Board of Governors of the Federal Reserve System

Money Stock Measures - H.6

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Current Release (33 KB PDF)

Release Date: January 28, 2016

For release at
4:30 p.m. EST
January 28, 2016

H.6 (508)

MONEY STOCK REVISIONS

The Federal Reserve revised its measures of the money stock and their components to incorporate updated seasonal factors and a new quarterly benchmark.

This release includes seasonally adjusted measures of the monetary aggregates and components produced with revised seasonal factors, which were derived from data through December 2015 and estimated using the X-12-ARIMA procedure.[1] While the updated seasonal factors resulted in revisions to the growth rates of seasonally adjusted M2 for individual months in 2015, the growth rates for seasonally adjusted M2 in the first and second half of 2015 were roughly unchanged.

This release also includes a new quarterly benchmark, which incorporates minor revisions to data reported in the quarterly deposit reports, and takes account of deposit data from Call Reports for banks and thrift institutions that are not weekly or quarterly deposit reporters.[2] These revisions to deposit data start in 2012. 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 2015. Likewise, the benchmark 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 2015. This release also incorporates the receipt of historical information from other sources of data.

The effects of both the revisions to seasonal factors and the new quarterly benchmark 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/econresdata/statisticsdata.htm.

--------------------
[1] Information on the seasonal adjustment procedure is available on the U.S. Census Bureau website at https://www.census.gov/srd/www/x13as.
[2] "Call Reports" refers to the commercial bank Consolidated Reports of Condition and Income (FFIEC 031 and 041; OMB No. 7100-0036) and the credit union Statement of Financial Condition (NCUA 5300/5300SF; OMB No. 3133-0004).

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Table 1
Money Stock Measures. Billions of dollars.
Date Seasonally adjusted Not seasonally adjusted
M1 1 M2 2 M1 1 M2 2
Jan. 2014 2,688.4 11,033.8 2,697.5 11,058.9
Feb. 2014 2,712.9 11,098.9 2,701.7 11,110.3
Mar. 2014 2,746.1 11,153.5 2,768.7 11,235.4
Apr. 2014 2,770.9 11,212.3 2,805.2 11,288.7
May 2014 2,790.5 11,281.8 2,777.7 11,231.9
June 2014 2,820.8 11,335.3 2,820.2 11,293.7
July 2014 2,836.8 11,402.0 2,837.4 11,348.7
Aug. 2014 2,807.4 11,438.7 2,786.1 11,379.9
Sept. 2014 2,869.6 11,476.6 2,831.1 11,430.4
Oct. 2014 2,874.0 11,528.6 2,860.4 11,496.4
Nov. 2014 2,884.7 11,566.7 2,856.0 11,572.2
Dec. 2014 2,927.3 11,636.4 2,985.2 11,717.4
Jan. 2015 2,937.9 11,703.5 2,944.6 11,723.7
Feb. 2015 2,985.1 11,800.1 2,976.1 11,812.2
Mar. 2015 2,990.2 11,835.1 3,019.6 11,921.3
Apr. 2015 2,995.6 11,888.0 3,032.4 11,970.7
May 2015 2,989.8 11,923.9 2,973.1 11,873.0
June 2015 3,015.3 11,970.6 3,017.0 11,926.7
July 2015 3,034.6 12,032.5 3,035.6 11,979.4
Aug. 2015 3,042.0 12,097.8 3,019.6 12,037.9
Sept. 2015 3,057.2 12,157.5 3,016.3 12,110.1
Oct. 2015 3,038.1 12,178.0 3,018.9 12,142.7
Nov. 2015 3,087.2 12,257.3 3,058.3 12,260.9
Dec. 2015 3,082.0 12,299.4 3,141.6 12,385.7

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Percent change at seasonally adjusted annual rates M1 M2
3 Months from Sept. 2015 TO Dec. 2015 3.2 4.7
6 Months from June 2015 TO Dec. 2015 4.4 5.5
12 Months from Dec. 2014 TO Dec. 2015 5.3 5.7

Footnotes

Components may not add to totals due to rounding.

  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.

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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. 26, 2015 3,046.0 3,033.8 3,050.2 12,134.4 12,165.0 12,214.6 3,016.0 2,996.7 3,093.2 12,085.8 12,130.2 12,104.1
Nov. 2, 2015 3,045.0 3,038.8 3,065.4 12,149.8 12,186.5 12,241.8 3,016.8 3,038.1 3,197.6 12,102.2 12,148.2 12,215.5
Nov. 9, 2015 3,047.8 3,050.3 3,072.1 12,163.8 12,209.9 12,237.6 3,021.0 3,056.3 2,966.8 12,119.6 12,179.3 12,257.2
Nov. 16, 2015 3,051.8 3,068.6 3,086.8 12,176.0 12,238.2 12,258.9 3,023.2 3,057.5 2,972.4 12,136.8 12,216.0 12,287.0
Nov. 23, 2015 3,056.3 3,082.6 3,106.0 12,187.5 12,252.4 12,271.1 3,027.0 3,053.9 3,078.8 12,154.1 12,248.1 12,232.6
Nov. 30, 2015 3,060.6 3,088.8 3,090.3 12,197.4 12,258.4 12,265.9 3,031.1 3,053.2 3,194.6 12,171.0 12,260.6 12,265.4
Dec. 7, 2015 3,061.9 3,082.2 3,045.7 12,207.4 12,264.9 12,263.6 3,034.6 3,055.6 2,976.4 12,186.1 12,278.6 12,329.3
Dec. 14, 2015 3,062.9 3,078.9 3,073.4 12,217.4 12,270.6 12,281.7 3,041.8 3,064.3 3,007.4 12,202.0 12,298.4 12,366.1
Dec. 21, 2015 3,064.2 3,075.8 3,093.8 12,228.8 12,284.5 12,326.7 3,053.9 3,086.7 3,168.2 12,226.1 12,345.1 12,419.4
Dec. 28, 2015 3,065.5 3,073.8 3,082.2 12,240.7 12,298.6 12,322.4 3,066.3 3,116.2 3,312.8 12,254.2 12,381.5 12,411.0
Jan. 4, 2016 3,073.8 3,100.9 3,154.0 12,252.0 12,308.2 12,302.0 3,087.9 3,200.4 3,313.1 12,277.0 12,409.4 12,440.9
Jan. 11, 2016 3,078.9 3,105.5 3,091.9 12,271.7 12,338.0 12,400.8 3,095.0 3,195.1 2,986.4 12,305.3 12,442.8 12,499.9
Jan. 18, 2016 3,083.7 3,101.2 3,076.8 12,292.0 12,358.6 12,409.3 3,098.1 3,154.9 3,007.2 12,329.8 12,452.7 12,458.8

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Percent change at seasonally adjusted annual rates M1 M2
Thirteen weeks ending January 18, 2016 from thirteen weeks ending:
Oct. 19, 2015 (13 weeks previous) 5.1 5.6
July 20, 2015 (26 weeks previous) 5.1 5.6
Jan. 19, 2015 (52 weeks previous) 6.0 5.9

Footnotes

Components may not add to totals due to rounding.

Note: Special caution should be taken in interpreting week-to-week changes in money supply data, which are highly volatile and subject to revision.

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Table 3
Seasonally Adjusted Components of M1. Billions of dollars.
Date Currency 1 Traveler's checks 2 Demand deposits 3 Other checkable deposits
At commercial banks 4 At thrift institutions 5 Total
Month
Aug. 2014 1,224.0 3.2 1,099.0 265.1 216.1 481.2
Sept. 2014 1,227.9 3.1 1,162.3 261.8 214.6 476.4
Oct. 2014 1,231.8 3.1 1,160.0 261.4 217.7 479.1
Nov. 2014 1,241.1 3.0 1,160.0 261.8 218.8 480.6
Dec. 2014 1,251.9 2.9 1,186.0 267.2 219.2 486.3
Jan. 2015 1,265.4 2.9 1,182.6 266.1 220.9 487.0
Feb. 2015 1,271.3 2.9 1,213.8 271.0 226.0 497.1
Mar. 2015 1,278.6 2.8 1,210.0 273.0 225.9 498.8
Apr. 2015 1,284.3 2.8 1,210.1 271.6 226.8 498.5
May 2015 1,289.4 2.7 1,197.9 271.5 228.3 499.8
June 2015 1,295.1 2.7 1,213.9 275.8 227.8 503.6
July 2015 1,301.8 2.7 1,224.4 276.3 229.5 505.8
Aug. 2015 1,310.1 2.6 1,221.7 275.1 232.5 507.5
Sept. 2015 1,318.9 2.6 1,224.5 278.6 232.6 511.2
Oct. 2015 1,325.5 2.6 1,198.1 278.0 233.9 511.9
Nov. 2015 1,333.4 2.5 1,237.3 279.7 234.2 513.9
Dec. 2015 1,337.7 2.5 1,226.4 279.2 236.2 515.3
             
Week ending
Nov. 23, 2015 1,334.9 2.5 1,254.8 279.0 234.7 513.7
Nov. 30, 2015 1,336.3 2.5 1,239.1 278.9 233.5 512.4
Dec. 7, 2015 1,337.3 2.5 1,196.3 275.3 234.2 509.5
Dec. 14, 2015 1,337.2 2.5 1,218.9 279.9 235.0 514.9
Dec. 21, 2015 1,336.9 2.5 1,238.3 280.2 235.9 516.2
Dec. 28, 2015 1,337.8 2.5 1,225.5 277.9 238.5 516.4
Jan. 4, 2016 1,341.1 2.5 1,285.0 287.1 238.3 525.4
Jan. 11, 2016 1,343.0 2.5 e 1,235.4 278.4 232.6 511.0
Jan. 18, 2016 1,345.3 2.5 e 1,220.0 276.2 232.8 508.9

Footnotes

Components may not add to totals due to rounding.

e estimated

  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.

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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
Month
Aug. 2014 6,404.9 1,071.9 7,476.7 396.1 135.4 531.5 623.0 8,631.3 1,748.0
Sept. 2014 6,389.2 1,070.4 7,459.6 393.4 134.8 528.2 619.1 8,607.0 1,753.8
Oct. 2014 6,433.3 1,074.5 7,507.8 389.6 134.1 523.7 623.1 8,654.6 1,772.6
Nov. 2014 6,470.4 1,073.0 7,543.5 384.7 133.1 517.8 620.7 8,682.0 1,784.6
Dec. 2014 6,504.9 1,078.8 7,583.7 379.9 131.5 511.4 614.1 8,709.1 1,809.9
Jan. 2015 6,559.2 1,086.5 7,645.8 375.5 130.1 505.7 614.1 8,765.6 1,798.2
Feb. 2015 6,610.7 1,092.1 7,702.7 373.9 127.8 501.7 610.6 8,815.1 1,794.9
Mar. 2015 6,651.5 1,094.7 7,746.2 365.0 125.6 490.5 608.1 8,844.8 1,813.5
Apr. 2015 6,701.5 1,103.1 7,804.6 355.9 125.1 481.0 606.9 8,892.5 1,801.2
May 2015 6,743.0 1,116.7 7,859.6 347.2 124.2 471.4 603.1 8,934.1 1,810.2
June 2015 6,766.8 1,121.0 7,887.8 339.9 123.4 463.3 604.2 8,955.3 1,823.0
July 2015 6,820.7 1,120.1 7,940.9 328.0 122.4 450.4 606.6 8,997.9 1,843.9
Aug. 2015 6,887.4 1,123.3 8,010.7 315.3 122.0 437.4 607.8 9,055.9 1,870.1
Sept. 2015 6,932.4 1,126.7 8,059.1 302.7 121.1 423.8 617.4 9,100.3 1,836.0
Oct. 2015 6,971.9 1,138.4 8,110.2 296.8 120.6 417.4 612.3 9,139.8 1,857.1
Nov. 2015 7,008.8 1,135.2 8,144.0 299.4 113.9 413.4 612.7 9,170.0 1,853.7
Dec. 2015 7,039.9 1,147.6 8,187.5 294.8 112.7 407.5 622.4 9,217.5 1,837.3
                   
Week ending
Nov. 23, 2015 7,000.5 1,138.5 8,139.1 298.4 113.7 412.1 614.0 9,165.2 1,844.9
Nov. 30, 2015 6,999.7 1,150.2 8,149.9 298.1 113.6 411.7 614.0 9,175.6 1,847.2
Dec. 7, 2015 7,065.2 1,133.9 8,199.1 296.6 113.2 409.8 609.0 9,217.9 1,860.3
Dec. 14, 2015 7,064.3 1,131.8 8,196.2 295.6 113.1 408.7 603.4 9,208.2 1,851.9
Dec. 21, 2015 7,041.3 1,149.1 8,190.4 294.6 112.7 407.3 635.2 9,232.9 1,821.2
Dec. 28, 2015 7,029.6 1,169.3 8,198.9 293.5 112.2 405.7 635.6 9,240.2 1,820.2
Jan. 4, 2016 6,944.8 1,161.4 8,106.2 292.1 112.1 404.2 637.5 9,148.0 1,827.2
Jan. 11, 2016 7,056.1 1,140.5 8,196.7 292.2 112.2 404.5 707.8 9,308.9 1,718.2
Jan. 18, 2016 7,068.8 1,150.3 8,219.1 292.6 112.5 405.2 708.3 9,332.6 1,721.3

Footnotes

Components may not add to totals due to rounding.

  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.

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Table 5
Not Seasonally Adjusted Components of M1. Billions of dollars.
Date Currency 1 Traveler's checks 2 Demand deposits 3 Other checkable deposits
At commercial banks 4 At thrift institutions 5 Total
Month
Aug. 2014 1,221.0 3.2 1,088.4 260.9 212.6 473.5
Sept. 2014 1,222.6 3.1 1,137.9 255.3 212.2 467.6
Oct. 2014 1,227.9 3.1 1,160.6 255.2 213.7 468.8
Nov. 2014 1,239.0 3.0 1,147.3 252.9 214.0 466.8
Dec. 2014 1,254.1 2.9 1,237.2 272.8 218.2 491.0
Jan. 2015 1,259.3 2.9 1,190.6 273.8 218.0 491.8
Feb. 2015 1,272.7 2.9 1,203.9 269.7 227.0 496.7
Mar. 2015 1,285.1 2.8 1,218.8 280.3 232.6 512.9
Apr. 2015 1,290.6 2.8 1,222.5 281.8 234.8 516.6
May 2015 1,295.0 2.7 1,175.5 270.6 229.3 499.9
June 2015 1,295.7 2.7 1,211.6 276.4 230.6 507.0
July 2015 1,300.9 2.7 1,228.2 274.5 229.4 503.9
Aug. 2015 1,306.0 2.6 1,211.5 270.4 229.1 499.4
Sept. 2015 1,313.6 2.6 1,199.0 271.7 229.4 501.1
Oct. 2015 1,321.4 2.6 1,194.9 271.1 229.0 500.1
Nov. 2015 1,330.4 2.5 1,225.6 270.3 229.6 499.8
Dec. 2015 1,340.2 2.5 1,278.5 284.9 235.4 520.4
             
Week ending
Nov. 23, 2015 1,330.2 2.5 1,246.3 271.6 228.1 499.8
Nov. 30, 2015 1,334.2 2.5 1,339.6 283.5 234.8 518.3
Dec. 7, 2015 1,334.6 2.5 1,140.9 266.0 232.3 498.3
Dec. 14, 2015 1,336.1 2.5 1,169.5 269.3 230.1 499.3
Dec. 21, 2015 1,341.0 2.5 1,302.6 286.7 235.3 522.0
Dec. 28, 2015 1,347.7 2.5 1,418.7 304.5 239.3 543.8
Jan. 4, 2016 1,344.1 2.5 1,412.7 309.3 244.5 553.8
Jan. 11, 2016 1,339.1 2.5 e 1,143.9 274.1 226.9 501.0
Jan. 18, 2016 1,338.3 2.5 e 1,162.8 277.1 226.5 503.7

Footnotes

Components may not add to totals due to rounding.

e estimated

  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.

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Table 6
Not 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
Month
Aug. 2014 6,376.9 1,067.2 7,444.1 395.2 135.0 530.2 619.6 8,593.9 1,724.5
Sept. 2014 6,386.4 1,070.0 7,456.4 391.2 134.0 525.3 617.6 8,599.3 1,736.1
Oct. 2014 6,420.8 1,072.4 7,493.2 386.9 133.2 520.1 622.7 8,636.0 1,763.7
Nov. 2014 6,507.3 1,079.1 7,586.4 381.8 132.1 513.9 616.0 8,716.2 1,796.2
Dec. 2014 6,522.1 1,081.6 7,603.7 377.7 130.8 508.5 620.0 8,732.2 1,846.7
Jan. 2015 6,559.5 1,086.6 7,646.1 375.4 130.1 505.5 627.6 8,779.2 1,849.9
Feb. 2015 6,619.6 1,093.6 7,713.2 375.6 128.3 503.9 619.0 8,836.1 1,836.4
Mar. 2015 6,691.4 1,101.3 7,792.7 367.4 126.4 493.8 615.2 8,901.7 1,834.8
Apr. 2015 6,738.0 1,109.1 7,847.1 358.2 125.9 484.1 607.1 8,938.3 1,780.0
May 2015 6,718.6 1,112.6 7,831.3 349.4 125.0 474.4 594.2 8,899.9 1,781.8
June 2015 6,733.2 1,115.4 7,848.6 341.1 123.8 465.0 596.1 8,909.7 1,788.8
July 2015 6,779.8 1,113.4 7,893.2 328.9 122.7 451.6 598.9 8,943.8 1,812.0
Aug. 2015 6,859.1 1,118.7 7,977.8 314.4 121.7 436.1 604.5 9,018.4 1,846.5
Sept. 2015 6,930.7 1,126.4 8,057.1 300.7 120.3 421.1 615.6 9,093.8 1,817.1
Oct. 2015 6,961.5 1,136.7 8,098.1 294.5 119.6 414.1 611.6 9,123.8 1,849.7
Nov. 2015 7,043.9 1,140.9 8,184.8 296.9 113.0 409.9 607.8 9,202.6 1,868.6
Dec. 2015 7,059.9 1,150.9 8,210.8 293.1 112.1 405.1 628.2 9,244.1 1,875.3
                   
Week ending
Nov. 23, 2015 6,997.2 1,138.0 8,135.2 295.9 112.8 408.7 610.0 9,153.8 1,864.4
Nov. 30, 2015 6,915.7 1,136.4 8,052.1 295.6 112.7 408.3 610.4 9,070.8 1,874.8
Dec. 7, 2015 7,184.6 1,153.1 8,337.7 294.1 112.3 406.4 608.8 9,352.9 1,893.4
Dec. 14, 2015 7,194.7 1,152.7 8,347.5 293.5 112.2 405.7 605.6 9,358.8 1,908.4
Dec. 21, 2015 7,053.5 1,151.1 8,204.6 292.8 112.1 404.9 641.9 9,251.3 1,849.2
Dec. 28, 2015 6,899.8 1,147.7 8,047.5 292.4 111.8 404.2 646.6 9,098.3 1,854.5
Jan. 4, 2016 6,916.3 1,156.6 8,072.9 292.0 112.1 404.1 650.8 9,127.8 1,865.5
Jan. 11, 2016 7,214.9 1,166.2 8,381.2 292.1 112.2 404.3 728.1 9,513.5 1,763.8
Jan. 18, 2016 7,157.3 1,164.7 8,322.0 292.5 112.5 405.0 724.6 9,451.5 1,775.2

Footnotes

Components may not add to totals due to rounding.

  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.

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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. 2014 74.9 22.2 56.3 280.7 142.3 231.0 654.0
Sept. 2014 70.8 19.9 54.7 282.0 142.4 231.7 656.1
Oct. 2014 69.3 18.7 54.9 283.5 142.6 231.5 657.6
Nov. 2014 71.1 17.9 57.3 285.4 143.0 230.0 658.4
Dec. 2014 73.0 17.0 59.8 287.2 143.5 228.5 659.2
Jan. 2015 73.3 17.1 60.8 288.0 143.2 226.7 657.9
Feb. 2015 71.8 18.4 60.3 287.6 142.0 224.7 654.2
Mar. 2015 70.4 19.6 59.7 287.1 140.8 222.6 650.5
Apr. 2015 70.0 20.1 59.8 287.4 140.3 221.5 649.3
May 2015 71.4 19.4 61.0 288.8 140.8 222.0 651.6
June 2015 72.7 18.7 62.2 290.2 141.3 222.5 654.0
July 2015 74.5 18.7 63.3 292.9 141.7 224.0 658.7
Aug. 2015 76.9 19.8 64.0 297.4 142.1 226.8 666.3
Sept. 2015 79.4 20.9 64.8 301.8 142.5 229.6 674.0
Oct. 2015 80.7 e 21.4 e 65.2 e 304.2 e 142.7 e 232.9 e 679.8 e
Nov. 2015 80.7 e 21.2 e 65.2 e 304.2 e 142.7 e 236.8 e 683.7 e
Dec. 2015 80.7 e 21.4 e 65.2 e 304.2 e 142.7 e 240.7 e 687.6 e

Footnotes

Components may not add to totals due to rounding.

e estimated

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Table 7 (continued)
Other Memorandum Items (continued). Billions of dollars, not seasonally adjusted.
Date U.S. government deposits
Demand deposits at
commercial banks
banks
Balance at Federal Reserve Total cash balance Time and savings
deposits at
commercial banks
Month
Aug. 2014 1.4 54.3 55.7 1.9
Sept. 2014 1.6 78.9 80.5 1.9
Oct. 2014 1.9 106.2 108.1 1.9
Nov. 2014 1.5 97.1 98.6 2.1
Dec. 2014 1.6 129.3 130.9 2.2
Jan. 2015 2.0 175.8 177.8 2.2
Feb. 2015 2.2 114.7 116.8 2.1
Mar. 2015 2.0 64.2 66.2 2.1
Apr. 2015 2.2 122.2 124.4 2.0
May 2015 2.0 196.8 198.7 1.9
June 2015 1.7 209.7 211.5 1.9
July 2015 1.6 189.8 191.5 1.9
Aug. 2015 1.3 165.5 166.8 2.0
Sept. 2015 1.5 125.0 126.6 2.0
Oct. 2015 1.4 60.5 62.0 2.1 e
Nov. 2015 1.3 134.0 135.3 2.1 e
Dec. 2015 1.4 237.1 238.5 2.1 e
         
Week ending
Nov. 23, 2015 1.6 151.4 153.0  
Nov. 30, 2015 1.4 197.4 198.7  
Dec. 7, 2015 1.3 195.9 197.2  
Dec. 14, 2015 1.3 172.4 173.7  
Dec. 21, 2015 1.2 266.3 267.5  
Dec. 28, 2015 1.7 276.3 277.9  
Jan. 4, 2016 1.3 329.4 330.7  
Jan. 11, 2016 1.1 311.0 312.2  
Jan. 18, 2016 1.3 284.2 285.4  

Footnotes

e estimated

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.

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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. 2015 0.9952 1.0005 1.0068 1.0098 1.0287
Feb. 2015 1.0011 0.9997 0.9918 0.9993 0.9949
Mar. 2015 1.0050 0.9979 1.0073 1.0282 1.0268
Apr. 2015 1.0049 0.9958 1.0103 1.0364 1.0374
May 2015 1.0043 0.9960 0.9813 1.0002 0.9964
June 2015 1.0005 0.9987 0.9981 1.0067 1.0019
July 2015 0.9993 1.0039 1.0031 0.9962 0.9934
Aug. 2015 0.9968 1.0064 0.9917 0.9840 0.9830
Sept. 2015 0.9960 1.0043 0.9792 0.9803 0.9752
Oct. 2015 0.9968 0.9999 0.9973 0.9769 0.9753
Nov. 2015 0.9977 0.9975 0.9905 0.9726 0.9663
Dec. 2015 1.0019 0.9995 1.0425 1.0097 1.0205
Jan. 2016 0.9958 0.9995 1.0035 1.0081 1.0281
Feb. 2016 1.0009 0.9992 0.9942 1.0001 0.9952
Mar. 2016 1.0051 0.9977 1.0089 1.0291 1.0268
Apr. 2016 1.0057 0.9960 1.0082 1.0344 1.0370
May 2016 1.0033 0.9964 0.9840 1.0027 0.9957
June 2016 1.0004 0.9992 0.9977 1.0064 1.0044
July 2016 0.9998 1.0052 1.0016 0.9942 0.9930
Aug. 2016 0.9966 1.0069 0.9945 0.9864 0.9824
Sept. 2016 0.9959 1.0041 0.9792 0.9800 0.9756
Oct. 2016 0.9964 0.9990 0.9950 0.9762 0.9747
Nov. 2016 0.9982 0.9972 0.9922 0.9732 0.9674
Dec. 2016 1.0025 0.9989 1.0389 1.0078 1.0198
Jan. 2017 0.9950 0.9991 1.0052 1.0101 1.0275
Feb. 2017 1.0013 0.9987 0.9944 0.9995 0.9955
Mar. 2017 1.0055 0.9982 1.0091 1.0288 1.0269

Footnotes

  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.

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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. 2015 1.0000 0.9996 1.0219 1.0288
Feb. 2015 1.0014 1.0045 1.0137 1.0231
Mar. 2015 1.0060 1.0066 1.0117 1.0118
Apr. 2015 1.0054 1.0065 1.0003 0.9882
May 2015 0.9964 1.0065 0.9852 0.9843
June 2015 0.9950 1.0036 0.9867 0.9812
July 2015 0.9940 1.0027 0.9873 0.9827
Aug. 2015 0.9959 0.9971 0.9945 0.9874
Sept. 2015 0.9998 0.9936 0.9970 0.9897
Oct. 2015 0.9985 0.9921 0.9990 0.9960
Nov. 2015 1.0050 0.9916 0.9920 1.0080
Dec. 2015 1.0028 0.9942 1.0092 1.0207
Jan. 2016 0.9998 1.0000 1.0220 1.0277
Feb. 2016 1.0008 1.0048 1.0143 1.0224
Mar. 2016 1.0057 1.0069 1.0125 1.0117
Apr. 2016 1.0061 1.0068 1.0012 0.9877
May 2016 0.9961 1.0069 0.9850 0.9838
June 2016 0.9953 1.0043 0.9866 0.9812
July 2016 0.9946 1.0029 0.9871 0.9831
Aug. 2016 0.9956 0.9969 0.9944 0.9881
Sept. 2016 0.9998 0.9930 0.9968 0.9892
Oct. 2016 0.9987 0.9914 0.9986 0.9965
Nov. 2016 1.0046 0.9911 0.9917 1.0089
Dec. 2016 1.0034 0.9942 1.0089 1.0210
Jan. 2017 0.9990 1.0003 1.0222 1.0270
Feb. 2017 1.0008 1.0049 1.0145 1.0217
Mar. 2017 1.0056 1.0069 1.0128 1.0118

Footnotes

  1. Seasonal factors are applied to deposits data at both commercial banks and thrift institutions.

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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. 7, 2015 0.9980 0.9985 0.9537 0.9780 0.9662
Dec. 14, 2015 0.9991 0.9991 0.9595 0.9698 0.9621
Dec. 21, 2015 1.0031 0.9997 1.0519 1.0114 1.0231
Dec. 28, 2015 1.0074 1.0003 1.1576 1.0531 1.0958
Jan. 4, 2016 1.0022 1.0009 1.0994 1.0540 1.0775
Jan. 11, 2016 0.9971 1.0002 0.9259 0.9803 0.9843
Jan. 18, 2016 0.9948 0.9996 0.9530 0.9897 1.0034
Jan. 25, 2016 0.9932 0.9989 1.0062 1.0081 1.0425
Feb. 1, 2016 0.9942 0.9982 1.0919 1.0360 1.0624
Feb. 8, 2016 0.9988 0.9986 0.9593 0.9838 0.9783
Feb. 15, 2016 1.0015 0.9990 0.9549 0.9754 0.9590
Feb. 22, 2016 1.0022 0.9994 1.0045 1.0023 1.0016
Feb. 29, 2016 1.0018 0.9998 1.0577 1.0365 1.0380
Mar. 7, 2016 1.0056 0.9990 0.9544 1.0142 0.9984
Mar. 14, 2016 1.0048 0.9983 0.9242 0.9971 0.9833
Mar. 21, 2016 1.0051 0.9975 0.9864 1.0284 1.0234
Mar. 28, 2016 1.0056 0.9967 1.1130 1.0556 1.0753
Apr. 4, 2016 1.0064 0.9959 1.0447 1.0518 1.0468
Apr. 11, 2016 1.0078 0.9959 0.9335 1.0022 0.9831
Apr. 18, 2016 1.0054 0.9960 1.0027 1.0350 1.0376
Apr. 25, 2016 1.0038 0.9961 1.0560 1.0518 1.0794
May 2, 2016 1.0040 0.9961 1.0669 1.0512 1.0600
May 9, 2016 1.0056 0.9962 0.9145 0.9848 0.9641
May 16, 2016 1.0030 0.9963 0.9344 0.9763 0.9607
May 23, 2016 1.0021 0.9964 0.9829 1.0014 0.9979
May 30, 2016 1.0026 0.9965 1.0725 1.0303 1.0386
June 6, 2016 1.0023 0.9966 0.9643 1.0054 0.9922
June 13, 2016 1.0011 0.9981 0.9226 0.9752 0.9565
June 20, 2016 0.9999 0.9995 0.9804 1.0056 1.0030
June 27, 2016 0.9985 1.0010 1.0771 1.0281 1.0494
July 4, 2016 1.0024 1.0025 1.0465 1.0239 1.0211
July 11, 2016 1.0019 1.0038 0.9185 0.9697 0.9525
July 18, 2016 0.9989 1.0050 0.9719 0.9778 0.9754
July 25, 2016 0.9979 1.0063 1.0232 0.9987 1.0100
Aug. 1, 2016 0.9976 1.0076 1.1096 1.0265 1.0360
Aug. 8, 2016 0.9993 1.0073 0.9411 0.9731 0.9571
Aug. 15, 2016 0.9969 1.0071 0.9323 0.9586 0.9449
Aug. 22, 2016 0.9959 1.0068 0.9810 0.9805 0.9765
Aug. 29, 2016 0.9944 1.0066 1.0812 1.0147 1.0291
Sept. 5, 2016 0.9987 1.0063 0.9953 0.9997 0.9913
Sept. 12, 2016 0.9965 1.0052 0.9052 0.9531 0.9329
Sept. 19, 2016 0.9949 1.0041 0.9581 0.9750 0.9681
Sept. 26, 2016 0.9943 1.0029 1.0478 0.9939 1.0102
Oct. 3, 2016 0.9956 1.0018 1.0531 1.0037 1.0048
Oct. 10, 2016 0.9986 1.0005 0.9038 0.9480 0.9296
Oct. 17, 2016 0.9958 0.9993 0.9556 0.9530 0.9479
Oct. 24, 2016 0.9957 0.9981 1.0011 0.9790 0.9851
Oct. 31, 2016 0.9949 0.9969 1.1057 1.0151 1.0278
Nov. 7, 2016 0.9984 0.9970 0.9662 0.9706 0.9579
Nov. 14, 2016 0.9985 0.9971 0.9166 0.9386 0.9177
Nov. 21, 2016 0.9971 0.9972 0.9714 0.9643 0.9576
Nov. 28, 2016 0.9998 0.9974 1.0719 1.0012 1.0130
Dec. 5, 2016 0.9984 0.9975 1.0030 0.9940 0.9882
Dec. 12, 2016 1.0000 0.9982 0.9362 0.9627 0.9517
Dec. 19, 2016 1.0013 0.9989 1.0306 0.9974 1.0067
Dec. 26, 2016 1.0078 0.9996 1.1195 1.0364 1.0748
Jan. 2, 2017 1.0037 1.0003 1.1547 1.0702 1.1025
Jan. 9, 2017 0.9980 0.9998 0.9509 0.9954 1.0001
Jan. 16, 2017 0.9940 0.9993 0.9459 0.9847 0.9921
Jan. 23, 2017 0.9928 0.9988 0.9834 1.0056 1.0295
Jan. 30, 2017 0.9922 0.9983 1.0890 1.0350 1.0668
Feb. 6, 2017 0.9977 0.9978 0.9959 1.0022 1.0038
Feb. 13, 2017 1.0007 0.9983 0.9385 0.9700 0.9529
Feb. 20, 2017 1.0037 0.9989 0.9901 0.9954 0.9891
Feb. 27, 2017 1.0020 0.9994 1.0543 1.0273 1.0349
Mar. 6, 2017 1.0062 0.9999 0.9865 1.0238 1.0113
Mar. 13, 2017 1.0056 0.9990 0.9365 0.9987 0.9855
Mar. 20, 2017 1.0057 0.9981 0.9931 1.0276 1.0223
Mar. 27, 2017 1.0047 0.9971 1.0905 1.0516 1.0722
Apr. 3, 2017 1.0058 0.9962 1.0721 1.0597 1.0598

Footnotes

  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.

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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. 7, 2015 1.0169 0.9917 0.9997 1.0178
Dec. 14, 2015 1.0185 0.9926 1.0038 1.0305
Dec. 21, 2015 1.0017 0.9939 1.0105 1.0154
Dec. 28, 2015 0.9815 0.9963 1.0173 1.0189
Jan. 4, 2016 0.9959 0.9998 1.0207 1.0210
Jan. 11, 2016 1.0225 0.9996 1.0287 1.0265
Jan. 18, 2016 1.0125 0.9995 1.0230 1.0314
Jan. 25, 2016 0.9867 0.9999 1.0216 1.0284
Feb. 1, 2016 0.9756 1.0012 1.0146 1.0286
Feb. 8, 2016 1.0076 1.0032 1.0154 1.0197
Feb. 15, 2016 1.0112 1.0048 1.0141 1.0260
Feb. 22, 2016 0.9965 1.0056 1.0143 1.0191
Feb. 29, 2016 0.9883 1.0060 1.0134 1.0239
Mar. 7, 2016 1.0168 1.0065 1.0123 1.0157
Mar. 14, 2016 1.0233 1.0068 1.0119 1.0212
Mar. 21, 2016 1.0081 1.0070 1.0126 1.0084
Mar. 28, 2016 0.9833 1.0071 1.0145 1.0083
Apr. 4, 2016 1.0082 1.0071 1.0092 0.9956
Apr. 11, 2016 1.0298 1.0070 1.0104 0.9975
Apr. 18, 2016 1.0170 1.0068 1.0041 0.9872
Apr. 25, 2016 0.9828 1.0066 0.9975 0.9799
May 2, 2016 0.9802 1.0068 0.9833 0.9792
May 9, 2016 1.0123 1.0071 0.9834 0.9780
May 16, 2016 1.0088 1.0072 0.9844 0.9851
May 23, 2016 0.9909 1.0069 0.9857 0.9851
May 30, 2016 0.9756 1.0065 0.9866 0.9882
June 6, 2016 1.0065 1.0057 0.9862 0.9831
June 13, 2016 1.0145 1.0047 0.9872 0.9902
June 20, 2016 0.9982 1.0038 0.9874 0.9772
June 27, 2016 0.9703 1.0035 0.9875 0.9774
July 4, 2016 0.9938 1.0040 0.9821 0.9750
July 11, 2016 1.0140 1.0041 0.9892 0.9826
July 18, 2016 1.0022 1.0035 0.9876 0.9863
July 25, 2016 0.9800 1.0022 0.9889 0.9854
Aug. 1, 2016 0.9736 1.0008 0.9853 0.9828
Aug. 8, 2016 1.0099 0.9991 0.9902 0.9800
Aug. 15, 2016 1.0108 0.9974 0.9943 0.9876
Aug. 22, 2016 0.9953 0.9960 0.9962 0.9899
Aug. 29, 2016 0.9726 0.9951 0.9979 0.9959
Sept. 5, 2016 1.0007 0.9946 0.9959 0.9881
Sept. 12, 2016 1.0191 0.9938 0.9991 0.9941
Sept. 19, 2016 1.0060 0.9926 0.9972 0.9882
Sept. 26, 2016 0.9767 0.9919 0.9967 0.9864
Oct. 3, 2016 0.9890 0.9919 0.9935 0.9883
Oct. 10, 2016 1.0167 0.9920 1.0008 0.9939
Oct. 17, 2016 1.0115 0.9916 1.0017 0.9960
Oct. 24, 2016 0.9908 0.9909 1.0013 0.9958
Oct. 31, 2016 0.9754 0.9907 0.9929 1.0038
Nov. 7, 2016 1.0114 0.9909 0.9889 1.0003
Nov. 14, 2016 1.0214 0.9911 0.9886 1.0084
Nov. 21, 2016 1.0073 0.9910 0.9912 1.0098
Nov. 28, 2016 0.9853 0.9913 0.9959 1.0152
Dec. 5, 2016 1.0082 0.9921 0.9986 1.0151
Dec. 12, 2016 1.0222 0.9932 1.0037 1.0305
Dec. 19, 2016 1.0074 0.9941 1.0074 1.0209
Dec. 26, 2016 0.9863 0.9952 1.0165 1.0159
Jan. 2, 2017 0.9847 0.9968 1.0181 1.0206
Jan. 9, 2017 1.0191 0.9987 1.0280 1.0221
Jan. 16, 2017 1.0152 1.0000 1.0247 1.0319
Jan. 23, 2017 0.9945 1.0010 1.0218 1.0268
Jan. 30, 2017 0.9714 1.0022 1.0164 1.0300
Feb. 6, 2017 1.0000 1.0035 1.0143 1.0194
Feb. 13, 2017 1.0130 1.0047 1.0154 1.0248
Feb. 20, 2017 1.0024 1.0054 1.0138 1.0201
Feb. 27, 2017 0.9864 1.0058 1.0148 1.0229
Mar. 6, 2017 1.0117 1.0063 1.0124 1.0165
Mar. 13, 2017 1.0219 1.0068 1.0127 1.0207
Mar. 20, 2017 1.0099 1.0071 1.0123 1.0107
Mar. 27, 2017 0.9830 1.0072 1.0155 1.0078
Apr. 3, 2017 1.0017 1.0073 1.0100 0.9978

Footnotes

  1. Seasonal factors are applied to deposits data at both commercial banks and thrift institutions.

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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. 2014 2,874.0 2,867.6 11,528.6 11,524.9
Nov. 2014 2,884.7 2,883.5 11,566.7 11,567.8
Dec. 2014 2,927.3 2,918.3 11,636.4 11,632.8
Jan. 2015 2,937.9 2,935.8 11,703.5 11,708.3
Feb. 2015 2,985.1 2,997.8 11,800.1 11,827.7
Mar. 2015 2,990.2 2,992.8 11,835.1 11,849.3
Apr. 2015 2,995.6 3,000.6 11,888.0 11,900.3
May 2015 2,989.8 2,985.7 11,923.9 11,931.4
June 2015 3,015.3 3,009.6 11,970.6 11,972.5
July 2015 3,034.6 3,042.3 12,032.5 12,045.6
Aug. 2015 3,042.0 3,060.3 12,097.8 12,120.3
Sept. 2015 3,057.2 3,051.0 12,157.5 12,187.4
Oct. 2015 3,038.1 3,035.7 12,178.0 12,201.4
Nov. 2015 3,087.2 3,093.2 12,257.3 12,288.5
Dec. 2015 3,082.0 3,077.2 12,299.4 12,330.6

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Appendix Table 6
Comparison of Revised and Old M1 Growth Rates. Percent changes, annual rate.
Date Revised Old Difference Difference due to
Benchmark Seasonals
2014
January 12.6 14.4 -1.8 0.0 -1.8
February 10.9 15.9 -5.0 0.0 -5.0
March 14.7 11.6 3.1 0.0 3.1
April 10.8 11.6 -0.8 0.0 -0.8
May 8.5 5.7 2.8 0.0 2.8
June 13.0 12.2 0.8 0.0 0.8
July 6.8 11.3 -4.5 0.0 -4.5
August -12.4 -9.9 -2.5 0.0 -2.5
September 26.6 17.7 8.9 0.0 8.9
October 1.8 2.9 -1.1 0.0 -1.1
November 4.5 6.7 -2.2 0.0 -2.2
December 17.7 14.5 3.2 0.0 3.2
2015
January 4.3 7.2 -2.9 0.0 -2.9
February 19.3 25.3 -6.0 0.0 -6.0
March 2.1 -2.0 4.1 -0.1 4.2
April 2.2 3.1 -0.9 -0.1 -0.8
May -2.3 -6.0 3.7 -0.2 3.9
June 10.2 9.6 0.6 -0.1 0.7
July 7.7 13.0 -5.3 -0.2 -5.1
August 2.9 7.1 -4.2 -0.3 -3.9
September 6.0 -3.6 9.6 -0.4 10.0
October -7.5 -6.0 -1.5 -0.5 -1.0
November 19.4 22.7 -3.3 -0.2 -3.1
December -2.0 -6.1 4.1 -0.2 4.3
Quarterly
14Q4 8.1 6.9 1.2 0.0 1.2
15Q1 10.5 11.9 -1.4 0.0 -1.4
15Q2 3.9 3.1 0.8 -0.1 0.9
15Q3 5.9 7.0 -1.1 -0.2 -0.9
15Q4 3.2 2.3 0.9 -0.3 1.2
Semi-Annual
14Q4 - 15Q2 7.2 7.5 -0.3 0.0 -0.3
15Q2 - 15Q4 4.6 4.7 -0.1 -0.3 0.2
Annual (Q4 to Q4)
2014 9.8 9.8 0.0 0.0 0.0
2015 6.0 6.2 -0.2 -0.2 0.0

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Appendix Table 7
Comparison of Revised and Old M2 Growth Rates. Percent changes, annual rate.
Date Revised Old Difference Difference due to
Benchmark Seasonals
2014
January 5.3 6.1 -0.8 0.1 -0.9
February 7.1 8.8 -1.7 0.0 -1.7
March 5.9 4.6 1.3 0.0 1.3
April 6.3 6.0 0.3 0.0 0.3
May 7.4 7.0 0.4 0.0 0.4
June 5.7 5.1 0.6 0.0 0.6
July 7.1 7.9 -0.8 0.0 -0.8
August 3.9 4.0 -0.1 -0.1 0.0
September 4.0 4.0 0.0 0.0 0.0
October 5.4 4.3 1.1 0.0 1.1
November 4.0 4.5 -0.5 0.0 -0.5
December 7.2 6.7 0.5 0.1 0.4
2015
January 6.9 7.8 -0.9 -0.1 -0.8
February 9.9 12.2 -2.3 -0.1 -2.2
March 3.6 2.2 1.4 -0.1 1.5
April 5.4 5.2 0.2 -0.1 0.3
May 3.6 3.1 0.5 0.0 0.5
June 4.7 4.1 0.6 -0.1 0.7
July 6.2 7.3 -1.1 -0.2 -0.9
August 6.5 7.4 -0.9 -0.6 -0.3
September 5.9 6.6 -0.7 -0.7 0.0
October 2.0 1.4 0.6 -0.8 1.4
November 7.8 8.6 -0.8 -0.1 -0.7
December 4.1 4.1 0.0 -0.4 0.4
Quarterly
14Q4 4.8 4.5 0.3 0.0 0.3
15Q1 7.0 7.6 -0.6 -0.1 -0.5
15Q2 5.0 4.7 0.3 -0.1 0.4
15Q3 5.6 6.1 -0.5 -0.3 -0.2
15Q4 4.9 5.1 -0.2 -0.6 0.4
Semi-Annual
14Q4 - 15Q2 6.1 6.2 -0.1 0.0 -0.1
15Q2 - 15Q4 5.3 5.7 -0.4 -0.4 0.0
Annual (Q4 to Q4)
2014 5.8 5.8 0.0 0.0 0.0
2015 5.8 6.0 -0.2 -0.2 0.0
Last update: January 28, 2016