November 2011 shows MA in continued decline

Our MA calculation for November 2011 dropped by 4.8% YoY, a significant decrease though not as steep as the previous month when it fell by 6.7% YoY.

Notes and Coins increased by 6.7% in November compared to the year before while M4 fell by 2.8%, slightly less than October 2011 when it fell by 2.9%.