Full text of Z.7 Flow of Funds Summary Statistics : September 26, 1986

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

FEDERAL RESERVE statistical release
f*4L
Z.7 (788)

•

For immediate release
September 26, 1986
FLOW OF FUNDS SUMMARY STATISTICS

Debt of domestic nonfinancial sectors grew at a seasonally adjusted annual
rate of 11.5 percent in the second quarter of 1986, noticeably faster than the 7.8
percent rate recorded in the first quarter. Most of this acceleration was in the
federal component of the debt total, where growth more than doubled to an 18.5
percent rate in the second quarter. Debt growth in private domestic nonfinancial
sectors picked up only a little, to 9.4 percent. Nonfinancial sector debt growth in
1985 now is estimated to have been 14.4 percent, somewhat less than the 15.0 percent
shown on the June release. Most of this downward revision is in debt of state and
local governments and is based on benchmarks that are available annually. All flow
of funds estimates shown on this release incorporate historical revisions, including
new weasoual factors affecting quarterly movements.
The acceleration of private sector debt in the second quarter is attributable to borrowing by households—mainly an increase in home mortgage borrowing to
about the 1985 average pace—and by the state and local government sector. The
pickup in tax-exempt borrowing reflected in part official agreement that proposed
tax reform restrictions would not take effect until later in the year. Debt of
nonfinancial businesses decelerated in the second quarter, although long-term
borrowing was heavy; mergers and other corporate financial restructurings continued
to result in deeply negative net equity issuance.
Net borrowing by all domestic nonfinancial sectors in the second quarter
was $805 billion at a seasonally adjusted annual rate, bringing total outstanding
debt to a level of $7181 billion (Table 1). Debt of private sectors accounted for
$5,475 billion of this total, and the federal component was $1,706 billion.
Growth Bates of Major Debt Aggregates _V
(Percent annual rates of change, seasonally adjusted)
Total
domestic
nonfinancial
debt
(1)

17

U.S.
govt.
?2)

—Private domestic nonfinancial—
State &
HouseNonfin.
local
Total
holds
business
govts.
(3)
(4)
(5)
<6>

1983
1984
1985

11.7
14.5
14.4

18.8
16.9
16.2

9.8
13.8
13.8

11.3
13.0
14.0

8.2
15.7
11.0

10.5
7.7
28.0

1985-1
II
III
IV

10.6
13.3
11.3
19.4

10.1
18.7
10.1
22.6

10.7
11.7
11.7
18.4

10.9
12.6
13.8
16.1

10.0
10.2
8.5
13.5

13.7
15.3
17.4
57.0

1986-1
II

7.8
11.5

7.5
18.5 .

7.9
9.4

7.5
10.7

9.9
7.4

-0.4
13.1

Changes shown are on an end of period basis and thus may differ from monthaverage data in the Board's H.6 release.




Growth Rates of Debt Aggregates: Supplemental Data
(Percent annual rates of change, seasonally adjusted)
Domestic
nonflnanclal
sectors
Foreign
1983
1984
1985

T7

Financial
sectors

Total;
All
Sectors

Memo:
Private
financial assets V

11.7
14.5
14.4

8.3
2.7
0.9

12.4
16.3
18.9

11.7
14.3
14.5

14.0
12.5

i-I
II
III
IV

10.6
13.3
11.3
19.4

-2.4
-1.2
5.3
2.0

14.2
16.5
20.0
20.0

10.7
13.3
12.3
19.0

9.3
11.2
11.2
16.2

—I
II

7.8
11.5

14.0
9.5

12.1
18.8

8.6
12.5

3.7
7.6

11.6

Holdings of deposits and credit market claims by households, nonflnanclal business
and state and local governments.

Explanatory Notes
Growth rates in the summaries above are seasonally adjusted flows from Table 2
divided by seasonally adjusted outstandings from Table 1 on following pages of this
release. Seasonally adjusted levels in Table 1 are derived by carrying forward year-end
levels by seasonally adjusted flows plus any statistical discontinuities in the data
series. Because of these discontinuities, changes in outstandings as printed can give
growth rates that differ from those shown above.
The following list gives the lines in Tables 1 and 2 that are used to calculate
growth rates shown on page 1 of this release:
Growth Table (column)
Total domestic nonflnanclal
U.S. government
Private domestic nonflnanclal
Households
Nonflnanclal business
State & local governments

Tables 1 and 2 (row)

1
2

1
2

3
4
5
6

5
21
22
20

Debt of domestic residents includes credit market funds raised from both
domestic and foreign sources, while foreign debt represents amounts owed by foreign
financial and nonflnanclal entities to U.S. sources only. Financial sectors consist of
U.S. Government sponsored credit agencies, federally-related mortgage pools, and private
financial institutions. Credit market debt excludes trade debt, loans for the purpose
of carrying securities, and funds raised from equity sources. It consists of debt securltles, mortgages, bank loans, commercial paper, consumer credit, government loans, and
other loan forms included in Table 1.
Full statements for sectors and transaction types in flows and in amounts
outstanding may be obtained from Flow of Funds Section, Division of Research and
Statistics, Board of Governors of the Federal Reserve System, Washington, D.C. 20551.




SEPTEMBER 26, 1986
Credit Market Debt

Table i

Credit Market Debt

Summery of Credit Market Debt Outstanding
SEASONALLY ADJUSTED LEVELS
- - YEAR
1980
1981

SEASONALLY ADJUSTED LEVELS

END LEVELS
1982
1983

1984

I

II

1986

III

I

1986

II

Credit Market Debt Owed by Nonflnanclal Sectors

1

5925.8

4501 .2

4679 .1

5250 .6

5985 .4

6147 .0

6548 .6

6528 .4

6847 .8

6979 .7

Total credit merket debt owed by
7181 .0 domestic nonflnan. sectors

1

2
5
4

742 .8
737 .8
5 .0

850 .1
825 .6
4 5

991 .4
987 .7
5 .7

1177 .9
1174 .4
5 .6

1576 .8
1573 .4
5 .4

1411 .5
1408 .2
5 .5

1477 .4
1474 .1
5 .5

1514 .9
1511 .6
5 .5

1600 .4
1597 .1
3 .5

1630 .2
1627 .0
5 .2

1705 .7
1702 .5
3 .2

U.S. government
Treasury Issues
Agency Issues & mortgages

2
5
4

5

5183,.1

5471,.1

5687 .7

4052,.6

4608 .7

4735 .5

4871 .2

5015 .5

5247,.4

5249 .4

54 75*2

Private domestic
nonfInancial sectors

5

6
7
8

2162.8
550 5
566 .1

2517,.8
575 ,7
388, 9

2454 .4
417 .9
407 5

2706 .8
471 .7
425,.6

5025,.7
522,.1
469,.7

5106 .7
537 .0
486 .5

5200 .9
555 .8
506 .1

5500 .0
579 .8
525 .6

3482,,5
674 4
543,.6

5560 .4
668 .7
575 .7

3666 .7
680 .3
608,.2

9
10
11
12
15

1446 .5
955,.2
141,.2
254 .2
95,.8

1555,.2
1052..1
141,.1
276,.2
105..8

1628 .9
1074 .7
144 .8
299 .4
110 .0

1811 .5
1191 .5
158 .8
548 .4
112,,8

2052,.0
1520 8
185 6
415..6
112..0

2083 .5
1552 .2
189 .1
430 .2
111 .8

2139 .0
1587 .4
195 .9
445 .2
110 .6

2196 .6
1426 .7
202 .2
459 .6
108 .1

2264,.2
1469,8
212,.4
476, 4
105..6

2318 .0
1499 .3
219 8
494,.5
104 .5

2578 .2
1544 .8
226..0
505..3
102..2

Mortgages
Home mortgages
Multi-family resld.
Commercial
Farm

9
10
11
12
15

14
15
16
17
18

1020,.3
570,.5
375,.9
28,.0
245 .9

1155 ,3
427..4
598..5
42..7
284..7

1235,.4
479,.7
418 .1
57,.6
298 .0

1545, 8
508 .5
474 .8
56..8
525. 7

1585 .0
584, 5
569..9
58. 5
572. 5

1628, 8
590,.0
596,.2
61..5
581. 2

1670..4
598 .5
618 5
64 .6
588 .7

1715,.5
606,.3
646,.7
64 .5
596.,0

1765..2
622..9
666. 5
72,2
403, 6

1789..0
629,.8
682..4
68 .1
408..7

1808. 5
625. 5
704..0
64. 5
414,.9

Other debt Instruments
Bank loans n.e.c.
Consumer credit
Commercial paper
Other

14
15
16
17
18

19
20
21

5185. 1
295, 5
1451, 6

3471,.1
302. 1
1577. 7

3687,.7
325..7
1659..8

4052.,6
557. 7
1847, 5

4608. 7
585. 1
2082. 0

4755. 5
598. 3
2141. 0

4871, 2 5015 .5
413..5
451. 4
2205..2 2279. 6

5247,.4
492 9
2571, 2

5349. 4
492..4
2414, 7

5475,2
508, 6
2479, 1

By borrowing sector:
State 8 local governments
Households

19
20
21

22
25
24
25

1456.,2
159..8
562. 2
914. 2

1591. 5
176.4
395.5
1019.4

1704. 3
185..2
451. 9
1089. 2

1847..5
187. 5
508. 5
1151..5

2141. 6
187. 5
609. 1
1544. 9

2196. 2
184. 9
628. 5
1585. 0

2252. 5
185.8
650.8
1417. 9

2502. 5
180. 0
672.8
1449. 7

2585.4
175.2
698. 0
1512. 1

2442 ,2
168, 6
722. 5
1551. 1

2487. 6
165. 0
740. 6
1582. 0

NonfInancial business
Farm
Nonfarm noncorporate
Corporate

22
25
24
25

26
27
28
29
50

195.8
47.8
64.8
7.0
76.3

219.2
55.5
67.8
10.8
87.3

209.0
59.9
55.8
15.1
100.2

226. S
65.0
37.4
21.5
104.3

231..8
64,.5
30,.8
27..7
109,.0

250,.4
64 .9
28 .8
28..6
108.,0

229.5
67.0
27.7
29.8
104.9

232.5
67.7
29.6
31.4
105.8

233.7
68.3
28.2
35.9
105.5

233.9
72.3
26.8
31.9
102.9

239.4
71.8
28.6
36.2
102.8

Foreign credit market debt
held In U.S.
Bonds
Bank loans n.e.c.
Commercial paper
U.S. govt. I other leans

26
27
28
29
30

51

4121.7

4520.5

4888.1

5456.9

6217 2

6577 .4

6578.1

6760.9

7081.6

7215.6

7420.4 Total nonflnan.domestic • fgn. 51

Debt capital Instruments
Tax-exempt obligations
Corporate bonds

6
7
8

Credit Market Debt Owed by Financial Sectors
Total credit market debt awed
by financial sectors

I

563.0

*44.9

757 .8

852.0

990.7

1025.8

1068 .1

1121 5

1179 .2

1223 .0

1280 .4

2
S
4
5

276.6
159.9
114.0
2.7

324.0
190.4
129.0
4.6

388 .9
205 .4
178 .5
5 .0

456.7
204.8
244.9
5.0

531.2
237.2
289.0
5.0

551.8
242.7
304.1
5.0

577..7
249 .9
522 .8
5..0

601 .1
251 .6
344 .5
5 .5

652 .7
257 .8
568 .9
6,.1

658 .6
257,.2
395 .2
6,.2

697 .9
260,.0
451,.4
6..5

U.S. government-related
Sponsored credit ag. sec.
Mortgage pool securities
Loans from U.S. government

4
7
8
9
10
11

286.4
80.8
1.9
25.9
128.8
49.0

340.9
85.2
1.9
27.1
161.5
S5.2

368 .9
97,.7
2..0
29,.0
174, 2
66..0

395.S
110.0
2.1
28.9
195.5
59.0

459.5
133.3
2.5
29.5
219.5
74.6

474.0
137.5
2.5
29.3
227.0
77.7

490 .4
151,.0
2 5
50 .0
226 5
80. 5

520 3
156 3
2 .5
51 .9
244 .3
85..3

546 .5
170 .5
2,.7
52,.1
252 .4
88,.8

564,.4
180,.5
2,.7
32,.0
259..2
90. 2

582..4
182. 5
2..7
55 .8
268..0
95.,4

Private financial sectors
Corporate bonds
Mortgages
Bank loans n.e.c.
Open-market paper
Fed. Home Loan Bank loans

12
13
14

563.0
162.6
114.8

664.9
195.0
129.0

757 .8
210..4
178..5

852.0
211.8
244.9

990.7
242.2
289.0

1025.8
247.7
504.1

1068.,1
254.,9
522.,8

1121..5
256..9
544. 5

1179. 2
265 .9
568..9

1225.,0
265.,4
595 .2

15
16
17
18
19
20

286.4
48.5
<2.8
57.8
155.3
3.9

340.9
60.1
52.0
73.4
151.7
1.7

368..9
71..8
59.,0
75, 9
158.5
S. 7

395 3
76.8
71.0
73.9
170.1
S.5

459.5
84.1
86.6
93.2
191.2
4.3

474.0
81.9
90.6
96.1
200.9
4.5

490..4
79..5
95.5
99. 3
215. 6
4. 6

520. 5
78. 7
96..6
107. 9
252. 5
4. 7

546 5
79 2
101.2
115. 5
245..0
5. 6

564..4
76. 2
95.4
117. 6
269. 2
6.0

1280.,4 Total, by eector
266. 5
Sponsored credit agencies
451.,4
Mortgage pools
582. 4
72.5
100.2
151.5
271. 9
6.,4

Private financial sectora
Commercial banks
Domestic affiliates
Savings and loan essns.
Finance companies
REITs

Total Credit Market Debt Outstanding, All Sectors, by Type
1

4484.4

5185 .4

5445,.9

4308.9

7207.9

7403.2

7646.2

7882 .4

8260 .8 8456..5 8700.8 Tetal credit market debt

2
S
4
5

1014.1
S50.S
494.7
1448.8

1149 .1
373 .7
527 .3
1557 .4

1575 .0
417,.9
$45 .1
1431,.3

1429.4
471.7
594.4
1813.9

1902.8
522.1
447.5
2034.4

1958.2
537. 0
488. 9
2085. 9

2049.9
555.8
724.1
2141.4

2110 .6
579,.8
747..6
2199 .2

2227 .0
674 .4
782 .4
2267 .0

2282 .6
668. 7
826. 3
2520..8

2597.0
680.3
862.4
2581.0

6
7
8
9

375.9
441.2
143.8
373.9

398,.5
522,.3
215 .1
441,.8

418 .1
542..4
224..8
449. 3

474.8
574.8
253.8
494.0

549.9
444.4
305.7
540.9

596. 2
648. 1
317. 0
571. 9

418.5
454.2
520.9
579.1

446,.7
667,.8
540..2
590 .4

666,.5
685,.1
558,.5
601,.8

682..4
688. 7
559 1
608. 0

704.0
687.8
568.5
619.7

BILLIONS OF DOLLARS. LATEST DATA PRELIMINARY




U.S. government securities
Tax-exempt obligations
Corporate and foreign bends
Mortgages
Consumer credit
Bank loans n.e.c.
Open-market paper
Other loans

1
2
5
4
5
4
7
8
9
10
11
12
15
14
15
16
17
18
19
20

TdblC 2

27. SEPTEMBER 26, 1986
Funds Raised In Credit Markets

Funds Raised In Credit Markets

Summary of Net Funds Raised In Credit and Equity Markets
QUARTERLY MET FLOWS - MILLIONS
1985
III

II

(NSA)

I
I

IV

QUARTERLY NET FLOWS - SBILLIONS
I

1986

II

I
I I

1985

II

III

Met Credit Market Borrowing by Nonfinancial Sectors

I
I

IV

I

1986

II

(SAAR)
Total net borrowing by domestic
805.1
nonflnancial sectors

1

197.7

194.5

532.1

108.4

190.1

634.4

818.2

718.3

1265.7

532.0

2
3
4

45 .2
45 .3

46 .1
46 .1

90..5
90 .5

37 .1
37,.2
.1

50..7
50..7

139 .1
139 .3
.2

263,.4
263 .5
.1

149..9
150..0
.1

342 .0
342 .1

301 .9
301 .9

"

119 .5
119 .8
.3

5

152 .5

71,.2

139 .4

495,.3

554 .8

568..3

923 .7

412 .5

503,.3

317
-23 .1
120 .5
219 .8
121 .5
29 .8
73,.1
-4 .6

425,.2
46 .7
137 .8
240 .6
181 .8
24 .8
43 .1
-9 .1

Debt capital Instruments
Tax-exempt obligations
Corporate bonds
Mortgages
Home mortgages
Multi-family resld.
Commercial
Farm

6
7
8
9
10
11
12
13

*

"

"

148 .3

241..6

1

U.S. government
Treasury Issues
Agency issues 8 mortgages

2
3
4

Private domestic
nonflnancial sectors

5

6
7
8
9
10
11
12
13

97 .3
20 .0
18 .9
58 .5
36 .5
6 .7
16 4
-1..0

109 .1
26 .2
17 .0
65..9
46..3
6..7
15 .6
-2..6

185..5
98..2
21..6
65,.7
41..3
10..4
16,.7
-2,.7

66,.0
-13 .3
29 8
49 .4
26,.6
7,.4
16,.5
-1,.1

109..1
12..5
33..7
62. 9
46..8
6 .1
12..2
-2..1

332 .0
59..6
67 .2
205 .3
125,.6
22,.0
58,.4
-,.7

376,.5
75,.3
78 .3
222 .9
140,.6
27..0
60..2
-4..9

411..7
96..0
70 .1
245,.5
168..5
27..1
59..9
-9 .9

729 .4
378 .6
79 .9
270 .9
172 .4
41 .1
67,.4
-10 .0

14
15
16
17
18

55 .1
26 .4
11,.4
5 .9
11 .5

39 .2
51..7
8..5
.2
-l!.2

56..1
26,.7
18..2
4..1
7..2

5,.3
1,.0
1..0
-2,.7
6,.0

30. 4
25. 7
-1. 6
9
7..1

163,.2
105 .5
.9
11..3
23..6

178 .4
89,.2
34 .1
13..2
41..9

156..6
112..6
31..1
5
13..3

194 .2
79 .2
62 .4
34,.3
18 .3

95 .3
63 .6
27 .8
-16 .6
20..5

78,.1
86..2
-18..0
-14..9
24. 7

Other debt Instruments
Consumer credit
Bank loans n.e.c.
Commercial paper
Other

14
15
16
17
18

19
20
21
22
23
24
25

152. 5
16 .4
69,.2
67 .0
2 5
25 .9
38 .6

148 .3
20..1
80..8
47,.4
-3..7
23. 4
27.,7

241. 6
65..0
99..2
77. 4
-9.5
25..7
61..2

71..2
-8..0
30..0
49..2
-5..6
20..4
34..4

139. 4
16. 9
66..2
56. 3
.1
21. 7
34. 7

495..3
52.8
227..9
214,.5
-10..6
76..7
148 .4

554. 8
60.8
269,.0
225,.0
-4,.2
89. 8
139. 5

568.,5
71..8
304. 5
192..1
-15. 3
92 .0
115..4

923..7
245..8
366..4
311..5
-27 .1
101 .5
237..1

412..5
-1..8
177. 6
236,.6
-18,4
99..2
155..8

503. 3
64. 6
257.,4
181..3
-14.5
72. 3
123, 5

By borrowing sector*
StateSlocal governments
Households
Nonflnancial business
Farm
Nonfarm noncorporate
Corporate

19
20
21
22
23
24
25

26
27
28
29
30

.9
2,.1
-1 .2
1 .2
-3 .0

3 .4
.7
2!.3
1..6
-1..1

1..0
6
6
2.5
-• 5

8. 4
4..0
-1..1
6 .0
.5

5. 2
6
1.4
4. 3
"

-5..6
2..5
-8..1
3..7
-3..7

-2.8
8..5
-4..2
4..8
-11..9

12..1
2..6
7. 6
6. 3
-4.,4

4..7
2..5
-5 .7
10..0
-2 .1

32..6
16..1
-5..5
23..9
-1.8

31

196 .8

197 8

333 .2

116..8

195. 3

628..8

815.,4

730..3

1270..4

22.3
.3 Fgn. net borrowing In U.S.
22.
Bonds
-2..2
Bank loans n.e.c.
7. 3
Commercial paper
17. 3
U.S. govt, t other loans
-< 1

26
27
28
29
30

564. 6

827.5
827.
5 Total domestic plus foreign

31

Net Credit Market Borrowing by Financial Sectors
by financial sectors

1

1

45..0

56..0

56..5

50..0

60,.2

140..6

169..2

215. 4

224..2

145..1

229 .8

2
3
4
5

25..9
8.,8
17..1

30..6
4..3
25..5
.8

24 .1
-2..2
26..2
.1

59 .2
4 .5
54..4
5

82.,5
22. 0
60.5

103..4
28..6
74 8

•

26..1
3..6
22..3
.3

-

-

95..9
6..9
85. 8
1..2

126,.4
24,.9
98,.4
3,.1

105. 5
-2.5
105..4
5

157..2
11..2
144 .8
1..2

U.S. government-related
Sponsored credit ag. sec.
Mortgage pool securities
Loans from U.S. government

2
5
4
5

6
7
8
9
10
11

19..2
11..2

29..8
6..5

26..0
13..8

5..9
10..7

21..0
.4

58..1
16.,7

65..8
53 .9

1..1
1..9
4..9

2 .3
14 .9
6 .1

.5
8 .5
3 .1

-1..3
-2..0
-1..6

2..3
11 .4
7..6

.9
29..9
12. 5

2 .9
-2..1
11..1

119. 5
21.,4
.1
7!.4
71..2
19 .4

97,.8
54 .1
.1
.7
28 .9
14,.1

59 8
39.,0
.1
-4..9
5..6

72,.6
9,.0
.1
7 .1
55 .2
21,.5

Private financial sectors
Corporate bonds
Mortgages
Bank loans n.e.c.
Open-market paper
Fed. Home Loan Bank loans

6
7
8
9
10
11

12
13
14

45 .0
8,.8
17 .1

56 .0
3 .9
22 .5

56 5
5..0
25,.5

30..0
-2,.1
26 .2

60 .2
4 .8
34 .4

140. 6
22..0
60..5

169,.2
28 .6
74 .8

213..4
8..1
85..8

224 .2
28 .0
98,.4

145 .1
-2..1
105 .4

229 .8 Total* by sector
Sponsored credit agencies
12 .4
Mortgage pools
144 .8

12
15
14

15
16
17
18
19
20

19 .2
-2 .4
2 .9
4 .7
13 .9
.1

29 .8
.8
3 .1
10 .6
16 .8
.1

26 .0
.5
4!.6
6 .4
14 .5
.1

5 .9
-3 .0
-1 .3
.2
9 .9
.4

21 .0
-3 .7
4,.9
15 .5
5 .9
.4

58..1
-8..9
16,.0
11..7
38,.8
.5

65 .8
-9 .5
11 .5
12 .4
50 .9
.5

119,.5
-3,.3
12,.2
34..5
75,.6
.5

97 .8
2 .2
18 .4
50 .7
46 .0
.5

59 .8
-12 .0
-5 .2
8,.1
47,.1
1 .8

72 .6
-14 .8
19 .4
55 .8
10 .7
1 .5

Private financial sectors
Commercial banks
Domestic affiliates
Savings and lean assns.
Finance companies
REITs

15
16
17
18
19
20

Total Net Credit Market Borrowing* All Sectors* by Type
1
2
5
4
5

241.,9
71..1
20..0
52..2
58..5

255.7
71.9
26.2
24.1
65.9

589 .7
120 .5
98 .2
56 .0
65 .7

146 .7
61 .1
-15
44 .6
49 .4

255.4
89.6
12.5
52.7
62.9

769,.4
221,.7
59,.6
86..5
205..2

984.6
566.8
75.5
140.7
222.9

945.8
242.7
96.0
94.1
245.5

1494.6
465.4
578.6
156.5
271.0

707.7
222.4
-25.1
175.6
219.8

6
7

26. 4
11 5
9 .0
15..4

51.7
15.1
16.6
4.2

26 .7
17 .1
15 .1
10 .6

1 .0
-1 .4
1 .5
4 .0

25.7
2.1
14.9
15.0

105 .5
15..9
44 .9
52..2

89.2
52.7
15.9
41.1

112.6
46.2
77.1
29.5

79.2
57.4
75.5
55.4

65.6
22.5
2.5
24.7

•
9

.$

10

10.>6

-6.4

14 .4

-19 .6

11.4

-10..2

27.8

-72.9

11
12

187..1
54.,6

200.7
52.5

517 .7
76 .1

128 .0
56 .7

ITS.7
59.2

644..6
149..5

790.4
255.6

791.2
222.9

1057..5 Total net borrowing
U.S. government securities
457.,9
Tax-exempt obligations
46..7
Corporate
8 foreign bonds
144..5
Mortgages
240.,7

1
2
5
4
5

Consumer credit
Bank loans n.e.c.
Open-market paper
Other loans

6
7
8
9

86. 2
-5. 6
57,,6
47,,1

112.8
-72.7
27,.1 Memo: U.S. govt, cash balance 10
Totals net of changes In U.S. govt, cash balances:
1152.9
604.6
778, 0 Met borrowing by dom. nonfin. 11
12
By U.S. government
229.5
192.2
274,.8

External Corporate Equity Funds Raised In U.S. Markets
1
2
5
4
6

10..1
25 .6
-15..5
-16 >8
5.,0

9.8
24.5
-14.6
-18.8
3.2

10.7
51.9
-21.2
-25.0
5.0

49..5
60..0
-10.,7
-15.,0
2. 2

52.7
47.4
-14.7
-18.8
2.0

24.5
91.1
—66.6
-84.5
9.9

42..1
96..2
-54,.1
-67..1
12,.1

6

.2

1.0

.8

2..1

2.1

7.8

,8

LATEST DATA PRELIMINARY




40.8
42..4
100. 6
125.6
-58..2
-84.7
-75..0 -100.0
12..7
12.1
4.,0

5.2

194.2
256.9
-42.7
-60.0
8.8
8.4

152.6 Total net share laaues
Mutual funds
191.5
All other
-58.7
Nonflnancial corporations
-75.0
Financial corporations
7.8
Foreign aharea
purchased in U.S.
8.5

1
2
5
4
$
6

Table 3

27• SEPTEMBER 2*. 1984
Households

SEASONALLY ADJUSTED ANNUAL RATES
1982

1983

1984

SEASONALLY ADJUSTED ANNUAL RATES
1985

II

1985

III

IV

I
I

I

1986

II

Households• Personal Trusts, end Nonprofit Organizations
1
2

2520 .9
595 .5

2670.8
409.5

2838 .6
410 .5

5110 .2
459 .6

5514 .5
486 .5

5255 .1
497 .7

5298 .7
456 .4

3323 .2
491 .2

5582 .9
500 .7

3432 .6
497 .5

3483 .3
504 .8

5
4
5
6
7
8

2127 .6
1968 .1
159 .4
59 .7
2 .7
37 .4

2261.4
2107.5
154.0
45.9
2.4
57.2

2428 .1
2297 .5
130 .6
53 .5
4 .4
62 .7

2670 .6
2501 .9
168 .7
62 .9
6 .0
92 .7

2828 .0
2684 .7
143 .5
66 .5
4 .9
102 .9

2755 .4
2611 .4
144 .0
43 .8
3 .0
96 .1

2842 .5
2658 .6
183 .7
77 .0
3 .5
100

2832 .0
2712 .4
119 .6
73 .9
5 .6
114 .8

2882 .2
2756 .5
125 .7
71 .4
7 .5
98 .7

2935 .1
2789 .4
145 .7
58 .2
11 .8
92 .9

2978 .5
2825 .5
153 .0
7« .4
15 .8
101 .5

9
10
11

259 .2
263 .7
503 .0

257.4
280.5
517.7

251 . 2
294 .7
545 .9

551 .5
510 .4
641 .7

517 .6
552 .8
650 .3

288 .9
524 .4
615 .3

564 .2
550 .0
694 .2

515 .9
555 .6
649 .5

505 • 2
541 . 2
644 .4

308 .6
546 .7
655 .5

549 .6 • Net saving
552 .5 • Capital consumption
701 .9

9
10
11

12
15
14
15
16

565 .0
362 .0
111 . 2
239 .9
11 .0

610.7
355.0
89.9
252.7
12.4

606 .1
427 .8
124 .9
289 .1
15 .9

752 .0
500 . 2
154 .5
351 .2
14 .6

721 .0
534 .9
162 .0
359 .5
15 .7

699 .0
518 .7
157 .0
547 .7
14 .0

769 .1
528 .0
160 .4
554 .0
15 .7

709 .4
550 .9
164 .0
575 .5
15 .6

706 .6
542 .1
166 .4
562 .0
15 .7

697 .5
544 .7
170 .1
560 .8
13 .8

779 .4
564 .8
177 . 2
373 .9
15 .8

13
14
15

17
18

202 .9
327 .1

255.7
551.1

178 .2
577 .0

231 .8
469 .0

186 .1
486 .4

180 .5
414 .6

241 .1
522 .5

158 .5
464 .7

164 .4
544 .0

152 .9
337 .7

214 .5 let financial Investment
17
490 .6
Net acq. of financial assets 18

1
2
8

*
•
*
•

Disposable personal income
3
Personal outlays
4
Personal savins* NIPA basis
5
Credits from govt, insurance 6
Capital g a m s dividends
7
Net durables in consumption
8

Capital expend, net of sales
Residential construction
Consumer durable goods
Nonprofit plant end equip.

12

16

19

265 .5

257.0

284 .5

455 .2

576 .6

519 .4

417 . 2

525 .1

444 .9

140 .1

256 .5

20
21
22
25
24

203 .6
29 .9
47 .5
19 .0
107 .5

170.6
19.2
134.2
-7.5
24.7

195 .9
39 .5
210 .0
-11 .5
-44 .1

290 .7
18 .9
153 .2
71 .4
47,.2

184 .9
47 .0
142 .9
- 2 .9
- 2 .2

166 .1
-5 .8
178 .4
5 .5
-12 .1

217 . 2
69 .4
167 .2
-59 .8
20..4

224 . 2
99 .4
155 .8
-9 .9
-21 .2

151 .9
25 .1
70 .1
52 .7
4 .0

204 .8
30 .7
119 .6
27 .5
27,.0

201 .9
106 .1
113 .7
-48 .8
50 .9

Deposits
Checkable dep. * curr.
Small time • svgs.dep.
Large time deposits
Honey mkt. fund shares

20
21
22
23
24

25
26
27
28
29
50

61 .7
45 .2
11 .0
-4,.0
18 .0
-8,.6

86.4
55.6
24.7
2.0
13.5
-9.2

90 .4
60 .5
57 .8
-12,.7
,4
.4

142..4
111..2
28..7
-5..4
6.,4
5

191 .8
65 .7
58 .9
15 .5
5..8
45,.9

155,.2
45 .1
14,.8
55.8
5..5
54..1

200 .0
175,.2
26..2
55..1
9 .5
-41. 9

100,.9
-18,.2
42..0
-28,.0
-1. 5
106..4

512 .9
62 .4
152 .8
21..0
11..8
64,.9

-64,.7
-39 .9
-70,.5
61,.7
• 4..0
-19 .9

54 .5
88 .1
-9 .2
-7 .5
2 .6
-19..8

Credit mkt. Instruments
U.S. govt, securities
Tax-exempt obligations
Corporate S fgn. bonds
Mortgages
Open-market paper

25
26
27
28
29
30

51
52

6 .0
-54 .9

16.8
-14.7

52..1
-17..5

58..0
105 .4
-74. 5 -102..0

91..1
96. 2
-97 .5 -115..8

100 6
-96..5

125..6
-98. 9

256. 9
-91 9

191 .5
-118..9

55
54

9,.2
106.8

7.2
120.1

8.,0
142.,2

5. 2
129. 1

7..9
156.,2

6.2
122. 5

8.,5
151..0

7. 6
158..0

9. 5
115..6

9..4
75.2

55
56
57

-29,2
-2, 1
6. 1

-45.7
5.7
6.8

-90..0
2.4
15. 3

-68.5
6
7. 0

-49 .0
.4
12!.9

-54 .6
2
7. 7

-47. 5
1
12! 6

-46. 7
7
is! 6

-67..4
1.,0
15. 9

58
39
40
41
42

124. 2
121.,4
75. 0
16. 9
5. 7

95.5
88.4
49.5
14.9
2.8

198. 7
188. 0
110.4
48. 9
7. 9

257. 2
259.5
129. 5
77. 0
18.0

500. 3
292. 0
150..8
82.,4
14.2

254. 5
227. 9
124.8
85. 7
19.7

281. 2
269. 0
159. 6
74. 1
15. 1

506. 2
504.5
168.2
94. I
18.5

45
44
45
46

4.,4
2. 5
6.0
11. 1

8.5
2.6
2.6
7.4

11.4
2. 5
5. 6
5.5

10.2
2. 5
4
2. 9

50.2
2. 4
8. 5
5. 7

9.9
2. 4
-11.5
-5.3

9.5
2. 4
16.4
11.8

47
48
49

-1.7
2. 7
1.8

5.8
2.4
.8

8. 4
1.8
6

-5. 1
1.8
-1.0

7.5
2. 2
-1.2

5.7
2. 2
5

50

-62.0

-95.0

-60.2

-90.5

-70.7

-85.7

Dep. & cr. mkt. instr. (1) 19

Hutual fund shares
Other corporate equities

31
32

10..5
154 .8

Life insurance reserves
Pension fund reserves

53
34

-49. 7
1.,4
16.2

-22..9
-1..2
20..7

Net lnv. in noncorp. bus.
Security credit
Miscellaneous assets

55
36
57

579.5
566.,4
170. 7
75. 7
5.5

184.,8
177. 6
116. 5
57.5
6.0

276. 1
257.,4
177. 6
70..8
15.4

7.5
2. 4
12.0
2. 0

95. 9
2. 4
16.0
4.2

-8.,8
2. 4
-1.,8
6.0

- 2 . ,8
2. 4
-18.4
12.4

11.4
2. 1
-1.3

1.0
2. 5
-1.6

15.5
2. 5
-2. 5

4.0
2. 4
7

15.0
2. 5
1. 1

-74.9

-60.0

-62.1

-42.5

-77.5

51
52
55
54
55
56
57
58
59

Net increase in liabilities
Credit market Instruments
Home mortgages
Installment cons, credit
Other consumer credit
Tax-exempt debt
Other mortgages
Bank loans n.e.c
Other loans
Security credit
Trade debt
Miscellaneous

58
59
40
41
42
43
44
45
46
47
48
49

Memoranda«

51
52
55
54
55
56

111.2
4.7
106.5
51.4
75.0
-15.5

89 .9
4 .6
85 .5
54 .5
49 .5
-15 .8

124 .9
6,.1
118,.8
57,.0
110,.4
-42. 6

154 .5
6 .2
148 .2
59 .9
129 .5
-34 .7

162.0
6.1
155.9
65.9
150.8
-52.8

157..0
5 9
151,.1
62,.4
124,.8
-50. 5

160 .4
6..1
154 .2
65. 5
159,,6
-42,.8

164 .0
6 .2
157 .9
64 .4
168 .2
-68 .6

166,.4
6,.1
160,.5
65..1
170..7
-69.,4

170..1
5.,5
164..6
65..8
116. 5
-12.,1

Net physical Investments
(A) Residential construction
177..2
Expenditures
5. 1
Mobile homes
172.,0
Other
66. 6
- Capital consumption
177. 6
- Home mortgages
-67. 1
* Excess net investment

57
58
S9

259.9
202.5
37.4

252 .7
215 .4
57 .2

289,.1
226..4
62,.7

551 .2
258..5
92 .7

559.5
256.5
102.9

547.7
249.6
98.1

354.0
255.9
100.1

575.5
258.5
114.8

562.0
265.5
98.7

560.8
267.9
92.9

(B) Consumer durables
575.9
Expenditures
272.4
- Capital consumption
101.5
* Net investment

60
61

22.6
14.8

17 .7
19,.5

56..8
5. 9

95..0
-2..4

96.6
6.5

10S.S
-7.5

89.2

112.6

2.2

79.2
19.5

65.6
29.5

62
65
64

11.0
9.e
1.2

12 .4
10 .6
1,.8

15.*
11.>2
2. 6

14. 6
12..0
2. .6

15.7
12.6
1.2

14.0
12.5
1.7

15.7
12.5

15.6

15.7

.9

12.8
.9

65
66

15.6
7.5

15.5

6.8

14.5
5.4

14.1
6.5

14.7
5.1

15.3
5.2

15.8
6.5

14.8
4.2

67

25.,2

22..4

22 .0

25.4

22.4

21.9

25.8

68
69
70
71

16. 7
15. 1
5.,7
5. 6

15 .4
15,,2
4..1
5.8

17 .2
15,.2
8,.0
7 .6

18.5
17.1
8.7
8.7

18.5
16.8
10.4
10.1

18.5
14.8
8.4
8.1

18.1
17.9
9.6
9.2

2170.,0 2507. 7

2486,.0

2740.5

2899.4

10.8

1.2

86.2

- Consumer credit
» Excess net Investment

60
61

15.8
15.0

CC) Nonprofit plant end equip.
15.8
Expenditures
15.2
- Capital consumption
.6
» Net Investment

62
65
64

14.8
4.4

14.5
5.0

14.5 Effective tax rate
5.1 Saving rate# NIPA basis

22 .5

21,.8

21.8

22.8 Gross saving

67

18 .9
16 .0
10 .5
10,.5

18,.5
18,.4
12..8
12 .4

18.1
11.2
6.1
5.9

18.4
16.0
9.0
8.4

68
69
70
71

12.6

.8

15.2

Percent ratios*
65
66

Percent of disposable Income adj. 12)t

72


http://fraser.stlouisfed.org/
BILLIONS OF DOLLARS.
Federal Reserve Bank of St. Louis

LATEST DATA PRELIMINARY.

Capital expenditures
Acquisition of flnan. assets
Net increase in liabilities
Credit market borrowing

2802.2 2922.8 2911,.5 2961..0 5005.1 5075.7 (2) Disposable income adj.
72
(NIPA disposable Income <• govt, insurance credits • capital gains divld.J

27. SEPTEMBER 26, 1966
Nonfinanclal Corporate Business

I'dblC

A
^

Nonfinanclal Corporate Business

Sector Statements of Savins and Investment
SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES
1981

1982

1983

1984

1985

I
I

1985
II
III

1

IV

I
I

I

1986

II

Nonfinanclal Corporate Business. Excluding Fares
1
2
3
4

181 .4
63 .6
67 .6
50 .2

129 .8
46 .2
72 .0
11 .6

159 .5
59 .3
78 .0
22 .2

189 .6
74 .2
83 .9
31 .5

170 .4
66 .3
86 .2
17 .9

165 .2
63 .3
86 5
15 .2

161 .3
61 .3
85 .6
14 .5

177 .6
70 .3
85 .8
21 .4

177 .6
70 .1
86 .9
20 .6

157 .6
62 .2
89 .3
6 .0

168 .4 Profits before tax
Profit tax accruals
65 .8
90 .5
Domestic net dividends
11 .9 • Domestic undist. profits

1
2
3
4

5
6
7
8

-13 .8
198 .8
14 5
249 .6

-8 .4
2:1 .4
12 5
237 • -

16 .0
228 .2
11 .8
278 .2

31 .4
237 .9
11 .3
3i: .1

52 .7
250 .6
12 .2
3:3 .4

48 .4
245 .7
17 .7
327 .0

53 .6
249 .1
5 .3
322 5

55 .3
252 .3
13 .3
34: .4

53 .4
255 .2
12 .6
341 .8

49 .7
257 .1
14 .8
327 .0

45 .4
260 .3
5 .2
322 .8

•

Capital consumption adj.
Depreciation charges. NIPA
Earnings rec. from aoroad
U.C. internal funds, book

5
6
7
8

9
10
11

14 .0
-24 . 2
239 .5

15 .5
-10 .4
242 .3

18 4
-10 .9
285 .7

19 .7
5 .5
326 3

19 .6
.6
352 .5

12 .9
.5
339 .4

26 . 2
1 .6
350 .3

16 .7
6 .1
365 .2

22 .7
-9 .4
355 .1

23 .6
16 .5
367 .7

27 .7
10 . 6
361 .1

•

Fgn. earnings ret. abroad
Inv. valuation adjustment
Total internal funds • IVA

9
10
11

12
13
14
15
16
17
18
19

206 .1
286 .5
269 . 8
270 .6
-1 .8
1. 0
11 .7
4 .8

206 .8
256 .3
269 .7
267 .9
.6
1 .2
- 2 1 .2
7 .8

253 .5
274 . 8
266 .5
261 .1
4 .2
1 .2
.b
7.8

292 .0
371 .2
312 .2
309 .9
.4
1 .9
51 .2
7 .9

3 : 1 .0
362 .6
351 .2
348 .8
.6
1. 8
7.0
4 .4

331 .4
351 .3
334 .1
331 . 8
.5
1 .9
15 .3
1 .9

307 .3
359 . 8
352 .3
349 .9
.6
1. 8
3 .7
3.8

317 .4
359 .7
352 .7
350 .8
.2
1 .7
-1 . 8
8 .8

327 .8
379 .3
365 .7
362 .9
1 .1
1. 8
10 .5
3 .0

342 . 6
390 .0
35: .9
347 .4
3 .2
2 .3
33 . 8
3 .4

321 . 6 Gross investment
361 . 8 Capital expenditures (1)
349 . 2
Fixed investment
344 .3
Plant and equipment
Home construction
2 .6
Multi-family residential
2 .2
Inventory change • IVA
2 .3
Mineral rts. from U.S. govt.
10 .4

20
21

-80 . 2
62 .8

-49 .6
35 .7

-21 .4
124 .3

-79 . 2
97 .9

-41 .6
85 .4

-19 .9
70 .0

52 .6
49 . 2

-42 .3
71 .6

-51 .5
150 .8

-47 .4
14 .0

-40 .2 Net financial investment
20
57 .9
Net acq. of financial assets 21

22
23
24
25
26

17 .5
-4 .7
14 .9

34 .2
7 .4
10 .3
3 .7
- •.4

54 .5
4 .2
16 .6
11 .2
3 .1

21 .7
4 .2
10 .7
-4 .6
-5 .1

15 .3
4 .8
6 .9
A .0
-2 .1

-14 .9
- 4 .3
4 .3
-2 .7
5 .6

-4 .9
3 .2
4 .3
-3 . 8
- 1 0 .9

65 .8
7 .9
11 .5
17 5
15 .1

15 .2
12 .4
7 .5
4 .9
-18 .5

19 .2
11 .3
17 .3
-3 .4
-4 .5

32 .3
14 .4
4 .6
4 .2
-15 .5

-1 .7

27
28
29

-I .0
10 .0

5 .3
.1
7 .9

8 .0
.7
10 .7

7 .2
.1
9 .4

-3 .1
.8
4 .0

- 1 1 .4
.3
-6 .8

- 2 .4
.2
4 .4

7 .3
.4
6 .1

-6 .1
2 .5
12 .4

-4 .0
2 .3
.2

14 .1
4 .0
6 .7

30
31
32
33
34
35

1 .9
23 .2
20 .3
12 .6
.5
13,.1

.5
-15 .7
16 6
8 .1
3,.3
4 .8

3 .3
62 .3
4,.2
9 8
-3 .6
13 5

3 ,6
46 5
26 .0
14..3
-3 ,5
17..8

3 .2
35 .2
31 .7
10 8
-5..0
15..8

6 .7
44 .0
34 .2
10..6
-4,.1
14,.7

.2
15 .6
38 3
8 .2
-13 .7
21 .9

4 .4
5 8
7 .1
8 .3
5 .7
13 .9

1..3
87..1
47 .2
16..2
3..7
12. 5

5•9
-56.5
45 .4
29,.8
10 .6
19,.2

-5 3
17,.5
13..4
4..5
-16..1
20,.6

36
37
38

3..7

2 .7
.1
s!.7

3 .5

5 .2

10..4

6 .6

14. 5

9 .9
4
I9i 8

10..5

-9,.1

10..0
.1
lo!8

9 ,1

4,.0

-11,.7

20. 6

10,.4
3
5],0

-1..1

39
40
41

143,.0
93 7
-11.5

85 3
80. 6
11..4

145,.6
87,.6
28, 3

177,.1
116, 4
-77..0

127..0
78, 5
-81..6

89,.9
64,.1
-84 3

101 8
72..4
-67..1

113.8
202..3
40. 4
137..1
-75,.0 -100..0

61..4
95.8
-60. 0

98 .2
48 5
-75..0

42
43
44

105,.2
13..4
22.8

69..2
15..1
18. 7

59..3
9,,4
16. 0

193.,4
20. 5
46. 1

160. 1
22, 6
73. 9

148.,4
6.8
67.2

139,.5
18 ,0
78. 3

115.4
21. 6
70. 1

237. 1
44. 0
79. 9

155.8
-12,0
120.5

123. 5
-14.6
137..8

45
46
47
48

-2.0
-1..4
8
-li 3

-1.2
5
6
-1. 1

3.5
3. 3
8
7

3
3
2
2

4
5
1
1

1
4
3
1

,5
5
.2
,2

,2
1
2
3

9
9
2
-« 2

2.,8
2. 6
2
•

2. 3
2. 1
5
-• 4

49
50
51
52
53

43.5
14. 7
2.2
9.4
1.2

39. 7
-6. 1
4
2. 1
1.3

18. 0
8
3.5
10.2
5

77. 0
21. 7
1.4
25. 1
1.2

35 5
14.6
-1. 1
18.5
-4.4

40.8
11. 3
-4. 0
23. 3
2. 8

17.,4
13..2
1.2
13. 3
-2..4

24. 6
5
1. 7
3.5
-5. 9

59.4
34. 3
-3.2
33.8
-12.0

39.6
-16.6
-3.,9
23.4
2. 1

54
55
56
57
58

-6.,8
30.,8
25. 3
22. 3
3.0

-14. 1
5. 0
13.8
16.2
-2. 4

5.8
40.8
11.5
11.9
-• 3

7
34!4
25. 6
22.5
3. 1

-1.,8
33. 0
17.2
16.8
5

-5.,8
18.4
13.2
11.7
1.5

-2. 2
10..8
20.,9
21. 1
2

1
48.5
25. 0
21. 7
3.3

1.0
54. 3
9.9
12.6
-2. 7

2. 2
-39.2
2. 5
2. 9
3

59

33 3

35 6

32.2

34. 3

31.5

7.9

43. 1

47.8

27.3

25.0

-«

10,.0

•

•

Liquid assets
Demand dep. and currency
Time deposits
Security RPs
Foreign deposits

22
23
24
25
26

U.S. govt, securities
Tax-exempt obligations
Commercial paper

27
28
29

Consumer credit
Trade credit
Miscellaneous assets
Foreign dlr.invest.(2.5)
Equity, etc.
Retained earnings

30
31
32
33
34
35

Insurance receivables
36
Equity in sponsored ags. 37
Other
38
Net Increase In liabilities
Net funds raised in mkts.
Net new equity issues
Debt Instruments
Tax-exempt debt (3)
Corporate bonds (2)

42
43
44
45
46
47
48

8.4
-14. 9
2
3!9
4

Bank loans n.e.c.
Commercial paper
Accept, liabs. to bks.
Nonbenk finance loans
U.S. government loans

49
50
51
52
53

-3.9
37.4
16.2
N.5
1.7

Profit taxes payable
Trade debt
Fgn.dlr.lnvestmt.ln U.S.(5
Equity, etc.
Retained earnings

54
55
56
57
58

39.5 Discrepancy

-7,.6
71 .1

-20 .6
57 .7

21.5
52.1

12 .1
69 .0

2 .2
70 .3

25..6
69.8

4.8
67.6

-54,.3
69 .7

32 .8
74 .1

-17..3
62 .9

-19..9
71..9

62
63
64

34 .2
70..9
94. 9

32 .6
36 .6
27 .5

29.0
30.3
76.8

67 .0
126 .5
161 .5

96 .9
63 .2
94 .4

74..1
74..3
86 .9

96.8
42.7
51.3

92..0
23 .5
71, 9

124 .8
112 .3
167,.6

111..3
44 6
7.,6

125..5
-2..0
31. 5

65
66
67

35 ,1
119..6
36. 7

35 .6
105 .8
27 .0

37.2
96.2
21.6

39 .1
113 .8
52 .1

38 .9
102 .9
44 .2

38 .3
103,.5
42 2

38.0
102.7
SB.8

39 .6
98,,5
32,,1

39,.5
106..8
62. 5

39.5
106. 1
40. 0

39..1
100..2
34, 1

68
69
70

11 .7
-24,.2
35 .9

-21.2
-10.4
-10.8

.6
-10 .9
11 5

51. 2
-5..5
56,,7

7 .0
.6
7 .5

15.3
.5
15.8

3.7
1.6
2.1

-1 .8
6
- 7 .9

10.5
-9.4
19.9

33.8
16.5
17.3

71
72

310..5
249..6

266.7
237.2

285 .7
278 .2

376,.7
312,.1

363 .1
333 .4

351.8
327.0

358.2
322.5

353 .6
342 .4

73

60..9

29.5

7 .6

64 .6

29 .7

24.9

35.7

11 .2

Memorandum Items*
Trade credit net of trade debt
Profits tax payments
Debt subtotals:
Securities and mortgages
Loans and short-term paper
Total short-term llab. (4)
Percent ratios*
Effective tax rate
Capital outlays/internal funds
Cr. mkt. borrowing/cap. exp.

CI) Capital outlays on book basis:
2.3 Inventory change, NIPA
10.6 Less: Inv. val. adjustment
-8.3 Inventory change before IVA

388.7
373.5
351.2 Total cap. expend, before IVA
341.8
327.6
522.8 U.S. internal funds, book
Financing gaps Excess of capital expenditures
46.9
46.0
28.4
aver U.S. internal funds

(2) Corporate bonds Include net issues by Netherlands Antilles subsidiaries;
U.S. direct investment abroad Is before subtracting net Inflows of
capital from Netherlands Antilles subsidiaries to U.S. parents.
(3) Industrial revenue bonds. Issued by state and local sovernments
to finance private Investment and secured in Interest end
principal by the industrial user of the funds.
(4) Loans and short-term paper (line 63). taxes payable and trade debt
(5) Direct investment totals and retained earnings exclude
capital gains/losses Included in balance of payments statistics.
BILLIONS OF DOLLARS. LATEST DATA PRELIMINARY.

39
40
41

Mortgages
Home mortgages
Multi-family
Commercial

60
61




12
13
14
15
16
17
18
19

59
60
61
62
63
64
65
66
67
68
69
70
71
72
73

27, SEPTEMBER 24. 1*86
Funds Relsed In Credit Herkets

Table $

Funds Relsed In Credit Herkets

Summery of Net Funds Relsed In Credit end Equity Herkets
ANNUAL FLOWS - BILLIONS OF DOLLARS

ANNUAL FLOWS - BILLIONS OF DOLLARS

1974

1*75

1*7*

1977

1978

1979

1980

1981

1982

1983

1984

1985

1

172.5

187.5

242.1

516.9

571.9

385.7

544.9

575.8

587.4

548.8

756.3

2
5
4

11.8
12.0
-.2

Totel net borrowing by domestic
859.1
nonfinenciel sectors

85.4
85.8
-.4

69.0
69.1
-.1

56.8
57.6
-.9

53.7
55.1
-1.4

37.4
58.8
-1.4

79.2
79.8
-.6

87.4
87.8
5

161.5
162.1
-.9

186.6
186.7
-.1

198.8
199.0
-.2

223.6
225.7
-.1

U.S. eevernment
Treesury issues
A«ency Issues 1 merteeees

5

160.7

102.1

175.1

260.2

*18.2

*48.4

265.7

288.5

226.2

362.2

557.5

6
7
8
9
10
11
12
IS

97.7
16.5
19.7
61.6
54.4
6.9
15.1
5.2

655.5

Privete domestic
nonfinenciel sectors

98.8
16.1
27.2
55.4
59.5
11.0
5.0

122.6
15.7
22.8
84.1
62.2
5.0
11.5
5.5

171.3
20.3
22.9
128.1
93.5
8.4
18.2
8.2

200.7
28.4
• 21.1
151.2
110.2
10.9
21.9

8.2

212.5
50.3
17.8
164.9
116.6
10.0
24.4
14.0

189.1
50.8
27.7
151.2
94.2
7.6
19.2
10.2

155.5
25.4
22.8
109.5
72.2
4.8
22.2
10.0

148.5
44.2
18.7
85.4
50.5
5.4
25.2
4.2

252.8
53.7
16.0
185.0
117.1
14.1
49.0
2.8

514.0
50.4
46.1
217.5
129.9
25.1
65.5
-.8

462.4
152.4
75.9
256.2
151.8
29.5
61.5
-6.4

Debt ceeltel Instruments
Tex-exempt ebll#etlene
Cerperete bends
Hortseses
Home mertseses
Hulti-femily resld.
Cemmerciel
Farm

14
15
16
17
18

63.0
9.9
55.0
4.1
16.0

6
7
8
9
10
11
12
15

3.4
9.1
-15.5
-2.9
10.5

50.5
24.2
5.3
1.4
19.5

88.9
58.1
26.5
1.6
22.6

117.6
46.7
40.5
2.7
27.6

135.9
42.7
50.5
9.0
33.7

76.6
4.5
87.8
4.0
30.3

138.0
22.6
57.0
14.7
88.7

77.9
17.7
52.9
-6.1
15.4

109.5
56.8
25.8
-.8
27.7

245.5
*5.0
80.1
21.7
46.6

175.1
96.6
57.6
14.6
24.3

Other debt Instruments
Consumer credit
Bonk leens n.e.c.
Cemmerciel eater
Other

14
15
16
17
18

19
20
21
22
23
24
25

160.7
14.6
51.6
94.6
8.0
20.4
66.2

102.1
12.3
50.8
*9.8
8.9
1*8
17.1

173.1
13.2
88.2
71.6
10.8
17.1
44*

260.2
10.5
137.5
112.2
1S.4
29.5
69.S

S18.2

848.4
17.6
173.7
157.1
23.5
87.9
95.7

265.7
17.2
120.0
128.5
15.2
81.8
81.5

288.5
6.8
121.4
160.8
16.6
38.5
105.2

226.2
21.5
88.4
116.2
6.8
40.2
69.2

362.2
34.0
188.0
140.2
4.5
76.6
59.8

557.5
27.4
259.5
290.6
.1
97.1
195.4

655.5
107.8
292.0
255.8
-14.3
90.0
160.1

By berrewin# sectors
Stetetlecel #evernments
Households
Nonfinenciel business
Ferm
Nonfarm noncorporate
Cerperete

19
20
21
22
25
24
25

26
27
28
29
18

15.7
2.1
4.7
•2
8.7

13.2
6.2
8.9
.4
2.7

20.5
8.6
6.8
.7
4.5

13.5
5.1
S.l
.6
4.8

24.2
4.2

.7

15.1
3.9
3.1
1.7
4.5

28.8
.8
11.8
2.4
8.8

23.5
5.4
3.0
8.9
11.1

16.8
6.7
-5.5
1.9
18.8

17.4
3.1
3.6
4.5
4.1

6.1
1.3
-6.6
6.2
5.8

2.1 Fan. net berrewin# in U.S.
4.0
Bonds
-2.6
Benk leans n.e.c.
6.2
Commercial eeeer
-5.5
U.S. eevt. S ether leana

26
27
28
29
50

SI

188.2

288.7

242.4

1*8.4

*96.1

488 #

848.7

899.8

488.4

544.2

742.4

861.2 Total domestic plus foreign

51

16.5
167.2
1*4.5
15.6

SS.8

85.2

18.S

1.8

Met Credit Market Berrewin# fry Financial Sectors
1

4#,
48.8

11.8

21.8

58 #

78.8

89.8

45.4

181.9

90.1

94.8

189.8

186.9

28.7
14.4
3.4
.7

is:
2.8
7.1
•9

14.8
2.5
12.2
— .4

22.8
7.8
14.1
-1.1

87.1
28.1
18.4
.4

47.9
24.8
28.1
.4

44#
24.4
19.2
1.2

47.4
80.5
15.0
1.9

44.9
14.9
49.5
.4

47#
1.4
46.4

74.9
38.4
44.4

101.5
20.4
79.9
1.1

27.2
8.1
.2
8.8
18.4
4.7

1.1
4.8
.4
-8 4
1.8
-4.8

7.7
4.5
.4
-8.8
4.8
-2.8

2».S
12.8

42.8
5.S

28.4
1.4

54.5
4.4

.5
24#
9.2

-1.8
12.9
7.1

1.2
82.7
14.2

25.2
12.5
.1
1.9
9.9

24.2
12.1

-.2
12#
4 8

84.2
7.8
.2
1.8
18.8
12.5

85.8
54.5
.1
2.5
52.0
14.2

48.8
17.8
8.4

11.8
8.2
7.1

21.9
2.1
12.2

58.#
5.9
14.1

78.8
23.5
18.4

•9.9
24.8
28.1

45.4
25.4
19.2

27.2
9.8
4.4
4.2
ft.S
l.f

1.1
.4
4.8
-4.2
.7
-.1

7.7
4.5
2.8
-1.7
4.7
-l.f

2#.#
8.7
3 8
4.8
17.8
-2.S

84.2
-.5
7.5
18*
14.1
—.4

42.8
9.1
4.1
12.4
14.8
-.1

28.4
8.8
4.7
7.4
-1.8
- 5

.#

— .1
21.8
-7.8

44.1
28.8
.4
.7
24.1
15.7

181.9
82.4
15.8

90.1
15.8
49.5

94.8
1.4
44.4

189.8
50.4
44.4

54.5
11.4
9.2
15.5
18.5
-.2

25.2
11.7
4.8
2.5
4.8

24.2
5.8
12.1
-2.1
11.4
-.2

44.1
7.8
15.4
22.7
17.#

.#

Total net berrewin#
by financial aectora
U.S. eeeernment-releted
Sponsored credit a#, see.
Hort#e»e peel securities
Leana from U.S. government
Private financial aectora
Corporate benda
Hortaepee
Bank leens n.e.e.
Open-merket paper
Fed. Heme Lean Benk leana

184.9 Totel. by aector
21.7
Sponsored credit a»enclee
79.9
Hert*e#e pools
85.8
-4.9
14.5
22.3
52.8
.5

Private financial aectora
Commercial benka
Domestic effllletea
Savin## and lean aaeaa.
Finance compeniea
REITa

1
2
S
4
5
6
7
8
9
10
11
12
15
14
15
16
17
18
19
20

Tatal Met Credit Market Derrowins* All Sactara* by Type
1
2
8
4
S

284.2
81.9
14.5
24.9
41.7

212.8
94.9
14.1
48.8
55.7

284.5
#3#
15.7
87.9
#4.4

881.8
79.9
28.8
89.9
128.8

449.4
98 5
28.4
83.1
151.2

498.7
84.8
38.8
24.4
164.8

484.1
122.9
30.8
30.1
181.1

501.8
133.8
23.4
82.4
189.2

498.5
225.9
44.2
37.8
85.4

448.2
254.4
53.7
81.2
188.8

901.4
273.8
50.4
70.7
217.8

4
7

9.9
41.5
17.#
82.1

9.1
-18.8
-1.2
18.1

24.2

88.1
29.8
15.8
88.7

44.7
48.4
17.7
41.2

42.7
54.1
87.5
50.8

4.5
48.5
19.8
47.5

22.4
41.2
51.8
48.8

17.7
49.8
S.7
27.4

54.8
29.8
24.9
24.8

95.8
74.2
52.8
47.4

•
9

#2
21.4

18

-4.4

2.9

8.2

1.1

8.8

.4

-8.8

•

7.8

11
12

177.1
14.4

184.7
#2.5

28#.9
45.9

815.8
55.7

848.1
49.9

885.1
84.8

848.7
83.8

875.8
87.4

880.2
154.0

1048.1 Totel net berrewin#
324.2
U.S. eevernment aecurltles
152.4
Tax-exempt ebll#etlena
114.4
Corporate S foreign bend#
Mert#a#e#
286.1
96.6
87.6
52.8
84.1

Coneumer credit
Benk leana n.e.c.
Open-market paper
Other leana

14.4 Memos U.S. eevt. ceah belance 10
-7.1
4.3
Tetele net of ctienaee in U.S. eevt. cesh balancess
555.9
844.8 Net borrewine by dee. nenfln. 11
750.8
193.7
192.5
209.8
By U.S. eevernment
12

External Cerperate Equity Funds Releed In U.S. Markete
1
2
S
4
f

5.5
.7
4#
4.1
1.8

18.8
-.1
18.9
9.9
.8

11.1
-2.8
13.1
18.5
2.2

4.4
1.8
5.4
2.7
2.5

1.7
-.1
1.8
-.1
2.4

-3.9
.4
-4.8
-7#
2.7

21.2
4.5
14.8
12.9
1.8

-8.3
4.0
-9.3
-11.5
1.9

33.4
16.8
16.8
11.4
4.8

67.8
82.1
84.9
28.8
2.7

-81.1
38.0
-49.1
-77.8
4.7

4

-.2

.2

•S

.4

-.5

.#

2.1

.8

1.5

8.9

1.2

HISTORICAL DATA ON NET FUNDS RAISED




37.5 Totel net share laawea
103.4
Hutuel funds
-65.9
All ether
-81.4
Nonfinenciel cerperatlena
11.7
Financial cerperatlena
Feralen aharee
4.8
purchaaed in U.S.

1
2
3
4
5
4