
Sep. 1201.8 5372.7 7824.5
Oct. 1164.5 5358.5 7858.9
Nov. 1165.9 5399.0 7932.8
Dec. 1173.4 5440.6 7993.5
2002-Jan. 1179.7 5464.4 8004.7
Feb. 1186.1 5502.7 8056.0
Mar. 1188.1 5503.5 8068.4
Apr. 1173.7 5491.5 8071.2
May 1184.4 5557.3 8135.1
June 1190.2 5589.1 8171.4
July 1197.4 5638.0 8221.0
Aug. 1186.3 5677.1 8291.0
Sep. 1192.5 5703.5 8333.5
Oct. 1203.9 5741.7 8338.1
Nov. 1203.4 5778.6 8454.5
Dec. 1211.6 5791.7 8502.1
----------------------------------------------------------------------------------------
Not seasonally adjusted
----------------------------------------------------------------------------------------
2001-Jan. 1099.5 4989.0 7228.3
Feb. 1087.5 5018.6 7301.2
Mar. 1107.3 5110.1 7395.4
Apr. 1122.6 5184.1 7512.1
May 1110.9 5121.5 7517.5
June 1123.0 5173.6 7597.2
July 1136.6 5203.3 7607.7
Aug. 1141.9 5240.4 7617.9
Sep. 1191.2 5355.0 7759.0
Oct. 1155.4 5339.3 7803.3
Nov. 1164.7 5402.9 7939.0
Dec. 1203.5 5483.5 8065.2
2002-Jan. 1185.9 5471.7 8046.5
Feb. 1172.1 5489.8 8088.3
Mar. 1189.8 5538.4 8133.8
Apr. 1189.1 5553.8 8129.8
May 1178.7 5525.7 8113.1
June 1187.8 5565.3 8145.0
July 1195.0 5609.3 8167.8
Aug. 1178.4 5654.9 8239.5
Sep. 1182.5 5681.3 8258.6
Oct. 1193.6 5720.9 8281.5
Nov. 1202.0 5793.1 8470.2
Dec. 1241.5 5841.0 8579.6
---------------------------------------------------------------------------------------
Footnotes appear on the following page
p -- indicates preliminary data
1
H.6 (508)
Table 2
MONEY STOCK MEASURES
Percent change at seasonally adjusted annual rates
---------------------------------------------------------------------------------------------------------
M1 M2 M3
---------------------------------------------------------------------------------------------------------
3 Months from Sep. 2002 TO Dec. 2002 6.4 6.2 8.1
6 Months from June 2002 TO Dec. 2002 3.6 7.2 8.1
12 Months from Dec. 2001 TO Dec. 2002 3.3 6.5 6.4
Thirteen weeks ending
January 20 , 2003
from thirteen weeks ending:
Oct. 21, 2002 (13 weeks previous) 4.8 6.3 7.4
July 22, 2002 (26 weeks previous) 3.1 7.4 7.5
Jan. 21, 2002 (52 weeks previous) 3.1 6.7 6.3
---------------------------------------------------------------------------------------------------------
Footnotes to Table 1:
1. Consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions;
(2) travelers checks of nonbank issuers; (3) demand deposits at all commercial banks other than those due to depository
institutions, the U.S. government, and foreign banks and official institutions, less cash items in the process of collection
and Federal Reserve float; and (4) other checkable deposits (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 calculated by summing currency, travelers checks, demand deposits, and
OCDs, each seasonally adjusted separately.
2. Consists of M1 plus savings deposits (including money market deposit accounts), small-denomination time deposits (time
deposits-including retail RPs-in amounts of less than $100,000), and balances in retail money market mutual funds. Excludes
individual retirement account(IRA) and Keogh balances at depository institutions and money market funds. Seasonally adjusted
M2 is computed by summing savings deposits, small denomination time deposits, and retail money fund balances, each seasonally
adjusted separately, and adding this result to seasonally adjusted M1.
3. Consists of M2 plus large-denomination time deposits (in amounts of $100,000 or more), balances in institutional money
funds, RP liabilities (overnight and term) issued by all depository institutions, and Eurodollars (overnight and term) held
by U.S. residents at foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom and Canada.
Excludes amounts held by depository institutions, the U.S. government, money funds, and foreign banks and official institutions.
Seasonally adjusted M3 is calculated by summing large time deposits, institutional money fund balances, RP liabilities, and
Eurodollars, each adjusted separately, and adding this result to seasonally adjusted M2.
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.
1
H.6 (508)
Table 3
MONEY STOCK MEASURES
Billions of Dollars
----------------------------------------------------------------------------------------------------------------------------------------------------
M1 M2 M3
----------------------------------------------------------------------------------------------------------------------------------------------------
Period Ending 13-week average 4-week average week average 13-week average 4-week average week average 13-week average 4-week average week average
----------------------------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted
----------------------------------------------------------------------------------------------------------------------------------------------------
2002-Oct. 28 1193.7 1203.8 1216.1 5704.7 5739.4 5757.3 8317.6 8334.1 8358.1
Nov. 4 1195.3 1207.1 1205.2 5712.3 5749.4 5760.6 8326.5 8348.3 8373.4
11 1197.1 1207.1 1199.8 5720.5 5759.3 5774.6 8337.8 8370.4 8415.6
18 1198.3 1205.4 1200.3 5728.8 5769.5 5785.5 8351.0 8404.7 8471.7
25 1199.2 1202.2 1203.4 5735.9 5775.6 5781.8 8365.0 8439.1 8495.6
Dec. 2 1200.4 1203.8 1211.5 5743.4 5781.9 5785.7 8379.0 8469.0 8493.1
9 1202.1 1204.9 1204.5 5750.7 5784.6 5785.2 8393.1 8489.8 8498.6
16 1203.7 1206.7 1207.2 5757.6 5785.2 5788.2 8406.2 8498.6 8507.1
23 1205.2 1209.9 1216.4 5764.3 5789.0 5796.9 8418.6 8500.4 8502.8
30 1206.2 1211.2 1216.8 5770.2 5791.6 5796.2 8430.8 8503.6 8505.7
2003-Jan. 6 1207.2 1211.5 1205.6 5775.7 5793.3 5792.0 8442.3 8495.6 8466.6
13p 1206.8 1208.4 1194.7 5780.5 5795.9 5798.3 8452.8 8484.6 8463.3
20p 1207.3 1207.6 1213.4 5786.7 5803.0 5825.3 8465.1 8482.7 8495.0
----------------------------------------------------------------------------------------------------------------------------------------------------
Not seasonally adjusted
----------------------------------------------------------------------------------------------------------------------------------------------------
2002-Oct. 28 1183.6 1188.0 1219.3 5683.6 5722.2 5704.2 8256.8 8279.2 8281.2
Nov. 4 1186.2 1199.3 1210.4 5691.9 5733.9 5769.9 8266.4 8301.0 8346.3
11 1187.9 1199.3 1173.7 5701.4 5746.5 5784.9 8279.8 8330.3 8415.2
18 1189.2 1198.4 1190.0 5712.8 5766.6 5807.5 8299.3 8385.8 8500.6
25 1190.6 1196.1 1210.3 5723.3 5782.2 5766.5 8320.2 8441.1 8502.3
Dec. 2 1193.2 1207.7 1256.6 5735.8 5795.7 5823.8 8342.5 8490.0 8541.8
9 1195.8 1213.4 1196.7 5745.4 5808.2 5834.8 8365.1 8530.6 8577.8
16 1199.5 1219.8 1215.4 5756.5 5820.4 5856.5 8389.9 8561.6 8624.6
23 1205.8 1231.5 1257.2 5771.0 5838.2 5837.7 8416.7 8579.8 8575.1
30 1211.7 1239.7 1289.6 5784.8 5840.2 5831.7 8442.9 8583.8 8557.8
2003-Jan. 6 1217.2 1249.8 1236.8 5796.3 5849.7 5872.7 8463.7 8571.7 8529.2
13p 1219.1 1245.5 1198.2 5805.2 5848.1 5850.2 8483.4 8554.0 8553.9
20p 1220.8 1235.2 1216.3 5813.5 5847.6 5835.7 8504.7 8549.2 8555.8
----------------------------------------------------------------------------------------------------------------------------------------------------
Note: Special caution should be taken in interpreting week-to-week changes in money supply data, which are highly volatile and subject to revision.
p -- indicates preliminary data.
1
H.6 (508)
Table 4
SEASONALLY ADJUSTED COMPONENTS OF M1
Billions of dollars
------------------------------------------------------------------------------------------------------------------------------------------
Other Checkable Deposits
------------------------------------------------------
Date Currency1 Travelers checks2 Demand Deposits3 At comm. banks4 At thrift inst.5 Total
------------------------------------------------------------------------------------------------------------------------------------------
2001-Aug. 561.8 8.7 318.8 139.0 121.5 260.5
Sep. 567.5 8.4 365.6 139.3 121.0 260.3
Oct. 571.8 8.1 331.0 140.4 113.2 253.6
Nov. 575.9 7.8 327.3 141.0 113.9 254.9
Dec. 581.4 7.8 325.6 141.8 116.9 258.8
2002-Jan. 587.0 7.9 324.9 142.4 117.5 259.9
Feb. 591.9 7.8 325.1 143.0 118.3 261.3
Mar. 595.7 7.8 323.3 143.4 118.0 261.4
Apr. 599.8 7.7 305.2 143.6 117.4 261.0
May 604.6 7.8 306.5 145.3 120.2 265.5
June 609.0 8.2 305.6 145.8 121.6 267.4
July 613.3 8.5 304.5 148.0 123.0 271.1
Aug. 615.9 8.3 289.6 149.5 123.0 272.5
Sep. 617.8 7.9 292.0 151.1 123.6 274.8
Oct. 620.5 7.7 299.3 151.6 124.8 276.4
Nov. 623.2 7.5 294.1 152.1 126.5 278.7
Dec. 626.9 7.5 296.5 153.8 126.9 280.7
Week Ending:
2002-Nov. 25 623.2 7.4 293.4 152.5 126.8 279.3
Dec. 2 625.9 7.4 298.2 153.1 126.9 280.0
9 626.5 7.5 289.9 154.1 126.5 280.6
16 626.5 7.5 292.5 154.0 126.7 280.7
23 626.9 7.6 301.2 154.0 126.7 280.7
30 627.8 7.6 300.4 153.5 127.4 280.9
2003-Jan. 6 628.6 7.7 290.3 152.0 127.1 279.1
13p 628.9 7.7 e 282.9 151.4 123.9 275.2
20p 630.8 7.7 e 298.1 150.8 126.1 276.9
------------------------------------------------------------------------------------------------------------------------------------------
1. Currency outside U.S. Treasury, Federal Reserve Banks and the vaults of depository institutions.
2. Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are
included in demand deposits.
3. Demand deposits at commercial banks and foreign-related institutions other than those due to depository institutions, the U.S. government
and foreign banks and official institutions, less cash items in the process of collection and Federal Reserve float.
4. Consists of NOW and ATS balances at commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations.
5. Consists of NOW and ATS balances at thrifts, credit union share draft balances, and demand deposits at thrifts.
e -- indicates estimated data. p -- indicates preliminary data.
1
H.6 (508)
Table 5
SEASONALLY ADJUSTED COMPONENTS OF NON-M1 M2
Billions of dollars
-------------------------------------------------------------------------------------------------------------------------------------------
Savings Deposits1 Small-denomination time deposit2
----------------------------------------- ---------------------------------------- Retail
Date At comm. At thrift Total At comm. At thrift Total money Total
banks insts. banks insts. funds Non-M1 M2
-------------------------------------------------------------------------------------------------------------------------------------------
2001-Aug. 1613.3 518.2 2131.4 667.9 347.0 1014.9 965.9 4112.3
Sep. 1655.3 527.4 2182.8 663.4 345.8 1009.2 979.0 4170.9
Oct. 1665.9 540.5 2206.4 657.8 342.6 1000.4 987.3 4194.0
Nov. 1704.9 552.4 2257.3 648.5 338.6 987.1 988.7 4233.1
Dec. 1734.5 569.0 2303.5 634.2 338.7 972.9 990.7 4267.1
2002-Jan. 1764.5 580.1 2344.6 627.3 333.4 960.7 979.3 4284.6
Feb. 1796.4 598.3 2394.7 620.5 329.2 949.7 972.2 4316.6
Mar. 1805.1 612.3 2417.4 614.6 326.0 940.5 957.3 4315.3
Apr. 1822.1 624.2 2446.3 609.9 322.8 932.7 938.8 4317.8
May 1862.0 632.4 2494.5 612.9 314.0 926.8 951.6 4372.9
June 1884.8 641.4 2526.2 610.3 310.7 921.0 951.6 4398.8
July 1909.9 653.1 2563.0 606.3 308.7 915.0 962.5 4440.6
Aug. 1955.5 664.9 2620.5 602.0 306.7 908.7 961.7 4490.8
Sep. 1982.7 676.8 2659.5 595.9 304.3 900.2 951.3 4511.0
Oct. 2006.4 689.7 2696.0 590.9 302.3 893.2 948.5 4537.7
Nov. 2041.2 698.1 2739.3 586.3 300.4 886.8 949.2 4575.2
Dec. 2047.4 710.8 2758.2 580.9 299.0 879.9 942.0 4580.1
Week ending:
2002-Nov. 25 2040.5 701.0 2741.5 584.9 300.5 885.4 951.6 4578.5
Dec. 2 2037.0 706.9 2744.0 584.1 300.2 884.3 946.0 4574.2
9 2046.6 706.2 2752.8 582.7 299.6 882.4 945.5 4580.7
16 2047.1 710.1 2757.3 581.5 299.1 880.6 943.1 4581.0
23 2051.0 710.0 2761.1 580.0 298.6 878.7 940.8 4580.5
30 2045.6 718.5 2764.1 579.0 298.3 877.3 938.1 4579.5
2003-Jan. 6 2063.1 710.7 2773.8 578.0 297.8 875.8 936.7 4586.4
13p 2081.1 720.8 2802.0 577.1 297.4 874.5 927.0 4603.6
20p 2087.0 724.9 2811.9 576.0 297.3 873.3 926.7 4611.9
-------------------------------------------------------------------------------------------------------------------------------------------
1. Savings deposits include money market deposit accounts.
2. Small denomination time deposits--including retail RPs--are those issued in amounts of less than $100,000. All IRA and Keogh account balances
at commercial banks and thrifts are subtracted from small time deposits.
p -- indicates preliminary data.
1
H.6 (508)
Table 6
SEASONALLY ADJUSTED COMPONENTS OF NON-M2 M3
Billions of dollars
-----------------------------------------------------------------------------------------------------------------------------------------
Large-denomination time deposits1
Institutional --------------------------------------------
Date money At commercial At thrift Total
funds banks2 institutions Total RPs3 Eurodollars4 Non-M2 M3
------------------------------------------------------------------------------------------------------------------------------------------
2001-Aug. 1030.0 681.0 114.8 795.8 372.0 207.8 2405.6
Sep. 1085.3 680.1 115.5 795.6 363.3 207.7 2451.8
Oct. 1149.4 671.6 115.5 787.1 360.2 203.7 2500.4
Nov. 1169.4 666.5 114.2 780.7 376.7 207.0 2533.8
Dec. 1189.7 670.8 114.9 785.7 375.0 202.5 2552.9
2002-Jan. 1174.5 675.1 115.4 790.5 373.0 202.3 2540.3
Feb. 1179.6 677.9 115.4 793.3 372.9 207.6 2553.3
Mar. 1184.6 681.8 115.1 796.9 374.6 208.8 2564.9
Apr. 1188.5 692.6 115.5 808.1 375.3 207.7 2579.7
May 1188.1 702.3 112.4 814.7 371.4 203.6 2577.8
June 1196.6 702.9 111.0 813.9 371.8 200.1 2582.4
July 1192.1 706.4 111.1 817.5 373.1 200.3 2583.1
Aug. 1191.2 706.4 112.5 818.8 399.9 203.9 2613.9
Sep. 1183.0 704.4 112.7 817.1 422.5 207.5 2630.1
Oct. 1142.2 710.7 113.5 824.2 420.9 209.2 2596.5
Nov. 1207.5 701.1 115.0 816.0 440.5 211.8 2675.8
Dec. 1232.9 678.7 116.4 795.1 469.0 213.4 2710.4
Week ending:
2002-Nov. 25 1243.9 696.5 115.3 811.7 444.9 213.3 2713.8
Dec. 2 1234.8 691.8 116.4 808.1 450.6 213.9 2707.4
9 1243.3 683.1 116.3 799.5 456.7 213.9 2713.4
16 1241.1 676.7 115.8 792.5 471.8 213.5 2718.8
23 1226.4 676.9 116.0 792.9 473.3 213.2 2705.9
30 1222.4 676.0 116.8 792.8 481.3 213.0 2709.5
2003-Jan. 6 1217.9 670.5 117.5 787.9 456.6 212.1 2674.6
13p 1195.3 681.6 117.0 798.6 454.7 216.5 2665.1
20p 1179.5 695.5 117.6 813.1 460.9 216.2 2669.7
------------------------------------------------------------------------------------------------------------------------------------------
1. Large-denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities.
2. Large-denomination time deposits at commercial banks less those held by money market mutual funds, depository institutions, U.S. government,
and foreign banks and official institutions.
3. Overnight and term RPs of $100,000 or more issued by depository institutions, excluding those held by depository institutions and by money funds.
4. Overnight and term Eurodollars issued to U.S. addressees by foreign branches of U.S. banks worldwide and by all banking offices in the United
Kingdom and Canada, excluding those held by depository institutions and by money funds.
p -- indicates preliminary data e -- indicates estimated data
1
H.6 (508)
Table 7
NOT SEASONALLY ADJUSTED COMPONENTS OF M1
Billions of dollars
------------------------------------------------------------------------------------------------------------------------------------------
Other Checkable Deposits
------------------------------------------------------
Date Currency1 Travelers checks2 Demand Deposits3 At comm. banks4 At thrift inst.5 Total
------------------------------------------------------------------------------------------------------------------------------------------
2001-Aug. 561.8 8.4 316.1 135.5 120.0 255.5
Sep. 566.2 8.3 361.5 135.5 119.7 255.3
Oct. 569.7 8.1 327.4 138.8 111.4 250.2
Nov. 575.4 7.9 329.3 138.7 113.4 252.1
Dec. 584.9 7.9 347.6 145.6 117.5 263.2
2002-Jan. 584.7 8.0 329.1 148.4 115.7 264.1
Feb. 591.0 8.0 316.2 141.8 115.2 257.0
Mar. 596.1 7.9 321.9 144.1 119.9 263.9
Apr. 599.6 7.9 309.2 149.3 123.1 272.4
May 605.1 7.9 299.8 144.9 121.0 265.9
June 610.4 8.0 301.8 144.2 123.4 267.6
July 615.3 8.2 303.3 145.9 122.3 268.2
Aug. 616.3 8.1 287.0 145.8 121.2 267.0
Sep. 616.1 7.8 289.3 147.4 121.9 269.3
Oct. 617.9 7.7 294.9 150.2 122.8 273.0
Nov. 622.8 7.6 296.2 149.4 126.1 275.4
Dec. 630.2 7.7 316.9 158.3 128.4 286.7
Week Ending:
2002-Nov. 25 622.3 7.6 302.6 153.5 124.2 277.7
Dec. 2 626.2 7.6 333.3 157.6 131.9 289.5
9 627.0 7.6 283.5 149.5 129.1 278.6
16 627.6 7.7 303.0 151.3 125.9 277.2
23 633.1 7.7 326.5 162.6 127.3 289.9
30 634.1 7.7 348.0 170.3 129.4 299.7
2003-Jan. 6 631.1 7.7 307.3 159.2 131.5 290.6
13p 627.4 7.8 e 285.7 152.8 124.4 277.3
20p 628.1 7.8 e 299.8 158.5 122.0 280.6
------------------------------------------------------------------------------------------------------------------------------------------
1. Currency outside U.S. Treasury, Federal Reserve Banks and the vaults of depository institutions.
2. Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are
included in demand deposits.
3. Demand deposits at commercial banks and foreign-related institutions other than those due to depository institutions, the U.S. government
and foreign banks and official institutions, less cash items in the process of collection and Federal Reserve float.
4. Consists of NOW and ATS balances at commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations.
5. Consists of NOW and ATS balances at thrifts, credit union share draft balances, and demand deposits at thrifts.
e -- indicates estimated data. p -- indicates preliminary data.
1
H.6 (508)
Table 8
NOT SEASONALLY ADJUSTED COMPONENTS OF NON-M1 M2
Billions of dollars
-------------------------------------------------------------------------------------------------------------------------------------------
Savings Deposits1 Small-denomination time deposit2
----------------------------------------- ---------------------------------------- Retail
Date At comm. At thrift Total At comm. At thrift Total money Total
banks insts. banks insts. funds Non-M1 M2
-------------------------------------------------------------------------------------------------------------------------------------------
2001-Aug. 1607.8 516.4 2124.1 667.9 347.0 1014.9 959.5 4098.6
Sep. 1655.8 527.6 2183.3 664.0 346.1 1010.1 970.4 4163.8
Oct. 1662.0 539.2 2201.2 659.0 343.3 1002.2 980.4 4183.9
Nov. 1710.8 554.3 2265.1 650.3 339.5 989.9 983.2 4238.2
Dec. 1742.3 571.5 2313.8 635.2 339.2 974.4 991.8 4280.0
2002-Jan. 1758.1 578.0 2336.2 627.8 333.7 961.5 988.1 4285.8
Feb. 1787.6 595.3 2382.9 620.7 329.3 950.0 984.8 4317.7
Mar. 1816.1 616.1 2432.2 613.8 325.5 939.3 977.1 4348.6
Apr. 1842.5 631.2 2473.7 608.7 322.2 930.9 960.1 4364.7
May 1852.9 629.3 2482.3 611.9 313.5 925.4 939.4 4347.0
June 1880.7 640.0 2520.7 609.1 310.1 919.3 937.5 4377.4
July 1899.2 649.4 2548.6 605.8 308.4 914.2 951.5 4414.3
Aug. 1948.6 662.6 2611.1 602.3 306.8 909.0 956.3 4476.5
Sep. 1979.4 675.6 2655.0 596.6 304.6 901.2 942.6 4498.8
Oct. 2002.0 688.2 2690.1 591.9 302.8 894.6 942.5 4527.2
Nov. 2054.4 702.6 2757.0 587.7 301.1 888.9 945.2 4591.0
Dec. 2059.9 715.2 2775.1 581.6 299.3 880.9 943.5 4599.5
Week ending:
2002-Nov. 25 2022.8 694.9 2717.6 586.2 301.1 887.3 951.3 4556.2
Dec. 2 2031.3 704.9 2736.2 585.3 300.8 886.1 945.0 4567.3
9 2085.9 719.8 2805.8 583.8 300.2 883.9 948.3 4638.0
16 2087.7 724.2 2811.9 582.2 299.5 881.7 947.4 4641.1
23 2048.8 709.3 2758.1 580.4 298.8 879.2 943.2 4580.5
30 2018.7 709.1 2727.8 579.3 298.4 877.7 936.7 4542.1
2003-Jan. 6 2103.6 724.6 2828.3 578.9 298.3 877.2 930.5 4636.0
13p 2108.8 730.4 2839.2 577.6 297.7 875.4 937.5 4652.1
20p 2082.6 723.3 2806.0 576.1 297.4 873.4 940.0 4619.4
-------------------------------------------------------------------------------------------------------------------------------------------
1. Savings deposits include money market deposit accounts.
2. Small denomination time deposits--including retail RPs--are those issued in amounts of less than $100,000. All IRA and Keogh account balances
at commercial banks and thrifts are subtracted from small time deposits.
p -- indicates preliminary data.
1
H.6 (508)
Table 9
NOT SEASONALLY ADJUSTED COMPONENTS OF NON-M2 M3
Billions of dollars
----------------------------------------------------------------------------------------------------------------------------------------------------------
Large-denomination time deposits1 RPs3
Institutional ----------------------------------------- ------------------------------------------
Date money At commercial At thrift At commercial At thrift Total
funds banks2 institutions Total banks2 institutions Total Eurodollars4 Non-M2 M3
----------------------------------------------------------------------------------------------------------------------------------------------------------
2001-Aug. 1012.3 677.4 114.2 791.6 313.5 56.1 369.6 204.0 2377.5
Sep. 1050.2 679.3 115.3 794.6 305.2 49.6 354.8 204.3 2404.0
Oct. 1126.2 671.9 115.6 787.5 301.7 48.7 350.4 200.0 2464.0
Nov. 1174.2 668.3 114.5 782.8 320.0 53.4 373.4 205.7 2536.1
Dec. 1217.7 669.7 114.7 784.4 315.5 61.1 376.5 203.0 2581.7
2002-Jan. 1210.7 670.7 114.7 785.4 300.3 75.3 375.6 203.1 2574.9
Feb. 1215.4 675.3 115.0 790.3 301.2 80.4 381.5 211.3 2598.5
Mar. 1208.0 680.6 114.9 795.5 301.9 76.9 378.9 213.0 2595.3
Apr. 1185.4 692.1 115.4 807.5 306.1 65.6 371.7 211.4 2576.0
May 1183.1 708.3 113.3 821.7 314.4 62.2 376.6 206.1 2587.4
June 1182.7 707.7 111.8 819.5 317.9 60.5 378.4 199.2 2579.7
July 1169.8 706.3 111.1 817.5 316.2 57.8 374.0 197.3 2558.6
Aug. 1170.7 704.1 112.1 816.2 339.5 57.8 397.4 200.4 2584.6
Sep. 1144.1 704.7 112.7 817.4 358.2 53.0 411.2 204.7 2577.3
Oct. 1119.2 712.9 113.9 826.8 358.5 50.4 408.8 205.8 2560.7
Nov. 1211.4 703.3 115.3 818.6 383.8 52.0 435.8 211.3 2677.1
Dec. 1260.7 677.1 116.1 793.2 419.8 51.0 470.8 214.0 2738.6
Week ending:
2002-Nov. 25 1268.5 699.2 115.7 814.9 384.9 53.7 438.5 213.8 2735.8
Dec. 2 1252.0 689.6 116.0 805.7 391.1 54.6 445.7 214.6 2717.9
9 1274.6 681.3 116.0 797.3 405.2 53.3 458.5 212.6 2743.0
16 1285.9 678.5 116.1 794.6 421.0 53.7 474.8 212.8 2768.1
23 1255.7 677.0 116.1 793.1 426.0 49.8 475.8 212.8 2737.4
30 1236.7 672.0 116.1 788.2 437.2 46.8 483.9 217.2 2726.1
2003-Jan. 6 1206.6 664.9 116.5 781.4 406.7 46.6 453.3 215.2 2656.5
13p 1234.8 678.5 116.4 795.0 411.8 45.8 457.6 216.4 2703.7
20p 1233.1 689.6 116.5 806.1 416.9 47.5 464.4 216.4 2720.1
----------------------------------------------------------------------------------------------------------------------------------------------------------
1. Large-denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities.
2. Large-denomination time deposits at commercial banks less those held by money market mutual funds, depository institutions, U.S. government,
and foreign banks and official institutions.
3. Overnight and term RPs of $100,000 or more issued by depository institutions, excluding those held by depository institutions and by money funds.
4. Overnight and term Eurodollars issued to U.S. addressees by foreign branches of U.S. banks worldwide and by all banking offices in the United
Kingdom and Canada, excluding those held by depository institutions and by money funds.
p -- indicates preliminary data e -- indicates estimated data
1
H.6 (508)
Table 10
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 Time and
Date --------------------------- deposits due to Demand Balance Note savings
Foreign Foreign foreign banks deposits at at balances at Total deposits at
commercial official and official commercial Federal depository cash commercial At commercial At thrift At money
banks institutions institutions banks Reserve institutions1 balance banks banks institutions market funds Total
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2001-Aug. 8.0 1.1 21.9 1.1 5.0 26.7 32.8 10.8 160.9 95.5 162.4 418.9
Sep. 8.1 1.3 20.2 2.1 6.6 19.6 28.4 11.4 160.5 95.7 166.3 422.5
Oct. 8.2 1.6 19.2 2.6 5.2 27.8 35.6 11.5 160.3 95.5 167.4 423.2
Nov. 8.4 1.4 18.8 2.8 5.1 22.5 30.4 11.1 160.3 95.1 166.5 421.8
Dec. 8.5 1.5 18.4 4.1 5.3 27.2 36.5 10.7 160.2 94.7 165.6 420.5
2002-Jan. 8.6 1.3 18.2 3.5 7.0 39.2 49.7 11.5 160.0 95.3 164.9 420.2
Feb. 8.7 1.3 18.1 2.6 4.9 33.0 40.5 13.0 159.8 96.3 164.3 420.5
Mar. 8.8 1.1 18.1 2.7 5.6 16.9 25.1 14.6 159.7 97.3 163.8 420.7
Apr. 8.6 1.0 18.0 4.6 6.1 5.8 16.5 14.2 160.5 97.5 162.6 e 420.6 e
May 8.2 1.0 17.9 3.0 5.1 7.5 15.5 12.4 162.1 97.0 160.9 e 420.0 e
June 7.8 1.0 17.8 4.2 6.1 16.3 26.6 10.6 163.7 96.5 159.3 e 419.5 e
July 7.4 1.0 16.9 5.3 5.3 11.8 22.4 11.6 164.9 96.6 158.6 e 420.1 e
Aug. 7.0 1.0 15.5 4.6 5.1 18.3 27.9 14.5 165.8 97.0 158.6 e 421.5 e
Sep. 6.6 1.1 14.1 5.1 5.8 27.7 38.6 17.3 166.7 97.5 158.6 e 422.8 e
Oct. 6.4 e 1.1 e 13.5 e 3.1 4.9 18.6 26.5 18.4 e 167.3 e 97.7 e 158.6 e 423.6 e
Nov. 6.4 e 1.1 e 13.5 e 3.2 5.0 16.1 24.3 18.4 e 167.8 e 97.7 e 158.6 e 424.1 e
Dec. 6.4 e 1.1 e 13.5 e 3.8 4.9 15.3 24.0 18.4 e 168.2 e 97.7 e 158.6 e 424.5 e
2002-Nov. 25 2.8 5.0 24.3 32.1
Dec. 2 3.0 4.9 24.1 32.0
9 3.5 3.8 0.5 7.8
16 4.1 5.5 9.0 18.6
23 3.7 5.3 25.4 34.4
30 3.7 5.1 21.9 30.7
2003-Jan. 6 3.8 4.6 16.4 24.8
13p 3.3 5.3 3.2 11.8
20p 4.5 5.8 4.5 14.8
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
1. Source: Daily Treasury statement.
e -- indicates estimated data p -- indicates preliminary data
Appendix Table 1
Monthly Seasonal Factors Used to Construct M1
-----------------------------------------------------+-------------------------------------
Nonbank Demand | Other checkable deposits [1]
Currency travelers checks deposits | total at banks
-----------------------------------------------------+-------------------------------------
2002
January 0.9961 1.0103 1.0129 1.0160 1.0423
February 0.9985 1.0133 0.9725 0.9837 0.9915
March 1.0006 1.0158 0.9956 1.0099 1.0048
April 0.9997 1.0190 1.0130 1.0439 1.0400
May 1.0009 1.0112 0.9782 1.0014 0.9969
June 1.0022 0.9802 0.9876 1.0008 0.9887
July 1.0034 0.9571 0.9961 0.9892 0.9852
August 1.0007 0.9684 0.9910 0.9799 0.9756
September 0.9971 0.9890 0.9908 0.9802 0.9755
October 0.9959 1.0042 0.9854 0.9877 0.9909
November 0.9993 1.0214 1.0071 0.9885 0.9822
December 1.0052 1.0173 1.0689 1.0216 1.0292
2003
January 0.9966 1.0095 1.0161 1.0156 1.0433
February 0.9985 1.0127 0.9722 0.9830 0.9909
March 0.9995 1.0155 0.9962 1.0099 1.0038
April 1.0002 1.0186 1.0123 1.0428 1.0374
May 1.0011 1.0103 0.9764 1.0003 0.9956
June 1.0019 0.9792 0.9885 0.9995 0.9869
July 1.0038 0.9573 0.9920 0.9897 0.9864
August 1.0019 0.9701 0.9970 0.9799 0.9761
September 0.9968 0.9889 0.9866 0.9805 0.9771
October 0.9963 1.0024 0.9865 0.9867 0.9913
November 0.9985 1.0213 1.0096 0.9903 0.9817
December 1.0049 1.0164 1.0671 1.0233 1.0308
2004
January 0.9966 1.0097 1.0160 1.0167 1.0439
February 0.9987 1.0130 0.9756 0.9832 0.9911
March 0.9990 1.0151 0.9926 1.0099 1.0030
-------------------------------------------------------------------------------------------
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 and M3
---------------------------------------------------------------------+-------------------------------+----------------------
Savings and Small denom. Large denom. | Money market mutual funds |
MMDA deposits [1] time deposits [1] time deposits [1] | in M2 in M3 only | RPs Eurodollars
---------------------------------------------------------------------+-------------------------------+----------------------
2002
January 0.9964 1.0008 0.9935 1.0090 1.0309 1.0071 1.0040
February 0.9951 1.0003 0.9963 1.0130 1.0303 1.0232 1.0181
March 1.0061 0.9987 0.9982 1.0206 1.0197 1.0115 1.0201
April 1.0112 0.9981 0.9992 1.0226 0.9974 0.9903 1.0178
May 0.9951 0.9984 1.0086 0.9871 0.9957 1.0140 1.0123
June 0.9978 0.9981 1.0069 0.9852 0.9884 1.0176 0.9953
July 0.9944 0.9991 0.9999 0.9886 0.9813 1.0024 0.9849
August 0.9964 1.0004 0.9968 0.9944 0.9828 0.9936 0.9827
September 0.9983 1.0011 1.0004 0.9909 0.9671 0.9731 0.9865
October 0.9978 1.0016 1.0031 0.9936 0.9799 0.9712 0.9842
November 1.0065 1.0024 1.0031 0.9958 1.0033 0.9894 0.9975
December 1.0061 1.0011 0.9976 1.0016 1.0225 1.0038 1.0027
2003
January 0.9978 1.0003 0.9917 1.0086 1.0311 1.0077 1.0039
February 0.9948 0.9998 0.9945 1.0123 1.0318 1.0235 1.0157
March 1.0053 0.9986 0.9969 1.0189 1.0186 1.0123 1.0174
April 1.0115 0.9983 0.9979 1.0211 0.9975 0.9923 1.0148
May 0.9950 0.9988 1.0084 0.9863 0.9947 1.0144 1.0079
June 0.9954 0.9988 1.0066 0.9849 0.9888 1.0178 0.9933
July 0.9930 0.9996 0.9998 0.9902 0.9812 1.0030 0.9862
August 0.9963 1.0007 0.9985 0.9959 0.9824 0.9930 0.9852
September 0.9980 1.0010 1.0014 0.9913 0.9681 0.9711 0.9899
October 0.9987 1.0013 1.0062 0.9942 0.9810 0.9710 0.9893
November 1.0073 1.0018 1.0045 0.9969 1.0032 0.9887 1.0007
December 1.0079 1.0008 0.9972 1.0016 1.0216 1.0031 1.0035
2004
January 0.9993 0.9999 0.9903 1.0078 1.0316 1.0083 1.0035
February 0.9946 0.9995 0.9931 1.0117 1.0325 1.0240 1.0125
March 1.0040 0.9988 0.9961 1.0177 1.0184 1.0131 1.0138
----------------------------------------------------------------------------------------------------------------------------
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]
Currency travelers checks deposits | total at banks
------------------------------------------------------+------------------------------------
2002 Dec 02 1.0005 1.0266 1.1175 1.0340 1.0298
09 1.0007 1.0227 0.9782 0.9929 0.9704
16 1.0017 1.0189 1.0358 0.9877 0.9825
23 1.0098 1.0150 1.0839 1.0328 1.0560
30 1.0101 1.0113 1.1586 1.0670 1.1094
2003 Jan 06 1.0039 1.0075 1.0589 1.0414 1.0473
13 0.9977 1.0085 1.0102 1.0073 1.0094
20 0.9958 1.0096 1.0057 1.0134 1.0512
27 0.9929 1.0106 0.9984 1.0094 1.0680
2003 Feb 03 0.9942 1.0117 1.0165 1.0107 1.0402
10 0.9992 1.0122 0.9393 0.9705 0.9736
17 1.0005 1.0127 0.9738 0.9662 0.9746
24 0.9976 1.0132 0.9762 0.9856 0.9994
2003 Mar 03 0.9985 1.0136 0.9871 1.0087 0.9983
10 1.0011 1.0145 0.9408 0.9910 0.9654
17 0.9992 1.0153 0.9869 0.9929 0.9795
24 0.9978 1.0161 0.9981 1.0159 1.0268
31 0.9987 1.0169 1.0641 1.0405 1.0493
2003 Apr 07 1.0036 1.0175 0.9650 1.0364 1.0029
14 1.0024 1.0182 0.9991 1.0258 1.0119
21 0.9993 1.0188 1.0401 1.0597 1.0624
28 0.9975 1.0195 1.0424 1.0536 1.0794
2003 May 05 1.0013 1.0201 0.9776 1.0144 0.9927
12 1.0019 1.0152 0.9314 0.9807 0.9694
19 0.9996 1.0103 0.9722 0.9895 0.9904
26 1.0014 1.0055 0.9867 1.0012 1.0134
2003 Jun 02 0.9998 1.0007 1.0460 1.0310 1.0213
09 1.0029 0.9913 0.9381 0.9889 0.9503
16 1.0017 0.9822 0.9748 0.9823 0.9557
23 1.0010 0.9732 0.9816 0.9982 1.0017
30 1.0016 0.9644 1.0443 1.0211 1.0335
2003 Jul 07 1.0083 0.9618 0.9669 0.9920 0.9654
14 1.0044 0.9592 0.9632 0.9696 0.9619
21 1.0033 0.9566 0.9990 0.9867 0.9909
28 1.0015 0.9541 1.0351 1.0034 1.0254
2003 Aug 04 1.0043 0.9515 0.9698 0.9982 0.9765
11 1.0047 0.9601 0.9298 0.9539 0.9358
18 1.0014 0.9690 0.9869 0.9627 0.9579
25 0.9976 0.9779 1.0257 0.9833 1.0005
2003 Sep 01 1.0005 0.9871 1.0846 1.0176 1.0208
08 1.0009 0.9878 0.9445 0.9788 0.9616
15 0.9977 0.9886 0.9554 0.9638 0.9478
22 0.9950 0.9893 0.9767 0.9723 0.9751
29 0.9935 0.9900 1.0595 1.0001 1.0179
2003 Oct 06 0.9978 0.9908 0.9331 0.9799 0.9693
13 0.9987 0.9969 0.9609 0.9576 0.9577
20 0.9964 1.0032 0.9927 0.9837 0.9912
27 0.9941 1.0095 1.0366 1.0049 1.0289
2003 Nov 03 0.9948 1.0159 1.0239 1.0244 1.0160
10 0.9993 1.0183 0.9257 0.9629 0.9417
17 0.9974 1.0208 0.9795 0.9602 0.9523
24 0.9971 1.0232 1.0216 0.9943 1.0020
2003 Dec 01 1.0007 1.0257 1.1196 1.0355 1.0241
08 1.0012 1.0221 0.9773 0.9963 0.9703
15 1.0027 1.0185 1.0159 0.9789 0.9771
22 1.0084 1.0149 1.0921 1.0304 1.0523
29 1.0096 1.0113 1.1688 1.0733 1.1078
2004 Jan 05 1.0046 1.0077 1.0701 1.0539 1.0722
12 0.9979 1.0087 1.0015 1.0086 1.0112
19 0.9954 1.0097 0.9995 1.0090 1.0401
26 0.9922 1.0107 1.0042 1.0078 1.0612
2004 Feb 02 0.9928 1.0117 1.0332 1.0178 1.0466
09 0.9991 1.0123 0.9524 0.9799 0.9876
16 1.0003 1.0128 0.9692 0.9620 0.9757
23 0.9985 1.0134 0.9684 0.9796 0.9863
2004 Mar 01 0.9979 1.0140 0.9974 1.0056 1.0020
08 1.0018 1.0144 0.9488 0.9960 0.9755
15 0.9998 1.0148 0.9781 0.9870 0.9682
22 0.9985 1.0153 0.9894 1.0076 1.0078
29 0.9974 1.0157 1.0465 1.0377 1.0487
2004 Apr 05 1.0010 1.0162 0.9827 1.0378 1.0294
-------------------------------------------------------------------------------------------
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 and M3
-----------------------------------------------------------------------+-------------------------------+----------------------
Savings and Small denom. Large denom. | Money market mutual funds |
MMDA deposits [1] time deposits [1] time deposits [1] | in M2 in M3 only | RPs Eurodollars
-----------------------------------------------------------------------+-------------------------------+----------------------
2002 Dec 02 0.9972 1.0021 0.9969 0.9990 1.0139 0.9890 1.0035
09 1.0192 1.0018 0.9973 1.0030 1.0252 1.0040 0.9937
16 1.0198 1.0013 1.0027 1.0046 1.0361 1.0064 0.9970
23 0.9989 1.0006 1.0002 1.0026 1.0238 1.0052 0.9983
30 0.9869 1.0005 0.9942 0.9984 1.0117 1.0054 1.0200
2003 Jan 06 1.0196 1.0016 0.9917 0.9933 0.9907 0.9926 1.0148
13 1.0133 1.0009 0.9955 1.0113 1.0331 1.0062 0.9995
20 0.9979 1.0001 0.9915 1.0144 1.0455 1.0076 1.0010
27 0.9754 0.9991 0.9885 1.0130 1.0491 1.0145 1.0032
2003 Feb 03 0.9814 0.9995 0.9915 1.0097 1.0319 1.0213 1.0014
10 1.0029 0.9999 0.9961 1.0123 1.0350 1.0290 1.0083
17 0.9994 1.0000 0.9958 1.0122 1.0333 1.0263 1.0187
24 0.9880 0.9997 0.9923 1.0134 1.0337 1.0178 1.0241
2003 Mar 03 0.9950 0.9994 0.9951 1.0122 1.0204 1.0210 1.0194
10 1.0149 0.9989 0.9982 1.0184 1.0261 1.0232 1.0082
17 1.0113 0.9987 0.9935 1.0186 1.0211 1.0170 1.0109
24 0.9956 0.9984 0.9946 1.0208 1.0193 1.0138 1.0229
31 0.9968 0.9983 1.0021 1.0205 1.0070 0.9914 1.0268
2003 Apr 07 1.0313 0.9991 1.0038 1.0261 0.9966 0.9869 1.0163
14 1.0296 0.9985 0.9998 1.0326 1.0075 0.9922 1.0087
21 1.0140 0.9979 0.9935 1.0249 0.9939 0.9874 1.0110
28 0.9846 0.9976 0.9942 1.0097 0.9950 0.9985 1.0245
2003 May 05 1.0035 0.9983 0.9981 0.9900 0.9865 1.0077 1.0111
12 1.0060 0.9988 1.0045 0.9879 0.9965 1.0150 0.9992
19 0.9953 0.9988 1.0113 0.9853 0.9974 1.0079 1.0053
26 0.9802 0.9990 1.0126 0.9854 1.0003 1.0175 1.0136
2003 Jun 02 0.9842 0.9990 1.0144 0.9833 0.9889 1.0252 1.0123
09 1.0099 0.9991 1.0067 0.9859 0.9969 1.0264 0.9979
16 1.0075 0.9988 1.0055 0.9872 0.9949 1.0212 0.9882
23 0.9848 0.9985 1.0108 0.9857 0.9868 1.0120 0.9848
30 0.9776 0.9989 1.0011 0.9814 0.9767 1.0097 0.9966
2003 Jul 07 1.0105 0.9998 0.9981 0.9830 0.9718 1.0008 0.9915
14 1.0044 0.9995 0.9995 0.9912 0.9855 1.0001 0.9807
21 0.9908 0.9995 0.9998 0.9923 0.9848 1.0027 0.9861
28 0.9766 0.9996 1.0014 0.9935 0.9859 1.0065 0.9879
2003 Aug 04 1.0024 1.0001 1.0011 0.9919 0.9734 1.0071 0.9834
11 1.0066 1.0005 1.0005 0.9962 0.9830 1.0100 0.9763
18 0.9984 1.0007 0.9974 0.9968 0.9827 0.9896 0.9774
25 0.9834 1.0008 0.9957 0.9982 0.9891 0.9815 0.9870
2003 Sep 01 0.9819 1.0011 0.9990 0.9945 0.9794 0.9814 1.0041
08 1.0137 1.0014 1.0020 0.9926 0.9686 0.9790 0.9821
15 1.0129 1.0011 1.0018 0.9946 0.9743 0.9739 0.9892
22 0.9914 1.0007 0.9986 0.9913 0.9675 0.9721 0.9893
29 0.9752 1.0008 1.0026 0.9868 0.9612 0.9604 0.9982
2003 Oct 06 1.0103 1.0020 1.0081 0.9862 0.9629 0.9545 0.9829
13 1.0070 1.0018 1.0107 0.9943 0.9824 0.9661 0.9867
20 1.0006 1.0013 1.0040 0.9984 0.9847 0.9717 0.9830
27 0.9834 1.0005 1.0029 0.9973 0.9909 0.9801 0.9980
2003 Nov 03 0.9952 1.0010 1.0048 0.9933 0.9814 0.9868 0.9989
10 1.0164 1.0017 1.0078 0.9952 0.9953 0.9963 0.9942
17 1.0163 1.0019 1.0070 0.9955 1.0045 0.9854 0.9992
24 0.9987 1.0020 1.0046 1.0002 1.0119 0.9845 1.0048
2003 Dec 01 0.9988 1.0019 0.9975 0.9985 1.0117 0.9894 1.0060
08 1.0194 1.0015 0.9967 1.0035 1.0209 1.0032 0.9977
15 1.0171 1.0009 1.0007 1.0052 1.0327 1.0063 0.9998
22 1.0064 1.0002 0.9995 1.0024 1.0214 1.0050 1.0006
29 0.9938 1.0002 0.9938 0.9981 1.0183 1.0038 1.0131
2004 Jan 05 1.0203 1.0006 0.9902 0.9931 1.0018 0.9903 1.0116
12 1.0132 1.0005 0.9944 1.0068 1.0296 1.0051 1.0001
19 0.9996 1.0001 0.9915 1.0135 1.0411 1.0086 1.0007
26 0.9784 0.9994 0.9861 1.0130 1.0459 1.0150 1.0045
2004 Feb 02 0.9804 0.9991 0.9886 1.0089 1.0311 1.0212 1.0030
09 1.0009 0.9995 0.9928 1.0112 1.0324 1.0297 0.9997
16 0.9968 0.9997 0.9947 1.0113 1.0329 1.0283 1.0148
23 0.9895 0.9995 0.9926 1.0129 1.0359 1.0176 1.0175
2004 Mar 01 0.9940 0.9993 0.9939 1.0123 1.0286 1.0206 1.0222
08 1.0131 0.9990 0.9979 1.0160 1.0244 1.0221 0.9981
15 1.0125 0.9988 0.9942 1.0175 1.0243 1.0187 1.0097
22 1.0022 0.9986 0.9923 1.0192 1.0187 1.0148 1.0153
29 0.9921 0.9984 0.9984 1.0176 1.0107 1.0032 1.0304
2004 Apr 05 1.0210 0.9991 1.0023 1.0221 0.9966 0.9882 1.0150
------------------------------------------------------------------------------------------------------------------------------
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)
------------+--------------------------+--------------------------+------------------------
| Revised M1 Old M1 | Revised M2 Old M2 | Revised M3 Old M3
------------+--------------------------+--------------------------+------------------------
2001
October 1164.5 1161.0 5358.5 5367.9 7858.9 7866.9
November 1165.9 1163.8 5399.0 5414.4 7932.8 7956.5
December 1173.4 1179.3 5440.6 5458.6 7993.5 8027.0
2002
January 1179.7 1182.9 5464.4 5468.2 8004.7 8018.8
February 1186.1 1184.8 5502.7 5498.8 8056.0 8057.0
March 1188.1 1187.8 5503.5 5493.0 8068.4 8051.8
April 1173.7 1176.7 5491.5 5476.5 8071.2 8038.7
May 1184.4 1183.4 5557.3 5542.4 8135.1 8118.5
June 1190.2 1190.2 5589.1 5576.3 8171.4 8159.2
July 1197.4 1197.4 5638.0 5635.5 8221.0 8217.3
August 1186.3 1183.2 5677.1 5680.3 8291.0 8291.3
September 1192.5 1191.2 5703.5 5705.5 8333.5 8326.7
October 1203.9 1199.8 5741.7 5754.6 8338.1 8348.7
November 1203.4 1201.0 5778.6 5802.4 8454.5 8485.9
December 1211.6 1219.1 5791.7 5815.6 8502.1 8541.2
-------------------------------------------------------------------------------------------
Appendix Table 6
Comparison of Revised and Old M1 Growth Rates
(percent changes at annual rates)
--------------+----------------------------+----------------------
| | Difference due to
|Revised Old Difference |Benchmark Seasonals
--------------+----------------------------+----------------------
2001
January 9.3 7.6 1.7 0.0 1.7
February 7.6 3.4 4.2 0.0 4.2
March 8.5 9.3 -0.8 0.0 -0.8
April -1.8 2.5 -4.3 0.0 -4.3
May 11.6 7.5 4.1 0.0 4.1
June 9.8 9.7 0.1 0.0 0.1
July 13.0 13.9 -0.9 0.0 -0.9
August 12.0 9.2 2.8 0.0 2.8
September 54.4 55.1 -0.7 0.0 -0.7
October -37.2 -39.0 1.8 0.0 1.8
November 1.4 2.9 -1.5 0.0 -1.5
December 7.7 16.0 -8.3 0.0 -8.3
2002
January 6.4 3.7 2.7 0.0 2.7
February 6.5 1.9 4.6 0.0 4.6
March 2.0 3.0 -1.0 0.0 -1.0
April -14.5 -11.2 -3.3 0.0 -3.3
May 10.9 6.8 4.1 0.0 4.1
June 5.9 6.9 -1.0 -0.1 -0.9
July 7.3 7.3 0.0 0.1 -0.1
August -11.1 -14.2 3.1 0.0 3.1
September 6.3 8.1 -1.8 0.0 -1.8
October 11.5 8.7 2.8 0.0 2.8
November -0.5 1.2 -1.7 0.0 -1.7
December 8.2 18.1 -9.9 0.2 -10.1
Quarterly
01Q4 1.6 2.1 -0.5 0.0 -0.5
02Q1 5.7 5.9 -0.2 0.0 -0.2
02Q2 -0.6 -0.6 0.0 0.0 0.0
02Q3 3.1 2.4 0.7 0.0 0.7
02Q4 4.8 5.4 -0.6 0.0 -0.6
Semi-Annual
01Q4 - 02Q2 2.6 2.6 0.0 0.0 0.0
02Q2 - 02Q4 4.0 3.9 0.1 0.0 0.1
Annual (Q4 to Q4)
2001 6.8 6.8 0.0 0.0 0.0
2002 3.3 3.3 0.0 0.0 0.0
------------------------------------------------------------------
Appendix Table 7
Comparison of Revised and Old M2 Growth Rates
(percent changes at annual rates)
--------------+----------------------------+----------------------
| | Difference due to
|Revised Old Difference |Benchmark Seasonals
--------------+----------------------------+----------------------
2001
January 13.2 11.0 2.2 0.0 2.2
February 10.9 9.4 1.5 0.0 1.5
March 12.6 11.7 0.9 0.0 0.9
April 10.8 10.0 0.8 0.0 0.8
May 5.8 6.1 -0.3 0.0 -0.3
June 10.4 10.9 -0.5 0.0 -0.5
July 7.9 9.2 -1.3 0.0 -1.3
August 7.7 8.6 -0.9 0.0 -0.9
September 25.2 25.1 0.1 0.0 0.1
October -3.2 -1.5 -1.7 0.0 -1.7
November 9.1 10.4 -1.3 0.0 -1.3
December 9.2 9.8 -0.6 0.0 -0.6
2002
January 5.2 2.1 3.1 0.0 3.1
February 8.4 6.7 1.7 0.0 1.7
March 0.2 -1.3 1.5 0.0 1.5
April -2.6 -3.6 1.0 0.0 1.0
May 14.4 14.4 0.0 0.0 0.0
June 6.9 7.3 -0.4 0.0 -0.4
July 10.5 12.7 -2.2 0.0 -2.2
August 8.3 9.5 -1.2 0.0 -1.2
September 5.6 5.3 0.3 0.0 0.3
October 8.0 10.3 -2.3 0.0 -2.3
November 7.7 10.0 -2.3 0.0 -2.3
December 2.7 2.7 0.0 0.0 0.0
Quarterly
01Q4 8.4 9.5 -1.1 0.0 -1.1
02Q1 6.7 5.4 1.3 0.0 1.3
02Q2 4.1 3.3 0.8 0.0 0.8
02Q3 9.2 10.3 -1.1 0.0 -1.1
02Q4 6.9 8.3 -1.4 0.0 -1.4
Semi-Annual
01Q4 - 02Q2 5.4 4.4 1.0 0.0 1.0
02Q2 - 02Q4 8.1 9.4 -1.3 0.0 -1.3
Annual (Q4 to Q4)
2001 10.2 10.3 -0.1 0.0 -0.1
2002 6.9 7.0 -0.1 0.0 -0.1
------------------------------------------------------------------
Appendix Table 8
Comparison of Revised and Old M3 Growth Rates
(percent changes at annual rates)
--------------+----------------------------+----------------------
| | Difference due to
|Revised Old Difference |Benchmark Seasonals
--------------+----------------------------+----------------------
2001
January 17.9 16.5 1.4 0.0 1.4
February 12.5 11.0 1.5 0.0 1.5
March 11.1 8.7 2.4 0.0 2.4
April 19.1 17.0 2.1 0.0 2.1
May 12.7 15.0 -2.3 0.0 -2.3
June 13.9 14.1 -0.2 0.0 -0.2
July 5.9 6.8 -0.9 0.0 -0.9
August 1.4 1.9 -0.5 0.0 -0.5
September 24.6 23.9 0.7 0.0 0.7
October 5.3 7.2 -1.9 0.0 -1.9
November 11.3 13.7 -2.4 0.0 -2.4
December 9.2 10.6 -1.4 0.0 -1.4
2002
January 1.7 -1.2 2.9 0.0 2.9
February 7.7 5.7 2.0 0.0 2.0
March 1.8 -0.8 2.6 0.0 2.6
April 0.4 -2.0 2.4 0.0 2.4
May 9.5 11.9 -2.4 0.0 -2.4
June 5.4 6.0 -0.6 0.0 -0.6
July 7.3 8.5 -1.2 0.0 -1.2
August 10.2 10.8 -0.6 0.0 -0.6
September 6.2 5.1 1.1 0.0 1.1
October 0.7 3.2 -2.5 0.0 -2.5
November 16.8 19.7 -2.9 0.0 -2.9
December 6.8 7.8 -1.0 0.0 -1.0
Quarterly
01Q4 11.0 12.2 -1.2 0.0 -1.2
02Q1 5.8 4.6 1.2 0.0 1.2
02Q2 4.1 3.1 1.0 0.0 1.0
02Q3 7.7 8.5 -0.8 0.0 -0.8
02Q4 7.2 8.7 -1.5 0.0 -1.5
Semi-Annual
01Q4 - 02Q2 5.0 3.9 1.1 0.0 1.1
02Q2 - 02Q4 7.5 8.7 -1.2 0.0 -1.2
Annual (Q4 to Q4)
2001 12.7 12.8 -0.1 0.0 -0.1
2002 6.3 6.4 -0.1 0.0 -0.1
------------------------------------------------------------------
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