Business Services Industry
Money, credit, and security markets
Economic Indicators, April, 2003
[Averages of daily figures, except debt end-of-period basis;
billions of dollars, seasonally adjusted]
M1 M2 M3 Debt
Sum of M1 plus
currency, retail M2 plus
demand MMMF large time
deposits, balances, deposits, Debt of
travelers' savings RPs, Euro- domestic
Period checks, deposits dollars, and nonfinancial
and other (including institution- sectors (1)
chekable MMDAs), and al MMMF
deposits small time balances
(OCDs) deposits
1993: Dec 1,129.3 3,483.2 4,277.4 12,418.5
1994: Dec 1,149.9 3,496.2 4,359.8 12,985.8
1995: Dec 1,126.7 3,640.1 4,624.9 13,681.7
1996: Dec 1,078.4 3,814.3 4,970.5 14,405.9
1997: Dec 1,071.4 4,029.8 5,444.4 15,194.3
1998: Dec 1,095.0 4,381.5 6,033.0 16,240.5
1999: Dec 1,121.9 4,648.0 6,529.8 17,306.8
2000: Dec 1,084.9 4,926.9 7,093.3 18,166.8
2001: Dec 1,173.4 5,440.6 7,995.3 19,293.3
2002: Dec 1,210.5 (r) 5,796.6 (r) 8,517.5 20,657.1
2002: Mar 1,188.1 5,503.5 8,070.3 19,534.9
Apr 1,173.7 5,491.5 8,073.1 ...
May 1,184.4 5,557.3 8,137.0 ...
June 1,190.2 5,589.1 8,173.3 19,941.8
July 1,197.4 5,637.9 8,222.9 ...
Aug 1,186.3 5,676.9 8,292.7 ...
Sept 1,192.5 5,703.1 8,335.2 20,266.3
Oct 1,203.6 5,742.4 8,342.2 ...
Nov 1,202.7 (r) 5,781.4 (r) 8,462.3 ...
Dec 1,210.5 (r) 5,796.6 (r) 8,517.5 20,657.1
2003: Jan (r) 1,212.6 5,827.3 8,515.0 ...
Feb (r) 1,232.6 5,883.5 8,568.8 ...
Mar 1,235.9 5,898.7 8,589.1 ...
Percent change
From
From year or 6 previous
months earlier (2) period
(3)
Period M1 M2 M3 Debt
1993: Dec 10.3 1.5 1.5 4.8
1994: Dec 1.8 .4 1.9 4.5
1995: Dec -2.0 4.1 6.1 5.4
1996: Dec -4.3 4.8 7.5 5.3
1997: Dec -.6 5.6 9.5 5.5
1998: Dec 2.2 8.7 10.8 6.9
1999: Dec 2.5 6.1 8.2 6.4
2000: Dec -3.3 6.0 8.6 4.9
2001: Dec 8.2 10.4 12.7 6.2
2002: Dec 3.2 6.5 6.5 7.1
2002: Mar -2.3 4.9 6.2 5.0
Apr 1.6 5.0 5.4 ...
May 3.2 5.9 5.1 ...
June 2.9 5.5 4.5 8.3
July 3.0 6.4 5.4 ...
Aug .0 6.3 5.8 ...
Sept .7 7.3 6.6 6.5
Oct 5.1 9.1 6.7 ...
Nov 3.1 8.1 8.0 ...
Dec 3.4 7.4 8.4 7.7
2003: Jan (r) 2.5 6.7 7.1 ...
Feb (r) 7.8 7.3 6.7 ...
Mar 7.3 6.9 6.1 ...
(1) Quarterly data; shown in last month of quarter. End-of-year data
are for fourth quarter. Consists of outstanding credit market debt of
the U.S. Government, State and local governments, and private
nonfinancial sectors; data from flow of funds accounts.
(2) Annual changes are from December to December and monthly changes
are from 6 months earlier at a simple annual rate.
(3) Annual changes are from fourth quarter to fourth quarter.
Quarterly changes are from previous quarter at an annual rate.
NOTE.--See p. 27 for components.
Source: Board of Governors of the Federal Reserve System.
COMPONENTS OF MONEY STOCK
[Averages of daily figures; billions of dollars, seasonally adjusted]
Other
Nonbank check-
Period Currency travelers Demand able
checks deposits deposits
(OCDs)
1993: Dec 321.6 7.5 385.5 414.8
1994: Dec 354.0 8.0 383.6 404.2
1995: Dec 372.1 8.5 389.3 356.8
1996: Dec 394.1 8.3 400.3 275.7
1997: Dec 424.6 8.1 393.1 245.7
1998: Dec 459.7 8.2 377.1 250.0
1999: Dec 517.5 8.3 352.2 244.0
2000: Dec 531.0 8.0 306.7 239.2
2001: Dec 581.4 7.8 325.6 258.8
2002: Dec 626.7 7.5 296.4 279.9
2002: Mar 595.7 7.8 323.3 261.4
Apr 599.8 7.7 305.2 261.0
May 604.6 7.8 306.5 265.5
June 609.0 8.2 305.6 267.4
July 613.3 8.5 304.5 271.1
Aug 615.9 8.3 289.6 272.4
Sept 617.8 7.9 292.0 274.7
Oct 620.4 7.7 299.3 276.2
Nov 623.0 7.5 294.0 278.3
Dec 626.7 7.5 296.4 279.9
2003: Jan (r) 630.1 7.6 295.6 279.3
Feb (r) 635.3 7.6 305.6 284.1
Mar 639.2 7.5 303.8 285.4
Money market
mutual fund
balances
Savings
deposits, Small Large
including denom- denomi-
money ination Insti- nation
Period market time Retail tutional time
deposits deposits deposits
accounts (1) (1)
(MMDAs)
1993: Dec 1,219.3 782.0 352.5 217.0 331.8
1994: Dec 1,149.8 816.3 380.1 211.1 369.8
1995: Dec 1,134.1 931.4 447.8 264.2 428.1
1996: Dec 1,274.0 946.9 515.1 322.4 508.7
1997: Dec 1,400.6 968.0 589.8 395.3 617.8
1998: Dec 1,602.9 951.4 732.2 538.7 669.2
1999: Dec 1,738.4 955.0 832.7 634.4 741.2
2000: Dec 1,874.0 1,043.2 924.8 788.2 820.3
2001: Dec 2,303.5 972.9 990.7 1,189.7 785.7
2002: Dec (r) 2,757.8 884.0 944.3 1,233.0 800.0
2002: Mar 2,417.4 940.5 957.3 1,184.7 796.9
Apr 2,446.3 932.7 938.8 1,188.6 808.1
May 2,494.5 926.8 951.6 1,188.2 814.7
June 2,526.2 921.0 951.6 1,196.6 813.9
July 2,563.1 914.9 962.5 1,192.2 817.5
Aug 2,620.7 908.2 961.7 1,191.3 818.8
Sept 2,659.8 899.6 951.3 1,183.1 817.0
Oct 2,696.0 893.7 949.1 1,142.4 823.8
Nov 2,739.0 889.0 950.6 1,207.8 817.5
Dec (r) 2,757.8 884.0 944.3 1,233.0 800.0
2003: Jan (r) 2,802.5 879.4 932.8 1,196.7 809.7
Feb (r) 2,846.7 874.3 929.9 1,176.7 818.1
Mar 2,866.4 870.4 925.9 1,164.2 821.5
Overnight
and term Overnight
Period repurchase and term
agreements Euro-dollars
(RPs) (net) (net)
1993: Dec 172.6 72.8
1994: Dec 196.4 86.3
1995: Dec 198.5 94.0
1996: Dec 210.5 114.7
1997: Dec 254.0 147.5
1998: Dec 293.4 150.2
1999: Dec 335.7 170.5
2000: Dec 363.5 194.3
2001: Dec 375.0 204.3
2002: Dec 468.6 219.2
2002: Mar 374.5 210.7
Apr 375.3 209.7
May 371.3 205.6
June 371.7 202.1
July 372.9 202.3
Aug 399.8 205.9
Sept 422.4 209.6
Oct 420.7 212.9
Nov 440.1 215.5
Dec 468.6 219.2
2003: Jan (r) 459.3 222.0
Feb (r) 472.3 218.2
Mar 488.5 216.1
(1) Small denomination and large denomination deposits are those issued
in amounts of less than $100,000 and more than $100,000, respectively.
Source: Board of Governors of the Federal Reserve System.
AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily figures (1); millions of dollars;
seasonally adjusted, except as noted by NSA]
Adjusted for changes in reserve requirements
Reserves of depository institutions
Non-
Period Total borrowed Required Excess Monetary
(2) (3) (NSA) base
1993: Dec 60,460 60,378 59,390 1,070 386,462
1994: Dec 59,369 59,160 58,209 1,159 418,194
1995: Dec 56,430 56,173 55,140 1,290 434,400
1996: Dec 50,149 49,994 48,733 1,416 451,921
1997: Dec 46,848 46,523 45,163 1,685 479,838
1998: Dec 45,141 45,024 43,627 1,514 513,685
1999: Dec 41,809 41,488 40,512 1,297 593,138
2000: Dec 38,537 38,327 37,110 1,427 584,718
2001: Dec 41,243 41,177 39,595 1,649 635,559
2002: Dec 40,117 40,037 38,120 1,997 (r) 681,766
2002: Apr 40,635 40,565 39,424 1,211 654,098
May 39,406 39,294 38,145 1,261 657,819
June 39,469 39,327 38,231 1,238 662,370
July 39,674 39,482 38,300 1,374 666,912
Aug 39,977 39,644 38,340 1,637 669,929
Sept 39,252 39,023 37,776 1,476 671,453
Oct 39,184 39,041 37,634 1,550 674,300
Nov 39,686 39,414 38,070 1,616 677,516
Dec 40,117 40,037 38,120 1,997 (r) 681,766
2003: Jan 40,607 40,581 38,947 1,660 (r) 685,591
Feb (r) 40,756 40,731 38,848 1,908 691,310
Mar (r) 40,944 40,922 39,334 1,610 695,123
Apr (p) 40,774 40,745 39,283 1,491 698,635
Borrowings of depository institutions
from the Federal, Reserve (NSA)
Sec- Adjust-
Period Total Primary ondary Seasonal ment
1993: Dec 82 ... ... 31 51
1994: Dec 209 ... ... 100 109
1995: Dec 257 ... ... 40 217
1996: Dec 155 ... ... 68 87
1997: Dec 324 ... ... 79 245
1998: Dec 117 ... ... 15 101
1999: Dec 320 ... ... 67 179
2000: Dec 210 ... ... 111 99
2001: Dec 67 ... ... 33 34
2002: Dec 80 ... ... 45 35
2002: Apr 71 ... ... 50 21
May 112 ... ... 105 7
June 142 ... ... 136 6
July 191 ... ... 176 16
Aug 333 ... ... 185 148
Sept 229 ... ... 169 60
Oct 143 ... ... 120 23
Nov 272 ... ... 60 211
Dec 80 ... ... 45 35
2003: Jan 27 12 0 13 2
Feb (r) 25 21 0 5 ...
Mar (r) 22 14 0 8 ...
Apr (p) 29 8 0 21 ...
(1) Data are prorated averages of biweekly (maintenance period)
averages of daily figures.
Reserves and monetary base incorporate adjustments for discontinuities,
or "breaks," associated with changes in reserve requirements.
(2) Seasonally adjusted break-adjusted required reserves plus
unadjusted excess reserves.
(3) Seasonally adjusted break-adjusted total reserves less unadjusted
total borrowings of depository institutions from the Federal Reserve.
Source: Board of Governors of the Federal Reserve System.
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