Revision to the money stock data.Measures of the money stock and components were revised in February February: see month. 2005 to incorporate the results of the annual seasonal factor review. Data in tables 1.10 and 1.21 in the Statistical Supplement to the Federal Reserve Bulletin reflect these changes beginning with the February 2005 issue. Seasonally adjusted Seasonally adjusted Mathematically adjusted by moderating a macroeconomic indicator (e.g., oil prices/imports) so that relative comparisons can be drawn from month to month all year. measures of the monetary stock and components incorporate revised seasonal factors produced from not-seasonally-adjusted data through December December: see month. 2004. Monthly seasonal factors were estimated using the X-12-ARIMA X-12-ARIMA is the U.S. Census Bureau's software package for seasonal adjustment. It can be used together with gretl, which provides a graphical user interface for X-12-ARIMA. See also
Title Author The Resonance of Light James Alan Gardner Out of China Julie E. to seasonal factors lowered M2 and M3 growth rates Growth Rates The compounded annualized rate of growth of a company's revenues, earnings, dividends, or other figures. Notes: Remember, historically high growth rates don't always mean a high rate of growth looking into the future. in the first two quarters of 2004, and raised them in the third and fourth quarters. Historical data, updated each week, are available through the Federal Reserve Board's web site at www.federalreserve.gov/releases/ with the H.6 statistical release. Current and historical data are also on the Economic Bulletin Board of the U.S. Department of Commerce. For paid electronic access to the Economic Bulletin Board, call STAT-USA at 1-800-782-8872 or 202-482-1986.
1. Monthly seasonal factors used to construct M1, January
2004--March 2006
Other checkable
deposits (1)
Nonbank
Year and month Currency travelers Demand Total At
checks deposits banks
2004--January .9971 .9960 .9993 1.0040 1.0347
February .9991 .9998 .9717 .9838 .9954
March .9988 .9968 1.0006 1.0125 1.0172
April .9992 .9889 1.0083 1.0273 1.0267
May .9998 .9921 .9882 .9975 .9879
June .9999 1.0122 1.0014 1.0092 1.0008
July 1.0020 1.0299 1.0019 .9974 .9883
August .9996 1.0207 .9944 .9981 .9855
September .9975 1.0031 .9898 .9870 .9797
October .9993 .9925 .9898 .9848 .9819
November 1.0008 .9825 .9988 .9851 .9785
December 1.0078 .9865 1.0532 1.0134 1.0222
2005--January .9967 .9968 .9990 1.0035 1.0335
February .9987 1.0004 .9710 .9833 .9963
March .9983 .9973 1.0021 1.0134 1.0197
April .9995 .9889 1.0091 1.0257 1.0255
May .9990 .9910 .9904 .9987 .9866
June .9995 1.0098 1.0023 1.0091 1.0028
July 1.0029 1.0290 1.0032 .9981 .9876
August .9996 1.0188 .9938 .9987 .9874
September .9980 1.0027 .9899 .9866 .9803
October .9988 .9924 .9875 .9848 .9805
November 1.0018 .9831 .9980 .9856 .9783
December 1.0082 .9877 1.0512 1.0122 1.0204
2006--January .9962 .9966 .9999 1.0039 1.0329
February .9985 .9993 .9712 .9833 .9968
March .9988 .9976 1.0022 1.0130 1.0213
(1.) Seasonally adjusted other checkable deposits at thrift
institutions are derived as the difference between total other
checkable deposits, seasonally adjusted, and seasonally adjusted other
checkable deposits at commercial banks.
2. Monthly seasonal factors used to construct M2 and M3,
January 2004-March 2006
Savings
and MMDA Small- Large-
Year and month deposits denomination denomination
(1) time deposits (1) time deposits (1)
2004--January .9900 1.0013 .9919
February .9910 1.0011 .9898
March .9968 1.0008 .9955
April 1.0067 1.0004 1.0019
May 1.0009 .9993 1.0164
June 1.0023 .9982 1.0107
July 1.0033 .9984 1.0046
August 1.0024 .9987 1.0010
September 1.0042 .9994 .9995
October 1.0018 1.0000 .9942
November 1.0033 1.0009 .9938
December .9979 1.0009 .9999
2005--January .9894 1.0012 .9922
February .9892 1.0012 .9898
March .9952 1.0012 .9958
April 1.0087 1.0008 1.0024
May 1.0001 .9996 1.0161
June 1.0029 .9984 1.0103
July 1.0055 .9984 1.0048
August 1.0029 .9985 1.0016
September 1.0045 .9990 .9990
October 1.0016 .9997 .9944
November 1.0038 1.0006 .9933
December .9982 1.0009 .9997
2006--January .9867 1.0013 .9926
February .9884 1.0014 .9898
March .9955 1.0014 .9961
Money market mutual funds
Year and month In M2 In M3 only RPs Eurodollars
2004--January 1.0051 1.0261 .9922 1.0028
February 1.0073 1.0215 1.0139 1.0189
March 1.0120 1.0117 1.0173 1.0260
April 1.0047 .9910 .9983 1.0269
May .9901 .9852 1.0166 1.0227
June .9917 .9903 1.0267 .9844
July .9939 .987 .9917 .9785
August 1.0022 .994 .9960 .9837
September .9983 .9854 .9910 .9856
October .9949 .9868 .9779 .9946
November .9980 1.0029 .9896 .9939
December 1.0036 1.0160 .9914 .9852
2005--January 1.0040 1.0241 .9894 1.0029
February 1.0061 1.0222 1.0127 1.0169
March 1.0103 1.0113 1.0162 1.0244
April 1.0043 .9916 .9976 1.0258
May .9909 .9871 1.0145 1.0223
June .9929 .9905 1.0272 .9834
July .9942 .9887 .9944 .9780
August 1.0031 .9952 .9968 .9853
September .9995 .9860 .9945 .9875
October .9948 .9878 .9823 .9974
November .9974 1.0012 .9880 .9932
December 1.0030 1.0135 .9885 .9849
2006--January 1.0035 1.0223 .9877 1.0029
February 1.0054 1.0229 1.0115 1.0157
March 1.0098 1.0113 1.0155 1.0233
(1.) Seasonal factors are applied to deposit data at both commercial
banks and thrift institutions.
3. Weekly seasonal factors used to construct M1,
December 6, 2004-April 3, 2006
Other checkable
deposits (1)
Nonbank
Week ending Currency travelers Demand Total At
checks deposits banks
2004--December 6 1.0025 .9788 .9677 .9950 .9779
13 1.0048 .9829 .9444 .9732 .9660
20 1.0081 .9871 1.0633 1.0059 1.0181
27 1.0155 .9912 1.1530 1.0438 1.0777
2005--January 3 1.0067 .9954 1.1345 1.0611 1.0745
10 1.0014 .9960 .9802 .9951 1.0235
17 .9970 .9967 .9861 .9862 1.0193
24 .9925 .9973 .9690 .9958 1.0355
31 .9900 .9979 1.0050 1.0129 1.0420
February 7 .9981 .9989 .8952 .9762 .9943
14 .9999 .9999 .9554 .9627 .9742
21 .9995 1.0008 .9931 .9843 .9978
28 .9971 1.0018 1.0406 1.0099 1.0189
March 7 1.0020 1.0002 .9345 1.0048 .9987
14 .9991 .9985 .9664 .9916 .9915
21 .9979 .9968 1.0039 1.0068 1.0188
28 .9959 .9952 1.0752 1.0372 1.0583
April 4 1.0001 .9935 1.0223 1.0334 1.0267
11 1.0031 .9913 .9356 1.0026 .9925
18 .9993 .9891 1.0033 1.0245 1.0238
25 .9963 .9868 1.0464 1.0388 1.0584
May 2 .9963 .9846 1.0773 1.0382 1.0332
9 1.0015 .9872 .9057 .9818 .9641
16 .9983 .9899 .9813 .9810 .9648
23 .9975 .9925 1.0120 .9973 .9921
30 .9993 .9951 1.0433 1.0214 1.0121
June 6 1.0010 .9978 .9370 1.0057 .9880
13 1.0002 1.0044 .9601 .9872 .9726
20 .9985 1.0111 1.0018 1.0078 1.0036
27 .9979 1.0178 1.0798 1.0312 1.0388
July 4 1.0046 1.0245 1.0239 1.0154 1.0056
11 1.0059 1.0266 .9275 .9761 .9590
18 1.0026 1.0287 .9949 .9828 .9764
25 1.0002 1.0308 1.0402 1.0036 1.0028
August 1 .9994 1.0330 1.0615 1.0278 1.0117
8 1.0048 1.0275 .9086 .9926 .9655
15 1.0011 1.0220 .9625 .9782 .9603
22 .9981 1.0165 1.0072 .9945 .9895
29 .9950 1.0110 1.0792 1.0201 1.0246
September 5 1.0021 1.0055 .9653 .9982 .9901
12 .9987 1.0041 .9299 .9646 .9560
19 .9973 1.0026 .9928 .9768 .9742
26 .9957 1.0011 1.0627 1.0011 1.0013
October 3 .9967 .9996 1.0213 1.0095 .9892
10 1.0028 .9965 .9050 .9567 .9470
17 .9991 .9933 .9582 .9666 .9652
24 .9971 .9900 1.0133 .9933 .9966
31 .9954 .9868 1.0636 1.0135 1.0138
November 7 1.0023 .9854 .9190 .9782 .9615
14 1.0021 .9840 .9374 .9565 .9459
21 1.0006 .9827 .9843 .9840 .9817
28 1.0036 .9813 1.1265 1.0138 1.0143
December 5 1.0027 .9799 1.0093 1.0001 .9885
12 1.0052 .9838 .9427 .9733 .9703
19 1.0080 .9877 1.0533 1.0021 1.0127
26 1.0152 .9916 1.1409 1.0386 1.0652
2006--January 2 1.0070 .9955 1.1383 1.0611 1.0748
9 1.0019 .9960 .9915 .9935 1.0235
16 .9966 .9964 .9938 .9901 1.0189
23 .9928 .9969 .9822 1.0003 1.0382
30 .9902 .9974 1.0060 1.0174 1.0440
February 6 .9971 .9978 .8952 .9830 1.0007
13 .9998 .9987 .9552 .9605 .9730
20 1.0001 .9996 .9913 .9801 .9936
27 .9964 1.0005 1.0374 1.0063 1.0194
March 6 1.0011 1.0014 .9333 1.0061 1.0045
13 .9995 .9994 .9653 .9909 .9958
20 .9985 .9974 1.0050 1.0065 1.0188
27 .9971 .9953 1.0750 1.0354 1.0555
April 3 .9989 .9933 1.0431 1.0368 1.0332
(1.) Seasonally adjusted other checkable deposits at thrift
institutions are derived as the difference between total other
checkable deposits, seasonally adjusted, and seasonally adjusted other
checkable deposits at commercial banks.
4. Weekly seasonal factors used to construct M2 and M3,
December 6, 2004-April 3, 2006
Small- Large-
Savings and denomination denomination
Week ending MMDA time time
deposits (1) deposits (1) deposits (1)
2004--December 6 1.0106 1.0012 .9962
13 1.0122 1.0009 1.0023
20 .9977 1.0005 1.0024
27 .9801 1.0008 1.0014
2005--January 3 .9899 1.0021 .9955
10 1.0096 1.0017 .9955
17 .9989 1.0012 .9941
24 .9779 1.0007 .9893
31 .9642 1.0006 .9886
February 7 .9947 1.0011 .9914
14 .9964 1.0013 .9915
21 .9860 1.0013 .9891
28 .9798 1.0011 .9872
March 7 1.0066 1.0013 .9907
14 1.0088 1.0013 .9953
21 .9950 1.0010 .9979
28 .9783 1.0011 .9959
April 4 1.0108 1.0013 1.0037
11 1.0268 1.0014 1.0023
18 1.0164 1.0010 1.0001
25 .9899 1.0003 .9990
May 2 .9841 1.0002 1.0095
9 1.0139 1.0001 1.0157
16 1.0111 .9997 1.0186
23 .9916 .9992 1.0173
30 .9855 .9992 1.0151
June 6 1.0146 .9990 1.0147
13 1.0197 .9986 1.0127
20 1.0056 .9980 1.0108
27 .9824 .9978 1.0083
July 4 1.0055 .9984 1.0000
11 1.0222 .9988 1.0016
18 1.0067 .9985 1.0037
25 .9895 .9981 1.0068
August 1 .9908 .9982 1.0107
8 1.0205 .9985 1.0076
15 1.0159 .9985 1.0009
22 .9977 .9984 .9966
29 .9828 .9986 .9997
September 5 1.0138 .9990 1.0024
12 1.0234 .9991 1.0023
19 1.0055 .9989 .9971
26 .9819 .9989 .9950
October 3 .9927 .9995 .9995
10 1.0168 1.0000 1.0012
17 1.0119 .9999 .9958
24 .9903 .9994 .9902
31 .9839 .9994 .9885
November 7 1.0142 1.0001 .9926
14 1.0202 1.0005 .9945
21 1.0053 1.0007 .9921
28 .9850 1.0008 .9935
December 5 1.0071 1.0010 .9950
12 1.0134 1.0009 1.0017
19 .9992 1.0006 1.0026
26 .9811 1.0008 1.0013
2006--January 2 .9835 1.0017 .9951
9 1.0065 1.0019 .9963
16 .9977 1.0014 .9959
23 .9781 1.0009 .9901
30 .9638 1.0007 .9875
February 6 .9925 1.0011 .9917
13 .9951 1.0015 .9917
20 .9864 1.0015 .9895
27 .9781 1.0013 .9867
March 6 1.0033 1.0015 .9898
13 1.0066 1.0015 .9946
20 .9945 1.0013 .9976
27 .9795 1.0013 .9964
April 3 .9996 1.0016 1.0047
Money market
mutual funds
Week ending In M2 In M3 only RPs Eurodollars
2004--December 6 1.0029 1.0095 .9943 .9814
13 1.0081 1.0281 1.0012 .9814
20 1.0068 1.0176 .9885 .9772
27 1.0020 1.0173 1.0001 .9893
2005--January 3 .9941 1.0003 .9595 1.0039
10 1.0024 1.0154 .9736 1.0056
17 1.0072 1.0287 .9902 1.0017
24 1.0074 1.0359 .9972 1.0022
31 1.0031 1.0268 1.0097 1.0015
February 7 1.0046 1.0195 1.0143 1.0023
14 1.0048 1.0227 1.0212 1.0138
21 1.0072 1.0246 1.0052 1.0247
28 1.0078 1.0219 1.0102 1.0266
March 7 1.0099 1.0135 1.0123 1.0159
14 1.0106 1.0185 1.0183 1.0206
21 1.0121 1.0115 1.0206 1.0210
28 1.0106 1.0107 1.0256 1.0378
April 4 1.0057 .9901 .9880 1.0296
11 1.0128 1.0017 .9958 1.0146
18 1.0088 .9928 .9920 1.0212
25 1.0013 .9890 1.0022 1.0328
May 2 .9891 .9808 1.0094 1.0348
9 .9876 .9816 1.0197 1.0290
16 .9883 .9864 1.0163 1.0194
23 .9938 .9942 1.0064 1.0185
30 .9939 .9877 1.0156 1.0211
June 6 .9937 .9884 1.0242 1.0058
13 .9959 .9967 1.0292 .9896
20 .9940 .9897 1.0310 .9724
27 .9910 .9919 1.0336 .9725
July 4 .9857 .9783 1.0045 .9753
11 .9938 .9884 .9868 .9754
18 .9946 .9906 .9898 .9756
25 .9972 .9951 .9951 .9816
August 1 .9962 .9864 1.0008 .9814
8 1.0006 .9901 1.0098 .9818
15 1.0018 .9945 1.0044 .9740
22 1.0067 1.0000 .9835 .9854
29 1.0051 1.0003 .9915 .9995
September 5 1.0004 .9861 .9887 .9882
12 1.0039 .9912 .9950 .9855
19 1.0016 .9880 .9981 .9858
26 .9970 .9852 1.0000 .9917
October 3 .9916 .9743 .9847 .9860
10 .9948 .9839 .9774 .9912
17 .9961 .9893 .9783 .9916
24 .9963 .9935 .9822 1.0053
31 .9936 .9901 .9904 1.0061
November 7 .9933 .9898 .9962 .9954
14 .9943 .9969 .9927 .9921
21 .9995 1.0064 .9817 .9931
28 1.0011 1.0098 .9810 .9957
December 5 1.0024 1.0072 .9886 .9817
12 1.0072 1.0231 .9989 .9817
19 1.0064 1.0173 .9875 .9774
26 1.0019 1.0147 .9978 .9861
2006--January 2 .9948 .9995 .9624 1.0011
9 .9999 1.0073 .9677 1.0062
16 1.0068 1.0252 .9864 1.0021
23 1.0068 1.0327 .9944 1.0031
30 1.0029 1.0306 1.0062 1.0011
February 6 1.0039 1.0218 1.0098 1.0012
13 1.0041 1.0224 1.0180 1.0117
20 1.0061 1.0257 1.0065 1.0218
27 1.0068 1.0229 1.0113 1.0261
March 6 1.0089 1.0142 1.0132 1.0132
13 1.0101 1.0185 1.0192 1.0183
20 1.0116 1.0116 1.0194 1.0194
27 1.0106 1.0115 1.0240 1.0359
April 3 1.0064 .9932 .9906 1.0318
(1.) Seasonal factors are applied to deposit data at both
commercial banks and thrift institutions.
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