The dispersion relation is presented for time-harmonic waves propagating in an arbitrary direction in a periodically laminated medium. The analysis is based on two-dimensional equations of elasticity. Limiting phase velocities are presented for infinite wavelength for any angle of propagation in the form of a fourth-order determinant that illustrates the influence of an arbitrary angle. For the cases when the propagation is along or across the layers, the determinant reduces to two determinants of second order that yield the limiting phase velocities directly. Numerical results are presented to indicate the dependence of dispersion upon the angle of propagation. Also, a comparison with an approximate continuum theory is included; agreement is satisfactory for those angles where the dispersion is the strongest.