Federal Reserve Statistical Release, H.6, Money Stock Measures; title with eagle logo links to Statistical Release home page
Release Date: January 17, 2013
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For release at
4:30 p.m. EST
January 17, 2013

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 lower growth rate for seasonally adjusted M2 in the first half of 2012 and a higher growth rate for seasonally adjusted M2 in the second half.

The benchmark incorporates minor revisions to data reported in the 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 2011. 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 2011. 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 2007. 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 2012. 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 17, 2013

Table 1
Money Stock Measures
Billions of dollars
Date Seasonally adjusted Not seasonally adjusted
M11 M22 M11 M22
  Jan 2011     1854.4    8800.6    1854.7    8815.1 
  Feb 2011     1876.0    8856.8    1857.8    8852.7 
  Mar 2011     1890.0    8899.4    1908.5    8966.1 
  Apr 2011     1902.1    8947.6    1917.0    9021.1 
  May 2011     1940.2    8999.7    1933.2    8990.8 
  Jun 2011     1951.9    9080.1    1953.2    9079.2 
  Jul 2011     1998.3    9266.3    1993.5    9231.5 
  Aug 2011     2112.0    9489.6    2100.8    9425.8 
  Sep 2011     2123.2    9519.4    2098.1    9464.0 
  Oct 2011     2141.8    9549.0    2127.1    9513.3 
  Nov 2011     2159.5    9601.2    2163.3    9595.1 
  Dec 2011     2160.4    9637.1    2206.9    9690.0 
         
  Jan 2012     2200.1    9710.6    2206.5    9721.7 
  Feb 2012     2215.0    9745.9    2191.9    9746.8 
  Mar 2012     2221.9    9782.1    2243.5    9862.6 
  Apr 2012     2250.8    9825.5    2265.9    9907.1 
  May 2012     2260.7    9867.5    2245.6    9841.0 
  Jun 2012     2265.4    9918.6    2263.3    9918.8 
  Jul 2012     2310.8    10010.0    2303.8    9955.8 
  Aug 2012     2339.0    10082.4    2325.6    10018.4 
  Sep 2012     2373.7    10158.8    2349.8    10115.3 
  Oct 2012     2419.5    10242.7    2406.7    10193.4 
  Nov 2012     2403.5    10293.6    2405.6    10289.7 
  Dec 2012 p     2440.2    10402.3    2497.9    10475.6 
         

Percent change at seasonally adjusted annual rate M1 M2
  3 Months from Sep 2012 TO Dec 2012     11.2    9.6 
  6 Months from Jun 2012 TO Dec 2012     15.4    9.8 
  12 Months from Dec 2011 TO Dec 2012     13.0    7.9 

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 15, 2012     2358.2    2390.8    2424.3    10121.5    10203.4    10221.5    2338.9    2364.6    2331.6    10064.8    10150.4    10220.8 
  Oct 22, 2012     2366.2    2405.2    2424.2    10137.9    10221.8    10235.8    2346.2    2374.7    2391.2    10084.0    10178.3    10156.9 
  Oct 29, 2012     2375.8    2421.4    2435.6    10156.7    10238.6    10288.9    2355.3    2392.1    2514.9    10102.8    10183.7    10167.9 
                         
  Nov 5, 2012     2384.2    2425.2    2416.6    10177.6    10264.5    10311.6    2368.5    2423.6    2456.5    10126.1    10216.7    10321.0 
  Nov 12, 2012     2388.4    2417.2    2392.3    10193.5    10280.3    10284.7    2373.6    2422.3    2326.5    10145.3    10233.5    10288.3 
  Nov 19, 2012     2394.1    2412.2    2404.4    10208.5    10289.0    10270.7    2379.1    2418.0    2374.2    10166.4    10265.8    10285.8 
  Nov 26, 2012     2397.3    2398.8    2381.7    10223.0    10290.4    10294.7    2384.5    2403.0    2454.7    10187.5    10288.2    10257.6 
                         
  Dec 3, 2012     2400.5    2405.4    2443.3    10238.5    10293.7    10324.5    2389.0    2420.2    2525.2    10208.7    10297.1    10356.7 
  Dec 10, 2012     2404.9    2417.5    2440.7    10255.2    10309.0    10346.2    2396.3    2431.2    2370.8    10230.2    10326.9    10407.4 
  Dec 17, 2012     2409.7    2422.4    2423.8    10273.8    10338.5    10388.7    2405.9    2438.8    2404.5    10255.0    10373.3    10471.5 
  Dec 24, 2012     2416.6    2441.2    2457.1    10294.6    10372.9    10432.1    2421.4    2463.2    2552.2    10289.5    10432.3    10493.4 
  Dec 31, 2012 p     2421.8    2439.9    2438.1    10314.1    10410.8    10476.1    2437.9    2496.8    2659.8    10321.2    10482.7    10558.4 
                         
  Jan 7, 2013 p     2423.3    2435.0    2420.8    10335.4    10445.5    10484.9    2447.4    2517.8    2454.5    10350.4    10523.4    10570.1 
                         
                         

Percent change at seasonally adjusted annual rate M1 M2
Thirteen weeks ending January 7, 2013 from thirteen weeks ending:    
  Oct 8, 2012 (13 weeks previous)     12.6    9.1 
  Jul 9, 2012 (26 weeks previous)     13.9    9.1 
  Jan 9, 2012 (52 weeks previous)     12.3    7.5 

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 2011     976.5    4.4     718.6    239.8    172.7    412.5 
  Sep 2011     982.1    4.4     724.8    238.3    173.5    411.9 
             
  Oct 2011     986.3    4.4     740.8    235.6    174.7    410.3 
  Nov 2011     994.3    4.3     747.3    238.7    174.8    413.6 
  Dec 2011     1001.5    4.3     742.2    237.1    175.3    412.4 
             
             
  Jan 2012     1010.2    4.2     767.9    238.1    179.6    417.7 
  Feb 2012     1018.7    4.2     770.6    239.6    182.0    421.6 
  Mar 2012     1026.9    4.1     767.8    239.8    183.2    423.1 
             
  Apr 2012     1033.3    4.1     787.8    240.4    185.2    425.6 
  May 2012     1039.1    4.0     791.3    240.9    185.4    426.3 
  Jun 2012     1045.4    4.0     795.1    236.0    184.9    420.9 
             
  Jul 2012     1052.3    4.0     822.9    243.4    188.3    431.7 
  Aug 2012     1059.5    3.9     842.3    243.8    189.4    433.2 
  Sep 2012     1068.6    3.9     867.2    242.2    191.7    434.0 
             
  Oct 2012     1077.6    3.9     899.9    246.2    191.8    438.1 
  Nov 2012     1083.1    3.9     884.5    240.4    191.6    432.0 
  Dec 2012 p     1090.9    3.8     901.8    248.1    195.6    443.7 
             
             
             
Week ending
  Nov 12, 2012     1081.7    3.9     874.4    241.3    191.1    432.4 
  Nov 19, 2012     1083.1    3.9     883.7    243.0    190.8    433.8 
  Nov 26, 2012     1084.3    3.8     867.2    234.9    191.5    426.4 
             
  Dec 3, 2012     1085.8    3.8     911.6    247.3    194.7    442.0 
  Dec 10, 2012     1089.3    3.8     899.6    252.0    196.0    448.0 
  Dec 17, 2012     1091.4    3.8     885.7    245.2    197.7    442.9 
  Dec 24, 2012     1091.8    3.8     918.8    247.2    195.4    442.6 
  Dec 31, 2012 p     1093.3    3.8     898.6    248.6    193.8    442.4 
             
  Jan 7, 2013 p     1095.8    3.8 e    862.3    255.5    203.4    459.0 
             
             
             

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 2011     4909.0    983.3    5892.3    569.9    242.8    812.7    672.6    7377.6    1746.6 
  Sep 2011     4945.4    985.3    5930.7    559.0    239.0    798.0    667.5    7396.2    1768.3 
                   
  Oct 2011     4961.6    988.7    5950.3    549.9    235.2    785.0    671.9    7407.2    1765.3 
  Nov 2011     5006.0    997.0    6003.1    541.5    231.3    772.8    665.9    7441.8    1758.1 
  Dec 2011     5047.9    1002.2    6050.1    536.7    228.8    765.5    661.1    7476.7    1763.1 
                   
                   
  Jan 2012     5097.1    1001.1    6098.3    533.7    222.3    756.0    656.3    7510.5    1759.9 
  Feb 2012     5158.5    981.6    6140.1    532.7    212.9    745.5    645.3    7530.9    1746.8 
  Mar 2012     5197.4    991.1    6188.5    524.9    208.0    732.9    638.8    7560.1    1751.1 
                   
  Apr 2012     5221.4    996.1    6217.5    515.4    205.7    721.0    636.2    7574.7    1739.2 
  May 2012     5256.5    1008.2    6264.7    506.4    203.0    709.4    632.7    7606.8    1735.2 
  Jun 2012     5312.5    1012.5    6325.0    498.7    200.5    699.3    628.9    7653.2    1727.4 
                   
  Jul 2012     5360.1    1025.0    6385.2    491.7    196.4    688.1    625.9    7699.1    1730.3 
  Aug 2012     5411.6    1030.5    6442.1    484.8    193.0    677.8    623.5    7743.4    1741.8 
  Sep 2012     5462.9    1031.7    6494.6    478.0    189.4    667.5    623.0    7785.1    1750.7 
                   
  Oct 2012     5506.7    1037.2    6543.9    470.0    186.3    656.3    623.1    7823.3    1741.8 
  Nov 2012     5664.5    955.6    6620.1    463.9    179.9    643.8    626.2    7890.0    1734.7 
  Dec 2012 p     5731.5    962.9    6694.4    455.2    177.4    632.6    635.1    7962.1    1742.7 
                   
                   
                   
Week ending
  Nov 12, 2012     5675.5    947.1    6622.6    465.6    180.4    646.0    623.7    7892.4    1741.7 
  Nov 19, 2012     5650.0    948.0    6598.1    464.2    179.7    643.9    624.3    7866.3    1731.5 
  Nov 26, 2012     5673.9    968.1    6642.0    461.7    179.2    640.9    630.1    7913.0    1732.3 
                   
  Dec 3, 2012     5649.5    962.1    6611.6    459.7    178.7    638.4    631.2    7881.2    1741.1 
  Dec 10, 2012     5695.0    945.6    6640.6    457.9    178.2    636.0    628.9    7905.5    1748.1 
  Dec 17, 2012     5748.0    952.4    6700.4    455.8    177.6    633.4    631.2    7964.9    1738.3 
  Dec 24, 2012     5737.7    969.2    6706.9    453.8    176.9    630.7    637.3    7975.0    1736.3 
  Dec 31, 2012 p     5777.6    987.7    6765.3    451.5    176.6    628.1    644.6    8038.0    1748.7 
                   
  Jan 7, 2013 p     5804.7    977.0    6781.7    450.1    177.1    627.2    655.2    8064.1    1782.0 
                   
                   
                   

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 2011     973.1    4.5     714.6    236.5    172.2    408.7 
  Sep 2011     977.9    4.4     712.4    231.3    172.1    403.4 
             
  Oct 2011     982.6    4.4     736.4    230.4    173.4    403.8 
  Nov 2011     993.2    4.3     755.1    235.6    175.1    410.7 
  Dec 2011     1003.1    4.3     781.6    241.4    176.5    417.9 
             
             
  Jan 2012     1003.1    4.2     779.2    244.1    175.9    419.9 
  Feb 2012     1020.1    4.2     751.5    236.2    180.0    416.1 
  Mar 2012     1033.5    4.1     774.7    244.7    186.4    431.1 
             
  Apr 2012     1038.8    4.1     784.3    249.6    189.1    438.7 
  May 2012     1043.1    4.0     771.2    241.2    186.0    427.2 
  Jun 2012     1047.6    4.0     787.6    237.6    186.6    424.2 
             
  Jul 2012     1051.0    4.0     822.6    239.0    187.1    426.1 
  Aug 2012     1055.9    3.9     836.5    240.9    188.4    429.2 
  Sep 2012     1064.1    3.9     857.3    235.2    189.4    424.5 
             
  Oct 2012     1073.4    3.9     898.3    240.9    190.2    431.1 
  Nov 2012     1081.8    3.8     891.7    237.0    191.3    428.2 
  Dec 2012 p     1092.4    3.8     951.7    252.6    197.3    449.9 
             
             
             
Week ending
  Nov 12, 2012     1081.1    3.9     825.5    227.7    188.3    416.1 
  Nov 19, 2012     1081.0    3.8     867.7    233.3    188.3    421.6 
  Nov 26, 2012     1084.4    3.8     932.8    242.5    191.1    433.6 
             
  Dec 3, 2012     1083.2    3.8     986.9    251.7    199.5    451.2 
  Dec 10, 2012     1087.9    3.8     846.8    237.6    194.6    432.2 
  Dec 17, 2012     1090.2    3.8     877.4    237.3    195.7    433.1 
  Dec 24, 2012     1097.5    3.8     995.3    258.6    196.8    455.5 
  Dec 31, 2012 p     1097.1    3.8     1080.6    277.9    200.3    478.2 
             
  Jan 7, 2013 p     1094.2    3.8 e    894.0    261.8    200.6    462.4 
             
             
             

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 2011     4868.6    975.2    5843.8    569.7    242.8    812.5    668.6    7325.0    1730.3 
  Sep 2011     4922.3    980.6    5903.0    559.3    239.2    798.5    664.6    7366.0    1747.3 
                   
  Oct 2011     4949.6    986.3    5935.9    550.0    235.2    785.2    665.1    7386.1    1745.9 
  Nov 2011     5002.3    996.3    5998.6    542.2    231.7    773.8    659.4    7431.8    1755.4 
  Dec 2011     5051.0    1002.8    6053.8    536.5    228.7    765.2    664.2    7483.2    1793.0 
                   
                   
  Jan 2012     5092.0    1000.1    6092.2    533.9    222.4    756.4    666.7    7515.3    1803.8 
  Feb 2012     5170.6    983.8    6154.4    533.2    213.1    746.3    654.1    7554.9    1785.5 
  Mar 2012     5237.8    998.8    6236.5    525.0    208.0    733.1    649.5    7619.1    1766.3 
                   
  Apr 2012     5275.0    1006.4    6281.4    515.1    205.6    720.7    639.2    7641.3    1730.3 
  May 2012     5253.1    1007.5    6260.7    505.7    202.7    708.4    626.4    7595.4    1722.6 
  Jun 2012     5318.7    1013.7    6332.4    498.5    200.5    699.0    624.1    7655.5    1708.8 
                   
  Jul 2012     5325.6    1018.4    6344.0    491.8    196.5    688.4    619.7    7652.1    1704.1 
  Aug 2012     5371.5    1022.9    6394.4    485.1    193.2    678.3    620.1    7692.7    1724.6 
  Sep 2012     5448.2    1028.9    6477.2    478.4    189.6    668.0    620.3    7765.4    1729.8 
                   
  Oct 2012     5480.9    1032.4    6513.3    469.9    186.3    656.1    617.3    7786.7    1722.2 
  Nov 2012     5664.3    955.5    6619.9    464.0    179.9    643.9    620.4    7884.2    1732.4 
  Dec 2012 p     5742.5    964.7    6707.3    454.7    177.2    632.0    638.5    7977.7    1773.1 
                   
                   
                   
Week ending
  Nov 12, 2012     5741.1    958.1    6699.2    465.9    180.5    646.4    616.2    7961.8    1733.0 
  Nov 19, 2012     5695.0    955.6    6650.6    464.3    179.8    644.1    616.9    7911.6    1728.9 
  Nov 26, 2012     5581.5    952.3    6533.9    461.7    179.2    640.9    628.1    7802.9    1743.5 
                   
  Dec 3, 2012     5609.5    955.3    6564.8    459.5    178.6    638.1    628.6    7831.6    1752.0 
  Dec 10, 2012     5806.0    964.0    6770.1    457.6    178.0    635.6    630.9    8036.6    1781.1 
  Dec 17, 2012     5834.3    966.7    6800.9    455.3    177.4    632.6    633.4    8067.0    1779.2 
  Dec 24, 2012     5705.1    963.7    6668.8    453.1    176.7    629.8    642.6    7941.2    1760.2 
  Dec 31, 2012 p     5653.5    966.5    6620.0    451.0    176.5    627.4    651.3    7898.7    1781.0 
                   
  Jan 7, 2013 p     5840.7    983.0    6823.7    449.7    177.0    626.7    665.2    8115.6    1805.0 
                   
                   
                   

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 2011     19.5     7.4     32.1     260.1     130.6     222.3     613.0  
  Sep 2011     20.0     6.4     29.6     262.7     131.9     225.6     620.2  
               
  Oct 2011     21.4     5.1     29.5     263.8     132.8     226.8     623.5  
  Nov 2011     23.8     7.2     31.6     263.7     133.4     226.1     623.2  
  Dec 2011     26.1     8.8     33.6     263.5     134.0     225.3     622.9  
               
               
  Jan 2012     28.0     8.8     33.6     263.8     134.6     223.5     621.9  
  Feb 2012     29.5     7.3     32.0     264.3     135.1     221.0     620.4  
  Mar 2012     31.0     5.7     30.4     264.9     135.6     218.4     618.9  
               
  Apr 2012     31.4     5.5     29.3     266.2     136.0     217.6     619.8  
  May 2012     30.8     6.2     28.6     268.3     136.2     218.5     622.9  
  Jun 2012     30.3     8.0     28.0     270.4     136.3     219.3     626.0  
               
  Jul 2012     30.2     10.2     27.7     272.1     137.0     220.3     629.4  
  Aug 2012     30.5     13.7     27.7     273.5     137.9     221.6     633.1  
  Sep 2012     30.8     15.2     27.7     275.0     138.9     222.8     636.7  
               
  Oct 2012     31.0 e    15.6 e    27.7 e    276.7 e    139.6 e    225.5 e    641.8 e 
  Nov 2012     31.0 e    16.4 e    27.7 e    278.5 e    140.2 e    229.3 e    648.0 e 
  Dec 2012 p     31.0 e    16.3 e    27.7 e    280.3 e    140.7 e    233.0 e    654.1 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 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  
  Nov 2011     0.8    40.3    0.0    2.0    43.1    1.8  
  Dec 2011     0.8    67.4    0.0    1.9    70.0    1.7  
             
             
  Jan 2012     0.8    94.3    0.0    0.0    95.1    1.8  
  Feb 2012     0.9    62.4    0.0    0.0    63.3    1.8  
  Mar 2012     0.9    64.8    0.0    0.0    65.6    1.9  
             
  Apr 2012     0.9    68.3    0.0    0.0    69.3    2.0  
  May 2012     0.8    96.1    0.0    0.0    96.9    2.0  
  Jun 2012     0.8    86.9    0.0    0.0    87.7    2.1  
             
  Jul 2012     0.8    65.1    0.0    0.0    65.9    2.2  
  Aug 2012     0.8    29.3    0.0    0.0    30.2    2.1  
  Sep 2012     0.9    58.6    0.0    0.0    59.5    2.1  
             
  Oct 2012     0.9    63.0    0.0    0.0    63.9    2.1 e 
  Nov 2012     0.8    30.3    0.0    0.0    31.1    2.1 e 
  Dec 2012 p     0.9    49.4    0.0    0.0    50.4    2.1 e 
             
             
             
Week ending
  Nov 12, 2012     0.7    35.5    0.0    0.0    36.3   
  Nov 19, 2012     0.9    28.5    0.0    0.0    29.4   
  Nov 26, 2012     0.7    27.3    0.0    0.0    28.1   
             
  Dec 3, 2012     0.8    34.4    0.0    0.0    35.2   
  Dec 10, 2012     0.8    34.9    0.0    0.0    35.6   
  Dec 17, 2012     1.1    42.7    0.0    0.0    43.8   
  Dec 24, 2012     0.8    60.7    0.0    0.0    61.5   
  Dec 31, 2012 p     1.1    63.3    0.0    0.0    64.4   
             
  Jan 7, 2013 p     1.0    70.0    0.0    0.0    71.0   
             
             
             

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 2012   0.9930  1.0023  1.0147  1.0053  1.0248 
Feb 2012   1.0014  1.0033  0.9752  0.9871  0.9857 
Mar 2012   1.0064  0.9993  1.0091  1.0191  1.0204 
           
Apr 2012   1.0053  0.9968  0.9955  1.0307  1.0381 
May 2012   1.0039  0.9949  0.9746  1.0021  1.0012 
Jun 2012   1.0021  0.9966  0.9906  1.0078  1.0067 
           
Jul 2012   0.9988  1.0021  0.9996  0.9872  0.9820 
Aug 2012   0.9966  1.0026  0.9931  0.9909  0.9879 
Sep 2012   0.9958  1.0017  0.9885  0.9782  0.9708 
           
Oct 2012   0.9961  1.0011  0.9982  0.9842  0.9785 
Nov 2012   0.9988  0.9993  1.0081  0.9912  0.9855 
Dec 2012   1.0014  1.0006  1.0554  1.0139  1.0180 
           
Jan 2013   0.9932  1.0027  1.0162  1.0058  1.0255 
Feb 2013   1.0015  1.0031  0.9731  0.9887  0.9855 
Mar 2013   1.0069  0.9992  1.0103  1.0208  1.0214 
           
Apr 2013   1.0051  0.9964  0.9934  1.0308  1.0365 
May 2013   1.0043  0.9949  0.9713  1.0034  1.0014 
Jun 2013   1.0017  0.9969  0.9906  1.0062  1.0058 
           
Jul 2013   0.9987  1.0025  0.9980  0.9865  0.9827 
Aug 2013   0.9967  1.0026  0.9909  0.9896  0.9885 
Sep 2013   0.9952  1.0018  0.9948  0.9792  0.9708 
           
Oct 2013   0.9961  1.0008  0.9995  0.9836  0.9794 
Nov 2013   0.9992  0.9991  1.0055  0.9888  0.9840 
Dec 2013   1.0013  1.0005  1.0574  1.0145  1.0187 
           
Jan 2014   0.9940  1.0028  1.0184  1.0068  1.0254 
Feb 2014   1.0016  1.0031  0.9714  0.9898  0.9854 
Mar 2014   1.0062  0.9989  1.0099  1.0214  1.0216 

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 2012   0.9990  1.0005  1.0158  1.0249 
Feb 2012   1.0023  1.0010  1.0137  1.0222 
Mar 2012   1.0078  1.0002  1.0168  1.0087 
         
Apr 2012   1.0103  0.9996  1.0046  0.9949 
May 2012   0.9994  0.9985  0.9901  0.9927 
Jun 2012   1.0012  0.9996  0.9924  0.9893 
         
Jul 2012   0.9936  1.0003  0.9902  0.9849 
Aug 2012   0.9926  1.0007  0.9945  0.9901 
Sep 2012   0.9973  1.0008  0.9956  0.9881 
         
Oct 2012   0.9953  0.9998  0.9906  0.9887 
Nov 2012   1.0000  1.0002  0.9908  0.9986 
Dec 2012   1.0019  0.9989  1.0054  1.0175 
         
Jan 2013   0.9978  0.9996  1.0163  1.0243 
Feb 2013   1.0027  1.0005  1.0137  1.0216 
Mar 2013   1.0095  1.0000  1.0162  1.0093 
         
Apr 2013   1.0082  0.9998  1.0050  0.9953 
May 2013   1.0004  0.9992  0.9898  0.9926 
Jun 2013   1.0014  1.0002  0.9919  0.9893 
         
Jul 2013   0.9929  1.0007  0.9896  0.9849 
Aug 2013   0.9932  1.0009  0.9948  0.9900 
Sep 2013   0.9963  1.0009  0.9952  0.9878 
         
Oct 2013   0.9947  0.9999  0.9906  0.9886 
Nov 2013   1.0014  0.9998  0.9908  0.9985 
Dec 2013   1.0001  0.9988  1.0060  1.0178 
         
Jan 2014   0.9991  0.9994  1.0168  1.0242 
Feb 2014   1.0031  1.0002  1.0133  1.0211 
Mar 2014   1.0092  0.9998  1.0162  1.0097 

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 3, 2012   0.9976  0.9987  1.0826  1.0209  1.0178 
Dec 10, 2012   0.9988  0.9995  0.9413  0.9648  0.9428 
Dec 17, 2012   0.9989  1.0003  0.9906  0.9780  0.9680 
Dec 24, 2012   1.0052  1.0012  1.0832  1.0290  1.0461 
Dec 31, 2012   1.0035  1.0020  1.2026  1.0810  1.1178 
           
Jan 7, 2013   0.9986  1.0023  1.0369  1.0076  1.0246 
Jan 14, 2013   0.9931  1.0025  0.9592  0.9699  0.9698 
Jan 21, 2013   0.9912  1.0028  0.9921  1.0031  1.0122 
Jan 28, 2013   0.9897  1.0031  1.0447  1.0260  1.0730 
           
Feb 4, 2013   0.9975  1.0033  1.0063  1.0026  1.0175 
Feb 11, 2013   1.0016  1.0032  0.9198  0.9469  0.9333 
Feb 18, 2013   1.0029  1.0031  0.9679  0.9756  0.9690 
Feb 25, 2013   1.0004  1.0029  1.0131  1.0188  1.0253 
           
Mar 4, 2013   1.0056  1.0028  0.9733  1.0263  1.0104 
Mar 11, 2013   1.0073  1.0011  0.9414  0.9774  0.9623 
Mar 18, 2013   1.0066  0.9994  0.9925  1.0063  1.0060 
Mar 25, 2013   1.0061  0.9977  1.0562  1.0440  1.0637 
           
Apr 1, 2013   1.0071  0.9959  1.1092  1.0719  1.0862 
Apr 8, 2013   1.0092  0.9961  0.9814  1.0060  0.9894 
Apr 15, 2013   1.0056  0.9963  0.9472  1.0000  0.9927 
Apr 22, 2013   1.0031  0.9965  0.9906  1.0471  1.0634 
Apr 29, 2013   1.0024  0.9967  1.0398  1.0655  1.0969 
           
May 6, 2013   1.0064  0.9968  0.9510  1.0102  1.0098 
May 13, 2013   1.0045  0.9958  0.9126  0.9719  0.9474 
May 20, 2013   1.0031  0.9947  0.9667  0.9932  0.9884 
May 27, 2013   1.0043  0.9937  1.0377  1.0251  1.0439 
           
Jun 3, 2013   1.0032  0.9926  0.9996  1.0285  1.0262 
Jun 10, 2013   1.0034  0.9946  0.9266  0.9736  0.9468 
Jun 17, 2013   1.0014  0.9965  0.9585  0.9886  0.9814 
Jun 24, 2013   0.9997  0.9985  1.0148  1.0200  1.0433 
           
Jul 1, 2013   1.0008  1.0005  1.0715  1.0386  1.0531 
Jul 8, 2013   1.0050  1.0013  0.9567  0.9833  0.9611 
Jul 15, 2013   0.9989  1.0020  0.9412  0.9599  0.9408 
Jul 22, 2013   0.9968  1.0028  0.9856  0.9802  0.9773 
Jul 29, 2013   0.9954  1.0035  1.0765  1.0078  1.0293 
           
Aug 5, 2013   0.9980  1.0043  0.9843  0.9800  0.9844 
Aug 12, 2013   0.9973  1.0034  0.9273  0.9544  0.9409 
Aug 19, 2013   0.9958  1.0026  0.9725  0.9806  0.9758 
Aug 26, 2013   0.9941  1.0018  1.0334  1.0152  1.0241 
           
Sep 2, 2013   0.9983  1.0009  1.0824  1.0364  1.0404 
Sep 9, 2013   0.9978  1.0013  0.9243  0.9716  0.9417 
Sep 16, 2013   0.9950  1.0017  0.9404  0.9536  0.9349 
Sep 23, 2013   0.9934  1.0020  1.0083  0.9736  0.9789 
Sep 30, 2013   0.9932  1.0024  1.0941  1.0082  1.0188 
           
Oct 7, 2013   0.9988  1.0018  0.9748  0.9745  0.9541 
Oct 14, 2013   0.9964  1.0012  0.9307  0.9483  0.9247 
Oct 21, 2013   0.9952  1.0006  0.9782  0.9728  0.9680 
Oct 28, 2013   0.9947  1.0000  1.0602  1.0053  1.0274 
           
Nov 4, 2013   0.9976  0.9994  1.0375  1.0188  1.0187 
Nov 11, 2013   1.0001  0.9993  0.9430  0.9683  0.9461 
Nov 18, 2013   0.9982  0.9991  0.9698  0.9683  0.9509 
Nov 25, 2013   1.0003  0.9989  1.0385  1.0021  1.0201 
           
Dec 2, 2013   0.9976  0.9988  1.1029  1.0200  1.0269 
Dec 9, 2013   0.9988  0.9995  0.9585  0.9715  0.9437 
Dec 16, 2013   0.9993  1.0002  0.9862  0.9775  0.9598 
Dec 23, 2013   1.0052  1.0009  1.0874  1.0252  1.0356 
Dec 30, 2013   1.0036  1.0016  1.1802  1.0801  1.1315 
           
Jan 6, 2014   0.9986  1.0023  1.0600  1.0190  1.0410 
Jan 13, 2014   0.9932  1.0026  0.9790  0.9803  0.9700 
Jan 20, 2014   0.9922  1.0029  0.9991  1.0015  1.0094 
Jan 27, 2014   0.9909  1.0032  1.0466  1.0238  1.0728 
           
Feb 3, 2014   0.9973  1.0035  1.0157  1.0149  1.0388 
Feb 10, 2014   1.0011  1.0033  0.9337  0.9517  0.9381 
Feb 17, 2014   1.0030  1.0031  0.9597  0.9707  0.9602 
Feb 24, 2014   1.0006  1.0029  0.9945  1.0108  1.0166 
           
Mar 3, 2014   1.0049  1.0027  0.9849  1.0338  1.0183 
Mar 10, 2014   1.0069  1.0010  0.9311  0.9841  0.9612 
Mar 17, 2014   1.0062  0.9993  0.9857  1.0038  0.9964 
Mar 24, 2014   1.0055  0.9976  1.0455  1.0328  1.0526 
Mar 31, 2014   1.0059  0.9959  1.0996  1.0662  1.0894 

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 3, 2012   0.9929  0.9996  0.9960  1.0063 
Dec 10, 2012   1.0195  0.9993  1.0032  1.0188 
Dec 17, 2012   1.0150  0.9988  1.0036  1.0235 
Dec 24, 2012   0.9943  0.9985  1.0083  1.0138 
Dec 31, 2012   0.9785  0.9989  1.0104  1.0185 
         
Jan 7, 2013   1.0062  0.9992  1.0153  1.0129 
Jan 14, 2013   1.0133  0.9996  1.0176  1.0299 
Jan 21, 2013   1.0019  0.9996  1.0189  1.0262 
Jan 28, 2013   0.9806  0.9998  1.0149  1.0301 
         
Feb 4, 2013   0.9949  1.0002  1.0126  1.0195 
Feb 11, 2013   1.0106  1.0006  1.0139  1.0244 
Feb 18, 2013   1.0043  1.0006  1.0117  1.0208 
Feb 25, 2013   0.9936  1.0005  1.0158  1.0236 
         
Mar 4, 2013   1.0130  1.0002  1.0141  1.0147 
Mar 11, 2013   1.0226  1.0001  1.0163  1.0170 
Mar 18, 2013   1.0154  0.9999  1.0168  1.0102 
Mar 25, 2013   0.9944  0.9998  1.0191  1.0052 
         
Apr 1, 2013   0.9949  0.9998  1.0133  1.0005 
Apr 8, 2013   1.0219  1.0001  1.0129  0.9960 
Apr 15, 2013   1.0248  1.0001  1.0094  1.0030 
Apr 22, 2013   1.0076  0.9997  1.0057  0.9908 
Apr 29, 2013   0.9811  0.9994  0.9933  0.9922 
         
May 6, 2013   1.0062  0.9993  0.9855  0.9838 
May 13, 2013   1.0132  0.9991  0.9880  0.9934 
May 20, 2013   1.0024  0.9990  0.9904  0.9943 
May 27, 2013   0.9829  0.9991  0.9938  0.9981 
         
Jun 3, 2013   0.9994  0.9997  0.9917  0.9920 
Jun 10, 2013   1.0162  1.0001  0.9942  0.9983 
Jun 17, 2013   1.0117  1.0002  0.9933  0.9922 
Jun 24, 2013   0.9891  1.0002  0.9939  0.9828 
         
Jul 1, 2013   0.9853  1.0006  0.9854  0.9818 
Jul 8, 2013   1.0102  1.0008  0.9892  0.9801 
Jul 15, 2013   1.0067  1.0009  0.9896  0.9902 
Jul 22, 2013   0.9914  1.0007  0.9911  0.9852 
Jul 29, 2013   0.9689  1.0005  0.9894  0.9861 
         
Aug 5, 2013   0.9947  1.0009  0.9886  0.9794 
Aug 12, 2013   1.0069  1.0009  0.9941  0.9881 
Aug 19, 2013   0.9989  1.0008  0.9966  0.9919 
Aug 26, 2013   0.9791  1.0007  0.9978  0.9969 
         
Sep 2, 2013   0.9799  1.0013  0.9954  0.9907 
Sep 9, 2013   1.0117  1.0013  0.9970  0.9939 
Sep 16, 2013   1.0113  1.0010  0.9979  0.9940 
Sep 23, 2013   0.9871  1.0006  0.9953  0.9820 
Sep 30, 2013   0.9758  1.0005  0.9903  0.9806 
         
Oct 7, 2013   1.0008  1.0003  0.9901  0.9807 
Oct 14, 2013   1.0127  1.0000  0.9926  0.9915 
Oct 21, 2013   0.9995  0.9997  0.9928  0.9883 
Oct 28, 2013   0.9758  0.9997  0.9891  0.9945 
         
Nov 4, 2013   0.9940  0.9998  0.9857  0.9869 
Nov 11, 2013   1.0106  1.0002  0.9878  0.9939 
Nov 18, 2013   1.0110  1.0000  0.9878  0.9978 
Nov 25, 2013   0.9900  0.9995  0.9962  1.0053 
         
Dec 2, 2013   0.9897  0.9992  0.9955  1.0054 
Dec 9, 2013   1.0151  0.9992  1.0025  1.0168 
Dec 16, 2013   1.0136  0.9988  1.0046  1.0236 
Dec 23, 2013   0.9931  0.9984  1.0085  1.0148 
Dec 30, 2013   0.9803  0.9986  1.0103  1.0203 
         
Jan 6, 2014   1.0047  0.9991  1.0142  1.0111 
Jan 13, 2014   1.0109  0.9994  1.0187  1.0298 
Jan 20, 2014   1.0026  0.9993  1.0192  1.0269 
Jan 27, 2014   0.9838  0.9995  1.0172  1.0297 
         
Feb 3, 2014   0.9940  0.9999  1.0129  1.0198 
Feb 10, 2014   1.0091  1.0002  1.0140  1.0220 
Feb 17, 2014   1.0056  1.0004  1.0113  1.0211 
Feb 24, 2014   0.9958  1.0004  1.0146  1.0238 
         
Mar 3, 2014   1.0080  1.0001  1.0136  1.0159 
Mar 10, 2014   1.0244  1.0000  1.0162  1.0157 
Mar 17, 2014   1.0189  0.9998  1.0167  1.0119 
Mar 24, 2014   0.9970  0.9997  1.0187  1.0047 
Mar 31, 2014   0.9922  0.9998  1.0144  1.0040 

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 2011   2141.8  2137.7  9549.0  9525.2 
Nov 2011   2159.5  2154.1  9601.2  9572.9 
Dec 2011   2160.4  2167.8  9637.1  9617.7 
         
Jan 2012   2200.1  2223.2  9710.6  9747.8 
Feb 2012   2215.0  2217.5  9745.9  9777.5 
Mar 2012   2221.9  2224.7  9782.1  9811.9 
         
Apr 2012   2250.8  2253.1  9825.5  9856.6 
May 2012   2260.7  2243.2  9867.5  9888.2 
Jun 2012   2265.4  2253.5  9918.6  9930.6 
         
Jul 2012   2310.8  2316.5  10010.0  10004.8 
Aug 2012   2339.0  2331.0  10082.4  10041.8 
Sep 2012   2373.7  2382.6  10158.8  10126.8 
         
Oct 2012   2419.5  2418.5  10242.7  10220.9 
Nov 2012   2403.5  2395.7  10293.6  10269.2 
Dec 2012   2440.2  2455.1  10402.3  10406.2 



Appendix Table 6
Comparison of Revised and Old M1 Growth Rates
(Percent changes, annual rate)
Date Revised Old Difference Difference due to
Benchmark Seasonals
2011            
Jan 2011   11.8  18.4  -6.6  0.0  -6.6 
Feb 2011   14.0  6.7  7.3  0.0  7.3 
Mar 2011   9.0  7.9  1.1  0.0  1.1 
Apr 2011   7.7  7.9  -0.2  0.0  -0.2 
May 2011   24.0  16.8  7.2  0.0  7.2 
Jun 2011   7.2  8.4  -1.2  0.0  -1.2 
Jul 2011   28.5  36.7  -8.2  0.0  -8.2 
Aug 2011   68.3  61.0  7.3  0.0  7.3 
Sep 2011   6.4  10.3  -3.9  0.0  -3.9 
Oct 2011   10.5  8.3  2.2  0.0  2.2 
Nov 2011   9.9  9.2  0.7  0.0  0.7 
Dec 2011   0.5  7.6  -7.1  0.0  -7.1 
           
2012            
Jan 2012   22.1  30.7  -8.6  0.0  -8.6 
Feb 2012   8.1  -3.1  11.2  0.0  11.2 
Mar 2012   3.7  3.9  -0.2  0.0  -0.2 
Apr 2012   15.6  15.3  0.3  0.0  0.3 
May 2012   5.3  -5.3  10.6  0.0  10.6 
Jun 2012   2.5  5.5  -3.0  0.0  -3.0 
Jul 2012   24.0  33.5  -9.5  -0.2  -9.3 
Aug 2012   14.6  7.5  7.1  -0.5  7.6 
Sep 2012   17.8  26.6  -8.8  -0.5  -8.3 
Oct 2012   23.2  18.1  5.1  -0.1  5.2 
Nov 2012   -7.9  -11.3  3.4  0.1  3.3 
Dec 2012   18.3  29.8  -11.5  0.2  -11.7 
           
Quarterly            
2011Q4   14.7  14.6  0.1  0.0  0.1 
2012Q1   10.8  12.7  -1.9  0.0  -1.9 
2012Q2   8.4  5.1  3.3  0.0  3.3 
2012Q3   14.6  16.6  -2.0  -0.3  -1.7 
2012Q4   13.7  13.6  0.1  -0.2  0.3 
           
Semi-Annual            
2011Q4 - 2012Q2   9.8  9.0  0.8  0.0  0.8 
2012Q2 - 2012Q4   14.4  15.4  -1.0  -0.3  -0.7 
           
Annual (Q4 to Q4)            
2011   18.7  18.8  -0.1  0.0  -0.1 
2012   12.4  12.5  -0.1  -0.2  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
2011            
Jan 2011   2.6  8.7  -6.1  0.0  -6.1 
Feb 2011   7.7  5.9  1.8  0.0  1.8 
Mar 2011   5.8  6.5  -0.7  0.0  -0.7 
Apr 2011   6.5  6.3  0.2  0.1  0.1 
May 2011   7.0  6.6  0.4  0.0  0.4 
Jun 2011   10.7  10.2  0.5  0.0  0.5 
Jul 2011   24.6  22.9  1.7  0.0  1.7 
Aug 2011   28.9  24.7  4.2  0.0  4.2 
Sep 2011   3.8  2.7  1.1  0.0  1.1 
Oct 2011   3.7  5.9  -2.2  0.0  -2.2 
Nov 2011   6.6  6.0  0.6  0.0  0.6 
Dec 2011   4.5  5.6  -1.1  0.0  -1.1 
           
2012            
Jan 2012   9.2  16.2  -7.0  0.0  -7.0 
Feb 2012   4.4  3.7  0.7  0.0  0.7 
Mar 2012   4.5  4.3  0.2  0.0  0.2 
Apr 2012   5.3  5.5  -0.2  0.0  -0.2 
May 2012   5.1  3.8  1.3  0.0  1.3 
Jun 2012   6.2  5.1  1.1  0.0  1.1 
Jul 2012   11.1  9.0  2.1  -0.2  2.3 
Aug 2012   8.7  4.4  4.3  -0.4  4.7 
Sep 2012   9.1  10.2  -1.1  -0.3  -0.8 
Oct 2012   9.9  11.2  -1.3  -0.5  -0.8 
Nov 2012   6.0  5.7  0.3  -0.6  0.9 
Dec 2012   12.7  16.0  -3.3  -0.3  -3.0 
           
Quarterly            
2011Q4   7.2  7.3  -0.1  0.0  -0.1 
2012Q1   6.3  8.7  -2.4  0.0  -2.4 
2012Q2   5.1  4.6  0.5  0.0  0.5 
2012Q3   8.6  6.7  1.9  -0.2  2.1 
2012Q4   9.1  9.6  -0.5  -0.4  -0.1 
           
Semi-Annual            
2011Q4 - 2012Q2   5.7  6.7  -1.0  0.0  -1.0 
2012Q2 - 2012Q4   9.0  8.2  0.8  -0.3  1.1 
           
Annual (Q4 to Q4)            
2011   9.7  9.7  0.0  0.0  0.0 
2012   7.5  7.6  -0.1  -0.2  0.1 

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