Categories
Economic Indicators

Money, credit, and security markets

Money, credit, and security markets – Illustration

MONEY STOCK AND DEBT MEASURES

In February, M2 and M3 rose.

[GRAPHIC OMITTED]

[Average of daily figures, except debt end-of-period basis; billions of

dollars, seasonally adjusted]

M1 M2 M3

M1 plus retail M2 plus large

Sum of currency, MMMF balances, time deposits,

demand deposits, savings deposits RPs, Euro-

travelers’ (including dollars, and

checks, and MMDAs), and institution-

other checkable small time al MMMF

Period deposits (OCDs) deposits balances

1993: Dec 1,129.3 3,483.2 4,277.4

1994: Dec 1,149.9 3,496.2 4,359.8

1995: Dec 1,126.7 3,640.1 4,624.9

1996: Dec 1,078.4 3,814.3 4,970.5

1997: Dec 1,071.4 4,029.8 (r) 5,444.4

1998: Dec 1,095.0 4,381.5 (r) 6,033.0

1999: Dec 1,121.9 4,648.0 (r) 6,529.8

2000: Dec 1,084.9 4,926.9 (r) 7,093.3

2001: Dec 1,173.4 5,440.6 (r) 7,995.3

2002: Dec 1,210.5 5,796.5 (r) 8,517.3

2002: Feb 1,186.1 5,502.7 (r) 8,057.8

Mar 1,188.1 5,503.5 (r) 8,070.3

Apr 1,173.7 5,491.5 (r) 8,073.1

May 1,184.4 5,557.3 (r) 8,137.0

June 1,190.2 5,589.1 (r) 8,173.3

July 1,197.4 5,637.9 (r) 8,222.9

Aug 1,186.3 5,676.9 (r) 8,292.7

Sept 1,192.5 5,703.1 (r) 8,335.2

Oct 1,203.6 5,742.4 (r) 8,342.2

Nov 1,202.7 5,781.3 (r) 8,462.2

Dec 1,210.5 5,796.5 (r) 8,517.3

2003: Jan (r) 1,212.2 5,825.7 8,513.5

Feb 1,231.7 5,880.0 8,568.2

[Average of daily figures, except debt end-of-period basis; billions of

dollars, seasonally adjusted]

Debt Percent change

From

pre-

Debt of From year or 6 months vious

domestic earlier (2) period (3)

nonfinancial

Period sectors (1) M1 M2 M3 Debt

1993: Dec 12,418.5 10.3 1.5 1.5 4.8

1994: Dec 12,985.8 1.8 .4 1.9 4.5

1995: Dec 13,681.7 -2.0 4.1 6.1 5.4

1996: Dec 14,405.9 -4.3 4.8 7.5 5.3

1997: Dec 15,194.3 .6 5.6 9.5 5.5

1998: Dec 16,240.5 2.2 8.7 10.8 6.9

1999: Dec 17,306.8 2.5 6.1 8.2 6.4

2000: Dec 18,166.8 -3.3 6.0 8.6 4.9

2001: Dec 19,293.3 8.2 10.4 12.7 6.2

2002: Dec 20,657.1 3.2 6.5 6.5 7.1

2002: Feb … 6.3 9.1 10.1 …

Mar 19,534.9 -2.3 4.9 6.2 5.0

Apr … 1.6 5.0 5.4 …

May … 3.2 5.9 5.1 …

June 19,941.8 2.9 5.5 4.5 8.3

July … 3.0 6.4 5.4 …

Aug … .0 6.3 5.8 …

Sept 20,266.3 .7 7.3 6.6 6.5

Oct … 5.1 9.1 (r) 6.7 …

Nov … 3.1 8.1 (r) 8.0 …

Dec 20,657.1 3.4 7.4 (r) 8.4 7.7

2003: Jan (r) … 2.5 6.7 7.1 …

Feb … 7.7 7.2 6.6 …

(1) Quarterly data; shown in last month of quarter. End-of-year data

are for fourth quarter. Consists of outstanding credit market debt

of the U.S. Government, State and local governments, and private

nonfinancial sectors; data from flow of funds accounts.

(2) Annual changes are from December to December and monthly changes

are from 6 months earlier at a simple annual rate.

(3) Annual changes are from fourth quarter to fourth quarter.

Quarterly changes are from previous quarter at an annual rate.

NOTE:–See p. 27 for components.

Source: Board of Governors of the Federal Reserve System.

COMPONENTS OF MONEY STOCK

[Averages of daily figures; billions of dollars, seasonally adjusted]

Other

check-

Nonbank able

travelers Demand deposits

Period Currency checks deposits (OCDs)

1993: Dec 321.6 7.5 385.5 414.8

1994: Dec 354.0 8.0 383.6 404.2

1995: Dec 372.1 8.5 389.3 356.8

1996: Dec 394.1 8.3 400.3 275.7

1997: Dec 424.6 8.1 393.1 245.7

1998: Dec 459.7 8.2 377.1 250.0

1999: Dec 517.5 8.3 352.2 244.0

2000: Dec 531.0 8.0 306.7 239.2

2001: Dec 581.4 7.8 325.6 258.8

2002: Dec 626.7 7.5 296.4 279.9

2002: Feb 591.9 7.8 325.1 261.3

Mar 595.7 7.8 323.3 261.4

Apr 599.8 7.7 305.2 261.0

May 604.6 7.8 306.5 265.5

June 609.0 8.2 305.6 267.4

July 613.3 8.5 304.5 271.1

Aug 615.9 8.3 289.6 272.4

Sept 617.8 7.9 292.0 274.7

Oct 620.4 7.7 299.3 276.2

Nov 623.0 7.5 294.0 278.3

Dec 626.7 7.5 296.4 279.9

2003: Jan 630.2 7.6 295.4 279.1

Feb 635.3 7.6 305.1 283.6

[Averages of daily figures; billions of dollars, seasonally adjusted]

Savings Money market

deposits, Small mutual fund

including denom- balances

money ination

market time Insti-

deposit depos- tution-

Period (MMDAs) its (1) Retail al

1993: Dec 1,219.3 782.0 352.5 217.0

1994: Dec 1,149.8 816.3 380.1 211.1

1995: Dec 1,134.1 931.4 447.8 264.2

1996: Dec 1,274.0 946.9 515.1 322.4

1997: Dec 1,400.6 968.0 589.8 395.3

1998: Dec 1,602.9 951.4 732.2 538.7

1999: Dec 1,738.4 955.0 832.7 634.4

2000: Dec 1,874.0 1,043.2 924.8 788.2

2001: Dec 2,303.5 972.9 990.7 1,189.7

2002: Dec 2,757.7 884.0 944.3 1,233.0

2002: Feb 2,394.7 949.7 972.2 1,179.6

Mar 2,417.4 940.5 957.3 1,184.7

Apr 2,446.3 932.7 938.8 1,188.6

May 2,494.5 926.8 951.6 1,188.2

June 2,526.2 921.0 951.6 1,196.6

July 2,563.1 914.9 962.5 1,192.2

Aug 2,620.7 908.2 961.7 1,191.3

Sept 2,659.8 899.6 951.3 1,183.1

Oct 2,696.0 893.7 949.1 1,142.4

Nov 2,739.0 889.0 950.6 1,207.8

Dec 2,757.7 884.0 944.3 1,233.0

2003: Jan 2,802.0 878.7 932.8 1,196.7

Feb 2,845.5 872.9 929.9 1,176.7

[Averages of daily figures; billions of dollars, seasonally adjusted]

Overnight

and term

repur-

Large chase Overnight

denom- agree- and term

ination ments Euro-

time (RPs) dollars

Period deposits (1) (net) (net)

1993: Dec 331.8 172.6 72.8

1994: Dec 369.8 196.4 86.3

1995: Dec 428.1 198.5 94.0

1996: Dec 508.7 210.5 114.7

1997: Dec 617.8 254.0 147.5

1998: Dec 669.2 293.4 (r) 150.2

1999: Dec 741.2 335.7 (r) 170.5

2000: Dec 820.3 363.5 (r) 194.3

2001: Dec 785.7 375.0 (r) 204.3

2002: Dec 800.0 468.6 (r) 219.2

2002: Feb 793.3 372.8 (r) 209.4

Mar 796.9 374.5 (r) 210.7

Apr 808.1 375.3 (r) 209.7

May 814.7 371.3 (r) 205.6

June 813.9 371.7 (r) 202.1

July 817.5 372.9 (r) 202.3

Aug 818.8 399.8 (r) 205.9

Sept 817.0 422.4 (r) 209.6

Oct 823.8 420.7 (r) 212.9

Nov (r) 817.5 440.1 (r) 215.5

Dec 800.0 468.6 (r) 219.2

2003: Jan 809.5 459.3 (r) 222.3

Feb 820.3 472.3 218.9

(1) Small denomination and large denomination deposits are those

issued in amounts of less than $100,000 and more than $100,000,

respectively.

Source: Board of Governors of the Federal Reserve System.

AGGREGATE RESERVES AND MONETARY BASE

[Averages of daily figures (1); millions of dollars; seasonally

adjusted, except as noted by NSA]

Adjusted for changes in reserve requirements

Reserves of depository institutions

Non- Excess

Period Total (2) borrowed (3) Required (NSA)

1993: Dec 60,460 60,378 59,390 1,070

1994: Dec 59,369 59,160 58,209 1,159

1995: Dec 56,430 56,173 55,140 1,290

1996: Dec 50,149 49,994 48,733 1,416

1997: Dec 46,848 46,523 45,163 1,685

1998: Dec 45,141 45,024 43,627 1,514

1999: Dec 41,809 41,488 40,512 1,297

2000: Dec 38,537 38,327 37,110 1,427

2001: Dec 41,243 41,177 39,595 1,649

2002: Dec 40,117 40,037 38,120 1,997

2002: Mar 40,768 40,689 39,347 1,421

Apr 40,635 40,565 39,494 1,211

May 39,406 39,294 38,145 1,261

June 39,469 39,327 38,231 1,238

July 39,674 39,482 38,300 1,374

Aug 39,977 39,644 38,340 1,637

Sept 39,252 39,023 37,776 1,476

Oct 39,184 39,041 37,634 1,550

Nov 39,686 39,414 38,070 1,616

Dec 40,117 40,037 38,120 1,997

2003: Jan (r) 40,607 40,581 38,947 1,660

Feb (r) 40,755 40,730 38,848 1,908

Mar (p) 40,935 40,913 39,326 1,608

[Averages of daily figures (1); millions of dollars; seasonally

adjusted, except as noted by NSA]

Borrowings of depository

Adjusted for changes in institutions from the Federal

reserve requirements Reserve (NSA)

Monetary Sec-

Period base Total Primary ondary

1993: Dec 386,462 82 … …

1994: Dec 418,194 209 … …

1995: Dec 434,400 257 … …

1996: Dec 451,921 155 … …

1997: Dec 479,838 324 … …

1998: Dec 513,685 117 … …

1999: Dec 593,138 320 … …

2000: Dec 584,718 210 … …

2001: Dec 635,559 67 … …

2002: Dec (r) 681,767 80 … …

2002: Mar 649,996 79 … …

Apr 654,098 71 … …

May 657,819 112 … …

June 662,370 142 … …

July 666,912 191 … …

Aug 669,929 333 … …

Sept 671,453 229 … …

Oct 674,300 143 … …

Nov 677,516 272 … …

Dec (r) 681,767 80 … …

2003: Jan (r) 685,592 27 12 0

Feb (r) 691,281 25 21 0

Mar (p) 696,644 22 14 0

[Averages of daily figures (1); millions of dollars; seasonally

adjusted, except as noted by NSA]

Borrowings of depository institutions

from the Federal Reserve (NSA)

Adjust-

Period Seasonal ment

1993: Dec 31 51

1994: Dec 100 109

1995: Dec 40 217

1996: Dec 68 87

1997: Dec 79 245

1998: Dec 15 101

1999: Dec 67 179

2000: Dec 111 99

2001: Dec 33 34

2002: Dec 45 35

2002: Mar 20 59

Apr 50 21

May 105 7

June 136 6

July 176 16

Aug 185 148

Sept 169 60

Oct 120 23

Nov 60 211

Dec 45 35

2003: Jan (r) 13 2

Feb (r) 5 …

Mar (p) 8 …

(1) Data are prorated averages of biweekly (maintenance period)

averages of daily figures. Reserve and monetary base incorporate

adjustments for discontinuities, or “breaks,” associated with

changes in reserve requirements.

(2) Seasonally adjusted break-adjusted required reserves plus

unadjusted excess reserves.

(3) Seasonally adjusted break-adjusted total reserves less unadjusted

total borrowings of depository institutions from the Federal Reserve.

Source: Board of Governors of the Federal Reserve Systems.

BANK CREDIT AT ALL COMMERCIAL BANKS

Total commercial bank loans and leases rose 0.8 percent in February;

commercial and industrial loans fell 0.7 percent.

[GRAPHIC OMITTED]

[Billions of dollars, seasonally adjusted (1)]

Securities in bank credit

U.S.

Treasury

and

Total agency

bank Total securi- Other

Period credit securities ties securities

1993: Dec (r) 3,115.9 917.8 733.0 184.8

1994: Dec 3,322.8 942.5 724.2 218.3

1995: Dec 3,605.4 986.7 703.7 283.0

1996: Dec 3,761.8 980.5 700.6 279.9

1997: Dec 4,105.5 1,089.1 749.6 339.5

1998: Dec 4,546.0 1,229.8 792.8 437.0

1999: Dec 4,782.4 1,277.6 811.3 466.4

2000: Dec (r) 5,233.9 1,345.7 790.9 554.8

2001: Dec (r) 5,451.1 1,496.8 (r) 856.1 (r) 640.7

2002: Dec (r) 5,886.9 1,715.4 1,012.9 702.5

2002: Feb (r) 5,438.9 1,488.5 832.6 655.9

Mar (r) 5,433.9 1,488.0 849.5 638.5

Apr (r) 5,450.8 1,504.4 870.4 634.0

May (r) 5,498.9 1,535.5 893.5 642.0

June (r) 5,540.7 1,562.5 909.1 653.4

July (r) 5,591.2 1,594.6 918.7 675.9

Aug (r) 5,672.8 1,632.9 946.1 686.8

Sept (r) 5,730.1 1,643.5 962.8 680.8

Oct (r) 5,759.9 1,643.8 972.4 671.4

Nov (r) 5,837.8 1,688.6 1,001.6 687.0

Dec (r) 5,886.9 1,715.4 1,012.9 702.5

2003: Jan (r) 5,892.6 1,722.7 1,013.5 709.2

Feb 5,970.9 1,768.9 1,038.0 730.9

[Billions of dollars, seasonally adjusted (1)]

Loans and leases in bank credit

Real Estate

Commer- Revolving

Total loans cial and home

Period and leases (2) industrial Total equity

1993: Dec (r) 2,198.1 590.3 948.4 78.0

1994: Dec 2,380.3 650.3 1,012.1 80.4

1995: Dec 2,618.7 723.7 1,090.9 84.4

1996: Dec 2,781.3 787.8 1,142.7 90.7

1997: Dec 3,016.4 856.5 1,248.5 104.8

1998: Dec 3,316.2 951.0 1,339.5 103.9

1999: Dec 3,504.7 1,003.9 1,477.8 101.5

2000: Dec 3,888.3 1,088.3 1,658.4 129.9

2001: Dec 3,954.2 1,031.3 1,784.5 155.5

2002: Dec (r) 4,171.5 964.2 2,021.0 212.4

2002: Feb (r) 3,950.4 1,028.8 1,789.2 162.2

Mar (r) 3,945.9 1,023.5 1,790.4 167.6

Apr (r) 3,946.4 1,008.1 1,794.9 172.1

May (r) 3,963.4 1,000.6 1,817.3 179.6

June (r) 3,978.1 993.0 1,839.8 186.1

July (r) 3,996.6 981.4 1,870.5 192.9

Aug (r) 4,039.9 981.3 1,902.0 197.7

Sept (r) 4,086.5 974.6 1,936.4 200.9

Oct (r) 4,116.1 968.2 1,968.3 204.9

Nov (r) 4,149.2 966.1 2,000.3 207.8

Dec (r) 4,171.5 964.2 2,021.0 212.4

2003: Jan (r) 4,169.9 959.0 2,039.0 216.9

Feb 4,202.0 952.4 2,069.3 222.1

[Billions of dollars, seasonally adjusted (1)]

Loans and leases in bank credit

Real estate

Period Other Consumer Security Other

1993: Dec (r) 870.4 387.6 86.2 185.6

1994: Dec 931.7 448.3 75.9 193.8

1995: Dec 1,006.6 491.5 83.3 229.2

1996: Dec 1,052.0 512.9 75.5 262.4

1997: Dec 1,143.7 502.5 95.0 313.9

1998: Dec 1,235.6 497.2 146.5 382.0

1999: Dec 1,376.3 490.6 151.9 380.7

2000: Dec 1,528.5 539.5 178.7 423.4

2001: Dec 1,629.0 557.9 146.8 433.7

2002: Dec (r) 1,808.5 586.0 191.6 408.7

2002: Feb (r) 1,627.0 564.4 153.4 414.6

Mar (r) 1,622.8 563.4 161.3 407.2

Apr (r) 1,622.8 567.7 168.4 407.2

May (r) 1,637.7 570.1 169.7 405.7

June (r) 1,653.8 568.7 170.2 406.3

July (r) 1,677.6 564.6 178.1 401.9

Aug (r) 1,704.3 574.7 176.7 405.2

Sept (r) 1,735.5 582.7 181.4 411.5

Oct (r) 1,763.4 584.5 183.1 412.0

Nov (r) 1,792.6 584.9 186.7 411.1

Dec (r) 1,808.5 586.0 191.6 408.7

2003: Jan (r) 1,822.0 591.5 176.9 403.5

Feb 1,847.3 593.7 184.2 402.4

(1) Data are prorated averages of Wednesday values for domestically

chartered commercial banks, branches and agencies of foreign banks,

New York State investment companies (through September 1996), and

Edge Act and agreement corporations. Data are adjusted for breaks

erased by reclassifications of assets and liabilities.

(2) Excludes Federal funds sold to, reverse repurchase agreements

(RPs) with, and loans to commecial banks in the United States.

Source: Board of Governors of the Federal Reserve System.

SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE

BUSINESS

[Billions of dollars; quarterly data at seasonally adjusted

annual rates]

Sources

External (Net increase in

liabilities)

Funds raised in markets

Total

net Net new

Inter- funds equity

Period Total nal (1) Total raised issues

1993 728.6 510.7 217.9 54.5 21.3

1994 808.2 566.6 241.6 81.4 -44.9

1995 1,010.7 619.9 390.8 168.7 -58.3

1996 1,074.5 676.0 398.5 135.8 -47.3

1997 1,011.1 727.6 283.5 214.2 -77.4

1998 1,332.8 716.8 616.0 193.1 -215.5

1999 1,743.9 756.3 987.6 268.1 -110.4

2000 1,978.4 741.0 1,237.4 262.2 -118.2

2001 1,146.4 777.1 369.3 205.9 -47.4

2002 (p) 1,092.4 793.3 299.1 21.9 -40.2

2000: I 1,908.4 740.5 1,167.9 529.2 108.2

II 2,139.7 751.0 1,388.7 316.4 -202.5

III 2,098.3 743.9 1,354.4 176.7 -42.9

IV 1,766.9 728.4 1,038.5 26.5 -335.5

2001: I 1,273.3 710.3 563.0 220.0 -19.0

II 1,162.9 748.3 414.6 281.2 -57.9

III 1,007.3 789.7 217.6 85.7 -108.6

IV 1,142.2 860.1 282.1 236.6 -4.2

2002: I 1,101.8 815.4 286.4 31.3 -8.0

II 1,116.1 797.2 318.9 111.5 17.9

III 1,001.9 783.8 218.1 -141.3 -130.8

IV (p) 1,150.1 776.9 373.2 85.9 -39.9

[Billions of dollars; quarterly data at seasonally adjusted

annual rates]

Sources

External (Net increase in liabilities)

Funds raised in markets

Credit market instruments

Loans

and

Securities short-

and mort- term

Period Total gages paper Other (2)

1993 33.2 55.4 -22.2 163.4

1994 126.3 32.0 94.3 160.3

1995 227.1 102.1 124.9 222.1

1996 183.1 129.6 53.7 262.7

1997 291.6 187.0 104.6 69.2

1998 408.6 258.0 150.7 422.8

1999 378.5 256.9 121.6 719.6

2000 380.4 203.1 177.4 975.2

2001 253.3 401.7 -148.5 163.5

2002 (p) 62.1 174.2 -112.2 277.3

2000: I 421.1 226.0 195.1 638.7

II 519.0 182.3 336.6 1,072.3

III 219.7 171.0 48.7 1,177.6

IV 362.1 232.8 129.2 1,012.0

2001: I 239.0 441.7 -202.8 343.0

II 339.1 474.4 -135.3 133.4

III 194.4 282.7 -88.4 131.9

IV 240.8 408.1 -167.3 45.6

2002: I 39.3 259.1 -219.8 255.0

II 93.6 248.2 -154.7 207.4

III -10.5 -2.6 -7.9 359.3

IV (p) 125.8 192.1 -66.3 287.3

[Billions of dollars; quarterly data at seasonally adjusted

annual rates]

Uses

Discrep-

ancy

Capital Increase (sources

expendi- in finan- less

Period Total tures (3) cial assets uses)

1993 841.5 508.8 332.7 -112.8

1994 850.7 575.6 275.1 -42.4

1995 1,065.1 638.7 426.4 -54.4

1996 1,116.7 662.7 454.0 -42.2

1997 1,032.6 760.2 272.4 -21.5

1998 1,396.4 826.5 569.9 -63.6

1999 1,854.9 885.0 969.9 -111.0

2000 2,168.4 957.2 1,211.2 -190.1

2001 1,170.3 794.2 376.1 -23.9

2002 (p) 1,043.2 802.9 240.3 49.3

2000: I 2,108.1 936.5 1,171.6 -199.7

II 2,317.6 970.3 1,347.3 -177.9

III 2,299.7 975.3 1,324.4 -201.4

IV 1,948.3 946.9 1,001.4 -181.4

2001: I 1,323.9 866.3 457.6 -50.5

II 1,211.0 812.2 398.8 -48.2

III 1,046.1 781.2 264.9 -38.7

IV 1,100.3 717.1 383.2 41.8

2002: I 1,046.7 773.6 273.1 55.1

II 1,067.3 796.3 271.0 48.8

III 943.6 816.4 127.2 58.3

IV (p) 1,115.0 825.2 289.8 35.1

(1) Profits before tax (book) less profit tax accruals and dividends

plus consumption of fixed capital, foreign earnings retained abroad,

inventory valuation adjustment, and net capital transfers.

(2) Includes tax liabilities, trade debt, pension fund liabilities,

and direct foreign investment in the U.S.

(3) Nonresidential fixed investment plus residential fixed investment,

inventory change with inventory valuation adjustment, and access rights

from U.S. Government.

Source: Board of Governors of the Federal Reserve Systems.

CONSUMER CREDIT

[Billions of dollars; seasonally adjusted]

Consumer credit outstanding (end of period)

Non-

Period Total Revolving revolving (2)

1993: Dec 838.8 309.9 528.8

1994: Dec 960.4 365.6 594.9

1995: Dec 1,095.8 443.1 652.7

1996: Dec 1,185.1 498.9 686.1

1997: Dec 1,243.0 531.0 712.0

1998: Dec 1,317.0 562.5 754.5

1999: Dec 1,415.5 598.0 817.5

2000: Dec (r) 1,559.5 667.3 892.1

2001: Dec (r) 1,666.8 701.3 965.5

2002: Dec (r) 1,726.4 712.4 1,014.0

2002: Feb (r) 1,679.0 701.3 977.7

Mar (r) 1,687.4 704.2 983.2

Apr (r) 1,694.9 707.3 987.5

May (r) 1,703.6 709.3 994.3

June (r) 1,710.0 712.5 997.5

July (r) 1,717.5 714.7 1,002.7

Aug (r) 1,725.4 720.7 1,004.8

Sept (r) 1,726.9 717.7 1,009.3

Oct (r) 1,728.0 717.3 1,010.7

Nov (r) 1,725.1 716.4 1,008.7

Dec (r) 1,726.4 712.4 1,014.0

2003: Jan (r) 1,738.7 715.7 1,023.1

Feb 1,740.2 721.1 1,019.2

[Billions of dollars; seasonally adjusted]

Net change in consumer credit outstanding (1)

Non-

Period Total Revolving revolving (2)

1993: Dec 56.6 31.5 25.1

1994: Dec 121.6 55.7 66.1

1995: Dec 135.4 77.5 57.8

1996: Dec 89.3 55.8 33.4

1997: Dec 57.9 32.1 25.9

1998: Dec 74.0 31.5 42.5

1999: Dec 98.5 35.5 63.0

2000: Dec (r) 144.0 69.3 74.6

2001: Dec (r) 107.3 34.0 73.4

2002: Dec (r) 59.6 11.1 48.5

2002: Feb (r) 6.3 .1 6.2

Mar (r) 8.4 2.9 5.5

Apr (r) 7.5 3.1 4.3

May (r) 8.7 2.0 6.8

June (r) 6.4 3.2 3.2

July (r) 7.5 2.2 5.2

Aug (r) 7.9 6.0 2.1

Sept (r) 1.5 -3.0 4.5

Oct (r) 1.1 -.4 1.4

Nov (r) -2.9 -.9 -2.0

Dec (r) 1.3 -4.0 5.3

2003: Jan (r) 12.3 3.3 9.1

Feb 1.5 5.4 -3.9

(1) Change based on data in billions of dollar as shown here. For

year-end data, change from preceding year-end; for monthly data,

change from preceding month.

(2) Includes automobile loans and all other loans not included in

revolving credit, such as loans for mobile homes, education,

boats, trailers, or vacations. These loans may be secured or

unsecured.

Source: Board of Governors of the Federal Reserve System.

COMMON STOCK PRICES AND YIELDS

Stock prices were mixed in March.

[GRAPHIC OMITTED]

Common stock prices (1)

New York Stock Exchange indexes (2)

December 31, 1965=50

Composite

(Dec. 31 Transpor-

Period 2002=5,000) (3) Industrial tation

1993 2,638.96 299.99 242.49

1994 2,687.02 315.25 247.29

1995 3,078.56 367.34 269.41

1996 3,787.20 453.98 327.33

1997 4,827.35 574.52 414.60

1998 5,818.26 681.57 468.69

1999 6,546.81 774.78 491.60

2000 6,805.89 810.63 413.60

2001 6,397.85 748.26 443.59

2002 5,578.89 657.37 431.10

2002: Mar 6,352.08 751.79 490.51

Apr 6,212.88 732.71 470.00

May 6,087.85 718.12 459.55

June 5,755.89 677.58 449.42

July 5,139.94 603.04 416.10

Aug 5,200.62 611.34 409.96

Sept 4,980.65 589.14 388.19

Oct 4,862.70 574.45 383.41

Nov 5,104.89 597.75 405.03

Dec 5,075.76 593.15 401.39

2003: Jan 5,055.78 587.78 394.84

Feb 4,738.56 553.90 367.55

Mar 4,724.22 558.10 366.90

Week ended:

2003: Mar 8 4,658.46 546.39 358.72

15 4,556.45 539.14 349.30

22 4,851.37 573.84 377.21

31 4,829.41 572.19 381.06

Apr 5 4,838.02 573.09 380.25

Common stock prices (1)

New York Stock Exchange indexes (2)

December 31, 1965=50

Dow Jones

industrial

Period Utility (4) Finance average (5)

1993 228.90 216.42 3,522.06

1994 209.06 209.73 3,793.77

1995 220.30 238.45 4,493.76

1996 249.77 303.89 5,742.89

1997 283.82 424.48 7,441.15

1998 378.12 516.35 8,625.52

1999 473.73 530.86 10,464.88

2000 477.65 553.13 10,734.90

2001 377.30 595.61 10,189.13

2002 260.85 555.27 9,226.43

2002: Mar 316.27 609.72 10,500.95

Apr 300.66 610.24 10,165.18

May 287.10 603.15 10,080.48

June 265.21 577.05 9,492.44

July 230.19 524.01 8,616.52

Aug 225.52 533.60 8,685.48

Sept 210.76 506.05 8,160.78

Oct 207.83 494.06 8,048.12

Nov 229.41 523.50 8,625.72

Dec 233.38 519.72 8,526.66

2003: Jan 236.43 522.51 8,474.59

Feb 214.63 485.33 7,916.18

Mar 211.45 486.71 7,977.73

Week ended:

2003: Mar 8 208.04 481.20 7,746.47

15 204.74 467.74 7,665.15

22 217.26 499.81 8,282.03

31 215.50 497.91 8,214.40

Apr 5 217.39 501.83 8,172.92

Common stock prices (1) Common stock yields

(percent) (8)

Standard &

Poor’s com- Nasdaq com-

posite index posite index

(1941- (Feb. 5, Dividend- Earnings-

Period 43=10) (6) 1971=100) (7) price ratio price ratio

1993 451.41 715.16 2.78 4.46

1994 460.42 751.65 2.82 5.83

1995 541.72 925.19 2.56 6.09

1996 670.50 1,164.96 2.19 5.24

1997 873.43 1,469.49 1.77 4.57

1998 1,085.50 1,794.91 1.49 3.46

1999 1,327.33 2,728.15 1.25 3.17

2000 1,427.22 3,783.67 1.15 3.63

2001 1,194.18 2,035.00 1.32 2.95

2002 993.94 1,539.73 1.61 2.93

2002: Mar 1,153.79 1,863.05 1.37 2.15

Apr 1,112.03 1,758.80 1.42 …

May 1,079.27 1,660.31 1.47 …

June 1,014.05 1,505.49 1.58 2.70

July 903.59 1,346.09 1.76 …

Aug 912.55 1,327.36 1.72 …

Sept 867.81 1,251.07 1.80 3.68

Oct 854.63 1,241.91 1.86 …

Nov 909.93 1,409.15 1.73 …

Dec 899.18 1,387.15 1.77 3.18

2003: Jan 895.84 1,389.56 1.80 …

Feb 837.62 1,313.26 1.95 …

Mar 846.62 1,348.50 1.93 …

Week ended:

2003: Mar 8 827.53 1,310.13 1.96 …

15 815.51 1,302.04 2.03 …

22 874.94 1,402.90 1.87 …

31 868.19 1,380.42 1.87 …

Apr 5 868.57 1,373.26 1.85 …

(1) Average of daily prices.

(2) Includes all the stocks (nearly 3,000) listed on the NYSE.

(3) Effective January 9, 2003, the NYSE relaunched the composite

index with changes in methodology, definitions, and based on

Dec. 31, 2002=5,000.

(4) Dec. 31, 1965=100. Effective April 27, 1993 the NYSE doubled

the value of the utility index to facilitate trading of options and

futures on the index.

(5) Includes 30 stocks.

(6) Includes 500 stocks.

(7) Includes over 4,000 stocks.

(8) Standard & Poor’s series. Dividend-price ratios based on

Wednesday closing prices. Earnings-price ratios based on prices

at end of quarter.

Sources: New York Stock Exchange, Dow Jones & Company, Inc.,

Standard & Poor’s, and Nasdaq Stock Market.

COPYRIGHT 2003 Superintendent Of Documents

COPYRIGHT 2003 Gale Group