Friday, 20 September 2013

The Short Version of the "Austrian" True Money Supply (TMS), as of 9 September 2013

The short version of the Austrian True Money Supply expanded by 0.4% (25.2% annualised) during the most recent week ending 9 September according to monetary statistics just released by FRED

Short- as well as long-term growth rates remain high, but the 26 weeks to 2 year growth rates are slowing down. For example, the 1 year growth rate is now 8.3%. But one year ago this growth rate was 10.2% so the current growth rate has dropped by 1.9 percentage points during the last year. Also, the 1 year growth rate was the lowest since week ending 8 December 2008. 

Especially the 39 week and the 2 year growth rates have fallen sharply in recent months and both are now the lowest they've been for more than four years. At 6.3%, the 39 week growth rate is now even some 2 percentage points lower than the 8.3% average since 1980.