For release at 4:30 p.m. EST January 22, 2009 H.6 (508) MONEY STOCK REVISIONS The Federal Reserve has revised the measures of the money stock and its components to incorporate the results of its annual review of seasonal factors and a new quarterly benchmark. This release includes revised monthly and weekly seasonal factors as well as comparisons of the revised monetary aggregates with previously published data. The revisions to the seasonal factors lowered M2 growth for the first half of 2008 and raised it for the second half. The benchmark incorporates minor revisions to data reported in the weekly and quarterly deposit reports, and it takes account of deposit data from Call Reports for banks and thrift institutions that are not weekly or quarterly deposit reporters. These revisions to deposit data start in 2006. The benchmark also incorporates revisions to data on retail and institutional money market mutual funds, including revisions to individual retirement account and Keogh balances held at those funds. Revisions to data on money market mutual funds begin in 1981. 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 2008. Monthly seasonal factors were estimated using the X-12-ARIMA procedure. The effects of both a new benchmark and revisions to seasonal factors on the growth rates of M1 and M2 are outlined in appendix tables 6 and 7. Historical data, updated each week, are available with the H.6 statistical release at www.federalreserve.gov/releases. The data are also available through paid electronic means, which can be accessed by calling STAT-USA at 1-800-782-8872 or 202-482-1986. 1 FEDERAL RESERVE STATISTICAL RELEASE H.6 (508) Table 1 For release at 4:30 p.m. Eastern Time January 22, 2009 MONEY STOCK MEASURES Billions of dollars ---------------------------------------------------------------------------------------------------------------------------------------------------- Date M1(1) M2(2) M1(1) M2(2) ----------------------------- ------------------------------------------------------------ ------------------------------------------------------- Seasonally adjusted Not seasonally adjusted ----------------------------- ------------------------------------------------------------ ------------------------------------------------------- 2007-Jan. 1373.6 7069.5 1368.8 7043.0 Feb. 1366.0 7076.1 1347.2 7050.7 Mar. 1368.1 7111.7 1378.6 7147.8 Apr. 1378.8 7160.7 1392.1 7234.8 May 1379.7 7189.1 1384.0 7175.2 June 1364.5 7212.3 1368.3 7217.4 July 1366.6 7239.4 1365.7 7219.8 Aug. 1368.4 7287.7 1369.0 7279.2 Sep. 1366.2 7322.6 1351.1 7305.0 Oct. 1371.7 7352.8 1361.6 7317.1 Nov. 1366.7 7384.4 1361.7 7376.5 Dec. 1364.5 7417.3 1386.2 7444.9 2008-Jan. 1368.4 7463.6 1364.4 7438.0 Feb. 1371.1 7539.0 1351.5 7517.6 Mar. 1372.9 7600.5 1384.8 7652.0 Apr. 1373.7 7620.0 1387.4 7697.5 May 1373.7 7637.8 1376.9 7632.1 June 1383.7 7648.4 1388.2 7651.9 July 1400.1 7698.7 1399.8 7671.6 Aug. 1392.2 7687.0 1392.4 7682.6 Sep. 1452.1 7795.9 1435.1 7761.1 Oct. 1475.2 7915.8 1464.9 7878.5 Nov. 1524.1 7972.5 1518.4 7968.1 Dec. p 1595.8 8154.1 1624.5 8171.0 ---------------------------------------------------------------------------------------------------------------------------------------------------- Percent change at seasonally adjusted annual rates M1 M2 ---------------------------------------------------------------------------------------------------------------------------------------------------- 3 Months from Sep. 2008 TO Dec. 2008 39.6 18.4 6 Months from June 2008 TO Dec. 2008 30.7 13.2 12 Months from Dec. 2007 TO Dec. 2008 17.0 9.9 ---------------------------------------------------------------------------------------------------------------------------------------------------- 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. 1 H.6 (508) Table 2 MONEY STOCK MEASURES Billions of Dollars -------------------------------------------------------------------------------------------------------------------------------------------------------- M1 M2 M1 M2 -------------------------------- -------------------------------- -------------------------------- ----------------------------------- Period Ending 13-week 4-week week 13-week 4-week week 13-week 4-week week 13-week 4-week week average average average average average average average average average average average average ----------------- ----------------------------------------------------------------- -------------------------------------------------------------------- Seasonally adjusted Not seasonally adjusted ----------------- ----------------------------------------------------------------- -------------------------------------------------------------------- 2008-Oct. 20 1429.1 1470.2 1462.9 7774.6 7906.1 7951.0 1419.5 1455.1 1441.5 7749.4 7868.8 7928.3 27 1435.6 1468.5 1485.2 7791.7 7913.0 7934.6 1426.0 1452.0 1518.6 7766.1 7879.0 7852.2 Nov. 3 1444.4 1485.2 1525.4 7809.0 7928.6 7922.6 1436.3 1483.3 1561.3 7781.6 7892.8 7897.6 10 1453.8 1499.7 1525.2 7827.5 7935.6 7934.1 1444.5 1496.7 1465.4 7799.7 7903.0 7933.8 17 1463.9 1512.7 1514.9 7848.5 7936.3 7953.8 1452.8 1505.9 1478.4 7821.2 7913.5 7970.2 24 1474.8 1524.2 1531.4 7872.3 7952.3 7998.6 1463.6 1513.1 1547.4 7846.0 7943.3 7971.4 Dec. 1 1485.5 1525.8 1531.7 7898.8 7982.4 8043.2 1474.9 1519.2 1585.5 7874.7 7978.8 8039.8 8 1498.2 1539.0 1577.9 7930.3 8022.7 8095.1 1488.4 1538.7 1543.5 7906.5 8024.1 8114.9 15 1511.3 1560.4 1600.5 7963.9 8069.5 8141.0 1504.5 1563.8 1578.7 7941.5 8072.7 8164.7 22 1520.8 1577.0 1597.8 7986.2 8113.0 8172.8 1518.5 1587.2 1641.0 7969.7 8126.5 8186.4 29 1528.8 1593.1 1596.0 8008.4 8151.3 8196.2 1532.4 1618.9 1712.3 7999.9 8167.4 8203.7 2009-Jan. 5p 1542.6 1608.1 1638.0 8035.7 8181.2 8214.8 1550.3 1650.2 1668.9 8033.0 8206.8 8272.3 12p 1553.0 1608.4 1601.6 8060.0 8201.7 8222.8 1561.2 1643.8 1552.8 8059.5 8225.2 8238.5 -------------------------------------------------------------------------------------------------------------------------------------------------------- Percent change at seasonally adjusted annual rates M1 M2 -------------------------------------------------------------------------------------------------------------------------------------------------------- Thirteen weeks ending January 12, 2009 from thirteen weeks ending: Oct. 13, 2008 (13 weeks previous) 36.2 15.7 July 14, 2008 (26 weeks previous) 24.9 10.9 Jan. 14, 2008 (52 weeks previous) 13.7 8.9 -------------------------------------------------------------------------------------------------------------------------------------------------------- Note: Special caution should be taken in interpreting week-to-week changes in money supply data, which are highly volatile and subject to revision. p preliminary Components may not add to totals due to rounding. 1 H.6 (508) Table 3 SEASONALLY ADJUSTED COMPONENTS OF M1 Billions of dollars ------------------------------------------------------------------------------------------------------------------------------------------ Other Checkable Deposits ------------------------------------------------------ At commercial At thrift Date Currency(1) Traveler's checks(2) Demand Deposits(3) banks(4) institutions(5) Total ------------------------------------------------------------------------------------------------------------------------------------------ 2007-Aug. 759.0 6.4 300.7 171.3 130.9 302.2 Sep. 760.5 6.4 295.9 170.9 132.5 303.4 Oct. 762.8 6.4 296.8 173.6 132.1 305.6 Nov. 761.0 6.3 296.7 173.0 129.6 302.6 Dec. 757.6 6.3 292.9 174.3 133.5 307.8 2008-Jan. 756.6 6.2 295.3 175.1 135.2 310.3 Feb. 757.6 6.2 294.8 176.9 135.5 312.5 Mar. 760.7 6.2 294.6 176.6 134.9 311.5 Apr. 760.1 6.1 295.1 177.1 135.3 312.3 May 763.4 6.1 292.0 175.0 137.2 312.2 June 769.0 6.0 294.4 176.4 137.7 314.2 July 774.5 5.9 303.7 176.8 139.3 316.0 Aug. 777.0 5.8 301.0 172.3 136.0 308.4 Sep. 781.6 5.8 350.6 176.8 137.3 314.1 Oct. 796.6 5.7 361.1 176.1 135.7 311.8 Nov. 804.6 5.6 407.5 173.3 133.1 306.3 Dec. p 812.3 5.5 465.7 178.6 133.7 312.3 Week Ending: 2008-Nov. 17 803.3 5.6 401.3 171.8 132.9 304.7 24 804.8 5.6 417.3 171.9 131.8 303.7 Dec. 1 808.1 5.6 413.5 171.6 132.8 304.5 8 809.6 5.6 455.8 175.1 131.8 306.9 15 811.0 5.5 472.5 178.6 132.9 311.4 22 812.0 5.5 465.2 180.7 134.4 315.1 29 815.4 5.5 460.9 178.8 135.4 314.2 2009-Jan. 5p 818.2 5.5 502.5 179.0 132.9 311.8 12p 819.7 5.5 e 471.8 172.8 131.8 304.6 ------------------------------------------------------------------------------------------------------------------------------------------ 1. Currency outside U.S. Treasury, Federal Reserve Banks and the vaults of depository institutions. 2. Outstanding amount of U.S. dollar-denominated traveler's checks of nonbank issuers. Traveler's checks issued by depository institutions are included in demand deposits. 3. Demand deposits at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float. 4. NOW and ATS balances at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations. 5. NOW and ATS balances at thrift institutions, credit union share draft balances, and demand deposits at thrift institutions. e estimated p preliminary Components may not add to totals due to rounding. 1 H.6 (508) Table 4 SEASONALLY ADJUSTED COMPONENTS OF NON-M1 M2 Billions of dollars ---------------------------------------------------------------------------------------------------------------------------------------------------- Savings Deposits(1) Small-denomination time deposit(2) --------------------------------------- --------------------------------------- Memorandum: At At At At Retail Institutional Date commercial thrift commercial thrift money Total money banks institutions Total banks institutions Total funds(3) Non-M1 M2 funds(4) ---------------------------------------------------------------------------------------------------------------------------------------------------- 2007-Aug. 2990.4 838.3 3828.8 768.8 428.3 1197.1 893.4 5919.2 1618.1 Sep. 3007.9 828.6 3836.5 776.5 430.8 1207.3 912.6 5956.4 1719.9 Oct. 3013.5 831.2 3844.8 803.3 409.0 1212.3 924.1 5981.2 1805.2 Nov. 3029.8 829.2 3859.0 819.8 395.4 1215.2 943.5 6017.7 1869.4 Dec. 3041.3 827.3 3868.7 821.4 395.3 1216.7 967.4 6052.8 1903.9 2008-Jan. 3050.2 835.6 3885.8 822.3 399.2 1221.4 988.0 6095.2 1940.6 Feb. 3081.5 839.9 3921.4 823.6 399.1 1222.7 1023.8 6168.0 2064.8 Mar. 3120.7 855.2 3975.9 818.6 395.2 1213.7 1037.9 6227.5 2133.8 Apr. 3122.0 859.1 3981.1 815.5 394.5 1210.0 1055.2 6246.3 2180.1 May 3126.5 883.6 4010.1 816.7 391.4 1208.0 1046.0 6264.1 2216.8 June 3123.9 897.3 4021.2 820.8 386.4 1207.2 1036.3 6264.8 2248.3 July 3131.0 902.3 4033.2 835.8 382.4 1218.2 1047.1 6298.5 2265.0 Aug. 3116.7 889.4 4006.1 858.8 383.9 1242.7 1046.0 6294.8 2286.6 Sep. 3171.0 861.9 4032.9 878.5 380.0 1258.5 1052.4 6343.8 2251.1 Oct. 3250.3 783.3 4033.6 966.3 346.5 1312.8 1094.2 6440.6 2231.1 Nov. 3245.9 766.5 4012.4 995.5 352.0 1347.4 1088.5 6448.4 2325.8 Dec. p 3327.8 769.4 4097.1 1016.1 353.6 1369.8 1091.4 6558.3 2389.2 Week ending: 2008-Nov. 17 3247.8 758.8 4006.6 993.0 353.2 1346.2 1086.0 6438.8 2321.5 24 3256.9 772.8 4029.7 998.7 352.1 1350.8 1086.7 6467.2 2334.9 Dec. 1 3286.6 775.3 4061.9 1007.2 350.0 1357.2 1092.3 6511.5 2358.7 8 3297.9 763.3 4061.2 1010.9 351.9 1362.8 1093.3 6517.2 2368.7 15 3318.7 763.0 4081.7 1015.3 352.7 1368.0 1090.8 6540.5 2363.6 22 3341.0 769.7 4110.7 1018.9 354.8 1373.7 1090.6 6575.0 2388.5 29 3355.5 780.6 4136.1 1019.6 355.0 1374.6 1089.4 6600.1 2415.3 2009-Jan. 5p 3338.0 765.5 4103.5 1021.4 356.0 1377.3 1095.9 6576.8 2477.0 12p 3382.3 766.2 4148.5 1018.8 355.6 1374.4 1098.3 6621.3 2465.4 ---------------------------------------------------------------------------------------------------------------------------------------------------- 1. Savings deposits include money market deposit accounts. 2. Small-denomination time deposits are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial banks and thrift institutions are subtracted from small time deposits. 3. IRA and Keogh account balances at money market mutual funds are subtracted from retail money funds. 4. Institutional money funds are not part of non-M1 M2. p preliminary Components may not add to totals due to rounding. 1 H.6 (508) Table 5 NOT SEASONALLY ADJUSTED COMPONENTS OF M1 Billions of dollars ------------------------------------------------------------------------------------------------------------------------------------------ Other Checkable Deposits ------------------------------------------------------ At commercial At thrift Date Currency(1) Traveler's checks(2) Demand Deposits(3) banks(4) institutions(5) Total ------------------------------------------------------------------------------------------------------------------------------------------ 2007-Aug. 757.3 6.6 305.2 167.1 132.8 299.9 Sep. 756.7 6.5 289.9 165.0 133.0 298.0 Oct. 759.6 6.4 296.3 169.2 130.2 299.4 Nov. 762.2 6.3 297.2 167.6 128.5 296.0 Dec. 763.8 6.3 304.7 178.2 133.2 311.4 2008-Jan. 755.4 6.2 289.9 181.6 131.2 312.8 Feb. 758.7 6.1 281.3 175.1 130.4 305.5 Mar. 761.9 6.1 299.3 181.4 136.2 317.5 Apr. 759.7 6.1 296.5 185.3 139.8 325.1 May 764.0 6.1 291.5 176.8 138.5 315.3 June 768.8 6.1 296.1 178.0 139.2 317.2 July 774.8 6.1 305.0 173.3 140.7 314.0 Aug. 775.3 6.0 305.8 167.3 138.1 305.3 Sep. 776.7 5.8 344.0 170.5 138.2 308.7 Oct. 793.6 5.7 360.7 171.5 133.4 304.9 Nov. 806.4 5.6 407.3 167.0 132.1 299.1 Dec. p 818.9 5.5 484.7 182.7 132.8 315.4 Week Ending: 2008-Nov. 17 804.2 5.6 379.2 160.2 129.2 289.4 24 806.0 5.6 437.4 169.0 129.5 298.5 Dec. 1 811.7 5.5 458.4 174.0 136.0 309.9 8 812.5 5.5 426.7 168.3 130.5 298.9 15 814.9 5.5 458.3 172.4 127.7 300.1 22 821.1 5.5 494.2 187.3 133.0 320.2 29 827.4 5.5 543.7 198.9 136.8 335.7 2009-Jan. 5p 824.5 5.5 513.1 189.3 136.5 325.8 12p 820.4 5.5 e 428.7 172.4 125.9 298.3 ------------------------------------------------------------------------------------------------------------------------------------------ 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. 1 H.6 (508) Table 6 NOT SEASONALLY ADJUSTED COMPONENTS OF NON-M1 M2 Billions of dollars ---------------------------------------------------------------------------------------------------------------------------------------------------- Savings Deposits(1) Small-denomination time deposit(2) --------------------------------------- --------------------------------------- Memorandum: At At At At Retail Institutional Date commercial thrift commercial thrift money Total money banks institutions Total banks institutions Total funds(3) Non-M1 M2 funds(4) ---------------------------------------------------------------------------------------------------------------------------------------------------- 2007-Aug. 2989.7 838.1 3827.8 766.8 427.2 1193.9 888.4 5910.2 1602.5 Sep. 3010.5 829.3 3839.8 776.9 431.0 1207.8 906.3 5953.9 1705.0 Oct. 2997.8 826.9 3824.6 805.8 410.3 1216.1 914.8 5955.5 1797.9 Nov. 3030.4 829.4 3859.8 822.5 396.7 1219.2 935.8 6014.8 1872.3 Dec. 3043.6 827.9 3871.5 822.6 395.9 1218.5 968.7 6058.7 1941.2 2008-Jan. 3022.3 828.0 3850.3 825.0 400.5 1225.4 997.9 6073.6 1986.5 Feb. 3066.5 835.8 3902.3 826.6 400.6 1227.2 1036.5 6166.0 2104.0 Mar. 3132.7 858.5 3991.1 820.5 396.1 1216.5 1059.6 6267.2 2157.8 Apr. 3159.0 869.3 4028.4 816.2 394.9 1211.0 1070.7 6310.1 2174.4 May 3128.5 884.1 4012.6 814.0 390.1 1204.0 1038.7 6255.3 2196.8 June 3135.7 900.7 4036.5 815.7 384.0 1199.7 1027.6 6263.8 2221.9 July 3125.7 900.7 4026.4 830.2 379.9 1210.1 1035.3 6271.8 2217.0 Aug. 3122.2 891.0 4013.2 855.3 382.3 1237.7 1039.4 6290.2 2262.0 Sep. 3164.2 860.0 4024.2 878.2 379.9 1258.1 1043.7 6326.0 2216.9 Oct. 3235.4 779.7 4015.1 969.4 347.6 1316.9 1081.5 6413.6 2209.8 Nov. 3250.7 767.6 4018.3 999.4 353.4 1352.7 1078.6 6449.7 2324.8 Dec. p 3314.4 766.3 4080.7 1018.8 354.6 1373.3 1092.4 6546.4 2435.3 Week ending: 2008-Nov. 17 3297.8 770.5 4068.3 997.2 354.7 1351.9 1071.7 6491.9 2315.9 24 3221.8 764.4 3986.2 1002.4 353.4 1355.8 1081.9 6424.0 2348.8 Dec. 1 3240.8 764.5 4005.4 1010.4 351.1 1361.5 1087.4 6454.3 2376.3 8 3338.4 772.7 4111.0 1014.3 353.0 1367.3 1093.1 6571.4 2399.9 15 3350.9 770.4 4121.3 1018.2 353.7 1371.9 1092.7 6585.9 2434.4 22 3312.4 763.1 4075.5 1021.0 355.6 1376.6 1093.3 6545.3 2431.7 29 3264.1 759.3 4023.4 1021.6 355.8 1377.4 1090.6 6491.3 2468.7 2009-Jan. 5p 3357.4 769.9 4127.3 1024.4 357.0 1381.4 1094.8 6603.4 2487.7 12p 3421.9 775.2 4197.0 1022.7 357.0 1379.7 1109.0 6685.7 2528.0 -------------------------------------------------------------------------------------------------------------------------------------------------- 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. 1 H.6 (508) Table 7 OTHER MEMORANDUM ITEMS Billions of dollars, not seasonally adjusted -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- U.S. government deposits IRA and Keogh Accounts Demand deposits Time and -------------------------------------------------------------- ---------------------------------------------------- at banks due to savings Demand Note Time and Date -------------------------- deposits due to deposits Balance balances savings At Foreign Foreign foreign banks at at at Total deposits at At At money commercial official and official commercial Federal depository cash commercial commercial thrift market banks institutions institutions banks Reserve institutions(1) balance banks banks institutions funds Total -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 2007-Aug. 7.3 1.4 40.5 1.0 4.9 20.2 26.1 1.4 209.6 120.6 219.4 549.6 Sep. 7.4 1.5 41.4 3.1 5.0 39.7 47.8 1.4 210.8 121.1 225.0 556.9 Oct. 7.3 1.5 42.5 1.4 4.9 18.3 24.7 1.7 211.1 122.9 230.3 564.3 Nov. 7.0 1.4 43.8 1.0 5.1 10.5 16.6 2.2 211.0 125.6 235.2 571.8 Dec. 6.7 1.4 45.1 1.3 5.9 24.4 31.5 2.7 210.8 128.3 240.1 579.2 2008-Jan. 7.3 1.4 45.6 3.4 5.5 19.7 28.6 3.0 212.1 130.3 247.6 590.0 Feb. 8.4 1.5 45.6 1.1 4.8 13.4 19.3 3.4 214.2 131.7 256.2 602.2 Mar. 9.4 1.5 45.5 1.3 5.2 17.7 24.2 3.7 216.3 133.2 264.9 614.4 Apr. 9.3 1.5 45.0 7.9 5.3 26.3 39.6 3.4 217.1 135.6 267.4 620.1 May 8.4 1.4 44.2 1.4 4.8 32.5 38.6 2.7 217.0 138.5 265.8 621.3 June 7.4 1.3 43.4 3.0 5.0 16.2 24.2 2.0 216.8 141.5 264.2 622.6 July 7.7 1.3 40.8 1.2 5.1 9.7 16.0 2.0 219.3 142.3 262.6 e 624.2 e Aug. 8.6 1.5 37.1 1.2 4.8 7.7 13.8 2.3 223.3 141.8 261.0 e 626.1 e Sep. 9.6 1.5 33.5 3.5 5.8 16.4 25.6 2.7 227.2 141.2 259.5 e 627.9 e Oct. 10.1 e 1.6 e 31.4 e 1.8 33.9 24.9 60.6 2.9 e 229.7 e 141.0 e 258.6 e 629.3 e Nov. 10.1 e 1.7 e 31.4 e 1.3 55.8 5.2 62.4 2.9 e 230.3 e 141.3 e 258.6 e 630.2 e Dec. p 10.1 e 1.8 e 31.4 e 1.3 90.2 1.9 93.5 2.9 e 230.9 e 141.6 e 258.6 e 631.1 e 2008-Nov. 17 1.5 56.3 3.4 61.2 24 1.2 79.0 1.9 82.2 Dec. 1 1.3 47.7 2.0 50.9 8 1.1 56.1 1.9 59.1 15 1.3 57.3 1.9 60.5 22 1.3 126.5 1.9 129.7 29 1.6 117.6 2.0 121.1 2009-Jan. 5p 1.9 79.9 1.8 83.6 12p 2.6 44.8 2.0 49.4 -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 1. Source: Daily Treasury statement. e estimated p preliminary Components may not add to totals due to rounding. Note: Current and historical H.6 data are available each week on the Federal Reserve Board's web site (http://www.federalreserve.gov/). Monthly data are available back to January 1959, and weekly data are available back to January 1975 for most series. For information about individual copies or subscriptions, contact Publication Services at the Federal Reserve Board (phone 202-452-3245, fax 202-728-5886). For paid electronic access to current and historical data, call STAT-USA at 1-800-782-8872 or 202-482-1986. Appendix Table 1 Monthly Seasonal Factors Used to Construct M1 ----------+-------------------------------------------------------------------------------- | Nonbank Demand Other checkable deposits [1] Date | Currency travelers checks deposits Total At banks ----------+-------------------------------------------------------------------------------- 2008 | January | 0.9985 0.9976 0.9819 1.0081 1.0373 February | 1.0014 0.9907 0.9540 0.9776 0.9897 March | 1.0016 0.9874 1.0158 1.0195 1.0271 April | 0.9995 0.9890 1.0047 1.0410 1.0467 May | 1.0008 0.9934 0.9982 1.0100 1.0102 June | 0.9997 1.0093 1.0055 1.0097 1.0090 July | 1.0004 1.0251 1.0041 0.9935 0.9802 August | 0.9978 1.0213 1.0159 0.9902 0.9705 September | 0.9937 1.0067 0.9812 0.9827 0.9642 October | 0.9962 0.9984 0.9988 0.9779 0.9736 November | 1.0023 0.9916 0.9994 0.9763 0.9635 December | 1.0082 0.9927 1.0407 1.0102 1.0230 2009 | January | 0.9994 0.9947 0.9817 1.0077 1.0388 February | 1.0011 0.9893 0.9534 0.9804 0.9924 March | 1.0014 0.9877 1.0166 1.0196 1.0285 April | 0.9991 0.9896 1.0055 1.0426 1.0493 May | 1.0011 0.9948 0.9955 1.0107 1.0091 June | 0.9992 1.0080 1.0051 1.0095 1.0098 July | 1.0013 1.0245 1.0050 0.9939 0.9813 August | 0.9967 1.0210 1.0165 0.9895 0.9670 September | 0.9937 1.0062 0.9841 0.9834 0.9638 October | 0.9962 0.9990 0.9977 0.9763 0.9729 November | 1.0021 0.9913 0.9975 0.9753 0.9606 December | 1.0085 0.9915 1.0426 1.0098 1.0240 2010 | January | 1.0001 0.9933 0.9821 1.0083 1.0393 February | 1.0011 0.9888 0.9525 0.9813 0.9941 March | 1.0014 0.9878 1.0171 1.0197 1.0291 ------------------------------------------------------------------------------------------- 1. Seasonally adjusted other checkable deposits at thrifts are derived as the dif- ference between total other checkable deposits, seasonally adjusted, and seasonally adjusted other checkable deposits at commercial banks. Appendix Table 2 Monthly Seasonal Factors Used to Construct M2 -----------+-------------------------------------------------------------+----------------- | Savings and Small denom. Retail | Institutional Date | MMDA deposits [1] time deposits [1] money funds | money funds -----------+-------------------------------------------------------------+----------------- 2008 | January | 0.9909 1.0033 1.0101 1.0236 February | 0.9951 1.0037 1.0124 1.0190 March | 1.0038 1.0023 1.0209 1.0113 April | 1.0119 1.0008 1.0148 0.9974 May | 1.0006 0.9967 0.9929 0.9910 June | 1.0038 0.9938 0.9916 0.9882 July | 0.9983 0.9933 0.9887 0.9788 August | 1.0018 0.9960 0.9936 0.9893 September | 0.9978 0.9997 0.9917 0.9848 October | 0.9954 1.0031 0.9885 0.9905 November | 1.0015 1.0039 0.9909 0.9996 December | 0.9960 1.0026 1.0010 1.0193 2009 | January | 0.9927 1.0045 1.0100 1.0235 February | 0.9963 1.0047 1.0138 1.0229 March | 1.0013 1.0029 1.0227 1.0150 April | 1.0140 1.0010 1.0167 0.9995 May | 1.0027 0.9963 0.9935 0.9924 June | 1.0014 0.9931 0.9911 0.9891 July | 0.9997 0.9924 0.9881 0.9801 August | 1.0018 0.9950 0.9931 0.9882 September | 0.9983 0.9990 0.9908 0.9815 October | 0.9954 1.0030 0.9876 0.9865 November | 1.0010 1.0043 0.9903 0.9985 December | 0.9951 1.0034 1.0007 1.0184 2010 | January | 0.9933 1.0053 1.0099 1.0238 February | 0.9962 1.0053 1.0145 1.0251 March | 1.0010 1.0031 1.0234 1.0167 ------------------------------------------------------------------------------------------- 1. Seasonal factors are applied to deposits data at both commercial banks and thrift institutions. Appendix Table 3 Weekly Seasonal Factors Used to Construct M1 -------------+---------------------------------------------------------------------------- | Nonbank Demand Other checkable deposits [1] Date |Currency travelers checks deposits Total At banks -------------+---------------------------------------------------------------------------- 2008 Dec. 01 | 1.0044 0.9880 1.1086 1.0180 1.0136 08 | 1.0036 0.9898 0.9361 0.9738 0.9611 15 | 1.0049 0.9916 0.9698 0.9635 0.9651 22 | 1.0112 0.9934 1.0623 1.0163 1.0365 29 | 1.0147 0.9953 1.1797 1.0685 1.1124 | 2009 Jan. 05 | 1.0076 0.9971 1.0212 1.0449 1.0579 12 | 1.0008 0.9959 0.9086 0.9794 0.9980 19 | 0.9978 0.9947 0.9597 0.9960 1.0293 26 | 0.9955 0.9935 1.0162 1.0151 1.0706 | 2009 Feb. 02 | 0.9975 0.9923 1.0208 1.0237 1.0533 09 | 1.0012 0.9910 0.8713 0.9571 0.9611 16 | 1.0024 0.9896 0.9193 0.9538 0.9606 23 | 1.0004 0.9882 0.9972 0.9907 1.0084 | 2009 Mar. 02 | 1.0015 0.9868 1.0270 1.0185 1.0339 09 | 1.0034 0.9872 0.8990 0.9864 0.9833 16 | 1.0019 0.9875 0.9522 0.9959 0.9929 23 | 1.0012 0.9879 1.0646 1.0236 1.0370 30 | 0.9991 0.9882 1.1503 1.0692 1.0995 | 2009 Apr. 06 | 1.0019 0.9886 0.9817 1.0390 1.0310 13 | 1.0003 0.9892 0.9424 1.0115 0.9950 20 | 0.9980 0.9898 1.0189 1.0574 1.0642 27 | 0.9971 0.9903 1.0697 1.0635 1.1045 | 2009 May 04 | 1.0005 0.9909 0.9859 1.0306 1.0378 11 | 1.0015 0.9927 0.8968 0.9838 0.9605 18 | 1.0005 0.9946 0.9742 0.9958 0.9880 25 | 1.0015 0.9964 1.0564 1.0162 1.0305 | 2009 June 01 | 0.9995 0.9982 1.0909 1.0457 1.0527 08 | 1.0009 1.0021 0.9153 1.0001 0.9883 15 | 0.9989 1.0061 0.9449 0.9817 0.9765 22 | 0.9976 1.0100 1.0153 1.0063 1.0075 29 | 0.9990 1.0140 1.1304 1.0440 1.0623 | 2009 July 06 | 1.0063 1.0179 0.9862 1.0023 0.9940 13 | 1.0040 1.0215 0.9098 0.9637 0.9404 20 | 1.0001 1.0250 0.9978 0.9892 0.9708 27 | 0.9976 1.0285 1.0901 1.0106 1.0123 | 2009 Aug. 03 | 0.9982 1.0321 1.0644 1.0135 0.9949 10 | 0.9996 1.0272 0.9152 0.9537 0.9178 17 | 0.9964 1.0223 0.9802 0.9708 0.9409 24 | 0.9939 1.0173 1.0396 0.9951 0.9794 31 | 0.9952 1.0124 1.1180 1.0308 1.0228 | 2009 Sep. 07 | 0.9975 1.0101 0.9083 0.9799 0.9526 14 | 0.9942 1.0078 0.8785 0.9650 0.9215 21 | 0.9924 1.0055 1.0139 0.9804 0.9616 28 | 0.9917 1.0031 1.1107 1.0030 1.0110 | 2009 Oct. 05 | 0.9948 1.0008 0.9979 0.9782 0.9691 12 | 0.9974 0.9999 0.8987 0.9452 0.9258 19 | 0.9955 0.9990 0.9558 0.9667 0.9604 26 | 0.9956 0.9981 1.0949 0.9903 1.0073 | 2009 Nov. 02 | 0.9967 0.9972 1.0734 1.0174 1.0169 09 | 1.0016 0.9947 0.8862 0.9467 0.9208 16 | 1.0014 0.9921 0.9343 0.9488 0.9215 23 | 1.0017 0.9896 1.0363 0.9838 0.9731 30 | 1.0048 0.9871 1.1193 1.0125 1.0145 | 2009 Dec. 07 | 1.0045 0.9887 0.9429 0.9785 0.9709 14 | 1.0057 0.9903 0.9616 0.9609 0.9615 21 | 1.0101 0.9919 1.0567 1.0124 1.0273 28 | 1.0151 0.9935 1.1738 1.0615 1.1083 | 2010 Jan. 04 | 1.0093 0.9951 1.0634 1.0529 1.0698 11 | 1.0019 0.9943 0.8944 0.9811 0.9969 18 | 0.9996 0.9934 0.9543 0.9942 1.0229 25 | 0.9960 0.9925 1.0061 1.0133 1.0644 | 2010 Feb. 01 | 0.9950 0.9916 1.0577 1.0269 1.0650 08 | 1.0026 0.9904 0.8823 0.9676 0.9720 15 | 1.0024 0.9893 0.9034 0.9508 0.9583 22 | 1.0009 0.9881 0.9826 0.9814 1.0029 | 2010 Mar. 01 | 0.9993 0.9869 1.0385 1.0248 1.0398 08 | 1.0041 0.9872 0.9115 0.9966 0.9895 15 | 1.0019 0.9876 0.9370 0.9894 0.9890 22 | 1.0013 0.9880 1.0386 1.0156 1.0287 29 | 0.9990 0.9883 1.1521 1.0622 1.0969 | 2010 Apr. 05 | 1.0042 0.9887 1.0492 1.0491 1.0481 ------------------------------------------------------------------------------------------ 1. Seasonally adjusted other checkable deposits at thrifts are derived as the differ- ence between total other checkable deposits, seasonally adjusted, and seasonally adjusted other checkable deposits at commercial banks. Appendix Table 4 Weekly Seasonal Factors Used to Construct M2 --------------+----------------------------------------------------------+----------------- | Savings and Small denom. Retail | Institutional Date | MMDA deposits [1] time deposits [1] money funds | money funds --------------+----------------------------------------------------------+----------------- 2008 Dec. 01 | 0.9861 1.0031 0.9956 1.0075 08 | 1.0123 1.0033 0.9998 1.0132 15 | 1.0097 1.0029 1.0018 1.0299 22 | 0.9914 1.0021 1.0025 1.0181 29 | 0.9727 1.0020 1.0011 1.0221 | 2009 Jan. 05 | 1.0058 1.0029 0.9990 1.0044 12 | 1.0117 1.0038 1.0097 1.0254 19 | 0.9933 1.0048 1.0133 1.0265 26 | 0.9710 1.0054 1.0148 1.0337 | 2009 Feb. 02 | 0.9809 1.0055 1.0103 1.0214 09 | 1.0048 1.0055 1.0130 1.0232 16 | 1.0020 1.0051 1.0122 1.0220 23 | 0.9889 1.0042 1.0160 1.0267 | 2009 Mar. 02 | 0.9933 1.0034 1.0155 1.0192 09 | 1.0168 1.0033 1.0205 1.0161 16 | 1.0146 1.0030 1.0205 1.0176 23 | 0.9905 1.0026 1.0264 1.0124 30 | 0.9798 1.0025 1.0254 1.0147 | 2009 Apr. 06 | 1.0271 1.0024 1.0222 1.0004 13 | 1.0367 1.0020 1.0265 1.0112 20 | 1.0217 1.0010 1.0208 0.9955 27 | 0.9857 0.9997 1.0090 0.9972 | 2009 May 04 | 1.0045 0.9986 0.9913 0.9849 11 | 1.0173 0.9975 0.9939 0.9924 18 | 1.0084 0.9962 0.9928 0.9923 25 | 0.9851 0.9952 0.9955 1.0005 | 2009 June 01 | 0.9884 0.9947 0.9931 0.9883 08 | 1.0181 0.9941 0.9937 0.9908 15 | 1.0176 0.9933 0.9939 0.9970 22 | 0.9928 0.9925 0.9919 0.9843 29 | 0.9769 0.9922 0.9858 0.9868 | 2009 July 06 | 1.0127 0.9924 0.9829 0.9721 13 | 1.0188 0.9922 0.9884 0.9833 20 | 1.0004 0.9920 0.9904 0.9822 27 | 0.9769 0.9923 0.9907 0.9832 | 2009 Aug. 03 | 0.9941 0.9934 0.9864 0.9775 10 | 1.0176 0.9942 0.9920 0.9864 17 | 1.0116 0.9948 0.9917 0.9882 24 | 0.9915 0.9954 0.9977 0.9952 31 | 0.9815 0.9962 0.9941 0.9877 | 2009 Sep. 07 | 1.0164 0.9974 0.9924 0.9829 14 | 1.0206 0.9980 0.9946 0.9870 21 | 0.9972 0.9990 0.9915 0.9814 28 | 0.9682 1.0006 0.9868 0.9773 | 2009 Oct. 05 | 0.9993 1.0023 0.9829 0.9724 12 | 1.0139 1.0029 0.9894 0.9868 19 | 1.0054 1.0029 0.9899 0.9872 26 | 0.9713 1.0032 0.9885 0.9922 | 2009 Nov. 02 | 0.9809 1.0039 0.9852 0.9908 09 | 1.0153 1.0048 0.9863 0.9910 16 | 1.0149 1.0046 0.9853 0.9946 23 | 0.9919 1.0042 0.9957 1.0021 30 | 0.9816 1.0036 0.9952 1.0085 | 2009 Dec. 07 | 1.0132 1.0036 0.9983 1.0142 14 | 1.0110 1.0036 1.0024 1.0232 21 | 0.9951 1.0030 1.0026 1.0190 28 | 0.9732 1.0030 1.0011 1.0230 | 2010 Jan. 04 | 0.9971 1.0038 0.9974 1.0051 11 | 1.0147 1.0049 1.0089 1.0212 18 | 1.0005 1.0055 1.0124 1.0269 25 | 0.9766 1.0057 1.0143 1.0315 | 2010 Feb. 01 | 0.9671 1.0059 1.0114 1.0266 08 | 1.0069 1.0061 1.0124 1.0200 15 | 1.0057 1.0058 1.0129 1.0263 22 | 0.9895 1.0050 1.0154 1.0272 | 2010 Mar. 01 | 0.9855 1.0040 1.0186 1.0268 08 | 1.0175 1.0037 1.0195 1.0174 15 | 1.0166 1.0033 1.0226 1.0227 22 | 0.9962 1.0028 1.0264 1.0127 29 | 0.9771 1.0026 1.0261 1.0175 | 2010 Apr. 05 | 1.0168 1.0025 1.0228 0.9995 ------------------------------------------------------------------------------------------- 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 --------------+---------------+------------+---------------+----------- 2007 | October | 1371.7 1369.5 7352.8 7338.3 November | 1366.7 1365.6 7384.4 7372.3 December | 1364.5 1366.5 7417.3 7404.3 2008 | January | 1368.4 1367.2 7463.6 7448.9 February | 1371.1 1372.8 7539.0 7546.8 March | 1372.9 1375.3 7600.5 7618.1 April | 1373.7 1371.3 7620.0 7631.4 May | 1373.7 1368.0 7637.8 7640.8 June | 1383.7 1386.1 7648.4 7638.8 July | 1400.1 1403.3 7698.7 7679.7 August | 1392.2 1394.0 7687.0 7670.2 September | 1452.1 1453.8 7795.9 7769.5 October | 1475.2 1473.1 7915.8 7879.4 November | 1524.1 1522.5 7972.5 7934.7 December | 1595.8 1599.8 8154.1 8108.4 --------------+-------------------------------------------------------- Appendix Table 6 Comparison of Revised and Old M1 Growth Rates (Percent changes, annual rate) ------------------+-------+------+----------+-------------------- | | | | Difference due to Date Revised | Old Difference |Benchmark Seasonals ------------------+-------+------+----------+-------------------- 2007 | January | 7.0 5.3 1.7 0.0 1.7 February | -6.6 -4.4 -2.2 0.0 -2.2 March | 1.8 2.0 -0.2 0.0 -0.2 April | 9.4 6.9 2.5 0.0 2.5 May | 0.8 -2.1 2.9 0.0 2.9 June |-13.2 -8.2 -5.0 0.0 -5.0 July | 1.8 2.3 -0.5 0.0 -0.5 August | 1.6 1.2 0.4 0.0 0.4 September | -1.9 -3.1 1.2 0.0 1.2 October | 4.8 2.7 2.1 0.0 2.1 November | -4.4 -3.4 -1.0 0.0 -1.0 December | -1.9 0.8 -2.7 0.0 -2.7 2008 | January | 3.4 0.6 2.8 0.1 2.7 February | 2.4 4.9 -2.5 -0.1 -2.4 March | 1.6 2.2 -0.6 0.0 -0.6 April | 0.7 -3.5 4.2 0.0 4.2 May | 0.0 -2.9 2.9 -0.1 3.0 June | 8.7 15.9 -7.2 0.0 -7.2 July | 14.2 14.9 -0.7 -0.2 -0.5 August | -6.8 -8.0 1.2 0.1 1.1 September | 51.6 51.5 0.1 -0.4 0.5 October | 19.1 15.9 3.2 0.2 3.0 November | 39.8 40.2 -0.4 -0.3 -0.1 December | 56.5 60.9 -4.4 -0.3 -4.1 Quarterly | 07Q4 | 0.1 -0.3 0.4 0.0 0.4 08Q1 | 0.9 1.3 -0.4 0.1 -0.5 08Q2 | 1.8 1.0 0.8 0.0 0.8 08Q3 | 11.0 12.2 -1.2 -0.1 -1.1 08Q4 | 33.1 32.4 0.7 -0.1 0.8 Semi-Annual | 07Q4 - 08Q2 | 1.4 1.2 0.2 0.0 0.2 08Q2 - 08Q4 | 22.5 22.8 -0.3 -0.1 -0.2 Annual (Q4 to Q4) | 2007 | -0.1 -0.1 0.0 0.0 0.0 2008 | 12.0 12.0 0.0 -0.1 0.1 ------------------+---------------------------------------------- Appendix Table 7 Comparison of Revised and Old M2 Growth Rates (Percent changes, annual rate) ------------------+--------+----+-----------+--------------------- | | | | Difference due to Date |Revised Old |Difference |Benchmark Seasonals ------------------+--------+----+-----------+--------------------- 2007 | January | 8.2 7.9 0.3 0.0 0.3 February | 1.1 4.5 -3.4 -0.4 -3.0 March | 6.0 6.7 -0.7 0.3 -1.0 April | 8.3 8.4 -0.1 0.0 -0.1 May | 4.8 3.3 1.5 0.1 1.4 June | 3.9 2.8 1.1 0.1 1.0 July | 4.5 3.9 0.6 0.0 0.6 August | 8.0 8.7 -0.7 0.1 -0.8 September | 5.7 4.6 1.1 0.1 1.0 October | 4.9 4.0 0.9 0.1 0.8 November | 5.2 5.6 -0.4 -0.1 -0.3 December | 5.3 5.2 0.1 0.0 0.1 2008 | January | 7.5 7.2 0.3 0.1 0.2 February | 12.1 15.8 -3.7 -0.1 -3.6 March | 9.8 11.3 -1.5 0.1 -1.6 April | 3.1 2.1 1.0 0.3 0.7 May | 2.8 1.5 1.3 0.5 0.8 June | 1.7 -0.3 2.0 0.5 1.5 July | 7.9 6.4 1.5 0.4 1.1 August | -1.8 -1.5 -0.3 0.2 -0.5 September | 17.0 15.5 1.5 0.3 1.2 October | 18.5 17.0 1.5 0.9 0.6 November | 8.6 8.4 0.2 0.0 0.2 December | 27.3 26.3 1.0 -0.2 1.2 Quarterly | 07Q4 | 5.6 5.1 0.5 0.0 0.5 08Q1 | 8.1 9.0 -0.9 0.0 -0.9 08Q2 | 5.4 5.3 0.1 0.3 -0.2 08Q3 | 4.8 3.6 1.2 0.4 0.8 08Q4 | 14.9 13.9 1.0 0.3 0.7 Semi-Annual | 07Q4 - 08Q2 | 6.8 7.2 -0.4 0.1 -0.5 08Q2 - 08Q4 | 9.9 8.8 1.1 0.4 0.7 Annual (Q4 to Q4) | 2007 | 5.8 5.7 0.1 0.0 0.1 2008 | 8.5 8.2 0.3 0.3 0.0 ------------------+-----------------------------------------------