Federal Reserve Statistical Release, H.6, Money Stock Measures; title with eagle logo links to Statistical Release home page
Release Date: January 19, 2012
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For release at
4:30 p.m. EST
January 19, 2012

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 the Federal Reserve's 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 resulted in a higher growth rate for seasonally adjusted M2 in the first half of 2011 and a lower growth rate for seasonally adjusted M2 in 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 2002. In addition, this release incorporates data from Call Reports on the amount of small-denomination time deposits held in individual retirement accounts (IRAs) and Keogh accounts; related revisions to deposit data start in 2006. The benchmark also incorporates revisions to IRA and Keogh balances held at retail and institutional money market mutual funds; these revisions to data on money market mutual funds begin in 1996. 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 2011. Monthly seasonal factors were estimated using the X-12-ARIMA procedure. The effects of both the new benchmark and the 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. Try data download now image link H.6 (508)
For release at 4:30 p.m. Eastern Time; January 19, 2012

Table 1
Money Stock Measures
Billions of dollars
Date Seasonally adjusted Not seasonally adjusted
M11 M22 M11 M22
  Jan 2010     1684.3    8479.9    1673.7    8474.4 
  Feb 2010     1705.0    8531.0    1685.1    8517.6 
  Mar 2010     1712.5    8524.4    1729.7    8581.2 
  Apr 2010     1701.7    8549.5    1716.2    8604.0 
  May 2010     1706.0    8596.3    1708.0    8584.3 
  Jun 2010     1722.4    8616.4    1731.9    8605.3 
  Jul 2010     1724.6    8613.1    1717.8    8575.8 
  Aug 2010     1743.7    8639.2    1739.0    8605.9 
  Sep 2010     1762.1    8673.7    1740.8    8647.5 
  Oct 2010     1777.0    8726.2    1766.8    8707.4 
  Nov 2010     1822.6    8756.0    1828.0    8771.9 
  Dec 2010     1840.3    8796.4    1870.7    8853.2 
         
  Jan 2011     1868.4    8860.4    1854.8    8846.1 
  Feb 2011     1878.9    8903.5    1857.9    8883.3 
  Mar 2011     1891.2    8949.9    1908.5    8995.3 
  Apr 2011     1903.8    8996.9    1917.2    9049.9 
  May 2011     1931.6    9046.1    1934.5    9019.5 
  Jun 2011     1945.2    9120.8    1954.5    9106.3 
  Jul 2011     2004.6    9293.2    1994.8    9257.8 
  Aug 2011     2106.3    9483.1    2102.0    9451.7 
  Sep 2011     2122.7    9502.6    2097.6    9488.2 
  Oct 2011     2138.9    9549.8    2128.3    9537.7 
  Nov 2011     2158.2    9596.1    2167.5    9618.2 
  Dec 2011 p     2178.0    9641.0    2217.4    9713.7 
         

Percent change at seasonally adjusted annual rate M1 M2
  3 Months from Sep 2011 TO Dec 2011     10.4    5.8 
  6 Months from Jun 2011 TO Dec 2011     23.9    11.4 
  12 Months from Dec 2010 TO Dec 2011     18.4    9.6 

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
  Oct 17, 2011     2107.9    2138.6    2134.0    9483.3    9535.7    9548.0    2094.5    2128.8    2073.9    9459.9    9523.2    9585.4 
  Oct 24, 2011     2117.1    2140.7    2128.6    9502.5    9541.8    9549.0    2103.2    2120.7    2125.4    9481.8    9535.5    9486.4 
  Oct 31, 2011     2123.4    2137.0    2141.8    9512.8    9551.4    9573.6    2109.4    2121.1    2221.6    9492.3    9534.1    9514.9 
                         
  Nov 7, 2011     2126.9    2133.4    2129.3    9523.9    9564.6    9587.7    2116.5    2136.4    2124.8    9505.6    9552.5    9623.1 
  Nov 14, 2011     2131.3    2139.9    2159.7    9533.5    9578.1    9602.1    2120.8    2142.5    2098.3    9518.8    9566.8    9642.9 
  Nov 21, 2011     2135.2    2151.0    2173.2    9540.4    9589.4    9594.0    2124.2    2150.7    2157.9    9530.8    9596.6    9605.4 
  Nov 28, 2011     2138.5    2156.4    2163.4    9547.2    9595.8    9599.4    2129.8    2159.6    2257.2    9544.3    9618.1    9600.9 
                         
  Dec 5, 2011     2143.5    2169.7    2182.6    9555.3    9598.7    9599.3    2135.2    2172.0    2174.4    9556.6    9629.9    9670.3 
  Dec 12, 2011     2148.4    2175.5    2182.6    9565.8    9603.3    9620.5    2142.6    2175.5    2112.3    9571.2    9644.6    9701.7 
  Dec 19, 2011     2152.3    2173.4    2165.0    9576.2    9610.4    9622.5    2150.9    2179.7    2174.7    9587.8    9668.9    9702.8 
  Dec 26, 2011     2155.3    2172.3    2158.9    9584.8    9619.6    9636.0    2161.2    2188.4    2292.2    9607.9    9693.2    9698.0 
                         
  Jan 2, 2012 p     2158.9    2177.5    2203.4    9600.1    9653.2    9733.8    2173.7    2240.3    2381.8    9630.0    9727.7    9808.3 
  Jan 9, 2012 p     2165.6    2189.3    2229.9    9617.1    9687.1    9756.1    2181.7    2254.1    2167.8    9649.7    9753.7    9805.6 
                         
                         

Percent change at seasonally adjusted annual rate M1 M2
Thirteen weeks ending January 9, 2012 from thirteen weeks ending:    
  Oct 10, 2011 (13 weeks previous)     13.2    6.6 
  Jul 11, 2011 (26 weeks previous)     23.6    11.7 
  Jan 10, 2011 (52 weeks previous)     18.8    9.6 

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
Seasonally Adjusted Components of M1
Billions of dollars
Date Currency1 Traveler's checks2 Demand deposits3 Other checkable deposits
At commercial banks4 At thrift institutions5 Total
  Aug 2010     892.6    4.7     466.1    224.5    155.7    380.2 
  Sep 2010     899.1    4.7     474.0    228.9    155.4    384.3 
             
  Oct 2010     907.1    4.7     477.4    229.4    158.3    387.7 
  Nov 2010     914.0    4.7     506.8    237.5    159.5    397.1 
  Dec 2010     918.0    4.7     519.4    236.7    161.6    398.3 
             
             
  Jan 2011     922.6    4.7     539.1    237.0    165.1    402.0 
  Feb 2011     930.2    4.6     539.7    237.8    166.7    404.5 
  Mar 2011     938.6    4.6     542.8    237.6    167.6    405.1 
             
  Apr 2011     947.6    4.6     552.4    231.2    168.1    399.3 
  May 2011     956.2    4.6     567.4    235.5    168.0    403.4 
  Jun 2011     963.0    4.5     575.7    235.8    166.2    401.9 
             
  Jul 2011     969.2    4.5     627.3    236.2    167.6    403.8 
  Aug 2011     975.8    4.4     713.6    239.7    172.7    412.5 
  Sep 2011     981.7    4.4     727.1    237.4    172.0    409.5 
             
  Oct 2011     986.2    4.4     738.5    235.8    174.1    409.9 
  Nov 2011     993.1    4.3     750.0    235.6    175.2    410.8 
  Dec 2011 p     999.9    4.3     762.7    235.7    175.4    411.1 
             
             
             
Week ending
  Nov 14, 2011     991.6    4.3     753.3    234.7    175.7    410.4 
  Nov 21, 2011     994.9    4.3     760.8    237.7    175.5    413.2 
  Nov 28, 2011     995.4    4.3     754.0    233.7    176.1    409.7 
             
  Dec 5, 2011     996.8    4.3     766.8    238.6    176.1    414.7 
  Dec 12, 2011     998.4    4.3     769.8    234.8    175.2    410.0 
  Dec 19, 2011     1000.3    4.3     752.7    232.9    174.9    407.8 
  Dec 26, 2011     1000.8    4.3     746.2    233.2    174.4    407.7 
             
  Jan 2, 2012 p     1003.4    4.3     778.6    240.3    176.8    417.1 
  Jan 9, 2012 p     1006.2    4.3 e    798.1    241.3    180.0    421.3 
             
             
             

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.





Table 4
Seasonally Adjusted Components of Non-M1 M2
Billions of dollars
Date Savings deposits 1 Small-denomination time deposits 2 Retail money funds 3 Total non-M1 M2 Memorandum: Institutional money funds 4
At commercial banks At thrift institutions Total At commercial banks At thrift institutions Total
  Aug 2010     4248.9    896.8    5145.8    732.1    286.4    1018.4    731.3    6895.5    1901.9 
  Sep 2010     4293.0    898.6    5191.7    713.3    282.5    995.7    724.2    6911.6    1909.3 
                   
  Oct 2010     4354.4    906.6    5261.0    693.5    278.8    972.3    715.9    6949.2    1897.8 
  Nov 2010     4365.6    909.9    5275.5    673.9    274.5    948.5    709.5    6933.4    1894.4 
  Dec 2010     4409.4    915.3    5324.7    656.6    271.0    927.6    703.9    6956.2    1868.5 
                   
                   
  Jan 2011     4453.7    925.9    5379.6    644.1    265.8    910.0    702.4    6992.0    1821.2 
  Feb 2011     4492.9    939.2    5432.1    634.9    262.8    897.7    694.8    7024.5    1797.4 
  Mar 2011     4527.8    955.4    5483.2    624.0    260.3    884.3    691.2    7058.7    1820.0 
                   
  Apr 2011     4573.7    960.1    5533.8    614.7    257.3    872.0    687.3    7093.0    1846.7 
  May 2011     4597.9    973.2    5571.1    604.0    254.3    858.3    685.1    7114.5    1866.9 
  Jun 2011     4674.5    972.7    5647.2    592.7    250.7    843.4    685.0    7175.6    1841.6 
                   
  Jul 2011     4800.0    977.1    5777.1    581.3    246.9    828.2    683.3    7288.6    1808.8 
  Aug 2011     4889.4    979.5    5868.9    569.2    242.6    811.8    696.1    7376.8    1720.1 
  Sep 2011     4913.8    979.2    5893.0    558.2    238.8    796.9    690.0    7379.9    1744.8 
                   
  Oct 2011     4948.6    986.9    5935.4    547.8    234.9    782.7    692.8    7410.9    1739.3 
  Nov 2011     4988.4    994.7    5983.1    537.4    231.3    768.7    686.1    7437.9    1730.6 
  Dec 2011 p     5021.3    998.8    6020.2    530.5    229.1    759.6    683.3    7463.0    1738.5 
                   
                   
                   
Week ending
  Nov 14, 2011     4998.8    985.0    5983.7    538.7    231.8    770.5    688.2    7442.4    1734.7 
  Nov 21, 2011     4976.6    992.0    5968.6    536.2    230.8    767.0    685.2    7420.8    1733.4 
  Nov 28, 2011     4982.9    1006.5    5989.4    535.0    230.6    765.6    681.0    7436.0    1726.0 
                   
  Dec 5, 2011     4982.1    989.6    5971.7    533.4    230.2    763.7    681.3    7416.7    1734.1 
  Dec 12, 2011     5009.3    984.1    5993.4    532.1    229.9    762.0    682.6    7437.9    1726.8 
  Dec 19, 2011     5021.3    993.3    6014.5    530.9    229.2    760.1    682.8    7457.4    1733.4 
  Dec 26, 2011     5022.8    1012.3    6035.0    528.9    228.4    757.3    684.8    7477.1    1748.1 
                   
  Jan 2, 2012 p     5070.9    1019.8    6090.7    527.5    227.5    755.0    684.8    7530.5    1752.9 
  Jan 9, 2012 p     5088.0    997.5    6085.4    526.5    226.7    753.1    687.6    7526.2    1746.2 
                   
                   
                   

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.

Table 5
Not Seasonally Adjusted Components of M1
Billions of dollars
Date Currency1 Traveler's checks2 Demand deposits3 Other checkable deposits
At commercial banks4 At thrift institutions5 Total
  Aug 2010     890.0    4.8     467.5    221.3    155.4    376.7 
  Sep 2010     894.7    4.7     463.2    222.6    155.5    378.2 
             
  Oct 2010     904.4    4.7     475.7    224.4    157.6    382.0 
  Nov 2010     913.5    4.7     512.3    237.7    159.9    397.6 
  Dec 2010     920.3    4.7     539.6    243.3    162.9    406.1 
             
             
  Jan 2011     917.4    4.7     530.0    241.9    160.8    402.7 
  Feb 2011     931.0    4.6     526.1    233.1    163.1    396.2 
  Mar 2011     942.3    4.6     550.7    241.1    169.8    410.9 
             
  Apr 2011     952.0    4.6     550.6    238.9    171.1    410.0 
  May 2011     959.6    4.5     567.7    234.6    167.9    402.5 
  Jun 2011     964.2    4.5     580.6    237.4    167.7    405.1 
             
  Jul 2011     969.5    4.5     622.4    231.4    166.9    398.3 
  Aug 2011     973.0    4.5     715.6    236.7    172.3    408.9 
  Sep 2011     977.5    4.4     712.1    231.4    172.2    403.6 
             
  Oct 2011     982.3    4.4     737.4    230.6    173.5    404.1 
  Nov 2011     993.0    4.3     758.8    235.8    175.7    411.5 
  Dec 2011 p     1002.9    4.3     790.9    242.1    177.2    419.4 
             
             
             
Week ending
  Nov 14, 2011     991.7    4.3     710.2    220.3    171.7    392.0 
  Nov 21, 2011     993.9    4.3     751.3    234.0    174.5    408.5 
  Nov 28, 2011     997.1    4.3     828.1    248.6    179.1    427.7 
             
  Dec 5, 2011     996.1    4.3     759.1    235.4    179.5    414.9 
  Dec 12, 2011     998.8    4.3     714.8    222.2    172.2    394.4 
  Dec 19, 2011     1002.2    4.3     758.8    234.7    174.7    409.5 
  Dec 26, 2011     1009.6    4.3     843.1    256.9    178.4    435.2 
             
  Jan 2, 2012 p     1006.3    4.2     917.0    267.9    186.3    454.2 
  Jan 9, 2012 p     1002.9    4.2 e    746.6    237.7    176.3    414.1 
             
             
             

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.





Table 6
Not Seasonally Adjusted Components of Non-M1 M2
Billions of dollars
Date Savings deposits1 Small-denomination time deposits 2 Retail money funds3 Total non-M1 M2 Memorandum: Institutional money funds4
At commercial banks At thrift institutions Total At commercial banks At thrift institutions Total
  Aug 2010     4229.5    892.7    5122.2    731.2    286.0    1017.2    727.6    6867.0    1883.9 
  Sep 2010     4290.0    898.0    5188.0    713.8    282.7    996.5    722.2    6906.7    1884.4 
                   
  Oct 2010     4350.8    905.9    5256.7    694.3    279.1    973.4    710.5    6940.6    1877.8 
  Nov 2010     4376.6    912.1    5288.8    675.8    275.3    951.1    703.9    6943.8    1891.8 
  Dec 2010     4429.0    919.4    5348.4    656.8    271.1    927.8    706.3    6982.6    1895.6 
                   
                   
  Jan 2011     4445.0    924.1    5369.1    644.9    266.1    911.0    711.2    6991.3    1866.1 
  Feb 2011     4485.0    937.5    5422.5    635.4    263.0    898.3    704.6    7025.4    1838.7 
  Mar 2011     4541.5    958.3    5499.8    624.1    260.3    884.4    702.7    7086.8    1835.0 
                   
  Apr 2011     4605.7    966.8    5572.5    614.2    257.0    871.3    688.9    7132.7    1838.5 
  May 2011     4581.7    969.7    5551.4    602.7    253.7    856.4    677.2    7085.0    1854.4 
  Jun 2011     4660.8    969.9    5630.6    592.1    250.4    842.6    678.7    7151.9    1825.1 
                   
  Jul 2011     4783.4    973.7    5757.2    581.4    246.9    828.4    677.5    7263.0    1783.0 
  Aug 2011     4868.6    975.4    5843.9    569.5    242.8    812.2    693.6    7349.8    1703.5 
  Sep 2011     4922.5    981.0    5903.4    558.8    239.0    797.8    689.3    7390.5    1720.6 
                   
  Oct 2011     4950.0    987.2    5937.1    548.1    235.0    783.1    689.2    7409.5    1718.9 
  Nov 2011     5002.1    997.4    5999.6    537.8    231.5    769.4    681.7    7450.7    1729.1 
  Dec 2011 p     5047.9    1004.1    6052.0    529.9    228.8    758.7    685.7    7496.4    1765.7 
                   
                   
                   
Week ending
  Nov 14, 2011     5088.3    1002.6    6091.0    539.4    232.1    771.5    682.2    7544.6    1728.5 
  Nov 21, 2011     5001.9    997.1    5998.9    536.7    231.0    767.7    680.8    7447.4    1736.1 
  Nov 28, 2011     4906.9    991.1    5898.0    535.2    230.7    765.9    679.8    7343.7    1738.0 
                   
  Dec 5, 2011     5050.1    1003.1    6053.2    533.2    230.1    763.3    679.3    7495.9    1744.6 
  Dec 12, 2011     5134.1    1008.6    6142.7    531.4    229.6    761.1    685.5    7589.3    1764.1 
  Dec 19, 2011     5079.4    1004.8    6084.2    530.0    228.8    758.7    685.3    7528.2    1764.3 
  Dec 26, 2011     4961.1    999.8    5961.0    528.1    228.0    756.1    688.8    7405.9    1774.9 
                   
  Jan 2, 2012 p     4981.8    1001.9    5983.8    527.2    227.4    754.5    688.3    7426.6    1777.9 
  Jan 9, 2012 p     5175.4    1014.6    6190.0    526.2    226.6    752.8    695.0    7637.8    1769.6 
                   
                   
                   

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.





Table 7
Other Memorandum Items
Billions of dollars, not seasonally adjusted
Date Demand deposits at banks due to Time and savings deposits due to foreign banks and official institutions IRA and Keogh accounts
Foreign commercial banks Foreign official institutions At commercial banks At thrift institutions At money market funds Total
  Aug 2010     16.3     5.4     31.2     236.0     127.3     221.5     584.8  
  Sep 2010     16.8     5.3     33.1     237.3     127.6     219.5     584.4  
               
  Oct 2010     17.1     4.9     33.6     239.5     127.8     217.6     584.9  
  Nov 2010     17.1     6.3     32.8     242.7     127.9     215.7     586.3  
  Dec 2010     17.1     8.4     32.0     245.9     128.1     213.8     587.7  
               
               
  Jan 2011     17.0     8.6     31.9     247.6     128.3     212.1     588.0  
  Feb 2011     16.7     4.1     32.5     248.0     128.5     210.6     587.1  
  Mar 2011     16.5     3.3     33.0     248.3     128.7     209.1     586.2  
               
  Apr 2011     16.7     3.1     33.7     249.7     128.8     209.7     588.3  
  May 2011     17.5     3.7     34.5     252.3     128.8     212.7     593.8  
  Jun 2011     18.3     4.3     35.3     254.9     128.7     215.8     599.4  
               
  Jul 2011     19.0     4.4     34.6     257.5     129.3     219.0     605.8  
  Aug 2011     19.5     7.4     32.1     260.1     130.6     222.5     613.2  
  Sep 2011     20.0     6.4     29.6     262.7     131.9     226.0     620.6  
               
  Oct 2011     20.2 e    4.1 e    28.4 e    265.1 e    132.8 e    227.9 e    625.7 e 
  Nov 2011     20.2 e    4.4 e    28.4 e    267.4 e    133.3 e    228.3 e    629.0 e 
  Dec 2011 p     20.2 e    4.1 e    28.4 e    269.7 e    133.8 e    228.8 e    632.3 e 
               
               
               

e estimated

p preliminary

Components may not add to totals due to rounding.





Table 7
Other Memorandum Items (continued)
Billions of dollars, not seasonally adjusted
Date U.S. government deposits
Demand deposits at commercial banks Balance at Federal Reserve Note balances at depository institutions1 Total cash balance Time and savings deposits at commercial banks
General account Supplementary financing account
  Aug 2010     1.1    27.6    200.0    1.9    230.6    1.8  
  Sep 2010     2.8    47.2    200.0    1.9    251.9    1.8  
             
  Oct 2010     1.4    37.6    200.0    2.0    240.9    1.8  
  Nov 2010     1.0    28.7    200.0    1.8    231.5    1.9  
  Dec 2010     1.0    60.3    200.0    2.0    263.3    2.0  
             
             
  Jan 2011     3.0    87.8    200.0    2.0    292.7    1.9  
  Feb 2011     1.0    58.3    144.6    2.0    206.0    1.8  
  Mar 2011     1.0    57.5    41.6    2.0    102.1    1.6  
             
  Apr 2011     5.9    66.9    5.0    2.0    79.8    1.6  
  May 2011     1.1    90.5    5.0    2.0    98.6    1.6  
  Jun 2011     2.5    79.2    5.0    2.1    88.8    1.7  
             
  Jul 2011     1.0    70.3    4.4    2.0    77.6    1.7  
  Aug 2011     1.0    24.0    0.0    2.0    27.0    1.8  
  Sep 2011     1.6    39.4    0.0    2.0    42.9    1.8  
             
  Oct 2011     0.9    45.0    0.0    2.0    47.9    1.8 e 
  Nov 2011     0.8    40.3    0.0    2.0    43.1    1.8 e 
  Dec 2011 p     0.8    67.4    0.0    1.9    70.0    1.8 e 
             
             
             
Week ending
  Nov 14, 2011     0.7    24.6    0.0    2.0    27.4   
  Nov 21, 2011     0.8    46.8    0.0    2.0    49.6   
  Nov 28, 2011     0.8    37.8    0.0    2.0    40.6   
             
  Dec 5, 2011     0.7    39.3    0.0    2.0    42.1   
  Dec 12, 2011     0.8    19.8    0.0    2.0    22.5   
  Dec 19, 2011     0.9    88.5    0.0    2.1    91.5   
  Dec 26, 2011     0.8    102.6    0.0    2.0    105.4   
             
  Jan 2, 2012 p     0.7    89.6    0.0    0.9    91.2   
  Jan 9, 2012 p     0.7    83.3    0.0    0.0    84.0   
             
             
             

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 website (http://www.federalreserve.gov/). Monthly data are available back to January 1959, and weekly data are available back to January 1975 for most series.

Appendix Table 1
Monthly Seasonal Factors Used to Construct M1
Date Currency Nonbank travelers checks Demand deposits Other checkable deposits [1]
Total At banks
Jan 2011   0.9943  1.0016  0.9831  1.0017  1.0209 
Feb 2011   1.0008  1.0025  0.9749  0.9796  0.9802 
Mar 2011   1.0040  0.9969  1.0145  1.0142  1.0147 
           
Apr 2011   1.0047  0.9955  0.9967  1.0268  1.0335 
May 2011   1.0036  0.9957  1.0005  0.9978  0.9964 
Jun 2011   1.0012  0.9980  1.0085  1.0080  1.0071 
           
Jul 2011   1.0004  1.0069  0.9923  0.9865  0.9797 
Aug 2011   0.9971  1.0061  1.0028  0.9915  0.9874 
Sep 2011   0.9958  1.0010  0.9793  0.9856  0.9746 
           
Oct 2011   0.9961  1.0008  0.9986  0.9859  0.9780 
Nov 2011   0.9998  0.9981  1.0118  1.0016  1.0008 
Dec 2011   1.0030  0.9964  1.0369  1.0202  1.0274 
           
Jan 2012   0.9936  1.0010  0.9848  1.0041  1.0212 
Feb 2012   1.0003  1.0026  0.9772  0.9803  0.9805 
Mar 2012   1.0044  0.9970  1.0110  1.0138  1.0152 
           
Apr 2012   1.0038  0.9962  0.9967  1.0270  1.0307 
May 2012   1.0037  0.9962  1.0001  0.9963  0.9957 
Jun 2012   1.0024  0.9989  1.0065  1.0055  1.0067 
           
Jul 2012   0.9998  1.0064  0.9929  0.9860  0.9798 
Aug 2012   0.9978  1.0064  1.0024  0.9922  0.9892 
Sep 2012   0.9959  1.0007  0.9783  0.9846  0.9759 
           
Oct 2012   0.9955  1.0007  1.0019  0.9873  0.9784 
Nov 2012   1.0000  0.9984  1.0137  1.0020  0.9999 
Dec 2012   1.0028  0.9965  1.0358  1.0213  1.0262 
           
Jan 2013   0.9935  1.0012  0.9841  1.0042  1.0218 
Feb 2013   1.0001  1.0020  0.9784  0.9807  0.9809 
Mar 2013   1.0046  0.9967  1.0093  1.0142  1.0160 

1. Seasonally adjusted other checkable deposits at thrifts are derived as the difference 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
Date Savings and MMDA deposits [1] Small denom. time deposits [1] Retail money funds Institutional money funds
Jan 2011   0.9980  1.0011  1.0126  1.0247 
Feb 2011   0.9982  1.0007  1.0141  1.0230 
Mar 2011   1.0030  1.0001  1.0166  1.0082 
         
Apr 2011   1.0070  0.9992  1.0023  0.9956 
May 2011   0.9965  0.9977  0.9884  0.9933 
Jun 2011   0.9971  0.9990  0.9907  0.9911 
         
Jul 2011   0.9966  1.0002  0.9915  0.9857 
Aug 2011   0.9957  1.0005  0.9964  0.9904 
Sep 2011   1.0018  1.0011  0.9989  0.9861 
         
Oct 2011   1.0003  1.0005  0.9949  0.9883 
Nov 2011   1.0028  1.0008  0.9937  0.9991 
Dec 2011   1.0053  0.9988  1.0035  1.0156 
         
Jan 2012   0.9972  0.9993  1.0121  1.0233 
Feb 2012   0.9979  0.9998  1.0127  1.0223 
Mar 2012   1.0037  0.9997  1.0143  1.0082 
         
Apr 2012   1.0059  0.9997  1.0014  0.9958 
May 2012   0.9935  0.9992  0.9870  0.9937 
Jun 2012   0.9975  1.0003  0.9905  0.9919 
         
Jul 2012   0.9952  1.0013  0.9914  0.9865 
Aug 2012   0.9977  1.0016  0.9979  0.9897 
Sep 2012   1.0038  1.0014  1.0003  0.9857 
         
Oct 2012   0.9992  1.0001  0.9966  0.9880 
Nov 2012   1.0042  0.9993  0.9948  0.9997 
Dec 2012   1.0064  0.9979  1.0034  1.0163 
         
Jan 2013   0.9959  0.9983  1.0115  1.0222 
Feb 2013   0.9975  0.9994  1.0121  1.0218 
Mar 2013   1.0040  0.9996  1.0131  1.0080 

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
Date Currency Nonbank travelers checks Demand deposits Other checkable deposits [1]
Total At banks
Dec 5, 2011   0.9993  0.9952  0.9900  1.0004  0.9867 
Dec 12, 2011   1.0004  0.9958  0.9286  0.9619  0.9464 
Dec 19, 2011   1.0019  0.9964  1.0080  1.0042  1.0080 
Dec 26, 2011   1.0088  0.9969  1.1298  1.0676  1.1013 
           
Jan 2, 2012   1.0029  0.9975  1.1778  1.0888  1.1147 
Jan 9, 2012   0.9967  0.9989  0.9355  0.9829  0.9852 
Jan 16, 2012   0.9928  1.0004  0.9406  0.9699  0.9775 
Jan 23, 2012   0.9910  1.0018  0.9670  1.0025  1.0314 
Jan 30, 2012   0.9909  1.0032  1.0507  1.0398  1.0744 
           
Feb 6, 2012   0.9980  1.0046  0.9448  0.9792  0.9776 
Feb 13, 2012   0.9997  1.0035  0.9167  0.9380  0.9268 
Feb 20, 2012   1.0022  1.0023  0.9809  0.9749  0.9759 
Feb 27, 2012   1.0004  1.0011  1.0373  1.0140  1.0254 
           
Mar 5, 2012   1.0041  0.9999  0.9882  0.9982  0.9867 
Mar 12, 2012   1.0052  0.9985  0.9249  0.9664  0.9563 
Mar 19, 2012   1.0046  0.9970  1.0094  1.0084  1.0085 
Mar 26, 2012   1.0035  0.9955  1.0674  1.0509  1.0735 
           
Apr 2, 2012   1.0033  0.9940  1.1044  1.0633  1.0680 
Apr 9, 2012   1.0076  0.9949  0.9602  0.9877  0.9664 
Apr 16, 2012   1.0035  0.9959  0.9466  1.0013  1.0007 
Apr 23, 2012   1.0018  0.9968  0.9949  1.0507  1.0713 
Apr 30, 2012   1.0020  0.9977  1.0683  1.0656  1.0870 
           
May 7, 2012   1.0057  0.9972  0.9637  0.9922  0.9831 
May 14, 2012   1.0040  0.9966  0.9247  0.9511  0.9366 
May 21, 2012   1.0026  0.9960  0.9922  0.9877  0.9877 
May 28, 2012   1.0044  0.9955  1.0704  1.0289  1.0462 
           
Jun 4, 2012   1.0037  0.9949  1.0224  1.0114  1.0029 
Jun 11, 2012   1.0041  0.9969  0.9308  0.9561  0.9396 
Jun 18, 2012   1.0021  0.9988  0.9880  0.9965  0.9953 
Jun 25, 2012   1.0000  1.0008  1.0492  1.0445  1.0707 
           
Jul 2, 2012   1.0011  1.0027  1.0990  1.0425  1.0493 
Jul 9, 2012   1.0046  1.0042  0.9352  0.9585  0.9372 
Jul 16, 2012   0.9993  1.0057  0.9263  0.9553  0.9435 
Jul 23, 2012   0.9979  1.0073  0.9750  0.9890  0.9884 
Jul 30, 2012   0.9970  1.0088  1.1020  1.0250  1.0359 
           
Aug 6, 2012   1.0001  1.0103  1.0028  0.9853  0.9698 
Aug 13, 2012   0.9987  1.0082  0.9321  0.9523  0.9373 
Aug 20, 2012   0.9972  1.0062  0.9941  0.9855  0.9819 
Aug 27, 2012   0.9951  1.0041  1.0623  1.0252  1.0406 
           
Sep 3, 2012   0.9987  1.0020  1.0368  1.0238  1.0195 
Sep 10, 2012   0.9981  1.0014  0.8796  0.9477  0.9244 
Sep 17, 2012   0.9953  1.0009  0.9240  0.9639  0.9489 
Sep 24, 2012   0.9941  1.0003  1.0060  0.9937  0.9999 
           
Oct 1, 2012   0.9939  0.9997  1.1008  1.0251  1.0272 
Oct 8, 2012   0.9984  1.0001  0.9453  0.9608  0.9357 
Oct 15, 2012   0.9955  1.0004  0.9271  0.9453  0.9217 
Oct 22, 2012   0.9945  1.0008  0.9887  0.9839  0.9784 
Oct 29, 2012   0.9941  1.0012  1.0900  1.0284  1.0399 
           
Nov 5, 2012   0.9983  1.0015  1.0456  1.0297  1.0306 
Nov 12, 2012   1.0005  0.9999  0.9528  0.9660  0.9525 
Nov 19, 2012   0.9992  0.9983  0.9794  0.9773  0.9648 
Nov 26, 2012   1.0016  0.9967  1.0865  1.0376  1.0564 
           
Dec 3, 2012   0.9994  0.9951  1.0521  1.0272  1.0214 
Dec 10, 2012   1.0000  0.9957  0.9095  0.9604  0.9409 
Dec 17, 2012   1.0000  0.9964  0.9791  0.9880  0.9854 
Dec 24, 2012   1.0069  0.9970  1.0691  1.0475  1.0671 
Dec 31, 2012   1.0050  0.9976  1.1909  1.0948  1.1293 
           
Jan 7, 2013   0.9987  0.9989  0.9763  1.0102  1.0119 
Jan 14, 2013   0.9930  1.0002  0.9202  0.9605  0.9653 
Jan 21, 2013   0.9920  1.0016  0.9582  0.9915  1.0123 
Jan 28, 2013   0.9913  1.0029  1.0365  1.0339  1.0736 
           
Feb 4, 2013   0.9957  1.0042  0.9986  1.0082  1.0160 
Feb 11, 2013   0.9994  1.0031  0.9094  0.9403  0.9302 
Feb 18, 2013   1.0021  1.0019  0.9776  0.9676  0.9636 
Feb 25, 2013   1.0000  1.0007  1.0229  1.0064  1.0208 
           
Mar 4, 2013   1.0032  0.9995  1.0081  1.0085  1.0009 
Mar 11, 2013   1.0054  0.9982  0.9160  0.9662  0.9559 
Mar 18, 2013   1.0044  0.9969  0.9933  1.0013  1.0012 
Mar 25, 2013   1.0037  0.9955  1.0484  1.0438  1.0638 
           
Apr 1, 2013   1.0042  0.9942  1.1262  1.0692  1.0786 

1. Seasonally adjusted other checkable deposits at thrifts are derived as the difference 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
Date Savings and MMDA deposits [1] Small denom. time deposits [1] Retail money funds Institutional money funds
Dec 5, 2011   1.0136  0.9995  0.9971  1.0060 
Dec 12, 2011   1.0249  0.9988  1.0043  1.0216 
Dec 19, 2011   1.0116  0.9982  1.0036  1.0179 
Dec 26, 2011   0.9877  0.9984  1.0059  1.0153 
         
Jan 2, 2012   0.9824  0.9993  1.0052  1.0142 
Jan 9, 2012   1.0172  0.9995  1.0106  1.0134 
Jan 16, 2012   1.0126  0.9994  1.0140  1.0305 
Jan 23, 2012   0.9908  0.9991  1.0147  1.0238 
Jan 30, 2012   0.9703  0.9994  1.0112  1.0290 
         
Feb 6, 2012   1.0021  0.9995  1.0106  1.0170 
Feb 13, 2012   1.0076  0.9996  1.0133  1.0258 
Feb 20, 2012   0.9978  1.0000  1.0117  1.0212 
Feb 27, 2012   0.9862  1.0002  1.0150  1.0269 
         
Mar 5, 2012   1.0082  0.9997  1.0128  1.0137 
Mar 12, 2012   1.0188  0.9997  1.0162  1.0163 
Mar 19, 2012   1.0083  0.9997  1.0152  1.0063 
Mar 26, 2012   0.9858  0.9997  1.0163  1.0041 
         
Apr 2, 2012   0.9921  0.9998  1.0092  0.9997 
Apr 9, 2012   1.0260  0.9998  1.0091  0.9984 
Apr 16, 2012   1.0239  0.9998  1.0061  1.0045 
Apr 23, 2012   0.9999  0.9997  0.9999  0.9876 
Apr 30, 2012   0.9739  0.9996  0.9881  0.9915 
         
May 7, 2012   1.0033  0.9993  0.9812  0.9849 
May 14, 2012   1.0095  0.9991  0.9858  0.9953 
May 21, 2012   0.9929  0.9991  0.9881  0.9957 
May 28, 2012   0.9756  0.9994  0.9914  1.0000 
         
Jun 4, 2012   0.9997  0.9994  0.9903  0.9907 
Jun 11, 2012   1.0128  0.9999  0.9928  1.0007 
Jun 18, 2012   1.0061  1.0003  0.9912  0.9927 
Jun 25, 2012   0.9784  1.0005  0.9916  0.9883 
         
Jul 2, 2012   0.9818  1.0011  0.9850  0.9844 
Jul 9, 2012   1.0141  1.0015  0.9900  0.9820 
Jul 16, 2012   1.0084  1.0015  0.9916  0.9916 
Jul 23, 2012   0.9886  1.0012  0.9931  0.9868 
Jul 30, 2012   0.9717  1.0011  0.9925  0.9872 
         
Aug 6, 2012   1.0042  1.0016  0.9920  0.9790 
Aug 13, 2012   1.0108  1.0017  0.9973  0.9888 
Aug 20, 2012   1.0003  1.0016  1.0000  0.9908 
Aug 27, 2012   0.9802  1.0014  1.0008  0.9988 
         
Sep 3, 2012   0.9954  1.0019  0.9993  0.9893 
Sep 10, 2012   1.0247  1.0018  1.0027  0.9918 
Sep 17, 2012   1.0183  1.0014  1.0032  0.9903 
Sep 24, 2012   0.9900  1.0011  1.0003  0.9797 
         
Oct 1, 2012   0.9805  1.0011  0.9949  0.9783 
Oct 8, 2012   1.0133  1.0009  0.9956  0.9794 
Oct 15, 2012   1.0179  1.0003  0.9991  0.9911 
Oct 22, 2012   0.9971  0.9997  0.9988  0.9881 
Oct 29, 2012   0.9757  0.9996  0.9947  0.9948 
         
Nov 5, 2012   0.9993  0.9998  0.9916  0.9885 
Nov 12, 2012   1.0141  0.9998  0.9937  0.9952 
Nov 19, 2012   1.0131  0.9994  0.9928  1.0004 
Nov 26, 2012   0.9880  0.9990  0.9990  1.0077 
         
Dec 3, 2012   1.0027  0.9986  0.9969  1.0066 
Dec 10, 2012   1.0263  0.9983  1.0038  1.0176 
Dec 17, 2012   1.0185  0.9977  1.0025  1.0228 
Dec 24, 2012   0.9986  0.9974  1.0050  1.0128 
Dec 31, 2012   0.9783  0.9979  1.0049  1.0162 
         
Jan 7, 2013   1.0146  0.9980  1.0063  1.0082 
Jan 14, 2013   1.0140  0.9981  1.0148  1.0290 
Jan 21, 2013   0.9971  0.9984  1.0136  1.0236 
Jan 28, 2013   0.9700  0.9985  1.0121  1.0296 
         
Feb 4, 2013   0.9904  0.9989  1.0093  1.0181 
Feb 11, 2013   1.0062  0.9992  1.0132  1.0236 
Feb 18, 2013   1.0014  0.9995  1.0103  1.0211 
Feb 25, 2013   0.9869  0.9996  1.0145  1.0259 
         
Mar 4, 2013   1.0032  0.9995  1.0114  1.0145 
Mar 11, 2013   1.0195  0.9995  1.0150  1.0151 
Mar 18, 2013   1.0115  0.9996  1.0134  1.0078 
Mar 25, 2013   0.9883  0.9997  1.0153  1.0028 
         
Apr 1, 2013   0.9884  0.9998  1.0093  1.0018 

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
Oct 2010   1777.0  1779.3  8726.2  8740.8 
Nov 2010   1822.6  1817.2  8756.0  8778.9 
Dec 2010   1840.3  1828.3  8796.4  8812.2 
         
Jan 2011   1868.4  1850.3  8860.4  8836.8 
Feb 2011   1878.9  1871.5  8903.5  8898.2 
Mar 2011   1891.2  1888.2  8949.9  8926.3 
         
Apr 2011   1903.8  1897.8  8996.9  8958.1 
May 2011   1931.6  1929.5  9046.1  9009.7 
Jun 2011   1945.2  1944.9  9120.8  9096.9 
         
Jul 2011   2004.6  2003.8  9293.2  9298.5 
Aug 2011   2106.3  2107.6  9483.1  9531.0 
Sep 2011   2122.7  2133.8  9502.6  9578.3 
         
Oct 2011   2138.9  2150.1  9549.8  9607.6 
Nov 2011   2158.2  2149.1  9596.1  9641.7 
Dec 2011   2178.0  2158.0  9641.0  9675.8 
Appendix Table 6
Comparison of Revised and Old M1 Growth Rates
(Percent changes, annual rate)
Date Revised Old Difference Difference due to
Benchmark Seasonals
2010            
Jan 2010   -9.5  -8.9  -0.6  0.1  -0.7 
Feb 2010   14.7  15.9  -1.2  0.0  -1.2 
Mar 2010   5.3  6.1  -0.8  0.1  -0.9 
Apr 2010   -7.6  -9.2  1.6  -0.1  1.7 
May 2010   3.0  3.6  -0.6  0.0  -0.6 
Jun 2010   11.5  13.2  -1.7  0.1  -1.8 
Jul 2010   1.5  2.2  -0.7  0.0  -0.7 
Aug 2010   13.3  14.2  -0.9  0.0  -0.9 
Sep 2010   12.7  15.7  -3.0  0.4  -3.4 
Oct 2010   10.1  6.9  3.2  2.9  0.3 
Nov 2010   30.8  25.6  5.2  -0.1  5.3 
Dec 2010   11.7  7.3  4.4  0.2  4.2 
           
2011            
Jan 2011   18.3  14.4  3.9  5.4  -1.5 
Feb 2011   6.7  13.7  -7.0  -6.1  -0.9 
Mar 2011   7.9  10.7  -2.8  -2.1  -0.7 
Apr 2011   8.0  6.1  1.9  0.4  1.5 
May 2011   17.5  20.0  -2.5  -0.7  -1.8 
Jun 2011   8.4  9.6  -1.2  -0.3  -0.9 
Jul 2011   36.6  36.3  0.3  1.0  -0.7 
Aug 2011   60.9  62.2  -1.3  1.3  -2.6 
Sep 2011   9.3  14.9  -5.6  -0.6  -5.0 
Oct 2011   9.2  9.2  0.0  -0.3  0.3 
Nov 2011   10.8  -0.6  11.4  0.3  11.1 
Dec 2011   11.0  5.0  6.0  1.7  4.3 
           
Quarterly            
2010Q4   16.0  14.0  2.0  1.1  0.9 
2011Q1   14.6  13.6  1.0  0.3  0.7 
2011Q2   10.1  11.6  -1.5  -1.2  -0.3 
2011Q3   31.3  32.8  -1.5  0.4  -1.9 
2011Q4   15.5  13.6  1.9  0.1  1.8 
           
Semi-Annual            
2010Q4 - 2011Q2   12.5  12.8  -0.3  -0.4  0.1 
2011Q2 - 2011Q4   24.0  23.7  0.3  0.3  0.0 
           
Annual (Q4 to Q4)            
2010   7.7  7.4  0.3  0.3  0.0 
2011   19.0  19.0  0.0  -0.1  0.1 



Appendix Table 7
Comparison of Revised and Old M2 Growth Rates
(Percent changes, annual rate)
Date Revised Old Difference Difference due to
Benchmark Seasonals
2010            
Jan 2010   -4.8  -8.9  4.1  -0.3  4.4 
Feb 2010   7.2  9.6  -2.4  -0.2  -2.2 
Mar 2010   -0.9  -3.1  2.2  0.2  2.0 
Apr 2010   3.5  1.5  2.0  0.4  1.6 
May 2010   6.6  5.6  1.0  0.0  1.0 
Jun 2010   2.8  4.1  -1.3  -0.1  -1.2 
Jul 2010   -0.5  2.2  -2.7  0.0  -2.7 
Aug 2010   3.6  6.3  -2.7  0.0  -2.7 
Sep 2010   4.8  6.6  -1.8  0.0  -1.8 
Oct 2010   7.3  5.6  1.7  0.5  1.2 
Nov 2010   4.1  5.2  -1.1  -0.3  -0.8 
Dec 2010   5.5  4.6  0.9  -0.2  1.1 
           
2011            
Jan 2011   8.7  3.3  5.4  0.2  5.2 
Feb 2011   5.8  8.3  -2.5  -0.3  -2.2 
Mar 2011   6.3  3.8  2.5  -0.2  2.7 
Apr 2011   6.3  4.3  2.0  0.2  1.8 
May 2011   6.6  6.9  -0.3  -0.7  0.4 
Jun 2011   9.9  11.6  -1.7  -0.7  -1.0 
Jul 2011   22.7  26.6  -3.9  -0.3  -3.6 
Aug 2011   24.5  30.0  -5.5  -0.6  -4.9 
Sep 2011   2.5  6.0  -3.5  -0.7  -2.8 
Oct 2011   6.0  3.7  2.3  -0.2  2.5 
Nov 2011   5.8  4.3  1.5  0.0  1.5 
Dec 2011   5.6  4.2  1.4  0.1  1.3 
           
Quarterly            
2010Q4   5.4  5.7  -0.3  0.1  -0.4 
2011Q1   6.6  5.0  1.6  0.0  1.6 
2011Q2   6.7  6.1  0.6  -0.2  0.8 
2011Q3   16.4  19.9  -3.5  -0.6  -2.9 
2011Q4   7.2  7.3  -0.1  -0.3  0.2 
           
Semi-Annual            
2010Q4 - 2011Q2   6.7  5.6  1.1  -0.2  1.3 
2011Q2 - 2011Q4   11.9  13.7  -1.8  -0.4  -1.4 
           
Annual (Q4 to Q4)            
2010   3.1  3.2  -0.1  0.1  -0.2 
2011   9.5  9.8  -0.3  -0.3  0.0 

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