M1 money supply growth rate
Year-over-year change in M1 every month from Jan 1960 to Aug 2026: each month against the same month a year earlier.
- M1 level
- $19.99T
- Month over month
- +0.53%
- Fastest growth
- +26.9%Apr 2020
- Weakest
- −10.8%Aug 2023
Source: Board of Governors of the Federal Reserve System. Growth computed by M0 from the monthly level via FRED series M1SL · Monthly, seasonally adjusted · Latest observation Aug 2026. Figures are subject to revision by the publishing agency.
Series breakM1 was redefined in May 2020, when savings deposits were moved into it. Growth from May 2020 to April 2021 compares the new definition with the old one, so those months are flagged and left out of the fastest-growth figure.
When M1 shrank
Every run of consecutive months in which M1 was below its level a year earlier.
| From | To | Lowest year-over-year |
|---|---|---|
| Apr 1960 | Aug 1960 | −1.1% (Jun 1960) |
| Jun 1989 | Sep 1989 | −0.6% (Jun 1989) |
| Jun 1995 | Feb 1998 | −5.4% (Apr 1997) |
| Oct 2000 | Feb 2001 | −3.0% (Dec 2000) |
| Sep 2002 | Sep 2002 | −0.8% (Sep 2002) |
| Dec 2005 | Dec 2005 | −0.1% (Dec 2005) |
| Jun 2006 | Jun 2006 | −0.3% (Jun 2006) |
| Aug 2006 | Jul 2007 | −1.2% (Mar 2007) |
| Nov 2022 | Aug 2024 | −10.8% (Aug 2023) |
Last 24 months
| Month | M1 | Year over year | Month over month |
|---|---|---|---|
| Aug 2026 | $19.99T | +6.1% | +0.53% |
| Jul 2026 | $19.89T | +5.8% | +0.47% |
| Jun 2026 | $19.79T | +5.6% | +0.42% |
| May 2026 | $19.71T | +5.6% | +1.13% |
| Apr 2026 | $19.49T | +4.7% | +0.46% |
| Mar 2026 | $19.40T | +4.6% | +0.18% |
| Feb 2026 | $19.37T | +4.6% | +0.94% |
| Jan 2026 | $19.19T | +3.9% | +0.49% |
| Dec 2025 | $19.09T | +3.8% | +0.39% |
| Nov 2025 | $19.02T | +3.6% | +0.17% |
| Oct 2025 | $18.99T | +4.2% | +0.43% |
| Sep 2025 | $18.90T | +4.1% | +0.34% |
| Aug 2025 | $18.84T | +4.1% | +0.19% |
| Jul 2025 | $18.80T | +4.2% | +0.31% |
| Jun 2025 | $18.75T | +3.9% | +0.45% |
| May 2025 | $18.66T | +3.5% | +0.22% |
| Apr 2025 | $18.62T | +3.5% | +0.36% |
| Mar 2025 | $18.56T | +2.8% | +0.24% |
| Feb 2025 | $18.51T | +2.7% | +0.27% |
| Jan 2025 | $18.46T | +2.6% | +0.38% |
| Dec 2024 | $18.39T | +2.3% | +0.20% |
| Nov 2024 | $18.36T | +1.9% | +0.70% |
| Oct 2024 | $18.23T | +0.9% | +0.34% |
| Sep 2024 | $18.17T | +0.0% | +0.34% |
By year
December on the previous December; the current year shows its latest month.
| Year | M1 | Growth |
|---|---|---|
| 2026(to Aug) | $19.99T | +6.1% |
| 2025 | $19.09T | +3.8% |
| 2024 | $18.39T | +2.3% |
| 2023 | $17.98T | −8.9% |
| 2022 | $19.74T | −3.4% |
| 2021 | $20.43T | +14.7% |
| 2020 | $17.81T | +343.0% |
| 2019 | $4.02T | +6.3% |
| 2018 | $3.78T | +3.9% |
| 2017 | $3.64T | +7.9% |
| 2016 | $3.37T | +7.8% |
| 2015 | $3.13T | +5.2% |
| 2014 | $2.97T | +10.6% |
| 2013 | $2.69T | +8.8% |
| 2012 | $2.47T | +13.7% |
| 2011 | $2.17T | +18.3% |
| 2010 | $1.84T | +8.5% |
| 2009 | $1.69T | +5.7% |
| 2008 | $1.60T | +16.6% |
| 2007 | $1.37T | +0.5% |
| 2006 | $1.37T | −0.6% |
| 2005 | $1.37T | −0.1% |
| 2004 | $1.38T | +5.3% |
| 2003 | $1.31T | +7.0% |
| 2002 | $1.22T | +3.1% |
| 2001 | $1.18T | +8.7% |
| 2000 | $1.09T | −3.0% |
| 1999 | $1.12T | +2.5% |
| 1998 | $1.09T | +2.1% |
| 1997 | $1.07T | −0.8% |
| 1996 | $1.08T | −4.1% |
| 1995 | $1.13T | −2.0% |
| 1994 | $1.15T | +1.9% |
| 1993 | $1.13T | +10.2% |
| 1992 | $1.02T | +14.3% |
| 1991 | $897.0B | +8.8% |
| 1990 | $824.7B | +4.0% |
| 1989 | $792.9B | +0.8% |
| 1988 | $786.7B | +4.9% |
| 1987 | $750.2B | +3.5% |
| 1986 | $724.7B | +16.9% |
| 1985 | $619.8B | +12.4% |
| 1984 | $551.6B | +5.8% |
| 1983 | $521.4B | +9.8% |
| 1982 | $474.8B | +8.7% |
| 1981 | $436.7B | +6.9% |
| 1980 | $408.5B | +7.0% |
| 1979 | $381.8B | +6.9% |
| 1978 | $357.3B | +8.0% |
| 1977 | $330.9B | +8.1% |
| 1976 | $306.2B | +6.7% |
| 1975 | $287.1B | +4.7% |
| 1974 | $274.2B | +4.3% |
| 1973 | $262.9B | +5.5% |
| 1972 | $249.2B | +9.2% |
| 1971 | $228.3B | +6.5% |
| 1970 | $214.4B | +5.1% |
| 1969 | $203.9B | +3.3% |
| 1968 | $197.4B | +7.7% |
| 1967 | $183.3B | +6.6% |
| 1966 | $172.0B | +2.5% |
| 1965 | $167.8B | +4.7% |
| 1964 | $160.3B | +4.6% |
| 1963 | $153.3B | +3.7% |
| 1962 | $147.8B | +1.8% |
| 1961 | $145.2B | +3.2% |
| 1960 | $140.7B | +0.6% |
M1 growth rate: common questions
- What is the current M1 growth rate?
- M1 was $19.99T in Aug 2026, +6.1% on Aug 2025 and +0.53% on the previous month. Source: Board of Governors of the Federal Reserve System, FRED series M1SL, seasonally adjusted and subject to revision.
- What is the fastest M1 has grown?
- The highest year-over-year growth since Jan 1960 was +26.9% in Apr 2020. The lowest was −10.8% in Aug 2023. M1 was redefined in May 2020, when savings deposits were moved into it. Growth from May 2020 to April 2021 compares the new definition with the old one, so those months are flagged and left out of the fastest-growth figure.
- Has M1 ever shrunk?
- Yes. Year-over-year M1 growth has been negative in 9 separate periods since Jan 1960: Apr 1960 to Aug 1960 (low −1.1%); Jun 1989 to Sep 1989 (low −0.6%); Jun 1995 to Feb 1998 (low −5.4%); Oct 2000 to Feb 2001 (low −3.0%); Sep 2002 to Sep 2002 (low −0.8%); Dec 2005 to Dec 2005 (low −0.1%); Jun 2006 to Jun 2006 (low −0.3%); Aug 2006 to Jul 2007 (low −1.2%); Nov 2022 to Aug 2024 (low −10.8%).
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