Full text of Z.1 Financial Accounts of the United States : December 22, 1986

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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