Skip to Content
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
------------------+-----------------------------------------------
Release dates |
Historical data |
About