Revision to the money stock data. (Announcements).Measures of the money stock and components were revised in January January: see month. of this year to incorporate the results of the annual seasonal factor review. Data in table 1.10 and table 1.21 in the statistical appendix appendix, small, worm-shaped blind tube, about 3 in. (7.6 cm) long and 1-4 in. to 1 in. (.64–2.54 cm) thick, projecting from the cecum (part of the large intestine) on the right side of the lower abdominal cavity. to the Federal Reserve Bulletin reflect these changes beginning with the March 2003 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 money stock and components incorporate revised seasonal factors produced from not-seasonally-adjusted data through December December: see month. 2002. 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 raised 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. on average in the first half of 2002 while lowering them in the second half of the year. Historical data, updated each week, are available through the Federal Reserve's web site (http:// 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 2002-March 2004
Other checkable
deposits (1)
Nonbank
Year and month Currency travelers Demand Total At
checks deposits banks
2002--January .9961 1.0103 1.0129 1.0160 1.0423
February .9985 1.0133 .9725 .9837 .9915
March 1.0006 1.0158 .9956 1.0099 1.0048
April .9997 1.0190 1.0130 1.0439 1.0400
May 1.0009 1.0112 .9782 1.0014 .9969
June 1.0022 .9802 .9876 1.0008 .9887
July 1.0034 .9571 .9961 .9892 .9852
August 1.0007 .9684 .9910 .9799 .9756
September .9971 .9890 .9908 .9802 .9755
October .9959 1.0042 .9854 .9877 .9909
November .9993 1.0214 1.0071 .9885 .9822
December 1.0052 1.0173 1.0689 1.0216 1.0292
2003--January .9966 1.0095 1.0161 1.0156 1.0433
February .9985 1.0127 .9722 .9830 .9909
March .9995 1.0155 .9962 1.0099 1.0038
April 1.0002 1.0186 1.0123 1.0428 1.0374
May 1.0011 1.0103 .9764 1.0003 .9956
June 1.0019 .9792 .9885 .9995 .9869
July 1.0038 .9573 .9920 .9897 .9864
August 1.0019 .9701 .9970 .9799 .9761
September .9968 .9889 .9866 .9805 .9771
October .9963 1.0024 .9865 .9867 .9913
November .9985 1.0213 1.0096 .9903 .9817
December 1.0049 1.0164 1.0671 1.0233 1.0308
2004--January .9966 1.0097 1.0160 1.0167 1.0439
February .9987 1.0130 .9756 .9832 .9911
March .9990 1.0151 .9926 1.0099 1.0030
(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 2002-March 2004
Small- Large-
Savings denomination denomination
Year and month and MMDA time time
deposits (1) deposits (1) deposits (1)
2002--January .9964 1.0008 .9935
February .9951 1.0003 .9963
March 1.0061 .9987 .9982
April 1.0112 .9981 .9992
May .9951 .9984 1.0086
June .9978 .9981 1.0069
July .9944 .9991 .9999
August .9964 1.0004 .9968
September .9983 1.0011 1.0004
October .9978 1.0016 1.0031
November 1.0065 1.0024 1.0031
December 1.0061 1.0011 .9976
2003--January .9978 1.0003 .9917
February .9948 .9998 .9945
March 1.0053 .9986 .9969
April 1.0115 .9983 .9979
May .9950 .9988 1.0084
June .9954 .9988 1.0066
July .9930 .9996 .9998
August .9963 1.0007 .9985
September .9980 1.0010 1.0014
October .9987 1.0013 1.0062
November 1.0073 1.0018 1.0045
December 1.0079 1.0008 .9972
2004--January .9993 .9999 .9903
February .9946 .9995 .9931
March 1.0040 .9988 .9961
Money market
mutual funds
Year and month In M2 In M3 only RPs Eurodollars
2002--January 1.0090 1.0309 1.0071 1.0040
February 1.0130 1.0303 1.0232 1.0181
March 1.0206 1.0197 1.0115 1.0201
April 1.0226 .9974 .9903 1.0178
May .9871 .9957 1.0140 1.0123
June .9852 .9884 1.0176 .9953
July .9886 .9813 1.0024 .9849
August .9944 .9828 .9936 .9827
September .9909 .9671 .9731 .9865
October .9936 .9799 .9712 .9842
November .9958 1.0033 .9894 .9975
December 1.0016 1.0225 1.0038 1.0027
2003--January 1.0086 1.0311 1.0077 1.0039
February 1.0123 1.0318 1.0235 1.0157
March 1.0189 1.0186 1.0123 1.0174
April 1.0211 .9975 .9923 1.0148
May .9863 .9947 1.0144 1.0079
June .9849 .9888 1.0178 .9933
July .9902 .9812 1.0030 .9862
August .9959 .9824 .9930 .9852
September .9913 .9681 .9711 .9899
October .9942 .9810 .9710 .9893
November .9969 1.0032 .9887 1.0007
December 1.0016 1.0216 1.0031 1.0035
2004--January 1.0078 1.0316 1.0083 1.0035
February 1.0117 1.0325 1.0240 1.0125
March 1.0177 1.0184 1.0131 1.0138
(1.) Seasonal factors are applied to deposit data at both
commercial banks and thrift institutions.
3. Weekly seasonal factors used to construct M1, December 2,
2002-April 5, 2004
Other checkable
deposits (1)
Nonbank
Week ending Currency travelers Demand Total At
checks deposits banks
2002--December 2 1.0005 1.0266 1.1175 1.0340 1.0298
9 1.0007 1.0227 .9782 .9929 .9704
16 1.0017 1.0189 1.0358 .9877 .9825
23 1.0098 1.0150 1.0839 1.0328 1.0560
30 1.0101 1.0113 1.1586 1.0670 1.1094
2003--January 6 1.0039 1.0075 1.0589 1.0414 1.0473
13 .9977 1.0085 1.0102 1.0073 1.0094
20 .9958 1.0096 1.0057 1.0134 1.0512
27 .9929 1.0106 .9984 1.0094 1.0680
February 3 .9942 1.0117 1.0165 1.0107 1.0402
10 .9992 1.0122 .9393 .9705 .9736
17 1.0005 1.0127 .9738 .9662 .9746
24 .9976 1.0132 .9762 .9856 .9994
March 3 .9985 1.0136 .9871 1.0087 .9983
10 1.0011 1.0145 .9408 .9910 .9654
17 .9992 1.0153 .9869 .9929 .9795
24 .9978 1.0161 .9981 1.0159 1.0268
31 .9987 1.0169 1.0641 1.0405 1.0493
April 7 1.0036 1.0175 .9650 1.0364 1.0029
14 1.0024 1.0182 .9991 1.0258 1.0119
21 .9993 1.0188 1.0401 1.0597 1.0624
28 .9975 1.0195 1.0424 1.0536 1.0794
May 5 1.0013 1.0201 .9776 1.0144 .9927
12 1.0019 1.0152 .9314 .9807 .9694
19 .9996 1.0103 .9722 .9904 .9904
26 1.0014 1.0055 .9867 1.0012 1.0134
June 2 .9998 1.0007 1.0460 1.0310 1.0213
9 1.0029 .9913 .9381 .9889 .9503
16 1.0017 .9822 .9748 .9823 .9557
23 1.0010 .9732 .9816 .9982 1.0017
30 1.0016 .9644 1.0443 1.0211 1.0335
July 7 1.0083 .9618 .9669 .9920 .9654
14 1.0044 .9592 .9632 .9696 .9619
21 1.0033 .9566 .9990 .9867 .9909
28 1.0015 .9541 1.0351 1.0034 1.0254
August 4 1.0043 .9515 .9698 .9982 .9765
11 1.0047 .9601 .9298 .9539 .9358
18 1.0014 .9690 .9869 .9627 .9579
25 .9976 .9779 1.0257 .9833 1.0005
September 1 1.0005 .9871 1.0846 1.0176 1.0208
8 1.0009 .9878 .9445 .9788 .9616
15 .9977 .9886 .9554 .9638 .9478
22 .9950 .9893 .9767 .9723 .9751
29 .9935 .9900 1.0595 1.0001 1.0179
October 6 .9978 .9908 .9331 .9799 .9693
13 .9987 .9969 .9609 .9576 .9577
20 .9964 1.0032 .9927 .9837 .9912
27 .9941 1.0095 1.0366 1.0049 1.0289
November 3 .9948 1.0159 1.0239 1.0244 1.0160
10 .9993 1.0183 .9257 .9629 .9417
17 .9974 1.0208 .9795 .9602 .9523
24 .9971 1.0232 1.0216 .9943 1.0020
December 1 1.0007 1.0257 1.1196 1.0355 1.0241
8 1.0012 1.0221 .9773 .9963 .9703
15 1.0027 1.0185 1.0159 .9789 .9771
22 1.0084 1.0149 1.0921 1.0304 1.0523
29 1.0096 1.0113 1.1688 1.0733 1.1078
2004--January 5 1.0046 1.0077 1.0701 1.0539 1.0722
12 .9979 1.0087 1.0015 1.0086 1.0112
19 .9954 1.0097 .9995 1.0090 1.0401
26 .9922 1.0107 1.0042 1.0078 1.0612
February 2 .9928 1.0117 1.0332 1.0178 1.0466
9 .9991 1.0123 .9524 .9799 .9876
16 1.0003 1.0128 .9692 .9620 .9757
23 .9985 1.0134 .9684 .9796 .9863
March 1 .9979 1.0140 .9974 1.0056 1.0020
8 1.0018 1.0144 .9488 .9960 .9755
15 .9998 1.0148 .9781 .9870 .9682
22 .9985 1.0153 .9894 1.0076 1.0078
29 .9974 1.0157 1.0465 1.0377 1.0487
April 5 1.0010 1.0162 .9827 1.0378 1.0294
(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 2, 2002-April 5, 2004
Small- Large-
Savings and denomination denomination
Week ending MMDA time time
deposits (1) deposits (1) deposits (1)
2002--December 2 .9972 1.0021 .9969
9 1.0192 1.0018 .9973
16 1.0198 1.0013 1.0027
23 .9989 1.0006 1.0002
30 .9869 1.0005 .9942
2003--January 6 1.0196 1.0016 .9917
13 1.0133 1.0009 .9955
20 .9979 1.0001 .9915
27 .9754 .9991 .9885
February 3 .9814 .9995 .9915
10 1.0029 .9999 .9961
17 .9994 1.0000 .9958
24 .9880 .9997 .9923
March 3 .9950 .9994 .9951
10 1.0149 .9989 .9982
17 1.0113 .9987 .9935
24 .9956 .9984 .9946
31 .9968 .9983 1.0021
April 7 1.0313 .9991 1.0038
14 1.0296 .9985 .9998
21 1.0140 .9979 .9935
28 .9846 .9976 .9942
May 5 1.0035 .9983 .9981
12 1.0060 .9988 1.0045
19 .9953 .9988 1.0113
26 .9802 .9990 1.0126
June 2 .9842 .9990 1.0144
9 1.0099 .9991 1.0067
16 1.0075 .9988 1.0055
23 .9848 .9985 1.0108
30 .9776 .9989 1.0011
July 7 1.0105 .9998 .9981
14 1.0044 .9995 .9995
21 .9908 .9995 .9998
28 .9766 .9996 1.0014
August 4 1.0024 1.0001 1.0011
11 1.0066 1.0005 1.0005
18 .9984 1.0007 .9974
25 .9834 1.0008 .9957
September 1 .9819 1.0011 .9990
8 1.0137 1.0014 1.0020
15 1.0129 1.0011 1.0018
22 .9914 1.0007 .9986
29 .9752 1.0008 1.0026
October 6 1.0103 1.0020 1.0081
13 1.0070 1.0018 1.0107
20 1.0006 1.0013 1.0040
27 .9834 1.0005 1.0029
November 3 .9952 1.0010 1.0048
10 1.0164 1.0017 1.0078
17 1.0163 1.0019 1.0070
24 .9987 1.0020 1.0046
December 1 .9988 1.0019 .9975
8 1.0194 1.0015 .9967
15 1.0171 1.0009 1.0007
22 1.0064 1.0002 .9995
29 .9938 1.0002 .9938
2004--January 5 1.0203 1.0006 .9902
12 1.0132 1.0005 .9944
19 .9996 1.0001 .9915
26 .9784 .9994 .9861
February 2 .9804 .9991 .9886
9 1.0009 .9995 .9928
16 .9968 .9997 .9947
23 .9895 .9995 .9926
March 1 .9940 .9993 .9939
8 1.0131 .9990 .9979
15 1.0125 .9988 .9942
22 1.0022 .9986 .9923
29 .9921 .9984 .9984
April 5 1.0210 .9991 1.0023
Money market
mutual funds
Week ending In M2 In M3 only RPs Eurodollars
2002--December 2 .9990 1.0139 .9890 1.0035
9 1.0030 1.0252 1.0040 .9937
16 1.0046 1.0361 1.0064 .9970
23 1.0026 1.0238 1.0052 .9983
30 .9984 1.0117 1.0054 1.0200
2003--January 6 .9933 .9907 .9926 1.0148
13 1.0113 1.0331 1.0062 .9995
20 1.0144 1.0455 1.0076 1.0010
27 1.0130 1.0491 1.0145 1.0032
February 3 1.0097 1.0319 1.0213 1.0014
10 1.0123 1.0350 1.0290 1.0083
17 1.0122 1.0333 1.0263 1.0187
24 1.0134 1.0337 1.0178 1.0241
March 3 1.0122 1.0204 1.0210 1.0194
10 1.0184 1.0261 1.0232 1.0082
17 1.0186 1.0211 1.0170 1.0109
24 1.0208 1.0193 1.0138 1.0229
31 1.0205 1.0070 .9914 1.0268
April 7 1.0261 .9966 .9869 1.0163
14 1.0326 1.0075 .9922 1.0087
21 1.0249 .9939 .9874 1.0110
28 1.0097 .9950 .9985 1.0245
May 5 .9900 .9865 1.0077 1.0111
12 .9879 .9965 1.0150 .9992
19 .9853 .9974 1.0079 1.0053
26 .9854 1.0003 1.0175 1.0136
June 2 .9833 .9889 1.0252 1.0123
9 .9859 .9969 1.0264 .9979
16 .9872 .9949 1.0212 .9882
23 .9857 .9868 1.0120 .9848
30 .9814 .9767 1.0097 .9966
July 7 .9830 .9718 1.0008 .9915
14 .9912 .9855 1.0001 .9807
21 .9923 .9848 1.0027 .9861
28 .9935 .9859 1.0065 .9879
August 4 .9919 .9734 1.0071 .9834
11 .9962 .9830 1.0100 .9763
18 .9968 .9827 .9896 .9774
25 .9982 .9891 .9815 .9870
September 1 .9945 .9794 .9814 1.0041
8 .9926 .9686 .9790 .9821
15 .9946 .9743 .9739 .9892
22 .9913 .9675 .9721 .9893
29 .9868 .9612 .9604 .9982
October 6 .9862 .9629 .9545 .9829
13 .9943 .9824 .9661 .9867
20 .9984 .9847 .9717 .9830
27 .9973 .9909 .9801 .9980
November 3 .9933 .9814 .9868 .9989
10 .9952 .9953 .9963 .9942
17 .9955 1.0045 .9854 .9992
24 1.0002 1.0119 .9845 1.0048
December 1 .9985 1.0117 .9894 1.0060
8 1.0035 1.0209 1.0032 .9977
15 1.0052 1.0327 1.0063 .9998
22 1.0024 1.0214 1.0050 1.0006
29 .9981 1.0183 1.0038 1.0131
2004--January 5 .9931 1.0018 .9903 1.0116
12 1.0068 1.0296 1.0051 1.0001
19 1.0135 1.0411 1.0086 1.0007
26 1.0130 1.0459 1.0150 1.0045
February 2 1.0089 1.0311 1.0212 1.0030
9 1.0112 1.0324 1.0297 .9997
16 1.0113 1.0329 1.0283 1.0148
23 1.0129 1.0359 1.0176 1.0175
March 1 1.0123 1.0286 1.0206 1.0222
8 1.0160 1.0244 1.0221 .9981
15 1.0175 1.0243 1.0187 1.0097
22 1.0192 1.0187 1.0148 1.0153
29 1.0176 1.0107 1.0032 1.0304
April 5 1.0221 .9966 .9882 1.0150
(1.) Seasonal factors are applied to deposit data at both
commercial banks and thrift institutions.
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