Economic Research and Data > Statistical Releases and Historical Data > Money Stock Measures
After reviewing data on the money supply, complete the following assignment:
From this week's reading assignment, review the section "M1, M2, and M3." In that section, locate the data that the text provides on the money supply. Update this data based on the Government's most current data release.
Find the trend in the growth rate of M1 and M2. What accounts for differences in the growth rate of each money supply measure?
Summarize measurement issues in M1 and M2 identified by the Federal Reserve.H.6 (508)
For release at 4:30 p.m. Eastern Time; October 21, 2010
|
Table 1
Money Stock Measures
Billions of dollars
|
|
|
Date
|
Seasonally adjusted
|
Not seasonally adjusted
|
|
|
M1
|
M2
|
M1
|
M2
|
|
|
Oct 2008
|
1471.7
|
8009.8
|
1460.9
|
7960.3
|
|
|
Nov 2008
|
1516.9
|
8062.5
|
1512.0
|
8049.8
|
|
|
Dec 2008
|
1602.1
|
8255.3
|
1626.4
|
8265.3
|
|
|
|
|
|
|
|
|
|
Jan 2009
|
1583.5
|
8316.7
|
1575.1
|
8310.9
|
|
|
Feb 2009
|
1574.0
|
8356.7
|
1546.9
|
8338.3
|
|
|
Mar 2009
|
1577.4
|
8409.9
|
1590.6
|
8472.8
|
|
|
Apr 2009
|
1608.5
|
8364.3
|
1624.3
|
8469.1
|
|
|
May 2009
|
1608.5
|
8436.7
|
1613.9
|
8447.2
|
|
|
Jun 2009
|
1646.2
|
8453.0
|
1658.1
|
8458.0
|
|
|
Jul 2009
|
1649.9
|
8443.0
|
1654.9
|
8423.6
|
|
|
Aug 2009
|
1648.4
|
8419.7
|
1649.3
|
8398.4
|
|
|
Sep 2009
|
1660.8
|
8459.3
|
1639.9
|
8403.3
|
|
|
Oct 2009
|
1676.2
|
8492.1
|
1661.9
|
8434.2
|
|
|
Nov 2009
|
1687.5
|
8523.3
|
1680.8
|
8506.1
|
|
|
Dec 2009
|
1696.6
|
8542.8
|
1721.8
|
8548.7
|
|
|
|
|
|
|
|
|
|
Jan 2010
|
1680.7
|
8486.0
|
1672.0
|
8475.2
|
|
|
Feb 2010
|
1714.8
|
8545.7
|
1683.3
|
8519.8
|
|
|
Mar 2010
|
1713.1
|
8519.9
|
1728.3
|
8582.8
|
|
|
Apr 2010
|
1701.4
|
8490.6
|
1717.4
|
8606.4
|
|
|
May 2010
|
1706.0
|
8573.0
|
1711.0
|
8591.7
|
|
|
Jun 2010
|
1721.5
|
8604.6
|
1736.3
|
8617.5
|
|
|
Jul 2010
|
1716.4
|
8603.3
|
1722.4
|
8588.7
|
|
|
Aug 2010
|
1742.8
|
8649.4
|
1743.0
|
8615.8
|
|
|
Sep 2010 p
|
1765.6
|
8709.4
|
1743.4
|
8654.1
|
|
|
Percent change at seasonally adjusted annual rate
|
M1
|
M2
|
|
3 Months from Jun 2010 TO Sep 2010
|
10.2
|
4.9
|
|
6 Months from Mar 2010 TO Sep 2010
|
6.1
|
4.4
|
|
12 Months from Sep 2009 TO Sep 2010
|
6.3
|
3.0
|
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
|
Table 2
Money Stock Measures
Billions of dollars
|
|
|
Period ending
|
Seasonally adjusted
|
Not seasonally adjusted
|
|
|
M1
|
M2
|
M1
|
M2
|
|
|
13-week average
|
4-week average
|
week average
|
13-week average
|
4-week average
|
week average
|
13-week average
|
4-week average
|
week average
|
13-week average
|
4-week average
|
week average
|
|
|
Jul 19, 2010
|
1712.2
|
1719.1
|
1704.0
|
8578.4
|
8600.3
|
8606.4
|
1721.0
|
1729.8
|
1696.9
|
8596.1
|
8595.8
|
8586.3
|
|
|
Jul 26, 2010
|
1714.4
|
1714.1
|
1724.5
|
8588.4
|
8599.1
|
8611.3
|
1722.1
|
1716.8
|
1757.0
|
8597.3
|
8590.0
|
8545.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aug 2, 2010
|
1714.2
|
1716.5
|
1734.5
|
8597.0
|
8610.4
|
8627.9
|
1722.8
|
1727.5
|
1785.0
|
8600.1
|
8584.6
|
8594.4
|
|
|
Aug 9, 2010
|
1716.6
|
1723.7
|
1731.7
|
8604.4
|
8620.6
|
8636.8
|
1725.1
|
1733.3
|
1694.3
|
8603.9
|
8590.5
|
8635.5
|
|
|
Aug 16, 2010
|
1719.3
|
1727.7
|
1720.2
|
8608.4
|
8628.7
|
8638.8
|
1727.4
|
1735.4
|
1705.1
|
8605.2
|
8604.0
|
8640.5
|
|
|
Aug 23, 2010
|
1722.5
|
1732.0
|
1741.7
|
8613.4
|
8638.5
|
8650.4
|
1729.8
|
1734.3
|
1752.6
|
8607.5
|
8614.4
|
8587.2
|
|
|
Aug 30, 2010
|
1726.1
|
1742.2
|
1775.1
|
8619.0
|
8651.8
|
8681.3
|
1733.2
|
1740.6
|
1810.4
|
8607.0
|
8614.1
|
8593.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sep 6, 2010
|
1730.0
|
1751.2
|
1767.6
|
8624.7
|
8665.1
|
8690.0
|
1735.8
|
1747.9
|
1723.6
|
8608.1
|
8624.2
|
8676.0
|
|
|
Sep 13, 2010
|
1734.6
|
1759.6
|
1754.1
|
8633.7
|
8679.3
|
8695.4
|
1736.5
|
1743.6
|
1687.8
|
8611.9
|
8636.4
|
8689.2
|
|
|
Sep 20, 2010
|
1737.0
|
1763.1
|
1755.4
|
8641.3
|
8692.7
|
8703.9
|
1735.9
|
1738.2
|
1731.1
|
8615.0
|
8652.2
|
8650.5
|
|
|
Sep 27, 2010
|
1739.7
|
1764.1
|
1779.3
|
8650.3
|
8705.7
|
8733.3
|
1735.0
|
1735.1
|
1797.9
|
8618.0
|
8655.7
|
8607.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oct 4, 2010 p
|
1744.6
|
1769.5
|
1789.2
|
8663.4
|
8721.4
|
8752.8
|
1738.3
|
1750.6
|
1785.4
|
8623.7
|
8659.3
|
8690.6
|
|
|
Oct 11, 2010 p
|
1750.0
|
1774.2
|
1772.9
|
8675.8
|
8736.7
|
8756.7
|
1741.5
|
1756.7
|
1712.2
|
8631.2
|
8664.5
|
8710.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percent change at seasonally adjusted annual rate
|
M1
|
M2
|
|
Thirteen weeks ending October 11, 2010 from thirteen weeks ending:
|
|
|
|
Jul 12, 2010 (13 weeks previous)
|
9.1
|
5.1
|
|
Apr 12, 2010 (26 weeks previous)
|
5.3
|
3.7
|
|
Oct 12, 2009 (52 weeks previous)
|
5.7
|
2.7
|
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
|
Table 3
Seaonally Adjusted Components of M1
Billions of dollars
|
|
|
Date
|
Currency
|
Traveler's checks
|
Demand deposits
|
Other checkable deposits
|
|
|
At commercial banks
|
At thrift institutions
|
Total
|
|
|
May 2009
|
849.2
|
5.3
|
417.6
|
193.4
|
143.1
|
336.5
|
|
|
Jun 2009
|
852.3
|
5.2
|
439.3
|
208.7
|
140.6
|
349.3
|
|
|
|
|
|
|
|
|
|
|
|
Jul 2009
|
854.2
|
5.1
|
436.0
|
213.4
|
141.3
|
354.7
|
|
|
Aug 2009
|
857.8
|
5.1
|
427.2
|
217.3
|
141.1
|
358.4
|
|
|
Sep 2009
|
861.5
|
5.1
|
430.5
|
220.4
|
143.3
|
363.7
|
|
|
|
|
|
|
|
|
|
|
|
Oct 2009
|
862.7
|
5.1
|
432.8
|
226.1
|
149.6
|
375.6
|
|
|
Nov 2009
|
861.8
|
5.1
|
435.5
|
236.4
|
148.7
|
385.1
|
|
|
Dec 2009
|
862.2
|
5.1
|
443.7
|
234.1
|
151.4
|
385.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jan 2010
|
861.2
|
5.1
|
438.0
|
221.6
|
154.9
|
376.5
|
|
|
Feb 2010
|
867.3
|
5.1
|
457.9
|
228.0
|
156.6
|
384.5
|
|
|
Mar 2010
|
871.6
|
5.0
|
447.1
|
235.0
|
154.3
|
389.3
|
|
|
|
|
|
|
|
|
|
|
|
Apr 2010
|
877.3
|
5.0
|
451.8
|
214.2
|
153.1
|
367.3
|
|
|
May 2010
|
881.2
|
4.9
|
448.2
|
216.2
|
155.5
|
371.7
|
|
|
Jun 2010
|
883.1
|
4.8
|
459.2
|
223.0
|
151.4
|
374.3
|
|
|
|
|
|
|
|
|
|
|
|
Jul 2010
|
886.5
|
4.7
|
454.2
|
220.5
|
150.6
|
371.1
|
|
|
Aug 2010
|
892.8
|
4.7
|
469.3
|
224.3
|
151.7
|
376.0
|
|
|
Sep 2010 p
|
899.7
|
4.7
|
479.2
|
228.1
|
153.8
|
382.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Week ending
|
|
|
Aug 16, 2010
|
892.2
|
4.7
|
454.3
|
219.4
|
149.6
|
369.0
|
|
|
Aug 23, 2010
|
893.9
|
4.7
|
464.0
|
227.1
|
152.0
|
379.1
|
|
|
Aug 30, 2010
|
895.5
|
4.7
|
486.7
|
233.6
|
154.6
|
388.1
|
|
|
|
|
|
|
|
|
|
|
|
Sep 6, 2010
|
896.7
|
4.7
|
490.4
|
219.7
|
156.1
|
375.8
|
|
|
Sep 13, 2010
|
897.9
|
4.7
|
476.9
|
219.4
|
155.1
|
374.6
|
|
|
Sep 20, 2010
|
899.9
|
4.7
|
469.3
|
228.3
|
153.3
|
381.6
|
|
|
Sep 27, 2010
|
902.0
|
4.8
|
480.6
|
239.9
|
152.1
|
392.0
|
|
|
|
|
|
|
|
|
|
|
|
Oct 4, 2010 p
|
903.9
|
4.8
|
494.7
|
230.5
|
155.4
|
385.9
|
|
|
Oct 11, 2010 p
|
904.9
|
4.8 e
|
481.4
|
225.1
|
156.7
|
381.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
Attachment:- home work.rar