Federal Reserve Statistical Release, H.6, Money Stock Measures; title with eagle logo links to Statistical Release home page
Release Date: January 17, 2008
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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
------------------+-----------------------------------------------
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