Seasonal adjustment of money and its counterparts

Quarterly Bulletin 1983 Q2
Published on 01 June 1983

The seasonal adjustments for the banking monthly series of M1, and sterling M3 and its counterparts, were described in an article in the June 1978 Bulletin, and certain changes of method in the June 1981 Bulletin. The adjustments are not simply based on a moving average of past behaviour, but are linked to the adjustments for the central government borrowing requirement (CGBR), in order to reflect so far as possible the seasonal pattern of government revenue and expenditure in the most recent period. They are updated annually in the light of the latest available information. This article describes some of the more significant changes made this year.

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