The annualized M2 growth rate for the six months ending in May 2011 was 4.9 percent.
M2 includes M1 in addition to all time-related deposits, savings deposits, and non-institutional money-market funds.
Money growth has been more moderate than many people assume, both M2 and M1.
To make this more concrete, let us examine the velocity of M1 and M2.
The broad M2 measure of money supply grew by 19.7%, exceeding the official target of 17%.
M2 velocity is a measure of how fast broadly defined money supply turns over each year.
Environment Minister Alex Attwood has announced planning permission for two new service stations on the M2.
In the U.S., the J Capital Research team point out, M2 is about 75% of GDP.
Before the recession began in 2007, the ratio between M2 and the monetary base was about 10:1.
In fact, the compounded annual increase of M2 in the last 4 weeks is currently over 9%.
The seasonally adjusted annual rates of M2 growth were respectively -3.1 percent, -0.2 percent and 1.6 percent.
The conventional measures of money, M1 and M2, have been growing only slowly for quite a while.
As such, higher inflation is a ways off until well after bank lending materially boosts M2 money supply.
The two charts to watch are that of M2 money supply and more importantly the velocity of money.
Once banks start lending again and expanding base money through the fractional reserve system, M2 could increase exponentially.
Looking only at M2, the U.S. broad money aggregate, it has only risen 20% in that time period.
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Newtownabbey Borough Council has already agreed with the opinion to approve the new service stations on the M2.
Lending, which has increased some (but not enough to materially boost M2), has also grown despite the Fed.
In County Antrim and Belfast the M2 motorway and the Westlink motorway link were closed for a time.
"The acquisition was jaw-dropping, " says Wanda Meloni, principal analyst at the digital media M2 Research firm in San Diego.
And while earlier problems on the M2 have been cleared, a number of broken-down vehicles continue to cause delays.
The M2 measure of money surged by 29% in the year to June.
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Has anyone bothered to look at actual M2 growth over the past year?
There is nothing magic about the definition of M2, but it is a much broader measure of money than M1.
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"Avid is going to have to realign its products to compete in this new mid-priced market, " says M2 Research's Meloni.
Five percent is the latest estimate of the growth of the M2 money supply from May 2010 through May 2011.
When M2 velocity falls, consumers, businesses and investors are slowing the rate at which they spend and invest their money.
You should note that the actual broad quantity of money (M2 for example) has barely grown since QE1 began in 2008.
Consider that over the 1980s, for example, money supply growth (measured as M2) averaged 8% per year, while inflation was 5.6%.
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However, even if the money multiplier were to remain much lower, the M2 money stock would still be much higher than today.
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