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Flow of Funds September 20,1994 Balance Sheets for the U.S. Economy 1945-93 Board of Governors of the Federal Reserve System, Washington, D.C. 20551 BALANCE SHEETS FOR THE U.S. ECONOMY 1945 through 1993 This release provides estimates for tangible and financial assets, liabilities, and net worth for the private sectors of the economy (household sector, business, and private financial institutions). The tables show year-end data for 1945 through 1993. This issue of the release incorporates revisions in financial assets and liabilities and changes in the structure of the accounts made as part of the annual revision of the flow of funds accounts for all years through1993. Further information about the revisions can be found in the introduction to the second-quarter flow of funds publication (Z.1 release) dated September 20,1994. In addition to the changes made to the flow of funds accounts, these tables incorporate revised data for 1991 through 1993 that have been made available by the Bureau of Economic Analysis (BEA) for the various series for reproducible tangible assets. (Data for tangible assets outstanding are not shown in the quarterly flow of funds accounts releases.) BEA calculations for equipment and residential and nonresidential structures are based on a perpetual-inventory procedure that consists of accumulating aggregate purchases over a long period of years and deducting estimates of depreciation and retirements according to various schedules.1 The assets are shown at current cost net of straight-line depreciation. The figures for net worth, calculated as total tangible and financial assets less total liabilities, reflect these current-cost values. For nonfinancial corporations the balance sheet statement also includes data for tangible assets valued at historical cost, which is the amount actually paid for the items when they were bought, and the net worth amounts that result. The historical-cost estimates for reproducible assets are estimated using the same BEA calculation as the one that produces the current-cost estimates, and they are consistent with each other in definition. Following the balance sheets (tables B.11 through B.134) is a set of reconciliation tables (R.11 through R.134) that relate changes in the net worth totals to the gross investment flows that are published in the quarterly flow of funds accounts. Changes in net worth result from gross investment, net of depreciation, and inflows from equity issues, along with revaluations in tangible and financial assets due to price changes and statistical discontinuities, and changes in land values. Revaluations and land purchases do not appear in the quarterly flow of funds saving and investment statements. Relation of Flows to Outstandings. Estimates of financial assets and liabilities are linked to data on flows. However, figures on outstandings contain breaks in series that could affect analysis of specific relationships over time. Specifically, outstandings in the flow of funds accounts are related to the flows in the following way: where t is the time period. Outstanding t = Outstanding t _i + Flow t + Discrepancy, Level-flow discrepancies or series breaks result from changes in valuation, breaks in source data, and changes in definitions. For most series, the discrepancy is zero for nearly all time periods. However, in a few instances, the discrepancy is nonzero for almost all time periods, or can be quite large in a particular quarter, such as a period when there is a sharp increase or decrease in equity prices or a major break in source data. 1 . U.S. Department of Commerce, Bureau of Economic Analysis, Fixed Reproducible Tangible Wealth in the United States.1925-89 (Washington: U.S. Government Printing Office, January 1993). See also Shelby W. Herman and Michael D. Glenn, "Fixed Reproducible Tangible Wealth in the United States, 1990-93," Survey of Current Business, vol. 74 (August 1994), pp. 54-62. The discrepancies in the outstanding -flow relationship can distort estimated rates of growth in assets and liabilities between periods. In order to minimize these distortions, percentage changes in assets and liabilities in flow of funds releases are calculated in the following manner: Percentage change t= (Flow t/Outstanding t _i) * 100 Availability of Data. Flow of funds statistics are usually compiled and available about two months following the last quarter reported. The Z.7 release, "Flow of Funds Summary Statistics," is made available as sbon as a new quarter's data have been compiled. The Z.7 provides an overview of the major credit markets, together with developments in a few key sectors. The Z.7 is available from the Board's Publications Services and electronically through the Economic Bulletin Board of the Department of Commerce. TheZ.1 release covers the full range of the accounts. Both the Z.1 and this publication, the C.9 release, are subject to printing and mailing delays of up to two weeks from the time the estimates are completed. To facilitate access to the Z.1, preliminary copies are distributed to Federal Reserve Bank information offices for use by the public. Data from the flow of funds accounts are also available on 3-1/2 inch diskettes. The diskettes contain quarterly data beginning in 1952, organized in files that correspond to the tables published in the Z.1 release. One diskette contains the seasonally adjusted flows, a second diskette contains unadjusted flows, and the third diskette contains the outstandings, which are not seasonally adjusted. In addition, the outstandings diskette contains files with the monthly debt aggregate data published in the Board's H.6 release (monthly data from January 1955 forward), annual data from this release, and data from supplementary tables. Subscription Information. The Federal Reserve Board charges for subscriptions to all statistical releases. This release, the C.9, is $5.00 per year. The annual price of the Z.7 Summary Statistics release is $5.00; the annual price of the Z.1 release is $25.00. Diskettes are available at $25.00 per diskette. Inquiries for releases or the diskettes should be directed to: Publications Services, Stop 127 Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue NW Washington, DC 20551 (202) 452-3244 A Guide to the Flow of Funds Accounts is available. The Guide explains the principles underlying the accounts and describes how they are constructed. The Guide may be ordered from Publications Services for $8.50. TABLE OF CONTENTS Table Page Domestic wealth B.11 2-7 U.S. net foreign assets B.109 8-13 Tangible asset holdings B.12 14-19 Households and nonprofit organizations B.100 20-25 Farm business B.102 26-31 Nonfarm noncorporate business B.103 26-31 Nonfarm nonfinancial corporate business B.104 32-37 Private financial institutions B.134 38-43 Domestic wealth R.11 44-49 U.S. net foreign assets R.109 50-55 Tangible asset holdings R.12 56-61 Households and nonprofit organizations R.100 62-67 Farm business R.102 68-73 Nonfarm noncorporate business R.103 68-73 Nonfarm nonfinancial corporate business R.104 74-79 Private financial institutions R.134 80-85 Title BALANCE SHEET TABLES STOCK-FLOW RECONCILIATION TABLES S e p t e m b e r 20, 1994 D o m e s t i c Wealth Domestic Wealth B.ll Domestic Wealth with T a n g i b l e Assets at C u r r e n t Cost Year-End Year-End O u t s t a n d i n g s Outstandings 1948 1949 734. 3 802. 2 835..4 950.,0 1050. 9 1105.,5 1153. 7 1 7?7.,8 579.. 1 210..7 193..6 98,.6 76..3 198 .7 810..8 604..2 223..3 205..2 89..2 86 .6 206,.6 927..2 696..2 249,.3 228..4 110..3 108,.2 231..0 1028..0 774.,1 273., 1 253. 5 123..1 124..4 253,.9 1082..3 811..7 288, 2 268.,8 120. 7 134..0 270..5 1131.,6 848. 3 300,,7 282..7 122.,0 143.,0 283. 2 2 3 4 5 6 7 8 1946 1 D o m e s t i c wealth 519. 3 (1) 2 3 4 5 6 7 8 Total t a n g i b l e assets (2) R e p r o d u c i b l e assets (3) Residential structures N o n r e s . plank ft e q u i p . Inventories j Consumer d u r a b l e s Land at market; value 9 • U.S. m o n e t a r y gold 8 SDRs 10 D o m e s t i c net w o r t h , by sector (4)(5) 11 Private sector net w o r t h , consolidated (6) 616..6 499. 2 349..0 136..0 U S . .4 51.,4 46..2 150..3 595..9 426.,3 160, 3 141..8 71 .0 53..2 169 .6 711. 4 522. 8 190. 5 172. 5 94..7 65..1 188,.6 20 .1 20 .7 22,.9 24 .4 24..6 22 .8 22..9 23. 3 22..1 9 743. 9 838..4 950. 4 1011. 1 1047. 2 1156..4 1256. 7 1324.9 1382..9 11 645,, 1 1112..8 296. 3 151.. 1 20..4 691.6 1167.8 298.7 152.5 25.0 728..6 1205..2 300.,9 146, 2 29..5 12 13 14 15 16 12 13 14 15 16 Household net assets Sector net worth - E q u i t y in n o n c o r p . bus. -Corp,, e q u i t i e s held (7) (8) - P e n s i o n fund r e s e r v e s 408.,0 701. 3 174. 4 109. 5 9..4 444. 9 757.,3 201.,0 101. 3 10.,2 485.,8 833.,2 236..9 98.,8 11..7 517. 8 874. 5 246., 0 97.,5 13..3 545. 8 910.,8 244.,9 105.,0 15..1 593..8 1016..5 276..5 128..7 17..5 17 18 19 20 N o n f i n a n . b u s i n e s s net worth Norifarm n o n c o r p . b u s i n e s s Farm business Nonfarm nonfinan. corps. 310. 2 96..4 79..1 134..7 365..6 109..5 93..3 162..9 434..2 125..3 114..5 194..5 460..6 134.. 1 114.,5 212.. 0 467..7 136..9 110.,4 220..4 525..1 147 .2 132..2 245..8 570..7 155..6 143..9 271..3 587.4 159.5 142.5 285.4 602..8 162.,2 142.,1 298..6 17 18 19 20 21 22 23 24 Pvt. finan. inst. net assets Sector net worth •Pension fund r e s e r v e s - C o r p . e q u i t i e s held (7)(8) 25..7 21.,9 9..4 5..5 27,,9 23..4 10,.2 5,.7 30 .3 25..0 11 .7 6..3 32,.7 26.,1 13..3 6..7 37..5 31..0 17..5 11..0 40..9 32..5 20..4 12,.0 45.9 34.8 25.0 13.9 51..5 37,.2 29,.5 15..2 21 22 23 24 -223. 3 .8 -223!.3 0..4 0..5 -221..3 .6 -221..6 0..4 0,.5 - 2 0 7 .0 .5 - 2 0 7 .4 0 .4 0 .5 -198..4 .7 -198..8 0..4 0 .6 -202..2 .9 -202..4 0,.4 0..7 - 1 9 7 .9 -3..9 - 1 9 5 .1 0..5 0 .7 -193,.4 -5..0 - 1 8 9 .7 0 .5 0,.7 -212.4 -10.5 -203.2 0.5 0.8 -224 .8 -14..0 -212 .1 0 .5 0 .8 25 26 27 28 29 1.3 14.9 4.8 17.3 12.7 23.9 26.8 28.1 16.0 17.0 31.4 31.9 16.8 18.3 34.3 19.5 36.7 30 31 12.4 11.2 12.0 12.2 14.5 15.2 16.1 17.2 32 4.3 3.6 4.4 6.3 8.5 4.4 11.3 15.1 33 25 Public sector net assets 26 State and local g o v e r n m e n t s 27 U.S. government 28 3ovt.-spons. enterprises 29 "onetary authority Net U.S. f i n a n c i a l claims on foreigners (9) F g n . a s s e t s of U . S . r e s i d e n t s - T o t a l U.S. assets held by foreigners, excluding 32 equities 30 31 33 Unallocated finan.assets (10) (1) Located w i t h i n U . S . g e o g r a p h i c a l b o u n d a r i e s . (2) E x c l u d e s t a n g i b l e assets of federal, state, and local g o v e r n m e n t s ; e x c l u d e s land h o l d i n g s of F e d e r a l R e s e r v e B a n k s and g o v e r n m e n t sponsored e n t e r p r i s e s ; e x c l u d e s I n v e s t m e n t s in intangible assets such as p a t e n t s . (3) At current c o s t . (4) N a t i o n a l net worth equals domestic net worth plus U.S. net claims on f o r e i g n e r s (lines 10 + 30). (5) E q u a l s net c o n s o l i d a t e d t a n g i b l e and financial assets of public and p r i v a t e s e c t o r s , less net U.S. f i n a n c i a l c l a i m s on f o r e i g n e r s , plus unallocated f i n a n c i a l assets (lines 11 + 25 - 3 0 + 33). (6) Lines 1 2 + 1 7 + 21. (7) Includes h o l d i n g s of foreign e q u i t i e s . (8) E x c l u d e s m u t u a l fund s h a r e s . (9) E x c l u d e s U . S . h o l d i n g s of foreign equities and foreign h o l d i n g s of U . S . e q u i t i e s . (10) S t a t i s t i c a l d i s c r e p a n c y . E q u a l s the sum of d i f f e r e n c e s b e t w e e n l i a b i l i t i e s for and h o l d i n g s of i n d i v i d u a l f i n a n c i a l instruments; arises from timing and reporting d i f f e r e n c e s . Data are in b i l l i o n s of d o l l a r s . 14.9 33..7 28..0 15.. 1 9..4 September 20, 1994 Domestic Wealth Domestic Wealth B.11 D o m e s t i c Wealth with T a n g i b l e Assets at Current Cost Year-End Outstandings Year-End O u t s t a n d i n g s 1954 1955 1956 1195. 6 1284. 8 1391. 2 2 3 4 5 6 7 8 1173. 8 878. 6 317. 9 295. 0 118. 6 147. 1 295. 2 1263. 0 946. 7 342. 5 322. 0 124. 9 157. 3 316. 3 9 21. 8 21. 8 10 1195. 6 1284..8 1 1433,,1 11 761..4 1311. 2 302.3 213.,0 34, 4 12 13 14 15 16 17 18 19 20 614. 8 162.,8 143., 1 308.,9 21 22 23 24 56..9 42..7 34,,4 20.,2 25 26 27 28 29 -233..9 -17,.9 -217..5 0,.6 0 .9 1519..6 1369. 1 1025. 7 361. 8 358,,1 133, 9 171, 9 343. 4 22., 1 1391. 2 1630..1 (1) 1 1575. 0 1625. 8 1682. 7 1750. 9 1438. 7 1072. 1 375. 6 383. 0 137, 3 176, 2 366. 6 1491. 4 1103. 6 389. 0 395. 2 137. 5 182. 0 387. 8 1555. 5 1150. 7 408. 8 411. 7 141, 2 189., 0 404. 8 1608. 0 1188. 4 426. 0 423. 5 145. 2 193. 7 419. 6 1665. 8 1222. 1 442. 4 435. 7 147. 1 196. 8 443. 7 1734. 9 1269. 6 460. 4 453. 4 153. 4 202. 3 465. 3 22, 9 20. 6 19. 5 17. 8 16. 9 16. 1 1461. 6 1512. 0 1575.,0 1625..8 1682..7 1750. 9 D o m e s t i c net w o r t h , by sector (4)(5) 10 2052. 4 Private sector net worth, c o n s o l i d a t e d (6) 11 1707.,5 901 ,,0 1533..0 333..3 245..6 53,.1 1777. 8 1846.. 0 1973,,4 2 3 4 5 6 7 8 + U.S. m o n e t a r y 9 gold & SDKs 1118.,0 1978.. 1 360.,4 402.,4 97.,4 H o u s e h o l d net assets S e c t o r net worth - E q u i t y in n o n c o r p . bus. - C o r p . e q u i t i e s held (7)(8) - P e n s i o n fund reserves 12 13 14 15 16 1074,,4 1984..9 353..3 465..3 91 . .8 773,.1 183,.1 169,. 1 420,.9 780..7 182,.6 171, 3 426,.8 801..2 184,.0 176,.5 440..7 824.,8 186.,9 181..2 456..7 N o n f i n a n . business net worth N o n f s - n n o n c o r p . business Farm business N o n f a r ' n o n f i n a n . corps. 17 18 19 20 78..6 56..5 62..5 40..3 84,.6 60,.0 71..6 47,.0 93..3 65..0 79..5 51,.2 97..8 72,-0 91..8 66.. 1 109..6 74..5 97..4 62.,3 Pvt. finan. inst. net assets S e c t o r net worth •Pension fund reserves - C o r p . e q u i t i e s held (7)(8) 21 22 23 24 -248,.9 -34. 2 -216,.5 0,.7 1,.1 -256,.3 -38,.6 -219,.4 0..8 0..9 -257,.2 -41..9 -217,.0 0..8 0..9 -266..9 -45..7 -223..1 0..8 1 ., 0 861..4 1512,.5 324,,3 279,,6 47,.2 944. 9 1697.,1 344. 7 345.,0 62. 5 650..5 168..7 145..5 336 .3 700,.7 176..2 152..6 371..8 731,.3 180,. 0 158,.4 393,.0 754.,3 183,,0 167,.3 404..0 61..6 46,.8 41,.8 26,.9 68,.0 49,.9 47 .2 29..1 75..2 51,. 1 53 . 1 29,.1 -231,.9 -24,.1 -209..4 0 .6 1 .0 -233,.7 -28..7 -206..7 0..7 1.. 1 988..4 1775..9 346..2 369..8 71..6 1903.,2 T o t a l tangible assets (2) R e p r o d u c i b l e assets (3) R e s i d e n t i a l structures N o n r e s . plant & equip. Inventories C o n s u m e r durables Land at market value 1029..2 1820.,4 347..3 364,.4 79..5 807.,4 1420..2 310. 3 26 0..7 41..8 -234,.7 -21,.1 -215.. 1 0,.6 0,.9 D o m e s t i c wealth 1512. 0 1461. 6 -274,.6 -48..8 -227..8 0..9 1.. 1 Public sector net assets S t a t e and local g o v e r n m e n t s U.S. g o v e r n m e n t Govt.-spons. enterprises Monetary authority 25 26 27 28 29 Less: 21 .3 40 .6 24 .7 46 .4 28,.7 51 .4 31,.2 55,.3 31 .4 58 .9 34 .0 63 .5 37 .9 69 .6 40,.4 74,.1 18 .7 19 .3 21 .6 22 .6 24,. 1 27 .6 29 .6 31 .7 33 .7 Net U.S. f i n a n c i a l claims on f o r e i g n e r s (9) 30 F g n . a s s e t s of U.S. r e s i d e n t s 31 - T o t a l U.S. assets held by f o r e i g n e r s , excluding equities 32 16 .1 21 .2 17 .7 16 .5 14 .3 16 .6 13 .7 14 .3 13,.6 Unallocated 30 31 19 38 .4 32 33 finan.assets (10) (1) Located within U.S. g e o g r a p h i c a l b o u n d a r i e s . (2) E x c l u d e s tangible assets of f e d e r a l , state, and local g o v e r n m e n t s ; excludes land holdings of F e d e r a l R e s e r v e B a n k s and g o v e r n m e n t sponsored e n t e r p r i s e s ; e x c l u d e s investments in intangible assets such as p a t e n t s . (3) At current cost. (4) N a t i o n a l net worth equals domestic net worth plus U.S. net claims on f o r e i g n e r s (lines 10 + 30) . (5) E q u a l s net c o n s o l i d a t e d tangible and financial assets of public and private s e c t o r s , less net U.S. f i n a n c i a l claims on f o r e i g n e r s , plus unallocated f i n a n c i a l assets (lines 11 + 25 - 3 0 + 33). (6) Lines 1 2 + 1 7 + 21. (7) Includes h o l d i n g s of foreign e q u i t i e s . (8) E x c l u d e s m u t u a l fund s h a r e s . (9) E x c l u d e s U.S. h o l d i n g s of foreign equities and foreign h o l d i n g s of U . S . e q u i t i e s . (10) S t a t i s t i c a l d i s c r e p a n c y . E q u a l s the sum of d i f f e r e n c e s between l i a b i l i t i e s for and h o l d i n g s of individual f i n a n c i a l i n s t r u m e n t s ; arises from timing and reporting d i f f e r e n c e s . Data are in b i l l i o n s of d o l l a r s . 33 S e p t e m b e r 20, 1994 Domestic Wealth D o m e s t i c Wealth B.11 D o m e s t i c W e a l t h with T a n g i b l e A s s e t s at C u r r e n t Cost Year-End O u t s t a n d i n g s Veer-End Outstandings 1966 1963 1 Domestic wealth CI) 2 3 4 5 6 7 8 Total t a n g i b l e assets (2) R e p r o d u c i b l e assets (3) Residential structures N o n r e s . plant 8 e q u i p . Inventories Consumer durables Land at market value 9 + U.S. m o n e t a r y gold & S D R s 1970 1971 1827. 0 1922. 2 2042. 7 2213. 6 2365. 6 2614. 1 2863. 1 3069. 9 3348. 6 1 1811. 4 1318. 5 474. 1 472. 9 158. 7 212. 8 492. 9 1906. 7 1394. 0 505. 6 500. 4 164. 2 223. 7 512. 8 2028. 6 1489. 2 532. 5 542. 3 178. 4 236. 1 539. 4 2200. 3 1629. 1 576. 9 598. 7 195. 1 258. 5 571. 2 2353. 6 1747. 3 608. 7 649. 4 206. 0 283. 2 606. 2 2603. 2 1938. 7 683. 9 719. 3 221. 3 314. 2 664.,5 2851. 2 2134. 5 752. 0 796. 3 242. 5 343. 7 716. 7 3058. 0 2295. 5 795. 0 878. 8 249. 3 372. 4 762. 5 3337. 2 2515. 7 886. 8 967. 7 267. 4 393. 7 821. 6 2 3 4 5 6 7 8 15. 6 15. 5 14.,1 13. 2 12. 1 10. 9 11. 9 11. 9 11. 4 9 10 D o m e s t i c net w o r t h , by sector (4)(5) 1827.,0 1922. 2 2042. 7 2213. 6 2365. 6 2614., 1 2863..1 3069..9 3348. 6 10 11 Private sector net w o r t h , c o n s o l i d a t e d (6) 2133. 3 2241. 7 2375. 5 2559. 7 2738. 9 3001,,6 3255. 2 3487..6 3789.,1 11 12 13 14 15 16 H o u s e h o l d net assets Sector net worth - E q u i t y in n o n c o r p . bus. - C o r p . e q u i t i e s held (7)(8) - P e n s i o n fund r e s e r v e s 1170. 4 2121. 3 367. 8 472..7 110,,4 1232. 9 2283. 9 381.,1 544.,1 125..9 1300..7 2461. 3 402..9 616.,1 141.,6 1399. 3 2526..0 427. 6 548. 3 150.,8 1512. 7 2814. 3 446. 9 682..1 172. 6 1669. 2 3165..2 486. 5 815,.3 194,. 1 1885. 5 3197..3 519..6 587.,4 204..8 2006..2 3348,.6 544.8 572,,5 225..1 2183..6 3690..6 594..5 650.,9 261.,7 12 13 14 15 16 17 18 19 20 N o n f i n a n . b u s i n e s s net worth Nonfarm noncorp. business Farm b u s i n e s s Nonfarm nonfinan. corps. 849..2 189. 3 186..9 472.,9 886.,0 197,,0 193.,1 495..9 945..4 206..6 206..3 532..5 1014..1 223.,0 215..1 576,.0 1077. 5 233. 2 224. 9 619. 3 1175..2 259..0 239..9 676..3 1277..4 280,,4 252..5 744..5 1368..9 298..5 260,,3 810,. 1 1506. 4 327. a 282.. 0 896..6 17 18 19 20 21 22 23 24 Pvt. finan. Inst. net assets Sector net worth •Pension fund r e s e r v e s - C o r p . e q u i t i e s held (7)(8) 113,.8 79 .5 110,.4 76 .1 122,.8 86 .2 125,.9 89 .3 129,.4 92 .0 141 .6 104..2 146,.3 95..0 150..8 99 .5 148..7 103,.6 172,.6 127,.5 157..2 114,.3 194 . 1 151 .2 92..2 123..2 204 .a 235 .8 112..5 129..1 225.. 1 241..7 99..1 143..3 261.. 7 305..9 21 22 23 24 - 2 8 6 .7 - 5 4 .5 - 2 3 3 .8 1. 0 0 .7 -290 .9 -57 . 0 - 2 3 5 .7 1,.1 0,.7 -298..0 -60..9 -239.. 0 1..2 0..7 -310,.8 -66 .0 -247,.0 1..4 0..8 - 3 2 3 .6 - 7 0 .5 - 2 5 5 .5 1,. 7 0,.8 - 3 2 4 .7 - 7 8 .2 -249..2 1,.9 0.8 - 3 4 4 .9 -87 .3 -260..7 2 .3 0,.9 -374 .9 -96 .2 - 2 8 2 .3 2..6 1 .0 25 26 27 28 29 54 .9 151 .5 30 31 25 Public sector net assets 26 State and local g o v e r n m e n t s 27 U.S. government 28 Govt.-spons. enterprises 29 Monetary authority - 2 7 9 .3 -51 .5 - 2 2 9 .9 0,.9 1 .1 Less: Net U.S. f i n a n c i a l claims on 30 f o r e i g n e r s (9) 31 F g n . a s s e t s of U.S. r e s i d e n t s - T o t a l U.S. assets held by f o r e i g n e r s , excluding 32 equities 33 U n a l l o c a t e d finan.assets (10) 43 .3 80 .4 50 .2 91 .5 56 .1 98 .8 59 .9 106 .0 63,.6 115..9 67 .7 126 .0 67,,2 134..5 68 .7 140,.5 37 .2 41 .3 42 .7 46 .1 5 2 .3 58 .3 67 .3 71 .8 96 .6 32 16 .2 17 .4 14 .2 11 .8 1 .2 3 .8 .3 - 4 .2 - 1 0 .6 33 (1) Located within U.S. g e o g r a p h i c a l b o u n d a r i e s . (2) E x c l u d e s tangible assets of federal, state, and local g o v e r n m e n t s ; e x c l u d e s land h o l d i n g s of F e d e r a l R e s e r v e B a n k s and g o v e r n m e n t sponsored e n t e r p r i s e s ; e x c l u d e s i n v e s t m e n t s in Intangible assets such as p a t e n t s . (3) At current cost. (4) N a t i o n a l net worth equals domestic net worth plus U.S. net claims on f o r e i g n e r s (lines 10 + 30). (5) E q u a l s net c o n s o l i d a t e d tangible and financial assets of public and private s e c t o r s , less net U.S. financial claims on f o r e i g n e r s , plus u n a l l o c a t e d financial assets (lines 11 + 25 - 3 0 + 33). (6) Lines 1 2 + 1 7 + 21. (7) Includes h o l d i n g s of foreign e q u i t i e s . (8) E x c l u d e s m u t u a l fund s h a r e s . (9) E x c l u d e s U . S . h o l d i n g s of foreign e q u i t i e s and foreign h o l d i n g s of U . S . e q u i t i e s . (10) S t a t i s t i c a l d i s c r e p a n c y . E q u a l s the sum of d i f f e r e n c e s between l i a b i l i t i e s for and h o l d i n g s of individual f i n a n c i a l instruments; arises from timing and r e p o r t i n g d i f f e r e n c e s . Data are in b i l l i o n s of d o l l a r s . - S e p t e m b e r 20, 1994 Domestic Wealtn Domestic. W e a l t h B.11 D o m e s t i c W e a l t h with T a n g i b l e A s s e t s at C u r r e n t Cost Year-End Outstandings Year-End O u t s t a n d i n g s 1972 1973 D o m e s t i c wealth (1) 1 3767,.1 4 3 3 5 .0 5017..7 5557,,8 6180..8 6985..6 8077.,6 9381.,9 10666..4 2 3 4 5 6 7 8 3754..7 2831..8 1034,.0 1076..4 296. 6 424. 7 922. 9 4321 .2 3 2 4 3 .9 1185..2 1223..1 365.. 1 470..5 1077..3 5003..7 3773..7 1334..8 1459,.5 435..2 544..2 1230,.1 5543,.9 4137,.2 1463..4 1638..0 440..0 595..7 1406..7 6166..8 4543..4 1630..9 1784..5 475..3 652..8 1623..4 6971,.3 5119..7 1891. 2 1981..4 521..6 725..5 1851..6 8064..4 5882..4 2211. 2 2250,,8 605. 3 815..2 2182..0 9368.,0 6759.,7 2547..1 2585. 6 702. 6 924..4 2608. 3 10652..6 7612..8 2840..0 2974. 2 784. 2 1014. 3 3039..9 9 12.,4 13..9 14..0 14..3 13..2 13.,9 13..8 9381.9 10666.4 D o m e s t i c net worth, by sector (4)(5) Private sector net worth, c o n s o l i d a t e d (6) 13..8 14.. 0 T o t a l tangible assets (2) R e p r o d u c i b l e assets (3) Residential structures N o n r e s . plant 8 equip. Inventories C o n s u m e r durables Land at market value • U.S. m o n e t a r y gold & SDRs 11 11 4242..3 4815..1 5547. 9 6202. 7 6893..1 7753. 9 8906..0 10301..7 11688..6 12 13 14 15 16 2427..6 4137.,2 671. 8 723. 6 314. 1 2658.. 1 4309.,7 794..8 536. 2 320. 5 2941. 6 4481. 5 877. 4 336. 5 326..0 3273. 3 5109., 0 961. 5 453. 5 420. 7 3647. 3 5857. 4 1072. 8 654. 483. 3 4075. 1 6366. 8 1204.,0 556. 3 531. 4 4634.,3 7236. 3 1413..0 564..0 625..0 5309..0 8379. 3 1656..1 690..0 724. 3 5967..3 9666..1 1892..0 933..9 872. 9 H o u s e h o l d net assets Sector net worth - E q u i t y in n o n c o r p . bus. - C o r p . equities held (7)(8) - P e n s i o n fund r e s e r v e s 12 13 14 15 16 17 18 19 20 1703. 2 369. 2 320. 3 1013. 7 1970..4 419.. 1 396..6 1154..7 2332.,8 462. 5 438..6 1431..7 2615..6 500..7 488..6 1626..3 2893. 8 549. 7 557. 3 1786. 9 3238. 8 629.. 1 614. 6 1995..1 3738..5 736..3 724..9 2277..3 4364..6 880..7 832..1 2651..8 4993..7 1035..5 919,.0 3039.. 1 N o n f i n a n . b u s i n e s s net worth Nonfarm noncorp. business Farm b u s i n e s s Nonfarm nonfinan. corps. 17 18 19 20 21 22 23 24 Ill .,4 164. 2 314..1 366..8 186,.6 183..7 320..5 317 .7 273..5 186..9 326..0 239,.5 313..7 206. 4 420..7 313..3 352..0 233..7 483. 3 365..0 440..0 255..0 531..4 346..4 533..2 293. 3 625..0 385..1 628,.1 340,.8 724,.3 437 .0 727,.7 391,.1 872,.9 536 3 Pvt. f i n a n . inst. net assets Sector net worth •Pension fund reserves - C o r p . equities held (7)(8) 21 22 23 24 25 26 27 28 29 -390..0 -95..1 -298..9 2..9 1..1 - 3 9 0 .6 -90,.6 -305,.2 4 .1 1..2 -402..6 -93,,9 -316. 2 6. 2 1..3 -542.,6 -100.,8 -452. 9 9. 6 1. 5 -584.,2 -88..1 -507..7 10.,0 1. 6 -615..6 -83..0 -545. 3 10.,9 1..7 -629 .9 -77,.3 -566..5 11,.9 1..9 -690,.5 -79. 2 -626..7 13..4 2..0 -482,.4 -99 . 0 -392,.9 8..0 1..4 Public sector net assets S t a t e and local g o v e r n m e n t s U.S. government Govt. -spons. enterprises Monetary authority 25 26 27 28 29 Less: 30 31 50. 3 163,.1 54,.9 180..2 56..0 206..6 81..4 234..5 165..4 359.,6 171..0 414.,1 194.,0 502..6 239..7 585..6 278..6 672..8 32 112..8 125..3 150..6 153.. 1 194. 2 243. 0 308..7 345..8 394..3 Net U.S. f i n a n c i a l claims on f o r e i g n e r s (9) 30 F g n . a s s e t s of U.S. r e s i d e n t s 31 - T o t a l U.S. assets held by f o r e i g n e r s , excluding equities 32 Unallocated finan.assets (10) (1) Located w i t h i n U.S. g e o g r a p h i c a l b o u n d a r i e s . (2) E x c l u d e s tangible assets of federal, state, and local g o v e r n m e n t s ; e x c l u d e s land holdings of F e d e r a l R e s e r v e B a n k s and g o v e r n m e n t sponsored e n t e r p r i s e s ; excludes investments in intangible assets such as p a t e n t s . (3) At current cost. (4) N a t i o n a l net worth equals domestic net worth plus U.S. net claims on f o r e i g n e r s (lines 10 + 30) . (5) E q u a l s net c o n s o l i d a t e d tangible and f i n a n c i a l assets of public and private sectors, less net U.S. financial claims on f o r e i g n e r s , plus unallocated f i n a n c i a l assets (lines 11 + 25 - 3 0 + 33). (6) Lines 1 2 + 1 7 + 21. (7) Includes h o l d i n g s of foreign e q u i t i e s . (8) E x c l u d e s m u t u a l fund s h a r e s . (9) E x c l u d e s U.S. h o l d i n g s of foreign equities and foreign h o l d i n g s of U.S. e q u i t i e s . (10) S t a t i s t i c a l d i s c r e p a n c y . E q u a l s the sum of d i f f e r e n c e s between l i a b i l i t i e s for and holdings of individual f i n a n c i a l instruments; arises from timing and r e p o r t i n g d i f f e r e n c e s . Data are in b i l l i o n s of d o l l a r s . 33 September 20, 1994 Domestic Wealth Domestic Wealth B.ll Domestic Wealth with Tangible Assets at Current Cost Year-End Outstandings Year-End Outstandings 1 Domestic wealth (1) 2 3 4 5 6 7 8 Total tangible assets (2) Reproducible assets (3) Residential structures Nonres. plant 8 equip. Inventories Consumer durables Land at market value 9 + U.S. monetary gold & SDRs 11680. 6 12244. 5 12810. 7 13630. 7 14410. 4 15209. 1 16196. 8 17145. 9 18284. 8 1 11665. 3 8335. 2 3049. 6 3363. 3 836. 1 1086. 2 3330. 1 12228. 1 8688. 1 3148. 3 3589. 0 817. 1 1133. 7 3540. 0 12794. 6 9008. 4 3279. 9 3707. 1 827. 6 1193. 8 3786. 2 13614. 0 9528. 3 3448. 6 3899. 4 898.8 1281. 5 4085. 7 14392. 0 10047. 2 3639. 1 4112. 7 904. 3 1391. 1 4344. 8 15189. 7 10639. 6 3902. 1 4322. 2 887. 8 1527. 5 4550.. 0 16175. 4 11339. 2 4213. 2 4515. 9 950. 6 1659. 5 4836. 2 17125. 2 11940. 5 4298. 0 4810. 3 1023. 8 1808. 4 5184. 7 18263. 7 12661. 5 4566. 1 5084. 2 1081. 6 1929. 6 5602. 2 2 3 4 5 6 7 8 15. 2 16. 4 16. 1 16. 7 18. 4 19. 5 21. 4 20. 7 21. 0 9 10 Domestic net worth, by sector (4)(5) 11680. 6 12244. 5 12810. 7 13630. 7 14410..4 15209..1 16196.,8 17145,.9 18284. 8 10 11 Private sector net worth, consolidated (6) 12826..6 13529. 9 14340. 9 15262. 8 16185..3 17179..6 18329,.2 19379,.0 20679. 6 11 12 13 14 15 16 Household net assets Sector net worth -Equity in noncorp. bus. -Corp. equities held (7)(8) -Pension fund reserves 6491..1 10341..7 2057..8 839..9 952..8 6926.,7 11054..9 2060.,4 904.,7 1163..1 7430. 7 11955. 8 2109..7 1027..8 1387.,6 8096..6 12683..2 2095..3 951..4 1539..8 8710..3 13938,.4 2134..4 1210,.3 1883,.4 9338..8 15178..3 2199. 3 1398..6 2241..6 10059,.9 16176..7 2306.. 0 1383.. 0 2427 .8 10684..6 17274 .3 2423 .3 1513 .7 2652 .7 11431..2 19014..2 2582.,4 1828. 5 3172..0 12 13 14 15 16 17 18 19 20 Nonfinan. business net worth Nonfarm noncorp. business F a r m business Nonfarm nonfinan. corps. 5498..5 1201..7 918 .7 3378 .1 5656..8 1235..7 884,.6 3536 .6 5855..2 1289.5 879..9 3685..9 5892..4 1360,.6 786..9 3744..9 5989,,9 1456.,9 723..7 3809, 3 6079..2 1546..2 694 .8 3838 .2 6266 .5 1617..3 738 . 0 3911 .2 6540 1710 761 4067 .0 .2 .9 .8 6802..1 1846..5 785,.5 4170,.1 17 18 19 20 21 22 23 24 Pvt. finan. inst. net assets Sector net worth •Pension fund reserves -Corp. equities held (7)(8) 946..4 413..5 1163.. 1 630,.2 1055,.0 463,.0 1387..6 795..6 1273..9 537 .4 1539 .8 803 .4 1485,. 1 625 .8 1883 .4 1024 .1 1761..6 715..9 2241 .6 1195 .9 2002 795 2427 1220 2446 .3 1004..2 3172 .0 1730 .0 21 22 23 24 -775 .3 -89 .3 - 7 0 2 .8 14 .6 2 .2 -920,.6 -90 .9 -848 .3 16 .3 2 .4 -1101 . 0 -79 .3 -1041 .7 17 .4 2 .5 311.8 727.6 313.5 767.2 415.8 453.7 25 Public sector net assets 26 State and local governments 27 U.S. government 28 Govt.-spons. enterprises 29 monetary authority 837.. 0 402..4 952 .8 518..2 .3 2154 .4 886 .0 2652 .7 1384 .3 -1273 .6 -72 .6 -1223 .9 20 .1 2 .7 -1471 .7 -64 .6 -1429 .8 19 .6 3 .0 -1706 .7 -66 .7 -1663 .7 20 .6 3 .1 -1902 .7 -83 .1 -1845 .4 22 .4 3 .4 -2091 .6 -83 .2 -2037 .8 25 .8 3 .6 -2301 .4 -121 .7 -2212 .9 29 .4 3 .8 25 26 27 28 29 324.8 857.5 207.7 852.8 115.2 883.8 32.1 954.2 -51.1 1036.7 -144.2 1133.0 -244.8 1274.2 30 31 532.7 645.1 768.6 922.1 1087.9 1277.1 1519.0 32 -150.8 -188.1 -231.7 -280.9 -285.7 -338.2 33 .8 .2 .8 LeNe U.S. financial claims on foreigners (9) Fgn.assets of U.S. residents - T o t a l U.S. assets held by foreigners, excluding equities 33 Unallocated finan.assets (10) -58.9 (1) Located within U.S. geographical boundaries. (2) Excludes tangible assets of federal, state, and local governments; excludes land holdings of Federal Reserve Banks and governmentsponsored enterprises; excludes investments in intangible assets such as patents. (3) At current cost. (4) National net worth equals domestic net worth plus U.S. net claims on foreigners (lines 10 + 30). (5) Equals net consolidated tangible and financial assets of public and private sectors, less net U.S. financial claims on foreigners, plus unallocated financial assets (lines 11 + 25 - 30 + 33). (6) Lines 1 2 + 1 7 + 21. (7) Includes holdings of foreign equities. (8) Excludes mutual fund shares. (9) Excludes U.S. holdings of foreign equities and foreign holdings of U.S. equities. (10) Statistical discrepancy. Equals the sum of differences between liabilities for and holdings of individual financial instruments; arises from timing and reporting differences. Data are in billions of dollars. -51.3 -104.4 S e p t e m b e r 20, 1994 Domestic H e a l t h B.11 D o m e s t i c W e a l t h with T a n g i b l e A s s e t s at Current Cost 7 Year-End Outstandings Year-End O u t s t a n d i n g s 1 18322. 8 1991 i! 1990 1992 5 18449. 5 1993 19044. 5 D o m e s t i c wealth (1) 1 Total t a n g i b l e assets (2) R e p r o d u c i b l e assets (3) Residential structures N o n r e s . plant 8 equip. Inventories Consumer durables Land at market value 2 3 4 5 6 7 8 • U.S. m o n e t a r y gold 8 SDRs 9 2 3 4 5 6 7 8 18300. 8 13274. 0 4795. 8 5320. 7 1110. 4 2047..1 5026. 8 18436. 2 13615. 1 4964. 9 5419. 9 1091. 4 2138. 9 4821. 1 18429. 9 14078. 3 5201. 7 5549. 5 1104. 9 2222. 2 4351. 7 19024. 4 14745. 6 5521. 3 5769, 6 1118. 4 2336. 3 4278. 8 9 22..0 22. 3 19 6 20..1 10 18322..8 18458.,5 18449.,5 19044. 5 D o m e s t i c net w o r t h , by sector (4)(5) 10 P r i v a t e sector net w o r t h , c o n s o l i d a t e d (6) 11 11 20940..7 21320.,7 21592. 4 22324,.6 12 13 14 15 16 11579,,4 19058. 8 2529. 1 1716. 7 3233. 6 12125.,1 20900, 4 2444. 4 2468. 6 3862. 3 12444. 3 21878, 8 2411, 5 2810. 0 4213.,0 12854,.2 23026. 8 2427. 9 3094.,4 4650..3 17 18 19 20 6689. 6 1778.,1 802. 2 4109.,3 6361. 6 1704. 3 796.,1 3861. 3 6115. 3 1656. 5 811. 3 3647. 5 6272..1 1654..5 836..5 3781,.1 N o n f l n a n . b u s i n e s s net worth 17 Nonfarm noncorp. business 18 Farm b u s i n e s s 19 N o n f a r m n o n f l n a n . corps. 20 21 22 23 24 2671..7 1029..8 3233..6 1591,.8 2834..0 1094,,8 3862, 3 2123,.1 3032..8 1172..6 4213..0 2352..8 3198..3 1300..1 4650,,3 2752,.1 Pvt. f i n a n . inst. net assets Sector net worth •Pension fund reserves - C o r p . e q u i t i e s held (7)(8) 25 26 27 28 29 -2528..9 -160,.1 -2405..9 33 .1 4 .0 -2810..5 -204..6 -2646..4 36..1 4. 3 -3190. 3 -239..4 -2998.,0 42,.2 4..8 -3518..4 -283. 2 -3290..0 49,.5 5. 3 H o u s e h o l d net assets Sector net worth - E q u i t y in n o n c o r p . bus. - C o r p . e q u i t i e s held (7)(8) - P e n s i o n fund r e s e r v e s Public sector net assets State and local g o v e r n m e n t s U.S. g o v e r n m e n t Govt.-spons. enterprises Monetary authority 12 13 14 15 16 21 22 23 24 25 26 27 28 29 Less: 32 1657 .3 1738,.8 1860 .3 2129..0 Net U.S. f i n a n c i a l claims on f o r e i g n e r s (9) 30 F g n . a s s e t s of U.S. r e s i d e n t s 31 - T o t a l U.S. assets held by f o r e i g n e r s , excluding equities 32 33 - 3 5 5 .8 -397,.7 -425..1 - 3 9 4 .2 Unallocated 30 31 - 2 6 6 .9 1390 .3 -346..0 1392,.8 - 4 7 2 .5 1387..8 -632..6 1496..5 finan.assets (10) (1) Located w i t h i n U.S. g e o g r a p h i c a l b o u n d a r i e s . (2) E x c l u d e s tangible assets of federal, state, and local g o v e r n m e n t s ; excludes land h o l d i n g s of F e d e r a l R e s e r v e B a n k s and g o v e r n m e n t sponsored e n t e r p r i s e s ; e x c l u d e s i n v e s t m e n t s in intangible assets such as p a t e n t s . (3) At current cost. (4) N a t i o n a l net worth equals domestic net worth plus U.S. net claims on f o r e i g n e r s (lines 10 + 30) . (5) E q u a l s net c o n s o l i d a t e d tangible and f i n a n c i a l assets of public and private s e c t o r s , less net U.S. f i n a n c i a l claims on f o r e i g n e r s , plus u n a l l o c a t e d financial assets (lines 11 + 25 - 3 0 + 33). (6) Lines 1 2 + 1 7 + 21. (7) Includes h o l d i n g s of foreign e q u i t i e s . (8) E x c l u d e s m u t u a l fund s h a r e s . (9) E x c l u d e s U.S. h o l d i n g s of foreign equities and foreign h o l d i n g s of U.S. e q u i t i e s . (10) S t a t i s t i c a l d i s c r e p a n c y . E q u a l s the sum of d i f f e r e n c e s between l i a b i l i t i e s for and h o l d i n g s of individual f i n a n c i a l instruments; arises from timing and reporting d i f f e r e n c e s . Data are in b i l l i o n s of d o l l a r s . 33 S e p t e m b e r 20, 1 9 * 4 Net F o r e i g n A s s e t s Net Foreign Assets 8 B.109 Net Foreign Assets Held by U . S . R e s i d e n t s Yeer-End Outstandings 1947 1 U.S. net f o r e i g n e s s e t s (1) F o r e i g n assets owned by 2 U.S. residents 3 4 U.S. o f f i c i a l f g n . e x c h a n g e and net IMF p o s i t i o n U.S. p r i v a t e d e p o s i t s 5 6 7 8 9 10 11 12 13 Credit merket Instruments Corporate bonds Bank loans n . e . c . Official Banks Other C o m m e r c i a l paper A c c e p t a n c e l i a b s . to b a n k s U.S. g o v e r n m e n t l o a n s 14 15 S e c u r i t y debt T r a d e debt 16 17 18 19 26 M i s c e l l a n e o u s U.S. a s s e t s U.S. eq. In IBRD, etc. U.S. g o v e r n m e n t d e p o s i t s U.S. d i r . i n v . a b r o a d (2)(3) Other 1952 1953 14.9 16.0 17.0 16.8 18.3 19.5 1 26.8 28.1 31.4 31.9 34.3 36.7 2 1.3 1.5 1.4 0.1 1.4 0.1 1.5 0.1 1.4 0.1 3 4 5.0 2.9 0.5 8.0 2.8 0.8 0.1 0.3 0.5 0.3 12.3 2.8 1.0 0.1 0.4 0.5 13.7 2.9 1.2 0.1 0.6 0.6 13.9 2.9 0.9 0.1 0.3 0.5 14.0 3.1 0.7 0.2 0.3 0.2 14.7 3.4 0.8 0.3 0.4 0.1 15.1 3.4 0.9 0.3 0.3 0.3 16.3 3.3 0.7 0.2 0.3 0.2 0.1 10.0 0.1 10.1 0.2 10.3 0.2 10.7 0.2 12.0 5 6 7 8 9 10 11 12 13 * * 1.6 4.3 0.1 8.4 0.1 9.5 * * * * * 0.4 0.3 * * 0.4 0.4 « 0.4 • 0.4 0.5 0.5 0.5 14 15 9.4 0.6 0.4 7.2 1.2 9.1 0.6 0.2 7.2 1.0 10.2 0.6 0.3 8.4 0.9 11.4 0.6 0.2 9.6 0.9 12.3 0.6 0.3 10.7 0.7 15.4 0.6 0.3 11.8 2.7 15.3 0.6 0.3 13.0 1.3 17.1 0.6 0.3 14.7 1.4 18.4 0.6 0.3 16.3 1.3 16 17 18 19 20 12.0 12.2 14.5 15.2 16.1 17.2 21 2.7 2.3 1.7 2.2 2.0 0.4 0.2 0.3 0.5 0.8 1.7 2.0 2.0 1.1 1.7 1.7 1.7 2.0 1.8 1.8 1.5 2.4 1.7 22 23 24 3.1 - - 2.4 3.0 2.7 2.7 2.7 - 2.8 2.8 2.8 3.1 3.4 2.9 2.9 2.9 4.8 4.3 4.3 4.3 4.9 4.3 4.3 4.3 5.1 4.5 4.5 4.5 25 26 27 28 29 30 31 32 33 34 35 36 Security RPs Credit market I n s t r u m e n t s U.S. g o v e r n m e n t s e c u r i t i e s Official holdings Treasury Agency Private holdings Treasury Agency U.S. c o r p o r a t e b o n d s (2) L o a n s to U.S. c o r p . b u s . Open m a r k e t paper 37 38 S e c u r i t y credit T r a d e credit 39 40 41 M i s c e l l a n e o u s fgn. a s s e t s Direct invest, in U . S . (3) Other 5.3 2.5 42 Memo: U.S. c o r p o r a t e e q u i t i e s held by f o r e i g n e r s Foreign corporate equities held by U.S. r e s i d e n t s 1.6 2.6 2.6 2.6 0.1 1.6 1.6 1.6 0.2 0.3 0.2 0.3 0.3 0.3 0.4 0.4 0.1 0.1 0.1 0.1 0.2 0.3 0.3 0.4 25 26 27 28 29 30 31 32 33 34 35 36 2.1 2.1 2.1 0.1 0.1 0.1 5.8 5.0 5.0 5.0 0.4 0.4 0.4 0.3 0.1 0.1 0.4 0.1 0.4 0.1 0.4 0.1 0.4 37 38 4.0 2.6 4.1 2.8 5.4 2.5 2.9 1.4 2.8 1.3 3.8 2.9 0.9 4.1 3.4 0.7 4.8 3.7 1.1 4.9 3.9 1.0 5.3 4.3 1.1 39 40 41 2.7 2.7 2.5 2.3 2.5 2.9 3.5 3.7 3.7 42 0.9 1.0 1.0 0.9 0.7 1.2 1.4 1.5 1.3 43 0.4 (1) E x c l u d e s U.S. h o l d i n g s of foreign equities and foreign h o l d i n g s of U.S. e q u i t i e s . (2) Through 1992, c o r p o r a t e b o n d s Include net issues by N e t h e r l a n d s A n t l l l e a n f i n a n c i a l s u b s i d i a r i e s , and U.S. direct investment abroad e x c l u d e s net Inflows from those bond isues. (3) Direct investment is valued on a c u r r e n t - c o s t b a s i s . 1951 0.9 0.1 U.S. c h e c k a b l e dep. U . S . time d e p o s i t s Net Interbank c l a i m s in b i l l i o n s of d o l l a r s . 1950 -.2 0.1 21 U . S . a s s e t s owned by f o r e i g n e r s Data are 1949 " 22 23 24 43 1948 September 20, 1994 Net Foreign Assets Net Foreign Assets B.109 Net Foreign Assets Held by U.S. Residents Year-End Outstandings Year-End Outstandings 1954 1 2 . 1955 1956 1957 1958 1959 1960 1961 1962 19.7 21. 3 24. 7 28. 7 31. 2 31.4 34. 0 37. 9 40. 4 U.S. net foreign assets (1) 1 38. 4 40. 6 46. 4 51. 4 55. 3 58.9 63. 5 69. 6 74.,1 Foreign assets owned by U.S. residents 2 U.S. official fgn. exchange and net IMF position U.S. private deposits 3 4 3 4 1. 2 0. 2 1. 0 0. 1 1. 6 0. 1 2. 0 0. 1 2. 0 0. 1 2.0 0.1 1. 6 0. 1 1. 8 0. 2 1. 2 0. 8 5 6 7 8 9 10 11 12 13 16. 6 3. 3 1. 2 0. 4 0. 4 0. 3 16. 6 3. 1 1. 4 0. 4 0. 5 0. 5 17. 4 3. 4 1. 8 0. 5 0, 6 0. 7 18. 8 3. 8 2. 1 0. 7 0. 6 0. 9 20. 8 4. 7 2. 6 0. 9 0. 7 1..1 21.4 5.2 2.9 0.9 0.7 1.3 23. 2 5. 8 3. 0 0. 9 0. 8 1.,4 25. 5 6. 2 3. 7 1. 0 1.,0 1. 7 27. 5 7. 2 4. 2 1..0 1..2 1. 9 0.,3 11. 8 0. 3 11. 8 0, 5 11. 8 0. 7 12. 2 0. 6 12. 8 0.6 12.8 1. 2 13. 2 1. 8 13. 7 1..8 14..4 14 15 0. 1 0. 5 0. 1 0. 6 0. 1 0. 7 0..1 0. 8 0..1 0. 8 0.1 0.9 0.,1 1. 6 0.,1 1. 7 0..1 2..2 16 17 18 19 20 19. 9 0. 6 0, 4 17. 6 1, 2 22. 2 0..6 0. 7 19. 4 1. 5 26,,4 0. 7 1. 3 22. 5 2..0 29. 6 0..7 1..6 25. 4 1..7 31. 5 0. 7 2.,1 27..4 1..3 34.4 0.7 2.4 29.8 1.5 36. 9 0..8 2. 9 31.,9 1..3 40. 3 1. 0 3. 2 34..7 1..4 42. 3 1..1 3..4 37..3 0..5 16 Miscellaneous U.S. assets 17 U.S. eq. in IBRD, etc. 18 U.S. government deposits U.S. dir. inv.abroad ( 2 X 3 ) 19 20 Other 21 18. 7 19. 3 21..6 22 .6 24..1 27.6 29.,6 31. 7 33..7 U.S.assets owned by foreigners 21 22 23 24 1..7 2.,9 1,,7 1.,5 2..8 1,.8 1..8 2 .7 2 .2 2 .1 2 .5 2 -0 2.,0 3..4 2.,1 2.1 2.6 2.1 2 .1 2 .9 3..0 3..1 2..9 3..1 3 .2 3 .4 3 .0 6 .4 5..5 5 .5 5..5 6,.7 5 .8 5 .8 5 .8 7 6 6 6 7 .5 5 .9 5 .1 5 .1 7 .5 6 .0 4,.4 4 .4 11.7 10.4 8.0 8.0 12..6 10..7 8..6 8 .6 13..1 11..0 8..8 8.,8 14,.8 12 .7 10 .3 10 .3 0 .8 0 .8 1,.6 1..6 2.4 2.4 2 .0 2 .0 2 .2 2 .2 Credit market instruments Corporate bonds Bank loans n.e.c. Official Banks Other Commercial paper Acceptance liabs. to banks U.S. government loans 5 6 7 8 9 10 11 12 13 Security debt Trade debt 14 15 U.S. checkable dep. U.S. time deposits Net interbank claims 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 0 .4 0 .4 0 .5 0 .6 0,.6 0.6 0..7 0.,7 2 .5 2 .1 0 .3 0 .7 0 .6 0 .4 0 .7 1 .0 0 .8 0.8 1..3 1 .4 1 .4 Security RPs Credit market instruments U.S. government securities Official holdings Treasury Agency Private holdings Treasury Agency U.S. corporate bonds (2) Loans to U.S. corp. bus. Open market paper 37 38 0 .1 0 .3 0 .1 0 .4 0 .1 0 .5 0 .1 0 .6 0 .1 0 .5 0.1 0.7 0 .1 0 .8 0..1 1,.0 0 .1 1 .1 Security credit Trade credit 39 40 41 5 .5 4 .6 0 .8 6 .0 5 .1 0 .9 7 .2 5 .5 1 .8 7 .9 5 .7 2 .2 8 .4 6 .1 2 .3 8.2 6.6 1.6 8 .1 6 .9 1 .2 8 .3 7 .4 0 .9 8 .1 7 .6 0 .5 39 Miscellaneous fgn. assets Direct invest, in U.S. (3) 40 41 Other 42 5 .3 6 .6 7. 0 6. 1 a .3 9.4 9 .3 11 .8 10 .3 43 1 .9 2 .4 2 .6 2 .2 3 .1 3.7 4 .0 4 .9 4 .7 25 26 27 28 29 30 31 32 33 34 35 36 .3 .1 .1 .1 > Memo: U.S. corporate equities held by foreigners Foreign corporate equities held by U.S. residents (1) Excludes U.S. holdings of foreign equities and foreign holdings of U.S. equities. (2) Through 1992, corporate bonds include net issues by Netherlands Antillean financial subsidiaries, and U.S. direct investment abroad excludes net inflows from those bond lsues. (3) Direct investment is valued on a current-cost basis. Data are in billions of dollars. 42 43 September 20, 1994 Net Foreign A s s e t s 10 Net Foreign Assets B.109 Net Foreign Assets Held by U.S. Residents Veer-End Outstandings Yeer-Ehd Outstandings 1963 1966 1 U.S. net foreign assets (1) 2 3 4 Foreign assets owned by U.S. residents U.S. official fgn. exchange and net IMF position U.S. private deposits 5 6 7 8 9 10 11 12 13 Credit market instruments Corporate bonds Bank loans n.e.c. Official Banks Other Commercial paper Acceptance liabs. to banks U.S. government loans 14 15 Security debt Trade debt 16 17 18 19 20 1967 1968 1969 1970 1971 56.1 59.9 63.6 67.7 67.2 68.7 54.9 1 80 .4 91 .5 98.8 106 .0 115 .9 126.0 134 .5 140 .5 151 .5 2 1 .2 0 .7 1 .2 1 .1 1.6 0.8 1 .6 0 .9 2 .8 1,.1 4.8 1.6 5 .1 1,.2 2 .6 0..8 0 .9 1 .2 3 4 5 6 7 30 .8 8 .2 4 18 0..9 1..4 2..5 35 .0 8 .7 6,.5 0,.9 2 .0 3.6 37.5 9.1 7.1 1.1 2.1 3.9 39 .5 9 .9 7 .1 1 .0 2 .2 3,.8 43 .3 11,,1 6..7 1..0 1..8 3..9 46.1 12.2 6.3 0.8 1.9 3.6 49..2 13..2 6..0 0..8 2,,1 3. 2 52 ,1 14..1 5..8 0..6 2..0 3..2 56 .6 15 . 0 7 .3 0..8 2.,4 4..1 2.,2 15. 6 2,,6 17. 2 2.5 18.7 2 .5 20..0 3.,0 22. 5 2.9 24.7 3. 2 26. 9 4 .0 28..2 4..3 30..0 10 11 12 13 0,, 1 1. a 0.,1 2. 6 0.1 2.6 0..1 2. 9 0. 3 3. 4 0.5 3.8 0. 3 4. 6 0..3 5. 6 0..3 6. 1 14 15 Miscellaneous U.S. assets U.S. eq. in IBRD, etc. U.S. government deposits U.S. dir.inv.abroad (2)(3) Other 45. 7 1. 2 3. 9 40. 7 1 51. 5 1. 2 3. 9 44. 5 1. 9 56.3 1.3 3.9 55.2 -4.1 61. 0 1. 3 4. 2 58. 3 -2. 7 65. 1 1. 4 4. 0 64. 4 -4. 6 69.2 1.5 3.9 70.3 -6.5 74. 1 1. 7 3. 8 78. 7 -10. 1 79. 2 1. 9 3. a 89. l -15. 7 86. 4 2. 2 3. 6 101. 2 -20. 6 16 17 18 19 20 21 U.S.assets owned by foreigners 37.2 41.3 42.7 46.1 52.3 58.3 67.3 71.8 96.6 21 3.5 4.3 3.2 4.5 5.5 3.7 4.6 6.1 3.8 5.0 6.4 6.7 5.3 7.7 7.3 5.9 7.4 9.4 6.2 8.8 16.8 6.7 7.1 10.5 6.5 7.5 5.8 22 23 24 15.9 13.7 11.1 11.1 16.9 14.3 11.5 11.5 17.2 14.4 11.4 11.4 16.5 12.9 9.9 9.8 29.8 22.8 18.5 18.4 56.5 49.4 45.0 45.0 2.8 1.8 1.0 1.0 3.0 1.7 1.3 0.8 3.0 1.3 1.7 1.4 19.3 15.0 11.4 11.3 0.1 3.6 1.3 2.3 1.5 18.8 12.9 9.0 9.0 2.6 2.0 0.7 0.8 18.9 15.3 12.2 12.1 0.1 3.2 1.2 2.0 1.3 3.9 1.3 2.7 2.0 4.3 1.4 3.0 2.7 4.3 1.3 3.0 3.0 22 23 24 U.S. checkable dep. U.S. time deposits Net interbenk claims 25 26 27 28 29 30 31 32 33 34 35 36 Security RPs Credit market instruments U.S. government securities Official holdings Treasury Agency Private holdings Treesury Agency U.S. corporate bonds (2) Loans to U.S. corp. bus. Open market paper 1.4 1.6 2.0 2.2 2.2 2.8 3.8 4.3 4.1 25 26 27 28 29 30 31 32 33 34 35 36 37 38 Security credit Trede credit 0.1 1.5 0.1 1.8 0.2 2.1 0.2 2.7 0.3 3.3 0.6 4.8 0.4 5.8 0.3 7.4 0.3 7.2 37 38 39 40 41 Miscellaneous fgn. assets Direct invest, in U.S. (3) Other 8.7 7.9 0.7 8.7 8.4 0.4 8.8 8.8 8.7 9.1 -.4 9.6 9.9 -.4 10.9 10.8 0.1 10.5 11.8 -1.3 10.0 13.3 -3.3 12.7 13.9 -1.2 39 40 41 42 Memo: U.S. corporate equities held by foreigners Foreign corporate equities held by U.S. residents 12.5 13.8 14.6 12.6 25.5 29.5 26.8 27.2 30.8 42 5.1 5.3 5.0 4.3 5.2 6.5 7.0 6.6 7.6 43 43 (1) Excludes U.S. holdings of foreign equities and foreign holdings of U.S. equities. (2) Through 1992, corporate bonds include net issues by Netherlands Antillean financial subsidiaries, and U.S. direct investment abroad excludes net inflows from those bond lsues. (3) Direct investment is valued on a current-cost basis. Date are in billions of dollars. September 20, 1994 Net Foreign A s s e t s Net F o r e i g n A s s e t s B . 1 0 9 Net F o r e i g n Assets Held 11 by U.S. R e s i d e n t s Year-End O u t s t a n d i n g s Year-End O u t s t a n d i n g s 1975 1973 1976 1977 1978 1979 1980 56. 0 81. 4 165. 4 171..0 194.,0 239. 7 278. 6 U.S. net 180. 2 206. 6 234..5 359. 6 414.,1 502. 6 585. 6 672. 8 F o r e i g n assets owned U.S. r e s i d e n t s 0. 7 2. 2 0. 6 3. 3 1. 9 4. 9 2..3 5. a 4. 8 7. 4 5..0 8. 8 5 6 7 8 9 10 11 12 13 61. 1 16. 0 10. 4 1. 0 3. 5 5. 9 67. 4 17. 0 13.,1 1. 4 5.,1 6. 5 3. 2 31..5 4. 2 33. 2 81 .2 19. 4 17. 8 1. 7 8. 2 7. 8 0. 2 11. 2 32. 7 95..6 26. 5 21. 6 2., 0 9. 3 10. 3 0..6 11,. 1 35..7 14 15 0..4 6.,6 0. 2 8. 5 0. 2 11. 5 0..3 12..2 16 17 18 19 20 92. 2 2. 5 3. 5 126. 4 -40. 2 100. 2 2. 8 4., 1 145. 4 -52..1 106. 8 3. 4 3. 5 166. 4 -66. 6 21 112.,8 125. 3 22 23 24 8. 3 10,,6 6. 8 11. 2 13.,4 1. 6 65..1 58..0 53.,8 53..5 0..3 4 2 1..3 2 .9 3 .1 0..5 66,.0 58 .4 55 .0 54..1 0,.9 3 .5 1,.1 2,.4 3 .1 1 50. 3 54, 9 2 163. 1 3 4 25 26 27 28 29 30 31 32 33 34 35 36 4,. 1 • 5. 4 17.. 1 5., 1 26. 9 197..2 49., 0 64..8 11. 9 26. 3 26.,6 7.,0 22.,7 53..8 129. 4 40., 1 31. 4 2. 9 16. 2 12. 3 1. 8 14. 2 41.,8 157. 6 44., 1 49. 9 5. 2 25. 7 19..1 2. 9 15..0 45. 7 12..5 13..0 18, 0 20. 2 25.,6 118..4 4..1 2..0 191.. 1 -78..8 218..9 5. 2 0. 9 212. 7 0,, 1 257..9 6.,0 0. 8 255., 1 3 .9 304. 4 6. 6 0. 9 293. 5 3,,4 360. 5 7. 5 0.,9 348. 2 3..8 405.,7 8,.3 1,.8 404,,2 -8..7 150..6 153,.1 194. 2 243..0 308..7 345..8 394..3 14.,0 21..1 0..4 13,.7 22..6 -9 .5 16. 9 20.,7 -15..4 19. 3 21..0 -16..4 19..0 22. 2 -10..0 23..4 24. 6 9..5 0..5 80..7 70..5 66..2 63,.8 2 .4 4,.2 4 .2 0.,4 94. 4 82. 9 75.,8 73..8 2..0 7..0 7..0 4,.4 0. 5 71..9 62..8 60..1 58..3 1..8 2 .8 1..8 1.,0 4,.0 0..3 4..8 4 .6 0,.3 5 .3 5. 5 0..5 5. 6 0. 3 142..1 113. 3 105..4 101..1 4, 3 8..0 7 .6 0,.4 22..1 0,.6 6 .0 2.,4 170, 5 138.,4 128. 5 124., 0 4..5 9..9 8..9 1..0 24..7 0..9 6..5 116. 0 35.,1 28. 4 2. 9 13. 5 12.,0 1. 3 12. 4 38. 9 172. 9 47. 8 53.,0 7. 3 21. 6 24.,1 4. 6 18. 6 48. 9 13., 0 31..4 assets (1) by U.S. official fgn. exchange and net IMF position U.S. private deposits C r e d i t market instruments 5 C o r p o r a t e bonds 6 Bank loans n.e.c. 7 Official 8 Banks 9 Other 10 C o m m e r c i a l paper 11 A c c e p t a n c e 1labs. to banks 12 U.S. government loans 13 S e c u r i t y debt Trade debt 14 15 M i s c e l l a n e o u s U.S. assets 16 U.S. eq. in IBRD, etc. 17 U.S. government deposits 18 U.S. d i r . i n v . a b r o a d (2)(3) Other U . S . a s s e t s owned by foreigners U.S. c h e c k a b l e dep. U.S. time d e p o s i t s Net interbank claims 22 4.,1 161,.0 121..9 106..6 101..7 4..9 15. 3 14..2 1..1 27..7 2..9 8,.4 4 .4 186,.5 135,.8 118,.2 111,.3 6..9 17,.6 16..1 1..4 36..9 4 .5 9,.3 S e c u r i t y RPs Credit m a r k e t i n s t r u m e n t s U.S. g o v e r n m e n t s e c u r i t i e s Official holdings Treasury Agency Private h o l d i n g s Treasury Agency U.S. c o r p o r a t e b o n d s (2) Loans to U.S. c o r p . bus. Open market paper 25 26 27 S e c u r i t y credit T r a d e credit 37 38 0..4 8..2 0,.3 10,.2 0. 3 12,.4 0 .4 14 .8 18..9 20,.8 24..9 25,.2 28,.6 39 40 41 13..5 14,.9 -1..4 22 .1 20 .6 1 .6 30..1 25 .1 5..0 30 .0 27 .7 2 .4 58..4 48..9 9 .5 56,,0 56,.7 - •.7 79..7 69..6 10..1 98,.1 88 .3 9 .8 142 .5 125 .9 16,.6 42 39 .1 33 .5 23 .9 33 .4 39,.1 39..8 42..1 48,.3 64 .6 43 10,.5 10 . 0 9 .6 9..5 10..1 11,.2 14,.8 18 .9 in b i l l i o n s of d o l l a r s . 23 24 28 29 30 31 32 33 34 35 36 39 M i s c e l l a n e o u s fgn. assets Direct invest. in U.S. (3) 40 Other 41 Memo: U.S. c o r p o r a t e equities held by f o r e i g n e r s F o r e i g n c o r p o r a t e equities held by U.S. r e s i d e n t s (1) E x c l u d e s U.S. h o l d i n g s of foreign e q u i t i e s and foreign h o l d i n g s of U.S. e q u i t i e s . (2) Through 1992, corporate bonds include net issues by N e t h e r l a n d s A n t l l l e a n financial s u b s i d i a r i e s , and U.S. direct investment abroad e x c l u d e s net inflows from those bond isues. (3) Direct investment is valued on a c u r r e n t - c o s t b a s i s . Data are 3 4 23..5 25 .8 -17,. 1 37 38 9. 0 foreign S e p t e m b e r 20, 1994 Net F o r e i g n A s s e t s Net Foreign Assets 12 B.109 Net F o r e i g n A s s e t s Held by U.S. R e s i d e n t s Year-End Outstandings Year-End O u t s t a n d i n g s 1981 1 U.S. net 2 foreign assets F o r e i g n assets owned U.S. r e s i d e n t s 3 4 (1) 5 6 7 8 9 10 11 12 13 C r e d i t market I n s t r u m e n t s C o r p o r a t e bonds Bank loans n . e . c . Official Banks Other C o m m e r c i a l paper A c c e p t a n c e l i a b s . to banks U.S. g o v e r n m e n t loans 14 15 S e c u r i t y debt Trade debt 16 17 18 19 20 M i s c e l l a n e o u s U.S. assets U.S. eq. in IBRD, etc. U.S. g o v e r n m e n t d e p o s i t s U.S. dir. inv.abroad ( 2 H 3 ) Other 311.8 313 .5 324.8 207 .7 115 .2 32 .1 -51 .1 -144.2 - 2 4 4 .8 727.6 767 .2 857.5 8 5 2 .8 8 8 3 .8 9 5 4 .2 1036 .7 1133.0 1274 .2 14.8 41.8 17 .6 55 .2 17.6 147.3 18 .2 144 .7 24 .8 153 .2 29 . 1 184 .6 24 .4 196 .1 27.1 218.2 53 .6 262 .9 3 4 220.7 54.5 67.8 12.6 21.8 33.3 10.8 29.6 57.9 210 .4 61 . 1 33 .8 5 .4 15 . 1 13 .3 15 . 1 38 .2 62 .3 227.7 64.2 37.4 8.5 14.2 14.8 21.5 38. 0 66.6 235 .5 68 .0 30 .8 7 .6 11,. 0 12 .2 27 .7 39 .0 70,.0 236 .7 71 .8 27 .9 6 .2 9 .7 12,.1 33 .9 31..6 71 .4 , 238 .3 74 .9 26 .9 6 .2 10 .7 10 .0 37 .4 26 .3 72 .8 245 . 0 8 2 .3 23 .3 5 .3 7.8 10 .2 41 .2 27 .3 70 .9 251.4 89.2 21.5 4.8 7.8 8.9 49.9 24.9 65.8 261 .2 94 . 1 21 .4 3 .4 8 .6 9 .4 63 . 0 19 .6 63 .2 5 6 7 8 9 10 11 12 13 26.3 18..3 17.2 16,.5 16..3 15..6 25.8 28 .6 14 15 424.1 9.3 1.6 426.4 -13.2 465 .8 10,.6 1 .8 419..8 33 .6 447.7 11.3 1.8 410. 0 24.7 437..9 12..9 2..1 403..6 19..4 452 .8 14,.4 1..9 424..7 11.,8 486 .7 15,.9 0,.9 454,.8 15..0 610.4 19.6 0.7 538.2 52.0 667 .9 20 .7 0 .6 577,.2 69..4 16 17 18 19 20 by f o r e i g n e r s 415.8 453.,7 532.7 645..1 768. 6 922..1 22 23 24 U.S. c h e c k a b l e dep. U.S. time d e p o s i t s Net interbank c l a i m s 19.7 28.1 -55.8 16..0 34.,9 -62.,5 17.5 35.4 -50.3 19. 7 40..0 -47. 5 21. 2 43. 7 -30. 9 23..9 41 .. 0 -15. 2 25 26 27 28 29 30 31 32 33 34 35 36 Security RPs Credit market Instruments U.S. g o v e r n m e n t s e c u r i t i e s Official holdings Treasury Agency Private holdings Treasury Agency U . S . c o r p o r a t e b o n d s (2) L o a n s to U . S . c o r p . bus. O p e n m a r k e t paper 4.4 217.0 145.3 125.1 117.0 8.1 20.2 18.5 1.7 47.9 15.7 8.0 6., 0 255. 8 160. 4 132. 6 124. 9 7, 7 27. 8 25. 8 2. 0 68. 3 20. 9 6. 3 6.7 282.5 173.3 137.0 129.7 7.3 36.3 33.8 2.5 74.9 27.2 7.1 6. a 361 . 0 210. 4 144. 7 138. 2 6. 5 65. 8 62. 1 3. 7 90. 5 51. 7 8. 3 7. 5 436. 2 241 .3 145. 1 138. 4 6. 6 96. 2 88. 0 8. 3 126. 4 60. 3 8. 2 10. 9 547. 8 291 .5 178. 9 173. 3 5. 6 112. 5 96. 1 16. 5 166. 6 81. 7 8. 0 37 38 S e c u r i t y credit T r a d e credit 28.4 30. 1 30.3 31. 1 31. 7 39 40 41 M i s c e l l a n e o u s fgn. a s s e t s Direct i n v e s t . in U.S. (3) Other 173.9 159.9 14.0 173. 3 176. 9 -3.5 210.6 184.4 26.2 234. 1 211. 2 22. 9 42 Memo: U.S. c o r p o r a t e e q u i t i e s held by f o r e i g n e r s Foreign corporate equities held by U.S. r e s i d e n t s 64.4 76. 3 96.4 16.5 17. 4 26.2 43 lities and foreign h o l d i n g s of U.S. e q u i t i e s . (2) Through 1992, c o r p o r a t e bonds include net issues by N e t h e r l a n d s A n t i l l e a n f i n a n c i a l s u b s i d i a r i e s , and U.S. direct investment abroad e x c l u d e s net Inflows from those bond lsues. (3) Direct investment is valued on a c u r r e n t - c o s t b a s i s . Data are in b i l l i o n s of d o l l a r s . 1989 1 by U . S . o f f i c i a l fgn. e x c h a n g e and net IMF position U.S. p r i v a t e d e p o s i t s 21 U . S . a s s e t s owned 1988 18 .1 553 . 1 17,.2 0,.8 523,.2 12,.0 1087. 9 22. 5 42., 0 29. 3 1277.1 1519.. 0 22.0 45.0 35.2 22..5 43,,1 27..7 22 23 24 13.,1 604.,0 323. 1 220. 5 213. 7 6. 8 102. 5 82. 6 19. 9 185. 4 86. 5 9. 0 13.0 709.8 387.2 260.9 253.0 8.0 126.2 100.9 25.4 199.3 111.5 11.9 17. 2 833. 3 469, 3 263..7 257. 3 6..4 205. 5 166. 5 39..1 211. 9 137. 9 14. 2 25 26 27 28 29 30 31 32 33 34 35 36 32. 8 33 1 35.7 38. 0 37 38 259. 3 231 .3 28. 0 281. 0 265. 8 15. 2 344. 0 313. 5 30. 6 416.5 374.3 42.1 537. 2 436. 6 100. 6 39 40 41 96. 1 125. 6 168. 9 175. 6 201.0 251. 2 42 26. 0 41. 0 63. 0 69. 6 86.0 119. 9 43 September 20, 1994 Net Forelg.it A s s e t ? Net Foreign Assets 13 B.109 Net Foreign Assets Held by U.S. Residents Year-End Outstandings Year-End Outstandings 1990 1991 1992 1993 1 -266.9 -346 .0 -472 .5 -632.6 U.S. net foreign assets (1) 1 2 1390.3 1392 ,8 1387,.8 1496.5 Foreign assets owned by U.S. residents 2 3 4 61.3 304.3 55..4 289,,6 5 6 7 8 9 10 11 12 13 285.0 115.4 18.5 2.8 5.9 9.3 75.3 16.3 59.3 298,.8 129. 5 21, 6 2.,4 6,,9 12..3 81 ,8 12..0 53 .9 14 15 27.4 16 17 18 19 20 51..8 280.. 1 y 53.4 258.0 U.S. official fgn. exchange and net IMF position U.S. private deposits 3 4 Credit market instruments Corporate bonds Bank loans n.e.c. Official Banks Other Commercial paper Acceptance liabs. to banks U.S. government loans 5 6 7 8 9 10 11 12 13 Security debt Trade debt 14 15 Miscellaneous U.S. assets U.S. eq. in IBRD, etc. U.S. government deposits U.S. dir.inv.abroad (2)(3) Other 16 17 18 19 20 3io,,9 . 143..9 23..9 3, 3 7 .6 13..0 77..7 11..3 54,.1 357.8 ,, 203.4 24.6 2.4 8.8 13.5 68.7 8.2 52.9 30..4 31..6 33.2 712.4 22.0 0.6 632.6 57.1 718. 5 23..5 1. 6 661. 7 31..7 713..5 25,.0 1..6 676.,7 10..2 794.1 26.1 1.9 716.2 49.9 21 1657.3 1738. 8 1860,.3 2129.0 22 23 24 22.2 42.6 53.3 20. 8 42.,0 36. 3 22 .3 38,,8 74.,2 21.6 37.0 112.1 25 26 27 28 29 30 31 32 33 34 35 36 16.7 918.3 502.1 295.0 287.9 7.1 207.0 162.4 44.6 217.2 186.7 12.3 16. 8 958. 1 559.,0 315. 9 307..1 8. 8 243..1 189. 5 53..6 233. 4 152. 7 13.,0 23. 5 1052. 7 628. 4 335. 7 323.,0 12. 7 292. 7 224. 8 67. 9 251, 5 159. 9 12, 9 27.7 1174.4 742.6 388.5 370,9 17.6 354.1 254.1 100.0 273.0 140.2 18.6 37 38 44.2 43. 5 46..3 49.8 39 40 41 560.1 468.1 91.9 621. 3 491. 9 129,.4 602,.5 497..1 105..4 706.6 516.7 189.9 Miscellaneous fgn. assets 39 Direct invest. in U.S. (3) 40 Other 41 42 221.7 271. 9 300..2 340.0 43 110.0 158. 8 178..1 297.7 Memo: U.S. corporate equities held by foreigners Foreign corporate equities held by U.S. residents U.S.assets owned by foreigners 21 U.S. checkable dep. U.S. time deposits Net interbank claims 22 23 24 Security RPs Credit market instruments U.S. government securities Official holdings Treasury Agency Private holdings Treasury Agency U.S. corporate bonds (2) Loans to U.S. corp. bus. Open market paper 25 26 27 28 29 30 31 32 33 34 35 36 Security credit Trade credit 37 38 (1) Excludes U.S. holdings of foreign equities and foreign holdings of U.S. equities. (2) Through 1992, corporate bonds include net issues by Netherlands Antillean financial subsidiaries, and U.S. direct Investment abroad excludes net inflows from those bond lsues. (3) Direct investment is valued on a current-cost basis. Data are in billions of dollars. 42 43 S e p t e m b e r 20, 1994 T a n g i b l e Asset H o l d i n g s 14 T a n g i b l e Asset H o l d i n g s B.12 Distribution of T a n g i b l e A s s e t s by S e c t o r Year-End Outstandings 1 T o t a l h o l d i n g s of t a n g i b l e s 2 H o u s e h o l d sector Farm business 3 4 Nonfarm noncorp. business 5 N o n f a r m n o n f i n . c o r p . bus. 6 Financial institutions Year-End O u t s t a n d i n g s 1951 1952 1953 499.2 192.3 78.6 88.4 136.8 3.1 595.9 220.1 92.8 103.8 175.7 3.4 711.4 260.7 114.9 120.6 211.3 3.7 777.8 294.7 116.3 130.7 232.2 3.9 8 1 0 .8 3 2 3 .5 113 . 1 134 .1 236 .0 4 927 .2 373 .1 136 .2 145 .9 267 .5 4 .5 1028.0 419.1 149.4 155.8 298.7 5.1 1082 .3 455 .2 148 .9 159 .9 313 .1 5 .3 1131.6 486.3 148.1 163.6 328.0 5.5 7 Plant and e q u i p m e n t (1) 8 Household s e c t o r — n o n p r o f i t s 9 Farm business 10 Nonfarm noncorp. business 11 Nonfarm nonfin. corp. bus. 12 Financial institutions 115.4 6.4 7.0 14.8 84.6 2.6 141.8 8.2 9.0 18.6 103.3 2.7 172.5 10.0 11.9 23.1 124.6 2.8 193.6 10.9 14.5 25.9 139.2 3.0 2 0 5 .2 11 .3 16 .5 27 .0 147 .3 3 .1 228 .4 13 .0 19 .0 30 .3 162 .7 3 .4 253.5 14.8 21.4 33.4 180.0 3.8 268 .8 15 .8 22 .8 34 .4 191,.9 4 .0 282.7 16.5 23.4 35.5 203.1 4.3 13 R e s i d e n t i a l s t r u c t u r e s (1) 14 Households--owner-occupants 15 Household sector--nonprofits 16 Farm business 17 Nonfarm noncorp. business 18 N o n f a r m n o n f i n . c o r p . bus. 19 Pvt. f i n a n c i a l i n s t i t u t i o n s 136.0 70.2 3.3 11.4 50.1 0.9 160.3 85.1 3.8 13.2 57.2 1.1 190.5 104.5 4.3 15.2 65.2 1.3 210.7 119.6 4.5 16.3 68.9 1.4 223,.3 130,.0 4 .6 16. 8 70. 3 1. 6 249 .3 150-.0 4,.8 17,,9 74..7 1. 8 273.1 168.8 5.0 18.9 78.5 1.9 288. 2 182. 3 5..1 19..1 79..8 1. 9 300.7 194.2 5.1 19.2 80.2 2.0 13 14 15 16 17 18 19 20 I n v e n t o r i e s (2) 21 Farm business 22 Nonfarm noncorp. business 23 N o n f a r m n o n f i n . c o r p . bus. 51.4 14.1 7.2 30.0 71.0 19.6 9.3 42.1 94.7 35.4 10.4 48.9 98.6 32.3 12.1 54.2 89. 2 28. 4 11. 7 49. 1 110. 3 36. 1 13. 6 60. 6 123.1 38.6 14.3 70.2 120. 7 35. 4 14. 0 71. 3 122.0 34.4 14.5 73.1 20 21 24 C o n s u m e r 46.2 53.2 65.1 76.3 86. 6 108. 2 124.4 134. 0 143.0 150.3 66.1 46.0 16.4 21.2 0.5 169.6 69.8 51.1 18.7 29.2 0.8 188.6 76.7 52.4 21.9 36.6 0.9 198.7 83.4 53.2 23.9 37.3 0.9 206. 6 91. 0 51. 4 25. 1 38. 1 1. 0 231. 0 97. 1 63. 2 27. 3 42. 4 1. 1 253.9 106.1 70.5 29.5 46.6 1.3 270. 5 118. 0 71. 6 31. 7 47. 9 1. 3 283.2 127.5 71.2 33.4 49.9 1.3 29 30 363.1 145.8 60.5 75.7 78.7 2.5 423.8 166.4 68.7 87.5 98.4 490.8 195.0 73.5 100.9 118.3 3.1 529.4 217.7 76.0 107.4 125.2 3.1 552.7 236.1 75.1 614.0 263.8 128.3 3.2 140.0 3.5 673.5 293.4 98.0 125.4 153.0 3.8 712.9 319.8 99.9 129.2 743.5 341.7 99.8 131.6 166.6 4.0 31 32 33 34 35 36 durables (households) 25 Land at market value 26 H o u s e h o l d sector 27 Farm b u s i n e s s 28 Nonfarm noncorp. business 29 N o n f a r m n o n f i n . corp. bus. 30 Pvt. f i n a n c i a l I n s t i t u t i o n s 1 2 3 4 5 6 7 a 9 10 11 12 22 23 25 26 27 28 Memo: 31 Total real estate (3) 32 H o u s e h o l d sector 33 Farm b u s i n e s s 34 Nonfarm noncorp. business 35 N o n f a r m n o n f i n . corp. bus. 36 Pvt. f i n a n c i a l i n s t i t u t i o n s (1) At current c o s t . (2) At y e a r - e n d p r i c e s . (3) Sum of land, n o n r e s i d e n t i a l Plant, and r e s i d e n t i a l s t r u c t u r e s . Data are in b i l l i o n s of d o l l a r s . 2.8 110.0 88.8 118.0 160.2 3.9 S e p t e m b e r 20, 1994 Tangible Asset H o l d i n g s T a n g i b l e Asset H o l d i n g s B.12 Distribution of T a n g i b l e A s s e t s by Sector 1 5 Year-End O u t s t a n d i n g s 1954 1 2 3 4 5 6 1173 .8 5 1 4 ,4 150 . 1 167 . 0 336 .3 6 .1 7 8 9 10 11 12 295 17 23 36 212 4 13 14 15 16 17 18 19 20 21 22 23 .3 .6 .7 .7 .5 .5 Year-End Outstandings 1955 1263 557 154 176 368 6 .0 .9 .1 .4 .0 .6 1956 1369.. 1 603..2 162.. 1 1 8 5 .4 410 . 8 7 .6 1957 1958 1438 634 169 190 436 8 .7 .3 .3 .3 .6 .2 1491 664 179 194 445 8 .0 .7 . 4 .3 .2 .4 395 25 27 48 287 6 .4 .1 .7 .1 .1 .5 1959 1960 1961 1962 1555 .5 699 .1 184 .4 199 .3 463 .5 9 .1 1608,.0 730 .0 188 .1 203 .3 476 .8 9 .7 1665 .8 761 .2 194,.9 208,.8 490,.5 10,.3 411 .7 2 6 , .6 27 .7 50,.5 299 . 7 7,.3 423 .5 28,.1 28 .2 51,.6 307,.8 7..7 435,.7 30..4 28..8 53..1 315..2 8, 2 453 .4 33,.0 29,.9 55..4 326,. 1 9,.0 Plant and e q u i p m e n t ( 1 ) 7 H o u s e h o l d s e c t o r - - n o n p r o f its 8 Farm b u s i n e s s 9 Nonfarm noncorp. business 10 N o n f a r m n o n f i n . corp. bus. 11 Financial institutions 12 1734 794 202 216 509 11 .9 .5 .4 .8 .9 .3 T o t a l h o l d i n g s of t a n g i b l e s H o u s e h o l d sector Farm business Nonfarm noncorp. business N o n f a r m n o n f i n . corp. bus. Financial institutions 1 2 3 4 5 6 322 .0 19 .6 24 , a 40 .6 ,7 231 . 5..2 358 .1 22 . 1 25 , 9 44 . 9 25* 3 6.. 0 383 23 26 47 279 6 317 .9 209,.7 5 .2 19..3 81 . 7 2. 0 3 4 2 .5 231 .1 5 .4 19.. 6 84..3 2.. 1 3 6 1 .. 8 248..4 5..5 19,-8 85..9 2 . .2 375 . 6 261 . 5 5 .. 6 19 . 6 86, 2 .. 3 3 8 9 ,. 0 273 .4 5.. a 19,. 4 3 7 ,. 8 2..6 4 0 8 , .8 2 9 0 , .5 6 .,0 19,. 4 3 9 , .9 2,,9 426.,0 305. 6 6. 2 19. 2 91, 7 3. 2 442.,4 318. 8 6. 6 19. 2 94.2 3. 6 460..4 332. 3 7..1 1 9 . .1 97. 6 4. 3 Residential structures ( 1 ) Households—owner-occupants Household s e c t o r — n o n p r o f i t s Farm b u s i n e s s N o n f a r m n o n c o r p . business N o n f a r m n o n f i n . corp. bus. Pvt. f i n a n c i a l institutions 13 14 15 16 17 18 19 118. 6 32, 5 14. 4 71. 7 124..9 30. 2 15. 3 79..4 133. 9 30. 4 16. 0 87. 5 137,.3 3 1 .. 5 16.5 8 9 , .3 137,. 5 33 , 8 16,.9 86,. a 1 4 1 . .2 31..6 16,.9 92,,7 145. 2 33.. 0 16. 6 95. 6 147. 1 33. 7 15. 6 97. 8 153.,4 34. 8 15. 8 102. 8 I n v e n t o r i e s (2) Farm b u s i n e s s Nonfarm noncorp. business N o n f a r m n o n f i n . corp. bus. 20 21 22 23 .2 . 0 .0 .5 .9 .8 24 147. 1 157. 3 171. 9 176., 2 1 8 2 , .0 189,.3 193, 7 196, 8 202. 3 Consumer 25 26 27 28 29 30 295. 2 134. 9 74. 5 34. 3 50. 0 1. 6 316. 3 144. 5 79. 4 36. 3 54. 7 1. 4 343. 4 155. 3 86. 0 38. 6 61. 8 1. 6 3 6 6 . ,6 167.,4 9 1 . .3 39. 9 65.8 1. 7 387..9 178.,0 99 . ,4 40..9 67. 8 1 .7 . 404..a 187., 0 105. 7 4 2 ., a 68. 3 1. 3 419. 6 196. 3 107. 7 43. 4 70. 2 2. 0 443. 7 208. 7 113. 2 46. 0 73. 8 2. 1 465. 3 219. 7 118. 6 48. 0 76. 7 2. 3 Land at m a r k e t value H o u s e h o l d sector Farm b u s i n e s s N o n f a r m n o n c o r p . business N o n f a r m n o n f i n . corp. bus. Pvt. f i n a n c i a l i n s t i t u t i o n s 25 26 27 28 29 30 31 32 33 34 35 36 778. 8 365..5 103..6 134. 5 170. 8 4. 4 839. 2 398. 5 109. 5 141. 1 185. 4 4. 8 905. 0 429. 3 117. 2 147. 3 206. 1 5. 4 953. 2 455..6 123.,0 150. 6 218. 2 5. 8 994. 0 479. 4 130. 6 153. 6 224. 3 6. 1 1076. 5 533. 2 139. 7 161. 9 234. 8 7. 0 1125. 7 561. 1 145. 9 168. 5 242. 6 7. 6 Total real estate (3) H o u s e h o l d sector Farm business N o n f a r m n o n c o r p . business N o n f a r m n o n f i n . c o r p . bus. Pvt. f i n a n c i a l institutions 31 32 33 34 35 36 durables ( h o u s e h o l d s ) 24 Memo: 1038. 9 507. 1 137. 4 158. 0 230. 0 6. 5 1175. 5 588. 6 152. 1 175. 9 250. 5 8. 4 CI) At current cost. (2) At y e a r - e n d p r i c e s . (3) Sum of land, n o n r e s i d e n t i a l plant, and r e s i d e n t i a l s t r u c t u r e s . Data are in billions of d o l l a r s . S e p t e m b e r 20, 1994 T a n g i b l e Asset H o l d i n g s T a n g i b l e Asset H o l d i n g s B . 12 D i s t r i b u t i o n of T a n g i b l e A s s e t s by S e c t o r 16 Year-End Outstandings Year-End Outstandings 1965 1963 1969 1970 1971 1811. 4 833. 0 211. 0 223. 8 531. 5 12. 1 1906. 7 874. 9 219. 7 236. 2 562. 1 13. 8 2028. 6 919. 2 236. 5 250. 9 606. 5 15. 5 2200. 3 991. 8 248. 7 271. 8 670. 4 17. 6 2353. 6 1059. 4 261. 2 288. 4 725. 1 19. 5 2603. 2 1182. 0 277. 3 322. 5 798. 1 23. 3 2851. 2 1282. 8 292. 0 356. 5 886. 5 33. 4 3058. 0 1363. 9 301. 9 385. 5 968. 7 38. 1 3337. 2 1478. 1 327. 5 430. 3 1057. 2 44. 1 1 2 3 4 5 6 7 Plant and e q u i p m e n t (1) 8 Household s e c t o i — n o n p r o f i t s 9 Farm b u s i n e s s 10 Nonfarm noncorp. business 11 N o n f a r m n o n f i n . c o r p . bus. 12 Financial institutions 472. 9 35. 8 31. 4 58. 1 337. 9 9. 7 500. 4 38. 8 33. 0 61. 9 355. 8 11. 0 542. 3 42. 8 35. 5 67. 8 383..6 12..5 598, 7 47. 5 38. 7 75.,3 422. 9 14. 2 649. 4 50. 9 41. 6 81. 0 460. 0 15. 9 719. 3 57. 2 45. 2 89. 1 508. 7 19..1 796. 3 64. 4 49. 4 98. 8 561. 8 22..0 878. 8 71. 5 53. 3 109. 2 619. 9 24. 9 967. 7 80. 8 58. 0 121. 1 678. 8 29. 1 7 8 9 10 11 12 13 R e s i d e n t i a l s t r u c t u r e s (1) 14 Households--owner-occupants 15 Household s e c t o r — n o n p r o f i t s 16 Farm b u s i n e s s 17 Nonfarm noncorp. business 18 N o n f a r m n o n f i n . c o r p . bus. 19 Pvt. f i n a n c i a l i n s t i t u t i o n s 474.,1 342..4 7. 5 18..8 100..3 5..1 505. 6 365.,1 8.,3 19. 2 107..1 6.,0 532..5 385..0 9..0 19. 2 112 .3 6 .9 576. 9 417.,7 10..0 20.. 1 121, 2 7,.9 608. 7 441..8 10. 7 20. 6 127.,1 8..6 683. 9 496. 2 12.,0 22. 2 143.,0 10..4 752..0 544. 3 13..2 23..5 158..5 12..5 0..1 795..0 574. 4 13..7 24,,2 168..6 14,.1 0..1 886. 8 640. 4 14. 9 25. 7 189. 1 16. 6 0..1 13 14 15 16 17 18 19 20 I n v e n t o r i e s (2) 21 Farm b u s i n e s s 22 Nonfarm noncorp. business 23 N o n f a r m n o n f i n . c o r p . bus. 158.,7 34,.9 15,. 1 108 .7 164..2 33. 3 15..1 115..8 178,.4 37 .4 15..8 125,.2 195 .1 36 .3 16,.4 142 .3 206..0 36..5 17,.1 152,.4 221. 3 38,.7 17..6 165..0 242..5 41..9 18,.3 182 .3 249 .3 40,.1 19,.1 190 .1 267 .4 45..0 21..7 200..7 20 21 22 23 24 C o n s u m e r 2 1 2 .8 223 .7 236 .1 258 .5 2 8 3 .2 314..2 343 .7 3 7 2 .4 393..7 24 664..5 302 .4 171 .2 72 .8 114 .0 4 .2 716 317 177 80 130 11 .7 .2 .2 .9 .0 .4 762 .5 331 .8 184 .3 8 8 .6 144 .7 13 .1 821..6 348..4 198,.8 98,.4 161..2 14 .8 25 26 27 28 29 30 1736. 6 862..4 216..0 268..0 374..6 15..7 1903..1 933. 3 225 8 298,.4 421..0 24..7 2039. 5 985,.3 236..1 322. 8 467..4 28 ,0 2249. 8 1077. 9 255.,4 362..1 5 2 2 .4 32 .0 31 32 33 34 35 36 1 T o t a l h o l d i n g s of t a n g i b l e s 2 H o u s e h o l d sector 3 Farm business 4 Nonfarm noncorp. business 5 N o n f a r m n o n f i n . c o r p . bus. 6 Financial institutions durables (households) 25 Land at market value 26 H o u s e h o l d sector 27 Farm business 28 Nonfarm noncorp. business 29 N o n f a r m n o n f i n . corp. bus. 30 Pvt. financial i n s t i t u t i o n s 4 9 2 .9 2 3 4 .5 125 .9 50 .3 79 .8 2 .3 512 .8 239 .1 134 3 5 2 .1 8 4 .5 2 .9 539 .4 246 .3 144 .3 5 4 .9 90 .8 3 .0 571 .2 2 5 8 .2 153 .6 58 .8 97 .2 3 .4 606 .2 2 7 2 .9 162 .6 63 .2 104 .0 3 .5 31 Total real estate (3) 32 H o u s e h o l d sector 33 Farm b u s i n e s s 34 Nonfarm noncorp. business 35 N o n f a r m n o n f i n . c o r p . bus. 36 Pvt. f i n a n c i a l i n s t i t u t i o n s 1227. 2 616. 4 160.,1 182. 9 258. 8 9. 0 1293. 3 647. 2 169..7 194.,0 272..2 10..3 1369..9 678..9 181 .1 206,.2 292,.5 11,.2 1474. 2 728. 7 192..8 223. 6 316..6 12..6 1564., 0 771..1 203. 5 237. 2 338. 9 13. 3 (1) At current c o s t . (2) At y e a r - e n d p r i c e s . (3) Sum of land * n o n r e s i d e n t i a l plant, and r e s i d e n t i a l s t r u c t u r e s . Data are in b i l l i o n s of d o l l a r s . S e p t e m b e r 20, 1994 Tangible Asset H o l d i n g s T a n g i b l e Asset H o l d i n g s B . 1 2 D i s t r i b u t i o n of T a n g i b l e A s s e t s by S e c t o r 1 7 Year-End O u t s t a n d i n g s Year-End Outstandings 1972 1973 1974 1975 1976 1977 1978 1979 1 2 3 4 5 6 3 7 5 4 .7 1667 .7 370 .6 496 .9 1168 .5 51 .1 4321 .2 1887 .8 4 5 5 .5 5 7 4 .0 1342 .0 61 .9 5 0 0 3 .7 2146 .8 5 0 5 .5 6 5 2 .7 1621 .5 77 .3 5 5 4 3 .9 2391 .1 5 6 4 .3 706 .2 1792 .0 90 .2 6166 .8 2 6 8 3 .8 643 .0 771 .9 1965 .6 102 .6 6971 .3 3 0 8 8 .3 7 1 4 .4 8 6 9 .0 2186 .8 112 .8 8 0 6 4 .4 3601 .3 841 .0 1006 .5 2485 .2 130 .5 9 3 6 8 .0 4 1 7 8 .7 971 .8 1199 .4 2 8 6 3 .7 154 .4 10652 .6 4 7 0 3 .0 1073 .7 1411 .1 3278 .4 186 .4 7 a 9 10 11 12 1076 .4 90,.9 64,.2 134,.6 752,.7 34 .0 1223 102 72 154 852 41 .1 .5 .4 .0 .6 ,7 1459 .5 116 .2 87 .6 179 .5 1023 .5 52,.8 1638 .0 125 .7 97 .1 196,.1 1157,.8 61,.4 1784 .5 134 .3 107 .4 209 .3 1262 .8 70 .6 1981 147 120 232 1403 77 2250 167 136 267 1589 90 .8 .1 .6 .3 .5 .3 2585 .6 190 .9 156 .9 310 .5 1818 .7 108,.6 2 9 7 4 .2 215 .6 174 .5 359 .7 2 0 9 4 .2 130 .2 Plant and equipment (1) Household sectoi—nonprofits Farm business N o n f a r m n o n c o r p . business N o n f a r m n o n f i n . corp. bus. F i n a n c i a l institutions 7 8 9 10 11 12 13 14 15 16 17 18 19 1034..0 745. 7 17,.5 28 .3 224 3 18,.0 0..2 1185 .2 856 .9 20 .1 30 .8 257 .8 19,.3 0,.3 1334 .8 968,.9 22 .3 34..2 288,.4 20..5 0..4 1463,.4 1066..9 24. 6 36..8 313..1 21..4 0. 5 1630 .9 1197 .2 27 .1 39 .7 343.,7 22..6 0..6 1891,.2 1398,.4 31 .0 44 • 5 392..3 24..6 0..5 2211 .2 1644 .3 35,.7 50,,0 453,.8 26.,9 0..5 2547,.1 1872,.8 41..2 55..0 547. 8 29.,7 0. 5 2840 .0 2062, 46..5 60..3 638..4 32,.2 0..4 R e s i d e n t i a l s t r u c t u r e s (1) Households—owner-occupants Household sector--nonprofits Farm business N o n f a r m n o n c o r p . business N o n f a r m n o n f i n . c o r p . bus. P v t . f i n a n c i a l institutions 13 14 15 16 17 18 19 20 21 22 23 296.,6 55. 3 24.,0 217. 3 365.,1 78..0 27. 3 259. a 435. 2 74. 3 29. 6 331. 3 440.,0 75. 5 27. 3 337. 2 475,.3 72. 2 27. 9 375. 2 521. 6 75. 2 29. 5 416. 9 605.,3 92.,1 32. 6 480. 6 702. 6 97. 9 35. 5 569. 2 784. 2 104. 9 35. 3 644. 0 I n v e n t o r i e s (2) Farm business Nonfarm noncorp. business N o n f a r m n o n f i n . corp. bus. 20 21 22 23 24 424. 7 470..5 544. 2 595. 7 652. 8 725. 5 815. 2 924. 4 1014. 3 Consumer 25 26 27 28 29 30 922. 9 388. 9 222. 7 114. 0 180. 4 16. 9 1077. 3 437. 9 274. 3 135. 0 210. 3 19. 9 1230. 1 495. 2 309. 4 155. 3 246. 2 24. 1 1406. 7 578. 2 354. 9 169. 7 275. 5 28. 3 1623. 4 672. 4 423. 7 190. 9 305. 0 31. 4 1851. 6 786. 2 474. 2 214. 8 341. 6 34. 8 2182. 0 939. 1 562. 3 252. 7 388. 2 39. 7 2608. 3 1149. 3 662. 0 305. 6 446. 0 45. 4 3039. 9 1364. 4 734. 0 377. 7 508. 0 55. 8 Land at m a r k e t value H o u s e h o l d sector Farm business N o n f a r m n o n c o r p . business N o n f a r m n o n f i n . corp. bus. P v t . f i n a n c i a l institutions 25 26 27 28 29 30 31 32 33 34 35 36 2574. 4 1236. 1 285. 0 423. 3 593. I 36. 8 2972. 0 1409. 9 343. 4 491. 5 684. 6 42. 6 3387. 7 1593. 7 387. 4 556. 7 800. 0 50. 1 3775. 9 1785. 6 440. 0 605. 5 888. 1 56. 7 4231. 9 2020. 6 515. 9 664. 6 969. 2 61. 6 4822. 0 2351. 6 577. 6 751. 0 1074. 7 67. 2 5617. 7 2772. 4 679. 6 871. 0 1218. 7 76. 0 6561. 1 3237. 5 794. 1 1041. 0 1400. 7 87. 8 T o t a l r e a l estate (3) H o u s e h o l d sector Farm business N o n f a r m n o n c o r p . business N o n f a r m n o n f i n . corp. bus. P v t . f i n a n c i a l institutions 31 32 33 34 35 36 .4 .2 .6 .5 .7 .4 1980 T o t a l h o l d i n g s of tangibles H o u s e h o l d sector Farm business N o n f a r m n o n c o r p . business N o n f a r m n o n f i n . corp. bus. Financial institutions durables 1 2 3 4 5 6 ( h o u s e h o l d s ) 24 Memo: 7492. 4 3667. 9 880. 4 1234. 3 1604. 6 105. 3 C D At current c o s t . (2) At y e a r - e n d p r i c e s . (3) Sum of l a n d , n o n r e s i d e n t i a l plant, and r e s i d e n t i a l s t r u c t u r e s . Data are in billions of d o l l a r s . S e p t e m b e r 20, 1994 Tangible Asset Holdings T a n g i b l e Asset H o l d i n g s B . 1 2 D i s t r i b u t i o n of T a n g i b l e A s s e t s by S e c t o r 18 Year-End O u t s t a n d i n g s Year-End Outstandings 1981 1982 1983 1984 1985 1986 1987 1988 1989 11665. 3 5096. 5 1088. 8 1587. 9 3674. 2 218. 0 12228.1 5358.5 1060.2 1703.3 3860.1 246.0 12794. 6 5672. 8 1057. 4 1812. 3 3979. 4 272. 7 13614. 0 6160. 0 962. 7 1973. 6 4215. 4 302. 2 14392. 0 6603. 2 878. 9 2170. 5 4399. 0 340. 4 15189. 7 7100. 4 825. 3 2329. 0 4545. 7 389. 3 16175. 4 7656. 1 853. 8 2472. 0 4750. 8 442. 8 17125. 2 8102. 8 864. 7 2605. 7 5056. 7 495. 2 18263. 7 8708. 6 887. 2 2776. 5 5334. 4 557. 2 1 2 3 4 5 6 7 Plant and equipment (1) 8 Household s e c t o i — n o n p r o f i t s 9 Farm b u s i n e s s 10 Nonfarm noncorp. business 11 N o n f a r m n o n f i n . corp. bus. 12 Financial institutions 3363. 3 237. 8 186. 9 415. 3 2369. 4 153. 9 3589.0 256.0 188.4 444.9 2525.9 173.8 3707. 1 273. 4 187. 3 459. 6 2594. 8 192. 1 3899. 4 290. 9 184. 0 490. 2 2716. 6 217. 7 4112. 7 308. 1 178. 5 528. 3 2852. 2 245. 5 4322. 2 327. 8 174. 2 565. 5 2972. 7 282. 1 4515. 9 349. 9 170. 7 600. 8 3077. 5 317. 0 4810. 3 376. 9 167. 9 649. 2 3256. 9 359. 3 5084. 2 403. 6 169. 1 692. 2 3414. 5 404. 8 7 8 9 10 11 12 13 R e s i d e n t i a l s t r u c t u r e s CI) 14 Households--owner-occupants 15 Household s e c t o r — n o n p r o f i t s 16 Farm b u s i n e s s 17 Nonfarm noncorp. business 18 N o n f a r m n o n f i n . corp. bus. 19 Pvt. f i n a n c i a l i n s t i t u t i o n s 3049. 6 2193.,3 50., 0 63,.4 708,, 7 33..8 0..4 3148.3 2265.7 51.6 64.3 731.8 34.5 0.4 3279. 9 2368. 3 53. 3 64.,5 758..1 35..3 0..4 3448. 6 2496. 8 55. 5 65. 0 794. 6 36. 3 0..5 3639. 1 2634.. 1 58. 4 65. 5 842.,6 37..9 0.,6 3902. 1 2840, 6 61. 9 66. 8 892. 3 39..6 0..8 4213. 2 3081. 8 66. 3 69,,3 953..0 41..8 1..0 4298.,0 3156. 5 66.,9 68,.1 963..5 41..7 1. 2 4566. 1 3370. 3 70. 2 70. 2 1010..7 43,.4 .4 13 14 15 16 17 18 19 836 . 1 101 , 4 34 699 .9 817.1 103.6 34.1 679.4 827..6 103..2 34 .4 690 .0 898,.8 100..9 37,.4 760 .5 887..8 90..5 38 .4 758 .9 950..6 90..9 42 .0 817 .7 1023..8 95..4 45 .3 883 .1 1081,.6 96.,3 49,.3 936..0 20 21 22 23 1 T o t a l h o l d i n g s of t a n g i b l e s 2 H o u s e h o l d sector 3 Farm b u s i n e s s 4 Nonfarm noncorp. business 5 N o n f a r m n o n f i n . corp. bus. 6 Financial institutions 20 I n v e n t o r i e s (2) 21 Farm business 22 Nonfarm noncorp. business 23 N o n f a r m n o n f i n . corp. bus. 24 C o n s u m e r durables (households) 25 Land at m a r k e t value 26 H o u s e h o l d sector 27 Farm business 28 Nonfarm noncorp. business 29 N o n f a r m n o n f i n . corp. bus. 30 Pvt. f i n a n c i a l I n s t i t u t i o n s 904..3 96 .6 39 .6 768 .1 1086 .2 1133.7 1193 .8 1281 .5 1391 .1 1527 .5 1659 .5 1808 .4 1929 .6 24 3330 . 1 1529 .2 737 . 1 429 .1 571 63 .6 3540.0 1651.5 703.9 492.5 620.4 71.7 3786 .2 1784 .0 702 .4 560 .2 659 .4 80 .2 4085 .7 2035 .4 612 .9 651 .5 701 .9 8 4 .0 4 3 4 4 .8 2211 .5 5 3 8 .3 759 .9 740 .8 94 .3 4550 .0 2 3 4 2 .7 493 .8 8 3 2 .7 774 .5 106 .4 4836 .2 2498 .6 5 2 2 .9 876 .3 813 .7 124 .7 5 1 8 4 .7 2694 .1 5 3 3 .2 947 .8 875 . 0 134 .7 5602 .2 2934 .9 551 . 5 1024 .4 940 . 4 151 .0 25 26 27 28 29 30 8201..3 3985..8 893..3 1390..5 1809,.8 121 .9 8637. 7 4197. 1 863. 7 1495, 3 1942. 3 139.,3 9083. 0 4448. 4 864.,1 1595.,6 2019..4 155..5 9665. 2 4845..1 777..1 1740..5 2133..5 169 .0 10241. 7 5175..1 705. 3 1920..8 2248..5 191..9 10802.,5 5531. 3 663.,4 2062.,7 2327..0 218..1 11508. 7 5949..4 695. 6 2188..9 2424. 3 250..5 12115..2 6240. 6 706..0 2300,.5 2593..5 274 .5 12949. 8 6717..7 726..5 2450,.0 2747 .9 307 .8 31 32 33 34 35 36 Memo: 31 T o t a l real estate (3) 32 H o u s e h o l d sector 33 Farm business 34 Nonfarm noncorp. business 35 N o n f a r m n o n f i n . corp. bus. 36 Pvt. f i n a n c i a l institutions (1) At current c o s t . (2) At y e a r - e n d p r i c e s . (3) Sum of land, n o n r e s i d e n t i a l plant, and r e s i d e n t i a l s t r u c t u r e s . Data are in b i l l i o n s of d o l l a r s . September 20, 1994 Tangible Asset Holdings Tangible Ass_.*t- H o l d i n g ? 19 B.12 D i s t r i b u t i o n of Tangible Assets by-Sefctbr r Year-End Outstandings Year-End Outstandings 1990 1991 1992 1993 1 2 3 4 5 6 18300. 8 8774. 7 902. 9 2717. 4 5325. 9 579. 9 18436. 2 9286. 0 894. 4 2620. 3 5042. 6 592. 9 18429. 9 9557. 1 907. 0 2527. 5 4818. 9 619. 4 19024. 4 9970. 1 933. 4 2509. 3 4964. 6 647. 0 7 8 9 10 11 12 5320. 7 427. 1 169. 3 718. 3 3563. 8 442. 2 5419. 9 443. 0 166. 6 724. 1 3624. 3 462. 0 5549. 5 464. 3 163. 8 726. 0 3704. 3 491. 1 5769. 6 492. 5 164. 7 744. 8 3839. 5 528. 1 Plant and equipment (1) Household sector--nonprofits Farm business Nonfarm noncorp. business Nonfarm nonfin. corp. bus. Financial institutions 13 14 15 16 17 18 19 4795. a 3560. i 72. 9 72,.4 1044..4 44..4 1..6 4964. 9 3703. 9 72. 7 73. 9 1067. 6 45. 0 1. 9 5201. 7 3901. 9 73. 3 75. 3 1103. 1 45. 7 2. 4 5521. 3 4163.,8 74. 7 77. 9 1155. 3 46. 3 3. 2 Residential structures (1) 13 Households--owner-occupants 14 Household sector--nonprofits 15 Farm business 16 Nonfarm noncorp. business 17 Nonfarm nonfin. corp. bus. 18 Pvt. financial institutions 19 20 21 22 23 1110..4 94. 7 50.,8 964.,9 1091. 4 90. 5 50. 0 950. 9 1104. 9 95. 8 50. 5 958. 6 1118. 4 97. 6 32.,0 988..8 Inventories (2) Farm business Nonfarm noncorp. business Nonfarm nonfin. corp. bus. 24 2047..1 2138. 9 2222.,2 2336,.3 Consumer 25 26 27 28 29 30 5026.,8 2667,.6 566..5 903..9 752.7 136 .1 4821 .. 1 2927. 6 563,,5 778.,6 422..4 129..1 4351..7 2895..5 572..1 647,.9 110..3 125..9 4278..8 2902,.8 593..2 577..2 90..0 115..6 Land at market value Household sector Farm business Nonfarm noncorp. business Nonfarm nonfin. corp. bus. Pvt. financial institutions 25 26 27 28 29 30 31 32 33 34 35 36 12722 .2 6659 .3 743 .0 2381 .3 2629 .2 309 .3 12738 .4 7074 .6 739 . 0 2281 . 0 2328 .1 315 .7 12572 .9 7258 .0 747 .3 2188 .4 2050 .8 328 .3 12933 .3 7552 .8 771 .6 2177 .9 2093 .4 337 .6 Total real estate (3) Household sector Farm business Nonfarm noncorp. business Nonfarm nonfin. corp. bus. Pvt. financial institutions 31 32 33 34 35 36 Total holdings of tangibles Household sector Farm business Nonfarm noncorp. business Nonfarm nonfin. corp. bus. Financial institutions durables are in billions of dollars. 7 8 9 10 11 12 20 21 22 23 (households) 24 (1) At current cost. (2) At year-end prices. (3) Sum of land# nonresidential plant, and residential structures. Data 1 2 3 4 5 6 S e p t e m b e r 20, 1994 H o u s e h o l d Sector H o u s e h o l d Sector 20 B . 1 0 0 B a l a n c e Sheet of the H o u s e h o l d Sector (1) Year-End O u t s t a n d i n g s Year-End Outstandings 1 T o t a l assets 2 T a n g i b l e assets 3 4 5 6 7 8 9 10 11 R e p r o d u c i b l e assets Residential structures O w n e r - o c c u p i e d housing Nonprofit institutions N o n p r o f i t plant & e q u i p . C o n s u m e r d u r a b l e goods Land O w n e r - o c c u p i e d (2) Nonprofit institutions 12 Total f i n a n c i a l assets 13 14 15 16 17 Deposits C h e c k a b l e d e p o s i t s & curr. Small time & s a v i n g s dep. Large time d e p o s i t s M o n e y market fund shares 18 19 20 21 22 23 Credit market I n s t r u m e n t s U.S. govt, s e c u r i t i e s Treasury Savings bonds Other T r e a s u r y Agency 24 25 26 27 Tax-exempt securities C o r p o r a t e and fgn. b o n d s Mortgages Open market paper 28 29 M u t u a l fund shares Corporate equities 30 31 32 Life insurance r e s e r v e s Pension fund r e s e r v e s Inv. in bank p e r s o n a l trusts 33 34 35 E q u i t y in n o n c o r p . b u s . S e c u r i t y credit Miscellaneous assets (3) 36 Total l i a b i l i t i e s 1950 1951 1952 1953 972.3 1090. 5 1195. 4 1262. 3 1312.4 1 323.5 373. 1 419. 1 455. 2 486.3 2 211.2 124.1 119.6 4.5 10.9 76.3 232.4 134.6 130.0 4.6 11.3 86.6 276. 0 154. 9 150. 0 4. 8 13. 0 108. 2 313. 0 173. 8 168. 8 5. 0 14. 8 124. 4 337. 2 187. 4 182. 3 5. 1 15. 8 134. 0 358.8 199.3 194.2 5.1 16.5 143.0 3 4 5 6 7 8 76. 7 70. 9 5. 8 83.4 77.4 6.0 91.0 84.7 6.4 97. 1 89. 7 7. 4 106. 1 98. 0 8. 0 118. 0 109. 3 8. 7 127.5 118.4 9.1 9 10 11 617. 4 633.1 648.8 717. 4 776. 3 307. 2 826.1 12 142. 6 63..0 78..9 0..7 151.9 64.1 87. 0 0.8 13 14 15 16 17 1948 1949 878. 2 927.7 220.1 260. 7 294.7 150.3 88.9 85.1 3.8 8.2 53.2 184. 0 108. 8 104. 5 4. 3 10. 0 65. 1 66.1 62.4 3.8 69.8 64.5 5.2 538.9 573.6 1945 1946 1947 731.2 793.7 192.3 126.2 73.5 70.2 3.3 6.4 46.2 104.2 53.9 49.8 0.4 115.4 58.8 56.1 0.4 118. 7 58. 7 59. 6 0. 5 118.5 56.2 61.8 0.5 119.3 54.3 64.4 0.6 124. 2 56. 8 66. 8 0. 5 133. 1 60. 9 71. 6 0. 7 90.8 66.4 66.5 42.9 23.6 -.1 90.0 64.9 65.1 44.2 21. 0 -.2 91. 1 64. a 65.,i 46. 2 18. 8 3 93.4 65.6 65.8 47.8 18.0 -.2 94.3 67.0 67.3 49.3 18.0 -.2 95. 7 66. 1 66. 5 49. 6 16.,9 ,4 96. 6 65. 2 65. 4 49..1 16..3 2 104..6 67.4 67..4 49. 2 18.. 2 109.6 68.2 68. 0 49.4 18.7 0.2 18 19 20 21 22 23 3.9 8.4 12.2 0.1 3.8 7.5 13.7 0.2 4.-5 6.,6 15..0 0..2 4.6 6.7 16.2 0.3 3.7 6.3 16.9 0.4 5..5 6.. 0 17,.5 0,,5 5..7 6..3 18..4 0..9 11,. 0 6,. 0 19 .1 1 .2 , 13.9 6.0 20.1 1.5 24 25 26 27 109.5 1.3 101.3 1,.4 98..8 1.5 97.5 3.1 105.0 3 .3 128,. 7 3,.5 151.. 1 3 .9 152 .5 4.1 146.2 28 29 39.6 12.3 43.4 13.5 46 .5 15,.8 49.4 18.2 52.1 21.1 55 . 0 24 .3 57 .8 27 .8 60 .7 33 .4 63.6 38.4 30 31 32 174.4 0.7 6.3 201. 0 0.7 7.1 236 .9 0 .7 7 .6 246. 0 0.7 8.0 244.9 0.7 8.4 276 .5 1. 0 8 .7 296 .3 0 .9 9 .3 298 .7 0 .7 10 .0 300.9 0.7 10.6 33 34 35 30. 0 36.3 44 .9 53.2 61.4 73 .9 8 2 .6 94 .5 107.2 36 27 .6 42 .8 26 .6 13 .2 50.9 31.2 16.3 58.7 35.3 19.4 70 .5 41 .7 23 .9 79 . 1 48 .0 25 .4 90 .8 54 .2 30 .5 102.9 61.4 34.6 37 38 39 6.8 34.4 21.9 9.7 40 41 T a x - e x e m p t debt Commercil mortgages 0.5 0.7 0 .8 1.2 1.6 2 .0 2 .5 3 .0 3.4 40 41 42 43 Bank loans n . e . c . Other loans 2.1 0.1 2.0 0 .1 2. 1 0.1 2.2 0.1 2.4 0 .2 2 .6 0 .4 2 .8 0 .2 2 .9 0.3 3.1 42 43 1.2 0.5 0.6 0.7 0 .6 0 .8 0.6 0.9 0.9 0.9 1 .5 1 .0 1 .4 1 .0 1 .5 1 .1 1.8 1.2 44 45 0.6 0.7 0 .8 0.8 0.9 1 .0 1 .1 1 .2 1.3 46 37 38 39 44 45 46 Credit market i n s t r u m e n t s Home mortgages C o n s u m e r credit S e c u r i t y credit Trade credit Deferred and unpaid life insurance p r e m i u m s - 48 D i s p o s a b l e personal income 49 O w n e r - o c c . real estate (4) Home m o r t g a g e s as percent of 50 o w n e r - o c c . real estate 51 Nonprofit real estate (5) " 132.5 13.5% 13.2 (1) H o u s e h o l d s and n o n p r o f i t o r g a n i z a t i o n s . (2) Includes vacant land. (3) N o n c o r p o r a t e f a r m s , n o n f a r m n o n c o r p o r a t e b u s i n e s s , and u n i n c o r p o r a t e d s e c u r i t y b r o k e r s and d e a l e r s . (4) Lines 5 + 10. (5) L i n e s 6 + 1 1 + n o n r e s i d e n t i a l plant from line 7. Data are 1167.8 910.8 47 Net worth in b i l l i o n s of d o l l a r s . 158.9 168.8 188.2 187.9 207.5 227.6 240.2 255.5 48 149.6 175.5 197.1 214.7 239.7 266.8 291.6 312.6 49 14.6% 15.1% 15.8% 16.4% 17.4% 17.9% 18.5% 19.6% 50 16.8 19.5 20.6 21.4 24.1 26.6 28.2 29.0 51 September 20, 1994 Tangible Asset Holdings Tangible Asset Holdings 19 B.12 Distribution of Tangible Assets by Sector Year-End Outstandings Year-End Outstandings 1990 1991 1992 1993 1 2 3 4 5 6 18300. 8 8774. 7 902. 9 2717. 4 5325. 9 579. 9 18436. 2 9286. 0 894. 4 2620. 3 5042. 6 592. 9 18429. 9 9557. 1 907. 0 2527. 5 4818. 9 619. 4 19024. 4 9970. 1 933. 4 2509. 3 4964. 6 647. 0 7 8 9 10 11 12 5320. 7 427. 1 169. 3 718. 3 3563. 8 442. 2 5419. 9 443. 0 166. 6 724. 1 3624. 3 462. 0 5549. 5 464. 3 163. 8 726. 0 3704. 3 491.,1 5769. 6 492. 5 164. 7 744. 8 3839. 5 528.,1 Plant and equipment (1) Household sector--nonprofits Farm business Nonfarm noncorp. business Nonfarm nonf in. corp. bus. Financial institutions 13 14 15 16 17 18 19 4795. 8 3560. 1 72. 9 72. 4 1044..4 44..4 1.,6 4964. 9 3703. 9 72. 7 73. 9 1067.,6 45.. 0 1. 9 5201. 7 3901. 9 73. 3 75. 3 1103., 1 45.,7 2..4 5521. 3 4163.,8 74.,7 77.,9 1155..3 46..3 3.,2 Residential structures (1) Households--owner-occupants Household sector--nonprofits Farm business Nonfarm noncorp. business Nonfarm nonfin. corp. bus. Pvt. financial institutions 20 21 22 23 1110..4 94..7 50..8 964..9 1091.,4 90. 5 50.. 0 950.,9 1104..9 95..8 50..5 958,.6 1118,.4 97,.6 32,.0 988..8 Inventories (2) Farm business Nonfarm noncorp. business Nonfarm nonf in. corp. bus. Total holdings of tangibles Household sector Farm business Nonfarm noncorp. business Nonfarm nonfln. corp. bus. Financial institutions 24 2047,.1 2138..9 2222,.2 2336 .3 Consumer 25 26 27 28 29 30 5026,.8 2667,.6 566..5 903,.9 752.7 136 .1 , 1 4821 . 2927,.6 563,,5 778 .6 422 .4 129,.1 4351..7 2895 .5 572 .1 647 .9 110 .3 125 .9 4278 2902 593 577 90 115 Land a t a -tet value H o u s e h o » : sector Farm b u s ess Nonfarm n o n c o r p . business Nonfarm nonfin. corp. bus. Pvt. financial institutions 31 32 33 34 35 36 12722 .2 6659 .3 743 .0 2381 .3 2629 .2 309 .3 .8 .8 .2 .2 .0 .6 durables (households) Memo: 12738 .4 7074 .6 739 .0 2281 .0 2328 .1 315 .7 12572 .9 7258 .0 747 .3 2188 .4 2050 .8 328 .3 12933 .3 7552 .8 771 .6 2177 .9 2093 .4 337 .6 Total real estate (3) Household sector Farm business Nonfarm noncorp. business Nonfarm nonfin. corp. bus. Pvt. financial institutions (1) At current cost. (2) At year-end prices. (3) Sum of land, nonresidential plant, and residential structures. Data are in billions of dollars. S e p t e m b e r 20, 1994 H o u s e h o l d Sector Household Sector B . 1 0 0 B a l a n c e Sheet 20 of the H o u s e h o l d Sector (1) Year-End O u t s t a n d i n g s Year-End Outstandings 1 T o t a l assets 1945 1946 1947 1948 1949 731.2 793.7 878.2 927.7 972.3 1950 1951 1952 1953 1090.5 1195.4 1262.3 1312.4 1 2 2 Tangible assets 192.3 220.1 260.7 294.7 323.5 373.1 419.1 455.2 486.3 3 4 5 6 7 8 126.2 73.5 70.2 3.3 6.4 46.2 150.3 88.9 85.1 3.8 8.2 53.2 184.0 108.8 104.5 4.3 10.0 65.1 211.2 124.1 119.6 4.5 10.9 76.3 232.4 134.6 130.0 4.6 11.3 86.6 276.0 154.9 150.0 4.8 13.0 108.2 313.0 173.8 168.8 5.0 14.8 124.4 337.2 187.4 182.3 5.1 15.8 134.0 358.8 199.3 194.2 5.1 16.5 143.0 3 4 5 6 7 8 66.1 62.4 3.8 69.8 64.5 5.2 76.7 70.9 5.8 83.4 77.4 6.0 91.0 84.7 6.4 97.1 89.7 7.4 106.1 98.0 8.0 118.0 109.3 8.7 127.5 118.4 9.1 9 10 11 538.9 573.6 617.4 633.1 648.8 717.4 776.3 807.2 826.1 12 104.2 53.9 49.8 0.4 115.4 58.8 56.1 0.4 118.7 58.7 59.6 0.5 118.5 56.2 61.8 0.5 119.3 54.3 64.4 0.6 124.2 56.8 66.8 0.5 133.1 60.9 71.6 0.7 142.6 63.0 78.9 0.7 151.9 64.1 87.0 0.8 13 14 15 16 17 96.6 65.2 65.4 49.1 16.3 -.2 104.6 67.4 67.4 49.2 18.2 109.6 68.2 68.0 49.4 18.7 0.2 18 19 20 21 22 23 9 10 11 R e p r o d u c i b l e assets Residential structures Owner-occupied housing Nonprofit institutions N o n p r o f i t plant & e q u i p . C o n s u m e r d u r a b l e goods Land O w n e r - o c c u p i e d (2) Nonprofit institutions 12 T o t a l f i n a n c i a l 13 14 15 16 17 assets Deposits C h e c k a b l e d e p o s i t s & curr. Small time & savings dep. Large time d e p o s i t s M o n e y market fund shares 90.8 66.4 66.5 42.9 23.6 90.0 64.9 65.1 44.2 21.0 -.2 91.1 64.8 65.1 46.2 18.8 -.3 93.4 65.6 65.8 47.8 18.0 -.2 94.3 67.0 67.3 49.3 18.0 -.2 95.7 66.1 66.5 49.6 16.9 -.4 3.9 8.4 12.2 0.1 3.8 7.5 13.7 0.2 4.5 6.6 15.0 0.2 4.6 6.7 16.2 0.3 3.7 6.3 16.9 0.4 5.5 6.0 17.5 0.5 5.7 6.3 18.4 0.9 11.0 6.0 19.1 1.2 13.9 6.0 20. 1 1.5 24 25 26 27 1.3 109.5 1.3 101.3 1.4 98.8 1.5 97.5 3.1 105.0 3.3 128. 7 3.5 151.1 3.9 152.5 4.1 146.2 28 29 39.6 12.3 43.4 13.5 46.5 15.8 49.4 18.2 52.1 21.1 55.0 24.3 57.8 27.8 60.7 33.4 63.6 38.4 30 31 32 174.4 0.7 6.3 201.0 0.7 7.1 236.9 0.7 7.6 246. 0 0.7 8.0 244.9 0.7 8.4 276.5 1 . 0 8.7 296.3 0.9 9.3 298.7 0.7 10.0 300.9 0.7 10.6 33 34 35 36 T o t a l l i a b i l i t i e s 30.0 36.3 44.9 53.2 61.4 73.9 82.6 94.5 107.2 36 37 38 39 27.6 18.0 6.8 34.4 21.9 9.7 42.8 26.6 13.2 50.9 31.2 16.3 58.7 35.3 19.4 70.5 41.7 23.9 79.1 48.0 25.4 90.8 54.2 30.5 102.9 61.4 34.6 37 38 39 18 19 20 21 22 23 Credit m a r k e t i n s t r u m e n t s U.S. govt, s e c u r i t i e s Treasury S a v i n g s bonds Other T r e a s u r y Agency 24 25 26 27 Tax-exempt securities C o r p o r a t e and fgn. b o n d s Mortgages Open market paper 28 29 M u t u a l fund shares Corporate equities 30 31 32 Life Insurance r e s e r v e s Pension fund r e s e r v e s Inv. in bank p e r s o n a l trusts 33 34 35 E q u i t y in n o n c o r p . bus. S e c u r i t y credit M i s c e l l a n e o u s assets (3) Credit market i n s t r u m e n t s Home m o r t g a g e s Consumer credit 40 41 42 43 44 45 46 T a x - e x e m p t debt Commercil mortgages Bank loans n . e . c . Other loans S e c u r i t y credit Trade credit Deferred and unpaid life insurance p r e m i u m s 47 Net worth 0.5 0.7 0.8 1.2 1.6 2.0 2.5 3.0 3.4 40 41 0.1 2.4 0.2 2.6 0.4 2.8 0.2 2.9 0.3 3.1 42 43 0.2 2.1 0.1 2.0 0.1 2.1 0.1 2.2 1.2 0.5 0.6 0.7 0.6 0.8 0.6 0.9 0.9 0.9 1.5 1.0 1.4 1.0 1.5 1.1 1.8 1.2 44 45 0.6 0.7 0.8 0.8 0.9 1. 0 1.1 1.2 1.3 46 701.3 757.3 833.2 874.5 910.8 1016.5 1112.8 1167.8 1205.2 47 158.9 168.8 188.2 187.9 207.5 227.6 240.2 255.5 48 132.5 149.6 175.5 197.1 214.7 239.7 266.8 291.6 312.6 49 13.5% 14.6% 15.IX 15.8% 16.4% 17.4% 17.9% 18.5% 19.6% 50 Memo: 48 D i s p o s a b l e p e r s o n a l 49 O w n e r - o c c . real estate (4) Home m o r t g a g e s as percent of 50 o w n e r - o c c . real estate 51 Nonprofit * income real estate (5) 13. (1) H o u s e h o l d s and n o n p r o f i t o r g a n i z a t i o n s . (2) Includes vacant land. (3) N o n c o r p o r a t e farms, nonfarm n o n c o r p o r a t e b u s i n e s s , and u n i n c o r p o r a t e d s e c u r i t y brokers and d e a l e r s . (4) Lines 5 + 10. (5) Lines 6 + 1 1 + n o n r e s i d e n t i a l plant from line 7. Data are in b i l l i o n s of d o l l a r s . 24.1 e s * # e # • S e p t e m b e r 20, 1994 1 Sector H o u s e h o l d Sector B. 100 B a l a n c e Sheet of the H o u s e h o l d Sector (1) 21 Year-End Outstandings Outstandings 1 1954 1955 1956 1957 1958 1959 1960 1961 1962 1430.2 1560.0 1667. 8 1700. 9 1876.6 1978.0 2040.3 2222.5 2237. 4 699.1 730.0 761.2 794. 5 T o t a l assets 1 Tangible 2 assets 2 514.4 557.9 603. 2 634. 3 664.1 3 4 5 6 7 379.6 214.9 209.7 5.2 17.6 147.1 413.4 236.5 231.1 5.4 19.6 157.3 447. 9 253. 9 248. 4 5. 5 22. 1 171. 9 466. 9 267. 1 261. 5 5. 6 23. 7 176. 2 486.2 279.2 273.4 5.8 25.0 182.0 512.2 296.6 290.5 6.0 26.6 189.0 533.7 311.9 305.6 6.2 28.1 193.7 552.6 325.4 318.8 6.6 30.4 196.8 574. 7 339. 4 332. 3 7. 1 33. 0 202. 3 R e p r o d u c i b l e assets Residential structures O w n e r - o c c u p i e d housing N o n p r o f i t institutions N o n p r o f i t plant 8 equip. C o n s u m e r durable goods 9 10 134.9 125.7 9.2 144.5 133.8 10.7 155. 3 143. 5 11. 8 167. 4 154. 8 12. 6 178.0 165.4 12.6 187.0 173.8 13.1 196.3 182.6 13.8 208.7 193.7 15.0 219. 7 203. 7 16. 0 Land O w n e r - o c c u p i e d (2) N o n p r o f i t institutions 915.8 1002.1 1064. 6 1066. 5 1212.5 1278.8 1310.3 1461.2 1442. 9 194. 2 67. 7 125. 9 0. 6 210.2 69.9 139.4 0.8 223.6 72.1 150.8 0.6 237.3 73.9 162.0 1.4 254.1 72.6 179.5 2.1 279. 6 72. 2 204. 7 2. 8 Deposits 13 C h e c k a b l e d e p o s i t s 8 curr. 14 S m a l l time 8 savings dep. 15 Large time d e p o s i t s 16 M o n e y market fund shares 17 Credit market instruments U.S. govt. s e c u r i t i e s Treasury S a v i n g s bonds Other T r e a s u r y Agency a 11 Total financial 3 4 5 6 7 8 9 10 11 assets 12 13 14 15 16 17 162.8 65.9 96.1 0.8 172.3 66.9 104.7 0.8 183. 3 68. 6 114. 1 0. 7 18 19 20 21 22 23 109.5 66.2 66.1 50.0 16.1 0.1 117.5 69.4 68.8 50.2 18.6 0.6 124. 8 71. 2 70. 2 50. 1 20..1 1. 0 131. 8 73. 0 71. 5 48. 2 23. 3 1. 5 132.6 69.5 68.6 47.7 20.9 0.8 142.9 73.9 71.6 45.9 25.7 2.3 151.1 73.2 72.2 45.6 26.6 1.0 155.1 72.5 71.9 46.4 25.5 0.6 158. 3 74., 0 73. 7 47., 0 26. 8 0. 2 24 25 26 27 16.0 4.9 21.2 1.2 19.2 5.0 22.5 1.5 21. 9 6..1 24..1 1..6 23..9 7. 2 26..0 1..8 24.6 7.9 28.6 2.0 28.4 8.2 30.7 1.8 31.0 10.6 33.4 2.8 32.5 10.8 36.7 2.5 32., 1 10..2 38.,8 3..3 28 6.1 213.0 7.8 260.7 9..0 279,.6 8 .7 245 .6 13.2 345.0 15.8 369.8 17.0 364.4 22.9 465.3 20,.9 402..4 M u t u a l fund shares Corporate equities 30 31 32 66.3 43.8 69.3 51.8 75 .5 64 .4 78.5 74.8 82.0 84.8 85.2 93.6 88.6 106.9 92..4 113,.4 Life insurance r e s e r v e s 30 Pension fund r e s e r v e s 31 Inv. in bank p e r s o n a l trusts 32 33 34 35 302.3 1.0 10.9 310.3 0.9 11.4 3 2 4 .3 0,.9 11 .7 333 .3 0 .9 12 .0 344.7 1.2 12.3 346.2 1.0 12.8 347.3 1.1 13.3 353.3 1.2 13.8 36 0 .4 1 .2 . 14,.3 E q u i t y in n o n c o r p . bus. S e c u r i t y credit M i s c e l l a n e o u s assets 29 72 .7 58 . 1 119.0 139.7 155 .3 167 .8 179.5 202.1 219.9 237.6 259 .2 37 38 39 113.8 70.1 36.0 133.8 82.1 42.9 149 . 0 92 .8 46 .6 161 .6 101 .3 49 .2 172.1 110.5 49.5 194.0 123.1 57.2 211.7 133.9 61.2 228.0 145.6 63.4 249 .5 159 .0 69 .3 40 41 3.9 3.5 4 .6 5 .3 6.3 7.1 8.4 9.3 10 .3 42 43 0.4 3.4 1.7 3.6 1. 0 3 .9 1 .4 4 .4 1. 0 4.8 1.2 5.4 1.9 6.3 2.6 7.0 3. 1 7 .7 44 45 2.6 1.3 3.0 1.4 3 .1 1 .5 2 .7 1 .7 3.7 1.8 3.7 2.2 3.6 2.3 4.6 2.5 4 .5 2 .6 1.3 1.5 1 .7 1 .8 2.0 2.2 2.4 2.5 2 .7 1311.2 1420.2 1512 .5 1533 .0 1697.1 1775.9 1820.4 1984.9 1978 .1 48 261.3 279.9 298.8 315.3 326.4 346.7 360.6 376.3 398.7 49 335.4 364.8 391.9 416.3 438.8 464.4 488.2 512.5 535.9 50 20.9% 22.5% 23.6% 24.3% 25.1% 26.5% 27.4% 28.4% 51 30.1 33.7 37.1 39.3 40.6 42.7 45.0 48.6 Tax-exempt securities C o r p o r a t e and fgn. bonds Mortgages Open market paper Total in b i l l i o n s of d o l l a r s . 24 25 26 27 28 29 (3) liabilities 33 34 35 36 Credit market instruments Home m o r t g a g e s C o n s u m e r credit 37 38 39 T a x - e x e m p t debt Commercil mortgages 40 41 B a n k loans n . e . c . Other loans 42 43 S e c u r i t y credit T r a d e credit D e f e r r e d and unpaid life insurance p r e m i u m s 44 45 46 income 48 O w n e r - o c c . real estate (4) Home m o r t g a g e s as percent of o w n e r - o c c . real estate 29.6% 49 52.7 Disposable Nonprofit personal real estate (5) (1) H o u s e h o l d s and nonprofit o r g a n i z a t i o n s . (2) Includes vacant land. (3) N o n c o r p o r a t e farms, nonfarm n o n c o r p o r a t e b u s i n e s s , and u n i n c o r p o r a t e d s e c u r i t y brokers and d e a l e r s . (4) Lines 5 + 10. (5) Lines 6 + 1 1 + n o n r e s i d e n t i a l plant from line 7. Data are 18 19 20 21 22 23 50 51 September 20, 1994 Household Sector Household Sector B.100 Balance Sheet of the Household Sector 22 Year-End Year-End Outstandings Outstandings 1 Total assets 2 Tangible assets 3 4 5 6 7 8 9 10 11 (1) 1963 1964 1965 1966 1967 1968 1969 1970 1971 2408.7 2600.1 2806. 4 2893. 9 3206.6 3590. 6 3650.5 3820.5 4208. 5 833.0 874.9 919. 2 991. 8 1059.4 1182. 0 1282.8 1363.9 1478. 1 733. 7 427. 7 417. 7 10. 0 47. 5 258. 5 786.5 452.4 441.8 10.7 50.9 283.2 879. 7 508. 3 496. 2 12. 0 57. 2 314. 2 965.5 557.4 544.3 13.2 64.4 343.7 1032.0 588.1 574.4 13.7 71.5 372.4 1129. 8 655. 3 640. 4 14. 9 80. 8 393. 7 3 4 5 6 7 272.9 246.4 26.5 302. 4 272. % .9 317.2 282.4 34.8 331.8 293.0 38.8 348. 4 305. 3 43. 1 9 10 11 Reproducible assets Residential structures Owner-occupied housing Nonprofit institutions Nonprofit plant 8 equip. Consumer durable goods 598.5 349.9 342.4 7.5 35.8 212.8 635.9 373.4 365.1 8.3 38.8 223.7 672. 9 394. 0 385. 0 9. 0 42. 8 236. 1 Land Owner-occupied (2) Nonprofit institutions 234.5 216.8 17.7 239.1 219.6 19.5 246. 3 224. 6 21. 8 258. 2 234. 2 24. 0 8 1575.7 1725.2 1887. 2 1902. 1 ,08. 6 2367.7 2456.6 2730. 4 13 14 15 16 17 Deposits Checkable deposits & curr. Small time 8 savings dep. Large time deposits Money market fund shares 310.2 76.9 229.7 3.7 342.5 83.3 254.5 4.7 376. 7 89. 9 280. 8 6. 0 398. 1 92. 6 298. 7 6. 9 443. 103.1 332.3 8.1 483. 4 112. 6 358. 5 12. 3 488.1 109.8 373.9 4.4 536.9 117.5 401 .8 17.7 614. 5 131. 2 466. 0 17. 3 13 14 15 16 17 18 19 20 21 22 23 Credit market instruments U.S. govt, securities Treasury Savings bonds Other Treasury Agency 160.0 72.9 73. 0 48.1 24.8 -.1 166.3 73.8 73.6 49.1 24.5 0.2 170. 4 75. 9 74. 8 49.,7 25.,1 1.,1 191. 0 84. 9 79., 1 50. 2 28.,8 5.,9 196.5 85.2 78.9 51.2 27.7 6.3 207. 0 87.8 81. 6 51. 9 29. 8 6. 1 217.1 95.4 88.2 51 .8 36.4 7.2 216.3 89.0 77.5 52.1 25.4 11.5 204. 0 79. 8 69. 2 54. 4 14. 8 10. 6 18 19 20 21 22 23 32.1 10.1 40.3 4.6 34.9 10.3 41.7 5.6 36.,5 9.,2 42.,2 6..6 41.,2 11..9 44,.2 8,.8 36.4 21.3 48.4 15.5 35.4 29.5 49.2 13.2 31. 9 36. 5 46.,4 9. 5 24 25 26 27 12 Total financial assets 24 25 26 27 Tax-exempt securities Corporate and fgn. bonds Mortgages Open market paper 2147. 38.2 16.3 46.0 10.8 36. 5 21.,4 48. 4 13., 0 28 29 Mutual fund shares Corporate equities 24.8 472.7 28.4 544.1 34,.4 616,.1 33,.9 548,.3 43. 0 682. 1 49. 5 815..3 41 .5 587.4 40.4 572.5 48..1 650..9 28 29 30 31 32 Life insurance reserves Pension fund reserves Inv. in bank personal trusts 96.6 127.5 101.1 144.3 105,.9 161,.3 110,.6 171 .8 115.5 194.9 120,.3 217,.8 125.4 230.0 129.8 130.7 252.7 131.6 137 .1 292,.1 155,.9 30 31 32 33 34 35 E q u i t y in n o n c o r p . b u s . Security credit Miscellaneous assets 367.8 1.2 14.8 381.1 1.7 15.7 402 .9 2.5 17 .0 427.6 2 .7 18 .2 446.9 4.9 19.8 486 .5 7.0 21 .6 519.6 5.2 23.8 544.8 4.4 26.3 594..5 4 .9 28 .7 33 34 35 (3) 36 Total liabilities 37 38 39 Credit market instruments Home mortgages Consumer credit 40 41 Tax-exempt debt Commercil mortgages 42 43 Bank loans n.e.c. Other loans 44 45 46 Security credit Trade credit Deferred and unpaid life insurance premiums 47 Net worth - 287.4 316.2 345 .1 368 .0 392.3 425 .5 453.2 471.9 517 .9 275.6 174.6 77.9 304.4 190.8 87.4 332 .3 207 .0 97 .5 354 .5 219 .5 103 .4 374.9 231.9 108.6 404 .5 247 . 0 119 .3 434.5 262.3 129.2 453.4 273.6 133.8 495 .7 296 .5 149 .4 37 38 39 11.3 12.3 13 .4 14 .6 15.6 16 .7 17.9 19.0 20 .3 40 41 3.5 8.4 4.8 9.2 4 .4 10 .0 5. 1 11 .9 5.5 13.3 6 .2 15 .3 6.8 18.3 6.1 20.9 7 .3 22 .3 42 43 6.0 2.9 5.5 3.2 5 .9 3 .6 5 .8 4 .0 8.9 4.6 11 .5 5 .2 8.2 5.8 6.9 6.5 9 .5 7 .3 44 45 2.9 3.0 3 .3 3 .7 3.9 4 .3 4.7 5.1 5 .4 2121.3 2283.9 2461 .3 2526 .0 2814.3 3165 .2 3197.3 3348.6 3690 .6 418.3 454.7 491 .0 530 .7 568.7 617 .8 663.8 722.0 784 .8 609 .6 651 .9 688.2 768 .7 826.7 867.4 945 .7 49 33.7% 32. 1% 31.7% 31.5% 31. 3% 50 83.0 93 .7 106.6 117.8 132 .3 51 Memo: 48 Disposable personal income 49 Owner-occ. real estate (4) Home mortgages as percent of 50 owner-occ. real estate 51 Nonprofit real estate (5) 559.2 31.2% 32.6% 33. 9% 33. 6% 57.2 62.6 69 .3 76 .8 (1) Households and nonprofit organizations. (2) Includes vacant land. (3) Noncorporate farms, nonfarm noncorporate business, and unincorporated security brokers and dealers. (4) Lines 5 + 10. (5) Lines 6 + 1 1 + nonresidential plant from line 7. Data are in billions of dollars. 584.6 48 S e p t e m b e r 20, 1 9 9 4 Household Sector H o u s e h o l d Sector B . 100 B a l a n c e S h e e t of the Household Sector (1) 2 g Year-End O u t s t a n d i n g s 3 4 5 i 9 10 ** Year-End Outstandings 1972 1973 1974 1975 4717 .5 4 9 5 7 .9 1667 .7 1887 5181 .2 5 8 6 4 .4 .8 2391 .1 .8 1278 1278.8 763 .2 763. 2 745 .7 17 .5 90 .9 4 2 4 .7 1449 .9 1449.9 876 8 7 6 ..9 9 856 .9 20 .1 20.1 102 .5 470 .5 1651 .6 1651.6 991 9 9 1 ..2 2 968 .9 22 2 2 ..3 3 116 .2 5 4 4 .2 1812 .9 1812.9 1091 .5 1091.5 1066 .9 .6 24 24.6 125 .7 5 9 5 .7 388 .9 339 .8 49 .1 49.1 437 .9 378 .0 59 5 9 ..8 8 495 .2 426 .3 68 .9 68.9 5 7 8 .2 5 0 5 .2 .0 73 73.0 .8 2146 1976 1977 1978 1979 1980 6706 .0 7352 .8 8 3 8 5 .7 9691 .1 11108 .7 2683 .8 3088 .3 3601 .3 4 1 7 8 .7 4703 .0 2011 .4 2011. 4 1224 .3 1224.3 1197 .2 27 .1 27.1 134 .3 652 .8 2 3 0 2 .1 2302.1 1429 .4 1429.4 1398— .4 31 .0 31.0 147 .2 725 .5 2662. 2 2662 .2 1680 .0 1680.0 1644 .3 35 .7 35.7 167 .1 8 1 5 .2 3029. 4 3029 .4 1914.1 1914 .1 1872 .8 41 41.2 .2 190 .9 924 .4 3338.6 3338 .6 2108.7 2108 .7 2 0 6 2 .1 46.5 46 .5 215 .6 1014 .3 R e p r o d u c i b l e assets Residential structures O w n e r - o c c u p i e d housing N o n p r o f i t institutions N o n p r o f i t plant & equip. C o n s u m e r durable goods 672 .4 5 9 3 .2 79 .2 79.2 786 .2 696 .2 89 .9 89.9 939 .1 8 3 3 .9 105 105.2 .2 1149 .3 1024 .4 .9 124.9 124 1364 .4 1227 .3 137.1 137 .1 Land O w n e r - o c c u p i e d (2) Nonprofit institutions .1 3034 .5 3473 .3 .2 4 2 6 4 .5 4 7 8 4 .4 5 5 1 2 .4 6405 .7 697 6 9 7.2 2 143 .1 5 3 2 .1 2 2 .0 767 7 6 7 ..4 4 151 .9 568 .5 47 .0 830 8 3 0 ..3 3 157 .9 602,.1 67 .9 2 .4 917 .6 917.6 164 .3 696 .5 53,.1 3,.7 1034 .0 1034.0 178,.2 809 .1 43 .3 3 .4 1154 1154.4 .4 195,.1 899 .4 56..9 3..0 1285.6 1285 .6 219 .3 962 .0 95 .9 8..5 1419.2 1419 .2 253 .1 1015 .1 112 .7 38 .3 1572.6 1572 .6 264 . 1 1091 .2 155 .2 62 .1 199 .5 77 .1 72 .2 57 .7 14..5 4..9 220 2 2 0 ..3 3 85,.6 81,.9 60,.4 21..5 3.,7 260, .9 260.9 95 .7 87 .8 63 .3 24,.5 7 .9 273 2 7 3 ..2 2 105,.0 104 .5 67 .4 37 .2 0,.5 283..7 283.7 106,.9 103,.3 72,.0 31,.3 3..6 304. .5 304.5 113,.7 112..2 76..8 35..5 1..5 344 .1 344.1 128..0 118..2 80,.7 37 .5 9,.8 4 1 6 ..8 8 416 183,.1 160 .1 79 .9 80 .3 22 .9 | 32.,4 38.,4 47,.3 4.•,3 39..0 41. 3 46.,1 a. 8 .3 3 47 .1 52..9 49..0 16. .2 16.2 50..3 63 .9 52..4 1, .5 1.5 53,.3 72..1 56,.7 -5. .3 -5. 3 57..2 61..8 63, 5 8, a .,3 3 » 50. 6 723. 6 7i$:t 38, 7 536. 2 28. 2 336. 5 s":I 34..4 453,.5 J5:5 36,.2 654..1 ,ii:f 35. 6 556. 3 30 31 32 143. 9 347. 5 179. 4 151. 3 356. 0 166. 4 158. 4 364, 2 137. 8 166.,5 462. 6 158. 9 175. 3 529. 7 184. 8 33 34 35 671. 8 5. 0 31. 3 794. 8 4. 9 34. 1 877. 4 3. 9 36. 8 961. 5 4. 5 40. 6 1072. 8 5. 7 46. 0 3049 .8 13 15 16 17 20 21 22 23 Si) 3070 4022 4 6 1 ..2 2 461 211..6 180 .7 72,.5 108,.2 30,.8 1:1 a! to "5 «:? ii:i ,;x 69 .7 51,.5 72..7 22..2 74 .3 45..6 85,.8 9A .0n 28. 76..4 31..1 111.,4 a 30..8 silt 36..2 564..0 *11:1 39..4 690,.0 ,ll:t 45. 6 933. 9 184. 8 584. 3 181. 9 196..0 684.,8 192. 8 206..7 792.,0 215. 2 216. 4 949. 3 244. a 1204. 0 5. 7 52. 9 1413. 0 8, 5 59. 5 1656.,1 10. 4 66. 7 1892. 0 16. 2 73. 5 Total assets l T a n g i b l e assets 2 Total f i n a n c i a l assets Credit market instruments U.S. govt, s e c u r i t i e s Treasury S a v i n g s bonds Other T r e a s u r y Agency paper 27 It ,S:i Life insurance r e s e r v e s 30 Pension fund r e s e r v e s 31 Inv. in bank p e r s o n a l trusts 32 E q u i t y in n o n c o r p . bus. S e c u r i t y credit M i s c e l l a n e o u s assets 648. 2 699. 8 755. 3 848. 6 986. 0 1149. 5 1311. 8 1442. 6 553. 1 331. 9 168. 4 624. 0 370. 7 192. 9 675. 3 401. 7 202. 3 728. 8 439. 2 207. 5 817. 0 499. 5 230. 4 951. 1 590. 0 267. 2 1110. 1 696. 4 312. 3 1270. 1 808. 6 350. 6 1391. 1 904. 9 355. 4 40 41 21. 5 0.4 22. 6 1.3 23. 7 2. 7 24. 8 4. 7 25. 6 8. 1 26. 7 10. 7 28. 1 13. 6 29. 6 16. 7 31. 5 T a x - e x e m p t debt Commercil mortgages « 7. 6 23. 6 »:S 11. 2 26. 2 »:l 16. 8 29. 4 ii:5 23. 0 31. 5 IU 23. 4 33. 4 til 23. 4 35. 7 23. 2 39. 5 ill 21. 7 45. 9 III 27. 8 54. 7 ll>7 Ks:,1;:::,"••••• 45 13. 1 8. 2 8. 9 8. 9 7. 4 10. 1 8. 3 10. 6 12. 5 10. 7 14. 5 11. 1 17. 1 11. 9 17. 5 12. 6 24. 7 13. 8 46 6. 0 6. 4 7. 1 7. 7 8. 4 9. 3 10. 3 11. 7 12. 9 4137. 2 4309. 7 4481. 5 5109. 0 5857. 4 6366. 8 7236. 3 8379. 3 9666. 1 1150. 9 1264. 0 1391. 3 1567. 8 1753. 0 848. 5 958. 1 1046. 6 1085.5 1234.9 1395.2 50 30.5% 30.OX 28.7% 27.9% 27.8% 28.1% 28.0% 51 150.6 174.9 198.5 213.5 230.2 256.9 294.2 1953. 0 (3) Total l i a b i l i t i e s 37 38 39 40 41 ti S e c u r i t y credit Trade credit D e f e r r e d and unpaid life insurance p r e m i u m s Disposable personal 33 34 35 36 Credit market instruments Home mortgages C o n s u m e r credit 44 45 46 income 48 49 27.9% O w n e r - o c c . real estate (4) H o m e m o r t g a g e s as percent of 27.5% o w n e r - o c c . real estate 50 340.3 378.5 51 3289.4 Nonprofit real estate C5) (1) H o u s e h o l d s and nonprofit o r g a n i z a t i o n s . (2) Includes vacant land. (3) N o n c o r p o r a t e farms, nonfarm n o n c o r p o r a t e b u s i n e s s , and u n i n c o r p o r a t e d security b r o k e r s and d e a l e r s . (4) L i n e s 5 • 10. (5) Lines 6 + 1 1 + n o n r e s i d e n t i a l plant from line 7. Data are in b i l l i o n s of d o l l a r s . 18 19 20 21 22 23 si:;;:!:;'"*"""""" ! Open market 580. 3 49 9 10 11 Deposits 13 C h e c k a b l e d e p o s i t s 8 curr. 14 Small time 3 savings dep. 15 Large time d e p o s i t s 16 M o n e y market fund shares 17 37 38 39 48 3 4 5 6 7 8 $ s m e b # r _ 2 0 , 1S94 HduSlhotd Sector Household Sector 2 4 B. 100 Balance Sheet of the Household Sector C D Year-End Outstandings Year-End Outstandings 1981 1 Total assets 1982 1983 1984 1985 1986 1987 1988 1989 11893 .9 12679 .9 13757 .6 14702 .2 16271 .4 17780 .6 19035 .7 20448 .4 22510 .3 1 5096 .5 5358 .5 5672 .8 6160 .0 6603 .2 7100 .4 7656 .1 8102 .8 8708 .6 2 3567 .3 2243 .3 2193 .3 50 .0 237 .8 1086 .2 3707 .0 2317 .3 2265 .7 51 .6 256 .0 1133..7 3888 .7 2421 .6 2368 .3 53 .3 273 .4 1193 .8 4124 .6 2552 .2 2496 .8 55 .5 290 .9 1281 .5 4391 .7 2692 .5 2634 .1 58 .4 308 .1 1391 .1 4757 .8 2902 .5 2840 .6 61 .9 327 .8 1527 .5 5157 .5 3148 .1 3081 .8 66 .3 349 .9 1659 .5 5408 .7 3223 .4 3156 .5 66 .9 376 .9 1808 .4 5773 .7 3440 .5 3370 .3 70 .2 403 .6 1929 .6 3 4 5 6 7 8 1529 .2 1379 .3 149 .9 1651 .5 1492 .8 158..8 1784 .0 1615 .5 168 .5 2035 .4 1852 .6 182 .8 2211 .5 2016 .0 195 .5 2342 .7 2137 .6 205 .0 2498 .6 2287 .1 211 .4 2694 .1 2463 .0 231 .0 2934 .9 2688 .3 246 .6 9 10 11 12 Total financial assets 6797 .4 7321 .4 8084 .8 8542 .2 9668 .2 10680 .2 11379 .6 13 14 15 16 17 Deposits Checkable deposits & curr. Small time & savings dep. Large time deposits Money market fund shares 1752 .2 298 .1 1127 ,1 179,.0 148..1 1908,.6 319 .1 1248,.9 160,.2 180,.5 2075 .4 332..4 1436 .1 157..7 149 .3 2329 .5 331 .4 1574 .2 231 .4 192 .6 2454 .4 348 .3 1689 .5 221 .7 194,.9 2656 .7 436 .1 1783 .9 206,.1 230 .6 ia 19 20 21 22 23 Credit market Instruments U.S. govt, securities Treasury Savings bonds Other Treasury Agency 493,,0 230,.0 198,.3 68. 2 130,.1 31,.7 527. 2 237. 4 221..6 68. 3 153. 2 15, a 627 .2 278..7 268 .3 71,.5 196 .8 10..5 712..4 344 .7 310,.8 74,.5 236 .3 33,.9 861,.8 350,.1 306. 2 79..8 226,.4 43..9 93, 2 31,.3 119,.0 19, 4 122..1 24. 9 121. 5 21. 3 156,.7 28..1 121,.4 42, 2 184..3 31,, 1 111, 7 40. 6 46. 6 839. 9 57. 3 904. 7 87..7 1027..8 2 Tangible assets 3 4 5 6 7 a 9 10 11 24 25 26 27 Reproducible assets Residential structures Owneix-occupied housing Nonprofit institutions Nonprofit plant & equip. Consumer durable goods ; Land Owner-occupied (2) NCnprofit institutions Tax-exempt securities Corporate and fgn. bonds Mortgages Open market paper 12345 .6 13801 .7 12 .7 .4 .1 .9 .3 2938 .8 449 .3 1939 .5 280 .9 269 .1 3080 .7 443 .3 2002 .4 288 .9 346 .0 13 14 15 16 17 823 .8 312..5 281 2 93,.3 187,.8 31, 3 1031 .7 360 .3 289 .7 101,.1 188 .6 70..6 1237 .5 499 .1 365 .6 109,.6 256 .1 133,.5 1345,.8 527..4 344..6 117..7 226,.9 182,.8 18 19 20 21 22 23 257. 2 30. 6 124. a 99. 0 242. 5 60. 2 115,.4 93..3 322..5 62 .3 171..7 114..8 375 .3 38,.4 178,.6 146,.1 430, a 60.,6 190, 2 136..8 24 25 26 27 105..7 951,.4 192. 4 1210. 3 318. 3 1398..6 352 5 1383,.0 370,.1 1513,.7 434,.6 1828..5 28 29 2761 431 1829 247 253 28 29 Mutual fund shares Corporate equities 30 31 32 Life Insurance reserves Pension fund reserves Inv. in bank personal trusts 225,,6 1039,.0 248..1 232..8 1261..1 264. 2 240..8 1499 .6 293. 2 246,.0 1669, 8 306,,1 256. 7 2032. 2 358. 3 274..2 2411..1 404,.4 300..3 2616. 2 414..2 325 .5 2860,.7 443,.7 354, 3 3400,.9 515,.1 30 31 32 33 34 35 Equity in noncorp. bus. Security credit . Miscellaneous assets 2057..8 14, 7 80. 4 2060, 4 17. 8 87. 4 2109..7 20. 6 102. 9 2095..3 21. 6 104. 2 2134. 4 35. 132. 5 2199, 3 44..0 149..8 2306..0 39..1 174. 9 2423 .3 40,.9 191. 3 2582 .4 53 .2 206,.2 33 34 35 36 Total liabilities 1552. 2 1625. 1 1801. 8 2019..0 2332. 9 2602. 4 2859..0 3174..1 3496..1 36 37* 38 39 1499. 7 973. 3 372. 3 1568. 1 1004. 7 388. 7 1733. 4 1092. 8 437. 6 1950. 9 1220. 2 519. 3 2242. 7 1378. a 601. 6 2504. 5 1573. 7 659. 1 2770..7 1795. 3 692. 0 3073. 6 2023. 1 742. 1 3379. 6 2253. 1 796. 4 37 38 39 (3) Credit market instruments Home mortgages . Consumer credit 40 41 Tax-exempt debt Commercll mortgages 21.,1 33. 8 29. 6 36. 8 41. 0 49. 9 51. 2 56. 9 81. 3 62. a 79. 1 70. 9 78. 2 81. 0 79. 5 104. 7 81. 9 123. 7 40 41 42 43 Bank loans n.e.c. Other loans 33. 5 65. 8 35. 1 73. 2 35. 6 76. 5 23. 9 79. 4 34. 0 84. 3 32. 2 89. 4 31. 7 92. 4 27. 8 96. 5 25. 8 98. 6 42 43 23. 0 14. 8 25. 8 15. 6 34. 2 18. 0 31. a 21. 2 50. 7 24. 3 57. 4 26. 6 41. 8 31. 4 43. 5 41. 5 42. 5 57. 6 44 45 14. 7 15. 5 16. 1 15. 1 15. 2 13. 9 15. 1 15. 5 16. 4 46 10341. 7 11054. 9 11955. 8 12683. 2 13938. 4 15178. 3 16176. 7 17274. 3 19014. 2 47 income 2174. 5 2319. 6 2493. 7 2759. 5 2943. 0 3131. 5 3289. 6 3548. 2 3787. 0 48 49 Owner-occ. heil istatp (4) Home mortgages is percent qf 50 owner-occ. real estate 3572. 6 3758. 4 3983. 9 4349. 4 4650. 1 4978. 2 5368. 9 5619. 6 6058. 5 49 27.2% 26.7% 27.4% 28.0% 29.6% 31.6% 33.4% 36. OX 37.1% 50 413. 2 438. 6 464. 6 495. 7 525. 0 553. 1 580. 5 621. 1 659. 2 51 44 45 46 Security credit Trade credit Deferred and,unpaid life insurance premiums 47 Net worth Memo: 48 Disposable personal 51 Nonprofit real estate , (5) (1) Households and nonprofit organizations. (2) Includes vacant lgnd, (3) Noncorporate farms, nonfarm noncorporate business, and unincorporated secur ijty , brokers and dealers. (4) Lines 5 • 1Q. (5) Lines 6 • 11 • nonresidential plant fro* line 7. Data are in billions of dollars. S e p t e m b e r 20, 1994 Household Sector H o u s e h o l d Sector B . 1 6 0 B a l a n c e Sheet of the H o u s e h o l d Sector (1) 25 Year-End O u t s t a n d i n g s Year-End Outstandings 1991 1 22797 .3 24820 .1 26021 .6 2 7 4 9 5 .0 2 8 7 7 4 .7 9286 .0 9 5 5 7 .1 9970 .1 3 4 5 6 7 8 6107 .1 3633 .0 3560 .1 72 .9 427 .1 2047 .1 6 3 5 8 .4 3776 .5 3 7 0 3 .9 72 .7 443 .0 2138 .9 6661 .7 3975 .2 3901 .9 73 .3 4 6 4 .3 2 2 2 2 .2 7067 .3 4238 .5 4163 .8 74 .7 4 9 2 .5 2336 .3 Reproducible assets Residential structures O w n e r - o c c u p i e d housing Nonprofit institutions N o n p r o f i t plant 8 e q u i p . C o n s u m e r d u r a b l e goods 9 10 11 2667 .6 2455 .8 211 .8 2927 .6 2780 .1 147 .5 2 8 9 5 .5 2807 .5 8 8 .0 2 9 0 2 .8 2 8 3 3 .2 69 .6 Land O w n e r - o c c u p i e d (2) N o n p r o f i t institutions 15534 .1 16464 .5 17524 .9 12 14022 .6 13 14 15 16 17 3152 .4 448 .8 2068 .7 260 .4 3 7 4 .5 3109 510 2021 193 383 18 19 20 21 22 23 1499 648 449 126 323 198 1446..5 600..1 405,.8 138..1 267. 7 194. 3 1523..1 698 .8 461 .5 157..3 304..3 237..3 1502 .3 683 .4 498 .1 171..9 326..1 185,.4 .3 0 .4 .2 .2 .6 . .2 .8 .3 .8 .3 3079 634 1956 147 341 .9 .6 .7 .2 .4 3057 713 1884 128 331 .1 .2 .7 .0 .2 Total assets l Tangible 2 Total assets financial 3 4 5 6 7 8 9 10 11 assets 12 Deposits 13 C h e c k a b l e d e p o s i t s & curr. 14 S m a l l time & s a v i n g s dep. 15 Large time d e p o s i t s 16 M o n e y m a r k e t fund shares 17 Credit m a r k e t Instruments U . S . govt, s e c u r i t i e s Treasury S a v i n g s bonds Other Treasury Agency 18 19 20 21 22 23 24 25 26 27 448..5 94 .7 177,.2 131..0 483. 3 105. 0 162. 1 96, 1 448..6 106,.6 166.,2 103.,0 431..7 137,,1 176. 5 73. 5 28 29 451..9 1716.,7 592. 0 2468. 6 733. 9 2810. 0 965. 8 3094. 4 M u t u a l fund shares Corporate equities 30 31 32 380.,0 3484. 2 522. 1 405. 7 4138. 3 608. 3 433. 0 4516. 5 629. 6 468. 2 4981. 5 660. 9 Life i n s u r a n c e r e s e r v e s 30 Pension fund r e s e r v e s 31 Inv. in bank p e r s o n a l trusts 32 33 34 35 2529. 1 62. 4 224. 4 2444. 4 87. 0 234. 1 2411. 5 76. 1 251. 0 2427. 9 102. 7 264. 1 E q u i t y in n o n c o r p . bus. S e c u r i t y credit M i s c e l l a n e o u s assets Tax-exempt securities C o r p o r a t e and fgn. bonds Mortgages O p e n m a r k e t paper 24 25 26 27 28 29 (3) 33 34 35 36 3738. 5 3919. 7 4142. 9 4468. 3 37 38 39 3614. 3 2455. 0 812. 4 3784. 7 2613. 7 797. 4 4002. 3 2788. 803. 0 4296. 2 2967. 8 867. 3 40 41 85. 8 139. 1 93. 5 151. 5 108. 1 163. 9 125. 3 181. 4 T a x - e x e m p t debt Commercil mortgages 40 41 42 43 12. 1 109. 8 8. 7 119. 9 11. 4 127. 9 20. 2 134. 1 B a n k loans n . e . c . Other loans 42 43 44 45 38. 8 68. 9 55. 1 64. 3 53. 3 71. 5 75. 9 79. 6 46 16. 5 15. 7 15. 8 16. 6 47 19058. 8 20900. 4 21878. 8 23026. 8 48 4050.6 4236.6 4505.8 4688.7 49 6015.9 6484.0 6709.3 6997.1 50 40.8% 40.3% 41.5% 42.4% 51 643.5 590.7 548.6 555.7 Total l i a b i l i t i e s 36 Credit market instruments Home mortgages C o n s u m e r credit S e c u r i t y credit T r a d e credit D e f e r r e d and unpaid life i n s u r a n c e p r e m i u m s in billions of d o l l a r s . 44 45 46 Net worth income 48 O w n e r - o c c . real estate (4) H o m e m o r t g a g e s as p e r c e n t of o w n e r - o c c . real estate Disposable 49 Nonprofit personal real estate (5) (1) H o u s e h o l d s and n o n p r o f i t o r g a n i z a t i o n s . (2) Includes vacant land. (3) N o n c o r p o r a t e farms, n o n f a r m n o n c o r p o r a t e b u s i n e s s , and u n i n c o r p o r a t e d s e c u r i t y b r o k e r s and dealers. (4) L i n e s 5 • 10. (5) L i n e s 6 + 1 1 + n o n r e s i d e n t i a l plant from line 7. Data are 37 38 39 50 51 September 20, 1994 Fpr« .in< t^nfar^p Noncorporate Business 2 6 Farm and Nonfarm Noncorporate Business B. 102-B. 103 Balance Sheet-* of Unincorporated Nonflnancial Business Year-End Outstandings Year-End Outstandings 1945 1946 1947 1948 1949 B.102 Farm Business 1950 1951 1952 1953 (1) 1 Total assets 86 .7 101,.7 123..6 124 .8 121,.1 144 .2 157 .7 157. 2 156..4 l 2 Tangible assets ... 76 ,6 92,.8 114,.9 116 .3 113,.1 136 .2 149..4 148..9 148 .1 2 R e p r o d u c i b l e assets. Residential structure: Nonres. plant 8/equipment Inventories 32 .5 11,.4 7 ,0 14 .1 41 .8 13,.2 9 .0 19,,6 62..5 15..2 11.,9 35..4 63..1 16 .3 14,.5 32..3 61,.7 16,.8 16 .5 28,.4 73 .0 17..9 19,.0 36..1 78,.9 18,.9 21..4 38 .6 77, 3 19,.1 22 .8 35 .4 76,.9 19,.2 23,.4 34,.4 3 4 5 6 Land 46,.0 51,.1 52..4 53..2 51,.4 63 .2 70..5 71 .6 71,.2 7 8 .1 8..8 8.-7 8..4 8,.0 8 .0 8..4 8 .3 8,.3 8 7,.4 0,.7 0,,5 0..2 8,,9 0,.8 0.-6 0..1 7..8 0. 9 0.,8 0.,1 7..5 1..0 0..8 0..1 7 .0 1..0 0..9 0..1 7..0 1.,1 0.-9 0.,1 7. 3 1.,1 1..0 0..1 7 .1 1..2 1,.1 0..1 7,.0 1,.3 1,.2 0..1 9 10 11 12 %3 ;4 5 ,6 7 8 Total financial assets 9 10 11 12 Checkable deposits Jk c u r r . Miscellaneous assets Insurance receivables Equity in GSEs (3) 13 Total liabilities 7. 6 8. 3 9. 2 10..2 10..7 12.,0 13. 8 14,.8 14. 3 13 14 15 16 17 Credit market instruments Mortgages Bank loans n.e.c. Other loans 6. 6 4. a 1..0 0.8 7..0 4..9 1. 3 0. 3 7.,4 5.,1 1. 6 0..8 8..1 5. 3 1. 9 0..8 8..5 5..6 2..0 0..8 9. 5 6..1 2. 5 0.,9 10. 8 6. 7 3. 1 1. 0 11,.6 7. 2 3..3 1..1 11. 5 7. 7 2. 7 1. 1 14 15 16 17 18 Trade debt 1.,0 1, 4 1. 7 2..1 2. 3 2. 5 3 0 3.,1 2.,8 18 79. i 77. 7 1..4 93. 3 91.,6 1. 7 114. 5 112. 3 2. 2 114.,5 112. 4 2. 2 110..4 108.,3 2..1 132. 2 129. 6 2. 6 143. 9 141. 1 2. 8 142. 5 139. 5 2. 9 142.,1 139. 0 3. 1 19 20 21 60. 5 68.,7 73. 5 76. 0 75..1 88. 8 98. 0 99. 9 99. a 22 19 Net worth 20 Noncorporate 21 Corporate Memo: 22 Total real estate <2> (1) Includes corporate and noncorporate farms. (2) Lines 4 + 7 + nonresidential plant from line 5. B.103 Nonfarm Noncorporate Business I Total assets 104..1 120 .7 138..5 148..7 152. 6 166..0 176 .3 182 .5 186.9 1 2 Tangible assets 88..4 103 .8 120,.6 130..7 134.,1 145..9 155 .8 159 .9 163.6 2 3 4 5 6 Reproducibler assets Residential structures Nonres. plant & equipment Inventories 72..1 50..1 14. 8 7..2 85 .1 57 .2 18..6 9 .3 98..7 65. 2 23 .1 10..4 106,.9 68..9 25..9 12..1 109..0 70. 3 27..0 11..7 118. 6 74..7 30. 3 13.,6 126 .2 78 .5 33,.4 14 3 128 .2 79 .8 34 .4 14 .0 130.2 80.2 35.5 14.5 3 4 5 6 7 Land 16..4 18 .7 21..9 23..9 25..1 27. 3 29 .5 31 .7 33.4 7 15. 6 16 .9 17.,8 18..0 18. 6 20. 2 20,.6 22 .7 23.3 8 Checkable deposits & curr. Time deposits Treasury securities Consumer credit Mortgages Trade credit 9. 7 9 .7 10..1 9.,9 10. 3 10. 5 10..8 10 .4 10.4 0. 6 0,.7 0. 8 0. 9 1. 0 1..1 1..3 2 .7 2.8 4. 5 5 .6 5.,9 5. 9 6..0 7..1 7 .0 7 8 8.2 9 10 11 12 13 14 Miscellaneous assets Insurance receivables Etuity in GSEs (3) 0. 8 0. 8 0 .9 0,.9 1,,1 1..1 1. 2 1. 2 1. 3 1. 3 1. 4 1. 4 1..5 1,.5 1..7 1.,7 1.9 1.9 8 Total financial assets $ 10 11 12 13 14 15 16 17 18 0ther - 19 Total liabilities 20 21 22 25 Credit market instruments Mortgages Bank loans nle.c. Other loans 24 25 Taxes #aydbl# Trade debt 26 MlscellaniStiS liabilities ^ : 27 Net worth Memo: 28 Total real estate (4) (3) Equity in the Farm Credit System. (4) Lines 4 + 7 + nonresidential plant from line 5. Data are In billions of dollars. 7. 7 11,.2 13, 2 14. 7 15. 8 18. 9 20..8 23..0 24.8 19 5,.1 3. 6 0. 3 ,: ; /i.• 2 ,, 7, 5 4..4 1-.0 2..1 8. 8 5. 0 1, 3 2. 5 9. 5 5. 7 1. 1 2. 7 10. 5 6. 7 0. 8 3. 0 12. 6 8. 0 1. 3 3. 3 14. 6 9. 5 5 i,6 16. 4 10. 7 1. 7 3.,9 17.4 11.6 1.8 4.1 20 21 22 23 c >"5 . 3..7 4. 4 5. 1 5. 3 6. 3 6..1 6. 5 7.3 24 25 1 0..1 0. 1 0. 1 0. 1 0. 1 0..1 0..1 0.1 26 96. 4 109. 5 125. 3 134. 1 136. 9 147. 2 155, 6 159. 5 162.2 27 75. 7 87. 5 100. 9 107. 4 110. 0 118. 0 125. 4 129. 2 131.6 28 1 • 15 16 17 18 S e p t e m b e r 20, 1994 Farm and Nonfarm N o n c o r p o r a t e B u s i n e s s Farm and N o n f a r m N o n c o r p o r a t e B u s i n e s s B . 1 0 2 - B . 1 0 3 B a l a n c e S h e e t s of U n i n c o r p o r a t e d N o n f i n a n c i a l B u s i n e s s Year-End 2 7 Outstandings 1954 Year-End 1955 1956 1957 1958 B . 1 0 2 Farm B u s i n e s s 1959 1960 1961 Outstandings 1962 (1) 1 158, 3 162 .4 170..4 177,.5 188,.2 192..5 195..8 202..7 210..3 Total assets 1 2 150..1 154..1 162.. 1 169,.3 179,.7 184.,4 188.. 1 194,.9 202.,4 Tangible 2 3 4 5 6 75.,5 19..3 23..7 32..5 74 .7 19,.6 24 ,8 30 .2 76..1 19..8 25..9 30..4 77,.5 19..6 26 .4 31..5 80,.2 19,.4 27,.0 33 .8 78..7 19.,4 27.,7 31..6 80.,4 19. 2 28. 2 33..0 81..7 19. 2 28..8 33..7 105.,7 83.,8 19.. 1 29. 9 34..8 7 74..5 79 .4 86..0 91,.8 99,.4 107. 7 113..2 119. b 8 8,,3 8,.4 8..3 8..2 8..6 8.. 0 7. 7 7.,8 3 9 10 11 12 6.,9 1,,4 1.,2 0..1 6 .9 1,.5 1,.3 0,.1 6..7 1.,6 1. .4 0. 2 6,.6 1,.6 1..4 0,.2 6..9 1..7 1,.5 0,.2 6..2 1. 8 1..6 0..2 5.,8 1.8 1. 6 0.,2 5,.9 1. 1.. 7 0. 2 5. 9 2.,0 1,,7 0. 2 assets R e p r o d u c i b l e assets Residential structures N o n r e s . plant 8 equipment Inventories Land Total 7 financial assets 8 C h e c k a b l e d e p o s i t s 8 curr. M i s c e l l a n e o u s assets Insurance r e c e i v a b l e s E q u i t y in G S E s (3) 13 15..2 16..9 17. 8 19,.1 20..9 23..4 24..5 26. 2 29., 0 14 15 16 17 12. 3 8. 2 2. 9 1. 2 13..7 9,.0 3..4 1. 3 14.,6 9.,8 3..4 1..4 15..6 10..4 3..8 1..5 17,.0 11.. 1 4..2 1 .7 , 18..9 12.. 1 4..9 2..0 20..0 12.,8 5,, 1 2..1 21..6 13..9 5..3 2..3 23. 9 15. 2 6. 1 2. 6 18 2. 9 3. 2 3. 2 3..5 3..9 4.,4 4..5 4..7 5. 2 19 20 21 143.. 1 139. a 3. 3 145. 5 141 .,9 3. 6 152..6 148..4 4. 2 158..4 153,.7 4,.7 167,.3 161..9 5.,4 169..1 163..3 5. a 171. 3 165,, 0 6. 3 176,,5 169. 6 6.,9 181. 2 173. 8 7. 5 Net worth Noncorporate Corporate 22 103..6 109,.5 117. 2 123..0 130..6 137.,4 139. 7 145..9 152. 1 Memo: T o t a l real estate Total 3 4 5 6 liabilities 9 10 11 12 13 Credit market instruments Mortgages Bank loans n . e . c . Other loans 14 15 16 17 Trade 18 debt 19 20 21 (1) Includes corporate and n o n c o r p o r a t e (2) Lines 4 + 7 + n o n r e s i d e n t i a l plant from line 5. (2) 22 farms. B.103 Nonfarm Noncorporate Business 1 191 . .0 200..7 211. 4 216..7 222.,9 226,.5 230, 5 236..6 244.,4 Total assets 1 2 167,.0 176..4 185. 4 190. 3 194..1 199,.3 203. 3 208,.8 216. 3 Tangible 2 3 4 5 6 132..7 81. 7 36..7 14.,4 140., 1 84..3 40.,6 15. 3 146. 8 85. 9 44. 9 16. 0 150.,4 86. 6 47. 3 16. 5 153,.2 87..8 48. 5 16.,9 157..3 89..9 50..5 16..9 159, 9 91. 7 51. 6 16. 6 162.,9 94..2 53..1 15..6 168..8 97. 6 55.,4 15,,8 7 34,.3 36. 3 38. 6 39. 9 40..9 42,.0 43. 4 46..0 48.,0 8 24. 0 24. 3 26. 1 26.,4 28..8 27,.3 27. 2 27..8 27. 6 9 10 11 12 13 14 10. 9 11..2 11. 5 12. 4 13..6 12,.7 12. 4 12..5 12. 5 2. 8 2. 9 3. 1 3.,1 3..1 3,.4 3. 2 3..1 3. 3 8. 2 7. 9 9. 1 8..4 9..4 8,.2 8. 6 8..9 8..5 15 16 17 18 2. 1 2, 1 2,.3 2. 3 2. 4 2. 4 2..6 2. 6 2..7 2..7 2..9 2..9 3. 0 3. 0 3. 2 3..1 0..1 3. 3 3. 3 0..1 assets R e p r o d u c i b l e assets Residential structures N o n r e s . plant 8 equipment Inventorles Land Total 3 4 5 6 7 financial assets 8 C h e c k a b l e d e p o s i t s 8 curr. Time d e p o s i t s Treasury securities C o n s u m e r credit Mortgages Trade credit 9 10 11 12 13 14 M i s c e l l a n e o u s assets Insurance r e c e i v a b l e s E q u i t y in GSEs (3) Other 15 16 17 18 19 28. 2 32..0 35. 2 36..8 39..9 43. 5 48. 0 52..6 57. 5 20 21 22 23 19. 2 13.,1 1. 9 4. 3 21..8 14.,7 2..4 4..7 24. 1 16. 1 3. 0 5. 0 25.,7 17..4 3..1 5. 2 28. 2 19. 5 3. 2 5. 4 32. 6 23.. 1 3. 6 5.,8 36. 6 26. 3 4. 0 6. 3 41..8 31..1 4. 3 6..4 47. 3 35,,9 4.,7 6.,7 C r e d i t m a r k e t Instruments Mortgages Bank loans n . e . c . Other loans 20 21 22 23 24 25 8..9 10..1 11. 0 11. 0 11. 6 10.,8 11. 2 10,.6 10.,0 T a x e s payable Trade debt 24 25 26 0..1 0..1 0. 1 0.,1 0. 1 0..1 0. 1 0, 2 0..2 Miscellaneous 27 162.,8 168,.7 176. 2 180.,0 183.,0 183..1 182. 6 184,.0 186..9 Net worth 175.9 Total real 168.5 (3) E q u i t y Data are in billions of d o l l a r s . Total l i a b i l i t i e s 19 liabilities 26 27 estate (4) in the Farm Credit S y s t e m . (4) Lines 4 + 7 + n o n r e s i d e n t i a l from line 5. plant S e p t e m b e r 20, 1994 Farm and N o n f a r m N o n c o r p o r a t e B u s i n e s s 2 g F a r m and N o n f a r m N o n c o r p o r a t e B u s i n e s s B . 1 0 2 - B . 1 0 3 B a l a n c e S h e e t s of U n i n c o r p o r a t e d N o n f i n a n c i a l B u s i n e s s Year-End O u t s t a n d i n g s Year-End O u t s t a n d i n g s 1963 1964 1965 1966 1967 B . 1 0 2 Farm B u s i n e s s 1 Total assets 2 T a n g i b l e assets 3 4 5 6 R e p r o d u c i b l e assets Residential structures N o n r e s . plant 8 equipment Inventories 7 Land 8 Total 9 10 11 12 f i n a n c i a l assets Checkable deposits 8 curr. M i s c e l l a n e o u s assets Insurance r e c e i v a b l e s E q u i t y in G S E s (3) 13 Total l i a b i l i t i e s 14 15 16 17 Credit market i n s t r u m e n t s Mortgages Bank loans n . e . c . Other loans 18 Trade debt 19 Net worth Noncorporate 20 Corporate 21 22 Total real estate (2) (1) Includes c o r p o r a t e and n o n c o r p o r a t e (2) Lines 4 * 7 + n o n r e s i d e n t i a l plant from line 5. 1968 1969 1970 1971 (1) 218. 9 227.,9 245.,0 257. 4 270. 3 286. 9 302. 2 312. 6 339.0 1 211..0 219..7 236. 5 248. 7 261. 2 277. 3 292.,0 301..9 327.5 2 85.,1 18. 8 31. 4 34. 9 85..4 19..2 33..0 33..3 92..2 19. 2 35.,5 37..4 95.,1 20. 1 38. 7 36. 3 98. 7 20. 6 41..6 36. 5 106..1 22. 2 45. 2 38. 7 114. 8 23. 5 49..4 41. 9 117..5 24. 2 53..3 40., 1 128.7 25.7 58.0 45.0 3 4 5 6 125. 9 134..3 144..3 153. 6 162. 6 171. 2 177. 2 184,.3 198.8 7 7. 9 8..2 8..5 8..7 9..1 9..6 10. 2 10,.8 11.5 8 5..7 2..1 1. 9 0.,3 5..8 2 .3 2,,0 0..3 6..0 2..5 2 .2 0,.3 6..0 2..7 2 3 0..4 6..1 3..0 2..6 0..4 6. 3 3. 3 2. 8 0. 5 6. 4 3..8 3.,2 0..6 6,.5 4,.3 3 .6 0..6 6.7 4.8 4.1 0.7 9 10 11 12 32..0 34..8 38..7 42. 3 45..4 47.,0 49. 6 52.,3 57.0 13 44. 6 29., 0 10. 3 5. 3 47..6 30,.5 11,.2 5..9 51.6 32.4 12.5 6.7 14 15 16 17 5., 0 4..8 5.4 18 26,,4 16. a 6..7 2 .9 29..0 18,,9 7 .0 3 .1 32,.3 21 .2 7 .7 3 .5 35..5 23..1 8..6 3..9 38. 8 25..0 9. 3 4. 5 41. 6 27.,2 9.,7 4,.7 5 .6 5 .8 6 .4 6..8 6..6 5..4 186..9 178..8 8.. 1 193 .1 184 .4 8 .7 206,.3 196 .7 9 .6 215..1 204..9 10,.2 224..9 214..0 10..9 239..9 227..8 12., 1 252. 5 239. 5 13.. 1 260..3 246..6 13..7 282.0 267.0 15. 0 19 20 21 160,.1 169 .7 181 .1 192,.8 203..5 216..0 225.,8 236,. 1 255.4 22 farms. B.103 Nonfarm Noncorporate Business 1 Total assets 251. 4 264.,4 279. 5 301.,2 318. 7 352..2 387..7 417. 9 469.,9 1 2 Tangible 223. 8 236. 2 250. 9 271..8 288.,4 322..5 356. 5 385. 5 430..3 2 173. 5 100. 3 58. 1 15.,1 184.,1 107..1 61.,9 15..1 196., 0 112. 3 67..8 15..8 212., 9 121. 2 75. 3 16..4 225. 2 127.,1 81..0 17..1 249..7 143..0 89.. 1 17..6 275..7 158.,5 98..8 18..3 296. 9 168. 6 109..2 19,.1 331..9 189,.1 121..1 21..7 3 4 5 6 50. 3 52..1 54.,9 58..8 63. 2 72..8 80..9 88..6 98..4 7 27. 6 28. 2 28..6 29. 4 30.,4 29..6 31.. 1 32..4 39,.6 8 12. 5 12. 5 12.,5 12. 5 12. 5 12..5 12..5 0. 3 3. 9 12.,5 1. 4 0. 7 3, 8 0. 7 6. 6 12..5 3.. 0 0..9 3..7 1..9 8.,1 9 10 11 12 13 14 9..5 7,.3 0,,2 2 .0 15 16 17 18 assets 3 4 5 6 R e p r o d u c i b l e assets Residential structures N o n r e s . plant 8 equipment Inventor ies 7 Land 8 Total financial assets 9 10 11 12 13 14 C h e c k a b l e d e p o s i t s 8 curr. Time deposits Treasury securities Consumer credit Mortgages Trade credit 15 16 17 18 M i s c e l l a n e o u s assets Insurance r e c e i v a b l e s E q u i t y In G S E s (3) Other 19 Total liabilities 20 21 22 23 Credit market instruments Mortgages Bank loans n . e . c . Other loans 24 25 Taxes payable Trade debt 26 Miscellaneous liabilities 27 Net worth Memo: 28 Total real estate (4) (3) E q u i t y in the Farm Credit S y s t e m . (4) Lines 4 • 7 • n o n r e s i d e n t i a l plant from line 5. Data are in b i l l i o n s of d o l l a r s . 3. 6 3.,8 4..0 4..0 0., 1 3. 9 8.,0 8..1 7..9 8. 5 9..0 7.,7 0. 5 3..7 0. 3 8.,1 3. 5 3..5 0..1 3..8 3..7 0..1 4..1 4..0 0..1 4..4 4..3 0,.1 4. 8 4..7 0..1 5. 3 5..2 0,.1 6., 0 5..8 0..2 6.,7 6. 5 0. 2 62..0 67,.3 72..9 78 .2 85..5 93..2 107..2 119,.5 142..1 19 53..6 41..0 5..3 7..3 59 .7 45 .7 5 .8 8,.1 66.. 1 50 .6 6.7 8,.8 72,.9 55,.3 8,.1 9,.5 80..1 61..3 8..8 10..0 88 .7 68,.0 9,.9 10,.9 101..8 77..3 12..1 12..4 114,.4 89..3 11..7 13..4 134 .4 107..7 12,.6 14..1 20 21 22 23 8 .2 7 .5 6 .6 5,. 1 5..2 4 .2 5 .2 4..8 1..0 4..4 24 25 0,.2 0 .2 0 .2 0..2 0..2 0,.2 0 .3 0..3 2 .3 26 189 .3 197 .0 206 .6 223 .0 233..2 259 .0 280 .4 298..5 327 .8 27 182 .9 194 .0 206 .2 223 .6 237..2 268 .0 298 .4 3 2 2 ,8 362 .1 28 September 20, 1994 Farm and Nonfarm Noncorporate Business Farm and Nonfarm Noncorporate Business B.102-B.103 Balance Sheets of Unincorporated Nonfinancial Business 2 9 Year-End Outstandings 1972 Year-End Outstandings 1973 1974 1975 1976 B.102 Farm Business 1977 1978 1979 1980 (1) 1 383 .0 468 .7 519 .3 579 .1 659 .3 732 .5 861,.2 994 .1 1097 .9 Total assets 1 2 370,.6 455 .5 505,.5 564 .3 643..0 714..4 841,.0 971,.8 1073 .7 Tangible assets 2 3 4 5 6 147 28 64 55 .8 .3 .2 .3 181,.1 30,.8 72 .4 78 .0 196,.1 34 .2 87,.6 74,.3 209 .5 36,.8 97 .1 75,.5 219,.3 39 .7 107,.4 72 .2 240..2 44 .5 120..6 75,,2 278..7 50,.0 136,.6 92..1 309,.9 55,.0 156,.9 97,.9 339,.7 60,.3 174 .5 104,.9 7 222 .7 274,.3 309,.4 354,.9 423..7 474 .2 562. 3 662,.0 734,.0 8 12,,5 13, 3 13,.8 14,.8 16,.3 18,.1 20. 2 22, 2 24,.2 9 10 11 12 6. 9 5. 5 4, 7 0. 8 7,.1 6, 2 5,.2 0. 9 6 .9 6..9 5..8 1..1 6,.9 7,,8 6..5 1..4 6..9 9..3 7.,7 1.,6 7..0 11.,1 9. 2 1. 9 7..1 13..0 10. 9 2.,1 7,.3 14..9 12..4 2..5 7,.4 16..8 13..7 3..1 Reproducible assets Residential structures Nonres. plant 8 equipment Inventories Land Checkable deposits & curr. Miscellaneous assets Insurance receivables Equity in GSEs (3) 13 62.,7 72., 1 80..7 90..5 102.,0 117. 9 136. 2 162..0 178.,8 56..8 35..4 14. 3 7..1 65.,4 39.,8 17. 2 8.,4 73. 3 44. 9 18. 2 10. 2 82..1 49.,9 20..2 12..1 92. 2 55. 4 23. 2 13. 5 105. 9 63. 9 25..7 16. 3 122. 2 72.,8 28. 2 21. 2 145. 7 86. 8 31. 0 27. 9 161.,5 97..5 31..6 32.,4 18 5..9 6..7 7. 4 8. 4 9. 8 12. 0 14. 0 16. 3 17.,4 19 20 21 320..3 303,.1 17. 2 396. 6 374.,8 21. 8 438. 6 413. 4 25. 2 557. 3 521. 9 35..4 614. 6 574. 2 40. 4 724. 9 675. 6 49. 3 832. 1 773. 8 58. 2 919..0 853. 5 65. 5 Net worth Noncorporate Corporate 794.1 880.4 Memo: Total real e s t a t e 488. 6 459., 0 29. 6 7 Total financial assets 14 15 16 17 3 4 5 6 8 9 10 11 12 Total liabilities Credit market instruments Mortgages Bank loans n.e.c. Other loans 14 15 16 17 Trade debt 19 20 21 (2) (1) Includes corporate and noncorporate farms. (2) Lines 4 + 7 + nonresidential plant from line 5. B.103 Nonfarm Noncorporate Business 1 543 . 0 630,.4 713 .9 769 .3 843 .8 957 .3 1115 .4 1330 .0 1550..6 Total assets 1 2 496 .9 574,.0 652 .7 706 .2 771 .9 869 . 0 1006 .5 1199 .4 1411,.1 Tangible assets 2 3 4 5 6 382 224 134 24 439 . 1 257 .8 154,.0 27 .3 497 288 179 29 536 313 196 27 581 343 209 27 7 114 .0 .9 .3 .6 .0 .4 .4 .5 .6 .5 . 1 .1 .3 . 0 .7 .3 .9 654 .3 392..3 232 .5 29 .5 753 453 267 32 .8 .8 .3 .6 893.8 547 .8 310 .5 35 .5 1033,.4 638,.4 359,.7 35,.3 Reproducible assets Residential structures Nonres. plant 8 equipment Inventories 3 4 5 6 135..0 155 .3 190 .9 214,.8 252 .7 305 .6 377,.7 46 . 1 56 .3 61,.2 63 . 1 71,.9 881.3 108,.9 130,.6 139..5 9 10 11 12 13 14 12,.5 4,.6 1..1 3,.6 3.,0 8..8 16,.9 6..2 1..2 3 .4 3..3 11..1 17 .3 7 .8 1,.2 3 .1 3,.4 13..3 17,.8 8..1 1,.3 2..7 3,.3 14..6 19..8 9,.5 1..5 2..5 4,.2 15..8 22..4 12..1 2..4 2..0 5..5 20..0 25..6 15,.5 3,.2 1..5 8. 26..0 28 .3 21 .3 2 .8 0..9 11,.0 30..2 31..1 24, 2 2 6 0. 2 12. 2 32. 5 Checkable deposits 8 curr. Time deposits Treasury securities Consumer credit Mortgages Trade credit 9 10 11 12 13 14 15 16 17 18 12.,5 8. 3 0. 2 4. 0 14. 2 9. 2 0.,2 4. 7 15..1 10,.2 0,.2 4..7 15,.4 11,.5 0,.3 3..7 18..6 13. 5 0..4 4. 8 23.,9 16.,0 0.-4 7.,4 29.,1 18..9 0..5 9,,6 36..1 21,.8 0,.6 13..7 36. 8 24. 3 0. 8 11. 7 Miscellaneous assets Insurance receivables Equity in GSEs (3) Other 15 16 17 18 8 169 .7 19 173.,8 211. 2 251..4 268,.6 294., 1 328. 2 379., 1 449.,3 515. 1 20 21 22 23 161. 9 133. 0 13. 7 15. 3 183. 6 137. 2 28. 6 17. 8 218..1 161 .8 36., 0 20. 3 233.0 172..3 37. 7 23..0 253.,7 185. 6 40..4 27. 7 282. 2 202..8 46. 4 33. 0 326. 6 226..8 59. 6 40.,1 385..5 264. 8 72. 8 47. 8 440. 2 310. 5 75. 3 54. 5 24 25 2. 5 5. 1 4. 0 17. 7 5. 5 20..1 6. 6 20. 6 7. 8 22. 3 8. 9 23. 8 10., 0 25. 6 12. 8 31. 7 26 4. 3 6. 0 7. 5 8. 5 10. 4 13. 3 17. 0 27 369. 2 419. 1 462. 5 500. 7 549. 7 736. 3 28 423. 3 491. 5 556. 7 605. 5 664. 6 629., 1 751. 0 871. 0 Land 7 Total financial assets Total liabilities 19 Credit market instruments Mortgages Bank loans n.e.c. Other loans 20 21 22 23 15. 3 36. 4 Taxes payable Trade debt 24 25 19. 3 23, 1 Miscellaneous liabilities 26 880. 7 1035. 5 Net worth 1234. 3 Memo: Total real estate 1041. 0 27 (4) (3) Equity in the Farm Credit System. (4) Lines 4 * 7 + nonresidential plant from line 5. Data are in billions of dollars. 8 28 September 20, 1994 Farm and Nonfarm Noncorporate Business 30 Farm and Nonfarm Noncorporate Business B.102-B.103 Balance Sheets of Unincorporated Nonflnancial Business Year-End Outstandings Year-End Outstandings B.102 Farm i Business 1114. 9 1 Total assets 1088. 2 1086.8 992. 5 1989 1988 1987 1986 1985 1984 1983 1982 1981 (1) 912.2 862. 9 893. 3 907.4 932. 1 1 853. 8 864.7 887. 2 2 3 4 5 6 1088. 8 1060. 2 1057.4 962. 7 878.9 825. 3 3 4 5 6 Reproducible assets Residential structures Nonres. plant 8 equipment Inventories 351. 7 63. 4 186. 9 101. 4 356. 3 64. 3 188. 4 103. 6 355.0 64.5 187.3 103.2 349. 9 65. 0 184. 0 100. 9 340.6 65.5 178.5 96.6 331. 5 66. 8 174. 2 90. 5 330. 9 69. 3 170. 7 90. 9 331.4 68.1 167.9 95.4 335. 7 70. 2 169. 1 96. 3 7 Land 737. 1 703. 9 702.4 612. 9 538.3 <93. 8 522. 9 533.2 551. 5 7 26. 1 28. 0 29.4 29. 7 33.3 ->7,6 39.5 42.8 45. 0 8 7. 6 18. 5 14. 8 3. 7 7. 8 20. 2 16..1 4., 1 8.1 21.3 17.1 4.2 8. 3 21. 4 17. 1 4. 3 9. 0 24. 20.4 4.0 10. 1 27. 6 24. 2 3. 4 9. 9 29. 6 26. 7 3. 0 10.4 32.4 29.4 3.0 10. 5 34. 5 32..4 2. 2 9 10 11 12 207.0 205. 6 168..1 155. 3 145.5 146. 6 13 156,.0 95..2 31. 2 29..6 144..4 87.,7 29.. 1 27. 6 133.7 83. 0 29.8 21.0 134. 4 80. 5 30..8 23..1 14 15 16 17 10..9 11.8 12..3 18 761.9 703.5 58.5 785..5 724..3 61..2 19 20 21 2 Tangible assets 8 Total financial assets 9 10 11 12 Checkable deposits 8 curr. Miscellaneous assets Insurance receivables Equity in GSEs (3) 196. 2 13 Total liabilities 14 15 16 17 Credit market instruments Mortgages Bank loans n.e.c. Other loans 18 Trade debt 18..4 918..7 852..7 66 . 0 19 Net worth 20 Noncorporate 21 Corporate Memo: 22 Total real estate 177..8 107. 2 32..9 37..6 (2) 203..6 188.5 188.4 113.7 38.9 35.7 187. 9 112. 4 39. 9 35. 6 173.4 105.9 35.5 32.1 19 .1 18.6 17. 6 15.1 12.. 1 884 .6 820 .9 63 .7 879.9 816.1 63.8 723.7 671.6 52.2 694 .8 644 . 0 50 .8 184..5 Ill..3 36.. 1 37 .0 786..9 730..8 56.. 1 738 . 0 682.1 55 .a 893.3 (1) Includes corporate and noncorporate farms. (2) Lines 4 * 7 * nonresidential plant from line 5. B.103 Nonfarm Noncorporate Business 1 Total assets 1771. a 1893. 1 2034. 9 2244. 2 2680. 8 2678. 4 2835. 6 3009. 9 3208. 1 1 2 Tangible assets 1587. 9 1703. 3 1812. 3 1973. 6 2170. 5 2329. 0 2472. 0 2605. 7 2776. 5 2 3 4 5 6 Reproducible assets Residential structures Nonres. plant 8 equipment Inventories 1158. 708. 415. 34. 1252. 758. 459. 34. 1322. 794. 490. 37. 1496. 892. 565. 38. 1595. 953. 600. 42. 1658. 963. 649. 45. 1 7 2 3 3 4 5 6 7 Land a 7 3 a 429. l 1210. 731. 444. 34. 8 a 9 1 492. 5 1 1 6 4 2 6 2 4 1410. 842. 528. 39. 5 6 3 6 2 3 5 4 a 0 8 0 0 5 2 3 1752. 1010. 692. 49. 56 0 . 2 651. 5 759. 9 832. 7 876. 3 947. a 1024. 4 7 310. 4 349, 5 363. 6 404. 2 431. 7 8 183. 9 189. a 222. 6 2 7 0 . ,5 9 10 11 12 13 14 Checkable deposits 8 curr. Time deposits Treasury securities Consumer credit Mortgages Trade credit 33. 3 3 4 . .7 3..3 36. a 3 8 . ,i 3. 2 45. 0 51. 7 6. 0 4 9 . .8 6 5 . .1 5 . ,5 61. 3 76. 6 5. 8 67. 3 87. a 6. 9 69. 8 8 6 . .0 6, 5 77. 5 95. 3 7. , 0 81. a 103. 9 8. 4 20, 3 37 .0 25. ,0 45. .0 29. 3 52. 4 39, 3 5 9 . .3 4 4 . .0 63. . 8 46. 7 70. 5 41 .,1 79. 2 43. 3 91. 2 4 1 . ,1 9 9 , ,0 9 10 11 12 13 14 15 16 17 18 Miscellaneous assets Insurance receivables Equity in GSEs ( 3 ) Other 55 .3 26 . 3 0,. 8 28 . 1 41. .a 28 . 4 0..9 12.. 5 3 8 . .1 2 3 . .8 0. 8 13. 5 5 1 , .6 34, . 8 0,.9 15,.9 5 9 .. 0 39. .6 0,. 8 18,. 5 70. 3 45. , 0 0,. 8 24 . 5 8 1 ,. 0 5 1 . .7 0..7 28, .5 89. a 56. 6 0. 7 32. 5 9 7 . ,5 6 0 . .4 0. 8 36. 3 15 16 17 18 570 .1 657 .4 7 4 5 . .4 8 8 3 .6 1024,.0 1218 . 3 1299..7 1361..7 19 481 .7 333 . 8 85 . 5 62 . 5 552 409 76 67 .8 .6 .0 .3 6 2 5 . .0 4 7 2 . .9 75, .5 76 . 5 736 .6 556 . 7 92 . 4 87 . 5 859 .9 665 . a 98 .5 95 . 5 1033.9 804.8 116.6 112.5 1096.. a 850 .6 121 . 0 125 . 2 1136,.9 883..9 123 .6 129 .4 20 21 22 23 8 Total financial assets 19 Total liabilities 1132,. 2 9 5 8 .9 744 . 1 110 .5 104 .4 20 21 22 23 Credit market instruments Mortgages Bank loans n.e.c. Other loans 24 25 Taxes payable Trade debt 13 .7 41 .6 15 . 2 45 .3 17 .1 45 .8 18 . 2 5 1 .5 21 .6 56 . 9 23 .3 61 . 1 23 .9 68 .6 26 .8 72 .8 31 .4 79 . 8 24 25 26 Miscellaneous liabilities 33 . 1 44 .0 57 . 5 77 .4 85 .7 88 .9 91 .9 103 .3 113 . 6 26 1201 . 7 1235 .7 1289 .5 1360 .6 1456 .9 1546 . 2 1617 .3 1710 . 2 1846 .5 27 1390 .5 1495 .3 1595 . 6 1740 .5 1920 .8 2062 .7 2 1 8 8 .9 2300 . 5 2450 . 0 28 27 Net worth 28 Total real estate (4) (3) Equity in the Farm Credit System. (4) Lines 4 • 7 * nonresidential plant from line 5. Data are in billions of dollars. S e p t e m b e r 20, 1994 Farm and N o n f a r m N o n c o r p o r a t e B u s i n e s s F a r m end N u n f a r m N o n c o r p o r a t e B u s i n e s s B . 1 0 2 - B . 1 0 3 B a l a n c e S h e e t s of U n i n c o r p o r a t e d N o n f i n a n c i a l B u s i n e s s Year-End O u t s t a n d i n g s 1990 Year-End Outstandings 1991 1992 1993 B.102 Farm Business (1) 1 950,.4 944,.0 960..5 988.7 Total assets 1 2 902,.9 894..4 907..0 933.4 Tanglole 2 3 4 5 6 336 .4 72,.4 169,.3 94 .7 331 ,0 73,.9 166..6 90.-5 335.,0 7 5 . ,3 163.,8 95.,3 340.2 77.9 164.7 97.6 ? 566..5 563. 5 572.,1 593.2 a 47..4 49.,6 53.,4 55.3 9 10 11 12 10..9 36.,6 34..6 2 .0 11..8 37.,8 35..6 2 2 13..6 39. 8 37.,7 2.,1 14.0 41.3 39.1 2.2 13 148. 2 147..9 149.,2 152.2 14 15 16 17 135..4 78..9 32.,9 23. 6 135..0 79. 3 34. 6 21.,1 136..0 80..4 34.,7 20, 9 138.0 80.8 36.8 20.3 18 12. 7 13..0 13. 2 14.2 19 20 21 802. 2 738.,4 63. a 796.,1 731.,7 64.,4 811. 3 744.,6 66. 6 22 743..0 739..0 747. 3 assets R e p r o d u c i b l e assets Residential structures N o n r e s . plant 8 equipment Inventories Land 3 4 5 6 7 Total f i n a n c i a l assets 8 Checkable deposits 8 curr. M i s c e l l a n e o u s assets Insurance r e c e i v a b l e s E q u i t y in G S E s (3) Total liabilities 9 10 11 12 13 C r e d i t market i n s t r u m e n t s Mortgages Bank loans n . e . c . Other loans 14 15 16 17 Trade debt 18 836.5 766.7 69.8 Net worth Noncorporate Corporate 19 20 21 771.6 Memo: T o t a l real estate (1) Includes c o r p o r a t e and n o n c o r p o r a t e (2) Lines 4 + 7 + n o n r e s i d e n t i a l plant from line 5. (2) 22 farxs. B. 103 N o n f a r m N o n c o r p o r a t e B u s i n e s s 3162..0 1 3060. 2 2981. 7 2969.,8 Total assets 1 T a n g i b l e assets 2 2 2717..4 2620. 3 2527. 5 2509. 3 3 4 5 6 1813. 5 1044..4 718. 3 50. 8 1841. 7 1067..6 724..1 50. 0 1879, 5 1103..1 726.,0 50,.5 1932.,1 1155. 3 744. 8 32. 0 7 903. 9 778. 6 647..9 577. 2 8 444..7 439. 9 454..2 460.,5 9 10 11 12 13 14 81. 3 104. 7 9.,4 81.,4 101..3 9,.3 86..8 100,.4 9..9 88. 8 97..4 11. 3 38. 4 104.,0 34,.8 101..1 33,.1 108..1 15 16 17 18 107..0 66..4 0..6 40..0 112,.2 68,.6 0,.6 43..0 116,.0 72 .5 0,.6 42..9 117..6 75..2 0,.8 41. 6 M i s c e l l a n e o u s assets Insurance r e c e i v a b l e s E q u i t y in G S E s (3) Other 15 16 17 18 1355..9 1325..2 1315..2 1147,.0 893..1 126..5 127..4 1116,.4 882,.4 112..2 121 .8 1074,.1 845,.9 107,.6 120 .6 1048,.0 820..6 105,.4 122,. 0 24 25 32,.0 81,.9 32 .5 77,.9 33 .1 80 .0 26 123..0 129,.2 138 .0 27 1778..1 1704 .3 1656 .5 2188 .4 Total liabilities are in b i l l i o n s of d o l l a r s . 19 Credit market i n s t r u m e n t s Mortgages Bank loans n . e . c . Other loans 20 21 22 23 33..8 87..3 Taxes payable Trade debt 24 25 146.. 1 Miscellaneous 1654..5 Net worth 2177. 9 Memo: Total real (3) E q u i t y Data 8 28..4 117..0 1383..9 2281 .0 7 f i n a n c i a l assets 9 10 11 12 13 14 19 2381 .3 Land Total 3 4 5 6 C h e c k a b l e d e p o s i t s 8 curr. Time d e p o s i t s Treasury securities C o n s u m e r credit Mortgages Trade credit 20 21 22 23 28 R e p r o d u c i b l e assets Residential structures N o n r e s . plant & equipment Inventor ies liabilities 26 27 estate (4) in the Farm Credit S y s t e m . (4) Lines 4 + 7 • n o n r e s i d e n t i a l from line 5. 28 plant S e p t e m b e r 20, 1994 Nonfinancial Corporations 32 Nonfinancial Corporations B . 1 0 4 B a l a n c e Sheet of N o n f a r m N o n f I n a n c i a l C o r p o r a t e B u s i n e s s Year-End Outstandings Year-End O u t s t a n d i n g s 1 Total assets 2 Tangible assets (current c o s t ) 3 4 5 6 R e p r o d u c i b l e assets Residential structures N o n r e s . plant 8 e q u i p m e n t Inventories 7 Land 1945 1946 205. 6 242. 9 287 .2 3 1 3 . .6 321 .3 3 6 9 . .6 4 0 8 ..7 4 2 8 ..6 4 4 6 ,.6 1 136. a 175. 7 2 1 1 .. 3 232. 2 2 3 6 .. 0 267. 5 2 9 8 . .7 3 1 3 .. 1 3 2 8 ..0 2 115, 6 0. 9 84. 6 3 0 , ,0 146. 5 1, 1 103. 3 42. 1 1 7 4 .. 8 1 .3 1 2 4 . .6 4 8 .. 9 1 9 4 . ,9 1., 4 139. 2 54. 2 1 9 8 .. 0 1.. 6 147. 3 4 9 .. 1 2 2 5 ..1 1.,8 1 6 2 ., 7 6 0 . .6 2 5 2 . .0 1. 9 1 8 0 . .0 70, 2 2 6 5 .. 1 1.. 9 1 9 1 .. 9 71. 3 2 7 8 .. 2 2,. 0 2 0 3 ,. 1 7 3 ,. 1 3 4 5 6 21. 2 29. 2 3 6 . .6 37. 3 3 8 .. 1 4 2 ., 4 4 6 . .6 4 7 .. 9 4 9 , .9 7 68. 8 67. 2 7 5 . ,9 8 1 . .4 8 5 .. 3 1 0 2 .. 1 1 1 0 .. 1 1 1 5 .. 5 1 1 8 ., 5 8 38. 7 1 9 . ,0 0. 2 0. 7 33. 6 19. 5 0. 2 0. 7 3 5 .. 2 2 1 ., 4 0,. 2 0.,7 36. 3 2 1 . .9 0. 2 0. 7 3 9 ., 3 2 2 .. 9 0.. 2 0., 7 4 3 .- 8 24. 2 0.. 2 0.,7 4 6 .. 4 2 5 .. 9 0. 2 0. 7 4 6 ., 3 2 6 . ,6 0. 2 0. 7 4 8 . .0 2 6 . .6 0,. 2 0..7 18. 5 18. 5 0. 1 12. 8 12. 8 0., 1 1 2 ., 3 1 2 .. 3 12. 9 12. 9 1 4 . .7 14. 7 0.,1 17. 9 17. 9 0..1 18. 7 18. 7 0., 1 17. 6 1 7 . .6 0.,1 19. 2 19. 2 0. 3 0. 3 0. 4 0.. 1 0. 5 0. 2 0. 5 0. 3 0. 7 0. 1 0. 8 0..1 0.. 8 0. 2 1. 0 0. 2 9 10 11 12 13 14 15 16 17 18 19 20 8 Total f i n a n c i a l assets 9 10 11 12 13 14 15 16 17 18 19 20 Liquid assets C h e c k a b l e dep. 8 c u r r e n c y S m a l l time 8 s a v i n g s dep. Large time d e p o s i t s M o n e y m a r k e t fund shares Security RPs Foreign deposits U.S. g o v e r n m e n t s e c u r i t i e s Treasury Agency Tax-exempt securities C o m m e r c i a l paper 21 22 23 24 25 26 27 28 29 C o n s u m e r credit M u t u a l fund s h a r e s Trade credit M i s c e l l a n e o u s assets U.S. dir. invest, abr. ( 1 ) Insurance r e c e i v a b l e s E q u i t y in G S E s ( 2 ) Inv. in finance co. subs. Other • 2. 8 3. 3 19. 8 7. 5 7. 0 0. 4 22. 6 7. 7 7. 0 0. 7 0. 1 1947 1948 4 .. 1 2 7 . ,6 9 ,, 1 8 . .1 1., 0 1950 4, 9 5. 5 6. 6 7. 2 7. . 1 7. 3 29. 6 10. 6 9. 3 1. 2 28. 6 11. 9 10. 4 1.. 4 38. 6 13. 0 11. 4 1. 4 42. 0 14. 5 12. 6 1. 5 4 5 ,. 9 16, 3 1 4 ,. 3 1..7 45. 0 18. 2 15. 7 1. a 0.. 1 0. 2 0. 3 0,. 4 0. 7 21 22 23 24 25 26 27 28 29 0., 1 * 1949 30 Total l i a b i l i t i e s 70, 8 80. 0 9 2 .. 8 101. 6 100. 9 123. 8 137. 5 1 4 3 .. 2 148. 0 30 31 32 33 34 44.6 50. 2 5 7 .. 5 63. a 65. 5 72. 3 80. 7 87, 2 91. 4 23. 9 8. 8 24. 9 10. 0 2 7 , .7 1 1 .. 5 32. 0 12. a 34. 9 13. 5 36. 5 14. 8 39. 8 15. 5 4 4 .. 5 1 6 . .0 48. 0 16. 7 31 32 33 34 12. 5 0. 1 2. 8 15. . 5 0, 2 2 , ,6 1 6 . .1 0. 2 2. 7 14. 2 0. 2 2. 6 17. 9 0. 2 2. 9 22. 1 0. 3 3 , ,1 2 2 . .9 0., 3 3. . 5 2 2 . .4 0.,4 3. 9 35 36 37 1 0 . ,1 14. 6 1. 5 1. 5 8. 1 20. 1 1. 5 1. 5 1 0 ,. 3 2 3 ., 4 1..6 1,.6 1 1 , ,1 2 5 . ,0 1. 7 1..7 8 .,8 2 4 . .7 1. 9 1. 9 16. 1 3 3 ., 1 2. 3 2 .. 3 20. 5 33. 6 2. 6 2 , ,6 17. . 4 3 5 .. 3 3. . 2 2 .8 0.. 4 1 8 . .0 3 5 ., 0 3. 5 3. 0. 5 38 39 40 41 42 1 3 4 , .7 162. 9 1 9 4 ,. 5 2 1 2 . .0 2 2 0 .. 4 245. a 2 7 1 .. 3 285 .4 2 9 8 . ,6 43 7 8 . .7 98, 4 1 1 8 ,. 3 1 2 5 .. 2 1 2 8 .. 3 1 4 0 , .0 1 5 3 . .0 160 . 2 1 6 6 . .6 44 35 36 37 38 39 40 41 42 Credit m a r k e t i n s t r u m e n t s T a x - e x e m p t debt ( 3 ) C o r p o r a t e bonds ( 1 ) Mortgages 8. 9 0., 1 2. 9 Bank loans n . e . c . C o m m e r c i a l paper Other loans Taxes payable T r a d e debt Miscellaneous liabilities F g n . direct invest, in US Pen. fund c o n t r . payable 4 3 Net worth 44 Total real estate (4) Market value of e q u i t i e s , 45 including c o r p . f a r m e q u i t i e s 46 Debt-net worth ratio (31/43) 47 D e b t - e q u i t i e s ratio (31/45) Ratio of market value 48 to net worth (45/43) T a n g i b l e s and net worth 49 Total assets Land 56 Net worth (6) 57 Total real estate 58 Debt-net worth (7) ratio 83.2 84.9 83.9 92.2 116.6 138.3 137.9 134.9 45 33.1% 50.8% 30.8% 60.3% 29.5% 67.6% 30.0% 76.0% 29.6% 70.9% 29.4% 61.9% 29.7% 58.3% 30.5% 63.2% 30.6% 67.7% 46 47 65.1% 51.0% 43.6% 39.5% 41.8% 47.4% 50.9% 48.3% 45.1% 48 171. 5 189. 2 217.,1 240.,3 251.,7 290.,1 322,.2 342..3 361,.9 49 102..7 95. 2 0..8 68. 2 26. 3 122.,0 113. 8 0..8 75,.4 37,.5 141. 2 132. 5 0..9 87..0 44..6 158.,9 150., 0 1..0 100.,1 48. 9 166..4 157..4 1..1 111..0 45. 3 188..1 178,.8 1 .2 122,.5 55..1 212..1 202..5 1,.3 136..4 64,.8 226 .8 217,,4 1. 3 150,.1 66..0 243,.3 233,.4 1,.4 164..6 67,.4 50 51 52 53 54 on h i s t o r i c a l - c o s t (5) 50 Tangible assets R e p r o d u c i b l e assets 51 Residential structures 52 N o n r e s . plant 8 equipment 53 Inventories 54 55 87.8 (31/56) basis: 7,.5 8, 3 8. 7 9..0 9..0 9,.3 9 .6 9..4 9..9 55 100..6 109..2 124,.3 138..7 150..8 166..3 184 .7 199..1 213..9 56 61.1 65.4 71.1 76.6 83.4 57 4 43.4% 43.4% 43.7% 43.8% 42.7% 58 46.1 49.3 53.0 44.3% 45.9% 46.2% (1) Through 1992, c o r p o r a t e bonds include net issues by N e t h e r l a n d s A n t i l l e a n f i n a n c i a l s u b s i d i a r i e s , and U.S. direct investment abroad e x c l u d e s net inflows from those bond issues. (2) E q u i t y in the F e d e r a l N a t i o n a l M o r t g a g e A s s o c i a t i o n . (3) Industrial revenue b o n d s . Issued by state and local g o v e r n m e n t s to finance p r i v a t e investment and secured in interest and p r i n c i p a l by the industrial user of the funds. (4) Lines 4 + 7 + n o n r e s i d e n t i a l plant from line 5. (5) Lines 8 + 50. (6) Lines 49 - 30. (7) Lines 5 2 + 5 5 + n o n r e s i d e n t i a l plant from line 53. Data are in b i l l i o n s of d o l l a r s . S e p t e m b e r 20, 1994 Nonfinanclal Corporations Nonfinanclal Corporations B . 1 0 4 B a l a n c e Sheet 33 of N o n f a r m N o n f I n a n c l a l C o r p o r a t e B u s i n e s s Year-End Outstandings Year-End O u t s t a n d i n g s 1954 1 460 .3 509 .5 5 5 7 .3 5 8 7 .6 607 .6 641 .2 657 .4 683 .7 715,.2 Total a s s e t s 2 336 .3 3 6 8 .0 410 .8 436 .6 445 .1 4 6 3 .5 476 .8 490 .5 509,.9 Tangible assets 3 4 5 6 286 .3 2 .0 212 .5 71 .7 3 1 3 .3 2 .1 231 .7 79 .4 349 .0 2 .2 259 .3 8 7 .5 370 2 279 89 .8 .3 .2 .3 377 .3 2 .6 287 .9 86 .8 395 2 299 92 406 .6 3 .2 307 .8 95 .6 416 .7 3 .6 315 .2 97 .8 433,.2 4,.3 326,.1 102.. 8 .3 .9 .7 .7 7 50 .0 5 4 .7 61 .8 65 .8 67 .8 68 .3 70 .2 73 .8 76,.7 a 124 .0 141 .4 146 .4 151 .0 162 .5 177 .6 180 .5 193 .2 205..3 9 10 11 12 13 14 15 16 17 18 19 20 48 .4 28 .3 0 .3 0 .8 53 29 0 0 48 .9 29 .0 0 .2 0 .8 48 .5 29 .0 0 .2 0,.8 51 30 0 1 .0 .1 .5 .4 56 .2 29 .2 0,.4 1,.1 51 28 0 2 .4 .2 .7 .3 5 4 .8 31 .7 1 .0 3 .1 57,.9 34.,6 1,.2 3..8 0 .2 17 .5 17..5 0 .1 21 .6 21 .3 0 .3 1 .2 0 .2 0 17 16 0 1 0 0 .1 16..4 15..6 0,.8 1 .5 0,.4 0 .1 16 .7 16 .1 0 .6 2 .0 0..2 0,.1 22,.8 21,.6 1..2 1,.8 0.,7 0,.1 16,.9 15..8 1,.1 2..4 0..8 0,.2 15..3 14..1 1..2 2..4 1..1 0..8 13..6 12. 3 1. 3 2. 7 1. 3 21 22 23 24 25 26 27 28 29 1 .0 0 .3 .4 .3 .2 .8 .1 . 1 .7 .4 .3 .3 7 .7 8 .3 8 .6 8,.7 8 .8 10..1 9..6 9..6 48 .4 19,.6 17..0 1..9 58 .0 21 .6 18,.7 2 .0 63 .8 25 .1 21 .7 2 .4 65,.4 28..4 24,.5 3,.0 71..8 30 .9 26 .4 3..5 77..4 34..0 28.,8 4.,1 0.. 1 82..3 37. 2 30..7 4..7 0..1 88..3 40..5 33. 4 5..1 0..1 10..4 0. 2 92..8 44..0 35. 8 5. 7 0.,1 0 .7 0 .9 1 .0 0..9 0 .9 1..1 1,.8 1..9 2. 4 30 151 .4 173 .2 185 .5 194..6 203 ,6 220.,3 230..5 243..0 258. 5 31 32 33 34 95..5 104 .3 113 .7 123.. 1 130,.6 139..2 147..7 155..3 166. 0 51 .5 17 .7 5 4 .6 19 .8 5 8 .0 20 .3 64..1 21,.5 69 .7 23 .4 72..8 24..4 76. 2 25.,0 80..6 26..7 84. 6 29. 3 35 36 37 21 .7 0 .5 4 .0 25 .6 0 .4 4 .0 30 .7 0 .4 4 .2 31..9 0..4 5..2 31,.5 0 .7 5 .2 35. 3 0..3 6..4 37..4 0..8 8..3 38.,3 1..1 8..6 41. 9 1. 2 9. 0 38 39 40 41 42 14 .8 37 .3 3 .9 3 .3 0 .6 18 .4 46 .1 4 .3 3 .6 0 ,6 16 .8 50 .3 4 .7 4 .0 0 .8 14,.6 51..8 5..1 4,.2 0,.9 12,.0 55 .5 5 .5 4 .5 1 .0 14..2 60..8 6..1 4..9 1..2 12..6 63..7 6..5 5..2 1.> 4 13..3 67..5 7..0 5..4 1. 6 14. 4 70. 6 7. 6 5. 7 1. 9 43 308 .9 336 .3 371 .8 393..0 404..0 420..9 426..8 440..7 456. 7 44 170 .8 185 .4 206 . 1 218..2 2 2 4 .3 230..0 234. 3 242.,6 250. 5 (current c o s t ) Reproducible assets Residential structures N o n r e s . plant 8 equipment Inventories Land Total f i n a n c i a l a s s e t s Liquid a s s e t s C h e c k a b l e dep. 8 c u r r e n c y S m a l l time & s a v i n g s dep. L a r g e time d e p o s i t s M o n e y m a r k e t fund shares Security RPs Foreign deposits U.S. government securities Treasury Agency Tax-exempt securities C o m m e r c i a l paper C o n s u m e r credit M u t u a l fund shares Trade credit Miscellaneous assets U . S . d i r . invest, abr. (1) Insurance receivables E q u i t y in G S E s (2) Inv. in f i n a n c e co. subs. Other Total l i a b i l i t i e s Credit market instruments T a x - e x e m p t debt (3) C o r p o r a t e b o n d s (1) Mortgages Bank loans n.e.c. C o m m e r c i a l paper O t h e r loans Taxes payable T r a d e debt Miscellaneous liabilities F g n . direct invest, in US Pen. fund c o n t r . payable Net worth Memo: Total real estate (4) 45 202 .6 254 .2 275 .9 232..9 331,.0 349..3 345..1 420..4 Market value of e q u i t i e s , 379. 7 including c o r p . f a r m equities 46 47 30.9% 47.]1% 31 .13 % 41.13 % 30.5% 41.:L% 31.3% 52.8% 32.3% 39.4% 33.0% 39.8% 34.6% 42.8% 35.2% 36.9% 36.3% 43.7% 48 65.5% 75.5% 74. 1% 59.2% 81.9% 82.9% 80.8% 95.3% 49 377 .9 416 .9 4 4 8 .0 473..6 498 .8 536..5 560..0 592..5 628. 0 Total a s s e t s 50 51 52 53 54 253..9 243 .8 1,.4 176,,9 65,.5 275 264 1 190 73 301 289 1 207 80 322..6 309..7 1..7 225..6 8 2 .3 336 .2 321 .8 2 .0 237 .9 81 .9 358..9 342..9 2..3 252..2 88..4 379, 5 362..0 2..6 267.>8 91..6 399. 3 379..8 3.,1 281. 6 95..0 422. 7 401. 3 3. 7 297. 0 100. 6 Tangible assets R e p r o d u c i b l e assets Residential structures N o n r e s . plant 8 equipment Inventories D e b t - n e t w o r t h ratio (31/43) D e b t - e q u i t i e s ratio (31/45) Ratio of m a r k e t value to net worth (45/43) 83.1% T a n g i b l e s and net worth on h i s t o r i c a l - c o s t .5 .5 .5 .1 . 0 .5 .3 .6 .2 .6 55 10,.1 11 .0 12 .2 12..9 14 .5 15..9 17..4 19. 5 21. 4 56 226 ,5 243 . 8 2 6 2 .5 279 .0 295 .1 316..2 329. 5 349, 5 369. 5 basis: (5) Land Net worth (6) Memo: 57 89..4 96 .4 106 . 1 115..3 123 .5 131. 5 140. 3 149. 3 158. 2 Total real 44.2% 44.0% 44.8% 44.4% 44.9% Debt-net worth estate (7) ratio (1) T h r o u g h 1992, c o r p o r a t e bonds include net Issues by N e t h e r l a n d s A n t l l l e a n f i n a n c i a l s u b s i d i a r i e s , and U.S. direct i n v e s t m e n t abroad e x c l u d e s net inflows from those bond Issues. (2) E q u i t y in the F e d e r a l N a t i o n a l M o r t g a g e A s s o c i a t i o n . (3) Industrial revenue bonds. Issued by state and local g o v e r n m e n t s to finance private investment and secured in interest and principal by the industrial user of the funds. (4) Lines 4 + 7 + n o n r e s i d e n t i a l plant from line 5. (5) Lines 8 + 5 0 . (6) Lines 49 - 30. (7) Lines 5 2 + 5 5 + n o n r e s i d e n t i a l plant from line 53. Data are in billions of d o l l a r s . (31/56) Nonfinancial Corporations Nonfinancial Corporations 2 ^ B . 1 0 4 B a l a n c e Sheet of N o n f a r m N o n f I n a n c i a l C o r p o r a t e B u s i n e s s Year-End Outstandings Year-End O u t s t a n d i n g s 1 T o t a l assets 2 Tangible assets (current cost) 3 4 5 6 R e p r o d u c i b l e assets Residential structures N o n r e s . plant 8 equipment Inventories 7 Land 8 T o t a l f i n a n c i a l assets 1963 1964 1965 1966 752.3 797. 5 869, 5 948. 0 1967 1968 1969 1970 1971 1020. 8 1127. 1 1250. 0 1354, 1 1484. 4 1 886. 5 968. 7 1057, 2 2 756. 5 12. 5 561. 8 182, 3 824.,0 14. 1 619. 9 190. 1 896. 1 16. 6 678. 8 200. 7 3 4 5 6 531.5 562.,1 606. 5 670. 4 725. 1 798. 1 451.7 5.1 337.9 108.7 477. 6 6. 0 355. 8 115. 8 515. 7 6. 9 383. 6 125..2 573. 2 7.,9 422. 9 142. 3 621. 1 8. 6 460. 0 152. 4 684, 1 10. 4 508, 7 165. 0 79.8 84. 5 90. a 97. 2 104. 0 114. 0 130. 0 144. 7 161. 2 7 220.8 235. 5 263..0 277. 7 295. 7 328, 9 363. 5 385. 4 427. 2 8 78. 8 42. 6 2.,4 7.,1 9 10 11 12 13 14 15 16 17 18 19 20 9 10 11 12 13 14 15 16 17 18 19 20 Liquid assets C h e c k a b l e dep. 8 c u r r e n c y S m a l l time 8 s a v i n g s dep. Large time d e p o s i t s M o n e y m a r k e t fund shares S e c u r i t y RPs Foreign deposits U.S. government securities Treasury Agency Tax-exempt securities C o m m e r c i a l paper 61.3 33.4 1.4 4.3 61. 7 32.7 1. 7 5.,0 63. 2 33,,1 2. 2 6. 8 61. 3 32. 4 2. 1 6. 5 63. 1 34. 8 2. 4 7. 3 68, 6 37. 5 2. 3 6. 8 69. 0 43.,1 0. 9 2. 7 69. 5 44. 1 1. 3 4..0 0.7 16.7 15.1 1.6 3.8 1.0 0. 3 1.,1 15..5 14..5 1..0 3,.7 1..7 0..6 0,,8 13..8 12..5 1..2 4 .6 1,.4 0. 9 0. 9 12.,1 11..1 1..0 3..6 2..9 0. 7 1.,1 9. 6 8.,6 1.,0 3..3 4.,0 1.,1 1. 6 10.,4 9.,0 1..4 3.,8 5.,1 3. 3 1. 2 7. 3 5. 6 1, 7 2. 8 7, 6 0. 2 0. a 7. 5 6..3 1. 2 2. 2 9..4 21 22 23 24 25 26 27 28 29 C o n s u m e r credit M u t u a l fund s h a r e s T r a d e credit M i s c e l l a n e o u s assets U . S . dir. invest, abr. (1) Insurance receivables E q u i t y in G S E s (2) Inv. in f i n a n c e co. subs. Other 11.3 0.2 99.1 48.8 39.1 6.0 0.1 12.,3 0..3 107,.6 53.,6 42..6 6..4 0.,1 13.,8 0, 8 160.,1 85..6 67..4 8..8 0..2 13. 9 0, 7 183. 0 96. 8 75, 4 9. 9 0. 2 14..5 0.,6 191.,6 109,.2 85,.4 10,.8 0..3 17. 0 0. 7 204. 1 126. 6 96. 9 11. 9 0. 4 3.6 4..6 5,.4 5..3 6..7 9. 2 11. 2 12,.6 17. 5 21 22 23 24 25 26 27 28 29 279.4 301..6 337,.0 372,.1 401..4 450..8 505. 6 544,.0 587. 8 30 177.0 191..0 211 .3 236,.0 260,.9 290..6 324.,8 356,.5 88.4 32.5 92 .4 36,.1 97 .3 39 .1 107,.5 42..9 122..1 45,.0 135..0 49,.4 147..0 52. 3 166 .8 56..2 384. 0 0.. 1 185..6 60..3 31 32 33 34 45.3 1.0 9.8 49 .9 1,.1 11,.4 60 .7 0..8 13 .4 69 .1 1 .6 14 .9 75 .6 3,.0 15,.0 85..4 4,.2 16,.5 98,.8 5..4 21,.4 103,.6 7,. 1 22 .8 107,.7 6,.2 24..1 35 36 37 15.7 78.5 8.1 6.0 2.2 16 . 2 85 a .8 6 .2 2 .5 18 .3 97 .7 9 .6 6 .7 2 .9 17 .4 108 .2 10 .5 7 .1 3 .4 13,.2 115,.6 11 .8 7 .8 4 .0 14 .3 132 .6 13 .2 8 .6 4 .6 12,.6 153,.1 15,.1 9,.7 5,.4 10 .0 160,.2 17 .3 11 . 1 6 .2 13.. 1 172..1 18,.7 11..5 7..2 38 39 40 41 42 472.9 495 .9 5 3 2 .5 576 .0 619 .3 676 .3 744,.5 810,.1 896..6 43 258.8 272 .2 292 .5 316 .6 338 .9 374 .6 421 .0 467 .4 5 2 2 .4 44 445.6 523 .8 5 7 4 .9 516 .8 6 6 2 .8 751 .2 629 .8 630 .5 742 .7 45 37.4% 39.7% 38.!5% 36. 4% 39. 6% 36. 7% 40.'9% 45. 6% 42. 1% 39.:5% 42. 9% 38. 6% 43.15% 51.5% 44.i0% 56.!5% 42.13% 51.1b% 46 47 94.2% 105.i6% 107. 9% 89. 7% 107. 0% 111. 0% 84.5% 77.8% 3% 82. < 48 1093 .3 1162 .9 1251 .9 49 729 .7 690 .1 10 .1 493 .6 186 .4 777 .5 735 .6 11 .5 530 .8 193 .3 824 .7 780 .7 13 .1 567 .2 200 .4 50 51 52 53 54 30 T o t a l l i a b i l i t i e s C r e d i t m a r k e t instruments T a x - e x e m p t debt (3) C o r p o r a t e bonds (1) Mortgages 31 32 33 34 B a n k loans n . e . c . C o m m e r c i a l paper O t h e r loans 35 36 37 T a x e s payable T r a d e debt Miscellaneous liabilities F g n . direct invest, in US P e n . fund c o n t r . payable 38 39 40 41 42 43 Net worth 13,.2 0..3 120,.9 65..4 53,,2 6 .8 0,. 1 13..4 0..4 133, 3 69,.2 55,.9 7..3 0..1 13. 7 0.,6 141..6 76.,7 61..8 8..0 0.. 1 1..1 1. 2 10., 0 9.,1 <v. 9 3. 2 11. 3 Memo: 44 T o t a l real estate 45 (4) M a r k e t value of e q u i t i e s , including c o r p . f a r m e q u i t i e s 46 D e b t - n e t worth ratio (31/43) 47 D e b t - e q u i t i e s ratio (31/45) Ratio of m a r k e t value to net worth (45/43) 48 T a n g i b l e s and net worth 49 T o t a l a s s e t s on h i s t o r i c a l -cost (5) 50 T a n g i b l e assets R e p r o d u c i b l e assets 51 Residential structures 52 N o n r e s . plant 8 equipment 53 Inventories 54 55 Land 56 Net worth (6) 57 T o t a l real estate (7) 5 8 D e b t - n e t worth ratio (31/56) basis: 669.1 712 .2 783 .1 849 .3 911 .4 994 .1 448.3 424.7 4.6 313.3 106.8 476 .7 451 .3 5 .4 332 .8 113 .1 520 .1 491 .9 6 .2 359 .1 126 .6 571 .6 540 .9 6 .9 391 .1 142 .8 615 .7 5 8 2 .6 7 .5 422 .0 153 .1 665 .1 630 . 0 8 .6 455 .4 166 .0 23.6 25 .4 28 .2 30 .7 33 .1 35 .2 39 .7 41 .9 44 .0 55 389.7 410 .6 446 .1 477 .2 5 1 0 .0 543 .3 587 .7 618 .9 664 .1 56 167.6 177 .7 191 .1 205 .9 220 .4 236 .0 256 .3 275 .5 294 .9 57 45.4% 46. 5% 47. 3% 49. 4% 51. 1% 53. 4% 55. 2% 57. 6% 57.8% 58 (1) T h r o u g h 1992, corporate bonds include net Issues by N e t h e r l a n d s A n t i l l e a n f i n a n c i a l s u b s i d i a r i e s , and U.S. direct investment abroad e x c l u d e s net inflows from those bond issues. (2) E q u i t y in the F e d e r a l N a t i o n a l M o r t g a g e A s s o c i a t i o n . (3) I n d u s t r i a l r e v e n u e b o n d s . Issued by state and local g o v e r n m e n t s to f i n a n c e private investment and secured in Interest and p r i n c i p a l by the industrial user of the f u n d s . (4) L i n e s 4 + 7 + n o n r e s i d e n t i a l plant from line 5. (5) L i n e s 8 + 5 0 . (6) L i n e s 49 - 30. (7) L i n e s 5 2 + 5 5 + n o n r e s i d e n t i a l plant from line 5 3 . D a t a are in b i l l i o n s of d o l l a r s . S e p t e m b e r 20, 1994 Nonfinancial Corporations Nonfinancial Corporations B . 1 0 4 B a l a n c e Sheet of N o n f a r m N o n f i n a n e l a l C o r p o r a t e B u s i n e s s 35 Year-End O u t s t a n d i n g s Year-End 1972 1973 1 1664 .6 1916..5 ' 2197,.9 2418..9 2 6 5 4 .3 2966 .6 3393 .0 3926 .8 4 4 5 4 .7 Total 2 1168,.5 1342 .0 1621,.5 1792..0 1965..6 2186 .8 2485 .2 2863 .7 3278 .4 T a n g i b l e assets 3 4 5 6 988 .0 18,.0 752..7 217..3 1131..7 19,.3 8 5 2 .6 259,.8 1375,.3 20,.5 1023,.5 331 .3 1516..4 21,,4 1157,.8 337,.2 1660,.6 22,.6 1262 .8 375,.2 1845..2 24,.6 1403,.7 416 .9 2097 . 0 26..9 1589,.5 480,.6 2417 .6 29,.7 1818 .7 569..2 2770 32 2094 644 .5 .2 .2 .0 Outstandings assets l (current cost) R e p r o d u c i b l e assets Residential structures N o n r e s . plant 8 equipment Inventories 3 4 5 6 7 180..4 210,.3 246 .2 275,.5 305.. 0 341,.6 388 .2 446 .0 8 496 .1 574..6 576,.5 626..9 688 .7 779 .8 907,.9 1063..1 88.. 0 44..9 3..0 8..9 . 0 101 , 46,.3 4,.1 12,.5 105..4 47,.8 5..1 15..4 125. 2 53..9 5..6 16..8 139..8 56..4 6..1 18..3 2,,7 2. 2 7. 9 6. 9 1..0 4. 2 14. 2 11,.3 3 3 4,.5 2..5 2..0 4..0 14. 9 5..5 4..9 5,.6 2..6 3 .0 4,.7 16..5 4..7 5.,8 14.,3 12..1 2. 2 4. 5 19. 6 143,.6 59..2 7, 3 22..0 0..2 8. 3 8..7 10.. 0 8..2 1..8 3..5 24..5 162, 3 57..7 7,.7 23 .4 0,.6 16,.2 16,.7 11 .5 , 9,.0 2..5 3..7 24 ,8 170..8 50, 3 8,.3 25,.1 3,.0 18,.8 21..8 13.. 1 11,.9 1, 3 3..7 26..7 196 .5 57.. 1 9,.4 28,.5 7,.0 28 .4 24 .6 18..7 17,.0 1,.7 3 .5 19,.4 Liquid assets 9 C h e c k a b l e dep. 8 currency 10 S m a l l time 8 savings dep. 11 Large time deposits 12 M o n e y market fund shares 13 S e c u r i t y RPs 14 Foreign deposits 15 U.S. government s e c u r i t i e s 16 Treasury 17 Agency 18 Tax-exempt securities 19 C o m m e r c i a l paper 20 17.,7 0..7 230. 5 159. 2 121..4 13.,7 0..4 19. 2 0..8 269. 3 184..4 139. 5 15..7 0..4 20..3 0,.8 245. 5 204.,4 159. 3 17..8 0.,4 23..7 28.,8 26. 9 26..5 0..6 361..5 356..9 279..0 33..4 0..6 5. 3 38. 6 28. 3 1,.1 430..7 432. 2 331 ,2 38. 9 0. 6 6. 4 55.. 0 29,.4 1..5 478..1 470,.7 384, 3 43. 6 0..6 7..5 34.,7 C o n s u m e r credit M u t u a l fund shares Trade credit M i s c e l l a n e o u s assets U.S. dir. invest. abr. (1) Insurance r e c e i v a b l e s E q u i t y in G S E s (2) Inv. in f i n a n c e co. subs. Other 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 7.. 0 7..4 16..4 14.,3 2. 2 3.,4 24.,7 21.,2 0.,9 251.,1 228..6 182. 6 20..0 0..4 2., 0 23. 5 23. 5 1. 0 269. 4 255..1 202. 4 23. 4 0. 5 3. 0 25, 8 24,.4 0..8 305.,9 305.. 1 242..5 27..8 0..5 4.. 0 30. 3 508 . 0 2 1176 .2 30 650..8 761..8 766. 2 792.6 867. 5 971. 4 1115. 8 1274.,9 1415.,6 31 32 33 34 420..4 0..6 197..8 66. 9 482. 7 2.,4 206. 9 94. 9 538..0 4.,1 226. 6 94. 2 556. 5 6. 7 253. 8 98.,1 594. 3 9, 2 276. 6 102. 6 665. 8 17.,4 299. 5 114. 2 738. 5 25..0 320. 6 125. 6 820. 6 35..0 337. 9 126. 5 885. 6 45.,9 365. 6 113. 5 35 36 37 120. 5 7..0 27. 7 137., 1 8. 4 33., 0 159. 4 12. 5 41. 2 143. 5 9. 6 44. 8 140, 1 11.,0 54. 8 154. 9 12. 8 67.,0 175.,1 15. 5 76. 6 204. 3 24. 5 92. 4 230. 3 28., 0 102. 3 38 39 40 41 42 15. 5 194. 4 20. 5 12..1 8.,4 19. 3 232. 7 27.,1 17. 3 9. 8 24. 5 170. 5 33. 2 21.,8 11..4 22. 3 176. 7 37. 2 23. 9 13. 2 27. 8 185. 6 59. 8 44. 4 15. 4 29.,1 207. 1 69. 4 51. 5 17. 9 34.,1 258. 9 84. 3 63. 5 20. 8 41.,0 309. 8 103. 6 79. 4 24. 2 43. 9 347. 7 138. 4 110. 2 28., 1 43 1013. 7 1154. 7 1431. 7 1626. 3 1786. 9 44 593..1 684. 6 800., 0 888.. 1 969. 2 " Land Total 7 assets financial Total l i a b i l i t i e s Bank loans n . e . c . C o m m e r c i a l paper Other loans 2651. 8 3039.,1 Net worth 1074. 7 1218. 7 1400. 7 1604.,6 Total real estate 41.4% 49.6% 41.8% 72.6% 37.5% 117.6% 34.2% 87.6% 33.2% 70.7% 33.3% 89.9% 32.4% 94.4% 30.9% 88.3% (4) 44 29.1% 70.5% D e b t - n e t worth ratio (31/43) D e b t - e q u i t i e s ratio (31/45) Ratio of market value 41.3% to net worth (45/43) T a n g i b l e s and 49 50 51 52 53 54 1392 .9 896..8 849..4 13..1 610..6 225..7 net worth on h i s t o r i c a l - c o s t 1701, 5 1814 .4 1978..6 2201. 9 2506..4 2881 .7 3188. 3 Total 998. 3 945. 6 13. 2 668. 6 263. 9 1125..0 1069..3 13..1 736..7 319 .5 1187 .5 1131,.0 13,.0 802..1 315..9 1289 .8 1231,.2 13,.0 875,.7 342,.5 1422 .1 1360. 2 13..2 970. 2 376. 9 1598. 5 1532..7 13. 4 1087..7 431..6 1818 .6 1748 .5 13,.8 1229,.6 505,.1 2012., 1 1936.,0 14.,1 1378. 8 543.,0 T a n g i b l e assets R e p r o d u c i b l e assets Residential structures N o n r e s . plant 8 equipment Inventories 47,.5 52. 7 55 .8 56..5 58,.6 61. 8 65..8 70,.1 76.,1 56 742.,1 811.,1 935. 3 1021..8 1111,.1 1230..4 1390. 6 1606,.8 1772. 7 assets 316.1 343.6 373.4 400.8 431.4 466.4 513.6 576.6 T o t a l real estate 56.6% 59.5% 57.5% 54.4% 53.4% 54.1% 53.1% 51.0% Debt-net worth (7) ratio (1) Through 1992, c o r p o r a t e bonds include net issues by N e t h e r l a n d s A n t i l l e a n f i n a n c i a l s u b s i d i a r i e s , and U.S. direct investment abroad e x c l u d e s net Inflows from those bond issues. (2) E q u i t y in the F e d e r a l N a t i o n a l M o r t g a g e A s s o c i a t i o n . (3) Industrial revenue b o n d s . Issued by state and local g o v e r n m e n t s to finance private investment and secured In interest and p r i n c i p a l by the industrial user of the funds. (4) Lines 4 • 7 • n o n r e s i d e n t i a l plant from line 5. (5) Lines 8 + 50. (6) Lines 49 - 30. (7) Lines 5 2 * 55 • n o n r e s i d e n t i a l plant from line 53. 50 51 52 53 54 56 58 in billions of d o l l a r s . 48 55 (6) 57 Data are 46 47 (5) Land Net worth 45 basis: 1572. 9 55 38 39 40 41 42 43 Market value of e q u i t i e s , 1255.8 including c o r p . f a r m equities 46 47 31 32 33 34 35 36 37 T a x e s payable T r a d e debt Miscellaneous liabilities F g n . direct invest, in US Pen. fund contr. payable 2277. 3 21 22 23 24 25 26 27 28 29 30 Credit market instruments T a x - e x e m p t debt (3) C o r p o r a t e bonds (1) Mortgages 1995,. 1 8 57 (31/56) 58 September 20, 1994 Nonflnanclal Corporations 36 Nonflnanclal Corporations B.104 Balance Sheet of Nonfarm Nonflnanclal Corporate Business Year-End Outstandings Year-End Outstandings 1 Total assets 2 Tangible assets (current cost) 3 4 5 6 Reproducible assets Residential structures Nonres. plant & equipment Inventories 7 Land 1981 1982 1983 1984 4965 .9 5 2 0 8 ,. 2 5509 .9 3674 .2 386 0,. 1 3979 . 4 3 1 0 3 ,. 1 33 . 8 2369 . 4 6 9 9 , .9 3239 .7 34.5 2 5 2 5 , .9 679 . 4 3320 . 1 35 . 3 2 5 9 4 ,. 8 6 9 0 ,. 0 1986 5828 .7 6121 .9 6444 .6 6820 .9 7313 . 4 7707 . 3 1 4215 .4 4399 . 0 4545 .7 4750 . 8 5056 . 7 5334 .4 2 3513 .5 36 3 2 7 1 6 , .6 760, . 5 3 6 5 8 .. 2 37, .9 2 8 5 2 .. 2 7 6 8 .. 1 3 7 7 1 ,. 2 39. .6 2 9 7 2 . .7 7 5 8 . .9 3937 .0 41, . 8 3 0 7 7 ,. 5 8 1 7 . .7 4181 . 8 41 . 7 3256 . 9 8 8 3 ,. 1 4393 43 3414 936 3 4 5 6 1988 1989 .9 .4 .5 .0 6 2 0 . .4 659 . 4 7 0 1 , .9 7 4 0 .. 8 7 7 4 . .5 8 1 3 , .7 875 . 0 940 . 4 7 1291 ,.6 1348. . 1 1530, . 4 1613, 3 1 7 2 2 . .9 1898. 9 2 0 7 0 .. 1 2256 . 7 2372 . 9 8 571 .2 8 Total financial assets 1985 9 10 11 12 13 14 15 16 17 18 19 20 Liquid assets Checkable dep. & currency Small time & savings dep. Large time deposits Money market fund shares Security RPs Foreign deposits U.S. government securities Treasury Agency Tax-exempt securities Commercial paper 2 2 0 , .4 47. . 4 11. 9 35. .9 18..4 33. .4 23. .0 20. 2 18. 5 1. 8 3. .5 26. 8 2 7 7 . .7 55. 3 14,.7 44. .4 19.. 0 4 2 .. 1 31. 5 30. .5 28, .7 1.. 8 3..5 3 6 . .7 4 1 5 , .7 76,. 0 17,. 5 53. . 1 11,. 2 48, . 4 125. . 4 38. . 5 36. .7 1 .,8 4, 2 41. . 4 459 . 4 105, . 1 18.. 5 55 . 9 16,. 1 48, . 8 123, . 4 42 .7 41. .0 1,.7 4,. 1 4 4 ,. 8 5 0 8 .. 1 131 .6 , 19..9 60, . 4 14,. 5 55, . 8 134, . 1 41 ., 5 39. .9 1..6 4 .9 45. 3 594. 5 153. .6 21. 2 66. 3 18.. 1 65. . 3 162. . 4 5 8 . .7 5 7 .. 2 1..5 8 . .0 4 0 . .9 6 4 3 . .0 172 . 4 21, .9 69 .7 18,.9 66, . 1 174. . 4 62, . 3 60, .9 1, 3 10,.5 46, .6 673 . 6 170 . 9 24 . 4 81 . 2 15 . 6 74 . 3 188 . 5 59 . 6 58 . 3 1 3 12 . 0 47 . 0 740 . 5 184 . 8 23 . 9 79 . 4 16 . 2 70 . 3 236 .6 65 .6 63,.9 1,.7 11 .4 52,.4 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 Consumer credit Mutual fund shares Trade credit Miscellaneous assets U.S. dir. Invest, abr. (1) Insurance receivables Equity in GSEs (2) Inv. in finance co. subs. Other 30. 3 1. 6 502. 2 5 3 7 ., 0 402. 9 47. 3 0. 6 8. 6 77. 6 30. a 3. ,1 486. 6 549. 9 393. 8 5 0 . ,0 0. 7 9. 7 95. 6 35. . 4 4.. 5 537. 6 5 3 7 . .3 382.0 53. 5 0.,7 10..a 90. 2 38. . 4 7. 2 5 8 4 . .7 5 2 3 . .6 3 7 3 . .9 5 8 . .6 0..7 11.. 9 78. .4 4 2 . .5 10.. 8 624.0 537. 5 3 9 4 . ,0 6 2 .. 8 0. 8 16. 7 63. 2 4 7 . .0 15..7 6 4 9 . .1 592. 6 419. 6 81. 6 0. 9 18. . 7 71 . 3 5 4 . .0 12. ,8 694. 3 6 6 6 . ,0 4 7 9 .. 1 92. 4 1. 3 12. 5 80. 8 60 . 9 10 . 6 766. . 3 745, 3 486, .9 102, . 5 1, 3 9 2 145, . 4 63., 8 9. 5 8 0 9 . .9 749 . 1 5 0 4 ,. 4 117. , 2 1. 3 8,. 8 117. .4 21 22 23 24 25 26 27 28 29 30 Total liabilities 31 32 33 34 35 36 37 38 39 40 41 42 Credit market Instruments Tax-exempt debt (3) Corporate bonds (1) Mortgages Bank loans n.e.c. Commercial paper Other loans Taxes payable Trade debt Miscellaneous liabilities Fgn. direct invest, in US Pen. fund contr. payable 43 Net worth 1587.8 1671. 7 1 8 2 4 ., 0 2 0 8 3 .. 8 2312. 6 2606. 3 2909. 7 3 2 4 5 . .6 3 5 3 7 . .1 30 998. 59. 390. 116. 6 3 3 3 1063. 5 74. 5 4 2 1 . ,0 76. 4 1167. 4 83. 9 4 4 7 . ,0 9 7 .. 1 1368. 9 104. 4 4 9 5 . .1 105. 5 1542. 5 1 2 7 .. 0 578. 2 96. 5 1774. 117. 705. 128. 1 1 4 a 1969. 9 116. 2 7 8 4 . ,1 191. 4 2 1 6 9 . .0 116. 4 887. 2 185. 5 2365. 7 115. .5 9 6 1 .. 1 203. 9 31 32 33 34 261. 7 42. 7 128. 3 318. 5 37. 6 135. 5 340. 9 36. a 161. 8 3 9 1 .. 1 58. 5 214. 3 424. 1 72. 2 244. 5 473. 7 62. 9 286. 2 482. 4 73. 8 3 2 2 . ,0 519. 3 85. 7 374. 8 553 5 107. 1 424. 5 35 36 37 35. 381. 191. 153. 38. 38. 418. 199. 158. 41. 42. 452. 220. 179. 41. 39. 486. 245. 195. 50. 42. 499. 289. 235. 54. 47. 539. 352. 295. 56. 49. 598. 428. 366. 61. 46. 629. 495. 423. 72. 5 3 7 3 4 38 39 40 41 42 39. 376. 173. 140. 32. 9 4 0 2 7 6 3 3 3 0 6 3 7 3 3 2 0 7 2 5 0 0 0 0 1 8 7 8 2 6 9 6 4 6 8 6 7 3 9 4 3378. 1 3536. 6 3685. 9 3744. 9 3809. 3 3838. 2 3911. 2 4067. a 4170. 1 43 1809. 8 1942. 3 2019. 4 2133. 5 2248. 5 2327. 0 2424. 3 2593. 5 2747. 9 44 1133.6 1274.3 1536.7 1448.4 1797.2 2136.0 2243.1 2510.8 3173.3 45 29.5X 88. OX 30. OX 83. 4X 31.6X 75. 9X 36.5X 94.5X 40. 4X 85.8X 46. 2X 83. OX 50. 3X 87. ax 53. 3X 86. 3X 56.7X 74.5X 46 47 33.5X 36. OX 41.6X 38. 6X 47.IX 55.6X 57. 3X 61.7X 76.OX 48 Memo: 44 Total real estate (4) Market value of equities, 45 including corp.farm equities 46 Debt-net worth ratio (31/43) 47 Debt-equities ratio (31/45) Ratio of market value 48 to net worth (45/43) Tangibles and net worth on historical-cost basis: 49 Total assets (5) 50 Tangible assets 51 Reproducible assets 52 Residential structures 53 Nonres. plant 8 equipment 54 Inventories 55 Land 56 Net worth (6) 57 Total real estate (7) 58 Debt-net worth ratio (31/56) 3524. 3 3735..5 4076..6 4380. 5 4679. 3 4995. 9 5336..7 5735..8 6023,.8 49 2232..7 2147,.8 14..4 1549..4 584..0 2387,.4 2296, 3 14..7 1702..6 579..0 2546..1 2448. 6 15..4 1829..8 603..4 2767. 2 2661..7 16..1 1988..6 656..9 2956. 3 2838. 7 17..0 2155. 6 666..0 3097.,0 2973..1 17, 9 2282. 5 672. 7 3266..6 3134..2 18. a 2389, 5 725..9 3479..1 3329. 2 19. 5 2504. 3 805..4 3651 .0 3485..1 20,.3 2630,,3 834,.5 50 51 52 53 54 132..4 85..0 91..1 97. 5 105. 6 117. 7 123. 9 149. 9 165,.9 55 1936. 6 2063..8 2252. 5 2296..7 2366. 6 2389. 6 2427.. 0 2490, 2 2486..7 56 743.7 835.7 906.0 990.3 1087.0 1152.9 1212.0 1285.3 1360.8 57 51.5X 51.5X 51.8X 59.6X 65.IX 74.2X 81.IX 87.OX 95.IX 58 (1) Through 1992, corporate bonds include net issues by Netherlands Antillean financial subsidiaries, and U.S. direct Investment abroad excludes net Inflows from those bond Issues. (2) Equity in the Federal National Mortgage Association. (3) Industrial revenue bonds. Issued by state and local governments to finance private Investment and secured in interest and principal by the industrial user of the funds. (4) Lines 4 + 7 + nonresidential plant from line 5. (5) Lines 8 • 50. (6) Lines 49 - 30. (7) Lines 5 2 + 5 5 + nonresidential plant from line 53. Data are in billions of dollars. September 20, 1994 Nonfinaneial Corporations Nonfinaneial Corporations B.104 Balance Sheet of Nonfarm Nonfinaneial Corporate Business 37 Year-End Outstandings Year-End Outstandings 1990 1991 1992 1993 1 7814.6 7585.0 7472.6 7680.6 Total assets 1 2 5325.9 5042.6 4818.9 4964.6 Tangible assets (current cost) 2 3 4 5 6 4573.1 44.4 3563.8 964.9 4620.2 45.0 3624.3 950.9 4708.6 45.7 3704.3 958.6 4874.6 46.3 3839.5 988.8 Reproducible assets Residential structures Nonres. plant & equipment Inventories 3 4 5 6 Land 7 7 752.7 422.4 110.3 90.0 8 2488.7 2542.4 2653.8 2716.0 9 10 11 12 13 14 15 16 17 18 19 20 782.5 192.9 23.0 76.2 26.3 64.3 277.3 58.5 56.0 2.5 10.1 53.9 801.2 201.2 24.4 80. 0 31.5 62.8 268.0 68.5 64.5 4.1 11.7 53.0 811.1 190.8 23.6 73.3 47.3 56.4 259.6 93.2 87.1 6.1 12.3 54.6 801.9 193.3 24.7 76.4 44.8 47.2 247.9 95.2 86.4 8.9 14.4 58.0 Liquid a s s e t s Checkable d e p . S currency Small time & savings dep. Large time deposits Money market fund shares Security RPs Foreign deposits U.S. government securities Treasury Agency Tax-exempt securities Commercial paper 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 67.1 8.2 825.1 805.8 559.0 119.6 1.3 15.0 110.9 63.0 10.9 822.4 844.9 584.3 123.4 1.8 17.2 118.1 65.4 15.6 854.0 907.7 590.6 130.5 1.9 18.9 165.8 75.3 22.4 872.6 943.9 611.6 135.3 1.9 22.9 172.1 Consumer credit Mutual fund shares Trade credit Miscellaneous assets U.S. dir. invest, abr. (1) Insurance receivables Equity in GSEs (2) Inv. in finance co. subs. Other 21 22 23 24 25 26 27 28 29 30 3705.4 3723.7 3825.2 3899.5 31 32 33 34 2469.2 115.2 1008.2 192.4 2458.0 114.0 1086.9 193.1 2500.4 114.0 1154.4 165.6 2546.3 113.9 1229.8 150.4 35 36 37 555.4 116.9 481.3 530.5 98.5 435.0 518.5 107.1 440.9 515.2 117.8 419.2 38 39 40 41 42 41.5 658.6 536.1 468.3 67.7 33.3 670.8 561.6 472.9 88.7 40.5 700.9 583.2 486.6 96.6 42.5 727.0 583.6 477.2 106.4 43 4109.3 3861.3 3647.5 3781.1 44 2629.2 2328.1 2050.8 2093.4 Total financial a s s e t s 8 30 Total liabilities Credit market instruments Tax-exempt debt (3) Corporate bonds (1) Mortgages Bank loans n.e.c. Commercial paper Other loans 31 32 33 34 35 36 37 Taxes payable Trade debt Miscellaneous liabilities Fgn. direct invest. in US Pen. fund contr. payable 38 39 40 41 42 43 Net worth Memo: Total real estate (4) 44 Market value of equities, including corp.farm equities 45 45 3010.6 4125.7 4609.2 5127.0 46 47 60.0% 82.0% 63.6X 59.5% 68.5% 54.2% 6 7.3% 49.6% 48 73.2% 106.8% 126.3% 135.5% 49 6304.9 6483.9 6717.9 6954.0 Total assets (5) 49 50 51 52 53 54 3816.2 3633.4 20.7 2765.7 847.0 3941.6 3754.2 21.2 2872.4 86 0.6 4064.2 3868.1 21.5 2970.9 875.8 4238.0 4034.7 21.7 3096.4 916.6 Tangible assets Reproducible assets Residential structures Nonres. plant 8 equipment Inventories 50 51 52 53 54 Debt-net worth ratio (31/43) Debt-equities ratio (31/45) Ratio of market value to net worth (45/43) 46 47 48 Tangibles and net worth on historical-cost basis: 55 182.8 187.4 196.1 203.3 56 2599.6 2760.2 2892.8 3054.5 Land Net worth 55 (6) 56 Memo: 57 1445.5 1501.0 1547.5 1591.3 58 94.9% 89. 0% 86.4% 83.3% Total real estate (7) Debt-net worth ratio (1) Through 1992, corporate bonds include net issues by Netherlands Antillean financial subsidiaries, and U.S. direct Investment abroad excludes net inflows from those bond Issues. (2) Equity in the Federal National Mortgage Association. (3) Industrial revenue bonds. Issued by state and local governments to finance private Investment and secured in interest and principal by the industrial user of the funds. (4) Lines 4 + 7 • nonresidential plant from line 5. (5) Lines 8 + 50. (6) Lines 49 - 30. (7) Lines 5 2 + 5 5 + nonresidential plant from line 53. Data are in billions of dollars. 57 (31/56) 58 S e p t e m b e r 20, 1994 Private Financial Institutions 38 Year-End 1 Total assets financial assets Institutions Institutions Outstandings 2 T a n g i b l e assets 3 Residential structures 4 N o n r e s . plant 8 equipment 5 Land 6 Total Private F i n a n c i a l B . 1 3 4 B a l a n c e Sheet of Private F i n a n c i a l Year-End O u t s t a n d i n g s 1945 1946 1947 1948 1949 1950 1951 1952 1953 241.0 239.0 251.9 262.8 278.0 299.8 320.9 349.3 372.6 1 2.9 3.2 3.5 3.6 3.9 4.3 4.8 5.0 5.2 2.4 0.5 2.5 0.8 2.6 0.9 2.8 0.9 2.9 1.0 3.2 1.1 3.5 1.3 3.7 1.3 4.0 1.3 2 3 4 5 238.1 235.8 248.4 259.1 274.1 295.5 316.1 344.3 367.4 6 7 a 9 10 11 12 C h e c k a b l e dep. and c u r r e n c y S m a l l time and savings dep. Large time d e p o s i t s M o n e y market fund shares F e d . funds 8 s e c u r i t y RPs Foreign deposits 4.0 0.1 4.7 0.1 5.1 0.1 5.2 0.1 5.5 0.1 6.1 0.1 6.7 0.3 6.9 0.8 7.2 0.9 7 8 9 10 - " - - - - 13 14 15 16 17 18 Corporate equities Credit m a r k e t i n s t r u m e n t s U.S. T r e a s u r y s e c u r i t i e s Federal agency securities Tax-exempt securities C o r p o r a t e 8 foreign bonds 5.5 199.5 133.4 0.9 6.3 18.1 5.7 200.3 119.0 1. 0 6.6 20.2 23 24 Mortgages C o n s u m e r credit B a n k loans n . e . c . Open m a r k e t paper O t h e r loans C u s t . l i a b . on a c c e p t a n c e s 21.2 3.4 11.3 0.2 4.6 0.2 25 26 27 28 S e c u r i t y credit Vault cash 8 c o m m . bank res. T r a d e credit M i s c e l l a n e o u s f i n a n . assets 19 20 21 22 29 Total liabilities 30 31 32 33 34 Checkable deposits S m a l l time 8 s a v i n g s dep. Large time d e p o s i t s Money market fund shares F e d . funds 8 s e c u r i t y RPs 35 36 37 Life insurance r e s e r v e s Pension fund r e s e r v e s Interbank c l a i m s , net 38 39 40 41 42 43 44 M u t u a l fund shares C r e d i t market i n s t r u m e n t s C o r p o r a t e bonds Mortgages B a n k loans n . e . c . Open market paper O t h e r loans 45 46 47 48 49 S e c u r i t y debt T r a d e debt T a x e s payable I n v e s t . in bank pars, trusts Miscellaneous liabilities " - - - - - - 12 6.3 210.4 111.9 1.1 7.6 23.9 6.7 217.7 102.6 2.0 8.6 28.7 9.4 232.1 106.1 2.1 10.2 32.2 11.0 248.5 99.5 1.9 12.5 34.6 12.0 264.7 96.1 1.8 14.1 38.2 13.9 288.1 98.2 2.2 15.8 43.2 15.2 308.0 98.6 3.7 17.8 48.0 13 14 15 16 17 18 26.2 5.7 16.4 0.3 4.5 0.2 32.0 8.3 20.6 0.4 4.3 0.3 38.0 10.5 22.0 0.3 4.6 0.3 43.2 12.9 20.3 0.3 4.5 0.3 52.2 16.2 26.0 0.4 4.9 0.4 59.9 16.9 31.3 0.5 5.3 0.5 67.5 20.8 33.4 0.6 5.8 0.5 75.8 24.5 32.1 0.6 6.2 0.6 19 20 21 22 23 24 8.1 17.8 0.4 2.6 3.8 18.2 0.5 2.5 2.7 20.1 0.6 3.0 2.9 22.5 0.7 3.4 3.7 18.6 0.7 4.0 4.5 19.9 0.7 4.7 4.1 22.8 0.9 4.7 4.9 22.7 0.9 6.2 5.7 22.7 1.0 6.7 25 26 27 28 219.1 215.6 226.9 236.7 249.9 268.8 288.4 314.5 335.5 29 102.6 50.3 3.2 88.7 56.6 3.4 90.9 60.0 3.6 90.3 62.2 3.9 91.1 64.9 4.3 96.7 67.3 4.6 103.6 72.3 4.5 108.8 80.2 4.9 108.9 88.5 5.8 -3.6 -1.6 -1.3 -1.1 -1.0 -1.1 -1.0 -1.1 -1.2 30 31 32 33 34 36.0 9.4 2.1 38.6 10.2 1.5 41.1 11.7 1.6 43.8 13.3 1.8 46.4 15.1 2.1 49.1 17.5 3.3 51.6 20.4 3.4 54.5 25. 0 3.4 57.4 29.5 3.3 35 36 37 1.3 1.0 0.1 1.3 1.8 0.2 1.4 2.5 0.3 1.5 3.8 0.8 3.1 4.7 1.1 3.3 6.6 1.3 3.5 7.5 1.7 3.9 8.9 1.7 4.1 10.5 3.1 0.4 0.2 0.2 0.9 0.4 0.3 1.2 0.6 0.4 1.7 0.8 0.5 2.2 1.0 0.4 3.4 1.1 0.8 3.3 1.6 0.9 4.4 1.9 0.9 4.3 2.2 1.0 38 39 40 41 42 43 44 7.6 4.0 2.8 0.4 0.5 0.3 3.0 0.1 0.5 3.5 0.1 0.7 4.0 0.1 0.9 3.7 0.1 1.1 4.2 0.2 1.4 4.6 0.2 1.9 8.9 10.5 12.1 13.6 15.0 16.5 17.7 20.2 21.9 45 46 47 48 49 50 Net worth 51 C o r p o r a t e and stock 52 N o n c o r p o r a t e and m u t u a l 21.9 16.3 5.6 23.4 17.8 5.6 25.0 19.3 5.7 26.1 19.6 6.5 28.0 20.4 7.6 31.0 22.4 8.6 32.5 23.3 9.2 34.8 24.8 10.0 37.2 26.2 11.0 50 51 52 Memo: 5 3 Market value of e q u i t i e s 5 4 Total real estate (1) 29.0 2.5 25.5 2.8 21.7 3.1 21.7 3.1 24.0 3.2 24.8 3.5 26.9 3.8 30.7 3.9 28.8 4.0 53 54 (1) Lines 3 • 5 • n o n r e s i d e n t i a l plant from line 4. Data are in b i l l i o n s of d o l l a r s . S e p t e m b e r 20, 1994 P r i w t a Financial Institutions Private F i n a n c i a l B . 1 3 4 Balance Sheet of Private F i n a n c i a l Institutions Institutions 39 Year-End Outstandings Year-End O u t s t a n d i n g s 1955 1956 1957 1958 1959 1960 1961 1962 Total assets 1 T a n g i b l e assets Residential structures N o n r e s . plant 8 equipment Land 2 3 4 5 Total 6 1 405. 9 441. 0 467. 8 492. 7 541. 0 578. 3 618. 6 680. 0 730. 9 2 3 4 5 5. 8 6. 3 7. 2 7. 7 8. 0 8. 6 9. 2 9. 8 10. 8 4. 2 1. 6 4. 9 1 .4 5. 6 1. 6 6. 0 1. 7 6. 3 1. 7 6. 8 1. 8 7. 2 2. 0 7. 7 2. 1 8. 5 2. 3 6 400. 2 434. 7 460. 7 485. 0 533. 0 569. 7 609. 4 670. 2 720. 1 7 8 9 10 11 12 7. 6 1. 1 7. 9 1. 3 8. 0 1. 6 8. 2 1. 9 8. 9 2. 4 8. 6 2. 6 9. 1 2. 8 10. 2 3. 4 11. 1 3. 8 C h e c k a b l e dep. and c u r r e n c y Small time and savings dep. Large time deposits M o n e y market fund shares F e d . funds 8 s e c u r i t y RPs Foreign deposits 7 8 9 10 11 12 13 14 15 16 17 18 20, 2 333. 3 103. 9 3. 7 21. 3 52. 3 26. 9 357. 9 96. 2 3. 1 22. 8 55. 4 29. 1 380. 0 91 .9 2. 8 24..1 59. 3 29.,1 403.,4 90. 6 3.,7 26..4 65..8 40. 3 436. 2 99..1 4.,7 30. 5 71..4 47. 0 465.,0 91..9 4.,3 32..8 75..7 51. 2 499.,1 93.,2 5. 5 34.,8 80.,5 66. 1 538. 5 99. 5 6. 4 38. 7 85. 8 62. 5 586. 2 100. 9 8. 2 44.,4 91, 8 Corporate equities Credit market instruments U.S. T r e a s u r y s e c u r i t i e s F e d e r a l agency s e c u r i t i e s Tax-exempt securities C o r p o r a t e 8 foreign bonds 13 14 15 16 17 18 19 20 21 22 23 24 86. 5 25..5 32..1 0..8 6. 4 0.,9 100. 7 31. 7 39. 6 0. 6 7. 1 0. 6 112. 8 34. 9 45. 2 0. 7 7.,4 1.. 0 121..4 37..4 47.,3 0..8 8..7 1..3 133.,6 37..6 48..1 0..9 9..0 1..2 148..3 43,.7 55, 3 1,. 0 10..9 1..2 161.,3 48. 4 58. 3 1.,6 13..5 2.,0 177. 3 50. 7 60. 9 2. 4 14. 2 2. 7 197..9 55.,6 67..1 2. 6 14.,9 2..7 Mortgages C o n s u m e r credit Bank loans n . e . c . Open market paper Other loans C u s t . liab. on a c c e p t a n c e s 19 20 21 22 23 24 25 26 27 28 7. 5 21. 3 1 .. 1 8., 0 8. 6 21. 7 1. 2 9. 1 8.. 0 22.,3 1. 3 10. 3 7..7 22..4 1..5 10..9 9..2 21..8 1..6 12..7 9,.4 21..2 1..8 14..0 9..6 20..4 1..9 15,.2 11..8 21..1 2., 0 17. 3 12..4 22..0 2..2 20..0 S e c u r i t y credit Vault cash 8 c o m m . bank res. T r a d e credit M i s c e l l a n e o u s f i n a n . assets 25 26 27 28 financial assets 29 Total liabilities 29 363..3 394. 2 417..9 441 ..6 484.6 518..3 553..5 608.. 0 656.,4 30 31 32 33 34 113..5 97 .8 7,. 0 115. 6 106. 6 6.,7 117. 5 116,.2 6. 5 117..0 128..3 6,.7 122..7 142..6 9,.3 123..6 154 .1 7 .5 125..7 165,.8 11,.1 131.,0 184..1 13..5 135,.6 209..9 16,.4 -1..5 -2..0 -1..9 -1,.9 -2..1 -1,.9 - 2 .1 -2..1 35 36 37 60 .4 34 .4 3. 1 63..5 41,.8 4..3 66..6 47..2 4..7 69..3 53 .1 4,.2 72,.3 62 .5 4..3 75 .6 71 .6 5 .1 78 .8 79 .5 5 .8 82..1 91..8 7..0 38 39 40 41 42 43 44 6 .1 10 .1 2 .8 7 .8 12..1 3 .2 9 .0 13..9 4..5 8 .7 15..7 5 .7 13..2 15 .8 5 .6 15 .8 20 .2 6 .5 17 .0 24 .4 9 .8 22,.9 26.. 0 10,.5 4. 1 2 .4 0 .9 5 .1 2 .4 1 .4 5 .4 2 .8 1 .2 , 5 .1 3 .6 1 .3 5 .5 3 .4 1 .3 7 .5 4 .1 2 .1 6 .9 5 .8 2 .0 6..5 6 .3 2..7 7 .2 7 .5 3 .5 45 46 47 48 49 6 .0 0 .2 1 .6 6 .5 0,.2 1 .3 5 .8 0..2 1,.5 5 .9 0 .3 1 .6 6 .7 0 .3 1 .7 6 .7 0 .3 1 .4 7 .2 0 .3 2 .4 8..4 0..3 1,.4 9 .2 0 .3 1 .9 24 .5 29 .8 30 .6 32 .8 35 .4 38 . 1 37 .6 41..6 44 .8 50 51 52 42 .7 30 .3 12 .4 46 .8 32 .8 14 .0 49 .9 34 .8 15 .1 51 .1 34 .9 16 .3 56 .5 38 .3 18 .1 60 .0 40 .2 19 .8 65 .0 43 .4 21 .6 72 . 0 49 .1 22 .9 74 .5 50 .9 23 .6 Net worth C o r p o r a t e and stock N o n c o r p o r a t e and m u t u a l 50 51 52 53 54 34 .0 4 .4 37 .6 4 .8 37 .2 5 .4 45 .6 5 .8 59 .6 6 .1 73 .2 6 .5 75 .9 7 .0 90 .5 8 .4 Memo: Market value of e q u i t i e s Total real estate CI) 53 54 117 .9 7 .6 - 2 .1 Checkable deposits S m a l l time 8 savings dep. Large time d e p o s i t s M o n e y market fund shares F e d . funds 8 s e c u r i t y RPs 30 31 32 33 34 85..8 97 .4 6..8 Life insurance r e s e r v e s Pension fund r e s e r v e s I n t e r b a n k c l a i m s , net 35 36 37 21 .3 28..9 10..8 M u t u a l fund shares Credit market instruments C o r p o r a t e bonds Mortgages B a n k loans n . e . c . Open market paper Other loans 38 39 40 41 42 43 44 S e c u r i t y debt Trade debt T a x e s payable Invest. in bank pers. trusts Miscellaneous liabilities 45 46 47 48 49 (1J Data are in billions of d o l l a r s . Lines 3 + 5 + n o n r e s i d e n t i a l from line 4. plant S e p t e m b e r 20, 1994 Private F i n a n c i a l I n s t i t u t i o n s Private F i n a n c i a l B . 1 3 4 B a l a n c e Sheet 40 Year-End 2 T a n g i b l e assets 3 Residential structures 4 N o n r e s . plant 8 equipment 5 Land f i n a n c i a l assets Year-End Outstandings 1966 1967 1968 1969 1970 1971 962. 1 1010.8 1116. 8 1231.8 1428. 6 1535. 1 1745. 4 1 14. 9 16.8 18. 6 22.1 10.4 2.9 11. 9 3. 0 13.4 3.4 15. 0 3. 5 17.9 4.2 31. 8 0. 1 20. 4 11. 4 36. 1 0. 1 22. 9 13. 1 41. 8 0. 1 26. 8 14. 8 2 3 4 5 865.2 947. 2 994.0 1098. 2 1209.7 1396. 8 1499. 0 ,'03. 6 6 11. 9 6. 2 0. 4 12.5 6.7 0.6 13. 9 7. 3 1. 9 14. 5 8. 6 2. 7 15. 5 10. 6 5. 3 0.1 0. 3 0. 4 1 .2 7 8 9 10 11 12 247. 5 1112. 5 97. 5 30. 7 105. 6 172. 1 312. 5 1226. 0 96. 4 38. 3 124. 5 189. 3 13 14 15 16 17 18 377 . a 115. 5 154. 8 13. 2 38. 3 7 ., 1 418. 9 128. 7 166.,0 1 5 . .1 40. 9 7. 9 19 20 21 22 23 24 20, 2 31 , 2 4..4 57,. 0 23. 5 35. 3 4. 7 69. 0 25 26 27 28 1406.. 0 1602. 1 29 206. 4 481. 3 68. 6 30 31 32 33 34 1963 1964 1965 800.5 878.5 11.6 13.3 9.2 2.3 789.0 11.5 4.7 11. 9 5. 2 11.5 5.5 0.1 7 8 9 10 11 12 C h e c k a b l e dep. and c u r r e n c y S m a l l time and savings dep. Large time d e p o s i t s M o n e y m a r k e t fund shares F e d . funds 8 s e c u r i t y RPs Foreign deposits 11.2 4.2 13 14 15 16 17 18 Corporate equities Credit market i n s t r u m e n t s U.S. T r e a s u r y s e c u r i t i e s F e d e r a l agency s e c u r i t i e s Tax-exempt securities C o r p o r a t e 8 foreign bonds 76.3 636.2 97.S 8.7 48.8 98.1 89.7 694.4 99.0 9.5 52.4 105.4 104. 7 756. 6 94. 8 10. 4 57. 1 113. 1 100.1 804.5 91.6 11.8 59.7 122.4 128. 2 867. 9 95. 8 15. 0 70. 2 134. 9 152.1 942.9 98.6 17.8 79.7 144.2 241. 1 1032. 8 90 , 1 23. b 92. 1 157. 8 357. 3 111. 6 148. 3 11 . 1 35. 5 5. 5 - - - 19 20 21 22 23 24 Mortgages C o n s u m e r credit Bank loans n . e . c . Open market paper Other loans C u s t . liab. on a c c e p t a n c e s 223. 6 63. 0 74.3 2.7 16.7 2.9 249.2 71.3 82.6 2.9 18.8 3.4 274. 7 80. 2 98. 7 2. 7 21. 3 3. 4 292.6 86.0 109.6 3.3 23.9 3.6 310. 7 91. 0 117.,0 4. 4 24. 5 4. 3 333.4 101.7 130.4 4.7 28.0 4.4 25 26 27 28 S e c u r i t y credit Vault cash 8 c o m m . bank res. Trade credit M i s c e l l a n e o u s finan. assets 15.1 21.3 2.3 22.4 15.0 22.4 2.5 25.0 15. 3 23. 3 2.,6 27. 6 15.8 25.2 2.9 28.4 20.,5 27.,0 3. 2 33.,0 24.7 29.1 3.5 37.7 721.0 792.3 870.. 0 915.8 1013,.2 1117.6 1305..5 144.9 261.2 25.1 150..3 288..5 31.. 0 152.4 306.5 33.3 164..8 341 ,.2 39..2 178.4 367.8 45.9 183. 2 382. 3 30..9 29 Total liabilities Institutions Institutions Outstandings 1 Total assets 6 Total of Private F i n a n c i a l 2 0 .. 0 29.,4 3. 9 46.,2 192..8 4 1 2 . .9 55.. 1 30 31 32 33 34 Checkable deposits Small time 8 savings dep. Large time d e p o s i t s M o n e y market fund shares F e d . funds 8 s e c u r i t y RPs 138.0 235.5 20.3 -2.6 -2.3 -1,.5 -1.5 - 2 .2 -1.5 4..7 35 36 37 Life insurance r e s e r v e s Pension fund r e s e r v e s Interbank c l a i m s , net 89.9 110.4 6.8 94.2 125.9 6.9 98,.9 141..6 6 .8 103.5 150.8 10.6 108,.3 172 .6 11,.0 113.1 194. 1 15.0 1 1 8 . .1 2 0 4 . .8 22..2 123..3 2 2 5 .. 1 17..3 129..6 261..7 11..9 35 36 37 38 39 40 41 42 43 44 M u t u a l fund shares Credit m a r k e t instruments C o r p o r a t e bonds Mortgages Bank loans n . e . c . Open market paper Other loans 25.2 34.6 12.4 29.1 40.3 15.5 35 .2 46 .8 16 .7 34.8 52.5 18.3 44 .3 5 3 .2 19 .3 8.7 8.7 4.8 8.7 10.7 5.3 12 .2 11 .9 6 .0 11.6 15.7 6.9 11 .1 18 .4 4 .4 51.2 59.6 19.9 0.2 12.8 21.4 5.3 47 .6 77 .7 20,.9 0 .4 14 .3 32 .8 9 .3 46,.8 84,. 1 23 .5 0 .5 16 .4 33 .1 10 .6 55..4 89..3 28 .2 0,.7 18 .6 33 .8 7 .9 38 39 40 41 42 43 44 45 46 47 48 49 S e c u r i t y debt T r a d e debt T a x e s payable Invest. in bank pers. trusts Miscellaneous liabilities 10.3 0.3 1.5 11.2 0.4 1.8 12 .0 0 .4 1 .8 12.8 0.4 1.7 16 .6 0 .5 1 .5 20.3 0.5 1.7 50.6 53.9 5 8 .3 58.1 62 .2 71.4 17 .2 0 .6 1 .9 129 .8 8 4 .5 17 .7 0 .6 2 .5 131 .6 94 .9 19 . 0 0 .7 2 .4 155 .9 114 .9 45 46 47 48 49 79.5 52.9 26.6 86.2 57.5 28.7 92 .0 61 .7 30 .4 95.0 64.1 30.9 103 .6 70 .2 33 .4 114.3 77.2 37.1 123 .2 81 .0 42 . 1 129 .1 87 .5 41 .6 143 .3 95 .0 48 .3 50 51 52 110.6 9.0 118.2 10.3 155.0 139.3 12.6 167.0 13.3 238.4 15.7 213.2 24.7 204.3 237.2 32.0 53 54 50 Net worth 51 C o r p o r a t e and stock 52 N o n c o r p o r a t e and m u t u a l Memo: 53 Market value of e q u i t i e s 5 4 Total real estate (1) (1) Lines 3 • 5 • n o n r e s i d e n t i a l plant from line 4. Data are in b i l l i o n s of d o l l a r s . 11.2 1..1 28.0 5., 0 September 20, 1994 Private Financial Institutions Private Financial Institutions 41 B . 1 3 4 Balance Sheet of Private Financial Institutions Year-End Outstandings Year-End Outstandings 1 1972 1973 1974 1975 1976 1977 1978 1979 1980 2012. 4 2166. 1 2256. 1 2517. 7 2823. 8 3123.3 3560. 8 4019. 4 4537. 6 Total assets 1 Tangible assets Residential structures Nonres. plant 8 equipment Land 2 3 4 5 Total financial 6 2 3 4 5 48. 5 0. 2 31. 4 16. 9 58. 3 0. 3 38. 1 19. 9 71. 7 0. 4 47. 2 24. 1 83. 0 0. 5 54. 2 28. 3 94. 0 0. 6 62. 0 31. 4 104. 0 0. 5 68. 7 34. 8 120. 9 0. 5 80. 7 39. 7 144. 1 0. 5 98. 2 45. 4 174. 5 0. 4 118. 3 55. 8 6 1963. 9 2107. 8 2184. 4 2434. 7 2729. 8 3019. 3 3439. 8 3875. 4 4363.,1 7 8 9 10 11 12 17. 6 12. 6 7. 0 18. 3 13. 5 7. 5 18. 9 15. 7 11. 4 20. 6 18.,0 16. 5 1. 7 3. 7 6. 1 5..1 21. 6 20. 3 15. 3 0. 3 5. 5 23.,0 23. 9 17.,0 0. 7 8. 2 26. 8 25. 2 21. 9 1. 7 9. 5 0. 5 29. 6 29. 3 29. 5 3. 9 14. 4 5..1 32. 6 34. 7 42. 4 7. 2 18.,7 6.,8 Checkable dep. and currency Small t i m e a n d s a v i n g s dep. Large t i m * d* - o-sits Money m a r k e t : jod shares Fed. funds 8 ,e;urity RPs Foreign d?30s 7 8 9 10 11 12 13 14 15 16 17 18 374. 4 1383. 1 99. 3 48. 9 137. 4 208. 0 324. 9 1559. 6 90. 3 62. 0 147. 6 220. 5 245. 6 1702.,1 89. 1 70, 9 153. 6 237..0 321..0 1837..7 132. 5 83. 6 163. 2 268. 9 374. 3 2046. 8 170. 9 93. 2 179. 8 298.,1 355. 5 2307. 9 175. 2 110.,1 205..0 332..0 394.,4 2617..8 169..0 131.,4 232.,9 371.,4 448.,3 2937..1 172. 3 159..0 256. 7 398. 9 550..9 3231. 7 212..0 193. 2 278. 5 440. 4 Corpora i d e q u i t i e s Credit marxet instruments U.S. i: sasury securities Federal agency securities Tax-exempt securities Corporate & foreign bonds 13 14 15 16 17 18 19 20 21 22 23 24 479. 3 147.1 191. 8 18. 5 45. 9 6. 9 545.,0 170. 3 239. 8 22. 2 53. 0 8. 9 583. 4 178. 9 281. 5 28. 6 60. 6 18. 5 617. 2 183..7 265. 8 38. 2 66..0 18..7 680. 2 204. 5 272. 9 48..4 76..3 22. 5 776. 3 240. a 301..8 49. 6 91. 5 25..7 883. 8 284. 3 360..4 53..9 105.,7 24..9 982. 5 321. 4 410. 8 81.,5 121. 6 32.,5 1046..6 325. 3 458..5 103. 9 132..8 39.,8 Mortgages Consumer credit Bank loans n.e.c. Open market paper Other loans Cust. 1lab. on acceptances 19 20 21 22 23 24 25 26 27 28 32..1 34. 3 5,.8 95. 3 24. 3 37. 7 6. 5 Ill. 6 21.,7 37. 5 7.,0 118. 4 23,.6 38..3 7..7 146..1 34..2 37. 3 8.,9 165..2 38. 4 40..8 10,.2 193..7 38..2 46.,7 11..7 245,.5 37. 6 48. 3 13.,6 278. 6 45. 7 47. 3 15. 6 329. 5 Security credit Vault cash 8 comm. bank res. Trade credit Miscellaneous finan. assets 25 26 27 28 29 1848.,3 1982. 3 2069..1 2311..3 2590..1 2868..3 3267,.4 3678..7 4146..5 30 31 32 33 34 226..5 551..0 87..4 239.,8 590..4 126..4 6..7 23..1 239..8 628.,1 167..4 2. 4 25..4 248..5 726..5 158..3 3..7 29,.1 263..0 848..0 144..4 3..7 45..1 288..3 943..2 173,.0 3..9 52. 3 314,.7 1009..6 228..1 10..8 76..1 343..4 1070..2 257.,4 45..2 92.,7 356.. 0 1154.. 1 316.,9 76..4 116..2 35 36 37 136,.3 314,.1 10,.7 143..5 320. 5 4..9 150..5 326..0 4..6 158 .5 420,.7 -7 .9 167,.1 483,.3 -16..0 176,.4 531..4 -19..2 187..3 625..0 -8,.3 197..7 724. 3 9..4 38 39 40 41 42 43 44 58..9 104,.8 35 .6 1..2 25 .4 34..7 8..0 46,.6 131..9 41,.0 1,.5 32,.6 41,.7 15..1 35..2 159,.7 47,,9 1,.6 33 .3 55.,1 21..8 43,.0 152,.6 57.. 1 1 .5 19 .7 56 .4 17 .8 46..5 161..8 64..0 2.. 0 17 .5 62 .5 15..9 45..5 193..3 76..3 1,.8 19..9 75,.1 20,.2 46 . 0 230..9 82..9 2,. 0 24,.4 89,.1 32 .7 45 46 47 48 49 24 .0 0,.8 2 .5 179 .4 145 .2 20..4 0..8 2..6 166,.4 165.. 0 18,.3 0..9 2,.7 137 .8 170,,5 19 .9 1 .0 2 .4 158 .9 196 .3 27 .4 1,.0 3 .0 184 .8 227 . 1 29 .6 1,.1 3 .9 181,.9 263 .8 50 51 52 164 .2 109 .6 54 .5 183,.7 123 .7 60,.0 186,.9 126..8 60..1 206 .4 138 .9 67 .5 233 .7 159 .8 73,.9 53 54 272 .4 36 .8 213 .0 42 .6 133..6 50,,1 155 .6 56 .7 208 .2 61 .6 assets Total liabilities 30 31 32 33 34 207..4 872..9 -22..5 Life insurance reserves Pension fund reserves Interbank claims, net 35 36 37 51..8 274..1 86,.4 2 .0 28..0 115..9 41,.8 61..8 302..3 93..8 1..9 28..7 128..8 49,.0 Mutual fund shares Credit market instruments Corporate bonds Mortgages Bank loans n.e.c. Open market paper Other loans 38 39 40 41 42 43 44 29 .5 1,.2 4 .8 192 .8 318,.9 30,.5 1,.3 5 .0 215,.2 360,.4 37,.2 1..7 4,.0 244..8 417..4 Security debt Trade debt Taxes payable Invest, in bank pers. trusts Miscellaneous liabilities 45 46 47 48 49 255 .0 175,.6 79 .4 293,.3 199 .8 93 .6 340..8 233,. 1 107 .7 391 .1 266..9 124,. 1 Net worth Corporate and stock Noncorporate and mutual 50 51 52 191 .9 67 .2 198 .2 76 .0 231 .3 87 .8 260,.0 105..3 Memo: Market value of equities Total real estate (1) 53 54 (1) Lines 3 • 5 * nonresidential plant from line 4. Data are in billions of dollars. 29 Checkable deposits Small time 8 savings dep. Large time deposits Money market fund shares Fed. funds 8 security RPs September 20, 1994 Private Financial Institutions Private Financial B. 134 Balance Sheet of Private Financial 42 Year-End Outstandings Year-End Outstandings 1 Total assets 2 Tangible assets 3 R e s i d e n t i a l structures 4 N o n r e s . plant & equipment 5 Land Institutions Institutions 5008. 5 5555. 9 6238.3 7053. 6 8184. 9 9470. 5 10250. 6 11157. 9 12488. 7 1 471. 2 1 .2 335. 3 134. 7 530. 0 1. 4 377. 6 151. 0 2 3 4 5 204. 9 0. 4 140. 8 63. 6 232. 1 0. 4 160. 0 71. 7 258.6 0.4 178.0 80.2 285. 8 0. 5 201. 4 84. 0 322. 7 0. 6 227. 9 94. 3 370. 0 0. 8 262. 7 106. 4 421. 5 1. 0 295. 8 124. 7 4803. 6 5323. 7 5979.8 6767. 7 7862. 2 9100. 5 9829. 1 10686. 8 11958. 8 6 7 8 9 10 11 12 Checkable dep. and currency Small time and savings dep. Large time deposits Money market fund shares F e d . funds & security RPs Foreign deposits 34. 8 40. 1 64. 2 19. 7 33. 8 18. 8 40. 4 50. 5 81. 2 20. 3 44. 3 23. 8 40.4 63.9 69.4 18.9 53.6 21.9 42. 4 70. 2 67. 0 24. 9 71. 6 21. 2 52. 2 94. 4 68. 6 34. 3 80. 1 19. 0 62. 2 116. 8 78. 0 43. 4 86. 6 ?2. 2 59. 6 132. 4 84. 4 43. 9 92. 1 21. 6 63. 8 146. 3 95. 5 53. 2 99. 2 29. 7 66. 2 166. 6 118. 3 66. 0 119. 4 26. 4 7 8 9 10 11 12 13 14 15 16 17 18 Corporate equities Credit market instruments U.S. Treasury securities Federal agency securities Tax-exempt securities C o r p o r a t e 8 foreign bonds 529. 8 3568. 5 258. 4 237. 0 294. 5 464. 5 646. 7 3846. 1 353. 2 308. 3 318. 4 502. 6 815.6 4249.1 431.7 377.1 336 .8 539.5 827. 2 4880. 8 519. 6 430. 1 367. 0 618. 2 1061. 1 5522. 0 606. 1 495. 8 474. 6 726. 2 1275. 4 6359. 3 732. 1 674. 2 528. 9 878. 8 1315. 1 6929. 4 762. 0 821. 2 521 .4 1022. 7 1481. 8 7504. 5 723. 2 903. 6 524. 5 1194. 9 1852. 0 8147. 4 825. 9 973. 0 537. 0 1308. 7 13 14 15 16 17 18 1093. 0 358. 0 532. 8 162.. 1 159.,0 58..8 1190.5 402.3 564.2 162.3 179.2 65.7 1348. 4 480. 9 622, 9 211. 3 213..0 69.,4 1487. 4 559. 1 664. 6 205. 9 242. 4 60..0 1633. 7 612. 1 731. 5 242. 6 271., 0 54. 4 1797. 0 638. 0 731. 6 267. 4 308. 3 59. 8 1992. 2 681. 2 770. 8 308..0 348. 7 57. 5 2145. 6 732. 6 819. 9 372. 6 376. 7 55. 4 19 20 21 22 23 24 52.,0 46..0 20. 2 452. 2 62.8 42.4 22.9 518.8 66..3 46,,1 26..5 623,.6 96.,1 54. 2 29,,6 750..4 97..1 73. 8 35.,4 850. 6 76. 2 66..6 40.,7 967..1 77..4 66,.9 49..3 1019..2 80. 7 64. 2 53. 3 1198. 4 25 26 27 28 5142..4 5775.3 6516..2 8754. 6 9455..4 10271 .9 11484. 5 29 6 Total financial assets 19 20 21 22 23 24 Mortgages Consumer credit Bank loans n.e.c. Open market paper Other loans Cust. liab. on acceptances 1096. 8 341. 9 512. 2 160., 1 152., 1 51..1 25 26 27 28 Security credit Vault cash & comm. bank res. Trade credit M i s c e l l a n e o u s finan. assets 49. 2 43..9 18., 1 382..6 29 Total liabilities 4606,.1 7559.. 1 30 31 32 33 34 373 .2 1204.. 0 378,.6 186 .2 144 .6 400..8 1342 .9 395 .8 219 .8 176 .7 427.3 1559.6 384.6 179.4 188.6 463,.9 1710 .8 471 .4 233 .6 224 . 1 531,. 1 1853,.4 488..5 243,.8 250,.6 643..2 1978..7 492,.1 292..1 298 .7 630..4 2048..5 541 .9 316 .1 292 .7 655 2187 595 338 318 .1 .8 .1 .0 .7 651. 9 2285. 5 613.. 0 428..1 396..5 Life insurance reserves Pension fund reserves Interbank claims, net 216 .3 952 .8 -69 .7 223 .3 1163 .1 -77 .1 231.1 1387.6 -75.2 236 .1 1539 .8 -65 .9 246 .5 1883 .4 -45 . 1 263 .7 2241 .6 -36 .8 289 .5 2427 .8 5 .8 314 .4 2652 .7 10 .1 342 .8 3172 . 0 -1..7 35 36 37 38 39 40 41 42 43 44 Mutual fund shares Credit market instruments Corporate bonds Mortgages Bank loans n.e.c. Open market paper Other loans 59 .8 358 .3 98 .9 1 .9 30 .8 161 .5 65 .2 76 .9 389 .2 113 .7 2 .0 33 .3 174 .2 66 .0 112.1 423.6 131.3 2.1 35.8 195.5 59.0 136 .7 518 .1 176 .6 2 .5 44 .8 219 .5 74 .6 240 .2 621 .5 233 .1 2 .5 44 .6 252 .4 8 8 .8 413 .5 778 .4 325 .4 2 .8 56 .9 284 .6 108 .6 460 .1 911 .7 404 .0 3 .1 48 .6 322 .9 133 .1 478 .3 1041 .4 456 .1 3 .4 51 .4 377 .7 152 .8 566 .2 1145 .6 526 . 1 3 .7 64 .9 409 .1 141 .8 38 39 40 41 42 43 44 45 46 47 48 49 S e c u r i t y debt Trade debt Taxes payable Invest, in bank pers. trusts M i s c e l l a n e o u s liabilities 40 .9 2 .1 2 .7 248 .1 508 .2 44 .1 2 .6 2 .9 264 .2 517 .2 49.2 5.1 2.6 293.2 606.6 56 .0 5 .5 2 .4 306 .1 677 .6 80 .5 8 .0 2 .8 358 .3 795 .5 83 .6 7 .6 3 .0 404 .4 890 .8 73 .5 6 .8 2 .8 414 .2 1033 .5 74.8 8 .5 3 .5 443 .7 1150 .1 91 .4 8 .0 4 .3 515 .1 1266 . 0 45 46 47 48 49 50 Net worth 51 Corporate and stock 52 Noncorporate and mutual 402 .4 272 . 1 130 .3 413 .5 273 .7 139 .7 463.0 308.7 154.3 537 .4 388 .3 149 .1 625 .8 457 .8 168 .0 715 .9 526 .8 189 .1 795 .2 601 .3 193 .9 886 .0 635 .3 250 .7 1004 .2 712 .2 292 . 1 50 51 52 53 Market value of equities 54 Total real estate (1) 272 .5 121 .9 319 .4 139 .3 357.0 155.5 376 .5 169 .0 521 .8 191 .9 5 6 4 .5 218 .1 466 .2 250 .5 502 .2 274 .5 516 .5 307 .8 53 54 30 31 32 33 34 Checkable deposits Small time & savings dep. Large time deposits Money market fund shares Fed. funds & security RPs 35 36 37 (1) Lines 3 + 5 • nonresidential plant from line 4. Data are in billions of dollars. S e p t e m b e r 20, 1994 Private F i n a n c i a l Institutions Private Financial B . 1 3 4 B a l a n c e Sheet of Private F i n a n c i a l 43 Year-End Outstandings Year-End O u t s t a n d i n g s 1990 1991 Institutions Institutions 1992 1993 T o t a l assets 1 12854.9 14077. 2 15085.9 16558.8 2 3 4 5 550.5 1.6 412.8 136.1 562. 7 1. 9 431. 8 129. 1 585.6 2.4 457.2 125.9 608.2 3.2 489.3 115.6 6 12304.4 13514. 5 14500.4 15950.6 7 9 10 11 12 80.9 157.0 94.1 97.5 126.2 27.1 74. 8 198. 7 118. 1 124. 8 123. 4 21. 6 77.9 207.1 109.0 154.8 127.6 20.5 91.0 212.7 108.1 183.4 119.3 10.1 C h e c k a b l e dep. and c u r r e n c y S m a l l time and s a v i n g s dep. Large time d e p o s i t s 'Money market fund shares F e d . funds 8 s e c u r i t y RPs Foreign deposits 7 a 9 10 11 12 13 14 15 16 17 18 1733.9 8542.2 907.5 1095.4 566.8 1384.0 2334. 1 8967. 5 1137. 2 1187. 0 597. 7 1518. 1 2645.3 9398.4 1276.9 1281.4 663.6 1665.1 3193.2 10043.8 1359.2 1439.0 755.9 1860.0 Corporate equities Credit market instruments U.S. Treasury securities F e d e r a l agency s e c u r i t i e s Tax-exempt securities C o r p o r a t e 8 foreign bonds 13 14 15 16 17 18 19 20 21 22 23 24 2178.4 745.3 815.0 409.0 395.2 45.5 2191. 6 734. 4 785. 9 393. 0 387. 4 35. 3 2178.0 737.6 776.6 395.0 392.6 31.7 2226.6 792.0 768.8 418.0 399.0 25.3 Mortgages C o n s u m e r credit B a n k loans n . e . c . Open market paper Other loans C u s t . liab. on a c c e p t a n c e s 25 26 27 28 75.0 71.2 56.4 1242.9 101. 9 63. 0 60. 4 1326. 2 141.3 63.9 62.9 1491.7 176.6 67.6 65.8 1678.9 S e c u r i t y credit Vault cash 8 c o m m . bank r e s . T r a d e credit M i s c e l l a n e o u s f i n a n . assets 29 11825.1 12982. 4 13913.3 15258.7 30 31 32 33 34 670.0 2349.2 546.9 498.4 372.3 727..1 2350,.7 488,.4 539..6 355,.8 823.4 2293.5 415.2 543.6 392.3 903.5 2223.2 391.7 559.4 457.8 Checkable deposits S m a l l time 8 savings dep. Large time d e p o s i t s M o n e y market fund shares F e d . funds 8 s e c u r i t y R P s 35 36 37 368.1 3233.6 24.0 393..8 3 8 6 2 .3 33..4 421.5 4213.0 68.8 457.2 4650.3 108.3 Life insurance r e s e r v e s Pension fund r e s e r v e s Interbank claims, net 38 39 40 41 42 43 44 602.1 1181.1 572.4 4.3 69.6 417.7 117.1 8 1 3 .9 1187 .9 640 .0 4 .8 78 .4 385 .7 79 .1 1042.1 1284.8 724.8 5.4 80.5 394.3 79.9 1429.3 1409.0 836.9 8.9 66.5 393.5 103.1 M u t u a l fund shares Credit market i n s t r u m e n t s C o r p o r a t e bonds Mortgages Bank loans n . e . c . Open market paper Other loans 45 46 47 48 49 98.6 6.1 3.9 522.1 1348.6 133 .8 6 .8 5 .4 608 .3 1475 .1 164.1 7.4 6.0 629.6 1608.3 203.3 10.1 7.9 660.9 1786.8 S e c u r i t y debt Trade debt Taxes payable Invest, in bank p e r s . trusts Miscellaneous liabilities 50 51 52 1029.8 742.6 287.2 1094 .8 757 .7 337 .2 1172.6 809.6 363.0 1300.1 901.6 398.5 53 54 409.5 309.3 579 .0 315 .7 675.6 328.3 761.8 337.6 a T a n g i b l e assets Residential structures N o n r e s . plant 8 equipment Land Total f i n a n c i a l assets in b i l l i o n s of d o l l a r s . 22 23 Total l i a b i l i t i e s Net worth C o r p o r a t e and stock N o n c o r p o r a t e and m u t u a l Memo: Market value of e q u i t i e s Total real estate (1) (1) Lines 3 • 5 • n o n r e s i d e n t i a l from line 4. Data are 19 20 21 plant 53 54 S e p t e m b e r 20, 1994 Domestic Wealth Domestic Wealth R.ll F a c t o r s A c c o u n t i n g for Change in D o m e s t i c W e a l t h Annual F l o w s Annual Flows 1945 Domestic investment 5 6 7 8 acq. of gold 8 S D K s + R e v a l u a t i o n s of r e p r o d u c i b l e tangible assets • C h a n g e in land values - A d j u s t m e n t of capital c o n s u m p t i o n to B a l a n c e Sheet b a s i s • R e v a l . of SDR h o l d i n g s 9 = Change in domestic wealth C h a n g e in c o n s o l i d a t e d net w o r t h : 10 T o t a l , all s e c t o r s 1947 1948 1949 1950 1951 1952 1953 flows: 1 P u r c h a s e s of p h y s i c a l assets 2 - Capital consumption 3 = Net capital formation 4 • Net 1946 47.3 28.4 18.8 55.5 28.6 26.9 70.0 33.0 37.0 61.5 36.1 25.4 85.8 39.5 46.4 90.3 45.7 44.7 83.3 49.7 33.6 89.0 53.3 35.7 1 2 3 0.6 2.2 1.5 0.2 -1.7 0.1 0.4 -1.2 4 58.5 19.3 69.6 19.0 19.3 10.1 -.3 7.9 45.6 24.4 33.1 22.9 4.1 16.6 0.9 12.7 5 6 - - 97.2 117.7 - - - 67.9 33.2 114.6 - - 100.8 54.7 - 48.1 7 8 9 domestic (1) 97.2 117.7 67.9 33.2 114.6 100.8 54.7 48.1 10 Private s e c t o r s , c o n s o l . (2) Sector basis, total H o u s e h o l d sector Farm b u s i n e s s Nonfarm noncorp. business N o n f a r m n o n f i n a n . c o r p . bus. Private f i n a n . i n s t i t u t i o n s 94.5 113.0 56.1 14.2 13.1 28.1 1.5 112.0 146.0 75.9 21.2 15.8 31.6 1.6 60.7 68.8 41.3 0.1 8.8 17.5 1.2 36.1 45.4 36.3 -4.1 2.8 8.5 1.9 109.2 166.1 105.7 21.8 10.3 25.3 2.9 100.3 143.4 96.3 11.7 8.4 25.5 1.5 68.2 74.0 55.0 -1.4 4.0 14.1 2.3 58.0 55.2 37.4 -.4 2.6 13.2 2.4 11 12 13 14 15 16 17 18 - C h a n g e in eq.in n o n c o r p . b u s . 19 P r o p r i e t o r s ' net i n v e s t . 20 Revaluation 26.5 -1.6 28.1 35.9 -.7 36.7 9.1 4.0 5.0 -1.0 -1.0 31.6 3.7 27.9 19.8 0.6 19.2 2.5 1.0 1.5 2.2 0.7 1.5 18 19 20 21 - Change in HH c o r p . e q u i t i e s Net p u r c h a s e s 22 23 Revaluation -8.2 0.9 -9.1 -2.5 1.0 -3.5 -1.3 0.9 -2.2 7.5 0.4 7.1 23.7 0.5 23.2 22.3 1.6 20.8 1.4 1.0 0.5 -6.3 0.7 -7.0 21 22 23 24 - C h a n g e / f i n . I n s t . c o r p . s h a r e s Net p u r c h a s e s 25 26 Revaluation 0.2 0.3 -.1 0.6 0.7 -.1 0.4 0.4 -.1 2.7 1.1 1.6 1.6 1.2 0.4 1.0 0.9 0.1 1.8 1.4 0.4 1.3 1.7 -.4 24 25 26 2.0 0.2 1.7 14.3 0.1 14.2 8.6 -.1 8.6 -3.7 -.2 -3.6 4.3 -3.0 7.2 4.4 -1.1 5.5 0.1 -19.0 -5.5 -13.5 -12.4 -3.5 -8.9 11 12 13 14 15 16 17 + Change 27 28 29 30 31 in net a s s e t s of public S t a t e & local g o v e r n m e n t s U.S. government Govt.-spons. enterprises Monetary authority - C h a n g e in net foreign of U.S. r e s i d e n t s 32 Other 37 G r o s s D o m e s t i c Data are -.2 1.5 1.3 32 -.8 1.4 1.6 -2.7 -3.0 1.6 -1.8 -2.2 10.8 -2.9 0.8 5.9 33 34 35 835.4 950.0 1050.9 1105.5 1153.7 36 260.4 288.3 333.4 349.7 370.0 37 * 0.1 0.1 * 3.6 7.9 2.1 1.1 1.0 -.7 4.7 0.2 -1.8 -.6 1.7 1.2 0.2 -. 6 -.8 1.9 0.8 616.6 734.3 802.2 212.4 235.2 261.6 adjustments: D o m e s t i c net worth at y e a r - e n d CI) Lines (2) Lines * 0.1 assets 33 + N o n f i n a n c l a l d i s c r e p a n c y 34 • U n a l l o c a t e d f i n a n c i a l flows 35 + U n a l l o c a t e d r e v a l u a t i o n s 36 0.1 27 28 29 30 31 outstanding Product 1 1 + 2 7 - 3 2 + 3 3 + 3 4 + 1 2 - 1 8 - 2 1 - 24. in b i l l i o n s of d o l l a r s . 35. September 20, 1994 Domestic Wealth D o m e s t i c Wealth R.11 F a c t o r s A c c o u n t i n g for Change in Domestic Wealth 45 A n n u a l Flows Annual Flows 1954 1955 1956 1957 107.8 60.6 47.2 110..3 67..5 42..9 110..3 72..9 37..4 101..6 76..2 25..4 121..6 79 .7 41..9 122..1 82.,5 39..6 119.,8 85.,1 34..7 134..9 87..7 47..2 0..3 0..8 -2..3 -1..1 -1.,7 .9 .9 Domestic 1 2 3 85,.9 57. 6 28..3 4 .3 1.9 12.0 * * 20.9 21.0 * 36.1 27.1 * 9.0 23.2 * 6.1 21.2 * 5.2 17.0 * -1.9 14.8 * -1.0 24.1 * * investment flows: P u r c h a s e s of p h y s i c a l assets - Capital consumption = Net c a p i t a l formation + Net acq. of gold & SDRs + R e v a l u a t i o n s of r e p r o d u c i b l e 0.3 tangible assets 21.6 + C h a n g e in land values - A d j u s t m e n t of capital c o n s u m p t i o n to B a l a n c e Sheet basis + R e v a l . of SDR h o l d i n g s 68.2 = Change in domestic wealth C h a n g e in c o n s o l i d a t e d net w o r t h : domestic 10 42..0 89..1 106,.4 70,.4 50,.4 63..0 50. 8 57..0 68. 2 T o t a l , all s e c t o r s 11 12 13 14 15 16 17 50. 3 123..5 106..0 1.,0 0,.7 10..3 5 .5 86.,4 148. 9 109..1 2.,4 5. 9 27..4 4..1 110..5 145.,6 92..3 7..1 7..5 35..5 3..1 77 .4 52.,4 20,.5 5 .7 3 .8 21..1 1..2 70..3 192,.3 164,.0 8..9 3,. 0 11.. 0 5..3 68.,3 101. 2 78..8 1.,8 0.. 1 17..0 3. 5 57. 2 57. 1 44. 5 2. 2 5 5. 9 5. 0 70,.2 192..0 164..5 5,.2 1..4 13..8 7.. 0 79. 0 19. 4 -6. 7 4. a 2. 9 16. 0 2. 5 Private s e c t o r s , c o n s o l . (2) Sector b a s i s , total H o u s e h o l d sector Farm b u s i n e s s Nonfarm noncorp. business N o n f a r m n o n f i n a n . corp. bus Private finan. institutions 11 12 13 14 15 16 17 18 19 20 1..4 -3..1 4. 5 8..0 -4.,1 12..1 14..0 -3.,1 17..1 9..0 - 2 .4 11..4 11..3 0..1 11..2 1. 5 -9..0 10..6 1. 1 -5. 9 7. 0 6..0 -5..0 11..0 7. 1 -6. 2 13. 3 - C h a n g e in eq.in n o n c o r p . b u s P r o p r i e t o r s ' net invest. Revaluation 19 20 21 22 23 66.,8 0.,3 66. 5 47,.7 0.,4 47,.3 18..9 1..0 17.,9 - 3 4 .0 0..5 - 3 4 .5 99 .4 0..3 99.. 1 24..7 -1..0 25..7 -5. 3 -1. 2 -4. 2 100..9 -1.,1 102.,0 -63. 0 -2. 7 -60. 2 - C h a n g e in HH corp. equities Net p u r c h a s e s Revaluation 21 22 23 24 25 26 5..0 0.,9 4. 2 6,.7 1,.2 5 .6 11..3 1..6 9..7 6..7 3..4 3. 3 4. 2 4. 1 0. 1 14..9 2.,7 12.,2 -3. 8 4. 3 -8. 1 - Change/fin.inst.corp.shares Net p u r c h a s e s Revaluation 24 25 26 27 -9.1 -3.8 -5.4 * * -.8 -3.2 2.4 * * 2.8 -3.0 5.7 0.1 0.1 -1.8 -4.7 2.7 0.1 0.1 -15.2 -5.5 -9.8 * * -7.4 -4.3 -2.9 * -.2 -.8 -3.4 2.5 * * -9.8 -3.8 -6.1 * 0.1 -7.7 -3.1 -4.7 o.l * + C h a n g e in net assets of public sectors State 8 local g o v e r n m e n t s U.S. g o v e r n m e n t Govt.-spons. enterprises Monetary authority 27 28 29 30 31 0.2 1.5 3.5 4.0 2.5 0.1 2.6 4.0 2.5 - Change in net foreign of U.S. r e s i d e n t s 32 28 29 30 31 2.. 1 1..7 0..4 * 3. 1 - 3 .2 Other 33 34 35 -2.3 1.1 2.3 -1.2 2.5 3.8 2.8 -6.2 -.2 1.9 -.6 -2.4 1.3 -1.6 -1.9 1.9 2.0 -1.6 2.8 -2.4 -3.4 2.3 -1.2 -.5 1.2 -.6 -1.2 36 1195.6 1284.8 1391.2 1461.6 1512.0 1575.0 1625.8 1682.7 1750.9 37 370.8 404.3 426.2 448.6 454.6 494.1 513.5 531.7 571.6 (1) Lines (2) Lines Data are in billions of d o l l a r s . (1) assets adjustments: + Nonfinancial discrepancy + U n a l l o c a t e d f i n a n c i a l flows + Unallocated revaluations Memo: D o m e s t i c net worth at y e a r - e n d Gross Domestic 1 1 + 2 7 - 3 2 + 33 12 - 18 - 21 - 24. 33 34 35 outstanding 36 Product 34 + 35. 37 ._.noer 20, 1994 D o m e s t i c Wealth Domestic Wealth R.ll F a c t o r s A c c o u n t i n g 46 for Change In D o m e s t i c Wealth Annual Flows Annual Flows Domestic investment 5 6 7 8 acq. of gold & S D R s • R e v a l u a t i o n s of r e p r o d u c i b l e tangible assets + C h a n g e in land values - A d j u s t m e n t of capital c o n s u m p t i o n to B a l a n c e Sheet basis + R e v a l . of SDR h o l d i n g s 9 = Change 1964 1965 1966 1967 1968 1969 1970 1971 145..2 91..2 54..0 158. 6 95. 6 63. 0 181,.4 100..6 80 .8 198 .9 107,.5 91..4 198,,6 116..8 81..8 220.,9 128..0 92..9 241 .4 141 .5 99 .9 235. 7 154. 6 81.,1 272 .8 169,.4 103..4 1 2 3 .5 1 -1..7 - ,.6 -1,.2 -1..2 1..0 0. 1 .6 4 -5.0 27.6 12.5 19.9 26.6 14.4 48.5 31.8 36.4 35.0 98.5 58.3 95.9 52.2 79.9 45.8 116.8 flows: 1 P u r c h a s e s of p h y s i c a l assets 2 - Capital consumption 3 - Net c a p i t a l formation 4 + Net 1963 in domestic wealth C h a n g e in c o n s o l i d a t e d net w o r t h : 0.1 278.7 120..5 170.,9 152..1 248..5 248..9 206. 9 278,.7 10 184..2 136. 3 64..6 8..9 16. 4 43..4 3 .0 179..2 360. 3 288, 3 9..8 10,.2 43..4 8..6 262.,7 459..3 350.,9 15..0 25..8 57..0 10..7 253..6 143..3 32..2 12. 6 21..4 68.,1 8.,9 232. 4 248.,7 151. 3 7..8 18..1 65..7 5..9 301,.5 493,.7 342 .0 21..7 29,,3 86.,5 14.,2 11 12 13 14 15 16 17 21..9 -3..6 25..4 24..7 -3..2 27. 9 19. 3 -4..7 23..9 39..7 -2..1 41. a 33..1 -6..1 39..1 25..2 -5..4 30..6 49,,7 -7..9 57. 5 18 19 20 71..4 -1. 9 73. 3 72..0 -4. 8 76. 7 -67. 3 -3. 5 -64. 3 133..9 -5. 5 139..4 133. 2 -10..6 143.,8 -228..0 -15.,7 -212..3 -14..9 -4..4 -10.,5 78..4 -11..7 90,.0 21 22 23 13. 8 4. 1 9. 7 13. 2 4.,0 9. 2 14. 9 5. 2 9. 8 -4. 7 6. 2 -10. 9 28..0 7..8 20.,2 23..8 11..0 12.,8 84. 5 20. 6 63. 9 6..0 10,.0 -4..1 64..1 26. 5 37. 6 24 25 26 -4.7 -2.7 -2.1 -4.2 -2.5 -1.8 0.1 -7.1 -3.9 -3.3 0.1 -12.8 -5.0 -8.0 0.2 -12.8 -4.6 -8.5 0.3 0.1 -7..4 - 3 .0 -3..9 0,,1 .5 1..9 2..0 -1..3 0..7 .3 0,.8 0..9 0,.6 -4..7 -2..7 -5..7 6..0 -3,.6 -6..3 1827.0 1922.2 2042.7 2213.6 603.1 648.1 702.6 769.7 95..2 108..3 206..2 162..6 6..2 7..7 23.,0 6..7 18 - C h a n g e in eq.in n o n c o r p . b u s . P r o p r i e t o r s 1 net invest. 19 Revaluation 20 7..4 -5. 3 12. 7 13. 3 -5.,7 18. 9 21 - C h a n g e in HH corp. e q u i t i e s Net p u r c h a s e s 22 Revaluation 23 70. 3 -2. 6 72. 9 24 - C h a n g e / f i n . i n s t . c o r p . s h a r e s Net p u r c h a s e s 25 Revaluation 26 27 28 29 30 31 -.3 170.9 133..9 242.. 6 177..4 13. 2 9,.6 36..6 5..8 76.,1 80.,9 172..5 143,,2 5..6 2..4 16. 3 5..0 11 12 13 14 15 16 17 0.3 120.5 domestic Private s e c t o r s , c o n s o l . (2) S e c t o r basis, total H o u s e h o l d sector Farm business Nonfarm noncorp. business N o n f a r m n o n f i n a n . c o r p . bus. Private f i n a n . i n s t i t u t i o n s 10 T o t a l , all s e c t o r s 59.1 (1) + Change in net assets of public sectors State 8 local g o v e r n m e n t s U.S. government Govt.-spons. enterprises Monetary authority * * -1..0 -7,.7 6 .4 0..3 0,.1 -20. 2 -9..0 -11..5 0. 3 0..1 -30.. 0 -8..9 -21,.5 0. 3 0.,1 27 28 29 30 31 4.2 -1.5 2,.6 3..8 -10,.5 -1..0 8..2 -11..1 -4. 2 5. 7 -8.,0 33 34 35 2365.6 2614.1 2863.1 3069.9 3348.6 36 814.3 889.3 959.4 1010.7 1097.2 37 * * C h a n g e in net foreign assets of U.S. r e s i d e n t s Other adjustments: 33 + N o n f l n a n c i a l d i s c r e p a n c y 34 + U n a l l o c a t e d f i n a n c i a l flows 35 + U n a l l o c a t e d r e v a l u a t i o n s 36 Memo: D o m e s t i c net worth at y e a r - e n d 37 G r o s s D o m e s t i c outstanding Product (1) Lines 1 1 + 2 7 - 3 2 + 3 3 + 3 4 + (2) L i n e s 12 - 18 - 21 - 24. Data are in b i l l i o n s of d o l l a r s . ,7 35. * o e p t e m b e r 20, 1994 Domestic W e a l t h Domestic Wealth R.11 F a c t o r s A c c o u n t i n g for Change in Domestic Wealth 4 7 Annual F l o w s Annual Flows Domestic 1 2 3 316.4 186.3 130.1 4 0.2 186.0 367.2 203.8 163.4 366.8 234.1 134.7 360.4 272.2 88.2 ,446.4 301.4 145.0 540.9 336.4 204.5 636.3 380.2 256.1 694.5 436.2 258.2 0.2 0.1 0.1 0.2 -1.2 1.2 * 101.3 248.8 154.4 0.9 1.4 418.5 567.9 395.1 152.8 275.3 176.7 261.2 216.7 371.8 228.1 0.1 -.2 506.4 330.4 618.6 426.4 -.3 -.4 -.5 0.1 * investment + Net acq. of gold 8 SDKs = Change in domestic wealth C h a n g e in c o n s o l i d a t e d net w o r t h : 10 418. 5 5 6 7 ,9 682.,7 540..1 623..0 804..8 flows: P u r c h a s e s of p h y s i c a l assets - Capital consumption = Net c a p i t a l formation + R e v a l u a t i o n s of r e p r o d u c i b l e 670.7 tangible assets 431.6 + C h a n g e in land values - A d j u s t m e n t of capital c o n s u m p t i o n -.4 to B a l a n c e Sheet basis -.1 + R e v a l . of SDR h o l d i n g s 1284.5 804.8 540.1 680.1 498.1 181.9 domestic 1092..0 1304. 3 1284..5 T o t a l , all sectors 1152,,1 1407..5 869..5 110..4 107..2 282.,1 38..3 1395..7 1816..5 1143..0 107..1 144..4 374.,6 47..4 1387.,0 1966.,2 1286.,8 87.,0 154. 8 387. 2 50. 3 Private s e c t o r s , c o n s o l . (2) Sector basis, total H o u s e h o l d sector Farm business Nonfarm noncorp. business N o n f a r m n o n f i n a n . corp. bus Private finan. institutions CI) 11 12 13 14 15 11 12 13 14 15 16 17 453. 2 664. 3 446..6 38.,3 41..4 117.,2 20..9 572..8 459..4 172. 6 76. 3 49. 9 141..0 19.,6 732..7 537..3 171.,7 42..0 43..4 277..0 3.,2 654..8 929..8 627..6 50..0 38..2 194..6 19..4 690..4 1054..0 748..4 68.,7 49..0 160..6 27. 3 860..8 875.. 6 509..4 57..3 79..4 208.,3 21.,3 18 19 20 77. 4 -15. 2 92. 6 123.,0 123.,0 82.,5 -34. 2 116. 7 84. 2 -20..0 104. 2 111. 3 -25.,1 136. 3 131..2 -18..0 149..3 208.,9 -28..9 237..8 243..1 -46. 2 289..3 236..0 -60.,9 296. 9 - C h a n g e in eq.in n o n c o r p . b u s P r o p r i e t o r s ' net invest. Revaluation 18 19 20 21 22 23 72.,7 -13..8 86..5 -187. 4 -10. 5 -176..8 -199. 7 -3. 5 - 1 9 6 .,1 117..0 5..0 112.0 200. 6 3. 6 197.,0 -97.,8 -7.,0 -90.,8 7..7 -12.,1 19.,8 125.,9 -17..3 143..2 244.,0 -4. 3 248. 3 - C h a n g e in HH corp. e q u i t i e s Net p u r c h a s e s Revaluation 22 24 25 26 61..0 25..5 35 .4 -49..1 21. 5 -70,.6 -78. 2 8. 5 -86. 7 73..8 3 74.-1 51..7 8..1 43..5 -18,.6 10..7 -29. 3 38..7 13..8 25..0 51..8 11..8 40..0 99. 3 14.,6 84..8 - Change/fin.inst.corp.shares Net p u r c h a s e s Revaluation 25 26 27 -15.1 1.1 -16.7 0.3 0.1 -.6 4.5 -6.3 1.1 0.1 -12.0 -3.3 -11.1 2.2 0.1 -79.9 -5.1 -76.7 1 .8 0.1 -60.1 -1.9 -60.0 1.6 0.1 -41.6 12.7 -54.8 0.4 0.1 -31.4 5.2 -37.6 0.9 0.1 -14.4 5.7 -21.2 1.0 0.1 -60.5 -2.0 -60.2 1.5 0.2 + C h a n g e in net assets of public sectors S t a t e 8 local g o v e r n m e n t s U.S. government Govt.-spons. enterprises Monetary authority 27 28 29 30 31 -4.6 4.6 1.0 25.4 84.0 5.6 22.9 45.8 38.8 - C h a n g e in net foreign assets of U.S. r e s i d e n t s 32 28 29 30 31 21 23 Other adjustments: 33 34 35 -1.4 0.2 -23.1 0.4 5.5 -5.7 0.6 11.0 -48.5 -6.0 10.3 -13.8 -10.3 9.6 77.4 -10.8 -8.2 10.2 -7.6 -3.9 5.7 -15.0 -27.0 10.7 -14.8 7.8 3.9 36 3767.1 4335.0 5017.7 5557.8 6180.8 6985.6 8077.6 9381.9 10666.4 37 1207.0 1349.6 1458.6 1585.9 1768.4 1974.1 2232.7 2488.7 2708.0 (1) Lines (2) Lines Data are in b i l l i o n s of d o l l a r s . + Nonflnancial discrepancy + U n a l l o c a t e d financial flows • Unallocated revaluations D o m e s t i c net worth at y e a r - e n d G r o s s Domestic 33 34 35 outstanding 36 Product 1 1 + 2 7 - 3 2 + 3 3 + 3 4 + 12 - 18 - 21 - 24. 35. 37 S e p t e m b e r 20, 1994 Domestic Wealth Domestic Wealth 48 R.ll F a c t o r s A c c o u n t i n g for C h a n g e in D o m e s t i c W e a l t h Annual Flows Domestic Annual F l o w s investment 786.5 563.6 222.9 acq. of gold & SDRs 821.7 642.8 178.8 1987 1988 1989 C h a n g e in c o n s o l i d a t e d net w o r t h : 1036.8 669.4 367.4 1067.5 711.6 355.9 1107.2 756.8 350.4 1153.0 803.0 350.0 1230.7 858.5 372.2 1291.6 930.7 360.9 354.4 417.5 0.2 496.8 290.2 225.4 209.9 134.5 246.2 149.3 299.5 163.0 259.1 242.0 205.2 349.6 286.2 229.0 348.5 -2.8 -.2 -.2 -.7 -7.0 -.3 -3.2 -. 4 0.7 0.8 1.4 -.5 820.0 779.6 798.8 987.7 949.1 in domestic w e a l t h 10 T o t a l , all s e c t o r s 739.9 613.1 126.7 1.4 R e v a l u a t i o n s of r e p r o d u c i b l e t a n g i b l e assets C h a n g e in land values A d j u s t m e n t of capital c o n s u m p t i o n to B a l a n c e Sheet basis R e v a l . of SDR h o l d i n g s 9 * Change 1983 flows: 1 P u r c h a s e s of p h y s i c a l assets 2 - Capital consumption 3 * Net c a p i t a l formation 4 • Net 1982 563.9 -5.8 -.2 domestic (1) 1014,.2 5 6 3 .9 566 .2 820 .0 779 .6 798 .8 987 .7 949 .1 1138 .9 10 11 P r i v a t e s e c t o r s , c o n s o l . (2) 12 Sector basis, total 13 H o u s e h o l d sector 14 Farm business 15 Nonfarm noncorp. business 16 N o n f a r m n o n f l n a n . c o r p . bus. 17 Private finan. institutions 1137,.9 1191..7 675..5 ,3 166..2 339..0 11. 3 703 .3 8 8 2 .6 713 .2 -34,.1 34..0 158..5 11,.1 811 .0 1148 .9 900 .9 - 4 .7 53,.8 149,.3 49,.6 9 2 2 .0 8 3 8 .9 727 .4 - 9 3 .0 71 .1 59 .1 74..4 9 2 2 .5 1441 .1 1255 .2 - 6 3 .2 96,.3 64,.4 88,.4 9 9 4 .3 1419,.3 1239 .9 - 2 9 .0 89 .3 28..9 90. 2 1149 .6 1265..0 998 .5 43..2 71..2 72..9 79, 3 1049 .8 1461 .9 1097 .6 23,.9 92,.9 156,.7 90,,8 1300 .5 2120 1739 .9 23 .5 136..2 102. 3 118. 2 11 12 13 14 15 16 17 18 - C h a n g e in eq.in n o n c o r p . b u s . 19 P r o p r i e t o r s ' net invest. 20 Revaluation 165. 7 -43, 6 209. 3 2 .6 -82. 9 85. 5 49 3 -76..5 125..8 -14,.4 -72 3 57..9 39,,0 -58..6 97, 6 65..0 -34..6 99 .5 106..6 -70,.0 176..7 117,.4 -23..5 140..9 159.,1 -25. 8 184. 8 18 19 20 21 - C h a n g e in H H c o r p . e q u i t i e s 22 Net p u r c h a s e s 23 Revaluation -94. 0 -45. 1 48. 8 64. 7 -24. 1 88. 9 123. 2 -22.,6 145.,8 -76. 4 -66. 8 -9. 5 258. 9 -Ill, 2 370.,1 188. 3 -103. 9 292. 2 -15..6 -102. 6 87.,0 130.,7 -92. 6 223.-3 314. 9 -109. 1 424. 0 21 22 23 24 - C h a n g e / f i n . i n s t . c o r p . s h a r e s 25 Net p u r c h a s e s 26 Revaluation -18. 0 29. 9 -47. 9 112.,0 28. 1 83. 9 165.,4 44. 3 121.,1 7. 7 -2 4 10. 1 220. 7 41. 8 178. 9 171. 8 20. 1 151. 7 24. 4 30. 3 -5. 9 164..0 -7. 3 171. 3 345. 7 2. 1 343. 6 24 25 26 -84.8 -10.1 -76.1 1.2 0.2 -145.3 -1.7 -145.5 1.7 0.2 -180.5 11.6 -193.3 1.1 0.1 -172.6 -198.1 -234.9 -189.0 -182.2 2.7 -205.9 -.5 -233.9 0.9 -192.4 3.4 -209.8 -38.5 -175.1 3.6 0.2 29 30 31 33.3 1.6 11.3 -117.0 -11.9 25.9 -19.6 7.4 13.7 -13.5 -10.2 -10.1 -32.7 9.2 19.5 -75.1 33 34 35 11680.6 12244.5 12810.7 3030.6 3149.6 3405.1 27 28 29 30 31 • C h a n g e in net assets of public sectors S t a t e 8 local g o v e r n m e n t s U.S. government Govt.-spons. enterprises Monetary authority - C h a n g e in net foreign 32 of U.S. r e s i d e n t s Other 37 G r o s s D o m e s t i c Product Data are -2.1 -196.0 -16.4 -181.8 -.1 27 28 0.2 1.9 0.3 13.9 21.9 -29.3 -1.3 -56.8 14.4 24.8 -79.4 5.5 28.5 -29.4 -3.9 -.9 -11.9 -39.7 13630.7 14410.4 15209.1 16196.8 17145.9 18284.8 36 3777.2 4038.8 4268.7 4540.0 4900.4 5250.8 37 0.2 0.2 0.2 adjustments: Memo: D o m e s t i c net worth o u t s t a n d i n g at y e a r - e n d (1) Lines (2) Lines 8.0 assets 33 • N o n f i n a n c i a l d i s c r e p a n c y 34 • U n a l l o c a t e d f i n a n c i a l flows 35 • U n a l l o c a t e d r e v a l u a t i o n s 36 6.8 1 1 + 2 7 - 3 2 + 3 3 * 3 4 + 12 - 18 - 21 - 24. in b i l l i o n s of d o l l a r s . 35. S e p t e m b e r 20, 1994 Domestic Wealth D o m e s t i c Wealth R.ll F a c t o r s A c c o u n t i n g for Change 49 in D o m e s t i c Wealth Annual F l o w s Annual Flows 1990 1991 1992 1993 1277.1 980.8 296.3 1201.4 1030.9 170.5 1280.9 1088.6 192.3 1420.0 Domestic 1118.1 301.9 308.4 -575.4 169.8 -205.7 263.9 -469.5 373.3 -72.8 -7.8 -.8 -7.0 -.4 7.8 0.8 0.1 investment flows: P u r c h a s e s of p h y s i c a l assets - Capital consumption = Net capital formation 1 2 3 + Net 4 acq. of gold & SDKs + R e v a l u a t i o n s of r e p r o d u c i b l e tangible assets + C h a n g e in land values A d j u s t m e n t of capital c o n s u m p t i o n to B a l a n c e Sheet basis + R e v a l . of SDR h o l d i n g s 595.0 = Change in domestic wealth C h a n g e in c o n s o l i d a t e d net w o r t h : 5 6 7 8 9 domestic 10 38..1 135..7 -9,.0 595..0 11 12 13 14 15 16 17 261.,1 -42. 2 44. 7 16.,7 -68. 3 -60. 9 25..6 380.,1 1578,,6 1841..6 -6.,1 -73. 9 -248.,0 65..0 271..7 809..8 978..4 15..2 -47..7 -213..8 77..8 732. 2 1432. 3 1148..0 25..2 -2..0 133..6 127..5 Private s e c t o r s , c o n s o l . (2) Sector basis, total H o u s e h o l d sector Farm b u s i n e s s Nonfarm noncorp. business N o n f a r m n o n f i n a n . corp. bus P r i v a t e finan. institutions 18 19 20 -53. 3 -28. 3 -25..0 -84. 7 -3. 3 -81. 5 -32. 9 18..4 -51. 3 16..3 -11..4 27..7 - C h a n g e in eq.in n o n c o r p . b u s P r o p r i e t o r s ' net invest. Revaluation 21 22 23 -111. 9 -21. 7 -90. 2 751. 9 -33. 8 785. 7 341. 3 43. 8 297.,6 284..5 -13. 2 297. 7 - C h a n g e in HH corp. equities Net p u r c h a s e s Revaluation 24 25 26 -138. 2 -8. 0 -130. 2 531. 3 87. 3 444.,0 229. 7 46. 2 183.,5 399. 3 112. 4 287. 0 - Change/fin.Inst.corp.shares Net p u r c h a s e s Revaluation 27 -227.5 -38.5 -193.0 3.7 -281.6 -379.8 -34.8 -351.6 -328.1 -43.8 -292.1 7.3 0.5 + C h a n g e in net assets of public sectors S t a t e 8 local g o v e r n m e n t s U.S. g o v e r n m e n t Govt.-spons. enterprises Monetary authority 27 28 29 30 31 - C h a n g e in net foreign of U.S. r e s i d e n t s 32 28 29 30 31 0.2 -44.5 -240.5 3.0 0.3 6.1 0.5 Total, all s e c t o r s Other 33 34 35 -7.8 -36.6 26.7 11.1 -22.3 -29.3 -35.7 -13.5 36 18322.8 18458.5 18449.5 19044.5 37 5546.1 5724.8 6020.2 6343.3 -1.5 -11.1 -2.8 in billions of d o l l a r s . assets adjustments: + Nonfinancial discrepancy + U n a l l o c a t e d f i n a n c i a l flows + Unallocated revaluations 66.6 Memo: D o m e s t i c net worth at y e a r - e n d Gross Domestic (1) Lines (2) Lines Data are (1) 33 34 35 outstanding 36 Product 1 1 + 2 7 - 3 2 + 3 3 + 3 4 + 12 - 18 - 21 - 24. 35. 37 September 26, 1994 Net Foreign Assets 50 Net Foreign Assets R.109 Factors Accounting for C h e n g e in U.S. N e t F o r e i g n A s s e t s Annuel Flows Annuel Flows 1945 1944 1947 1949 1950 1 U . S . net f o r e i g n I n v e s t m e n t 2 N e t U . S . acq. of fgn. a s s e t s - N e t fgn. a c q . of U . S . a s s e t s 3 4.9 3.0 -1.9 9.9 9.0 -.a 2.2 1.3 1.3 -2.2 4 • U . S . n e t s a l e s of gold 8 S D R s -.6 -2.2 -1.5 -.2 1.7 5 « U . S . n e t f g n . i n v e s t m e n t , adj. 4.3 7.7 1.5 • R e v a l u a t i o n of f o r e i g n e q u i t i e s 6 held by U . S . r e s i d e n t s 7 C h a n g e in v a l u e 8 -Net purchases 3.0 - a 0.1 - R e v a l u a t i o n of U . S . c o r p o r a t e 9 e q u i t i e s held by f o r e i g n e r s 10 C h a n g e in v a l u e 11 -Net purchases -.1 12 • R e v e l , of U . S . d i r . l n v . a b r o a d 13 C h a n g e in v a l u e 14 - D i r e c t i n v e s t m e n t (1) 0.1 0.1 0.2 0.4 0.4 0.4 0.5 0.2 0.2 0.1 0.2 0.2 0.1 0.1 0.5 0.7 0.7 0.6 0.1 0.2 0.1 0.4 0.5 0.2 0.1 -.1 13 14 0.4 0.1 -.1 -.1 o.a 1.5 0.7 0.5 1.3 0.7 1.1 0.1 0.1 0.9 1.7 0.9 0.4 0.7 0.2 2.2 0.5 .2 0.1 -1.7 0.5 9 10 11 0.2 15 - R e v e l . o f f g n . d i r . l n v . i n U . S . 16 C h a n g e in v a l u e 17 - D i r e c t i n v e s t m e n t (1) 1.2 -.1 -.1 -.2 -.1 1.1 1.6 0.3 0.3 -.2 -.2 1.1 0.3 1953 1.2 0.4 0.5 -.2 -.1 0.7 1.3 0.7 1952 0.6 1.1 .2 0.1 1.3 3.5 1951 0.1 1.2 0.3 0.3 0.1 12 0.3 15 16 17 -.1 0.2 • R e v a l u a t i o n of U . S . o f f i c i a l fgn. 18 e x c h a n g e 8 n e t IMF p o s i t i o n 19 C h a n g e in v a l u e 20 - N e t i n c r e a s e in f g n . l l a b . -.2 -.2 1.2 1.2 0.4 0.4 0.2 -.1 ia 19 20 21 + O t h e r r e v e l u a t i o n s -.5 -.2 0.3 0.1 1.4 -1.0 o.a 1.3 21 22 * Change in U . S . n e t f g n . a s s e t s 3.6 7.9 2.1 1.1 1.0 -.2 1.5 1.3 22 23 Net foreign assets outstanding 4.a 12.7 14.9 16.0 CI) E x c l u d e s c a p i t a l g a i n s . Data are in b i l l i o n s of d o l l a r s . 0.2 16.8 September 20, 1994 Met Foreign Assets Net Foreign Assets R.109 Fectors Accounting for C h a n g e in U.S. Net F o r e i g n A s s e t s ^ Annuel Flows Annual Flows 1954 * 2 ® 3 1*2 1*5 1955 * 1.4 1*4 1956 -1.3 0.8 2.1 1957 4.6 4.9 0.3 1958 0.4 3.8 3.5 1959 -1.9 2.8 4.6 1960 1.8 5.7 3.9 1961 2.8 6.2 3.4 1962 2.3 5.1 2.8 U.S. net f o r e i g n i n v e s t m e n t N e t U . S . acq. of fgn. a s s e t s - N e t fgn. acq. of U.S. a s s e t s • U . S . n e t s a l e s of gold & S D K s 1 2 3 * 0 3 " ~•3 -.8 2.3 1.1 1.7 0.9 0.9 5 " 0*1 -1.6 3.8 2.6 -.8 3.5 3.7 3.2 * 7 ® , . 0 3 0.5 0.3 0*4 0.6 0.2 0*1 0.2 0.1 - 4 -.4 * 0.5 0.9 0.3 0.4 0.6 0.2 -.4 0.3 0.7 0.2 0.9 0.8 + R e v a l u a t i o n of f o r e i g n e q u i t i e s -1.2 held by U.S. r e s i d e n t s -.2 C h a n g e in v a l u e 1.0 -Net purchases 9 1* 11 1.1 1*6 0.5 1.2 1.3 0.1 0.1 0.4 0.3 -1.0 -.9 0.1 2.3 2.2 -.1 0.7 1.1 0.4 -.3 -.1 0.2 2.2 2.5 0.3 -1.6 -1.5 0.1 12 *3 14 0.7 1*4 0.7 0.9 1.8 0.8 1.2 3.1 2.0 0.4 2.9 2.4 0.8 2.0 1.2 1.0 2.4 1.4 -.9 2.0 2.9 0.2 2.9 2.7 -.3 2.6 2.9 + R e v a l . of U . S . d i r . i n v . a b r o a d C h a n g e in v a l u e - D i r e c t I n v e s t m e n t (1) 15 1* !• 0.3 0.4 0.1 0.2 0.4 0.2 0.2 0.4 0.2 0.1 0.3 0.2 0.3 0.4 0.1 0.3 0.5 0.2 * 0.3 0.3 0.2 0.5 0.3 -.1 0.2 0.3 - R e v a l . o f f g n . d i r . i n v . i n U.S. 15 C h a n g e in v a l u e 16 - D i r e c t i n v e s t m e n t (1) 17 1® 1* 20 ~ "2 "•2 ~ -«1 ~«1 0.6 0.6 0.4 0.4 * * * * -.4 -.4 0.3 0.3 -.6 -.6 a U . S . n e t f g n . I n v e s t m e n t , adj. 0.6 1.6 4.1 -.7 1.0 0.5 0.1 2.3 -.9 • Other revaluations 0.2 1.5 3.5 4.0 2.5 0.1 2.6 4.0 2.5 = Change 23 19.7 21.3 24.7 28.7 31.2 31.4 34.0 37.9 40.4 Net 21 in U . S . n e t f g n . a s s e t s 2 2 foreign a s s e t s o u t s t a n d i n g 23 (1) E x c l u d e s c a p i t a l g a i n s . in b i l l i o n s of d o l l a r s . 12 13 14 • R e v a l u a t i o n of U.S. o f f i c i a l fgn. e x c h a n g e 8 net IMF p o s i t i o n 18 C h a n g e in value 19 - N e t increase in fgn. l i a b . 20 ** are 6 7 8 - R e v a l u a t i o n of U . S . c o r p o r a t e e q u i t i e s held by f o r e i g n e r s 9 C h a n g e in v a l u e 10 -Net purchases 11 21 Data 4 5 S e p t e m b e r 20, 1994 Net F o r e i g n A s s e t s Net Foreign Assets 52 R.109 Factors Accounting for Change in U.S. Net F o r e i g n A s s e t s Annual Flows Annual Flows 1964 1963 1 u .S. net foreign investment Net U.S. acq. of fgn. assets 2 3 --Net fgn. acq. of U.S. assets 4. 1 7. 6 3. 5 1965 5. 9 9. 6 3. 7 5.0 7.2 2.3 1966 1970 1967 3. 7 7. 2 3. 5 2. 4 10. 3 7. 9 1.1 9.8 8.8 -1..1 9 .3 10,.4 3 .0 7 .9 4 .9 1971 - 1 0 .5 11 .5 22 .0 1 2 3 4 + U.S.net sales of gold 8 S D R s 0.5 0.1 1.7 0.6 1.2 1.2 -1,.0 -•.1 0,.6 4 5 = U.S.net f g n . i n v e s t m e n t , adj. 4. 5 6. 0 6*6 4. 2 3. 5 2.2 - 2 .1 2 .9 -9 .9 5 6 -1.0 -.2 0.8 -1.4 4 0.7 7 0.9 1.3 -.4 1.2 1.6 ,0 o!,5 i,.5 -1..5 .4 1..1 1 .1 1 .1 6 7 8 3 1.2 0.8 -.4 -1.7 -2. 0 3 12. 2 12. 9 0.7 1.9 4.0 2.1 -4.,3 -2,.8 1..6 .2 0 .4 0 .7 2 .8 3 .6 0 .8 9 10 11 -1.8 1.8 6. 1 4. 4 2.8 5.9 3.2 3,.4 8.,4 4.,9 3 .7 10 .5 6 .8 5 .6 12 .1 6 .5 12 13 14 0.3 0.4 2 0.2 0.9 0.7 0.1 0.9 0.8 .3 I!,0 1. 3 1 .5 1,.5 0 .3 0 .6 0 .4 15 16 17 * 2.1 2.0 0,.1 0. 3 0..2 * 1.1 1.1 - 2 .5 ; - 2 .5 18 19 20 + R e v a l u a t i o n of foreign e q u i t i e s held by U.S. r e s i d e n t s 6 C h a n g e in value , 7 -Net p u r c h a s e s a 9 10 11 R e v a l u a t i o n of U.S. c o r p o r a t e e q u i t i e s held by f o r e i g n e r s C h a n g e in value -Net p u r c h a s e s 7 0.4 1. 1 0.1 0.7 1.9 2. 1 0.2 1.6 1.4 12 + R e v a l . of U . S . d i r . i n v . a b r o a d C h a n g e in value 13 - D i r e c t Investment (1) 14 » 3. 5 3. 5 3. 7 3. 8 5.9 10.7 4.8 15 - R e v a l . o f f g n . d i r . i n v . i n U.S. C h a n g e in value 16 - D i r e c t investment (1) 17 0. 1 0.3 0.2 0.1 0.4 0.3 0.4 0.4 + R e v a l u a t i o n of U . S . o f f i c i a l fgn. e x c h a n g e 8 net IMF p o s i t i o n 18 C h a n g e in value 19 -Net increase in fgn. liab. 20 0. 1 0. 1 21 + Other 1.,1 3. 2 -4.5 1.0 1 1.4 - 5 .4 - 4 .0 -6 .4 21 fgn.assets 2.,8 7. 0 5.9 3. 8 3. 7 4.0 - •.5 1 .5 -13,.7 22 assets o u t s t a n d i n g 43, 3 50. 2 56.1 59. 9 63. 6 67.7 67 2 68 .7 5 4 .9 23 revaluations 22 = C h a n g e 23 Net foreign (1) E x c l u d e s Data in U.S.net are capital gains. in b i l l i o n s of d o l l a r s . N 0.4 0.4 3. 0 4. 8 11. * * -1 .7 -1..7 S e p t e m b e r 20, 1994 Net Foreign Assets Net Foreign Assets R. 109 F a c t o r s A c c o u n t i n g for Change in U.S. Net F o r e i g n A s s e t s ^ Annual Flows 1972 £ 2 -7.0 11.3 18.3 1973 4.5 17.0 12.5 1974 -1.5 24.2 25.7 1975 1976 24.0 28.8 4.8 14.8 40.2 25.4 -16.5 24.1 40.6 1978 -3.3 57.2 60.5 1979 27.2 58.0 30.9 1980 25.7 52.4 26.7 1 2 3 * - 2 " -»1 -.2 1.2 -1.2 -7.1 4.5 -1.7 24.0 14.7 -16.8 -2.2 26.0 6 7 ® 2.3 2.9 0.6 -1.2 -.5 0.7 - 5 -1.0 -.5 1.5 0.6 -.9 -.5 -.1 0.4 0.2 0.7 0.4 1.5 1.1 -.4 2.5 3.6 1.0 * J® 11 5.8 ®•2 2.4 -8.3 -5.5 2.8 -9.8 -9.6 0.2 6.4 9.5 3.1 4.9 5.7 0.9 -.7 0.6 1.3 1.0 2.3 1.3 5.2 6.2 1.0 12.0 16.3 4.2 - R e v a l u a t i o n of U.S. c o r p o r a t e e q u i t i e s held by f o r e i g n e r s 9 Change in value 10 -Net p u r c h a s e s 11 I* 25.2 5.7 19.0 10.1 12.0 21.0 8.9 10.6 24.6 14.0 10.0 21.7 11.6 30.8 42.3 11.5 22.4 38.5 16.1 27.6 54.7 27.1 30.9 56.0 25.1 + R e v a l . of U . S . d i r . i n v . a b r o a d C h a n g e in value - D i r e c t investment (1) }* 1' " V ! 0*9 2.8 -.2 *.6 4.8 -.1 2.5 2.6 16.9 21.2 4.3 4.1 7.8 3.7 5.0 12.9 7.9 6.9 18.8 11.9 20.7 37.6 16.9 - R e v a l . o f f g n . d i r . i n v . i n U.S. 15 C h a n g e in value 16 - D i r e c t investment (1) 17 j® ** 2® * ~*2 2 * -.1 -.1 " 1.3 1.3 ~ 3 0.4 0.8 * 2.5 2.5 0.1 0.2 0.1 0.5 0.5 -.3 -.4 -.1 21 -13.4 -13.0 -18.8 -3.9 81.6 -5.4 7.2 2.0 13.4 + Other 22 -4.6 4.6 1.0 25.4 84.0 5.6 22.9 45.8 38.8 = Change 23 50.3 54.9 56.0 81.4 165.4 171.0 194.0 239.7 278.6 J.9 7 * U.S. net foreign Investment Net U.S. acq. of fgn. assets -Net fgn. acq. of U.S. assets 5 J2 -*2 1977 25.7 + U.S.net sales of gold & SDKs 4 = U.S.net fgn.investment# 5 + R e v a l u a t i o n of foreign equities 1.8 held by U.S. r e s i d e n t s 4.1 C h a n g e in value 2.4 -Net p u r c h a s e s 6 7 8 12 13 14 + R e v a l u a t i o n of U.S. official fgn. -.2 e x c h a n g e & net IMF position 18 7.9 C h a n g e in value 19 8.1 -Net increase in fgn. liab. 20 Net revaluations in U.S.net foreign (1) E x c l u d e s Data are in b i l l i o n s of d o l l a r s . adj. 21 f g n . a s s e t s 22 assets outstanding capital gains. 23 September 20, 1994 Net F o r e i g n A s s e t s Net Foreign Assets 54 R. 109 F a c t o r s A c c o u n t i n g for Change in U.S. Net F o r e i g n A s s e t s Annual F l o w s Annuel Flows 1983 1984 -24. 6 31.,0 55. 7 -79..0 19.,7 98.,7 -102,.0 17 .5 119,.4 -121,.3 45,.1 166,.4 1987 1988 -171. 5 37. 4 208..9 -140,,9 44,.4 185,.3 1989 -49 .7 139,.0 188,.7 1 2 3 1 U S. net foreign investment Net U.S. acq. of fgn. assets 2 -Net fgn. acq. of U.S. assets 3 31,.6 39,,2 7,.6 29..9 65..2 35.,3 4 + U.S.net sales of gold 8 S D R s -1,.7 -1.,4 1 -1..0 --.9 - ,.2 - •,5 0,.1 - •.5 4 f g n . i n v e s t m e n t , adj. 29,.9 28. 5 -24. 7 -80..0 - 1 0 2 .9 -121,.5 -172.,1 -140..8 -50,.3 5 + R e v a l u a t i o n of foreign equities held by U.S. r e s i d e n t s 6 C h a n g e in value 7 -Net p u r c h a s e s 8 -2..7 -2..5 0..2 .4 1,,0 1,.4 5. 0 8. 7 3. 7 -1,.1 .2 0,.9 11.,3 15.,0 3. 7 20. 8 22..0 1..2 8..8 6.,6 -2..1 15..5 16..4 0..9 16..7 33..9 17, 2 6 7 a -5. 0 2 4. 8 8. 2 11. 9 3. 7 15..1 20.,1 5. 0 3.-1 3 -3..4 25,.1 29,.5 4..4 25. 5 43..4 17. 9 -8..3 6.,7 15..0 28. 2 25.,3 -2..9 41, 2 50. 2 9,.0 9 10 11 12 + R e v e l , of U . S . d i r . i n v . a b r o a d C h a n g e in value 13 - D i r e c t Investment (1) 14 7,,1 22,,1 15.,0 -19. 5 -6. 6 12. 9 -20.,9 -9. 9 11..1 -21.,0 -6..4 14..6 11,.8 21,.1 9,.2 18.,0 30. 2 12..2 45 .0 68..4 23..4 4. 9 15..0 10..1 7.,1 39.,0 31..9 12 13 14 15 - R e v a l . o f f g n . d i r . i n v . i n U.S. C h a n g e in value 16 - D i r e c t investment (1) 17 8.,8 34.,0 25..2 4. 5 16.,9 12.,5 -2. 9 7. 5 10..5 2..1 26,.8 24,.7 0,.1 20,.1 20,.0 -1..1 34,.5 35,.6 -10.,6 47,.6 5 8 .2 3. 6 60..9 57. 3 5 5 62. 3 67.,7 15 16 17 • R e v a l u a t i o n of U . S . o f f i c i a l fgn. e x c h a n g e 8 net IMF position 18 C h a n g e in value 19 -Net increase in fgn. liab. 20 -1. 5 1. 8 3..4 .9 2..7 3.,6 -1.1 1.1 -1.,6 0..6 2. 2 3. 7 6. 6 3.,0 4..8 4..3 -«.6 5..0 -4..6 -9..7 -1. 4 2. 7 4..0 1 .7 26 .5 24,.8 18 19 20 5 = 9 10 11 U.S.net R e v a l u a t i o n of U.S. c o r p o r a t e e q u i t i e s held by f o r e i g n e r s C h a n g e in value -Net p u r c h a s e s 4..2 6. 5 65.1 -8.,3 8.,7 19, 2 11.-1 60..6 -40,.1 21 fgn.assets 33,.3 1. 6 11.3 -117..0 -92. 5 -83..1 -83..3 -93..0 -100,.6 22 Memo: 23 Net foreign a s s e t s o u t s t a n d i n g 311..8 313. 5 324.8 207,.7 115..2 32,.1 -51..1 -144..2 - 2 4 4 .8 23 21 • Other 22 = C h a n g e revaluations in U . S . n e t (1) E x c l u d e s c a p i t a l g a i n s . Data are in b i l l i o n s of d o l l a r s . S e p t e m b e r 20, 1994 Net F o r e i g n Assets Net F o r e i g n A s s e t s R.109 Factors Accounting for C h a n g e In U.S. Net Foreign A s s e t s 55 Annuel F l o w s 1 2 3 Annual Flows 1990 1991 1992 1993 -51 .8 86 .3 138,.2 - 4 6 .6 31 .0 77 .6 -85..0 110..6 195..6 - 8 2 .8 187 .2 270 .0 U.S. net foreign investment Net U.S. acq. of fgn. assets -Net fgn. acq. of U.S. assets 4 .2 .2 2..3 - •.5 • U.S.net sales of gold 8 SDRs 5 5 2 .0 -46 .8 - 8 2 .7 - 8 3 .3 = U.S.net f g n . i n v e s t m e n t , adj. 6 -17,.2 -9..8 7..4 18 .1 48 .8 30,.7 -11. 5 19. 2 30..7 59 .0 119 .6 60,.6 -13,.5 -29..5 -16,,0 39,.7 50..1 10,.4 34..1 28. 3 -5..8 19,.3 39 .8 20,.5 - R e v a l u a t i o n of U.S. c o r p o r a t e e q u i t i e s held by foreigners C h a n g e in value -Net p u r c h a s e s 12 30. 6 55. 5 24. 9 -1,.2 29..1 30..3 -23..4 15..0 38..4 -18..4 39..4 57..9 + R e v a l . of U . S . d i r . i n v . a b r o a d C h a n g e in value - D i r e c t investment (1) 15 -16. 4 31. 5 47. 9 -2..4 23..7 26..1 -4..7 5. 2 9..9 -1..7 19..7 21.,4 - R e v a l . o f f g n . d l r . i n v . i n U.S. C h a n g e in value - D i r e c t investment (1) 5. 7 7. 7 2. 0 0..1 -5. a -5.,9 -2. 1 -3. 7 -1. 6 0..7 1..6 0..8 + R e v a l u a t i o n of U.S. o f f i c i a l fgn. e x c h a n g e & net IMF position C h a n g e in value -Net Increase in fgn. liab. 7 a 9 10 11 13 14 16 17 18 19 20 - + R e v a l u a t i o n of foreign equities held by U.S. r e s i d e n t s C h a n g e in value -Net p u r c h a s e s 21 -19. 1 -11. 9 22. 6 -100..5 + Other 22 -22. 2 -79. 1 -126. 5 - 1 6 0 ..1 = Change -632. 6 Memo: Net foreign 23 -266.9 -346. 0 -472.5 revaluations in U.S.net fgn.assets assets o u t s t a n d i n g (1) E x c l u d e s c a p i t a l g a i n s . Data are In b i l l i o n s of d o l l a r s . S e p t e m b e r 20, 1994 Tangible Asset H o l d i n g s Tangible Asset Holdings R . 1 2 D e t a i l s of C h a n g e s 56 in S t o c k s of T a n g i b l e A s s e t s Annual F l o w s Annual Flows .946 1947 1948 1949 1950 1951 1952 1953 1 P u r c h a s e s of p h y s i c a l assets 2 H o u s e h o l d sector Farm b u s i n e s s 3 4 Nonfarm noncorp. business 5 N o n f a r m n o n f i n a n . c o r p . bus. 6 Financial institutions 47.3 22.0 2.2 4.0 18.8 0.2 55.5 30.6 1.5 5.0 18.1 0.3 70.0 36.3 5.9 6.9 20.7 0.3 61.5 38.2 3.3 4.7 14.9 0.3 85.8 47.8 5.1 8.6 24.0 0.4 90.3 47.6 5.4 6.3 30.6 0.5 83.3 46.8 5.5 5.3 25.3 0.4 89.0 51.8 4.7 5.8 26.1 0.6 1 2 3 4 5 6 7 Capital consumption 8 H o u s e h o l d sector Farm b u s i n e s s 9 10 Nonfarm noncorp. business 11 N o n f a r m n o n f i n a n . corp. bus. 12 Financial institutions 28.4 14.6 1.3 5.0 7.4 0.2 28.6 14.1 1.6 3.7 9.0 0.2 33.0 16.2 1.9 4.2 10.4 0.3 36.1 18.0 2.1 4.5 11.2 0.3 39.5 20.0 2.4 4.7 12.0 0.3 45.7 23.3 2.8 5.4 13.8 0.3 49.7 25.8 3.0 5.7 14.8 0.4 53.3 28.0 3.2 5.9 15.8 0.4 7 8 9 10 11 12 13 Net capital f o r m a t i o n 14 H o u s e h o l d sector 15 Farm b u s i n e s s 16 Nonfarm noncorp. business 17 N o n f a r m n o n f i n a n . c o r p . bus. 18 Financial institutions 18.8 7.4 1.0 -1.0 11.4 26.9 16.5 37.0 20.0 4.0 2.6 10.3 25.4 20.1 1.2 0.3 3.7 0.1 46.4 27.8 2.7 3.8 12.0 0.1 44.7 24.2 2.7 0.9 16.7 0.1 33.6 21.1 2.5 -.4 10.4 0.1 35.7 23.8 1.5 -.2 10.3 0.3 13 14 15 16 17 18 19 Net foreign investment (1) Net f i n a n c i a l i n v e s t m e n t : 20 Private s e c t o r s 21 H o u s e h o l d sector 22 Farm b u s i n e s s 23 Nonfarm noncorp. business 24 N o n f a r m n o n f i n . corp. bus. 25 Private f i n a n c i a l insts. 1.3 9.1 0.1 * 4.9 9.9 3.0 1.3 -2.2 0.7 0.3 -1.7 19 -1.0 9.6 -.9 1.0 -11.7 1.0 -3.8 2.3 0.1 -1.3 -5.7 0.7 -5.9 4.8 -3.9 -2.6 -5.1 1.0 2.8 0.6 -1.2 -.3 2.7 0.9 -8.0 4.6 -2.7 -3.8 -7.9 1.8 -.9 10.7 -2.7 -.9 -8.5 0.5 13.1 17.2 -2.5 0.4 -3.5 1.4 8.4 12.1 -1.6 0.2 -4.1 1.7 20 21 22 23 24 25 14.2 -.1 14.3 8.7 -.2 8.8 -3.4 -.2 -3.3 4.3 -3.2 7.5 4.5 -1.2 5.7 -10.6 -6.1 -4.6 -10.9 -3.5 -7.5 26 27 28 29 30 Public sectors State 8 local g o v e r n m e n t s U.S. g o v e r n m e n t Govt.-spons. enterprises Monetary authority 1.2 0.2 0.9 0.1 * 0.1 0.1 * * 26 27 28 29 30 31 Unallocated flows 4.7 -.6 0.2 1.9 1.4 -3.0 -2.2 0.8 31 32 R e v a l . of p h y s i c a l assets 33 H o u s e h o l d sector 34 Farm b u s i n e s s 35 Nonfarm noncorp. business 36 N o n f a r m n o n f i n a n . c o r p . bus. 37 - I n v e n t o r y v a l u a t i o n adj. 38 Financial institutions 58.5 18.8 8.3 11.9 14.2 -5.3 69.6 17.2 20.8 12.3 13.3 -5.9 0.1 19.3 7.2 -3.4 5.5 7.6 -2.2 0.2 -.3 1.1 -2.6 1.8 1.2 1.9 45.6 15.8 8.7 5.8 10.2 -5.0 0.2 33.1 12.8 3.2 6.7 9.0 -1.2 0.3 4.1 3.0 -4.1 2.3 3.7 1.0 0.1 0.9 -2.2 -1.9 2.3 1.8 -1.0 32 33 34 35 36 37 38 39 R e v a l u a t i o n s by type of asset 40 Residential structures 41 Plant and equipment 42 Inventories 43 Consumer d u r a b l e s 58.5 20.4 19.4 13.3 5.4 69.6 22.9 20. 0 24.2 2.5 19.3 10.0 9.3 -.8 0.9 -.3 3.7 2.9 -6.3 -.6 45.6 11.6 13.0 14.3 6.7 33.1 12.3 13.5 2.6 4.9 4.1 3.9 5.2 -5.9 0.9 0.9 0.7 2.0 -.5 -1.3 39 40 41 42 43 44 Change in land values 45 H o u s e h o l d sector 46 Farm b u s i n e s s 47 Nonfarm noncorp. business 48 N o n f a r m n o n f i n a n . c o r p . bus. 49 Private f i n a n c i a l insts. 19.3 3.6 5.1 2.4 8.0 0.2 19.0 6.9 1.3 3.2 7.4 0.2 10.1 6.7 0.8 2. 0 0.7 -.1 7.9 7.6 -1.8 1.2 0.7 0.2 24.4 6.0 11.7 2.2 4.4 0.1 22.9 9.0 7.3 2.3 4.2 0.1 16.6 12.0 1.1 2.2 1.3 12.7 9.5 -.4 1.7 1.9 44 45 46 47 48 49 financial 50 A d j . to c a p i t a l c o n s u m p t i o n 51 H o u s e h o l d sector 52 Farm b u s i n e s s 53 Nonfarm noncorp. business 54 N o n f a r m n o n f i n . c o r p . bus. 55 56 57 58 59 60 61 M e m o : T o t a l gross domestic investment, flow of funds basis Private sectors H o u s e h o l d sector Farm b u s i n e s s Nonfarm noncorp. business N o n f a r m n o n f i n . c o r p . bus. Pvt. f i n a n c i a l institution 62 63 64 65 66 Public sectors State & local g o v e r n m e n t s U.S. g o v e r n m e n t Govt.-spons. enterprises Monetary authority (1) Lines Data are 20 + 26 31. in b i l l i o n s of d o l l a r s . * * * * * * * * " * * " * * 2.1 -2.1 50 51 52 53 54 47.5 46.2 31.6 1.3 5.0 7.1 1.2 65.9 51.6 32.9 1.6 3.7 12.4 1.0 72.8 64.1 41.1 1.9 4.2 15.6 1.3 60.9 64.3 38.7 2.2 4.5 17.7 1.2 82.2 77.8 52.3 2.4 4.7 16.1 2.1 94.0 89.4 58.3 2.8 5.4 22.0 0.9 85.,8 96.,4 64.,0 3..0 5..7 21,.8 1..8 86.5 97.3 63.9 3.1 5.9 22.1 2.3 55 56 57 58 59 60 61 1.2 0.2 0.9 14.3 -.1 14.3 0.1 8.7 -.2 8.8 -3.4 -.2 -3.3 4.4 -3.2 7.5 0.1 4.6 -1.2 5.7 0.1 -10.8 -3.5 -7.5 0.1 0.1 -10. 6 -6., 1 -4.,6 0..1 0..1 62 63 64 65 66 0.1 * * * S e p t e m b e r 20, 1994 Tangible Asset H o l d i n g s T a n g i b l e Asset H o l d i n g s R . 1 2 D e t a i l s of C h a n g e s in S t o c k s of T a n g i b l e Assets 57 Annual Flows Annual Flows 1954 1 2 3 4 5 6 85.9 52.1 3.9 6.2 23.0 0.7 107.8 63.5 3.2 7.6 32.6 0.9 110 .3 62 .6 2 .6 7 .3 37 .0 0 .9 110.3 62.3 3.8 7.6 35.7 0.9 101 .6 59 .0 6. 0 7 .7 28 . 0 0 .9 7 8 9 10 11 12 57.6 30.9 3.3 6.1 16.7 0.4 60.6 32.5 3.4 6.4 17.8 0.4 67 .5 36 .3 3 .6 7 .0 20 .0 0 .5 72.9 39.1 3.7 7.5 22.0 0.6 13 14 15 16 17 18 28.3 21.2 0.6 47.2 31.0 -.2 1.2 14.8 0.4 42 .9 26 .2 -1 .0 0 .3 17 .0 0..4 37.4 23.1 6.3 0.3 « 0.1 13.7 0.4 121 .6 72 .1 3 .0 7 .7 37 .8 1 .1 122 .1 71 .2 4 .7 7 .4 37 .7 1 .0 119.8 69 .5 5 .0 7 .8 36 .5 1 .0 134 .9 77 .4 4 .9 9 .0 42 .2 1 .3 76 .2 41 .2 3 .8 7 .6 23 .0 0 .6 79 .7 43 .3 3 .9 7 .8 24 .1 0 .6 8 2 .5 44.8 3 .9 8 .0 25 .1 0 .7 85 .1 46 .5 3 .9 8 .2 25 .8 0 .7 87 .7 47 .9 4 .0 8 .4 26 .8 0 .7 Capital consumption 7 H o u s e h o l d sector a Farm b u s i n e s s 9 Nonfarm noncorp. business 10 N o n f a r m n o n f i n a n . corp. bus. 11 F i n a n c i a l institutions 12 25 .4 17 .9 2 .2 0 .1 5 .0 0 .3 41 .9 28 .8 .9 . 1 13 .7 0 .4 39 .6 26 .4 0 .8 .7 12 .6 0 .4 34 .7 23 .0 1 .0 .4 10 .7 0 .3 47 .2 29 .6 1. 0 0 .6 15 .5 0 .6 Net capital formation H o u s e h o l d sector Farm b u s i n e s s Nonfarm noncorp. business N o n f a r m n o n f i n a n . corp. bus. Financial institutions 13 14 15 16 17 18 Net foreign investment (1) Net f i n a n c i a l i n v e s t m e n t : Private sectors H o u s e h o l d sector Farm b u s i n e s s N o n f a r m n o n c o r p . business N o n f a r m n o n f i n . corp. bus. P r i v a t e f i n a n c i a l insts. 20 21 22 23 24 25 19 -.3 20 21 22 23 24 25 7.6 5.4 -.6 -.2 3.0 -3.4 3.2 0.2 -1.2 -7.1 1.6 26 27 28 29 30 -9.0 -3.8 -5.2 0.9 -3.3 4.2 * " 31 1.1 2.5 -6. 2 32 33 34 35 36 37 38 1.9 -.4 -2. 0 2.5 1.5 -.3 20.9 2.9 -. 6 6.2 10.5 -1.8 0.2 36., 1 8. 2 2. 4 6. 3 16., 0 -2. 7 0. 4 9.0 -4.1 1.4 3.5 6.6 -1.5 0.1 6., 1 1. 3 0. 6 2. 7 1. 2 3 0. 1 39 40 41 42 43 1.9 4.2 2.0 -1.5 -2.9 20.9 8.1 13.8 1.4 -2.4 36. 1 4. 9 20. 5 4. 9 5. 8 9.0 1.2 8.9 2.5 -3.6 44 45 46 47 48 49 12.0 7.3 3.4 0.9 0.1 0.3 21.0 9.6 4.9 2.0 4.7 -.1 27. 1 10. 9 6. 6 2. 3 7. 1 0. 2 23.2 12.1 5.7 1.4 3.9 0.1 * 50 51 52 53 54 -1..3 3,.5 12,. 1 1,.0 .3 -10,.7 1 .5 . 1..4 3 .1 4..4 0,,1 4.6 0 .4 7.8 14.9 -.1 -.1 -7.7 0.9 17 .8 18..6 -2,.2 .1 .4 1,.9 -2.6 -4.8 2.1 -15..8 -5,.4 -10..5 0.1 -. 6 * * * " " * * -1.,6 -1 .9 1 .8 2 .8 2 .3 3 .4 5,.4 0 .9 0.. 1 -4,.2 1..3 6 .1 11 . 0 .9 0,.7 -7 .9 3 .2 13 .3 12 .8 -1 . 1 0 .4 -1,.9 3 .2 10 .6 12 .9 -1,. 0 .6 - 3 .5 2 .9 -7..3 -4..3 -2..8 -1,.9 3 .5 1..5 -9 .3 -3,.8 -5..6 -7 .8 -2..9 -4..9 - •.2 « 0,.1 * ,6 Unallocated 31 -1,.2 5, 2 -2.,8 6 4, 2 4.,0 3 0.. 1 -1.,9 -4. 9 0. 9 3. 3 -1. 5 2 0. 1 -1..0 -4..2 0. 3 3. 3 ,4 o! 3 0. 2 0. 3 -7. 4 1.. 1 5. 3 1. 0 6. 1 0. 9 2. 5 0. 6 2. 1 5. 2 2. 1 4. 3 5 -• 6 -1. 9 1. 8 -2. 0 0. 8 -2. 6 -1. 0 1 .4 21. 2 10. 6 7. 7 1. 0 2. 0 17. 0 9. 0 6. 3 1. 1 0. 5 0. 1 14. 8 9. 4 1. 9 1. 4 2. 0 0. 1 32 33 34 35 36 37 38 -1. 0 -1. 3 0. 3 0. a 2. 4 0. 2 -3. 1 R e v a l u a t i o n s by type of asset Residential structures Plant and equipment Inventories Consumer durables 39 40 41 42 43 24. 1 12. 3 5. 5 2. 6 3. 6 0. 2 21. 6 11. 1 5. 4 2. 0 2. 9 0. 1 Change in land values 44 H o u s e h o l d sector 45 Farm b u s i n e s s 46 Nonfarm noncorp. business 47 N o n f a r m n o n f i n a n . corp. bus. 48 Private f i n a n c i a l insts. 49 0. 3 A d j . to c a p i t a l c o n s u m p t i o n H o u s e h o l d sector Farm b u s i n e s s Nonfarm noncorp. business N o n f a r m n o n f i n . corp. bus. 115. 2 113. 7 74. 6 3. 6 7. 0 26. 3 2. 3 115.4 118. 0 77.1 3.7 7.5 28.0 1.7 103. 6 119. 4 77. 6 3. 8 7. 6 27. 6 2. 7 117. 6 124. 9 77. 4 3. 9 7. 8 33. 5 2. 3 126. 2 128. 1 82. 1 3. 9 8. 0 29. 8 4. 2 123. 9 133. 1 82. 3 3. 9 8. 2 34. 6 4. 1 62 63 64 65 66 -8.9 -3.8 -5.2 0.9 -3.3 4.2 1. 4 -3. 1 4. 4 -2.6 -4.8 2.1 0.1 0.1 -15.8 -5. 4 -10. 5 0. 1 -7. 2 -4. 3 -2. 8 0. 1 2 -1 .9 -3. 5 1. 5 0. 1 -9. 2 -3. 8 -5. 6 0. 1 0. 1 * To M e m o : Total gross d o m e s t i c i n v e s t m e n t , 137. 8 flow of funds basis 145. 5 Private s e c t o r s 90. 3 H o u s e h o l d sector 4. 0 Farm b u s i n e s s 8. 4 Nonfarm noncorp. business 38. 7 N o n f a r m n o n f i n . corp. bus. 4. 1 Pvt. f i n a n c i a l institution -7. 7 -2. 9 -4. 9 0. 1 0. 1 Public sectors S t a t e & local g o v e r n m e n t s U.S. g o v e r n m e n t Govt.-spons. enterprises Monetary authority (1) Lines 20 Data are In billions of d o l l a r s . f i n a n c i a l flows R e v a l . of p h y s i c a l assets H o u s e h o l d sector Farm business Nonfarm noncorp. business N o n f a r m n o n f i n a n . corp. bus. - I n v e n t o r y valuation adj. Financial institutions 105.3 104.4 66.7 3.4 6.4 25.5 2.4 0. 1 19 26 27 28 29 30 - 2 .4 84.6 93.5 57.6 3.3 6.1 22.9 3.6 * 1 2 3 4 5 6 Public s e c t o r s S t a t e & local g o v e r n m e n t s U.S. g o v e r n m e n t Govt.-spons. enterprises Monetary authority 2.. 0 55 56 57 58 59 60 61 " P u r c h a s e s of p h y s i c a l assets H o u s e h o l d sector Farm b u s i n e s s Nonfarm noncorp. business N o n f a r m n o n f i n a n . corp. bus. F i n a n c i a l institutions 26 + 31. 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 -.eptember 20, 1994 T a n g i b l e Asset H o l d i n g s Tangible Asset Holdings R . 1 2 D e t a i l s of C h a n g e s 58 in Stocks of T a n g i b l e A s s e t s Annual F l o w s Annual Flows 1971 1963 1964 1965 1966 1967 1968 1 P u r c h a s e s of p h y s i c a l assets H o u s e h o l d sector 2 3 Farm b u s i n e s s 4 Nonfarm noncorp. business 5 N o n f a r m n o n f i n a n . corp. bus. 6 Financial institutions 145.2 84.8 5.3 9.6 44.4 1.1 158.6 92.3 3.8 10.9 49.8 1.8 181. 4 99. 4 6. 4 12. 7 60. 8 2.,0 198. 9 102. 7 5. 7 14. 0 74. 5 2.,0 198. 6 104.,9 7.,5 12..9 71. 2 2..2 220. 9 117. 8 7. 8 16. 7 75. 3 3..4 241. 4 125. 2 6. 8 20.,7 85. 2 3..5 235. 7 123. 3 6.,6 20..9 81..6 3..4 272. 8 147. 2 9. 4 24. 7 87. 3 4.,1 1 2 3 4 5 6 7 Capital consumption 8 H o u s e h o l d sector 9 Farm b u s i n e s s 10 Nonfarm noncorp. business 11 N o n f a r m n o n f i n a n . c o r p . bus. 12 Financial institutions 91.2 49.8 4.0 8.6 27.9 0.8 95.6 52.2 4.2 9.1 29.3 0.9 100..6 54.,4 4. 3 9,.6 31..3 1..0 107..5 57..4 4..6 10..3 34..1 1..1 116.,8 62..2 4,.9 11 .1 , 37 .3 1,.3 128..0 68..1 5..2 12..0 41..1 1..5 141..5 75..9 5..7 13..2 45..0 1..7 154..6 83..0 6..1 14,.3 49,.4 1..8 169..4 90..9 6..5 15,.7 54,.2 2 .1 7 8 9 10 11 12 13 Net capital f o r m a t i o n 14 Household sector 15 Farm b u s i n e s s 16 Nonfarm noncorp. business 17 N o n f a r m n o n f i n a n . corp. bus. 18 Financial institutions 54.0 35.0 1.3 0.9 16.5 0.3 63.0 40.1 -.3 1.8 20.5 0.9 80,.8 45..1 2..1 3,.1 29 .5 1..1 91..4 45..4 1,.1 3..7 40..4 0,,9 81,.8 42 .6 2 .6 1 .8 33 .9 0,.9 92..9 49..7 2,.5 4 .7 34 ,1 1 ,9 99..9 49..2 1,.1 7 .5 40..2 1,.9 81,.1 40..3 0,.5 6..6 32 .2 1,.5 103 .4 56 .3 3 .0 9 .0 33 .1 2 .0 13 14 15 16 17 18 19 Net foreign investment (1) Net f i n a n c i a l i n v e s t m e n t : Private sectors H o u s e h o l d sector Farm b u s i n e s s Nonfarm noncorp. business N o n f a r m n o n f i n . corp. bus. Private f i n a n c i a l insts. 4.1 5.9 5.0 3.7 2.4 1.1 -1.1 3.0 -10.5 5.9 12.6 -1.4 -.9 -5.0 0.6 13.2 21.8 7.3 24.2 24.7 42.2 10.0 0.3 -1.8 -8.9 1.8 -3.1 -13.8 15.1 37.4 -1.0 -3.7 -19.9 2.1 -15.5 2.3 34.2 -2.5 -4.7 -19.4 2.4 -3.0 36.4 -1.0 -7.5 -27.0 -3.9 17.1 54.7 -.5 -6.6 -27.7 -2.9 46.9 -3.0 -9.0 -19.2 0.4 -3.0 -2.5 -. 5 -5.7 -4.1 -1.6 -18.7 -5.0 -13.8 -13.1 -4.5 -8.6 -1.9 -7.6 5.7 -.1 -22.2 -9.0 -13.2 -.1 -32.3 -9.0 -23.5 0.1 20 21 22 23 24 25 -2.0 2.0 -2.6 -1.8 16.1 20 21 22 23 24 25 26 27 28 29 30 Public sectors S t a t e & local g o v e r n m e n t s U.S. g o v e r n m e n t Govt.-spons. enterprises Monetary authority -3.9 -2.7 -1.3 -7.0 -3.0 -3.5 0.1 -.5 " " * " * 26 27 28 29 30 31 Unallocated flows 2.0 -.3 0.6 -5.7 -3.6 4.2 3.8 8.2 5.7 31 32 R e v a l . of p h y s i c a l assets 33 H o u s e h o l d sector 34 Farm b u s i n e s s 35 Nonfarm noncorp. business 36 N o n f a r m n o n f i n a n . corp. bus. 37 - I n v e n t o r y valuation adj. 38 Financial institutions -5.0 11.2 3.8 2.1 0.1 0.4 12,5 -2.7 0.7 8.7 5.0 -.5 0.3 14.4 -8.1 4.7 8.7 7.4 -1.2 0.5 48.5 15.4 1.9 13.3 15.0 -2.1 0.8 36.4 10.2 0.9 10.4 12.5 -1.6 0.8 98.5 43.5 4.9 19.9 25.3 -3.7 1.3 95.9 36.6 7.6 18.4 26.3 -5.9 1.1 79.9 26.2 2.2 14.7 28.8 -6.6 1.4 116.8 41.4 8.1 26.0 34.4 -4.6 2.3 32 33 34 35 36 37 38 39 R e v a l u a t i o n s by type of asset 40 Residential structures 41 Plant and equipment 42 Inventories 43 Consumer durables -5.0 -6.3 3.1 -.4 -1.4 12.5 10.0 6.2 0.5 -4.2 14.4 6.1 11.6 4.6 -7.9 48.5 26.6 19.7 3.0 -.7 36.4 14.9 17.6 0.4 3.5 98.5 53.3 34.9 6.2 4.1 95.9 44.5 36.5 11.5 3.3 79.9 22.2 44.0 4.6 9.1 116.8 58.7 52.1 10.1 -4.1 39 40 41 42 43 44 C h a n g e in land values 45 H o u s e h o l d sector 46 Farm business 47 Nonfarm noncorp. business 48 N o n f a r m n o n f i n a n . corp. bus. 49 P r i v a t e f i n a n c i a l insts. 27.6 14.8 7.3 2.3 3.1 0.1 19.9 4.6 8.4 1.8 4.6 0.5 26.6 7.3 10.1 2.9 6.4 0.1 31.8 11.8 9.3 3.9 6.4 0.4 35.0 14.7 8.9 4.4 6.8 0.2 58.3 29.5 8.6 9.6 10.0 0.6 52.2 14.9 6.0 8.1 16.0 7.2 45.8 14.6 7.1 7.7 14.7 1.7 59.1 16.6 14.5 9.8 16.5 1.7 44 45 46 47 48 49 financial * 50 A d j . to c a p i t a l c o n s u m p t i o n 51 H o u s e h o l d sector 52 Farm business 53 Nonfarm noncorp. business 54 N o n f a r m n o n f i n . corp. bus. 55 56 57 58 59 60 61 Public sectors State 8 local g o v e r n m e n t s U.S. government Govt.-spons. enterprises Monetary authority (1) Lines 2 0 + 2 6 + Data are 31. in b i l l i o n s of d o l l a r s . * * * * * * * -.1 M e m o : Total gross domestic investment, 147..2 flow of funds basis 151., 0 P r i v a t e sectors 97.,4 H o u s e h o l d sector 3..9 Farm b u s i n e s s 8.,6 Nonfarm noncorp. business 39.,4 N o n f a r m n o n f i n . corp. bus. 1..7 Pvt. financial institution 62 63 64 65 66 * " -3..8 -2,.7 -1,.3 0,.1 0..1 164. 8 171..7 114..0 4.,1 9.,1 40.,9 3..5 185.8 188.6 123.6 4.4 9.6 47.1 4.0 208.2 213.8 140.2 4.7 10.3 54.7 4.0 204.6 223.1 147.1 4.9 11.1 55.7 4.3 217.8 230.9 152.0 5.3 12.0 56.2 5.4 -6..9 -3,.0 3 .5 0,.1 .5 -2.9 -2.5 -.5 0.1 -5.6 -4.1 -1.6 0.1 -18.5 -5.0 -13.8 0.2 -13.1 -4.5 -8.9 0.3 * * * 236. 5 238..1 161. 6 5..8 13..2 58..2 -<.6 -1,.6 -7,.6 5 .7 0 .2 0. 1 50 51 52 53 54 230..5 252..6 178..0 6..1 14..3 54..0 0..2 256..6 288. a 194., l 6..5 15.,7 68. 3 4. 2 55 56 57 58 59 60 61 -22,.1 -9 . 0 -13,.3 0,.2 0 .1 32 .2 -9 . , 0 - 2 3 .6 0,.3 0..1 62 63 64 65 66 S e p t e m b e r 20, 1994 Tangible Asset H o l d i n g s T a n g i b l e Asset H o l d i n g s r . 1 2 D e t a i l s of C h a n g e s 59 in Stocks of T a n g i b l e Assets Annual Flows Annual F l o w s 1978 1972 1973 1974 1975 316.4 173.1 367.2 192.0 368.8 184.5 360.4 196.4 3 4 5 6 30.7 98.9 5.0 35.1 121.7 30.2 136.9 7.2 23.6 116.0 7.6 7 8 9 10 11 12 186.3 98.7 7.2 17.4 60.5 2.5 203.8 234.1 122.1 9.1 13 14 15 16 17 18 130.1 74.4 1.5 13.3 38.4 2.6 -7.0 1 2 8.8 680.1 329.3 13.7 63.3 251.3 22.4 P u r c h a s e s of p h y s i c a l assets H o u s e h o l d sector Farm b u s i n e s s Nonfarm noncorp. business N o n f a r m n o n f i n a n . corp. bus. Financial institutions 17.0 41.8 151.6 9.1 498.1 246.1 19.5 48.7 173.2 10.6 Capital consumption 7 H o u s e h o l d sector 8 Farm b u s i n e s s 9 Nonfarm noncorp. business 10 N o n f a r m n o n f i n a n . corp. bus. 11 Financial institutions 12 256.1 140.5 6.1 12.1 90.6 6.9 258.2 131.5 7.7 18.5 89.8 10.7 181. 9 83. 2 -5.8 14. 6 78. 1 11. 8 Net capital f o r m a t i o n 13 Household sector 14 Farm b u s i n e s s 15 Nonfarm noncorp. business 16 N o n f a r m n o n f i n a n . corp. bus. 17 Financial institutions 18 -16.5 -3.3 27.2 25. 7 35.7 82.8 -9.0 -4.9 -40.6 7.3 33.8 71.1 -5.2 -12.1 -33.7 13.6 70.9 99.1 -6.8 -18.5 -17.6 14.7 81. 2 137. 8 6. 3 -14., 6 -54. 3 6., 0 -33.2 5.0 -38.6 0.2 -16.7 5.6 -22.6 0.2 0.1 -63..3 -1..9 -61,,5 446.4 241.9 14.3 27.1 155.1 540.9 290.3 22.5 35.8 183.9 8.4 636.3 331.6 21.0 47.5 221.6 14.6 694.5 348.3 24.7 301 .4 153.3 27.8 102.5 5.9 336.4 170.6 13.2 30.9 114.8 6.9 380.2 191.1 14.9 35.4 131.1 7.7 436.2 76.8 3.8 272.2 138.7 10.7 25.6 92.2 4.9 163.4 83.9 4.3 15.8 56.1 3.2 134.7 62.3 0.9 7.9 60.1 3.4 88.2 57.7 6.1 -2.0 23.7 2.7 145.0 88.6 2.5 -.7 52.6 2.1 204.5 119.7 9.3 4.9 69.1 1.6 4.5 -1.5 24.0 14.8 12.2 6.1 108.1 7.9 19.3 65.6 2.9 10.0 22.2 16.8 8.0 11.8 60.2 241.4 19.8 216.8 Net foreign investment (1) Net f i n a n c i a l i n v e s t m e n t : Private sectors H o u s e h o l d sector Farm business Nonfarm noncorp. business N o n f a r m nonf in. corp. bus. P r i v a t e f i n a n c i a l lnsts. 1 2 3 4 5 6 19 20 21 22 23 24 25 20 21 22 23 24 25 10.3 50.0 -1.4 -13.3 -24.9 -.2 73.4 -3.7 -15.8 -56.6 2.7 0.1 60.7 -.7 -7.9 -49.4 -2.6 93.3 96.3 -5.6 2.0 5.2 -4.6 66.2 84.7 -2.0 0.7 -19.6 2.3 26 27 -17.5 1.2 -18.9 0.1 0.1 -1.1 4.5 -5.7 0.1 0.1 -12.5 -3.2 -9.6 0.3 0.1 -79.6 -5.0 -74.9 0.2 -61.1 -2.0 -59.4 0.3 0.1 -44.0 11.3 -55.6 0.3 0.2 5.5 11.0 10.3 9.6 -8.2 -3.9 -27.0 32 33 34 35 36 37 38 186.0 74.7 17.6 37.7 47.0 -6.6 2.4 248.8 87.2 29.0 40.4 67.5 -20.1 4.6 395.1 139.3 14.1 50.4 144.1 -39.5 7.7 275.3 103.7 7.2 41.0 106.4 -11.0 6.0 261.2 109.8 7.4 45.2 76.7 -14.9 7.2 371.8 171.1 11.6 68.4 98.9 -16.7 5.2 506.4 219.6 32.4 87.5 135.9 -25.1 5.9 618.6 235.7 23.4 121.5 188.8 -41.6 7.6 670 .7 226 . 0 35 . 6 124 .9 231 .3 - 4 3 .0 9 .8 R e v a l . of p h y s i c a l assets H o u s e h o l d sector Farm b u s i n e s s Nonfarm noncorp. business N o n f a r m n o n f i n a n . corp. bus. - I n v e n t o r y valuation adj. Financial Institutions 32 33 34 35 36 37 38 39 40 41 42 43 186.0 103.9 66.2 19.3 -3.4 248.8 105.1 87.7 50.8 5.2 395.1 117.2 177.5 55.8 44.6 275.3 103.5 137.1 10.5 24.2 261.2 126.1 100.9 18.6 15.6 371.8 196.9 132.1 21.6 21.3 506.4 242.7 175.0 55.8 32.8 618.6 258.1 217.1 84.5 58.9 670 .7 241 . 4 274 .5 91 .1 63 . 7 R e v a l u a t i o n s by type of asset Residential structures Plant and equipment Inventories Consumer durables 39 40 41 42 43 44 45 46 47 48 49 101.3 40.5 23.9 15.6 19.3 2.0 154.4 49.0 51.6 21.0 29.8 3.0 152.8 57.3 35.0 20.3 35.9 4.2 176.7 83.0 45.5 14.5 29.4 4.3 216.7 94.2 68.8 21.2 29.5 3.1 228.1 113.8 50.5 23.8 36.6 3.4 330.4 152.9 88.1 37.9 46.6 4.9 426.4 210.2 99.7 52.9 57.9 5.7 431 .6 215 .0 72 .1 72 .1 61 .9 10 .4 C h a n g e in land values H o u s e h o l d sector Farm b u s i n e s s N o n f a r m n o n c o r p . business N o n f a r m n o n f i n a n . corp. bus. Private f i n a n c i a l lnsts. 44 45 46 47 48 49 A d j . to capital c o n s u m p t i o n H o u s e h o l d sector Farm b u s i n e s s Nonfarm n o n c o r p . b u s i n e s s N o n f a r m nonf in. corp. bus. 50 51 52 53 54 28 29 30 50 51 52 53 54 * N 61 62 63 64 65 66 -17 .5 1,,2 -19 . 1 0 .3 0 .1 60 , * * X * -.3 -. 4 0,. 1 26 27 28 29 30 7..8 Unallocated 31 - .4 - * -.4 309.,2 326. 7 223.,1 7.,4 17..4 74.,2 4,.5 55 56 57 58 59 * * Public sectors S t a t e 8 local g o v e r n m e n t s U.S. g o v e r n m e n t Govt.-spons. enterprises Monetary authority 366..1 367.,8 265. 5 8..5 19,,3 65..9 8..5 -1 .6 4 .5 -6 .5 0 .3 0 .1 356. 3 370., 0 245. 2 9, 3 22. 2 89., 0 4. 3 374.,1 453. 3 292.,7 11..3 25..6 121..3 2 .4 451.,5 512,.6 326.,7 12..2 27..8 136..1 9..7 532. 6 575. 9 373.,1 13..5 30. 9 143.,7 14..7 636.,3 669. 5 402. 7 15. 3 35.,4 188. 2 27, 3 748. 6 765. 1 447. 4 17. 9 41. 8 224. 6 33.,4 -13.,7 3 .2 -11,.1 0,.6 0,.1 -79,.3 -5,.0 -75,.1 0 .7 0 .1 -61..1 -2,.0 -60,.1 0..8 0,.1 -43..3 11..3 -56,.0 1..3 0..1 -32..6 5,.0 -38..8 1,.1 0..1 -16. 4 5..6 -23..4 1..2 0.. 1 f i n a n c i a l flows M e m o : Total gross domestic i n v e s t m e n t , flow of funds basis 697. 9 Private sectors 761.. 0 H o u s e h o l d sector 467. 1 Farm business 20.. 0 Nonfarm noncorp. business 48. 7 N o n f a r m nonf in. corp. bus. 198., 1 Pvt. financial institution 27., 1 -63.,1 -1.,9 -62,. 6 1. 3 0,. 1 Public sectors State & local g o v e r n m e n t s U.S. government Govt.-spons . enterprises Monetary authority (1) Lines 2 0 + 2 6 + Data are in b i l l i o n s of d o l l a r s . 31. 55 56 57 58 59 60 61 62 63 64 65 66 S e p t e m b e r 20, 1994 T a n g i b l e Asset H o l d i n g s T a n g i b l e Asset H o l d i n g s 60 R . 1 2 D e t a i l s of Changes in S t o c k s of T a n g i b l e A s s e t s Annual Flows Annual Flows 1982 1 P u r c h a s e s of p h y s i c a l assets 2 H o u s e h o l d sector 3 Farm b u s i n e s s 4 Nonfarm noncorp. business 5 N o n f a r m n o n f i n a n . corp. bus. 6 Financial institutions 786.5 351.2 27.1 72.9 308.5 739.9 344.9 19.6 69.3 277.8 28.3 821.7 429.0 -1.9 70.1 292.8 31.8 1036.8 497.7 19.5 87.8 390.5 41.2 1067.5 537.6 17.7 96.5 369.9 45.8 1107.2 604.3 9.3 97.4 343.4 52.7 1153.0 631.2 6.7 97.7 361 .3 56.1 1230.7 675.9 1.9 101.2 390.7 60.9 1291.6 701.2 15.8 105.1 400.9 7 Capital consumption 8 H o u s e h o l d sector 9 Farm b u s i n e s s 10 Nonfarm noncorp. business 11 N o n f a r m n o n f i n a n . corp. bus. 12 Financial institutions 563.6 267.3 21.6 56.7 205.3 642.8 298.3 23.3 65.2 240.1 15.9 669.4 313.5 23.4 68.4 246.1 711.6 339.8 23.0 72.7 256.0 20.2 756.8 364.5 22.7 77.1 269.2 23.3 803. 0 393.2 22.2 81.5 279.2 26.9 858.5 423.5 12.6 613.1 285.0 22.9 63.1 227.5 14.6 930.7 463.4 21.9 94.7 314.8 35.9 13 Net c a p i t a l formation 14 H o u s e h o l d sector 15 Farm b u s i n e s s 16 Nonfarm noncorp. business 17 N o n f a r m nonf inan. corp. bus. 18 Financial Institutions 222.9 83.9 5.5 126.7 59.9 -3.3 50.3 13.7 367.4 184.2 -3.8 19.4 144.4 23.2 355.9 197.8 -5.3 23.9 113.9 25.6 350.4 239.8 -13.4 20.4 74.2 29.4 350.0 238.0 -15.5 103.2 14.1 178.8 130.7 -25.2 4.8 52.6 15.8 29.2 372.2 252.4 -19.8 14.0 95.6 29.9 19 Net foreign investment (1) Net f i n a n c i a l investment.: 20 P r i v a t e sectors 21 H o u s e h o l d sector 22 Farm b u s i n e s s 23 Nonfarm noncorp. business 24 N o n f a r m n o n f i n . corp. bus. 25 Private f i n a n c i a l insts. 91.7 171.4 -5.3 -16.2 -47.2 -11.1 170 .4 199 .4 3 .8 -6 .1 -19 .6 -7 .2 164.2 188.6 25.8 -4.8 -35.9 -9.4 85.6 184.2 4.5 -19.4 -71.2 -12.5 129.6 205.3 6.1 -23.9 -45.0 -13.0 177.3 235.1 14.0 -20.4 -44.7 -6.8 93.9 157.2 16.4 -16.2 -57.9 -5.7 78.3 138.3 21. 2 -14. 0 -45.1 -22.0 26 27 28 29 30 Public sectors S t a t e & local g o v e r n m e n t s U.S. g o v e r n m e n t Govt.-spons. enterprises Monetary authority -85.9 -10.2 -76. 0 0.1 0.1 -154 . 1 .7 - 1 5 3 .4 0 .9 0. 1 -178.8 11.6 -191.3 0.8 0.1 -184.1 6.8 -191.5 0.5 0.2 -209.6 8.7 -216.8 -1.7 0.2 -241.8 2.0 -243.3 -.7 0.1 -186.0 -16.4 -169.8 0.1 0.2 -189.8 -.1 -190.4 0.7 0.1 -224.4 -38.5 -186.6 31 Unallocated financial flows 26.8 16.2 6.1 18.1 16.2 82.1 21.8 87.2 295.1 30.9 1 2 3 4 5 6 68.6 360.9 237.8 -6.1 10.4 86.1 32.7 7 8 9 10 11 12 13 14 15 16 17 18 -49.7 186.5 237.3 8.0 -10.4 -59.9 11.5 0.6 0.1 20 21 22 23 24 25 26 27 28 29 30 25.9 13 .7 -10.1 19.5 -21.9 -56.8 -79.4 -29.4 -11.9 32 R e v a l . of p h y s i c a l assets 33 H o u s e h o l d sector 34 Farm b u s i n e s s 35 Nonfarm noncorp. business 36 N o n f a r m nonf inan. corp. bus. 37 - I n v e n t o r y valuation adj. 38 Financial institutions 496.8 144.8 6.5 109.3 200.9 -25.7 9.6 225 .4 79.8 8 .0 45 .9 75 .6 -10 .0 6 .2 134.5 51.0 23.9 36.4 12.3 -8.5 2.4 149.3 51.6 -1.3 50.6 41.8 -4.1 2.5 163.0 69.3 -4.0 64.5 31.0 0.3 2.4 242.0 126.2 4.3 65.3 48.6 9.8 7.4 349.6 161.8 14.8 83.3 69.2 -14.5 6.0 229.0 -1.2 20 . 4 48.2 121 .8 -27.3 12.5 354.4 124.6 10.5 12.8 32 33 34 35 36 37 38 39 R e v a l u a t i o n s by type of asset 40 Residential structures 41 Plant and equipment 42 Inventories 43 C o n s u m e r durables 496.8 166.5 259.2 26.5 44.5 225,.4 77 .5 125..9 -3,,0 25..1 134.5 122.9 -13.9 16.1 9.5 149.3 80.8 62.5 0.1 5.9 163.0 101.2 67.1 -19.1 13.8 242.0 146.9 95.2 -25.2 25.0 349.6 193.1 90.8 36.5 29. 1 229 . 0 -33.0 168.8 57. 0 36.3 354.4 163.0 154.6 24.5 12.3 39 40 41 42 43 44 C h a n g e in land values 45 H o u s e h o l d sector 46 Farm b u s i n e s s 47 N o n f a r m n o n c o r p . business 48 N o n f a r m nonf inan. corp. bus. 49 Private financial insts. 290.2 164.8 3.1 51.3 63.2 7.8 209. 9 122. 3 -33. 2 63. 4 49. 3 8. 1 246.2 132.5 -1.5 67.7 38.9 8.5 299.5 251.4 -89.5 91.3 42.5 3.8 259. 1 176.0 -74.6 108.5 38.9 10.3 205.2 131.2 -44.6 72.8 33.6 12.2 286.2 155.9 29.2 43.6 39.3 18.3 348.5 195.5 10.3 71.5 61.2 10.0 417.5 240.8 18.3 76.6 65.5 16.3 44 45 46 47 48 49 -2.8 7 -7.0 -3.2 -5.8 -1.8 50 51 52 53 54 50 A d j . to capital c o n s u m p t i o n 51 H o u s e h o l d sector 52 Farm b u s i n e s s 53 N o n f a r m n o n c o r p . business 54 N o n f a r m nonf in. corp. bus. 55 56 57 58 59 60 61 * " - * * " * ~ " " - * " " 82.2 106.7 -17.5 -2.6 0.2 « -2.8 7 » -7.0 -3.2 M e m o : Total gross domestic Investment flow of funds basis 792.2 Private s e c t o r s 878.2 H o u s e h o l d sector 522.6 Farm b u s i n e s s 21.8 Nonfarm noncorp. business 56.7 N o n f a r m n o n f i n . corp. bus. 262.8 Pvt. financial Institution 14.2 756. 1 909. 6 544. 3 23. 4 63. 1 259. 2 19. 6 807.1 985.0 617.6 23.9 65.2 258.1 20.2 938.3 1119.9 681.9 24.0 68.4 320.3 25.2 987.5 1193.9 742.9 23.9 72.7 325.2 29.2 1042.7 1281.2 839.4 23.3 77.1 299.5 41.9 1060.9 1243.0 788.4 23.1 81.5 303.6 <56.4 1119.1 1304.8 814.2 23.1 87.2 345.9 34.5 1253.8 1473.2 938.5 23.8 94.7 341.2 75.0 55 56 57 58 59 60 61 -153. 5 -1. 7 -154. 4 2. 3 0. 2 -177.9 11.6 -192.6 2.9 0.2 -181.6 6.8 -192.5 3.9 0.2 -206.4 8.7 -217.2 1.7 0.3 -238.5 2.0 -244.1 3,3 0.3 -182.1 -16.4 -170.0 3.9 0.4 -185.7 -.1 -190.7 4.9 0.2 -186.8 -219.4 -38.5 62 63 64 65 66 62 63 64 65 66 Public sectors State 8 local g o v e r n m e n t s U.S. government Govt.-spons. enterprises Monetary authority (1) Lines 20 Data are 26 + 31. in b i l l i o n s of d o l l a r s . -85.9 -10.2 -77.4 1.4 0.2 -1.5 5.6 0.3 September 20, 1994 Tangible Asset H o l d i n g s T a n g i b l e Asset H o l d i n g s R . 1 2 D e t a i l s of C h a n g e s 61 in S t o c k s of T a n g i b l e A s s e t s Annual Flows Annual F l o w s 1990 1991 1992 1993 1 2 3 4 5 6 1277.1 696.9 19.0 91.5 402.6 67.0 1201.4 666.2 13.5 78.8 379.8 63.1 1280. 9 735. 8 19. 2 70. 9 386. 0 69. 0 1420. 0 809. 1 10. 5 85. 6 440. 4 74. 4 P u r c h a s e s of p h y s i c a l assets H o u s e h o l d sector Farm b u s i n e s s N o n f a r m n o n c o r p . business N o n f a r m n o n f i n a n , corp. bus. F i n a n c i a l institutions 7 8 9 10 11 12 980.8 493.8 21.6 98.8 326.6 40.0 1030.9 525.8 21.5 102.0 338.6 43.0 1088. 6 566. 9 21. 9 105. 0 349. 3 45. 4 1118. 1 583. 2 21. 5 107. 8 357. 6 48. 1 Capital consumption 7 H o u s e h o l d sector 8 Farm b u s i n e s s 9 Nonfarm noncorp. business 10 N o n f a r m n o n f i n a n . corp. bus. 11 Financial institutions 12 13 14 15 16 17 18 296.3 203.1 -2.6 -7.3 76.1 27.0 170.5 140.4 -8.0 -23.3 41.3 20.0 192. 3 168. 9 -2. 7 -34. 1 36. 7 23. 5 301. 9 225. 9 -11. 0 -22. 2 82. 8 26. 4 Net capital formation 13 H o u s e h o l d sector 14 Farm b u s i n e s s 15 Nonfarm noncorp. business 16 N o n f a r m n o n f i n a n . corp. bus. 17 Financial institutions 18 Net foreign investment (1) Net f i n a n c i a l i n v e s t m e n t : Private sectors H o u s e h o l d sector Farm business Nonfarm noncorp. business N o n f a r m n o n f i n . corp. bus. Private financial insts. 1 2 3 4 5 6 19 19 -51.8 -46.6 -85. 0 -82.8 20 21 22 23 24 25 202.3 238.0 4.8 7.3 -38.0 -9.8 270.7 249.7 9.6 23.3 9.9 -21.7 306. 9 302. 8 3. 5 34. 1 19. 6 -53. 0 177. 3 155. 0 11. 4 22. 2 -11. 0 4 26 27 28 29 30 -217.6 -38.9 -180.3 1.5 0.2 -306.3 -52.8 -255.9 2.2 0.2 - 3 8 9 ..1 -36. 7 -355..4 2. 5 0. 4 -326. 7 -44. 2 -285..3 2. 5 0. 3 31 -36.6 -11.1 -2. 8 66. 6 32 33 34 35 36 37 38 308.4 127.3 3.5 66.4 89.4 -11.0 10.7 169.8 112.9 2.6 50.2 9.9 5.8 263,.9 130..1 6,.1 71..2 43..9 -6 .5 6..2 373..3 186..0 15..8 75..6 78..2 -6..2 11..5 R e v a l . of p h y s i c a l assets H o u s e h o l d sector Farm b u s i n e s s Nonfarm noncorp. business N o n f a r m n o n f i n a n . corp. bus. - I n v e n t o r y valuation adj. Financial institutions 32 33 34 35 36 37 38 39 40 41 42 43 308.4 142.4 116.7 21.9 27.4 169.8 118.6 28.8 -17.2 39.6 263 .9 161..1 71..6 10..5 20 .7 373 .3 226 .1 123..8 -1 .9 25 .2 R e v a l u a t i o n s by type of asset Residential structures Plant and equipment Inventories Consumer durables 39 40 41 42 43 44 45 46 47 48 49 -575.4 -267.3 15.0 -120.5 -187.7 -15.0 -205.7 260.0 -3.1 -125.3 -330.3 -7.0 -469 .5 - 3 2 .2 8 .6 - 1 3 0 .6 - 3 1 2 .2 - 3 .2 -72.8 7 .3 21 .1 -70 .7 - 2 0 .3 - 1 0 .3 Change in land values H o u s e h o l d sector Farm business N o n f a r m n o n c o r p . business N o n f a r m n o n f i n a n . corp. bus. Private financial insts. 44 45 46 47 48 49 50 51 52 53 54 -7.8 -3.1 0.2 -2.3 -2.7 -.8 2.1 -1.3 -1.6 -7 . 0 - 4 .3 .6 .7 -1 .4 A d j . to capital c o n s u m p t i o n H o u s e h o l d sector Farm b u s i n e s s N o n f a r m n o n c o r p . business N o n f a r m n o n f i n . corp. bus. 50 51 52 53 54 55 56 57 58 59 60 61 1261.8 1474.7 934.9 23.8 98.8 364.8 52.4 1165.8 1467.4 915.9 23.1 102.0 389.7 36.8 1198 .7 1582 . 0 1038 .6 22 .7 105 . 0 405 .6 10 .1 1270 1590 964 21 107 429 66 62 63 64 65 66 -213.0 -38.9 -180.5 6.1 0.3 -301.6 -52.8 -255.8 6.6 0.4 - 3 8 3 .3 -36 .7 - 3 5 5 .4 8 .1 0 .6 - 3 1 9 .4 - 4 4 .2 - 2 8 5 .3 9 .5 0 .6 Data are in billions of d o l l a r s . " 7 .8 6 .3 .4 0 .9 1 .1 M e m o : Total .6 .1 .1 .9 .8 .4 .8 Public sectors State & local g o v e r n m e n t s U.S. government Govt.-spons. enterprises Monetary authority 26 27 28 29 30 Unallocated 31 financial flows gross domestic i n v e s t m e n t , flow of funds basis Private sectors H o u s e h o l d sector Farm business Nonfarm noncorp. business N o n f a r m n o n f i n . corp. bus. Pvt. f i n a n c i a l institution 55 56 57 58 59 60 61 Public sectors State & local g o v e r n m e n t s U.S. government Govt.-spons. enterprises Monetary authority 62 63 64 65 66 (1) Lines 2 0 + 2 6 + 20 21 22 23 24 25 31. S e p t e m b e r 20, 1994 H o u s e h o l d Sector Household Sector 62 Factors Accounting for Change In Net Worth Annual Flows Annual Flows 1945 1946 1947 1948 1949 1950 1951 1952 1953 R . 1 0 0 H o u s e h o l d s and N o n p r o f i t O r g a n i z a t i o n s 1 G r o s s Investment of household sector, from flow of funds a c c o u n t s 31.6 32.9 41 .1 38.7 52.3 58.3 64.0 63.9 1 22.0 9.6 15.9 6.3 30.6 2.3 10.7 8.4 36 .3 4 .8 12 .8 7 .9 38.2 0.6 8.4 7.8 47.8 4.6 16.7 12.2 47.6 10.7 19.1 8.4 46.8 17.2 29.0 11.9 51.8 12.1 24.7 12.5 2 3 4 5 6 - Capital consump. allow.,NIPA 14.6 14.1 16 .2 18.0 20.0 23.3 25.8 28.0 6 • Net investment flow, 7 B a l a n c e Sheet basis 17.0 18.8 24 .9 20.7 32.3 35.0 38.3 35.9 2 3 4 5 Capital expenditures Net f i n a n c i a l investment Net acq. of f i n a n . assets -Net lncr. in l i a b i l i t i e s 7 8 - D e p r e c i a t i o n v a l u a t i o n adj. Depreciation charges 9 10 - C a p . c o n s u m p . allow., NIPA 2.1 16.7 14.6 14.1 14.1 16 .2 16 .2 18.0 18.0 20.0 20.0 23.3 23.3 25.8 25.8 28.0 28.0 8 9 10 11 • R e v a l . of p h y s i c a l assets 12 C h a n g e in value 13 Depreciation charges 14 - G r o s s p u r c h a s e s , FOF basis 18.8 24.1 16.7 22.0 17.2 33.7 14.1 30.6 7 .2 27..2 16,.2 36.,3 1.1 21.2 18.0 38.2 15.8 43.6 20. 0 47.8 12.8 37.0 23.3 47.6 3.0 24.1 25.8 46.8 -2.2 21.6 28.0 51.8 11 12 13 14 15 16 17 18 R e v a l u a t i o n by type of asset Residential structures N o n r e s . plant 8 e q u i p m e n t Consumer durables 18.8 11.7 1.6 5.4 17.2 13.1 1.6 2.5 7 2 5..9 0.,4 0.,9 1.1 1.9 -.3 -. 6 15.8 8.3 0.8 6.7 12.8 7.1 0.9 4.9 3.0 2.0 0.2 0.9 -2.2 -.7 -.3 -1.3 15 16 17 18 19 C h a n g e in the value of land h o l d i n g s 3.6 6.9 6. 7 7.6 6.0 9.0 12.0 9.5 19 -9.3 -8.2 1.2 -3.6 -2.4 1.2 -2. 2 -1. 2 1. 0 8.3 9.1 0.8 23.2 24.0 0.7 20.6 22.5 1.9 0.4 1.9 1.5 -7.2 -6.1 1.1 20 21 22 • R e v a l . of c o r p o r a t e 20 & m u t u a l fund s h a r e s 21 C h a n g e in value 22 -Net p u r c h a s e s 23 24 25 • R e v a l . of life insurance 8 pension fund r e s e r v e s C h a n g e in value -Net a c q u i s i t i o n s • R e v a l . of Investment in bank p e r s o n a l trusts C h a n g e in v a l u e - I n v e s t m e n t by h o u s e h o l d s 32 • O t h e r 33 * C h a n g e revaluations in net w o r t h Memo: 34 Net w o r t h o u t s t a n d i n g 35 D i s p o s a b l e p e r s o n a l income D e t s are in b i l l i o n s of d o l l a r s . * * equities 26 • R e v a l . of n o n c o r p . e q u i t y 27 C h a n g e in v a l u e 28 -Net inv. In n o n c o r p . bus. 29 30 31 - - „ - - 5.1 5.1 5.4 5.4 5. 3 5. 3 5.6 5.6 6.1 6.1 6.3 6.3 8.5 8.5 8.0 8.0 23 24 25 28.1 26.5 -1.6 36.7 35.9 -.7 5. 0 9. 1 4. 0 -1.0 -1.0 27.9 31.6 3.7 19.2 19.8 0.6 1.5 2.5 1.0 1.5 2.2 0.7 26 27 28 - -.1 - -.2 - - - 29 30 31 -.3 -. 4 0.4 -.3 -.1 -.2 32 56.1 75.9 41.3 36.3 105.7 96.3 55.0 37.4 33 757.3 158.9 833.2 874.5 910.8 187.9 1016.5 207.5 1112.8 1167.8 240.2 1205.2 255.5 34 35 168.8 188.2 227.6 S e p t e m b e r 20, 1994 Household Sector H o u s e h o l d Sector Factors Accounting for C h a n g e In Net Worth 63 Annual Flows Annuel F l o w s 1954 1955 1956 1957 1958 1959 1960 1961 R . 1 0 0 H o u s e h o l d s and N o n p r o f i t O r g a n i z a t i o n s 1 57 .6 66 .7 74. 6 77.,1 77..6 77..4 82..1 82..3 90..3 2 3 4 5 52..1 5 4 17..1 11..7 63..5 3 .2 23 .7 20,.6 62. 6 12..1 27.,4 15..3 62. 3 14. 9 27. 1 12. 2 59..0 18..6 30..0 11..4 72..1 5..4 27..8 22..5 71. 2 11..0 28..8 17. a 69..5 12..8 30,.4 17,.7 77..4 12,.9 34, 5 21. 7 6 30.,9 32..5 36..3 39..1 41,.2 43. 3 44. a 46,.5 47. 9 26.6 G r o s s Investment of household sector, from flow of funds a c c o u n t s Capital expenditures Net f i n a n c i a l investment Net acq. of f i n a n . assets -Net lncr. in l i a b i l i t i e s - Capital consump. allow.,NIPA = Net Investment B a l a n c e Sheet 38.3 flow, basis 9 10 30,.9 30..9 32..5 3 2 ,5 36..3 36..3 39.1 39.1 41. 2 41.,2 43, 3 43. 3 44..8 44..8 46.5 46.5 47..9 47,.9 - D e p r e c i a t i o n v a l u a t i o n adj. Depreciation charges 9 - C a p . c o n s u m p . a l l o w . , NIPA 10 11 12 13 14 .4 20!.8 30. 9 52..1 2 .9 33..9 32..5 63. 5 8..2 34,.5 36..3 62..6 -4.1 19.1 39.1 62.3 1..3 19. 2 41..2 59..0 -2,,8 26 .0 43..3 72..1 -4,.9 21..5 44..8 71. 2 -4.2 18.9 46.5 69.5 - 7 .4 22,.2 47 .9 77,.4 + R e v a l . of p h y s i c a l assets C h a n g e in value Depreciation charges - G r o s s p u r c h a s e s , F O F basis 11 12 13 14 .4 2..9 4, 5 0, 8 -2,.4 8. 2 1,.5 1..0 5..8 -4.1 -.4 1..3 .2 .5 2..1 -2,.8 -1,.8 .3 .6 -4..9 -1..9 .5 -2..6 -4.2 -2.8 -1.3 -7,.4 -4,.2 .1 -3..1 R e v a l u a t i o n by type of asset Residential structures N o n r e s . plant & equipment Consumer durables 15 16 17 18 12.3 11.1 15 16 17 18 2.,6 2 -2..9 -3.6 • C h a n g e in the value of land h o l d i n g s + R e v a l . of c o r p o r a t e equities & m u t u a l fund s h a r e s C h a n g e in value -Net purchases 20 21 48.2 49.4 18.0 20.1 -35.9 -34.3 27.3 0.7 -4.4 -4.1 0.3 105.6 1.6 102.1 103.9 1.9 26.6 22 68.0 68.8 0.8 106.8 1.1 -63.5 -64.9 -1.4 23 24 25 0..1 8..0 8..0 2. 3 11, 0 8. 7 9.7 9.7 ,7 9..1 9,.7 2..7 13..4 10..7 1. 2 13..4 12. 2 0. 1 12. 0 11. 9 4. 2 16. 7 12,.5 -3. 3 10..3 13..5 + R e v a l . of life insurance & p e n s i o n fund r e s e r v e s C h a n g e in value -Net a c q u i s i t i o n s 26 27 26 4.,5 1. 4 -3..1 12..1 8..0 -4..1 17.1 14.0 -3.1 11..4 9..0 -2.,4 11. 2 11. 3 0..1 10. 6 1. 5 -9..0 7..0 1. 1 -5. 9 11..0 6,.0 -5,.0 13. 3 7..1 -6. 2 + R e v a l . of n o n c o r p . equity C h a n g e in value -Net Inv. in n o n c o r p . bus 1.2 2.1 • R e v a l . of investment in bank p e r s o n a l trusts C h a n g e in value - I n v e s t m e n t by h o u s e h o l d s 29 30 31 32 -.1 -.2 -.3 -.3 33 106.0 109.1 92.3 20.5 164.0 34 35 1311.2 261.3 1420.2 279.9 1512.5 298.8 1533.0 315.3 1697.1 326.4 Data are in b i l l i o n s of d o l l a r s . -.2 * 1775.9 346.7 -. 3 0.7 44.5 164.5 -6.7 1820.4 360.5 1984.9 376.3 1978.1 398.7 • Other = Change revaluations in net worth Memo: Net worth o u t s t a n d i n g D i s p o s a b l e p e r s o n a l income 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 S e p t e m b e r 20, 1994 Household Sector 0 ^ Household Sector Factors Accounting for C h a n g e in Net W o r t h Annual Flows Annual F l o w s 1963 1964 1965 1966 1967 1968 1969 R . 1 0 0 H o u s e h o l d s and N o n p r o f i t O r g a n i z a t i o n s 1 G r o s s investment of h o u s e h o l d sector, from flow of funds a c c o u n t s 97.4 114.0 123.6 140.2 147.1 152.0 161.6 178 .0 194 -1 1 84.8 92.3 102.7 37.4 104.9 42.2 40.8 28.2 50.6 28.9 99.4 24.2 53.1 28.9 22.6 24.5 117.8 34.2 67.2 32.9 125.2 36.4 63.7 27.2 123 .3 54,.7 73 .0 18,.2 147 .2 46 .9 92,.3 45 .4 2 3 4 5 6 - Capital consump. allow.,NIPA 49.8 52.2 54.4 57.4 62.2 68.1 75.9 83,.0 90 .9 6 = Net investment flow, 7 B a l a n c e Sheet basis 47.6 61.9 82.8 84.8 85.6 95,.1 103 .2 7 2 3 4 5 Capital expenditures Net f i n a n c i a l investment Net acq. of finan. assets - N e t incr. in l i a b i l i t i e s 8 - D e p r e c i a t i o n v a l u a t i o n adj. 9 Depreciation charges 10 - C a p . c o n s u m p . a l l o w . , NIPA 12.6 21.8 66.6 * 49.8 49.3 52.2 52.2 54.4 54.4 11 + R e v a l . of p h y s i c a l assets 12 C h a n g e in value 13 Depreciation charges 14 - G r o s s p u r c h a s e s , FOF basis -11.2 23.8 49.8 84.8 -2.7 37.4 52.2 92.3 37.0 54.4 99.4 R e v a l u a t i o n by type of asset Residential structures N o n r e s . plant 8 equipment Consumer durables -11.2 -10.0 -2.7 1.4 -1.4 -4.2 15 16 17 18 60.0 0.2 0.1 -8.1 -8.1 -.9 0.7 -7.9 57.4 57.4 62.2 62.2 10.2 68.1 68.1 75.9 75.9 83,.0 83..0 90 .9 90..9 8 9 10 43.5 93.1 26.,2 66..5 83..0 123. 3 41,.4 97,.7 90,.9 147,.2 11 12 13 14 60.8 52.8 57.4 102.7 104.9 117.8 36.6 85.9 75.9 125.2 10.2 43.5 36.0 3.4 4.1 36.6 29.3 4.1 3.3 26..2 13..0 4..1 9..1 41,.4 39..4 6. 2 -4..1 15 16 17 18 14.9 14..6 16. 6 19 145.8 139.8 225.1 236. 0 -10.9 -13..7 -15, 9 -2..2 97.,0 86.,0 -11..0 20 21 22 6.6 -6.1 17.2 23.3 2. 2 28..0 25.,8 15. 5 45..8 30. 3 23 24 25 39.1 33.1 -6.1 30. 6 25. 2 -5. 4 57. 5 49. 7 -7. 9 26 27 28 122.1 129.8 7.7 -2. 2 1. 9 4.,1 11. 5 24. 2 12. 7 29 30 31 15.4 15.4 14.7 1.5 -.7 62.2 6.3 0.5 3.5 68.1 + C h a n g e in the value of 19 land h o l d i n g s • R e v a l . of c o r p o r a t e e q u i t i e s 20 8 m u t u a l fund shares 21 C h a n g e in value 22 -Net p u r c h a s e s 23 24 25 + R e v a l . of life insurance 8 pension fund r e s e r v e s C h a n g e in value -Net a c q u i s i t i o n s 26 + R e v a l . of n o n c o r p . equity 27 C h a n g e in value 28 -Net inv. in n o n c o r p . bus. 29 30 31 75.3 74.2 -1.1 75.1 75.0 79.5 77.9 -1.5 4.1 -68.4 -68.4 3.9 18.4 14.5 21.1 17.1 4.1 21.9 17.8 20.2 12.7 7.4 -5.3 18.9 13.3 -5.7 25.4 21.9 -3.6 27.9 24.7 -3.2 -5.0 15.2 146.0 143. 0 -3.0 8.4 -6.0 28.0 27.7 19.6 21.1 23.9 19.3 -4.7 41.8 39.7 -2.1 • R e v a l . of Investment in bank p e r s o n a l trusts C h a n g e in value - I n v e s t m e n t by h o u s e h o l d s 32 + Other 33 = C h a n g e revaluations in net worth Memo: 34 Net worth o u t s t a n d i n g 35 D i s p o s a b l e p e r s o n a l income Data are in b i l l i o n s of d o l l a r s . 0.2 0.8 0.2 -.2 -35.0 -1.,4 7 32 143.2 162.6 288.3 350.9 32.2 151. 3 342.,0 33 2121.3 418.3 2283.9 454.7 2814.3 568.7 3165.2 617.8 3197.3 663.8 3348.6 722.0 3690.6 784.8 34 35 2461.3 491.0 2526.0 530.7 S e p t e m b e r 20, 1994 Household Sector Household Factors Accounting for C h a n g e in Net Worth 65 Annual F l o w s 1972 Sector Annual F l o w s 1973 1974 1975 1976 1977 1976 1979 1980 R . 1 0 0 H o u s e h o l d s and N o n p r o f i t O r g a n i z a t i o n s 2 3 4 5 G r o s s investment of household sector, from flow of funds accounts 223,,1 265,.5 245 .2 292,,7 326,,7 373..1 402,,7 447 .4 467..1 173.1 173, .1 50, 5 0 .,0 0 112.4 112, .4 62, 6 2 .,3 3 192.0 .0 192, 73.4 73, 140, 140.3 3 66, 6 6 ..8 8 184. 184.5 .5 60, 60.7 .7 112.5 .5 112, 51. 5 1 ..8 8 196, 196.4 .4 96, 96.3 154. 1 5 4 ..8 8 58, 58.5 .9 241, 241.9 84, 84.7 176, 176.2 2 91. 9 1 ..4 4 290. 2 9 0 ..3 3 82. 8 2 .,8 8 220. 220.3 137. .5 137.5 .6 331. 331.6 71. 71.1 .1 236. 2 3 6 .2 165. 165.1 ,1 348. 3 4 8 ..3 3 99. 99.1 .1 260. 260.7 .7 161. .6 161.6 329. 3 2 9 ..3 3 137. 137.8 8 256. 2 5 6 ..4 4 118. 118.6 ,6 98,,7 108,.1 122,.1 138,,7 153, 3 170.,6 191..1 216..8 246.,1 - C a p i t a l c o n s u m p . alio allow.,NIPA Capital expenditures Net f i n a n c i a l investment Net acq. of finan. assets -Net incr. in l i a b i l i t i e s 2 3 4 5 7 124.4 157.4 123.0 154.0 173.4 202.5 211.6 230.6 221.0 = Net investment flow, B a l a n c e Sheet basis 8 9 10 « 98, 98.7 7 98, 7 108. 108.1 .1 108..1 « 122.1 122. .1 122..1 * 138, 138.7 .7 138.,7 * 153. 153.3 .3 153. 3 * .6 170 170.6 170,,6 * 191, 191.1 .1 191,.1 * 216. 2 1 6 ..8 8 216..8 « 246.1 246, .1 246,.1 - D e p r e c i a t i o n valuation adj. charges DDeepprreecciiaattiioonn charges - C a p . c o n s u m p . allow., NIPA 8 9 11 12 13 14 74.7 74. 7 ,0 149. 149.0 98. 7 98.7 173. ,1 173.1 87. 8 7.2 171. 171.1 ,1 108.,1 108.1 .0 192. 192.0 139 ,3 139.3 201, 201.7 .7 122..1 122.1 184. .5 184.5 103. 103.7 ,7 3 161. 161.3 138. 138.77 196. .4 196.4 109. 1 0 9 ..8 8 198, 5 198.5 153, .3 153.3 241, 241.99 171, 171.1 .1 290,,7 290.7 170, ,6 170.6 290. 3 290.3 .6 219, 219.6 360. 360.1 .1 191. 191.1 .1 331. .6 331.6 235. 235.7 .7 367, 3 67.2 2 1 6 ..8 8 216, 348. 3 348.3 226.0 ,0 226, 309, 3 09.2 246.1 246, ,1 329, 3 2 9 ..3 3 + R e v a l . of p h y s i c a l assets C h a n g e in value Depreciation charges - G r o s s p u r c h a s e s , FOF basis 11 12 13 14 15 16 17 18 74..7 71. 71.2 2 .9 6, 6.9 -3, 3 ..4 4 87. 2 73. 7 3.5 8. 8.5 5. 5.2 139. 3 83. 8 3 ..8 8 .0 11.0 11. .6 44. 44.6 103. 7 72.0 72.,0 7. 7.5 5 24. 24.2 109. 8 87.9 87, 9 6 6. ..4 4 15. .6 15.6 171..1 139.0 139,,0 10.7 10,.7 3 21.3 21. 219,.6 .9 171, 171.9 14.9 14, ,9 ,8 32.8 32. 235.,7 158.7 158..7 18.1 18. .1 58. 58.99 226.,0 143.1 143.,1 19.2 19. 2 63. 63.77 R e v a l u a t i o n by type of asset Residential structures 8 equipment N o n r e s . plant 3 C o n s u m e r durables 16 17 18 19 40.5 49.0 57.3 83.0 94.2 113.8 152.9 210.2 215.0 + C h a n g e in the value of land h o l d i n g s 19 20 21 22 89.5 75.2 -14.3 -187.2 -199.3 -12.1 -205.5 -210.1 -4.6 118.0 123.2 5.1 201.0 202.4 1.3 -92.2 -98.4 -6.2 19.9 8.3 -11.6 147.0 129.2 -17.8 • R e v a l . of c o r p o r a t e equities 252.4 8 m u t u a l fund shares 250.2 C h a n g e in value -2.2 -Net p u r c h a s e s 23 24 25 11.8 62.3 50.4 -25.9 15.9 41.8 -29.2 15.3 44.6 34.9 106.4 71.5 15.6 75.9 60.3 -16.2 64.1 80.3 17.4 111.7 94.3 14.4 117.9 103.5 40.2 167.1 126.9 + R e v a l . of life insurance & pension fund r e s e r v e s C h a n g e in value -Net a c q u i s i t i o n s 23 24 25 26 27 28 92.6 77.4 -15.2 123.0 123.0 * 116.7 82.5 -34.2 104.2 84.2 -20.0 136.3 111.3 -25.1 149.3 131.2 -18.0 237.8 208.9 -28.9 289.3 243.1 -46.2 296.9 236.0 -60.9 + R e v a l . of n o n c o r p . equity C h a n g e in value -Net inv. in n o n c o r p . bus. 26 27 28 29 30 31 14..7 14.7 23..5 23.5 8. 8 ..8 8 -25. 2 5 ..7 7 -13. 1 3 ..0 0 8 12. 12.8 -34..1 -34.1 -28. 28.6 5. 5 .5 26. 26.8 21.1 21..1 -5. 5 ..6 6 ,0 18. 18.0 25. 9 25.9 9 7. 7.9 -10. 1 0 ..2 2 2 ..9 9 -2. 3 7. 7.3 .9 2.9 2. 10.9 10..9 8.0 8,.0 16. 16.3 3 22.5 22 .5 6.2 6. 30, 3 0 ..5 5 29.6 29 .6 - 1 ..0 0 -1, • R e v a l . of investment in bank p e r s o n a l trusts C h a n g e in value - I n v e s t m e n t by h o u s e h o l d s 29 30 31 32 -1..5 -5. 2 4. 2 3 .1 0. 1 -8..6 7,.5 .5 4,.7 33 446..6 172. 6 171. 7 627. 6 748. 4 509.,4 869..5 1143..0 1286,.8 = Change 34 35 4137.2 848.5 4309.7 958.1 4481.5 1046.6 5109.0 1150.9 5857.4 1264.0 6366.8 1391.3 7236.3 1567.8 8379.3 1753.0 9666.1 1953.0 Net°worth outstanding D i s p o s a b l e p e r s o n a l income Data are in billions of d o l l a r s . • Other 20 21 22 revaluations in net worth 34 35 September 20, 1994 Household Sector Household Sector 66 Factors Accounting for Change In Net Worth Annual F l o w s Annual Flows 1982 1983 1984 1985 1986 1987 1988 1989 R . 1 0 0 H o u s e h o l d s and N o n p r o f i t O r g a n i z a t i o n s G r o s s investment of household s e c t o r , from flow of funds a c c o u n t s 522. 6 544. 3 617. 6 681,.9 742..9 839..4 788..4 814. 2 938..5 1 351. 2 171.,4 276. 3 104..9 344. 9 199..4 287..0 87..6 429..0 188. 6 385. 3 196. 7 497..7 184..2 409.,8 225..5 537..6 205..3 526 5 321..2 604. 3 235..1 510..9 275..8 631. 2 157. 2 432. 3 275..1 675, 9 138.,3 434. 3 296..1 701..2 237..3 5 3 4 .9 297 .6 2 3 4 5 6 - Capital consump. allow.,NIPA 267. 3 285..0 298. 3 313.,5 339..8 364. 5 393. 2 423. 5 463..4 6 = Net investment flow, B a l a n c e Sheet basis 7 255..3 259. 3 319. 3 368. 5 403,.1 4 7 4 .9 395,.2 390..7 475,.1 7 393. 2 393. 2 423.,5 423..5 -2,.6 46 0,.8 463..4 8 9 10 1 2 3 4 5 Capital expenditures Net f i n a n c i a l investment Net acq. of flnan. assets -Net incr. in l i a b i l i t i e s 8 - D e p r e c i a t i o n valuation adj. 9 Depreciation charges 10 - C a p . c o n s u m p . a l l o w . , NIPA 267 .3 267,.3 285.,0 285..0 298..3 298..3 313..5 313..5 339 .8 339 .8 » 3 6 4 .5 3 6 4 .5 11 + R e v a l . of p h y s i c a l assets C h a n g e in value 12 13 Depreciation charges 14 - G r o s s p u r c h a s e s , FOF basis 144..8 228,.7 267,.3 351,.2 79. a 139..7 285..0 344. 9 51..0 181..8 298. 3 429..0 51..6 235..9 313.,5 497..7 69 .3 267 .1 339,.8 5 3 7 .6 126 366 364 604 .2 .0 .5 .3 161..8 399..7 393..2 631..2 -1. 2 251..3 423. 5 675.,9 124.,6 365..0 460..8 701..2 11 12 13 14 15 16 17 18 144,.8 83..9 16..4 44,.5 79. 8 43. 8 10. 9 25..1 51..0 32. 9 8.,7 9..5 51..6 36. 9 8. 8 5. 9 69 .3 46,,6 9,.0 13,,8 126 90 10 25 .2 .5 .7 ,0 161..8 122..1 10. 5 29..1 -1..2 -51..4 14..0 36..3 124..6 99..9 12..5 12. 3 15 16 17 18 164..8 122,.3 132..5 251. 4 176..0 131, 2 155..9 195..5 240,.8 19 -54..1 -93..0 -38..9 96..1 75,.4 -20..8 149. 3 153. 6 4. 3 -11. 7 -58. 3 -46. 7 381. 3 345. 6 -35. 7 298..1 314,,2 16..1 64. 3 18..6 -45..7 226,.9 148..3 -78..6 452..5 379, 4 -73..1 20 21 22 -27..8 98..9 126..7 51..2 229..2 178..1 70..3 246. 5 176. 2 13.,0 175..4 162. 4 90.,7 373. 2 282. 5 89..8 396,.4 306..6 3. 8 231..2 227..4 112. 3 269..8 157..5 218. 9 568. 9 350.,0 23 24 25 26 + R e v a l . of n o n c o r p . equity 27 C h a n g e in value 28 -Net inv. in n o n c o r p . bus. 209. 3 165..7 -43.,6 85..5 2..6 -82..9 125..8 49. 3 -76. 5 57. 9 -14..4 -72..3 97. 6 39..0 -58. 6 99, 5 65..0 -34..6 176..7 106. 6 -70..0 140. 9 117.,4 -23. 5 184..8 159..1 -25..8 26 27 28 + R e v a l . of investment in bank p e r s o n a l trusts C h a n g e in value - I n v e s t m e n t by h o u s e h o l d s -12..7 3. 3 16..0 17..9 16..0 -1..9 25..9 29..0 3. 2 -2.,1 13..0 15.,1 42. 0 52. 2 10. 2 28..0 46..1 18..1 -3. 3 9. 8 13. 2 27.,3 29. 5 2. 2 51. 8 71..4 19. 6 29 30 31 19 R e v a l u a t i o n by type of asset Residential structures N o n r e s . plant 8 equipment Consumer durables + C h a n g e in the value of land h o l d i n g s + R e v a l . of c o r p o r a t e 20 & m u t u a l fund shares 21 C h a n g e in value 22 -Net p u r c h a s e s 23 24 25 29 30 31 equities + R e v a l . of life insurance & pension fund r e s e r v e s C h a n g e in value -Net a c q u i s i t i o n s 32 + O t h e r 33 = C h a n g e revaluations in net worth 34 Net w o r t h o u t s t a n d i n g 35 D i s p o s a b l e p e r s o n a l income Data are in b i l l i o n s of d o l l a r s . -4..0 1.,1 26. 8 -1. 2 -4. 9 -7,.8 44. 2 5. 3 -11. 2 32 675..5 713..2 900. 9 727.,4 1255. 2 1239. 9 998. 5 1097. 6 1739. 9 33 10341..7 2174..5 11054..9 2319..6 11955. 8 2493. 7 12683. 2 2759. 5 13938. 4 2943.,0 15178..3 3131..5 16176. 7 3289.,6 17274. 3 3548. 2 19014. 2 3787. 0 34 35 S e p t e m b e r 20, 1994 Household Sector H o u s e h o l d Sector Factors Accounting for C h a n g e in Net Worth - 67 Annual Flows 1990 Annual Flows 1991 1992 1993 R . 1 0 0 H o u s e h o l d s and N o n p r o f i t O r g a n i z a t i o n s 1038 .6 G r o s s Investment of household s e c t o r , from flow of funds a c c o u n t s 1 934.9 915 .9 9 6 4 .1 2 3 4 5 696.9 238.0 464.6 226.6 666..2 249 .7 431,.5 181 .8 735 302 525 223 .8 .8 .9 .1 8 0 9 .1 155,.0 480 .4 325 .4 6 493.8 5 2 5 .8 566 .9 5 8 3 .2 - Capital consump. allow.,NIPA 6 7 Capital expenditures Net f i n a n c i a l investment Net acq. of f i n a n . assets - N e t incr. in l i a b i l i t i e s 1 2 3 4 5 7 441.1 390,.1 471,.7 380 .9 * Net investment flow, B a l a n c e Sheet b a s i s 8 9 10 -3.1 490.7 493.8 2 .1 527,.8 5 2 5 .8 - 4 .3 5 6 2 .6 566 .9 6 .3 589 .4 5 8 3 .2 - D e p r e c i a t i o n v a l u a t i o n adj. 8 Depreciation charges 9 - C a p . c o n s u m p . a l l o w . , NIPA 10 11 12 13 14 127.3 333.4 490.7 696.9 112,.9 251,.2 5 2 7 .8 666,.2 130,.1 303,.3 5 6 2 .6 735 .8 186,.0 405,.6 589,.4 809,.1 • R e v a l . of p h y s i c a l assets C h a n g e in value Depreciation charges - G r o s s p u r c h a s e s , FOF basis 11 12 13 14 15 16 17 18 127.3 91.2 8.7 27.4 112..9 69,.9 3,.4 39.,6 130,.1 100,.2 9 .1 20..7 186,.0 147,.7 13..1 25..2 R e v a l u a t i o n by type of asset Residential structures N o n r e s . plant & equipment Consumer durables 15 16 17 18 19 -267.3 260.,0 - 3 2 .2 7 .3 + C h a n g e in the value of land h o l d i n g s 19 • R e v a l . of c o r p o r a t e e q u i t i e s 4 m u t u a l fund s h a r e s C h a n g e in value -Net p u r c h a s e s 20 21 22 20 21 22 -110.6 -94.6 16.0 810. 8 892..0 81. 3 293..1 483. 3 190. 2 342..7 516. 3 173. 6 23 24 25 -81.8 109.0 190.8 293. 8 679. 9 386. 0 128. 5 405. 4 276. 9 169. 2 500. 2 331.,0 + R e v a l . of life insurance & pension fund r e s e r v e s C h a n g e in value -Net a c q u i s i t i o n s 23 24 25 26 27 28 -25.0 -53.3 -28.3 -81. 5 -84. 7 -3. 3 -51. 3 -32. 9 18. 4 27. 7 16. 3 -11. 4 + R e v a l . of n o n c o r p . equity C h a n g e in value -Net lnv. in n o n c o r p . bus. 26 27 28 29 30 31 -22.6 7.1 29.7 70. 1 86. 2 16. 1 28.,4 21. 2 -7. 1 29. 8 31. 4 1. 6 • R e v a l . of investment in bank p e r s o n a l trusts C h a n g e in value - I n v e s t m e n t by h o u s e h o l d s 29 30 31 32 -19.4 -12. 6 5. 8 10. 7 33 44.7 1841. 6 978. 4 1148. 0 34 35 19058.8 4050.6 20900. 4 4236. 6 21878. 8 4505. 8 23026. 8 4688. 7 • Other = Change in b i l l i o n s of d o l l a r s . in net worth Memo: Net worth o u t s t a n d i n g D i s p o s a b l e p e r s o n a l income f Data are revaluations 32 33 34 35 September 20, 1994 Farm and Noncorporate Business 68 Farm and Noncorporate Business Factors Accounting for Change In Net Worth Annual Flows Annual Flows 1947 1948 1949 R.102 Farm Business 1 Gross investment of farm business sector, from flow of funds accounts 1951 1952 1953 (1) 1 .3 1 .6 1,.9 2 .2 2.4 2 .8 3.0 3.1 1 2 .2 .9 0,.7 1,.6 1 .5 0 .1 .1 - .2 5..9 - 3 .9 .3 3..7 3. 3 -1..2 -4 0..7 5.1 -2.7 5.5 -2.5 2.7 5 .4 - 2 .7 0,.3 3 .0 4.7 -1.6 -.1 1.5 2 3 4 5 0,.8 -1 .0 2 .6 0..2 1.4 1,.2 1.5 2.0 6 7 - Capital consump.allow., NIPA I,.3 1 .6 1,.9 2..1 2.4 2 .8 3.0 3.2 7 = Net investment flow, 8 Balance Sheet basis 2 3 4 5 Capital expenditures Net financial investment Net acq. of finan. assets -Net incr. in liabilities 6 + Proprietors' net investment 2.4 0,.9 -•.9 2 .6 0. 2 1.4 1,.2 1.5 1.9 8 9 - Depreciation valuation adj. 10 Depreciation charges 11 -Cap. consump. allow., NIPA 1,.3 1. 3 1 .6 1,.6 1..9 1.,9 2.. 1 2..1 2.4 2.4 2..8 2..8 3.0 3.0 3.2 3.2 9 10 11 12 • Reval. of physical assets 13 Change in value 14 Depreciation charges 15 -Gross purchases, FOF basis 8..3 9 .2 1..3 2 .2 20 .8 20 .7 1 .6 1,.5 -3..4 0..6 1..9 5. 9 -2 6 -1. 4 2. 1 3. 3 8.7 11.3 2.4 5.1 3. 2 5.,8 2. 8 5. 4 -4.1 -1.6 3.0 5.5 -1.9 -.4 3.2 4.7 12 13 14 15 16 17 18 19 8.,3 1,,6 1. 2 5..5 20..8 1..7 1,.5 17..6 -3.,4 0. 6 0. 8 -4. 8 -2. 6 0. 2 0. 3 -3. 0 8.7 0.8 1.0 6.9 3, 2 0. 6 1. 3 1. 3 -4.1 0.5 -4.6 -1.9 -.2 -1.7 16 17 18 19 5.,1 1 .3 0..8 -1. 8 11.7 7. 3 1.1 -.4 20 - - 21 Revaluation by type of asset Residential structures Nonres. plant & equipment Inventories + Change in the value of 20 land holdings 21 + Other revaluations 22 = Change - in net worth 14. 2 21..2 0..1 -4. 1 21.8 11, 7 -1.4 -.4 22 Memo: 23 Net worth outstanding 93.,3 114..5 114. 5 110. 4 132.2 143. 9 142.5 142.1 23 (1) Includes corporate and noncorporate farms. R. 103 Nonfarm Noncorporate Business 1 2 3 4 5 Gross investment of nonfarm noncorporate business sector, from flow of funds accounts Capital expenditures Net financial investment Net acq. of flnan. assets -Net incr. in liabilities 6 + Proprietors' net investment 7 - Capital consump.allow., NIPA 5.0 3.7 4.2 4.5 4.7 5.4 5.7 5.9 4.0 5.0 -1.3 0.9 2.3 6.9 -2.6 4.7 -.3 8.6 5.3 0.4 5.8 2.8 6.3 -.9 0.4 1.3 1.0 1.2 0.2 0.2 0.6 0.9 -3.8 1.6 5.4 0.2 2.1 1.7 0.7 0.5 -2.4 0.3 1.4 -.3 2.3 -.6 -.5 -1.3 5.0 3.7 4.2 4.5 4.7 5.4 5.7 5.9 4.2 4.2 4.5 4.5 4.7 4.7 5.4 5.4 5.7 5.7 5.9 5.9 1.8 5.8 9.6 4.7 6.7 7.6 5.4 6.3 2.3 1.9 5.7 5.3 5.9 5.8 2.3 2.3 0.5 -.4 2.3 1.7 0.1 0.4 = Net investment flow, 8 Balance Sheet basis 9 - Depreciation valuation adj. 10 Depreciation charges 11 -Cap. consump. allow., NIPA -2.1 2.9 5.0 3.7 3.7 12 + Reval. of physical assets 13 Change In value 14 Depreciation charges 15 -Gross purchases, FOF basis 11.9 13.0 2.9 4.0 12.3 13.7 3.7 5.0 16 17 13 19 11.9 7.4 12.3 8.3 3.0 Revaluation by type of asset Residential structures Nonres. plant & equipment Inventories 2.8 1.7 1.1 5.5 8.1 2.1 4.2 6.9 4.5 4.7 5.5 3.6 1.1 0.7 1.8 1.6 0.1 0.1 8.6 5.8 3.5 1.6 0.7 2.3 2.1 9 10 11 12 13 14 15 + Change in the value of 20 land holdings 2.4 2.0 21 * Other revaluations -.9 -.1 21 8.8 22 22 = Change in net worth Memo: 23 Net worth outstanding Data are in billions of dollars. 13.1 2.2 20 S e p t e m b e r 20, 1994 Farm and N o n c o r p o r a t e B u s i n e s s Farm Factors Accounting for C h a n g e and N o n c o r p o r a t e B u s i n e s s in Net Worth 69 Annual F l o w s A n n u a l Flows 1954 1955 1956 1957 1958 R . 1 0 2 Farm B u s i n e s s 3.3 3.4 3.6 3.9 -.6 3.2 2.6 3.8 0.6 -.1 -1.1 -.1 -.1 -.3 -1.8 -1.9 3.3 3.4 3.6 0.2 1.0 0.1 11 3.3 3.3 12 13 14 15 1960 1962 3.8 3.9 3.9 3.9 6.0 -2.2 4.7 -.9 -.3 0.5 5.0 2.6 3.0 0.9 -.6 -1.4 -1.3 0.8 -3.9 3.7 3.8 3.9 -.1 0.4 -1.1 0.1 G r o s s investment of farm b u s i n e s s sector, from flow of funds a c c o u n t s 4.9 -1.0 1.2 1.0 -. 6 -.5 -1.8 3.9 3.9 4.0 -2.0 -.3 9 10 1959 CI) -1.8 3.4 3.4 3.6 3.6 3.7 3.7 3.8 3.8 3.9 3.9 3.9 3.9 3.9 3.9 4.0 4.0 -2.0 -. 6 -1.4 3.3 3.9 -.9 3.4 3.2 2.4 1.4 3.6 1.4 1.4 3.7 3.8 0.6 2.7 3.8 -.6 -1.5 3.9 3.0 0.9 1.7 3.9 4.7 0.3 1.3 3.9 5.0 4.0 4.9 0.9 0.3 0.8 0.4 -.2 2.6 16 17 18 19 -2.0 -. 6 2.4 0.1 -2.1 0.9 -1.8 1.3 1.4 -.3 0.7 20 3.4 4.9 6.6 5.7 0.2 1.2 1.0 6.0 0.6 -.2 0.4 0.4 -.6 -.2 0.2 -. 6 -.2 0.2 0.1 1.1 2.1 1.1 0.1 0.5 0.5 5.5 21 22 23 1.0 143.1 2.4 145.5 7.1 152.6 1.8 5.7 158.4 167.3 5.2 171.3 176.5 181.2 Capital expenditures Net f i n a n c i a l investment Net acq. of f i n a n . assets -Net incr. in l i a b i l i t i e s + P r o p r i e t o r s ' net - Capital 1 2 3 4 5 investment 6 c o n s u m p . a l l o w . , NIPA = Net investment flow, B a l a n c e Sheet basis 7 8 - D e p r e c i a t i o n valuation adj. 9 Depreciation charges 10 - C a p . c o n s u m p . allow., NIPA 11 12 + R e v a l . of p h y s i c a l assets C h a n g e in value 13 Depreciation charges 14 - G r o s s p u r c h a s e s , FOF basis 15 R e v a l u a t i o n by type of asset Residential structures N o n r e s . plant 8 equipment Inventor ies 16 17 18 19 + C h a n g e in the value of land h o l d i n g s 20 • Other 21 revaluations = Change in net worth Memo: Net worth outstanding (1) Includes corporate and n o n c o r p o r a t e 22 23 farms. R.103 Nonfarm Noncorporate Business 1 6.1 6 .4 7.0 7.5 7.6 7.8 8.0 8.2 8.4 2 3 4 5 6.2 0.7 0.7 7 .6 -1 .2 0 .3 1 .5 7.3 -.3 1.8 2.1 7.6 -.1 0.3 0.5 7.7 -.1 2.4 2.5 7.7 0.1 -1.6 -1.6 7.4 0.7 -.1 -.7 7.8 0.4 0.5 0.2 9.0 -.6 -. 1 0.5 6 -2.8 - 2 .3 -1.1 -1.1 -. 6 -5.2 -5.2 -4.4 -4.4 7 6.1 6 .4 7.0 7.5 7.8 8.0 8.2 8.4 8 -2.8 - 2 .3 -1.1 9 10 11 6.1 6.1 6 .4 6..4 7.0 7.0 12 13 14 15 2.5 2.5 6.1 6.2 6..2 7..4 6..4 7,,6 16 17 18 19 2.5 2.2 0.3 20 0.9 21 " 22 0.7 23 162.8 * , -. 6 -5.2 -5.2 -4.4 -4.4 Capital expenditures Net f i n a n c i a l Investment Net acq. of finan. assets -Net incr. in l i a b i l i t i e s + P r o p r i e t o r s ' net investment 1 2 3 4 5 6 - C a p i t a l c o n s u m p . a l l o w . , NIPA 7 = Net investment flow, B a l a n c e Sheet basis 8 * * * * 7.4 7.5 7.6 7.6 7.8 7.8 8.1 8.0 8.2 8.2 8.4 8.4 - D e p r e c i a t i o n v a l u a t i o n adj. 9 Depreciation charges 10 - C a p . c o n s u m p . a l l o w . , NIPA 11 6.3 6.7 7.0 7.3 3.5 3.6 7.4 7.6 2.7 2.8 7.6 7.7 4.2 4.1 7.8 7.7 3.3 2.7 8.1 7.4 3.3 3.0 8.2 7.8 5.3 5.9 8.4 9.0 + R e v a l . of p h y s i c a l assets 12 C h a n g e in value 13 Depreciation charges 14 - G r o s s p u r c h a s e s , FOF basis 15 6. 2 3. 7 1. 9 0. 6 6.3 3.2 2.6 0.5 3.5 1.8 1.2 0.4 2.7 1.7 0.5 0.5 4.2 3.9 0.6 .3 3.3 3.7 -.4 3.3 4.0 0.6 -1.3 5.3 4.8 1.1 .6 R e v a l u a t i o n by type of asset 16 Residential structures 17 N o n r e s . plant 8 e q u i p m e n t 18 Inventories 19 2. 0 2.3 1.4 1.0 1.1 1.4 2.6 2.0 " " - - " 5. 9 7.5 3.8 3. 0 0.1 -.5 1.4 2.9 168. 7 176.2 180.0 183.1 182.6 184.0 186.9 Data are in b i l l i o n s of d o l l a r s . -1.1 7.6 G r o s s investment of nonfarm n o n c o r p o r a t e b u s i n e s s sector, from flow of funds accounts 183.0 , . + C h a n g e in the value of land h o l d i n g s + Other revaluations 20 21 = Change in net worth 22 Memo: Net worth outstanding 23 -moar 20, 1994 Farm and N o n c o r p o r a t e B u s i n e s s Farm and N o n c o r p o r a t e B u s i n e s s Factors Accounting 70 for C h a n g e :In Net Worth Annual Annual Flows 1963 1964 1966 1965 1 G r o s s investment of farm b u s i n e s s sector, from flow of funds a c c o u n t s 2 3 4 5 Capital expenditures Net f i n a n c i a l investment Net acq. of finan. assets -Net incr. in l i a b i l i t i e s 6 + P r o p r i e t o r s ' net investment 7 - C a p i t a l c o n s u m p . a l l o w . , NIPA = Net investment flow, 8 B a l a n c e Sheet basis 1968 1967 R. 102 Farm B u s i n e s s 1969 1970 Flows 1971 (1) 3.9 4..1 4.,4 4 .7 4. 9 5. 3 5..8 6..1 6. 5 1 5.3 -1.4 3,.8 0. 3 0. 3 6. 4 -2. 0 0.,3 2. 3 5 .7 -1 .0 0,.2 1..2 7. 5 -2. 6 0..4 3.,0 7. 8 -2.5 0. 6 3. 0 6..8 -1.,0 0. 5 1..6 6..6 .5 0!.6 1..1 9. 4 -3.,0 0. 7 3. 7 2 3 4 5 1.4 -1.6 -2..8 -1, 5 - 2 .4 1 1. 4 -1.,1 -1..3 -1.,7 6 4.0 4. 2 4. 3 4 .6 4. 9 5. 2 5. 7 6,.1 6.,5 7 -1.7 -2..8 -1. 5 - 2 .3 -.,1 1. 4 -1..0 -1.,3 -1. 7 8 9 - D e p r e c i a t i o n v a l u a t i o n adj. 10 Depreciation charges 11 - C a p . c o n s u m p . a l l o w . , NIPA 4.0 4.0 4,.2 4, 2 4. 3 4. 3 4 ,6 4 .6 4. 9 4. 9 5. 2 5. 2 5. 7 5. 7 6.,1 6.,1 6. 5 6. 5 9 10 11 12 + R e v a l . of p h y s i c a l assets 13 C h a n g e in value 14 Depreciation charges 15 - G r o s s p u r c h a s e s , FOF basis 1.3 4.0 5.3 0,.7 0. 3 4. 2 3..8 4. 7 6. 7 4. 3 6. 4 1,.9 2 .9 4 .6 5 .7 0. 9 3. 6 4. 9 7. 5 4. 9 7. 5 5. 2 7. 8 7. 6 8. 7 5. 7 6. 8 2. 2 2. 7 6.,1 6.,6 8. 1 11.,1 6. 5 9. 4 12 13 14 15 16 17 18 19 -.1 0.6 -.4 0,.7 0..5 0..6 .4 4. 7 0. 2 1. 1 3. 3 1,.9 0..9 1..5 .6 0. 9 0. 6 1. 0 7 4. 9 1. 7 2. 4 0. 9 7. 6 1. 5 2. 9 3. 2 2. 2 0..8 2. 3 -1..0 8.,1 1. 7 3. 2 3. 2 16 17 18 19 7.3 8,.4 10. 1 9 .3 8. 9 8. 6 6. 0 7..1 14. 5 20 .4 0. 7 21 20 R e v a l u a t i o n by type of asset Residential structures N o n r e s . plant & equipment Inventories + C h a n g e in the value land h o l d i n g s of 21 + Other r e v a l u a t i o n s 22 = C h a n g e - in net worth Memo: 23 Net worth outstanding (1) Includes c o r p o r a t e and noncorporate 5.6 6. 2 13. 2 8 .9 9. 8 15. 0 12. 6 7,.8 21. 7 22 186.9 193..1 206. 3 215 .1 224. 9 239. 9 252. 5 260. 3 282. 0 23 farms. R.103 Nonfarm Noncorporate Business 1 G r o s s investment of nonfarm n o n c o r p o r a t e b u s i n e s s sector, from flow of funds a c c o u n t s 2 3 4 5 Capital expenditures Net f i n a n c i a l Investment Net acq. of f i n a n . assets -Net incr. in l i a b i l i t i e s 6 • P r o p r i e t o r s ' net investment 7 - C a p i t a l c o n s u m p . a l l o w . , NIPA = Net investment flow, 8 B a l a n c e Sheet b a s i s 8.6 9,.1 9. 6 10 .3 11. 1 12. 0 13. 2 14. 3 15. 7 1 9.6 -.9 0.9 10..9 -1..8 0..6 2..4 12. 7 -3. 1 0. 4 3. 4 14 .0 3 .7 0..9 4 .5 12. 9 -1. 8 0. 9 2. 7 16. 7 -4. 7 7 4] 0 20. 7 -7. 5 1. 5 9..0 20..9 -6.,6 1. 3 7. 9 24. 7 -9. 0 7. 2 16. 2 2 3 4 5 -3.7 - 2 .9 -2. 1 .8 -4. 6 -3. 6 -5.,1 -4.,4 -6. 5 6 8.6 9 .1 9. 6 10 .3 11. 1 12. 0 13. 2 14..3 15. 7 7 -3.7 - 2 .9 -2.,1 .8 -4. 6 -3. 6 -5..1 -4.,4 -6. 5 8 10.3 10.3 11. 1 11.,1 12.0 12.0 13. 2 13. 2 14..3 14..3 15.7 15.7 9 10 11 9 - D e p r e c i a t i o n v a l u a t i o n adj. 10 Depreciation charges 11 - C a p . c o n s u m p . a l l o w . , NIPA 8.7 8.6 9 .1 9,.1 ,1 9] 6 9.,6 12 + R e v a l . of p h y s i c a l assets 13 C h a n g e in value 14 Depreciation charges 15 -Gross purchases, FOF basis 3.8 4.7 8.7 9.6 8..7 10..6 9 .1 10,.9 8. 7 11. 9 9. 6 12. 7 13 .3 17 .0 10,.3 14 .0 10.,4 12. 2 11. 1 12. 9 19. 9 24. 6 12. 0 16. 7 18.,4 25. 9 13. 2 20. 7 14.,7 21. 3 14. 3 20. 9 26. 0 35. 0 15. 7 24. 7 12 13 14 15 3.8 3.8 1.3 -1.3 8..7 7. 9 1..6 .8 8. 7 6. 6 2. 3 3 13,.3 10 .6 3 .6 .9 10. 4 7. 8 2. 9 3 19. 9 14. 8 5. 3 2 18. 4 13..0 5.,5 ,2 14. 7 8.,0 6.,2 0..5 26. 0 16. 6 7. 5 1. 9 16 17 2.3 1..8 2. 9 3 .9 4. 4 9. 6 8..1 7..7 9. 8 20 16 17 18 19 R e v a l u a t i o n by type of asset Residential structures N o n r e s . plant 8 equipment Inventories + C h a n g e in the value of 20 land h o l d i n g s 21 + O t h e r revaluations 22 = Change Memo: 23 Net worth Data are " " » 18 19 21 * in net worth 2.4 7. 7 9. 6 16,.4 10. 2 25. 9 21.,4 18.,1 29. 3 22 outstanding 189.3 197..0 206. 6 223 . 0 233. 2 259. 0 280. 4 298.. 5 327. a 23 in b i l l i o n s of d o l l a r s . S e p t e m b e r 20, 1994 Farm and N o n c o r p o r a t e B u s i n e s s Farm Factors Accounting for Change and N o n c o r p o r a t e B u s i n e s s 71 in Net Worth Annual F l o w s Annual Flows 1972 1974 1975 1976 R . 102 F a r m B u s i n e s s 1977 (1) 7 .4 8..5 9 .3 11,.3 12..2 13,.5 15,.8 17,.9 20,,0 8,.8 -1,.4 1,.0 2 .3 12,.2 3 .7 0..8 4,,5 10,.0 .7 0,,5 1..2 16..8 - 5 .6 1..0 6..6 14..3 -2..0 1,.5 3..5 22..5 -9,.0 1..8 10..8 21,.0 -5..2 2..1 7,.2 24,,7 -6..8 2..1 8,.9 13,.7 6,.3 1..9 -4..3 3 .4 -5..1 -7..4 -3..2 -7..9 -5. 2 -11..0 -16.,9 -21.,2 7..2 7..9 9..1 10,.7 11. 8 13. 2 14. 9 17.,0 19. 5 G r o s s investment of farm b u s i n e s s sector, flow of funds a c c o u n t s Capital expenditures Net financial investment Net acq. of finan. assets -Net incr. in l i a b i l i t i e s • P r o p r i e t o r s ' net investment - C a p i t a l c o n s u m p . a l l o w . , NIPA = Net investment B a l a n c e Sheet flow, basis 8 10 11 7..2 7, 2 7..9 7. 9 9.,1 9..1 10,.7 10,.7 11,.8 11,.8 13. 2 13.,2 14. 9 14. 9 17,,0 17,.0 19..5 19,.5 9 - D e p r e c i a t i o n v a l u a t i o n adj. D e p r e c i a t i o n charges 10 - C a p . c o n s u m p . allow., NIPA 11 12 13 14 15 17..6 19. 2 7. 2 8..8 29..0 33. 3 7. 9 12. 2 14..1 15.,0 9..1 10..0 7..2 13..3 10..7 16..8 7,.4 9 .9 11 .8 14,. 3 11..6 20.,9 13. 2 22.,5 32.,4 38.,5 14. 9 21.,0 23,.4 31,,1 17,.0 24..7 35 .6 29,.8 19,.5 13,,7 + R e v a l . of p h y s i c a l assets 12 C h a n g e in value 13 D e p r e c i a t i o n charges 14 - G r o s s p u r c h a s e s , FOF basis 15 16 17 18 19 17..6 2..7 4.,9 10,.0 29.,0 2. 8 5.,0 21, 2 14.,1 3..1 11..9 9 7..2 2..6 6.,7 -2. 2 7,.4 3,.0 6,.9 - 2 ,5 11..6 4.,4 8. 8 -1. 5 32. 4 5. 3 11. 6 15. 5 23.,4 5.,5 15..6 2.,2 35..6 5..2 17..3 13..1 20 23.9 51.6 35.0 45.5 68.8 50.5 88.1 0.2 21 22 38.3 320.3 76.3 396.6 R e v a l u a t i o n by type of asset Residential structures N o n r e s . plant & equipment Inventories 16 17 18 19 Change in the value of land h o l d i n g s 20 + Other 42.0 438.6 50.0 488.6 68.7 557.3 57.3 614.6 revaluations 110.4 = Change 724.9 Memo: Net worth 832.1 919. 21 22 in net worth (1) Includes c o r p o r a t e and outstanding noncorporate farms. R.103 Nonfarm Noncorporate Business 1 17.4 19 .3 22.2 25..6 27.8 30 .9 35,.4 41 .8 48..7 2 3 4 5 30.7 -13.3 6.5 19.7 35 .1 -15,.8 6 .2 2 2 .0 30.2 -7.9 4.9 12.8 23,.6 2 .0 1 .9 - •.1 27.1 0.7 8.8 8.1 35 .8 - 4 .9 16 .4 21 .2 47,.5 -12,.1 20,,7 32..7 60 .2 - 1 8 .5 21 .7 40,.1 63..3 -14..6 8..9 23..6 6 -12.0 4 .4 -27.3 - 1 7 .3 -17.4 - 1 2 .8 -18..2 -30,,0 -41.,1 7 17.4 19 .3 22.2 25 .6 27.8 30,.9 35..4 41 .8 48.,7 a -12.0 4 .4 -27.3 - 1 7 .3 -17.4 -12,.8 -18. 2 -30..0 -41..1 * . 6 7 = Net investment flow, B a l a n c e Sheet b a s i s 8 30,.9 30,.9 35.,4 35..4 41,.8 41,.8 48. 7 48. 7 50.4 58.4 22.2 30.2 41..0 39,.0 25..6 23..6 45.2 44.5 27.8 27.1 68..4 73..3 30..9 35.,8 87. 5 99. 5 35. 4 47. 5 121,.5 140,,0 41,.8 60.,2 124. 9 139. 6 48. 7 63. 3 + R e v a l . of p h y s i c a l assets 12 C h a n g e in value 13 Depreciation charges 14 - G r o s s p u r c h a s e s , FOF basis 15 40..4 27 .3 11..4 1.,7 50.4 28.8 20.8 0.9 41.,0 27..5 15..2 -1. 6 45.2 33.7 12.1 -. 6 68.,4 51.,0 17. 2 0. 2 87. 5 62. 9 23. 1 1. 5 121..5 90. 8 28.,4 2.,3 124. 9 90. 2 34. 8 1 21..0 20.3 14..5 21.2 23. 8 37. 9 52,,9 72. 1 1 1 .1 -1. 1 22.2 22.2 12 13 14 15 37.7 51.0 17.4 30.7 40..4 56,.2 19,.3 35 . 1 16 17 18 19 37.7 28.3 8.0 1.4 20 15.6 -15. 8 * " * 22 41.4 49. 9 43.4 38. 2 49.0 79. 4 107. 2 144.,4 154. 8 23 369.2 419. 1 462.5 500..7 549.7 629. 1 736. 3 880. 7 1035. 5 in b i l l i o n s of d o l l a r s . investment - C a p i t a l c o n s u m p . a l l o w . , NIPA 25..6 25 .6 19,.3 19 3 Data are • P r o p r i e t o r s ' net 1 2 3 4 5 - D e p r e c i a t i o n valuation adj. 9 D e p r e c i a t i o n charges 10 - C a p . c o n s u m p . allow., NIPA 11 17.4 17.4 " Capital expenditures Net f i n a n c i a l investment Net acq. of finan. assets -Net incr. in l i a b i l i t i e s « 27.8 27.8 * 9 10 11 21 G r o s s investment of nonfarm n o n c o r p o r a t e b u s i n e s s sector, from flow of funds a c c o u n t s R e v a l u a t i o n by type of asset Residential structures N o n r e s . plant & equipment Inventories 16 17 18 19 C h a n g e in the value of land h o l d i n g s 20 • Other revaluations = Change in net worth Memo: Net worth outstanding 21 22 S e p t e m b e r 20, 1994 Farm and N o n c o r p o r a t e B u s i n e s s ~j 2 Farm F a c t o r s Accounting for Change and N o n c o r p o r a t e B u s i n e s s in Net Worth Annual Flows Annual F l o w s 1981 1982 1983 1984 1985 R . 1 0 2 Farm B u s i n e s s 1 G r o s s Investment of farm b u s i n e s s sector, from flow of funds a c c o u n t s Capital expenditures Net f i n a n c i a l Investment Net acq. of f m a n . assets -Net incr. in l i a b i l i t i e s 2 3 4 5 6 + P r o p r i e t o r s ' net 7 - Capital 8 investment c o n s u m p . a l l o w . , NIPA = Net investment B a l a n c e Sheet flow, basis 1986 1987 1988 1989 (1) 21.8 23.,4 23..9 24 .0 23..9 23.3 23 .1 27.1 -5.3 1.9 7.2 19.,6 3 ,8 1..9 -1..9 -1,.9 25,.8 1,.4 -24,.4 19..5 4,.5 0..3 -4..2 17..7 6..1 3..6 -2..5 9.3 14.0 4.3 -9.7 6 .7 16,.4 1,.8 -14,.5 1,.9 21,.2 3,.3 -17,.9 -10.1 -9,,4 - 2 7 .7 -2,,9 14.,5 10.1 -2..2 -8,.5 -6..9 21.6 22..9 23,.3 23 ,4 23..0 22.7 22 .2 21 .8 21,.9 -9.9 -8..9 -27,.1 -2..2 15..4 10.8 -1,.3 - 7 .1 -5..1 23,. 1 - 23. 8 15.,8 8.,0 2.,2 -5..8 9 - D e p r e c i a t i o n valuation adj. D e p r e c i a t i o n charges 10 - C a p . c o n s u m p . allow., NIPA 11 21.6 21.6 22,,9 22,.9 23,.3 23..3 23..4 23..4 23. 0 23.,0 22.7 22.7 22,.2 22,.2 21..8 21..8 0..2 22., 1 21..9 9 10 11 12 + R e v a l . of p h y s i c a l assets C h a n g e in value 13 D e p r e c i a t i o n charges 14 - G r o s s p u r c h a s e s , FOF basis 15 6.5 12.0 21.6 27.1 8,,0 4,.7 22. 9 19..6 23..9 -1..3 23. 3 -1..9 -1..3 -5.,1 23, 4 19.,5 -4. 0 -9. 3 23. 0 17. 7 4.3 -9.1 22.7 9.3 14..8 6 22..2 6..7 20..4 0..6 21..8 1.,9 10. 5 4. 3 22.,1 15. a 12 13 14 15 R e v a l u a t i o n by type of asset Residential structures N o n r e s . plant & equipment Inventories 6.5 3.7 15.1 -12.3 8.,0 1.,8 9.,7 3 .6 23..9 1..5 7..4 15,,0 -1.,3 1..6 5.,1 -8.,0 -4. 0 1. 7 4. 3 -10. 1 4.3 2.4 6.6 -4.7 14..8 3..0 5. 0 6..8 20,,4 .3 4,.9 15..8 10. 5 3. 6 7. 6 -• 6 16 17 3.1 -33..2 -1,,5 -89. 5 -74. 6 -44.6 29. 2 10,.3 18. 3 20 0.6 0. 5 0,.4 16 17 18 19 + C h a n g e in the value of land h o l d i n g s 20 21 * Other revaluations 22 = C h a n g e in net worth Memo: 23 Net worth outstanding (1) Includes c o r p o r a t e and 0., 1 " 18 19 21 .3 -34..1 -4..7 -93..0 -63. 2 -29.0 43..2 23,.9 23. 5 918.7 884..6 879. 9 786. 9 723. 7 694.8 738..0 761..9 785. 5 noncorporate R.103 Nonfarm Noncorporate Business 1 G r o s s Investment of nonfarm n o n c o r p o r a t e business sector, from flow of funds accounts Capital expenditures Net f i n a n c i a l Investment Net acq. of finan. assets -Net incr. in l i a b i l i t i e s 2 3 4 5 6 + P r o p r i e t o r s ' net 7 - Capital 8 Investment c o n s u m p . a l l o w . , NIPA = Net investment flow, B a l a n c e Sheet basis 56..7 63..1 65 .2 72.,9 -16. 2 4..4 20..6 69.,3 -6.,1 5.,9 12,.1 70 -4 32 37 -34..7 56.,7 -34. 7 -75. 9 * 68,.4 72. 7 77..1 81..5 87,.2 94,.7 1 .1 .8 .7 .5 87,.8 -19,.4 48,.0 67 .4 96. 5 -23. 9 39..8 63,.7 97.,4 -20..4 39,.1 59,.4 97,.7 -16..2 14,.1 30. 3 101 .2 -14..0 40,.6 54,.6 105,.1 -10,.4 27,.5 37..9 2 3 4 5 -75.,9 -50,.9 -71,.2 -76..5 -49..8 -61,.4 -21,.8 -23.,4 6 63..1 65,.2 68,.4 72. 7 77..1 81.,5 87, 2 94. 7 7 -50..9 -71. 2 -76..5 49.,8 -61..4 -21..8 -23.4 8 9 10 11 . 9 - D e p r e c i a t i o n valuation adj. D e p r e c i a t i o n charges 10 - C a p . c o n s u m p . allow., NIPA 11 56. 7 56. 7 63. 2 63. 1 65..2 65..2 68..4 68..4 72..7 72.,7 77., 1 77.,1 81..5 81..5 87, 2 87. 2 -1.5 93.2 94.7 12 + R e v a l . of p h y s i c a l assets C h a n g e in value 13 D e p r e c i a t i o n charges 14 - G r o s s p u r c h a s e s , FOF basis 15 109. 3 125. 4 56. 7 72. 9 45. 9 52. 0 63. 2 69. 3 36,.4 41,.3 65,.2 70,.1 50,.6 70,.0 68,.4 87..8 64. 5 88..4 72..7 96..5 65. 3 85. 7 77.,1 97. 4 83. 3 99..5 81,.5 97,.7 48. 2 62.,2 87..2 101..2 82.2 94.1 93.2 105.1 12 13 14 15 R e v a l u a t i o n by type of asset Residential structures N o n r e s . plant 8 equipment Inventories 109. 3 76. 9 33. 6 -1. 3 45. 9 30. 6 14. 9 0. 4 36,.4 31 .7 5 .0 .2 50..6 41,.1 9 .6 - •.1 64,.5 51..5 11.,7 1. 3 65. 3 52..6 14..5 -1..7 83..3 66..0 15..3 2,.0 48,.2 18,.8 27,.4 2..0 82.2 57.9 21.9 2.4 16 17 18 19 51. 3 63. 4 67 .7 91..3 108..5 72.,8 43,.6 71..5 76.6 20 40. 3 0. 6 0,.5 0..4 ,2 1..0 5,.6 -5..0 -.7 21 in net worth 166. 2 34. 0 53,.8 71..1 96. 3 89.,3 71,.2 92..9 136.2 22 outstanding 1201. 7 1235. 7 1289..5 1360..6 1456..9 1546.,2 1617,.3 1710. 2 1846.5 23 16 17 18 19 20 + C h a n g e in the value of land h o l d i n g s 21 + Other revaluations 22 = Change Memo: 23 Net worth Data are in b i l l i o n s of d o l l a r s . S e p t e m b e r 20, 1994 Farm and N o n c o r p o r a t e B u s i n e s s Farm Factors Accounting for Change and N o n c o r p o r a t e B u s i n e s s 73 In Net Worth Annual F l o w s Annual Flows 1990 1992 1993 R.102 Farm Business 1 23 .8 23 .1 22 .7 21 .9 2 3 4 5 19.,0 4..8 2.,5 -2 3 13..5 9..6 2. 2 -7.,4 19,.2 3..5 3 .8 0..3 10..5 11..4 1..9 -9 .5 6 -5..1 -9..7 .9 -12..5 7 21..6 21.,5 21..9 21..5 8 3 .0 9 10 11 0..2 21..8 21. 6 12 13 14 15 -8.1 (1) G r o s s Investment of farm b u s i n e s s s e c t o r , from flow of funds a c c o u n t s Capital expenditures Net f i n a n c i a l investment Net acq. of f i n a n . assets -Net incr. in l i a b i l i t i e s + P r o p r i e t o r s ' net - Capital investment c o n s u m p . a l l o w . , NIPA = Net investment flow, B a l a n c e Sheet basis 1 2 3 4 5 6 7 --.2 -12..1 21.5 21.5 .6 2l!.3 21 .9 .4 2l!.1 21..5 - D e p r e c i a t i o n valuation adj. 9 D e p r e c i a t i o n charges 10 - C a p . c o n s u m p . allow., NIPA 11 3. 5 0. 8 21. 8 19..0 2.6 -5.5 21.5 13.5 6..1 4,.0 21,.3 19..2 15..8 5. 2 21..1 10. 5 + R e v a l . of p h y s i c a l assets 12 C h a n g e in value 13 D e p r e c i a t i o n charges 14 - G r o s s p u r c h a s e s , FOF basis 15 16 17 18 19 3. 5 3.,3 5.,0 -4. 7 2.6 3.5 2.6 -3.6 6..1 3 .6 2..9 .4 15..8 4..7 4. 5 6. 5 20 15.0 -3.1 8.6 21.1 21 1.3 2.6 22 16.7 -6.1 * 15.2 811.3 25.2 836.5 8 R e v a l u a t i o n by type of asset Residential structures N o n r e s . plant 8 equipment Inventories 16 17 18 19 + C h a n g e in the value of land h o l d i n g s 20 + Other 21 revaluations = Change 22 in net worth Memo: Net worth (1) Includes c o r p o r a t e and outstanding noncorporate farms. R.103 Nonfarm Noncorporate Business 98.8 102.0 105.0 107.8 91.5 7.3 13.2 5.9 78.8 23.3 -4.8 70.9 34.1 14.3 -19.8 85.6 -28.1 G r o s s investment of nonfarm n o n c o r p o r a t e b u s i n e s s sector, from flow of funds a c c o u n t s Capital expenditures Net f i n a n c i a l investment Net acq. of finan. assets -Net incr. in l i a b i l i t i e s 22.2 6.3 -16.0 1 2 3 4 5 6 -16,.9 -3,.6 12,.9 -6..2 + 7 98 .8 102,.0 105..0 107..8 - 8 -16..9 -3..6 12..9 -6..2 9 10 11 -2 3 96. 5 98..8 -1..3 100..8 102..0 .7 104!.3 105..0 0. 9 108..7 107..8 D e p r e c i a t i o n valuation adj. 9 D e p r e c i a t i o n charges 10 - C a p . c o n s u m p . allow., NIPA 11 12 13 14 15 66..4 61.,4 96. 5 91. 5 50. 2 28. 2 100..8 78..8 71..2 37. a 104. 3 70..9 75. 6 52. 5 108. 7 85. 6 R e v a l . of p h y s i c a l assets 12 C h a n g e in value 13 Depreciation charges 14 - G r o s s p u r c h a s e s , FOF b a s i s 15 16 17 18 19 66. 4 46. 6 18. 5 1. 3 71..2 56..1 14. 5 0. 5 75. 6 72. 7 22. 4 -19. 4 R e v a l u a t i o n by type of asset Residential structures N o n r e s . plant 8 equipment Inventories 20 -120. 5 -125. 3 -130. 6 -70. 7 21 0. 4 3. 6 -1. 9 0. 1 = 50. 2 43. a 7., l 7 B a l a n c e Sheet basis 16 17 18 19 + Data are in billions of d o l l a r s . land holdings + 20 21 = Change in net worth Memo: Net worth outstanding 22 September 20, 1994 Nonfinanclal Corporations 1 F a Nonf inane ial Corporations c t o r s Accounting for Change in Net Worth Annual Flows Annual Flows 1945 1946 1947 1948 1949 1950 1951 1952 1953 R.104 Nonfarm Nonfinanclal Corporate Business 1 G r o s s investment of n o n f i n a n c l a l c o r p o r a t e b u s i n e s s sector, from flow of funds a c c o u n t s 7.1 Capital expenditures Net f i n a n c i a l investment Net acq. of finan. assets -Net incr. in l i a b i l i t i e s 18.8 -11.7 -1.4 10.3 6 + C o r p o r a t e equity issues 7 - M i n . rights from U.S. govt. 1.0 2 3 4 5 8 - C a p i t a l c o n s u m p . a l l o w . , NIPA 9 - Inventory v a l u a t i o n adj. 10 = Net investment B a l a n c e Sheet flow, basis 14 + R e v a l . of p h y s i c a l assets C h a n g e in v a l u e 15 Depreciation charges 16 G r o s s p u r c h a s e s (1) 17 R e v a l u a t i o n by type of asset Residential structures N o n r e s . plant & e q u i p m e n t I n v e n t o r i e s (1) + C h a n g e in the value land h o l d i n g s 18.,1 -5. 7 8. 3 14.,0 1.. 1 17.7 16. 1 22.0 21.8 22..1 1 20. 7 -5. 1 4. 9 10. 1 14.9 2.7 3.5 0.8 24. 0 -7. 9 16. 3 24. 2 30.6 -8.5 7.3 15.9 25.3 -3.5 4.5 8.0 26..1 -4..1 2 .2 6..3 2 3 4 5 1. 0 1.2 1. 3 2.1 2.3 15. 6 7.4 -5.3 9. 0 -5. 9 10. 4 -2. 2 11.2 1.9 12. 0 -5. 0 13.8 -1.2 14.8 1. 0 6.0 10, 4 8. 3 5.8 10. 4 11.5 8.3 of 1.. 8 15..8 -1,.0 6 7 8 9 9 .0 10 7.3 7.4 9..0 9.,0 10.,4 10.,4 11.2 11.2 12,,0 12. 0 13.8 13.8 14.8 14.8 15,.8 15..8 11 12 13 14.2 30.9 7.3 24.0 13. 3 28..3 9..0 24.,0 7. 6 20.,1 10..4 22.,9 1.2 3.1 11.2 13.1 10. 2 27.,1 12..0 29.,0 9.0 26.9 13.8 31.8 3.7 13.1 14.8 24.3 1..8 13..0 15,.8 27,.1 14 15 16 17 14.2 -.3 13.6 0.9 13. 3 2 13..9 -<.4 7. 6 3 6. 8 1. 2 1.2 10. 2 -1. 0 9. 4 1. 7 9.0 3.7 -.4 4.0 0.1 1..8 2.8 -1.5 2,.1 .2 18 19 20 21 * 11 - D e p r e c i a t i o n v a l u a t i o n adj. Depreciation charges 12 - C a p . c o n s u m p . a l l o w . , NIPA 13 18 19 20 21 12. 4 * * 9.2 -.2 * 8.0 7..4 0. 7 0.7 4. 4 4.2 1.3 1,.9 22 23 + R e v a l . of fgn. dir. C h a n g e in value 24 - D i r e c t investment 25 invest. -.2 (2) 0.2 0..4 1.,1 0.,7 0. 5 1. 2 0. 7 0.4 1.0 0.6 0. 5 1.,1 0. 6 0.7 1.1 0.5 0.9 1.7 0.8 0..8 1,.5 0..7 23 24 25 26 - R e v a l . of dir. Inv. C h a n g e in value 27 - D i r e c t Investment 28 in U.S. 0.,1 0.,1 0..1 0.,2 0.1 0.1 0..4 0. 4 0. 1 0.2 0.3 0.1 0.1 0.2 0.1 0. 2 0. 3 0..1 26 27 28 0.1 0..2 0..4 0.4 0.,3 0.3 0.1 .1 29 in net worth 28.1 31..6 17..5 8.5 25. 3 25.5 14.1 13, 2 30 outstanding 162.9 194,,5 212..0 220.4 245..8 271.3 285.4 298..6 31 6.0 10.,4 8..3 5.8 10..4 11.5 8.3 9..0 32 -.2 18.6 5.3 24.0 0,.5 18..7 5 .7 24..0 1..1 17,.5 6..5 22,,9 1.6 7.4 7.3 13.1 0. 5 21..4 8..1 29.,0 0.9 23.7 9.0 31.8 0.6 14.9 9.9 24.3 .1 16., 0 11..0 27.,1 33 34 35 36 22 * (2) 30 = Change Memo: 31 Net worth T a n g i b l e s and 32 = Net net worth investment on h i s t o r i c a l - c o s t flow 33 34 35 36 • V a l u a t i o n a d j u s t m e n t on p h y s i c a l a s s e t s (3) C h a n g e in v a l u e Depreciation charges - G r o s s p u r c h a s e s (1) 37 • C h a n g e in the value land h o l d i n g s * " 29 + Other r e v a l u a t i o n s basis: of 38 - D e p r e c i a t i o n v a l u a t i o n adj. Depreciation charges 39 - C a p . c o n s u m p . a l l o w . , NIPA 40 0.8 0..4 0..3 0..3 0.3 -.3 -2.1 5.3 7.4 -3..2 5..7 9 .0 -3.,9 6,.5 10..4 -3.9 7.3 11.2 -3..9 8.,1 12..0 -4.9 9.0 13.8 -4.9 9.9 14.8 " 0. 5 37 -4.,9 11., 0 15..8 38 39 40 41 + R e v a l . of fgn. dir. invest. -.2 0..4 0..5 0.4 0..5 0.7 0.9 0..8 41 42 - R e v a l . of dir. in U.S. " 0..1 0..1 0.1 0,,4 0.2 0.1 0,.2 42 -.4 1..1 .3 .5 0..1 -.6 " -1,.0 43 in net worth 8.0 15..9 13..7 11.2 15..3 17.6 14.3 13..9 44 outstanding 109.2 124..3 138..7 150.8 166, 3 184.7 199.1 213,.9 45 43 • Other inv. revaluations 44 = Change Memo: 45 Net worth CI) Before i n v e n t o r y v a l u a t i o n a d j u s t m e n t . (2) E x c l u d e s capital g a i n s . (3) Effect of d i f f e r e n t treatment of certain items in BEA c a p i t a l accounts from the NIPA a c c o u n t s in the c a l c u l a t i o n of h i s t o r i c a l - c o s t Investment flows; also r e f l e c t s a d j u s t m e n t s for intersectoral t r a n s f e r s of a s s e t s . Data are in b i l l i o n s of d o l l a r s . September 20, 1994 Nonfinaneial Corporations Nonfinaneial Corporations F a c t o r s Accounting for Change in Net Worth 7 5 Annual F l o w s Annual Flows 1954 1955 1956 1957 1958 1959 1960 R.104 Nonfarm Nonfinaneial Corporate Business 22.9 25.5 26.3 28.0 27.6 33.5 29.8 34.6 38.7 G r o s s investment of n o n f i n a n e i a l c o r p o r a t e b u s i n e s s sector, from flow of funds accounts 1 23.0 -.2 4.8 5.0 32.6 -7.1 16.4 23.6 37.0 -10.7 3.9 14.6 35.7 -7.7 4.1 28. 0 -.4 10.7 11.1 37.8 -4.2 14.1 18.3 37.7 -7.9 3.8 11.7 36.5 -1.9 14.1 16.0 42.2 -3.5 12.3 15.8 Capital expenditures Net f i n a n c i a l investment Net acq. of f i n a n . assets -Net incr. in l i a b i l i t i e s 2 3 4 5 1.6 1.7 2.3 2.4 2.0 2.1 1.4 2.1 0.4 + C o r p o r a t e equity issues - M i n . rights from U.S. govt. 6 7 16.7 -.3 -1.8 17.8 20.0 -2.7 23.0 -.3 24.1 -.3 25.1 -.2 25.8 0.3 - C a p i t a l c o n s u m p . a l l o w . , NIPA - I n v e n t o r y v a l u a t i o n adj. 8 9 11.8 22. 0 -1.5 = Net investment B a l a n c e Sheet 11 12 13 16.7 16.7 17.8 17.8 14 15 16 17 1.5 8.1 16.7 23.3 10.5 27.1 17.8 34.4 18 19 20 21 1.5 -. 6 1.8 0.3 10.5 -.3 10.0 0.8 23 24 25 0.7 1.3 0.6 0.9 1.7 0.7 26 27 28 0.2 0.2 0.1 0.2 20.0 20.0 16.0 22.0 22.0 23.0 23.0 24.1 24.1 25.1 25.1 25.8 25.8 6.6 26.7 + R e v a l . of p h y s i c a l assets C h a n g e in value D e p r e c i a t i o n charges - G r o s s p u r c h a s e s (1) 39.7 22.0 37.2 1.2 6.5 23.0 28.3 4.0 18.0 24.1 38.1 -1.5 11.3 25.1 37.9 25.8 36.2 1. 0 16.5 26.7 42.2 6.6 0.1 7.0 -.5 1.2 -.3 2.0 -.5 4.0 0.1 3.7 0.2 -1.5 0.1 -1.8 0.2 -.4 0.1 -1.1 0.7 1.0 0.1 0.6 0.3 16.0 0.2 15.2 0.6 1.2 0.3 0.1 -.4 -.3 2.4 2.7 + R e v a l . of fgn. dir. C h a n g e in value - D i r e c t investment invest. 3.0 1.9 0.2 2.7 2.5 0.2 0.4 0.2 0.1 0.3 0.1 0.2 0.3 0.1 0.2 0.4 0.2 0.3 0.3 0.3 0.3 - R e v a l . of dir. inv. C h a n g e in value - D i r e c t investment in U.S. 0.2 0.2 0.3 0.2 0.3 0.3 -.2 27.4 35.5 21.1 11.0 13.8 371.8 393.0 T a n g i b l e s and 32 12.1 23.3 -.5 24.8 14.3 39.7 Memo: Net worth outstanding net worth on h i s t o r i c a l - c o s t 12.3 = Net 1.7 17.7 20.2 36.2 0.7 21.5 21.5 42.2 + V a l u a t i o n a d j u s t m e n t on p h y s i c a l assets (3) C h a n g e in value D e p r e c i a t i o n charges - G r o s s p u r c h a s e s (1) 33 34 35 36 + C h a n g e in the value land h o l d i n g s 37 -5.6 -5.3 21.5 investment basis: 10.6 flow of - D e p r e c i a t i o n v a l u a t i o n adj. 38 D e p r e c i a t i o n charges 39 - C a p . c o n s u m p . allow., NIPA 40 0.4 0.8 1.0 + R e v a l . of fgn. dir. invest. 0.2 0.2 0.1 0.2 0.2 - R e v a l . of dir. in U.S. 0.2 43 .5 44 12.0 226.5 29 30 1.2 42 17.0 243.8 20.2 25.8 26.8 -2.2 -. 6 -1.8 -3.1 -3.4 -3.9 -3.4 16.4 15.5 14.0 18.1 9.8 16.4 16.6 262.5 316.2 349.5 369.5 + Other inv. revaluations = Change Memo: Net worth in billions of d o l l a r s . 41 42 43 in net worth 44 outstanding 45 (1) Before inventory valuation a d j u s t m e n t . (2) E x c l u d e s capital gains. (3) Effect of different treatment of certain items in BEA capital accounts from the NIPA accounts in the c a l c u l a t i o n of h i s t o r i c a l - c o s t investment flows; also reflects a d j u s t m e n t s for inter sectoral transfers of a s s e t s . Data are 26 27 28 in net worth 0.9 0.7 16.8 -6.1 19.0 25.1 23 24 25 = Change 23.0 41 -6.3 17.8 38.1 0.2 19.1 19.0 37.9 18 19 20 21 + Other revaluations 20.0 16.7 12.1 28.3 0.9 21.2 (2) -6.3 17.8 24.1 -5.7 14.3 -4.7 0.6 12.1 16.8 (2) -6.4 15.6 22. 0 -4.7 13.1 17.8 38 39 40 -1.3 20.4 15.6 37.2 14 15 16 17 22 -.9 1.9 2.8 0.1 -.5 20.7 13.1 34.4 of 1.0 2.3 1.3 10.3 -.9 10.4 + C h a n g e in the value land h o l d i n g s 0.8 1.9 1.1 30 33 34 35 36 R e v a l u a t i o n by type of asset Residential structures N o n r e s . plant 8 equipment I n v e n t o r i e s (1) 0.4 2.8 2.3 29 308.9 26.8 21.8 10.1 10 11 - D e p r e c i a t i o n v a l u a t i o n adj. D e p r e c i a t i o n charges 12 - C a p . c o n s u m p . allow., NIPA 13 35.7 20.0 flow, basis S e p t e m b e r 20, 1994 NonfInancial Corporations Nonf Inaneial C o r p o r a t i o n s 76 Factors Accounting for C h a n g e in Net Worth Annual F l o w s Annual F l o w s 1963 1964 1965 1966 1967 1968 1969 1970 1971 R.104 Nonfarm Nonfinancial Corporate Business i G r o s s investment of n o n f i n a n c i a l corporate b u s i n e s s sector, from flow of funds a c c o u n t s 39.4 40.9 47.1 i 1 55.7 56.2 58.2 54.0 68.3 1 Capital expenditures Net f i n a n c i a l investment Net acq. of finan. assets -Net incr. in l i a b i l i t i e s 44.4 -5.0 15.5 20.5 49.8 -8.9 14.7 23.6 60.8 -13.8 21.6 35.4 74.5 -19.9 16.5 36.4 71.2 -15.5 16.2 31.7 75.6 -19.4 30.5 49.9 85.2 -27.0 31.3 58.3 81.7 -27.7 18.3 46.0 87.4 -19.2 36.1 55.3 2 3 4 5 6 + C o r p o r a t e equity issues 7 - M i n . rights from U.S. g o v t . -.3 1.1 1.3 2.4 -.2 0.3 3.4 5.7 0.1 11.4 0.2 6 7 27.9 0.1 29.3 -.5 31.3 -1.2 34.1 -2.1 37.3 -1.6 41.1 -3.7 45.0 -5.9 49.4 -6.6 54.2 -4.6 8 9 11.1 13.2 16.9 23.9 22.3 18.2 22.5 16.7 29.9 10 2 3 4 5 8 - C a p i t a l c o n s u m p . a l l o w . , NIPA 9 - I n v e n t o r y v a l u a t i o n adj. = Net investment flow, B a l a n c e Sheet basis 10 " 11 - D e p r e c i a t i o n v a l u a t i o n adj. 12 D e p r e c i a t i o n charges 13 - C a p . c o n s u m p . allow., NIPA 27.9 27.9 29.3 29.3 31.3 31.3 34.1 34.1 37.3 37.3 41.1 41.1 45.0 45.0 49.4 49.4 54.2 54.2 11 12 13 14 + R e v a l . of p h y s i c a l assets 15 C h a n g e in value 16 Depreciation charges 17 - G r o s s p u r c h a s e s (1) 2.1 18.5 27.9 44.3 5.0 25.9 29.3 50.3 7.4 38.1 31.3 62.1 15.0 57.5 34.1 76.6 12.5 47.9 37.3 72.7 25.3 63.1 41.1 78.9 26.3 72.4 45.0 91.1 28.8 67.5 49.4 88.1 34.4 72.0 54.2 91.9 14 15 16 17 2.1 0.7 1.4 5.0 0.2 3.6 1.2 7.4 0.1 6.9 0.3 15.0 0.4 12.3 2.3 12.5 0.3 12.4 -.2 25.3 0.8 22.6 1.9 26.3 0.7 23.0 2.6 28.8 0.4 29.9 -1.6 34.4 1.1 33.0 0.3 18 19 20 21 3.1 4.6 6.4 6.4 6.8 10.0 16.0 14.7 16.5 22 -1.8 2.8 4.6 1.8 5.9 4.1 2.8 5.6 2.8 3.4 8.0 4.5 3.7 10.0 6.3 5.6 11.5 5.9 23 24 25 0.4 0.4 0.1 0.8 0.7 0.8 0.8 -.1 1.1 1.2 1.4 1.4 0.1 0.4 0.3 26 27 28 18 19 20 21 22 R e v a l u a t i o n by type of asset Residential structures N o n r e s . plant & equipment I n v e n t o r i e s (1) + C h a n g e in the value of land h o l d i n g s 23 • R e v a l . of fgn. dir. invest. 24 C h a n g e in value 25 - D i r e c t investment (2) 3.3 3.3 3.6 3.6 5.9 10.5 4.6 26 - R e v a l . of dir. inv. 27 C h a n g e in value 28 - D i r e c t investment 0.2 0.2 0.3 0.3 0.4 0.5 29 + Other (2) » revaluations 30 = C h a n g e Memo: 31 Net worth Tangibles 32 = Net in U.S. -.1 0.1 0.8 -.1 1.8 0.2 29 23.0 36.6 43.4 43.4 57.0 68.1 65.7 86.5 30 outstanding 472.9 495.9 532.5 576.0 619.3 676 .3 744.5 810.1 896.6 31 and net worth on h i s t o r i c a l -cost flow 33 34 35 36 + V a l u a t i o n adjustment on p h y s i c a l assets (3) C h a n g e in value D e p r e c i a t i o n charges -Gross purchases C I ) 37 + C h a n g e in the value of land h o l d i n g s 38 - D e p r e c i a t i o n valuation adj. 39 Depreciation charges 40 - C a p . c o n s u m p . allow., NIPA 41 + R e v a l . of fgn. dir. 42 - R e v a l . of dir. 43 • Other 13.2 16.9 23.9 22.3 18.2 22.5 16.7 29.9 32 1.8 23.3 22.8 44.3 0.7 26.7 24.3 50.3 4.7 40.6 26.2 62.1 0.8 49.0 28.4 76.6 -.2 41.7 30.9 72.7 1.8 47.4 33.4 78.9 5.4 60.1 36.3 91.1 -3.2 45.5 39.4 88.1 -4.3 45.1 42.5 91.9 33 34 35 36 2.2 1.7 2.9 2.4 2.4 2.1 4.5 2.3 2.1 37 -5.1 22.8 27.9 -5.0 24.3 29.3 -5.1 26.2 31.3 -5.7 28.4 34.1 -6.4 30.9 37.3 -7.8 33.4 41.1 -8.7 36.3 45.0 -9.9 39.4 49.4 -11.8 42.5 54.2 38 39 40 -1.8 1.8 2.8 3.4 3.7 5.6 41 0.1 * -.1 » 0.1 42 " " 5.9 inv. in U.S. » » » are * -3.1 -.3 -.3 -.9 -.4 0.7 0.3 3.2 -.1 43 in net worth 17.1 20.4 35.3 30.2 32.3 33.3 44.8 32.6 44.9 44 outstanding 389.7 410.6 446.1 477.2 510.0 543.3 587.7 618.9 664.1 45 (1) Before inventory valuation a d j u s t m e n t . (2) E x c l u d e s capital gains. (3) Effect of different treatment of certain items in BEA c a p i t a l accounts from the NIPA accounts in the c a l c u l a t i o n of h i s t o r i c a l - c o s t investment flows; also reflects a d j u s t m e n t s for i n t e r s e c t o r a l t r a n s f e r s of a s s e t s . Data basis: 11.1 invest. revaluations Memo: 45 Net worth « 16.3 investment 44 = Change 0.2 in net worth in b i l l i o n s of d o l l a r s . September 20, 1994 Nonfinancial Corporations Nonfinancial Corporations 77 Factors Accounting for Change in Net Worth Annual Flows Annual Flows 1972 1973 1974 1975 1976 1977 1978 1979 1980 R. 104 Nonfarm NonfInancial Corporate Business 1 74 .2 65.9 89.0 121 .3 136.1 143.7 188 .2 224 .6 198 .1 Gross investment of nonf inancial corporate business sector, from flow of funds accounts 1 2 3 4 5 99 .1 -24 .9 49 .4 74 .3 122.6 -56.6 69.8 126.4 138.4 -49.4 51.3 100.8 116 .2 5 .2 39 .7 34 .6 155.7 -19.6 51.7 71.2 184.3 -40.6 60.3 100.9 221 .9 -33 .7 105 .7 139 .4 242 .2 -17 .6 127 .6 145 .2 252 .4 -54 .3 82 .1 136 .4 Capital expenditures Net financial investment Net acq. of finan. assets -Net incr. in liabilities 2 3 4 5 6 7 10 .9 0 .2 7.9 0.9 4.1 1.5 9 .9 0 .2 10.5 0.7 2.7 0.4 .1 0 .3 -7 .8 0 .8 10 .4 1 .1 • Corporate equity Issues Min. rights from U.S. govt. 6 7 8 9 60 .5 -6 .6 65.6 -20.1 76.8 -39.5 92 .2 -11 .0 102.5 -14.9 114.8 -16.7 131 .1 -25 .1 151 .6 -41 .6 173 .2 -43 .0 • Capital consump.allow., NIPA Inventory valuation adj. 8 9 10 31..0 27.4 54.2 49 .8 58.4 47.8 81 .8 106 .0 77 .2 .4 151 .1 151 .6 .4 172 .8 173 .2 Depreciation valuation adj. 11 Depreciation charges 12 -Cap. consump. allow., NIPA 13 Reval. of physical assets Change in value Depreciation charges -Gross purchases (1) 14 15 16 17 Revaluation by type of asset Residential structures Nonres. plant & equipment Inventories (1) 18 19 20 21 Net investment flow, Balance Sheet basis 10 11 12 13 60 .5 60 .5 65.6 65.6 76.8 76.8 92 .2 92 .2 102.5 102.5 114.8 114.8 .3 130 .8 131 .1 14 15 16 17 47 .0 92 .0 60,.5 105,.5 67.5 143.7 65.6 141.8 144.1 243.6 76.8 176.3 106 .4 141 .1 92 .2 127 .0 76.7 144.2 102.5 170.0 98.9 184.6 114.8 200.6 135 .9 251 .8 130 .8 246 .7 188,.8 320..6 151,.1 283 .0 231 352 172 294 18 19 20 21 47 .0 1,.7 44 .0 1,.3 67.5 1.5 58.2 7.8 144.1 1.6 126.1 16.4 106 .4 1 .4 101 .7 3 .3 76.7 1.6 68.4 6.7 98.9 2.4 90.2 6.2 135 .9 2 .7 119,.5 13 .7 188,.8 3 .1 147..3 38..4 231..3 3 .0 193,.3 35 .0 22 19..3 29.8 35.9 29 .4 29.5 36.6 46 .6 57,.9 61,.9 Change in the value of land holdings 22 23 24 25 19,.5 24..5 5,.0 8.9 18.1 9.2 12.0 19.8 7.8 10..6 23,.2 12,.6 10.0 19.9 9.8 30.8 40.0 9.2 22,.4 36,.5 14,.1 27,,6 52..2 24.,6 30..9 53..1 22. 2 Reval. of fgn. dir. invest. Change in value -Direct investment (2) 23 24 25 26 27 28 3 0..6 0.,9 2.7 5.2 2.5 -.1 4.5 4.6 .1 2!.1 2,.2 16.9 20.4 3.5 4.0 7.2 3.2 5..0 12..0 7.,0 6. 9 15, 9 9.,1 17..6 30..8 13.,2 Reval. of dir. inv. in U.S. Change in value -Direct investment (2) 26 27 28 Other revaluations 29 Change 30 * * * * * * .3 .9 .8 .3 29 0..1 10.1 30.7 -1,.7 2.8 -1.8 0..1 0. 8 3. 1 30 117,.2 141.0 277.0 194,.6 160.6 208.3 282..1 374. 6 387. 2 31 1013..7 1154.7 1431.7 1626..3 1786.9 1995.1 2277. 3 2651. 8 3039. 1 32 31. 0 27.4 54.2 49. 8 58.4 47.8 81. 8 in net worth Memo: Net worth outstanding Tangibles and nei 106. 0 77. 2 = Net investment flow 32 + Valuation adjustment on physical assets (3) Change in value Depreciation charges -Gross purchases (1) 33 34 35 36 + Change in the value of land holdings 37 33 34 35 36 9. 5 68. 7 46. 3 105. 5 4.6 96.2 50.2 141.8 2.4 123.7 55.1 176.3 -4. a 61. 8 60. 4 127. 0 -3.6 100.2 66.1 170.0 1.9 129.0 73.5 200.6 8. 6 172. 5 82. 8 246. 7 27. 0 215. 8 94. 2 283. 0 3 187! 5 106. 6 294. 3 37 3. 4 5.2 3.1 0. 7 2.1 3.2 3. 9 4. 3 6. 0 38 39 40 -14. 2 46. 3 60. 5 -15.4 50.2 65.6 -21.7 55.1 76.8 -31. 9 60. 4 92. 2 -36.4 66.1 102.5 -41.4 73.5 114.8 -48. 2 82. 8 131. 1 -57. 4 94. 2 151. 6 -66. 6 106. 6 173. 2 41 19. 5 8.9 12.0 10. 6 10.0 30.8 22. 4 27. 6 30. 9 • Reval. of fgn. dir. invest. 41 42 3 2.7 -.1 1 16.9 4.0 5. 0 6. 9 17. 6 - Reval. of dir. inv. in U.S. 42 43 1. 4 8.6 31.8 1. 4 4.0 0.7 3. 7 10. 1 3. 0 44 79. 3 67.5 125.4 89. 6 90.5 121.8 163. 8 225. 5 165. 8 1021.8 1772.7 - Depreciation valuation adj. 38 Depreciation charges 39 -Cap. consump. allow., NIPA 40 + Other revaluations 43 = Change in net worth 44 Memo: Net worth outstanding 45 (1) Before Inventory valuation adjustment. (2) Excludes capital gains. (3) Effect of different treatment of certain items in BEA capital accounts from the NIPA accounts in the calculation of historical-cost investment flows; also reflects adjustments for intersectoral transfers of assets. Data are in billions of dollars. S e p t e m b e r 20, 1994 Nonfinancial Corporations Nonfinancial Corporations 7 8 Factors Accounting for Change in Net Worth Annual Flows Annual Flows 1981 1982 1983 1984 1985 1986 1987 1988 1989 R.104 Nonfarm Nonfinancial Corporate Business G r o s s investment of nonf inancial c o r p o r a t e b u s i n e s s sector, from flow of funds a c c o u n t s 262.,8 259,.2 258,.1 320..3 325..2 299,.5 303 .6 345..9 341. 2 1 Capital expenditures Net f i n a n c i a l Investment Net acq. of f i n a n . assets -Net incr. in l i a b i l i t i e s 309..9 -47..2 108..4 155..6 278 .8 -19..6 64,.6 8 4 .1 294..0 -35..9 116.,4 152..3 391..6 -71..2 103.,8 175..0 370..2 -45..0 97.,0 142., 0 344,.2 -44,.7 157,.5 202,,1 361 .5 -57,.9 130..9 188..8 391..0 -45..1 184.,8 229..9 401.,1 -59..9 108. 3 168. 2 2 3 4 5 6 + C o r p o r a t e e q u i t y issues 7 - M i n . rights from U . S . govt. -13.,5 1.,4 1..9 1..0 -79., 0 1.,0 -84.,5 0,.4 -85..0 0,.8 75 .5 0..2 -129..5 0..3 -124..2 0..2 6 7 8 - C a p i t a l c o n s u m p . a l l o w . , NIPA 9 - Inventory v a l u a t i o n adj. 205.-3 -25.,7 227. 5 -10..0 240..1 -8. 5 246.,1 -4..1 256..0 0.,3 269,.2 9..8 279 .2 -14..5 295.,1 -27. 3 314. a -17..5 8 9 45.,2 -1,.7 -15..9 -65..2 -36..8 -51,.7 -80..4 10 11 12 13 1 2 3 4 5 = Net investment flow, B a l a n c e Sheet b a s i s 20., 0 1.,3 68. 3 42..6 11 - D e p r e c i a t i o n v a l u a t i o n adj. Depreciation charges 12 -Cap. consump. allow., NIPA 13 -2. 8 202. 5 205. 3 .7 226!.8 227..5 -7.,0 233.. 1 240.. 1 -3,.2 242 .9 246,,1 256..0 256..0 269,.2 269,.2 279..1 279 .2 295,.1 295,,1 -1..8 313..0 314..8 14 + R e v a l . of p h y s i c a l a s s e t s C h a n g e in value 15 Depreciation charges 16 - G r o s s p u r c h a s e s (1) 17 200. 9 332. 6 202. 5 334. 2 75..6 136..6 226 .8 287,.8 12..3 80..4 233.. 1 301..2 41,.8 193 .5 2 4 2 .9 394.6 31..0 144,.7 256,,0 369,.6 48..6 113,.1 269,.2 333..7 69 .2 165 .8 279 .1 375..8 121,.8 244,,7 295.. 1 418.. 0 106..7 212..2 313..0 418 .5 14 15 16 17 200. 9 2. 1 134. 5 14. 3 75..6 1..2 84..2 -9..8 41..8 1,.1 36 .5 4,.1 31..0 1,.4 39.,8 -10..2 48..6 1..5 56.,2 -9..0 69..2 2,.1 53..9 13,.2 121 .8 .1 110 .0 11..9 106 .7 1 .7 99..8 5,.2 18 19 20 21 10 18 19 20 21 22 R e v a l u a t i o n by type of asset Residential structures N o n r e s . plant 8 equipment I n v e n t o r i e s (1) + C h a n g e in the value land h o l d i n g s of 23 + R e v a l . of fgn. dir. C h a n g e in value 24 - D i r e c t investment 25 invest. 26 - R e v a l . of dir. inv. C h a n g e in value 27 - D i r e c t investment 28 in U . S . (2) (2) 12,.3 56..9 -37..5 -7.,2 63. 2 49..3 38..9 42,.5 38..9 33..6 39..3 61..2 65..5 22 7. 1 18. 6 11. 5 -19..8 -9,.0 10..8 -19..9 -11..8 8. 2 -20,.1 -8.,2 12,.0 11..3 20..1 8..7 13..6 25.,7 12..1 37,.6 59,.5 21..9 2..1 7..8 5..8 -1..6 17..5 19..1 23 24 25 -2..9 5,.0 8..0 2 .2 20,.9 18,.7 -2..0 15..8 17,,8 8. 2 40.,2 32..1 8..2 60,.4 52,.3 1..9 71..3 69..4 -5.,4 56..4 61..8 26 27 28 9. 4 30. 0 20. 6 4..9 13..0 8.. 1 6. 1 14,.9 62.,9 -4,.4 -3..1 6..4 -28..2 25,.2 4. 9 29 in net worth 339. 0 158..5 149..3 59 .1 64,.4 28..9 72..9 156,.7 102. 3 30 Memo: 31 Net worth o u t s t a n d i n g 3378. 1 3536..6 3685..9 3744,.9 3809..3 3838,,2 3911..2 4067..8 4170.,1 31 29 + Other revaluations 30 = Change T a n g i b l e s and net worth 32 = Net investment on h i s t o r i c a l -cost flow 33 34 35 36 • V a l u a t i o n a d j u s t m e n t on p h y s i c a l a s s e t s (3) C h a n g e in v a l u e Depreciation charges - G r o s s p u r c h a s e s CI) 37 • C h a n g e in the value of land h o l d i n g s 38 - D e p r e c i a t i o n v a l u a t i o n adj. Depreciation charges 39 - C a p . c o n s u m p . a l l o w . , NIPA 40 basis: 68. 3 42..6 45.,2 -1,.7 -15.,9 -65,,2 -36..8 -51.,7 -80..4 32 -1. 8 211.,8 120. 6 334. 2 -3..5 148..5 135..7 287..8 1..2 152..3 150.,2 301,.2 -16,.2 213,.1 165,.3 394,.6 -10..1 177..0 182..6 369..6 .9 134,,4 198.,4 333..7 -2,.9 161,.1 211,.7 375..8 1..5 195..0 224,.5 418..0 -23.,8 155. 9 238. 8 418. 5 33 34 35 36 17,,5 16..0 37 -70..6 224,.5 295.,1 -76..0 238. a 314. 8 38 39 40 8. 9 6..1 6.5 8..0 12..1 6..3 -84. 7 120. 6 205. 3 -91..8 135..7 227 .5 -90,.0 150. 2 240,.1 -80.,8 165..3 246..1 -73..4 182..6 256..0 -70.,8 198..4 269.2 41 + R e v a l . of fgn. dir. invest. 7. 1 -19.-8 -19. 9 -20..1 4 2 - R e v a l . of d i r . in U.S. 9. 4 4.,9 -2. 9 2, 2 8, 6 2..8 -20. 6 43 • Other inv. revaluations 44 = C h a n g e Memo: 45 Net worth in net worth 166. 3 outstanding 1936. 6 CI) Before i n v e n t o r y v a l u a t i o n a d j u s t m e n t . (2) E x c l u d e s c a p i t a l gains. (3) Effect of d i f f e r e n t treatment of certain Items in BEA capital accounts from the NIPA a c c o u n t s in the calculation of h i s t o r i c a l - c o s t investment flows; also r e f l e c t s a d j u s t m e n t s for intersectoral t r a n s f e r s of a s s e t s . Data are in b i l l i o n s of d o l l a r s . 115.. 1 2063..8 8..5 -67.. 4 211..7 279, 2 11. 3 13.,6 37..6 2.,1 -1. 6 41 -2.. 0 8. 2 8..2 1..9 -5. 4 42 15.,4 -5, 8 4..0 -17.,4 6..1 5.,5 43 105. 2 64..0 67. 2 20.,5 48,.2 44,.2 -2. 9 44 2252. 5 2296.,7 2366..6 2389..6 2490 .2 2486. 7 45 2427,. 0 mnf*MMl"'c"porttlon. Nonfln.noial Corporations Factors Accounting for C h a n g e In Net Worth y g Annu Annual F l o w , 1992 1990 !* 1993 R.104 Nonfarm Nonfinanclal Corporate Business 1 364. 8 389. 7 405. 6 429.4 G r o s s Investment of n o n f i n a n c l a l c o r p o r a t e b u s i n e s s sector, from flow of funds accounts 1 2 3 4 5 2 3 4 5 402. 8 -38. 0 85. 9 123. 9 379. 8 9. 9 55. 6 45. 7 386. 0 19. 6 141. 8 122. 2 440.4 -11.0 83.0 94.0 Capital expenditures Net f i n a n c i a l investment Net acq. of f i n a n . assets -Net incr. in l i a b i l i t i e s 6 7 -63. 0 0. 2 18. 3 -• 1 27. 0 20.9 C o r p o r a t e equity issues M i n . r i g h t s from U.S. govt. 8 9 326. 6 -11. 0 338. 6 5. 8 349. 3 -6.5 357.6 -6.2 10 -13.9 63. 7 89. 7 98.8 11 12 13 -2.7 323. 9 326. 6 -1. 6 336. 9 338. 6 -1. 4 348. 0 349. 3 1.1 358.7 357.6 D e p r e c i a t i o n valuation adj. 11 D e p r e c i a t i o n charges 12 - C a p . c o n s u m p . allow., NIPA 13 14 15 16 17 89. 4 179. 2 323. 9 413. 6 9. 9 47. 0 336. 9 374. 1 43. 9 88. 4 348.,0 392. 5 78.2 166.0 358.7 446.6 R e v a l . of p h y s i c a l assets C h a n g e in value Depreciation charges - G r o s s p u r c h a s e s (1) 18 19 20 21 89. 4 1. 3 73..8 14. 3 9. 9 1.,4 15..7 -7. 2 43.,9 1.,1 38. 9 3. 9 78.2 1.0 72.3 4.8 22 -187..7 -330. 3 -312. 2 -20.3 + C h a n g e in the value of land h o l d i n g s 22 23 24 25 26 27 28 C a p i t a l c o n s u m p . a l l o w . , NIPA I n v e n t o r y v a l u a t i o n adj. Net Investment flow, Balance Sheet basis 10 R e v a l u a t i o n by type of asset 18 Residential structures 19 N o n r e s . plant & equipment 20 I n v e n t o r i e s (1) 21 23 24 25 26..8 54..6 27 .8 -4..0 25 .3 29. 3 -28..0 6. 3 34, 3 -20.9 21.0 41.9 + R e v a l . of fgn. dir. invest. C h a n g e in value - D i r e c t investment (2) 26 27 28 -10. 9 45..0 55. 9 -7..4 4. 6 12..0 4. 7 13..6 9.,0 0.5 -9.4 -9.8 - R e v a l . of d i r . lnv. in U.S. C h a n g e in value - D i r e c t investment (2) 29 11..0 3..8 -4..0 -.7 30 -60..9 - 2 4 8 .0 -213..8 133.6 31 4109 .3 3861 .3 3 6 4 7 .5 3781.1 + Other - 1 3 .9 63 .7 89 .7 98.8 revaluations = Change 29 in net worth Memo: Net worth T a n g i b l e s and 32 14 15 16 17 30 outstanding net worth on h i s t o r i c a l - c o s t b a s i s : • Net investment flow 32 • V a l u a t i o n a d j u s t m e n t on p h y s i c a l assets (3) C h a n g e in value D e p r e c i a t i o n charges - G r o s s p u r c h a s e s (1) 33 34 35 36 • C h a n g e in the value of land h o l d i n g s 37 .7 .3 .6 .6 6 .5 120 .8 259 .8 3 7 4 .1 -9 .4 113 .9 269 .2 3 9 2 .5 -1.7 166.6 278.2 446.6 37 16 .9 4 .6 8 .7 7.2 38 39 40 - 7 8 .0 248 .6 326 .6 - 7 8 .8 259 .8 3 3 8 .6 - 8 0 .2 269 .2 349 3 -79.4 278.2 357.6 - D e p r e c i a t i o n valuation adj. 38 D e p r e c i a t i o n charges 39 - C a p . c o n s u m p . allow., NIPA 40 41 26 .8 - 4 .0 - 2 8 .0 -20.9 + R e v a l . of fgn. dir. invest. 42 -10 .9 - 7 .4 4 .7 0.5 - R e v a l . of dir. in U.S. 43 19 .3 26 .7 - 1 9 .1 24.7 44 121 .2 183 .7 117 .4 187.1 33 34 35 36 45 -16 148 248 413 2599 .6 2760 .2 2 8 9 2 .8 3054.5 + Other lnv. revaluations = Change Memo: Net worth in b i l l i o n s of d o l l a r s . 42 43 in net worth 44 outstanding 45 (1) Before inventory v a l u a t i o n a d j u s t m e n t . (2) E x c l u d e s capital g a i n s . (3) Effect of different treatment of certain items in BEA capital a c c o u n t s from the NIPA accounts in the c a l c u l a t i o n of h i s t o r i c a l - c o s t investment flows; also r e f l e c t s a d j u s t m e n t s for i n t e r s e c t o r a l t r a n s f e r s of assets. Date are 41 S e p t e m b e r 20, 1994 Private F i n a n c i a l I n s t i t u t i o n s 80 Private F i n a n c i a l Factors Accounting for Change Institutions in Net Worth Annual F l o w s Annual F l o w s 1945 1946 1947 1948 1949 R . 1 3 4 Private F i n a n c i a l 1950 1951 1952 1953 Institutions 1 G r o s s investment of p r i v a t e financial i n s t i t u t i o n s , from flow of funds a c c o u n t s 1.2 1 .0 1 .3 1,.2 2 .1 0 .9 1.8 2.3 1 2 3 4 5 Capital expenditures Net f i n a n c i a l investment Net acq. of f i n a n . assets -Net incr. in l i a b i l i t i e s 0.2 1.0 -2.1 -3.1 0 .3 0 .7 12 .6 11 .9 0 .3 1 .0 10 .5 9 .5 0..3 0,.9 13. 3 12.,4 0,.4 1,.8 21,.1 19 .3 0 .4 0 .5 20 .6 20 .1 0.4 1.4 27.8 26.4 0.6 1.7 23.5 21.8 2 3 4 5 6 + Corporate equity issues 0.1 0 .4 0 .2 0. 3 0..4 0 .4 0.3 0.6 6 7 - Capital consump. allowances 0.2 0 .2 0 .2 0. 3 0..3 0 .3 0.3 0.3 7 = Net investment 8 Balance Sheet 1.1 1,.2 1 .2 1. 3 2. 3 1..0 1.8 2.6 8 3.5 3.5 4.,0 4.,0 4 .3 4 .3 4. 5 4. 5 5,,1 5.,1 5..4 5..4 7.5 7.5 7.4 7.4 9 10 11 -.2 .1 0.,1 0. 2 0..1 0,.1 1. 2 1. 6 0. 3 * 0.3 0, 3 0. 2 2 0..1 0..3 -.1 0.5 0.5 -.2 0.2 0.4 12 13 14 0.1 0.1 0.2 0.2 0. 1 0. 1 0. 2 0. 3 0, 2 0..2 0. 2 0. 3 0. 2 0. 3 0. 3 0. 4 0. 3 0. 4 0. 3 0. 4 0.1 0.2 0.3 0.4 * 0. 1 0. 3 0. 3 0.3 0.3 0.6 15 16 17 18 0.2 0. 2 .1 0. 2 0. 1 0. 1 * 19 -.1 0.2 0.3 1 0. 6 0. 7 .1 0. 4 0. 4 1. 6 2. 7 1. 1 0. 4 1. 6 1. 2 0. 1 1. 0 0. 9 0.4 1.8 1.4 -.4 1.3 1.7 20 21 22 - - 23 24 25 flow, basis - R e v a l . of life insur. and 9 pension fund r e s e r v e s 10 C h a n g e in value 11 -Net claims issued 12 - R e v a l . of m u t u a l fund 13 C h a n g e in value 14 - S h a r e s issued liab. 15 + R e v a l . o f r e p r o d u c i b l e a s s e t s 16 C h a n g e in value 17 Depreciation charges 18 -Gross purchases, FOF basis 19 + C h a n g e in the value of land h o l d i n g s 20 + R e v a l . of c o r p . e q u i t i e s held 21 C h a n g e in value 22 -Net p u r c h a s e s 23 24 25 - R e v a l . of investment in bank p e r s o n a l trusts Change in value -Net invest, by h o u s e h o l d s 26 + O t h e r r e v a l u a t i o n s 27 = C h a n g e Memo: 28 Net worth Data are - * * . - " 0. 1 1 1 -.2 * 26 in net worth 1.5 1. 6 1. 2 1. 9 2. 9 1. 5 2.3 2.4 27 outstanding 23.4 25. 0 26. 1 28. 0 31. 0 32. 5 34.8 37.2 28 in b i l l i o n s of d o l l a r s . " S e p t e m b e r 20, 1994 Private F i n a n c i a l I n s t i t u t i o n s Private Financial Factors Accounting for Change Institutions 81 in Net Worth Annual Flows Annual F l o w s 1954 1955 1956 1957 1958 R. 134 P r i v a t e F i n a n c i a l 1959 1960 1961 1962 Institutions 1 3..6 2. 4 2. 3 1..7 2..7 2. 3 4. 2 4.,1 4.,1 G r o s s investment of private f i n a n c i a l i n s t i t u t i o n s , from flow of funds a c c o u n t s 2 3 4 5 0..6 3..0 28..9 26..0 0. 8 1. 6 29, 2 27,,6 0..6 1..5 25..8 2 4 .3 0..9 0..9 27 .6 26 .7 0..8 1,.9 38 .8 36 .9 1.,0 1..3 33..6 32..3 1..0 3. 2 39..8 36.,5 1.,0 3..2 48..9 45.,8 1. 2 2..9 58..2 55..3 Capital expenditures Net f i n a n c i a l investment Net acq. of f i n a n . assets -Net incr. in l i a b i l i t i e s 6 .3 -. 2 0..6 1,.3 .4 0..5 1..1 -<,9 0..3 + Corporate 0,.5 0 .5 0,,6 0..6 0.,6 0..7 - Capital consump. allowances 7 0,.4 0..4 0..5 equity issues = Net investment flow, B a l a n c e Sheet basis 9 10 11 0.1 7.9 7.9 2. 3 10. 5 8. 2 8.6 8.6 -.7 8.5 9.2 2.7 12.4 9.7 1.2 12.5 11.2 0.,1 11..0 10,.9 4.,2 15..7 11..5 R e v a l . of life insur. and pension fund r e s e r v e s C h a n g e in value -Net claims issued -3. 3 9. 2 12. 4 9 10 11 12 12 13 14 1.4 2.0 0.5 0. 9 1. 7 0..8 0.2 1.2 1.0 -1.4 -.3 1.1 2.9 4.5 1.6 0.9 2.6 1.7 2 l! 2 1.,4 3..6 5..8 2 .2 3 3 -1. 6 1. 7 - 15 16 17 18 0..2 0..7 0..4 0..8 0.3 0.7 0.5 0.8 0.1 0.4 0.5 0.9 * 0.3 0.5 0.8 0.1 0.5 0.6 1.0 0..1 0..4 0.,6 1..0 0..1 0..5 0,.6 1..0 0. 2 0..8 0.,7 1. 2 + 0.2 0.4 0.6 R e v a l . o f r e p r o d u c i b l e assets C h a n g e in value D e p r e c i a t i o n charges - G r o s s p u r c h a s e s , FOF basis + 19 0.3 .1 0.2 0.1 " 0.1 0..1 0..2 0..1 C h a n g e in the value of land h o l d i n g s 20 21 22 4.2 5.0 0.9 5 .6 6 .7 1 .2 0.4 2.1 1.7 -3.2 3.3 6.7 3.4 0..1 4..2 4..1 12 .2 14,.9 2 .7 -8..1 -3..6 4..5 + R e v a l . of c o r p . e q u i t i e s held C h a n g e in value -Net p u r c h a s e s 21 22 R e v a l . of Investment in bank p e r s o n a l trusts C h a n g e in value -Net invest, by h o u s e h o l d s 23 24 25 Other 26 3.1 9.7 11.3 1.6 23 24 25 - - - - 26 -.4 - .2 -.1 -.4 -.4 " 27 5.5 4 .1 3.1 1.2 5.3 3.5 42.7 Data are in billions of d o l l a r s . - .1 .2 .2 5,.0 7 .0 2..5 • R e v a l . of m u t u a l fund C h a n g e in value - S h a r e s issued revaluations = Change Memo: Net worth in net worth outstanding liab. 13 14 27 S e p t e m b e r 20, 1994 Private Financial Institutions g 2 Private F i n a n c i a l Factors Accounting for Change Annual Flows Annual F l o w s 1963 1964 1965 1966 1967 R . 1 3 4 Private F i n a n c i a l 1 G r o s s investment of p r i v a t e f i n a n c i a l i n s t i t u t i o n s , from flow of funds a c c o u n t s 1 .7 3.5 4..0 4 .0 2 3 4 5 Capital expenditures Net f i n a n c i a l investment Net acq. of f i n a n . assets - N e t incr. in l i a b i l i t i e s 1 .1 0 .6 59 .7 59..2 1.7 1.8 67.2 65.4 1,.9 2..0 72. 2 70..2 1 .9 2 .1 58 .0 5 5 .9 6 + Corporate equity issues Capital consump. allowances 7 - 8 = Net investment flow, Balance Sheet basis - 9 10 11 R e v a l . of life insur. and p e n s i o n fund r e s e r v e s C h a n g e in value -Net c l a i m s issued 12 13 14 - R e v a l . of m u t u a l fund C h a n g e in value - S h a r e s issued 15 16 17 18 • R e v a l . o f r e p r o d u c i b l e assets C h a n g e in value Depreciation charges - G r o s s p u r c h a s e s , F O F basis • C h a n g e in the v a l u e of land h o l d i n g s + R e v a l . of c o r p . e q u i t i e s held C h a n g e in value -Net p u r c h a s e s - 23 24 25 R e v a l . of i n v e s t m e n t in bank p e r s o n a l trusts C h a n g e in value -Net invest, by h o u s e h o l d s 26 Other r e v a l u a t i o n s 19 20 21 22 Institutions in Net Worth liab. 1968 1969 1970 1971 Institutions 4 .3 5 .4 .0 .3 .8 .5 3 .1 2 .4 99 .2 96 .8 2 2 83 81 .6 0 .2 4 .2 1 3..3 3 .9 83,.1 86,.9 3 .1 - 2 .9 106,.9 109,,8 3 .8 0 .4 166 .4 166..0 2 3 4 5 - 1..0 " -. 7 0,.4 - •.8 1..1 1..6 - ,.4 3 .1 6 0,.7 0.8 0. 9 1..0 1,.2 1..4 1..5 1,.7 1,.9 7 2 .0 2.7 2. 3 3 3 2 .4 5..1 - •.6 -1,.9 5 .4 8 3 .9 17,.1 13..2 4.1 19.8 15.7 4.,1 20. 5 16. 4 -5..0 13..8 18..8 8,.4 26..6 18..2 6..6 26..4 19..8 -6..1 15..6 21.,7 2,.2 25,.6 23 .4 15,.5 42,.8 27,.4 9 10 11 2..5 3 ,9 1..5 1.8 3.9 2.1 2. 8 6. 1 3. 3 -4.,1 .4 3. 8 6..8 9. 5 2. 7 2..0 6 ,9 4..9 -9. 5 -3..6 5. 8 -3..5 .8 2i.7 7..8 8..6 0,.8 12 13 14 0. 3 0. 7 0. 7 1.,1 0.3 1.2 0.8 1.7 0. 5 1. 5 0. 9 1. 9 0. 7 1. 5 1.,0 1. 9 0.,7 1.,6 1.,2 2.,0 1. 2 2. 9 1. 4 3..1 0.-9 2. 6 1. 5 3. 3 1,.1 2..5 1..7 3..1 2 .1 4..0 1..9 3..8 15 16 17 18 0. 1 0.5 0. 1 0. 4 0. 2 0. 6 9. 7 13. 8 4. 1 9.2 13.4 4.2 9. 8 15. 0 5. 2 -10, 9 -4. 6 6. 3 20..3 28. 1 7. 8 12. 8 23. 9 11. 1 - 2 1..7 1..7 19 67. 4 89. 0 21. 7 -4..3 6. 3 10. 6 38. 4 65..1 26, 7 20 21 22 122. 1 129. 8 7. 7 -2. 2 1. 9 4.,1 11. 5 24, 2 12. 7 23 24 25 7, 7 -.2 " 0. 4 0. 2 4 40. 6 5. 8 1. 3 26 in net w o r t h 5. 0 6.7 5. 8 3. 0 8. 6 10. 7 8. 9 5. 9 14. 2 27 Memo: 28 Net worth o u t s t a n d i n g 79. 5 86.2 92. 0 95. 0 103. 6 114. 3 123. 2 129.,1 143. 3 28 27 = C h a n g e Data are in b i l l i o n s of d o l l a r s . -• S e p t e m b e r 20, 1994 Private F i n a n c i a l Institutions Private F i n a n c i a l Factors Accounting for Change in Net Worth g g Annual Flows Annual Flows 1972 1973 1974 1975 1976 R . 1 3 4 Private F i n a n c i a l 1977 1978 Institutions G r o s s investment of p r i v a t e f i n a n c i a l i n s t i t u t i o n s , from flow of funds a c c o u n t s 14.7 7.5 2.3 251.4 249.. 1 21.1 6.0 7.4 7.3 319.2 311. 9 13.7 13.6 395.5 381. 8 18.7 14.7 399.2 384. 5 385.0 378.,9 224.6 224. 9 216.2 213. 5 165.4 167. 9 2. 6 5. 2 1. 6 -1. 2 1. 7 1. 9 3. 5 2. 4 1. 7 + Corporate equity 2. 2 2. 6 3. 4 4. 2 5.,1 5.,9 6..6 7. 9 9. 2 - Capital consump. allowances -.2 5.8 2.7 6.9 -2.6 4. 9 11.,1 2.,6 -3. 0 6..4 10..7 24. 2 27. 9 19. 6 11. 8 59. 1 47. 3 -25.,9 13..6 39. 5 -29. 2 12. 5 41..7 34. 9 102. 6 67. a 15..6 71. 2 55..6 -16. 2 57. 5 73..6 17..4 104..4 87..1 14..4 109..8 95. 3 40. 2 158. 3 118.,1 3. 8 3 5 3 -12.,2 -12. 3 .1 -11..9 -11..5 0..5 7. 9 7. 9 5..3 3..5 -1..9 -2..0 -1..0 1..0 0..7 0..6 .1 5..2 5..7 0..6 6..5 10..0 3..5 2..2 4. 7 2. 2 4..8 3. 5 6..8 2 .6 5 .8 5..6 9 .2 3 .4 6 .9 4..3 7..1 4..2 7.,0 5,.5 7 .9 5 .1 7 .5 5 (1 6.! 6 5 .9 7 .4 5..0 12..1 6..6 13..7 6..6 17..5 7,.9 18..7 8..2 20..1 9..2 21..1 19 2 ,0 3..0 4. 2 4..3 3 .1 3 .4 4..9 5..7 10..4 20 21 22 36.,2 61..9 25..7 -72. 3 - 4 9 .5 22..7 -89..1 -79..3 9 .7 75..8 75. 5 -• 3 44..8 53. 3 8 .5 -29..9 -18,.8 11,.0 25 ,6 38 .9 13. 3 41,.3 53..9 12 .6 86,.9 102..7 15..7 23 24 25 14..7 23.,5 8.8 25 .7 -13..0 12.8 -34..1 -28.,6 5.5 26. 8 21..1 -5.6 18 .0 25 .9 7.9 - 1 0 .2 - 2 .9 7.3 2 .9 10,,9 8.0 16 .3 22 .5 6.2 30,.5 29 .6 -1.0 26 5.8 10.4 4.5 7.6 6.5 3.5 -.4 1.8 2.4 27 20.9 19.6 3.2 19.4 27.3 21.3 38.3 47.4 50.3 164.2 183.7 186.9 206.4 233.7 255.0 293.3 340.8 391.1 issues = Net investment flow, B a l a n c e Sheet b a s i s - Data are in billions of d o l l a r s . I Capital expenditures Net f i n a n c i a l investment Net acq. of f i n a n . a s s e t s -Net incr. in l i a b i l i t i e s 7.0 -4.6 169.5 174. 1 4.8 28 Institutions R e v a l . of life insur. and pension fund r e s e r v e s C h a n g e in value -Net claims issued 9 10 11 - R e v a l . of m u t u a l fund l l a b . C h a n g e in value - S h a r e s issued 12 13 14 • Reval.of reproducible assets C h a n g e in value 16 Depreciation charges 17 - G r o s s p u r c h a s e s , FOF b a s i s • C h a n g e in the value of land h o l d i n g s + R e v a l . of c o r p . e q u i t i e s held C h a n g e in value 21 -Net p u r c h a s e s 22 - R e v a l . of investment in bank p e r s o n a l trusts C h a n g e in value -Net invest, by h o u s e h o l d s 23 24 25 + Other r e v a l u a t i o n s 26 = Change in net worth 27 outstanding 28 Memo: Net worth S e p t e m b e r 20, 1994 Private Financial Institutions 84 Private Financial Factors Accounting for Change Annual Flows Annual F l o w s 1981 1982 1983 1984 1985 R . 1 3 4 Private F i n a n c i a l 1 G r o s s investment of private f i n a n c i a l i n s t i t u t i o n s , from flow o f funds a c c o u n t s 2 3 4 5 Capital expenditures Net f i n a n c i a l investment Net acq. of f i n a n . assets -Net incr. in l i a b i l i t i e s 6 • Corporate equity issues 7 - Capital consump. allowances s 8 Net investment flow, B a l a n c e Sheet basis - R e v a l . of life insur. and 9 pension fund r e s e r v e s 10 C h a n g e in value 11 -Net claims issued 12 - R e v a l . of m u t u a l fund 13 C h a n g e in value 14 - S h a r e s issued liab. 15 + R e v a l . o f r e p r o d u c i b l e assets 16 C h a n g e in value 17 Depreciation charges 18 - G r o s s p u r c h a s e s , FOF b a s i s 19 Institutions in Net W o r t h • C h a n g e in the value of land h o l d i n g s 14 .2 25 .3 -11 . 1 488 .4 499 .5 1986 1987 1988 1989 Institutions 19 .6 20 .2 25 .2 29 .2 41 .9 46 .4 34 .5 26 .8 - 7 .2 5 1 4 .8 5 2 2 .0 29 .6 -9 .4 5 3 4 .6 5 4 4 .0 37 .7 - 1 2 .5 739 .3 751 .9 42 .2 - 1 3 .0 914 .5 927 .5 48 .6 -6 .8 1090 .8 1097 .6 5 2 .1 - 5 .7 733 .6 739 .3 56 .5 - 2 2 .0 653 .0 675 .0 75 .0 63 11 925 914 1 .5 .5 .9 .4 2 3 4 5 2 .8 4 .3 3 .0 5 .5 15 .8 18 .0 20 .4 25 .8 9 .0 6 11 .2 13 .0 14 .4 16 .4 18 .4 21 .3 24 .7 28 .3 32 .8 7 5 .8 10 .9 8 .8 14,.3 26 .6 38 .5 42 .2 32 .0 51 .1 8 - 2 7 .8 8 8 .8 116 .7 51 .2 217,.3 166 .1 70, 3 2 3 2 .3 161,,9 13..0 157,.2 144. 3 90 .7 3 5 4 .1 263 .4 89 .8 3 7 5 .3 2 8 5 .5 3 .8 2 1 2 .0 208..2 112 .3 249 .8 137 .6 218 .9 547 .7 328 .8 9 10 11 -6 .4 - 2 .0 4 .4 7 .6 17.,0 9.,4 6..0 35. 3 29. 3 -2.,7 24..6 27. 3 14,.9 103..6 88.,7 12,.3 173,.2 160,.9 -23,,6 46..7 70. 2 12,.0 18,.1 6..1 50..7 87 .9 37..2 12 13 14 8..4 2 2 .5 11,,2 25 ,3 5..4 19..1 13..0 26. 8 2. 7 17. 9 14. 4 29. 6 2.,1 23. 5 16. 4 37, 7 2..8 26..6 18..4 42.,2 7..8 35..1 21. 3 48..6 5. 8 33. 3 24. 7 52.,1 11..5 39,.7 28.,3 56. 5 11 .8 , 42. 5 32. 8 63. 5 15 16 17 18 7. 8 8. 1 8. 5 3. 8 10. 3 -48. 8 -21. 1 27. 7 83. 9 116. 9 33. 0 123. 3 168. 8 45. 5 9. 7 11. 6 1. 9 182. 7 233. 9 51. 3 -12. 7 3. 3 16. 0 17. 9 16. 0 -1. 9 25. 9 29. 0 3. 2 -2. 1 13. 0 15. 1 42. 0 52. 2 10. 2 26 + Other r e v a l u a t i o n s -8.8 -20. 6 8. 4 52. 6 13. 6 4. 8 - 3 .5 9. 7 -4. 9 26 27 * C h a n g e in net worth 11. 3 11. 1 49. 6 74. 4 88. 4 90. 2 79. 3 90. 8 118. 2 27 28 Net worth o u t s t a n d i n g 402. 4 413. 5 463. 0 537. 4 625. 8 715. 9 795. 2 886. 0 1004. 2 28 20 • R e v a l . of c o r p . e q u i t i e s held 21 C h a n g e in value 22 -Net p u r c h a s e s 23 24 25 - R e v a l . of investment in bank p e r s o n a l trusts C h a n g e in value -Net invest, by h o u s e h o l d s Data are in b i l l i o n s of d o l l a r s . 12. 2 18. 3 10, 0 16. 3 19 157.. 0 214. 3 57. 3 -6, 6 39. 7 46. 3 179. 2 166, 7 -12. 5 365. 3 370. 2 4. 9 20 21 22 28. 0 46. 1 18. 1 -3. 3 9. 8 13. 2 27. 3 29. 5 2. 2 51. 8 71. 4 19. 6 23 24 25 S e p t e m b e r 20, 1994 Private F i n a n c i a l I n s t i t u t i o n s Private Financial Factors Accounting for Change 85 Annual Flows Annual F l o w s 1990 1991 1992 1993 R.134 Private Financial 1 2 3 4 5 52 4 62 -9 463 473 Institutions In Net Worth 2 8 6 3 36 8 58 -21 733 754 5 7 0 7 10 1 63 -53 745 798 2 0 7 7 Institutions 66 8 G r o s s Investment of private f i n a n c i a l Institutions, from flow of funds a c c o u n t s 1 67 2 4 1140 9 1141 2 Capital expenditures Net financial^ investment Net acq. o f ' f l n a n . assets -Net incr. in l i a b i l i t i e s 2 3 4 5 6 10 0 15 1 26 4 38 2 + C o r p o r a t e equity 7 36 6 39 3 41 2 43 2 - Capital 61 9 = Net i n v e s t m e n t flow, B a l a n c e Sheet basis a 25 9 12 5 -4 7 issues consump. allowances 7 8 9 10 11 -81. 8 86. 9 168..8 293 .8 654 .3 360,.4 128..5 378..4 249 .9 169..2 473..1 303..9 - R e v a l . of life insur. and pension fund r e s e r v e s C h a n g e in value -Net claims issued 12 13 14 29.,4 35..9 65. 3 60..3 211..8 151..5 16,.3 228. 2 211..9 70..3 387..2 316..8 - R e v a l . of m u t u a l fund C h a n g e in value - S h a r e s issued 15 16 17 18 9. 9 35.,5 36. 6 62. 2 19. 2 39. 3 58..5 4..1 26..0 41. 2 63. 2 8..9 32..9 43. 2 67. 2 19 -15..0 -7..0 3 2 20 21 22 -139..1 -118..1 21..0 479. 3 600. 3 121..0 23 24 25 -22. 6 7..1 29..7 liab. 9 10 11 12 13 14 + R e v a l . o f r e p r o d u c i b l e assets C h a n g e in value D e p r e c i a t i o n charges - G r o s s p u r c h a s e s , FOF basis 15 16 17 18 -10..3 + C h a n g e in the value of land h o l d i n g s 19 204..3 311. 2 106..9 312. 3 547..9 235..6 + R e v a l . of c o r p . e q u i t i e s held 20 C h a n g e in value 21 -Net p u r c h a s e s 22 70..1 86 .2 16..1 28. 4 21..2 -7..1 29. 8 31.,4 1..6 26 10..1 4 .5 50..4 23, 9 27 25..6 65..0 77. 8 127. 5 28 1029.,8 1094..8 1172. 6 1300.,1 Data are in b i l l i o n s of d o l l a r s . 6 - R e v a l . of investment in bank p e r s o n a l trusts C h a n g e in value -Net invest, by h o u s e h o l d s + Other revaluations = Change Memo: Net worth 23 24 25 26 in net worth 27 outstanding 28
@FedFRASER