Government Automated Clearinghouse Transactions Processed by the Federal Reserve The daily average volume and average daily value of items are based on the number of business days in each quarter.1 Average Average daily daily Average Volume Volume Value Value volume value value per (millions percent (billions percent (millions (billions transaction Quarter of items) change of dollars change of items) of dollars) (dollars) 2023:Q4 424 7.2 1,951 3.4 6.8 31.5 4,596 2023:Q3 396 -9.2 1,887 -13.2 6.3 30.0 4,765 2023:Q2 436 -3.5 2,173 9.1 6.9 34.5 4,982 2023:Q1 452 17.9 1,991 10.0 7.3 32.1 4,406 2022:Q4 383 -0.8 1,810 -0.4 6.3 29.7 4,721 2022:Q3 387 -11.2 1,816 -21.4 6.0 28.4 4,699 2022:Q2 435 -1.1 2,311 18.3 6.9 36.7 5,307 2022:Q1 440 -7.5 1,954 5.1 7.1 31.5 4,438 2021:Q4 476 -2.1 1,858 -4.3 7.6 29.5 3,904 2021:Q3 486 6.9 1,943 -13.2 7.6 30.4 3,996 2021:Q2 455 -16.1 2,237 7.5 7.1 35.0 4,920 2021:Q12 542 10.9 2,081 21.6 8.9 34.1 3,838 2020:Q4 489 21.5 1,711 -2.3 7.4 25.9 3,500 2020:Q3 402 -23.1 1,751 -4.5 6.3 27.4 4,352 2020:Q2 523 12.8 1,833 17.7 8.2 28.6 3,502 2020:Q1 464 8.8 1,558 10.1 7.5 25.1 3,359 2019:Q4 426 6.1 1,415 3.3 6.9 22.8 3,321 2019:Q3 402 -6.1 1,371 -9.3 6.3 21.4 3,414 2019:Q2 427 -4.8 1,512 1.5 6.7 23.6 3,536 2019:Q1 449 7.4 1,489 11.0 7.4 24.4 3,317 2018:Q4 418 11.4 1,342 4.2 6.7 21.6 3,210 2018:Q3 375 -11.0 1,288 -9.6 6.0 20.4 3,432 2018:Q2 422 -7.0 1,424 -2.5 6.6 22.3 3,378 2018:Q1 453 15.5 1,461 12.3 7.3 23.6 3,225 2017:Q4 392 2.7 1,302 1.7 6.4 21.3 3,318 2017:Q3 382 -7.1 1,280 -6.3 6.1 20.3 3,351 2017:Q2 411 -7.4 1,366 -4.0 6.4 21.3 3,323 2017:Q1 444 16.1 1,423 12.4 7.2 22.9 3,204 2016:Q4 382 1.4 1,265 2.0 6.3 20.7 3,309 2016:Q3 377 -5.9 1,241 -5.0 5.9 19.4 3,290 2016:Q2 401 -7.5 1,307 -5.3 6.3 20.4 3,258 2016:Q1 434 16.5 1,380 13.3 7.0 22.3 3,182 2015:Q4 372 -4.0 1,217 -0.4 6.0 19.6 3,271 2015:Q3 388 2.1 1,222 -3.8 6.1 19.1 3,152 2015:Q2 380 -9.3 1,269 -5.7 5.9 19.8 3,345 2015:Q1 418 12.9 1,345 12.6 6.9 22.1 3,216 2014:Q4 371 2.3 1,195 1.6 6.0 19.3 3,225 2014:Q3 362 -5.8 1,177 -3.4 5.7 18.4 3,248 2014:Q2 385 -3.4 1,219 -4.9 6.0 19.0 3,167 2014:Q1 398 9.3 1,282 13.2 6.5 21.0 3,217 2013:Q4 365 3.4 1,133 0.9 5.9 18.3 3,106 2013:Q3 353 -3.2 1,122 -6.2 5.5 17.5 3,184 2013:Q2 364 -5.5 1,197 -5.2 5.7 18.7 3,286 2013:Q1 386 12.1 1,263 11.4 6.3 20.7 3,276 2012:Q4 344 9.2 1,133 5.0 5.5 18.3 3,295 2012:Q3 315 -7.4 1,079 -6.5 5.0 17.1 3,426 2012:Q2 340 -11.1 1,154 -7.2 5.3 18.0 3,391 2012:Q1 383 23.1 1,243 18.0 6.2 20.1 3,250 2011:Q4 311 -0.2 1,054 -1.2 5.1 17.3 3,389 2011:Q3 311 -3.9 1,067 -7.9 4.9 16.7 3,424 2011:Q2 324 -9.4 1,158 -7.9 5.1 18.1 3,571 2011:Q1 358 22.7 1,257 18.3 5.8 20.3 3,511 2010:Q4 292 0.5 1,062 -0.4 4.6 16.9 3,641 2010:Q3 290 -5.0 1,066 -5.6 4.5 16.7 3,672 2010:Q2 306 -8.7 1,129 -3.5 4.8 17.6 3,696 2010:Q1 335 21.4 1,170 13.3 5.5 19.2 3,497 2009:Q4 276 1.5 1,033 2.7 4.4 16.7 3,746 2009:Q3 272 -20.8 1,006 -10.2 4.2 15.5 3,706 2009:Q2 343 12.6 1,121 -1.5 5.4 17.5 3,268 2009:Q1 305 12.7 1,138 16.2 5.0 18.6 3,735 2008:Q4 270 3.3 979 4.7 4.4 15.8 3,622 2008:Q3 262 -16.8 935 -12.0 4.1 14.6 3,573 2008:Q2 315 10.1 1,062 2.9 4.9 16.6 3,375 2008:Q1 286 9.3 1,032 12.1 4.6 16.6 3,611 2007:Q4 261 13.3 921 5.2 4.2 14.9 3,524 2007:Q3 231 -10.0 875 -8.9 3.7 13.9 3,794 2007:Q2 256 -8.0 961 0.2 4.0 15.0 3,748 2007:Q1 279 16.1 960 11.4 4.5 15.5 3,442 2006:Q4 240 3.3 861 4.5 3.8 13.5 3,588 2006:Q3 232 -6.6 824 -6.2 3.6 12.9 3,544 2006:Q2 249 -7.9 878 -3.6 3.9 13.7 3,528 2006:Q1 270 15.7 911 13.7 4.2 14.2 3,372 2005:Q4 234 2.3 801 7.0 3.7 12.5 3,429 2005:Q3 228 -4.8 749 -5.5 3.6 11.7 3,280 2005:Q2 240 -8.8 792 -2.7 3.7 12.4 3,305 2005:Q1 263 15.1 814 12.4 4.1 12.7 3,100 2004:Q4 228 2.4 725 4.9 3.6 11.3 3,174 2004:Q3 223 -4.6 691 -5.7 3.5 10.8 3,100 2004:Q2 234 -8.8 733 -4.2 3.7 11.8 3,136 2004:Q1 256 12.2 765 8.2 4.0 12.3 2,986 2003:Q4 228 2.3 706 4.0 3.6 11.4 3,093 2003:Q3 223 -3.5 679 -4.4 3.5 10.6 3,042 2003:Q2 231 0.1 711 -0.5 3.6 11.1 3,072 2003:Q1 231 1.9 714 4.2 3.8 11.7 3,091 2002:Q4 227 6.5 686 6.8 3.7 11.1 3,025 2002:Q3 213 -0.3 642 3.3 3.3 10.0 3,016 2002:Q2 213 -7.3 676 -4.6 3.3 10.6 3,166 2002:Q1 230 3.4 708 9.7 3.8 11.6 3,076 2001:Q4 223 -5.8 645 13.0 3.6 10.4 2,899 2001:Q3 236 12.4 571 -11.9 3.8 9.1 2,417 2001:Q2 210 -8.9 649 -2.1 3.3 10.1 3,084 2001:Q1 231 14.9 663 9.9 3.7 10.7 2,871 2000:Q4 201 -2.2 603 5.1 3.2 9.7 2,995 2000:Q3 206 -1.2 573 -6.3 3.3 9.1 2,786 2000:Q2 208 -6.6 612 -0.7 3.3 9.6 2,939 2000:Q1 223 12.4 616 7.6 3.5 9.8 2,764 1999:Q4 198 0.0 573 3.8 3.1 9.1 2,889 1999:Q3 198 -0.9 552 -1.5 3.1 8.6 2,785 1999:Q2 200 -5.4 561 2.6 3.1 8.8 2,802 1999:Q1 212 10.7 547 2.9 3.5 9.0 2,585 1998:Q4 191 1.9 532 10.4 3.1 8.6 2,781 1998:Q3 188 -6 482 -4.2 2.9 7.4 2,566 1998:Q2 200 14.1 502 6.3 3.1 7.9 2,517 1998:Q1 175 -7.1 473 3.5 2.9 7.7 2,702 1997:Q4 188 22.5 456 17.2 3.0 7.4 2,426 1997:Q3 154 -8.1 390 2.1 2.4 6.1 2,536 1997:Q2 167 -0.8 382 7.9 2.6 6.0 2,283 1997:Q1 168 7.6 354 13.7 2.8 5.8 2,100 1996:Q4 157 2.4 311 -0.6 2.5 5.0 1,988 1996:Q3 153 -3.8 313 -2.8 2.4 4.9 2,047 1996:Q2 159 1.3 322 5.8 2.5 5.0 2,027 1996:Q1 157 3.6 304 8.5 2.5 4.9 1,940 1995:Q4 151 2.5 280 2.0 2.4 4.5 1,851 1995:Q3 148 -1.2 275 -4.8 2.3 4.4 1,861 1995:Q2 150 -0.4 289 5.9 2.3 4.5 1,933 1995:Q1 150 4.6 273 13.4 2.4 4.4 1,819 1994:Q4 144 1.8 241 3.8 2.4 3.9 1,677 1994:Q3 141 -2.6 232 -2.7 2.2 3.6 1,645 1994:Q2 145 -0.1 238 0.2 2.3 3.7 1,648 1994:Q1 145 3.8 238 8.4 2.3 3.8 1,643 1993:Q4 140 2.9 219 3.3 2.2 3.5 1,572 1993:Q3 136 -0.7 213 -7.5 2.1 3.3 1,567 1993:Q2 137 -4.2 230 3.0 2.1 3.6 1,682 1993:Q1 143 7.0 223 4.9 2.3 3.7 1,564 1992:Q4 133 1.6 213 -1.3 2.2 3.4 1,595 1992:Q3 131 1.0 216 -3.9 2.0 3.3 1,642 1992:Q2 130 -4.5 224 8.4 2.0 3.5 1,727 1992:Q1 136 0.1 207 16.0 2.2 3.3 1,521 1991:Q4 136 5.3 178 -0.6 2.2 2.8 1,312 1991:Q3 129 2.7 180 -4.8 2.0 2.8 1,390 1991:Q2 126 -3.6 189 6.8 2.0 3.0 1,500 1991:Q1 130 6.4 177 29.5 2.1 2.9 1,354 1990:Q4 123 0.3 136 11.3 2.0 2.2 1,113 1990:Q3 122 -9.9 123 4.1 1.9 1.9 1,003 1990:Q2 136 -2.4 118 7.0 2.1 1.8 868 1990:Q1 139 22.2 110 3.5 2.2 1.8 791 1989:Q4 114 2.5 106 9.5 1.8 1.7 934 1989:Q3 111 2.9 97 2.8 1.8 1.5 874 1989:Q2 108 -0.1 94 0.5 1.7 1.5 875 1989:Q1 108 2.9 94 n.a. 1.7 1.5 869 1Data are updated quarterly. Values are subject to minor changes based on revisions to underlying data. 2Prior to Q1 2021 reported "Average daily volumes" and "Average daily value" in the above data are based on the Federal Reserve Board of Governors’ holiday schedule. Beginning in Q1 2021, reported "Average daily volumes" and "Average daily value" are based on Federal Reserve Financial Services holiday schedule. n.a. Not available.