The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Z.I December 1986 Flow of Funds 1986: Q3 Flow of Funds Accounts, Third Quarter 1986 Seasonally Adjusted and Unadjusted Board of Governors of the Federal Reserve System, Washington, D.C. 20551 CONTENTS PAGE iii-v vi-viii Information Status for Preliminary Estimates Debt Aggregate Growth Rates SUMMARY TABLES 1 2 4 Income and Product Distribution Funds Raised in Credit Markets Credit Market Supply of Funds SECTOR TABLES 6 8 10 12 14 16 18 20 22 24 26 28 Households Total Nonfinancial Business Noncorporate Business Nonfinancial Corporate Business State and Local Governments U.S. Government and Credit Agencies Foreign Banking System Commercial Banking Subsectors Nonbank Finance Summary Savings Insitutitons Insurance and Pension Funds Finance N.E.C. TRANSACTION TABLES 30 32 34 36 38 40,42 44 46 48 50,52 54 56 58 Monetary and Insurance Reserves Interbank Claims Deposit Claims U.S. Government Securities Private Securities Mortgages Consumer Credit and Bank Loans N.E.C. Open Market Paper Other Loans Security Credit, Trade Credit, and Taxes Miscellaneous Total Claims Saving by Individuals Discrepancies Flow of Funds Accounts Third Quarter 1986 The tables published here include revisions for all of 1986 compared with the 1986.Q2 Accounts published in September, and some of the data for 1985 have been revised, as well. Estimates for 1984 and earlier years are unchanged. There have been no structural changes in the preparation of the third quarter 1986 estimates, but a few changes in data sources have been incorporated which affect, for example, U.S. Government loans to private sectors and foreign loans to U.S. nonbanks. Preliminary estimates. Figures shown for the most recent quarter in these tables are based on preliminary and incomplete information and are therefore only tentative. At the end of this preface is a list of the principal sources of information that were available in putting together the third quarter on this preliminary basis, and the significance of individual items in the tables should be judged on the basis of the list. The list is summary in form and is by no means a complete statement of sources of data or of derivation methods. Because much of the source information consists of sector balance sheets or statements of activity, the list is organized mainly in terms of sectors. For nonfinancial activity included in the accounts, however, such as sector income and capital outlays, the Commerce Department's income and product accounts are the principal source. This part of the system is included separately at the beginning of the list. The items that are shown as available are in general also preliminary in the sense that they are subject to revision once a year on the basis of benchmark data. "Available” for them means that the basic quarterly estimates have been completed in a form that will usually stand until the next annual revision. Virtually all quarterly data sources are compiled within five or six months of the end of the quarter, and the distinction between the two columns is not between final and preliminary versions of data but rather between those source estimates that are fully ready when the first quarterly estimate is put together and those that are not yet completed. Availability. Flow of Funds statistics are usually compiled and available around three months following the last quarter reported. The Z.7 release—Flow of Funds Summary Statistics—is made available as soon as possible, providing an overview of major credit market demands and supplies, together with developments in a few key sectors. The current publication—which is the Z.l release and covers the full range of the accounts—is subject to printing and mailing delays of up to two weeks from the time the estimates are completed. To facilitate access in the meantime, copies of the computer printouts are distributed to Federal Reserve Bank information offices fo.r use by the public. The quarterly data in this release concentrate on flows of financing in economic sectors and transactions forms. The outstandings counterparts of these flows are published—usually annually, in the autumn—in Flow of Funds Accounts: Financial Assets and Liabilities, which constitutes part of the same release as the quarterly flow accounts. All subscribers to the Z.l release, therefore, receive both the flow and outstandings publications. - i - The current quarterly tables are an extension of a body of data that begins in 1946 in annual form and in 1952 quarterly. Annual-total flows and year-end outstandings were most recently published together in Flow of Funds Accounts, 1949-78 (December 1979). Data in that publication are superceded however, by revisions that first appeared in the August 1981 publication in this quarterly series and continue to appear in the two parts of the present release. Two replacement volumes are in preparation. The first, containing annual data for 1946 to 1969, is now being printed and will be available in early 1987. The second, with quarterly data from 1970 through 1985 will follow shortly thereafter. Effective immediately, the Federal Reserve Board now charges nominal amounts for subscriptions to all public releases, to defray printing and postage costs. The 1987 cost of the Z.7 Summary Statistics release has been set at $2.00; the cost of the full Z.1 release has been fixed at $7.00. Subscription inquiries for these releases, may be directed to Publication Services, Stop 138 at the Federal Reserve address given below. Quarterly or annual data for specific sectors of the accounts, in reasonable scope, are available in printed form from the Flow of Funds Section on request. Computer tapes for the entire data base in the accounts may be purchased from the National Technical Information Service, 5285 Port Royal Road, Springfield, Virginia 22161. Requests and inquiries about the data and historical tabulations should be addressed to: Flow of Funds Section Room B-5100, Stop 95 Board of Governors of the Federal Reserve System 20th and Constitution Ave. Washington, D. C. 20551 (202) 452-3482 - ii Information Status for Preliminary Estimates: NONFINANCIAL— 1. National income and product accounts 1986.Q3 Major items missing Available Third quarterly estimate, seasonally adjusted Seasonally unadjusted data. FINANCIAL— for this sector are almost entirely residual and derived from data sectors. Availability is thus dependent on schedules for other Principal types of borrowing—mortgages and consumer in time for first quarterly estimates. 2. Households Estimates for other sectors, available 3. Farms Bank loans. For sponsored agency loans, see item 9 below. U.S. Government loans. below. 4. Nonfarm noncorporate business Bank and finance company loans, mortgage borrowing, open-market paper Net trade debt 5. Nonfinancial corporate business For preceding quarter: net security issues, foreign direct investment. For current quarter: gross security offerings, mortgages, bank loans, open-market paper, finance company loans. Working capital, U.S. Government loans for current quarter. 6. State and local governments Gross security offerings, deposits at banks, two months of quarter for Government security holdings (SLGs) Security retirements, last month of quarter for holdings for Government securities. 7. Rest of the world (U.S. (International Transactions) Balance of Payments Capital Account data Claims and liabilities of U.S. nonbanking concerns for current quarter. - iii - See item 9 FINANCIAL— 8. U.S. Government 9. Sponsored credit agencies Major items missing Available Monthly Treasury Statement of Receipts and Outlays for last month of quarter, Federal Financing Bank Statement Loans outstanding except at Federal Financing Bank Balance sheets for FNMA, Home Loan Banks, Farm Credit Administration securities outstanding. FCA loans for September 10. Mortgage pools Complete None 11. Monetary authority Complete None 12. Banking All-bank totals for preceding quarter, current-quarter indicators for banking and monetary estimates through last month of current quarter. Recent all-bank totals 13. Savings and loan associations Last month of quarter on summary monthly basis Detailed balance sheets and liquidity statements 14. Mutual savings banks Complete None 15. Credit unions Complete None 16. Life insurance companies Complete None 17. Private Pension Funds Complete None 18. State and local government retirement system Preceding quarter Current quarter 19. Other insurance companies Preceding year Current year - iv - FINANCIAL— Available Major Items missing 20. Finance companies Complete None 21. REIT's Preceding quarter Current quarter 22. Investment companies and money market funds Complete None 23. Security brokers and dealers Borrowings Assets - v - DECEMBER 22, 1986 NONFINANCIAL DEBT NONFINANCIAL DEBT GROWTH OF MAJOR DEBT AGGREGATES BY SECTOR ---------------------------------------------------- DOMESTIC NONFINANCIAL SECTORS ----------------------------------------------------- HOUSEHOLDS --------- NONFINANCIAL BUSINESS STATE & U.S. LOCAL HOME CONSUMER LONG SHORT PVT. GOVT. NONFIN TOTAL GOVTS TOTAL MTGES CREDIT TOTAL TERM TERM FOREIGN TOTAL NONFINANCIAL MEMO: PRIVATE FINAN. ASSETS ANNUAL CHANGE (PER CENT) 1973 1974 1975 1976 1977 10.7 9.0 9.0 10.7 12.6 2.4 3.4 23.7 15.5 11.0 12.8 10.3 5.9 9.5 13.0 13.0 7.8 7.1 11.6 16.1 12.6 8.8 8.9 12.7 17.0 13.5 4.9 4.3 11.0 15.6 14.3 13.4 4.9 8.5 12.3 10.4 10.3 9.2 8.9 11.1 22.2 19.0 -2.3 7.8 14.7 7.1 7.6 5.9 6.0 4.5 10.3 23.1 16.2 21.8 11.7 10.7 9.5 9.3 11.1 12.6 11.2 8.9 8.8 11.0 10.8 1978 1979 1980 1981 1982 13.1 12.1 9.6 9.6 9.0 9.4 6.0 11.9 11.8 19.4 14.1 13.6 9.1 9.1 6.5 16.9 15.0 9.0 8.4 5.6 17.5 16.2 11.4 8.0 4.8 16.6 13.0 1.2 6.0 4.5 13.1 13.6 9.8 11.2 7.3 10.5 9.9 8.8 7.7 7.1 18.2 20.2 11.4 16.7 7.6 6.8 6.8 6.2 2.3 7.1 18.9 9.6 13.8 12.0 7.3 13.4 12.0 9.8 9.7 8.9 11.3 11.3 9.7 11.1 10.8 1983 1984 1985 11.7 14.5 14.5 18.8 16.9 16.2 9.8 13.8 14.0 11.3 13.0 14.2 10.4 11.0 11.5 13.6 20.0 17.0 8.2 15.7 11.3 9.5 13.8 14.3 6.4 18.6 7.1 10.5 7.7 28.0 8.3 2.7 .7 11.6 14.0 14.0 11.6 14.0 12.3 QUARTERLY GROWTH RATES (X - SAAR) 1983 — I II III IV 9.8 11.6 11.4 12.3 20.5 22.1 15.9 12.0 6.9 8.6 10.1 12.3 8.4 9.8 12.1 13.2 7.5 9.2 11.5 11.7 9.0 9.2 14.0 19.6 5.7 6.1 9.0 11.2 8.4 9.3 10.0 8.9 1.9 1.4 7.4 14.5 4.9 16.2 5.8 13.8 11.4 6.9 3.5 10.5 9.8 11.4 11.0 12.2 9.9 10.6 11.8 12.2 1984 — I II III IV 13.3 14.1 12.2 15.4 15.7 14.5 14.7 18.7 12.6 14.0 11.4 14.5 10.9 13.9 11.3 13.5 10.1 12.1 9.8 10.3 17.5 23.1 17.4 16.7 14.8 15.8 12.3 16.6 10.4 12.6 13.0 16.3 21.2 20.6 11.2 16.9 9.8 4.2 7.4 8.5 6.9 24.2 -15.1 -4.2 13.0 14.5 11.0 14.7 13.0 13.4 11.7 15.4 1985 — I II III IV 11.0 13.1 11.5 19.7 10.2 18.7 10.1 22.6 11.2 11.5 11.9 18.8 11.4 12.6 13.7 16.2 9.6 10.5 11.9 12.1 18.5 15.0 18.2 12.2 10.6 9.7 9.1 14.2 12.1 13.7 12.3 16.2 8.5 3.9 4.4 11.1 13.7 15.3 17.3 57.0 -2.5 -1.1 5.2 1.3 10.5 12.6 11.3 19.0 9.0 11.0 11.2 15.8 1986 — I II III 8.1 12.3 11.4 7.5 18.5 10.8 8.2 10.4 11.6 7.3 11.8 12.3 7.9 12.3 13.2 9.5 12.7 11.5 10.1 8.5 6.9 14.7 12.7 11.4 3.1 2.1 -.2 3.4 13.0 31.5 14.8 6.1 -2.2 8.3 12.1 11.0 4.4 8.9 5.5 VI DECEMBER 22, 1986 NONFINANCIAL DEBT NONFINANCIAL DEBT GROWTH OF MAJOR DEBT AGGREGATES BY SECTOR TOTAL -------------------------------- DOMESTIC NONFINANCIAL SECTORS----------------------------------------------------- HOUSEHOLDS --------- NONFINANCIAL BUSINESS STATE A U.S. PVT. HOME CONSUMER LONG SHORT LOCAL GOVT. NONFIN TOTAL MTGES CREDIT TOTAL TERM TERM GOVTS FOREIGN TOTAL NONFINANCIAL MEMO: PRIVATE FINAN. ASSETS ANNUAL FLOWS (MILLIONS) 1973 1974 1975 1976 1977 185.3 172.5 187.5 242.1 316.9 8.3 11.8 85.4 69.0 56.8 177.1 160.7 102.1 173.1 260.2 75.9 51.6 50.8 88.2 137.5 44.6 34.8 38.2 59.4 89.7 24.0 9.9 9.1 24.2 38.1 88.3 94.6 39.0 71.6 112.2 42.8 47.0 46.0 49.1 66.8 45.5 47.5 -7.0 22.5 45.4 12.8 14.6 12.3 13.2 10.5 6.3 15.7 13.2 20.5 13.5 191.6 188.2 200.7 262.6 330.4 135.6 119.6 129.4 175.1 191.5 1978 1979 1980 1981 1982 371.9 385.7 344.9 375.8 387.4 53.7 37.4 79.2 87.4 161.3 318.2 348.4 265.7 288.5 226.2 167.2 173.7 120.0 121.4 88.4 108.6 117.6 96.4 75.0 49.5 46.7 42.7 4.5 22.6 17.7 134.5 157.1 128.5 160.3 116.2 70.1 73.0 71.4 68.2 67.1 64.5 84.0 57.1 92.1 49.1 16.5 17.6 17.2 6.8 21.5 24.2 15.1 23.8 23.5 16.0 396.1 400.8 368.7 399.3 403.4 221.8 248.6 237.0 299.0 320.7 1983 1984 1985 548.8 756.3 869.3 186.6 198.8 223.6 362.2 557.5 645.7 188.0 239.5 295.0 110.4 129.3 149.4 56.8 95.0 96.6 140.2 290.6 242.9 95.6 152.4 180.2 44.7 138.2 62.8 34.0 27.4 107.8 17.4 6.1 1.7 566.2 762.4 871.0 382.7 517.4 515.3 QUARTERLY NET FLOWS ($B - SAAR) 1983 — I II III IV 456.6 554.3 561.6 622.7 203.7 230.3 174.5 137.7 252.9 324.0 387.1 485.0 139.4 165.8 210.0 236.8 79.8 100.1 127.9 133.8 37.7 39.2 61.4 88.8 97.8 105.2 157.5 200.5 84.7 95.5 105.4 96.8 13.0 9.7 52.1 103.8 15.7 53.0 19.6 47.7 23.7 14.8 7.7 23.3 480.3 569.1 569.4 646.0 327.9 358.4 408.2 436.4 1984 — I II III IV 694.9 760.6 680.1 889.6 185.1 177.4 186.4 246.3 509.8 583.2 493.7 643.3 201.8 263.8 221.4 270.9 118.8 145.6 121.7 131.1 83.2 114.3 91.2 91.4 272.8 304.2 245.0 340.4 115.2 143.6 153.0 197.8 157.6 160.6 92.0 142.6 35.2 15.3 27.3 32.0 15.5 55.5 -36.7 -9.9 710.4 816.1 643.3 879.7 479.1 509.8 459.3 621.6 1985 — I II III IV 658.6 806.6 728.8 1283.3 140.2 263.4 149.3 341.7 518.4 543.2 579.6 941.6 237.6 269.6 302.9 369.8 124.7 139.8 162.4 170.6 105.5 89.2 112.6 79.2 227.9 212.8 204.9 326.0 153.2 178.1 165.4 223.8 74.6 34.7 39.5 102.2 52.9 60.8 71.7 245.8 -5.8 -2.4 12.0 2.9 652.7 804.1 740.8 1286.2 378.4 473.7 493.6 715.3 1986 — I II III 551.7 859.1 824.4 120.6 301.9 184.5 431.1 557.2 639.9 173.6 283.4 305.1 114.7 182.1 200.5 63.6 87.0 81.1 240.7 209.2 173.6 211.4 189.6 175.6 29.3 19.6 -2.0 16.9 64.5 161.2 34.5 14.1 -5.2 586.2 873.2 819.2 207.2 424.5 269.8 Vll DECEMBER 22, 1986 NONFINANCIAL DEBT NONFINANCIAL DEBT GROWTH OF MAJOR DEBT AGGREGATES BY SECTOR --------------------------------------------------- DOMESTIC NONFINANCIAL SECTORS----------------------------------------------------- HOUSEHOLDS----------- NONFINANCIAL BUSINESS STATE « U.S. PVT. HOME CONSUMER LONG SHORT LOCAL TOTAL GOVT. NONFIN TOTAL MTGES CREDIT TOTAL TERM TERM GOVTS FOREIGN TOTAL NONFINANCIAL MEMO: PRIVATE FINAN. ASSETS YEAR-END OUTSTANDINGS (9 BILLIONS) 1973 1974 1975 1976 1977 1910.8 2082.7 2269.0 2510.2 2828.9 349.1 360.8 446.3 515.8 572.5 1561.8 1721.9 1822.7 1994.5 2256.4 663.1 714.5 762.2 851.7 989.2 396.8 431.4 469.7 529.4 619.2 203.5 213.4 219.6 243.9 282.0 705.4 799.5 840.3 909.3 1023.2 455.3 502.2 550.0 599.5 668.1 250.1 297.3 290.3 309.8 355.1 193.3 207.9 220.2 233.5 243.9 67.7 81.1 94.3 114.9 128.3 1978.5 2163.9 2363.3 2625.1 2957.2 1348.3 1469.6 1598.6 1774.8 1966.6 1978 1979 1980 1981 1982 3195.6 3581.5 3925.8 4301.2 4679.1 626.2 663.6 742.8 830.1 991.4 2569.4 2917.9 3183.1 3471.1 3687.7 1154.7 1329.0 1451.6 1577.7 1659.8 727.7 846.9 943.3 1023.0 1064.6 328.8 371.4 375.9 398.5 418.1 1154.2 1310.8 1436.2 1591.3 1704.3 738.9 812.2 883.6 946.6 1009.9 415.4 498.6 552.6 644.7 694.4 260.5 278.1 295.3 302.1 323.7 156.7 172.1 195.8 219.2 209.0 3352.3 3753.6 4121.7 4520.5 4888.1 2192.2 2441.3 2682.0 2981.3 3299.5 QUARTERLY OUTSTANDINGS, SEASONALLY ADJUSTED 1983 — I II III IV 4795.9 4934.5 5074.9 5230.6 1042.3 1099.9 1143.5 1177.9 3753.6 3834.6 3931.4 4052.6 1694.4 1735.8 1788.3 1847.5 1084.3 1109.3 1141.2 1174.7 427.5 437.3 452.6 474.8 1731.7 1758.0 1797.3 1847.5 1031.0 1054.9 1081.2 1105.4 700.7 703.1 716.1 742.1 327.6 340.8 345.8 357.7 214.9 218.6 220.5 226.3 5010.8 5153.1 5295.4 5456.9 3384.9 3474.4 3576.3 3685.2 1984 — I II III IV 5403.7 5592.5 5763.0 5985.4 1224.2 1268.6 1315.2 1376.8 4179.5 4323.9 4447.9 4608.7 1893.4 1958.4 2014.3 2082.0 1204.7 1240.2 1270.6 1303.4 495.6 524.2 547.0 569.9 1919.7 1995.2 2056.5 2141.6 1138.2 1173.6 1211.9 1261.3 781.5 821.6 844.6 880.3 366.5 370.3 377.1 385.1 229.6 243.5 234.3 231.8 5633.4 5836.0 5997.4 6217.2 3804.3 3931.4 4046.4 4201.7 1985 — I II III IV 6149.1 6347.7 6528.7 6851.0 1411.8 1477.6 1515.0 1600.4 4737.3 4870.1 5013.7 5250.6 2140.9 2205.3 2278.3 2369.7 1334.6 1369.5 1407.4 1450.0 596.2 618.5 646.7 666.5 2198.0 2251.3 2304.0 2388.0 1299.6 1344.2 1384.6 1440.4 898.4 907.1 919.5 947.6 398.3 413.5 431.4 492.9 229.9 229.3 232.3 233.0 6378.9 6577.0 6760.9 7084.0 4294.5 4413.0 4532.6 4712.1 1986 — I II III 6986.3 7204.1 7410.3 1630.5 1706.0 1752.1 5355.8 5498.1 5658.1 2411.6 2482.0 2556.2 1477.7 1523.2 1572.2 682.4 704.1 724.4 2447.6 2503.9 2549.8 1492.4 1539.8 1583.2 955.2 964.1 966.6 496.6 512.2 552.1 233.6 236.9 235.6 7219.9 7441.0 7645.9 4759.5 4865.7 4931.2 Vlll DECEMBER 22, 1986 Income and Product Distribution Income and Product Distribution Income and Product Accounts: GNP Expenditures and Gross Savins SEASONALLY ADJUSTED ANNUAL RATES 1982 1983 1984 1985 I 1 I II 1985 III IV I 1 I 1986 11 1 SEASONALLY ADJUSTED ANNUAL RATES 111 1 3166.0 3405.8 3765.0 3998.0 3909.2 3964.9 4030.5 4087.5 4149.2 4175.6 4240.7 Total GNP 1 2 3 4 5 6 2692.4 2050.7 252.7 369.0 272.7 2909.6 2234.6 289.1 391.5 283.6 3161.6 2428.2 331.2 422.2 311.2 3415.9 2600.5 359.3 461.3 354.1 3308.1 2530.9 347.7 443.5 333.7 3375.0 2576.0 354.0 458.1 340.9 3456.8 2627.1 373.3 468.8 360.9 3523.5 2667.9 362.0 474.7 380.9 3534.5 2697.9 360.8 480.9 355.7 3592.9 2732.0 373.9 493.3 367.6 3673.8 Current outlays Households 2799.8 414.5 Of which consumer durables 504.7 State and local governments 369.3 U.S. sovernment 2 3 4 5 6 7 8 9 10 11 12 13 447.3 471.8 105.1 4.6 75.4 72.0 2.0 502.3 509.4 152.5 6.1 113.8 103.9 1.5 662.1 598.0 181.4 6.2 134.7 131.3 2.6 661.1 650.0 191.8 6.1 141.1 137.7 2.2 650.6 625.2 185.4 5.9 136.5 133.4 2.1 667.0 648.0 188.8 6.1 139.5 136.1 2.2 657.4 654.3 194.5 6.2 142.2 139.5 2.3 669.4 672.6 198.6 6.1 146.2 141.9 2.2 708.4 664.5 205.3 5.5 154.3 145.8 2.1 687.2 672.8 215.3 5.1 160.4 153.1 2.1 7 8 9 10 11 12 13 14 15 16 1.3 .6 •6 8.4 4.2 4.2 .7 .4 .4 1.2 .6 .6 1.0 .5 .5 1.2 .6 .6 .4 .2 .2 2.2 1.1 1.1 6.5 3.2 3.2 5.3 2.6 2.6 675.8 Gross domestic Investment 680.3 Private fixed investment Residential construction 221.3 Mobile homes 5.1 1-4 family structures 163.3 Household purchases 155.6 Farm 1.9 Change in work in process on nonfarm 5.7 2.9 Noncorporate Corporate 2.9 17 18 19 20 21 25.2 13.3 10.6 1.2 .1 32.6 14.9 16.6 1.2 K 40.5 16.9 21.5 1.9 .2 44.7 18.2 24.3 1.8 .4 43.0 17.7 23.1 1.9 .3 43.2 18.1 22.9 1.8 .4 46.2 18.3 25.6 1.7 .4 46.2 18.5 25.6 1.8 .4 45.4 18.8 24.3 2.3 .1 49.7 18.9 28.5 2.2 .1 52.9 19.2 31.3 2.4 .1 Multi-family units Households (1) Noncorporate business Nonfin. corp, business REITs 17 18 19 20 21 22 23 24 25 26 27 366.7 12.4 15.9 53.4 17.1 267.9 356.9 13.9 14.1 48.7 19.2 261.1 416.6 14.6 14.1 56.7 21.3 309.9 458.2 14.1 16.2 58.7 29.7 339.4, 439.8 14.4 14.3 58.7 31.9 320.5 459.2 14.1 16.5 57.6 31.1 339.9 459.8 14.0 16.5 58.9 30.3 340.1 474.0 14.1 17.6 59.7 25.5 357.1 459.2 14.2 15.4 63.4 28.7 337.5 457.5 14.2 16.5 64.1 25.8 336.9 459.0 14.3 15.2 67.1 27.1 335.4 28 29 30 31 32 -24.6 -1.5 -23.1 -1.9 -21.2 -7.1 -7.5 .4 -.2 .6 64.1 7.5 56.6 5.4 51.2 11.1 -1.1 12.2 5.3 7.0 25.4 6.9 18.5 3.2 15.3 19.0 8.6 10.4 6.7 3.7 3.1 -.1 3.2 5.0 -1.8 -3.2 -19.9 16.7 6.2 10.5 43.9 2.7 41.2 7.4 33.8 14.4 3.9 10.5 8.2 2.3 -4.5 5.8 -10.3 1.6 -11.9 33 34 35 26.3 361.9 335.6 -6.1 352.5 358.6 -58.7 382.7 441.4 -78.9 369.7 448.7 -49.5 378.4 427.9 -77.1 370.0 447.1 -83.7 362.3 446.0 -105.4 368.2 473.6 -93.7 374.8 468.5 -104.5 363.0 467.5 -108.9 Net exports 370.8 Exports 479.7 - Imports 33 34 35 36 37 38 2261.4 154.0 6.8 2428.1 130.6 5.4 2670.6 168.7 6.3 2828.0 143.3 5.1 2755.4 144.0 5.2 2842.3 183.7 6.5 2832.0 119.6 4.2 2882.2 125.7 4.4 2935.1 145.7 5.0 2978.5 153.0 5.1 2979.9 Disposable personal income 84.0 Personal savins 2.8 Savins rate (percent) 36 37 38 39 40 -145.9 35.1 -176.1 47.4 -169.9 68.5 -198.1 61.7 -162.3 65.7 -214.8 59.3 -197.6 59.4 -217.6 62.5 -194.9 70.0 -232.2 58.7 -197.3 Federal sovernment surplus 39 63.9 St. 8 local sovernment surplus 40 41 42 43 44 45 169.6 -.1 28.1 11.8 129.8 207.6 -.2 30.2 18.1 159.5 235.7 -.3 31.0 15.4 189.6 223.2 -.2 31.8 21.1 170.4 213.8 -.2 30.6 18.2 165.2 213.8 -.2 31.6 21.1 161.3 229.2 -.1 30.0 21.7 177.6 235.8 -.1 35.1 23.2 177.6 222.5 -.1 38.4 27.8 156.4 46 47 48 49 63.1 .1 16.8 46.2 77.3 .1 17.8 59.3 95.4 .2 21.0 74.2 91.8 .2 25.3 66.3 87.8 .3 24.2 63.3 87.1 .2 25.6 61.3 95.8 .2 25.3 70.3 96.4 .2 26.1 70.1 95.7 .2 27.0 68.5 99.0 .2 27.3 71.5 104.4 .2 26.5 77.7 Tax accruals - total Farms Financial corporations Nonfin. corporate business 46 47 48 49 50 51 52 53 54 55 66.9 .3 -5.4 72.0 59.4 12.5 71.5 .3 -6.8 78.0 66.2 11.8 78.3 .3 -5.9 83.9 72.6 11.3 81.6 .3 -4.9 86.2 74.0 12.2 80.9 .3 -5.9 86.5 68.8 17.7 81.4 .3 -4.5 85.6 80.3 5.3 81.6 .3 -4.5 85.8 72.5 13.3 82.5 .3 -4.7 86.9 74.3 12.6 85.2 .3 -4.4 89.3 74.5 14.8 87.5 .3 -3.3 90.5 85.3 5.2 88.8 .3 -2.8 91.3 79.5 11.8 Dividends - total Farms Financial corporations Nonfin. corporate business Net dividends paid * Net fgn. div. received 50 51 52 53 54 55 56 57 58 59 60 61 62 39.7 -.4 .4 15.5 24.2 11.6 12.5 58.9 -.5 7.1 18.4 33.9 22.2 11.8 62.0 -.8 .3 19.7 42.8 31.5 11.3 49.8 -.7 .7 19.6 30.1 17.9 12.2 45.1 -.8 .1 12.9 32.9 15.2 17.7 45.3 -.7 — 26.2 19.8 14.5 5.3 51.8 -.6 1.0 16.7 34.7 21.4 13.3 57.0 -.6 1.7 22.7 33.2 20.6 12.6 41.7 -.6 5.2 23.7 13.4 -1.4 14.8 41.2 -.6 5.2 27.7 8.9 3.7 5.2 47.2 -.7 5.1 23.0 19.8 8.0 11.8 Undist. profits - total Farms Financial corporations Foreign Nonfin. corporate business Domestic undist. prof. * Net fsn. div. received 56 57 58 59 60 61 62 63 64 65 66 -9.3 .9 -1.8 -8.4 17.0 1.1 -.1 16.0 34.5 1.5 1.6 31.4 58.1 1.8 3.6 52.7 53.2 1.8 3.0 48.4 58.9 1.9 3.4 53.6 61.0 1.9 3.8 55.3 59.2 1.8 4.0 53.4 57.3 1.7 4.6 51.0 54.8 1.6 5.1 48.1 55.5 1.6 5.8 48.1 Cap. cons, adjust. - total Farms Financial corporations Nonfin. corporate business 63 64 65 66 67 68 69 70 71 72 73 74 75 383.2 54.3 10.6 18.9 64.4 235.0 12.0 1.6 221.4 396.6 57.0 11.2 19.2 66.4 242.7 12.9 1.6 228.2 415.1 59.9 12.0 19.3 70.0 253.9 14.4 1.6 237.9 437.2 63.9 12.6 19.0 73.5 268.2 16.0 1.6 250.6 427.8 62.4 12.3 19.1 71.1 262.8 15.5 1.6 245.7 433.1 63.5 12.5 19.1 71.4 266.6 15.9 1.6 249.1 441.3 64.4 12.6 19.1 75.1 270.1 16.2 1.6 252.3 446.7 65.1 12.8 19.0 76.5 273.3 16.5 1.6 255.2 447.1 65.8 13.0 20.4 72.6 275.3 16.6 1.6 257.1 453.3 66.6 13.2 20.4 74.1 278.9 17.0 1.6 260.3 457.6 Total capital consumption Owner-occupied homes (HH) 67.3 13.4 Nonprofit institutions (HH) Farm noncorporate 20.3 Nonfarm noncorp. business 75.0 281.6 Total corporate 17.4 Financial business Corporate farms 1.6 Nonfin. corporate business 262.6 67 68 69 70 71 72 73 74 75 76 77 215.4 598.6 226.4 623.0 238.5 653.6 256.3 693.6 249.6 677.4 253.9 687.0 258.5 699.8 263.3 710.0 267.9 715.0 272.4 725.7 Memo: Cap. cons, on consumer durables not included above 76 277.1 734.7 Tot. cap. cons. incl. durables 77 Nonres. plant < equipment Nonprofit inst. (HH) Farm Nonfarm noncorp. bus. Financial corporations Nonfin. corp, business Inventories Farm Nonfarm Noncorporate Corporate Corporate profits, taxes, and dividends: 227.7 240.4 Profits - total -.2 Farms -.2 32.9 34.7 Foreign Financial corporations 28.9 29.1 165.9 177.0 Nonfin. corporate business 78 -.1 5.3 -1.9 -5.6 -6.3 -12.2 -5.4 1.4 -3.7 4.8 79 80 37.2 15.3 37.2 14.5 40.5 14.1 41.1 14.7 41.1 15.3 40.7 13.8 41.8 14.8 40.9 14.8 43.0 14.5 43.5 14.5 II1/86 BASED ON INCOMPLETE INFORMATION 22 23 24 25 26 27 28 29 30 31 32 41 42 43 44 45 10.5 Statistical discrepancy 78 43.4 Profit tax rate (percent) 14.8 Personal tax rate (percent) 79 80 (1) Purchases of condominium units. BILLIONS OF DOLLARS. 14 15 16 DECEMBER 22, 1986 Funds Raised in Credit Markets Funds Raised in Credit Markets Summary of Net Funds Raised In Credit and Equity Markets 2 UNADJUSTED NET FLOWS($ MILL) UNADJUSTED NET FLOWS($ MILL) I II 1985 III IV I I I 1986 II, III 1978 BILLIONS OF DOLLARS 1979 1980 1981 Net Credit Market Borrowing by Nonfinancial Sectors Total net borrowing by domestic 140,691 195,611 196,678 336,331 112,975 204,442 223,664 nonfinancial sectors 1 2 3 6 U.S. government Treasury issues Agency issues 8 mortgages 5 Private domestic nonfinancial sectors 41,827 41,866 -39 45,223 45,252 -29 46,055 46,074 -19 90,516 90,525 -9 37,111 37,176 -65 50,673 50,680 -7 57,446 57,506 -60 371.9 385.7 344.9 375.8 1 53.7 55.1 -1.4 37.4 38.8 -1.4 79.2 79.8 -.6 87.4 87.8 -.5 2 3 4 98,864 150,388 150,623 245,815 75,864 153,769 166,218 318.2 348.4 265.7 288.5 5 6 7 8 9 10 11 12 13 Debt capital Instruments Tax-exempt obligations Corporate bonds Mortgages Home mortgages Multi-family resid. Commercial Farm 70,805 8,045 16,440 46,320 27,779 5,503 13,121 -83 97,669 107,281 185,942 19,975 26,175 98.175 18,884 16,975 21,579 58,810 64,131 66,188 36,492 44,809 41,227 6.733 6,487 10,436 16,621 15,410 17,216 -1,036 -2,575 -2,691 69,742 112.014 142,635 -9,603 12,831 42,079 29,828 33,667 24,235 49,517 65,516 76,321 26,273 47,873 55,726 8,272 6,158 7,754 16,130 13,752 14,320 -1,158 -2,267 -1,479 200.7 28.4 21.1 151.2 110.2 10.9 21.9 8.2 212.5 30.3 17.3 164.9 116.6 10.0 24.4 14.0 189.1 30.3 27.7 131.2 94.2 7.6 19.2 10.2 155.5 23.4 22.8 109.3 72.2 4.8 22.2 10.0 6 7 8 9 10 11 12 13 16 15 16 17 18 Other debt Instruments Consumer credit Bank loans n.e.c. Commercial paper Other 28,059 11,913 888 4,482 10,776 52,719 26,357 8,930 5,914 11,518 23,583 24,061 325 4,125 -4,928 117.6 46.7 40.5 2.7 27.6 135.9 42.7 50.5 9.0 33.7 76.6 4.5 37.8 4.0 30.3 133.0 22.6 57.0 14.7 38.7 14 15 16 17 18 19 20 21 22 23 24 25 By borrowing sector: StateSlocal governments Households Nonfinancial business Farm Nonfarm noncorporate Corporate 75,864 153,769 166,218 -3,313 16,930 43,212 29,151 72,665 81,232 50,026 64,174 41,774 -4,157 -901 -956 21,983 24,827 21,696 32,200 40,248 21,034 318.2 16.5 167.2 134.5 15.6 33.8 85.2 348.4 17.6 173.7 157.1 23.5 37.9 95.7 265.7 17.2 120.0 128.5 15.2 31.8 81.5 288.5 6.8 121.4 160.3 16.6 38.5 105.2 19 20 21 22 23 24 25 -909 630 -5,599 3,677 383 24.2 4.2 18.3 1.0 .7 15.1 3.9 3.1 1.7 6.5 23.8 .8 11.8 2.4 8.8 23.5 5.4 3.0 3.9 11.1 26 27 28 29 30 139,179 194,736 200,116 336,935 121,899 207,471 222,755 396.1 400.8 368.7 26 Fgn. net borrowing in U.S. 27 Bonds 28 Bank loans n.e.c. 29 Commercial paper 30 U.S. govt. 8 other loans 31 Total domestic plus foreign 43,342 31,699 11,125 150 368 59,873 26,657 20,383 4,052 8,781 98,864 150,388 150,623 245,815 6,346 16,358 20,106 64,976 45,351 69,258 80,341 100,041 47.167 64,772 50,176 80,798 -2,785 2,459 -3,675 -9,571 15,707 26,385 23,421 27,246 34,245 35,928 30,430 63,123 -1,512 626 —2,125 917 -930 -875 2,116 -1.227 1.200 -2,964 3,438 654 2,314 1,579 -1,109 604 622 -1,808 2,506 -716 6,122 1,007 -269 -2,693 8,077 8,924 4,024 -899 5,972 -173 41,755 25,907 8,974 -860 7,734 3,029 -475 1,398 4,336 -2.230 399.3 31 Net Credit Market Borrowing by Financial Sectors Total net borrowing 1 by financial sectors 29,320 45,043 55,957 56,559 27,796 63,709 63,181 73.3 89.9 65.4 101.9 1 U.S. government-related Sponsored credit ag. sec. Mortgage pool securities Loans from U.S. government 18,968 3,922 15,046 - 25,861 8,804 17,057 - 26,148 3,596 22,252 300 30,570 4,263 25,522 785 23,647 -2,201 25,733 115 39,303 4,539 34,475 289 49,831 5,042 44,778 11 37.1 23.1 13.6 .4 47.9 24.3 23.1 .6 44.8 24.4 19.2 1.2 47.4 30.5 15.0 1.9 2 3 4 5 Private financial sectors Corporate bonds Mortgages Bank loans n.e.c. Open-market paper Fed. Home Loan Bank loans 10,352 4,978 10 -1,423 6,717 70 19,182 11,234 12 1,136 1,862 4,938 29,809 6,466 15 2,303 14,909 6,116 25,989 13,837 18 543 8,501 3,090 4,149 9,030 24 -1,294 -2.007 -1,604 24,406 3,624 276 1.829 11,068 7,609 13,350 4,788 132 1,397 2,837 4,196 36.2 7.8 .2 1.8 13.9 12.5 42.0 5.5 X .5 26.8 9.2 20.6 1.6 X -1.0 12.9 7.1 54.5 6 4.4 7 X 8 1.2 9 32.7 10 16.2 11 12 Total, by sector Sponsored credit agencies 13 14 Mortgage pools 29,320 3,922 15,046 45,043 8,804 17,057 55,957 3,896 22,252 56,559 5,048 25,522 27.796 -2,086 25,733 63,709 4,828 34,475 63,181 5,053 44,778 73.3 23.5 13.6 89.9 24.8 23.1 65.4 25.6 19.2 101.9 12 32.4 13 15.0 14 Private financial sectors Commercial banks Domestic affiliates Savings and loan assns. Finance companies REITs 10,352 -2,222 4,002 623 7,830 119 19,182 -2,367 2,867 4,651 13,915 116 29,809 -831 3,052 10,629 16,830 129 25,989 539 4,606 6,434 14,273 137 4,149 -3.009 -3,016 -239 9,952 461 24,406 -365 3,858 10,245 10,670 -2 13,350 43 -2,070 7,268 8,041 68 36.2 -.5 7.5 13.5 16.1 -.4 42.0 9.1 4.1 12.6 16.3 -.1 20.6 8.3 6.7 7.4 -1.3 -.5 54.5 11.6 9.2 15.5 18.5 -.2 15 16 17 18 19 20 469.4 90.5 28.4 33.1 151.2 490.7 84.8 30.3 26.6 164.8 434.1 122.9 30.3 30.1 131.1 501.3 133.0 23.4 32.6 109.2 1 2 3 4 5 24,061 -3,877 10,639 -338 46.7 60.6 17.7 41.2 42.7 54.1 37.5 50.0 4.5 48.5 19.3 47.5 22.6 61.2 51.3 68.0 6 7 8 9 -4,188 10,597 -6,425 14,379 -19,480 13,148 11,059 10 Memo: U.S. govt, cash balance Totals net of changes in U.S. govt, cash balances: 11 Net borrowing by dom. nonfin,, 144,879 185,014 203,103 321,952 132,455 191,294 212,605 By U.S. government 46,015 34,626 52,480 76,137 56,591 37,525 46,387 12 3.8 .6 -3.8 X 10 368.1 49.9 385.1 36.8 348.7 83.0 375.8 11 87.4 12 1.7 -.1 1.8 -.1 2.4 -3.9 .4 -4.3 -7.8 2.7 21.2 4.5 16.8 12.9 1.8 -3.3 6.0 -9.3 -11.5 1.9 1 2 3 4 5 -.5 .8 2.1 .3 6 2 3 4 5 6 7 8 9 10 11 15 16 17 18 19 20 Total Net Credit Market Borrowing, All Sectors, by Type 1 Total net borrowing U.S. government securities 2 Tax-exempt obligations 3 Corporate 8 foreign bonds 4 5 Mortgages 6 7 8 9 Consumer credit Bank loans n.e.c. Open-market paper Other loans 168,499 239,779 256,073 393,494 149.695 271,180 285,936 60,820 71,104 71,916 120,312 60,654 89,696 107,278 8,045 19,975 26,175 98,175 -9,603 12,831 42,079 22,044 32,234 24,095 36,038 42,882 36,816 29,653 46,305 58,802 64,133 66,195 49,530 65,783 76,441 11,913 -2,660 12,116 9,916 26,357 8,839 8,976 13.492 31,699 15,742 16,638 5,675 26,657 19,118 15,059 11,940 1,007 -2.462 1,272 6.415 25,907 12,201 14,544 13,402 External Corporate Equity Funds Raised in U.S. Markets 1 Total net share issues Mutual funds 2 All other 3 4 Nonfinancial corporations Financial corporations 5 Foreign shares 6 purchased in U.S. 6,904 10,070 9,761 10,719 49,331 27,756 25,079 23,545 23,606 24,318 31,904 60,014 42,296 43,788 -16,641 -13,536 -14,557 -21,185 -10,683 -14,540 -18,709 -21.075 -16,775 -18,750 -25,000 -15,000 -18,750 -19,500 2,208 2,072 2,483 3,029 3,026 1,584 3,184 1,951 II1/86 BASED ON INCOMPLETE INFORMATION 210 1,009 789 2,109 2,138 -793 DECEMBER 22. 1986 Funds Raised In Credit Markets Funds Raised In Credit Markets Summary of Net Funds Raised In Credit and Equity Markets 3 SEASONALLY ADJUSTED ANNUAL RATES 1983 1982 1986 1985 SEASONALLY ADJUSTED ANNUAL RATES I I I II 1985 IV III I I I 1986 II III Net Credit Market Borrowing by Nonfinancial Sectors 1 387.4 548.8 756.3 869.3 658.6 806.6 728.8 1283.3 551.7 859.1 Total net borrowing by domestic 824.4 nonfinancial sectors 1 2 3 6 161.3 162.1 -.9 186.6 186.7 “.1 198.8 199.0 -.2 223.6 223.7 -.1 140.2 140.3 -.2 263.4 263.5 -.1 149.3 149.3 -.1 341.7 341.7 « 120.6 120.9 -.3 301.9 301.9 K 184.5 184.7 -.2 U.S. government Treasury issues Agency issues 8 mortgages 2 3 4 5 226.2 362.2 557.5 645.7 518.4 543.2 579.6 941.6 431.1 557.2 639.9 Private domestic nonfinancial sectors 5 6 7 8 9 10 11 12 13 148.3 44.2 18.7 85.4 50.5 5.4 25.2 4.2 252.8 53.7 16.0 183.0 117.1 14.1 49.0 2.8 314.0 50.4 46.1 217.5 129.9 25.1 63.3 -.8 461.7 152.4 73.9 235.4 150/3 29.2 62.4 -6.4 333.2 59.7 67.3 206.2 125.5 22.1 59.3 -.7 377.6 75.2 78.1 224.2 140.7 27.2 61.2 -4.9 404.7 96.0 70.2 238.5 162.7 26.3 59.4 -9.9 731.4 378.6 80.0 272.9 172.3 41.1 69.5 -10.1 332.2 -8.3 120.6 219.9 119.9 33.2 71.7 -5.0 436.7 48.1 137.6 251.0 186.3 24.9 49.5 -9.7 542.0 156.7 99.6 285.6 205.1 31.4 54.6 -5.5 14 15 16 17 18 77.9 17.7 52.9 -6.1 13.4 109.5 56.8 25.8 -.8 27.7 243.5 95.0 80.1 21.7 46.6 184.0 96.6 41.3 14.6 31.4 185.2 105.5 28.6 11.3 39.8 165.6 89.2 21.3 13.2 41.9 174.9 112.6 43.3 -.5 19.5 210.2 79.2 72.2 34.3 24.5 98.9 63.6 22.9 -16.6 29.0 120.4 87.0 21.2 -14.9 27.1 19 20 21 22 23 24 25 226.2 21.5 88.4 116.2 6.8 40.2 69.2 362.2 34.0 188.0 140.2 4.3 76.6 59.3 557.5 27.4 239.5 290.6 .1 97.1 193.4 645.7 107.8 295.0 242.9 -13.6 92.8 163.7 518.4 52.9 237.6 227.9 -7.6 79.4 156.0 543.2 60.8 269.6 212.8 -4.2 91.7 125.3 579.6 71.7 302.9 204.9 -15.3 92.2 128.0 941.6 245.8 369.8 326.0 -27.2 107.6 245.6 431.1 16.9 173.6 240.7 -12.5 105.6 147.5 557.2 64.5 283.4 209.2 -17.6 84.8 142.1 26' 27 28 29 30 16.0 6.7 -5.5 1.9 13.0 17.4 3.1 3.6 6.5 4.1 6.1 1.3 -6.6 6.2 5.3 1.7 4.0 -2.8 6.2 -5.7 -5.8 2.5 -8.3 3.7 -3.7 -2.4 8.5 -3.8 4.8 -11.9 12.0 2.6 7.5 6.3 -4.4 2.9 2.5 -6.7 10.0 -2.9 34.5 16.1 -4.8 23.9 -.7 14.1 -1.9 7.6 17.3 -8.9 -5.2 Fgn. net borrowing in U.S. 2.5 Bonds Bank loans n.e.c. -24.0 Commercial paper 14.7 U.S. govt. 8 other loans 1.5 26 27 28 29 30 31 403.4 566.2 762.4 871.0 652.7 804.1 740.8 1286.2 586.2 873.2 819.2 Total domestic plus foreign 31 Debt capital instruments Tax-exempt obligations Corporate bonds Mortgages Home mortgages Multi-family resid. Commercial Farm 6 7 8 9 10 U 12 13 97.9 81.1 .8 16.4 -.4 Other debt Instruments Consumer credit Bank loans n.e.c. Commercial paper Other 14 15 16 17 18 639.9 161.2 305.1 173.6 -4.5 84.6 93.4 By borrowing sector: StateSlocal governments Households Nonfinancial business Farm Nonfarm noncorporate Corporate 19 20 21 22 23 24 25 Net Credit Market Borrowing by Financial Sectors Total net borrowing by financial sectors 1 90.1 94.0 139.0 186.9 140.6 169.0 213.5 224.3 134.4 243.7 240.7 2 3 4 5 64.9 14.9 49.5 .4 67.8 1.4 66.4 74.9 30.4 44.4 - 101.5 20.6 79.9 1.1 82.5 22.0 60.5 - 103.4 28.6 74.8 - 93.9 6.9 85.8 1.2 126.4 24.9 98.4 3.1 101.5 -2.5 103.6 .5 157.4 11.2 145.1 1.2 188.1 12.5 175.5 K U.S. government-related Sponsored credit ag. sec. Mortgage pool securities Loans from U.S. government 2 3 4 5 6 7 8 9 10 11 25.2 12.5 .1 1.9 9.9 .8 26.2 12.1 K “.1 21.3 -7.0 64.1 23.3 .4 .7 24.1 15.7 85.3 36.5 .1 2.6 32.0 14.2 58.1 16.7 H “1.0 30.1 12.3 65.7 53.9 K 2.8 -2.3 11.1 119.6 21.4 .1 7.6 71.2 19.4 97.9 54.1 .1 .8 28.9 14.1 32.9 32.2 .1 -.3 -4.7 5.6 86.3 25.2 1.1 5.1 33.6 21.3 52.6 12.9 .5 2.9 24.8 11.3 Private financial sectors Corporate bonds Mortgages Bank loans n.e.c. Open-market paper Fed. Home Loan Bank loans 6 7 8 9 10 11 12 13 14 90.1 15.3 49.5 94.0 1.4 66.4 139.0 30.4 44.4 186.9 21.7 79.9 140.6 22.0 60.5 169.0 28.6 74.8 213.5 8.1 85.8 224.3 28.0 98.4 134.4 -2.1 103.6 243.7 12.4 145.1 15 16 17 18 19 20 25.2 11.7 6.8 2.5 4.3 K 26.2 5.0 12.1 “2.1 11.4 -.2 64.1 7.3 15.6 22.7 17.8 .8 85.3 -4.9 14.5 22.3 52.8 .5 58.1 -8.9 16.0 11.7 38.9 .5 65.7 -9.5 11.5 12.5 50.7 .5 119.6 -3.3 12.2 34.5 75.7 .5 97.9 2.2 18.4 30.7 46.1 .5 32.9 -12.0 -12.1 7.8 47.4 1.8 86.3 -1.5 15.4 34.9 37.4 240.7 Total* by sector 12.6 Sponsored credit agencies Mortgage pools 175.5 52.6 .2 -8.3 20.3 40.1 .3 Private financial sectors Commercial banks Domestic affiliates Savings and loan assns. Finance companies REITs 1 12 13 14 15 16 17 18 19 20 Total Net Credit Market Borrowing. All Sectors* by Type 1 2 3 4 5 493.5 225.9 44.2 37.8 85.4 660.2 254.4 53.7 31.2 183.0 901.4 273.8 50.4 70.7 217.8 1057.8 324.2 152.4 114.4 235.4 793.4 222.8 59.7 86.5 206.2 973.1 366.8 75.2 140.5 224.2 954.4 242.0 96.0 94.2 238.5 1510.5 465.0 378.6 136.5 272.9 720.6 221.7 -8.3 168.9 219.9 1116.9 458.2 48.1 160.8 252.1 6 7 8 9 17.7 49.3 5.7 27.6 56.8 29.3 26.9 24.8 95.0 74.2 52.0 67.6 96.6 41.0 52.8 41.0 105.5 19.3 45.1 48.4 89.2 20.3 15.7 41.2 112.6 58.3 77.1 35.7 79.2 66.3 73.3 38.9 63.6 17.8 2.6 34.3 87.0 33.9 36.0 40.7 10 7.3 -7.1 6.3 14.4 -9.2 27.6 -73.4 112.5 11 12 380.2 154.0 555.9 193.7 750.0 192.5 854.9 209.3 667.8 149.4 778.9 235.7 802.3 222.7 1170.8 229.2 1059.9 Total net borrowing 372.6 U.S. government securities 156.7 Tax-exempt obligations Corporate 8 foreign bonds 115.1 286.1 Mortgages 1 2 3 4 5 Consumer credit Bank loans n.e.c. Open-market paper Other loans 6 7 8 9 81.1 -20.2 55.9 12.5 -4.4 Memo: U.S. govt, cash balance 10 -71.1 33.8 Totals net of changes in U.S. govt, cash balances: 622.9 825.3 828.8 Net borrowing by dom. nonfin. 11 191.8 188.9 By U.S. government 268.1 12 External Corporate Equity Funds Raised in U.S. Markets 1 2 3 4 5 33.6 16.8 16.8 11.4 4.0 67.0 32.1 34.9 28.3 2.7 6 1.5 3.9 BILLIONS OF DOLLARS. -31.1 38.0 -69.1 -77.0 6.7 37.5 103.4 -65.9 -81.6 11.7 24.5 91.1 -66.6 -84.3 9.9 42.1 96.2 -54.1 -67.1 12.1 42.4 100.6 -58.2 -75.0 12.7 40.8 125.6 -84.7 -100.0 12.1 194.2 236.9 -42.7 -60.0 8.8 112.7 170.8 -58.2 -75.0 8.3 1.2 4.0 7.8 .8 4.0 3.2 8.4 8.6 II1/86 BASED ON INCOMPLETE INFORMATION 104.1 Total net share issues 178.9 Mutual funds -74.8 All other -78.0 Nonfinancial corporations 6.3 Financial corporations Foreign shares purchased in U.S. -3.2 1 2 3 4 5 6 DECEMBER 22, 1*84 Credit Market Supply of Funds Credit Market Supply of Funds Direct and Indirect Sources of Funds to Credit Markets UNADJUSTED NET FLOWS($ MILL) UNADJUSTED NET FLOWSC$ MILL) I r II 1985 III IV I 1! I 1986 II III Total funds advanced ln credit narkets 140,691 195,611 196,678 336,331 112,975 204.442 223,664 to don. nonfinan. sectors 1978 BILLIONS OF DOLLARS 1980 1979 1981 371.9 385.7 344.9 375.8 1 2 3 4 5 6 By Federal agencies and foreign1 61,745 24,778 21,058 4,938 10,971 51,063 10,329 25,073 6,116 9,545 59,789 15,980 28.321 3.090 12,398 38,564 3,434 25.812 -1,604 10,922 87,269 31,204 33.006 7,609 15,450 91,131 22,116 44.655 4,196 20,164 90.4 31.4 25.7 12.5 20.8 72.3 -6.3 35.8 9.2 33.6 94.9 15.8 31.7 7.1 40.2 104.4 17.1 23.5 16.2 47.7 30,724 61,745 7 By type of lender: U.S. governnent 6,259 8 8.440 9 Spons. credit ag.tntg. pools 20,263 26,739 8,058 10 Monetary authority -272 4,474 18,508 Foreign 11 Agency and foreign borrowing not in line 1: Spons. credit ag.Sntg. pools 18,968 25,861 12 Foreign -1,512 -875 13 51,063 3,071 30.338 516 17,138 59,789 -19 24,198 13,319 22.291 38,564 3.135 19,896 -6.441 21.974 87,269 4,335 41,433 7,179 34,322 91,131 3,384 46,403 8,621 32,723 90.4 17.1 40.3 7.0 26.1 72.3 19.0 53.1 7.7 -7.5 94.9 23.7 45.6 4.5 21.1 104.4 7 24.0 8 48.2 9 9.2 10 23.0 11 26,148 3,438 30,570 604 23,647 8,924 39,303 3,029 49,831 -909 37.1 24.2 47.9 15.1 44.8 23.8 47.4 12 23.5 13 127,423 158,852 175,201 307,716 106,982 159,505 181,455 64,716 46,326 61,587 104,332 57,220 58,492 85,162 8,045 19,975 26,175 98,175 -9,603 12,831 42.079 6,994 16,819 7,429 24,389 21,288 14,952 9,943 8,722 21,016 18,813 13,072 22,147 26,210 23,331 34,666 58,523 57,402 77,539 24,650 53,487 24,645 70 7,609 4,196 6,116 3,090 -1,604 4,938 342.8 59.1 28.4 23.4 95.3 149.2 12.5 376.5 91.0 30.3 18.5 90.7 155.1 9.2 318.7 107.1 30.3 20.3 70.0 98.1 7.1 342.3 115.9 23.4 19.8 53.5 145.9 16.2 14 15 16 17 18 19 20 21 22 23 24 25 30,724 -3,896 20,185 70 14,365 2 Total net advances, by type 3 U.S. governnent securities 4 Residential nortgages FHLB advances to SSLs 5 6 Other loans and securities Private donestic funds advanced 14 Total net advances U.S. governnent securities 15 16 Tax-exenpt obligations 17 Corporate and foreign bonds 18 Residential nortgages Other nortgages and loans 19 Less: FHLB advances 20 Private financial internediatlon Credit narket funds advanced by private financial insts. Connercial banking Savings institutions Insurance and pension funds Other finance 94,269 126,595 146,688 186,799 115.362 155,781 180,417 -648 43,065 50,467 15,658 40,515 48,834 81,324 25,084 6,319 36,751 15,293 15.357 35,553 24,342 38,254 28,711 31,537 42,459 30.972 33,627 49,043 24,816 48,224 22,849 47.723 69,681 43,536 56.565 306.2 128.1 71.3 79.4 27.5 320.7 131.4 55.4 83.2 50.7 286.2 107.6 51.3 93.2 34.0 320.2 106.5 26.2 93.5 94.0 26 Sources of funds Private donestic dep. & RPs 27 28 Credit narket borrowing 94,269 126,595 146,688 186,799 115,362 155,781 180,417 29,541 53,118 60,561 61,586 37,322 54,843 50,565 4,149 24,406 13,350 10,352 19,182 29,809 25,989 306.2 137.7 36.2 320.7 137.7 42.0 286.2 170.8 20.6 320.2 26 214.5 27 54.5 28 21 22 23 24 25 29 30 31 32 33 Other sources Foreign funds Treasury balances Insurance and pension res. Other, net 54,295 404 10,365 23,969 19,557 56,318 5,722 -7,352 33,254 24,694 99,224 73,891 5,067 9,723 9.145 -13.849 26,386 23,723 58,626 54,294 76,532 116,502 -8,696 -30 13,276 6,743 29,410 51,050 42,542 58,739 132.3 7.3 6.8 75.7 42.5 141.0 26.4 .4 79.5 34.7 94.8 -25.1 -2.6 88.9 33.6 51.2 -23.7 -1.1 89.6 -13.6 29 30 31 32 33 43,506 21,110 115 8,733 11,419 2,129 51,439 33,625 10,499 1,687 -2,019 7,647 58,322 146,906 -4,231 24,234 71,891 1,865 9,336 39,277 -17,115 7,271 15,555 -4,506 23,511 18,848 -7,766 9,619 3,230 5,747 28,130 14,388 8,940 26.524 7,507 17,149 -580 -20,930 6,524 -12,915 4,560 5,739 72.8 41.7 3.6 -4.2 14.1 17.7 97.8 56.6 9.9 -4.5 9.3 26.4 53.1 34.2 7.0 -11.7 -4.6 28.2 76.6 37.1 11.1 -4.0 1.4 31.0 34 35 36 37 38 39 32,449 1,580 -21,115 56,259 5,904 15,739 63,571 -776 23,184 62,812 5,662 24,219 38,201 30 -6,295 62,204 5,102 33.598 53,975 684 2,582 149.0 9.3 17.1 150.8 8.0 20.1 183.9 10.3 6.5 47,475 -3,024 367 5,838 1,328 38,898 5,108 -7,959 1,332 -2,763 26,673 -5,292 11,122 4,874 3,786 24,467 1,011 10,499 1,390 -4,436 33.302 28.779 7,726 6,752 4,279 -10,022 -716 -5,238 2,259 849 28,816 12,450 3,023 3,694 2,726 67.1 6.9 41.1 5.5 2.0 60.6 34.4 16.0 6.7 5.1 82.3 29.2 45.9 6.8 2.8 54,376 6,529 -1,907 23,390 £6,364 Private donestic nonfinancial investors 34 Direct lending in cr. narkets 35 U.S. governnent securities 36 Tax-exenpt obligations 37 Corporate and foreign bonds Open-narket paper 38 Other 39 40 Deposits and currency 41 Currency 42 Checkable deposits 43 44 45 46 47 Snail tine 8 svgs. deposits Money narket fund shares Large tine deposits Security RPs Foreign deposits 48 Total of credit nkt. Instru nents, deposits, and currency 49 Public holdings as % of total 50 Pvt. finan. internediatlon (X) 51 Total foreign funds 31,707 79,693 18,912 25,516 83,725 22,860 47.3 107.5 36.0 5.2 -1.7 43 44 45 46 47 33,970 90,334 68,363 221.8 248.6 237.0 299.0 48 17,744 31,636 60,705 107,833 27,358 31,697 42,063 97,665 25,626 40,910 99,427 32,693 22.8 89.3 33.4 18.0 85.2 18.9 25.7 89.8 -4.0 26.2 49 93.6 50 -.7 51 1.7 -.1 1.8 -3.9 .4 -4.3 21.2 4.5 16.8 -3.3 6.0 -9.3 1 2 3 5.6 -3.9 17.3 -21.3 22.2 -1.0 19.9 -23.2 4 5 75,955 107,698 121,893 209,718 22,075 73,981 11,003 222.4 40 9.5 41 18.5 42 Corporate Equities Not Included Above 1 Total net Issues 2 Mutual fund shares 3 Other equities 4 Acq. by financial institutions 5 Other net purchases 6,904 10,070 9,761 10,719 49,331 27,756 25.079 23,545 23,606 24,318 31.904 60,014 42,296 43,788 -16,641 -13,536 -14,557 -21.185 -10,683 -14,540 -18,709 10,718 -3,814 14,894 -4,824 6,261 3,500 1,452 9,267 8,563 40,768 7,550 20,206 Line notes* (1): Page 2 line 1, (6): Includes farn and connercial nortgages. (12): Credit narket funds raised by federally sponsored credit agencies and net issues of federally related nortgage pool securities, (14): Line 1 less line 2 plus lines 12 and 13. Also line 21 less line 28 plus line 34. Also sun of lines 29 and 48 less lines 41 and 47. (19): Includes farn and connercial nortgages. (27): Line 40 less lines 41 and 47. (28): Excludes equity issues and Investnent conpany shares. Includes line 20. (30): Foreign deposits at connercial banks, plus bank borrowings fron foreign brenches, and liabilities of foreign banking offices to foreign affiliates, net of clains on foreign affiliates and deposits by banking in foreign banks. (31) : Denand deposits and note balances at connercial banks. (32) : Excludes Investnent of these reserves in corporate equities. (33) : Mainly retained earnings and net nlscellaneous liabilities. (34) : Line 14 less line 21 plus line 28. (35-39): Lines 15-19 less anounts acquired by private finance plus anounts borrowed by private finance. Line 39 Includes nortgages. (41): Mainly an offset to line 10. (48): Lines 34 and 40. Also line 14 less line 29 plus lines 41 and 47. (49): Line 2 / line 1. (50): Line 21 Z line 14. (51): Line 11 plus line 30. Corporate Equities: (1-3): Includes issues by financial institutions. II1/86 BASED ON INCOMPLETE INFORMATION 175 24,904 DECEMBER 22, 1986 Credit Market Supply of Funds Credit Market Supply of Funds 5 Direct and Indirect Sources of Funds to Credit Markets SEASONALLY ADJUSTED ANNUAL RATES 1982 1 387.4 1983 548.8 1984 756.3 1985 869.3 SEASONALLY ADJUSTED ANNUAL RATES I 1 II I 658.6 1985 806.6 III 728.8 IV 1283.3 I 11 I 551.7 1986 II III Tctal funds: advanced in credit markets to dom. nonfinan. sectors 859.1 824.4 1 By Federal agencies and foreltn 2 3 4 5 6 115.4 22.7 61.0 .8 30.8 115.3 27.6 76.1 -7.0 18.6 154.6 36.0 56.5 15.7 46.5 203.3 47.2 94.6 14.2 47.3 175.1 15.9 79.9 12.3 67.0 228.5 90.3 91.3 11.1 35.8 188.8 38.0 99.0 19.4 32.3 221.0 44.6 108.3 14.1 54.0 215.5 52.6 102.4 5.6 54.9 7 8 9 10 11 115.4 15.9 65.5 9.8 24.1 115.3 9.7 69.8 10.9 24.9 154.6 17.4 73.3 8.4 55.5 203.3 17.8 101.5 21.6 62.4 175.1 26.3 92.0 22.4 34.3 228.5 31.3 104.4 25.0 67.7 188.8 11.5 113.0 -1.7 66.1 221.0 1.9 96.8 40.8 81.5 215.5 14.1 91.5 K 109.9 12 13 64.9 16.0 67.8 17.4 74.9 6.1 101.5 1.7 82.5 -5.8 103.4 -2.4 93.9 12.0 126.4 2.9 101.5 34.5 14 15 16 17 18 19 20 352.9 203.1 44.2 14.8 -5.3 96.9 .8 518.7 226.9 53.7 14.6 55.0 161.5 -7.0 682.7 237.8 50.4 32.6 98.5 279.1 15.7 769.2 277.0 152.4 41.2 84.8 228.1 14.2 560.1 206.9 59.7 29.5 67.5 208.8 12.3 679.0 276.5 75.2 69.8 76.5 192.0 11.1 646.0 204.0 96.0 42.1 90.0 233.4 19.4 1191.6 420.4 378.6 23.4 105.0 278.3 14.1 472.2 169.1 -8.3 98.9 50.7 167.4 5.6 324.2 110.4 139.6 21.3 52.8 348.5 Total net advances* by type 85.4 U.S. government securities Residential mortgages 177.4 FHLB advances to SSLs 11.3 74.4 Other loans and securities 324.2 348.5 By type of lender: U.S. government 15.0 12.6 163.1 Spons. credit ag.Smtt. pools 177.6 Monetary authority 19.6 31.9 Foreign 126.5 126.5 Atency and foreign borrowing not in line 1: Spons. credit ag.Smtt. pools 157.4 188.1 14.1 Foreign -5.2 2 3 4 5 6 7 8 9 10 11 12 13 Private doaestic funds advanced 706.4 347.8 48.1 88.1 71.5 172.2 21.3 658.8 Total net advances U.S. government securities 287.2 156.7 Tax-exempt obligations Corporate and foreign bonds 62.5 59.0 Residential mortgages Other mortgages and loans 104.7 Less: FHLB advances 11.3 14 15 16 17 18 19 20 Private financial intermediation 21 22 23 24 25 261.9 110.2 21.8 86.2 43.7 391.9 144.3 135.6 97.8 14.1 550.5 168.9 149.2 124.0 108.3 554.4 186.3 83.4 141.0 143.6 443.6 110.1 95.6 112.8 125.1 499.1 157.6 30.4 130.7 180.3 558.3 169.1 135.0 148.7 105.5 716.5 308.5 72.8 171.6 163.5 524.0 42.1 55.1 122.6 304.2 622.0 171.7 148.8 139.3 162.2 687.4 171.4 83.4 191.9 240.7 Credit market funds advanced by private financial insts. Commercial banking Savings institutions Insurance and pension funds Other finance 21 22 23 24 25 26 27 28 261.9 195.2 25.2 391.9 212.2 26.2 550.5 317.6 64.1 554.4 204.8 85.3 443.6 182.8 58.1 499.1 223.1 65.7 558.3 268.2 119.6 716.5 145.1 97.9 524.0 213.3 32.9 622.0 232.4 86.3 687.4 Sources of funds Private domestic dep. 8 RPs 225.5 Credit market borrowing 52.6 26 27 28 29 SO 31 32 33 41.5 -31.4 6.1 92.5 -25.7 153.4 16.3 -5.3 lift.6 31.8 168.8 5.4 4.0 112.5 46.8 264.2 17.7 10.3 107.0 129.2 202.6 24.7 -5.1 97.6 85.4 210.3 -2.3 33.9 97.2 81.5 170.5 23.3 -68.4 126.7 88.9 473.4 25.2 80.6 106.5 261.2 277.8 36.6 -54.2 99.6 195.8 303.3 -36.2 43.2 118.7 177.6 409.3 .1 -13.4 197.5 225.1 34 35 36 37 38 39 116.3 69.9 25.0 2.0 -1.3 20.6 153.0 95.5 39.0 -12.7 15.1 16.2 196.4 132.9 29.6 -3.4 8.9 28.3 300.2 150.9 59.2 13.2 $1.8 25.1 174.7 60.4 13.9 24.4 49.6 26.5 245.6 201.1 27.1 26.4 -35.1 26.0 207.3 53.8 39.9 -25.3 113.6 25.4 573.1 288.1 156.0 27.3 78.9 22.6 -19.0 -22.5 -53.8 50.1 -25.7 32.8 170.7 123.4 15.1 19.6 -3.8 16.4 24.0 Direct lending in cr. markets U.S. government securities 53.9 Tax-exempt obligations 70.7 Corporate and foreign bonds -92.4 Open-market paper -29.3 Other 21.1 34 35 36 37 40 41 42 204.5 9.7 18.6 229.7 14.3 28.8 321.1 8.6 27.8 215.1 12.4 42.0 203.7 15.5 -25.7 228.1 16.1 62.2 286.3 3.0 110.7 142.3 14.9 20.9 226.1 9.4 34.5 253.8 12.3 135.2 245.9 Deposits and currency 9.4 Currency Checkable deposits 25.6 40 41 42 43 44 45 46 47 135.7 24.7 5.2 11.1 -.4 215.3 -44.1 -6.3 18.5 3.1 150.7 47.2 84.9 7.0 -5.1 137.5 -2.2 14.0 13.4 -2.1 174.0 -12.1 23.3 23.4 5.3 160.2 20.4 -25.0 5.3 -ll.l 147.4 -21.2 11.7 19.5 15.1 68.5 4.0 46.1 5.6 -17.7 116.4 27.0 38.2 -2.9 3.4 118.6 30.9 -31.3 -21.0 9.0 156.7 49.8 -21.4 14.8 10.9 48 320.7 382.7 517.4 515.3 378.4 473.7 493.6 715.3 207.2 424.5 Total of credit mkt. instru269.8 ments* deposits* and currency 48 49 50 51 28.6 74.2 -7.3 20.4 75.5 41.3 20.3 80.6 60.9 23.3 72.1 80.1 26.8 79.2 59.0 28.4 73.5 65.4 25.5 86.4 89.4 17.2 60.1 106.8 36.8 111.0 146.6 37.1 88.0 90.3 42.5 Public holdings as % of total 49 104.3 Pvt. finan. intermediation (X) 50 126.6 Total foreign funds 51 Other sources 29 Foreign funds 30 Treasury balances 31 Insurance and pension res. 32 Other* net S3 Private domestic nonfinancial investors Small time 8 svgs. deposits Money market fund shares Large time deposits Security RPs Foreign deposits 38 39 43 44 45 46 47 Corporate Equities Not Included Above 1 2 3 33.6 16.8 16.8 67.0 32.1 34.9 -31.1 38.0 -69.1 37.5 103.4 -65.9 24.5 91.1 -66.6 42.1 96.2 -54.1 42.4 100.6 -58.2 40.8 125.6 -84.7 194.2 236.9 -42.7 112.7 170.8 -58.2 4 5 27.6 6.0 46.8 20.2 8.2 -39.4 33.3 4.1 45.5 -21.0 62.6 -20.5 26.8 15.6 -1.6 42.4 36.2 158.0 33.4 79.5 104.1 Total net issues Mutual fund shares 178.9 Other equities -74.8 1 2 3 2.7 Acq. by financial institutions 101.4 Other net purchases 4 5 Line notest Cl la Pate 2 line 1. (6): includes farm and commercial morttates. (12): Credit market funds raised by federally sponsored credit etencles and net issues of federally related morttate pool securities. (14): Line 1 less line 2 plus lines 12 and IS. Also line 21 less line 28 plus line 34. Also sum of lines 29 and 48 less lines 41 and 47. (19): Includes farm end commercial morttates. (27): Line 40 less lines 41 and 47. (28): Excludes equity issues and investment company shares. Includes line 20. (30): Foreign deposits at conmercial banks, plus bank borrowings from foreltn branches, and liabilities of foreltn banking offices to foreltn affiliates, net of claims on foreltn affiliates and deposits by banklnt In foreltn banks. (31) : Demand deposits and note balances at commercial banks. (32) : Excludes investment of these reserves in corporate equities. (33) : Mainly retained earnints and net miscellaneous liabilities. (34) : Line 14 less line 21 plus line 28. (35-39): Lines 15-19 less amounts acquired by private finance plus amounts borrowed by private finance. Line 39 includes morttetes. (41): Mainly an offset to line 10. (48): Lines 34 and 40. Also line 14 less line 29 plus lines 41 and 47. (49): Line 2 Z line 1. (50): Line 21 Z lint 14. (51): Line 11 plus line 30. Corporate Equities: (1-3): Includes issues by financial institutions. BILLIONS OF DOLLARS. I11/86 BASED ON INCOMPLETE INFORMATION DECEMBER 22, 1986 Households Households Sector Statements of Saving end Investment g UNADJUSTED NET FLOWS($ HILL) UNADJUSTED NET FLONS($ MILL) II X 1985 XV III I I I 1986 II 1978 III BILLIONS OF DOLLARS 1979 1980 1981 Households* Personal Trusts* end Nonprofit Organizations 782*652 813 105 838.715 880*003 826*275 858,663 883,153 116*877 127 228 125*863 118*532 113*326 166*193 131,613 1812.6 261.1 2036.0 306.7 2258.5 360.5 2520.9 393.3 1 2 B Disposable personal income 667*775 685 877 712*852 761.671 712*951 716,270 751,760 - Personal outlays 636*061 659 066 672*935 718*663 677*013 700*639 717,731 B Personal savins* NIPA basis 33*716 26 811 39*917 62*808 35*938 13*831 36*009 ♦ Credits from govt, insurance 5*556 18 602 26*917 17*618 8*973 17,378 26*856 ♦ Capital sains dividends 1*760 2*229 2*200 531 3*610 920 1*215 ♦ Net durables in consumption 17*261 23 876 26*665 35*162 15*051 23*738 31,895 1551.2 1661.1 110.2 27.9 .7 58.8 1729.3 1611.3 118.1 26.6 .9 56.0 1918.0 1781.1 136.9 35.3 1.8 31.9 2127.6 1968.1 159.6 39.7 2.7 37.6 3 J, 57*726 69 620 92*399 97.817 63.372 56*687 92*958 81*091 82 688 83*889 85*295 86*678 88*066 89*655 138*815 152 108 176*288 183*112 150.050 166*751 182*613 197.6 189.9 387.6 197.6 216.7 612.0 205.9 263.1 668.9 239.2 9 263.7 10 503.0 11 178*616 161 193 196*269 176,700 190*182 158*666 190*702 12 Gross investment 13 Capital expend, net of sales 123*612 125 676 137*812 168*660 128*666 133*861 152,378 60*176 36 597 63*050 66*132 63*096 38*657 67*636 Residential construction 16 Consumer durable goods 79*639 87 360 91*269 100*982 82*030 91*862 101*176 15 3*562 3*566 3*526 Nonprofit plant and equip. 3 517 3*693 3*562 3*597 16 601.2 327.7 116.0 205.6 8.2 636.2 356.1 128.7 219.0 8.6 691.5 362.7 113.6 219.3 9.9 565.0 362.0 111.2 239.9 11.0 26*803 38,326 99*028 120*735 73.6 266.6 78.2 255.9 168.8 278.9 202.9 17 327.1 18 1 Personal income 2 - Personal taxes and nontaxes 3 6 5 6 7 8 9 B Net savins 10 ♦ Capital consumption 11 * Gross savins 17 Net financial investment Net acq. of financial assets 18 55*206 35 719 58*657 28*060 99*856 111 016 161*665 137*812 61*516 96*622 6 7 8 12 13 16 15 16 19 Dep. 8 cr. mkt. instr. (1) 81*651 86 352 93*658 106*367 68.217 56*879 65,377 183.6 208.2 205.6 265.3 19 20 21 22 23 26 Deposits Checkable dep. & curr. Small time 8 svgs.dep. Large time deposits Money mkt. fund shares 38*736 -2.510 68*817 -6.569 -3*026 51 13 60 -7 5 775 928 612 873 108 57*735 27*206 28*653 7*168 -5.292 36*565 6*365 26*799 2*390 1.011 52*613 11,212 36*178 671 6,752 55*107 27*029 28*651 -8,099 7*726 62*595 18*865 28*628 2*872 12,650 128.6 22.3 67.3 31.9 6.9 136.1 25.7 61.2 12.8 36.6 168.2 12.7 82.7 63.6 29.2 203.6 29.9 67.3 19.0 107.5 20 21 22 23 26 25 26 27 28 29 30 Credit mkt. instruments U.S. sovt. securities Tax-exempt obligations Corporate 8 fgn. bonds Mortgages Open-market paper 62*917 17*327 608 8*733 1.070 15*379 36 23 10 1 2 -2 577 211 366 687 232 919 35*723 12,793 9.967 -6,506 -568 18,037 71,802 -6,396 1*069 7*362 38*666 -17,535 7,271 15*555 1*269 1*922 17*256 -5.387 1,772 -17.218 -9*659 1*669 7*219 17,389 -580 -20,930 608 1*852 3*986 -16,978 55.0 29.6 6.1 -6.2 11.9 13.8 76.1 66.6 10.6 -6.5 16.5 7.3 37.2 26.7 7.0 -11.7 17.5 -2.2 61.7 65.2 11.0 -6.0 18.0 -8.6 25 26 27 28 29 30 23*565 23 606 26.318 31*906 60*016 62*296 63*788 -26*166 -29 083 -22,228 -26,756 -25*616 -29*236 -23*576 -.1 -6.2 .6 -23.3 6.5 -10.8 6.0 31 -36.9 32 31 32 Mutual fund shares Other corporate equities S3 36 Life insurance reserves Pension fund reserves 35 36 37 Net inv. in noncorp. bus% Security credit Miscellaneous assets 38 39 60 61 62 Net increase in liabilities Credit market instruments Home mortgages Installment cons, credit Other consumer credit 63 66 65 66 67 68 69 Tax-exempt debt Other mortgages Bank loans n.e.c. Other loans Security credit Trade debt Miscellaneous 50 Discrepancy 2*383 16*663 2*623 33*956 2,592 57,081 11.2 77.3 10.7 95.6 9.7 108.8 9.2 33 106.8 36 -10*205 -15 669 -10,278 -16*889 -15*610 166 8*153 3 652 6.778 686 1*968 3 200 3*998 3*935 3*593 -9*818 -607 2*935 -9,535 231 6,777 -30.2 2.5 6.6 -66.5 1.8 7.2 -69.6 5.2 5.6 -29.2 35 -2.1 36 6.1 37 2*255 26*302 66*652 65.351 33*729 9*239 2*676 2 781 35 977 75 69 31 22 6 297 258 030 079 278 2.961 69*155 2*760 28*315 83,008 109*752 80,361 100*061 62*295 62*315 27,638 23*665 3,212 6,061 32*906 29*151 31*563 1*859 -852 76*225 72*665 61*223 21*330 6*577 82*611 81*232 52*076 21,872 2*189 170.9 167.2 108.6 61.0 5.7 177.7 173.7 117.6 35.6 7.1 130.0 120.0 96.6 1.1 3.6 126.2 121.6 75.0 16.9 5.7 38 39 60 61 62 63 66 65 66 2*666 605 -5*069 1.709 2 378 602 5 866 3 027 1*837 599 2*602 1.509 23*686 596 6*899 2*090 -2*668 593 -2*882 1*538 159 590 2*696 2,292 1*317 587 1*696 1*699 2.6 1.3 6.1 3.8 2.9 1.5 2.6 6.6 3.1 1.9 5.3 8.8 6.6 2.3 6.0 11.1 -1.381 567 135 5*836 517 -316 2*500 567 -600 9.752 578 -619 2*976 603 176 652 627 281 250 667 282 1.2 1.5 1.1 1.0 1.7 1.3 6.5 2.3 1.2 -1.7 67 2.7 68 1.8 69 6*612 -60*132 -13*893 -8,289 -13.7 -22.2 -62.6 -62.0 50 -39*801 -9 *085 -19*981 (1) Excludes corporate equities. Memoranda: 51 52 53 56 55 56 Net physical Investment: (A) Residential construction Expenditures Mobile homes Other - Capital consumption - Home mortgages « Excess net Investment 60,176 36*597 63*050 66,132 1*668 1*528 1*528 1*538 38*708 33*069 61,512 62*606 15,609 15*886 16,109 16*276 33*729 31.030 62*295 62*315 -9*162 -12,319 -15*356 -16*659 63.096 38*657 67*636 1*280 1.277 1*382 61,712 37,177 66*359 16*659 16,658 16.833 31*563 61*223 52,076 -6,928 -19,626 -21,271 116.0 6.6 109.5 36.1 108.6 -30.8 128.7 6.9 123.8 61.9 117.6 -30.9 113.6 6.3 109.2 67.0 96.6 -29.8 111.2 6.7 106.5 51.6 75.0 -15.3 57 58 59 (B) Consumer durables Expenditures - Capital consumption * Net investment 79,639 62*398 17*261 87*360 63,686 23*876 91*269 100,982 66*626 65*820 26*665 35*162 82*030 66*979 15*051 91*862 101*176 68*106 69*281 23,738 31*895 205.6 166.8 58.8 219.0 165.0 56.0 219.3 187.6 31.9 239.9 57 202.5 58 37.6 59 51 52 53 56 55 56 60 61 - Consumer credit * Excess net Investment 11*913 5,328 26.357 -2.681 31*699 -5*056 26*657 8*505 1*007 16*066 25*907 -2*169 26,061 7*836 66.7 12.0 62.7 11.3 6.5 27.6 22.6 60 16.8 61 62 63 66 (C) Nonprofit plant and equip. Expenditures - Capital consumption « Net Investment 3,597 3,086 513 3*517 3*118 399 3*693 3*156 337 3*526 3*199 327 3*562 3*260 302 3*562 3*302 260 3*566 3*361 225 8.2 6.9 1.2 8.6 7.8 .7 9.9 8.7 1.1 11.0 62 9.8 63 1.2 66 16*677 5*068 15*667 3*909 15*006 5,599 13*669 5*621 13*715 5*060 16,796 1*936 16*879 6,526 16.6 7.1 15.0 6.8 15.1 7.1 15.6 65 7.5 66 20*579 21,581 23.866 23*636 20*687 19,737 23*622 26.5 23.5 23.0 23.2 67 18*295 16,803 6,619 6*723 17*802 15*751 10*683 9*826 18,656 19*150 11*237 10*876 19*026 17*638 16,067 12*806 17*738 13*017 6*536 6*018 18*269 13*502 10*120 9*908 19*565 15.502 10*581 10*630 20.7 15.5 10.8 10.6 20.3 16.6 10.1 9.9 17.5 16.3 6.7 6.1 16.7 15.1 5.7 5.6 676*566 706*810 738*689 781*318 725*336 733,388 778,796 72 (2) Disposable income adj. (NIPA disposable income * govt, insurance credits * capital sains divid.) 1579.8 1756.7 1955.0 Percent ratios: 65 Effective tax rate 66 Saving rate* NIPA basis Percent of disposable Income adj. (2): 67 Gross saving 68 69 70 71 Capital expenditures Acquisition of finan. assets Net increase in liabilities Credit market borrowing 111/86 BASED ON INCOMPLETE INFORMATION 68 69 70 71 2170.0 72 DECEMBER 22, 1986 Households Households Sector Statenents of Savins and Investnent 7 SEASONALLY ADJUSTED ANNUAL RATES 1982 1983 1986 1985 SEASONALLY ADJUSTED ANNUAL RATES I 1 I II 1985 III IV I 1 I 1986 II III Households, Personal Trusts, and Nonprofit Organizations 1 2 2670.8 409.3 2838.6 410.5 3110.2 439.6 3314.5 486.5 3253.1 497.7 3298.7 456.4 3323.2 491.2 3382.9 500.7 3432.6 497.5 3483.3 504.8 3498.8 Personal incone 518.9 - Personal taxes and nontaxes 3 4 5 6 7 8 2261.4 2107.5 154.0 43.9 2.4 37.2 2428.1 2297.5 130.6 53.5 4.4 62.7 2670.6 2501.9 168.7 63.9 6.0 92.7 2828.0 2684.7 143.3 66.5 4.9 102.9 2755.4 2611.4 144.0 43.8 3.0 98.1 2842.3 2658.6 183.7 77.0 3.5 100.1 2832.0 2712.4 119.6 65.9 5.6 114.8 2882.2 2756.5 125.7 79.4 7.5 98.7 2935.1 2789.4 145.7 58.2 11.8 92.9 2978.5 2825.5 153.0 72.6 8.3 101.5 2979.9 2895.9 84.0 64.8 10.9 137.4 9 10 11 237.4 280.3 517.7 251.2 294.7 545.9 331.3 310.4 641.7 317.6 332.8 650.3 288.9 324.4 613.3 364.2 330.0 694.2 305.9 335.6 641.5 311.2 341.2 652.4 308.6 346.7 655.3 335.4 352.3 687.6 297.1 * Net saving 357.8 * Capital consunption 654.9 « Gross saving 9 10 11 12 13 14 15 16 610.7 355.0 89.9 252.7 12.4 606.1 427.8 124.9 289.1 13.9 732.0 500.2 154.5 331.2 14.6 712.8 535.3 162.0 359.3 14.1 681.8 519.1 157.0 347.7 14.4 763.6 528.4 160.4 354.0 14.1 703.1 551.3 164.0 373.3 14.0 702.6 542.5 166.4 362.0 14.1 719.7 545.0 170.1 360.8 14.2 779.3 565.2 177.1 373.9 14.2 671.3 Gross investnent 608.7 Capital expend, net of sales 179.9 Residential construction Consuner durable goods 414.5 Nonprofit plant and equip. 14.3 12 13 14 15 16 17 18 255.7 351.1 178.2 377.0 231.8 469.0 177.4 490.1 162.7 397.6 235.2 529.0 151.8 465.4 160.0 568.7 174.7 363.3 214.2 503.8 17 62.6 Net financial investnent Net acq. of financial assets 18 372.4 « * * * * Disposable personal incone Personal outlays Personal saving, NIPA basis Credits fron govt. Insurance Capital gains dividends Net durables in consunption 1 2 3 4 5 6 7 8 19 257.0 284.3 433.2 367.8 307.7 407.9 322.5 433.2 160.7 313.4 120.4 Dep. 8 cr. nkt. instr. (1) 19 20 21 22 23 24 170.6 19.2 134.2 -7.5 24.7 193.9 39.3 210.0 -11.3 -44.1 290.7 18.9 153.2 71.4 47.2 182.8 45.0 142.9 -2.9 -2.2 172.9 -.5 179.3 6.2 -12.1 216.9 69.5 167.0 -40.0 20.4 219.7 95.8 155.3 -10.2 -21.2 121.6 15.1 69.9 32.5 4.0 221.4 49.2 119.9 25.3 27.0 235.2 125.4 117.3 -38.4 30.9 237.9 62.2 155.2 -29.3 49.8 Deposits Checkable dep. 8 curr. Snail tine 8 svgs.dep. Large tine deposits Money nkt. fund shares 20 25 26 27 28 29 30 86.4 55.6 24.7 2.0 13.3 -9.2 90.4 60.5 37.8 -12.7 .4 4.4 142.4 111.2 28.7 -3.4 6.4 -.5 185.0 60.7 59.4 13.2 4.0 47.8 134.8 35.4 15.1 24.4 3.3 56.6 190.9 168.5 26.6 26.4 9.3 -39.8 102.8 -20.6 42.3 -25.3 -1.3 107.6 311.6 59.4 153.6 27.3 4.6 66.6 -60.7 -36.5 -55.5 50.1 6.8 -25.7 78.2 56.7 13.9 19.6 2.9 -14.9 -117.4 -76.3 71.7 -92.4 8.4 -28.8 Credit nkt. Instrunents U.S. govt, securities Tax-exenpt obligations Corporate 8 fgn. bonds Hortgages Open-narket paper 25 26 27 28 29 30 31 32 16.8 -14.7 32.1 -17.3 38.0 -74.3 103.4 -104.2 91.1 -105.8 96.2 -119.3 100.6 -92.7 125.6 -99.1 236.9 -103.0 170.8 -120.1 178.9 -98.4 Mutual fund shares Other corporate equities 31 32 33 34 7.2 120.1 8.0 142.2 5.2 129.1 10.7 139.7 9.0 126.5 11.1 155.2 11.8 154.1 11.0 123.2 9.5 88.4 10.5 147.3 10.4 184.5 Life Insurance reserves Pension fund reserves 33 34 35 36 37 -45.7 3.7 6.8 -90.0 2.4 15.3 -68.5 -.6 7.0 -52.8 12.5 13.1 -40.7 1.9 7.9 -49.6 14.6 12.8 -47.3 .7 15.7 -73.8 32.6 16.0 -62.8 19.1 14.4 -27.4 -2.4 11.7 -43.6 .9 19.1 Net inv. in noncorp. bus. Security credit Miscellaneous assets 35 36 37 38 39 40 41 42 95.3 88.4 49.5 14.9 2.8 198.7 188.0 110.4 48.9 7.9 237.2 239.5 129.3 77.0 18.0 312.7 295.0 149.4 82.4 14.2 234.8 237.6 124.7 85.7 19.7 293.7 269.6 139.8 74.1 15.1 313.6 302.9 162.4 94.1 18.5 408.7 369.8 170.6 75.7 3.5 188.6 173.6 114.7 57.5 6.0 289.7 283.4 182.1 70.8 16.1 309.8 305.1 200.5 69.6 11.5 Net Increase In liabilities Credit narket instrunents Hone nortgages Installnent cons, credit Other consuner credit 38 39 40 41 42 43 44 45 46 8.5 2.6 2.6 7.4 11.4 2.5 3.6 3.3 10.2 2.5 -.4 2.9 30.2 2.4 8.1 8.3 9.9 2.4 -11.6 6.8 9.5 2.4 16.6 12.1 7.3 2.4 12.1 6.0 93.9 2.4 15.4 8.4 -10.7 2.4 -2.6 6.2 .6 2.4 2.2 9.2 5.3 2.3 9.8 6.0 47 48 49 3.8 2.4 .8 8.4 1.8 .6 -3.1 1.8 -1.0 16.7 2.2 -1.2 -5.5 2.2 .5 23.3 2.1 -1.3 10.0 2.3 -1.6 39.0 2.3 -2.5 11.9 2.4 .7 2.6 2.5 1.1 1.0 2.6 1.1 50 -93.0 -60.2 -90.3 -62.5 -68.6 -69.5 -61.6 -50.1 -64.4 -91.7 Tax-exenpt debt Other nortgages Bank loans n.e.c. Other loans Security credit Trade debt Miscellaneous -16.3 Discrepancy 21 22 23 24 43 44 45 46 47 48 49 50 (1) Excludes corporate equities. Memoranda: 51 52 53 54 55 56 89.9 4.6 85.3 54.3 49.5 -13.8 124.9 6.1 118.8 57.0 110.4 -42.6 154.5 6.2 148.2 59.9 129.3 -34.7 162.0 6.1 155.9 63.9 149.4 -51.3 157.0 5.9 151.1 62.4 124.7 -30.1 160.4 6.1 154.2 63.5 139.8 -43.0 164.0 6.2 157.9 64.4 162.4 -62.8 166.4 6.1 160.3 65.1 170.6 -69.3 170.1 5.5 164.5 65.8 114.7 -10.5 177.1 5.1 172.0 66.6 182.1 -71.6 Net physical Investnent: (A) Residential construction Expenditures 179.9 Mobile hones 5.1 Other 174.8 67.3 - Capital consumption - Home nortgages 200.5 s Excess net investment -87.9 51 52 53 54 55 56 57 58 59 252.7 215.4 37.2 289.1 226.4 62.7 331.2 238.5 92.7 359.3 256.3 102.9 347.7 249.6 98.1 354.0 253.9 100.1 373.3 258.5 114.8 362.0 263.3 98.7 360.8 267.9 92.9 373.9 272.4 101.5 (B) Consuner durables Expenditures 414.5 - Capital consunption 277.1 = Net investnent 137.4 57 58 59 60 61 17.7 19.5 56.8 5.9 95.0 -2.4 96.6 6.3 105.5 -7.3 89.2 10.8 112.6 2.2 79.2 19.5 63.6 29.3 87.0 14.5 81.1 56.2 - Consuner credit « Excess net Investnent 60 61 62 63 64 12.4 10.6 1.8 13.9 11.2 2.6 14.6 12.0 2.6 14.1 12.6 1.6 14.4 12.3 2.1 14.1 12.5 1.6 14.0 12.6 1.3 14.1 12.8 1.3 14.2 13.0 1.2 14.2 13.2 1.0 (C) Nonprofit plant and equip. Expenditures 14.3 13.4 - Capital consunption .9 » Net Investnent 62 63 64 65 66 15.3 6.8 14.5 5.4 14.1 6.3 14.7 5.1 15.3 5.2 13.8 6.5 14.8 4.2 14.8 4.4 14.5 5.0 14.5 5.1 14.8 Effective tax rate 2.8 Saving rate, NIPA basis 67 22.4 22.0 23.4 22.4 21.9 23.8 22.1 22.0 21.8 22.5 21.4 Gross saving 68 69 70 71 15.4 15.2 4.1 3.8 17.2 15.2 8.0 7.6 18.3 17.1 8.7 8.7 18.5 16.9 10.8 10.2 18.5 14.2 8.4 8.5 18.1 18.1 10.1 9.2 19.0 16.0 10.8 10.4 18.3 19.2 13.8 12.5 18.1 12.1 6.3 5.8 18.5 16.5 9.5 9.3 19.9 12.2 10.1 10.0 72 2307.7 2486.0 2740.5 2899.4 2802.2 Percent ratios: 65 66 Percent of disposable income adi. (2): BILLIONS OF DOLLARS. Capital expenditures Acquisition of finan. assets Net increase in liabilities Credit narket borrowing 67 68 69 70 71 72 2922.8 2903.5 2969.0 3005.1 3059.4 3055.6 (2) Disposable income adi. (NIPA disposable lncone * govt, insurance credits * capital gains dlvid.) II1/86 BASED ON INCOMPLETE INFORMATION DECEMBER 22, 1986 Total and Noncorporate Busineas Total and Noncorporate Business 8 Sector Statenents of Savins and Investnent UNADJUSTED NET FLOHSCS MILL) UNADJUSTED NET FLOWS($ MILL) I II 1985 III IV I 1 I 1986 II Nonfinancial III 1978 BILLIONS OF DOLLARS 1979 1980 1981 Business - Total 1 Incone before taxes 2 Gross savins 106*351 114*013 115*353 115*479 109*343 125,896 124*475 105*999 113*670 117*105 111*039 112*812 116*766 115*353 368.0 233.8 397.1 257.3 374.8 268.6 387.9 317.0 1 2 S Gross investnent 104*297 112*305 3 87*320 112*406 112*303 108*661 214.6 267.4 264.2 283.7 4 Capital expenditures 101*036 129*641 120*856 107,770 113*117 134*715 122*189 5 Fixed Investnent 91*348 119*996 114*421 118*087 97,678 123*847 117*818 6 Business plant 8 equipment 92*447 106*133 103*385 112*403 97*589 107*062 103*812 7 Hone construction (1) -6*968 3,739 -787 -6*148 8*856 5*069 7*385 8 Multi-family residential 5*869 7,929 8*937 6,478 7,297 6*471 6*237 9 Change in inventories 4*241 -11*076 14.598 8*272 9.208 8,702 2,471 10 Mineral rts. fron U.S. govt. 1*900 480 2*194 2*596 943 759 841 285.2 254.6 239.3 4.2 11.1 28.6 2.0 308.8 291.1 280.7 .3 10.1 13.0 4.7 304.9 308.2 299.2 -.3 9.3 -8.3 5.0 382.2 4 353.3 5 342.3 6 -1.6 7 12.6 8 24.0 9 4.8 10 11 Net financial Investnent 3»2ll -17*336 -21,517 -20,450 -711 -22*412 -13*528 12 Net acq. of financial assets 15*404 18*349 26,204 42*975 -2.747 22.801 9*068 13 Net increase in liabilities 12*143 35*685 47*721 63*425 -2*036 45,213 22*596 14 Corporate equities -21,075 -16,775 -18*750 -25*000 -15*000 -18*750 -19*500 15 Credit narket instrunents 47*167 64,772 50,176 80*798 50*026 64*174 41,774 16 Bonds 18*140 23*384 22,375 32*579 26*828 30*017 22*535 17 Mortgages 11*986 27*178 21.237 23,277 17*361 23,703 23,660 18 Bank loans n.e.c. 5,957 3*066 8,723 15,484 2*613 6*480 -1*369 19 Other loans 11*084 11*144 -2,159 3*224 3,974 -3*052 9*458 -70.6 99.5 170.1 -.1 134.5 28.8 41.3 36.4 28.0 -41.4 131.8 173.2 -7.8 157.1 27.3 45.8 47.9 36.1 -40.7 104.4 145.1 12.9 128.5 38.5 32.9 32.5 24.6 -98.5 70.3 168.7 -11.5 160.3 36.2 32.0 50.9 41.1 20 21 4*803 -4*481 53.8 -18.0 54.2 -30.2 39.7 -36.0 30.6 20 -10.7 21 6*692 19.2 -10.1 4.4 33.3 22 Trade debt Other liabilities 22 Discrepancy -6*595 4*641 -7,354 -16,953 1,702 1*365 99*339 17*435 19*541 -24*484 9,993 -1*140 -11,914 -12*578 -10*204 17,766 23*719 406 4*463 11 12 13 14 15 16 17 18 19 Farn Business 1 Proprietors* net Incone 8*225 8*250 5*400 7*350 6*100 9*875 4*900 27.0 31.7 20.5 30.7 1 2 Net saving (corporate) 3 Capital consunption 4 Corporate 5 Noncorporate 6 Current surplus * gross saving 259 5*177 400 4,777 5*436 290 5,163 398 4*765 5*453 304 5*166 398 4,768 5*470 306 5*133 395 4*738 5*439 278 5*495 392 5*103 5.773 249 5,495 392 5*103 5*744 232 5*474 390 5*084 5*706 .9 13.6 .9 12.6 14.5 .9 15.3 1.1 14.3 16.3 .5 17.6 1.3 16.3 18.1 .2 19.4 1.4 17.9 19.6 2 3 4 5 6 5*436 5,779 3.585 469 1,725 5*453 6*828 4*121 557 2*150 5*470 4*704 4*133 596 -25 5*439 -2 4*401 572 -4,975 5,773 5*002 3*862 465 675 5*744 5*654 4*135 544 975 5*706 5*752 3,797 505 1*450 14.5 21.7 17.4 2.2 2.1 16.3 26.9 20.2 1.6 5.0 18.1 15.4 18.9 2.4 -5.9 19.6 7 27.2 8 19.5 9 2.0 10 5.8 11 -343 798 43 755 744 11 -1,375 768 44 724 825 -101 766 28 45 -17 85 -102 5*441 804 46 758 850 -92 771 638 47 591 800 -209 90 892 48 844 800 44 -46 843 49 794 749 45 -7.3 2.1 .1 2.0 1.7 .3 -10.6 2.1 .1 1.9 1.5 .4 2.7 2.0 .1 1.9 1.3 .6 -7.6 1.9 .1 1.7 1.1 .6 12 13 14 15 16 17 9.5 16.6 10.0 1.4 5.2 3.4 1.8 18 19 20 21 22 23 24 7 Gross investnent 8 Capital expenditures 9 Plant and equipnent 10 Residential construction Change In inventories 11 12 Net financial Investnent 13 Net acq. of financial assets 14 Denand deposits 8 currency 15 Miscellaneous assets 16 Insurance receivables 17 Eq. in spons. ags. (2) 18 19 20 21 22 23 24 Net increase in liabilities Credit narket instrunents Mortgages Bank loans n.e.c. Other loans U.S. governnent Fed. Int. Credit Banks 1*141 -2,785 -83 -1*584 -1,118 100 -1*218 2*143 2*459 -1*036 1*809 1*686 1*693 -7 -738 -3,675 -2,575 -1,020 -80 331 -411 -4,637 -9,571 -2*691 -3*605 -3.275 -985 -2,290 -133 -4,157 -1*158 -1,758 -1,241 -120 -1,121 802 -901 -2*267 421 945 953 -8 889 -956 -1,479 -300 823 -64 887 9.3 15.6 8.2 2.5 5.0 3.5 1.5 12.7 23.5 14.0 2.8 6.7 3.4 3.3 -.7 15.2 10.2 .5 4.5 2.6 1.9 25 26 Trade debt Proprietor net investnent -136 4,062 -61 -255 -26 2*963 -33 4.967 22 4*002 23 1*680 62 1*783 1.6 -7.9 1.2 -12.0 1.0 -16.9 .9 25 -8.0 26 Nonfarn Noncorporate Business 1 Net incone 2 Gross svg. * capital consunp. 60*830 17*780 62*346 17*856 63*442 18*767 64,921 19,137 68.075 18*148 71,119 18*537 73,170 18*742 159.8 37.0 170.5 43.5 172.9 50.4 175.8 58.0 1 2 3 Gross Investnent 4 Capital expenditures 5 Fixed capital 6 Plant and equipnent Hone construction (1) 7 8 Multi-family residential 9 Change in inventories 17,780 17*848 16*575 14*682 -3.719 5*612 1*273 17*856 25*643 23*760 14*399 3*414 5,947 1,883 18*767 24 *864 23*033 14*721 1.572 6*740 1,831 19*137 20*523 20,260 14,922 -680 6*018 263 18*148 20*868 18*455 15*857 -3,307 5*905 2*413 18*537 29,773 27.474 16*019 4,156 7.299 2.299 18,742 28*202 27,272 16*777 2*282 8*213 930 37.0 46.6 43.1 32.1 1.0 10.1 3.5 43.5 43.7 45.6 37.3 -.7 8.9 -1.9 50.4 45.4 48.5 41.7 -1.4 8.2 -3.1 58.0 68.7 62.1 52.2 -1.8 11.6 6.6 3 4 5 6 7 8 9 -68 2*289 — 558 1*731 1*722 9 -7,787 3,939 — 2*166 1,773 1*800 -27 -6,097 4,645 — 2*557 2*088 2,099 -11 -1.386 4*263 — 2,870 1*393 1*392 1 -2.720 -11.236 -179 2.152 — — -1,172 1*253 899 993 1*000 919 -7 -20 -9*460 1*824 — 830 994 1,000 -6 -9.5 5.0 2.0 3.0 2.9 .1 -.2 5.2 '— 2.2 3.0 2.9 .1 5.0 3.3 — .7 2.6 2.5 .1 -10.7 5.6 — 3.4 2.1 2.1 .1 10 11 12 13 14 15 16 2*357 15*707 15,111 -2,975 5*586 12*500 11*726 26*385 25*488 2*731 6*783 15*974 10*742 23*421 22,531 1*257 6,537 14,737 5*649 27*246 26*512 -544 10*386 16*670 2*541 21*983 21*015 -2*645 8,122 15*538 13*388 24*827 22*658 3*325 6*083 13*250 11*284 21*696 23*246 1*826 7*601 13*819 14.5 33.8 28.5 .8 8.2 19.5 5.5 37.9 30.3 -.5 7.6 23.3 -1.8 31.8 21.0 -1.1 4.6 17.5 16.2 38.5 23.9 -1.4 4.1 21.2 17 18 19 20 21 22 78 518 64 833 -180 1*070 240 494 201 767 28 2*141 -584 -966 -.8 6.0 .5 7.1 3.2 7.6 6.1 23 8.5 24 906 917 555 562 170 59 259 -14*267 -15,214 -13*241 -21*856 -19*612 -11,498 -11.318 3.1 -22.3 .1 -32.5 -.9 -32.7 -1.1 25 -21.2 26 10 Net financial Investment 11 Net acq. of financial assets 12 Denand deposits 8 currency 13 Consumer credit 14 Miscellaneous assets Insurance receivables 15 16 Equity in spons.ags. (2) 17 18 19 20 21 22 23 24 25 26 Net increase in liabilities Credit market Instruments Mortgages Home mortgages Multi-family Commercial Bank loans n.e.c. Other loans Trade debt, net Proprietor net investment (1) Farn plus nonfarn change in work in process. (2) Shares in FICBs* Banks for Cooperatives* and Federal Land Banks. II1/86 BASED ON INCOMPLETE INFORMATION - DECEMBER 22, 1986 Total and Noncorporate Business Total and Noncorporate Business Sector Statements of Savins and Investment 9 SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES 1982 1983 1986 1985 I 1 I Nonfinancial 1 2 327.5 327.7 376.1 373.5 453.4 417.9 451.2 447.8 441.5 432.2 II 1985 IV III I 1 I 1986 11 III Business - Total 443.7 443.6 453.0 462.1 466.7 453.4 453.1 457.4 489.8 452.8 489.3 Income before taxes 457.4 Gross savins 1 2 3 3 292.1 341.3 383.6 403.3 407.9 428.3 374.5 402.5 436.8 427.7 412.5 Gross investment 4 5 6 7 8 9 10 335.5 352.3 337.1 3.3 11.8 -24.6 7.8 352.2 351.5 323.8 9.9 17.8 -7.1 7.8 479.4 407.4 380.7 3.3 23.4 64.1 7.9 459.3 443.9 414.4 3.4 26.1 11.1 4.4 448.9 421.6 393.5 3.1 25.0 25.4 1.9 464.9 442.1 414.0 3.3 24.7 19.0 3.8 457.4 445.6 415.5 2.7 27.4 3.1 8.8 466.0 466.1 434.4 4.4 27.3 -3.2 3.0 498.8 451.5 416.4 8.6 26.5 43.9 3.4 480.4 455.6 417.6 7.4 30.7 14.4 10.4 4 462.1 Capital expenditures 459.0 Fixed Investment 5 Business plant 8 equipment 6 417.7 Home construction (1) 7 7.6 Multi-family residential 33.6 8 9 -4.5 Chans* in inventories 7.6 Mineral rts. from U.S. sovt. 10 11 12 13 14 15 16 17 18 19 -43.4 41.2 84.6 11.4 116.2 33.8 33.3 50.3 -1.2 -11.0 125.6 136.6 28.3 140.2 25.5 70.1 22.2 22.5 -95.8 112.2 208.0 -77.0 290.6 66.7 85.7 80.5 57.7 -56.0 102.9 159.0 -81.6 242.9 96.5 83.7 33.2 29.5 -41.0 86.1 127.1 -84.3 227.9 74.1 79.1 40.2 34.5 -36.6 74.9 111.5 -67.1 212.8 96.1 82.1 4.7 30.0 -83.0 88.6 171.5 -75.0 204.9 91.8 73.6 31.2 8.3 -63.5 162.2 225.7 -100.0 326.0 124.0 99.9 56.8 45.4 -61.9 21.1 83.0 -60.0 240.7 108.6 102.8 25.5 3.8 -52.8 87.6 140.4 -75.0 209.2 123.0 66.6 19.0 .6 -49.6 Net financial Investment 20.9 Net acq. of financial assets 70.5 Net increase in liabilities -78.0 Corporate equities 173.6 Credit market instruments Bonds 92.8 82.7 Mortsasas -9.0 Bank loans n.e.c. Other loans 7.0 20 21 3.0 -46.0 40.7 -72.7 36.6 -42.2 35.0 -37.4 16.8 -33.2 -3.3 -30.9 64.0 -22.4 62.5 -62.8 -43.7 -54.0 12.5 -6.4 22 35.6 32.2 34.3 44.6 24.3 15.3 87.7 50.9 20.6 25.1 45.0 Discrepancy 9.0 -34.2 Trade debt Other liabilities 11 12 13 14 15 16 17 18 19 20 21 22 Farm Business 1 24.6 12.5 31.5 29.2 32.9 33.0 21.6 29.4 24.4 39.5 19.6 Proprietors* net Income 1 2 3 4 5 6 .5 20.5 1.6 18.9 21.0 .6 20.8 1.6 19.J 21.4 .7 20.9 1.6 19.3 21.6 1.2 20.6 1.6 19.0 21.8 1.0 20.7 1.6 19.1 21.7 1.2 20.7 1.6 19.1 21.8 1.2 20.7 1.6 19.1 21.9 1.2 20.5 1.6 19.0 21.8 1.1 22.0 1.6 20.4 23.1 1.0 22.0 1.6 20.4 23.0 .9 Net savins (corporate) 21.9 Capital consumption Corporate 1.6 Noncorporate 20.3 22.8 Current surplus « sross savins 2 3 4 5 6 7 8 9 10 11 21.0 16.5 15.9 2.0 -1.5 21.4 8.1 14.1 1.5 -7.5 21.6 24.2 14.1 2.6 7.5 21.8 17.3 16.2 2.2 -1.1 21.7 23.4 14.3 2.1 6.9 21.8 27.2 16.5 2.2 8.6 21.9 18.7 16.5 2.3 -.1 21.8 -.1 17.6 2.2 -19.9 23.1 20.3 15.4 2.1 2.7 23.0 22.5 16.5 2.1 3.9 22.8 Gross Investment 22.9 Capital expenditures Plant and equipment 15.2 1.9 Residential construction 5.8 Chanse in inventories 12 13 14 15 16 17 4.5 1.8 .1 1.7 1.3 .4 13.3 1.3 .1 1.1 1.0 .1 -2.6 2.1 .2 1.9 1.9 .1 4.5 2.4 .2 2.2 2.5 -.3 -1.6 3.2 .2 3.0 3.0 K -5.4 3.1 .2 2.9 3.3 -.4 3.2 .1 .2 -.1 .3 -.4 21.8 3.2 .2 3.0 3.4 -.4 2.8 2.6 .2 2.4 3.2 -.8 .4 3.6 .2 3.4 3.2 .2 18 19 20 21 22 23 24 -2.7 6.8 4.2 3.2 -.6 .2 -.8 -12.0 4.3 2.8 2.8 -1.3 * -1.3 4.6 .1 -.8 1.0 -.1 1.1 -1.2 -2.1 -13.6 -6.4 -4.4 -2.8 1.1 -3.9 4.8 -7.6 -.7 -4.9 -1.9 1.1 -3.0 8.5 -4.2 -4.9 2.1 -1.4 4.6 -6.0 -3.0 -15.3 -9.9 -4.8 -.6 1.3 -1.9 -18.6 -27.2 -10.1 -10.0 -7.2 -2.4 -4.8 -.3 -12.5 -5.0 -5.8 -1.7 .4 -2.1 3.1 -17.6 -9.7 -3.5 -4.5 1.7 -6.3 3.5 -4.5 -5.5 -2.0 3.0 -.4 3.4 25 26 .4 -9.9 -.7 -15.6 -1.1 5.7 -.3 11.7 -.5 12.9 -.2 13.0 -.1 12.4 -.1 8.7 .1 12.1 .1 20.7 .2 7.7 7 8 9 10 11 -.1 Net financial investment 3.4 Net acq. of financial assets Demand deposits 8 currency .2 Miscellaneous assets 3.2 Insurance receivables 3.0 Eq. in spons. ass. (2) .2 12 13 14 15 16 17 Net increase in liabilities Credit market Instruments Mortseses Bank loans n.e.c. Other loans U.S. sovernment Fed. Int. Credit Banks 18 19 20 21 22 23 24 Trade debt Proprietor net investment 25 26 Nonfarm Noncorporate Business 1 2 173.1 64.4 204.1 66.4 232.3 70.0 251.5 73.5 243.3 71.1 249.4 71.4 253.8 75.1 259.7 76.5 272.3 72.6 284.5 74.1 292.7 Net Income 75.0 Gross svs. « capital consump. 1 2 3 4 5 6 7 8 9 64.4 62.7 64.7 53.4 .6 10.6 -1.9 66.4 69.3 69.4 48.7 4.2 16.6 -.2 70.0 84.0 78.6 56.7 .4 21.5 5.4 73.5 88.9 83.6 58.7 .6 24.3 5.3 71.1 85.5 82.3 58.7 .5 23.1 3.2 71.4 87.8 81.1 57.6 .6 22.9 6.7 75.1 89.7 84.7 58.9 .2 25.6 5.0 76.5 92.5 86.4 59.7 1.1 25.6 6.2 72.6 98.3 90.9 63.4 3.2 24.3 7.4 74.1 103.5 95.3 64.1 2.6 28.5 8.2 75.0 Gross Investment 102.8 Capital expenditures Fixed capital 101.2 Plant and equipment 67.1 Home construction (1) 2.9 Multi-family residential 31.3 1.6 Chanse in inventories 3 4 5 6 7 8 9 10 11 12 13 14 15 16 1.7 3.7 -14.0 12.2 — 8.0 4.2 4.2 ft -15.3 15.1 1.6 2.1 2.0 ft -2.8 .1 — 4.7 -4.6 -4.6 ft 8.2 7.0 7.0 ft -14.4 15.1 — 8.2 6.9 6.9 ft -16.4 15.0 — 7.9 7.1 7.2 -.1 -14.6 20.2 11.8 8.4 8.4 ft -16.0 10.2 4.6 5.6 5.6 ft -25.7 5.7 — 1.7 4.0 4.0 a -29.3 7.6 4.0 3.6 3.7 -.1 -27.9 Net financial investment Net acq. of financial assets 9.1 Demand deposits 8 currency Consumer credit 5.2 Miscellaneous assets 4.0 Insurance receivables 4.0 ft Equity in spons.ass. (2) 17 18 19 20 21 22 2.0 40.2 30.3 .5 6.1 23.7 2.9 76.6 63.8 3.3 13.3 47.2 26.2 97.1 86.2 .3 24.9 61.0 30.5 92.8 89.6 .5 29.3 59.9 29.5 79.4 79.7 .4 22.4 56.9 31.4 91.7 86.5 .5 27.4 58.7 34.8 92.2 83.3 .1 26.5 56.7 26.2 107.6 109.1 .9 40.9 67.3 31.4 105.6 104.5 2.6 32.6 69.3 36.9 84.8 74.2 2.1 24.6 47.5 37.0 84.6 85.7 2.3 30.8 52.6 23 24 7.4 2.6 1.4 11.4 2.5 8.3 .2 2.9 -.1 -.1 -1.1 6.3 1.0 7.9 1.0 -2.4 .6 .5 -1.3 11.9 -.7 -.3 25 26 -2.4 -35.8 .7 -74.4 3.3 -74.2 2.3 -64.6 3.7 -53.6 2.2 -62.6 2.2 -59.7 1.0 -82.5 .7 -74.9 .2 -48.1 3.6 -51.2 Net Increase in liabilities Credit market instruments Mortsasas Home mortsases Multi-family Commercial Bank loans n.e.c. Other loans Trade debt, net Proprietor net investment (1) Farm plus nonfarm chanse in work in process. (21 Shares in FICBs, Banks for Cooperatives, and Federal Land Banks. BILLIONS OF DOLLARS. II1/86 BASED ON INCOMPLETE INFORMATION 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 DECEMBER 22, 1986 Nonfinancial Corporate Business Nonfinancial Corporate Business Sector Statements of Savins and Investment 10 UNADJUSTED NET FLOWS($ MILL) UNADJUSTED NET FLOWS<$ MILL) I II 1985 III IV I 1 1986 II I III 1978 BILLIONS OF DOLLARS 1979 1980 1981 Nonfinancial Corporate Business. Excluding Farms 1 2 3 4 Profits before tax - Profit tax accruals - Domestic net dividends « Domestic undist. profits 37,296 14,792 20.866 2.121 43,417 17,036 20.378 5,463 46,511 18,209 20,111 9,672 43,208 16.213 24,843 653 35.168 16,114 21,514 -2.042 44,902 19.851 21,534 2,922 46,405 20,096 21,403 6,721 181.2 66.8 47.6 66.9 194.9 69.3 54.1 71.5 181.4 66.7 61.0 53.7 181.4 63.6 67.6 50.2 1 2 3 4 5 6 7 8 ♦ * * » Capital consumption adj. Depreciation charges. NIPA Earnings rec. from abroad U.S. internal funds, book 12.093 61.425 3.987 79,626 13,409 62,277 1,362 82,511 13,834 63,077 1,942 88,525 13.346 63,805 4,934 82,738 12,745 64,283 3.220 78,206 12,014 65,083 1,353 81.372 12,026 65,660 1,442 85.849 -11.3 129.8 10.5 195.9 -14.0 149.6 15.1 222.1 -16.1 171.3 15.7 224.6 -13.8 198.8 14.5 249.6 5 6 7 8 9 * Fgn. earnings ret. abroad 10 * Inv. valuation adjustment 11 * Total internal funds * IVA 3,346 -189 82,783 7,198 652 90,361 2,937 1,406 92,868 6,144 -2,419 86,463 6,040 4,645 88.891 7,627 3,486 92,485 4.373 683 90,905 11.7 -25.3 182.3 18.6 -43.2 197.6 18.7 -43.1 200.1 14.0 9 -24.2 10 239.5 11 12 Gross investment 13 Capital expenditures (1) 14 Fixed investment 15 Plant and equipment 16 Home construction 17 Multi-family residential 18 Inventory change * IVA 19 Mineral rts. from U.S. govt. 81.081 77,409 70,719 74,180 -3,718 257 6.210 480 88,996 97,170 91.558 87,613 3,414 531 4.669 943 75,102 91,288 86,659 84,531 1,571 557 2,435 2,194 62,744 87,249 92,854 93,080 -679 453 -6,364 759 88.485 87.247 74.896 77,870 -3.306 332 11,510 841 88,022 99,288 91,694 86,908 4,156 630 4,998 2,596 84,213 88,235 86,244 83,238 2.282 724 91 1,900 163.1 216.9 191.9 189.9 1.0 1.0 23.1 2.0 207.7 238.3 223.7 223.2 -.7 1.2 9.8 4.7 195.7 244.1 238.3 238.6 -1.4 1.1 .7 5.0 206.1 286.3 269.8 270.6 -1.8 1.0 11.7 4.8 20 Net financial Investment 21 Net acq. of financial assets 3,672 12,317 -8,174 -16,186 -24,505 13,642 21,531 37,908 1,238 -11,266 -3.206 19,757 -4,022 6,401 -53.8 92.4 -30.6 124.5 -48.4 99.1 -80.2 20 62.8 21 -11.187 Liquid assets Demand dep. and currency -7,023 -433 Time deposits -669 Security RPs 1.328 Foreign deposits -575 1,912 506 -942 -2,763 13,265 1,463 923 4,385 3,786 13,793 8,402 5,924 1,235 -4,436 -3,569 -5,293 2.558 -853 849 7,320 -413 747 -2,956 2,259 -6,142 -4.026 -1,979 61 2,726 15.8 4.4 2.0 5.5 2.0 18.6 2.6 4.7 2.6 5.1 18.7 2.3 4.0 6.6 2.8 17.5 -4.7 14.9 M -1.7 22 23 24 25 26 12 13 14 15 16 17 18 19 22 23 24 25 26 27 28 29 U.S. govt, securities Tax-exempt obligations Commercial paper -503 73 -3,960 -236 48 900 -2,865 99 5,474 460 616 1,592 969 580 -2,379 4.452 691 2,540 -6,794 -193 4,063 1.5 .2 .2 1.6 M 1.9 5.6 -.2 -2.3 -1.0 27 K 28 10.0 29 30 31 32 33 34 35 Consumer credit Trade credit Miscellaneous assets Foreign dlr.Invest.(2.5) Equity, etc. Retained earnings -1,555 18,794 6,265 2,465 -1,217 3,682 1,113 2,683 10,421 2,615 -2,853 5,468 1,138 5,697 1,431 1,385 -2,098 3,483 2,484 8,042 13,589 4.347 1,215 3,132 -2,132 -5,939 8,434 7,251 2,440 4.811 178 3,390 8,869 5,777 438 5,339 -122 9,138 3,527 5,072 1,904 3,168 1.2 56.6 18.9 16.1 4.4 11.7 1.2 69.8 34.9 26.8 7.6 19.2 .2 48.2 32.0 23.6 4.9 18.6 1.9 23.2 20.3 12.6 -.5 13.1 36 37 38 Insurance receivables Equity in sponsored ags. Other 2,274 1,526 2,473 108 5,225 2,618 -2,572 2,600 -1 6,643 2,600 69 -1,486 3,498 8 -414 1,504 -1 -3,048 5.6 K -2.8 5.5 .1 2.5 4.7 M 3.8 3.7 36 — 37 4.0 38 8,645 21,816 37,717 62,413 -4,444 31,023 10,423 13,170 19,153 11,680 38.123 17,200 21.498 1,534 -21,075 -16,775 -18,750 -25,000 -15,000 -18,750 -19,500 146.3 85.0 -.1 155.1 87.8 -7.8 147.5 94.3 12.9 143.0 39 93.7 40 -11.5 41 105.2 42 13.4 43 22.8 44 39 40 41 Net increase in liabilities Net funds raised in mkts. Net new equity Issues 30 31 32 33 34 35 42 43 44 Debt instruments Tax-exempt debt (3) Corporate bonds (2) 34,245 1,700 16,440 35,928 4,500 18,884 30,430 5,400 16,975 63,123 11,000 21,579 32,200 -3,000 29,828 40,248 -3,650 33,667 21,034 -1,700 24,235 85.2 7.7 21.1 95.7 10.0 17.3 81.5 10.9 27.7 45 46 47 48 Mortgages Home mortgages Multi-family Commercial -3,042 -2,975 -83 16 2,726 2,731 -50 45 1,281 1,257 -50 74 -544 -544 50 -50 -2.496 -2,645 150 -1 3.312 3,325 75 -88 1,893 1,826 153 -86 4.6 .8 2.7 1.1 1.5 -.5 2.4 -.4 1.7 -1.1 3.0 -.2 -2.0 -1.4 .8 -1.3 45 46 47 48 49 50 51 52 53 Bank loans n.e.c. Commercial paper Accept, liabs. to bks. Nonbank finance loans U.S. government loans 7,463 4,482 -989 6,744 1,447 1,193 5,914 304 3,004 -597 9,923 150 434 -2,761 -972 18,849 4,052 -804 11,489 -2,498 4.170 -2,693 -982 6,853 520 6,031 -860 50 590 1,108 -485 4.125 -688 -6,438 92 34.7 2.7 1.2 11.5 1.7 44.5 9.0 2.0 10.2 1.2 28.7 4.0 1.6 5.5 1.5 43.5 14.7 2.2 9.4 1.2 49 50 51 52 53 54 55 56 57 58 Profit taxes payable Trade debt Fgn.dir.investmt.in U.S.(5 Equity, etc. Retained earnings -447 -7,376 3,298 2,923 375 -6,703 4,147 5,219 5,263 -44 2,890 16,899 6,248 5,419 829 2,499 2.395 19,315 -24,676 637 2,476 715 3,146 -670 -78 -4,625 9,911 4,239 3,616 623 1,871 3,835 3,183 3,043 140 4.3 49.1 7.9 5.3 2.5 2.5 52.9 11.8 7.9 3.9 -1.7 39.6 15.3 11.7 3.6 -6.8 30.8 25.3 22.3 3.0 54 55 56 57 58 1,702 1,365 17,766 23,719 406 4,463 6»692> 19.2 -10.1 4.4 33.3 59 26,170 17,662 -1,464 -11.202 -11.273 25,393 13,855 14,981 18,737 15,964 -6,521 26,135 5,303 17,708 7.5 64.0 16.9 68.3 8.6 69.0 -7.6 60 71.1 61 15,098 19,147 11,324 26,110 9,818 7,262 32,035 24,332 7,868 31,088 52,902 -14,413 33,329 6,919 12,205 24.428 -3,394 2,312 33.4 51.8 105.2 28.8 66.9 122; 3 40.3 41.2 79.1 34.2 62 70.9 63 94.9 64 45,820 44,209 98,150 107,355 36,906 40,536 43,305 97.062 23,838 36.9 119.0 39.3 35.6 120.6 40.1 36.8 122.0 33.4 35.1 65 119.6 66 36.7 67 59 Discrepancy 60 61 62 63 64 65 66 67 Memorandum items: Trade credit net of trade debt Profits tax payments Debt subtotals: Securities and mortgages Loans and short-term paper Total short-term liab. (4) Percent ratios: Effective tax rate Capital outlays/internal funds Cr. mkt. borrowing/cap. exp. 39,661 39,238 93,508 107,535 44,239 36,974 (1) Capital outlays on book basis: 6,210 68 Inventory change, NIPA -189 69 Less: Inv. val. adjustment 6,399 70 Inventory change before IVA 23,656 6,774 26,563 39,149 37,523 98,298 100,909 33,334 72,348 4,669 652 4,017 2,435 1,406 1,029 -6,364 -2,419 -3,945 11,510 4,645 6,865 4,998 3,486 1,512 91 683 -592 23.1 -25.3 48.4 9.8 -43.2 53.0 .7 -43.1 43.9 11.7 68 -24.2 69 35.9 70 77,598 96,518 71 Total cap. expend, before IVA 79,626 82,511 72 U.S. internal funds, book Financing gap: Excess of capital expenditures -2,028 14,007 73 over U.S. internal funds 89,882 88,525 89,668 82,738 82,602 78,206 95,802 81,372 87,552 85,849 242.2 195.9 281.4 222.1 287.2 224.6 310.5 71 249.6 72 1,357 6,930 4,396 14,430 1,703 46.4 59.3 62.6 60.9 73 (2) Corporate bonds include net issues by Netherlands Antilles subsidiaries; U.S. direct investment abroad is before subtracting net inflows of capital from Netherlands Antilles subsidiaries to U.S. parents. (3) Industrial revenue bonds. Issued by state and local governments to finance private Investment and secured in Interest and principal by the industrial user of the funds. (4) Loans and short-term paper (line 63). taxes payable and trade debt (5) Direct Investment totals and retained earnings exclude capital gains/losses included in balance of payments statistics. II1/86 BASED ON INCOMPLETE INFORMATION DECEMBER 22, 1986 Nonfinancial Corporate Business Nonfinancial Corporate Business Sector Statements of Savins and Investment 11 SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES 1983 1982 1984 1985 I 1 II I 1985 III IV I 1 I 1986 II III Nonfinancial Corporate Business, Excluding Farms 1 2 3 A 129.8 A6.2 72.0 11.6 159.5 59.3 78.0 22.2 189.6 7A.2 83.9 31.5 170.A 66.3 86.2 17.9 165.2 63.3 86.5 15.2 161.3 61.3 85.6 1A.5 177.6 70.3 85.8 21.A 177.6 70.1 86.9 20.6 156.A 68.5 89.3 -l.A 165.9 71.5 90.5 3.7 177.0 77.7 91.3 8.0 Profits before tax - Profit 'tax accruals - Domestic net dividends « Domestic undist. profits 1 2 3 A 5 6 7 8 -8. A 221. A 12.5 237.2 16.0 228.2 11.8 278.2 31.A 237.9 11.3 312.1 52.7 250.6 12.2 333. A A8.A 2A5.7 17.7 327.0 53.6 2A9.1 5.3 322.5 55.3 252.3 13.3 342.4 53.A 255.2 12.6 3A1.8 51.0 257.1 1A.8 321.5 A8.1 260.3 5.2 317.3 A8.1 262.6 11.8 330.5 * * * = Capital consumption adl. Depreciation charges, NIPA Earnings rec. from abroad U.S. internal funds, book 5 6 7 8 9 10 11 15.5 -10.A 2A2.3 18.A -10.9 285.7 19.7 -5.5 326.3 19.6 -.6 352.5 12.9 -.5 339.A 26.2 1.6 350.3 16.7 6.1 365.2 22.7 -9.A 355.1 23.7 16.5 361.7 27.7 10.6 355.6 23.0 * Fgn. earnings ret. abroad 6.1 * Inv. valuation adjustment 359.6 = Total internal funds ♦ IVA 9 10 11 12 13 IA 15 16 17 18 19 206.8 256.3 269.7 267.9 .6 1.2 -21.2 7.8 253.5 27A.8 266.5 261.1 A.2 1.2 .6 7.8 292.0 371.2 312.2 309.9 .A 1.9 51.2 7.9 307.9 353.1 3A1.8 339.A .6 1.8 7.0 A.A 315.0 3A0.1 322.8 320.5 .5 1.9 15.3 1.9 335.0 3A9.8 3A2.3 339.9 .6 1.8 3.7 3.8 277.5 3A9.0 3A2.0 3A0.1 .2 1.7 -1.8 8.8 30A.2 373.5 359.9 357.1 1.1 1.8 10.5 3.0 3A1.1 380.2 3A3.0 337.5 3.2 2.3 33.8 3.A 330.5 35A.A 3A1.8 336.9 2.6 2.2 2.3 10.A 31A.7 Gross Investment 336.3 Capital expenditures (1) 3A0.6 Fixed investment 335.A Plant and equipment Home construction 2.9 2.A Multi-family residential -11.9 Inventory change * IVA 7.6 Mineral rts. from U.S. govt. 12 13 IA 15 16 17 18 19 20 21 -A9.6 35.7 -21. A 12A.3 -79.2 97.9 -A5.2 85. A -25.0 67.8 -1A.8 56.8 -71.5 68.3 -69.3 1A8.8 -39.0 12.8 -23.9 76.A 20 -21.7 Net financial Investment 8.A Net acq. of financial assets 21 22 23 2A 25 26 3A.2 7.A 10.3 3.7 -.A 5A.5 A.2 16.6 11.2 3.1 21.7 A.2 10.7 -A.6 -5.1 15.3 A.8 6.9 A.O -2.1 -17.1 -A.A A.l -2.7 5.3 2.7 6.7 5.5 -3.8 -11.1 62.5 6.1 10.9 17.5 15.1 13.1 10.6 7.2 A.9 -17.7 17.1 3.0 17.1 -3.A 3.A 33.2 -2.6 5.8 -11.8 9.0 -1A.8 -15.8 .1 .2 10.9 Liquid assets Demand dep. and currency Time deposits Security RPs Foreign deposits 22 23 2A 25 26 27 28 29 5.3 .1 7.9 8.0 .7 10.7 7.2 -.1 9.A -3.1 .8 A.O -12.7 .3 -7.0 .3 .2 A.8 6.A .A 6.0 -6.6 2.5 12.3 -5.3 2.3 X 18.9 2.8 11.1 -9.0 -.8 -.5 U.S. govt, securities Tax-exempt obligations Commercial paper 27 28 29 30 31 32 33 3A 35 .5 -15.7 16.6 8.1 3.3 A.8 3.3 62.3 A.2 9.8 -3.6 13.5 3.6 A6.5 26.0 1A.3 -3.5 17.8 3.2 35.2 31.7 10.8 -5.0 15.8 6.7 AA.O 3A.2 10.6 -A.l 1A.7 .2 15.6 38.3 8.2 -13.7 21.9 A.A -5.8 7.1 8.3 -5.7 13.9 1.3 87.1 A7.2 16.2 3.7 12.5 5.9 -56.5 A6.3 30.7 11.A 19.2 -5.3 17.5 31.0 20.9 -.5 21.A -.A 8.1 15.5 23.0 10.3 12.7 Consumer credit Trade credit Miscellaneous assets Foreign dir.invest.(2,5) Equity, etc. Retained earnings 30 31 32 33 3A 35 36 37 38 2.7 .1 5.7 3.5 ' X -9.1 5.2 6.6 x 10.0 .1 10.8 9.1 1A.5 9.9 .A 19.8 10.5 -11.7 10.A X 20.6 10.A .3 5.0 1A.0 X -3.9 6.0 X -13.5 39 AO Al 85.3 80.6 11.A 1A5.6 87.6 28.3 177.1 116.A -77.0 130.6 82.1 -81.6 92.8 71.7 -8A.3 71.6 58.2 -67.1 139.8 53.0 -75.0 218.1 1A5.6 -100.0 51.8 87.5 -60.0 100.3 67.1 -75.0 30.0 15.A -78.0 A2 A3 A4 69.2 15.1 18.7 59.3 9.A 16.0 193.A 20.5 A6.1 163.7 22.6 73.9 156.0 6.8 67.3 125.3 18.0 78.1 128.0 21.6 70.2 2A5.6 AA.O 80.0 1A7.5 -12.0 120.6 1A2.1 -1A.6 137.6 93.A -6.8 99.6 Debt Instruments Tax-exempt debt (3) Corporate bonds (2) A2 A3 AA A5 A6 A7 A8 -1.2 .5 -.6 -1.1 3.5 3.3 .8 -.7 .3 .3 .2 -.2 .A .5 -.1 .1 .1 .A -.3 .1 .5 .5 -.2 .2 .2 .1 -.2 .3 .9 .9 .2 -.2 3.2 2.6 .6 X 2.1 2.1 .3 -.A 2.6 2.3 .6 -.3 Mortgages Home mortgages Multi-family Commercial A5 A6 A7 A8 A9 50 51 52 53 39.7 -6.1 -.A 2.1 1.3 18.0 -.8 3.5 10.2 -.5 77.0 21.7 l.A 25.1 1.2 37.A 1A.6 -1.1 18.5 -2.6 A5.2 11.3 -A.O 23.A 5.8 3.7 13.2 1.2 13.1 -2.A 35.0 -.5 1.7 3.6 -3.9 65.8 3A.3 -3.2 33.8 -10.0 30.7 -16.6 -3.9 23.5 2.1 23.8 -1A.9 .2 3.5 A.A -6.3 16.A -2.8 -9.7 .A Bank loans n.e.c. Commercial paper Accept, liabs. to bks. Nonbank finance loans U.S. government loans A9 50 51 52 53 5A 55 56 57 58 -1A.1 5.0 13.8 16.2 -2.A 5.8 A0.8 11.5 11.9 -.3 .7 3A.A 25.6 22.5 3.1 -1.8 33.0 17.2 16.8 .5 -5.8 13.7 13.2 11.7 1.5 -2.2 -5.3 20.9 21.1 -.2 -.1 61.9 25.0 21.7 3.3 1.0 61.6 9.9 12.6 -2.7 6.2 -AA.5 2.5 2.9 -.3 A.l 12.2 17.0 1A.5 2.5 -3.3 5.2 12.7 12.2 .6 Profit taxes payable Trade debt Fgn.dlr.investmt.ln U.S.(5 Equity, etc. Retained earnings 5A 55 56 57 58 59 35.6 32.2 3A.3 AA.6 2A.3 15.3 87.7 50.9 20.6 25.1 A5.0 Discrepancy 60 61 -20.6 57.7 21.5 52.1 12.1 69.0 2.2 71.9 30.3 71.A 20.9 69.2 -67.7 71.3 25.5 75.7 -12.0 6A.0 5.3 73.3 2.9 86.0 62 63 6A 32.6 36.6 27.5 29.0 30.3 76.8 67.0 126.5 161.5 96.9 66.8 98.1 7A.2 81.8 89.7 96.5 28.8 21.3 92.0 36.0 97.8 12A.8 120.8 183.A 111.8 35.7 -2.5 125.0 17.0 33.3 95. A -2.0 -.1 65 66 67 35.6 105.8 27.0 37.2 96.2 21.6 39.1 113.8 52.1 38.9 100.2 A6.A 38.3 100.2 A5.9 38.0 99.9 35.8 39.6 95.6 36.7 39.5 105.2 65.7 A3.8 105.1 38.8 A3.1 99.7 A0.1 A3.9 93.5 27.8 68 69 70 -21.2 -10.A -10.8 .6 -10.9 11.5 51.2 -5.5 56.7 7.0 -.6 7.5 15.3 -.5 15.8 3.7 1.6 2.1 -1.8 6.1 -7.9 10.5 -9.A 19.9 33.8 16.5 17.3 2.3 10.6 -8.3 71 72 266.7 237.2 285.7 278.2 376.7 312.1 353.7 333.A 3A0.6 327.0 3A8.2 322.5 3A2.9 3A2.A 382.9 3A1.8 73 29.5 7.6 6A.6 20.3 13.6 25.7 .5 Al.l Insurance receivables 36 Equity in sponsored ags. 37 Other 38 Net Increase in liabilities Net funds raised in mkts. Net new equity issues Memorandum items: Trade credit net of trade debt Profits tax payments Debt subtotals: Securities and mortgages Loans and short-term paper Total short-term liab. (A) Percent ratios: Effective tax rate Capital outlays/internal funds Cr. mkt. borrowing/cap. exp. (1) Capital outlays on book basis: -11.9 Inventory change, NIPA 6.1 Less: Inv. val. adjustment -18.0 Inventory change before IVA 363.7 3A3.8 330.2 Total cap. expend, before IVA 321.5 317.3 330.5 U.S. internal funds, book Financing 9ap: Excess of capital expenditures 26.5 A2.1 -.3 over U.S. internal funds (2) Corporate bonds include net Issues by Netherlands Antilles subsidiaries: U.S. direct Investment abroad is before subtracting net Inflows of capital from Netherlands Antilles subsidiaries to U.S. parents. (3) Industrial revenue bonds. Issued by state and local governments to finance private investment and secured in Interest and principal by the industrial user of the funds. (A) Loans and short-term paper (line 63), taxes payable and trade debt (5) Direct Investment totals and retained earnings exclude capital gains/losses Included in balance of payments statistics. BILLIONS OF DOLLARS. II1/86 BASED ON INCOMPLETE INFORMATION 39 AO Al 59 60 61 62 63 6A 65 66 67 68 69 70 71 72 73 DECEMBER 22, 1986 State and Local Governments State and Local Governments Sector Statements of Savins and Investment 12 UNADJUSTED NET FLOWS(S HILL) UNADJUSTED NET FLOWS($ HILL) I II 1985 III IV I 1 I 1986 II III 1978 BILLIONS OF DOLLARS 1979 1980 1981 State and Local Governments - General Funds (1) 140.218 141,886 139,514 155,907 153.081 151,559 149,748 106*186 106.849 103.519 117,871 116,443 113,987 111,113 10.775 10,975 11.125 11.275 11,425 11,575 11,750 23.257 24,062 24.870 26,761 25.213 25,997 26.885 330.3 228.3 24.7 77.3 355.3 247.3 27.4 80.5 390.0 271.6 29.7 88.7 425.6 305.2 32.5 87.9 1 2 3 4 5 Total expenditures* NIPA basis 120.361 128.446 134.659 132.334 130.948 138,383 145,033 6 Purch. of goods and services 107.46S 114,512 120.279 119,021 116,715 123.289 129,391 7 Net interest and transfers 12.898 13,934 14,380 13,313 14,233 15,094 15,642 301.3 263.4 37.9 327.7 289.9 37.8 363.2 322.2 41.0 391.4 345.9 45.6 5 6 7 1 Total receipts* NIPA basis 2 Tax receipts 3 Social Insurance receipts 4 Grants-in-aid received 8 Net surplus* NIPA basis 9 - Retirement credit to HH 10 * Gross savins 19.857 7.914 11.943 13.440 14,909 -1,469 4,855 11.310 -6.455 23.573 13.254 10.319 22.133 11,398 10,735 13.176 12.940 236 4,715 12.708 -7,993 28.9 20.7 8.3 27.6 16.2 11.4 26.8 26.5 .3 34.1 8 29.7 9 4.4 10 11 Net financial investment 12 Net acq. of financial assets IS Demand dep. and currency Time deposits 14 15 Security RPs 5.800 12.410 -2.773 4.007 6.507 -2.315 14.509 3,122 -2,306 2.274 -1,749 18.631 -1,687 1.051 489 7.531 72.786 2.064 1,853 155 4,071 1,043 -2.420 374 137 -361 16,860 5.285 -2,342 -2.282 -4,317 39,192 -2.860 2.518 3,633 2.4 20.6 « 7.1 K .5 19.8 -.4 -2.1 4.0 -8.6 10.6 -.6 -2.0 .3 -.2 7.6 -1.5 2.2 5.2 11 12 13 14 15 5.976 4,286 1,519 2.767 -366 2.056 12,871 10,650 8,815 1.835 85 2.136 16,196 14,306 14,814 -508 -710 2,600 67,082 64,069 60,109 3,960 -3 3,016 4,299 -153 -1.809 1,656 -160 4.612 17,244 13,947 10,736 3,211 -403 3.700 33.822 31,869 27,374 4.495 -47 2,000 12.7 10.9 5.5 5.3 -.7 2.5 16.7 10.7 7.5 3.2 -.5 6.5 11.9 1.9 .7 1.2 .2 9.8 .7 -7.1 -1.8 -5.4 .1 7.7 16 17 18 19 20 21 -1.307 -1,652 2,582 1.632 -1,347 -1,045 2,079 .8 1.5 1.1 6.610 6.346 3.881 -2.850 6,731 2.465 16.624 16,358 13.097 233 12,864 3,261 20.380 20,106 18,938 4.649 14,289 1,168 65,255 64,976 63.691 -730 64,421 1.285 -3.028 -3,313 -3,935 -782 -3,153 622 17.221 16,930 16,322 698 15,624 608 43,509 43,212 42.462 10,200 32.262 750 18.3 16.5 18.1 .6 17.5 -1.6 19.3 17.6 17.4 1.0 16.5 .2 19.2 17.2 16.3 1.7 14.6 .9 264 6.143 266 846 274 -4,706 279 2.788 285 6,664 291 597 297 -3.676 1.7 5.9 1.6 10.9 2.0 8.9 Credit market Instruments U.S. govt. securities Treasury issues Agency issues Tax-exempt obligations Mortgages 16 17 18 19 20 21 22 23 24 25 26 27 28 Taxes receivable Net increase in liabilities Credit market borrowing Tax-exempt obligations Short-term Other U.S. government loans 29 Trade debt SO Discrepancy (1) Employee retirement funds are In Insurance sector. 111/86 Based on incomplete information 1.0 22 7.9 6.8 5.5 1.1 4.4 1.2 23 24 25 26 27 28 1.1 29 4.7 30 DECEMBER 22, 1986 State and Local Governments State and Local Governments Sector Statements of Savins and Investment 13 SEASONALLY ADJUSTED ANNUAL RATES 1982 1983 1984 1985 SEASONALLY ADJUSTED ANNUAL RATES I 1 I II 1985 III IV I I I 1986 II III State and Local Governments - General Funds (1) 1 2 3 4 449.4 329.7 35.9 83.9 487.6 362.9 38.5 86.2 540.9 406.2 41.1 93.6 577.5 434.4 44.2 99.0 561.3 422.5 43.1 95.7 571.9 429.7 43.9 98.3 584.1 439.4 44.5 100.2 592.8 446.1 45.1 101.6 608.4 459.2 45.7 103.5 611.4 458.2 46.3 106.9 629.0 Total receipts* NIPA basis 474.0 Tax receipts 47.0 Social insurance receipts 108.0 Grants-in-aid received 1 2 3 4 5 6 7 414.3 369.0 45.2 440.2 391.5 48.7 472.4 422.2 50.2 515.8 461.3 54.5 495.6 443.5 52.1 512.6 458.1 54.5 524.7 468.8 55.9 530.3 474.7 55.6 538.4 480.9 57.5 552.7 493.3 59.4 565.1 Total expenditures* NIPA basis 504.7 Purch. of goods and services 60.4 Net Interest and transfers 5 6 7 8 9 10 35.1 32.0 3.1 47.4 39.2 8.2 68.5 45.7 22.7 61.7 47.4 14.3 65.7 31.7 34.0 59.3 59.6 -.3 59.4 45.2 14.2 62.5 53.0 9.5 70.0 45.6 24.4 58.7 51.8 6.9 11 12 13 14 15 .2 22.7 -1.6 3.8 7.3 2.8 37.6 -.7 -6.3 7.2 18.1 46.5 5.0 .2 11.5 9.3 118.1 .7 4.6 9.4 27.1 81.0 -1.2 7.7 26.0 -5.0 56.9 3.6 2.6 9.1 10.9 83.7 1.5 3.0 2.0 4.0 250.9 -1.0 5.1 .6 16.1 34.1 K -7.6 .5 3.2 68.9 11.8 2.6 -9.1 5.8 Net financial Investment 168.3 Net acq. of financial assets -2.2 Demand dep. and currency 9.3 Time deposits 14.5 Security RPs 16 17 18 19 20 21 14.5 9.0 7.3 1.7 .2 5.2 35.4 26.9 16.7 10.2 .6 7.9 25.9 14.6 4.5 10.1 1.1 10.2 102.1 93.3 85.3 8.1 -1.0 9.8 44.4 37.7 26.6 11.1 -1.5 8.2 41.3 32.4 25.0 7.3 .3 8.5 75.4 67.9 69.9 -2.0 -2.8 10.4 247.4 235.3 219.5 15.8 « 12.1 37.1 19.3 12.7 6.6 -.6 18.4 61.0 47.8 35.0 12.8 -1.6 14.8 147.0 139.1 121.2 18.0 -.2 8.0 22 -1.4 1.9 3.9 1.3 4.1 .3 1.8 -l.l 4.1 2.6 -.3 23 24 25 26 27 28 22.5 21.5 20.6 6.7 13.9 1.0 34.8 34.0 32.9 -1.5 34.4 1.1 28.4 27.4 19.7 -3.7 23.3 7.7 108.9 107.8 99.6 1.3 98.3 8.2 53.9 52.9 43.0 -.2 43.2 9.9 61.8 60.8 47.7 -4.9 52.6 13.0 72.8 71.7 67.1 15.7 51.3 4.7 246.9 245.8 240.6 -5.4 246.1 5.1 18.0 16.9 14.4 9.0 5.4 2.5 65.7 64.5 62.1 -3.3 65.4 2.4 162.4 161.2 158.2 37.9 120.3 3.0 29 SO .9 2.9 .8 5.4 1.0 4.6 1.1 5.1 1.1 7.0 1.1 4.6 1.1 3.3 1.1 5.4 1.1 8.3 1.2 3.8 63.9 Net surplus* NIPA basis 50.8 - Retirement credit to HH 13.1 * Gross saving II1/86 BASED ON INCOMPLETE INFORMATION 11 12 13 14 15 Credit market Instruments U.S. govt, securities Treasury Issues Agency issues Tax-exempt obligations Mortgages 16 17 18 19 20 21 Taxes receivable 22 Net increase In liabilities Credit market borrowing Tax-exempt obligations Short-term Other U.S. government loans 1.2 Trade debt 7.2 Discrepancy (1) Employee retirement funds are in insurance sector. BILLIONS OF DOLLARS. 8 9 10 23 24 25 26 27 28 29 30 DECEMBER 22, 1986 U.S. Government and Credit Agencies U.S. Government and Credit Agencies Sector Statements of Savins and Investment J4 UNADJUSTED NET FLOWS($ MILL) UNADJUSTED NET FLOWS($ MILL) I II 1985 I 1 IV III 1986 II I u.s. 1978 III BILLIONS OF DOLLARS 1980 1981 1979 Government 195,373 207,628 198,964 184,860 198,750 227.242 207.172 81,205 90,176 91,239 83,005 77,141 104,204 94,131 15,869 18,740 20,128 18,863 17,604 21,504 22,074 13,511 14,727 14.226 13.611 12,783 12,408 14,438 84,788 83,985 73,371 69.381 91,222 89,126 76,529 441.4 194.9 71.4 28.0 147.0 505.0 231.0 74.4 29.3 170.3 553.8 257.9 70.3 38.8 186.8 639.5 298.9 65.7 56.2 218.8 1 2 3 4 5 6 Total expenditures, NIPA basis 239,665 240,862 244.610 259.763 250.668 259.668 254,888 84,356 82,955 88,647 98,142 89,932 89,472 90,668 7 Goods and services 8 Transfers, etc. 123,577 125,101 123.486 128,086 127,277 135,475 130,445 9 Net interest 31,732 32,806 32,477 33,535 33,459 34,721 33,775 470.7 161.8 273.8 35.2 521.1 178.0 300.7 42.5 615.1 208.1 353.7 53.3 703.3 242.2 388.7 72.4 6 7 8 9 -44,292 -33,234 -45,646 -74,903 -51,918 -32.426 -47,716 4,364 -2,425 4,438 12,146 3,493 13,607 -2,360 -41,932 -36,727 -59.253 -79,267 -49,493 -36,864 -59,862 2.194 841 2,596 1,900 480 943 759 -41.452 -35,784 -57,059 -78,508 -48,652 -34,268 -57,962 -29.3 7.2 -36.6 2.0 -34.6 -16.1 8.2 -24.3 4.7 -19.6 -61.3 8.8 -70.1 5.0 -65.1 -63.8 10.0 -73.8 4.8 -69.0 10 11 12 13 14 15 Net financial investment -44,383 -39.731 -59,923 -76,967 -56,542 -39,568 -55,487 16 23 14,016 -13,518 13.039 10.099 Net acq. of financial assets 2,621 14,181 -41 187 -354 17 Gold, SDRs 8 fgn. exch. 249 -87 1,690 -98 7,199 18 Demand deposits 8 currency -4,381 10.372 -6,252 13,403 -18,605 12,236 19 373 25 54 Time deposits -27 83 53 -69 -38.6 24.9 -2.3 3.7 .1 -25.3 21.6 -.6 .2 .1 -64.6 24.2 4.3 -3.0 -.2 -79.1 21.3 2.8 1.2 -.1 15 16 17 18 19 24.0 — 4.9 19.1 20 21 22 23 1 Total receipts, NIPA basis 2 Personal taxes Corp, profits tax accruals 3 4 Indirect taxes 5 Social Insurance receipts 10 11 12 13 14 Net surplus, NIPA basis - Insurance credits to HH s Gross saving * Mineral rights sales (1) = Nonfinancial surplus 20 21 22 23 Credit market Instruments Fed. agency securities Mortgages Other loans 24 25 26 Taxes receivable Trade credit Miscellaneous 27 28 Net increase in liabilities Treasury curr. 8 SDR ctfs. 6,259 201 6,058 8,440 — 497 7,943 3,071 580 2,491 -19 563 -582 3,135 1 3,134 4,335 -222 4,557 3,384 — -9 3,393 17.1 4.2 12.8 19.0 — 6.6 12.4 23.7 7.5 16.2 -1,574 2,079 405 -6,662 1,731 78 1,852 1,040 316 -331 -1,171 391 1.573 -145 192 -5.353 1,261 348 249 -849 416 2.9 2.7 .8 -.3 2.4 .8 -4.8 3.8 .5 -10.0 24 2.5 25 .9 26 47,004 277 53,912 18 59.946 80 90,983 112 43,024 211 52,607 193 65,586 276 63.5 .5 46.9 1.6 88.7 1.3 100.4 27 1.2 28 29 30 31 32 Credit market instruments Savings bonds Other Treasury Issues Agency issues and mtgs. 41,827 928 40,938 -39 45,223 1,254 43,998 -29 46,055 1,551 44,523 -19 90,516 1.529 88,996 -9 37,111 1,646 35,530 -65 50,673 2,398 48,282 -7 57,446 3,948 53.558 -60 53.7 3.9 51.2 -1.4 37.4 -.8 39.6 -1.4 79.2 -7.3 87.1 -.6 87.4 -4.3 92.2 -.5 35 34 35 Life 8 retirement reserves Trade debt Miscellaneous -2,360 1,174 6,086 3.493 2,428 2,750 13,607 248 -44 4,364 200 -4,209 -2,425 1,949 6,178 4,438 -341 -2,356 12,146 932 -5,214 7.2 2.3 -.3 8.2 1.0 -1.3 8.8 1.4 -1.9 10.0 33 .7 34 1.0 35 2,931 3,947 2,864 -1,541 7.890 5,300 -2,475 4.0 5.7 -.6 10.2 36 17,443 25,402 18.276 19,194 16,031 26,857 21.825 68.5 74.7 75.1 75.7 37 36 Discrepancy Memo: 37 Corp, tax receipts, net 29 30 31 32 (1) Sales of Outer Continental Shelf leases. Federally Sponsored Credit Agencies and Mortgage Pools Sponsored credit agencies 1 Current surplus 2 Net acq. of financial assets 3 Demand deposits and currency 4 Fed. funds & security RPs 156 154 84 2 45 50 51 .6 .8 .9 1.2 1 3,408 -402 -1.547 13,251 203 3,257 5,394 -139 -1,023 5,120 121 6,560 -349 -23 4,466 5,137 344 -1,278 4,769 212 2,641 28.6 M 1.4 31.1 .2 .6 29.5 K 1.8 37.6 .2 3.5 2 3 4 5 6 7 8 5 6 7 8 Credit market instruments U.S. government securities Open-market paper Student loans (SLMA) 5,217 995 -157 361 9,682 2,137 -96 767 8,086 1,137 -79 652 -1,324 -3,009 -253 696 -5,837 -2,068 -62 414 6,958 1.338 4 1,083 1,625 -2,269 42 419 26.7 .6 -1.2 .4 30.0 .2 .1 .6 26.4 .7 K 1.1 33.2 .4 .3 2.2 9 10 11 Housing credit Residential mortgages FHLB loans to SSL assns. 5,244 5,174 70 8,710 3.772 4,938 8,510 2,394 6,116 5,439 2,349 3,090 -1,490 114 -1,604 6.559 -1,050 7,609 4,144 -52 4,196 21.5 9.0 12.5 18.5 9.4 9.2 14.9 7.8 7.1 21.2 9 5.0 10 16.2 11 -1,226 -147 139 -1,218 140 -1,836 -990 -839 -7 109 -2,134 -1,690 -33 -411 -1,530 -4,197 -1,660 -247 -2,290 -237 -2,631 -1.387 -123 -1,121 1,045 -2,026 -1,932 -86 -8 -887 -711 -1,176 -422 887 291 5.4 3.2 .7 1.5 .4 10.5 5.1 2.1 3.3 .4 9.7 6.4 1.5 1.9 1.3 9.1 7.7 -.3 1.8 .7 12 13 14 15 16 3,162 3,922 3,922 -760 12,963 8,804 8,804 4,159 5,773 3,896 3,596 300 1,877 6,718 5,048 4,263 785 1.670 -583 -2,086 -2,201 115 1,503 5.117 4,828 4,539 289 289 4,840 5,053 5,042 11 -213 28.1 23.5 23.1 .4 4.6 30.6 24.8 24.3 .6 5.7 29.2 25.6 24.4 1.2 3.6 37.1 32.4 30.5 1.9 4.7 17 18 19 20 21 -90 -134 463 1,600 -189 30 122 .1 .2 .5 23 Net acq. of mortgages 24 Home mortgages 25 Multi-family mortgages 26 Farm mortgages 15,046 14,143 903 - 17,057 16,667 347 43 22,252 22,212 158 -118 25,522 25,533 72 -83 25,733 23,671 1,993 69 34,475 34,366 112 -3 44,778 44,631 185 -38 13.6 12.4 1.5 -.3 23.1 21.8 1.2 .1 19.2 18.7 .7 -.2 15.0 14.3 .9 -.1 27 Net incr. in pool securities 15,046 17,057 22,252 25,522 25.733 34,475 44,778 13.6 23.1 19.2 15.0 27 Memo: Totals for agencies and pools Housing credit 20,290 Loans to agriculture -1,226 25,724 -1.793 30,880 -2,252 31,044 -4,280 24,174 -2,562 41,037 -2,029 48,960 -749 35.4 5.1 41.5 10.6 34.3 9.5 36.3 28 9.0 29 25,861 25,848 29,785 23,532 39,014 49,820 36.7 47.3 43.6 45.5 30 12 13 14 15 16 Loans to agriculture Farm mortgages Loans to coops (BC) Loans to farmers (FICB) Miscellaneous assets 17 Net increase in liabilities 18 Credit market instruments 19 Sponsored agency issues 20 U.S. government loans 21 Miscellaneous liabilities 22 Discrepancy .7 22 Federally related mortgage pools (1) 28 29 30 Net security issues 18,968 (1) GNMA, FNMA, FHLMC, and Farmers Home Administration pools. Excludes Federal Financing Bank holdings of pool securities, which are in U.S. government mortgages and other loans directly. II1/86 BASED ON INCOMPLETE INFORMATION 23 24 25 26 DECEMBER 22, 1986 U.S. Government and Credit Agencies U.S. Government and Credit Agencies Sector Statements of Saving and Investment 15 SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES 1982 1985 1986 1985 1 II I 1985 III I 1 IV I 1986 II III U.S. Government 1 2 3 6 5 635.3 306.5 69.1 68.1 233.7 659.9 296.6 61.6 51.6 252.5 726.5 309.6 75.9 55.7 285.6 786.8 365.6 73.6 56.1 311.5 793.2 360.7 70.5 55.1 306.9 755.8 316.6 69.9 59.3 310.0 792.5 369.6 76.8 53.9 312.2 805.8 355.6 77.2 56.0 317.0 806.6 350.3 77.8 52.7 325.8 813.6 355.5 80.2 50.7 327.2 6 7 8 9 781.2 272.7 626.0 86.6 836.0 283.6 658.2 96.3 896.6 311.2 669.6 115.6 986.9 356.1 500.3 130.6 955.5 333.7 696.2 127.6 970.6 360.9 698.8 130.9 990.1 360.9 699.6 129.8 1023.6 380.9 508.6 133.9 1001.5 355.7 510.8 135.0 1065.8 367.6 560.1 138.1 1030.6 Total expenditures, NIPA basis 369.3 Goods and services 526.6 Transfers, etc. 136.7 Net Interest 10 11 12 13 16 -165.9 11.9 -157.8 7.8 -150.0 -176.1 16.2 -190.3 7.8 -182.5 -169.9 18.2 -188.1 7.9 -180.2 -198.1 19.1 -217.2 6.6 -212.8 -162.3 12.1 -176.6 1.9 -172.5 -216.8 17.3 -232.1 3.8 -228.3 -197.6 20.6 -218.2 8.8 -209.6 -217.6 26.3 -263.9 3.0 -260.9 -196.9 12.6 -207.5 3.6 -206.1 -232.2 20.8 -253.0 10.6 -262.6 -197.3 16.0 -211.3 7.6 -203.7 15 16 17 18 19 -153.2 23.6 3.8 7.1 .5 -192.7 13.6 3.3 -8.7 -.5 -192.0 33.3 3.3 6.6 .5 -221.0 30.8 1.8 13.1 M -168.7 12.6 -.6 -10.8 -.3 -262.2 59.2 1.0 27.7 -.1 -231.8 -60.6 -.3 -75.0 .3 -261.3 112.2 6.8 110.7 .2 -218.6 -53.2 -.2 -69.5 1.5 -263.0 69.6 .7 31.8 .1 -203.7 Net financial investment -20.9 Net acq. of financial assets -1.6 Gold, SDRs 8 fgn. exch. -22.3 Demand deposits 8 currency .2 Time deposits 20 21 22 23 15.9 — 2.6 13.6 9.7 1.2 8.6 17.6 .5 16.9 17.8 1.8 15.9 26.3 1.6 26.9 31.3 1.8 29.6 11.5 1.6 9.9 1.9 — 2.6 -.7 16.1 .7 13.6 15.0 -1.1 16.2 12.6 -.8 13.6 Credit market Instruments Fed. agency securities Mortgages Other loans 20 21 22 23 26 25 26 -10.2 6.8 1.6 5.3 3.8 .7 1.2 5.1 1.2 -6.7 3.7 1.2 -12.2 8.3 1.6 -8.0 6.9 .3 -2.5 6.2 1.3 -6.2 -6.7 1.6 .7 -.6 .8 -6.8 5.0 1.6 -8.2 -3.6 1.7 Taxes receivable Trade credit Miscellaneous 26 25 26 27 28 176.8 ’ .7 206.3 .5 225.3 .6 251.8 .5 181.3 1.1 301.3 .1 171.2 .3 353.5 .6 165.6 .8 312.6 .8 182.8 1.1 29 30 31 32 161.3 .2 162.0 -.9 186.6 3.1 183.5 -.1 198.8 3.0 195.9 -.2 223.6 5.3 218.5 -.1 160.2 6.6 135.7 -.2 263.6 6.9 258.6 -.1 169.3 5.9 163.6 -.1 361.7 5.6 336.1 « 120.6 7.6 113.5 -.3 301.9 9.6 292.5 M 186.5 15.5 169.3 -.2 Credit market instruments Savings bonds Other Treasury issues Agency issues and mtgs. 33 36 35 11.9 1.8 .2 16.2 3.0 2.0 18.2 2.9 6.9 19.1 6.1 6.6 12.1 3.5 26.3 17.3 9.6 11.0 20.6 1.2 -.2 26.3 1.9 -16.8 12.6 6.6 26.7 20.8 -1.7 -9.6 16.0 6.1 -20.9 Life 8 retirement reserves 33 Trade debt 36 35 Miscellaneous 36 3.2 10.2 11.8 8.2 -3.8 13.8 22.6 .6 16.5 20.6 37 59.2 56.1 76.7 80.3 82.7 77.9 79.3 81.6 77.1 85.0 833.1 Total receipts. NIPA basis 365.8 Personal taxes 86.3 Corp, profits tax accruals 53.6 Indirect taxes 329.6 Social insurance receipts Net surplus, NIPA basis - Insurance credits to HH « Gross saving * Mineral rights sales (1) = Nonfinancial surplus 1 2 3 6 5 6 7 8 9 10 11 12 13 16 15 16 17 18 19 Net increase in liabilities 27 Treasury curr. 8 SDR ctfs. 28 X Discrepancy Memo: 92.5 Corp, tax receipts, net 29 30 31 32 36 37 (1) Sales of Outer Continental Shelf leases. Federally Sponsored Credit Agencies and Mortgage Fools Sponsored credit agencies 1 1.6 1.0 1.0 .6 .6 .6 .3 X 9.0 X 17.9 13.3 2.2 -5.1 .2 .2 .2 Current surplus 1 2 3 6 22.6 -.2 5.6 2.0 .2 -2.3 61.5 .6 9.3 27.2 -.2 7.2 23.7 -1.6 -6.2 66.1 1.5 13.0 15.7 -.8 -6.1 23.2 -.1 26.2 5 6 7 8 16.0 1.6 -.3 1.6 3.6 -1.3 .6 1.5 28.8 .6 -.1 1.9 21.7 1.3 -.6 2.5 31.5 5.1 -.6 1.6 29.6 10.7 -.6 3.1 27.1 1.5 -.3 2.6 -1.6 -12.3 -1.0 2.8 -12.0 -6.6 -.2 1.7 18.0 7.6 x 6.3 2.0 -11.6 .2 1.7 9 10 11 11.0 10.2 .8 2.2 9.3 -7.0 27.7 12.1 15.7 27.9 13.7 16.2 31.6 19.1 12.3 26.8 15.7 11.1 31.6 12.2 19.6 21.9 7.8 16.1 6.0 -1.5 5.6 17.7 -3.6 21.3 16.3 3.0 11.3 12 13 16 15 16 2.2 3.9 -.8 -.8 1.1 .6 1.1 .9 -1.3 .7 -1.6 .3 -.6 -1.2 2.8 -9.6 -6.5 -1.0 -3.9 -1.5 -5.8 -.7 -2.1 -3.0 -.3 -10.6 -6.6 -.1 -6.0 2.0 -8.2 -6.7 .6 -1.9 -6.5 -13.0 -6.1 -2.1 -6.8 -1.3 -11.0 -5.6 -3.3 -2.1 3.1 -11.6 -8.1 3.0 -6.3 -1.9 -2.5 -6.7 -1.2 3.6 .8 17 18 19 20 21 21.3 15.3 16.9 .6 5.9 1.2 1.6 1.6 -.2 60.7 30.6 30.6 — 10.2 28.6 21.7 20.6 1.1 6.9 23.0 22.0 22.0 1.0 65.6 28.6 28.6 16.9 17.5 8.1 6.9 1.2 9.6 28.6 28.0 26.9 3.1 .6 8.6 -2.1 -2.5 .5 10.6 13.6 12.6 11.2 1.2 1.3 22 .3 .1 .1 1.8 -.1 -.1 2.1 5.6 -.6 .6 23 26 25 26 69.5 69.3 .6 -.2 66.6 65.2 1.2 66.6 63.6 1.1 X 79.9 78.6 1.5 -.2 60.5 56.9 3.6 - 76.8 73.2 1.6 .2 85.8 85.7 .6 -.5 98.6 98.6 .3 -.3 103.6 95.3 8.0 .3 165.1 166.6 .6 175.5 Net acq. of mortgages Home mortgages 176.9 Multi-family mortgages .7 Farm mortgages -.2 23 26 25 26 27 69.5 66.6 66.6 79.9 60.5 76.8 85.8 98.6 103.6 165.1 175.5 Net incr. in pool securities 27 28 29 60.7 2.1 68.7 .6 72.2 -1.6 107.9 -9.6 91.9 -5.8 101.6 -10.6 117.9 -8.7 120.6 -13.3 107.3 -10.8 162.8 -11.6 Memo: Totals for agencies and pools Housing credit 190.0 Loans to agriculture -2.7 28 29 30 66.5 67.8 76.9 100.5 82.5 103.6 92.7 123.3 101.0 156.3 13.8 Net acq. of financial assets .5 Demand deposits and currency 10.6 Fed. funds 8 security RPs 2 3 6 Credit market instruments U.S. government securities Open-market paper Student loans (SLMA) 5 6 7 8 Housing credit 9 10 Residential mortgages FHLB loans to SSL assns. 11 Loans to agriculture Farm mortgages Loans to coops (BC) Loans to farmers (FICB) Miscellaneous assets 16.6 Net increase in liabilities 12.6 Credit market instruments 12.5 Sponsored agency issues X U.S. government loans 1.8 Miscellaneous liabilities .7 Discrepancy 12 13 16 15 16 17 18 19 20 21 22 Federally related mortgage pools (1) x X 188.1 Net security issues (1) GNMA, FNMA, FHLMC , and Farmers 1Home Administration pools. Excludes Federal Financing Bank holdings of pool securities, which are in U.S. government mortgages and other loans directly. BILLIONS OF DOLLARS. II1/86 BASED ON INCOMPLETE INFORMATION 30 DECEMBER 22, 1986 Foreign sector Foreign sector Sector Statenents of Savins and Investnent 16 UNADJUSTED NET FLOWS($ MILL) UNADJUSTED NET FLOWS(3 MILL) I II 1985 III IV I 1 1986 II I 1978 III BILLIONS OF DOLLARS 1979 1980 1981 Foreign Sector 1 Net U.S. exports* NIPA basis U.S. export receipts 2 3 - U.S. inport paynents 4 (Meno: net corporate earnings retained abroad) - Transfers to foreign - U.S. govt, interest paid * Net capital grants = Net foreign investnent (U.S. balance* sign reversed) -9,850 >20*3)6 >24*86) >23*898 -20*085 -27*808 -31*452 94,138 94.126 87*905 93*556 93*286 92*330 89*960 103,988 114*442 112*766 117*454 113,371 120*138 121*412 6*144 6*040 7,627 4*373 3*346 2*937 7*198 28*980 4*066 5*695 — 41*213 5.6 8.7 10.1 6.2 11.1 1.1 -2.6 7.7 12.6 1.2 -13.0 7.5 16.9 1.1 -10.6 5 6 7 8 9*228 14*128 -263 >1*428 726 7*203 22*812 24,974 -179 1*309 -46 -814 33,799 40*460 -264 1*503 1*118 3*386 33*257 38.387 -189 181 1*910 2*792 23*630 23*800 45*043 31*730 -274 -273 1*137 -912 -4,727 838 15*160 -10,639 41*950 42*521 -104 52 337 -407 3.3 60.5 1.2 -.2 1.1 6.4 -24.1 31.6 -.1 4.2 1.2 21.1 -24.1 27.5 1.1 « 1.2 -26.6 -27.1 26.6 -.7 -3.8 2.3 -22.0 9 10 11 12 13 14 >1*213 4*474 >4*619 10*072 -938 -41 653 18*508 14*583 4*181 -216 -40 1*410 17*138 8*676 7*686 816 -40 4*119 22*291 5*670 14,772 1*880 -31 6.370 21,974 11*943 9*463 -39 607 7*144 34*322 22*687 11*904 -693 424 4,692 32,723 15*764 9,913 3*500 3*546 2.4 26.1 23.5 1.9 .3 .5 1.7 -7.5 -14.0 2.6 2.0 1.9 5.4 21.1 10.7 8.2 1.3 .9 5.8 23.0 7.0 8.4 8.9 -1.3 15 16 17 18 19 20 -724 -998 392 1*382 -1.320 508 954 3.0 .2 3.6 5*353 3*298 2*923 375 2*055 6*541 5,219 5*263 -44 1*322 15,777 6*248 5*419 829 9,529 5*901 2*476 3*146 -670 3*425 8,771 637 715 -78 8*134 -1,306 4,239 3*616 623 -5*545 4,274 3,183 3*043 140 1,091 20.4 7.9 5.3 2.5 12.6 10.8 11.8 7.9 3.9 -1.0 21.7 15.3 11.7 3.6 6.4 22.1 25.3 22.3 3.0 -3.2 4*900 2*162 6*661 5,130 21*413 7*930 571 57.1 55.7 51.6 53.7 28 -32 1*072 176 -5,124 -143 4*190 2*958 -4,409 -159 995 -120 5*137 -208 3*311 .5 2.4 K 9.8 8.0 4.5 2.1 29 10.4 30 1*951 -1*512 626 210 -875 2,116 1*009 3*438 654 789 604 622 2*109 8*924 4*024 2*138 3*029 -475 -793 -909 630 -.5 24.2 4.2 .8 15.1 3.9 2.1 23.8 .8 .3 31 23.5 32 5.4 33 -2.125 -1*141 -1.204 220 -1,227 -108 166 -1*285 2*314 349 1,417 548 -1,808 -509 -1,720 421 -899 -116 -575 -208 1*398 425 1*517 -544 -5.599 -202 -1,438 -3,959 18.3 2.1 9.5 6.6 3.1 2.1 -4.1 5.0 11.8 4.5 4.7 2.6 3.0 .8 -4.5 6.7 917 -1.453 523 1*200 -3*888 924 1*579 -1,230 121 2*506 -780 64 5.972 -361 188 4*336 -2*028 -202 3,677 -572 955 1.0 -3.2 3.9 1.7 3.6 2.9 2.4 4.1 4.7 3.9 38 6.9 39 4.2 40 -351 156 -995 575 -634 -211 400 -.3 1.5 1.7 41 .2 42 3,772 335 70 2*465 -1,217 3*682 902 7*619 340 -262 2*615 -2*853 5*468 4*926 -838 336 -20 1*385 -2,098 3*483 -2*539 4*613 290 101 4*347 1*215 3*132 -125 10*178 208 -16 7*251 2.440 4*811 2,735 -2*043 394 -46 5,777 438 5*339 -8*168 -1,230 500 -84 5*072 1*904 3*168 -6,718 30.7 .6 .1 16.1 4.4 11.7 13.9 28.6 .8 M 26.8 7.6 19.2 1.0 11.5 .7 -.2 23.6 4.9 18.6 -12.5 9.142 6*168 339 530 5*122 13*550 -737 6.8 21.5 11.1 15 16 17 18 19 20 U.S. corporate equities Credit narket instruments U.S. govt, securities U.S. corporate bonds (2) Bank loans to US nonbnks Open-narket paper 21 22 Security credit Trade credit 23 24 25 26 27 Miscellaneous assets Dir. investnt.ln U.S.(3) Equity* etc. Retained earnings (3) Other 31 32 33 Foreign corporate equities Credit narket Instruments Corp, and foreign bonds 34 35 36 37 Bank To To To 38 39 40 Commercial paper Accept, liabs. to banks U.S. government loans loans n.e.c. foreign official foreign banks other foreign 41 42 Security debt Trade debt 43 44 45 46 47 48 49 Miscellaneous liabilities U.S.equity in IBRD* etc. U.S. govt, deposits U.S. dlr. invstmt. (2*3) Equity* etc. Retained earnings (3) Other 50 Discrepancy (FOF basis) — — (1) U.S. net sales* sign reversed. (2) Corporate bonds include net Issues by Netherlands Antilles subsidiaries; U.S. direct Investnent abroad is before subtracting net inflows of capital fron Netherlands Antilles subsidiaries to U.S. parents. CS) Direct Investnent totals and retained earnings exclude capital galns/losses included in balance of paynents statistics. II1/86 BASED ON INCOMPLETE INFORMATION 1 2 3 4 3*982 5*560 — 37.350 9 Net financial investnent' 10 Net acq. of financial assets 11 Gold and SDRs (1) 12 U.S. denand deposits IS U.S. tine deposits 14 Net Interbank clains Net Increase in liabilities U.S. off. fgn. exchange 8 net IMF position U.S. private deposits 33.9 382.8 348.9 14.0 2.971 5*696 28*752 18*370 28 32.1 351.0 318.9 18.7 4*516 5*373 33,787 3*386 5*278 29 30 18.8 291.2 272.5 18.6 3*901 5*376 — 34*138 3*222 5*298 5 6 7 8 4.1 227.5 223.4 11.7 21 H 22 17.2 1.1 -.2 12.6 -.5 13.1 S.8/ 23 24 25 26 27 34 35 36 37 43 44 45 46 47 48 49 16.6 50 DECEMBER 22, 1986 Foreign sector Foreign sector Sector Stateaents of Saving and Investaent 17 SEASONALLY ADJUSTED ANNUAL RATES 1982 1983 1986 SEASONALLY ADJUSTED ANNUAL RATES 1985 I 1 II I 1985 III IV I 1 I 1986 II III Foreign Sector 1 2 3 6 26.3 361.9 335.6 15.5 -6.1 352.5 358.6 18.6 -58.7 382.7 661.6 19.7 -78.9 369.7 668.7 19.6 -69.5 378.6 627.9 12.9 -77.1 370.0 667.1 26.2 -83.7 362.3 666.0 16.7 -105.6 368.2 673.6 22.7 -93.7 376.8 668.5 23.7 -106.5 363.0 667.5 27.7 5 6 7 8 9.0 18.3 — 1.0 9.5 17.8 33.5 12.2 19.8 90.6 15.0 21.3 115.3 13.2 21.2 — 83.9 13.9 21.1 — 112.1 16.0 21.5 — 121.2 17.0 21.5 — 163.9 12.2 22.8 128.7 16.3 22.2 163.0 16.6 22.8 — 168.3 9 10 11 12 13 16 -21.3 2.5 -1.6 -3.7 6.8 -36.8 62.2 92.9 -.1 1.6 .5 16.2 87.6 111.5 -1.0 1.9 6.6 -1.1 99.1 117.9 -.9 1.6 3.7 12.6 68.7 56.6 -1.1 -2.7 5.9 21.5 89.8 105.3 -.7 3.3 -6.1 -1.2 126.2 156.6 -1.1 8.6 8.0 7.9 131.7 155.7 -.8 -2.8 5.1 22.1 107.9 181.6 -1.1 -1.6 -15.8 53.2 92.6 132.9 -1.1 3.8 -.9 -38.9 158.0 Net financial investaent Net acq. of financial assets 162.5 Gold and SDRs (1) -.6 U.S. deaand deposits 1.3 U.S. tiae deposits 6.9 Net interbank claias -6.3 9 10 11 12 13 16 15 16 17 18 19 20 3.9 26.1 12.8 10.6 2.5 -1.7 5.6 26.9 16.9 6.6 2.7 .8 -3.0 55.5 26.5 16.8 13.0 1.2 5.0 62.6 26.3 36.7 1.5 -.2 -6.3 36.3 -10.9 60.3 -3.8 8.7 2.6 67.7 56.6 16.7 -.9 -2.8 7.7 66.1 37.3 30.7 3.3 -5.2 15.9 81.5 16.3 59.1 7.5 -1.3 26.1 109.9 59.7 37.9 -.2 12.5 28.6 126.5 83.5 67.6 -2.8 -1.9 20.8 126.5 66.1 39.7 16.0 8.8 U.S. corporate equities Credit market instruments U.S. govt, securities U.S. corporate bonds (2) Bank loans to US nonbnks Open-aarket paper 15 16 17 18 19 20 21 22 .1 -1.2 1.2 .1 -2.9 -6.0 1.6 5.5 -5.3 2.0 3.8 Security credit Trade credit 21 22 23 26 25 26 27 7.6 13.8 16.2 -2.6 -6.6 67.5 11.5 11.9 -.3 36.0 53.3 25.6 22.5 3.1 27.7 33.6 17.2 16.8 .5 16.3 5.6 13.2 11.7 1.5 -7.6 61.8 20.9 21.1 -.2 20.9 57.8 25.0 21.7 3.3 32.9 29.1 9.9 12.6 -2.7 19.1 17.7 2.5 2.9 -.3 15.1 12.8 17.0 16.5 2.5 -6.1 11.9 12.7 12.2 .6 -.9 Miscellaneous assets Dir. investmt.in U.S.(3) Equity* etc. Retained earnings (3) Other 23 26 25 26 27 28 23.9 50.7 23.9 18.9 5.8 15.5 30.2 26.0 73.5 60.5 6.5 29 30 3.0 6.5 1.1 1.3 2.1 -5.8 3.0 -6.3 -.1 6.3 .7 -20.5 -.6 16.8 11.8 -17.6 -.6 6.0 -.5 20.5 -.8 13.2 31 32 33 1.5 16.0 6.7 3.9 17.6 3.1 1.2 6.1 1.3 6.0 1.7 6.0 7.8 -5.8 2.5 .8 -2.6 8.5 6.0 12.0 2.6 3.2 2.9 2.5 8.6 36.5 16.1 8.6 16.1 -1.9 -3.2 -5.2 2.5 36 35 36 37 -5.5 H .7 -6.2 3.6 3.0 -.9 1.5 -6.6 -.9 -3.1 -2.6 -2.8 -1.6 -1.3 -.1 -8.3 -6.6 -2.3 -1.6 -3.8 -.6 -.5 -2.9 7.5 1.6 5.3 .8 -6.7 -2.0 -7.8 3.1 -6.8 -.5 -.8 -3.6 7.6 1.7 5.6 .5 -26.0 -.8 -6.0 -17.1 38 39 60 1.9 8.5 6.5 6.5 -.1 6.3 6.2 1.0 6.3 6.2 -7.6 1.6 3.7 -5.8 2.1 6.8 -15.6 3.7 6.3 -6.9 .5 10.0 -3.1 .3 23.9 -1.6 .8 17.3 -8.1 -.8 16.7 -2.3 3.8 61 62 -2.7 .2 -.5 -.6 -1.6 .6 -6.0 2.3 -2.5 -.8 1.6 63 66 65 66 67 68 69 1.6 1.3 .6 8.1 3.3 6.8 -8.2 26.8 .7 .1 9.8 -3.6 13.5 16.2 20.7 .8 .6 16.3 -3.5 17.8 5.2 15.2 1.3 -.1 10.8 -5.0 15.8 3.2 1.0 1.3 .3 10.6 -6.1 16.7 -11.2 36.3 1.6 -1.0 8.2 -13.7 21.9 27.8 1.9 1.3 -.1 8.3 -5.7 13.9 -7.6 21.6 1.2 .6 16.2 3.7 12.5 3.6 29.8 .8 -.1 30.7 11.6 19.2 -1.7 -1.6 1.6 -.2 20.9 -.5 21.6 -23.7 -1.2 2.0 -.3 23.0 10.3 12.7 -25.8 50 22.6 -8.8 3.0 16.2 35.2 22.3 -5.0 12.2 20.8 50.6 -108.9 Net U.S. exports* NIPA basis U.S. export receipts 370.8 679.7 - U.S. import payments 23.0 (Memo: net corporate earnings retained abroad) 1 2 3 6 - Transfers to foreign - U.S. govt, interest paid * Net capital grants = Net foreign investaent (U.S. balance* sign reversed) 5 6 7 8 Net Increase in liabilities U.S. off. fgn. exchange 8 net IMF position U.S. private deposits II1/86 BASED ON INCOMPLETE INFORMATION 29 30 Foreign corporate equities 31 Credit market Instruments 32 Corp, and foreign bonds 33 Bank To To To loans n.e.c. foreign official foreign banks other foreign Coamercial paper Accept, liabs. to banks U.S. government loans 36 35 36 37 38 39 60 Security debt Trade debt 61 62 Miscellaneous liabilities U.S.equity in IBRD* etc. U.S. govt, deposits U.S. dlr. invstmt. (2*3) Equity* etc. Retained earnings (3) Other 63 66 65 66 67 68 69 -9.7 -Discrepancy (FOF basis) (1) U.S. net sales* sign reversed. (2) Corporate bonds Include net Issues by Netherlands Antilles subsidiaries; U.S. direct Investaent abroad is before subtracting net Inflows of capital froa Netherlands Antilles subsidiaries to U.S. parents. (3) Direct investment totals and retained earnings exclude capital gains/losses included in balance of payaents statistics. BILLIONS OF DOLLARS. 28 50 DECEMBER 22, 1986 Banking System Banking System Sector Statements of Saving and Investment 18 UNADJUSTED NET FLOWS($ MILL) UNADJUSTED NET FLOWS($ MILL) I 1985 II I IV III I 1986 I II 1978 III BILLIONS OF DOLLARS 1979 1980 1981 Monetary Authority -289 -294 -281 -280 110 122 213 .7 .2 .2 .4 1 2 Net acq. of financial assets Gold and foreign exchange 3 4 Treasury currency 5 SDR certificates 6 Federal Reserve float 7 F.R. loans to domestic banks -1.502 329 170 -557 -995 6,914 106 195 -36 -1.244 2,848 208 141 -193 1,182 16,682 1,457 128 100 919 540 -8.618 155 155 -428 -2,242 7,412 -33 123 100 -277 134 10,663 250 120 200 566 -73 13.3 1.6 .5 .1 2.7 .9 10.9 .7 1.3 .5 .3 .3 7.1 2.6 .7 .7 -2.3 .4 8.2 X .7 .8 -2.7 -.2 2 3 4 5 6 7 Credit market instruments U.S. government securities Treasury securities Agency issues Acceptances Bank loans n.e.c. Miscellaneous assets -272 -272 133 -405 -177 8,058 8,058 8,127 -69 — -165 516 516 592 -76 — 994 13.319 13,319 11,625 1,694 — 219 -6,441 -6,441 -4,707 -1,734 — — 183 7,179 7,179 7,229 -50 186 8,621 8,621 6,902 1,719 — 979 7.0 7.3 7.7 -.4 -.4 .5 7.7 7.6 6.9 .7 .1 — .2 4.5 4.4 3.9 .6 .1 .5 9.2 9.8 9.6 .1 -.6 .5 8 9 10 11 12 13 14 15 Net increase in liabilities 16 Depository inst. reserves 17 Vault cash of coml. banks -1.213 5,178 -6.180 7,208 239 799 3,129 -74 2,213 16.962 1.469 4,467 -8,728 2,151 -4.286 7.290 1,158 970 10,450 4,854 677 12.6 4.4 1.5 10.7 -1.4 3.0 6.9 -2.3 1.3 7.8 15 -2.2 16 -1.2 17 18 19 20 21 22 -660 -2,212 -28 1,580 449 6,208 259 45 5,904 -38 353 844 285 -776 637 10,659 5,181 -184 5,662 367 -6,176 -6,004 -202 30 -417 4,981 -153 32 5,102 181 4,958 4,262 12 684 -39 6.3 -3.1 .1 9.3 .4 8.2 .1 .1 8.0 .9 9.0 -1.1 -.2 10.3 -1.1 10.9 1.2 .1 9.5 .3 18 19 20 21 22 1 Current surplus 8 9 10 11 12 13 14 Demand deposits and currency Due to U.S. government Due to foreign Currency outside banks Miscellaneous liabilities Commercial Banking (1) 1 Current surplus 2 Plant and equipment 3,550 4,982 5,658 5,214 4,467 4,890 4,173 4,331 6.8 9.5 7.9 10.8 6.5 9.9 8.9 10.6 1 2 57,341 -175 55,448 110,803 278 -28 22,296 14 49,814 50 58,823 50 152.3 .3 139.1 .7 121.4 .6 124.0 1.0 3 4 15,458 11,240 11,739 -499 50,993 6,227 3,845 2,382 50,200 -2,120 1,933 -4,053 90,209 -5,611 -5,398 -213 5,548 7,663 3,577 4,086 41,017 7,742 -1,159 8,901 52,633 21,180 16,258 4,922 125.9 -.8 -7.8 7.0 123.0 9.6 2.0 7.6 101.1 25.8 16.1 9.7 100.5 11.6 1.8 9.8 5 6 7 8 4,577 6.203 3,357 5,449 3 Net acq. of financial assets 4 Demand deposits and currency 17,899 -159 Total bank credit U.S. govt, securities Treasury issues Agency Issues 5 6 7 8 3,530 5,808 9 10 Tax-exempt obligations Corporate bonds -4,896 700 2,094 3,605 10,926 1,365 49.048 -17,651 161 2,618 -5,260 6,613 10,153 5,334 9.6 -.3 9.5 -.1 13.6 .6 11 12 13 14 15 16 Total loans Mortgages Consumer credit Bank loans n.e.c. Open-market paper Security credit 8,349 8,658 8,537 -1,722 -3,427 -3,697 39,062 12,590 9,132 9,055 1,091 7,194 40,018 14,853 10,037 14,926 -792 994 46,606 13,787 8,440 17,238 649 6,492 12,909 11,907 -169 -2,423 -267 3.861 31,941 14,853 8,592 12,894 -441 -3,957 15,966 15,613 6,556 -7.377 957 217 117.4 35.1 26.2 60.3 -1.3 -2.9 103.9 30.6 19.9 52.1 2.2 -.9 61.1 17.5 -6.2 47.2 1.8 .8 17 Corporate equities 65 5 11 5 9 -19 X X X -.1 17 -3,432 -1,002 7,034 -3,279 1,038 8,764 -361 2,139 3,498 -2,388 5,936 16,768 -2,326 -2,135 21.195 -1,928 2,128 8,547 -1,949 5,531 2,558 -.7 5.9 20.9 7.5 1.6 6.3 7.3 -1.0 13.4 11.3 18 -3.4 19 14.7 20 16,727 -29,253 -1,907 -1,400 -25,946 58,136 27,909 10,365 1,264 16,280 53,071 109,089 18,698 16,717 38,514 -24,015 9,145 -13,849 -7,352 365 -710 1,218 22,851 29,004 -9,456 47,276 41,856 13,276 1,105 27,475 54,625 5,543 6,743 40 -1,240 152.3 25.4 6.8 -.3 18.9 137.0 26.4 .4 4.1 21.8 120.7 5.1 -2.6 .3 7.4 24,994 24,452 12,845 18,057 14,764 19,589 18,595 13.2 29.5 44.8 40.3 26 969 -10,452 6,462 3,100 11,782 14,893 9,462 12,833 -2,672 -10,637 14,657 -10,299 10,208 11,650 48.6 22.5 13.8 17.0 47.2 20.5 51.5 27 14.5 28 18 19 20 Cust. liabs. on acceptances Vault cash 8 res. at F.R. Miscellaneous assets 21 Net Increase in liabilities 22 Checkable deposits U.S. government 23 24 Foreign 25 Private domestic - 5.0 9 X 10 83.9 21.6 4.0 52.3 .8 5.3 133.1 8.6 -1.1 -3.9 13.7 11 12 13 14 15 16 21 22 23 24 25 26 Small time and savings dep. 27 28 Large time deposits Fed. funds and security RPs 29 30 31 32 Net interbank claims To Federal Reserve To domestic banks (2) To foreign banks 4,307 -1,552 -1,344 7,203 616 -1,280 2,710 -814 5,518 989 1,143 3,386 9,477 1,459 5,226 2,792 4,436 -7,265 -143 -2,670 3,517 -8,054 15,160 -10,639 2,539 493 2,453 -407 9.5 3.6 -.5 6.4 20.6 .5 -1.0 21.1 -32.1 -1.9 -3.6 -26.6 -25.5 -2.9 -.5 -22.0 29 30 31 32 33 34 35 36 Corporate equity Issues Credit market debt Corporate bonds Open-market paper 300 1,780 4,150 -2,370 350 500 3,625 -3,125 360 2,221 3,660 -1,439 375 5,145 5,472 -327 390 -6,025 1,198 -7,223 395 3,493 1,308 2,185 411 -2,027 1,205 -3,232 1.1 7.0 1.0 6.0 1.3 13.2 -.2 13.4 .4 15.0 1.3 13.7 .5 20.8 2.0 18.7 33 34 35 36 37 38 Profit taxes payable Miscellaneous liabilities 18 20 11,643 -11,285 22 15,204 34 17,129 -17 10,161 -2 7,708 .1 24.8 .5 14.8 -.5 20.4 -.4 37 22.7 38 -1,297 -4,655 -3,146 -3,154 -2,961 -4,356 -2.8 -5.0 -4.1 7.4 39 48,834 81,324 -648 43,065 50,467 128.1 131.4 107.6 106.5 40 39 Discrepancy 40 Memo: Credit mkt. funds adv. 15 7,153 -2,798 15,658 40,515 Banks in U.S.. Possessions 1 Net acq. of financial assets 2 Demand deposits and currency -402 -159 -117 “175 167 -28 448 278 312 14 293 50 249 50 .6 .3 1.1 .7 1.6 .6 2.7 1.0 1 2 Credit market instruments U.S. government securities Tax-exempt obligations Corporate bonds Home mortgages Commercial mortgages Miscellaneous assets -207 -56 -129 -43 36 -15 -36 72 -29 37 3 18 43 -14 225 21 92 42 12 58 -30 206 94 24 40 14 34 -36 110 39 -11 49 10 23 188 122 50 -19 67 10 14 121 119 60 -47 71 10 25 80 .2 -.1 .3 .2 .1 -.3 .1 w X -.2 .1 .1 X .4 .5 .1 .3 X .1 X .5 -1.1 -.3 -.7 -.3 .1 X 2.9 3 4 5 6 7 8 9 -402 -117 167 448 312 293 249 .6 1.1 1.6 3 4 5 6 7 8 9 10 Net increase in deposit liab. (1) Consists of U.S.-chartered commercial banks, their domestic affiliates. Edge Act corporations, agencies and branches of foreign banks, and banks in U.S. possessions. Edge Act corporations and offices of foreign banks appear together in these tables as "foreign banking offices." (2) Floats and discrepancies in interbank deposits and loans. II1/86 BASED ON INCOMPLETE INFORMATION 2.7 10 DECEMBER 22. 1986 Banking System Banking System Sector Statements of Saving and Investment 19 SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES 1982 1983 1984 1985 1 1 I II 1985 III IV 1 1 1986 II I III Monetary tAuthority 1 .1 .5 .6 -1.1 -1.2 -1.2 -1.1 -1.1 .4 .5 2 3 4 5 6 7 12.d .6 .6 1.3 1.0 -.9 9.4 -2.1 .7 -1.2 .2 Id.6 -.1 .7 -.7 2.7 24.9 2.1 .6 .1 .1 -.5 19.0 1.3 .7 — 1.5 -6.1 18.9 .4 .8 .3 -7.0 8.1 .8 .6 .6 3.8 53.8 5.8 .5 .4 -1.9 7.2 -7.8 .6 .6 — 1.7 -11.4 19.0 -.1 .5 .4 -.4 -1.7 40.2 Net acq. of financial assets 1.0 Gold and foreign exchange .5 Treasury currency .8 SDR certificates Federal Reserve float 3.3 F.R. loans to domestic banks -1.1 2 3 4 5 6 7 8 9 10 11 12 13 Id 9.8 8.5 8.4 .1 1.3 X 10.9 12.0 12.6 -.7 -1.1 1.0 8.4 8.8 8.9 -.1 -.4 21.6 21.6 20.5 1.1 — *.9 22.4 21.7 23.3 -1.6 .7 -.7 25.0 24.9 25.2 -.3 .1 — -.7 -1.7 -.7 -.4 -.3 -1.0 d.O 40.8 40.6 33.8 6.8 .2 .9 X -.7 6.3 -6.9 .7 — .7 19.6 19.5 19.7 -.2 .1 — .7 31.9 32.9 26.1 6.9 -1.1 — 3.9 Credit market instruments U.S. government securities Treasury securities Agency issues Acceptances Bank loans n.e.c. Miscellaneous assets 8 9 10 11 12 13 14 15 16 17 12.2 1.3 .9 8.9 -5.0 1.5 ld.O .4 3.2 26.1 6.8 1.3 20.2 18.8 -12.1 20.1 12.1 -2.2 9.2 -5.0 13.3 54.9 1.4 6.1 -8.2 7.1 -4.3 18.5 16.1 -1.4 39.4 Net increase in liabilities Depository inst. reserves 14.1 7.6 Vault cash of coml. banks 18 19 20 21 22 10.2 .7 -.2 9.7 -.1 13.0 -1.3 X Id.3 -.5 10.3 1.7 X 8.6 .1 16.6 d.l .1 12.d l.d 11.7 -3.9 .1 15.5 1.9 10.1 -6.2 .2 16.1 * -l.d -5.4 1.0 3.0 2.3 45.8 31.7 -.8 14.9 1.5 -9.6 -18.4 -.6 9.4 -1.5 3.1 -9.5 .2 12.3 .7 18.1 8.9 -.2 9.4 -.4 18.2 Current surplus 17.3 Plant and equipment - 3.7 — .9 Current surplus Demand deposits and currency Due to U.S. government Due to foreign Currency outside banks Miscellaneous liabilities 1 15 16 17 18 19 20 21 22 Commercial Banking (1) 1 2 9.5 12.d 10.7 15.2 12.1 Id.7 15.0 22.d 14.4 24.8 ld.O 21.8 15.5 23.2 16.2 19.9 18.3 20.9 18.5 19.6 3 4 131.3 -.1 153.d -.3 195.0 -1.1 241.5 -.1 135.5 -.6 226.3 -.7 191.7 -.1 412.4 1.1 150.8 .1 201.5 .2 198.9 Net acq. of financial assets Demand deposits and currency .2 5 6 7 8 102.d 26.6 19.d 7.3 139.9 48.6 47.8 .7 170.8 .6 1.9 -1.3 206.9 9.7 12.1 -2.4 125.7 25.3 28.5 -3.2 191.4 32.0 20.1 11.9 180.1 -3.7 16.4 -20.1 330.3 -14.6 -16.5 1.9 83.9 9.6 -4.8 14.4 154.5 38.5 -.2 38.7 185.8 88.7 73.5 15.1 9 10 4.5 1.5 4.8 4.7 10.8 4.2 57.2 5.8 -6.3 2.8 18.8 14.4 32.2 5.5 184.0 .6 -56.1 10.5 -9.0 26.5 26.6 21.3 11 12 13 Id 15 16 69.8 16.0 6.7 46.7 .3 X 81.9 29.2 22.7 26.7 .8 2.4 155.3 44.6 45.2 61.1 -l.d 5.8 134.0 49.9 36.1 39.5 -2.5 11.0 103.6 45.5 50.0 23.0 -16.6 1.7 126.1 45.6 34.2 21.1 4.7 20.6 146.1 53.6 32.4 55.1 -4.4 9.5 160.3 54.9 28.0 58.8 6.4 12.2 119.9 58.8 15.2 18.0 -4.6 32.4 98.6 54.7 32.6 36.7 -.6 -24.8 49.3 56.2 18.2 -34.2 2.4 6.6 Total bank credit U.S. govt, securities Treasury issues Agency issues 1 2 3 4 5 6 7 8 Tax-exempt obligations Corporate bonds 9 10 Total loans Mortgages Consumer credit Bank loans n.e.c. Open-market paper Security credit 11 12 13 14 15 16 Corporate equities 17 17 X X -.1 .1 .3 X X X X -.1 - 18 19 20 7.7 2.2 19.0 6.9 -3.6 10.5 3.8 3.6 17.9 -9.5 8.1 36.1 -13.7 6.6 17.6 -13.1 9.9 38.8 -1.4 8.3 5.0 -9.6 7.6 82.9 -9.3 2.9 73.3 -7.7 14.7 39.9 -7.8 21.7 -1.0 21 22 23 2d 25 ldO.d 19.2 6.1 -3.4 16.5 164.1 15.9 -5.3 1.6 19.7 200.2 29.2 d.O 2.0 23.2 237.0 53.9 10.3 l.d 42.2 137.8 -48.7 -5.1 -2.7 -40.9 226.0 103.0 33.9 3.1 66.0 185.8 49.5 -68.4 7.5 110.5 398.4 111.8 80.6 -2.0 33.2 144.6 -29.2 -54.2 -.8 25.8 187.1 159.6 43.2 3.6 112.8 26 97.0 130.0 74.6 80.3 101.6 91.2 81.7 46.8 61.5 69.4 106.1 Small time and savings dep. 26 27 28 13.0 8.6 -48.3 15.6 38.3 1.6 11.8 37.3 28.7 20.2 -41.6 16.1 25.8 54.6 34.2 58.2 13.9 52.0 -41.1 -36.6 19.4 41.8 Large time deposits Fed. funds and security RPs 27 28 29 30 31 32 -35.7 .1 -1.0 -3d.8 1.7 -1.0 -11.6 Id.2 8.2 2.0 7.4 -1.1 19.9 -.4 7.7 12.6 17.6 -4.7 .7 21.5 -5.1 -6.7 2.8 -1.2 23.0 4.4 10.7 7.9 44.2 5.4 16.7 22.1 19.0 -9.7 -24.5 53.2 -35.6 11.9 Net interbank claims 2.2 To Federal Reserve 5.4 -38.9 16.0 -6.3 To domestic banks (2) To foreign banks 29 30 31 32 33 3d 35 36 .6 18.d 6.0 12.5 .8 17.1 8.4 8.7 1.1 22.8 12.9 10.0 l.d 9.6 16.9 -7.3 1.2 7.1 16.6 -9.5 l.d 2.0 14.5 -12.5 1.4 8.9 14.6 -5.8 1.5 20.6 21.9 -1.3 1.6 -24.1 4.8 -28.9 1.6 14.0 5.2 8.7 1.6 -8.1 4.8 -12.9 Corporate equity issues Credit market debt Corporate bonds Open-market paper S3 34 35 36 37 38 -.1 19.5 -.1 31.d X 24.4 .1 22.7 X 10.0 .1 59.0 .1 -59.2 .1 81.1 .1 49.8 -.1 55.9 X 13.3 Profit taxes payable Miscellaneous liabilities 37 38 -2.1 Cust. liabs. on acceptances Vault cash 8 res. at F.R. Miscellaneous assets 185.7 Net increase in liabilities -.4 Checkable deposits -13.4 U.S. government 1.5 Foreign Private domestic 11.5 39 6.3 6.3 2.7 -11.9 -8.1 -8.1 -13.7 -17.7 -8.8 -15.6 -12.3 Discrepancy dO 110.2 144.3 168.9 186.3 110.1 157.6 169.1 308.5 42.1 171.7 171.4 Memo: Credit mkt. funds adv. 18 19 20 21 22 23 24 25 39 40 Banks in U.S. Possessions ———————————--- -——-------- — 1 2 -1.1 -.1 .7 -.3 -4.5 -l.l .1 -.1 -1.6 -.6 -.5 -.7 .7 -.1 1.8 1.1 1.2 .1 1.2 .2 1.0 Net acq. of financial assets Demand deposits and currency .2 1 2 3 4 5 6 7 8 9 -.5 .3 X -.3 -.2 -.3 -.5 2.9 1.1 1.0 .7 -.1 .2 -1.9 -3.3 -.6 -1.8 -.7 .3 -.5 X .3 X X X .1 .1 -.1 -.8 -.2 -.5 -.2 .1 -.1 -.1 .3 -.1 .1 X .1 .2 -.1 .9 .1 .4 .2 * .2 -.1 .8 .4 .1 .2 .1 .1 -.1 .4 .2 X .2 X .1 .8 .5 .2 -.1 .3 X .1 .5 .5 .2 -.2 .3 X .1 .3 Credit market instruments U.S. government securities Tax-exempt obligations Corporate bonds Home mortgages Commercial mortgages Miscellaneous assets 3 4 5 6 7 8 9 10 -1.1 .7 -4.5 .1 -1.6 -.5 .7 1.8 1.2 1.2 1.0 Net increase in deposit liab. (1) Consists of U.S.—<chartered commercial banks* their domestic affiliates* Edge Act corporations* agencies and branches of foreign banks* and banks in U.S. possessions. Edge Act corporations and offices of foreign banks appear together in these tables as "foreign banking offices." (2) Floats and discrepancies in interbank deposits and loans. BILLIONS OF DOLLARS. II1/86 BASED ON INCOMPLETE INFORMATION 10 DECEMBER 22, 1986 Commercial Banking Subsectors Commercial BankIns Subsectors Subsector Statements for Component Groups in Commercial Banking 2Q UNADJUSTED NET FLOWS($ MILL) UNADJUSTED NET FLOWS($ MILL) I II 1985 III I 1 IV I 1986 II III 1978 BILLIONS OF DOLLARS 1979 1980 1981 U.S.-Chartered Commercial Banks 1 Current surplus 2 Plant and equipment 6,577 6.203 3,357 5.669 3,530 5,808 3,550 6,982 5,658 5,216 6,667 6.890 6,173 6,331 6.8 9.5 7.9 10.8 6.5 9.9 8.9 10.6 1 2 13,587 15,965 10,598 11,081 -683 66,932 67,133 6,062 3,689 2,373 61.861 61,026 -6,191 -20 -6,171 92,757 79,320 -7.878 -7,296 -586 2,916 7,013 9,056 5.672 3,582 36,625 35,276 7.157 -1,269 8.606 52,701 66,862 18,300 13,300 5,000 121.5 106.6 .1 -6.7 6.8 111.5 105.8 7.6 -.2 7.6 92.8 82.9 25.0 15.3 9.7 99.0 91.6 11.6 1.8 9.6 3 6 5 6 7 Tax-exempt obligations Corporate bonds -6,765 -71 2,065 2,967 10,850 106 69,095 -17,660 -710 2.353 -5,261 5,178 10,200 6,958 9.6 -.6 9.7 -.3 13.2 .5 5.7 « 8 9 Total loans Mortgages Consumer credit Bank loans n.e.c. Open-market paper Security credit 10.183 8,800 8,537 -723 -3,662 -2,969 36.079 12,602 9,132 7,088 816 6,663 36,261 16,692 10,037 9,832 -897 597 38,813 13,667 8,660 13,667 760 2.719 13,266 11,663 -169 -2.353 91 6,236 28.182 11,606 16,616 15,899 8,592 6,556 8.686 -12,037 -650 986 -2.660 - 97.5 35.2 26.2 61.6 -2.3 -3.0 89.1 29.8 19.9 38.6 1.6 -.8 66.3 16.1 -6.2 32.2 1.0 1.2 76.3 19.7 6.0 66.1 -.2 6.7 10 11 12 13 16 15 -2,987 -1,152 1,781 -3,908 888 819 -796 2,039 -628 -3,383 5,622 11,198 -2,375 -1.973 269 -1.819 1.616 -266 -1,666 6,338 2,965 -.6 5.3 10.2 6.0 1.6 -2.0 5.8 -1.2 5.2 8.2 16 -6.0 17 3.6 18 12.615 -29,529 -1,907 -1,830 -25,792 65,727 27,656 10,365 995 16,296 39,666 15.566 -7,352 575 22,361 -686 91,063 38,085 -23,506 9,165 -13,869 365 -211 28,575 -9,666 32.087 60,631 13,276 169 27,186 68,503 6,165 6,763 258 -856 121.5 22.9 6.8 M 16.2 109.3 25.6 .6 3.6 21.8 92.0 10.7 -2.6 -.2 13.6 5 Net acq. of financial assets 6 Total bank credit 5 U.S. government securities 6 Treasury issues 7 Agency iasuas 8 9 10 11 12 IS 16 15 16 17 18 Cust. liabs. on acceptances Vault cash 8 res. at F.R. Miscellaneous assets 19 Net increase in liabilities 20 Checkable deposits 21 U.S. government 22 Foreign 23 Private domestic 108.1 16.8 -1.1 -3.0 18.9 19 20 21 22 23 26 Small tlmetsavlngs deposits 26,996 26,652 12,865 18.057 16,766 19,589 18,595 13.2 29.5 66.8 60.3 26 25 26 Large time deposits Fed. funds and security RPs -326 6,662 -7,606 3,100 7.329 16,893 11.268 12.833 -1,329 -10.695 16,657 -10.299 3,825 11,650 62.1 22.5 10.2 17.0 39.3 20.5 63.9 25 16.5 26 27 28 29 30 31 Net interbank liabilities Federal Reserve float Borrowing at F.R. banks To domestic banking To foreign banks 7,727 -557 -995 226 9,053 -9,097 -36 -1,266 -5,089 -2,728 966 -193 1,182 370 -615 -151 919 560 -6,696 2,886 -156 -628 -2,262 -2,653 5,167 -5,901 -277 136 1,173 -6,931 6.629 566 -73 1,758 2,378 -.6 2.7 .9 -6.3 2.1 7.3 .3 .3 -7.7 16.5 -39.9 -2.3 .6 -16.3 -23.6 -26.6 -2.7 -.2 -8.5 -15.1 27 28 29 30 31 32 33 36 35 36 37 38 Acceptance liabilities Corporate equities Corporate bonds Profit taxes payable Miscellaneous liabilities Inv. by dom. affiliates Other -3,311 300 1,505 15 6,576 1,686 3,090 -3,666 -1,366 360 350 625 660 18 20 9,673 -11.807 2,000 500 7.673 -12,307 -2.556 375 1.689 22 11.639 1,559 9,880 -3,597 390 695 36 -2,636 -163 -2,673 -1,816 395 806 -17 -806 -166 -662 2 611 995 -2 2,253 -32 2,285 -.6 1.1 .2 .1 20.3 6.8 15.5 7.1 1.3 .2 .5 10.7 5.6 5.3 6.2 .6 .2 -.5 10.6 6.9 3.5 8.5 .5 -.1 -.6 12.6 7.8 6.8 32 33 36 35 36 37 38 -2,798 -1.297 -6,655 -3,166 -3.156 -2.961 -6,356 -2.8 -5.0 -6.1 7.6 39 15,927 36,782 39,633 .73,218 606 36.117 63,618 109.0 112.7 87.6 95.0 60 39 Discrepancy 60 Memo: Credit mkt. funds adv. Domestic Affiliates of Commercial Banks 1 Net acq. cf financial assets 2 Credit market Instruments 3 U.S. govt, securities 6 Bank loans n.e.c. 5 Miscellaneous assets 6 Inv. in bank subsidiaries 7 Inv. in finance co. subs. 8 Other 9 Net Increase in liabilities 10 Net interbank claims To domestic banks 11 12 To foreign banks 13 Credit market debt 16 Corporate bonds 15 Commercial paper 16 Miscellaneous liabilities 17 Equity, etc. 18 Other 6,316 597 719 -122 3,717 1,686 2,692 -661 6,963 900 1,000 -100 6,063 2.000 3.663 600 9,581 1,600 1,500 -100 8,181 500 5.081 2.600 3,666 1,150 1,653 -303 2,296 1,559 3,567 -2,810 17,936 -1,675 -1,309 -166 19,611 -163 16,608 3,166 7.366 -1,675 -1,309 -166 8,819 -166 7,316 1,667 2,956 -50 -35 -15 3,006 -32 1,609 1,627 8.6 -.5 -1.3 .8 8.9 6.8 6.6 -.3 10.0 2.0 1.7 .3 8.0 5.6 3.6 -.8 8.9 -.3 .2 -.5 9.3 6.9 2.8 -.6 6.1 .2 -.1 .3 5.9 7.8 -2.6 .7 1 2 3 6 5 6 7 8 6,316 -1.061 -2 -1.039 6,002 2,665 1,357 1,353 1,928 -575 6,963 1.663 955 688 2,867 3,000 -133 2,633 2,000 633 9,581 6,081 1,276 2.807 3,052 3,000 52 2,668 2.000 668 3,666 -1,982 978 -2,960 6,606 3.783 823 822 1,601 -779 17,936 6,665 -762 5,227 -3,016 503 -3,519 16,687 999 15.688 7,366 -1,628 -667 -1,181 3.858 506 3,356 5,116 775 6,339 2,956 -1,575 -15 -1,560 -2,070 210 -2,280 6,599 502 6,097 8.6 -.3 -1.3 1.0 7.5 .8 6.7 1.2 3.6 -2.6 10.0 2.5 1.7 .8 6.1 -.5 6.5 3.6 5.1 -1.7 8.9 -2.1 .1 -2.1 6.7 1.1 5.6 6.3 6.3 -2.0 6.1 -11.1 -6.9 -6.1 9.2 2.1 7.0 8.1 8.1 M 9 10 11 12 13 16 15 16 17 18 Foreign Banking Offices in U.S. 1 Net acq. of financial assets 2 Credit market instruments 3 U.S. government securities 6 Tax-exempt obligations 5 Mortgages 6 Corporate bonds 7 Bank loans n.e.c. 8 Open-market paper 9 Cust. liabs. on accepts. 600 -659 -21 -2 -163 816 -877 35 -665 5,583 2,761 -806 12 -73 655 2,067 277 629 3,859 7,576 550 -16 91 1,219 5,196 105 633 16,152 6,750 720 -71 272 831 6,096 -91 995 1,136 313 -121 631 216 96 -358 69 7,552 8,301 1.866 613 1,368 6,576 209 -109 2,919 6,980 2,855 -321 305 6,675 -29 -505 21.8 19.3 .5 -.1 K .1 18.1 1.0 -.3 16.5 16.8 .5 .1 .8 .1 13.2 .6 1.5 18.1 19.8 .5 .2 1.3 M 15.5 .8 1.5 16.1 12.5 .6 -.1 1.7 .3 5.8 1.0 3.0 1 2 3 6 5 6 7 8 9 Corporate equities Security credit Member bank reserves Miscellaneous assets 65 -728 150 1,572 5 751 150 1,916 11 397 100 -6,225 5 3,773 316 3,310 9 -373 -162 1,367 -19 -1.297 716 -167 217 -807 -3,671 M .1 .6 1.7 K a K -.2 K -.6 .2 -1.5 -.1 .6 .6 2.5 10 11 12 13 16 Net increase in liabilities 15 Demand deposits 16 Time deposits 600 276 1,293 5,583 253 -3,068 3,859 1,153 6,653 16,152 629 -1,786 1,136 -509 -1.363 7,552 1,225 -162 2,919 -602 6,383 21.8 2.5 6.6 16.5 .8 3.6 18.1 -5.6 7.9 16.1 16 -6.1 15 7.6 16 10 11 12 13 17 18 19 Net Interbank liabilities To foreign banks To domestic banks -2,379 -811 -1,568 8,070 1,226 6,866 693 996 -501 11,610 2,866 8,766 127 6.766 -6.639 266 -2,527 2,791 -515 -1,225 710 10.6 3.6 7.1 10.8 5.8 5.0 9.8 -.8 10.7 12.2 17 -.8 18 13.0 19 20 Acceptance liabilities Miscellaneous liabilities -616 1,626 656 -366 -167 -2,093 1,606 2,695 -107 2,966 665 5.560 -956 -1,393 -.3 2.7 1.8 -.5 1.9 6.1 3.2 20 -.7 21 21 IX1/86 BASED ON INCOMPLETE INFORMATION DECEMBER 22, 1986 Commercial Banking Subsectors Commercial Banking Subsectors Subsector Statements for Component Groups ln Commercial Banking 1982 1983 1984 21 SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES XI 1985 1985 III I I IV I 1986 II III 18.2 Current surplus 17.3 Plant and equipment U.S.-Chartered Commercial Banks 1 2 9.5 12.4 10.7 15.2 12.1 14.7 15.0 22.4 14.4 24.8 14.0 21.8 15.5 23.2 16.2 19.9 18.3 20.9 18.5 19.6 3 4 5 6 7 111.3 104.2 26.7 19.4 7.3 131.3 133.9 44.2 43.5 .7 166.2 166.2 1.3 2.5 -1.2 193.1 183.4 4.6 7.5 -2.9 117.2 126.6 22.8 25.9 -3.1 167.3 166.6 31.3 19.4 11.9 142.9 148.9 -12.0 8.6 -20.6 345.0 291.6 -23.7 -24.1 .4 71.9 88.4 15.2 2.8 12.4 131.5 122.2 36.1 -.6 36.7 8 9 4.6 1.7 3.8 3.6 12.6 3.2 57.2 2.3 -5.8 -.3 18.6 11.8 31.9 .4 184.2 -2.8 -56.1 9.4 -8.9 20.7 26.7 19.8 10 11 12 13 14 15 71.2 15.4 6.7 47.6 1.0 .5 82.3 29.0 22.7 27.5 1.1 2.0 149.1 44.4 45.2 55.4 -.6 4.7 119^3 49.6 36.1 29.6 -2.8 6.8 109.9 46.1 50.0 27.9 -16.7 2.6 104.8 45.6 34.2 4.7 3.6 16.8 128.7 53.0 32.4 39.6 -4.8 8.5 133.9 53.6 28.0 46.3 6.8 -.7 119.9 56.9 15.2 19.1 -3.1 31.7 74.2 53.0 32.6 10.7 -1.4 -20.6 36.4 57.4 18.2 -48.3 2.5 6.5 16 17 18 7.0 1.8 -1.7 4.6 -2.9 -4.3 -2.8 3.3 -.5 -11.1 7.4 13.4 -11.9 6.0 -3.5 -15.6 9.3 7.0 -3.2 7.9 -10.7 -13.5 6.3 60.6 -9.5 3.5 -10.5 -7.3 11.9 4.7 -5.8 24.9 .5 19 20 21 22 23 120.4 20.9 6.1 -2.2 17.1 142.0 15.6 -5.3 1.4 19.5 171.5 30.2 4.0 2.8 23.4 188.6 51.8 10.3 .1 41.4 119.5 -50.9 -5.1 -5.6 -40.3 167.1 103.4 33.9 3.0 66.5 137.0 43.6 -68.4 4.1 107.9 331.1 111.0 80.6 -1.2 31.6 65.7 -28.4 -54.2 .2 25.6 117.0 155.8 43.2 .7 112.0 179.8 Net acq. of financial assets 160.1 Total bank credit U.S. government securities 77.1 Treasury issues 61.7 15.4 Agency issues Tax-exempt obligations Corporate bonds Total loans Mortgages Consumer credit Bank loans n.e.c. Open-market paper Security credit Cust. liabs. on acceptances Vault cash 8 res. at F.R. Miscellaneous assets 166.6 Net increase in liabilities .6 Checkable deposits -13.4 U.S. government 1.8 Foreign 12.3 Private domestic 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 97.0 130.0 74.6 80.3 101.6 91.2 81.7 46.8 61.5 69.4 106.1 Small tlmeSsavlngs deposits 24 25 26> 2.3 8.6 -38.7 15.6 33.9 1.6 10.8 37.3 23.6 20.2 -29.4 16.1 7.9 54.6 41.3 58.2 19.3 52.0 -40.5 -36.6 -6.1 41.8 Large time deposits Fed. funds and security RPs 25 26 27 28 29 30 31 -23.3 1.0 -.9 -2.7 -20.7 2.0 -1.2 .2 -3.9 6.9 6.6 -.7 2.7 7.9 -3.2 -.6 .1 -.5 -9.0 8.8 31.2 1.5 -6.1 7.8 28.1 -48.2 .3 -7.0 -35.5 -6.1 16.1 .6 3.8 16.6 -4.8 -1.5 -1.9 7.2 -24.9 18.0 .5 1.7 -11.4 -1.7 12.0 -34.0 -.4 -1.7 -10.8 -21.1 33.2 3.3 -l.l 24.5 6.5 Net interbank liabilities Federal Reserve float Borrowing at F.R. banks To domestic banking To foreign banks 27 28 29 30 31 32 33 34 35 36 37 38 9.5 .6 .6 -.1 4.4 13.2 -8.8 3.0 .8 -.2 -.1 14.0 12.6 1.4 -3.6 1.1 3.6 M 23.4 10.3 13.1 -10.9 1.4 4.5 .1 13.9 5.5 8.3 -13.2 1.2 6.0 K -.3 5.9 -6.2 -14.6 1.4 2.5 .1 44.6 8.0 36.6 -5.4 1.4 2.6 .1 -65.8 2.0 -67.8 -10.2 1.5 6.8 .1 77.1 6.2 70.9 -14.4 1.6 2.8 .1 -29.3 -.7 -28.6 -7.3 1.6 3.2 -.1 5.4 -.7 6.1 K 1.6 4.0 K -14.6 -.1 -14.5 Acceptance liabilities Corporate equities Corporate bonds Profit taxes payable Miscellaneous liabilities Inv. by dom. affiliates Other 32 S3 34 35 36 37 38 39 6.3 6.3 2.7 -11.9 -8.1 -8.1 -13.7 -17.7 -8.8 -15.6 -12.3 Discrepancy 39 40 110.7 136.5 158.7 165.6 112.1 134.2 137.2 278.8 47.2 135.5 147.8 Memo: Credit mkt. funds adv. 40 1 2 3 4 5 6 7 8 Domestic Affiliates of Commercial Banks 1 2 3 4 5 6 7 8 18.8 -2.2 -1.2 -1.0 21.0 13.2 7.2 .6 16.8 1.2 1.6 — .4 15.6 12.6 2.4 .5 24.7 .6 .5 .1 24.1 10.3 12.5 1.3 24.3 4.0 4.7 -.6 20.2 5.5 15.0 -.3 17.3 2.4 2.9 -.5 14.9 5.9 10.8 -1.8 27.8 3.6 4.0 -.4 24.2 8.0 14.6 1.6 38.3 5.6 6.0 -.4 32.7 2.0 20.3 10.4 13.8 4.6 5.8 -1.2 9.2 6.2 14.2 -11.2 71.7 -5.9 -5.2 -.7 77.6 -.7 65.6 12.7 29.4 -5.9 -5.2 -.7 35.3 -.7 29.3 6.7 11.8 Net acq. of financial assets -.2 Credit market Instruments U.S. govt, securities -.1 Bank loans n.e.c. -.1 12.0 Miscellaneous assets Inv. in bank subsidiaries -.1 5.6 Inv. in finance co. subs. Other 6.5 9 10 11 12 13 14 15 16 17 18 18.8 -2.8 -.7 -2.2 6.8 5.4 1.4 14.9 14.0 .9 16.8 -10.6 -7.4 -3.1 12.1 8.6 3.5 15.3 14.3 .9 24.7 .8 1.4 -.6 15.6 9.3 6.3 8.3 9.9 -1.6 24.3 2.7 3.2 -.5 14.5 12.4 2.1 7.1 7.5 -.5 17.3 -4.2 ■ -4.2 16.0 10.6 5.4 5.4 7.7 -2.3 27.8 6.6 3.8 2.8 11.5 12.0 -.5 9.7 8.0 1.7 38.3 16.3 5.1 11.2 12.2 12.0 .2 9.8 8.0 1.8 13.8 -7.9 3.9 -11.8 18.4 15.1 3.3 3.3 6.4 -3.1 71.7 17.9 -3.0 20.9 -12.1 2.0 -14.1 65.9 4.0 62.0 29.4 -6.5 -1.8 -4.7 15.4 2.0 13.4 20.5 3.1 17.4 11.8 Net increase ln liabilities -6.3 Net interbank claims To domestic banks -.1 -6.2 To foreign banks -8.3 Credit market debt .8 Corporate bonds Commercial paper -9.1 26.4 Miscellaneous liabilities 2.0 Equity* etc. 24.4 Other 6.3 Net acq. of financial assets Credit market instruments 23.3 U.S. government securities 11.4 Tax-exempt obligations Mortgages -1.3 Corporate bonds 1.2 14.1 Bank loans n.e.c. -.1 Open-market paper -2.0 Cust. liabs. on accepts. 1 2 3 4 5 6 7 8 9 Corporate equities Security credit Member bank reserves Miscellaneous assets 10 11 12 13 9 10 11 12 13 14 15 16 17 18 Foreign Banking Offices in U.S 1 2 3 4 5 6 7 8 9 2.3 2.2 .8 -.1 1.1 .1 .2 -.7 .8 4.6 3.7 1.7 — .1 .2 .4 -.4 -.4 2.2 8.5 12.9 -.6 -.1 .4 1.8 5.7 -.9 6.6 24.0 16.4 .4 -.1 .1 3.5 10.5 .3 1.6 2.7 -3.6 -.1 K -.7 3.3 -4.4 .1 -1.8 31.7 19.6 -3.2 » -.3 2.6 16.8 1.1 2.5 9.9 25.4 2.2 -.1 .4 4.9 15.8 .4 1.7 51.8 24.3 2.9 -.3 1.1 3.3 13.7 -.4 4.0 5.9 .4 -.5 — 1.7 .9 -.5 -1.4 .2 39.5 41.6 7.4 — 1.7 5.5 26.7 .8 -.4 10 11 12 13 M -.5 .3 .2 K .5 -.7 1.1 -.1 1.1 .3 -5.7 .1 4.2 .7 2.6 .3 -.9 .6 6.3 H 3.8 .6 7.7 M .9 .4 -16.9 ii 12.9 1.3 13.2 M .7 -.6 5.4 -.1 -4.2 2.9 -.6 14 15 16 2.3 -1.7 10.7 4.6 .3 -9.6 8.5 -1.0 4.4 24.0 2.1 .9 2.7 2.2 5.2 31.7 -.5 -12.2 9.9 5.9 17.8 51.8 .8 -7.1 5.9 -.8 -5.4 39.5 3.7 -.6 17 18 19 -9.6 -11.9 2.3 10.2 10.5 -.3 .8 2.7 -1.9 17.8 4.3 13.5 -9.5 -2.4 -7.1 36.5 2.1 34.5 -9.4 1.5 -10.9 53.6 15.9 37.6 .6 20.3 -19.7 4.9 -13.1 18.0 20 21 1.5 1.3 2.2 1.4 7.3 -2.9 1.5 1.7 -1.7 6.5 2.6 5.2 -.6 -3.8 5.6 -1.1 -.4 11.9 2.6 28.9 BILLIONS OF DOLLARS. II1/86 BASED ON INCOMPLETE INFORMATION .1 -3.2 -13.9 6.3 Net Increase in liabilities -1.0 Demand deposits Time deposits 25.5 14 15 16 -15.0 -6.6 -8.4 Net interbank liabilities To foreign banks To domestic banks 17 18 19 -3.8 .6 Acceptance liabilities Miscellaneous liabilities 20 21 DECEMBER 22, 1986 Nonbank Finance Summary Nonbank Finance Summary Private Nonbank Financial Institutions 22 UNADJUSTED NET FLOWS($ MILL) UNADJUSTED NET FLOWS($ MILL) I II 1985 III 11 11 IV I 1986 II III 1978 BILLIONS OF DOLLARS 1979 1980 1981 Private Nonbank Financial Institutions - Total 1 Current surplus 2 Physical Investment S Net acq. of financial assets 4 Demand deposits and currency 5 Time and savinss deposits 6 Security RPs 7 Foreign deposits 61 2,452 13.3 2.0 10.9 2.9 7.9 3.8 -.4 5.4 1 2 92,389 124,336 116,689 136.253 144.288 143.854 148,265 4,595 7,459 -1,469 820 -46 -1,401 2,726 9,250 500 659 2,510 759 4,350 101 9,024 1,174 -2,545 461 3,437 10,122 5,931 585 -256 -2,361 404 27 146 2.878 221.1 2.6 10.4 1.8 .5 255.6 2.1 11.1 5.5 4.6 252.4 2.3 14.4 3.9 1.7 311.4 2.6 23.7 16.4 12.1 3 4 5 6 7 1,447 8,554 7.569 175 6,250 97,854 105,475 116,010 112,716 129,950 39,473 38.052 47.692 41.810 37,458 9,850 25,163 10,584 14,777 5,913 19,550 13,834 15,246 18,879 35,336 6,628 15,351 13,435 23,692 21,369 4,480 15,884 16.797 17,967 12.863 9,507 16,801 10,208 12,147 -8,741 5.5 178.2 18.2 15.2 35.8 71.7 17.3 20.1 17.3 189.3 24.8 10.9 28.5 67.0 19.4 38.7 22.2 178.5 47.2 9.7 33.1 45.4 9.8 33.5 19.9 213.7 67.2 7.3 28.2 29.4 13.3 68.3 8 9 10 11 12 13 14 15 321 809 6,047 1.6 1.5 19.0 1.1 1.9 22.5 6.5 2.0 20.9 97,493 128,613 125,405 138,230 158,670 146,227 152,950 27,915 21.707 17,362 12,983 27,168 18,664 16.715 7,726 12,450 -3,024 5,108 -5,292 1,011 6,752 6,049 -5,291 -6,540 -863 10,161 -2,555 3,915 30,917 35,265 38,489 26,691 21,471 32,139 47,527 25,728 26,285 27,142 34,555 61,832 43,973 44,961 208.0 59.1 6.9 2.1 81.2 1.2 241.6 46.9 34.4 .5 97.9 1.8 237.3 53.5 29.2 2.1 109.7 5.9 306.8 25.9 107.5 3.0 105.9 7.4 19 20 21 22 23 24 25 26 27 28 29 30 -43 1,846 938 2.419 8 9 10 11 12 IS 14 15 Corporate equities Credit market instruments U.S. sovernment securities Tax-exempt obligations Corporate 8 foreign bonds Mortgages Consumer credit Other loans 10,653 78,611 32,366 12,826 2,539 14,247 4,373 12,260 14,889 86,080 6,474 7,382 22,761 21.508 13,946 14,009 16 17 18 Security credit Trade credit Miscellaneous assets -1,323 644 5.496 5,622 609 13.682 19 Net increase in liabilities 20 Thrift deposits Money market fund shares 21 Security RPs (S&L) 22 23 Insurance 8 pension reserves 24 Corporate equity issues (1) 663 1,876 2.339 506 3,072 -444 1,502 9,491 431 1,301 -1,540 1,978 2,665 697 7,404 292 1.581 -208 629 9,767 -2.4 16 2.6 17 22.9 18 25 26 27 28 29 SO Credit market instruments Corporate bonds Mortgages Bank loans n.e.c. Open-market paper Fed. Home Loan Bank loans 8,572 828 10 -1,423 9,087 70 18,682 7,609 12 1,136 4,987 4,938 27,588 2,806 15 2,303 16,348 6,116 20.844 8,365 18 543 8,828 3,090 10,174 7,832 24 -1,294 5.216 -1.604 20,913 2,316 276 1.829 8,883 7,609 15,377 3,583 132 1,397 6,069 4,196 29.2 6.8 .2 1.8 7.9 12.5 28.8 5.7 M .5 13.4 9.2 5.6 .3 M -1.0 -.8 7.1 33.7 2.4 M 1.2 13.9 16.2 SI 32 S3 Security credit Profit taxes payable Miscellaneous liabilities -3,153 -26 15,855 10,632 25 17,449 997 60 15,144 14,384 47 21,666 8.328 42 23,766 -5,424 -97 18.172 519 -58 18,014 K .8 27.4 1.1 -.2 30.5 6.0 -.8 26.0 2.5 31 -1.2 32 22.1 33 3,215 2,796 7,503 31 10.864 1,084 2,294 -1.8 -5.9 -11.0 -10.4 34 34 Discrepancy (1) Includes mutual fund shares. Savings Institutions Combined 1 Current surplus 2 Net acq. of financial assets 3 Demand deposits and currency 4 Time deposits Security RPs 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Corporate equities Credit market instruments U.S. govt, securities Tax-exempt obligations Corporate bonds Mortgages Home mortgages Multi-family Commercial Farm Consumer Install, credit Consumer noninstall.credit Other loans (to business) Open-market paper Miscellaneous assets 21 Net increase in liabilities 22 Deposits 23 Checkable 24 Small time and savings 25 Large time 26 Security RPs Cr. mkt. instr. (S&L) 27 28 Profit taxes payable 29 Miscellaneous liabilities 30 Discrepancy 925 1,103 1,323 1,391 1,385 1.430 1,446 5.1 4.3 1.2 -6.4 1 27,371 722 3,164 -4,020 26,207 869 1,113 4,984 34,574 117 458 -1,402 32,471 3.521 2,223 4,910 28,608 -653 2,706 4.896 43,932 430 576 2,063 28,947 -297 2,458 1,579 81.8 1.1 -.7 1.7 66.9 .5 -1.5 3.4 66.8 1.7 5.0 .7 43.9 2.6 -.8 7.4 2 3 4 5 101 140 25,084 6.319 3.011 -15.037 -34 22 344 -287 -39 36,751 12,272 -8 -474 -270 15,293 -6,755 663 -2,065 20 15.357 7,755 -187 -816 315 35,553 21,340 -130 -355 364 24,342 11,142 128 175 .1 71.3 4.5 .6 .1 -.1 55.4 1.0 -.5 -1.1 -.5 51.3 18.1 -.5 .7 -.6 6 26.2 7 4.3 8 M 9 -1.0 10 11,746 5,108 2,791 3,847 15,222 7,287 3,346 4,589 - 18,230 11,667 3,345 3,135 83 11,987 8,299 4,985 -1.265 -32 1,697 -4,776 1,840 4,629 4 5,968 5,575 888 -513 18 5,123 2,569 1.607 962 -15 57.8 50.0 4.3 3.5 « 48.2 42.8 2.1 3.3 K 29.6 28.0 M 1.6 K 17.1 15.9 -.7 1.9 - 11 12 13 14 15 3.945 72 1,054 4,890 2.320 6,623 172 1,539 -1.879 12,782 8,042 -610 824 -1,525 -1,311 5.302 77 1,974 4,110 6,794 2,148 -98 1,217 3.641 6,282 6,033 518 1,493 686 4,995 4,631 150 812 2,181 501 7.3 .5 — .6 8.3 3.6 2.4 1.8 9.1 .3 1.4 1.8 8.7 4.5 -1.9 .4 2.6 9.1 16 17 18 19 20 26,889 27,915 2,869 23,053 1.993 -5.291 623 5 3,637 25.324 21,707 4,082 15,424 2,201 -6,540 4,651 33 5,473 33,425 17,362 2,892 14,185 285 3,915 10,629 7 1,512 30,975 12,983 3,073 7,168 2,742 6,049 6,434 34 5.475 27,101 27.168 1,683 20.087 5,398 -863 -239 25 1,010 41,385 18,664 7,337 10,424 903 10,161 10,245 -12 2,327 26,447 16,715 4,038 11,036 1,641 -2,555 7.268 -7 5,026 76.5 59.1 1.0 52.0 6.0 2.1 13.5 .2 1.6 62.4 46.9 1.2 31.5 14.1 .5 12.6 -.2 2.6 66.1 53.5 2.0 37.5 14.0 2.1 7.4 -.3 3.4 49.6 25.9 8.6 7.3 10.1 3.0 15.5 -.3 5.5 21 22 23 24 25 26 27 28 29 443 220 174 -105 -122 -1.117 -1,054 -.3 -.2 .5 II1/86 BASED ON INCOMPLETE INFORMATION -.6 30 DECEMBER 22, 1986 Nonbank Finance Summary Nonbank Finance Summary Private Nonbank Financial Institutions 23 SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES 1982 1983 1986 1985 I 1 II I 1985 IV III I 1 I 1986 II III Private Nonbank Finenclal Institutions - Total 1 2 -2.8 6.9 3.3 6.0 -3.3 6.9 1.1 7.6 1.7 7.6 2.6 9.7 .7 7.5 -.3 6.0 -6.3 7.9 -.2 6.3 3 6 5 6 7 266.0 6.3 15.9 6.9 6.9 337.7 2.3 -6.3 12.9 -1.8 653.6 3.6 -2.6 23.6 -.7 669.7 13.6 3.9 11.5 -2.2 600.5 -1.7 10.1 -15.0 -1.0 698.2 19.3 .3 3.7 -9.6 676.3 12.3 8.3 13.8 1.6 503.6 23.6 -3.2 63.5 .1 607.1 -2.1 17.8 18.7 .6 579.2 6.5 -.5 38.2 11.5 602.0 Net acq. of financial assets 1.6 Demand deposits and currency 65.5 Time and savings deposits 6.6 Security RPs 2.3 Foreign deposits 3 6 5 6 7 8 9 10 11 12 13 16 15 27.6 151.7 106.6 16.6 23.8 -15.1 8.9 12.9 66.8 267.6 82.9 10.0 36.7 67.5 26.1 26.5 8.3 381.6 106.3 10.0 55.1 99.2 38.2 76.8 33.2 368.0 116.6 36.0 58.7 80.8 69.1 27.0 65.3 333.5 121.2 52.2 19.1 68.7 60.5 31.9 62.5 361.5 63.6 29.3 83.0 73.0 66.9 65.9 26.8 389.2 156.0 23.9 83.3 82.9 63.9 -18.9 -1.6 607.9 166.9 38.5 69.6 98.6 65.2 29.3 36.1 681.9 181.9 101.6 70.6 38.8 60.8 68.6 33.5 650.3 186.0 62.0 67.2 67.5 55.6 52.0 2.7 515.9 166.7 59.6 166.5 60.5 58.1 66.6 Corporate equities Credit market Instruments U.S. government securities Tax-exempt obligations Corporate 8 foreign bonds Mortgages Consumer credit Other loans 8 9 10 11 12 13 16 15 16 17 18 3.7 2.1 66.7 7.6 2.0 27.0 -3.0 2.8 60.0 16.1 2.2 23.6 -5.3 2.6 32.0 22.5 2.6 55.5 9.6 2.0 13.0 38.0 1.7 -6.6 10.7 2.8 60.6 -.8 2.5 39.9 1.3 3.2 25.0 Security credit Trade credit Miscellaneous assets 16 17 18 19 20 21 22 23 26 270.2 62.3 26.7 -1.2 115.6 20.2 326.6 132.5 -66.1 13.9 136.0 36.0 665.3 133.1 67.2 18.8 116.1 63.6 689.7 80.0 -2.2 -1.9 131.6 113.7 610.0 96.1 -12.1 -21.2 123.3 99.8 516.5 98.0 20.6 -26.2 169.0 106.9 507.1 79.8 -21.2 15.7 165.3 111.9 525.6 68.0 6.0 26.2 107.8 136.2 656.6 89.5 27.0 -3.5 85.3 266.2 587.5 87.1 30.9 60.6 137.0 177.6 615.6 Net Increase in liabilities 76.6 Thrift deposits Money market fund shares 69.8 Security RPs (SSL) -10.2 180.9 Insurance & pension reserves 183.6 Corporate equity Issues (1) 19 20 21 22 23 26 25 26 27 28 29 30 6.8 6.6 .1 1.9 -2.6 .8 9.1 3.6 M -.1 12.6 -7.0 61.3 10.5 .6 .7 16.1 15.7 75.7 19.6 .1 2.6 39.3 16.2 51.0 .1 M -1.0 39.6 12.3 63.7 39.6 « 2.8 10.2 11.1 110.7 6.7 .1 7.6 77.0 19.6 77.3 32.2 .1 .8 30.2 16.1 57.0 27.6 .1 -.3 26.2 5.6 72.3 19.9 1.1 5.1 26.8 21.3 60.7 8.1 .5 2.9 37.8 11.3 Credit market instruments Corporate bonds Mortgages Bank loans n.e.c. Open-market paper Fed. Home Loan Bank loans 25 26 27 28 29 30 31 32 33 3.6 .1 38.3 3.8 .1 61.6 5.2 -.1 60.1 22.9 .1 70.1 3.8 -.1 71.3 36.3 .1 70.1 9.5 .2 55.2 63.8 .2 83.8 50.3 .2 106.6 -30.7 -.3 73.1 7.8 -.3 66.7 Security credit Profit taxes payable Miscellaneous liabilities 31 32 33 36 -3.6 -11.7 1.5 13.5 3.9 10.9 23.9 15.6 35.1 1.8 -1.8 Current surplus 9.8 Physical investment 1.9 Discrepancy 1 2 36 (1) Includes mutual fund shares. Savin9S Institutions Combined 1 -6.6 .5 1.5 6.7 3.7 6.6 5.3 5.6 5.5 5.7 2 3 6 5 72.2 2.2 16.0 1.2 158.1 3.1 2.8 6.6 185.5 2.3 -8.1 9.5 120.6 5.2 7.0 6.5 108.0 .9 12.7 -20.9 111.7 5.6 1.7 21.8 136.0 1.6 9.8 -5.6 126.8 13.2 3.7 22.6 112.2 -6.9 11.2 16.5 186.6 3.9 -.8 10.6 6 7 8 9 10 -.5 21.8 60.6 -.3 -1.1 .3 135.6 58.6 -.2 3.0 -.2 169.2 27.7 -.3 -1.5 -.1 83.6 -6.5 .6 -2.5 .6 95.6 .3 .1 1.6 .6 30.6 -69.7 -.1 -1.1 -.2 135.0 50.3 -1.9 -1.1 72.8 -26.9 2.7 -8.3 .1 55.1 18.0 -.7 -3.3 1.3 168.8 96.9 -.5 -1.6 1.5 83.6 66.7 .5 .7 11 12 13 16 15 -25.6 -32.0 1.6 6.9 H 53.5 30.0 7.0 16.6 - 85.7 50.0 16.6 21.3 K 57.2 32.6 16.5 10.3 .1 53.6 25.2 11.2 17.2 - 50.9 22.5 13.6 15.0 - 61.2 35.5 13.6 12.0 .3 63.0 66.2 19.9 -3.0 -.1 13.5 -16.3 7.6 20.6 a 13.2 15.3 3.6 -5.7 .1 7.6 -1.8 6.6 3.0 -.1 16 17 18 19 20 5.6 -1.1 .2 3.9 31.6 16.8 -1.0 2.6 6.7 9.8 26.7 2.3 8.7 2.1 32.7 23.9 -.3 5.6 5.6 20.6 19.0 1.0 6.2 15.9 19.3 26.1 1.1 6.2 -.8 51.9 28.7 -1.6 3.3 -5.3 -6.5 23.9 -1.9 7.9 12.5 15.6 11.9 .6 6.9 10.6 36.1 21.5 2.6 6.0 10.5 20.8 15.0 1.8 3.2 9.8 2.9 21 22 23 26 25 26 27 28 29 76.6 62.3 8.2 61.6 12.5 -1.2 2.5 w 13.0 157.7 132.5 11.3 86.5 36.7 13.9 -2.1 185.5 133.1 7.7 76.2 69.2 18.8 22.7 107.1 96.1 11.5 76.6 8.0 -21.2 11.7 10.9 22.6 106.6 98.0 16.3 72.8 8.8 -26.2 12.5 .1 22.2 130.6 79.8 11.6 67.1 1.1 15.7 36.5 13.5 116.6 80.0 12.9 59.8 7.2 -1.9 22.3 .1 16.1 .6 122.2 68.0 12.3 26.8 11.0 26.2 30.7 .2 19.1 107.3 89.5 6.7 61.2 21.6 -3.5 7.8 .1 13.6 172.3 87.1 29.3 56.1 3.6 60.6 36.9 -.1 9.7 30 -2.0 .1 1.5 .7 2.8 -.7 -.1 .9 .6 -6.6 K BILLIONS OF DOLLARS.- a a 111/86 BASED ON INCOMPLETE INFORMATION a a 5.8 Current surplus 112.2 Net acq. of financial assets a Demand deposits and currency 18.3 Time deposits Security RPs 6.2 Corporate equities Credit market instruments U.S. govt, securities Tax-exempt obligations Corporate bonds Mortgages Home mortgages Multi-family Commercial Farm Consumer Install, credit Consumer noninstall.credit Other loans (to business) Open-market paper Miscellaneous assets 101.3 Net increase in liabilities 76.6 Deposits Checkable 16.2 53.9 Small time and savings 6.6 Large time -10.2 Security RPs Cr. mkt. instr. (SSL) 20.3 a Profit taxes payable Miscellaneous liabilities 16.7 -5.1 Discrepancy 1 2 3 6 5 6 7 8 9 10 11 12 13 16 15 16 17 18 19 20 21 22 23 26 25 26 27 28 29 30 DECEMBER 22. 1986 Savings Institutions Savings Institutions Sector Statements of Saving and Investment 24 UNADJUSTED NET FLOWS($ MILL) UNADJUSTED NET FLOWS!* MILL) II I 1985 III IV 1 1 1986 II I III 1978 Savings and Loan Associations 1 Current surplus 2 Net acq. of financial assets 3 Mortgages 4 Consumer credit 5 Other loans (to business) BILLIONS OF DOLLARS 1979 1980 1981 (1) 564 700 890 958 993 1,041 1.087 3.6 3.3 1.4 -5.2 1 13.240 9.132 2.325 1.054 16.903 13.168 3.586 1.539 25.178 14,729 2,750 824 27,126 10,748 2,147 1.974 16,598 1,889 1,212 1.217 32,491 5.157 2,685 1.493 17.134 809 1.209 812 63.5 50.8 .3 - 56.6 44.0 3.7 52.6 28.3 2.6 - 35.8 17.7 .6 .4 2 3 4 5 6 7 8 9 Other assets Demand deposits 8 currency Time deposits Fed. funds 8 security RPs 729 3 1.872 -5.206 -1.390 685 -349 2.456 6,875 280 -46 -1,826 12,257 2,000 790 5.035 12,280 -1,173 279 1,928 23,156 1,274 -1,942 1,591 14.304 85 77.4 1,877 12.4 .1 .4 1.7 8.8 .5 -2.2 2.5 21.7 .5 2.5 -.7 17.1 1.0 -.7 4.2 6 7 8 9 10 11 12 13 14 U.S. Treasury securities U.S. govt, agency secur. Tax-exempt obligations Open-market paper Miscellaneous 1.226 -803 7 2.581 1.049 -5.858 -8.632 -35 -1.757 12.100 459 10,027 -22 277 -2,274 -5.940 625 447 3.023 6,277 -362 6,637 -170 2,673 2,468 3,649 15,614 -105 -71 3,146 3,171 5,639 2 1.338 1,418 K 4.6 .1 .4 5.1 -2.9 3.9 -.1 .7 6.5 5.7 8.1 K 1.5 4.1 -3.5 6.6 .1 1.2 8.2 10 11 12 13 14 13.269 16.377 1.382 14.428 567 -5.291 16.804 13.183 1.867 10.346 970 -6.540 24,915 10,175 1,714 11,059 -2,598 3,915 26,800 11,935 1,721 7,658 2,556 6.049 16,046 16,774 470 13,545 2,759 -863 31,357 9,694 3,438 6,615 -359 10,161 16,448 10,426 1,828 9,914 -1.316 -2,555 59.6 44.2 .1 38.8 5.2 2.1 53.0 39.1 .3 26.0 12.7 .5 51.9 41.8 .5 29.0 12.3 2.1 40.8 20.0 7.2 4.1 8.7 3.0 15 16 17 18 19 20 623 118 435 70 4.651 363 -650 4.938 10.629 1,639 2,874 6,116 6,434 1,475 1,869 3.090 -239 810 555 -1,604 10,245 745 1,891 7,609 7,268 8 3,064 4,196 13.5 .7 .3 12.5 12.6 1.4 2.0 9.2 7.4 .4 -.1 7.1 15.5 -.5 -.2 16.2 21 22 23 24 5 1.555 33 5.477 7 189 34 2,348 25 349 -12 1,269 -7 1,316 .2 -.3 -.2 1.1 -.3 .9 15 Net increase ln liabilities 16 Deposits 17 Checkable 18 Small time and savings 19 Large time 20 Security RPs 21 22 23 24 Credit market Instruments Corporate bonds Bank loans n.e.c. Fed. Home Loan Bank loans 25 26 Profit taxes payable Miscellaneous liabilities 27 Discrepancy 28 Memos Acq.of credit mkt.inst. -.3 25 2.6 26 593 601 627 632 441 -93 401 -.2 -.3 .8 -.3 27 15.522 2.011 29,044 13,024 13.096 28,422 12,980 56.1 49.3 46.2 23.2 28 (1) Includes most federal savings banks that are Insured by FSLIC. A few of them are included with mutual savings banks. Mutual Savings Banks (2) 70 138 190 204 162 159 133 .9 .7 -.4 -1.8 1 6,740 219 -300 -217 1,639 84 -6 931 3,353 -63 37 123 1,216 1,321 -12 -548 4.480 -380 — 2,606 2.111 -544 — 72 5,487 -482 -8 -693 10.9 1.0 .3 M 5.2 -.3 -.3 .9 8.2 1.1 K .6 4.2 1.2 -.1 1.5 2 3 4 5 1 Current surplus 2 Net acq. of financial assets 3 Demand deposits and currency 4 Time deposits 5 Fed. funds and security RPs 6 7 8 9 10 11 Corporate equities Credit market Instruments U.S. Treasury securities U.S. govt, agency secur. Tax-exempt obligations Corporate bonds 101 5,858 315 657 15 344 140 202 -666 -887 1 -287 -39 3,636 -196 1,011 14 -474 -270 47 -86 -1,376 216 -2.065 20 1.695 200 1,114 -17 -816 315 2,676 -100 722 -25 -355 364 5,875 200 845 126 175 .1 8.7 -.9 1.7 .5 .1 -.1 4.4 -.2 1.3 -.4 -1.1 -.5 5.9 .8 2.5 -.5 .7 12 13 14 15 Mortgages Consumer credit Commercial paper Miscellaneous assets 1,468 750 2,309 1,079 1,571 592 -122 288 2,931 2,152 -1,802 -341 1,606 665 1,087 678 -177 423 968 539 687 990 757 -408 3,230 456 843 431 6.4 .7 .2 .8 3.6 .1 1.1 .5 .6 1.6 .3 1.0 -.4 .2 1.3 1.2 16 Net Increase In liabilities 17 Deposits 18 Miscellaneous liabilities 6,520 4,638 1,882 1,120 924 196 2,710 1.587 1,123 275 -1,752 2,027 3,755 2,994 761 928 170 758 3,899 1,089 2,810 10.0 8.6 1.4 4.6 3.4 1.2 8.3 7.5 .8 5.5 16 3.0 17 2.6 18 -150 -381 -453 -737 -563 -1,024 -1,455 M -.2 -.4 19 19 Discrepancy -.6 6 .9 7 -.2 8 1.2 9 -.1 10 -1.0 11 12 13 14 15 (21> Includes federal savings banks insured by FDIC and a few Insured by FSLIC. Credit Unions 1 Current surplus 2 Net acq. of financial assets 3 Demand deposits and currency 4 Time deposits 5 At banks 6 At savings and loans 7 Fed.funds & security RPs 8 9 10 11 12 13 14 Credit market Instruments U.S. government securities Treasury issues Agency issues Home mortgages Consumer credit Miscellaneous assets 15 Net Increase in liabilities 16 Shares Miscellaneous liabilities 17 291 265 243 229 230 230 226 .6 .3 .2 .6 1 7,391 500 1,592 951 641 1,403 7,665 100 1,468 463 1,005 1,597 6,043 -100 467 193 274 301 4,129 200 1,445 740 705 423 7,530 900 2,427 1,251 1,176 362 9,330 -300 2,518 1,309 1,209 400 6.326 100 1,692 931 761 395 7.5 .1 -1.4 .5 -1.9 - 5.1 .2 1.0 .7 .4 - 6.1 .1 2.4 2.2 .2 .7 3.9 .4 * -.3 .4 1.7 2 3 4 5 6 7 3,704 1,616 1,341 275 1,146 942 192 4,106 1,006 614 392 483 2,617 394 4,071 971 398 573 570 2,530 1,304 2,222 22 130 -108 -367 2,567 -161 566 166 69 97 -15 415 3,275 4,455 1,455 612 843 124 2.876 2,257 5,487 1,287 540 747 1,084 3,116 -1.348 6.4 -.8 -.7 -.1 .6 6.7 2.3 1.7 -1.1 -.1 -1.0 .6 2.2 2.1 -.8 1.0 .3 .7 .7 -2.5 3.6 2.0 .3 .1 .3 -.2 1.9 -.3 8 9 10 11 12 13 14 7,100 6,900 200 7,400 7,600 -200 5,800 5,600 200 3,900 2,800 1,100 7,300 7,400 -100 9,100 8,800 300 6,100 5,200 900 6.9 6.4 .6 4.8 4.4 .3 5.9 4.2 1.6 II1/86 BASED ON INCOMPLETE INFORMATION 3.3 15 2.9 16 .4 17 DECEMBER 22. 1986 Savings Institutions Savings Institutions Sector Statements of Saving and Investment 25 SEASONALLY ADJUSTED ANNUAL RATES 1982 1983 1984 SEASONALLY ADJUSTED ANNUAL RATES 1985 II 1985 IV III Savings and Loan Associations I I I 1986 II III (1) 1 -5.1 .5 .7 3.1 2.3 2.8 3.6 3.8 4.0 4.2 2 3 4 5 56.9 -22.9 1.9 .2 122.6 47.1 5.8 2.4 159.3 77.5 8.5 8.7 82.4 47.8 10.8 5.4 59.5 47.6 9.3 4.2 69.0 40.3 14.3 6.2 96.3 45.8 11.0 3.3 104.9 57.5 8.6 7.9 73.1 18.9 4.8 4.9 132.3 7.5 10.7 6.0 6 7 8 9 77.6 1.9 7.2 .4 67.3 3.4 1.2 5.9 64.7 1.8 -5.5 7.9 18.5 3.0 2.3 .5 -1.5 -2.3 7.5 -20.8 8.2 4.4 -4.1 9.8 36.3 1.7 7.7 -7.3 30.9 8.2 -2.1 20.1 44.5 -7.1 1.5 7.7 108.0 6.9 -10.9 6.4 65.4 1.1 11.6 7.5 Other assets Demand deposits 8 currency Time deposits Fed. funds 8 security RPs 6 7 8 9 10 11 12 13 14 7.5 29.8 -.5 2.7 28.6 15.7 29.8 .1 3.7 7.5 10.2 16.9 -.2 2.4 31.3 -10.1 1.2 .4 4.1 17.2 -5.0 -3.2 « 7.3 15.0 -14.1 -34.5 -.1 -1.6 48.5 1.9 40.1 -.1 .6 -8.4 -23.2 2.5 1.8 10.1 13.5 -12.6 26.5 -.7 7.3 21.8 25.0 62.5 -.4 6.0 12.6 11.4 22.6 H 4.8 6.5 U.S. Treasury securities U.S. govt, agency secur. Tax-exempt obligations Open-market paper Miscellaneous 10 11 12 13 14 15 16 17 18 19 20 61.2 46.8 5.8 29.3 11.7 -1.2 123.9 101.8 6.3 66.0 29.5 13.9 160.6 112.4 4.1 65.8 42.5 18.8 81.8 51.7 6.7 43.5 1.5 -1.9 59.7 59.9 5.5 52.1 2.3 -21.2 68.6 64.6 7.5 53.3 3.9 -26.2 95.1 45.0 6.9 48.6 -10.4 15.7 103.6 37.1 6.9 20.0 10.2 24.2 71.1 61.3 1.9 48.4 11.0 -3.5 127.8 51.8 13.8 39.5 -1.4 40.6 21 22 23 24 2.5 .2 1.5 .8 -2.1 K 5.0 -7.0 22.7 1.2 5.8 15.7 22.3 3.6 4.5 14.2 11.7 .5 -1.1 12.3 12.5 1.5 -.1 11.1 34.5 6.6 8.5 19.4 30.7 5.9 10.7 14.1 7.8 3.2 -1.0 5.6 34.9 3.0 10.6 21.3 20.3 K 9.0 11.3 25 26 e 13.1 « 10.4 « 6.8 .1 9.6 K 9.3 .1 17.6 « -.1 .2 11.5 .1 5.3 -.1 .5 « 4.2 27 -.8 1.8 1.9 2.5 2.5 2.5 2.4 2.5 1.9 -.3 28 18.8 104.7 123.9 59.6 60.2 10.4 102.6 65.2 49.2 117.4 4.3 Current surplus 62.5 Net acq. of financial assets -11.0 Mortgages 4.8 Consumer credit Other loans (to business) 3.2 59.6 Net Increase In liabilities Deposits 45.3 Checkable 7.3 43.3 Small time and savings -5.3 Large time -10.2 Security RPs 1 2 3 4 5 15 16 17 18 19 20 Credit market Instruments Corporate bonds Bank loans n.e.c. Fed. Home Loan Bank loans 21 22 23 24 Profit taxes payable Miscellaneous liabilities 25 26 1.4 Discrepancy 35.9 Memo: 27 Acq.of credit mkt.inst. 28 (1) Includes most federal savings banks that are Insured by FSLIC. A few of them are included with mutual savings banks. Mutual Savings Banksi (2) 1 -1.8 -.6 -.3 .6 .3 .6 .8 .8 .6 .6 2 3 4 5 4.4 .1 1.4 M 19.3 -.7 « -.6 10.3 .1 -1.4 1.3 12.9 1.6 -.3 .3 18.9 1.2 -1.2 -5.7 12.1 .6 * 5.5 15.5 .2 .1 .5 5.3 4.2 » .8 8.9 -1.4 5.4 14.8 -1.7 2.4 24.4 Net acq. of financial assets -1.5 Demand deposits and currency M Time deposits -2.9 Fed. funds and security RPs 6 7 8 9 10 11 -.5 .7 .7 1.2 .2 -1.1 .3 18.8 3.8 6.0 -.3 3.0 -.2 10.1 -.2 .5 -.1 -1.5 -.1 9.7 -.6 -.6 .2 -2.5 .4 20.6 -1.1 3.2 .1 1.4 .6 3.6 -.9 -4.2 K -l.l -.2 16.1 -.9 5.3 .1 -1.9 -1.1 -1.3 .4 -6.7 .9 -8.3 .1 3.7 -1.8 5.2 -.1 -3.3 1.3 13.6 1.7 1.9 -.1 -1.4 1.5 25.5 .6 5.0 .5 .7 Corporate equities Credit market instruments U.S. Treasury securities U.S. govt, agency secur. Tax-exempt obligations Corporate bonds 6 7 8 9 10 11 12 13 14 15 -2.5 1.0 1.2 2.6 3.6 1.8 1.0 1.5 6.9 4.8 -.3 .3 7.6 4.2 1.5 1.7 5.4 3.0 8.6 3.6 6.6 2.4 .8 1.8 10.9 8.6 -5.9 -1.3 7.4 2.7 2.4 2.8 -1.3 1.7 3.2 1.2 3.1 4.0 4.5 -.8 12.0 1.8 5.0 1.8 Mortgages Consumer credit Commercial paper Miscellaneous assets 12 13 14 15 16 17 18 5.0 5.3 -.3 18.2 15.8 2.4 10.2 7.8 2.4 10.6 5.4 5.2 18.9 13.2 5.7 8.4 7.6 .8 12.2 7.9 4.4 3.0 -7.1 10.1 7.0 5.8 1.2 8.1 5.2 2.9 17.3 Net increase in liabilities Deposits 5.8 11.5 Miscellaneous liabilities 16 17 18 19 -1.2 -1.7 -.4 -1.7 .3 -3.2 -2.5 -1.6 -1.3 -6.1 -6.5 Discrepancy 19 .5 Current surplus 1 2 3 4 5 (2) Includes federal savings banks Insured by FDIC and a few Insured by FSLIC. Credit Unions .9 Current surplus 1 .5 .5 1.1 1.0 1.2 1.1 1.0 .9 .9 .9 2 3 4 5 6 7 10.9 .2 7.4 5.0 2.5 .8 16.1 .4 1.6 K 1.6 1.1 15.8 .4 -1.2 -.8 -.4 .3 25.2 .7 5.0 2.3 2.6 3.7 29.6 2.0 6.4 3.8 2.6 5.6 30.7 .4 5.9 1.9 4.0 6.4 24.2 -.4 1.9 .8 1.1 1.2 16.5 .8 5.8 3.0 2.8 1.7 30.1 3.6 9.7 5.0 4.7 1.4 37.3 -1.2 10.1 5.2 4.8 1.6 25.3 Net acq. of financial assets Demand deposits and currency .4 6.8 Time deposits 3.7 At banks At savings and loans 3.0 1.6 Fed.funds 8 security RPs 8 9 10 11 12 13 14 2.3 1.2 .3 .9 -.2 1.3 .2 12.1 3.1 1.4 1.7 2.8 6.2 .8 15.3 .4 .8 -.4 1.3 13.6 1.0 14.1 3.6 2.5 1.1 1.8 8.7 1.7 14.8 6.5 5.4 1.1 .6 7.7 .8 16.4 4.0 2.5 1.6 4.0 8.4 1.6 16.3 3.9 1.6 2.3 4.6 7.8 5.2 8.9 .1 .5 -.4 -1.9 10.7 -.6 2.3 .7 .3 .4 -4.1 5.7 13.1 17.8 5.8 2.4 3.4 2.6 9.4 9.0 21.9 5.1 2.2 3.0 6.6 10.2 -5.4 15 16 17 10.4 10.2 .2 15.6 14.9 .7 14.7 12.9 1.8 24.2 22.9 1.3 28.4 21.0 7.4 29.6 25.7 3.9 23.2 26.9 -3.7 15.6 18.1 -2.5 29.2 22.3 6.9 36.4 30.1 6.3 24.4 Net Increase in liabilities 25.5 Shares Miscellaneous liabilities -1.1 BILLIONS OF DOLLARS. II1/86 BASED ON INCOMPLETE INFORMATION Credit market Instruments U.S. government securities Treasury issues Agency Issues Home mortgages Consumer credit Miscellaneous assets 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 DECEMBER 22, 1986 Insurance and Pension Funds Insurance and Pension Funds Sector Statements of Savina and Investment 26 UNADJUSTED NET FLOWS($ MILL) UNADJUSTED NET FLOWS(S MILL) I 11 1985 III IV I 11 I 1986 II III 1978 BILLIONS OF DOLLARS 1981 1980 1979 Life Insurance Companies 1*388 1*608 1*623 2*139 1*661 1.556 1*696 1*172 1*628 1,892 1*537 1*693 1.592 2*396 6.2 2.2 6.8 3.0 6.1 3.9 6.3 5.3 1 2 3 Net acq. of financial assets 6 Demand deposits and currency 19*087 -1*888 21*386 695 21*530 676 25.103 1*618 18*582 -1*650 20*605 668 21*269 -135 35.6 .2 37.5 .3 37.8 .5 65.9 1.1 3 6 Corporate equities Credit market instruments U.S. government securities Treasury issues Agency Issues 2*022 17,289 6*689 1*661 3*028 1,862 18*003 5*317 2*356 2*963 1*066 19,099 6*303 1*596 6,707 995 22*120 6*885 5*085 1.800 522 17,665 6*206 2*589 3*615 1*618 16.376 1*569 -92 1*661 699 18*786 2.538 2*501 37 -.1 33.1 2.0 -.5 2.5 .6 33.0 2.9 .1 2.8 .5 33.2 2.7 1.0 1.8 2.9 36.7 5.5 2.3 3.1 5 6 7 8 9 178 8*207 1,771 2*669 -25 1*666 23 9*686 3*666 -615 -52 1*066 130 8.920 2*666 1,177 -77 893 666 11*190 7,037 -3,676 18 570 -36 9*106 3*026 -561 -96 2*065 660 8*631 5.218 669 69 2*163 692 6*835 5*200 3*788 -69 2,121 .6 17.3 9.3 1.5 2.6 2.6 K 11.6 12.3 1.6 6.7 3.5 .3 8.7 12.7 2.2 6.6 3.6 .5 7.3 6.7 7.6 7.3 7.3 10 11 12 13 16 15 19,798 2*188 16*010 -35 3.635 21*986 2,712 15*765 -12 3*561 22,655 2*872 16*211 29 3*563 23*812 2*669 17*606 23 3.716 19*666 2*311 16*200 20 3*133 20*839 2,550 15*020 -35 3*306 23*367 2*518 16*988 -32 3*893 35.1 10.9 19.1 .3 6.8 35.1 10.6 19.6 K 5.3 35.5 9.7 22.3 -.6 3.8 66.1 8.9 29.5 -.5 8.2 16 17 18 19 20 691 -116 1*030 -967 618 278 1*296 1.5 -.5 -.1 1 Current surplus 2 Physical investment 5 6 7 8 9 10 11 12 13 16 15 Tax-exempt obligetions Corporate bonds Mortgages Open-market paper Policy loans Miscellaneous assets 16 Net increase in liabilities 17 Life Insurance reserves Pension fund reserves 18 Profit taxes payable 19 20 Miscellaneous liabilities 21 Discrepancy 1.1 21 Private Pension Funds 1 Net acq. of financial assets Demand deposits and currency 2 3 Time deposits 6*805 -108 -659 1,899 38 622 8*096 110 382 -6*638 -70 -622 -6*638 -156 -706 1*629 16 76 15*313 566 6*263 30.6 .3 7.5 51.9 -.3 6.0 51.2 -1.0 .1 37.8 -.6 1.5 1 2 3 Corporate equities Credit market instruments U.S. government securities Treasury issues Agency issues 238 6*021 5*009 2*663 2*566 -675 1*667 959 -1,567 2*506 1*161 3*598 -270 3*218 -3*688 -3.280 1*551 1*113 -3,826 6*937 -5.332 -166 2*086 3*376 -1*288 -793 869 600 -1,073 1*673 -5*260 13*616 3*201 3*883 -682 3.0 12.8 3.7 2.2 1.6 13.7 25.9 6.9 3.5 3.6 15.0 29.3 13.1 6.1 7.0 6.6 27.0 19.6 7.6 11.9 6 5 6 7 8 Corporate bonds Mortgages Open-merket paper Miscellaneous assets 1*683 120 -791 1*113 167 120 621 67 2*983 — 885 2*865 967 -509 -6,217 -1,322 60 -968 -102 -7 256 1*683 5,917 — 6*698 2*130 8.7 .2 .2 7.0 13.5 .6 5.0 8.6 12.1 .6 3.7 7.8 6 5 6 7 8 9 10 11 12 5.6 9 .3 10 1.9 11 3.6 12 State and Local Government Employee Retirement Funds 1 Net acq. of financial assets 2 Demand deposits and currency 3 Time deposits 7,916 360 2*125 16*909 567 529 11.310 68 680 13*256 -238 656 11,398 177 1*901 12*960 75 661 12*708 62 380 20.7 .1 .9 16.2 .2 1.1 26.5 M .2 29.7 K .1 1 2 3 Corporate equities Credit market instruments U.S. government securities Treesury issues Agency issues 5.267 182 6*095 5,908 187 9,929 3*906 716 3*368 -2,656 3*010 7,772 6*026 6*520 1*506 2*590 10*268 6*630 6,773 -163 2*558 6*762 9*011 8*965 66 1*906 10*500 999 -1,126 2*123 1*238 11*028 3*305 1*696 1*609 2.6 17.0 7.1 2.7 6.6 6.1 10.8 6.6 5.3 1.6 5.3 20.9 9.9 6.2 3.7 7.1 22.5 11.8 6.6 5.2 6 5 6 7 8 16 -5,987 58 -272 3*632 30 -53 1*839 -38 -297 5.910 5 -290 -2,050 91 353 9*133 15 9 7*696 20 .6 9.0 .5 M 3.2 1.0 .1 9.5 1.3 6 5 6 7 8 9 10 11 Tax-exempt obligations Corporate bonds Mortgages -.2 9 9.2 10 1.6 11 Other Insurance Companies -939 -778 -1*122 -1,029 -853 -865 -678 6.6 6.2 3.6 3.1 1 2 Net acq. of financial assets 3 Demand deposits and currency 6 Security RPs 6*676 316 956 8,985 630 791 9*883 365 1,567 9.317 85 611 8*798 82 901 8*075 -165 1.012 7,761 -223 960 20.6 .6 - 18.8 .3 15.0 .1 16.2 .1 .1 2 3 6 Corporate equities Credit market instruments U.S. government securities Treasury issues Agency issues -657 5*219 3*633 2*083 1*550 -828 7*983 6*891 2*697 2*196 -320 7*785 5*030 3,059 1*971 -150 8,560 5*268 2*718 2*530 609 6*709 6*021 2*862 1*159 677 5*902 3*367 1*732 1,635 600 5*615 3*311 2*556 757 2.0 16.5 1.2 .7 .5 3.2 13.6 1.3 .2 1.1 3.1 9.9 1.8 1.6 .2 2.0 9.6 2.2 1.6 .8 5 6 7 8 9 Tax-exempt obligations Corporate bonds Commercial mortgages Trade credit 201 1*356 29 666 580 2*696 18 609 653 2*102 506 1*072 2*233 -13 631 517 2,199 -28 697 516 2,061 -62 629 257 2*102 -55 809 13.5 1.8 M 1.5 9.9 2.0 .3 1.9 7.7 M .3 2.0 6.0 2.8 .6 2.6 10 11 12 13 7,762 1,865 -13 5*910 9.769 2*336 -13 7,668 10*322 2*689 -16 7*867 10*216 2*312 -15 7,917 9,239 1*750 -11 7*500 8*990 1*500 -10 7*500 8,268 1*063 -9 7*216 15.0 .8 .1 16.1 15.6 .9 K 16.7 13.6 1.2 -.2 12.6 11.8 1.1 -.2 10.8 16 15 16 17 369 6 -683 -132 -612 70 -171 -.8 1.1 1.9 1 Current surplus 5 6 7 8 9 10 11 12 13 16 Net increase in liabilities Corporate equity Issues 15 Profit taxes payable 16 Policy payables 17 18 Discrepancy II1/86 BASED ON INCOMPLETE INFORMATION .7 18 DECEMBER 22, 1986 Insurance and Pension Funds Insurance and Pension Funds Sector Statements of Savins and Investment 27 SEASONALLY ADJUSTED ANNUAL RATES 1982 1983 1986 SEASONALLY ADJUSTED ANNUAL RATES 1985 I 1 I II 1985 III IV I 1 I 1986 II III Life Insurance Companies 1 2 5.0 4.6 5.2 4.0 4.8 6.2 5.8 6.5 5.6 6.4 5.7 8.6 5.8 6.2 6.0 4.7 5.7 7.6 6.1 6.0 3 6 55.4 .3 59.1 -.6 62.5 .7 87.1 .5 76.9 -1.6 86.0 1.0 89.8 2.3 95.8 .4 75.0 -.5 83.3 .9 89.2 Net acq. of financial assets -.1 Demand deposits and currency 3 4 5 6 7 8 9 3.4 43.5 12.7 8.4 4.3 3.1 50.6 19.3 12.1 7.2 .7 56.3 23.6 12.6 11.0 5.9 76.5 23.0 10.5 12.5 8.1 63.7 18.0 5.9 12.1 7.4 73.4 25.2 13.3 11.9 4.3 79.7 27.7 8.9 18.8 4.0 89.2 21.0 13.8 7.2 2.1 65.1 25.0 10.6 14.5 6.5 67.4 10.6 3.9 6.6 2.0 78.9 12.8 12.7 .1 Corporate equities Credit market instruments U.S. government securities Treasury issues Agency issues 5 6 7 8 9 10 11 12 13 14 15 1.9 16.2 4.2 4.2 4.3 8.1 .9 16.7 9.0 3.4 1.1 6.1 -1.3 23.7 5.7 4.1 .4 4.8 1.0 37.8 15.1 -.2 -.1 4.2 1.6 33.5 10.4 .3 -.1 6.7 -.1 33.9 14.1 .6 -.2 4.2 .8 38.0 11.2 2.2 -.3 3.6 1.8 45.8 24.6 -4.1 .1 2.3 .8 37.3 15.7 -13.4 -.4 8.3 1.5 29.8 20.3 4.9 .3 8.6 2.3 29.7 21.4 13.0 -.3 8.5 Tax-exempt obligations Corporate bonds Mortgages Open-market paper Policy loans Miscellaneous assets 16 17 18 19 20 53.7 7.0 39.7 M 7.0 57.2 7.8 40.2 -.1 9.2 64.8 5.0 45.2 -.2 14.8 88.3 10.4 63.4 K 14.4 79.2 8.8 56.0 -.2 14.6 87.9 10.8 63.0 -.1 14.2 90.6 11.5 64.8 .1 14.2 95.2 10.7 69.6 .1 14.8 78.7 9.2 56.8 .1 12.5 83.4 10.2 60.1 -.1 13.2 93.5 Net increase in liabilities 10.1 Life insurance reserves 68.0 Pension fund reserves -.1 Profit taxes payable 15.6 Miscellaneous liabilities 21 -1.3 -.7 1.0 .4 1.4 -.9 .4 .8 1.8 .2 6.4 Current surplus 9.6 Physical Investment 1.1 Discrepancy 1 2 10 11 12 13 14 15 16 17 18 19 20 21 Private Pension Funds 1 2 3* 36.7 .2 .8 48.7 .6 4.9 20.3 .4 3.0 10.2 M -.1 26.9 -.4 -1.8 15.6 .2 2.5 23.7 .4 1.5 -25.5 -.3 -2.5 -26.3 -.6 -2.8 14.9 .1 .3 4 5 6 7 8 13.4 14.4 6.4 1.9 4.5 2.3 29.6 12.9 .6 12.3 -4.3 21.4 7.3 13.0 -5.7 -2.4 12.8 6.8 .3 6.5 -3.4 28.1 24.0 11.8 12.2 4.7 7.9 5.2 -4.4 9.6 2.3 8.1 -7.4 7.5 -14.9 -13.0 7.1 5.4 -13.8 19.2 -26.7 4.2 13.0 15.9 -2.9 4.2 4.5 3.5 -2.6 6.1 -23.6 47.8 6.2 9.9 -3.7 9 10 11 12 6.5 .3 1.2 8.0 11.7 .1 4.8 11.4 10.4 .3 3.4 -.2 5.8 .2 K -.2 6.7 .6 -3.2 4.5 .6 .5 1.7 .3 11.9 K 3.5 11.4 3.8 N -2.0 -16.9 -5.3 .3 -3.8 -.4 M K 1.0 5.9 23.7 K 18.0 8.5 52.1 Net acq. of financial assets 2.3 Demand deposits and currency 17.1 Time deposits Corporate equities Credit market instruments U.S. government securities Treasury issues Agency issues Corporate bonds Mortgages Open-market paper Miscellaneous assets 1 2 3 4 5 6 7 8 9 10 11 12 --- ,--_________ ___________ _ —— State and Local Government Employee Retirement Funds ____ 1 2 3 32.0 .4 2.2 39.2 .4 2.8 45.7 .6 3.2 47.4 .7 3.8 31.7 1.4 8.5 59.6 2.2 2.1 45.2 .2 1.9 53.0 -1.0 2.6 45.6 .7 7.6 51.8 .3 1.8 50.8 Net acq. of financial assets .2 Demand deposits and currency 1.5 Time deposits 1 2 3 4 5 6 7 8 6.0 23.4 19.4 9.3 10.1 20.0 16.0 17.0 12.0 4.9 7.3 34.7 23.1 19.0 4.1 20.8 22.1 17.5 18.6 -l.l 21.1 .7 24.4 23.6 .7 39.7 15.6 2.9 13.5 -10.6 12.0 31.1 24.1 18.1 6.0 10.4 41.0 18.5 19.1 -.6 10.2 27.0 36.0 35.8 .3 7.6 42.0 4.0 -4.5 8.5 5.0 44.1 13.2 6.8 6.4 4 5 6 7 8 9 10 11 -.7 3.5 1.3 -1.1 -.7 .9 -.5 11.5 .6 -.6 5.2 .1 .1 -23.9 .2 -1.1 13.7 .1 -.2 7.4 -.2 -1.2 23.6 K -1.2 -8.2 .4 1.4 36.5 .1 * 30.8 .1 Corporate equities Credit market Instruments U.S. government securities Treasury issues Agency issues Tax-exempt obligations Corporate bonds Mortgages 9 10 11 Other Insurance Companies 1 .5 -.3 -3.1 -3.9 -3.8 -3.1 -4.5 -4.1 -3.4 -3.4 -2.7 Current surplus 1 2 3 4 13.8 K 4.0 15.0 -.4 9.6 14.7 .5 4.2 34.7 1.2 3.7 25.3 1.3 3.8 37.8 1.7 3.2 38.2 1.5 6.2 37.4 .3 1.6 34.5 .3 3.6 34.1 — .6 4.0 29.6 Net acq. of financial assets -.9 Demand deposits and currency 3.8 Security RPs 2 3 4 5 6 7 8 9 2.7 5.0 2.2 .6 1.5 2.1 1.7 5.5 3.3 2.2 -4.3 11.6 9.1 5.9 3.2 -2.0 29.5 18.8 10.6 8.2 -2.6 20.3 13.9 7.7 6.2 -3.3 33.7 21.4 12.6 8.8 -1.3 29.8 18.8 10.9 7.9 -.6 34.3 21.1 11.0 10.1 1.6 26.2 15.4 10.8 4.6 2.7 25.4 15.3 8.7 6.5 2.4 21.1 11.9 8.9 3.0 Corporate equities Credit market instruments U.S. government securities Treasury Issues Agency Issues 5 6 7 8 9 10 11 12 13 3.0 -.5 .3 2.1 -.3 -4.2 .7 2.0 -1.9 4.1 .3 2.8 2.5 8.2 2.2 .8 5.4 .1 2.6 2.3 10.0 .1 2.4 2.6 8.4 2.0 4.3 8.9 -.1 1.7 2.1 8.8 -.1 2.8 2.1 8.2 -.2 2.5 1.0 8.4 -.2 3.2 14 15 16 17 13.4 2.8 K 10.6 13.5 1.5 19.3 3.9 39.1 9.3 -.1 29.8 41.3 10.0 -.1 31.4 40.9 9.2 -.1 31.7 36.0 6.0 15.4 31.0 7.5 -.1 23.6 37.0 7.0 12.0 38.1 9.0 -.1 29.1 30.0 30.0 18 a -1.8 1.5 -.5 2.0 -1.8 -1.4 -.7 -1.0 -1.5 « BILLIONS OF DOLLARS. a a II1/86 BASED ON INCOMPLETE INFORMATION a a Tax-exempt obligations Corporate bonds Commercial mortgages Trade credit 33.0 Net Increase in liabilities 4.2 Corporate equity Issues a Profit taxes payable 28.9 Policy payables .7 Discrepancy 10 11 12 13 14 15 16 17 18 DECEMBER 22, 1986 Finance N.E.C. Finance N.E.C. Sector Statenents of Savins and Investnent 28 UNADJUSTED NET FLOWS($ MILL) UNADJUSTED NET FLOWS($ MILL) I 1 Current surplus of group II -1.417 1985 -810 11 11 IV III -999 -2.302 I 1986 II -3,500 -1,830 1978 III -2,299 BILLIONS OF DOLLARS 1979 1981 1980 -.5 -2.4 -3.0 -3.4 1 1 2 3 4 5 6 Finance Conpanies 1 Net acq. of financial assets 2 Denand deposits and currency S Credit narket instrunents 4 Mortgages 5 Consuner credit 6 Other loans (to business) 7 Net Increase In liabilities 8 Credit narket Instrunents 9 Corporate bonds 10 11 12 IS 14 Bank loans n.e.c. Open-narket paper Profit taxes payable Inv. by parent conpenles Other nisc. liabilities 15 Discrepancy 8.304 615 7.689 424 356 6.909 11.978 14 11.964 2*331 7.151 2.482 11.975 2,263 9,712 2.703 10,535 -3.526 17,492 -1.988 19.480 327 7,484 11.669 11,510 592 10,918 1.568 2,430 6.920 13,757 -74 13,831 3.885 9,333 613 7.608 350 7,258 2,847 12,016 -7,605 26.1 .2 26.0 4.9 9.6 11.5 29.5 .2 29.4 5.8 13.4 10.1 15.9 .1 15.8 1.9 8.1 5.8 25.1 .1 25.0 4.4 10.7 10.0 10.489 7.830 695 -1.917 9.052 14.892 13.915 7.230 1.732 4.953 19,068 16.830 1,151 -636 16,315 18.825 14,273 6,868 -1.390 8,795 22,390 9,952 7.005 -2.176 5,123 15.710 10,670 1,574 182 8,914 9,927 8.041 3.555 -1.618 6,104 23.3 16.1 6.4 1.9 7.8 24.2 16.3 4.3 -1.2 13.3 4.9 -1.3 .1 -.9 -.5 15.8 7 18.5 8 3.6 9 1.0 10 13.9 11 6 2.692 -39 4 3.643 -2.670 7 5,081 -2,850 5 3,547 1.000 8 16,408 -3.978 10 7.316 -2.286 14 1,409 463 .1 4.4 2.6 -.1 3.4 4.6 -.2 2.8 3.5 -.2 12 -2.6 13 a 14 1.932 2.684 6,982 1.235 10,780 1.853 2,223 -2.3 -6.3 -13.3 -11.6 15 Real Estate Investnent Trusts 1 Physical investnent 238 280 320 330 86 88 58 -.3 -.1 -.1 .1 1 2 Net acq. of financial assets 3 Mortgages 4 Miscellaneous assets 252 99 153 200 143 57 170 151 19 170 2,026 -1,856 146 234 -88 108 307 -199 157 300 -143 -.3 -1.1 .8 a -1.0 .9 -.2 -.7 .5 -.1 -1.1 1.0 2 3 4 5 Net increase in liabilities 6 Corporate equity Issues 7 Credit narket instrunents 8 Mortgages 9 Corporate bonds 10 Benk loans n.e.c. Open-narket paper 11 457 318 119 10 15 59 35 475 345 116 12 16 54 34 475 335 129 15 16 65 33 489 339 137 18 22 64 S3 222 68 461 24 17 327 93 186 177 -2 276 -3 -244 -31 207 130 68 132 20 -49 -35 -.2 .4 -.4 .2 -.2 -.5 .1 .2 .5 -.1 -.1 .3 -.5 .2 .3 -.2 -.2 .1 -.2 -.1 -.2 -.7 .5 5 6 7 8 9 10 11 Miscellaneous llsbllltles 20 14 11 13 -307 11 9 -.1 -.2 .1 12 a a a a a .1 12 Open-End 2Investnent Conpanies (Mutual Funds) 1 Current surplus -1.332 -742 -1,125 -2,443 -3,610 -1.940 -2,392 -.8 -1.2 -1.4 -1.3 1 2 Net acq. of financial assets S Denand deposits and currency 22.213 304 22*864 442 23,193 263 29,461 739 56,404 949 40.356 646 41,396 392 -.9 a -.8 .1 3.1 .1 4.7 a 2 3 4 5 6 7 8 9 3.737 18.172 9.374 12.809 -3.009 -1.002 2.522 19.900 7,587 6,485 5,731 97 1,743 21,187 10,609 5.191 4,549 838 2,314 26,408 25,297 6,948 -3.630 -2,207 6,188 49.267 15.881 25.657 3,940 3,789 7.288 32,422 21,043 9,405 3,055 -1,081 2,152 38,852 12,078 14,628 12,032 114 -1.6 .8 -.2 .5 -.7 1.1 -2.8 1.9 1.4 .8 -.2 -1.8 4.8 .3 2.0 1.3 1.2 -.6 5.3 .9 2.9 1.6 -.1 4 5 6 7 8 9 23*545 23.606 24.318 31,904 60,014 42.296 43.788 -.1 .4 4.5 Corporate equities Credit narket instrunents U.S. governnent securities Tax-exempt obligations Corporate bonds Open-narket paper 10 Net share issues a 6.0 10 Money Market Mutual Funds 1 Net acq. of financial assets 2 Denand deposits and currency 3 Tine deposits 4 Security RPs 5 Foreign deposits -3,024 -1,133 -2,320 521 -256 5,108 2,022 -1,505 -5,314 -2,361 -5.292 -1.267 -1.219 3,292 404 1.011 1,778 -1,755 4,801 27 6.752 257 447 134 146 7,726 -310 -454 5,949 2.878 12,450 -772 2,149 -1.345 585 6.9 34.4 2.7 .1 .5 7.5 2.1 4.6 29.2 .1 9.0 3.2 1.7 107.5 -.7 22.8 8.9 12.1 1 2 3 4 5 6 7 8 9 -82 1.362 -1,444 246 12,534 718 11,816 -268 -7.128 209 -7,337 626 -3,850 -1,976 -1.874 10 6,521 3,682 2.839 -753 -1,682 -9,205 7,523 1,345 10,395 1,967 8,428 1,438 3.2 .6 2.6 .5 19.8 4.2 15.6 .4 14.9 2.6 12.3 .4 62.5 23.7 38.8 1.9 6 7 8 9 -3,024 5,108 -5,292 1.011 6,752 7,726 12,450 6.9 34.4 29.2 Credit narket Instrunents U.S. governnent securities Open-narket paper Miscellaneous 10 Net share issues a a 107.5 10 Security Brokers and Dealers 1 Net acq. of financial assets Denand deposits and currency 2 -3,007 -567 10,802 -262 1,250 353 14.612 2,214 8,528 -1,067 -5,274 -284 676 13 .2 .2 1.2 .9 7.0 .5 2.7 .1 1 2 3 4 5 6 7 8 -55 -1,062 -607 -400 -55 -1,323 1,759 3,683 1,325 600 1,758 5,622 -369 -1,073 -704 -369 2.339 -752 3,659 3.610 800 -751 9,491 4,189 2,741 -948 -500 4,189 2,665 -3,440 -1,342 2,097 -3,439 -208 582 -240 -84 -737 581 321 -.4 -1.3 -.8 -.2 -.4 1.6 -1.5 .6 1.9 .2 -1.5 1.1 .7 -.7 -1.4 .7 6.5 2.7 2.3 -.6 .2 2.7 -2.4 3 4 5 6 7 8 -3.142 -3,153 -3.639 486 10,645 10,632 6.980 3,652 1,028 •997 833 164 14,384 14,384 6,231 8,153 8,328 8,328 3,550 4,778 -5,474 -5,424 -4,817 -607 495 519 288 231 a a -2.4 2.5 1.2 1.1 -.8 1.8 6.2 6.0 .8 5.2 2.5 9 2.5 10 4.6 11 -2.1 12 11 13 31 -50 -24 a .1 .2 a 13 Corporate equities Credit narket instrunents U.S. governnent securities Tax-exenpt obligations Corporate bonds Security credit 9 Net increase in liabilities 10 Security credit 11 Fron banks 12 Custoner credit balances IS Profit taxes payable II1/86 BASED ON INCOMPLETE INFORMATION - - a DECEMBER 22, 1986 Finance N.E.C. Finance N.E.C. Sector Statements of Savins and Investment 29 SEASONALLY ADJUSTED ANNUAL RATES 1 SEASONALLY ADJUSTED ANNUAL RATES 1982 1983 1984 1985 -1.8 -2.1 -6.6 -5.5 1 1 II I -3.8 1985 -4.6 11 1! 1986 II III IV -6.0 -7.7 -12.1 -8.7 -11.3 Current surplus of group 1 42.0 Net acq. of financial assets Demand deposits and currency 1.4 Credit market instruments 40.6 Mortgages 10.6 Consumer credit 41.3 Other loans (to business) -11.3 1 2 3 4 5 6 I III Finance Companies 1 2 3 4 5 6 10.4 .1 10.2 4.6 4.6 l.l 27.6 .1 27.5 3.2 12.3 12.1 38.4 -.5 38.9 5.8 11.3 21.8 49.7 .9 48.8 5.8 25.5 17.5 50.8 2.5 48.3 3.4 20.5 24.5 39.4 .1 39.4 6.8 21.8 10.8 59.3 9.1 50.2 10.0 36.5 3.7 49.5 -8.0 57.5 2.9 23.3 31.2 63.0 2.4 60.7 8.2 28.5 24.0 47.6 -.3 47.9 12.8 31.5 3.6 7 8 9 10 11 11.9 4.3 6.4 .3 -2.4 18.1 11.4 3.6 -4.9 12.6 36.5 17.8 9.2 -5.2 13.9 63.3 52.8 15 -9 -2.2 39.1 49.5 38.9 -.4 -.2 39.4 54.6 50.7 37.9 2.7 10.1 84.7 75.7 .1 -1.2 76.9 64.3 46.1 26.2 -10.2 30.1 97.1 47.4 24.1 -.5 23.8 57.6 37.4 17.0 -4.5 24.9 12 13 14 a a a a a a a a a a a 7.2 .5 2.4 4.4 12.5 6.2 15.0 -4.6 10.8 -.2 14.6 -10.7 20.3 -11.4 14.2 4.0 65.6 -15.9 29.3 -9.1 5.6 1.9 15 -.2 -9.3 -2.6 12.8 -2.3 14.3 25.0 14.4 33.7 9.6 47.6 Net increase ln liabilities 40.1 Credit market Instruments Corporate bonds 8.0 Bank loans n.e.c. -5.8 Open-market paper 37.9 Profit taxes payable Inv. by parent companies Other misc. liabilities 5.3 Discrepancy 7 8 9 1J0 11 12 13 14 15 Real Estate Investment Trusts 1 .3 -.1 .7 1.2 1.0 1.1 1.3 1.3 .3 .4 2 3 4 .2 .1 .1 - 2.0 .8 1.2 .8 2.4 -1.6 1.0 .4 .6 .8 .6 .2 .7 .6 .1 .7 8.1 -7.4 .6 .9 -.4 .4 1.2 -.8 5 6 7 8 9 10 11 .6 .6 a .1 .1 .4 -.2 -.2 -.1 .1 .2 .1 .1 .2 .1 1.9 1.3 .5 .1 .1 .3 .1 2.0 1.4 .5 .1 .1 .3 .1 .9 .3 1.8 .1 .1 1.3 .4 .7 .7 a a 1.9 1.4 .5 a 1.9 1.3 .5 .1 .1 .2 .1 1.8 1.3 .5 .1 -.1 2.7 1.7 .8 .4 .1 .1 .2 -1.0 -.1 12 a -.1 .1 .1 .1 .1 a .1 -1.2 a a .3 a a a 1.1 a .2 Physical investment 1 .6 Net acq. of financial assets Mortgages 1.2 -.6 Miscellaneous assets 2 3 4 .8 Net increase in liabilities Corporate equity Issues .5 Credit market instruments .3 Mortgages .5 Corporate bonds .1 Bank loans n.e.c. -.2 Open-market paper -.1 5 6 7 8 9 10 11 a Miscellaneous liabilities 12 Open-End Investment Companies I[Mutual Funds) 1 -.2 -3.2 -6.0 -5.6 -3.5 -4.3 -6.5 -8.3 -12.6 -9.1 -11.7 Current surplus 1 2 3 16.5 .3 28.9 .6 31.9 .4 97.7 1.7 87.6 1.2 91.9 1.8 94.2 1.1 117.3 3.0 224.3 3.8 161.7 2.6 167.3 Net acq. of financial assets Demand deposits and currency 1.6 2 3 4 5 6 7 8 9 3.5 12.7 2.3 10.9 .2 -.6 13.7 14.6 .6 10.3 2.7 1.0 5.9 25.7 6.4 13.4 3.6 2.4 10.3 85.7 52.9 31.4 3.6 -2.3 13.7 72.7 37.5 51.2 -12.0 -4.0 10.5 79.6 30.3 25.9 22.9 .4 8.4 84.7 42.4 20.8 18.2 3.4 8.7 105.6 101.2 27.8 -14.5 -8.8 23.5 197.1 63.5 102.6 15.8 15.2 29.4 129.7 84.2 37.6 12.2 -4.3 10.3 155.4 48.3 58.5 48.1 .5 Corporate equities Credit market Instruments U.S. government securities Tax-exempt obligations Corporate bonds Open-market paper 4 5 6 7 8 9 10 16.8 32.1 38.0 103.4 91.1 96.2 100.6 125.6 236.9 170.8 178.9 Net share Issues 10 Money Market Mutual Funds 1 2 3 4 5 24.7 .8 -3.1 1.7 4.9 -44.1 -.6 -16.8 -3.2 -1.8 47.2 -1.0 -.4 9.7 -.7 -2.2 1.4 -6.8 3.3 -2.2 -12.1 -4.5 -9.3 2.1 -1.0 20.4 8.1 -6.0 -21.3 -9.4 -21.2 -5.1 -4.9 13.2 1.6 4.0 7.1 -7.0 19.2 .1 27.0 1.0 1.8 .5 .6 30.9 -1.2 -1.8 23.8 11.5 6 7 8 9 21.4 22.7 -1.3 -1.1 -21.4 -18.4 -3.0 -.4 38.0 6.2 31.8 1.5 1.5 .3 1.2 .6 -.3 5.4 -5.8 1.0 50.1 2.9 47.3 -1.1 -28.5 .8 -29.3 2.5 -15.4 -7.9 -7.5 a 26.1 14.7 11.4 -3.0 -6.7 -36.8 30.1 5.4 10 24.7 -44.1 47.2 -2.2 -12.1 20.4 -21.2 4.0 27.0 30.9 49.8 Net acq. of financial assets Demand deposits and currency -3.1 Time deposits 8.6 -5.4 Security RPs Foreign deposits 2.3 1 2 3 4 5 Credit market instruments U.S. government securities Open-market paper Miscellaneous 6 7 8 9 41.6 7.9 33.7 5.8 49.8 Net share Issues 10 Security Brokers and Dealers 1 2 4.1 2.0 5.1 -.9 5.4 .2 23.7 1.7 4.5 -2.3 35.1 -1.0 10.5 1.4 44.6 8.9 51.1 -4.3 -30.0 -1.1 3 4 5 6 7 8 -.9 -.6 .4 -.2 -.9 3.7 5.3 -6.7 -12.4 .4 5.3 7.4 3.3 4.9 1.0 .6 3.3 -3.0 .6 5.2 3.6 1.0 .6 16.1 8.0 4.0 -2.4 -1.6 8.0 -5.3 3.0 10.7 5.3 2.4 3.0 22.5 1.3 -1.5 -2.8 — 1.3 9.4 -9.9 7.7 14.4 3.2 -9.9 38.0 25.3 19.5 -3.8 -2.0 25.3 10.7 -18.2 -9.8 8.4 — -18.2 -.8 9 10 11 12 3.8 3.6 -.1 3.7 4.0 3.8 1.4 2.4 5.3 5.2 5.9 -.6 22.9 22.9 10.4 12.5 3.9 3.8 1.9 1.9 34.4 34.3 19.7 14.6 9.6 9.5 8.8 .7 43.7 43.8 11.2 32.6 50.3 50.3 31.2 19.1 -30.8 -30.7 -28.3 -2.4 13 .2 .2 .1 .1 .1 .1 .1 -.1 a -.1 BILLIONS OF DOLLARS. II1/86 BASED ON INCOMPLETE INFORMATION 8.5 Net acq. of financial assets Demand deposits and currency .1 1 2 Corporate equities Credit market instruments U.S. government securities Tax-exempt obligations Corporate bonds Security credit 3 4 5 6 7 8 5.2 1.9 -.3 -2.9 5.2 1.3 7.7 Net Increase in liabilities Security credit 7.8 From banks 6.9 Customer credit balances .9 9 10 11 12 Profit taxes payable 13 -.1 DECEMBER 22, 1986 Monetary and Insurance Reserves Monetary and Insurance Reserves Foreign Exchange* Treasury Currency and Insurance Reserves 30 UNADJUSTED NET FLOWS($ MILL) UNADJUSTED NET FLOWS (» MILL) I II 1985 III IV ! I 1986 II 1978 III BILLIONS OF DOLLARS 1979 1980 1981 Gold and Official Foreign Exchange Holdings (1) 1 Total U.S. reserves 231 355 121 3*147 114 154 -104 -.7 .1 6.8 2.8 1 2 U.S. gold stock and SDRs 3 U.S. govt.: Ex. Stab. Fund 6 Monetary authority (2) 263 266 -3 179 181 -2 264 265 -1 189 189 - 273 272 1 274 272 2 104 101 3 -1.2 -1.3 .1 .1 .3 -.2 -1.1 -1.1 .7 .7 « 2 3 4 5 U.S. foreign exchange position Official fgn.currency hldgs. 6 Treasury 7 Monetary authority 8 -32 249 -57 306 176 248 130 118 -143 245 38 207 2*958 3*126 1*673 1*453 -159 185 35 150 -120 246 267 -21 -208 300 56 244 .5 4.7 3.1 1.6 K -.3 -1.1 .9 8.0 6.3 3.7 2.6 2.1 -.4 -.4 M 5 6 7 8 Net IMF position U.S. governisent asset Monetary authority -281 -307 26 -72 -62 -10 -388 -390 2 -168 -172 4 -344 -348 4 -366 -352 -14 -508 -511 3 -4.2 -4.2 M .2 .2 H 1.7 1.7 M 2.5 9 2.5 10 N 11 .5 .5 .1 K 1.6 1.3 .5 -.2 1.3 .7 .7 -.2 1.2 .7 .8 -.2 1 2 3 4 9 10 11 (1) Lines 1* 2, and S exclude increases in SDRs through allocations* which occurred at various dates beginning January 1970. Transactions in SDRs are included. Also excluded from the table are revaluations of foreign currency holdings* gold* SDRs* and IMF position. Allocations and revaluations are reflected in tables on outstandings. (2) Treasury gold stock. Treasury Currency and SDR Certificates 1 Total U.S. govt, liability Treasury currency 2 3 SDR certificates Unallocated assets 4 277 170 — 107 18 195 — -177 80 141 — -61 112 128 100 -116 211 155 — 56 193 123 100 -30 276 120 200 -44 Insurance and Pension Fund Reserves Life Insurance reserves: 1 Net change in liabilities 2 U.S. government 3 Life insurance companies 2*255 67 2*188 2*781 69 2*712 2*941 69 2*872 2*740 71 2*669 2*383 72 2*311 2*623 73 2*550 2*592 74 2*518 11.2 .3 10.9 10.7 .3 10.4 9.7 K 9.7 9.2 .3 8.9 1 2 3 4 Net change in assets (HH) 2*255 2*781 2*941 2*740 2*383 2*623 2*592 11.2 10.7 9.7 9.2 4 5 Net change in liabilities 6 U.S. government 7 Insurance sector 8 Life Insurance companies Private pension funds 9 10 St.Sloc. govt. rtr. funds 26*302 -2.427 28*729 14*010 6*805 7*914 35.977 3*424 32*553 15*745 1*899 14*909 49*155 13.538 35*617 16*211 8*096 11*310 28*315 4*293 24*022 17*406 -6*638 13*254 16*663 -2.497 19*160 14*200 -6*438 11*398 33*954 4*365 29*589 15*020 1.629 12*940 57*081 12*072 45*009 16*988 15*313 12*708 77.3 6.9 70.4 19.1 30.6 20.7 95.4 7.9 87.5 19.4 51.9 16.2 108.8 8.7 100.1 22.3 51.2 26.5 106.8 5 9.8 6 97.0 7 29.5 8 37.8 9 29.7 10 11 Net change in assets (HH) 26*302 35*977 49*155 28.315 16.663 33*954 57,081 77.3 95.4 108.8 106.8 11 Pension fund reserves: II1/86 BASED ON INCOMPLETE INFORMATION DECEMBER 22, 1986 Monetary end Insurance Reserves Monetary and Insurance Reserves Foreisn Exchans** Treasury Currency and Insurance Reserves 31 SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES 1982 1983 1986 1985 1 1 I II 1985 IV III j 1 I 1986 II III Gold and Official Foreisn Exchanse Holdinss (1) 1 6.6 1.2 3.1 3.9 .9 1.6 .5 12.6 .5 .6 2 3 6 1.6 1.6 M .1 .1 K 1.0 1.0 K .9 .9 K 1.1 1.1 M .7 .7 K 1.1 1.1 K .8 .8 - 1.1 1.1 1.1 1.1 K .6 U.S. sold stock and SDRs U.S. sovt.: Ex. Stab. Fund .6 « Monetary authority (2) 2 3 6 5 6 7 8 3.0 .6 -.2 .6 1.1 -3.3 -1.2 -2.1 2.1 1.2 1.2 -.1 3.0 3.9 1.8 2.1 -.1 1.0 -.2 1.2 .7 1.0 .5 .5 -.6 1.0 .2 .8 11.8 12.5 6.7 5.8 -.6 .7 .1 .6 -.5 1.0 1.1 -.1 -.8 U.S. foreisn exchanse position Official fsn.currency hldss. 1.2 Treasury .2 Monetary authority 1.0 5 6 7 8 9 10 11 2.6 2.6 M 6.6 6.5 1.0 1.0 N -.9 -.9 M -1.1 -1.2 .1 -.3 -.2 K -1.6 -1.6 N -.7 -.7 N -1.6 -1.6 -1.5 -1.6 -.1 Net IMF position U.S. sovernment asset Monetary authority 9 10 11 -.6 Total U.S. reserves -2.0 -2.0 N 1 (1) Lines 1* 2, and 3 exclude increases in SDRs throush allocations* which occurred at various dates besinnins January 1970. Transactions in SDRs are included . Also excluded from the table are revaluations of foreisn currency holdinss* <sold, SDRs* and IMF position. Allocations and revaluations are reflected in tables on outstandinss. (2) Treasury sold stock. Treasury Currency and SDR Certificates 1 2 3 6 1.7 .6 1.3 -.2 .5 .7 — -.2 .6 .7 — -.1 .5 .6 .1 -.2 1.1 .7 — .6 .1 .8 — -.7 .3 .6 — -.2 .6 .5 .6 -.5 .8 .6 — .2 .8 .5 .6 -.1 1.1 Total U.S. sovt. liability Treasury currency .5 .8 SDR certificates Unallocated assets -.2 1 2 3 6 Insurance and Pension Fund Reserves Life insurance reserves: 1 2 3 7.2 .2 7.0 8.0 .2 7.8 5.2 .2 5.0 10.7 .3 10.6 9.0 •3 8.8 11.1 .3 10.8 11.8 .3 11.5 11.0 .3 10.7 9.5 .3 9.2 10.5 .3 10.2 10.6 Net chanse in liabilities U.S. sovernment .3 Life Insurance companies 10.1 1 2 3 6 7.2 8.0 5.2 10.7 9.0 11.1 11.8 11.0 9.5 10.5 10.6 Net chanse in assets (HH) 6 5 6 7 8 9 10 120.1 11.7 108.6 39.7 36.7 32.0 162.2 16.1 128.1 60.2 68.7 39.2 129.1 18.0 111.2 65.2 20.3 65.7 139.7 18.8 120.9 63.6 10.2 67.6 126.5 11.9 116.6 56.0 26.9 31.7 155.2 17.0 138.2 63.0 15.6 59.6 156.1 20.3 133.8 66.8 23.7 65.2 123.2 26.1 97.1 69.6 -25.5 53.0 88.6 12.3 76.1 56.8 -26.3 65.6 167.3 20.5 126.8 60.1 16.9 51.8 186.5 Net chanse in liabilities U.S. sovernment 13.7 170.8 Insurance sector Life Insurance companies 68.0 Private pension funds 52.1 St.Sloc. sovt. rtr. funds 50.8 5 6 7 8 9 10 11 120.1 162.2 129.1 139.7 126.5 155.2 156.1 123.2 88.6 167.3 186.5 Net chanse in assets (HH) 11 Pension fund reserves: BILLIONS OF DOLLARS. 111/86 BASED ON INCOMPLETE INFORMATION DECEMBER 22, 1986 Interbank Clains Interbank Clains Net Interbank Positions. Donestic and Foreign Banks 32 UNADJUSTED NET FLOWS($ MILL) UNADJUSTED NET FLOWS($ MILL) I II 1985 III IV I 1 I 1986 II III 1978 BILLIONS OF DOLLARS 1979 1980 1981 Net Interbank Clains 1 Net change in liabilities 2 Honetary authority 3 Coni, bank reserves 4 Vault cash 3.305 -1.002 5.178 -6.180 1,654 1,038 239 799 7,657 2,139 -74 2,213 15,413 5,936 1,469 4,467 -5,137 2.128 1.158 970 8,070 5,531 4,854 677 15.4 5.9 4.4 1.5 22.2 1.6 -1.4 3.0 -33.2 -1.0 -2.3 1.3 -28.9 -3.4 -2.2 -1.2 4.436 -7,265 -2,670 -143 15,160 -10,639 13.491 -11,014 3,704 -7,515 1,032 -1.687 5,828 -2,672 2,539 493 -407 -1,001 1.874 5.838 3,964 9.5 3.6 6.4 5.9 1.2 4.4 3.1 20.6 .5 21.1 20.9 14.3 13.1 -1.2 -32.1 -1.9 -26.6 -21.2 -20.2 -5.7 14.5 -25.5 5 -2.9 6 -22.0 7 -19.0 8 -11.8 9 5.3 10 17.1 11 2,301 -2,135 2,151 -4,286 1 2 3 4 5 6 7 8 9 10 11 Connercial banking To nonetary authority To banks in fgn entries. Liabilities, net U.S. chartered banks Due to fgn affils. -Due fron fgn affils. 4.307 -1.552 7.203 6.321 9.303 4.128 -5.175 616 -1,280 -814 -1,618 -3,667 -2,279 1,388 5,518 989 3,386 3.926 -40 -1.901 -1,861 9,477 1,459 2,792 -778 1,182 2.591 1,409 12 13 14 Donestic affiliates Due to fgn. affil. -Due fron fgn. affil. -1.039 494 1.533 688 -455 -1,143 2,807 -774 -3,581 -2,960 -391 2,569 5.227 417 -4,810 -1,181 103 1,284 -1,560 17 1,577 1.0 -.7 -1.7 .8 .8 - -2.1 .8 2.9 -6.1 12 1.0 13 7.2 14 15 16 17 Fgn. bkg. off. in U.S. Due to fgn affil. -Due fron fgn. affil. -1.943 -775 1.168 1,361 1,570 209 1,159 1,251 92 1,000 2,000 1.000 4,560 5,673 1.113 -2,318 -2.916 -598 -1,315 303 1,618 3.7 7.1 3.3 5.8 15.5 9.7 1.2 13.5 12.3 -1.1 15 11.1 16 12.3 17 18 19 20 Less: Dep. at fgn. banks U.S. chartered banks Fgn. bkg. off. in U.S. -882 250 -1,132 -804 -939 135 540 375 165 -3,570 -1,704 -1,866 -1,669 -1,463 -206 -375 -584 209 -594 -504 -90 -.5 -.9 .4 -.2 -.2 K 5.4 3.4 2.0 3.0 18 3.4 19 -.4 20 21 22 23 24 25 26 27 28 To U.S. banking, net U.S.-chartered banks Liabilities To don. affiliates To fgn. off in U.S. Unallocated LesstDue fron fgn. off Less:Due fron don. aff -1,344 226 749 -21 2,114 -1,344 546 -23 2,710 -5,089 3,678 968 2.710 7,812 955 1,143 370 2,485 — 1,342 1,143 841 1.274 5,226 -4,496 2,120 22 -3,128 5,226 5,616 1.000 -8,054 -2.653 -6,733 -320 1.641 -8,054 -2.998 -1,082 3,517 1,173 3.970 -321 774 3.517 3,565 -768 2,453 1,758 8,014 -81 5.642 2,453 6,352 -96 -.5 -6.3 7.5 2.7 5.3 -.5 12.4 1.4 -1.0 -7.7 8.9 .9 9.1 -1.0 14.1 2.6 -3.6 -14.3 2.5 1.8 4.3 -3.6 15.0 1.8 29 30 31 Donestic affiliates Due to U.S. banks -Due fron U.S. banks -2 -23 -21 955 955 - 1,274 1,274 - 978 1,000 22 -762 -1,082 -320 -447 -768 -321 -15 -96 -81 -1.3 1.4 2.7 1.7 2.6 .9 .1 1.8 1.8 -4.9 29 -.5 30 4.4 31 32 33 34 Fgn. bkg. off. in U.S. Due to U.S. banks -Due fron U.S. banks -1.568 546 2.114 6,844 7,812 968 -501 841 1,342 8,744 5,616 -3,128 -4,639 -2,998 1,641 2,791 3,565 774 710 6,352 5,642 7.1 12.4 5.3 5.0 14.1 9.1 10.7 15.0 4.3 13.0 32 13.4 33 .5 34 35 Net change in assets 36 Foreign 37 Donestic 38 Monetary authority 39 Federal Reserve float 40 Loans to nenber banks 4.649 7.203 -2.554 -1,552 -557 -995 -1,056 -814 -242 -1,280 -36 -1,244 6,514 3,386 3,128 989 -193 1,182 10,187 2.792 7,395 1,459 919 540 10,355 -8,654 15,160 -10,639 1,985 -4,805 -2,670 -143 -428 -277 134 -2,242 5,617 -407 6,024 493 566 -73 15.9 6.4 9.5 3.6 2.7 .9 23.2 21.1 2.1 .5 .3 .3 -29.6 -26.6 -3.0 -1.9 -2.3 .4 41 42 43 -1.002 5.178 -6,180 1,038 239 799 2,139 -74 2.213 5,936 1,469 4,467 -2,135 2,151 -4,286 2,128 1,158 970 5,531 4,854 677 5.9 4.4 1.5 1.6 -1.4 3.0 -1.0 -2.3 1.3 -3.4 41 -2.2 42 -1.2 43 -1,344 2,710 1,143 5,226 -8,054 3,517 2,453 -.5 -1.0 -3.6 -.5 44 Connercial banking Reserves at F.R. Vault cash 44 Discrepancy: Floats, etc. II1/86 BASED ON INCOMPLETE INFORMATION -.5 -8.5 4.4 4.4 .5 -.5 13.4 -.5 -28.4 -22.0 -6.3 -2.9 -2.7 -.2 21 22 23 24 25 26 27 28 35 36 37 38 39 40 DECEMBER 22* 1986 Interbank Claims Interbank Claims 33 Net Interbank Positions* Domestic and Foreign Banks SEASONALLY ADJUSTED ANNUAL RATES 1982 1983 1986 1985 SEASONALLY ADJUSTED ANNUAL RATES I 1 I II 1985 III IV I 1 I 1986 II III Net Interbank Claims 1 2 3 4 -33.6 2.2 1.3 .9 -1.9 -3.6 -5.0 1.5 11.9 3.6 .4 3.2 28.0 8.1 6.8 1.3 24.2 6.6 18.8 -12.1 4.8 9.9 12.1 -2.2 31.3 8.3 -5.0 13.3 51.7 7.6 1.4 6.1 21.8 2.9 7.1 -4.3 -20.9 14.7 16.1 -1.4 33.6 Net change in liabilities 21.7 Monetary authority 14.1 Coml. bank reserves Vault cash 7.6 5 6 7 8 9 10 11 -35.7 .1 -34.8 -24.3 -10.4 -1.1 9.3 1.7 -1.0 14.2 12.4 5.6 9.4 3.8 8.2 2.0 -1.1 -4.1 -7.8 -5.7 2.2 19.9 -.4 12.6 7.9 6.8 2.5 -4.2 17.6 -4.7 21.5 18.0 29.1 15.0 -14.1 -5.1 -6.7 -1.2 -4.5 -9.8 -4.4 5.4 23.0 4.4 7.9 10.0 -3.3 -8.8 -5.4 44.2 5.4 22.1 7.8 11.2 8.3 -2.9 19.0 -9.7 53.2 46.5 6.2 1.3 -4.9 -35.6 -2.1 -38.9 -40.4 -23.4 -.1 23.3 11.9 2.2 -6.3 -8.7 4.5 23.8 19.3 Commercial banking 5 To monetary authority 6 To banks in fgn entries. 7 Liabilities* net 8 U.S. chartered banks 9 Due to fgn affils. 10 -Due from fgn affils. 11 12 13 14 -2.2 .3 2.5 -3.1 .7 3.8 -.6 .8 1.4 -.5 -1.1 -.6 -4.2 2.0 6.1 2.8 -1.8 -4.6 11.2 -3.1 -14.3 -11.8 -1.6 10.3 20.9 1.7 -19.2 -4.7 .4 5.1 -6.2 .1 6.3 Domestic affiliates 12 Due to fgn. aff11. 13 -Due from fgn. aff11. 14 15 16 17 -11.7 -2.6 9.1 9.9 4.8 -5.1 4.4 2.0 -2.4 1.6 4.0 2.5 -6.9 4.7 11.6 2.6 -5.7 -8.3 2.2 7.5 5.3 8.5 9.7 1.3 19.5 29.4 10.0 -12.3 -24.1 -11.8 -6.9 4.8 11.7 Fgn. bkg. off. in U.S. 15 Due to fgn effll. 16 -Due from fgn. effll. 17 18 19 20 10.5 10.3 .2 -1.8 -1.3 -.6 -2.9 -4.6 1.7 -4.7 -2.0 -2.7 -3.5 1.0 -4.5 -3.2 -3.8 .5 2.2 1.5 .7 -14.3 -6.8 -7.5 -6.7 -5.9 -.8 -1.5 -2.3 .8 -2.4 -2.0 -.4 Less: Dep. et fgn. banks 18 U.S. chartered banks 19 Fgn. bkg. off. in U.S. 20 21 22 23 24 25 26 27 28 -1.0 -2.7 -7.2 .9 -7.1 -1.0 -4.7 .2 -11.6 -3.9 -6.4 6.9 -1.7 -11.6 -1.9 -.6 7.4 7.9 1.3 -3.0 -3.1 7.4 -5.0 -1.6 7.7 -9.0 9.0 M 1.3 7.7 14.8 3.2 .7 7.8 16.2 -.1 15.5 .7 8.4 -.1 2.8 -35.5 .3 -2.5 2.8 32.0 3.8 10.7 16.6 12.6 1.9 10.7 -9.0 5.1 16.7 -24.9 7.0 .1 -9.8 16.7 27.9 4.0 -24.5 -1.7 -13.3 -1.3 12.5 -24.5 -7.2 -4.3 5.4 -10.8 .2 -1.3 -3.9 5.4 14.1 -3.1 16.0 24.5 35.9 -.3 20.2 16.0 11.8 -.4 To U.S. banking* net U.S.-chartered banks Liabilities To dom. affiliates To fgn. off in U.S. Unallocated Less:Due from fgn. off Less:Due from dom. eff 21 22 23 24 25 26 27 28 29 30 31 -.7 .2 -7.4 -.6 $ n 1,4 -3.0 3.2 3.2 4 H -.1 -.1 5.8 3.8 - 5.1 5.1 - 3.9 4.0 .1 -3.0 -4.3 -1.3 -1.8 -3.1 -1.3 -.1 -.4 -.3 Domestic affiliates Due to U.S. banks -Due from U.S. banks 29 30 31 32 33 34 2.3 -4.7 -7.1 -2.9 -1.7 -1.9 -5.0 -3.1 13.5 14.8 1.3 -7.1 8.4 15.5 34.5 32.0 -2.5 -10.9 -9.0 1.9 37.6 27.9 -9.8 -19.7 -7.2 12.5 18.0 14.1 -3.9 -8.4 11.8 20.2 Fgn. bkg. off. in U.S. Due to U.S. banks -Due from U.S. banks 32 33 34 35 36 37 38 39 40 -32.6 -34.8 2.3 .1 1.0 -.9 9.7 14.2 -4.6 -1.0 -1.2 .2 4.4 -1.1 5.6 2.0 -.7 2.7 20.3 12.6 7.7 -.4 .1 -.5 23.5 21.5 2.0 -4.7 1.5 -6.1 2.0 -1.2 3.3 -6.7 .3 -7.0 20.6 7.9 12.7 4.4 .6 3.8 35.1 22.1 13.0 5.4 -1.9 7.2 46.3 53.2 -6.9 -9.7 1.7 -11.4 -26.3 -38.9 12.7 -2.1 -.4 -1.7 41 42 43 2.2 1.3 .9 -3.6 -5.0 1.5 3.6 .4 3.2 8.1 6.8 1.3 6.6 18.8 -12.1 9.9 12.1 -2.2 8.3 -5.0 13.3 7.6 1.4 6.1 2.9 7.1 -4.3 14.7 16.1 -1.4 44 -1.0 -11.6 7.4 7.7 .7 2.8 10.7 16.7 -24.5 5.4 BILLIONS OF DOLLARS. II1/86 BASED ON INCOMPLETE INFORMATION 17.5 Net change in assets Foreign -6.3 Domestic 23.9 Monetary authority 2.2 Federal Reserve float 3.3 Loans to member banks -1.1 21.7 14.1 7.6 Commercial banking Reserves at F.R. Vault cash 16.0 Discrepancy: Floats* etc. 1 2 3 4 35 36 37 38 39 40 41 42 43 44 DECEMBER 22. 198* Deposit Clains Deposit Clains 34 Monetary Clains On Financial Institutions UNADJUSTED NET FLOWS(S MILL) UNADJUSTED NET FLOWS($ MILL) I II 1985 III I I IV I 198* II III 1978 BILLIONS OF DOLLARS 1979 1980 1981 Currency and Checkable Deposits 1 Net chanse in liabilities -27.044 38.199 19*962 2 3 * 5 Monetary authority U.S. sovt. cash 8 deposits Foreign deposits Currency outside banks -660 -2.212 -28 1*580 6*208 259 45 5,904 353 844 285 -776 * 7 8 9 Connercial banking U.S. governnent deposits Foreign deposits Private donestic deposits -29.253 -1.907 -1*400 -25*946 27,909 10*365 1,264 16*280 16*717 -7.352 1,218 22*851 10 Savinss Institutions 52*246 -28*508 54*174 14.539 32.7 35.8 16.1 28.1 1 -6,176 -6*004 -202 30 4*981 -153 32 5,102 4*958 4*262 12 684 6.3 -3.1 .1 9.3 8.2 .1 .1 8.0 9.0 -1.1 -.2 10.3 10.9 1.2 .1 9.5 2 3 4 5 38,514 -24,015 9*145 -13*849 365 -710 29*004 -9,456 41,856 13.276 1*105 27,475 5*543 6.743 40 -1.240 25.4 6.8 -.3 18.9 26.4 .4 4.1 21.8 5.1 -2.6 .3 7.4 8.6 -1.1 -3.9 13.7 6 7 8 9 10,659 5*181 -184 5*662 3*073 2*869 4*082 2*892 1*683 7,337 4*038 1.0 1.2 2.0 8.6 10 -27*044 38,199 19*962 52*246 -28.508 54.174 14*539 32.7 35.8 16.1 28.1 11 12 13 14 15 Pvt. dones. sectors* by type -21.497 Currency 1*580 Denand deposits -29.890 Other checkable 6*813 26,266 5*904 12,307 8*055 24*967 -776 17*706 8,037 37,739 -7,743 5*662 30 22*228 -13,027 9*849 5*254 39,914 3*482 5*102 684 20*163 -11*408 14*649 14.206 29.2 9.3 15.4 4.5 31.0 8.0 14.4 8.6 19.7 10.3 -.8 10.2 31.7 9.5 -28.8 51.0 12 13 14 15 1* 17 18 19 20 21 22 Pvt.dones.sectors* by holder -21.497 Pvt. donestic nonfinancial -19*535 Households -2.510 Business -6*980 State&local governnents -2,773 Mail float -7,272 Financial sectors -1,962 26,266 21.643 13*928 1*956 3*122 2*637 4*623 24,967 22*408 27*206 1*508 -1.687 -4,619 2*559 37,739 29*881 6*345 8*448 2*064 13*024 7*858 -7,743 -6*265 11*212 -5*246 -2*420 -9*811 -1.478 39*914 38*700 27,029 -365 5*285 6*751 1.214 3.482 3*266 18,845 -3,977 -2*860 -8,742 216 29.2 26.3 22.3 4.5 K -.5 2.9 31.0 28.1 25.7 2.8 -.4 -.1 2.9 19.7 16.8 12.7 2.4 -.6 2.3 2.9 31.7 28.0 29.9 -4.6 -1.5 4.1 3.8 16 17 18 19 20 21 22 23 24 Foreign U.S. governnent 1*309 10*624 1*503 -6*508 181 -912 14,326 -19.853 1*137 13*123 52 11*005 -.2 3.7 4.2 .5 -3.6 -3.8 23 .1 24 11 Net change in total assets -1,428 -4,119 a Snail Tine and Savinss Deposits 1 Net change in liabilities 2 Connercial banks 3 Savings institutions 4 Savings and loan assns. 5 Mutual savings banks 6 Credit unions 7 Net change in assets 8 Households 9 State and local governnents 10 U.S. governnent 11 Credit unions 48.047 24*994 23*053 14*428 2*583 6.042 39*876 24*452 15*424 10*346 -1*281 6*359 27*030 12*845 14*185 11*059 -2*048 5,174 25*225 18*057 7.168 7*658 -2*801 2*311 34*851 14*764 20*087 13*545 -632 7*174 30*013 19,589 10*424 6*615 -3.946 7,755 29,631 18*595 11*036 9*914 -3,715 4*837 65.3 13.2 52.0 38.8 7.5 5.8 61.0 29.5 31.5 26.0 1.6 3.9 82.4 44.8 37.5 29.0 5.4 3.1 47.6 40.3 7.3 4.1 .9 2.3 48*047 48*817 -1.342 -69 641 39*876 40*612 -1,714 -27 1*005 27,030 28*653 -1*980 83 274 25,225 24,799 -332 53 705 34*851 34*178 -876 373 1*176 30*013 28,451 328 25 1,209 29*631 28*428 388 54 761 65.3 67.3 -.1 .1 -1.9 61.0 61.2 — .6 .1 .4 82.4 82.7 -.3 -.2 .2 47.6 47.3 6.9 34.4 29.2 107.5 1 1 2 3 4 5 1 2 3 4 5 6 7 8 9 -Il 10 .4 11 Money Market Mutual Fund Shares Money narket fund shares 1 Liabs Finance n.e.c. Assets Households -3*024 5*108 -5,292 1*011 6*752 7,726 12,450 Large Tine Deposits 1 Net change in total liab. 2 Connercial banking 3 Donestic banks 4 Foreign banking offices 5 Savings Institutions 2*962 -8*251 969 -10*452 -324 -7.404 1*293 -3*048 1*993 2,201 12.067 11*782 7*329 4,453 285 12.204 9*462 11*248 -1,786 2*742 2*726 -9,734 -2*672 -10*637 -1*329 -10,495 -1*343 -142 5*398 903 11*849 10*208 3*825 6*383 1*641 54.6 48.6 42.1 6.4 6.0 27.9 13.8 10.2 3.6 14.1 61.2 47.2 39.3 7.9 14.0 61.6 51.5 43.9 7.6 10.1 2*726 -9,734 4.279 -10*022 471 -8.099 2*558 747 1*250 -2*670 -4,727 838 11,849 3,023 2*872 -1.979 2*130 337 54.6 41.1 31.9 2.0 7.3 1.1 27.9 16.0 12.8 4.7 -1.5 1.2 61.2 45.9 43.6 4.0 -1.6 1.2 61.6 6 36.0 7 19.0 8 14.9 9 2.2 10 2.3 11 8*489 774 -8 931 4*263 380 2*149 12.3 .4 .3 .5 7.5 .9 2.7 10.8 -2.2 -.3 .7 4.0 1.1 7.5 14.1 2.5 a 2.2 .1 .2 9.0 23.3 -.7 -.1 -.3 1.5 .1 22.8 12 13 14 15 16 17 18 1 2 3 6 Net change in assets Pvt. donestic nonfinancial 7 8 Households 9 Business 10 State & local governnents Foreign 11 2.962 367 -4*549 -433 5*349 726 -8*251 -7,959 -7,873 506 -592 -46 12*067 11*122 7*168 923 3*031 1*118 12*204 10*499 2*390 5,924 2,185 1*910 12 13 14 15 16 17 18 1*869 1,872 -300 951 -459 2*125 -2*320 -246 -349 -6 463 622 529 -1*505 -173 -46 37 193 382 480 -1*219 -205 790 -12 740 -622 654 -1,755 Financial sectors Saving and loan assns. Mutual savings banks Credit unions Private pension funds St.Slocal govt.rtr.funds Money narket funds 3*174 279 1.251 -704 1*901 447 -550 -1*942 — 1*309 76 461 -454 Federal Funds and Security Repurchese Agreeaents 1 Net change in liabilities 2 Connercial banks 3 Savings and loan assns. 4 Net change in assets 5 Nonfinancial corporations 6 State and local governnents 7 Sponsored credit agencies 8 Savings and loan assns. 9 Mutual savings banks 10 Credit unions 11 Other Insurance conpanies 12 Money narket funds 13 Discrepancy-unallocated assets 1*171 6.462 -5*291 -3*440 3*100 -6,540 18*808 14*893 3*915 18*882 12*833 6*049 1*746 -669 6.507 -1*547 -5.206 -217 1*403 954 521 5,050 -942 2,274 3*257 2*456 931 1,597 791 -5*314 7*288 4*385 489 -1*023 -1*826 123 301 1*547 3*292 18,072 1,235 155 6*560 5,035 -548 423 411 4*801 -575 -8*490 11*520 810 13.794 -138 14*657 -10.299 -863 10.161 9*095 11*650 -2*555 24.6 22.5 2.1 17.5 17.0 .5 22.5 20.5 2.1 17.6 14.5 3.0 9,681 -853 137 4*466 1*928 2*606 362 901 134 2*508 -2*956 -2*282 -1,278 1*591 72 400 1*012 5*949 7*509 61 3*633 2*641 1*877 -693 395 940 -1*345 8.7 5.5 « 1.4 1.7 H — .1 12.7 2.6 4.0 .6 2.5 .9 2.1 12.5 6.6 .3 1.8 -.7 .6 .7 3.2 25.0 4 K 5 5.2 6 3.5 7 4.2 8 1.5 9 1.7 10 .1 11 8.9 12 4*113 -2,646 1.586 15.9 4.8 10.0 -7.5 13 U.S. Deposits in Foreign Countries 1 Total foreign liability Held by: Nonfinan. corporate business Money narket funds 2 3 1*072 -5,124 4*190 -4*409 995 5*137 3*311 2.4 9.8 4.5 10.4 1 1,328 -256 -2*763 -2*361 3*786 404 -4*436 27 849 146 2,259 2,878 2*726 585 2.0 .5 5.1 4.6 2.8 1.7 -1.7 12.1 2 3 II1/86 BASED ON INCOMPLETE INFORMATION DECEMBER 22. 1986 Deposit Clsims Deposit Clains Monetary Clains On Financial Institutions 35 SEASONALLY ADJUSTED ANNUAL RATES 1982 1983 1984 1985 SEASONALLY ADJUSTED ANNUAL RATES I 1 I II 1985 III IV I 1 I 1986 II III Currency and Checkable Deposits 1 37.5 40.2 47.1 83.4 -25.5 129.4 59.7 169.8 -32.1 192.0 33.9 Net change in liabilities 1 2 3 4 5 10.2 .7 -.2 9.7 13.0 -1.3 10.3 1.7 8.6 16.6 4.1 .1 12.4 11.7 -3.9 .1 15.5 10.1 -6.2 .2 16.1 -1.4 -5.4 1.0 3.0 45.8 31.7 -.8 14.9 -9.6 -18.4 -.6 9.4 3.1 -9.5 .2 12.3 18.1 8.9 -.2 9.4 Monetary authority U.S. govt, cash * deposits Foreign deposits Currency outside banks 2 3 4 5 6 15.9 -5.3 1.6 9 19.2 6.1 -3.4 16.5 29.2 4.0 2.0 23.2 53.9 10.3 1.4 42.2 -48.7 -5.1 -2.7 -40.9 103.0 33.9 3.1 66.0 49.5 -68.4 7.5 110.5 111.8 80.6 -2.0 33.2 -29.2 -54.2 -.8 25.8 159.6 43.2 3.6 112.8 -.4 -13.4 1.5 11.5 Connercial banking U.S. governnent deposits Foreign deposits Private donestic deposits 6 7 8 9 10 8.2 11.3 7.7 12.9 11.5 16.3 11.6 12.3 6.7 29.3 11 37.5 40.2 47.1 83.4 -25.5 129.4 59.7 169.8 -32.1 192.0 12 13 14 15 34.4 9.7 -1.1 25.8 45.3 14.3 2.6 28.3 39.5 8.6 15.4 15.5 67.5 12.4 22.4 32.8 -13.9 15.5 -56.7 27.3 98.4 16.1 50.1 32.2 125.0 3.0 89.9 32.1 60.4 14.9 6.1 39.4 42.0 9.4 11.5 21.0 154.5 12.3 83.5 58.6 37.1 9.4 -29.2 56.8 Pvt. dones. sectors* by type 12 Currency 13 14 Denand deposits 15 Other checkable 16 17 18 19 20 21 22 34.4 28.3 19.2 7.5 -1.6 3.2 6.1 45.3 43.1 39.3 4.3 -.7 .1 2.2 39.5 36.4 18.9 4.3 5.0 8.1 3.0 67.5 54.4 45.0 4.9 .7 3.8 13.1 -13.9 -10.2 -.5 -4.2 -1.2 -4.2 -3.7 98.4 78.2 69.5 6.9 3.6 -1.8 20.1 125.0 113.8 95.8 6.3 1.5 10.2 11.3 60.4 35.8 15.1 10.8 -1.0 10.8 24.6 42.0 44.0 49.2 3.2 K -8.5 -2.0 154.5 147.5 125.4 -2.4 11.8 12.7 6.9 37.1 35.0 62.2 -15.6 -2.2 -9.3 2.1 Pvt.dones.sectors* by holder Pvt. donestic nonfinancial Households Business State&local governnents Mail float Financial sectors 16 17 18 19 20 21 22 23 24 -3.7 6.8 1.6 -6.7 1.9 5.7 1.6 14.3 -2.7 -9.0 3.3 27.7 8.4 -73.8 -2.8 112.3 -1.4 -72.6 3.8 33.7 1.3 -4.6 Foreign U.S. governnent 23 24 7 8 » 14.3 19.7 16.2 Savings institutions 33.9 Net change in total assets 10 11 Snail Tine and Savings Deposits 1 2 3 4 5 6 138.6 97.0 41.6 29.3 4.1 8.3 216.5 130.0 86.5 66.0 7.7 12.8 150.8 74.6 76.2 65.8 -.7 11.1 140.2 80.3 59.8 43.5 -3.5 19.9 176.2 101.6 74.6 52.1 5.0 17.5 164.1 91.2 72.8 53.3 -1.2 20.7 148.8 81.7 67.1 48.6 -6.7 25.2 71.6 46.8 24.8 20.0 -11.3 16.1 122.6 61.5 61.2 48.4 -8.7 21.4 123.5 69.4 54.1 39.5 -11.3 25.9 160.0 Net change in liabilities 106.1 Connercial banks 53.9 Savings institutions 43.3 Savings and loan assns. -13.4 Mutual savings banks Credit unions 24.0 7 8 9 10 11 138.6 134.2 1.5 .5 2.5 216.5 210.0 5.3 -.5 1.6 150.8 153.2 -2.6 .5 -.4 140.2 142.9 -5.4 ft 2.6 176.2 179.3 -5.4 -.3 2.6 164.1 167.0 -6.9 -.1 4.0 148.8 155.3 -7.9 .3 1.1 71.6 69.9 -1.3 .2 2.8 122.6 119.9 -3.5 1.5 4.7 123.5 117.3 1.3 .1 4.8 160.0 Net change in assets 155.2 Households 1.6 State and local governnents .2 U.S. governnent 3.0 Credit unions 7 8 9 10 11 4.0 27.0 30.9 Money narket fund shares Liab: Finance n.e.c. Asset: Households 1 1 2 3 4 5 6 Money Market Mutual Fund Shares 1 24.7 -44.1 47.2 -2.2 -12.1 20.4 -21.2 49.8 Large Tine Deposits 1 2 3 4 5 25.5 13.0 2.3 10.7 12.5 -13.6 -48.5 -38.7 -9.6 34.7 87.5 38.3 33.9 4.4 49.2 19.0 11.8 10.8 .9 7.2 36.7 28.7 23.6 5.2 8.0 -32.8 -41.6 -29.4 -12.2 8.8 26.9 25.8 7.9 17.8 1.1 45.2 34.2 41.3 -7.1 11.0 35.5 13.9 19.3 -5.4 21.6 -37.5 -41.1 -40.5 -.6 3.6 26.0 Net change in total liab. 19.4 Connercial banking -6.1 Donestic banks 25.5 Foreign banking offices Savings institutions 6.6 1 2 3 4 5 6 7 8 9 10 11 25.5 5.2 -7.5 10.3 2.4 6.8 -13.6 -6.3 -11.3 16.6 -11.6 .5 87.5 84.9 71.4 10.7 2.8 4.6 19.0 14.0 -2.9 6.9 10.0 3.7 36.7 23.3 6.2 4.1 13.1 5.9 -32.8 -25.0 -40.0 5.5 9.5 -4.1 26.9 11.7 -10.2 10.9 10.9 8.0 45.2 46.1 32.5 7.2 6.4 5.1 35.5 38.2 25.3 17.1 -4.1 -15.8 -37.5 -31.3 -38.4 5.8 1.3 -.9 26.0 Net change in assets -21.4 Pvt. donestic nonfinancial -29.3 Households .1 Business 7.8 State & local governnents 4.9 Foreign 6 7 8 9 10 11 12 13 14 15 16 17 18 13.5 7.2 1.4 5.0 .8 2.2 -3.1 -7.9 1.2 ft ft 4.9 2.8 -16.8 -2.0 -5.5 -1.4 -.8 3.0 3.2 -.4 1.2 2.3 -.5 2.3 -.1 3.8 -6.8 7.5 7.5 -1.2 3.8 -1.8 8.5 -9.3 -3.7 -4.1 ft 1.9 2.5 2.1 -6.0 7.2 7.7 .1 .8 1.5 1.9 -4.9 -6.1 -2.1 ft 3.0 -2.5 2.6 -7.0 13.1 1.5 5.0 -2.8 7.6 1.8 -5.3 -10.9 — 5.2 .3 1.8 -1.8 42.4 11.6 x 3.7 17.1 1.5 8.6 Financial sectors Saving and loan assns. Mutual savings banks Credit unions Private pension funds St.&local govt.rtr.funds Money narket funds 12 13 14 15 16 17 18 Federal Funds and Security Repurchase Agreenents 1 2 3 7.4 8.6 -1.2 29.5 15.6 13.9 20.4 1.6 18.8 35.4 37.3 -1.9 -.9 20.2 -21.2 -10.0 16.1 -26.2 70.2 54.6 15.7 82.4 58.2 24.2 48.6 52.0 -3.5 4.0 -36.6 40.6 4 5 6 7 8 9 10 11 12 23.3 3.7 7.3 5.4 .4 ft .8 4.0 1.7 29.1 11.2 7.2 -2.3 5.9 -.6 l.l 9.6 -3.2 39.7 -4.6 11.5 9.3 7.9 1.3 .3 4.2 9.7 32.2 4.0 9.4 7.2 .5 .3 3.7 3.7 3.3 2.2 -2.7 26.0 -6.2 -20.8 -5.7 5.6 3.8 2.1 22.0 -3.8 9.1 13.0 9.8 5.5 6.4 3.2 -21.3 29.2 17.5 2.0 -4.1 -7.3 .5 1.2 6.2 13.2 75.3 4.9 .6 26.2 20.1 .8 1.7 1.6 19.2 33.7 -3.4 .5 17.9 7.7 5.4 1.4 3.6 .5 12.2 -11.8 -9.1 -5.1 6.4 2.4 1.6 4.0 23.8 13 -15.9 .4 -19.4 3.3 -3.1 -32.1 41.1 7.2 14.9 -8.2 31.6 Net change in liabilities 41.8 Connercial banks -10.2 Savings and loan assns. 29.9 Net change in assets Nonfinancial corporations .2 14.5 State and local governnents 10.6 Sponsored credit agencies 7.5 Savings and loan assns. -2.9 Mutual savings banks 1.6 Credit unions 3.8 Other insurance conpanies -5.4 Money narket funds 1 2 3 4 5 6 7 8 9 10 11 12 1.7 Discrepancy-unallocated assets IS U.S. Deposits in Foreign Countries 1 4.5 1.3 -5.8 -4.3 4.3 -20.5 16.8 -17.6 4.0 20.5 2 3 -.4 4.9 3.1 -1.8 -5.1 -.7 -2.1 -2.2 5.3 -1.0 -ll.l -9.4 15.1 1.6 -17.7 .1 3.4 .6 9.0 11.5 BILLIONS OF DOLLARS. II1/86 BASED ON INCOMPLETE INFORMATION 13.2 Total foreign liability Held by: Nonfinan. corporate business 10.9 2.3 Money narket funds 1 2 3 DECEMBER 22. 1986 U.S. Government Securities U.S. Government Securities 36 U.S. Government Securities Market Summary UNADJUSTED NET FLOWS(S MILL) UNADJUSTED NET FLOWS($ MILL) I II 1985 III 1 1 IV I 1986 II III 1978 BILLIONS OF DOLLARS 1979 1980 1981 Total Net Issues* by Sector and Type 1 Total U.S. government secur. U.S. government 2 3 Spons. agencies 8 mtg. pools 60*820 41*852 18*968 71*104 45*243 25*861 71,916 120*312 46*068 90,527 25*848 29,785 60*654 37,122 23*532 89*696 107*278 50*682 57*458 39*014 49*820 90.5 53.8 36.7 84.8 37.5 <7.3 122.9 79.3 43.6 133.0 87.5 45.5 1 2 3 4 5 6 By Instrument: Treasury Issues Household savings bonds Treas. excl. savings bonds 41*866 928 40*938 45*252 1*254 43*998 46*074 1*551 44*523 90*525 1*529 88,996 37,176 1*646 35*530 50*680 2*398 48*282 57*506 3*948 53*558 55.1 3.9 51.2 33.3 -.8 39.6 79.8 -7.3 87.1 87.8 -4.3 92.2 4 5 6 7 8 9 10 11 Other Budget agency Issues Loan participations (1) Spons. agency issues (2) Mortgage pool secur. (2) 18*954 -14 3.922 15*046 25*852 -9 8*804 17,057 25*842 -6 — 3*596 22*252 29,787 23*478 -54 — -2*201 25*733 39*016 2 — 4*539 34*475 49,772 -48 — 5*042 44,778 35.3 -1.1 -.3 23.1 13.6 46.0 -1.1 -.2 24.3 23.1 43.1 -.3 -.2 24.4 19.2 45.2 7 -.3 8 -.1 9 30.5 10 15.0 11 90.5 — .6 .5 .1 84.8 .2 -.2 .4 122.9 .7 .4 .2 133.0 .4 .2 .2 1 2 3 4 5 7.3 7.7 -.4 7.6 6.9 .7 4.4 3.9 .6 9.8 9.6 .1 6 7 8 9 2 — 4*263 25*522 Total Net Purchases* by Sector and Type 1 Total purchases* by sector 2 U.S. govt, (agency secur.) 3 Sponsored credit agencies Treasury 4 5 Agency securities 60*820 — 995 1*470 -475 71*104 — 2*137 1*459 678 -272 133 -405 8*058 8*127 -69 71*916 120,312 1,137 -3,009 915 -2,658 222 -351 60*654 — -2.068 -1*648 -420 -6*441 -4,707 -1,734 7 8 6 Monetary authority Treasury issues Agency issues 9 Foreign -4*619 14*583 Total private domestic Treasury issues Agency Issues 64*716 44*882 19*834 46*326 21*083 25*243 21*110 8*237 928 7*309 12*873 33*625 6*646 1*254 5*392 26,979 24*234 10*790 1*551 9,239 13*444 1*865 -8*281 1*646 -9,927 10*146 17,327 7.192 928 •'6,264 10*135 23*211 -1,964 1*254 -3*218 25*175 12.793 7*362 -1,192 -9,104 1*551 1*529 -2,743 -10*633 13*985 16*466 10 11 12 13 14 15 16 17 Private domestic nonfinan. Total Treasury Issues Savings bonds (HH) Other Treasury Issues Agency Issues 89*696 107*278 — — 1.338 -2,269 1*529 -2,290 -191 21 7,179 7,229 -50 516 592 -76 13*319 11*625 1*694 8*676 5*670 11*943 22,687 15*764 23.5 -14.0 10.7 7.0 61.587 104*332 35*891 75*888 25*696 28*444 57*220 31*588 25*632 58*492 19*235 39*257 85*162 37*130 48*032 59.1 23.4 35.7 91.0 46.1 44.9 107.1 64.8 42.3 115.9 10 71.0 11 44.9 12 8.940 26,524 2*855 -7,634 2,398 3*948 457 -11*582 6*085 34*158 41.7 28.1 3.9 24.2 13.6 56.6 32.2 -.8 33.1 24.4 34.2 25.5 -7.3 32.8 8.7 37.1 31.0 -4.3 35.4 6.1 13 14 15 16 17 1,049 -9.459 1*449 -7,476 -12*368 -28*249 1*646 2.398 3*948 -9.122 -14*766 -32.197 8*525 2.909 29*698 29.4 21.8 3.9 17.8 7.6 44.4 21.9 -.8 22.7 22.4 26.7 19.7 -7.3 27.0 7.0 45.2 33.8 -4.3 38.1 11.4 18 19 20 21 22 71*891 51*499 1*529 49*970 20*392 8*621 6*902 1,719 18 19 20 21 22 Households Total Treasury Issues Savings bonds Other Treas. Issues Agency issues 23 24 25 Nonfin. corp, business Treasury issues Agency issues -503 -474 -29 -236 -205 -31 -2*865 -2*832 -33 460 494 -34 969 1*004 -35 4*452 4*487 -35 -6,794 -6.759 -35 1.5 .8 .7 1.6 2.8 -1.3 5.6 5.1 .5 -1.0 23 -1.0 24 K 25 26 27 28 State and local govts. Treasury Issues Agency Issues 4,286 1*519 2,767 10*650 8*815 1*835 14*306 14*814 -508 64*069 60*109 3*960 -153 -1*809 1*656 13*947 10,736 3*211 31*869 27,374 4*495 10.9 5.5 5.3 10.7 7.5 3.2 1.9 .7 1.2 -7.1 26 -1.8 27 -5.4 28 11*240 11*739 -499 6*227 3*845 2,382 -2,120 1,933 -4*053 -5*611 -5*398 -213 7*663 3*577 4*086 7,742 -1.159 8,901 21*180 16,258 4,922 -.8 -7.8 7.0 9.6 2.0 7.6 25.8 16.1 9.7 11.6 29 1.8 30 9.8 31 10*598 719 -21 -56 6*062 1*000 -806 -29 -4.191 1*500 550 21 -7.878 1*453 720 94 9*054 -1,309 -121 39 7.157 -1.309 1*844 50 18*300 -35 2*855 60 .1 -1.3 .5 -.1 7.4 1.7 .5 * 25.0 .2 .5 .1 11.4 -.1 .6 -.3 29 30 31 32 33 34 35 Commercial banking Treasury issues Agency issues U.S. commercial banks Domestic affiliates Foreign banking offices Banks in U.S.possessions 32 33 34 35 36 Private nonbank finance 32*366 6*474 39*473 38*052 47*692 41.810 37*458 18.2 24.8 47.2 67.2 36 37 38 39 Total pvt. nonbank finance Treasury Issues Agency Issues 32.366 24*906 7*460 6,474 10*592 -4*118 39*473 23*168 16*305 38*052 29*787 8*265 47*692 36*292 11*400 41*810 17*539 24*271 37*458 28*506 8*952 18.2 3.2 15.0 24.8 11.9 13.0 47.2 23.2 23.9 67.2 37 38.2 38 29.0 39 40 41 42 Savings and loan assns. Treasury issues Agency Issues 423 -14*490 1*226 -5*858 -803 -8*632 10*486 459 10*027 -5*315 -5*940 625 6*275 -362 6*637 19*263 3*649 15,614 8*810 3*171 5,639 4.6 K 4.6 1.0 -2.9 3.9 13.8 5.7 8.1 3.1 40 -3.5 41 6.6 42 43 44 45 Mutual savings banks Treasury issues Agency Issues 46 47 48 972 315 657 -1*553 -666 -887 815 -196 1*011 -1*462 -86 -1*376 1*314 200 1*114 622 -100 722 1,045 200 845 .8 -.9 1.7 1.2 -.2 1.3 3.3 .8 2.5 .9 43 -.2 44 1.2 45 Credit unions Treasury issues Agency Issues 1*616 1*341 275 1*006 614 392 971 398 573 22 130 -108 166 69 97 1*455 612 843 1*287 540 747 -.8 -.7 -.1 -1.1 -.1 -1.0 1.0 .3 .7 .3 46 .1 47 .3 48 49 50 51 Life insurance companies Treasury Issues Agency Issues 4*489 1*461 3*028 5*317 2*354 2*963 6*303 1*596 4.707 6*885 5*085 1,800 6*204 2*589 3*615 1*569 -92 1,661 2*538 2*501 37 2.0 -.5 2.5 2.9 .1 2.8 2.7 1.0 1.8 5.5 49 2.3 50 3.1 51 52 53 54 Private pension funds Treasury issues Agency issues 5*009 2*443 2*566 959 -1,547 2*506 -270 3*218 -3*488 1*113 -3,824 4,937 2*086 3*374 -1.288 600 -1,073 1*673 3*201 3*883 -682 3.7 2.2 1.4 6.9 3.5 3.4 13.1 6.1 7.0 19.4 52 7.4 53 11.9 54 55 56 57 St.&local govt.rtr.funds Treasury Issues Agency Issues 6*095 5*908 187 714 3,368 -2,654 6*024 4*520 1,504 4*630 4,773 -143 9*011 8*945 66 999 -1*124 2*123 3*305 1*696 1*609 7.1 2.7 4.4 6.6 5.3 1.4 9.9 6.2 3.7 11.8 55 6.6 56 5.2 57 58 59 60 Other Insurance cos. Treasury Issues Agency Issues 3,633 2*083 1*550 4*891 2*697 2*194 5*030 3*059 1,971 5,248 2*718 2.530 4*021 2*862 1*159 3,367 1.732 1*635 3*311 2*554 757 1.2 .7 .5 1.3 .2 1.1 1.8 1.6 .2 2.2 58 1.4 59 .8 60 61 62 Mutual funds (Treasury) Money mkt.funds (Treas.) Security brokers and dealers (Treasury) 9*374 1*362 7*587 718 10*609 209 25*297 -1*976 15*881 3*682 21*043 -9,205 12*078 1*967 -.2 .6 a 4.2 .3 2.6 .9 61 23.7 62 -607 1*325 -704 3,610 -948 2*097 -84 -.8 1.9 -1.4 — .6 63 63 (1) For purchases* agency Issues include loan participations. (2) These Issues are outside both the budget and the U.S. government sector in the Flow of Funds Accounts. They are Included in credit market debt of financial institutions. II1/86 BASED ON INCOMPLETE INFORMATION DECEMBER 22. 1986 U.S. Government Securities U.S. Government Securities U.S. Government Securities Market Summary 37 SEASONALLY ADJUSTED ANNUAL RATES 1982 1983 1986 1985 SEASONALLY ADJUSTED ANNUAL RATES 1 I II III IV 1 I II III Total Net Issues. by Sector and Type 1 2 3 225.9 161.6 66.5 256.6 186.6 67.8 273.8 198.9 76.9 326.2 223.7 100.5 222.8 160.3 82.5 366.8 263.5 103.6 262.0 169.3 92.7 665.0 361.7 123.3 221.7 120.7 101.0 658.2 301.9 156.3 372.6 Total U.S. government secur. 186.6 U.S. government 188.1 Spons. agencies 8 mtg. pools 1 2 3 6 5 6 162.1 .2 162.0 186.7 3.1 183.5 199.0 3.0 195.9 223.7 5.3 218.5 160.3 6.6 135.7 263.5 6.9 258.6 169.3 5.9 163.6 361.7 5.6 336.1 120.9 7.6 113.5 301.9 9.6 292.5 186.7 15.5 169.3 By instrument: Treasury Issues Household savings bonds Treas. excl. savings bonds 6 5 6 7 8 9 10 11 63.7 -.2 -.5 16.9 69.5 67.8 « 1.6 66.6 76.8 -.1 30.6 66.6 100.6 K 20.6 79.9 82.6 -.1 22.0 60.5 103.3 N 28.6 76.8 92.7 « 6.9 85.8 123.3 26.9 98.6 100.8 -.2 -2.5 103.6 156.3 e 11.2 165.1 187.9 -.2 12.5 175.5 Other Budget agency issues Loan participations (1) Spons. agency Issues (2) Mortgage pool secur. (2) 7 8 9 10 11 372.6 Total purchases, by sector — U.S. govt, (agency secur.) -11.6 Sponsored credit agencies Treasury -11.7 .1 Agency securities 1 2 3 6 5 32.9 26.1 6.9 Monetary authority Treasury Issues Agency Issues 6 7 8 Foreign Total Net Purchases* by Sector and Type 1 2 3 6 5 225.9 — 1.6 1.5 -.1 256.6 -1.3 -.8 -.6 273.8 .6 .6 .2 326.2 — 1.5 1.2 .1 222.8 — 5.1 7.0 -1.9 366.8 — 10.7 8.0 2.7 262.0 1.5 .6 .9 665.0 -12.3 -10.9 -1.6 221.7 -6.6 -6.8 -1.7 658.2 — 7.6 8.1 -.8 6 7 8 8.5 8.6 .1 12.0 12.6 -.7 8.8 8.9 -.1 21.6 20.5 1.1 21.7 23.3 -1.6 26.9 25.2 -.3 -.7 -.6 -.3 60.6 33.8 6.8 -.7 6.3 -6.9 19.5 19.7 -.2 9 12.8 16.9 26.5 26.3 -10.9 56.6 37.3 16.3 59.7 83.5 66.1 10 11 12 203.1 139.5 63.6 226.9 158.0 68.9 237.8 163.2 76.7 277.0 177.7 99.2 206.9 120.9 86.0 276.5 175.7 100.9 206.0 111.9 92.1 620.6 302.5 117.9 169.1 59.7 109.6 367.8 190.6 157.2 287.2 106.3 180.9 13 16 15 16 17 69.9 66.0 .2 65.8 6.0 95.5 91.5 3.1 88.3 6.0 132.9 86.6 3.0 83.5 66.3 150.9 77.2 5.3 71.9 73.7 60.6 3.5 6.6 -1.1 56.9 201.1 96.7 6.9 89.8 106.6 53.8 7.1 5.9 1.1 66.7 288.1 203.6 5.6 197.9 86.7 -22.5 -68.9 7.6 -76.3 66.6 123.6 100.3 9.6 90.9 23.1 53.9 -75.5 15.5 -90.9 129.3 18 19 20 21 22 55.6 53.5 .2 53.3 2.2 60.5 66.7 3.1 63.6 -6.2 111.2 76.8 3.0 71.8 36.6 60.7 -5;i 5.3 -10.3 65.8 35.6 -10.5 6.6 -15.2 65.9 168.5 69.3 6.9 66.6 99.2 -20.6 -69.6 5.9 -75.6 68.9 59.6 -9.6 5.6 -15.1 69.0 -36.5 -76.6 7.6 -83.8 39.9 56.7 66.3 9.6 36.9 10.6 -76.3 -187.8 15.5 -203.2 111.5 23 26 25 5.3 5.2 .1 8.0 8.0 K 7.2 7.3 -.1 -3.1 -3.0 -.1 -12.7 -12.6 -.1 .3 .6 -.1 6.6 6.6 -.1 -6.6 -6.5 -.1 -5.3 -5.2 -.1 18.9 19.0 -.1 26 27 28 9.0 7.3 1.7 26.9 16.7 10.2 16.6 6.5 10.1 93.3 85.3 8.1 37.7 26.6 11.1 32.6 25.0 7.3 67.9 69.9 -2.0 235.3 219.5 15.8 19.3 12.7 6.6 29 30 31 26.6 19.6 7.3 68.6 67.8 .7 .6 1.9 -1.3 9.7 12.1 -2.6 25.3 28.5 -3.2 32.0 20.1 11.9 -3.7 16.6 -20.1 -16.6 -16.5 1.9 32 33 36 35 26.7 -1.2 .8 .3 66.2 1.6 1.7 1.1 1.3 .5 -.6 -.6 6.6 6.7 .6 K 22.8 2.9 -.1 -.2 31.3 6.0 -3.2 -.1 -12.0 6.0 2.2 .1 Total private domestic Treasury Issues Agency Issues Private domestic nonfinan. Total Treasury issues Savings bonds (HH) Other Treasury issues Agency issues 9 10 11 12 13 16 15 16 17 Households Total Treasury Issues Savings bonds Other Trees, issues Agency issues 18 19 20 21 22 -9.0 -8.9 -.1 Nonfin. corp, business Treasury Issues Agency issues 23 26 25 67.8 35.0 12.8 139.1 121.2 18.0 State and local govts. Treasury issues Agency issues 26 27 28 9.6 -6.8 16.6 38.5 -.2 38.7 88.7 73.5 15.1 -23.7 5.8 2.9 .6 15.2 -5.2 -.5 .2 36.1 -5.2 7.6 .2 77.1 -.1 11.6 .2 Commercial banking Treasury issues Agency Issues U.S. commercial banks Domestic affiliates Foreign banking offices Banks in U.S.possessions 29 SO 31 32 33 36 35 36 106.6 82.9 106.3 116.6 121.2 63.6 156.0 166.9 181.9 186.0 166.7 Private nonbank finance 37 38 39 106.6 56.1 52.6 82.9 18.7 66.1 106.3 76.7 29.6 116.6 88.5 27.9 121.2 88.9 32.3 63.6 60.9 -17.5 156.0 88.6 65.5 166.9 115.6 31.3 181.9 133.3 68.6 186.0 90.5 95.5 166.7 108.2 36.6 Total pvt. nonbank finance 37 Treasury issues 38 Agency issues 39 60 61 62 37.6 7.5 29.8 65.5 15.7 29.8 27.1 10.2 16.9 -8.9 -10.1 1.2 -8.2 -5.0 -3.2 -68.7 -16.1 -36.5 62.0 1.9 60.1 -20.7 -23.2 2.5 13.9 -12.6 26.5 87.5 25.0 62.5 36.0 11.6 22.6 63 66 65 1.9 .7 1.2 9.8 3.8 6.0 .3 -.2 .5 -1.2 — .6 -.6 2.1 -1.1 3.2 -5.1 -.9 -6.2 6.6 -.9 5.3 -6.3 .6 -6.7 3.6 -1.8 5.2 3.6 1.7 1.9 66 67 68 1.2 .3 .9 3.1 1.6 1.7 .6 .8 -.6 3.6 2.5 1.1 6.5 5.6 1.1 6.0 2.5 1.6 3.9 1.6 2.3 .1 .5 -.6 .7 .3 .6 69 50 51 12.7 8.6 6.3 19.3 12.1 7.2 23.6 12.6 11.0 23.0 10.5 12.5 18.0 5.9 12.1 25.2 13.3 11.9 27.7 8.9 18.8 21.0 13.8 7.2 52 53 56 6.6 1.9 6.5 12.9 .6 12.3 7.3 13.0 -5.7 6.8 .3 6.5 26.0 11.8 12.2 5.2 -6.6 9.6 -7.6 7.5 -16.9 55 56 57 19.6 9.3 10.1 17.0 12.0 6.9 23.1 19.0 6.1 17.5 18.6 -1.1 26.6 23.6 .7 2.9 13.5 -10.6 58 59 60 2.2 .6 1.5 5.5 3.3 2.2 9.1 5.9 3.2 18.8 10.6 8.2 13.9 7.7 6.2 61 62 2.3 22.7 •6 -18.6 6.6 6.2 52.9 .3 63 .6 -12.6 1.0 3.6 Savings and loan assns. Treasury issues Agency Issues 60 61 62 5.6 .6 5.0 Mutual savings banks Treasury issues Agency issues 63 66 65 5.8 2.6 3.6 5.1 2.2 3.0 Credit unions Treasury Issues Agency Issues 66 67 68 25.0 10.6 16.5 10.6 3.9 6.6 12.8 12.7 .1 Life Insurance companies 69 Treasury Issues 50 Agency Issues 51 5.6 -13.8 19.2 13.0 15.9 -2.9 3.5 -2.6 6.1 6.2 9.9 -3.7 Private pension funds Treasury Issues Agency issues 26.1 18.1 6.0 18.5 19.1 -.6 36.0 35.8 .3 6.0 -6.5 8.5 13.2 6.8 6.6 St.Slocal govt.rtr.funds 55 Treasury issues 56 Agency issues 57 21.6 12.6 8.8 18.8 10.9 7.9 21.1 11.0 10.1 15.6 10.8 6.6 15.3 8.7 6.5 11.9 8.9 3.0 Other insurance cos. Treasury issues Agency Issues 37.5 5.6 30.3 2.9 62.6 .8 101.2 -7.9 63.5 16.7 86.2 -36.8 68.3 7.9 -2.6 5.3 -2.8 16.6 -3.8 8.6 -.5 Mutual funds (Treasury) 61 Money mkt.funds (Treas.) 62 Security brokers and dealers (Treasury) 63 til For purchases. agency Issues include loan participations. (2) These Issues are outside both the budget and the U.S. government sector in the Flow of Funds Accounts. They are included in credit market debt of financial institutions. BILLIONS OF DOLLARS. 36 II1/86 BASED ON INCOMPLETE INFORMATION 52 53 56 58 59 60 DECEMBER 22. 1986 Private Securities Private Securities 38 Tax-Exempt Debt end Corporate and Foreign Securities UNADJUSTED NET FLOWSCS MILL) UNADJUSTED NET FLOWS($ MILL) I II 1985 III IV I 1 1986 II I III 1978 BILLIONS OF DOLLARS 1980 1981 1979 Tax-Exempt Debt Securities and Loans 8.045 3.881 -2.850 6.731 19.975 13.097 233 12.864 26.175 18.938 4.649 14.289 98.175 63.691 -730 64.421 -9.603 -3.935 -782 -3.153 12.831 16.322 698 15.624 42.079 42.462 10.200 32.262 28.4 18.1 .6 17.5 30.3 17.4 1.0 16.5 30.3 16.3 1.7 14.6 23.4 5.5 1.1 4.4 1 2 3 4 2.464 1.700 2.378 4.500 1.837 5.400 23.484 11.000 -2.668 -3.000 159 -3.650 1.317 -1.700 2.6 7.7 2.9 10.0 3.1 10.9 4.4 13.4 5 6 7 Net change in assets 8 Households 9 Nonfin. corporate business 10 StateSlocal govt. gen. funds 8.045 408 73 -366 19.975 10*366 48 85 26.175 9.947 99 -710 98.175 -9.603 38.664 -17.535 580 616 -160 -3 12.831 7.219 691 -403 42.079 17.389 -193 -47 28.4 4.1 .2 -.7 30.3 10.4 N -.5 30.3 7.0 -.2 .2 23.4 7 11.0 8 K 9 .1 10 11 12 13 Commercial banking Savings and loan assns. Mutual savings banks -4.896 7 15 2.094 -35 1 10.926 -22 14 49.048 -17.651 447 -170 -17 216 -5.260 -105 -25 10.153 2 126 9.6 .1 .5 9.5 -.1 -.4 13.6 M -.5 5.0 11 .1 12 -.1 13 14 15 16 17 Insurance Life insurance companies StateSlocsl govt.rtr.funds Other insurance companies 395 178 16 201 331 23 -272 580 730 130 -53 653 1.439 664 -297 1.072 193 -34 -290 517 1.309 440 353 516 758 492 9 257 14.3 .4 .4 13.5 9.9 » K 9.9 8.1 .3 .1 7.7 4.2 .5 -.2 4.0 18 19 Mutual funds Brokers and dealers 12.809 -400 6.485 600 5.191 6.948 800 25.657 -500 9.405 14.628 -737 .5 -.2 1.4 .2 2.0 K 2.9 18 .2 19 1 Net change in liabilities 2 State and local governments Short-term 5 Other 4 5 6 Households 8 nonprof. org. Nonfin. corporate business (industrial revenue bonds) 14 15 16 17 Corporate and Foreign Bonds 22.044 16.440 626 32,234 18.884 2.116 24,095 16,975 654 36,038 21.579 622 42,882 29.828 4.024 36,816 33,667 -475 29.653 24.235 630 33.1 21.1 4.2 26.6 17.3 3.9 30.1 27.7 .8 32.6 22.8 5.4 1 2 3 4.978 4,150 118 695 15 11,234 3,625 363 7,230 16 6,466 3,660 1,639 1,151 16 13,837 5.472 1,475 6,868 22 9,030 1,198 810 7,005 17 3,624 1,308 745 1,574 -3 4,788 1.205 8 3.555 20 7.8 1.0 .7 6.4 -.2 5.5 -.2 1.4 4.3 « 1.6 1.3 .4 .1 -.2 4.4 2.0 -.5 3.6 -.7 4 5 6 7 8 9 Net purchases 10 Households 11 Foreign 12 Commercial banking 13 Mutual savings banks 22.044 8.733 10.072 700 344 32,234 1,687 4,181 3.605 -287 24,095 -4,506 7,686 1,365 -474 36,038 7.271 14,772 161 -2,065 42,882 15,555 9,463 2,618 -816 36.816 29.653 -580 -20.930 11,904 9,913 5.334 6,613 -355 175 33.1 -4.2 1.9 -.3 .1 26.6 -4.5 2.6 -.1 -1.1 30.1 -11.7 8.2 .6 .7 32.6 -4.0 8.4 ft -1.0 9 10 11 12 13 14 15 16 17 18 Insurance Life Insurance companies Private pension funds St.81oc. govt. rtr. funds Other Insurance companies 5,259 8.207 1,683 -5,987 1,356 15.559 9.486 147 3.432 2,494 15,844 8.920 2,983 1.839 2,102 20,280 11,190 947 5,910 2,233 7,933 9,106 -1.322 -2,050 2.199 19,618 8.431 -7 9.133 2,061 22,548 6,835 5.917 7,694 2.102 36.7 17.3 8.7 9.0 1.8 30.3 11.6 13.5 3.2 2.0 30.4 8.7 12.1 9.5 ft 24.8 7.3 5.4 9.2 2.8 14 15 16 17 18 19 20 Mutual funds Brokers and dealers -3,009 -55 5.731 1.758 4,549 -369 -3.630 -751 3.940 4,189 3.055 -3,439 12.032 581 -.7 -.4 .8 -1.5 1.3 .7 25,079 43,788 1.7 -.1 -3.9 .4 21.2 4.5 r3.3 6.0 1 2 Other sectors -16,641 -13,536 -14.557 -21.185 -10.683 -14,540 -18,709 Nonfin. corporate business -21.075 -16,775 -18.750 -25.000 -15,000 -18,750 -19,500 Foreign 789 2.109 2.138 -793 1,951 210 1.009 395 Commercial banking 300 350 360 375 390 411 Other insurence companies 2,334 2,489 2,312 1,750 1,500 1.043 1,865 REITs 68 130 318 345 335 339 177 1.8 -.1 -.5 1.1 .8 .4 -4.3 -7.8 .8 1.3 .9 •5 16.8 12.9 2.1 .4 1.2 .3 -9.3 -11.5 .3 .5 1.1 .3 3 4 5 6 7 8 1.7 -6.3 -.1 -6.2 -3.9 -22.9 .4 -23.3 21.2 -6.3 4.5 -10.8 -3.3 9 -29.0 10 6.0 11 -34.9 12 5.8 13 -.1 14 -.6 15 1 Net issues 2 Nonfin. corporate business 3 Foreign 4 5 6 7 8 Total finance Commercial banking Savings and loan assns. Finance companies REITs 1.6 19 2.7 20 Corporate Equities 1 Net issues Mutual funds 2 3 4 5 6 7 8 9 Net purchases 10 Households 11 Mutual fund shares 12 Other equities IS 14 15 Foreign Commerdel banking Mutual savings banks 16 17 18 19 20 21 22 6,904 23,545 10.070 23,606 9,761 24,318 10.719 31,904 49.331 60.014 27,756 42,296 6,904 10,070 9.761 10,719 49,331 27,756 25,079 5,148 34.398 13.062 20,212 -2.601 -5,477 2.090 23,545 23,606 24.318 31,904 60,014 42,296 43.788 -26,146 -29.083 -22,228 -26,756 -25,616 -29,234 -23.576 -1,213 65 101 653 5 140 1,410 11 -39 4.119 5 -270 6.370 9 20 7,144 -19 315 4,692 — 364 2.4 » .1 1.7 ft -.1 5.4 ft -.5 Insurance Life Insurance companies Private pension funds St.Sloe. govt. rtr. funds Other Insurance companies 6.870 2,022 238 5,267 -657 10.468 1,842 -475 9,929 -828 4,915 1,064 1.161 3,010 -320 155 995 -3,280 2,590 -150 -1.843 522 -5.332 2,558 409 3,406 1.618 -793 1,904 677 -2,923 499 -5,260 1.238 600 7.5 -.1 3.0 2.6 2.0 21.7 .6 13.7 4.1 3.2 23.9 .5 15.0 5.3 3.1 Mutual funds Brokers and dealers 3,737 -55 2,522 1,759 1,743 -369 2.314 -752 6.188 4,189 7,288 -3,440 2,152 582 -1.6 -.4 -2.8 -1.5 -1.8 .7 II1/86 BASED ON INCOMPLETE INFORMATION 18.4 2.9 6.4 7.1 2.0 16 17 18 19 20 -.6 21 2.7 22 DECEMBER 22, 1986 Private Securities Private Securities Tax-Exempt Debt and Corporate and Foreign Securities 39 SEASONALLY ADJUSTED ANNUAL RATES 1982 1983 1984 SEASONALLY ADJUSTED ANNUAL RATES 1985 I I II 1985 IV III I I 1986 II I III Tax-Exempt Debt Securities and Loans 1 2 3 4 44.2 20.6 6.7 13.9 53.7 32.9 -1.5 34.4 50.4 19.7 -3.7 23.3 152.4 99.6 1.3 98.3 59.7 43.0 -.2 43.2 75.2 47.7 -4.9 52.6 96.0 67.1 15.7 51.3 378.6 240.6 -5.4 246.1 -8.3 14.4 9.0 5.4 48.1 62.1 -3.3 65.4 5 6 8.5 15.1 11.4 9.4 10.2 20.5 30.2 22.6 9.9 6.8 9.5 18.0 7.3 21.6 93.9 44.0 -10.7 -12.0 .6 -14.6 7 8 9 10 44.2 24.7 .1 .2 53.7 37.8 .7 .6 50.4 28.7 -.1 1.1 152.4 59.4 .8 -1.0 59.7 15.1 .3 -1.5 75.2 26.6 .2 .3 96.0 42.3 .4 -2.8 378.6 153.6 2.5 « -8.3 -55.5 2.3 -.6 48.1 13.9 2.8 -1.6 11 12 13 4.5 -.5 .2 4.8 .1 -.3 10.8 -.2 -.1 57.2 .4 .2 -6.3 « .1 18.8 -.1 M 32.2 -.1 .1 184.0 1.8 .9 -56.1 -.7 -.1 -9.0 -.4 -.1 26.6 K .5 14 15 16 17 4.2 1.9 -.7 3.0 -.5 .9 -1.1 -.3 -3.7 -1.3 -.5 -1.9 2.9 1.0 -.6 2.5 2.4 1.6 .1 .8 1.1 -.1 -1.1 2.3 3.2 .8 -.2 2.6 4.9 1.8 -1.2 4.3 1.7 .8 -1.2 2.1 4.9 1.5 1.4 2.1 3.4 2.3 « 1.0 18 19 10.9 -.2 10.3 .4 13.4 .6 31.4 1.0 51.2 -1.6 25.9 2.4 20.8 - 27.8 3.2 102.6 -2.0 37.6 - 58.5 -2.9 156.7 Net change in liabilities 158.2 State and local governments 37.9 Short-term Other 120.3 5.3 -6.8 Households 8 nonprof. org. Nonfin. corporate business (industrial revenue bonds) 1 2 3 4 5 6 156.7 Net change in assets 7 71.7 Households 8 -.8 Nonfin. corporate business 9 -.2 Statetloeal govt. gen. funds 10 Commercial banking Savings and loan assns. Mutual savings banks 11 12 13 Insurance Life Insurance companies State81ocal govt.rtr.funds Other insurance companies 14 15 16 17 Mutual funds Brokers and dealers 18 19 115.1 Net issues 99.6 Nonfin. corporate business Foreign 2.5 1 2 3 Corporate and Foreign Bonds 1 2 3 37.8 18.7 6.7 31.2 16.0 3.1 70.7 46.1 1.3 114.4 73.9 4.0 86.5 67.3 2.5 140.5 78.1 8.5 94.2 70.2 2.6 136.5 80.0 2.5 168.9 120.6 16.1 160.8 137.6 -1.9 4 5 6 7 8 12.5 6.0 .2 6.4 12.1 8.4 K 23.3 12.9 1.2 9.2 .1 36.5 16.9 3.6 15.9 .1 16.7 16.6 .5 -.4 .1 53.9 14.5 1.5 37.9 .1 21.4 14.6 6.6 .1 .1 54.1 21.9 5.9 26.2 .1 32.2 4.8 3.2 24.1 .1 25.2 5.2 3.0 17.0 9 10 11 12 13 37.8 2.0 10.6 1.5 -1.1 31.2 -12.7 4.6 4.7 3.0 70.7 -3.4 14.8 4.2 -1.5 114.4 13.2 36.7 5.8 -2.5 86.5 24.4 40.3 2.8 1.4 140.5 26.4 16.7 14.4 -1.1 94.2 -25.3 30.7 5.5 -1.9 136.5 27.3 59.1 .6 -8.3 168.9 50.1 37.9 10.5 -3.3 160.8 19.6 47.6 26.5 -1.4 14 15 16 17 18 25.7 16.2 6.5 3.5 -.5 23.6 16.7 11.7 -.7 -4.2 49.7 23.7 10.4 11.5 4.1 56.9 37.8 5.8 5.2 8.2 21.7 33.5 6.7 -23.9 5.4 58.2 33.9 .6 13.7 10.0 65.7 38.0 11.9 7.4 8.4 82.1 45.8 3.8 23.6 8.9 32.6 37.3 -5.3 -8.2 8.8 74.6 29.8 19 20 .2 -.9 2.7 5.3 3.6 3.3 3.6 .6 -12.0 8.0 22.9 3.0 18.2 1.3 -14.5 -9.9 K 3.6 M a 12.9 4.8 a 8.0 .1 Total finance Commercial banking Savings and loan assns. Finance companies REITs 115.1 Net purchases -92.4 Households Foreign 39.7 21.3 Commercial banking .7 Mutual savings banks 4 5 6 7 8 9 10 11 12 13 36.5 8.2 92.5 29.7 23.7 30.8 8.4 Insurance Life Insurance companies Private pension funds St.Sloc. govt. rtr. funds Other Insurance companies 14 15 16 17 18 15.8 25.3 12.2 -18.2 48.1 5.2 Mutual funds Brokers and dealers 19 20 a Corporate Equities 1 2 33.6 16.8 67.0 32.1 -31.1 38.0 37.5 103.4 24.5 91.1 42.1 96.2 42.4 100.6 40.8 125.6 194.2 236.9 112.7 170.8 104.1 Net Issues 178.9 Mutual funds 1 2 3 4 5 6 7 8 16.8 11.4 1.5 .6 2.8 .6 34.9 28.3 3.9 .8 1.5 .4 -69.1 -77.0 1.2 1.1 3.9 1.7 -65.9 -81.6 4.0 1.4 9.0 1.3 -66.6 -84.3 7.8 1.2 7.5 1.3 -54.1 -67.1 .8 1.4 9.3 1.4 -58.2 -75.0 4.0 1.4 10.0 1.3 -84.7 -100.0 3.2 1.5 9.2 1.4 -42.7 -60.0 8.4 1.6 7.0 .3 -58.2 -75.0 8.6 1.6 6.0 .7 -74.8 -78.0 -3.2 1.6 4.2 .5 3 4 5 6 7 8 9 10 11 12 33.6 2.1 16.8 -14.7 67.0 14.8 32.1 -17.3 -31.1 -36.4 38.0 -74.3 37.5 -.8 103.4 -104.2 24.5 -14.7 91.1 -105.8 42.1 -23.1 96.2 -119.3 42.4 7.9 100.6 -92.7 40.8 26.5 125.6 -99.1 194.2 133.9 236.9 -103.0 112.7 50.7 170.8 -120.1 13 14 15 3.9 5.4 5.0 .1 -.1 -6.3 .3 .4 7.7 15.9 24.1 .3 -3.0 -.1 -.2 2.6 -.5 .6 -.2 -1.1 .1 28.6 -.1 1.3 20.8 — 1.5 16 17 18 19 20 25.5 3.4 13.4 6.0 2.7 27.4 3.1 2.3 20.0 2.1 -.7 .7 -4.3 7.3 -4.3 22.4 5.9 -2.4 20.8 -2.0 23.1 8.1 -3.4 21.1 -2.6 48.5 7.4 4.7 39.7 -3.3 17.3 4.3 2.3 12.0 -1.3 .7 4.0 -13.0 10.4 — .6 -12.7 2.1 -26.7 10.2 1.6 21.0 6.5 4.2 7.6 2.7 -14.2 2.0 -23.6 5.0 2.4 21 22 3.5 -.9 5.9 3.3 10.3 .6 13.7 8.0 10.5 3.0 8.4 1.3 8.7 -9.9 23.5 25.3 29.4 -18.2 10.3 5.2 a a 13.7' 5.3 BILLIONS OF DOLLARS. a II1/86 BASED ON INCOMPLETE INFORMATION a a a Other sectors Nonfin. corporate business Foreign Commercial banking Other insurance companies REITs 104.1 Net purchases 80.5 Households 178.9 Mutual fund shares -98.4 Other equities 9 10 11 12 Foreign Commercial banking Mutual savings banks 13 14 15 Insurance Life Insurance companies Private pension funds St.Sloc. govt. rtr. funds Other insurance companies 16 17 18 19 20 Mutual funds Brokers and dealers 21 22 DECEMBER 22. 1986 Mortgages - I Mortgages - I Mortgage Markets by Type of Mortgage 40 UNADJUSTED NET FLOWS($ MILL) UNADJUSTED NET FLOWSC$ MILL) I II 1985 III IV I 1 1986 II I III 1978 BILLIONS OF DOLLARS 1979 1980 1981 Total Mortgages 1 Net change in mortgages Home mortgages 2 Multi-family resid. 3 6 Commercial Farm 5 66.305 27.779 5.681 13.128 -83 58,802 36,692 6,717 16,629 -1.036 66,133 66.809 6,679 15,620 -2,575 66,195 61,227 10,631 17,228 -2,691 69,530 26,273 8.269 16,166 -1,158 65,783 67,873 6,260 13.937 -2.267 76,661 55,726 7,786 16,608 -1,679 151.2 110.2 10.9 22.0 8.2 166.8 116.6 9.9 26.6 16.0 131.1 96.2 7.5 19.2 10.2 109.2 72.2 6.7 22.2 10.0 1 2 3 6 5 6 Borrowings by: 7 U.S. government 8 REITs 66.305 -25 10 58,802 -20 12 66,133 -13 15 66.195 -11 18 69.530 -11 26 65,783 -9 276 76,661 -12 132 151.2 -.1 166.8 -.1 M 131.1 -.1 N 109.2 -.1 M 6 7 8 66.320 33.729 605 11.986 -83 15.111 -3.062 58,810 31,030 602 27,178 -1,036 25.688 2,726 66.131 62,295 599 21.237 -2,575 22,531 1,281 66,188 62,315 596 23,277 -2.691 26,512 -566 69,517 31,563 593 17,361 -1,158 21.015 -2.696 65,516 61,223 590 23.703 -2,267 22,658 3.312 76,321 52,076 587 23,660 -1,679 23.266 1,893 151.2 108.6 1.3 61.3 8.2 28.5 6.6 166.9 117.6 1.5 65.8 16.0 30.3 1.5 131.2 96.6 1.9 32.9 10.2 21.0 1.7 109.3 75.0 2.3 32.0 10.0 23.9 -2.0 9 10 11 12 13 16 15 66.305 1.070 2.056 58.802 2,232 2,136 66,133 -568 2.600 66.195 1,269 3.016 69.530 1,922 6,612 65,783 608 3,700 76,661 1,852 2,000 151.2 11.9 2.5 166.8 16.5 6.5 131.1 17.5 9.8 109.2 16 18.0 17 7.7 18 9 10 11 12 13 16 15 Private nonfinancial sectors Households Nonprofit institutions Nonfinancial business Farms Nonfarm noncorporate Corporate 16 Funds advanced by: Households 17 St.Sloe. govt. gen. funds 18 19 20 21 U.S. government Sponsored credit ag. (1) Mortgage pools 201 5.027 15.066 697 2,782 17.057 580 706 22,252 563 689 25,522 1 -1.273 25,733 -222 -2,982 36,675 -9 -1,228 66,778 6.2 12.2 13.6 6.6 16.6 23.1 7.5 16.2 19.2 6.9 19 12.6 20 15.0 21 22 23 26 25 26 27 Private finan. institutions Commercial banking Savings institutions SSL associations (1) Mutual savings banks Credit unions 22.905 8.658 11.766 9.132 1.668 1.166 36,098 12,590 15,222 13,168 1,571 683 38,565 16,853 18,230 16,729 2.931 570 35.156 13,787 11,987 10,768 1,606 -367 18,535 11,907 1,697 1,889 -177 -15 30,206 16,853 5,968 5,157 687 126 29,068 15,613 5,123 809 3,230 1.086 106.7 35.1 57.8 50.8 6.6 .6 97.7 30.6 68.2 66.0 3.6 .6 62.9 17.5 29.6 28.3 .6 .7 50.9 21.6 17.1 17.7 -.6 -.2 22 23 26 25 26 27 1.978 1,771 120 58 29 626 99 3.812 3,666 120 30 18 2,331 163 2,608 2,666 — -38 2,703 151 7,029 7.037 5 -13 327 2.026 3,129 3,026 60 91 -28 1,568 236 5,191 5,218 15 -62 3,885 307 5,165 5,200 — 20 -55 2,867 300 10.1 9.3 .2 .5 M 6.9 -1.1 16.0 12.3 .6 1.0 .3 5.8 -1.0 16.7 12.7 .6 1.3 .3 1.9 -.7 9.0 6.7 .3 1.6 .6 6.6 -1.1 28 29 30 31 32 33 36 6,116 3,090 35 (1) Memo: FHLB loans to saving 70 6,938 associations (included in "other loans" category). -1,606 7,609 6.196 12.5 9.2 7.1 28 29 30 31 32 33 36 Insurance Life insurance companies Private pension funds St.Sloe. govt, rtr.funds Other insurance cos. Finance companies REITs 16.2 35 Home Mortgages 1 Net borrowing Households 2 Nonfarm noncorp. business 3 6 Nonfin. corporate business 27.779 33,729 -2,975 -2,975 36,692 31,030 2,731 2,731 66,809 62,295 1,257 1,257 61,227 62,315 -566 -566 26,273 31,563 -2,665 -2,665 67,873 61,223 3,325 3,325 55,726 52,076 1,826 1,826 110.2 108.6 .8 .8 116.6 117.6 -.5 -.5 96.2 96.6 -1.1 -1.1 72.2 75.0 -1.6 -1.6 1 2 3 6 5 Net change in assets 6 Households 7 State and local governments 27,779 -301 1,677 36,692 1,275 1,360 66,809 -1,638 1,558 61,227 622 1,690 26,273 256 1,803 67,873 -127 1,500 55,726 -88 600 110.2 6.7 2.0 116.6 8.7 6.7 96.2 16.6 7.9 72.2 15.1 5.8 5 6 7 8 9 10 11 U.S. government Spons. credit agencies Mortgage pools Commercial banking 206 6,932 16,163 2,235 50 3,267 16,667 6,605 388 1,860 22,212 6,116 268 1,703 25,533 6,505 -162 699 23,671 2,956 -688 -2,317 36,366 5,566 -269 -1,026 66,631 6,115 1.9 9.0 12.6 26.1 2.3 9.2 21.8 20.0 2.7 7.6 18.7 11.0 2.6 8 5.1 9 16.3 10 9.9 11 12 13 16 15 Savings institutions Savings and loan assns. Mutual savings banks Credit unions 5.108 3,130 832 1,166 7,287 6,007 797 683 11,667 9,382 1,715 570 8,299 7.566 1,102 -367 -6,776 -5,815 1,056 -15 5,575 6,818 633 126 2,569 206 1,281 1,086 50.0 66.6 6.8 .6 62.8 39.6 2.8 .6 28.0 26.2 1.1 .7 15.9 15.8 .3 -.2 12 13 16 15 16 17 18 19 Insurance Life Insurance companies Private pension funds St.Sloe. govt. rtr. funds -266 -251 -10 -5 -299 -251 -10 -38 -212 -166 -68 -1,093 -1,073 — -20 160 226 10 -96 3 3 360 350 10 -.2 -.3 .2 -.1 2.3 1.7 .3 .3 2.5 1.8 .2 .6 -.6 -.7 .1 .3 16 17 18 19 20 21 Finance companies REITs 261 6 2,289 11 2,868 10 71 69 1,673 13 3,785 12 2,797 17 6.5 -.2 5.1 -.2 1.5 -.1 6.3 20 -.1 21 II1/86 BASED ON INCOMPLETE INFORMATION - - DECEMBER 22. 1986 Mortgages - I Mortgages - I Mortgage Markets by Type of Mortgage 41 SEASONALLY ADJUSTED ANNUAL RATES 1982 1983 1986 1985 SEASONALLY ADJUSTED ANNUAL RATES I 1 I II 1985 III IV I 1 I 1986 II III Total Mortgages 1 2 3 6 5 85.6 50.5 5.3 25.3 6.2 183.0 117.1 16.0 69.0 2.8 217.8 129.9 25.1 63.5 -.8 235.4 150.3 29.1 62.4 -6.4 206.2 125.5 22.0 59.4 -.7 224.2 140.7 27.1 61.3 -4.9 238.5 162.7 26.2 59.4 -9.9 272.9 172.3 41.0 69.6 -10.1 219.9 119.9 33.2 71.8 -5.0 252.1 186.3 25.2 50.2 -9.7 286.1 Net change in mortgages Home mortgages 205.1 Multi-family resid. 31.5 55.0 Commercial -5.5 Farm 1 2 3 4 5 6 7 8 85.6 -.1 .1 183.0 -.1 * 217.8 -.1 .4 235.4 -.1 .1 206.2 -.1 M 224.2 -.1 K 238.5 -.1 .1 272.9 M .1 219.9 w .1 252.1 N 1.1 286.1 Borrowings by: K U.S. government REITs .5 6 7 8 9 10 11 12 13 16 15 85.6 69.5 2.6 33.3 6.2 30.3 -1.2 183.0 110.6 2.5 70.1 2.8 63.8 3.5 217.5 129.3 2.5 85.7 -.8 86.2 .3 235.4 149.4 2.4 83.7 -6.4 89.6 .4 206.2 124.7 2.4 79.1 -.7 79.7 .1 224.2 139.8 2.4 82.1 -4.9 86.5 .5 238.5 162.4 2.4 73.6 -9.9 83.3 .2 272.9 170.6 2.4 99.9 -10.1 109.1 .9 219.9 114.7 2.4 102.8 -5.0 104.5 3.2 251.0 182.1 2.4 66.6 -9.7 74.2 2.1 285.6 200.5 2.3 82.7 -5.5 85.7 2.6 16 17 18 85.6 13.3 5.2 183.0 .6 7.9 217.8 6.4 10.2 235.4 4.0 9.8 206.2 3.3 8.2 224.2 9.3 8.5 238.5 -1.3 10.4 272.9 4.6 12.1 219.9 6.8 18.4 252.1 2.9 14.8 286.1 Funds advanced by: 8.4 Households St.Sloe. govt. gen. funds 8.0 19 20 21 2.6 16.1 69.5 1.2 10.6 66.6 .5 12.3 44.4 1.8 9.2 79.9 1.4 18.4 60.5 1.8 11.3 74.8 1.6 5.4 85.8 2.6 1.7 98.4 .7 -7.1 103.6 -1.1 -11.8 145.1 -.8 -1.8 175.5 U.S. government Sponsored eredit ag. <1) Mortgage pools 19 20 21 22 23 26 25 26 27 .9 16.0 -25.6 -22.9 -2.5 -.2 96.7 29.2 53.5 47.1 3.6 2.8 143.9 44.6 85.7 77.5 6.9 1.3 130.7 49.9 57.2 47.8 7.6 1.8 114.3 45.5 53.6 47.6 5.4 .6 118.6 45.6 50.9 40.3 6.6 4.0 136.5 53.6 61.2 45.8 10.9 4.6 153.5 54.9 63.0 57.5 7.4 -1.9 97.6 58.8 13.5 18.9 -1.3 -4.1 102.2 54.7 13.2 7.5 3.1 2.6 96.8 56.2 7.6 -11.0 12.0 6.6 Private finan. institutions Commercial banking Savings Institutions SSL associations (1) Mutual savings banks Credit unions 22 23 24 25 26 27 28 29 30 31 32 33 36 6.0 6.2 .3 1.3 .3 6.6 * 10.7 9.0 .1 .9 15.4 15.1 .2 .1 K 5.8 2.4 11.3 10.4 .6 .2 .1 3.4 .4 14.8 14.1 .5 .1 .1 6.8 .6 11.1 11.2 K -.2 3.2 .1 6.9 5.7 .3 .6 .3 5.8 .8 — 10.0 .6 24.6 24.6 K N -.1 2.9 8.1 16.2 15.7 .3 .4 -.1 8.2 .9 20.2 20.3 a .1 -.2 12.8 1.2 21.2 21.4 K .1 -.2 10.6 1.2 35 .8 -7.0 15.7 14.2 12.3 11.1 19.4 14.1 11.3 (1) Memo: FHLB loans to saving 35 5.6 21.3 associations (included in "other loans" category). .i Private nonfinancial sectors Households Nonprofit institutions Nonfinancial business Farms Nonfarm noncorporate Corporate Insurance Life Insurance companies Private pension funds St.Sloe. govt. rtr.funds Other Insurance cos. Finance companies REITs 9 10 11 12 13 14 15 16 17 18 28 29 30 31 32 33 34 Home Mortgages 1 2 3 4 50.5 49.5 .5 .5 117.1 110.4 3.3 3.3 129.9 129.3 .3 .3 150.3 149.4 .5 .5 125.5 124.7 .4 .4 140.7 139.8 .5 .5 162.7 162.4 .1 .1 172.3 170.6 .9 .9 119.9 114.7 2.6 2.6 186.3 182.1 2.1 2.1 205.1 Net borrowing Households 200.5 Nonfarm noncorp. business 2.3 Nonfin. corporate business 2.3 1 2 3 4 5 6 7 50.5 11.4 3.0 117.1 -3.7 5.2 129.9 2.6 5.4 150.3 -.2 5.9 125.5 -1.2 5.9 140.7 5.1 5.4 162.7 -6.6 6.2 172.3 1.7 6.0 119.9 1.0 7.2 186.3 -.5 6.0 205.1 Net change in assets -.4 Households 2.4 State and local governments 5 6 7 8 9 10 11 1.5 10.3 49.3 2.7 .7 9.4 65.2 8.7 .6 11.2 43.4 12.9 .9 11.7 78.6 17.5 1.3 18.1 56.9 17.3 .1 13.6 73.2 15.0 .8 10.0 85.7 21.2 1.3 5.2 98.4 16.3 -.1 .8 95.3 20.4 -2.1 -8.7 144.6 18.8 -1.8 -.9 174.9 20.8 U.S. government Spons. credit agencies Mortgage pools Commercial banking 8 9 10 11 12 13 14 15 -32.0 -30.0 -1.8 -.2 30.0 22.1 5.1 2.8 50.0 45.4 3.3 1.3 32.4 26.1 4.4 1.8 25.2 21.8 2.8 .6 22.5 15.1 3.4 4.0 35.5 24.4 6.5 4.6 46.2 43.0 5.1 -1.9 -14.3 -13.7 3.5 -4.1 15.3 10.0 2.7 2.6 -1.8 -13.1 4.7 6.6 Savings institutions Savings and loan assns. Mutual savings banks Credit unions 12 13 14 15 16 17 18 19 -.2 -.5 .1 .1 -1.5 -1.4 K * -1.4 -1.2 -.2 -.1 -1.9 -1.7 K -.1 -.7 -.7 K M -.9 -.7 K -.2 -.8 -.6 « -.2 -5.0 -4.9 K -.1 .9 1.2 .1 -.4 •3 .3 — - 1.4 1.4 M M Insurance Life Insurance companies Private pension funds St.Sloc. govt. rtr. funds 16 17 18 19 20 21 4.6 M 3.2 H 5.1 « 5.4 .1 2.6 » 6.7 M 10.6 K 1.9 .2 8.6 .1 12.4 N 10.4 .1 Finance companies REITs 20 21 BILLIONS OF DOLLARS. II1/86 BASED ON INCOMPLETE INFORMATION DECEMBER 22, 1986 Mortseses -II Mortsases - II Mortsase Markets (Continued) 42 UNADJUSTED NET FLOWS($ MILL) UNADJUSTED NET FLOWS (S MILL) II I 1985 III IV 11 11 1986 II I 1978 III BILLIONS OF DOLLARS 1979 1980 1981 Multi-Family Residential Mortsasas 1 Net borrowlns Nonfarm noncorp. business 2 Nonfin. corporate business 3 6 REITs U.S. sovernment 5 5*481 5*586 -83 3 -25 6*717 6*783 -50 4 -20 6,479 6,537 -50 5 -13 10*431 10*386 50 6 -11 8,269 8.122 150 8 -11 6*240 6*083 75 91 -9 7,786 7*601 153 44 -12 10.9 8.2 2.7 a -.1 9.9 7.6 2.4 7.5 4.6 3.0 4.7 4.1 .8 -.1 -.1 -.1 1 2 3 4 5 6 Net chanse in assets 7 Households State and local sovernments 8 5*481 645 513 6,717 562 631 6,479 1*046 804 10*431 1.020 1.232 8*269 800 1,967 6*240 631 1*900 7*786 1*162 1*400 10.9 2.1 .4 9.9 2.1 1.4 7.5 1.1 1.5 4.7 .1 1.2 6 7 8 9 10 11 12 U.S. sovernment Spons. credit asendes Mortsase pools Commercial banks -239 242 903 403 222 525 347 915 -79 534 158 672 119 646 72 1*120 196 -585 1,993 1*936 66 1,267 112 996 140 974 185 1*369 .9 a 1.5 1.1 1.1 .2 1.2 .9 1.9 .2 .7 1.7 1.0 9 -.1 10 .9 11 2.1 12 IS 16 15 Savinss institutions Savinss and loan assns. Mutual savinss banks 2*791 2.599 192 3.346 3*088 258 3*345 2.890 455 4*985 4*555 430 1*840 2*321 -481 888 448 440 1*607 922 685 4.3 3.5 .8 2.1 1.5 .6 a .6 -.6 -.7 13 -.4 14 -.2 15 16 17 18 Life Insurance companies Private pension funds St.Slocal sovt. rtr. funds 65 30 -20 58 30 28 13 — -16 820 — - 115 10 38 172 — 15 800 — 10 .2 -.1 .6 .2 .6 .3 -.2 .5 -.2 16 a 17 .9 18 19 20 Finance companies REITs 111 37 -2 55 -56 58 152 265 -110 69 100 93 50 89 .3 -.5 .3 -.2 .2 -.3 -.1 19 -.3 20 a a a a Commercial Mortsases 1 Net borrowlns Households 2 3 Nonfarm noncorp. business 4 Nonfin. corporate business REITs 5 6 Net chanse in assets Households 7 State and local sovernments 8 U.S. sovernment 9 10 Commercial banklns 13*128 605 12,500 16 7 16*629 602 15,974 45 8 15*420 599 14,737 74 10 17*228 596 16*670 -50 12 16*146 593 15*538 -1 16 13.937 590 13*250 -88 185 14*408 587 13*819 -86 88 22.0 1.3 19.5 1.1 .1 24.4 1.5 23.3 -.4 19.2 1.9 17.5 -.2 22.2 2.3 21.2 -1.3 13.937 741 250 91 7,853 14*408 1*326 — 66 7,715 22.0 1.3 .6 9.2 24.4 1.1 .2 .8 9.7 19.2 .9 .2 1.2 4.8 22.2 6 1.1 7 .5 8 1.0 9 9.8 10 13*128 700 57 46 5*892 16*629 903 141 75 6*768 15*420 1,417 237 87 7*636 17,228 958 294 85 7.841 16,146 1*065 664 18 6*575 a a a a 1 2 3 4 5 11 12 13 Savinss Institutions Savinss and loan assns. Mutual savinss banks 3*847 3,403 444 4*589 4,073 516 3,135 2*457 678 -1*265 -1,371 106 4,629 5*383 -754 -513 -109 -404 962 -317 1*279 3.5 2.7 .8 3.3 3.1 .2 1.6 1.5 1.9 11 2.4 12 -.6 13 14 15 16 17 Life insurance companies Private pension funds St.Slocal sovt. rtr. funds Other insurance companies 2*246 100 83 29 3*874 100 40 18 2*888 — 26 - 7*487 — 25 -13 2*899 20 147 -28 5*355 — — -42 4*200 — — -55 7.8 .1 a 8.7 .1 .2 .3 9.7 .4 .3 .3 7.5 .3 .4 .4 18 19 Finance companies REITs 72 56 44 77 -89 83 104 1*712 5 152 202 194 .1 -.5 .5 -.5 .1 -.4 .2 18 -.6 19 a a 14 15 16 17 Farm Mortseses 1 Net borrowlns -83 -1*036 -2,575 -2*691 -1*158 -2,267 -1,479 8.2 14.0 10.2 10.0 1 2 Net chanse in assets Households 3 4 State snd local sovernments -83 26 9 -1*036 -508 4 -2*575 -1,373 1 -2*691 -1*151 - -1.158 -199 178 -2,267 -637 50 -1,479 -548 - 8.2 1.9 .1 14.0 4.6 .2 10.2 1.2 .3 10.0 1.8 .1 2 3 4 .6 7.7 -.1 5 6 7 5 6 7 U.S. sovernment Sponsored credit asencies Mortsase pools 190 -147 - 150 -990 43 184 -1*690 -118 Ill -1,660 -83 -51 -1,387 69 109 -1.932 -3 34 -1,176 -38 .8 3.2 -.3 2.3 5.1 .1 1.8 6.4 -.2 8 9 10 11 Commercial banks Mutual savinss banks Life Insurance companies St.Slocal sovt. rtr. funds 128 -289 - 302 — -37 - 429 83 -91 - 321 -32 -197 - 440 4 -212 - 440 18 -312 - 414 -15 -150 - .7 .1 a a a 1.6 1.6 .8 XI1/86 BASED ON INCOMPLETE INFORMATION a a a a -.2 8 — 9 .1 10 - 11 DECEMBER 22. 1986 Mortgages - II Mortgages - II 43 Mortgage Markets (Continued) SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES 1982 1983 1984 1985 1 I II 1985 I 1986 II III 25.2 24.6 .3 .4 31.5 Net borrowing' Nonfarm noncorp. business 30.8 Nonfin. corporate business .6 REITs .2 M U.S. government 1 2 3 4 5 31.5 Net change in assets 4.6 Households State and local governments 5.6 6 7 8 I III IV 1 Multi-Family Residential Mortgages 41.0 40.9 .2 N N 33.2 32.6 .6 -.1 26.2 26.5 -.2 M -.1 22.0 2.6 2.1 27.1 2.2 2.5 26.2 4.2 3.2 41.0 4.1 4.9 33.2 3.2 7.9 25.2 2.5 7.6 1.9 1.5 3.1 -1.0 1.0 3.6 1.6 .9 2.1 1.4 3.7 -.3 2.1 .6 2.7 .5 2.6 .3 4.5 .8 -2.3 8.0 7.7 .3 5.1 .4 4.0 .6 3.9 .7 5.5 U.S. government Spons. credit agencies Mortgage pools Commercial banks 9 10 n 12 14.4 13.7 .7 14.5 13.1 1.3 11.2 10.4 .8 13.4 12.4 1.0 13.4 11.6 1.8 19.9 18.2 1.7 7.4 9.3 -1.9 3.6 1.8 1.8 6.4 3.7 2.7 Savings Institutions Savings and loan assns. Mutual savings banks is 14 15 .3 K .6 -.2 .1 .1 1.0 .1 « .3 .2 -.1 .5 .1 .1 .4 N -.1 2.6 K .5 .1 .2 1.0 H .1 3.6 — H Life insurance companies Private pension funds $t.81ocal govt. rtr. funds 16 17 18 -.4 .1 K .4 .2 .4 .4 .1 H .2 -.2 .2 .6 1.1 -.4 .3 .4 .4 .2 .4 Finance companies REITs 19 20 71.8 2.4 69.3 K .1 50.2 2.4 47.5 -.4 .7 55.0 Net borrowing Households 2.3 Nonfarm noncorp. business 52.6 Nonfin. corporate business -.3 .4 REITs 1 2 3 4 5 6 7 8 9 10 1 2 3 4 5 5.3 6.1 -.6 M -.1 14.0 13.3 .8 n -.1 25.1 24.9 .2 .1 -.1 29.1 29.3 -.1 6 7 8 5.3 .8 1.4 14.0 1.3 2.4 9 10 11 12 -.3 -.1 .4 1.4 13 14 15 27.1 27.4 -.2 -.1 22.0 22.4 -.3 M -.1 25.1 2.5 4.5 29.1 3.3 3.2 -.3 -.1 1.2 1.9 -.7 .9 1.1 2.1 H 1.4 2.1 -.7 7.0 8.9 -1.9 16 17 18 -.4 « .6 19 20 .1 K it « it H it Commercial Mortgages 1 2 3 4 5 25.3 2.6 23.7 -1.1 .1 49.0 2.5 47.2 -.7 K 63.5 2.5 61.0 -.2 .3 62.4 2.4 59.9 .1 H 59.4 2.4 56.9 .1 K 61.3 2.4 58.7 .2 M 59.4 2.4 56.7 .3 ft 69.6 2.4 67.3 -.2 H 6 7 8 9 10 25.3 .8 .9 .7 11.8 49.0 2.2 .4 .4 17.7 63.5 3.5 .3 K 28.8 62.4 4.0 .7 .3 28.1 59.4 2.8 .2 .2 26.0 61.3 3.6 .6 .3 25.9 59.4 5.7 .9 .3 28.2 69.6 3.8 1.2 .3 32.4 71.8 4.3 2.7 .1 28.9 50.2 3.0 1.0 .4 30.4 55.0 Net change in assets Households 5.3 Stete and local governments U.S. government .3 Commercial banking 28.5 11 12 13 4.9 5.0 » 16.6 16.1 .5 21.3 18.3 2.9 10.3 8.6 1.7 17.2 15.4 1.9 15.0 12.8 2.2 12.0 9.8 2.2 -3.0 -3.7 .6 20.4 23.3 -2.9 -5.7 -4.3 -1.4 3.0 -1.5 4.6 Savings Institutions Savings and loan assns. Mutual savings banks 11 12 13 14 15 16 17 5.4 .1 .5 .3 10.3 .1 .3 .7 7.3 .4 .6 .3 16.5 .2 .2 N 11.5 .4 .3 .1 14.8 .4 .2 .1 12.1 — .1 - 27.6 — .1 -.1 14.3 .1 .6 -.1 20.6 -.2 17.3 — -.2 Life Insurance companies Private pension funds St.&local govt. rtr. funds Other Insurance companies 14 15 16 17 18 19 -.1 -.1 .4 .7 .4 .1 1.9 .3 .2 .2 .3 -.4 .3 .4 6.8 M .6 .8 .8 Finance companies REITs 18 19 If — — Farm Mortgages 1 4.2 2.8 -.8 -6.4 -.7 -4.9 -9.9 -10.1 -5.0 -9.7 -5.5 Net borrowing 1 2 3 4 4.2 .2 * 2.8 .5 M -.8 -2.2 K -6.4 -3.0 K -.7 -.8 K -4.9 -1.7 K -9.9 -4.6 « -10.1 -5.0 - -5.0 -1.7 .7 -9.7 -2.1 .2 -5.5 Net change in assets Households -1.2 State and local governments - 2 3 4 5 6 7 .5 3.9 -.2 .4 1.1 * .5 .3 M .6 -4.5 -.2 .9 -.7 - .4 -4.4 .2 .7 -6.7 -.5 .5 -6.1 -.3 -.1 -5.6 .3 .3 -8.1 M .1 -4.7 -.2 8 9 10 11 K II -.3 1.0 -.1 .9 M -.3 - 1.2 .1 — .6 - .6 — -.7 - 1.0 — -.4 - 1.5 .3 -.7 - 1.7 -.1 -.7 - 1.8 H -.3 - 1.5 .1 -1.5 - 1.4 -.1 -.9 - ii BILLIONS OF DOLLARS. II1/86 BASED ON INCOMPLETE INFORMATION U.S. government Sponsored credit agencies Mortgage pools 5 6 7 Commercial banks Mutual savings banks Life insurance companies St.Slocal govt. rtr. funds 8 9 10 11 DECEMBER 22, 1986 Consumer Credit end Bonk Loans N.E.C. Consumer Credit and Bank Loans N.E.C. Consumer Credit end Bank Loans Not Elsewhere Classified 44 UNADJUSTED NET FLOWS!$ MILL) UNADJUSTED NET FLOWSC$ MILL) I II 1985 III IV I 1 1986 II I III 1978 BILLIONS OF DOLLARS 1979 1980 1981 Consumer Credit 1 Net chans* in liabilities (HH) Installment credit 2 Noninstallment credit 3 11*913 9.239 2*674 26*357 22*079 4*278 31*699 27*638 4*061 26.657 23.445 3.212 1*007 1*859 -852 25*907 21*330 4,577 24,061 21*872 2*189 46.7 41.0 5.7 42.7 35.6 7.1 4.5 1.1 3.4 22.6 16.9 5.7 4 Net chans* in assets 5 Installment credit Nonfarm noncorp. business 6 Nonfin. corporate business 7 8 Commercial bank!ns Savinss and loan assns. 9 Mutual savinss banks 10 Credit unions 11 12 Finance companies 11*913 9*239 -223 -1*839 7*000 2.404 599 942 356 26*357 22*079 33 442 7*830 3*552 454 2*617 7*151 31*699 27.638 9 321 8*731 3*520 1*992 2.530 10*535 26.657 23*445 323 1,790 8*546 2,168 567 2*567 7*484 1,007 1*859 -236 -1.906 -577 1*386 347 415 2.430 25*907 21.330 11 -224 6.177 2*322 835 2*876 9*333 24,061 21*872 5 -381 5.601 1*128 387 3*116 12*016 46.7 41.0 ft .6 23.6 ft .5 6.7 9.6 42.7 35.6 ft .5 18.2 1.3 ft 2.2 13.4 4.5 1.1 -.1 -7.2 1.5 1.3 -2.5 8.1 22.6 4 16.9 5 .2 6 .9 7 .6 8 2.5 9 .1 10 1.9 11 10.7 12 Noninstallment credit Nonfarm noncorp. business Nonfin. corporate business Commercial bankins Savinss and loan assns. Mutual savinss banks 2*674 781 284 1*537 -79 151 4*278 2*133 671 1*302 34 138 4*061 2*548 817 1*306 -770 160 3.212 2*547 694 -106 -21 98 -852 -936 -226 408 -174 76 4.577 1*242 402 2,415 363 155 2,189 825 259 955 81 69 5.7 2.0 .6 2.6 .3 .2 7.1 2.2 .7 1.7 2.4 it 3.4 .8 .2 1.0 1.1 .3 5.7 3.3 1.0 3.4 -1.9 13 14 15 16 17 18 IS 14 15 16 17 18 k 1 2 3 Bank Loans Not Elsewhere Classified Total loans at commercial banks* Flow of Funds basis 1 8*349 39*062 40*018 46*606 12*909 31*941 15*966 117.4 103.9 61.1 83.9 1 8,658 8*537 -3,697 -3,427 -1,722 12*590 9*132 7*194 1*091 9*055 14*853 10.037 994 -792 14*926 13*787 8.440 6*492 649 17*238 11,907 -169 3*861 -267 -2*423 14.853 8,592 -3,957 -441 12*894 15*613 6*556 217 957 -7,377 35.1 26.2 -2.9 -1.3 60.3 30.6 19.9 -.9 2.2 52.1 17.5 -6.2 .8 1.8 47.2 21.6 4.0 5.3 .8 52.3 2 3 4 5 6 -723 -122 -877 7*088 -100 2,067 9*832 -100 5*194 13,447 -303 4*094 -2,353 -166 96 8*484 -12*037 -15 -166 4*675 4,576 41.4 .8 18.1 38.6 .3 13.2 32.2 -.5 15.5 46.1 .3 5.8 7 8 9 10 ♦ Loans by F.R. banks 11 ♦ Loans by forelsn banks 12 « Total bank loans n.e.c. -938 -2,660 -216 8*839 816 15*742 1*880 19*118 -39 -2*462 -693 12*201 3*500 -3,877 .3 60.6 • 2.0 54.1 • 1.3 48.5 10 8.9 11 61.2 12 IS Net chanse in liabilities 14 Nonfinancial sectors 15 Households 16 Farm business Nonfarm noncorp. business 17 Corporate business 18 Of which: from forelsn 19 -2*660 -1*237 -5*069 -1*584 78 7*463 -938 8,839 7*703 5*864 1,809 64 1*193 -216 15,742 13*439 2*402 -1*020 -180 9.923 816 19*118 18*575 4*899 -3*605 240 18*849 1,880 -2,462 -1*168 -2*882 -1.758 201 4*170 -39 12,201 10,372 2*494 421 28 6*031 -693 -3.877 -5,274 1*694 -300 -584 -485 3*500 60.6 58.8 4.1 2.5 -.8 34.7 .3 54.1 53.6 2.6 2.8 .5 44.5 2.0 48.5 49.6 5.3 .5 3.2 28.7 1.3 61.2 60.0 6.0 1.4 6.1 43.5 8.9 13 14 15 16 17 18 19 Loans elsewhere classified: 2 Mortseses 3 Consumer credit 4 Security credit Open-market paper 5 6 ■ Bankins sector total bank loans n.e.c. 7 U.S. chartered banks Domestic affiliates 8 9 Forelsn bankins offices 20 21 22 23 Forelsn Official institutions Banks Other -2,125 -1*141 -1.204 220 -1*227 -108 166 -1*285 2*314 349 1,417 548 -1*808 -509 -1.720 421 -899 -116 -575 -208 1*398 425 1*517 -544 -5,599 -202 -1*438 -3*959 18.3 2.1 9.5 6.6 3.1 2.1 -4.1 5.0 11.8 4.5 4.7 2.6 3.0 .8 -4.5 6.7 20 21 22 23 24 25 26 27 Financial sectors Savinss and loan assns. Finance companies REITs -1,423 435 -1,917 59 1*136 -650 1*732 54 2*303 2,874 -636 65 543 1*869 -1*390 64 -1.294 555 -2,176 327 1,829 1,891 182 -244 1*397 3*064 -1*618 -49 1.8 .3 1.9 -.5 .5 2.0 -1.2 -.2 -1.0 -.1 -.9 -.1 1.2 -.2 1.0 .5 24 25 26 27 II1/86 BASED ON INCOMPLETE INFORMATION DECEMBER 22, 1986 Consumer Credit and Bank Loans N.E.C. Consumer Credit and Bank Loans N.E.C Consumer Credit and Bank Loans Not Elsewhere Classified 45 SEASONALLY ADJOSTED ANNUAL RATES 1982 1983 1984 1985 SEASONALLY ADJUSTED ANNUAL RATES 1 I II III IV 1 I II III Consumer Credit 1 2 3 17.7 14.9 2.8 56.8 48.9 7.9 95.0 77.0 18.0 96.6 82.4 14.2 105.5 85.7 19.7 89.2 74.1 15.1 112.6 94.1 18.5 79.2 75.7 3.5 63.6 57.5 6.0 87.0 70.8 16.1 81.1 Net chanse in liabilities (HH) Installment credit 69.6 Noninstallment credit 11.5 4 5 6 7 8 9 10 11 12 17.7 14.9 .1 K 4.9 3.4 .7 1.3 4.6 56.8 48.9 .3 2.0 19.5 7.3 1.3 6.2 12.3 95.0 77.0 .2 1.2 39.6 6.8 4.3 13.6 11.3 96.6 82.4 .1 .7 32.1 11.6 3.6* 8.7 25.5 105.5 85.7 4.3 42.0 8.9 2.4 7.7 20.5 89.2 74.1 .1 -2.2 30.4 13.8 1.8 8.4 21.8 112.6 94.1 .2 .7 27.9 13.0 8.0 7.8 36.5 79.2 75.7 .3 .1 28.2 10.9 2.3 10.7 23.3 63.6 57.5 M 5.3 11.8 4.8 1.4 5.7 28.5 87.0 70.8 M -6.6 24.4 8.8 3.3 9.4 31.5 4 81.1 Net change in assets Installment credit 5 69.6 Nonfarm noncorp. business 6 .2 Nonfin. corporate business 7 -2.0 8 15.1 Commercial banking Savings and loan assns. 9 3.3 10 Mutual savings banks 1.5 11 Credit unions 10.2 Finance companies 12 41.3 13 14 15 16 17 18 2.8 1.5 .5 1.9 -1.5 .4 7.9 4.3 1.4 3.2 -1.5 .5 18.0 7.8 2.4 5.6 1.7 .6 14.2 8.0 2.5 4.0 -.8 .5 19.7 8.2 2.4 8.1 .4 .6 15.1 7.8 2.5 3.8 .5 .6 18.5 11.7 3.7 4.5 -2.0 .6 3.5 4.4 1.2 -.2 -2.3 .4 6.0 1.7 .5 3.4 .1 .3 16.1 4.0 1.3 8.2 2.0 .6 11.5 5.0 1.6 3.1 1.6 .3 119.9 98.6 49.3 Noninstallment credit Nonfarm noncorp. business Nonfin. corporate business Commercial banking Savings and loan assns. Mutual savings banks 1 2 3 13 14 15 16 17 18 Bank Loans Not Elsewhere Classified 1 69.8 81.9 155.3 134.0 103.6 126.1 146.1 160.3 Total loans at commercial banks, Flow of Funds basis - Loans elsewhere classified: Mortgages Consumer credit Security credit Open-market paper « Banking sector total bank loans n.e.c. U.S. chartered banks Domestic affiliates Foreign banking offices 1 2 3 4 5 6 2 3 4 5 6 16.0 6.7 M .3 46.7 29.2 22.7 2.4 .8 26.7 44.6 45.2 5.8 -1.4 61.1 49.9 36.1 11.0 -2.5 39.5 45.5 50.0 1.7 -16.6 23.0 45.6 34.2 20.6 4.7 21.1 53.6 32.4 9.5 -4.4 55.1 54.9 28.0 12.2 6.4 58.8 58.8 15.2 32.4 -4.6 18.0 54.7 32.6 -24.8 -.6 36.7 56.2 18.2 6.6 2.4 -34.2 7 8 9 47.6 -1.0 .2 27.5 -.4 -.4 55.4 .1 5.7 29.6 -.6 10.5 27.9 -.5 -4.4 4.7 -.4 16.8 39.6 -.4 15.8 46.3 -1.2 13.7 19.1 -.7 -.5 10.7 -.7 26.7 -48.3 -.1 14.1 10 11 12 2.5 49.3 2.7 29.3 13.0 74.2 41.0 1.5 -3.8 19.3 -.9 20.3 3.3 58.3 7.5 66.3 -.2 17.8 -2.8 33.9 * Loans by F.R. banks 14.0 * Loans by foreign banks -20.2 e Total bank loans n.e.c. 10 11 12 13 14 15 16 17 18 19 49.3 47.4 2.6 3.2 7.4 39.7 2.5 29.3 29.5 3.6 2.8 1.4 18.0 2.7 74.2 73.5 -.4 1.0 2.5 77.0 13.0 41.0 38.5 8.1 -4.4 .2 37.4 1.5 19.3 20.3 -11.6 -4.9 -.1 45.2 -3.8 20.3 17.4 16.6 2.1 -1.1 3.7 -.9 58.3 50.8 12.1 -4.8 1.0 35.0 3.3 66.3 65.4 15.4 -10.0 1.0 65.8 7.5 17.8 18.1 -2.6 -5.8 .6 30.7 -.2 33.9 28.8 2.2 -3.5 -1.3 23.8 -2.8 -20.2 Net change in liabilities Nonfinancial sectors -23.2 Households 9.8 Farm business -2.0 Nonfarm noncorp. business -.7 Corporate business -6.3 Of which: from foreign 14.0 13 14 15 16 17 18 19 20 21 22 23 -5.5 w .7 -6.2 3.6 3.0 -.9 1.5 -6.6 -.9 -3.1 -2.6 -2.8 -1.4 -1.3 -.1 -8.3 -4.6 -2.3 -1.4 -3.8 -.4 -.5 -2.9 7.5 1.4 5.3 .8 -6.7 -2.0 -7.8 3.1 -4.8 -.5 -.8 -3.6 7.6 1.7 5.4 .5 -24.0 -.8 -6.0 -17.1 Foreign Official institutions Banks Other 20 21 22 23 24 25 26 27 1.9 1.5 .3 .1 -.1 5.0 -4.9 -.2 .7 5.8 -5.2 .1 2.6 4.5 -2.2 .2 -1.0 -1.1 -.2 .2 2.8 -.1 2.7 .2 7.6 8.5 -1.2 .3 .8 10.7 -10.2 .3 -.3 -1.0 -.5 1.3 5.1 10.6 -4.5 -1.0 2.9 9.0 -5.8 -.2 Financial sectors Savings and loan assns. Finance companies REITs 24 25 26 27 BILLIONS OF DOLLARS. II1/86 BASED ON INCOMPLETE INFORMATION 7 8 9 DECEMBER 22, 1986 Other Loans Other Loans 46 Open-Msrket Paper and Other Loans UNADJUSTED NET FLOWSC$ MILL) UNADJUSTED NET FLOWS($ MILL) I II 1985 III IV I 1 I 1986 II III 1978 BILLIONS OF DOLLARS 1980 1979 1981 Open-Market Paper 1 Total net issues* all types Commercial paper 2 3 Nonfinancial corporations 4 Foreign issues in U.S. 12*116 15*843 4*482 917 8*976 11*968 5*914 1*200 16*638 18*129 150 1.579 15*059 16*209 4*052 2*506 1*272 4,976 -2.693 5.972 14*544 15*713 -860 4*336 10*639 11*591 4*125 3*677 17.7 18.4 2.7 1.0 37.5 28.7 9.0 1.7 19.3 11.2 4.0 2.4 51.3 39.5 14.7 3.9 1 2 3 4 5 6 7 8 Financial business Commercial banking Finance companies REITs 10*444 1,357 9*052 35 4,854 -133 4,953 34 16*400 52 16*315 33 9*651 823 8*795 33 1*697 -3,519 5*123 93 12,237 3*354 8*914 -31 3,789 -2.280 6*104 -35 14.6 6.7 7.8 .1 18.0 4.5 13.3 .1 4.8 5.6 -.5 -.2 20.9 7.0 13.9 « 5 6 7 8 9 Bankers acceptances (1) -3,727 -2.992 -1,491 -1*150 -3*704 -1*169 -952 -.7 8.9 8.1 11.7 9 10 Net purchases* by sector 11 Households 12 Nonfin. corporate business IS Foreign 12*116 15,379 -3*960 -41 8*976 -2,919 900 -40 16*638 18*037 5*474 -40 15*059 17*256 1*592 -31 1,272 -5.387 -2*379 607 14,544 10*639 3*984 -16,978 2*540 4*063 424 3*546 17.7 13.8 .2 .5 37.5 7.3 1.9 1.9 19.3 -2.2 -2.3 .9 51.3 -8.6 10.0 -1.3 10 11 12 13 14 15 16 17 18 Sponsored credit agencies Monetary authority Commercial banking (1) Savings 8 loan associations Mutual savings banks -157 -3,427 2*581 2*309 -96 1*091 -1.757 -122 -79 -792 277 -1*802 -253 649 3*023 1*087 -62 — -267 2*673 968 4 -441 -71 757 42 957 1*338 843 -1.2 -.4 -1.3 .4 .2 .1 .1 2.2 .7 1.1 M .1 1.8 1.5 .3 .3 -.6 .8 1.2 1.3 14 15 16 17 18 19 20 21 22 Life insurance companies Private pension funds Mutual funds Money market funds 2*669 -791 -1,002 -1,444 -415 421 97 11*816 1,177 885 838 -7,337 -3*674 -509 -2*207 -1*874 -561 -948 3*789 2*839 649 256 -1,081 7*523 3*788 4*498 114 8*428 1.5 .2 1.1 2.6 1.6 5.0 -.2 15.6 2.2 3.7 1.2 12.3 7.4 1.9 -.1 38.8 19 20 21 22 — — - — - .4 .2 .2 1 2 3 (1) Excludes banks* holdings of own acceptances. Other Loans 1 S8L assns. loans to business 2 Liab.: Noncorporate business 3 Nonfin. corp, business 1*054 527 527 1*539 769 770 824 412 412 1.974 987 987 1*217 608 609 1*493 746 747 812 406 406 4 Finance co. loans to business 5 Liab.: Noncorporate business 6 Nonfin. corp, business 6,909 692 6*217 2*482 248 2*234 -3*526 -353 -3,173 11*669 1*167 10*502 6,920 676 6*244 613 770 -157 -7,605 -761 -6*844 11.5 « 11.5 10.1 M 10.2 5.8 .4 5.5 10.0 .8 9.2 4 5 6 7 U.S. government loans 8 Liab.: Households 9 Farm business 10 Nonfarm noncorp. bus. Nonfin. corp, business 11 12 St.&local governments 13 Foreign 14 Spons. credit agencies 6*070 1*385 100 150 1*447 2*465 523 7*946 2*315 1,693 350 -597 3*261 924 - 2*501 944 331 609 -972 1*168 121 300 -602 1*356 -985 -609 -2*498 1*285 64 785 3*114 1,200 -120 589 520 622 188 115 4*517 1*100 953 661 1*108 608 -202 289 3*344 1*100 -64 500 92 750 955 11 12.8 .8 3.5 4.1 1.7 -1.6 3.9 .4 12.4 1.1 3.4 3.0 1.2 .2 2.9 .6 16.1 1.0 2.6 4.2 1.5 .9 4.7 1.2 19.0 1.5 3.4 5.6 1.2 1.2 4.2 1.9 7 8 9 10 11 12 13 14 15 Sponsored credit agency loans 16 Liab.: Households (SLMA) 17 Farm business (FICB) 18 Noncorp, business (BC) 19 S&L assns. (FHLB) -648 361 -1*218 139 70 4*859 767 -7 -839 4.938 6*324 652 -411 -33 6*116 1*249 696 -2*290 -247 3*090 -2,434 414 -1*121 -123 -1*604 8*598 1*083 -8 -86 7*609 5*080 419 887 -422 4*196 15.0 .4 1.5 .7 12.5 15.2 .6 3.3 2.1 9.2 11.6 1.1 1.9 1.5 7.1 19.9 2.2 1.8 -.3 16.2 15 16 17 18 19 -37 -12 -25 -55 -3 -52 -87 -10 -77 38 20 18 -76 20 -96 109 40 69 -20 49 -69 2.6 M 2.6 4.7 X 4.7 6.7 .1 6.6 Cust. liab. on accepts, outstanding 23 -3,432 (bank asset) 24 Liab: Noncorp, business -990 25 -989 Nonfin. corp, business -1*453 26 Foreign -3,279 305 304 -3*888 -361 435 434 -1,230 -2*388 -804 -804 -780 -2,326 -983 -982 -361 -1,928 50 50 -2,028 -1,949 -689 -688 -572 -.7 1.2 1.2 -3.2 7.5 2.0 2.0 3.6 7.3 1.6 1.6 4.1 20 Policy loans (HH liability) 21 Asset: U.S. government 22 Life Insurance cos. II1/86 BASED ON INCOMPLETE INFORMATION 7.4 20 .1 21 7.3 22 11.3 2.2 2.2 6.9 23 24 25 26 DECEMBER 22* 1986 Other Loans Other Loans Open-Market Paper and Other Loans 47 SEASONALLY ADJUSTED ANNUAL RATES 1982 1983 1984 1985 SEASONALLY ADJUSTED ANNUAL RATES I 1 I II 1985 III IV I 1 1986 II I III Open-Market Paper 1 2 3 4 5.7 -5.4 -6.1 1.9 26.9 21.7 -.8 6.5 52.0 48.3 21.7 6.2 52.8 62.1 14.6 6.2 45.1 60.0 11.3 3.7 15.7 27.7 13.2 4.8 77.1 83.0 -.5 6.3 73.3 77.9 34.3 10.0 2.6 17.4 -16.6 23.9 36.0 40.7 -14.9 17.3 5 6 7 8 -1.1 1.4 -2.4 -.1 16.0 3.5 12.6 -.1 20.4 6.3 13.9 41.3 2.1 39.1 .1 45.0 5.4 39.4 .1 9.7 -.5 10.1 .1 77.2 .2 76.9 .1 33.5 3.3 30.1 .1 10.1 -14.1 23.8 .4 55.9 Total net issues* all types 59.7 Commercial paper 16.4 Nonfinancial corporations 14.7 Foreign Issues in U.S. 1 2 3 4 38.2 13.4 24.9 -.1 28.6 -9.1 37.9 -.1 5 6 7 8 -3.8 Financial business Commercial banking Finance companies REITs 9 11.1 5.3 3.7 -9.4 -14.9 -12.0 -6.0 -4.6 -14.8 -4.7 10 11 12 13 5.7 -9.2 7.9 -1.7 26.9 4.4 10.7 .8 52.0 -.5 9.4 1.2 52.8 47.8 4.0 -.2 45.1 56.6 -7.0 8.7 15.7 -39.8 4.8 -2.8 77.1 107.6 6.0 -5.2 73.3 66.6 12.3 -1.3 2.6 -25.7 ft 12.5 36.0 -14.9 11.1 -1.9 14 15 16 17 18 -.3 1.3 .3 2.7 1.2 .4 -1.1 .8 3.7 1.0 -.1 -.4 -1.4 2.4 -.3 -.6 -2.5 4.1 1.5 -.6 .7 -16.6 7.3 8.6 -.4 .1 4.7 -1.6 .8 -.3 -1.0 -4.4 .6 -5.9 -1.0 .2 6.4 10.1 2.4 -.2 .7 -4.6 7.3 3.2 .1 -.6 6.0 4.5 .2 -1.1 2.4 4.8 5.0 Sponsored credit agencies Monetary authority Commercial banking (1) Savings & loan associations Mutual savings banks 14 15 16 17 18 19 20 21 22 4.2 1.2 -.6 -1.3 3.4 4.8 1.0 -3.0 4.1 3.4 2.4 31.8 -.2 ft -2.3 1.2 .3 -3.2 -4.0 -5.8 .6 1.7 .4 47.3 2.2 3.5 3.4 -29.3 -4.1 -2.0 -8.8 -7.5 -13.4 -3.8 15.2 11.4 4.9 1.0 -4.3 30.1 13.0 18.0 .5 33.7 Life insurance companies Private pension funds Mutual funds Money market funds 19 20 21 22 Bankers acceptances (1) 55.9 Net purchases* by sector -28.8 Households -.5 Nonfin. corporate business 8.8 Foreign 9 10 11 12 13 (1) Excludes banks* holdings of own acceptances. Other Loans 1 2 3 .2 .1 .1 2.4 1.2 1.2 8.7 4.3 4.3 5.4 2.7 2.7 4.2 2.1 2.1 6.2 3.1 3.1 3.3 1.6 1.6 7.9 3.9 3.9 4.9 2.4 2.4 6.0 3.0 3.0 3.2 SSL assns. loans to business 1.6 Liab.: Noncorporate business Nonfin. corp, business 1.6 1 2 3 4 5 6 1.1 -.9 2.0 12.1 3.1 8.9 21.8 1.0 20.8 17.5 1.8 15.8 24.5 3.2 21.3 10.8 .7 10.0 3.7 1.7 2.0 31.2 1.4 29.9 24.0 2.9 21.0 3.6 3.1 .5 -11.3 Finance co. loans to business M Liab.: Noncorporate business -11.3 Nonfin. corp, business 4 5 6 7 8 9 10 11 12 13 14 13.6 1.6 .2 4.6 1.3 1.0 4.5 .4 8.5 .8 16.9 .6 1.1 2.0 1.2 7.7 4.3 - 15.9 6.0 1.1 .5 -2.6 8.2 1.6 1.1 25.0 5.5 1.1 .6 5.8 9.9 2.1 - 29.6 9.3 4.6 1.4 -2.4 13.0 3.7 - 9.9 3.8 1.3 2.4 -3.9 4.7 .5 1.2 -.8 5.4 -2.4 -2.4 -10.0 5.1 .3 3.1 13.3 4.8 .4 2.4 2.1 2.5 .8 .5 16.0 4.4 1.7 2.6 4.4 2.4 -.8 1.2 13.2 U.S. government loans 4.4 Liab.: Households -.4 Farm business Nonfarm noncorp. bus. 2.0 Nonfin. corp, business .4 3.0 St.Slocal governments Foreign 3.8 « Spons. credit agencies 7 8 9 10 11 12 13 14 15 16 17 18 19 .8 1.6 -.8 -.8 .8 -6.1 1.5 -1.3 .9 -7.0 16.0 1.9 -1.2 -.4 15.7 11.8 2.5 -3.9 -1.0 14.2 8.6 1.4 -3.0 -2.1 12.3 8.0 3.1 -6.0 -.1 11.1 20.6 2.6 -1.9 .4 19.4 10.0 2.8 -4.8 -2.1 14.1 1.8 1.7 -2.1 -3.3 5.6 22.4 4.3 -6.3 3.0 21.3 15.2 Sponsored credit agency loans 1.7 Liab.: Households (SLMA) 3.4 Farm business (FICB) Noncorp. business (BC) -1.2 11.3 SSL assns. (FHLB) 15 16 17 18 19 20 21 22 4.2 .4 ft .4 -.1 ft -.1 -.1 ft -.1 -.2 w -.2 -.3 4.3 1.1 « 1.1 -.3 .2 .1 .1 -.3 .1 -.4 .4 .2 .3 23 24 25 26 7.7 -.4 -.4 8.5 6.9 3.5 3.5 -.1 3.8 1.4 1.4 1.0 -9.5 -1.1 -1.1 -7.4 -13.7 -4.0 -4.0 -5.8 -13.1 1.2 1.2 -15.6 -1.4 1.7 1.7 -4.9 -9.6 -3.2 -3.2 -3.1 -9.3 -3.9 -3.9 -1.4 -7.7 .2 .2 -8.1 m k 2.7 -.5 1.1 4.3 BILLIONS OF DOLLARS. I11/86 BASED ON INCOMPLETE INFORMATION m -.1 Policy loans (HH liability) .2 Asset: U.S. government Life Insurance cos. -.3 Cust,. liab. on accepts, outstanding (bank asset) -7.8 -2.8 Liab: Noncorp. business -2.8 Nonfin. corp, business Foreign -2.3 20 21 22 23 24 25 26 DECEMBER 22, 1986 Security Credit* Trade Credit* and Taxes Security Credit* Trade Credit* and Taxes Security Credit* Trade Credit* and Taxes Payable 48 UNADJUSTED NET FLOWS($ MILL) UNADJUSTED NET FLOWS($ MILL) I II 1985 III IV I I I 1986 II III 1978 BILLIONS OF DOLLARS 1979 1980 1981 Security Credit 1 Net change ln liabilities 2 Households 3 Foreign -4,534 -1,381 - 16*468 5,836 - 3,497 2*500 - 24*136 9,752 11*304 2*976 - -4,772 652 - 769 250 - 1.2 1.2 - 2.1 1.0 12.5 6.5 .8 -1.7 - 1 2 3 4 5 6 7 -3*153 -2*911 -728 486 10*632 6*229 751 3*652 997 436 397 164 14*384 2*458 3,773 8*153 8*328 3,923 -373 4,778 -5,424 -3,520 -1,297 -607 519 71 217 231 K -2.5 .1 2.5 1.1 -.7 K 1.8 6.0 1.2 -.4 5.2 2.5 4.0 .6 -2.1 4 5 6 7 8 Net change in assets 9 Households 10 Commercial banking -4*534 486 -3,697 16*468 3*652 7,194 3,497 164 994 24.136 8*153 6.492 11*304 4,778 3*861 -4,772 -607 -3,957 769 231 217 1.2 2.5 -2.9 2.1 1.8 -.9 12.5 5.2 .8 .8 8 -2.1 9 5.3 10 11 12 -1.323 5*622 2,339 9.491 2*665 -208 321 ■ 1.6 1.1 6.5 ■ -2.4 11 12 ■ 1 Net change in liabilities 2 Households 3 Farm business 4 Nonfarm noncorp, business (payables less receivables) -4,961 547 -136 917 8*008 517 -61 555 17,529 567 -26 562 21.173 -22,281 578 603 -33 22 259 170 10*359 627 23 59 7,079 647 62 906 59.0 1.5 1.6 3.1 60.0 1.7 1.2 .1 47.1 2.3 1.0 -.9 35.3 2.7 .9 -1.1 1 2 3 4 Nonfin. corporate business State and local governments Foreign U.S. government -7,376 264 -351 1,174 4*147 266 156 2*428 16*899 274 -995 248 19*315 -24*676 279 285 575 -634 200 1.949 9,911 291 -211 -341 3*835 297 400 932 49.1 1.7 -.3 2.3 52.9 1.6 1.5 1.0 39.6 2.0 1.7 1.4 30.8 1.1 .2 .7 5 6 7 8 20,793 18,794 -724 2,079 644 4*025 2*683 -998 1,731 609 7*635 5,697 392 1*040 506 8*684 8*042 1*382 -1*171 431 -6,707 -5,939 -1,320 -145 697 5*788 3*390 508 1*261 629 10*052 9*138 954 -849 809 63.8 56.6 3.0 2.7 1.5 74.4 69.8 .2 2.4 1.9 57.6 48.2 3.6 3.8 2.0 28.4 23.2 K 2.5 2.6 9 10 11 12 13 -25.754 3*983 9*894 12*489 -15,574 4*571 -2,973 -4.8 -14.4 -10.5 2.8 2.5 .5 -.2 K M -.1 .1 -3.1 -1.7 -.5 -.3 -.4 -.2 -.2 .2 Brokers and dealers From commercial banks From foreign banking off Customer credit balances Brokers and dealers Foreign Trade Credit 5 6 7 8 9 Net change in assets 10 Nonfin. corporate business 11 Foreign 12 U.S. government 13 Other insurance companies 14 Discrepancy 6.9 14 Profit Taxes Payable 1 Net change in taxes payable 2 Nonfin. corporate business 3 Commercial banks 4 Savings 8 loan associations 5 Life insurance companies 6 Other Insurance companies 7 Finance companies 8 Brokers and dealers 9 Net change in taxes receivable 10 State and local governments 11 U.S. government 12 Discrepancy -458 -447 15 5 -35 -13 6 11 -6*660 -6,703 18 33 -12 -13 4 13 2,970 2*890 20 7 29 -14 7 31 2*568 2,499 22 34 23 -15 5 - 2,471 2*395 34 25 20 -11 8 - -4.739 -4,625 -17 -12 -35 -10 10 -50 1*811 1*871 -7 -32 -9 14 -24 5.2 4.3 .1 .2 .3 .1 .1 N -2,881 -1,307 -1,574 -8,314 -1,652 -6*662 4*434 2*582 1*852 1*301 1*632 -331 226 -1,347 1*573 -6,398 -1*045 -5,353 2*328 2.079 249 3.7 .8 2.9 1.3 1.5 -.3 -3.8 1.1 -4.8 -9.0 9 1.0 10 -10.0 11 2*423 1*654 -1,464 1*267 2,245 1*659 -517 1.5 1.5 .6 .7 12 -30.2 -7.9 -22.3 -44.5 -12.0 -32.5 -49.6 -16.9 -32.7 -8.4 -6.8 -.4 -.3 -.5 -.2 -.2 1 2 3 4 5 6 7 8 Proprietors* Equity in Noncorporate Business 1 Total household Investment 2 Farm business 3 Nonfarm noncorp, business -10*205 -15,469 -10*278 -16*889 -15*610 -9,818 -9,535 -255 2*963 4*062 4*967 4*002 1,680 1*783 -14,267 -15,214 -13,241 -21*856 -19,612 -11,498 -11*318 II1/86 BASED ON INCOMPLETE INFORMATION -29.2 -8.0 -21.2 1 2 3 DECEMBER 22* 1986 Security Credit* Trade Credit* and Taxes Security Credit* Trade Credit* and Taxes Security Credit* Trade Credit* and Taxes Payable 49 SEASONALLY ADJUSTED ANNUAL RATES 1982 1983 1984 SEASONALLY ADJUSTED ANNUAL RATES 1985 I 1 I II 1985 Ill IV I 1 I 1986 II Ill Security Credit 1 2 3 7.4 3.8 12.2 8.4 2.1 -3.1 39.6 16.7 - -1.7 -5.5 - 57.7 23.3 - 19.5 10.0 - 82.8 39.0 - 62.2 11.9 - -28.1 2.6 - 8.8 Net change In liabilities 1.0 Households Foreign - 1 2 3 3.6 4 5 6 7 4 5 6 7 - .!• 3.7 3.8 .9 .5 2.4 5.2 4.7 1.1 -.6 22.9 6.2 4.2 12.5 3.8 2.8 -.9 1.9 34.3 15.9 3.8 14.6 9.5 7.9 .9 .7 43.8 -1.8 12.9 32.6 50.3 30.4 .7 19.1 -30.7 -24.0 -4.2 -2.4 7.8 6.8 .1 .9 8 9 10 7.<> 3.7 »« 12.2 2.4 2.4 2.1 -.6 5.8 39.6 12.5 11.0 -1.7 1.9 1.7 57.7 14.6 20.6 19.5 .7 9.5 82.8 32.6 12.2 62.2 19.1 32.4 -28.1 -2.4 -24.8 8.8 Net change in assets .9 Households Commercial banking 6.6 11 12 3.7 ■ 7.4 * -3.0 16.1 -5.3 22.5 9.4 38.0 10.7 -.8 1 2 3 4 5.< 2.< -2.4 46.5 1.8 -.7 .7 41.8 1.8 -1.1 3.3 41.7 2.2 -.3 2.3 22.2 2.2 -.5 3.7 10.0 2.1 -.2 2.2 64.6 2.3 -.1 2.2 70.2 2.3 -.1 1.0 -36.1 2.4 .1 .7 13.7 2.5 .1 .2 5 6 7 8 5.0 .9 -2.7 1.8 40.8 .8 .2 3.0 34.4 1.0 -.5 2.9 33.0 1.1 -.6 4.1 13.7 1.1 -1.4 3.5 -5.3 1.1 .6 9.6 61.9 1.1 -4.0 1.2 61.6 1.1 2.3 1.9 -44.5 1.1 -2.5 6.6 12.2 1.2 -.8 -1.7 9 10 11 12 13 -8.6 -15.7 .1 4.8 2.1 66.8 62.3 -1.2 3.8 2.0 55.6 46.5 1.2 5.1 2.8 41.1 35.2 .1 3.7 2.2 52.0 44.0 -2.9 8.3 2.6 20.9 15.6 -4.0 6.9 2.4 2.0 -5.8 1.6 4.2 2.0 89.7 87.1 5.5 -4.7 1.7 -59.6 -56.5 -5.3 -.6 2.8 27.1 17.5 2.0 5.0 2.5 14 14.0 -20.3 -13.8 .6 -29.8 -10.9 62.6 -19.5 23.5 -13.4 1.3 Brokers and dealers From commercial banks From foreign banking off. Customer credit balances Brokers and dealers Foreign 8 9 10 11 12 Trade Credit Profit Taxes Payable 18.5 Net change in liabilities 2.6 Households Farm business .2 3.6 Nonfarm noncorp. business (payables less receivables) 1 2 3 4 Nonfin. corporate business State and local governments Foreign U.S. government 5 6 7 8 5.2 1.2 1.6 4.1 11.7 Net change in assets Nonfin. corporate business 8.1 3.8 Foreign -3.4 U.S. government 3.2 Other insurance companies 6.8 Discrepancy 9 10 11 12 13 14 ________ 1 2 3 4 5 6 7 8 -14.1 -14.1 -.1 X X * X .2 5.8 5.8 -.1 x -.1 X X .2 .5 .7 X X -.2 X X .1 -1.6 -1.8 .1 .1 X -.1 N .1 -5.8 -5.8 X X -.2 -.1 x .1 -2.0 -2.2 .1 .1 -.1 -.1 x .1 .2 -.1 .1 X .1 -.1 X .1 1.3 1.0 .1 .2 .1 -.1 X -.1 6.5 6.2 .1 .1 .1 X X X 3.7 4.1 -.1 -.1 -.1 X w -.1 9 10 11 -11.6 -1.4 -10.2 7.2 1.9 5.3 5.0 3.9 1.2 -5.5 1.3 -6.7 -8.1 4.1 -12.2 -7.7 .3 -8.0 -.7 1.8 -2.5 -5.3 -1.1 -4.2 4.8 4.1 .7 -2.2 2.6 -4.8 12 -2.5 -1.4 -4.5 3.9 2.3 5.7 .9 6.6 1.8 5.8 -62.8 12.1 -74.9 -27.4 20.7 -48.1 -3.6 Net change in taxes payable Nonfin. corporate business -3.3 X Commercial banks X Savings 8 loan associations Life insurance companies -.1 X Other insurance companies X Finance companies Brokers and dealers -.1 1 2 3 4 5 6 7 8 -8.6 Net change in taxes receivable 9 -.3 State and local governments 10 U.S. government -8.2 11 5.0 Discrepancy 12 Proprietors' Equity in Noncorporate Business 1 2 3 -45.7 -9.9 -35.8 -90.0 -15.6 -74.4 BILLIONS OF DOLLARS. -68.5 5.7 -74.2 -52.8 11.7 -64.6 -40.7 12.9 -53.6 -49.6 13.0 -62.6 I11/86 BASED ON INCOMPLETE INFORMATION -47.3 12.4 -59.7 -73.8 8.7 -82.5 -43.6 Total household Investment Farm business 7.7 Nonfarm noncorp. business -51.2 1 2 3 DECEMBER 22, 1986 Miscellaneous X Miscellaneous I Miscellaneous Financial Clains jq UNADJUSTED NET FLOWS($ MILL) UNADJUSTED NET FLOWS($ MILL) 1 Net change in liabilities 2 Households Nonfin. corporate business 3 1985 Ill 1978 BILLIONS OF DOLLARS 1980 1979 1981 28.926 281 6*239 22*691 282 3*183 96.6 1.1 7.9 92.3 1.3 11.8 75.0 1.2 15.3 95.1 1.8 25.3 1 2 3 10*178 6*178 -2,063 -2,356 -1,230 -5*216 30.7 -.3 28.6 -1.3 11.5 -1.9 17.2 1.0 6 5 38*907 1*670 367 15*206 61*981 1*503 -617 17*129 28,803 289 181 10*161 25*670 -213 -39 7*708 57.2 6.6 .6 26.8 51.9 5.7 .9 16.8 68.9 3.6 -1.1 20.6 69.8 6.7 .3 22.7 6 7 8 9 I 1 I 1986 II 61*168 -619 2*676 59*150 176 637 -838 -66 6*613 -6,209 33*213 6*373 6*159 1,877 637 -38 11*663 -11*285 IV I II 35*988 135 3*298 68*687 -316 5*219 11*339 -600 6.268 3,772 6*086 7*619 2*750 Ill 6 5 Foreign U.S. governnent 6 7 8 9 Total finance Sponsored credit agencies Monetary authorities Commercial banking 22,697 -760 669 7*153 10 11 12 13 16 15 16 Savings 8 loan assns. Mutual savings banks Credit unions Life insurance conpanies Other insurance companies Finance companies REITs 1*555 1*882 200 3*635 5*910 2*653 20 5,677 196 -200 3*561 7,668 973 16 189 1*123 200 3*563 7*867 2*231 11 2*368 2*027 1*100 3*716 7*917 6,567 13 369 761 -100 3*133 7*500 12*630 -307 1*269 758 300 3*306 7*500 5*030 11 1*316 2*810 900 3*893 7*216 1*872 9 -.3 1.6 .6 6.8 16.1 7.1 -.1 1.1 1.2 .3 5.3 16.7 8.0 -.2 .9 .8 1.6 3.8 12.6 6.3 .1 2.6 2.6 .6 8.2 10.8 -2.6 .1 10 11 12 13 16 15 16 28,970 1*968 755 1*731 6*265 65,127 3,200 726 1,773 10*621 29*566 3*935 -17 2*088 1*631 66.081 3*998 758 1*393 13*589 52*601 3*593 591 993 8*636 30*202 2*935 866 899 8*869 26*657 6,777 796 996 3*527 92.5 6.6 2.0 3.0 18.9 88.0 7.2 1.9 3.0 36.9 100.6 5.6 1.9 2.6 32.0 92.0 6.1 1.7 2.1 20.3 17 18 19 20 21 5*353 605 6*561 78 15,777 316 5*901 391 8,771 192 -1*306 368 6*276 616 20.6 .8 10.8 .8 21.7 .5 22.1 22 .9 23 17 Net change in assets 18 Households 19 Farm business 20 Nonfarm noncorp. business Nonfin. corporate business 21 22 23 Foreign U.S. government 26 25 26 27 Total finance Sponsored credit agencies Monetary authority Commercial banking 12*693 160 -177 7*036 22.390 109 -165 8*766 6*036 -1*530 996 3*698 18*051 -237 219 16,768 29,827 1,065 183 21*195 17*613 -887 186 8*567 9*875 291 979 2*558 60.9 .6 .5 20.9 29.6 .6 .2 6.3 36.2 1.3 .5 13.6 38.7 .7 .5 16.7 26 25 26 27 28 29 30 31 32 33 36 Savings and loan assns. Mutual savings banks Credit unions Life Insurance companies Private pension funds REITs Money market funds 1*069 1,079 192 1*666 1*113 153 266 12*100 288 396 1*066 67 57 -268 -2*276 -361 1*306 893 2*865 19 626 6,277 678 -161 570 -6*217 -1*856 10 2*668 539 3*275 2*065 -102 -88 -753 3,166 -608 2.257 2*163 1*683 -199 1,365 1*618 631 -1,368 2*121 2*130 -163 1*638 5.1 .8 2.3 2.6 7.0 .8 .5 6.5 .5 2.1 3.5 8.6 .9 .6 6.1 1.0 3.6 3.6 7.8 .5 .6 8.2 1.2 -.3 7.3 3.6 1.0 1.9 28 29 30 31 32 33 36 3*360 -18*225 -2,913 6,769 -1.278 -2*166 6.1 6.3 -25.6 3.2 35 1*385 -2.098 3*683 6*367 1*215 3*132 7*251 2*660 6*811 5,777 638 5,339 5*072 1*906 3*168 16.1 6.6 11.7 26.8 7.6 19.2 23.6 6.9 18.6 12.6 36 -.5 37 13.1 38 5*219 5*263 -66 6*268 5*619 829 2*676 3,166 -670 637 715 -78 6,239 3*616 623 3*183 3*063 160 7.9 5.3 2.5 11.8 7.9 3.9 15.3 11.7 3.6 25.3 39 22.3 60 3.0 61 335 360 336 290 208 396 500 .6 .8 .7 1.1 62 70 -262 -20 101 -16 -66 -86 .1 X -.2 -.2 63 - - - - - - 35 Unallocated* net 7,018 (A) Foreign claims Direct foreign Investment by U. S. corps. 36 Liab.: Foreign 2*665 2*615 Equity 8 Intercompany accts. -1,217 -2,853 37 38 Retained earnings 3*682 5,668 Direct foreign investment in U. S. 39 Liab.: Nonfinan. corp. bus. 3*298 60 Equity 8 intercompany accts. 2.923 61 Retained earnings 375 U.S. govt, equity in IBRD* etc. 62 Liab.: Foreign Nonofficial foreign currency 63 Asset: U.S. government Liab.: Foreign (B) Claims on federally related> agencies Postal Savings deposits 66 Asset: Households Liab.: U.S. sovernment - Deposits at Federal Hone Loan Banks 65 Liab.: Sponsored credit ags. -3*668 Asset: SSL associations - - 66 -2,182 5,206 2,320 -2,337 1*716 2.1 3.0 .8 1.8 65 61 36 32 28 60 -16 62 w .1 .1 .1 66 366 320 100 126 — 227 253 307 1.3 — 1.6 .7 1.6 67 - 68 11 9 — 366 -101 -27 108 360 -102 -11 213 -92 1 -1 216 -209 -7 69 576 66 -20 8 221 65 -6 -1 269 .3 .1 X .8 .6 .1 .1 1.0 .6 .1 X X II1/86 BASED ON INCOMPLETE INFORMATION - 6,916 66 Federal Reserve Bank stock Asset: Commercial banks 67 Equity in sponsored credit ag. 68 U.S. government Private: 69 Farm business (FICB 8 FLB) 50 Nonfarm noncorporate (BC) Nonfin. corp. bus. (FNMA) 51 52 SSL associations (FHLB) - .6 .1 .7 69 50 51 52 DECEMBER 22, 1986 Miscellaneous I Miscellaneous 1 Miscellaneous Financial Clalias 51 SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES I 1 1985 I 11 1986 II 1982 1983 198A 1985 1 2 3 80.1 .8 13.8 113.0 .6 11.5 1A5.0 -1.0 25.6 137.0 -1.2 17.2 123.2 .5 13.2 212.8 -1.3 20.9 32.8 -1.6 25.0 179.1 -2.5 9.9 221.0 .7 2.5 138.3 1.1 17.0 A 5 1.6 •2 26.8 2.0 20.7 A.9 15.2 A.6 1.0 2A.3 36.3 11.0 1.9 -.2 21.A -16.8 29.8 2A.7 -l.A -9.A -1.2 -20.9 6 7 8 9 63.7 5.9 -.1 19.5 72.1 -.2 -.5 31.A 9A.8 10.2 .1 2A.A 101.2 6.9 l.A 22.7 8A.1 1.0 1.9 10.0 1A6.0 16.9 M 59.0 7.6 9.A 2.3 -59.2 167.1 .6 1.5 81.1 163.2 10.A -1.5 A9.8 131.0 1.3 .7 55.9 10 11 12 13 IA 15 16 13.1 -.3 7*0 10.6 7.6 K 10.A 2.A .7 9.2 12.0 6.8 -.1 6.8 2.A 1.8 1A.8 15.A 18.7 .1 9.3 5.7 7.A 1A.6 23.6 10.6 .1 17.6 .8 3.9 1A.2 29.8 3.9 .1 -.1 A.A -3.7 1A.2 31.A 8.9 « 11.5 10.1 -2.5 1A.8 31.7 18.2 .1 5.3 1.2 6.9 12.5 30.0 A9.7 -1.2 .5 2.9 6.3 13.2 30.0 20.1 K 17 18 19 20 21 103.1 6.8 1.7 2.1 16.6 103.3 15.3 1.1 -A.6 A.2 158.0 7.0 1.9 A.2 26.0 1A7.7 13.1 2.2 7.0 31.7 107.9 7.9 3.0 6.9 3A.2 198.8 12.8 2.9 7.1 38.3 105.7 15.7 -.1 8.A 7.1 178.6 16.0 3.0 5.6 A7.2 203.2 1A.A 2.A A.O A6.3 1A2.5 11.7 3.A 3.6 31.0 22 23 7.A 1.6 A7.5 .7 53.3 1.2 33.6 1.2 5.6 1.6 A1.8 .3 57.8 1.3 29.1 1.6 17.7 .8 12.8 l.A 11.9 1.7 Foreign U.S. government 22 23 2A 25 26 27 66.9 1.1 K 19.0 39.1 .7 1.0 10.5 6A.A 2.8 3.7 17.9 59.0 -1.5 .9 36.1 A8.6 -.3 -.7 17.6 95.6 2.0 -.7 38.8 15.5 -6.5 A.O 5.0 76.1 -1.3 .9 82.9 117.7 3.1 .7 73.3 78.6 -1.9 .7 39.9 28.7 .8 3.9 -1.0 Total finance Sponsored credit agencies Monetary authority Commercial banking 2A 25 26 27 28 29 30 31 32 33 3A 28.6 2.6 .2 8.1 8.0 .3 -1.1 7.5 1.5 .8 6.1 11.A — -.A 31.3 .3 1.0 A.8 -.2 1.2 1.5 17.2 1.7 1.7 A.2 -.2 -1.6 .6 15.0 3.6 .8 6.7 A.5 .6 1.0 A8.5 1.8 1.6 A.2 .3 .2 -1.1 -8. A -1.3 5.2 3.6 11.A .1 2.5 13.5 2.8 -.6 2.3 -16.9 -7.A * 21.8 1.2 13.1 8.3 -.A -.A -3.0 12.6 -.8 9.0 8.6 5.9 -.8 5.A 6.5 1.8 -5.A 8.5 8.5 -.6 5.8 Savings and loan assns. Mutual savings banks Credit unions Life insurance companies Private pension funds REITs Money market funds 28 29 30 31 32 33 3A 35 -23.0 9.7 -rl3.0 -10.8 15.A 1A.1 -72.9 .5 17.7 -A.3 9.6 5.2* 1.3 1A.A 29.1 10.A .1 I II III IV I III 73.2 Net change in liabilities Households 1.1 Nonfin. corporate business 12.7 1 2 3 Foreign U.S. governnent A 5 81.A 1.8 -.A 13.3 Total finance Sponsored credit agencies Monetary authorities Connercial banking 6 7 8 9 A.2 11.5 -1.1 15.6 28.9 7.5 K Savings 8 loan assns. Mutual savings banks Credit unions Life insurance conpanies Other insurance conpanies Finance conpanies REITs 10 11 12 13 IA 15 16 8A.0 Net change in assets Households 19.1 Farn business 3.2 Nonfarn noncorp. business A.O Nonfin. corporate business 15.5 -10.7 Unallocated, net 17 18 19 20 21 35 (A) Foreign clains Direct foreign investnent by U.S. corps. 23.0 Liab.: Foreign 36 20.9 Equity 8 Intercompany accts. 37 10.3 -.5 Retained earnings 38 12.7 21.A 36 37 38 8.1 3.3 A.8 9.8 -3.6 13.5 1A.3 -3.5 17.8 10.8 -5.0 15.8 10.6 -A.l 1A.7 8.2 -13.7 21.9 8.3 -5.7 13.9 16.2 3.7 12.5 30.7 11.A 19.2 39 AO Al 13.8 16.2 -2. A 11.5 11.9 -.3 25.6 22.5 3.1 17.2 16.8 .5 13.2 11.7 1.5 20.9 21.1 -.2 25.0 21.7 3.3 9.9 12.6 -2.7 2.5 2.9 -.3 17.0 1A.5 2.5 A2 1.3 .7 .8 1.3 1.3 l.A 1.3 1.2 .8 1.6 U.S. govt, equity in IBRD, etc. 2.0 Liab.: Foreign A2 -.2 Nonofficial foreign currency -.3 Asset: U.S. government Liab.: Foreign A3 A3 .A .1 .A -.1 .3 -1.0 -.1 .A -.1 Direct foreign investment in U.S. 39 12.7 Liab.: Nonfinan. corp. bus. Equity 8 intercompany accts. AO 12.2 Al Retained earnings .6 CB) Clains on federally related agencies Postal Savings deposits Asset: Households Liab.: U.S. governnent AA - - - - A5 2.8 -2.9 7.0 A.5 -10.1 23.7 -11.6 16.0 13.3 -A.7 A6 .1 .1 .2 .2 .2 .1 .1 .1 .2 -.1 A7 A8 .9 • .2 .9 .9 l.A 1.1 .8 .A .9 .8 A9 50 51 52 .A K .1 .A .1 K K .1 .1 N M .8 -.3 K .1 1.1 M M 1.3 -.A -.1 .A 1.1 -.A H 1.2 -.A K M .8 -.8 K .3 l.A .2 -.1 K .6 BILLIONS OF DOLLARS. - II1/86 BASED ON INCOMPLETE INFORMATION Deposits at Federal Home Loan Banks 3.6 Liab.: Sponsored credit a9s. Asset: S8L associations .2 Federal Reserve Bank stock Asset: Commercial banks 1.6 Equity in sponsored credit ag. U.S. government Private: Farm business (FICB 8 FLB) .2 M Nonfarm noncorporate (BC) H Nonfin. corp. bus. (FNMA) S8L associations (FHLB) l.A AA A5 A6 A7 A8 A9 50 51 52 DECEMBER 22, 1986 Miscellaneous II Miscellaneous II Miscellaneous Financial Claims (Continued) 52 UNADJUSTED NET FLOHS($ MILL) UNADJUSTED NET FLOWS($ MILL) 1985 1986 II I I 1978 III BILLIONS OF DOLLARS 1979 1980 1981 I II Deferred and unpaid premiums 1 Liab.: Households Asset: Life insurance 135 -314 -400 -619 176 281 282 1.1 1.3 1.2 1.8 1 Life company reserves 2 Liab.: Life insurance cos. Accident and health 3 Policy dividend accum. 4 Asset: Households 798 511 287 850 572 278 890 593 297 923 577 346 493 489 4 652 430 222 816 494 322 2.7 1.3 1.4 2.4 .8 1.6 1.7 .6 1.1 2.1 .9 1.2 2 3 4 5*910 1*170 744 1,722 2*274 7*448 2,350 825 1*800 2*473 7*847 3*045 85 2,099 2*618 7,917 3,075 850 1*392 2*600 7*500 3*100 800 1*000 2*600 7*500 2*283 800 919 3*498 7*214 3*961 749 1*000 1*504 14.1 3.9 1.7 2.9 5.6 14.7 4.8 1.5 2.9 5.5 12.4 3.9 1.3 2.5 4.7 10.8 4.0 1.1 2.1 3.7 5 6 7 8 9 (E) Intercorporate claims Corporate parent investment in: Commercial bank subsidiaries 1*486 Finance company subsidiaries 2*692 Asset: Domestic bank affiliates 2*000 3*643 500 5*081 1,559 3*547 -163 16*408 -164 7*316 -32 1*409 4.8 4.4 5.4 3.4 6.9 2.8 3*360 -18*225 -2,913 6*749 -1,278 -2*166 4.1 4.3 -25.4 -8*478 -2,539 -44 3,959 605 15*269 -125 -4,209 -3*660 339 24*069 2*735 6*178 -1,044 -457 5,073 -8.168 -2*356 2*373 195 2*066 -6,718 -5,214 -2,236 -81 41.5 13.9 -.3 1.3 .4 20.9 1.0 -1.3 1.1 .8 9.1 -12.5 -1.9 2.1 -1.1 33.1 3.8 1.0 1.4 .2 13 14 15 16 17 18 9*643 -11,785 7,673 -12,307 2*433 2*448 -346 -2*093 -117 167 13*645 9*880 822 2*495 448 17.292 -2,473 16*487 2*966 312 10*325 -642 5*114 5*560 293 7,740 2*285 6*599 -1,393 249 20.0 15.5 1.2 2.7 .6 9.3 5.3 3.4 -.5 1.1 13.5 3.5 4.3 4.1 1.6 14.9 4.8 8.1 -.7 2.7 19 20 21 22 23 III IV (C) Life insurance claims (D) Nonlife Insurance claims 5 Liab.: 6 Asset: 7 8 9 10 11 Other insurance cos. Households Farm business Nonfarm noncorp. bus. Nonfin. corp, business 7.8 10 -2.6 ll (F) Unallocated assets & liabilities 12 Net total (liab. less assets) 7*018 21*680 4*926 2*750 -1,075 -72 3.2 12 13 14 15 16 17 18 Net change in liabilities Foreign U.S. government U.S. govt.-without levels Sponsored credit agencies Monetary authority 21.822 902 — 6*086 2*324 388 19 20 21 22 23 Commercial banking U.S. commercial banks Domestic affiliates Foreign banking offices Banks in U.S. poss. 5*667 3*090 1*353 1.626 -402 24 25 26 27 28 29 Savings and loan assns. Mutual savings banks Credit unions Life insurance companies Finance companies REITs 1*555 1*882 200 2*837 -39 20 5,477 196 -200 2*691 -2,670 14 189 1*123 200 2*653 -2*850 11 2*348 2,027 1*100 2,791 1*000 13 349 761 -100 2*640 -3,978 -307 1*269 758 300 2*652 -2,286 11 1*316 2*810 900 3*077 463 9 -.3 1.4 .6 2.1 2.6 -.1 1.1 1.2 .3 2.9 4.6 -.2 .9 .8 1.6 2.1 3.5 .1 2.6 2.6 .4 6.0 K .1 24 25 26 27 28 29 30 31 32 33 34 Net change in assets Nonfin. corporate business Foreign Sponsored credit agencies Monetary authority 14*804 1*526 2*055 140 -177 18*320 5*225 1*322 109 -165 9,747 -2,572 9,529 -1,530 994 18*182 6*643 3*425 -237 219 17,320 -1*486 8*134 1*045 183 6*351 -414 -5.545 -887 186 4*232 -3*048 1*091 291 979 37.4 -2.8 12.6 .4 .5 16.6 2.5 -1.0 .4 .2 34.5 3.8 6.4 1.3 .5 29.9 4.0 -3.2 .7 .5 30 31 32 33 34 35 36 37 38 39 Commercial banking U.S. commercial banks Domestic affiliates Foreign banking offices Banks in U.S. possession 2.795 1*720 -461 1*572 -36 3*087 785 400 1*916 -14 -2,115 -460 2*600 -4,225 -30 11*634 11*170 -2,810 3*310 -36 4*910 209 3*166 1.347 188 1*409 -232 1*667 -147 121 1*139 2*903 1*627 -3,471 80 11.7 10.2 -.3 1.7 .1 -2.6 -2.0 -.8 -.2 .4 3.7 5.1 -.4 -1.5 .5 9.4 3.3 .7 2.5 2.9 35 36 37 38 39 40 41 42 43 44 Savings and loan assns. Mutual savings banks Credit unions Life insurance companies Private pension funds 4,153 1*079 192 1*529 1*113 6*846 288 394 1*358 67 -305 -341 1*304 1*293 2*845 855 678 -161 1*189 -4,217 -226 539 3,275 1*889 -102 5*262 -408 2,257 1*862 1*483 -567 431 -1,348 1*839 2*130 2.3 .8 2.3 1.3 7.0 2.4 .5 2.1 2.2 8.6 3.2 1.0 3.6 2.4 7.8 5.7 1.2 -.3 5.5 3.6 40 41 42 43 44 45 46 REITs Money market funds 153 246 57 -268 19 626 -1*856 10 -88 -753 -199 1*345 -143 1*438 .8 .5 .9 .4 .5 .4 II1/86 BASED ON INCOMPLETE INFORMATION 1.0 45 1.9 46 DECEMBER 22» 1986 Miscellaneous II Miscellaneous II Miscellaneous Financial Claims (Continued) 53 SEASONALLY ADJUSTED ANNUAL RATES 1982 1983 1984 1985 SEASONALLY ADJUSTED ANNUAL RATES I II 1985 III IV I I I 1986 II III (C) Life Insurance claims 1 .8 .6 -1.0 -1.2 .5 -1.3 -1.6 -2.5 .7 1.1 Deferred and unpaid premiums 1.1 Liab.: Households Asset: Life insurance 2 3 4 2.3 1.3 1.0 3.2 1.8 1.4 2.7 1.6 1.1 3.5 2.3 1.2 3.2 2.0 1.1 3.4 2.3 1.1 3.6 2.4 1.2 3.7 2.3 1.4 2.0 2.0 K 2.6 1.7 .9 Life company reserves 3.3 Liab.: Life insurance cos. Accident and health 2.0 Policy dividend accum. 1.3 Asset: Households 5 6 7 8 9 10.6 4.5 1.3 2.0 2.7 12.0 12.1 1.0 -4.6 3.5 15.4 4.3 1.9 4.2 5.2 29.1 9.6 2.5 7.0 10.0 23.6 4.7 3.0 6.9 9.1 29.8 9.4 3.3 7.2 9.9 31.4 12.2 .3 8.4 10.5 31.7 12.3 3.4 5.6 10.4 30.0 12.4 3.2 4.0 10.4 30.0 9.1 3.2 3.7 14.0 10 11 13.2 7.2 12.6 2.4 10.3 12.5 5.5 15.0 5.9 10.8 8.0 14.6 2.0 20.3 6.2 14.2 -.7 65.6 -.7 29.3 12 -23.0 9.7 -13.0 -10.8 15.4 14.1 -72.9 .5 17.7 -4.3 13 14 15 16 17 18 18.6 -8.2 — .2 2.2 -.2 62.7 16.2 • 2.0 2.4 -.6 55.9 5.2 — 4.9 2.3 N 50.3 3.2 — 4.6 1.5 1.3 62.2 -11.2 — 24.3 9.7 1.6 104.1 27.8 11.0 -7.9 -.2 -46.7 -7.6 — -.2 20.2 2.1 81.6 3.6 — -16.8 -15.8 1.4 74.9 -1.7 — 24.7 -3.8 -1.6 40.6 -23.7 — -9.4 5.2 .8 19 20 21 22 23 6.3 -8.8 14.9 1.3 -1.1 18.8 1.4 15.3 1.4 .7 14.1 13.1 8.3 -2.9 -4.5 17.2 8.3 7.1 1.7 .1 4.0 -6.2 5.4 6.5 -1.6 51.0 36.6 9.7 5.2 -.5 -61.2 -67.8 9.8 -3.8 .7 74.9 70.9 3.3 -1.1 1.8 50.5 -28.6 65.9 11.9 1.2 24 25 26 27 28 29 13.1 -.3 .2 4.8 .5 K 10.4 2.4 .7 6.1 4.4 -.1 6.8 2.4 1.8 12.1 6.2 .1 9.6 5.2 1.3 11.0 -4.6 .1 9.3 5.7 7.4 11.4 -.2 .1 17.6 .8 3.9 10.8 -10.7 .1 -.1 4.4 -3.7 10.6 -11.4 K 11.5 10.1 -2.5 11.1 4.0 .1 30 31 32 33 34 41.6 5.7 -6.4 1.1 * 53.0 -9.1 36.0 .7 1.0 68.9 6.6 27.7 2.8 3.7 61.1 10.8 16.3 -1.5 .9 46.9 14.5 -7.6 -.3 -.7 90.0 19.8 20.9 2.0 -.7 26.2 -11.7 32.9 -6.5 4.0 35 36 37 38 39 -1.5 -1.8 .6 .2 -.5 -4.7 -4.4 .5 1.1 -1.9 -5.1 -.6 1.3 -5.7 K 15.4 13.2 -.3 2.6 -.1 .6 -3.7 -1.8 6.3 -.1 16.1 6.9 1.6 7.7 -.1 40 41 42 43 44 25.3 2.6 .2 7.4 8.0 10.3 1.5 .8 5.5 11.4 23.5 .3 1.0 5.8 -.2 11.5 1.7 1.7 5.4 -.2 23.8 3.6 .8 6.1 4.5 45 46 .3 -1.1 -.4 1.2 1.5 -1.6 .6 .6 1.0 1 2 3 4 (D) Nonlife insurance claims 28.9 Liab.: 15.8 Asset: 3.0 4.0 6.0 Other Insurance cos. Households Farm business Nonfarm noncorp. bus. Nonfin. corp, business 5 6 7 8 9 (E) Intercorporate claims Corporate parent investment in: Commercial bank subsidiaries 10 -.1 Finance company subsidiaries 11 5.6 Ass;et: Domestic bank affiliates (F) Unallocated assets 8 liabilities BILLIONS OF DOLLARS. -10.7 Net total (liab. less assets) 12 -8.3 -25.8 -20.9 -3.4 -.6 Net change in liabilities Foreign U.S. government U.S. govt.-without levels Sponsored credit agencies Monetary authority 13 14 15 16 17 18 56.6 6.1 20.5 28.9 1.2 13.5 -14.5 26.4 .6 1.0 Commercial banking U.S. commercial banks Domestic affiliates Foreign banking offices Banks in U.S. poss. 19 20 21 22 23 5.3 1.2 6.9 10.6 -15.9 -1.2 .5 2.9 6.3 10.6 -9.1 M 4.2 11.5 -1.1 12.3 1.9 K Savings and loan assns. Mutual savings banks Credit unions Life Insurance companies Finance companies REITs 24 25 26 27 28 29 81.1 20.6 19.1 -1.3 .9 57.2 5.0 15.1 3.1 .7 44.9 -3.9 -4.1 -1.9 .7 2.5 -13.5 -.9 .8 3.9 Net change in assets Nonfin. corporate business Foreign Sponsored credit agencies Monetary authority 30 31 32 33 34 -17.5 -10.9 10.4 -16.9 -.1 62.4 60.5 -11.2 13.2 -.1 8.1 -10.7 12.7 5.4 .8 11.3 4.7 6.7 -.6 .5 -6.7 .4 6.5 -13.9 .3 Commercial banking U.S. commercial banks Domestic affiliates Foreign banking offices Banks in U.S. possession 35 36 37 38 39 23.7 1.8 1.6 5.4 .3 2.0 -1.3 5.2 5.2 11.4 -3.3 2.8 -.6 4.8 -16.9 7.0 1.2 13.1 7.6 -.4 16.6 -.8 9.0 7.4 5.9 1.4 1.8 -5.4 7.4 8.5 Savings and loan assns. Mutual savings banks Credit unions Life insurance companies Private pension funds 40 41 42 43 44 .2 -1.1 .1 2.5 -7.4 M -.4 -3.0 -.8 5.4 -.6 5.8 REITs Money market funds 45 46 — II1/86 BASED ON INCOMPLETE INFORMATION DECEMBER 22, 1986 Total Claims Total Claims Total Financial Assets and Liabilities 54 UNADJUSTED NET FLOWS($ MILL) UNADJUSTED NET FLOHS<$ MILL) I II 1985 IV III 1 1 I 1986 II III BILLIONS OF DOLLARS 1979 1980 1981 1978 Total Net Borrowing and Lending in Credit Markets (1) Total net borrowing 1 in credit markets 2 3 4 5 6 7 8 9 Domestic nonfinan. sectors U.S. government Private domestic Households Farm business Nonfarm noncorp. bus. Corporate business State&local governments 10 11 12 13 14 15 16 17 18 Foreign borr. in U.S. Financial sectors Sponsored credit agencies Mortgage pools Commercial banks Bank affiliates Savings and loan assns. Finance companies REITs 19 Total net lending in credit markets 168,A99 239,779 256,073 393,494 149,695 271,180 285.936 469.4 490.7 434.1 501.3 1 140,691 195.611 196,678 336,331 112,975 204,442 223.664 41-827 45,223 46,055 90,516 37-111 50,673 57,446 98,864 150,388 150,623 245,815 75,864 153,769 166,218 45,351 69,258 80,341 100,041 29,151 72.665 81,232 -901 -956 2,459 -3,675 -9,571 -4,157 -2,785 15,707 26,385 23,421 27,246 21,983 24,827 21,696 34-245 35.928 30,430 63,123 32,200 40.248 21,034 6.346 16,358 20,106 64,976 -3,313 16,930 43,212 371.9 53.7 318.2 167.2 15.6 33.8 85.2 16.5 385.7 37.4 348.4 173.7 23.5 37.9 95.7 17.6 344.9 79.2 265.7 120.0 15.2 31.8 81.5 17.2 375.8 87.4 288.5 121.4 16.6 38.5 105.2 6.8 2 3 4 5 6 7 8 9 604 56,559 5,048 25,522 539 4,606 6,434 14.273 137 -909 63,181 5,053 44,778 43 -2,070 7,268 8,041 68 24.2 73.3 23.5 13.6 -.5 7.5 13.5 16.1 -.4 15.1 89.9 24.8 23.1 9.1 4.1 12.6 16.3 -.1 23.8 65.4 25.6 19.2 8.3 6.7 7.4 -1.3 -.5 23.5 101.9 32.4 15.0 11.6 9.2 15.5 18.5 -.2 10 11 12 13 14 15 16 17 18 168.499 239,779 256,073 393,494 149,695 271,180 285,936 -1,512 29,320 3,922 15,046 -2,222 4,002 623 7,830 119 -875 45,043 8,804 17,057 -2,367 2,867 4,651 13,915 116 3,438 55,957 3,896 22,252 -831 3.052 10,629 16.830 129 8,924 27.796 -2,086 25,733 -3,009 -3,016 -239 9,952 461 3,029 63,709 4,828 34,475 -365 3,858 10.245 10.670 -2 469.4 490.7 434.1 43,506 42,917 558 -5,945 5,976 51,439 34,577 2,166 1,825 12,871 58,322 146,906 35,723 71,802 2.870 2,557 5.152 3,846 16,196 67,082 -4,231 -4,396 -1,172 -2,962 4,299 28,130 14,388 1,772 -17,218 1,253 830 7,861 -3,046 17,244 33,822 72.8 55.0 2.0 3.1 12.7 97.8 74.1 2.2 4.7 16.7 53.1 37.2 .7 3.3 11.9 76.6 61.7 3.4 10.8 .7 4,474 6,259 18,508 8,440 17,138 3,071 22.291 -19 21,974 3,135 34,322 4,335 32,723 3,384 26.1 17.1 -7.5 19.0 21.1 23.7 23.0 25 24.0 26 114,260 161,392 177,542 224,316 128,817 204,393 235,441 6,958 5,217 9,682 8,086 -1,324 -5,837 1,625 15,046 17,057 22,252 25,522 25,733 34,475 44,778 7,179 -272 8.058 8,621 516 13,319 -6,441 353.5 26.7 13.6 7.0 381.5 30.0 23.1 7.7 336.3 26.4 19.2 4.5 377.6 33.2 15.0 9.2 27 28 29 30 81.324 73,218 1,150 6,750 206 50,467 43,418 -50 6,980 119 128.1 109.0 -.5 19.3 .2 131.4 112.7 2.0 16.8 « 107.6 87.6 -.3 19.8 .5 106.5 95.0 .2 12.5 -1.1 31 32 33 34 35 86,080 6,319 2,011 202 4,106 97,854 105,475 116,010 112,716 129,950 36,751 15,293 15,357 35,553 24.342 29,044 13,024 13,096 28.422 12,980 47 1,695 2,676 3.636 5.875 2,222 566 4,455 4,071 5,487 178.2 71.3 56.1 8.7 6.4 189.3 55.4 49.3 4.4 1.7 178.5 51.3 46.2 5.9 -.8 213.7 26.2 23.2 .9 2.0 36 37 38 39 40 20 21 22 23 2A Private dom. nonfin. sectors Households Nonfarm noncorp. business Corporate business State & local governments 25 26 Foreign U.S. government 27 28 29 30 Financial sectors Sponsored credit agencies Mortgage pools Monetary authority 31 32 33 3A 35 Commercial banking U.S. commercial banks Bank affiliates Foreign banking offices Banks in U.S. poss. 15,658 15,927 597 -659 -207 40,515 36,782 900 2,761 72 48,834 39,633 1,400 7,576 225 36 37 38 39 AO Private nonbank finance Savings institutions Savings 8 loan assns. Mutual savings banks Credit unions 78,611 25,084 15,522 5.858 3,704 -648 404 -1,475 313 110 43,065 36,117 -1,475 8,301 122 501.3 19 20 21 22 23 24 Al A2 A3 AA A5 Insurance sector Life insurance cos. Private pension funds St.81oc.govt.rtr.funds Other insurance cos. 28,711 17,289 6,021 182 5,219 31,537 18,003 1,647 3,904 7,983 38,254 19,099 3,598 7,772 7,785 42,459 22.120 1,551 10,248 8,540 30,972 17,645 -144 6,762 6,709 33,627 16,376 849 10,500 5,902 49,043 18,784 13,616 11,028 5,615 79.4 33.1 12.8 17.0 16.5 83.2 33.0 25.9 10.8 13.4 93.2 33.2 29.3 20.9 9.9 93.5 34.7 27.0 22.5 9^4 41 42 43 44 45 A6 A7 A8 A9 50 51 Finance n.e.c. Finance companies REITs Mutual funds Money market funds Brokers and dealers 24,816 7,689 99 18,172 -82 -1,062 48,224 11,964 143 19,900 12,534 3,683 22,849 9,712 151 21,187 -7,128 -1,073 47,723 19.480 2,026 26,408 -3,850 3,659 69,681 10,918 234 49,267 6,521 2,741 43,536 13,831 307 32,422 -1,682 -1,342 56,565 7,258 300 38,852 10,395 -240 27.5 26.0 -1.1 .8 3.2 -1.3 50.7 29.4 -1.0 1.9 19.8 .6 34.0 15.8 -.7 4.8 14.9 -.7 94.0 25.0 -1.1 5.3 62.5 2.3 46 47 48 49 50 51 (1) Excludes corporate equities. Total Liabilities and Their Relation to Total Financial Assets Net flows through credit markets (from preceding table) 168,499 239,779 256,073 393,494 149,695 271,180 285,936 1 Other financial sources: 2 Official foreign exchange -32 176 2,958 -159 -120 -143 -208 277 3 Treasury curr. and SDR ctfs. 18 112 211 193 80 276 469.4 490.7 434.1 501.3 1 .5 .5 M 1.6 8.0 1.3 2.1 1.2 2 3 4 5 6 7 8 9 10 Deposits at financial insts. 23,184 -27,044 Checkable deposits 48,047 Small time 8 savings dep. -3,024 Money market fund shares Large time deposits 2,962 Security RPs 1,171 Foreign deposits 1,072 66,368 38,199 39,876 5,108 -8,251 -3,440 -5,124 76,765 105,159 30,610 19,962 52,246 -28,508 27,030 25,225 34,851 6,752 -5,292 1.011 2,726 12,067 12,204 18,808 18,882 13,794 995 4,190 -4.409 87,178 54,174 30,013 7,726 -9,734 -138 5,137 80,875 14,539 29,631 12,450 11,849 9,095 3,311 186.5 32.7 65.3 6.9 54.6 24.6 2.4 186.3 35.8 61.0 34.4 27.9 17.5 9.8 216.0 16.1 82.4 29.2 61.2 22.5 4.5 272.7 4 28.1 5 47.6 6 107.5 7 61.6 8 17.6 9 10.4 10 11 12 Life insurance reserves Pension fund reserves 2,255 26,302 2,781 35,977 2,941 49,155 2,740 28,315 2,383 16,663 2,623 33,954 2,592 57,081 11.2 77.3 10.7 95.4 9.7 108.8 9.2 11 106.8 12 13 14 15 16 17 18 19 3,305 Interbank claims 1,654 7,657 15,413 2,301 6,904 10,070 Corporate equities 9,761 10,719 49,331 -4,534 16,468 Security credit 3,497 24,136 11,304 Trade debt -4,961 8,008 17,529 21,173 -22,281 Profit taxes payable -458 -6,660 2,568 2,471 2,970 Noncorp. proprietors’ equity -10,205 -15,469 -10,278 -16,889 -15,610 35,988 48,487 11,339 41,168 59,150 Miscellaneous -5,137 27,756 -4,772 10,359 -4,739 -9,818 28,924 8,070 25,079 769 7,079 1,811 -9,535 22,491 15.4 1.7 1.2 59.0 5.2 -30.2 96.6 22.2 -3.9 2.1 60.0 2.8 -44.5 92.3 -33.2 21.2 12.5 47.1 -3.1 -49.6 75.0 -28.9 -3.3 .8 35.3 -8.4 -29.2 95.1 246,524 407,657 427,346 631,066 286,069 437,581 482,316 894.4 915.8 847.9 954.7 20 20 Total financial sources 21 22 23 24 25 26 27 28 29 - Floats not incl. in assets Demand dep.: U.S. govt. Other Trade credit - Liabilities not allocated as assets Treasury currency Interbank claims Security RPs Profit taxes payable Miscellaneous Totals allocated to sectors as assets 923 -1,248 13,024 -9,811 12,489 -15,574 887 6,751 4,571 3,806 -8,742 -2,973 K -.5 -4.8 .3 -.1 -14.4 -.6 2.3 -10.5 -1.1 21 4.1 22 6.9 23 56 -8,054 4,113 2,245 6,749 -30 3,517 -2,646 1,659 -1,278 -44 2,453 1,586 -517 -2,166 w -.5 15.9 1.5 4.1 -.2 -1.0 4.8 1.5 4.3 -.2 -3.6 10.0 .6 -25.4 -.2 -.5 -7.5 .7 3.2 271,659 401,728 429,414 600,356 307,593 424,150 488,913 878.7 920.5 875.2 262 -7,272 -25,754 107 -1,344 -575 2,423 7,018 II1/86 BASED ON INCOMPLETE INFORMATION 13 14 15 16 17 18 19 252 2,637 3,983 -256 -4.619 9,894 -177 -61 2,710 1,143 -8,490 11,520 1,654 -1,464 3,360 -18,225 -116 5,226 810 1,267 -2,913 24 25 26 27 28 949.1 29 DECEMBER 22, 1986 Total Claims Total Claims Total Financial Assets and Liabilities 55 SEASONALLY ADJUSTED ANNUAL RATES 1982 1983 1989 1985 SEASONALLY ADJUSTED ANNUAL RATES I 1 I II 1985 III IV I 1 I 1986 II III Total Net Borrowing and Lending in Credit Markets (1) Total net borrowing in credit markets 1 993.5 660.2 901.9 1057.8 793.9 973.1 959.9 1510.5 720.6 1116.9 1059.9 2 3 9 5 6 7 8 9 387.9 161.3 226.2 88.9 6.8 90.2 69.2 21.5 598.8 186.6 362.2 188.0 9.3 76.6 59.3 39.0 756.3 198.8 557.5 239.5 .1 97.1 193.9 27.9 869.3 223.6 695.7 295.0 -13.6 92.8 163.7 107.8 658.6 190.2 518.9 237.6 -7.6 79.9 156.0 52.9 806.6 263.9 593.2 269.6 -9.2 91.7 125.3 60.8 728.8 199.3 579.6 302.9 -15.3 92.2 128.0 71.7 1283.3 391.7 991.6 369.8 -27.2 107.6 295.6 295.8 551.7 120.6 931.1 173.6 -12.5 105.6 197.5 16.9 859.1 301.9 557.2 283.9 -17.6 89.8 192.1 69.5 829.9 189.5 639.9 305.1 -9.5 89.6 93.9 161.2 Domestic nonfinan. sectors U.S. government Private domestic Households Farm business Nonfarm noncorp. bus. Corporate business State&local governments 2 3 9 5 6 7 8 9 10 11 12 13 19 15 16 17 18 16.0 90.1 15.3 99.5 11.7 6.8 2.5 9.3 « 17.9 99.0 1.9 66.9 5.0 12.1 -2.1 11.9 -.2 6.1 139.0 30.9 99.9 7.3 15.6 22.7 17.8 .8 1.7 186.9 21.7 79.9 -9.9 19.5 22.3 52.8 .5 -5.8 190.6 22.0 60.5 -8.9 16.0 11.7 38.9 .5 -2.9 169.0 28.6 79.8 -9.5 11.5 12.5 50.7 .5 12.0 213.5 8.1 85.8 -3.3 12.2 39.5 75.7 .5 2.9 229.3 28.0 98.9 2.2 18.9 30.7 96.1 .5 39.5 139.9 -2.1 103.6 -12.0 -12.1 7.8 97.9 1.8 19.1 293.7 12.9 195.1 -1.5 15.9 39.9 37.9 « -5.2 290.7 12.6 175.5 .2 -8.3 20.3 90.1 .3 Foreign borr. in U.S. Financial sectors Sponsored credit agencies Mortgage pools Commercial banks Bank affiliates Savings and loan assns. Finance companies REITs 10 11 12 13 19 15 16 17 18 19 993.5 660.2 901.9 1057.8 793.9 973.1 959.9 1510.5 720.6 1116.9 1059.9 20 21 22 23 29 116.3 86.9 1.6 13.8 19.5 153.0 90.9 9.7 22.6 35.9 196.9 192.9 8.0 20.1 25.9 300.2 185.0 8.2 9.9 102.1 179.7 139.8 8.2 -12.7 99.9 295.6 190.9 7.9 5.5 91.3 207.3 102.8 11.8 17.3 75.9 573.1 311.6 9.6 9.9 297.9 -19.0 -60.7 1.7 2.9 37.1 170.7 78.2 9.0 27.5 61.0 29.0 -117.9 5.2 -10.7 197.0 25 26 29.1 15.9 29.9 9.7 55.5 17.9 62.9 17.8 39.3 26.3 67.7 31.3 66.1 11.5 81.5 1.9 109.9 19.1 126.5 15.0 27 28 29 30 337.2 16.0 99.5 9.8 972.6 3.9 66.9 10.9 632.1 28.8 99.9 8.9 677.5 21.7 79.9 21.6 558.0 31.5 60.5 22.9 628.5 29.6 79.8 25.0 669.5 27.1 85.8 -1.7 859.0 -1.6 98.9 90.8 615.6 -12.0 103.6 K 31 32 33 39 35 110.2 110.7 -2.2 2.2 -.5 199.3 136.5 1.2 3.7 2.9 168.9 158.7 .6 12.9 -3.3 186.3 165.6 9.0 16.9 .3 110.1 112.1 2.9 -3.6 -.8 157.6 139.2 3.6 19.6 .3 169.1 137.2 5.6 25.9 .9 308.5 278.8 9.6 29.3 .8 36 37 38 39 90 151.7 21.8 18.8 .7 2.3 297.6 135.6 109.7 18.8 12.1 381.6 199.2 123.9 10.1 15.3 368.0 83.9 59.6 9.7 19.1 333.5 95.6 60.2 20.6 19.8 391.5 30.9 10.9 3.6 16.9 389.2 135.0 102.6 16.1 16.3 91 92 93 99 95 86.2 93.5 19.9 23.9 5.0 97.8 50.6 29.6 16.0 1.7 129.0 56.3 21.9 39.7 11.6 191.0 76.5 12.8 22.1 29.5 112.8 63.7 28.1 .7 20.3 130.7 73.9 7.9 15.6 33.7 96 97 98 99 50 51 93.7 10.2 M 12.7 21.9 -.6 19.1 27.5 .1 19.6 -21.9 -6.7 108.3 38.9 .8 25.7 38.0 9.9 193.6 98.8 2.9 85.7 1.5 5.2 125.1 98.3 .9 72.7 -.3 9.0 180.3 39.9 .6 79.6 50.1 10.7 Total net lending in credit markets 1 19 Private dom. nonfin. sectors Households Nonfarm noncorp. business Corporate business State & local governments 20 21 22 23 29 126.5 12.6 Foreign U.S. government 25 26 809.7 18.0 195.1 19.6 896.8 2.0 175.5 31.9 Financial sectors Sponsored credit agencies Mortgage pools Monetary authority 27 28 29 30 92.1 97.2 -5.9 .9 .9 171.7 135.5 -5.9 91.6 .5 171.9 197.8 23*3 .5 Commercial banking U.S. commercial banks Bank affiliates Foreign banking offices Banks in U.S. poss. 31 32 33 39 35 907.9 72.8 65.2 -1.3 8.9 981.9 55.1 99.2 3.7 2.3 950.3 198.8 117.9 13.6 17.8 515.9 83.9 35.9 25.5 21.9 Private nonbank finance Savings Institutions Savings & loan assns. Mutual savings banks Credit unions 36 37 38 39 90 198.7 79.7 8.1 31.1 29.8 171.6 89.2 7.1 91.0 39.3 122.6 65.1 9.2 27.0 26.2 139.3 67.9 9.5 92.0 25.9 191.9 78.9 97.8 99.1 21.1 Insurance sector Life insurance cos. Private pension funds St.&loc.govt.rtr.funds Other Insurance cos. 91 92 93 99 95 105.5 50.2 .6 89.7 -28.5 -1.5 163.5 57.5 8.1 105.6 -15.9 7.7 309.2 60.7 .9 197.1 26.1 19.5 162.2 97.9 1.2 129.7 -6.7 -9.8 290.7 90.6 1.2 155.9 91.6 1.9 Finance n.e.c. Finance companies REITs Mutual funds Money market funds Brokers and dealers 96 97 98 99 50 51 (1) Excludes corporate equities. Total Liabilities and Their Relation to Total Financial Assets Net flows through credit markets (from 1116.9 1059.9 preceding table) Other financial sources: Official foreign exchange -.5 -.8 Treasury curr. and SDR ctfs. .8 1.1 1 1 993.5 660.2 901.9 1057.8 793.9 973.1 959.9 1510.5 720.6 2 3 3.0 1.7 1.1 .5 2.1 .6 3.0 .5 -.1 1.1 .7 .1 -.6 .3 11.8 .9 -.6 .8 9 5 6 7 8 9 10 238.2 37.5 138.6 29.7 25.5 7.9 9.5 229.7 90.2 216.5 -99.1 -13.6 29.5 1.3 397.2 97.1 150.8 97.2 87.5 20.9 -5.8 271.5 83.9 190.2 -2.2 19.0 35.9 -9.3 178.7 -25.5 176.2 -12.1 36.7 -.9 9.3 250.6 129.9 169.1 20.9 -32.8 -10.0 -20.5 301.3 59.7 198.8 -21.2 26.9 70.2 16.8 355.9 169.8 71.6 9.0 95.2 82.9 -17.6 205.6 -32.1 122.6 27.0 35.5 98.6 9.0 333.5 192.0 123.5 30.9 -37.5 9.0 20.5 319.5 33.9 160.0 99.8 26.0 31.6 13.2 Deposits at financial insts. 9 Checkable deposits 5 Small time & savings dep. 6 7 Money market fund shares Large time deposits 8 9 Security RPs Foreign deposits 10 11 12 7.2 120.1 8.0 192.2 5.2 129.1 10.7 139.7 9.0 126.5 11.1 155.2 11.8 159.1 11.0 123.2 9.5 88.9 10.5 197.3 10.9 189.5 Life insurance reserves Pension fund reserves 13 19 15 16 17 18 19 -33.6 33.6 7.9 5.9 -19.1 -95.7 80.1 -1.9 67.0 12.2 96.5 5.8 -90.0 113.0 11.9 -31.1 2.1 91.8 .5 -68.5 195.0 28.0 37.5 39.6 91.7 -1.6 -52.8 137.0 29.2 29.5 -1.7 22.2 -5.8 -90.7 123.2 9.8 92.1 57.7 10.0 -2.0 -99.6 212.8 31.3 92.9 19.5 69.6 .2 -97.3 32.8 51.7 90.8 82.8 70.2 1.3 -73.8 179.1 21.8 199.2 62.2 -36.1 6.5 -62.8 221.0 -20.9 112.7 -28.1 13.7 3.7 -27.9 138.3 33.6 109.1 8.8 18.5 -3.6 -93.6 73.2 Interbank claims 13 19 Corporate equities Security credit 15 16 Trade debt 17 Profit taxes payable Noncorp. proprietors* equity 18 19 Miscellaneous 20 896.7 1199.3 1987.3 1712.6 1259.5 1666.7 1569.7 2369.5 1931.2 1800.9 1760.6 Total financial sources 21 22 23 -.9 3.2 19.0 2.0 .1 -20.3 1.1 8.1 -13.8 1.2 3.8 .6 1.9 -9.2 -29.8 M -1.8 -10.9 1.3 10.2 62.6 1.6 10.8 -19.5 -3.1 -8.5 23.5 1.9 12.7 -13.9 17.8 -9.3 6.8 29 25 26 27 28 -.2 -1.0 -15.9 -2.5 -23.0 -.2 -11.6 .9 -1.9 9.7 -.1 7.9 -19.9 -9.5 -13.0 -.2 7.7 3.3 3.9 -10.8 .9 .7 -3.1 2.3 15.9 -.7 2.8 -32.1 5.7 19.1 -.2 10.7 91.1 .9 -72.9 -.5 16.7 7.2 6.6 .5 .2 -29.5 19.9 1.8 17.7 -.1 5.9 -8.2 5.8 -9.3 -.2 16.0 1.7 5.0 -10.7 29 922.6 1215.6 1521.9 1703.2 1270.9 1689.5 1511.1 2391.1 1909.2 1800.6 1733.6 BILLIONS OF DOLLARS. II1/86 BASED ON INCOMPLETE INFORMATION - Floats not incl. in assets Demand dep.: U.S. govt. Other Trade credit - Liabilities not allocated as assets Treasury currency Interbank claims Security RPs Profit taxes payable Miscellaneous Totals allocated to sectors as assets 2 3 11 12 20 21 22 23 29 25 26 27 28 29 DECEMBER 22, 1986 Saving by Individuals Saving by Individuals Amount and Composition of Individuals* Saving (1) 56 UNADJUSTED NET FLOHS($ MILL) UNADJUSTED NET FLOHS($ MILL) I II 1985 III IV I 11 I 1986 II III 1978 BILLIONS OF DOLLARS 1979 1980 1981 113*168 131*192 156,616 159,768 110*691 111,890 132,937 1 Increase ln financial assets 6,391 11,259 27,077 18,896 2 Checkable deposits and curr. -2.667 13,972 27,251 66*268 32,739 35,821 27,189 36,669 20,352 31,300 3 Time and savings deposits 7,726 12,650 -3,026 1,011 6,752 6 Money market fund shares 5*108 -5,292 281.7 22.6 99.2 6.9 307.7 25.9 76.0 36.6 333.7 12.8 126.2 29.2 363.7 30.0 66.2 107.5 1 2 3 6 1,162 38,361 75,701 28,080 16,226 1,666 1,529 2,398 3,968 1,551 -2,763 -10,633 -9,122 -16,766 -32,197 2,909 29*698 13,985 16,666 8,525 7,219 17,389 9-967 38 * 666 -17,535 36.7 3.9 17.8 7.6 6.1 36.6 -.8 22.7 22.6 10.6 13.3 -7.3 27.0 7.0 7.0 16.6 -6.3 38.1 11.6 11.0 5 6 7 8 9 8*733 1*687 -6,506 7,271 15,555 -580 -20,930 3,986 -16,978 15,379 -2,919 18,037 17,256 -5,387 23*565 23*606 26*318 31,906 60*016 62,296 63*788 -26,166 -29*083 -22,228 -26,756 -25,616 -29,236 -23,576 -6.2 13.8 -.1 -6.2 -6.5 7.3 .6 -23.3 -11.7 -2.2 6.5 -10.8 -6.0 -8.6 6.0 -36.9 10 11 12 13 2,518 16*988 15,313 26*856 9*678 10.9 19.1 30.6 27.9 28.0 10.6 19.6 51.9 26.6 32.7 9.7 22.3 51.2 35.3 33.5 8.9 29.5 37.8 39.7 29.6 16 15 16 17 18 167,039 157,965 167,380 169,161 156*536 169*268 186*332 60*176 36,597 63,050 66,132 63*096 38,657 67*636 26*226 31,955 31,255 28,759 26*326 35,695 35*160 79,639 87*360 91*269 100,982 82*030 91,862 101*176 3*276 2*380 2,998 1.806 -6,712 3*088 6*033 396.0 116.0 70.9 205.6 5.6 626.7 128.7 75.9 219.0 3.2 603.5 113.6 79.7 219.3 -9.1 657.9 111.2 96.5 239.9 12.3 19 20 21 22 23 26 Capital consumption allowances 106*068 105*507 107*822 109*565 110,321 112,096 113.671 Owner-occupied homes 25 15*609 15*886 16,109 16,276 16*659 16*658 16,833 26 26*061 26,137 27,089 27,669 26*883 27,336 27,557 Other fixed assets (2) Consumer durables 27 62*398 63*686 66*626 65,820 66*979 68*106 69*281 260.5 36.1 57.5 166.8 273.5 61.9 66.6 165.0 311.1 67.0 76.8 187.6 361.1 51.6 87.1 202.5 26 25 26 27 28 Net inv. in tangible assets 29 Owner-occupied homes 30 Other fixed assets (2) 31 Consumer durables 32 Inventories (2) 62*991 26*567 -1,815 17,261 2*998 59,596 27,856 1,290 35,162 -6,712 66,215 26.635 -559 15,051 3,088 57,172 21,799 8,361 23*738 3*276 72*661 30*803 7,583 31*895 2,380 155.5 77.8 13.3 58.8 5.6 153.2 86.7 9.3 56.0 3.2 92.6 66.6 3.0 31.9 -9.1 116.8 59.7 7.6 37.6 12.3 28 29 30 31 32 33 Net increase in debt 36 Mt9. debt on nonfarm homes 35 Other mortgage debt (2) 36 Consumer credit 37 Security credit 38 Policy loans 39 Other debt (2) 58*355 106*635 103*290 127,653 33,729 31,030 62,295 62*315 15*633 25,056 20,555 26,617 11*913 26,357 31,699 26,657 5*836 2,500 -1,381 9,752 -37 -55 -87 38 -1,502 16*613 6,328 26,676 50*926 31*563 20,650 1,007 2,976 -76 -6,996 98*233 106*119 61,223 52*076 20,981 22,356 25*907 26,061 250 652 109 -20 5*600 9*361 225.0 108.6 38.0 66.7 1.2 2.6 27.9 260.6 117.6 65.8 62.7 1.0 6.7 28.6 177.2 96.6 33.1 6.5 6.5 6.7 30.1 179.1 75.0 36.2 22.6 -1.7 7.6 39.5 33 36 35 36 37 38 39 60 Individuals* saving (1*28-33) 97,786 91,711 103,782 70,829 101,679 212.2 27.9 58.8 220.5 26.6 56.0 269.0 35.3 31.9 301.5 60 39.7 61 37.6 62 .7 .9 123.9 .9 .9 160.2 1.8 .5 179.5 2.7 63 • 2 66 221.6 65 110.2 118.1 136.9 159.6 66 13.7 22.2 62.6 62.0 67 5 6 7 8 9 10 11 12 13 16 15 16 17 18 Securities U.S. savings bonds Other U.S. Treasury secur. U.S. govt, agency secur. Tax-exempt obligations Corporate & foreign bonds Open-market paper Mutual fund shares Other corporate equities Private life insurance res. Private insured pension res. Private noninsured pen. res. Govt, insurance 8 pen. res. Miscellaneous finan. assets 19 Gross inv. in tangible assets 20 Owner-occupied homes 21 Other fixed assets (2) Consumer durables 22 23 Inventories (2) 39,266 928 6.266 10.135 608 2*188 16*010 6*805 5,556 6*568 26,868 1,256 -3,218 25,175 10,366 2,712 15,765 1,899 18,602 13,767 52*638 18,711 5,818 23,876 6*033 2,872 16*211 8,096 26,917 8,179 59,558 26*961 6*166 26*665 1*806 78,995 112,686 (1) Combined statement for households* farm business* and nonfarm noncorporate business. (2) Includes corporate farms. II1/86 BASED ON INCOMPLETE INFORMATION 2*669 17*606 -6,638 17,618 18,621 2*311 16*200 -6*638 8,973 10,705 2*550 15,020 1,629 17,378 5*932 DECEMBER 22, 1986 Saving by Individuals Saving by Individuals Amount and Composition of Individuals* Saving (1) 57 SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES | 1 1985 1 1 1986 II 1982 1983 1986 1985 1 2 3 6 602.3 19.3 126.7 26.7 668.3 39.5 198.6 -66.1 551.7 19.1 226.6 67.2 560.5 65.1 160.0 -2.2 656.6 -.6 185.5 -12.1 596.7 69.7 127.0 20.6 533.0 95.9 165.2 -21.2 655.9 15.3 102.6 6.0 636.3 69.6 165.2 27.0 562.6 125.6 78.9 30.9 5 6 7 8 9 75.2 .2 53.3 2.2 26.7 106.8 3.1 63.6 -6.2 37.8 99.6 3.0 71.8 36.6 28.7 180.2 5.3 -10.3 65.8 59.6 116.7 6.6 -15.2 65.9 15.1 158.6 6.9 66.6 99.2 26.6 111.9 5.9 -75.6 68.9 62.3 333.5 5.6 -15.1 69.0 153.6 66.6 7.6 -83.8 39.9 -55.5 126.1 9.6 36.9 10.6 13.9 -65.3 15.5 -203.2 111.5 71.7 10 11 12 13 2.0 -9.2 16.8 -16.7 -12.7 6.6 32.1 -17.3 -3.6 -.5 38.0 -76.3 13.2 67.8 103.6 -106.2 26.6 56.6 91.1 -105.8 26.6 -39.8 96.2 -119.3 -25.3 107.6 100.6 -92.7 27.3 66.6 125.6 -99.1 50.1 -25.7 236.9 -103.0 19.6 -16.9 170.8 -120.1 -92.6 -28.8 178.9 -98.6 16 15 16 17 18 7.0 39.7 36.7 63.9 29.1 7.8 60.2 68.7 53.5 19.2 5.0 65.2 20.3 63.9 26.9 10.6 63.6 10.2 66.5 66.9 8.8 56.0 26.9 63.8 31.3 10.8 63.0 15.6 77.0 56.6 11.5 66.8 23.7 65.9 35.2 10.7 69.6 -25.5 79.6 66.5 9.2 56.8 -26.3 58.2 68.3 10.2 60.1 16.9 72.6 23.2 10.1 68.0 52.1 66.8 60.7 19 20 21 22 23 636.2 89.9 95.0 252.7 -3.6 505.2 126.9 98.9 289.1 -7.6 608.6 156.5 109.8 331.2 12.9 661.5 162.0 116.2 359.3 6.1 628.0 157.0 113.1 367.7 10.1 663.5 160.6 113.8 356.0 15.3 659.7 166.0 117.5 373.3 6.9 635.0 166.6 120.3 362.0 -13.7 663.6 170.1 122.7 360.8 10.1 691.2 177.1 128.1 373.9 12.1 736.5 Gross inv. in tangible assets 179.9 Owner-occupied homes Other fixed assets (2) 132.6 Consumer durables 616.5 7.6 Inventories (2) 19 20 21 22 23 26 25 26 27 365.1 56.3 95.5 215.6 381.9 57.0 98.6 226.6 601.3 59.9 102.9 238.5 626.9 63.9 106.7 256.3 616.2 62.6 106.2 269.6 622.0 63.5 106.5 253.9 631.3 66.6 108.6 258.5 638.3 65.1 109.9 263.3 661.3 65.8 107.5 267.9 668.6 66.6 109.3 272.6 656.7 Capital consumption allowances 67.3 Owner-occupied homes Other fixed assets (2) 110.2 Consumer durables 277.1 26 25 26 27 28 29 30 31 32 69.0 35.6 -.6 37.2 -3.6 123.3 67.8 .6 62.7 -7.6 207.1 96.6 6.9 92.7 12.9 216.6 98.1 9.5 102.9 6.1 211.8 96.6 9.0 98.1 10.1 221.6 96.8 9.3 100.1 15.3 228.6 99.6 9.2 116.8 6.9 196.7 101.3 10.6 98.7 -13.7 222.3 106.2 15.1 92.9 10.1 262.8 110.5 18.7 101.5 12.1 279.8 Net inv. in tangible assets 112.6 Owner-occupied homes 22.6 Other fixed assets (2) Consumer durables 137.6 Inventories (2) 7.6 28 29 30 31 32 33 36 35 36 37 38 39 160.6 69.5 37.1 17.7 3.8 6.2 28.1 279.6 110.6 69.1 56.8 8.6 1.1 33.9 336.5 129.3 87.9 95.0 -3.1 .6 27.0 393.9 169.6 85.7 96.6 16.7 -.1 65.7 309.8 126.7 81.6 105.5 -5.5 -.1 3.9 383.2 139.8 86.0 89.2 23.3 -.2 67.1 392.7 162.6 75.8 112.6 10.0 -.3 32.1 690.0 170.6 101.6 79.2 39.0 .2 99.7 282.5 116.7 101.9 63.6 11.9 -.3 -9.6 357.1 182.1 66.9 87.0 2.6 .6 18.1 393.8 Net Increase in debt Mtg. debt on nonfarm homes 200.5 Other mortgage debt (2) 82.5 Consumer credit 81.1 1.0 Security credit Policy loans -.1 28.7 Other debt (2) 33 36 35 36 37 38 39 60 61 62 330.9 63.9 37.2 312.0 53.5 62.7 622.3 63.9 92.7 381.2 66.5 102.9 358.5 63.8 98.1 636.9 77.0 100.1 368.8 65.9 116.8 362.6 79.6 98.7 376.1 58.2 92.9 628.1 72.6 101.5 60 61 62 63 66 65 2.6 .5 267.0 6.6 .6 190.8 6.0 .7 259.0 6.9 1.2 205.7 3.0 1.0 212.6 3.5 1.2 253.2 5.6 1.2 181.2 7.5 1.2 175.8 11.8 1.1 210.1 8.3 1.0 266.7 316.6 Individuals' saving (1*28-33) 66.8 - Govt, insurance 8 pen. res. 137.6 - Net investment in cons. dur. - Capital gains dividends 10.9 from mutual funds .9 - Net saving by farm corps. 100.3 » Personal saving* FOF basis 66 156.0 130.6 168.7 163.3 166.0 183.7 119.6 125.7 165.7 153.0 67 93.0 60.2 90.3 62.5 68.6 69.5 61.6 50.1 66.6 91.7 I II III IV I III 628.6 Increase in financial assets 62.6 Checkable deposits and curr. 125.9 Time and savings deposits Money market fund shares 69.8 Securities U.S. savings bonds Other U.S. Treasury secur. U.S. govt, agency secur. Tax-exempt obligations Corporate 8 foreign bonds Open-market paper Mutual fund shares Other corporate equities Private life insurance res. Private insured pension res. Private noninsured pen. res. Govt, insurance 8 pen. res. Miscellaneous finan. assets (2) Includes corporate farms. II1/86 BASED ON INCOMPLETE INFORMATION 5 6 7 8 9 10 11 12 13 16 15 16 17 18 63 66 65 86.0 Personal saving* NIPA basis 66 16.3 Difference 67 (1) Combined statement for households* farm business* and nonfarm noncorporate business. BILLIONS OF DOLLARS. 1 2 3 6 DECEMBER 22, 1986 Discrepancies Discrepancies Discrepancies - Summary for Sectors and Transactions 58 UNADJUSTED NET FLOWS($ MILL) UNADJUSTED NET FLOWS($ MILL) I II 1985 III 1986 II IV III 1978 BILLIONS OF DOLLARS 1979 1980 1981 Sector Discrepancies 4*606 -407 -9*085 -19,981 1.365 17,766 846 -4,706 3,947 2*864 6*168 339 8,170 -10*425 30,393 -12*529 6*412 -40,132 -13,893 -8,289 23*719 4*463 6*692 406 2,788 6*664 597 -3,676 -1*541 5*300 -2*475 7,890 530 -737 5*122 13*550 17.6 -13.7 19.2 5.9 4.0 6.8 -4.9 -22.2 -10.1 10.9 5.7 21.5 -33.4 -42.6 4.4 8.9 -.6 11.1 327 -90 — -2*798 1*365 -134 -1.297 3*311 463 -4*655 -1,515 1,600 -3*146 7*521 -189 -3,154 -1,847 30 -2,961 -1-940 122 -4,356 -4.5 .1 -2.8 -10.7 .2 -5.0 -14.6 .5 -4.1 3*215 593 -150 491 349 1,932 2,796 601 -381 -114 6 2*684 7*503 627 -453 1*030 -683 6*982 31 632 -737 -967 -132 1*235 10*864 441 -563 618 -412 10*780 1*084 -93 -1,024 278 70 1*853 2,294 401 -1*455 1*296 -171 2,223 -1.8 1.5 -.8 -2.3 -5.9 -.3 K -.5 1.1 -6.3 -11.0 .8 -.2 -.1 1.9 -13.3 -10.4 -.3 -.4 1.1 .7 -11.6 11 12 13 14 15 16 17.6 « -.5 15.9 -4.9 -.2 -1.0 4.8 -33.4 -.2 -3.6 10.0 .4 -.2 -.5 -7.5 1 2 3 4 -1.1 4.1 5 6 1 Total* all sectors 2 Households Nonfin. corporate business 3 4 State and local governments U.S. sovernment 5 Forei9n 6 -19*556 -39*801 1*702 6*143 2*931 9*142 7 8 9 10 Financial sectors Sponsored credit agencies Monetary authority Commercial banks 11 12 13 14 15 16 Private nonbank finance Savings and loan assns. Mutual savings banks Life insurance Other insurance Finance n.e.c. .4 -62.0 33.3 4.7 10.2 16.6 1 2 3 4 5 6 -2.4 7 .7 8 — 9 7.4 10 Transaction Discrepancies 1 Total* all types 2 Treasury currency Interbank claims 3 4 Security RPs Demand deposit mail floats: 5 U.S. government Other 6 7 8 9 10 11 12 Trade credit Profit taxes payable Miscellaneous Nonfinancial Nonfinancial components: NIPA discrepancy Pvt. wage accr. less disb. -19*556 107 -1,344 -575 4*606 -177 2,710 -8*490 -407 -61 1*143 11*520 30,393 -12,529 -116 56 5*226 -8*054 810 4*113 262 -7,272 252 2*637 -256 -4,619 923 13*024 -25,754 2*423 7*018 5.579 -5,579 - II1/86 BASED ON INCOMPLETE INFORMATION 3*983 9*894 1*654 -1*464 3*360 -18,225 -1,323 1*661 1*323 - -1*661 - 8*170 -10*425 -44 -30 3,517 2*453 -2*646 1*586 -1,248 -9*811 887 6*751 3*806 -8,742 M -.5 .3 -.1 -.6 2.3 12*489 -15*574 1*267 2*245 -2,913 6*749 -317 8*995 4*571 1*659 -1,278 -5,261 -2*973 -517 -2,166 -3*828 -4.8 1.5 4.1 1.9 -14.4 1.5 4.3 -.2 -10.5 .6 -25.4 -6.1 6.9 7 .7 8 3.2 9 -5.2 10 -8,995 - 5*261 - 3*828 - -1.9 - .2 - 6.1 - 5.2 11 - 12 317 - DECEMBER 22, 1986 Discrepancies Discrepancies Discrepancies - Summary for Sectors and Transactions 59 SEASONALLY ADJUSTED ANNUAL RATES 1983 1982 1984 1985 SEASONALLY ADJUSTED ANNUAL RATES I 1 I II 1985 III IV I 11 I 1986 II III Sector Discrepancies 1 2 3 4 5 6 -25.8 -93.0 35.6 2.9 3.2 22.4 -26.6 -60.2 32.2 5^4 10.2 -8.8 -32.2 -90.3 34.3 4.6 11.8 3.0 15.0 -62.5 44.6 5.1 8.2 16.2 -10.1 -68.6 24.3 7.0 -3.8 35.2 -10.7 -69.5 15.3 4.6 13.8 22.3 59.0 -61.6 87.7 3.3 22.4 -5*0 21.9 -50.1 50.9 5.4 .4 12.2 25.7 -64.4 20.6 8.3 14.5 20.8 -5.0 -91.7 25.1 3.8 20.4 50.6 16.4 Total* all sectors -16.3 Households 45.0 Nonfin. corporate business 7.2 State and local governments * U.S. government -9.7 Foreign 7 8 9 10 3.2 .3 6.3 -5.4 .1 6.3 4.3 .1 2.7 3.5 1.8 -11.9 -4.3 -.1 -8.1 2.8 -.1 -8.1 12.3 2.1 — -13.7 3.1 5.4 K -17.7 25.9 -.4 -8.8 -13.2 .6 K -15.6 -9.7 .7 K -12.3 Financial sectors Sponsored credit agencies Monetary authority Commercial banks 7 8 9 10 11 12 13 14 15 16 -3.4 -.8 -1.2 -1.3 * -.2 -11.7 1.8 -1.7 -.7 -1.8 -9.3 1.5 1.9 -.4 1.0 1.5 -2.6 13.5 2.5 -1.7 .4 -.5 12.8 3.9 2.5 .3 1.4 2.0 -2.3 10.9 2.5 -3.2 -.9 -1.8 14.3 23.9 2.4 -2.5 .4 -1.4 25.0 15.4 2.5 -1.6 .8 -.7 14.4 35.1 1.9 -1.3 1.8 -1.0 33.7 1.8 -.3 -6.1 .2 -1.5 9.6 1.9 1.4 -6.5 1.1 .7 5.3 Private nonbank finance Savings and loan assns. Mutual savings banks Life insurance Other insurance Finance n.e.c. 11 12 13 14 15 16 16.4 Total* all types -.2 Treasury currency Interbank claims 16.0 Security RPs 1.7 Demand deposit mail floats: 17.8 U.S. government -9.3 Other 1 2 3 4 1 2 3 4 5 6 Transaction Discrepancies 1 2 3 4 -25.8 -.2 -1.0 -15.9 -26.6 -.2 -11.6 .4 -32.2 -.1 7.4 -19.4 15.0 -.2 7.7 3.3 -10.1 .4 .7 -3.1 -10.7 -.7 2.8 -32.1 59.0 -.2 10.7 41.1 21.9 -.5 16.7 7.2 25.7 .2 -24.5 14.9 -5.0 -.1 5.4 -8.2 5 6 -.4 3.2 2.0 .1 1.1 8.1 1.2 3.8 1.9 -4.2 K -1.8 1.3 10.2 1.6 10.8 -3.1 -8.5 1.9 12.7 7 8 9 10 14.0 -2.5 -23.0 .1 -20.3 -1.4 9.7 -5.3 -13.8 -4.5 -13.0 1.9 .6 3.9 -10.8 5.6 -29.8 2.3 15.4 6.3 -10.9 5.7 14.1 12.2 62.6 .9 -72.9 5.4 -19.5 6.6 .5 -1.4 23.5 1.8 17.7 3.7 -13.4 5.8 -4.3 -4.8 6.8 5.0 -10.7 -10.5 11 12 -.1 - 5.3 -1.9 -5.6 -6.3 - -12.2 - -5.4 1.4 - -3.7 - 4.8 - 10.5 - BILLIONS OF DOLLARS. II1/86 BASED ON INCOMPLETE INFORMATION Trade credit Profit taxes payable Miscellaneous Nonfinancial Nonfinancial components: NIPA discrepancy Pvt. wage accr. less disb. 5 6 7 8 9 10 11 12