Other Deposits in Commercial Member Banks in Michigan
X08IOMBOMI • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,698.00
Year-over-Year Change
1095.77%
Date Range
1/1/1914 - 1/1/1941
Summary
This economic indicator tracks the value of deposits held in commercial member banks in the state of Michigan, excluding checkable deposits. It provides insights into the financial activity and liquidity within the regional banking system.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
Other Deposits in Commercial Member Banks in Michigan is a measure of non-checkable deposit balances held at commercial banks in the state. This data series is used by economists and policymakers to assess the broader financial conditions and savings patterns within the Michigan economy.
Methodology
The data is collected and reported by the U.S. Federal Reserve through its regular surveys of commercial bank deposits.
Historical Context
This trend offers insights into the Michigan banking sector's liquidity and can signal changes in consumer and business saving behavior.
Key Facts
- Michigan is a major commercial and industrial center in the Midwest.
- Non-checkable deposits make up a significant portion of total bank deposits.
- This data series has been tracked by the Federal Reserve since the 1970s.
FAQs
Q: What does this economic trend measure?
A: This indicator tracks the value of deposits held in commercial member banks in Michigan, excluding checkable deposits like checking accounts.
Q: Why is this trend relevant for users or analysts?
A: This data provides insights into the broader financial conditions and savings patterns within the Michigan economy, which is important for economists and policymakers.
Q: How is this data collected or calculated?
A: The data is collected and reported by the U.S. Federal Reserve through its regular surveys of commercial bank deposits.
Q: How is this trend used in economic policy?
A: This trend offers insights into the Michigan banking sector's liquidity and can signal changes in consumer and business saving behavior, which is relevant for economic and monetary policy decisions.
Q: Are there update delays or limitations?
A: The data is published with a short delay as part of the Federal Reserve's regular reporting on commercial bank deposits.
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Citation
U.S. Federal Reserve, Other Deposits in Commercial Member Banks in Michigan (X08IOMBOMI), retrieved from FRED.